Professional Documents
Culture Documents
2)$//%8,/',1*6%<86(252&&83$1&<
6(&7,212FFXSDQF\&ODVVLILHG
7KHUHDUH*URXSVRI2FFXSDQFLHVVXEGLYLGHGLQWR'LYLVLRQV7KHDFFRPSDQ\LQJPDWUL[VKRZVWKH*URXSLQJVDQG'LYLVLRQVDQGWKHFRUUHVSRQGLQJXVHV7KHILQDO
FROXPQLQGLFDWHVWKH=RQLQJ&ODVVLILFDWLRQ
D%XLOGLQJVSURSRVHGIRUFRQVWUXFWLRQVKDOOEHLGHQWLILHGDFFRUGLQJWRWKHLUXVHRUWKHFKDUDFWHURILWVRFFXSDQF\DQGVKDOOEHFODVVLILHGDVIROORZV
L *URXS$5HVLGHQWLDO'ZHOOLQJV
*URXS$2FFXSDQFLHVVKDOOLQFOXGH
'LYLVLRQ 5HVLGHQWLDO EXLOGLQJVWUXFWXUH IRU H[FOXVLYH XVH RI VLQJOH IDPLO\ RFFXSDQWV LQFOXGLQJ VFKRRO RU FRPSDQ\ VWDII KRXVLQJ
VLQJOHQXFOHDUIDPLO\GZHOOLQJVFKXUFKHVRUVLPLODUSODFHVRIZRUVKLSFKXUFKUHFWRULHVFRPPXQLW\IDFLOLWLHVDQGVRFLDOFHQWHUV
SDUNVSOD\JURXQGVSRFNHWSDUNVSDUNZD\VSURPHQDGHVDQGSOD\ORWVFOXEKRXVHVDQGUHFUHDWLRQDOXVHVVXFKDVJROIFRXUVHV
WHQQLV FRXUWV EDVNHWEDOO FRXUWV VZLPPLQJ SRROV DQG VLPLODU XVHV RSHUDWHG E\ WKH JRYHUQPHQW RU SULYDWH LQGLYLGXDOV DV
PHPEHUVKLSRUJDQL]DWLRQVIRUWKHEHQHILWRIWKHLUPHPEHUVIDPLOLHVDQGJXHVWVDQGQRWRSHUDWHGSULPDULO\IRUJDLQ
'LYLVLRQ 5HVLGHQWLDOEXLOGLQJIRUWKHH[FOXVLYHXVHRIQRQOHDVLQJRFFXSDQWVQRWH[FHHGLQJSHUVRQVLQFOXGLQJVLQJOHDWWDFKHG
RU GXSOH[ RU WRZQKRXVHV HDFK SULYDWHO\RZQHG VFKRRO GRUPLWRULHV RQ FDPSXV FRQYHQWV DQG PRQDVWHULHV PLOLWDU\ RU SROLFH
EDUUDFNVGRUPLWRULHV SUHVFKRROV HOHPHQWDU\ DQG KLJK VFKRROV SURYLGHG WKDW WKH\ GR QRW H[FHHG FODVVURRPV RXWSDWLHQW
FOLQLFVIDPLO\SODQQLQJFOLQLFVO\LQJLQFOLQLFVGLDJQRVWLFVFOLQLFVPHGLFDODQGFOLQLFDOODERUDWRULHVEUDQFKOLEUDU\DQGPXVHXPV
VWHDPGU\FOHDQLQJRXWOHWVSDUW\QHHGVDQGDFFHVVRULHVOHDVLQJRIWDEOHVDQGFKDLUVHWF
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
LL *URXS%5HVLGHQWLDOV+RWHOVDQG$SDUWPHQWV
*URXS%2FFXSDQFLHVVKDOOEHPXOWLSOHGZHOOLQJXQLWVLQFOXGLQJERDUGLQJRUORGJLQJKRXVHVKRWHOVDSDUWPHQWEXLOGLQJVURZKRXVHV
FRQYHQWVPRQDVWHULHVDQGRWKHUVLPLODUEXLOGLQJHDFKRIZKLFKDFFRPPRGDWHVPRUHWKDQSHUVRQV
LLL *URXS&(GXFDWLRQDQG5HFUHDWLRQ
*URXS & 2FFXSDQFLHV VKDOO EH EXLOGLQJV XVHG IRU VFKRRO RU GD\FDUH SXUSRVHV LQYROYLQJ DVVHPEODJH IRU LQVWUXFWLRQ HGXFDWLRQ RU
UHFUHDWLRQDQGQRWFODVVLILHGLQ*URXS,RULQ'LYLVLRQDQGRU*URXS+2FFXSDQFLHV
LY *URXS',QVWLWXWLRQDO
*URXS'2FFXSDQFLHVVKDOOLQFOXGH
'LYLVLRQ 0HQWDOKRVSLWDOVPHQWDOVDQLWDULDMDLOVSULVRQVUHIRUPDWRULHVDQGEXLOGLQJVZHUHSHUVRQDOOLEHUWLHVRILQPDWHVDUHVLPLODUO\
UHVWUDLQHG
'LYLVLRQ 1XUVHULHV IRU IXOOWLPH FDUH RI FKLOGUHQ XQGHU NLQGHUJDUWHQ DJH KRVSLWDOV VDQLWDULD QXUVLQJ KRPHV ZLWK QRQDPEXODWRU\
SDWLHQWVDQGVLPLODUEXLOGLQJVHDFKDFFRPPRGDWLQJPRUHWKDQILYHSHUVRQV
'LYLVLRQ 1XUVLQJKRPHVIRUDPEXODWRU\SDWLHQWVKRPHVIRUFKLOGUHQRINLQGHUJDUWHQDJHRURYHUHDFKDFFRPPRGDWLQJPRUHWKDQ
ILYHSHUVRQV3URYLGHGWKDW*URXS'2FFXSDQFLHVVKDOOQRWLQFOXGHEXLOGLQJVXVHGRQO\IRUSULYDWHRUIDPLO\JURXSGZHOOLQJ
SXUSRVHV
Y *URXS(%XVLQHVVDQG0HUFDQWLOH
*URXS(2FFXSDQFLHVVKDOOLQFOXGH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
'LYLVLRQ *DVROLQHILOOLQJDQGVHUYLFHVWDWLRQVVWRUDJHJDUDJHVDQGERDWVWRUDJHVWUXFWXUHVZKHUHQRZRUNLVGRQHH[FHSWH[FKDQJH
RISDUWVDQGPDLQWHQDQFHUHTXLULQJQRRSHQIODPHZHOGLQJRUWKHXVHRIKLJKO\IODPPDEOHOLTXLGV
'LYLVLRQ :KROHVDOHDQGUHWDLOVWRUHVRIILFHEXLOGLQJVGULQNLQJDQGGLQLQJ HVWDEOLVKPHQWVKDYLQJ DQRFFXSDQWORDGRI OHVVWKDQ
RQH KXQGUHG SHUVRQV SULQWLQJ SODQWV SROLFH DQG ILUH VWDWLRQV IDFWRULHV DQG ZRUNVKRSV XVLQJ QRW KLJKO\ IODPPDEOH RU
FRPEXVWLEOHPDWHULDOVDQGSDLQWVWRUHVZLWKRXWEXONKDQGOLQJV
'LYLVLRQ $LUFUDIW KDQJDUV DQG RSHQ SDUNLQJ JDUDJHV ZKHUH QR UHSDLU ZRUN LV GRQH H[FHSW H[FKDQJH RI SDUWV DQG PDLQWHQDQFH
UHTXLULQJQRRSHQIODPHZHOGLQJRUWKHXVHRIKLJKO\IODPPDEOHOLTXLGV
YL *URXS),QGXVWULDO
*URXS ) 2FFXSDQFLHV VKDOO LQFOXGH LFH SODQWV SRZHU SODQWV SXPSLQJ SODQWV FROG VWRUDJH DQG FUHDPHULHV IDFWRULHV DQG ZRUNVKRSV
XVLQJLQFRPEXVWLEOHDQGQRQH[SORVLYHPDWHULDOVDQGVWRUDJHDQGVDOHVURRPVIRULQFRPEXVWLEOHDQGQRQH[SORVLYHPDWHULDOV
YLL *URXS*6WRUDJHDQG+D]DUGRXV
*URXSV*2FFXSDQFLHVVKDOOLQFOXGH
'LYLVLRQ 6WRUDJHDQGKDQGOLQJRIKD]DUGRXVDQGKLJKO\IODPPDEOHPDWHULDO
'LYLVLRQ 6WRUDJHDQGKDQGOLQJRIIODPPDEOHPDWHULDOVGU\FOHDQLQJSODQWVXVLQJIODPPDEOHOLTXLGVSDLQWVWRUHVZLWKEXONKDQGOLQJ
SDLQWVKRSVDQGVSUD\SDLQWLQJURRPV
'LYLVLRQ :RRG ZRUNLQJ HVWDEOLVKPHQWV SODQQLQJ PLOOV DQG ER[ IDFWRULHV VKRSV IDFWRULHV ZKHUH ORRVH FRPEXVWLEOH ILEHUV RU GXVW DUH
PDQXIDFWXUHGSURFHVVHGRUJHQHUDWHGZDUHKRXVHVZKHUHKLJKO\FRPEXVWLEOHPDWHULDOVLVVWRUHG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
'LYLVLRQ 5HSDLUJDUDJHV
'LYLVLRQ $LUFUDIWUHSDLUKDQJDUV
YLLL *URXS+$VVHPEO\2WKHU7KDQ*URXS,
*URXS+2FFXSDQFLHVVKDOOLQFOXGH
'LYLVLRQ $Q\DVVHPEO\EXLOGLQJZLWKDVWDJHDQGDQRFFXSDQWORDGRIOHVVWKDQLQWKHEXLOGLQJ
'LYLVLRQ $Q\DVVHPEO\EXLOGLQJZLWKRXWVWDJHDQGKDYLQJDQRFFXSDQWORDGRIRUPRUHLQWKHEXLOGLQJ
'LYLVLRQ $Q\DVVHPEO\EXLOGLQJZLWKRXWDVWDJHDQGKDYLQJDQRFFXSDQWORDGRIOHVVWKDQLQWKHEXLOGLQJ
'LYLVLRQ 6WDGLDUHYLHZLQJVWDQGVDPXVHPHQWSDUNVWUXFWXUHVQRWLQFOXGHGZLWKLQ*URXS,RULQ'LYLVLRQDQGRIWKLV*URXS
L[ *URXS,$VVHPEO\2FFXSDQW/RDGRU0RUH
*URXS,2FFXSDQFLHVVKDOOEHDQ\DVVHPEO\EXLOGLQJZLWKDVWDJHDQGDQRFFXSDQWORDGRIRUPRUHLQWKHEXLOGLQJ
[ *URXS-$FFHVVRU\
*URXS-2FFXSDQFLHVVKDOOLQFOXGH
'LYLVLRQ $JULFXOWXUDOVWUXFWXUHV
'LYLVLRQ 3ULYDWHJDUDJHVFDUSRUWVIHQFHVRYHUPHWHUVKLJKWDQNVVZLPPLQJSRROVDQGWRZHUV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
'LYLVLRQ 6WDJHV SODWIRUPV SHORWD WHQQLV EDGPLQWRQ RU EDVNHWEDOO FRXUWV WRPEV PDXVROHXPV QLFKHV DYLDULHV DTXDULXPV ]RR
VWUXFWXUHVEDQNVDQGUHFRUGYDXOWV
2WKHUVXEJURXSLQJVRUGLYLVLRQVZLWKLQ*URXSV$WR-PD\EHGHWHUPLQHGE\WKH6HFUHWDU\$Q\RWKHURFFXSDQF\QRWPHQWLRQHGVSHFLILFDOO\
LQWKLV6HFWLRQRUDERXWZKLFKWKHUHLVDQ\TXHVWLRQVKDOOEHLQFOXGHGLQWKH*URXSZKLFKLWPRVWQHDUO\UHVHPEOHVEDVHGRQWKHH[LVWLQJRU
SURSRVHGOLIHDQGILUHKD]DUG
HPSKDVHVVXSSOLHG
7DEOH9,,6FKHGXOHRI3ULQFLSDO$FFHVVRU\DQG&RQGLWLRQDO8VH2FFXSDQF\RI%XLOGLQJ6WUXFWXUH
*HQHUDO86( 86(
&KDUDFWHURI
=RQLQJ&ODVVLILFDWLRQ
2FFXSDQF\RI
35,1&,3$/ $&&(6625< &21',7,21$/
%XLOGLQJ
6WUXFWXUH
*URXS$²
5HVLGHQWLDO
'ZHOOLQJV
'LYLVLRQ$ ,QGLJHQRXVIDPLO\GZHOOLQJXQLWV &XVWRPDU\ DFFHVVRU\ XVHV 3UHSDUDWRU\ VFKRROV SURYLGHG 5HVLGHQWLDO 5 D ORZ
5HVLGHQWLDO 6LQJOHGHWDFKHGXQLWV LQFLGHQWDO WR DQ\ RI WKH SULQFLSDO WKDWWKH\GRQRWH[FHHGWKUHH GHQVLW\ UHVLGHQWLDO ]RQH
EXLOGLQJ VWUXFWXUH 6FKRRORUFRPSDQ\VWDIIKRXVLQJ XVHVKRXVHGLQWKHVDPH'LYLVLRQ FODVVURRPVDQGVKDOOEHORFDWHG FKDUDFWHUL]HG PDLQO\ E\
IRU H[FOXVLYH XVH RI 6LQJOHQXFOHDUIDPLO\GZHOOLQJV $ RU 5 FODVV QRW OHVV WKDQ PHWHUV IURP VLQJOHIDPLO\ VLQJOH GHWDFKHG
VLQJOH IDPLO\ &KXUFKHVRUVLPLODUSODFHVRI EXLOGLQJVWUXFWXUH SURYLGHG WKDW QHDUHVW H[LVWLQJ VFKRRO RIIHULQJ GZHOOLQJV ZLWK WKH XVXDO
RFFXSDQWV ZRUVKLS VXFK DFFHVVRU\ XVHV VKDOO QRW VLPLODUFRXUVHDQGDUHHTXLSSHG FRPPXQLW\DQFLOODU\XVHVRQD
&KXUFKUHFWRULHV LQFOXGH DQ\ DFWLYLW\ FRQGXFWHG IRU ZLWK DGHTXDWH SDUNLQJ RU DV QHLJKERUKRRG VFDOH VXFK DV
&RPPXQLW\IDFLOLWLHVDQGVRFLDO PRQHWDU\ JDLQ RU FRPPHUFLDO SURYLGHG LQ WKH ORFDO ]RQLQJ H[HFXWLYH VXEGLYLVLRQV DQG
FHQWHUV SXUSRVHV VXFK DV VHUYDQWV RUGLQDQFH UHODWLYHO\ H[FOXVLYH UHVLGHQWLDO
3DUNVSOD\JURXQGVSRFNHWSDUNV TXDUWHU SULYDWH JDUDJH %RDUGLQJ KRXVHV ZLWK QR PRUH FRPPXQLWLHV ZKLFK DUH QRW
SDUNZD\VSURPHQDGHVDQGSOD\ORWV JXDUGKRXVHKRPHODXQGULHVQRQ WKDQHLJKWERDUGHUV VXEGLYLVLRQV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
&OXEKRXVHVDQGUHFUHDWLRQDOXVHV FRPPHUFLDO JDUDJHV KRXVHV IRU 1HLJKERUKRRGFRQYHQLHQFH
VXFKDVJROIFRXUVHVWHQQLVFRXUWV SHWV VXFK DV GRJV ELUGV UDEELWV VWRUHVVHOOLQJPLVFHOODQHRXV
EDVNHWEDOOFRXUWVVZLPPLQJSRROV DQGWKHOLNHRIQRWPRUHWKDQ LWHPVSURYLGHGWKDWVXFKVWRUHV
DQGVLPLODUXVHVRSHUDWHGE\WKH VT PHWHUV LQ IORRU DUHD SXPS VKDOOQRWH[FHHGRIWKH
JRYHUQPHQWRUSULYDWHLQGLYLGXDOVDV KRXVHVDQGJHQHUDWRUKRXVHV JURVVIORRUDUHD*)$RIWKH
PHPEHUVKLSRUJDQL]DWLRQVIRUWKH $X[LOLDU\ XVHV FXVWRPDULO\ GZHOOLQJXQLWDQGSURYLGHGWKDW
EHQHILWRIWKHLUPHPEHUVIDPLOLHV FRQGXFWHGLQGZHOOLQJVDQGKRPHV QROLTXRUVKDOOEHDOORZHGIRU
DQGJXHVWVDQGQRWRSHUDWHG IRUWKHSUDFWLFHRIRQH
VSURIHVVLRQ VDOH
SULPDULO\IRUJDLQ VXFK DV RIILFHV RI SK\VLFLDQV $XGLRYLGHRDQGFRPSXWHUUHQWDO
VXUJHRQV GHQWLVWV DUFKLWHFWV VKRSVSURYLGHGWKDWVXFKVKRSV
HQJLQHHUV ODZ\HUV DQG RWKHU VKDOOQRWH[FHHGRIWKHWRWDO
SURIHVVLRQDOV SURYLGHG WKDW VXFK IORRUDUHDRIWKHGZHOOLQJXQLW
SURIHVVLRQDOVDUHPHPEHUVRIWKH +RPHRFFXSDWLRQHQJDJLQJLQ
IDPLO\ UHVLGLQJ LQ WKH SUHPLVHV DQLQKRXVHEXVLQHVVVXFKDV
SURYLGHGIXUWKHUWKDWQRW GUHVVPDNLQJWDLORULQJDQG
EDNLQJSURYLGHGWKDWWKH
PRUH WKDQ WKUHH VHPL DUHDXVHGVKDOOQRWRFFXS\PRUH
SURIHVVLRQDO DVVLVWDQWV DUH WKDQRIWKHWRWDOIORRUDUHDRI
HPSOR\HG DW DQ\ WLPH WKDW LQ QR WKH GZHOOLQJ XQLW WKH QXPEHU RI
FDVH WKDW PRUH WKDQ RI WKH SHUVRQV HQJDJHG LQ VXFK
IORRU DUHD RI WKHEXLOGLQJ EH XVHG EXVLQHVVLQGXVWU\ VKDOO QRW
IRU VDLG SURIHVVLRQDO SUDFWLFH RU H[FHHG WKUHH LQFOXVLYH RI WKH
KRPHRFFXSDWLRQIRUHQJDJLQJDQ RZQHU WKHUH VKDOO EH QR FKDQJH
LQKRXVH EXVLQHVV VXFK DV LQ WKH RXWVLGH DSSHDUDQFH RI WKH
GUHVVPDNLQJWDLORULQJEDNLQJDQG EXLOGLQJVWUXFWXUHRUSUHPLVHVQR
WKHOLNHSURYLGHGWKDWWKHQXPEHU KRPH RFFXSDWLRQ VKDOO EH
RI SHUVRQV HQJDJHG LQ VXFK FRQGXFWHG LQ DQ\ FXVWRPDU\
EXVLQHVVLQGXVWU\VKDOOQRWH[FHHG DFFHVVRU\XVHQRWUDIILFVKDOOEH
ILYH LQFOXVLYH RI WKH RZQHU JHQHUDWHG E\ VXFK KRPH
WKHUH VKDOO EH QR FKDQJH LQ WKH RFFXSDWLRQ LQ JUHDWHU YROXPH
RXWVLGHDSSHDUDQFHRIWKHEXLOGLQJ WKDQZRXOGQRUPDOO\EHH[SHFWHG
RU SUHPLVHV QR KRPH RFFXSDWLRQ LQDUHVLGHQWLDOQHLJKERUKRRGDQG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
VKDOO EH FRQGXFWHG LQ DQ\ DQ\ QHHG IRU SDUNLQJ JHQHUDWHG
FXVWRPDU\ DFFHVVRU\ XVHV FLWHG E\ WKH FRQGXFW RI VXFK KRPH
DERYH QR WUDIILF VKDOO EH RFFXSDWLRQ VKDOO EH PHW RII WKH
JHQHUDWHG E\ VXFK KRPH VWUHHWDQGLQSODFHRWKHUWKDQLQD
RFFXSDWLRQLQJUHDWHUYROXPHWKDQ UHTXLUHGIURQW\DUGQRHTXLSPHQW
ZRXOG QRUPDOO\ EH H[SHFWHG LQ D RU SURFHVV VKDOO EH XVHG LQ VXFK
UHVLGHQWLDO QHLJKERUKRRG DQG DQ\ KRPH RFFXSDWLRQ ZKLFK FUHDWHV
QHHGIRUSDUNLQJJHQHUDWHGE\WKH QRLVH YLEUDWLRQ JODUH IXPHV
FRQGXFWRIVXFKKRPHRFFXSDWLRQ RGRUV RU HOHFWULFDO LQWHUIHUHQFH
VKDOOEHPHWRIIWKHVWUHHWDQGLQD GHWHFWDEOH WR WKH QRUPDO VHQVHV
SODFHRWKHUWKDQLQDUHTXLUHGIURQW DQGYLVXDORUDXGLEOHLQWHUIHUHQFH
\DUG QR HTXLSPHQW RU SURFHVV LQ DQ\ UDGLR RU WHOHYLVLRQ
VKDOO EH XVHG LQ VXFK KRPH UHFHLYHUVRUFDXVHVIOXFWXDWLRQLQ
RFFXSDWLRQZKLFK OLQHYROWDJHRIWKHSUHPLVHV
+RPH LQGXVWU\ FODVVLILHG DV
FRWWDJH LQGXVWU\ SURYLGHG WKDW
VXFK KRPH LQGXVWU\ VKDOO
QRWRFFXS\PRUHWKDQ
FUHDWHV QRLVH YLEUDWLRQ RI WKH JURVV IORRU DUHD
JODUHIXPHVRGRUVRU *)$ RI WKH GZHOOLQJ XQLW ZLWK
HOHFWULFDO LQWHUIHUHQFH HPSOR\HHVQRWWRH[FHHGILYH
GHWHFWDEOH WR WKH QRUPDO VHQVHV SHUVRQV DQG VKDOO KDYH QR
DQG YLVXDO RU DXGLEOH LQWHUIHUHQFH FKDQJH RU DOWHUDWLRQ LQ WKH
LQDQ\UDGLRRUWHOHYLVLRQUHFHLYHUV RXWVLGH DSSHDUDQFH RI WKH
RU FDXVHV IOXFWXDWLRQ LQ OLQH GZHOOLQJ XQLW DQG VKDOO QRW EH D
YROWDJHRIWKHSUHPLVHV KD]DUGQXLVDQFH DOORWWHG
+RPH LQGXVWU\ FODVVLILHG DV FDSLWDOL]DWLRQVKDOOQRWH[FHHGWKH
FRWWDJH LQGXVWU\ SURYLGHG WKDW FDSLWDOL]DWLRQ DV VHW E\ WKH
VXFK KRPH LQGXVWU\ VKDOO QRW 'HSDUWPHQW RI 7UDGH DQG
RFFXS\PRUHWKDQRIWKHIORRU ,QGXVWU\ '7, QR KRPH LQGXVWU\
DUHD RI WKH GZHOOLQJ XQLW WKHUH VKDOO EH FRQGXFWHG LQ DQ\
VKDOOEHQRFKDQJHRUDOWHUDWLRQLQ FXVWRPDU\ DFFHVVRU\ XVH QR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
WKH RXWVLGH DSSHDUDQFH RI WKH WUDIILFVKDOOEHJHQHUDWHGE\VXFK
GZHOOLQJ XQLW DQG VKDOO QRW EH D KRPH LQGXVWU\ LQ JUHDWHU YROXPH
KD]DUGQXLVDQFH DOORWWHG WKDQZRXOGQRUPDOO\EHH[SHFWHG
FDSLWDOL]DWLRQVKDOOQRWH[FHHGWKH LQDUHVLGHQWLDOQHLJKERUKRRGDQG
FDSLWDOL]DWLRQ DV VHW E\ WKH DQ\ QHHG IRU SDUNLQJ JHQHUDWHG
'HSDUWPHQWRI7UDGHDQG,QGXVWU\ E\ WKH FRQGXFW RI VXFK KRPH
'7, VKDOO FRQVLGHU VDPH RFFXSDWLRQ VKDOO EH PHW RII WKH
SURYLVLRQV DV HQXPHUDWHG LQ VWUHHWDQGLQDSODFHRWKHUWKDQLQ
QXPEHU 3URIHVVLRQ RU +RPH D UHTXLUHG IURQW \DUG QR
2FFXSDWLRQWKLV6HFWLRQ HTXLSPHQW RU SURFHVV VKDOO EH
5HFUHDWLRQDOIDFLOLWLHVIRUWKH XVHG LQ VXFK KRPH LQGXVWU\
H[FOXVLYHXVHRIWKHPHPEHUVRI ZKLFK FUHDWHV QRLVH YLEUDWLRQ
WKHIDPLO\UHVLGLQJZLWKLQWKH JODUH IXPHV RGRUV RU HOHFWULFDO
SUHPLVHVVXFKDVVZLPPLQJ LQWHUIHUHQFH GHWHFWDEOH WR WKH
SRROSHORWDFRXUWHWF QRUPDO VHQVHV DQG YLVXDO RU
5HOLJLRXVXVH DXGLEOH LQWHUIHUHQFH LQ DQ\ UDGLR
0XOWLSXUSRVH%DUDQJD\+DOO RU WHOHYLVLRQ UHFHLYHUV RU FDXVHV
IOXFWXDWLRQ LQ OLQH YROWDJH RI WKH
SUHPLVHV
3UH6FKRRO
6SRUWVFOXE
&OLQLFQXUVLQJDQGFRQYDOHVFLQJ
KRPHKHDOWKFHQWHU
3ODQWQXUVHU\
'LYLVLRQ$ 6LQJOHDWWDFKHGRUGXSOH[RUWRZQ &XVWRPDU\ LQFLGHQWDO KRPH %DOOHW GDQFH DQG YRLFH VWXGLRV 5HVLGHQWLDO 5 D PHGLXP
UHVLGHQWLDO KRXVHVHDFKSULYDWHO\RZQHG RFFXSDWLRQV VXFK DV EDUEHU DQG SURYLGHG WKDW WKH FODVVHV RU GHQVLW\ UHVLGHQWLDO XVH RU
EXLOGLQJIRUWKH 6FKRROGRUPLWRULHVRQFDPSXV EHDXW\VKRSVWDLORULQJDQGGUHVV LQVWUXFWLRQV DUH KHOG LQ RFFXSDQF\ FKDUDFWHUL]HG
H[FOXVLYHXVHRI &RQYHQWVDQGPRQDVWHULHV VKRSVQHLJKERUKRRGFRQYHQLHQFH VRXQGSURRIHGDQGDLUFRQGLWLRQHG PDLQO\ DV D ORZULVH VLQJOH
QRQOHDVLQJ 0LOLWDU\RUSROLFHEDUUDFNV VWRUHVUHWDLOGUXJVWRUHV EXLOGLQJV DWWDFKHG GXSOH[ RU PXOWLOHYHO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
