Вы находитесь на странице: 1из 272

English

CST

English

Ref.No. PUB20004372_B
2011.11
Volvo, Eskilstuna

California
Proposition 65 Warning
Diesel engine exhaust and some of its constituents are
known to the State of California to cause cancer, birth
defects, and other reproductive harm.

California
Proposition 65 Warning
Battery posts, terminals and other related accessories
contain lead and lead compounds, chemicals known
to the State of California to cause cancer and other
reproductive harm.
Wash hands after handling.

BL61B/BL71B
)RUHZRUG
7KLV2SHUDWRU
V0DQXDOLVLQWHQGHGDVDJXLGHIRUWKHFRUUHFWXVHDQG
PDLQWHQDQFHRIWKHPDFKLQH7KHUHIRUHVWXG\LWFDUHIXOO\EHIRUHVWDUWLQJ
DQGRSHUDWLQJWKHPDFKLQHRUEHIRUHFDUU\LQJRXWDQ\SUHYHQWLYH
PDLQWHQDQFH.HHSWKHPDQXDOLQWKHFDEVRWKDWLWDOZD\VLVDWKDQG
5HSODFHLWLPPHGLDWHO\LILWLVORVW7KHPDQXDOGHVFULEHVWKHDSSOLFDWLRQV
IRUZKLFKWKHPDFKLQHSULPDULO\LVLQWHQGHGDQGLVZULWWHQWRDSSO\IRUDOO
PDUNHWV:HWKHUHIRUHDVN\RXWRGLVUHJDUGWKHVHFWLRQVZKLFKDUHQRW
DSSOLFDEOHWR\RXUPDFKLQHRUWRWKHZRUNIRUZKLFK\RXXVH\RXUPDFKLQH

127,&(
,IWKLVPDQXDOLQFOXGHVPRUHWKDQRQHPDFKLQHWKHLQIRUPDWLRQDSSOLHVWR
DOOPDFKLQHVXQOHVVRWKHUZLVHVWDWHG
0DQ\KRXUVDUHVSHQWRQGHVLJQDQGSURGXFWLRQWRPDNHDPDFKLQHWKDW
LVDVHIILFLHQWDQGVDIHDVSRVVLEOH7KHDFFLGHQWVZKLFKRFFXULQVSLWHRI
WKLVDUHPRVWO\FDXVHGE\WKHKXPDQIDFWRU$VDIHW\FRQVFLRXVSHUVRQ
DQGDZHOOPDLQWDLQHGPDFKLQHPDNHDVDIHHIILFLHQWDQGSURILWDEOH
FRPELQDWLRQ7
7KHUHIRUHUHDGWKHVDIHW\LQVWUXFWLRQVDQGIROORZWKHP:H
FRQWLQXDOO\VWULYHWRLPSURYHRXUSURGXFWVDQGWRPDNHWKHPPRUHHIILFLHQW
WKURXJKFKDQJHVWRWKHLUGHVLJQ:HUHWDLQWKHULJKWWRGRWKLVZLWKRXW
FRPPLWWLQJRXUVHOYHVWRLQWURGXFHWKHVHLPSURYHPHQWVRQSURGXFWVZKLFK
KDYHDOUHDG\EHHQGHOLYHUHG:HDOVRUHWDLQWKHULJKWWRFKDQJHGDWDDQG
HTXLSPHQWDVZHOODVLQVWUXFWLRQVIRUVHUYLFHDQGRWKHUPDLQWHQDQFH
PHDVXUHVZLWKRXWSULRUQRWLFH

OPERATOR'S MANUAL
7DEOHRIFRQWHQWV

3UHVHQWDWLRQ

,QVWUXPHQWSDQHOV

2WKHUFRQWUROV

2SHUDWLQJLQVWUXFWLRQV

6DIHW\UHJXODWLRQV
,WLVWKHRSHUDWRU
VREOLJDWLRQWRNQRZDQGIROORZWKHDSSOLFDEOHQDWLRQDO
DQGORFDOVDIHW\UHJXODWLRQV7KHVDIHW\LQVWUXFWLRQVLQWKLVPDQXDORQO\
DSSO\WRFDVHVZKHQWKHUHDUHQRQDWLRQDORUORFDOUHJXODWLRQV

2SHUDWLQJWHFKQLTXHV

:$51,1*
7KHZDUQLQJV\PERODERYHDSSHDUVDWYDULRXVSRLQWVLQWKH2SHUDWRU
V
0DQXDOWRJHWKHUZLWKDZDUQLQJWH[W5HDGWKHWH[WFDUHIXOO\\RXUVDIHW\
GHSHQGVRQLW,WLVWKHREOLJDWLRQRIWKHRSHUDWRUWRPDNHVXUHWKDWDOO
ZDUQLQJGHFDOVDUHLQSODFHRQWKHPDFKLQHDQGWKDWWKH\DUHUHDGDEOH

6DIHW\ZKHQVHUYLFLQJ

6HUYLFHDQGPDLQWHQDQFH

&$87,21
,QGLFDWHVDSRWHQWLDOO\KD]DUGRXVVLWXDWLRQZKLFKPD\UHVXOWLQPDFKLQH
GDPDJH

6SHFLILFDWLRQV

127,&(
,VXVHGWRQRWLI\RILQVWDOODWLRQRSHUDWLRQRUPDLQWHQDQFHLQIRUPDWLRQ
ZKLFKLVLPSRUWDQWEXWQRWKD]DUGUHODWHG

*HWWRNQRZWKHFDSDFLW\DQGOLPLWVRI\RXUPDFKLQH

$OSKDEHWLFDOLQGH[

5HI1R38%%

&RS\ULJKWk9ROYR&RQVWUXFWLRQ(TXLSPHQW&XVWRPHU6XSSRUW$OOULJKWVUHVHUYHG

)RUHZRUG

,GHQWLILFDWLRQQXPEHUV

,GHQWLILFDWLRQQXPEHUV
0DNHDQRWHEHORZRIWKHLGHQWLILFDWLRQQXPEHUVRIWKHPDFKLQHDQGLWVFRPSRQHQWV$OZD\VXVHWKLVLQIRUPDWLRQ
ZKHQFRQWDFWLQJWKHPDQXIDFWXUHUDQGZKHQRUGHULQJVSDUHSDUWV
9ROYR&RPSDFW(TXLSPHQW6$6
5XH3LHUUH3LQJRQ
%3
%HOOH\&HGH[
)UDQFH

0DQXIDFWXUHU

0DFKLQH3,1 6HULDOQXPEHU
(QJLQH
7UDQVPLVVLRQ
)URQWD[OH
5HDUD[OH
&DE&DQRS\

3OHDVHVHQGFRPPHQWVDERXWWKH2SHUDWRUV0DQXDOWRRP#YROYRFRP

3OHDVHVHQGFRPPHQWVDERXWWKH2SHUDWRUV0DQXDOWRRP#YROYRFRP

7DEOHRIFRQWHQWV

7DEOHRIFRQWHQWV
)RUHZRUG
,GHQWLILFDWLRQQXPEHUV

7DEOHRIFRQWHQWV
3UHVHQWDWLRQ
0DFKLQHYLHZ
&(PDUNLQJ(0&GLUHFWLYH
&RPPXQLFDWLRQHTXLSPHQWLQVWDOODWLRQ
3URGXFWSODWHV
,QIRUPDWLRQDQGZDUQLQJGHFDOV
86$IHGHUDOFOHDQDLUDFW

,QVWUXPHQWSDQHOV
,QVWUXPHQWSDQHOIURQW
'LVSOD\XQLW
,QVWUXPHQWSDQHOFDESRVW
,QVWUXPHQWSDQHOVLGH

2WKHUFRQWUROV
&RQWUROV
6LGHVKLIW
2SHUDWRUFRPIRUW
&OLPDWHFRQWUROV\VWHP

2SHUDWLQJLQVWUXFWLRQV
6DIHW\UXOHVZKHQRSHUDWLQJ
0HDVXUHVEHIRUHRSHUDWLQJ
6WDUWLQJHQJLQH
+\GUDXOLFV\VWHPZDUPLQJXS
*HDUVKLIWLQJ
%UDNLQJ
6WRSSLQJ
3DUNLQJ
0HDVXUHVZKHQJHWWLQJVWXFN
/RFNLQJGHYLFH
5HWULHYLQJDQGWRZLQJ
$WWDFKPHQWVDOWHUQDWLYHORZHULQJ
7UDQVSRUWLQJPDFKLQH



7DEOHRIFRQWHQWV


2SHUDWLQJWHFKQLTXHV
(FRGULYLQJ
:KROHERG\YLEUDWLRQV
9ROYR+\GUDXOLF6DIHJXDUG6\VWHP
:RUNLQJZLWKLQGDQJHURXVDUHDV
$WWDFKPHQWV
$WWDFKPHQWVFRQQHFWLQJDQGGLVFRQQHFWLQJ
$WWDFKPHQWEUDFNHWV
0HFKDQLFDODWWDFKPHQWEUDFNHW
+\GUDXOLFDWWDFKPHQWEUDFNHW
/RDGLQJ
([FDYDWLQJ
3UHVVXUHUHOHDVH
+\GUDXOLFFRXSOLQJV
%XFNHWV
3DOOHWIRUNV
+DPPHU
/LIWLQJREMHFWV
6LJQDOOLQJGLDJUDP

6DIHW\ZKHQVHUYLFLQJ
6HUYLFHSRVLWLRQ
%HIRUHVHUYLFHUHDG
)LUHSUHYHQWLRQ
+DQGOLQJKD]DUGRXVPDWHULDOV

6HUYLFHDQGPDLQWHQDQFH
6HUYLFHSRLQWV
(QJLQH
)XHOV\VWHP
7XUERFKDUJHU
(QJLQHDLUFOHDQHU
&RROLQJV\VWHP
(OHFWULFDOV\VWHP
7UDQVPLVVLRQ
$[OHV
%UDNHV\VWHP
)UDPH
:KHHOV
&DE
$LUFRQGLWLRQLQJ
+\GUDXOLFV\VWHP
$WWDFKPHQWVPDLQWHQDQFH
*UHDVLQJ
/XEULFDWLRQDQGVHUYLFHFKDUW

7DEOHRIFRQWHQWV


6SHFLILFDWLRQV
5HFRPPHQGHGOXEULFDQWV
6HUYLFHFDSDFLWLHVDQGFKDQJHLQWHUYDOV
(QJLQH
(OHFWULFDOV\VWHP
7UDQVPLVVLRQ
%UDNH
6WHHULQJ
:KHHOV
&DE
+\GUDXOLFV\VWHP
'LPHQVLRQV
0DFKLQHFDSDFLWLHV
/LIWLQJFDSDFLWLHV
3DOOHWIRUNV
+DPPHU
6HUYLFHKLVWRU\

$OSKDEHWLFDOLQGH[



3UHVHQWDWLRQ

3UHVHQWDWLRQ



9

%/%%/%

,QWHQGHGXVH
7KHPDFKLQHLVLQWHQGHGWREHXVHGXQGHUQRUPDOFRQGLWLRQVIRU
WKHDSSOLFDWLRQVGHVFULEHGLQWKH2SHUDWRU
V0DQXDO,ILWLVXVHG
IRURWKHUSXUSRVHVRULQSRWHQWLDOO\GDQJHURXVHQYLURQPHQWVIRU
H[DPSOHH[SORVLYHDWPRVSKHUHIODPPDEOHHQYLURQPHQWRUDUHDV
ZLWKGXVWFRQWDLQLQJDVEHVWRVHWFVSHFLDOVDIHW\UHJXODWLRQV
PXVWEHIROORZHGDQGWKHPDFKLQHEHHTXLSSHGIRUVXFKXVH
&RQWDFWWKHPDQXIDFWXUHUGHDOHUIRUIXUWKHULQIRUPDWLRQ
7KHPDFKLQHLVGHVLJQHGIRUDPD[LPXPPDFKLQHZHLJKW LQFO
HTXLSPHQWDQGDWWDFKPHQWV RINJ OE  %/% 
NJ OE  %/% ,IWKHPD[LPXPZHLJKWLVH[FHHGHG
QRQHRIWKHZDUUDQWLHVIURPWKHPDQXIDFWXUHUZLOODSSO\+RZHYHU
DOZD\VSD\DWWHQWLRQWRQDWLRQDOUHJXODWLRQVIRUWUDYHOOLQJRQSXEOLF
URDGV

(QYLURQPHQWDOUHTXLUHPHQWV
%HDZDUHRIWKHHQYLURQPHQWZKHQRSHUDWLQJDQGGXULQJVHUYLFH
DQGPDLQWHQDQFHRIWKHPDFKLQH$OZD\VIROORZORFDODQGQDWLRQDO
HQYLURQPHQWDOOHJLVODWLRQDSSOLFDEOHWRDOOKDQGOLQJRIWKH
PDFKLQH

3UHVHQWDWLRQ


(QJLQH
7KH9ROYR''WXUERHQJLQHLVDIRXUF\OLQGHUIRXUVWURNHORZ
HPLVVLRQHQJLQHZLWKGLUHFWLQMHFWLRQDQGWXUERFKDUJHU

(OHFWULFDOV\VWHP
7KHEDWWHU\GLVFRQQHFWVZLWFKLVORFDWHGRQWKHEDWWHU\
FRPSDUWPHQWKDWFK$OOIXVHVDQGUHOD\VDUHORFDWHGHLWKHULQWKH
EDWWHU\FRPSDUWPHQWRUXQGHUWKHVLGHSDQHOLQWKHFDELQ7KH
PDFKLQHLVHTXLSSHGZLWKDQHOHFWURQLFFRQWUROV\VWHP9(&8
WKDWPRQLWRUVDQGFRQWUROVWKHPDFKLQHIXQFWLRQV

7UDQVPLVVLRQ
7KHWUDQVPLVVLRQLVDIRXUIRUZDUGIRXUUHYHUVHSRZHUVKXWWOHRU
SRZHUVKLIWWUDQVPLVVLRQZLWKWRUTXHFRQYHUWHUDQGK\GUDXOLF
VKXWWOHFRQWURO
7KHPDFKLQHLVHTXLSSHGZLWKDFROXPQPRXQWHGHOHFWUR
K\GUDXOLFGLUHFWLRQFRQWUROOHYHUDQGDSRZHUVKLIWWUDQVPLVVLRQ
ZLWKIRXUIRUZDUGDQGIRXUUHYHUVHJHDUVZLWKFROXPQPRXQWHG
JHDUVHOHFWRU
%/%LVHTXLSSHGZLWKDUHPRWHJHDUGLUHFWLRQFRQWUROORFDWHG
RQWKHORDGHUOHYHU

$[OHV
)URQWD[OH
%/%LVHTXLSSHGZLWKDIRXUZKHHOGULYHVWDQGDUGGXW\IURQWD[OH
DQGLVDYDLODEOHZLWKDKHDY\GXW\IURQWD[OHDVDQRSWLRQ
%/%LVHTXLSSHGZLWKDIRXUZKHHOGULYHKHDY\GXW\IURQWD[OH
7KHIURQWD[OHKDVIRXUZKHHOGULYHVZLWFKDEOHZLWKLQWKH
WUDQVPLVVLRQ'ULYHLVSURYLGHGE\DSURSHOOHUVKDIWGLUHFWO\IURP
WKHWUDQVPLVVLRQ
5HDUD[OH
7KHUHDUD[OHIHDWXUHVSHUPDQHQWGULYHYLDDSURSHOOHUVKDIW
GLUHFWO\IURPWKHWUDQVPLVVLRQ7KHD[OHIHDWXUHVVSLUDOFURZQDQG
SLQLRQGULYHWKURXJKHSLF\FOLFKXEVGLIIHUHQWLDOORFNDQGLQWHJUDO
RLOLPPHUVHGVHUYLFHEUDNHV

%UDNHV\VWHP
7KHPDFKLQHIHDWXUHVDGRXEOHEUDNHFLUFXLW
7KHVHUYLFHEUDNHVDUHRLOLPPHUVHGVHOIDGMXVWLQJDQGORFDWHG
LQWKHUHDUD[OHKXEV7KH\DUHK\GUDXOLFDOO\RSHUDWHGXVLQJ
SHGDOVDQGIHDWXUHVLQGHSHQGHQWOHIWDQGULJKWEUDNLQJ
7KHSDUNLQJEUDNHLVPHFKDQLFDODQGEUDNHVRQWKHUHDUD[OHLQSXW
VKDIWGLVF

3UHVHQWDWLRQ


6WHHULQJV\VWHP
7KHPDFKLQHKDVDK\GURVWDWLFVWHHULQJV\VWHPWKDWRSHUDWHVRQH
GRXEOHDFWLQJK\GUDXOLFF\OLQGHUORFDWHGRQWKHIURQWD[OH

&DE
7KHFDEIHDWXUHVDFDEZLWKIXOOLQVWUXPHQWDWLRQKHDWLQJZLWKDLU
FRQGLWLRQLQJDVDQRSWLRQLQFOXGHGLQWHJUDO5236DQG)236
VWUXFWXUHODUJHRSHQLQJUHDUZLQGRZRQHRSHQLQJGRRURUWZR
RSHQLQJGRRUVIRUGHOX[HFDEWZRRSHQLQJZLQGRZVRQHDFKVLGH
DQGDQDLUVXVSHQGHGVHDWDVDQRSWLRQ
7KHFDQRS\LQFRUSRUDWHVDIXOO)236DQG5236VWUXFWXUHZLWK
IXOOLQVWUXPHQWDWLRQYLQ\OVHDWDQGRSWLRQDOIURQWZLQGVFUHHQ

)236DQG5236
7KHFDEDQGFDQRS\DUHDSSURYHGDVDSURWHFWLYHFDEDFFRUGLQJ
WR)236DQG5236VWDQGDUGVVHHSDJH)236LVDQ
DEEUHYLDWLRQRI)DOOLQJ2EMHFW3URWHFWLYH6WUXFWXUH URRI
SURWHFWLRQ DQG5236LVDQDEEUHYLDWLRQRI5ROO2YHU3URWHFWLYH
6WUXFWXUH UROORYHUSURWHFWLRQ 
,IDQ\SDUWRIWKHFDE
VSURWHFWLYHVWUXFWXUHLVDIIHFWHGE\SODVWLF
GHIRUPDWLRQRUFUDFNVWKHFDEPXVWEHUHSODFHGLPPHGLDWHO\
1HYHUFDUU\RXWDQ\XQDXWKRULVHGDOWHUDWLRQVWRWKHFDEHJ
ORZHULQJWKHURRIKHLJKWGULOOLQJZHOGLQJRQEUDFNHWVIRUILUH
H[WLQJXLVKHUUDGLRDHULDORURWKHUHTXLSPHQWZLWKRXWILUVWYLDD
GHDOHUKDYLQJGLVFXVVHGWKHDOWHUDWLRQZLWKSHUVRQQHODWWKH
9ROYR(QJLQHHULQJ'HSDUWPHQW7KLVGHSDUWPHQWZLOOGHFLGH
ZKHWKHUWKHDOWHUDWLRQPD\FDXVHWKHDSSURYDOWREHFRPHYRLG

+\GUDXOLFV\VWHP
%/%
7KHK\GUDXOLFV\VWHPIHDWXUHVDIL[HGIORZSXPS)XQFWLRQVDUH
FRQWUROOHGWKURXJKVHSDUDWHYDOYHEORFNVIRUWKHORDGHUDQG
EDFNKRHIXQFWLRQV
7KLVPDFKLQHFDQEHHTXLSSHGZLWKRSWLRQDOYDOYHVSRROVWR
RSHUDWHDQH[WHQGLEOHGLSSHUDUPDQGRUDPXOWLSXUSRVHEXFNHW
%/%
7KHK\GUDXOLFV\VWHPKDVDZRUNLQJSXPSZLWKYDULDEOHIORZ
)XQFWLRQVDUHFRQWUROOHGE\DWHQVSRROYDOYHEORFN

(TXLSPHQW
7KHPDFKLQHFDQEHSURYLGHGZLWKGLIIHUHQWW\SHVRIRSWLRQDO
HTXLSPHQWGHSHQGLQJRQWKHUHTXLUHPHQWVRIGLIIHUHQWPDUNHWV
([DPSOHVRIVXFKHTXLSPHQWDUHDWWDFKPHQWEUDFNHWVDQG
KDPPHU



3UHVHQWDWLRQ



$QWLWKHIWGHYLFH
$QDQWLWKHIWGHYLFHPDNHVLWPRUHGLIILFXOWWRVWHDOWKHPDFKLQH
9ROYRRIIHUVDQDQWLWKHIWGHYLFHDVRSWLRQDOHTXLSPHQW,I\RXU
PDFKLQHLVQRW\HWHTXLSSHGZLWKLWFKHFNWKHSRVVLELOLW\RIKDYLQJ
VXFKDGHYLFHDFWLYDWHGE\\RXUGHDOHU

0RGLILFDWLRQV
0RGLILFDWLRQVRIWKLVPDFKLQHLQFOXGLQJWKHXVHRIXQDXWKRUL]HG
DWWDFKPHQWVDFFHVVRULHVXQLWVRUSDUWVPD\DIIHFWWKH
PDFKLQH
VLQWHJULW\ FRQGLWLRQ DQGRUWKHPDFKLQH
VDELOLW\WR
IXQFWLRQLQWKHZD\IRUZKLFKLWLVGHVLJQHG3HUVRQVRU
RUJDQL]DWLRQVSHUIRUPLQJXQDXWKRUL]HGPRGLILFDWLRQVDVVXPHDOO
UHVSRQVLELOLW\IRUFRQVHTXHQFHVWKDWDULVHGXHWRPRGLILFDWLRQVRU
FDQEHDWWULEXWHGWRPRGLILFDWLRQVLQFOXGLQJGDPDJLQJDIIHFWWR
WKHPDFKLQH
1RPRGLILFDWLRQVRIDQ\NLQGPD\EHSHUIRUPHGRQWKLVSURGXFW
XQOHVVHDFKVSHFLILFPRGLILFDWLRQILUVWKDVEHHQDSSURYHGLQ
ZULWLQJE\9ROYR&RQVWUXFWLRQ(TXLSPHQW9ROYR&RQVWUXFWLRQ
(TXLSPHQWUHVHUYHVWKHULJKWWRUHMHFWDOOZDUUDQW\FODLPVWKDW
KDYHDULVHQGXHWRRUFDQEHWUDFHGWRXQDXWKRUL]HGPRGLILFDWLRQV
0RGLILFDWLRQVPD\EHFRQVLGHUHGWREHRIILFLDOO\DSSURYHGLIDW
OHDVWRQHRIWKHIROORZLQJFRQGLWLRQVKDVEHHQPHW
 7KHDWWDFKPHQWWKHDFFHVVRU\WKHXQLWRUWKHSDUWKDVEHHQ
PDQXIDFWXUHGRUGLVWULEXWHGE\9ROYR&RQVWUXFWLRQ(TXLSPHQW
DQGKDVEHHQLQVWDOOHGDFFRUGLQJWRWKHIDFWRU\DSSURYHG
PHWKRGGHVFULEHGLQDSXEOLFDWLRQDYDLODEOHIURP9ROYR
&RQVWUXFWLRQ(TXLSPHQWRU
 7KHPRGLILFDWLRQKDVEHHQDSSURYHGLQZULWLQJE\WKH
(QJLQHHULQJ'HSDUWPHQWIRUWKHUHOHYDQWSURGXFWOLQHDW9ROYR
&RQVWUXFWLRQ(TXLSPHQW

&DUH7UDFN
7KHPDFKLQHFDQEHIDFWRU\RUGHDOHUHTXLSSHGZLWK&DUH7UDFN
DWHOHPDWLFVV\VWHPGHYHORSHGE\9ROYR&RQVWUXFWLRQ(TXLSPHQW
7KHV\VWHPFROOHFWVPDFKLQHGDWDZKLFKFDQEHZLUHOHVVO\
WUDQVIHUUHGWRDFRPSXWHU7KHGDWDVKRZVPDFKLQHSRVLWLRQDQG
RSHUDWLQJKRXUV,WDOVRRIIHUVJHRDQGWLPHIHQFHVSOXVVHUYLFH
UHPLQGHUV)RUIXUWKHULQIRUPDWLRQFRQWDFW\RXU9ROYRGHDOHU

3UHVHQWDWLRQ

0DFKLQHYLHZ



0DFKLQHYLHZ
7KHWHUPVOHIWKDQGDQGULJKWKDQGZKHQXVHGLQWKLVPDQXDO
LQGLFDWHWKHVLGHVRIWKHPDFKLQHDVVHHQIURPWKHRSHUDWRUVHDW
IDFLQJWKHIURQWRIWKHPDFKLQH

127,&(
&

:KHQXVLQJEDFNKRHFRQWUROVWKHWHUPVOHIWKDQGDQGULJKWKDQG
LQGLFDWHWKHVLGHVRIWKHPDFKLQHDVVHHQIURPWKHRSHUDWRUVVHDW
IDFLQJWKHUHDURIWKHPDFKLQH

'
%



$)URQW%5HDU&/HIWKDQG'5LJKWKDQG

9

0DFKLQHGHVFULSWLRQ



















    











9

3UHVHQWDWLRQ



0DFKLQHYLHZ

6WDELOLVHUIHHW



%DFNKRHEXFNHWF\OLQGHU

%UDNHOLJKWVSRVLWLRQOLJKWVDQGGLUHFWLRQ
LQGLFDWRUV



$WWDFKPHQWTXLFNFRXSOHU LILQVWDOOHG

6WDELOLVHUOHJV



%DFNKRHEXFNHW

6ZLQJFDUULDJH



6LGHVKLIWUDLOV

%DFNKRHVZLQJORFN



/RDGHUEXFNHW 0XOWLSXUSRVHEXFNHWVKRZQ
KHUH

1XPEHUSODWHOLJKW RQWKHULJKWKDQGVLGH
VWDELOLVHUIRUFRXQWULHVZLWKOHIWKDQGWUDIILF



/RDGHUEXFNHWF\OLQGHU

)RJOLJKW RQWKHULJKWKDQGVLGHVWDELOLVHUIRU
FRXQWULHVZLWKOHIWKDQGWUDIILF



/RDGHUERRP

%DFNKRHERRPORFN



%XWWRQIRURSHQLQJWKHHQJLQHKRRG

%DFNKRHERRPF\OLQGHU



6DIHW\VWUXW



%DFNKRHERRP



([KDXVWSLSH



5HDUZRUNLQJOLJKWV



%DWWHU\WRROER[



5RWDWLQJZDUQLQJEHDFRQ



)URQWZRUNLQJOLJKWV



'LSSHUDUPF\OLQGHU



+HDGOLJKWV 5RDGODPSV SRVLWLRQOLJKWVDQG


GLUHFWLRQLQGLFDWRUV



'LSSHUDUP



)XHOWDQN



0LUURUV LILQVWDOOHG

3UHVHQWDWLRQ

&(PDUNLQJ(0&GLUHFWLYH



&(PDUNLQJ(0&GLUHFWLYH
&(PDUNLQJ
'HFODUDWLRQRI&RQIRUPLW\
7KLVPDFKLQHLV&(PDUNHG7KLVPHDQVWKDWZKHQGHOLYHUHGLW
PHHWVWKHDSSOLFDEOH(VVHQWLDO+HDOWKDQG6DIHW\
5HTXLUHPHQWVVWDWHGLQ(8
VVRFDOOHG0DFKLQH6DIHW\
'LUHFWLYH(&
$Q\SHUVRQPDNLQJFKDQJHVWKDWDIIHFWPDFKLQHVDIHW\LVDOVR
UHVSRQVLEOHIRUWKHVDPH


$Q(8'HFODUDWLRQRI&RQIRUPLW\DVZHOODVDVRXQGFHUWLILFDWH
UHJDUGLQJVRXQGSRZHULQG% $ DUHVXSSOLHGDVSURRIWKDWWKH
UHTXLUHPHQWVDUHIXOILOOHG7KHVRXQGFHUWLILFDWHLQFOXGHVERWK
PHDVXUHGH[WHUQDOYDOXHVDQGJXDUDQWHHGVRXQGSRZHUOHYHO
7KHVHGHFODUDWLRQVDUHLVVXHGE\9ROYRIRUHYHU\LQGLYLGXDO
PDFKLQH7KLV(8GHFODUDWLRQDOVRLQFOXGHVDWWDFKPHQWV
PDQXIDFWXUHGE\9ROYR7KHGRFXPHQWDWLRQLVDYDOXDEOH
GRFXPHQWDQGVKDOOEHVDYHGLQDVDIHORFDWLRQIRUDWOHDVWWHQ
\HDUV7KHGRFXPHQWDWLRQVKDOODOZD\VDFFRPSDQ\WKHPDFKLQH
ZKHQLWLVVROG
,IWKHPDFKLQHLVXVHGIRURWKHUDSSOLFDWLRQVRUZLWKRWKHU
DWWDFKPHQWVWKDQGHVFULEHGLQWKLVPDQXDOVDIHW\PXVWDOZD\V
EHHQVXUHGLQHDFKLQGLYLGXDOFDVH$FKDQJHPD\LQFHUWDLQ
FDVHVUHTXLUHDQHZ&(PDUNLQJDQGLVVXLQJRIDQHZ(8
'HFODUDWLRQRI&RQIRUPLW\7KHSHUVRQUHVSRQVLEOHIRUWKLVLVWKH
VDPHSHUVRQZKRPDNHVWKHFKDQJH

(8(0&'LUHFWLYH
7KHPDFKLQH
VHOHFWURQLFHTXLSPHQWPD\LQVRPHFDVHVLQWHUIHUH
ZLWKRWKHUHOHFWURQLFHTXLSPHQWRUEHLQWHUIHUHGZLWKE\H[WHUQDO
HOHFWURPDJQHWLFLQWHUIHUHQFHZKLFKPD\UHVXOWLQVDIHW\ULVNV
(8
V(0&GLUHFWLYHDERXW(OHFWURPDJQHWLFFRPSDWLELOLW\
(&SURYLGHVDJHQHUDOGHVFULSWLRQRIZKDW
UHTXLUHPHQWVFDQEHPDGHRIWKHPDFKLQHIURPDVDIHW\
SHUVSHFWLYHZKHUHSHUPLWWHGOLPLWYDOXHVKDYHEHHQGHWHUPLQHG
DQGVWDWHGLQLQWHUQDWLRQDOVWDQGDUGV
$PDFKLQHRUGHYLFHPXVWPHHWWKHUHTXLUHPHQWVWREH&(
PDUNHG2XUPDFKLQHVKDYHEHHQVSHFLDOO\WHVWHGIRU
HOHFWURPDJQHWLFLQWHUIHUHQFH7KHPDFKLQH
V&(PDUNLQJDQGWKH
'HFODUDWLRQRI&RQIRUPLW\DOVRFRYHUWKH(0&GLUHFWLYH
,IRWKHUHOHFWURQLFHTXLSPHQWLVILWWHGWRWKLVPDFKLQHWKH
HTXLSPHQWPXVWEH&(PDUNHGDQGWHVWHGRQWKHPDFKLQHZLWK
UHJDUGWRHOHFWURPDJQHWLFLQWHUIHUHQFH

'HFODUDWLRQRI&RQIRUPLW\
7KHVHSDJHVVKRZDFRS\RIWKHGHFODUDWLRQRIFRQIRUPLW\IRU
PDFKLQHDQGDJHQHUDOFRS\RIWKHGHFODUDWLRQRIFRQIRUPLW\IRU
DWWDFKPHQWVLQWKHFDWHJRU\LQWHUFKDQJHDEOHHTXLSPHQW
DWWDFKPHQWVWKDWFDQEHFKDQJHGE\RSHUDWRU 



3UHVHQWDWLRQ



&(PDUNLQJ(0&GLUHFWLYH
7KH'HFODUDWLRQRI&RQIRUPLW\LVRQO\DSSOLFDEOHLQWKH(XURSHDQ
8QLRQ
(&'(&/$5$7,212)&21)250,7<)250$&+,1(6 ,,$

'
(

9ROYR&RQVWUXFWLRQ(TXLSPHQWUXH3LHUUH3LQJRQ%HOOH\
)UDQFHKHUHE\GHFODUHVWKDWWKHSURGXFW
0DNH
7\SH
0RGHO
3URGXFWLGHQWLILFDWLRQ
QXPEHU 3,1 

9ROYR&RQVWUXFWLRQ(TXLSPHQW$%
%DFNKRH/RDGHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBB
9&(BBBBBBBBBBBBBBBBBBBBBBB

7
$
/
<
6
3
1
2
$
&
5
7

WRZKLFKWKLVGHFODUDWLRQUHODWHVLVLQFRQIRUPLW\ZLWKWKH
(VVHQWLDO+HDOWKDQG6DIHW\UHTXLUHPHQWVRIWKH
&RXQFLO'LUHFWLYH(&UHODWLQJWR0DFKLQHU\
&RXQFLOGLUHFWLYH(&RQHOHFWURPDJQHWLFFRPSDWLELOLW\
DQGWKHLU$PHQGPHQWVUHODWLQJWRPDFKLQHU\DQGRWKHU
DSSOLFDEOH'LUHFWLYHV
+DUPRQL]HGVWDQGDUGVDSSOLHG
(1$(DUWK0RYLQJPDFKLQHU\6DIHW\
*HQHUDOUHTXLUHPHQWV
(1$(DUWK0RYLQJPDFKLQHU\6DIHW\
5HTXLUHPHQWVIRU%DFNKRH/RDGHUV
7KLVGHFODUDWLRQUHODWHVH[FOXVLYHO\WRWKHPDFKLQHU\LQWKHVWDWH
LQZKLFKLWZDVSODFHGRQWKHPDUNHWDQGH[FOXGHVFRPSRQHQWV
ZKLFKDUHDGGHGDQGRURSHUDWLRQVFDUULHGRXWVXEVHTXHQWO\E\
WKHILQDOXVHU
6LJQDWXUHRIWKHLVVXHURIWKLVGHFODUDWLRQ


6LJQDWXUH1DPH

'DWHRILVVXH

$XWKRUL]HGLVVXHU
VVLJQDWXUHDQGSHUVRQDXWKRUL]HGWRFRPSLOH
WKHWHFKQLFDOILOHWKDWKDVEHHQGHWHUPLQHGLQWKH(XURSHDQ
&RPPXQLW\

6LJQDWXUH1DPH

$GGUHVVDQGGDWHRILVVXH
7KLVGHFODUDWLRQLQFOXGHVDWWDFKPHQWVGHYHORSHGGHVLJQHG
DSSURYHGPDUNHGDQGPDUNHWHGE\DERYHPHQWLRQHG
PDQXIDFWXUHU
7KHRZQHURIWKHPDFKLQHPXVWUHWDLQWKLV'HFODUDWLRQIRUDWOHDVW
WHQ\HDUVDIWHUGHOLYHU\

3UHVHQWDWLRQ

&(PDUNLQJ(0&GLUHFWLYH



(&'(&/$5$7,212)&21)250,7<:,7+',5(&7,9(
(&
:(
9ROYR&RQVWUXFWLRQ(TXLSPHQW
UXH3LHUUH3LQJRQ
%HOOH\)UDQFH

'
(

'(&/$5(7+$781'(528562/(5(63216,%,/,7<)25
0$18)$&785($1'6833/<7+(

7
$
/
<
6
3
1
2
$
&
5
7
02'(/

7<3(
%$&.+2(
/2$'(5

352'8&7,'(17,),&$7,2112
9&(

72:+,&+7+,6'(&/$5$7,215(/$7(6+$6%((1
0$18)$&785(',1&21)250,7<:,7+7+(',5(&7,9(
$66+2:1

'LUHFWLYH
$VVHVVPHQW

0DFKLQH
0RGHOV

(& ;<=
$QQH[9,3DUW
,

1HW,QVWDOOHG
3RZHU
FFFN:

0HDQ0HDVXUHG *XDUDQWHHG
9DOXHV/ZD
6RXQG3RZHU
/HYHOV/ZD
EEEG% $
DDDG% $

1RWLILHG%RG\

$97HFKQRORJ\
+DQIRUWK&KHVKLUH8.1U


7KHWHFKQLFDOGRFXPHQWDWLRQLVNHSWE\0U7RGG*RUPDQ9ROYR&RQVWUXFWLRQ(TXLSPHQW6$6
,VVXHGLQ6KLSSHQVEXUJE\


6LJQDWXUH1DPH

'DWHRILVVXH



3UHVHQWDWLRQ



&RPPXQLFDWLRQHTXLSPHQWLQVWDOODWLRQ

&RPPXQLFDWLRQHTXLSPHQW
LQVWDOODWLRQ
&$87,21
$OOLQVWDOODWLRQRIRSWLRQDOHOHFWURQLFFRPPXQLFDWLRQHTXLSPHQW
PXVWEHSHUIRUPHGE\WUDLQHGSURIHVVLRQDOVDQGLQDFFRUGDQFH
ZLWKWKH9ROYR&RQVWUXFWLRQ(TXLSPHQWLQVWUXFWLRQV

3URWHFWLRQDJDLQVWHOHFWURPDJQHWLFLQWHUIHUHQFH
7KLVPDFKLQHKDVEHHQWHVWHGDFFRUGLQJWR(8
VGLUHFWLYH
(&WKDWUHJXODWHVHOHFWURPDJQHWLFLQWHUIHUHQFH
7KHUHIRUHLWLVYHU\LPSRUWDQWWKDWDOOQRQDSSURYHGHOHFWURQLF
DFFHVVRULHVVXFKDVFRPPXQLFDWLRQHTXLSPHQWDUHWHVWHG
EHIRUHWKH\DUHLQVWDOOHGDQGXVHGVLQFHWKH\PD\LQWHUIHUHZLWK
WKHPDFKLQH
VHOHFWURQLFV\VWHP

*XLGHOLQHVIRULQVWDOOLQJDHULDO
7KHJXLGHOLQHVOLVWHGEHORZPXVWEHIROORZHGGXULQJLQVWDOODWLRQ
7KHSRVLWLRQRIWKHDHULDOPXVWEHVHOHFWHGWRSURYLGH
VDWLVIDFWRU\DGDSWDWLRQWRWKHVXUURXQGLQJDUHD
7KHDHULDOGRZQOHDGPXVWEHRIWKHFRD[LDOFDEOHW\SH0DNH
VXUHWKDWWKHFDEOHLVXQGDPDJHGWKDWWKHVFUHHQLVQRWVSOLW
DWWKHHQGVDQGWKDWLWWKRURXJKO\VXUURXQGVWKHFRQWDFW
VKHDWKVDQGKDVJRRGJDOYDQLFFRQWDFWZLWKWKHVDPH
7KHVXUIDFHEHWZHHQWKHPRXQWLQJEUDFNHWIRUWKHDHULDODQG
WKHSRLQWRIDWWDFKPHQWPXVWEHIUHHIURPGLUWDQGR[LGH$SSO\
FRUURVLRQSURWHFWLRQWRWKHVXUIDFHVDIWHULQVWDOODWLRQVRWKDW
JRRGJDOYDQLFFRQWDFWLVPDLQWDLQHG
7DNHFDUHWRVHSDUDWHFDEOHVWKDWPD\FDXVHLQWHUIHUHQFHIURP
WKRVHZKLFKPD\VXIIHULQWHUIHUHQFH&DEOHVWKDWPD\FDXVH
LQWHUIHUHQFHDUHYROWDJHIHHGFDEOHVDQGWKHDHULDOFDEOHWRWKH
FRPPXQLFDWLRQHTXLSPHQW&DEOHVWKDWPD\VXIIHUIURP
LQWHUIHUHQFHDUHFRQQHFWLQJFDEOHVIRUWKHHOHFWURQLFVRIWKH
PDFKLQH,QVWDOOFDEOHVDVFORVHDVSRVVLEOHWRSODWHVXUIDFHV
ZKLFKDUHFRQQHFWHGWRJURXQG HDUWKHG DVWKHVHKDYHD
VFUHHQLQJHIIHFW

3UHVHQWDWLRQ

3URGXFWSODWHV



3URGXFWSODWHV
:LWKWKHDLGRIWKHSURGXFWSODWHVVKRZQEHORZLWLVSRVVLEOHWR
LGHQWLI\WKHPDFKLQHDQGLWVFRPSRQHQWV7KH3URGXFW
,GHQWLILFDWLRQ1XPEHU3,1LQGLFDWHVWKHPRGHOGHVLJQDWLRQ
HQJLQHFRGHDQGVHULDOQXPEHURIWKHPDFKLQH0DNHDQRWHRQ
SDJHRIWKHLGHQWLILFDWLRQQXPEHUV
:KHQRUGHULQJVSDUHSDUWVDQGLQDOOWHOHSKRQHHQTXLULHVRU
FRUUHVSRQGHQFHWKH3,1PXVWDOZD\VEHTXRWHG



)URQWD[OH
7KHSODWHLVSRVLWLRQHGRQWKHULJKWKDQGRQWKHUHDU
RIWKHD[OHRQWKHPDLQKRXVLQJDQGVKRZVWKHSURGXFW
QXPEHUVDQGPDQXIDFWXUHU

7UDQVPLVVLRQ
7KHSODWHLVSRVLWLRQHGDWWKHERWWRPULJKWKDQGVLGHRI
WKHWUDQVPLVVLRQDQGVKRZVWKHWUDQVPLVVLRQSURGXFW
QXPEHUDQGPDQXIDFWXUHU

&DE&DQRS\
7KHSODWHLVSRVLWLRQHGLQWKHFDERQWKHOHIWKDQGSRVW
%SRVW DQGVKRZVWKHVHULDOQXPEHUPDFKLQHW\SH
PDQXIDFWXUHU
VQDPHDQGDGGUHVV5236)236
QXPEHUDQGPD[LPXPPDFKLQHZHLJKW

3,1SURGXFWSODWH
7KHSODWHLVSRVLWLRQHGRQWKHOHIWKDQGPDLQIUDPHORDGHU
WRZHUDQGVKRZVWKHPDFKLQHW\SHWKHPDQXIDFWXUHU
V
QDPHDQGDGGUHVVDQG3,1IRUWKHFRPSOHWHPDFKLQH

(QJLQH
7KHHQJLQHLGHQWLILFDWLRQSODWHLVORFDWHGRQWKHWRSRI
WKHHQJLQHDQGRQWKHULJKWKDQGVLGHRQWKHF\OLQGHU
EORFN

5HDUD[OH
7KHSODWHLVSRVLWLRQHGRQWKHIURQWRIWKHULJKWKDQG
WUXPSHWKRXVLQJDQGVKRZVWKHUHDUGULYHD[OH
LGHQWLILFDWLRQZLWKSURGXFWDQGVHULDOQXPEHUVDVZHOODV
PDQXIDFWXUHU

3UHVHQWDWLRQ



,QIRUPDWLRQDQGZDUQLQJGHFDOV

,QIRUPDWLRQDQGZDUQLQJGHFDOV
7KHRSHUDWRUVKRXOGNQRZDQGSD\DWWHQWLRQWRWKHLQIRUPDWLRQ
DQGZDUQLQJGHFDOVZKLFKDUHSRVLWLRQHGRQWKHPDFKLQH$OO
GHFDOVDUHQRWLQVWDOOHGRQDOOPDFKLQHVDVWKH\DUHPDUNHWDQG
PDFKLQHGHSHQGHQW
7KHGHFDOVPXVWEHNHSWIUHHIURPGLUWVRWKDWWKH\FDQEHUHDG
DQGXQGHUVWRRG,IWKH\KDYHEHHQORVWRUQRORQJHUDUHOHJLEOH
WKH\PXVWEHUHSODFHGLPPHGLDWHO\7KHSDUWQXPEHU RUGHU
QXPEHU LVJLYHQRQWKHUHVSHFWLYHGHFDOVDQGLQWKH3DUWV
&DWDORJXH

3UHVHQWDWLRQ

,QIRUPDWLRQDQGZDUQLQJGHFDOV















 




 






 











 





D

E

  

 














 

 
































9

3UHVHQWDWLRQ



,QIRUPDWLRQDQGZDUQLQJGHFDOV

9





:$51,1*5HDGWKH2SHUDWRU
VPDQXDOEHIRUH 
RSHUDWLQJWKHPDFKLQH GHFDOSRVLWLRQHGRQFDE
SRVWSDQHO ULJKW%SRVW 

:$51,1*5LVNRIFUXVKLQJ'RQRWZDONXQGHU
UDLVHGEDFNKRHERRP



:$51,1*5LVNRIFUXVKLQJ'RQRWZDONXQGHU 
UDLVHGORDGHUERRP

:$51,1*5LVNRIFUXVKLQJ3ODFHWKHVDIHW\
VWUXWLQVXSSRUWSRVLWLRQ



7UDQVPLVVLRQRLO5HDGWKH2SHUDWRUV0DQXDO 

:$51,1*+RWVXUIDFHVDQGURWDWLQJSDUWV



:$51,1*5LVNRIFUXVKLQJ'RQRWHQWHUWKH
ZRUNLQJDUHDRIWKHEDFNKRHXQLW

:$51,1*5HDGWKH2SHUDWRUV0DQXDOPD[
ORDGZKHQFUDQLQJNJ ,E 



3UHVHQWDWLRQ

,QIRUPDWLRQDQGZDUQLQJGHFDOV





:$51,1*:KHQWUDYHOOLQJRQSXEOLFURDGVZLWK 
WKHPDFKLQHWKHORDGHUFRQWUROOHYHUPXVWEH
GHDFWLYDWHG

)RUZDUG1HXWUDO5HYHUVH



+\GUDXOLFRLOILOOHUSRLQW



)XHOILOOLQJSRLQW

9



/LIWLQJSRLQW



$WWDFKLQJSRLQWIRUWLHGRZQ



(QJLQHRLOILOOHUSRLQW



%DWWHU\GLVFRQQHFWVZLWFK



3UHVHQWDWLRQ



,QIRUPDWLRQDQGZDUQLQJGHFDOV

6RXQGSRZHUOHYHORXWVLGHWKHFDE



6RXQGSUHVVXUHOHYHOLQWKHFDE



+DPPHUIRRWEXWWRQ



'LIIHUHQWLDOORFNIRRWEXWWRQ



$X[LOLDU\IORZFRQWURO %/%RQO\ 



([WHQGLEOHGLSSHUDUPSHGDO



7UDQVSRUWKHLJKW 8.RQO\ 



(PHUJHQF\H[LW

9





2SHUDWLQJLQVWUXFWLRQ %/%RQO\*HUPDQ\RQO\ 

NPK *HUPDQ\RQO\ 

3UHVHQWDWLRQ

,QIRUPDWLRQDQGZDUQLQJGHFDOV



K
K
K
K
K
K





9

K
K
K
K
K
K

/XEULFDWLRQDQGVHUYLFHFKDUW

D /RDGFKDUWEDFNKRHFHQWHUHG

9


E /RDGFKDUWEDFNKRHRIIVHW



+DPPHUSUHVVXUHOLQH 3  IHPDOH 
)&

)&

)&

)&

$

$

$

$

)8
$
)8
$


9



$LUFRQGLWLRQV\VWHPLQIRUPDWLRQ RQWKH
FRPSUHVVRUEUDFNHW 



0DLQIXVHSRVLWLRQV LQVLGHEDWWHU\WRROER[ 



03EXFNHWRSHQLQJLQGLFDWRU RSWLRQDO 



)ORZVHOHFWLRQYDOYH RSWLRQDO 

3UHVHQWDWLRQ



,QIRUPDWLRQDQGZDUQLQJGHFDOV



/RDGHUOHYHUIXQFWLRQV %/%RQO\ 



6$(EDFNKRHFRQWUROV



,62EDFNKRHFRQWUROV



;SDWWHUQEDFNKRHFRQWUROV %/%RQO\ 



/RDGHUOHYHUDQGFODPVKHOOEXFNHWIXQFWLRQV
%/%RQO\ 

4"&


9



%DFNKRHOHYHUORFN



6$(EDFNKRHFRQWUROV %/%RQO\ 

3UHVHQWDWLRQ

,QIRUPDWLRQDQGZDUQLQJGHFDOV



*40

4"&




9



,62EDFNKRHFRQWUROV %/%RQO\ 

9



6$(EDFNKRHFRQWUROV %/%RQO\ 

*40


9



,62EDFNKRHFRQWUROV %/%RQO\ 



$X[LOLDU\IORZKRUQ %/%RQO\ 



+RUQ %/%RQO\ 



5ROOHUIRUH[WHQGLEOHGLSSHUDUP %/%RQO\ 



%DFNKRHLQ,62PRGH %/%RQO\ 



%DFNKRHLQ6$(PRGH %/%RQO\ 



3UHVHQWDWLRQ



,QIRUPDWLRQDQGZDUQLQJGHFDOV



%DFNKRHORFNHG %/%RQO\ 



6WDELOLVHUOHYHUV %/%RQO\ 



7UDQVPLVVLRQGHFOXWFK %/%RQO\ 



7UDQVPLVVLRQGHFOXWFK %/%RQO\SRZHUVKLIW
RQO\ 



/RDGHUOHYHUWUDQVPLVVLRQGHFOXWFK %/%RQO\  

/RDGHUOHYHUWUDQVPLVVLRQGHFOXWFKDQGNLFN
GRZQ %/%RQO\SRZHUVKLIWRQO\ 



/RDGHUERRPOHYHUDQGFODPVKHOOEXFNHWOHYHU
%/%RQO\ 

/RDGHUERRPOHYHU %/%RQO\ 



3UHVHQWDWLRQ

,QIRUPDWLRQDQGZDUQLQJGHFDOV





+DQGWKURWWOHOHYHU



*HDUSRVLWLRQVWKUHHSRVLWLRQV RSWLRQDO
HTXLSPHQW%/%RQO\ 



/RDGHUOHYHUORFN %/%RQO\ 



:$51,1*&KHFNDWWDFKPHQWEUDFNHWORFN
%/%RQO\ 

,629*


9

,629*


9

:$51,1*&KHFNWKDWWKHDWWDFKPHQWLVORFNHG 

%DFNKRHERRPVDIHW\YDOYHFHUWLILFDWH RQOHIW% 


SRVW 





9












 






















 


































 




,629*,629*,629*



 






9

/RDGHUERRPVDIHW\YDOYHFHUWLILFDWH RQOHIW%
SRVW 



3UHVHQWDWLRQ



,QIRUPDWLRQDQGZDUQLQJGHFDOV

9



9ROYR&RRODQW9&6RQO\

9



:$51,1*+RWFRRODQW


9



:$51,1*3UHKHDWHU9



6$(EDFNKRHFRQWUROV ZLWKRXWFRQYHUWHUYDOYH
%/%RQO\ 


9

9



,62EDFNKRHFRQWUROV ZLWKRXWFRQYHUWHUYDOYH
%/%RQO\ 



6$(EDFNKRHFRQWUROV ZLWKRXWFRQYHUWHUYDOYH
%/%RQO\ 





9

9



,62EDFNKRHFRQWUROV ZLWKRXWFRQYHUWHUYDOYH
%/%RQO\ 



)XVHER[ EHKLQGWKHFRYHU

3UHVHQWDWLRQ

86$IHGHUDOFOHDQDLUDFW



86$IHGHUDOFOHDQDLUDFW
7KH)HGHUDO&OHDQ$LU$FW6HFWLRQD  SURKLELWVWKHUHPRYDO
RIDLUSROOXWLRQFRQWUROGHYLFHVRUWKHPRGLILFDWLRQRIDQ(3$
FHUWLILHGQRQURDGHQJLQHWRDQRQFHUWLILHGFRQILJXUDWLRQ
7KH)HGHUDOUHJXODWLRQVLPSOHPHQWLQJWKH&OHDQ$LU$FWIRUQRQ
URDGHQJLQHV&)5 D  L UHDGVDVIROORZV
7KHIROORZLQJDFWVDQGWKHFDXVLQJWKHUHRIDUHSURKLELWHG
)RUDSHUVRQWRUHPRYHRUUHQGHULQRSHUDWLYHDGHYLFHRUHOHPHQW
RIGHVLJQLQVWDOOHGRQRULQDQRQURDGHQJLQHYHKLFOHRU
HTXLSPHQWLQFRPSOLDQFHZLWKWKHUHJXODWLRQVXQGHUWKLVSDUWSULRU
WRLWVVDOHDQGGHOLYHU\WRWKHXOWLPDWHSXUFKDVHURUIRUDSHUVRQ
NQRZLQJO\WRUHPRYHRUUHQGHULQRSHUDWLYHVXFKDGHYLFHRU
HOHPHQWRIGHVLJQDIWHUWKHVDOHDQGGHOLYHU\WRWKHXOWLPDWH
SXUFKDVHU
7KHODZSUHVFULEHVDILQHRIXSWR86'IRUHDFKYLRODWLRQ
$QH[DPSOHRIDSURKLELWHGPRGLILFDWLRQVLVWKHUHFDOLEUDWLRQRI
WKHIXHOV\VWHPVRWKDWWKHHQJLQHZLOOH[FHHGWKHFHUWLILHG
KRUVHSRZHURUWRUTXH
<RXVKRXOGQRWPDNHDFKDQJHWRDQ(3$FHUWLILHGQRQURDG
HQJLQHWKDWZRXOGUHVXOWLQDQHQJLQHWKDWGRHVQRWPDWFKWKH
HQJLQHFRQILJXUDWLRQFHUWLILHGWRPHHWWKH)HGHUDO6WDQGDUGV

&XVWRPHU$VVLVWDQFH
9ROYR&RQVWUXFWLRQ(TXLSPHQWZLVKHVWRKHOSDVVXUHWKDWWKH
(PLVVLRQ&RQWURO6\VWHP:DUUDQW\LVSURSHUO\DGPLQLVWHUHG,Q
WKHHYHQWWKDW\RXGRQRWUHFHLYHWKHZDUUDQW\VHUYLFHWRZKLFK
\RXEHOLHYH\RXDUHHQWLWOHGXQGHUWKH(PLVVLRQ&RQWURO6\VWHP
:DUUDQW\\RXVKRXOGFRQWDFWWKHQHDUHVW9ROYR&RQVWUXFWLRQ
(TXLSPHQWUHJLRQDORIILFHIRUDVVLVWDQFH

1RUPDOQRQURDGHQJLQHXVH
7KHPDLQWHQDQFHLQVWUXFWLRQVDUHEDVHGRQWKHDVVXPSWLRQWKDW
WKLVFRQYHQWLRQDOPDFKLQHZLOOEHXVHGDVGHVLJQDWHGLQWKH
RSHUDWRU
VLQVWUXFWLRQPDQXDODQGRSHUDWHGRQO\ZLWKWKHVSHFLILHG
IXHODQGOXEULFDWLRQRLOV

1RQURDGHQJLQHPDLQWHQDQFH
7KLVLVDQRQURDGHQJLQHRIFRQYHQWLRQDOGHVLJQDQGDQ\ORFDO
GHDOHUPD\SHUIRUPWKHQHFHVVDU\QRQURDGHPLVVLRQFRQWURO
PDLQWHQDQFHDVGHILQHGLQWKLVPDQXDO
9ROYRUHFRPPHQGVWKDWWKHSXUFKDVHUXVHWKHVHUYLFHSURJUDP
IRUWKHQRQURDGHQJLQHNQRZQDVSUHYHQWDWLYHPDLQWHQDQFH
LQFOXGLQJWKHUHFRPPHQGHGHQJLQHHPLVVLRQFRQWURO
PDLQWHQDQFH
,QRUGHUWRGRFXPHQWWKDWWKHSURSHUUHJXODUPDLQWHQDQFHKDV
EHHQSHUIRUPHGRQWKHQRQURDGHQJLQH9ROYRUHFRPPHQGVWKDW
WKHRZQHUNHHSDOOUHFRUGVDQGUHFHLSWVRIVXFKPDLQWHQDQFH
7KHVHUHFRUGVRUUHFHLSWVVKRXOGEHWUDQVIHUUHGWRHDFK
VXEVHTXHQWSXUFKDVHURIWKHQRQURDGHQJLQH



3UHVHQWDWLRQ



86$IHGHUDOFOHDQDLUDFW
6HUYLFHSHUIRUPHGE\\RXUORFDOGHDOHU
<RXUORFDOGHDOHULVEHVWVXLWHGWRJLYH\RXJRRGGHSHQGDEOH
VHUYLFHVLQFHKHKDVWUDLQHGVHUYLFHWHFKQLFLDQVDQGLVHTXLSSHG
ZLWKJHQXLQHRULJLQDOPDQXIDFWXUHU
VSDUWVDQGVSHFLDOWRROVDQG
WKHODWHVWWHFKQLFDOSXEOLFDWLRQV'LVFXVV\RXUVHUYLFLQJDQG
PDLQWHQDQFHUHTXLUHPHQWVZLWK\RXUORFDOGHDOHU+HFDQWDLORUD
PDLQWHQDQFHSURJUDPIRU\RXUQHHGV
)RUVFKHGXOHGVHUYLFHRUPDLQWHQDQFHLWLVDGYLVDEOHWRFRQWDFW
\RXUORFDOGHDOHULQDGYDQFHWRDUUDQJHIRUDQDSSRLQWPHQWWR
HQVXUHDYDLODELOLW\RIWKHFRUUHFWHTXLSPHQWDQGVHUYLFH
WHFKQLFLDQWRZRUNRQ\RXUPDFKLQH,QWKLVZD\\RXZLOODVVLVW
\RXUORFDOGHDOHULQUHGXFLQJWKHWLPHUHTXLUHGWRGRVHUYLFHRQ
\RXUPDFKLQH

3UHYHQWLYHPDLQWHQDQFHSURJUDP
,QRUGHUIRUWKHFRQYHQWLRQDOQRQURDGHQJLQHWRUHWDLQWKH
UHOLDELOLW\DQGSHUIRUPDQFHSDUDPHWHUVVXFKDVQRLVHOHYHODQG
HPLVVLRQOHYHOVLWKDGZKHQGHOLYHUHGLWLVHVVHQWLDOWKDWLW
UHFHLYHVUHJXODUO\VFKHGXOHGVHUYLFHLQVSHFWLRQVDGMXVWPHQWV
DQGPDLQWHQDQFH

)XHOV\VWHP
)XHOUHFRPPHQGDWLRQV
7KHIXHOXVHGPXVWEHFOHDQFRPSOHWHO\GLVWLOOHGVWDEOHDQGQRQ
FRUURVLYH'LVWLOODWLRQUDQJHFHWDQHOHYHODQGVXOIXUFRQWHQWDUH
PRVWLPSRUWDQWZKHQVHOHFWLQJIXHOIRURSWLPXPFRPEXVWLRQDQG
PLQLPXPZHDU
(QJLQHZRUNLQJFRQGLWLRQVDQGDPELHQWWHPSHUDWXUHLQIOXHQFHWKH
VHOHFWLRQRIWKHIXHOZLWKUHVSHFWWRFROGKDQGOLQJSURSHUWLHVDQG
FHWDQHOHYHOV
,QFROGZHDWKHUFRQGLWLRQVEHORZ|& |) WKHXVHRIOLJKWHU
GLVWLOODWHRUKLJKHUFHWDQHOHYHOIXHODUHUHFRPPHQGHG )LQDO
ERLOLQJSRLQWPD[LPXP|& |) DQGFHWDQHPLQLPXP 
,QRUGHUWRDYRLGH[FHVVLYHVHGLPHQWDWLRQDQGWRPLQLPL]HWKH
HPLVVLRQVRIVXOIXUGLR[LGHWKHIXHO
VVXOIXUFRQWHQWVKRXOGEHDV
ORZDVSRVVLEOH7KHGLHVHOIXHOVUHFRPPHQGHGIRUXVHVKDOOPHHW
$670GHVLJQDWLRQ'QR' &% RUQR' 77 ZLWKD
FHWDQHOHYHODERYHDQGVXOIXUFRQWHQWQRWH[FHHGLQJ
SHUFHQWE\ZHLJKW
&KHFNIRUIXHOOHDNV ZLWKWKHHQJLQHUXQQLQJDWKLJKLGOH 
9LVXDOO\FKHFNXQLRQVDQGKRVHFRQQHFWLRQV
&KHFNWKHFRQGLWLRQRIWKHIXHOKRVHVIRU
$JHLQJ
&UDFNV
%OLVWHUV
6FXIILQJ
&KHFNWKHFRQGLWLRQRIWKHIXHOWDQN
'UDLQFRQGHQVDWLRQZDWHU
&KHFNIRUFUDFNV
&KHFNIRUOHDNV
&KHFNWKHPRXQWLQJ

3UHVHQWDWLRQ

86$IHGHUDOFOHDQDLUDFW



&KHFNWKHWXUERFKDUJHU
9LVXDOO\FKHFNIRUOHDNVLQWKHLQWDNHKRVHVDQGH[KDXVWSLSH
RIWKHWXUERFKDUJHU



,QVWUXPHQWSDQHOV



,QVWUXPHQWSDQHOV
:$51,1*
'RQRWRSHUDWHWKHPDFKLQHXQWLO\RXNQRZWKHIXQFWLRQDQG
SRVLWLRQRIWKHLQVWUXPHQWVDQGRSHUDWLQJFRQWUROV&DUHIXOO\UHDG
WKURXJKWKLV2SHUDWRUV0DQXDO\RXUVDIHW\LVLQYROYHG

:$51,1*
1HYHUXVHOHYHUVDVKDQGKROGV,QDGYHUWHQWRSHUDWLRQRIWKH
PDFKLQHFDQFDXVHDFFLGHQWV
.HHSWKH2SHUDWRUV0DQXDOLQWKHFDEVHDWSRFNHWVRWKDWLWLV
DOZD\VDWKDQG

&

,QVWUXPHQWSDQHOV
$ )URQWSDQHO
% 6LGHSDQHO
& &DESRVWSDQHO

,QVWUXPHQWSDQHOV

,QVWUXPHQWSDQHOIURQW



,QVWUXPHQWSDQHOIURQW




9

6HSDUDWHDWWDFKPHQWORFN RSWLRQDOHTXLSPHQW

,QIRUPDWLRQSDQHO

6HSDUDWHDWWDFKPHQWORFN RSWLRQDOHTXLSPHQW

:$51,1*
$OZD\VFKHFNWKDWWKHDWWDFKPHQWLVPRXQWHGVHFXUHO\LQWKH
DWWDFKPHQWEUDFNHWE\SUHVVLQJWKHIURQWSDUWRIWKHDWWDFKPHQW
DJDLQVWWKHJURXQG
9 

:LWKWKLVIXQFWLRQLWLVHDV\WRFRQQHFWDQGGLVFRQQHFWORDGHU
DWWDFKPHQWVIURPWKHFDEVHHSDJH:KHQFRQQHFWLQJRU
GLVFRQQHFWLQJWKHORZHUHQGRIWKHVZLWFKPXVWEHSUHVVHGLQ$
VDIHW\FDWFKRQWKHVZLWFKHQVXUHVWKDWQRLQDGYHUWHQWDFWXDWLRQ
RFFXUV7RSUHVVLQWKHORZHUHQGRIWKHVZLWFKWKHVDIHW\FDWFK
PXVWILUVWEHSXVKHGXS
:KHQFRQQHFWLQJLWLVSRVVLEOHWRRSHUDWHWKHWLOWLQJDQGOLIWLQJ
IXQFWLRQVVLPXOWDQHRXVO\LQRUGHUWRDOLJQWKHDWWDFKPHQW
6SULQJUHWXUQVZLWFKZLWKVDIHW\FDWFK
7REHDEOHWRSUHVVLQWKHORZHUHQGRIWKHVZLWFKWKHVDIHW\FDWFK
PXVWILUVWEHSXVKHGXS
6ZLWFKLQORZHUSRVLWLRQ 5HDG\WRORFNDQGXQORFN
DWWDFKPHQWEUDFNHWSLQVFDQEHPRYHGLQDQGRXW
6ZLWFKLQXSSHUSRVLWLRQ 1RIXQFWLRQ DWWDFKPHQWEUDFNHWSLQV
FDQQRWEHPRYHG
:KHQDQDWWDFKPHQWKDVEHHQORFNHGLWVKRXOGEHFRQILUPHGRQ
WKHGLVSOD\XQLWVHHSDJH

,QIRUPDWLRQSDQHO
%\WDNLQJDFWLRQLQWLPHLWLVSRVVLEOHWRSUHYHQWVHULRXVGDPDJH
WRWKHPDFKLQH7KHUHIRUHORRNQRZDQGWKHQDWWKHLQIRUPDWLRQ
SDQHOWREHDEOHWRWDNHDFWLRQLQWLPHLIVRPHWKLQJVKRXOG

,QVWUXPHQWSDQHOV



,QVWUXPHQWSDQHOIURQW
KDSSHQ,QRUGHUWREHDEOHWRFKHFNWKHIXQFWLRQRILQVWUXPHQWV
DQGFRQWUROVWKHEDWWHU\GLVFRQQHFWVZLWFKPXVWEHWXUQHGRQDQG
WKHLJQLWLRQNH\PXVWEHLQSRVLWLRQ,,
,QIRUPDWLRQIRUWKHRSHUDWRULVSURYLGHGLQGLIIHUHQWZD\V
GHSHQGLQJRQWKHIXQFWLRQVLQYROYHG
:LWKVRPHIXQFWLRQVWKHEX]]HUVRXQGVDWWKHVDPHWLPHDVWKH
UHGFHQWUDOZDUQLQJODPSIODVKHV
7KHFRQWUROODPSVDUHOLWZKHQWKHUHVSHFWLYHIXQFWLRQVDUH
HQJDJHG
7KHVSHHGRPHWHU RSWLRQDOHTXLSPHQW VKRZVWKHVSHHGRIWKH
PDFKLQH
7KHUHGFHQWUDOZDUQLQJODPSIODVKHVLIPDOIXQFWLRQVRUIDXOWV
RFFXURULIWKHVLWXDWLRQUHTXLUHVRSHUDWRUDFWLRQ:LWKVRPH
IXQFWLRQVWKHEX]]HUVRXQGVDWWKHVDPHWLPHDVWKHUHGFHQWUDO
ZDUQLQJODPSIODVKHVWKLVPHDQWKDWRQHRIWKHIROORZLQJIDXOWV
KDVRFFXUUHG
 7KHHQJLQHFRRODQWWHPSHUDWXUHLVWRRKLJK
 7KHHQJLQHRLOSUHVVXUHLVWRRORZ
 7KHHQJLQHRLOWHPSHUDWXUH!r& r)
 7KHWUDQVPLVVLRQRLOWHPSHUDWXUHLVWRRKLJK
 7KHK\GUDXOLFRLOWHPSHUDWXUHLVWRRKLJK
 :KHQZDUQLQJPHVVDJHVDUHGLVSOD\HGLQWKHGLVSOD\XQLW

 




6SHHGRPHWHU RSWLRQDOHTXLSPHQW



/HIWGLUHFWLRQLQGLFDWRU JUHHQ



5LJKWGLUHFWLRQLQGLFDWRU JUHHQ



&HQWUDOZDUQLQJ UHG



)RUZDUG JUHHQ



5HYHUVH JUHHQ



%RRPVXVSHQVLRQV\VWHPHQJDJHG JUHHQ  RSWLRQDOHTXLSPHQW



6HDWEHOWLVQRWIDVWHQHG UHG



/RDGHUDWWDFKPHQWXQORFNHG UHG



3DUNLQJEUDNHDSSOLHG UHG



+LJKEHDPKHDGOLJKWV EOXH

   

 

9



'LIIHUHQWLDOORFNHQJDJHG DPEHU



)RXUZKHHOGULYHHQJDJHG DPEHU

,QVWUXPHQWSDQHOV

,QVWUXPHQWSDQHOIURQW



6SHHGRPHWHU RSWLRQDOHTXLSPHQW
7KHVSHHGRPHWHUVKRZVWKHVSHHGRIWKHPDFKLQHWKHVHOHFWHG
JHDUDQGWKHWLPH
9

/HIWGLUHFWLRQLQGLFDWRU

9

7KHODPSIODVKHVZKHQWKHPXOWLIXQFWLRQDOOHYHULVPRYHGIRU
WXUQLQJOHIW
8QHYHQIODVKLQJSXOVHVLQGLFDWHDIDXOW\EXOEZKLFKWKHQVKRXOG
EHFKDQJHG

5LJKWGLUHFWLRQLQGLFDWRU

9

7KHODPSIODVKHVZKHQWKHPXOWLIXQFWLRQDOOHYHULVPRYHGIRU
WXUQLQJULJKW
8QHYHQIODVKLQJSXOVHVLQGLFDWHDIDXOW\EXOEZKLFKWKHQVKRXOG
EHFKDQJHG

&HQWUDOZDUQLQJ
7KHODPSOLJKWVXSLIPDOIXQFWLRQVVXFKDVWRRKLJKRUWRRORZ
SUHVVXUHWHPSHUDWXUHRUOHYHORFFXU


6WRSWKHPDFKLQHLPPHGLDWHO\DQGWDNHDFWLRQ
%X]]HU
7KHEX]]HUVRXQGVDQGWKHFHQWUDOZDUQLQJODPSIODVKHVLIDQ\RI
WKHIROORZLQJIDXOWVRFFXU
7KHHQJLQHFRRODQWWHPSHUDWXUHLVWRRKLJK
7KHHQJLQHRLOSUHVVXUHLVWRRORZ
7KHHQJLQHRLOWHPSHUDWXUH!r& r)
7KHWUDQVPLVVLRQRLOWHPSHUDWXUHLVWRRKLJK
7KHK\GUDXOLFRLOWHPSHUDWXUHLVWRRKLJK
:KHQZDUQLQJPHVVDJHVDUHGLVSOD\HGLQWKHGLVSOD\XQLW

)RUZDUG
7KHODPSLVOLWZKHQWKHIRUZDUGUHYHUVHOHYHULVLQWKHIRUZDUG )
SRVLWLRQ


5HYHUVH
7KHODPSLVOLWZKHQWKHIRUZDUGUHYHUVHOHYHULVLQWKHUHYHUVH 5
SRVLWLRQ7KHUHYHUVHDODUP RSWLRQDOHTXLSPHQW VRXQGV




,QVWUXPHQWSDQHOV



,QVWUXPHQWSDQHOIURQW
%RRPVXVSHQVLRQV\VWHP
7KHODPSLVOLWZKHQWKH%RRPVXVSHQVLRQV\VWHPLVHQJDJHG
9 

6HDWEHOWLVQRWIDVWHQHG UHG

/RDGHUDWWDFKPHQWXQORFNHG

9 

7KHODPSLVOLWZKHQWKHORDGHUDWWDFKPHQWLVQRWORFNHGWRWKH
DWWDFKPHQWEUDFNHWVHHSDJH

3DUNLQJEUDNHDSSOLHG
7KHODPSLVOLWZKHQWKHSDUNLQJEUDNHLVDSSOLHGVHHSDJH
9

+LJKEHDPKHDGOLJKWV
7KHODPSLVOLWZKHQWKHKLJKEHDPKHDGOLJKWVDUHVZLWFKHGRQ
VHHSDJH


'LIIHUHQWLDOORFNHQJDJHG
7KHODPSLVOLWZKHQWKHGLIIHUHQWLDOORFNLVHQJDJHGVHHSDJH



)RXUZKHHOGULYHHQJDJHG
7KHODPSLVOLWZKHQWKHIRXUZKHHOGULYHLVHQJDJHGVHHSDJH



,QVWUXPHQWSDQHOV

'LVSOD\XQLW



'LVSOD\XQLW
127,&(
3UHYHQWPDFKLQHGDPDJHE\WDNLQJSURSHUDFWLRQ5HDG
WKRURXJKO\DQGXQGHUVWDQGWKHLQVWUXFWLRQVLQWKLVVHFWLRQWR
IDPLOLDUL]H\RXUVHOIZLWKLQVWUXPHQWSDQHOEHIRUHDWWHPSWLQJ
PDFKLQHRSHUDWLRQ


%
9  

7KHGLVSOD\XQLWFRQVLVWVRIWZRSDUWV
 $ ,QIRUPDWLRQVFUHHQ PDLQVFUHHQDQGVXEVFUHHQV
 % .H\SDG HVFDSH (6& VFUROOLQJXSDQGGRZQDQG
6(/(&7

6WDUWLQJVHTXHQFH
:KHQWKHLJQLWLRQVZLWFKLVWXUQHGWRVWDUWLQJSRVLWLRQWKH
LQVWUXPHQWSDQHOODPSVDQGWKHEX]]HUZLOOEHWHVWHGGXULQJDIHZ
VHFRQGV0DNHVXUHWKDWDOOWKHODPSVDUHZRUNLQJ$IWHUWKLV
FKHFNWKHPDLQVFUHHQZLOOVKRZXS,IWKHDQWLWKHIWV\VWHPLV
DFWLYHWKHDQWLWKHIWVFUHHQZLOOEHGLVSOD\HGWRHQWHUWKHSLQFRGH
VHHEHORZ



9

$QWLWKHIWV\VWHP RSWLRQDOHTXLSPHQW
(QWHUFRGHVFUHHQ
(QWHUWKHFRGHFRQVLVWLQJRIIRXUGLJLWVRQHE\RQH8VHWKH
DUURZEXWWRQVDQGFRQILUPHDFKGLJLWZLWK6(/(&7
$IWHUWKHFRUUHFWFRGHLVHQWHUHGWKHPDLQVFUHHQLV
GLVSOD\HG

5HFRYHU\FRGHVFUHHQ
,IZURQJFRGHLVHQWHUHGPRUHWKDQWKUHHWLPHVDUHFRYHU\
FRGHFRQVLVWLQJRIILYHGLJLWVDSSHDUV1RWHWKHFRGHDQG
FRQWDFW\RXU9ROYRGHDOHU



9

&KDQJHVHFRQGDU\FRGH



DPSP

9

,QVWUXPHQWSDQHOV



'LVSOD\XQLW
3UHVV6(/(&7ZKHQWKHPDLQVFUHHQLVVKRZQ3UHVV
6(/(&7E\WKHILUVWURZZLWKDNH\V\PERO7KHFKDQJH
FRGHVFUHHQLVVKRZQ
(QWHUWKHROGVHFRQGDU\FRGH3UHVV6(/(&7(QWHUWKH
QHZFRGHDQGSUHVV6(/(&75HSHDWWKHFRGHDQGSUHVV
6(/(&7
 ,IWKHROGFRGHLVFRUUHFWDQGWKHQHZFRGHLVFRUUHFWO\
UHSHDWHGDFRQILUPDWLRQVFUHHQDSSHDUVIRUWZRVHFRQGV
 ,IWKHROGFRGHRUWKHQHZFRGHDUHLQFRUUHFWWKHFKDQJH
FRGHVFUHHQLVVKRZQDJDLQ
 7KHROGFRGHDQGWKHQHZFRGHFDQQRWEHWKHVDPH

B BB
BBBB
BBBB
9

&KDQJHSULPDU\FRGH
3UHVV6(/(&7ZKHQWKHPDLQVFUHHQLVVKRZQ8VHWKH
DUURZEXWWRQVWRKLJKOLJKWWKHVHFRQGURZDQGSUHVV
6(/(&77KHFKDQJHFRGHVFUHHQLVVKRZQ
(QWHUWKHROGSULPDU\FRGH3UHVV6(/(&7(QWHUWKHQHZ
FRGHDQGSUHVV6(/(&75HSHDWWKHFRGHDQGSUHVV
6(/(&7
 ,IWKHROGFRGHLVFRUUHFWDQGWKHQHZFRGHLVFRUUHFWO\
UHSHDWHGDFRQILUPDWLRQVFUHHQDSSHDUVIRUWZRVHFRQGV
 ,IWKHROGFRGHRUWKHQHZFRGHDUHLQFRUUHFWWKHFKDQJH
FRGHVFUHHQLVVKRZQDJDLQ
 7KHROGFRGHDQGWKHQHZFRGHFDQQRWEHWKHVDPH



