CC 422 Catalog

,QVWUXFWLRQ
PDQXDO
,&&(1SGI
2SHUDWLRQ 0DLQWHQDQFH
9LEUDWRU\UROOHU
&&
(QJLQH
&XPPLQV%7$$
6HULDOQXPEHU

'\QDSDF&&LVDWRQFODVVYLEUDWRU\UROOHUZLWKDUWLFXODWHGVWHHULQJ
DQGIHDWXULQJGULYHEUDNHVDQGYLEUDWLRQRQERWKGUXPV
6XEMHFWWRFKDQJHV
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
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\
$OZD\VIROORZWKHVDIHW\LQVWUXFWLRQV(QVXUH
WKDWWKLVPDQXDOLVDOZD\VHDVLO\DFFHVVLEOH
5HDGWKHHQWLUHPDQXDOEHIRUHVWDUWLQJWKH
PDFKLQHDQGEHIRUHFDUU\LQJRXWDQ\
PDLQWHQDQFH
(QVXUHJRRGYHQWLODWLRQH[WUDFWLRQRIDLUE\IDQ
ZKHUHWKHHQJLQHLVUXQLQGRRUV
&$/,)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
$OVRUHDGWKHVDIHW\PDQXDO
7KHRSHUDWRUPXVWEHIDPLOLDUZLWKWKHFRQWHQWVRIWKH23(5$7,21VHFWLRQ
EHIRUHVWDUWLQJWKHUROOHU
(QVXUHWKDWDOOLQVWUXFWLRQVLQWKH0$,17(1$1&(VHFWLRQDUHIROORZHG
2QO\WUDLQHGDQGRUH[SHULHQFHGRSHUDWRUVDUHWRRSHUDWHWKHUROOHU
3DVVHQJHUVDUHQRWSHUPLWWHGRQWKHUROOHU5HPDLQVHDWHGDWDOOWLPHVZKHQ
RSHUDWLQJWKHUROOHU
1HYHUXVHWKHUROOHULILWLVLQQHHGRIDGMXVWPHQWRUUHSDLU
%RDUGDQGOHDYHWKHUROOHURQO\ZKHQLWLVVWDWLRQDU\8VHWKHJULSVDQG
UDLOLQJVSURYLGHG$OZD\VXVHWKHWKUHHSRLQWJULSERWKIHHWDQGRQHKDQGRU
RQHIRRWDQGERWKKDQGVZKHQERDUGLQJRUGLVHPEDUNLQJWKHPDFKLQH
7KH52365ROO2YHU3URWHFWLYH6WUXFWXUHVKRXOGDOZD\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
'RQRWPDNHDQ\FKDQJHVRUPRGLILFDWLRQVWRWKHUROOHUWKDWFRXOGDIIHFW
VDIHW\&KDQJHVDUHRQO\WREHPDGHDIWHUZULWWHQDSSURYDOKDVEHHQJLYHQ
E\'\QDSDF
$YRLGXVLQJWKHUROOHUEHIRUHWKHK\GUDXOLFIOXLGKDVUHDFKHGLWVQRUPDO
ZRUNLQJWHPSHUDWXUH%UDNLQJGLVWDQFHVFDQEHORQJHUWKDQQRUPDOZKHQWKH
IOXLGLVFROG5HIHUWRWKHRSHUDWLQJLQVWUXFWLRQLQWKH6723VHFWLRQ
,&&(1SGI
4
6DIHW\ZKHQRSHUDWLQJ
6DIHW\ZKHQRSHUDWLQJ
'ULYLQJQHDUHGJHV
:KHQGULYLQJQHDUDQHGJHPLQLPXPRIWKHGUXP
ZLGWKPXVWEHRQVROLGJURXQG
:KHQXVLQJSLYRWDOVWHHULQJRQO\RQHGUXP
VKRXOGEHDOORZHGWRPRYHLQWRWKHSRVLWLRQ
VKRZQLQWKHSLFWXUH7KHRWKHUGUXPPXVWEHLQ
FRQWDFWZLWKWKHJURXQGDFURVVLWVIXOOZLGWK

.HHSLQPLQGWKDWWKHPDFKLQH
VFHQWHURI
JUDYLW\PRYHVRXWZDUGVZKHQVWHHULQJ)RU
H[DPSOHWKHFHQWHURIJUDYLW\PRYHVWRWKHULJKW
)LJ3RVLWLRQRIGUXPVZKHQGULYLQJQHDU ZKHQ\RXVWHHUWRWKHOHIW
DQHGJH
3LYRWDOVWHHULQJ
6ORSHV
7KLVDQJOHKDVEHHQPHDVXUHGRQDKDUGIODWVXUIDFH
ZLWKWKHPDFKLQHVWDWLRQDU\
7KHVWHHULQJDQJOHZDV]HURWKHYLEUDWLRQZDV
VZLWFKHG2))DQGDOOWDQNVZHUHIXOO
$OZD\VWDNHLQWRFRQVLGHUDWLRQWKDWORRVHJURXQG
VWHHULQJWKHPDFKLQHYLEUDWLRQRQPDFKLQHVSHHG
DFURVVWKHJURXQGDQGUDLVLQJWKHFHQWHURIJUDYLW\FDQ
DOOFDXVHWKHPDFKLQHWRWRSSOHDWVPDOOHUVORSH
DQJOHVWKDQWKRVHVSHFLILHGKHUH
7RH[LWWKHFDELQDQHPHUJHQF\UHOHDVHWKH
KDPPHURQWKHUHDUULJKWSRVWDQGEUHDNWKH
0D[RU UHDUZLQGRZ
)LJ2SHUDWLQJRQVORSHV
,WLVUHFRPPHQGHGWKDW52365ROO2YHU
3URWHFWLYH6WUXFWXUHRUD5236DSSURYHGFDE
LVDOZD\VXVHGZKHQGULYLQJRQVORSHVRU
XQVDIHJURXQG
:KHUHSRVVLEOHDYRLGGULYLQJDFURVVVORSHV
'ULYHLQVWHDGVWUDLJKWXSDQGGRZQVORSLQJ
JURXQG
,&&(1SGI
5
6DIHW\ZKHQRSHUDWLQJ
,&&(1SGI
6
6DIHW\2SWLRQDO
6DIHW\2SWLRQDO
$LUFRQGLWLRQLQJ2SWLRQDO
7KHV\VWHPFRQWDLQVSUHVVXUL]HGUHIULJHUDQW,W
LVIRUELGGHQWRUHOHDVHUHIULJHUDQWVLQWRWKH
DWPRVSKHUH
:RUNRQWKHUHIULJHUDQWFLUFXLWLVRQO\WREH
FDUULHGRXWE\DXWKRUL]HGFRPSDQLHV
7KHFRROLQJV\VWHPLVSUHVVXUL]HG,QFRUUHFW
KDQGOLQJFDQUHVXOWLQVHULRXVSHUVRQDOLQMXU\
'RQRWGLVFRQQHFWRUXQGRWKHKRVHFRXSOLQJV
7KHV\VWHPPXVWEHUHILOOHGZLWKDQDSSURYHG
UHIULJHUDQWE\DXWKRUL]HGSHUVRQQHOZKHQ
QHFHVVDU\5HIHUWRWKHWHFKQLFDOVSHFLILFDWLRQV
)LJ$LUFRQGLWLRQLQJ
&RROLQJV\VWHPLQWKHFDE
,&&(1SGI
7
6DIHW\2SWLRQDO
(GJHFXWWHUHGJHUROOHU2SWLRQDO
7KHRSHUDWRUPXVWPDNHVXUHWKDWQRERG\LVLQ
WKHDUHDRIRSHUDWLRQZKLOHWKHPDFKLQHLVLQ
XVH
7KHHGJHFXWWHUFRQVLVWVRIURWDWLQJ
FRPSRQHQWVDQGWKHUHLVDULVNRIEHLQJFUXVKHG

)LJ(GJHFXWWHUHGJHUROOHU
7UDQVSRUWSRVLWLRQ
2SHUDWLRQSRVLWLRQ 7KHWRROLVWREHUHWXUQHGWRWKHWUDQVSRUW
SRVLWLRQLPPHGLDWHO\DIWHUXVH
,&&(1SGI
8
6SHFLDOLQVWUXFWLRQV
6SHFLDOLQVWUXFWLRQV
6WDQGDUGOXEULFDQWVDQGRWKHUUHFRPPHQGHG
RLOVDQGIOXLGV
%HIRUHOHDYLQJWKHIDFWRU\WKHV\VWHPVDQG
FRPSRQHQWVDUHILOOHGZLWKWKHRLOVDQGIOXLGVVSHFLILHG
LQWKHOXEULFDQWVSHFLILFDWLRQ7KHVHDUHVXLWDEOHIRU
DPELHQWWHPSHUDWXUHVLQWKHUDQJH¡&WR¡&
¡)¡)
7KHPD[LPXPWHPSHUDWXUHIRUELRORJLFDO
K\GUDXOLFIOXLGLV¡&¡)
+LJKHUDPELHQWWHPSHUDWXUHVDERYH&
)
)RURSHUDWLRQRIWKHPDFKLQHDWKLJKHUDPELHQW
WHPSHUDWXUHVKRZHYHUPD[LPXP¡&¡)WKH
IROORZLQJUHFRPPHQGDWLRQVDSSO\
7KHGLHVHOHQJLQHFDQEHUXQDWWKLVWHPSHUDWXUHXVLQJ
QRUPDORLO+RZHYHUWKHIROORZLQJIOXLGVPXVWEHXVHG
IRURWKHUFRPSRQHQWV
+\GUDXOLFV\VWHPPLQHUDORLO6KHOO7HOOXV7RU
VLPLODU
7HPSHUDWXUHV
7KHWHPSHUDWXUHOLPLWVDSSO\WRVWDQGDUGYHUVLRQVRI
UROOHUV
5ROOHUVHTXLSSHGZLWKDGGLWLRQDOHTXLSPHQWVXFKDV
QRLVHVXSSUHVVLRQPD\QHHGWREHPRUHFDUHIXOO\
PRQLWRUHGLQWKHKLJKHUWHPSHUDWXUHUDQJHV
+LJKSUHVVXUHFOHDQLQJ
'RQRWVSUD\GLUHFWO\RQWRHOHFWULFDOFRPSRQHQWV
+LJKSUHVVXUHZDVKLQJPXVWQRWEHXVHGRQWKH
LQVWUXPHQWSDQHO
'HWHUJHQWWKDWFDQGHVWUR\HOHFWULFDOSDUWVRU
ZKLFKLVFRQGXFWLYHPXVWQRWEHXVHG
,QFHUWDLQFDVHVWKHUHLVDQHOHFWULFRSHUDWLQJ
OHYHUDQGDQDWWHQGDQWSURJUDPER[LQWKHHQJLQH
FRPSDUWPHQWZKLFKPXVWQRWEHZDVKHGZLWK
KLJKSUHVVXUHZDVKLQJRURWKHUZLVHZDVKHGZLWK
ZDWHU,WLVVXIILFLHQWWRZLSHWKHPFOHDQ
,&&(1SGI
9
6SHFLDOLQVWUXFWLRQV
3ODFHDSODVWLFEDJRYHUWKHIXHOILOOHUFDSDQGVHFXUH
ZLWKDUXEEHUEDQG7KLVLVWRDYRLGKLJKSUHVVXUH
ZDWHUHQWHULQJWKHYHQWKROHLQWKHILOOHUFDS7KLVFRXOG
FDXVHPDOIXQFWLRQVVXFKDVWKHEORFNLQJRIILOWHUV
1HYHUDLPWKHZDWHUMHWGLUHFWO\DWWKHIXHOWDQN
FDS7KLVLVSDUWLFXODUO\LPSRUWDQWZKHQXVLQJD
KLJKSUHVVXUHFOHDQHU
)LUHILJKWLQJ
,IWKHPDFKLQHFDWFKHVILUHXVHDQ$%(FODVVSRZGHU
ILUHH[WLQJXLVKHU
$%(FODVVFDUERQGLR[LGHILUHH[WLQJXLVKHUFDQDOVR
EHXVHG
5ROO2YHU3URWHFWLYH6WUXFWXUH52365236

DSSURYHGFDE
,IWKHPDFKLQHLVILWWHGZLWKD5ROO2YHU
3URWHFWLYH6WUXFWXUH5236RU5236DSSURYHG
FDEQHYHUFDUU\RXWDQ\ZHOGLQJRUGULOOLQJLQ
WKHVWUXFWXUHRUFDE
1HYHUDWWHPSWWRUHSDLUDGDPDJHGVWUXFWXUHRU
FDE7KHVHPXVWEHUHSODFHGZLWKQHZ
VWUXFWXUHVRUFDEV
%DWWHU\KDQGOLQJ
:KHQUHPRYLQJWKHEDWWHU\DOZD\VGLVFRQQHFW
WKHQHJDWLYHFDEOHILUVW
:KHQILWWLQJWKHEDWWHU\DOZD\VFRQQHFWWKH
SRVLWLYHFDEOHILUVW
'LVSRVHRIROGEDWWHULHVLQDQHQYLURQPHQWDOO\
IULHQGO\ZD\%DWWHULHVFRQWDLQWR[LFOHDG
'RQRWXVHDTXLFNFKDUJHUIRUFKDUJLQJWKH
EDWWHU\7KLVPD\VKRUWHQEDWWHU\OLIH
,&&(1SGI
10
6SHFLDOLQVWUXFWLRQV
-XPSVWDUWLQJ
'RQRWFRQQHFWWKHQHJDWLYHFDEOHWRWKH
QHJDWLYHWHUPLQDORQWKHGHDGEDWWHU\$VSDUN
FDQLJQLWHWKHR[\K\GURJHQJDVIRUPHG
DURXQGWKHEDWWHU\
&KHFNWKDWWKHEDWWHU\XVHGIRUMXPSVWDUWLQJ
KDVWKHVDPHYROWDJHDVWKHGHDGEDWWHU\

7XUQWKHLJQLWLRQDQGDOOSRZHUFRQVXPLQJHTXLSPHQW
RII6ZLWFKRIIWKHHQJLQHRQWKHPDFKLQHZKLFKLV
SURYLGLQJMXPSVWDUWSRZHU
)LUVWFRQQHFWWKHMXPSVWDUWEDWWHU\
VSRVLWLYHWHUPLQDO
WRWKHIODWEDWWHU\
VSRVLWLYHWHUPLQDO7KHQ
FRQQHFWWKHMXPSVWDUWEDWWHU\
VQHJDWLYHWHUPLQDO
WRIRUH[DPSOHDEROWRUWKHOLIMWLQJH\HRQWKH
PDFKLQHZLWKWKHIODWEDWWHU\
6WDUWWKHHQJLQHRQWKHSRZHUSURYLGLQJPDFKLQH/HWLW
UXQIRUDZKLOH1RZWU\WRVWDUWWKHRWKHUPDFKLQH
'LVFRQQHFWWKHFDEOHVLQWKHUHYHUVHRUGHU
)LJ-XPSVWDUWLQJ
,&&(1SGI
11
6SHFLDOLQVWUXFWLRQV
,&&(1SGI
12
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
VHDUSODWIRUP/S$ G%$
6RXQGSUHVVXUHOHYHODWWKHRSHUDWRU
VHDUFDE/S$ G%$
(OHFWULFDOV\VWHP
0DFKLQHVDUH(0&WHVWHGLQDFFRUGDQFHZLWK(1

&RQVWUXFWLRQPDFKLQHU\
,&&(1SGI
13
,&&(1SGI
14
'LPHQVLRQVVLGHYLHZ
+
K
'
$
6
/
'LPHQVLRQV PP LQ
$
'
K
+
/
6
,&&(1SGI
15
'LPHQVLRQVWRSYLHZ
5
:
0
0
5
'LPHQVLRQV PP LQ
0
0
5:LWKRIIVHWGUXPV
5:LWKRIIVHWGUXPV
5:LWKRXWRIIVHWGUXPV
5:LWKRXWRIIVHWGUXPV
:
,&&(1SGI
16
7HFKQLFDOVSHFLILFDWLRQV:HLJKWVDQG
YROXPHV
:HLJKWV
6HUYLFHZHLJKWZLWKRXW NJ OEV
5236
6HUYLFHZHLJKWZLWK5236 NJ OEV
(1
6HUYLFHZHLJKWZLWKFDE NJ OEV
)OXLGYROXPHV
'UXP OLWHUV TWV
+\GUDXOLFUHVHUYRLU OLWHUV TWV
)XHOWDQN OLWHUV JDO
(PXOVLRQWDQN OLWHUVWDQN
:DWHUWDQNIURQW OLWHUVWDQN JDO
:DWHUWDQNUHDU OLWHUVWDQN JDO
'LHVHOHQJLQHRLO OLWHUV TWV
&RRODQW OLWHUV TWV
3XPSJHDU OLWHUV TWV
,&&(1SGI
17
,&&(1SGI
18
7HFKQLFDOVSHFLILFDWLRQV:RUNLQJ
FDSDFLW\
&RPSDFWLRQGDWD
6WDWLFOLQHDUORDGIURQW NJFP SOL
6WDWLFOLQHDUORDGUHDU NJFP SOL
$PSOLWXGHKLJK PP LQ
$PSOLWXGHORZ PP LQ
9LEUDWLRQIUHTXHQF\KLJK +] YSP
DPSOLWXGH
9LEUDWLRQIUHTXHQF\KLJK +] YSP
DPSOLWXGH&(
9LEUDWLRQIUHTXHQF\ORZ +] YSP
DPSOLWXGH
9LEUDWLRQIUHTXHQF\ORZ +] YSP
DPSOLWXGH&(
&HQWULIXJDOIRUFHKLJK N1 OE
DPSOLWXGH
&HQWULIXJDOIRUFHORZ N1 OE
DPSOLWXGH
3URSXOVLRQ
6SHHGUDQJH NPK PSK
&OLPELQJFDSDFLW\WKHRUHWLFDO
,&&(1SGI
19
,&&(1SGI
20
(QJLQH
0DQXIDFWXUHU0RGHO &XPPLQV%7$$&
3RZHU6$(- N: KS
(QJLQHVSHHG USP
(OHFWULFDOV\VWHP
%DWWHU\ 9$K
$OWHUQDWRU 9$
)XVHV 6HHWKH(OHFWULFDOV\VWHPVHFWLRQIXVHV
7LJKWHQLQJWRUTXH
7LJKWHQLQJWRUTXHLQ1PIRURLOHGEULJKWJDOYDQL]HG
EROWVWLJKWHQHGXVLQJDWRUTXHZUHQFK
675(1*7+&/$66
0WKUHDG
0
0
0
0
0
0
0
0
0
,&&(1SGI
21
5236EROWV
%ROWGLPHQVLRQV 031
6WUHQJWKFODVV
7LJKWHQLQJWRUTXH 1P'DFURPHW

