light commercial 02.09.2013 final version

Transcription

light commercial 02.09.2013 final version
VEHICLE TESTER MANUAL
Light Commercial Vehicles
5RDG6DIHW\$XWKRULW\
5RDG6DIHW\$XWKRULW\ /LJKW&RPPHUFLDO9HKLFOH7HVWHUV¶0DQXDO
/LJKW&RPPHUFLDO9HKLFOH7HVWHUV¶0DQXDO
$SSOLHVWRYHKLFOHW\SHV
$SSOLHVWRYHKLFOHW\SHV
1YHKLFOHVDQGPRWRUFDUDYDQV
1YHKLFOHVDQGPRWRUFDUDYDQV
ZLWK'*9:QRWH[FHHGLQJWRQQHV
ZLWK'*9:QRWH[FHHGLQJWRQQHV
7KHVH
JXLGHOLQHV
DOVRUHIHUUHG
UHIHUUHGWR
WRDV
DVWKH
WKH³0DQXDO´
³0DQXDO´ DUH
6DIHW\
$XWKRULW\
XQGHU
7KHVH
JXLGHOLQHV
DOVR
DUHLVVXHG
LVVXHGE\
E\WKH
WKH5RDG
5RDG
6DIHW\
$XWKRULW\
XQGHU
VHFWLRQ
WKH
5RDG6DIHW\
6DIHW\$XWKRULW\
$XWKRULW\&RPPHUFLDO
&RPPHUFLDO 9HKLFOH
$FW
1R
RI RI
VHFWLRQ
RIRI
WKH
5RDG
9HKLFOH5RDGZRUWKLQHVV
5RDGZRUWKLQHVV
$FW
1R
7KH
LQWHQWLRQ
EHKLQGWKLV
WKLV0DQXDO
0DQXDOLV
LV WR VHW
JXLGDQFH
LQLQ
UHODWLRQ
WR WKH
7KH
LQWHQWLRQ
EHKLQG
VHW RXW
RXWUHTXLUHPHQWV
UHTXLUHPHQWVDQG
DQG
JXLGDQFH
UHODWLRQ
WR WKH
FDUU\LQJRXWRI&95WHVWVDW&95WHVWLQJFHQWUHV
FDUU\LQJRXWRI&95WHVWVDW&95WHVWLQJFHQWUHV
7KLV
0DQXDO
EH
FRPSOLHGZLWK
ZLWKIURP
IURPWKH
WKH HIIHFWLYH
HIIHFWLYH GDWH
WKH
56$
&95
WHVW
RSHUDWRUV
7KLV
0DQXDO
LVLV
WRWR
EH
FRPSOLHG
GDWHDGYLVHG
DGYLVHGE\
E\
WKH
56$
&95
WHVW
RSHUDWRUV
DQG&95WHVWHUVVKDOOHQVXUHWKDW&95WHVWLQJLVFDUULHGRXWLQDFFRUGDQFHZLWKWKLV0DQXDOIURPWKDW
DQG&95WHVWHUVVKDOOHQVXUHWKDW&95WHVWLQJLVFDUULHGRXWLQDFFRUGDQFHZLWKWKLV0DQXDOIURPWKDW
GDWH
GDWH
7KLV 0DQXDO VHWV RXW WKH WHVWLQJ PHWKRGV WR EH HPSOR\HG E\ WKRVH LQYROYHG LQ &95 WHVWLQJ ,W DOVR
7KLV
0DQXDO VHWV RXW WKH WHVWLQJ PHWKRGV WR EH HPSOR\HG E\ WKRVH LQYROYHG LQ &95 WHVWLQJ ,W DOVR
SURYLGHVJXLGDQFHWR&95WHVWRSHUDWRUVDQG&95WHVWHUVLQUHODWLRQWRWKHUHDVRQVZK\DYHKLFOHPD\
SURYLGHVJXLGDQFHWR&95WHVWRSHUDWRUVDQG&95WHVWHUVLQUHODWLRQWRWKHUHDVRQVZK\DYHKLFOHPD\
IDLOD&95WHVWDQGWKHFDWHJRULVDWLRQRIGHIHFWVLGHQWLILHGLQUHODWLRQWRD&95YHKLFOH
IDLOD&95WHVWDQGWKHFDWHJRULVDWLRQRIGHIHFWVLGHQWLILHGLQUHODWLRQWRD&95YHKLFOH
)URP WKH HIIHFWLYH GDWH WKLV 0DQXDO UHSODFHV WKH SUHYLRXV HGLWLRQ RI WKH 5RDGZRUWKLQHVV 7HVWHUV
)URP
WKH HIIHFWLYH GDWH WKLV 0DQXDO UHSODFHV WKH SUHYLRXV HGLWLRQ RI WKH 5RDGZRUWKLQHVV 7HVWHUV
0DQXDOZKLFKDVRIWKDWGDWHLVQRORQJHULQIRUFH
0DQXDOZKLFKDVRIWKDWGDWHLVQRORQJHULQIRUFH
2ZQHUVRI&95YHKLFOHVWRZKLFKWKLV0DQXDODSSOLHVPD\DOVRILQGWKH0DQXDOXVHIXOLQWKDWLW
SURYLGHVGHWDLOVRIWKHLQVSHFWLRQVWRZKLFKD&95YHKLFOHPD\EHVXEMHFWHGDQGWKHUHDVRQVZK\LW
2ZQHUVRI&95YHKLFOHVWRZKLFKWKLV0DQXDODSSOLHVPD\DOVRILQGWKH0DQXDOXVHIXOLQWKDWLW
5(9,6,216
PD\QRWEHLVVXHGZLWKDSDVVVWDWHPHQWIROORZLQJD&95WHVW
SURYLGHVGHWDLOVRIWKHLQVSHFWLRQVWRZKLFKD&95YHKLFOHPD\EHVXEMHFWHGDQGWKHUHDVRQVZK\LW
PD\QRWEHLVVXHGZLWKDSDVVVWDWHPHQWIROORZLQJD&95WHVW
7KLVPDQXDOPD\EHUHYLVHGDQGXSGDWHGIURPWLPHWRWLPH$FXUUHQWYHUVLRQLVDOZD\VDYDLODEOHRQWKH5RDG6DIHW\$XWKRULW\
7KLVPDQXDOPD\EHUHYLVHGDQGXSGDWHGIURPWLPHWRWLPH$FXUUHQWYHUVLRQLVDOZD\VDYDLODEOHRQWKH5RDG6DIHW\$XWKRULW\
ZHEVLWHDQGRQWKH&R9,6V\VWHPZZZFYUWLH,ISULQWLQJDOORUSDUWRIWKHPDQXDOWKHZHEVLWHRU&R9,6VKRXOGDOZD\VEH
FKHFNHGWRHQVXUHDQ\SULQWHGFRS\UHPDLQVFXUUHQW
ZHEVLWHDQGRQWKH&R9,6V\VWHPZZZFYUWLH,ISULQWLQJDOORUSDUWRIWKHPDQXDOWKHZHEVLWHRU&R9,6VKRXOGDOZD\VEH
FKHFNHGWRHQVXUHDQ\SULQWHGFRS\UHPDLQVFXUUHQW
5(9,6,216
΀dLJƉĞƚĞdžƚ΁΀dLJƉĞƚĞdžƚ΁΀dLJƉĞƚĞdžƚ΁
΀dLJƉĞƚĞdžƚ΁΀dLJƉĞƚĞdžƚ΁΀dLJƉĞƚĞdžƚ΁
9(+,&/(9 (+,&/( 7(67 (6 7(5¶67 (5¶6 0 $1 8 $/0 $1 8 $/
9(+,&/(9 (+,&/( 7(67 (6 7(5¶67 (5¶6 0 $1 8 $/0 $1 8 $/
5HY$ 5HY$ 5(9,6,216
5(9,6,216
7KLVPDQXDOPD\EHUHYLVHGDQGXSGDWHGIURPWLPHWRWLPH$FXUUHQWYHUVLRQLVDOZD\VDYDLODEOHRQWKH5RDG6DIHW\$XWKRULW\ ZHEVLWH
7KLVPDQXDOPD\EHUHYLVHGDQGXSGDWHGIURPWLPHWRWLPH$FXUUHQWYHUVLRQLVDOZD\VDYDLODEOHRQWKH5RDG6DIHW\$XWKRULW\ ZHEVLWH
ZZZFYUWLH,ISULQWLQJDOORUSDUWRIWKHPDQXDOWKHZHEVLWHRU&R9,6VKRXOGDOZD\VEHFKHFNHGWRHQVXUHDQ\SULQWHGFRS\UHPDLQV
ZZZFYUWLH,ISULQWLQJDOORUSDUWRIWKHPDQXDOWKHZHEVLWHRU&R9,6VKRXOGDOZD\VEHFKHFNHGWRHQVXUHDQ\SULQWHGFRS\UHPDLQV
FXUUHQW
FXUUHQW
9HUVLRQ 'DWH
9HUVLRQ 'DWH
6HFWLRQ1XPEHU
6HFWLRQ1XPEHU
8SGDWHG
8SGDWHG
6HSW
6HSW
$OO
$OO
3DJHV,QVHUWHG
3DJHV,QVHUWHG
E\UHVSRQVLEOH
E\UHVSRQVLEOH
SHUVRQ
SHUVRQ
'HVFULSWLRQ
'HVFULSWLRQ
΀dLJƉĞƚĞdžƚ΁΀dLJƉĞƚĞdžƚ΁΀dLJƉĞƚĞdžƚ΁
΀dLJƉĞƚĞdžƚ΁΀dLJƉĞƚĞdžƚ΁΀dLJƉĞƚĞdžƚ΁
&217(176
5HJLVWUDWLRQ3ODWHDQG9,1&KDVVLV1XPEHU
6PRNH'LHVHO
([KDXVW&2+&/DPEGD
6HUYLFH%UDNH3HGDO
6HUYLFH%UDNH2SHUDWLRQ
3DUNLQJ%UDNH$FWLYDWRU
6HDWV
+RUQ
:LQGVFUHHQ:LSHUVDQG:DVKHUV
*ODVV
5HDU9LHZ0LUURUV
6SHHGRPHWHU
6DIHW\5HVWUDLQW6\VWHPV
6WHHULQJ:KHHO3OD\
'RRUV/RFNV$QWL7KHIW'HYLFHV
6HUYLFH%UDNH3HUIRUPDQFH
6HUYLFH%UDNH,PEDODQFH
3DUNLQJ%UDNH3HUIRUPDQFH
3DUNLQJ%UDNH,PEDODQFH
7RZLQJ%UDFNHW&RXSOLQJ
6WRS/DPSV
5HDU/DPSVDQG5HJLVWUDWLRQ3ODWH/DPSV
,QGLFDWRUV7HOO7DOHV
6LGH /DPSV
+HDGODPS &RQGLWLRQ
+HDGODPS $LP
$X[LOLDU\/DPS&RQGLWLRQ
$X[LOLDU\/DPS$LP
5HIOHFWRUV
&DEDQG%RG\ZRUN
5XQQLQJ%RDUGDQG6WHSV
7\UH&RQGLWLRQ
7\UH6SHFLILFDWLRQ
7\UH7UHDG
:KHHOV
6SDUH:KHHODQG&DUULHU
3DJH
6HFWLRQ
,QWURGXFWLRQ
3DJH
7KH7HVWLQJ6HTXHQFH
,QVSHFWLRQ0HWKRGRORJ\DQG
GHIHFWW\SHE\LWHP
6HFWLRQ
%UDNH)OXLG
&KDVVLV8QGHUERG\
6WHHULQJ/LQNDJH
:KHHO%HDULQJV
)URQW6SULQJV
)URQW6XVSHQVLRQ
%UDNH/LQHV+RVHV
6KRFN$EVRUEHU&RQGLWLRQ
(OHFWULFDO6\VWHP
)XHO6\VWHP
%UDNH:KHHO8QLWV
0HFKDQLFDO%UDNH&RPSRQHQWV
%UDNH0DVWHU&\OLQGHU6HUYR9DOYHV&RQQHFWLRQV
([KDXVW6\VWHP1RLVH
5HDU6XVSHQVLRQ
5HDU6SULQJV
7UDQVPLVVLRQ'ULYH7UDLQ
0DOIXQFWLRQ,QGLFDWRUV
)URQW:KHHO6LGHVOLS
)URQW$[OH6XVSHQVLRQ3HUIRUPDQFH
5HDU$[OH6XVSHQVLRQ3HUIRUPDQFH
(OHFWURQLF9HKLFOH&RQWURO6\VWHPV
0RGLILFDWLRQV5HSRUW
,1752'8&7,21
'HILQLWLRQV
³&95´PHDQV&RPPHUFLDO9HKLFOH5RDGZRUWKLQHVV
³&95 7HVWHU´ PHDQV D SHUVRQ DXWKRULVHG E\ WKH 5RDG
6DIHW\$XWKRULW\WREHD&95WHVWHULQUHVSHFWRIDSDUWLFXODU
FDWHJRU\RIYHKLFOHV
³&95 7HVW 2SHUDWRU´ PHDQV D SHUVRQ DXWKRULVHG E\ WKH
5RDG6DIHW\$XWKRULW\WRFRQGXFW&95WHVWV
³&95 7HVWLQJ &HQWUH´ PHDQV D SUHPLVHV VSHFLILHG LQ D
&95WHVWRSHUDWRUDXWKRULVDWLRQDQGFRPSO\LQJZLWKFXUUHQW
3UHPLVHV DQG (TXLSPHQW *XLGHOLQHV DW ZKLFK &95 WHVWV
PD\EHFDUULHGRXW
&5:PHDQVD&HUWLILFDWHRI5RDGZRUWKLQHVV
7KHWHUP&957HVWPHDQV
x
DQLQLWLDO&95WHVW
x
DSHULRGLF&95WHVW
x
DSDUWLDO&95WHVW
x
DUHWHVW
$Q LQLWLDO&95WHVWLVWKHILUVWURDGZRUWKLQHVVWHVWRID/&9
DQGWKLVWHVWLVGXHRQWKHILUVWDQQLYHUVDU\RILWVUHJLVWUDWLRQ
,QWKHFDVHRIPRWRUFDUDYDQVWKHLQLWLDO&95WHVWLVGXHRQ
WKHIRXUWKDQQLYHUVDU\RILWVILUVWUHJLVWUDWLRQ
$ SHULRGLF&95WHVWLVDVXEVHTXHQWDQQXDO
URDGZRUWKLQHVVWHVWRID/&9IROORZLQJLWVLQLWLDO&95WHVW
$Q (QIRUFHPHQW7HVWOHJDOO\FDOOHGDSDUWLDO&95WHVWLV
FRQGXFWHG ZKHQ D YHKLFOH LV SUHVHQWHG WR D &95 7HVWLQJ
&HQWUH RQ IRRW RI D GLUHFWLRQ JLYHQ E\ 56$ $XWKRULVHG
2IILFHURU&95,QVSHFWRU7KLVWHVWPD\LQFOXGHRQHRUPRUH
WHVW LWHPV DQG PD\ LQFOXGH DOO WHVW LWHPV DSSOLFDEOH WR WKDW
YHKLFOH 'HWDLOV RI WKH WHVW LWHPV WR EH WHVWHG ZLOO EH
DYDLODEOH RQ &R9,6 RU OLVWHG RQ WKH FRS\ RI WKH 5RDGVLGH
&KHFN ,QVSHFWLRQ UHSRUW DV VXSSOLHG WR WKH GULYHU RI WKH
YHKLFOH DQG DOO LWHPV VKRXOG EH WHVWHG DV SHU WKLV PDQXDO
$Q(QIRUFHPHQWWHVWPD\EHFRQGXFWHGRQDQ\&959HKLFOH
LQFOXGLQJYHKLFOHVWKDWDUHUHJLVWHUHGRXWVLGHRIWKH6WDWH
$ UHWHVW LV D WHVW FDUULHG ZKHUH D YHKLFOH KDV IDLOHG DQ
LQLWLDORUSHULRGLFWHVWZKHUH²
D WKH UHWHVW LV FDUULHG RXW RQ D GD\ ZKLFK LV QRW PRUH
WKDQ FDOHQGDU GD\V DIWHU WKH GD\ RQ ZKLFK WKH
YHKLFOHKDVIDLOHGLWVLQLWLDORUSHULRGLFWHVWDQG
E WKH UHDGLQJ RQ WKH YHKLFOH
V RGRPHWHU DW SUHVHQWDWLRQ
IRUWKHUHWHVWLVQRPRUHWKDQNLORPHWUHVJUHDWHU
WKDQWKHUHDGLQJDWWKHWLPHWKHYHKLFOHIDLOHGLWVLQLWLDO
RUSHULRGLFWHVW
$ UHWHVW FDQ RQO\ EH FRQGXFWHG DW WKH &95 WHVW FHQWUH
ZKHUHWKHRULJLQDOWHVWZDVIDLOHG
,Q FDUU\LQJ RXW D UHWHVW RQ D YHKLFOH RQO\ WKRVH LWHPV
ZKLFKJDYHULVHWRWKH UHIXVDORIWKH SDVVVWDWHPHQWDUH WR
EH WHVWHG
,I GXULQJ D UHWHVW WKH &95 WHVWHU QRWLFHV DQ\ RWKHU
REYLRXV GHIHFWV WKHQ WKH RZQHU VKDOO EH QRWLILHG DQG
WKHVHDGGLWLRQDOLWHPVWHVWHG:KHUHDUHDVRQIRUIDLOXUH
LV LVVXHG ZLWK UHVSHFW WR WKHVH DGGLWLRQDO WHVW LWHPV
WKHQWKLVZLOOEHUHFRUGHGRQWKHWHVWUHSRUW
/&97(67(560$18$/9
3DJH
:KHUHDYHKLFOHLVUHIXVHGDSDVVVWDWHPHQWLQUHODWLRQ
WRWKHEUDNHSHUIRUPDQFHEUDNHLPEDODQFHWHVWRUZKHUH
LWLVIDLOHGRQDQ\EUDNHFRPSRQHQWVLWHPVWKHQLWPXVW
KDYHIXOOEUDNHWHVWRQDUHWHVW
$ ³YROXQWDU\ VDIHW\ &95 WHVW´ LV D URDGZRUWKLQHVV WHVW
RWKHUWKDQD&95WHVWFDUULHGRXWLQUHVSHFWRIRQHRUPRUH
WHVW LWHPV VSHFLILHG LQ WKLV PDQXDO ZKLFK LV UHFRUGHG RQ
&R9,6 $V ZHOO DV &95 YHKLFOHV D YROXQWDU\ VDIHW\ &95
WHVW FDQ DOVR EH FDUULHG RXW RQ YHKLFOHV RZQHG E\ WKH
*DUGDtRUWKH'HIHQFH)RUFHV
7KHWHUP³RZQHU´LQWKHFRQWH[WRIDSSO\LQJIRUD&95WHVW
LVWDNHQWRLQFOXGHWKHRZQHU¶VDJHQW
³&R9,6´ LV WKH &95 FRPSXWHULVHG LQIRUPDWLRQ V\VWHP
HVWDEOLVKHG E\ WKH 5RDG 6DIHW\ $XWKRULW\ $ &95 WHVWHU
VKDOOXVH&R9,6LQRUGHUWRSURFHVVD&95WHVWRQWKHODQH
HTXLSPHQW &R9,6 DOORZV WKH WHVWHU WR UHFRUG GHIHFWV DQG
RWKHUVWDQGDUGLQVSHFWLRQGDWDVXFKDVPLOHDJH7KHWHVWHU
ZLOO DOVR EH DEOH WR UHFRUG GLIIHUHQFHV WR 9HKLFOH 'HWDLOV
LGHQWLILHGDVSDUWRIWKH7HVWWRWKH9HKLFOH'HWDLOVRQ&R9,6
WKDW KDYH FRPH IURP WKH '9&6' 'ULYHU DQG 9HKLFOH
&RPSXWHU6HUYLFHV'LYLVLRQ
³0HWKRG RI7HVWLQJ´GHWDLOV WKH ZD\VLQZKLFKWKH WHVW RI
LWHPVRQDYHKLFOHDUHWREHFDUULHGRXWDQGWKH HTXLSPHQW
WR EH XVHG :KHQ FDUU\LQJ RXW HDFK WHVW SDUWLFXODU
DWWHQWLRQ VKRXOG EH SDLG WR WKH LQIRUPDWLRQ JLYHQ LQ WKH
³1RWHV´ VLQFH WKLV JLYHV JXLGDQFH RQ WKH FRQGXFW DQG
VFRSHRIWKH WHVW
³5HDVRQV IRU )DLOXUH´ JLYHV GLUHFWLRQ RQ WKH W\SH RI
GHIHFWV ZKLFK ZLOO UHVXOW LQ WKH YHKLFOH IDLOLQJ $ YHKLFOH
VKRXOG RQO\ EH DVVHVVHG DJDLQVW WKH LWHPV DQG UHDVRQV
IRU IDLOXUH OLVWHGLQWKLVPDQXDO
$Q ³$GYLVRU\1RWLFH´LVXVHGWRLQIRUPWKHFXVWRPHURIDQ
LWHP WKDW VKRXOG EH UHFWLILHG EXW GRHV QRW SUHYHQW WKH
YHKLFOH IURP DFKLHYLQJ D PLQLPXP VWDQGDUG RI
URDGZRUWKLQHVV7KLVZLOOEHLQFOXGHGRQWKH7HVW5HSRUWRU
3DVV6WDWHPHQW
³'HVLJQ *URVV 9HKLFOH :HLJKW '*9:´ DOVR NQRZQ DV
WKH WHFKQLFDOO\ SHUPLVVLEOH PD[LPXP ODGHQ PDVV LV WKH
JURVVZHLJKWRIDYHKLFOHODGHQZLWKWKHKHDYLHVWORDGZKLFK
LW FDQ UHDVRQDEO\ FDUU\ 7KLV PXVW WDNH LQWR FRQVLGHUDWLRQ
WKH HQJLQH EUDNHV W\UHV DQG JHQHUDO FRQVWUXFWLRQ RI VXFK
YHKLFOHDQGVKDOOXQWLOWKHFRQWUDU\LVVKRZQEHWDNHQWREH
LWV GHVLJQ JURVV ZHLJKW DV VSHFLILHG E\ LWV PDQXIDFWXUHU RU
DQDXWRPRWLYHHQJLQHHU
³LQGLYLGXDO GHVLJQ D[OH ZHLJKW´ PHDQV WKH PDVV
FRUUHVSRQGLQJ WR WKH PD[LPXP SHUPLVVLEOH VWDWLF YHUWLFDO
ORDGWUDQVPLWWHGWRWKHJURXQGE\WKHZKHHOVRIWKHD[OHRQ
WKHEDVLVRIWKHFRQVWUXFWLRQIHDWXUHVRIWKHD[OHDQGRIWKH
YHKLFOHDQGWKHLUGHVLJQSHUIRUPDQFHV
³PDQXIDFWXUHU
V SODWH´ PHDQV D SODWH RU ODEHO DIIL[HG E\
WKH PDQXIDFWXUHU RQ D YHKLFOH WKDW SURYLGH WKH PDLQ
WHFKQLFDO FKDUDFWHULVWLFV ZKLFK DUH QHFHVVDU\ IRU WKH
LGHQWLILFDWLRQ RI WKH YHKLFOH DQG SURYLGHV WKH FRPSHWHQW
DXWKRULWLHV ZLWK WKH UHOHYDQW LQIRUPDWLRQ FRQFHUQLQJ WKH
WHFKQLFDOO\SHUPLVVLEOHPD[LPXPODGHQPDVVHV
UHTXLUHG WHVW LWHPV VSHFLILHG LQ WKLV PDQXDO WKHQ D SDVV
VWDWHPHQWLVLVVXHGDSDUWIURPSRLQWDERYH:KHUHD
SDVVVWDWHPHQWLVQRWLVVXHGWKHUHDVRQVIRUUHIXVDOZLOOEH
SURYLGHG WR WKH RZQHU LQ WKH WHVW UHSRUW ,Q WKH FDVH RI D
YROXQWDU\ VDIHW\ WHVW D WHVW UHSRUW ZLOO EH SURYLGHG EXW QR
SDVV VWDWHPHQW ZLOO EH LVVXHG ,I D &95 WHVW LV QRW
FRPSOHWHG WKHQ WKH WHVW UHSRUW LVVXHG ZLOO FRQWDLQ WKH
ZRUGV³1RWFRPSOHWH´
:KHUH WKH WHVW ODQH HTXLSPHQW LV QRW DXWRPDWLFDOO\ OLQNHG
WR &R9,6 WKH &95 7HVWHU ZLOO KDYH WR PDQXDOO\ LQSXW WKH
WHVW UHVXOWV RQ &R9,6 7KH SDSHUZRUN DVVRFLDWHG ZLWK
WKHVHWHVWVVKDOOEHUHWDLQHGE\WKH&957HVW2SHUDWRU
³)LUVW UHJLVWHUHG´¶ PHDQV WKH GDWH ZKHQ WKH YHKLFOH ZDV
ILUVW UHJLVWHUHG ZLWK WKH 5HYHQXH &RPPLVVLRQHUV RU WKH
GDWH ZKHQ ILUVW UHJLVWHUHG LQ DFFRUGDQFH ZLWK WKH ODZV RI
DQRWKHUFRXQWU\
³,QVHFXUH´
7KH WHUP ³LQVHFXUH´ LV XVHG WKURXJKRXW WKLV 0DQXDO WR
GHVFULEH D GHIHFWLYH FRQGLWLRQ 7KH WHUP VKRXOG EH WDNHQ
E\WHVWHUVWRPHDQWKHIROORZLQJ
DWKDWDFRPSRQHQWRQWKHYHKLFOHKDVUHODWLYHPRYHPHQW
HLWKHU DW LWV IL[LQJ RU LQ UHODWLRQ WR DQ DVVRFLDWHG
FRPSRQHQWZKHUHWKHUHVKRXOGEHQRQHRU
E WKDW D FRPSRQHQW LV QRW VDIHO\ RU FRPSOHWHO\ DWWDFKHG
HLWKHUDWLWVIL[LQJRUWRDQDVVRFLDWHGFRPSRQHQW
$Q\ VXSSOHPHQWDU\ GRFXPHQWDWLRQ UHTXLUHG DV SDUW RI WKH
WHVW VXFK DV PRGLILFDWLRQ UHSRUWV VDIHW\ EHOW
GRFXPHQWDWLRQ WDFKRJUDSK GHFODUDWLRQ VKDOO EH VFDQQHG
DQGXSORDGHGRQWRWKH&R9,6V\VWHP,IHLWKHUWKHVFDQQHU
RU &R9,6 DUH QRW RSHUDWLRQDO WKH GRFXPHQWV VKDOO EH
UHWDLQHGE\WKHWHVWRSHUDWRU
³:RUQ´
$FRPSRQHQWZLOOEHFRQVLGHUHGZRUQZKHUHWKHZHDULVWR
VXFKDQH[WHQWWKDWLWLVHLWKHU
D OLNHO\WRIDLORU
E FOHDUO\QRWIXQFWLRQLQJHIIHFWLYHO\DVGHVLJQHGRU
F YLVLEO\ ZRUQ EH\RQG PDQXIDFWXUHUV NQRZQ SHUPLWWHG
OLPLWVRU
G OLNHO\ WR DIIHFW WKH RSHUDWLRQ RU FRQGLWLRQ RI DQRWKHU
VDIHW\UHODWHGFRPSRQHQW
6FRSH
7KLV0DQXDODSSOLHVWRWKHIROORZLQJFDWHJRULHVRIYHKLFOHV
x &DWHJRU\ 1 9HKLFOHV GHVLJQHG DQG FRQVWUXFWHG
SULPDULO\ IRU WKH FDUULDJH RI JRRGV DQG KDYLQJ D
'*9:RIOHVVWKDQRUHTXDOWRWRQQHV
x
0RWRU FDUDYDQV VSHFLDO SXUSRVH YHKLFOHV LQ
FDWHJRU\0ZLWKD'*9:RIOHVVWKDQRUHTXDOWR
WRQQHV
,I WKH &95 7HVWHU QHHGV WR VWRS LQ WKH PLGGOH RI WKH WHVW
WKH\ZLOOEHDEOHWRVDYHUHVXOWVXSWRWKDWSRLQWDQGUHVXPH
WHVWLQJODWHUWKDWGD\2QO\WKHWHVWHUZKRFRPPHQFHGWKH
WHVWPD\UHVXPHWKHWHVW:KHUHDWHVWHUKDVVWDUWHGDWHVW
DQGLVQRWDYDLODEOHWRFRPSOHWHLWIRUZKDWHYHUUHDVRQWKH
WHVW PXVW EH DEDQGRQHG DQG LW PXVW EH VWDUWHG DJDLQ RQ
WKHYHKLFOHE\DQRWKHUWHVWHUIURPWKHEHJLQQLQJ
$VVHVVPHQWRI'HIHFWV
,Q OLQH ZLWK &RPPLVVLRQ 5HFRPPHQGDWLRQ (8
WKLV WHVW PDQXDO FDWHJRULVHV WKH VHULRXVQHVV RI IDLOXUH IRU
HDFKGHIHFWLQWRWKHIROORZLQJ
0DNLQJDUHTXHVWIRUD&957HVW%RRNLQJ
$UHTXHVWIRUD&95WHVWERRNLQJPXVWEHPDGHWRD&95
WHVWRSHUDWRULQSHUVRQRUE\XVLQJ&R9,6$QDSSOLFDWLRQ
IRUDERRNLQJWRD&95WHVWRSHUDWRUPD\EHPDGHDWWKH
WHVWFHQWUHEHIRUHWKHWHVWFRPPHQFHV)XOOGHWDLOVRIKRZ
WR PDNH D UHTXHVW IRU D WHVW ERRNLQJ FDQ EH IRXQG DW
ZZZFYUWLH
3UHVHQWDWLRQRI,'
$SHUVRQZKRSUHVHQWVDYHKLFOHWREHWHVWHGLVUHTXLUHGWR
SURGXFH D YDOLG LGHQWLILFDWLRQ HJ D GULYLQJ OLFHQFH RU
SDVVSRUW :KHUH D YDOLG LGHQWLILFDWLRQ LV QRW SUHVHQWHG DW
WKHWLPHRIWKHWHVWWKH&95WHVWPD\EHFDUULHGRXWEXWD
SDVV VWDWHPHQW ZLOO QRW EH LVVXHG 7KH &95 WHVW RSHUDWRU
PD\ LVVXH D SDVV VWDWHPHQW LQ UHVSHFW RI WKH YHKLFOH
ZKHUHWKHSHUVRQ ZKRSUHVHQWHGWKHYHKLFOHSURYLGHVWKH
UHTXLUHG LGHQWLILFDWLRQ VXEVHTXHQWO\ DQG WKLV VKRXOG EH
SUHVHQWHG ZLWKLQ FDOHQGDU GD\V IURP WKH GDWH RI WKH
&95WHVW
&R9,67HVW5HSRUWVDQG3DVV6WDWHPHQWV
7KH &95 WHVWHU PXVW FRPSOHWH D FKHFNOLVW SULQWHG IURP
&R9,6IRUHDFKWHVWFRQGXFWHGFRQILUPLQJWKDWDOOUHTXLUHG
WHVW LWHPV KDYH EHHQ WHVWHG DQG WKHVH PXVW EH UHFRUGHG
RQ&R9,62QFHD&95WHVWKDVEHHQFRPSOHWHGWKH&95
WHVWHU PXVW FRPSOHWH D GHFODUDWLRQ WKDW KH RU VKH KDV
FRPSOHWHGWKH WHVWFRUUHFWO\$WHVWUHSRUWLVLVVXHGE\WKH
&95 WHVWHU WR WKH RZQHU JLYLQJ GHWDLOV RI WKH FDSWXUHG
HTXLSPHQW UHVXOWV DQG DQ\ IDLOHG YLVXDO LWHPV :KHUH WKH
&95WHVWHULVVDWLVILHGWKDWWKHYHKLFOHKDVSDVVHGDOOWKH
/&97(67(560$18$/9
3DJH
x
x
x
0LQRU'HIHFWV0L'
7HFKQLFDO GHIHFWV WKDW KDYH QR VLJQLILFDQW HIIHFW
RQWKHVDIHW\ RIWKHYHKLFOH DQG RWKHUPLQRUQRQ
FRPSOLDQFHV
0DMRU'HIHFWV0D'
'HIHFWV WKDW PD\ SUHMXGLFH WKH VDIHW\ RI WKH
YHKLFOH RU SXW RWKHU URDG XVHUV DW ULVN DQG RWKHU
PRUHVLJQLILFDQWQRQFRPSOLDQFHV
'DQJHURXV'HIHFWV''
'HIHFWVWKDWFRQVWLWXWHDGLUHFWDQGLPPHGLDWHULVN
WRURDGVDIHW\VXFKWKDWWKHYHKLFOHVKRXOGQRWEH
XVHGRQWKHURDGXQGHUDQ\FLUFXPVWDQFHV
)RU GHIHFWV ZKLFK FDQ EH FODVVLILHG LQ PRUH WKDQ RQH
FDWHJRU\WKHWHVWHUVKDOOXVHKLVH[SHULHQFHDQGWHFKQLFDO
H[SHUWLVH WR FDWHJRULVH WKH SDUWLFXODU GHIHFW LQ WKH
DSSURSULDWHGHIHFWFDWHJRU\
2Q FRPSOHWLRQ RI D &95 WHVW YROXQWDU\ VDIHW\ WHVW RU DQ
HQIRUFHPHQWWHVWDQGZKHUHDYHKLFOHLVIDLOHGEHFDXVHRI
D 'DQJHURXV 'HIHFW WKH &95 WHVWHU VKDOO DIIL[ D ³)DLO
'DQJHURXV´ QRWLFH WR WKH YHKLFOH $ GRXEOHVLGHG ³)DLO
'DQJHURXV´ QRWLFH VKDOO EH DIIL[HG RQ WKH SDVVHQJHU VLGH
RI WKH ZLQGVFUHHQ VR DV QRW WR LPSDLU WKH YLVLRQ RI WKH
GULYHU 7KH WHPSODWH WKDW WKLV GRXEOH VLGHG QRWLFH VKDOO
WDNHLVVHWRXWLQ)LJXUHVDQGWKDWIROORZ
3RVWSRQLQJWKHLVVXHRID&5:
:KHUHDSDVVVWDWHPHQWLVLVVXHGE\D&95WHVWRSHUDWRU
WKH &95 WHVWHU VKDOO YHULI\ ZLWK WKH SUHVHQWHU WKDW WKH
GHWDLOV RI WKH UHJLVWHUHG RZQHU RQ WKH SDVV VWDWHPHQW DUH
FRUUHFW:KHUHWKHGHWDLOVGLIIHUWKHSUHVHQWHUPD\UHTXHVW
WKDW WKH LVVXLQJ RI WKH &5: EH SRVWSRQHG IRU D SHULRG RI
XS WR GD\V7KH &95 WHVWHU VKDOO DGYLVH WKH SUHVHQWHU
WR FRQWDFW WKH '9&6' LQ RUGHU WR KDYH WKH RZQHUVKLS
GHWDLOVXSGDWHGDVVRRQDVSRVVLEOH7KHSUHVHQWHURZQHU
VKRXOGEHDGYLVHGWKDWWKH&5:ZLOOLVVXHDIWHUGD\VWR
WKHUHJLVWHUHGRZQHURQWKH1DWLRQDO9HKLFOH'ULYHU)LOH
7HVW(TXLSPHQW
7KHHTXLSPHQWWREHXVHGIRUWKHSXUSRVHVRIFDUU\LQJRXW
&95 WHVWV DUH WKRVH VSHFLILHG LQ 7KH 3UHPLVHV DQG
(TXLSPHQW *XLGHOLQHV LVVXHG E\ WKH 5RDG 6DIHW\
$XWKRULW\ :KHUH VSHFLILF HTXLSPHQW LV GHVLJQDWHG IRU D
SDUWLFXODU WHVW RQO\ WKLV HTXLSPHQW VKDOO EH XVHG IRU WKH
WHVW:KHUHWKHEUDNHVFDQQRWEHWHVWHGRQDUROOHUEUDNH
WHVWHUGXHWRWKHGHVLJQRIWKHYHKLFOHDURDGWHVWPXVWEH
FDUULHG RXW XVLQJ D GHFHOHURPHWHU WR HYDOXDWH WKH EUDNH
SHUIRUPDQFH
)LJXUH³)DLO'DQJHURXV´1RWLFH:LQGVFUHHQ)URQW
7KHVSHFLDOLVHGHTXLSPHQWXVHGIRUWKHWHVWVKRXOGRQO\EH
XVHG E\ WUDLQHG DQG H[SHULHQFHG SHUVRQQHO &95 WHVWHUV
VKRXOG EH WKRURXJKO\ IDPLOLDU ZLWK WKH PDQXIDFWXUHU¶V
GHWDLOHG RSHUDWLQJ LQVWUXFWLRQV DQG WKH SURFHGXUHV ZKLFK
PXVW EH IROORZHG WR HQVXUH WKH VDIH RSHUDWLRQ RI WKLV
VSHFLDOLVHGHTXLSPHQW
)LJXUH³)DLO'DQJHURXV´1RWLFH:LQGVFUHHQ%DFN
5HVWULFWLRQRQ&957HVWHUVFDUU\LQJRXWFHUWDLQWHVWV
'XULQJ D &95 WHVW D &95 WHVWHU VKDOO QRW FDUU\ RXW DQ\
UHSDLUV RQ WKH YHKLFOH RWKHU WKDQ DQ DGMXVWPHQW RI
KHDGOLJKW IRFXV WR WKH UHTXLUHG VWDQGDUG :KHUH WKLV
DGMXVWPHQWLVPDGHLWPXVWEHQRWHGRQ&R9,6:KHUHWKH
YHKLFOH IDLOV RQ RWKHU LWHPV WKH WHVW PXVW EH FRPSOHWHG
DQGDWHVWUHSRUWLVVXHG,WVKDOOEHSRVVLEOHIRUDYHKLFOHWR
EHWHVWHGDQGUHWHVWHGRQWKHVDPHGD\
$&95WHVWHU VKDOOQRWFDUU\ RXWDWHVWRQDYHKLFOH ZKLFK
KHVKHKDVFDUULHGRXWDQ\UHSDLUVRUPDLQWHQDQFHZRUNRQ
LQWKHGD\VSUHYLRXV
$ &95 WHVWHU VKDOO QRW FDUU\ RXW D &95 WHVW RQ D YHKLFOH
ZKHUH WKDW &95 WHVWHU KDV D OHJDO RU EHQHILFLDO LQWHUHVW LQ
WKHYHKLFOHXQOHVVGHWDLOVRI WKHSURSRVHGWHVWKDYHEHHQ
JLYHQWRWKH5RDG6DIHW\$XWKRULW\DWOHDVWZRUNLQJGD\V
LQDGYDQFH
$&95WHVWHUFDQRQO\FDUU\RXWWHVWVRQWKHFDWHJRULHVRI
YHKLFOHVWRZKLFKKHRUVKHLVDXWKRULVHG
2GRPHWHU
7KH &95 WHVWHU PXVW UHFRUG WKH RGRPHWHU UHDGLQJ DW
WKH WLPH RI WKH WHVW ZKHUH DQ RGRPHWHULV ILWWHG :KHQ
WKHWHVWUHSRUWRUSDVVVWDWHPHQWLVEHLQJSUHVHQWHGWR
WKH RZQHU RU WKH SUHVHQWHU RI WKH YHKLFOH WKH &95
WHVWHUVKDOOSRLQWRXWWKHRGRPHWHUUHDGLQJ7KHRZQHU
RUWKHSUHVHQWHURIWKHYHKLFOHVKDOOEHDVNHGWRFRQILUP
WKDWWKHHQWU\RIWKHRGRPHWHUUHDGLQJLVFRUUHFWDQGLI
QRWVKDOOLPPHGLDWHO\DGYLVHWKH&957HVWHU
*HQHUDO
7KHWHVWLVHVVHQWLDOO\DPDLQWHQDQFHDQGFRQGLWLRQFKHFN
$ GHWDLOHG DVVHVVPHQW RI D YHKLFOH¶V GHVLJQ DQG
FRQVWUXFWLRQLVQRWSDUWRIWKHWHVW,WVKRXOGDOVREHQRWHG
WKDWWKHWHVWFDQRQO\FRQILUPWKHURDGZRUWKLQHVVFRQGLWLRQ
RIWKHYHKLFOHDWWKHWLPHRIWKHWHVW,WLVQRWDSUHGLFWLRQRI
IXWXUHYHKLFOHURDGZRUWKLQHVV%HFDXVHLWLVQRWSUDFWLFDEOH
WR OD\ GRZQ OLPLWV RI ZHDU DQG WROHUDQFH IRU DOO W\SHV RI
FRPSRQHQWV RI GLIIHUHQW PRGHOV RI YHKLFOH &95 WHVWHUV
DUH H[SHFWHG WR XVH WKHLU H[SHULHQFH DQG MXGJPHQW LQ
PDNLQJDQDVVHVVPHQWRIWKHFRQGLWLRQRIFRPSRQHQWVLH
LV UHSODFHPHQW UHSDLU DGMXVWPHQW RU FHUWLILFDWLRQ
QHFHVVDU\":KHUHWKHYHKLFOHPDQXIDFWXUHUKDVSURYLGHG
ZHDUWROHUDQFHVWKHVHVKRXOGEHDGKHUHGWR
5HDVRQVWR5HIXVHWR&DUU\2XWD&957HVW
$&95WHVWHUPD\UHIXVHWRFDUU\RXWD&95WHVWLI
D LQKLVRUKHURSLQLRQ
L DQ\SDUWRIWKHYHKLFOHRUDQ\RILWVHTXLSPHQWLVLQ
VXFK D FRQGLWLRQ WKDW LW ZRXOG QRW EH VDIH RU
SUDFWLFDEOHWRFDUU\RXWWKH&95WHVWRU
LL DORDGRQWKHYHKLFOHLVLQVXFKFRQGLWLRQRULVQRW
DGHTXDWHO\ VHFXUHG WKDW LW ZRXOG EH VDIH RU
SUDFWLFDEOHWRFDUU\RXWWKH&95WHVW
RU
E IHH SD\DEOH LQ UHVSHFW RI WKH &95 WHVW KDV QRW EHHQ
SDLG
/&97(67(560$18$/9