DPSP



9

0DLQVFUHHQ

9

7KHPDLQVFUHHQLVGLYLGHGLQWKUHHSDUWV
 7KHWRSSDUWVKRZVHQJLQHVSHHGDQGV\PERO
 7KHORZHUOHIWSDUWVKRZVLFRQIRUSUHKHDWLQJ ZKHQLWLVDFWLYH 
 7KHORZHUULJKWSDUWVKRZVVHUYLFHDQGWLPH
&KHFNV\PEROVPD\DSSHDULIWKHV\VWHPGHWHFWVVRPHWKLQJWKDW
UHTXLUHVDQDFWLRQVHHFKHFNV\PEROVRQWKHIROORZLQJSDJHV

6XEVFUHHQV
)URPWKHPDLQVFUHHQGLIIHUHQWVXEVFUHHQVFDQEHGLVSOD\HGE\
VFUROOLQJXSRUGRZQ SUHVVLQJ$552:83RU$552:'2:1
RQWKHNH\SDG :KHQWKHGHVLUHGVXEVFUHHQLVVKRZQSUHVV
6(/(&7RQWKHNH\SDGWRHQWHULQWRWKDWVXEVFUHHQ
VVHWWLQJ
PRGH VHWWLQJVFUHHQ 

/RDGHUK\GUDXOLF;IORZOLPLWDWLRQ %/%RQO\
3UHVV$552:83IRULQFUHDVLQJWKHIORZDQG$552:
'2:1IRUGHFUHDVLQJ(DFKEDURQWKHJUDSKFRUUHVSRQGV
WRRIPD[LPXPIORZ3UHVV6(/(&7WRVDYHWKH
VHWWLQJ
8VHWKHFRQWUROUROOHURQWKHORDGHUOHYHUWRFKHFNWKHDFWXDO
K\GUDXOLFIORZRUVSHHGRIWKHWRRO

;
9


%DFNKRHK\GUDXOLF;IORZOLPLWDWLRQ RSWLRQDOHTXLSPHQWZLWK
SLORWFRQWUROVRUDX[LOLDU\K\GUDXOLFFLUFXLW

,QVWUXPHQWSDQHOV

'LVSOD\XQLW



3UHVV$552:83IRULQFUHDVLQJWKHIORZDQG$552:
'2:1IRUGHFUHDVLQJ(DFKEDURQWKHJUDSKFRUUHVSRQGV
WRRIPD[LPXPIORZ3UHVV6(/(&7WRVDYHWKH
VHWWLQJ
,QFDVHRI;DX[LOLDU\RSWLRQ8VHWKHFRQWUROUROOHURQWKH
OHIWEDFNKRHOHYHUWRFKHFNWKHDFWXDOK\GUDXOLFIORZRUVSHHG
RIWKHWRRO
QRW;DX[LOLDU\RSWLRQ8VHWKHFRQWUROUROOHURQ
,QFDVHRIQ
WKHULJKWEDFNKRHOHYHUWRFKHFNWKHDFWXDOK\GUDXOLFIORZRU
VSHHGRIWKHWRRO

;
9

7KHEDFNKRHK\GUDXOLF;IORZOLPLWDWLRQOLPLWVWKHGLSSHUDUP
PRYHPHQW7KHIORZKDVWREHVHWWRPD[LPXP DIWHUKDPPHUXVH
IRUH[DPSOH 

%DFNKRH;DX[LOLDU\IORZOLPLWDWLRQ
3UHVV$552:83IRULQFUHDVLQJWKHIORZDQG$552:
'2:1IRUGHFUHDVLQJ(DFKEDURQWKHJUDSKFRUUHVSRQGV
WRRIPD[LPXPIORZ3UHVV6(/(&7WRVDYHWKH
VHWWLQJ
8VHWKHFRQWUROUROOHURQWKHOHIWEDFNKRHOHYHUWRFKHFNWKH
DFWXDOK\GUDXOLFIORZRUVSHHGRIWKHWRRO

;
9


0DFKLQHKRXUDQGGDLO\KRXU
%\SUHVVLQJ$552:'2:1IURPWKHPDLQVFUHHQWKHWRWDO
PDFKLQHKRXUV XSSHUYDOXH DQGWKHGDLO\PDFKLQHKRXUV
ORZHUYDOXH  DIWHUWKHODVWUHVHW DSSHDUV%\SUHVVLQJ
6(/(&7IRUDIHZVHFRQGVWKHGDLO\PDFKLQHKRXUVDUH
UHVHW

K
K
9

%\SUHVVLQJ$552:'2:1IURPWKLVVFUHHQWKHKRXUVOHIW
EHIRUHVHUYLFHDSSHDUV

 K

9

6HWFXUUHQWWLPH
%\SUHVVLQJ6(/(&7WKHVHWWLQJVFUHHQDSSHDUVZKLFK
HQDEOHVWRVHWWKHFXUUHQWWLPH


 K
9

3UHVV$552:83RU$552:83WRDGMXVWDQGWKHQSUHVV
6(/(&7WRPRYHWRWKHQH[WSRVLWLRQ3UHVV(6&WRUHWXUQ
WRDSUHYLRXVSRVLWLRQ
9



,QVWUXPHQWSDQHOV



'LVSOD\XQLW
7KHWLPHFDQEHVKRZQDVRUKRXUVIRUPDW3UHVV
$552:83RU$552:'2:1WRFKRRVHWKHUHTXLUHG
IRUPDW3UHVV6(/(&7WRVDYHWKHVHWWLQJ

DPSP
K

9



&KHFNV\PEROVRQWKHGLVSOD\XQLW
&KHFNV\PEROVDUHVXUURXQGHGE\DVTXDUHZLWKDGRWWHGERUGHU
:KHQWKLVW\SHRIPHVVDJHVDUHGLVSOD\HGWKHEX]]HUVRXQGV
IRXUWLPHV7KHPHVVDJHGLVDSSHDUVE\SUHVVLQJ(6&7KH
PHVVDJHFRPHVXSDJDLQDWWKHQH[WVWDUWRIWKHPDFKLQH LIQRW
WKHFRUUHFWPHDVXUHKDVEHHQFDUULHGRXWE\WKHQ 

)XHOOHYHOORZ
7KHV\PEROLVVKRZQZKHQWKHIXHOOHYHOLVORZ
DSSUR[LPDWHO\RIWRWDOWDQNYROXPH )LOOXSWRSUHYHQW
DLUIURPHQWHULQJLQWRWKHIXHOV\VWHPZKLFKFDQFDXVH
XQH[SHFWHGVWRSRIWKHPDFKLQH

9



7LPHOHIWWRVHUYLFH
7KHV\PERODQGKRXUVVKRZVWKHWLPHUHPDLQLQJEHIRUH
VHUYLFHKDVWREHFDUULHGRXW3UHVV(6&WRFRQILUP7KH
V\PEROZLOOVKRZXSLQWKHORZHUOHIWFRUQHURIWKHPDLQ
VFUHHQ

K
9



$WWDFKPHQWEUDFNHWYHULILFDWLRQ RSWLRQDOHTXLSPHQW
7KHV\PEROLVVKRZQZKHQWKHORDGHUDWWDFKPHQWLVORFNHG
WRWKHDWWDFKPHQWEUDFNHW LHZKHQWKHVZLWFKIRUVHSDUDWH
DWWDFKPHQWORFNLQJKDVEHHQUHOHDVHG &KHFNWKDWWKH
DWWDFKPHQWUHDOO\LVSURSHUO\FRQQHFWHGDQGSUHVV(6&IRU
FRQILUPDWLRQ

9

$WWDFKPHQWTXLFNFRXSOHUYHULILFDWLRQ RSWLRQDOHTXLSPHQW
7KHV\PEROLVVKRZQZKHQWKHEDFNKRHDWWDFKPHQWLV
ORFNHGWRWKHDWWDFKPHQWTXLFNFRXSOHU LHZKHQWKHVZLWFK
IRU$WWDFKPHQWTXLFNFRXSOHUK\GUDXOLFRSHQLVUHOHDVHG 
&KHFNWKDWWKHDWWDFKPHQWUHDOO\LVSURSHUO\FRQQHFWHGDQG
SUHVV(6&IRUFRQILUPDWLRQ

9


+\GUDXOLFRLOILOWHUFORJJLQJ
7KHV\PEROLVVKRZQZKHQWKHK\GUDXOLFRLOILOWHULVFORJJHG
5HSODFHWKHK\GUDXOLFRLOILOWHUVHHSDJH
9



9

(QJLQHDLUFOHDQHUFORJJHG
7KHV\PEROLVVKRZQZKHQWKHHQJLQHDLUFOHDQHULVFORJJHG
5HGXFHWKHHQJLQHVSHHGWRPLQLPXP3DUNWKHPDFKLQHLQ
VHUYLFHSRVLWLRQVHHSDJH7KHHQJLQHPXVWEHFROG
EHIRUHDFFHVVLQJLWVFRPSDUWPHQW3XWWKHLJQLWLRQVZLWFKLQ
SRVLWLRQ,,,7KHHQJLQHFRRODQWWHPSHUDWXUHJDXJHPXVW
VKRZPLQLPXPWHPSHUDWXUH&OHDQRUUHSODFHWKHSULPDU\
ILOWHULQWKHHQJLQHDLUFOHDQHUVHHSDJH

,QVWUXPHQWSDQHOV

'LVSOD\XQLW




+\GUDXOLFRLOWHPSHUDWXUHORZ
7KHV\PEROLVVKRZQZKHQWKHK\GUDXOLFRLOWHPSHUDWXUHLV
ORZ)RULQVWUXFWLRQVRQKRZWRZDUPXSWKHK\GUDXOLFRLOVHH
SDJH
9



:DUQLQJV\PEROVRQWKHGLVSOD\XQLW
:DUQLQJV\PEROVDUHVXUURXQGHGE\DVTXDUHZLWKDVROLGERUGHU

:KHQWKLVW\SHRIPHVVDJHVDUHGLVSOD\HGWKHFHQWUDOZDUQLQJ
ODPSDOLJKWVWKHEX]]HUVRXQGVDQGWKHUHVSHFWLYHODPSV\PERO
LQWKHLQIRUPDWLRQSDQHODOLJKWV LIWKHODPSV\PEROH[LVWVIRUWKH
DFWXDOZDUQLQJPHVVDJH 3UHVV(6&RQHWLPHWRVZLWFKRIIWKH
EX]]HU WKHODPSV\PEROZLOOVWLOOEHDOLJKW 3UHVV(6&DJDLQWR
SXWRXWWKHODPSV\PERO7KHFHQWUDOZDUQLQJODPSZLOOUHPDLQ
DOLJKWXQWLOWKHZDUQLQJFRQGLWLRQKDVEHHQUHPRYHG LHWKDWWKH
SULPDU\FDXVHIRUWKHZDUQLQJPHVVDJHKDVEHHQWDNHQFDUHRI 

+\GUDXOLFRLOWHPSHUDWXUHKLJK
7KHV\PEROLVVKRZQZKHQWKHK\GUDXOLFWHPSHUDWXUHLVWRR
KLJK7XUQRIIWKHHQJLQHYHULI\RLOOHYHODQGLQYHVWLJDWHWKH
FDXVH,IQHFHVVDU\FRQWDFWDZRUNVKRSDXWKRUL]HGE\
9ROYR

9 



%DWWHU\FKDUJHHUURU
7KHV\PEROLVVKRZQZKHQWKHEDWWHU\LVQRWEHLQJFKDUJHG
RUWKHV\VWHPYROWDJHLVWRRORZ,QYHVWLJDWHWKHFDXVH,I
QHFHVVDU\FRQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYR
9



3UHKHDWLQJIDLOXUH
7KHV\PEROLVVKRZQZKHQWKHSUHKHDWLQJIDLOXUHV7XUQRII
WKHHQJLQHDQGLQYHVWLJDWHWKHFDXVH,IQHFHVVDU\FRQWDFW
DZRUNVKRSDXWKRUL]HGE\9ROYR
9



2YHUORDGZDUQLQJ RSWLRQDOHTXLSPHQW
:LWKWKHRYHUORDGIXQFWLRQHQDEOHGWKHV\PEROLVVKRZQ
ZKHQWKHPD[LPXPORDGLVUHDFKHGGXULQJEDFNKRHREMHFW
KDQGOLQJ6WRSOLIWLQJRSHUDWLRQLPPHGLDWHO\DQGUHGXFHWKH
ORDG

9



9

(QJLQHFRRODQWWHPSHUDWXUHKLJK
7KHV\PEROLVVKRZQZKHQWKHHQJLQHFRRODQWWHPSHUDWXUH
LVWRRKLJK7XUQRIIWKHHQJLQHDQGLQYHVWLJDWHWKHFDXVH,I
QHFHVVDU\FRQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYR
7KHHQJLQHPXVWEHFROGEHIRUHDFFHVVLQJLWVFRPSDUWPHQW
3XWWKHLJQLWLRQVZLWFKLQSRVLWLRQ,,7KHHQJLQHFRRODQW
WHPSHUDWXUHJDXJHPXVWVKRZPLQLPXPWHPSHUDWXUH
&KHFNWKHFRRODQWOHYHODQGPDNHVXUHWKDWWKHFRROHULV
FOHDQ&KHFNWKHIDQEHOWWHQVLRQ



,QVWUXPHQWSDQHOV



'LVSOD\XQLW

&RPSXWHUIDLOXUH
7KHV\PEROLVVKRZQZKHQWKHUHLVDFRPPXQLFDWLRQHUURU
EHWZHHQWKHFRQWUROXQLWV&RQWDFWDZRUNVKRSDXWKRUL]HG
E\9ROYR
9



(QJLQHVSHHGWRRKLJK
7KHV\PEROLVVKRZQZKHQWKHHQJLQHVSHHGLVWRRKLJK
5HGXFHWKURWWOHFRQWUROWRGHFUHDVHWKHHQJLQHVSHHGDQG
XVHEUDNHVLIQHFHVVDU\
9  



6WDELOLVHUSRVLWLRQ
7KHV\PEROLVVKRZQZKHQWKHVWDELOLVHUVDUHQRWIXOO\XS
RSWLRQDOHTXLSPHQWIRUFRXQWULHVRXWVLGHWKH(XURSHDQ
8QLRQ 
9  



$WWDFKPHQWEUDFNHW UHDG\WRFRQQHFWGLVFRQQHFW
DWWDFKPHQWV
7KHV\PEROLVVKRZQZKHQWKHDWWDFKPHQWEUDFNHWLVUHDG\
WRFRQQHFWRUGLVFRQQHFWDWWDFKPHQWV LHDVORQJDVWKH
ORZHUHQGRIWKHVZLWFKIRUVHSDUDWHDWWDFKPHQWORFNLQJLV
GHSUHVVHGWKHDWWDFKPHQWEUDFNHWORFNLQJSLQVFDQEH
PRYHGLQRURXWRIWKHDWWDFKPHQW 

9 


$WWDFKPHQWTXLFNFRXSOHU UHDG\WRFRQQHFWGLVFRQQHFW
DWWDFKPHQWV
7KHV\PEROLVVKRZQZKHQWKHDWWDFKPHQWTXLFNFRXSOHULV
UHDG\WRFRQQHFWRUGLVFRQQHFWDWWDFKPHQWV LHDVORQJDV
WKHORZHUHQGRIWKHVZLWFKIRU$WWDFKPHQWTXLFNFRXSOHU
K\GUDXOLFRSHQLVGHSUHVVHGDWWDFKPHQWVFDQEH
FRQQHFWHGRUGLVFRQQHFWHG 

9


(QJLQHRLOSUHVVXUHORZ
7KHV\PEROLVVKRZQZKHQWKHHQJLQHRLOSUHVVXUHLVWRR
ORZ7XUQRIIWKHHQJLQHDQGLQYHVWLJDWHWKHFDXVH,I
QHFHVVDU\FRQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYR
9



7UDQVPLVVLRQHUURU
7KHV\PEROLVVKRZQZKHQWKHUHLVDWUDQVPLVVLRQIXQFWLRQ
IDXOW&RQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYR
9  

,QVWUXPHQWSDQHOV

'LVSOD\XQLW



7UDQVPLVVLRQRLOWHPSHUDWXUHKLJK
7KHV\PEROLVVKRZQZKHQWKHWUDQVPLVVLRQRLOWHPSHUDWXUH
LVWRRKLJK7XUQRIIWKHHQJLQHDQGLQYHVWLJDWHWKHFDXVH,I
QHFHVVDU\FRQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYR
9



,QVWUXPHQWSDQHOV



,QVWUXPHQWSDQHOFDESRVW

,QVWUXPHQWSDQHOFDESRVW
&DESRVWSDQHO

5DGLRPXWH RSWLRQDOHTXLSPHQW

1RWXVHG

&OLPDWHFRQWUROV\VWHP

,JQLWLRQVZLWFK

9

5DGLRPXWH RSWLRQDOHTXLSPHQW
7ZRSRVLWLRQVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ 2II 5DGLRLVPXWHG
6ZLWFKLQORZHUSRVLWLRQ 2Q

9

1RWXVHG
&OLPDWHFRQWUROV\VWHP
)RULQIRUPDWLRQDERXWWKHFOLPDWHFRQWUROV\VWHPVHHSDJH

,QVWUXPHQWSDQHOV

,QVWUXPHQWSDQHOFDESRVW



,JQLWLRQVZLWFK

7KHLJQLWLRQVZLWFKKDVILYHSRVLWLRQVDVVKRZQLQWKHILJXUH

,,

,,, ,9
9

 2))$OOHOHFWULFDOFLUFXLWVDUHVZLWFKHGRIIH[FHSWIRUKD]DUG
ZDUQLQJOLJKWVKRUQKLJKEHDP SXOVHPRGH PDUNHUODPSIRJ
ODPS LIPDUNHUODPSLVDFWLYH FDEOLJKWSRZHURXWOHWDQG
FLJDUHWWHOLJKWHU URWDWLQJZDUQLQJEHDFRQ V 
, 6DPHDVIRUSRVLWLRQ5DGLR
,, $OOHOHFWULFDOFLUFXLWVVZLWFKHGRQLJQLWLRQRQFRQWUROODPS
WHVWWKHEX]]HUVRXQGV
,,, 1RWXVHG 5DGLRRII 
,9 ,JQLWLRQRQFUDQNVLJQDO 5DGLRRII 



,QVWUXPHQWSDQHOV



,QVWUXPHQWSDQHOVLGH

,QVWUXPHQWSDQHOVLGH





















5RWDWLQJZDUQLQJEHDFRQ



/LJKWV



)URQWZRUNLQJOLJKWV



)RJOLJKWV RSWLRQDOHTXLSPHQW



)RXUZKHHOGULYH



%RRPVXVSHQVLRQV\VWHP RSWLRQDOHTXLSPHQW



+\GUDXOLFFLUFXLWIRUKDQGKHOGWRROV RSWLRQDOHTXLSPHQW



'HWHQWIXQFWLRQ %/%RQO\



3DUNLQJEUDNHWHVW



+D]DUGIODVKHUV



,626$(SDWWHUQ ZLWKEDFNKRHOHYHUVSLORWFRQWURO RSWLRQDOHTXLSPHQWIRU%/%RQO\



$WWDFKPHQWTXLFNFRXSOHUK\GUDXOLFRSHQ RSWLRQDOHTXLSPHQW



5HDUZRUNLQJOLJKWV



&UDQLQJRYHUORDG+RVHUXSWXUHYDOYHIXQFWLRQ RSWLRQDOHTXLSPHQW



5HDUZLQGRZZLSHUZDVKHU RSWLRQDOHTXLSPHQW



+DPPHUDXWKRUL]DWLRQ RSWLRQDOHTXLSPHQW



$X[LOLDU\K\GUDXOLFFLUFXLW RSWLRQDOHTXLSPHQW



6LGHVKLIWUHOHDVH



%DFNKRHERRPORFNUHOHDVH RQO\ZLWKEDFNKRHOHYHUVPHFKDQLFDOFRQWURO



9

,QVWUXPHQWSDQHOV

,QVWUXPHQWSDQHOVLGH



5RWDWLQJZDUQLQJEHDFRQ
7ZRSRVLWLRQVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ 2Q
6ZLWFKLQORZHUSRVLWLRQ 2II
)RUPRUHLQIRUPDWLRQRQKRZWRFRQQHFWDQGGLVFRQQHFWWKH
URWDWLQJZDUQLQJEHDFRQVHHSDJH

/LJKWV
7KUHHSRVLWLRQVZLWFK
,JQLWLRQNH\LQSRVLWLRQ
6ZLWFKLQXSSHUSRVLWLRQ 2II
,JQLWLRQNH\LQSRVLWLRQ,RU,,
6ZLWFKLQXSSHUSRVLWLRQ /RZ+LJKEHDPKHDGOLJKWVDUH2Q
DQGWKHVZLWFKHVIRUZRUNLQJOLJKWVDQGIRJOLJKWVDUHHQDEOHG
6ZLWFKLQPLGGOHSRVLWLRQ 3DUNLQJOLJKWVDUH2QDQGWKH
VZLWFKHVIRUZRUNLQJOLJKWVDQGIRJOLJKWVDUHHQDEOHG
6ZLWFKLQORZHUSRVLWLRQ 2II

)URQWZRUNLQJODPSV

:$51,1*
'RQRWWUDYHORURSHUDWHRQSXEOLFURDGVZLWKWKHZRUNLQJODPSV
VZLWFKHGRQDVWKLVPD\LQWHUIHUHZLWKRWKHUGULYHUV
YLVLELOLW\DQG
FDXVHDFFLGHQWV
7KUHHSRVLWLRQVZLWFK
7KHVZLWFKIRUOLJKWVPXVWEHLQXSSHURUPLGGOHSRVLWLRQWRHQDEOH
WKLVVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ )RXUOLJKWV2Q RSWLRQDOHTXLSPHQW
6ZLWFKLQPLGGOHSRVLWLRQ WZROLJKWV2Q
6ZLWFKLQORZHUSRVLWLRQ 2II

)RJOLJKWV RSWLRQDOHTXLSPHQW
7ZRSRVLWLRQVZLWFK
7KHVZLWFKIRUOLJKWVPXVWEHLQXSSHURUPLGGOHSRVLWLRQWRHQDEOH
WKLVVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ 2Q
6ZLWFKLQORZHUSRVLWLRQ 2II
9 



,QVWUXPHQWSDQHOV



,QVWUXPHQWSDQHOVLGH
)RXUZKHHOGULYH
7ZRSRVLWLRQVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ )RXUZKHHOGULYHHQJDJHGEHORZ
NPK PSK )RXUZKHHOGULYHLVDXWRPDWLFDOO\GLVHQJDJHG
DERYHNPK PSK 
6ZLWFKLQORZHUSRVLWLRQ )RXUZKHHOGULYHGLVHQJDJHG
9 

)RXUZKHHOGULYHZLOOHQJDJHDXWRPDWLFDOO\ZKHQXVLQJWKHEUDNHV
DERYHNPK PSK LQDQ\SRVLWLRQ

%RRP6XVSHQVLRQ6\VWHP RSWLRQDOHTXLSPHQW
7ZRSRVLWLRQVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ %RRP6XVSHQVLRQ6\VWHPLVDFWLYH
DERYHNPK PSK ,IWKHFUDQLQJYDOYHLVHQJDJHGWKH
V\VWHPLVDXWRPDWLFDOO\GHDFWLYDWHG
6ZLWFKLQORZHUSRVLWLRQ 2II
9 

+\GUDXOLFFLUFXLWIRUKDQGKHOGWRROV RSWLRQDO
HTXLSPHQW
$8;

7ZRSRVLWLRQVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ 2Q
6ZLWFKLQORZHUSRVLWLRQ 2II

9 

'HWHQWIXQFWLRQ %/%RQO\
3XVKEXWWRQVZLWFK
7KHGHWHQWIXQFWLRQLVXVHGWRUXQWKHIORZRIWKHLQK\GUDXOLF
OLQH /RDGHU; XSWRWKHIORZOLPLWDWLRQWKDWLVVHOHFWHGLQWKH
GLVSOD\XQLWVHHSDJH

9

:KHQWKHGHWHQWIXQFWLRQLVGHDFWLYDWHGDQG\RXZDQWWRXVHWKH
LQK\GUDXOLFOLQH /RDGHU; DJDLQWKHIORZKDVWREHSXWWRWKH
PD[LPXPDJDLQLQWKHGLVSOD\XQLWVHHSDJH
$FWLYDWHWKHIXQFWLRQ 7XUQWKHFRQWUROUROOHURQWKHORDGHUOHYHU
PRUHWKDQKDOIVWURNHDQGSXVKWKHVZLWFK
'HDFWLYDWHWKHIXQFWLRQ 3XVKWKHVZLWFKDJDLQRUWXUQWKH
FRQWUROUROOHULQWKHRSSRVLWHGLUHFWLRQ

3DUNLQJEUDNHWHVW

9

6SULQJUHWXUQVZLWFKZLWKVDIHW\FDWFK
7REHDEOHWRSUHVVLQWKHXSSHUHQGRIWKHVZLWFKWKHVDIHW\FDWFK
PXVWILUVWEHSXVKHGXS
6ZLWFKLQORZHUSRVLWLRQ 1RIXQFWLRQ
6ZLWFKLQXSSHUSRVLWLRQ 3DUNLQJEUDNHWHVWIXQFWLRQHQJDJHG

,QVWUXPHQWSDQHOV

,QVWUXPHQWSDQHOVLGH



+D]DUGIODVKHUV
7ZRSRVLWLRQVZLWFK
7KHKD]DUGIODVKHUVFDQEHXVHGZLWKLJQLWLRQVZLWFKLQRII
SRVLWLRQ
6ZLWFKLQXSSHUSRVLWLRQ 2Q
6ZLWFKLQORZHUSRVLWLRQ 2II
9

,626$(SDWWHUQ ZLWKEDFNKRHOHYHUVSLORWFRQWURO
RSWLRQDOHTXLSPHQWIRU%/%RQO\

:$51,1*
,62

&KDQJLQJWKHFRQWUROSDWWHUQPD\OHDGWRWKDWWKHPDFKLQHUHDFWV
LQDQXQH[SHFWHGZD\0DNHVXUHWKDW\RXNQRZKRZWKHPDFKLQH
UHDFWVEHIRUHRSHUDWLQJLW

6$(

9   

7ZRSRVLWLRQVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ ,62SDWWHUQDFWLYDWHG
6ZLWFKLQORZHUSRVLWLRQ 6$(SDWWHUQDFWLYDWHG
7KHDFWLYHSDWWHUQLVLQGLFDWHGE\ZKLFKV\PERO ,62RU6$( WKDW
LVDOLJKW RQWKHOHIWSLORWFRQWUROWRZHU 

$WWDFKPHQWTXLFNFRXSOHUK\GUDXOLFRSHQ
RSWLRQDOHTXLSPHQW
6SULQJUHWXUQVZLWFKZLWKVDIHW\FDWFK
7REHDEOHWRSUHVVLQWKHXSSHUHQGRIWKHVZLWFKWKHVDIHW\FDWFK
PXVWILUVWEHSXVKHGXS
6ZLWFKLQORZHUSRVLWLRQ 7KHDWWDFKPHQWTXLFNFRXSOHUFORVHV
6ZLWFKLQXSSHUSRVLWLRQ 7KHDWWDFKPHQWTXLFNFRXSOHURSHQV


5HDUZRUNLQJOLJKWV

:$51,1*
'RQRWWUDYHORURSHUDWHRQSXEOLFURDGVZLWKWKHZRUNLQJODPSV
VZLWFKHGRQDVWKLVPD\LQWHUIHUHZLWKRWKHUGULYHUV
YLVLELOLW\DQG
FDXVHDFFLGHQWV
7KUHHSRVLWLRQVZLWFK
9

7KHVZLWFKIRUOLJKWVPXVWEHLQXSSHURUPLGGOHSRVLWLRQWRHQDEOH
WKLVVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ )RXUOLJKWV2Q RSWLRQDOHTXLSPHQW
6ZLWFKLQPLGGOHSRVLWLRQ 7ZROLJKWV2Q
6ZLWFKLQORZHUSRVLWLRQ 2II



,QVWUXPHQWSDQHOV



,QVWUXPHQWSDQHOVLGH
&UDQLQJRYHUORDG+RVHUXSWXUHYDOYHIXQFWLRQ
RSWLRQDOHTXLSPHQW

:$51,1*
5LVNRISHUVRQDOLQMXU\RUGHDWK,QH[FDYDWLQJPRGHWKHKRVH
UXSWXUHYDOYHIXQFWLRQLVGLVDEOHG0DNHVXUHFUDQLQJPRGHLV
VHOHFWHGEHIRUHFUDQLQJRSHUDWLRQ
:KHQFUDQLQJPRGHKRVHUXSWXUHYDOYHVLVHQJDJHGWKHV\PERO
ZLOOOLJKWXSDQGDJUHHQOLJKWZLOOEHVKRZQ,IWKHPD[LPXPORDG
LVH[FHHGHGDQDFRXVWLFVLJQDOLVJLYHQDQGDZDUQLQJPHVVDJH
FRPHVXSLQWKHGLVSOD\XQLWVHHSDJH

9

7ZRSRVLWLRQVZLWFK(QJDJHWKHFUDQLQJRYHUORDGIXQFWLRQZKHQ
FUDQLQJZLWKVXVSHQGHGORDGVHHSDJH
6ZLWFKLQXSSHUSRVLWLRQ &UDQLQJPRGH+RVHUXSWXUHYDOYHV
HQJDJHG
6ZLWFKLQORZHUSRVLWLRQ ([FDYDWLQJPRGHHQJDJHG+RVH
UXSWXUHYDOYHVGLVHQJDJHG

5HDUZLQGRZZLSHUZDVKHU RSWLRQDOHTXLSPHQW
7KUHHSRVLWLRQVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ :DVKHUZLSHU2QSUHVVDQGKROGWR
DFWLYDWHUHOHDVHWRVWRS
6ZLWFKLQPLGGOHSRVLWLRQ :LSHU2Q
6ZLWFKLQORZHUSRVLWLRQ 2II
9

+DPPHUDXWKRUL]DWLRQ RSWLRQDOHTXLSPHQW
3XVKEXWWRQVZLWFK7KLVVZLWFKHQDEOHVWRRSHUDWHWKHKDPPHU
XSWRWKHIORZOLPLWDWLRQ %DFNKRH; VHOHFWHGLQWKHGLVSOD\XQLW
VHHSDJH
3XVKVZLWFKWRHQDEOHWKHIXQFWLRQ3XVKVZLWFKDJDLQWR
GLVDEOHWKHIXQFWLRQ
9

$X[LOLDU\K\GUDXOLFFLUFXLW RSWLRQDOHTXLSPHQW
$8;

9 

3XVKEXWWRQVZLWFK7KLVVZLWFKHQDEOHVWRRSHUDWHWKHDX[LOLDU\
K\GUDXOLFFLUFXLWXSWRWKHIORZOLPLWDWLRQ %DFNKRH; VHOHFWHGLQ
WKHGLVSOD\XQLWVHHSDJH
3XVKVZLWFKWRHQDEOHWKHIXQFWLRQ3XVKVZLWFKDJDLQWR
GLVDEOHWKHIXQFWLRQ

,QVWUXPHQWSDQHOV

,QVWUXPHQWSDQHOVLGH



6LGHVKLIWUHOHDVH

:$51,1*
5LVNRIFUXVKLQJ
7KHEDFNKRHXQLWFDQPRYHDQGFDXVHVHULRXVLQMXULHVRUGHDWK
$OZD\VNHHSWKHVLGHVKLIWORFNHGH[FHSWZKHQRIIVHWWLQJWKH
EDFNKRHXQLW
9

7ZRSRVLWLRQVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ 5HOHDVHG
6ZLWFKLQORZHUSRVLWLRQ /RFNHG

%DFNKRHERRPORFNUHOHDVH RQO\ZLWKEDFNKRH
OHYHUVPHFKDQLFDOFRQWURO
7ZRSRVLWLRQVZLWFK
6ZLWFKLQXSSHUSRVLWLRQ 5HOHDVHG
6ZLWFKLQORZHUSRVLWLRQ /RFNHG
9 

&RQWUROODPSVDQGJDXJHV
%\WDNLQJDFWLRQLQWLPHLWLVSRVVLEOHWRSUHYHQWVHULRXVGDPDJH
WRWKHPDFKLQH7KHUHIRUHORRNQRZDQGWKHQDWWKHVLGHSDQHO
ZKHUHLQIRUPDWLRQLVSURYLGHGWREHDEOHWRWDNHDFWLRQLQWLPHLI
VRPHWKLQJVKRXOGKDSSHQ,QRUGHUWREHDEOHWRFKHFNWKH
IXQFWLRQRILQVWUXPHQWVDQGFRQWUROVWKHEDWWHU\GLVFRQQHFW
VZLWFKPXVWEHWXUQHGRQDQGWKHLJQLWLRQNH\PXVWEHLQSRVLWLRQ
, UXQQLQJSRVLWLRQ 
,QIRUPDWLRQIRUWKHRSHUDWRULVSURYLGHGLQGLIIHUHQWZD\V
GHSHQGLQJRQWKHIXQFWLRQVLQYROYHG
7KHFRQWUROODPSVDUHDOLJKWZKHQWKHUHVSHFWLYHIXQFWLRQVDUH
HQJDJHGRUIDXOW\
7KHJDXJHVVKRZWKHFRRODQWWHPSHUDWXUHDQGWKHIXHOOHYHO



,QVWUXPHQWSDQHOV



,QVWUXPHQWSDQHOVLGH
  

 



)XHOOHYHO



(QJLQHFRRODQWWHPSHUDWXUH



'LVSOD\XQLWDQGPHQXEXWWRQV



6HDWEHOWLVQRWIDVWHQHG



$WWDFKPHQWTXLFNFRXSOHUXQORFNHG UHG



/RZHQJLQHRLOSUHVVXUH UHG



&HQWUDOZDUQLQJ UHG



9ROYR+\GUDXOLF6DIHJXDUG6\VWHP DPEHU



$X[LOLDU\K\GUDXOLFFLUFXLWDFWLYDWHG JUHHQ



+DPPHUDFWLYDWHG JUHHQ

9

)XHOOHYHO

9

7KHIXHOWDQNKROGVDSSUR[LPDWHO\OLWHUV 86JDO 7KH


JDXJHVKRZVWKHIXHOOHYHO,IWKHSRLQWHUHQWHUVWKHUHGVHFWRU
WKHPDFKLQHVKRXOGEHUHIXHOOHGLQRUGHUWRDYRLGDLUHQWHULQJWKH
V\VWHP:KHQWKHSRLQWHUUHDFKHVWKHUHGVHFWRUWKHUHDUH
DSSUR[LPDWHO\OLWHUV 86JDO OHIWLQWKHWDQN

(QJLQHFRRODQWWHPSHUDWXUH

9

1RUPDORSHUDWLQJWHPSHUDWXUHLVVKRZQZKHQWKHSRLQWHULVLQWKH
JUH\VHFWRU,IWKHSRLQWHUHQWHUVWKHUHGVHFWRUWXUQRIIWKHHQJLQH
DQGLQYHVWLJDWHWKHFDXVH)RULQVWUXFWLRQVRQFOHDQLQJVHHSDJH


'LVSOD\XQLWDQGPHQXEXWWRQV

9

$IWHUWKHLJQLWLRQNH\KDVEHHQWXUQHGWRVWDUWLQJSRVLWLRQWKHPDLQ
VFUHHQZLOOVKRZXSRQWKHGLVSOD\XQLW
7KHPDLQVFUHHQLVGLYLGHGLQWKUHHSDUWV
7KHWRSSDUWVKRZVHQJLQHVSHHGRUV\PEROV
7KHORZHUSDUWVVKRZLFRQVIRUSUHKHDWLQJVHUYLFHDQGWLPH
)RUIXUWKHULQIRUPDWLRQDERXWWKHGLVSOD\XQLWVHHSDJH

,QVWUXPHQWSDQHOV

,QVWUXPHQWSDQHOVLGH



6HDWEHOWLVQRWIDVWHQHG

$WWDFKPHQWTXLFNFRXSOHUXQORFNHG UHG
7KHV\PEROLVVKRZQZKHQWKHDWWDFKPHQWTXLFNFRXSOHULVRSHQ

/RZHQJLQHRLOSUHVVXUH UHG
7KHEX]]HUVRXQGVDQGWKHODPSLVDOLJKWLIWKHOXEULFDWLQJRLO
SUHVVXUHLQWKHHQJLQHLVWRRORZ,IWKLVKDSSHQVWXUQRIIWKH
HQJLQHLPPHGLDWHO\DQGUHFWLI\WKHIDXOW


&HQWUDOZDUQLQJ UHG
7KHODPSOLJKWVXSLIPDOIXQFWLRQVVXFKDVWRRKLJKRUWRRORZ
SUHVVXUHWHPSHUDWXUHRUOHYHORFFXU
9

6WRSWKHPDFKLQHLPPHGLDWHO\DQGWDNHDFWLRQ
%X]]HU
7KHEX]]HUVRXQGVDQGWKHFHQWUDOZDUQLQJODPSIODVKHVLIDQ\RI
WKHIROORZLQJIDXOWVRFFXU
7KHHQJLQHFRRODQWWHPSHUDWXUHLVWRRKLJK
7KHHQJLQHRLOSUHVVXUHLVWRRORZ
7KHHQJLQHRLOWHPSHUDWXUH!r& r)
7KHWUDQVPLVVLRQRLOWHPSHUDWXUHLVWRRKLJK
7KHK\GUDXOLFRLOWHPSHUDWXUHLVWRRKLJK
:KHQZDUQLQJPHVVDJHVDUHGLVSOD\HGLQWKHGLVSOD\XQLW
,IWKHODPSLVVWLOODOLJKWZKHQWKHHQJLQHLVUHVWDUWHGWXUQRIIWKH
HQJLQHDJDLQDQGLQYHVWLJDWHWKHFDXVH

9ROYR+\GUDXOLF6DIHJXDUG6\VWHP DPEHU
7KHODPSLVDOLJKWZKHQWKH9ROYR+\GUDXOLF6DIHJXDUG6\VWHP
LVDXWRPDWLFDOO\HQJDJHG)RUPRUHLQIRUPDWLRQVHHSDJH


$X[LOLDU\K\GUDXOLFFLUFXLWDFWLYDWHG JUHHQ
7KHODPSLVDOLJKWZKHQWKHIXQFWLRQLVDFWLYDWHG
9

+DPPHUDFWLYDWHG JUHHQ
7KHODPSLVDOLJKWZKHQWKHIXQFWLRQLVDFWLYDWHG



2WKHUFRQWUROV



&RQWUROV

2WKHUFRQWUROV
&RQWUROV



 




  

 

  












      
3RVLWLRQVZLWKPHFKDQLFDOFRQWUROV



    

3RVLWLRQVZLWKSLORWFRQWUROV



6WHHULQJZKHHODGMXVWPHQW RSWLRQDOHTXLSPHQW
IRU%/%



/RDGHUOHYHUFDUULHU %/%



)RUZDUGUHYHUVHOHYHU
*HDUVHOHFWRU SRZHUVKLIWRQO\



/LJKWHU9$X[LOLDU\SRZHUVRFNHW



%UDNHSHGDOV



+DQGWKURWWOHOHYHU



'LIIHUHQWLDOORFNEXWWRQ



+DPPHUEXWWRQ RSWLRQDOHTXLSPHQW



6WHHULQJZKHHO



%DFNKRHOHYHUVPHFKDQLFDOFRQWURO LILQVWDOOHG
%DFNKRHOHYHUVSLORWFRQWURO LILQVWDOOHG



$FFHOHUDWRUSHGDO



6WDELOLVHUOHYHUVPHFKDQLFDOFRQWURO LILQVWDOOHG
6WDELOLVHUOHYHUVSLORWFRQWURO LILQVWDOOHG



0XOWLIXQFWLRQDOOHYHU



3HGDOIRUH[WHQGLEOHGLSSHUDUP RSWLRQDO
HTXLSPHQW
3HGDOIRUKDPPHUXVH RSWLRQDOHTXLSPHQWIRU
EDFNKRHOHYHUVPHFKDQLFDOFRQWUROZLWKRXW
DX[LOLDU\K\GUDXOLFV



7UDQVPLVVLRQGHFOXWFKEXWWRQ SRZHUVKXWWOH
RQO\



5ROOHUIRUH[WHQGLEOHGLSSHUDUP RSWLRQDO
HTXLSPHQWZLWKEDFNKRHOHYHUVSLORWFRQWURO



*HDUVKLIWOHYHU SRZHUVKXWWOHRQO\



+RUQ



3DUNLQJEUDNH



&RQWUROIRUDX[LOLDU\K\GUDXOLFIORZ RSWLRQDO
HTXLSPHQW



/RDGHUOHYHUFDUULHU %/%



,QWHULRUOLJKW ORFDWHGLQWKHFDEFHLOLQJ

2WKHUFRQWUROV

&RQWUROV



6WHHULQJZKHHODGMXVWPHQW RSWLRQDOHTXLSPHQWIRU
%/%

9

7KHDGMXVWPHQWRIWKHVWHHULQJZKHHOFRQVLVWVRIDSHGDODQGD
OHYHU%RWKDUHSRVLWLRQHGEHORZWKHVWHHULQJZKHHO
'HSUHVVWKHSHGDODQGLQFOLQHWKHVWHHULQJZKHHOWRWKH
UHTXLUHGDQJOH5HOHDVHWKHSHGDOWRORFNWKHVWHHULQJZKHHOLQ
UHTXLUHGDQJOH
3XOOXSWKHOHYHUDQGSXOOXSRUSXVKGRZQWKHVWHHULQJZKHHO
3XVKGRZQWKHOHYHUWRORFNWKHVWHHULQJZKHHOLQUHTXLUHG
KHLJKW

3HGDO
/HYHU


$
%
&

)RUZDUGUHYHUVHOHYHU

:$51,1*
9

)RUZDUGUHYHUVHOHYHU
$ )RUZDUG
% 1HXWUDO
& 5HYHUVH

1HYHUOHDYHWKHPDFKLQHZLWKWKHIRUZDUGUHYHUVHOHYHULQ
IRUZDUGRUUHYHUVHSRVLWLRQZKLOHWKHHQJLQHLVUXQQLQJ,IWKH
PDFKLQHVWDUWVWRPRYHVHULRXVSHUVRQDOLQMXULHVPD\RFFXU
6KLIWLQJEHWZHHQIRUZDUGDQGUHYHUVHLVGRQHE\OLIWLQJWKHOHYHU
XSZDUGVDQGDWWKHVDPHWLPHPRYLQJWKHOHYHUIRUZDUGRU
EDFNZDUGV

)RUIXUWKHULQVWUXFWLRQVRQJHDUVKLIWLQJVHHSDJH
$OZD\VVORZGRZQWKHPDFKLQHEHIRUHFKDQJLQJGLUHFWLRQ
*HDUVHOHFWRU SRZHUVKLIWRQO\

9

*HDULVVHOHFWHGE\WXUQLQJWKHKDQGOHRQWKHIRUZDUGUHYHUVH
OHYHU
.LFNGRZQLVSRVVLEOHIURPWKUGDQGQGJHDUWRWKHQH[W
ORZHURQHLQERWKIRUZDUGDQGUHYHUVHGLUHFWLRQE\XVLQJWKH
EXWWRQRQWKHORDGHUOHYHU%\SXVKLQJWKHWUDQVPLVVLRQ
GHFOXWFKEXWWRQRQWKHORDGHUOHYHUWKHVHOHFWHGJHDURQWKH
JHDUVHOHFWRULVDFWLYDWHGDJDLQ
,QWKJHDUWKHWUDQVPLVVLRQZLOODXWRPDWLFDOO\VHOHFWEHWZHHQ
QGUGDQGWKJHDU
7KHVHOHFWHGJHDUZLOOEHVKRZQLQWKHVSHHGRPHWHUVHHSDJH




2WKHUFRQWUROV



&RQWUROV
%UDNHSHGDOV

:$51,1*
(QVXUHWKDWWKHEUDNHSHGDOVDUHORFNHGWRJHWKHUZKLOHWUDYHOOLQJ
RQSXEOLFURDGV6HULRXVLQMXULHVPD\RFFXULIWKHPDFKLQH
VZHUYHVRXWRIFRQWURO
3UHVVWKHEUDNHSHGDOVGRZQZDUGVWRVORZRUVWRSWKH
PDFKLQH7KHUHDUVWRSOLJKWVZLOOOLJKWXSZKHQWKHEUDNHVDUH
DSSOLHG
0RYHWKHFDWFKWRWKHXQORFNHGSRVLWLRQ % WRPDNHERWK
SHGDOVZRUNLQGHSHQGHQWO\
7KHPDFKLQHPXVWKDYHFRPHWRDFRPSOHWHVWRSEHIRUH
ORFNLQJRUXQORFNLQJWKHSHGDOV

9

%UDNHSHGDOV
$ /RFNHGSRVLWLRQ
% 8QORFNHGSRVLWLRQ


)RUIXUWKHULQIRUPDWLRQDERXWEUDNLQJVHHSDJH


'LIIHUHQWLDOORFNEXWWRQ
7KHGLIIHUHQWLDOORFNRQO\RSHUDWHVRQWKHUHDUD[OH
7KHGLIIHUHQWLDOORFNLVDFWLYDWHGE\SUHVVLQJWKHIRRWEXWWRQ
DUURZ LIWKHVSHHGLVEHORZNPK PSK DQGLV
DXWRPDWLFDOO\GHDFWLYDWHGZKHQWKHYHKLFOHVSHHG RUZKHHO
VSHHGHTXLYDOHQW UHDFKHVNPK PSK 7KHFRQWURO
ODPSIRUWKHGLIIHUHQWLDOORFNUHPDLQVDOLJKWDVORQJDVWKH
GLIIHUHQWLDOORFNLVHQJDJHG

127,&(
:KHQRSHUDWLQJRQILUPJURXQGSDUWLFXODUO\ZKHQWXUQLQJWKH
GLIIHUHQWLDOORFNPXVWEHGLVHQJDJHG2WKHUZLVHWKHUHLVDULVN
RIGDPDJHLQWKHUHDUD[OH

,IWKHUHLVDULVNRIJHWWLQJVWXFNVWRSWKHPDFKLQHDQGHQJDJH
WKHGLIIHUHQWLDOORFN
,WLVGLIILFXOWWRVWHHUWKHPDFKLQHZLWKWKHGLIIHUHQWLDOORFN
HQJDJHG
5HOHDVLQJWKHEXWWRQZLOOQRUPDOO\GLVHQJDJHWKHGLIIHUHQWLDO
ORFNEXWLILWIDLOVWRGRVRUHOHDVHWKHDFFHOHUDWRUSHGDOWROHW
WKHGLIIHUHQWLDOORFNLQJIRUFHLQWKHUHDUD[OHGLVDSSHDUDQWKH
GLIIHUHQWLDOORFNZLOOGLVHQJDJH

&$87,21
7KHGLIIHUHQWLDOORFNVKRXOGRQO\EHXVHGZKHQRSHUDWLQJRQ
VOLSSHU\JURXQG:KHQRSHUDWLQJRQILUPJURXQGSDUWLFXODUO\
ZKHQWXUQLQJWKHGLIIHUHQWLDOORFNPXVWEHGLVHQJDJHG

&$87,21
,IWKHPDFKLQHKDVEHFRPHVWXFNDQGRQHRIWKHZKHHOVLV
VSLQQLQJWKHZKHHOPXVWEHVWRSSHGEHIRUHHQJDJLQJWKH
GLIIHUHQWLDOORFN2WKHUZLVHWKHGULYHD[OHV\VWHPPD\EH
GDPDJHG

6WHHULQJZKHHO
7KHUHDUHWKUHHW\SHVRIVWHHULQJZKHHOFROXPQV
)L[HG

2WKHUFRQWUROV

&RQWUROV



$GMXVWDEOHWLOWDEOH RSWLRQDOHTXLSPHQW
$GMXVWDEOHWLOWDEOHWHOHVFRSLF RSWLRQDOHTXLSPHQW

$FFHOHUDWRUSHGDO
3UHVVWKHSHGDOGRZQZDUGVWRLQFUHDVHWKHHQJLQHVSHHG
:KHQWKHSHGDOLVUHOHDVHGWKHHQJLQHVSHHGZLOOGHFUHDVH
:KHQWKHSHGDOLVLQLWVXSSHUPRVWSRVLWLRQWKHHQJLQHZLOOLGOH
USP 

0XOWLIXQFWLRQDOOHYHU
:LQGVFUHHQZLSHU
3RVLWLRQ$ :LQGVFUHHQZLSHUIDVW
3RVLWLRQ% ,QWHUPLWWHQWZLSHU
3RVLWLRQ& 2II
/RZ+LJKEHDPKHDGOLJKWV
/HYHULQQHXWUDOSRVLWLRQ /RZRU+LJKEHDPV2Q
/HYHUGRZQZDUGV '  +LJKEHDPV2Q

(
*

'LUHFWLRQLQGLFDWRUV
/HYHUIRUZDUG (  'LUHFWLRQLQGLFDWRUOHIW
/HYHUEDFNZDUG )  'LUHFWLRQLQGLFDWRUULJKW

*
'

:LQGVFUHHQZDVKHU
9

)XQFWLRQVRQO\ZLWKWKHLJQLWLRQNH\LQSRVLWLRQ,
3XVKWKHULQJWRZDUGVWKHVWHHULQJZKHHO *  :LQGVFUHHQ
ZDVKHU
+RUQ
,Q%/%WKHKRUQRQO\IXQFWLRQVZLWKWKHLJQLWLRQNH\LQSRVLWLRQ
,
'HSUHVVWKHEXWWRQWRXVHWKHKRUQ

7UDQVPLVVLRQGHFOXWFKEXWWRQ SRZHUVKXWWOHRQO\
3UHVVWKHEXWWRQRQWKHJHDUVKLIWOHYHUWRGHFOXWFKWKH
WUDQVPLVVLRQ

9



2WKHUFRQWUROV



&RQWUROV
:$51,1*
1HYHUOHDYHWKHPDFKLQHZLWKWKHIRUZDUGUHYHUVHOHYHULQ
IRUZDUGRUUHYHUVHSRVLWLRQZKLOHWKHHQJLQHLVUXQQLQJ,IWKH
PDFKLQHVWDUWVWRPRYHVHULRXVSHUVRQDOLQMXULHVPD\RFFXU

*HDUVKLIWOHYHU SRZHUVKXWWOHRQO\
6KLIWJHDU
 3UHVVWKHWUDQVPLVVLRQGHFOXWFKVZLWFK VHHDERYH 
 0DQXDOO\VHOHFWDJHDU SRZHUVKXWWOHRQO\ 
)RUIXUWKHULQVWUXFWLRQVRQJHDUVKLIWLQJVHHSDJH

9

3DUNLQJEUDNH
7KHSDUNLQJEUDNHLVRSHUDWHGZLWKWKHOHYHUWRWKHULJKWRIWKH
RSHUDWRUVHDW
 3XOOWKHSDUNLQJEUDNHOHYHUXSZDUGVXQWLOLWODWFKHVWRDSSO\
WKHSDUNLQJEUDNH
 5HOHDVHWKHSDUNLQJEUDNHE\SXOOLQJUHOHDVHFDWFK $ VLWXDWHG
RQWKHXQGHUVLGHRIWKHSDUNLQJEUDNHOHYHU

9

7KHSDUNLQJEUDNHFDQDOVREHXVHGDVDVHFRQGDU\EUDNHLIWKH
PDFKLQHIDLOVWRVWRSXVLQJWKHIRRWRSHUDWHGEUDNH,IWKLVRFFXUV
FRQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYRLPPHGLDWHO\

127,&(
:KHQWXUQLQJWKHHQJLQHRIIDOZD\VDSSO\WKHSDUNLQJEUDNH

$
9

&$87,21
'RQRWDSSO\WKHSDUNLQJEUDNHZKLOHWKHPDFKLQHLVPRYLQJ7KH
SDUNLQJEUDNHVKRXOGRQO\EHXVHGZKHQWKHPDFKLQHKDVEHHQ
VWRSSHGRUDVDQHPHUJHQF\EUDNH

2WKHUFRQWUROV

&RQWUROV



/RDGHUOHYHUFDUULHU %/%

&

9

$ /RDGHUOHYHU
% 0XOWLSXUSRVHEXFNHWOHYHU
& /RDGHUOHYHUORFN


$ /RDGHUOHYHU
$
%
&
'
(
)
*
+

5DLVH SXOOWKHOHYHUEDFNZDUGV
/RZHU SXVKWKHOHYHUIRUZDUG
7LOWIRUZDUG SXVKWKHOHYHUWRWKHULJKW
7LOWEDFNZDUGV SXVKWKHOHYHUWRWKHOHIW
)ORDW SXVKWKHOHYHUIXOO\IRUZDUG
%XFNHWSRVLWLRQHU SXVKWKHOHYHUIXOO\WRWKHOHIW
7UDQVPLVVLRQGHFOXWFK NHHSWKHEXWWRQGHSUHVVHG
.LFNGRZQ NHHSWKHEXWWRQGHSUHVVHG

% 0XOWLSXUSRVHEXFNHWOHYHU RSWLRQDOHTXLSPHQW


, 2SHQPXOWLSXUSRVHEXFNHWFODPVKHOO SXVKWKHOHYHUIRUZDUG
- &ORVHPXOWLSXUSRVHEXFNHWFODPVKHOO SXOOWKHOHYHU
EDFNZDUGV

9



2WKHUFRQWUROV



&RQWUROV
$

& /RDGHUOHYHUORFN
$ 8QORFNHG SXVKWKHOHYHUIRUZDUG
% /RFNHG SXOOWKHOHYHUEDFNZDUGV

%
9

/RDGHUOHYHUFDUULHU %/%

% &
9

$ /RDGHUOHYHU
% )RUZDUG5HYHUVHDXWKRUL]DWLRQ
& /RDGHUOHYHUORFN


$ /RDGHUOHYHU
$ 5DLVH SXOOWKHOHYHUEDFNZDUGV
% /RZHU SXVKWKHOHYHUIRUZDUG
& 7LOWIRUZDUG SXVKWKHOHYHUWRWKHULJKW
' 7LOWEDFNZDUGV SXVKWKHOHYHUWRWKHOHIW
( )ORDW SXVKWKHOHYHUIXOO\IRUZDUG
) %XFNHWSRVLWLRQHU SXVKWKHOHYHUIXOO\WRWKHOHIW
* 2SHQPXOWLSXUSRVHEXFNHWFODPVKHOO UROOWKHUROOHUXSZDUGV
+ &ORVHPXOWLSXUSRVHEXFNHWFODPVKHOO UROOWKHUROOHU
GRZQZDUGV
, 'ULYHIRUZDUG
- 'ULYHEDFNZDUGV
. 1HXWUDO SXVKWKHEXWWRQ
/ .LFNGRZQ NHHSWKHEXWWRQGHSUHVVHG
0 7UDQVPLVVLRQGHFOXWFK NHHSWKHEXWWRQGHSUHVVHG
)RUZDUG , UHYHUVH - DQGQHXWUDO . FDQRQO\EHXVHGLILWLV
HQDEOHGZLWKWKHVZLWFK &EHORZ 

2WKHUFRQWUROV

&RQWUROV



% )RUZDUG5HYHUVHDXWKRUL]DWLRQ
3XVKEXWWRQVZLWFK(QDEOHVWRGULYHIRUZDUGUHYHUVHRQWKH
ORDGHUOHYHU7RGLVHQJDJHXVHWKHIRUZDUGUHYHUVHOHYHURUWXUQ
RIIWKHHQJLQH
7RXVHWKLVIXQFWLRQWKHSDUNLQJEUDNHPXVWEHUHOHDVHGDQGWKH
IRUZDUGUHYHUVHOHYHUEHSXWLQQHXWUDOSRVLWLRQ
9

& /RDGHUOHYHUORFN
3XVKWKHVZLWFKWRORFNWKHORDGHUOHYHU3XVKDJDLQWRXQORFN

9

/LJKWHU9$X[LOLDU\SRZHUVRFNHW
3UHVVLQWKHOLJKWHUWRKHDWLWXS:KHQLWKDVEHFRPHVXIILFLHQWO\
KRWDIWHUVHFRQGVLWZLOOVSULQJEDFNUHDG\IRUXVH7KHVRFNHW
KDVD:RXWSXW
7KHVRFNHWFDQEHXVHGIRUGLIIHUHQWW\SHVRIKDQGKHOGHOHFWULF
GHYLFHVIRUH[DPSOHKDQGODPSVDQGPRELOHSKRQHFKDUJLQJ
XQLWV

+DQGWKURWWOHOHYHU

:$51,1*
:KHQWUDYHOOLQJRQSXEOLFURDGVWKHKDQGWKURWWOHOHYHUPXVWEHLQ
SRVLWLRQ % 8VHWKHDFFHOHUDWRUSHGDOWRFRQWUROWKHHQJLQH
VSHHG
7KHKDQGWKURWWOHLVRSHUDWHGE\DOHYHU
,QFUHDVHHQJLQHVSHHG PRYHWKHOHYHUWRZDUGVSRVLWLRQ $ 
'HFUHDVHHQJLQHVSHHG PRYHWKHOHYHUWRZDUGVSRVLWLRQ % 

$




2WKHUFRQWUROV



&RQWUROV
+DPPHUEXWWRQ RSWLRQDOHTXLSPHQW



127,&(
5LVNRIPDFKLQHGDPDJH,IWKHH[WHQGLEOHGLSSHUDUPLVH[WHQGHG
ZKHQXVLQJWKHKDPPHUFRPSRQHQWVPD\EHGDPDJHG5HWUDFW
DQGORFNWKHH[WHQGLEOHGLSSHUDUPEHIRUHXVLQJWKHKDPPHU
)RRWRSHUDWHG

9

7RRSHUDWHWKHKDPPHUWKHKDPPHUDXWKRUL]DWLRQVZLWFKRQWKH
VLGHSDQHOPXVWEHLQWKH2QSRVLWLRQEHIRUHXVLQJWKHIRRW
RSHUDWHGEXWWRQVHHSDJH
%XWWRQGHSUHVVHG +DPPHUDFWLYDWHG
%XWWRQIXOO\UHOHDVHG +DPPHUGHDFWLYDWHG

+DPPHUDXWKRUL]DWLRQVZLWFK


9

+DPPHUEXWWRQZLWKEDFNKRHOHYHUVPHFKDQLFDO
FRQWURO


9

+DPPHUEXWWRQZLWKEDFNKRHOHYHUVSLORWFRQWURO


%DFNKRHOHYHUV

127,&(
:KHQXVLQJEDFNKRHFRQWUROVWKHWHUPVOHIWKDQGDQGULJKWKDQG
LQGLFDWHWKHVLGHVRIWKHPDFKLQHDVVHHQIURPWKHRSHUDWRUVVHDW
IDFLQJWKHUHDURIWKHPDFKLQH

127,&(
7KHEDFNKRHERRPORFNPXVWEHHQJDJHGZKHQWUDYHOOLQJRQ
SXEOLFURDGVVHHSDJH
:KHQWKHEDFNKRHXQLWLVQRWXVHGWKHEDFNKRHOHYHUVVKRXOGEH
ORFNHG

2WKHUFRQWUROV

&RQWUROV



%DFNKRHOHYHUVPHFKDQLFDOFRQWUROORFNLQJ
%DFNKRHOHYHUVXQORFNLQJ7XUQWKHKDQGOHFRXQWHUFORFNZLVH
DQGSUHVVLWGRZQ $ 
%DFNKRHOHYHUVORFNLQJ3XOOXSWKHKDQGOHDQGWXUQLW
FORFNZLVH % 

%
$

%DFNKRHOHYHUVSLORWFRQWURODGMXVWLQJ RQO\LQ%/%LILQVWDOOHG

9

)RUSLORWFRQWUROOHGEDFNKRHOHYHUVWKHEDFNKRHDQGWKH
H[WHQGLEOHGLSSHUDUPFDQRQO\EHRSHUDWHGZKHQWKHEDFNKRH
ERRPORFNLVGLVHQJDJHGDQGWKHSLORWWRZHUVDUHSXOOHGWRZDUGV
WKHRSHUDWRUVHDW

9

:KHQWKHWRZHUVIRUWKHSLORWFRQWUROOHGEDFNKRHOHYHUVDUH
SXVKHGLQWRVWRUDJHSRVLWLRQ WRZDUGVWKHUHDUZLQGRZ WKH
EDFNKRHFRQWUROVDUHGHDFWLYDWHG7KHWRZHUVKDYHWREHSXOOHG
IURPWKHLUVWRUDJHSRVLWLRQLQWRRSHUDWLQJSRVLWLRQWREHDFWLYDWHG
 6TXHH]HWKHWZRUHOHDVHOHYHUVRQWKHULJKWKDQGWRZHU
WRJHWKHU
 3XVKRUSXOOERWKWRZHUVWRDGMXVWWKHPWRUHTXLUHGSRVLWLRQ
 5HOHDVHWKHWZRUHOHDVHOHYHUVWRORFNWKHWRZHUVLQUHTXLUHG
SRVLWLRQ
 9HULI\WKDWWKHOLJKWRQWKHWRZHUVDUHDOLJKW
$IWHUILQLVKLQJZRUNZLWKWKHEDFNKRHDOZD\VSXWWKHWRZHUVLQWKH
VWRUDJHSRVLWLRQ SXVKHGWRZDUGVWKHUHDUZLQGRZ 

127,&(
6RPHEDFNKRHDWWDFKPHQWVPD\FROOLGHZLWKWKHVWDELOLVHUVLI
VZXQJWRRIDUURXQG&KHFNWKLVEHIRUHXVLQJGLIIHUHQW
DWWDFKPHQWV

:$51,1*
$OZD\VHQJDJHWKHEDFNKRHERRPORFNWKHORDGHUOHYHUORFNDQG
WXUQRIIWKHHQJLQHEHIRUHFKDQJLQJSDWWHUQ$QXQVHFXUHGERRP
FDQPRYHVXGGHQO\DQGFDXVHVHULRXVSHUVRQDOLQMXULHV
,62SDWWHUQ

:$51,1*
&
%

$
'

*
)

(
+

$OZD\VFKHFNWKHSRVLWLRQRIWKHYDOYHOHYHUWRNQRZZKLFKSDWWHUQ
LVVHOHFWHGEHIRUHRSHUDWLQJWKHPDFKLQH$QXQH[SHFWHG
PRYHPHQWPD\UHVXOWLQDQDFFLGHQW
/HIWKDQGEDFNKRHOHYHU

/HYHUWRZDUGV$
/HYHUWRZDUGV%
/HYHUWRZDUGV&
/HYHUWRZDUGV'

'LSSHUDUPRXW
'LSSHUDUPLQ
6ZLQJOHIW
6ZLQJULJKW

5LJKWKDQGEDFNKRHOHYHU



2WKHUFRQWUROV



&RQWUROV
/HYHUWRZDUGV(
/HYHUWRZDUGV)
/HYHUWRZDUGV*
/HYHUWRZDUGV+

%DFNKRHERRPGRZQ
%DFNKRHERRPXS
%XFNHWFXUOVLQ
%XFNHWFXUOVRXW

6$(SDWWHUQ

&
%

$
'

*
)

(
+

/HIWKDQGEDFNKRHOHYHU
/HYHUWRZDUGV $ 
/HYHUWRZDUGV % 
/HYHUWRZDUGV & 
/HYHUWRZDUGV ' 

%DFNKRHERRPGRZQ
%DFNKRHERRPXS
6ZLQJOHIW
6ZLQJULJKW

5LJKWKDQGEDFNKRHOHYHU

/HYHUWRZDUGV ( 
/HYHUWRZDUGV ) 
/HYHUWRZDUGV * 
/HYHUWRZDUGV + 

'LSSHUDUPRXW
'LSSHUDUPLQ
%XFNHWFXUOVLQ
%XFNHWFXUOVRXW

;SDWWHUQ

'

&

(
*

+
)

/HIWKDQGEDFNKRHOHYHU
/HYHUWRZDUGV$
/HYHUWRZDUGV%
/HYHUWRZDUGV&
/HYHUWRZDUGV'

6ZLQJOHIW
6ZLQJULJKW
%DFNKRHERRPXS
%DFNKRHERRPGRZQ

5LJKWKDQGEDFNKRHOHYHU
/HYHUWRZDUGV(
/HYHUWRZDUGV)
/HYHUWRZDUGV*
/HYHUWRZDUGV+

'LSSHUDUPRXW
'LSSHUDUPLQ
%XFNHWFXUOVLQ
%XFNHWFXUOVRXW

6WDELOLVHUOHYHUV

127,&(
:KHQXVLQJEDFNKRHFRQWUROVWKHWHUPVOHIWKDQGDQGULJKWKDQG
LQGLFDWHWKHVLGHVRIWKHPDFKLQHDVVHHQIURPWKHRSHUDWRUVVHDW
IDFLQJWKHUHDURIWKHPDFKLQH

6WDELOLVHUOHYHUV
$/HIWVWDELOLVHU
%5LJKWVWDELOLVHU


2WKHUFRQWUROV

&RQWUROV



%RWKVWDELOLVHUVFDQEHORZHUHGDQGRSHUDWHGVLPXOWDQHRXVO\
3XOOOHYHUV $DQG% EDFNZDUGVWRUDLVHWKHVWDELOLVHUV
3XVKOHYHUV $DQG% IRUZDUGWRORZHUWKHVWDELOLVHUV
/RZHUWKHVWDELOLVHUVXQWLOWKHUHDUZKHHOVDUHVOLJKWO\OLIWHGIURP
WKHJURXQG

&$87,21
,WLVUHFRPPHQGHGWKDWWKHVWDELOLVHUVDQGWKHORDGHUEXFNHWDUH
ORZHUHGWRWKHJURXQGWRSURYLGHVWDELOLW\ZKHQXVLQJWKHEDFNKRH

&$87,21
(QVXUHWKDWJURXQGFRQGLWLRQVDUHVXLWDEOHIRUVXSSRUWLQJWKH
PDFKLQH

:$51,1*
6WDELOLVHUOHYHUVSLORWFRQWURO RSWLRQDOHTXLSPHQW
$/HIWVWDELOLVHU

'RQRWRSHUDWHWKHOHYHUVIURPRXWVLGHWKHFDE\RXDQGRWKHUV
FRXOGEHLQMXUHG



%5LJKWVWDELOLVHU


3HGDOIRUH[WHQGLEOHGLSSHUDUP RSWLRQDO
HTXLSPHQW 3HGDOIRUKDPPHUXVH RSWLRQDO
HTXLSPHQWIRUEDFNKRHOHYHUVPHFKDQLFDOFRQWURO
ZLWKRXWDX[LOLDU\K\GUDXOLFV

127,&(
5LVNRIPDFKLQHGDPDJH,IWKHH[WHQGLEOHGLSSHUDUPLVH[WHQGHG
ZKHQXVLQJWKHKDPPHUFRPSRQHQWVPD\EHGDPDJHG$OZD\V
UHWUDFWDQGORFNWKHH[WHQGLEOHGLSSHUDUPEHIRUHXVLQJWKH
KDPPHU

$+HHOHQG5HWUDFWWKHGLSSHUDUP
%7RHHQG([WHQGWKHGLSSHUDUPKDPPHUXVH


7KHH[WHQGLEOHGLSSHUDUPLVH[WHQGHGDQGUHWUDFWHGE\D
K\GUDXOLFF\OLQGHUZKLFKLVRSHUDWHGE\DSHGDOLQVLGHWKHFDE
'HSUHVVKHHOHQG $ RIWKHSHGDOWRUHWUDFWWKHH[WHQGLEOH
GLSSHUDUP
'HSUHVVWRHHQG % RIWKHSHGDOWRH[WHQGWKHH[WHQGLEOH
GLSSHUDUPRUWRXVHWKHKDPPHU
 0DNHVXUHWKDW\RXGRQRWH[FHHGWKHZRUNLQJFDSDFLW\RIWKH
EDFNKRHDWLWVPD[LPXPUHDFK

127,&(
)XOO\UHWUDFWDQGORFNWKHH[WHQGLEOHGLSSHUDUPZKHQLWLVQRW
XVHG

2WKHUFRQWUROV



&RQWUROV
/RFNXQORFNWKHH[WHQGLEOHGLSSHUDUP
:KHQXVLQJWKHH[WHQGLEOHGLSSHUDUPSODFHWKHVWHHOSLQLQ
SRVLWLRQ $ DQGORFNLWZLWKFRWWHUSLQ & 
:KHQWKHH[WHQGLEOHGLSSHUDUPLVQRWUHTXLUHGZKHQWKH
KDPPHUZLOOEHXVHGRUIRUWUDQVSRUWSXUSRVHVORFNWKH
H[WHQGLEOHGLSSHUDUPLQXSSHUSRVLWLRQE\IXOO\UHWUDFWLQJWKH
GLSSHUDQGSODFLQJWKHVWHHOSLQLQSRVLWLRQ % /RFNWKHVWHHOSLQ
ZLWKWKHFRWWHUSLQ

5ROOHUIRUH[WHQGLEOHGLSSHUDUP RSWLRQDO
HTXLSPHQWZLWKEDFNKRHOHYHUVSLORWFRQWURO

&

7KHUROOHULVSRVLWLRQHGRQWKHOHYHURQWKHULJKWKDQGWRZHU
5ROOUROOHUGRZQZDUGV $ WRUHWUDFWWKHH[WHQGLEOHGLSSHUDUP
5ROOUROOHUXSZDUGV % WRH[WHQGWKHH[WHQGLEOHGLSSHUDUP

127,&(
5LVNRIPDFKLQHGDPDJH,IWKHH[WHQGLEOHGLSSHUDUPLVH[WHQGHG
ZKHQXVLQJWKHKDPPHUFRPSRQHQWVPD\EHGDPDJHG$OZD\V
UHWUDFWDQGORFNWKHH[WHQGLEOHGLSSHUDUPEHIRUHXVLQJWKH
KDPPHU
9

$ 5HWUDFW
% ([WHQG
& +RUQEXWWRQ

 0DNHVXUHWKDW\RXGRQRWH[FHHGWKHZRUNLQJFDSDFLW\RIWKH
EDFNKRHDWLWVPD[LPXPUHDFK

+RUQ
%XWWRQ & SUHVVHGLQ )URQWDQGUHDUKRUQDFWLYDWHG

2WKHUFRQWUROV

&RQWUROV



&RQWUROIRUDX[LOLDU\K\GUDXOLFIORZGLUHFWLRQ
RSWLRQDOHTXLSPHQW
$8;

9 

:LWKEDFNKRHOHYHUVPHFKDQLFDOFRQWURO
3XVKWKHVZLWFKWRDXWKRUL]HWKHIXQFWLRQ
0RYHWKHVOLGHEXWWRQWRDGMXVWWKHGLUHFWLRQRIWKHIORZ


9

:LWKEDFNKRHOHYHUVSLORWFRQWURO %/%RQO\
3XVKWKHVZLWFKWRDXWKRUL]HWKHIXQFWLRQ
0RYHWKHUROOHUWRDGMXVWWKHGLUHFWLRQRIWKHIORZ

9

2WKHUFRQWUROV



&RQWUROV
,QWHULRUOLJKWLQJ
7KHODPSIRULQWHULRUOLJKWLQJLVORFDWHGLQWKHFHLOLQJ

9

%XFNHWSRVLWLRQHU
UHWXUQWRGLJ
7KHEXFNHWSRVLWLRQHU UHWXUQWRGLJ FDQEHXVHGWRVKRUWHQWKH
ORDGLQJF\FOHWLPHV:KHQWKHORDGHUOHYHULVSXVKHGIXOO\IRUZDUG
LWLVKROGLQSRVLWLRQE\DPDJQHWXQWLODVHQVRUGHWHFWVWKHVHOHFWHG
EXFNHWSRVLWLRQ7KHQWKHORDGHUOHYHULVUHOHDVHGDQGWKHEXFNHW
LVUHDG\WREHILOOHGDJDLQ

$GMXVWLQJEXFNHWSRVLWLRQHU
 /RZHUWKHEXFNHWWRWKHJURXQG
 7XUQRIIWKHHQJLQHDQGUHPRYHWKHLJQLWLRQNH\
 6ODFNHQERWKQXWVRQWKHEUDFNHWDQGPRYHWKHVHQVRU
SRVLWLRQHGXQGHUWKHEUDFNHWWRWKHUHTXLUHGSRVLWLRQ
 7LJKWHQERWKQXWV

2WKHUFRQWUROV

&RQWUROV




$

9

$0RYHVHQVRULQWKLVGLUHFWLRQWRLQFUHDVHWKHDQJOH
%0RYHVHQVRULQWKLVGLUHFWLRQWRGHFUHDVHWKHDQJOH

2WKHUFRQWUROV



6LGHVKLIW

6LGHVKLIW
7KHVLGHVKLIWEDFNKRHFDQEHRIIVHWWRDQ\SRVLWLRQRQWKH
EDFNIUDPH7KLVSHUPLWVWUHQFKHVWREHGXJDGMDFHQWWRZDOOVRU
EXLOGLQJVRUVLPSO\UHDOLJQWKHEDFNKRHWRFRQWLQXHWUHQFKLQJ

:$51,1*
'RQRWRSHUDWHWKHEDFNKRHZLWKWKHVLGHVKLIWFODPSVUHOHDVHG
XQOHVVIRURIIVHWWLQJWKHEDFNKRH$VHULRXVDFFLGHQWPD\
RWKHUZLVHRFFXU

2IIVHWWKHEDFNKRH





9





3ODFHWKHPDFKLQHRQHYHQJURXQG
0DNHVXUHWKDWWKHVLGHVKLIWUDLOVDUHFOHDQ
/RZHUWKHVWDELOLVHUV
/RZHUWKHORDGHUEXFNHWWRWKHJURXQG
,IWKHEDFNKRHXQLWLVLQWUDYHOOLQJSRVLWLRQGLVHQJDJHWKH
EDFNKRHERRPORFN
6ZLQJWKHEDFNKRHXQWLOWKHERRPLVSDUDOOHOZLWKWKH
EDFNIUDPHDQGH[WHQGWKHEDFNKRHWRDSSUR[UHDFKORZHU
WKHEXFNHWWRWKHJURXQG
5HOHDVHWKHVLGHVKLIWFODPSVE\SUHVVLQJWKHXSSHUHQGRIWKH
VLGHVKLIWUHOHDVHVZLWFK
3XVKWKHVZLQJFDUULDJHDFURVVWKHEDFNIUDPHWRWKHGHVLUHG
SRVLWLRQ
/RFNWKHEDFNKRHLQSRVLWLRQE\SUHVVLQJWKHORZHUHQGRIWKH
VLGHVKLIWUHOHDVHVZLWFK

2WKHUFRQWUROV

2SHUDWRUFRPIRUW



2SHUDWRUFRPIRUW
2SHUDWRUVHDW
7KHRSHUDWRUVHDWPHHWVWKHFULWHULDRI(1,62%ULHIO\WKLV
PHDQVWKDWWKHVHDWLVGHVLJQHGWRPLQLPLVHZKROHERG\
YLEUDWLRQVGXULQJPDFKLQHRSHUDWLRQ7KHDPRXQWRIYLEUDWLRQ
GHSHQGVRQGLIIHUHQWIDFWRUVPDQ\RIZKLFKDUHQRWUHODWHGWRWKH
FRQVWUXFWLRQRIWKHPDFKLQHVXFKDVJURXQGFRQGLWLRQVVSHHG
DQGRSHUDWLQJWHFKQLTXHV1RWHWKHIROORZLQJ
 $GMXVWWKHVHDWDFFRUGLQJWRZHLJKWDQGKHLJKWRIWKHRSHUDWRU
 .HHSWKHJURXQGRQWKHZRUNVLWHLQJRRGFRQGLWLRQ
 &KRRVHWKHDSSURSULDWHRSHUDWLQJWHFKQLTXHDQGVSHHGIRUWKH
H[LVWLQJFLUFXPVWDQFHV