WUHDWHG
5236EROWVZKLFKDUHWREHWRUTXHWLJKWHQHG
PXVWEHGU\
+\GUDXOLFV\VWHP
2SHQLQJSUHVVXUH 03D 3VL

'ULYHV\VWHP
6XSSO\V\VWHP
9LEUDWLRQV\VWHP
&RQWUROV\VWHPV
%UDNHUHOHDVH
$XWRPDWLF&OLPDWH&RQWURO$&&2SWLRQDO

7KHV\VWHPGHVFULEHGLQWKLVPDQXDOLVW\SH$&&
$XWRPDWLF&OLPDWH&RQWUROLHDV\VWHPZKLFK
PDLQWDLQVWKHVHWWHPSHUDWXUHLQWKHFDESURYLGHGWKH
ZLQGRZVDQGGRRUVDUHNHSWFORVHG
&RRODQWGHVLJQDWLRQ+)&5$
&RRODQWZHLJKWDWILUVWILOOJUDP
,&&(1SGI
22
3URGXFWLGHQWLILFDWLRQQXPEHURQWKHIUDPH
7KHPDFKLQH3,13URGXFW,GHQWLILFDWLRQ1XPEHU
LVSXQFKHGRQWKHULJKWHGJHRIWKHIURQWIUDPH

)LJ3,1)URQWIUDPH
0DFKLQHSODWH
7KHPDFKLQHW\SHSODWHLVDWWDFKHGWRWKHIURQWOHIW
VLGHRIWKHIUDPHEHVLGHWKHVWHHULQJMRLQW
7KHSODWHVSHFLILHVWKHPDQXIDFWXUHUVQDPHDQG
DGGUHVVWKHW\SHRIPDFKLQHWKH3,13URGXFW
,GHQWLILFDWLRQ1XPEHUVHULDOQXPEHURSHUDWLQJ
ZHLJKWHQJLQHSRZHUDQG\HDURIPDQXIDFWXUH2Q
PDFKLQHVVXSSOLHGWRRXWVLGHWKH(8WKHUHDUHQR&(
PDUNLQJVDQGLQVRPHFDVHVQR\HDURIPDQXIDFWXUH
)LJ2SHUDWRUSODWIRUP
0DFKLQHSODWH
3OHDVHVWDWHWKHPDFKLQH
V3,1ZKHQRUGHULQJ
VSDUHV
,&&(1SGI
23
(QJLQHSODWHV
7KHHQJLQHSODWHLVDIIL[HGWRWKHOHIWVLGHRIWKH
HQJLQHXQGHUWKHLQMHFWLRQSXPS5HPRYHWKHPHWDO
FRYHUDWWKHWRSRQWKHOHIWRIWKHHQJLQHFRPSDUWPHQW
WRDFFHVVWKHSODWH7KHSODWHVSHFLILHVWKHW\SHRI
HQJLQHLWVVHULDOQXPEHUDQGWKHHQJLQHVSHFLILFDWLRQ
3OHDVHVSHFLI\WKHHQJLQHVHULDOQXPEHUZKHQ
RUGHULQJVSDUHV5HIHUDOVRWRWKHHQJLQHPDQXDO

)LJ(QJLQH
7\SHSODWH
(3$SODWH86$
,&&(1SGI
24
/RFDWLRQGHFDOV

)LJ/RFDWLRQGHFDOVDQGVLJQV
:DUQLQJ&UXVK]RQH /LIWLQJSRLQW
:DUQLQJ5RWDWLQJHQJLQHFRPSRQHQWV +RLVWLQJSODWH
:DUQLQJ+RWVXUIDFHV +DQGERRNFRPSDUWPHQW
:DUQLQJ%UDNHUHOHDVH +\GUDXOLFIOXLG
:DUQLQJ,QVWUXFWLRQPDQXDO %DWWHU\LVRODWRUVZLWFK
:DUQLQJ(GJHFXWWHU 6HFXULQJSRLQW
:DUQLQJ/RFNLQJ :DUQLQJVLJQ
:DUQLQJ7R[LFJDV (PHUJHQF\H[LW
1RLVHSRZHUOHYHO 7LUHSUHVVXUH&RPELPDFKLQHVRQO\
'LHVHOIXHO :DUQLQJ6WDUWLQJJDV
,&&(1SGI
25
6DIHW\GHFDOV

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

:DUQLQJRIURWDWLQJHQJLQHFRPSRQHQWV
.HHS\RXUKDQGVDWDVDIHGLVWDQFHIURPWKH
GDQJHU]RQH

:DUQLQJRIKRWVXUIDFHVLQWKHHQJLQH
FRPSDUWPHQW
.HHS\RXUKDQGVDWDVDIHGLVWDQFHIURPWKH
GDQJHU]RQH

%UDNHGLVHQJDJHPHQW
6WXG\WKHWRZLQJFKDSWHUEHIRUHGLVHQJDJLQJWKH
EUDNHV
'DQJHURIEHLQJFUXVKHG

,QVWUXFWLRQPDQXDO
7KHRSHUDWRUPXVWUHDGWKHVDIHW\RSHUDWLRQDQG
PDLQWHQDQFHLQVWUXFWLRQVEHIRUHRSHUDWLQJWKH
PDFKLQH

(GJHFXWWHURSWLRQ
:DUQLQJRIURWDWLQJSDUWV
0DLQWDLQDVDIHGLVWDQFHIURPWKHFUXVK]RQH
,&&(1SGI
26

/RFNLQJ
7KHDUWLFXODWLRQPXVWEHORFNHGZKHQOLIWLQJ
5HDGWKHLQVWUXFWLRQPDQXDO

7R[LFJDVDFFHVVRU\$&&
5HDGWKHLQVWUXFWLRQPDQXDO

6WDUWLQJJDV
6WDUWLQJJDVLVQRWWREHXVHG
,&&(1SGI
27
,QIRGHFDOV
1RLVHSRZHUOHYHO 'LHVHOIXHO /LIWLQJSRLQW
+RLVWLQJSODWH +DQGERRNFRPSDUWPHQW 0DVWHUVZLWFK
+\GUDXOLFIOXLG %LRORJLFDOK\GUDXOLFIOXLG 6HFXULQJSRLQW
(PHUJHQF\H[LW
,&&(1SGI
28
0DFKLQHGHVFULSWLRQ
,QVWUXPHQWV&RQWUROV
/RFDWLRQV,QVWUXPHQWVDQGFRQWUROV

)LJ,QVWUXPHQWVDQGFRQWUROSDQHO
6WDUWHUVZLWFK 6SHHGRPHWHU

5SP)UHTXHQF\VHOHFWRU )XHOJDXJH
:RUNLQJOLJKWV /HYHOJDXJHUHDUZDWHUWDQN
+D]DUGEHDFRQ /HYHOJDXJHIURQWZDWHUWDQN
'LUHFWLRQLQGLFDWRUVZLWFK 6SULQNOHUHGJHFXWWHU
+D]DUGZDUQLQJOLJKWV (GJHFXWWHU8S'RZQ
0DLQEHDPVZLWFK 6SULQNOHUWLUHV
3DUNLQJGLSSHGEHDPVZLWFK 9LEUDWLRQIURQWUHDUGUXP
&KDQJHRYHUVZLWFKSLYRWDOVWHHULQJ2Q2II 6SULQNOHUWLPHU
&RQWUROODPSGUXPSRVLWLRQ $PSOLWXGHVHOHFWRU+LJK/RZ
9ROWPHWHU 0DQXDO$XWRPDWLFVSULQNOHU
+\GUDXOLFIOXLGWHPSHUDWXUH 0DQXDO$XWRPDWLFYLEUDWLRQ
(QJLQHRLOWHPSHUDWXUH
(QJLQHVSHHG9LEUDWLRQIUHTXHQF\
2SWLRQDO
6WDQGDUGRQFRPELUROOHU
,&&(1SGI
29
/RFDWLRQV&RQWUROSDQHODQGFRQWUROV

)LJ&RQWUROSDQHO
+RXUPHWHU :DUQLQJOLJKWHQJLQHRLOWHPSHUDWXUH

%UDNHZDUQLQJODPS :DUQLQJODPSIXHOOHYHO
:DUQLQJODPSHQJLQHRLOSUHVVXUH (QJLQHVSHHGFRQWURO
:DUQLQJODPSK\GUDXOLFILOWHU -R\VWLFNSLYRWDOVWHHULQJ
:DUQLQJODPSDLUILOWHU (PHUJHQF\3DUNLQJEUDNHNQRE
:DUQLQJODPSFKDUJLQJ +RUQ
:DUQLQJODPSK\GUDXOLFWHPSHUDWXUH )RUZDUG5HYHUVHOHYHU
9LEUDWLRQ2Q2II
)XQFWLRQGHVFULSWLRQV
1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ

6WDUWHUVZLWFK 7KHHOHFWULFFLUFXLWLVEURNHQ
$OOLQVWUXPHQWVDQGHOHFWULFFRQWUROVDUHVXSSOLHGZLWK
SRZHU
6WDUWHUPRWRUDFWLYDWLRQ
(QJLQHVSHHG 7KHFXUUHQWHQJLQHVSHHGLVVKRZQLQWKLVSRVLWLRQ
9LEUDWLRQIUHTXHQF\PHDVXUHPHQW ,QWKHOHIWSRVLWLRQIUHTXHQF\LVPHDVXUHGRQWKHUHDU
VZLWFK UHDUGUXP
,QWKHULJKWSRVLWLRQIUHTXHQF\LVPHDVXUHGRQWKHIURQW
GUXP
5HDUZRUNLQJOLJKWVVZLWFK 7XUQWRWKHULJKWWRVZLWFKRQWKHZRUNLQJOLJKWV
,&&(1SGI
30

+D]DUGEHDFRQVZLWFK 7XUQWRWKHULJKWWRVZLWFKRQWKHKD]DUGEHDFRQ
'LUHFWLRQLQGLFDWRUVZLWFK 7XUQWRWKHOHIWWRVZLWFKRQWKHOHIWGLUHFWLRQLQGLFDWRUV
HWF
7KHGLUHFWLRQLQGLFDWRUVDUHRIILQWKHPLGGOHSRVLWLRQ
+D]DUGZDUQLQJOLJKWVVZLWFK 7XUQWKHVZLWFKWRWKHULJKWWRWXUQRQWKHKD]DUGZDUQLQJ
OLJKWV
0DLQGLSSHGEHDPVZLWFKZLWK ,QWKHULJKWSRVLWLRQWKHVZLWFKOLJKWVDQGWKHPDLQEHDP
FRQWUROODPS LVRQ
,QWKHOHIWSRVLWLRQWKHGLSSHGEHDPLVRQ
)RUZDUGZRUNLQJOLJKWVVZLWFK /LJKWVRII
3DUNLQJOLJKWVRQ
)URQWZRUNLQJOLJKWVRQ
3LYRWDOVWHHULQJ2Q2IIVZLWFK ,QWKHOHIWSRVLWLRQWKHSLYRWDOVWHHULQJLVVZLWFKHGRII
,QWKHULJKWSRVLWLRQWKHWKHSLYRWDOVWHHULQJLVVZLWFKHG
RQ
&RQWUROODPSGUXPSRVLWLRQ 7KHODPSLQGLFDWHVWKDWWKHVLGHVRIWKHGUXPVDUHQRW
DOLJQHG
9ROWPHWHU 6KRZVHOHFWULFDOV\VWHPYROWDJH
1RUPDOUDQJHLVYROWV
7HPSHUDWXUHJDXJHK\GUDXOLFIOXLG 6KRZVK\GUDXOLFIOXLGWHPSHUDWXUH
1RUPDOWHPSHUDWXUHUDQJHLV¡¡&¡¡)
6WRSWKHHQJLQHLIWKHJDXJHVKRZVDWHPSHUDWXUHRI
PRUHWKDQ¡&¡)/RFDWHWKHIDXOW
7HPSHUDWXUHJDXJHHQJLQHRLO 6KRZVWKHHQJLQHRLOWHPSHUDWXUH
1RUPDOWHPSHUDWXUHLVDURXQG¡&¡)
6WRSWKHHQJLQHLIWKHJDXJHVKRZVDWHPSHUDWXUHRI
PRUHWKDQ¡&¡)/RFDWHWKHIDXOW
(QJLQHVSHHG)UHTXHQF\PHWHU 7KHLQQHUVFDOHVKRZVFXUUHQWHQJLQHVSHHG
7KHRXWHUVFDOHVKRZVYLEUDWLRQIUHTXHQF\IRUWKHUHDURU
IURQWGUXP
6SHHGRPHWHU 7KHRXWHUVFDOHVKRZVVSHHGLQNPK
7KHLQQHUVFDOHVKRZVVSHHGLQPSK
)XHOJDXJH 6KRZVOHYHOLQWKHIXHOWDQN
:DWHUJDXJH 6KRZVOHYHOLQWKHUHDUZDWHUWDQN
:DWHUJDXJH 6KRZVOHYHOLQWKHIURQWZDWHUWDQN
6SULQNOHUHGJHFXWWHUVZLWFK ,QWKHOHIWSRVLWLRQZDWHULQJLVRII
,QWKHULJKWSRVLWLRQWKHHGJHFXWWHUGLVFLVZDWHUHG
,&&(1SGI
31

(GJHFXWWHU8S'RZQVZLWFK ,QWKHOHIWSRVLWLRQWKHHGJHFXWWHUPRYHVGRZQZDUGV
,QWKHPLGGOHSRVLWLRQWKHHGJHFXWWHULVVWDWLRQDU\
,QWKHULJKWSRVLWLRQWKHHGJHFXWWHUPRYHVXSZDUGV
6SULQNOHUWLUHVZLWFK ,QWKHOHIWSRVLWLRQWKHZDWHULQJLVRII
&RPERYHUVLRQVRQO\ ,QWKHULJKWSRVLWLRQWKHWLUHVDUHZDWHUHG
9LEUDWLRQIURQWUHDUGUXPVZLWFK ,QWKHOHIWSRVLWLRQYLEUDWLRQLVDFWLYDWHGIRUWKHUHDUGUXP
,QWKHPLGGOHSRVLWLRQYLEUDWLRQLVDFWLYDWHGIRUERWK
'R127WXUQWKLVVZLWFKRQZKHQ GUXPV
WKHVZLWFKLVRQ ,QWKHULJKWSRVLWLRQYLEUDWLRQLVDFWLYDWHGIRUWKHIURQW
GUXP
6SULQNOHUWLPHUVZLWFK 7KHVZLWFKKDVVL[GLIIHUHQWWLPHUSRVLWLRQVZKLFK
FRQWUROVWKHDPRXQWRIZDWHUVXSSOLHGWRWKHGUXPV
7KHOHIWPRGHVXSSOLHVOHDVWZDWHUDQGWKHULJKWPRGH
PRVW
$PSOLWXGH)UHTXHQF\VHOHFWRU 7KHOHIWSRVLWLRQJLYHVORZDPSOLWXGHKLJKIUHTXHQF\
VZLWFK
7KHULJKWSRVLWLRQJLYHVKLJKDPSOLWXGHORZIUHTXHQF\
:DWHULQJVZLWFK ,QWKHOHIWSRVLWLRQWKHGUXPVDUHFRQWLQXDOO\ZDWHUHG
,QWKHPLGGOHSRVLWLRQZDWHULQJLVRII
,QWKHULJKWSRVLWLRQZDWHULQJLVDXWRPDWLFDOO\VZLWFKHG
RQRIIYLDWKHIRUZDUGUHYHUVHOHYHUZKHQWKHGLUHFWLRQRI
WUDYHOLVFKDQJHG
9LEUDWLRQVHWWLQJVZLWFK ,QWKHOHIWSRVLWLRQWKHYLEUDWLRQLVVZLWFKHGRQRURIIE\
WKHVZLWFK
,QWKHPLGGOHSRVLWLRQWKHYLEUDWLRQV\VWHPLVRII
,QWKHULJKWSRVLWLRQYLEUDWLRQLVDXWRPDWLFDOO\VZLWFKHG
RQRURIIYLDWKHIRUZDUGUHYHUVHOHYHU
+RXUPHWHU (QJLQHUXQQLQJWLPHLVVKRZQLQKRXUV
%UDNHZDUQLQJODPS 7KHODPSFRPHRQZKHQWKHSDUNLQJRUHPHUJHQF\
EUDNHNQRELVGHSUHVVHGDQGWKHEUDNHVDUHDSSOLHG
:DUQLQJODPSRLOSUHVVXUH 7KHODPSFRPHVRQLIWKHHQJLQHRLOSUHVVXUHLVWRRORZ
6WRSWKHHQJLQHLPPHGLDWHO\DQGORFDWHWKHIDXOW
:DUQLQJODPSK\GUDXOLFILOWHU ,IWKHODPSFRPHVRQZKLOHWKHHQJLQHLVUXQQLQJDWIXOO
VSHHGWKHK\GUDXOLFILOWHUPXVWEHFKDQJHG
:DUQLQJODPSDLUILOWHU ,IWKHODPSFRPHVRQZKLOHWKHHQJLQHLVUXQQLQJDWIXOO
VSHHGWKHDLUILOWHUPXVWEHFOHDQHGRUUHSODFHG
:DUQLQJODPSEDWWHU\FKDUJLQJ ,IWKHODPSFRPHVRQZKLOHWKHHQJLQHLVUXQQLQJWKH
DOWHUQDWRULVQRWFKDUJLQJ
6WRSWKHHQJLQHDQGORFDWHWKHIDXOW
:DUQLQJODPSK\GUDXOLFIOXLG ,IWKHODPSFRPHVRQWKHK\GUDXOLFIOXLGLVWRRKRW
WHPSHUDWXUH 'RQRWGULYHWKHUROOHU&RROWKHIOXLGE\DOORZLQJWKH
HQJLQHWRLGOHDQGORFDWHWKHIDXOW
,&&(1SGI
32

:DUQLQJOLJKWHQJLQHRLO ,IWKHODPSFRPHVRQWKHHQJLQHLVWRRKRW6WRSWKH
WHPSHUDWXUH HQJLQHLPPHGLDWHO\DQGORFDWHWKHIDXOW
5HIHUDOVRWRWKHHQJLQHPDQXDO
:DUQLQJODPSORZIXHOOHYHO :KHQWKHODPSFRPHVRQWKHUHLVRQO\DVPDOODPRXQW
RIIXHOOHIW
5HIXHODVVRRQDVSRVVLEOH
(QJLQVVSHHGFRQWUROHQJLQH ,QWKHULJKWSRVLWLRQWKHHQJLQHLGOHV
,QWKHOHIWSRVLWLRQWKHHQJLQHUXQVDWPD[LPXPVSHHG
3LYRWDOVWHHULQJMR\VWLFN ,QWKHOHIWSRVLWLRQWKHIURQWGUXPLVSRVLWLRQHGWRWKHOHIW
RIWKHUHDUGUXP
,QWKHPLGGOHSRVLWLRQWKHGUXPVDUHDOLJQHG
,QWKHULJKWSRVLWLRQWKHIURQWGUXPLVSRVLWLRQHGWRWKH
ULJKWRIWKHUHDUGUXP
(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\DSSOLHVZKHQVZLWFKLVLQWKHOHIW
SRVLWLRQ
,&&(1SGI
33
/RFDWLRQV,QVWUXPHQWVDQGFRQWUROVFDE
)LUVWDLGNLWRSWLRQDO
)LJ&DEURRIIURQW