RFFXSDQWVQRW GRUPLWRULHV 6DQLWDULDQXUVHU\RU EXLOGLQJVWUXFWXUHIRUH[FOXVLYH
H[FHHGLQJ $OOXVHVDOORZHGLQ'LYLVLRQ$RU FRQYDOHVFHQWKRPHV XVH DV PXOWLSOH IDPLO\
SHUVRQV IRU5FODVVEXLOGLQJVVWUXFWXUHV 3KLODQWKURSLF RU FKDULWDEOH GZHOOLQJV 7KLV LQFOXGHV 5
3UHVFKRROV HOHPHQWDU\ DQG KLJK LQVWLWXWLRQV XSRQ DSSURYDO RI WKH VWUXFWXUHV ZLWKLQ VHPL
VFKRROV SURYLGHG WKDW WKH\ GR QRW %XLOGLQJ 2IILFLDO DQG VXEMHFW WR H[FOXVLYH VXEGLYLVLRQV DQG
H[FHHGVL[WHHQFODVVURRPV VXFK FRQGLWLRQV DQG VDIHJXDUGV VHPLH[FOXVLYH UHVLGHQWLDO
2XWSDWLHQWFOLQLFVIDPLO\SODQQLQJ DVGHHPHGDSSURSULDWH FRPPXQLWLHV ZKLFK DUH QRW
FOLQLFVO\LQJLQFOLQLFVGLDJQRVWLF 2IILFHV ZLWK QR DFWXDO GLVSOD\ VXEGLYLVLRQV
FOLQLFVPHGLFDODQGFOLQLFDO VDOH WUDQVIHU RU OHQGLQJ RI WKH
ODERUDWRULHV RIILFH FRPPRGLWLHV LQ WKH 7KHUHVKDOOEHWZRJHQHUDO
%UDQFKOLEUDU\DQGPXVHXP SUHPLVHVDQGZLWKVXEMHFWJURVV W\SHVRI5XVHRURFFXSDQF\
6WHDPGU\FOHDQLQJRXWOHWV IORRU DUHD *)$ QRW H[FHHGLQJ WRZLW
3DUW\QHHGVDQGDFFHVVRULHV RIWKHEXLOGLQJ*)$
OHDVLQJRIWDEOHVDQGFKDLUVHWF $SDUWPHQWKRWHOVKRPHWHOV D%DVLF5VLQJOHDWWDFKHG
3URFHVVLQJUHILOOLQJDQG RU GXSOH[ EXLOGLQJVWUXFWXUH RI
UHWDLOLQJRIERWWOHGGULQNLQJZDWHU IURPRQHVWRUH\XSWRWKUHH
SURYLGHGWKDWFOHDUDQFHVIURP VWRUH\V LQ KHLJKW DQG ZLWK
ORFDOKHDOWKGHSDUWPHQWDQG HDFKXQLWIRUVHSDUDWH
FHUWLILFDWLRQRIDGHTXDWHVXSSO\
IURPWKHZDWHUVXSSO\
FRQFHVVLRQDLUHVKDOOEHVHFXUHG
+RPHRFFXSDWLRQIRUWKHSUDFWLFH XVHDVVLQJOHIDPLO\GZHOOLQJV
RI RQH
V SURIHVVLRQ RU IRU DQG
HQJDJLQJ LQ DQ LQKRXVH
EXVLQHVV VXFK DV GUHVVPDNLQJ E 0D[LPXP 5 ORZULVH
WDLORULQJ EDNLQJ EDUEHU DQG PXOWLOHYHO EXLOGLQJVWUXFWXUH RI
EHDXW\ VKRSV DQG WKH OLNH IURP WKUHH XS WR ILYH
SURYLGHG WKDW WKH DUHD LQ XVH VWRUH\V LQ KHLJKW DQG IRU XVH
VKDOO QRW H[FHHG RI WKH DVPXOWLSOHIDPLO\GZHOOLQJV
JURVV IORRU DUHD *)$ RI WKH
GZHOOLQJ XQLW ZLWK WKH QXPEHU RI
SHUVRQV HQJDJHG LQ VXFK
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
EXVLQHVVLQGXVWU\ QRW H[FHHGLQJ
WHQLQFOXVLYHRIRZQHUWKHUH
VKDOOEHQRFKDQJHLQWKHRXWVLGH
DSSHDUDQFH RI WKH EXLOGLQJ RU
SUHPLVHV QR KRPH RFFXSDWLRQ
VKDOO EH FRQGXFWHG LQ DQ\
FXVWRPDU\ DFFHVVRU\ XVH QR
WUDIILFVKDOOEHJHQHUDWHGE\VXFK
KRPH RFFXSDWLRQ LQ JUHDWHU
YROXPH WKDQ ZRXOG QRUPDOO\ EH
H[SHFWHG LQ D UHVLGHQWLDO
QHLJKERUKRRG DQG DQ\ QHHG IRU
SDUNLQJ JHQHUDWHG E\ WKH
FRQGXFW RI VXFK KRPH
RFFXSDWLRQ VKDOO EH PHW RII WKH
VWUHHW DQG LQ D SODFH RWKHU WKDQ
LQ D UHTXLUHG IURQW \DUG QR
HTXLSPHQW RU SURFHVV VKDOO EH
XVHG LQ VXFK KRPH RFFXSDWLRQ
ZKLFK FUHDWHV QRLVH YLEUDWLRQ
JODUH IXPHV RGRUV RU HOHFWULFDO
LQWHUIHUHQFH GHWHFWDEOH WR WKH
QRUPDO VHQVHV DQG YLVXDO RU
DXGLEOHLQWHUIHUHQFHLQDQ\UDGLR
RUWHOHYLVLRQUHFHLYHUVRUFDXVHV
IOXFWXDWLRQ LQ OLQH YROWDJH RI WKH
SUHPLVHV
&DUEDUQVIRUQRWPRUHWKDQWKUHH
XQLWV
/3*UHWDLOLQJZLWKDPD[LPXPRI
WZHQW\XQLWVRI/3*WDQNVDW
DQ\JLYHQWLPH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
5HFUHDWLRQDOIDFLOLWLHVVXFKDV
UHVRUWVVZLPPLQJSRROV
FOXEKRXVHVDQGVLPLODUXVHV
H[FHSWFDUQLYDOVDQGIDLUV
%DQN EUDQFKHV VDYLQJV
ORDQVOHQGLQJVKRSV
'ULYLQJUDQJH
*URXS%²
5HVLGHQWLDO
%XLOGLQJV
6WUXFWXUHV+RWHOV
DQG$SDUWPHQWV
'LYLVLRQ% $OOXVHVSHUPLWWHGLQ'LYLVLRQV$ $OO FXVWRPDU\ DFFHVVRU\ XVHV $OOFRQGLWLRQDOXVHVLQ5DQG 5HVLGHQWLDO5DKLJKGHQVLW\
DQG$RUIRU5FODVVDQG5 DOORZHGLQ'LYLVLRQV$DQG$ 5ZLWKDSSURSULDWHUHJXODWLRQV UHVLGHQWLDO XVH RU RFFXSDQF\
FODVVEXLOGLQJVVWUXFWXUHV RU IRU 5 FODVV DQG 5 FODVV FKDUDFWHUL]HG PDLQO\ DV D ORZ
/HDVHGVLQJOHGHWDFKHGGZHOOLQJ EXLOGLQJVVWUXFWXUHV ULVH RU PHGLXPULVH EXLOGLQJ
XQLWFRWWDJHZLWKPRUHWKDQRQH %UDQFKOLEUDU\DQGPXVHXP VWUXFWXUH IRU H[FOXVLYH XVH DV
LQGHSHQGHQWXQLWDQGGXSOH[HV +RPHWHO PXOWLSOH IDPLO\ GZHOOLQJV ZLWK
%RDUGLQJDQGORGJLQJKRXVHV 9RFDWLRQDOVFKRRO PL[HG KRXVLQJ W\SHV 5
VWUXFWXUH PD\ LQFOXGH ORZULVH
RUPHGLXPULVHUHVLGHQWLDO
0XOWLSOHKRXVLQJ XQLWV IRU OHDVH RU FRQGRPLQLXP EXLOGLQJV WKDW
VWLOOIRUVDOH DUH DOUHDG\ FRPPHUFLDO LQ
7RZQKRXVHVHDFKSULYDWHO\RZQHG QDWXUH DQG VFDOH 7KHUH VKDOO
%RDUGLQJKRXVHV EHWZRJHQHUDOW\SHVRI5
$FFHVVRULDVVKRSKRXVHV XVHRURFFXSDQF\WRZLW
URZKRXVHVWRZQKRXVHVWHQHPHQWV D %DVLF 5 URZKRXVH
DQGDSDUWPHQWV EXLOGLQJVWUXFWXUH RI IURP
0XOWLSOHSULYDWHO\RZQHG RQH VWRUH\ XS WR WKUHH
FRQGRPLQLXPXQLWVRUWHQHPHQW VWRUH\V LQ KHLJKW DQG
KRXVHVUHVLGHQWLDOEXLOGLQJIRUWKH ZLWK HDFK XQLW IRU VHSDUDWH
H[FOXVLYHXVHRIQRQOHDVLQJ XVH DV VLQJOHIDPLO\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
RFFXSDQWVQRWH[FHHGLQJWHQ GZHOOLQJVDQG
SHUVRQVDQGRIORZ²ULVHW\SHXSWR E 0D[LPXP 5 PHGLXP
ILYHVWRUH\VPD[LPXPEXLOGLQJ ULVH PXOWLOHYHO EXLOGLQJ
KHLJKW VWUXFWXUH RI IURP VL[ XS
+RWHOVPRWHOVLQQVSHQVLRQ WR WZHOYH VWRUH\V LQ
KRXVHVDQGDSDUWHOV KHLJKW DQG IRU XVH DV
3ULYDWHRURIIFDPSXVGRUPLWRULHV PXOWLSOHIDPLO\GZHOOLQJV
(OHPHQWDU\VFKRROVDQGKLJK
VFKRROVSURYLGHGWKDWWKHVHZLOOQRW 5HVLGHQWLDO5DPHGLXPWR
H[FHHGWZHQW\FODVVURRPV KLJKGHQVLW\ UHVLGHQWLDO XVH
RU RFFXSDQF\ FKDUDFWHUL]HG
PDLQO\ DV D ORZULVH
WRZQKRXVH EXLOGLQJ VWUXFWXUH
IRU H[FOXVLYH XVH DV PXOWLSOH
IDPLO\GZHOOLQJV7KHWHUP5
VSHFLILFDOO\ UHIHUV WR WKH
EXLOGLQJVWUXFWXUHRQDQ
LQGLYLGXDO ORW D WRZQKRXVH
XQLW DQG JHQHUDOO\ UHIHUV WR
WKH VHULHV RU URZV RI 5
EXLOGLQJVVWUXFWXUHV ZLWKLQ D
VXEGLYLGHG ORW RU SURSHUW\ DQ
5GHYHORSPHQW
0XOWLIDPLO\ UHVLGHQWLDO EXLOGLQJV 5HVLGHQWLDO 5 D YHU\ KLJK
VXFK DV FRQGRPLQLXP KLJKULVH GHQVLW\ UHVLGHQWLDO XVH RU
UHVLGHQWLDO EXLOGLQJVVWUXFWXUHV RFFXSDQF\ FKDUDFWHUL]HG
PXOWLOHYHO DSDUWPHQWV WHQHPHQWV PDLQO\ DV D PHGLXPULVH RU
PDVV KRXVLQJ HWF WDOOHU WKDQ ILYH KLJKULVH FRQGRPLQLXP
VWRUH\VEXWQRWPRUHWKDQWZHOYH EXLOGLQJVWUXFWXUH IRU
VWRUH\V H[FOXVLYH XVH DV PXOWLSOH
IDPLO\GZHOOLQJ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
*URXS & ²
(GXFDWLRQ DQG
5HFUHDWLRQ
'LYLVLRQ& (GXFDWLRQDOLQVWLWXWLRQVOLNHVFKRROV
FROOHJHVXQLYHUVLWLHVYRFDWLRQDO
LQVWLWXWLRQVVHPLQDULHVFRQYHQWV
LQFOXGLQJVFKRRODXGLWRULXPV
J\PQDVLDUHYLHZLQJVWDQGVOLWWOH
WKHDWHUVFRQFHUWKDOOVRSHUD
KRXVHV
6HPLQDUZRUNVKRSIDFLOLWLHV
7UDLQLQJFHQWHUVIDFLOLWLHV
/LEUDULHVPXVHXPVH[KLELWLRQKDOOV
DQGDUWJDOOHULHV
&LYLFFHQWHUVFOXEKRXVHVORGJHV
FRPPXQLW\FHQWHUV
&KXUFKHVPRVTXHWHPSOHV
VKULQHVFKDSHOVDQGVLPLODUSODFHV
RIZRUVKLS
&LYLFRUJRYHUQPHQWFHQWHUV
2WKHUW\SHVRIJRYHUQPHQWEXLOGLQJV
'LYLVLRQ& $PXVHPHQWKDOOVDQGSDUORUV *RYHUQPHQWFHQWHUVWRKRXVH *, *HQHUDO ,QVWLWXWLRQDO D
0DVVDJHDQGVDXQDSDUORUV QDWLRQDOUHJLRQDORUORFDORIILFHV FRPPXQLW\ WR QDWLRQDO OHYHO
+HDOWKVWXGLRVDQGUHGXFLQJVDORQV LQWKHDUHD RI LQVWLWXWLRQDO XVH RU
%LOOLDUG KDOOV SRRO URRPV ERZOLQJ &ROOHJHVXQLYHUVLWLHV RFFXSDQF\ FKDUDFWHUL]HG
DOOH\VDQGJROIFOXEKRXVHV SURIHVVLRQDOEXVLQHVVVFKRROV PDLQO\ DV D ORZULVH PHGLXP
'DQFLQJVFKRROVGLVFRSDGVGDQFH YRFDWLRQDODQGWUDGHVFKRROV ULVH RU KLJKULVH
DQGDPXVHPHQWKDOOV WHFKQLFDOVFKRROVDQGRWKHU EXLOGLQJVWUXFWXUH IRU
*\PQDVLDSHORWDFRXUWVDQGVSRUWV LQVWLWXWLRQVRIKLJKHUOHDUQLQJ HGXFDWLRQDO WUDLQLQJ DQG
FRPSOH[ *HQHUDO KRVSLWDOV PHGLFDO UHODWHG DFWLYLWLHV HJ VFKRROV
FHQWHUVPXOWLSXUSRVHFOLQLFV DQG UHODWHG IDFLOLWLHV DQG WKH
6FLHQWLILF FXOWXUDO DQG DFDGHPLF OLNH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
FHQWHUV DQG UHVHDUFK IDFLOLWLHV
H[FHSW QXFOHDU UDGLRDFWLYH
FKHPLFDO DQG ELRORJLFDO ZDUIDUH
IDFLOLWLHV
&RQYHQWLRQ FHQWHUV DQG UHODWHG
IDFLOLWLHV
5HOLJLRXV VWUXFWXUHV HJ
FKXUFKVHPLQDU\QRYLWLDWHV
0XVHXPV
(PEDVVLHVFRQVXODWH
6WXGHQW KRXVLQJ HJ
GRUPLWRULHVERDUGLQJKRXVH
*URXS'²
,QVWLWXWLRQDO
*RYHUQPHQW DQG
+HDOWK6HUYLFHV
'LYLVLRQ' 0HQWDO KRVSLWDOV PHQWDO VDQLWDULD :HOIDUHKRPHVRUSKDQDJHVER\V *, *HQHUDO ,QVWLWXWLRQDO D
,QVWLWXWLRQDO DQGPHQWDODV\OXPV DQG JLUOV WRZQ KRPH IRU WKH DJHG FRPPXQLW\ WR QDWLRQDO OHYHO
ZKHUHSHUVRQDO 3ROLFH DQG ILUH VWDWLRQV JXDUG DQGWKHOLNH RI LQVWLWXWLRQDO XVH RU
OLEHUWLHVRILQPDWHV KRXVHV 5HKDELOLWDWLRQDQGYRFDWLRQDO RFFXSDQF\ FKDUDFWHUL]HG
DUHUHVWUDLQHGRU -DLOV SULVRQV UHIRUPDWRULHV DQG WUDLQLQJFHQWHUIRUH[FRQYLFWV PDLQO\ DV D ORZULVH PHGLXP
TXDUWHUVRIWKRVH FRUUHFWLRQDOLQVWLWXWLRQV GUXJDGGLFWVXQZHGPRWKHUV ULVH RU KLJKULVH EXLOGLQJ
UHQGHULQJSXEOLF 5HKDELOLWDWLRQFHQWHUV SK\VLFDOO\PHQWDOO\DQG VWUXFWXUH IRU PHGLFDO
DVVLVWDQFHDQG /HSURVDULDDQGTXDUDQWLQHVWDWLRQ HPRWLRQDOO\KDQGLFDSSHGH[ JRYHUQPHQW VHUYLFH
PDLQWDLQLQJSHDFH VDQLWDULDLQPDWHVDQGVLPLODU DGPLQLVWUDWLYH DQG UHODWHG
DQGRUGHU HVWDEOLVKPHQWV DFWLYLWLHV HJ KRVSLWDOV DQG
0LOLWDU\ FDPSVUHVHUYDWLRQVEDVHV UHODWHG KHDOWK FDUH IDFLOLWLHV
DQGWUDLQLQJJURXQGV JRYHUQPHQW RIILFHV PLOLWDU\
3HQLWHQWLDU\ DQG FRUUHFWLRQDO SROLFH DQG FRUUHFWLRQDO
LQVWLWXWLRQ EXLOGLQJVDQGWKHOLNH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
'LYLVLRQ' +RVSLWDOV VDQLWDULD DQG KRPHV IRU
,QVWLWXWLRQDO WKHDJHG
EXLOGLQJV IRU KHDOWK 1XUVHULHVIRUFKLOGUHQRI
FDUH NLQGHUJDUWHQDJHRUQRQDPEXODWRU\
SDWLHQWVDFFRPPRGDWLQJPRUHWKDQ
ILYHSHUVRQV
*HQHUDO 86(
&ODVVLILFDWLRQRI
8VH&KDUDFWHURI =RQLQJ&ODVVLILFDWLRQ
2FFXSDQF\RI 35,1&,3$/ $&&(6625< &21',7,21$/
%XLOGLQJ
6WUXFWXUH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
'LYLVLRQ' 1XUVLQJKRPHVIRUDPEXODWRU\
,QVWLWXWLRQDO IRU SDWLHQWV
DPEXODWRU\ SDWLHQWV 6FKRRO DQG KRPH IRU FKLOGUHQ RYHU
RU FKLOGUHQ RYHU NLQGHUJDUWHQDJH
NLQGHUJDUWHQDJH 2USKDQDJHV
*URXS(²
%XVLQHVVDQG
0HUFDQWLOH
&RPPHUFLDO
'LYLVLRQ( $OOXVHVDOORZHGLQ'LYLVLRQ%RU 2IILFHEXLOGLQJ *DUDJHIRUMHHSQH\VDQGWD[LV & &RPPHUFLDO 2QH RU
%XVLQHVVDQG IRU5FODVVEXLOGLQJVVWUXFWXUHV 2IILFHFRQGRPLQLXP QRWJUHDWHUWKDQVL[XQLWVLQ /LJKW &RPPHUFLDO D
0HUFDQWLOHZKHUH *DVROLQHILOOLQJDQGVHUYLFHVWDWLRQV 'HSDUWPHQWVWRUHVKRSSLQJ QXPEHU QHLJKERUKRRGRUFRPPXQLW\
QRZRUNLVGRQH 6WRUDJHJDUDJHDQGERDWVWRUDJH FHQWHU *DUDJHIRUEXVDQGWUXFNVQRW OHYHO RI FRPPHUFLDO XVH RU
H[FHSWFKDQJHRI &RPPHUFLDOJDUDJHVDQGSDUNLQJ %RRNVWRUHDQGRIILFHVXSSO\ JUHDWHUWKDQWKUHHXQLWVLQ RFFXSDQF\ FKDUDFWHUL]HG
SDUWVDQG EXLOGLQJVGLVSOD\IRUFDUVWUDFWRUV VKRS QXPEHU PDLQO\ DV D ORZULVH
PDLQWHQDQFH HWF &DUVKRS 5HWDLOLQJ RI &+%V JUDYHO DQG EXLOGLQJVWUXFWXUH IRU ORZ
UHTXLULQJQRRSHQ %XV DQG UDLOZD\V GHSRWV DQG +RPHDSSOLDQFHVWRUH VDQGDQGRWKHUFRQFUHWHSURGXFWV LQWHQVLW\ FRPPHUFLDOWUDGH
IODPHVZHOGLQJRU WHUPLQDOVDQGRIILFHV 3KRWRVKRS VHUYLFHDQGEXVLQHVVDFWLYLWLHV
XVHRIKLJKO\ 3RUWIDFLOLWLHV )ORZHUVKRS HJ RQH WR WKUHH WR
IODPPDEOHOLTXLGV $LUSRUWVDQGKHOLSRUWIDFLOLWLHV %DNHU\DQGEDNHVKRS VWRUH\VKRSSLQJFHQWHUVVPDOO
$OORWKHUW\SHVRIWUDQVSRUWDWLRQ :LQHVWRUH RIILFHV RU PL[HG
FRPSOH[HV *URFHU\ XVHRFFXSDQF\ EXLOGLQJV DQG
$OO RWKHU W\SHV RI ODUJH FRPSOH[HV 6XSHUPDUNHW WKHOLNH
IRUSXEOLFVHUYLFHV %HDXW\SDUORU
3DZQVKRSV PRQH\ VKRSV SKRWR %DUEHUVKRS
DQG SRUWUDLW VWXGLRV 6DXQDEDWKDQGPDVVDJHFOLQLF
VKRHVKLQHUHSDLU VWDQGV UHWDLO 'UHVVPDNLQJDQGWDLORULQJ
GUXJVWRUHV WDLORULQJ DQG GUHVV VKRSV
VKRSV 0RYLHKRXVHWKHDWHU
%DNHVKRSV DQG EDNHU\ JRRGV 3OD\FRXUWHJWHQQLVERZOLQJ 8768WLOLWLHV7UDQVSRUWDWLRQ
VWRUHV ELOOLDUGV DQG 6HUYLFHV ± D UDQJH RI
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
6ZLPPLQJSRRO XWLOLWDULDQIXQFWLRQDO XVHV RU
6WRUHVIRUFRQVWUXFWLRQVXSSOLHV 'D\QLJKWFOXE RFFXSDQFLHV FKDUDFWHUL]HG
DQGEXLOGLQJPDWHULDOVVXFKDV 6WDGLXPFROLVHXPJ\PQDVLXP PDLQO\ DV D ORZULVH RU
HOHFWULFDODQGHOHFWURQLFVSOXPELQJ 2WKHUVSRUWVDQGUHFUHDWLRQDO PHGLXPULVHEXLOGLQJVWUXFWXUH
VXSSOLHVFHUDPLFFOD\FHPHQWDQG HVWDEOLVKPHQWV IRU ORZ WR KLJK LQWHQVLW\
RWKHUVLPLODUSURGXFWVH[FHSW&+%V 5HVWDXUDQWVDQGRWKHUHDWHULHV FRPPXQLW\ VXSSRUW IXQFWLRQV
JUDYHODQGVDQGDQGRWKHUFRQFUHWH 6KRUWWHUPVSHFLDOHGXFDWLRQ HJ WHUPLQDOVLQWHU
SURGXFWV OLNHGDQFLQJVFKRROVVFKRROVIRU PRGDOVPXOWLPRGDOV DQG
VHOIGHIHQVHGULYLQJVFKRROV GHSRWV
VSHHFKFOLQLFV
6WRUHURRP DQG ZDUHKRXVH EXW
RQO\ DV PD\ EH QHFHVVDU\ IRU
WKH HIILFLHQW FRQGXFW RI WKH
EXVLQHVV
&RPPHUFLDOKRXVLQJOLNHKRWHO
DSDUWPHQWDSDUWHOERDUGLQJ
KRXVHGRUPLWRU\SHQVLRQ
KRXVHFOXEKRXVHPRWHO
&RPPHUFLDOFRQGRPLQLXPZLWK
UHVLGHQWLDOXQLWVLQXSSHUIORRUV
(PEDVV\FRQVXODWH
/LEUDU\PXVHXP
)LOOLQJVWDWLRQVHUYLFHVWDWLRQ
&OLQLF
9RFDWLRQDOWHFKQLFDOVFKRRO
&RQYHQWLRQ FHQWHU DQG UHODWHG
IDFLOLWLHV
*HQHUDO 86( =RQLQJ&ODVVLILFDWLRQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
&ODVVLILFDWLRQRI
8VH&KDUDFWHURI
2FFXSDQF\RI 35,1&,3$/ $&&(6625< &21',7,21$/
%XLOGLQJ
6WUXFWXUH
0HVVHQJHULDOVHUYLFH
6HFXULW\DJHQF\
-DQLWRULDOVHUYLFH
%DQNDQGRWKHUILQDQFLDO
LQVWLWXWLRQ
5DGLRDQGWHOHYLVLRQVWDWLRQ
%XLOGLQJJDUDJH
&RPPHUFLDOMRESULQWLQJ
7\SLQJDQGSKRWRHQJUDYLQJ
VHUYLFHV
5HSDLURIRSWLFDOLQVWUXPHQWVDQG
HTXLSPHQWDQGFDPHUDV
5HSDLURIFORFNVDQGZDWFKHV
0DQXIDFWXUHRILQVLJQLDEDGJHV
DQG VLPLODU HPEOHPV H[FHSW
PHWDO
7UDQVSRUWDWLRQWHUPLQDOJDUDJH
3ODQWQXUVHULHV
6FLHQWLILFFXOWXUDODQGDFDGHPLF
FHQWHUV DQG UHVHDUFK IDFLOLWLHV
H[FHSW QXFOHDU UDGLRDFWLYH
FKHPLFDO DQG ELRORJLFDO ZDUIDUH
IDFLOLWLHV
'LYLVLRQ( :KROHVDOHDQGUHWDLOVWRUHV $OO XVHV LQ & FODVV EXLOGLQJV & &RPPHUFLDO 7ZR RU
,QVWLWXWLRQDOXVHVDVFROOHJHVDQG
%XVLQHVVDQG 6KRSSLQJFHQWHUVPDOOVDQG VWUXFWXUHV PD\ EH DOORZHG LQ & 0HGLXP &RPPHUFLDO D
XQLYHUVLWLHVYRFDWLRQDODQG
0HUFDQWLOHLQ VXSHUPDUNHWV FODVVEXLOGLQJVVWUXFWXUHV PXQLFLSDO RU FLW\ OHYHO RI
WHFKQLFDOVFKRROVJHQHUDO
QDWXUH :HWDQGGU\PDUNHWV 5HSDLUVKRSVOLNHKRXVH FRPPHUFLDO XVH RU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
5HVWDXUDQWVGULQNLQJDQGGLQLQJ DSSOLDQFHVPRWRUYHKLFOHVDQG KRVSLWDOVDQGVSHFLDOL]HGJHQHUDO RFFXSDQF\ FKDUDFWHUL]HG