:$51,1*
'RQRWDGMXVWWKHRSHUDWRU
VVHDWZKHQWKHPDFKLQHLVRQWKH
PRYH
$FRUUHFWO\DGMXVWHGRSHUDWRUVHDWHQKDQFHVWKHRSHUDWRUFRPIRUW
DQGVDIHW\$QLQFRUUHFWO\DGMXVWHGVHDWPD\OHDGWRLQMXULHV7KH
DGMXVWPHQWVWKDWFRXOGEHPDGHDUH

' $


% %

&

9

$+HLJKWDGMXVWPHQW/LIWWKHKDQGOHDQGDGMXVWWKHVHDWKHLJKWWR
GHVLUHGSRVLWLRQ5HOHDVHWKHKDQGOHWRORFNWKHVHDWLQSRVLWLRQ

%:HLJKWDGMXVWPHQW7XUQWKHNQREWRDGMXVWDFFRUGLQJWR\RXU
ZHLJKW7KHZHLJKWFDQEHUHDGIURPWKHLQGLFDWRU % 

&6HDWURWDWLRQ/LIWWKHOHYHUDQGWXUQWKHVHDWr5HOHDVHWKH
KDQGOHWRORFNWKHVHDWLQSRVLWLRQ

'/RQJLWXGLQDODGMXVWPHQW/LIWWKHOHYHUDQGDGMXVWWKHVHDW
IRUZDUGRUEDFNZDUGVWRGHVLUHGSRVLWLRQ5HOHDVHWKHKDQGOHWR
ORFNWKHVHDWLQSRVLWLRQ

(%DFNUHVWDGMXVWPHQW/LIWWKHOHYHUDQGDGMXVWWKHEDFNUHVWWR
GHVLUHGDQJOH5HOHDVHWKHKDQGOHWRORFNWKHEDFNUHVWLQSRVLWLRQ
+HDGUHVWLVDYDLODEOHDVDQRSWLRQ
$UPUHVWLVDYDLODEOHDVDQRSWLRQVHHSDJH



2WKHUFRQWUROV



2SHUDWRUFRPIRUW
$LUVXVSHQGHGVHDW RSWLRQDOHTXLSPHQW


$/RQJLWXGLQDODGMXVWPHQW/LIWWKHOHYHUDQGDGMXVWWKHVHDW
IRUZDUGRUEDFNZDUGVWRGHVLUHGSRVLWLRQ5HOHDVHWKHKDQGOHWR
ORFNWKHVHDWLQSRVLWLRQ

%+HLJKWDGMXVWPHQW/LIWWKHKDQGOHDQGDGMXVWWKHVHDWKHLJKWWR
GHVLUHGSRVLWLRQ5HOHDVHWKHKDQGOHWRORFNWKHVHDWLQSRVLWLRQ
7KHJUHHQPDUNLQJLQWKHKHLJKWDQGZHLJKWLQGLFDWRU %&
PXVWEHYLVLEOH

&$87,21
'RQRWRSHUDWHWKHIXQFWLRQPRUHWKDQVHFRQGVWRDYRLG
GDPDJH
&:HLJKWDGMXVWPHQW7KHDGMXVWPHQWVKRXOGEHGRQHZKHQ
VLWWLQJLQWKHRSHUDWRUVHDW3XVKRUSXOOOHYHUWKHOHYHUXQWLOWKH
JUHHQPDUNLQJLVYLVLEOHLQWKHKHLJKWDQGZHLJKWLQGLFDWRU %
& 
'6HDWURWDWLRQ/LIWWKHOHYHUDQGWXUQWKHVHDWr5HOHDVHWKH
KDQGOHWRORFNWKHVHDWLQSRVLWLRQ

$ ( ) %& * ' %&


-

127,&(
0DNHVXUHWKHVHDWLVQRWIXOO\GRZQEHIRUHWXUQLQJLW

,
+

9

(6HDWGHSWKDGMXVWPHQW3XOOWKHULJKWKDQGOHXSZDUGVDQGPRYH
WKHVHDWFXVKLRQIRUZDUGRUEDFNZDUGVWRGHVLUHGSRVLWLRQ
)6HDWSDQDQJOHDGMXVWPHQW3XOOWKHOHIWKDQGOHXSZDUGVDQG
SXVKGRZQRUSXOOXSWKHIURQWSDUWRIWKHVHDWSDQWRDGMXVWIRU
GHVLUHGDQJOH
*)RUHDIWLVRODWRU RSWLRQDOHTXLSPHQW 7KLVIXQFWLRQVKRXOGEH
DFWLYDWHGXQGHUFHUWDLQGULYLQJFRQGLWLRQVIRUWKHRSHUDWRUVHDWWR
EHWWHUDEVRUEVKRFNLPSDFWVLQWKHGULYLQJGLUHFWLRQ
  DFWLYDWHG
  GHDFWLYDWHG
$IWHUFKRRVLQJSRVLWLRQSXVKEDFNWKHRSHUDWRUVHDWIXOO\XQWLO
WKHORFNKDQGOHODFKHVZLWKDQDXGLEOHFOLFN
,WVKRXOGQRWEHSRVVLEOHWRPRYHWKHVHDWZKHQWKHORFNKDQGOH
KDVODWFKHG
+%DFNUHVWDGMXVWPHQW3XOOXSWKHORFNFDWFKDQGPRYHWKH
EDFNUHVWWRWKHGHVLUHGSRVLWLRQ7KHQUHOHDVHWKHORFNFDWFK
7KHEDFNUHVWLVVSULQJORDGHGWRIRUZDUGGLUHFWLRQZKHQWKHORFN
FDWFKLVSXOOHGXSZDUGV
,WVKRXOGQRWEHDEOHWRPRYHWKHEDFNUHVWZKHQWKHORFNFDWFK
KDVEHHQUHOHDVHG


9

,/XPEDUVXSSRUW RSWLRQDOHTXLSPHQW 7XUQWKHDGMXVWPHQWNQRE


WRDGMXVWIRUOXPEDUVXSSRUW
'RQRWSUHVVIXOO\DJDLQVWWKHEDFNUHVWGXULQJDGMXVWPHQWLQRUGHU
WRPDLQWDLQHDV\RSHUDWLRQRIWKHDGMXVWPHQWNQRE
-6HDWKHDWHU RSWLRQDOHTXLSPHQW 
  XSSHUSDUWRIVZLWFKSUHVVHGLQ  VHDWKHDWHU2))

2WKHUFRQWUROV

2SHUDWRUFRPIRUW



  ORZHUSDUWRIVZLWFKSUHVVHGLQ  VHDWKHDWHU21

$UPUHVWDGMXVWLQJ
7KHDUPUHVWFDQEHDGMXVWHGXSGRZQDQGDOVRWKHLQFOLQDWLRQFDQ
EHDGMXVWHG
7RDGMXVWXSGRZQ
 5HPRYHWKHSODVWLFFDS $ 
 /RRVHQWKHQXW PP LQ 
 $GMXVWWKHDUPUHVWWRGHVLUHGKHLJKW
 7LJKWHQWKHQXW 1P OEIIW 

7XUQWKHNQRE % WRDGMXVWWKHLQFOLQDWLRQ



9

,IWKHDUPUHVWLVQRWQHHGHGLWFDQHDVLO\EHIROGHGXSE\SXOOLQJ
LWXS

9

6HDWEHOW
$OZD\VIDVWHQWKHVHDWEHOWEHIRUHGULYLQJWKHPDFKLQH
5HSODFHWKHVHDWEHOWLILWLVZRUQGDPDJHGRULIWKHPDFKLQH
KDVEHHQLQYROYHGLQDQDFFLGHQWZKHUHWKHEHOWKDGWRWDNH
VRPHVWUDLQ
&KDQJHVWRWKHVHDWEHOWRULWVPRXQWLQJVPXVWQHYHUEHPDGH
7KHVHDWEHOWLVLQWHQGHGIRURQHSHUVRQRQO\
.HHSWKHVHDWEHOWUROOHGXSZKHQQRWLQXVH
5HSODFHWKHVHDWEHOWHYHU\WKLUG\HDUUHJDUGOHVVRILWV
FRQGLWLRQ
:KHQZDVKLQJXVHDPLOGVRDSVROXWLRQDQGDOORZWKHVHDWEHOW
WRGU\ZKLOHLWLVIXOO\SXOOHGRXWEHIRUHUROOLQJLWXS0DNHVXUH
WKDWWKHEHOWLVLQVWDOOHGFRUUHFWO\

2WKHUFRQWUROV



2SHUDWRUFRPIRUW
:LQGRZV
%RWKFDEGRRUZLQGRZVDQGUHDUVLGHZLQGRZVDUHLQVWDOOHGZLWK
DVLPLODUW\SHRIFDWFKDQGDUHRSHQHGLQWKHVDPHPDQQHU
7KHFDEGRRUZLQGRZVDQGUHDUVLGHZLQGRZVFDQEHORFNHG
WRJHWKHULQWKHRSHQSRVLWLRQ3UHVVWKHXQORFNEXWWRQWRUHOHDVH
WKHZLQGRZV
7KHZLQGRZVPXVWEHFORVHGZKHQZRUNLQJZLWKWKHKDPPHUVHH
SDJH

9

8QORFNEXWWRQ


&ORVHG $
(QVXUHWKDWWKHKDQGOHIXOO\HQJDJHVWKHVWULNHUSLQSXOOWKH
ZLQGRZFORVHGDQGWKHQSXVKWKHKDQGOHGRZQ3XVKLQWKH
KDQGOHVRLWORFNVRYHUWKHORFNLQJWDE ; 

9

3DUWLDOO\RSHQ %
/LIWWKHKDQGOHDQGILUVWSXVKLWRXWDQGWKHQSXWWKHVWULNHUSLQLQWR
WKHKDQGOHKROHWRORFNWKHZLQGRZLQWKHSDUWLDOO\RSHQSRVLWLRQ

)XOO\RSHQ &
)URPWKHFORVHGSRVLWLRQOLIWWKHKDQGOHKRUL]RQWDOO\WKHQVZLQJLW
EDFNZDUGVWRGLVHQJDJHIURPWKHVWULNHUSLQRSHQWKHZLQGRZ
DQGVHFXUHRQWRWKHIURQWUHDUZLQGRZUHVWUDLQW
2SHQLQJRIWKHGRRUDQGDFFHVVWRWKHFDELVQRWDIIHFWHGE\WKH
SRVLWLRQRIWKHIURQWRUUHDUZLQGRZV

2WKHUFRQWUROV

2SHUDWRUFRPIRUW



:$51,1*
:KHQRSHQLQJRUFORVLQJWKHZLQGRZVGRQRWOHDQRXWRIWKH
PDFKLQH

:LQGRZVUHDURSHQDQGFORVH
2SHQ3XVKEXWWRQV $ DQGSXOOWKHZLQGRZXSWRZDUGVWKH
FDEFHLOLQJ
&ORVH3XVKEXWWRQV $ DQGSXOOWKHZLQGRZGRZQZDUGVXQWLO
LWORFNV

&$87,21
(QVXUHWKDWWKHZLQGRZVDUHVHFXUHO\LQWKHFORVHGSRVLWLRQZKHQ
OHDYLQJWKHPDFKLQH


9

'RRU

:$51,1*
7KHGRRUVPXVWEHFORVHGZKLOHRSHUDWLQJWKHPDFKLQH7R
YHQWLODWHWKHFDEXVHWKHRSHQLQJZLQGRZV
:KHQHQWHULQJRUOHDYLQJWKHPDFKLQHDOZD\VIDFHWKHPDFKLQH
RQWKHZD\XSRUGRZQDQGGRQRWMXPSGRZQIURPWKHPDFKLQH
2QO\VWHSRQWKHDQWLVOLSVXUIDFHV8VHWKHWKUHHSRLQWJULSLH
RQHKDQGDQGWZRIHHWRURQHIRRWDQGWZRKDQGV
2SHQLQJRIWKHGRRUDQGDFFHVVWRWKHFDELVQRWDIIHFWHGE\WKH
SRVLWLRQRIWKHIURQWRUUHDUZLQGRZV

127,&(
7KHGRRUVPXVWEHXQORFNHGZKHQRSHUDWLQJRUGULYLQJWKH
PDFKLQH

2WKHUFRQWUROV



&OLPDWHFRQWUROV\VWHP

&OLPDWHFRQWUROV\VWHP
&OLPDWHFRQWUROV\VWHP





9HQWLODWLRQQR]]OHV IURQWDQGUHDU

&OLPDWHFRQWUROV\VWHP RQFDESRVWSDQHO

2WKHUFRQWUROV

&OLPDWHFRQWUROV\VWHP



9HQWLODWLRQQR]]OHV IURQWDQGUHDU
7RJHWWKHEHVWYHQWLODWLRQLQWKHFDEDGMXVWWKHYHQWLODWLRQQR]]OHV
DVUHTXLUHG
7KHYHQWLODWLRQQR]]OHVLQWKHFDEFHLOLQJDUHRQO\GLVWULEXWLQJ
UHFLUFXODWHGDLU

$ 2SHQ
% &ORVHG
& 'LUHFWLRQRIIORZ


&OLPDWHFRQWUROV\VWHP RQFDESRVWSDQHO






$LUFRQGLWLRQLQJ RSWLRQDOHTXLSPHQW
&LUFXODWLRQRIDLU
)DQFRQWURO
7HPSHUDWXUHFRQWURO


9

$LUFRQGLWLRQLQJ RSWLRQDOHTXLSPHQW
3UHVVWRVZLWFKRQWKHDLUFRQGLWLRQLQJ7KHFRQWUROODPSLQWKH
VZLWFKVKRZVWKDWWKHIXQFWLRQLVVZLWFKHGRQ

9

$LUFRQGLWLRQLQJ


&LUFXODWLRQRIDLU ZLWKDLUFRQGLWLRQLQJRQO\
)UHVKDLULVXVHGIRUWKHFDEYHQWLODWLRQLIWKHVZLWFK  LVLQRII
SRVLWLRQ
3UHVVVZLWFK  WRDFWLYDWHFLUFXODWLRQRIDLU

9

&LUFXODWLRQRIDLU


&LUFXODWLRQRIDLUPD\EHXVHGDVDVHWWLQJIRUUHGXFLQJWKHLQWDNH
RIEDGVPHOOLQJDLU7KLVDOVRUHGXFHVWKHDFFXPXODWLRQRIGXVWLQ
WKHFDEYHQWLODWLRQILOWHUV



2WKHUFRQWUROV



&OLPDWHFRQWUROV\VWHP
)DQFRQWURO
)DQFRQWUROLQIRXUVWHSV3RVLWLRQ IDQWXUQHGRII

9

)DQFRQWURO


7HPSHUDWXUHFRQWURO
 7XUQWKHWHPSHUDWXUHFRQWUROWRWKHGHVLUHGSRVLWLRQ
&ORFNZLVHIRUZDUPHUDQGFRXQWHUFORFNZLVHIRUFROGHU
 &KRVHFLUFXODWLRQRUIUHVKDLUZLWKVZLWFK  

9

7HPSHUDWXUHFRQWURO


&OLPDWHFRQWUROV\VWHPDGMXVWLQJ
7KHLQVWUXFWLRQVEHORZDUHEDVLFUHFRPPHQGDWLRQV(DFK
RSHUDWRUVKRXOGH[SHULPHQWWRDFKLHYHWKHEHVWSRVVLEOHZRUNLQJ
HQYLURQPHQWLQWKHFDELHWKHULJKWWHPSHUDWXUHZLWKRXWD
GUDXJKW
)RUWKHEHVWWHPSHUDWXUHFRQWUROLQWKHFDEWU\WRKDYHDVPDQ\
QR]]OHVDVSRVVLEOHRSHQ

+RZWRDFKLHYH
FRPIRUWDEOHZRUNLQJWHPSHUDWXUH
$OOQR]]OHVIXOO\RSHQ
'XULQJZDUPRXWGRRUFOLPDWHDLUFRQGLWLRQLQJVZLWFKHGRQ
7HPSHUDWXUHFRQWUROVHWWRUHTXLUHGWHPSHUDWXUH
7KHEHVWZDUPLQJHIIHFWLQWKHFDELQLVDFKLHYHGZLWKWKHIDQ
FRQWUROLQSRVLWLRQRUDQGZLWKWKHWHPSHUDWXUHUHJXODWRU
WRKLJKHVWSRVLWLRQDQGFLUFXODWLRQ
,IWKHIUHVKDLULVXVHGDQGWKHWHPSHUDWXUHUHJXODWRULVLQWKH
KLJKHVWSRVLWLRQIUHVKDLUZLOOIORZLQWRWKHGULYHU
VFDEWKURXJK
DGXVWILOWHU

GHPLVWLQJDOOZLQGRZV
7KHIURQWQR]]OHVGLUHFWHGWRZDUGVWKHZLQGVFUHHQ
)ORRUQR]]OHVXQGHULQVWUXPHQWSDQHOFORVHG
7KHUHDUQR]]OHVVKRXOGEHGLUHFWHGWRZDUGVWKHUHDUZLQGRZ
VLGHZLQGRZ
7KHIDQFRQWUROLQSRVLWLRQRUDQGZLWKWKHWHPSHUDWXUH
UHJXODWRUWRKLJKHVWSRVLWLRQDQGFLUFXODWLRQ
6HWWRPD[LPXPFRROLQJLIWKHPDFKLQHLVHTXLSSHGZLWKDLU
FRQGLWLRQLQJ

3URYLGHIRUJRRGYHQWLODWLRQ
'RQRWRSHUDWHWKHPDFKLQHIRUORQJSHULRGVZLWKRXWYHQWLODWLRQRU
ZLWKWKHFDEIXOO\FORVHGZLWKRXWKDYLQJWKHIDQWXUQHGRQ

2WKHUFRQWUROV

&OLPDWHFRQWUROV\VWHP



3RRUO\YHQWLODWHGDLUFDQFDXVHWLUHGQHVV ODFNRIR[\JHQ 



2SHUDWLQJLQVWUXFWLRQV



2SHUDWLQJLQVWUXFWLRQV
7KLVFKDSWHUFRQWDLQVUXOHVZKLFKPXVWEHIROORZHGLQRUGHUWR
RSHUDWHWKHPDFKLQHVDIHO\+RZHYHUWKHVHUXOHVDUHWREH
IROORZHGLQFRQMXQFWLRQZLWKODZVRURWKHUQDWLRQDOUHJXODWLRQV
DSSOLFDEOHWRURDGVDIHW\DQGODERXUZHOIDUH
$OHUWQHVVMXGJHPHQWDQGUHVSHFWIRUDSSOLFDEOHVDIHW\
UHJXODWLRQVDUHFRQGLWLRQVIRUDYRLGLQJULVNRIDFFLGHQWV

5XQQLQJLQLQVWUXFWLRQV
'XULQJWKHILUVWKRXUVWKHPDFKLQHVKRXOGEHRSHUDWHGZLWK
SDUWLFXODUO\JUHDWFDUH'XULQJWKHUXQQLQJLQSHULRGLWLVLPSRUWDQW
WRFKHFNRLODQGIOXLGOHYHOVRIWHQ
:KHHOQXWVVKRXOGEHFKHFNWLJKWHQHGDIWHUKRXUVRSHUDWLRQ
VHHSDJH

9LVLELOLW\

:$51,1*
6RPHDWWDFKPHQWVDQGHTXLSPHQWPD\UHGXFHWKHRSHUDWRU
V
YLVLELOLW\3D\DWWHQWLRQWREOLQGVSRWVZKHUHWKHUHLVQRYLVLELOLW\
ZKHQRSHUDWLQJRQZRUNVLWHVDQGSXEOLFURDGV:KHQQHHGHG
XVHDVLJQDOPDQ
7KHIROORZLQJLQIRUPDWLRQDSSOLHVWRPDFKLQHVGHOLYHUHGWR
FRXQWULHVZLWKLQWKH(8DQGPD\DOVRDSSO\WRPDFKLQHVGHOLYHUHG
WRRWKHUFRXQWULHVRXWVLGHWKH(8

127,&(
,WPD\EHLPSRVVLEOHWRREWDLQYLVLELOLW\WRDOODUHDVDURXQGWKH
PDFKLQH2SWLRQDOGHYLFHVDQGHTXLSPHQWVXFKDVZDUQLQJ
V\VWHPVPLUURUVEDFNXSDODUPHWFPD\EHXVHGWRREWDLQ
DFFHSWDEOHYLVLELOLW\RUWRZDUQSHUVRQVRQWKHVLWHRIWKH
PRYHPHQWRIWKHPDFKLQH
7RPLQLPL]HULVNVFDXVHGE\UHVWULFWHGYLVLELOLW\WKHPDQDJHPHQW
VKDOOHVWDEOLVKUXOHVDQGSURFHGXUHVIRUWKHZRUNVLWH)RU
H[DPSOH
0DNHVXUHWKDWRSHUDWRUVDQGSHUVRQVRQWKHVLWHKDYH
UHFHLYHGWKRURXJKVDIHW\LQVWUXFWLRQV
&RQGXFWWUDLQLQJIRURSHUDWRUVDQGVWDIIRQWKHVLWH
&RQWUROWUDIILFIORZIRUPDFKLQHVDQGRWKHUYHKLFOHV
5HVWULFWWKHPDFKLQH
VZRUNDUHD
8VHDVLJQDOPDQWRDVVLVWWKHRSHUDWRU8VHKDQGVLJQDOV
DFFRUGLQJWRWKHVLJQDOGLDJUDPVHHWKH2SHUDWRUV0DQXDO
0DNHDYDLODEOHHTXLSPHQWIRUWZRZD\FRPPXQLFDWLRQZKHQ
QHHGHG
0DNHVXUHWKDWSHUVRQVRQWKHVLWHFRPPXQLFDWHZLWKWKH
RSHUDWRUEHIRUHDSSURDFKLQJWKHPDFKLQH
5HVWULFWLRQVIRUPD[LPXPSHUPLWWHGVSHHGDVZHOODVIRU
UHYHUVLQJWKHPDFKLQHRYHUORQJGLVWDQFHV

2SHUDWLQJLQVWUXFWLRQV


9LVLELOLW\VWDQGDUGVWRPHHW(8
VPDFKLQHGLUHFWLYH
7KHVWDQGDUG,62(DUWKPRYLQJPDFKLQHU\2SHUDWRUV
ILHOGRIYLHZGHDOVZLWKWKHRSHUDWRU
VYLVLELOLW\DURXQGWKH
PDFKLQHDQGLVLQWHQGHGWREHXVHGWRPHDVXUHDQGHYDOXDWH
YLVLELOLW\&RQIRUPLQJWRWKLVVWDQGDUGLVDUHTXLUHPHQWLQ(8
FRXQWULHV
 7KHPDFKLQHLVWHVWHGDFFRUGLQJWRPHWKRGVDQGFULWHULD
DFFRUGLQJWRWKLVVWDQGDUG7KHPHWKRGXVHGWRHYDOXDWH
YLVLELOLW\FDQQRWLQFOXGHDOODVSHFWVFRQFHUQLQJWKHRSHUDWRU
V
YLVLELOLW\EXWJLYHVLQIRUPDWLRQWRGHWHUPLQHLIRSWLRQDO
HTXLSPHQWLVQHFHVVDU\WRREWDLQDFFHSWDEOHYLVLELOLW\RUWR
ZDUQSHRSOHQHDUE\WKDWWKHPDFKLQHLVPRYLQJHJPLUURUV
DQGZDUQLQJV\VWHPV
 7KHWHVWZDVSHUIRUPHGRQDVWDWLRQDU\PDFKLQHZLWKRXW
ORDGZLWKVWDQGDUGHTXLSPHQWDQGVWDQGDUGDWWDFKPHQW
DQGZLWKWKHEXFNHWLQFDUU\SRVLWLRQ
,62(DUWKPRYLQJPDFKLQHU\)LHOGRIYLVLRQRI
VXUYHLOODQFHDQGUHDUYLHZPLUURUV
,IWKHPDFKLQHLVPRGLILHGRUUHWURILWWHGZLWKRWKHUHTXLSPHQWRU
DWWDFKPHQWVZKLFKUHVXOWLQUHGXFHGYLVLELOLW\LWVKDOOEHWHVWHG
DJDLQDFFRUGLQJWR,62DQG,62DQGSURYLGHGZLWK
RSWLRQDOYLVLELOLW\HQKDQFLQJHTXLSPHQWDVQHHGHG

$FWLRQVEHIRUHDQGGXULQJRSHUDWLRQ
:DONDURXQGWKHPDFKLQHDQGFKHFNWKDWWKHUHDUHQR
REVWDFOHVQH[WWRWKHPDFKLQH
&KHFNWKDWPLUURUVDQGRWKHUYLVLELOLW\HQKDQFLQJHTXLSPHQWLV
LQJRRGFRQGLWLRQFOHDQDQGSURSHUO\DGMXVWHG$GMXVWPLUURUV
WRPLQLPL]HEOLQGVSRWVZKHQORRNLQJIURPWKHRSHUDWRU
V
SRVLWLRQ
&KHFNWKDWWKHKRUQEDFNXSZDUQLQJVLJQDODQGWKHURWDWLQJ
ZDUQLQJEHDFRQ RSWLRQDOHTXLSPHQW ZRUNFRUUHFWO\
$OZD\VJLYHDQDFRXVWLFVLJQDO HJWKHKRUQ DQGRUDYLVXDO
VLJQDO HJWKHURWDWLQJZDUQLQJEHDFRQ EHIRUHVWDUWLQJWRGULYH
WKHPDFKLQH
&KHFNLIWKHPDQDJHPHQWKDVHVWDEOLVKHGUXOHVDQG
SURFHGXUHVIRUWKHZRUNVLWH
$OZD\VNHHSDORRNRXWDQGSD\DWWHQWLRQWRWKHDUHDDURXQG
WKHPDFKLQHVRWKDWDQ\REVWDFOHVFDQEHLGHQWLILHG



2SHUDWLQJLQVWUXFWLRQV



9

7KHGDQJHUDUHDLVWKHDUHDDURXQGWKHPDFKLQH
DQGDWOHDVWP IW EH\RQGWKHPD[LPXPUHDFK
RIWKHDWWDFKPHQWV


3UHYHQWSHUVRQVIURPHQWHULQJRUUHPDLQLQJLQWKHGDQJHUDUHD
LHWKHDUHDDURXQGWKHPDFKLQHDQGDWOHDVWP IW EH\RQG
WKHPD[LPXPUHDFKRIWKHDWWDFKPHQWV7KHRSHUDWRUPD\
DOORZDSHUVRQWRUHPDLQLQWKHGDQJHUDUHDEXWVKRXOGWKHQ
REVHUYHFDXWLRQDQGRSHUDWHWKHPDFKLQHRQO\ZKHQWKH
SHUVRQLVYLVLEOHRUKDVJLYHQFOHDULQGLFDWLRQVRIZKHUHKHRU
VKHLV

2SHUDWLQJLQVWUXFWLRQV

6DIHW\UXOHVZKHQRSHUDWLQJ



6DIHW\UXOHVZKHQRSHUDWLQJ
2SHUDWRUREOLJDWLRQV

:$51,1*
5HPRYHDOOXQDXWKRULVHGSHUVRQQHOIURPWKHZRUNLQJDUHDRIWKH
PDFKLQH.HHSDJRRGORRNRXWLQDOOGLUHFWLRQVWRDYRLGUXQQLQJ
LQWRSHUVRQQHORUREMHFWV'RQRWWRXFKFRQWUROOHYHUVRUVZLWFKHV
GXULQJVWDUW6RXQGWKHKRUQEHIRUHEHJLQQLQJRSHUDWLRQ
7KHPDFKLQHRSHUDWRUPXVWRSHUDWHWKHPDFKLQHLQVXFKDZD\
WKDWWKHULVNRIDFFLGHQWVLVPLQLPLVHGERWKIRUWKHRSHUDWRU
RWKHUURDGXVHUVDQGSHUVRQVSUHVHQWDWWKHZRUNVLWH
7KHPDFKLQHRSHUDWRUPXVWEHWKRURXJKO\IDPLOLDUZLWKKRZWR
RSHUDWHDQGPDLQWDLQWKHPDFKLQHDQGVKRXOGSUHIHUDEO\
XQGHUJRUHTXLUHGWUDLQLQJRQWKHPDFKLQH
7KHPDFKLQHRSHUDWRUPXVWIROORZWKHUXOHVDQG
UHFRPPHQGDWLRQVJLYHQLQWKH2SHUDWRU
V0DQXDOEXWDOVRSD\
DWWHQWLRQWRDQ\VWDWXWRU\DQGQDWLRQDOUHJXODWLRQVRUVSHFLILF
UHTXLUHPHQWVRUULVNVWKDWDSSO\DWWKHZRUNVLWH
7KHPDFKLQHRSHUDWRUPXVWEHWKRURXJKO\UHVWHGDQGPXVW
QHYHURSHUDWHWKHPDFKLQHXQGHUWKHLQIOXHQFHRIDOFRKRO
PHGLFLQHRURWKHUGUXJV
7KHPDFKLQHRSHUDWRULVUHVSRQVLEOHIRUWKHORDGRIWKH
PDFKLQHERWKZKHQWUDYHOOLQJRQSXEOLFURDGVDVZHOODVZKHQ
ZRUNLQJRQVLWH
 7KHUHPXVWEHQRULVNRIWKHORDGIDOOLQJRIIZKLOHRSHUDWLQJ
 5HIXVHWRWDNHDORDGZKLFKLVDQREYLRXVVDIHW\ULVN
 5HVSHFWWKHUDWHGORDGFDSDFLW\RIWKHPDFKLQH1RWHWKH
HIIHFWRIYDU\LQJGLVWDQFHVWRWKHFHQWUHRIJUDYLW\DQGWKH
HIIHFWRIDGGLWLRQDOXQLWV

7KHGDQJHUDUHDDURXQGDQRSHUDWLQJPDFKLQH
IRUPVDFLUFOHZLWKDUDGLXVRIOHDVWP IW 


7KHPDFKLQHRSHUDWRUPXVWEHLQFKDUJHRIWKHZRUNLQJDUHD
RIWKHPDFKLQH
 3UHYHQWSHUVRQVIURPZDONLQJRUVWDQGLQJXQGHUUDLVHGOLIWLQJ
DUPVXQOHVVWKH\KDYHEHHQPDGHVDIHRUVXSSRUWHG
 3UHYHQWSHUVRQVIURPHQWHULQJRUUHPDLQLQJLQWKHGDQJHU
DUHDLHWKHDUHDDURXQGWKHPDFKLQHDQGDWOHDVWP 
IW EH\RQGWKHPD[LPXPUHDFKRIWKHDWWDFKPHQW7KH
RSHUDWRUPD\DOORZDSHUVRQWRUHPDLQLQWKHULVN]RQHEXW
VKRXOGEHFDUHIXODQGRQO\RSHUDWHWKHPDFKLQHZKHQWKH
SHUVRQLVYLVLEOHRUKDVJLYHQFOHDULQGLFDWLRQVRIWKHLU
ZKHUHDERXWV
7KHPDFKLQHRSHUDWRULVUHVSRQVLEOHIRUWKHPDFKLQHQRWEHLQJ
XVHGWRWUDQVSRUWRUOLIWSHUVRQVLILWLVQRWHTXLSSHGDQG
DSSURYHGIRUWKLVDSSOLFDWLRQ&RQWDFWDGHDOHUIRUPRUH
LQIRUPDWLRQ
:KHQXVLQJWKHORDGHUERRPWKHEDFNKRHERRPORFNVKRXOG
EHHQJDJHG
:KHQXVLQJWKHEDFNKRHWKHFRQWUROORFNRXWVKRXOGEHORFNHG
'RQRWKDYHERWKIXQFWLRQVIRUWKHORDGHUXQLWDQGWKHEDFNKRH
XQLWDFWLYDWHGDWWKHVDPHWLPH



2SHUDWLQJLQVWUXFWLRQV



6DIHW\UXOHVZKHQRSHUDWLQJ
$FFLGHQWV

:$51,1*
2QO\WKHRSHUDWRUVHDWHGLQWKHRSHUDWRU
VVHDWPD\EHLQWKH
FDEZKHQRSHUDWLQJ$OORWKHUSHUVRQQHOPXVWNHHSDWDVDIH
GLVWDQFHIURPWKHPDFKLQH
$FFLGHQWVDQGDOVRLQFLGHQWVVKRXOGEHUHSRUWHGWRWKHVLWH
PDQDJHPHQWLPPHGLDWHO\
,ISRVVLEOHOHDYHWKHPDFKLQHLQSRVLWLRQ
2QO\WDNHQHFHVVDU\DFWLRQVRDVWRUHGXFHWKHHIIHFWRI
GDPDJHHVSHFLDOO\SHUVRQDOLQMXULHV$YRLGDFWLRQZKLFKPD\
PDNHDQLQYHVWLJDWLRQPRUHGLIILFXOW
7DNHSDUWLQWKHHPHUJHQF\SODQIRUWKHZRUNLQJVLWHRURWKHU
LQVWUXFWLRQVDERXWPHDVXUHPHQWVLQFDVHRIDFFLGHQWV
:DLWIRUIXUWKHULQVWUXFWLRQVIURPWKHVLWHPDQDJHPHQW

0DFKLQHRSHUDWRUVDIHW\

$OZD\VXVHWKHVHDWEHOW
$OZD\VVLWLQWKHRSHUDWRU
VVHDWZLWKWKHVHDWEHOWIDVWHQHG
ZKHQVWDUWLQJWKHPDFKLQH HQJLQH DQGZKHQRSHUDWLQJOHYHUV
DQGVZLWFKHV
&KHFNWKDWWKHVHDWEHOWLVQRWZRUQVHHSDJH
7KHPDFKLQHPXVWEHRSHUDWLRQDOLHIDXOWVZKLFKFDQFDXVH
DFFLGHQWVPXVWEHUHFWLILHG
6XLWDEOHFORWKLQJIRUVDIHKDQGOLQJDQGDKDUGKDWVKRXOGEH
ZRUQ
$ORRVHPRELOHWHOHSKRQHPXVWQRWEHXVHGDVLWPD\LQWHUIHUH
ZLWKLPSRUWDQWHOHFWURQLFV7KHPRELOHWHOHSKRQHPXVWEH
FRQQHFWHGWRWKHHOHFWULFDOV\VWHPRIWKHPDFKLQHDQGKDYHD
IL[HGH[WHUQDODHULDOLQVWDOOHGDFFRUGLQJWRWKHLQVWUXFWLRQVRI
WKHPDQXIDFWXUHU
.HHS\RXUKDQGVDZD\IURPDUHDVZKHUHWKHUHLVDULVNRI
FUXVKLQJHJFRYHUVGRRUDQGZLQGRZV
8VHVWHSVDQGKDQGKROGVZKHQHQWHULQJRUOHDYLQJWKH
PDFKLQH8VHWKHWKUHHSRLQWJULSLHWZRKDQGVDQGRQHIRRW
RUWZRIHHWDQGRQHKDQG$OZD\VIDFHWKHPDFKLQHGRQRW
MXPS
7KHGRRUPXVWEHFORVHGZKHQZRUNLQJDQGRSHUDWLQJ
7KHYLEUDWLRQ VKDNLQJ ZKLFKDULVHVZKHQRSHUDWLQJPD\EH
KDUPIXOWRWKHRSHUDWRU5HGXFHWKLVE\
DGMXVWLQJWKHVHDWDQGWLJKWHQLQJWKHVHDWEHOW
SLFNLQJWKHVPRRWKHVWRSHUDWLQJVXUIDFHIRUWKHPDFKLQH
OHYHOOLQJWKHVXUIDFHZKHQQHFHVVDU\ 
DGDSWLQJWKHWUDYHOOLQJVSHHG
7KHFDELVIRUWKHSURWHFWLRQRIWKHPDFKLQHRSHUDWRUDQGLW
PHHWVWKHUHTXLUHPHQWVIRU5ROO2YHU3URWHFWLYH6WUXFWXUHV
DFFRUGLQJWRWKHWHVWLQJVWDQGDUG,6252367KHUHIRUH
KROGILUPO\RQWRWKHVWHHULQJZKHHOLIWKHPDFKLQHVKRXOGUROO
RYHUGRQRWMXPS
7KHFDELVDOVRGHVLJQHGWRPHHWWKHUHTXLUHPHQWVIRUIDOOLQJ
REMHFWVWKHZHLJKWRIZKLFKDJUHHVZLWKWHVWLQJPHWKRGV
DFFRUGLQJWR,62)236
2QO\ZDONDQGVWDQGRQVXUIDFHVZKLFKKDYHVOLSSURWHFWLRQ
'RQRWHQWHURUOHDYHWKHPDFKLQHGXULQJDWKXQGHUVWRUP

2SHUDWLQJLQVWUXFWLRQV

6DIHW\UXOHVZKHQRSHUDWLQJ



,I\RXDUHRXWVLGHWKHPDFKLQHNHHSDJRRGGLVWDQFHDZD\
IURPWKHPDFKLQHXQWLOWKHWKXQGHUVWRUPKDVSDVVHG,I\RX
DUHLQWKHFDEUHPDLQVHDWHGZLWKWKHPDFKLQHVWDWLRQDU\XQWLO
WKHWKXQGHUVWRUPSDVVHV'RQRWWRXFKDQ\FRQWUROVRU
DQ\WKLQJPDGHRIPHWDO

2SHUDWLQJRQSXEOLFURDGV
3D\DWWHQWLRQWRWKDWDPDFKLQHZLGWKJUHDWHUWKDQFP IW
LQ PRVWO\UHTXLUHVRPHIRUPRIDZLGWKH[HPSWLRQIURPORFDO
DXWKRULW\$OZD\VSD\DWWHQWLRQWRQDWLRQDOUHJXODWLRQVIRU
WUDYHOOLQJRQSXEOLFURDGV
$PDFKLQHRSHUDWRULVFRQVLGHUHGWREHDURDGXVHUDQGWKHUHIRUH
UHTXLUHGWRNQRZDQGIROORZDSSOLFDEOHWUDIILFUHJXODWLRQV

,WLVLPSRUWDQWWREHDULQPLQGWKDWWKHPDFKLQHLQFRPSDULVRQ
ZLWKWKHUHVWRIWKHWUDIILFLVDVORZPRYLQJDQGZLGHPDFKLQH
ZKLFKPD\FDXVHREVWUXFWLRQ%HDUWKLVLQPLQGDQGSD\DWWHQWLRQ
WRWKHWUDIILFEHKLQG\RX)DFLOLWDWHRYHUWDNLQJ3HULRGLFDOO\SXOORII
WKHURDGWROHWWUDIILFEHKLQG\RXSDVV
7KHXVHRIDQ609SODWH 6ORZ0RYLQJ9HKLFOHSODWH LV
UHFRPPHQGHGLQPRVWFRXQWULHV,WVKRXOGEHSRVLWLRQHGRQWKH
UHDUHQGRIWKHPDFKLQHZKHUHLWLVHDVLO\YLVLEOHQRWLQVLGHWKH
UHDUZLQGRZRUDQ\RWKHUZLQGRZ,WVKRXOGEHSRVLWLRQHGDWD
KHLJKWRIP IW DERYHWKHJURXQGPHDVXUHGIURPWKH
ORZHUHGJHRIWKHSODWH
3D\DWWHQWLRQWRQDWLRQDOWUDIILFUHJXODWLRQV
7KHORDGHUERRPDQGEDFNKRHPXVWEHLQWUDYHOOLQJSRVLWLRQ
ZKHQWUDYHOOLQJRQSXEOLFURDGV
7KHEDFNKRHERRPORFNDQGVZLQJORFNPXVWEHVHFXUHO\ILWWHG
RQWKHEDFNKRH

7UDYHOOLQJSRVLWLRQ
 3ODFHWKHEDFNKRHLQWUDYHOOLQJSRVLWLRQ,ILQVWDOOHGUHWUDFWDQG
ORFNWKHH[WHQGLEOHGLSSHUDUP

&$87,21
,IDGLWFKFOHDQLQJEXFNHWLVXVHGPDNHVXUHWKDWLWGRHVQRW
FRPHLQWRFRQWDFWZLWKWKHPDFKLQH

 (QJDJHWKHEDFNKRHERRPORFNVHHSDJH$GGLWLRQDOO\IRU
EDFNKRHOHYHUVSLORWFRQWUROSXWWKHWRZHUVLQWKHVWRUDJH
SRVLWLRQVHHSDJH
 (QJDJHWKHVZLQJORFN
 3ODFHWKHORDGHUERRPLQWUDYHOOLQJSRVLWLRQDVVKRZQ
 $FWLYDWHWKHORDGHUOHYHUORFN GHDFWLYDWHVWKHORDGHU
IXQFWLRQV VHHSDJH
:KHQWUDYHOOLQJRQSXEOLFURDGVWKHIROORZLQJDSSOLHV
7KHORDGHUEXFNHWPXVWEHHPSW\SODFHGLQWUDYHOOLQJSRVLWLRQ
P LQ DERYHWKHJURXQGDQGWLOWHGIXOO\
EDFNZDUGV$ORDGHUEXFNHWWHHWKJXDUGLVPDQGDWRU\LQ(8
FRXQWULHV
7KHEUDNHSHGDOVVKRXOGEHORFNHGWRJHWKHU
7KHORDGHUOHYHUORFNVKRXOGEHHQJDJHG
0DNHVXUHWKDWDWWDFKPHQWVGRQRWREVFXUHWKHYLVLRQ&KHFN
QDWLRQDOUHJXODWLRQV



2SHUDWLQJLQVWUXFWLRQV



6DIHW\UXOHVZKHQRSHUDWLQJ
9ROYRGRHVQRWUHFRPPHQGDWWDFKPHQWVWREHFDUULHGLQWKH
ORDGHURUEDFNKRHEXFNHWV
7KH%RRP6XVSHQVLRQ6\VWHP RSWLRQDOHTXLSPHQW VKRXOGEH
VZLWFKHGRQ
7KHEDFNKRHEXFNHWPXVWEHHPSW\WKHEDFNKRHERRPORFN
DQGWKHVZLQJORFNHQJDJHGDQGWKHH[WHQGLEOHGLSSHUDUP
UHWUDFWHGDQGORFNHG
7KHXVHRIDQ609SODWH 6ORZ0RYLQJ9HKLFOHSODWH LV
UHFRPPHQGHGLQPRVWFRXQWULHV,WVKRXOGEHSRVLWLRQHGRQWKH
UHDUHQGRIWKHPDFKLQHZKHUHLWLVHDVLO\YLVLEOHQRWLQVLGHWKH
UHDUZLQGRZRUDQ\RWKHUZLQGRZ,WVKRXOGEHSRVLWLRQHGDWD
KHLJKWRIP IW DERYHWKHJURXQGPHDVXUHGIURP
WKHORZHUHGJHRIWKHSODWH

:$51,1*
5LVNRIVHULRXVDFFLGHQWV
8QH[SHFWHGO\PRYLQJPDFKLQHSDUWVPD\FDXVHVHULRXVLQMXULHV
&DUHIXOO\IROORZWKHORFNLQJSURFHGXUHVEHIRUHWUDYHOOLQJRQSXEOLF
URDGV

:$51,1*
(QVXUHWKDWWKHEUDNHSHGDOVDUHORFNHGWRJHWKHUZKLOHWUDYHOOLQJ
RQSXEOLFURDGV6HULRXVLQMXULHVPD\RFFXULIWKHPDFKLQH
VZHUYHVRXWRIFRQWURO
7KHVWHHULQJZKHHOPXVWQRWEHPRUHWKDQPP LQ IURPWKH
IURQWVFUHHQZKHQWUDYHOOLQJRQSXEOLFURDGV

:KHQRSHUDWLQJ ZRUNLQJ RQSXEOLFURDGVWKH


IROORZLQJDSSOLHV
5RDGVLJQVWUDIILFUHVWULFWLQJDUUDQJHPHQWVDQGRWKHUVDIHW\
GHYLFHVZKLFKPD\EHUHTXLUHGZKHQFRQVLGHULQJWUDIILFVSHHG
DQGLQWHQVLW\RURWKHUORFDOFRQGLWLRQVPXVWEHXVHG
:KHQUHTXLUHGDVLJQDOSHUVRQVKRXOGEHXVHGVHHSDJH

5RWDWLQJZDUQLQJEHDFRQPD\EHXVHG
 RQWKHPDFKLQHGXULQJURDGPDLQWHQDQFHZRUN
 RQDWWDFKHGRUFRQQHFWHGLPSOHPHQWZKLFKLVZLGHUWKDQWKH
PDFKLQHLWVHOI
 ZKHQWKHPDFKLQHFRQVWLWXWHVDKLQGUDQFHRUGDQJHUWRRWKHU
WUDIILF
 ZKHQZRUNLQJRQRUE\WKHVLGHRIWKHURDGZD\
&KHFNQDWLRQDOUHJXODWLRQV
,Q(8FRXQWULHVWZRURWDWLQJZDUQLQJEHDFRQVDUHUHTXLUHGZKHQ
WUDYHOOLQJRQSXEOLFURDGV

2SHUDWLQJLQVWUXFWLRQV

6DIHW\UXOHVZKHQRSHUDWLQJ



5RWDWLQJZDUQLQJEHDFRQ
7KHUHDUHWZRFRQQHFWLRQVIRUURWDWLQJZDUQLQJEHDFRQVRQWKH
FDEURRI
7KHURWDWLQJZDUQLQJEHDFRQVZLWFKRQWKHVLGHSDQHODFWLYDWHV
ERWKFRQQHFWLRQV

127,&(
,Q(8FRXQWULHVWZRURWDWLQJZDUQLQJEHDFRQVDUHUHTXLUHGZKHQ
WUDYHOOLQJRQSXEOLFURDGV
&RQQHFWWKHURWDWLQJZDUQLQJEHDFRQDVVKRZQ


9

2SHUDWLQJLQVWUXFWLRQV



0HDVXUHVEHIRUHRSHUDWLQJ

0HDVXUHVEHIRUHRSHUDWLQJ












&DUU\RXWGDLO\VHUYLFHVHHSDJH
(QVXUHJRRGYLVLELOLW\
&OHDQKHDGOLJKWVVDIHW\GHFDOVKDQGKROGVDQGIRRWVWHSV
&KHFNIRUGDPDJHWRWKHWLUHVDQGFKHFNWKHWLUHSUHVVXUHVHH
SDJH
&KHFNWKDWWKHEDWWHU\GLVFRQQHFWVZLWFKLVVZLWFKHGRQVHH
SDJH
&KHFNWKDWWKHZKHHOVDUHQRWEORFNHG
&KHFNWKDWHQJLQHDQGDFFHVVFRYHUVDUHFORVHGDQGWKDWWKH
UDGLDWRUJULOOHLVFORVHGDQGVHFXUHG
$GMXVWDEOHVWHHULQJZKHHOVKRXOGEHDGMXVWHGWRDFRPIRUWDEOH
ZRUNLQJSRVLWLRQ7KLVLVWRUHGXFHVWDWLFPXVFOHVWUDLQLQ
VKRXOGHUVDQGQHFN)RUVHDWDGMXVWPHQWVHHSDJH
)DVWHQWKHVHDWEHOW
%HIRUHVWDUWLQJWKHHQJLQHPDNHZRUNHUVDQGE\VWDQGHUV
DZDUH

127,&(
7KHGRRUVPXVWEHXQORFNHGZKHQRSHUDWLQJRUGULYLQJWKH
PDFKLQH

$GGLWLRQDOPHDVXUHVLQFROGZHDWKHU
0DNHVXUHWKDWWKHIUHH]LQJSRLQWRIWKHFRRODQWFRUUHVSRQGVWR
WKHZHDWKHUFRQGLWLRQVVHHSDJHVDQG
8VHWKHUHFRPPHQGHGOXEULFDWLQJRLOIRUZLQWHUXVHVHHSDJH


$IWHURSHUDWLQJ
)LOOWKHIXHOWDQNDVWKLVZLOOFRXQWHUDFWWKHIRUPDWLRQRI
FRQGHQVDWLRQZDWHU

&$87,21
,IWKHIXHOWDQNKDVEHHQUXQGU\RULIDLUIRUDQ\RWKHUUHDVRQKDV
HQWHUHGWKHIXHOV\VWHPWKLVPXVWEHEOHGEHIRUHWKHHQJLQHFDQ
EHVWDUWHG

2SHUDWLQJLQVWUXFWLRQV

6WDUWLQJHQJLQH



6WDUWLQJHQJLQH

:$51,1*
,,

,,, ,9
9

 2))$OOHOHFWULFDOFLUFXLWVDUHVZLWFKHGRII
H[FHSWIRUKD]DUGZDUQLQJOLJKWVKRUQKLJKEHDP
SXOVHPRGH PDUNHUODPSIRJODPS LIPDUNHU
ODPSLVDFWLYH FDEOLJKWSRZHURXWOHWDQG
FLJDUHWWHOLJKWHU URWDWLQJZDUQLQJEHDFRQ V 
, 6DPHDVIRUSRVLWLRQ5DGLR
,, $OOHOHFWULFDOFLUFXLWVVZLWFKHGRQLJQLWLRQRQ
FRQWUROODPSWHVWWKHEX]]HUVRXQGV
,,, 1RWXVHG 5DGLRRII 
,9 ,JQLWLRQRQFUDQNVLJQDO 5DGLRRII 


1HYHUXVHVWDUWLQJJDVRUVLPLODUVWDUWLQJDLGV$QH[SORVLRQPD\
RFFXULQWKHHQJLQHLQGXFWLRQPDQLIROGZLWKFRQVHTXHQWULVNVRI
LQMXULHV8VHSURWHFWLYHJRJJOHVDQGJORYHV

:$51,1*
'RQRWRSHUDWHWKHPDFKLQHXQWLO\RXDUHWKRURXJKO\IDPLOLDUZLWK
WKHSRVLWLRQDQGIXQFWLRQRIWKHYDULRXVLQVWUXPHQWVDQGFRQWUROV
$OZD\VHQVXUH\RXUVHDWEHOWLVIDVWHQHGEHIRUHVWDUWLQJWKH
PDFKLQH5HDGWKURXJKWKH2SHUDWRU
V0DQXDOWKRURXJKO\<RXU
VDIHW\LVLQYROYHG
7KHRSHUDWLQJWHPSHUDWXUHIRUWKLVPDFKLQHLVr&WRr&
r)WRr) ,IWKHWHPSHUDWXUHLVORZHQJLQHSUHKHDWLQJ
ZLOOVWDUWDXWRPDWLFDOO\
 (QVXUHWKHSDUNLQJEUDNHLVDSSOLHG
 7XUQWKHLJQLWLRQNH\WRSRVLWLRQ,,,DQGOHWWKHHOHFWULFDOV\VWHP
VWDUWXS:KLOHWKHEX]]HUVRXQGVDOOFRQWUROODPSVVKRXOG
OLJKWXSIRUDERXWVHFRQGV&KHFNWKDWDOOFRQWUROODPSVOLJKW
XS,IQRWFRQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYR
 (QWHUWKHGLJLWFRGHLIDQWLWKHIWLVDFWLYDWHGRQWKHPDFKLQH
VHHSDJH
 ,IWKHWHPSHUDWXUHLVORZHQJLQHSUHKHDWLQJZLOOVWDUW
DXWRPDWLFDOO\DQGWKHSUHKHDWLQJV\PEROZLOOEHVKRZQLQWKH
GLVSOD\XQLW
 0RYHWKHKDQGWKURWWOHFRQWUROWRPLQLPXPHQJLQHVSHHG
 3XWWKH)RUZDUG5HYHUVHOHYHULQQHXWUDOSRVLWLRQ WKHHQJLQH
ZLOOQRWVWDUWLI)RUZDUGRU5HYHUVHLVVHOHFWHG 
 7XUQWKHLJQLWLRQNH\WRSRVLWLRQ,,9
 5HOHDVHWKHNH\DVVRRQDVWKHHQJLQHKDVVWDUWHG
 &KHFNWKDWWKHZDUQLQJPHVVDJHVIRU(QJLQHRLOSUHVVXUH
ORZDQG%DWWHU\FKDUJHHUURULVQRWVKRZQLQWKHGLVSOD\XQLW
DQGFKHFNWKDWWKHZDUQLQJODPSIRU/RZHQJLQHRLOSUHVVXUH
UHG LVQRWDOLJKW
 ,IWKHHQJLQHGRHVQRWVWDUWWXUQWKHNH\EDFNWRSRVLWLRQ

EHIRUHPDNLQJDQHZVWDUWLQJDWWHPSW 6WDUWLQJZLWKERRVWHU
EDWWHU\VHHSDJH
 &KHFNWKDWJDXJHVFRQWUROVDQGLQVWUXPHQWVDUHIXQFWLRQLQJ
,IQRWFRQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYR
 ,IDQ\RIWKHFRQWUROODPSVVWLOODUHDOLJKWFKHFNWKHFRQWUROODPS
IXQFWLRQVHHSDJHV
 &KHFNWKDWWKHDWWDFKPHQWLVVHFXUHO\IDVWHQHGWRWKHPDFKLQH
E\SUHVVLQJLWDJDLQVWWKHJURXQG
 5DLVHWKHVWDELOLVHUVDQGFKHFNWKDWWKH\DUHUDLVHG
 'HSUHVVWKHGHFOXWFKEXWWRQRQWKHJHDUOHYHUVHOHFWJHDUDQG
UHOHDVHWKHGHFOXWFKEXWWRQ SRZHUVKXWWOHRQO\ 
 6HOHFWJHDURQWKHJHDUVHOHFWRU SRZHUVKLIWRQO\ 
 3XVKGRZQWKHEUDNHSHGDODQGNHHSLWGHSUHVVHG
 5HOHDVHWKHSDUNLQJEUDNHDQGPDNHVXUHWKDWWKHFRQWUROODPS
IRUDSSOLHGSDUNLQJEUDNHLVH[WLQJXLVKHG
 6HOHFWIRUZDUGRUUHYHUVH
 &KHFNWKHVHUYLFHEUDNHVE\GHSUHVVLQJWKHDFFHOHUDWRUSHGDO
WRLQFUHDVHWKHHQJLQHVSHHG7KHPDFKLQHVKRXOGQRWPRYH
 /HWWKHPDFKLQHFRPHGRZQWRLGOHVSHHGDJDLQDQGUHOHDVH
WKHEUDNHSHGDO



2SHUDWLQJLQVWUXFWLRQV



6WDUWLQJHQJLQH
 'HSUHVVWKHDFFHOHUDWRUSHGDOWRLQFUHDVHWKHHQJLQHVSHHG
DQGWKHPDFKLQHVWDUWVWRPRYH

6WDUWLQJZLWKERRVWHUEDWWHULHV

:$51,1*
7KHFXUUHQWVXUJHWKDWUHVXOWVZKHQGLVFKDUJHGEDWWHULHVDUH
FRQQHFWHGWRIXOO\FKDUJHGEDWWHULHVPD\FDXVHDEDWWHU\
H[SORVLRQZKLFKPD\UHVXOWLQSHUVRQDOLQMXULHV

9

$%RRVWHUEDWWHU\
%6WDQGDUGEDWWHU\


&KHFNWKDWWKHERRVWHUEDWWHU\RUDQ\SRZHUVRXUFHKDVWKHVDPH
YROWDJHDVWKHEDWWHU\LQVWDOOHGRQWKHPDFKLQH
 0RYHWKHJHDUVKLIWOHYHUDQGWKHIRUZDUGUHYHUVHOHYHUWR
QHXWUDO
 /RZHUWKHDWWDFKPHQWVWRWKHJURXQG0DNHVXUHWKDWWKHUHDUH
QRSHUVRQVDURXQGWKHPDFKLQHZKHQVWDUWLQJZLWKDERRVWHU
EDWWHU\
 $SSO\WKHSDUNLQJEUDNH
 &KHFNWKDWERRVWHUEDWWHU\ $ RUDQ\RWKHUSRZHUVRXUFHKDV
WKHVDPHYROWDJHDVVWDQGDUGEDWWHU\ % 
 1HYHUGLVFRQQHFWWKHFDEOHVIURPWKHVWDQGDUGEDWWHU\
 &RQQHFW  RQWKHERRVWHUEDWWHU\WR  RQWKHVWDQGDUG
EDWWHU\
 &RQQHFWWKHRWKHUMXPSOHDGIURP  RQWKHERRVWHUEDWWHU\WR
 RQVWDQGDUGEDWWHU\
 6WDUWWKHHQJLQHZLWKWKHLJQLWLRQNH\LQWKHFDE
 :KHQWKHHQJLQHKDVVWDUWHGILUVWGLVFRQQHFWWKHMXPSOHDG
EHWZHHQ  RQVWDQGDUGEDWWHU\DQG  RQWKHERRVWHUEDWWHU\
7KHQUHPRYHWKHMXPSOHDGEHWZHHQWKH  WHUPLQDOV
 5HLQVWDOOWKHLQVXODWLQJFDSVRQWKHEDWWHU\WHUPLQDOV

'LVFRQQHFWLQJEDWWHU\
%DWWHU\DQGDOWHUQDWRUFDEOHVPXVWQRWEHGLVFRQQHFWHGZKLOH
WKHHQJLQHLVUXQQLQJ7KLVFDQGDPDJHWKHDOWHUQDWRU
7XUQRIIWKHEDWWHU\GLVFRQQHFWVZLWFK
'LVFRQQHFWWKHJURXQGFDEOHILUVWWKHQWKH  FDEOHDQGWKHQ
LQVXODWHWKHEDWWHU\FDEOHVEHIRUHFDUU\LQJRXWDQ\ZRUNRQWKH
HOHFWULFDOHTXLSPHQW

%DWWHU\FRQQHFWLRQ
7XUQRIIWKHEDWWHU\GLVFRQQHFWVZLWFK
7KHEDWWHU\WHUPLQDOVPXVWQHYHUEHFRQIXVHG(DFKWHUPLQDO
LVFOHDUO\PDUNHGZLWKD  RUD VLJQUHVSHFWLYHO\,IWKH
FDEOHVDUHZURQJO\FRQQHFWHGWKHDOWHUQDWRUUHFWLILHULV
GHVWUR\HGLPPHGLDWHO\
&RQQHFWWKH  FDEOHILUVWDQGWKHQWKHJURXQGFDEOH

(OHFWULFZHOGLQJ
%HIRUHHOHFWULFZHOGLQJLVFDUULHGRXWRQWKHPDFKLQHRU
DWWDFKPHQWWXUQRIIWKHEDWWHU\GLVFRQQHFWVZLWFK
&RQQHFWWKHZHOGLQJHTXLSPHQWJURXQGOHDGDVFORVHWRWKH
ZHOGLQJSRLQWDVSRVVLEOH

2SHUDWLQJLQVWUXFWLRQV

+\GUDXOLFV\VWHPZDUPLQJXS



+\GUDXOLFV\VWHPZDUPLQJXS
7KHRLOLQWKHK\GUDXOLFVRIWKHPDFKLQHLVXVHGIRURSHUDWLQJWKH
K\GUDXOLFF\OLQGHUVRIWKHHTXLSPHQWDVZHOODVWKHK\GUDXOLF
PRWRUVIRUWUDYHOOLQJDQGVZLQJLQJ:KHQWKHRLOLVFROGLWLV
YLVFRXV
7KHK\GUDXOLFIXQFWLRQVRIWKHPDFKLQHWKHUHIRUHRSHUDWHVORZHU
WKDQZKHQWKHRLOLVZDUP
,IRQHRUPRUHRIWKHPDFKLQHIXQFWLRQVDUHIRUFHGDJDLQVWWKH
HQGRIVWURNHSRVLWLRQZLWKRXWKDYLQJILUVWZDUPHGXSWKHV\VWHP
WKLVPD\UHVXOWLQPDOIXQFWLRQV
,WLVLPSRUWDQWWKDWWKHRLOLQWKHK\GUDXOLFV\VWHPLVSURSHUO\
ZDUPHGXSEHIRUHRSHUDWLQJWKHPDFKLQH
$SSO\WKHSDUNLQJEUDNHDQGOHDYHWKHHQJLQHLGOLQJVRWKDWWKH
RLOLQWKHHQJLQHWUDQVPLVVLRQK\GUDXOLFV\VWHPDQGD[OHVLV
ZDUPHGXSDQGEHFRPHVVXIILFLHQWO\IOXLGWRSURYLGHSURSHU
OXEULFDWLRQ
7RUDFHWKHHQJLQHLPPHGLDWHO\DIWHULWKDVEHHQVWDUWHGPD\
DOVRHQGDQJHUWKHOXEULFDWLRQDQGFRROLQJRIWKHWXUERFKDUJHU
ZLWKJUHDWULVNRIEHDULQJVHL]XUHDVDFRQVHTXHQFH
0RYLQJWKHPDFKLQHDVKRUWGLVWDQFH IRUH[DPSOHZKHQORDGLQJ
RQWRRURIIDWUDLOHU FDQEHGRQHZLWKRXWDFRPSOHWHZDUPXS
7KHVHRSHUDWLRQVPXVWEHH[HFXWHGZLWKJUHDWFDUH,QVXFK
VLWXDWLRQVWKHHQJLQHVSHHGPXVWQRWH[FHHGUSP







$SSO\WKHSDUNLQJEUDNH
6WDUWWKHHQJLQHDQGOHWLWLGOHIRUILYHPLQXWHV
/RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG
,QFUHDVHWKHHQJLQHVSHHGWRUSP
([WHQGWKHEDFNKRHERRPDQGGLSSHUDUPZLWKIXOOOHYHUWUDYHO
DQGDOORZWKHEXFNHWWRUHDFKLWVHQGVWRS
 7KHQPDNHDVHULHVRIORDGHUDQGEDFNKRHPRYHPHQWVDVZHOO
DVWXUQLQJDQGWUDQVSRUWPRYHPHQWVWRGLVWULEXWHWKHKHDWHG
K\GUDXOLFRLOWRWKHK\GUDXOLFF\OLQGHUVDQGWKHSXPS
 &RQWLQXHPDNLQJWKHVHPRYHPHQWVXQWLOWKHK\GUDXOLFV\VWHP
KDVZDUPHGXS

&$87,21
'RQRWUXVKWKHZDUPLQJXSRIWKHRLODVIRUFHGZDUPLQJXSPD\
GDPDJHWKHPDFKLQH



2SHUDWLQJLQVWUXFWLRQV



*HDUVKLIWLQJ

*HDUVKLIWLQJ
:$51,1*
/HDYLQJWKHWUDQVPLVVLRQLQQHXWUDOZKHQGULYLQJGRZQKLOOPD\
OHDGWRGDPDJHWRWKHSRZHUWUDQVPLVVLRQRU\RXPD\ORVHFRQWURO
RIWKHPDFKLQH$OZD\VKDYHDIRUZDUGJHDUHQJDJHGZKHQ
GULYLQJGRZQKLOO

:$51,1*
1HYHUOHDYHWKHPDFKLQHZLWKWKHIRUZDUGUHYHUVHOHYHULQ
IRUZDUGRUUHYHUVHSRVLWLRQZKLOHWKHHQJLQHLVUXQQLQJ,IWKH
PDFKLQHVWDUWVWRPRYHVHULRXVSHUVRQDOLQMXULHVPD\RFFXU

'LUHFWLRQDOJHDU

$
%
&

:KHQFKDQJLQJIURPIRUZDUGWRUHYHUVHRUYLFHYHUVDWKHVSHHG
RIWKHPDFKLQHDQGRIWKHHQJLQHVKRXOGEHUHGXFHGDVPXFKDV
SRVVLEOHSDUWLFXODUO\LIWKHPDFKLQHLVZRUNLQJRQILUPJURXQG
9

)RUZDUGUHYHUVHOHYHU
$)RUZDUG
%1HXWUDO
&5HYHUVH


*HDUVKLIWOHYHU SRZHUVKXWWOHRQO\
7RVHOHFWDJHDUPRYHWKHOHYHUDVVKRZQLQWKHVKLIWSDWWHUQ
:KHQWKHPDFKLQHLVVWDWLRQDU\HQVXUHWKDWWKHIRUZDUG
UHYHUVHOHYHULVLQQHXWUDO 1 DQGWKDWWKHHQJLQHLVLGOLQJ
EHIRUHVHOHFWLQJDJHDU
9

*HDUVHOHFWRU SRZHUVKLIWRQO\
7RVHOHFWDJHDUWZLVWWKHJHDUVHOHFWRU
:KHQWKHPDFKLQHLVVWDWLRQDU\HQVXUHWKDWWKHIRUZDUG
UHYHUVHOHYHULVLQQHXWUDO 1 DQGWKDWWKHHQJLQHLVLGOLQJ
EHIRUHVHOHFWLQJDJHDU
9

2SHUDWLQJLQVWUXFWLRQV

*HDUVKLIWLQJ



&KDQJLQJJHDU


:$51,1*
:KHQWUDYHOOLQJRQSXEOLFURDGVWKHKDQGWKURWWOHOHYHUPXVWEHLQ
SRVLWLRQ % 8VHWKHDFFHOHUDWRUSHGDOWRFRQWUROWKHHQJLQH
VSHHG
&KDQJLQJJHDURQWKHPRYH IRUSRZHUVKXWWOHRQO\ 
 'HFUHDVHWKHHQJLQHVSHHG
 3UHVVGRZQWKHGHFOXWFKEXWWRQRQWKHJHDUVKLIWOHYHUDQG
VHOHFWDGLIIHUHQWJHDU
 5HOHDVHWKHGHFOXWFKEXWWRQDQGXVHWKHDFFHOHUDWRUSHGDOWR
SURGXFHDVPRRWKJHDUFKDQJH

)RUPDFKLQHVZLWKSRZHUVKLIWVHHSDJH

$




9

7UDQVPLVVLRQGHFOXWFKEXWWRQ


2SHUDWLQJLQVWUXFWLRQV



%UDNLQJ

%UDNLQJ
%UDNHVPRRWKO\7KLVLVSDUWLFXODUO\LPSRUWDQWZKHQRSHUDWLQJZLWK
DORDGDQGRQVOLSSHU\JURXQG
7KHPDFKLQHLVHTXLSSHGZLWKVHSDUDWHOHIWDQGULJKWEUDNH
SHGDOV,WLVUHFRPPHQGHGWKDWWKHEUDNHSHGDOVDUHNHSWORFNHG
WRJHWKHUHYHQRQWKHZRUNVLWHEXWLIUHVWULFWHGVSDFHRUSRRU
WUDFWLYHFRQGLWLRQVDUHHQFRXQWHUHGWKHEUDNHSHGDOVVKRXOGEH
XQORFNHG

:$51,1*
(QVXUHWKDWWKHEUDNHSHGDOVDUHORFNHGWRJHWKHUZKLOHWUDYHOOLQJ
RQSXEOLFURDGV6HULRXVLQMXULHVPD\RFFXULIWKHPDFKLQH
VZHUYHVRXWRIFRQWURO

&$87,21
'RQRWDSSO\WKHSDUNLQJEUDNHZKLOHWKHPDFKLQHLVPRYLQJ7KH
SDUNLQJEUDNHVKRXOGRQO\EHXVHGZKHQWKHPDFKLQHKDVEHHQ
VWRSSHGRUDVDQHPHUJHQF\EUDNH

6HUYLFHEUDNHV
:'ZLOOHQJDJHDXWRPDWLFDOO\ZKHQEUDNLQJDERYHNPK 
PSK %HORZNPK PSK RQO\WKHUHDUD[OHZLOOEUDNHLI
WKH:'LVQRWVHOHFWHG


3DUNLQJEUDNH

127,&(
$SSO\LQJRIWKHSDUNLQJEUDNHDXWRPDWLFDOO\GHFOXWFKHVWKH
WUDQVPLVVLRQ

127,&(
7KHSDUNLQJEUDNHKDVWREHHQJDJHGZKHQRSHUDWLQJZLWKWKH
EDFNKRH

%UDNHWHVW
&RQGLWLRQV
%UDNHWHVWPXVWRQO\EHGRQHZLWKLQDQDUHDZKHUHLWFDQQRW
FDXVHDFFLGHQWV ULVNRIEHLQJUXQLQWRIURPEHKLQGHWF 
$FFHSWDEOHYDOXHVFDQRQO\EHREWDLQHGLIWKHWHVWLVFDUULHGRXW
RQGU\DVSKDOWGU\FRQFUHWHRUVLPLODUVXUIDFHV
0DNHVXUHWKDWWKHZRUNLQJDUHDDURXQGWKHPDFKLQHLVFOHDU
RISHRSOH
7KHPDFKLQHPXVWQRWEHORDGHG

2SHUDWLQJLQVWUXFWLRQV

%UDNLQJ



3DUNLQJEUDNHFKHFNLQJ
$OZD\VXVHWKHVHDWEHOWZKHQRSHUDWLQJWKHPDFKLQH

%
9

9

 6WDUWWKHHQJLQH
 $SSO\WKHSDUNLQJEUDNH7KHSDUNLQJEUDNHFRQWUROODPSRQ
WKHIURQWSDQHOOLJKWVXS
 3XVKXSWKHVDIHW\FDWFKDQGSUHVVWKHXSSHUHQGRIWKHVZLWFK
IRUSDUNLQJEUDNHWHVW.HHSWKHVZLWFKGHSUHVVHGGXULQJWKH
ZKROHWHVWSURFHGXUH
 6HOHFWUGJHDUDQGPRYHWKHIRUZDUGUHYHUVHOHYHUWRIRUZDUG
 ,QFUHDVHWKHHQJLQHVSHHGWRUSP,IWKHPDFKLQHGRHV
QRWPRYHWKHSDUNLQJEUDNHLVZRUNLQJFRUUHFWO\
 3UHVVWKHEUDNHSHGDOUHOHDVHWKHWKURWWOHSHGDODQGSXWLWLQ
QHXWUDOZLWKWKHIRUZDUGUHYHUVHOHYHU
 ,IWKHPDFKLQHLVPRYLQJUHOHDVHWKHSDUNLQJEUDNHWXUQWKH
UHGSDUW % RIWKHOHYHUKDOIDWXUQDVVKRZQDQGUHGRWKHWHVW
XQWLOPHHWLQJWKHDERYHSHUIRUPDQFH
 ,IWKHKDQGOHFDQQRWWXUQDQ\PRUHDQGLIWKHPDFKLQHVWLOO
PRYHVFRQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYR



2SHUDWLQJLQVWUXFWLRQV



6WRSSLQJ

6WRSSLQJ
 5HGXFHWKHHQJLQHVSHHGDQGVWRSWKHPDFKLQHRQILUPDQG
OHYHOJURXQG
 0RYHWKHIRUZDUGUHYHUVHOHYHUWRQHXWUDO
 /RZHUWKHDWWDFKPHQWWRWKHJURXQG
 $SSO\WKHSDUNLQJEUDNHVHHSDJH
 /HWWKHHQJLQHLGOHIRUDWOHDVWWZRPLQXWHVEHIRUHWXUQLQJLWRII
LQRUGHUWRVDIHJXDUGWKHOXEULFDWLRQDQGFRROLQJRIWKH
WXUERFKDUJHU
 7XUQWKHLJQLWLRQNH\WRSRVLWLRQVRWKDWWKHFRQWUROODPSVJR
RXWDQGWKHHQJLQHVWRSV5HPRYHWKHLJQLWLRQNH\

&$87,21
'RQRWWXUQRIIWKHEDWWHU\GLVFRQQHFWVZLWFKZKHQWKHHQJLQHLV
UXQQLQJ7KHHOHFWULFDOV\VWHPPD\EHGDPDJHG

&$87,21
$OZD\VDSSO\WKHSDUNLQJEUDNHZKHQOHDYLQJWKHPDFKLQH

2SHUDWLQJLQVWUXFWLRQV

3DUNLQJ



3DUNLQJ
 3DUNWKHPDFKLQHRQOHYHOJURXQGLISRVVLEOH2WKHUZLVHWKH
ZKHHOVVKRXOGEHEORFNHGWRSUHYHQWWKHPDFKLQHIURPVWDUWLQJ
WRUROO/RZHUWKHDWWDFKPHQWWRWKHJURXQG
 &KHFNWKDWDOOVZLWFKHVDQGFRQWUROVDUH
2II
RULQQHXWUDO
 $SSO\WKHSDUNLQJEUDNHDIWHUWKHPDFKLQHKDVFRPHWRD
FRPSOHWHVWDQGVWLOO


 5HPRYHWKHNH\V
 7XUQRIIWKHHOHFWULFSRZHUZLWKWKHEDWWHU\GLVFRQQHFWVZLWFK
DQGUHPRYHWKHNH\LIWKHPDFKLQHLVWREHSDUNHGXQDWWHQGHG
IRUDORQJWLPH
 0DNHVXUHWKDWWKHUHLVHQRXJKDQWLIUHH]HLQWKHFRROLQJ
V\VWHP VHHSDJH DQGLQWKHZDVKHUIOXLGDW
WHPSHUDWXUHVEHORZr&GXULQJSDUNLQJ
 /RFNDOOKRRGVKDWFKHVZLQGRZVDQGWKHGRRU
.HHSLQPLQGWKDWWKHULVNRIWKHIWDQGEUHDNLQVFDQEHPLQLPL]HG
LI
 WKHVWDUWNH\LVUHPRYHGZKHQWKHPDFKLQHLVOHIWXQDWWHQGHG
 GRRUVDQGKDWFKHVDUHORFNHGDWWKHHQGRIWKHZRUNGD\
 WKHHOHFWULFSRZHULVWXUQHGRIIZLWKWKHEDWWHU\GLVFRQQHFW
VZLWFKDQGWKHQUHPRYLQJWKHNH\
 DYRLGVSDUNLQJWKHPDFKLQHLQSODFHVZLWKKLJKULVNRIWKHIW
EUHDNLQVDQGPDOLFLRXVGDPDJH
 DOOYDOXDEOHVDUHUHPRYHGIURPWKHFDEHJFHOOSKRQH
FRPSXWHUUDGLRDQGEDJV
 WKHPDFKLQHLVFKDLQHGGRZQ
,WLVHDVLHUWRLGHQWLI\VWROHQPDFKLQHVLI3,1QXPEHURU
UHJLVWUDWLRQQXPEHULVHWFKHGLQWRWKHZLQGRZV

/RQJWHUPSDUNLQJ

&$87,21
,IWKHPDFKLQHLVQRWJRLQJWREHXVHGHYHU\GD\DOOF\OLQGHUV
VKRXOGEHSURWHFWHGDJDLQVWFRUURVLRQ
7KHWHPSHUDWXUHPD\QRWEHEHORZr&RUDERYHr&
&KHFNWKDWWKHEDWWHULHVDUHIXOO\FKDUJHG
7DNHDFWLRQVDFFRUGLQJWRWKHDERYH
:DVKWKHPDFKLQHDQGWRXFKXSWKHSDLQWRQGDPDJHG
VXUIDFHVWRSUHYHQWUXVW
8VHDQWLFRUURVLRQDJHQWVRQH[SRVHGSDUWVOXEULFDWHWKH
PDFKLQHWKRURXJKO\DQGJUHDVHXQSDLQWHGVXUIDFHV WKHURGV
RIDOOK\GUDXOLFF\OLQGHUVHWF 
)LOOWKHIXHOWDQNDQGK\GUDXOLFRLOWDQNWRPD[PDUNLQJV
&RYHUWKHH[KDXVWSLSH RXWGRRUSDUNLQJ 
7XUQRIWKHEDWWHU\GLVFRQQHFWVZLWFKUHPRYHWKHNH\DQG
GLVFRQQHFWWKHSRVLWLYHEDWWHU\FRQQHFWRUV