)LJ&DEUHDUZLWKRXW$&& )LJ&DEUHDUZLWK$&&RSWLRQDO

)LJ5HDUULJKWFDESRVW
,&&(1SGI
34
)XQFWLRQGHVFULSWLRQRILQVWUXPHQWVDQG
FRQWUROVLQWKHFDE

:RUNLQJOLJKWVVZLWFK 3UHVVWRVZLWFKRQWKHZRUNLQJOLJKWV
)URQWZLSHUVZLWFK 3UHVVWRRSHUDWHWKHIURQWVFUHHQZLSHU
5HDUZLSHUVZLWFK 3UHVVWRRSHUDWHWKHUHDUVFUHHQZLSHU
)URQWDQGUHDUZLQGRZVFUHHQZDVKHUV 3UHVVWKHXSSHUHGJHWRDFWLYDWHWKHIURQWVFUHHQ
VZLWFK ZDVKHUV
3UHVVWKHORZHUHGJHWRDFWLYDWHWKHUHDUVFUHHQ
ZDVKHUV
)URQWVLGHZLQGRZZLSHUVZLWFK 3UHVVWRRSHUDWHWKHIURQWVLGHZLQGRZZLSHU
5HDUVLGHZLQGRZZLSHUVZLWFK 3UHVVWRRSHUDWHWKHUHDUVLGHZLQGRZZLSHU
6LGHZLQGRZZDVKHUVVZLWFK 3UHVVWKHXSSHUHGJHWRDFWLYDWHWKHIURQWVLGH
ZLQGRZZDVKHUV
3UHVVWKHORZHUHGJHWRDFWLYDWHWKHUHDUVLGH
VFUHHQZDVKHUV
)XVHER[ &RQWDLQVIXVHVIRUWKHHOHFWULFDOV\VWHPLQWKHFDE
&DEDLUUHFLUFXODWLRQVZLWFK ,QWKHOHIWSRVLWLRQWKHPD[LPXPYROXPHRIDLULV
UHFLUFXODWHG
,QWKHULJKWSRVLWLRQWKHYROXPHUHFLUFXODWHGLV
PLQLPDO
9HQWLODWLRQIDQVZLWFK ,QWKHOHIWSRVLWLRQWKHIDQLVRII
7XUQLQJWKHNQREWRWKHULJKWLQFUHDVHVWKHYROXPH
RIDLUHQWHULQJWKHFDE
+HDWHUFRQWURO 7XUQWRWKHULJKWWRLQFUHDVHKHDWLQJ
7XUQWRWKHOHIWWRUHGXFHKHDWLQJ
$LUFRQGLWLRQLQJVZLWFK 6WDUWVDQGVWRSVWKHDLUFRQGLWLRQLQJ
7HPSHUDWXUHVHQVRU 5HJLVWHUVWKHWHPSHUDWXUHLQWKHFDE'RQRWFRYHU
'HIURVWHUQR]]OH 7XUQWKHQR]]OHWRGLUHFWWKHIORZRIDLU
+DPPHUIRUHPHUJHQF\H[LW 7RHVFDSHIURPWKHFDELQDQHPHUJHQF\UHOHDVH
WKHKDPPHUDQGEUHDNWKH5($5ZLQGRZ
,&&(1SGI
35
,&&(1SGI
36
5HOD\V
. /LJKWVUHOD\
. 'LUHFWLRQLQGLFDWRUV
. %UDNHOLJKWV
. 5HYHUVHLQJDODUP
. +RUQ
. 6SULQNOHU
. 0DLQUHOD\
. $9&
. 1HXWUDOVZLWFK
)LJ,QVWUXPHQWSDQHO . 9%6UHOD\

%HKLQGWKHOHIWHQJLQHFRPSDUWPHQWGRRURQWKHZDOO
IDFLQJWKHUHDUGUXPDUHWKHFRQWUROXQLWDQGUHOD\VIRU
SUHKHDWLQJWKHHQJLQH
)LJ(QJLQHFRPSDUWPHQWOHIWVLGH
&RQWUROXQLWIRUSUHKHDWLQJ
5HOD\IRUKHDWLQJ
)XVHV
7KHHOHFWULFDOUHJXODWLRQDQGFRQWUROV\VWHPLV
SURWHFWHGE\IXVHVORFDWHGXQGHUWKHLQVWUXPHQW
SDQHODQGLQWKHHQJLQHFRPSDUWPHQW
7KHIRXUIXVHER[HVDUHORFDWHGEHKLQGWKHORZHU
LQVWUXPHQWSODWHZKLFKLVRSHQHGE\WXUQLQJWKHIRXU
TXLFNILWVFUHZVDWXUQFRXQWHUFORFNZLVH

)LJ,QVWUXPHQWSDQHO
)XVHER[
4XLFNILWVFUHZV
,&&(1SGI
37
7KHIXVHVLQWKHHQJLQHFRPSDUWPHQWDUHORFDWHG
DORQJVLGHWKHEDWWHU\LVRODWLRQVZLWFK
7KHPDFKLQHLVHTXLSSHGZLWKD9HOHFWULFDOV\VWHP
DQGDQ$&DOWHUQDWRU

&RQQHFWWKHFRUUHFWSRODULWLHVJURXQGWRWKH
EDWWHU\7KHFDEOHEHWZHHQWKHEDWWHU\DQGWKH
)LJ%DWWHU\ED\ DOWHUQDWRUPXVWQRWEHGLVFRQQHFWHGZKHQWKH
%DWWHU\LVRODWLRQVZLWFK HQJLQHLVUXQQLQJ
0DLQIXVHSDQHO

7KHPDLQIXVHSDQHOLVORFDWHGEHKLQGWKHOHIWHQJLQH
FRPSDUWPHQWGRRU
7KHPDLQIXVHVDQGWKHVWDUWHUUHOD\DUHHDVLO\
DFFHVVLEOHZKHQWKHGRRULVIROGHGIRUZDUG

)LJ0DLQIXVHSDQHO
%DWWHU\LVRODWLRQVZLWFK
0DLQIXVH&DEVWDQGDUGHOHFWULFLW\
$
3UHKHDWLQJHQJLQH$
6WDUWHUUHOD\
,&&(1SGI
38
)XVHV

7KHILJXUHVKRZVWKHSRVLWLRQRIWKHIXVHV

7KHWDEOHEHORZJLYHVIXVHDPSHUDJHDQGIXQFWLRQ$OO
IXVHVDUHIODWSLQIXVHV

)LJ)XVHER[
OHIWDQGULJKWVLGH
)XVHER[HVOHIWVLGH )XVHER[HVULJKWVLGH
9DFDQW %UDNHYDOYHVWDUWHUUHOD\ $
'LUHFWLRQLQGLFDWRUVPDLQIXVH $ 9LEUDWLRQUHOD\9%6 $
/HIWSRVLWLRQOLJKWVEUDNHOLJKWV $ ,QGLFDWRUSDQHO $
5LJKWSRVLWLRQOLJKWV $ +RUQ $
/HIWGLUHFWLRQLQGLFDWRUVVLGHUHSHDWHUV $ 9LEUDWLRQ$9&UHOD\ $
5LJKWGLUHFWLRQLQGLFDWRUVVLGH $ +D]DUGEHDFRQ $

UHSHDWHUV
'ULYLQJOLJKWV:RUNLQJOLJKWVULJKW $$ 6SULQNOHUSXPSIURQW $
'ULYLQJOLJKWV:RUNLQJOLJKWVOHIW $$ 6SULQNOHUSXPSUHDU $
/HIWIURQWKHDGOLJKW $ 6SULQNOHUV\VWHPPDLQIXVH $
5LJKWIURQWKHDGOLJKW $ 6WHHULQJRIIVHWXSGRZQ $
(GJHFXWWHUVSULQNOHUXSGRZQ $ 5HYHUVLQJDODUP $
9DFDQW ,QVWUXPHQWVYROWPHWHUWHPSHUDWXUH $

JDXJHVSHHGRPHWHUUSPIUHTXHQF\
PHWHU
,&&(1SGI
39
)XVHVLQFDE
7KHHOHFWULFDOV\VWHPLQWKHFDEKDVDVHSDUDWHIXVH
ER[ORFDWHGRQWKHIURQWULJKWVLGHRIWKHFDEURRI

)LJ&DEURRIIXVHER[ 7KHILJXUHVKRZVIXVHDPSHUDJHDQGIXQFWLRQ
$OOIXVHVDUHIODWSLQIXVHV
$&FRQGHQVRU $
5DGLR $
/LJKWLQJ $
$&IDQ $
5HDUVFUHHQZLSHUZDVKHUV $
)URQWVFUHHQZLSHUZDVKHUV $
,&&(1SGI
40
2SHUDWLRQ6WDUWLQJ
2SHUDWLRQ6WDUWLQJ
%HIRUHVWDUWLQJ
0DVWHUVZLWFK6ZLWFKLQJRQ
5HPHPEHUWRFDUU\RXWGDLO\PDLQWHQDQFH5HIHUWR
WKHPDLQWHQDQFHLQVWUXFWLRQV
7KHPDVWHUVZLWFKLVORFDWHGLQWKHHQJLQH
FRPSDUWPHQW7XUQWKHNH\WRWKHRQSRVLWLRQ7KH
HQWLUHUROOHULVQRZVXSSOLHGZLWKSRZHU
7KHHQJLQHKRRGPXVWEHXQORFNHGZKHQ
RSHUDWLQJVRWKDWWKHEDWWHU\FDQEHTXLFNO\
GLVFRQQHFWHGLIQHFHVVDU\
)LJ(QJLQHFRPSDUWPHQW
&RQWUROXQLWRSHUDWRU
VVHDW$GMXVWLQJ

7KHFRQWUROXQLWKDVWKUHHDGMXVWPHQWRSWLRQV

WUDQVYHUVHWUDYHOURWDWLRQDQGVWHHULQJFROXPQDQJOH
)RUWUDQVYHUVHWUDYHOUDLVHWKHLQQHUOHYHUZKLFK
UHOHDVHVWKHFDWFK
)RUURWDWLRQOLIWWKHRXWHUOHYHU
(QVXUHWKDWWKHFRQWUROXQLWORFNVLQSRVLWLRQEHIRUH
RSHUDWLQJWKHPDFKLQH
5HOHDVHORFNLQJOHYHUWRDGMXVWWKHVWHHULQJ
FROXPQ/RFNLQWKHQHZSRVLWLRQ
)LJ2SHUDWRUSRVLWLRQ
/RFNLQJOHYHUWUDQVYHUVHWUDYHO 7KHVHDWFDQEHDGMXVWHGDVIROORZV/HQJWK
/RFNLQJOHYHUURWDWLRQ DGMXVWPHQW
/RFNLQJOHYHUVWHHULQJFROXPQ %DFNUHVWLQFOLQDWLRQ
DQJOH :HLJKWDGMXVWPHQW
/RFNLQJOHYHUOHQJWKDGMXVWPHQW
/HYHUEDFNUHVWLQFOLQDWLRQ $GMXVWDOOVHWWLQJVZKHQWKHPDFKLQHLVVWDWLRQDU\
/HYHUZHLJKWDGMXVWPHQW
,&&(1SGI
41
2SHUDWLRQ6WDUWLQJ
2SHUDWRU¶VVHDWLQFDE$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
3DUNLQJEUDNH&KHFN
0DNHVXUHWKDWWKHHPHUJHQF\SDUNLQJEUDNHNQRE
UHDOO\LVLQWKHGHSUHVVHGSRVLWLRQ7KHUROOHU
FDQVWDUWWRUROOZKHQWKHHQJLQHLVVWDUWHGRQ
VORSLQJJURXQGLIWKHSDUNLQJEUDNHLVQRWDSSOLHG
)LJ&RQWUROSDQHO
3DUNLQJEUDNHFRQWURO
,&&(1SGI
42
2SHUDWLRQ6WDUWLQJ
,QVWUXPHQWVDQGODPSV&KHFNLQJ

7XUQWKHVWDUWHUVZLWFKWRWKHPLGGOHSRVLWLRQ$OO
ZDUQLQJODPSVVKRXOGFRPHRQIRUDERXWVHFRQGV
DQGWKHEX]]HUVKRXOGVRXQG0DNHVXUHWKDWWKH
ZDUQLQJODPSVUHPDLQRQWKURXJKRXWWKLVSHULRG
&KHFNWKDWWKHYROWPHWHUUHDGVDWOHDVWYROWV
DQGWKDWWKHRWKHUJDXJHVVKRZUHDGLQJV

)LJ,QVWUXPHQWSDQHO
6WDUWHUVZLWFK
9ROWPHWHU
)XHOJDXJH
:DWHUOHYHOJDXJH
&KHFNWKDWWKHZDUQLQJODPSVIRUFKDUJLQJRLO
SUHVVXUHDQGWKHSDUNLQJEUDNHFRPHRQ
7KHKRXUPHWHUUHJLVWHUVDQGVKRZVWKHWRWDO
QXPEHURIKRXUVWKHHQJLQHKDVUXQ

)LJ&RQWUROSDQHO
+RXUPHWHU
%UDNHODPS
2LOSUHVVXUHODPS
&KDUJLQJODPS
,QWHUORFN2SWLRQDO
7KHUROOHUFDQEHHTXLSSHGZLWK,QWHUORFN
7KHHQJLQHVZLWFKHVRIIVHFRQGVDIWHUWKHRSHUDWRU
ULVHVIURPWKHVHDW
7KHHQJLQHVWRSVZKHWKHUWKHIRUZDUGUHYHUVHOHYHULV
LQWKHQHXWUDORUWKHGULYHSRVLWLRQ
7KHHQJLQHGRHVQRWVWRSLIWKHSDUNLQJEUDNHLV
DFWLYDWHG
,&&(1SGI
43
2SHUDWLRQ6WDUWLQJ
9LHZ
%HIRUHVWDUWLQJPDNHVXUHWKDWWKHYLHZIRUZDUGVDQG
EDFNZDUGVLVXQREVWUXFWHG
$OOFDEZLQGRZVVKRXOGEHFOHDQDQGWKHUHDUYLHZ
PLUURUVVKRXOGEHFRUUHFWO\DGMXVWHG
)LJ9LHZ
2SHUDWRUSRVLWLRQ
,ID52365ROO2YHU3URWHFWLYH6WUXFWXUHRUDFDELV
ILWWHGWRWKHUROOHUDOZD\VZHDUWKHVHDWEHOW
SURYLGHGDQGZHDUDSURWHFWLYHKHOPHW

5HSODFHWKHVHDWEHOWLILWVKRZVVLJQVRI
ZHDURUKDVEHHQVXEMHFWHGWRKLJKOHYHOVRI
IRUFH

7KHVDIHW\UDLOLQJVDURXQGWKHRSHUDWRUVWDWLRQ
DUHDGMXVWDEOHDQGFDQEHVHWLQWKHLQQHUDQG
WKHRXWHUSRVLWLRQV5HWUDFWWKHUDLOLQJVZKHQ
)LJ2SHUDWRUSRVLWLRQ GULYLQJFORVHWRZDOOVRURWKHUREVWDFOHV
6HDWEHOW
6DIHW\UDLOLQJ
/RFNLQJNQRE
5XEEHUHOHPHQW
$QWLVOLS 5HOHDVHWKHORFNLQJNQREVHWWKHWKHUDLOLQJVLQWKH
UHTXLUHGSRVLWLRQDQGUHORFNLQSRVLWLRQ
&KHFNWKDWWKHUXEEHUHOHPHQWVRQWKH
SODWIRUPDUHLQWDFW:RUQHOHPHQWVZLOOUHGXFH
FRPIRUW
(QVXUHWKDWWKHDQWLVOLSRQWKHSODWIRUPLVLQ
JRRGFRQGLWLRQ5HSODFHZKHUHDQWLVOLSIULFWLRQLV
SRRU
,IWKHPDFKLQHLVILWWHGZLWKDFDEPDNHVXUHWKDW
WKHGRRULVFORVHGZKHQLQPRWLRQ
,&&(1SGI
44
2SHUDWLRQ6WDUWLQJ
6WDUWLQJ
6WDUWLQJWKHHQJLQH
6HWWKHIRUZDUGUHYHUVHOHYHULQQHXWUDO7KH
HQJLQHFDQRQO\EHVWDUWHGZKHQWKHOHYHULVLQQHXWUDO
6HWWKHHQJLQHVSHHGFRQWUROWRLGOLQJ

6HWWKHYLEUDWLRQVZLWFKIRUPDQXDODXWRPDWLF
YLEUDWLRQLQWKHPLGSRVLWLRQSRVLWLRQ
7XUQWKHVWDUWHUVZLWFKWRWKHULJKWWRWKHILUVW
SRVLWLRQ$ODPSLQWKHNQREFRPHVRQ:KHQWKHODPS
JRHVRXWWXUQWKHNQREWRWKHVWDUWSRVLWLRQDQG
UHOHDVHLPPHGLDWHO\WKHHQJLQHVWDUWV7KLVSDUWLFXODUO\
)LJ&RQWUROSDQHO LPSRUWDQWZKHQVWDUWLQJWKHPDFKLQHIURPFROG
)RUZDUG5HYHUVHOHYHU
(QJLQHVSHHGFRQWURO
'RQRWUXQWKHVWDUWHUPRWRUIRUWRRORQJ,IWKH
HQJLQHGRHVQRWVWDUWLPPHGLDWHO\ZDLWDPLQXWH
RUVREHIRUHWU\LQJDJDLQ
/HWWKHHQJLQHLGOHIRUDIHZPLQXWHVWRZDUPORQJHULI
WKHDPELHQWWHPSHUDWXUHLVEHORZ¡&¡)
(QVXHWKDWWKHUHLVJRRGYHQWLODWLRQDLUH[WUDFWLRQ
LIWKHHQJLQHLVUXQLQGRRUV5LVNRIFDUERQ
PRQR[LGHSRLVRQLQJ

)LJ,QVWUXPHQWSDQHO
6WDUWHUVZLWFK
9LEUDWLRQVZLWFK
,&&(1SGI
45
2SHUDWLRQ6WDUWLQJ

:KLOVWWKHHQJLQHLVZDUPLQJXSFKHFNWKDWWKH
ZDUQLQJODPSVIRURLOSUHVVXUHDQGFKDUJLQJDUH
QRWRQDQGWKDWWKHYROWPHWHUVKRZVYROWV
)LJ,QVWUXPHQWSDQHO
9ROWPHWHU
7KHZDUQLQJODPSVKRXOGUHPDLQRQ
:KHQVWDUWLQJDQGGULYLQJDPDFKLQHWKDWLVFROG
UHPHPEHUWKDWWKHK\GUDXOLFIOXLGLVDOVRFROGDQG
WKDWEUDNLQJGLVWDQFHVFDQEHORQJHUWKDQQRUPDO
XQWLOWKHPDFKLQHUHDFKHVWKHZRUNLQJWHPSHUDWXUH