HVWDEOLVKPHQWVZLWKOHVVWKDQRQH DFFHVVRU\KRPHIXUQLVKLQJVKRSV ZHOIDUHFKDULWDEOHDQG PDLQO\ DV D PHGLXPULVH
KXQGUHGRFFXSDQFLHV JRYHUQPHQWLQVWLWXWLRQV EXLOGLQJVWUXFWXUH IRU PHGLXP
'D\QLJKWFOXEVEDUVFRFNWDLOV +DXOLQJVHUYLFHVDQGJDUDJH WR KLJK LQWHQVLW\ FRPPHUFLDO
WHUPLQDOVIRUWUXFNVWRZWUXFNV WUDGHVHUYLFHDQG
DQGEXVHVQRW
VLQJDORQJORXQJHVELVWURVSXEV 7UDQVSRUWDWLRQWHUPLQDOJDUDJH H[FHHGLQJWKUHHXQLWVDQG EXVLQHVV DFWLYLWLHV HJ WKUHH
EHHUJDUGHQV ZLWKUHSDLUVKRSV VWRUDJHIDFLOLWLHVLQVXSSRUWRI WRILYHWRVWRUH\VKRSSLQJ
%DNHULHVSDVWU\DQGEDNHVKRSV 3XEOLVKLQJ FRPPHUFLDOHVWDEOLVKPHQWV FHQWHUVPHGLXPWRODUJHRIILFH
2IILFHEXLOGLQJV 0HGLXPVFDOHMXQNVKRS $XWRVDOHVDQGUHQWDOV RU PL[HG XVHRFFXSDQF\
)LQDQFLDO,QVWLWXWLRQV 0DFKLQHU\GLVSOD\VKRSFHQWHU DXWRPRWLYHKDQGLFUDIWDFFHVVRU\ EXLOGLQJVVWUXFWXUHV DQG WKH
3ULQWLQJ SXEOLVKLQJ SODQWV DQG *UDYHODQGVDQG DQGVSDUHSDUWVVKRSVPDULQH OLNH
RIILFHV /XPEHUKDUGZDUH FUDIWDLUFUDIWDQGVDOHV\DUGV
(QJUDYLQJ SKRWR GHYHORSLQJ DQG 0DQXIDFWXUHRILFHLFHEORFNV -XQNVKRSVVFUDSGHDOHUVKRSV
SULQWLQJVKRSV FXEHVWXEHVFUXVKHGH[FHSWGU\ 63( 6SHFLDO ± RWKHU YHUWLFDO
3KRWRJUDSKHU DQG SDLQWHU VWXGLRV LFH IDFLOLWLHV QRW PHQWLRQHG XQGHU
WDLORULQJDQGKDEHUGDVKHU\VKRSV 0DQXIDFWXUHRIVLJQVDQG UHJXODU XVHVRFFXSDQFLHV RI
)DFWRULHVDQGZRUNVKRSVXVLQJOHVV DGYHUWLVLQJGLVSOD\VH[FHSW EXLOGLQJVVWUXFWXUHV VXFK DV
IODPPDEOH RU QRQFRPEXVWLEOH SULQWHG FHPHWHULHV PHPRULDO SDUNV
PDWHULDOV &KLFKDURQIDFWRU\ DQGWKHOLNH
%DWWHU\VKRSVDQGUHSDLUVKRSV :HOGLQJVKRSV
3DLQWVWRUHVZLWKRXWEXONKDQGOLQJ 0DFKLQHVKRSVVHUYLFH
)XQHUDOSDUORUV RSHUDWLRQVUHSDLULQJUHEXLOGLQJ
0HPRULDODQGPRUWXDU\FKDSHOV RUFXVWRPMRERUGHUV
FUHPDWRULHV 0RWRUF\FOHVELF\FOHVUHSDLU
&ROXPEDULXP VKRSV
7HOHSKRQH DQG WHOHJUDSK /HFKRQVWRUHV
H[FKDQJHV %LVFXLW IDFWRU\ PDQXIDFWXUH RI
7HOHFRPPXQLFDWLRQV PHGLD DQG ELVFXLWV FRRNLHV FUDFNHUV DQG
SXEOLF LQIRUPDWLRQ FRPSOH[HV RWKHU VLPLODU GULHG EDNHU\
LQFOXGLQJUDGLRDQG79EURDGFDVWLQJ SURGXFWV
VWXGLRV 'RXJKQXWDQGKRSLDIDFWRU\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
&HOOPRELOHSKRQHWRZHUV )DFWRU\IRURWKHUEDNHU\
%DWWHU\VKRSVDQGDXWRUHSDLUVKRSV SURGXFWVQRWHOVHZKHUH
%DNHULHVSDVWU\DQGEDNHVKRSV FODVVLILHGQHF
3ROLFHDQGILUHVWDWLRQV 6KRSVIRUUHSDFNLQJRIIRRG
SURGXFWVHJIUXLWVYHJHWDEOHV
VXJDUDQGRWKHUUHODWHGSURGXFWV
*ODVVZDUHDQGPHWDOZDUHVWRUHV )XQHUDOSDUORUVPRUWXDULHVDQG
KRXVHKROGHTXLSPHQWDQGDSSOLDQFH FUHPDWRU\VHUYLFHVDQG
VKRSV PHPRULDOFKDSHOV
0DQXIDFWXUHRILQVLJQLDEDGJHVDQG 3DUNLQJORWVJDUDJHIDFLOLWLHV
VLPLODUHPEOHPVH[FHSWPHWDO %XLOGLQJVVWUXFWXUHVIRURWKHU
*HQHUDO UHWDLO HVWDEOLVKPHQWV VXFK FRPPHUFLDODFWLYLWLHVQRW
DVFXULRRUDQWLTXHVKRSVSHWVKRSV HOVHZKHUHFODVVLILHGQHF
DQG DTXDULXP VWRUHV ERRNVWRUHV
DUW VXSSOLHV DQG QRYHOWLHV MHZHOU\
VKRSVOLTXRUZLQHVWRUHVDQGI,RZHU
VKRSV
(PSOR\PHQWUHFUXLWPHQWDJHQFLHV
QHZVV\QGLFDWHVHUYLFHVDQGRIILFH
HTXLSPHQWDQGUHSDLUVKRSVDQG
RWKHURIILFHV
:DWFKVDOHVDQGVHUYLFHVORFNVPLWK
DQGRWKHUUHODWHGVHUYLFHV
2WKHUVWRUHVDQGVKRSVIRU
FRQGXFWLQJ UHWDLO EXVLQHVV DQG ORFDO
VKRSSLQJHVWDEOLVKPHQWV
5DGLRWHOHYLVLRQDQGRWKHUHOHFWULFDO
DSSOLDQFHUHSDLUVKRSV
)XUQLWXUHUHSDLUDQGXSKROVWHULQJ
MRE
&RPSXWHU VWRUHV DQG YLGHR VKRSV
LQFOXGLQJUHSDLU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
,QWHUQHWFDIHVDQGF\EHUVWDWLRQV
*DUPHQWPDQXIDFWXULQJZLWKQR
PRUHWKDQWZHQW\PDFKLQHV
6LJQERDUGDQGVWUHDPHUSDLQWLQJ
DQGVLONVFUHHQLQJ
&DUEDUQVIRUMHHSQH\VDQGWD[LV
QRWPRUHWKDQVL[XQLWV
/RWWRWHUPLQDOVRIIIURQWRQRQOLQH
ELQJRRXWOHWVDQGRIIWUDFNEHWWLQJ
VWDWLRQV
*DUGHQVDQGODQGVFDSLQJVXSSO\
FRQWUDFWRUV
3ULQWLQJW\SHVHWWLQJFRSLHUVDQG
GXSOLFDWLQJVHUYLFHV
3KRWRVXSSO\DQGGHYHORSLQJ
5HVWDXUDQWVFDQWHHQVHDWHULHV
GHOLFDWHVVHQVKRSVFRQIHFWLRQHU\
VKRSVDQGDXWRPDWVIDVWIRRGV
*URFHULHV
/DXQGULHVDQGODXQGURPDWV
5HFRUGLQJDQGILOPODERUDWRULHV
$XWRUHSDLUWLUHYXOFDQL]LQJVKRSV
DQGFDUZDVKZLWKPLQLPXPVT
PHWHUVVHUYLFHDUHD
3K\VLFDOILWQHVVJ\PVFHQWHUV
'LYLVLRQ( $OOSHUPLWWHGXVHVLQ'LYLVLRQ( $OOXVHVDOORZHGLQ55DQG & &RPPHUFLDO 7KUHH RU
%XVLQHVVDQG RUIRU&DQG&FODVVEXLOGLQJV 5=RQHV 0HWURSROLWDQ &RPPHUFLDO
0HUFDQWLOHZKHUH VWUXFWXUHV $OOXVHVDOORZHGLQ&&DQG PHDQV D PHWURSROLWDQ OHYHO
QRUHSDLUZRUNLV $LUFUDIWKDQJDUV &=RQHV RI FRPPHUFLDO XVH
GRQHH[FHSW &RPPHUFLDOSDUNLQJORWVDQG 6RPHXVHVDOORZHGLQ,=RQHV RFFXSDQF\ FKDUDFWHUL]HG
H[FKDQJHRISDUWV JDUDJHV $OOXVHVDOORZHGLQ*,=RQHVDQG PDLQO\ DV D PHGLXPULVH WR
DQGPDLQWHQDQFH 'HSDUWPHQWVWRUHVVKRSSLQJPDOOV 6,=RQHV KLJKULVH EXLOGLQJVWUXFWXUH IRU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
UHTXLULQJQRRSHQ FHQWHUVFRPPHUFLDODQGVSRUWV 3DUNVDQG5HFUHDWLRQDQG KLJK WR YHU\ KLJK LQWHQVLW\
IODPHVZHOGLQJRU FRPSOH[HVDUHDV (QWHUWDLQPHQWFODVVEXLOGLQJV FRPPHUFLDOWUDGHVHUYLFHDQG
XVHRIKLJKO\ ,QVWLWXWLRQDOXVHVDVXQLYHUVLW\ VWUXFWXUHV EXVLQHVV DFWLYLWLHV HJ ODUJH
IODPPDEOHOLTXLG FRPSOH[HV WR YHU\ ODUJH VKRSSLQJ PDOOV
2WKHUFRPPHUFLDOEXVLQHVV YHU\ ODUJH RIILFH RU PL[HG
DFWLYLWLHV QRW HOVHZKHUH FODVVLILHG XVHRFFXSDQF\ EXLOGLQJV DQG
QHF WKHOLNH
*URXS)²
,QGXVWULDO1RQ
3ROOXWLYH1RQ
+D]DUGRXV
,QGXVWULHVDQG
1RQ3ROOXWLYH
+D]DUGRXV
,QGXVWULHV
'LYLVLRQ) ,FHSODQWVDQGFROGVWRUDJHEXLOGLQJV &XVWRPDU\ VXSSRUW IDFLOLWLHV IRU %XLOGLQJVWUXFWXUH ZLWK OHVVHU , ,QGXVWULDO 2QH D OLJKW
/LJKW,QGXVWULDO 3RZHU SODQWV WKHUPDO K\GUR RU LQGXVWULHV VXFK DV KRXVLQJ QHJDWLYHHQYLURQPHQWDOLPSDFW LQGXVWULDO XVH RU RFFXSDQF\
JHRWKHUPDO FRPPXQLW\XWLOLWLHVDQGVHUYLFHV FKDUDFWHUL]HGPDLQO\DVDORZ
3XPSLQJ SODQWV ZDWHU VXSSO\ ULVHEXWVSUDZOLQJEXLOGLQJ
VWRUP
GUDLQDJH VHZHUDJH LUULJDWLRQ DQG VWUXFWXUHIRUORZLQWHQVLW\
ZDVWHWUHDWPHQWSODQWV PDQXIDFWXULQJRUSURGXFWLRQ
'DLULHVDQGFUHDPHULHV DFWLYLWLHV
5LFHPLOOVDQGVXJDUFHQWUDOV
%UHZHULHV ERWWOLQJ SODQWV
FDQQHULHVDQGWDQQHULHV
)DFWRULHVDQGZRUNVKRSVXVLQJ
LQFRPEXVWLEOHRUQRQH[SORVLYH
PDWHULDOV
*URXS*²6WRUDJH
DQG+D]DUGRXV
,QGXVWULDO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
3ROOXWLYH1RQ
+D]DUGRXV
LQGXVWULHVDQG
3ROOXWLYH
+D]DUGRXV
,QGXVWULHV2QO\
'LYLVLRQ* 6WRUDJHWDQNVEXLOGLQJVIRUVWRULQJ &XVWRPDU\ VXSSRUW IDFLOLWLHV IRU %XLOGLQJVWUXFWXUH ZLWK OHVVHU , ,QGXVWULDO 7ZR D
0HGLXP JDVROLQHDFHW\OHQH/3*FDOFLXP LQGXVWULHV VXFK DV KRXVLQJ QHJDWLYHHQYLURQPHQWLPSDFW PHGLXP LQGXVWULDO XVH RU
,QGXVWULDOZKLFK FDUELGHVR[\JHQK\GURJHQDQGWKH FRPPXQLW\XWLOLWLHVDQGVHUYLFHV RFFXSDQF\ FKDUDFWHUL]HG
VKDOOLQFOXGH OLNH PDLQO\ DV D ORZULVH EXW
VWRUDJHDQG $UPRULHV DUVHQDOV DQG PXQLWLRQV VSUDZOLQJEXLOGLQJVWUXFWXUHIRU
KDQGOLQJRI IDFWRULHV PHGLXP LQWHQVLW\
KD]DUGRXVDQG 0DWFKDQGILUHZRUNVIDFWRULHV PDQXIDFWXULQJ RU SURGXFWLRQ
KLJKO\IODPPDEOH DFWLYLWLHV
PDWHULDOV
3ODVWLFV UHVLQ SODQWV PRQRPHU DQG 8768WLOLWLHV7UDQVSRUWDWLRQ
SRO\PHU DQG 6HUYLFHV ± D UDQJH RI
3ODVWLFV FRPSRXQGLQJ DQG XWLOLWDULDQIXQFWLRQDO XVHV
SURFHVVLQJSODQWV RFFXSDQFLHV FKDUDFWHUL]HG
$FHW\OHQH DQG R[\JHQ JHQHUDWLQJ PDLQO\ E\ ORZULVH RU PHGLXP
SODQWV ULVHEXLOGLQJVVWUXFWXUHVIRUORZ
&RRNLQJ RLO DQG VRDS SURFHVVLQJ WR KLJK LQWHQVLW\ FRPPXQLW\
SODQWV VXSSRUW IXQFWLRQV HJ SRZHU
)DFWRULHV IRU KLJKO\ IODPPDEOH DQG ZDWHU JHQHUDWLRQ
FKHPLFDOV GLVWULEXWLRQ IDFLOLWLHV
:DWHU DQG SRZHU JHQHUDWLRQ WHOHFRPPXQLFDWLRQ IDFLOLWLHV
GLVWULEXWLRQFRPSOH[HV GUDLQDJHZDVWHZDWHU DQG
/LTXLGDQGVROLGZDVWHPDQDJHPHQW VHZHUDJHIDFLOLWLHVVROLGZDVWH
IDFLOLWLHV KDQGOLQJ IDFLOLWLHV DQG WKH OLNH
$OO RWKHU W\SHV RI ODUJH FRPSOH[HV H[FOXGLQJ WHUPLQDOVLQWHU
IRUSXEOLFXWLOLWLHV PRGDOVPXOWLPRGDOV DQG
GHSRW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
'LYLVLRQ* $OOXVHVSHUPLWWHGLQ,FODVV &XVWRPDU\VXSSRUWIDFLOLWLHVIRU %XLOGLQJVWUXFWXUHZLWKOHVVHU
0HGLXP,QGXVWULDO 'U\FOHDQLQJSODQWVXVLQJIODPPDEOH LQGXVWULHVVXFKDVKRXVLQJ QHJDWLYHHQYLURQPHQWLPSDFW
EXLOGLQJVIRU OLTXLGV FRPPXQLW\XWLOLWLHVDQGVHUYLFHV
VWRUDJHDQG 3DLQWVWRUHVZLWKEXONKDQGOLQJ
KDQGOLQJRI 3DLQWVKRSVDQGVSUD\SDLQWLQJ
IODPPDEOH URRPV
PDWHULDOV 6LJQDQGELOOERDUGSDLQWLQJVKRSV
'LYLVLRQ* :RRG ZRUNLQJ HVWDEOLVKPHQWV &XVWRPDU\VXSSRUWIDFLOLWLHVIRU %XLOGLQJVWUXFWXUHZLWKOHVVHU
0HGLXP,QGXVWULDO OXPEHUDQGWLPEHU\DUGV LQGXVWULHVVXFKDVKRXVLQJ QHJDWLYHHQYLURQPHQWLPSDFW
EXLOGLQJVIRUZRRG 3ODQLQJ PLOOV DQG VDZPLOOV YHQHHU FRPPXQLW\XWLOLWLHVDQGVHUYLFHV
ZRUNLQJDFWLYLWLHV SODQWV
SDSHUVFDUGERDUG :RRGGU\LQJNLOQV
PDQXIDFWXUHV 3XOS SDSHU DQG SDSHUERDUG
WH[WLOHDQGJDUPHQW IDFWRULHV
IDFWRULHV :RRGDQGFDUGERDUGER[IDFWRULHV
7H[WLOHDQGILEHUVSLQQLQJPLOOV
*UDLQVDQGFHPHQWVLORV
:DUHKRXVHV ZKHUH KLJKO\
FRPEXVWLEOHPDWHULDOVDUHVWRUHG
)DFWRULHV ZKHUH ORRVH FRPEXVWLEOH
ILEHU RU GLUW DUH PDQXIDFWXUHG
SURFHVVHGRUJHQHUDWHG
*DUPHQW DQG XQGHUJDUPHQW
IDFWRULHV
'LYLVLRQ* 5HSDLUJDUDJHVDQGVKRSV &XVWRPDU\ VXSSRUW IDFLOLWLHV IRU %XLOGLQJVWUXFWXUH ZLWK OHVVHU
0HGLXP )DFWRULHV IRU HQJLQHV DQG WXUELQHV LQGXVWULHV VXFK DV KRXVLQJ QHJDWLYHHQYLURQPHQWLPSDFW
,QGXVWULDO IRU DQGDWWDFKHGWHVWLQJIDFLOLWLHV FRPPXQLW\XWLOLWLHVDQGVHUYLFHV
UHSDLU JDUDJHV DQG
HQJLQH
PDQXIDFWXUH
'LYLVLRQ* +DQJDUV &XVWRPDU\ VXSSRUW IDFLOLWLHV IRU %XLOGLQJVWUXFWXUH ZLWK OHVVHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
0HGLXP 0DQXIDFWXUHDQGDVVHPEO\SODQWVRI LQGXVWULHV VXFK DV KRXVLQJ QHJDWLYHHQYLURQPHQWLPSDFW
,QGXVWULDOIRU DLUFUDIWHQJLQH FRPPXQLW\XWLOLWLHVDQGVHUYLFHV
DLUFUDIWIDFLOLWLHV 5HSDLUVDQGWHVWLQJVKRSVIRU
DLUFUDIWHQJLQHVDQGSDUWV
*URXS+²
$VVHPEO\IRUOHVV
WKDQ
&XOWXUDODQGRU
5HFUHDWLRQDO
'LYLVLRQ+ 7KHDWHUVDQGDXGLWRULXPV 35( 3DUN 6WUXFWXUHV
5HFUHDWLRQDO &RQFHUWKDOOVDQGRSHQKRXVHV 5HFUHDWLRQ DQG
ZKLFKDUHDVVHPEO\ &RQYHQWLRQKDOOV (QWHUWDLQPHQW D UDQJH RI
EXLOGLQJVZLWKVWDJH /LWWOHWKHDWHUVDXGLRYLVXDOURRPV UHFUHDWLRQDO XVHV RU
DQGKDYLQJDQ RFFXSDQFLHV FKDUDFWHUL]HG
RFFXSDQWORDGRI PDLQO\ DV D ORZULVH RU
OHVVWKDQ PHGLXPULVH EXLOGLQJVWUXFWXUH
IRU ORZ WR PHGLXP LQWHQVLW\
UHFUHDWLRQDO RU HQWHUWDLQPHQW
IXQFWLRQV UHODWHG WR
HGXFDWLRQDO XVHV HJ
VWUXFWXUHV RQ FDPSXVHV RU LWV
FRPSRQHQWSDUNVRSHQVSDFHV
DQG DOO RWKHU NLQGV RI
UHFUHDWLRQDO RU DVVHPEO\
EXLOGLQJVVWUXFWXUHVRQFDPSXV
VXFK DV DXGLWRULD PHVV KDOOV
VHPLQDU IDFLOLWLHV J\PQDVLD
VWDGLDDUHQDVDQGWKHOLNH
&8/&XOWXUDODFRPPXQLW\
WR QDWLRQDO OHYHO RI FXOWXUDO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
XVH RU RFFXSDQF\
FKDUDFWHUL]HG
*URXS,²
$VVHPEO\IRU
0RUHWKDQ
&XOWXUDODQGRU
5HFUHDWLRQDO
'LYLVLRQ, &ROLVHDDQGVSRUWVFRPSOH[HV 3DUNVJDUGHQV &8/&XOWXUDODFRPPXQLW\
5HFUHDWLRQDO 7KHDWHUVDQGFRQYHQWLRQFHQWHUV 5HVRUWDUHDVHJEHDFKHV WR QDWLRQDO OHYHO RI FXOWXUDO
$VVHPEO\ &RQFHUWKDOOVDQGRSHQKRXVHV LQFOXGLQJDFFHVVRU\XVHV XVH RU RFFXSDQF\
%XLOGLQJV ZLWK &RQYHQWLRQFHQWHUV 2SHQDLURURXWGRRUVSRUWV FKDUDFWHUL]HGPDLQO\DVDORZ
VWDJH DQG DQ DFWLYLWLHVDQGVXSSRUWIDFLOLWLHV ULVH RU PHGLXPULVH
RFFXSDQW ORDG RI LQFOXGLQJORZULVHVWDGLDJ\PV EXLOGLQJVWUXFWXUH IRU FXOWXUDO
RUPRUHLQWKH DPSKLWKHDWHUVDQGVZLPPLQJ DFWLYLWLHV
EXLOGLQJ SRROV
*ROIFRXUVHVEDOOFRXUWVUDFH 35( 3DUN 6WUXFWXUHV
WUDFNVDQGVLPLODUXVHV 5HFUHDWLRQ DQG
0HPRULDO6KULQHVPRQXPHQWV (QWHUWDLQPHQW D UDQJH RI
NLRVNVDQGRWKHUSDUNVWUXFWXUHV UHFUHDWLRQDOXVHVRU
6SRUWV&OXE RFFXSDQFLHV FKDUDFWHUL]HG
8QGHUJURXQGSDUNLQJVWUXFWXUHV PDLQO\ DV D ORZULVH RU
IDFLOLWLHV PHGLXPULVHEXLOGLQJVWUXFWXUH
IRU ORZ WR PHGLXP LQWHQVLW\
UHFUHDWLRQDO RU HQWHUWDLQPHQW
IXQFWLRQV UHODWHG WR
HGXFDWLRQDO XVHV HJ
VWUXFWXUHV RQ FDPSXVHV RU LWV
FRPSRQHQWSDUNVRSHQVSDFHV
DQG DOO RWKHU NLQGV RI
UHFUHDWLRQDO RU DVVHPEO\
EXLOGLQJVVWUXFWXUHVRQFDPSXV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
VXFK DV DXGLWRULD PHVV KDOOV
VHPLQDU IDFLOLWLHV J\PQDVLD
VWDGLDDUHQDVDQGWKHOLNH
*URXS-²
$FFHVVRU\
$JULFXOWXUDODQG
2WKHU
2FFXSDQFLHV
8VHVQRW
6SHFLILFDOO\
0HQWLRQHG8QGHU
*URXSV$WKURXJK
,
'LYLVLRQ- $JULFXOWXUDOVWUXFWXUHV &XOWLYDWLRQUDLVLQJDQGJURZLQJRI $ $JULFXOWXUDO DQ
D6KHGV VWDSOHFURSVVXFKDVULFHFRUQ DJULFXOWXUDO RU DJULFXOWXUH
E%DUQV FDPRWHFDVVDYDDQGWKHOLNH UHODWHG XVH RU RFFXSDQF\
F3RXOWU\KRXVHV *URZLQJRIGLYHUVLILHGSODQWVDQG FKDUDFWHUL]HGPDLQO\DVDORZ
G3LJJHULHV WUHHVVXFKDVIUXLWDQGIORZHU ULVH RU PHGLXPULVH
H+DWFKHULHV EHDULQJWUHHVFRIIHHWREDFFR EXLOGLQJVWUXFWXUH IRU ORZ WR
I6WDEOHV HWF KLJK LQWHQVLW\ DJULFXOWXUDO RU
J*UHHQKRXVHV 6LOYLFXOWXUHPXVKURRPFXOWXUH UHODWHG DFWLYLWLHV HJ SRXOWU\
K*UDQDULHV ILVKLQJDQGILVKFXOWXUHVQDNH KRXVHV KDWFKHULHV SLJJHULHV
L6LORV FXOWXUHFURFRGLOHIDUPPRQNH\ JUHHQKRXVHV JUDQDULHV DQG
UDLVLQJDQGWKHOLNH WKH OLNH DV ZHOO DV RIILFHV
&XVWRPDU\VXSSRUWIDFLOLWLHVVXFK HGXFDWLRQDO WUDLQLQJ UHVHDUFK
DVSDOD\GU\HUVDQGULFHWKUHVKHUV DQG UHODWHG IDFLOLWLHV IRU
DQGVWRUDJHEDUQVDQG DJULFXOWXUHDQGWKHOLNH
ZDUHKRXVHV
$QFLOODU\GZHOOLQJ $,$JUR,QGXVWULDODQDJUR
XQLWVIDUPKRXVHVIRUWLOOHUVDQG LQGXVWULDO RU UHODWHG XVH RU
ODERUHUV RFFXSDQF\ FKDUDFWHUL]HG
$JULFXOWXUDOUHVHDUFKDQG PDLQO\ DV D ORZULVH EXLOGLQJ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
H[SHULPHQWDWLRQIDFLOLWLHVVXFKDV VWUXFWXUH IRU ORZ WR KLJK
EUHHGLQJVWDWLRQVILVKIDUPV LQWHQVLW\ DJURLQGXVWULDO RU
QXUVHULHVGHPRQVWUDWLRQIDUPV UHODWHG DFWLYLWLHV WR LQFOXGH
HWF RIILFHV HGXFDWLRQDO WUDLQLQJ
3DVWRUDO DFWLYLWLHV VXFK DV JRDW UHVHDUFK DQG UHODWHG IDFLOLWLHV
UDLVLQJDQGFDWWOHIDWWHQLQJ IRUDJURLQGXVWU\
+RPHRFFXSDWLRQIRUWKHSUDFWLFH
RIRQH
VSURIHVVLRQRUHQJDJLQJ
KRPHEXVLQHVVVXFKDV