2SHUDWLQJLQVWUXFWLRQV



3DUNLQJ
&KHFNWKHWLUHV
DLUSUHVVXUHDQGSURWHFWWKHPIURPVWURQJ
VXQOLJKW

&KHFNDIWHUORQJWHUPSDUNLQJ
$OORLODQGIOXLGOHYHOV
$OOEHOWWHQVLRQV
$LUSUHVVXUHV
$LUFOHDQHU

127,&(
,IDSUHVHUYDWLYHKDVEHHQXVHGRQWKHPDFKLQHWRSUHSDUHLWIRU
ORQJWHUPVWRUDJHIROORZWKHPDQXIDFWXUHU
VLQVWUXFWLRQVIRUDQ\
QHFHVVDU\VDIHW\SUHFDXWLRQVDQGWKHPHWKRGRIUHPRYDO

2SHUDWLQJLQVWUXFWLRQV

0HDVXUHVZKHQJHWWLQJVWXFN



0HDVXUHVZKHQJHWWLQJVWXFN
,IWKHPDFKLQHKDVJRWVWXFNLWLVXVXDOO\EHVWWRUHYHUVHRXW,I
\RXFDQQRWUHYHUVHRUGULYHIRUZDUGWU\WKHIROORZLQJ
 (QJDJHWKHGLIIHUHQWLDOORFNZLWKWKHIRRWVZLWFKDQGWKHIRXU
ZKHHOGULYHRQWKHVLGHSDQHO LILQVWDOOHG 
 6HOHFWDORZJHDU
 5HYHUVHDQGVWHHUWKHPDFKLQHIXOO\WRWKHOHIWDQGWKHQWRWKH
ULJKWDOWHUQDWHO\ OLNHDGXFN
VZDGGOH 

5HDUZKHHOVVWXFN
 5HDFKRXWWKHEDFNKRHGLSSHUWRDQDQJOHRIDSSUR[r
UHODWLYHWRWKHEDFNKRHERRP LQWKLVSRVLWLRQWKHEDFNKRHLV
DWLWVPRVWSRZHUIXO 
 6HOHFWILUVWJHDUDQGDGMXVWWKHHQJLQHVSHHGVRWKDWWKH
ZKHHOVDUHMXVWDERXWWRVSLQ
 0RYHWKHEDFNKRHGLSSHUIXUWKHURXWDQGORZHUWKHEDFNKRH
ERRPEXWQRWVRPXFKDVWRUDLVHWKHUHDUZKHHOVIURPWKH
JURXQGVRWKH\ORRVHJULS,IWKHUHDUZKHHOVDUHOLIWHGWKH
ZHLJKWLVWUDQVIHUUHGWRWKHIURQWZKHHOV&DUHPXVWEHWDNHQ
VRWKDWWKHIURQWZKHHOVGRQRWEHFRPHVWXFNLIWKHJURXQGLV
VRIW
 ,IWKHPDFKLQHVWLOOLVVWXFNWU\WRSXOOWKHPDFKLQHRXWE\XVLQJ
WKHEDFNKRHERRP

)URQWZKHHOVVWXFN
 /LIWWKHIURQWZKHHOVZLWKWKHORDGHUEXFNHW7KHEXFNHWVKRXOG
EHIXOO\WLOWHGIRUZDUG
 5HYHUVHDQGXVHWKHWLOWLQJPRYHPHQWRIWKHEXFNHWWRSXVK
WKHPDFKLQHEDFNZDUGV
 /LIWXSWKHIURQWZKHHOVXVLQJWKHEXFNHW0DQXDOO\ILOOWKHKROHV
XQGHUWKHZKHHOVZLWKEUDQFKHVSLHFHVRIZRRGRUVLPLODUDQG
UHYHUVH
 ,IWKHPDFKLQHQHHGVWREHUHFRYHUHGVHHSDJH

)URQWDQGUHDUZKHHOVVWXFN
3URFHHGDVIRUWKHUHDUZKHHOVEHFRPLQJVWXFNDQGLQDGGLWLRQ
XVHWKHGXPSPRYHPHQWRIWKHORDGHUEXFNHW7KHUHIRUHRSHUDWH
ZLWKVPDOOOHYHUPRYHPHQWVWKLVPHDQVWKDWWKHUHZLOOEHRLOIORZ
LQDOOIXQFWLRQVDWWKHVDPHWLPH

2QHRIWKHUHDUZKHHOVVWXFN
7U\WRVZLQJWKHEDFNKRHLQWKHVDPHGLUHFWLRQDVWKHPDFKLQHLV
OHDQLQJ,QWKDWZD\\RXFDQUHWXUQWKHPDFKLQHWRWKHOHYHO
SRVLWLRQE\SXVKLQJWKHEDFNKRHEXFNHWGRZQZDUGV

&$87,21
1HYHUHQJDJHWKHGLIIHUHQWLDOORFNZKLOHDQ\RIWKHZKHHOVDUH
VSLQQLQJ5HGXFHWKHHQJLQHVSHHGXQWLOWKHZKHHOVVWRS
VSLQQLQJWKHQHQJDJHWKHGLIIHUHQWLDOORFN



2SHUDWLQJLQVWUXFWLRQV



/RFNLQJGHYLFH

/RFNLQJGHYLFH
/RDGHUERRPVDIHW\VWUXW


:$51,1*
:KHQVHUYLFLQJWKHPDFKLQHZLWKWKHORDGHUERRPUDLVHGWKH
VDIHW\VWUXWPXVWDOZD\VEHSODFHGLQVXSSRUWSRVLWLRQ$Q
XQVXSSRUWHGORDGHUERRPFDQGURSVXGGHQO\DQGFDXVHVHULRXV
SHUVRQDOLQMXULHV
3ODFLQJWKHORDGHUERRPVDIHW\VWUXWLQVXSSRUWSRVLWLRQ
 (PSW\WKHORDGHUEXFNHW
 5DLVHWKHORDGHUERRPWRLWVKLJKHVWSRVLWLRQ
 5HPRYHVHFXULQJSLQ & DQGVDIHW\SLQ % WRUHOHDVHWKH
VDIHW\VWUXWIURPLWVVWRZDJHSRVLWLRQ
 8VHKDQGOH $ WRORZHUWKHVDIHW\VWUXWRYHUWKHF\OLQGHUURG
DQGVHFXUHLWZLWKWKHVDIHW\SLQDQGWKHVHFXULQJSLQDVVKRZQ
 &DUHIXOO\ORZHUWKHORDGHUERRPXQWLOLWUHVWVRQWKHVDIHW\VWUXW

$
%
&

9

:$51,1*
/RDGHUERRPVDIHW\VWUXWLQVXSSRUWSRVLWLRQ
$ +DQGOH
% 6DIHW\SLQ
& 6HFXULQJSLQ

,IWKHVDIHW\VWUXWKDVEHHQGDPDJHGLWPXVWEHUHSODFHG
LPPHGLDWHO\$GDPDJHGVDIHW\VWUXWPD\FDXVHVHULRXVSHUVRQDO
LQMXULHV&RQWDFWDZRUNVKRSDXWKRULVHGE\9ROYR

3ODFLQJWKHORDGHUERRPVDIHW\VWUXWLQVWRZDJHSRVLWLRQ
 5HPRYHVHFXULQJSLQ & DQGVDIHW\SLQ % WRUHOHDVHWKH
VDIHW\VWUXWIURPLWVVXSSRUWSRVLWLRQ
 3ODFHWKHVDIHW\VWUXWLQVWRZDJHSRVLWLRQ
 ,QVWDOOWKHVDIHW\SLQDQGWKHVHFXULQJSLQ

&
%
9

/RDGHUERRPVDIHW\VWUXWLQVWRZDJHSRVLWLRQ


2SHUDWLQJLQVWUXFWLRQV

/RFNLQJGHYLFH



%DFNKRHERRPORFN




:$51,1*
0DNHVXUHWKDWQRSHUVRQVDUHLQWKHZRUNLQJDUHDDURXQGWKH
PDFKLQH
9 

%DFNKRHERRPORFNVZLWFK ZLWKPHFKDQLFDO
FRQWUROV


:KHQWUDYHOOLQJRQSXEOLFURDGVWKHEDFNKRHERRPORFNPXVW
DOZD\VEHHQJDJHG
 5HWUDFWWKHEDFNKRHERRPIXOO\
 (QJDJHWKHEDFNKRHERRPORFNZLWKWKHEDFNKRHERRPORFN
VZLWFKRQWKHVLGHSDQHOVHHSDJHIRUPHFKDQLFDOFRQWUROV
)RUSLORWFRQWUROVSXVKWKHWRZHUVLQWRVWRZDJHSRVLWLRQDQG
FKHFNWKHLQGLFDWRUWREHVXUHLWLVORFNHG

:$51,1*
9

%DFNKRHERRPORFNZLWKSLORWFRQWUROV WRZHUVLQ
VWRZDJHSRVLWLRQ


%DFNKRHERRPORFN


%DFNKRHERRPORFNLQGLFDWRU ZLWKPHFKDQLFDO
FRQWUROV


&KHFNWKDWWKHEDFNKRHERRPORFNLVXQGDPDJHGDQGVHFXUHO\
HQJDJHG,IWKHERRPORFNLVEURNHQFRQWDFWDZRUNVKRS
DXWKRULVHGE\9ROYR



2SHUDWLQJLQVWUXFWLRQV



/RFNLQJGHYLFH
%DFNKRHVZLQJORFN

:$51,1*
7KHSHUVRQSODFLQJWKHVZLQJORFNSLQPXVWEHFDUHIXOLQRUGHUWR
DYRLGFUXVKLQJ
:KHQWUDYHOOLQJRQSXEOLFURDGVWKHVZLQJORFNPXVWDOZD\VEH
HQJDJHG
 0RYHWKHEDFNKRHWRWKHUHTXLUHGSRVLWLRQ
 3ODFHWKHVZLQJORFNSLQLQSRVLWLRQDVVKRZQ0DNHVXUHWKDW
WKHSLQLVIXOO\SXVKHGLQWRERWKVZLQJSRVWKROHV XSSHUDQG
ORZHU 
9

6ZLQJORFNHQJDJHG


6WRZWKHSLQLQWKHVWRZDJHSRVLWLRQZKHQLWLVQRWXVHG

2SHUDWLQJLQVWUXFWLRQV

5HWULHYLQJDQGWRZLQJ



5HWULHYLQJDQGWRZLQJ
:$51,1*
%HIRUHWDNLQJDQ\DFWLRQIRUWRZLQJRUUHFRYHULQJWKHSDUNLQJ
EUDNHPXVWEHDSSOLHGDQGWKHZKHHOVPXVWEHEORFNHGWRSUHYHQW
WKHPDFKLQHIURPVWDUWLQJWRUROO:RUNZLWKH[WUHPHFDUHZKHQ
WRZLQJWRDYRLGSHUVRQDOLQMXULHVDQGDWZRUVWIDWDOLWLHV

&$87,21
7KHPDFKLQHVKRXOGQRWEHWRZHGRYHUORQJGLVWDQFHV6SHHGV
RYHUNPK PSK DUHQRWUHFRPPHQGHGVLQFHGDPDJHWRWKH
PDFKLQHPD\RWKHUZLVHRFFXU

127,&(

:KHQWKHHQJLQHLVQRWUXQQLQJWKHUHLVQRVHUYRSUHVVXUHDQG
VWHHULQJDQGEUDNLQJLVYHU\KDUG$OZD\VNHHSDORZVSHHGZKHQ
WRZLQJDQGRQO\WRZWKHPDFKLQHWRDWUDLOHU

%
9

$ :KHHOFKRFNVLQVXSSRUWSRVLWLRQ
% :KHHOFKRFNVLQVWRZDJHSRVLWLRQ


5HFRYHULQJ


:$51,1*
7KHPDFKLQHWRZLQJUHFRYHULQJSRLQWVVKRXOGQRWEHXVHGIRU
WRZLQJRWKHUPDFKLQHVRUWUDLOHUV

9

5HDUSRLQWIRUUHFRYHU\ RQHRQHDFKVLGH


8VHDKHDY\GXW\FKDLQRURWKHUVXLWDEOHPHDQVIRUSXOOLQJWKH
PDFKLQHWRDVXLWDEOHSODFHRUWUDIILFDEOHURDG
7RDYRLGREOLTXHORDGLQJSXOOWKHPDFKLQHVWUDLJKWUHDUZDUGV
IRUZDUGV
:KHQUHFRYHULQJUHDUZDUGV
 8VHWKHUHDUUHFRYHU\SRLQWV RQHRQHDFKVLGH 
:KHQUHFRYHULQJIRUZDUGVGLVWULEXWHWKHWUDFWLYHIRUFHHYHQO\
RQERWKUHFRYHU\SRLQWV
 3XWKHDY\GXW\FKDLQVFRQQHFWHGWRIURQWUHFRYHU\SRLQWV

&$87,21
0DNHVXUHWKHFKDLQVGRQRWFRPHLQFRQWDFWZLWKWKH
VWHHULQJF\OLQGHUVJUHDVLQJQLSSOHVRUDQ\OLQNDJHVDV
WKLVZLOOGDPDJHWKHPDFKLQH
 /HDGWKHFKDLQVXQGHUWKHEXFNHWWRWKHUHFRYHU\YHKLFOH
DQGDWWDFKWKHPVHFXUHO\

&$87,21
0DNHVXUHWKHFKDLQVGRQRWFRPHORRVHRUZLOOVOLGHLQ
DQ\GLUHFWLRQEHIRUHUHFRYHULQJWKHPDFKLQH
9

)URQWSRLQWIRUUHFRYHU\ RQHRQHDFKVLGH


 6ORZO\SXOOWKHPDFKLQHWRDVXLWDEOHSODFHRUWUDIILFDEOH
URDG



2SHUDWLQJLQVWUXFWLRQV



5HWULHYLQJDQGWRZLQJ
7RDYRLGREOLTXHORDGLQJSXOOWKHPDFKLQHVWUDLJKWUHDUZDUGV
IRUZDUGV

3UHSDUDWLRQIRUWRZLQJ
,ISRVVLEOHWKHHQJLQHVKRXOGEHUXQQLQJWRPDNHWKHEUDNHVDQG
VWHHULQJRSHUDWLRQDO

:$51,1*
,IWKHHQJLQHFDQQRWEHVWDUWHGWKHEUDNHDQGVWHHULQJIXQFWLRQV
ZLOOEHVHYHUHO\OLPLWHG,QVXFKFDVHVWRZLQJVKRXOGRQO\EH
SHUIRUPHGLQDQHPHUJHQF\VLWXDWLRQE\H[SHULHQFHGDQGWUDLQHG
SHUVRQQHODQGRQO\IRUWKHVKRUWHVWSRVVLEOHGLVWDQFH VHH
WRZLQJ ,ISRVVLEOHWUDQVSRUWWKHPDFKLQHRQDWUDLOHU
$SSO\WKHSDUNLQJEUDNH
6HWWKHJHDUVKLIWOHYHUWRQHXWUDO
,IWKHHQJLQHFDQQRWEHVWDUWHGWKHORDGHUERRPDQGEDFNKRH
PXVWEHVHFXUHGZLWKWKHLUERRPVXSSRUWGHYLFHVVHHSDJH

(QVXUHWKDWWKHH[WHQGLEOHGLSSHUDUPLILQVWDOOHGLVVHFXUHG
LQVWRZDJHSRVLWLRQVHHSDJH
)ROORZWKHUXOHVIRUWRZLQJRQWKHQH[WSDJH

7RZLQJ
,QFHUWDLQFRXQWULHVZKHUHDWRZLQJKLWFKLVLQVWDOOHGWKLVPXVW
EHXVHGIRUWRZLQJ
&RQQHFWWKHZLUHURSHWRWKHIURQWUHFRYHU\SRLQWV
7KHWRZLQJYHKLFOHRUPDFKLQHPXVWEHDWOHDVWDVKHDY\DV
WKHPDFKLQHWREHWRZHGDQGPXVWKDYHVXIILFLHQWHQJLQH
SRZHUDQGEUDNLQJFDSDFLW\WRSXOODQGEUDNHERWKPDFKLQHVLQ
DQ\XSRUGRZQKLOOV
,ISRVVLEOHWUDQVSRUWWKHPDFKLQHRQDWUDLOHU

127,&(
,WLVQRWSRVVLEOHWRVWDUWWKHHQJLQHE\WRZLQJ
)ROORZWKHORFDORUQDWLRQDOUHJXODWLRQV

&$87,21
7KHPDQXIDFWXUHU
VZDUUDQW\GRHVQRWDSSO\WRLQFLGHQWVDQG
DFFLGHQWVRFFXULQJGXULQJWRZLQJ0DNHVXUHWKDWQRSDUWRIWKH
PDFKLQHSURMHFWVLQWRWKHURDGRUKLJKZD\

&$87,21
,WLVWKHRSHUDWRU
VUHVSRQVLELOLW\WRHQVXUHWKDWWKHWRZLQJGHYLFH
ZLUHRUFKDLQKDVWKHFDSDFLW\WRWRZWKHPD[LPXPZHLJKWRIWKH
PDFKLQHEHLQJWRZHG

$IWHUWRZLQJ
%HIRUHWKHZLUHURSHLVUHPRYHGWKHIROORZLQJVDIHW\PHDVXUHV
PXVWEHWDNHQ
 3ODFHWKHPDFKLQHRQOHYHOJURXQGLISRVVLEOH
 %ORFNWKHZKHHOVWRSUHYHQWWKHPDFKLQHIURPUROOLQJ

2SHUDWLQJLQVWUXFWLRQV

5HWULHYLQJDQGWRZLQJ



 ,ISRVVLEOHUHVWRUHWKHSDUNLQJEUDNHDQGPDNHVXUHWKDWWKH
SDUNLQJEUDNHSDVVHVWKHSDUNLQJEUDNHWHVWRQSDJH

127,&(
,IWKHPDFKLQHLVOHIWZLWKRXWIXQFWLRQDOEUDNHVWKLVPXVWEH
LQGLFDWHGE\DWWDFKLQJDODEHOWRWKHVWHHULQJZKHHOZLWKWKH
LQIRUPDWLRQWKDWWKHSDUNLQJEUDNHKDVEHHQGLVDEOHG

&$87,21
%ORFNERWKUHDUZKHHOVLIWKHPDFKLQHLVVWRUHGIRUORQJSHULRGV
RULVGLVDEOHG



2SHUDWLQJLQVWUXFWLRQV



$WWDFKPHQWVDOWHUQDWLYHORZHULQJ

$WWDFKPHQWVDOWHUQDWLYHORZHULQJ
/RZHULQJRIORDGHUERRPDQGEDFNKRH

:$51,1*
0DNHVXUHWKDWQRSHUVRQVDUHLQWKHZRUNLQJDUHDDURXQGWKH
PDFKLQH
/RZHULQJRIWKHORDGHUERRPDQGEDFNKRHFDQEHGRQHHYHQLI
WKHHQJLQHKDVEHHQWXUQHGRII
 0DNHVXUHWKDWWKHUHDUHQRSHUVRQVLQWKHZRUNLQJDUHDRIWKH
PDFKLQH
 ,IWKHORDGHUERRPLVLQWKHUDLVHGSRVLWLRQPDNHVXUHWKDWWKH
ORDGHUERRPVDIHW\VWUXWLVVWRZHGDQGORFNHG
 7XUQWKHLJQLWLRQNH\WRSRVLWLRQ,,WRORZHUWKHORDGHUERRP
 3XVKWKHORDGHUERRPOHYHUIRUZDUGWRORZHUWKHORDGHUERRP
2QO\XVHVPRRWKOHYHUPRYHPHQWV

+RVHUXSWXUHYDOYHV
RSWLRQDOHTXLSPHQW

:$51,1*
'RQRWGLVDVVHPEOHWKHKRVHUXSWXUHYDOYHV,IWKHYDOYHLVXQGHU
SUHVVXUHWKHUHLVDULVNRISHUVRQDOLQMXU\,IWKHYDOYHIDLOVFRQWDFW
D9ROYRGHDOHU
%RRPORZHULQJFRQWUROGHYLFHDFFRUGLQJWR,62
)RUOLIWLQJDSSOLFDWLRQVDQGREMHFWKDQGOLQJWKHEDFNKRHLV
HTXLSSHGZLWKERRPORZHULQJGHYLFHDVVSHFLILHGLQ(1
,IWKHEDFNKRHLVHTXLSSHGZLWKKRVHUXSWXUHYDOYHVWKH
DWWDFKPHQWVFDQQRWIDOOWRWKHJURXQGLIDKRVHEXUVWV

/RZHULQJRIWKHEDFNKRHZLWKKRVHUXSWXUHYDOYHV

:$51,1*
0DNHVXUHWKDWQRSHUVRQVDUHLQWKHZRUNLQJDUHDDURXQGWKH
PDFKLQH

,QFDVHRIHQJLQHIDLOXUHZKLOHRSHUDWLQJWKHORDGFDQRQO\EH
ORZHUHGWRWKHJURXQGE\UHOLHYLQJWKHSUHVVXUHRQWKHEDFNKRH
ERRPKRVHUXSWXUHYDOYH
 5HPRYHVHDOLQJFDS $ DQGORRVHQWKHVFUHZWXUQV
DSSUR[PP LQ 
 2SHUDWHWKHERRPOHYHUSURJUHVVLYHO\WRORZHUWKHORDG)RU
EDFNKRHFRQWUROOHYHUPRYHPHQWSDWWHUQVVHHSDJH

9

$6HDOLQJFDS


6WHSZLOOUHGXFHWKHYDOYHUHOLHIVHWWLQJYLUWXDOO\WR7KHORDG
LVWKHQKHOGE\WKHPDLQGLUHFWLRQDOVSRROLQVLGHWKHYDOYHEORFN

&$87,21
$IWHUWKLVSURFHVVWKHKRVHUXSWXUHYDOYHLVQRORQJHURSHUDWLRQDO
7KHUHVHWWLQJRIWKHKRVHUXSWXUHYDOYHPXVWEHFDUULHGRXWE\D
ZRUNVKRSDXWKRULVHGE\9ROYR

2SHUDWLQJLQVWUXFWLRQV

7UDQVSRUWLQJPDFKLQH



7UDQVSRUWLQJPDFKLQH
:$51,1*
,IWKHPDFKLQHLVWREHGULYHQIURPDORDGLQJGRFNRQWRWKHSODWIRUP
RIDWUXFNWUDLOHURUUDLOZD\FDUPDNHVXUHWKDWWKHYHKLFOHLV
VHFXUHO\EUDNHGIRUH[DPSOHZKHHOVEORFNHG0DNHVXUHWKDW
WKHUHLVQRULVNWKDWWKHYHKLFOHFDQQRWUROORYHURUVZD\LQD
GDQJHURXVPDQQHUZKHQWKHPDFKLQHLVGULYHQRQ

127,&(
$

9

7RDYRLGDLUEHLQJIRUFHGGRZQWKHH[KDXVWSLSHZKHQ
WUDQVSRUWLQJLWVKRXOGEHFRYHUHGZLWKVXLWDEOHSURWHFWLRQ %  QRW
SODVWLF 2WKHUZLVHWKHWXUERFKDUJHUPD\EHGDPDJHG

$ %ORFNWKHZKHHOV
% ([KDXVWSLSHSURWHFWLRQ


2QDQRWKHUYHKLFOH
0DNHVXUHWKDWWKHWUDQVSRUWLQJYHKLFOHLVVDIHHJWKDWWKH
YHKLFOHLVIUHHIURPRLOLFHVQRZHDUWKIXHODQGRWKHUGLUW
7LHGRZQ ODVK WKHPDFKLQH
,IXVLQJDUDPSFKHFNWKDWWKHUDPSLVZLGHHQRXJKKDVWKH
UHTXLUHGVWUHQJWKDQGWKDWLWZLOOQRWEHGLVSODFHG

&$87,21
(QVXUHWKDWWKHWUDQVSRUWLQJYHKLFOHLVFDSDEOHRIWUDQVSRUWLQJWKH
PDFKLQH
9

5HDUDQGIURQWWLHGRZQSRLQWV WZRRQHDFKVLGH


&$87,21
:KHQWUDQVSRUWLQJWKHPDFKLQHFKHFNIRUORZEULGJHVDQGSODQ
WKHURXWHDFFRUGLQJO\

7LHGRZQ
/RZHUWKHVWDELOLVHUVDQGWKHORDGHUEXFNHW
%ORFNWKHZKHHOV $ DQGSURWHFWH[KDXVWSLSH % 
6HFXUH E\ODVKLQJ WKHPDFKLQHXVLQJWKHDWWDFKLQJSRLQWVVR
WKDWLWFDQQRWRYHUWXUQRUEHJLQWRUROO
7KHEDFNKRHQHHGVWREHVHFXUHGWRVWRSPRYHPHQWV
8VHWKHUHDUDQGIURQWWLHGRZQSRLQWV
7UDQVSRUWLQJRQWUDLOHU
7KHPDFKLQHVKRXOGEHWLHGGRZQZLWKFKDLQVDFFRUGLQJWRWKH
LOOXVWUDWLRQEHORZ7KHFKDLQVVKRXOGEHVWURQJHQRXJKWRFDUU\D
ORDGRINJ ,E 



2SHUDWLQJLQVWUXFWLRQV



7UDQVSRUWLQJPDFKLQH

[
9

; r

/LIWLQJPDFKLQH

P

2QO\XVHOLIWLQJSRLQWVLQWHQGHGIRUWKLVSXUSRVH7KHOLIWLQJ
SRLQWVDUHSRVLWLRQHGDW
 7KHIURQWD[OHEHDP
 7KHUHDUOLIWLQJSRLQWVRQWKHUHDUIUDPH
,QHOHYDWRURURWKHUQDUURZVSDFH
 (QWHUWKHHOHYDWRUVRWKDWWKHORDGIDFHVWKHH[LW
 $SSO\WKHSDUNLQJEUDNHDQGVWRSWKHHQJLQHEHIRUHVWDUWLQJ
WKHHOHYDWRU

P

)ROORZQDWLRQDOUHJXODWLRQV
)RUGHFDOORFDWLRQVVHHSDJH

9

/LIWLQJSULQFLSOH


2SHUDWLQJWHFKQLTXHV



2SHUDWLQJWHFKQLTXHV
7KHIROORZLQJSDJHVFRQWDLQDGYLFHDQGLQVWUXFWLRQVRQKRZWR
RSHUDWHWKHPDFKLQHDQGH[DPSOHVRIKRZWKHPRVWFRPPRQ
DWWDFKPHQWVDUHXVHG,WLVLPSRUWDQWWKDWWKHFRUUHFWRSHUDWLQJ
WHFKQLTXHVDUHXVHGWRFDUU\RXWWKHZRUNLQDVDIHDQGHIILFLHQW
ZD\



2SHUDWLQJWHFKQLTXHV



(FRGULYLQJ

(FRGULYLQJ
7RXVHWKHPDFKLQHLQWKHRSWLPDOZD\DQGWRDFKLHYHORZHVWIXHO
FRQVXPSWLRQWKHHQJLQHVKRXOGEHUXQDWDORZUSPGXULQJDOO
RSHUDWLRQV([FHSWLRQVDUH
 ZKHQILOOLQJWKHEXFNHWWKHHQJLQHUSPLVDGDSWHGWRWKH
PDWHULDO
VUHVLVWDQFH
 GXULQJWKHDFFHOHUDWLRQSKDVHLQORQJHUZRUNF\FOHV HJORDG
FDUU\ :KHQWUDQVSRUWVSHHGLVUHDFKHGHDVHRIIRQWKH
WKURWWOH

7 1P

3 N:




UPLQ

9

%/% N:


























EH JN:K







7 1P

3 N:




















9

%/%%/% N:

































EH JN:K























9

%/% N:
(FRQRP\VSHHG JUH\DUHD
3RZHU
7RUTXH


/LIWLQJVSHHGDQGSRZHUDUHVXIILFLHQWDOUHDG\DWORZHQJLQH
VSHHGZKLFKZLOOUHVXOWLQDORZHUIXHOFRQVXPSWLRQORZHUVRXQG
OHYHODQGKLJKHUFRPIRUWZLWKPDLQWDLQHGKLJKSURGXFWLYLW\
$IXHOHIILFLHQWZD\RIRSHUDWLQJDOVRPHDQVOHVVZHDURQWKH
PDFKLQHDQGWKDW\RXVSDUHWKHHQYLURQPHQW$OZD\VVWULYHWR
6WD\ZLWKLQWKHHFRQRP\USPUDQJH
6HHWKHWDEOHVRQWKHOHIW$KLJKHQJLQHUSPVHOGRPPHDQV
KLJKHUSURGXFWLYLW\EXWPRVWRIWHQKLJKHUIXHOFRQVXPSWLRQ
:KHQILOOLQJWKHEXFNHWDGDSWWKHHQJLQHUSPWRWKHPDWHULDO
V
UHVLVWDQFH'XULQJWKHDFFHOHUDWLRQSKDVHLQORQJHUZRUNF\FOHV
HJORDGFDUU\ DFFHOHUDWHTXLFNO\XQWLOWLOOVWUDQVSRUWVSHHG
LVUHDFKHG
$GDSWPDFKLQHRSHUDWLRQWRWKHDSSOLFDWLRQ
)ROORZWKHUHFRPPHQGDWLRQVIRUWKHDSSOLFDWLRQVJLYHQLQWKH
VHFWLRQ
3ODQPDFKLQHRSHUDWLRQ
3ODQPDFKLQHRSHUDWLRQDQGOHWXSRQWKHDFFHOHUDWRUEHIRUH
\RXDUHJRLQJWRVWRSDQGUROOWKHODVWELWLQVWHDGRIEUDNLQJ
DZD\WKHNLQHWLFHQHUJ\'RQRWXVHWKHHQJLQHEUDNHIXQFWLRQ
XQQHFHVVDULO\
6HOHFWDWWDFKPHQWIRUWKHDSSOLFDWLRQ
%\XVLQJDWWDFKPHQWVPDGHIRUWKHDSSOLFDWLRQSURGXFWLYLW\
FDQLQFUHDVHDWWKHVDPHWLPHDVIXHOFRQVXPSWLRQDQG
PDFKLQHZHDULVUHGXFHG)ROORZWKHUHFRPPHQGDWLRQVJLYHQ
LQWKHVHFWLRQ
0DLQWDLQWKHULJKWDLUSUHVVXUHLQWLUHV
2QSDJHWKHUHDUHUHFRPPHQGDWLRQVIRUDLUSUHVVXUHLQ
WLUHV0DLQWDLQLQJWKHULJKWDLUSUHVVXUHLQWLUHVUHGXFHVIXHO
FRQVXPSWLRQDQGPDFKLQHZHDU
'RQRWOHWWKHPDFKLQHLGOHXQQHFHVVDULO\
+RZHYHUIROORZUHFRPPHQGDWLRQVIRUVWRSSLQJWKHPDFKLQH
VHHSDJHWRHQVXUHOXEULFDWLRQRIWKHWXUERFKDUJHU
3ODQWKHZRUNDUHD
$VVHVVDQGSODQ\RXUZRUNDUHDDQGLWVOD\RXWEDVHGRQWKH
PDFKLQHVWKDWDUHJRLQJWRZRUNWKHUHWRPDNHWKHMREPRUH
RUJDQL]HGDQGHIILFLHQW.HHSWKHJURXQGVXUIDFHVPRRWKDQG
IUHHIURPELJURFNVDQGRWKHUREVWDFOHV
&RRSHUDWH
&RRSHUDWHZLWKRWKHURSHUDWRUVWRHQDEOHDVHIIHFWLYHZRUNZLWK
WKHPDFKLQHVDVSRVVLEOH
&RQWDFW\RXUGHDOHUIRUPRUHLQIRUPDWLRQDQGIRUDQRSSRUWXQLW\
WRDWWHQGD9ROYRFRXUVH

2SHUDWLQJWHFKQLTXHV

:KROHERG\YLEUDWLRQV



:KROHERG\YLEUDWLRQV
:KROHERG\YLEUDWLRQVJHQHUDWHGE\FRQVWUXFWLRQPDFKLQHU\DUH
DIIHFWHGE\DQXPEHURIIDFWRUVVXFKDVWKHZRUNLQJPRGH
JURXQGFRQGLWLRQVDQGPDFKLQHVSHHG
7RDODUJHH[WHQWWKHRSHUDWRUFDQLQIOXHQFHWKHDFWXDOYLEUDWLRQ
OHYHOVEHFDXVHWKHRSHUDWRUFRQWUROVWKHVSHHGRIWKHPDFKLQH
LWVZRUNLQJPRGHWKHWUDYHOSDWKHWF7KHUHIRUHWKLVPD\UHVXOW
LQVHYHUDOGLIIHUHQWYLEUDWLRQOHYHOVIRUWKHVDPHW\SHRIPDFKLQH
)RUFDEVSHFLILFDWLRQVVHHSDJH

*XLGHOLQHVIRUUHGXFLQJYLEUDWLRQOHYHOVRQ
HDUWKPRYLQJPDFKLQHV
8VHWKHSURSHUW\SHDQGVL]HRIPDFKLQHZLWKRSWLRQDO
HTXLSPHQWDQGDWWDFKPHQWVIRUDFHUWDLQDSSOLFDWLRQ
0DNHVXUHWKDWWKHJURXQGLVNHSWLQJRRGFRQGLWLRQ
 5HPRYHODUJHUVWRQHVDQGREVWDFOHV
 )LOOLQDQ\GLWFKHVDQGKROHV
 3URYLGHHTXLSPHQWDQGVFKHGXOHWLPHIRUPDLQWDLQLQJWHUUDLQ
FRQGLWLRQV
$GMXVWWKHPDFKLQHVSHHGDQGFKRVHDVXLWDEOHWUDYHOSDWKWR
PLQLPLVHWKHYLEUDWLRQOHYHO
 7UDYHODURXQGREVWDFOHVDQGXQHYHQJURXQG
 5HGXFHWKHVSHHGZKHQLWLVQHFHVVDU\WRJRRYHUURXJK
WHUUDLQ
0DLQWDLQPDFKLQHVDFFRUGLQJWRWKHPDQXIDFWXUHU
V
UHFRPPHQGDWLRQV
 7LUHSUHVVXUHV
 %UDNHDQGVWHHULQJV\VWHPV
 &RQWUROVK\GUDXOLFV\VWHPDQGOLQNDJHV
0DNHVXUHWKDWWKHRSHUDWRUVHDWLVPDLQWDLQHGDQGFRUUHFWO\
DGMXVWHG
 $GMXVWWKHVHDWDQGLWVVXVSHQVLRQDFFRUGLQJWRWKHRSHUDWRU
ZHLJKWDQGKHLJKW
 ,QVSHFWDQGPDLQWDLQWKHRSHUDWRUVHDWVXVSHQVLRQDQG
DGMXVWPHQWPHFKDQLVP
 8VHWKHVHDWEHOWDQGDGMXVWLWFRUUHFWO\
6WHHUEUDNHDFFHOHUDWHVKLIWJHDUVDQGPRYHWKH
DWWDFKPHQWVVPRRWKO\
0LQLPLVHYLEUDWLRQVGXULQJORQJZRUNF\FOHRUORQJGLVWDQFH
WUDYHOOLQJ
 8VH%RRP6XVSHQVLRQ6\VWHPLIWKHPDFKLQHLVHTXLSSHG
ZLWKVXFKDV\VWHP
 ,IWKHPDFKLQHLVQRWHTXLSSHGZLWK%RRP6XVSHQVLRQ
6\VWHPORZHUWKHVSHHGWRDYRLGERXQFLQJ
 7UDQVSRUWPDFKLQHVZKHQWKHUHDUHORQJGLVWDQFHVEHWZHHQ
ZRUNVLWHV
%DFNSDLQDVVRFLDWHGZLWKZKROHERG\YLEUDWLRQVPD\EHFDXVHG
E\RWKHUULVNIDFWRUV7KHIROORZLQJJXLGHOLQHVFDQEHHIIHFWLYHWR
PLQLPLVHULVNVRIEDFNSDLQV
 $GMXVWWKHVHDWDQGFRQWUROVWRDFKLHYHJRRGSRVWXUH
 $GMXVWWKHPLUURUVWRPLQLPLVHWZLVWHGSRVWXUH
 3URYLGHEUHDNVWRUHGXFHORQJSHULRGVRIVLWWLQJ
 $YRLGMXPSLQJGRZQIURPWKHPDFKLQH
 0LQLPLVHUHSHDWHGKDQGOLQJDQGOLIWLQJRIKHDY\REMHFWV



2SHUDWLQJWHFKQLTXHV



9ROYR+\GUDXOLF6DIHJXDUG6\VWHP

9ROYR+\GUDXOLF6DIHJXDUG6\VWHP
$SSOLHVWRPRGHOV%/%

RQO\%/%

9ROYR+\GUDXOLF6DIHJXDUG6\VWHP \HOORZ 


7KHPDFKLQHLVHTXLSSHGZLWKWKH9ROYR+\GUDXOLF6DIHJXDUG
6\VWHPWRHQVXUHWKDWWKHPDFKLQHRSHUDWHVZLWKLQDFFHSWDEOH
K\GUDXOLFRLOWHPSHUDWXUHOLPLWV7KLVDOORZVWKHPDFKLQHWR
RSHUDWHLQKLJKDPELHQWWHPSHUDWXUHVDQGKXPLGFRQGLWLRQV
WURSLFDO 7KH9ROYR+\GUDXOLF6DIHJXDUG6\VWHPUHGXFHVWKH
ULVNRIRYHUKHDWLQJWKHK\GUDXOLFRLODQGHOLPLQDWLQJDQ\HIIHFWV
WKDWRYHUKHDWLQJPD\FDXVHVXFKDVK\GUDXOLFVHDOGDPDJHDQG
OHDNDJH
7KH9ROYR+\GUDXOLF6DIHJXDUG6\VWHPZRUNVE\PRQLWRULQJWKH
K\GUDXOLFRLOWHPSHUDWXUHDQGLIUHTXLUHGDXWRPDWLFDOO\DGMXVWVWKH
K\GUDXOLFSRZHUWRRSWLPL]HWKHSHUIRUPDQFHRIWKHFRROLQJ
V\VWHP
7KH9ROYR+\GUDXOLF6DIHJXDUG6\VWHPFRQWUROODPSRQWKHVLGH
SDQHOOLJKWVXSZKHQVXFKDQDGMXVWPHQWLVEHLQJPDGH

&$87,21
9 

+\GUDXOLFRLOWHPSHUDWXUHKLJK


,IWKHFRQWUROODPS UHG IRUKLJKK\GUDXOLFRLOWHPSHUDWXUHOLJKWV


XSWXUQRIIWKHHQJLQHDQGUHFWLI\LPPHGLDWHO\

127,&(
5LVNRIPDFKLQHGDPDJH,IWKHFHQWUDOZDUQLQJODPSDQGRUWKH
ZDUQLQJPHVVDJHIRUKLJKK\GUDXOLFRLOWHPSHUDWXUHLVVKRZQLQ
WKHGLVSOD\XQLWWXUQRIIWKHHQJLQHDQGLQYHVWLJDWHWKHFDXVH
LPPHGLDWHO\
)RULQVWUXFWLRQVRQKRZWRFOHDQWKHK\GUDXOLFRLOFRROHUVHHSDJH


2SHUDWLQJWHFKQLTXHV

:RUNLQJZLWKLQGDQJHURXVDUHDV



:RUNLQJZLWKLQGDQJHURXVDUHDV
7DNHJUHDWFDUHQHDUPDUNHGGDQJHUDUHDV
'RQRWRSHUDWHWRRFORVHWRWKHHGJHRIDTXD\UDPSHWF

+LJKYROWDJHRYHUKHDGSRZHUOLQH

:$51,1*
:RUNLQJQHDUSRZHUOLQHVPD\OHDGWRHOHFWULFDOIODVKRYHU
5HPDLQLQWKHPDFKLQHZKLOHLWLVLQFRQWDFWZLWKWKHSRZHUOLQH
'RQRWWRXFKDQ\PHWDOVXUIDFHVLQWKHFDE:DUQSHUVRQQHO
RXWVLGHWKHPDFKLQHQRWWRWRXFKLW
2EVHUYHJUHDWFDUHZKHQZRUNLQJLQWKHSUR[LPLW\RIKLJKYROWDJH
RYHUKHDGSRZHUOLQHVDVDQHOHFWULFDOIODVKRYHUFDQGDPDJHWKH
PDFKLQHDQGLQMXUHWKHRSHUDWRUDWIDLUO\JUHDWGLVWDQFHVIURPWKH
SRZHUOLQH1RWHWKHIROORZLQJ
7KHGLVWDQFHVLGHZD\VEHWZHHQPDFKLQHDQGSRZHUOLQHPXVWEH
DWOHDVW
P IW LQFDVHRIORZYROWDJH
P IW LQFDVHRIKLJKYROWDJHRIDWWKHPRVWN9 OLQH
QRUPDOO\VXSSRUWHGRQIL[HGLQVXODWRUV 
P IW LQFDVHRIKLJKYROWDJHDERYHN9 OLQHQRUPDOO\
FDUULHGRQVXVSHQGHGLQVXODWRUV 
7KHGLVWDQFHYHUWLFDOO\EHWZHHQPDFKLQHDQGRYHUKHDGSRZHU
OLQHPXVWEHDWOHDVW
P IW LQFDVHRIORZYROWDJH
P IW LQFDVHRIKLJKYROWDJH
7KHVDIHW\GLVWDQFHVDOVRDSSO\WRDQ\ORDG7KHORDGHUERRPRU
EDFNKRHKHLJKWZKHQOLIWLQJPD\KDYHWREHDGMXVWHGWREHZLWKLQ
WKHVDIHW\PDUJLQV7KHFDEVXVSHQVLRQDQGWKHVLGHZD\V
VZLQJLQJRIOLIWLQJVOLQJRUSRZHUOLQHLQKLJKZLQGVDUHRWKHU
IDFWRUVZKLFKDIIHFWWKHVDIHW\GLVWDQFH

8QGHUJURXQGFDEOHVDQGSLSHV
,WLVWKHGXW\RIWKHHPSOR\HUWRNQRZDQGPDUNWKHSRVLWLRQRI
SLSHVIRUJDVZDWHUVHZDJHRUSRZHUOLQHVRUFDEOHVRQWKH
ZRUNVLWHDQGWRLQIRUPWKHRSHUDWRUDERXWWKHVH)DLOXUHWRGR
VRPD\KDYHOHJDOFRQVHTXHQFHV:KHQUHTXLUHGORFDO
DXWKRULWLHVDQGRUFRPPXQLFDWLRQDQGSRZHUFRPSDQLHV
VKRXOGEHFRQWDFWHGUHJDUGLQJPDSVGUDZLQJVDQGDGYLFH
&DEOHVDQGSRZHUOLQHVPXVWEHSURWHFWHGDJDLQVWGDPDJHLQ
DVXLWDEOHZD\(OHFWULFFDEOHVVKRXOGLISRVVLEOHKDYHWKH
SRZHUWXUQHGRII
,QIRUPDWLRQDERXWZKHUHJDVDQGZDWHUFDQEHWXUQHGRII
VKRXOGEHPDGHDYDLODEOHVRWKDWWKHVHVXSSOLHVFDQEHTXLFNO\
WXUQHGRIILIWKH\DUHUXSWXUHG

127,&(
,IGLJJLQJKDVWREHFDUULHGRXWYHU\FORVHWRFDEOHVSLSHVRU
RYHUKHDGZLUHVLWPD\EHQHFHVVDU\WRGLJE\KDQG



2SHUDWLQJWHFKQLTXHV



:RUNLQJZLWKLQGDQJHURXVDUHDV
:RUNLQJRQVORSHV

:$51,1*
:KHQZRUNLQJRQDVWHHSJUDGHWLOWEDFNWKHDWWDFKPHQWDQGNHHS
LWDVFORVHDVSRVVLEOHWRWKHJURXQG
:KHQZRUNLQJRQDJUDGHSD\DWWHQWLRQWRZHDWKHUDQGJURXQG
FRQGLWLRQVLQRUGHUWRQRWMHRSDUGL]HVDIHW\
%HFDUHIXOZKHQRSHQLQJWKHGRRUVLQFHLWPD\EHPRUHGLIILFXOW
WRFRQWUROZLWKWKHPDFKLQHDWDQDQJOH:KHQ\RXFORVHLW
PDNHVXUHWKDWLWLVFRPSOHWHO\FORVHG
2SHUDWHVORZO\ZKHQDSSURDFKLQJRUUXQQLQJRQDGRZQKLOO
JUDGH
'RQRWUXQIDVWHUGRZQDJUDGHWKDQWKHPDFKLQHFDQUXQXS
WKHVDPHJUDGH
'RQRWFKDQJHWUDYHOGLUHFWLRQZKHQRSHUDWLQJRQDJUDGHDQG
GRQRWRSHUDWHDFURVVDJUDGH
,IWKHPDFKLQHVOLGHVORZHUWKHEXFNHWWRWKHJURXQG
LPPHGLDWHO\7KHPDFKLQHPD\UROORYHULILWEHFRPHV
XQEDODQFHG'RQRWWXUQZLWKDORDGLQWKHEXFNHWXQOHVVWKH
PDFKLQHLVVWDEOH,IDEVROXWHO\QHFHVVDU\SLOHXSGLUWRQWKH
JUDGHVRWKDWWKHPDFKLQHFDQEHSODFHGRQDOHYHODQGVWDEOH
VXUIDFH
,IWKHHQJLQHVWRSVZKHQWKHPDFKLQHLVRQDJUDGHORZHUWKH
DWWDFKPHQWWRWKHJURXQG

&$87,21
0D[LPXPUHFRPPHQGHGDQJOHRIRSHUDWLRQLVGHWHUPLQHGE\
HQJLQHDQGFRPSRQHQWOXEULFDWLRQ(TXLSPHQWGDPDJHPD\
RFFXULIWKHVHDQJOHVDUHH[FHHGHG

0D[LPXPSHUPLWWHGDQJOH
6HHILJXUHWRWKHOHIWWRVHHKRZHDFKDQJOH $DQG% DIIHFWVWKH
PDFKLQH

/RQJLWXGLQDO $
&RQWLQXRXV
RSHUDWLRQ

7HPSRUDU\
RSHUDWLRQ

&RQWLQXRXV
RSHUDWLRQ

7HPSRUDU\
RSHUDWLRQ

$ r

$ r

% r

% r

127,&(

% %
9

0D[LPXPSHUPLWWHGDQJOH
$ 0DFKLQHDIIHFWHGLQORQJLWXGLQDOGLUHFWLRQ
% 0DFKLQHDIIHFWHGVLGHZD\V


/DWHUDO %

7KHPD[LPXPSHUPLWWHGDQJOHVJLYHQDERYHDUHRQO\DOORZHGZLWK
WKHPDFKLQHLQWUDYHOOLQJSRVLWLRQXQORDGHGDQGWKHVSHHGLV
EHORZNPK
2QO\VWJHDUVKRXOGEHVHOHFWHGGXULQJWHPSRUDU\DFWLRQ
7KHVSHHGVKRXOGEHORZHQRXJKLQRUGHUWRQRWMHRSDUGL]H
VDIHW\
7KHVXUIDFHRIWKHJUDGHPXVWEHKDUGHQRXJKWRFDUU\WKH
PDFKLQH
7KHPDFKLQHVKRXOGQRWVOLGHZKHQZRUNLQJRQDJUDGH
7KHZKHHOVVKRXOGQRWVSLQZKHQZRUNLQJRQDJUDGH

2SHUDWLQJWHFKQLTXHV

:RUNLQJZLWKLQGDQJHURXVDUHDV



:RUNLQJLQZDWHU
'RQRWH[FHHGWKHPD[LPXPSHUPLWWHGZDWHUGHSWK WKHORZHVW
IRRWVWHSRQWKHEDWWHU\ER[DQGWKHIXHOWDQN 
$IWHUZRUNLQJLQZDWHUOXEULFDWHWKHOXEULFDWLRQSRLQWVZKLFKKDYH
EHHQXQGHUZDWHUWRDYRLGGDPDJHVHHSDJH

127,&(
5LVNRIPDFKLQHGDPDJH,IWKHZDWHUUHDFKHVKLJKHUWKDQWKH
ORZHVWIRRWVWHSLWPLJKWHQWHULQWRWKHD[OHVDQGWKHD[OHRLOPXVW
EHFKDQJHG6WD\RXWRIGHHSZDWHU

&$87,21
&KHFNWKHZDWHUGHSWKEHIRUHWDNLQJWKHPDFKLQHLQWRWKHZDWHU

:RUNLQJLQWXQQHOV
6SHFLDOHTXLSPHQWHJFHUWLILHGHQJLQHDQGHQJLQHH[KDXVW
V\VWHPLVUHTXLUHGLQ(8DQG(($FRXQWULHV&RQWDFWDZRUNVKRS
DXWKRULVHGE\9ROYR

2IIURDGRSHUDWLQJ

%HIRUHHQWHULQJGLIILFXOWWHUUDLQDOZD\VFKHFNRXWWKHJURXQG
RQIRRWWRILQGRXWZKHUHDQGKRZ\RXFDQGULYHDQGWKXVDYRLG
JHWWLQJLQWRGLIILFXOWLHV
(QJDJHWKHGLIIHUHQWLDOORFNEHIRUHDQ\RIWKHZKHHOVEHJLQWR
VSLQ,IDZKHHOEHJLQVWRVSLQORZHUWKHHQJLQHVSHHGVOLJKWO\
WRLQFUHDVHWKHJULSRIWKHW\UHV
5HPHPEHUWKDWDVSLQQLQJZKHHOSURYLGHVSRRURUQRWUDFWLRQ
DWDOO7KHJURXQGZKLFKPD\SURYLGHVRPHJULSZLOOEH
GHVWUR\HGDQGLQDGGLWLRQDVPDOOXSKLOOIRUWKHVSLQQLQJZKHHO
ZLOOEHFUHDWHG

:RUNLQJLQFRQILQHGDUHDV
:RUNLQJLQFRQILQHGDUHD
&KHFNWKDWWKHUHLVVXIILFLHQWURRPIRUPDFKLQHDQGORDG
0RYHVORZO\
'ULYHLQWKHPLGGOHRIDGRRUZD\ZKLFKLVWRRQDUURZWRDOORZ
WZRPDFKLQHVWRSDVV



2SHUDWLQJWHFKQLTXHV



$WWDFKPHQWV

$WWDFKPHQWV
:$51,1*
1HYHUXVHDQDWWDFKPHQWXQWLO\RXKDYHFKHFNHGWKDWLWLVVHFXUHO\
IDVWHQHGDQGWKDWWKHDWWDFKPHQWLQFOXGLQJK\GUDXOLFKRVHV
FRQQHFWLRQVDQGVLPLODUDUHXQGDPDJHG\RXUVDIHW\LVLQYROYHG
8VLQJWKHFRUUHFWDWWDFKPHQWIRUDSDUWLFXODUMRELVDGHFLGLQJ
IDFWRUIRUWKHFDSDFLW\RIWKHPDFKLQH
7KHPDFKLQHKDVHLWKHUSHUPDQHQWO\PRXQWHGDWWDFKPHQWRU
DWWDFKPHQWPRXQWHGLQDDWWDFKPHQWEUDFNHWZKLFKDOORZVUDSLG
FKDQJHVRIDWWDFKPHQW
:KHQVHOHFWLQJDZRUNLQJDWWDFKPHQWREVHUYHWKH
UHFRPPHQGDWLRQVRIWKH9ROYR&RQVWUXFWLRQ(TXLSPHQWZRUNLQJ
DWWDFKPHQWFDWDORJXH
7KH(80DFKLQH6DIHW\'LUHFWLYHLVVWDWHGRQWKHSURGXFWSODWH
RIWKHPDFKLQHE\ZD\RIWKH&(V\PERO7KLVLGHQWLILFDWLRQ
WKHUHIRUHDOVRFRYHUVWKHDWWDFKPHQWZKLFKDUHGHVLJQHGDQG
PDUNHGE\9ROYRDVWKH\DUHDQLQWHJUDWHGSDUWRIWKHPDFKLQH
DQGDGDSWHGWRWKHPDFKLQH
:HZLOORQO\DVVXPHUHOLDELOLW\IRUPDFKLQHVZKLFKDUHRSHUDWHG
ZLWKWKHDWWDFKPHQWVHTXLSPHQWDQGVSDUHSDUWVVSHFLILHGE\XV
$WWDFKPHQWVPDQXIDFWXUHGE\RWKHUFRPSDQLHVPXVWEH
DSSURYHGE\9ROYRIRUWKHVSHFLILFPDFKLQHKDYHD&(PDUNLQJ
DQGEHGHOLYHUHGZLWKD'HFODUDWLRQRI&RQIRUPLW\DVZHOODV
RSHUDWLQJLQVWUXFWLRQV

2SHUDWLQJWHFKQLTXHV

$WWDFKPHQWVFRQQHFWLQJDQGGLVFRQQHFWLQJ



$WWDFKPHQWVFRQQHFWLQJDQG
GLVFRQQHFWLQJ
:$51,1*
1HYHUXVHDQDWWDFKPHQWXQWLO\RXKDYHFKHFNHGWKDWLWLVVHFXUHO\
IDVWHQHGDQGWKDWWKHDWWDFKPHQWLQFOXGLQJK\GUDXOLFKRVHV
FRQQHFWLRQVDQGVLPLODUDUHXQGDPDJHG\RXUVDIHW\LVLQYROYHG
:KHQXVLQJK\GUDXOLFDWWDFKPHQWVHQVXUHWKDWWKH
DWWDFKPHQWVGRQRWFRQWDLQFRQWDPLQDWHGK\GUDXOLFRLO

:$51,1*
0DNHVXUHWKHZRUNLQJDWWDFKPHQWLVSURSHUO\ORFNHGDQGVHFXUHG
E\SUHVVLQJWKHIURQWHGJHDJDLQVWWKHJURXQGVRWKDWIURQWRIWKH
PDFKLQHLVVOLJKWO\OLIWHG



2SHUDWLQJWHFKQLTXHV



$WWDFKPHQWEUDFNHWV

$WWDFKPHQWEUDFNHWV
%DFNKRHDWWDFKPHQWVGLUHFWPRXQWHG
7KLVSURFHGXUHPD\QHHGWZRSHUVRQVRQHSHUVRQWRRSHUDWHWKH
OHYHUVDQGRQHSHUVRQWRUHPRYHLQVWDOOWKHSLQV

:$51,1*
3HUVRQVLQYROYHGPXVWNQRZKRZWRRSHUDWHWKHPDFKLQHDQG
XQGHUVWDQGWKHVLJQDOOLQJGLDJUDPEHIRUHFKDQJLQJDWWDFKPHQWV
7KLVLQVWUXFWLRQLVYDOLGIRUFRQQHFWLQJDQGGLVFRQQHFWLQJ
DWWDFKPHQWVVXFKDVKDPPHUVDWWDFKPHQWEUDFNHWVDQGDOO
GLUHFWPRXQWHGDWWDFKPHQWV
0DNHVXUHWKDWWKHDUHDVRQDQGDURXQGDOOPRYLQJSDUWVRQWKH
EDFNKRHGLSSHUDUHFOHDQEHIRUHFKDQJLQJDWWDFKPHQWV

'LVFRQQHFWLQJDWWDFKPHQW
 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG$SSO\WKHSDUNLQJ
EUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHUDQGJHDUVKLIWOHYHU
WRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOLVHWKHEDFNKRH
 &OHDQWKHEXFNHWOLQNDJH
 5HPRYHWKHORFNLQJSLQVRQSLYRWSLQV $ DQG % 
 5HPRYHWKHSLYRWSLQV
 2SHUDWHWKHEDFNKRHVPRRWKO\XQWLOWKHDWWDFKPHQWLV
GLVFRQQHFWHG

$DQG% 3LYRWSLQV


2SHUDWLQJWHFKQLTXHV

$WWDFKPHQWEUDFNHWV



&RQQHFWLQJDWWDFKPHQW

:$51,1*
'RQRWLQVHUW\RXUILQJHUVLQWRWKHSLQERUHVWRFKHFNDOLJQPHQW
DVHULRXVDFFLGHQWFRXOGRFFXU

:$51,1*
7KHOLQNDJHPD\FKDQJHSRVLWLRQGXULQJFKDQJLQJDWWDFKPHQWV
DQGWKHOLQNDJHLVKHDY\3D\DWWHQWLRQWRPRYLQJSDUWV




9

/RFNLQJFKHFN


/LQHXSWKHKROHVE\RSHUDWLQJWKHEDFNKRHGLSSHU
*UHDVHWKHSLYRWSLQV
)LWWKHSLYRWSLQVDQGVHFXUHWKHPZLWKWKHORFNLQJSLQV
*UHDVHWKHOLQNDJHE\XVLQJWKHOXEULFDWLRQSRLQWVVHHSDJH

 &KHFNWKDWWKHDWWDFKPHQWEUDFNHWKDVEHHQORFNHGLQLWV
SRVLWLRQ
 3UHVVWKHDWWDFKPHQWDJDLQVWWKHJURXQG,QWKLVSRVLWLRQWLOW
WKHDWWDFKPHQWIRUZDUGDQGEDFNZDUGVWRFKHFNWKDWWKHORFN
ZHGJHVDUHLQWKHFRUUHFWSRVLWLRQ
 &KHFNWKHORFNLQJYLVXDOO\LI\RXDUHXQFHUWDLQ



2SHUDWLQJWHFKQLTXHV



0HFKDQLFDODWWDFKPHQWEUDFNHW

0HFKDQLFDODWWDFKPHQWEUDFNHW



RSWLRQDOHTXLSPHQW

'LVFRQQHFWLQJDWWDFKPHQW
 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG$SSO\WKHSDUNLQJ
EUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHUDQGJHDUVKLIWOHYHU
WRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOLVHWKHEDFNKRH
 3ODFHWKHEXFNHWDSSUR[LPDWHO\PP LQ DERYHWKH
JURXQG
 5HPRYHORFNLQJSLQ $ 
 5HPRYHUHWDLQLQJSLQ % 
 ,QVHUWKDQGOH & LQWRWKHKROH
 3UHVVGRZQWKHKDQGOHXQWLOWKHEXFNHWLVORRVH

:$51,1*
'RQRWVWDQGLQIURQWRIWKHEXFNHWDVWKHEXFNHWZLOOUROO
IRUZDUG
 /RZHUWKHEDFNKRHXQWLOWKHEXFNHWLVUHVWLQJRQWKHJURXQG
 2SHQWKHDWWDFKPHQWTXLFNFRXSOHUE\UHWUDFWLQJWKHEXFNHW
F\OLQGHUDQGUDLVHWKHGLSSHU7KHEXFNHWZLOOGLVHQJDJHIURP
WKHDWWDFKPHQWTXLFNFRXSOHU
 5HLQVWDOOWKHORFNLQJSLQ

&RQQHFWLRQRIKRRNV


&RQQHFWLQJDWWDFKPHQW
 +RRNWKHWZRKRRNVRQWKHDWWDFKPHQWTXLFNFRXSOHURQWRWKH
VKDIWRQWKHEXFNHWRUWKHDWWDFKPHQW
 5HPRYHORFNLQJSLQ $ 
 5HPRYHUHWDLQLQJSLQ % 
 6ORZO\WXUQWKHDWWDFKPHQWTXLFNFRXSOHUWRZDUGVWKHEXFNHW
E\H[WHQGLQJWKHEXFNHWF\OLQGHU
 (QVXUHWKDWWKHDWWDFKPHQWTXLFNFRXSOHUKDVIXOO\ORFNHGRQWR
WKHDWWDFKPHQW
 5HLQVWDOOWKHUHWDLQLQJSLQ
 5HLQVWDOOWKHORFNLQJSLQ
 &KHFNWKDWWKHDWWDFKPHQWTXLFNFRXSOHUKDVEHHQORFNHGLQWR
LWVSRVLWLRQ
3UHVVWKHDWWDFKPHQWDJDLQVWWKHJURXQG,QWKLVSRVLWLRQWLOW
WKHDWWDFKPHQWIRUZDUGDQGEDFNZDUGVWRFKHFNWKDWWKHORFN
ZHGJHVDUHLQWKHFRUUHFWSRVLWLRQ
,I\RXDUHXQFHUWDLQZKHWKHUWKHDWWDFKPHQWLVVHFXUHO\ORFNHG
JHWRXWDQGFKHFNLIWKHORFNZHGJHVKDYHPRYHGLQXQGHUWKH
VKDIW
'RQRWXVHWKHPDFKLQHLIWKHDWWDFKPHQWTXLFNFRXSOHULVQRW
ZRUNLQJ

:$51,1*
$OZD\VFKHFNWKDWWKHDWWDFKPHQWLVVHFXUHO\ORFNHG

2SHUDWLQJWHFKQLTXHV

+\GUDXOLFDWWDFKPHQWEUDFNHW



+\GUDXOLFDWWDFKPHQWEUDFNHW
/RDGHUDWWDFKPHQWEUDFNHWK\GUDXOLF
RSWLRQDOHTXLSPHQW
0DNHVXUHWKDWWKHDUHDVRQDQGDURXQGDOOPRYLQJSDUWVRQWKH
ORDGHUERRPDUHFOHDQEHIRUHFKDQJLQJDWWDFKPHQWV

9 

'LVFRQQHFWLQJDWWDFKPHQW
 3ODFHWKHPDFKLQHRQILUPOHYHOJURXQG
 /RZHUWKHORDGHUDWWDFKPHQWWRWKHJURXQG

127,&(
1XPEHUEHORZLVRQO\DSSOLFDEOHZKHQGLVFRQQHFWLQJD
PXOWLSXUSRVHEXFNHW

% &

9

$ $WWDFKPHQWEUDFNHWGLYHUWLQJYDOYH
% 4XLFNFRXSOHU
& 4XLFNFRXSOHU


9

/RFNLQJLQGLFDWRUVIRUWKHDWWDFKPHQWEUDFNHW


 7XUQRIIWKHHQJLQHDQGDSSO\WKHSDUNLQJEUDNH
 7XUQWKHLJQLWLRQNH\WRSRVLWLRQ,,
 5HOHDVHWKHSUHVVXUHLQWKHSUHVVXUHLQWKHORDGHULQ
K\GUDXOLFFLUFXLWVHHSDJH
 7XUQWKHLJQLWLRQNH\WRSRVLWLRQ

 'LVFRQQHFWTXLFNFRXSOHU %& IURPDWWDFKPHQWEUDFNHW
GLYHUWLQJYDOYH $ 
 3OXJTXLFNFRXSOHUV %& )ODWIDFHFRXSOHUVGRQRWQHHGWR
EHSOXJJHG
 5HVWDUWWKHHQJLQHDQGUHOHDVHWKHSDUNLQJEUDNH
 /LIWXSWKHVDIHW\FDWFKDQGGHSUHVVWKHVZLWFK WRDXWKRUL]HWR
UHOHDVHWKHORFNLQJSLQV 
 .HHSWKHVZLWFKGHSUHVVHGDQGUHOHDVHWKHORFNLQJSLQV ZLWK
WKHFODPVKHOOOHYHU %/% RUZLWKWKHUROOHU %/% 
 &KHFNWKDWWKHORFNLQJLQGLFDWRUVDUHLQSRVLWLRQ
 7LOWWKHDWWDFKPHQWEUDFNHWIRUZDUGDQGORZHUWKHORDGHUDUPV
WRKRRNRIIWKHDWWDFKPHQW
 5HOHDVHWKHVZLWFK



2SHUDWLQJWHFKQLTXHV



+\GUDXOLFDWWDFKPHQWEUDFNHW
&RQQHFWLQJDWWDFKPHQW

:$51,1*
:KHQFRQQHFWLQJDWWDFKPHQWVWKHRSHUDWRUVKRXOGPDNHVXUH
WKDWWKHH[SHFWHGHIIHFWLVREWDLQHGZKHQPRYLQJWKHFRQWURO
OHYHUV$QXQH[SHFWHGPRYHPHQWPD\SRVVLEO\UHVXOWLQDQ
DFFLGHQW
$OZD\VFKHFNWKHIXQFWLRQEHIRUHWKHPDFKLQHLVSXWWRZRUNDQG
WKDWK\GUDXOLFKRVHVHWFIRUWKHDWWDFKPHQWFDQPRYHIUHHO\DQG
DUHVXIILFLHQWO\ORQJWKURXJKRXWWKHZKROHZRUNLQJUDQJHRIWKH
OLIWLQJDUPVDQGWKHWLOWLQJIXQFWLRQ([WHQVLRQKRVHVDUHDYDLODEOH
FRQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYR&(
 /RZHUWKHDWWDFKPHQWEUDFNHWWRDOLJQLWZLWKWKHKRRNVRIWKH
DWWDFKPHQW

127,&(
&KHFNWKDWWKHLQGLFDWRUVDUHLQSRVLWLRQ,IQRWFDUU\RXW
VWHSV

9

 /LIWXSWKHVDIHW\FDWFKDQGGHSUHVVWKHVZLWFK WRDXWKRUL]HWR
UHOHDVHWKHORFNLQJSLQV 
 .HHSWKHVZLWFKGHSUHVVHGDQGUHOHDVHWKHORFNLQJSLQV ZLWK
WKHFODPVKHOOOHYHU %/% RUZLWKWKHUROOHU %/% &KHFN
WKDWWKHLQGLFDWRUVDUHLQSRVLWLRQ
 7LOWWKHDWWDFKPHQWEUDFNHWIRUZDUGDQGKRRNLWRQWRWKH
DWWDFKPHQWKRRNVRIWKHDWWDFKPHQW
 /LIWWKHDWWDFKPHQWDQGWLOWLWEDFNZDUGVWRDOHYHOSRVLWLRQ
 /LIWXSWKHVDIHW\FDWFKDQGGHSUHVVWKHVZLWFK WRDXWKRUL]HWR
ORFNZLWKWKHORFNLQJSLQV 
 .HHSWKHVZLWFKGHSUHVVHGDQGORFNZLWKWKHORFNLQJSLQV ZLWK
WKHFODPVKHOOOHYHU %/% RUZLWKWKHUROOHU %/% &KHFN
WKDWWKHORFNLQJLQGLFDWRUVDUHLQSRVLWLRQ

 $PHVVDJHLQWKHGLVSOD\XQLWZLOOLQIRUP\RXWKDWWKH
DWWDFKPHQWLVORFNHGWRWKHDWWDFKPHQWEUDFNHW&KHFNWKDWWKH
DWWDFKPHQWUHDOO\LVSURSHUO\FRQQHFWHGDQGSUHVV(6&WR
FRQILUP
9

:$51,1*

&KHFNWKDWWKHDWWDFKPHQWLVSURSHUO\ORFNHGE\SUHVVLQJLWV
RXWHUHGJHDJDLQVWWKHJURXQGVRWKDWWKHPDFKLQHEHJLQVWR
ULVHVOLJKWO\,IWKHDWWDFKPHQWLVQRWIDVWHQHGFRUUHFWO\LWPD\
ZRUNORRVHDQGFDXVHLQMXULHV

127,&(
1XPEHUEHORZLVRQO\DSSOLFDEOHZKHQFRQQHFWLQJD
PXOWLSXUSRVHEXFNHW





/RZHUWKHORDGHUDWWDFKPHQWWRWKHJURXQG
7XUQRIIWKHHQJLQH
7XUQWKHLJQLWLRQNH\WRSRVLWLRQ,,
5HOHDVHWKHSUHVVXUHLQWKHORDGHULQK\GUDXOLFFLUFXLWVHH
SDJH
 7XUQWKHLJQLWLRQNH\WRSRVLWLRQ


2SHUDWLQJWHFKQLTXHV

+\GUDXOLFDWWDFKPHQWEUDFNHW



 &OHDQDQGFRQQHFWTXLFNFRXSOHUV %& RIWKHLQOLQHWR


DWWDFKPHQWEUDFNHWGLYHUWLQJYDOYH $ 

$WWDFKPHQWEUDFNHWEDFNKRHK\GUDXOLF
RSWLRQDOHTXLSPHQW
'LVFRQQHFWLQJDEXFNHW

:$51,1*
:KHQDWWDFKLQJRUGLVFRQQHFWLQJDEXFNHWIURPWKHDWWDFKPHQW
EUDFNHWPDNHVXUHQRERG\HQWHUVWKHZRUNLQJDUHD
 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG$SSO\WKHSDUNLQJ
EUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHUDQGJHDUVKLIWOHYHU
WRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOL]HWKHEDFNKRH
 &XUOLQWKHEXFNHWFRPSOHWHO\DJDLQVWWKHGLSSHUDUP WR
UHOHDVHWKHORFNLQJPHFKDQLVP 
 /LIWXSWKHUHGVDIHW\FDWFKDQGGHSUHVVWKHVZLWFK.HHSWKH
VZLWFKGHSUHVVHG7KHVZLWFKLOOXPLQDWHVUHGZKHQWKH
DWWDFKPHQWTXLFNFRXSOHULVLQWKHRSHQSRVLWLRQ
 /RZHUWKHEXFNHWDQGFXUORXWWROLIWXSWKHDWWDFKPHQWTXLFN
FRXSOHUIURPWKHEXFNHW
 3ODFHWKHEXFNHWIODWRQWKHJURXQGDQGXQKRRNLW
 5HOHDVHWKHVZLWFK

&RQQHFWLQJDEXFNHW

:$51,1*
1HYHUXVHDQDWWDFKPHQWXQWLO\RXKDYHFKHFNHGWKDWLWLVVHFXUHO\
IDVWHQHGDQGWKDWWKHDWWDFKPHQWLQFOXGLQJK\GUDXOLFKRVHV
FRQQHFWLRQVDQGVLPLODUDUHXQGDPDJHG\RXUVDIHW\LVLQYROYHG

9

$WWDFKPHQWTXLFNFRXSOHUK\GUDXOLFKRRNRII


 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG$SSO\WKHSDUNLQJ
EUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHUDQGJHDUVKLIWOHYHU
WRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOL]HWKHEDFNKRH
 &XUOLQWKHEXFNHWFRPSOHWHO\DJDLQVWWKHGLSSHUDUP WR
UHOHDVHWKHORFNLQJPHFKDQLVP 
 /LIWXSWKHUHGVDIHW\FDWFKDQGGHSUHVVWKHVZLWFK.HHSWKH
VZLWFKGHSUHVVHG7KHVZLWFKLOOXPLQDWHVUHGZKHQWKH
DWWDFKPHQWTXLFNFRXSOHULVLQWKHRSHQSRVLWLRQ
 &XUORXWWKHDWWDFKPHQWTXLFNFRXSOHUDQGKRRNLWRQWRWKH
EXFNHWSLQ
 6ORZO\FXUOLQWKHDWWDFKPHQWTXLFNFRXSOHUIXOO\WRZDUGVWKH
EXFNHW



2SHUDWLQJWHFKQLTXHV



+\GUDXOLFDWWDFKPHQWEUDFNHW

9

 5HOHDVHWKHVZLWFKWRORFNWKHEXFNHWLQSRVLWLRQ
 $PHVVDJHLQWKHGLVSOD\XQLWZLOOLQIRUP\RXWKDWWKH
DWWDFKPHQWLVORFNHGWRWKHDWWDFKPHQWTXLFNFRXSOHU&KHFN
WKDWWKHDWWDFKPHQWUHDOO\LVSURSHUO\FRQQHFWHGDQGSUHVV
(6&WRFRQILUP
 /LIWDQGFXUOLQWKHEXFNHWIXOO\WRZDUGVWKHGLSSHUDUPDQGKROG
LWWKHUHIRUDSSUR[LPDWHO\ILYHVHFRQGVWRHQVXUHWKH
DWWDFKPHQWTXLFNFRXSOHUKDVIXOO\ORFNHGRQWRWKHEXFNHW
3UHVVWKHEXFNHWDJDLQVWWKHJURXQG,QWKLVSRVLWLRQFXUOWKH
EXFNHWLQDQGRXWWRFKHFNWKDWLWLVORFNHGLQWKHFRUUHFWSRVLWLRQ
,I\RXDUHQRWVXUHLIWKHEXFNHWLVVHFXUHO\ORFNHGWRWKH
DWWDFKPHQWTXLFNFRXSOHUJHWRXWDQGFKHFNWKHUHGODWFKKDV
FORVHGDURXQGWKHEXFNHWSLQ

&$87,21
'RQRWXVHWKHPDFKLQHLIWKHDWWDFKPHQWEUDFNHWLVQRWZRUNLQJ
FRUUHFWO\

9

%XFNHWLQORFNHGSRVLWLRQ


2SHUDWLQJWHFKQLTXHV

/RDGLQJ



/RDGLQJ
/RDGHUERRPDQGWLOWLQGLFDWRUV


2SWLRQDOHTXLSPHQW
7KHORDGHUERRPLQGLFDWRU RSWLRQDOHTXLSPHQW LVSRVLWLRQHG
RQWKHOHIWKDQGVLGHRIWKHORDGHUERRPLQIURQWRIWKHFDE
FDQRS\:KHQWKHLQGLFDWRUDQGWKHSDLQWHGOLQHRQWKHORDGHU
ERRPDUHLQOLQHWKHDWWDFKPHQWLVORZHUHGWRJURXQGOHYHO
7KHWLOWLQGLFDWRULVSRVLWLRQHGRQWKHORDGHUWLOWF\OLQGHUOLQNDJH
:KHQWKHLQGLFDWRUDQGWKHSDLQWHGOLQHRQWKHWLOWF\OLQGHU
OLQNDJHDUHLQOLQHWKHEXFNHWLVOHYHO

9

/RDGHUERRPLQGLFDWRU



9

7LOWLQGLFDWRU


*UDYHODQGKHDSORDGLQJ

:$51,1*
:KHQZRUNLQJDWWKHEDVHRIDEDQNRUXQGHUDQRYHUKDQJSD\
DWWHQWLRQWRWKHULVNRIIDOOLQJPDWHULDOHJHDUWKURFNVRUWUHHV
 $GMXVWWKHORDGHUEXFNHWVRWKDWLWLVOHYHODQGORZHULWWRWKH
JURXQGMXVWLQIURQWRIWKHJUDYHOKHDS
 (QWHUWKHPDWHULDOLQDORZJHDU:KHQWKHPDFKLQHKDVQHDUO\
FRPHWRDVWDQGVWLOOEHFDXVHWKHPD[LPXPWUDFWLYHHIIRUWRI
WKHPDFKLQHKDVEHHQUHDFKHGEHJLQWRUDLVHWKHEXFNHWZKLOH
DWWKHVDPHWLPHWLOWLWEDFNZDUGV
 8VHWKHWUDQVPLVVLRQGHFOXWFKVZLWFKWRJLYHWKHK\GUDXOLF
V\VWHPPRUHSRZHUZKHQILOOLQJWKHEXFNHW7KHWUDQVPLVVLRQ

2SHUDWLQJWHFKQLTXHV



/RDGLQJ
GHFOXWFKVZLWFKLVORFDWHGRQWKHORDGHUERRPOHYHUVHHSDJH

 (QJDJH:'DQGWKHGLIIHUHQWLDOORFNLIWKHJURXQGFRQGLWLRQV
DUHSRRUDQGWKHZKHHOVWHQGWRVSLQ5HPHPEHUWKDWWKH
ZKHHOVPXVWEHVWRSSHGEHIRUHWKHGLIIHUHQWLDOORFNLV
HQJDJHG