'XULQJDOOWUDQVSRUWDWPDNHVXUHWKDW
)LJ,QVWUXPHQWSDQHO
&KDUJLQJODPS VLGHGLVSODFHGGUXPVDUHLQQHXWUDO
2LOSUHVVXUHODPS
%UDNHODPS
,&&(1SGI
46
2SHUDWLRQ'ULYLQJ
2SHUDWLRQ'ULYLQJ
2SHUDWLQJWKHUROOHU
8QGHUQRFLUFXPVWDQFHVLVWKHPDFKLQHWREH
RSHUDWHGIURPWKHJURXQG7KHRSHUDWRUPXVWEH
VHDWHGLQVLGHWKHPDFKLQHGXULQJDOORSHUDWLRQ

7XUQWKHHQJLQHVSHHGFRQWURODQGORFNLWLQWKH
ZRUNLQJSRVLWLRQ
&KHFNWKDWWKHVWHHULQJLVZRUNLQJFRUUHFWO\E\WXUQLQJ
WKHVWHHULQJZKHHORQFHWRWKHULJKWDQGRQFHWRWKH
OHIWZKLOHWKHUROOHULVVWDWLRQDU\
:KHQFRPSDFWLQJDVSKDOWUHPHPEHUWRWXUQRQWKH
VSULQNOHUV\VWHP
0DNHVXUHWKDWWKHDUHDLQIURQWRIDQGEHKLQGWKH
UROOHULVFOHDU

)LJ,QVWUXPHQWSDQHO
7DFKRPHWHU
6ZLWFKVSULQNOHU
(QJLQHVSHHGFRQWURO
3XOOXSWKHHPHUJHQF\SDUNLQJEUDNHNQREDQG
FKHFNWKDWWKHSDUNLQJEUDNHZDUQLQJODPSLVRII
%HSUHSDUHGWKDWWKHUROOHUPD\EHJLQWRUROOLILWLV
RQDVORSH
&DUHIXOO\PRYHWKHIRUZDUGUHYHUVHOHYHUIRUZDUGV
RUEDFNZDUGVGHSHQGLQJRQZKLFKGLUHFWLRQRIWUDYHO
LVUHTXLUHG
6SHHGLQFUHDVHVDVWKHOHYHULVPRYHGDZD\IURPWKH
QHXWUDOSRVLWLRQ
7KHVSHHGVKRXOGDOZD\VEHFRQWUROOHGXVLQJWKH
IRUZDUGUHYHUVHOHYHUDQGQHYHUE\FKDQJLQJWKH
HQJLQHVSHHG
)LJ&RQWUROSDQHO 7HVWWKHHPHJHQF\EUDNHE\GHSUHVVLQJWKH
3DUNLQJEUDNHFRQWURO
)RUZDUG5HYHUVHOHYHU HPHUJHQF\SDUNLQJEUDNHNQREZKLOHWKHUROOHU
3LYRWDOVWHHULQJMR\VWLFN LVPRYLQJIRUZDUGVVORZO\
RSWLRQDO
,&&(1SGI
47
2SHUDWLRQ'ULYLQJ
3LYRWDOVWHHULQJ2SWLRQDO
7XUQWKHVZLWFKWRWKHXQORFNHGSRVLWLRQWRDFWLYDWH
WKHSLYRWDOVWHHULQJ8VHWKHMR\VWLFNRQWKHFRQWURO
SDQHOWRRSHUDWHWKHSLYRWDOVWHHULQJ
&KHFNIURPWLPHWRWLPHZKLOHGULYLQJWKDWJDXJHV
DQGVKRZQRUPDOUHDGLQJV
:KHUHDEQRUPDOYDOXHVDUHVKRZQRUZKHUHWKH
EX]]HUVRXQGVVWRSWKHUROOHULPPHGLDWHO\DQGVZLWFK
RIIWKHHQJLQH&KHFNDQGUHPHG\DQ\IDXOWV5HIHU
DOVRWRWKHPDLQWHQDQFHLQVWUXFWLRQVDQGWKHHQJLQH
PDQXDO
)LJ,QVWUXPHQWSDQHO
3LYRWDOVWHHULQJ2Q2II
+\GUDXOLFIOXLGWHPSHUDWXUH
(QJLQHRLOWHPSHUDWXUH
(GJHFXWWLQJ2SWLRQDO
,IWKHHQJLQHLVUXQQLQJDQGWKHFKDQJHRYHUVZLWFK
LVWXUQHGWRWKHOHIWWKHHGJHFXWWHULVORZHUHGWRWKH
DVSKDOWVXUIDFHE\DK\GUDXOLFF\OLQGHU7XUQWKH
FKDQJHRYHUVZLWFKWRWKHULJKWWROLIWWKHWRROEDFNLQWR
LWVRULJLQDOSRVLWLRQ
$E\SDVVYDOYHSUHYHQWVWKHK\GUDXOLFV\VWHPEHLQJ
RYHUORDGHG
7KHUHLVDVHSDUDWHVSULQNOHUV\VWHPZKLFKWKH
)LJ&KDQJHRYHUVZLWFK
RSHUDWRUVKRXOGXVHWRDYRLGDVSKDOWVWLFNLQJWRWKH
(GJHFXWWHUUROOHU8S'RZQ HGJHFXWWHUUROOHU7KHV\VWHPLVRSHUDWHGXVLQJD
6SULQNOHUHGJHFXWWHUUROOHU VZLWFK7KHZDWHULVGUDZQIURPWKHIURQWZDWHU
WDQNZKLFKLVDOVRXVHGIRUWKHIURQWGUXPVSULQNOHU
V\VWHP

7KHRSHUDWRUFDQFKRVHWRXVHRQHRIWZRWRROVWKH
HGJHFXWWHURUWKHHGJHUROOHU7KHHGJHFXWWHULQ
WKHILJXUHLVVKRZQLQWKHWUDQVSRUWSRVLWLRQ,WFDQ
HDVLO\EHUHSODFHGZLWKWKHHGJHUROOHUE\XQGRLQJ
WKHEROWHGMRLQW

)LJ&KDQJLQJWKHWRRO
(GJHUROOHU
(GJHFXWWHU
%ROWHGMRLQW
,&&(1SGI
48
2SHUDWLRQ9LEUDWLRQ
2SHUDWLRQ9LEUDWLRQ
0DQXDO$XWRPDWLFYLEUDWLRQ
0DQXDORUDXWRPDWLFYLEUDWLRQDFWLYDWLRQGHDFWLYDWLRQLV
VHOHFWHGXVLQJVZLWFK
,QWKHPDQXDOSRVLWLRQWKHRSHUDWRUDFWLYDWHVYLEUDWLRQ
XVLQJWKHVZLWFKRQWKHIRUZDUGUHYHUVHOHYHU
,QWKHDXWRPDWLFSRVLWLRQYLEUDWLRQLVDFWLYDWHGZKHQ
WKHSUHVHWVSHHGLVUHDFKHG9LEUDWLRQLV
DXWRPDWLFDOO\GHDFWLYDWHGZKHQWKHORZHVWSUHVHW
VSHHGLVUHDFKHG
)LJ,QVWUXPHQWSDQHO
0DQ$XWRVZLWFK
0DQXDOYLEUDWLRQ6ZLWFKLQJRQ
1HYHUDFWLYDWHYLEUDWLRQZKHQWKHUROOHULV
VWDWLRQDU\7KLVFDQGDPDJHERWKWKHVXUIDFHDQG
WKHPDFKLQH
(QJDJHDQGGLVHQJDJHYLEUDWLRQXVLQJWKHVZLWFK
RQWKHIURQWRIWKHIRUZDUGUHYHUVHOHYHU
$OZD\VVZLWFKRIIYLEUDWLRQEHIRUHWKHUROOHUFRPHVWRD
VWDQGVWLOO
)LJ&RQWUROSDQHO :KHQFRPSDFWLQJWKLQOD\HUVRIDVSKDOWPD[LPXP
9LEUDWLRQ2Q2IIVZLWFK PPWKLFNWKHEHVWUHVXOWLVDFKLYHGXVLQJDORZ
DPSOLWXGHDQGKLJKIUHTXHQF\YLEUDWLRQ
7KHHQJLQHGRHVQRWVWRSLIWKHSDUNLQJEUDNHLV
DFWLYDWHG
,&&(1SGI
49
2SHUDWLRQ9LEUDWLRQ
$PSOLWXGHIUHTXHQF\&KDQJHRYHU
7KHDPSOLWXGHVHWWLQJPXVWQRWEHFKDQJHZKHQ
YLEUDWLRQLVLQRSHUDWLRQ
6ZLWFKWKHYLEUDWLRQRIIDQGZDLWXQWLOYLEUDWLRQ
VWRSVEHIRUHFKDQJLQJDPSOLWXGH
7KHUHDUHWKUHHGUXPYLEUDWLRQWKUHHVHWWLQJV6ZLWFK
EHWZHHQWKHVHWWLQJVXVLQJVZLWFK
7XUQWKHNQREWRWKHOHIWIRUORZDPSOLWXGHKLJK
)LJ,QVWUXPHQWSDQHO IUHTXHQF\DQGWRWKHULJKWIRUKLJKDPSOLWXGHORZ
+LJK/RZVZLWFK IUHTXHQF\
'UXPVZLWFK
6ZLWFKDOORZV\RXWRVHOHFWYLEUDWLRQRQERWKGUXPV
RURQWKHIURQWRUUHDUGUXPRQO\
7KHOHIWSRVLWLRQDFWLYDWHVYLEUDWLRQRQWKHUHDUGUXP
7KHPLGGOHSRVLWLRQDFWLYDWHVYLEUDWLRQRQERWKGUXPV
7KHULJKWSRVLWLRQDFWLYDWHVYLEUDWLRQRQWKHIURQW
GUXP
,&&(1SGI
50
2SHUDWLQJ6WRSSLQJ
2SHUDWLQJ6WRSSLQJ
%UDNLQJ
(PHUJHQF\EUDNH

%UDNLQJLVQRUPDOO\DFWLYDWHGXVLQJWKH
IRUZDUGUHYHUVHOHYHU7KHK\GURVWDWLFWUDQVPLVVLRQ
UHWDUGVDQGVORZVWKHUROOHUZKHQWKHOHYHULVPRYHG
WRZDUGVWKHQHXWUDOSRVLWLRQ
$GLVFEUDNHLQHDFKGUXPPRWRUDFWVDVDQ
HPHUJHQF\EUDNHZKHQLQPRWLRQDQGDVDSDUNLQJ
EUDNHZKHQVWDWLRQDU\
7REUDNHSUHVVWKHHPHUJHQF\SDUNLQJEUDNHNQRE
KROGWKHVWHHULQJZKHHOILUPO\DQGEHSUHSDUHG
IRUDVXGGHQVWRS
)LJ&RQWUROSDQHO
(PHUJHQF\EUDNHSDUNLQJEUDNHNQRE
$IWHUEUDNLQJUHWXUQWKHIRUZDUGUHYHUVHOHYHUWRWKH
QHXWUDOSRVLWLRQDQGSXOOXSWKHHPHUJHQF\SDUNLQJ
EUDNHNQRE
1RUPDOEUDNLQJ

3UHVVWKHVZLWFKWRVZLWFKRIIWKHYLEUDWLRQ
0RYHWKHIRUZDUGUHYHUVHOHYHUWRWKHQHXWUDO
SRVLWLRQWRVWRSWKHUROOHU
(YHQZKHQVWRSSLQJEULHIO\DOZD\VGHSUHVVWKH
HPHUJHQF\SDUNLQJEUDNHNQREZKHQVWRSSLQJRQ
VORSLQJJURXQG
7XUQWKHHQJLQHVSHHGFRQWUROEDFNWRLGOLQJ$OORZWKH
HQJLQHWRLGOHIRUDIHZPLQXWHVWRFRROGRZQ
:KHQVWDUWLQJDQGGULYLQJDPDFKLQHWKDWLVFROG
)LJ&RQWUROSDQHO
9LEUDWLRQ2Q2IIVZLWFK UHPHPEHUWKDWWKHK\GUDXOLFIOXLGLVDOVRFROGDQG
)RUZDUG5HYHUVHOHYHU WKDWEUDNLQJGLVWDQFHVFDQEHORQJHUWKDQQRUPDO
(PHUJHQF\SDUNLQJEUDNHNQRE XQWLOWKHPDFKLQHUHDFKHVWKHZRUNLQJWHPSHUDWXUH
,&&(1SGI
51
2SHUDWLQJ6WRSSLQJ
6ZLWFKLQJRII
&KHFNLQVWUXPHQWVDQGZDUQLQJODPSVWRVHHLIDQ\
IDXOWVDUHLQGLFDWHG6ZLWFKRIIDOOOLJKWVDQGRWKHU
HOHFWULFDOIXQFWLRQV
7XUQWKHVWDUWHUVZLWFKWRWKHOHIWWRWKHVKXWRII
SRVLWLRQ2QUROOHUVZLWKRXWDFDEORZHUDQGORFNWKH
LQVWUXPHQWFRYHU

)LJ,QVWUXPHQWSDQHO
6WDUWHUVZLWFK
:DUQLQJODPSVSDQHO
3DUNLQJ
&KRFNLQJWKHGUXPV
1HYHUGLVHPEDUNIURPWKHPDFKLQHZKHQWKHLV
HQJLQHUXQQLQJXQOHVVWKHHPHUJHQF\SDUNLQJ
EUDNHNQRELVGHSUHVVHG
0DNHVXUHWKDWWKHUROOHULVSDUNHGLQDVDIHSODFH
ZLWKUHVSHFWWRRWKHUURDGXVHUV&KRFNWKHGUXPV
LIWKHUROOHULVSDUNHGRQVORSLQJJURXQG

)LJ3RVLWLRQLQJ
&KRFNV 5HPHPEHUWKDWWKHUHLVDULVNRIIUHH]LQJGXULQJ
WKHZLQWHU'UDLQWKHZDWHUWDQNVDQGZDWHUOLQHV
0DVWHUVZLWFK
%HIRUHOHDYLQJWKHUROOHUIRUWKHGD\VZLWFKWKHPDVWHU
VZLWFKWRWKHGLVFRQQHFWHGSRVLWLRQDQGUHPRYHWKH
KDQGOH
7KLVZLOOSUHYHQWEDWWHU\GLVFKDUJLQJDQGZLOODOVR
PDNHLWGLIILFXOWIRUXQDXWKRUL]HGSHUVRQVWRVWDUWDQG
RSHUDWHWKHPDFKLQH/RFNWKHHQJLQHFRPSDUWPHQW
GRRUV
,&&(1SGI
52
/RQJWHUPSDUNLQJ
/RQJWHUPSDUNLQJ
7KHIROORZLQJLQVWUXFWLRQVVKRXOGEHIROORZHG
ZKHQORQJWHUPSDUNLQJPRUHWKDQRQHPRQWK
7KHVHPHDVXUHVDSSO\ZKHQSDUNLQJIRUDSHULRGRIXS
WRPRQWKV
%HIRUHUHFRPPLVVLRQLQJWKHUROOHUWKHSRLQWVPDUNHG
ZLWKDQDVWHULVN PXVWEHUHWXUQHGWRWKHSUHVWRUDJH
VWDWH
)LJ5ROOHUZHDWKHUSURWHFWLRQ
(QJLQH
5HIHUWRWKHPDQXIDFWXUHUಫVLQVWUXFWLRQVLQWKHHQJLQH
PDQXDOWKDWLVVXSSOLHGZLWKWKHUROOHU
%DWWHU\
5HPRYHWKHEDWWHU\IURPWKHPDFKLQH&OHDQWKH
EDWWHU\FKHFNWKDWWKHHOHFWURO\WHOHYHOLVFRUUHFWVHH
XQGHUWKHKHDGLQJ
(YHU\KRXUVRIRSHUDWLRQ
DQG
WULFNOHFKDUJHWKHEDWWHU\RQFHDPRQWK
$LUFOHDQHUH[KDXVWSLSH
&RYHUWKHDLUFOHDQHUVHHXQGHUWKHKHDGLQJ
(YHU\
KRXUVRIRSHUDWLRQ
RU
(YHU\KRXUVRI
RSHUDWLRQ
RULWVRSHQLQJZLWKSODVWLFRUWDSH$OVR
FRYHUWKHH[KDXVWSLSHRSHQLQJ7KLVLVWRDYRLG
PRLVWXUHHQWHULQJWKHHQJLQH
6SULQNOHUV\VWHP
'UDLQWKHZDWHUWDQNFRPSOHWHO\VHHXQGHUWKH
KHDGLQJಪ(YHU\KRXUVRIRSHUDWLRQಫ'UDLQDOO
KRVHVILOWHUKRXVLQJVDQGWKHZDWHUSXPS5HPRYHDOO
VSULQNOHUQR]]OHVVHHXQGHUWKHKHDGLQJಪ(YHU\
KRXUVRIRSHUDWLRQಫ
)XHOWDQN
)LOOWKHIXHOWDQNFRPSOHWHO\IXOOWRSUHYHQW
FRQGHQVDWLRQ
+\GUDXOLFUHVHUYRLU
)LOOWKHK\GUDXOLFUHVHUYRLUWRWKHXSSHUPRVWOHYHOPDUN
VHHXQGHUWKHKHDGLQJಪ(YHU\KRXUVRIRSHUDWLRQಫ
,&&(1SGI
53
/RQJWHUPSDUNLQJ
6WHHULQJF\OLQGHUKLQJHVHWF
/XEULFDWHWKHVWHHULQJMRLQWEHDULQJVDQGERWKEHDULQJV
RQWKHVWHHULQJF\OLQGHUZLWKJUHDVHVHHXQGHUWKH
KHDGLQJ

*UHDVHWKHVWHHULQJF\OLQGHUSLVWRQZLWKFRQVHUYDWLRQ
JUHDVH
*UHDVHWKHKLQJHVRQWKHGRRUVWRWKHHQJLQH
FRPSDUWPHQWDQGWKHFDE*UHDVHERWKHQGVRIWKH
IRUZDUGUHYHUVHFRQWUROEULJKWSDUWVVHHXQGHUWKH
KHDGLQJ

+RRGVWDUSDXOLQ
/RZHUWKHLQVWUXPHQWFRYHURYHUWKHLQVWUXPHQW
SDQHO
&RYHUWKHHQWLUHUROOHUZLWKDWDUSDXOLQ$JDSPXVW
EHOHIWEHWZHHQWKHWDUSDXOLQDQGWKHJURXQG
,ISRVVLEOHVWRUHWKHUROOHULQGRRUVDQGLGHDOO\LQD
EXLOGLQJZKHUHWKHWHPSHUDWXUHLVFRQVWDQW
,&&(1SGI
54
0LVFHOODQHRXV
0LVFHOODQHRXV
/LIWLQJ
/RFNLQJWKHDUWLFXODWLRQ
$UWLFXODWLRQPXVWEHORFNHGWRSUHYHQWLQDGYHUWHQW
WXUQLQJEHIRUHOLIWLQJWKHUROOHU
7XUQWKHVWHHULQJZKHHOWRWKHVWUDLJKWDKHDGSRVLWLRQ
3XVKLQWKHHPHUJHQF\SDUNLQJEUDNHNQRE
3XOORXWWKHORZHUPRVWORFNLQJSLQZKLFKKDVDD
ZLUHDWWDFKHG3XOOXSWKHORFNLQJGRZHOZKLFKDOVR
KDVDZLUHDWWDFKHG