3DJH
7KH 0HWKRGV RI 7HVWLQJ GHWDLOHG LQ WKLV 0DQXDO DUH
GHVLJQHG WR FRPSO\ ZLWK QRUPDO ZRUNVKRS SUDFWLFH 7KH
5RDG6DIHW\$XWKRULW\FDQQRWDFFHSWUHVSRQVLELOLW\IRUDQ\
LQMXU\WRDQ\SHUVRQRUDQ\GDPDJHWRDQ\SURSHUW\DULVLQJ
IURP WKH FRQGXFW RI DQ\ WHVW GHVFULEHG LQ WKLV 0DQXDO
1RWKLQJLQWKLV0DQXDOPD\EHFRQVWUXHGDVGLPLQLVKLQJLQ
DQ\ ZD\ WKH REOLJDWLRQV RQ HPSOR\HUV IURP KHDOWK DQG
VDIHW\UHJXODWRU\DFWVLQUHODWLRQWRWKHRFFXSDWLRQDOKHDOWK
DQGVDIHW\DWZRUNRIWKHLUHPSOR\HHV
,WLVWKHUHVSRQVLELOLW\RIWKHSHUVRQSUHVHQWLQJWKHYHKLFOH
IRUWHVWWRSURYHH[HPSWLRQIURPDQ\UHTXLUHPHQWOLVWHGLQ
WKLVPDQXDO
5(*,675$7,213/$7($1'9,1&+$66,6180%(5
0HWKRGRI7HVWLQJ
&KHFNWKHUHJLVWUDWLRQQXPEHUSODWHVIRUVHFXULW\ORFDWLRQIRUPDWOHJLELOLW\DQGWKDWWKHQXPEHUVDUHWKHVDPH
DVWKDWRQ&R9,61RRWKHUPDUNVPD\DSSHDURQWKHSODWH$Q\DGGLWLRQDOWDEVHWFRXWVLGHWKHGLPHQVLRQV
VKRZQIRUWKHUHJLVWUDWLRQSODWHDUHQRWFRQVLGHUHGSDUWRIWKHSODWH
&KHFNWKDWWKH9,1LVLQGHOLEO\PDUNHGRQWKHFKDVVLVDQGFRUUHVSRQGVWRWKHQXPEHURQ&R9,6IRUWKLVYHKLFOH
&KHFNWKDWWKHYHKLFOHPHHWVZLWKWKHGHVFULSWLRQDVVLJQHGWRLWRQ&R9,6
&KHFNWKDWWKHYHKLFOHPHHWVZLWKWKH(8FDWHJRU\DVVLJQHGWRLWRQ&R9,6
([DPLQHDOWHUDWLRQVPDGHWRWKHPDQXIDFWXUHUVSODWH,QFDVHVZKHUHWKHGHWDLOVFRQWDLQHGRQWKHRULJLQDO
PDQXIDFWXUHUVSODWHKDYHEHHQDOWHUHGWKHQWKLVDOWHUDWLRQPXVWEHMXVWLILHGDSSURYHGDQGGRFXPHQWHGE\WKH
PDQXIDFWXUHURUKLVDXWKRULVHGGLVWULEXWRU,QWKHDEVHQFHRIDPDQXIDFWXUHUVUHSRUWWKHQDPRGLILFDWLRQVUHSRUW
LQWKHIRUPDWSUHVFULEHGLQ6HFWLRQRIWKLVWHVWPDQXDOPXVWEHSURYLGHG
127(6
VW
2ZQHUVRIYHKLFOHVUHJLVWHUHGSULRUWR 'HFHPEHUKDYHWKHRSWLRQRIFRQYHUWLQJWKHLUUHJLVWUDWLRQ
SODWHVWRWKHQHZIRUPDW
VW
9HKLFOHV5HJLVWHUHGRQRUDIWHU -DQXDU\
VW
)RUYHKLFOHVUHJLVWHUHGRQRUDIWHU -DQXDU\OHWWHUVDQGQXPEHUVPXVWEHEODFNVHWDJDLQVW
DZKLWHEDFNJURXQGRIUHIOH[UHIOHFWLYHPDWHULDO7KHIODJRIWKH(XURSHDQ8QLRQWKH1DWLRQDOLW\
6\PERO,5/DQGWKH,ULVKODQJXDJHQDPHRIWKH&LW\&RXQW\RIUHJLVWUDWLRQWREHVKRZQ3ODWH
GLPHQVLRQVPXVWEHDVVKRZQLQWKHVNHWFKHVRQSDJH$Q\DGGLWLRQDOWDEVHWFRXWVLGHWKH
GLPHQVLRQVVKRZQIRUWKHUHJLVWUDWLRQSODWHDUHQRWFRQVLGHUHGSDUWRIWKHSODWH
VW
9HKLFOHV5HJLVWHUHGRQRUDIWHU -DQXDU\
)RUYHKLFOHVUHJLVWHUHGRQRUDIWHUVW-DQXDU\OHWWHUVDQGQXPEHUVPXVWEHEODFNVHWDJDLQVWD
ZKLWHEDFNJURXQGRIUHIOH[UHIOHFWLYHPDWHULDODQGPLQLPXPGLPHQVLRQVVKRXOGEHDVVKRZQLQWKH
VNHWFKHVRQSDJH
VW
9HKLFOHV5HJLVWHUHGSULRUWR -DQXDU\
D 5HIOH[5HIOHFWLQJ5HJLVWUDWLRQ3ODWHV
)URQWUHJLVWUDWLRQSODWHVVKRXOGKDYHEODFNQXPEHUVDQGOHWWHUVRQDZKLWHEDFNJURXQG5HDU
UHJLVWUDWLRQSODWHVVKRXOGKDYHEODFNQXPEHUVDQGOHWWHUVRQDUHGRUZKLWHEDFNJURXQG
E 1RQ5HIOH[5HIOHFWLQJ5HJLVWUDWLRQ3ODWHV
)URQWDQGUHDUUHJLVWUDWLRQSODWHVVKRXOGKDYHZKLWHVLOYHURUOLJKWJUH\QXPEHUVDQGOHWWHUVRQD
EODFNEDFNJURXQG
F %DFN/LW5HJLVWUDWLRQ1XPEHUVDQG/HWWHUV
:KHUHUHJLVWUDWLRQQXPEHUVDQGOHWWHUVDUHEDFNOLWWKH\VKRXOGDSSHDUZKLWHLQIURQWDQGHLWKHUZKLWH
RUUHGWRWKHUHDUGXULQJOLJKWLQJXSKRXUV$WDOORWKHUWLPHVWKH\VKRXOGDSSHDUZKLWHRQDEODFN
EDFNJURXQG
G
'LPHQVLRQVIRUOHWWHUVDQGQXPEHUVVKRXOGEHDVVKRZQLQWKHVNHWFKRQSDJH
:KHUHWKHLQGHQWHGVSDFHSURYLGHGIRUWKHQXPEHUSODWHLVQRWVXIILFLHQWWRDFFRPPRGDWHDVWDQGDUG
VL]HQXPEHUSODWHWKHUHJLVWUDWLRQSODWHDQGUHJLVWUDWLRQOHWWHUVDQGQXPEHUVPD\EHUHGXFHGLQVL]H
UHODWLYHWRWKHVSDFHSURYLGHGIRUWKHQXPEHUSODWH
:KHUHDQHZ9,1SODWHKDVEHHQILWWHGWKHQWKHRULJLQDO9,1SODWHVKDOOEHUHWDLQHGDORQJVLGHWKHQHZ
9,1SODWH
/&97(67(560$18$/9
3DJH
5(*,675$7,213/$7($1'9,1&+$66,6180%(5&RQW«
,7(0
5($6216)25)$,/85(
0L' 0D' ''
2QHRUERWKSODWHVPLVVLQJRULQVHFXUH
1XPEHUVRUOHWWHUVPLVVLQJRULOOHJLEOHRUZURQJVL]HVHHSDJH
;
;
1XPEHUVOHWWHURUEDFNJURXQGRILQFRUUHFWFRORXUVHHQRWHVDERYH
;
;
0DUNVRWKHUWKDQWKRVHSUHVFULEHGRQWKHSODWHZLWKLQWKHERXQGDU\
VKRZQLQWKHGLDJUDP
;
;
5HJLVWUDWLRQQXPEHUGRHVQRWFRUUHVSRQGZLWKWKDWVWDWHGRQ&R9,6
;
;
9HKLFOH
,GHQWLILFDWLRQ1XPEHU
9,1LVPLVVLQJRUQRWOHJLEOHRQFKDVVLV
;
9,1GRHVQRWFRUUHVSRQGZLWKWKHQXPEHUVWDWHGRQ&R9,6
;
0DQXIDFWXUHUV
3ODWH
7KHGHWDLOVRQWKHPDQXIDFWXUHUVSODWHKDYHEHHQDOWHUHGDQGWKHUH
LVQRFRUUHVSRQGLQJGRFXPHQWDWLRQIURPWKHPDQXIDFWXUHURUKLV
DXWKRULVHGGLVWULEXWRURUDPRGLILFDWLRQVUHSRUW
5HJLVWUDWLRQ
1XPEHU3ODWH
$'9,625<127,&(
x
x
;
;
;
:KHUHWKHYHKLFOHGRHVQRWPDWFKGHVFULSWLRQRQ&R9,6
:KHUHWKH(8FDWHJRU\IRUWKHYHKLFOHGRHVQRWFRUUHVSRQGZLWKWKH(8FDWHJRU\VWDWHGRQ&R9,6
/&97(67(560$18$/9
3DJH
5(*,675$7,213/$7($1'9,1&+$66,6180%(5&RQW«
',0(16,216)25180%(53/$7(6
$OOGLPHQVLRQVLQPLOOLPHWUHV
/&97(67(560$18$/9
3DJH
5(*,675$7,213/$7($1'9,1&+$66,6180%(5&RQW
127(6
(LWKHURIWKH H[DPSOH SODWHV DERYHLVDFFHSWDEOH 7KHDGGLWLRQRIDWDE FRQWDLQLQJ RWKHU
LQIRUPDWLRQ LVDFFHSWDEOH LIDOO GHWDLOZLWKLQWKH VSHFLILFDWLRQOLPLWVPHHWV OHJLVODWLYHUHTXLUHPHQWV
6,1RRI DQGQRRWKHU PDUNVDSSHDU ZLWKLQWKLVDUHD PP[PP 7KHVDPH
FULWHULDVKRXOGEHDSSOLHGWRPP[PPSODWHV
/&97(67(560$18$/9
3DJH
602.(',(6(/
VW
7KLVVHFWLRQGRHVQRWDSSO\WRYHKLFOHVUHJLVWHUHGEHIRUH -DQXDU\
9HKLFOHVUHJLVWHUHG EHIRUH
9HKLFOHVUHJLVWHUHG RQRUDIWHU
-DQXDU\
9LVXDOFKHFN
-DQXDU\
0HDVXUHGWHVW
3UHWHVW&KHFNV(QJLQH2II
(QJLQH2LO/HYHO2N"
:DWHU&RRODQW/HYHO2N"
<(6
2QDOOLWHPV
3XUJHH[KDXVWV\VWHP
DQGFDUU\RXW
6PRNH7HVW
2N
&DPVKDIW%HOW2N"
6WDUW(QJLQHDQG&KHFN
(QJLQH:DUQLQJ/LJKW"
12
2QDQ\LWHP
'HFOLQH WR GR
6PRNH7HVW
XQWLOIDXOWUHFWLILHG
(QJLQH2LO3UHVVXUH/LJKW2N"
(QJLQH7HPSHUDWXUH2N"
(QJLQH)UHHRI2EYLRXV'HIHFWV"
(QJLQH0D[530 ZLWKLQ
RI0DQXIDFWXUHU¶V6SHF"
127(6
&KHFNZLWKWKHYHKLFOHRZQHUSUHVHQWHUWKDWWKHFDPVKDIWEHOWKDVEHHQFKDQJHGDWWKHPDQXIDFWXUHU¶V
VSHFLILHGLQWHUYDO5HPRYLQJWKHFDPVKDIWEHOWFRYHULVQRWSDUWRIWKHURDGZRUWKLQHVVWHVW
/&97(67(560$18$/9
3DJH
602.(',(6(/&RQW
127(6
$OOGLHVHOHQJLQHWHVWVPXVWEHSHUIRUPHGDFFRUGLQJWR(8'LUHFWLYHV:KHUHDQDXWRPDWLF
WUDQVPLVVLRQLVILWWHGWKHPDQXIDFWXUHU¶VJXLGHOLQHVVKRXOGEHFRQVXOWHG
1RVPRNHWHVWVKRXOGEHFDUULHGRXWZLWKRXWKDYLQJGRQHWKHSUHWHVWFKHFN
,IWKHIXHOSXPSVHDOLVPLVVLQJDQGWKHPD[LPXPUSPDFKLHYDEOHLVOHVVWKDQRIWKH
PDQXIDFWXUHU¶VVWDWHGPD[LPXPUSPZLWKWKHYHKLFOHVWDWLRQDU\LWPD\EHWKHFDVHWKDWWKHIXHO
SXPSKDVEHHQDGMXVWHGWRSDVVWKHWHVWDQGWKHYHKLFOHVKRXOGEHIDLOHGRQWKLVWHVW
,WLVDEVROXWHO\HVVHQWLDOWKDWWKHHQJLQHLVDWQRUPDORSHUDWLQJWHPSHUDWXUHEHIRUHFDUU\LQJRXWD
VPRNHWHVW(QJLQHVVKRXOGQRWEHZDUPHGXSE\EHLQJOHIWLGOLQJRUDWKDOIWKURWWOH7KH\VKRXOGEH
ZDUPHGXSE\QRUPDOGULYLQJ
(QJLQHVOHIWLGOLQJIRUDQ\OHQJWKRIWLPHZLOOVKRZDKLJKVPRNHRSDFLW\UHDGLQJ
:KHQFDUU\LQJRXWWKHWHVWWKHWKURWWOHPXVWQRWEH³EOLSSHG´
7KLVWHVWVKRXOGQRWEHFDUULHGRXWZKHUH
x
7KHRLOZDUQLQJOLJKWUHPDLQVRQZLWKWKHHQJLQHUXQQLQJ
x
7KHRLOOHYHOLVEHORZWKHPDQXIDFWXUHU¶VPLQLPXPOHYHO
x
7KHRLOOHYHOLVDERYHWKHPDQXIDFWXUHU¶VPD[LPXPOHYHO
:KHUHDGLHVHOHQJLQHLVDWWKHFRUUHFWRSHUDWLQJWHPSHUDWXUHDQGKDVEHHQFRUUHFWO\SXUJHGDQGWKH
ILUVWWKUHHUHDGLQJVDUHDWRUDERYHWKHH[KDXVWHPLVVLRQVWHVWPD\EHDERUWHGDQGDIDLOUHVXOW
UHFRUGHG
:KHUHDYHKLFOHLVSURGXFLQJEODFNVPRNHWRVXFKDQH[WHQWWKDWWKHVPRNHPHWHUPLJKWEH
GDPDJHGWKHYHKLFOHVKRXOGEHIDLOHGZLWKRXWFDUU\LQJRXWWKHQRUPDOVPRNHWHVWVHH7HVWIRU
YHKLFOHUHJLVWHUHGSULRUWR
:KHUHDYHKLFOH¶VHQJLQHVSHHGLVOLPLWHGZKHQWKHYHKLFOHLVVWDWLRQDU\WKHVPRNHWHVWPD\EH
FDUULHGRXWDWWKHUHVWULFWHGUSP
8QOHVVWHVWUHVXOWVDUHFDSWXUHGDXWRPDWLFDOO\E\&R9,6DSULQWRXWRIWKHVPRNHWHVWUHVXOWV
VKRZLQJWKHYHKLFOHUHJLVWUDWLRQQXPEHUWKHPD[LPXP530WKHHQJLQHLGOHVSHHGWKHHQJLQH
WHPSHUDWXUHDQGWKHRSDFLW\YDOXHIRUHDFKDFFHOHUDWLRQVKRXOGEHDWWDFKHGWRHDFKLQVSHFWLRQ
UHSRUWIRUP
)RUHDFKLQLWLDOSHULRGLF&95WHVWFDUULHGRXWDGLHVHOVPRNHWHVWLVUHTXLUHG
0HWKRGRI7HVWLQJ
&KHFNYLVXDOO\WKDWWKHHPLVVLRQFRQWUROV\VWHPLVFRPSOHWHDQGSURSHUO\FRQQHFWHGDQGWKDWWKHUHDUHQROHDNVLQ
WKHH[KDXVWV\VWHP
:LWKWKHHQJLQHDWQRUPDORSHUDWLQJWHPSHUDWXUHUDLVHWKHHQJLQHVSHHGVORZO\WRUSPRUKDOIWKHHQJLQH
PDQXIDFWXUHU¶VUHFRPPHQGHGJRYHUQHGVSHHGZKLFKHYHULVOHVVDQGKROGIRUVHFRQGVLQRUGHUWRSXUJHWKH
H[KDXVWV\VWHP,IWKHHQJLQHHPLWVDQ\XQXVXDOQRLVHVWKHWHVWVKRXOGEHDEDQGRQHG6ORZO\UDLVHWKHHQJLQH
VSHHGWRLWVPD[LPXPUSPDQGQRWHLIWKHJRYHUQRURSHUDWHVZLWKLQWKHYHKLFOHPDQXIDFWXUHUVUHFRPPHQGHGUSP
VHWWLQJ,IQRWWKHWHVWVKRXOGEHGLVFRQWLQXHG'RQRWKROGWKHHQJLQHDWPD[LPXPUSPIRUDQ\OHQJWKRIWLPH
&RQQHFW WKH GLHVHO VPRNH PHWHU WR WKH YHKLFOH IROORZLQJWKH PDQXIDFWXUHU¶V LQVWUXFWLRQV 'HSUHVV WKH DFFHOHUDWRU
SHGDOILUPO\IURPWKHLGOLQJSRVLWLRQWRWKHPD[LPXPIXHOGHOLYHU\SRVLWLRQIROORZLQJWKHSURPSWVRIWKHVPRNHPHWHU
7KHVPRNHPHWHULVSURJUDPPHGWRUHSHDWWKLVRSHUDWLRQDPLQLPXPRIDQGDPD[LPXPRIWLPHV
(OHFWULF+\EULG(OHFWULF9HKLFOHV
3XUHO\HOHFWULFYHKLFOHVDUHH[HPSWIURPHPLVVLRQVWHVWLQJ
+\EULG(OHFWULF9HKLFOHVDUHWRKDYHHPLVVLRQVWHVWVFDUULHGRXWDVSHUWKHW\SHRILQWHUQDOFRPEXVWLRQHQJLQHILWWHG
XQOHVVWKHUHLVQRVZLWFKWRUXQWKHHQJLQHZKHQWKHYHKLFOHLVVWDWLRQDU\
/&97(67(560$18$/9
3DJH
602.(',(6(/&RQW
,7(0
5($6216)25)$,/85(
0L' 0D' ''
(QJLQHRLOOHYHOWRRKLJKRUWRRORZFRRODQWOHYHOWRRORZ
2EYLRXVHQJLQHGHIHFWV
([KDXVW6PRNHIRU
GLHVHOHQJLQHYHKLFOHVILUVW
VW
UHJLVWHUHGIURPWKH
-DQXDU\XSWRDQG
WK
LQFOXGLQJ -XQH
7KHDYHUDJHVPRNHPHWHUUHDGLQJLVKLJKHUWKDQP LQWKH
FDVHRIQDWXUDOO\DVSLUDWHGGLHVHOHQJLQHVDQGP LQWKHFDVH
RIWXUERFKDUJHGGLHVHOHQJLQHV
9HKLFOHVILUVWUHJLVWHUHG
VW
DIWHUWKH -XO\
7KHDYHUDJH 6PRNHUHDGLQJ LVKLJKHU WKDQ P ;
([KDXVW6PRNHIRU
GLHVHOHQJLQHYHKLFOHVILUVW
VW
UHJLVWHUHGEHIRUH
-DQXDU\
7KHH[KDXVW HPLVVLRQLVFRORXUHGEODFNKD]HRUGDUNHUIRUWZR
VXFFHVVLYHDFFHOHUDWLRQV DIWHU WKH ILUVW
;
3UHOLPLQDU\&KHFN
/&97(67(560$18$/9
;
;
3DJH
;
;
(;+$867&2+&/DPEGD
VW
7KLVVHFWLRQGRHVQRWDSSO\WRYHKLFOHVUHJLVWHUHGEHIRUH -DQXDU\
0HWKRGRI7HVWLQJ
&KHFNYLVXDOO\LQWKHFDVHRIVWURNHVSDUNLJQLWLRQHQJLQHVSHWURORUJDVWKDWWKHHPLVVLRQFRQWUROV\VWHPLV
FRPSOHWHDQGSURSHUO\FRQQHFWHGDQGWKDWWKHUHDUHQROHDNVLQWKHH[KDXVWV\VWHP
:LWKWKHHQJLQHDWQRUPDORSHUDWLQJWHPSHUDWXUHFRQQHFWWKH&2+&PHWHUDVSHUPDQXIDFWXUHU¶VLQVWUXFWLRQV
5DLVHWKHHQJLQHVSHHGWRDSSUR[LPDWHO\USPDQGKROGIRUVHFRQGV$OORZWKHHQJLQHWRUHWXUQWRLGOHDQG
WKHHPLVVLRQVUHDGLQJVWRVWDELOLVH&KHFNWKHFDUERQPRQR[LGHDQGK\GURFDUERQFRQWHQWRIWKHH[KDXVWJDVHVDW
LGOHVSHHGLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQVVXSSOLHGE\WKHPDQXIDFWXUHURIWKHFDUERQPRQR[LGHDQG
K\GURFDUERQH[KDXVWJDVDQDO\VHU
)RUYHKLFOHVILUVWUHJLVWHUHGRQRUDIWHU GD\RI-DQXDU\DIXUWKHUFKHFNRIWKHFDUERQPRQR[LGHFRQWHQWRI
WKHH[KDXVWJDVHVLVUHTXLUHGDWDQHQJLQHVSHHGRIUSPRUDWDVSHHGVSHFLILHGE\WKHYHKLFOHPDQXIDFWXUHU
7KHDLUIXHOUDWLR/DPEGDYDOXHVKRXOGDOVREHFKHFNHGDWWKLVHQJLQHVSHHG
VW
(OHFWULF+\EULG(OHFWULF9HKLFOHV
3XUHO\HOHFWULFYHKLFOHVDUHH[HPSWIURPWKLVWHVW
+\EULG(OHFWULF9HKLFOHVDUHWRKDYHWKLVWHVWFDUULHGRXWDVSHUWKHW\SHRILQWHUQDOFRPEXVWLRQHQJLQHILWWHGXQOHVV
WKHUHLVQRVZLWFKWRUXQWKHHQJLQHZKHQWKHYHKLFOHLVVWDWLRQDU\
127(6
:KHUHLWFDQEHHVWDEOLVKHG WKDW WKH YHKLFOHPDQXIDFWXUHU¶V UHFRPPHQGDWLRQVRQH[KDXVW
HPLVVLRQVDUHKLJKHUWKDQWKRVH OLVWHGLQWKH UHDVRQV IRUIDLOXUHWKHQ WKH PDQXIDFWXUHUVILJXUH
VKRXOGEHWKH FULWHULDXVHGZKHQGHFLGLQJZKHWKHU RUQRWDYHKLFOHSDVVHV
)RUYHKLFOHVWHVWHG RSHUDWLQJ RQ/3*WKH K\GURFDUERQUHDGLQJ PXVW EHGLYLGHGE\WKH
SURSDQHKH[DQHHTXLYDOHQWIDFWRU3() ZKLFKLVPDUNHGRQWKH K\GURFDUERQWHVWHU
:KHUHYHKLFOHVDUHILWWHGZLWKWZLQH[KDXVW V\VWHPVWKH DYHUDJH RIWKH WZRVKRXOGEHWDNHQ
$+& WHVW LVQRWUHTXLUHG RQYHKLFOHVRSHUDWLQJ RQ&1*
7KLV WHVW VKRXOGQRWEHFDUULHGRXWZKHUH
D 7KH RLOZDUQLQJOLJKWUHPDLQV RQZLWKWKH HQJLQH UXQQLQJ
E 7KH RLOOHYHOLVEHORZWKH PDQXIDFWXUHU¶V PLQLPXPOHYHO
F 7KH RLOOHYHOLVDERYHWKH PDQXIDFWXUHU¶V PD[LPXPOHYHO
7KLVWHVWGRHVQRWDSSO\WRWZRVWURNHRUURWDU\SLVWRQ:DQNHOHQJLQHV
:KHUHDYHKLFOHKDVSDVVHGWKHHPLVVLRQVWHVWDQGWKHH[KDXVWV\VWHPLVODWHUIRXQGWREH
OHDNLQJWKHHPLVVLRQVWHVWPXVWEHUHGRQHRQFHWKHH[KDXVWV\VWHPKDVEHHQUHSDLUHG
/&97(67(560$18$/9
3DJH
(;+$867&2+&/DPEGD&RQW
,7(0
5($6216)25)$,/85(
0L'
0D'
(PLVVLRQ&RQWURO6\VWHP
(PLVVLRQFRQWUROV\VWHPOHDNLQJLQFRPSOHWH RULQFRUUHFWO\
DVVHPEOHG
;
,GOH6SHHG
(QJLQHLGOHVSHHGLQFRUUHFWHJPRUHWKDQ“USPRU
RIPDQXIDFWXUHU¶VVWDWHGVSHHGZKLFKHYHULVJUHDWHU
;
&DUERQ0RQR[LGH
(PLVVLRQ
)RUYHKLFOHVILUVWUHJLVWHUHGEHIRUH GD\RI2FWREHU
WKHFDUERQPRQR[LGHFRQWHQWLVPRUHWKDQDWLGOLQJ
VSHHG
)RUYHKLFOHVILUVWUHJLVWHUHGRQRUDIWHU GD\RI2FWREHU
VW
XSWR 'HFHPEHUWKHFDUERQPRQR[LGH
FRQWHQWLVPRUHWKDQDWLGOLQJVSHHG
)RU9HKLFOHVILUVWUHJLVWHUHGRQRUDIWHU GD\RI-DQXDU\
WKHFDUERQPRQR[LGHDWLGOLQJVSHHGLVPRUHWKDQ
)RUYHKLFOHVILUVWUHJLVWHUHGRQRUDIWHU GD\RI-DQXDU\
WKHFDUERQPRQR[LGHDWUSPRUDWDVSHHG
VSHFLILHGE\WKHYHKLFOHPDQXIDFWXUHULVPRUHWKDQ
)RU9HKLFOHVILUVWUHJLVWHUHGRQRUDIWHU GD\RI-XO\
WKHFDUERQPRQR[LGHDWLGOLQJVSHHGLVPRUHWKDQ
)RUYHKLFOHVILUVWUHJLVWHUHGRQRUDIWHU GD\RI-XO\
WKHFDUERQPRQR[LGHDWUSPRUDWDVSHHGVSHFLILHG
E\WKHYHKLFOHPDQXIDFWXUHULVPRUHWKDQ
VW
VW
;
VW
;
VW
;
VW
;
VW
)RUYHKLFOHVILUVWUHJLVWHUHGEHIRUH 2FWREHUWKH
K\GURFDUERQFRQWHQWDWLGOLQJVSHHGLVPRUHWKDQ
SSP
)RU9HKLFOHVILUVWUHJLVWHUHGRQRUDIWHU GD\RI2FWREHU
VW
XSWR 'HFHPEHUWKH+\GURFDUERQFRQWHQW
DWLGOLQJVSHHGLVPRUHWKDQSSP
)RUYHKLFOHVILUVWUHJLVWHUHGRQRUDIWHU GD\RI-DQXDU\
WKHK\GURFDUERQFRQWHQWDWUSPLVPRUHWKDQ
SSP
$LU)XHOUDWLR/DPEGD
)RU9HKLFOHVILUVWUHJLVWHUHGRQRUDIWHU GD\RI-DQXDU\
WKHDLUIXHOUDWLRDWUSPRUDWDVSHHGVSHFLILHG
E\WKHYHKLFOHPDQXIDFWXUHULVQRW“RUZLWKLQWKH
YHKLFOHPDQXIDFWXUHUVUHFRPPHQGDWLRQ
([KDXVW(PLVVLRQV
([FHVVLYHH[KDXVWVPRNHOLNHO\WRDIIHFWRWKHUURDGXVHUV
2Q%RDUG'LDJQRVWLFV
2%'UHDGRXWLQGLFDWLQJVLJQLILFDQWPDOIXQFWLRQ
/&97(67(560$18$/9
;
VW
+\GURFDUERQ+&
;
;
VW
;
VW
;
VW
3DJH
;
;
;
;
''
6(59,&(%5$.(3('$/
0HWKRGRI7HVWLQJ
&KHFNWKHDQWLVOLSSURYLVLRQVRQWKHSHGDOSDG
([DPLQHWKHFRQGLWLRQRIWKHSHGDO
&KHFNWKHIL[LQJRIWKHSHGDOSDGWRWKHSHGDODQGWKHIL[LQJRIWKHSHGDOWRWKHRSHUDWLQJOHYHU
0RYHWKHSHGDOIURPVLGHWRVLGHDQGH[DPLQHWKHFRQGLWLRQRIWKHSHGDOSLYRWEHDULQJEXVK
'HSUHVVWKHSHGDOWRFKHFNIRUIRXOLQJRQSDUWVRIWKHYHKLFOH
5HOHDVHWKHKDQGEUDNHGHSUHVVWKHSHGDOIXOO\DQGFKHFNWKHSRVLWLRQRIWKHEDFNRIWKHSHGDOUHODWLYHWRWKHIORRU
127(6
%HIRUHFDUU\LQJRXWWKLVLQVSHFWLRQFKRFNWKH URDGZKHHOV
%UDNHSHGDOV VKRXOGQRWEHUHMHFWHG IRUQRWKDYLQJDSHGDO UXEEHU LIWKH\ZHUH QRWGHVLJQHG WR
KDYHRQH
,7(0
5($6216)25)$,/85(
0L' 0D'
;
6HUYLFH%UDNH
3HGDO$QWLVOLS
3URYLVLRQ
0LVVLQJORRVHRUZRUQWRWKHH[WHQWWKDWLWLVQRORQJHUHIIHFWLYH
6HUYLFH%UDNH
3HGDO0RXQWLQJ
:RUQLQVHFXUHRUEDGO\FRUURGHG
;
([FHVVLYHZHDULQEUDNHSHGDOPRXQWLQJEXVK
;
6HUYLFH%UDNH
3HGDO7UDYHO
,QVXIILFLHQWFOHDUDQFHEHWZHHQWKHEDFNRIWKHSHGDODQGWKH
IORRURIWKHYHKLFOH
;
3HGDOWUDYHOLVREVWUXFWHG
;
/&97(67(560$18$/9
3DJH
''
6(59,&(%5$.(23(5$7,21
,163(&7,21,16,'(7+(9(+,&/(
0HWKRGRI7HVWLQJ
)RUK\GUDXOLFV\VWHPVIXOO\GHSUHVVWKHSHGDODQGNHHSLWGHSUHVVHGXQGHUDVWHDG\SUHVVXUH1RWHZKHWKHUWKHSHGDO
WHQGVWRFUHHSGRZQ
)RUK\GUDXOLFV\VWHPVGHSUHVVWKHSHGDODQGQRWHZKHWKHUWKHUHLVVSRQJLQHVV
2QVRPHYHKLFOHVWKHDFWLRQRIWKHEUDNHVLVDVVLVWHGE\YDFXXPIURPWKHHQJLQH
1RWHZKHWKHUWKLVLVRSHUDWLQJVDWLVIDFWRULO\E\SDUWLDOO\GHSUHVVLQJWKHSHGDOVWDUWLQJWKHHQJLQHDQGQRWLQJZKHWKHU
WKHSHGDOFDQEHIHOWWRGLS
,IWKHYHKLFOHLVILWWHGZLWKDQ$%6(%6EUDNHV\VWHPFKHFNWKHZDUQLQJODPS
127(6
7KH FKHFNSURFHGXUH RQ$QWL/RFN%UDNH6\VWHPVZLOOYDU\DFFRUGLQJWRWKH W\SHRIV\VWHPILWWHG7KH
PDQXIDFWXUHU¶VKDQGERRN VKRXOGEHFRQVXOWHG IRUWKH FRUUHFWFKHFNSURFHGXUH
,7(0
6HUYLFHEUDNH
RSHUDWLRQ
$%6(%6 EUDNH
V\VWHP
/&97(67(560$18$/9
5($6216)25)$,/85(
0L' 0D' ''
,QK\GUDXOLFV\VWHPVSHGDOWHQGVWRFUHHSGRZQRULVIHOWWREHVSRQJ\
ZKHQKHOGGHSUHVVHG
;
,QV\VWHPVDVVLVWHG E\YDFXXPIURPHQJLQH ZLWKWKH SHGDOGHSUHVVHG
DQG WKHHQJLQH VWDUWHGQRGLSLVIHOWLQEUDNHSHGDO
;
%UDNHVDUH QRW DFWLQJ RQDOOZKHHOV
;
:DUQLQJOLJKWQRW ZRUNLQJ
;
:DUQLQJOLJKWVHTXHQFH LQGLFDWHV DGHIHFW LQWKH V\VWHP
;
3DJH
3$5.,1*%5$.($&7,9$725 :KHUHILWWHG
,163(&7,21,16,'(7+(9(+,&/(
0HWKRGRI7HVWLQJ
([DPLQHWKHFRQGLWLRQRIWKHEUDNHOHYHUDQGLWVPRXQWLQJ
:LWKWKHEUDNHOHYHULQWKHµRII¶SRVLWLRQ
D QRWHWKHDPRXQWRIVLGHSOD\LQWKHOHYHUSLYRWE\PRYLQJWKHOHYHUIURPVLGHWRVLGH
E
FKHFNWKHFRQGLWLRQRIWKHSDZOPHFKDQLVPSLYRWV
F
FKHFNVDIHW\JXDUG
$SSO\WKHEUDNHVORZO\DQGFKHFNWKHHIIHFWLYHRSHUDWLRQRIWKHSDZOPHFKDQLVPE\OLVWHQLQJIRUGHILQLWHDQGUHJXODU
FOLFNVDVWKHSDZOPRYHVRYHUWKHUDWFKHWWHHWK
:KHQWKHEUDNHLVIXOO\DSSOLHG
D
NQRFNWKH WRSDQGHDFKVLGHRIWKH OHYHUDQGFKHFNWKDW WKH OHYHULVKHOGLQWKH µRQ¶SRVLWLRQ
E
FKHFNWKDW WKH OHYHULVQRWDW WKH HQGRILWVSHUPLWWHG WUDYHODQGWKDW WKHUH LVQRIRXOLQJRIDGMDFHQW SDUWV
(OHFWURQLF3DUNLQJ%UDNH
&KHFNWKHSDUNLQJEUDNHZDUQLQJLQGLFDWRU ZLWKWKH SDUNLQJEUDNHDSSOLHGDQG ZLWKLWUHOHDVHG
127(6
%HIRUHFDUU\LQJRXWWKLVLQVSHFWLRQFKRFNWKH URDGZKHHOV
,QVRPHFDVHVLWLVQRWSRVVLEOHWRFKHFNWKHVH LWHPVFRPSOHWHO\IURPLQVLGHWKH YHKLFOHEXWRQO\WR
REWDLQ DQ LQGLFDWLRQRIWKHLUFRQGLWLRQ,I DGHIHFWLVVXVSHFWHG ZKLFKFDQQRW EHYHULILHGIURPLQVLGHWKH
YHKLFOHWKH LQVSHFWLRQ PXVWEHFRQWLQXHG IURPDSRVLWLRQXQGHUQHDWKWKH YHKLFOH
,7(0
/HYHU/HYHU0RXQWLQJ
3DZO0HFKDQLVP
VDIHW\JXDUG
5($6216)25)$,/85(
;
7UDYHOLVH[FHVVLYHRUPRYHPHQWLVREVWUXFWHG
;
0LVVLQJLQVHFXUH GDPDJHG RUVWLFNLQJ
;
'HILQLWHDQGUHJXODUFOLFNVDUH QRW KHDUG LQGLFDWLQJ ZRUQPHFKDQLVP
(OHFWURQLF3DUNLQJ
%UDNH
/&97(67(560$18$/9
0L' 0D'
0LVVLQJIUDFWXUHG EDGO\ZRUQRUEDGO\FRUURGHGLQVHFXUH RU
PRXQWLQJ XQVDWLVIDFWRU\
,QFRUUHFWIXQFWLRQLQJRUZDUQLQJLQGLFDWRU VKRZVPDOIXQFWLRQ
3DJH
;
;
;
''
6($76
0HWKRGRI7HVWLQJ
([DPLQHWKHVHDWVDQGPRXQWLQJV
1RWHDQ\PRYHPHQWRIWKHVHDWUHODWLYHWRWKHYHKLFOHERG\DQGWKHFRQGLWLRQRIWKHVHDWEDFNDQGVHDWFXVKLRQ
&KHFNWKDWWKHGULYHU¶VVHDWSRVLWLRQDGMXVWLQJPHFKDQLVPLVIXQFWLRQLQJSURSHUO\
,7(0
6HDWVDOO±LQFOXGLQJ
'ULYHU¶V6HDW
'ULYHU¶VVHDW
/&97(67(560$18$/9
5($6216)25)$,/85(
0L' 0D'
''
/RRVHRQUXQQHUVRULQVHFXUHO\PRXQWHG
;
;
;
&ROODSVHGRUIUDPHZRUNGDPDJHG
;
;
;
6HDWVILWWHGQRWLQDFFRUGDQFHZLWKUHTXLUHPHQWV
;
;
;
6HDWXSKROVWHU\ WRUQ RUGDPDJHG VRWKDWGULYHU¶VFRPIRUWLV
DIIHFWHG RULQWHULRUIRDPLVSURWUXGLQJ EH\RQGWKH VHDW WULP
;
;
$GMXVWPHQWPHFKDQLVP QRW ZRUNLQJFRUUHFWO\
;
;
3DJH
+251
0HWKRGRI7HVWLQJ
&KHFNWKDWWKHKRUQFRQWUROLVDFFHVVLEOHWRWKH GULYHUZKHQVHDWHG
&KHFNWKHVHFXULW\RIWKHKRUQDQGFRQWURO
2SHUDWH WKH KRUQFRQWURODQGQRWH WKDW WKH KRUQVRXQGVFRUUHFWO\
,7(0
+RUQ
/&97(67(560$18$/9
5($6216)25)$,/85(
0L'
0D'
&RQWUROLQFRQYHQLHQWO\SODFHG
;
&RQWUROLQVHFXUH
;
,QVHFXUHO\PRXQWHG
;
;
1RWZRUNLQJFRUUHFWO\
;
;
1RWZRUNLQJRUQRWILWWHG
;
;
3DJH
''
:,1'6&5((1:,3(56$1':$6+(56
0HWKRGRI7HVWLQJ
6ZLWFKRQWKHZLQGVFUHHQZLSHUVDQGZDVKHUVDQGFKHFNWKDWWKHZLSHUVPRYHDWDQDSSURSULDWHVSHHGRYHUDQDUF
RIWKHZLQGVFUHHQJODVVZKLFKLVVXIILFLHQWWRJLYHWKHGULYHUDQDGHTXDWHYLHZ
([DPLQHWKHFRQGLWLRQRIDQ\YLVLEOHZLUHVRUSLSHVSURYLGHGIRUWKHRSHUDWLRQRIWKHZLSHUVDQGZDVKHUV&KHFNWKH
ZLSHUFRQWUROV
([DPLQHWKHFRQGLWLRQRIWKHZLSHUDUPVDQGEODGHV&KHFNWKDWWKHVSULQJVDUHQRWZHDNRUEURNHQ
&KHFNZLSHUOLQNDJHIRUZHDU
&KHFNWKDWWKHZLQGVFUHHQZDVKHUVIXQFWLRQVDWLVIDFWRULO\
127(6
:DVKHUVZLOOEHFRQVLGHUHG DVEHLQJILWWHGLIWKHUH LVDQ\SDUW RIDZDVKHU V\VWHPILWWHG
7KLV LWHPRQO\DSSOLHVWRIURQWZLQGVFUHHQ ZLSHUVDQGZDVKHUV
0L'
0D'
:LSHU$UPVDQG
%ODGHV
,7(0
1RWFOHDQLQJ ZLQGVFUHHQ HIIHFWLYHO\
;
;
:LSHGDUHD OHVVWKDQ VXIILFLHQWWRJLYHGULYHUDQDGHTXDWHYLHZ
;
;
6SHHGRI:LSHUV
6SHHGREYLRXVO\
7RR IDVW
;
;
7RRVORZ
;
;
,QVHFXUHO\PRXQWHG
;
;
1RWZRUNLQJGHIHFWLYHRUPLVVLQJ
;
;
:LSHU/LQNDJH
%URNHQZRUQRULQVHFXUH
;
;
:DVKHUVLIILWWHG
1RWZRUNLQJRULQFRUUHFWO\DLPHG
;
;
/HDNV
;
:LSHU&RQWURO
5($6216)25)$,/85(
1RWH:KHUHQRZDVKHU LVILWWHG RUWKHUH LVQRIOXLGLQWKH ZDVKHU
UHVHUYRLUFKHFNWKH IXQFWLRQRIWKH ZLSHUVDQGYLVXDOO\
FKHFNWKH ZLSHUEODGHVIRUGHIHFWV IDLOLWHP
/&97(67(560$18$/9
3DJH
''
*/$66
0HWKRGRI7HVWLQJ
&KHFNWKHFRQGLWLRQDQGVHFXULW\RIWKH ZLQGVFUHHQ DOOVLGHDQGUHDU ZLQGRZVDQGURRIJOD]LQJ
&KHFNWKDWZKHUHWKHZLQGVFUHHQDQGDOORWKHUJOD]LQJLVPDGHRIJODVVLWLVPDUNHGDVVDIHW\JODVVH(PDUNHGRUWR
DQDXWRPRWLYHVWDQGDUGSHU7DEOHEHORZ
&KHFNWKDWWKHUHLVDQDGHTXDWHYLHZIURPWKHGULYLQJVHDWDQGWKDWLWLVQRWLQWHUIHUHGZLWKE\REMHFWVRUVWLFNHUV
&KHFNWKDWLQWKHFDVHRIYHKLFOHVILUVWUHJLVWHUHGRQRUDIWHUVW-DQXDU\WKHZLQGVFUHHQLVPDGHRIODPLQDWHG
VDIHW\JODVVDQGPDUNHGDVVKRZQRQSDJHVDQGRUWRDQHTXLYDOHQWVWDQGDUGDVVKRZQLQ7DEOHEHORZ
,IWKHJOD]LQJSUHVHQWHGLVQRWPDUNHGRULVPDUNHGWRDVWDQGDUGQRWOLVWHGEHORZLWLVWKHUHVSRQVLELOLW\RIWKH
RZQHUSUHVHQWHUWRSURYLGHGRFXPHQWDU\HYLGHQFHWKDWWKHJOD]LQJPDWHULDOLVQRWOLNHO\LIIUDFWXUHGWRSURGXFH
IUDJPHQWVFDSDEOHRIFDXVLQJVHYHUHFXWV
