You are on page 1of 116

,QVWUXFWLRQV

PDQXDO
,&$(1SGI
'ULYLQJ 0DLQWHQDQFH

9LEUDWRU\UROOHU
&$

(QJLQH
'HXW]%)0&

6HULDOQXPEHU
; 

&$LVRQHRI'\QDSDF
VPHGLXPKHDY\VRLOFRPSDFWLRQUROOHUV,WLV
DYDLODEOHLQ' VPRRWKGUXP DQG3' SDGIRRWGUXP YHUVLRQV7KHPDLQ
DUHDRIDSSOLFDWLRQIRUWKH3'YHUVLRQLVRQFRKHVLYHPDWHULDODQG
ZHDWKHUHGVWRQHPDWHULDO
$OOW\SHVRIEDVHFRXUVHVDQGVXEEDVHFRXUVHVFDQEHFRPSDFWHGGHHSHU
DQGWKHLQWHUFKDQJHDEOHGUXPV'WR3'DQGYLFHYHUVDIDFLOLWDWHHYHQ
JUHDWHUYDULHW\LQWKHUDQJHRIDSSOLFDWLRQ
7KHFDEDQGVDIHW\UHODWHGDFFHVVRULHVDUHGHVFULEHGLQWKLVPDQXDO
2WKHUDFFHVVRULHVVXFKDVFRPSDFWLRQPHWHUWDFKRJUDSKDQGILHOG
FRPSXWHUDUHGHVFULEHGLQVHSDUDWHLQVWUXFWLRQV

5HVHUYDWLRQIRUFKDQJHV
3ULQWHGLQ6ZHGHQ
7DEOHRI&RQWHQWV
,QWURGXFWLRQ 
6DIHW\*HQHUDOLQVWUXFWLRQV
6DIHW\ZKHQRSHUDWLQJ 
6DIHW\ 2SWLRQDO 
6SHFLDOLQVWUXFWLRQV 
7HFKQLFDOVSHFLILFDWLRQV1RLVH9LEUDWLRQV(OHFWULFDO 
7HFKQLFDOVSHFLILFDWLRQV'LPHQVLRQV 
7HFKQLFDOVSHFLILFDWLRQV:HLJKWVDQGYROXPHV 
7HFKQLFDOVSHFLILFDWLRQV:RUNLQJFDSDFLW\ 
7HFKQLFDOVSHFLILFDWLRQV*HQHUDO 
0DFKLQHSODWH,GHQWLILFDWLRQ 
0DFKLQHGHVFULSWLRQ'HFDOV
0DFKLQHGHVFULSWLRQ,QVWUXPHQWV&RQWUROV
0DFKLQHGHVFULSWLRQ(OHFWULFDOV\VWHP
2SHUDWLRQ6WDUWLQJ
6WDUWLQJ
2SHUDWLRQ'ULYLQJ
2SHUDWLRQ9LEUDWLRQ
2SHUDWLQJ6WRSSLQJ
/RQJWHUPSDUNLQJ
0LVFHOODQHRXV 
2SHUDWLQJLQVWUXFWLRQV6XPPDU\ 
0DLQWHQDQFH/XEULFDQWVDQGV\PEROV 
0DLQWHQDQFH0DLQWHQDQFHVFKHGXOH 
0DLQWHQDQFHK 
0DLQWHQDQFHK 
0DLQWHQDQFHK 
0DLQWHQDQFHK 
0DLQWHQDQFHK 
0DLQWHQDQFHK 

 ,&$(1SGI
,&$(1SGI 
,QWURGXFWLRQ

,QWURGXFWLRQ

:DUQLQJV\PEROV

:$51,1*0DUNVDGDQJHURUDKD]DUGRXV
SURFHGXUHWKDWFDQUHVXOWLQOLIHWKUHDWHQLQJRU
VHULRXVLQMXU\LIWKHZDUQLQJLVLJQRUHG

&$87,210DUNVDGDQJHURUKD]DUGRXV
SURFHGXUHWKDWFDQUHVXOWLQGDPDJHWRWKH
PDFKLQHRUSURSHUW\LIWKHZDUQLQJLVLJQRUHG

6DIHW\LQIRUPDWLRQ

7KHVDIHW\PDQXDOVXSSOLHGZLWKWKHPDFKLQH
PXVWEHUHDGE\DOOUROOHURSHUDWRUV$OZD\V
IROORZWKHVDIHW\LQVWUXFWLRQV'RQRWUHPRYH
WKHPDQXDOIURPWKHPDFKLQH

:HUHFRPPHQGWKDWWKHRSHUDWRUUHDGVWKH
VDIHW\LQVWUXFWLRQVLQWKLVPDQXDOFDUHIXOO\
$OZD\VIROORZWKHVDIHW\LQVWUXFWLRQV(QVXUH
WKDWWKLVPDQXDOLVDOZD\VHDVLO\DFFHVVLEOH

5HDGWKHHQWLUHPDQXDOEHIRUHVWDUWLQJWKH
PDFKLQHDQGEHIRUHFDUU\LQJRXWDQ\
PDLQWHQDQFH

(QVXUHJRRGYHQWLODWLRQ H[WUDFWLRQRIDLUE\IDQ
ZKHUHWKHHQJLQHLVUXQLQGRRUV

&$/,)251,$
3URSRVLWLRQ:DUQLQJ
'LHVHOHQJLQHH[KDXVWDQGVRPHRILWVFRQVWLWXHQWVDUH
NQRZQWRWKH6WDWHRI&DOLIRUQLDWRFDXVHFDQFHUELUWK
GHIHFWVDQGRWKHUUHSURGXFWLYHKDUP

*HQHUDO
7KLVPDQXDOFRQWDLQVLQVWUXFWLRQVIRUPDFKLQH
RSHUDWLRQDQGPDLQWHQDQFH

 ,&$(1SGI
1
,QWURGXFWLRQ

7KHPDFKLQHPXVWEHFRUUHFWO\PDLQWDLQHGIRU
PD[LPDOSHUIRUPDQFH
7KHPDFKLQHVKRXOGEHNHSWFOHDQVRWKDWDQ\
OHDNDJHVORRVHEROWVDQGORRVHFRQQHFWLRQVDUH
GLVFRYHUHGDWDVHDUO\DSRLQWLQWLPHDVSRVVLEOH
,QVSHFWWKHPDFKLQHHYHU\GD\EHIRUHVWDUWLQJ
,QVSHFWWKHHQWLUHPDFKLQHVRWKDWDQ\OHDNDJHVRU
RWKHUIDXOWVDUHGHWHFWHG
&KHFNWKHJURXQGXQGHUWKHPDFKLQH/HDNDJHVDUH
PRUHHDVLO\GHWHFWHGRQWKHJURXQGWKDQRQWKH
PDFKLQHLWVHOI

7+,1.(19,5210(17'RQRWUHOHDVHRLO
IXHODQGRWKHUHQYLURQPHQWDOO\KD]DUGRXV
VXEVWDQFHVLQWRWKHHQYLURQPHQW$OZD\VVHQG
XVHGILOWHUVGUDLQRLODQGIXHOUHPQDQWVWR
HQYLURQPHQWDOO\FRUUHFWGLVSRVDO

7KLVPDQXDOFRQWDLQVLQVWUXFWLRQVIRUSHULRGLF
PDLQWHQDQFHQRUPDOO\FDUULHGRXWE\WKHRSHUDWRU

$GGLWLRQDOLQVWUXFWLRQVIRUWKHHQJLQHFDQEH
IRXQGLQWKHPDQXIDFWXHU
VHQJLQHPDQXDO

,&$(1SGI 
2
6DIHW\*HQHUDOLQVWUXFWLRQV

6DIHW\*HQHUDOLQVWUXFWLRQV
$OVRUHDGWKHVDIHW\PDQXDO

 7KHRSHUDWRUPXVWEHIDPLOLDUZLWKWKHFRQWHQWVRIWKH23(5$7,21VHFWLRQ
EHIRUHVWDUWLQJWKHUROOHU

 (QVXUHWKDWDOOLQVWUXFWLRQVLQWKH0$,17(1$1&(VHFWLRQDUHIROORZHG

 2QO\WUDLQHGDQGRUH[SHULHQFHGRSHUDWRUVDUHWRRSHUDWHWKHUROOHU
3DVVHQJHUVDUHQRWSHUPLWWHGRQWKHUROOHU5HPDLQVHDWHGDWDOOWLPHVZKHQ
RSHUDWLQJWKHUROOHU

 1HYHUXVHWKHUROOHULILWLVLQQHHGRIDGMXVWPHQWRUUHSDLU

 %RDUGDQGOHDYHWKHUROOHURQO\ZKHQLWLVVWDWLRQDU\8VHWKHJULSVDQG
UDLOLQJVSURYLGHG$OZD\VXVHWKHWKUHHSRLQWJULS ERWKIHHWDQGRQHKDQGRU
RQHIRRWDQGERWKKDQGV ZKHQERDUGLQJRUGLVHPEDUNLQJWKHPDFKLQH

 7KH5236 5ROO2YHU3URWHFWLYH6WUXFWXUH VKRXOGDOZD\VEHXVHGZKHQWKH


PDFKLQHLVRSHUDWHGRQXQVDIHJURXQG

 'ULYHVORZO\LQVKDUSEHQGV

 $YRLGGULYLQJDFURVVVORSHV'ULYHVWUDLJKWXSRUVWUDLJKWGRZQWKHVORSH

 :KHQGULYLQJFORVHWRHGJHVRUKROHVPDNHVXUHWKDWDWOHDVWRIWKHGUXP
ZLGWKLVRQSUHYLRXVO\FRPSDFWHGPDWHULDOV

 0DNHVXUHWKDWWKHUHDUHQRREVWDFOHVLQWKHGLUHFWLRQRIWUDYHORQWKH
JURXQGLQIURQWRIRUEHKLQGWKHUROOHURURYHUKHDG

 'ULYHSDUWLFXODUO\FDUHIXOO\RQXQHYHQJURXQG

 8VHWKHVDIHW\HTXLSPHQWSURYLGHG7KHVHDWEHOWPXVWEHZRUQRQPDFKLQHV
ILWWHGZLWK5236

 .HHSWKHUROOHUFOHDQ&OHDQDQ\GLUWRUJUHDVHWKDWDFFXPXODWHVRQWKH
RSHUDWRUSODWIRUPLPPHGLDWHO\.HHSDOOVLJQVDQGGHFDOVFOHDQDQGOHJLEOH

 6DIHW\PHDVXUHVEHIRUHUHIXHOLQJ
6KXWRIIWKHHQJLQH
'RQRWVPRNH
1RQDNHGIODPHLQWKHYLFLQLW\RIWKHPDFKLQH
*URXQGWKHILOOLQJGHYLFHQR]]OHWRWKHWDQNWRDYRLGVSDUNV

 %HIRUHUHSDLUVRUVHUYLFH
&KRFNWKHGUXPVZKHHOVDQGXQGHUWKHVWULNHRIIEODGH
/RFNWKHDUWLFXODWLRQLIQHFHVVDU\

 +HDULQJSURWHFWLRQLVUHFRPPHQGHGLIWKHQRLVHOHYHOH[FHHGVG% $ 7KH


QRLVHOHYHOFDQYDU\GHSHQGLQJRQZKDWW\SHRIPDWHULDOWKHPDFKLQHLV
EHLQJXVHGRQ

 ,&$(1SGI
3
6DIHW\*HQHUDOLQVWUXFWLRQV

 'RQRWPDNHDQ\FKDQJHVRUPRGLILFDWLRQVWRWKHUROOHUWKDWFRXOGDIIHFW
VDIHW\&KDQJHVDUHRQO\WREHPDGHDIWHUZULWWHQDSSURYDOKDVEHHQJLYHQ
E\'\QDSDF

 $YRLGXVLQJWKHUROOHUEHIRUHWKHK\GUDXOLFIOXLGKDVUHDFKHGLWVQRUPDO
ZRUNLQJWHPSHUDWXUH%UDNLQJGLVWDQFHVFDQEHORQJHUWKDQQRUPDOZKHQWKH
IOXLGLVFROG5HIHUWRWKHRSHUDWLQJLQVWUXFWLRQLQWKH6723VHFWLRQ

,&$(1SGI 
4
6DIHW\ZKHQRSHUDWLQJ

6DIHW\ZKHQRSHUDWLQJ

'ULYLQJQHDUHGJHV
:KHQGULYLQJQHDUDQHGJHPLQLPXPRIWKHGUXP
ZLGWKPXVWEHRQVROLGJURXQG
.HHSLQPLQGWKDWWKHPDFKLQH
VFHQWHURIJUDYLW\
PRYHVRXWZDUGVZKHQVWHHULQJ)RUH[DPSOHWKH
FHQWHURIJUDYLW\PRYHVWRWKHULJKWZKHQ\RX
VWHHUWRWKHOHIW

0LQLPXP


)LJ3RVLWLRQRIGUXPZKHQGULYLQJQHDU
DQHGJH

6ORSHV
7KLVDQJOHKDVEHHQPHDVXUHGRQDKDUGIODWVXUIDFH
ZLWKWKHPDFKLQHVWDWLRQDU\
7KHVWHHULQJDQJOHZDV]HURWKHYLEUDWLRQZDV
VZLWFKHG2))DQGDOOWDQNVZHUHIXOO
$OZD\VWDNHLQWRFRQVLGHUDWLRQWKDWORRVHJURXQG
VWHHULQJWKHPDFKLQHYLEUDWLRQRQPDFKLQHVSHHG
DFURVVWKHJURXQGDQGUDLVLQJWKHFHQWHURIJUDYLW\FDQ
DOOFDXVHWKHPDFKLQHWRWRSSOHDWVPDOOHUVORSH
DQJOHVWKDQWKRVHVSHFLILHGKHUH
7RH[LWWKHFDELQDQHPHUJHQF\UHOHDVHWKH
0D[ƒRU KDPPHURQWKHUHDUULJKWSRVWDQGEUHDNWKH
UHDUZLQGRZ
,WLVUHFRPPHQGHGWKDW5236 5ROO2YHU
3URWHFWLYH6WUXFWXUH RUD5236DSSURYHGFDELV
)LJ2SHUDWLQJRQVORSHV DOZD\VXVHGZKHQGULYLQJRQVORSHVRUXQVDIH
JURXQG$OZD\VZHDUDVDIHW\EHOW

:KHUHSRVVLEOHDYRLGGULYLQJDFURVVVORSHV
'ULYHLQVWHDGVWUDLJKWXSDQGGRZQVORSLQJ
JURXQG

 ,&$(1SGI
5
6DIHW\ZKHQRSHUDWLQJ

,&$(1SGI 
6
6DIHW\ 2SWLRQDO

6DIHW\ 2SWLRQDO

6WULNHRIIEODGH
7KHRSHUDWRUPXVWPDNHVXUHWKDWQRERG\LVLQ
WKHDUHDRIRSHUDWLRQZKLOHWKHPDFKLQHLVLQ
XVH

(QVXUHDOZD\VWKDWWKHVWULNHRIIEODGHLV
VHFXUHGE\WKHORFNLQJSLQ  ZKHQGULYLQJ
ZLWKWKHEODGHLQLWVUDLVHGSRVLWLRQ$OZD\V
ORZHUWKHEODGHWRWKHJURXQGEHIRUHOHDYLQJRU
SDUNLQJWKHUROOHU


)LJ6WULNHRIIEODGH 7KHVWULNHRIIEODGHPXVWEHUHWUDFWHGWRWKH
/RFNLQJSLQ
WUDQVSRUWSRVLWLRQ  DWWKHHQGRIHDFK
ZRUNLQJSHULRG

 ,&$(1SGI
7
6DIHW\ 2SWLRQDO

$LUFRQGLWLRQLQJ
7KHV\VWHPGHVFULEHGLQWKLVPDQXDOLVW\SH$&&
$XWRPDWLF&OLPDWH&RQWURO

7KHV\VWHPFRQWDLQVSUHVVXUL]HGUHIULJHUDQW,W
LVIRUELGGHQWRUHOHDVHUHIULJHUDQWVLQWRWKH
DWPRVSKHUH

7KHFRROLQJV\VWHPLVSUHVVXUL]HG,QFRUUHFW
KDQGOLQJFDQUHVXOWLQVHULRXVSHUVRQDOLQMXU\
'RQRWGLVFRQQHFWRUXQGRWKHKRVHFRXSOLQJV

)LJ&DE
7KHV\VWHPPXVWEHUHILOOHGZLWKDQDSSURYHG
UHIULJHUDQWE\DXWKRUL]HGSHUVRQQHOZKHQ
QHFHVVDU\

)LJ$LUFRQGLWLRQLQJ

,&$(1SGI 
8
6SHFLDOLQVWUXFWLRQV

6SHFLDOLQVWUXFWLRQV

6WDQGDUGOXEULFDQWVDQGRWKHUUHFRPPHQGHG
RLOVDQGIOXLGV
%HIRUHOHDYLQJWKHIDFWRU\WKHV\VWHPVDQG
FRPSRQHQWVDUHILOOHGZLWKWKHRLOVDQGIOXLGVVSHFLILHG
LQWKHOXEULFDQWVSHFLILFDWLRQ7KHVHDUHVXLWDEOHIRU
DPELHQWWHPSHUDWXUHVLQWKHUDQJH¡&WR¡&
¡)¡) 

7KHPD[LPXPWHPSHUDWXUHIRUELRORJLFDO
K\GUDXOLFIOXLGLV¡& ¡) 

+LJKHUDPELHQWWHPSHUDWXUHVDERYHƒ&
ƒ)
)RURSHUDWLRQRIWKHPDFKLQHDWKLJKHUDPELHQW
WHPSHUDWXUHVKRZHYHUPD[LPXP¡& ¡) WKH
IROORZLQJUHFRPPHQGDWLRQVDSSO\
7KHGLHVHOHQJLQHFDQEHUXQDWWKLVWHPSHUDWXUHXVLQJ
QRUPDORLO+RZHYHUWKHIROORZLQJIOXLGVPXVWEHXVHG
IRURWKHUFRPSRQHQWV
+\GUDXOLFV\VWHPPLQHUDORLO6KHOO7HOOXV7RU
VLPLODU
2WKHUFRPSRQHQWVWKDWXVHWUDQVPLVVLRQRLO6KHOO
6SLUD[$;:RUHTXLYDOHQW

7HPSHUDWXUHV
7KHWHPSHUDWXUHOLPLWVDSSO\WRVWDQGDUGYHUVLRQVRI
UROOHUV
5ROOHUVHTXLSSHGZLWKDGGLWLRQDOHTXLSPHQWVXFKDV
QRLVHVXSSUHVVLRQPD\QHHGWREHPRUHFDUHIXOO\
PRQLWRUHGLQWKHKLJKHUWHPSHUDWXUHUDQJHV

+LJKSUHVVXUHFOHDQLQJ
'RQRWVSUD\GLUHFWO\RQWRHOHFWULFDOFRPSRQHQWV

 ,&$(1SGI
9
6SHFLDOLQVWUXFWLRQV

+LJKSUHVVXUHZDVKLQJPXVWQRWEHXVHGRQWKH
LQVWUXPHQWSDQHO

'HWHUJHQWWKDWFDQGHVWUR\HOHFWULFDOSDUWVRU
ZKLFKLVFRQGXFWLYHPXVWQRWEHXVHG

,QFHUWDLQFDVHVWKHUHLVDQHOHFWULFRSHUDWLQJ
OHYHUDQGDQDWWHQGDQWSURJUDPER[LQWKHHQJLQH
FRPSDUWPHQWZKLFKPXVWQRWEHZDVKHGZLWK
KLJKSUHVVXUHZDVKLQJRURWKHUZLVHZDVKHGZLWK
ZDWHU,WLVVXIILFLHQWWRZLSHWKHPFOHDQ

3ODFHDSODVWLFEDJRYHUWKHIXHOILOOHUFDSDQGVHFXUH
ZLWKDUXEEHUEDQG7KLVLVWRDYRLGKLJKSUHVVXUH
ZDWHUHQWHULQJWKHYHQWKROHLQWKHILOOHUFDS7KLVFRXOG
FDXVHPDOIXQFWLRQVVXFKDVWKHEORFNLQJRIILOWHUV

1HYHUDLPWKHZDWHUMHWGLUHFWO\DWWKHIXHOWDQN
FDS7KLVLVSDUWLFXODUO\LPSRUWDQWZKHQXVLQJD
KLJKSUHVVXUHFOHDQHU

)LUHILJKWLQJ
,IWKHPDFKLQHFDWFKHVILUHXVHDQ$%(FODVVSRZGHU
ILUHH[WLQJXLVKHU
$%(FODVVFDUERQGLR[LGHILUHH[WLQJXLVKHUFDQDOVR
EHXVHG

5ROO2YHU3URWHFWLYH6WUXFWXUH 5236 5236


DSSURYHGFDE

,IWKHPDFKLQHLVILWWHGZLWKD5ROO2YHU
3URWHFWLYH6WUXFWXUH 5236RU5236DSSURYHG
FDE QHYHUFDUU\RXWDQ\ZHOGLQJRUGULOOLQJLQ
WKHVWUXFWXUHRUFDE

1HYHUDWWHPSWWRUHSDLUDGDPDJHG5236
VWUXFWXUHRUFDE7KHVHPXVWEHUHSODFHGZLWK
QHZ5236VWUXFWXUHRUFDEV

%DWWHU\KDQGOLQJ

:KHQUHPRYLQJWKHEDWWHU\DOZD\VGLVFRQQHFW
WKHQHJDWLYHFDEOHILUVW

,&$(1SGI 
10
6SHFLDOLQVWUXFWLRQV

:KHQILWWLQJWKHEDWWHU\DOZD\VFRQQHFWWKH
SRVLWLYHFDEOHILUVW

'LVSRVHRIROGEDWWHULHVLQDQHQYLURQPHQWDOO\
IULHQGO\ZD\%DWWHULHVFRQWDLQWR[LFOHDG

'RQRWXVHDTXLFNFKDUJHUIRUFKDUJLQJWKH
EDWWHU\7KLVPD\VKRUWHQEDWWHU\OLIH

-XPSVWDUWLQJ

'RQRWFRQQHFWWKHQHJDWLYHFDEOHWRWKH
QHJDWLYHWHUPLQDORQWKHGHDGEDWWHU\$VSDUN
FDQLJQLWHWKHR[\K\GURJHQJDVIRUPHG
DURXQGWKHEDWWHU\