)ROGRXWWKHORFNLQJDUPDQGVHFXUHLWWRWKHXSSHU
ORFNLQJOXJRQWKHUHDUPDFKLQHIUDPH
)LJ$UWLFXODWLRQLQWKHORFNHGSRVLWLRQ
/RFNLQJSLQ
/RFNLQJGRZHO )LWWKHORFNLQJGRZHOLQWRWKHKROHVWKURXJKWKHORFNLQJ
/RFNLQJDUP
/RFNLQJOXJ DUPDQGORFNLQJOXJ/RFNWKHGRZHOLQSRVLWLRQZLWK
WKHORFNLQJSLQ
:HLJKWUHIHUWRWKH
KRLVWLQJSODWHRQWKH
UROOHU /LIWLQJWKHUROOHU
7KHPDFKLQH¶VJURVVZHLJKWLVVSHFLILHGRQWKH
KRLVWLQJSODWH5HIHUDOVRWRWKH7HFKQLFDO
VSHFLILFDWLRQV
/LIWLQJHTXLSPHQWVXFKDVFKDLQVVWHHOZLUHV
VWUDSVDQGOLIWLQJKRRNVPXVWEHGLPHQVLRQHGLQ
DFFRUGDQFHZLWKWKHUHOHYDQWVDIHW\UHJXODWLRQV
IRUWKHOLIWLQJHTXLSPHQW
6WDQGZHOOFOHDURIWKHKRLVWHGPDFKLQH0DNHVXUH
WKDWWKHOLIWLQJKRRNVDUHSURSHUO\VHFXUHG
)LJ5ROOHUSUHSDUHGIRUOLIWLQJ
+RLVWLQJSODWH
,&&(1SGI
55
0LVFHOODQHRXV
8QORFNLQJWKHDUWLFXODWLRQ
5HPHPEHUWRXQORFNWKHDUWLFXODWLRQEHIRUH
RSHUDWLQJ
)ROGWKHORFNLQJDUPEDFNDQGVHFXUHLWLQWKH
ORFNLQJOXJZLWKWKHORFNLQJGRZHO7KHORFNLQJ
OXJLVORFDWHGRQWKHWUDFWRUIUDPH

)LJ$UWLFXODWLRQLQWKHRSHQSRVLWLRQ
/RFNLQJGRZHO
/RFNLQJDUP
/RFNLQJOXJ
7RZLQJ
7KHUROOHUFDQEHPRYHGXSWRPHWHUVIW
XVLQJWKHLQVWUXFWLRQVEHORZ
6KRUWGLVWDQFHWRZLQJZLWKWKHHQJLQHUXQQLQJ
'HSUHVVWKHHPHUJHQF\SDUNLQJEUDNHNQREDQG
WHPSRUDULO\VKXWRIIWKHHQJLQH&KRFNWKHGUXPV

WRSUHYHQWWKHPDFKLQHIURPUROOLQJ
2SHQWKHULJKWGRRUWRWKHHQJLQHFRPSDUWPHQWWR
DFFHVVWKHSURSXOVLRQSXPS
7XUQERWKWRZLQJYDOYHVPLGGOHKH[DJRQDOQXWV
WKUHHWXUQVFRXQWHUFORFNZLVHZKLOHKROGLQJWKH
PXOWLIXQFWLRQYDOYHORZHUPRVWKH[DJRQDOQXWVLQ
SODFH7KHYDOYHVDUHORFDWHGRQWKHOHIWVLGHRIWKH
)LJ3URSXOVLRQSXPS
7RZLQJYDOYH SURSXOVLRQSXPS
0XOWLIXQFWLRQYDOYH
6WDUWWKHHQJLQHDQGDOORZLWWRLGOH
7KHUROOHUFDQQRZEHWRZHGDQGFDQDOVREHVWHHUHG
LIWKHVWHHULQJV\VWHPLVRWKHUZLVHIXQFWLRQLQJ
,&&(1SGI
56
0LVFHOODQHRXV
7RZLQJVKRUWGLVWDQFHVZKHUHWKHHQJLQHLV
LQRSHUDWLYH
&KRFNWKHGUXPVWRSUHYHQWWKHUROOHUPRYLQJ
ZKHQWKHEUDNHVDUHPHFKDQLFDOO\GLVHQJDJHG
)LUVWRSHQERWKRIWKHWRZLQJYDOYHVDFFRUGLQJWR
DOWHUQDWLYHDERYH
$FFHVVEUDNHGLVHQJDJHPHQWE\UHPRYLQJWKHFHQWHU
SOXJ
7KHWZREUDNHGLVHQJDJHPHQWVFUHZV0[DUH
)LJ'UXPSURSXOVLRQPRWRU VHFXUHO\IDVWHQHGWRWKHK\GUDXOLFUHVHUYRLU,QWKH
&HQWHUSOXJ HQJLQHFRPSDUWPHQWRQWKHULJKWVLGHRIWKHPDFKLQH
0[ZDVKHUDQGQXW
6FUHZLQWKH0VFUHZDQGWLJKWHQWKHQXWZKLOH
KROGLQJWKHVFUHZLQSODFH
7RZLQJWKHUROOHU
:KHQWRZLQJUHFRYHULQJWKHUROOHUPXVWEHEUDNHG
E\WKHWRZLQJYHKLFOH$WRZLQJEDUPXVWEHXVHG
DVWKHUROOHUKDVQREUDNHV
7KHUROOHUPXVWEHWRZHGVORZO\PD[NPK
PSKDQGRQO\WRZHGVKRUWGLVWDQFHVPD[P
IW
:KHQWRZLQJUHFRYHULQJDPDFKLQHWKHWRZLQJGHYLFH
PXVWEHFRQQHFWHGWRERWKOLIWLQJKROHV
3XOOLQJIRUFHVVKRXOGDFWSDUDOOHOWRWKHPDFKLQH
V
ORQJLWXGLQDOD[LVDVLOOXVWUDWHG0D[LPXPJURVVSXOOLQJ
IRUFHN1OEI
)LJ7RZLQJ
5HYHUVHWKHWRZLQJSUHSDUDWLRQVPDGHWRWKH
K\GUDXOLFSXPSDQGRUWKHPRWRU
,&&(1SGI
57
0LVFHOODQHRXV
7UDLOHUH\H
7KHUROOHUFDQEHILWWHGZLWKDWUDLOHUH\H
7KHWUDLOHUH\HLVQRWGHVLJQHGWREHXVHGIRU
WRZLQJUHFRYHULQJ,WLVGHVLJQHGIRUWUDLOHUVDQGRWKHU
WRZHGREMHFWVZHLJKLQJQRPRUHWKDQNJ
OEV
)LJ7UDLOHUH\H
5ROOHUSUHSDUHGIRUWUDQVSRUW
/RFNWKHDUWLFXODWLRQEHIRUHOLIWLQJDQG
WUDQVSRUWLQJ)ROORZWKHLQVWUXFWLRQVXQGHUWKH
UHOHYDQWKHDGLQJ
&KRFNWKHGUXPVDQGVHFXUHWKHFKRFNVWRWKH
WUDQVSRUWYHKLFOH
%ORFNXSXQGHUWKHGUXPIUDPHWRDYRLGRYHUORDG
RQWKHUXEEHUVXVSHQVLRQRIWKHGUXPZKHQODVKLQJ

)LJ3RVLWLRQLQJ
&KRFNV &ODPSGRZQWKHUROOHUZLWKODVKLQJVWUDSDWDOOIRXU
%ORFNV FRUQHUVGHFDOVLQGLFDWHWKHIL[LQJSRLQWV
6WUDSV
5HPHPEHUWRUHWXUQWKHDUWLFXODWLRQWRLWV
XQORFNHGSRVLWLRQEHIRUHVWDUWLQJWKHUROOHU
)ROGLQJH[KDXVWSLSH2SWLRQDO
7KHUROOHUFDQEHHTXLSSHGZLWKDIROGDEOHH[KDXVW
SLSH
%HIRUHVWDUWLQJWRZRUNRQWKHIROGDEOHH[KDXVW
SLSHPDNHVXUHWKDWLWLVQRWKRW7DNHJUHDWFDUH
DQGXVHJORYHV
5LVNRIEHLQJFUXVKHGZKHQUDLVLQJRUORZHULQJWKH
H[KDXVWSLSH
)LJ)ROGLQJH[KDXVWSLSH
,&&(1SGI
58
)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
&KHFNWKDWWKHGUXPVDUHWKRURXJKO\ZDWHUHGZKHQZDWHULQJLVUHTXLUHG
,1$1(0(5*(1&<
3XVKLQWKH(0(5*(1&<3$5.,1*%5$.(.12%
+ROGWKHVWHHULQJZKHHOILUPO\
%UDFH\RXUVHOIIRUDVXGGHQVWRS
:KHQSDUNLQJ
3XVKLQWKHHPHUJHQF\SDUNLQJEUDNHNQRE
6WRSWKHHQJLQHDQGFKRFNWKHGUXPV
:KHQOLIWLQJ5HIHUWRWKHUHOHYDQWVHFWLRQLQWKH,QVWUXFWLRQ0DQXDO
:KHQWRZLQJ5HIHUWRWKHUHOHYDQWVHFWLRQLQWKH,QVWUXFWLRQ0DQXDO
:KHQWUDQVSRUWLQJ5HIHUWRWKHUHOHYDQWVHFWLRQLQWKH,QVWUXFWLRQ0DQXDO
:KHQUHFRYHULQJ5HIHUWRWKHUHOHYDQWVHFWLRQLQWKH,QVWUXFWLRQ0DQXDO
,&&(1SGI
59
,&&(1SGI
60
$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%,2+<'6(6
)/8,' :KHQLWOHDYHVWKHIDFWRU\WKHPDFKLQHPD\EH
ILOOHGZLWKELRORJLFDOO\GHJUDGDEOHIOXLG7KHVDPH
W\SHRIIOXLGPXVWEHXVHGZKHQFKDQJLQJRUWRSSLQJ
XS
'5802,/ $LUWHPS¡&¡&¡)¡)
0RELO6+&RUHTXLYDOHQW
*5($6( 6.)/*+%1/*,.ODVVRUHTXLYDOHQWIRUWKH

DUWLFXODWHGMRLQW
6KHOO5HWLQD[/;RUHTXLYDOHQWIRURWKHUJUHDVH
SRLQWV
)8(/ 6HHHQJLQHPDQXDO
75$160,66,212,/ $LUWHPSHUDWXUH¡&¡&¡)¡)

6KHOO6SLUD[$;:$3,*/RUHTXLYDOHQW
$LUWHPSHUDWXUH¡&¡)DERYH¡&¡)
6KHOO6SLUD[$;:$3,*/RUHTXLYDOHQW
&22/$17 *O\FR6KHOORUHTXLYDOHQWPL[HGZLWKZDWHU
$QWLIUHH]HSURWHFWLRQGRZQWRDERXW¡&¡)
2WKHUIXHODQGOXEULFDQWVDUHUHTXLUHGZKHQ
RSHUDWLQJLQDUHDVZLWKH[WUHPHO\KLJKRU
H[WUHPHO\ORZDPELHQWWHPSHUDWXUHV6HHWKH
ಪ6SHFLDOLQVWUXFWLRQVಫFKDSWHURUFRQVXOW
'\QDSDF
,&&(1SGI
61
0DLQWHQDQFHV\PEROV
(QJLQHRLOOHYHO $LUILOWHU
(QJLQHRLOILOWHU %DWWHU\
+\GUDXOLFUHVHUYRLUOHYHO 6SULQNOHU
+\GUDXOLFIOXLGILOWHU 6SULQNOHUZDWHU
'UXPRLOOHYHO 5HF\FOLQJ
/XEULFDWLQJRLO )XHOILOWHU
&RRODQWOHYHO 3XPSJHDURLOOHYHO
$LUSUHVVXUH 6SULQNOHUWLUHV
,&&(1SGI
62
6HUYLFHDQGPDLQWHQDQFHSRLQWV

&&

&RPELPDFKLQHV
)LJ6HUYLFHDQGPDLQWHQDQFHSRLQWV
$LUFOHDQHU )XHOWDQN +LQJHV

(QJLQHRLO 6WHHULQJMRLQW 3LYRWF\OLQGHU
5HIXHOLQJSRLQW 6WHHULQJF\OLQGHU 5XEEHUHOHPHQW
6HDWEHDULQJ +\GUDXOLFILOWHU 3XPSJHDU
:DWHUWDQNVILOOLQJ +\GUDXOLFIOXLGOHYHO 3LYRWEHDULQJ
:DWHULQJV\VWHP +\GUDXOLFIOXLGILOOLQJ %DWWHU\
6FUDSHUV +\GUDXOLFUHVHUYRLU +\GUDXOLFIOXLGFRROHU
'UXPV (QJLQH 7LUHV&RPEL
,&&(1SGI
63
*HQHUDO
3HULRGLFPDLQWHQDQFHVKRXOGEHFDUULHGRXWDIWHUWKH
QXPEHURIKRXUVVSHFLILHG8VHWKHGDLO\ZHHNO\HWF
SHULRGVZKHUHQXPEHURIKRXUVFDQQRWEHXVHG
5HPRYHDOOGLUWEHIRUHILOOLQJZKHQFKHFNLQJ
RLOVDQGIXHODQGZKHQOXEULFDWLQJXVLQJRLORU
JUHDVH
7KHPDQXIDFWXUHUಫVLQVWUXFWLRQVIRXQGLQWKH
HQJLQHPDQXDODOVRDSSO\
(YHU\KRXUVRIRSHUDWLRQ'DLO\
5HIHUWRWKHFRQWHQWVWRILQGWKHSDJHQXPEHURIWKH
VHFWLRQVUHIHUUHGWR
3RV $FWLRQ &RPPHQW

LQILJ
%HIRUHVWDUWLQJXSIRUWKHILUVWWLPHRQWKDWGD\
&KHFNWKHHQJLQHRLOOHYHO 5HIHUWRWKHHQJLQHPDQXDO
&KHFNWKHHQJLQHFRRODQWOHYHO 5HIHUWRWKHHQJLQHPDQXDO
&KHFNWKHK\GUDXOLFUHVHUYRLUOHYHO
5HIXHO
)LOOWKHZDWHUWDQNV
&KHFNWKHVSULQNOHUV\VWHP
(PHUJHQF\ZDWHULQJ
&KHFNWKHVFUDSHUVHWWLQJ
7HVWWKHEUDNHV
$IWHUWKH),567KRXUVRIRSHUDWLRQ
VHFWLRQVUHIHUUHGWR
3RV $FWLRQ &RPPHQW

LQILJ
&KDQJHWKHHQJLQHRLODQGRLOILOWHU 5HIHUWRWKHHQJLQHPDQXDO
&KDQJHWKHIXHOILOWHU 5HIHUWRWKHHQJLQHPDQXDO
&KDQJHWKHK\GUDXOLFIOXLGILOWHU
,&&(1SGI
64
(YHU\KRXUVRIRSHUDWLRQ:HHNO\
VHFWLRQVUHIHUUHGWR
3RV $FWLRQ &RPPHQW

LQILJ
*UHDVHWKHVWHHULQJMRLQW
*UHDVHWKHVWHHULQJF\OLQGHUEUDFNHWV
*UHDVHWKHRSHUDWLQJF\OLQGHUIRUSLYRWDOVWHHULQJ 2SWLRQDO
,QVSHFWFOHDQWKHILOWHUHOHPHQWLQWKHDLUFOHDQHU 5HSODFHDVUHTXLUHG
&KHFNWKHWLUHSUHVVXUHFRPEL
&KHFNWKHIOXLGOHYHOLQWKHSXPSJHDU
&KHFNWKH$& 2SWLRQDO
,QVSHFWOXEULFDWHWKHHGJHFXWWHU 2SWLRQDO
(YHU\KRXUVRIRSHUDWLRQ0RQWKO\
VHFWLRQVUHIHUUHGWR
3RV $FWLRQ &RPPHQW

LQILJ
&OHDQWKHK\GUDXOLFIOXLGFRROHUZDWHUFRROHU 2UZKHQUHTXLUHG
&KHFNWKHHOHFWURO\WHOHYHOLQWKHEDWWHU\ 5HIHUWRWKHHQJLQHPDQXDO
&KHFNWKH$& 2SWLRQDO
,&&(1SGI
65
(YHU\KRXUVRIRSHUDWLRQ(YHU\WKUHH
PRQWKV
VHFWLRQVUHIHUUHGWR
3RV $FWLRQ &RPPHQW

LQILJ
&KDQJHWKHHQJLQHIXHOILOWHU 5HIHUWRWKHHQJLQHPDQXDO
&KDQJHWKHHQJLQHRLODQGRLOILOWHU 5HIHUWRWKHHQJLQHPDQXDO
&KHFNWKHRLOOHYHOLQWKHGUXPV
/XEULFDWHWKHSLYRWEHDULQJV 2SWLRQDO
&KHFNUXEEHUHOHPHQWVDQGEROWHGMRLQWV
&KHFNWKHK\GUDXOLFUHVHUYRLUFRYHUEUHDWKHU
/XEULFDWHKLQJHVDQGFRQWUROV
*UHDVHWKHFKDLUEHDULQJ
*UHDVHWKHVWHHULQJFKDLQ
&KDQJHWKHHQJLQHSUHILOWHU
(YHU\KRXUVRIRSHUDWLRQ(YHU\VL[
PRQWKV
VHFWLRQVUHIHUUHGWR
3RV $FWLRQ &RPPHQW

LQILJ
&KHFNHQJLQHYDOYHFOHDUDQFHV 5HIHUWRWKHHQJLQHPDQXDO
&KHFNWKHHQJLQHEHOWGULYHV\VWHP 5HIHUWRWKHHQJLQHPDQXDO
&KDQJHWKHK\GUDXOLFIOXLGILOWHU
5HSODFHWKHPDLQILOWHULQWKHDLUFOHDQHU
&KDQJHWKHSXPSJHDUIOXLG
5HSODFHWKHDLUFOHDQHUILOWHULQWKHFDE
&KDQJHWKHRLOLQWKHGUXPV+)YHUVLRQ
,&&(1SGI
66
(YHU\KRXUVRIRSHUDWLRQ<HDUO\
VHFWLRQVUHIHUUHGWR
3RV $FWLRQ &RPPHQW