&KHFNWKDWWKHGULYHU¶VDQGIURQWSDVVHQJHU¶VZLQGRZRSHUDWLQJPHFKDQLVPVDUHIXQFWLRQLQJSURSHUO\
,IDQLQVSHFWRUGHHPVWKDWWKHZLQGVFUHHQRUIURQWVLGHZLQGRZVDUHH[FHVVLYHO\WLQWHGWKHOHYHORIOLJKWWUDQVPLVVLRQRI
WKHZLQGRZVKRXOGEHWHVWHGXVLQJDOLJKWPHWHUFDSDEOHRIPHDVXULQJWKHDPRXQWRIOLJKWWUDQVPLWWHGWKURXJKWKH
ZLQGVFUHHQDQGWKHVLGHZLQGRZVIRUZDUGRIWKH%SLOODUWRDQDFFXUDF\RI“DQGVXLWDEOHIRUUHOLDEOHXVHLQDQ
LQVSHFWLRQFHQWUHHQYLURQPHQW
&28175<
$XVWUDOLD
&DQDGD
,QGLD
-DSDQ
6RXWK$IULFD
8.
6$)(7<*/$6667$1'$5'
$61=6$61=67
&0966&
,63DUW1RWH
ZLQGRZJODVV-,65
6$%66$%6
%6$8,%6%6
86$
)09668
$16,6$(=6HFWLRQ
*HUPDQ\
$WKUHHSHULRGVLQHZDYHIROORZHGE\WKHOHWWHU'7KLVLVDQROGHU
*HUPDQW\SHDSSURYDOIRUDXWRPRWLYHJOD]LQJ6HHLPDJHEHORZ
*OD]LQJPDUNHG%LUNKRO]6HLW]5R[LWH3DUD3UHVVRU%RQRSOH[
*OD]LQJPDUNHG300$SRO\PHWK\OPHWK\ODFU\ODWHRU3&
SRO\FDUERQDWH
7DEOH$FFHSWDEOHVDIHW\JODVVVWDQGDUGV
/&97(67(560$18$/9
3DJH
*/$66&RQW«
,7(0
*ODVV:LQGVFUHHQ
*ODVV6LGHDQG
5HDU
:LQGRZV
3DUWLWLRQV5RRI
*OD]LQJ
1RQ*ODVV
:LQGVFUHHQV6LGHRU
5HDU:LQGRZVRU
5RRI*OD]LQJ
5($6216)25)$,/85(
0L' 0D'
''
:LQGVFUHHQQRWPDUNHGDVVDIHW\JODVV
,QYHKLFOHUHJLVWHUHGRQRUDIWHU -DQXDU\ZLQGVFUHHQLVQRW
PDUNHGDVVKRZQRQVFKHGXOHRUPDUNHGWRDQHTXLYDOHQW
FHUWLILHGVWDQGDUGVHH1RWHEHORZ
2EMHFWVRUVWLFNHUVLQGULYHU¶VGLUHFWOLQHRIYLVLRQ
'DPDJHGEH\RQGDFFHSWDEOHOLPLWV6HHSDJH
;
*ODVVKDVDYLVLEOHOLJKWWUDQVPLVVLRQOHYHORIOHVVWKDQ
;
1RWPDUNHGDVVDIHW\JODVVLIILUVWUHJLVWHUHGDIWHU -XO\
;
,QYHKLFOHUHJLVWHUHGRQRUDIWHU-DQXDU\JODVVVLGHDQG
UHDUSDUWLWLRQLVQRWPDUNHGDVVKRZQRQSDJHVDQGRU
PDUNHGWRDQHTXLYDOHQWFHUWLILHGVWDQGDUGVHH1RWHEHORZ
;
*ODVVLQIURQWVLGHZLQGRZVKDVDYLVLEOHOLJKWWUDQVPLVVLRQOHYHORI
OHVVWKDQ
;
;
2EMHFWVRUVWLFNHUVLQGULYHU¶VƒILHOGRIYLVLRQIURQWVLGHZLQGRZV
;
;
0LVVLQJRULQVHFXUH
;
;
2SHQLQJPHFKDQLVPRIGULYHU¶VZLQGRZQRWRSHUDWLQJ
2SHQLQJPHFKDQLVPRIIURQWSDVVHQJHU¶VZLQGRZQRWRSHUDWLQJ
0DGHRIPDWHULDOQRWFHUWLILHGWKDWLWLVOLNHO\LIIUDFWXUHGWRSURGXFH
IUDJPHQWVFDSDEOHRIFDXVLQJVHYHUHODFHUDWLRQV
;
;
6LGHRUUHDUZLQGRZVGDPDJHGVXFKWKDWGULYHU¶VYLHZLVUHVWULFWHG
;
;
;
VW
;
;
VW
;
;
127(6
:LQGVFUHHQUHSDLUVDUHDFFHSWDEOHSURYLGHGWKH\PHHW%6&RGHVRI3UDFWLFH%6$8DQG%6$8
,WLVWKHUHVSRQVLELOLW\RIWKHRZQHUSUHVHQWHUWRSURYLGHSURRIRIVWDQGDUGVHTXLYDOHQF\LIDYHKLFOHLV
SUHVHQWHGZLWKJODVVPDUNHGWRDQRWKHUVWDQGDUGRWKHUWKDQRQHVKRZQLQ7DEOHRQSUHYLRXVSDJH
$YHKLFOHZLWKDQHPHUJHQF\ZLQGVFUHHQILWWHGVKRXOGIDLOXQGHU
/&97(67(560$18$/9
3DJH
;
*/$66&RQW«
$&&(37$%/(/,0,76
=21($ 'DPDJHWKDW FDQEHFRQWDLQHG ZLWKLQDPPGLDPHWHU FLUFOHPD[LPXPRIWZRGHIHFWVSURYLGHGWKH\DUH
PRUHWKDQ PPDSDUW
=21(% 'DPDJHWKDWFDQEHFRQWDLQHGZLWKLQDPPGLDPHWHUFLUFOHRUKDLUOLQHFUDFNVXSWRPPORQJ
PD[LPXPRIWZRGHIHFWVSURYLGHGWKH\DUHPRUHWKDQPPDSDUW
=21(& 'DPDJHWKDWFDQEHFRQWDLQHGZLWKLQDPPGLDPHWHUFLUFOHPD[LPXPRIWKUHHGHIHFWVSURYLGHGWKH\DUH
PRUHWKDQPPDSDUW
127(
7KHYHKLFOHVKRXOGEHIDLOHGZKHUHGDPDJH LVEH\RQGWKH DERYHOLPLWV
'DPDJHGZLQGVFUHHQVPD\EHUHSDLUHG SURYLGHGWKH UHSDLUVPHHW WKHUHTXLUHPHQWVRI
&RGHVRI3UDFWLFH%6$8DQG%6$8
/LJKWVFUDWFKLQJZKLFKGRHVQRWREVFXUHWKH GULYHU¶VYLHZVKRXOGEHLJQRUHG
/&97(67(560$18$/9
3DJH
*/$66&RQW«
$Q\FRXQWU\ZKLFKKDVVXEVFULEHGWRWKH $JUHHPHQW
&28175<,1:+,&+0$5.,668(6
$33529('67$1'$5'0$5.6
,,
$Q\FRXQWU\ZKLFKKDVVXEVFULEHGWRWKH
$JUHHPHQWRIWKH8QLWHG1DWLRQV(FRQRPLF
&RPPLVVLRQIRU(XURSHFRQFHUQLQJWKH
DGRSWLQJRIXQLIRUPFRQGLWLRQVRIDSSURYDO
DQGUHFLSURFDOUHFRJQLWLRQRIDSSURYDOIRU
PRWRUYHKLFOHHTXLSPHQWDQGSDUWV'RQHDW
*HQHYDRQWK0DUFK
(
5
7KLVQXPEHUYDULHVDQGUHODWHV WRWKH FRXQWU\
ZKLFKLVVXHGWKH DSSURYDO
,QDVVRFLDWLRQ ZLWKWKH VWDQGDUG PDUNDVHULDOQXPEHU
DVVLJQHGE\WKH LVVXLQJ FRXQWU\LVVKRZQLQWKLVSRVLWLRQ
127(
7KHDEVHQFHRI,,RU,,,DERYHRUEHVLGHWKHDSSURYHG
VWDQGDUGPDUNLQGLFDWHVWKDW WKH JODVVLVQRWODPLQDWHG
8QLWHG.LQJGRP
%6 RU
%6 RU
%6$8
6HHDOVRQRWH EHORZ
127(
7KH%6PXVWEHDFFRPSDQLHGE\WKHZRUG
ODPLQDWHGRUWKHOHWWHU/:/RU:/77KHDEVHQFHRI
WKHVHZLOOLQGLFDWHWKDWWKHJODVVLVQRWODPLQDWHG
/&97(67(560$18$/9
3DJH
*/$66&RQW«
2UGLQDU\ODPLQDWHG JODVVZLQGVFUHHQ
,,
H
2UGLQDU\ODPLQDWHG JODVVFRDWHG
,,3
H
7UHDWHGODPLQDWHG JODVVZLQGVFUHHQ
,,,
H
*ODVVSODVWLFZLQGVFUHHQ
,9
H
7KLVQXPEHU YDULHVDQGUHODWHV WRWKH FRXQWU\ZKLFKLVVXHGWKH DSSURYDO
,QDVVRFLDWLRQ ZLWKWKH VWDQGDUG PDUNDVHULDOQXPEHU DVVLJQHGE\WKH LVVXLQJFRXQWU\LVVKRZQLQ
WKLVSRVLWLRQ
/&97(67(560$18$/9
3DJH
5($59,(:0,55256
0HWKRGRI7HVWLQJ
&KHFNWKHQXPEHUDQGSRVLWLRQRIWKHPLUURUVZKLFKDIIRUGWKHGULYHUDYLHZWRWKHUHDU$OO1YHKLFOHVPXVWKDYHWZR
WK
UHDUYLHZPLUURUV)RUYHKLFOHVILUVWUHJLVWHUHGRQRUDIWHU -DQXDU\WKHUHPXVWEHWZRH[WHUQDOPLUURUV&ODVV
,,,RQHHDFKRQWKHGULYHU¶VVLGHDQGSDVVHQJHU¶VVLGHUHVSHFWLYHO\RIWKHYHKLFOH7KHUHVKRXOGDOVREHRQHLQWHUQDO
&ODVV,PLUURUXQOHVVDQLQWHUQDOPLUURUZRXOGQRWSURYLGHWKHUHTXLUHGUHDUZDUGYLVLRQ
&KHFNWKHFRQGLWLRQRIHDFKPLUURUWRVHHWKDWWKHUHIOHFWLQJVXUIDFHLVQRWGHWHULRUDWHGRUEURNHQVRDVWRLPSDLUWKH
GULYHU¶VYLHZ
([DPLQHWKHVHFXULW\DQGFRQGLWLRQRIHDFKPLUURUPRXQWLQJEUDFNHW
127(6
7KH WHVW VKRXOGRQO\EHDSSOLHGWRWKHUHDUYLHZPLUURUVUHTXLUHG
,7(0
5HDU9LHZ
0LUURUVLQWHUQDO
DQG H[WHUQDO DV
ILWWHGE\WKHYHKLFOH
PDQXIDFWXUHU DV
RULJLQDOHTXLSPHQW
5($6216)25)$,/85(
0L' 0D' ''
0LUURURUGHYLFHPLVVLQJRUQRW ILWWHG DFFRUGLQJWRWKH UHTXLUHPHQWV
;
;
5HIOHFWLQJVXUIDFHGHWHULRUDWHGRUEURNHQVRDVWRLPSDLUWKHGULYHU¶VYLHZ
;
;
8QVXLWDEO\SODFHGRUQRW GHVLJQHG W RJLYHDQDGHTXDWHYLHZWRWKH UHDU
;
;
6RPRXQWHG WKDW LWPD\FDXVH XQGXH LQMXU\LQDFFLGHQWV
;
;
+HDGRUPRXQWLQJ ORRVH
;
;
0LUURUQRW DGMXVWDEOH
;
;
1RWILWWHGZLWKWZRUHDUYLHZPLUURUVRURQHRIWKHUHTXLUHGUHDUYLHZPLUURUV
LVQRWILWWHGH[WHUQDOO\RQWKHULJKWKDQGVLGH
;
;
/&97(67(560$18$/9
3DJH
63(('20(7(5
0HWKRGRI7HVWLQJ
6SHHGRPHWHU
&KHFNWKDWDVSHHGRPHWHULVILWWHG ZRUNLQJDQGFDQEHHDVLO\VHHQIURPWKH GULYLQJVHDW
&KHFNWKDWWKHVSHHGRPHWHUFDQEHLOOXPLQDWHG
2GRPHWHU
5HFRUGWKHRGRPHWHUUHDGLQJDWWKHWLPHRIWKHWHVWZKHUHDQRGRPHWHULVILWWHG$IWHUFRPSOHWLRQRIWKH
&95WHVWWKHSUHVHQWHURZQHUVKDOOEHJLYHQWKHRSSRUWXQLW\WRYHULI\WKHRGRPHWHUUHDGLQJUHFRUGHGVHH
,QWURGXFWLRQ
127(6
7KH VSHHGRPHWHUIXQFWLRQVFKHFNLVOLPLWHGWRWKH PRYHPHQW RIWKH YHKLFOHZLWKLQWKH WHVW DUHD
,7(0
6SHHGRPHWHU
5($6216)25)$,/85(
0L'
0D'
0LVVLQJRUQRW ZRUNLQJSURSHUO\
;
;
&DQQRWEHVHHQ IURPWKH GULYHU¶VVHDW
;
;
;
;
/LJKWLQJRI 6SHHGRPHWHU 1RWZRUNLQJ
/&97(67(560$18$/9
3DJH
''
6$)(7<5(675$,176<67(06
7KLVVHFWLRQ GRHV QRW DSSO\WR YHKLFOHV UHJLVWHUHGEHIRUH WKH VWGD\RI-XQH
0HWKRGRI7HVWLQJ
VW
)RUYHKLFOHVUHJLVWHUHGRQRUDIWHUWKH GD\RI-XQHFKHFNWKDWDODSDQGGLDJRQDOW\SHVDIHW\EHOWLVSURYLGHGIRU
WKHGULYHUDQGIURQWRXWHUSDVVHQJHUVHDW
)RUYHKLFOHVUHJLVWHUHGRQRUDIWHUWKHVWGD\RI-DQXDU\FKHFNWKDWDOORXWHUIRUZDUGIDFLQJVHDWVDUHSURYLGHGZLWK
DODSDQGGLDJRQDOW\SHVDIHW\EHOWDQGDOORWKHUIRUZDUGIDFLQJVHDWVDUHSURYLGHGZLWKDODSDQGGLDJRQDORUODSW\SH
VDIHW\EHOW
3XOOHDFKVDIHW\EHOWZHEELQJDJDLQVWLWVDQFKRUDJHDQGVHHWKDWLWLVSURSHUO\VHFXUHGWRWKHYHKLFOHVWUXFWXUH
([DPLQHWKHFRQGLWLRQRIDOOVDIHW\EHOWZHEELQJIRUFXWVRUREYLRXVVLJQVRIGHWHULRUDWLRQ,QWKHFDVHRIWKHUHWUDFWDEOH
W\SHVDIHW\EHOWHQVXUHWKDWWKHEHOWLVIXOO\H[WHQGHGGXULQJWKLVH[DPLQDWLRQ
:LWKWKHVHDWXQRFFXSLHGIDVWHQWKHVDIHW\EHOWEXFNOHDQGFKHFNWKDWWKHDGMXVWPHQWPHFKDQLVPIXQFWLRQVSURSHUO\,QWKH
FDVHRIUHWUDFWDEOHEHOWVHQVXUHWKDWDOOWKHVODFNLVUHPRYHGDQGE\SXOOLQJWKHEHOWTXLFNO\FKHFNWKDWWKHORFNLQJ
PHFKDQLVPRSHUDWHV$WWHPSWWRVHSDUDWHWKHIDVWHQHGEHOWDWWKHEXFNOHDQGFKHFNWKDWWKHEHOWFDQEHUHOHDVHGZKHQ
UHTXLUHG
([DPLQHWKHFRQGLWLRQRIWKHDWWDFKPHQWDQGDGMXVWPHQWILWWLQJVRQHDFKEHOWIRUGLVWRUWLRQRUIUDFWXUH
$VIDUDVLVSUDFWLFDEOHZLWKRXWGLVPDQWOLQJFKHFNWKHFRQGLWLRQRIWKHYHKLFOHVWUXFWXUHLQWKHYLFLQLW\RIWKHVDIHW\EHOW
DQFKRUDJHSRLQWV7KHFRQGLWLRQRIIORRUPRXQWHGDQFKRUDJHSRLQWVPD\EHVWEHLQVSHFWHGIURPXQGHUQHDWKWKHYHKLFOH
9LVXDOO\FKHFNIRUWKHSUHVHQFHDQGVXLWDELOLW\RIDLUEDJVDQGHQVXUHWKDWQRDLUEDJLVREYLRXVO\LQRSHUDWLYH
0RWRUFDUDYDQ
,QWKHFDVHRIPRWRUFDUDYDQVVHDWEHOWVDUHRQO\UHTXLUHGLQWKHIURQWVHDWV:KHUHVHDWEHOWVDUHILWWHGLQWKHUHDURID
PRWRUFDUDYDQWKH\VKRXOGEHWHVWHGDVQRUPDO
,7(0
)URQW6DIHW\%HOWV
5($6216)25)$,/85(
0L' 0D' ''
)RUYHKLFOHVUHJLVWHUHGRQRUDIWHUWKH-XQHDODSDQGGLDJRQDO
W\SHVDIHW\EHOWLVQRWSURYLGHGIRUWKHGULYHUDQGRXWHUIURQWVHDW
;
)RUYHKLFOHVUHJLVWHUHG RQRUDIWHU WKH -DQXDU\
D $ ODSDQG GLDJRQDO W\SHEHOW LVQRW SURYLGHGIRUDOO RXWHU IRUZDUG
IDFLQJVHDWV
E $ ODSDQG GLDJRQDO RUODSW\SHVDIHW\EHOW LVQRW SURYLGHGIRUDOO
RWKHU IRUZDUGIDFLQJVHDWV
6HDW%HOWVLQFOXGLQJ
EHOWVRI&KLOG5HVWUDLQW
6\VWHPV
%HOWVEDGO\IUD\HG FXWRUUHSDLUHG
%HOWVQRWRSHUDWLQJSURSHUO\HJGDPDJHGEXFNOHVORRVHRU
GHWDFKHGIL[LQJEROWVUHWUDFWLQJRUORFNLQJPHFKDQLVPQRWIXQFWLRQLQJ
SURSHUO\1RWHDVDIHW\EHOWWKDWFDQQRWEHH[WHQGHGIXOO\VKRXOGIDLO
;
;
;
;
;
;
;
;
%HOWVPRXQWLQJXQVDWLVIDFWRU\HJLQFRUUHFWEROWVILWWHG
;
;
$LUEDJREYLRXVO\PLVVLQJRUQRWVXLWDEOHIRUWKHYHKLFOH
;
$LUEDJREYLRXVO\QRQRSHUDWLYH
;
1RWH6DIHW\EHOWV ZKLFKRQO\RSHUDWH ZKHQWKH YHKLFOHLVLQPRWLRQ
VKRXOGEHFKHFNHGZKHQGULYLQJWRRUIURPWKH WHVW ODQH
$Q\ ORDGEHDULQJ PHPEHU RIWKH YHKLFOHVWUXFWXUH RU SDQHOOLQJ ZLWKLQ
6DIHW\%HOWDQG&KLOG
5HVWUDLQW6\VWHP$QFKRUDJH
FPRIDQDQFKRUDJH SRLQWFUDFNHGFRUURGHGRULQDQRWKHUZLVH
ZHDNHQHG FRQGLWLRQ
$LUEDJV
/&97(67(560$18$/9
3DJH
67((5,1*:+((/3/$<
0HWKRGRI7HVWLQJ
:LWKWKH URDG ZKHHOV LQWKH VWUDLJKWDKHDGSRVLWLRQ OLJKWO\WXUQ WKH VWHHULQJ ZKHHO WR WKH OHIWDQG ULJKW DVIDU
DV SRVVLEOH ZLWKRXW PRYLQJ WKH URDG ZKHHOV DQG QRWH WKH DPRXQW RIIUHH SOD\ ,I WKH YHKLFOH LVILWWHG ZLWK
SRZHUVWHHULQJ WKH HQJLQHPXVW EHUXQQLQJ GXULQJWKLVFKHFN
5RFNWKH VWHHULQJ ZKHHOIURPVLGHWRVLGHDQGQRWH DQ\UHODWLYHPRYHPHQW EHWZHHQ WKH VWHHULQJ FROXPQDQG
ZKHHO$SSO\VOLJKWGRZQZDUGDQGXSZDUGSUHVVXUH WRWKH ULPRIWKH VWHHULQJ ZKHHO ZLWKERWK KDQGV DQGQRWH WKH
FRQGLWLRQRIWKH VWHHULQJZKHHOKXEDQG ULP
$WWHPSWWROLIWWKH VWHHULQJ ZKHHOLQOLQHZLWKWKH VWHHULQJ FROXPQDQGQRWH DQ\PRYHPHQW DW WKH FHQWUH RIWKH
VWHHULQJ ZKHHORURIWKH VWHHULQJ FROXPQ
3XVKVWHHULQJ ZKHHODZD\DQGSXOOLWWRZDUGV WKH ERG\DQGQRWH WKH PRYHPHQW RIWKH VWHHULQJ FROXPQ
UDGLDOO\DQGLWV VHFXULW\RIPRXQWLQJ
([DPLQHWKH XQLYHUVDOMRLQWVIOH[LEOH FRXSOLQJVIRUZHDUVHFXULW\RUGHWHULRUDWLRQ
([DPLQHVWHHULQJ ORFNZKHUHILWWHGVHH6HFWLRQIRUUHDVRQV IRUIDLOXUH
&KHFNWKH SUHVHQFH DQGVHFXULW\RIUHWDLQLQJ DQGORFNLQJGHYLFHV
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHVWHHULQJZKHHOFROXPQVKDIWRUWRWKH
XQLYHUVDOMRLQWFODPS
127(6
:KHUHDVWHHULQJ PHFKDQLVP LVILWWHGZLWKIOH[LEOHFRXSOLQJVFDUHPXVWEHWDNHQ WRGLVWLQJXLVK
EHWZHHQ SOD\GXHWR ZHDU DQGDSSDUHQW SOD\GXHWRWKH FRQVWUXFWLRQ RIWKH PHFKDQLVP
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHVWHHULQJZKHHOFROXPQVKDIWRUWRWKHXQLYHUVDO
MRLQWFODPSPD\UHTXLUHDPRGLILFDWLRQVUHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
,7(0
5($6216)25)$,/85(
6WHHULQJ%R[UHFLUFXODWLQJ
EDOOZRUPDQGUROOHU
([FHVVLYHURWDWLRQDOSOD\F 6HH1RWHEHORZ
5DFNDQG3LQLRQ
6WHHULQJ:KHHO&ROXPQ6KDIW
;
([FHVVLYHURWDWLRQDOSOD\F 6HH1RWHEHORZ
;
;
([FHVVLYHHQGIORDWLQVHFXUH EURNHQ
;
%XVKHV %HDULQJV 0RXQWLQJ EUDFNHWV PLVVLQJ
ZRUQGDPDJHG RULQVHFXUH
;
;
6KHDUSLQLQWHOHVFRSLFFROXPQEURNHQ
;
;
5HODWLYHPRYHPHQW EHWZHHQ VWHHULQJ ZKHHO DQG FROXPQ
;
R
)UDFWXUHRUORRVHQHVVRIVWHHULQJ ZKHHO KXE ULPRU
VSRNHV
;
;
;
8QVDIHUHSDLURUPRGLILFDWLRQ
;
'DPDJHGZRUQLQVHFXUHRUEDGO\GHWHULRUDWHG
;
8QVDIHUHSDLURUPRGLILFDWLRQ
5HWDLQLQJDQG/RFNLQJ'HYLFHV /&97(67(560$18$/9
''
;
8QLYHUVDO-RLQW&ODPS
0L' 0D'
R
$UHWDLQLQJ RUORFNLQJGHYLFHPLVVLQJRULQVHFXUH
3DJH
;
;
;
67((5,1*:+((/3/$<&RQW«
127(6([FHVVLYHURWDWLRQDOSOD\PHDVXUHGDWZKHHOULP
6WHHULQJ%R[
ƒRQ´PPGLDPHWHUZKHHO PP
ƒRQ´PPGLDPHWHUZKHHO PP
ƒRQ´PPGLDPHWHUZKHHO PP
5DFNDQG3LQLRQ
ƒRQ´PPGLDPHWHUZKHHO PP
ƒRQ´PPGLDPHWHUZKHHO PP
ƒRQ´PPGLDPHWHUZKHHO PP
/&97(67(560$18$/9
3DJH
'225/2&.6$17,7+()7'(9,&(6
0HWKRGRI7HVWLQJ
2SHQHDFKGRRUDQGE\OLIWLQJWKHERWWRPRIWKHGRRUFKHFNWKHSOD\LQWKHGRRUKLQJHV&KHFNVHFXULW\RIORFNVDQG
UHFHLYHUV
&ORVHWKHGRRUDQGZLWKRXWWXUQLQJWKHKDQGOHQRWHZKHWKHUWKHGRRUSULPDU\DQGVHFRQGDU\FDWFKHVKROGWKHGRRU
FORVHG
%\RSHQLQJDQGFORVLQJHDFKGRRUQRWHZKHWKHUWKHGRRUSLOODUVDUHVRXQGVHHVHFWLRQIRUUHDVRQVIRUIDLOXUH
,IWKHYHKLFOHLVILWWHGZLWKVOLGLQJGRRUVH[DPLQHWKHFRQGLWLRQRIWKHUXQQHUVDQGWUDFNVDQGDFWXDWLQJPHFKDQLVP
&KHFNDQWLWKHIWGHYLFHVVWHHULQJGRRUORFNVDQGLJQLWLRQNH\RQO\
,7(0
'RRUV
6OLGLQJ'RRUV
5($6216)25)$,/85(
0L' 0D'
'RRUPLVVLQJ
;
([FHVVLYHO\ZRUQKLQJHVRUGHIHFWLYHFKHFNVWUDSV
;
:RUQORFNV
;
'RRUFDQQRWEHVKXWRURSHQHGSURSHUO\RULVOLDEOHWRRSHQ
RQLWVRZQ
;
,QVHFXUHUHFHLYHUVRUORFNV
5XQQHUVWUDFNVRUDFWXDWLQJPHFKDQLVPVREDGO\ZRUQRU
GHIHFWLYHWKDWWKHGRRUGRHVQRWRSHQRUFORVHSURSHUO\
;
'RRUPLVVLQJ
;
6DIHW\GHYLFHVQRWZRUNLQJRUGHIHFWLYH
;
''
;
;
;
$QWL7KHIW'HYLFH
'RRUVQRWFDSDEOHRIEHLQJORFNHGRURWKHUPHDQVWRSUHYHQWYHKLFOH
PRYHPHQWDUHQRWSURYLGHGHJLJQLWLRQNH\
6WHHULQJ/RFN
ZKHUHRULJLQDOO\ILWWHG
([FHVVLYHZHDURUMDPPLQJRIORFNEDUUHONH\PHFKDQLVPRID
VWHHULQJORFN
;
;
6WHHULQJORFNQRWZRUNLQJ
;
;
6WHHULQJORFNPLVVLQJ
/&97(67(560$18$/9
;
;
3DJH
6(59,&(%5$.(3(5)250$1&(
0HWKRGRI7HVWLQJ
5ROOHU%UDNH7HVW
,IWKH9HKLFOHLVRIDW\SHZKLFKFDQEHWHVWHGRQWKHUROOHUEUDNHWHVWPDFKLQHSURFHHGDVIROORZV
D
3RVLWLRQWKH YHKLFOHVRWKDW WKH ZKHHOVRIHDFKD[OHFDQLQWXUQ EHSODFHGRQWKH EUDNHWHVW PDFKLQH UROOHUV
E 'ULYHWKH YHKLFOHRQWR WKH UROOHUEUDNHWHVWHU DQGIROORZLQJWKH SURPSWV RIWKH EUDNHWHVWHU SURJUDPPH DSSO\WKH
VHUYLFH EUDNH &DOFXODWHWKHEUDNLQJHIILFLHQF\DVDSHUFHQWDJHRIWKH WHVW ZHLJKW RIWKH YHKLFOH
F
&KHFNWKDW WKH EUDNHFDQEHDSSOLHGSURJUHVVLYHO\DQG ZKHQUHOHDVHG GRHVQRWVKRZDQ\DEQRUPDO ODJ
127(6
(QVXUHWKDWQRSHUVRQRUSHUVRQVDUHQHDUWRWKHEUDNHWHVWHUUROOHUVRUYHKLFOHSURSHOOHUVKDIWZKLOH
WKH\DUHLQPRWLRQ1RRQHVKRXOGDWWHPSWWRDGMXVWEUDNHVRUGU\W\UHVGXULQJDUROOHUEUDNHWHVW
:KHUHWKHZKHHOVRIDQD[OHRUD[OHVORFNXSRUVOLSRXWRIWKHUROOHUVGXULQJWKHEUDNHWHVWWKHEUDNH
WHVWPXVWFRQWLQXHXQWLOHLWKHUWKHUHTXLUHGHIILFLHQF\KDVEHHQUHDFKHGRUZLWKEUDNHIXOO\DSSOLHG
WKHHIILFLHQF\FDQQRWEHUHDFKHG2QO\WKHQFDQDSDVVRUIDLOGHFLVLRQEHPDGH
7\UHVPXVWEHFRUUHFWO\LQIODWHGDQGWKHJHDUVHOHFWRUVKRXOGEHLQWKHQHXWUDOSRVLWLRQ
7KHWHVWLQJRIYHKLFOHVILWWHGZLWKLFHVWXGGHGW\UHVZLOOGDPDJHWKHEUDNHWHVWHUUROOHUIULFWLRQ
VXUIDFH,WLVDGYLVDEOHWRHQVXUHEHIRUHWKHUROOHUEUDNHWHVWWKDWWKHW\UHVDUHQRWGDPDJHGDQGDUH
IUHHIURPVWRQHVHPEHGGHGLQWKHWUHDG
9HKLFOHVKDYLQJDXWRPDWLFWUDQVPLVVLRQPXVWQRWEHWHVWHGZLWKWKHJHDUVHOHFWRULQWKHµ3¶SDUN
SRVLWLRQ
2FFDVLRQVZLOODULVHZKHQWKHUHTXLUHGEUDNHHIILFLHQF\LVMXVWREWDLQHGRUMXVWH[FHHGHGZLWKRXW
ORFNXSRFFXUULQJEXWWKHWHVWHUNQRZVWKDWDKLJKHUSHUIRUPDQFHILJXUHLVQRUPDOO\REWDLQDEOHIRU
WKHW\SHRIYHKLFOHEHLQJWHVWHG,QVXFKFDVHVDOWKRXJKWKHYHKLFOHKDVSDVVHGWKHEUDNH
SHUIRUPDQFHWHVWWKHWHVWHUVKRXOGDGYLVHWKDWWKHEUDNLQJV\VWHPDSSHDUVWREHLQQHHGRI
DGMXVWPHQWRUUHSDLU
)RUYHKLFOHVZLWKVHUYRDVVLVWHGRUSRZHUEUDNLQJV\VWHPVWKHHQJLQHPXVWEHUXQQLQJLGOLQJ
ZKHQWKHVHUYLFHEUDNHLVWHVWHG
,QVRPHFDVHVLWPD\EHQHFHVVDU\WRFKRFNWKHURDGZKHHOVRIWKHYHKLFOHGXULQJDUROOHUEUDNHWHVW
6RPHUROOHUEUDNHWHVWHUVDUHILWWHGZLWKDPHDQVRIFKHFNLQJRYDOLW\)RUWKHSXUSRVHRIWKH/&9WHVW
WKLVVKRXOGEHLJQRUHG$YHKLFOHVKRXOGRQO\EHIDLOHGRQWKHEDVLVRIH[FHVVLYHRYDOLW\ZKHUHLWFDQ
EHHVWDEOLVKHGE\DURDGWHVWWKDWLWDIIHFWVWKHEUDNHSHUIRUPDQFH
,QYLHZRIWKHW\UHWRURDGJULSQRUPDOO\DYDLODEOHLQVHUYLFHLWLVQRWFRQVLGHUHGQHFHVVDU\WRDLPIRU
PD[LPXPVHUYLFHEUDNHSHUIRUPDQFHILJXUHVH[FHHGLQJRIWKHWHVWZHLJKWRIWKHYHKLFOHEHLQJ
WHVWHG
&DUHVKRXOGEHWDNHQWRHQVXUHWKDWW\UHVDUHIUHHIURPPXGVWRQHVRLORUZDWHUDQGWKDWEUDNH
WHVWHUUROOHUVDUHLQJRRGFRQGLWLRQWRHQVXUHWKDWSUHPDWXUHZKHHOVOLSGRHVQRWRFFXU
7KHXVHRIDUROOHUEUDNHWHVWHUPD\QRWEHDSSURSULDWHRQYHKLFOHVZLWKDSHUPDQHQWO\HQJDJHGIRXU
ZKHHOGULYHOLPLWHGVOLSGLIIHUHQWLDORUEHOWGULYHWUDQVPLVVLRQ7HVWHUVKRXOGFKHFNPDQXIDFWXUHU¶V
UHFRPPHQGDWLRQV
,WLVFRPSXOVRU\WRUHFRUGDQGUHWDLQEUDNHWHVWUHDGLQJV
/&97(67(560$18$/9
3DJH
6(59,&(%5$.(3(5)250$1&(&RQW«
'HFHOHURPHWHU7HVW
,IWKHYHKLFOHLVRIDW\SHWKDWFDQQRWEHWHVWHG RQWKH UROOHUEUDNHWHVW PDFKLQH LWVKRXOGEHVXEMHFWHG WRD
GHFHOHURPHWHUWHVW DV IROORZV
D :LWKWKHYHKLFOHRQDUHDVRQDEO\OHYHOURDGVHWWKHGHFHOHURPHWHURQWKHYHKLFOHLQOLQHZLWKWKH
PDQXIDFWXUHU¶VLQVWUXFWLRQV
E +DYHWKHYHKLFOHGULYHQDWDVWHDG\VSHHGEHWZHHQ±NPK±03+RQOHYHOJURXQG+DYH
WKHVHUYLFHEUDNHDSSOLHGILUPO\DQGQRWHWKHUHDGLQJRQWKHGHFHOHURPHWHU
,7(0
6HUYLFH%UDNH
5($6216)25)$,/85(
0L' 0D'
:KHUHWKHEUDNLQJHIIRUWRIWKHYHKLFOHLVOHVVWKDQRIWKHWHVWZHLJKWRI
WKHYHKLFOHZKHQQRWPRUHWKDQNJIOEIIRUFHLVDSSOLHGWRWKHEUDNH
SHGDO
;
%UDNHFDQQRW EHRSHUDWHG SURJUHVVLYHO\
;
%UDNHHIIRUWVKRZVDEQRUPDO ODJZKHQUHOHDVHG
;
%UDNHHIIRUWRQDQ\ZKHHO LVOHVVWKDQ NJI
;
/&97(67(560$18$/9
3DJH
''
;
6(59,&(%5$.(,0%$/$1&(
0HWKRGRI7HVWLQJ
5ROOHU%UDNH7HVW
:LWKWKH UROOHUEUDNHWHVW PDFKLQHGULYLQJWKHZKHHOVRIHDFKD[OHLQWXUQDSSO\WKHVHUYLFHEUDNHVORZO\DQG
QRWH WKH EUDNLQJHIIRUWLQGLFDWHG IURPWKH EUDNHDW HDFKURDGZKHHO
5RDG7HVW LI FDUULHGRXW,IDURDGWHVWLVFDUULHGRXWWKLVVKRXOGEHGRQHLQWUDIILFIUHHFLUFXPVWDQFHVDWD
VSHHGRINSKPSK1RWHZKHWKHUWKHYHKLFOHSXOOVWRRQHVLGHZKHQWKH EUDNHVDUHDSSOLHGDQGLIWKHUH
LVDQ\HYLGHQFHRIEUDNHGUXPGLVFRYDOLW\
127(6
1RUPDOO\WKLVWHVW DQGWKH VHUYLFHEUDNHSHUIRUPDQFH WHVW ZLOOEHFDUULHGRXWFRQFXUUHQWO\ DQGWKH
VDPH JHQHUDO SUHFDXWLRQVDSSO\VHH³PHWKRG RIWHVWLQJ´ DQG³QRWHV´ IRUVHUYLFHEUDNH
SHUIRUPDQFH
,PEDODQFHVKRXOGQRWEHFRQVLGHUHGZKHUH/+DQG5+EUDNHHIIRUWVDUHDWRUEHORZNJI
,7(0
5($6216)25)$,/85(
0L'
0D'
''
:KHHOVRQVDPH D[OH
0RUHWKDQGLIIHUHQFHLQEUDNLQJHIIRUWLHWKH
EUDNLQJSRZHURQRQHVLGHVKRXOGQRWEHOHVVWKDQ
RIWKHEUDNLQJHIIRUWRQWKHRWKHUVLGH
;
;
5RDG7HVWLIFDUULHGRXW
2EYLRXVSXOOWRRQHVLGHZKHQEUDNHVDUHDSSOLHG
;
;
3HUFHSWLEOHRYDOLW\
;
%UDNHHIIRUWIOXFWXDWHVE\PRUHWKDQ
;
,QGLYLGXDO:KHHO
/&97(67(560$18$/9
3DJH
;
3$5.,1*%5$.(3(5)250$1&(
0HWKRGRI7HVWLQJ
5ROOHU%UDNH7HVW
1RUPDOO\WKLVWHVWDQGWKHVHUYLFHEUDNHWHVWZLOOEHFDUULHGRXWFRQFXUUHQWO\DQGWKHVDPHJHQHUDOSUHFDXWLRQVDSSO\VHH
³PHWKRGRIWHVWLQJ´DQG³QRWHV´IRUVHUYLFHEUDNHSHUIRUPDQFH
D :LWKWKHUROOHUEUDNHWHVWPDFKLQHGULYLQJHDFKURDGZKHHOLQWXUQDSSO\WKHSDUNLQJEUDNHVORZO\XQWLOHDFKURDGZKHHO
LVMXVWDWWKHSRLQWRIVOLSUHODWLYHWRWKHUROOHUVRUXQWLOVXIILFLHQWEUDNLQJLVDFKLHYHGZKLFKHYHURFFXUVILUVW1RWHWKH
EUDNLQJHIIRUWLQGLFDWHGIURPWKHEUDNHDWHDFKURDGZKHHODQGFDOFXODWHWKHWRWDOEUDNLQJIRUFHDYDLODEOH&DOFXODWHWKH
EUDNLQJHIILFLHQF\DVDSHUFHQWDJHRIWKHWHVWZHLJKWRIWKHYHKLFOH
E ,IWKHSDUNLQJEUDNHLVDWUDQVPLVVLRQEUDNHDOOZKHHOVRQWKHD[OHEUDNHGE\LWPXVWEHGULYHQE\WKHUROOHUWHVW
PDFKLQHDWWKHVDPHWLPH,WVKRXOGEHUHPHPEHUHGWKDWLIDWUDQVPLVVLRQEUDNHLVIXOO\DSSOLHGDQGWKHZKHHOVRI
WKHD[OHEHLQJWHVWHGDUHVWLOOWXUQLQJWKHQWKHUHDGLQJVREWDLQHGDUHWKHPD[LPXPWKDWFDQEHDWWULEXWHGWRWKDW
WUDQVPLVVLRQEUDNH
'HFHOHURPHWHU7HVW
,IWKHYHKLFOHLVRIDW\SHZKLFKFDQQRWEHWHVWHGRQWKHUROOHUEUDNHWHVWPDFKLQHLWVKRXOGEHVXEMHFWWR
GHFOHURPHWHUWHVWDVIROORZV
D
:LWKWKH YHKLFOHRQDUHDVRQDEO\ OHYHOURDG VHWWKH GHFHOHURPHWHURQWKH YHKLFOHLQDFFRUGDQFH ZLWKWKH
LQVWUXPHQWPDQXIDFWXUHU¶V LQVWUXFWLRQV
E
+DYHWKH YHKLFOHGULYHQDW DVSHHG RIDSSUR[LPDWHO\ NSKPSK+DYHWKH SDUNLQJEUDNHDSSOLHGDQGQRWH
WKH UHDGLQJ RQWKH GHFHOHURPHWHU
1RWH:KHWKHUWKHYHKLFOHSXOOVWRRQHVLGHZKHQWKHEUDNHVDUHDSSOLHGDQGLIWKHUHLVDQ\HYLGHQFHRIEUDNHGUXPGLVF
RYDOLW\
127(6
2QFHUWDLQ YHKLFOHVWKH SDUNLQJEUDNHFDQQRW EHWHVWHG G\QDPLFDOO\7HVWHUVKRXOGFKHFNPDQXIDFWXUHU¶V
UHFRPPHQGDWLRQV
,7(0
%UDNH3HUIRUPDQFH
/&97(67(560$18$/9
5($6216)25)$,/85(
%UDNLQJIRUFHOHVVWKDQRIWKHWHVWZHLJKWRIWKHYHKLFOH
3DJH
0L'
0D'
''
;
;
3$5.,1*%5$.(,0%$/$1&(
0HWKRGRI7HVWLQJ
5ROOHU%UDNH7HVW
:LWKWKH UROOHUEUDNHPDFKLQH GULYLQJWKH ZKHHOVRIHDFK D[OHLQWXUQ DSSO\WKH SDUNLQJEUDNHDQGQRWH WKH EUDNLQJ
HIIRUW LQGLFDWHG IURPWKH EUDNHDW HDFKURDGZKHHO
127(6
1RUPDOO\WKLVWHVW DQGWKH SDUNLQJEUDNHSHUIRUPDQFH WHVW ZLOOEHFDUULHGRXWFRQFXUUHQWO\ DQGWKH
VDPH JHQHUDO SUHFDXWLRQVDSSO\7KLVWHVWLVQRWUHOHYDQW WRWUDQVPLVVLRQ W\SHSDUNLQJEUDNHV
,7(0
:KHHOVRQVDPH D[OH
/&97(67(560$18$/9
5($6216)25)$,/85(
0RUHWKDQ GLIIHUHQFHLQEUDNLQJSRZHU
3DJH
0L'
0D'
''
;
;
72:,1*%5$&.(7&283/,1*
7KLVLQVSHFWLRQDSSOLHVRQO\ZKHUHDYHKLFOHLVILWWHGZLWKHTXLSPHQWIRU
WRZLQJWUDLOHUV
VW
7KLVVHFWLRQGRHVQRWDSSO\WRYHKLFOHVUHJLVWHUHGEHIRUH -DQXDU\