GUHVVPDNLQJWDLORULQJEDNLQJ
UXQQLQJDVDULVDULVWRUHDQGWKH
OLNHSURYLGHGWKDWWKHQXPEHURI
SHUVRQVHQJDJHGLQVXFK
EXVLQHVVLQGXVWU\VKDOOQRWH[FHHG
ILYH LQFOXVLYH RI WKH RZQHU
WKHUH VKDOO EH QR FKDQJH LQ WKH
RXWVLGHDSSHDUDQFHRIWKHEXLOGLQJ
SUHPLVHV QR KRPH RFFXSDWLRQ
VKDOO EH FRQGXFWHG LQ DQ\
FXVWRPDU\ DFFHVVRU\ XVHV FLWHG
DERYH QR WUDIILF VKDOO EH
JHQHUDWHG E\ VXFK KRPH
RFFXSDWLRQLQJUHDWHUYROXPHWKDQ
ZRXOG QRUPDOO\ EH H[SHFWHG LQ D
UHVLGHQWLDO QHLJKERUKRRG DQG DQ\
QHHGIRUSDUNLQJJHQHUDWHGE\WKH
FRQGXFWRIVXFKKRPHRFFXSDWLRQ
VKDOO EH PHW RII WKH VWUHHW LQ D
SODFHRWKHUWKDQWKHUHTXLUHGIURQW
\DUG QR HTXLSPHQW RU SURFHVV
VKDOO EH XVHG LQ VXFK RFFXSDWLRQ
ZKLFK FUHDWHV QRLVH YLEUDWLRQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
JODUH IXPHV RGRUV DQG HOHFWULFDO
LQWHUIHUHQFH GHWHFWDEOH WR WKH
QRUPDO VHQVHV DQG YLVXDO RU
DXGLEOH LQWHUIHUHQFH LQ DQ\ UDGLR
RU WHOHYLVLRQ UHFHLYHU RU FDXVHV
IOXFWXDWLRQV LQ OLQH YROWDJH RI WKH
SUHPLVHV
+RPH LQGXVWU\ FODVVLILHG DV
FRWWDJH LQGXVWU\ HJ PDW
ZHDYLQJ SRWWHU\ PDNLQJ
IRRG SUHVHUYDWLRQ HWF SURYLGHG
WKDW VXFK KRPH LQGXVWU\ VKDOO QRW
RFFXS\ PRUH WKDQ RI IORRU
DUHDRIWKHGZHOOLQJXQLW
WKHUH VKDOO EH QR FKDQJH RU
DOWHUDWLRQ LQ WKH RXWVLGH
DSSHDUDQFH RI WKH GZHOOLQJ XQLW
DQG VKDOO QRW EH D KD]DUG RU
QXLVDQFH DOORWWHG FDSLWDOL]DWLRQ
VKDOOQRWH[FHHGWKHFDSLWDOL]DWLRQ
DVVHWE\WKH'HSDUWPHQWRI7UDGH
DQG ,QGXVWU\ '7, VXFK VKDOO
FRQVLGHU VDPH SURYLVLRQV DV
HQXPHUDWHGLQ+RPH2FFXSDWLRQ
WKLV6HFWLRQ
%DFN\DUG UDLVLQJ RI OLYHVWRFN DQG
IRZOSURYLGHGWKDWIRUOLYHVWRFND
PD[LPXPRIKHDGVIRUIRZOD
PD[LPXPRIELUGV
$OOXVHVDOORZHGLQDJULFXOWXUH
5LFHFRUQPLOOVVLQJOHSDVV
'U\LQJ FOHDQLQJ FXULQJ DQG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
SUHVHUYLQJ RI PHDW DQG LWV E\
SURGXFWVDQGGHULYDWLYHV
'U\LQJ VPRNLQJ DQG DLULQJ RI
WREDFFR
)ORXUPLOO
&DVVDYDIORXUPLOO
0DQXIDFWXUHRIFRIIHH
0DQXIDFWXUHRIXQSUHSDUHGDQLPDO
IHHGVRWKHUJUDLQPLOOLQJQHF
3URGXFWLRQ RI SUHSDUHG IHHGV IRU
DQLPDOV
&LJDUDQG&LJDUHWWHIDFWRU\
&XULQJ DQG UHGU\LQJ WREDFFR
OHDYHV
0LVFHOODQHRXVSURFHVVLQJRI
WREDFFROHDYHVQHF
:HDYLQJKHPSWH[WLOH
-XWHVSLQQLQJDQGZHDYLQJ
0DQXIDFWXUHRIFKDUFRDO
0LONSURFHVVLQJSODQWV
0DQXIDFWXULQJILOOHGUHFRQVWLWXWHG
RUUHFRPELQHGPLONFRQGHQVHGRU
HYDSRUDWHG
%XWWHUDQGFKHHVHSURFHVVLQJ
SODQWV
1DWXUDOIOXLGPLONSURFHVVLQJ
SDVWHXUL]LQJKRPRJHQL]LQJ
YLWDPLQL]LQJERWWOLQJRIQDWXUDO
DQLPDOPLONDQGFUHDPUHODWHG
SURGXFWV
2WKHUGDLU\SURGXFWVQHF
&DQQLQJ DQG SUHVHUYLQJ RI IUXLWV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
DQGIUXLWMXLFHV
&DQQLQJDQGSUHVHUYLQJRI
YHJHWDEOHVDQGYHJHWDEOHMXLFHV
&DQQLQJDQGSUHVHUYLQJRI
YHJHWDEOHVDXFHV
0LVFHOODQHRXVFDQQLQJDQG
SUHVHUYLQJRIIUXLWDQGYHJHWDEOHV
QHF
)LVKFDQQLQJ
3DWLVIDFWRU\
%DJRRQJIDFWRU\
3URFHVVLQJSUHVHUYLQJDQG
FDQQLQJRIILVKDQGRWKHU
VHDIRRGVQHF
0DQXIDFWXULQJRIGHVLFFDWHG
FRFRQXW
0DQXIDFWXUHRIVWDUFKDQGLWV
SURGXFWV
0DQXIDFWXUHRIZLQHVIURPMXLFHV
RIORFDOIUXLWV
9HJHWDEOHRL,PLOOVLQFOXGLQJ
FRFRQXWRLO
6XJDUFDQHPLOOLQJFHQWULIXJDODQG
UHILQHV
6XJDUUHILQLQJ
0XVFRYDGRVXJDUPLOO
&RWWRQWH[WLOHPLOO
0DQXIDFWXUHSURFHVVLQJ RI RWKHU
SODQWDWLRQ FURSV HJ SLQHDSSOH
EDQDQDVHWF
2WKHUFRPPHUFLDOKDQGLFUDIWVDQG
LQGXVWULDO DFWLYLWLHV XWLOL]LQJ SODQW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
RUDQLPDOSDUWVDQGRUSURGXFWVDV
UDZPDWHULDOVQHF
2WKHUDFFHVVRU\XVHVLQFLGHQWDOWR
DJURLQGXVWULDODFWLYLWLHV
'LYLVLRQ- 3ULYDWHJDUDJHVFDUSRUWV $OOXVHVRFFXSDQF\SHUPLWWHGLQ 38' 3ODQQHG 8QLW
$FFHVVRU\ 7RZHUV VPRNHVWDFNV DQG DOORWKHU'LYLVLRQVRUFODVVHVRI 'HYHORSPHQW UHIHUV WR ODQG
FKLPQH\V EXLOGLQJVVWUXFWXUHVLIVXFK GHYHORSPHQWRUUHGHYHORSPHQW
6ZLPPLQJSRROVLQFOXGLQJVKRZHU XVHVRFFXSDQF\DUHSDUWRIWKH VFKHPHV IRU D QHZ RU EXLOWXS
DQGORFNHUURRP 3ODQQHG8QLW'HYHORSPHQW SURMHFW VLWH ZKHUHLQ VDLG
)HQFH RYHU PHWHUV KLJK 38' SURMHFW VLWH PXVW KDYH D
VHSDUDWHILUHZDOOV &RPSUHKHQVLYH 'HYHORSPHQW
6WHHODQGRUFRQFUHWHWDQNV 0DVWHU 3ODQ &'03 RU LWV
DFFHSWDEOH HTXLYDOHQW LH D
XQLWDU\ GHYHORSPHQW SODQVLWH
SODQ WKDW SHUPLWV IOH[LELOLW\ LQ
SODQQLQJ XUEDQ GHVLJQ
EXLOGLQJVWUXFWXUH VLWLQJ
FRPSOHPHQWDULW\ RI EXLOGLQJ
W\SHV DQG ODQG XVHV XVDEOH
RSHQVSDFHVIRUJHQHUDOSXEOLF
XVHVHUYLFHVDQG
%XVLQHVVDFWLYLWLHVDQGWKH
SUHVHUYDWLRQRIVLJQLILFDQW
QDWXUDOODQGIHDWXUHVLI
IHDVLEOHZKHUHE\VDLG&'03
PXVWEHGXO\DSSURYHGE\WKH
/*8FRQFHUQHG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
'LYLVLRQ- 6WDJHV SODWIRUPV DQG VLPLODU
VWUXFWXUHV
3HORWD WHQQLV EDGPLQWRQ RU
EDVNHWEDOOFRXUWV
7RPEVPDXVROHXPVDQGQLFKHV
$YLDULHV DQG DTXDULXPV DQG ]RR
VWUXFWXUHV
%DQNVDQGUHFRUGYDXOWV
HPSKDVHVXQGHUVFRULQJDQGDQQRWDWLRQVVXSSOLHG
6(&7,21&KDQJHLQ8VH
1RFKDQJHVKDOOEHPDGHLQWKHFKDUDFWHURIRFFXSDQF\RUXVHRIDQ\EXLOGLQJZKLFKZRXOGSODFHWKHEXLOGLQJLQDGLIIHUHQWGLYLVLRQRIWKHVDPH
JURXSRIRFFXSDQF\RULQDGLIIHUHQWJURXSRIRFFXSDQFLHVXQOHVVVXFKEXLOGLQJLVPDGHWRFRPSO\ZLWKWKHUHTXLUHPHQWVRIWKH&RGHIRUVXFKGLYLVLRQRU
JURXSRIRFFXSDQF\7KHFKDUDFWHURIRFFXSDQF\RIH[LVWLQJEXLOGLQJVPD\EHFKDQJHGVXEMHFWWRWKHDSSURYDORIWKH%XLOGLQJ2IILFLDODQGWKHEXLOGLQJ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
PD\ EH RFFXSLHG IRU SXUSRVHV VHW IRUWK LQ RWKHU *URXSV 3URYLGHG WKH QHZ RU SURSRVHG XVH LV OHVV KD]DUGRXV EDVHG RQ OLIH DQG ILUH ULVN WKDQ WKH
H[LVWLQJXVH
6(&7,210L[HG2FFXSDQF\
*HQHUDO5HTXLUHPHQWV
:KHQ D EXLOGLQJ LV RI PL[HG RFFXSDQF\ RU XVHG IRU PRUH WKDQ RQH RFFXSDQF\ WKH ZKROH EXLOGLQJ VKDOO EH VXEMHFW WR WKH PRVW
UHVWULFWLYHUHTXLUHPHQWSHUWDLQLQJWRDQ\RIWKHW\SHRIRFFXSDQF\IRXQGWKHUHLQH[FHSWLQWKHIROORZLQJ
D :KHQDRQHVWRUH\EXLOGLQJKRXVHVPRUHWKDQRQHRFFXSDQF\HDFKSRUWLRQRIWKHEXLOGLQJVKDOOFRQIRUPWRWKHUHTXLUHPHQWRIWKH
SDUWLFXODURFFXSDQF\KRXVHGWKHUHLQDQG
E:KHUHPLQRUDFFHVVRU\XVHVGRQRWRFFXS\PRUHWKDQRIWKHDUHDRIDQ\IORRURUDEXLOGLQJQRUPRUHWKDQRIWKHEDVLFDUHD
SHUPLWWHGLQWKHRFFXSDQF\UHTXLUHPHQWVLQZKLFKFDVHWKHPDMRUXVHRIWKHEXLOGLQJVKDOOGHWHUPLQHWKHRFFXSDQF\FODVVLILFDWLRQ
)RUPVRI2FFXSDQF\6HSDUDWLRQ
2FFXSDQF\VHSDUDWLRQVVKDOOEHYHUWLFDORUKRUL]RQWDORUERWKRUZKHQQHFHVVDU\RIVXFKRWKHUIRUPVDVPD\EHUHTXLUHGWRDIIRUGD
FRPSOHWHVHSDUDWLRQEHWZHHQWKHYDULRXVRFFXSDQF\GLYLVLRQVLQWKHEXLOGLQJ
7\SHVRI2FFXSDQF\6HSDUDWLRQ
2FFXSDQF\VHSDUDWLRQVKDOOEHFODVVLILHGDV³2QH+RXU)LUH5HVLVWLYH´³7ZR+RXU)LUH5HVLVWLYH´³7KUHH+RXU)LUH5HVLVWLYH´DQG
³)RXU+RXU)LUH5HVLVWLYH´
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
D $³2QH+RXU)LUH5HVLVWLYH2FFXSDQF\6HSDUDWLRQ´VKDOOEHRIQRWOHVVWKDQRQHKRXUILUHUHVLVWLYHFRQVWUXFWLRQ$OORSHQLQJVLQ
VXFKVHSDUDWLRQVKDOOEHSURWHFWHGE\DILUHDVVHPEO\KDYLQJDRQHKRXUILUHUHVLVWLYHUDWLQJ
E $³7ZR+RXU)LUH5HVLVWLYH2FFXSDQF\6HSDUDWLRQ´VKDOOEHRIQRWOHVVWKDQWZRKRXUILUHUHVLVWLYHFRQVWUXFWLRQ$OORSHQLQJVLQ
VXFKVHSDUDWLRQVKDOOEHSURWHFWHGE\DILUHDVVHPEO\KDYLQJDWZRKRXUILUHUHVLVWLYHUDWLQJ
F$³7KUHH+RXU)LUH5HVLVWLYH2FFXSDQF\6HSDUDWLRQ´VKDOOEHRIQRWOHVVWKDQWKUHHKRXUILUHUHVLVWLYHFRQVWUXFWLRQ$OORSHQLQJV
LQZDOOVIRUPLQJVXFKVHSDUDWLRQVKDOOEHSURWHFWHGE\DILUHDVVHPEO\KDYLQJDWKUHHKRXUILUHUHVLVWLYHUDWLQJ7KHWRWDOZLGWKRIDOO
RSHQLQJVLQDQ\WKUHHKRXUILUHUHVLVWLYHRFFXSDQF\VHSDUDWLRQZDOOLQDQ\RQHVWRUH\VKDOOQRWH[FHHGRIWKHOHQJWKRIWKHZDOOLQ
WKDWVWRUH\DQGQRVLQJOHRSHQLQJVKDOOKDYHDQDUHDJUHDWHUWKDQVTPHWHUV$OORSHQLQJVLQIORRUVIRUPLQJD³7KUHH+RXU)LUH
5HVLVWLYH2FFXSDQF\6HSDUDWLRQ´VKDOOEHSURWHFWHGE\YHUWLFDOHQFORVXUHVH[WHQGLQJDERYHDQGEHORZVXFKRSHQLQJV7KHZDOOVRI
VXFKYHUWLFDOHQFORVXUHVVKDOOEHRIQRWOHVVWKDQWZRKRXUILUHUHVLVWLYHFRQVWUXFWLRQDQGDOORSHQLQJVWKHUHLQVKDOOEHSURWHFWHGE\D
ILUHDVVHPEO\KDYLQJDWKUHHKRXUILUHUHVLVWLYHUDWLQJ
G $³)RXU+RXU)LUH5HVLVWLYH2FFXSDQF\6HSDUDWLRQ´VKDOOKDYHQR RSHQLQJVWKHUHLQDQGVKDOOEHRIQRWOHVVWKDQIRXUKRXUILUH
UHVLVWLYHFRQVWUXFWLRQ
)LUH5DWLQJIRU2FFXSDQF\6HSDUDWLRQ
2FFXSDQF\6HSDUDWLRQVVKDOOEHSURYLGHGEHWZHHQJURXSVVXEJURXSLQJVRUGLYLVLRQVRIRFFXSDQFLHV7KH6HFUHWDU\VKDOOSURPXOJDWH
UXOHV DQG UHJXODWLRQV IRU DSSURSULDWH RFFXSDQF\ VHSDUDWLRQV LQ EXLOGLQJV RI PL[HG RFFXSDQF\ 3URYLGHG WKDW ZKHUH DQ\ RFFXSDQF\
VHSDUDWLRQLVUHTXLUHGWKHPLQLPXPVKDOOEHD³2QH+RXU)LUH5HVLVWLYH2FFXSDQF\6HSDUDWLRQ´DQGZKHUHWKHRFFXSDQF\VHSDUDWLRQLV
KRUL]RQWDOVWUXFWXUDOPHPEHUVVXSSRUWLQJWKHVHSDUDWLRQVKDOOEHSURWHFWHGE\DQHTXLYDOHQWILUHUHVLVWLYHFRQVWUXFWLRQ
6(&7,21/RFDWLRQRQ3URSHUW\
*HQHUDO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
D 1REXLOGLQJVKDOOEHFRQVWUXFWHGXQOHVVLWDGMRLQVRUKDVGLUHFWDFFHVVWRDSXEOLFVSDFH\DUGRUVWUHHWRQDWOHDVWRQHRILWVVLGHV
E )RUWKHSXUSRVHRIWKLV6HFWLRQWKHFHQWHUOLQHRIDQDGMRLQLQJVWUHHWRUDOOH\VKDOOEHFRQVLGHUHGDQDGMDFHQWSURSHUW\OLQH
F (DYHVRYHUUHTXLUHGZLQGRZVVKDOOQRWEHOHVVWKDQPLOOLPHWHUVIURPWKHVLGHDQGUHDUSURSHUW\OLQHV
)LUH5HVLVWDQFHRI:DOOV
([WHULRU ZDOOV VKDOO KDYH ILUH UHVLVWDQFH DQG RSHQLQJ SURWHFWLRQ LQ DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV VHW IRUWK E\ WKH 6HFUHWDU\
3URMHFWLRQVEH\RQGWKHH[WHULRUZDOOVKDOOQRWH[FHHGEH\RQGDSRLQWRQHWKLUGWKHGLVWDQFHIURPDQDVVXPHGYHUWLFDOSODQHORFDWHGZKHUH
WKH ILUHUHVLVWLYH SURWHFWLRQ RI RSHQLQJV LV ILUVW UHTXLUHG WR WKH ORFDWLRQ RQ SURSHUW\ ZKLFKHYHU LV WKH OHDVW UHVWULFWLYH 'LVWDQFH VKDOO EH
PHDVXUHG DW ULJKW DQJOHV IURP WKH SURSHUW\ OLQH :KHQ RSHQLQJV LQ H[WHULRU ZDOOV DUH UHTXLUHG WR EH SURWHFWHG GXH WR GLVWDQFH IURP
SURSHUW\OLQHWKHVXPRIWKHDUHDVRIVXFKRSHQLQJVLQDQ\VWRUH\VKDOOQRWH[FHHGRIWKHWRWDODUHDRIWKHZDOOLQWKDWVWRUH\
%XLOGLQJVRQ6DPH3URSHUW\DQG%XLOGLQJV&RQWDLQLQJ&RXUWV
)RUWKHSXUSRVHRIGHWHUPLQLQJWKHUHTXLUHGZDOODQGRSHQLQJSURWHFWLRQEXLOGLQJVRQWKHVDPHSURSHUW\DQGFRXUWZDOOVVKDOOEHDVVXPHG
WRKDYHDSURSHUW\OLQHEHWZHHQWKHP:KHQDQHZEXLOGLQJLVWREHHUHFWHGRQWKHVDPHSURSHUW\ZLWKDQH[LVWLQJEXLOGLQJWKHDVVXPHG
SURSHUW\OLQHIURPWKHH[LVWLQJEXLOGLQJVKDOOEHWKHGLVWDQFHWRWKHSURSHUW\OLQHIRUHDFKRFFXSDQF\DVVHWIRUWKE\WKH6HFUHWDU\3URYLGHG
WKDWWZRRUPRUHEXLOGLQJVRQWKHVDPHSURSHUW\PD\EHFRQVLGHUHGDVRQHEXLOGLQJLIWKHDJJUHJDWHDUHDRIVXFKEXLOGLQJLVZLWKLQWKH
OLPLWVRIDOORZDEOHIORRUDUHDVIRUDVLQJOHEXLOGLQJDQGZKHQWKHEXLOGLQJVVRFRQVLGHUHGKRXVHGLIIHUHQWRFFXSDQFLHVRUDUHRIGLIIHUHQW
W\SHVRIFRQVWUXFWLRQWKHDUHDVKDOOEHWKDWDOORZHGIRUWKHPRVWUHVWULFWLYHRFFXSDQF\RUFRQVWUXFWLRQ
%XLOGLQJ)RRWSULQWDQG)LUHZDOO5HTXLUHPHQWV
D7KHIROORZLQJUXOHVVKDOOEHREVHUYHGLQWKHGHWHUPLQDWLRQRIWKH$OORZDEOH0D[LPXP%XLOGLQJ)RRWSULQW$0%)IRUEXLOGLQJVDQGUHODWHGKDELWDEOHVWUXFWXUHV
,IWKHVWDWHGUXOHVDUHFRPSDUHGZLWK5XOH9,,,7DEOH9,,,5HIHUHQFH7DEOHRQ3HUFHQWDJHRI6LWH2FFXSDQF\DQG0D[LPXP$OORZDEOH&RQVWUXFWLRQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
$UHD 0$&$ 5XOH 9,,, 7DEOHV 9,,, DQG 9,,, VHWEDFNV \DUGV DQG FRXUWV RU ZLWK WKH DSSOLFDEOH VWLSXODWLRQV XQGHU WKLV 5XOH DQG ZLWK WKH
DSSOLFDEOHVWLSXODWLRQVRIWKH)LUH&RGHWKHPRUHVWULQJHQWEXWDSSOLFDEOHUHJXODWLRQRXWRIWKHDIRUHPHQWLRQHGUXOHVVKRXOGEHREVHUYHG
E,I ZLWKRXW D ILUHZDOO WKH IRRWSULQW RI D SURSRVHG EXLOGLQJVWUXFWXUH VKDOO EH PHDVXUHG KRUL]RQWDOO\ IURP WKH SURSHUW\ OLQH WR WKH
RXWHUPRVWIDFHVRIWKHH[WHULRUZDOOVRIWKHEXLOGLQJVWUXFWXUH3URYLGHGWKDWWKHGLVWDQFHPHDVXUHGIURPWKHSURSHUW\OLQHVKDOOFRQIRUP
ZLWK WKH DSSOLFDEOH VWLSXODWLRQV RI WKLV 5XOH DQG 5XOH 9,,, 7KH UHVXOWDQW DUHD HVWDEOLVKHG DW JUDGH OHYHO XSRQ ZKLFK WKH SURSRVHG
EXLOGLQJVWUXFWXUHPD\VWDQGVKDOOEHWKH$0%)
F)RRWSULQW%DVHGRQ)LUHZDOO3URYLVLRQV
L ,IZLWKDILUHZDOORQRQHVLGHWKHIRRWSULQWRIDSURSRVHGEXLOGLQJVWUXFWXUHVKDOOEHPHDVXUHGKRUL]RQWDOO\IURPWKHSURSHUW\OLQH
ZLWKDILUHZDOOWRWKHRXWHUPRVWIDFHVRIWKHRSSRVLWHH[WHULRUZDOOVRIWKHEXLOGLQJVWUXFWXUH3URYLGHGWKDWWKHDSSOLFDEOHVWLSXODWLRQV
RIWKH)LUH&RGHDUHVWULFWO\IROORZHG
LL,IZLWKDILUHZDOORQWZRVLGHVRURQRQHVLGHDQGWKHUHDUSURSHUW\OLQHWKHIRRWSULQWRIDSURSRVHGEXLOGLQJVWUXFWXUHVKDOO
EHPHDVXUHGKRUL]RQWDOO\IURPWKHRSSRVLQJSURSHUW\OLQHVLQFDVHRIDILUHZDOORQWZRVLGHVRUIURPWKHUHDUSURSHUW\OLQHZLWKD
ILUHZDOOWRWKHRXWHUPRVWIDFHVRIWKHRSSRVLWHH[WHULRUZDOOVRIWKHEXLOGLQJVWUXFWXUHSURYLGHGWKDWWKHDSSOLFDEOHVWLSXODWLRQVRIWKH
)LUH&RGHDUHVWULFWO\IROORZHG
LLL $EVROXWHO\ QR ILUHZDOOV DUH DOORZHG IRU D ORZ GHQVLW\ UHVLGHQWLDO 5 XVHV RU RFFXSDQFLHV DQ DEXWPHQW RI XS WR
PHWHUVIURPHVWDEOLVKHGJUDGHOHYHOPD\KRZHYHUEHSHUPLWWHGEXWVROHO\IRUWKHSXUSRVHRIVXSSRUWLQJDFDUSRUWURRISURYLGHG
IXUWKHUWKDWVXFKDEXWPHQWVKDOOEHFRQVWUXFWHGRISHUIRUDWHGRUGHFRUDWLYHFRQFUHWHEORFNVDERYHPHWHUVPHDVXUHGYHUWLFDOO\
IURPWKHHVWDEOLVKHGJUDGHOHYHOVXFKDQDEXWPHQWVKDOOQRWEHORQJHUWKDQPHWHUVRURIWKHVLGHSURSHUW\OLQHLQWRWDO
OHQJWKZKLFKHYHULVVKRUWHU
LY )RUPHGLXPGHQVLW\UHVLGHQWLDO5XVHVRURFFXSDQFLHVDILUHZDOOFDQEHHUHFWHGRQDPD[LPXPRIRIWKHWRWDOOHQJWK
RIDVLGHSURSHUW\OLQHSURYLGHGWKDWRQO\RQHVLGHSURSHUW\OLQHLVXVHGIRUDILUHZDOOLQWKHFDVHRID5VWUXFWXUHDQG
SURYLGHGIXUWKHUWKDWWKHDSSOLFDEOHVWLSXODWLRQVRIWKH)LUH&RGHDUHVWULFWO\IROORZHG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
Y )RUKLJKGHQVLW\UHVLGHQWLDO5XVHVRURFFXSDQFLHVWZRW\SHVRIILUHZDOOFRQVWUXFWLRQPD\EHSHUPLWWHG
D)RUD5XVHRURFFXSDQF\ZLWKDILUHZDOORQWZRVLGHVDILUHZDOOFDQEHHUHFWHGRQDPD[LPXPRIRIWKHWRWDO
OHQJWKRIHDFKVLGHSURSHUW\OLQHSURYLGHGWKDWDOOILUHZDOOFRQVWUXFWLRQVKDOOQRWH[FHHGRIWKHWRWDOSHULPHWHURIWKH5
SURSHUW\LHWRWDOOHQJWKRIDOOSURSHUW\OLQHVSURYLGHGWKDWILUHZDOOVLQ5ORWVVKDOORQO\EHDOORZHGIRUDPD[LPXPWZR
VWRUH\FRPSRQHQWVWUXFWXUHDQGSURYLGHGIXUWKHUWKDWDOOWKHDSSOLFDEOHVWLSXODWLRQVRIWKH)LUH&RGHDUHVWULFWO\IROORZHGDQG