&KHFNWKDWWKHEDWWHU\XVHGIRUMXPSVWDUWLQJ
KDVWKHVDPHYROWDJHDVWKHGHDGEDWWHU\

 
7XUQWKHLJQLWLRQDQGDOOSRZHUFRQVXPLQJHTXLSPHQW
RII6ZLWFKRIIWKHHQJLQHRQWKHPDFKLQHZKLFKLV
SURYLGLQJMXPSVWDUWSRZHU
)LUVWFRQQHFWWKHMXPSVWDUWEDWWHU\
VSRVLWLYHWHUPLQDO
 WRWKHIODWEDWWHU\
VSRVLWLYHWHUPLQDO  7KHQ
 FRQQHFWWKHMXPSVWDUWEDWWHU\
VQHJDWLYHWHUPLQDO 
WRIRUH[DPSOHDEROW  RUWKHOLIMWLQJH\HRQWKH
PDFKLQHZLWKWKHIODWEDWWHU\
 6WDUWWKHHQJLQHRQWKHSRZHUSURYLGLQJPDFKLQH/HWLW
UXQIRUDZKLOH1RZWU\WRVWDUWWKHRWKHUPDFKLQH
'LVFRQQHFWWKHFDEOHVLQWKHUHYHUVHRUGHU
)LJ-XPSVWDUWLQJ

 ,&$(1SGI
11
6SHFLDOLQVWUXFWLRQV

,&$(1SGI 
12
7HFKQLFDOVSHFLILFDWLRQV1RLVH9LEUDWLRQV(OHFWULFDO

7HFKQLFDOVSHFLILFDWLRQV
1RLVH9LEUDWLRQV(OHFWULFDO

9LEUDWLRQV2SHUDWRUVWDWLRQ
,62

7KHYLEUDWLRQOHYHOVDUHPHDVXUHGLQDFFRUGDQFHZLWKWKHRSHUDWLRQDOF\FOHGHVFULEHGLQ
(8GLUHFWLYH(&RQPDFKLQHVHTXLSSHGIRUWKH(8PDUNHWZLWKYLEUDWLRQVZLWFKHG
RQRQVRIWSRO\PHUPDWHULDODQGZLWKWKHRSHUDWRU¶VVHDWLQWKHWUDQVSRUWSRVLWLRQ
0HDVXUHGZKROHERG\YLEUDWLRQVDUHEHORZWKHDFWLRQYDOXHRIPV£DVVSHFLILHGLQ'LUHFWLYH
(& /LPLWLVPV£
0HDVXUHGKDQGDUPYLEUDWLRQVDOVRZHUHEHORZWKHDFWLRQOHYHORIPV£VSHFLILHGLQWKHVDPH
GLUHFWLYH /LPLWLVPV£

1RLVHOHYHO

7KHQRLVHOHYHOLVPHDVXUHGLQDFFRUGDQFHZLWKWKHRSHUDWLRQDOF\FOHGHVFULEHGLQ(8
GLUHFWLYH(&RQPDFKLQHVHTXLSSHGIRUWKH(8PDUNHWRQVRIWSRO\PHUPDWHULDO
ZLWKYLEUDWLRQVZLWFKHGRQDQGWKHRSHUDWRU
VVHDWLQWKHWUDQVSRUWSRVLWLRQ

*XDUDQWHHGVRXQGSRZHUOHYHO/Z$  G% $

6RXQGSUHVVXUHOHYHODWWKHRSHUDWRU
VHDU SODWIRUP /S$  G% $

6RXQGSUHVVXUHOHYHODWWKHRSHUDWRU
VHDU FDE /S$  G% $

(OHFWULFDOV\VWHP
0DFKLQHVDUH(0&WHVWHGLQDFFRUGDQFHZLWK(1

&RQVWUXFWLRQPDFKLQHU\

 ,&$(1SGI
13
7HFKQLFDOVSHFLILFDWLRQV1RLVH9LEUDWLRQV(OHFWULFDO

,&$(1SGI 
14
7HFKQLFDOVSHFLILFDWLRQV'LPHQVLRQV

7HFKQLFDOVSHFLILFDWLRQV'LPHQVLRQV

'LPHQVLRQVVLGHYLHZ

'LPHQVLRQV PP LQ
$ :KHHOEDVHGUXPDQGZKHHO  
/ /HQJWKVWDQGDUGHTXLSSHGUROOHU  
+ +HLJKWZLWK5236 '  
+ +HLJKWZLWK5236 3'  
+ +HLJKWZLWKFDE '  
+ +HLJKWZLWKFDE 3'  
+ +HLJKWZLWKRXW5236 '  
+ +HLJKWZLWKRXW5236 3'  
' 'LDPHWHUGUXP '  
' 'LDPHWHUGUXP 3'  
6 7KLFNQHVVGUXPVZHHSQRPLQDO '  
6 7KLFNQHVVGUXPVZHHSQRPLQDO 3'  
3 +HLJKWSDGV 3'  
. &OHDUDQFHWUDFWRUIUDPH '3'  
. &OHDUDQFHGUXPIUDPH '  
. &OHDUDQFHGUXPIUDPH 3'  

 ,&$(1SGI
15
7HFKQLFDOVSHFLILFDWLRQV'LPHQVLRQV

'LPHQVLRQVWRSYLHZ

'LPHQVLRQV PP LQ
% :LGWKVWDQGDUGHTXLSSHGUROOHU  
2 2YHUKDQJOHIWIUDPHVLGH  
2 2YHUKDQJULJKWIUDPHVLGH  
5 7XUQUDGLXVH[WHUQDO  
5 7XUQUDGLXVLQWHUQDO  
: :LGWKWUDFWRUVHFWLRQ  
: :LGWKGUXP  

,&$(1SGI 
16
7HFKQLFDOVSHFLILFDWLRQV:HLJKWVDQGYROXPHV

7HFKQLFDOVSHFLILFDWLRQV:HLJKWVDQG
YROXPHV

:HLJKWV
6HUYLFHZHLJKWZLWK5236 (1  NJ  OEV
'
6HUYLFHZHLJKWZLWK5236 (1  NJ  OEV
3'
6HUYLFHZHLJKWZLWKRXW5236 '  NJ  OEV
6HUYLFHZHLJKWZLWKRXW5236 3'  NJ  OEV
6HUYLFHZHLJKWZLWKFDE '  NJ  OEV
6HUYLFHZHLJKWZLWKFDE 3'  NJ  OEV

)OXLGYROXPHV
5HDUD[OH
'LIIHUHQWLDO  OLWHU  TWV
3ODQHWDU\JHDU VWDQGDUG  OLWHUVVLGH  TWVVLGH
D[HO
3ODQHWDU\JHDU RSWLRQDO  OLWHUVLGH  TWVVLGH
VKDIW
'UXPJHDUER[  OLWHU  TWV
'UXPFDUWULGJH  OLWHUVVLGH  TWVVLGH
+\GUDXOLFUHVHUYRLU  OLWHUV  JDO
2LOLQK\GUDXOLFV\VWHP  OLWHUV  JDO
/XEULFDWLRQRLOGLHVHO  OLWHU  TWV
HQJLQH
&RRODQWGLHVHOHQJLQH  OLWHU  JDO
)XHOWDQN  OLWHUV  JDO

 ,&$(1SGI
17
7HFKQLFDOVSHFLILFDWLRQV:HLJKWVDQGYROXPHV

,&$(1SGI 
18
7HFKQLFDOVSHFLILFDWLRQV:RUNLQJFDSDFLW\

7HFKQLFDOVSHFLILFDWLRQV:RUNLQJ
FDSDFLW\

&RPSDFWLRQGDWD
6WDWLFOLQHDUORDG '  NJFP  SOL
6WDWLFOLQHDUORDG 3'    
6WDWLFOLQHDUORDGZLWK5236 '  NJFP  SOL
6WDWLFOLQHDUORDGZLWK5236 3'    
6WDWLFOLQHDUORDGZLWKFDE '  NJFP  SOL
6WDWLFOLQHDUORDGZLWKFDE 3'    
$PSOLWXGHKLJK '  PP  LQ
$PSOLWXGHKLJK 3'  PP  LQ
$PSOLWXGHORZ '3'  PP  LQ
9LEUDWLRQIUHTXHQF\KLJKDPSOLWXGH '3'  +]  YSP
9LEUDWLRQIUHTXHQF\ORZDPSOLWXGH '3'  +]  YSP
&HQWULIXJDOIRUFHKLJKDPSOLWXGH '3'  N1  OE
&HQWULIXJDOIRUFHORZDPSOLWXGH '3'  N1  OE

 ,&$(1SGI
19
7HFKQLFDOVSHFLILFDWLRQV:RUNLQJFDSDFLW\

,&$(1SGI 
20
7HFKQLFDOVSHFLILFDWLRQV*HQHUDO

7HFKQLFDOVSHFLILFDWLRQV*HQHUDO

(QJLQH
0DQXIDFWXUHU0RGHO 'HXW]%)0& :DWHUFRROHGWXUERGLHVHOZLWK$IWHU
&RROHU
3RZHU 6$(- N: KS
(QJLQHVSHHG USP

(OHFWULFDOV\VWHP
%DWWHU\ 9$K
$OWHUQDWRU 9$$
)XVHV 6HHWKH(OHFWULFDOV\VWHPVHFWLRQIXVHV

7LUH 7LUHGLPHQVLRQV 7LUHSUHVVXUH


6WGW\SH [SO\ N3D NSFP  SVL
7UDFWRUW\SH [SO\ N3D NSFP  SVL

7KHWLUHVFDQEHRSWLRQDOO\ILOOHGZLWKIOXLG H[WUD
ZHLJKWXSWRNJWLUH  OEVWLUH :KHQ
VHUYLFLQJEHDUWKLVH[WUDZHLJKWLQPLQG

 ,&$(1SGI
21
7HFKQLFDOVSHFLILFDWLRQV*HQHUDO

7LJKWHQLQJWRUTXH
7LJKWHQLQJWRUTXHLQ1PIRURLOHGEULJKWJDOYDQL]HG
EROWVWLJKWHQHGXVLQJDWRUTXHZUHQFK

675(1*7+&/$66
0WKUHDG   
0   
0   
0   
0   
0   
0   
0   
0   
0   

5236EROWVZKLFKDUHWREHWRUTXHWLJKWHQHG
PXVWEHGU\

5236EROWV

%ROWGLPHQVLRQV 0 31

6WUHQJWKFODVV 

7LJKWHQLQJWRUTXH 1P 'DFURPHW


WUHDWHG

,&$(1SGI 
22
7HFKQLFDOVSHFLILFDWLRQV*HQHUDO

$XWRPDWLF&OLPDWH&RQWURO $&&  2SWLRQDO


7KHV\VWHPGHVFULEHGLQWKLVPDQXDOLVW\SH$&&
$XWRPDWLF&OLPDWH&RQWURO LHDV\VWHPZKLFK
PDLQWDLQVWKHVHWWHPSHUDWXUHLQWKHFDESURYLGHGWKH
ZLQGRZVDQGGRRUVDUHNHSWFORVHG
&RRODQWGHVLJQDWLRQ+)&5$
&RRODQWZHLJKWDWILUVWILOOJUDP

+\GUDXOLFV\VWHP

2SHQLQJSUHVVXUH 03D
'ULYHV\VWHP 
6XSSO\V\VWHP 
9LEUDWLRQV\VWHP 
&RQWUROV\VWHPV 
%UDNHUHOHDVH 

 ,&$(1SGI
23
7HFKQLFDOVSHFLILFDWLRQV*HQHUDO

,&$(1SGI 
24
0DFKLQHSODWH,GHQWLILFDWLRQ

0DFKLQHSODWH,GHQWLILFDWLRQ

3URGXFWLGHQWLILFDWLRQQXPEHURQWKHIUDPH
7KHPDFKLQH3,1 SURGXFWLGHQWLILFDWLRQQXPEHU   LV
SXQFKHGRQWKHULJKWHGJHRIWKHIURQWIUDPH


)LJ)URQWIUDPH
3,1

0DFKLQHSODWH
 7KHPDFKLQHW\SHSODWH  LVDWWDFKHGWRWKHIURQWOHIW
VLGHRIWKHIUDPHEHVLGHWKHVWHHULQJMRLQW
7KHSODWHVSHFLILHVWKHPDQXIDFWXUHU
VQDPHDQG
DGGUHVVWKHW\SHRIPDFKLQHWKH3,1SURGXFW
LGHQWLILFDWLRQQXPEHU VHULDOQXPEHU VHUYLFHZHLJKW
HQJLQHSRZHUDQG\HDURIPDQXIDFWXUH ,IWKH
PDFKLQHLVGHOLYHUHGRXWVLGHWKH(8WKHUHDUHQR&(
PDUNLQJVDQGRQVRPHPDFKLQHVWKH\HDURI
PDQXIDFWXUHPD\QRWEHVSHFLILHG

)LJ2SHUDWRUSODWIRUP
0DFKLQHSODWH

3OHDVHVWDWHWKHPDFKLQH
V3,1ZKHQRUGHULQJ
VSDUHV

 ,&$(1SGI
25
0DFKLQHSODWH,GHQWLILFDWLRQ

(QJLQHSODWHV
7KHHQJLQH
VW\SHSODWH  LVDWWDFKHGWRWKHOHIWVLGH
RIWKHHQJLQH
7KHSODWHVSHFLILHVWKHW\SHRIHQJLQHLWVVHULDO
QXPEHUDQGWKHHQJLQHVSHFLILFDWLRQ

3OHDVHVSHFLI\WKHHQJLQHVHULDOQXPEHUZKHQ
RUGHULQJVSDUHV5HIHUDOVRWRWKHHQJLQHPDQXDO

 

)LJ(QJLQH
7\SHSODWH
(3$SODWH 86$

,&$(1SGI 
26
0DFKLQHGHVFULSWLRQ'HFDOV

0DFKLQHGHVFULSWLRQ'HFDOV

/RFDWLRQGHFDOV

  


    
  


   


   

  
 :DUQLQJ&UXVK]RQH  :DUQLQJ/RFNLQJ  6RXQGSRZHUOHYHO
 :DUQLQJ5RWDWLQJHQJLQH  :DUQLQJ7R[LFJDV  +\GUDXOLF
FRPSRQHQWV IOXLG%LRK\GUDXOLFIOXLG
 :DUQLQJ+RWVXUIDFHV  +RLVWLQJSODWH  7LHGRZQSRLQW
 :DUQLQJ%DOODVWHGWLUH  7LUHSUHVVXUH  +DQGERRNFRPSDUWPHQW
 (PHUJHQF\H[LW  'LHVHOIXHO  %DWWHU\LVRODWLRQVZLWFK
 :DUQLQJ5HDGLQVWUXFWLRQVPDQXDO  /LIWSRLQW  :DUQLQJVLJQ

 ,&$(1SGI
27
0DFKLQHGHVFULSWLRQ'HFDOV

6DIHW\GHFDOV

:DUQLQJ&UXVK]RQHDUWLFXODWLRQGUXP
0DLQWDLQDVDIHGLVWDQFHIURPWKHFUXVK]RQH
7ZRFUXVK]RQHVRQPDFKLQHVILWWHGZLWKSLYRWDOVWHHULQJ


:DUQLQJ5RWDWLQJHQJLQHFRPSRQHQWV
.HHS\RXUKDQGVDWDVDIHGLVWDQFHIURPWKH
GDQJHU]RQH


:DUQLQJ+RWVXUIDFHVLQWKHHQJLQHFRPSDUWPHQW
.HHS\RXUKDQGVDWDVDIHGLVWDQFHIURPWKH
GDQJHU]RQH


:DUQLQJ,QVWUXFWLRQPDQXDO
7KHRSHUDWRUPXVWUHDGWKHVDIHW\RSHUDWLRQDQG
PDLQWHQDQFHLQVWUXFWLRQVEHIRUHRSHUDWLQJWKH
PDFKLQH


:DUQLQJ/RFNLQJ
7KHDUWLFXODWLRQPXVWEHORFNHGZKHQOLIWLQJ
5HDGWKHLQVWUXFWLRQPDQXDO


:DUQLQJ7R[LFJDV DFFHVVRU\$&&
5HDGWKHLQVWUXFWLRQPDQXDO

,&$(1SGI 
28
0DFKLQHGHVFULSWLRQ'HFDOV


(PHUJHQF\H[LW


:DUQLQJ%DOODVWHGWLUH
5HDGWKHLQVWUXFWLRQPDQXDO

 ,&$(1SGI
29
0DFKLQHGHVFULSWLRQ'HFDOV

,QIRGHFDOV

1RLVHSRZHUOHYHO 'LHVHOIXHO /LIWLQJSRLQW

+RLVWLQJSODWH +DQGERRNFRPSDUWPHQW 0DVWHUVZLWFK

+\GUDXOLFIOXLG %LRORJLFDOK\GUDXOLFIOXLG 6HFXULQJSRLQW

6RXQGSRZHUOHYHO 7LUHSUHVVXUH
/1YHUVLRQ

,&$(1SGI 
30
0DFKLQHGHVFULSWLRQ,QVWUXPHQWV&RQWUROV

0DFKLQHGHVFULSWLRQ
,QVWUXPHQWV&RQWUROV

/RFDWLRQV,QVWUXPHQWVDQGFRQWUROV
  
  


     
 

)LJ,QVWUXPHQWVDQGFRQWUROSDQHO

 6WDUWHUVZLWFK
 5SP)UHTXHQF\VHOHFWRU
 :RUNLQJOLJKWV
 +D]DUGEHDFRQ
 'LUHFWLRQLQGLFDWRUVZLWFK
 +D]DUGZDUQLQJOLJKWV
 0DLQEHDPVZLWFK
 3DUNLQJGLSSHGEHDPVZLWFK
 9ROWPHWHU
 +\GUDXOLFWHPSHUDWXUH
 (QJLQHWHPSHUDWXUH
 (QJLQHUHYV9LEUDWLRQIUHTXHQF\
 &RPSDFWLRQPHWHU6SHHGRPHWHU VHHLWHP
 )XHOJDXJH
 6SHHGRPHWHU LIFRPSDFWLRQPHWHULVLQLWHP
 $PSOLWXGHVHOHFWRU+LJK/RZ
 &09YÕOMDUH
 $QWLVSLQIDXOWLQGLFDWLRQ
 3UHKHDWLQJODPS

2SWLRQDOHTXLSPHQW

 ,&$(1SGI
31
0DFKLQHGHVFULSWLRQ,QVWUXPHQWV&RQWUROV

/RFDWLRQV&RQWUROSDQHODQGFRQWUROV
   
 
  

 

    

)LJ&RQWUROSDQHO
 (QJLQHUHYVFRQWURO
 +RXUPHWHU  :DUQLQJODPSHQJLQHWHPSHUDWXUH
 %UDNHZDUQLQJODPS  :DUQLQJODPSIXHOOHYHO
 :DUQLQJODPSHQJLQHRLOSUHVVXUH  6SHHGVHOHFWRUUHDUD[OH
 :DUQLQJODPSK\GUDXOLFIOXLGILOWHU  5HVHUYH3DUNLQJEUDNHNQRE
 :DUQLQJODPSDLUILOWHU  +RUQ
 :DUQLQJODPSFKDUJLQJ  )RUZDUG5HYHUVHOHYHU
 :DUQLQJODPSK\GUDXOLFIOXLGWHPSHUDWXUH  9LEUDWLRQ212))
 6SHHGVHOHFWRUGUXP 2SWLRQDO

)XQFWLRQGHVFULSWLRQV

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ


 6WDUWHUVZLWFK 7KHHOHFWULFFLUFXLWLVEURNHQ

$OOLQVWUXPHQWVDQGHOHFWULFFRQWUROVDUHVXSSOLHGZLWK
SRZHU
6WDUWHUPRWRUDFWLYDWLRQ

 (QJLQHUHYV)UHTXHQF\VHOHFWRU 7KHFXUUHQWUSPLVVKRZQLQWKLVSRVLWLRQ
2SWLRQDO

7KHYLEUDWLRQIUHTXHQF\LVVKRZQLQWKLVSRVLWLRQ /HIW
SRVLWLRQKDVQRIXQFWLRQ

 5HDUZRUNLQJOLJKWVVZLWFK 7XUQULJKWWRVZLWFKRQWKHZRUNLQJOLJKWV
2SWLRQDO 

 +D]DUGEHDFRQVZLWFK 2SWLRQDO  7XUQULJKWWRVZLWFKRQWKHKD]DUGEHDFRQ

,&$(1SGI 
32
0DFKLQHGHVFULSWLRQ,QVWUXPHQWV&RQWUROV

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ


 'LUHFWLRQLQGLFDWRUVZLWFK 7XUQWRWKHOHIWWRVZLWFKRQWKHOHIWGLUHFWLRQLQGLFDWRUV
2SWLRQDO  HWF
7KHGLUHFWLRQLQGLFDWRUVDUHRIILQWKHPLGGOHSRVLWLRQ
 +D]DUGIODVKHUVVZLWFK 2SWLRQDO  7XUQWRWKHULJKWWRVZLWFKRQWKHKD]DUGIODVKHUV

 0DLQGLSSHGEHDPVZLWFKZLWK ,QWKHULJKWSRVLWLRQWKHVZLWFKOLJKWVDQGWKHPDLQEHDP
FRQWUROODPS 2SWLRQDO  LVRQ
,QWKHOHIWSRVLWLRQWKHGLSSHGEHDPLVRQ
 'ULYLQJOLJKWLQJVZLWFK 2SWLRQDO  /LJKWVRII