0HWKRGRI7HVWLQJ
'UDZLQJ&RXSOLQJ
([DPLQHWKHGUDZLQJYHKLFOHFRXSOLQJSLQKRRNH\HEDOO1RWHWKHFRQGLWLRQRIWKHVHFRPSRQHQWVDQGHQVXUHWKDW
WKH\DUHIUHHIURPGLVWRUWLRQDQGRUIUDFWXUH
&KHFNWKHKRRNEDOORUSLQEXVKHVIRUZHDUXVLQJDJDXJHZKHUHDSSURSULDWH
&KHFNWKHERG\RIWKHFRXSOLQJIRUZHDUGLVWRUWLRQRUFUDFNV
([DPLQHWKHFURVVPHPEHUWRZKLFKWKHFRXSOLQJLVPRXQWHGSD\LQJSDUWLFXODUDWWHQWLRQWRWKHLQQHUIDFHRIWKHFURVV
PHPEHUIRUVHFXULW\DQGFUDFNV
1RWHWKDWWKHFRXSOLQJDVVHPEO\LVVHFXUHO\DWWDFKHGWRWKHYHKLFOH
&KHFNWKDWORFNLQJRUVDIHW\GHYLFHVDUHLQSRVLWLRQDQGZRUNLQJFRUUHFWO\
&KHFNDQ\UXEEHUFRPSRQHQWVIRUGHWHULRUDWLRQHJZHDUFUDFNVRUVZHOOLQJ
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHFRXSOLQJ
127(6
7KH PPZHDU OLPLWDSSOLHVWRDW\SLFDOPPEDOO)RU RWKHU GLPHQVLRQVRIH\HKRRNEDOORU
SLQZHDU EH\RQGRIWKH RULJLQDOWKLFNQHVVRIWKH PHWDO ZRXOGEHDUHDVRQ IRUIDLOXUH
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHFRXSOLQJPD\UHTXLUHDPRGLILFDWLRQV
UHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
,7(0
9HKLFOH'UDZLQJ&RXSOLQJ
KRRNSLQEDOO
/&97(67(560$18$/9
5($6216)25)$,/85(
0L' 0D'
/RRVHRUPLVVLQJIDVWHQLQJEROWVRUVHFXULQJGHYLFHV
;
([FHVVLYHZHDU
;
$Q\VDIHW\GHYLFHPLVVLQJRUQRWRSHUDWLQJFRUUHFWO\
;
7RZLQJEUDFNHWFRXSOLQJFUDFNHGEURNHQLQVHFXUHO\PRXQWHG
LQFRUUHFWO\PRXQWHG
;
$GHIRUPHGRUGDPDJHGH\HKRRNSLQRUEDOO
;
0RUHWKDQPPRIZHDULQEDOOIRURWKHUW\SHFRXSOLQJV
VHHQRWHDERYH
$Q\VDIHW\GHYLFHLQGLFDWRUQRWZRUNLQJ
;
5HJLVWUDWLRQSODWHRUDQ\ODPSREVWUXFWHGZKHQQRWLQXVH
;
8QVDIHUHSDLURUPRGLILFDWLRQ
;
3DJH
;
''
;
;
;
;
;
;
6723/$036
0HWKRGRI7HVWLQJ
:LWKWKH LJQLWLRQDQGUHDUOLJKWVVZLWFKHGRQDQG WKH VHUYLFHEUDNHIRRWEUDNHDSSOLHG REVHUYHWKH
IXQFWLRQLQJRIWKH VWRSODPSV
127(6
)RU WKH WKLUGKLJKEUDNHODPS5HDVRQIRU)DLOXUHGRHVQRWDSSO\
$GGLWLRQDOVWRSODPSVRWKHUWKDQ WKRVH ILWWHGE\WKH YHKLFOHPDQXIDFWXUHU DUH QRWSDUW RIWKH WHVW
)RU/('PDWUL[ODPSVLQFXUDIDLOIRUUHDVRQDERYHLIOHVVWKDQRI/('VDUHZRUNLQJLQDQ\
VLQJOHXQLWPDWUL[
,7(0
6WRS/DPSV
/&97(67(560$18$/9
5($6216)25)$,/85(
0L'
0D'
''
0LVVLQJRUQRWFOHDUO\YLVLEOH
;
;
;
1RWZRUNLQJFRUUHFWO\VHH1RWH
;
;
;
1RWEULJKWHUWKDQWDLOOLJKWV
1RWUHGLQFRORXU
;
;
1RWRIVDPHGLPHQVLRQVDQGSRZHU
;
;
,QVHFXUHO\PRXQWHG
;
;
/HQVEURNHQRUPLVVLQJ
;
;
&RQWDLQVZDWHUPRLVWXUH
;
;
3DJH
;
5($5/$036$1'5(*,675$7,213/$7(/$036
0HWKRGRI7HVWLQJ
&KHFNWKDWWZRUHDUODPSVDUHFRUUHFWO\ILWWHGWRWKH UHDURIWKH YHKLFOHDQGWKDW WKH\DUHORFDWHG V\PPHWULFDOO\RQ
HDFKVLGHRIWKH FHQWUH OLQHRIWKH YHKLFOH
&KHFNWKDWHDFKUHDUODPSZKHQLQXVHSURYLGHVDUHGOLJKWZKLFKLVFOHDUO\YLVLEOHDWDUHDVRQDEOHGLVWDQFH IURPWKH UHDU
RIWKHYHKLFOH
&KHFNWKDWWKHUHJLVWUDWLRQQXPEHUSODWH ODPSVVKRZVDZKLWHOLJKWDQGRSHUDWHV HIIHFWLYHO\
127(6
:KHUHWKHUH DUH PRUHWKDQ WZRUHDU ODPSVHDFKPXVWEHLQZRUNLQJRUGHU
:KHUHIRJODPSVDUH ILWWHGWKH\PXVWEHLQZRUNLQJRUGHU
:KHUHUHYHUVLQJODPSVDUH ILWWHGWKH\PXVWEHLQZRUNLQJRUGHU5HYHUVLQJODPSVDUHZKLWHLQ
FRORXUDQGWKLVLVDFFHSWDEOH
)RU/('PDWUL[ODPSVIDLOIRUUHDVRQRUDERYHLIOHVVWKDQRI/('VDUHZRUNLQJLQ
DQ\VLQJOHXQLWPDWUL[
,7(0
5HDU/DPSVLQFOXGLQJIRJ
ODPSVRUUHYHUVLQJODPSV
ZKHUHILWWHG
5HJLVWUDWLRQ3ODWH/DPS
/&97(67(560$18$/9
5($6216)25)$,/85(
0L' 0D'
0LVVLQJQRWZRUNLQJRUIDXOW\VHHQRWHDERYH
/HQVEURNHQPLVVLQJRUQRWFOHDUO\YLVLEOH
1RWUHGLQFRORXUH[FHSWUHYHUVLQJODPSVZKLFKDUHZKLWHLQ
FRORXU
;
;
,QVHFXUHO\PRXQWHG
;
;
)LWWHGPRUHWKDQPPIRRWLQFKHVLQIURPWKHH[WUHPH
UHDURIWKHYHKLFOH
;
;
1RWFOHDUO\YLVLEOHDWDUHDVRQDEOHGLVWDQFHIURPWKHUHDURIWKH
YHKLFOH
;
;
;
&RQWDLQVZDWHUPRLVWXUH
;
1RWILWWHGV\PPHWULFDOO\
;
1RWRIWKHVDPHGLPHQVLRQVDQGLQWHQVLW\
;
;
1RWZRUNLQJRUQRWILWWHGVHHQRWHEHORZ
;
;
1RWZKLWHLQFRORXU
;
;
/DPSWKURZLQJGLUHFWOLJKWWRWKHUHDU
;
;
/DPSQRWVHFXUHO\DWWDFKHG
;
;
3DJH
''
,1',&$72567(//7$/(6
0HWKRGRI7HVWLQJ
6ZLWFKRQWKH GLUHFWLRQLQGLFDWRUVDQGFKHFNWKDW
D (DFKLVZRUNLQJFRUUHFWO\DQGLVFOHDUO\YLVLEOH
E (DFKLVRIWKH FRUUHFWFRORXUDQGVHFXUHO\PRXQWHG
F 0HDQV DUHDYDLODEOHIRUWKH GULYHUWREHUHDGLO\DZDUH IURPKLVVHDW WKDW HDFKGLUHFWLRQLQGLFDWRULVIXQFWLRQLQJ
G ,IILWWHG IRXUZD\IODVKHURUKD]DUG ZDUQLQJOLJKWVPXVW DOOEHZRUNLQJ
127(6
7KHSUHVHQFHRI³IRXUZD\IODVKHUV´RUKD]DUGZDUQLQJIODVKHUVLVQRWDUHTXLUHPHQW
&KHFNLQJWKHRSHUDWLRQRIKD]DUGZDUQLQJOLJKWVLVQRWDVXEVWLWXWHIRUFKHFNLQJWKHRSHUDWLRQRI
GLUHFWLRQDOLQGLFDWRUVRSHUDWLRQ
:KHUH³UHSHDWHU´LQGLFDWRUVDUHILWWHGWKHVHPXVWEHZRUNLQJ
$QLQGLFDWRUVZLWFKWKDWGRHVQRWVHOIFDQFHOLVQRWDUHDVRQIRUIDLOXUH
,7(0
,QGLFDWRUV
5($6216)25)$,/85(
0L'
0D'
0LVVLQJRUQRWFOHDUO\YLVLEOH
;
;
1RWZRUNLQJRUIDXOW\
;
;
1RWIODVKLQJFRQVWDQWO\EHWZHHQDQGIODVKHVSHUPLQXWH
IODVKLQJW\SH
;
;
,QVHFXUHO\PRXQWHG
;
;
/HQVEURNHQRUPLVVLQJ
;
;
&RQWDLQVZDWHUPRLVWXUH
;
;
;
;
3UH-XO\
)URQWVERWKQRWDPEHURUZKLWHLQFRORXU
;
;
;
;
D 1RWDPEHU LQFRORXU
;
;
E 'RHVQRWH[WHQGVL[LQFKHVEH\RQGWKHRXWOLQHRIWKH
YHKLFOHVHPDSKRUHW\SHRQO\
;
;
3RVW-XO\
1RWDPEHU LQFRORXU
5HDUVERWKQRWDPEHURUUHGLQFRORXU
:KHUHRQO\RQHLQGLFDWRU RQHDFK VLGHLVXVHGIRUIURQWDQG UHDU
/&97(67(560$18$/9
3DJH
''
,1',&$72567(//7$/(6&RQW«
,7(0
6ZLWFK
7HOO7DOHOLJKWVRU
DXGLEOHLQGLFDWRU
/&97(67(560$18$/9
5($6216)25)$,/85(
0L'
0D'
0LVVLQJ
;
;
1RWZRUNLQJRUIDXOW\
;
;
0LVVLQJ
;
;
1RWZRUNLQJRUIDXOW\
;
;
3DJH
''
6,'(/$036
0HWKRGRI7HVWLQJ
6LGH/DPSV
&KHFNWKDWWKHWZRODPSVVKRZLQJDZKLWHOLJKWDUHILWWHGWRWKHIURQWRIWKHYHKLFOHRQHRQHDFKVLGHRIWKHFHQWUH
OLQHRIWKHYHKLFOHDQG
D :KHQLOOXPLQDWHGDUHFOHDUO\YLVLEOHDWDUHDVRQDEOHGLVWDQFH
E $UHVHFXUHO\IL[HGDQGGRQRWIOLFNHU
127(6
:KHQDVLGHODPSLVLQFRUSRUDWHG LQD\HOORZKHDGODPS HIIHFWLYHO\SURGXFLQJD\HOORZVLGHODPS
WKLVLVDFFHSWDEOH
,QWKLVFDVH WKH ODPSVRQERWKVLGHVRIWKH YHKLFOHPXVWEHWKH VDPH FRORXU
,7(0
6LGH/DPSV
5($6216)25)$,/85(
0LVVLQJRUQRW FOHDUO\YLVLEOH
0D'
/HQVEURNHQRUPLVVLQJ
;
;
1RWZRUNLQJRUIDXOW\
;
1RWZKLWHLQFRORXU
;
3RZHUH[FHHGV :LQDQ\ODPS
;
1RWYLVLEOHIURPDUHDVRQDEOH GLVWDQFH
;
&RQWDLQVZDWHUPRLVWXUH
;
1RWILWWHG V\PPHWULFDOO\
;
1RWRIWKH VDPH GLPHQVLRQVDQG LQWHQVLW\
,QVHFXUHO\PRXQWHG
/&97(67(560$18$/9
0L'
3DJH
;
;
''
+($'/$03&21',7,21
0HWKRGRI7HVWLQJ
:LWKWKHKHDGODPSVVZLWFKHGRQPDLQDQGGLSSHGEHDPLQWXUQVHHWKDWWKH\HDFKVKRZDVVHOHFWHGDOLJKWERWKRI
WKHVDPHFRORXUZKLWHRU\HOORZRIVXFKLQWHQVLW\WRLOOXPLQDWHVXIILFLHQWO\WKHURDGLQIURQWRIWKHYHKLFOH
&KHFNWKHFRQGLWLRQDQGFRORXURIWKHKHDGODPSJODVVDQGUHIOHFWRUV
&KHFNWKHRSHUDWLRQRIWKHKHDGODPSDQGGLSVZLWFKDQGWKHKHDGODPSPDLQEHDPZDUQLQJOLJKW
&KHFNLID+LJK,QWHQVLW\'LVFKDUJH+,'OLJKWVRXUFHLVILWWHG$+,'OLJKWVRXUFHPD\EHUHFRJQLVHGE\
WKHOLJKWKDYLQJDEOXLVKWLQJH
WKHOLJKWWDNLQJDIHZVHFRQGVWRUHDFKIXOOLQWHQVLW\
WKHKHDGODPSKDYLQJDQLJQLWHUPRGXOHLQYHUWHUEDOODVWEHKLQGWKHKHDGODPS
WKHKHDGODPSKDYLQJ'&5PDUNHGRQWKHOHQV
127(6
+HDGODPSVVKRXOGFRQVLVWRIHLWKHU WZRRUIRXUODPSVRURQHODPSLQWKH FDVHRIDQHOHFWULFYHKLFOH
LQFDSDEOH RIH[FHHGLQJNPK PSK
+HDGODPSVDUHQRWUHTXLUHGWREHH(PDUNHG
:KHUHDGLSSHGEHDPLVVRIDURXWRIIRFXVWKDWLWFDQQRWEHSLFNHGXSE\WKHKHDGODPSWHVWHUWKHQLWVKRXOG
EHIDLOHG
+,'OLJKWVRXUFHVPD\QRWEHILWWHGWRDFRQYHQWLRQDOODPSUHIOHFWRUXQLWOLJKWVRXUFHDQGODPSQRW
FRPSDWLEOHDQGPD\RQO\EHILWWHGDVSDUWRIDW\SHDSSURYHGKHDGODPSV\VWHP,QRUGHUWRGHWHUPLQHWKDW
WKH+,'V\VWHPILWWHGKDVEHHQW\SHDSSURYHGDXWRPDWLFFOHDQLQJDQGKHDGODPSOHYHOOLQJGHYLFHVPDQXDORU
DXWRPDWLFVKDOOEHSUHVHQW:KHUHDXWRPDWLFFOHDQLQJGHYLFHVRUOHYHOOLQJGHYLFHVDUHQRWILWWHGWRD+L'
V\VWHPWKHQFRQILUPDWLRQIURPWKHPDQXIDFWXUHUDXWKRULVHGGLVWULEXWRUVKRXOGEHVRXJKWLQRUGHUWR
FRQILUPWKDWWKHYHKLFOHSUHVHQWHGZDVRULJLQDOO\PDQXIDFWXUHGZLWKDW\SHDSSURYHG+,'V\VWHP
)RUWKHVHFRQGLWHPEHORZ*ODVV%XOEDQG5HIOHFWLQJ0DWHULDO¶JODVV¶UHIHUVWRWKHKHDGODPSOHQVRURXWHU
FRYHUHYHQLIWKHPDWHULDOLVQRWJODVVHJSRO\FDUERQDWH
,7(0
0DLQRUGLSSHG
5($6216)25)$,/85(
'LSSHGEHDPVQRWZRUNLQJVLPXOWDQHRXVO\
)XOOEHDPVQRWZRUNLQJVLPXOWDQHRXVO\
&RQWDLQVZDWHUPRLVWXUH
+,'EXOEILWWHGLQDQRQ+,'KHDGODPS
+,'/LJKW6RXUFHV
$XWRPDWLFKHDGODPSOHYHOOLQJGHYLFHQRWRSHUDWLQJRUPDQXDO
KHDGODPSOHYHOOLQJGHYLFHFDQQRWEHRSHUDWHGIURPGULYHU¶VVHDW
+HDGODPSFOHDQLQJGHYLFHQRWSUHVHQW
+HDGODPSFOHDQLQJGHYLFHQRWRSHUDWLQJ
0L'
;
0D'
;
;
;
;
;
;
;
;
;
;
;
;
;
;
*ODVVEXOEDQGUHIOHFWLQJ
PDWHULDO
,QVXIILFLHQWLQWHQVLW\WRLOOXPLQDWHWKHURDGLQIURQWRIWKHYHKLFOH
*ODVVEDGO\FUDFNHGRUPLVVLQJ
5HIOHFWLQJPDWHULDOGDPDJHGGLVFRORXUHG
+HDGODPSV
0LVVLQJ
,QVHFXUHO\PRXQWHG
&RQWDLQVZDWHUPRLVWXUH
;
;
;
;
'LSRUKHDGODPSVZLWFK
,QVHFXUHO\PRXQWHG RUPLVVLQJ
1RWZRUNLQJSURSHUO\
;
;
;
;
'LSSHGEHDP
+HDGODPSVGLSSLQJWRWKH ULJKW
&RORXU
$OO ODPSV 1RWZKLWHRU\HOORZUHIHUVWRDOOODPSV
;
0DLQEHDPZDUQLQJOLJKW
1RWZRUNLQJ
;
/&97(67(560$18$/9
3DJH
;
;
''
+($'/$03$,0
0HWKRGRI7HVWLQJ
3ODFHDSURSHUO\FDOLEUDWHG KHDGODPS EHDP VHWWHU LQIURQWRIHDFKKHDGODPS LQWXUQ DQG ZLWKWKH KHDGODPS
HPLWWLQJ WKH GLSSHGEHDP RUWKH PDLQEHDP DVDSSURSULDWH VHH1RWHEHORZGHWHUPLQH WKH JUDGLHQW RIWKH
EHDP LPDJHUHODWLYHWRWKH SODQH RQZKLFKWKH YHKLFOHLVVWDQGLQJ
127(6
+HDGODPSVIDOOLQWRWKUHHFDWHJRULHVDVIROORZV
L
(XURSHDQ7\SH+HDGODPSFKHFNHGRQGLSEHDPVHHSDJHIRUPHWKRGRIWHVW
LL %ULWLVK$PHULFDQ7\SH+HDGODPSFKHFNHGRQGLSEHDPVHHSDJHIRUPHWKRGRIWHVW
LLL %ULWLVK$PHULFDQ7\SH+HDGODPSFKHFNHGRQPDLQEHDPVHHSDJHIRUPHWKRGRIWHVW
7\UHSUHVVXUHVVKRXOGEHFKHFNHGDQGFRUUHFWHGLIQHFHVVDU\EHIRUHKHDGODPSDLPLVFKHFNHG7KH
YHKLFOHDQGEHDPVHWWHUVKRXOGEHORFDWHGRQWKHVSHFLDOKHDGODPSDLPFKHFNLQJDUHDZLWKLQWKHWHVW
SUHPLVHV
$Q\KHDGODPSOHYHOLQJGHYLFHVKRXOGEHLQWKHµ2¶SRVLWLRQ
6XVSHQVLRQV\VWHPVVKRXOGEHVHWLQWKHQRUPDOURDGSRVLWLRQ
,IDYHKLFOHLVSUHVHQWHGZLWKOHIWKDQGGULYHKHDGODPSVDQGEHDPPDVNVWKHPDVNVPXVWEHLQVWDOOHG
WRHQVXUHWKH\HIIHFWLYHO\EORFNDQ\OLJKWSURMHFWLRQDERYHWKHKRUL]RQWDOUHIHUHQFHOLQH7KLVZRXOG
WKHQVKRZDSDWWHUQVLPLODUWRDPLUURULPDJHRI)LJDQGFDQEHFKHFNHGDVRQWKDWJXLGH
2QYHKLFOHVILWWHGZLWKK\GURSQHXPDWLFVXVSHQVLRQWKHHQJLQHPXVWEHLGOLQJGXULQJWKLVWHVW
,7(0
(XURSHDQ7\SH+HDGODPS
FKHFNHGRQGLSEHDP
5($6216)25)$,/85(
)RUKHDGODPSV ZKRVHFHQWUH LVQRW PRUHWKDQ PP
DERYHWKH JURXQG WKH KRUL]RQWDO FXWRIIOLQHGRHVQRW OLH
EHWZHHQ WKH DQG KRUL]RQWDO OLQHV
;
)RUKHDGODPSV ZKRVHFHQWUH LVPRUHWKDQ PPDERYH
WKH JURXQG WKH KRUL]RQWDO FXWRIIOLQHGRHVQRW OLHEHWZHHQ
WKH DQG KRUL]RQWDO OLQHV
;
R
7KHMXQFWLRQ RIWKH FXWRIIDQG KRUL]RQWDO FXWRIIOLQH GRHV
QRW OLHEHWZHHQ WKH DQG YHUWLFDOOLQHV
%ULWLVK$PHULFDQ7\SH
+HDGODPSFKHFNHGRQGLS
EHDP
/&97(67(560$18$/9
0L' 0D'
;
7KHXSSHUHGJHRIWKHKRWVSRWGRHVQRWOLHEHWZHHQWKH
DQGKRUL]RQWDOOLQHV
;
7KHULJKWKDQG HGJH RIWKH KRW VSRWGRHVQRW OLH
EHWZHHQ WKH DQG YHUWLFDOOLQHV
;
3DJH
''
+($'/$03$,0&RQW«
,7(0
%ULWLVK$PHULFDQ
7\SH+HDGODPS
FKHFNHGRQPDLQ
EHDP
5($6216)25)$,/85(
0L' 0D' ''
)RUKHDGODPSV ZKRVHFHQWUH LVQRW PRUHWKDQ PPDERYHWKH
JURXQG WKH KRW VSRWFHQWUH GRHVQRW OLHEHWZHHQ WKH DQG KRUL]RQWDO OLQHV
;
)RU KHDGODPSV ZKRVH FHQWUH LV PRUH WKDQ PP DERYH WKH
JURXQG WKH KRW VSRW FHQWUH GRHV QRW OLH EHWZHHQ WKH DQG
KRUL]RQWDO OLQHV
;
7KHFHQWUH RIWKH KRW VSRWGRHVQRW OLHEHWZHHQWKH DQG YHUWLFDOOLQHV
;
/&97(67(560$18$/9
3DJH
+($'/$03$,0&RQW«
)LJ(XURSHDQ7\SH+HDGODPS±FKHFNHGRQ'LSSHG%HDP
7KHOHQVPD\EHFLUFXODUUHFWDQJXODURUWUDSH]RLGDOLQVKDSH,WZLOOXVXDOO\KDYHDVHJPHQWVKDSHGSDWWHUQPRXOGHGLQWRWKHJODVV
,WPD\EHPDUNHGZLWKDµ¶DQGDQDUURZRUDµ&¶DERYHHLWKHUDQµ(¶RUµH¶2QGLSSHGEHDPLWZLOOSURGXFHDSDWWHUQVLPLODUWR)LJ
EHORZ
&KHFNRQGLSSHGEHDPDQGGHWHUPLQHWKDW
D 7KHMXQFWLRQRIWKHqFXWRIIDQGKRUL]RQWDOFXWRIIOLQHVOLHVEHWZHHQWKHDQGYHUWLFDOOLQHV
E 7KHSRVLWLRQRIWKHKRUL]RQWDOFXWRIIOLQHPXVWOLHEHWZHHQ
L
7KHDQGERXQGDU\OLQHVVKRZQRQWKHVFUHHQLQ5HGIRUKHDGODPSVZKRVHFHQWUHLVQRWPRUHWKDQ
PPDERYHWKHJURXQG
LL 7KHDQGERXQGDU\OLQHVVKRZQRQWKHVFUHHQLQ%OXHIRUKHDGODPSVZKRVHFHQWUHLVPRUHWKDQ
PPDERYHWKHJURXQG
/&97(67(560$18$/9
3DJH
+($'/$03$,0&RQW«
)LJ%ULWLVK$PHULFDQ7\SH+HDGODPS±FKHFNHGRQ'LSSHG%HDP
7KHOHQVLVXVXDOO\FLUFXODUDQGRIDVHDOHGEHDPFRQVWUXFWLRQ,WPD\EHPDUNHGZLWKDQµ(¶RUDµ¶DQGPD\DOVRKDYH
DQDUURZ2QGLSSHGEHDPLWZLOOSURGXFHDSDWWHUQVLPLODUWR)LJEHORZ
&KHFNRQGLSSHGEHDPDQGGHWHUPLQHWKDW
D 7KHXSSHUHGJHRIWKHKRWVSRWOLHVEHWZHHQWKHDQGKRUL]RQWDOOLQHVVKRZQRQWKHVFUHHQ
E 7KHULJKWKDQGHGJHRIWKHKRWVSRWOLHVEHWZHHQWKHDQGYHUWLFDOOLQH
/&97(67(560$18$/9
3DJH
+($'/$03$,0&RQW«
)LJ%ULWLVK$PHULFDQ7\SH+HDGODPS±FKHFNHGRQ0DLQ%HDP
7KHOHQVRIWKLVW\SHRIKHDGODPSLVFLUFXODUDQGOLNHO\WREHRIWKHVHDOHGEHDPFRQVWUXFWLRQ,WPD\EHPDUNHGZLWKDµ¶DQG
DQDUURZ,WZLOOQRWKDYHD&DERYHHLWKHUDQµ(¶RUH7KHGLSSHGEHDPSDWWHUQZLOOQRWPDWFKHLWKHURIWKHILJXUHVVKRZQRQ
WKHSUHYLRXVSDJHVEXWWKHPDLQEHDPZLOOEHVLPLODUWR)LJEHORZ
&KHFNRQPDLQEHDPDQGGHWHUPLQHWKDW
D 7KHFHQWUHRIWKHKRWVSRWOLHVEHWZHHQWKHDQGYHUWLFDOOLQHV
E )RUKHDGODPSVZKRVHFHQWUHVLVQRWPRUHWKDQPPDERYHWKHJURXQGWKHKRWVSRWFHQWUHOLHVEHWZHHQWKHDQG
KRUL]RQWDOOLQHV
F )RUKHDGODPSVZKRVHFHQWUHLVPRUHWKDQPPDERYHWKHJURXQGWKHKRWVSRWFHQWUHOLHVEHWZHHQWKHDQG
KRUL]RQWDOOLQHV
/&97(67(560$18$/9
3DJH
$8;,/,$5</$03&21',7,21
0HWKRGRI7HVWLQJ
&KHFNWKDWHDFKDX[LOLDU\ODPSILWWHGLVVHFXUHO\IL[HGWRWKHYHKLFOH
&KHFNWKDWWKHVZLWFKLQJPHFKDQLVPLVIXQFWLRQLQJFRUUHFWO\DQGZKHUHDX[LOLDU\ODPSVDUHVHWLQWKHKHDGODPSPDLQ
EHDPSRVLWLRQWKH\DUHH[WLQJXLVKHGZKHQWKHKHDGODPSGLSSHGEHDPVDUHEURXJKWLQWRRSHUDWLRQ
127(6
:KHUHDX[LOLDU\ODPSVDUH IRXQGWREHLQRSHUDWLYH WKLVVKRXOGQRWEHFRQVLGHUHG DUHDVRQ IRUIDLOXUH
,7(0
)RJ/DPS
$X[LOLDU\/DPS6SRWRUORQJUDQJH
ODPS
/&97(67(560$18$/9
5($6216)25)$,/85(
0L'
0D'
;
;
,QFRUUHFWO\PRXQWHGVHHSDJH
,QVHFXUHO\PRXQWHG
6ZLWFKQRWZRUNLQJSURSHUO\
;
;
1RWZKLWHRU\HOORZ
;
;
&UDFNHGRUEURNHQJODVV
;
;
&RQWDLQVZDWHURUPRLVWXUH
'HIHFWLYHOLJKWVRXUFH
;
;
;
;
,QFRUUHFWO\PRXQWHGVHHGLDJUDP
;
;
,QVHFXUHO\PRXQWHG
6ZLWFKQRWZRUNLQJSURSHUO\
1RWZKLWHRU\HOORZ
$X[LOLDU\ODPSVHWLQPDLQEHDPSRVLWLRQDQG
GRHVQRWH[WLQJXLVKZKHQGLSSHGEHDPVDUH
EURXJKWLQWRRSHUDWLRQ
&UDFNHGRUEURNHQJODVV
;
;
&RQWDLQVZDWHURUPRLVWXUH
;
;
3DJH
;
;
;
;
;
;
;
''
$8;,/,$5</$03&21',7,21&RQW«
/&97(67(560$18$/9
3DJH
$8;,/,$5</$03$,0
0HWKRGRI7HVWLQJ
3ODFHDKHDGODPSEHDPVHWWHULQIURQWRIHDFKODPSLQWXUQDQGGHWHUPLQHWKHGLUHFWLRQRIWKHKLJKHVWLQWHQVLW\
RIWKHEHDPUHODWLYHWRWKHSODQHRQZKLFKWKHYHKLFOHLVVWDQGLQJ
,7(0
)RJ/DPS
$X[LOLDU\/DPS6SRW
RUORQJUDQJH ODPS
/&97(67(560$18$/9
5($6216)25)$,/85(
7KHXSSHUHGJHRIWKHEHDPLVDERYHWKHKRUL]RQWDOOLQH
0L'
0D'
;
7KHFHQWUHRIWKHEHDPSDWWHUQGRHVQRWOLHEHWZHHQWKH
DQGWKHYHUWLFDOOLQHV
;
7KHKRWVSRWFHQWUHGRHVQRWOLHEHORZWKHKRUL]RQWDOOLQH
;
7KHFHQWUHRIWKHKRWVSRWGRHVQRWOLHEHWZHHQWKH
DQGYHUWLFDOOLQHV
;
3DJH
''
5()/(&7256
0HWKRGRI7HVWLQJ
5HDU5HIOHFWRUVUHTXLUHGRQDOOYHKLFOHV
&KHFNWKDWWZRUHGUHIOHFWRUVDUHILWWHGV\PPHWULFDOO\WRWKHUHDURIWKHYHKLFOH
&KHFNWKDWHDFKUHIOHFWRULVVRSRVLWLRQHGWKDW
D LWLVYHUWLFDODQGIDFLQJVTXDUHO\WRWKHUHDU
E QRSDUWRIWKHYHKLFOHH[WHQGVODWHUDOO\PRUHWKDQ´PPEH\RQGWKHUHIOHFWRU
F QRSDUWRIWKHUHIOHFWLQJDUHDRIRQHUHIOHFWRULVOHVVWKDQ´PPIURPDQ\SDUWRIWKHUHIOHFWLQJDUHDRIWKHRWKHU
UHIOHFWRU
G LWLVQRWPRUHWKDQIHHWLQFKHVPPLQIURPWKHH[WUHPHUHDURIWKHYHKLFOH
H LWLVDWWKHVDPHKHLJKWDVWKHUHGUHIOHFWRURQWKHRWKHUVLGHRIWKHYHKLFOH
6LGH5HIOHFWRUVLIILWWHG
6LGHUHIOHFWRUVLIILWWHGPXVWEHDPEHULQFRORXUKRZHYHUWKHUHDUPRVWVLGHUHWURUHIOHFWRUFDQEHUHGLILWLVJURXSHG
RUKDVSDUWRIWKHOLJKWHPLWWLQJVXUIDFHLQFRPPRQZLWKWKHUHDUSRVLWLRQODPSWKHUHDUHQGRXWOLQHPDUNHUODPSWKH
UHDUIRJODPSWKHVWRSODPSRUWKHUHGUHDUPRVWVLGHPDUNHUODPS
,7(0
5HDU5HIOHFWRUV
6LGHUHIOHFWRUVLIILWWHG
5($6216)25)$,/85(
0L'
0D'
2QHRUERWK PLVVLQJRULQHIIHFWLYH
;
;
1RWUHGLQFRORXU
;
;
6HULRXVO\FUDFNHGRUGDPDJHG
;
;
,QFRUUHFWO\PRXQWHG VHHDERYH
;
;
1RWPDWFKLQJ LQVL]HDQG DSSHDUDQFH
;
;
,QVHFXUHO\PRXQWHG
;
;
0RUHWKDQ PP¶´LQIURPWKH H[WUHPH UHDU RI
YHKLFOH
;
;
1RWDPEHU LQFRORXU
;
1RWH6HH0HWKRG RI7HVWLQJRQ6LGH5HIOHFWRUVDERYHIRU
H[FHSWLRQ
/&97(67(560$18$/9
3DJH
''
&$%$1'%2'<:25.
0HWKRGRI7HVWLQJ
([DPLQHWKHERG\VWUXFWXUHIRUUXVWRUGDPDJHRULQHVVHQWLDOSURMHFWLRQVZKLFKPLJKWFDXVHLQMXU\HJUXVWHGRU
FRUURGHGRUMDJJHGHGJHV([DPLQHWKHFDEIRUUXVWRUGDPDJHDQGFKHFNWKHFDEPRXQWLQJVE\URFNLQJDQG
SXVKLQJWKHFDEZKHUHQHFHVVDU\&KHFNWKDWIXPHVDUHXQOLNHO\WRHQWHUWKHFDEHJJHDUOHYHUUXEEHUERRW
VKRXOGQRWEHWRUQ&KHFNIURPERWKVLGHVRIWKHYHKLFOHWKDWWKHERG\LVVLWWLQJVTXDUHO\RQWKHFKDVVLV
([DPLQHWKHIROORZLQJLWHPVIRUVHFXULW\IUHHGRPIURPIUDFWXUHRUGLVWRUWLRQVHULRXVVWUXFWXUDOFRUURVLRQ
H[FHVVLYHZHDURUGDPDJHDQGFKHFNWKDWQRQHLVPLVVLQJ
D IL[LQJVHJEUDFNHWVVHFXULQJWKH ERG\WRWKH FURVVPHPEHUV RUFKDVVLV
E IL[LQJVHJEUDFNHWVVHFXULQJFURVVRUORQJLWXGLQDO PHPEHUV WRWKH FKDVVLV
F VHFXULQJEROWVRUULYHWVIRUWKH DERYHIL[LQJV
G SDUWV RIWKH ERG\GHVLJQHGWRFDUU\RUFRQWDLQ WKH ORDGLQFOXGLQJWKH IORRUDQGPDLQVXSSRUW SLOODUV
H FURVVDQGORQJLWXGLQDO PHPEHUV
I KLQJHV ORFNLQJDQGUHWDLQLQJ GHYLFHVRIGURSVLGHVDQGWDLOOLIW
([DPLQHZLQJVDQGRWKHUVLPLODUGHYLFHVWRVHHWKDWWKH\DUHLQSRVLWLRQDQGWKDW WKH\DUH
D VHFXUHO\IL[HG
E QRWEDGO\DIIHFWHGE\FRUURVLRQ
F IUHHIURPWHDUV DQGMDJJHGHGJHV
G QRWUXEELQJRQDW\UHH[FHSWVSHFLDOVSUD\VXSSUHVVLRQ GHYLFHVHJ³FDWVZKLVNHUV´
([DPLQHWLSSLQJOLIWLQJJHDUIRUVHFXULW\VHULRXVOHDNVRUREYLRXVGHIHFWVLQYDOYHV([DPLQHERQQHWORFNDQG
VDIHW\FDWFK
&KHFNWKDWIXPHVRUZDWHUDUHXQOLNHO\WRHQWHUYHKLFOH7KHKHDWLQJDQGYHQWLODWLRQV\VWHPVKRXOGEHDEOHWR
EORZZDUPDLULQWRWKHYHKLFOHDQGGHPLVWWKHZLQGVFUHHQ
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHFDERUERG\ZRUN
/&97(67(560$18$/9
3DJH
&$%$1'%2'<:25.&RQW«
127(6
&RUURVLRQ
7KHHIIHFWRIFRUURVLRQRQWKHVDIHW\RIWKHYHKLFOHGHSHQGVRQLWVH[WHQWDQGWKHORFDWLRQZKHUHLWKDVRFFXUUHG
$VPDOODPRXQWRIFRUURVLRQRQDQLPSRUWDQWSDUWRIWKHYHKLFOHVWUXFWXUHFDQPDNHDYHKLFOHXQVDIHZKHUHLWGHVWUR\V
WKHFRQWLQXLW\RIWKHORDGEHDULQJVWUXFWXUH2QWKHRWKHUKDQGKHDY\FRUURVLRQRIXQLPSRUWDQWVHFWLRQVPD\KDYHQR
HIIHFWRQWKHYHKLFOHVDIHW\
'HWHFWLQJ5XVWLQ9HKLFOHV
6LQFHDGYDQFHGUXVWLVDOPRVWDOZD\VDVVRFLDWHGZLWKDQHUXSWLRQRIR[LGLVHGPHWDODQGSLWWLQJRUEXEEOLQJRISDLQWD
YLVXDOLQVSHFWLRQLVXVXDOO\DGHTXDWHWRGHWHUPLQHLWVSUHVHQFH+RZHYHUWKLVPHWKRGPD\QRWEHDGHTXDWHLQDOO
FDVHV,QXQGHUERG\DUHDVSURQHWRUXVWVXFKDVVWHHULQJDQGVXVSHQVLRQPRXQWLQJSRLQWVDQGPDMRUVWUXFWXUDO
FRPSRQHQWVZKLFKLQFOXGHFKDVVLVIORRUVWUXFWXUDOVLOOVDQGVXEIUDPHVWKHSUHVHQFHRIUXVWVKRXOGEHFKHFNHGXVLQJ
WKXPESUHVVXUHRUE\WDSSLQJZLWKDKDPPHURURWKHUDSSURSULDWHWRROV&RUURVLRQDIIHFWHGKHDY\JDXJHPHWDOPD\EH
WDSSHGKDUGHUWKDQOLJKWJDXJHEXWXQZDUUDQWHGIRUFHDQGGDPDJHPXVWEHDYRLGHG,QXVLQJWKLVWHFKQLTXHFDUH
VKRXOGEHWDNHQWRDYRLGGDPDJHWRSDQHOVRUSDLQWZRUNQRWUXVWDIIHFWHGLQDQ\ZD\:KHQFKHFNLQJIRUDGYDQFHG
UXVWSDUWLFXODUDWWHQWLRQVKRXOGEHSDLGWRVHDPZHOGVDQGVSRWZHOGV7KHVHIUHTXHQWO\FRUURGHWKURXJKIURPWKH
LQWHULRUDQGFDQUHVXOWLQWKHHYHQWXDOGHWDFKPHQWRISDQHOV$Q\SDQHOZKLFKLVPDGHLQVHFXUHE\VXFKFRUURVLRQPXVW
EHUHSDLUHGHYHQLILWLVDQDUHDRIWKHFRPSRQHQWZKHUHUXVWKROHVDUHQRWDQLPPHGLDWHGDQJHU
&ODVVLILFDWLRQRI5XVW
7KHH[WHQWRIFRUURVLRQFDQUDQJHIURPOLJKWVXUIDFHUXVWWRWKHWRWDOEUHDNGRZQRISDUHQWPHWDO
,QJHQHUDOWKHIRUPDWLRQRIUXVWDQGUHVXOWDQWORVVRIPHWDORFFXUVLQDUHDVZKLFKUHWDLQPRLVWXUHEHFDXVHRIDEXLOG
XSRIURDGGLUWDQGPXGHWF7KHH[WHQWRIFRUURVLRQLVFODVVLILHGLQWKUHHVWDJHV
6WDJH±6XUIDFH5XVW
/LJKWSRZGHU\FRUURVLRQRQWKHVXUIDFHRIDVHFWLRQRIPHWDOLVWHUPHGVXUIDFHUXVW
6XUIDFHUXVWFDQRFFXURQRUEHKLQGDQ\ERG\SDQHOSDUWLFXODUO\LIWKHSURWHFWLYHFRDWLQJLVVFUDWFKHGRUGDPDJHG
6WDJH±$GYDQFHG5XVW
6XUIDFHUXVWLIOHIWXQDWWHQGHGZLOOGHYHORSLQWRDQDGYDQFHGIRUPRIFRUURVLRQZKLFKFDQXVXDOO\EHVHHQDVDQ
HUXSWLRQRIR[LGLVHGPHWDOHLWKHURQEDUHPHWDORUXQGHUSDLQW7KLVHUXSWLRQRFFXUVEHFDXVHWKHUXVWUHDFWLRQLQYROYHV
DQLQFUHDVHLQYROXPHZKLFKFDXVHVSLWWLQJRUEXEEOLQJRISDLQW
$QH[DPSOHRIDVHFWLRQDIIHFWHGE\DGYDQFHGUXVWLVLOOXVWUDWHGEHORZ
/&97(67(560$18$/9
3DJH
&$%$1'%2'<:25.&RQW«
6WDJH±([WHQVLYH5XVW
7KHILQDOVWDJHRIWKHFRUURVLRQSURFHVVLVWKHIRUPDWLRQRIDKHDY\HQFUXVWDWLRQRIR[LGLVHGPHWDOZKLFKFRPSOHWHO\
UHSODFHVWKHSDUHQWPHWDO7KLVUHVXOWVLQDKROHRUVHULHVRIKROHVLQWKHERG\SDQHORUVWUXFWXUDOPHPEHURIWKHYHKLFOH
ZKHQWKHUXVWLVUHPRYHG7KLVFDWHJRU\RIUXVWFDQXVXDOO\RQO\EHUHFWLILHGE\UHSODFHPHQWRIWKHDIIHFWHGERG\
SDQHOVDQGSDUWV7KHLOOXVWUDWLRQEHORZVKRZVDVHFWLRQDIIHFWHGE\H[WHQVLYHUXVW
9HKLFOH6WUXFWXUHV
9HKLFOHVWUXFWXUDOFRPSRQHQWVFDQEHFDWHJRULVHGDFFRUGLQJWRWKHLULPSRUWDQFHWRVDIHW\
3ULPDU\6WUXFWXUH
7KHSULPDU\VWUXFWXUHLQFOXGHVDQ\VWUXFWXUHRUFRPSRQHQWZKLFKLILWFROODSVHGZRXOGUHQGHUWKHYHKLFOH