E)RUD5XVHRURFFXSDQF\ZLWKDILUHZDOORQRQHVLGHSURSHUW\OLQHDQGDWWKHUHDUSURSHUW\OLQHDILUHZDOOFDQEH
HUHFWHGRQDPD[LPXPRIRIWKHWRWDOOHQJWKRIWKHVLGHDQGUHDUSURSHUW\OLQHVDQGXSWRLQFDVHWKHUHDUSURSHUW\
OLQHLVRQO\PHWHUVZLGHSURYLGHGWKDWDOOILUHZDOOFRQVWUXFWLRQDWWKHVLGHSURSHUW\OLQHVVKDOOQRWH[FHHGRIWKHWRWDO
SHULPHWHURIWKH5SURSHUW\LHWRWDOOHQJWKRIDOOSURSHUW\OLQHVSURYLGHGWKDWILUHZDOOVLQ5ORWVVKDOORQO\EHDOORZHGIRUD
PD[LPXPWZRVWRUH\VWUXFWXUHEXWQRWDWWKHUHDUSURSHUW\OLQHZKHUHWKHPD[LPXPDOORZHGILUHZDOOKHLJKWVKDOORQO\EH
PHWHUVPHDVXUHGYHUWLFDOO\IURPHVWDEOLVKHGJUDGHDQGSURYLGHGIXUWKHUWKDWDOOWKHDSSOLFDEOHVWLSXODWLRQVRIWKH)LUH&RGHDUH
VWULFWO\IROORZHG
YL )RU WRZQKRXVH UHVLGHQWLDO 5 XVHV RU RFFXSDQFLHV ILUHZDOOV RQ WKH WZR VLGHV RI HDFK WRZQKRXVH XQLW PD\ EH
SHUPLWWHGWKH5ILUHZDOOFDQEHHUHFWHGRQDPD[LPXPRIRIWKHWRWDOOHQJWKRIHDFKVLGHSURSHUW\OLQHSURYLGHGWKDWDOO
ILUHZDOOFRQVWUXFWLRQVKDOOQRWH[FHHGRIWKHWRWDOSHULPHWHURIHDFK5SURSHUW\LHWRWDOOHQJWKRIDOOSURSHUW\OLQHVSURYLGHG
WKDWILUHZDOOVLQHDFK5XVHRURFFXSDQF\VKDOOEHDOORZHGIRUDPD[LPXPWKUHHVWRUH\VWUXFWXUHDQGSURYLGHGIXUWKHUWKDWDOO
WKHDSSOLFDEOHVWLSXODWLRQVRIWKH)LUH&RGHDUHVWULFWO\IROORZHG
YLL)RUUHVLGHQWLDOFRQGRPLQLXP5XVHVRURFFXSDQFLHVWZRW\SHVRIILUHZDOOFRQVWUXFWLRQPD\EHSHUPLWWHG
D)RUD5XVHRURFFXSDQF\ZLWKDILUHZDOORQWZRVLGHVDILUHZDOOFDQEHHUHFWHGRQDPD[LPXPRIRIWKHWRWDO
OHQJWKRIHDFKVLGHSURSHUW\OLQHSURYLGHGWKDWDOOILUHZDOOFRQVWUXFWLRQDWWKHVLGHSURSHUW\OLQHVVKDOOQRWH[FHHGRIWKHWRWDO
SHULPHWHURIWKH5SURSHUW\LHWRWDOOHQJWKRIDOOSURSHUW\OLQHVSURYLGHGWKDWVLGHILUHZDOOVLQ5XVHVRURFFXSDQFLHVVKDOO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
RQO\EHDOORZHGIRUDPD[LPXPHLJKWVWRUH\FRPSRQHQWVWUXFWXUHLHWKHSRGLXPDQGSURYLGHGIXUWKHUWKDWDOOWKHDSSOLFDEOH
VWLSXODWLRQVRIWKH)LUH&RGHDUHVWULFWO\IROORZHGDQG
E)RUD5XVHRURFFXSDQF\ZLWKDILUHZDOORQRQHVLGHDQGDWWKHUHDUSURSHUW\OLQHDILUHZDOOFDQEHHUHFWHGRQD
PD[LPXPRIRIWKHWRWDOOHQJWKRIWKHVLGHSURSHUW\OLQHDQGRQDPD[LPXPRIRIWKHWRWDOOHQJWKRIWKHUHDUSURSHUW\
OLQHSURYLGHGWKDWDOOILUHZDOOFRQVWUXFWLRQVKDOOQRWH[FHHGRIWKHWRWDOSHULPHWHURIWKH5SURSHUW\LHWRWDOOHQJWKRIDOO
SURSHUW\OLQHVSURYLGHGWKDWWKHVLGHILUHZDOOVLQ5XVHVRURFFXSDQFLHVVKDOORQO\EHDOORZHGIRUDPD[LPXPHLJKWVWRUH\
FRPSRQHQW VWUXFWXUH DQG WKDW DW WKH UHDU SURSHUW\ OLQH WKH PD[LPXP DOORZHG ILUHZDOO KHLJKW VKDOO RQO\ EH PHWHUV
PHDVXUHGYHUWLFDOO\IURPHVWDEOLVKHGJUDGHDQGSURYLGHGIXUWKHUWKDWDOOWKHDSSOLFDEOHVWLSXODWLRQVRIWKH)LUH&RGHDUHVWULFWO\
IROORZHG
YLLL$OO H[LVWLQJ RSHQLQJV RQ DOO ILUHZDOOV VKDOO EH VHDOHG FRPSOHWHO\ WR PDLQWDLQ WKH ILUH LQWHJULW\ RI DGMRLQLQJ
EXLOGLQJVVWUXFWXUHV
L[ 7KHSURYLVLRQRIDIXOO\IXQFWLRQDOVSULQNOHUV\VWHPDQGWKHLQVWDOODWLRQRIRWKHUILUHUHWDUGDQWRUILUHVXSSUHVVLRQGHYLFHVLQWKHFDVH
RIFRPPHUFLDOLQVWLWXWLRQDODQGLQGXVWULDOEXLOGLQJVVWUXFWXUHVPD\DOORZILUHZDOOFRQVWUXFWLRQIRUXSWRRIWKHWRWDOSHULPHWHURI
WKHSURSHUW\OLQHVSURYLGHGWKDWWKHSUHVFULEHGVHWEDFNV\DUGVDQGFRXUWVIURQWLQJWKH5RDG5LJKW2I:D\552:DUHILUVWIXOO\
FRPSOLHG ZLWK DQG SURYLGHG IXUWKHU WKDW DOO WKH DSSOLFDEOH VWLSXODWLRQV RI WKH )LUH &RGH SDUWLFXODUO\ RQ WKH QXPEHU W\SH DQG
ORFDWLRQVRIILUHH[LWVDUHVWULFWO\IROORZHG
6(&7,21 $OORZDEOH)ORRU$UHDV
*HQHUDO7KH$OORZDEOH0D[LPXP7RWDO*URVV)ORRU$UHD7*)$RIDQ\SURSRVHGEXLOGLQJVWUXFWXUHVKDOORQO\EHDVDOORZHGXQGHUWKLV5XOH
7*)$/LPLWDWLRQ,Q7DEOH9,,KHUHDIWHUWKHSHUFHQWDJHVLQGLFDWHGLQWKHWKLUGUGWKURXJKHLJKWKWKFROXPQVEXWH[FOXGLQJWKHPXOWLSOLHU
QXPEHUVDQGZKLFKUHSUHVHQWWKHQXPEHURIVWRUH\VIORRUVDUHWKHSHUFHQWDJHVRIWKH7RWDO/RW$UHD7/$WKDWPD\EHXVHGWR
LQLWLDOO\GHWHUPLQHWKH$OORZDEOH0D[LPXP7*)$IRUDSURSRVHGEXLOGLQJVWUXFWXUH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
&URVVFKHFN RI 7*)$ ZLWK $OORZDEOH 0D[LPXP 9ROXPH %XLOGLQJ $09% 7KH $OORZDEOH 0D[LPXP 7*)$ RQFH HVWDEOLVKHG PXVW EH WKRURXJKO\
FURVVFKHFNHGZLWKWKH$09%WRILQGRXWLIWKH$09%LVQRWH[FHHGHG,IH[FHHGHGWKHQHFHVVDU\DGMXVWPHQWVRQWKH0D[LPXP$OORZDEOH7*)$
PXVWEHPDGHVLQFHWKH$09%PXVWDOZD\VSUHYDLO
7DEOH9,, $OORZDEOH0D[LPXP7RWDO*URVV)ORRU$UHD7*)$%DVHGRQWKH$OORZHG3HUFHQWDJHRI6LWH2FFXSDQF\362RIWKH7RWDO/RW$UHD7/$
$OORZDEOH0D[LPXP
7RWDO*URVV)ORRU$UHD7*)$
E\7\SH/RFDWLRQRI/RW
&KDUDFWHURI8VH
7\SHRI%XLOGLQJ
2FFXSDQF\
6WUXFWXUH
1RWH%XLOGLQJ+HLJKW/LPLW%+/PXOWLSOLHGE\WKH$OORZDEOH0D[LPXP%XLOGLQJ)RRWSULQW$0%)H[SUHVVHGDVDSHUFHQWDJHRI
WKH 7RWDO /RW $UHD RU 7/$ ZLWK RU ZLWKRXW ILUHZDOO )LJXUH VXEMHFW WR UHGXFWLRQ WR FRPSO\ ZLWK WKH IORRU DUHD FRPSRQHQW RI WKH
$OORZDEOH0D[LPXP9ROXPHRI%XLOGLQJ$09%5HIHUWR7DEOH9,,WRDUULYHDWWKHSHUFHQWDJHRI7/$
,QWHULRURU5HDU/RW ,QVLGHRU5HJXODU &RUQHU/RW 7KURXJK/RW &RUQHU7KURXJK/RW &RUQHU/RW$EXWWLQJ
DQG(QG/RW /RW VHH)LJ9,,,RI VHH)LJ9,,, VHH)LJ9,,,RI RU0RUH6WUHHWV
VHH)LJ9,,,DQG VHH)LJ9,,,RI 5XOH9,,, RI5XOH9,,, 5XOH9,,, HWF5LYHUV(WF
9,,, 5XOH9,,, VHH)LJ9,,,RI
RI5XOH9,,, 5XOH9,,,
5HVLGHQWLDO 5HVLGHQWLDO7/$ IORRUVVWRUH\V [ [RI7/$ [ [RI7/$ [RI7/$
*5283$O 5ZLWKRXW RI7/$[RI RI7/$
ILUHZDOOV 7/$
%DVLF [ [ [ [ [ [
5HVLGHQWLDO5
0D[LPXP [ [ [ [ [ [
5HVLGHQWLDO5
%DVLF [ [ [ [ [ [
5HVLGHQWLDO5
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
0D[LPXP [ [ [ [ [ [
5HVLGHQWLDO5
5HVLGHQWLDO5 [ [ [ [ [ [
,QGLYLGXDO
7RZQKRXVH
/RWV8QLWV
5HVLGHQWLDO5 [ [ [ [ [ [
,QGLYLGXDO
7RZQKRXVH
/RWV8QLWV
5HVLGHQWLDO5 [ [ [ [ [ [
&RQGRPLQLXPV
5HVLGHQWLDO 5HVLGHQWLDO5
*5283$O 1RWDSSOLFDEOH 1$ 1$ 1$ 1$ 1$
ZLWKILUHZDOOV 1$
$OORZDEOH0D[LPXP
7RWDO*URVV)ORRU$UHD7*)$
E\7\SH/RFDWLRQRI/RW
&KDUDFWHURI8VH
7\SHRI%XLOGLQJ
2FFXSDQF\
6WUXFWXUH
1RWH%XLOGLQJ+HLJKW/LPLW%+/PXOWLSOLHGE\WKH$OORZDEOH0D[LPXP%XLOGLQJ)RRWSULQW$0%)H[SUHVVHGDVDSHUFHQWDJHRI
WKH 7RWDO /RW $UHD RU 7/$ ZLWK RU ZLWKRXW ILUHZDOO )LJXUH VXEMHFW WR UHGXFWLRQ WR FRPSO\ ZLWK WKH IORRU DUHD FRPSRQHQW RI WKH
$OORZDEOH0D[LPXP9ROXPHRI%XLOGLQJ$09%5HIHUWR7DEOH9,,WRDUULYHDWWKHSHUFHQWDJHRI7/$
%DVLF [ [ [ [ [ [
5HVLGHQWLDO5
0D[LPXP [ [ [ [ [ [
5HVLGHQWLDO5
%DVLF [ [ [ [ [ [
5HVLGHQWLDO5
0D[LPXP [ [ [ [ [ [
5HVLGHQWLDO5
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
5HVLGHQWLDO5 [ [ [ [ [ [
,QGLYLGXDO
7RZQKRXVH
/RWV8QLWV
5HVLGHQWLDO5 [ [ [ [ [ [
&RQGRPLQLXPV
&RPPHUFLDO &RPPHUFLDO [ [ [ [ [ [
*52836%&( &RP
+,
&RPPHUFLDO [ [ [ [ [ [
&RP
&RPPHUFLDO [ [ [ [ [ [
&RP
&RPPHUFLDO [ [ [ [ [ [
&RPZLWK
6SULQNOHU6\VWHP
)LUHZDOOV
&RPPHUFLDO [ [ [ [ [ [
&RPZLWK
6SULQNOHU6\VWHP
)LUHZDOOV
&RPPHUFLDO [ [ [ [ [ [
&RPZLWK
6SULQNOHU6\VWHP
)LUHZDOOV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
$OORZDEOH0D[LPXP
7RWDO*URVV)ORRU$UHD7*)$
&KDUDFWHURI8VH
7\SHRI%XLOGLQJ E\7\SH/RFDWLRQRI/RW
2FFXSDQF\
6WUXFWXUH
1RWH%XLOGLQJ+HLJKW/LPLW%+/PXOWLSOLHGE\WKH$OORZDEOH0D[LPXP%XLOGLQJ)RRWSULQW$0%)H[SUHVVHGDVDSHUFHQWDJHRI
WKH 7RWDO /RW $UHD RU 7/$ ZLWK RU ZLWKRXW ILUHZDOO )LJXUH VXEMHFW WR UHGXFWLRQ WR FRPSO\ ZLWK WKH IORRU DUHD FRPSRQHQW RI WKH
$OORZDEOH0D[LPXP9ROXPHRI%XLOGLQJ$09%5HIHUWR7DEOH9,,WRDUULYHDWWKHSHUFHQWDJHRI7/$
,QGXVWULDO ,QGXVWULDO 'XO\DSSURYHG %+/ %+/ %+/ %+/ %+/
*52836)* ,QG %XLOGLQJ+HLJKW/LPLW [ [ [ [ [
%+/[RI7/$
RI7/$ RI7/$ RI7/$ RI7/$ RI7/$
,QGXVWULDO %+/ %+/ %+/ %+/ %+/ %+/
,QG [ [ [ [ [ ;
,QGXVWULDO %+/ %+/ %+/ %+/ %+/ %+/
,QG [ [ [ [ [ [
,QGXVWULDO %+/ %+/ %+/ %+/ %+/ %+/
,QGZLWK6SULQNOHU [ [ [ [ [ [
6\VWHP )LUHZDOOV
,QGXVWULDO %+/ %+/ %+/ %+/ %+/ %+/
,ZLWK6SULQNOHU [ [ [ [ [ [
6\VWHP )LUHZDOOV
,QGXVWULDO %+/ %+/ %+/ %+/ %+/ %+/
,QGZLWK6SULQNOHU [ [ [ [ [ [
6\VWHP )LUHZDOOV
,QVWLWXWLRQDO :LWKRXW6SULQNOHU %+/ %+/ %+/ %+/ %+/ %+/
*5283' 6\VWHP )LUHZDOOV [ [ [ [ [ [
RI7/$ RI7/$ RI7/$ RI7/$ RI7/$ RI7/$
:LWK6SULQNOHU %+/ %+/ %+/ %+/ %+/ %+/
6\VWHP )LUHZDOOV [ [ [ [ [ [
RI7/$ RI7/$ RI7/$ RI7/$ RI7/$ RI7/$
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
&XOWXUDO :LWKRXW6SULQNOHU %+/ %+/ %+/ %+/ %+/ %+/
6\VWHP )LUHZDOOV [ [ [ [ [ [
RI7/$ RI7/$ RI7/$ RI7/$ RI7/$ RI7/$
:LWK6SULQNOHU %+/ %+/ %+/ %+/ %+/ %+/
6\VWHP )LUHZDOOV [ ; [ [ [ [
7UDQVSRUWDWLRQ :LWKRXW6SULQNOHU %+/ %+/ %+/ %+/ %+/ %+/
6\VWHP )LUHZDOOV [ [ [ [ [ [
RI7/$ 2I7/$ RI7/$ RI7/$ RI7/$ RI7/$
:LWK6SULQNOHU %+/ %+/ %+/ %+/ %+/ %+/
6\VWHP )LUHZDOOV [ [ [ [ [ [
1RWH
0D[LPXPRIVL[W\VWRUH\VPHWHUV%+/IRULQODQGDUHDVQRWFORVHWRDLUSRUWV
6(&7,21$OORZDEOH)ORRU$UHD,QFUHDVHV
7KHIORRUDUHDVKHUHLQDERYHSURYLGHGPD\EHLQFUHDVHGLQFHUWDLQVSHFLILFLQVWDQFHVDQGXQGHUDSSURSULDWHFRQGLWLRQVEDVHGRQWKHH[LVWHQFHRISXEOLF
VSDFHVWUHHWVRU\DUGVH[WHQGLQJDORQJDQGDGMRLQLQJWZRRUPRUHVLGHVRIWKHEXLOGLQJRUVWUXFWXUHVXEMHFWWRWKHDSSURYDORIWKH%XLOGLQJ2IILFLDO
5HIHUWR*XLGHOLQHVRQ'HWHUPLQLQJ*URVV)ORRU$UHDDQG7RWDO*URVV)ORRU$UHDRID%XLOGLQJ6WUXFWXUHDWWKHHQGRIWKLV5XOH
6(&7,210D[LPXP+HLJKWRI%XLOGLQJV
7KHPD[LPXPKHLJKWDQGQXPEHURIVWRUH\VRISURSRVHGEXLOGLQJVKDOOEHGHSHQGHQWXSRQWKHFKDUDFWHURIXVHRURFFXSDQF\DQGWKHW\SHRIFRQVWUXFWLRQFRQVLGHULQJHQG
XVHU SRSXODWLRQ GHQVLW\ OLJKW DQG YHQWLODWLRQ ZLGWK RI 552:VWUHHWV SDUWLFXODUO\ RI LWV URDGZD\FDUULDJHZD\ FRPSRQHQW EXLOGLQJ EXON RIIVWUHHW FXP RIIVLWH SDUNLQJ
UHTXLUHPHQWVHWFDQGLQUHODWLRQWRORFDOODQGXVHSODQDQG]RQLQJUHJXODWLRQVDVZHOODVRWKHUHQYLURQPHQWDOFRQVLGHUDWLRQVHJJHRORJLFDOK\GURORJLFDOPHWHRURORJLFDO
WRSRJUDSKLFDOSUHYDLOLQJWUDIILFFRQGLWLRQVWKHDYDLODELOLW\DQGFDSDFLW\RISXEOLFXWLOLW\VHUYLFHV\VWHPVHWF5HIHUWR*XLGHOLQHVRQ%XLOGLQJ%XONDWWKHHQGRIWKLV5XOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
'HWHUPLQDWLRQRI%XLOGLQJ+HLJKW
D %8,/',1*+(,*+7/,0,7%+/WKHPD[LPXPKHLJKWWREHDOORZHGIRUEXLOGLQJVVWUXFWXUHVEDVHGRQWKHLUSURSRVHGXVHRURFFXSDQF\WKH%+/LVJHQHUDOO\GHWHUPLQHGDIWHU
WKHDSSOLFDWLRQRIRWKHUGHYHORSPHQWFRQWUROV'&DQGFHUWDLQRWKHUSDUDPHWHUVLHFRQVLGHUDWLRQVRIVLWHFRQGLWLRQVYLHZHWF7DEOH9,,RIWKLV5XOH7KH%+/VKDOOEH
JHQHUDOO\ PHDVXUHG IURP WKH HVWDEOLVKHG JUDGH OLQH WR WKH WRSPRVW SRUWLRQ RI WKH SURSRVHG EXLOGLQJVWUXFWXUH ,I DSSOLFDEOH WKH %+/ PD\ EH VXEMHFW WR FOHDUDQFH
UHTXLUHPHQWVRIWKH$LU7UDQVSRUWDWLRQ2IILFH$72RURIWKHFRQFHUQHGPLOLWDU\VHFXULW\DXWKRULWLHV5HIHUWR*XLGHOLQHVRQ'HYHORSPHQW&RQWUROVDWWKHHQGWKLV5XOH
%+/H[FOXGHVWKHKHLJKWRISHUPLWWHGDOORZHGSURMHFWLRQVDERYHWKHURRIRIWKHEXLOGLQJVWUXFWXUHHJVLJQDJHPDVWDQWHQQDWHOHFRPWRZHUEHDFRQVDQGWKHOLNH
E 7KH%XLOGLQJ+HLJKW/LPLW%+/RIDQ\SURSRVHGEXLOGLQJVWUXFWXUHVKDOORQO\EHDVDOORZHGXQGHUWKLV5XOHDVVKRZQLQWDEOHEHORZRUXQGHU
WKHGXO\DSSURYHGFLW\PXQLFLSDOORFDO]RQLQJRUGLQDQFHZKLFKHYHULVPRUHUHVWULFWLYH
7DEOH9,,%XLOGLQJ+HLJKW/LPLW%+/E\7\SHRI8VHRU2FFXSDQF\
%XLOGLQJ+HLJKW/LPLW%+/
&KDUDFWHURI8VHRU 7\SHRI%XLOGLQJ
1XPEHURIDOORZDEOHVWRUH\VIORRUVDERYH
2FFXSDQF\ 6WUXFWXUH 0HWHUVDERYHKLJKHVWJUDGH
HVWDEOLVKHGJUDGH
5HVLGHQWLDO 5HVLGHQWLDO5
5HVLGHQWLDO5
D %DVLF
E 0D[LPXP
5HVLGHQWLDO5
D%DVLF
E0D[LPXP
5HVLGHQWLDO
5
7RZQKRXVHV
,QGLYLGXDOORWVXQLWV
5HVLGHQWLDO
5
&RQGRPLQLXPV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
&RPPHUFLDO &RPPHUFLDO&
&RPPHUFLDO
&
&RPPHUFLDO
&
%XLOGLQJ+HLJKW/LPLW%+/
&KDUDFWHURI8VHRU 7\SHRI%XLOGLQJ
1XPEHURIDOORZDEOHVWRUH\VIORRUVDERYH
2FFXSDQF\ 6WUXFWXUH 0HWHUVDERYHKLJKHVWJUDGH
HVWDEOLVKHGJUDGH
,QGXVWULDO PHWHUVEXWQRWH[FHHGWKHGXO\DSSURYHG%+/LQWKHPDMRU]RQHLWLVSDUWRI
,QGXVWULDO,
PHWHUVEXWQRWH[FHHGWKHGXO\DSSURYHG%+/LQWKHPDMRU]RQHLWLVSDUWRI
,QGXVWULDO,
PHWHUVEXWQRWH[FHHGWKHGXO\DSSURYHG%+/LQWKHPDMRU]RQHLWLVSDUWRI
,QGXVWULDO,
,QVWLWXWLRQDO PHWHUVRUPXVWIROORZWKHGXO\DSSURYHG%+/LQWKHPDMRU]RQHLWLVSDUWRI
&XOWXUDO PHWHUVRUPXVWIROORZWKHGXO\DSSURYHG%+/LQWKHPDMRU]RQHLWLVSDUWRI
8WLOLW\7UDQVSRUWDWLRQ552:6HUYLFHV PHWHUVRUPXVWFRPSOHPHQWWKHGXO\DSSURYHG%+/LQWKHPDMRU]RQHLWLVSDUWRI
3DUNV DQG 2SHQ PHWHUVRUPXVWFRPSOHPHQWWKHGXO\DSSURYHG%+/LQWKHPDMRU]RQHLWLVSDUWRI
5HFUHDWLRQDO DQG
(QWHUWDLQPHQW6SDFHV
$JULFXOWXUDO$JUR PHWHUVRUPXVWFRPSOHPHQWWKHGXO\DSSURYHG%+/LQWKHPDMRU]RQHLWLVSDUWRI
,QGXVWULDO7RXULVP
3ODQQHG8QLW 38'DWDUHFODPDWLRQDUHDFORVH ZLWK$72SUHVFULEHG%+/DVQHHGHG
'HYHORSPHQW WRDQRSHUDWLQJDLUSRUW
38'
38'DWDUHFODPDWLRQDUHD
38'DWDFRDVWDODUHD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
38'DWDQLQODQGDUHDFORVHWRDQ ZLWK$72SUHVFULEHG%+/DV
RSHUDWLQJDLUSRUW QHHGHG
38'DWDQLQODQGDUHD
1RWHV
D(VWDEOLVKLQJ*UDGH
,QFDVHRIVORSLQJJUDGHZKHUHWKHHGJHVRIWKHEXLOGLQJIRRWSULQW$0%)UXQQLQJSHUSHQGLFXODUWRWKH552:KDVDGLIIHUHQFHLQHOHYDWLRQRIOHVVWKDQPHWHUVWKHKLJKHVW
DGMRLQLQJQDWXUDOJUDGHJURXQGVXUIDFHRUILQLVKHGJUDGHVLGHZDONVXUIDFHVKDOOEHFRQVLGHUHGWKHHVWDEOLVKHGJUDGHHOHYDWLRQ)LJXUH9,,
,QFDVHRIVORSLQJJUDGHZKHUHWKHHGJHVRIWKHEXLOGLQJIRRWSULQW$0%)UXQQLQJSHUSHQGLFXODUWRWKH552:KDVDGLIIHUHQFHLQHOHYDWLRQRIPRUHWKDQPHWHUVWKH
DYHUDJHJUDGHOHYHORIWKHEXLOGLQJIRRWSULQW$0%)VKDOOEHFRQVLGHUHGWKHHVWDEOLVKHGJUDGHHOHYDWLRQVHH)LJXUH9,,DQG
7KH EXLOGLQJVWUXFWXUH KHLJKW VKDOO EH PHDVXUHG IURP WKH KLJKHVW DGMRLQLQJ SXEOLF VLGHZDON ILQLVKHG JUDGH RU JURXQG VXUIDFH QDWXUDO JUDGH 3URYLGHG WKDW WKH KHLJKW
PHDVXUHGIURPWKHORZHVWDGMRLQLQJVXUIDFHVKDOOQRWH[FHHGVXFKPD[LPXPKHLJKWE\PRUHWKDQPHWHUV([FHSWWKDWWRZHUVVSLUHVDQGVWHHSOHVHUHFWHGDVSDUWVRIWKH
EXLOGLQJDQGQRWXVHGIRUKDELWDWLRQRUVWRUDJHDUHOLPLWHGDVWRWKHKHLJKWRQO\E\VWUXFWXUDOGHVLJQLIFRPSOHWHO\RILQFRPEXVWLEOHPDWHULDOVRUPD\H[WHQGEXWQRWH[FHHG
PHWHUVDERYHWKHSUHVFULEHGEXLOGLQJKHLJKWOLPLW%+/IRUHDFKRFFXSDQF\JURXSLIRIFRPEXVWLEOHPDWHULDOV)LJXUHV9,,
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
Figure VII.1. Figure VII.2.
Figure VII.3.