3DUNLQJOLJKWVRQ

)URQWZRUNLQJOLJKWVRQ

 9ROWPHWHU 2SWLRQDO  6KRZVHOHFWULFDOV\VWHPYROWDJH


1RUPDOUDQJHLVYROWV

 7HPSHUDWXUHJDXJHK\GUDXOLFIOXLG 6KRZVK\GUDXOLFIOXLGWHPSHUDWXUH
2SWLRQDO  1RUPDOWHPSHUDWXUHUDQJHLV¡¡& ¡¡) 
6WRSWKHHQJLQHLIWKHJDXJHVKRZVDWHPSHUDWXUHRI
PRUHWKDQ¡& ¡) /RFDWHWKHIDXOW
 7HPSHUDWXUHJDXJHHQJLQHRLO 6KRZVWKHHQJLQHRLOWHPSHUDWXUH
2SWLRQDO  1RUPDOWHPSHUDWXUHLVDURXQG¡& ¡) 
6WRSWKHHQJLQHLIWKHJDXJHVKRZVDWHPSHUDWXUHRI
PRUHWKDQ¡& ¡) /RFDWHWKHIDXOW
 (QJLQHUHYV)UHTXHQF\PHWHU 7KHLQQHUVFDOHLQGLFDWHVWKHFXUUHQWHQJLQHVSHHG
2SWLRQDO  7KHRXWHUVFDOHVKRZVWKHYLEUDWLRQIUHTXHQF\

 &RPSDFWLRQPHWHU 2SWLRQDO 6HHVHSDUDWHLQVWUXFWLRQV


 )XHOJDXJH 6KRZVOHYHOLQWKHIXHOWDQN

 (QJLQVVSHHGFRQWUROHQJLQH 7KHULJKWSRVLWLRQJLYHVWKHHQJLQHVSHHG
,QWKHORZHUSRVLWLRQWKHHQJLQHLGOHV
 6SHHGRPHWHU 2SWLRQDO  7KHRXWHUVFDOHVKRZVVSHHGLQNPK
7KHLQQHUVFDOHVKRZVVSHHGLQPSK

 $PSOLWXGHVHOHFWRU /HIWPRGHJLYHVORZDPSOLWXGH

,QWKHSRVLWLRQWKHYLEUDWLRQV\VWHPLVVZLWFKHGRII

5LJKWPRGHJLYHVKLJKDPSOLWXGH

 &09VHOHFWRU 2SWLRQDO  0RGHJLYHVUHDGLQJRQRXWHUVFDOH


0RGHJLYHVUHDGLQJRQLQQHUVFDOH
 +RXUPHWHU (QJLQHUXQQLQJWLPHLVVKRZQLQKRXUV
 %UDNHZDUQLQJODPS 7KHODPSFRPHRQZKHQWKHSDUNLQJRUHPHUJHQF\
EUDNHNQRELVGHSUHVVHGDQGWKHEUDNHVDUHDSSOLHG
 :DUQLQJODPSRLOSUHVVXUH 7KHODPSFRPHVRQLIWKHHQJLQHRLOSUHVVXUHLVWRRORZ
6WRSWKHHQJLQHLPPHGLDWHO\DQGORFDWHWKHIDXOW

 ,&$(1SGI
33
0DFKLQHGHVFULSWLRQ,QVWUXPHQWV&RQWUROV

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ


 :DUQLQJODPSK\GUDXOLFILOWHU ,IWKHODPSFRPHVRQZKLOHWKHHQJLQHLVUXQQLQJDWIXOO
VSHHGWKHK\GUDXOLFILOWHUPXVWEHFKDQJHG

 :DUQLQJODPSDLUILOWHU ,IWKHODPSFRPHVRQZKLOHWKHHQJLQHLVUXQQLQJDWIXOO
VSHHGWKHDLUILOWHUPXVWEHFOHDQHGRUUHSODFHG

 :DUQLQJODPSEDWWHU\FKDUJLQJ ,IWKHODPSFRPHVRQZKLOHWKHHQJLQHLVUXQQLQJWKH
DOWHUQDWRULVQRWFKDUJLQJ
6WRSWKHHQJLQHDQGORFDWHWKHIDXOW
 :DUQLQJODPSK\GUDXOLFIOXLG ,IWKHODPSFRPHVRQWKHK\GUDXOLFIOXLGLVWRRKRW
WHPSHUDWXUH 'RQRWGULYHWKHUROOHU&RROWKHIOXLGE\DOORZLQJWKH
HQJLQHWRLGOHDQGORFDWHWKHIDXOW

 :DUQLQJOLJKWHQJLQHRLO ,IWKHODPSFRPHVRQWKHHQJLQHLVWRRKRW6WRSWKH
WHPSHUDWXUH HQJLQHLPPHGLDWHO\DQGORFDWHWKHIDXOW
5HIHUDOVRWRWKHHQJLQHPDQXDO
 :DUQLQJODPSORZIXHOOHYHO :KHQWKHODPSFRPHVRQWKHUHLVRQO\DVPDOODPRXQW
RIIXHOOHIW
5HIXHODVVRRQDVSRVVLEOH

 6SHHGVHOHFWRUUHDUD[OH 7UDQVSRUWVSHHG +LJK

:RUNLQJVSHHG /RZ

 (PHUJHQF\EUDNH3DUNLQJEUDNH 3UHVVWRDFWLYDWHWKHHPHUJHQF\EUDNHV:KHQWKH
PDFKLQHLVVWDWLRQDU\WKHSDUNLQJEUDNHLVDFWLYDWHG
%RWKEUDNHVDUHUHOHDVHGZKHQSXOOHGRXW
 +RUQVZLWFK 3UHVVWRVRXQGWKHKRUQ

 )RUZDUG5HYHUVHOHYHU 7KHOHYHUPXVWEHLQQHXWUDOWRVWDUWWKHHQJLQH7KH
HQJLQHFDQQRWEHVWDUWHGLIWKHIRUZDUGUHYHUVHOHYHULVLQ
DQ\RWKHUSRVLWLRQ
7KHIRUZDUGUHYHUVHOHYHUFRQWUROVERWKWKHUROOHU
V
GULYLQJGLUHFWLRQDQGVSHHG:KHQWKHOHYHULVPRYHG
IRUZDUGWKHUROOHUPRYHVIRUZDUG
7KHUROOHU
VVSHHGLVSURSRUWLRQDOWRWKHGLVWDQFHWKH
OHYHULVIURPWKHQHXWUDOSRVLWLRQ7KHIXUWKHUWKHOHYHULV
IURPWKHQHXWUDOSRVLWLRQWKHKLJKHUWKHVSHHG
 9LEUDWLRQ2Q2IIVZLWFK 3UHVVRQFHDQGUHOHDVHWRVZLWFKWKHYLEUDWLRQRQSUHVV
DJDLQWRVZLWFKWKHYLEUDWLRQRII
7KHDERYHRQO\DSSOLHVZKHQWKHDPSOLWXGHVHOHFWRU
LVLQWKH+LJKRU/RZSRVLWLRQ

 :DUQLQJODPSPDOIXQFWLRQLQJ 7KHK\GUDXOLFSURSXOVLRQV\VWHPLVQRWZRUNLQJ
DQWLVSLQIXQFWLRQ 2SWLRQDO VDWLVIDFWRULO\LIWKHODPSIODVKHV/RFDWHDQGUHPHG\WKH
IDXOW

 3UHKHDWLQJODPS /LJKWVXSZKHQWKHGLHVHOHQJLQHLVEHLQJSUHKHDWHGDQG
WKHVZLWFKLVLQSRVLWLRQ,




,&$(1SGI 
34
0DFKLQHGHVFULSWLRQ,QVWUXPHQWV&RQWUROV

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ


 6SHHGVHOHFWRUGUXP 2SWLRQDO 7UDQVSRUWVSHHG +LJK

:RUNLQJVSHHG /RZ

 ,&$(1SGI
35
0DFKLQHGHVFULSWLRQ,QVWUXPHQWV&RQWUROV

&RQWUROVLQWKHFDE

   

)LUVWDLGNLW RSWLRQDO

)LJ&DEURRIIURQW









)LJ&DEULJKWVLGH $&RSWLRQDO
)LJ&DEURRIULJKWVLGH

 

)LJ&DEUHDU )LJ&DEURRIUHDU

,&$(1SGI 
36
0DFKLQHGHVFULSWLRQ,QVWUXPHQWV&RQWUROV

)XQFWLRQGHVFULSWLRQRILQVWUXPHQWVDQG
FRQWUROVLQWKHFDE

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ


 )URQWZRUNLQJOLJKWVVZLWFK 3UHVVWRVZLWFKRQWKHIURQWZRUNLQJOLJKWV

 5HDUZRUNLQJOLJKWVVZLWFK 3UHVVWRVZLWFKRQWKHUHDUZRUNLQJOLJKWV

 )URQWZLSHUVZLWFK 3UHVVWRRSHUDWHWKHIURQWVFUHHQZLSHU

 5HDUZLSHUVZLWFK 3UHVVWRRSHUDWHWKHUHDUVFUHHQZLSHU

 )URQWDQGUHDUZLQGRZVFUHHQZDVKHUV 3UHVVWKHXSSHUHGJHWRDFWLYDWHWKHIURQWVFUHHQ
VZLWFK ZDVKHUV
3UHVVWKHORZHUHGJHWRDFWLYDWHWKHUHDUVFUHHQ
ZDVKHUV

 )XVHER[ FDE &RQWDLQVIXVHVIRUWKHHOHFWULFDOV\VWHP6HHWKH


(OHFWULFDOV\VWHPVHFWLRQLQWKHRSHUDWLRQPDQXDO
IRUIXQFWLRQDOGHVFULSWLRQVRIWKHIXVHV

 +HDWHUFRQWURO 5LJKWPRGHPD[LPXPKHDWLQJ,QWKHOHIWSRVLWLRQ
WKHKHDWLQJLVRII
 9HQWLODWLRQIDQVZLWFK ,QWKHOHIWSRVLWLRQWKHIDQLV2))7RWKHULJKWWKH
IDQKDVWKUHHOHYHOV

 &DEDLUUHFLUFXODWLRQVZLWFK ,QWKHOHIWSRVLWLRQWKHPD[LPXPYROXPHRIDLULV
UHFLUFXODWHG
,QWKHULJKWSRVLWLRQWKHYROXPHUHFLUFXODWHGLV
PLQLPDO
 7HPSHUDWXUHVHQVRU 5HJLVWHUVWKHWHPSHUDWXUHLQWKHFDE'RQRWFRYHU
 $LUFRQGLWLRQLQJVZLWFK 6WDUWVDQGVWRSVWKHDLUFRQGLWLRQLQJ

 +DQGERRNFRPSDUWPHQW 6WRZDJHVSDFHIRUVDIHW\PDQXDODQGLQVWUXFWLRQ
PDQXDOV

 +DPPHUIRUHPHUJHQF\H[LW 7RHVFDSHIURPWKHFDELQDQHPHUJHQF\UHOHDVH
WKHKDPPHUDQGEUHDNWKH5($5ZLQGRZ

 ,&$(1SGI
37
0DFKLQHGHVFULSWLRQ,QVWUXPHQWV&RQWUROV

,&$(1SGI 
38
0DFKLQHGHVFULSWLRQ(OHFWULFDOV\VWHP

0DFKLQHGHVFULSWLRQ(OHFWULFDOV\VWHP

)XVHV
7KHHOHFWULFDOUHJXODWLQJDQGFRQWUROV\VWHPLV
SURWHFWHGDJDLQVWRYHUORDGE\IXVHVDQGUHOD\V
7KHTXDQWLW\GHSHQGVRQKRZPXFKH[WUDHTXLSPHQW
WKHPDFKLQHKDV
7KHIRXUIXVHER[HV  DQGUHOD\V  DUHORFDWHG
EHKLQGWKHORZHULQVWUXPHQWSODWHZKLFKLVRSHQHGE\
WXUQLQJWKHIRXUTXLFNILWVFUHZV  DWXUQ
  FRXQWHUFORFNZLVH
 
  
7KHPDFKLQHLVHTXLSSHGZLWKD9HOHFWULFDOV\VWHP
DQGDQ$&DOWHUQDWRU
)LJ,QVWUXPHQWSDQHO
)XVHER[HV 
4XLFNVFUHZV
5HOD\V

 ,&$(1SGI
39
0DFKLQHGHVFULSWLRQ(OHFWULFDOV\VWHP

)XVHV

 
7KHILJXUHVKRZVWKHSRVLWLRQRIWKHIXVHV
 

 
7KHWDEOHEHORZJLYHVIXVHDPSHUDJHDQGIXQFWLRQ$OO
  IXVHVDUHIODWSLQIXVHV

 

  7KHWDFKRJUDSKDQGPHPRU\IRUWKHUDGLRDUH
SURWHFWHGDWWKHEDWWHU\LVRODWLRQVZLWFKE\D$IXVH

)LJ)XVHER[
OHIWDQGULJKWVLGH

)XVHER[HVOHIWVLGH )XVHER[HVULJKWVLGH
 %UDNHYDOYHVWDUWHUUHOD\KRXUPHWHU $  /HIWZRUNLQJOLJKWV $
 9%6UHOD\ $  :RUNLQJOLJKWVULJKWLQVWUXPHQW $
LOOXPLQDWLRQ
 ,QGLFDWRUSDQHO $  +HDGOLJKWOHIW $
 +RUQ $  +HDGOLJKWULJKWLQVWUXPHQWLOOXPLQDWLRQ $

 /RZ+LJKVSHHG6WULNHRIIEODGH $  5HVHUYH
 5HYHUVHZDUQLQJ $  5HVHUYH
 ,QVWUXPHQWDWLRQ $  +D]DUGEHDFRQ $
 &RPSDFWLRQPHWHU $  'LUHFWLRQLQGLFDWRUVPDLQIXVH $
 +D]DUGEHDFRQ $  3RVLWLRQOLJKWOHIWIURQWDQGUHDU $
 $QWLVSLQ $  3RVLWLRQOLJKWULJKWIURQWDQGUHDU $
 6FUHHQZLSHUVWGFDE $  'LUHFWLRQLQGLFDWRUOHIWIURQWUHDUDQGVLGH $
 ,QWHULRUOLJKWLQJVWGFDE $  'LUHFWLRQLQGLFDWRUULJKWIURQWUHDUDQG $
VLGH
2SWLRQDO 2SWLRQDO
:KHQGULYLQJOLJKWVDUHILWWHG

,&$(1SGI 
40
0DFKLQHGHVFULSWLRQ(OHFWULFDOV\VWHP

)XVHVLQFDE
7KHHOHFWULFDOV\VWHPLQWKHFDEKDVDVHSDUDWHIXVH
ER[ORFDWHGRQWKHIURQWULJKWVLGHRIWKHFDEURRI
     

)LJ&DEURRIIXVHER[ 7KHILJXUHVKRZVIXVHDPSHUDJHDQGIXQFWLRQ
$OOIXVHVDUHIODWSLQIXVHV
 &RQGHQVRUIDQFDEURRI $
 5DGLR $
 &DELQWHULRUOLJKWLQJ $
 $LU&RQGLWLRQLQJIDQ $
 5HDUVFUHHQZLSHUZDVKHU $
 )URQWVFUHHQZLSHUZDVKHUV $

0DLQIXVHV
   7KHUHDUHWKUHHPDLQIXVHV  7KHVHDUHORFDWHG

EHKLQGWKHEDWWHU\PDVWHUGLVFRQQHFWVZLWFK7KH
WKUHHVFUHZVQHHGWREHXQVFUHZHGWRUHPRYHWKH
SODVWLFFRYHU
7KHIXVHVDUHRIIODWSLQW\SH
7KHVWDUWHUUHOD\  SUHKHDWHUUHOD\  PDLQIXVHV
 DQGFRQWUROPRGXOH  IRUSUHKHDWHUUHOD\DUHDOVR
ILWWHGKHUH
6XSSO\VWDQGDUG $ *UHHQ
6XSSO\FDE $ 5HG
)LJ(QJLQHFRPSDUWPHQW
6WDUWHUUHOD\ 6XSSO\OLJKWLQJ $ 2UDQJH
0DLQIXVHV  2SWLRQDOHTXLSPHQW
3UHKHDWHUUHOD\
&RQWUROPRGXOHSUHKHDWHUUHOD\

 ,&$(1SGI
41
0DFKLQHGHVFULSWLRQ(OHFWULFDOV\VWHP

5HOD\V

. 9%6UHOD\
. 0DLQUHOD\
. +RUQUHOD\
. )XHOJDXJHUHOD\
. 5HYHUVLQJDODUPUHOD\
. /LJKWUHOD\
. ,QGLFDWRUUHOD\
)LJ,QVWUXPHQWSDQHO . %UDNHUHOD\
2SWLRQDO

5HOD\VLQFDE
  7RUHSODFHWKHUHOD\VIRUWKHDLUFRQGLWLRQLQJIDQWKH
FRQGHQVRUIDQRQWKHFDEURRIDQGWKHUDGLRUHPRYH
LQVWUXPHQWSDQHO  



)LJ&DEURRIIURQW
,QVWUXPHQWSODWH
.5HOD\IRUDLUFRQGLWLRQLQJIDQ
.5HOD\IRUDLUFRQIDQVUDGLR
)XVHER[

,&$(1SGI 
42
2SHUDWLRQ6WDUWLQJ

2SHUDWLRQ6WDUWLQJ

%HIRUHVWDUWLQJ

0DVWHUVZLWFK6ZLWFKLQJRQ
5HPHPEHUWRFDUU\RXWGDLO\PDLQWHQDQFH5HIHUWR
WKHPDLQWHQDQFHLQVWUXFWLRQV
7KHPDVWHUVZLWFKLVORFDWHGLQWKHHQJLQH
FRPSDUWPHQW7XUQWKHNH\  WRWKHRQSRVLWLRQ7KH
HQWLUHUROOHULVQRZVXSSOLHGZLWKSRZHU
7KHHQJLQHKRRGPXVWEHXQORFNHGZKHQ
 RSHUDWLQJVRWKDWWKHEDWWHU\FDQEHTXLFNO\
GLVFRQQHFWHGLIQHFHVVDU\

)LJ(QJLQHFRPSDUWPHQW
0DVWHUVZLWFK

2SHUDWRU¶VVHDW$GMXVWLQJ
$GMXVWWKHRSHUDWRUಫVVHDWVRWKDWWKHSRVLWLRQLV
FRPIRUWDEOHDQGVRWKDWWKHFRQWUROVDUHZLWKLQHDV\
 UHDFK
7KHVHDWFDQEHDGMXVWHGDVIROORZV
/HQJWKDGMXVWPHQW 
:HLJKWDGMXVWPHQW 
5HOHDVHORFNLQJOHYHU  WRDGMXVWWKHVWHHULQJ
  FROXPQ/RFNLQWKHQHZSRVLWLRQ
$OZD\VPDNHVXUHWKDWWKHVHDWLVVHFXUHEHIRUH
)LJ2SHUDWRU
VVHDW EHJLQQLQJRSHUDWLRQ
/RFNLQJOHYHU/HQJWKDGMXVWPHQW
/HYHU:HLJKWDGMXVWPHQW
/RFNLQJOHYHU6WHHULQJFROXPQ
DQJOH

 ,&$(1SGI
43
2SHUDWLRQ6WDUWLQJ

&RQWUROXQLW6HWWLQJ
7KHFRQWUROXQLWKDVWZRDGMXVWPHQWRSWLRQVURWDWLRQ
 DQGVWHHULQJFROXPQDQJOH
3XOOWKHOHYHU  XSZDUGVWRDOORZURWDWLRQ
5HOHDVHWKHORFNLQJOHYHU  WRDGMXVWWKHVWHHULQJ
 FROXPQWRWKHGHVLUHGVORSHDQGWKHQORFNWKHVWHHULQJ
FROXPQLQLWVQHZSRVLWLRQ

 7KHVHDWFDQEHDGMXVWHGDVIROORZV
/HQJWKDGMXVWPHQW 

%DFNVORSH 
)LJ2SHUDWRU
VVWDWLRQ :HLJKWDGMXVWPHQW 
/RFNLQJOHYHUURWDWLRQ 2SWLRQDO
/RFNLQJOHYHUVWHHULQJFROXPQ $OZD\VPDNHVXUHWKDWWKHVHDWLVVHFXUHEHIRUH
DQJOH EHJLQQLQJRSHUDWLRQ
/RFNLQJOHYHUOHQJWKDGMXVWPHQW
/HYHUEDFNUHVWVORSH
/HYHUZHLJKWDGMXVWPHQW

2SHUDWRU¶VVHDWLQFDE$GMXVWLQJ

7KHFRQWUROXQLWKDVWKUHHDGMXVWPHQWRSWLRQV
WUDQVYHUVHWUDYHOURWDWLRQDQGVWHHULQJFROXPQDQJOH
$GMXVWWKHRSHUDWRU
VVHDWVRWKDWWKHSRVLWLRQLV
 FRPIRUWDEOHDQGVRWKDWWKHFRQWUROVDUHZLWKLQHDV\
UHDFK
  7KHVHDWFDQEHDGMXVWHGDVIROORZV
/HQJWKDGMXVWPHQW 
+HLJKWDGMXVWPHQW 
 6HDWFXVKLRQLQFOLQDWLRQ 
 %DFNUHVWLQFOLQDWLRQ 
$UPUHVWLQFOLQDWLRQ 
)LJ2SHUDWRU¶VVHDW
/HYHUOHQJWKDGMXVWPHQW /XPEDUVXSSRUWDGMXVWPHQW 
:KHHOKHLJKWDGMXVWPHQW
:KHHOVHDWFXVKLRQLQFOLQDWLRQ
:KHHOEDFNUHVWLQFOLQDWLRQ $OZD\VHQVXUHWKDWWKHVHDWLVORFNHGLQSRVLWLRQ
:KHHODUPUHVWLQFOLQDWLRQ
:KHHOOXPEDUVXSSRUW EHIRUHRSHUDWLQJWKHUROOHU
DGMXVWPHQW