LQILJ
&KDQJHWKHK\GUDXOLFIOXLG
&KDQJHWKHRLOLQWKHGUXPV
'UDLQDQGFOHDQWKHIXHOWDQN
'UDLQDQGFOHDQWKHZDWHUWDQNV
/XEULFDWHWKHIRUZDUGUHYHUVHOHYHU
&KHFNWKHFRQGLWLRQRIWKHDUWLFXODWLRQ
2YHUKDXOWKHDLUFRQGLWLRQLQJ 2SWLRQDO
&KHFNWKHFRPSUHVVRU 2SWLRQDO
&KHFNWKHGU\LQJILOWHU 2SWLRQDO
,&&(1SGI
67
,&&(1SGI
68
0DLQWHQDQFHK
0DLQWHQDQFHK
3DUNWKHUROOHURQDOHYHOVXUIDFH
:KHQFKHFNLQJDQGPDNLQJDGMXVWPHQWVWKH
HQJLQHVKRXOGEHVZLWFKHGRIIDQGWKH
HPHUJHQF\SDUNLQJEUDNHVKRXOGEHDSSOLHGLI
QRWRWKHUZLVHVSHFLILHG
:DWHUWDQNV)LOOLQJ
8QVFUHZWKHWDQNFDSDQGILOOZLWKFOHDQ
ZDWHU'RQRWUHPRYHWKHVWUDLQHU
)LOOERWKZDWHUWDQNV7KH\KROGOLWHUVJDO
HDFK
7RPDNHUHDFKLQJWKHWDQNFDSHDVLHUWKHUHLVDVWHS
DERYHWKHEDWWHU\EHKLQGWKHOHIWGRRURIWKHHQJLQH
FRPSDUWPHQWDQGDOVRDUHWUDFWDEOHVWHSRQWKHOHIW
)LJ5HDUZDWHUWDQN IURQWGUXPIRUN
7DQNFDS
6WUDLQHU 2QO\DGGLWLYH$VPDOODPRXQWRI
HQYLURQPHQWIULHQGO\DQWLIUHH]HDQGIRUFRPER
PRGHOVFXWWLQJIOXLGZKHUHDSSURSULDWH
'LHVHOHQJLQH&KHFNRLOOHYHO
7KHGLSVWLFNLVDFFHVVHGWKURXJKWKHULJKWGRRURIWKH
HQJLQHFRPSDUWPHQW
7DNHFDUHQRWWRWRXFKDQ\KRWSDUWVRIWKHHQJLQH
RUWKHUDGLDWRUZKHQUHPRYLQJWKHGLSVWLFN5LVNRI
EXUQV
7KHGLSVWLFNLVORFDWHGRQWKHHQJLQH
VVKRUWVLGH
DERYHWKHK\GUDXOLFSXPSV
3XOOXSWKHGLSVWLFNDQGFKHFNWKDWWKHRLOOHYHOLV
)LJ(QJLQHFRPSDUWPHQW EHWZHHQWKHXSSHUDQGORZHUPDUNV
'LSVWLFN
2LOILOOHUFDS )RUIXUWKHUGHWDLOVUHIHUWRWKHHQJLQH
VLQVWUXFWLRQ
PDQXDO
,&&(1SGI
69
0DLQWHQDQFHK
(PHUJHQF\ZDWHULQJ
,IRQHRIWKHZDWHUSXPSVVWRSVWKHUHPDLQLQJSXPS
FDQNHHSWKHVSULQNOHUV\VWHPRSHUDWLQJEXWDW
UHGXFHGFDSDFLW\
7RRSHUDWHZLWKRQO\RQHSXPSRSHQWKHVWRSFRFN
RQWKHZDWHUKRVHE\WKHDUWLFXODWLRQ&ORVHWKHFRDUVH
ILOWHUVWRSFRFNE\WKHSXPSWKDWKDVVWRSSHGVHH
WKHSUHYLRXVSLFWXUH
)LJ(QJLQHFRPSDUWPHQWULJKWVLGH
6WRSFRFN
)XHOWDQN5HIXHOLQJ
1HYHUUHIXHOZKLOHWKHHQJLQHLVUXQQLQJ'RQRW
VPRNHDQGDYRLGVSLOOLQJIXHO

5HIXHOWKHWDQNHYHU\GD\EHIRUHVWDUWLQJZRUNRUILOO
WKHWDQNDWHQGRIZRUN8QVFUHZWKHORFNDEOHWDQNFDS
DQGILOOIXHOXSWRWKHORZHUHGJHRIWKHILOOHUSLSH
)LJ)XHOWDQN
7DQNFDS 7KHWDQNKROGVOLWHUVJDORIIXHO5HIHUWRWKH
)LOOHUSLSH HQJLQHPDQXDOIRULQIRUPDWLRQRQGLHVHOJUDGH
,&&(1SGI
70
0DLQWHQDQFHK
6SULQNOHUV\VWHP'UXP
&KHFN
6WDUWWKHVSULQNOHUV\VWHPDQGPDNHVXUHWKDWQRQHRI
WKHQR]]OHVDUHEORFNHG,IQHFHVVDU\FOHDQ
EORFNHGQR]]OHVDQGWKHFRDUVHILOWHUORFDWHGQHDUWKH
ZDWHUSXPS6HHWKHLOOXVWUDWLRQV
7KHUHLVDSXPSV\VWHPZKLFKLVORFDWHGXQGHUQHDWK
HDFKZDWHUWDQNEHKLQGWKHFRYHUZKLFKLVRSHQHG
E\WXUQLQJWKHTXLFNILWVFUHZVDWXUQ
FRXQWHUFORFNZLVH7RFORVHWKHFRYHUVHWWKHVFUHZV
VRWKDWWKHVFUHZVORWLVYHUWLFDODQGSXVKLQ
)LJ5HDUGUXP
1R]]OH
3XPSV\VWHPFRYHU
4XLFNILWVFUHZV
:KHQFOHDQLQJWKHFRDUVHILOWHUFORVHWKHVWRS
FRFNDQGXQGRWKHILOWHUKRXVLQJ
&OHDQWKHILOWHUDQGILOWHUKRXVLQJ&KHFNWKDWWKH
UXEEHUJDVNHWLQWKHILOWHUKRXVLQJLVLQWDFW
$IWHULQVSHFWLQJDQGFDUU\LQJRXWDQ\QHFHVVDU\

FOHDQLQJVWDUWWKHV\VWHPDQGFKHFNWKDWLWZRUNV
)LJ3XPSV\VWHP
&RDUVHILOWHU $GUDLQFRFNLVORFDWHGRQWKHOHIWVLGHRIWKHSXPS
6WRSFRFN V\VWHPDUHD7KLVFDQEHXVHGWRGUDLQWKHWDQNDQG
)LOWHUKRXVLQJ WKHSXPSV\VWHP
:DWHUSXPS
'UDLQFRFN
6SULQNOHUV\VWHP'UXP
&OHDQLQJ

'LVPDQWOHWKHEORFNHGQR]]OHE\KDQG
%ORZWKHQR]]OHDQGILQHILOWHUFOHDQXVLQJ
FRPSUHVVHGDLU$OWHUQDWLYHO\ILWUHSODFHPHQWSDUWV
DQGFOHDQWKHEORFNHGSDUWVDWDODWHUSRLQWLQWLPH
$IWHULQVSHFWLQJDQGFDUU\LQJRXWDQ\QHFHVVDU\
)LJ1R]]OH
6OHHYH FOHDQLQJVWDUWWKHV\VWHPDQGFKHFNWKDWLWZRUNV
1R]]OH :HDUSURWHFWLYHJRJJOHVZKHQZRUNLQJZLWK
6HDO FRPSUHVVHGDLU
)LQHILOWHU
,&&(1SGI
71
0DLQWHQDQFHK
&RRODQWOHYHO&KHFN
&KHFNWKDWOHYHORIWKHFRRODQWLVEHWZHHQWKHPD[

DQGPLQPDUNV
2EVHUYHJUHDWFDXWLRQLIWKHUDGLDWRUFDSKDVWREH
RSHQHGZKLOHWKHHQJLQHLVKRW:HDUSURWHFWLYH
JORYHVDQGJRJJOHV

)LOOZLWKDPL[WXUHRIZDWHUDQGDQWLIUHH]H
6HHWKHOXEULFDWLRQVSHFLILFDWLRQLQWKHVHLQVWUXFWLRQV
DQGWKHHQJLQHPDQXDO
)OXVKWKHV\VWHPHYHU\RWKHU\HDUDQGFKDQJH
WKHFRRODQW$OVRFKHFNWKDWWKHDLUKDV
XQREVWUXFWHGSDVVDJHWKURXJKWKHUDGLDWRU
)LJ5DGLDWRU
)LOOHUFDS
6LJKWJODVVPD[OHYHO
6LJKWJODVVPLQOHYHO
&KDUJHDLUFRROHU
:DWHUFRROHU
+\GUDXOLFIOXLGFRROHU
6FUDSHUVIL[HG
&KHFNLQJ6HWWLQJ

0DNHVXUHWKDWWKHVFUDSHUVDUHXQGDPDJHG$GMXVW
WKHVFUDSHUVVRWKDWWKH\DUHPPLQ
IURPWKHGUXP)RUVSHFLDODVSKDOWFRPSRXQGVLWPD\
EHEHWWHULIWKHVFUDSHUEODGHVOLHOLJKWO\DJDLQVWWKH
GUXPV
$VSKDOWUHPQDQWVFDQDFFXPXODWHRQWKHVFUDSHUDQG
DIIHFWWKHFRQWDFWIRUFH
PP /RRVHQWKHVFUHZVWRDGMXVWWKHVFUDSHUEODGHXS
LQ RUGRZQ/RRVHQWKHVFUHZVWRDGMXVWWKHFRQWDFW
SUHVVXUHRIWKHVFUDSHUEODGHDJDLQVWWKHGUXP
)LJ5HDUGUXPVFUDSHUV
6FUDSHUEODGH 5HPHPEHUWRWLJKWHQDOOWKHVFUHZVDIWHUDQ\
$GMXVWPHQWVFUHZV DGMXVWPHQW
$GMXVWPHQWVFUHZV
,&&(1SGI
72
0DLQWHQDQFHK
6FUDSHUVVSULQJORDGHG2SWLRQDO
&KHFNLQJ
0DNHVXUHWKDWWKHVFUDSHUVDUHXQGDPDJHG
6SULQJDFWLRQVFUDSHUVQHHGQRDGMXVWPHQWDVWKH
VSULQJIRUFHHQVXUHVWKHFRUUHFWFRQWDFWIRUFH
$VSKDOWUHPQDQWVFDQDFFXPXODWHRQWKHVFUDSHUDQG
)LJ6SULQJDFWLRQVFUDSHUV DIIHFWWKHFRQWDFWIRUFH&OHDQZKHQQHFHVVDU\
6SULQJPHFKDQLVP
6FUDSHUEODGH 7KHVFUDSHUVPXVWEHUHWUDFWHGIURPWKHGUXP
GXULQJWUDQVSRUWGULYLQJ
%UDNHV&KHFN
&KHFNWKHEUDNHVE\FDUU\LQJRXWWKHIROORZLQJ

'ULYHWKHUROOHUVORZO\IRUZDUGV
'HSUHVVWKHHPHUJHQF\SDUNLQJEUDNHNQRE7KH
ZDUQLQJODPSRQWKHLQVWUXPHQWSDQHOVKRXOGFRPHRQ
DQGWKHUROOHUVKRXOGVWRS
)LJ&RQWUROSDQHO $IWHUWHVWLQJWKHEUDNHVVHWWKHIRUZDUGUHYHUVHOHYHU
(PHUJHQF\SDUNLQJEUDNHNQRE LQQHXWUDO
)RUZDUGUHYHUVHOHYHU
3XOOXSWKHHPHUJHQF\SDUNLQJEUDNHNQRE
7KHUROOHULVQRZUHDG\IRURSHUDWLRQ
,&&(1SGI
73
0DLQWHQDQFHK
+\GUDXOLFUHVHUYRLU&KHFNIOXLGOHYHO

2SHQWKHULJKWHQJLQHFRPSDUWPHQWGRRU
3ODFHWKHUROOHURQDOHYHOVXUIDFHDQGFKHFNWKDWWKH
RLOOHYHOLQWKHVLJKWJODVVLVEHWZHHQWKHPD[DQG
PLQPDUNLQJV7RSXSZLWKWKHW\SHRIK\GUDXOLFIOXLG
VSHFLILHGLQWKHOXEULFDQWVSHFLILFDWLRQLIWKHOHYHOLVWRR
ORZ
)LJ+\GUDXOLFUHVHUYRLU
2LOVLJKWJODVV
)LOOHUKRVH
)LOOHUFDS
,&&(1SGI
74
0DLQWHQDQFHK
0DLQWHQDQFHK
6WHHULQJMRLQW/XEULFDWLRQ
'RQRWDOORZDQ\RQHWRUHPDLQLQWKHYLFLQLW\RIWKH
VWHHULQJMRLQWZKHQWKHHQJLQHLVUXQQLQJ5LVNRI
EHLQJFUXVKHGZKHQWKHVWHHULQJLVRSHUDWHG
3UHVVWKHHPHUJHQF\SDUNLQJEUDNHNQREEHIRUH
OXEULFDWLQJ
7XUQWKHVWHHULQJZKHHOIXOO\WRWKHOHIW$OOIRXUJUHDVH
QLSSOHVFDQQRZEHDFFHVVHGIURPWKHULJKWVLGHRI
WKHPDFKLQH
:LSHWKHJUHDVHQLSSOHVFOHDQ*UHDVHHDFKQLSSOH
ZLWKILYHVWURNHVRIWKHKDQGRSHUDWHGJUHDVHJXQ
)LJ5LJKWVLGHRIDUWLFXODWLRQ 0DNHVXUHWKDWJUHDVHSHQHWUDWHVLQWRWKHEHDULQJ,I
*UHDVHQLSSOHV JUHDVHGRHVQRWSHQHWUDWHWKHEHDULQJVLWPD\EH
QHFHVVDU\WRUHOLHYHWKHSUHVVXUHRQWKHDUWLFXODWLRQ
MRLQWZLWKDMDFNDQGWKHQUHSHDWWKHJUHDVLQJSURFHVV
6WHHULQJF\OLQGHU/XEULFDWLRQ
7XUQWKHVWHHULQJZKHHOEDFNWRWKHVWUDLJKWDKHDG
SRVLWLRQ7KHWZRJUHDVHQLSSOHVRQWKHVWHHULQJ
F\OLQGHUFDQQRZEHDFFHVVHGIURPWKHOHIWVLGHRIWKH
PDFKLQH
:LSHWKHQLSSOHVFOHDQDQGJUHDVHHDFKHDFK
QLSSOHZLWKWKUHHVWURNHVRIWKHKDQGRSHUDWHG
JUHDVHJXQ

)LJ/HIWVLGHRIDUWLFXODWLRQ
*UHDVHQLSSOHV
,&&(1SGI
75
0DLQWHQDQFHK
3LYRWF\OLQGHU2SWLRQDO/XEULFDWLRQ
'RQRWDOORZDQ\RQHWRUHPDLQEHKLQGWKHGUXP
ZKLOHWKHHQJLQHLVUXQQLQJ'DQJHURIEHLQJ
FUXVKHGZKHQWKHGUXPLVPRYHG

)LJ3LYRWF\OLQGHU 7XUQWKHUHDUGUXPVRWKDWLWLVLQWKHOHIWWXUQSRVLWLRQ
*UHDVHQLSSOHV 7KHWZRJUHDVHQLSSOHVRQWKHF\OLQGHUFDQQRZEH
DFFHVVHGIURPWKHULJKWVLGHRIWKHPDFKLQH
:LSHWKHQLSSOHVFOHDQDQGJUHDVHHDFKQLSSOH
ZLWKWKUHHVWURNHVRIWKHKDQGRSHUDWHGJUHDVHJXQ
$LUFOHDQHU
&KHFNLQJ&OHDQLQJ
5HSODFHRUFOHDQWKHDLUFOHDQHUPDLQILOWHULIWKH
ZDUQLQJODPSRQWKHFRQWUROSDQHOFRPHVRQ
ZKHQWKHHQJLQHLVUXQQLQJDWPD[LPXPVSHHG
5HOHDVHWKHWKUHHORFNLQJFDWFKHVSXOORIIWKH
FRYHUDQGSXOORXWWKHPDLQILOWHU
)LJ$LUFOHDQHU 'RQRWUHPRYHWKHEDFNXSILOWHU
/RFNLQJIODSV
&RYHU
0DLQILOWHU
%DFNXSILOWHU
)LOWHUKRXVLQJ
,&&(1SGI
76
0DLQWHQDQFHK
0DLQILOWHU
&OHDQLQJZLWKFRPSUHVVHGDLU
:KHQFOHDQLQJWKHDLUILOWHUXVHFRPSUHVVHGDLUZLWKD
PD[LPXPSUHVVXUHRIEDUV%ORZDLUXSDQGGRZQ
DORQJWKHSDSHUSOHDWVRQWKHLQVLGHRIWKHILOWHU
+ROGWKHQR]]OHDWOHDVWFPLQDZD\IURP
WKHSDSHUSOHDWVVRWKDWWKHSDSHULVQRWWRUQE\WKHDLU
SUHVVXUH
:HDUSURWHFWLYHJRJJOHVZKHQZRUNLQJZLWK
)LJ0DLQILOWHU FRPSUHVVHGDLU
:LSHWKHLQVLGHRIWKHFRYHUDQGWKHILOWHUKRXVLQJ
FOHDQ6HHWKHSUHYLRXVLOOXVWUDWLRQ
&KHFNWKDWWKHKRVHFODPSVEHWZHHQWKHILOWHU
KRXVLQJDQGWKHVXFWLRQKRVHDUHWLJKWDQGWKDW
WKHKRVHVDUHLQWDFW,QVSHFWWKHHQWLUHKRVH
V\VWHPDOOWKHZD\WRWKHHQJLQH
&KDQJHWKHPDLQILOWHUDIWHUFOHDQLQJVRUPRUH
IUHTXHQWO\
%DFNXSILOWHU&KDQJH
&KDQJHWKHEDFNXSILOWHUZLWKDQHZILOWHUDIWHUHYHU\
ILIWKUHSODFHPHQWRUFOHDQLQJRIWKHPDLQILOWHU
7KHEDFNXSILOWHUFDQQRWEHFOHDQHG
7RFKDQJHWKHEDFNXSILOWHUSXOOWKHROGILOWHURXWRI
LWVKROGHULQVHUWDQHZILOWHUDQGUHDVVHPEOHWKHDLU
FOHDQHULQWKHUHYHUVHRUGHU
)LJ$LUILOWHU
%DFNXSILOWHU
,&&(1SGI
77
0DLQWHQDQFHK
3XPSGULYH2LOOHYHO&KHFN)LOOLQJ
3RVLWLRQWKHUROOHURQDOHYHOVXUIDFH
:KHQFKHFNLQJWKHRLOOHYHOVZLWFKWKHHQJLQHRII
DQGHQVXUHWKDWWKHSDUNLQJEUDNHLVDSSOLHG
2SHQWKHULJKWGRRURIWKHHQJLQHFRPSDUWPHQWDQG
XQVFUHZWKHGLSVWLFN
7KHRLOOHYHOVKRXOGEHEHWZHHQWKHWZRPDUNVRQWKH
)LJ3XPSJHDU ORZHUHGJHRIWKHGLSVWLFN
'LSVWLFN
)LOOZLWKWUDQVPLVVLRQRLOLIUHTXLUHGVHH/XEULFDQW
6SHFLILFDWLRQ
(QVXUHWKDWWKHUXEEHUJDVNHWEHWZHHQWKHGLSVWLFN
DQGWKHJHDUKRXVLQJLVLQSODFHDQGVFUHZLQWKH
GLSVWLFN
,QVSHFWLRQ
1HYHUZRUNXQGHUWKHUROOHUZKHQWKHHQJLQHLV
UXQQLQJ3DUNWKHUROOHURQDOHYHOVXUIDFHFKRFN
WKHZKHHOVDQGGHSUHVVWKHSDUNLQJEUDNHFRQWURO
:LWKWKHXQLWLQRSHUDWLRQFKHFNXVLQJWKHVLJKWJODVV
WKDWEXEEOHVDUHQRWYLVLEOHRQWKHGU\LQJILOWHU
7XUQWKHUROOHUVWHHULQJWRIXOOULJKWORFNWRJLYHEHWWHU
DFFHVVWRWKHGU\LQJILOWHU
$OZD\VGHSUHVVWKHSDUNLQJEUDNHNQRE
7KHILOWHULVORFDWHGRQWKHOHIWVLGHXQGHUWKHFDEDQG
LVYLVLEOHZKHUHWKHKRVHVSDVVLQXQGHUWKHFDEIORRU
VHHWKHLOOXVWUDWLRQ
,IEXEEOHVDUHYLVLEOHWKURXJKWKHVLJKWJODVVWKLV
LQGLFDWHVWKDWWKHUHIULJHUDQWOHYHOLVWRRORZ6KXWRII
)LJ'U\LQJILOWHU WKHXQLWDVLWFDQEHGDPDJHGLILWLVUXQZLWK
6LJKWJODVV LQVXIILFLHQWUHIULJHUDQW)LOOZLWKUHIULJHUDQW
)LOWHUKROGHU
,&&(1SGI
78
0DLQWHQDQFHK
&OHDQLQJ
:KHUHFRROLQJFDSDFLW\LVPDUNHGO\UHGXFHGFOHDQWKH
FRQGHQVRUHOHPHQWORFDWHGRQWKHUHDUHGJHRIWKH
FDE$OVRFOHDQWKHFRROLQJXQLWLQWKHFDE
)LJ&DE
&RQGHQVRUHOHPHQW
(GJHFXWWHU2SWLRQDO
/XEULFDWLRQ
5HIHUWRWKHRSHUDWLRQVHFWLRQIRULQIRUPDWLRQRQ
KRZWRRSHUDWHWKHHGJHFXWWHU