127,&(
<RXPXVWQHYHUHQJDJHWKHGLIIHUHQWLDOORFNZKHQRQHRIWKH
ZKHHOVLVVSLQQLQJ
 )RUEHWWHUUHDUYLVLELOLW\VZLQJRXWWKHEDFNKRHIURPLWV
WUDYHOOLQJSRVLWLRQ
,ISRVVLEOHDYRLGWLOWLQJWKHEXFNHWIRUZDUGZKHQILOOLQJLW
([DJJHUDWHGOHYHUPRYHPHQWVPD\FDXVHZKHHOVSLQ1HYHU
PRYHLQWRWKHPDWHULDODWDKLJKVSHHG

5RFNORDGLQJ
&KRRVLQJWKHFRUUHFWHQJLQHVSHHGLVRIJUHDWLPSRUWDQFHDV
WRRKLJKHQJLQHVSHHGPD\FDXVHZKHHOVSLQ
0RYHWKHPDFKLQHFDUHIXOO\LQWRWKHPDWHULDOWRDYRLGVLGH
VWUHVVHVZKLFKFDQKDUPWKHORDGHUERRP
7KHHGJHRIWKHEXFNHWPXVWILQGLWVZD\XQGHUDQGEHWZHHQ
WKHVWRQHVZKLFKPHDQVWKDW\RXPXVWZDWFKWKHEXFNHW
FDUHIXOO\DVLWHQWHUVWKHPDWHULDO
,IDVWRQHEHFRPHVZHGJHGWU\DQHZDQJOHRIDSSURDFKEXW
DYRLGH[HUWLQJSUHVVXUHRQWKHFRUQHURIWKHEXFNHW
$YRLGGULYLQJXSLQWRWKHPDWHULDODVWKHUHLVDJUHDWULVNRI
GDPDJLQJWKHW\UHVRQWKHVKDUSSLHFHVRIURFN$OVRUHPRYH
VWRQHVWKDWKDYHIDOOHQRXWRIWKHEXFNHW
8VHWKHWUDQVPLVVLRQGHFOXWFKVZLWFKWRJLYHWKHK\GUDXOLF
V\VWHPPRUHSRZHUZKHQILOOLQJWKHEXFNHW7KHGHFOXWFK
VZLWFKLVORFDWHGRQWKHORDGHUERRPOHYHUVHHSDJH
,IWKHUHDUZKHHOVVWDUWWRVSLQUHGXFHWKHHQJLQHVSHHGXQWLO
WKHZKHHOVVWRSVSLQQLQJDQGHQJDJHWKHGLIIHUHQWLDOORFN

7UDQVSRUWLQJORDG ORDGLQJFDUU\LQJ

:$51,1*
5LVNRIVHULRXVDFFLGHQWV
$ORDGZKLFKLVFDUULHGWRRKLJKGHVWDELOL]HVWKHPDFKLQH7KH
PDFKLQHPD\UROORYHU
$OZD\VNHHSWKHORDGDVORZDVSRVVLEOH

7UDYHOOLQJSRVLWLRQ


7KHORDGHUEXFNHWVKRXOGEHIXOO\WLOWHGEDFNZDUGVDQGNHSWLQ
WUDYHOOLQJSRVLWLRQ FP LQ DERYHWKHJURXQG
.HHSWKHURDGHYHQDQGIUHHIURPVWRQHVDQGRWKHUREMHFWV
7KHUHLVDOZD\VVSLOODJHIURPDWRRIXOOEXFNHW
/HYHOWKHURDGRQWKHZD\EDFNLIQHFHVVDU\
(QJDJHWKH%RRP6XVSHQVLRQ6\VWHP RSWLRQDOHTXLSPHQW 
$OZD\VFKRRVHDWUDYHOVSHHGVXLWDEOHIRUWKHORDGDQGURDG
FRQGLWLRQV

2SHUDWLQJWHFKQLTXHV

/RDGLQJ



'XPSLQJORDG

:$51,1*
,IYLVLELOLW\LVOLPLWHGE\WKHORDGRUWKHDWWDFKPHQWJUHDWFDUHPXVW
EHWDNHQ:DONDURXQGWKHPDFKLQHEHIRUHVWDUWLQJDQGPDNHVXUH
WKDWQRSHUVRQVUHPDLQLQRUHQWHUWKHZRUNLQJDUHDRIWKH
PDFKLQH,I\RXDUHXQFHUWDLQUDLVHWKHORDGDQGFKHFNWKH
FRQGLWLRQVLQWKHRSHUDWLRQDUHDE\ORRNLQJXQGHUWKHORDGDQG
RSHUDWHDWORZVSHHG,IQHFHVVDU\DUUDQJHIRUDVLJQDOOLQJSHUVRQ
WRWDNHFKDUJHDQGWRKHOSWKHRSHUDWRUXQGHUWULFN\
FLUFXPVWDQFHV*UHDWFDUHPXVWEHWDNHQWRSUHYHQWLQMXULHVDQG
GDPDJHWRSURSHUW\
,I\RXDUHZRUNLQJRQDQLQFOLQHWU\WRDUUDQJHVRWKDWWKHORDG
FDQEHGXPSHGXSKLOO7KLVDIIHFWVWKHVWDELOLW\RIWKHPDFKLQH
LQDSRVLWLYHZD\
.HHSWKHEXFNHWDVFORVHWRWKHWUXFNRUVSRLOKHDSDVSRVVLEOH
WRDFKLHYHDVPRRWKGXPSLQJDQGEHWWHUFRQWURORIWKHSRVLWLRQ
RIWKHORDG
:KHQORDGLQJURFNVWDUWZLWKILOOLQJDVILQHPDWHULDODVSRVVLEOH
LQRUGHUWRVRIWHQWKHLPSDFWRIVXEVHTXHQWODUJHUSLHFHV
'XPSLQJORDGFDQEHGRQHE\XVLQJDFODPVKHOO LILQVWDOOHG 

3RVLWLRQLQJRIWUDQVSRUWLQJYHKLFOH
7KHSRVLWLRQRIWKHWUDQVSRUWLQJYHKLFOHLVRIJUHDWLPSRUWDQFH
IRUPDNLQJWKHORDGLQJRSHUDWLRQHIILFLHQW
,QGLFDWHZKHUH\RXZDQWWKHWUDQVSRUWLQJYHKLFOHWRVWDQG
VXLWDEOHE\SRLQWLQJZLWKWKHEXFNHW+DYLQJGRQHVR\RXDUH
UHVSRQVLEOHWKDWWKHSODFHLVVDIH
'RQRWGXPSWKHPDWHULDOLQRQHVXGGHQPRYHPHQW2SHQWKH
EXFNHWLQDVORZPRYHPHQWXQWLOLWLVHPSW\



2SHUDWLQJWHFKQLTXHV



([FDYDWLQJ

([FDYDWLQJ
2SHUDWLQJZLWKWKHEDFNKRH

:$51,1*
%HIRUH\RXVWDUWZRUNLQJILQGRXWWKHORFDWLRQRISLSHVDQG
XQGHUJURXQGFDEOHV&RQWDFWWKHWHOHSKRQHFRPSDQ\DQG
GLVWULEXWRUVRIHOHFWULFLW\DQGJDVIRUIXUWKHULQIRUPDWLRQ

&$87,21
,IDGLWFKFOHDQLQJEXFNHWLVXVHGPDNHVXUHWKDWLWGRHVQRWFRPH
LQWRFRQWDFWZLWKWKHPDFKLQH

&$87,21
:KHQRSHUDWLQJZLWKDGLWFKFOHDQLQJEXFNHWPDNHVXUHWKDWLW
GRHVQRWFRPHLQWRFRQWDFWZLWKWKHVWDELOLVHUVRURWKHUSDUWVRI
WKHPDFKLQH
,I\RXDUHZRUNLQJZLWKDQRWKHUSHUVRQPDNHVXUH\RXERWK
XQGHUVWDQGZKDWHDFKRWKHULVGRLQJE\OHDUQLQJWKHVLJQDOOLQJ
GLDJUDPVHHSDJH

3RVLWLRQLQJWKHPDFKLQH

:$51,1*
'RQRWSODFHWKHPDFKLQHWRRFORVHWRWKHGLJJLQJHGJH7KH
PDFKLQHPD\IDOOLQWRWKHGLWFKRUKROHZKLFKPD\OHDGWRVHYHUH
SHUVRQDOLQMXU\
%HIRUHEHJLQQLQJWRRSHUDWHPDNHVXUHWKDWWKHJURXQGLVVWDEOH
ZKHUHWKHPDFKLQHLVWREHXVHG
,IWKHJURXQGLVXQHYHQDQGXQVWDEOHPRYHHDUWKRUVWRQHVDQG
OHYHOWKHJURXQGZKHUHWKHZKHHOVDQGVWDELOLVHUVDUHWREH
SODFHG
/RZHUWKHVWDELOLVHUVXQWLOWKHUHDUZKHHOVDUHUDLVHGVOLJKWO\RII
WKHJURXQG
/RZHUWKHORDGHUEXFNHWDVIDUDVSRVVLEOHDQGWLOWWKHEXFNHW
XQWLOWKHERWWRPLVIODWDJDLQVWWKHJURXQG

)LOOLQJEDFNKRHEXFNHW
&RQWUROWKHEXFNHWDQJOHGXULQJWKHGLJJLQJF\FOHWRNHHSWKH
EXFNHWDWWKHEHVWDQJOHIRUPD[LPXPSHQHWUDWLRQ
8VHDVXLWDEOHFXWWLQJDQJOHDQGILOOWKHEXFNHWE\XVLQJWKH
PRYHPHQWRIWKHGLSSHU
5DLVHWKHERRPDQGDWWKHVDPHWLPHEHJLQWKHVZLQJ
PRYHPHQWDQGHPSW\WKHEXFNHW
)RURSWLPXPVSHHGDQGSHUIRUPDQFHDYRLGIXOO\WLOWHGIRUZDUG
RUIXOO\WLOWHGEDFNZDUGVSRVLWLRQV
9

2SHUDWLQJWHFKQLTXHV

([FDYDWLQJ



6WRQ\PDWHULDO
,IQHFHVVDU\FOHDUDZD\PDWHULDOLQIURQWRIRUDWWKHVLGHVRI
WKHVWRQH,WLVLPSRUWDQWWRFOHDUDZD\VWRQHVLQRUGHUWRUHGXFH
WKHZHDURIERWKPDFKLQHDQGDWWDFKPHQW
7U\WRJHWWKHWHHWKRIWKHEXFNHWXQGHUWKHVWRQHV

9

7UHQFKLQJ

:$51,1*
'RQRWSODFHWKHPDFKLQHWRRFORVHWRWKHGLJJLQJHGJH7KH
PDFKLQHPD\IDOOLQWRWKHGLWFKRUKROHZKLFKPD\OHDGWRVHYHUH
SHUVRQDOLQMXU\
:KHQWUHQFKLQJLWLVUHFRPPHQGHGWRGLJLQOD\HUVWRPDLQWDLQ
DOHYHOWUHQFKERWWRP8VHDFRPELQDWLRQRIEXFNHWGLSSHUDQG
ERRPFRQWUROVWRPDLQWDLQWKHDQJOHRIWKHEXFNHWZKLOHGLJJLQJ

9

'LWFKFOHDQLQJ
.HHSWKHPDFKLQHSDUDOOHOWRWKHGLWFKDWDGLVWDQFHVXLWDEOHWR
WKHRSHUDWLRQDOUDQJHRIWKHEDFNKRH7KLVPHDQVWKDW\RX
VKRXOGXVHRIWKHPD[LPXPUHDFKRIWKHEDFNKRH
7KHORDGHUEXFNHWFDQEHNHSWUDLVHGRIIWKHJURXQGGXULQJ
QRUPDOFRQGLWLRQV
%XFNHWVZLWKRXWWHHWKLQWHQGHGIRUGLWFKFOHDQLQJSURYLGHD
JRRGUHVXOWDQGDKLJKFDSDFLW\EXWLIWKHERWWRPLVKDUGDQG
VWRQ\LWPD\EHEHWWHUWRXVHDEXFNHWZLWKWHHWK
,ISRVVLEOHDYRLGUHPRYLQJWKHJUDVVIURPWKHVLGHVRIWKHGLWFK
7KHJUDVVZLOOSUHYHQWHURVLRQDQGHDUWKVOLSSLQJGRZQLQWRWKH
GLWFK

$


'HHSH[FDYDWLRQV

&

:$51,1*
5HPHPEHUWKHUHLVDULVNWKDWDGHHSRSHQKROHHDVLO\ILOOVZLWK
ZDWHUDQGWKDWWKHVLGHVPD\VOLSLQWRWKHKROH7DNHFDUHVRWKDW
\RXGRQRWRYHUORDGWKHHGJHVRIWKHKROHDQGWKDW\RXSRVLWLRQ
WKHPDFKLQHDFFRUGLQJO\
([FDYDWLQJGHHSKROHVEHFRPHVPRUHHIILFLHQWLIWKHPDFKLQHLV
SODFHGDVORZDVSRVVLEOH8VHWKHIXOOH[WHQWRIWKHEDFNKRH
VZLQJDUHDWRLQFOXGHGLJJLQJDQGVSRLOGXPSLQJ

9



2SHUDWLQJWHFKQLTXHV



([FDYDWLQJ
$
,IWKHVLGHVRIWKHKROHKDYHWREHYHUWLFDOILUVWGLJDORQJWKH
VLGHVDQGOHDYLQJWKHPLGGOHVHFWLRQVOLJKWO\KLJKHU
.HHSWKHDUHDEHKLQGWKHVZLQJFHQWUHFOHDU.HHSWKHKROH
QHDUHVWWKHPDFKLQHQDUURZDVWKLVJLYHV\RXDJRRGYLHZ
GRZQLQWRWKHKROHEXWGRHVQRWXQGHUPLQHWKHVWDELOLVHUV

%
2QHEDVLFUXOHIRUDOOH[FDYDWLQJZRUNLVWRWU\WRVRUWWKH
H[FDYDWHGPDWHULDO7KHEHVWPDWHULDOZKLFKSHUKDSVFDQEH
XVHGIRUILOOLQJVKRXOGEHSODFHGQHDUHVWWKHPDFKLQHDQGZHW
DQGUXQQ\PDWHULDOIXUWKHVWDZD\

&
3LSHVDQGVLPLODUZKLFKDUHWREHOLIWHGGRZQWKHKROHVKRXOG
EHDYDLODEOHZLWKLQUHDFKRIWKHEXFNHWVRWKH\FDQEHSXWLQ
SODFHTXLFNO\

2SHUDWLQJWHFKQLTXHV

3UHVVXUHUHOHDVH



3UHVVXUHUHOHDVH
127,&(
7KHSURFHGXUHVEHORZIRUSUHVVXUHUHOHDVHVKRXOGEHXVHGZKHQ
GLVFRQQHFWLQJRUFRQQHFWLQJDWWDFKPHQWV3UHVVXUHUHOHDVHIRU
VHUYLFHDQGPDLQWHQDQFHVHHSDJH
5HVLGXDOSUHVVXUHLQWKHKRVHVPDNHVLWYHU\GLIILFXOWWR
GLVFRQQHFWRUFRQQHFWWKHTXLFNFRXSOLQJV
7KLVLVIDFLOLWDWHGE\UHOHDVLQJWKHSUHVVXUHLQWKHK\GUDXOLF
V\VWHPZKHQIRUH[DPSOH\RXZDQWWRGLVFRQQHFWDK\GUDXOLF
KRVH
 6WRSWKHHQJLQH
 ,JQLWLRQVZLWFKLQSRVLWLRQ
 7KHOHYHUVRUFRQWUROVIRUWKHUHOHYDQWIXQFWLRQDUHPRYHGLQ
DOOSRVVLEOHGLUHFWLRQVDQGDUHKHOGLQWKHLUHQGSRVLWLRQVIRU
WKUHHVHFRQGV



2SHUDWLQJWHFKQLTXHV



3UHVVXUHUHOHDVH
,QWKHWDEOHEHORZSUHVVXUHUHOHDVHIRUDX[LOLDU\K\GUDXOLFV IRU
ORDGHUDQGEDFNKRH DUHVKRZQ

%$
%

9

9

/RDGHULQK\GUDXOLFFLUFXLW

$X[LOLDU\K\GUDXOLFFLUFXLW

9

3UHVVXUHUHOHDVH%/%

9

3UHVVXUHUHOHDVHSLORWFRQWURO

9

9

3UHVVXUHUHOHDVH%/%

3UHVVXUHUHOHDVHPHFKDQLFDOFRQWURO

2SHUDWLQJWHFKQLTXHV

3UHVVXUHUHOHDVH



7KHKRVHVEHFRPHVODFNZKHQWKHSUHVVXUHLVUHOHDVHG
:KHQGLVFRQQHFWLQJDQDWWDFKPHQWLWVKRXOGDOZD\VUHVWRQWKH
JURXQGZKHQUHOHDVLQJWKHSUHVVXUH
([FHVVSUHVVXUHLQDK\GUDXOLFDWWDFKPHQWFDQEHUHOHDVHGE\
VODFNHQLQJWKHORFNQXWEHWZHHQWKHKRVHDQGWKHK\GUDXOLFSLSH
DQGWKHQWLJKWHQLQJLWDJDLQ0HDQZKLOHZDWFKWKHDWWDFKPHQW
&ROOHFWWKHVXUSOXVRLO



2SHUDWLQJWHFKQLTXHV



+\GUDXOLFFRXSOLQJV

+\GUDXOLFFRXSOLQJV


:$51,1*
%$

,PPHGLDWHO\DIWHURSHUDWLQJWKHPDFKLQHWKHKRWK\GUDXOLFRLOFDQ
FDXVHVHYHUHEXUQVWRXQSURWHFWHGVNLQ+\GUDXOLFSUHVVXUHFDQ
UHPDLQLQWKHK\GUDXOLFV\VWHP6HULRXVLQMXULHVFDQUHVXOWLIWKLV
UHPDLQLQJSUHVVXUHLVQRWUHOHDVHGEHIRUHDQ\VHUYLFHLVGRQHRQ
WKHK\GUDXOLFV\VWHP

&$87,21
:KHQFRQQHFWLQJRUGLVFRQQHFWLQJK\GUDXOLFFRXSOLQJVHQVXUH
WKDWWKHFRXSOLQJVDQGWKHVXUURXQGLQJDUHDDUHFOHDQ

9

&$87,21
0DNHVXUHWKDWWKHHQJLQHFDQQRWEHVWDUWHGZKLOHWKHKRVHVDUH
GLVFRQQHFWHG

&$87,21
7KLVMREVKRXOGEHFDUULHGRXWLQDFOHDQHQYLURQPHQW

'LVFRQQHFWLQJK\GUDXOLFFRXSOLQJV
 /RZHUWKHDWWDFKPHQWVWRWKHJURXQG
 5HOHDVHWKHK\GUDXOLFSUHVVXUHVHHSDJH
 $OORZWKHK\GUDXOLFV\VWHPWRFRROGRZQ
 &OHDQWKHDUHDDURXQGWKHFRXSOLQJVZLWKDFOHDQFORWK
 3XOOEDFNWKHULQJRQWKHIHPDOHFRXSOLQJWRGLVFRQQHFWWKH
FRXSOLQJV
 (QVXUHWKDWWKHPDOHFRXSOLQJGRHVQRWEHFRPHGDPDJHG
3URWHFWWKHPDOHFRXSOLQJZLWKDFRYHU
9

$X[LOLDU\K\GUDXOLFFLUFXLW WZRZD\IORZ
+DPPHUK\GUDXOLFFLUFXLW RQHZD\IORZ
$5HWXUQOLQH PDOH
%3UHVVXUHOLQH IHPDOH


&RQQHFWLQJK\GUDXOLFFRXSOLQJV
 /RZHUWKHDWWDFKPHQWVWRWKHJURXQG
 5HOHDVHWKHK\GUDXOLFSUHVVXUHVHHSDJH
 $OORZWKHK\GUDXOLFV\VWHPWRFRROGRZQ
 &OHDQERWKPDOHDQGIHPDOHFRXSOLQJVZLWKDFOHDQFORWK
 &RQQHFWWKHFRXSOLQJV$FFXPXODWHGSUHVVXUHPD\DSSHDULQ
SUHVVXUHOLQH % ,IVRSUHVVWKHIHPDOHKRVHFRXSOHUDJDLQVW
WKHSUHVVXUHOLQH PDOH 7KHDFFXPXODWHGSUHVVXUHVKRXOGEH
UHOHDVHGLQXQGHUILYHVHFRQGV
 (QVXUHWKDWWKHK\GUDXOLFFRXSOLQJVDUHSURSHUO\FRQQHFWHG
0DNHDWHVWRQWKHK\GUDXOLFFLUFXLWWKDWKDVEHHQFRQQHFWHG

&$87,21
'RQRWXVHFRXSOLQJVZKLFKDUHZRUQRXWRUEURNHQ

2SHUDWLQJWHFKQLTXHV

+\GUDXOLFFRXSOLQJV



+\GUDXOLFFLUFXLWIRUKDQGKHOGWRROV RSWLRQDO
HTXLSPHQW

$8;

'HSUHVVWKHXSSHUSDUWRIWKHVZLWFKWRSUHVVXUL]HWKHFLUFXLW
'HSUHVVWKHORZHUSDUWRIWKHVZLWFKWRGHSUHVVXUL]HWKHFLUFXLW
+\GUDXOLFFLUFXLWIRUKDQGKHOGWRROV
9 

6ZLWFKRQVLGHSDQHO


2SHUDWLQJIORZ

OPLQ

2SHUDWLQJSUHVVXUH

EDU

5HOLHISUHVVXUH

EDU

$ %


9

2SHUDWLQJWHFKQLTXHV



%XFNHWV

%XFNHWV
:$51,1*
7KHEXFNHWPXVWQRWEHXVHGIRUWUDQVSRUWLQJRUOLIWLQJSHRSOH
DVWKLVPLJKWOHDGWRDFFLGHQWV

&KRRVLQJEXFNHW
7KHFKRLFHRIEXFNHWLVGHSHQGHQWRQWKHFRQGLWLRQRIWKH
PDWHULDO KDUGORRVH LWVGHQVLW\ KHDY\OLJKW DQGRQWKH
WLSSLQJORDGRIWKHPDFKLQH
$WRRODUJHEXFNHWUHODWLYHWRWKHGHQVLW\RIWKHPDWHULDODQGWKH
WLSSLQJORDGRIWKHPDFKLQHZLOOJLYHWKHLPSUHVVLRQWKDWWKH
PDFKLQHLVZHDNDQGXQVWDEOHDQGZLOOQRWLQFUHDVHWKH
SURGXFWLYLW\

)RUJXLGDQFHRQWKHFKRLFHRIEXFNHWVHHWKH$WWDFKPHQW
&DWDORJXH
/RDGHUEXFNHWV

$6WUDLJKWEXFNHWZLWKRXWWHHWK
%6WUDLJKWEXFNHWZLWKWHHWK
&0XOWLSXUSRVHEXFNHW
%DFNKRHEXFNHWV
'/HYHOOLQJEXFNHW
(6WUDLJKWEXFNHWZLWKWHHWK

&

9

%XFNHWWHHWKWLJKWHQLQJWRUTXH

&$87,21
&KHFNWKHEROWWRUTXHVDIWHUWKHILUVWIRXUKRXUVRIRSHUDWLRQ
DFFRUGLQJWRWKHWDEOHEHORZ
7LJKWHQLQJWRUTXHIRUORDGHUEXFNHWWHHWK
TXDOLW\FODVV
6L]H

7LJKWHQLQJWRUTXH

0

1P OEIIW

2SHUDWLQJWHFKQLTXHV

%XFNHWV



%XFNHWRSHUDWLRQ
7RREWDLQHIILFLHQWDQGVDIHRSHUDWLRQIROORZWKHVHSRLQWV
 6HOHFWWKHFRUUHFWEXFNHWIRUWKHZRUNLQTXHVWLRQ
 /HYHOWKHZRUNVLWHDVPXFKDVSRVVLEOH
 $YRLGZKHHOVSLQE\DGDSWLQJWKHHQJLQHVSHHGDQGVOLJKWO\
UDLVLQJWKHEXFNHWDIWHULWKDVEHJXQWRHQWHUWKHPDWHULDO
 :RUNZLWKWKHPDFKLQHVWUDLJKWDJDLQVWWKHPDWHULDOWRREWDLQ
WKHJUHDWHVWSHQHWUDWLQJDELOLW\7KLVDOVRFRQWULEXWHVWR
UHGXFHGW\UHZHDU

'

9



2SHUDWLQJWHFKQLTXHV



%XFNHWV
0XOWLSXUSRVHEXFNHW

127,&(
:KHQXVLQJWKHPXOWLSXUSRVHEXFNHWHQVXUHWKDWQRSHUVRQV
DUHLQWKHZRUNLQJDUHDRIWKHPDFKLQH

&$87,21
,IWKHPDFKLQHKDVEHFRPHVWXFNDQGRQHRIWKHZKHHOVLV
VSLQQLQJWKHZKHHOPXVWEHVWRSSHGEHIRUHHQJDJLQJWKH
GLIIHUHQWLDOORFN2WKHUZLVHWKHGULYHD[OHV\VWHPPD\EH
GDPDJHG

/RDGLQJ
/RDGWKHEXFNHWZLWKWKHFODPVKHOOFORVHG

%DFNILOOLQJ
2SHQWKHFODPVKHOODQGWLOWWKHEXFNHWIRUZDUG5HYHUVHWKH
PDFKLQHWRILOOWKHEXFNHW&ORVHWKHFODPVKHOOWRJUDEWKHORDG

/HYHOOLQJ
)LOOWKHEXFNHW2SHQWKHFODPVKHOOZKLOHPRYLQJWRVSUHDGRXW
WKHPDWHULDO
:KHQGR]LQJPDWHULDOIXOO\RSHQWKHEXFNHWDQGSXVKWKH
PDWHULDOLQIURQWRIWKHEXFNHWWRREWDLQDOHYHOJURXQG

/LIWLQJDQREMHFW
7ROLIWDQREMHFWRSHQWKHFODPVKHOODQGWKHQFORVHWKHFODPVKHOO
FDUHIXOO\WRJUDEWKHREMHFW

%RWWRPGXPS
7RLQFUHDVHWKHORDGLQJKHLJKWGXPSWKHORDGE\RSHQLQJWKH
FODPVKHOO

&UDQLQJZLWKWKHORDGHUERRP

&$87,21
1HYHUH[FHHGWKHPD[LPXPSHUPLVVLEOHORDGRINJ 
OE 
&KHFNWKDWWKHOLIWLQJHTXLSPHQWFRUUHVSRQGVWRWKHZHLJKWRIWKH
ORDG
2QO\XVHWKHOLIWLQJSRLQWRIWKHORDGHUEXFNHWZKHQFUDQLQJ
.HHSWKHORDGHUEXFNHWFORVHGZKHQFUDQLQJ

8VLQJIRUNV

&$87,21
1HYHUH[FHHGWKHPD[LPXPSHUPLVVLEOHORDGRINJ 
OE 
)RULQIRUPDWLRQDQGLQVWUXFWLRQVDERXWSDOOHWIRUNVVHHSDJH


2SHUDWLQJWHFKQLTXHV

3DOOHWIRUNV



3DOOHWIRUNV
RSWLRQDOHTXLSPHQW

&$87,21
2QO\SDOOHWIRUNVDSSURYHGIRUWKHPDFKLQHE\9ROYRPD\EHXVHG



&$87,21
9

0XOWLSXUSRVHEXFNHWZLWKSDOOHWIRUNV


7KHSDOOHWIRUNVDUHGHVLJQHGWRFDUU\LQJDQGOLIWLQJRQO\3U\LQJ
RSHUDWLRQDQGXVLQJRQO\RQHIRUNWLQHLVVWULFWO\IRUELGGHQ
7KHIRUNDUPVDUHGLPHQVLRQHGDFFRUGLQJWR,62DQGDUH
FODVVLILHGWRJHWKHUZLWKWKHPDFKLQHDFFRUGLQJWRWKHQRUPVLQ
IRUFH
&KHFNWKHSDOOHWIRUNVUHJXODUO\DVUHJDUGVZHDU,WLV
SDUWLFXODUO\LPSRUWDQWWRFKHFNWKHKHHORIWKHIRUNWLQH
7KHSDOOHWIRUNVKRXOGQRWEHXVHGDQ\PRUHLI
 WKHIRUNWLQHKDVEHHQZRUQGRZQWRRILWVRULJLQDO
WKLFNQHVV
 WKHDQJOHEHWZHHQIRUNWLQH
VSRLQWDQGVKDQNKDVEHFRPH
JUHDWHUWKDQr
 WKHIRUNEUDFNHWVDUHZRUQRUFUDFNHG
 DQ\RIWKHVHFXULQJSLQVDUHPLVVLQJRUGDPDJHG
'RQRWXVHZHOGLQJWRUHSDLUFUDFNVRUZHDU

3DOOHWIRUNV RQ0XOWLSXUSRVHEXFNHW ZHLJKW


7KHZHLJKWRIWKHSDOOHWIRUNV IRUNVDQGEUDFNHWV LVNJ 
OE 

3DOOHWIRUNVWRSODFHLQZRUNLQJSRVLWLRQ
 5HPRYHO\QFKSLQV $ DQGUHWDLQLQJSLQV % IURPWKHEXFNHW
DQGWKHIRUNEUDFNHW
 &DUHIXOO\VZLQJHDFKIRUNRYHUWKHEXFNHW7KHIRUNVPXVWEH
O\LQJRQWKHHGJHRIWKHEXFNHWDQGQRWRQWKHEXFNHWWHHWK

127,&(
'RQRWWKURZWKHIRUNVRYHUWKHEXFNHW7KHIRUNVDUHKHDY\
 /RFNWKHIRUNVE\LQVWDOOLQJWKHO\QFKSLQVDQGUHWDLQLQJSLQV
RQWKHIRUNEUDFNHW5HLQVWDOOWKHO\QFKSLQVDQGUHWDLQLQJSLQV
RQWKHEXFNHW
 $GMXVWWKHVSDFHEHWZHHQWKHIRUNVE\XVLQJWKHLQVWUXFWLRQ
EHORZ

3DOOHWIRUNVDGMXVWLQJSRVLWLRQ
 5DLVHRUORZHUWKHORDGHUERRPWREULQJWKHSDOOHWIRUNV
DSSUR[LPDWHO\KRUL]RQWDO
 7LOWWKHORDGHUEXFNHWIRUZDUGVRWKDWWKHIRUNVDUHDOORZHGWR
KDQJIUHHO\
 $GMXVWWKHZLGWKRIWKHIRUNVWRVXLWWKHORDG



2SHUDWLQJWHFKQLTXHV



3DOOHWIRUNV
3DOOHWIRUNVVWRZDJHSRVLWLRQ

&$87,21
:KHQQRWLQXVHWKHSDOOHWIRUNVPXVWEHVHFXUHGLQWKHVWRZDJH
SRVLWLRQDVVKRZQ
)RUSDOOHWIRUNVVSHFLILFDWLRQVVHHSDJH

6WRZDJHSRVLWLRQ
$/\QFKSLQ
%5HWDLQLQJSLQ


:RUNLQJZLWKSDOOHWIRUNV

:$51,1*
7KHPD[LPXPDOORZDEOHOLIWFDSDFLW\RIERWKIRUNVFRPELQHGLV
NJ'RQRWH[FHHGWKLVOLPLW\RXUDQGRWKHUVVDIHW\LV
LQYROYHG




9

&ODPVKHOORSHQLQJLQGLFDWRU


7KHPRVWLPSRUWDQWSRLQWVIRUZRUNZLWKSDOOHWIRUNVDUH
7KHRSHUDWRUVKRXOGKDYHVXLWDEOHWUDLQLQJ
7KHRSHUDWRULVUHVSRQVLEOHWKDWSHUPLVVLEOHORDGYDOXHVDUH
QRWH[FHHGHG
7KHIRUNVPDNHDVHPLFLUFXODUPRYHPHQWZKHQWKH\DUH
UDLVHG7KHUHIRUHVWDUWUDLVLQJWKHIRUNVDOLWWOHELWDZD\IURP
WKHSODFHZKHUHWKHORDGLVWREHSODFHG
7KHIRUNVPXVWRQO\EHUDLVHGZKHQVWDFNLQJRUGHSRVLWLQJ
SDOOHWV
:KHQRSHUDWLQJZLWKRXWDORDGRQWKHIRUNVWKHWLQHVVKRXOG
EHKHOGORZDQGWLOWHGXSZDUG
:KHQVWDFNLQJPDWHULDOWKHIRUNWLQHVVKRXOGEHNHSW
KRUL]RQWDOO\
7KHWUDYHOOLQJVSHHGVKRXOGEHDGDSWHGWRWKHJURXQG
FRQGLWLRQV
7KHFODPVKHOOVKRXOGEHFORVHGVHHFODPVKHOORSHQLQJ
LQGLFDWRU

127,&(
2QO\XVHDWWDFKPHQWVDSSURYHGE\9ROYR

2SHUDWLQJWHFKQLTXHV

3DOOHWIRUNV



3LFNLQJXSDORDG
3UHYLRXVO\GHSRVLWHGSDOOHWVRUJRRGVPD\EHGDPDJHGDVWKH
SHQHWUDWLQJIRUFHRIWKHIRUNWLQHVLVYHU\VWURQJ
3ODFHWKHORDGDVFORVHWRWKHYHUWLFDOVKDQNRIWKHIRUNVDV
SRVVLEOH
:KHQSLFNLQJDORDGXVHWKHWLOWLQGLFDWRUWRPDNHVXUHWKDWWKH
SDOOHWIRUNVKDYHWKHFRUUHFWWLOWLQJDQJOH,QPRVWFDVHVWKHIRUN
WLQHVVKRXOGEHNHSWKRUL]RQWDO
/LIWWKHORDGZLWKWKHOHDVWSRVVLEOHLQFOLQDWLRQRIWKHSDOOHWIRUNV
DQGGRQRWWLOWEDFNWKHIRUNVPRUHWKDQr
7KHUHPD\EHGHYLDWLRQVIURPWKHFRPSOHWHSDUDOOHOPRYHPHQW
DQGWKLVPD\DIIHFWWKHXVHRIWKHIRUNV$OZD\VZDWFKWKHIRUN
PRYHPHQWDQGDVVXUHWKDWWKH\UHPDLQKRUL]RQWDO

9

7LOWLQGLFDWRU


)RUSDOOHWIRUNVVSHFLILFDWLRQVVHHSDJH

2SHUDWLQJZLWKDORDG
7LOWWKHORDGUHDUZDUGWRKROGLWPRUHVHFXUH
,IWKHORDGREVFXUHVWKHYLVLRQUHYHUVHWKHPDFKLQHWRWKHSODFH
ZKHUHWKHORDGLVWREHGHSRVLWHG
$GDSWWKHVSHHGWRWKHH[LVWLQJFRQGLWLRQV


$SSURYDODQGOHJDOSURYLVLRQV

7KHSHUPLVVLEOHUDWHGRSHUDWLQJORDGFDSDFLW\DFFRUGLQJWR&(1
VWDQGDUG(1LVJLYHQDVDSHUFHQWDJHRIWKHWLSSLQJORDG
7KHSHUFHQWDJHYDOXHVZKLFKPXVWQRWEHH[FHHGHGDUHDV
IROORZV
9

8QHYHQJURXQG
)LUPDQGHYHQJURXQG

RIWLSSLQJORDG
RIWLSSLQJORDG

,WPXVWEHSRVVLEOHWRFRQWURODQGKDQGOHWKHORDGK\GUDXOLFDOO\LQ
DOOOLNHO\SRVLWLRQVDWWKHVDPHWLPHDVDOORWKHUK\GUDXOLFFLUFOHV
DUHDFWXDWHG7KHPD[LPXPSHUPLVVLEOHORDGFDSDFLW\LV
GHWHUPLQHGHLWKHUE\WKHVWDELOLW\RIWKHPDFKLQHRULWVK\GUDXOLF
FDSDFLW\ZKLFKHYHULVOHVV
,QFRXQWULHVRXWVLGHWKH(8(($RWKHUUHJXODWLRQVPD\DSSO\
7KHUHIRUHDOZD\VFKHFNZKLFKORFDOUXOHVDSSO\

:$51,1*
.HHSWKHORDGORZ; FP ; LQ DERYH
WKHJURXQGWRDFKLHYHWKHEHVWSRVVLEOHVWDELOLW\
DQGYLVLRQ


7KHVWDELOLVHUOHJVPXVWEHORZHUHGEHIRUHWKHSDOOHWIRUNVDUH
UHPRYHGIURPWKHPDFKLQH



2SHUDWLQJWHFKQLTXHV



+DPPHU

+DPPHU
RSWLRQDOHTXLSPHQW

:$51,1*
3HUVRQVLQYROYHGPXVWNQRZKRZWRRSHUDWHWKHPDFKLQHDQG
XQGHUVWDQGWKHVLJQDOOLQJGLDJUDPEHIRUHFKDQJLQJDWWDFKPHQWV

)RUVHUYLFHDQGPDLQWHQDQFHRIWKHKDPPHUVHHSDJH

7KHKDPPHUK\GUDXOLFFLUFXLWDQGWKHDX[LOLDU\K\GUDXOLFFLUFXLW
XVHWKHVDPHK\GUDXOLFOLQHVEXWWKHRLORQO\IORZVLQRQHGLUHFWLRQ
ZKHQXVLQJWKHKDPPHU)RUPDFKLQHVHTXLSSHGZLWKH[WHQGLEOH
GLSSHUDUPEXWZLWKRXWDX[LOLDU\K\GUDXOLFVDIORZVHOHFWLRQYDOYH
LVLQVWDOOHGWRVHOHFWEHWZHHQXVLQJWKHKDPPHURUWKHH[WHQGLEOH
GLSSHUDUP

9 

+DPPHUK\GUDXOLFFLUFXLW
$ 5HWXUQOLQH IHPDOHTXLFNFRXSOHU
% 3UHVVXUHOLQH PDOHTXLFNFRXSOHU
$X[LOLDU\K\GUDXOLFFLUFXLW
$ 7ZRZD\K\GUDXOLFOLQH IHPDOHTXLFN
FRXSOHU
% 7ZRZD\K\GUDXOLFOLQH PDOHTXLFNFRXSOHU


)ORZVHOHFWLRQYDOYH ZLWKH[WHQGLEOHGLSSHUDUPEXW
ZLWKRXWDX[LOLDU\K\GUDXOLFV

127,&(
)RUPDFKLQHVHTXLSSHGZLWKIORZVHOHFWLRQYDOYHDQGPHFKDQLFDO
EDFNKRHFRQWUROVWKHKDPPHULVRSHUDWHGZLWKWKHSHGDOEHVLGH
WKHEDFNKRHOHYHUFROXPQ)RUPDFKLQHVHTXLSSHGZLWKIORZ
VHOHFWLRQYDOYHDQGSLORWEDFNKRHFRQWUROVWKHKDPPHULV
RSHUDWHGZLWKWKHIRRWEXWWRQEHWZHHQWKHEDFNKRHOHYHUWRZHUV

7KHIROORZLQJPXVWEHGRQHEHIRUHXVLQJWKHKDPPHU
 5HWUDFWWKHGLSSHUDUPFRPSOHWHO\
 /RFNWKHH[WHQGLEOHGLSSHUDUPZLWKWKHORFNLQJSLQ $ 
 7XUQWKHIORZVHOHFWLRQQXW % FRXQWHUFORFNZLVHWRVHOHFW
KDPPHUXVH
0DNHVXUHWKDWWKHDUHDVRQDQGDURXQGDOOPRYLQJSDUWVRQWKH
EDFNKRHGLSSHUDUHFOHDQEHIRUHFKDQJLQJDWWDFKPHQWV

9

)ORZVHOHFWLRQYDOYH
$ ([WHQGLEOHGLSSHUDUPORFNLQJSLQ LQORFNHG
SRVLWLRQ
% )ORZVHOHFWLRQQXW PP


)RUVSHFLILFDWLRQVRQIORZDQGSUHVVXUHLQWKHK\GUDXOLFFLUFXLWV
VHHSDJH

2SHUDWLQJWHFKQLTXHV

+DPPHU



:RUNLQJZLWKKDPPHU
;

:$51,1*
'HWHUPLQHWKHULVN]RQH3UHYHQWSHUVRQVIURPVWD\LQJLQWKHULVN
]RQHZKHQRSHUDWLQJWKHKDPPHU3URWHFW\RXUVHOIDQG\RXU
QHLJKERXUKRRGDJDLQVWIO\LQJFKLSVRIURFN.HHSZLQGRZVDQG
GRRUFORVHGZKHQRSHUDWLQJWKHKDPPHU7KHDUHDRXWVLGHWKH
ULVN]RQHPXVWEHVDIH7KHUHLVDULVNRIVHYHUHSHUVRQDOLQMXULHV

&$87,21
7KHVWDQGDUGYHUVLRQRIWKHKDPPHUPXVWQRWEHXVHGXQGHU
ZDWHU,IZDWHUILOOVWKHVSDFHZKHUHWKHSLVWRQVWULNHVWKHWRROD
VWURQJSUHVVXUHZDYHLVJHQHUDWHGDQGWKHKDPPHUPD\EH
GDPDJHG
9

5LVN]RQHZKHQRSHUDWLQJWKHKDPPHU; 0XVW
EHGHWHUPLQHGE\WKHRSHUDWRU


&$87,21
,IDQH[WHQGLEOHGLSSHULVILWWHGRQO\RSHUDWHWKHKDPPHUZLWKWKH
H[WHQGLEOHGLSSHUORFNHGLQWKHUHWUDFWHGSRVLWLRQ

&$87,21
,IWKHKDPPHULVFRQQHFWHGWRDQDWWDFKPHQWEUDFNHWWKH
DWWDFKPHQWEUDFNHWVKRXOGEHFKHFNHGUHJXODUO\IRUGDPDJH

$VDIHW\VFUHHQLVUHTXLUHGWRSURWHFWWKHRSHUDWRUIURPIO\LQJ
FKLSVRIURFN.HHSZLQGRZVDQGGRRUVFORVHGGXULQJ
RSHUDWLRQ0DFKLQHVZLWKFDQRS\YHUVLRQ RSHQFDE VKRXOG
QRWEHXVHGZLWKDKDPPHUZLWKRXWSURSHURSHUDWRUSURWHFWLRQ
3UHYHQWSHUVRQVIURPVWD\LQJLQWKHULVN]RQHZKHQRSHUDWLQJ
WKHKDPPHU7KHRSHUDWRULVUHVSRQVLEOHWRGHWHUPLQHWKHULVN
]RQH7KHRSHUDWRUPXVWPDNHVXUHWKDWLWLVVDIHIRUSHUVRQV
WRVWD\RXWVLGHWKHULVN]RQH
'RQRWRSHUDWHWKHKDPPHUZLWKWKHK\GUDXOLFF\OLQGHUVIXOO\
H[WHQGHGRUIXOO\UHWUDFWHG'DPDJHWRWKHPDFKLQHPD\UHVXOW
'RQRWDSSO\WRRPXFKRUWRROLWWOHIHHGIRUFHRQWKHKDPPHU
 7RRPXFK6WDELOLVHUOHJIHHWDUHOLIWHGIURPWKHJURXQG
 7RROLWWOH7RROGRHVQRWVWD\ILUPO\DJDLQVWPDWHULDOWREH
EURNHQDQGPDFKLQHVWDUWVWRVKDNH
$YRLGWUDQVYHUVHORDGVRQWKHKDPPHUVLQFHWKLVFDQLQFUHDVH
WKHZHDURQWKHKDPPHUEXVKLQJV
'RQRWDSSO\VRPXFKIHHGIRUFHRQWKHKDPPHUWKDWWKHUHDU
ZKHHOVDUHOLIWHGIURPWKHJURXQG
3ODFHWKHWRROSHUSHQGLFXODUWRWKHVXUIDFHRIWKHREMHFWDV
VKRZQ.HHSWKHIHHGIRUFHDOLJQHGZLWKWKHWRRO$YRLGVPDOO
LUUHJXODULWLHVRQWKHREMHFWZKLFKZLOOEUHDNHDVLO\DQGFDXVH
HLWKHULGOHVWURNHVRUDQLQFRUUHFWZRUNLQJDQJOH:KHQ
GHPROLVKLQJYHUWLFDOVWUXFWXUHV HJEULFNZDOOV SODFHWKHWRRO
SHUSHQGLFXODUWRWKHZDOO
'RQRWOHWWKHWRROPRYHRXWZDUGVIURPWKHKDPPHUZLWKRXW
UHVLVWDQFHZKHQLWSHQHWUDWHV.HHSWKHIHHGIRUFHRQWKH
KDPPHUVWHDG\DQGDOLJQHGZLWKWKHWRROZKLOHEUHDNLQJ
6WRSWKHKDPPHUTXLFNO\'RQRWDOORZWKHKDPPHUWRILUHZLWK
QRSUHVVXUHRQWKHWRRO GU\ILUH )UHTXHQWLGOHVWURNHVZLOO
GDPDJHWKHKDPPHU



2SHUDWLQJWHFKQLTXHV



+DPPHU
'RQRWXVHWKHKDPPHURUKDPPHUWRROVIRUOLIWLQJ7KHOLIWLQJ
H\HVRQWKHKDPPHUDUHIRUVWRUDJHDQGPDLQWHQDQFH
SXUSRVHVRQO\

7RROV
$VHOHFWLRQRIVWDQGDUGDQGVSHFLDOWRROVWRVXLWHDFKDSSOLFDWLRQ
LVDYDLODEOH
7KHFRUUHFWW\SHRIWRROPXVWEHVHOHFWHGWRJHWWKHEHVWSRVVLEOH
ZRUNLQJUHVXOWVDQGWKHORQJHVWZRUNLQJOLIHIRUWKHWRRO&KRRVLQJ
WKHEHVWWRROW\SHIRUDQDSSOLFDWLRQPD\UHTXLUHVRPHWHVWLQJ7KH
WRROVHOHFWLRQDYDLODEOHGHSHQGVRQKDPPHUPRGHO&RQWDFWD
9ROYRGHDOHUIRUPRUHLQIRUPDWLRQRQFKRRVLQJWRROV

&KLVHODQGPRLOSRLQW $
6HGLPHQWDU\ HJVDQGVWRQH DQGZHDNPHWDPRUSKLFURFN
&RQFUHWH
7UHQFKLQJDQGEHQFKLQJ
6SDGHWRRO %
)UR]HQRUFRPSDFWJURXQG
$VSKDOW
&RPSDFWLQJSODWH &
*URXQGFRPSDFWLQJ

&

9

2SHUDWLQJWHFKQLTXHV

+DPPHU



&RQQHFWLQJZLWKSLYRWSLQV



:$51,1*
%

'RQRWLQVHUW\RXUILQJHUVLQWRWKHSLQERUHVWRFKHFNDOLJQPHQW
DVHULRXVDFFLGHQWFRXOGRFFXU

:$51,1*
7KHOLQNDJHPD\FKDQJHSRVLWLRQGXULQJFKDQJLQJDWWDFKPHQWV
DQGWKHOLQNDJHLVKHDY\3D\DWWHQWLRQWRPRYLQJSDUWV

9 

9

 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG$SSO\WKHSDUNLQJ
EUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHUDQGJHDUVKLIWOHYHU
WRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOLVHWKHEDFNKRH
3ODFHWKHKDPPHUDVVKRZQ
 &OHDQWKHOLQNDJH
 3ODFHWKHVSDFHUV [ DVVKRZQ
 *UHDVHWKHSLYRWSLQV
 /LQHXSWKHKROHVWRLQVWDOOSLYRWSLQ & E\RSHUDWLQJWKH
EDFNKRHGLSSHU
 ,QVWDOOSLYRWSLQ & DQGWKHZDVKHUV6HFXUHLWZLWKWKHORFNLQJ
SLQ
 5DLVHWKHEDFNKRHVORZO\XQWLOWKHKDPPHUKDQJVIUHH
 /LQHXSWKHKROHVWRLQVWDOOSLYRWSLQ ' E\RSHUDWLQJWKH
EDFNKRHGLSSHUDQGRUWKHEXFNHWF\OLQGHU
 ,QVWDOOSLYRWSLQ ' DQGWKHZDVKHUV6HFXUHLWZLWKWKHORFNLQJ
SLQ
 5HOHDVHWKHSUHVVXUHVHHSDJH
 &RQQHFWUHWXUQOLQH $ WRWKHFRXSOLQJRQWKHPDFKLQH
 &RQQHFWSUHVVXUHOLQH % WRWKHFRXSOLQJRQWKHPDFKLQH
 *UHDVHWKHKDPPHUE\XVLQJWKHJUHDVLQJSRLQWVVHHWKH
2SHUDWRUV0DQXDORIWKHKDPPHU

127,&(
$OZD\VFRQQHFWWKHUHWXUQOLQHILUVWDVFKDUJHGSUHVVXUHLQWKH
KDPPHUPD\FDXVHDSUREOHPZKHQFRQQHFWLQJWKHSUHVVXUHOLQH

&$87,21
7KHPDFKLQHK\GUDXOLFRLOOHYHOPXVWEHFKHFNHGDIWHUWKH
KDPPHUKDVEHHQRSHUDWHGIRUPLQXWHV



2SHUDWLQJWHFKQLTXHV



+DPPHU
'LVFRQQHFWLQJZLWKSLYRWSLQV


:$51,1*
%

7KHKDPPHUPXVWEHVHFXUHGIURPUROOLQJRYHUZKHQLWLV
GLVFRQQHFWHGIURPWKHPDFKLQH(QVXUHWKDWQRSHUVRQVDUHQHDU
WKHKDPPHUZKHQGLVFRQQHFWLQJWKHKDPPHU

:$51,1*
+\GUDXOLFSUHVVXUHLQVLGHWKHKDPPHUPXVWDOZD\VEHUHOHDVHG
EHIRUHRSHQLQJKRVHFRQQHFWLRQV

9 

+DPPHUK\GUDXOLFFLUFXLW
$5HWXUQOLQH PDOH
%3UHVVXUHOLQH IHPDOH


'LVFRQQHFWLQJFRQQHFWLQJWKHKDPPHU
&3LYRWSLQ
'3LYRWSLQ



 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG
 $SSO\WKHSDUNLQJEUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHU
DQGJHDUVKLIWOHYHUWRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOLVHWKHEDFNKRH
 3ODFHWKHKDPPHUDVVKRZQ
 5HOHDVHWKHSUHVVXUHVHHSDJH
 'LVFRQQHFWSUHVVXUHOLQH % IURPWKHPDFKLQH'LVFRQQHFWLRQ
DXWRPDWLFDOO\FORVHVWKHKDPPHUOLQHV
 'LVFRQQHFWUHWXUQOLQH $ IURPWKHPDFKLQH3OXJWKHKRVHV
DQGWKHKDPPHULQOHWDQGRXWOHWSRUWV
 5HPRYHSLYRWSLQV &' DQGWKHZDVKHUV
 &KHFNWKDWWKHVSDFHUVDUHILWWHGVHHSDJH

2SHUDWLQJWHFKQLTXHV

+DPPHU



'LVFRQQHFWLQJIURPDQDWWDFKPHQWTXLFN
FRXSOHUPHFKDQLFDO



RSWLRQDOHTXLSPHQW

:$51,1*
%

9 

+DPPHUK\GUDXOLFFLUFXLW
$5HWXUQOLQH PDOH
%3UHVVXUHOLQH IHPDOH


'
&

9

$WWDFKPHQWTXLFNFRXSOHUPHFDKQLFDO
&/RFNLQJSLQ
'6DIHW\UHWDLQLQJSLQ
(+DQGOH


9

+DQGOHZLWKVSULQJODWFKLQSRVLWLRQ


7KHKDPPHUPXVWEHVHFXUHGIURPUROOLQJRYHUZKHQLWLV
GLVFRQQHFWHGIURPWKHPDFKLQH(QVXUHWKDWQRSHUVRQVDUHQHDU
WKHKDPPHUZKHQGLVFRQQHFWLQJWKHKDPPHU
 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG$SSO\WKHSDUNLQJ
EUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHUDQGJHDUVKLIWOHYHU
WRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOLVHWKHEDFNKRH
 3ODFHWKHKDPPHUDSSUR[LPDWHO\PP LQ IURPWKH
JURXQGDWDERXWr
 5HOHDVHWKHSUHVVXUHVHHSDJH
 'LVFRQQHFWSUHVVXUHOLQH % IURPWKHPDFKLQH'LVFRQQHFWLRQ
DXWRPDWLFDOO\FORVHVWKHKDPPHUOLQHV
 'LVFRQQHFWUHWXUQOLQH $ IURPWKHPDFKLQH
 5HPRYHORFNLQJSLQ & DQGVDIHW\UHWDLQLQJSLQ ' 
 ,QVHUWKDQGOH ( LQWRWKHKROH3UHVVWKHKDQGOHGRZQDQG
LQVHUWWKHVSULQJODWFKLQWRWKHKROHWRVHFXUHWKHKDQGOHLQ
SRVLWLRQ
 /RZHUWKHEDFNKRHXQWLOWKHKDPPHULVUHVWLQJRQWKHJURXQG
5HWUDFWWKHEXFNHWF\OLQGHUWRUHOHDVHWKHKDPPHUIURPWKH
DWWDFKPHQWTXLFNFRXSOHU7KHKDQGOHZLOOGURSWRWKHJURXQG
 :LWKGUDZWKHDWWDFKPHQWTXLFNFRXSOHUIURPWKHVKDIWRIWKH
KDPPHU
 5HLQVWDOOVDIHW\UHWDLQLQJSLQ ' DQGORFNLQJSLQ & 



2SHUDWLQJWHFKQLTXHV



+DPPHU
&RQQHFWLQJWRDQDWWDFKPHQWTXLFNFRXSOHU
PHFKDQLFDO



RSWLRQDOHTXLSPHQW

:$51,1*
%

9 

+DPPHUK\GUDXOLFFLUFXLW
$5HWXUQOLQH PDOH
%3UHVVXUHOLQH IHPDOH


&

$OZD\VFKHFNWKDWWKHDWWDFKPHQWLVVHFXUHO\ORFNHG
 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG$SSO\WKHSDUNLQJ
EUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHUDQGJHDUVKLIWOHYHU
WRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOLVHWKHEDFNKRH
 5HPRYHORFNLQJSLQ & DQGVDIHW\UHWDLQLQJSLQ ' 
 +RRNWKHDWWDFKPHQWTXLFNFRXSOHURQWRWKHKDPPHUSLQ
 6ORZO\WXUQWKHDWWDFKPHQWTXLFNFRXSOHUWRZDUGVWKHKDPPHU
E\H[WHQGLQJWKHEXFNHWF\OLQGHUXQWLOLWORFNVRQWRWKH
KDPPHU
 (QVXUHWKDWWKHDWWDFKPHQWTXLFNFRXSOHUKDVIXOO\ORFNHGRQ
WRWKHKDPPHU
 5HLQVWDOOVDIHW\UHWDLQLQJSLQ ' DQGORFNLQJSLQ & 
 5HOHDVHWKHSUHVVXUHVHHSDJH
 &RQQHFWUHWXUQOLQH $ WRWKHFRXSOLQJRQWKHPDFKLQH
 &RQQHFWSUHVVXUHOLQH % WRWKHFRXSOLQJRQWKHPDFKLQH
 &KHFNWKDWWKHKDPPHUKDVORFNHGLQWRLWVSRVLWLRQRQWKH
DWWDFKPHQWTXLFNFRXSOHU
 *UHDVHWKHKDPPHUE\XVLQJWKHJUHDVLQJSRLQWVVHHWKH
2SHUDWRUV0DQXDORIWKHKDPPHU
3UHVVWKHKDPPHUDJDLQVWWKHJURXQG,QWKLVSRVLWLRQPRYHWKH
EXFNHWF\OLQGHULQDQGRXWWRFKHFNWKDWWKHORFNZHGJHVDUHLQ
WKHFRUUHFWSRVLWLRQ,I\RXDUHQRWVXUHLIWKHKDPPHULVVHFXUHO\
ORFNHGWRWKHDWWDFKPHQWTXLFNFRXSOHUJHWRXWDQGFKHFNLIWKH
ORFNZHGJHVKDYHPRYHGLQXQGHUWKHKDPPHUSLQ

'

&$87,21


$WWDFKPHQWTXLFNFRXSOHUPHFKDQLFDOKRRNRQ
&/RFNLQJSLQ
'6DIHW\UHWDLQLQJSLQ


'RQRWXVHWKHPDFKLQHLIWKHDWWDFKPHQWEUDFNHWLVQRWZRUNLQJ
FRUUHFWO\

127,&(
$OZD\VFRQQHFWWKHUHWXUQOLQHILUVWDVFKDUJHGSUHVVXUHLQWKH
KDPPHUPD\FDXVHDSUREOHPZKHQFRQQHFWLQJWKHSUHVVXUHOLQH

&$87,21
7KHPDFKLQHK\GUDXOLFRLOOHYHOPXVWEHFKHFNHGDIWHUWKH
KDPPHUKDVEHHQRSHUDWHGIRUPLQXWHV

$WWDFKPHQWTXLFNFRXSOHUPHFKDQLFDOORFNLQJ


2SHUDWLQJWHFKQLTXHV

+DPPHU



'LVFRQQHFWLQJIURPDQDWWDFKPHQWTXLFN
FRXSOHUK\GUDXOLF



RSWLRQDOHTXLSPHQW

:$51,1*
%

9 

+DPPHUK\GUDXOLFFLUFXLW
$5HWXUQOLQH PDOH
%3UHVVXUHOLQH IHPDOH


$WWDFKPHQWTXLFNFRXSOHUK\GUDXOLFRSHQ


9

$WWDFKPHQWTXLFNFRXSOHUKRRNRII


(QVXUHWKDWQRSHUVRQVDUHQHDUWKHKDPPHUZKHQLWLVEHLQJ
GLVFRQQHFWHGIURPWKHDWWDFKPHQWEUDFNHW
 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG$SSO\WKHSDUNLQJ
EUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHUDQGJHDUVKLIWOHYHU
WRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOLVHWKHEDFNKRH
 &XUOLQWKHKDPPHUFRPSOHWHO\WRZDUGVWKHGLSSHUDUP WR
UHOHDVHWKHORFNLQJPHFKDQLVP 
 3ODFHWKHKDPPHUIODWRQWKHJURXQG
 /LIWXSWKHUHGVDIHW\FDWFKDQGGHSUHVVWKHVZLWFK.HHSWKH
VZLWFKGHSUHVVHG7KHVZLWFKLOOXPLQDWHVUHGZKHQWKH
DWWDFKPHQWTXLFNFRXSOHUFODPSLVLQWKHRSHQSRVLWLRQ
 /LIWWKHDWWDFKPHQWTXLFNFRXSOHUFODPSXSIURPWKHKDPPHU
 5HOHDVHWKHVZLWFK
 5HOHDVHWKHSUHVVXUHVHHSDJH
 'LVFRQQHFWSUHVVXUHOLQH % IURPWKHPDFKLQH'LVFRQQHFWLRQ
DXWRPDWLFDOO\FORVHVWKHKDPPHUOLQHV
 'LVFRQQHFWUHWXUQOLQH $ IURPWKHPDFKLQH3OXJWKHKRVHV
DQGWKHKDPPHULQOHWDQGRXWOHWSRUWV
 :LWKGUDZWKHDWWDFKPHQWTXLFNFRXSOHUIURPWKHKDPPHU



2SHUDWLQJWHFKQLTXHV



+DPPHU
&RQQHFWLQJWRDQDWWDFKPHQWTXLFNFRXSOHU
K\GUDXOLF




RSWLRQDOHTXLSPHQW
%

9 

+DPPHUK\GUDXOLFFLUFXLW
$5HWXUQOLQH PDOH
%3UHVVXUHOLQH IHPDOH


9

$WWDFKPHQWTXLFNFRXSOHUK\GUDXOLFKRRNRQ


:$51,1*
$OZD\VFKHFNWKDWWKHDWWDFKPHQWLVVHFXUHO\ORFNHG
 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG$SSO\WKHSDUNLQJ
EUDNHDQGPRYHWKHIRUZDUGUHYHUVHOHYHUDQGJHDUVKLIWOHYHU
WRQHXWUDO
 /RZHUWKHVWDELOLVHUVDQGWKHORDGHUERRPWRWKHJURXQG,IWKH
PDFKLQHLVDVLGHVKLIWFRQILJXUDWLRQFHQWUDOLVHWKHEDFNKRH
 +RRNWKHDWWDFKPHQWTXLFNFRXSOHURQWRWKHKDPPHUSLQ
 /LIWXSWKHUHGVDIHW\FDWFKDQGGHSUHVVWKHVZLWFK.HHSWKH
VZLWFKGHSUHVVHG7KHVZLWFKLOOXPLQDWHVUHGZKHQWKH
DWWDFKPHQWTXLFNFRXSOHULVLQWKHRSHQSRVLWLRQ
 6ORZO\FXUOLQWKHDWWDFKPHQWTXLFNFRXSOHUFRPSOHWHO\
WRZDUGVWKHKDPPHU
 5HOHDVHWKHVZLWFKWRORFNWKHKDPPHULQSRVLWLRQ
 $PHVVDJHLQWKHGLVSOD\XQLWZLOOLQIRUP\RXWKDWWKH
DWWDFKPHQWLVORFNHGWRWKHDWWDFKPHQWTXLFNFRXSOHU&KHFN
WKDWWKHDWWDFKPHQWUHDOO\LVSURSHUO\FRQQHFWHGDQGSUHVV
(6&WRFRQILUP
 /LIWDQGFXUOLQWKHKDPPHUFRPSOHWHO\WRZDUGVWKHGLSSHUDUP
DQGKROGLWWKHUHIRUDSSUR[LPDWHO\ILYHVHFRQGVWRHQVXUHWKH
DWWDFKPHQWTXLFNFRXSOHUKDVIXOO\ORFNHGRQWRWKHKDPPHU
 5HOHDVHWKHSUHVVXUHVHHSDJH
 &RQQHFWWKHUHWXUQOLQHWRWKHFRXSOLQJRQWKHPDFKLQH
 &RQQHFWWKHSUHVVXUHOLQHWRWKHFRXSOLQJRQWKHPDFKLQH
 *UHDVHWKHKDPPHUE\XVLQJWKHJUHDVLQJSRLQWVVHHWKH
2SHUDWRUV0DQXDORIWKHKDPPHU
3UHVVWKHKDPPHUDJDLQVWWKHJURXQG,QWKLVSRVLWLRQPRYHWKH
EXFNHWF\OLQGHULQDQGRXWWRFKHFNWKDWWKHORFNZHGJHVDUHLQ
WKHFRUUHFWSRVLWLRQ,I\RXDUHQRWVXUHLIWKHKDPPHULVVHFXUHO\
ORFNHGWRWKHDWWDFKPHQWTXLFNFRXSOHUJHWRXWDQGFKHFNLIWKH
ORFNZHGJHVKDYHPRYHGLQXQGHUWKHKDPPHUSLQ

&$87,21
'RQRWXVHWKHPDFKLQHLIWKHDWWDFKPHQWEUDFNHWLVQRWZRUNLQJ
FRUUHFWO\

9

$OZD\VFRQQHFWWKHUHWXUQOLQHILUVWDVFKDUJHGSUHVVXUHLQWKH
KDPPHUPD\FDXVHDSUREOHPZKHQFRQQHFWLQJWKHSUHVVXUHOLQH

+DPPHULQORFNHGSRVLWLRQ


7KHPDFKLQHK\GUDXOLFRLOOHYHOPXVWEHFKHFNHGDIWHUWKH
KDPPHUKDVEHHQRSHUDWHGIRUPLQXWHV

9

127,&(

2SHUDWLQJWHFKQLTXHV

+DPPHU



7UDYHOOLQJRQSXEOLFURDGVZLWKDKDPPHU
LQVWDOOHG



:$51,1*
&DXWLRQPXVWEHWDNHQZKHQWUDYHOOLQJRQURDGVZLWKDKDPPHU
LQVWDOOHGDVVWDELOLW\FDQEHHIIHFWHG

9

3ODFHWKHEDFNKRHDVVKRZQZKHQWUDYHOOLQJRQSXEOLFURDGV
(QVXUHWKDWWKHH[WHQGLEOHGLSSHUDUPLVUHWUDFWHGDQGORFNHG
(QVXUHWKDWWKHK\GUDXOLFKRVHVGRQRWJHWWUDSSHGZKHQ
SODFLQJWKHEDFNKRHLQWUDYHOOLQJSRVLWLRQ
'LVSOD\WKH6ORZ0RYLQJ9HKLFOHSODWH SD\DWWHQWLRQWR
QDWLRQDOUHJXODWLRQV 
(QJDJHWKHEDFNKRHERRPORFNDQGVZLQJORFN8VHWKHVZLWFK
PHFKDQLFDOFRQWUROV RUWRZHUVLQVWRZDJHSRVLWLRQ SLORW
FRQWURO 

%DFNKRHZLWKKDPPHULQWUDYHOOLQJSRVLWLRQ


9 

%DFNKRHERRPORFNUHOHDVH RQO\ZLWKEDFNKRH
OHYHUVPHFKDQLFDOFRQWURO


609SODWH




2SHUDWLQJWHFKQLTXHV



+DPPHU
/LIWLQJLQVWUXFWLRQV

:$51,1*
5LVNRISHUVRQDOLQMXU\9HU\KHDY\REMHFW
8VHDKRLVWZKHQOLIWLQJWKHKDPPHURUFRPSRQHQWSDUWVZKLFK
ZHLJKNJ ,E RUPRUHWRDYRLGEDFNLQMXU\0DNHVXUHDOO
FKDLQVKRRNVVOLQJVHWFDUHLQJRRGFRQGLWLRQDQGRIWKHFRUUHFW
FDSDFLW\%HVXUHWKDWWKHKRRNVDUHSRVLWLRQHGFRUUHFWO\
/LIWLQJGHYLFHVPXVWVDIHO\FDUU\WKHZRUNLQJZHLJKWRIWKH
KDPPHUVHHWKHVSHFLILFDWLRQFKDSWHU3ODFHFKDLQVRUVOLQJVDV
VKRZQLQWKHLOOXVWUDWLRQWROLIWWKHKDPPHU
$OZD\VFKHFNWKHEDODQFHRIWKHKDPPHUE\OLIWLQJLWDIHZ
FHQWLPHWUHV,IWKHKDPPHULVZHOOEDODQFHGLWPD\EHOLIWHGKLJKHU

&
'
%
*
$

+
,

(
.