,&$(1SGI 
44
2SHUDWLRQ6WDUWLQJ

,QVWUXPHQWVDQGODPSV&KHFNLQJ
  7XUQWKHVZLWFK  WRWKHPLGSRVLWLRQ$OOZDUQLQJ
ODPSVVKRXOGOLJKWIRUDERXWVHFRQGVDQGWKHEHHSHU
VKRXOGVRXQG
'XULQJWKLVWLPHFKHFNWKDWWKHZDUQLQJODPSVOLJKWXS
&KHFNWKDWWKHYROWPHWHU  UHDGVDWOHDVWYROWV
DQGWKDWWKHIXHOJDXJH  VKRZUHDGLQJV
  &KHFNWKDWWKHZDUQLQJODPSVIRUFKDUJLQJ  RLO
  
SUHVVXUH  DQGWKHSDUNLQJEUDNH  FRPHRQ

7KHKRXUPHWHU  UHJLVWHUVDQGVKRZVWKHWRWDO
QXPEHURIKRXUVWKHHQJLQHKDVUXQ
)LJ,QVWUXPHQWSDQHO
6WDUWHUVZLWFK 7KHSUHKHDWLQJODPS  VKRXOGOLJKWXS
9ROWPHWHU 2SWLRQDO
)XHOJDXJH
+RXUPHWHU
%UDNHODPS
2LOSUHVVXUHODPS
&KDUJLQJODPS
3UHKHDWLQJODPS

3DUNLQJEUDNH&KHFN
0DNHVXUHWKDWWKHUHVHUYHSDUNLQJEUDNHNQRE 
LVUHDOO\LQWKHGHSUHVVHGSRVLWLRQ7KHUROOHUFDQ
 VWDUWWRUROOZKHQWKHHQJLQHLVVWDUWHGRQVORSLQJ
JURXQGLIWKHUHVHUYHSDUNLQJEUDNHLVQRWDSSOLHG

)LJ&RQWUROSDQHO
5HVHUYHSDUNLQJEUDNHNQRE

,QWHUORFN 2SWLRQDO
7KHUROOHUFDQEHHTXLSSHGZLWK,QWHUORFN
7KHHQJLQHVZLWFKHVRIIVHFRQGVDIWHUWKHRSHUDWRU
ULVHVIURPWKHVHDW
7KHHQJLQHVWRSVZKHWKHUWKHIRUZDUGUHYHUVHOHYHULV
LQWKHQHXWUDORUWKHGULYHSRVLWLRQ
7KHHQJLQHGRHVQRWVWRSLIWKHSDUNLQJEUDNHLV
DFWLYDWHG

 ,&$(1SGI
45
2SHUDWLRQ6WDUWLQJ

2SHUDWRUSRVLWLRQ
,ID5236   5ROO2YHU3URWHFWLYH6WUXFWXUH RUDFDE
LVILWWHGWRWKHUROOHUDOZD\VZHDUWKHVHDWEHOW 
SURYLGHGDQGZHDUDSURWHFWLYHKHOPHW

5HSODFHWKHVHDWEHOW  LILWVKRZVVLJQVRI
ZHDURUKDVEHHQVXEMHFWHGWRKLJKOHYHOVRI
 IRUFH


&KHFNWKDWUXEEHUHOHPHQWV  RQWKHSODWIRUP
DUHLQWDFW:RUQHOHPHQWVZLOOLPSDLUFRPIRUW


)LJ2SHUDWRU
VVWDWLRQ
6HDWEHOW (QVXUHWKDWWKHDQWLVOLS  RQWKHSODWIRUPLVLQ
5236 JRRGFRQGLWLRQ5HSODFHZKHUHDQWLVOLSIULFWLRQLV
5XEEHUHOHPHQW
$QWLVOLS SRRU

,IWKHPDFKLQHLVILWWHGZLWKDFDEPDNHVXUHWKDW
WKHGRRULVFORVHGZKHQLQPRWLRQ

9LHZ
%HIRUHVWDUWLQJPDNHVXUHWKDWWKHYLHZIRUZDUGVDQG
EDFNZDUGVLVXQREVWUXFWHG
$OOFDEZLQGRZVVKRXOGEHFOHDQDQGWKHUHDUYLHZ
PLUURUVVKRXOGEHFRUUHFWO\DGMXVWHG

)LJYLHZ

,&$(1SGI 
46
2SHUDWLRQ6WDUWLQJ

6WULNHRIIEODGH 2SWLRQDO

$OZD\VHQVXUHWKDWWKHVWULNHRIIEODGHLVVHFXUHG
E\WKHORFNLQJSLQ  ZKHQGULYLQJZLWKWKHEODGH
LQLWVUDLVHGSRVLWLRQ$OZD\VORZHUWKHEODGHWRWKH
JURXQGEHIRUHOHDYLQJSDUNLQJWKHUROOHU

)LJ6WULNHRIIEODGH
&RWWHUSLQ

 ,&$(1SGI
47
2SHUDWLRQ6WDUWLQJ

,&$(1SGI 
48
6WDUWLQJ

6WDUWLQJ

6WDUWLQJWKHHQJLQH
6HWWKHIRUZDUGUHYHUVHOHYHU  LQQHXWUDO<RX
FDQQRWVWDUWWKHHQJLQHLQDQ\RWKHUSRVLWLRQRQWKH
FRQWURO
 6HWWKHDPSOLWXGHVHOHFWRU  IRU/RZ+LJKYLEUDWLRQ
WRPRGH2
6HWWKHHQJLQHVSHHGFRQWURO  WRLGOLQJ
7XUQWKHVWDUWHUVZLWFK  WRWKHULJKWWRWKHILUVW
SRVLWLRQ7KHSUHKHDWLQJODPS  QRZFRPHVRQ
:KHQWKHODPSJRHVRXWWXUQWKHNQREWRWKHVWDUW
SRVLWLRQDQGUHOHDVHLPPHGLDWHO\WKHHQJLQHVWDUWV
)LJ&RQWUROSDQHO 7KLVSDUWLFXODUO\LPSRUWDQWZKHQVWDUWLQJWKHPDFKLQH
)RUZDUGUHYHUVHOHYHU IURPFROG
'RQRWUXQWKHVWDUWHUPRWRUIRUWRRORQJ,IWKH
HQJLQHGRHVQRWVWDUWLPPHGLDWHO\ZDLWDPLQXWH
RUVREHIRUHWU\LQJDJDLQ

/HWWKHHQJLQHLGOHIRUDIHZPLQXWHVWRZDUPORQJHULI
WKHDPELHQWWHPSHUDWXUHLVEHORZ¡& ¡) 
:KLOVWWKHHQJLQHLVZDUPLQJXSFKHFNWKDWWKH
ZDUQLQJODPSVIRURLOSUHVVXUH  DQGFKDUJLQJ 
DUHQRWRQDQGWKDWWKHYROWPHWHU  VKRZV
YROWV7KHZDUQLQJODPS  IRUWKHSDUNLQJEUDNH
       VKDOOVWLOOOLJKW
 (QVXHWKDWWKHUHLVJRRGYHQWLODWLRQ DLUH[WUDFWLRQ
LIWKHHQJLQHLVUXQLQGRRUV5LVNRIFDUERQ
PRQR[LGHSRLVRQLQJ
:KHQVWDUWLQJXSDQGGULYLQJDFROGPDFKLQH
ZKLFKLPSOLHVFROGK\GUDXOLFIOXLGWKHEUDNLQJ
)LJ,QVWUXPHQWSDQHO GLVWDQFHZLOOEHORQJHUWKDQQRUPDOXQWLOWKH
6WDUWHUVZLWFK
9ROWPHWHU 2SWLRQDO PDFKLQHUHDFKHVZRUNLQJWHPSHUDWXUH
5HYVFRQWURO
$PSOLWXGHVHOHFWRU
%UDNHODPS
2LOSUHVVXUHODPS
&KDUJLQJODPS
3UHKHDWLQJODPS

 ,&$(1SGI
49
6WDUWLQJ

,&$(1SGI 
50
2SHUDWLRQ'ULYLQJ

2SHUDWLRQ'ULYLQJ

2SHUDWLQJWKHUROOHU
 8QGHUQRFLUFXPVWDQFHVLVWKHPDFKLQHWREH
RSHUDWHGIURPWKHJURXQG7KHRSHUDWRUPXVWEH
VHDWHGLQVLGHWKHPDFKLQHGXULQJDOORSHUDWLRQ

7XUQWKHHQJLQHVSHHGFRQWURO  DQGORFNLWLQLWV
HQGSRVLWLRQWKHHQJLQHVSHHGVKRXOGQRZEHDSSUR[
 USP
&KHFNWKDWWKHVWHHULQJLVZRUNLQJFRUUHFWO\E\WXUQLQJ
)LJ,QVWUXPHQWSDQHO WKHVWHHULQJZKHHORQFHWRWKHULJKWDQGRQFHWRWKH
7DFKRPHWHU RSWLRQDO OHIWZKLOHWKHUROOHULVVWDWLRQDU\
530FRQWURO 0DNHVXUHWKDWWKHDUHDLQIURQWRIDQGEHKLQGWKH
UROOHULVFOHDU

 ,&$(1SGI
51
2SHUDWLRQ'ULYLQJ

    3XOOXSWKHUHVHUYHSDUNLQJEUDNHNQRE  DQG
FKHFNWKDWWKHSDUNLQJEUDNHZDUQLQJODPSLVRII
%HSUHSDUHGWKDWWKHUROOHUPD\EHJLQWRUROOLILWLV
RQDVORSH

6HWWKH+LJK/RZVSHHGVHOHFWRUV  DQG  WRWKH


GHVLUHGPRGHVHHGHFDORQWKHFRQWUROSDQHO
0D[LPXPVSHHG
)LJ&RQWUROSDQHO /RZGUXP/RZUHDUD[OH NPK
6SHHGVHOHFWRUUHDUD[OH /RZGUXP+LJKUHDUD[OH NPK
5HVHUYHSDUNLQJEUDNHNQRE
)RUZDUG5HYHUVHOHYHU +LJKGUXP/RZUHDUD[OH NPK
6SHHGVHOHFWRUGUXP +LJKGUXP+LJKUHDUD[OH NPK
 2SWLRQDO
2QO\ZLWKDFFHVVRU\

7KH+LJK+LJKPRGHPD\RQO\EHXVHGIRU
WUDQVSRUWUXQVRQDQHYHQVXUIDFH

&DUHIXOO\PRYHWKHIRUZDUGUHYHUVHOHYHU  IRUZDUGV
RUEDFNZDUGVGHSHQGLQJRQZKLFKGLUHFWLRQRIWUDYHO
LVUHTXLUHG6SHHGLQFUHDVHVDVWKHOHYHULVPRYHG
DZD\IURPWKHQHXWUDOSRVLWLRQ
7KHVSHHGVKRXOGDOZD\VEHFRQWUROOHGXVLQJWKH
IRUZDUGUHYHUVHOHYHUDQGQHYHUE\FKDQJLQJWKH
HQJLQHVSHHG

7HVWWKHUHVHUYHEUDNHE\SUHVVLQJWKH
UHVHUYHSDUNLQJEUDNHNQRE  ZKLOHWKHUROOHULV
UXQQLQJVORZO\IRUZDUG

,&$(1SGI 
52
2SHUDWLRQ'ULYLQJ

  &KHFNZKLOHGULYLQJWKDWWKHJDXJHVVKRZQRUPDO
UHDGLQJV,QWKHHYHQWRIDEQRUPDOYDOXHVRULIWKH
EX]]HUVRXQGVLPPHGLDWHO\VWRSWKHUROOHUDQGWKH
GLHVHOHQJLQH&KHFNDQGUHPHG\DQ\IDXOWVHHDOVR
WKHFKDSWHURQPDLQWHQDQFHDQGWKHHQJLQHPDQXDO
,IWKHZDUQLQJODPSIRUWKHDLUILOWHU  FRPHVRQ
GXULQJRSHUDWLRQ ZKHQWKHGLHVHOHQJLQHLV
UXQQLQJDWIXOOVSHHG WKHPDLQILOWHUPXVWEH
FOHDQHGRUUHSODFHG6HHWKH0DLQWHQDQFH
 0DQXDO

)LJ,QVWUXPHQWSDQHO
+\GUDXOLFIOXLGWHPSHUDWXUH
2SWLRQDO
(QJLQHWHPSHUDWXUH 2SWLRQDO
:DUQLQJODPSDLUILOWHU

2SHUDWLRQRIVWULNHRIIEODGH 2SWLRQDO
%HIRUHGULYLQJPDNHFHUWDLQWKDWWKHEODGHLVLQLWV
 XSSHUPRVWSRVLWLRQ UDLVHG ,QVSHFWWKHFRQGLWLRQ
RIWKHJURXQGEHIRUHXVLQJWKHEODGH

7KHOHYHU  KDVWKUHHSRVLWLRQV
%DFNZDUG5DLVLQJWKHEODGH
)RUZDUG/RZHULQJWKHEODGH
)LJ&RQWUROV
)RUZDUGORFNHG)ORDWPRGHRQO\LWVRZQZHLJKW
/HYHU SUHVVHVWKHEODGHGRZQ
/RZHUWKHEODGHWRWKHJURXQGEHIRUHOHDYLQJRU
SDUNLQJWKHUROOHU
8VHWKHEODGHRQO\ZKHQGULYLQJ)25:$5'

:KHQXVLQJWKHVWULNHRIIEODGHWKHVDIHW\OLQN 
PXVWEHVHFXUHGZLWKLWVORFNLQJSLQLQWKHSDUNLQJ
FDWFK  



)LJ6WULNHRIIEODGH
/RFNLQJSLQ
6DIHW\OLQN
3DUNLQJFDWFK

 ,&$(1SGI
53
2SHUDWLRQ'ULYLQJ

2SHUDWLRQRQGLIILFXOWVXUIDFHV 2SWLRQDO

'UXPGULYH
  ,IWKHPDFKLQHVKRXOGJHWVWXFNDQGLWLVHTXLSSHGZLWK
VSHHGGUXPGULYHVHWWKHNQREIRUGULYLQJDVVKRZQ
EHORZ
,IWKHGUXPVSLQVFRQQHFWWKHGUXPGULYHRQKLJKDQG
WKHUHDUD[OHRQORZ
,IWKHUHDUW\SHVVSLQFRQQHFWWKHGUXPGULYHRQORZ
DQGWKHUHDUD[OHRQKLJK
:KHQWKHPDFKLQHKDVUHJDLQHGLWVJULSVHWWKHNQREV
LQWKHLURULJLQDOSRVLWLRQV
)LJ&RQWUROSDQHO
6SHHGVHOHFWRUUHDUD[OH
6SHHGVHOHFWRUGUXP

,&$(1SGI 
54
2SHUDWLRQ9LEUDWLRQ

2SHUDWLRQ9LEUDWLRQ

$PSOLWXGHIUHTXHQF\&KDQJHRYHU
7KHUHDUHWZRGUXPYLEUDWLRQVHWWLQJV6ZLWFKEHWZHHQ
WKHVHWWLQJVXVLQJVZLWFK  
7XUQWKHNQREWRWKHOHIWIRUORZDPSOLWXGHKLJK
IUHTXHQF\DQGWRWKHULJKWIRUKLJKDPSOLWXGHORZ
IUHTXHQF\
6HWWLQJWKHDPSOLWXGHPD\QRWEHSHUIRUPHG
ZKHQYLEUDWLRQLVLQRSHUDWLRQ
6ZLWFKWKHYLEUDWLRQRIIILUVWDQGZDLWXQWLO
YLEUDWLRQVWRSVEHIRUHVHWWLQJDPSOLWXGH

)LJ,QVWUXPHQWSDQHO
$PSOLWXGHVHOHFWRU/RZ+LJK

0DQXDOYLEUDWLRQ6ZLWFKLQJRQ

1HYHUDFWLYDWHYLEUDWLRQZKHQWKHUROOHULV
VWDWLRQDU\7KLVFDQGDPDJHERWKWKHVXUIDFHDQG
WKHPDFKLQH

(QJDJHDQGGLVHQJDJHYLEUDWLRQXVLQJWKHVZLWFK 
RQWKHIURQWRIWKHIRUZDUGUHYHUVHOHYHU
$OZD\VVZLWFKRIIYLEUDWLRQEHIRUHWKHUROOHUFRPHVWRD
)LJ&RQWUROSDQHO VWDQGVWLOO
6ZLWFKYLEUDWLRQ2Q2II
7KHHQJLQHGRHVQRWVWRSLIWKHSDUNLQJEUDNHLV
DFWLYDWHG

 ,&$(1SGI
55
2SHUDWLRQ9LEUDWLRQ

,&$(1SGI 
56
2SHUDWLQJ6WRSSLQJ

2SHUDWLQJ6WRSSLQJ

%UDNLQJ

(PHUJHQF\EUDNH
  %UDNLQJLVQRUPDOO\DFWLYDWHGXVLQJWKH
IRUZDUGUHYHUVHOHYHU7KHK\GURVWDWLFWUDQVPLVVLRQ
UHWDUGVDQGVORZVWKHUROOHUZKHQWKHOHYHULVPRYHG
WRZDUGVWKHQHXWUDOSRVLWLRQ
$GLVFEUDNHLQHDFKGUXPPRWRUDFWVDVDQ
HPHUJHQF\EUDNHZKHQLQPRWLRQDQGDVDSDUNLQJ
EUDNHZKHQVWDWLRQDU\
7REUDNHSUHVVWKHHPHUJHQF\SDUNLQJEUDNHNQRE
 KROGWKHVWHHULQJZKHHOILUPO\DQGEH
)LJ&RQWUROSDQHO SUHSDUHGIRUDVXGGHQVWRS
5HVHUYH3DUNLQJEUDNHNQRE
)RUZDUGUHYHUVLQJOHYHU

$IWHUEUDNLQJUHWXUQWKHIRUZDUGUHYHUVHOHYHUWRWKH
QHXWUDOSRVLWLRQDQGSXOOXSWKHHPHUJHQF\SDUNLQJ
EUDNHNQRE

1RUPDOEUDNLQJ
   3UHVVWKHVZLWFK  WRVZLWFKRIIWKHYLEUDWLRQ
0RYHWKHIRUZDUGUHYHUVHOHYHU  WRWKHQHXWUDO
SRVLWLRQWRVWRSWKHUROOHU
7XUQWKHHQJLQHVSHHGFRQWUROEDFNWRLGOLQJ$OORZWKH
HQJLQHWRLGOHIRUDIHZPLQXWHVWRFRROGRZQ
:KHQVWDUWLQJDQGGULYLQJDPDFKLQHWKDWLVFROG
UHPHPEHUWKDWWKHK\GUDXOLFIOXLGLVDOVRFROGDQG
WKDWEUDNLQJGLVWDQFHVFDQEHORQJHUWKDQQRUPDO
XQWLOWKHPDFKLQHUHDFKHVWKHZRUNLQJWHPSHUDWXUH
)LJ&RQWUROSDQHO
5HVHUYH3DUNLQJEUDNHNQRE
)RUZDUGUHYHUVLQJOHYHU $OZD\VSUHVVWKHUHVHUYHSDUNLQJEUDNHNQRE 
6ZLWFKYLEUDWLRQ212)) HYHQIRUEULHIVWRSVZKHQRQVORSLQJJURXQG

 ,&$(1SGI
57
2SHUDWLQJ6WRSSLQJ

6ZLWFKLQJRII
&KHFNLQVWUXPHQWVDQGZDUQLQJODPSVWRVHHLIDQ\
IDXOWVDUHLQGLFDWHG6ZLWFKRIIDOOOLJKWVDQGRWKHU
HOHFWULFDOIXQFWLRQV
7XUQWKHVWDUWHUVZLWFK  WRWKHOHIWWRWKHVKXWRII
SRVLWLRQ2QUROOHUVZLWKRXWDFDEORZHUDQGORFNWKH
LQVWUXPHQWFRYHU

 
)LJ,QVWUXPHQWSDQHO
6WDUWHUVZLWFK
3DQHOIRUZDUQLQJODPSV

3DUNLQJ

&KRFNLQJWKHGUXPV
1HYHUGLVHPEDUNIURPWKHPDFKLQHZKHQWKHLV
HQJLQHUXQQLQJXQOHVVWKHHPHUJHQF\SDUNLQJ
EUDNHNQRELVGHSUHVVHG

0DNHVXUHWKDWWKHUROOHULVSDUNHGLQDVDIHSODFH
ZLWKUHVSHFWWRRWKHUURDGXVHUV&KRFNWKHGUXPV
LIWKHUROOHULVSDUNHGRQVORSLQJJURXQG


)LJ$UUDQJHPHQW 5HPHPEHUWKHULVNRIIUHH]LQJGXULQJWKHZLQWHU
&KRFN )LOOWKHHQJLQHFRROLQJV\VWHPDQGWKH
VFUHHQZDVKERWWOHLQWKHFDEZLWKVXLWDEOH
DQWLIUHH]HPL[WXUHV6HHDOVRWKHPDLQWHQDQFH
LQVWUXFWLRQV

0DVWHUVZLWFK
%HIRUHOHDYLQJWKHUROOHUIRUWKHGD\VZLWFKWKHPDVWHU
VZLWFK  WRWKHGLVFRQQHFWHGSRVLWLRQDQGUHPRYHWKH
KDQGOH
7KLVZLOOSUHYHQWEDWWHU\GLVFKDUJLQJDQGZLOODOVR
PDNHLWGLIILFXOWIRUXQDXWKRUL]HGSHUVRQVWRVWDUWDQG
RSHUDWHWKHPDFKLQH/RFNWKHHQJLQHFRPSDUWPHQW
GRRUV