XQFRQWUROODEOHRUZRXOGFRQVLGHUDEO\UHGXFHRFFXSDQWVDIHW\LQDFUDVKFROOLVLRQVLWXDWLRQ2QO\VXUIDFHUXVWLV
DFFHSWDEOHLQSULPDU\VWUXFWXUHFRPSRQHQWV$Q\SDUWRIDORDGEHDULQJPHPEHURUORDGEHDULQJSDQHOOLQJVKRXOGEH
FRQVLGHUHGDUHDVRQIRUIDLOXUHLILWLVZHDNHQHGE\FRUURVLRQWRWKHH[WHQWWKDW
x
%\ILQJHUDQGWKXPESUHVVXUHLWGRHVQRWIHHOULJLGRU
x
,WFUXPEOHVWROHDYHDKROHRU
x
:KHQWDSSHGWKHUHLVSHQHWUDWLRQRULWFDXVHVWKHPHWDOWRFUXPEOHRUGLVLQWHJUDWH
/&97(67(560$18$/9
3DJH
&$%$1'%2'<:25.&RQW«
7\SLFDO3ULPDU\6WUXFWXUH&RPSRQHQWV
7KHZHDNHQLQJRIDQ\RIWKHVHFRPSRQHQWVFDQOHDGHLWKHUWRDFUDVKRUPDNHWKHRXWFRPHRIDFUDVKYHU\PXFKZRUVH
0DLQ6WUXFWXUDO0HPEHUVVXFKDVVXEIUDPHVDQGFKDVVLVUDLOV
6XVSHQVLRQPRXQWLQJDUHDV
6WHHULQJER[PRXQWLQJSRLQW
'RRUVLOOVDQGSLOODUV
'RRUKLQJHPRXQWLQJDUHDV
6HDWDQGVHDWEHOWDQFKRUDJHSRLQWV
$OOIORRUSDQHOV
%XONKHDG
%RG\6WUXFWXUDO0HPEHUV
6HFRQGDU\6WUXFWXUH
7KHVHFRQGFDWHJRU\LQFOXGHVDQ\VWUXFWXUHRUFRPSRQHQWZKLFKLILWFROODSVHGZRXOGQRWLPPHGLDWHO\DIIHFWDYHKLFOH¶V
FRQWUROODELOLW\1RUPDOO\VXUIDFHUXVWRUDGYDQFHGUXVWLQWKHVHVWUXFWXUHVRUFRPSRQHQWVZRXOGQRWPDNHWKHYHKLFOH
XQVDIH([WHQVLYHUXVWLQWKHVHFRPSRQHQWVLVXVXDOO\HLWKHUKD]DUGRXVWRSHRSOHLQRUQHDUWKHYHKLFOHEHFDXVHRILWV
VKDUSHGJHVRUEHFDXVHH[KDXVWIXPHVPD\HVFDSHLQWRWKHYHKLFOH,QVXFKFDVHVWKLVW\SHRIUXVWZRXOGPDNHWKH
YHKLFOHXQVDIH
7\SLFDO6HFRQGDU\&RPSRQHQWV
([WHQVLYHUXVWLQWKHVHFRPSRQHQWVFDQEHKD]DUGRXVWRYHKLFOHRFFXSDQWVDQGRWKHUURDGXVHUV
:LQJVRUEXPSHUV
5RRI
%RRWOLGERQQHWDQGGRRUVDUHDVZLWKLQPPRIPRXQWLQJDQGORFNLQJSRLQWVDUHSULPDU\VWUXFWXUHVDQGPXVWEH
IUHHRIDGYDQFHGRUH[WHQVLYHUXVW
([KDXVWV\VWHPYHKLFOHPD\IDLOWRPHHWQRLVHHPLVVLRQVWDQGDUGVLIH[KDXVWV\VWHPLVGHWHULRUDWHGGXHWRUXVW
/&97(67(560$18$/9
3DJH
&$%$1'%2'<:25.&RQW«
+RZWRGHWHUPLQHLIDYHKLFOHLVVDIH
7<3(2)&25526,21
&$7(*25<2)6758&785(
3ULPDU\
6HFRQGDU\
6XUIDFH5XVW
$FFHSWDEOH
$FFHSWDEOH
$GYDQFHG5XVW
1RW$FFHSWDEOH
$FFHSWDEOH
([WHQVLYH5XVW
1RW$FFHSWDEOH
1RW$FFHSWDEOH
$UHDVZLWKLQPPRIKLQJHVDQGORFNVHJERRWOLGERQQHWDQGGRRUVDUHFRQVLGHUHGSULPDU\VWUXFWXUHVDQGPXVWEH
IUHHRIDGYDQFHGDQGH[WHQVLYHUXVW
([WHQVLYHUXVWLVQRWDFFHSWDEOHLQVHFRQGDU\FRPSRQHQWVLILWUHQGHUVWKHFRPSRQHQWKD]DUGRXVWRSHUVRQVLQRUQHDU
WKHYHKLFOHHJVKDUSHGJHVORRVHSDQHOVRULQWKHFDVHRIH[KDXVWIXPHVOHDNDJHRIH[KDXVWJDVHVLQWRWKHSDVVHQJHU
FRPSDUWPHQW
5HSDLUV
5HSDLUVPDGHWRSULPDU\VWUXFWXUHFRPSRQHQWVVROHO\E\XVLQJERG\ILOOLQJFRPSRXQGVDUHQRWDFFHSWDEOH5HSDLUVVKRXOG
EHPDGHE\FRPSOHWHO\ZHOGLQJLQQHZPHWDORIWKHVDPHJDXJHDVWKDWRIWKHPDQXIDFWXUHGFRPSRQHQW+RZHYHUSODVWLF
ILOOHURUILEUHJODVVFDQEHXVHGWRFRVPHWLFDOO\VPRRWKDQRQVWUXFWXUDOFRPSRQHQW
([WHQVLYHUXVWLQVWUXFWXUDOPHPEHUVFDQRQO\EHUHSDLUHGE\UHSODFLQJWKHDIIHFWHGPHPEHURUE\FRPSOHWHO\UHPRYLQJDOO
UXVWHGPDWHULDODQGUHLQIRUFLQJLWVRWKDWWKHRULJLQDOVWUHQJWKRIWKHDIIHFWHGVWUXFWXUDOPHPEHULVUHHVWDEOLVKHG
$QXQVDIHUHSDLURUPRGLILFDWLRQ
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHFDERUERG\VWUXFWXUHPD\UHTXLUHDPRGLILFDWLRQVUHSRUWWREH
SUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
7KHWHUP³RWKHUVLPLODUGHYLFHV´KDVDZLGHLQWHUSUHWDWLRQ7KHFULWHULRQWREHXVHGLVWKDWWKHURDGZKHHOVPXVW
KDYHDVVRFLDWHGZLWKWKHPHTXLSPHQWRUSDUWRIWKHERG\ZKLFKFDWFKHVVRIDUDVLVSUDFWLFDEOHPXGRUZDWHUWKURZQXS
E\WKHURWDWLRQRIWKHURDGZKHHOV
$PLVVLQJRUGDPDJHGPXGIODSLVQRWDFDXVHIRUUHMHFWLRQLILWLVDQH[WHQVLRQWRDZLQJRURWKHUVLPLODUILWWLQJ
:KHUHDPXGIODSLVILWWHGLQSODFHRIDPXGJXDUGZLQJWKHVHPXVWPHHWWKHUHTXLUHPHQWVRIPXGJXDUGV
+DYLQJUHJDUGWRWKHSXUSRVHIRUZKLFKWKH\DUHXVHGWKHERGLHVRIFRPPHUFLDOYHKLFOHVDUHRIWHQVXEMHFWHGWR
URXJKWUHDWPHQW$Q\VXSHUILFLDOGDPDJHZKLFKGRHVQRWDIIHFWWKHVWUHQJWKRIWKHFRPSRQHQWDQGLVQRWOLNHO\WRLQMXUH
RWKHUURDGXVHUVVKRXOGQRWEHUHJDUGHGDVDGHIHFW
/&97(67(560$18$/9
3DJH
&$%$1'%2'<:25.&RQW«
,7(0
%RG\6WUXFWXUH
&DE
%RG\6HFXULW\
%RG\&RQGLWLRQ
5($6216)25)$,/85(
0L' 0D'
$GYDQFHGUXVW RUGDPDJH LQEUDFLQJRUVXSSRUW VSDUV
;
;
$GYDQFHGUXVW RUGDPDJH LQWKH SULPDU\VWUXFWXUDO ERG\SDQHOV RUIORRU
;
;
$GYDQFHGUXVWRUGDPDJHLQSULPDU\VWUXFWXUHGRRUVSLOODUVIORRU
RUPRXQWLQJDUHD
;
;
&DEPRXQWLQJVZRUQLQVHFXUHRULQWHUIHULQJZLWKFRQWUROIXQFWLRQV
;
;
)XPHVRUZDWHUHQWHULQJFDE
;
;
%RG\QRWORFDWHGVTXDUHO\RQWKHFKDVVLV
;
;
%RG\IL[LQJVHJEUDFNHWVPLVVLQJORRVHZRUQRUGDPDJHGDVWREH
OLNHO\WRFDXVHGDQJHU
;
;
&URVVRUORQJLWXGLQDOPHPEHUVGHWHULRUDWHGRUGDPDJHGWRVXFKDQ
H[WHQWWKDWLWZRXOGEHGDQJHURXVWRFDUU\DORDG
;
;
;
;
;
;
;
;
%RG\SDQHOVSLOODUVRUIORRUGHWHULRUDWHGRUGDPDJHGWRVXFKDQH[WHQW
WKDWLWZRXOGEHGDQJHURXVWRFDUU\DORDG
&URVVRUORQJLWXGLQDOPHPEHUVLQVXFKFRQGLWLRQWKDWWKHLQWHJULW\RIWKH
ERG\LVVHULRXVO\DIIHFWHG
'HIHFWLYHKLQJHVRUUHWDLQLQJGHYLFHV
,QVHFXUHO\PRXQWHG
;
;
/LDEOHWRIRXORWKHUYHKLFOHFRPSRQHQWVRUHQGDQJHUURDGXVHUV
;
;
1RWILWWHG:LQJV
;
;
6SOLWPLVVLQJWRUQRUGDPDJHG
;
;
%DGO\FRUURGHGRUUXVWHGWKURXJK
;
;
1RWLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWV
;
;
%RQQHWORFNLQJ
PHFKDQLVPIURQW
RSHQLQJ
0DLQORFNQRW ZRUNLQJ
;
;
6DIHW\FDWFK QRW ZRUNLQJ
;
;
'RRUV
&DQQRWEHVKXW RURSHQHG QRUPDOO\RUOLDEOHWRRSHQ RQLWVRZQ
,QHVVHQWLDO
SURMHFWLRQV
$Q\SURMHFWLQJLWHPOLDEOHWRLQMXUHDSHGHVWULDQ RURWKHU URDG XVHU
LQFOXGLQJEXW QRW OLPLWHGWRQRQVWDQGDUG ZKHHOVW\UHV SURMHFWLQJ
RXWVLGH WKH ERG\ZRUNDQG H[WHUQDO UROOFDJHV
+HDWLQJ6\VWHP
1RWZRUNLQJ
;
;
9HQWLODWLRQ
6\VWHP
1RWZRUNLQJ
;
;
2WKHULQWHULRURU
H[WHULRUILWWLQJVRU
HTXLSPHQW
$WWDFKPHQW RIRWKHU ILWWLQJRUHTXLSPHQW GHIHFWLYH
2WKHUILWWLQJRUHTXLSPHQW QRW LQDFFRUGDQFH ZLWKWKH UHTXLUHPHQWV
/HDNLQJK\GUDXOLF HTXLSPHQW
;
;
;
;
;
;
&DEDQG
%RG\ZRUN
8QVDIHUHSDLURUPRGLILFDWLRQ
:LQJV/LIWVRU
RWKHULWHPV
/&97(67(560$18$/9
''
3DJH
;
;
;
;
;
;
&$%$1'%2'<:25.&RQW«
0DLQ6WUXFWXUDO0HPEHUVVXFKDVVXEIUDPHVDQGFKDVVLVUDLOV
6XVSHQVLRQPRXQWLQJDUHDV
6WHHULQJER[PRXQWLQJSRLQW
'RRUVLOOVDQGSLOODUV
'RRUKLQJHPRXQWLQJDUHDV
6HDWDQGVHDWEHOWDQFKRUDJHSRLQWV
$OOIORRUSDQHOV
%XONKHDG
%RG\6WUXFWXUDO0HPEHUV
/&97(67(560$18$/9
3DJH
5811,1*%2$5'$1'67(36
0HWKRGRI7HVWLQJ
([DPLQHWKHFRQGLWLRQDQGVHFXULW\RIWKHUXQQLQJERDUGVZKHUHILWWHG
([DPLQHWKHFRQGLWLRQDQGVHFXULW\RIWKHVWHSVRUVWHSULQJVWRWKHFDE
,7(0
5XQQLQJ%RDUGVRU6WHSV
/&97(67(560$18$/9
5($6216)25)$,/85(
0LVVLQJXQVDIHRUOLDEOHWRFDXVHLQMXU\
3DJH
0L'
0D'
;
;
''
7<5(&21',7,21
0HWKRGRI7HVWLQJ
&KHFNZKHWKHUWKHW\UHWUHDGDSSHDUVWRKDYHEHHQUHJURRYHG
&KHFNYLVXDOO\WKDWWKHW\UHLVQRWVHULRXVO\XQGHULQIODWHGDQGWKDWLWLVFRUUHFWO\VHDWHGRQWKHULP
&KHFNW\UHVRQWZLQZKHHOVIRUZDOOFRQWDFW >VHHQRWH @
([DPLQHWKHW\UHIRU
D DQ\FXWRUEUHDNLQWKHIDEULF
E DQ\OXPSRUEXOJH
F DQ\H[SRVXUHRIWKHSO\RUFRUGVWUXFWXUH
([DPLQHWKHYDOYHVWHPIRUGLVWRUWLRQRUFKDILQJ
127(6
,WZLOOQRW DOZD\VEHSRVVLEOHWRVHH WKH FRPSOHWH W\UHIURPJURXQG OHYHOHVSHFLDOO\RQWZLQZKHHOV
DQG RQYHKLFOHVZKHUH WKH ERG\VKURXGV SDUW RIWKH W\UHV $Q\ W\UHRUZKHHO H[DPLQDWLRQ PXVW EH
SHUIRUPHG ZLWK WKH YHKLFOHUDLVHGRQ WKH OLIWWR HQVXUH WKDW DOOSDUWV RIWKH ZKHHO DQG W\UH FDQ EH
H[DPLQHGWKRURXJKO\
([DPLQDWLRQLVFRQILQHGWR W\UHV ILWWHG WR WKH URDG ZKHHOV ,IKRZHYHU DQ\GHIHFW RQD W\UHFDUULHG
RQDVSDUH ZKHHO LVVHHQ WKH GULYHUVKRXOGEHDGYLVHG
7\UHVGHVLJQHG IRUUHFXWWLQJ RUUHJURRYLQJZLOOQRUPDOO\EHPDUNHGDVUHJURRYDEOH
6LGHZDOOFRQWDFW LVXQDFFHSWDEOH LIFDXVHGE\
L
XQGHULQIODWLRQ
LL LQFRUUHFWZKHHORUW\UHILWPHQW
7KH HYLGHQFH RI DQ\ W\UH ZHDU RU GDPDJH LQ WKH IXOO ORFNRU IXOOVXVSHQVLRQ ERXQFH DQG MRXQFH
FRQGLWLRQV VKRXOG EH QRWHG ZKHQ PDNLQJWKH UDWLQJV DERYH VHH DOVR UHDVRQ IRUIDLOXUH 1RLQ
6HFWLRQ6WHHULQJ/LQNDJH
,7(0
7\UH6WUXFWXUH
5($6216)25)$,/85(
0L' 0D' ''
(YLGHQFHRIUHJURRYLQJRIWUHDGSDWWHUQ
2EYLRXVO\XQGHULQIODWHGRUFDQQRWEHLQIODWHG
(YLGHQFHRIZDOOFRQWDFWRQWZLQZKHHOILWPHQW
;
;
;
,QFRUUHFWO\VHDWHG RQZKHHO ULP
;
;
5XEEHUEDGO\FUDFNHGRU³SHULVKHG´
;
;
;
2EYLRXV GDPDJH RUGLVWRUWLRQ RIWKH YDOYHVWHP
$LUSUHVVXUHPRQLWRULQJV\VWHPZKHUHILWWHGPDOIXQFWLRQLQJRUREYLRXVO\
LQRSHUDWLYH
/&97(67(560$18$/9
;
;
5HSDLUSOXJILWWHGLQWKHVLGHZDOO
3DJH
;
;
9DOYHVWHPFKDILQJDJDLQVWYDOYHKROH
5HSDLUV
;
5XSWXUHLQRUH[SRVXUHRISO\RUFRUGVWUXFWXUHWUHDGOLIWLQJOXPSRUEXOJH
FDXVHGE\VHSDUDWLRQRIUXEEHUIURPFRUGVRUZHDNQHVVLQFRUGVWUXFWXUH
RUWUHDGGLVWRUWHGRUGDPDJHG
(YLGHQFHRIW\UHUXEELQJ DJDLQVW RWKHU FRPSRQHQWV
9DOYH
;
;
;
;
;
;
;
7<5(63(&,),&$7,21
0HWKRGRI7HVWLQJ
&KHFNWKDWWKHVL]HVDQGSO\UDWLQJVRIWKHW\UHVDUHVXFKWKDWWKH\ZLOOFDUU\WKHORDGVIRUZKLFKHDFKD[OHZDV
GHVLJQHGDWWKHPD[LPXPOHJDOVSHHGSHUPLWWHGIRUWKHYHKLFOH7KHDGGLWLRQDOORDGVSHHGLQGH[PD\DOVREHXVHG
ZKHQPDNLQJWKLVGHWHUPLQDWLRQ5HIHUWRW\UHORDGGDWDWDEOHVDYDLODEOHRQWKH56$ZHEVLWH
([DPLQHDOOWKHW\UHVILWWHGDQGQRWHWKHW\SHRIVWUXFWXUHUDGLDORUFURVVSO\DQGWKHQRPLQDOVL]HRIW\UHV
$OOW\UHVRQWKHVDPHD[OHPXVWEHRIWKHVDPHVWUXFWXUHDQGQRPLQDOVL]H
7\UHVRQDQD[OHPD\EHRIGLIIHUHQWVWUXFWXUHVDQGQRPLQDOVL]HVWRWKRVHRQDQRWKHUD[OHZLWKWKHIROORZLQJ
H[FHSWLRQV
x $OOW\UHVRQDOOVWHHUHGD[OHVPXVWKDYHWKHVDPHVWUXFWXUH
x 2QDWZRD[OHPRWRUYHKLFOHZKHUHHDFKD[OHLVILWWHGZLWKVLQJOHZKHHOVWKHQDOOWKHW\UHVPXVWEHRIWKH
VDPHVWUXFWXUHRWKHUZLVHWKHQWKHRQO\W\UHFRPELQDWLRQWKDWLVDOORZHGLVFURVVSO\LQWKHIURQWDQGUDGLDO
DWWKHUHDU7KLVGRHVQRWDSSO\WRDQD[OHRQZKLFKZLGHVLQJOHW\UHVZLWKDURDGFRQWDFWZLGWKRIPRUH
WKDQPPDUHILWWHG
&KHFNWKHW\UHVSHHGUDWLQJWDEOHRQWKHSDJHWKDWIROORZV
&KHFNWKDWHDFKW\UHILWWHGWRWKHYHKLFOHKDVDQ(PDUNRUHPDUN
,7(0
5($6216)25)$,/85(
7\UH)LWPHQW
7\UHVILWWHG WRLQGLYLGXDOD[OHVLQFOXGLQJWZLQZKHHOVDUH QRW
RIWKH VDPH VL]HDVSHFW UDWLR RUW\SHLHFURVVSO\RU
0L'
0D'
''
;
UDGLDOSO\
$UHLQFRUUHFWO\PDWFKHG ZLWKWKH ZKHHOV
;
$W\UHRQDVWHHUDEOHD[OHZKLFKLVQRWRIWKHVDPH
VWUXFWXUHDVDQ\RWKHUW\UHRQDQ\VWHHUDEOHD[OH
;
2QDWZRD[OHYHKLFOHILWWHGZLWKVLQJOHW\UHVRQERWKD[OHV
DFRPELQDWLRQRIW\UHVZLWKVWUXFWXUHVZKLFKDUHQRWVKRZQ
DVDFFHSWDEOHLQWKHWDEOHDERYH7KLVLVKRZHYHU
SHUPLVVLEOHLQWKH FDVH RIYHKLFOHVZLWKUHDU WZLQZKHHOV
;
,QVXIILFLHQWFDSDFLW\IRUGHVLJQZHLJKW RID[OH
6SHHGUDWLQJ LQVXIILFLHQWIRUPD[LPXPOHJDOVSHHG OLPLW
;
;
75$,/(586(21/<PDUNHGRQDQ\W\UH
;
'LUHFWLRQDQG
/RFDWLRQ
$Q\W\UHILWWHGLQWKHLQFRUUHFWGLUHFWLRQGLUHFWLRQDOW\UHVRU
ZURQJVLGHRXWDV\PPHWULFDOW\UHV
;
7\UH7\SH
$SSURYDO
$Q(PDUNRUHPDUNLVQRWYLVLEOHRQWKHW\UH
;
/&97(67(560$18$/9
3DJH
;
;
7<5(63(&,),&$7,21&RQW«
127(6
$Q\W\UHRUZKHHOH[DPLQDWLRQPXVWEHSHUIRUPHGZLWKWKHYHKLFOHUDLVHGRQWKHOLIWWRHQVXUH
WKDWDOOSDUWVRIWKHZKHHODQGW\UHFDQEHH[DPLQHGWKRURXJKO\
8QOHVVPDUNHGRWKHUZLVH³VWDQGDUG´FDURU/*9W\UHVKDYHDQRPLQDODVSHFWUDWLRRI
6RPHW\UHVKDYHDQDVSHFWUDWLRRI7KHVHKDYH³´LQFOXGHGLQWKHLUVL]HPDUNLQJHJ
57\UHVZLWKDVSHFWUDWLRVRIDQGDUHDOPRVWLGHQWLFDOLQVL]HDQGFDQEH
VDIHO\PL[HGLQDQ\FRQILJXUDWLRQRQDYHKLFOH:KHUHWKLVLVGRQH5HDVRQIRU)DLOXUHGRHV
QRWDSSO\
7\UH6SHHGUDWLQJWDEOH
&RGH
NPK
&RGH
NPK
$
/
$
0
$
1
$
3
$
4
$
5
$
6
$
7
%
8
&
+
'
9
(
=
RYHU
)
:
*
:
RYHU
<
.
<
RYHU
7KHVSHHGUDWLQJRIDW\UHLQGLFDWHGE\VSHHGV\PEROZKLFKLVPDGHXSRIDVLQJOHOHWWHURUDQ$ZLWKRQHQXPEHU,W
LQGLFDWHVWKHPD[LPXPVSHHGDWZKLFKWKHW\UHFDQFDUU\DORDGFRUUHVSRQGLQJWRLWV/RDG,QGH[
/&97(67(560$18$/9
3DJH
7<5(75($'
0HWKRGRI7HVWLQJ
&KHFNZLWKDW\UHWUHDG GHSWK JDXJH WKDW WKH FHQWUDO WKUHHTXDUWHUVRIWKH WUHDG SDWWHUQ KDVDGHSWK RIDW
OHDVW PLOOLPHWUHV DURXQG WKH IXOOFLUFXPIHUHQFHRIWKH W\UH
127(6
:KHUHWKHSDWWHUQLVLQWHUUXSWHGE\WUHDGZHDULQGLFDWRUVEXWKDVDWOHDVWPPRYHUDOOWUHDGGHSWK
WKHW\UHFRQFHUQHGVKRXOGQRWEHIDLOHGIRULQDGHTXDWHWUHDGGHSWK
$Q\W\UHRUZKHHOH[DPLQDWLRQPXVWEHSHUIRUPHGZLWKWKHYHKLFOHUDLVHGRQWKHOLIWWRHQVXUHWKDWDOO
SDUWVRIWKHZKHHODQGW\UHFDQEHH[DPLQHGWKRURXJKO\
7KHWUHDGSDWWHUQPHDQVWKHFRPELQDWLRQRISODLQVXUIDFHVDQGJURYHVH[WHQGLQJDFURVVWKHEUHDGWK
RIWKHWUHDGEXWH[FOXGHVDQ\WUHDGZHDULQGLFDWRUVRUIHDWXUHVZKLFKDUHGHVLJQHGWRZHDURXW
VXEVWDQWLDOO\EHIRUHWKHUHVWRIWKHSDWWHUQXQGHUQRUPDOFRQGLWLRQVRIXVH
7KHRZQHUVKRXOGEHDGYLVHGRIDQ\W\UHZLWKDWUHDGGHSWKRIOHVVWKDQPP
,7(0
'HSWKRIWUHDG
5($6216)25)$,/85(
'HSWKRIOHVVWKDQ PPLQWKH FHQWUDO WKUHHTXDUWHUVRIWKH WUHDG
$'9,625<127,&(
$GYLVRU\1RWLFHIRUWUHDG GHSWK OHVVWKDQ PP
/&97(67(560$18$/9
3DJH
0L' 0D' ''
;
;
:+((/6
0HWKRGRI7HVWLQJ
0DNHDQLQVSHFWLRQ RIHDFKSDUW RIWKH URDGZKHHO SD\LQJSDUWLFXODU DWWHQWLRQWRZKHWKHU WKHUH LV
D
DQ\IUDFWXUHRIIODQJHV
E
DQ\ZHOGLQJEUHDNLQJDZD\
F
DQ\ZKHHOEDGO\GLVWRUWHG
G
DQ\VWXGKROHEDGO\ZRUQ
H
DQ\ZKHHOVWXGPLVVLQJ
I
DQ\ZKHHOQXWPLVVLQJ
J
DQ\ZKHHOQXWORRVH
K
DQ\W\UHUHWDLQLQJULQJGDPDJHGRUWKHHQGVRIZKLFKDUHEXWWLQJ
&KHFNWKDWWKHFRUUHFWW\SHRIZKHHODQG ZKHHOQXW LVILWWHG
127(6
,WLVQRWDOZD\VSRVVLEOHWRVHH WKH FRPSOHWH URDGZKHHOV RQDYHKLFOHIURPJURXQG OHYHO
HVSHFLDOO\RQWZLQZKHHOVDQGRQYHKLFOHVZKHUH WKH ERG\VKURXGV SDUW RIWKH ZKHHOV ,QVXFK
FDVHVWKH YHKLFOHVKRXOGEHPRYHGWRH[SRVHWKH KLGGHQSDUWV RIZKHHOV RUWKH H[DPLQDWLRQ
VKRXOGEHFRPSOHWHG IURPDSRVLWLRQXQGHU WKH YHKLFOH
:KHUHZKHHOHPEHOOLVKHUV RUKXEFDSVDUH ILWWHGWKH\PXVWEHUHPRYHGE\WKH YHKLFOHRSHUDWRU
SULRUWRWKHWHVW:KHUHDQRZQHUKDVQRWUHPRYHGRUUHIXVHVWRDOORZWKHZKHHOHPEHOOLVKHUVRU
KXEFDSVRIWKHYHKLFOHWREHUHPRYHGWKHQD&95WHVWPD\EHFDUULHGRXWEXWDSDVVVWDWHPHQW
ZLOOQRWEHLVVXHG
,7(0
5($6216)25)$,/85(
0L' 0D'
''
$Q\FUDFNVRUGHIHFWLYHZHOGV
;
;
0RUHWKDQPPò´DVNHZRUEXFNOHG
;
;
7XUQHGWKHZURQJZD\RULQFRUUHFWO\ILWWHG
;
;
:KHHOEDGO\GLVWRUWHG
;
;
'DPDJHGVRWKDW W\UHGDPDJH RUVHDOGDPDJH LVSRVVLEOH
;
,QFRUUHFWVL]HRULQFRUUHFWZKHHO W\SHILWWHG
$Q\ VSRNHZKHHO FRPSRQHQW RUVSOLWULPLQVXFKD
FRQGLWLRQWKDW WKHUH LVDGDQJHU RIIDLOXUH
;
:KHHOHPEHOOLVKHUVRU
KXEFDSV
1RWUHPRYHG6HH1RWHDERYH
;
6WXGVQXWVDQGVWXG
KROHV
'DPDJHGRUWKUHDGV VWULSSHG RUFURVVHG
;
;
$Q\ VWXG RUQXW PLVVLQJRUORRVH
;
;
$Q\ VWXG RUQXW LQVXFKDFRQGLWLRQWKDW WKHUHLVDGDQJHU
WKH ZKHHO ZLOOFRPHORRVH
;
;
1XWVLQFRUUHFWO\ILWWHG
;
;
,QFRUUHFWZKHHO QXWV ILWWHG
;
;
6WXGKROHVZRUQHORQJDWHG RUGDPDJHG
;
;
+XEZRUQRUGDPDJHG
;
;
:KHHOV
5RDG ZKHHO KXE
/&97(67(560$18$/9
3DJH
;
;
63$5(:+((/$1'&$55,(5
0HWKRGRI7HVWLQJ
([DPLQHWKHVSDUHZKHHOFDUULHULIILWWHGIRUVHFXULW\RIDWWDFKPHQWWRYHKLFOH
([DPLQHWKHPRXQWLQJSRLQWVDQGWKHVWUXFWXUHRIWKHFDUULHUWRVHHWKDWWKH\DUHIUHHIURPIUDFWXUHV
,IWKHUHLVDVSDUHZKHHOLQWKHFDUULHUFKHFNWKDWWKLVLVVHFXUHO\KHOGLQWKHFDUULHU
,7(0
5($6216)25)$,/85(
0L' 0D' ''
6SDUHZKHHOFDUULHULI
ILWWHG
1RWLQSURSHUFRQGLWLRQRULQVHFXUHO\PRXQWHG
;
;
6SDUHZKHHO
,QVHFXUHO\PRXQWHG
;
;
/&97(67(560$18$/9
3DJH
%5$.()/8,'
0HWKRGRI7HVWLQJ
([DPLQHEUDNHIOXLGUHVHUYRLUIRUIOXLGOHYHOOHDNVDQGFRQGLWLRQRIIOXLG
127(6
,IWKHEUDNHIOXLGFDQQRWEHHDVLO\VHHQZLWKRXWUHPRYLQJWKHUHVHUYRLUFDSWKHQWKHFDSPXVWEH
UHPRYHGIRULQVSHFWLRQ
,7(0
5HVHUYRLU
/&97(67(560$18$/9
5($6216)25)$,/85(
0L'
0D'
/RZHUWKDQIXOORUEHORZPDQXIDFWXUHU¶VPLQLPXPOHYHO
;
;
/HDNLQJRUFDSPLVVLQJ
;
;
)OXLGREYLRXVO\GLUW\RUFRQWDPLQDWHG
;
0RXQWLQJXQVDWLVIDFWRU\
;
3DJH
''
;
&+$66,681'(5%2'<
0HWKRGRI7HVWLQJ
([DPLQHPDLQFKDVVLVXQGHUERG\PHPEHUVIRUGHIRUPDWLRQDQGRUIUDFWXUHVDQGRUDGYDQFHGFRUURVLRQ
([DPLQHFURVVPHPEHUVIRUGHIRUPDWLRQDQGRUIUDFWXUHVDQGRUDGYDQFHGFRUURVLRQ
([DPLQHWKHZHOGLQJDQGRUVHFXULQJEROWVULYHWVIRUVRXQGQHVVDQGVHFXULW\
([DPLQHIUDPHFURVVPHPEHUMXQFWLRQVIRULQGLFDWLRQVRIPRYHPHQW
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHFKDVVLVRUXQGHUERG\
127(6
7KHH[WHQWRIWKLVLQVSHFWLRQLVOLPLWHGWRWKDWSDUWRIWKHFKDVVLVRUXQGHUERG\ZKLFKFDQUHDGLO\EH
VHHQZLWKRXWGLVPDQWOLQJDQ\SDUWRIWKHYHKLFOH
3D\SDUWLFXODUDWWHQWLRQWRDFKDVVLVRUXQGHUERG\ZKLFKLVHQFUXVWHGZLWKGLUW7KHUHPD\EHFUDFNV
RUIUDFWXUHVLQKLJKVWUHVVDUHDVREVFXUHGE\WKLVGLUW
3D\SDUWLFXODUDWWHQWLRQWRDUHDVDURXQGVSULQJDQGUXQQLQJJHDUPRXQWLQJV
3DJHLQGLFDWHVWKHPDLQFKDVVLVPHPEHUVRIW\SLFDOYHKLFOHFRQVWUXFWLRQV
:KHUHPLVDOLJQPHQWLVVXVSHFWHGLWPD\EHQHFHVVDU\WRFRQILUPWKDWWKHIUDPHFKDVVLVLVZLWKLQWKH
PDQXIDFWXUHU¶VWROHUDQFHV
6HHH[DPSOHVRI6XUIDFH$GYDQFHGDQG([WHQVLYHUXVWLQ6HFWLRQ
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHFKDVVLVRUXQGHUERG\PD\UHTXLUHDPRGLILFDWLRQV
UHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
,7(0
&KDVVLVIUDPHVXEIUDPHIOLWFK
SODWHVXQGHUERG\
0D'
''
:HOGVEUHDNLQJDZD\
5($6216)25)$,/85(
0L'
;
;
&UDFNHGLQVHFXUHRUSURQRXQFHG PLVDOLJQPHQW
;
;
/RRVHULYHWVEROWVEHQWPHPEHUV
;
;
&RQVLGHUDEO\ZHDNHQHGE\KROHV
;
;
$GYDQFHGFRUURVLRQRURWKHUGDPDJH
;
;
8QVDIHUHSDLURUPRGLILFDWLRQ
;
;
0DLQ&KDVVLV0HPEHUVDUHVKRZQLQEODFN
/&97(67(560$18$/9
3DJH
67((5,1*/,1.$*(
0HWKRGRI7HVWLQJ
:LWKWKH URDGZKHHOVRQWKH JURXQG DQGWKH VWHHULQJ ZKHHOURWDWHG FORFNZLVHDQGDQWLFORFNZLVHDJDLQVW WKH
URDGUHVLVWDQFH H[DPLQH WKH VWHHULQJ PHFKDQLVP IURPWKH SRLQWLWLVVHFXUHG WRWKH FKDVVLVWRWKH SRLQW
ZKHUHWKH VWHHULQJ DUPVDUH VHFXUHG WRWKHLU IL[LQJV)RUYHKLFOHVILWWHG ZLWKSRZHUVWHHULQJ LWPD\EHQHFHVVDU\
WRKDYHWKH HQJLQH UXQQLQJ
'XULQJWKLVLQVSHFWLRQ FKHFNIRU
D H[FHVVLYHZHDUDW MRLQWV
E IUDFWXUH RIRUGDPDJH WRFRPSRQHQWV
F LQVHFXUHFRPSRQHQWV
:LWKVWHHUHG ZKHHOVRIIWKH JURXQG
D FKHFNIRUIRXOLQJRIZKHHOV W\UHVDQGFRPSRQHQWV RIWKH VWHHULQJ OLQNDJHZLWKDQ\SDUW RIWKH YHKLFOHE\
URWDWLQJ WKHVWHHULQJ ZKHHOWKURXJK LWVIXOOZRUNLQJUDQJH DQGDOVRE\H[DPLQLQJ OLNHO\IRXOLQJSRLQWVIRU
DEUDVLRQ
E ZKLOHWKH VWHHULQJ ZKHHOLVEHLQJURWDWHG DOVRFKHFNWKH VWHHULQJ FROXPQVKDIWDQGVWHHULQJ ER[IRU
VWLIIQHVVRUZRUQRUGDPDJHG EHDULQJV
F QRWH WKH DPRXQW RIPRYHPHQW EHWZHHQ WKH D[OHEHDP DQGWKH VWXE D[OHZKLOVWHDFK ZKHHOLQWXUQ LV
URFNHGZLWKDEDU DSSUR[LPDWHO\RQHPHWHU ORQJRQHHQGLQVHUWHG LQWKH ZKHHOGLVFDQGWKH RWKHU HQG
OLIWHG$OWHUQDWLYHO\DZKHHOSOD\GHWHFWRU GHYLFHPD\EHXVHG
G QRWH WKHDPRXQWRIXSZDUGPRYHPHQWRIWKHVWXED[OHZKLOVWHDFKZKHHOLQWXUQLVOLIWHGZLWKDEDUSODFHG
XQGHUQHDWKLW
H H[DPLQH YLVLEOHSDUWV RIWKH VWXE D[OHIRUFRQGLWLRQDQG VHFXULW\
I
ZKHUHSRVVLEOHH[DPLQH WKH NLQJSLQUHWDLQLQJ GHYLFH
)RU,QWHJUDO3RZHU6WHHULQJ
&KHFNE\WKHIHHORQWKHVWHHULQJ ZKHHOWKDW WKH SRZHUVWHHULQJ LVRSHUDWLQJ E\URFNLQJWKH VWHHULQJ ZKHHOZLWK
WKH HQJLQHUXQQLQJ DQGWKH URDGZKHHOVRQWKH JURXQG
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRDQ\VWHHULQJFRPSRQHQWV
127(6
$OO VWHHUHG ZKHHOV DUH WREHH[DPLQHG
,ISRZHUVWHHULQJ LVRSWLRQDO RQWKH YHKLFOHFRQFHUQHG DQGLVILWWHGEXWKDVEHHQ GLVFRQQHFWHG LQ
VXFKDZD\WKDW LW FDQKDYHQRDGYHUVH HIIHFWRQWKH PDQXDO VWHHULQJ WKLVVKRXOGQRWEHWKH VXEMHFW
RIDGHIHFW
:HOGLQJRIVWHHULQJ SDUWV RWKHU WKDQ E\DPDQXIDFWXUHU LVQRWDFFHSWDEOH
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRVWHHULQJFRPSRQHQWVPD\UHTXLUHDPRGLILFDWLRQV
UHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
/&97(67(560$18$/9
3DJH
67((5,1*/,1.$*(&RQW«
,7(0
0D'
''
'DPDJHGRULQVHFXUH
;
;
6SOLQHVZRUQRUGDPDJHG
;
;
%XVKHVEHDULQJVH[FHVVLYHO\ZRUQ
;
;
([FHVVLYHHQGIORDWLQSLQLRQ
;
;
2EYLRXVVWLIIQHVV
;
;
6WHHULQJUDFNJDLWHULQVHFXUHVSOLWRUPLVVLQJ
2EYLRXVVWLIIQHVVRUEHDULQJVGDPDJHGRUZRUQ
;
;
'DPDJHGLQVHFXUHRUH[FHVVLYHHQGIORDW
;
;
$[LDORUUDGLDOSOD\ZRUQVSOLQHVRUVKDIWWZLVWHG
;
;
'URSDUP'UDJOLQN
'DPDJHGLQVHFXUHRUEHQW
;
;
'UDJOLQNDQG7UDFNURGHQGV
2EYLRXVO\ZRUQRULQVHFXUH
;
;
5XEEHUJDLWHUVSOLWGDPDJHGPLVVLQJRUGLVSODFHG
,GOHU$VVHPEO\
0RXQWLQJREYLRXVO\ORRVHRUD[LDORUUDGLDOSOD\
;
;
7UDFNURG6WHHULQJDUP
2EYLRXVO\GHIRUPHGORRVHEHQWRUFUDFNHG
;
;
.LQJSLQ%XVKHV%HDULQJV
([FHVVLYHO\ZRUQPPSOD\´DWZKHHOULPRQ´
ZKHHORWKHUVSURUDWD
;
;
([FHVVLYHOLIWEHWZHHQVWXED[OHDQGD[OHEHDP
;
;
6WXE$[OH
'DPDJHGRUEHQW
;
;
5HWDLQLQJRUORFNLQJGHYLFHVHJVSOLW
SLQQXWULYHWRUZHOG
$EVHQWLQVHFXUH ZRUQRUEURNHQ
;
;
6WHHULQJKRXVLQJ
+RXVLQJIUDFWXUHG GDPDJHG RUZRUQ
;
;
0RXQWLQJEROWVPLVVLQJRUORRVH
;
;
&RPSRQHQWV
$Q\ VWHHULQJ FRPSRQHQW UHSDLUHG E\ZHOGLQJ
;
;
6WHHULQJER[UDFNRUVWHHULQJLGOHU
&UDFNVRUFRUURVLRQDURXQGDWWDFKPHQW SRLQWV
;
;
5DFNDQGSLQLRQW\SH
6WHHULQJER[
/&97(67(560$18$/9
5($6216)25)$,/85(
3DJH
0L'
;
;
;
;
67((5,1*/,1.$*(&RQW«
,7(0
3RZHUVWHHULQJIXQFWLRQ
5($6216)25)$,/85(
0L' 0D' ''
3RZHUDVVLVWDQFH QRW DYDLODEOHFRQVLVWHQWO\ VPRRWK
RYHUIXOOORFNWRORFNUDQJH
;
;
0LVVLQJRUGLVFRQQHFWHG ZKHUH SRZHUVWHHULQJ LVD
VWDQGDUG ILWPHQW E\WKH PDQXIDFWXUHU
;
;
)OXLG SLSHVIRXOLQJRWKHU FRPSRQHQWV
;
;
/HDNVRQUHVHUYRLURUSUHVVXUHVLGH
;
;
3RZHUVWHHULQJIOXLGEHORZPLQLPXPOHYHO
3RZHUVWHHULQJ SXPS
:RUQQRLV\OHDNLQJRUGULYHGHIHFWLYH
;
;
2LOOHDNV
6HULRXVRLOOHDNVIURPVWHHULQJ ER[RUUDFNRUVWHHULQJ
GDPSHU
;
;
6WHHULQJLQFOXGLQJURDG
ZKHHOVDQG W\UHV
2YHUORFNLQJRUXQGHUORFNLQJRUIRXOLQJDQ\RWKHU
FRPSRQHQW RQWKH YHKLFOH