9

0DLQSDUWV

+%

+RXVLQJSODWHV

0RXQWLQJEXVKLQJV

/RZSUHVVXUHDFFXPXODWRU

&

+LJKSUHVVXUHDFFXPXODWRU

'

)URQWKHDG

+DPPHUPHFKDQLVP

+RVHFRQQHFWLRQV

*

/XEULFDWLRQSRLQWV*UHDVHQLSSOHV

7RROUHWDLQLQJPHFKDQLVP

/RZHUWRROEXVKLQJUHWDLQLQJPHFKDQLVP 7RRO

.
%RWKFRQQHFWLRQVRQWKHVDPHVLGHVWDPSHG,1 IRUSUHVVXUH
DQG287 IRUWDQN 

2SHUDWLQJWHFKQLTXHV

/LIWLQJREMHFWV



/LIWLQJREMHFWV
/LIWLQJZLWKVXVSHQGHGORDG

:$51,1*
'RQRWPRYHWKHPDFKLQHZLWKDORDGVXVSHQGHGIURPWKH
EDFNKRH7KHPDFKLQHZLOOEHFRPHXQVWDEOH

&UDQLQJPRGH RSWLRQDOHTXLSPHQW

:$51,1*
'RQRWFKDQJHEHWZHHQFUDQLQJDQGH[FDYDWLQJPRGHZKLOH
RSHUDWLQJ

9

&UDQLQJRYHUORDGVZLWFK


9

(QJDJHFUDQLQJPRGHRQWKHVLGHSDQHOWRDFWLYDWHWKH
EDFNKRHERRPDQGGLSSHUKRVHUXSWXUHYDOYHV&UDQLQJPRGH
PXVWEHHQJDJHGZKHQOLIWLQJVXVSHQGHGORDGV6SHHGDQG
RSHUDWLQJSHUIRUPDQFHRIWKHEDFNKRHDUHUHGXFHGZKHQ
FUDQLQJPRGHLVHQJDJHG
1HYHUH[FHHGWKHUHFRPPHQGHGORDGSURYLGHGLQWKHORDG
FKDUW,IWKHEX]]HUVRXQGVDQGRULIWKHRYHUORDGZDUQLQJ
GLVSOD\PHVVDJHLVVKRZQLQWKHGLVSOD\XQLWORZHUWKHORDG
DQGUHGXFHWKHORDGWREHOLIWHG
(QJDJHFUDQLQJPRGHZKLOHWKHEDFNKRHLVQRWXQGHUORDG

([FDYDWLQJPRGH
3UHVVWKHORZHUHQGRIWKHVZLWFKWRDFWLYDWHH[FDYDWLQJPRGH
7KHKRVHUXSWXUHYDOYHVDUHGHDFWLYDWHG

6DIHW\UXOHVZKHQFUDQLQJ

9

%DFNKRHOLIWLQJH\H


9DULRXVFRXQWULHVKDYHWKHLURZQUHJXODWLRQVRQWKHXVHRIWKH
PDFKLQHIRUOLIWLQJZRUN&RQWDFW\RXU9ROYRGHDOHUIRUIXUWKHU
DGYLFH
$OZD\VNHHSOLIWHGORDGZLWKLQYLVXDOILHOG
1HYHUH[FHHGWKHPD[LPXPSHUPLVVLEOHORDG
5HWUDFWDQGORFNWKHH[WHQGLEOHGLSSHUDUP LILQVWDOOHG 
:KHQOLIWLQJDOZD\VKDYHDEXFNHWLQVWDOOHGRQWKHEDFNKRH
2QO\XVHWKHOLIWLQJH\HRQWKHEXFNHWOLQNDJHZKHQDWWDFKLQJ
VOLQJV.HHSWKHEXFNHWFORVHGZKHQFUDLQLQJ
&KHFNWKDWWKHOLIWLQJHTXLSPHQW VOLQJVFKDLQVRUVLPLODU
FRUUHVSRQGVWRWKHZHLJKWRIWKHORDG$OVRFKHFNORFDO
UHJXODWLRQV
$WWDFKDKDQGOLQHWRWKHORDGWRPDNHLWHDVLHUIRUDQDVVLVWLQJ
SHUVRQWRDGMXVWWKHORDG
0DNHVXUHWKDWWKHUHDUHQRXQDXWKRULVHGSHUVRQVLQWKH
ZRUNLQJDUHD
:KHQZRUNLQJZLWKWKHPDFKLQHDOZD\VVLWLQWKHVHDWDQGXVH
WKHVHDWEHOW
5HPHPEHUWKDWDVPDOOPRYHPHQWRIWKHEDFNKRHOHYHU
EHFRPHVDODUJHPRYHPHQWDWWKHRXWHUHQGRIWKHEDFNKRH
ERRP



2SHUDWLQJWHFKQLTXHV



/LIWLQJREMHFWV
2SHUDWHWKHPDFKLQHZLWKJHQWOHDQGFDUHIXOPRYHPHQWVVR
WKDWWKHORDGGRHVQRWVWDUWWRVZLQJ8VHDORZHUHQJLQHVSHHG
WRJLYHJUHDWHUFRQWUROODELOLW\
7KHVWDELOLVHUVDQGWKHORDGHUDWWDFKPHQWKDYHWREHORZHUHG
WRWKHJURXQGZKHQFUDQLQJ
/RZHUWKHORDGLIWKHPDFKLQHEHJLQVWROXUFKWRRQHVLGHRU
IHHOVXQVWDEOH
1HYHUOLIWPRYHRUVZLQJDORDGRYHUDSHUVRQ
1HYHUDWWDFKDOLIWLQJGHYLFH FKDLQVOLQJRUVLPLODU DURXQGWKH
WHHWKRIWKHEXFNHWZKHQOLIWLQJ
)RUORDGFKDUWVVHHSDJH

6OLQJLQJORQJORDGV

:$51,1*
'RQRWXVHEURNHQGLUW\RUROGOLIWLQJGHYLFHVSHRSOHPD\EH
FUXVKHG2QO\XVHOLIWLQJGHYLFHVWKDWDUHFOHDQDQGFRPSOLHVWR
ODZVDQGUHJXODWLRQV
%RDUGVSODQNVUHLQIRUFLQJLURQVRUVLPLODUVKRXOGKDYHWKH
VOLQJDUUDQJHGVRWKDWWKH\FDQQRWIDOORXW
:KHQOLIWLQJJLUGHUVDSDLURIJLUGHUVFLVVRUVVKRXOGSUHIHUDEO\
EHXVHG
3DGGLQJPDGHIURPIRUH[DPSOHFXWXSFRPSUHVVHGDLUKRVHV
PD\EHXVHGLQRUGHUWRSURWHFWWKHVOLQJV
7KHVOLQJVKRXOGEHZHOOWLJKWHQHG

2SHUDWLQJWHFKQLTXHV

/LIWLQJREMHFWV



3RVLWLRQRIWKHPDFKLQH
&KHFNWKHJURXQGEHIRUHFUDQLQJ7KHJURXQGKDVWREHOHYHODQG
ILUPWRSUHYHQWDFFLGHQWV,IWKHJURXQGLVVRIWSUHSDUHWKHDUHD
ZLWKHDUWKDQGVWRQHVXQWLOWKHJURXQGLVVROLG
'RQRWOLIWXQWLO\RXNQRZ
 ZKHUHWKHORDGLVWRJRDQGLILWFDQEHSODFHGWKHUH
 WKDWWKHFRUUHFWOLIWLQJGHYLFHVDUHXVHG VOLQJVFKDLQVRU
VLPLODU 
 WKDWWKHOLIWLQJGHYLFHLVVHFXUHO\DWWDFKHGWRWKHORDG
 WKDW\RXKDYHEHHQJLYHQWKHVLJQDOWROLIWLIDVLJQDOSHUVRQLV
DVVLVWLQJVHHSDJH




2EMHFWKDQGOLQJFUDQLQJ

:$51,1*
'RQRWOLIWVXVSHQGHGORDGVH[FHHGLQJWKHVSHFLILFDWLRQVEHORZ
'RQRWPRYHVXVSHQGHGORDGVRYHUSHUVRQVDVIDOOLQJREMHFWV
PD\FUXVKWKHP
(QVXUHWKDWQRSHUVRQVDUHZLWKLQWKHZRUNLQJDUHDRIWKH
PDFKLQH
)RUORDGFKDUWVVHHSDJH

2SHUDWLQJWHFKQLTXHV



6LJQDOOLQJGLDJUDP

6LJQDOOLQJGLDJUDP
0DQXDOVLJQDOOLQJWRDQRSHUDWRURIDPRELOHH[FDYDWRURUEDFNKRHORDGHUDVSHU6$(-
7KHSULPDU\XVHRIKDQGVLJQDOVLVIRUDVLJQDOPDQWRGLUHFWWKHOLIWLQJKDQGOLQJDQGSODFHPHQWRIORDGVDWWDFKHG
WRZRUNLQJHTXLSPHQW+DQGVLJQDOXVDJHPD\DOVREHDSSOLFDEOHWRHDUWKPRYLQJRSHUDWLRQVDQGRUPDFKLQH
WUDYHOZKHQWKHRSHUDWRU
VYLVLELOLW\LVREVWUXFWHG
,IDUDSLGOLIWLQJORZHULQJRUPRYLQJPRYHPHQWLVUHTXLUHGWKHGLSSHUDUPPRYHPHQWVVKRXOGEHFDUULHGRXWPRUH
OLYHO\,IWZRGLIIHUHQWPDFKLQHVDUHXVHGIRUOLIWLQJWKHVDPHORDGWKHUHVKRXOGEHDQDJUHHPHQWEHIRUHKDQGKRZ
WKHOLIWVKRXOGEHFDUULHGRXWDQGZKDWVLJQDOVVKRXOGEHJLYHQWRWKHUHVSHFWLYHRSHUDWRUV

V1065920

5$,6(/2$'9(57,&$//<
:LWKHLWKHUIRUHDUPYHUWLFDO
IRUHILQJHUSRLQWLQJXSPRYHKDQGLQ
VPDOOKRUL]RQWDOFLUFOHV

V1065921
V1065923

/2:(5/2$'9(57,&$//<
:LWKHLWKHUDUPH[WHQGHG
GRZQZDUGIRUHILQJHUSRLQWLQJGRZQ
PRYHKDQGLQVPDOOKRUL]RQWDO
FLUFOHV

V1065925

029(/2$',1+25,=217$//<
:LWKHLWKHUDUPH[WHQGHGKDQG
UDLVHGDQGRSHQWRZDUGGLUHFWLRQRI
PRYHPHQWPRYHKDQGLQGLUHFWLRQ
RIUHTXLUHGPRYHPHQW

V1065926

V1065924

029(/2$'287
+25,=217$//<
:LWKHLWKHUDUPH[WHQGHGKDQG
UDLVHGDQGRSHQWRZDUGGLUHFWLRQRI
PRYHPHQWPRYHKDQGLQGLUHFWLRQ
RIUHTXLUHGPRYHPHQW

V1065927

5$,6(%220
:LWKHLWKHUDUPH[WHQGHG
KRUL]RQWDOO\ILQJHUVFORVHGSRLQW
WKXPEXSZDUG

V1065928

6/(:
:LWKHLWKHUDUPH[WHQGHGKRUL]RQWDOO\SRLQWZLWKIRUHILQJHUWRGLUHFWLRQRI
VOHZURWDWLRQ

/2:(5%220
:LWKHLWKHUDUPH[WHQGHG
KRUL]RQWDOO\ILQJHUVFORVHGSRLQW
WKXPEGRZQZDUG

V1065929

',33(5$50,1:$5'
:LWKERWKKDQGVFOHQFKHGSRLQW
WKXPEVLQZDUG

2SHUDWLQJWHFKQLTXHV

6LJQDOOLQJGLDJUDP



V1065930

',33(5$50287:$5'
:LWKERWKKDQGVFOHQFKHGSRLQW
WKXPEVRXWZDUG

V1065931

&/26(%8&.(7
+ROGRQHKDQGFORVHGDQG
VWDWLRQDU\5RWDWHRWKHUKDQGLQ
VPDOOYHUWLFDOFLUFOHZLWKIRUHILQJHU
SRLQWLQJKRUL]RQWDOO\DWFORVHGKDQG

5(75$&77(/(6&23,&%220
:LWKERWKKDQGVFOHQFKHGSRLQW
WKXPEVLQZDUG

(;7(1'7(/(6&23,&%220
:LWKERWKKDQGVFOHQFKHGSRLQW
WKXPEVRXWZDUG

V1065932

23(1%8&.(7
+ROGRQHKDQGRSHQDQGVWDWLRQDU\
5RWDWHRWKHUKDQGLQVPDOOYHUWLFDO
FLUFOHZLWKIRUHILQJHUSRLQWLQJ
KRUL]RQWDOO\DWRSHQKDQG

7851
5DLVHIRUHDUPZLWKFORVHGILVW
LQGLFDWLQJLQVLGHRIWXUQ0RYHRWKHU
ILVWLQYHUWLFDOFLUFOHLQGLFDWLQJ
GLUHFWLRQRIWUDFNRUZKHHOURWDWLRQ


V1065936

7851
5DLVHIRUHDUPZLWKFORVHGILVW
LQGLFDWLQJLQVLGHRIWXUQ0RYHRWKHU
ILVWLQYHUWLFDOFLUFOHLQGLFDWLQJ
GLUHFWLRQRIWUDFNRUZKHHOURWDWLRQ

V1065939

V1065937

&2817(5527$7(
3ODFHKDQGRQKHDGLQGLFDWLQJVLGHRUUHYHUVHWUDFNRUZKHHOURWDWLRQ0RYH
RWKHUKDQGLQYHUWLFDOFLUFOHLQGLFDWLQJIRUZDUGURWDWLRQRIRWKHUWUDFNRU
ZKHHO

V1065940

75$9(/
5DLVHIRUHDUPZLWKFORVHGILVWLQGLFDWLQJLQVLGHRIWXUQ0RYHRWKHUILVWLQ
YHUWLFDOFLUFOHLQGLFDWLQJGLUHFWLRQRIWUDFNRUZKHHOURWDWLRQ

V1065935

7+,6)$572*2
:LWKKDQGVUDLVHGDQGRSHQLQZDUG
PRYHKDQGVODWHUDOO\LQGLFDWLQJ
GLVWDQFHWRJR

2SHUDWLQJWHFKQLTXHV



6LJQDOOLQJGLDJUDP

V1065938
V1065941

029(6/2:/<
3ODFHRQHKDQGPRWLRQOHVVLQIURQW
RIKDQGJLYLQJPRWLRQVLJQDO5DLVH
ORDGVORZO\LVVKRZQ

V1065942

6723
:LWKHLWKHUDUPH[WHQGHGODWHUDOO\
KDQGRSHQGRZQZDUGPRYHDUP
EDFNDQGIRUWK

(0(5*(1&<6723
:LWKERWKDUPVH[WHQGHGODWHUDOO\
KDQGVRSHQGRZQZDUGZDYHDUPV
EDFNDQGIRUWK

5(75$&77(/(6&23,&',33(5
$50
:LWKHLWKHUDUPRXWVWUHWFKHG
KRUL]RQWDOO\LQIURQWRIERG\FORVH
ILQJHUVDQGSRLQWWKXPELQGLUHFWLRQ
RIUHTXLUHGPRYHPHQW

(;7(1'7(/(6&23,&',33(5
$50
:LWKHLWKHUDUPRXWVWUHWFKHG
KRUL]RQWDOO\LQIURQWRIERG\FORVH
ILQJHUVDQGSRLQWWKXPELQGLUHFWLRQ
RIUHTXLUHGPRYHPHQW

V1065922

6723(1*,1(
'UDZWKXPERUIRUHILQJHUDFURVV
WKURDW

6DIHW\ZKHQVHUYLFLQJ



6DIHW\ZKHQVHUYLFLQJ
7KLVVHFWLRQGHDOVZLWKWKHVDIHW\UXOHVZKLFKVKRXOGEHIROORZHG
ZKHQFKHFNLQJDQGVHUYLFLQJWKHPDFKLQH,WDOVRGHVFULEHVWKH
ULVNVZKHQZRUNLQJZLWKXQKHDOWK\PDWHULDODQGZD\VWRDYRLG
SHUVRQDOLQMXULHV
)XUWKHUVDIHW\UXOHVDQGZDUQLQJVWH[WVDUHJLYHQZLWKLQWKH
UHVSHFWLYHVHFWLRQV

:$51,1*
,IZRUNPXVWEHGRQHRQWKHPDFKLQHEHIRUHLWKDVFRROHGGRZQ
EHZDUHRIKRWIOXLGVDQGKRWFRPSRQHQWVWKDWFDQFDXVHVHYHUH
EXUQV



6DIHW\ZKHQVHUYLFLQJ



6HUYLFHSRVLWLRQ

6HUYLFHSRVLWLRQ
%HIRUH\RXEHJLQVHUYLFHZRUNWKHPDFKLQHPXVWEHSODFHGRQ
ILUPOHYHOJURXQGDQGSUHSDUHGDVVKRZQEHORZ,IZRUNKDVWR
EHFDUULHGRXWRQWKHPDFKLQHEHIRUHLWKDVFRROHGWKHUHLVULVN
RIEXUQV7KHUHIRUHWDNHFDUHZKHQZRUNLQJZLWKKRWOLTXLGVDQG
PDFKLQHSDUWV

6HUYLFHSRVLWLRQ

9

9

3RVLWLRQ%DFNKRHLQWUDYHOOLQJSRVLWLRQORDGHUERRP 3RVLWLRQ%DFNKRHLQWUDYHOOLQJSRVLWLRQORDGHUERRP
UDLVHG
ORZHUHGWRJURXQG

9

3RVLWLRQ%DFNKRHIXOO\H[WHQGHGORDGHUERRP
ORZHUHGWRJURXQG

 3ODFHWKHPDFKLQHRQILUPOHYHOJURXQGDQGDSSO\WKHSDUNLQJ
EUDNH
 /RZHUWKHVWDELOLVHUV
 3ODFHWKHEDFNKRHDQGWKHORDGHUERRPLQWKHUHTXLUHGVHUYLFH
SRVLWLRQ,IWKHORDGHUERRPLVUDLVHGWKHORDGHUERRPVDIHW\
VWUXWPXVWEHSODFHGLQWKHVXSSRUWSRVLWLRQVHHSDJH,I
WKHEDFNKRHLVLQWKHWUDYHOOLQJSRVLWLRQWKHEDFNKRHERRP
ORFNPXVWEHHQJDJHGVHHSDJH
 7XUQRIIWKHHQJLQH5HPRYHWKHLJQLWLRQNH\
 $WWDFKDODEHOWRWKHVWHHULQJZKHHOZLWKWKHPHVVDJH
IRUELGGHQWRVWDUWWKHHQJLQH
 &DUHIXOO\UHOHDVHWKHSUHVVXUHLQSUHVVXUHOLQHVWRDYRLGULVNV
VHHSDJHVDQG

6DIHW\ZKHQVHUYLFLQJ

%HIRUHVHUYLFHUHDG



%HIRUHVHUYLFHUHDG
3UHYHQWSHUVRQDOLQMXULHV

5HDGWKHLQVWUXFWLRQVLQWKH2SHUDWRU
V0DQXDOEHIRUHVWDUWLQJ
WRZRUNRQWKHPDFKLQH,WLVDOVRLPSRUWDQWWRUHDGDQGIROORZ
WKHLQIRUPDWLRQDQGLQVWUXFWLRQVRQSODWHVDQGGHFDOV
'RQRWZHDUORRVHILWWLQJFORWKHVRUMHZHOOHU\WKDWPD\JHW
FDXJKWDQGFDXVHLQMXULHV
$OZD\VXVHDKDUGKDWH\HSURWHFWLRQ VDIHW\JODVVHVRU
JRJJOHV JORYHVDQGSURWHFWLYHZRUNIRRWZHDUZKHQUHTXLUHG
E\WKHMRE
0DNHVXUHWKDWWKHYHQWLODWLRQLVDGHTXDWHLI\RXDUHJRLQJWR
VWDUWWKHHQJLQHLQGRRUV
'RQRWVWDQGLQIURQWRIRUEHKLQGWKHPDFKLQHZKLOHWKHHQJLQH
LVUXQQLQJ
7XUQRIIWKHHQJLQHEHIRUHUHPRYLQJDQ\SURWHFWLYHFRYHUVRU
RSHQLQJDQ\HQJLQHKRRGV
$FFXPXODWHGSUHVVXUHUHPDLQVLQWKHV\VWHPHYHQZKHQWKH
HQJLQHKDVEHHQWXUQHGRII,IDV\VWHPLVRSHQHGZLWKRXWILUVW
GHSUHVVXUL]LQJLWKLJKSUHVVXUHIOXLGPD\MHWRXW
8VHDSLHFHRISDSHURUFDUGERDUGZKHQFKHFNLQJIRUOHDNV
QHYHU\RXUKDQGV
0DNHVXUHWKDWVWHSSLQJVXUIDFHVKDQGKROGVDQGVOLS
SURWHFWHGVXUIDFHVDUHIUHHIURPRLOGLHVHOIXHOGLUWDQGLFH
2QO\VWHSRQSDUWVRIWKHPDFKLQHWKDWDUHSURYLGHGZLWKVOLS
SURWHFWLRQ
,WLVLPSRUWDQWWRXVHWKHULJKWWRROVDQGWKHULJKWHTXLSPHQW
'HIHFWLYHWRROVRUHTXLSPHQWPXVWEHUHSDLUHGRUUHSODFHG
,IVHUYLFHZRUNKDVWREHGRQHXQGHUDUDLVHGDWWDFKPHQWLW
PXVWILUVWEHVHFXUHG(QJDJHWKHFRQWUROORFNRXWDQGDSSO\WKH
SDUNLQJEUDNHLIWKHDWWDFKPHQWLVLQVWDOOHGRQWKHPDFKLQH

3UHYHQWPDFKLQHGDPDJH
8VHHTXLSPHQWZLWKVXIILFLHQWOLIWLQJFDSDFLW\LIWKHPDFKLQHRU
SDUWVRILWDUHWREHOLIWHGRUVXSSRUWHG
9ROYR&RQVWUXFWLRQ(TXLSPHQWZLOOQRWDFFHSWDQ\
UHVSRQVLELOLW\LIRWKHUOLIWLQJGHYLFHVWRROVZRUNPHWKRGV
OXEULFDQWVDQGSDUWVDUHXVHGRWKHUWKDQWKRVHGHVFULEHGLQ
WKLV2SHUDWRU
V0DQXDO
0DNHVXUHWKDWQRWRROVRURWKHUREMHFWVWKDWPD\FDXVH
GDPDJHKDYHEHHQIRUJRWWHQLQRURQWKHPDFKLQH
5HOHDVHWKHSUHVVXUHLQWKHK\GUDXOLFV\VWHPEHIRUHEHJLQQLQJ
VHUYLFHZRUN
1HYHUVHWDUHOLHIYDOYHWRDKLJKHUSUHVVXUHWKDQWKDW
UHFRPPHQGHGE\WKHYDOYHPDQXIDFWXUHU
0DFKLQHVXVHGLQHQYLURQPHQWDOO\FRQWDPLQDWHGRUKHDOWK
KD]DUGRXVDUHDVPXVWEHHTXLSSHGIRUVXFKRSHUDWLRQV$V
ZHOOVSHFLDOVDIHW\UXOHVDSSO\IRUVHUYLFHZRUNRQVXFK
PDFKLQHV
:KHQLQVWDOOLQJWZRZD\UDGLRPRELOHWHOHSKRQHRUVLPLODU
HTXLSPHQWWKHLQVWDOODWLRQPXVWEHSHUIRUPHGDFFRUGLQJWRWKH
PDQXIDFWXUHU
VLQVWUXFWLRQVLQRUGHUWRHOLPLQDWHLQWHUIHUHQFH
ZLWKWKHHOHFWURQLFV\VWHPDQGFRPSRQHQWVLQWHQGHGIRUWKH
PDFKLQH
VIXQFWLRQVHHSDJH
$FWLRQVLQFRQQHFWLRQZLWKHOHFWULFZHOGLQJVHHSDJH
0DNHVXUHWKDWDOOSURWHFWLYHSODWHVFRYHUVDQGKRRGVRQWKH
PDFKLQHDUHLQSODFHEHIRUHVWDUWLQJWKHHQJLQHDQGRSHUDWLQJ
WKHPDFKLQH



6DIHW\ZKHQVHUYLFLQJ



%HIRUHVHUYLFHUHDG
8VHWKHWKUHHSRLQWPHWKRG WZRIHHWDQGRQHKDQG ZKHQ
FOHDQLQJRUVFUDSLQJWKHZLQGVFUHHQ

3UHYHQWHQYLURQPHQWDOLQIOXHQFH
%HFRQVFLRXVRIWKHHQYLURQPHQWZKHQFDUU\LQJRXWVHUYLFHDQG
PDLQWHQDQFH2LODQGRWKHUOLTXLGVZKHQUHOHDVHGLQWRWKH
HQYLURQPHQWZLOOFDXVHGDPDJH2LOGHJUDGHVYHU\VORZO\LQZDWHU
DQGVHGLPHQW2QHOLWHURIRLOFDQGHVWUR\PLOOLRQVRIOLWHUVRI
GULQNLQJZDWHU

127,&(
,QFRPPRQIRUDOOSRLQWVEHORZLVWKDWDOOZDVWHLVWREHKDQGHG
RYHUWRDWUHDWPHQWDQGGLVSRVDOILUPDSSURYHGE\WKHDXWKRULWLHV
:KHQGUDLQLQJRLOVDQGOLTXLGVPXVWEHFROOHFWHGLQVXLWDEOH
YHVVHOVDQGVWHSVWDNHQWRDYRLGVSLOODJH
8VHGILOWHUVPXVWEHGUDLQHGRIDOOOLTXLGEHIRUHWKH\DUHSDVVHG
RQDVZDVWH8VHGILOWHUVIURPPDFKLQHVZKLFKZRUNLQ
HQYLURQPHQWVZLWKDVEHVWRVRURWKHUGDQJHURXVGXVWPXVWEH
SODFHGLQWKHEDJVXSSOLHGZLWKWKHQHZILOWHU
%DWWHULHVFRQWDLQVXEVWDQFHVGDQJHURXVWRWKHHQYLURQPHQW
DQGKHDOWK8VHGEDWWHULHVPXVWWKHUHIRUHEHKDQGOHGDVZDVWH
GDQJHURXVWRWKHHQYLURQPHQW
&RQVXPDEOHVHJXVHGUDJVJORYHVDQGERWWOHVPD\DOVREH
FRQWDPLQDWHGZLWKRLOVDQGOLTXLGVGDQJHURXVWRWKH
HQYLURQPHQWDQGPXVWEHWUHDWHGDVZDVWHGDQJHURXVWRWKH
HQYLURQPHQW

6DIHW\ZKHQVHUYLFLQJ

)LUHSUHYHQWLRQ



)LUHSUHYHQWLRQ
:$51,1*
8VLQJWKHPDFKLQHLQHQYLURQPHQWVZLWKKLJKULVNRIILUHRU
H[SORVLRQUHTXLUHVVSHFLDOWUDLQLQJDQGHTXLSPHQW
7KHUHLVDOZD\VDULVNRIILUH)LQGRXWZKDWNLQGRIILUHH[WLQJXLVKHU
LVXVHGRQ\RXUZRUNLQJVLWHDQGKRZWRXVHLW,IWKHPDFKLQHLV
HTXLSSHGZLWKDILUHH[WLQJXLVKHULWVKRXOGEHNHSWLQVLGHWKHFDE
RQWKHOHIWVLGHRIWKHRSHUDWRU

9

,IWKHPDFKLQHLVWREHSURYLGHGZLWKDKDQGKHOGILUHH[WLQJXLVKHU
LWVKRXOGEHRIWKH$%(W\SH $%&LQ1RUWK$PHULFD 7KH
GHVLJQDWLRQ$%(PHDQVWKDWLWLVSRVVLEOHWRH[WLQJXLVKILUHVLQ
ERWKVROLGRUJDQLFPDWHULDODQGOLTXLGVDQGWKDWWKHILUH
H[WLQJXLVKLQJFRPSRXQGGRHVQRWFRQGXFWHOHFWULFLW\(IILFLHQF\
FODVV,PHDQVWKDWWKHHIIHFWLYHRSHUDWLQJWLPHRIWKHH[WLQJXLVKHU
PXVWQRWEHOHVVWKDQVHFRQGVFODVV,,DWOHDVWVHFRQGVDQG
JUDGH,,,DWOHDVWVHFRQGV
$KDQGKHOGILUHH[WLQJXLVKHU$%(,QRUPDOO\FRUUHVSRQGVWRD
SRZGHUFRQWHQWRINJ OE  (1JUDGH$%& VWDQGDUG
(1SDUWVDQG

)LUHSUHYHQWLRQPHDVXUHV
'RQRWVPRNHRUKDYHDQRSHQIODPHQHDUDPDFKLQHZKHQ
ILOOLQJZLWKIXHORUZKHQWKHIXHOV\VWHPLVRSHQHGDQGLQFRQWDFW
ZLWKWKHVXUURXQGLQJDLU
'LHVHOIXHORLOLVIODPPDEOHDQGPXVWQRWEHXVHGIRUFOHDQLQJ
8VHFRQYHQWLRQDOFDUFDUHSURGXFWVPHDQWIRUFOHDQLQJRU
GHJUHDVLQJ$OVREHDULQPLQGWKDWFHUWDLQVROYHQWVFDQFDXVH
VNLQUDVKHVGDPDJHWRWKHSDLQWILQLVKDQGFRQVWLWXWHILUH
KD]DUG
.HHSWKHSODFHFOHDQZKHUHWKHVHUYLFHLVWREHFDUULHGRXW2LO
DQGZDWHUFDQPDNHWKHIORRUVOLSSHU\DQGLVDOVRGDQJHURXVLQ
FRQQHFWLRQZLWKHOHFWULFDOHTXLSPHQWRUHOHFWULFDOO\SRZHUHG
WRROV2LO\DQGJUHDV\FORWKHVDUHDVHULRXVILUHKD]DUG
&KHFNGDLO\WKDWWKHPDFKLQHDQGWKHHTXLSPHQWIRUH[DPSOH
XQGHUEHOO\SODWHVDUHIUHHIURPGXVWDQGRLO%HVLGHVUHGXFLQJ
WKHULVNRIILUHLWLVDOVRHDVLHUWRGHWHFWIDXOW\RUORRVH
FRPSRQHQWV

127,&(
7DNHJUHDWFDUHLIDKLJKSUHVVXUHZDVKLVXVHGIRUFOHDQLQJ
(OHFWULFDOFRPSRQHQWVDQGHOHFWULFDOOHDGVFDQEHGDPDJHG
HYHQDWDPRGHUDWHO\KLJKSUHVVXUHDQGWHPSHUDWXUH3URWHFW
HOHFWULFDOOHDGVLQDQDSSURSULDWHZD\
7DNHH[WUDFDUHZKHQFOHDQLQJDPDFKLQHZRUNLQJLQDILUH
VHQVLWLYHHQYLURQPHQWIRUH[DPSOHVDZPLOODQGUHIXVHGXPSV
7KHULVNRIVSRQWDQHRXVFRPEXVWLRQFDQEHIXUWKHUUHGXFHGE\
LQVWDOOLQJLQVXODWLRQRIWKHVLOHQFHUJXDUG
,WLVLPSRUWDQWWKDWWKHILUHH[WLQJXLVKHULVPDLQWDLQHGLQRUGHU
WRZRUNZKHQLWLVQHHGHG



6DIHW\ZKHQVHUYLFLQJ



)LUHSUHYHQWLRQ
&KHFNWKDWIXHOOLQHVK\GUDXOLFDQGEUDNHKRVHVDQGHOHFWULFDO
FDEOHVKDYHQRWEHHQGDPDJHGE\FKDILQJRUDUHQRWLQGDQJHU
RIEHLQJGDPDJHGLQWKDWZD\EHFDXVHRILQFRUUHFWLQVWDOODWLRQ
RUFODPSLQJ7KLVDSSOLHVSDUWLFXODUO\WRXQIXVHGFDEOHVZKLFK
DUHUHGDQGPDUNHG5 % DQGURXWHG
 EHWZHHQWKHEDWWHULHV
 EHWZHHQEDWWHU\DQGVWDUWHUPRWRU
 EHWZHHQDOWHUQDWRUDQGVWDUWHUPRWRU
(OHFWULFDOFDEOHVPXVWQRWOLHGLUHFWO\DJDLQVWRLORUIXHOOLQHV
'RQRWZHOGRUJULQGRQFRPSRQHQWVZKLFKDUHILOOHGZLWK
IODPPDEOHOLTXLGVIRUH[DPSOHWDQNVDQGK\GUDXOLFSLSHV
([HUFLVHFDUHZLWKVXFKZRUNDOVRLQWKHSUR[LPLW\RIVXFK
SODFHV$ILUHH[WLQJXLVKHUVKRXOGEHNHSWQHDUWRKDQG

$FWLRQVLQFDVHRIILUH
,IWKHFLUFXPVWDQFHVSHUPLWDQG\RXURZQVDIHW\LVQRW
MHRSDUGLVHGWDNHWKHIROORZLQJVWHSVDWWKHVOLJKWHVWVLJQRIILUH
 6WRSWKHPDFKLQHLIWKHPDFKLQHLVLQPRWLRQ
 /RZHUDWWDFKPHQWVWRWKHJURXQG
 0RYHWKHFRQWUROORFNRXWOHYHUWRORFNHGSRVLWLRQLIVR
HTXLSSHG
 7XUQWKHLJQLWLRQNH\WRVWRSSRVLWLRQ
 ([LWWKHFDE
 &DOOWKHILUHEULJDGH
 ,ISRVVLEOHWRDFFHVVVDIHO\WXUQRIIWKHEDWWHU\GLVFRQQHFW
VZLWFK
 $WWHPSWWRSXWRXWWKHILUHLISRVVLEOH2WKHUZLVHPRYHDZD\
IURPWKHPDFKLQHDQGRXWRIWKHGDQJHU]RQH

$FWLRQVDIWHUILUH
:KHQKDQGOLQJDPDFKLQHZKLFKKDVEHHQGDPDJHGE\ILUHRU
EHHQH[SRVHGWRLQWHQVHKHDWWKHIROORZLQJSURWHFWLYHPHDVXUHV
PXVWEHIROORZHG
8VHWKLFNSURWHFWLYHJORYHVPDGHRIUXEEHUDQGZHDUJRJJOHV
1HYHUWRXFKEXUQWFRPSRQHQWVZLWK\RXUEDUHKDQGVLQRUGHU
WRDYRLGFRQWDFWZLWKPHOWHGSRO\PHUPDWHULDOV)LUVWZDVK
WKRURXJKO\ZLWKSOHQW\RIOLPHZDWHU DVROXWLRQFRQVLVWLQJRI
FDOFLXPK\GUR[LGHWKDWLVVODNHGOLPHLQZDWHU 
+DQGOLQJKHDWHGIOXRURFDUERQUXEEHUVHHSDJH

6DIHW\ZKHQVHUYLFLQJ

+DQGOLQJKD]DUGRXVPDWHULDOV



+DQGOLQJKD]DUGRXVPDWHULDOV
+HDWHGSDLQW

:$51,1*
+HDWLQJRISDLQWHGVXUIDFHVUXEEHURUSODVWLFVSDUWVPD\FDXVH
WKHIRUPDWLRQRIVXEVWDQFHVGDQJHURXVWRKHDOWKRUHQYLURQPHQW
7DNHFDUHZKHQIRUH[DPSOHZHOGLQJJULQGLQJRUJDVFXWWLQJ
:HDUSURWHFWLYHHTXLSPHQW
:KHQKHDWHGSDLQWJLYHVRIISRLVRQRXVJDVHV7KHUHIRUHWKH
SDLQWPXVWEHUHPRYHGIURPDQDUHDRIDWOHDVWFPIURPWKH
VSRWZKHUHZHOGLQJJULQGLQJRUFXWWLQJZLWKDWRUFKLVWREH
FDUULHGRXW,QDGGLWLRQWRWKHKHDOWKKD]DUGWKHZHOGZLOOEHRI
LQIHULRUTXDOLW\DQGVWUHQJWKZKLFKLQWKHIXWXUHPD\FDXVHWKH
ZHOGWREUHDN
0HWKRGVDQGSUHFDXWLRQDU\PHDVXUHVZKHQUHPRYLQJSDLQW
%ODVWLQJ
 XVHUHVSLUDWRUDQGSURWHFWLYHJRJJOHV
3DLQWUHPRYHURURWKHUFKHPLFDOV
 XVHDSRUWDEOHDLUH[WUDFWRUUHVSLUDWRUDQGSURWHFWLYHJORYHV
*ULQGLQJPDFKLQH
 XVHDSRUWDEOHDLUH[WUDFWRUUHVSLUDWRUDQGSURWHFWLYHJORYHV
DQGSURWHFWLYHJRJJOHV
3DLQWHGSDUWVWKDWKDYHEHHQGLVFDUGHGPXVWQHYHUEHEXUQW
7KH\PXVWEHWDNHQFDUHRIE\DQDSSURYHGUHIXVHKDQGOLQJSODQW

5XEEHUDQGSODVWLFVZKLFKKDYHEHHQKHDWHG
3RO\PHUPDWHULDOVFDQZKHQKHDWHGIRUPFRPSRXQGVZKLFKDUH
GDQJHURXVWRKHDOWKDQGHQYLURQPHQWDQGPXVWWKHUHIRUHQHYHU
EHEXUQHGZKHQVFUDSSHG
,IJDVFXWWLQJRUZHOGLQJLVWREHFDUULHGRXWQHDUVXFKPDWHULDOV
WKHIROORZLQJVDIHW\LQVWUXFWLRQVPXVWEHIROORZHG
 3URWHFWWKHPDWHULDOIURPKHDW
 8VHSURWHFWLYHJORYHVSURWHFWLYHJRJJOHVDQGDQDSSURYHG
UHVSLUDWRU

)OXRURFDUERQUXEEHUZKLFKKDVEHHQKHDWHG

:$51,1*
6HDOVWKDWFDQZLWKVWDQGKLJKWHPSHUDWXUHVPD\EHPDGHRI
IOXRURFDUERQUXEEHU$WYHU\KLJKWHPSHUDWXUHVIOXRURFDUERQ
UXEEHUIRUPVVXEVWDQFHVZKLFKDUHYHU\FRUURVLYHWRVNLQDQG
OXQJV:HDUSURWHFWLYHHTXLSPHQW
:KHQKDQGOLQJDPDFKLQHZKLFKKDVEHHQGDPDJHGE\ILUHRU
EHHQH[SRVHGWRRWKHULQWHQVHKHDWWKHIROORZLQJSURWHFWLYHVWHSV
PXVWXQGHUDOOFLUFXPVWDQFHVEHWDNHQ
8VHWKLFNJORYHVPDGHRIUXEEHUDQGZHDUSURWHFWLYHJRJJOHV
'LVFDUGJORYHVUDJVHWFWKDWEHHQLQFRQWDFWZLWKKHDWHG
IOXRURFDUERQUXEEHUDIWHUKDYLQJILUVWZDVKHGWKHPLQOLPH
ZDWHU DVROXWLRQE\FDOFLXPK\GUR[LGHLHVODNHGOLPHLQ
ZDWHU



6DIHW\ZKHQVHUYLFLQJ



+DQGOLQJKD]DUGRXVPDWHULDOV
7KHDUHDDURXQGDSDUWWKDWKDVEHHQYHU\KRWDQGZKLFKPD\
EHPDGHRIIOXRURFDUERQUXEEHUPXVWEHGHFRQWDPLQDWHG
WKURXJKWKRURXJKDQGDPSOHZDVKLQJZLWKOLPHZDWHU
$VDSUHFDXWLRQDU\PHDVXUHDOOVHDOV 2ULQJVDQGRWKHURLO
VHDOV PXVWEHKDQGOHGDVLIWKH\ZHUHPDGHIURPIOXRUR
FDUERQUXEEHU
7KHK\GURIOXRULFDFLGPD\UHPDLQRQWKHPDFKLQHSDUWVIRU
VHYHUDO\HDUVDIWHUDILUH
,IVZHOOLQJUHGQHVVRUDEXUQLQJVHQVDWLRQRFFXUVDQGRQH
VXVSHFWVWKDWWKHFDXVHPD\EHFRQWDFWZLWKKHDWHGIOXRUR
FDUERQUXEEHUFRQWDFWDPHGLFDOGRFWRULPPHGLDWHO\
6\PSWRPVPD\QRWDSSHDUXQWLODIWHUVHYHUDOKRXUVZLWKRXWDQ\
SUHYLRXVZDUQLQJ
7KHDFLGFDQQRWEHULQVHGRUZDVKHGDZD\IURPWKHVNLQ,Q
VWHDGWUHDWZLWK+\GURIOXRULF$FLG%XUQ-HOO\RUVLPLODUEHIRUH
FRQWDFWLQJDGRFWRU

5HIULJHUDQW

127,&(
$OOW\SHVRIVHUYLFHRQWKHDLUFRQGLWLRQLQJXQLWPXVWEHGRQHDW
DFFUHGLWHGZRUNVKRSVE\RUXQGHUWKHVXSHUYLVLRQRIDSHUVRQ
LQDVXSHUYLVRU\SRVLWLRQZLWKFHUWLILHGFRPSHWHQFH

:$51,1*
5DLVPRGHUDWHO\GDQJHURXVWRRQHVKHDOWK:KHQKDQGOLQJ
UHIULJHUDQWZHDUFORVHILWWLQJJRJJOHVDQGSURWHFWLYHJORYHV,Q
OLTXLGIRUPUHIULJHUDQWFDQFDXVHIURVWELWHDQGZKHQLQWKHIRUP
RIDJDVDWKLJKFRQFHQWUDWLRQLWKDVDQDQDHVWKHWLVLQJHIIHFWDQG
DWORZHUFRQFHQWUDWLRQLWSULPDULO\DIIHFWVWKHQHUYRXVV\VWHP
7KHDLUFRQGLWLRQLQJXQLWRIWKHPDFKLQHLVILOOHGZLWKUHIULJHUDQW
5DDWWKHIDFWRU\5DKDVQRGDPDJLQJHIIHFWRQWKHR]RQH
OD\HURIWKHDWPRVSKHUHKRZHYHULWFRQWULEXWHVWRWKH
JUHHQKRXVHHIIHFWDQGPXVWWKHUHIRUHQHYHUSXUSRVHO\EH
UHOHDVHGLQWRWKHRSHQDLU

&$87,21
5DPXVWQHYHUEHPL[HGZLWKDQRWKHUNLQGRIUHIULJHUDQWHJ
5DVWKLVOHDGVWRDEUHDNGRZQRIWKHXQLW
,QFDVHRIFRQWDFWZLWKHVFDSLQJUHIULJHUDQWWKHIROORZLQJDFWLRQV
PXVWEHWDNHQ
7KHJDVHVZKLFKDUHIRUPHGZKHQUHIULJHUDQWLVKHDWHGPD\
KDYHVHULRXVO\KDUPIXOHIIHFWVRQOXQJVDQGWKHQHUYRXV
V\VWHPHYHQDWORZFRQFHQWUDWLRQVDQGZKHQQRVPHOOLV
GHWHFWDEOH+LJKFRQFHQWUDWLRQVKDYHDQDUFRWLFHIIHFW$Q
H[SRVHGSHUVRQPXVWEHPRYHGRXWRIWKHGDQJHUDUHDRXWLQWR
WKHRSHQDLU6HHNPHGLFDODGYLFHLIWKHUHDUHUHPDLQLQJ
V\PSWRPV
,QOLTXLGIRUPWKHUHIULJHUDQWPD\FDXVHIURVWELWH&DUHIXOO\
KHDWWKHLQMXUHGDUHDZLWKOXNHZDUPZDWHURUZDUPFORWKHV
6HHNPHGLFDODGYLFHLIWKHUHDUHUHPDLQLQJV\PSWRPV
6HHNPHGLFDODGYLFHLIOLTXLGUHIULJHUDQWKDVFRPHLQWRFRQWDFW
ZLWKVRPHRQH
VH\HV
,IDOHDNLVVXVSHFWHGOHDYHWKHGDQJHURXVDUHDDQGFRQWDFW
DQDFFUHGLWHGZRUNVKRSWRREWDLQLQIRUPDWLRQDERXWZKDW
DFWLRQVKRXOGEHWDNHQ

6DIHW\ZKHQVHUYLFLQJ

+DQGOLQJKD]DUGRXVPDWHULDOV



%DWWHULHV

:$51,1*
+DQGOLQJEDWWHULHVPD\OHDGWRWKDWHOHFWURO\WHFRPHVLQWRFRQWDFW
ZLWKH\HVVNLQRUFORWKHV:HDUSURWHFWLYHHTXLSPHQW(OHFWURO\WH
VSODVKHVLQH\HVPXVWEHULQVHGRIIZLWKZDWHULPPHGLDWHO\
(OHFWURO\WHRQVNLQPXVWEHZDVKHGRIIZLWKVRDSDQGZDWHU
LPPHGLDWHO\6HHNPHGLFDODGYLFH
'RQRWVPRNHQHDUEDWWHULHVDVWKHVHJLYHRIIH[SORVLYHJDVHV
0DNHVXUHWKDWPHWDOREMHFWVHJWRROVULQJVDQGZDWFK
VWUDSVGRQRWFRPHLQWRFRQWDFWZLWKWKHEDWWHU\SROHVWXGV
0DNHVXUHWKDWWKHEDWWHU\WHUPLQDOV
FDSVDOZD\VDUHLQVWDOOHG
'RQRWWLOWDEDWWHU\LQDQ\GLUHFWLRQ%DWWHU\HOHFWURO\WHPD\OHDN
RXW
'RQRWFRQQHFWDGLVFKDUJHGEDWWHU\LQVHULHVZLWKDIXOO\
FKDUJHGEDWWHU\5LVNRIH[SORVLRQ
:KHQUHPRYLQJDEDWWHU\GLVFRQQHFWWKHJURXQGFDEOHILUVWDQG
ZKHQLQVWDOOLQJFRQQHFWWKHJURXQGFDEOHODVWWRUHGXFHWKHULVN
RIVSDUNV
'LVFDUGHGEDWWHULHVPXVWEHWDNHQFDUHRIDFFRUGLQJWRFXUUHQW
QDWLRQDOUHJXODWLRQV
&KDUJLQJEDWWHULHVVHHSDJH
6WDUWLQJZLWKERRVWHUEDWWHULHVVHHSDJH

'XVWRIFU\VWDOOLQHVLOLFRQGLR[LGH VLOLFDGXVW

:$51,1*
:RUNLQJLQHQYLURQPHQWVFRQWDLQLQJGDQJHURXVGXVWIRUH[DPSOH
DVEHVWRVPD\OHDGWRVHULRXVKHDOWKSUREOHPV6SHFLDOPHDVXUHV
PXVWEHWDNHQWRSUHYHQWGXVWIURPVSUHDGLQJ&RQWDFWD
ZRUNVKRSDXWKRULVHGE\9ROYRIRUIXUWKHULQIRUPDWLRQ
&U\VWDOOLQHVLOLFRQGLR[LGHLVDEDVLFFRPSRQHQWSDUWRIVDQGDQG
JUDQLWH0DQ\DFWLYLWLHVRQEXLOGLQJVLWHVDQGLQPLQHVVXFKDV
GLWFKLQJVDZLQJDQGGULOOLQJJHQHUDWHGXVWWKDWFRQWDLQV
FU\VWDOOLQHVLOLFRQGLR[LGH7KLVGXVWPD\FDXVHVLOLFRVLV PLQHU
V
FRQVXPSWLRQ 
7KHHPSOR\HURUWKHZRUNVLWHPDQDJHPHQWVKRXOGLQIRUPWKH
RSHUDWRUDERXWWKHSUHVHQFHRIDQ\FU\VWDOOLQHVLOLFRQGLR[LGHRQ
WKHZRUNVLWHDQGSURYLGHVSHFLDOZRUNLQVWUXFWLRQVDQGDFWLRQV
DVZHOODVQHFHVVDU\SURWHFWLYHHTXLSPHQW
$OVRFKHFNORFDODQGQDWLRQDOUHJXODWLRQVRQFU\VWDOOLQHVLOLFRQ
GLR[LGHDQGVLOLFRVLV

$VEHVWRVGXVW




,WLVLPSRUWDQWWKDWWKHFDELVNHSWDVIUHHDVSRVVLEOHIURPGXVW
RUDVEHVWRVGXVW
(QWHUDQGOHDYHWKHPDFKLQHLQDSODFHDZD\IURPWKHDVEHVWRV
FRQWDPLQDWHGDUHD
.HHSFORWKHVDQGVKRHVFOHDQIURPGXVW
7LG\DQGYDFXXPFOHDQWKHFDERIWHQDQGXVHSHUVRQDO
SURWHFWLYHHTXLSPHQWIRULQVWDQFHUHVSLUDWRU GXVWPDVN
LQWHQGHGIRUDVEHVWRVFRQWDPLQDWHGDUHDV
0DNHVXUHWKDWWKHFDEGRRULVNHSWFORVHGZKLOHRSHUDWLQJ



6DIHW\ZKHQVHUYLFLQJ



+DQGOLQJKD]DUGRXVPDWHULDOV
7KHFDEVKRXOGEHYHQWLODWHGWKURXJKLWVYHQWLODWLRQV\VWHP
ZKLFKDOVRSURYLGHVH[FHVVSUHVVXUHLQWKHFDE
:LWKUHJDUGWRULVNVWRKHDOWKDQGHQYLURQPHQWXVHGILOWHUV
PXVWEHSODFHGLQWKHVHDODEOHSODVWLFEDJZKLFKLVVXSSOLHG
WRJHWKHUZLWKQHZILOWHUV7KHEDJZLWKWKHXVHGILOWHUVKRXOG
WKHQEHGHSRVLWHGDWDSODFHDXWKRULVHGWRWDNHFDUHRI
DVEHVWRVZDVWH

6HUYLFHDQGPDLQWHQDQFH



6HUYLFHDQGPDLQWHQDQFH
7KLVFKDSWHUGHVFULEHVWKHVHUYLFHDQGPDLQWHQDQFHMREVWKDWFDQ
EHGRQHE\WKHRSHUDWRU7KHVHDUHVXPPDUL]HGLQWKHVHFWLRQ
/XEULFDWLRQDQGVHUYLFHFKDUWDVDQLOOXVWUDWLRQZLWKDQ
DFFRPSDQ\LQJWDEOHIRUHDFKLQWHUYDOVHHSDJH
2WKHUMREVUHTXLUHWUDLQHGZRUNVKRSSHUVRQQHORUVSHFLDO
HTXLSPHQW&RQWDFWDZRUNVKRSDXWKRUL]HGE\9ROYRIRUPRUH
LQIRUPDWLRQ

/XEULFDWLRQDQGVHUYLFHVFKHGXOHV
7KHVHFWLRQ/XEULFDWLRQDQGPDLQWHQDQFHVFKHGXOHGHVFULEHV
WKHPDLQWHQDQFHZRUNWREHSHUIRUPHG,WDOVRLQGLFDWHVZKHQ
TXDOLILHGZRUNVKRSSHUVRQQHODQGDGGLWLRQDOHTXLSPHQWDUH
UHTXLUHGIRUFHUWDLQZRUNVHHSDJH

6HUYLFHKLVWRU\
7KHVHUYLFHMRXUQDOVKDOOEHILOOHGLQDIWHUHYHU\FRPSOHWHGVHUYLFH
DWDQDXWKRUL]HGZRUNVKRSVHHSDJH7KHVHUYLFHMRXUQDO
LVDYDOXDEOHGRFXPHQWZKLFKFDQEHUHIHUUHGWRZKHQHJVHOOLQJ
WKHPDFKLQH

$UULYDODQGGHOLYHU\LQVSHFWLRQ
%HIRUHWKHPDFKLQHOHDYHVWKHIDFWRU\LWLVWHVWHGDQGDGMXVWHG
7KHGHDOHUPXVWDOVRLIWKHZDUUDQW\LVWRDSSO\FDUU\RXWDUULYDO
DQGGHOLYHU\LQVSHFWLRQVDFFRUGLQJWRWKHDSSOLFDEOHIRUPZKLFK
PXVWEHVLJQHG



6HUYLFHDQGPDLQWHQDQFH


'HOLYHU\,QVWUXFWLRQV
:KHQKDQGLQJWKHPDFKLQHRYHUWKHGHDOHUPXVWJLYHWKHEX\HU
GHOLYHU\LQVWUXFWLRQVDFFRUGLQJWRWKHDSSOLFDEOHIRUPZKLFKPXVW
EHVLJQHGLIWKHZDUUDQW\LVWRDSSO\

6HUYLFH3URJUDPPH
)RUDQ\IDFWRU\ZDUUDQW\WREHYDOLGWKHPDFKLQHVKDOOEH
PDLQWDLQHGDFFRUGLQJWRWKHVHUYLFHSURJUDPHVWDEOLVKHGE\
9ROYR7KHVHUYLFHSURJUDPLVFRQWLQXRXVZLWKIL[HGLQWHUYDOV7KH
RSHUDWLQJWLPHEHWZHHQLQWHUYDOVRQO\DSSOLHVLIWKHPDFKLQHLV
XVHGLQQRUPDOHQYLURQPHQWDQGRSHUDWLQJFRQGLWLRQV$VN\RXU
9ROYRGHDOHUZKDWLVULJKWIRU\RXUVSHFLILFPDFKLQH
7KHUHDUHWZRLQVSHFWLRQVLQDGGLWLRQWRWKHFRQWLQXRXVSURJUDP
DILUVWLQVSHFWLRQDWWKHILUVWKRXUVDQGRQHDWWKHILUVW
KRXUV7KHVHLQVSHFWLRQVVKDOOEHSHUIRUPHGE\DQDXWKRUL]HG
9ROYRGHDOHU

&OHDQLQJPDFKLQH
7KHPDFKLQHVKRXOGEHFOHDQHGUHJXODUO\ZLWKFRQYHQWLRQDOFDU
FDUHSURGXFWVLQRUGHUWRHOLPLQDWHWKHULVNRIGDPDJHWRWKHSDLQW
ILQLVKDQGRWKHUVXUIDFHVRQWKHPDFKLQH

&$87,21
$YRLGXVLQJVWURQJFOHDQLQJDJHQWVRUFKHPLFDOVLQRUGHUWR
PLQLPLVHWKHULVNRIGDPDJHWRWKHSDLQWILQLVK

127,&(
'DLO\FOHDQWKHDUHDVRQWKHPDFKLQHZKHUHGXVWFKLSVDQG
VLPLODUPD\FROOHFWLQRUGHUWRPLQLPL]HWKHULVNRIILUH
5HFRPPHQGDWLRQVIRUFOHDQLQJWKHPDFKLQH
3ODFHWKHPDFKLQHLQDSODFHLQWHQGHGIRUFOHDQLQJ
)ROORZWKHLQVWUXFWLRQVVXSSOLHGZLWKWKHFDUFDUHSURGXFW
7KHZDWHUWHPSHUDWXUHPXVWQRWH[FHHGr&
,IDKLJKSUHVVXUHZDVKHULVXVHGNHHSDGLVWDQFHRIDWOHDVW
EHWZHHQWKHQR]]OHDQGWKHPDFKLQHVXUIDFH7RRKLJK

6HUYLFHDQGPDLQWHQDQFH


SUHVVXUHDQGWRRVKRUWGLVWDQFHPD\FDXVHGDPDJH3URWHFW
ZLULQJLQDQDSSURSULDWHPDQQHU

&$87,21
,I\RXDUHXVLQJDKLJKSUHVVXUHZDVKWDNHFDUHVRWKDWWKHGHFDOV
GRQRWORRVHQ
8VHDVRIWVSRQJH
)LQLVKE\ULQVLQJWKHZKROHPDFKLQHZLWKRQO\ZDWHU
$OZD\VOXEULFDWHWKHPDFKLQHDIWHUZDVKLQJ
7RXFKXSWKHSDLQWILQLVKZKHQUHTXLUHG

3DLQWILQLVKPDLQWHQDQFH
0DFKLQHVXVHGLQFRUURVLYHFRQGLWLRQVDUHPRUHSURQHWRUXVWLQJ
WKDQRWKHUV$VDSUHYHQWLYHPHDVXUHLWLVUHFRPPHQGHGWKDWWKH
SDLQWILQLVKVKRXOGEHPDLQWDLQHGHYHU\VL[WKPRQWKV,IWKHUHLV
DQ\GRXEWZKHWKHUWKHFRQGLWLRQVDUHFRUURVLYHRUQRWFRQWDFW
\RXUGHDOHU
$WILUVWFOHDQWKHPDFKLQH
$SSO\'LQRO% RUFRUUHVSRQGLQJWUDQVSDUHQWZD[\DQWLUXVW
DJHQW DWDWKLFNQHVVRIw
$SURWHFWLYHOD\HURIXQGHUVHDO'LQRO RUFRUUHVSRQGLQJ
PD\EHDSSOLHGXQGHUWKHPXGJXDUGVZKHUHPHFKDQLFDOZHDU
LVH[SHFWHG

7RXFKXSSDLQWLQJ
&OHDQWKHPDFKLQH
&KHFNIRUIDXOWVWRWKHSDLQWILQLVKWKDWPD\H[SRVHEDUHPHWDO
&DUHIXOO\UHSDLUDQ\IDXOWVWRWKHSDLQWILQLVK



6HUYLFHDQGPDLQWHQDQFH



6HUYLFHSRLQWV

6HUYLFHSRLQWV
6HUYLFHSRLQWV





 











9

6HUYLFHSRLQWV

&DEDLUILOWHU



7UDQVPLVVLRQRLOILOWHU

+\GUDXOLFRLOILOOHUFDSDQGYHQWLODWLRQILOWHU



+\GUDXOLFV\VWHPRLOILOWHU

$LUFOHDQHU



$LUFOHDQHULQWDNH

&RRODQWH[SDQVLRQWDQN



+\GUDXOLFRLOOHYHOJODVV

&RRODQWSDFNDJHUDGLDWRURLOFRROHUDQG
FRQGHQVHU LIILWWHG



:DVKHUIOXLGUHVHUYRLU

6HFRQGDU\IXHOILOWHU



%DWWHU\GLVFRQQHFWVZLWFK

(QJLQHRLOILOWHU



%DWWHU\EDWWHULHV

3ULPDU\IXHOILOWHULQFOXGLQJZDWHUWUDS



7UDQVPLVVLRQRLOOHYHOGLSVWLFNILOOHUSRLQW

)XHOILOOHUSRLQW



(QJLQHRLOOHYHOGLSVWLFNILOOHUSRLQW

6HUYLFHDQGPDLQWHQDQFH

(QJLQH



(QJLQH
(QJLQHKRRGRSHQLQJ

:$51,1*
7KHHQJLQHKDVURWDWLQJSDUWV7KHUHIRUHQHYHURSHQWKHHQJLQH
KRRGZKHQWKHHQJLQHLVUXQQLQJ

3XVKEXWWRQ $ WRRSHQWKHHQJLQHKRRG8VHWKHNH\WRXQORFN
LIQHFHVVDU\
2SHQWKHHQJLQHKRRGE\SXOOLQJWKHOHYHUEHORZWKHIURQWSDUW
RIWKHKRRGRQWKHULJKWKDQGVLGH
0DNHVXUHWKDWWKHKRRGLVORFNHGDJDLQDIWHUFORVLQJ

9

(QJLQHRLOOHYHOFKHFNLQJ


:$51,1*
7KHHQJLQHWXUERFKDUJHUDQGH[KDXVWV\VWHPPD\VWLOOEHYHU\
KRW
&KHFNWKHRLOOHYHOGDLO\RUHYHU\KRXUV
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH

$(QJLQHRLOGLSVWLFN
%(QJLQHRLOILOOHUSRLQW


5HPRYHHQJLQHRLOGLSVWLFN $ ZKLFKLVSRVLWLRQHGLQVLGHHQJLQH
RLOILOOHUSRLQW % RQWKHOHIWKDQGVLGHRIWKHPDFKLQH
 &KHFNWKHRLOOHYHOZLWKWKHPDFKLQHRQOHYHOJURXQG
 7KHFKHFNVKRXOGEHFDUULHGRXWZKHQWKHRLOLVFROGDQGKDV
KDGWLPHWRUXQGRZQWRWKHERWWRPRIWKHVXPS
 3XOORXWWKHGLSVWLFNDQGZLSHLWZLWKDFOHDQFORWK
 3XVKWKHGLSVWLFNLQFORVHLWFRPSOHWHO\RSHQLWDQGSXOOLWRXW
DJDLQ
 &KHFNWKDWWKHRLOOHYHOLVZLWKLQWKHPDUNHGDUHDRQWKH
GLSVWLFN$GGRLOLIQHFHVVDU\
)RURLOVSHFLILFDWLRQVVHHSDJH

(QJLQHRLOGLSVWLFN


(QJLQHRLOFKDQJLQJ

:$51,1*
:RUNFDUHIXOO\ZKHQFKDQJLQJRLODVKRWRLOFDQFDXVHVHYHUH
EXUQVWRXQSURWHFWHGVNLQ

:$51,1*
7KHHQJLQHWXUERFKDUJHUDQGH[KDXVWV\VWHPPD\VWLOOEHYHU\
KRW
&KDQJHWKHRLOHYHU\KRXUV



6HUYLFHDQGPDLQWHQDQFH



(QJLQH
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
7KHIROORZLQJFRQGLWLRQVPXVWEHPHWLIWKHKRXULQWHUYDO
EHWZHHQRLOFKDQJHVLVWRDSSO\
RLORIWKHFRUUHFWYLVFRVLW\DFFRUGLQJWRGLDJUDPVHHSDJH
LVXVHG
WKHRLOLVRIDFHUWDLQJUDGHVHHSDJH
WKHOXEULFDWLQJRLOILOWHULVUHSODFHGHYHU\WLPHWKHRLOLVFKDQJHG
WKHOXEULFDWLQJRLOILOWHULVDJHQXLQH9ROYRILOWHU
WKHVXOSKXUFRQWHQWLQWKHIXHOGRHVQRWH[FHHGE\ZHLJKW
SUHYDLOLQJDPELHQWWHPSHUDWXUHVQROHVVWKDQr& r) 
(QJLQHRLOWHPSHUDWXUHVGRHVQRWH[FHHGr& r) 
ELRGLHVHOIXHODFFRUGLQJWR',1)$0(LVXVHG

'UDLQLQJ
'UDLQWKHRLOZKLOHWKHHQJLQHLVVWLOOZDUP7KHHQJLQHRLOGUDLQ
YDOYH $ LVORFDWHGRQWKHOHIWKDQGVLGHRIPDFKLQHDWWKHVLGH
RIWKHVXPS
 3ODFHDFRQWDLQHUXQGHUWKHGUDLQKROHWRFROOHFWWKHRLO
 5HPRYHHQJLQHRLOGLSVWLFN
 8QVFUHZWKHFDSIURPWKHGUDLQYDOYH $ 
 6FUHZWKHGUDLQKRVH % IURP\RXUERDUGWRROER[RQWRWKH
GUDLQYDOYHDQGGLUHFWWKHKRVHWRWKHGUDLQLQJFRQWDLQHU
 2QFHDOORLOKDVUXQRXWXQVFUHZWKHGUDLQKRVHDQGVFUHZWKH
FDSEDFNRQWRWKHGUDLQYDOYH
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

9

)LOOLQJ
2LOFDSDFLW\ZKHQFKDQJLQJDSSUR[sOLWUHV s86
JDO LQFOXGLQJILOWHU
 )LOOZLWKRLORIWKHFRUUHFWJUDGHWKURXJKHQJLQHRLOILOOHUSRLQW
' $OORZWLPHIRUWKHRLOWRVHWWOHLQWKHHQJLQH7KHRLOVKRXOG
EHXSWRWKH0$;OHYHORQHQJLQHRLOGLSVWLFN & 5HLQVWDOOWKH
HQJLQHRLOGLSVWLFN
 5XQWKHHQJLQHDQGFKHFNIRURLOOHDNV
&

'

)RURLOVSHFLILFDWLRQVVHHSDJH
9

6HUYLFHDQGPDLQWHQDQFH

(QJLQH



(QJLQHRLOILOWHUUHSODFLQJ
5HSODFHWKHHQJLQHRLOILOWHUHYHU\KRXUV
7KHILOWHULVGLVSRVDEOHLHLWFDQQRWEHFOHDQHGEXWPXVWEH
UHSODFHG
7KHRLOILOWHULVORFDWHGRQWKHULJKWKDQGVLGHRIWKHHQJLQH
5HSODFHWKHILOWHUHYHU\WLPHWKHRLOLVFKDQJHG
 &OHDQWKHRXWVLGHRIWKHILOWHUKHDGILOWHUFDVLQJDQG
VXUURXQGLQJSDUWRIWKHHQJLQH8VHDILOWHUFODPSWRXQVFUHZ
WKHILOWHU
 )LOOWKHQHZILOWHUZLWKRLODQGDSSO\RLOWRWKHILOWHUVHDO
 6FUHZRQWKHQHZILOWHUE\KDQGXQWLOWKHUXEEHUVHDOMXVW
WRXFKHVWKHILOWHUKHDG7KHQWLJKWHQLWDIXUWKHUWXUQE\
KDQG

127,&(
$IWHUUHSODFLQJWKHRLOILOWHUWKHHQJLQHPXVWEHUXQDWORZLGOLQJ
IRUDWOHDVWRQHPLQXWHWRHQVXUHSURSHUOXEULFDWLRQEHIRUHWKH
PDFKLQHLVSXWWRZRUN

7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

&$87,21
,WLVLPSRUWDQWWKDWWKHILOWHULVILOOHGZLWKRLOEHIRUHLQVWDOOLQJLWLQ
RUGHUWRJXDUDQWHHWKHHQJLQHOXEULFDWLRQGLUHFWO\DIWHUVWDUW



9

6HUYLFHDQGPDLQWHQDQFH



(QJLQH
)DQEHOWUHSODFHPHQW
$

'




:$51,1*
7KHHQJLQHPXVWEHWXUQHGRIIZKHQUHSODFLQJWKHEHOWURWDWLQJ
SDUWVFDQFDXVHLQMXULHV
5HSODFHWKHIDQEHOWZKHQQHFHVVDU\

9

' &

9

)
*

9

3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 7XUQRIIWKHHQJLQHDQGUHPRYHWKHLJQLWLRQNH\
 7XUQRIIWKHSRZHUZLWKWKHEDWWHU\GLVFRQQHFWVZLWFK
 2SHQWKHHQJLQHKRRG
 /RRVHQWKHUHWDLQLQJVFUHZV $ DQGUHPRYHWKHSURWHFWLRQ
SODWH
 /RRVHQWKHFDEOHWLHV % RIWKHFRRODQWKRVH
 /RRVHQWKHUHWDLQLQJVFUHZV & DQGUHPRYHWKHSURWHFWLRQ
SODWH
 /RRVHQWKHUHWDLQLQJVFUHZV '  SFV DQGUHPRYHWKHIDQ
JXDUG
 3UHVVGRZQEHOWWHQVLRQHU ) 8VHDVSDQQHU ( 
 5HPRYHIDQEHOW * IURPWKHEHOWSXOOH\VDQGRYHUWKHIDQ
EODGHV
 ,QVWDOOWKHQHZIDQEHOWRYHUWKHIDQEODGHVSUHVVGRZQWKH
EHOWWHQVLRQHUDQGLQVWDOOWKHIDQEHOWRYHUWKHEHOWSXOOH\V
 5HLQVWDOOWKHIDQJXDUGWKHSURWHFWLRQSODWHVDQGWKHFDEOH
WLHV

6HUYLFHDQGPDLQWHQDQFH

)XHOV\VWHP



)XHOV\VWHP
)XHOILOOLQJ
7KHIXHOWDQNVKRXOGEHILOOHGGDLO\DWWKHHQGRIWKHZRUNLQJGD\
WRDYRLGFRQGHQVDWLRQ
7KHIXHOILOOHUFDSLVORFDWHGDWWKHWRSRIWKHULJKWVWHSV7KH
IXHOILOOHUFDSKDVDEDUUHOORFNWKDWLVRSHUDWHGZLWKWKHLJQLWLRQ
NH\
&DUHIXOO\FOHDQDURXQGWKHILOOHUFDSEHIRUHUHPRYLQJLW
$YRLGVSLOOLQJIXHOZKHQILOOLQJDVWKLVDWWUDFWVGLUW
7KHIXHOWDQNKDVDGUDLQSOXJIRUGUDLQLQJRIIDQ\VOXGJHWKDW
DFFXPXODWHV'UDLQDQGIOXVKWKHIXHOWDQNRQFHD\HDU
)XHOWDQNFDSDFLW\OLWUHV 86JDO 
8VHFRUUHFWIXHOTXDOLW\VHHSDJH

9

)XHOILOOHUFDS ORFNDEOH


)XHOV\VWHPEOHHGLQJ

:$51,1*
'RQRWEOHHGWKHV\VWHPZKHQWKHHQJLQHLVZDUPDV\RXPD\
JHWEXUQW
%OHHGWKHV\VWHPLIUHTXLUHG
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
7KHEOHHGLQJGHYLFHLVORFDWHGRQWKHULJKWKDQGVLGHRIWKH
HQJLQH

&

 )LOOWKHIXHOWDQNZLWKIXHOOHDYLQJURRPIRUH[SDQVLRQ
 /RRVHQEOHHGHUVFUHZ $ RQWKHIXHOILOWHUKHDGVRWKDWIXHO
FDQOHDNRXW
 3XPSZLWKKDQGSXPS % XQWLOIXHOIUHHIURPDLUEXEEOHV
IORZVRXW
 7LJKWHQWKHEOHHGHUVFUHZ
 6WDUWWKHHQJLQH,IWKHHQJLQHGRHVQRWVWDUWUHSHDWIURPVWHS


&$87,21
,IWKHIXHOWDQNKDVEHHQUXQGU\RULIDLUIRUDQ\RWKHUUHDVRQKDV
HQWHUHGWKHIXHOV\VWHPWKLVPXVWEHEOHGEHIRUHWKHHQJLQHFDQ
EHVWDUWHG

9

&$87,21
&KHFNDIWHUVWDUWLQJWKDWWKHUHDUHQROHDNV

7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH



6HUYLFHDQGPDLQWHQDQFH



)XHOV\VWHP
)XHOV\VWHPGUDLQLQJ

:$51,1*
:KHQZRUNLQJRQWKHIXHOV\VWHPGRQRWXVHRSHQILUH'RQRW
VPRNH

&$87,21
,IWKHIXHOKDVEHFRPHFRQWDPLQDWHGWKHIXHOWDQNPXVWEH
GUDLQHGLPPHGLDWHO\

127,&(
9

)XHOWDQNGUDLQSOXJ

'RQRWSHUIRUPWKLVRSHUDWLRQXQGHUGLUW\FRQGLWLRQV&OHDQWKH
DUHDDURXQGWKHWDQNEHIRUHGUDLQLQJWKHIXHOV\VWHP
'UDLQWKHIXHOV\VWHPLIUHTXLUHG

3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 3ODFHDFRQWDLQHUXQGHUQHDWKWKHIXHOWDQNGUDLQSOXJ7KHIXHO
WDQNFDSDFLW\LV3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHH
SDJH
 3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 5HPRYHWKHSOXJDQGGUDLQWKHFRQWDPLQDWHGIXHO
 8VHFOHDQIXHOWRZDVKWKHLQVLGHRIWKHWDQN
 &OHDQDQGLQVWDOOWKHGUDLQSOXJ

127,&(
,WFDQEHUHTXLUHGWRDOVRFKDQJHWKHIXHOILOWHUV
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

)XHOILOWHUUHSODFLQJ
5HSODFHWKHSULPDU\ILOWHUHYHU\KRXUV
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH

%
'

& $

3ULPDU\ILOWHUDQGZDWHUWUDS
$ +DQGSXPS
% 3ULPDU\ILOWHU
& :DWHUWUDS
' 'UDLQLQJQLSSOH


9

7DNHFDUHRIIXHOVSLOODJHE\FROOHFWLQJLWLQDVXLWDEOHYHVVHO
 'UDLQDOOIXHOIURPSULPDU\ILOWHU % DQGWKHZDWHUWUDSZLWK
GUDLQLQJQLSSOH ' 
 5HPRYHWKHSULPDU\ILOWHUE\XVLQJDILOWHUFODPS
 5HPRYHZDWHUWUDS & IURPWKHSULPDU\ILOWHU
 ,QVWDOOWKHZDWHUWUDSRQWKHQHZILOWHU
 ,QVWDOOWKHSULPDU\ILOWHURQWRWKHILOWHUKHDG:KHQLQVWDOOLQJWKH
ILOWHULWVKRXOGEHWLJKWHQHGE\KDQG
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

6HUYLFHDQGPDLQWHQDQFH

)XHOV\VWHP



6HFRQGDU\ILOWHU
5HSODFHWKHVHFRQGDU\ILOWHUHYHU\KRXUV
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
7KHVHFRQGDU\ILOWHULQVHUWVKRXOGEHUHSODFHGE\VHUYLFH
SHUVRQQHOIURPDZRUNVKRSDXWKRUL]HGE\9ROYR
7KHVHFRQGDU\ILOWHULVORFDWHGRQWKHULJKWKDQGVLGHRIWKHHQJLQH
EHKLQGWKHIUDPH
 &OHDQDURXQGWKHILOWHUKHDGDQGILOWHUEHIRUHUHPRYLQJWKH
ILOWHU
 8VHDILOWHUFODPSWRXQVFUHZWKHILOWHU
 )LOOWKHQHZILOWHUZLWKIXHOOXEULFDWHWKHVHDODQGVFUHZRQWKH
ILOWHUXQWLOWKHUXEEHUVHDOMXVWWRXFKHVWKHILOWHUKHDG7KHQ
WLJKWHQDIXUWKHUWXUQ
 $IWHUILOWHUUHSODFHPHQWWKHIXHOV\VWHPPXVWEHEOHGVHH
SDJH
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH


:DWHUVHSDUDWRUGUDLQLQJ
'UDLQWKHZDWHUWUDSHYHU\KRXUVRUZKHQQHFHVVDU\&KHFN
ZHHNO\
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
7DNHFDUHRIIXHOVSLOODJHE\FROOHFWLQJLWLQDVXLWDEOHYHVVHO
 &RQQHFWDKRVHWRGUDLQLQJQLSSOH ' 
 /RRVHQWKHGUDLQLQJQLSSOH
 3XPSZLWKKDQGSXPS $ XQWLOWKHZDWHUWUDSLVHPSW\
 7LJKWHQWKHGUDLQLQJQLSSOHDQGUHPRYHWKHKRVH
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH



6HUYLFHDQGPDLQWHQDQFH



7XUERFKDUJHU

7XUERFKDUJHU
2QO\DQDXWKRUL]HGGHDOHUZRUNVKRSPD\FDUU\RXWZRUNRQWKH
WXUERFKDUJHU
7KHWXUERFKDUJHULVOXEULFDWHGDQGFRROHGWKURXJKWKHHQJLQH
OXEULFDWLRQV\VWHP
,PSRUWDQWIRUWKHIXQFWLRQRIWKHWXUERFKDUJHULVWKDW
OXEULFDWLRQDQGFRROLQJLVVDIHJXDUGHGE\
 QRWUDFLQJWKHHQJLQHLPPHGLDWHO\DIWHULWKDVEHHQVWDUWHG
 DOORZLQJWKHHQJLQHWRLGOHIRUDWOHDVWWZRPLQXWHVEHIRUHLW
LVWXUQHGRII
FKDQJLQJWKHHQJLQHRLODQGUHSODFLQJWKHOXEULFDWLQJRLOILOWHUDW
SUHVFULEHGLQWHUYDOV
VHUYLFLQJWKHDLUFOHDQHUUHJXODUO\DQGFKHFNLQJWKDWWKH
H[KDXVWV\VWHPDQGOXEULFDWLQJRLOOLQHVGRQRWOHDN
9

,IDQ\MDUULQJQRLVHVFDQEHKHDUGRULIWKHWXUERFKDUJHUYLEUDWHV
LWPXVWEHUHFRQGLWLRQHGRUFKDQJHGLPPHGLDWHO\

6HUYLFHDQGPDLQWHQDQFH

(QJLQHDLUFOHDQHU



(QJLQHDLUFOHDQHU
7KHUDWHRIHQJLQHZHDUGHSHQGVODUJHO\RQWKHFOHDQOLQHVVRIWKH
LQGXFWLRQDLU7KHDLUFOHDQHUSUHYHQWVGXVWDQGRWKHULPSXULWLHV
IURPHQWHULQJWKHHQJLQH7KHUHIRUHLWLVYHU\LPSRUWDQWWKDWWKH
DLUFOHDQHULVFKHFNHGUHJXODUO\DQGPDLQWDLQHGFRUUHFWO\
7KHDLUFOHDQHULVSRVLWLRQHGXQGHUWKHHQJLQHKRRGDERYHWKH
HQJLQH

&$87,21
5HPRYHDQ\GXVWIURPWKHDLUFOHDQHUFRYHUE\VTXHH]LQJWKH
UXEEHUHMHFWRUYDOYHORFDWHGDWWKHERWWRPRIWKHFRYHU7KLVMRE
VKRXOGEHFDUULHGRXWUHJXODUO\EDVHGRQH[SHULHQFH



6HUYLFHDQGPDLQWHQDQFH



(QJLQHDLUFOHDQHU
3ULPDU\DLUILOWHUFOHDQLQJDQGUHSODFLQJ
$VZHOODVUHSODFLQJWKHILOWHUWKHFRYHUIRUWKHDLUFOHDQHU
VKRXOGDOVREHFOHDQHGDVWKLVZRUNVDVDFRQWDLQHUIRUSDUWLFOHV
ZKLFKKDYHQRWEHHQWUDSSHGLQWKHILOWHU
&KHFNWKDWDOOKRVHDQGSLSHFRQQHFWLRQVIURPWKHDLUFOHDQHU
WRWKHHQJLQHLQGXFWLRQPDQLIROGDUHWLJKW
5HSODFHWKHSULPDU\ILOWHUHYHU\KRXUV
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 3XOOORFNLQJWDE $ WRUHOHDVHWKHFRYHUORFN
 7XUQWKHILOWHUFRYHUFRXQWHUFORFNZLVHDQGUHPRYHLW
 5HPRYHSULPDU\ILOWHU % 
$OZD\VHPSW\DQGFOHDQWKHFRYHUZKHQFKDQJLQJILOWHU

&$87,21

'RQRWXQGHUDQ\FLUFXPVWDQFHVUXQWKHHQJLQHZLWKRXWDILOWHU
RUZLWKDGDPDJHGRQH$OZD\VKDYHDVSDUHILOWHUDWKDQGDQG
NHHSLWZHOOSURWHFWHGIURPGLUW

&
9

(QJLQHDLUFOHDQHU
$/RFNLQJWDE
%3ULPDU\ILOWHU
&6HFRQGDU\ILOWHU


6HFRQGDU\DLUILOWHUUHSODFLQJ
5HSODFHWKHVHFRQGDU\ILOWHUHYHU\KRXUVRUDIWHUSULPDU\
ILOWHUUHSODFHPHQWV

6HUYLFHDQGPDLQWHQDQFH

(QJLQHDLUFOHDQHU



7KHVHFRQGDU\ILOWHUZRUNVDVDSURWHFWLYHILOWHULIWKHPDLQILOWHU
LVGDPDJHG
,IWKHDLUILOWHUZDUQLQJOLJKWLVDOLJKWLQVSLWHRIWKHIDFWWKDWWKH
SULPDU\ILOWHUKDVEHHQUHSODFHGWKLVLQGLFDWHVWKDWWKHVHFRQGDU\
ILOWHULVEORFNHG
7KLVMREPXVWEHFDUULHGRXWLQDFOHDQHQYLURQPHQW,ISRVVLEOH
SODFHWKHPDFKLQHLQDZRUNVKRS LQGRRUV RURQDZHWVXUIDFHWR
SUHYHQWGXVWIURPHQWHULQJWKHHQJLQH
 3XOOORFNLQJWDE $ WRUHOHDVHWKHFRYHUORFN
 7XUQWKHILOWHUFRYHUFRXQWHUFORFNZLVHDQGUHPRYHLW
 5HPRYHSULPDU\ILOWHU % 
 5HPRYHVHFRQGDU\ILOWHU & 

&$87,21
7KHVHFRQGDU\ILOWHUPXVWEHUHSODFHGQHYHUFOHDQHG1HYHU
UHPRYHLWXQOHVVLWLVWREHUHSODFHG
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH



6HUYLFHDQGPDLQWHQDQFH



&RROLQJV\VWHP

&RROLQJV\VWHP
)RUWKHFRROLQJV\VWHPWRIXQFWLRQZLWKRXWSUREOHPVWKHFRRODQW
OHYHOVKRXOGEHFKHFNHGUHJXODUO\DQGWKHUDGLDWRUEHEORZQFOHDQ

&RRODQW

&$87,21
,IWKHZDUQLQJRIKLJKFRRODQWWHPSHUDWXUHLVVKRZQRQWKHGLVSOD\
XQLWWKHHQJLQHPXVWEHVWRSSHGLPPHGLDWHO\
&KHFNWKHFRRODQWFRQWHQWV  HYHU\KRXUVRUHYHU\\HDU
7KHFRROLQJV\VWHPLVILOOHGZLWK9ROYR&RRODQW9&6ZKLFKIXOILOV
WKHKLJKHVWUHTXLUHPHQWVUHJDUGLQJIUHH]HFRUURVLRQDQG
FDYLWDWLRQSURWHFWLRQ7RDYRLGGDPDJHWRWKHHQJLQHLWLVYHU\
LPSRUWDQWWKDW9ROYR&RRODQW9&6LVXVHGZKHQILOOLQJRUFKDQJLQJ
WKHFRRODQW
9ROYR&RRODQW9&6LV\HOORZDQGDGHFDOE\WKHILOOLQJSRLQWVKRZV
WKDWWKHV\VWHPLVILOOHGZLWKWKLVFRRODQW VHHSLFWXUH 

&$87,21
9ROYR&RRODQW9&6PXVWQHYHUEHPL[HGZLWKDQ\RWKHUFRRODQW
RUFRUURVLRQSURWHFWLRQWRDYRLGGDPDJHWRWKHHQJLQH
9

,IFRQFHQWUDWHG9ROYR&RRODQW9&6DQGFOHDQZDWHU VHHSDJH
 LVXVHGWKHWDEOHEHORZVKRZVWKHDSSUR[LPDWHDPRXQWRI
FRQFHQWUDWHGFRRODQWQHHGHGIRUIUHH]LQJSURWHFWLRQ7KHFRQWHQW
RI9ROYR&RRODQW9&6PXVWQHYHUEHOHVVWKDQRIWKHWRWDO
PL[WXUH
,ILQGRXEWRIWKHZDWHU
VTXDOLW\XVHWKHUHDG\PL[HG9ROYR
&RRODQW9&6ZKLFKFRQWDLQVFRQFHQWUDWHGFRRODQW

&$87,21
,QRUGHUWRDYRLGGDPDJHWRHQJLQHDQGFRROLQJV\VWHPGLIIHUHQW
EUDQGVRIFRRODQWRUFRUURVLRQSURWHFWLRQPXVWQRWEHPL[HG
)UHH]HSURWHFWLRQGRZQWR

&RQWHQWRIFRQFHQWUDWHGFRRODQW

r& r)



r& r)



r& r)



6HUYLFHDQGPDLQWHQDQFH

&RROLQJV\VWHP



5DGLDWRUFRROHUVDQGFRQGHQVHU LI$&
LQVWDOOHG FOHDQLQJ

:$51,1*
&OHDQLQJWKHUDGLDWRUVKRXOGDOZD\VEHFDUULHGRXWZLWKWKHHQJLQH
WXUQHGRII

&OHDQWKHUDGLDWRURLOFRROHUDQGFRQGHQVHUHYHU\KRXUV

127,&(

&

:KHQRSHUDWLQJXQGHUHVSHFLDOO\GXVW\FRQGLWLRQVWKHUDGLDWRU
VKRXOGEHFKHFNHGGDLO\RUHYHU\KRXUV

'

7KHUDGLDWRURLOFRROHUDQGFRQGHQVHUDUHORFDWHGLQIURQWRIWKH
HQJLQH
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 8QGRFDWFKHV ' ORFDWHGRQHLWKHUVLGHRIUDGLDWRU $ 
 +LQJHRLOFRROHU % DQGFRQGHQVHU & IRUZDUG
 &OHDQWKHRLOFRROHUDQGWKHFRQGHQVHU&OHDQERWKWKHIURQW
DQGUHDUVLGHVRIWKHP
 $IWHUFOHDQLQJFKHFNWKDWWKH\DUHORFNHGEDFNLQWKHXSULJKW
SRVLWLRQ

9

$
%
&
'