*UHDVHWKHIRXUSRLQWVLQGLFDWHGLQWKHILJXUH
*UHDVHVKRXOGDOZD\VEHXVHGIRUOXEULFDWLRQVHHWKH
OXEULFDQWVSHFLILFDWLRQV

*UHDVHDOOEHDULQJSRLQWVZLWKILYHVWURNHVRID
)LJ)RXUJUHDVHSRLQWVIRUOXEULFDWLQJ KDQGRSHUDWHGJUHDVHJXQ
HGJHFXWWHUV
,&&(1SGI
79
0DLQWHQDQFHK
,&&(1SGI
80
0DLQWHQDQFHK
0DLQWHQDQFHK
&KHFNLQJ&OHDQLQJ
7KHZDWHUDQGK\GUDXOLFIOXLGFRROHUVFDQEHDFFHVVHG
ZKHQWKHOHIWHQJLQHFRPSDUWPHQWGRRULVRSHQHG

0DNHVXUHWKDWWKHDLUIORZWKURXJKWKHFRROHULV
XQREVWUXFWHG'LUW\FRROHUVDUHEORZQFOHDQZLWK
FRPSUHVVHGDLURUZDVKHGFOHDQXVLQJD
KLJKSUHVVXUHZDWHUFOHDQHU
7DNHFDUHZKHQXVLQJDKLJKSUHVVXUHZDWHUMHW
'RQRWKROGWKHQR]]OHWRRQHDUWKHFRROHU
)LJ&RROHUV FRPSUHVVHGDLURUKLJKSUHVVXUHZDWHUMHWV
&KDUJHDLUFRROHU
:DWHUFRROHU
,&&(1SGI
81
0DLQWHQDQFHK
,QVSHFWLRQ

,QVSHFWUHIULJHUDQWKRVHVDQGFRQQHFWLRQVDQGPDNH
VXUHWKDWWKHUHDUHQRVLJQVRIDQRLOILOPWKDWFDQ
LQGLFDWHDUHIULJHUDQWOHDNDJH
)LJ$LUFRQGLWLRQLQJ
5HIULJHUDQWKRVHV
&RQGHQVRUHOHPHQW
%DWWHU\&KHFNHOHFWURO\WHOHYHO
2SHQWKHOHIWGRRURIWKHHQJLQHFRPSDUWPHQW
3XOORXWWKHEDWWHU\ZKLFKLVORFDWHGRQWKHIORRU
EHKLQGWKHUDGLDWRU

:HDUVDIHW\JRJJOHV7KHEDWWHU\FRQWDLQV
FRUURVLYHDFLG,QWKHHYHQWRIFRQWDFWZLWKWKH
DFLGULQVHZLWKZDWHU

0DNHVXUHWKHUHDUHQRQDNHGIODPHVLQWKHYLFLQLW\
ZKHQFKHFNLQJWKHHOHFWURO\WHOHYHO([SORVLYHJDV
LVIRUPHGZKHQWKHDOWHUQDWRULVFKDUJHG

:KHQGLVFRQQHFWLQJWKHEDWWHU\DOZD\V
)LJ%DWWHU\ED\ GLVFRQQHFWWKHQHJDWLYHFDEOHILUVW:KHQ
%DWWHU\
&HOOFDS FRQQHFWLQJWKHEDWWHU\DOZD\VFRQQHFWWKH
&DEOHVKRHV SRVLWLYHFDEOHILUVW
+DQGOH
7KHFDEOHVKRHVVKRXOGEHFOHDQDQGZHOOWLJKWHQHG
&RUURGHGFDEOHVKRHVVKRXOGEHFOHDQHGDQGJUHDVHG
ZLWKDFLGIUHH9DVHOLQH
,&&(1SGI
82
0DLQWHQDQFHK
%DWWHU\FHOO
(OHFWURO\WHOHYHO

5HPRYHWKHFHOOFDSVDQGFKHFNWKDWWKHHOHFWURO\WHLV
DERXWPPLQDERYHWKHSODWHV&KHFNWKHOHYHO
RIDOOFHOOV,IWKHOHYHOLVEHORZWKLVWRSRIIWRWKH
FRUUHFWOHYHOZLWKGLVWLOOHGZDWHU
PP ,IWKHDPELHQWWHPSHUDWXUHLVEHORZIUHH]LQJWKH
LQ
HQJLQHVKRXOGEHUXQIRUDZKLOHEHIRUHWRSSLQJWKH
EDWWHU\RIIZLWKGLVWLOOHGZDWHU7KHHOHFWURO\WHFDQ
RWKHUZLVHIUHH]H

&KHFNWKDWWKHYHQWLODWLRQKROHVLQWKHFHOOFRYHUVDUH
QRWEORFNHGDQGUHILWWKHFRYHUV
)LJ(OHFWURO\WHOHYHOLQEDWWHU\ 'LVFDUGXVHGEDWWHULHVSURSHUO\%DWWHULHVFRQWDLQ
&HOOFDS
(OHFWURO\WHOHYHO OHDGZKLFKLVKDUPIXOWRWKHHQYLURQPHQW
3ODWH
%HIRUHFDUU\LQJRXWDQ\HOHFWULFZHOGLQJRQWKH
PDFKLQHGLVFRQQHFWWKHEDWWHU\JURXQGFDEOHDQG
WKHQDOOHOHFWULFDOFRQQHFWLRQVWRWKHDOWHUQDWRU
,&&(1SGI
83
0DLQWHQDQFHK
,&&(1SGI
84
0DLQWHQDQFHK
0DLQWHQDQFHK
(QVXHWKDWWKHUHLVJRRGYHQWLODWLRQDLU
H[WUDFWLRQLIWKHHQJLQHLVUXQLQGRRUV5LVNRI
FDUERQPRQR[LGHSRLVRQLQJ
'UXPRLOOHYHO
,QVSHFWLRQILOOLQJ
3RVLWLRQWKHUROOHUZLWKWKHILOOHUSOXJWKHODUJHSOXJ
DWWKHKLJKHVWSRLQWLQLWVURWDWLRQ
:LSHFOHDQDURXQGWKHOHYHOSOXJWKHVPDOOSOXJ
DQGUHPRYHWKHSOXJ
0DNHVXUHWKDWWKHRLOOHYHOLVXSWRWKHORZHUHGJHRI
WKHKROH7RSRIIZLWKIUHVKRLOLIWKHOHYHOLVORZ8VHRLO
DVVSHFLILHGLQWKHOXEULFDQWVVSHFLILFDWLRQ
:KHQUHPRYLQJWKHILOOHUSOXJZLSHDQ\PHWDO
)LJ'UXPYLEUDWLRQVLGH
DFFXPXODWHGRQWKHSOXJPDJQHWRII0DNHVXUHWKDW
)LOOHUSOXJ SOXJVHDOVDUHLQWDFWDQGUHSODFHZLWKQHZVHDOVLIQRW
/HYHOSOXJ
5HILWWKHSOXJVDQGFKHFNWKDWWKH\DUHWLJKWE\GULYLQJ
WKHUROOHUDQGWKHQUHFKHFNLQJ
3LYRWEHDULQJ2SWLRQDO/XEULFDWLRQ
*UHDVHHDFKQLSSOHZLWKILYHVWURNHVRID
KDQGRSHUDWHGJUHDVHJXQ
8VHJUHDVHDVVSHFLILHGLQWKHOXEULFDQWVSHFLILFDWLRQ

)LJ5HDUGUXP
*UHDVHQLSSOHV[
,&&(1SGI
85
0DLQWHQDQFHK
5XEEHUHOHPHQWVDQGDWWDFKPHQWVFUHZV
&KHFN
&KHFNDOOUXEEHUHOHPHQWV5HSODFHDOOHOHPHQWV
ZKHUHPRUHWKDQRIWKHHOHPHQWVRQRQHVLGHRI
WKHGUXPKDYHFUDFNVGHHSHUWKDQPP
LQ
&KHFNXVLQJDNQLIHEODGHRUSRLQWHGREMHFW
&KHFNDOVRWKDWWKHDWWDFKPHQWVFUHZVDUH
)LJ'UXPYLEUDWLRQVLGH WLJKWHQHG
5XEEHUHOHPHQW
$WWDFKPHQWVFUHZV
+\GUDXOLFUHVHUYRLUFDS&KHFN
2SHQWKHULJKWHQJLQHFRPSDUWPHQWGRRU

8QVFUHZDQGPDNHVXUHWKDWWKHUHVHUYRLUFDSLVQRW
FORJJHG$LUPXVWKDYHXQREVWUXFWHGSDVVDJHWKURXJK
WKHFDSLQERWKGLUHFWLRQV
,ISDVVDJHLQHLWKHUGLUHFWLRQLVEORFNHGFOHDQWKHILOWHU
ZLWKDOLWWOHGLHVHORLODQGEORZWKURXJKZLWK
FRPSUHVVHGDLUXQWLOWKHEORFNLVUHPRYHGRUUHSODFH
WKHFDSZLWKDQHZRQH
)LJ(QJLQHFRPSDUWPHQWULJKWVLGH FRPSUHVVHGDLU
5HVHUYRLUFDS
,&&(1SGI
86
0DLQWHQDQFHK
(QJLQH
2LOFKDQJH
7KHHQJLQHRLOGUDLQSOXJLVORFDWHGDORQJVLGHWKH
EDWWHU\EHKLQGWKHOHIWHQJLQHFRPSDUWPHQWGRRU
5XQWKHHQJLQHZDUPEHIRUHGUDLQLQJWKHRLO
3ODFHDUHFHSWDFOHWKDWKROGVDWOHDVWOLWHUVJDO
XQGHUWKHGUDLQSOXJ
7DNHJUHDWFDUHZKHQGUDLQLQJHQJLQHRLO:HDU
SURWHFWLYHJORYHVDQGJRJJOHV

8QVFUHZWKHRLOGUDLQSOXJ$OORZDOOWKHRLOWRGUDLQ
)LJ(QJLQHFRPSDUWPHQWOHIWVLGH RXWDQGUHILWWKHSOXJ
2LOGUDLQ
5DGLDWRU )LOOZLWKIUHVKHQJLQHRLO5HIHUWRWKHOXEULFDQWV
VSHFLILFDWLRQRUWKHHQJLQHPDQXDOIRULQIRUPDWLRQRQ
WKHFRUUHFWRLOJUDGH
&KHFNWKHGLSVWLFNWRHQVXUHWKDWWKHHQJLQHRLOOHYHOLV
FRUUHFW5HIHUWRWKHHQJLQHPDQXDOIRUGHWDLOV
(QJLQH
5HSODFLQJRLOILOWHU
&KHFNWKHGLSVWLFNWRHQVXUHWKDWWKHHQJLQHRLO
OHYHOLVFRUUHFW5HIHUWRWKHHQJLQHPDQXDOIRUGHWDLOV
7KHRLOILOWHUFDQEHDFFHVVHGPRVWHDVLO\YLDWKH
ULJKWHQJLQHFRPSDUWPHQWGRRU
6HHWKHHQJLQHPDQXDOIRULQIRUPDWLRQDERXWUHSODFLQJ
WKHILOWHU
)LJ(QJLQHFRPSDUWPHQWULJKWVLGH
2LOILOWHU
'LSVWLFN
,&&(1SGI
87
0DLQWHQDQFHK
6HDWEHDULQJ/XEULFDWLRQ
5HPRYHERWKVWHSVXQGHUWKHRSHUDWRUSODWIRUP)RU
PDFKLQHVILWWHGZLWKDFDEUHPRYHDVWHSRQRQHVLGH
DQGDFRYHUSODWHRQWKHRWKHUVLGH
/XEULFDWHWKHVHDWVOLGHUDLOVIRUWUDQVYHUVHWUDYHO
7KHUHDUHIRXUOXEULFDWLRQQLSSOHVWZRDFFHVVLEOH

IURPHDFKVLGH$OODUHWRUHFHLYHILYHVWURNHVIURPD
KDQGRSHUDWHGJUHDVHJXQ
$OVROXEULFDWHWKHVHDWORFNLQJPHFKDQLVPERWKIRU
)LJ6HDWEHDULQJXQGHUVLGH
WUDQVYHUVHWUDYHODQGURWDWLRQ8VHHQJLQHRLORUGUXP
*UHDVHQLSSOHV RLO
6OLGHUDLOV ,IWKHVHDWVWDUWVWREHVWLIIZKHQDGMXVWLQJLW
VKRXOGEHOXEULFDWHGPRUHRIWHQ
6HDWEHDULQJ/XEULFDWLRQ
.HHSLQPLQGWKDWWKHFKDLQLVDYLWDOSDUWRIWKH
VWHHULQJPHFKDQLVP

5HPRYHWKHFRYHUWRDFFHVVWKHOXEULFDWLRQQLSSOH
/XEULFDWHWKHRSHUDWRUVHDWVOHZEHDULQJZLWKWKUHH
VWURNHVRIDKDQGRSHUDWHGJUHDVHJXQ
$OVRJUHDVHWKHVHDWVOLGHUDLOV

&OHDQDQGJUHDVHWKHFKDLQEHWZHHQWKHVHDWDQG
WKHVWHHULQJFROXPQ
,IWKHFKDLQLVVODFNRQWKHVSURFNHWORRVHQWKH
)LJ6HDWEHDULQJ VFUHZVDQGPRYHWKHVWHHULQJFROXPQIRUZDUG
/XEULFDWLRQQLSSOH 7LJKWHQWKHVFUHZVDQGFKHFNFKDLQWHQVLRQ
6SURFNHW
6WHHULQJFKDLQ ,IWKHVHDWVWDUWVWREHVWLIIZKHQDGMXVWLQJLW
$GMXVWPHQWVFUHZ VKRXOGEHOXEULFDWHGPRUHRIWHQWKDQVSHFLILHG
&RYHU KHUH
6OLGHUDLOV
,&&(1SGI
88
0DLQWHQDQFHK
+LQJHVFRQWUROV
/XEULFDWLRQ
/XEULFDWHERWKKLQJHVRQWKHHQJLQHFRPSDUWPHQW
GRRUVXQWLOWKHJUHDVHSHQHWUDWHVLQWRWKHKLQJH
,IWKHPDFKLQHKDVDFDEOXEULFDWHWKHFDEGRRU
KLQJHVLQWKHVDPHZD\
$OVROXEULFDWHWKHKLQJHVRQWKHIURQWDQGUHDUODPS
FRYHUVZLWKDIHZGURSVRIRLO
/XEULFDWHWKHIRUZDUGUHYHUVHFRQWUROFDEOHVDORQJVLGH
WKHK\GUDXOLFSXPSFRQWURODUP$SSO\DIHZGURSVRI
RLOWRWKHFRQWUROVOHHYHRSHQLQJ
+LQJHV
&RQWUROFDEOHV
7KHHQJLQHIXHOILOWHUUHSODFHPHQWFOHDQLQJ
3UHILOWHUXQGRWKHVFUHZDQGUHPRYHWKHJODVV
FRQWDLQHU
5HPRYHDQGFOHDQWKHVWUDLQHUXVLQJD
QRQIODPPDEOHDJHQW,QVWDOOWKHVWUDLQHUDQGWKH
FRQWDLQHU
5HSODFHWKHIXHOILOWHU6HHHQJLQHPDQXDO

6WDUWWKHHQJLQHDQGFKHFNWKDWWKHSUHILOWHUGRHVQRW
OHDN
)LJ(QJLQH
3UHILOWHU
*ODVVFRQWDLQHU
6WUDLQHU
1XW
)XHOILOWHU
,&&(1SGI
89
0DLQWHQDQFHK
,&&(1SGI
90
0DLQWHQDQFHK
0DLQWHQDQFHK
+\GUDXOLFILOWHU
&KDQJH
5HPRYHWKHILOWHUDQGGHOLYHUWRVSHFLDOZDVWH
KDQGOLQJ7KLVLVDVLQJOHXVHILOWHUDQGFDQQRWEH
FOHDQHG
7KRURXJKO\FOHDQWKHILOWHUKROGHUVHDOLQJVXUIDFH
$SSO\DWKLQFRDWRIIUHVKK\GUDXOLFIOXLGWRWKHUXEEHU
JDVNHWRQWKHQHZILOWHU

6FUHZWKHILOWHURQE\KDQGILUVWO\XQWLOWKHILOWHUJDVNHW
PDNHVFRQWDFWZLWKWKHILOWHUEDVH7KHQURWDWHD
IXUWKHU®WXUQ
&KHFNWKHK\GUDXOLFIOXLGOHYHOLQWKHVLJKWJODVV
DQGWRSRIIDVUHTXLUHG6HHXQGHUWKHKHDGLQJ
(YHU\
KRXUVRIRSHUDWLRQ
IRUPRUHLQIRUPDWLRQ