;
;
(OHFWURQLF3RZHU6WHHULQJ(36
,QFRQVLVWHQF\EHWZHHQ WKH DQJOH RIWKH VWHHULQJZKHHO
DQG WKH DQJOH RIWKH ZKHHOV
;
;
$OOVWHHULQJFRPSRQHQWV
;
;
6WHHULQJIOXLG
8QVDIHUHSDLURUPRGLILFDWLRQ
;
;
127(6
&HUWDLQYHKLFOHVKDYHDEXLOWLQSOD\LQWKH VWHHULQJ UDFNPRXQWLQJ EXVKHV DQGWKLV
VKRXOGEHWDNHQ LQWRFRQVLGHUDWLRQ
/&97(67(560$18$/9
3DJH
:+((/%($5,1*6
$33/,(672$//52$':+((/6
0HWKRGRI7HVWLQJ
5DLVHWKH D[OHRIWKH ZKHHOVEHLQJH[DPLQHG VRWKDW WKH\DUHFOHDURIWKH JURXQG
1RWHWKH PRYHPHQW RIWKH ZKHHOUHODWLYHWRWKH D[OHRUVWXE D[OHLQRUGHUWRDVVHVVWKH SOD\LQWKH ZKHHO
EHDULQJV ZKLOVWHDFK ZKHHOLQWXUQ LVURFNHG
6SLQHDFK ZKHHOUDSLGO\DQGOLVWHQIRUDQ\URXJKQHVV RUKDUVKQHVV LQWKH EHDULQJV
7KHYHKLFOHVKRXOGEHIDLOHGLIDGLVWLQFWLYHUXPEOH RUJURZOLVKHDUG WKDW LQGLFDWHV WKH EHDULQJ LVGDPDJHG
,7(0
:KHHOEHDULQJV
/&97(67(560$18$/9
0D'
''
2EYLRXVO\WRRPXFKSOD\
5($6216)25)$,/85(
;
;
%HDULQJVGDPDJHG
;
;
7RRWLJKW
;
;
3DJH
0L'
)5217635,1*6
0HWKRGRI7HVWLQJ
/HDI6SULQJV
([DPLQHHDFKVSULQJIRULWVJHQHUDOFRQGLWLRQDQGLQSDUWLFXODUIRUIUDFWXUHVLQWKHOHDYHVHVSHFLDOO\LQWKH
YLFLQLW\RIWKHDQFKRUH\HRIWKHPDLQOHDI
1RWHZKHWKHUDQ\VSULQJLVVRZHDNWKDWLVQRWKROGLQJWKHERG\VXIILFLHQWO\IDUDZD\IURPWKHZKHHOV
([DPLQHFRQGLWLRQRIVSULQJH\HVEXVKHV
([DPLQHVSULQJFODPSVWRVHHWKDWQRQHLVPLVVLQJRULQVHFXUHWKXVDOORZLQJOHDYHVWRVSOD\
&KHFNWKDWWKHVSULQJVRQHDFKD[OHDUHV\PPHWULFDOO\ORFDWHG
&KHFNWKDWWKHUHLVQRPRYHPHQWRIVSULQJOHDYHVGHQRWLQJDIUDFWXUHGFHQWUHEROW
&KHFNWKDWWKHDWWDFKPHQWVRIWKHVKDFNOHDQFKRUEUDFNHWVWRWKHFKDVVLVDUHVHFXUHORRNLQJIRUVLJQVRI
PRYHPHQWRIULYHWVRUEROWVDQGHORQJDWHGKROHV
([DPLQHWKHEROWVDQGRUQXWVVHFXULQJWKHVSULQJWRWKHD[OHIRUWLJKWQHVVDQGH[DPLQHWKHVSULQJDQGD[OH
IRUHYLGHQFHWKDWWKHVHKDYHEHHQPRYLQJUHODWLYHWRHDFKRWKHU
&RLO6SULQJV
([DPLQHHDFKVSULQJIRULWVJHQHUDOFRQGLWLRQDQGLQSDUWLFXODUIRUIUDFWXUHV
1RWHZKHWKHUDQ\VSULQJLVVRZHDNWKDWLWLVQRWKROGLQJWKHERG\VXIILFLHQWO\IDUDZD\IURPWKHZKHHOV
([DPLQHWKHDWWDFKPHQWRIWKHFRLOVSULQJVIRUVHFXULW\
7RUVLRQ%DUV
&KHFNWRUVLRQEDUVIRUIUDFWXUHRUGDPDJH
([DPLQHWKHDWWDFKPHQWRIWKHWRUVLRQEDUV
6SULQJ3LQVDQG%XVKHV
([DPLQHWKHDPRXQWRISOD\GXHWRZHDUDWVSULQJDQFKRUEUDFNHWVDQGSLQVRIWKHVSULQJVKDFNOHV
([DPLQHWKHFRQGLWLRQDQGVHFXULW\RIDQ\VOLSSHUEUDFNHWV
&KHFNWKDWWKHDQFKRUVKDFNOHSLQVDUHIXOO\LQSODFHWKDWWKH\DUHVHFXUHDQGWKDWWKHORFNLQJGHYLFHVDUHLQ
SRVLWLRQDQGVHFXUH
([DPLQHWKHVSULQJPRXQWLQJVIRUH[FHVVLYHVLGHSOD\
$LU)OXLG6XVSHQVLRQ
/RRNIRUDQ\OHDNVFKHFNWKHFRQGLWLRQRIWKHVXSSO\OLQHVDQGVXVSHQVLRQEHOORZV
&KHFNWKHFRQGLWLRQRIOHYHOLQJYDOYHOLQNDJHV
([DPLQHWKHDWWDFKPHQWRIWKHVXVSHQVLRQEHOORZVIRUVHFXULW\
([DPLQHWKHDWWDFKPHQWVIRUVHFXULW\WRIUDPHDQGD[OH
%RQGHG6XVSHQVLRQ8QLWV
([DPLQHWKHERQGLQJRIWKHIOH[LEOHHOHPHQWWRLWVDVVRFLDWHGPHWDOIL[LQJV
([DPLQHWKHFRQGLWLRQRIWKHIOH[LEOHHOHPHQWE\DSSO\LQJSUHVVXUH
([DPLQHWKHDWWDFKPHQWVIRUVHFXULW\WRIUDPHDQGD[OH
6SULQJFRLOOHDI7RUVLRQ%DU
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXW
/&97(67(560$18$/9
3DJH
)5217635,1*6&RQW«
127(6
$EXVKDQGRUSLQZRXOGEHFRQVLGHUHG H[FHVVLYHO\ZRUQLIZHDU H[FHHGHG PP´ IRUPP
¶ GLDPHWHUSLQVPP´ IRUPP³GLDPHWHU SLQVDQGWKRIGLDPHWHU IRUSLQVRYHU
PP´GLDPHWHU
&DXWLRQVKRXOGEHH[HUFLVHGLQWKH FDVHRIVSULQJVDQGVXVSHQVLRQV ZLWKUXEEHUFRPSOLDQW
PRXQWLQJV ZKHUH WKH DPRXQW RIIUHHPRYHPHQW LQQHZFRPSRQHQWV PLJKWZHOOH[FHHGWKH DERYH
OLPLW,QVXFKFDVHVWKH PDQXIDFWXUHU¶VWROHUDQFHV VKRXOGEHVRXJKW 2EVHUYDWLRQRIWKH YHKLFOH
DWWLWXGH ZKHQVWDWLRQDU\ FDQRIWHQUHYHDOWKH HIIHFWRIH[KDXVWHG RUEURNHQVSULQJVHJYHKLFOH
³VLWWLQJGRZQ´DWIURQW
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHVSULQJFRLOOHDIWRUVLRQEDUPD\UHTXLUHD
PRGLILFDWLRQVUHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
,7(0
0D'
''
:RUQRUH[KDXVWHG
;
;
$Q\VSULQJOHDIEURNHQUHSDLUHGE\ZHOGLQJRUPLVVLQJ
;
;
6SULQJILWWHG LQFRUUHFWO\
;
;
6SULQJFODPSVREYLRXVO\ ORRVHRUPLVVLQJ
8EROWVORRVHRUPLVVLQJ
;
;
$FRLOVSULQJRUWRUVLRQEDUEURNHQ
;
;
8QVDIHUHSDLURUPRGLILFDWLRQ
;
;
2EYLRXVO\ORRVHEURNHQ
;
;
&UDFNHGRUGDPDJHG
;
;
/RFNLQJGHYLFHPLVVLQJRULQVHFXUHO\ILWWHG
;
;
:RUQLQFRUUHFWO\SRVLWLRQHG LQFRUUHFWW\SH RUPLVVLQJ
;
;
2EYLRXVO\ ORRVHLQWKH EXVK
;
;
:RUQPLVVLQJRUSHULVKHG
;
;
&UDFNHG
;
;
6SULQJFHQWUH EROW
0LVVLQJGDPDJHGRUEURNHQ
;
;
%XPSVWRS
5HPRYHGRULQHIIHFWLYH
6SULQJFRLOOHDI7RUVLRQ
%DU
6SULQJ0RXQWLQJRUWRUVLRQ
EDUPRXQWLQJ
6SULQJH\HEROW6KDFNOH
3LQV
6SULQJRUVKDFNOHEXVKHV
/&97(67(560$18$/9
5($6216)25)$,/85(
3DJH
0L'
;
;
;
;
)5217635,1*6&RQW«
,7(0
$LUIOXLG VXVSHQVLRQ
0D'
''
/HDNV
5($6216)25)$,/85(
;
;
/LQNDJHWROHYHOLQJYDOYHGHIHFWLYH
;
;
6XVSHQVLRQEHOORZVJLYLQJLQDGHTXDWHPRYHPHQW
ULVNRIZKHHOIRXOLQJ
;
;
3LSHGDPDJHGWRWKHH[WHQWLWLVOLNHO\WRIDLO
;
;
9DOYHVLQVHFXUHRUGHIHFWLYH
;
;
;
;
;
;
;
;
9HKLFOHVLWWLQJRQEXPSVWRSV
%RQGHG6XVSHQVLRQ8QLWV
)DLOXUHRIUXEEHUPHWDODWWDFKPHQW
'HWHULRUDWLRQ RIVXVSHQVLRQ PHGLXP VRIWDQG VWLFN\
/&97(67(560$18$/9
3DJH
0L'
)52176863(16,21
0HWKRGRI7HVWLQJ
:KHQFKHFNLQJVXVSHQVLRQV XVHWKH YHKLFOHPDQXIDFWXUHU¶VUHFRPPHQGHG MDFNLQJSRLQWV,QWKH DEVHQFH RI
PDQXIDFWXUHU¶V UHFRPPHQGDWLRQVVHHDQGEHORZ
)RUVXVSHQVLRQ RIWKH W\SH VKRZQ LQILJXUHMDFNXS WKH IURQW VXVSHQVLRQ VRWKDW WKH URDG ZKHHOV DUH FOHDU RIWKH
JURXQG DQG WKH VXVSHQVLRQ LVDV QHDU DV SRVVLEOH WR QRUPDO UXQQLQJ KHLJKW:KLOHHDFK ZKHHO LVKHOG DW WKH WRS
DQG ERWWRP DQG URFNHG H[DPLQH IRUPRYHPHQW LQWKH WRS DQG ERWWRP EDOO MRLQWV DQG PRYHPHQW LQWKH ZLVKERQH
EXVKHV
)RUVXVSHQVLRQV RIWKH W\SHVKRZQLQILJXUHDQGMDFNXSWKH IURQWVXVSHQVLRQ VRWKDW WKH URDGZKHHOVDUHFOHDURI
WKHJURXQGDQGVKDNHHDFKURDGZKHHOYLJRURXVO\WRGHWHUPLQH WKH FRQGLWLRQRIWKH RXWHU VXVSHQVLRQ EDOOMRLQWVDQG
PRYHPHQW LQWKH FRQWURODUPV
)RUVXVSHQVLRQ RIWKH W\SHVKRZQLQILJXUHMDFNXSWKH IURQWVXVSHQVLRQ VRWKDW WKH URDGZKHHOVDUHFOHDURIWKH JURXQG
6KDNHHDFK ZKHHOYLJRURXVO\DQGH[DPLQH HDFKVXVSHQVLRQ VWUXW IRUZHDUDW WKH VWUXW VOLGLQJEXVKDQGJODQGDV
ZHOODVIRUPRYHPHQW DW WKH VWUXW XSSHU VXSSRUW EHDULQJ DQG
D FKHFNIRUGDPDJH RUH[FHVVLYHFRUURVLRQRIWKH VWUXW FDVLQJZHDULQWKH URGDQGWKH FRQGLWLRQRIWKH ERQGLQJ
EHWZHHQ WKHPHWDO DQGIOH[LEOHPDWHULDO LQWKH VWUXW XSSHU VXSSRUW EHDULQJ
E ZKLOHHDFKIURQWZKHHOLVVKDNHQ YLJRURXVO\JUDVSLQJDW WKH R¶FORFNDQGR¶FORFNSRVLWLRQVFKHFNWKH FRQGLWLRQ
RI WKHRXWHU EDOOMRLQWVDQGWUDFNFRQWURODUPLQQHUEXVKHV IRUPRYHPHQW LQGLFDWLQJWKH GHJUHH RIZHDU
)RUDOOVXVSHQVLRQ W\SHVH[DPLQH
D WKH FRQGLWLRQRIZLVKERQHVDQGWKHLU LQQHUEHDULQJV EDOOMRLQWVUXEEHUJDLWHUV VZLYHOMRLQWVWUDFNFRQWURODUPV
DQWLUROOEDUV UDGLXVURGVDQGWKHLU PRXQWLQJ EXVKHV RUZDVKHUV
E D[OHEHDPV OHDGLQJDUPVDQGVZLQJLQJDUPVIRUGDPDJH RUGLVWRUWLRQ
F WKHFRQGLWLRQRIWKHFKDVVLVIUDPHDQGERG\VKHOOVWUXFWXUHLQWKHYLFLQLW\RIVXVSHQVLRQPRXQWLQJSRLQWVDQG
VXVSHQVLRQVXEIUDPHPRXQWLQJSRLQWVIRUIUDFWXUHVH[FHVVLYHFRUURVLRQRUGLVWRUWLRQ
:KHUHLWLVVXVSHFWHG WKDW WKH VXVSHQVLRQ JHRPHWU\ LVLQFRUUHFWWKLVVKRXOGEHFRQILUPHGE\PHDVXUHPHQWRUE\D
URDGWHVW
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHIURQWVXVSHQVLRQLQFOXGLQJD[OHV
127(6
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHIURQWVXVSHQVLRQV\VWHPLQFOXGLQJD[OHVPD\
UHTXLUHDPRGLILFDWLRQVUHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
&HUWDLQYHKLFOHVKDYHDEXLOWLQSOD\LQWKHVWHHULQJUDFNPRXQWLQJEXVKHVDQGWKLVVKRXOGEHWDNHQ
LQWRFRQVLGHUDWLRQ
/&97(67(560$18$/9
3DJH
)52176863(16,21&RQW«
,7(0
5($6216)25)$,/85(
0L' 0D'
''
2EYLRXVO\ RXW RIOLQH
;
;
0RXQWLQJREYLRXVO\ ORRVHRUZRUQ
;
;
&UDFNHGGDPDJHG RUGHIRUPHG
;
;
3UHVHQWHG D[OHZHLJKW H[FHHGV PDQXIDFWXUHU¶V
SHUPLVVLEOHJURVVD[OHZHLJKW
;
;
0LVVLQJRUEURNHQ
;
;
0RXQWLQJ ORRVH
;
;
&UDFNHGGDPDJHG RUGHIRUPHG
;
;
%XVKHVEDOOMRLQWVDQG VOLGLQJ
EXVKHV RUVZLYHOMRLQWV
3OD\H[FHHGVPDQXIDFWXUHU¶V VSHFLILHGWROHUDQFH
;
;
5XEEHUJDLWHU VSOLWGDPDJHG PLVVLQJRUGLVSODFHG
0RXQWLQJ$UHD
'DPDJHGRUFRUURGHGWRVXFKDQH[WHQW WKDW WKH
VHFXULW\RUDOLJQPHQW RIWKH VXVSHQVLRQ FRPSRQHQW LV
DIIHFWHG
;
;
6XVSHQVLRQ6\VWHP
*HRPHWU\2EYLRXVO\LQFRUUHFW
;
;
8QVDIHUHSDLURUPRGLILFDWLRQLQFOXGLQJD[OHV
;
;
$EVHQWLQVHFXUH ZRUQRUEURNHQ
;
;
$[OH%HDP:LVKERQHV
6ZLQJLQJDUP7UDFNFRQWURO
DUP6XVSHQVLRQ6WUXW
$QWLUROOEDU7RUTXHDUP
5DGLXVURGOLQN
5HWDLQLQJRU/RFNLQJ'HYLFHV
HJ6SOLW3LQ1XW5LYHWRU:HOG
/&97(67(560$18$/9
;
)LJXUH
)LJXUH
)LJXUH
)LJXUH
3DJH
;
%5$.(/,1(6+26(6
0HWKRGRI7HVWLQJ
%UDNH3LSHV
([DPLQHDOODFFHVVLEOHEUDNHSLSHVWRHQVXUHWKDWWKH\DUHLQVHUYLFHDEOHFRQGLWLRQIUHHIURPFKDILQJDQG
H[WHUQDOFRUURVLRQDQGGDPDJH
&KHFNWKDWULJLGSLSHVDUHVHFXUHO\KHOGE\FOLSVRURWKHUPHDQVDQGWKDWULJLGSLSHVDQGIOH[LEOHKRVHVDUHQRW
SRVLWLRQHGLQVXFKDPDQQHUDVWREHIRXOHGE\PRYLQJSDUWV
([DPLQHDOOIOH[LEOHKRVHVWRHQVXUHWKDWWKH\DUHQRWFRQVWUDLQHGLQWLJKWEHQGVWKDWWKH\KDYHDGHTXDWHURRP
WRPRYHDVQHFHVVDU\ZLWKRXWIRXOLQJDQ\RWKHUSDUWVRIWKHYHKLFOHDQGWKDWWKH\DUHQRWFKDIHGRUGHWHULRUDWHG
&KHFNZKHWKHUWKHUHDUHDQ\OHDNVLQWKHV\VWHPE\KDYLQJWKHEUDNHVDSSOLHGZKLOHH[DPLQLQJWKHV\VWHP
([DPLQHIOH[LEOHSLSHVIRUVLJQVRIZHDNQHVVXQGHUSUHVVXUHZLWKWKHIRRWEUDNHIXOO\DSSOLHG
([DPLQHEUDNHSLSHVIRUUHSDLURUXVHRIXQVXLWDEOHILWWLQJV
127(6
7KH UHSDLURUUHSODFHPHQW RIDEUDNHSLSHUHTXLUHV DWHVW RIWKH SLSHXQGHU SUHVVXUH DQGLQVSHFWLRQ
RQDOLIWRURYHUD SLWDQGDIXOOUROOHUEUDNHWHVW
&RXSOLQJVLQEUDNHSLSHVDUHDFFHSWDEOHSURYLGHGWKH\KDYHEHHQILWWHGWRDKLJKVWDQGDUGRIZRUNPDQVKLS
3URYLGHGWKH YDFXXPLVPDLQWDLQHG LQWKH VHUYRWKH HQJLQH PD\EHVWRSSHG
,7(0
%UDNHSLSHVIOH[LEOHKRVHV
/&97(67(560$18$/9
5($6216)25)$,/85(
0L' 0D'
''
3HULVKHGSRURXVNLQNHGGDPDJHGRUFRUURGHG
;
;
8QVDWLVIDFWRULO\PRXQWHGSRVVLELOLW\RIIDLOLQJ
;
;
/HDNLQJ
;
;
)RXOLQJPRYLQJSDUWV
;
;
%XOJLQJXQGHUSUHVVXUH
;
;
,QDGHTXDWHUHSDLUVRUXQVXLWDEOHILWWLQJV
;
;
;
3DJH
6+2&.$%625%(5&21',7,21
0HWKRGRI7HVWLQJ
&KHFNHDFKVKRFNDEVRUEHUIRUIOXLGOHDNV
([DPLQHWKHDQFKRUDJHRIHDFKVKRFNDEVRUEHUWRVHHWKDWLWLVFRQQHFWHGDQGLQJRRGFRQGLWLRQ
([DPLQHWKHFRQGLWLRQRIDQ\SLYRWV
,7(0
6KRFN$EVRUEHUV
5($6216)25)$,/85(
2EYLRXVOHDN
0D'
;
0RXQWLQJEUDFNHWRUEXVKHVPLVVLQJORRVHRUGDPDJHG
/&97(67(560$18$/9
0L'
;
;
1RWZRUNLQJPLVVLQJRUGDPDJHG
;
+DVOLWWOHRUQRGDPSLQJHIIHFW
;
3DJH
''
(/(&75,&$/6<67(0
0HWKRGRI7HVWLQJ
(OHFWULFDO6\VWHP
([DPLQHWKHEDWWHU\IRUVHFXULW\DQGOHDNV
([DPLQHDOOYLVLEOHHOHFWULFDOZLULQJFRQQHFWLRQVDQGFRPSRQHQWVIRUFRQGLWLRQVHFXULW\DQGSRVLWLRQ
([DPLQHDOWHUQDWRUG\QDPRGULYHEHOW
:LWKWKHHQJLQHUXQQLQJFKHFNLQVWUXPHQWSDQHOIRUDQ\UHGZDUQLQJOLJKWVLOOXPLQDWHG
5DGLR6XSSUHVVLRQ
&KHFNKLJKWHQVLRQOHDGVIRUUDGLRVXSSUHVVLRQYLVXDOFKHFNRQO\
,7(0
%DWWHU\
5($6216)25)$,/85(
0RXQWLQJ XQVDWLVIDFWRU\
5LVNRIVKRUWFLUFXLWLQJ
0L'
0D'
;
;
''
;
/HDNDJHV
;
:LULQJLQVHFXUHGDPDJHGRUGHWHULRUDWHGZLWKDULVNRI
VKRUWFLUFXLWLQJ
;
;
;
0RXQWLQJXQVDWLVIDFWRU\
;
;
;
1RWFKDUJLQJ
;
;
/RRVHRUPRXQWLQJXQVDWLVIDFWRU\
;
;
'ULYHEHOWORRVHEDGO\ZRUQOLDEOHWRIDLO
;
;
:DUQLQJOLJKWDQGRU
DPPHWHURUYROWPHWHU
1RWZRUNLQJ
;
)XVHV
6XEVWLWXWHGE\DQ\WKLQJRWKHUWKDQDIXVHRIWKHFRUUHFW
W\SH
;
;
,JQLWLRQ6ZLWFK
)DXOW\
;
;
5DGLR6XSSUHVVLRQ
+LJKWHQVLRQOHDGVQRWVXSSUHVVHG
;
;
*HQHUDO
$Q\UHGZDUQLQJOLJKWRQWKHLQVWUXPHQWSDQHO
;
;
:LULQJFDEOHVDQG
FRQQHFWLRQV
'\QDPRRUDOWHUQDWRU
/&97(67(560$18$/9
3DJH
;
)8(/6<67(0
0HWKRGRI7HVWLQJ
([DPLQHWKH IXHOWDQNVWRVHHWKDW WKH\DUHILUPO\KHOGDQGVHFXUHRQWKHLU PRXQWLQJV DQGLQWKH FDVHRI/LTXLG
3HWUROHXP *DV&RPSUHVVHG1DWXUDO *DVWKDW WKH IXHOWDQNLVQRW GDPDJHG
([DPLQHIXHOWDQNVWUDSV RUVXSSRUWV DQGPRXQWLQJ EUDFNHWVWRVHHWKDW WKH\DUHVHFXUHDQGIUHHIURPIUDFWXUH DQG
WKDW QRQH LVPLVVLQJ
([DPLQHWKH PRXQWLQJ EUDFNHWEROWVWRFKDVVLVWRVHHWKDW WKH\DUHVHFXUH
2QYHKLFOHVILWWHG ZLWK/3*RU&1* FKHFNZKHQUHTXLUHGWKDW WKH UHWHVW GDWH RIWKH IXHOWDQNKDVQRWSDVVHG
:KHUHWKH /3*&1* IXHOWDQNLVILWWHGLQVLGHWKH YHKLFOHFKHFNWKDW WKH WDQNYDOYHVDUHHLWKHU SLSHGVHSDUDWHO\ WRWKH
RXWVLGH RIWKH YHKLFOHRUFRQWDLQHG LQDJDVWLJKW VXEFRPSDUWPHQW ZKLFKLVYHQWHG WRWKH RXWVLGH RIWKH YHKLFOH
&KHFN WKDW DQ\GXFWLQJ XVHGIRUYHQWLQJVXEFRPSDUWPHQWV RUWDQNYDOYHVLVQRWGDPDJHG RUEORFNHG
&KHFN WKDW QRIXHOWDQNLVILWWHGWRWKH URRIRIWKH YHKLFOH
:KHUH/3*&1* LVILWWHGFKHFNWKDW WKH PDQXDO KDQG YDOYHRQWKH WDQNFDQEHFORVHGRIIRUZKHUHDVROHQRLGLVILWWHG
LQ SODFHRIRUDVDQH[WUD SURWHFWLRQ IRUWKH PDQXDO YDOYHWKDW LWFDQEHKHDUG WRRSHQDQGFORVHZKHQWKH LJQLWLRQNH\
LVVZLWFKHGRQ DQGRIIZLWKWKH /3*&1* VZLWFKRQWKH GDVKLQWKH µRQ¶SRVLWLRQ
,Q&1*V\VWHPVDVHFRQGPDQXDOYDOYHZLOOQRUPDOO\EHIRXQGQHDUWKHILOOHUYDOYHZKLFKLVXVXDOO\LQWKHHQJLQH
FRPSDUWPHQW WKLVVKRXOGDOVREHFKHFNHG
&KHFNWKDW DIXHOWDQNFDSLVSUHVHQW DQGRIWKH FRUUHFWW\SH&KHFNIRUHYLGHQFHRIOHDNLQJDW WKH IXHOFDS
&KHFN WKDW WKHUH DUHQROHDNVDW DOOIURPWKH V\VWHPLQWKH FDVHRISHWURO RULQWKH FDVHRIGLHVHOWKHUH DUHQROHDNV
VXFKWKDW IXHOLVGULSSLQJRQWRWKH JURXQG,QWKH FDVHRI/3*&1*FKHFNWKDW QRKLVVLQJQRLVHSUHVVXUH OHDNFDQEH
KHDUG
([DPLQHIXHOSLSHVWRVHHWKH\DUHVHFXUHO\FOLSSHGWRSUHYHQW GDPDJH E\YLEUDWLRQFKDILQJRUFUDFNLQJ
&KHFNWKDW SLSHOLQHVKRVHVDUHQRWGDPDJHG RUGHWHULRUDWHGHJNLQNHGRUIODWWHQHG DQGDUHQRWLQDSRVLWLRQWREH
IRXOHGE\PRYLQJSDUWV RUWKH URDGVXUIDFH
&KHFNWKDW DOOFRPSRQHQWV RIWKH IXHOV\VWHPDUHVHFXUHO\PRXQWHG
:KLOHVHDWHG LQWKH GULYLQJSRVLWLRQFKHFNWKDW WKH WKURWWOH FRQWUROLV
D IXQFWLRQDOO\FRPSOHWH
E QRWFUDFNHGIUDFWXUHG RUH[FHVVLYHO\ZRUQRUFRUURGHG
F QRWREVWUXFWHG RULPSHGHGLQLWVWUDYHO
&KHFNWKDWWKHH[FHVVIXHOGHYLFHRQGLHVHOHQJLQHYHKLFOHVFDQQRWEHUHDGLO\RSHUDWHGIURPZLWKLQWKHFDELILWLVRID
W\SHZKLFKZLWKWKHHQJLQHUXQQLQJZLOOFDXVHDQLQFUHDVHLQVPRNH
&KHFNWKDWWKHHQJLQHVWRSFRQWUROLVZRUNLQJVDWLVIDFWRULO\RQGLHVHOHQJLQHYHKLFOHV:KHUH/3*&1*LVILWWHGFKHFN
WKDWWKHHQJLQHIXHOVXSSO\VROHQRLGVXVXDOO\LQHQJLQHFRPSDUWPHQWIRUHDFKIXHOXVHGFDQEHKHDUGWRRSHQDQGFORVH
ZKHQHDFKIXHOV\VWHPLVVHOHFWHGRQWKHGDVKVZLWFK
&KHFNWKDWWKHDLUILOWHULVSUHVHQWDQGVHFXUH
127(6
7KH H[WHQW RIWKLVLQVSHFWLRQLVOLPLWHGWRWKRVH SDUWV ZKLFKFDQEHVHHQ DQGZKLFKDUH UHDGLO\DFFHVVLEOH
ZLWKRXWGLVPDQWOLQJ
$OO IXHOWDQNVRQWKH YHKLFOHDUH LQFOXGHGLQWKH LQVSHFWLRQ
/&97(67(560$18$/9
3DJH
)8(/6<67(0&RQW«
,7(0
)XHOWDQNIXHO
ILOWHUV\VWHPVDQG
IXHOOLQHV
5($6216)25)$,/85(
0L' 0D'
,QFRUUHFWO\RUORRVHO\PRXQWHGRUGDPDJHG
;
;
$GYDQFHGUXVW
;
;
/HDNV
;
;
8QVXLWDEOHIXHOWDQNRULQWKHFDVHRI/3*&1*WHVWGDWHKDVH[SLUHG
;
;
/3*&1*WDQNILWWHGLQVLGHYHKLFOHZLWKRXWEHLQJVXEFRPSDUWPHQWHGRU
KDYLQJYDOYHVSLSHGWRWKHRXWVLGH
;
;
/3*&1*YHQWLQJRUGXFWLQJSLSHVGDPDJHGRUEORFNHGRUVXEFRPSDUWPHQW
REYLRXVO\QRWJDVWLJKW
;
;
)XHOWDQNILWWHGWRURRI
;
;
;
;
;
;
1RIXHOFDSHYLGHQFHRIOHDNLQJFDSRUXQVXLWDEOHIXHOFDS
;
;
6WLFNLQJRUELQGLQJH[FHVVLYHO\ZRUQRUORRVH
;
0DQXDORUVROHQRLGYDOYHVQRWRSHUDWLQJ
3RVVLELOLW\RIIXHOOLQHVEHLQJFUXVKHGFKDIHGUXSWXUHGRUVXEMHFWWR
H[FHVVLYHYLEUDWLRQ
7KURWWOH&RQWURO
;
/LQNSLQVUHWDLQLQJGHYLFHVRUVDIHW\GHYLFHVPLVVLQJ
;
;
&UDFNHGRUIUDFWXUHG PRXQWLQJ EUDFNHW RUSDQHO
;
;
;
([FHVV)XHO'HYLFH
*LYHVRIIH[FHVVLYHVPRNHLIRSHUDWHGIURPZLWKLQWKHFDEDIWHUWKHHQJLQHKDV
EHHQ VWDUWHG
(QJLQHVWRS
FRQWURORQGLHVHO
HQJLQHYHKLFOHV
1RWZRUNLQJ
;
;
$LU)LOWHU$VVHPEO\
$LU ILOWHULQVHFXUH RUPLVVLQJ
;
;
/&97(67(560$18$/9
''
3DJH
%5$.(:+((/81,76
0HWKRGRI7HVWLQJ
([DPLQHHDFKEUDNHRSHUDWLQJZKHHOXQLWIRUVHFXULW\OHDNVFRUURVLRQRUGDPDJH%\DSSO\LQJWKHEUDNHVFKHFN
HDFKEUDNHRSHUDWLQJXQLWIRUOHDNVDQGZKHUHSRVVLEOHRSHUDWLRQ&KHFNWKDWDOODSSURSULDWHLWHPVHJIL[LQJQXWV
EROWVDQGVSOLWSLQVDUHVHFXUHDQGORFNHG
127(6
7KHYHKLFOHZKHHOVVKRXOGEHFKRFNHGGXULQJWKLVWHVWDQGWKHSDUNLQJEUDNHVKRXOGEHUHOHDVHG
,7(0
+\GUDXOLFEUDNHF\OLQGHUV
5($6216)25)$,/85(
,QVHFXUHO\PRXQWHG
;
;
/HDNLQJ
;
;
6OXJJLVKLQRSHUDWLRQRUVHL]HG
;
;
'XVWSURWHFWLRQFRYHUPLVVLQJRUH[FHVVLYHO\GDPDJHG
;
;
&UDFNHGRUGDPDJHG
;
;
([FHVVLYHO\FRUURGHG
;
;
,QVXIILFLHQWRUH[FHVVLYHWUDYHORIRSHUDWLQJSLVWRQRUGLDSKUDJP
PHFKDQLVP
/&97(67(560$18$/9
0L' 0D' ''
3DJH
;
;
0(&+$1,&$/%5$.(&20321(176
0HWKRGRI7HVWLQJ
([DPLQHWKHPHFKDQLFDOFRPSRQHQWVRIWKHEUDNHV\VWHPZKLFKFDQEHVHHQZLWKRXWGLVPDQWOLQJ/RRNSDUWLFXODUO\
IRU
D
E
F
G
H
I
J
K
L
%DGO\FKDIHGURGVRUOHYHUV
)UD\HGRUVHL]HGFDEOHV
%DGO\GDPDJHGFRUURGHGVHL]HGRULQFRUUHFWO\ILWWHGURGVOHYHUVRUOLQNDJHV
:HDULQURGRUFDEOHVHQGV
:HDULQH\HVRIUHOD\OHYHUV
:HDULQFOHYLVSLQVEROWVVWDWLRQDU\SLQVSLYRWV
$EVHQFHRIRUZRUQORFNLQJGHYLFHVRUFOHYLVSLQV
([FHVVLYHO\ZRUQRUFRQWDPLQDWHGEUDNHOLQLQJVRUSDGV
)UDFWXUHGGDPDJHGLQVHFXUHRUPLVDOLJQHGEUDNHGUXPVRUGLVFVRUDQ\GLVFRUGUXPZRUQEH\RQG
PDQXIDFWXUHU¶VOLPLW
$Q\REVWUXFWLRQWRIUHHPRYHPHQWLQWKHV\VWHP
$Q\DEQRUPDOPRYHPHQWRIOHYHUVURGVRUFDEOHVLQGLFDWLQJ
PDODGMXVWPHQW
6HFXULW\RIEUDNHEDFNSODWHVRUGLVFVLQFOXGLQJWUDQVPLVVLRQ
EUDNHV
$%6ZKHHOVSHHGVHQVRUVDQGRWKHU$%6FRPSRQHQWVLIILWWHG
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRDQ\RIWKHPHFKDQLFDOFRPSRQHQWVRIWKH
EUDNHV\VWHP
M
N
O
P
Q
127(6
'UXPGLVFRYDOLW\VKRXOGRQO\EHFRQVLGHUHG DUHDVRQ IRUIDLOXUHZKHQLWDIIHFWVWKH EUDNH
SHUIRUPDQFH RQDURDG WHVW LHWKH SUHVHQFH RIEUDNHMXGGHURUSXOOLQJWRRQHVLGHRUWKH
RYDOLW\FDQEHIHOWWKURXJK PRYHPHQW LQWKH EUDNH SHGDO
,QWKH DEVHQFH RIZHDU LQGLFDWRUVRUPDQXIDFWXUHUV UHFRPPHQGDWLRQV UHJDUGLQJ EUDNHOLQLQJRU
GLVFSDGZHDU D ILJXUHRIPP´ VKRXOGEHWDNHQ DVDPLQLPXPWKLFNQHVVIRUERQGHG
OLQLQJVSDGV
:KHUHQRIDFLOLW\LVSURYLGHGIRULQVSHFWLRQRIEUDNHVKRHVSDGVLWHPKDERYHZLOOQRWDSSO\
7KH ZKHHOV VKDOOEHFKRFNHGDQGWKH SDUNLQJEUDNHUHOHDVHG ZKLOHWKLVWHVW LVEHLQJFDUULHGRXW
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRDQ\RIWKHPHFKDQLFDOFRPSRQHQWVRIWKHEUDNH
V\VWHPPD\UHTXLUHDPRGLILFDWLRQVUHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
/&97(67(560$18$/9
3DJH
0(&+$1,&$/%5$.(&20321(176&RQW«
,7(0
0D'
''
0LVVLQJGDPDJHGFUDFNHGRUREVWUXFWHG
;
;
2EYLRXVO\ZRUQFRUURGHGVHL]HGRULQFRUUHFWO\ILWWHG
;
;
&DEOHURGRUMRLQWLQVHFXUH
;
;
&DEOHJXLGHGHIHFWLYH
;
%UDFNHWVPRXQWLQJ
EROWVVSOLWSLQVRURWKHU
UHWDLQLQJGHYLFHV
0LVVLQJORRVHRUZRUQ
;
;
%UDNHOLQLQJV
%UDNHOLQLQJVFRQWDPLQDWHG
;
;
,QFRUUHFWO\DGMXVWHG
;
;
%UDNHVKRHVRUSDGVLQQHHGRIUHSODFHPHQWVHHQRWH
;
;
2EYLRXVO\GDPDJHGDVNHZRULQVHFXUH
;
;
([FHVVLYHO\ZRUQ
;
;
'UXPRUGLVFFRQWDPLQDWHG
;
;
;
;
'DPDJHGLQVHFXUHRULQQHHGRIDGMXVWPHQW
;
;
2SHUDWLQJRYHUFHQWUH
;
;
'DQJHURIEUDNHVORFNLQJ
;
;
)UHHPRYHPHQWRI
EUDNHURGOHYHUVFDEOHV
HWF
$%6EUDNHFRPSRQHQWV
5HVWULFWHG
;
;
:KHHOVSHHGVHQVRUVRURWKHU$%6FRPSRQHQWVPLVVLQJRU
GDPDJHG
;
;
&RPSOHWH%UDNLQJ
6\VWHP
8QVDIHUHSDLURUPRGLILFDWLRQWRDQ\FRPSRQHQW
;
;
%UDNH5RGV/HYHUV
&DEOHV/LQNDJHV3LYRWV
%UDNH'UXPV'LVFV
%DFNSODWHV
5($6216)25)$,/85(
'UXPRUGLVFPLVVLQJ
$FWXDWLQJ/HYHUV
/&97(67(560$18$/9
3DJH
0L'
%5$.(0$67(5&</,1'(56(5929$/9(6&211(&7,216
0HWKRGRI7HVWLQJ
0DVWHU&\OLQGHUDQG5HVHUYRLUV
([DPLQHIRUVHFXULW\
&KHFNIRUOHDNV
&KHFNEUDNHIOXLGZDUQLQJOLJKW
&KHFN%UDNHIOXLGOHYHOZDUQLQJGHYLFH
6HUYRV
([DPLQHVHUYRIRUVHFXULW\RIPRXQWLQJ
9DOYHV
([DPLQHDOOYDOYHVIRUVHFXULW\RIPRXQWLQJ
:LWKEUDNHVDSSOLHGFKHFNIRUOHDNV
&KHFNWKDWORDGVHQVLQJEUDNHSURSRUWLRQLQJYDOYHVDUHQRWPLVVLQJGLVFRQQHFWHGGDPDJHGOHDNLQJRULQRSHUDWLYH
DQGDUHFRUUHFWO\DGMXVWHG
,7(0
0L'
0D'
''
,QVHFXUHO\PRXQWHGPRXQWLQJSDQHO FUDFNHG
;
;
;
/HDNLQJRUGHIHFWLYH
;
;
;
%UDNHIOXLGZDUQLQJOLJKWLOOXPLQDWHG RUGHIHFWLYH
;
,QFRUUHFWIXQFWLRQLQJRIEUDNHIOXLGOHYHOZDUQLQJ GHYLFH
;
,QVHFXUHRUGHIHFWLYH
;
;
'DPDJHGEDGO\FRUURGHGRUOHDNLQJ
;
;
9DOYHV
0LVVLQJLQVHFXUHO\PRXQWHGOHDNLQJRUGHIHFWLYH
;
;
/RDGVHQVLQJDQG
EUDNHSURSRUWLRQLQJ
YDOYHV
0LVVLQJGLVFRQQHFWHG GDPDJHG OHDNLQJRU LQRSHUDWLYH RUREYLRXVO\
LQFRUUHFWO\DGMXVWHG
;
;
0DVWHU&\OLQGHU
5HVHUYRLUV
6HUYR
/&97(67(560$18$/9
5($6216)25)$,/85(
3DJH
(;+$8676<67(012,6(
0HWKRGRI7HVWLQJ
([DPLQHWKHFRQGLWLRQRI WKHH[KDXVWSLSHDQGVLOHQFHUIRUVHFXULW\DQGOHDNV
$VVHVVWKHHIIHFWLYHQHVVRIWKHVLOHQFHULQUHGXFLQJDVIDUDVLVUHDVRQDEOHWKHQRLVHFDXVHGE\WKHH[KDXVW
IURPWKHHQJLQH
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHH[KDXVWV\VWHP
127(6
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHH[KDXVWV\VWHPPD\UHTXLUHDPRGLILFDWLRQV
UHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
,7(0
([KDXVW3LSH
6LOHQFHU
([KDXVW6\VWHP
/&97(67(560$18$/9
5($6216)25)$,/85(
0L'
0D'
%DGO\PRXQWHGRUOLDEOHWRIDOORII
;
6HULRXVOHDNV
;
0LVVLQJRUQRWIXQFWLRQLQJFDXVLQJH[FHVVLYHQRLVH
;
%DGO\PRXQWHGRUOLDEOHWRIDOORII
;