5DGLDWRU
2LOFRROHU
&RQGHQVHUIRUDLUFRQGLWLRQ RSWLRQDO
&DWFK

7\SHRIGLUW

&OHDQLQJPHWKRG

'U\GXVW

&RPSUHVVHGDLU

0XG

:DWHUMHW

2LO\GXVW

3HUFKORUHWK\OHQH

127,&(
3HUFKORUHWK\OHQHLVSDLQIXOWRH\HVDQGVNLQ$OZD\VZHDUJRJJOHV
DQGSURWHFWLYHJORYHVZKHQKDQGOLQJSHUFKORUHWK\OHQH
$OZD\VUHSDLUZDWHURURLOOHDNVLPPHGLDWHO\WRSUHYHQWGXVWEXLOG
XSRQZHWVXUIDFHV

127,&(
7KHFRUHRIWKHFRROHUVFDQEHHDVLO\GDPDJHGLIQRWKDQGOHG
FDUHIXOO\



6HUYLFHDQGPDLQWHQDQFH



&RROLQJV\VWHP
&RRODQWOHYHOFKHFNLQJ

:$51,1*
5LVNRIVFDOGLQJDQGEXUQVZKHQWKHH[SDQVLRQWDQNFDS UDGLDWRU
FDS LVRSHQHGGXHWRKLJKSUHVVXUHLQWKHFRROLQJV\VWHP
&KHFNWKHFRRODQWOHYHOHYHU\KRXUV
7KHH[SDQVLRQWDQNLVSRVLWLRQHGXQGHUWKHHQJLQHKRRGRQWRS
RIWKHUDGLDWRU
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
7KHOHYHOVKRXOGEHXSWRWKH+27PDUNRQWKHH[SDQVLRQWDQN
ZKHQWKHHQJLQHLVZDUP7KHFDSDFLW\EHWZHHQ&2/'),//
PDUNDQG+27LVOLWUHV 86JDO 
7KHOHYHOPXVWQHYHUEHEHORZWKH&2/'),//PDUN7RSXSLI
QHFHVVDU\

9

([SDQVLRQWDQN


6HUYLFHDQGPDLQWHQDQFH

&RROLQJV\VWHP



&RRODQWFKDQJLQJ
&KDQJHWKHFRRODQWHYHU\KRXUVRUHYHU\IRXUWK\HDU

&$87,21
9ROYR&RRODQW9&6PD\QRWEHPL[HGZLWKRWKHUFRRODQWVRU
FRUURVLRQSURWHFWLRQVLQFHWKLVPD\UHVXOWLQHQJLQHGDPDJH

&$87,21
1HYHUILOODKRWHQJLQHZLWKFROGFRRODQWDVWKLVPD\FDXVHWKH
F\OLQGHUEORFNRUWKHF\OLQGHUKHDGWRFUDFN)DLOXUHWRFKDQJH
FRRODQWZLOOFDXVHFORJJLQJRIWKHFRROLQJV\VWHPDQGWKHULVNRI
HQJLQHGDPDJH

&$87,21
7KHHQJLQHPXVWWXUQHGRIIDQGEHFROGEHIRUHFKDQJLQJWKH
FRRODQW

'UDLQLQJ









5HPRYHWKHUDGLDWRUJULOOH
,QVWDOOKRVH % WRGUDLQQLSSOH $ 
5HPRYHH[SDQVLRQWDQNFDS & 
/RRVHQWKHGUDLQQLSSOH
$OORZWKHFRRODQWWRGUDLQLQWRDFRQWDLQHU
7LJKWHQWKHGUDLQQLSSOH
5HLQVWDOOWKHH[SDQVLRQWDQNFDS
5HLQVWDOOWKHUDGLDWRUJULOOH

7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\
VHHSDJH

)LOOLQJ





5HPRYHH[SDQVLRQWDQNFDS &
)LOOZLWKFRRODQWWRWKH&2/'),//PDUNRQWKHH[SDQVLRQWDQN
5HLQVWDOOWKHH[SDQVLRQWDQNFDS
5XQWKHHQJLQHXQWLOLWLVZDUPDQGDOORZLWWRFRRO7RSXSLI
QHFHVVDU\

&RRODQWFDSDFLW\ZKHQFKDQJLQJDSSUR[OLWUHV 86JDO 

&

9



6HUYLFHDQGPDLQWHQDQFH



(OHFWULFDOV\VWHP

(OHFWULFDOV\VWHP
&KHFNWKHKHDGOLJKWVZRUNLQJOLJKWVDQGFRQWUROODPSVGDLO\
5HSODFHEORZQIXVHVZLWKWKHIXVHVRIWKHFRUUHFWDPSHUHUDWLQJ
)RUFRUUHFWDPSHUHUDWLQJVHHSDJH

6HUYLFHDQGPDLQWHQDQFH

(OHFWULFDOV\VWHP



%DWWHU\FKDUJLQJ

:$51,1*
:KHQDEDWWHU\LVEHLQJFKDUJHGDQH[SORVLYHPL[WXUHRIR[\JHQ
DQGK\GURJHQLVIRUPHG$VKRUWFLUFXLWDQRSHQIODPHRUDVSDUN
LQWKHQHLJKERXUKRRGRIWKHEDWWHU\FDQFDXVHDSRZHUIXO
H[SORVLRQ$OZD\VWXUQRIIWKHFKDUJLQJFXUUHQWEHIRUH
GLVFRQQHFWLQJWKHFKDUJLQJFOLSV9HQWLODWHZHOOHVSHFLDOO\LIWKH
EDWWHU\LVFKDUJHGLQDFRQILQHGVSDFH

:$51,1*
7KHEDWWHU\HOHFWURO\WHFRQWDLQVFRUURVLYHVXOSKXULFDFLG
(OHFWURO\WHVSLOOHGRQEDUHVNLQVKRXOGEHUHPRYHGLPPHGLDWHO\
:DVKWKHDIIHFWHGDUHDZLWKVRDSDQGSOHQW\RIZDWHU,I
HOHFWURO\WHJHWVLQWR\RXUH\HVRUDQ\RWKHUVHQVLWLYHERG\SDUW
ULQVHLPPHGLDWHO\ZLWKSOHQW\RIZDWHUDQGVHHNLPPHGLDWH
PHGLFDODWWHQWLRQ

%DWWHU\GLVFRQQHFWVZLWFK
%DWWHU\GLVFRQQHFWVZLWFK $ LVSRVLWLRQHGRQWKHOHIWKDQGVLGH
RIWKHPDFKLQHRQWKHEDWWHU\WRROER[7KHNH\LVUHPRYDEOH
%DWWHU\GLVFRQQHFWVZLWFKWXUQHGFORFNZLVH 7KHHOHFWULFDO
V\VWHPLVVZLWFKHGRQ
%DWWHU\GLVFRQQHFWVZLWFKWXUQHGFRXQWHUFORFNZLVH 7KH
HOHFWULFDOV\VWHPLVVZLWFKHGRII

&$87,21
$
9

'RQRWWXUQRIIWKHEDWWHU\GLVFRQQHFWVZLWFKZKHQWKHHQJLQHLV
UXQQLQJ7KHHOHFWULFDOV\VWHPPD\EHGDPDJHG

$%DWWHU\GLVFRQQHFWVZLWFK


%DWWHU\PDLQWHQDQFH


%
9

%*URXQGFDEOH
6FUHZVWRUHPRYHVKHOI DUURZV




6HUYLFHDQGPDLQWHQDQFH



(OHFWULFDOV\VWHP


&KHFNWKHHOHFWURO\WHOHYHOHYHU\KRXUV
)RUEHWWHUDFFHVVWRWKHEDWWHU\EDWWHULHVWKHVKHOIFDQEH
UHPRYHGE\XQVFUHZLQJWZRTXDUWHUVFUHZV DUURZV 
 7XUQRIIWKHEDWWHU\GLVFRQQHFWVZLWFK
 &KHFNWKDWWKHFDEOHWHUPLQDOVDQGSROHVWXGVDUHFOHDQ
ZHOOWLJKWHQHGDQGFRDWHGZLWKSHWUROHXPMHOO\RUVLPLODU

:$51,1*



&HOOFDS
/HYHOLQGLFDWRU
0D[LPXPOHYHO
0LQLPXPOHYHO
/HYHOLQGLFDWRU


9

7KHEDWWHU\HOHFWURO\WHFRQWDLQVFRUURVLYHVXOSKXULFDFLG
(OHFWURO\WHVSLOOHGRQEDUHVNLQVKRXOGEHUHPRYHG
LPPHGLDWHO\:DVKWKHDIIHFWHGDUHDZLWKVRDSDQGSOHQW\
RIZDWHU,IHOHFWURO\WHJHWVLQWR\RXUH\HVRUDQ\RWKHU
VHQVLWLYHERG\SDUWULQVHLPPHGLDWHO\ZLWKSOHQW\RIZDWHU
DQGVHHNLPPHGLDWHPHGLFDODWWHQWLRQ
 5HPRYHWKHFHOOFDSV
 &KHFNWKHFKDUJLQJVWDWXVIRUDOOEDWWHU\FHOOVZLWKDQDFLG
WHVWHU
 &KHFNWKHHOHFWURO\WHOHYHO7RSXSZLWKGLVWLOOHGZDWHULI
QHFHVVDU\

127,&(
7KHOHYHOVKRXOGVWDQGDSSUR[PP LQ DERYHWKH
FHOOSODWHV
 7RSXSZLWKGLVWLOOHGZDWHULIQHFHVVDU\
,QKRWFOLPDWHVWKHUHPD\EHVRPHORVVRIHOHFWURO\WHE\
HYDSRUDWLRQ,QFROGFOLPDWHVWKHEDWWHU\PD\QHHGDQRFFDVLRQDO
FKDUJHIURPDQH[WHUQDOVRXUFH

%DWWHU\VDIHW\
1HYHUVPRNHQHDUWKHEDWWHU\DVLWJLYHVRIIH[SORVLYHJDVHV
:HDUVDIHW\JODVVHVZKHQZRUNLQJZLWKWKHEDWWHU\,I\RXJHW
HOHFWURO\WHLQWKHH\HVIOXVKZLWKZDWHUDQGVHHNPHGLFDO
DGYLFHLPPHGLDWHO\
0DNHVXUHWKDWPHWDOREMHFWV VXFKDVWRROVULQJVZDWFK
VWUDSVHWF GRQRWFRPHLQWRFRQWDFWZLWKWKHEDWWHU\SROH
VWXGV3URWHFWLRQVKRXOGEHLQVWDOOHGRYHUWKHEDWWHU\SROH
VWXGVRWKHUZLVHWKHUHLVDULVNRILQMXULHVDQGILUH
1HYHUWLOWDEDWWHU\LQDQ\GLUHFWLRQ%DWWHU\HOHFWURO\WHPD\OHDN
RXW
:KHQUHPRYLQJDEDWWHU\GLVFRQQHFWJURXQGFDEOH % ILUVW
:KHQLQVWDOOLQJDEDWWHU\FRQQHFWJURXQGFDEOH % ODVW7KH
ULVNRIVSDUNVZKLFKFDQFDXVHDILUHLVUHGXFHG
:KHQXVLQJDERRVWHUEDWWHU\WRDLGVWDUWLQJIROORZWKH
LQVWUXFWLRQVRQSDJH
7KHEDWWHU\FRQWDLQVVXEVWDQFHVGDQJHURXVWRKHDOWKDQGWKH
HQYLURQPHQW,WPXVWWKHUHIRUHEHGLVSRVHGRIDFFRUGLQJWRORFDO
DQGRUQDWLRQDOUHJXODWLRQV
5HPHPEHUWKDWEDWWHU\HOHFWURO\WHLVFRUURVLYHDQGWR[LF

6HUYLFHDQGPDLQWHQDQFH

(OHFWULFDOV\VWHP



:HOGLQJ
7KHIROORZLQJDFWLRQVVKRXOGEHWDNHQEHIRUHVWDUWLQJHOHFWULF
ZHOGLQJRQWKHPDFKLQHRUDWWDFKPHQWVFRQQHFWHGWRWKH
PDFKLQH

&$87,21
%HIRUHVWDUWLQJDQ\HOHFWULFZHOGLQJGLVFRQQHFWWKHEDWWHU\
FRQQHFWLRQV$OOFRQQHFWLRQVWRWKHFRQWUROXQLWV (&8 VKRXOGEH
GLVFRQQHFWHG&RQQHFWWKHZHOGLQJXQLW
VJURXQGFDEOHDVFORVH
DVSRVVLEOHWRWKHZHOGLQJSRLQW
 7XUQRIIWKHHOHFWULFSRZHUZLWKWKHEDWWHU\GLVFRQQHFWVZLWFK
 'LVFRQQHFWWKHEDWWHULHVERWKSOXVDQGPLQXVWHUPLQDOV
 'LVFRQQHFWWKHHOHFWURQLFXQLWV)RUPRUHLQIRUPDWLRQFRQWDFW
DZRUNVKRSDXWKRUL]HGE\9ROYR
 &RQQHFWWKHZHOGLQJHTXLSPHQWVJURXQGFRQQHFWLRQDVFORVH
DVSRVVLEOHWRWKHZHOGLQJSRLQWDQGPDNHVXUHWKDWWKHFXUUHQW
GRHVQRWSDVVDFURVVDEHDULQJ
 3URYLGHIRUJRRGYHQWLODWLRQ
 5HPRYHDOOSDLQWIURPDQDUHDDWOHDVWFP LQ DURXQGWKH
ZHOGLQJSRLQW

:$51,1*
+HDWLQJRISDLQWHGVXUIDFHVUXEEHURUSODVWLFVSDUWVPD\FDXVH
WKHIRUPDWLRQRIVXEVWDQFHVGDQJHURXVWRKHDOWKRUHQYLURQPHQW
7DNHFDUHZKHQIRUH[DPSOHZHOGLQJJULQGLQJRUJDVFXWWLQJ
:HDUSURWHFWLYHHTXLSPHQW

&$87,21
$ILUHH[WLQJXLVKHUVKRXOGEHHDVLO\DFFHVVLEOHGXULQJDOOZHOGLQJ
ZRUN

+HDGOLJKWVDGMXVWLQJ
7KHKHDGOLJKWDGMXVWPHQWLVRIJUHDWLPSRUWDQFHLQRUGHUWRDYRLG
GD]]OLQJRQFRPLQJWUDIILF7KHKHDGOLJKWVDUHRIWKHDV\PPHWULFDO
W\SHZKLFKPHDQVWKDWRQHKDVWRWDNHH[WUDFDUHZKHQDGMXVWLQJ
3ODFHWKHPDFKLQHZKLFKPXVWQRWEHORDGHGRQOHYHOJURXQGDW
ULJKWDQJOHVWRDZDOORUVLPLODU
$GMXVWXSSHUERXQGDU\ + RIWKHORZEHDPVDWDGLVWDQFHRI /
IURPWKHKHDGODPSV&KHFNGLVWDQFH < EHWZHHQWKHFHQWUHVRI
WKHKLJKEHDPV7KHGLVWDQFHVKRXOGEHWKHVDPHDVEHWZHHQ
WKHKHDGODPSVRQWKHPDFKLQH



6HUYLFHDQGPDLQWHQDQFH



(OHFWULFDOV\VWHP

$GMXVWLQJPHDVXUHPHQWV
/ PP IWLQ
+  PP5 PXOWLSOLHGE\ IWLQ5 PXOWLSOLHG
E\
< PP IWLQ
; PP IWLQ
5 7KHGLVWDQFHIURPWKHIORRUWKHJURXQGWRWKHFHQWUHRIWKH
IURQWZKHHOKXE

5HOD\VDQGIXVHV
)XVHV
7KHIXVHVDUHLQVWDOOHGXQGHUWKHVLGHSDQHOLQVLGHWKHIXVHER[
DQGRQWKHOHIWKDQGVLGHRIWKHPDFKLQHLQVLGHWKHEDWWHU\ER[
)RUIXVHVVSHFLILFDWLRQVVHHSDJH

&$87,21
$OZD\VXVHDIXVHZLWKFRUUHFWUDWLQJ

5HOD\V
7KHUHOD\VDUHORFDWHGLQWKHEDWWHU\ER[IXVHER[FDEIXVHER[
FRPSDUWPHQWDQGWKHRSHUDWRUVHDW DLUVXVSHQGHGVHDWRQO\ 
)RUUHOD\VSHFLILFDWLRQVVHHSDJH

/LJKWEXOEUHSODFLQJ

127,&(
'RQRWWRXFKWKHKDORJHQEXOEVZLWK\RXUILQJHUV8VHDFOHDQ
FORWKZKHQKDQGOLQJWKHEXOEV

6HUYLFHDQGPDLQWHQDQFH

7UDQVPLVVLRQ



7UDQVPLVVLRQ
7UDQVPLVVLRQRLOOHYHOFKHFNLQJ


:$51,1*
7KHHQJLQHWXUERFKDUJHUDQGH[KDXVWV\VWHPPD\VWLOOEHYHU\
KRW
&KHFNWKHWUDQVPLVVLRQRLOOHYHOGDLO\RUHYHU\KRXUV

127,&(
7KHFKHFNKDVWREHFDUULHGRXWEHWZHHQDQGPLQXWHVDIWHU
WKHHQJLQHKDVEHHQVWRSSHGZLWKHQJLQHRQZRUNLQJ
WHPSHUDWXUH
7UDQVPLVVLRQRLOILOOHUSRLQWDQGGLSVWLFN
$7UDQVPLVVLRQRLOILOOHUSRLQW

3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQ
 &KHFNWKHRLOOHYHOZLWKWKHPDFKLQHRQOHYHOJURXQG
 &KHFNWKHWUDQVPLVVLRQRLOOHYHORQWKHWUDQVPLVVLRQRLOGLSVWLFN
RQWKHOHIWKDQGVLGHRIWKHHQJLQH7KHOHYHOVKRXOGEH
EHWZHHQWKH0D[DQG0LQPDUNV0DNHVXUHWKDWWKHGLSVWLFN
LVIXOO\XQVFUHZHGZKHQFKHFNLQJ
 7RSXSWKURXJKWKHWUDQVPLVVLRQRLOILOOHUSRLQWLIQHFHVVDU\

%7UDQVPLVVLRQRLOGLSVWLFN


)RUUHFRPPHQGHGOXEULFDQWVDQGIOXLGVVHHSDJH


7UDQVPLVVLRQUHSODFLQJRLOILOWHU



9

)ORRUSODWH


6HUYLFHDQGPDLQWHQDQFH



7UDQVPLVVLRQ


5HSODFHWKHWUDQVPLVVLRQRLOILOWHUHYHU\KRXUV

9

7UDQVPLVVLRQRLOILOWHU SRZHUVKXWWOH

3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 5HPRYHWKHIORRUPDWLQWKHFDE
 5HPRYHWKHIORRUSODWHLQIURQWRIWKHVHDW
 8VHDILOWHUFODPSWRUHPRYHWKHWUDQVPLVVLRQRLOILOWHU
 )LOODQHZWUDQVPLVVLRQRLOILOWHUZLWKWUDQVPLVVLRQRLODQGDSSO\
RLOWRWKHJDVNHW
 6FUHZRQWKHQHZILOWHUE\KDQGXQWLOWKHJDVNHWMXVWWRXFKHV
WKHVHDOLQJVXUIDFH7KHQWLJKWHQDIXUWKHUWXUQE\KDQG
 6WDUWWKHHQJLQHDQGFKHFNWKDWWKHJDVNHWVHDOV
 5HLQVWDOOWKHIORRUSODWHDQGIORRUPDW
)RURLOVSHFLILFDWLRQVVHHSDJH

7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

9

7UDQVPLVVLRQRLOILOWHU SRZHUVKLIWRSWLRQDO
HTXLSPHQW


7UDQVPLVVLRQRLOFKDQJLQJ
&KDQJHWKHWUDQVPLVVLRQRLOHYHU\KRXUV
2LOFDSDFLW\ZKHQFKDQJLQJWKHWUDQVPLVVLRQRLODSSUR[
OLWHUV 86JDO 
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH

9

7UDQVPLVVLRQRLOGLSVWLFN
7 7KUHDG:KHQWKHGLSVWLFNLVIXOO\XQVFUHZHG
WKHWKUHDGVKRXOGQ
QRWEHYLVLEOH


6HUYLFHDQGPDLQWHQDQFH

7UDQVPLVVLRQ



'UDLQLQJ
7KHWUDQVPLVVLRQRLOVKRXOGEHZDUPZKHQGUDLQLQJ
 8QVFUHZDQGUHPRYHWUDQVPLVVLRQRLOGLSVWLFN % IURP
WUDQVPLVVLRQRLOILOOHUSRLQW $ 
 3ODFHDFRQWDLQHUXQGHUWUDQVPLVVLRQRLOGUDLQSOXJ & 
ORFDWHGRQWKHWUDQVPLVVLRQXQGHUWKHPDFKLQH
 &OHDQWKHDUHDDURXQGWKHGUDLQSOXJDQGUHPRYHWKHSOXJ
 'UDLQFRPSOHWHO\
 5HLQVWDOOWKHGUDLQSOXJ

&
9

7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

&7UDQVPLVVLRQRLOGUDLQSOXJ


)LOOLQJ
 )LOOZLWKRLOWKURXJKWUDQVPLVVLRQRLOILOOHUSRLQW $ ORFDWHGRQ
WKHOHIWKDQGVLGHRIWKHHQJLQH)LOODSSUR[OLWUHV 86
JDO DQGFKHFNLIWKHRLOOHYHOLVEHWZHHQ0LQDQG0D[PDUNV
RQWKHRLOGLSVWLFN IXOO\XQVFUHZHG 6WDUWWKHHQJLQHDQGIROORZ
WKHWUDQVPLVVLRQRLOOHYHOFKHFNLQJSURFHGXUHPHQWLRQHG
DERYHXQWLOWKHOHYHOZLOOEHEHWZHHQWKH0LQDQG0D[PDUNV
 5HLQVWDOOWKHWUDQVPLVVLRQRLOGLSVWLFNLQWKHILOOHUSRLQW

7UDQVPLVVLRQVXFWLRQILOWHUUHSODFLQJ



9

7UDQVPLVVLRQVXFWLRQILOWHU SRZHUVKXWWOH


6HUYLFHDQGPDLQWHQDQFH



7UDQVPLVVLRQ
5HSODFHWKHVXFWLRQILOWHUHYHU\KRXUV

127,&(
7KHWUDQVPLVVLRQVKRXOGEHGUDLQHGEHIRUHGRLQJWKLVMREVHH
SDJH






9

3ODFHDVXLWDEOHFRQWDLQHUXQGHUWKHILOWHUKROGHU
5HPRYHWKHVXFWLRQILOWHUFRYHU
5HPRYHWKHVXFWLRQILOWHUDQGWKH2ULQJ
5HSODFHWKHVXFWLRQILOWHU,IQHFHVVDU\UHSODFHWKH2ULQJ
$VVHPEOHWKHVXFWLRQILOWHUDQGWKH2ULQJ
8VHDWRUTXHZUHQFKUHLQVWDOOWKHVXFWLRQILOWHUFRYHU
7LJKWHQLQJWRUTXH1P ,EIIW 

7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

7UDQVPLVVLRQVXFWLRQILOWHU SRZHUVKLIW


7UDQVPLVVLRQEUHDWKHUILOWHUUHSODFLQJ
5HSODFHWKHEUHDWKHUILOWHUHYHU\KRXUV
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 5HPRYHWKHIORRUPDWLQWKHFDE
 5HPRYHWKHIORRUSODWHLQIURQWRIWKHVHDW
 5HSODFHWUDQVPLVVLRQEUHDWKHUILOWHU $ 
 5HLQVWDOOWKHIORRUSODWHDQGIORRUPDW

7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH
9

7UDQVPLVVLRQEUHDWKHUILOWHU


3URSHOOHUVKDIWFKHFNLQJEROWWLJKWQHVV
&KHFNWKHSURSHOOHUVKDIWEROWWLJKWQHVVHYHU\KRXUV
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
8VHDWRUTXHZUHQFKIRUFKHFNLQJWKHEROWWLJKWQHVV7LJKWHQLQJ
WRUTXH1P ,EIIW 

6HUYLFHDQGPDLQWHQDQFH

7UDQVPLVVLRQ



9

$%3URSHOOHUVKDIWEROWVIRUIURQWD[OH
&'3URSHOOHUVKDIWEROWVIRUUHDUD[OH



6HUYLFHDQGPDLQWHQDQFH



$[OHV

$[OHV
$[OHVFKHFNLQJRLOOHYHO
7KHD[OHRLOOHYHOPXVWEHFKHFNHGZLWKWKHPDFKLQHSODFHGRQ
ILUPOHYHOJURXQGRWKHUZLVHDIDOVHLQGLFDWLRQRIWKHDPRXQWRI
RLOLQWKHD[OHZLOOEHJLYHQ
&KHFNWKHRLOOHYHOVLQIURQWDQGUHDUD[OHVHYHU\KRXUV
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH

)URQWD[OH IRXUZKHHOGULYHRQO\





/RRVHQIURQWD[OHEUHDWKHU $ WRUHOHDVHLQWHUQDOSUHVVXUH
5HPRYHIURQWRLOILOOHUOHYHOSOXJ % 
7KHRLOVKRXOGEHXSWRWKHKROH)LOOZLWKRLOLIQHFHVVDU\
5HLQVWDOOWKHIURQWRLOILOOHUOHYHOSOXJ

&

'

$
9

$
%
&
'

)URQWD[OHEUHDWKHU IRXUZKHHOGULYHRQO\
)URQWRLOILOOHURLOOHYHOSOXJ IRXUZKHHOGULYHRQO\
5HDUD[OHEUHDWKHU
5HDURLOILOOHURLOOHYHOSOXJ

5HDUD[OH





/RRVHQUHDUD[OHEUHDWKHU & WRUHOHDVHLQWHUQDOSUHVVXUH


5HPRYHUHDURLOILOOHUOHYHOSOXJ ' 
7KHRLOVKRXOGEHXSWRWKHKROH)LOOZLWKRLOLIQHFHVVDU\
5HLQVWDOOWKHUHDURLOILOOHUOHYHOSOXJ

$[OHKXEVFKHFNLQJRLOOHYHO
&KHFNWKHRLOOHYHOLQWKHD[OHKXEVHYHU\KRXUV
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH

6HUYLFHDQGPDLQWHQDQFH

$[OHV



)URQWKXEV

:$51,1*
0DNHVXUHWKDWQRSHUVRQVDUHLQWKHZRUNLQJDUHDDURXQGWKH
PDFKLQH

+XEV
$2LOOHYHOPDUNLQJ
%2LOOHYHOSOXJ


 5DLVHWKHPDFKLQHVRWKDWWKHIURQWZKHHOVDUHRIIWKHJURXQG
E\XVLQJWKHORDGHU
 7XUQRIIWKHHQJLQHDQGURWDWHWKHZKHHOKXEWREHFKHFNHGVR
WKDWRLOOHYHOPDUNLQJ $ LVKRUL]RQWDO
 /RZHUWKHPDFKLQH
 5HPRYHRLOOHYHOSOXJ % 6DPHSOXJDVIRUILOOLQJDQGGUDLQLQJ
7KHRLOVKRXOGEHXSWKHKROH)LOOZLWKRLOLIQHFHVVDU\
)RURLOVSHFLILFDWLRQVVHHSDJH

$[OHVFKDQJLQJRLO

:$51,1*
%HFDUHIXOZKHQFKDQJLQJRLOVLQFHKRWRLOPD\FDXVHVHYHUH
EXUQVWRXQSURWHFWHGVNLQ
&KDQJHWKHRLOHYHU\KRXUV
2LOZLOOUXQIURPWKHKROHZKHQWKHGUDLQSOXJLVUHPRYHG%H
FDXWLRXVZKHQUHPRYLQJWKHSOXJ
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH
)URQWD[OH IRXUZKHHOGULYHRQO\
$2LOILOOHUOHYHOSOXJ

3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH

%'UDLQSOXJ


)URQWD[OH IRXUZKHHOGULYHRQO\
 3ODFHDFRQWDLQHUXQGHUGUDLQSOXJ % 
 &OHDQWKHDUHDDURXQGGUDLQSOXJ % DQGRLOILOOHUOHYHOSOXJ
$ 
 5HPRYHWKHGUDLQSOXJDQGWKHRLOILOOHUSOXJ'UDLQWKHRLO
 5HLQVWDOOWKHGUDLQSOXJDIWHUWKHRLOKDVEHHQGUDLQHG
 )LOOZLWKQHZRLO7KHRLOVKRXOGEHXSWRWKHKROH
 5HLQVWDOOWKHRLOILOOHUOHYHOSOXJ



6HUYLFHDQGPDLQWHQDQFH



$[OHV
5HDUD[OH
 3ODFHDFRQWDLQHUXQGHUGUDLQSOXJ ' 
 &OHDQWKHDUHDDURXQGWKHGUDLQSOXJDQGRLOILOOHUOHYHOSOXJ
& 
 5HPRYHWKHGUDLQSOXJDQGWKHRLOILOOHUOHYHOSOXJ'UDLQWKH
RLO
 5HLQVWDOOWKHGUDLQSOXJDIWHUWKHRLOKDVEHHQGUDLQHG
 )LOOZLWKQHZRLO7KHRLOVKRXOGEHXSWRWKHKROH
 5HLQVWDOOWKHRLOILOOHUOHYHOSOXJ

'

9

&

5HDUD[OH
&2LOILOOHUOHYHOSOXJ

2LOFDSDFLWLHVZKHQFKDQJLQJ
)URQWD[OHsOLWUHV s86JDO 
5HDUD[OH LQFOXGLQJKXEV sOLWUHV s86JDO 
)RURLOVSHFLILFDWLRQVVHHSDJH

''UDLQSOXJ


$[OHEUHDWKHUFOHDQLQJ


)URQWD[OH

&OHDQWKHD[OHEUHDWKHUVHYHU\KRXUV

9

7KHD[OHEUHDWKHUVDUHORFDWHGRQWRSRIERWKWKHIURQWDQGUHDU
D[OHV
 5HPRYHD[OHEUHDWKHUV % DQG & 
 8VHWXUSHQWLQHSDUDIILQRUSHWUROWRFOHDQWKHEUHDWKHUV
 8VHDWRUTXHZUHQFKWRUHLQVWDOOWKHEUHDWKHUV7LJKWHQLQJ
WRUTXH1P ,EIW 
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

%)URQWD[OHEUHDWKHU


&

9

&5HDUD[OHEUHDWKHU


$[OHKXEVFKDQJLQJRLO
&KDQJHWKHRLOLQWKHD[OHKXEVHYHU\KRXUV
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

6HUYLFHDQGPDLQWHQDQFH

$[OHV



)URQWKXEV

:$51,1*
0DNHVXUHWKDWQRSHUVRQVDUHLQWKHZRUNLQJDUHDDURXQGWKH
PDFKLQH

+XEV
+XELQGUDLQLQJSRVLWLRQ
+XELQILOOLQJOHYHOSRVLWLRQ
$'UDLQSOXJ


 5DLVHWKHPDFKLQHVRWKDWWKHIURQWZKHHOVDUHRIIWKHJURXQG
E\XVLQJWKHORDGHU
 7XUQRIIWKHHQJLQHDQGURWDWHWKHZKHHOXQWLOWKHKXELVLQWKH
GUDLQLQJSRVLWLRQ  
 /RZHUWKHPDFKLQHWRWKHJURXQG
 &OHDQDURXQGGUDLQSOXJ $ 
 3ODFHDFRQWDLQHUXQGHUWKHGUDLQSOXJ
 5HPRYHWKHGUDLQSOXJ8VHWKHVDPHSOXJIRUILOOLQJDQG
GUDLQLQJ
 5DLVHWKHPDFKLQHVRWKDWWKHIURQWZKHHOVDUHRIIWKHJURXQG
E\XVLQJWKHORDGHU
 5RWDWHWKHZKHHOKXEVRLWLVLQWKHILOOLQJOHYHOSRVLWLRQ  
 /RZHUWKHPDFKLQHWRWKHJURXQG
 )LOOZLWKQHZRLO7KHRLOVKRXOGEHXSWRWKHKROH
 5HLQVWDOOWKHGUDLQSOXJ
 5HSHDWIRURSSRVLWHKXE
2LOFDSDFLWLHVZKHQFKDQJLQJ
)URQWKXEVOLWUHV 86JDO 
)RURLOVSHFLILFDWLRQVVHHSDJH



6HUYLFHDQGPDLQWHQDQFH



%UDNHV\VWHP

%UDNHV\VWHP
7KHEUDNHV\VWHPLVK\GUDXOLFDQGXVHVWKHVDPHRLODVWKH
WUDQVPLVVLRQ
6HUYLFHMREVRQWKHEUDNHV\VWHPVKRXOGRQO\EHFDUULHGRXWE\D
ZRUNVKRSDXWKRULVHGE\9ROYR
)RUFKHFNLQJDQGFKDQJLQJRLOVHHSDJH

3DUNLQJEUDNHFKHFNLQJ
&KHFNWKHFDEOHDQGWKHFRQQHFWLRQVLIUHTXLUHG
&KHFNWKHFDEOHFRQQHFWLRQVDWERWKWKHSDUNLQJEUDNHFRQWURO
HQGDQGWKHD[OHHQG&RQWDFWDZRUNVKRSDXWKRULVHGE\9ROYRLI
DQ\IDXOWVRFFXU

6HUYLFHDQGPDLQWHQDQFH

)UDPH



)UDPH
([WHQGLEOHGLSSHU LILQVWDOOHG ZHDUSDGV
FKHFN
7KHH[WHQGLEOHGLSSHUDUPZHDUSDGVVXSSRUWWKHEDFNKRHGLSSHU
DUPZKLOHH[WHQGLQJDQGUHWUDFWLQJWKHGLSSHUDUP7KHUHDUHIRXU
DGMXVWPHQWEROWV $' RQHDFKVLGHRIWKHH[WHQGLEOHGLSSHUDUP

&$87,21
&KHFNWKHZHDUSDGVUHJXODUO\WRSUHYHQWGDPDJHWRWKHEDFNKRH
GLSSHU$OZD\VUHSODFHWKHZHDUSDGVZKHQWKH\DUHZRUQRXW

([WHQGLEOHGLSSHUDUPFKHFNLQJZHDUSDGV
&KHFNWKHH[WHQGLEOHGLSSHUDUPZHDUSDGVLIUHTXLUHG
 3ODFHWKHPDFKLQHRQILUPDQGOHYHOJURXQG/RZHUWKHORDGHU
EXFNHWDQGVWDELOLVHUVWRWKHJURXQG
 3ODFHWKHGLSSHUDUPLQYHUWLFDOSRVLWLRQ
 ([WHQGWKHH[WHQGLEOHGLSSHUDUP
 7XUQRIIWKHHQJLQHEXWOHDYHWKHLJQLWLRQNH\LQSRVLWLRQ,,
LJQLWLRQRQ 
 7KHH[WHQGLEOHGLSSHUDUPVKRXOGVWDUWWRPRYHVORZO\,ILW
HLWKHUGRHVQRWPRYHRUGURSVTXLFNO\DGMXVWPHQWRIWKHZHDU
SDGVKDVWREHPDGHVHH$GMXVWLQJZHDUSDGVEHORZ
 $PD[LPXPJDSRIPP LQ RQHLWKHUVLGHLVSHUPLWWHG
6HHEHORZIRULQVWUXFWLRQVRQKRZWRDGMXVWWKHJDS
7KHZHDUSDGVVKRXOGRQO\UHTXLUHJUHDVLQJZKHQUHSODFHPHQW
SDGVDUHLQVWDOOHG



9

6HUYLFHDQGPDLQWHQDQFH



)UDPH
([WHQGLEOHGLSSHUDUPDGMXVWLQJZHDUSDGV

9

$GMXVWWKHH[WHQGLEOHGLSSHUDUPZHDUSDGVLIUHTXLUHG
 3ODFHWKHPDFKLQHRQILUPOHYHOJURXQG
 5HWUDFWWKHH[WHQGLEOHGLSSHUDUPDQGORZHUWKHDWWDFKPHQW
XQWLOWKHDWWDFKPHQWLVMXVWFOHDURIWKHJURXQG
 7XUQRIIWKHHQJLQH
 /RRVHQWKHDGMXVWPHQWEROWVDQGUHPRYHORFNLQJQXWV $'
RQRQHVLGHRIWKHH[WHQGLEOHGLSSHUDUP
 8VHDIHHOHUJDXJHWRPHDVXUHWKHJDSEHWZHHQWKHZHDUSDG
DQGWKHH[WHQGLEOHGLSSHUDUP7KHJDSVKRXOGEHPP
LQ 7KHPD[LPXPJDSSHUPLWWHGLVPP LQ 
 $GMXVWWKHDGMXVWPHQWEROWVXQWLOWKHFRUUHFWJDSLVUHDFKHG
 0HDVXUHWKHGLVWDQFHEHWZHHQWKHWRSRIWKHDGMXVWPHQWEROW
DQGWKHGLSSHU
 $GMXVWWKHRWKHUDGMXVWPHQWEROWVXQWLOWKHVDPHGLVWDQFH
EHWZHHQWKHWRSRIWKHDGMXVWPHQWEROWDQGWKHGLSSHUDUPKDV
EHHQDFKLHYHG
 /RFNDOOWKHDGMXVWPHQWEROWVZLWKWKHORFNLQJQXWV
 5HSHDWWKHSURFHGXUHRQWKHRWKHUVLGHRIWKHH[WHQGLEOH
GLSSHUDUP

6WDELOLVHUOHJVZHDUSDGV
7KHZHDUSDGVWDNHXSWKHSOD\LQWKHOHJVZKHQVWDELOLVHUVDUH
ORZHUHG
7KHUHDUHWZRZHDUSDGVRQHDFKVWDELOLVHUOHJ

&$87,21
&KHFNWKHZHDUSDGVUHJXODUO\WRSUHYHQWGDPDJHWRWKHEDFNKRH
GLSSHU$OZD\VUHSODFHWKHZHDUSDGVZKHQWKH\DUHZRUQRXW

6WDELOLVHUOHJVFKHFNLQJZHDUSDGV
&KDQJHWKHVWDELOLVHUOHJVZHDUSDGVZKHQWKHSDGVKDYHEHHQ
ZRUQWRDPLQLPXPWKLFNQHVV7KLVMREVKRXOGEHFDUULHGRXWE\D
9ROYRGHDOHU
0LQLPXPWKLFNQHVV WKHDGMXVWLQJEUDFNHW % LVIXOO\WLJKWHQHG
WRWKHVWDELOLVHU

6HUYLFHDQGPDLQWHQDQFH

)UDPH



6WDELOLVHUOHJVZHDUSDGVDGMXVWPHQW

&KHFNWKHVWDELOLVHUOHJVLIUHTXLUHV
 3ODFHPDFKLQHRQILUPOHYHOJURXQGORZHUWKHORDGHUEXFNHW
 /RZHUWKHVWDELOLVHUVDQGUDLVHWKHUHDUZKHHOV
 2SHUDWHWKHEDFNKRHDQGQRWHWKHDPRXQWRISOD\LQWKH
VWDELOLVHUV
 $GMXVWWKHZHDUSDGV & E\DGMXVWLQJWKHZHDUSDGUHWDLQLQJ
QXWV $ RQHDFKOHJ

&

&$87,21
'RQRWRSHUDWHWKHPDFKLQHLIWKHZHDUSDGVDUHZRUQRXW6HULRXV
GDPDJHWRWKHVWDELOLVHUOHJVZLOORFFXU

9

6WDELOLVHUOHJ ULJKWKDQGOHJLVVKRZQ
$5HWDLQLQJQXWV
%$GMXVWLQJEUDFNHW
&:HDUSDG


3LQZHDUFKHFNLQJ
&KHFNORDGHUERRPDQGEDFNKRHERRPSLQZHDUHYHU\
KRXUV
&KHFNWKDWWKHSLQVDUHVHFXUHDQGWKDWWKHUHLVQRXQGXHZHDU
5HSODFHPHQWRISLQVDQGEXVKLQJVVKRXOGEHFDUULHGRXWE\D
ZRUNVKRSDXWKRULVHGE\9ROYR



6HUYLFHDQGPDLQWHQDQFH



:KHHOV

:KHHOV
:KHHOQXWVFKHFNLQJWLJKWHQLQJ
:KHQFKDQJLQJW\UHVRULIDW\UHKDVEHHQUHPRYHGIRUVRPH
UHDVRQUHWLJKWHQWKHZKHHOQXWVDIWHUKRXUVRIWUDYHOOLQJ
RSHUDWLQJ
&KHFNWKHZKHHOQXWWRUTXHVHYHU\KRXUV
7LJKWHQLQJWRUTXHV
 )URQWZKHHOVs1P s,EIIW  0;
 5HDUZKHHOVs1P s,EIIW  0;

6HUYLFHDQGPDLQWHQDQFH

&DE



&DE
9HQWLODWLRQILOWHU
7KHFDEKDVWZRYHQWLODWLRQILOWHUVRQHPDLQDQGRQHSUHILOWHU7KH
FORJJLQJRIWKHILOWHUVLVHQWLUHO\GHSHQGHQWRQWKHZRUNLQJ
EHFKHFNHG
HQYLURQPHQWRIWKHPDFKLQHEXWWKHILOWHUVVKRXOGE
RQFHDZHHN

127,&(
7KHLQWHUYDOEHWZHHQILOWHUUHSODFHPHQWVFDQEHLQFUHDVHGRU
UHGXFHGGHSHQGLQJRQKRZGXVW\WKHZRUNLQJHQYLURQPHQWLV

127,&(
7KHFDEILOWHUVDUHRQO\LQWHQGHGWRVHSDUDWHSDUWLFOHV GXVW IURP
WKHDLU$Q\GDQJHURXVJDVHVDUHQRWWUDSSHGE\WKHILOWHUV

&DEYHQWLODWLRQILOWHUFOHDQLQJDQGUHSODFLQJ
5HSODFHWKHILOWHUHYHU\KRXUVRUDWOHDVWRQFHD\HDU
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 8VHDUHVSLUDWRU GXVWPDVN 
 2SHQWKHULJKWUHDUZLQGRZ
 8QORFNDQGUHPRYHWKHYHQWLODWLRQILOWHUKROGHUIURPWKHIHQGHU
 3XWLWRQDFOHDQVXUIDFHDVVKRZQ
 8QGRORFNLQJGHYLFHV $ DQGUHPRYHWKHSODWH % 
 5HPRYHWKHILOWHUV & IURPWKHILOWHUKROGHUDQGVKDNHWKH
ILOWHUVFDUHIXOO\ZLWKRXWGDPDJLQJWKHP$YRLGXVLQJ
FRPSUHVVHGDLUYDFXXPFOHDQHURUZDWHU
 5HLQVWDOOWKHILOWHUVDQGWKHILOWHUFRYHU
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH


$% &

$
9

&DEYHQWLODWLRQILOWHUV
$/RFNLQJGHYLFHV WZRSFV
%3ODWH
&)LOWHUV WZRSFV


6HUYLFHDQGPDLQWHQDQFH



&DE
:DVKHUUHVHUYRLU
8QORFNDQGRSHQWKHFRYHU8QGRWKHILOOHUFDSDQGDGG
ZLQGVFUHHQZDVKHUIOXLGDVUHTXLUHG3XWEDFNWKHILOOHUFDSFORVH
DQGORFNWKHFRYHU
7KHOLTXLGVKRXOGFRQWDLQDQDQWLIUHH]HDJHQWWRSUHYHQWIUHH]LQJ

&$87,21
'RQRWXVHHQJLQHFRRODQWDQWLIUHH]H
:LQGVFUHHQZDVKHUUHVHUYRLU


$VEHVWRV
$GYLFHIRURSHUDWLQJLQHQYLURQPHQWVZKHUHGXVWDVEHVWRVGXVW
LVSUHVHQW
,WLVLPSRUWDQWWKDWWKHFDELVNHSWIUHHIURPGXVWDVEHVWRVGXVW
 (QWHUDQGOHDYHWKHPDFKLQHLQDSODFHDZD\IURPWKH
DVEHVWRVFRQWDPLQDWHGDUHD
 .HHSFORWKHVDQGVKRHVFOHDQIURPGXVW
 7LG\DQGYDFXXPFOHDQWKHFDERIWHQDQGXVHSHUVRQDO
SURWHFWLYHHTXLSPHQWIRULQVWDQFHDUHVSLUDWRU GXVWPDVN
LQWHQGHGIRUDVEHVWRVFRQWDPLQDWHGDUHDV
 0DNHVXUHWKDWFDEGRRUVDQGZLQGRZVDUHNHSWFORVHGZKLOH
RSHUDWLQJ
7KHFDEVKRXOGEHYHQWLODWHGWKURXJKLWVYHQWLODWLRQV\VWHP
ZKLFKDOVRSURYLGHVDSRVLWLYHSUHVVXUHLQWKHFDE
5HSODFHWKHFDEDLUILOWHUVHYHU\KRXUVRUPRUHRIWHQZKHQ
QHFHVVDU\DQGEHFDUHIXOZLWKWKHQHZILOWHUVVRWKDWWKH\DUH
QRWGDPDJHG
:LWKUHJDUGWRULVNVWRKHDOWKDQGHQYLURQPHQWXVHGILOWHUV
PXVWEHSODFHGLQWKHVHDODEOHSODVWLFEDJZKLFKLVVXSSOLHG
WRJHWKHUZLWKQHZILOWHUV7KHEDJZLWKWKHXVHGILOWHUVKRXOG
WKHQEHGHSRVLWHGDWDSODFHDXWKRULVHGWRWDNHFDUHRI
DVEHVWRVZDVWH
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

6HUYLFHDQGPDLQWHQDQFH

$LUFRQGLWLRQLQJ



$LUFRQGLWLRQLQJ
RSWLRQDOHTXLSPHQW

:$51,1*
7KHDLUFRQGLWLRQLQJV\VWHPLVDFORVHGORRSV\VWHPDQGFRQWDLQV
SUHVVXULVHGUHIULJHUDQW1RSDUWRIWKHV\VWHPVKRXOGEH
GLVFRQQHFWHGXQWLOWKHV\VWHPKDVEHHQGLVFKDUJHGE\D
UHIULJHUDWLRQHQJLQHHURUDVXLWDEO\WUDLQHGSHUVRQ<RXFDQVXIIHU
VHYHUHIURVWELWHVRUEHFRPHLQMXUHGE\HVFDSLQJUHIULJHUDQW

$LUFRQGLWLRQLQJLQIRUPDWLRQSODWH
7KHW\SHRIUHIULJHUDQWLVVKRZQRQWKHLQIRUPDWLRQSODWHORFDWHG
RQWKHDLUFRQGLWLRQLQJFRPSUHVVRU

&RQGHQVHUFOHDQLQJ
&OHDQWKHFRQGHQVHUHYHU\KRXUV
)RULQVWUXFWLRQVRQKRZWRFOHDQWKHFRQGHQVHUVHHSDJH

&RPSUHVVRUEHOWFKHFNLQJDQGDGMXVWLQJ
WHQVLRQ
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 $WFRUUHFWEHOWWHQVLRQLWVKRXOGEHSRVVLEOHWRGHIOHFWWKHEHOW
DSSUR[PP LQ H[HUWLQJDIDLUO\KDUGSUHVVXUH
 /RRVHQEHOWWHQVLRQDGMXVWPHQWEROW $ 
 $GMXVWWRWKHFRUUHFWEHOWWHQVLRQXVLQJWKHDGMXVWLQJEROW
&KHFNWKHEHOWWHQVLRQDQGWLJKWHQGRZQWKHEROW


$

$%HOWWHQVLRQDGMXVWPHQWEROW


9

6HUYLFHDQGPDLQWHQDQFH



$LUFRQGLWLRQLQJ
&RPSUHVVRUEHOWUHSODFLQJ

:$51,1*
7KHHQJLQHPXVWEHWXUQHGRIIZKHQUHSODFLQJWKHEHOWURWDWLQJ
SDUWVFDQFDXVHLQMXULHV
5HSODFHWKHDLUFRQGLWLRQLQJFRPSUHVVRUEHOWZKHQQHFHVVDU\
FKHFNWKHFRQGLWLRQUHJXODUO\
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 5HPRYHWKHIDQEHOWVHHSDJH
 /RRVHQEHOWWHQVLRQDGMXVWPHQWEROW $ RQWRSRIWKHDLU
FRQGLWLRQLQJFRPSUHVVRU
 5HPRYHWKHEHOW

6HUYLFHDQGPDLQWHQDQFH

+\GUDXOLFV\VWHP



+\GUDXOLFV\VWHP
:$51,1*
:KHQVHUYLFLQJWKHPDFKLQHZLWKWKHORDGHUERRPUDLVHGWKH
VDIHW\VWUXWPXVWDOZD\VEHSODFHGLQVXSSRUWSRVLWLRQ$Q
XQVXSSRUWHGORDGHUERRPFDQGURSVXGGHQO\DQGFDXVHVHULRXV
SHUVRQDOLQMXULHV

&$87,21
6HUYLFHSRVLWLRQ

$Q\ZRUNRQWKHV\VWHPUHTXLUHVJUHDWGHPDQGVRQFOHDQOLQHVV
(YHQYHU\VPDOOSDUWLFOHVFDQFDXVHGDPDJHRUFORJXSWKH
V\VWHP7KHUHIRUHZLSHDUHDVLQTXHVWLRQFOHDQEHIRUHDQ\ZRUN
LVFDUULHGRXW

+\GUDXOLFV\VWHPUHOHDVLQJSUHVVXUH






/RZHUWKHDWWDFKPHQWVDQGVWDELOLVHUVWRWKHJURXQG
7XUQRIIWKHHQJLQH
7XUQWKHLJQLWLRQNH\WRSRVLWLRQ,,
8QORFNWKHFRQWURO
2SHUDWHWKHORDGHUOHYHUDQGWKHEDFNKRHOHYHUVLQDOO
SRVVLEOHGLUHFWLRQVWRUHOHDVHWKHDFFXPXODWHGSUHVVXUHLQWKH
K\GUDXOLFV\VWHP

+\GUDXOLFRLOOHYHOFKHFNLQJ
$

&KHFNWKHK\GUDXOLFRLOOHYHOGDLO\RUHYHU\KRXUV
3ODFHWKHPDFKLQHLQSRVLWLRQDVVKRZQ
+\GUDXOLFRLOOHYHOJODVVLVSRVLWLRQHGXQGHUWKHHQJLQHKRRGLQ
IURQWRIWKHK\GUDXOLFRLOWDQNDVVKRZQ
7KHGRW $ LQWKHPLGGOHRIWKHJODVVLQGLFDWHVWKHQRUPDOOHYHO
RIK\GUDXOLFRLOLQWKHWDQN,IWKHK\GUDXOLFRLOLVQRWYLVLEOHLQ
WKHJODVVORFDWHWKHOHDNDQGUHSODFHWKHEURNHQSDUWDQGUHILOO
WKHV\VWHP,IWKHSUREOHPUHPDLQVFRQWDFWDZRUNVKRS
DXWKRULVHGE\9ROYR

9

K\GUDXOLFRLOOHYHOJODVV




6HUYLFHDQGPDLQWHQDQFH



+\GUDXOLFV\VWHP
+\GUDXOLFRLOILOWHUFKDQJLQJ
5HSODFHWKHK\GUDXOLFRLOILOWHUHYHU\KRXUV
+\GUDXOLFRLOILOWHU % LVORFDWHGEHKLQGWKHUHDUD[OHRQWKHULJKW
KDQGVLGHXQGHUWKHPDFKLQH
3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQVHHSDJH
 3ODFHDFRQWDLQHUXQGHUWKHILOWHUWRFDWFKDQ\VSLOODJH
 5HPRYHK\GUDXOLFRLOILOWHU % E\XVLQJDILOWHUFODPS7KH
K\GUDXOLFRLOILOWHULVRIWKHGLVSRVDEOHW\SH7KHUHIRUHDOZD\V
UHSODFHLWZLWKDQHZILOWHU
 )LOOWKHILOWHUZLWKK\GUDXOLFRLODQGDSSO\RLOWRWKHJDVNHW
 6FUHZRQWKHILOWHUE\KDQGXQWLOWKHJDVNHWMXVWWRXFKHVWKH
VHDOLQJVXUIDFH7KHQWLJKWHQDIXUWKHUWXUQE\KDQG
 6WDUWWKHHQJLQHDQGRSHUDWHWKHORDGHUERRPDQGEDFNKRH
 7XUQRIIWKHHQJLQHDQGFKHFNWKDWWKHJDVNHWKDVVHDOHG,I
QRWUHPRYHWKHILOWHUDQGFKHFNWKHVHDOLQJVXUIDFH8VXDOO\LW
GRHVQRWKHOSWRWLJKWHQKDUGHU

%
9

7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

+\GUDXOLFRLOFKDQJLQJ



9

$+\GUDXOLFRLOVDIHW\GUDLQYDOYH


9

%OHHGHUSOXJRQK\GUDXOLFSXPS


%
$

6HUYLFHDQGPDLQWHQDQFH

+\GUDXOLFV\VWHP



:$51,1*
%HFDUHIXOZKHQFKDQJLQJRLOVLQFHKRWRLOPD\FDXVHVHYHUH
EXUQVWRXQSURWHFWHGVNLQ
&KDQJHK\GUDXOLFRLOHYHU\KRXUV7KHFDSDFLW\RIWKH
K\GUDXOLFRLOWDQNZKHQFKDQJLQJLVDSSUR[sOLWUHV 
s86JDO 
)RURLOVSHFLILFDWLRQVVHHSDJH

'UDLQLQJ

9

+\GUDXOLFRLOVDIHW\GUDLQYDOYH $ LVORFDWHGXQGHUWKHPDFKLQH
RQWKHOHIWVLGHDWWKHERWWRPRIWKHK\GUDXOLFWDQN
 2SHUDWHWKHPDFKLQHXQWLOWKHRLOUHDFKHVQRUPDOZRUNLQJ
WHPSHUDWXUH
 3ODFHWKHPDFKLQHLQVHUYLFHSRVLWLRQ
 5HOHDVHWKHSUHVVXUHLQWKHK\GUDXOLFV\VWHP
 3ODFHDFRQWDLQHUXQGHUWKHGUDLQKROHWRFROOHFWWKHRLODQG
XQVFUHZWKHFDSIURPWKHGUDLQYDOYH
 6FUHZWKHGUDLQKRVHIURP\RXUERDUGWRROER[RQWRWKHGUDLQ
YDOYHDQGGLUHFWWKHKRVHWRWKHGUDLQLQJFRQWDLQHU
 2QFHDOORLOKDVUXQRXWXQVFUHZWKHGUDLQKRVHDQGVFUHZWKH
FDSEDFNRQWRWKHGUDLQYDOYH
7DNHFDUHRIILOWHUVRLOVOLTXLGVLQDQHQYLURQPHQWDOO\VDIHZD\VHH
SDJH

)LOOLQJ
 5HPRYHWKHFDEIORRUSODWHLQIURQWRIWKHVHDW
 5HPRYHWKHEOHHGHUSOXJRQWRSRIWKHK\GUDXOLFSXPSDV
VKRZQ
 5HPRYHK\GUDXOLFRLOILOOHUFDS $ DQGILOOZLWKK\GUDXOLFRLO
 &KHFNWKDWRLOFRPHVRXWRQWRSRIWKHK\GUDXOLFSXPSEHIRUH
UHLQVWDOOLQJWKHEOHHGHUSOXJ
 5HLQVWDOOWKHEOHHGHUSOXJRQWRSRIWKHK\GUDXOLFSXPS
 5HLQVWDOOWKHFDEIORRUSODWH
 5HLQVWDOOWKHILOOHUFDS
 6WDUWWKHHQJLQHDQGOHWLWLGOHIRUWZRPLQXWHV
 6PRRWKO\RSHUDWHWKHFRQWUROOHYHUVIRUWKHORDGHUERRPDQG
EDFNKRHF\OLQGHUVWRWKHLUHQGSRVLWLRQV
 &KHFNWKHK\GUDXOLFRLOOHYHOWKURXJKK\GUDXOLFRLOOHYHOJODVV
% 7RSXSZLWKRLOZKHQUHTXLUHG
 &KHFNWKDWWKHUHDUHQROHDNV

+\GUDXOLFV\VWHPEUHDWKHUILOWHUUHSODFLQJ
5HSODFHWKHEUHDWKHUILOWHUHYHU\KRXUV
7KHEUHDWKHUILOWHULVORFDWHGRQWRSRIWKHK\GUDXOLFRLOWDQNLQ
IURQWRIWKHFDEDQGLVDSDUWRIK\GUDXOLFRLOILOOHUFDS & 
7KHILOOHUFDSDQGWKHEUHDWKHUILOWHUFDQQRWEHVHSDUDWHGIURP
HDFKRWKHU

+\GUDXOLFF\OLQGHUVFKHFNLQJ
&KHFNWKHK\GUDXOLFF\OLQGHUVHYHU\KRXUV



6HUYLFHDQGPDLQWHQDQFH



+\GUDXOLFV\VWHP
&KHFNWKHF\OLQGHUVIRUVLJQVRIRLOOHDNV7KHUHSODFHPHQWRID
F\OLQGHURUF\OLQGHUVHDOVVKRXOGEHFDUULHGRXWE\DZRUNVKRS
DXWKRULVHGE\9ROYR
&KHFNWKHF\OLQGHUVIRUVFRUHVDQGPDUNV,IDQ\IDXOWVDUHIRXQG
FRQWDFWDZRUNVKRSDXWKRULVHGE\9ROYR

6HUYLFHDQGPDLQWHQDQFH

$WWDFKPHQWVPDLQWHQDQFH



$WWDFKPHQWVPDLQWHQDQFH
+DPPHU
7KHKDPPHULVDSUHFLVLRQPDGHK\GUDXOLFEUHDNHU7KHUHIRUH
JUHDWFDUHDQGFOHDQOLQHVVVKRXOGEHWDNHQZKHQKDQGOLQJDQ\RI
WKHK\GUDXOLFFRPSRQHQWV'LUWLVWKHZRUVWHQHP\LQK\GUDXOLF
V\VWHPV
+DQGOHWKHSDUWVFDUHIXOO\DQGUHPHPEHUWRFRYHUDQ\FOHDQHG
DQGGULHGSDUWVZLWKDFOHDQOLQWIUHHFORWK'RQRWXVHDQ\WKLQJ
RWKHUWKDQSXUSRVHGHVLJQHGPDWHULDOVIRUFOHDQLQJK\GUDXOLF
SDUWV1HYHUXVHZDWHUSDLQWWKLQQHURUFDUERQWHWUDFKORULGH

0DLQWHQDQFHLQWHUYDOV

127,&(
7KHWLPHVJLYHQUHIHUWRWKHPDFKLQHKRXUVZKLOHWKHKDPPHULV
RSHUDWHG
,QLWLDOKRXUVZDUUDQW\LQVSHFWLRQ
7KHILUVWLQVSHFWLRQPXVWEHGRQHE\DZRUNVKRSDXWKRULVHGE\
9ROYRDIWHUWRRSHUDWLQJKRXUVIRUWKHZDUUDQW\WREHYDOLG
&RQWDFWD9ROYRGHDOHUIRUPRUHLQIRUPDWLRQ
(YHU\WZRKRXUV
 *UHDVHWKHWRROVKDQNDQGWKHWRROEXVKLQJV
 &KHFNK\GUDXOLFRLOWHPSHUDWXUHDOOOLQHVDQGFRQQHFWLRQVDV
ZHOODVLPSDFWHIILFLHQF\DQGHYHQQHVVRIRSHUDWLRQ
 7LJKWHQORRVHFRQQHFWLRQV
(YHU\KRXUVRUDWOHDVWRQFHDZHHN
 5HPRYHWKHWRROUHWDLQLQJSLQVDQGWKHWRRODQGFKHFNWKHLU
FRQGLWLRQ*ULQGWKHEXUUVDZD\LIQHFHVVDU\
 &KHFNWKHWRRODQGORZHUWRROEXVKLQJWRYHULI\WKDWWKHWRROKDV
UHFHLYHGVXIILFLHQWJUHDVH*UHDVHPRUHIUHTXHQWO\LI
QHFHVVDU\
(YHU\KRXUVRUDWOHDVWRQFHDPRQWK
 &KHFNWKHWRROVKDQNDQGWRROEXVKLQJVIRUZHDU
 &KHFNWKHK\GUDXOLFKRVHV5HSODFHLIQHFHVVDU\'RQRWOHW
GLUWJHWLQWRWKHKDPPHURUKRVHV
(YHU\KRXUVRUDWOHDVWRQFHD\HDU
7KLVVHUYLFHLVUHFRPPHQGHGWREHGRQHE\DZRUNVKRS
DXWKRULVHGE\9ROYRDIWHURSHUDWLQJKRXUV1HJOHFWLQJWKH
\HDUO\VHUYLFHFDQFDXVHVHYHUHGDPDJHWRWKHKDPPHU
$ZRUNVKRSDXWKRULVHGE\9ROYRZLOOUHVHDOWKHKDPPHUUHSODFH
WKHDFFXPXODWRUPHPEUDQHVDQGUHSODFHVDIHW\GHFDOVDV
QHHGHG&RQWDFWD9ROYRGHDOHUIRUPRUHLQIRUPDWLRQDERXW\HDUO\
VHUYLFLQJ
 &KHFNDOOK\GUDXOLFFRQQHFWLRQV
 &KHFNWKDWWKHK\GUDXOLFKRVHVGRQRWUXEDJDLQVWDQ\WKLQJLQ
DQ\ERRPSRVLWLRQ



6HUYLFHDQGPDLQWHQDQFH



$WWDFKPHQWVPDLQWHQDQFH
 ,QVSHFWDQGLIQHFHVVDU\UHSODFHWKHK\GUDXOLFRLOILOWHUVRIWKH
PDFKLQH

127,&(
7KHKDPPHUVKRXOGDOZD\VEHOXEULFDWHGZLWKKLJKWHPSHUDWXUH
JUHDVH

/XEULFDWLRQ
7KHWRROVKDQNPXVWEHZHOOOXEULFDWHGEHIRUHLQVWDOOLQJDWRRO
8VHJUHDVHW\SH(3
*UHDVHWKHWRROVKDQNDVVKRZQ*UHDVHWKHJUHDVLQJSRLQWV
ZLWKDJUHDVHJXQZLWKVWURNHVSHUJUHDVLQJSRLQWHYHU\
RSHUDWLQJKRXUVRUGHSHQGLQJRQWKHZRUNLQJFRQGLWLRQV

,QVXIILFLHQWJUHDVLQJRULPSURSHUJUHDVHPD\FDXVH
$EQRUPDOZHDURIWRROEXVKLQJVDQGWRRO
7RROEUHDNDJH

&
9

$1RUPDO
%([FHVVLYH WRRPXFK
&,QVXIILFLHQW WRROLWWOH


7RROUHPRYLQJ
 3ODFHDKHDY\GXW\SDOOHWRUVLPLODURQILUPDQGOHYHOJURXQG

127,&(
7KHSDOOHWPXVWUHVLVWWKHZHLJKWRIWKHKDPPHUDQGSURYLGH
DFOHDUDQFHRIDWOHDVWFP LQ EHWZHHQWKHKDPPHUDQG
WKHJURXQG WREHDEOHWRUHPRYHSDUWVLQDSURSHUZD\ 
 3ODFHWKHKDPPHURQWKHSDOOHWDQGPDNHVXUHWKHKROHVIRU
WKHWRROUHWDLQLQJSLQVDUHDFFHVVLEOH RYHUWKHHGJHRIWKH
SDOOHW 
 0DNHVXUHWKDWWKHWUDQVPLVVLRQLVLQQHXWUDODQGWKHSDUNLQJ
EUDNHLVDSSOLHG LIDSSOLFDEOH 
 7XUQRIIWKHHQJLQH
 5HPRYHVSOLWSLQV $ 
 5HPRYHEXIIHUV % 
 5HPRYHWRROUHWDLQLQJSLQV & 
 5HPRYHWRRO ' 8VHDOLIWLQJGHYLFHWRUHPRYHWKHWRROLI
QHFHVVDU\)RUWRROVSHFLILFDWLRQVVHHWKHVSHFLILFDWLRQ
FKDSWHU

%
6SOLWSLQVDQGEXIIHUVUHPRYLQJ
$6SOLWSLQV
%%XIIHUV


9

6HUYLFHDQGPDLQWHQDQFH

$WWDFKPHQWVPDLQWHQDQFH



&

'
9

7RROUHWDLQLQJSLQVDQGWRROUHPRYLQJ
&7RROUHWDLQLQJSLQV
'7RRO




6HUYLFHDQGPDLQWHQDQFH



$WWDFKPHQWVPDLQWHQDQFH
7RROUHPRYLQJ
 3ODFHWKHKDPPHURQDKHDY\GXW\SDOOHWRUVLPLODUDQGPDNH
VXUHWKHKROHVIRUWKHUHWDLQLQJSLQVDUHDFFHVVLEOH RYHUWKH
HGJHRIWKHSDOOHW 

127,&(
7KHSDOOHWPXVWUHVLVWWKHZHLJKWRIWKHKDPPHUDQGSURYLGH
DFOHDUDQFHRIDWOHDVWFP LQ EHWZHHQWKHKDPPHUDQG
WKHJURXQG WREHDEOHWRLQVWDOOSDUWVLQDSURSHUZD\ 

 0DNHVXUHWKDWWKHWUDQVPLVVLRQLVLQQHXWUDODQGWKHSDUNLQJ
EUDNHLVDSSOLHG LIDSSOLFDEOH 
 7XUQRIIWKHHQJLQH
 &OHDQDOOSDUWVFDUHIXOO\
 0HDVXUHWKHWRROGLDPHWHU ; IURPWKHDUHDPDUNHGLQWKH
LOOXVWUDWLRQVHHSDJH5HSODFHWKHWRROLIQHFHVVDU\
 &KHFNWKHORZHUWRROEXVKLQJIRUZHDU
 &KHFNWRROVHDO $ 5HSODFHLWLIQHFHVVDU\&KHFNWKDWWKH
JURRYHVRIWKHWRROVHDODUHSRLQWLQJRXWZDUGVZKHQLQVWDOOLQJ
LW
 &OHDQDQGFRDWWRRO % DQGWRROUHWDLQLQJSLQV & ZLWKJUHDVH
 ,QVWDOOWKHWRRODQGURWDWHLWLIQHFHVVDU\WRDOLJQWKHJURRYHVRI
WKHWRROZLWKWKHSLQERUHV8VHDOLIWLQJGHYLFHWRLQVWDOOWKHWRRO
LIQHFHVVDU\)RUWRROVSHFLILFDWLRQVVHHWKHVSHFLILFDWLRQ
FKDSWHU
 ,QVWDOOWKHWRROUHWDLQLQJSLQV
 ,QVWDOOEXIIHUV ' 
 ,QVWDOOVSOLWSLQV ( 

&

'

9

7RROLQVWDOOLQJ
$6HDOULQJ
%7RRO
&7RROUHWDLQLQJSLQV
'%XIIHUV
(6SOLWSLQV


6HUYLFHDQGPDLQWHQDQFH

$WWDFKPHQWVPDLQWHQDQFH



/RZHUWRROEXVKLQJUHPRYLQJ





5HPRYHWKHWRRO
5HPRYHEXVKLQJUHWDLQLQJSLQ $ 
5HPRYHORZHUWRROEXVKLQJ % 
5HPRYHWKHWRROVHDO

%
9

/RZHUWRROEXVKLQJUHPRYLQJ
$%XVKLQJUHWDLQLQJSLQ
%/RZHUWRROEXVKLQJ


/RZHUWRROEXVKLQJZHDUOLPLWVDQGOXEULFDQWV
/XEULFDWHWKHFRQWDFWVXUIDFHVRIORZHUWRROEXVKLQJZLWKVLOLFRQH
FRPSRXQGDVGHVFULEHGEHORZ

127,&(
8VHDVLOLFRQHFRPSRXQGIUHHIURPDFLG&RQWDFWD9ROYRGHDOHU
IRUPRUHLQIRUPDWLRQRQVLOLFRQH
0HDVXUHPHQWV

< PP LQ 7RROEXVKLQJLQQHUGLDPHWHU ZRUQRXW


+ PP LQ 'LVWDQFHIURPXSSHUHQGRIEXVKLQJ
/ PP LQ :LGWKRIVLOLFRQHFRPSRXQG

+
<
9

/RZHUWRROEXVKLQJ




6HUYLFHDQGPDLQWHQDQFH



$WWDFKPHQWVPDLQWHQDQFH
/RZHUWRROEXVKLQJLQVWDOOLQJ

 &OHDQDOOSDUWVFDUHIXOO\
 0HDVXUHWKHEXVKLQJLQQHUGLDPHWHU < 5HSODFHWKHEXVKLQJ
LIQHFHVVDU\
 ,QVWDOOWRROVHDO $ DVVKRZQ
 6SUHDGDWKLQOD\HURIVLOLFRQHFRPSRXQGWRWKHORZHUWRRO
EXVKLQJ / PP LQ 
 /XEULFDWHWKHFRQWDFWVXUIDFHLQVLGHWKHIURQWKHDGDVVKRZQ
/HDYHDPP LQ PDUJLQIURPWKHRSHQLQJRIWKHKROH
RIWKHIURQWKHDGFOHDQIURPOXEULFDQW0DNHVXUHWKDWWKH
VLOLFRQHFRPSRXQGRQWKHORZHUWRROEXVKLQJDQGWKHWKUHDG
JUHDVHRQWKHFRQWDFWVXUIDFHLQVLGHWKHIURQWKHDGGRQRW
JHWPL[HG
 ,QVWDOOORZHUWRROEXVKLQJ % 'ULYHLQWKHEXVKLQJDOOWKHZD\
8VHDVRIWIDFHGKDPPHULIQHFHVVDU\
 ,QVWDOOEXVKLQJUHWDLQLQJSLQ & 8VHDKDPPHULIQHFHVVDU\

PP

&
9

/RZHUWRROEXVKLQJLQVWDOOLQJ
$7RROVHDO
%/RZHUWRROEXVKLQJ
&%XVKLQJUHWDLQLQJSLQ


0XOWLSXUSRVHEXFNHW
*UHDVHWKHPXOWLSXUSRVHEXFNHWHYHU\KRXUVVHHSDJH
(QVXUHWKDWWKHIRUNEDULVJUHDVHG

6HUYLFHDQGPDLQWHQDQFH

$WWDFKPHQWVPDLQWHQDQFH



0DWHULDOZKLFKKDVEHHQWUDSSHGEHWZHHQWKHFODPVKHOO
F\OLQGHUDQGWKHEXFNHWPXVWEHUHPRYHGLPPHGLDWHO\DV
RWKHUZLVHWKHSLVWRQURGRIWKHF\OLQGHUPD\EHGDPDJHGRU
EHQW
&KHFNWKHK\GUDXOLFOLQHVIRUOHDNVDQGYLVLEOHGDPDJH,IDQ\
IDXOWVDSSHDUFRQWDFWDZRUNVKRSDXWKRULVHGE\9ROYR
&KHFNIRUFUDFNVRQWKHSDOOHWIRUNV

&$87,21
:RUNRQK\GUDXOLFV\VWHPVPXVWRQO\EHSHUIRUPHGE\DXWKRULVHG
SHUVRQQHO

$WWDFKPHQWTXLFNFRXSOHUK\GUDXOLF
'DLO\LQVSHFWLRQV
 &KHFNWKDWWKHKLWFKFRPSRQHQWVODWFKLQJKRRNVDQG
DWWDFKPHQWSLQVDUHQRWGDPDJHGRUVKRZLQJDQ\VLJQVRI
ZHDU
 &KHFNIRUDQ\VLJQRIGDPDJHRUFORJJLQJRIWKHDXWRODWFK
OLQNDJHPHFKDQLVPDQGWHQVLRQLQJVSULQJDQGFOHDURIDQ\
GHEULV
 &KHFNIRURLOOHDNVIURPWKHK\GUDXOLFF\OLQGHUDQGKRVH
FRQQHFWLRQV
 &KHFNWKDWDOOQXWVDQGEROWVXVHGWRVHFXUHSLQVDUHORFNHG
WLJKW
5HJXODUO\PDLQWHQDQFH
 (YHU\KRXUVRIRSHUDWLRQDOOSLQVDQGEXVKLQJVKDYHWREH
JUHDVHG7KHJUHDVHQLSSOHVDUHORFDWHGDWWKHF\OLQGHU
EXVKLQJVDQGODWFKLQJKRRNV
 &OHDQWKHDWWDFKPHQWTXLFNFRXSOHUIURPDOOGLUWDQGGHEULV
(QVXUHDOOODEHOVDUHFOHDQDQGOHJLEOH
 7LJKWHQDOOQXWVDQGEROWVXVHGWRVHFXUHSLQV
 (QVXUHDOOKRVHFRQQHFWLRQVDUHWLJKW
 $Q\GDPDJHGRUEDGO\ZRUQSDUWVKDYHWREHUHSODFHG
LPPHGLDWHO\

$WWDFKPHQWTXLFNFRXSOHUPHFKDQLFDO
'DLO\LQVSHFWLRQV
 &KHFNWKDWWKHKLWFKFRPSRQHQWVODWFKLQJKRRNVDQG
DWWDFKPHQWSLQVDUHQRWGDPDJHGRUVKRZLQJDQ\VLJQVRI
ZHDU
 &KHFNIRUDQ\VLJQRIGDPDJHRIWKHOLQNDJHPHFKDQLVPDQG
WHQVLRQLQJVSULQJDQGFOHDURIDQ\GHEULV
 &KHFNWKDWDOOQXWVDQGEROWVXVHGWRVHFXUHSLQVDUHORFNHG
WLJKW
5HJXODUO\PDLQWHQDQFH
 (YHU\KRXUVWKHDWWDFKPHQWTXLFNFRXSOHUKDVWREHJUHDVHG
7KHJUHDVLQJQLSSOHLVORFDWHGQH[WWRWKHWHQVLRQVSULQJ
 &OHDQWKHDWWDFKPHQWTXLFNFRXSOHUIURPDOOGLUWDQGGHEULV
(QVXUHDOOODEHOVDUHFOHDQDQGOHJLEOH
 7LJKWHQDOOQXWVDQGEROWVXVHGWRVHFXUHSLQV
 $Q\GDPDJHGRUEDGO\ZRUQSDUWVKDYHWREHUHSODFHG
LPPHGLDWHO\



6HUYLFHDQGPDLQWHQDQFH



*UHDVLQJ

*UHDVLQJ
%HDULQJVJUHDVLQJ
7KHVHUYLFHOLIHRIEXVKLQJVDQGSLYRWSLQVFDQEHH[WHQGHG
FRQVLGHUDEO\LIWKHPDFKLQHLVJUHDVHGUHJXODUO\DQGLQDFRUUHFW
ZD\
7KHJUHDVLQJRIEHDULQJVKDVWZRPDLQSXUSRVHV
 $GGJUHDVHWRWKHEHDULQJWRUHGXFHIULFWLRQEHWZHHQSLQDQG
EXVKLQJ
 7RUHSODFHROGJUHDVHWKDWPD\FRQWDLQGLUWSDUWLFOHV7KH
JUHDVHLQWKHVSDFHLQVLGHWKHRXWHUVHDOFROOHFWVGLUWDQG
SUHYHQWVGLUWDQGDOVRZDWHUIURPSHQHWUDWLQJLQWRWKHEHDULQJ
:LSHRIIJUHDVHQLSSOHVDQGJUHDVHJXQEHIRUHJUHDVLQJVRWKDW
GLUWDQGVDQGLVQRWLQWURGXFHGWKURXJKWKHJUHDVHQLSSOHV