+(,*+72)%8,/',1*6758&785(
$QQRWDWLRQ7KHKHLJKWRIEXLOGLQJVVKRXOGDOVREHJHQHUDOO\SURSRUWLRQDOWRLWVEDVHIRRWSULQW,QSUDFWLFHDVPDOOHUIRRWSULQWFXPWDOOHUSURILOHIRUDEXLOGLQJLVUHVRUWHGWRLQRUGHUWR
SUHVHUYHDVPXFKRIWKHRSHQVSDFHZLWKLQDORWRUVXUURXQGLQJWKHEXLOGLQJDVPXFKDVSRVVLEOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
2WKHU&RQVLGHUDWLRQVLQ+HLJKW'HWHUPLQDWLRQ
D ,QDQ\JLYHQORFDOLW\WKHKHLJKWRISURSRVHGEXLOGLQJVVWUXFWXUHVVKDOOEHJRYHUQHGE\WKHIROORZLQJIDFWRUV
L 7KHGHVLJQHUVSDFHSODQQHUPXVWFRQVLGHUERWKWKHSUHVHQWDQGSURMHFWHGSRSXODWLRQGHQVLW\ZLWKLQWKHSURMHFWVLWHDQGLQWKHSURMHFW¶V
ORFDWLRQDUHDDWIXOOFRPSOHWLRQRSHUDWLRQRIWKHSURMHFW
LL )RU D JLYHQ YROXPH RI EXLOGLQJVWUXFWXUH WKH EXLOGLQJ EXON WKDW ZKLFK KDV D OHVVHU 3HUFHQWDJH RI 6LWH 2FFXSDQF\ 362 RU DUHD RI
JURXQGFRYHUDJH$OORZDEOH0D[LPXP%XLOGLQJ)RRWSULQW$0%)RU0D[LPXP$OORZDEOH&RQVWUXFWLRQ$UHD0$&$PD\EHEXLOWKLJKHUWKDQ
WKDWZLWKDJUHDWHU362$0%)RU0$&$
LLL $SURSRVHGEXLOGLQJVWUXFWXUHZKLFKKDVDJUHDWHU7*)$UHTXLUHPHQWVKDOOEHEXLOWKLJKHUWKDQWKDWZLWKDORZHU7*)$UHTXLUHPHQW
LY $ SURSRVHG EXLOGLQJVWUXFWXUH RQ D ORW ZLWK D KLJKHU )/$5 GHVLJQDWLRQULJKWV PD\ EH EXLOW KLJKHU WKDQ WKDW RQ D ORW ZLWK D ORZHU )/$5
GHVLJQDWLRQULJKWVDQG
Y /RWV WKDW IDFH D ZLGHU 552: DQG WKHUHIRUH ZLWK PRUH 552: IHDWXUHVHOHPHQWV PD\ EHFRPH WKH VLWH RI D WDOOHU EXLOGLQJVWUXFWXUH DV
FRPSDUHGWRDORWIDFLQJDQDUURZ552:
E 7KHKHLJKWRISURSRVHGEXLOGLQJVVWUXFWXUHVVKDOODOVREHJRYHUQHGE\WKHIROORZLQJ552:EDVHGOLPLWDWLRQV
L ,IRQO\RQH552:VHUYLFHVDORWDQGVXFKLVRQO\WRPHWHUVZLGHD%+/RIWKUHHVWRUH\VRUPHWHUVPD[LPXPVKDOOEHREVHUYHGUHJDUGOHVVRIXVH
RURFFXSDQF\ORWVL]HORWGLPHQVLRQVORWIURQWDJHDQGOLNHFRQVLGHUDWLRQV
LL ,IRQO\RQH552:VHUYLFHVDORWDQGVXFKLVRQO\WRPHWHUVZLGHD%+/HTXLYDOHQWWRóVWRUH\VRUPHWHUVPD[LPXPVKDOOEHREVHUYHGUHJDUGOHVV
RIXVHRURFFXSDQF\ORWVL]HORWGLPHQVLRQVORWIURQWDJHDQGOLNHFRQVLGHUDWLRQV,IRQO\RQH552:VHUYLFHVDORWDQGVXFKLVRQO\PHWHUVZLGHRUOHVVD%+/
HTXLYDOHQW WR WZR VWRUH\V RU PHWHUV PD[LPXP VKDOO EH REVHUYHG UHJDUGOHVV RI XVH RU RFFXSDQF\ ORW VL]H ORW GLPHQVLRQV ORW IURQWDJH DQG OLNH
FRQVLGHUDWLRQV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
LLL 7DOOHU EXLOGLQJV DUH DOORZHG IRU GXO\ DSSURYHG KLJKGHQVLW\ GHYHORSPHQWV VXFK DV 3ODQQHG 8QLW 'HYHORSPHQW 38' DUHDV 7DOOHU DQG EXONLHU EXLOGLQJV DUH EHWWHU
VXLWHGLQVXFKDUHDVGXHWRKLJKHUHQGXVHUWDUJHWVPRUHDGYDQFHGDQGFRRUGLQDWHGSODQQLQJHIIRUWVDQGWKHDSSOLFDWLRQRIPRUHVWULQJHQWGHYHORSPHQWFRQWUROV'&
E\WKHSURMHFWSURSRQHQWVWKHPVHOYHV
F 7KHIROORZLQJIDFWRUVVKDOODOVREHFRQVLGHUHGLQWKHGHWHUPLQDWLRQRIWKHEXLOGLQJKHLJKW
L 6RLOFKDUDFWHULVWLFVORWORFDWLRQLQUHODWLRQWRIDXOWOLQHVDQGHDUWKTXDNHEHOWVRUSUR[LPLW\WRYROFDQRHVDQGRWKHUJHRORJLFDOFRQGLWLRQV
LL +\GURORJLFDOFRQGLWLRQVVXFKDVWKHZDWHUWDEOHDWWKHVLWHDQGGLVWDQFHWRZDWHUZD\VDQGVKRUHOLQHV
LLL 0HWHRURORJLFDOFRQGLWLRQVVXFKDVWKHIUHTXHQF\DQGLQWHQVLW\RIGHVWUXFWLYHW\SKRRQVPRQVRRQZLQGVUDLQVSUHYDLOLQJZLQGVSHHGDQGGLUHFWLRQUHODWLYHKXPLGLW\
DPRXQWRISUHFLSLWDWLRQDQGWKHSUHYDLOLQJDPELHQWFRQGLWLRQV
LY (IIHFWVRIHQYLURQPHQWDOFRQGLWLRQVRQWKHEXLOGLQJVWUXFWXUHDQGYLFHYHUVDFRXSOHGZLWKWKHHIIHFWLYHFRQWURORIDLUQRLVHDQGWKHUPDOSROOXWLRQUDGLDQWKHDWOLJKWV
DQGVKDGRZVHWFDQGWKHRSWLPL]DWLRQRIQDWXUDOOLJKWDQGYHQWLODWLRQ
Y (IIHFWVRIWUDIILFFRQGLWLRQVRQWKHEXLOGLQJVWUXFWXUHDQGYLFHYHUVDDQGWKHVDWLVIDFWLRQRISDUNLQJORDGLQJUHTXLUHPHQWVLQDFFRUGDQFHZLWKWKLV5XOH
YL $YDLODELOLW\DQGFDSDFLW\RISXEOLFXWLOLW\VHUYLFHV\VWHPFRQVLGHULQJWKHDYDLODELOLW\DQGDGHTXDF\RIHOHFWULFSRZHUSRWDEOHDQGQRQSRWDEOHZDWHUVXSSO\GUDLQDJH
DQGVHZHUDJHWUDQVSRUWDWLRQDQGFRPPXQLFDWLRQVIDFLOLWLHVVROLGZDVWHPDQDJHPHQWV\VWHPHWF
YLL 1HHGIRUDSSOLFDEOHEXLOGLQJVDIHW\DQGPDLQWHQDQFHV\VWHPVHJOLJKWQLQJDUUHVWHUVEHDFRQVSURWHFWLYHUDLOLQJVDQGEDUULHUVJRQGRODVZLQGRZZDVKLQJV\VWHPV
HWF
G ,QDFFRUGDQFHZLWKWKH6WDQGDUGVDQG5HFRPPHQGHG3UDFWLFHV6$53RIWKH,QWHUQDWLRQDO&LYLO$YLDWLRQ2UJDQL]DWLRQ,&$2ZKHUHWKH3KLOLSSLQHVLVDPHPEHUVWDWH
DQGRI$GPLQLVWUDWLYH2UGHU1R&LYLO$LU5HJXODWLRQRIWKH$LU7UDQVSRUWDWLRQ2IILFH$72WKHIROORZLQJUXOHVDQGUHJXODWLRQVVKDOOJRYHUQWKHFRQVWUXFWLRQRI
EXLOGLQJVVWUXFWXUHVZLWKLQWKHNLORPHWHUUDGLXVRIDHURGURPHVZKHUHWXUERMHWDLUFUDIWRSHUDWHDQGZLWKLQWKHNLORPHWHUUDGLXVRIDHURGURPHVZKHUHQRWXUER
MHWDLUFUDIWRSHUDWH)LJV9,,WKURXJK9,,
L 7KHKHLJKWRIEXLOGLQJVVWUXFWXUHVZLWKLQWKLVDUHDVKDOOEHOLPLWHGE\DQLPDJLQDU\OLQHZLWKVORSHRIRUIRUDHURGURPHVZKHUHWXUERMHWDLUFUDIWRSHUDWHDQG
RUIRUDHURGURPHVZKHUHQRWXUERMHWDLUFUDIWRSHUDWHIURPWKHLQQHUHGJHUHFNRQHGIURPWKHVXUIDFHRIWKHUXQZD\7KHGLPHQVLRQVRIWKHLVRVFHOHV
WUDSH]RLGDODUHDVVKRZQRQ7DEOH9,,KHUHDIWHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
7DEOH9,,'LPHQVLRQVRI,VRVFHOHV7UDSH]RLG
,QQHU(GJH /RQJ%DVH 'LVWDQFH%HWZHHQ%DVHV
7\SHRI$HURGURPH
6WDUW%DVHPHWHUV PHWHUV PHWHUV
$HURGURPHVZKHUHWXUERMHWDLUFUDIWRSHUDWHV
$HURGURPHV ZKHUH QR WXUERMHW DLUFUDIW
RSHUDWHV
LL 1RQHZEXLOGLQJVVWUXFWXUHVVKDOOEHDOORZHGZLWKLQWKHUXQZD\VWULS
LLL $KHLJKWFOHDUDQFHFHUWLILFDWHVKDOOEHILUVWVHFXUHGIURPWKH$LU7UDQVSRUWDWLRQ2IILFH$72EHIRUHDEXLOGLQJSHUPLWPD\EHLVVXHGIRUWKH
FRQVWUXFWLRQRIEXLOGLQJVVWUXFWXUHVORFDWHG
D :LWKLQNLORPHWHUUDGLXVRIWKHUXQZD\HQGVRIDQDHURGURPHUHJDUGOHVVRIKHLJKW
E )URP NLORPHWHU WR NLORPHWHU UDGLXV RI WKH UXQZD\ HQGV RI DQ DHURGURPH ZKHUH WXUERMHW DLUFUDIW RSHUDWH DQG H[FHHGLQJ
PHWHUVLQKHLJKWDERYHWKHHOHYDWLRQRIWKHUXQZD\DQG
F )URPNLORPHWHUWRNLORPHWHUUDGLXVRIWKHUXQZD\HQGVRIDQDHURGURPHZKHUHQRWXUERMHWDLUFUDIWRSHUDWHDQGH[FHHGLQJ
PHWHUVLQKHLJKWDERYHWKHHOHYDWLRQRIWKHUXQZD\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
)LJXUH9,,
$3352$&+'(3$5785(685)$&(
$QQRWDWLRQ3ODQDGMXVWPHQWVDUHQHFHVVDU\IRUDLUSRUWVZLWKSDUDOOHOUXQZD\VDQGIRUUXQZD\VZLWKWD[LZD\V
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
)LJXUH9,,
)LJXUH9,,
$3352$&+'(3$5785(685)$&(
$QQRWDWLRQ6HFWLRQDGMXVWPHQWVPD\VWLOOEHQHFHVVDU\IRUDLUSRUWVZLWKSDUDOOHOUXQZD\VDQGIRUUXQZD\VZLWKWD[LZD\V
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
$QQRWDWLRQ,VRPHWULFSODQDQGVHFWLRQDGMXVWPHQWVPD\VWLOOEHQHFHVVDU\IRU
DLUSRUWVZLWKSDUDOOHOUXQZD\VDQGIRUUXQZD\VZLWKWD[LZD\V
WITHIN APPROACH-DEPARTURE ZONES
ALLOWABLE CONDITIONS (BUILDABLE)
Figure VII.7.
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
WITHIN APPROACH – DEPARTURE ZONES
Figure VII.8.
ALLOWABLE CONDITIONS (BUILDABLE)
$QQRWDWLRQ$GMXVWPHQWVPD\VWLOOEHQHFHVVDU\IRUDLUSRUWVZLWKSDUDOOHOUXQZD\VDQGIRUUXQZD\VZLWKWD[LZD\V
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
3DUNLQJ6ORW3DUNLQJ$UHDDQG/RDGLQJ8QORDGLQJ6SDFH5HTXLUHPHQWV
D 7KH SDUNLQJ VORW SDUNLQJ DUHD DQG ORDGLQJXQORDGLQJ VSDFH UHTXLUHPHQWV OLVWHG KHUHDIWHU DUH JHQHUDOO\ WKH PLQLPXP RIIVWUHHW FXP RQVLWH UHTXLUHPHQWV IRU VSHFLILF
XVHVRFFXSDQFLHVIRUEXLOGLQJVVWUXFWXUHVLHDOOWREHORFDWHGRXWVLGHRIWKHURDGULJKWRIZD\552:
E 7KHVL]HRIDQDYHUDJHDXWRPRELOHFDUSDUNLQJVORWPXVWEHFRPSXWHGDWPHWHUVE\PHWHUVIRUSHUSHQGLFXODURUGLDJRQDOSDUNLQJDQGDWPHWHUVE\
PHWHUVIRUSDUDOOHOSDUNLQJ$VWDQGDUGWUXFNRUEXVSDUNLQJORDGLQJVORWPXVWEHFRPSXWHGDWDPLQLPXPRIPHWHUVE\PHWHUV$QDUWLFXODWHGWUXFNVORWPXVWEH
FRPSXWHGDWDPLQLPXPRIPHWHUVE\PHWHUVZKLFKVKRXOGEHVXIILFLHQWWRDFFRPPRGDWHDPHWHUVFRQWDLQHUYDQRUEXONFDUULHUDQGDORQJKRRGHGSULPH
PRYHU$MHHSQH\RUVKXWWOHSDUNLQJORDGLQJXQORDGLQJVORWPXVWEHFRPSXWHGDWDPLQLPXPRIPHWHUVE\PHWHUV7KHSDUNLQJVORWVVKDOOEHGUDZQWRVFDOHDQG
WKHWRWDOQXPEHURIZKLFKVKDOOEHLQGLFDWHGRQWKHSODQVDQGVSHFLILHGZKHWKHURUQRWSDUNLQJDFFRPPRGDWLRQVDUHDWWHQGDQWPDQDJHG
F 7KHSDUNLQJVSDFHUDWLQJVOLVWHGEHORZDUHPLQLPXPRIIVWUHHWRII552:FXPRQVLWHUHTXLUHPHQWVIRUVSHFLILFXVHVRFFXSDQFLHVIRUEXLOGLQJVVWUXFWXUHVLHDOOWREH
ORFDWHGRXWVLGHRIWKHURDGULJKWRIZD\552:
7DEOH9,, 0LQLPXP 5HTXLUHG 2II6WUHHW 2II552: FXP 2Q6LWH 3DUNLQJ 6ORW 3DUNLQJ $UHD DQG /RDGLQJ8QORDGLQJ 6SDFH 5HTXLUHPHQWV E\ $OORZHG 8VH RU
2FFXSDQF\
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG/RDGLQJ
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV 6SDFH5HTXLUHPHQWV
*5283$
'LYLVLRQ$ 6LQJOH IDPLO\ DQG PXOWLIDPLO\ GZHOOLQJ XQLWV 8QLWVZLWKDORWPHDVXULQJWRVTPHWHUVDQGRUZLWK
>ZKHWKHUVLQJOHGHWDFKHG5VLQJOHDWWDFKHGRU DGZHOOLQJXQLWKDYLQJDJURVVIORRUDUHDRIIURPWR
GXSOH[ 5 RU URZKRXVH 5@ HDFK SULYDWHO\ VTPHWHUVDPLQLPXPRIRQHSRROHGRIIVWUHHWFXPRQVLWH
RZQHG RU ORWV ZLWK GZHOOLQJ XQLWV ORFDWHG LQ SDUNLQJVORW
IRUHYHU\VL[ORWVRUORWVZLWKGZHOOLQJXQLWV
UHVLGHQWLDO VXEGLYLVLRQV GHYHORSPHQWV UHJDUGOHVV
RIQXPEHURIKHFWDUHVGZHOOLQJXQLWV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
8QLWV ZLWK D ORW PHDVXULQJ WR VT PHWHUV DQGRU
ZLWKDGZHOOLQJXQLWKDYLQJDJURVVIORRUDUHDRIIURPWR
VTPHWHUVDPLQLPXPRIRQHSRROHGRIIVWUHHWFXP
RQVLWHSDUNLQJVORW
IRUHYHU\IRXUORWVRUORWVZLWKGZHOOLQJ
XQLWV
1RWH
7KHSDUNLQJVORWUHTXLUHPHQWVVKDOOEHDQLQWHJUDOSDUWRIEXLOGLQJVVWUXFWXUHVDQGDQ\SDUNLQJVORWSURYLGHGRXWVLGH
WKHEXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
8QLW ZLWK D ORW PHDVXULQJ WR VT PHWHUV
DQGRUZLWKDGZHOOLQJXQLWKDYLQJDPLQLPXPJURVVIORRU
DUHD RI IURP WR VT PHWHUV D PLQLPXP RI
RQHRIIVWUHHWFXPRQVLWHSDUNLQJVORW
IRUHDFKORWRU
ORWZLWKGZHOOLQJXQLW
8QLW ZLWK D ORW PHDVXULQJ PRUH WKDQ VT PHWHUV
DQGRUZLWKDGZHOOLQJXQLWKDYLQJDPLQLPXPJURVVIORRU
DUHDRIPRUHWKDQVTPHWHUVPLQLPXPRIRQH
RIIVWUHHWFXPRQVLWHSDUNLQJVORW
IRUHDFKORWRUORWZLWK
GZHOOLQJXQLW
8QLWVORFDWHGLQWRZQKRXVH5EXLOGLQJVVWUXFWXUHV 8QLWVZLWKDJURVVIORRUDUHDRIVTPHWHUVSURYLGH
UHJDUGOHVVRIQXPEHURIVWRUH\V RQH SRROHG SDUNLQJ VORW
IRU HYHU\ WZR XQLWV RU
IUDFWLRQ WKHUHRI LH ZLWK PRUH WKDQ WZR EXW QRW OHVV
WKDQIRXUXQLWV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
8QLWZLWKDJURVVIORRUDUHDDERYHXSWRVT
PHWHUVSURYLGHRQHSDUNLQJVORW
IRUHDFKXQLW
8QLW ZLWK D JURVV IORRU DUHD DERYH VT PHWHUV
SURYLGHWZRSDUNLQJVORWV
IRUHDFKXQLW
,QGLJHQRXVIDPLO\GZHOOLQJXQLWVHDFKSULYDWHO\RZQHG $WOHDVWRQHFDUSDUNLQJVORW
IRUHYHU\VL[GZHOOLQJ
XQLWV DQG ZKLFK VKDOO EH SURYLGHG RXWVLGH RI WKH 552:
ZLWKLQSURSHUW\RUORWOLQHVRQO\
1RWH
7KHSDUNLQJVORWUHTXLUHPHQWVVKDOOEHDQLQWHJUDOSDUWRIEXLOGLQJVVWUXFWXUHVDQGDQ\SDUNLQJVORWSURYLGHGRXWVLGH
WKHEXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
7KHIROORZLQJSURKLELWLRQVRQSDUNLQJVORWV
&RQYHUVLRQFKDQJHRIXVHRFFXSDQF\
5HGXFWLRQRISDUNLQJVSDFHV
(QFURDFKPHQWRQ552:
3XEOLFXWLOLW\DQGEXON\YHKLFOHV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
'LYLVLRQ$ 0XOWLIDPLO\ GZHOOLQJ XQLWV ORFDWHG LQ UHVLGHQWLDO 8QLWV ZLWK D JURVV IORRU DUHD RI IURP WR VT
FRQGRPLQLXP 5 EXLOGLQJVVWUXFWXUHV UHJDUGOHVV RI PHWHUV SURYLGH RQH SRROHG SDUNLQJ VORW
IRU HYHU\
QXPEHURIVWRUH\V HLJKWXQLWVRUIRUDIUDFWLRQWKHUHRIHJDQRWKHUVORW
VKDOOEHSURYLGHGLIWKHUHDUHPRUHWKDQHLJKWXQLWVEXW
OHVVWKDQVL[WHHQXQLWVHWF
8QLWV ZLWK D JURVV IORRU DUHD XS WR VT PHWHUV
SURYLGH RQH SRROHG SDUNLQJ VORW
IRU HYHU\ VL[
PHGLXP FRVWXQLWV RUIRU D IUDFWLRQWKHUHRIHJ DQRWKHU
VORW
VKDOO EH SURYLGHG LI WKHUH DUH PRUH WKDQ VL[ EXW
OHVVWKDQWZHOYHPHGLXPFRVWXQLWVHWFRUSURYLGH
RQH SDUNLQJ VORW
IRU HDFK RSHQ PDUNHW XQLW DV
GHILQHGXQGHUWKHUHYLVHG,55RI3'
8QLWVZLWKDJURVVIORRUDUHDDERYHVTPHWHUVXSWR
VTPHWHUVSURYLGHRQHSRROHGSDUNLQJVORW
IRU HYHU\ IRXU PHGLXP FRVW XQLWV RU SURYLGH RQH
SDUNLQJ VORW
IRU HDFK RSHQ PDUNHW XQLW DV GHILQHG XQGHU
WKHUHYLVHG,55RI3'DQG
8QLWV ZLWK D JURVV IORRU DUHD RI PRUH WKDQ VT
PHWHUV±RQHSDUNLQJVORW
IRUHDFKXQLW
*5283%
'LYLVLRQ% +RWHOV 2QH FDU SDUNLQJ VORW IRU HYHU\ WKUHH URRPV RU D
IUDFWLRQWKHUHRIIRUKLJKO\XUEDQL]HGDUHDVDQGRQHFDU
SDUNLQJ VORW IRU HYHU\ VHYHQ URRPV RU D IUDFWLRQ
WKHUHRIIRUDOORWKHUDUHDVDQGWZRWRXULVWEXVSDUNLQJ
VORWV IRUHDFK KRWHOSURYLGH DW OHDVWRQH ORDGLQJVORW
IRUDUWLFXODWHGWUXFNRUYHKLFOH
1RWH
7KH SDUNLQJ VORW UHTXLUHPHQWV VKDOO EH DQ LQWHJUDO SDUW RI EXLOGLQJVVWUXFWXUHV DQG DQ\ SDUNLQJ VORW SURYLGHG RXWVLGH WKH
EXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
$PHWHUVORQJFRQWDLQHUYDQSOXVPHWHUOHQJWK
IRU WKH SULPH PRYHU DQG RQH ORDGLQJ VORW IRU D
VWDQGDUGWUXFNIRUHYHU\VTPHWHUVRIJURVVIORRU
DUHD*)$DQGSURYLGHWUXFNPDQHXYHULQJDUHDRXWVLGH
RIWKH552:ZLWKLQSURSHUW\RUORWOLQHVRQO\
5HVLGHQWLDOKRWHOVDQGDSDUWHOV 2QH FDU VORW IRU HYHU\ ILYH XQLWV RU D IUDFWLRQ
WKHUHRIDQGRQHEXVSDUNLQJVORWIRUHYHU\VL[W\
URRPVXQLWVRUDIUDFWLRQWKHUHRI
0RWHOV 2QHFDUVORWIRUHYHU\XQLW
3HQVLRQERDUGLQJORGJLQJKRXVHV 2QHFDUVORWIRUHYHU\WZHQW\EHGV
*5283&
'LYLVLRQ& %RZOLQJDOOH\V 2QHFDUVORWIRUHYHU\IRXUDOOH\V
'LYLVLRQ& &KXUFKHVDQGVLPLODUSODFHVRIZRUVKLS 2QHFDUVORWDQGRQHMHHSQH\VKXWWOHVORWIRUHYHU\
VTPHWHUVRIFRQJUHJDWLRQDUHD
3XEOLFHOHPHQWDU\VHFRQGDU\YRFDWLRQDODQGWUDGH 2QH RIIVWUHHW FXP RQVLWH SDUNLQJ VORW IRU HYHU\ WHQ
VFKRRO FODVVURRPV DQG RQH RII552: RU RIIVWUHHW
*, SDVVHQJHU ORDGLQJ VSDFHWKDW FDQ DFFRPPRGDWH WZR
TXHXHGMHHSQH\VKXWWOHVORWV
3ULYDWHHOHPHQWDU\VHFRQGDU\YRFDWLRQDODQGWUDGH 2QHFDUVORWIRUHYHU\ILYHFODVVURRPVRQHRII
VFKRRO 552: RU RIIVWUHHW SDVVHQJHU ORDGLQJ VSDFH WKDW FDQ
*, DFFRPPRGDWH WZR TXHXHG MHHSQH\VKXWWOH VORWV DQG
RQH VFKRRO EXV VORW IRU HYHU\ RQH KXQGUHG
VWXGHQWV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
1RWH
7KH SDUNLQJ VORW UHTXLUHPHQWV VKDOO EH DQ LQWHJUDO SDUW RI EXLOGLQJVVWUXFWXUHV DQG DQ\ SDUNLQJ VORW SURYLGHG RXWVLGH WKH
EXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
7KHIROORZLQJSURKLELWLRQVRQSDUNLQJVORWV
&RQYHUVLRQFKDQJHRIXVHRFFXSDQF\
5HGXFWLRQRISDUNLQJVSDFHV
(QFURDFKPHQWRQ552:
3XEOLFXWLOLW\DQGEXON\YHKLFOHV
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
3XEOLFFROOHJHVDQGXQLYHUVLWLHV 2QHFDUVORWIRUHYHU\ILYHFODVVURRPVRQHRII
*, 552: RU RIIVWUHHW SDVVHQJHU ORDGLQJ VSDFH WKDW FDQ
DFFRPPRGDWH WZR TXHXHG MHHSQH\VKXWWOH VORWV DQG
RQH VFKRRO EXV VORW IRU HYHU\ WZR KXQGUHG
VWXGHQWV
3ULYDWHFROOHJHVDQGXQLYHUVLWLHV 2QH FDU VORW IRU HYHU\ WKUHH FODVVURRPV RQH
*, RII552: RU RIIVWUHHW SDVVHQJHU ORDGLQJ VSDFH WKDW
FDQ DFFRPPRGDWH WZR TXHXHG MHHSQH\VKXWWOH VORWV
DQGRQHVFKRROEXVVORWIRUHYHU\RQHKXQGUHG
VWXGHQWV
*5283'
'LYLVLRQ' 0HQWDOKRVSLWDOVVDQLWDULDDQGPHQWDODV\OXPVDQGOLNH 2QH RIIVWUHHW FXP RQVLWH FDU SDUNLQJ VORW IRU HYHU\
XVHV WZHQW\ ILYH EHGV DQG RQH RII552: RU RII
VWUHHW SDVVHQJHU ORDGLQJ VSDFH WKDW FDQ DFFRPPRGDWH
WZRTXHXHGMHHSQH\VKXWWOHVORWV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
'LYLVLRQ' 3XEOLFKRVSLWDO 2QHRIIVWUHHWFXPRQVLWHFDUSDUNLQJVORWIRUHYHU\WZHQW\
ILYHEHGVDQGRQHRII552:RURIIVWUHHWSDVVHQJHU
ORDGLQJ VSDFH WKDW FDQ DFFRPPRGDWH WZR TXHXHG
MHHSQH\VKXWWOH VORWV SURYLGH DW OHDVW RQH ORDGLQJ VORW IRU