)LJ7UDFWRUIUDPHUHDUOHIW
0DVWHUVZLWFK

,&$(1SGI 
58
/RQJWHUPSDUNLQJ

/RQJWHUPSDUNLQJ

7KHIROORZLQJLQVWUXFWLRQVVKRXOGEHIROORZHG
ZKHQORQJWHUPSDUNLQJ PRUHWKDQRQHPRQWK 

7KHVHPHDVXUHVDSSO\ZKHQSDUNLQJIRUDSHULRGRIXS
WRPRQWKV
%HIRUHUHFRPPLVVLRQLQJWKHUROOHUWKHSRLQWVPDUNHG
ZLWKDQDVWHULVN PXVWEHUHWXUQHGWRWKHSUHVWRUDJH
VWDWH

)LJ5ROOHUZHDWKHUSURWHFWLRQ

(QJLQH
5HIHUWRWKHPDQXIDFWXUHUಫVLQVWUXFWLRQVLQWKHHQJLQH
PDQXDOWKDWLVVXSSOLHGZLWKWKHUROOHU

%DWWHU\
5HPRYHWKHEDWWHU\IURPWKHPDFKLQHFOHDQWKH
RXWVLGHFKHFNWKDWWKHHOHFWURO\WHOHYHOLVFRUUHFW VHH
XQGHUWKHKHDGLQJ(YHU\KRXUVRIRSHUDWLRQ DQG
WULFNOHFKDUJHWKHEDWWHU\RQFHDPRQWK

$LUFOHDQHUH[KDXVWSLSH
&RYHUWKHDLUFOHDQHU VHHXQGHUWKHKHDGLQJ
(YHU\
KRXUVRIRSHUDWLRQ
RU
(YHU\KRXUVRI
RSHUDWLRQ
RULWVRSHQLQJZLWKSODVWLFRUWDSH$OVR
FRYHUWKHH[KDXVWSLSHRSHQLQJ7KLVLVWRDYRLG
PRLVWXUHHQWHULQJWKHHQJLQH

)XHOWDQN
)LOOWKHIXHOWDQNFRPSOHWHO\IXOOWRSUHYHQW
FRQGHQVDWLRQ

+\GUDXOLFUHVHUYRLU
)LOOWKHK\GUDXOLFUHVHUYRLUWRWKHXSSHUPRVWOHYHOPDUN
VHHXQGHUWKHKHDGLQJಪ(YHU\KRXUVRIRSHUDWLRQಫ

 ,&$(1SGI
59
/RQJWHUPSDUNLQJ

6WHHULQJF\OLQGHUKLQJHVHWF
/XEULFDWHWKHVWHHULQJMRLQWEHDULQJVDQGERWKEHDULQJV
RQWKHVWHHULQJF\OLQGHUZLWKJUHDVH VHHXQGHUWKH
KHDGLQJ
(YHU\KRXUVRIRSHUDWLRQ

*UHDVHWKHVWHHULQJF\OLQGHUSLVWRQZLWKFRQVHUYDWLRQ
JUHDVH
*UHDVHWKHKLQJHVRQWKHGRRUVWRWKHHQJLQH
FRPSDUWPHQWDQGWKHFDE*UHDVHERWKHQGVRIWKH
IRUZDUGUHYHUVHFRQWURO EULJKWSDUWV  VHHXQGHUWKH
KHDGLQJ
(YHU\KRXUVRIRSHUDWLRQ


7LUHV $OOZHDWKHU
&KHFNWKDWWLUHSUHVVXUHLVN3D NSFP  
SVL 

+RRGVWDUSDXOLQ
/RZHUWKHLQVWUXPHQWFRYHURYHUWKHLQVWUXPHQW
SDQHO
&RYHUWKHHQWLUHUROOHUZLWKDWDUSDXOLQ$JDSPXVW
EHOHIWEHWZHHQWKHWDUSDXOLQDQGWKHJURXQG
,ISRVVLEOHVWRUHWKHUROOHULQGRRUVDQGLGHDOO\LQD
EXLOGLQJZKHUHWKHWHPSHUDWXUHLVFRQVWDQW

,&$(1SGI 
60
0LVFHOODQHRXV

0LVFHOODQHRXV

/LIWLQJ

/RFNLQJWKHDUWLFXODWLRQ
$UWLFXODWLRQPXVWEHORFNHGWRSUHYHQWLQDGYHUWHQW
WXUQLQJEHIRUHOLIWLQJWKHUROOHU

7XUQWKHVWHHULQJZKHHOWRWKHVWUDLJKWDKHDGSRVLWLRQ
3XVKLQWKHHPHUJHQF\SDUNLQJEUDNHNQRE
 3XOORXWWKHORZHUPRVWORFNLQJSLQ  ZKLFKKDVDD
   ZLUHDWWDFKHG3XOOXSWKHORFNLQJGRZHO  ZKLFKDOVR
)LJ$UWLFXODWLRQLQWKHORFNHGSRVLWLRQ KDVDZLUHDWWDFKHG
/RFNLQJDUP
/RFNLQJSLQ )ROGRXWWKHORFNLQJDUP  DQGVHFXUHLWWRWKHXSSHU
/RFNLQJVWXG ORFNLQJOXJ  RQVWHHULQJMRLQW
/RFNLQJOXJ
)LWWKHORFNLQJVWXE  LQWKHKROHVWKURXJKWKHORFNLQJ
DUP  DQGORFNLQJOXJ  DQGVHFXUHWKHVWXGLQ
SRVLWLRQZLWKWKHORFNLQJSLQ  
:HLJKWUHIHUWRWKHKRLVWLQJSODWHRQWKH
UROOHU
/LIWLQJWKHUROOHU
7KHPDFKLQH¶VJURVVZHLJKWLVVSHFLILHGRQWKH
KRLVWLQJSODWH  5HIHUDOVRWRWKH7HFKQLFDO
VSHFLILFDWLRQV

/LIWLQJHTXLSPHQWVXFKDVFKDLQVVWHHOZLUHV
 VWUDSVDQGOLIWLQJKRRNVPXVWEHGLPHQVLRQHGLQ
DFFRUGDQFHZLWKWKHUHOHYDQWVDIHW\UHJXODWLRQV
IRUWKHOLIWLQJHTXLSPHQW

6WDQGZHOOFOHDURIWKHKRLVWHGPDFKLQH0DNHVXUH
 WKDWWKHOLIWLQJKRRNVDUHSURSHUO\VHFXUHG

)LJ5ROOHUSUHSDUHGIRUOLIWLQJ
+RLVWLQJSODWH

 ,&$(1SGI
61
0LVFHOODQHRXV

8QORFNLQJWKHDUWLFXODWLRQ
5HPHPEHUWRXQORFNWKHDUWLFXODWLRQEHIRUH
RSHUDWLQJ

)ROGWKHORFNLQJDUP  EDFNDQGVHFXUHLWLQWKH
ORFNLQJOXJ  ZLWKWKHORFNLQJVWXG  ,QVHUWWKH
ORZHUPRVWORFNLQJSLQ  ILWWHGZLWKDZLUHWRVHFXUH
 WKHORFNLQJVWXG  7KHORFNLQJOXJ  LVORFDWHGRQ
   WKHWUDFWRUIUDPH
)LJ$UWLFXODWLRQLQWKHRSHQSRVLWLRQ
/RFNLQJDUP
/RFNLQJSLQ
/RFNLQJVWXG
/RFNLQJOXJ

7RZLQJ
7KHUROOHUFDQEHPRYHGXSWRPHWHUV IW
XVLQJWKHLQVWUXFWLRQVEHORZ

 $OWHUQDWLYH

6KRUWGLVWDQFHWRZLQJZLWKWKHHQJLQHUXQQLQJ

'HSUHVVWKHHPHUJHQF\SDUNLQJEUDNHNQREDQG
WHPSRUDULO\VKXWRIIWKHHQJLQH&KRFNWKHGUXPV
WRSUHYHQWWKHUROOHUIURPPRYLQJ

7XUQERWKWRZLQJYDOYHV   PLGGOHKH[DJRQDOQXWV
WKUHHWXUQVFRXQWHUFORFNZLVHZKLOHKROGLQJWKH
)LJ3URSXOVLRQSXPS
PXOWLIXQFWLRQYDOYH   ORZHUPRVWKH[DJRQDOQXW LQ
7RZLQJYDOYH SODFH7KHYDOYHVDUHSODFHGRQWKHIRUZDUGGULYH
/RFNQXW SXPS
6WDUWWKHHQJLQHDQGDOORZLWWRLGOH
7KHUROOHUFDQQRZEHWRZHGDQGFDQDOVREHVWHHUHG
LIWKHVWHHULQJV\VWHPLVRWKHUZLVHIXQFWLRQLQJ

,&$(1SGI 
62
0LVFHOODQHRXV


$OWHUQDWLYH

7RZLQJVKRUWGLVWDQFHVZKHUHWKHHQJLQHLV
LQRSHUDWLYH
&KRFNWKHGUXPVWRSUHYHQWWKHUROOHUIURPPRYLQJ
ZKHQWKHEUDNHVDUHPHFKDQLFDOO\GLVHQJDJHG
PP

 

)LJ5HDUD[OH )LUVWUHOHDVHERWKWRZLQJYDOYHVDVSHUDOWHUQDWLYH
/RFNQXW
$GMXVWLQJVFUHZ

5HDUD[OHEUDNH
8QGRWKHORFNQXW  DQGVFUHZWKHDGMXVWPHQW
VFUHZV  E\KDQGXQWLOUHVLVWDQFHLQFUHDVHVDQG
WKHQRQHDGGLWLRQDOWXUQ7KHDGMXVWPHQWVFUHZVDUH
ORFDWHGRQWKHUHDUD[OHWZRVFUHZVRQHDFKVLGHRI
WKHGLIIHUHQWLDOKRXVLQJ

'UXPJHDUER[EUDNH
7KHGUXPEUDNHLVGLVHQJDJHGE\VFUHZLQJRXWWKH
KH[DJRQDOVRFNHWVFUHZV  DSSUR[PPDQGWKHQ
SXOOLQJRXWWKHHQJLQHDGDSWHUWRZDUGVWKHVFUHZ
KHDGV

7KHEUDNHVDUHQRZGLVHQJDJHGDQGWKHUROOHUFDQEH
 WRZHG

$IWHUWRZLQJUHPHPEHUWRUHVHWWKHWRZLQJYDOYHV
 6FUHZRXWWKHDGMXVWLQJVFUHZ  WRLWV
RULJLQDOSRVLWLRQPPIURPWKHVWRSVXUIDFH
DQGWLJKWHQWKHORFNLQJQXWV  7LJKWHQWKHIRXU
KH[DJRQDOVRFNHWVFUHZV  6HHWKHVHFWLRQ
6KRUWGLVWDQFHWRZLQJRSWLRQVDQG


)LJ'UXPEUDNH
6FUHZ

 ,&$(1SGI
63
0LVFHOODQHRXV

 'UXPJHDUER[EUDNH 2SWLRQ
'LVHQJDJHWKHGUXPEUDNHE\VFUHZLQJLQWKHWZR
VFUHZV  XQWLOWKH\VWRS

6FUHZLQHDFKVFUHZHTXDOO\DOWHUQDWLQJEHWZHHQWKH
WZR7KLVLVQHFHVVDU\WRSUHYHQWMDPPLQJWKHEUDNH
SLVWRQ

7KHEUDNHVDUHQRZGLVHQJDJHGDQGWKHUROOHUFDQEH
WRZHG


$IWHUWRZLQJGRQ
WIRUJHWWRUHVHWWKHWRZLQJ
YDOYHV  6FUHZRXWWKHDGMXVWPHQWVFUHZ  WR
LWVRULJLQDOSRVLWLRQPPIURPWKHVWRSVXUIDFH
DQGWLJKWHQWKHORFNLQJQXWV  /RRVHQWKHGUXP
EUDNHVFUHZV  6HHWKHVHFWLRQ6KRUWGLVWDQFH
WRZLQJRSWLRQVDQG

)LJ'UXPEUDNH
6FUHZ

,&$(1SGI 
64
0LVFHOODQHRXV

7RZLQJWKHUROOHU
:KHQWRZLQJUHFRYHULQJWKHUROOHUPXVWEHEUDNHG
E\WKHWRZLQJYHKLFOH$WRZLQJEDUPXVWEHXVHG
DVWKHUROOHUKDVQREUDNHV

7KHUROOHUPXVWEHWRZHGVORZO\PD[NPK 
PSK DQGRQO\WRZHGVKRUWGLVWDQFHVPD[P
\DUGV 

:KHQWRZLQJUHWULHYLQJDPDFKLQHWKHWRZLQJGHYLFH
PXVWEHFRQQHFWHGWRERWKOLIWLQJKROHV7KHSXOOLQJ
IRUFHPXVWDFWORQJLWXGLQDOO\RQWKHPDFKLQHDVVKRZQ
LQWKHILJXUH0D[LPXPJURVVSXOOLQJIRUFHN1
OEI 

)LJ7RZLQJ

5HVWRUHWKHLWHPVIRUWRZLQJDFFRUGLQJWR
DOWHUQDWLYHRURQWKHSUHFHGLQJSDJHV

5ROOHUSUHSDUHGIRUWUDQVSRUW
/RFNWKHDUWLFXODWLRQEHIRUHOLIWLQJDQG
WUDQVSRUWLQJ)ROORZWKHLQVWUXFWLRQVXQGHUWKH
UHOHYDQWKHDGLQJ

&KRFNWKHGUXPV  DQGVHFXUHWKHFKRFNVWRWKH
WUDQVSRUWYHKLFOH
%ORFNXSXQGHUWKHGUXPIUDPH  WRDYRLGRYHUORDG
RQWKHUXEEHUVXVSHQVLRQRIWKHGUXPZKHQODVKLQJ

 
 &ODPSGRZQWKHUROOHUZLWKODVKLQJVWUDSDWDOOIRXU
)LJ7UDQVSRUW
FRUQHUVGHFDOV  LQGLFDWHWKHIL[LQJSRLQWV
&KRFN%ORFNXS 5HPHPEHUWRUHWXUQWKHDUWLFXODWLRQWRLWV
/DVKLQJZLUH XQORFNHGSRVLWLRQEHIRUHVWDUWLQJWKHUROOHU

 ,&$(1SGI
65
2SHUDWLQJLQVWUXFWLRQV6XPPDU\

,&$(1SGI 
66
2SHUDWLQJLQVWUXFWLRQV6XPPDU\

2SHUDWLQJLQVWUXFWLRQV6XPPDU\

 )ROORZWKH6$)(7<,16758&7,216VSHFLILHGLQWKH6DIHW\0DQXDO

 0DNHVXUHWKDWDOOLQVWUXFWLRQVLQWKH0$,17(1$1&(VHFWLRQDUHIROORZHG

 7XUQWKHPDVWHUVZLWFKWRWKH21SRVLWLRQ

 0RYHWKHIRUZDUGUHYHUVHOHYHUWRWKH1(875$/SRVLWLRQ

 6HWWKHVZLWFKIRU0DQXDO$XWRPDWLFYLEUDWLRQWRWKHSRVLWLRQ

 6HWWKHHQJLQHVSHHGFRQWUROWRLGOH

 6WDUWWKHHQJLQHDQGDOORZLWWRZDUPXS

 6HWWKHHQJLQHVSHHGFRQWUROWRWKHRSHUDWLQJSRVLWLRQ

 6HWWKHHPHUJHQF\SDUNLQJEUDNHNQRELQWKHSXOOHGRXWSRVLWLRQ

 'ULYHWKHUROOHU2SHUDWHWKHIRUZDUGUHYHUVHOHYHUZLWKFDUH

 7HVWWKHEUDNHV5HPHPEHUWKDWWKHEUDNLQJGLVWDQFHZLOOEHORQJHULIWKH
UROOHULVFROG

 8VHYLEUDWLRQRQO\ZKHQWKHUROOHULVLQPRWLRQ

 ,1$1(0(5*(1&<
3XVKLQWKH(0(5*(1&<3$5.,1*%5$.(.12%
+ROGWKHVWHHULQJZKHHOILUPO\
%UDFH\RXUVHOIIRUDVXGGHQVWRS

 :KHQSDUNLQJ
3XVKLQWKHUHVHUYHSDUNLQJEUDNHNQRE
6WRSWKHHQJLQHDQGFKRFNWKHGUXPDQGZKHHOV

 :KHQOLIWLQJ5HIHUWRWKHUHOHYDQWVHFWLRQLQWKH,QVWUXFWLRQ0DQXDO

 :KHQWRZLQJ5HIHUWRWKHUHOHYDQWVHFWLRQLQWKH,QVWUXFWLRQ0DQXDO

 :KHQWUDQVSRUWLQJ5HIHUWRWKHUHOHYDQWVHFWLRQLQWKH,QVWUXFWLRQ0DQXDO

 :KHQUHFRYHULQJ5HIHUWRWKHUHOHYDQWVHFWLRQLQWKH,QVWUXFWLRQ0DQXDO

 ,&$(1SGI
67
2SHUDWLQJLQVWUXFWLRQV6XPPDU\

,&$(1SGI 
68
0DLQWHQDQFH/XEULFDQWVDQGV\PEROV

0DLQWHQDQFH/XEULFDQWVDQGV\PEROV

$OZD\VXVHKLJKTXDOLW\OXEULFDQWVDQGWKH
DPRXQWVUHFRPPHQGHG7RRPXFKJUHDVHRU
RLOFDQFDXVHRYHUKHDWLQJUHVXOWLQJLQUDSLG
ZHDU

(1*,1(2,/ $LUWHPSHUDWXUH¡&¡& ¡)¡)


6KHOO5LPXOD6XSHU:$3,&+RUHTXLYDOHQW

+<'5$8/,&)/8,' $LUWHPSHUDWXUH¡&¡& ¡)¡)


6KHOO7HOOXV7;RUHTXLYDOHQW
$LUWHPSHUDWXUHDERYH¡& ¡)
6KHOO7HOOXV7RUHTXLYDOHQW
%,2/2*,&$/+<'5$8/,& %3%LRK\G6(6
)/8,' :KHQLWOHDYHVWKHIDFWRU\WKHPDFKLQHPD\EH
ILOOHGZLWKELRGHJUDGDEOHIOXLG7KHVDPHW\SHRIIOXLG
PXVWEHXVHGZKHQFKDQJLQJRUWRSSLQJXS
75$160,66,212,/ $LUWHPSHUDWXUH¡&¡& ¡)¡)
6KHOO6SLUD[$;:$3,*/RUHTXLYDOHQW
$LUWHPSHUDWXUH¡& ¡) DERYH¡& ¡)
6KHOO6SLUD[$;:$3,*/RUHTXLYDOHQW
'5802,/ 0RELO6+&

*5($6( 6.)/*+% 1/*,.ODVV RUHTXLYDOHQWIRUWKH


DUWLFXODWHGMRLQW
6KHOO5HWLQD[/;RUHTXLYDOHQWIRURWKHUJUHDVH
SRLQWV
)8(/ 6HHHQJLQHPDQXDO

&22/$17 *O\FR6KHOORUHTXLYDOHQW PL[HGZLWKZDWHU 


$QWLIUHH]HSURWHFWLRQGRZQWRDERXW¡& ¡) 

2WKHUIXHODQGOXEULFDQWVDUHUHTXLUHGZKHQ
RSHUDWLQJLQDUHDVZLWKH[WUHPHO\KLJKRU
H[WUHPHO\ORZDPELHQWWHPSHUDWXUHV6HHWKH
ಪ6SHFLDOLQVWUXFWLRQVಫFKDSWHURUFRQVXOW
'\QDSDF

 ,&$(1SGI
69
0DLQWHQDQFH/XEULFDQWVDQGV\PEROV

0DLQWHQDQFHV\PEROV

(QJLQHRLOOHYHO 7\UHSUHVVXUH

(QJLQHRLOILOWHU $LUILOWHU

+\GUDXOLFUHVHUYRLUOHYHO %DWWHU\

+\GUDXOLFIOXLGILOWHU 5HF\FOLQJ

7UDQVPLVVLRQRLOOHYHO )XHOILOWHU

'UXPRLOOHYHO &RRODQWOHYHO

2LOIRUOXEULFDWLRQ

,&$(1SGI 
70
0DLQWHQDQFH0DLQWHQDQFHVFKHGXOH

0DLQWHQDQFH0DLQWHQDQFHVFKHGXOH

6HUYLFHDQGPDLQWHQDQFHSRLQWV
 

  

 


   

 








  

              
)LJ6HUYLFHDQGPDLQWHQDQFHSRLQWV

 5DGLDWRUJULOOH  6FUDSHUV  (QJLQHVXVSHQVLRQSFV


 2LOOHYHOGLHVHOHQJLQH  'UXPRLOOHYHOSOXJ[  )HHGSXPSIXHO
 )XHOILOWHUIXHOSUHILOWHU  5XEEHUHOHPHQWVDQGIDVWHQLQJ  'LHVHOIXHOILOOHU
VFUHZV
 $LUILOWHU  6WHHULQJMRLQW  %DWWHU\
 (QJLQHFRYHUKLQJHV  6WHHULQJF\OLQGHUV[  5DGLDWRU
 +\GUDXOLFUHVHUYRLUVLJKWJODVV  )O\ZKHHOFDVLQJK\GUDXOLF  +\GUDXOLFIOXLGFRROHU
SXPSV
 %OHHGLQJILOWHU  :KHHOQXWV  'ULYHEHOWVFRROLQJDOWHUQDWRU
 +\GUDXOLFILOWHUSFV  7LUHVSUHVVXUH  6WHHULQJFKDLQ
 'UDLQDJHK\GUDXOLFIOXLG  5HDUD[OHGLIIHUHQWLDO  6HDWEHDULQJ
UHVHUYRLU
 +\GUDXOLFIOXLGILOOLQJ  5HDUD[OHSODQHWDU\JHDUV  6WHHULQJFKDLQ
SFV
 )XVHER[  5HDUD[OHVXVSHQVLRQVLGHV  )RUZDUGUHYHUVHOHYHU
 'UXPFDUWULGJHILOOLQJILOOHUV  2LOILOWHUGLHVHOHQJLQH  )UHVKDLUILOWHU
 'UXPJHDUER[  'UDLQDJHIXHOWDQN  $LUFRQGLWLRQLQJ
2SWLRQDOHTXLSPHQW