6HULRXVOHDNV
;
''
3RVVLELOLW\RIILUHEHLQJFDXVHGE\OHDNVRUEURNHQFRPSRQHQWV
;
;
)XPHVHQWHULQJFDERUSDVVHQJHUFRPSDUWPHQW
;
;
8QVDIHUHSDLURUPRGLILFDWLRQ
;
;
3DJH
5($56863(16,21
0HWKRGRI7HVWLQJ
5DLVHWKHUHDURIWKHYHKLFOHXVLQJWKHYHKLFOHPDQXIDFWXUHU¶VUHFRPPHQGHGMDFNLQJSRLQWV
([DPLQHD[OHEHDPVWUDLOLQJDUPVVZLQJDUPVZLVKERQHVDQGWKHLUPRXQWLQJEXVKHVEHDULQJVVKDIWVEDOO
MRLQWVIRUZHDUGDPDJHRUGLVWRUWLRQ
&KHFNIRUGDPDJH RUH[FHVVLYHFRUURVLRQRIDQ\VXVSHQVLRQ VWUXW PRXQWLQJ ZHDULQWKH VKDIWDQGWKH
FRQGLWLRQRIWKH ERQGLQJEHWZHHQ WKH PHWDO DQGIOH[LEOHPDWHULDO LQWKH VWUXW VXSSRUW EHDULQJ
)RUDOOVXVSHQVLRQW\SHVH[DPLQHWKHFRQGLWLRQRIZLVKERQHVEDOOMRLQWVUXEEHUJDLWHUVWUDFNFRQWURODUPV
DQWLUROOEDUVWUDQVYHUVHURGVUDGLXVURGVDQGWKHLUPRXQWLQJEXVKHVEHDULQJVVKDIWVZDVKHUVRUUHWDLQLQJ
GHYLFHV
([DPLQHWKHFRQGLWLRQRIWKHFKDVVLVIUDPHDQGERG\VKHOOVWUXFWXUHLQWKHYLFLQLW\RIVXVSHQVLRQPRXQWLQJ
SRLQWVDQGVXVSHQVLRQVXEIUDPHPRXQWLQJSRLQWVIRUIUDFWXUHVH[FHVVLYHFRUURVLRQDQGGLVWRUWLRQ
:KHUHLWLVVXVSHFWHGWKDWWKHVXVSHQVLRQJHRPHWU\LVLQFRUUHFWWKLVVKRXOGEHFRQILUPHGE\PHDVXUHPHQW
RUE\DURDGWHVW
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHUHDUVXVSHQVLRQLQFOXGLQJ
D[OHV
127(6
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHUHDUVXVSHQVLRQLQFOXGLQJD[OHVPD\
UHTXLUHDPRGLILFDWLRQ¶VUHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
,7(0
$[OH%HDPWUDLOLQJ
DUPZLVKERQHV
VZLQJLQJDUPWUDFN
FRQWURODUP
VXVSHQVLRQVWUXW
$QWLUROOEDUWRUTXH
DUPWUDQVYHUVHURG
UDGLXVURGOLQN
%XVKHVEDOOMRLQWV
VOLGLQJEXVKHVRU
VZLYHOMRLQWV
5($6216)25)$,/85(
0L' 0D' ''
2EYLRXVO\DVNHZ
;
;
0RXQWLQJEXVKHVEHDULQJRUEHDULQJFDUULHUVKDIWEDOOMRLQWV
REYLRXVO\ORRVHZRUQRULQVHFXUH
;
;
&UDFNHGRUGDPDJHG
;
;
3UHVHQWHGD[OHZHLJKWH[FHHGVPDQXIDFWXUHU¶VGHVLJQD[OHZHLJKW
;
;
0RXQWLQJORRVH
;
;
&UDFNHGRUGHIRUPHG
;
0LVVLQJRUEURNHQ
;
;
3OD\H[FHHGVPDQXIDFWXUHU¶VVSHFLILHGWROHUDQFH
;
;
;
;
,QVHFXUH
5XEEHUJDLWHUVSOLWGDPDJHGPLVVLQJRUGLVSODFHG
;
;
6XVSHQVLRQ
0RXQWLQJ$UHD
'DPDJHGRUFRUURGHGWRVXFKDQH[WHQW WKDW WKH VHFXULW\RU
DOLJQPHQW RIWKH VXVSHQVLRQ FRPSRQHQW LVDIIHFWHG
;
;
6XVSHQVLRQ
6\VWHP
*HRPHWU\2EYLRXVO\LQFRUUHFW
;
;
8QVDIHUHSDLURUPRGLILFDWLRQLQFOXGLQJD[OHV
;
;
/&97(67(560$18$/9
3DJH
5($5635,1*6
0HWKRGRI7HVWLQJ
/HDI6SULQJV
([DPLQHHDFKVSULQJIRULWVJHQHUDOFRQGLWLRQDQGLQSDUWLFXODUIRUIUDFWXUHVLQWKHOHDYHVHVSHFLDOO\LQWKHYLFLQLW\RI
WKHDQFKRUH\HRIWKHPDLQOHDI
1RWHZKHWKHUDQ\VSULQJLVVRZHDNWKDWLWLVQRWKROGLQJWKHERG\VXIILFLHQWO\IDUDZD\IURPWKHZKHHOV
([DPLQHFRQGLWLRQRIVSULQJH\HVDQGEXVKHV
([DPLQHVSULQJFODPSVWRVHHWKDWQRQHLVPLVVLQJRULQVHFXUHWKXVDOORZLQJOHDYHVWRVSOD\
&KHFNWKDWWKHVSULQJVRQHDFKD[OHDUHV\PPHWULFDOO\ORFDWHG
&KHFNWKDWWKHUHLVQRPRYHPHQWRIVSULQJOHDYHVGHQRWLQJDIUDFWXUHGFHQWUHEROW
&KHFNWKDWWKHDWWDFKPHQWVRIWKHVKDFNOHDQFKRUEUDFNHWVWRWKHFKDVVLVDUHVHFXUHORRNLQJIRUVLJQVRIPRYHPHQW
RIULYHWVRUEROWVDQGHORQJDWHGKROHV
([DPLQHWKHEROWVDQGRUQXWVVHFXULQJWKHVSULQJWRWKHD[OHIRUWLJKWQHVVDQGH[DPLQHWKHVSULQJDQGD[OHIRU
HYLGHQFHWKDWWKHVHKDYHEHHQPRYLQJUHODWLYHWRHDFKRWKHU
&RLO6SULQJV
([DPLQHHDFKVSULQJIRULWVJHQHUDOFRQGLWLRQDQGLQSDUWLFXODUIRUIUDFWXUHV
1RWHZKHWKHUDQ\VSULQJLVVRZHDNWKDWLWLVQRWKROGLQJWKHERG\VXIILFLHQWO\IDUDZD\IURPWKHZKHHOV
([DPLQHWKHDWWDFKPHQWRIWKHFRLOVSULQJVIRUVHFXULW\
7RUVLRQ%DU
&KHFNWRUVLRQEDUVEXVKHVIRUIUDFWXUHRUGDPDJH
([DPLQHWKHDWWDFKPHQWRIWRUVLRQEDUV
6SULQJ3LQVDQG%XVKHV
([DPLQHWKHDPRXQWRISOD\GXHWRZHDUDWVSULQJDQFKRUEUDFNHWVDQGSLQVRIWKHVSULQJVKDFNOHV
([DPLQHWKHFRQGLWLRQDQGVHFXULW\RIDQ\VOLSSHUEUDFNHWV
&KHFNWKDWDQFKRUVKDFNOHSLQVDUHIXOO\LQSODFHWKDWWKH\DUHVHFXUHDQGWKDWWKHORFNLQJGHYLFHVDUHLQSRVLWLRQDQG
VHFXUH
([DPLQHWKHVSULQJPRXQWLQJVIRUH[FHVVLYHVLGHSOD\
$LU)OXLG6XVSHQVLRQ
/RRNIRUDQ\OHDNVFKHFNWKHFRQGLWLRQRIWKHVXSSO\OLQHVDQGVXVSHQVLRQEHOORZV
&KHFNWKHFRQGLWLRQRIOHYHOLQJYDOYHOLQNDJHV
([DPLQHWKHDWWDFKPHQWRIWKHVXVSHQVLRQEHOORZVIRUVHFXULW\
([DPLQHWKHDWWDFKPHQWVIRUVHFXULW\WRIUDPHDQGD[OH
%RQGHG6XVSHQVLRQ8QLWV
([DPLQHWKHERQGLQJRIWKHIOH[LEOHHOHPHQWWRLWVDVVRFLDWHGPHWDOIL[LQJV
([DPLQHWKHFRQGLWLRQRIWKHIOH[LEOHHOHPHQWE\DSSO\LQJSUHVVXUH
([DPLQHWKHDWWDFKPHQWVIRUVHFXULW\WRIUDPHDQGD[OH
6SULQJFRLOOHDI7RUVLRQ%DU
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXW
/&97(67(560$18$/9
3DJH
5($5635,1*6&RQW«
127(6
$EXVKDQGRUSLQZRXOGEHFRQVLGHUHG H[FHVVLYHO\ZRUQLISOD\H[FHHGHG PP´ IRUPP
´ GLDPHWHUSLQVPP´ IRUPP´GLDPHWHU SLQVDQG RIGLDPHWHU IRUSLQVRYHUPP
´LQGLDPHWHU
&DXWLRQVKRXOGEHH[HUFLVHGLQWKH FDVHRIVSULQJVDQGVXVSHQVLRQV ZLWKUXEEHUFRPSOLDQW
PRXQWLQJV ZKHUH WKH DPRXQW RIIUHHPRYHPHQW LQQHZFRPSRQHQWV PLJKWZHOOH[FHHGWKH DERYH
OLPLWV,QVXFKFDVHVWKH PDQXIDFWXUHU¶VWROHUDQFH VKRXOGEHVRXJKW 2EVHUYDWLRQRIWKH YHKLFOH
DWWLWXGH ZKHQVWDWLRQDU\ FDQRIWHQUHYHDOWKH HIIHFWRIH[KDXVWHG RUEURNHQVSULQJVHJYHKLFOH
³VLWWLQJGRZQ´DWIURQWRUUHDU
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHVSULQJFRLOOHDIWRUVLRQEDUPD\UHTXLUHD
PRGLILFDWLRQVUHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
,7(0
6SULQJFRLOOHDI7RUVLRQ%DU
5($6216)25)$,/85(
0D'
''
:RUQRUH[KDXVWHG
;
;
$Q\VSULQJOHDIEURNHQUHSDLUHGE\ZHOGLQJRUPLVVLQJ
;
6SULQJILWWHGLQFRUUHFWO\
6SULQJFODPSVORRVHRUPLVVLQJ
0L'
;
;
;
;
;
8EROWVORRVHRUPLVVLQJ
;
$FRLOVSULQJRUWRUVLRQEDUEURNHQ
;
;
8QVDIH5HSDLURU0RGLILFDWLRQ
;
;
6SULQJPRXQWLQJRUWRUVLRQ
EDUPRXQWLQJ
2EYLRXVO\ORRVHEURNHQ
;
;
&UDFNHGRUGDPDJHG
;
;
6SULQJH\HEROWVKDFNOHSLQV
/RFNLQJGHYLFHPLVVLQJRULQVHFXUHO\ILWWHG
;
;
:RUQLQFRUUHFWO\SRVLWLRQHGLQFRUUHFWW\SHRUPLVVLQJ
;
;
2EYLRXVO\ORRVHLQWKHEXVK
;
;
6SULQJRUVKDFNOHEXVKHVRU
VOLSSHUSDGV
0LVVLQJZRUQRUSHULVKHG
;
;
6SULQJFHQWUHEROW
0LVVLQJGDPDJHGRUEURNHQ
;
;
%XPSVWRS
5HPRYHGGDPDJHGRULQHIIHFWLYH
$LUIOXLGVXVSHQVLRQ
/HDNLQJ
;
;
/LQNDJHWROHYHOOLQJYDOYHGHIHFWLYH
;
;
6XVSHQVLRQEHOORZVJLYLQJLQDGHTXDWHPRYHPHQWULVNRI
ZKHHOIRXOLQJ
;
;
$LUEHOORZVGDPDJHGRUGHWHULRUDWHGWRVXFKDQH[WHQWWKDWLW
LVOLNHO\WRIDLO
;
;
3LSHGDPDJHGWRVXFKDQH[WHQWWKDWLWLVOLNHO\WRIDLO
;
;
9DOYHVLQVHFXUHRUGHIHFWLYH
;
;
9HKLFOHVLWWLQJRQEXPSVWRSV
;
;
)DLOXUHRIUXEEHUPHWDODWWDFKPHQW
;
;
'HWHULRUDWLRQRIVXVSHQVLRQPHGLXPVRIWDQGVWLFN\
;
;
%RQGHG6XVSHQVLRQ8QLWV
/&97(67(560$18$/9
3DJH
;
;
75$160,66,21'5,9(75$,1
0HWKRGRI7HVWLQJ
([DPLQHWKHWUDQVPLVVLRQDQGGULYHWUDLQSD\LQJSDUWLFXODUDWWHQWLRQWRWKHFRQGLWLRQRI
DFOXWFKOLQNDJHFOXWFKSHGDO DQWLVOLSSURYLVLRQDQGFOXWFKRSHUDWLRQ
EGULYHVKDIWVERWKSURSHOOHUVKDIWVDQGKDOIVKDIWV
F GULYHVKDIWIODQJHVXQLYHUVDOMRLQWVEROWVQXWV
GGULYHVKDIWEHDULQJV ZKHUHILWWHGDQGWKH VHFXULW\DQGFRQGLWLRQRIWKH EHDULQJ KRXVLQJ
HXQLYHUVDOMRLQWV
I HQJLQHJHDUER[PRXQWLQJV
JRLOOHDNV
([DPLQHLIWKHUHKDVEHHQDQXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHHQJLQHRUSRZHUWUDLQ
127(6
:KHQFDUU\LQJRXWWKLVLQVSHFWLRQLWLVLPSRUWDQWWKDWWKHYHKLFOHLVLQQHXWUDOJHDUDQGWKDWLID
WUDQVPLVVLRQEUDNHLVILWWHGLWLVUHOHDVHG:KHHOVVKRXOGEHFKRFNHG
/HDNLQJRLOIRXQGWREHFRQWLQXDOO\GURSSLQJWRWKHJURXQGLVDUHDVRQIRUIDLOXUH
'HIHFWVIRXQGLQJHDUER[GLIIHUHQWLDORUKXEUHGXFWLRQJHDUVFDQRQO\EHWKRVHQRWHGZKHQ
GULYLQJWKHYHKLFOHDWORZVSHHGLQWKHWHVWDUHD
'ULYHWUDLQLQFOXGHVHQJLQHJHDUER[GULYHVKDIWVDQGILQDOGULYH
$QXQVDIHUHSDLURUPRGLILFDWLRQFDUULHGRXWWRWKHHQJLQHSRZHUWUDLQPD\UHTXLUHD
PRGLILFDWLRQVUHSRUWWREHSUHVHQWHGDVSHU6HFWLRQRIWKLVPDQXDO
/&97(67(560$18$/9
3DJH
75$160,66,21'5,9(75$,1&RQW«
,7(0
5($6216)25)$,/85(
0L' 0D' ''
&OXWFK
6OLSVRUGUDJVVRWKDWGULYLQJLVPDGHGLIILFXOW
&OXWFK3HGDODQWLVOLSSURYLVLRQ
:RUQVPRRWK RUPLVVLQJ
&OXWFKRSHUDWLQJOLQNDJH
1RWZRUNLQJGHIHFWLYHRUOHDNLQJ
;
5LVNRIIDLOXUH
;
3URSHOOHUVKDIWRUKDOIVKDIWEHDULQJ
EHDULQJKRXVLQJKRXVLQJ
PRXQWLQJVDIHJXDUG
$Q\GULYHOLQHFRPSRQHQWOLDEOHWRORFNXSRUEUHDN
DZD\
;
;
$VNHZGDPDJHGEHQWRUZRUQ
;
;
3URSHOOHUVKDIWKDOIVKDIWFRXSOLQJVHJ
XQLYHUVDOMRLQWVRUIOH[LEOHFRXSOLQJV
:RUQPLVVLQJ
;
;
+DOIVKDIWEROWVQXWVRUVWXGVORRVHPLVVLQJ
;
;
)DVWHQLQJEROWVREYLRXVO\ORRVHORFNWDEVRUVSOLW
SLQV PLVVLQJ
;
;
2EYLRXVO\ZRUQRUJUHDVHERRWPLVVLQJWRUQRU
QRWVHFXUHG
;
3LQLRQRUJHDUV VHULRXVO\GDPDJHG RUZRUQ
;
;
;
;
;
;
;
;
;
)LQDOGULYH
;
;
6HULRXVGDPDJH WREHDULQJV
2EYLRXVO\DVNHZRUEDGO\PRXQWHG
2EYLRXVO\ZRUQRUJUHDVHERRWWRUQ
'ULYHVKDIWFDUULHUEHDULQJREYLRXVO\ZRUQ
;
*HDUVKLIWOLQNDJHLQFOXGLQJOHYHU
2EYLRXVO\ ZRUQRUORRVHRUGDPDJHG
;
2EYLRXV2LO/HDNV
(QJLQH
'ULYHVKDIWVLQFOXGLQJXQLYHUVDO
MRLQWVFRQVWDQWYHORFLW\MRLQWV
;
;
;
'LIIHUHQWLDO
;
;
;
;
*HDUER[
(QJLQH0RXQWLQJRU*HDUER[0RXQWLQJV
,QVHFXUH GHWHULRUDWHGRU EURNHQ
;
;
*HDU%R['LIIHUHQWLDO+XE5HGXFWLRQ
*HDUV
'DPDJHGJHDUVRUEHDULQJ KRXVLQJV
;
;
*HDUMXPSVRXW RIHQJDJHPHQW
;
;
%HDULQJVEDGO\ZRUQRUGDPDJHG
;
;
8QVDIHUHSDLURUPRGLILFDWLRQ
;
;
(QJLQH3RZHU7UDLQ
/&97(67(560$18$/9
3DJH
0$/)81&7,21,1',&$7256
0HWKRGRI7HVWLQJ
(QVXUHWKHPDOIXQFWLRQLQGLFDWRUVIRU$LUEDJVHQJLQH(OHFWURQLF6WDELOLW\&RQWURO(6&(OHFWURQLF%UDNLQJ6\VWHP
(%6$QWL/RFN%UDNLQJ6\VWHP$%66WHHULQJDUHLQZRUNLQJRUGHU
,7(0
0DOIXQFWLRQ,QGLFDWRUVIRU$LUEDJV
(OHFWURQLF6WDELOLW\&RQWURO(6&
HQJLQH(OHFWURQLF%UDNLQJ6\VWHP
(%6$QWL/RFN%UDNLQJ6\VWHP
$%6 6WHHULQJ
5($6216)25)$,/85(
1RWZRUNLQJRULQGLFDWHVDGHIHFWLQWKH
UHOHYDQWV\VWHP
$'9,625<127,&(
2WKHUZDUQLQJOLJKWVLOOXPLQDWHG
/&97(67(560$18$/9
3DJH
0L' 0D'
;
''
)5217:+((/6,'(6/,3
0HWKRGRI7HVWLQJ
'ULYHDIURQWZKHHOVORZO\DQGVWUDLJKWRYHUWKHVLGHVOLSSODWHZLWKRXWPRYLQJWKHVWHHULQJZKHHORUDSSO\LQJWKH
EUDNHVDQGQRWHWKHUHDGLQJ
127(6
:KHQH[SODLQLQJGHIHFWVWRYHKLFOHRZQHUV RUJDUDJHV VLGHVOLSPD\EHUHIHUUHG WRDVVWHHULQJ
JHRPHWU\
,7(0
6LGH6OLS
5($6216)25)$,/85(
0RUHWKDQ “PNP
/&97(67(560$18$/9
3DJH
0L'
0D'
;
;
''
)5217$;/(6863(16,213(5)250$1&(
0HWKRGRI7HVWLQJ
'ULYHWKHIURQWZKHHOVRIWKHYHKLFOHLQWRWKHVXVSHQVLRQSHUIRUPDQFHWHVWHUDQGRSHUDWHDVSHUPDQXIDFWXUHU¶V
LQVWUXFWLRQV
,7(0
5($6216)25)$,/85(
)URQW6XVSHQVLRQ3HUIRUPDQFH
0RUHWKDQ LPEDODQFH EHWZHHQ /+DQG 5+VXVSHQVLRQ
/&97(67(560$18$/9
3DJH
0L' 0D'
;
''
5($5$;/(6863(16,213(5)250$1&(
0HWKRGRI7HVWLQJ
'ULYHWKHUHDUZKHHOVRIWKHYHKLFOHLQWRWKHVXVSHQVLRQSHUIRUPDQFHWHVWHUDQGRSHUDWHDVSHUPDQXIDFWXUHU¶V
LQVWUXFWLRQV
,7(0
5HDU6XVSHQVLRQ3HUIRUPDQFH
/&97(67(560$18$/9
5($6216)25)$,/85(
0L' 0D' ''
0RUHWKDQ LPEDODQFH EHWZHHQ /+DQG 5+VXVSHQVLRQV
;
3DJH
(/(&7521,&9(+,&/(&21752/6<67(06
0HWKRGRI7HVWLQJ
)RU(OHFWURQLF6WDELOLW\&RQWURO(6&V\VWHPVYLVXDOO\LQVSHFW WKH IROORZLQJLWHPVIRUSUHVHQFH DQGFRQGLWLRQ
D :KHHOVSHHG VHQVRUV
E
:LULQJ
F
2WKHU FRPSRQHQWV
G
6ZLWFKHV
,7(0
(6&
5($6216)25)$,/85(
0D'
:KHHOVSHHGVHQVRUVPLVVLQJRUGDPDJHG
;
:LULQJGDPDJHG
;
2WKHU(6&FRPSRQHQWVPLVVLQJRUGDPDJHG
;
6ZLWFKGDPDJHGRUQRWIXQFWLRQLQJFRUUHFWO\
;
/&97(67(560$18$/9
0L'
3DJH
''
02',),&$7,2165(3257
0HWKRGRI7HVWLQJ
7KHYHKLFOH¶VRZQHURUWKHSUHVHQWHURQWKHRZQHU¶VEHKDOIVKDOOFRQILUPZKHWKHUDQ\UHSDLUVRU
PRGLILFDWLRQVKDYHEHHQFDUULHGRXWWRDYHKLFOHVLQFHLWVODVW&95WHVWZKLFKPD\DGYHUVHO\DIIHFWWKH
URDGZRUWKLQHVVRIRQHRUPRUHRIWKHLWHPVWREHWHVWHGVHH1RWH
,QUHVSHFWRIYHKLFOHVPRGLILHGVLQFHWKHLUODVW&957HVWDPRGLILFDWLRQVUHSRUWPXVWEHSURYLGHGLQ
WKHIROORZLQJFDVHV
7KHILWPHQWRIDQH[WUDD[OHRUWKHUHPRYDORIDQH[LVWLQJD[OH
&KDVVLVZRUNLQFOXGLQJOHQJWKHQLQJVKRUWHQLQJWKHZKHHOEDVHRUWKHUHSODFHPHQWRI
FKDVVLVUDLOV
$YHKLFOHZKLFKKDVEHHQFRQYHUWHG7KLVLQFOXGHVEXWLVQRWOLPLWHGWRWKHIROORZLQJ
x
$Q00RU1FRQYHUWHGWRDQ1RUPRWRUFDUDYDQ
0RGLILFDWLRQWRWKHVWHHULQJV\VWHPWKLVLQFOXGHVSRZHUVWHHULQJDQGVWHHULQJZKHHO
0RGLILFDWLRQWRWKHVXVSHQVLRQV\VWHPLQFOXGLQJPRGLILFDWLRQVWRDQWLUROOEDUV
0RGLILFDWLRQWRWKHEUDNLQJV\VWHPLQFOXGLQJFKDQJLQJIURPGLVFWRGUXPEUDNHVRUYLFH
YHUVDDQGWKHDGGLWLRQRUUHPRYDORIHTXLSPHQW
0RGLILFDWLRQVWRVHDWEHOWVLQFOXGLQJDQFKRUDJHVDLUEDJVRUWKHDGGLWLRQRIVHDWV
0DMRUPRGLILFDWLRQVWRWKHFDERUERG\ZRUN
0RGLILFDWLRQVRUUHSDLUVZKLFKPD\DGYHUVHO\DIIHFWWKHURDGZRUWKLQHVVRIRQHRUPRUHRI
WKHLWHPVWREHWHVWHGDVSDUWRIWKHWHVWLQFOXGLQJZKHUH³XQVDIHUHSDLUVRUPRGLILFDWLRQV´
LVVSHFLILHGLQWKLVPDQXDODVDUHDVRQIRUIDLOXUH
:KHUHGXULQJWKH&95WHVWWKH&95WHVWHUQRWLFHVDUHSDLURUPRGLILFDWLRQZKLFKPD\DGYHUVHO\
DIIHFWWKHURDGZRUWKLQHVVRIDQ\RIWKHWHVWLWHPVLQFOXGLQJZKHUHXQVDIH³UHSDLUVRUPRGLILFDWLRQV´DUH
VSHFLILHGLQWKLVPDQXDODVDUHDVRQIRUIDLOXUHWKH&95WHVWHUVKDOOVHHNDPRGLILFDWLRQVUHSRUWLQ
ZULWLQJVXEVWDQWLDOO\LQWKHIRUPRXWOLQHGLQEHORZ:KHUHDKLVWRULFUHSRUWLVSURYLGHGWKH&95WHVWHU
VKDOOGHWHUPLQHZKHWKHUWKLVDGHTXDWHO\DGGUHVVHVWKHLVVXHDQGLVLQOLQHZLWKWKHIRUPLQEHORZ
DQGLIQRWVKDOOVHHNDQHZPRGLILFDWLRQVUHSRUW$VWKH&95WHVWLVHVVHQWLDOO\DPDLQWHQDQFHDQG
FRQGLWLRQFKHFNLWLVDFNQRZOHGJHGWKDWDWHVWHUZLOOQRWEHUHPRYLQJRUGLVPDQWOLQJDQ\SDUWVLQWKH
FRXUVHRIDQRUPDOURDGZRUWKLQHVVWHVWDQGWKDWWKHILQGLQJRIDQ\PRGLILFDWLRQVRUUHSDLUVLVEDVHGRQ
DYLVXDOLQVSHFWLRQRIWKHYHKLFOHRQO\
,QWKHFDVHRIYHKLFOHVUHTXLULQJDPRGLILFDWLRQVUHSRUWDVSHURUDERYHWKLVUHSRUWVKDOOEH
RQHLVVXHGE\WKHYHKLFOHPDQXIDFWXUHURUKLVDXWKRULVHGGLVWULEXWRUDQDXWKRULVHGUHSUHVHQWDWLYHRI
DQ16$,DSSURYHGWHVWFHQWUH$7&RUE\D6XLWDEO\4XDOLILHG,QGLYLGXDO7KLVUHSRUWVKDOOEHRQ
KHDGHGQRWHSDSHUDQGPXVWVWDWH
D 9HKLFOH0DNH
E 9HKLFOH0RGHODQGYDULDQW
F 'HVFULSWLRQRIERG\W\SHQRWFRGHEHIRUHDQGDIWHUPRGLILFDWLRQLQWKHFDVHRIDPRGLILFDWLRQ
(JIODWEHGWRWLSSHURUYDQWRPRWRUFDUDYDQ
G 9HKLFOH5HJLVWUDWLRQ1XPEHU
H 9,1
I 7KHSXUSRVHRIWKHUHSRUW
J 7KHOLVWRIPRGLILFDWLRQVRUUHSDLUVPDGHWRWKHYHKLFOH
K 7KHVWDQGDUGRIZRUNPDQVKLSDQGVSHFLILFDWLRQV
L '*9:*URVV&RPELQDWLRQ:HLJKWWKHRULJLQDODQGQHZZKHUHFKDQJHG
M 8QODGHQ9HKLFOH:HLJKWWKHRULJLQDODQGQHZZKHUHFKDQJHG
N 7KDWWKHYHKLFOHLVVDIHWRXVHRQWKHURDGDQGWKDWWKHPRGLILFDWLRQUHSDLUGRHVQRWGLPLQLVKWKH
WHFKQLFDOVWDWXVRULQWHJULW\RIWKHYHKLFOHRURWKHUYHKLFOHFRPSRQHQWVDQGVDIHW\IHDWXUHV
O 7KDWWKHYHKLFOHPHHWVZLWKWKH5RDG7UDIILF&RQVWUXFWLRQ(TXLSPHQWDQG8VHRI9HKLFOHV
5HJXODWLRQVDVDPHQGHGDQGWKH5RDG7UDIILF/LJKWLQJRI9HKLFOHV5HJXODWLRQVDVDPHQGHG
P 7KDWWKHYHKLFOHPHHWVZLWKWKHHVVHQWLDOWHFKQLFDOSURYLVLRQVRIWKH(8'LUHFWLYHVWRZKLFKWKH
PRGLILFDWLRQUHODWHVIRUWKH\HDURIPDQXIDFWXUHDQGFDWHJRU\RIYHKLFOHFRQFHUQHG
$WHPSODWHIRUWKHPRGLILFDWLRQVUHSRUWUHTXLUHGWREHSUHVHQWHGFDQEHIRXQGRQSDJHRIWKLV
PDQXDO
/&97(67(560$18$/9
3DJH
02',),&$7,2165(3257&RQW«
127(6
,QDFFRUGDQFHZLWKWKH5RDG7UDIILF&RQVWUXFWLRQ(TXLSPHQWDQG8VHRI9HKLFOHV
5HJXODWLRQV6,1RRIDVDPHQGHGDOOYHKLFOHVRQSXEOLFURDGVPXVWFRQIRUPZLWK
WKHJHQHUDOSULQFLSOHVVHWGRZQLQWKHVH5HJXODWLRQVLQUHODWLRQWRWKHFRQGLWLRQDQG
PDLQWHQDQFHRIYHKLFOHV$OOSDUWVDQGHTXLSPHQWRIHYHU\YHKLFOHVKDOOEHLQJRRGDQG
HIILFLHQWZRUNLQJRUGHU,WLVHDFKYHKLFOHRZQHU¶VUHVSRQVLELOLW\WRHQVXUHKLVRUKHUYHKLFOHLV
LQFRPSOLDQFHZLWKWKHODZDQGPDLQWDLQHGLQDURDGZRUWK\FRQGLWLRQDWDOOWLPHV
$³VXLWDEO\TXDOLILHGLQGLYLGXDO´64,PHDQVDPHFKDQLFDORUDXWRPRWLYHHQJLQHHUDQ
DXWRPRWLYHDVVHVVRURUDSHUVRQZLWKVLPLODUTXDOLILFDWLRQVZKRE\UHDVRQRIKLVRUKHU
FRPSHWHQFHH[SHULHQFHDQGLQGHSHQGHQFHLVDQDSSURSULDWHSHUVRQWRDVVHVVWKHILWQHVV
DQGVDIHW\RIDYHKLFOHDQGZKRFDUULHVWKHDSSURSULDWHLQGHPQLW\UHODWLYHWRKLVRUKHU
SRVLWLRQ
$PRGLILFDWLRQVUHSRUWLVQRWUHTXLUHGZKHUH
D DYHKLFOHKDVEHHQVXEMHFWWRDSRVWUHJLVWUDWLRQPRGLILFDWLRQVFKHPHLQDQRWKHU
0HPEHU6WDWHSULRUWREHLQJUHJLVWHUHGLQ,UHODQGDQGGRFXPHQWDWLRQLQ(QJOLVKLV
SURYLGHGIURPWKHFRPSHWHQWDXWKRULW\LQWKH0HPEHU6WDWHFRQFHUQHGJLYLQJGHWDLOV
RIWKHQDWXUHRIWKHPRGLILFDWLRQVFDUULHGRXWDQGWKH9,1RIWKHYHKLFOH
+RZHYHUZKHUHVXFKGRFXPHQWDWLRQKDVEHHQSURYLGHGEXWGRHVQRWFRUUHVSRQGWR
PRGLILFDWLRQVLGHQWLILHGDQGZKLFKPD\DGYHUVHO\DIIHFWWKHURDGZRUWKLQHVVRIWKH
YHKLFOHWKHQDPRGLILFDWLRQVUHSRUWIRUWKHUHOHYDQWPRGLILFDWLRQVVKDOOEHUHTXLUHG
E DYHKLFOHKDVEHHQW\SHDSSURYHGDQGKDVRQHRIWKHIROORZLQJFHUWLILFDWHVRIDSSURYDO
FRUUHVSRQGLQJWRWKHYHKLFOHSUHVHQWHG
x
(&&HUWLILFDWHRI&RQIRUPLW\(&&R&IRUDFRPSOHWHRUFRPSOHWHGYHKLFOH
x
1DWLRQDO6PDOO6HULHV7\SH$SSURYDO&HUWLILFDWHRI&RQIRUPLW\,ULVK1667$&R&
IRUDFRPSOHWHRUFRPSOHWHGYHKLFOH
x
,QGLYLGXDO9HKLFOH$SSURYDO&HUWLILFDWH,ULVK,9$&HUWLILFDWH
+RZHYHUZKHUHVXFKGRFXPHQWDWLRQKDVEHHQSURYLGHGEXWGRHVQRWFRUUHVSRQGWR
PRGLILFDWLRQVLGHQWLILHGDQGZKLFKPD\DGYHUVHO\DIIHFWWKHURDGZRUWKLQHVVRIWKH
YHKLFOHWKHQDPRGLILFDWLRQVUHSRUWIRUWKHUHOHYDQWPRGLILFDWLRQVVKDOOEHUHTXLUHG
,7(0
5($6216)25)$,/85(
0RGLILFDWLRQV5HSRUWZKHUH QRWSUHVHQWHG
UHTXLUHG
LQFRPSOHWH
QRWLQWKHIRUPWHPSODWHDFFHSWDEOHE\&95WHVWHU
GRHVQRWFRUUHVSRQGZLWKPRGLILFDWLRQVLGHQWLILHGE\&95WHVWHU
QRWDFFHSWDEOHHJH[SLUHG
/&97(67(560$18$/9
3DJH
0L' 0D'
;
;
;
;
;
;
;
;
;
;
''
56$02',),&$7,2165(32577(03/$7(/&9
8VHEORFNFDSVWKURXJKRXW
9,1
5(*,675$7,21180%(5
0DNHͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ0RGHOͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ9DULDQWͺͺͺͺͺͺͺͺͺͺͺͺͺ
7KLVUHSRUWUHODWHVWRDPRGLILFDWLRQUHSDLUGHOHWHZKHUHDSSURSULDWH
,QWKHFDVHRIDPRGLILFDWLRQJLYHGHVFULSWLRQRIERG\W\SHEHIRUHPRGLILFDWLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DQGERG\W\SHDIWHUPRGLILFDWLRQLIFKDQJHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KHSXUSRVHRIWKHUHSRUWLVWRJLYHEULHIGHWDLOVRIZK\WKHVHUHSDLUVRUPRGLILFDWLRQVZHUHFDUULHGRXWWRWKHYHKLFOH
/LVWRIWKHUHSDLUVRUPRGLILFDWLRQVPDGHWRWKHYHKLFOHLQFOXGLQJEXWQRWOLPLWHGWRWKRVHLQYROYLQJFKDQJHVWRWKHEUDNLQJV\VWHPV
VXVSHQVLRQVWHHULQJV\VWHPVERG\ZRUNRUFKDVVLVDOWHUDWLRQV
,QUHODWLRQWRWKHPRGLILFDWLRQVUHSDLUVOLVWHGDERYHSURYLGHDGHWDLOHGGHVFULSWLRQRIHDFKSOHDVHXVHDQRWKHUSDJHZKHUHQHFHVVDU\
1RWHV
x
)RUDOOFKDVVLVDOWHUDWLRQVZKHUHWKHZKHHOEDVHKDVFKDQJHGLQFOXGHGHWDLOVRIWKHRULJLQDODQGQHZD[OHVSDFLQJ
x
*LYHIXOOGHWDLOVRIDQ\FKDQJHWRWKHEUDNLQJV\VWHP,QFOXGHDVFKHPDWLFGLDJUDPZLWKNH\WRWKHFRPSRQHQWVDQGFRQILUPRQZKLFK
D[OHVSDUNEUDNHVDUHILWWHG
x
:KHUHDYDLODEOHOLVWDQ\W\SHDSSURYDOQXPEHUVUHODWHGWRWKHPRGLILHGV\VWHPV
x
:KHUHDYDLODEOHIURPWKHFRPSRQHQWV\VWHPPDQXIDFWXUHUVXSSOHPHQWDU\HYLGHQFHRIFRPSDWLELOLW\ZLWKWKHW\SHDQGYDULDQWRI
YHKLFOHFRQFHUQHGPD\EHSURYLGHG
'HWDLOVRIWKHVWDQGDUGRIZRUNPDQVKLSDQGVSHFLILFDWLRQV:KHUHDYDLODEOHLQFOXGHWKHPDQXIDFWXUHUVFRQYHUWRU¶VQDPHDQGFRQWDFWGHWDLOV
2ULJLQDO
8QODGHQ9HKLFOH:HLJKWNJ
'*9:'HVLJQ*URVV9HKLFOH:HLJKWNJ
'HVLJQ$[OH:HLJKWVNJ$[OH
$[OH
$[OH
*URVV&RPELQDWLRQ:HLJKWNJ
0RGLILHG
,KHUHE\GHFODUHWKHLQIRUPDWLRQSURYLGHGLQUHODWLRQWRWKHYHKLFOHUHIHUUHGWRDERYH
D ,VWUXHDQGFRUUHFW
E 7KDWWKHPRGLILFDWLRQVUHSDLUVGHWDLOHGDERYHKDYHEHHQFDUULHGRXWWRWKHYHKLFOHVXFKWKDWWKHWHFKQLFDOVWDWXVDQGLQWHJULW\RIWKH
YHKLFOHDQGLWVRWKHUFRPSRQHQWVDQGVDIHW\IHDWXUHVKDYHQRWEHHQFRPSURPLVHGDQGWKDWWKHYHKLFOHLVVDIHWREHXVHGRQWKH
URDGDQGGRHVQRWSUHVHQWDGDQJHUWRWKHYHKLFOHRFFXSDQWVRURWKHUURDGXVHUV
F 7KDWWKHYHKLFOHPHHWVZLWKWKH5RDG7UDIILF&RQVWUXFWLRQ(TXLSPHQWDQG8VHRI9HKLFOHV5HJXODWLRQVDVDPHQGHGDQGWKH
5RDG7UDIILF/LJKWLQJRI9HKLFOHV5HJXODWLRQVDVDPHQGHG
G 7KDWWKHYHKLFOHPHHWVZLWKWKHHVVHQWLDOWHFKQLFDOSURYLVLRQVRIWKH(8'LUHFWLYHVWRZKLFKWKHPRGLILFDWLRQUHODWHVIRUWKH\HDUDQG
FDWHJRU\RIYHKLFOHFRQFHUQHG
,FRQILUPWKDWWLFNRQHRIWKHIROORZLQJ
,DPD³VXLWDEO\TXDOLILHGLQGLYLGXDO´,QWKLVFRQWH[WDVXLWDEO\TXDOLILHGLQGLYLGXDOPHDQVDPHFKDQLFDORUDXWRPRWLYHHQJLQHHUDQ
DXWRPRWLYHDVVHVVRURUDSHUVRQZLWKVLPLODUTXDOLILFDWLRQVZKRE\UHDVRQRIKLVRUKHUFRPSHWHQFHH[SHULHQFHDQGLQGHSHQGHQFH
LVDQDSSURSULDWHSHUVRQWRDVVHVVWKHILWQHVVDQGVDIHW\RIDYHKLFOHDQGZKRFDUULHVDSSURSULDWHLQGHPQLW\UHODWLYHWRKLVRUKHU
SRVLWLRQ
,DPDQDXWKRULVHGUHSUHVHQWDWLYHRIDQ$SSURYHG7HVW&HQWUH$7&DVDSSRLQWHGE\WKH16$,1DWLRQDO6WDQGDUGV$XWKRULW\IRU
,UHODQG
,DPWKHPDQXIDFWXUHUDXWKRULVHGGLVWULEXWRUFRQYHUWRURIWKHYHKLFOHGHOHWHDVDSSURSULDWH
1DPHRI&HUWLI\LQJ3HUVRQFDSVBBBBBBBBBBBBBBBBBBB
2QBBBBBBBBBBBBBBBBBBBBBBBBB
6LJQDWXUHRI&HUWLI\LQJ3HUVRQBBBBBBBBBBBBBBBBBBBBBBB
'DWHRI&HUWLILFDWLRQ
3RVLWLRQ:LWKLQ2UJDQLVDWLRQBBBBBBBBBBBBBBBBBBBBBBBB
$WBBBBBBBBBBBBBBBBBBBBBBBBBB
3ODFHRI&HUWLILFDWLRQ
(QJLQHHULQJ4XDOLILFDWLRQDQGRU3URIHVVLRQDOERG\DFFUHGLWDWLRQ64,RQO\BBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB1XPEHURI\HDU¶VUHOHYDQWH[SHULHQFH64,RQO\BBBBB
/&97(67(560$18$/9
3DJH
2IILFLDO6WDPS
RIWKH64,
$7&
PDQXIDFWXUHU
Údarás Um Shábháilteacht Ar Bhóithre
Road Safety Authority
Teach Chluain Fearta, Sráid Bhríde, Baile Locha Riach, Co. na Gaillimhe
Clonfert House, Bride Street, Loughrea, Co. Galway
tel: (091) 872 600 fax: (091) 872 660 email: CVRTAdmin@rsa.ie website: www.cvrt.ie