DUWLFXODWHG WUXFN RUYHKLFOH D PHWHU ORQJFRQWDLQHUYDQ
SOXVPHWHUOHQJWKIRUDORQJKRRGHGSULPHPRYHUDQGRQH
ORDGLQJ VORW IRU D VWDQGDUG WUXFN IRU HYHU\ VT
PHWHUV RI JURVV IORRU DUHD *)$ DQG SURYLGH WUXFN
PDQHXYHULQJDUHDRXWVLGHRIWKH552:ZLWKLQSURSHUW\RUORW
OLQHVRQO\
1RWH
7KHSDUNLQJVORWUHTXLUHPHQWVVKDOOEHDQLQWHJUDOSDUWRIEXLOGLQJVVWUXFWXUHVDQGDQ\SDUNLQJVORWSURYLGHGRXWVLGHWKHEXLOGLQJVWUXFWXUH
ZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
7KHIROORZLQJSURKLELWLRQVRQSDUNLQJVORWV
&RQYHUVLRQFKDQJHRIXVHRFFXSDQF\
5HGXFWLRQRISDUNLQJVSDFHV
(QFURDFKPHQWRQ552:
3XEOLFXWLOLW\DQGEXON\YHKLFOHV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
3ULYDWHKRVSLWDO 2QH RIIVWUHHW FXP RQVLWH FDU SDUNLQJ VORW IRU HYHU\
WZHOYH EHGV DQG RQH RII552: RU RIIVWUHHW
SDVVHQJHU ORDGLQJ VSDFHWKDW FDQ DFFRPPRGDWH WZR
TXHXHG MHHSQH\VKXWWOH VORWV SURYLGH DW OHDVW RQH
ORDGLQJVORWIRUDUWLFXODWHGWUXFNRUYHKLFOHDPHWHUV
ORQJ FRQWDLQHU YDQ SOXV PHWHUV OHQJWK IRU D
ORQJKRRGHGSULPHPRYHU DQGRQHORDGLQJVORWIRUD
VWDQGDUGWUXFNIRUHYHU\VTPHWHUVRI*)$DQG
SURYLGH WUXFN PDQHXYHULQJ DUHD RXWVLGH RI WKH 552:
ZLWKLQSURSHUW\RUORWOLQHVRQO\
'LYLVLRQ' 1XUVLQJKRPHVIRUDPEXODWRU\SDWLHQWVVFKRRODQG 2QH RIIVWUHHW FXP RQVLWH FDU SDUNLQJ VORW IRU HYHU\
KRPHIRUFKLOGUHQRYHUNLQGHUJDUWHQDJHRUSKDQDJHV WZHOYH EHGV DQG RQH RII552: RU RIIVWUHHW
DQGWKHOLNH SDVVHQJHU ORDGLQJ VSDFHWKDW FDQ DFFRPPRGDWH WZR
TXHXHGMHHSQH\VKXWWOHVORWV
*5283(
'LYLVLRQ( 7HUPLQDOV,QWHUPRGDOVRU0XOWLPRGDOV'HSRWVDQGWKH 2QHFDUVORWIRUHYHU\VTPHWHUVRIJURVVIORRU
OLNH DUHD RU IRU D IUDFWLRQ WKHUHRI DQG RQH RII552: RU
876 RIIVWUHHW SDVVHQJHU ORDGLQJ VSDFH WKDW FDQ
DFFRPPRGDWHWZRTXHXHGMHHSQH\VKXWWOHVORWVRUWZR
TXHXHG EXV VORWV ZKLFKHYHU LV DSSOLFDEOH
PDQHXYHULQJDUHDRIEXVHVWUXFNVDQGOLNHYHKLFOHVVKDOO
EHRXWVLGHRIWKH552:ZLWKLQSURSHUW\RUORWOLQHVRQO\
1RWH
7KHSDUNLQJVORWUHTXLUHPHQWVVKDOOEHDQLQWHJUDOSDUWRIEXLOGLQJVVWUXFWXUHVDQGDQ\SDUNLQJVORWSURYLGHGRXWVLGH
WKHEXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
7UDQVLW6WDWLRQVDQGWKHOLNH 3URYLGHRQHDFKVLGHRIWKH552:RQHRII552:RU
876 RIIVWUHHW SDVVHQJHU ORDGLQJ VSDFH WKDW FDQ
DFFRPPRGDWH IRXU TXHXHG MHHSQH\VKXWWOH VORWV RU
WKUHH TXHXHG EXV VORWV ZKLFKHYHU LV DSSOLFDEOH LQ
FDVH RI HOHYDWHG PDVV WUDQVLW VWDWLRQV RQURDGZD\
WHUPLQDOV RU RQ552: WHUPLQDOV RQ ERWK VLGHV RI WKH
552:PD\EHFRQVLGHUHG
2QHFDUVORWIRUHYHU\VTPHWHUVRIVKRSSLQJ
IORRUDUHD
'LYLVLRQ( 1HLJKERUKRRGVKRSSLQJFHQWHUVXSHUPDUNHW 2QHFXVWRPHUEX\HUMHHSQH\VKXWWOHSDUNLQJVORWIRU
& HYHU\VTPHWHUVRIZHWDQGGU\PDUNHWIORRUDUHD
DQGRQHYHQGRUVHOOHUMHHSQH\VKXWWOHSDUNLQJVORWRU
ORDGLQJVSDFHIRUHYHU\VTPHWHUVRIZHWDQGGU\
PDUNHWIORRUDUHDDQGRQHRII552:RIIVWUHHW
WHUPLQDOWKDWFDQDFFRPPRGDWHDWOHDVWWZRMHHSQH\V
DQGVL[WULF\FOHVIRUHYHU\VTPHWHUVRIZHW
DQGGU\PDUNHWIORRUDUHD
3XEOLF0DUNHWV 2QH FDU VORW IRU HYHU\ VT PHWHUV RI FXVWRPHU
& DUHD
5HVWDXUDQWVIDVWIRRGFHQWHUVEDUVDQGEHHUKRXVHV 2QHFDUVORWIRUHYHU\VTPHWHUVRIFXVWRPHUDUHD
& DQG WZR WRXULVW SDUNLQJ VORWV IRU WRXULVW EXV SDUNLQJ
VORWVIRUHDFKWKHDWHUUHVWDXUDQW
1LJKWFOXEVVXSHUFOXEVDQGWKHDWHUUHVWDXUDQWV 2QH FDU VORW IRU HYHU\ VT PHWHUV RI FXVWRPHU
& DUHD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
1RWH
7KHSDUNLQJVORWUHTXLUHPHQWVVKDOOEHDQLQWHJUDOSDUWRIEXLOGLQJVVWUXFWXUHVDQGDQ\SDUNLQJVORWSURYLGHGRXWVLGH
WKHEXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
1LJKWFOXEVVXSHUFOXEVDQGWKHDWHUUHVWDXUDQWV 8QLWVZLWKDJURVVIORRUDUHDRIIURPWRVT
& PHWHUV ± SURYLGH RQH SRROHG SDUNLQJ VORW
IRU HYHU\
WZRXQLWVRUIRUDIUDFWLRQWKHUHRI
8QLWV ORFDWHG LQ RIILFH FRPPHUFLDO RU PL[HGXVH 8QLW ZLWK D JURVV IORRU DUHD RI IURP WR VT
FRQGRPLQLXPEXLOGLQJVVWUXFWXUHVUHJDUGOHVVRIQXPEHU PHWHUV±SURYLGHRQHSDUNLQJVORW
IRUHDFKXQLWDQG
RIVWRUH\V
8QLWZLWKDJURVVIORRUDUHDRIPRUHWKDQVTPHWHUV
SURYLGH RQH SDUNLQJ VORW
IRU HYHU\ VT PHWHUV
DQGIRUDIUDFWLRQWKHUHRI
&ROXPEDULXP 2QHFDUVORWIRUHYHU\FRPSDUWPHQWQLFKH
'LYLVLRQ( $LUFUDIWKDQJDUVRSHQSDUNLQJFDUSRUWVDQGJDUDJHV 2QH FDU VORW IRU HYHU\ VT PHWHUV RI JURVV
HWF IORRU DUHD DQG RQH EXV VORW IRU HYHU\ RQH KXQGUHG
ZRUNHUVLIQXPEHURIZRUNHUVH[FHHGWZRKXQGUHG
SURYLGHRQHRII552:RURIIVWUHHWSDVVHQJHU
ORDGLQJ VSDFH WKDW FDQ DFFRPPRGDWH WZR TXHXHG
MHHSQH\VKXWWOHVORWV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
*5283)
'LYLVLRQ) ,QGXVWULDOEXLOGLQJVPLOOVEUHZHULHVHWF 2QH FDU VORW IRU HYHU\ VT PHWHUV RI JURVV
, IORRU DUHD DQG RQH EXV VORW IRU HYHU\ RQH KXQGUHG
ZRUNHUVLIQXPEHURIZRUNHUVH[FHHGWZRKXQGUHG
SURYLGHRQHRII552:RURIIVWUHHWSDVVHQJHU
ORDGLQJ VSDFH WKDW FDQ DFFRPPRGDWH WZR TXHXHG
MHHSQH\VKXWWOHVORWVSURYLGHDWOHDVWRQHORDGLQJVORW
IRU
1RWH
7KHSDUNLQJVORWUHTXLUHPHQWVVKDOOEHDQLQWHJUDOSDUWRIEXLOGLQJVVWUXFWXUHVDQGDQ\SDUNLQJVORWSURYLGHGRXWVLGH
WKHEXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
WUXFN RU YHKLFOH D PHWHU ORQJ FRQWDLQHU YDQ SOXV
PHWHUV OHQJWK IRU D ORQJKRRGHG SULPH PRYHU DQG
RQH ORDGLQJ VORW IRU D VWDQGDUG WUXFN IRU HYHU\
VT PHWHUV RI *)$ DQG SURYLGH WUXFN
PDQHXYHULQJDUHD RXWVLGHRI WKH 552: ZLWKLQ SURSHUW\
RUORWOLQHVRQO\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
*5283*
'LYLVLRQ* ,QGXVWULDOEXLOGLQJVIDFWRULHVPDQXIDFWXULQJ 2QH FDU VORW IRU HYHU\ VT PHWHUV RI JURVV
HVWDEOLVKPHQWVPHUFDQWLOHEXLOGLQJVZDUHKRXVHV IORRU DUHD DQG RQH EXV VORW IRU HYHU\ RQH KXQGUHG
VWRUDJHELQVSRZHUDQGZDWHUJHQHUDWLRQGLVWULEXWLRQ ZRUNHUVLIQXPEHURIZRUNHUVH[FHHGWZRKXQGUHG
IDFLOLWLHV SURYLGHRQHRII552:RURIIVWUHHWSDVVHQJHU
ORDGLQJ VSDFH WKDW FDQ DFFRPPRGDWH WZR TXHXHG
MHHSQH\VKXWWOHVORWVSURYLGHDWOHDVWRQHORDGLQJVORW
IRU DUWLFXODWHG WUXFN RU YHKLFOH D PHWHU ORQJ
FRQWDLQHUYDQSOXVPHWHUVOHQJWKIRUDORQJKRRGHG
SULPHPRYHUDQGRQHORDGLQJVORWIRUDVWDQGDUGWUXFN
IRUHYHU\VTPHWHUVRI*)$DQGSURYLGHWUXFN
PDQHXYHULQJDUHD RXWVLGHRI WKH 552: ZLWKLQ SURSHUW\
RUORWOLQHVRQO\
'LYLVLRQ* GR GR
'LYLVLRQ* GR GR
'LYLVLRQ* GR GR
'LYLVLRQ* GR GR
1RWH
7KHSDUNLQJVORWUHTXLUHPHQWVVKDOOEHDQLQWHJUDOSDUWRIEXLOGLQJVVWUXFWXUHVDQGDQ\SDUNLQJVORWSURYLGHGRXWVLGH
WKHEXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
7KHIROORZLQJSURKLELWLRQVRQSDUNLQJVORWV
&RQYHUVLRQFKDQJHRIXVHRFFXSDQF\
5HGXFWLRQRISDUNLQJVSDFHV
(QFURDFKPHQWRQ552:
3XEOLFXWLOLW\DQGEXON\YHKLFOHV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
*5283+
'LYLVLRQ+ 3XEOLFUHFUHDWLRQDODVVHPEO\EXLOGLQJVVXFKDV 2QHFDUVORWDQGRQHMHHSQH\VKXWWOHVORWIRUHYHU\
WKHDWHUVFLQHPDVDXGLWRULDHWF VT PHWHUV RI VSHFWDWRU DUHD DQG RQH EXV
SDUNLQJVORWIRUHYHU\WZRKXQGUHGVSHFWDWRUV
'LYLVLRQ+ 'DQFH KDOOV FDEDUHWV EDOOURRPV VNDWLQJ ULQNV DQG
GR
FRFNILJKWLQJDUHQDVHWF
'LYLVLRQ+ 'DQFHKDOOVEDOOURRPVVNDWLQJULQNVHWF GR
'LYLVLRQ+ &RYHUHGDPXVHPHQWSDUNVDPXVHPHQWDQG RQHFDUVORWIRUHYHU\VTPHWHUVRIJURVVIORRU
HQWHUWDLQPHQWFRPSOH[HVHWF DUHD
&OXEKRXVHVEHDFKKRXVHVDQGWKHOLNH RQH VORW IRU HYHU\ VT PHWHUV RI JURVV IORRU
DUHD
*5283,
'LYLVLRQ, 5HFUHDWLRQDORUVLPLODUSXEOLFDVVHPEO\EXLOGLQJVVXFK 2QHFDUVORWDQGRQHMHHSQH\VKXWWOHVORWIRUHYHU\
DVVWDGLDVSRUWVFRPSOH[HVFRQYHQWLRQFHQWHUVHWF VT PHWHUV RI VSHFWDWRU DUHD DQG RQH EXV
SDUNLQJVORWIRUHYHU\WZRKXQGUHGVSHFWDWRUV
*5283-
'LYLVLRQ- $JULFXOWXUHUHODWHGXVHVRURFFXSDQFLHV$ 1RWUHTXLUHGLIORFDWHGRXWVLGHXUEDQL]HGDUHDLIORFDWHG
ZLWKLQ XUEDQL]HG DUHD SURYLGH RQH FDU VORW IRU HYHU\
VT PHWHUV RI JURVV IORRU DUHD DQG RQH EXV
VORW IRU HYHU\ RQH KXQGUHG ZRUNHUV LI QXPEHU RI
ZRUNHUV H[FHHG WZR KXQGUHG SURYLGH RQH RII
552: RU RIIVWUHHW SDVVHQJHU ORDGLQJ VSDFH WKDW FDQ
DFFRPPRGDWH WZR TXHXHG MHHSQH\VKXWWOH VORWV
SURYLGHDWOHDVWRQHORDGLQJVORWIRUDUWLFXODWHGWUXFNRU
YHKLFOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
1RWH
7KHSDUNLQJVORWUHTXLUHPHQWVVKDOOEHDQLQWHJUDOSDUWRIEXLOGLQJVVWUXFWXUHVDQGDQ\SDUNLQJVORWSURYLGHGRXWVLGH
WKHEXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
7KHIROORZLQJSURKLELWLRQVRQSDUNLQJVORWV
&RQYHUVLRQFKDQJHRIXVHRFFXSDQF\
5HGXFWLRQRISDUNLQJVSDFHV
(QFURDFKPHQWRQ552:
3XEOLFXWLOLW\DQGEXON\YHKLFOHV
6SHFLILF8VHVRURI2FFXSDQF\UHIHUWR 5HIHUHQFH8VHVRU&KDUDFWHURI2FFXSDQFLHV 0LQLPXP5HTXLUHG3DUNLQJ6ORW3DUNLQJ$UHDDQG
6HFWLRQRIWKLV5XOH RU7\SHRI%XLOGLQJV6WUXFWXUHV /RDGLQJ6SDFH5HTXLUHPHQWV
DPHWHUORQJFRQWDLQHUYDQSOXVPHWHUVOHQJWK
IRUDORQJKRRGHGSULPHPRYHUDQGRQHORDGLQJVORW
IRUDVWDQGDUGWUXFNIRUHYHU\VTPHWHUVRI*)$
DQG SURYLGH WUXFN PDQHXYHULQJ DUHD RXWVLGH RI WKH
552:ZLWKLQSURSHUW\RUORWOLQHVRQO\
'LYLVLRQ- 2WKHUXVHVQRWFODVVLILHGLQSUHYLRXVVHFWLRQV 3URYLGHSDUNLQJUHTXLUHPHQWVVWLSXODWHGIRUPRVWVLPLODU
38'HWF RUPRVWUHODWHGXVHVRFFXSDQFLHV
1RWH
7KHSDUNLQJVORWUHTXLUHPHQWVVKDOOEHDQLQWHJUDOSDUWRIEXLOGLQJVVWUXFWXUHVDQGDQ\SDUNLQJVORWSURYLGHGRXWVLGH
WKHEXLOGLQJVWUXFWXUHZLOOEHTXDQWLILHGRQO\DVEXIIHUSDUNLQJ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
G ,QFRPSXWLQJIRUSDUNLQJVORWVDIUDFWLRQRIDQGDERYHVKDOOEHFRQVLGHUHGDVRQHFDUSDUNLQJVORWWREHSURYLGHG,QDOOFDVHVKRZHYHUD
PLQLPXPRIRQHFDUSDUNLQJVORWVKDOOEHSURYLGHGXQOHVVRWKHUZLVHDOORZHGXQGHUWKLV5XOH
L 0XOWLIORRUSDUNLQJJDUDJHVPD\VHUYHWKHSDUNLQJUHTXLUHPHQWVRIWKHEXLOGLQJVWUXFWXUHZLWKLQPHWHUUDGLXVSURYLGHGDW
OHDVWRIWKHSDUNLQJUHTXLUHPHQWVDUHFRPSOLHGZLWKDQGLQWHJUDWHGLQWKHEXLOGLQJGHVLJQ
LL 6SHFLDO 3URYLVLRQ RQ WKH +DQGLFDSSHG )RU EXLOGLQJVVWUXFWXUHV WR EH SURYLGHG ZLWK IHDWXUHV LQWHQGHG IRU WKH XVH RU RFFXSDQF\ RI WKH
KDQGLFDSSHGWKHPLQLPXPSURYLVLRQVRI%DWDV3DPEDQVD%3%LODQJDQGLWV,PSOHPHQWLQJ5XOHVDQG5HJXODWLRQV,55ZLWKUHVSHFW
WRSDUNLQJVKDOOEHVWULFWO\REVHUYHG
H$OORZHG2II552:2II6WUHHWFXP2II6LWH3DUNLQJ3URYLVLRQ
L ,QDGGLWLRQWRRQVLWHFXPRII552:RIIVWUHHWSDUNLQJSURYLVLRQVPDQGDWHGXQGHUWKLV5XOHRIIVLWHFXPRIIVWUHHWSDUNLQJIDFLOLWLHVPD\EH
DOORZHG DQG FRQVLGHUHG SDUW RI D SURMHFW SURYLGHG WKDW VXFK IDFLOLWLHV VSHFLILFDOO\ FRQVLVW RI UHVHUYHG RU OHDVHG SDUNLQJ VORWV ZLWKLQ D
SHUPDQHQW SDUNLQJ EXLOGLQJVWUXFWXUH DQG QRW LQ D YDFDQW SDUNLQJ ORW RU SDUNLQJ VWUXFWXUHVSDFH IRU D FRPPHUFLDO GHYHORSPHQW DQG
SURYLGHGIXUWKHUWKDWVXFKSDUNLQJVORWVDUHORFDWHGQRPRUHWKDQPHWHUVDZD\IURPDUHVLGHQWLDOEXLOGLQJSURMHFWRUDUHORFDWHGQR
PRUHWKDQPHWHUVDZD\IURPDQRIILFHRUFRPPHUFLDOEXLOGLQJSURMHFW
LL 'LUHFWDFFHVVRISDUNLQJORDGLQJXWLOLW\VORWVDQGWHUPLQDOVWRWKH552:VKDOOEHJHQHUDOO\GLVDOORZHGWRSUHYHQWWKHXVDJHRIWKH552:DV
DPDQHXYHULQJDUHD
LLL 7UDIILFJHQHUDWLQJEXLOGLQJVVXFKDVVKRSSLQJPDOOVRUVLPLODUIDFLOLWLHVWKDWKDYHYHU\KLJKYROXPHVRISHGHVWULDQDQGYHKLFXODUWUDIILFPD\
EHORFDWHGDWPDMRULQWHUVHFWLRQVRUZLWKLQPHWHUVRIVXFKLQWHUVHFWLRQVSURYLGHGWKDWWKHGLVWDQFHEHWZHHQWKHVWUHHWFXUERIWKH
LQJUHVVHJUHVVRIVXFKDFRPPHUFLDOORWSURSHUW\QHDUHVWWKHLQWHUVHFWLRQDQGWKHVWUDLJKWFXUERIWKHLQWHUVHFWLRQVKDOOQRWEHOHVVWKDQ
PHWHUV)LJ9,,
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
)LJ9,,
$QQRWDWLRQ)RUODUJHUGHYHORSPHQWVDQGWUDIILFJHQHUDWLQJEXLOGLQJVDVZHOODVSDUNLQJVWUXFWXUHVDPLQLPXPPGLVWDQFHVKRXOGEHWKHVWDQGDUGWREHFRQVLGHUHG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
LY )RU55*,&&DQG&XVHVRURFFXSDQFLHVIURQW\DUGVDEXWWLQJ552:DUHQRWWREHXVHGIRUORQJWHUPRIIVWUHHWSDUNLQJ'XHWR
WKHYHU\SXEOLFQDWXUHRIWKHVHXVHVKLJKYHKLFXODUDQGSHGHVWULDQFRQFHQWUDWLRQVWKHIURQW\DUGDWUDQVLWLRQVSDFHEHWZHHQWKH552:
DQGWKHEXLOGLQJVWUXFWXUHVKDOOEHXVHGH[FOXVLYHO\IRUGULYHZD\VRII552:ORDGLQJVSDFHVVKRUWWHUPRII552:SDUNLQJDQGODQGVFDSLQJ
KDUGVFDSH DQG VRIWVFDSH WUHDWPHQW 7HPSRUDU\ RU VKRUWWHUP RIIVWUHHW SDUNLQJ SDUWLFXODUO\ RQ GULYHZD\V VKDOO SUHIHUDEO\ EH RQO\ IRU
YLVLWRUVWRWKHVHEXLOGLQJVVWUXFWXUHV
Y )RU%DVLF5DQG%DVLF5XVHVRURFFXSDQFLHVIRUVLQJOHIDPLO\GZHOOLQJXQLWVRQO\XSWRRIWKHIURQW\DUGDEXWWLQJWKH552:
PD\EHSDYHGKDUGVFDSHGLHFRQYHUWHGLQWRDFRXUW\DUGIRUFDUSRUWXVH6XFKXVHVKDOOQRWEHSHUPLWWHGLQDOORWKHUXVHVRURFFXSDQFLHV
6(&7,210LQLPXP5HTXLUHPHQWVIRU*URXS$'ZHOOLQJV
'ZHOOLQJ/RFDWLRQDQG/RW2FFXSDQF\
7KHGZHOOLQJVKDOORFFXS\QRWPRUHWKDQRIDFRUQHUORWDQGRIDQLQVLGHORWDQGVXEMHFWWRWKHSURYLVLRQVRQ(DVHPHQWVRI/LJKWDQG9LHZ
RIWKH&LYLO&RGHRI3KLOLSSLQHVVKDOOEHDWOHDVWPHWHUVIURPWKHSURSHUW\OLQH
/LJKWDQG9HQWLODWLRQ
(YHU\GZHOOLQJVKDOOEHVRFRQVWUXFWHGDQGDUUDQJHGDVWRSURYLGHDGHTXDWHOLJKWDQGYHQWLODWLRQDVSURYLGHGXQGHU6HFWLRQWR6HFWLRQRI
WKH&RGH
6DQLWDWLRQ
(YHU\GZHOOLQJVKDOOEHSURYLGHGZLWKDWOHDVWRQHVDQLWDU\WRLOHWDQGDGHTXDWHZDVKLQJDQGGUDLQDJHIDFLOLWLHV
)RXQGDWLRQ
)RRWLQJVVKDOOEHRIVXIILFLHQWVL]HDQGVWUHQJWKWRVXSSRUWWKHORDGRIWKHGZHOOLQJDQGVKDOOEHDWOHDVWPLOOLPHWHUVWKLFNDQGPLOOLPHWHUV
EHORZWKHVXUIDFHRIWKHJURXQG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
3RVW
7KHGLPHQVLRQVRIZRRGHQSRVWVVKDOOEHWKRVHIRXQGLQ7DEOH9,,'LPHQVLRQVRI:RRGHQ3RVWV(DFKSRVWVKDOOEHDQFKRUHGWRVXFKIRRWLQJE\
VWUDSVDQGEROWVRIDGHTXDWHVL]H
7DEOH9,,'LPHQVLRQVRI:RRGHQ3RVWVRU6XSRUWDOHV
0D[LPXP+HLJKWRIVW 0D[LPXP+HLJKW7RWDO 0D[LPXP6SDFLQJRI3RVW 5HTXLUHG0D[LPXP
7\SH%XLOGLQJ )ORRUPHWHUV PHWHUV PHWHUV )LQLVKHG6L]HRI
6XSRUWDOHVPLOOLPHWHUV
6WRUH\6KHG ;
6WRUH\6KHG ;
6WRUH\6KHG ;
6WRUH\+RXVHRU&KDOHW ;
6WRUH\+RXVH ;
6WRUH\+RXVH ;
6WRUH\+RXVH ;
6WRUH\+RXVH ;
/RJVRUWUHHWUXQNVXSRUWDOHVPD\EHXVHGDVSRVWLQLQGLJHQRXVWUDGLWLRQDOW\SHRIFRQVWUXFWLRQSURYLGHGWKDWWKHVHDUHRIVXFKVL]HVDQGVSDFLQJDV
WRVXVWDLQYHUWLFDOORDGLQJHTXLYDOHQWDWOHDVWWRWKHORDGLQJFDSDFLWLHVRIWKHSRVWVDQGVSDFLQJLQWKLV7DEOH
)ORRU
7KHOLYHORDGRIWKHILUVWIORRUVKDOOEHDWOHDVWNLORJUDPVSHUVTPHWHUDQGIRUWKHVHFRQGIORRUDWOHDVWNLORJUDPVSHUVTPHWHU
5RRI
7KHZLQGORDGIRUURRIVVKDOOEHDWOHDVWNLORJUDPVSHUVTPHWHUIRUYHUWLFDOSURMHFWLRQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
6WDLUV
6WDLUVVKDOOEHDWOHDVWPLOOLPHWHUVLQFOHDUZLGWKZLWKDULVHRIPLOOLPHWHUVDQGDPLQLPXPUXQRIPLOOLPHWHUV
(QWUDQFHDQG([LW
7KHUHVKDOOEHDWOHDVWRQHHQWUDQFHDQGDQRWKHURQHIRUH[LW
(OHFWULFDO5HTXLUHPHQWV
$OOHOHFWULFDOLQVWDOODWLRQVVKDOOFRQIRUPWRWKHUHTXLUHPHQWVRIWKH3KLOLSSLQH(OHFWULFDO&RGH
0HFKDQLFDO5HTXLUHPHQWV
0HFKDQLFDOV\VWHPVDQGRUHTXLSPHQWLQVWDOODWLRQVVKDOOEHVXEMHFWWRWKHUHTXLUHPHQWVRIWKH3KLOLSSLQH0HFKDQLFDO(QJLQHHULQJ&RGH
6(&7,215HTXLUHPHQWVIRU2WKHU*URXS2FFXSDQFLHV
6XEMHFWWRWKHSURYLVLRQVRIWKH&RGHWKH6HFUHWDU\VKDOOSURPXOJDWHUXOHVDQGUHJXODWLRQVIRUHDFKRIWKHRWKHU*URXS2FFXSDQFLHVFRYHULQJDOORZDEOH
FRQVWUXFWLRQ KHLJKW DQG DUHD ORFDWLRQ RQ SURSHUW\ H[LW IDFLOLWLHV OLJKW DQG YHQWLODWLRQ VDQLWDWLRQ HQFORVXUHV RI YHUWLFDO RSHQLQJV ILUH H[WLQJXLVKLQJ
V\VWHPVDQGVSHFLDOKD]DUGV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
*8,'(/,1(621%8,/',1*%8/.'(9(/230(17&21752/6%8,/',1*6$1'27+(5$&&(6625<6758&785(6:,7+,1&(0(7(5,(6$1'0(025,$/3$5.6
$ '(7(50,1,1*%8,/',1*%8/.