*HQHUDO
3HULRGLFPDLQWHQDQFHVKRXOGEHFDUULHGRXWDIWHUWKH
QXPEHURIKRXUVVSHFLILHG8VHWKHGDLO\ZHHNO\HWF
SHULRGVZKHUHQXPEHURIKRXUVFDQQRWEHXVHG

 ,&$(1SGI
71
0DLQWHQDQFH0DLQWHQDQFHVFKHGXOH

5HPRYHDOOGLUWEHIRUHILOOLQJZKHQFKHFNLQJ
RLOVDQGIXHODQGZKHQOXEULFDWLQJXVLQJRLORU
JUHDVH

7KHPDQXIDFWXUHUಫVLQVWUXFWLRQVIRXQGLQWKH
HQJLQHPDQXDODOVRDSSO\

(YHU\KRXUVRIRSHUDWLRQ 'DLO\
5HIHUWRWKHFRQWHQWVWRILQGWKHSDJHQXPEHURIWKH
VHFWLRQVUHIHUUHGWR

3RV $FWLRQ &RPPHQW


LQILJ
%HIRUHVWDUWLQJXSIRUWKHILUVWWLPHRQWKDWGD\
 &KHFNWKHVFUDSHUVHWWLQJ
 &KHFNIRUIUHHFLUFXODWLRQRIFRROLQJDLU
 &KHFNFRRODQWOHYHO 5HIHUWRWKHHQJLQHPDQXDO
 &KHFNWKHHQJLQHRLOOHYHO 5HIHUWRWKHHQJLQHPDQXDO
 5HIXHO
 &KHFNIOXLGOHYHOLQK\GUDXOLFUHVHUYRLU
7HVWWKHEUDNHV

$IWHUWKH),567KRXUVRIRSHUDWLRQ
5HIHUWRWKHFRQWHQWVWRILQGWKHSDJHQXPEHURIWKH
VHFWLRQVUHIHUUHGWR

3RV $FWLRQ &RPPHQW


LQILJ
 &KDQJHWKHHQJLQHRLODQGRLOILOWHU 5HIHUWRWKHHQJLQHPDQXDO
 &KDQJHWKHIXHOILOWHU 5HIHUWRWKHHQJLQHPDQXDO
 &KDQJHWKHK\GUDXOLFIOXLGILOWHU
 &KDQJHWKHGUXPRLO

,&$(1SGI 
72
0DLQWHQDQFH0DLQWHQDQFHVFKHGXOH

(YHU\KRXUVRIRSHUDWLRQ :HHNO\
5HIHUWRWKHFRQWHQWVWRILQGWKHSDJHQXPEHURIWKH
VHFWLRQVUHIHUUHGWR

3RV $FWLRQ &RPPHQW


LQILJ
&KHFNWKDWKRVHVDQGFRXSOLQJVDUHQRWOHDNLQJ
 ,QVSHFWFOHDQWKHILOWHUHOHPHQWLQWKHDLUFOHDQHU 5HSODFHDVUHTXLUHG
 /XEULFDWHWKHDUWLFXODWLRQ
 /XEULFDWHWKHVWHHULQJF\OLQGHUPRXQWV
 &KHFNWKHZKHHOQXWVDUHWLJKWHQHG
 &KHFNWKHWLUHSUHVVXUH
 &KHFNWKHDLUFRQGLWLRQLQJ 2SWLRQDO
/XEULFDWHWKHVWULNHRIIEODGHEHDULQJV 2SWLRQDO

(YHU\KRXUVRIRSHUDWLRQ 0RQWKO\
5HIHUWRWKHFRQWHQWVWRILQGWKHSDJHQXPEHURIWKH
VHFWLRQVUHIHUUHGWR

3RV $FWLRQ &RPPHQW


LQILJ
 &KHFNRLOOHYHOLQUHDUD[OHSODQHWDU\JHDULQJ
 &KHFNRLOOHYHOLQGUXPJHDUER[
 &KHFNRLOOHYHOLQWKHGUXPFDUWULGJH
 &OHDQWKHFRROHUV
 &KHFNWKHEROWHGMRLQWV 7KHDERYHDSSOLHVWRQHZRU
UHFRQGLWLRQHGFRPSRQHQWV
RQO\
 &KHFNWKHEROWHGMRLQWV 7KHDERYHDSSOLHVWRQHZRU
UHFRQGLWLRQHGFRPSRQHQWV
RQO\
 &KHFNUXEEHUHOHPHQWVDQGEROWHGMRLQWV
 &KHFNEDWWHU\
 &KHFNWKH$& 2SWLRQDO

 ,&$(1SGI
73
0DLQWHQDQFH0DLQWHQDQFHVFKHGXOH

(YHU\KRXUVRIRSHUDWLRQ (YHU\WKUHH
PRQWKV
5HIHUWRWKHFRQWHQWVWRILQGWKHSDJHQXPEHURIWKH
VHFWLRQVUHIHUUHGWR

3RV $FWLRQ &RPPHQW


LQILJ
 5HSODFHWKHIXHOILOWHU 5HIHUWRWKHHQJLQHPDQXDO
 /XEULFDWHFRQWUROVDQGMRLQWV
 &OHDQWKHIXHOSUHILOWHU
 &KDQJHWKHHQJLQHRLODQGRLOILOWHU 5HIHUWRWKHHQJLQHPDQXDO
 *UHDVHWKHVWHHULQJFKDLQ 2SWLRQDO
 *UHDVHWKHFKDLUEHDULQJ 2SWLRQDO

(YHU\KRXUVRIRSHUDWLRQ (YHU\VL[
PRQWKV
5HIHUWRWKHFRQWHQWVWRILQGWKHSDJHQXPEHURIWKH
VHFWLRQVUHIHUUHGWR

3RV $FWLRQ &RPPHQW


LQILJ
 &KHFNEOHHGHUILOWHURQK\GUDXOLFUHVHUYRLU
 &KDQJHWKHK\GUDXOLFIOXLGILOWHU
 'UDLQWKHFRQGHQVDWHIURPK\GUDXOLFUHVHUYRLU
 'UDLQFRQGHQVDWHIURPIXHOWDQN
 5HSODFHWKHPDLQILOWHULQWKHDLUFOHDQHU
 &KDQJHRLOLQUHDUD[OHGLIIHUHQWLDO
 &KDQJHRLOLQWKHUHDUD[OHSODQHWDU\JHDULQJ
 5HSODFHWKHIUHVKDLUILOWHULQWKHFDE 2SWLRQDO
&KHFNHQJLQHYDOYHFOHDUDQFHV 5HIHUWRWKHHQJLQHPDQXDO
 &KHFNEHOWWHQVLRQLQWKHGULYHEHOWV\VWHP 5HIHUWRWKHHQJLQHPDQXDO

,&$(1SGI 
74
0DLQWHQDQFH0DLQWHQDQFHVFKHGXOH

(YHU\KRXUVRIRSHUDWLRQ <HDUO\
5HIHUWRWKHFRQWHQWVWRILQGWKHSDJHQXPEHURIWKH
VHFWLRQVUHIHUUHGWR

3RV $FWLRQ &RPPHQW


LQILJ
 &KDQJHWKHK\GUDXOLFIOXLG
 &KDQJHWKHK\GUDXOLFIOXLG
 &KDQJHWKHRLOLQWKHGUXPFDUWULGJH
 &KDQJHWKHRLOLQWKHGUXPFDUWULGJH
 &KDQJHWKHRLOLQWKHGUXPJHDUER[
 /XEULFDWHWKH)RUZDUG5HYHUVHOHYHU
 &KHFNLQJWKHVWHHULQJKLWFK
 2YHUKDXODLUFRQGLWLRQLQJ 2SWLRQDO

 ,&$(1SGI
75
0DLQWHQDQFH0DLQWHQDQFHVFKHGXOH

,&$(1SGI 
76
0DLQWHQDQFHK

0DLQWHQDQFHK

3DUNWKHUROOHURQDOHYHOVXUIDFH
:KHQFKHFNLQJDQGPDNLQJDGMXVWPHQWVWKH
HQJLQHVKRXOGEHVZLWFKHGRIIDQGWKH
HPHUJHQF\SDUNLQJEUDNHVKRXOGEHDSSOLHGLI
QRWRWKHUZLVHVSHFLILHG

6FUDSHUV&KHFNDGMXVWPHQW
,WLVLPSRUWDQWWRFRQVLGHUPRYHPHQWRIWKHGUXP
ZKHQWKHPDFKLQHWXUQVLHWKHVFUDSHUVFDQEH
GDPDJHGRUZHDURIWKHGUXPPD\LQFUHDVHLI
DGMXVWPHQWLVPDGHFORVHUWKDQWKHYDOXHVVWDWHG

,IQHFHVVDU\DGMXVWGLVWDQFHWRWKHGUXPDVIROORZV
/RRVHQWKHVFUHZV  RQWKHVFUDSHUDWWDFKPHQW
7KHQDGMXVWWKHVFUDSHUEODGH  WRPPIURPWKH
GUXP
7LJKWHQWKHVFUHZV  
5HSHDWWKHSURFHGXUHIRUWKHRWKHUVFUDSHUEODGHV [ 

 

)LJ6FUDSHUV
6FUDSHUEODGHV [
6FUHZV

 ,&$(1SGI
77
0DLQWHQDQFHK

6FUDSHUV3DGGUXP
8QGRWKHVFUHZV  WKHQDGMXVWHDFKVFUDSHUWRRWK
 WRPP LQ EHWZHHQVFUDSHUWRRWKDQGGUXP
&HQWHUHDFKVFUDSHUWRRWK  EHWZHHQWKHSDGV
7LJKWHQWKHVFUHZV  

 

)LJ6FUDSHUV
6FUHZV
6FUDSHUWHHWK [

6RIWHQVFUDSHUV 2SWLRQDO
/RRVHQWKHVFUHZV  
7KHQDGMXVWWKHVFUDSHUEODGH  VRWKDWLWOLJKWO\
WRXFKHVWKHGUXP
7LJKWHQWKHVFUHZV  

  


)LJ6FUDSHUV
6FUDSHUEODGH
6FUHZV

,&$(1SGI 
78
0DLQWHQDQFHK

$LUFLUFXODWLRQ&KHFN
(QVXUHWKDWWKHSHWUROHQJLQHKDVIUHHFLUFXODWLRQRI
 FRROLQJDLUWKURXJKWKHSURWHFWLYHJULOOHLQWKHKRRG
7RRSHQWKHHQJLQHKRRGWXUQWKHORFNLQJDUP 
XSZDUG5DLVHWKHKRRGWRLWVIXOO\RSHQSRVLWLRQ
FKHFNLQJWKDWWKHUHGVDIHW\FDWFKRQWKHOHIWJDV
VSULQJLVODWFKHG
,IWKHHQJLQH
VJDVVSULQJVDUHRXWRIDFWLRQDQG
WKHKRRGLVSXWDWLWVXSSHUSRVLWLRQEORFNWKH
KRRGVRWKDWLWFDQQRWIDOO

)LJ(QJLQHKRRG
+RRGORFN
3URWHFWLYHJULOOH

&RRODQWOHYHO&KHFN

  
&KHFNWKDWOHYHORIWKHFRRODQWLVEHWZHHQWKHPD[
DQGPLQPDUNV
7DNHJUHDWFDXWLRQLIWKHUDGLDWRUFDSPXVWEH
RSHQHGZKLOHWKHHQJLQHLVKRW:HDUSURWHFWLYH
JORYHVDQGJRJJOHV

)LOOZLWKDPL[WXUHRIZDWHUDQGDQWLIUHH]H
6HHWKHOXEULFDWLRQVSHFLILFDWLRQVLQWKHVHLQVWUXFWLRQV
DQGLQWKHHQJLQHPDQXDO
)LJ:DWHUWDQN )OXVKWKHV\VWHPHYHU\RWKHU\HDUDQGFKDQJH
0D[OHYHO WKHFRRODQW0DNHVXUHDOVRWKDWWKHDLUIORZ
0LQOHYHO WKURXJKWKHFRROHULVXQREVWUXFWHG
)LOOHUFDS

 ,&$(1SGI
79
0DLQWHQDQFHK

'LHVHOHQJLQH&KHFNRLOOHYHO

7DNHFDUHQRWWRWRXFKDQ\KRWSDUWVRIWKHHQJLQH
RUWKHUDGLDWRUZKHQUHPRYLQJWKHGLSVWLFN5LVN
IRUEXUQV

7KHGLSVWLFNLVSODFHGRQWKHOHIWVLGHRIWKHHQJLQH
3XOOXSWKHGLSVWLFN  DQGFKHFNWKDWWKHRLOOHYHOLV
EHWZHHQWKHXSSHUDQGORZHUPDUNV)RUIXUWKHU
 GHWDLOVUHIHUWRWKHHQJLQH
VLQVWUXFWLRQPDQXDO

)LJ(QJLQHFRPSDUWPHQW
'LSVWLFN

)XHOWDQN)LOOLQJ

5HIXHOGDLO\ZLWKGLHVHOIXHOXSWRWKHORZHUHGJHRIWKH
ILOOHUSLSH  )ROORZWKHHQJLQHPDQXIDFWXUHU
V
VSHFLILFDWLRQZLWKUHJDUGWRWKHTXDOLW\RIGLHVHOIXHO
6WRSWKHHQJLQH6KRUWFLUFXLW SUHVV WKHILOOHUJXQ
DJDLQVWDQRQLQVXODWHGSDUWRIWKHUROOHUEHIRUH
UHIXHOOLQJDQGDJDLQVWWKHILOOHUSLSH  ZKLOH
UHIXHOOLQJ


1HYHUUHIXHOZKLOHWKHHQJLQHLVUXQQLQJ'RQRW
VPRNHDQGDYRLGVSLOOLQJIXHO
)LJ)XHOWDQN
)LOOHUFDS

7KHWDQNKROGVOLWHUV JDO RIIXHO

,&$(1SGI 
80
0DLQWHQDQFHK

+\GUDXOLFUHVHUYRLU&KHFNIOXLGOHYHO

3ODFHWKHUROOHURQDOHYHOVXUIDFHDQGFKHFNWKDWWKH
RLOOHYHOLQWKHVLJKWJODVV  LVEHWZHHQWKHPD[DQG
PLQPDUNLQJV7RSXSZLWKWKHW\SHRIK\GUDXOLFIOXLG
 VSHFLILHGLQWKHOXEULFDQWVSHFLILFDWLRQLIWKHOHYHOLVWRR
ORZ

)LJ+\GUDXOLFUHVHUYRLU
6LJKWJODVV
)LOOHUSLSH

%UDNHV&KHFN

&KHFNWKHEUDNHVE\FDUU\LQJRXWWKHIROORZLQJ


'ULYHWKHUROOHUVORZO\IRUZDUGV
'HSUHVVWKHHPHUJHQF\SDUNLQJEUDNHNQRE  7KH
ZDUQLQJODPSRQWKHLQVWUXPHQWSDQHOVKRXOGFRPHRQ
DQGWKHUROOHUVKRXOGVWRS

)LJ&RQWUROSDQHO $IWHUWHVWLQJWKHEUDNHVVHWWKHIRUZDUGUHYHUVHOHYHU
(PHUJHQF\SDUNLQJEUDNHNQRE  LQQHXWUDO
)RUZDUGUHYHUVHOHYHU
3XOOXSWKHHPHUJHQF\SDUNLQJEUDNHNQRE
7KHUROOHULVQRZUHDG\IRURSHUDWLRQ

 ,&$(1SGI
81
0DLQWHQDQFHK

,&$(1SGI 
82
0DLQWHQDQFHK

0DLQWHQDQFHK

3DUNWKHUROOHURQDOHYHOVXUIDFH
:KHQFKHFNLQJDQGPDNLQJDGMXVWPHQWVWKH
HQJLQHVKRXOGEHVZLWFKHGRIIDQGWKH
HPHUJHQF\SDUNLQJEUDNHVKRXOGEHDSSOLHGLI
QRWRWKHUZLVHVSHFLILHG

$LUFOHDQHU
&KHFNLQJ&OHDQLQJ
  5HSODFHRUFOHDQWKHDLUFOHDQHUPDLQILOWHULIWKH
ZDUQLQJODPSRQWKHFRQWUROSDQHOFRPHVRQ
ZKHQWKHHQJLQHLVUXQQLQJDWPD[LPXPVSHHG

5HOHDVHWKHWKUHHORFNLQJFDWFKHV  SXOORIIWKH
   FRYHU  DQGSXOORXWWKHPDLQILOWHU  
)LJ$LUFOHDQHU 'RQRWUHPRYHWKHEDFNXSILOWHU  
/RFNLQJIODSV
&RYHU
0DLQILOWHU
%DFNXSILOWHU
)LOWHUKRXVLQJ

 ,&$(1SGI
83
0DLQWHQDQFHK

0DLQILOWHU
&OHDQLQJZLWKFRPSUHVVHGDLU

:KHQFOHDQLQJWKHDLUILOWHUXVHFRPSUHVVHGDLUZLWKD
PD[LPXPSUHVVXUHRIEDUV%ORZDLUXSDQGGRZQ
DORQJWKHSDSHUSOHDWVRQWKHLQVLGHRIWKHILOWHU
+ROGWKHQR]]OHDWOHDVWFP LQ DZD\IURP
WKHSDSHUSOHDWVVRWKDWWKHSDSHULVQRWWRUQE\WKHDLU
SUHVVXUH
:HDUSURWHFWLYHJRJJOHVZKHQZRUNLQJZLWK
)LJ0DLQILOWHU FRPSUHVVHGDLU

:LSHWKHLQVLGHRIWKHFRYHU  DQGWKHILOWHUKRXVLQJ
 FOHDQ6HHWKHSUHYLRXVLOOXVWUDWLRQ
&KHFNWKDWWKHKRVHFODPSVEHWZHHQWKHILOWHU
KRXVLQJDQGWKHVXFWLRQKRVHDUHWLJKWDQGWKDW
WKHKRVHVDUHLQWDFW,QVSHFWWKHHQWLUHKRVH
V\VWHPDOOWKHZD\WRWKHHQJLQH

&KDQJHWKHPDLQILOWHUDIWHUFOHDQLQJVRUPRUH
IUHTXHQWO\

%DFNXSILOWHU&KDQJH

 &KDQJHWKHEDFNXSILOWHUZLWKDQHZILOWHUDIWHUHYHU\
ILIWKUHSODFHPHQWRUFOHDQLQJRIWKHPDLQILOWHU
7KHEDFNXSILOWHUFDQQRWEHFOHDQHG
7RFKDQJHWKHEDFNXSILOWHU  SXOOWKHROGILOWHURXWRI
LWVKROGHULQVHUWDQHZILOWHUDQGUHDVVHPEOHWKHDLU
FOHDQHULQWKHUHYHUVHRUGHU

)LJ$LUILOWHU
%DFNXSILOWHU

,&$(1SGI 
84
0DLQWHQDQFHK

6WHHULQJMRLQWVWHHULQJF\OLQGHU/XEULFDWLRQ

'RQRWDOORZDQ\RQHWRUHPDLQLQWKHYLFLQLW\RIWKH
VWHHULQJMRLQWZKHQWKHHQJLQHLVUXQQLQJ5LVNRI
EHLQJFUXVKHGZKHQWKHVWHHULQJLVRSHUDWHG
3UHVVWKHHPHUJHQF\SDUNLQJEUDNHNQREEHIRUH
OXEULFDWLQJ

7XUQWKHVWHHULQJZKHHOIXOO\WRWKHOHIWWRJDLQDFFHVV
WRDOOWKHVWHHULQJV\VWHP
VOXEULFDWLQJQLSSOHV  RQ
WKHULJKWKDQGVLGH
8VHJUHDVHDVSHUWKHOXEULFDQWVSHFLILFDWLRQ
)LJ6WHHULQJKLWFKULJKWVLGH

6WHHULQJMRLQW/XEULFDWLRQ

:LSHRIIDQ\GLUWDQGJUHDVHIURPWKHQLSSOHV
/XEULFDWHHDFKQLSSOH DQG ZLWKILYHVWURNHVRID
 PDQXDOJUHDVHJXQ0DNHVXUHWKDWJUHDVHSHQHWUDWHV
 LQWRWKHEHDULQJV
,IJUHDVHGRHVQRWSHQHWUDWHWKHEHDULQJVLWPD\
EHQHFHVVDU\WRUHOLHYHWKHDUWLFXODWLRQMRLQWZLWKD
MDFNZKLOHUHSHDWLQJWKHJUHDVLQJSURFHVV


)LJ6WHHULQJKLWFKULJKWVLGH
/XEULFDWLQJQLSSOHVDUWLFXODWLRQ [
/XEULFDWLQJQLSSOHF\OLQGHUPRXQW
[

 ,&$(1SGI
85
0DLQWHQDQFHK

6WHHULQJF\OLQGHU/XEULFDWLRQ

:LSHRIIDQ\GLUWDQGJUHDVHIURPWKHQLSSOHV
/XEULFDWHWKHQLSSOHV DQG ZLWKWZRVWURNHVRID
PDQXDOJUHDVHJXQ
7XUQWKHVWHHULQJZKHHOIXOO\WRWKHULJKWWRJDLQDFFHVV
WRWKHIURQWOXEULFDWLQJQLSSOHRQWKHOHIWVWHHULQJ
F\OLQGHUDQGWKHOXEULFDWLQJQLSSOHRQWKHEHDULQJFDS

 $OORZVRPHJUHDVHWRUHPDLQRQWKHQLSSOHVDIWHU
OXEULFDWLRQ7KLVSUHYHQWVGLUWIURPSHQHWUDWLQJLQWRWKH
)LJ6WHHULQJF\OLQGHUULJKWVLGH QLSSOHV
/XEULFDWLQJQLSSOHULJKWUHDUF\OLQGHU
PRXQW [
/XEULFDWLQJQLSSOHOHIWUHDUVWHHULQJ
F\OLQGHU [