Similar documents

Predictor based Self tuning Control of Pressure Plants

Predictor based Self tuning Control of Pressure Plants 2QH RI WKH FODVVHV RI VXFK ± FRQWLQXRXV-WLPH ± SODQWV LV D ³EDOOV-LQ-WXEHV´ V\VWHP 3HUUHLUD DQG %R\OHV >@ DQDO\VHG WKH ³EDOOV-LQ-WXEHV´ V\VWHP WKDW KDG RQO\ RQH WXEH Z...

More information

ANY - Andrew Page

ANY - Andrew Page :26HQVRUV:2+/:DVK )URQW%XPSHU6WDQGDUG0RGHOV :26HQVRUV:LWK+/:DVK )URQW%XPSHU6WDQGDUG0RGHOV :LWK6HQVRUV:2+/:DVK )URQW%XPSHU6WDQGDUG0RGHOV :LWK6HQVRUV...

More information

How difficult could it be, Larry Pappo wondered, to pay

How difficult could it be, Larry Pappo wondered, to pay LQ6SDUWD0LFKLJDQZKRKDGDQHDUO\6/VWRUHGKLJKLQWKHUDIWHUVRI KLVZDUHKRXVH$IWHUGULYLQJWKHFDUIRUVRPH\HDUV.LGGHUKDGGLVDVVHPEOHG LWZLWKWKHLGHDRIUHVWRULQJLWDQGK...

More information

enjoy your life

enjoy your life It was 65 years ago that entrepreneur Heinz Kettler laid the foundations for what this traditional company has become today. The manufacturing of a wide array of products to enhance leisure time ma...

More information

12th Annual Taste of Tremont Street Festival

12th Annual Taste of Tremont Street Festival  SULYDWH JDUGHQV IDUPV YLQH\DUGV DQG RUFKDUGV LQ QHLJKERUKRRGVWKURXJKRXWWKHFLW\RI&OHYHODQG7KHSXUSRVH RI *DUGHQ:DON &OHYHODQG LV WR LQYLWH SHRSOH WR FRQQHFW WKURXJKJD...

More information