6WDUWWKHHQJLQHDQGFKHFNWKDWWKHILOWHUGRHVQRWOHDN
)LJ+\GUDXOLFUHVHUYRLU
+\GUDXOLFILOWHU
5HVHUYRLU
6LJKWJODVV
,&&(1SGI
91
0DLQWHQDQFHK
$LUILOWHU&KDQJLQJ

5HSODFHWKHDLUFOHDQHUPDLQILOWHUHYHQLILWKDVQRW
EHHQFOHDQHGILYHWLPHV6HHXQGHUWKHKHDGLQJ
(YHU\
KRXUVRIRSHUDWLRQ
IRULQIRUPDWLRQRQFKDQJLQJWKH
ILOWHU
,IDEORFNHGILOWHULVQRWUHSODFHGWKHH[KDXVW
)LJ$LUFOHDQHU IXPHVZLOOEHEODFNDQGWKHHQJLQHZLOOORRVH
0DLQILOWHU SRZHU7KHUHLVDOVRDULVNRIVHYHUHGDPDJHWR
WKHHQJLQH
3XPSGULYH2LOFKDQJH
7DNHJUHDWFDUHZKHQGUDLQLQJZDUPIOXLGVDQG
RLOV:HDUSURWHFWLYHJORYHVDQGJRJJOHV
2EWDLQDFRQWDLQHUIRUFROOHFWLQJWKHXVHGIOXLG7KH
FRQWDLQHUVKRXOGKROGDWOHDVWOLWHUV
8QVFUHZWKHGUDLQSOXJDQGWKHGLSVWLFNVHHXQGHU

WKHKHDGLQJ(YHU\KRXUVRIRSHUDWLRQVRWKDWWKH
)LJ3XPSJHDU IOXLGUXQVRXWPRUHHDVLO\
'UDLQSOXJ
:LSHDZD\DQ\PHWDOUHVLGXHIURPWKHPDJQHWLFGUDLQ
SOXJUHLQVWDOOWKHSOXJZLWKDVHDO
7KHJHDUER[KROGVOLWHUV6HHXQGHUWKHKHDGLQJ
(YHU\KRXUVRIRSHUDWLRQZKHQILOOLQJ
,&&(1SGI
92
0DLQWHQDQFHK
)UHVKDLUILOWHU&KDQJH
8VHDVWHSODGGHUWRUHDFKWKHILOWHU

7KHUHDUHWZRIUHVKDLUILOWHUVRQHRQHDFKVLGHRI
WKHFDE

8QGRWKHVFUHZVDQGUHPRYHWKHFRPSOHWHKROGHU
5HPRYHWKHILOWHULQVHUWDQGUHSODFHZLWKDQHZILOWHU
7KHILOWHUPD\QHHGWREHFKDQJHGPRUHRIWHQLIWKH
)LJ&DE PDFKLQHLVRSHUDWHGLQDGXVW\HQYLURQPHQW
)UHVKDLUILOWHU[
6FUHZV[
,&&(1SGI
93
0DLQWHQDQFHK
,&&(1SGI
94
0DLQWHQDQFHK
0DLQWHQDQFHK
+\GUDXOLFUHVHUYRLU
)OXLGFKDQJH
7DNHJUHDWFDUHZKHQGUDLQLQJIOXLGVDQGRLOV
:HDUSURWHFWLYHJORYHVDQGJRJJOHV

3ODFHDUHFHSWDFOHWKDWKROGVDWOHDVWOLWHUV
JDOXQGHUWKHGUDLQSOXJ
8QVFUHZWKHGUDLQSOXJ$OORZDOOWKHIOXLGWRGUDLQ
RXWDQGUHILWWKHSOXJ
)LJ(QJLQHFRPSDUWPHQWULJKWVLGH 'HOLYHUWKHGUDLQHGIOXLGWRHQYLURQPHQWDOO\
'UDLQSOXJ FRUUHFWKDQGOLQJ
+\GUDXOLFUHVHUYRLU
)LOOZLWKIUHVKK\GUDXOLFIOXLG5HIHUWRWKHOXEULFDQWV
VSHFLILFDWLRQIRUJUDGHLQIRUPDWLRQ
&KDQJHWKHK\GUDXOLFIOXLGILOWHUDVGHVFULEHGXQGHUWKH
KHDGLQJ

6WDUWWKHHQJLQHDQGRSHUDWHWKHK\GUDXOLFIXQFWLRQV
&KHFNWKHOHYHOLQWKHUHVHUYRLUDQGWRSRIIDVUHTXLUHG
,&&(1SGI
95
0DLQWHQDQFHK
'UXP2LOFKDQJH
7DNHJUHDWFDUHZKHQGUDLQLQJWKHIOXLG:HDU
SURWHFWLYHJORYHVDQGJRJJOHV
6HWWKHUROOHUVRWKDWWKHGUDLQSOXJWKHODUJHSOXJ
LVDWWKHORZHVWSRVLWLRQLQLWVURWDWLRQ
3ODFHDUHFHSWDFOHWKDWKROGVDWOHDVWOLWHUVJDO
XQGHUWKHGUDLQSOXJ
)LJ'UXPYLEUDWLRQVLGH
'UDLQSOXJ 5HPRYHWKHGUDLQSOXJ$OORZDOOWKHRLOWRGUDLQRXW
DQGUHILWWKHSOXJ
'HOLYHUWKHGUDLQRLOWRHQYLURQPHQWDOO\FRUUHFW
KDQGOLQJ
6HHXQGHUWKHKHDGLQJ
IRUILOOLQJRLO
)XHOWDQN
&OHDQLQJ
,WLVHDVLHVWWRFOHDQWKHWDQNZKHQLWLVDOPRVWHPSW\
3XPSRXWDQ\ERWWRPVHGLPHQWXVLQJDVXLWDEOHSXPS
VXFKDVDQRLOGUDLQSXPS
&ROOHFWWKHIXHODQGVHGLPHQWLQDFRQWDLQHUDQG
GHOLYHUWRHQYLURQPHQWDOO\FRUUHFWKDQGOLQJ
.HHSLQPLQGILUHULVNZKHQKDQGOLQJIXHO
)LJ)XHOWDQN
2LOGUDLQSXPS 7KHIXHOWDQNLVPDGHRISODVWLFSRO\HWK\OHQH
DQGLVUHF\FODEOH
,&&(1SGI
96
0DLQWHQDQFHK
:DWHULQJV\VWHP
'UDLQLQJ
.HHSLQPLQGWKDWWKHUHLVDULVNRIIUHH]LQJGXULQJ
WKHZLQWHU'UDLQWKHWDQNSXPSDQGOLQHVRUDGG
DQWLIUHH]HWRWKHZDWHU
7KHHDVLHVWZD\WRGUDLQWKHWDQNVLVWRXQVFUHZDQG
UHPRYHWKHILOWHUKRXVLQJDQGGLVFRQQHFWWKHKRVHV
E\UHOHDVLQJWKHTXLFNFRQQHFWRUV
7KHUHLVDOVRDGUDLQFRFNUHGVTXDUHXQGHUHDFK
ZDWHUWDQN
2SHQWKHGUDLQFRFNWRGUDLQWKHZDWHUSXPS

)LJ3XPSV\VWHP
)LOWHUKRXVLQJ
'UDLQFRFN
4XLFNFRQQHFWRUV
:DWHUWDQN&OHDQLQJ
&OHDQWKHWDQNVZLWKZDWHUDQGDVXLWDEOHGHWHUJHQWIRU
SODVWLFVXUIDFHV
5HILWWKHILOWHUKRXVLQJRUWKHGUDLQSOXJ)LOOZLWK
ZDWHUDQGFKHFNIRUOHDNV

7KHZDWHUWDQNVDUHPDGHRISODVWLF
SRO\HWK\OHQHDQGDUHUHF\FODEOH
)LJ:DWHUWDQN
3XPSV\VWHP
'UDLQSOXJ
,&&(1SGI
97
0DLQWHQDQFHK
)RUZDUG5HYHUVHOHYHU
/XEULFDWLRQ
5HPRYHWKHVFUHZVDQGWDNHRIIWKHSODWH
*UHDVHWKHFRQWDFWVXUIDFHRQWKHFDPGLVF
5HILWWKHSODWHZLWKWKHVFUHZV

)LJ)RUZDUG5HYHUVHOHYHU
6FUHZ
3ODWH
&DPGLVF
6WHHULQJMRLQW&KHFN
,QVSHFWWKHVWHHULQJMRLQWWRGHWHFWDQ\GDPDJHRU
FUDFNV
&KHFNDQGWLJKWHQDQ\ORRVHEROWV
&KHFNDOVRIRUDQ\VWLIIQHVVRUSOD\LQWKHVWHHULQJMRLQW
)LJ6WHHULQJMRLQW
,&&(1SGI
98
0DLQWHQDQFHK
2YHUKDXO
5HJXODULQVSHFWLRQDQGPDLQWHQDQFHLVQHFHVVDU\WR
HQVXUHVDWLVIDFWRU\ORQJWHUPRSHUDWLRQ
&OHDQDOOGXVWIURPWKHFRQGHQVHUHOHPHQWXVLQJ
FRPSUHVVHGDLU%ORZIURPDERYHGRZQZDUGV
7KHDLUMHWFDQGDPDJHWKHHOHPHQWIODQJHVLILWLV
WRRSRZHUIXO
)LJ&DE
&RQGHQVRUHOHPHQW
FRPSUHVVHGDLU
,QVSHFWWKHFRQGHQVHUHOHPHQWDWWDFKPHQW
&OHDQDOOGXVWIURPWKHFRROLQJXQLWDQGWKHFRROLQJ
HOHPHQWXVLQJFRPSUHVVHGDLU
&KHFNWKHV\VWHPKRVHVIRUFKDILQJ0DNHVXUHWKDW
GUDLQDJHIURPWKHFRROLQJXQLWLVXQREVWUXFWHGVRWKDW
FRQGHQVDWLRQGRHVQRWDFFXPXODWHLQVLGHWKHXQLW
&KHFNWKHGUDLQDJHE\SLQFKLQJWKHYDOYHVORFDWHG
XQGHUWKHRSHUDWRUFDE

)LJ$LUFRQGLWLRQLQJ
&RROLQJHOHPHQW
'UDLQYDOYH[
,&&(1SGI
99
0DLQWHQDQFHK
'U\LQJILOWHU,QVSHFWLRQ
:LWKWKHXQLWLQRSHUDWLRQFKHFNXVLQJWKHVLJKWJODVV
WKDWEXEEOHVDUHQRWYLVLEOHRQWKHGU\LQJILOWHU
7XUQWKHUROOHUVWHHULQJWRIXOOULJKWORFNWRJLYHEHWWHU
DFFHVVWRWKHGU\LQJILOWHU
1HYHUZRUNXQGHUWKHUROOHUZKHQWKHHQJLQHLV
UXQQLQJ3DUNWKHUROOHURQDOHYHOVXUIDFHFKRFN
WKHZKHHOVDQGGHSUHVVWKHSDUNLQJEUDNHFRQWURO

7KHILOWHULVORFDWHGRQWKHOHIWVLGHXQGHUWKHFDEDQG
LVYLVLEOHDWWKHSRLQWZKHUHWKHKRVHVHQWHUXQGHUWKH
FDEIORRUVHHILJ
,IEXEEOHVDUHYLVLEOHLQWKHVLJKWJODVVWKLVLQGLFDWHV
)LJ'U\LQJILOWHU WKDWWKHUHIULJHUDQWOHYHOLVWRRORZ6KXWRIIWKHXQLWDV
6LJKWJODVV
)LOWHUKROGHU LWFDQEHGDPDJHGLILWLVUXQZLWKLQVXIILFLHQW
UHIULJHUDQW)LOOZLWKUHIULJHUDQW
&KHFNWKHPRLVWXUHLQGLFDWRU,WVKRXOGEHEOXH,ILW
LVEHLJHWKHGU\HUFDUWULGJHVKRXOGEHFKDQJHGE\DQ
DXWKRUL]HGVHUYLFHFRPSDQ\
7KHUHIULJHUDQWFLUFXLWLVRQO\WREHZRUNHGRQE\
DXWKRUL]HGFRPSDQLHV
,&&(1SGI
100
0DLQWHQDQFHK
&RPSUHVVRU,QVSHFWLRQ
,QVSHFWFRPSUHVVRUDWWDFKPHQW'LVPDQWOHWKHODGGHU
WRWKHFDELQRUGHUWRDFFHVVWKHVHFRPSRQHQWVZKLFK
DUHORFDWHGXQGHUWKHSODWIRUP
7KHXQLWVKRXOGLISRVVLEOHEHUXQDWOHDVWILYH
PLQXWHVHYHU\ZHHNWRHQVXUHOXEULFDWLRQRIWKH
UXEEHUJDVNHWVLQWKHV\VWHP

)LJ&RPSUHVVRU
+\GUDXOLFPRWRU
&RPSUHVVRU
,&&(1SGI
101
'\QDSDF&RPSDFWLRQ(TXLSPHQW$%
%R[6(.DUOVNURQD6ZHGHQ
'\QDSDF&RPSDFWLRQ(TXLSPHQW$%
%R[6(.DUOVNURQD6ZHGHQ

CC 422 Catalog

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

CC 422 Catalog

Enviado por

Direitos autorais:

Formatos disponíveis

,QVWUXFWLRQ

 7KH5236 5ROO2YHU3URWHFWLYH6WUXFWXUH VKRXOGDOZD\VEHXVHGZKHQWKH

 +HDULQJSURWHFWLRQLVUHFRPPHQGHGLIWKHQRLVHOHYHOH[FHHGVG% $ 7KH

5ROO2YHU3URWHFWLYH6WUXFWXUH 5236 5236

*XDUDQWHHGVRXQGSRZHUOHYHO/Z$  G% $

%ROWGLPHQVLRQV 0 31

7LJKWHQLQJWRUTXH 1P 'DFURPHW

2SHQLQJSUHVVXUH 03D 3VL

$XWRPDWLF&OLPDWH&RQWURO $&& 2SWLRQDO

1RLVHSRZHUOHYHO 'LHVHOIXHO /LIWLQJSRLQW

+RLVWLQJSODWH +DQGERRNFRPSDUWPHQW 0DVWHUVZLWFK

+\GUDXOLFIOXLG %LRORJLFDOK\GUDXOLFIOXLG 6HFXULQJSRLQW

 6WDUWHUVZLWFK  6SHHGRPHWHU

 +RXUPHWHU  :DUQLQJOLJKWHQJLQHRLOWHPSHUDWXUH

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ

)LJ&DEUHDUZLWKRXW$&& )LJ&DEUHDUZLWK$&& RSWLRQDO

1R 'HVLJQDWLRQ 6\PERO )XQFWLRQ

 'LUHFWLRQLQGLFDWRUVPDLQIXVH $  9LEUDWLRQUHOD\9%6 $

 /HIWSRVLWLRQOLJKWVEUDNHOLJKWV $  ,QGLFDWRUSDQHO $

 5LJKWSRVLWLRQOLJKWV $  +RUQ $

 /HIWGLUHFWLRQLQGLFDWRUVVLGHUHSHDWHUV $  9LEUDWLRQ$9&UHOD\ $

 5LJKWGLUHFWLRQLQGLFDWRUVVLGH $  +D]DUGEHDFRQ $

 'ULYLQJOLJKWV:RUNLQJOLJKWVOHIW $$  6SULQNOHUSXPSUHDU $

 /HIWIURQWKHDGOLJKW $  6SULQNOHUV\VWHPPDLQIXVH $

 5LJKWIURQWKHDGOLJKW $  6WHHULQJRIIVHWXSGRZQ $

 (GJHFXWWHUVSULQNOHUXSGRZQ $  5HYHUVLQJDODUP $

 9DFDQW  ,QVWUXPHQWVYROWPHWHUWHPSHUDWXUH $

(1*,1(2,/ $LUWHPSHUDWXUH¡&¡& ¡)¡)

+<'5$8/,&)/8,' $LUWHPSHUDWXUH¡&¡& ¡)¡)

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

75$160,66,212,/ $LUWHPSHUDWXUH¡&¡& ¡)¡)

 $LUFOHDQHU  )XHOWDQN  +LQJHV

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3LYRWF\OLQGHU 2SWLRQDO /XEULFDWLRQ

3LYRWEHDULQJ 2SWLRQDO /XEULFDWLRQ

8QVFUHZWKHGUDLQSOXJ  DQGWKHGLSVWLFN VHHXQGHU

Você também pode gostar

7KH52365ROO2YHU3URWHFWLYH6WUXFWXUHVKRXOGDOZD\VEHXVHGZKHQWKH

+HDULQJSURWHFWLRQLVUHFRPPHQGHGLIWKHQRLVHOHYHOH[FHHGVG%$7KH

5ROO2YHU3URWHFWLYH6WUXFWXUH52365236

*XDUDQWHHGVRXQGSRZHUOHYHO/Z$ G%$

%ROWGLPHQVLRQV 031

7LJKWHQLQJWRUTXH 1P'DFURPHW

$XWRPDWLF&OLPDWH&RQWURO$&&2SWLRQDO

6WDUWHUVZLWFK 6SHHGRPHWHU

+RXUPHWHU :DUQLQJOLJKWHQJLQHRLOWHPSHUDWXUH

)LJ&DEUHDUZLWKRXW$&& )LJ&DEUHDUZLWK$&&RSWLRQDO

'LUHFWLRQLQGLFDWRUVPDLQIXVH $ 9LEUDWLRQUHOD\9%6 $

/HIWSRVLWLRQOLJKWVEUDNHOLJKWV $ ,QGLFDWRUSDQHO $

5LJKWSRVLWLRQOLJKWV $ +RUQ $

/HIWGLUHFWLRQLQGLFDWRUVVLGHUHSHDWHUV $ 9LEUDWLRQ$9&UHOD\ $

5LJKWGLUHFWLRQLQGLFDWRUVVLGH $ +D]DUGEHDFRQ $

'ULYLQJOLJKWV:RUNLQJOLJKWVOHIW $$ 6SULQNOHUSXPSUHDU $

/HIWIURQWKHDGOLJKW $ 6SULQNOHUV\VWHPPDLQIXVH $

5LJKWIURQWKHDGOLJKW $ 6WHHULQJRIIVHWXSGRZQ $

(GJHFXWWHUVSULQNOHUXSGRZQ $ 5HYHUVLQJDODUP $

9DFDQW ,QVWUXPHQWVYROWPHWHUWHPSHUDWXUH $

(1*,1(2,/ $LUWHPSHUDWXUH¡&¡&¡)¡)

+<'5$8/,&)/8,' $LUWHPSHUDWXUH¡&¡&¡)¡)

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

75$160,66,212,/ $LUWHPSHUDWXUH¡&¡&¡)¡)

$LUFOHDQHU )XHOWDQN +LQJHV

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3RV $FWLRQ &RPPHQW

3LYRWF\OLQGHU2SWLRQDO/XEULFDWLRQ

3LYRWEHDULQJ2SWLRQDO/XEULFDWLRQ

8QVFUHZWKHGUDLQSOXJDQGWKHGLSVWLFNVHHXQGHU