7LUHV$LUSUHVVXUH:KHHOQXWV7LJKWHQLQJ

&KHFNWKHWLUHSUHVVXUHVXVLQJDSUHVVXUHJDXJH
,IWKHWLUHVDUHILOOHGZLWKIOXLGWKHDLUYDOYH  PXVWEH
LQWKHR
FORFNSRVLWLRQGXULQJSXPSLQJ
5HFRPPHQGHGSUHVVXUH6HH7HFKQLFDO
6SHFLILFDWLRQV
&KHFNWKHWLUHSUHVVXUH
 :KHQFKDQJLQJWKHWLUHVLWLVLPSRUWDQWWKDWERWK
 RIWKHPKDYHWKHVDPHUROOLQJUDGLXV7KLVLV
QHFHVVDU\WRHQVXUHSURSHUIXQFWLRQLQJRIWKH
)LJ:KHHOV DQWLVOLSLQWKHUHDUD[OH
$LUYDOYH
:KHHOQXW

&KHFNWKHWLJKWHQLQJWRUTXHRIWKHZKHHOQXWV  DW
1P OEIIW 
&KHFNERWKZKHHOVDQGDOOQXWV 7KLVRQO\DSSOLHVWRD
QHZPDFKLQHRUQHZO\ILWWHGZKHHOV 
&KHFNWKHVDIHW\PDQXDOWKDWDFFRPSDQLHVWKH
UROOHUEHIRUHILOOLQJWKHWLUHVZLWKDLU

,&$(1SGI 
86
0DLQWHQDQFHK

$XWRPDWLF&OLPDWH&RQWURO 2SWLRQDO 
,QVSHFWLRQ

 7KHV\VWHPGHVFULEHGLQWKLVPDQXDOLVW\SH$&&
$XWRPDWLF&OLPDWH&RQWURO 
1HYHUZRUNXQGHUWKHUROOHUZKHQWKHHQJLQHLV
UXQQLQJ3DUNWKHUROOHURQDOHYHOVXUIDFHFKRFN
WKHZKHHOVDQGGHSUHVVWKHSDUNLQJEUDNHFRQWURO

:LWKWKHXQLWLQRSHUDWLRQRSHQWKHHQJLQHKRRGDQG
FKHFNXVLQJWKHVLJKWJODVV  WKDWEXEEOHVDUHQRW
YLVLEOHRQWKHGU\LQJILOWHU

)LJ'U\LQJILOWHU 7KHILOWHULVORFDWHGRQWKHOHIWVLGHRIWKHHQJLQH
6LJKWJODVV FRPSDUWPHQW
VIURQWHGJH,IEXEEOHVDUHYLVLEOH
WKURXJKWKHVLJKWJODVVLWLVDVLJQWKDWWKHUHIULJHUDQW
OHYHOLVWRRORZ,IVRVWRSWKHXQLW7KHXQLWPD\EH
GDPDJHGLILWLVUXQZLWKLQVXIILFLHQWUHIULJHUDQW

 :KHUHFRROLQJFDSDFLW\LVPDUNHGO\UHGXFHGFOHDQWKH
FRQGHQVRUHOHPHQW  ORFDWHGRQWKHUHDUHGJHRIWKH
FDE$OVRFOHDQWKHFRROLQJXQLWLQWKHFDE6HHXQGHU
WKHKHDGLQJKRXUVDXWRPDWLFFOLPDWHFRQWURO
RYHUKDXO

)LJ&DE
&RQGHQVRUHOHPHQW

 ,&$(1SGI
87
0DLQWHQDQFHK

6WULNHRIIEODGH 2SWLRQDO
/XEULFDWLRQ
$OZD\VORZHUWKHEODGHWRWKHJURXQGEHIRUH
OHDYLQJRUSDUNLQJWKHUROOHU

0DNHVXUHWKDWQRERG\LVLQWKHZD\ZKHQ
RSHUDWLQJWKHEODGH

:LSHWKHQLSSOHVFOHDQIURPJUHDVHDQGGLUWWKUHHRQ
)LJ6WULNHRIIEODGH
/XEULFDWLRQQLSSOHV HDFKVLGHRIWKHPDFKLQH
*UHDVHHDFKQLSSOH  ZLWKIRXUVWURNHVRIWKHJUHDVH
JXQ(QVXUHWKDWJUHDVHSHQHWUDWHVWKHEHDULQJV

,&$(1SGI 
88
0DLQWHQDQFHK

0DLQWHQDQFHK

3DUNWKHUROOHURQDOHYHOVXUIDFH
:KHQFKHFNLQJDQGPDNLQJDGMXVWPHQWVWKH
HQJLQHVKRXOGEHVZLWFKHGRIIDQGWKH
HPHUJHQF\SDUNLQJEUDNHVKRXOGEHDSSOLHGLI
QRWRWKHUZLVHVSHFLILHG

5HDUD[OHGLIIHUHQWLDO&KHFNRLOOHYHO

1HYHUZRUNXQGHUWKHUROOHUZKHQWKHHQJLQHLV
UXQQLQJ3DUNRQDOHYHOVXUIDFH%ORFNWKHZKHHOV
VHFXUHO\

:LSHFOHDQDQGUHPRYHWKHOHYHOSOXJ  DQGFKHFN
WKDWWKHRLOOHYHOUHDFKHVWKHORZHUHGJHRIWKHSOXJ
KROH7RSRIIZLWKRLOWRWKHULJKWOHYHOLIWKHOHYHOLVORZ
8VHWUDQVPLVVLRQRLODFFRUGLQJWRWKHOXEULFDQW
VSHFLILFDWLRQ
&OHDQDQGUHILWWKHSOXJ
)LJ/HYHOFKHFNGLIIHUHQWLDOKRXVLQJ
/HYHO)LOOHUSOXJ

 ,&$(1SGI
89
0DLQWHQDQFHK

5HDUD[OHSODQHWDU\JHDUV&KHFNRLOOHYHO

3RVLWLRQWKHUROOHUZLWKWKHSOXJLQWKHSODQHWDU\JHDU
 LQWKHR
FORFNSRVLWLRQ
:LSHFOHDQDQGUHPRYHWKHOHYHOSOXJ  DQGFKHFN
WKDWWKHRLOOHYHOUHDFKHVWKHORZHUHGJHRIWKHSOXJ
KROH7RSRIIZLWKRLOWRWKHULJKWOHYHOLIWKHOHYHOLVORZ
8VHWUDQVPLVVLRQRLO6HHOXEULFDWLRQVSHFLILFDWLRQ

&OHDQDQGUHILWWKHSOXJ
)LJ/HYHOFKHFNSODQHWDU\JHDUVWG &KHFNWKHIOXLGOHYHOLQWKHVDPHZD\RQWKHUHDU
/HYHO)LOOHUSOXJ D[OH
VRWKHUSODQHWDU\JHDU

)LJ/HYHOFKHFNSODQHWDU\JHDU
RSWLRQDO
/HYHO)LOOHUSOXJ

'UXPJHDUER[&KHFNLQJWKHRLOOHYHO

3RVLWLRQWKHGUXPVRWKDWWKHILOOHUSOXJ  LVVWUDLJKW
 XS
:LSHFOHDQWKHDUHDDURXQGWKHOHYHOSOXJ  DQGWKHQ
 XQGRWKHSOXJ
(QVXUHWKDWWKHRLOOHYHOUHDFKHVXSWRWKHORZHUHGJH
RIWKHSOXJKROH

7RSRIIZLWKRLOWRWKHULJKWOHYHOLIWKHOHYHOLVORZ8VH
)LJ2LOOHYHOFKHFNGUXPJHDUER[ WUDQVPLVVLRQRLODFFRUGLQJWRWKHOXEULFDQWVSHFLILFDWLRQ
/HYHOSOXJ
)LOOHUSOXJ &OHDQDQGUHILWWKHSOXJV
'UDLQSOXJ

,&$(1SGI 
90
0DLQWHQDQFHK

'UXPFDUWULGJH&KHFNLQJWKHRLOOHYHO

 3RVLWLRQWKHPDFKLQHOHYHOVRWKDWWKHLQGLFDWRUSLQ 
RQWKHLQVLGHRIWKHGUXPLVDOLJQHGZLWKWKHWRSRIWKH
GUXPIUDPH

)LJ/HIWGUXPVLGH
,QGLFDWRUSLQ

 :LSHFOHDQWKHILOOHUSOXJ  DQGOHYHOSOXJ  
8QVFUHZWKHILOOHUSOXJ  

 

)LJ5LJKWGUXPVLGH
)LOOHUSOXJ
'UDLQSOXJ
/HYHOSOXJ

7KHQORRVHQWKHOHYHOSOXJ  RQWKHXQGHUVLGHRIWKH
FDUWULGJHDQGXQVFUHZLWXQWLOWKHKROHLQWKHPLGGOHRI
WKHSOXJEHFRPHVYLVLEOH
7RSRIIZLWKRLOWKURXJKWKHILOOHUSOXJ  XQWLORLO
EHJLQVWRUXQRXWIURPWKHOHYHOSOXJ
V  KROH7KH
OHYHOLVFRUUHFWZKHQLWVWRSVUXQQLQJ
(QVXUHWKDWRQO\02%,/6+&LVXVHGLQWKH
  FDUWULGJHV

)LJ'UXPFDUWULGJH
'UDLQSOXJ 'RQRWRYHUILOOZLWKRLOULVNIRURYHUKHDWLQJ
/HYHOSOXJ

&OHDQDQGUHILWWKHSOXJV1RZUHSHDWWKHSURFHGXUH
RQWKHRSSRVLWHVLGH

 ,&$(1SGI
91
0DLQWHQDQFHK


'UXPFDUWULGJH&OHDQLQJWKHYHQWLODWLRQVFUHZ
&OHDQWKHGUXP
VYHQWLODWLRQKROHDQGYHQWLODWLRQVFUHZ
 7KHKROHLVUHTXLUHGWRHOLPLQDWHH[FHVVSUHVVXUH
LQVLGHWKHGUXP

)LJ'UXP
9HQWLODWLRQVFUHZ

5DGLDWRU&KHFN&OHDQLQJ
 &KHFNWKDWDLUSDVVHVXQREVWUXFWHGWKURXJKWKH
FRROHUV  DQG  
&OHDQDGLUW\UDGLDWRUXVLQJFRPSUHVVHGDLURUD
KLJKSUHVVXUHZDWHUMHW
%ORZDLURUGLUHFWZDWHUWKURXJKWKHFRROHULQWKH
RSSRVLWHGLUHFWLRQWRWKDWRIWKHFRROLQJDLU
%HFDUHIXOZKHQXVLQJDKLJKSUHVVXUHZDVKHU
GRQRWSODFHWKHQR]]OHWRRFORVHWRWKHUDGLDWRU


)LJ(QJLQHFRPSDUWPHQW :HDUSURWHFWLYHJRJJOHVZKHQZRUNLQJZLWK
&KDUJHDLUFRROHU FRPSUHVVHGDLURUKLJKSUHVVXUHZDWHUMHWV
:DWHUFRROHU
+\GUDXOLFRLOFRROHU

%ROWHGMRLQWV&KHFNLQJWLJKWHQLQJWRUTXH
 6WHHULQJSXPSDJDLQVWHQJLQH  1P OEIIW 
5HDUD[OHVXVSHQVLRQ  1P OEIIW RLOHG
(QJLQHPRXQWLQJ  &KHFNWKDWDOO0EROWV [
DUHWLJKWHQHG1P OEIIW 
:KHHOQXWV  &KHFNWKDWDOOQXWVDUHWLJKWHQHG
 1PRLOHG

 7KHDERYHDSSOLHVWRQHZRUUHSODFHGFRPSRQHQWV
RQO\ 
)LJ5LJKWVLGHRIPDFKLQH
6WHHULQJSXPS
5HDUD[OH
(QJLQHVXVSHQVLRQ
:KHHOQXWV

,&$(1SGI 
92
0DLQWHQDQFHK

5XEEHUHOHPHQWVDQGIDVWHQLQJVFUHZV&KHFN
 &KHFNDOOUXEEHUHOHPHQWV  UHSODFHDOORIWKH
HOHPHQWVLIPRUHWKDQRIWKHPRQRQHVLGHRIWKH
GUXPDUHFUDFNHGGHHSHUWKDQPP LQ 
&KHFNXVLQJDNQLIHEODGHRUSRLQWHGREMHFW
&KHFNDOVRWKDWWKHVFUHZIDVWHQHUV  DUHWLJKWHQHG

)LJ'UXPYLEUDWLRQVLGH
5XEEHUHOHPHQW
)DVWHQLQJVFUHZV

%DWWHU\&KHFNHOHFWURO\WHOHYHO

   1HYHUXVHDQDNHGIODPHZKHQFKHFNLQJWKH
EDWWHU\DVWKHHOHFWURO\WHHPLWVH[SORVLYHJDVZKLOH
WKHDOWHUQDWRULVFKDUJLQJ

/LIWXSWKHHQJLQHFRPSDUWPHQWFRYHUDQGXQGRWKH
TXLFNUHOHDVHVFUHZV  
5DLVHWKHEDWWHU\FRYHU  

 :LSHWKHWRSRIWKHEDWWHU\
)LJ%DWWHU\VKHOI :HDUVDIHW\JRJJOHV7KHEDWWHU\FRQWDLQV
4XLFNVFUHZV FRUURVLYHDFLG5LQVHZLWKZDWHULIHOHFWURO\WH
%DWWHU\FRYHU FRPHVLQWRFRQWDFWZLWKWKHERG\
%DWWHU\

 ,&$(1SGI
93
0DLQWHQDQFHK

%DWWHU\FHOO


7DNHRIIWKHFHOOFDSV  DQGPDNHVXUHWKDW
 HOHFWURO\WH  LVDERXWPP LQ DERYHWKHSODWHV
 &KHFNWKHOHYHORIDOOFHOOV7RSRIIZLWKGLVWLOOHG
ZDWHUWRWKHULJKWOHYHOLIWKHOHYHOLVORZ
PP ,IWKHDPELHQWWHPSHUDWXUHLVEHORZIUHH]LQJUXQWKH
LQ
HQJLQHIRUDZKLOHEHIRUHWRSSLQJRIIZLWKGLVWLOOHG
ZDWHU2WKHUZLVHWKHHOHFWURO\WHPLJKWIUHH]H
 0DNHVXUHWKDWYHQWLODWLRQKROHVLQWKHFHOOFRYHUDUH
QRWFORJJHGWKHQSXWWKHFRYHUEDFNRQ

)LJ(OHFWURO\WHOHYHOLQEDWWHU\ 7KHFDEOHVKRHVVKRXOGEHFOHDQDQGZHOOWLJKWHQHG
&HOOFDS &OHDQFRUURGHGFDEOHVKRHVDQGJUHDVHWKHPZLWK
(OHFWURO\WHOHYHO DFLGIUHH9DVHOLQH
3ODWH
$OZD\VGLVFRQQHFWWKHQHJDWLYHFDEOHILUVWZKHQ
GLVFRQQHFWLQJWKHEDWWHU\:KHQFRQQHFWLQJWKH
EDWWHU\DOZD\VFRQQHFWWKHSRVLWLYHFDEOHILUVW

'LVFDUGXVHGEDWWHULHVZLVHO\%DWWHULHVFRQWDLQ
OHDGZKLFKLVKDUPIXOWRWKHHQYLURQPHQW

%HIRUHGRLQJDQ\HOHFWULFZHOGLQJRQWKHPDFKLQH
GLVFRQQHFWWKHEDWWHU\JURXQGFDEOHDQGWKHQDOO
HOHFWULFDOFRQQHFWLRQVWRWKHDOWHUQDWRU

$LUFRQGLWLRQLQJ 2SWLRQDO
,QVSHFWLRQ
 ,QVSHFWUHIULJHUDQWKRVHVDQGFRQQHFWLRQVDQGPDNH
VXUHWKDWWKHUHDUHQRVLJQVRIDQRLOILOPWKDWFDQ
LQGLFDWHDUHIULJHUDQWOHDNDJH

)LJ$LUFRQGLWLRQLQJ
5HIULJHUDQWKRVHV
&RQGHQVRUHOHPHQW

,&$(1SGI 
94
0DLQWHQDQFHK

0DLQWHQDQFHK

3DUNWKHUROOHURQDOHYHOVXUIDFH
:KHQFKHFNLQJDQGPDNLQJDGMXVWPHQWVWKH
HQJLQHVKRXOGEHVZLWFKHGRIIDQGWKH
HPHUJHQF\SDUNLQJEUDNHVKRXOGEHDSSOLHGLI
QRWRWKHUZLVHVSHFLILHG

(QVXHWKDWWKHUHLVJRRGYHQWLODWLRQ DLU
H[WUDFWLRQ LIWKHHQJLQHLVUXQLQGRRUV5LVNRI
FDUERQPRQR[LGHSRLVRQLQJ

&RQWUROVDQGPRYLQJMRLQWV/XEULFDWLRQ

 /XEULFDWHHQJLQHKRRGKLQJHV  DQGWKHVOLGHUDLOVRI
WKHRSHUDWRU
VVHDWZLWKJUHDVHRWKHUMRLQWVDQG
FRQWUROVZLWKRLO/XEULFDWHWKHFDEKLQJHVZLWKJUHDVH
6HHWKHOXEULFDWLRQVSHFLILFDWLRQ

)LJ(QJLQHKRRG
+LQJH

 ,&$(1SGI
95
0DLQWHQDQFHK

3UHILOWHU&OHDQLQJ

(QVXUHJRRGYHQWLODWLRQ DLUH[WUDFWLRQ LIWKH


GLHVHOHQJLQHLVUXQLQGRRUV5LVNRIFDUERQ
PRQR[LGHSRLVRQLQJ

6HHLQVWUXFWLRQPDQXDOIRUWKHHQJLQHZKHQFOHDQLQJ
WKHILOWHUWKHFKDSWHURQWKHIXHOV\VWHP

)LJ(QJLQHFRPSDUWPHQW
)XHOSUHILOWHU

'LHVHOHQJLQH2LODQG)LOWHUFKDQJH

7DNHJUHDWFDUHZKHQGUDLQLQJZDUPIOXLGDQGRLO
:HDUSURWHFWLYHJORYHVDQGJRJJOHV

7KHRLOGUDLQSOXJ  LVPRVWHDVLO\DFFHVVLEOHIURP
WKHERWWRPRIWKHHQJLQHDQGLVORFDWHGDWWDFKHGWRD
KRVHRQWKHUHDUD[OH'UDLQWKHRLOZKHQWKHHQJLQHLV
 ZDUP3ODFHDUHFHSWDFOHWKDWKROGVDWOHDVWOLWHUV
JDO XQGHUWKHGUDLQSOXJ

&KDQJHWKHHQJLQHRLOILOWHU  DWWKHVDPHWLPH6HH
)LJ/HIWVLGHRIHQJLQH HQJLQHPDQXDO
'UDLQSOXJ 'HOLYHUWKHGUDLQHGRLODQGILOWHUWR
2LOILOWHU HQYLURQPHQWDOO\FRUUHFWKDQGOLQJ

,&$(1SGI 
96
0DLQWHQDQFHK

6WHHULQJFKDLQDQGVHDWEHDULQJ/XEULFDWLRQ

 D 2SWLRQDORQUROOHUVZLWKRXWFDE
.HHSLQPLQGWKDWWKHFKDLQLVDYLWDOSDUWRIWKH
VWHHULQJPHFKDQLVP



&OHDQDQGOXEULFDWHWKHFKDLQ  EHWZHHQWKHVHDW
 EHDULQJDQGVWHHULQJYDOYHZLWKJUHDVH7KHFKDLQFDQ
EHDFFHVVHGIURPXQGHUQHDWKWKHRSHUDWRU
VSRVLWLRQ
 ,WLVQRWQHFHVVDU\WRUHPRYHWKHFKDLQ
$GMXVWWKHFKDLQDVIROORZVLILWKDVVODFNHQHGVRWKDW
VL]HDLVOHVVWKDQPP LQ /RRVHQWKHQXWV
)LJ8QGHUQHDWKRSHUDWRU
VSRVLWLRQ  DQGDGMXVWWKHPRXQW  EDFNZDUGVZLWKWKH
6WHHULQJFKDLQ DGMXVWLQJQXW  XQWLOVL]HDLVPP LQ 
&KDLQWLJKWHQLQJGHYLFH
$GMXVWLQJQXW
1XWV
&RQWUROYDOYHPRXQW

 ,&$(1SGI
97
0DLQWHQDQFHK

6HDWEHDULQJ/XEULFDWLRQ


2SWLRQDORQUROOHUVZLWKRXWFDE
 .HHSLQPLQGWKDWWKHFKDLQLVDYLWDOSDUWRIWKH
VWHHULQJPHFKDQLVP

 5HPRYHWKHFRYHU  WRDFFHVVWKHOXEULFDWLRQQLSSOH
 /XEULFDWHWKHRSHUDWRUVHDWVOHZEHDULQJZLWKWKUHH
VWURNHVRIDKDQGRSHUDWHGJUHDVHJXQ

 /XEULFDWHWKHVHDWORFNLQJODWFK   DFFHVVLEOHIURP
 EHORZ 
$OVRJUHDVHWKHVHDWVOLGHUDLOV  
)LJ6HDWEHDULQJ ,IWKHVHDWVWDUWVWREHVWLIIZKHQDGMXVWLQJLW
*UHDVHQLSSOH VKRXOGEHOXEULFDWHGPRUHRIWHQWKDQVSHFLILHG
&RJZKHHO
6WHHULQJFKDLQ KHUH
$GMXVWLQJVFUHZ
&RYHU
6OLGHUDLOV
6OHZLQWHUORFN
&OHDQDQGJUHDVHWKHFKDLQ  EHWZHHQWKHVHDWDQG
WKHVWHHULQJFROXPQ
,IWKHFKDLQLVVODFNRQWKHVSURFNHW  ORRVHQWKH
VFUHZV  DQGPRYHWKHVWHHULQJFROXPQIRUZDUG
7LJKWHQWKHVFUHZVDQGFKHFNFKDLQWHQVLRQ