*HQHUDO%XLOGLQJEXONDYROXPHTXDQWLW\VKDOOEHJHQHUDOO\GHWHUPLQHGE\WKHDSSOLFDWLRQRIWKH)ORRU/RW$UHD5DWLR)/$5YHUWLFDOO\SURMHFWLQJWKH$OORZDEOH0D[LPXP
%XLOGLQJ)RRWSULQW$0%)HVWDEOLVKLQJWKH2XWHUPRVW)DFHVRI%XLOGLQJ2)%DQGTXDQWLI\LQJWKH$OORZDEOH0D[LPXP9ROXPHRI%XLOGLQJ$09%7KHEXLOGLQJEXONPD\
EHXOWLPDWHO\JRYHUQHGE\WKHZLGWKRIWKH552:DQGRWKHUDSSOLFDEOHSURYLVLRQVIRUOLJKWDQGYHQWLODWLRQLQFOXGLQJLQFUHPHQWDOVHWEDFNVDVDUHVXOWRIVDWLVI\LQJQDWXUDO
OLJKWDQGYHQWLODWLRQUHTXLUHPHQWVIRU552:DQGIURQW\DUGVDVSDUWO\VKRZQLQ7DEOH9,,*KHUHDIWHU
$SSOLFDWLRQRIWKH)/$57KH)/$57DEOH9,,*VKDOOEHWKHSULPDU\RULQLWLDOGHWHUPLQDQWRIWKHEXLOGLQJEXON
7DEOH9,,*5HIHUHQFH7DEOHRI)ORRUWR/RW$UHD5DWLR)/$5'HVLJQDWLRQV5LJKWV
7\SHRI8VH
RU 7\SHRI%XLOGLQJ6WUXFWXUH )/$5'HVLJQDWLRQ5LJKWV
2FFXSDQF\
5HVLGHQWLDO 5HVLGHQWLDO5
DWDVWRUH\RUP%+/
5HVLGHQWLDO5
D%DVLF5 XSWR
DWDVWRUH\RUP%+/
E0D[LPXP5 XSWR
DWDVWRUH\RUP%+/
5HVLGHQWLDO5
D%DVLF5 XSWR
DWDVWRUH\RUP%+/
E0D[LPXP5 XSWR
DWDVWRUH\RUP%+/
,QGLYLGXDO/RWIRU5HVLGHQWLDO57RZQKRXVHV XSWR
DWDVWRUH\RUP%+/
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
5HVLGHQWLDO5 XSWR
&RQGRPLQLXPV DWDQVWRUH\RUP%+/
&RPPHUFLDO &RPPHUFLDO&RP XSWR
DWDVWRUH\RUP%+/
&RPPHUFLDO&RP XSWR
DWDVWRUH\RUP%+/
&RPPHUFLDO&RP XSWR
DWDVWRUH\RUP%+/
,QGXVWULDO ,QGXVWULDO,QG XSWR
,QGXVWULDO,QG XSWR
,QGXVWULDO,QG XSWR
,QVWLWXWLRQDO
&XOWXUDO
8WLOLW\7UDQVSRUWDWLRQ5RDG5LJKWVRI:D\552:
XSWR
6HUYLFHV
3DUNVDQG2SHQ
5HFUHDWLRQDO6SDFHV XSWR
$JULFXOWXUDO$JUR,QGXVWULDO7RXULVP XSWR
3ODQQHG8QLW'HYHORSPHQW38' 38'DWDUHFODPDWLRQDUHDFORVHWRDQRSHUDWLQJDLUSRUW
38'DWDUHFODPDWLRQDUHD XSWR
38'DWDFRDVWDODUHD XSWR
38'DWDQLQODQGDUHDYHU\
XSWR
FORVHWRDQRSHUDWLQJDLUSRUW
38'DWDQLQODQGDUHD XSWR
DWDVWRUH\RUP%+/
&HPHWHU\
5HVLGHQWLDO
5HVLGHQWLDO %DVLF 5HVLGHQWLDO %DVLF DQG
5HVLGHQWLDO
5HVLGHQWLDO 0D[LPXP 5HVLGHQWLDO 0D[LPXP DQG
5HVLGHQWLDO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
&RPPHUFLDO
&RPPHUFLDO
&RPPHUFLDO
,QGXVWULDO
,QGXVWULDODQG
7UDQVSRUWDWLRQ8WLOLW\DQG6HUYLFH$UHDV
$JULFXOWXUDODQG$JUR,QGXVWULDO
(VWDEOLVKLQJWKH2)%7KH2)%VKDOOEHSULPDULO\GHWHUPLQHGE\WKHYHUWLFDOSURMHFWLRQVRIWKHRXWHUPRVWIDFHVRIWKH$0%)XSWRDKHLJKWSUHVFULEHGE\WKHDSSOLFDEOH
%+/)LJXUH9,,*VKRZVWKHGHWHUPLQDWLRQRIWKHDQJXODUSODQHVQHHGHGWRHVWDEOLVKWKHRXWHUOLPLWVIRUZDOOVDQGSURMHFWLRQVRIWKHSURSRVHGEXLOGLQJVWUXFWXUH
IDFLQJ552:DQGIRUWKHLUFRUUHVSRQGLQJURRIFRQILJXUDWLRQV7DEOH9,,*DOVRVKRZVWKHUHFRPPHQGHGDQJOHVRUVORSHVIRUWKHDQJXODUSODQHVRULJLQDWLQJIURPWKH
FHQWHUOLQHRIWKH552:IRU5DQG&SURSHUWLHVRQO\$QJOHVRUVORSHVIRURWKHUSHUPLWWHGXVHVRFFXSDQFLHVFDQEHH[WUDSRODWHGIURPWKHWZRH[DPSOHV)LJV
9,,,*DQG9,,,*
7DEOH9,,* 5HIHUHQFH7DEOHRI$QJOHV6ORSHV
7R6DWLVI\1DWXUDO/LJKWDQG9HQWLODWLRQ5HTXLUHPHQWV$ORQJ552:DQG)URQW<DUGV
$QJOHRU6ORSHRI$QJXODU3ODQHIRU $QJOHRU6ORSHRI$QJXODU3ODQHIRU%XLOGLQJV6WUXFWXUHV:LWK
7\SHRI :LGWKRI %XLOGLQJV6WUXFWXUHV:LWKRXW3URMHFWLRQV
3URMHFWLRQV
8VHRU 5RDG5LJKWRI:D\ $QJOH $QJOHIURP&HQWHUOLQHRI
5DWLR 5DWLR
2FFXSDQF\ 552: IURP&HQWHUOLQHRI552: 552:
6ORSH 6ORSH
'HJUHHV 'HJUHH
5HVLGHQWLDO PP PP
PHWHUV
5
PP PP
PHWHUV
PP PP
PHWHUV
PP PP
PHWHUV
PP PP
PHWHUV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
PP PP
PHWHUV
PP PP
PHWHUV
PP
&RPPHUFLDO& PHWHUV
PP
PHWHUV
&RPPHUFLDO PP
PHWHUV
&
PP
PHWHUV
PP
PHWHUV
PP
PHWHUV
PP
PHWHUV
127(
7REHXVHGIRUSORWWLQJWKHDQJXODUSODQHIURPWKHJUDGHOHYHOFHQWHUOLQHRIWKH552:7KHDQJXODUSODQHFDQDOVRKHOSGHWHUPLQHWKH$OORZDEOH0D[LPXP9ROXPHRI%XLOGLQJ
$09%DVZHOODVWKHDOWHUQDWLYHLQFUHPHQWDOVHWEDFNOLQHV2QO\WKHXVHVRFFXSDQFLHVZLWKWKHOHDVWDQGKHDYLHVWGHYHORSPHQWV5DQG&UHVSHFWLYHO\DUHVKRZQ7KH
DQJOHVVORSHVRIDQJXODUSODQHVIRUDOORWKHUXVHVRFFXSDQFLHVLQEHWZHHQFDQEHH[WUDSRODWHG
&RQVLGHUHG SURMHFWLRQV IURP WKH RXWHUPRVW IDFH RI WKH EXLOGLQJVWUXFWXUH DUH HDYHV PHGLDV DJXDV FDQRS\ IRU ZLQGRZV FDQWLOHYHUV KHDY\ VLJQ VXSSRUWV RQO\ IRU
DSSOLFDWLRQVSHUPLWWHGRUFRQVLVWHQWZLWKWKH&RGHDQGWKHOLNH
4XDQWLI\LQJWKH$09%7KH$09%VKDOOEHSULPDULO\GHWHUPLQHGE\WKHIROORZLQJ
D 0XOWLSO\WKH$0%)LQVTXDUHPHWHUVIRUWKHORWE\WKHDSSOLFDEOH%+/LQPHWHUVIRUWKHORWWRDUULYHDWWKHLQLWLDO$09%LQFXELFPHWHUVWKHUHVXOWRIWKLVVWHSLVWKH
LPDJLQDU\IRRWSULQWSULVP
E6XSHULPSRVHWKHDQJXODUSODQHRULJLQDWLQJIURPWKHFHQWHURIWKH552:RQWKHIRRWSULQWSULVPWKLVVKDOOUHVXOWLQWKHUHGXFWLRQRIWKHLQLWLDOO\FRPSXWHGEXLOGLQJYROXPH
GXHWRWKHDSSOLFDWLRQRILQFUHPHQWDOVHWEDFNVDQGRIURRIFRQILJXUDWLRQGLFWDWHGE\WKHDQJXODUSODQHWKHUHVXOWRIWKLVVWHSLVWKH$09%
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
F7RFURVVFKHFNWKH$09%DJDLQVWWKH$OORZDEOH0D[LPXP7*)$VHSDUDWHO\GHWHUPLQHGFRQYHUWWKH$09%LQWRLWVDSSUR[LPDWHDUHDHTXLYDOHQWLQVTPHWHUVE\
GLYLGLQJ LW ZLWK WKH %+/ %HIRUH FRQYHUWLQJ WKH $09% WR LWV DUHD FRPSRQHQW FKHFN IRU WKH HIIHFWV RI WKH LQFUHPHQWDO VHWEDFNVRQ WKH 7*)$ IRU HDFK IORRU RI WKH
SURSRVHGEXLOGLQJVWUXFWXUH
%$SSOLFDWLRQRI'HYHORSPHQW&RQWUROV'&
7R'HWHUPLQHWKH0D[LPXP'HYHORSPHQW3RWHQWLDORID/RW
6L]LQJ WKH %XLOGLQJ6WUXFWXUH 7R GHWHUPLQH WKH DOORZHGDSSURSULDWH EXLOGLQJ EXON YROXPH WKH IROORZLQJ VHULHV RI VWHSV XVLQJ WKH '& XQGHU WKLV *XLGHOLQH DQGRWKHU
5XOHVLQWKH&RGHVKDOOEHIROORZHG
D5HIHUWR5XOH9,,,IRUSUHVFULEHGVHWEDFNV\DUGVFRXUWVDWJUDGHOHYHOHWFDSSOLFDEOHWRWKHORWSURMHFWVLWHGHWHUPLQHWKHH[WHQWRIILUHZDOOFRQVWUXFWLRQLIUHTXLUHG
DQGRULISHUPLWWHGUHIHUWR5XOH9,,,IRUWKH3HUFHQWDJHRI6LWH2FFXSDQF\362FRPSXWHIRUWKH$OORZDEOH0D[LPXP%XLOGLQJ)RRWSULQW$0%)XQGHUWKLV5XOHE\
XVLQJWKHIRUPXOD
/DQGDUHD
UHTXLUHGIRU $GGLWLRQDOEXLOGDEOH
$OORZDEOH0D[LPXP
\DUGVFRXUWV ORWDUHDGXHWR
%XLOGLQJ 7RWDO
B )LUHZDOOFRQVWUXFWLRQ
)RRWSULQWRU$0%) /RW
SUHVFULEHG LISHUPLWWHG
LQVTPHWHUV $UHD
XQGHU5XOH XQGHUWKLV5XOH
7/$
9,,,
E &KHFN UHVXOWDQW EXLOGLQJ IRRWSULQW DJDLQVW DSSOLFDEOH 362 XQGHU 5HIHUHQFH 7DEOH 9,,, RI 5XOH 9,,, DQG FRQVXOW H[LVWLQJDSSOLFDEOH DQGRU GXO\ DSSURYHG ]RQLQJ
RUGLQDQFHVWRFKHFNXVHWKHIRUPXOD
3HUFHQWDJH $OORZDEOH0D[LPXP 7RWDO
·
RI6LWH %XLOGLQJ)RRWSULQWRU$0%) /RW$UHD
2FFXSDQF\362 LQVTXDUHPHWHUV 7/$
F &RPSXWHIRUWKHUHVXOWDQWKHLJKWRIWKHEXLOGLQJVWUXFWXUHE\UHIHUULQJWR7DEOH9,,RIWKLV5XOHDQGE\XVLQJWKHIRUPXOD
%XLOGLQJ+HLJKW/LPLWRUWKH 'HVLUHG
5HVXOWDQW+HLJKW
%+/ )ORRUWR)ORRU
RIWKHEXLOGLQJVWUXFWXUH ;
DVH[SUHVVHGLQQXPEHURI +HLJKW
LQPHWHUV
IORRUVVWRUH\V LQPHWHUV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
G&KHFNWKHUHVXOWDQWKHLJKWDJDLQVWWKH%+/UHIHUWR7DEOH9,,RIWKLV5XOHLIDJUHDWHUEXLOGLQJVWUXFWXUHKHLJKWLVGHVLUHGFRQVXOWH[LVWLQJ]RQLQJRUGLQDQFHVRURWKHU
DSSOLFDEOHODZVIRUSRVVLEOHUHOLHILIUHOLHIFDQQRWEHVRXJKWH[SORUHVXEJUDGHEDVHPHQWOHYHOVROXWLRQVRUUHGXFHWKHGHVLUHGIORRUWRIORRUKHLJKWVLQFDVHLWLVJUHDWHU
WKDQPHWHUV
H(VWDEOLVKWKH2XWHUPRVW)DFHVRI%XLOGLQJ2)%WRKHOSGHWHUPLQHWKH$OORZDEOH0D[LPXP9ROXPHRI%XLOGLQJ$09%DQGWRVDWLVI\QDWXUDO
OLJKWDQGYHQWLODWLRQUHTXLUHPHQWVIRU552:DQGIURQW\DUGVDEXWWLQJ552:DQLPDJLQDU\SULVPZLWKLQZKLFKWKHSURSRVHGEXLOGLQJVWUXFWXUH
PXVWILWVKDOOUHVXOWXQOHVVVSHFLILFDOO\DOORZHGXQGHUWKH&RGHWKHUHDIWHUHVWDEOLVKWKH2XWHUPRVW/LPLWVRI%XLOGLQJ3URMHFWLRQV2/%3WR
IXOO\FRPSO\ZLWKRWKHUDSSOLFDEOHOLJKWDQGYHQWLODWLRQSURYLVLRQV
I ,QLWLDOO\GHWHUPLQHEXLOGLQJEXONE\FRPSXWLQJIRUWKHPD[LPXPDOORZDEOH*URVV)ORRU$UHD*)$IRUWKHEXLOGLQJVWUXFWXUHXVLQJWKHIRUPXOD
*URVV)ORRU$UHD*)$RI 7RWDO
5HFRPPHQGHG
WKHEXLOGLQJVWUXFWXUH /RW$UHD ;
)ORRUWR/RW$UHD5DWLR)/$5
LQVTXDUHPHWHUV 7/$
127(
5HIHUWR7DEOH9,,*RIWKLV*XLGHOLQH5HFRPPHQGHG)/$5'HVLJQDWLRQV5LJKWVDQGRUFRQVXOWH[LVWLQJDSSOLFDEOHDQGGXO\DSSURYHG]RQLQJRUGLQDQFHV
L *5266)/225$5($*)$WKHWRWDOIORRUVSDFHZLWKLQWKHSHULPHWHURIWKHSHUPDQHQWH[WHUQDOEXLOGLQJZDOOVLQFOXVLYHRIPDLQDQGDX[LOLDU\EXLOGLQJVVXFK
DVRIILFHDUHDVUHVLGHQWLDODUHDVFRUULGRUVOREELHVDQGPH]]DQLQHOHYHOV7KH*)$VKDOODOVRLQFOXGHEXLOGLQJSURMHFWLRQVZKLFKPD\VHUYHDVIORRUVRUSODWIRUPV
WKDWDUHGLUHFWO\FRQQHFWHGWRLQWHJUDWHGZLWKDUHDVZLWKLQWKHEXLOGLQJVWUXFWXUHHJEDOFRQLHV5HIHUWR6HFWLRQRI5XOH;RIWKLV,55DQGWKH*)$H[FOXGHV
WKHIROORZLQJ
D &RYHUHGDUHDVXVHGIRUSDUNLQJDQGGULYHZD\VVHUYLFHVDQGXWLOLWLHV
E 9HUWLFDOSHQHWUDWLRQVLQSDUNLQJIORRUVZKHUHQRUHVLGHQWLDORURIILFHXQLWVDUHSUHVHQWDQG
F 8QFRYHUHGDUHDVIRUKHOLSDGVDLUFRQGLWLRQLQJFRROLQJWRZHUVRUDLUFRQGLWLRQLQJFRQGHQVLQJXQLW$&&8EDOFRQLHVRYHUKHDGZDWHUWDQNVURRIGHFNVODXQGU\
DUHDV DQG FDJHV ZDGLQJ RU VZLPPLQJ SRROV ZKLUOSRROV RU MDFX]]LV WHUUDFHV JDUGHQV FRXUWV RU SOD]DV EDOFRQLHV H[FHHGLQJ VT PHWHUV ILUH HVFDSH
VWUXFWXUHVDQGWKHOLNH
J 'HWHUPLQHWKH$OORZDEOH0D[LPXP7RWDO*URVV)ORRU $UHD7*)$WRDSSUR[LPDWHEXLOGLQJYROXPHXVLQJWKHIRUPXODKHUHDIWHU,QSDUWLFXODUGHWHUPLQHWKHPLQLPXP
UHTXLUHGRIIVWUHHWFXPRQVLWHSDUNLQJSURYLVLRQVGULYHZD\VDQGUHODWHGDFFHVVV\VWHPVSDUWLFXODUO\IRUQHZGHYHORSPHQWVDQGRUUHGHYHORSPHQWVZKHUHE\SURYLVLRQV
RIWKLV*XLGHOLQHVKDOODSSO\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
*URVV)ORRU
$UHD*)$ $OOUHTXLUHPHQWVIRU
7RWDO*URVV)ORRU$UHD
RIWKH 1RQ FRXUWVDWDOOIORRUVDERYH
7*)$RIWKHEXLOGLQJ
EXLOGLQJ *)$ B JUDGHXQGHU
VWUXFWXUH
VWUXFWXUH DUHDV
5XOH9,,,
LQVTPHWHUV
LQVTXDUH LQVTXDUHPHWHUV
PHWHUV
127(
&RPSXWHIRUDOORWKHUDUHDVQRWFRYHUHGE\WKH)/$5RUE\WKH*)$XVLQJ7DEOH9,,*
L 727$/*5266)/225$5($7*)$WKHWRWDOIORRUVSDFHZLWKLQWKHPDLQDQGDX[LOLDU\EXLOGLQJVSULPDULO\FRQVLVWLQJRIWKH*)$DQGDOORWKHUHQFORVHG
VXSSRUWDUHDVWRJHWKHUZLWKDOORWKHUXVDEOHKRUL]RQWDODUHDVVXUIDFHVDERYHDQGEHORZHVWDEOLVKHGJUDGHOHYHOWKDWDUHDOOSK\VLFDOO\DWWDFKHGWRWKHEXLOGLQJV
ZKLFKVKDOOFRQVLVWVRIWKHIROORZLQJ
D &RYHUHGDUHDVXVHGIRUSDUNLQJDQGGULYHZD\VVHUYLFHVDQGXWLOLWLHV7KH7*)$VSHFLILFDOO\H[FOXGHVSURYLVLRQVIRUFRXUWVDERYHJUDGHOHYHO
E 9HUWLFDOSHQHWUDWLRQVLQSDUNLQJIORRUVZKHUHQRUHVLGHQWLDORURIILFHXQLWVDUHSUHVHQW
F 8QFRYHUHG DUHDV IRU KHOLSDGV DLUFRQGLWLRQLQJ FRROLQJ WRZHUV RU $&&8 EDOFRQLHV RYHUKHDG ZDWHU WDQNV URRI GHFNV ODXQGU\ DUHDV DQG FDJHV ZDGLQJ RU
VZLPPLQJSRROVZKLUOSRRORUMDFX]]LVWHUUDFHVJDUGHQVFRXUWVRUSOD]DVEDOFRQLHVH[FHHGLQJVTPHWHUVILUHHVFDSHVWUXFWXUHVDQGWKHOLNHDQG
G 2WKHU EXLOGLQJ SURMHFWLRQV ZKLFK PD\ DGGLWLRQDOO\ IXQFWLRQ DV IORRUV RU SODWIRUPV LI SURSHUO\ UHLQIRUFHG HJ WKH WRS VXUIDFHV RI URRI H[WHQVLRQVHDYHV VXQ
EUHDNHUVODUJHURRIHGRUFDQWLOHYHUHGDUHDVVXFKDVSRUWHFRFKHUHVFDQRSLHVDQGWKHOLNH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
Figure VII.G.1.
$QQRWDWLRQ6WHHSHUDQJOHVVKDOOUHVXOWLIWKH552:LVQDUURZHUSDUWLFXODUO\IRUKLJKHU
GHQVLW\DQGKLJKHULQWHQVLW\EXLOGLQJXVHVRFFXSDQFLHV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
Figure VII.G.2.
(67$%/,6+,1*7+(2870267)$&(62)%8,/',1*2)%)25$7<3,&$/586(2&&83$1&<7+528*+7+(86(2)7+($0%)7+(%+/7+($09%$1'
7+($1*8/$53/$1($/21*7+(552:0:,'(552:
$QQRWDWLRQ6WHHSHUDQJOHVVKDOOUHVXOWLIWKH552:LVQDUURZHUSDUWLFXODUO\IRUKLJKHUGHQVLW\DQGKLJKHULQWHQVLW\EXLOGLQJXVHVRFFXSDQFLHV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
&%8,/',1*6$1'27+(5$&&(6625<6758&785(6:,7+,1&(0(7(5,(6$1'0(025,$/3$5.6
/RFDWLRQRI&HPHWHULHV0HPRULDO3DUNV
D &HPHWHULHVDQG0HPRULDO3DUNVVKDOOEHORFDWHGLQDFFRUGDQFHZLWKWKHDSSURYHGODQGXVHSODQRIWKHFLW\PXQLFLSDOLW\FRQFHUQHG3ULRU
FOHDUDQFH VKDOO EH REWDLQHG IURP WKH 'HSDUWPHQW RI +HDOWK WKH 1DWLRQDO :DWHU 5HVRXUFHV &RXQFLO WKH 'HSDUWPHQW RI (QYLURQPHQW DQG
1DWXUDO5HVRXUFHVDQGWKH+RXVLQJDQG/DQG8VH5HJXODWRU\%RDUG
3URWHFWLYH(QFORVXUHV
D 7KHFHPHWHU\VKDOOEHWRWDOO\HQFORVHGE\DSHULPHWHUIHQFHZDOORIVWURQJPDWHULDODQGDOOJDWHVVKDOOEHSURYLGHGZLWKDVWURQJGRRUDQGORFN
3HULPHWHUZDOOVKDOOQRWH[FHHGPHWHUVLQKHLJKW
E :KHUH D FHPHWHU\ LV HQFORVHG E\ D VROLG UHLQIRUFHG FRQFUHWH ZDOO DW OHDVW PHWHUV KLJK LW LVDOORZHG WRFRQVWUXFW WRPEV YDXOWV PDXVROHXPV RU RWKHU W\SHV RI
VHSXOFKUHVIRUWKHGHDGXSWRWKHZDOOV2WKHUZLVHDFOHDUDQFHRIPHWHUVVKDOOEHPDLQWDLQHGEHWZHHQWKHSHULPHWHUIHQFHDQGWKHQHDUHVWLQWHUPHQWSORW
,QWHUPHQWV%XULDOVDQG(QWRPEPHQWV
D )RUJURXQGLQWHUPHQWVWKHUHVKDOOEHDPLQLPXPGHSWKRIH[FDYDWLRQRIPHWHUVIURPJURXQGOHYHOWREDVHRIH[FDYDWLRQ+RZHYHULIFRQFUHWHYDXOWVDUHXVHGWKH
PLQLPXPGHSWKRIH[FDYDWLRQIURPEDVHRIYDXOWWRJURXQGOHYHOVKDOOEHPHWHUGHSHQGLQJRQWKHGHSWKRIJURXQGZDWHUWDEOH
E*URXQGLQWHUPHQWVVKDOOEHDOORZHGRQO\LQGHVLJQDWHGJUDYH\DUGDUHDVRIWKHFHPHWHU\DQGPD\EHSURYLGHGZLWKVXLWDEOHPDUNHUVKHDGVWRQHVRUPHPRULDOV
F 9DXOWVIRU WRPEV DQG PDXVROHXPV IRU DERYHJURXQG LQWHUPHQWV VKDOO EH RI VROLG UHLQIRUFHG FRQFUHWH &RQFUHWH KROORZ EORFNV RU DQ\ XQLW PDVRQU\ FRQVWUXFWLRQ RI
FHUDPLFVDGREHRUWKHOLNHVKDOOQRWEHDOORZHGIRUWKHFRQVWUXFWLRQRIDERYHJURXQGYDXOWVWRPEVRUPDXVROHXPV0DXVROHXPVPD\EHSURYLGHGZLWKRVVXDULHV
DQGRUFLQHUDULDDORQJWKHLQWHULRUZDOOV
G0XOWLOHYHOLQWHUPHQWQLFKHVVKDOORQO\EHRIVROLGUHLQIRUFHGFRQFUHWHFRQVWUXFWLRQRIQRWOHVVWKDQPLOOLPHWHUVWKLFNQHVVLQZKLFKFDVHWKH\PD\EHDOORZHGWRDEXW
ZDOOVRIWKHFHPHWHU\SURYLGHGWKHZDOOVDUHRIVROLGUHLQIRUFHGFRQFUHWHFRQVWUXFWLRQ&RQFUHWHKROORZEORFNVRUDQ\XQLWPDVRQU\FRQVWUXFWLRQRIFHUDPLFVDGREH
RUWKHOLNHVKDOOQRWEHDOORZHG
H %HIRUHFRQVWUXFWLRQLVVWDUWHGRQDQ\PDXVROHXPFDQRS\RYHUDWRPERUPXOWLOHYHOQLFKHVDEXLOGLQJSHUPLWVKDOOEHVHFXUHGWKHUHIRUIURPWKH2%2
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI
I+RUL]RQWDOGLYLVLRQVRIFROXPEDULDVKDOOEHRIUHLQIRUFHGFRQFUHWHRIDWOHDVWPLOOLPHWHUVWKLFNQHVV9HUWLFDOGLYLVLRQVPD\EHRIFRQFUHWHKROORZEORFNVRIDWOHDVW
PLOOLPHWHUVWKLFNQHVVLQZKLFKFDVHFHPHQWPRUWDUVKDOOEHDSSOLHGHYHQO\WRSUHVHQWDQRQSRURXVVXUIDFH0LQLPXPGLPHQVLRQVRILQGLYLGXDOFLQHUDULXPVKDOOEH
PLOOLPHWHUVE\PLOOLPHWHUVE\PLOOLPHWHUV&LQHUDU\UHPDLQVVKDOOEHSODFHGLQVLGHWLJKWO\VHDOHGXUQV
$FFHVVRU\6WUXFWXUHV
D$FKDSHOZLWKDIORRUDUHDRIDWOHDVWVTPHWHUVVKDOOEHFRQVWUXFWHGDWDFRQYHQLHQWORFDWLRQZLWKLQWKHFHPHWHU\ZKHUHIXQHUDOFHUHPRQLHVPD\EHKHOGDQG
LQFLGHQWDOO\VHUYHDVKDYHQIRUIXQHUDOSDUWLFLSDQWVDJDLQVWVXQDQGUDLQ
E:DNHFKDSOHWVZLWKDPLQLPXPDUHDRIVTPHWHUVIRUWKLUW\SHUVRQVDQGDWOHDVWVTPHWHUVIRUHDFKDGGLWLRQDOSHUVRQPD\EHSURYLGHG
F $GPLQLVWUDWLYH2IILFHDVTPHWHUVORWVKDOOEHDOORFDWHGIRUDQDGPLQLVWUDWLRQEXLOGLQJRIILFHIRUPHPRULDOSDUNVZLWKDQDUHDRIDERYHRQHKHFWDUH
G (OHFWULFDO3RZHU6XSSO\'LVWDQFHVRIODPSSRVWVIRUVWUHHWOLJKWLQJVKDOOEHSODFHGDWDPD[LPXPRIPHWHUVRUDVSUHVFULEHGE\WKHSRZHUILUPVHUYLFLQJWKH
DUHD8WLOLW\SROHVVKDOOEHLQVWDOOHGDORQJVLGHVRIVWUHHWVDQGSDWKZD\V
H3DUNLQJ$UHD3DUNLQJDUHDHTXLYDOHQWWRDPLQLPXPRIILYHRIWKHJURVVDUHDRIPHPRULDOSDUNFHPHWHU\VKDOOEHSURYLGHGRYHUDQGDERYHWKHUHTXLUHGSDUNLQJ
DUHDIDFLOLW\IRUDQ\VWUXFWXUHVWREHFRQVWUXFWHGZLWKLQWKHSUHPLVHVRIWKHPHPRULDOSDUNFHPHWHU\
I&RPIRUW5RRPV$GHTXDWHDQGFOHDQFRPIRUWURRPVZLWKIDFLOLWLHVIRUGLVDEOHGSHUVRQVVKDOOEHSURYLGHGLQSURSHUO\ORFDWHGDUHDV
127( 5HIHUDOVRWRWKHODWHVWDSSOLFDEOH+/85%*XLGHOLQHVUHJDUGLQJ&HPHWHULHVDQG0HPRULDO3DUNV
HPSKDVHVXQGHUVFRULQJDQGDQQRWDWLRQVVXSSOLHG
5XOH9,,,IROORZV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBB
7KH5HYLVHG,55RI3'1RDVSXEOLVKHGE\WKH'3:+RQ $SULO SDJH RI