,&$(1SGI 
98
0DLQWHQDQFHK

0DLQWHQDQFHK

3DUNWKHUROOHURQDOHYHOVXUIDFH
:KHQFKHFNLQJDQGPDNLQJDGMXVWPHQWVWKH
HQJLQHVKRXOGEHVZLWFKHGRIIDQGWKH
HPHUJHQF\SDUNLQJEUDNHVKRXOGEHDSSOLHGLI
QRWRWKHUZLVHVSHFLILHG

(QVXHWKDWWKHUHLVJRRGYHQWLODWLRQ DLU
H[WUDFWLRQ LIWKHHQJLQHLVUXQLQGRRUV5LVNRI
FDUERQPRQR[LGHSRLVRQLQJ

+\GUDXOLFILOWHU5HSODFHPHQW

8QGRWKHILOOHUFDSEOHHGHUILOWHU  RQWRSRIWKH
UHVHUYRLUVRWKDWRYHUSUHVVXUHLQVLGHWKHUHVHUYRLUFDQ
EHHOLPLQDWHG

0DNHVXUHWKDWWKHEOHHGLQJILOWHU  LVQRWFORJJHGDLU
PXVWKDYHXQREVWUXFWHGSDVVDJHWKURXJKWKHFDSLQ
ERWKGLUHFWLRQV
,ISDVVDJHLQHLWKHUGLUHFWLRQLVEORFNHGFOHDQWKHILOWHU
 ZLWKDOLWWOHGLHVHORLODQGEORZWKURXJKZLWK
FRPSUHVVHGDLUXQWLOWKHEORFNLVUHPRYHGRUUHSODFH
WKHFDSZLWKDQHZRQH
)LJ+\GUDXOLFUHVHUYRLU
:HDUSURWHFWLYHJRJJOHVZKHQZRUNLQJZLWK
)LOOHUFDS%OHHGLQJILOWHU FRPSUHVVHGDLU
6LJKWJODVV

 ,&$(1SGI
99
0DLQWHQDQFHK

&OHDQWKRURXJKO\DURXQGWKHRLOILOWHUV
5HPRYHWKHRLOILOWHUV  DQGGLVSRVHRIWKHPLQ
DQDSSURYHGPDQQHU7KH\DUHVLQJOHXVHILOWHUV
DQGFDQQRWEHFOHDQHG


0DNHVXUHWKDWWKHROGVHDOLQJULQJVDUHQRWOHIW
RQWKHILOWHUKROGHUVDVWKLVFRXOGFDXVHOHDNDJH
EHWZHHQWKHQHZDQGROGJDVNHWV

)LJ(QJLQHFRPSDUWPHQW
+\GUDXOLFIOXLGILOWHU [ 
7KRURXJKO\FOHDQWKHVHDOLQJVXUIDFHVRIWKHILOWHU
KROGHUV
$SSO\DWKLQFRDWRIIUHVKK\GUDXOLFIOXLGWRWKHUXEEHU
JDVNHWVRQWKHQHZILOWHUV6FUHZRQWKHILOWHUE\KDQG
)LUVWWLJKWHQWKHILOWHUXQWLOLWVVHDOLVLQFRQWDFW
ZLWKWKHILOWHUDWWDFKPHQW7KHQWXUQDQDGGLWLRQDO
KDOIUHYROXWLRQ'RQRWWLJKWHQWKHILOWHUWRRKDUG
DVWKLVFRXOGGDPDJHWKHJDVNHW

6WDUWWKHHQJLQHDQGHQVXUHWKDWWKHUHLVQROHDNDJHRI
K\GUDXOLFIOXLGIURPWKHILOWHUV&KHFNOHYHORIIOXLGLQ
WKHVLJKWJODVV  DQGWRSXSDVUHTXLUHG
(QVXHWKDWWKHUHLVJRRGYHQWLODWLRQ DLUH[WUDFWLRQ
LIWKHHQJLQHLVUXQLQGRRUV5LVNRIFDUERQ
PRQR[LGHSRLVRQLQJ

+\GUDXOLFUHVHUYRLU'UDLQLQJ

 7KHFRQGHQVDWHIURPWKHK\GUDXOLFUHVHUYRLULVGUDLQHG
WKURXJKWKHGUDLQDJHWDS  
'UDLQWKHUROOHUDIWHULWKDVEHHQVWDWLRQDU\IRUDORQJ
WLPHHJDIWHUVWDQGLQJRYHUQLJKW'UDLQDVIROORZV
5HPRYHWKHSOXJ  
3ODFHDFRQWDLQHUXQGHUWKHWDS

 2SHQWKHWDS  DQGOHWDQ\WUDSSHGFRQGHQVDWHUXQ
RXW

)LJ8QGHUVLGHRIK\GUDXOLFUHVHUYRLU 6KXWWKHGUDLQDJHWDS
'UDLQDJHWDS
3OXJ 5HILWWKHSOXJ

,&$(1SGI 
100
0DLQWHQDQFHK

)XHOWDQN'UDLQDJH

:DWHUDQGVHGLPHQWLQWKHIXHOWDQNDUHUHPRYHGYLD
WKHGUDLQDJHSOXJLQWKHERWWRPRIWKHIXHOWDQN
%HYHU\FDUHIXOGXULQJGUDLQLQJ'RQRWGURSWKH
SOXJRUHOVHDOOWKHIXHOZLOOIORZRXW

'UDLQWKHUROOHUDIWHULWKDVEHHQVWDWLRQDU\IRUDORQJ
WLPHHJDIWHUVWDQGLQJRYHUQLJKW7KHIXHOOHYHO
 VKRXOGEHDVORZDVSRVVLEOH
)LJ)XHOWDQN
'UDLQSOXJ 7KHUROOHUVKRXOGSUHIHUDEO\KDYHEHHQVWDQGLQJZLWK
WKLVVLGHVRPHZKDWORZHUVRWKDWZDWHUDQGVHGLPHQW
ZLOOJDWKHUQHDUWKHGUDLQDJHSOXJ  'UDLQDVIROORZV
3ODFHDFRQWDLQHUXQGHUWKHSOXJ  
5HPRYHWKHSOXJDQGGUDLQWKHZDWHUDQGVHGLPHQW
XQWLORQO\SXUHIXHOUXQVIURPWKHSOXJ5HILWWKHSOXJ

$LUILOWHU&KDQJLQJ


5HSODFHWKHDLUFOHDQHUPDLQILOWHU  HYHQLILWKDVQRW
EHHQFOHDQHGILYHWLPHV6HHXQGHUWKHKHDGLQJ
(YHU\
KRXUVRIRSHUDWLRQ
IRULQIRUPDWLRQRQFKDQJLQJWKH
ILOWHU

,IDEORFNHGILOWHULVQRWUHSODFHGWKHH[KDXVW
)LJ$LUFOHDQHU IXPHVZLOOEHEODFNDQGWKHHQJLQHZLOOORRVH
0DLQILOWHU SRZHU7KHUHLVDOVRDULVNRIVHYHUHGDPDJHWR
WKHHQJLQH

 ,&$(1SGI
101
0DLQWHQDQFHK

5HDUD[OHGLIIHUHQWLDO2LOFKDQJH

1HYHUZRUNXQGHUWKHUROOHUZKHQWKHHQJLQHLV
UXQQLQJ3DUNRQDOHYHOVXUIDFH%ORFNWKHZKHHOV
VHFXUHO\

:LSHFOHDQDQGUHPRYHWKHOHYHOILOOHUSOXJ  DQGDOO
WKUHHGUDLQSOXJV  DQGWKHQGUDLQWKHRLOLQWRD
VXLWDEOHUHFHSWDFOH7KHYROXPHLVDSSUR[OLWHUV
TWV 
6DYHWKHRLODQGGLVSRVHRILWLQDQDSSURYHG
PDQQHU

)LJ5HDUD[OH
/HYHO)LOOHUSOXJ
'UDLQSOXJV
5HILWWKHGUDLQDJHSOXJVDQGWRSXSZLWKIUHVKRLOXQWLO
WKHFRUUHFWOHYHOLVUHDFKHG5HILWWKHOHYHOILOOHUSOXJ
8VHWUDQVPLVVLRQRLOVHH/XEULFDQW6SHFLILFDWLRQ
5HPHPEHUWRGUDLQWKHRLOIURPWKHUHDUD[OH
V
WUDQVPLVVLRQSLSH

,&$(1SGI 
102
0DLQWHQDQFHK

5HDUD[OH
VSODQHWDU\JHDUV'UDLQLQJWKHRLO

6HWUROOHUVRWKDWWKHSOXJ  LVLQLWVORZHVWSRVLWLRQ
:LSHFOHDQDQGUHPRYHWKHSOXJ  DQGGUDLQWKHRLO
LQWRDUHFHSWDFOH7KHYROXPHLVDSSUR[OLWHUV 
TWV 

 6DYHWKHRLODQGGLVSRVHRILWLQDQDSSURYHG
PDQQHU
)LJ'UDLQLQJWKHRLOSODQHWDU\JHDU
VWG
/HYHO)LOOHUSOXJ

)LJ'UDLQLQJWKHRLOSODQHWDU\JHDU
RSWLRQDO
/HYHO)LOOHUSOXJ

 ,&$(1SGI
103
0DLQWHQDQFHK

5HDUD[OH
VSODQHWDU\JHDUV2LOFKDQJH2LO
ILOOLQJ

6HWWKHUROOHUVRWKDWWKHSOXJ  LQWKHSODQHWDU\JHDU
LVDWR
FORFN
:LSHFOHDQDQGUHPRYHWKHSOXJ  
)LOOZLWKRLOWRWKHORZHUHGJHRIWKHOHYHOKROH8VH
WUDQVPLVVLRQRLO6HHOXEULFDWLRQVSHFLILFDWLRQ

&OHDQDQGUHILWWKHSOXJ  
)LJ2LOILOOLQJSODQHWDU\JHDUVWG )LOOZLWKRLOLQWKHVDPHZD\DVIRUWKHUHDUD[OH
V
/HYHO)LOOHUSOXJ VHFRQGSODQHWDU\JHDU

)LJ2LOILOOLQJSODQHWDUWJHDURSWLRQDO
/HYHO)LOOHUSOXJ

$LUFRQGLWLRQLQJ 2SWLRQDO
)UHVKDLUILOWHU&KDQJH
   8VHDVWHSODGGHUWRUHDFKWKHILOWHU  7KHILOWHU
FDQDOVREHDFFHVVHGYLDWKHULJKWFDEZLQGRZ

/RRVHQWKHWZRVFUHZV  RQWKHFDE
VULJKWVLGH
7DNHGRZQWKHZKROHKROGHUDQGUHPRYHWKHILOWHU
LQVHUW
5HSODFHZLWKDQHZILOWHU

)LJ&DE
,WPD\EHQHFHVVDU\WRFKDQJHWKHILOWHUPRUHRIWHQLI
)UHVKDLUILOWHU WKHPDFKLQHLVZRUNLQJLQDGXVW\HQYLURQPHQW
6FUHZ [

,&$(1SGI 
104
0DLQWHQDQFHK

0DLQWHQDQFHK

3DUNWKHUROOHURQDOHYHOVXUIDFH
:KHQFKHFNLQJDQGPDNLQJDGMXVWPHQWVWKH
HQJLQHVKRXOGEHVZLWFKHGRIIDQGWKH
HPHUJHQF\SDUNLQJEUDNHVKRXOGEHDSSOLHGLI
QRWRWKHUZLVHVSHFLILHG

(QVXHWKDWWKHUHLVJRRGYHQWLODWLRQ DLU
H[WUDFWLRQ LIWKHHQJLQHLVUXQLQGRRUV5LVNRI
FDUERQPRQR[LGHSRLVRQLQJ

+\GUDXOLFUHVHUYRLU2LOFKDQJH

 2EWDLQDFRQWDLQHUIRUFROOHFWLQJWKHXVHGIOXLG7KH
FRQWDLQHUVKRXOGEHDEOHWRKROGDWOHDVWOLWHUV 
JDO 
7DNHJUHDWFDUHZKHQGUDLQLQJZDUPIOXLGDQGRLO
:HDUSURWHFWLYHJORYHVDQGJRJJOHV


$VXLWDEOHFRQWDLQHUPD\EHDQHPSW\RLOGUXPRU
VLPLODULWHPZKLFKLVSODFHGEHVLGHWKHUROOHU7KHIOXLG
)LJ8QGHUVLGHRIK\GUDXOLFUHVHUYRLU WKHQUXQVLQDKRVHIURPWKHGUDLQDJHSOXJ  WRWKH
'UDLQDJHWDS RLOGUXPDIWHUWKHSOXJ  KDVEHHQUHPRYHGDQGWKH
3OXJ WDSRSHQHG
6DYHWKHRLODQGGLVSRVHRILWLQDQDSSURYHG
PDQQHU

)LOOXSZLWKIUHVKK\GUDXOLFIOXLGDVSHUWKHLQVWUXFWLRQV
XQGHUWKHKHDGLQJ+\GUDXOLFUHVHUYRLU&KHFNIOXLG
OHYHO5HSODFHWKHK\GUDXOLFIOXLGILOWHUVDWWKHVDPH
WLPH
6WDUWWKHGLHVHOHQJLQHDQGRSHUDWHWKHYDULRXV
K\GUDXOLFIXQFWLRQV
&KHFNWKHIOXLGOHYHODQGWRSXSLIQHFHVVDU\

 ,&$(1SGI
105
0DLQWHQDQFHK

'UXPFDUWULGJH2LOFKDQJH

 3RVLWLRQWKHPDFKLQHOHYHOVRWKDWWKHLQGLFDWRUSLQ 
RQWKHLQVLGHRIWKHGUXPLVDOLJQHGZLWKWKHWRSRIWKH
GUXPIUDPH

)LJ/HIWGUXPVLGH
,QGLFDWRUSLQ

 3ODFHDUHFHSWDFOHIRUDERXWOLWHUV JDO
XQGHUQHDWKWKHGUDLQSOXJ  
6DYHWKHRLODQGGLVSRVHRILWLQDQDSSURYHG
PDQQHU

  &OHDQDQGXQVFUHZWKHILOOHUSOXJ  DQGWKHGUDLQ
SOXJ  
$OORZDOOWKHRLOWRUXQRXW)LWWKHGUDLQSOXJDQGILOO
ZLWKQHZV\QWKHWLFRLOLQDFFRUGDQFHZLWKWKH
)LJ5LJKWGUXPVLGH
)LOOHUSOXJ LQVWUXFWLRQVXQGHU'UXPFDUWULGJHFKHFNLQJWKHRLO
'UDLQSOXJ OHYHO
/HYHOSOXJ
5HSHDWWKHSURFHGXUHRQWKHRSSRVLWHVLGH
(QVXUHWKDWRQO\02%,/6+&LVXVHGLQWKH
FDUWULGJHV

,&$(1SGI 
106
0DLQWHQDQFHK

'UXPJHDUER[2LOFKDQJH

 3ODFHWKHUROOHURQDOHYHOVXUIDFHZLWKWKHSOXJV 
DQG  DVLOOXVWUDWHG
:LSHFOHDQXQVFUHZWKHSOXJV DQG DQGGUDLQ
WKHRLOLQWRDVXLWDEOHUHFHSWDFOHFDSDFLW\DERXW
OLWHUV JDO 

5HILWWKHSOXJ  DQGILOOZLWKRLOXSWRWKHOHYHOSOXJ
 DFFRUGLQJWR'UXPJHDUER[&KHFNLQJWKHRLO
OHYHO
8VHWUDQVPLVVLRQRLODFFRUGLQJWRWKHOXEULFDQW
 VSHFLILFDWLRQ
)LJ'UXPJHDUER[
'UDLQSOXJ &OHDQDQGUHILWWKHOHYHOSOXJ  DQGILOOHUSOXJ  
)LOOHUSOXJ
/HYHOSOXJ

)RUZDUG5HYHUVHOHYHU
/XEULFDWLRQ

5HPRYHWKHVFUHZV  DQGWDNHRIIWKHSODWH  
*UHDVHWKHFRQWDFWVXUIDFHRQWKHFDPGLVF  
5HILWWKHSODWH  ZLWKWKHVFUHZV  

 
)LJ)RUZDUG5HYHUVHOHYHU
6FUHZ
3ODWH
&DPGLVF

 ,&$(1SGI
107
0DLQWHQDQFHK

6WHHULQJKLWFK&KHFN
,QVSHFWWKHVWHHULQJKLWFKWRGHWHFWDQ\GDPDJHRU
FUDFNV
&KHFNDQGWLJKWHQDQ\ORRVHEROWV
&KHFNDOVRIRUDQ\VWLIIQHVVDQGSOD\

)LJ6WHHULQJKLWFK

$XWRPDWLF&OLPDWH&RQWURO 2SWLRQDO
2YHUKDXO
 5HJXODULQVSHFWLRQDQGPDLQWHQDQFHDUHQHFHVVDU\WR
HQVXUHVDWLVIDFWRU\ORQJWHUPRSHUDWLRQ
&OHDQDOOGXVWIURPWKHFRQGHQVHUHOHPHQW  XVLQJ
FRPSUHVVHGDLU%ORZIURPDERYHGRZQZDUGV
7KHDLUMHWFDQGDPDJHWKHHOHPHQWIODQJHVLILWLV
WRRSRZHUIXO

)LJ&DE
&RQGHQVRUHOHPHQW :HDUSURWHFWLYHJRJJOHVZKHQZRUNLQJZLWK
FRPSUHVVHGDLU

,QVSHFWWKHFRQGHQVHUHOHPHQWDWWDFKPHQW

,&$(1SGI 
108
0DLQWHQDQFHK

&OHDQDOOGXVWIURPWKHFRROLQJXQLWDQGWKHFRROLQJ
HOHPHQW  XVLQJFRPSUHVVHGDLU
&KHFNWKHV\VWHPKRVHVIRUFKDILQJ0DNHVXUHWKDW
GUDLQDJHIURPWKHFRROLQJXQLWLVXQREVWUXFWHGVRWKDW
QRFRQGHQVDWLRQDFFXPXODWHVLQVLGHWKHXQLW
'UDLQE\SLQFKLQJWKHYDOYHV 


)LJ$XWRPDWLFFOLPDWHFRQWURO
&RROLQJHOHPHQW
'UDLQYDOYH [ 

&RPSUHVVRU&KHFN 2SWLRQDO
,QVSHFWWKHFRPSUHVVRU
VDQGK\GUDXOLFPRWRU
V
DWWDFKPHQW
7KHVHDUHORFDWHGXQGHUWKHFDEEHWZHHQWKHUHDU
IUDPHVLGHV7KHFRPSRQHQWVFDQEHDFFHVVHGIURP
XQGHUQHDWK
7KHXQLWVKRXOGLISRVVLEOHEHUXQDWOHDVWILYH
PLQXWHVHYHU\ZHHNWRHQVXUHOXEULFDWLRQRIWKH
UXEEHUJDVNHWVDQGFRPSUHVVRULQWKHV\VWHP
7KHDXWRPDWLFFOLPDWHFRQWUROVKRXOGQRWEHUXQ
ZKHQWKHH[WHUQDOWHPSHUDWXUHLVOHVVWKDQ&LQ
DQ\RWKHUFDVHWKDQWKHDERYH

)LJ&RPSUHVVRU

 ,&$(1SGI
109
0DLQWHQDQFHK

'U\LQJILOWHU&KHFN
  :LWKWKHXQLWLQRSHUDWLRQRSHQWKHHQJLQHKRRGDQG
FKHFNXVLQJWKHVLJKWJODVV  WKDWEXEEOHVDUHQRW
YLVLEOHRQWKHGU\LQJILOWHU,IEXEEOHVDUHYLVLEOH
WKURXJKWKHVLJKWJODVVLWLVDVLJQWKDWWKHUHIULJHUDQW
OHYHOLVWRRORZ,IVRVWRSWKHXQLW7KHXQLWPD\EH
GDPDJHGLILWLVUXQZLWKLQVXIILFLHQWUHIULJHUDQW
&KHFNWKHPRLVWXUHLQGLFDWRU  ,WVKRXOGEHEOXH,ILW
LVEHLJHWKHGU\HUFDUWULGJHVKRXOGEHFKDQJHGE\DQ
DXWKRUL]HGVHUYLFHFRPSDQ\
7KHFRPSUHVVRUZLOOEHGDPDJHGLIWKHXQLWLVUXQ
ZLWKWRROLWWOHUHIULJHUDQW

'RQRWGLVFRQQHFWRUXQGRWKHKRVHFRXSOLQJV
)LJ'U\LQJILOWHULQHQJLQH
FRPSDUWPHQW
6LJKWJODVV
0RLVWXUHLQGLFDWRU

7KHFRROLQJV\VWHPLVSUHVVXUL]HG,QFRUUHFW
KDQGOLQJFDQUHVXOWLQVHULRXVSHUVRQDOLQMXU\

7KHV\VWHPFRQWDLQVSUHVVXUL]HGUHIULJHUDQW,WLV
IRUELGGHQWRUHOHDVHUHIULJHUDQWVLQWRWKH
DWPRVSKHUH:RUNRQWKHUHIULJHUDQWFLUFXLWLVRQO\
WREHFDUULHGGRXWE\DXWKRUL]HGFRPSDQLHV

,&$(1SGI 
110
'\QDSDF&RPSDFWLRQ(TXLSPHQW$%
%R[6(.DUOVNURQD6ZHGHQ
'\QDSDF&RPSDFWLRQ(TXLSPHQW$%
%R[6(.DUOVNURQD6ZHGHQ

You might also like