6HUYLFHDQGPDLQWHQDQFH

/XEULFDWLRQDQGVHUYLFHFKDUW



/XEULFDWLRQDQGVHUYLFHFKDUW
/XEULFDWLRQ

















9

/RDGHUERRP
/XEULFDWHWKHORDGHUERRPHYHU\KRXUV
OXEULFDWLRQSRLQWV



6HUYLFHDQGPDLQWHQDQFH



/XEULFDWLRQDQGVHUYLFHFKDUW
%DFNKRHERRPZLWKH[WHQGLEOHGLSSHUDUP
RSWLRQDOHTXLSPHQW
/XEULFDWHWKHEDFNKRHHYHU\KRXUV
([WHQGWKHH[WHQGLEOHGLSSHUDUPZKHQJUHDVLQJWKHEDFNKRH
OXEULFDWLRQSRLQWV

6ZLQJSRVW
/XEULFDWHWKHVZLQJSRVWHYHU\KRXUV
OXEULFDWLRQSRLQWV

6HUYLFHDQGPDLQWHQDQFH

/XEULFDWLRQDQGVHUYLFHFKDUW



6ZLQJIUDPH
/XEULFDWHWKHVZLQJIUDPHHYHU\KRXUV
OXEULFDWLRQSRLQWV
/XEULFDWHWKHUHDUIUDPHHYHU\KRXUV
OXEULFDWLRQSRLQWVSHUVLGH

)URQWD[OHDQGSLYRWEHDULQJ

/XEULFDWHWKHIURQWD[OHDQGSLYRWEHDULQJHYHU\KRXUV
JUHDVHSRLQWVOHIWKDQGVLGHJUHDVHSRLQWVULJKWKDQGVLGH
QXPEHULVIRUWKHIURQWD[OHSLYRWEHDULQJRQO\RQFHOHIWKDQG
VLGH


9

0XOWLSXUSRVHORDGHUEXFNHW RSWLRQDOHTXLSPHQW
/XEULFDWHWKHWRSJUHDVHSRLQWVRQHDFKFODPF\OLQGHUDQGWKH
FODPSSLYRWSLQHYHU\KRXUV
(QVXUHWKDWWKHIRUNEDULVJUHDVHG
JUHDVHSRLQWV



6HUYLFHDQGPDLQWHQDQFH



/XEULFDWLRQDQGVHUYLFHFKDUW
3URSHOOHUVKDIWV
/XEULFDWHWKHSURSHOOHUVKDIWVHYHU\KRXUV
$ JUHDVHSRLQWV
% JUHDVHSRLQW
& JUHDVHSRLQWV
' JUHDVHSRLQW
'RQRWOXEULFDWHWKHSURSHOOHUVKDIWVZLWKDKLJKSUHVVXUHJUHDVH
JXQ0D[LPXPJUHDVHJXQSUHVVXUHLVEDU SVL 

&

'

$WWDFKPHQWTXLFNFRXSOHUK\GUDXOLF RSWLRQDO
HTXLSPHQW
/XEULFDWHWKHDWWDFKPHQWTXLFNFRXSOHUHYHU\KRXUV
JUHDVHSRLQWV

$WWDFKPHQWTXLFNFRXSOHUPHFKDQLFDO RSWLRQDO
HTXLSPHQW
/XEULFDWHWKHDWWDFKPHQWTXLFNFRXSOHUHYHU\KRXUV
JUHDVHSRLQWV

6HUYLFHDQGPDLQWHQDQFH

/XEULFDWLRQDQGVHUYLFHFKDUW



6\PERONH\
7KHIROORZLQJVWDQGDUGV\PEROVDUHXVHGLQWKHOXEULFDWLRQDQG
PDLQWHQDQFHFKDUW
(QJLQH

/XEULFDWLRQ

7UDQVPLVVLRQ

2LOOLTXLG

+\GUDXOLFV\VWHP

)LOWHUV

7\UHV

$LUILOWHU

$[OHV

/HYHOFKHFN

)XHOV\VWHP

&OHDQ DLU
9

%DWWHU\

&RRODQW



6HUYLFHDQGPDLQWHQDQFH



/XEULFDWLRQDQGVHUYLFHFKDUW
/XEULFDWLRQDQGVHUYLFHFKDUW
&KHFNVRLOFKDQJHVDQGOXEULFDWLRQ
,QWHUYDOVDQGKRXUV








K
K
K
K
K
K
K























K
K
K
K
K
K
K



  





9

6HUYLFHDQGPDLQWHQDQFH

/XEULFDWLRQDQGVHUYLFHFKDUW



0HDVXUH

,WHP

3DJH

&KHFNHQJLQHRLOOHYHO



&KHFNK\GUDXOLFRLOOHYHO



&KHFNWUDQVPLVVLRQRLOOHYHO



0HDVXUH

,WHP

3DJH

&KHFNFRRODQWOHYHO



&KHFNIURQWDQGUHDUW\UHSUHVVXUHZKHHOQXWVDQGGDPDJH



/XEULFDWHORDGHUJUHDVHSRLQWV



/XEULFDWHEDFNKRHJUHDVHSRLQWV



/XEULFDWHIURQWD[OHSLYRWEHDULQJ



/XEULFDWHIURQWD[OHVWHHULQJSLYRWV



'$,/< RUHYHU\KRXUV
&KHFNIXQFWLRQRIFRQWUROODPSV
&KHFNWUDYHOOLJKWVZRUNLQJOLJKWVDQGUHYHUVLQJDODUP

(9(5<+2856
$IWHUFDUU\LQJRXW'DLO\VHUYLFH

)LUVWKRXUVLQVSHFWLRQ
7REHFDUULHGRXWDIWHUWKHILUVWKRXUVDFFRUGLQJWR6HUYLFH3URJUDPPH
0HDVXUH

,WHP

3DJH

&KHFNIURQWD[OHRLOOHYHO LQFOXGLQJKXEV





&KHFNUHDUD[OHRLOOHYHO





'UDLQIXHOV\VWHPZDWHUWUDS





&OHDQIURQWDQGUHDUD[OHEUHDWKHU





&OHDQUDGLDWRURLOFRROHUDQGFRQGHQVHU LILQVWDOOHG



/XEULFDWHSURSHOOHUVKDIWV IURQWDQGUHDU





(9(5<+2856
$IWHUFDUU\LQJRXW'DLO\DQGKRXUVVHUYLFHV

&KHFNVRLOFKDQJHVDQGOXEULFDWLRQ
,QWHUYDOVDQGKRXUV



6HUYLFHDQGPDLQWHQDQFH



/XEULFDWLRQDQGVHUYLFHFKDUW








K
K
K
K
K
K
K























K
K
K
K
K
K
K



  





9

6HUYLFHDQGPDLQWHQDQFH

/XEULFDWLRQDQGVHUYLFHFKDUW



0HDVXUH

,WHP

3DJH

&KDQJHHQJLQHRLO





5HSODFHHQJLQHRLOILOWHU





&KHFNEDWWHU\HOHFWURO\WHOHYHO





5HSODFHWUDQVPLVVLRQRLOILOWHU





(9(5<+2856
$IWHUFDUU\LQJRXW'DLO\DQGKRXUVVHUYLFHV

&KHFNSURSHOOHUVKDIWEROWWLJKWQHVV



&KHFNIRURLOOHDNDJHK\GUDXOLFF\OLQGHUV



0HDVXUH

,WHP

3DJH

5HSODFHIXHOILOWHUV





5HSODFHK\GUDXOLFEUHDWKHUILOWHU WDQNFDS





5HSODFHK\GUDXOLFRLOILOWHU





(9(5<+2856
$IWHUFDUU\LQJRXW'DLO\DQGKRXUVVHUYLFHV



5HSODFHWUDQVPLVVLRQVXFWLRQILOWHU
&KDQJHD[OHRLOIURQWDQGUHDUD[OHV





5HSODFHHQJLQHDLUFOHDQHUSULPDU\ILOWHU





&KDQJHK\GUDXOLFRLO





5HSODFHFDEDLUILOWHU






&KHFNSLQZHDURQORDGHUERRPDQGEDFNKRH
)LUVWKRXUVLQVSHFWLRQ
7REHFDUULHGRXWDIWHUWKHILUVWKRXUVDFFRUGLQJWR6HUYLFH3URJUDPPH
0HDVXUH

,WHP

3DJH

(9(5<+2856
$IWHUFDUU\LQJRXW'DLO\DQGKRXUVVHUYLFHV



5HSODFHHQJLQHDLUFOHDQHUVHFRQGDU\ILOWHU
5HSODFHWUDQVPLVVLRQEUHDWKHUILOWHU





&KDQJHWUDQVPLVVLRQRLO





0HDVXUH

,WHP

3DJH





(9(5<+2856
$IWHUFDUU\LQJRXW'DLO\DQGKRXUVVHUYLFHV
&KDQJHFRRODQW

5HSODFHWKHVHFRQGDU\ILOWHUHYHU\KRXUVRUDIWHUSULPDU\ILOWHUUHSODFHPHQWV



6SHFLILFDWLRQV



5HFRPPHQGHGOXEULFDQWV

6SHFLILFDWLRQV
5HFRPPHQGHGOXEULFDQWV
)RUTXHVWLRQVDERXWRLOVOXEULFDQWVDQGH[WUHPHRXWGRRUWHPSHUDWXUHVFRQWDFW\RXUGHDOHUIRUPRUHLQIRUPDWLRQ

127,&(
%,22,/DQGPLQHUDORLO FDUERQK\GURJHQRLO PXVWEHGLVSRVHGRIVHSDUDWHO\0L[LQJLVSURKLELWHG
2LOJUDGH
(1*,1(

+<'5$8/,&
6<67(0
6WHHULQJV\VWHP
:RUNLQJ
K\GUDXOLFV

9ROYR8OWUD'LHVHO(QJLQHRLO
9'6
RU
9ROYR6XSHU'LHVHO(QJLQH2LO
RU
9'6RU
9'6SOXV$&($(RU
9'6SOXV$3,&,RU
9'6RU
9'6$&($(RU
$&($((RU
$3,&,&+&*
)RUUHFRPPHQGHGFKDQJH
LQWHUYDOVDFFRUGLQJWRWKHRLOV
JUDGHDQGVXOSKXUFRQWHQWLQWKH
IXHOVHHSDJH
9ROYR6XSHU+\GUDXOLF2LO
$VDQDOWHUQDWLYHWKHUHLVDOVR
9ROYR%LRGHJUDGDEOH+\GUDXOLF2LO
&RQWDFW\RXUGHDOHUIRUPRUH
LQIRUPDWLRQ

5HFRPPHQGHGYLVFRVLW\DWYDU\LQJDPELHQWWHPSHUDWXUHV
& 
) 

       


       

6$(:
6$(:
6$(:
6$(:
6$(:
9

,629*+9
,629*+9
,629*+9
9

)5217DQG
9ROYR:%
5($5$;/(6 9ROYR:HW%UDNH7UDQVD[OH2LO
75$160,66,2
1DQG+8%6

&
)
:%
9

&22/,1*
6<67(0

9ROYR&RRODQW9&6

9ROYR&RRODQW9&6VKRXOGEHXVHGRQO\ )RUFRUUHFW
PL[WXUHVHHSDJH 

6SHFLILFDWLRQV

5HFRPPHQGHGOXEULFDQWV



)XHO
4XDOLW\UHTXLUHPHQWV
7KHIXHOVKRXOGDWOHDVWPHHWWKHOHJDOUHTXLUHPHQWVDQGQDWLRQDODQGLQWHUQDWLRQDOVWDQGDUGVIRUPDUNHWHGIXHOV
IRUH[DPSOH(1 ZLWKQDWLRQDOO\DGDSWHGWHPSHUDWXUHUHTXLUHPHQWV $670'1R'DQG'%6
&ODVV$,62'0;
7KHFHWDQHQXPEHUPXVWQRWEHEHORZDFFRUGLQJWR(1,62 DFFRUGLQJWR$670'*UDGH
1R'DQG' ,IWKHFHWDQHQXPEHULVWRRORZLWPD\FDXVHVWDUWLQJSUREOHPVDQGZKLWHVPRNHGHYHORSPHQW

6XOSKXUFRQWHQW
$FFRUGLQJWROHJDOUHTXLUHPHQWVWKHVXOSKXUFRQWHQWPXVWQRWH[FHHGSHUFHQWE\ZHLJKWDFFRUGLQJWR,62
(1

%LRGLHVHOIXHO
9HJHWDEOHRLOVDQGRUHVWHUVDOVRFDOOHGELRGLHVHOHJUDSHVHHGPHWK\OHVWHU 50( DUHRIIHUHGRQVRPH
PDUNHWVERWKDVDSXUHSURGXFWDQGIRUPL[LQJZLWKGLHVHOIXHO
9ROYRDFFHSWPD[ELRGLHVHOIXHOLQWKHGLHVHOIXHOUHDG\PL[HGIURPWKHRLOFRPSDQLHV7KHIXHOVKRXOGIROORZ
(1RU$670'
0RUHWKDQDGPL[WXUHRIELRGLHVHOIXHOPD\DPRQJRWKHUWKLQJVUHVXOWLQ









LQFUHDVHGHPLVVLRQRIQLWULFR[LGH WKHUHIRUHGRHVQRWPHHWH[LVWLQJOHJLVODWLRQUHTXLUHPHQWV
VKRUWHUVHUYLFHOLIHRIHQJLQHDQGLQMHFWLRQV\VWHP
LQFUHDVHGIXHOFRQVXPSWLRQ
DOWHUHGHQJLQHSRZHU
KDOYLQJRIWKHLQWHUYDOEHWZHHQHQJLQHRLOFKDQJHV
VKRUWHQHGVHUYLFHOLIHRIUXEEHUPDWHULDOVLQWKHIXHOV\VWHP
LPSDLUHGFROGKDQGOLQJSURSHUWLHVRIWKHIXHO
OLPLWHGVWRUDJHOLIHRIWKHIXHOZKLFKPD\OHDGWRFORJJLQJRIWKHIXHOV\VWHPLIWKHPDFKLQHKDVQRWEHHQXVHGRYHUD
ORQJSHULRG

:DUUDQW\
7KHZDUUDQW\GRHVQRWDSSO\WRGDPDJHFDXVHGE\DQDGPL[WXUHRIPRUHWKDQRIELRGLHVHOIXHO



6SHFLILFDWLRQV



5HFRPPHQGHGOXEULFDQWV
&RRODQW

2QO\XVH9ROYR&RRODQW9&6ZKHQWRSSLQJXSRUFKDQJLQJFRRODQW7RDYRLGGDPDJHWRHQJLQHDQGFRROLQJ
V\VWHPGLIIHUHQWFRRODQWVRUFRUURVLRQSURWHFWLRQPXVWQRWEHPL[HG
:KHQXVLQJFRQFHQWUDWHG9ROYR&RRODQW9&6DQGFOHDQZDWHUWKHPL[WXUHVKRXOGFRQWDLQFRQFHQWUDWHG
FRRODQWDQGFOHDQZDWHU7KHDPRXQWRIFRQFHQWUDWHGFRRODQWPXVWQHYHUEHOHVVWKDQRIWKHWRWDO
PL[WXUHVHHWDEOHEHORZ
)UHH]HSURWHFWLRQGRZQWR

0L[HGLQDPRXQWRIFRQFHQWUDWHGFRRODQW

r& r)



r& r)



r& r)



7KHFRQFHQWUDWHGFRRODQWPXVWQRWEHPL[HGZLWKZDWHUWKDWFRQWDLQVDKLJKGHJUHHRIOLPH KDUGZDWHU VDOWRU


PHWDOV
7KHFOHDQZDWHUIRUWKHFRROLQJV\VWHPPXVWDOVRPHHWWKHIROORZLQJUHTXLUHPHQWV
'HVFULSWLRQ

9DOXH

7RWDOQXPEHURIVROLGSDUWLFOHV

SSP

7RWDOKDUGQHVV

rG+

&KORULGH

SSP

6XOSKDWH

SSP

S+YDOXH



6LOLFD

PJ6L2OLWUH

,URQ

PJ)HOLWUH

0DQJDQHVH

PJ0QOLWUH

(OHFWULFDOFRQGXFWLYLW\

w6FP

2UJDQLFPDWHULDO&2'0Q

PJOLWUH

,IWKHUHLVDQ\GRXEWDERXWWKHZDWHUTXDOLW\XVHUHDG\PL[HG9ROYR&RRODQW9&6ZKLFKFRQWDLQV
FRQFHQWUDWHGFRRODQW'RQRWPL[ZLWKDQ\RWKHUUHDG\PL[HGFRRODQWVVLQFHWKLVPD\UHVXOWLQHQJLQHGDPDJH

*UHDVH
*HQHUDOOXEULFDWLRQSRLQWV
9ROYR6XSHU*UHDVH/LWKLXP(3
*UHDVHRQOLWKLXPEDVHZLWK(3DGGLWLYHVDQGFRQVLVWHQF\1/*,1R

$[OHRLO
2LOJUDGH9ROYR:%UHTXLUHPHQWV
3URSHUW\

8QLW

'HQVLW\

NJP

)ODVKSRLQW&2&

r&

3RXUSRLQW

r&

7UDQVPLVVLRQRLO9ROYR:%

7HVWPHWKRG

7REHVWDWHG

$670'

PLQ



$670'

PLQ



$670'

9LVFRVLW\DWr&
r)

PPV
F6W

9LVFRVLW\DWr&
r)

PPV
F6W

9LVFRVLW\DWr&
DIWHUVKHDULQJ
F\FOHV

PPV
F6W

6SHFLILFDWLRQV

5HFRPPHQGHGOXEULFDQWV



7REHVWDWHG

$670'

PLQ
PD[




$670'
',1'UDIW

PLQ



&(&/$

PD[



$670'

5XVWSURWHFWLRQK

1RUXVW

$670'$

$3,FODVV

*/

$670673$

$GGLWLYH

/XEUL]RO8QL]RO/=
$2URQLWH
2/2$;9
2URQLWH2/2$
9

9LVFRVLW\DWr&  P3DV
r)

6ROLGSDUWLFOHV

FRGH

PD[



,62

([DPSOHVRIRLOVZKLFKPHHWWKHUHTXLUHPHQWVDFFRUGLQJWRWKHQH[WWDEOH

2WKHUUHTXLUHPHQWV
7KHRLOVKRXOGPHHWWKHUHTXLUHPHQWVDFFRUGLQJWRWKHIROORZLQJWZRQRUPV
)25'(610&'DQG-'-'4
7KHRLOVKRXOGKDYHSURSHUWLHVWKDWFRXQWHUDFWR[LGDWLRQFRUURVLRQDQGIRDPLQJDQGEHVXLWDEOHIRUWKHVWDWHG
SXUSRVH
([DPSOHVRIRLOVZKLFKPHHWWKHUHTXLUHPHQWVDFFRUGLQJWRWKHSUHYLRXVWDEOH
2LOFRPSDQ\

7UDGHQDPH

4

47

02%,/

02%,/)/8,'

(662

72548()/8,'

62/(1(,1'8675,$//8%5,&$17

62/(1(75$&7(/)&+

67$72,/

75$16:$<:%

$*52/

$*52/+<%5$1

$5$/

$5$/)/8,'+*6

7(;$&2

7(;$&27(;75$17'+35(0,80

9$/92/,1(

9$/92/,1(81,75$&

(/)

75$&7(/)&+

209$6

209$867520$7,&,*%

),1$

75$16)/8,'-':

$9,$

+<'52)/8,'-':

&$/7(;

7(;75$17'+35(0,80

'(/7$

63(&,$/8772

727$/

75$160,66,2103

3$12/,1$*

3$12/,1+02

3(752%$6

/8%5$;81,75$&725

7KHIROORZLQJRLOVDUHDSSURYHGS
SURYLGHGWKHRLOFRQWDLQVDGGLWLYH/XEUL]RO/=$ DOVRDSSHDUVXQGHUWKHQDPH
8QL]RO 



6SHFLILFDWLRQV



5HFRPPHQGHGOXEULFDQWV

2LOFRPSDQ\

7UDGHQDPH

)8&+6

)8&+65(1(*($5+<'5$0&=):

&$6752/

&$6752/32:(575$16

6+(//

'21$;7'RU)77'

%3

%375$&75$1

%3

+<'5$8/,./(7)-'

(/)

(/)75$&7(/)%)

6SHFLILFDWLRQV

6HUYLFHFDSDFLWLHVDQGFKDQJHLQWHUYDOV



6HUYLFHFDSDFLWLHVDQGFKDQJH
LQWHUYDOV
&DSDFLWLHV

:KHQFKDQJLQJ
/LWHUV

86JDO

(QJLQHRLOLQFOXGLQJILOWHU

s

s

(QJLQHFRRODQW





7UDQVPLVVLRQ





)URQWD[OH IRXUZKHHOGULYHRQO\


s



s


5HDUD[OHVLQFOXGLQJKXEV

s

s

+\GUDXOLFWDQN

s

s

)XHOWDQNWRWDO








+RXVLQJ
+XEV [

2LODQGIOXLGFKDQJHV

+RXUV

(QJLQH



&RRODQW



7UDQVPLVVLRQ



)URQWDQGUHDUD[OHV



+\GUDXOLFV\VWHP



)LOWHUFKDQJHV

+RXUV

(QJLQHOXEULFDWLQJRLOILOWHU



(QJLQHDLUFOHDQHU SULPDU\ILOWHU



(QJLQHDLUFOHDQHU VHFRQGDU\ILOWHU



)XHOILOWHUV SULPDU\DQGVHFRQGDU\



7UDQVPLVVLRQRLOILOWHU



7UDQVPLVVLRQEUHDWKHUILOWHU



7UDQVPLVVLRQVXFWLRQILOWHU



+\GUDXOLFV\VWHPRLOILOWHU



+\GUDXOLFV\VWHPEUHDWKHUILOWHU





6SHFLILFDWLRQV



6HUYLFHFDSDFLWLHVDQGFKDQJHLQWHUYDOV
3HULRGLFUHSODFHPHQWRIFULWLFDOSDUWVIRUVDIHW\

7RHQVXUHVDIHW\DWDOOWLPHVZKHQRSHUDWLQJRUGULYLQJWKHPDFKLQHSHULRGLFPDLQWHQDQFHPXVWDOZD\VEHFDUULHG
RXW7RIXUWKHULPSURYHVDIHW\LWLVDOVRUHFRPPHQGHGWKDWSHULRGLFFKHFNRUUHSODFHPHQWRIWKHSDUWVJLYHQLQ
WKHWDEOHEHORZLVFDUULHGRXW

7RHQVXUHVDIHW\DWDOOWLPHVZKHQRSHUDWLQJRUGULYLQJWKHPDFKLQHSHULRGLFPDLQWHQDQFHPXVWDOZD\VEHFDUULHG
RXW7RIXUWKHULPSURYHVDIHW\LWLVDOVRUHFRPPHQGHGWKDWSHULRGLFFKHFNRUUHSODFHPHQWRIWKHSDUWVJLYHQLQ
WKHWDEOHEHORZLVFDUULHGRXW7KHVHSDUWVDUHFORVHO\FRQQHFWHGWRVDIHW\DQGILUHSUHYHQWLRQ7KHPDWHULDO
FKDQJHVDVWLPHSDVVHVRUHDVLO\ZHDURUGHWHULRUDWH+RZHYHULWLVGLIILFXOWWRMXGJHWKHFRQGLWLRQRIWKHSDUWV
VLPSO\E\SHULRGLFPDLQWHQDQFHVRWKH\VKRXOGDOZD\VEHUHSODFHGDIWHUDIL[HGWLPHKDVSDVVHGUHJDUGOHVVRI
WKHLUFRQGLWLRQ,WLVQHFHVVDU\WRHQVXUHWKDWWKH\DOZD\VPDLQWDLQWKHLUIXQFWLRQFRPSOHWHO\

+RZHYHULIWKHSDUWVVKRZDQ\DEQRUPDOLW\EHIRUHWKHUHSODFHPHQWLQWHUYDOKDVSDVVHGWKH\VKRXOGEHUHSDLUHG
RUUHSODFHGLPPHGLDWHO\,IWKHKRVHFODPSVVKRZDQ\GHWHULRUDWLRQVXFKDVGHIRUPDWLRQRUFUDFNLQJUHSODFHWKH
FODPSVDWWKHVDPHWLPHDVWKHKRVHV:KHQUHSODFLQJWKHKRVHVDOZD\VUHSODFHWKH2ULQJVJDVNHWVDQGRWKHU
UHODWHGSDUWVDWWKHVDPHWLPH7KHUHSODFHPHQWVVKRXOGEHFDUULHGRXWE\DZRUNVKRSDXWKRUL]HGE\9ROYR
,QVSHFWLRQLQWHUYDO

,WHP

'DLO\

)XHOK\GUDXOLFKRVHOHDNDJHRIFRQQHFWLRQVDQGHQGILWWLQJV

0RQWKO\

)XHOK\GUDXOLFKRVHOHDNDJHGDPDJHRIFRQQHFWLRQVDQGHQG
ILWWLQJV

KRXUV

&KHFNIXQFWLRQRI2YHUORDGZDUQLQJV\VWHPDQGEHIRUHHDFK
XVDJH

<HDUO\

)XHOK\GUDXOLFKRVHOHDNDJHGDPDJHGHIRUPLW\DQGDJLQJ
RIFRQQHFWLRQVDQGHQGILWWLQJV

6DIHW\FULWLFDOSDUWVIRUSHULRGLFUHSODFHPHQW

5HSODFHPHQWLQWHUYDO

)XHOKRVH

(YHU\\HDUVRUKRXUVZKLFKRFFXUVILUVW

6HDWEHOW

(YHU\\HDUV

6SHFLILFDWLRQV

(QJLQH



(QJLQH
'HVLJQDWLRQ

9ROYR''&'(7XUER

7\SH

7'/9PHFK

0D[HQJLQHSRZHUDWUDWHGVSHHG,62JURVV

N: KS  %/%RQO\

0D[HQJLQHSRZHUDWUDWHGVSHHG,62JURVV

N: KS

0D[HQJLQHSRZHUDWUDWHGVSHHG,62JURVV

N: KS  %/%RQO\

0D[WRUTXHDWUSP,62',1QHW

1P OEIIW  %/%RQO\

0D[WRUTXHDWUSP,62',1QHW

1P OEIIW

0D[WRUTXHDWUSP,62',1QHW

1P OEIIW  %/%RQO\

1XPEHURIF\OLQGHUV

&\OLQGHUERUH

PP LQ

6WURNH

PP LQ

&\OLQGHUFDSDFLW\WRWDO

OLWUHV LQ

&RPSUHVVLRQUDWLR



1XPEHURIYDOYHV

9DOYHFOHDUDQFHLQOHW FROGHQJLQH
9DOYHFOHDUDQFHH[KDXVW FROGHQJLQH

r
r

,GOLQJVSHHGORZ

sUSP sUV

,GOLQJVSHHGKLJK

sUSP sUV

/XEULFDWLRQV\VWHP
/XEULFDWLQJRLOSUHVVXUH

03D SVL

0LQLPXPRLOSUHVVXUH ZDUPHQJLQHDQGORZLGOH 6$(RLO: 03D SVL


2LOWHPSHUDWXUHQRUPDO

r& r)

2LOWHPSHUDWXUHPD[

r& r)

)XHOV\VWHP
)HHGSXPSSUHVVXUH DIWHUILOWHU

03D SVL

2UGHURILQMHFWLRQ ILULQJVHTXHQFH



&ROGVWDUWDLG

*ORZSOXJV

&ROGVWDUWDLG RSWLRQDOHTXLSPHQW

:DWHUSUHKHDWHU

&RROLQJV\VWHP
7\SH

/LTXLGFRROHG

&RRODQWSXPSW\SH

9DQHURWRUSXPS

7KHUPRVWDWW\SH

6SULQJFRQWUROOHG

7KHUPRVWDWEHJLQVWRRSHQDW

r& r)

7KHUPRVWDWIXOO\RSHQDW

r& r)

 5DWHGVSHHG USP UV



6SHFLILFDWLRQV



(OHFWULFDOV\VWHP

(OHFWULFDOV\VWHP
6\VWHPYROWDJH

9

%DWWHULHV

 

%DWWHU\YROWDJH

9

%DWWHU\FDSDFLW\

$K ;$K

$OWHUQDWRUUDWHGRXWSXWFXUUHQW

N:$

6WDUWHUPRWRURXWSXW

N:

%DWWHU\HOHFWURO\WHGHQVLW\NJGP
)XOO\FKDUJHGEDWWHU\

JFP

7KHEDWWHU\VKRXOGEHUHFKDUJHGDWDGHQVLW\RI

JFP

%XOEV

:DWW

6RFNHW

7UDYHOOLJKWVDV\PPHWULFDO
+LJKEHDPV
/RZEHDPV


:
:


+
+

3DUNLQJOLJKWV

:

%$V

5HDUSRVLWLRQOLJKWV

/('

6WRSOLJKWV

/('

'LUHFWLRQLQGLFDWRUV

:/('RQUHDU

%$V

,QWHULRUOLJKW

:

%$V

:RUNLQJOLJKWV

:

+

5RWDWLQJZDUQLQJEHDFRQ

:

+

1XPEHUSODWHOLJKW

:

%$V

)RJODPS

/('

2SWLRQDOHTXLSPHQW

6SHFLILFDWLRQV



(OHFWULFDOV\VWHP
5HOD\VDQGIXVHV
5HOD\VDQGIXVHVRQWKHFLUFXLWERDUG
7KHUHOD\VDQGIXVHVDUHORFDWHGRQWKHFLUFXLWERDUGEHKLQGD
FRYHUFORVHWRWKHULJKWKDQGGRRU
7KHUHDUHWZRWHVWSRUWV )7(67DQG)7(67 LQWKHORZHU
PLGGOHSDUWRIWKHFLUFXLWERDUGZKHUHWKHIXVHVFDQEHWHVWHG
3OXJLQDIXVHDQGLIWKHGLRGHVRYHUDQGXQGHULWOLJKWVXSWKH
IXVHLVRND\

:$51,1*
$OZD\VUHSODFHDIXVHZLWKRQHRIWKHVDPHDPSHUHUDWLQJDVLV
VKRZQRQWKHGHFDO

)8

)8

)8

)8

)8

)8

)8

)8

5(

5(

)8

5(

)8
5(

)8

)8

)8

)8

)8

)8

)8

)8
5(

)8

)8

)8

)8

)8

)8

)8

)8

5(
5(

5(

5(

)8

)8

)8

)8

)8

)8

)8

)8

)8

)8

)8

)8

)8

)7(67

)8

)8

5(

)8

5)

)7(67

9

6SHFLILFDWLRQV

(OHFWULFDOV\VWHP



)8

)XQFWLRQ

)8

)XQFWLRQ

$

,JQLWLRQNH\



$

6HSDUDWHDWWDFKPHQWORFN
)XQFWLRQVRQVZLWFKHV
RQVLGHSDQHO
VWDELOLVHUVGLIIHUHQWLDOORFNORDGHU
OHYHUIXQFWLRQV

$

0DLQUHOD\ 5(



$

5HVHUYH

$

0DLQUHOD\ 5(



$

3RVLWLRQOLJKWVIURQWOHIWDQGUHDU
ULJKWOLFHQFHSODWHOLJKW

$

&DEOLJKWVDQGUDGLR



$

3RVLWLRQOLJKWVIURQWULJKWDQGUHDU
OHIW



$

+D]DUGOLJKWV



$

)URQWZRUNLQJOLJKWV



$

+HDGOLJKWVKLJKEHDP OHIWULJKW



$

2SWLRQDOIURQWZRUNLQJOLJKWV



$

5RWDWLQJZDUQLQJEHDFRQV



$

5HDUZRUNLQJOLJKWV



$

:RUNLQJOLJKWV



$

2SWLRQDOUHDUZRUNLQJOLJKWV



$

)RJOLJKWSRVLWLRQOLJKWVQXPEHUSODWH
OLJKW



$

/RZEHDPKHDGOLJKWVULJKW



$

+RUQV



$

+HDGOLJKWVORZEHDPOHIW



$

$LUFRQGLWLRQLQJ



$

+HDGOLJKWVKLJKEHDPULJKW



$

%UDNHOLJKWV



$

+HDGOLJKWVKLJKEHDPOHIW



$

&LJDUHWWHOLJKWHUDQG9(&8



$

)RJOLJKWV



$

5DGLRRQ



$

$LUFRQGLWLRQLQJ IRUDLULQWDNH FDE


IDQ



$

'HWHQWIXQFWLRQ)RUZDUG5HYHUVH
VSHHGVHQVRU7(&8 SRZHUVXSSO\



$

2SHUDWRUVHDWVHDWKHDWHUDLU
VXVSHQVLRQ



$

9(&8



$

7(&8 SRZHUVXSSO\



$

6HUYLFHFRQQHFWLRQ 9(&8



$

,(&8 SRZHUVXSSO\



$

&UDQLQJ%RRP6XVSHQVLRQ6\VWHP



$

,(&8 SRZHUVXSSO\



$

+DPPHUDQG$8;PRGHGLUHFWLRQDO
LQGLFDWRUVORDGHUOHYHUORFNEDFNKRH
ERRPORFN,626$(RSWLRQ



$

%UDNHOLJKWUHOD\



$

+HDGOLJKWVORZEHDP OHIWULJKW IRJ


OLJKW



$

2SHUDWRUVHDWVHDWKHDWHUDLU
VXVSHQVLRQ



$

$LUFRQGLWLRQLQJDQGFOLPDWHFRQWURO
ZLQGVFUHHQZLSHUDQGZDVKHU



$

1RWXVHG

5(

)XQFWLRQ

5(

)XQFWLRQ

5)

)ODVKHUUHOD\

5(

:RUNLQJOLJKWV

5(

0DLQUHOD\

5(

$LUFRQGLWLRQLQJXQLW

5(

0DLQUHOD\

5(

,QWHUPLWWHQWUHOD\ZLSHU

5(

0DLQUHOD\

5(

+RUQV

5(

5HVHUYH

5(

6WRSOLJKWV

5(

%RRPVXVSHQVLRQV\VWHP



6SHFLILFDWLRQV



(OHFWULFDOV\VWHP
)XVHVDQGUHOD\VORFDWHGLQWKHEDWWHU\ER[
5HOD\V
5(

)XQFWLRQ

5(

3UHKHDWLQJUHOD\

5(

6WDUWHUUHOD\

)XVHV

5(
)8

)XQFWLRQ

)8

$

0DLQIXVHVWDUWHUPRWRUUHOD\
5(

)8

$

0DLQIXVHSUHKHDWLQJ

)&

$

0DLQIXVHSUHKHDWLQJ

)&

$

0DLQIXVHHOHFWULFDOV\VWHP

)&

$

0DLQIXVHVWDUWHUUHOD\ 5( 
PDLQUHOD\ 5(

)&

$

0DLQIXVHDLUFRQGLWLRQLQJZRUNLQJ
ODPSV

5(

5(

)&

)&

)&

)&

$

$

$

$

)8
$
)8
$
9

5HOD\ORFDWHGLQWKHULJKWWRZHUIRUEDFNKRHOHYHUV
SLORWFRQWURO

5(
9

5(

)XQFWLRQ

5(

6HUYRH[FDYDWRUFRQWUROORFN RSWLRQ

6SHFLILFDWLRQV

7UDQVPLVVLRQ



7UDQVPLVVLRQ
7UDQVPLVVLRQ
'HVFULSWLRQ

3RZHUVKXWWOHJHDUER[ZLWKIRXUIRUZDUGDQGIRXUUHYHUVHIXOO\V\QFKURQL]HG
JHDUV(OHFWURK\GUDXOLFIRUZDUGUHYHUVHOHYHURQWKHVWHHULQJFROXPQDQGRQ
WKHORDGHUMR\VWLFN2SWLRQDOSRZHUVKLIWWUDQVPLVVLRQZLWKIRXUIRUZDUGDQG
UHYHUVHVSHHGVDQGDVWDQGDUGNLFNGRZQVKLIWFRQWUROIRULPPHGLDWHVKLIWLQJ
IURPVHFRQGWRILUVWJHDU$XWRPDWLFPRGHLVDFWLYDWHGZKHQIRXUWKJHDULV
HQJDJHG

1XPEHURIJHDUVIRUZDUGUHYHUVH 
7RUTXHFRQYHUWHUUDWLR



7RUTXHFRQYHUWHUW\SH

+\GURVWDWLF

%/%
6SHHG IRUZDUGUHYHUVH

*HDU

3RZHUVKXWWOH

3RZHUVKLIW

7\UHV


VW

NPK PSK

NPK PSK

QG

NPK PSK

NPK PSK

UG

NPK PSK

NPK PSK

WK

NPK PSK

NPK PSK

6SHHG IRUZDUGUHYHUVH

*HDU

3RZHUVKXWWOH

3RZHUVKLIW

7\UHV


VW

NPK PSK

NPK PSK

QG

NPK PSK

NPK PSK

UG

NPK PSK

NPK PSK

WK

NPK PSK

NPK PSK

%/%

7UDQVPLVVLRQUDWLR
*HDUIRUZDUGUHYHUVH

3RZHUVKXWWOH

3RZHUVKLIW

















$[OHV



5HDUD[OH
7\SH

:'

'LIIHUHQWLDOORFNW\SH

(OHFWURK\GUDXOLF

'LIIHUHQWLDOORFNFRQWURO

(OHFWURK\GUDXOLFFRQWURO&DQEHUHOHDVHGZLWKRXW
VWRSSLQJWKHPDFKLQH

'LIIHUHQWLDOJHDUUDWLR



+XEUHGXFWLRQJHDUUDWLR



7RWDOJHDUUDWLR



)URQWD[OH%/%
7\SH

:'VWDQGDUGGXW\ RSWLRQ:'KHDY\GXW\

6SHFLILFDWLRQV



7UDQVPLVVLRQ

'LIIHUHQWLDOJHDUUDWLR



+XEUHGXFWLRQJHDUUDWLR



7RWDOJHDUUDWLR

 RSWLRQ

:'IURQWD[OH%/%
7\SH

:'KHDY\GXW\

'LIIHUHQWLDOJHDUUDWLR



+XEUHGXFWLRQJHDUUDWLR



7RWDOJHDUUDWLR



6SHFLILFDWLRQV

%UDNH



%UDNH
%UDNHV\VWHP
6HUYLFHEUDNHV
6HUYLFHEUDNHVW\SH

,QWHUQDOZHWGLVFVDXWRDGMXVWDEOHLQGHSHQGHQWEUDNHERRVWHG

1XPEHURIEUDNHGLVFV



3DUNLQJEUDNH
3DUNLQJEUDNHW\SH

3DUNLQJEUDNHHQJDJHGE\DPHFKDQLFDOOHYHU([WHUQDOGLVFRQLQSXWVKDIW

3DUNLQJEUDNHEUDNHGLVFWKLFNQHVV PP LQ


PLQLPXP
3DUNLQJEUDNHEUDNHGLVFWKLFNQHVV PP LQ
QHZGLVF



6SHFLILFDWLRQV



6WHHULQJ

6WHHULQJ
6WHHULQJV\VWHP
7\SH

/RDGVHQVLQJK\GURVWDWLF

1XPEHURIVWHHULQJZKHHO
UHYROXWLRQVWRWDO

6WHHULQJDQJOH

r
:'HQJDJHG

:'HQJDJHG

7XUQLQJFLUFOHEHWZHHQNHUEV
ZLWKRXWEUDNHV

%/%P LQ
%/%P LQ

%/%P LQ
%/%P LQ

7XUQLQJFLUFOHEHWZHHQNHUEV ZLWK
EUDNHV

%/%P LQ
%/%P LQ

%/%P LQ
%/%P LQ

7XUQLQJFLUFOHEHWZHHQZDOOV
ZLWKRXWEUDNHV

%/%P LQ
%/%P LQ

%/%P LQ
%/%P LQ

7XUQLQJFLUFOHEHWZHHQZDOOV ZLWK
EUDNHV

%/%P LQ
%/%P LQ

%/%P LQ
%/%P LQ

6SHFLILFDWLRQV

:KHHOV



:KHHOV
7\UHVL]HVDQGSUHVVXUHV

127,&(
5LVNRIPDFKLQHGDPDJH,IRWKHUWLUHVL]HVRUEUDQGVWKDQWKH
UHFRPPHQGHGDUHXVHGGULYHOLQHFRPSRQHQWVFDQEHGDPDJHG
8VHWKHUHFRPPHQGHGWLUHV&RQWDFWD9ROYRGHDOHULIXQFHUWDLQ
%/%
)URQWW\UHV

3UHVVXUH 5HDUW\UHV

3UHVVXUH

0LFKHOLQ

N3D
EDU
SVL

0LFKHOLQ3RZHU&/ N3D
EDU
SVL

0LFKHOLQ5

N3D
EDU
SVL

0LFKHOLQ5;0&/

0LFKHOLQ

N3D
EDU
SVL

0LFKHOLQ3RZHU&/ N3D
EDU
SVL

N3D
EDU
SVL

0LFKHOLQ5 N3D
EDU
SVL

0LFKHOLQ5;0&/

N3D
EDU
SVL

0LFKHOLQ5 N3D
EDU
SVL

0LFKHOLQ5;0&/

N3D
EDU
SVL

0LWDV

0LWDV

N3D
EDU
SVL

N3D
EDU
SVL

%/%
)URQWW\UHV

3UHVVXUH 5HDUW\UHV

3UHVVXUH

0LFKHOLQ

N3D
EDU
SVL

0LFKHOLQ3RZHU&/ N3D
EDU
SVL

0LFKHOLQ

N3D
EDU
SVL

0LFKHOLQ3RZHU&/ N3D
EDU
SVL

0LFKHOLQ5 N3D
EDU
SVL

0LFKHOLQ5;0&/

N3D
EDU
SVL

0LFKHOLQ5 N3D
EDU
SVL

0LFKHOLQ5;0&/

N3D
EDU
SVL

2SWLRQDOHTXLSPHQW ZLWKKHDY\GXW\IURQWD[OHRQO\
7KHUHFRPPHQGHGWLUHSUHVVXUHVDUHEDVHGRQWKHUDWHGORDGIRUHDFKKDQGOLQJFDVH
,QFDVHRIKHDYLHUORDGVDKLJKHUWLUHSUHVVXUHLVUHTXLUHG&RQWDFWWKHWLUHPDQXIDFWXUHUIRUPRUHLQIRUPDWLRQ



6SHFLILFDWLRQV



&DE

&DE
*HQHUDO
7KHFDELVILWWHGRQUXEEHUHOHPHQWVLWLVLQVXODWHGDQGKDVDIODWIORRUZLWKUXEEHUPDW
7HVWHGDQGDSSURYHGDVDSURWHFWLYHFDEDFFRUGLQJWR,62 5236 DQG,62 )236OHYHO 
&DELQWHULRUILWWLQJVDQG
XSKROVWHU\

)LUHUHWDUGDQW ILUHUHVLVWDQW ,62DQG(1

1XPEHURIHPHUJHQF\
H[LWV

7KHFDEKDVWZRRUWKUHHSRVVLEOHHPHUJHQF\H[LWV5LJKWKDQGGRRU RSWLRQDO
HTXLSPHQW DQGUHDUVLGHZLQGRZV

127,&(
7KHGRRUVPXVWEHXQORFNHGZKHQRSHUDWLQJRUGULYLQJWKHPDFKLQH
5HFRPPHQGHGSULPDU\
DFFHVV

/HIWKDQGGRRU

+HDWLQJDQGYHQWLODWLRQ FDERQO\
7KHEDVLFYHUVLRQRIWKHEDFNKRHORDGHULVSURYLGHGZLWKDKHDWLQJDQGYHQWLODWLRQV\VWHPZLWKGHIURVWLQJIRUDOO
ZLQGRZVDQGWKHEHVWSRVVLEOHDLUGLVWULEXWLRQ7KHFDEIDQLVDGRXEOHUDGLDOIDQZLWKWKUHHVSHHGV$LU
FRQGLWLRQLQJLVDYDLODEOHDVRSWLRQ
2SHUDWRUVHDW

0HHWVWKHFULWHULDRI(1,62

/RQJLWXGLQDODGMXVWPHQW

PP LQ

$GMXVWPHQWIRURSHUDWRUZHLJKW NJ OE


$GMXVWPHQWRIEDFNUHVW

rr

8SKROVWHU\

)LUHUHVLVWDQW

/DSW\SHVHDWEHOWZLWKUHHO

<HV

9LEUDWLRQDQGVRXQGLQIRUPDWLRQ
+DQGDUPYLEUDWLRQV
(PLVVLRQRIKDQGDUPYLEUDWLRQVGXULQJUHDORSHUDWLQJFRQGLWLRQV
DWLWVLQWHQGHGXVHLVOHVVWKDQPV506 URRWPHDQVTXDUH
DFFHOHUDWLRQDFFRUGLQJWR,62

:KROHERG\YLEUDWLRQV
(PLVVLRQRI:KROH%RG\9LEUDWLRQGXULQJUHDORSHUDWLQJ
FRQGLWLRQVDWLWVLQWHQGHGXVHLVDFFRUGLQJWRWKHWDEOHEHORZ
7\SLFDORSHUDWLQJ
FRQGLWLRQV

9LEUDWLRQHPLVVLRQVYDOXH 9LEUDWLRQHPLVVLRQVYDOXH 9LEUDWLRQHPLVVLRQVYDOXH


 DZHT\
DZHT]
 DZHT[
PVt506
PVt506
PVt506

/RDGDQGFDUU\PRWLRQ







9VKDSHPRWLRQ







([FDYDWLQJ







7UDQVIHU WUDYHOOLQJ







7KHIROORZLQJYLEUDWLRQGLUHFWLRQVDUHGHILQHG
[ ORQJLWXGLQDO
\ ODWHUDO
] YHUWLFDO

6SHFLILFDWLRQV

&DE



7KHYDOXHVIRUWKHZKROHERG\YLEUDWLRQVVWDWHGDERYHKDYHEHHQ
WDNHQIURP,62&(17HFKQLFDO5HSRUWV

127,&(
7KHVHZKROHERG\YLEUDWLRQHPLVVLRQYDOXHVZHUHGHWHUPLQHGDW
SDUWLFXODURSHUDWLQJDQGJURXQGFRQGLWLRQVDQGDUHWKHUHIRUHQRW
UHSUHVHQWDWLYHIRUDOOWKHYDULRXVFRQGLWLRQVDFFRUGLQJWRWKH
LQWHQGHGXVHRIWKHPDFKLQHDQGVKRXOGQRWDORQHEHXVHGWR
GHWHUPLQHWKHZKROHERG\YLEUDWLRQH[SRVXUHWRWKHRSHUDWRU
XVLQJWKHPDFKLQH)RUWKLVSXUSRVHWKHLQIRUPDWLRQLQ,6275
LVUHFRPPHQGHG
7RHQVXUHWKDWWKHJHQHUDWHGZKROHERG\YLEUDWLRQHPLVVLRQV
GXULQJPDFKLQHXVHLVNHSWWRDPLQLPXPVHHSDJH

6RXQGLQIRUPDWLRQ
%/%

%/%

6RXQGSUHVVXUHOHYHO /S$ DWRSHUDWRUSRVLWLRQ


0HDVXUHPHQWDFFRUGLQJWR,62

G%

G%

6RXQGSRZHUOHYHO /Z$ DURXQGWKHPDFKLQH


0HDVXUHPHQWDFFRUGLQJWR(&ZLWKDSSOLFDEOH
DSSHQGLFHVDQGPHDVXULQJPHWKRGDFFRUGLQJWR,62
VWDJH,,

G% ZDUUDQWHGYDOXH G% ZDUUDQWHGYDOXH

127,&(
7KHXQFHUWDLQWLHVRIWKHYDOXHVDERYHVKRXOGEHFDOFXODWHGLQDFFRUGDQFHZLWKZLWK,62$QQH[1IRU
WKHVRXQGSRZHUOHYHODQGLQDFFRUGDQFHZLWKZLWK,62$QQH[$IRUWKHHPLVVLRQVRXQGSUHVVXUH
OHYHO



6SHFLILFDWLRQV



+\GUDXOLFV\VWHP

+\GUDXOLFV\VWHP
+\GUDXOLFV\VWHP%/%
7\SH

)L[HGIORZRSHQFHQWUHORDGVHQVLQJIORZVKDULQJV\VWHP

+\GUDXOLFSXPS%/%
7\SH

*HDUIL[HGIORZ

'LVSODFHPHQW

FP LQ

0D[IORZ

OLWUHVPLQ 86JDOPLQ

/RDGHUYDOYHPD[SUHVVXUH

03D EDU  SVL

%DFNKRHYDOYHPD[SUHVVXUH

03D EDU  SVL

6WDQGE\SUHVVXUHORZKLJKLGOLQJVSHHG 03D EDU  SVL 03D EDU  SVL


9DOYHEORFN%/%
7\SH

7KLVPDFKLQHLVHTXLSSHGZLWKVSRROYDOYHIRUWKHEDFNKRHXQLWDQG
VSRROYDOYHIRUWKHORDGHUXQLWDVVWDQGDUG2QHPRUHVSRROFDQEH
DGGHGIRUUHVSHFWLYHO\H[WHQGLEOHGLSSHUDUPDQGPXOWLSXUSRVHOLQH

+\GUDXOLFV\VWHP%/%
7\SH

9DULDEOHIORZFORVHGFHQWUHORDGVHQVLQJIORZVKDULQJV\VWHP

+\GUDXOLFSXPS%/%
7\SH

3LVWRQYDULDEOHIORZ

'LVSODFHPHQWYDULDEOH

FPUHY LQUHY 

)ORZDWUV USP

OLWUHV 86JDO SHUPLQXWH

0D[LPXPZRUNLQJSUHVVXUH

03D EDU  SVL

6WDQGE\SUHVVXUHORZKLJKLGOLQJVSHHG 03D EDU  SVL


0DLQFRQWUROYDOYH%/%
7\SH

%DFNKRHDQGORDGHUVSRROYDOYHIORZVKDULQJ

6HUYRSXPS%/%
7\SH

*HDUSXPS

)ORZDWUV USP

OLWUHV 86JDO SHUPLQXWH

6HUYRK\GUDXOLFUHOLHISUHVVXUH

03D EDU  SVL

'LVSODFHPHQW

FP LQ

0DLQFRQWUROYDOYH%/%%/%

6KRFNRSHQLQJSUHVVXUH%/%%/%

/RDGHUEXFNHWFXUO

03D EDU  SVL

/RDGHUEXFNHWGXPS

03D EDU  SVL

6OHZPRYHPHQWOHIW

03D EDU  SVL

6OHZPRYHPHQWULJKW

03D EDU  SVL

%RRPGRZQ

03D EDU  SVL

%RRPXS

03D EDU  SVL

'LSSHUDUPLQ

03D EDU  SVL

'LSSHUDUPRXW

03D EDU  SVL

%DFNKRHEXFNHWRSHQ

03D EDU  SVL

6SHFLILFDWLRQV

+\GUDXOLFV\VWHP



%DFNKRHEXFNHWFORVH

03D EDU  SVL

0XOWLSXUSRVHEXFNHWRSHQ

03D EDU  SVL

$X[LOLDU\K\GUDXOLFFLUFXLW RSWLRQDOHTXLSPHQW
$X[LOLDU\DQGKDPPHURSWLRQDOYDOYH
%/%%/%

2SHUDWLQJIORZOPLQ



2SHUDWLQJSUHVVXUHEDU



5HOLHISUHVVXUHEDU



+DPPHUFLUFXLW RQWHOHVFRSLFOLQH
%/%%/%
2SHUDWLQJIORZOPLQ



2SHUDWLQJSUHVVXUHEDU



9 

$X[LOLDU\K\GUDXOLFFLUFXLW


/RDGHUK\GUDXOLFFLUFXLW
RSWLRQDOHTXLSPHQW
/RDGHUK\GUDXOLFFLUFXLWIRU%/%

%$

2SHUDWLQJIORZ OLQH$ OPLQ



2SHUDWLQJIORZ OLQH% OPLQ



2SHUDWLQJSUHVVXUH OLQH$ 
EDU



2SHUDWLQJSUHVVXUH OLQH% 
EDU



5HOLHISUHVVXUH OLQH$ EDU



5HOLHISUHVVXUH OLQH% EDU

1RSURWHFWLRQ

9

/RDGHUK\GUDXOLFFLUFXLW
$ /LQH$
% /LQH%


/RDGHUK\GUDXOLFFLUFXLWIRU%/%
2SHUDWLQJIORZ OLQH$ OPLQ



2SHUDWLQJIORZ OLQH% OPLQ



2SHUDWLQJSUHVVXUH OLQH$ 
EDU



2SHUDWLQJSUHVVXUH OLQH% 
EDU



5HOLHISUHVVXUH OLQH$ EDU



5HOLHISUHVVXUH OLQH% EDU

1RSURWHFWLRQ



6SHFLILFDWLRQV



'LPHQVLRQV

'LPHQVLRQV
%/%
2QO\DSSOLHVWRDPDFKLQHZLWKIURQWW\UHV[DQGUHDUW\UHV[GLUHFWO\PRXQWHGORDGHUEXFNHW
GLUHFWO\PRXQWHGEDFNKRHEXFNHWDQGVWDQGDUGRUH[WHQGLEOHGLSSHUDUP

%/%
7KLVGLPHQVLRQDOGUDZLQJRQO\DSSOLHVWRDPDFKLQHZLWKIURQWW\UHV[DQGUHDUW\UHV[GLUHFWO\
PRXQWHGORDGHUEXFNHWGLUHFWO\PRXQWHGEDFNKRHEXFNHWDQGVWDQGDUGRUH[WHQGLEOHGLSSHUDUP

&

(
%

'
$

9

,WHP

'HVFULSWLRQ

'LPHQVLRQV%/%

'LPHQVLRQV%/%

2YHUDOOOHQJWK 

PP LQ

PP LQ

2YHUDOOZLGWK

PP LQ

PP LQ

&

2YHUDOOKHLJKW

PP LQ

PP LQ

'

:KHHOEDVH

PP LQ

PP LQ

*URXQGFOHDUDQFH

 LQ

PP LQ

+HLJKWWRWRSRI5236 FDE

PP LQ

PP LQ

6WDELOLVHUZLGWK

PP LQ

PP LQ

/HQJWKZLWKPPEXFNHWP4$

6SHFLILFDWLRQV

'LPHQVLRQV



%
,

&

$
'
(
)

1 2

9

/RDGHUGLPHQVLRQV PXOWLSXUSRVHEXFNHWPSLQRQ
,WHP

'HVFULSWLRQ

%/%

%/%

+HLJKWWRKLQJHSLQ

PP LQ

PP LQ

'XPSDQJOH 

r

r

&

'XPSUHDFKDWr 

PP LQ

PP LQ

'

'XPSKHLJKWDWr 

PP LQ

PP LQ

5ROOEDFNDWJURXQG 

r

r

'LJGHSWKEHORZJUDGH 

PP LQ

PP LQ

2YHUDOORSHUDWLQJKHLJKW 

PP LQ

PP LQ

0D[JUDGLQJDQJOH 

r

r

%DFNKRHGLPHQVLRQVVWDQGDUGGLSSHU
,WHP

'HVFULSWLRQ

%/%

%/%

0D[GLJJLQJGHSWK

 LQ

PP LQ

*3EXFNHWPSLQRQ
03EXFNHWPSLQRQ



6SHFLILFDWLRQV



'LPHQVLRQV

/RDGLQJFOHDUDQFH

 LQ

PP LQ

5HDFKDWPD[LPXPKHLJKW

PP LQ

PP LQ

0D[RSHUDWLQJKHLJKW

PP LQ

PP LQ

0D[UHDFKDW*53IURPVZLQJSRVW

PP LQ

PP LQ

5HDUD[OHWRH[FDYDWRUD[LVRIURWDWLRQ

PP LQ

PP LQ

0D[GLJJLQJGHSWKDWPIORRUOHQJWK

PP LQ

PP LQ

0D[GLJJLQJGHSWKDWPPIORRUOHQJWK

PP LQ

PP LQ

%DFNKRHGLPHQVLRQVH[WHQGLEOHGLSSHUDUP
,WHP 'HVFULSWLRQ

%/%

%/%

0D[GLJJLQJGHSWKH[WHQGLEOHGLSSHUDUPUHWUDFWHG

0D[GLJJLQJGHSWKH[WHQGLEOHGLSSHUDUPH[WHQGHG

PP LQ PP LQ




PP LQ PP LQ

/RDGLQJFOHDUDQFHH[WHQGLEOHGLSSHUDUPUHWUDFWHG

/RDGLQJFOHDUDQFHH[WHQGLEOHGLSSHUDUPH[WHQGHG

PP LQ PP LQ




PP LQ PP LQ

5HDFKDWPD[LPXPKHLJKWH[WHQGLEOHGLSSHUDUPUHWUDFWHG

5HDFKDWPD[LPXPKHLJKWH[WHQGLEOHGLSSHUDUPH[WHQGHG

PP LQ PP LQ




PP LQ PP LQ

0D[RSHUDWLQJKHLJKWH[WHQGLEOHGLSSHUDUPUHWUDFWHG

0D[RSHUDWLQJKHLJKWH[WHQGLEOHGLSSHUDUPH[WHQGHG

PP LQ PP LQ




PP LQ PP LQ

0D[UHDFKDW*53IURPVZLQJSRVWH[WHQGLEOHGLSSHUDUP
UHWUDFWHG

0D[UHDFKDW*53IURPVZLQJSRVWH[WHQGLEOHGLSSHUDUP
H[WHQGHG

PP LQ


PP LQ

PP LQ


PP LQ

0D[GLJJLQJGHSWKDWPIORRUOHQJWKH[WHQGLEOHGLSSHUDUP
UHWUDFWHG

0D[GLJJLQJGHSWKDWPIORRUOHQJWKH[WHQGLEOHGLSSHUDUP
H[WHQGHG

PP LQ


PP LQ

PP LQ


PP LQ

0D[GLJJLQJGHSWKDWPPIORRUOHQJWKH[WHQGLEOHGLSSHU
DUPUHWUDFWHG

0D[GLJJLQJGHSWKDWPPIORRUOHQJWKH[WHQGLEOHGLSSHU
DUPH[WHQGHG

PP LQ


PP LQ

PP LQ


PP LQ

6SHFLILFDWLRQV

0DFKLQHFDSDFLWLHV



0DFKLQHFDSDFLWLHV
/RDGHUEXFNHWV
%XFNHW

9ROXPH

*3EXFNHWZLWKRXWIRUNVXSSRUW SLQRQ

:HLJKW

7HHWK

O FX\G PP LQ

NJ OE

*3EXFNHWZLWKRXWIRUNVXSSRUW ORDGHU
DWWDFKPHQWEUDFNHW

O FX\G PP LQ

NJ OE

*3EXFNHWZLWKIRUNVXSSRUW SLQRQ

O FX\G PP LQ

NJ OE

*3+'EXFNHW

O FX\G PP LQ

NJ OE

03EXFNHW SLQRQ

O FX\G PP LQ

NJ OE

03EXFNHW ORDGHUDWWDFKPHQWEUDFNHW

O FX\G PP FX\G NJ OE

+LJKWLSEXFNHW

O FX\G PP LQ

NJ ,E QRWHHWK

6LGHWLSEXFNHW

O FX\G PP LQ

NJ ,E

/RDGHUF\FOHWLPHV

%/% %/%

5DLVHWRIXOOKHLJKW

V

V

/RZHUERRP

V

V

%DFNZDUGWLOWLQJ

V

V

)RUZDUGWLOWLQJ

V

V

0XOWLSXUSRVHEXFNHWFODPSRSHQLQJ V

V

0XOWLSXUSRVHEXFNHWFODPSFORVLQJ

V

V

:LGWK

/RDGHUSHUIRUPDQFH

%/%

/LIWEUHDNRXWIRUFH *3%XFNHW

N1 OEI N1 ,EI

/LIWEUHDNRXWIRUFH 03%XFNHW

N1 OEI N1 ,EI

QRWHHWK

%/%

%XFNHWEUHDNRXWIRUFH *3%XFNHW N1 OEI N1 OEI


%XFNHWEUHDNRXWIRUFH 03%XFNHW N1 OEI

N1 ,EI

%DFNKRHEXFNHWV
%XFNHW

9ROXPH

:LGWK

PP LQ

O FX\G

PP LQ NJ OE

PP LQ +HDY\ O FX\G

:HLJKW

7HHWK


PP LQ NJ OE 

PP LQ

O FX\G PP LQ NJ OE 

PP LQ

O FX\G PP LQ NJ OE 

PP LQ +HDY\ O FX\G PP LQ NJ OE 


PP LQ

O FX\G PP LQ NJ OE 

PP LQ +HDY\ O FX\G PP LQ NJ OE 


PP LQ

O FX\G PP LQ NJ OE 

PP LQ +HDY\ O FX\G PP LQ NJ OE 

%DFNKRHGLWFKLQJEXFNHWV
%XFNHW

9ROXPH

:LGWK

:HLJKW

7HHWK

PP LQ O FX\G PP LQ NJ OE 


PP LQ O FX\G PP LQ NJ OE 



6SHFLILFDWLRQV



0DFKLQHFDSDFLWLHV

%DFNKRHSHUIRUPDQFHVWDQGDUGGLSSHU
%XFNHWEUHDNRXWIRUFH 6$(- %/%N1 OEI
%/%N1 ,EI
'LSSHUEUHDNRXWIRUFH 6$(- %/%N1 ,EI
%/%N1 ,EI
%DFNKRHSHUIRUPDQFHH[WHQGLEOHGLSSHU
%XFNHWEUHDNRXWIRUFH 6$(- H[WHQGLEOHGLSSHUUHWUDFWHGH[WHQGHG %/%N1 OEI
%/%N1 ,EI
'LSSHUEUHDNRXWIRUFH 6$(-
H[WHQGLEOHGLSSHUUHWUDFWHG

H[WHQGLEOHGLSSHUH[WHQGHG



%/%N1 ,EI
%/%N1 ,EI
%/%N1 ,EI
%/%N1 ,EI

6SHFLILFDWLRQV

/LIWLQJFDSDFLWLHV



/LIWLQJFDSDFLWLHV
&$87,21
5DWHGORDGVVKRXOGEHXVHGDVDJXLGH$WWDFKPHQWVXQHYHQJURXQGFRQGLWLRQVVRIWRUSRRUJURXQGFRQGLWLRQV
KDYHDQHIIHFWRQUDWHGORDGV7KHRSHUDWRULVUHVSRQVLEOHIRUEHLQJDZDUHRIWKHVHHIIHFWV,QDOOFDVHVGRQRW
H[FHHGWKHUDWHGORDGRINJ OE 
5DWHGORDGVDUHEDVHGRQDVWDQGDUGPDFKLQHDQGWKHIROORZLQJFRQGLWLRQV 6$(- IXOOIOXLGOHYHOVIXOOIXHO
WDQNFDENJ OE RSHUDWRUJHQHUDOSXUSRVHORDGHUEXFNHWPDLQUHOLHIYDOYHSUHVVXUHFKHFNHGDW
03D EDU  SVL 

127,&(
,Q(XURSHDQFRXQWULHVUHJXODWLRQVUHTXLUHDYLVXDODQGDFRXVWLFRYHUORDGLQGLFDWRUDQGDERRPORZHULQJFRQWURO
GHYLFHIRUREMHFWKDQGOLQJDSSOLFDWLRQ(YHQWKRXJKWKHK\GUDXOLFOLIWFDSDFLW\LQFHUWDLQFRQILJXUDWLRQVFDQH[FHHG
NJ OE IRUWKHREMHFWKDQGOLQJDSSOLFDWLRQWKHPD[LPXPUDWHGREMHFWKDQGOLQJFDSDFLW\IRUWKHEDFNKRH
LVNJ OE LQ(XURSHDQFRXQWULHVGXHWRWKHVHUHJXODWLRQV

127,&(
5DWHGORDGVKDYHEHHQGHWHUPLQHGEDVHGRQWKHPDFKLQHSODFHGRQILUPDQGOHYHOJURXQGDQGVKRXOGEHXVHG
DVDJXLGDQFHDQGGHSHQGRQWKHEXFNHWW\SHDIWHUIRXUPHWHUVRIUHDFKVHHJUDSKDQGWDEOH





 )W

 P

 )W

























$NJ



OEV

NJ



OEV

NJ



OEV

NJ



$OEV

OEV



NJ

NJ



OEV

NJ



OEV

$OEV



$NJ






















P
)W



















P
)W
9

%DFNKRHLQPD[LPDORIIVHWSRVLWLRQ%DFNKRHLQFHQWUHSRVLWLRQ
%DFNKRHLQPD[LPDORIIVHWSRVLWLRQ
%XFNHW

/RDGZLWKRXWTXLFNFRXSOHU

/RDGZLWKTXLFNFRXSOHU

6WDQGDUGEXFNHWPP

NJ OE

NJ OE

6WDQGDUGEXFNHWPP

NJ OE

NJ OE

6WDQGDUGEXFNHWPP

NJ OE

NJ OE



6SHFLILFDWLRQV



/LIWLQJFDSDFLWLHV

'LWFKFOHDQLQJEXFNHW
PP

NJ OE

NJ OE

'LWFKFOHDQLQJEXFNHW
PP

NJ OE

NJ OE

%XFNHW

/RDGZLWKRXWTXLFNFRXSOHU

/RDGZLWKTXLFNFRXSOHU

6WDQGDUGEXFNHWPP

NJ OE

NJ OE

6WDQGDUGEXFNHWPP

NJ OE

NJ OE

6WDQGDUGEXFNHWPP

NJ OE

NJ OE

'LWFKFOHDQLQJEXFNHW
PP

NJ OE

NJ OE

'LWFKFOHDQLQJEXFNHW
PP

NJ OE

NJ OE

%DFNKRHLQFHQWUHSRVLWLRQ

127,&(
7KHILJXUHVLQWKLVWDEOHDUHRQO\YDOLGZKHQWKHPDFKLQHLVUDLVHGIURPWKHJURXQGZLWKWKHVWDELOLVHUVDQGWKH
ORDGHUEXFNHW7KHEDFNKRHERRPF\OLQGHUPXVWEHFRPSOHWHO\RSHQ

/RDGHUFDSDFLWLHVSDOOHWIRUNV%/%
3DOOHWIRUNVRQEXFNHWV SLQRQ

3DOOHWIRUNV KRRNRQ

0HDVXUH

8QLW

*3

03

03

/RDGFHQWUHRIJUDYLW\
SRVLWLRQVHHEHORZ

PP









LQ









5DWHGRSHUDWLQJORDG

NJ









OE









 :LWKIOLSRYHUSDOOHWIRUNV
 'LUHFWKRRNRQ

9

/RDGFHQWUHRIJUDYLW\SRVLWLRQ


/RDGHUFDSDFLWLHVEXFNHWV%/%
*3EXFNHWV SLQRQ

03EXFNHWV SLQRQ

%XFNHWV KRRNRQ

0HDVXUH

8QLW

*3

*3

03

03

*3

03

03

5DWHGYROXPH

P















\G















5DWHGRSHUDWLQJ NJ
ORDG
OE
0D[PDWHULDO
GHQVLW\

6SHFLILFDWLRQV

/LIWLQJFDSDFLWLHV































WP















W\G















/RDGHUFDSDFLWLHVSDOOHWIRUNV%/%
3DOOHWIRUNVRQEXFNHWV SLQRQ

3DOOHWIRUNV KRRNRQ

0HDVXUH

8QLW

*3

03

03

/RDGFHQWUHRIJUDYLW\
SRVLWLRQVHHEHORZ

PP









LQ









5DWHGRSHUDWLQJORDG

NJ









LE









 :LWKIOLSRYHUSDOOHWIRUNV
 'LUHFWKRRNRQ

9

/RDGFHQWUHRIJUDYLW\SRVLWLRQ




6SHFLILFDWLRQV



3DOOHWIRUNV

3DOOHWIRUNV
$WWDFKPHQW'LUHFWO\PRXQWHGEXFNHWZLWKIRUNNLW
7\UHVVHHWDEOHEHORZ

9

,WHP

'HVFULSWLRQ

%/% 7\UHV[
[

%/% 7\UHV[
[

5HDFKDWPLQLPXPKHLJKW

PP LQ

PP LQ

0D[LPXPUHDFK

PP LQ

PP LQ

&

+HLJKWEHORZJUDGH

PP LQ

PP LQ

'

+HLJKWDWPD[LPXPUHDFK

PP LQ

PP LQ

0D[LPXPKHLJKW

PP LQ

PP LQ

5HDFKDWPD[LPXPKHLJKW

PP LQ

PP LQ

0DVVFHQWUHRIJUDYLW\

PP LQ

PP LQ

6SHFLILFDWLRQV

+DPPHU



+DPPHU
+DPPHU
,WHP

6SHFLILFDWLRQ

:RUNLQJZHLJKWD

NJ OE

,PSDFWUDWHE

,PSDFWUDWHEESP

2LOIORZUDQJH

OPLQ JDOPLQ

7RROGLDPHWHU

PP LQ

$OORZHGRLOWHPSHUDWXUHUDQJH r& r)


1RLVHOHYHO

G% $ P IW

127,&(
7KHVSHFLILFDWLRQVDERYHPXVWEHIROORZHGDQGQRWH[FHHGHGLQDQ\PDFKLQHDSSOLFDWLRQ7KHZDUUDQW\RIWKH
KDPPHUZLOORQO\DSSO\LIWKHVSHFLILFDWLRQVDUHIROORZHG)RUPRUHLQIRUPDWLRQFRQWDFWD9ROYRGHDOHU
D ,QFOXGHVDYHUDJHPRXQWLQJEUDFNHWDQGVWDQGDUGWRRO
E $FWXDOLPSDFWIUHTXHQF\GHSHQGVRQRLOIORZRLOYLVFRVLW\WHPSHUDWXUHDQGPDWHULDOWREHEURNHQ
F $FWXDOSUHVVXUHGHSHQGVRQRLOIORZRLOYLVFRVLW\WHPSHUDWXUHPDWHULDOWREHEURNHQDQGEDFNSUHVVXUH
G 0LQLPXPVHWWLQJ DFWXDOPDFKLQHRSHUDWLQJSUHVVXUHEDU SVL
H &KHFNPDFKLQHVOLIWLQJFDSDFLW\IURPPDFKLQHPDQXIDFWXUHU

'LPHQVLRQV
&
'
(
)

$ PP IWLQ
-

% PP IWLQ
& PP LQ
.
/

' PP LQ


( PP LQ
) PP LQ
* PP LQ
+ PP LQ

PP LQ

PP IWLQ

. PP IW

/ PP LQ
0 PP LQ

*
+
,

9



6SHFLILFDWLRQV



+DPPHU

7RROVSHFLILFDWLRQV

&

'

9

7RRO

/HQJWK

:HLJKW

'LDPHWHUZLGWK

$&KLVHOWRRO

PP IWLQ

NJ OE

PP LQ

%0RLOSRLQW

PP IWLQ

NJ OE

PP LQ

&6SDGH

PP IWLQ

NJ OE

PP LQ

'6SDGH

PP IWLQ

NJ OE

PP LQ

(&RPSDFWLQJSODWH

PP IW

NJ OE

PP LQ

 3DUDOOHOWRERRP
 7UDQVYHUVHWRERRP

7RROZHDUOLPLWV
0HDVXUHPHQW

:HDUOLPLW

7RROGLDPHWHU; ZRUQRXW PP LQ

9

6SHFLILFDWLRQV

6HUYLFHKLVWRU\



6HUYLFHKLVWRU\
6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

:DUUDQW\,QVSHFWLRQ


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

:DUUDQW\,QVSHFWLRQ
6HUYLFHDQGPDLQWHQDQFH

6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6HUYLFHDQGPDLQWHQDQFH


6LJQDWXUHDQGVWDPS



6SHFLILFDWLRQV



6HUYLFHKLVWRU\

6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6HUYLFHDQGPDLQWHQDQFH


6LJQDWXUHDQGVWDPS

6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH
+RXUV

6SHFLILFDWLRQV

6HUYLFHKLVWRU\



6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH


6HUYLFHKRXUV
'DWH

7\SHRIVHUYLFH

+RXUV

6LJQDWXUHDQGVWDPS

6HUYLFHDQGPDLQWHQDQFH




$OSKDEHWLFDOLQGH[



$OSKDEHWLFDOLQGH[
$FFLGHQWV  
$LUFRQGLWLRQLQJ  
$LUVXVSHQGHGVHDW RSWLRQDOHTXLSPHQW  
$QWLWKHIWGHYLFH  
$UPUHVWDGMXVWLQJ  
$UULYDODQGGHOLYHU\LQVSHFWLRQ  
$VEHVWRV  
$WWDFKPHQWEUDFNHWEDFNKRHK\GUDXOLF  
$WWDFKPHQWEUDFNHWV  
$WWDFKPHQWTXLFNFRXSOHUK\GUDXOLF  
$WWDFKPHQWTXLFNFRXSOHUPHFKDQLFDO  
$WWDFKPHQWV  
$WWDFKPHQWVDOWHUQDWLYHORZHULQJ  
$WWDFKPHQWVFRQQHFWLQJDQG
GLVFRQQHFWLQJ  
$WWDFKPHQWVPDLQWHQDQFH  
$[OHEUHDWKHUFOHDQLQJ  
$[OHKXEVFKDQJLQJRLO  
$[OHKXEVFKHFNLQJRLOOHYHO  
$[OHRLO  
$[OHV  
$[OHVFKDQJLQJRLO  
$[OHVFKHFNLQJRLOOHYHO  
%DFNKRHDWWDFKPHQWVGLUHFWPRXQWHG  
%DFNKRHERRPORFN  
%DFNKRHVZLQJORFN  
%DWWHU\GLVFRQQHFWVZLWFK  
%DWWHU\FKDUJLQJ  
%DWWHU\PDLQWHQDQFH  
%HDULQJVJUHDVLQJ  
%HIRUHVHUYLFHUHDG  
%UDNH  
%UDNHV\VWHP  
%UDNHWHVW  
%UDNLQJ  
%XFNHWSRVLWLRQHU  
%XFNHWV  
&DE  
&DESRVWSDQHO  
&DEYHQWLODWLRQILOWHUFOHDQLQJDQG
UHSODFLQJ  
&DUH7UDFN  
&(PDUNLQJ(0&GLUHFWLYH  
&OHDQLQJPDFKLQH  
&OLPDWHFRQWUROV\VWHP  
&OLPDWHFRQWUROV\VWHPDGMXVWLQJ  
&RPPXQLFDWLRQHTXLSPHQWLQVWDOODWLRQ  
&RPSUHVVRUEHOWFKHFNLQJDQGDGMXVWLQJ
WHQVLRQ  
&RPSUHVVRUEHOWUHSODFLQJ  
&RQGHQVHUFOHDQLQJ  
&RQQHFWLQJWRDQDWWDFKPHQWTXLFN
FRXSOHUK\GUDXOLF  
&RQQHFWLQJWRDQDWWDFKPHQWTXLFN
FRXSOHUPHFKDQLFDO  
&RQQHFWLQJZLWKSLYRWSLQV  
&RQWUROODPSVDQGJDXJHV  
&RQWUROV  
&RRODQW  

&RRODQWOHYHOFKHFNLQJ  


&RRODQWFKDQJLQJ  
&RROLQJV\VWHP  
'HFODUDWLRQRI&RQIRUPLW\  
'HOLYHU\,QVWUXFWLRQV  
'LPHQVLRQV  
'LVFRQQHFWLQJIURPDQDWWDFKPHQWTXLFN
FRXSOHUK\GUDXOLF  
'LVFRQQHFWLQJIURPDQDWWDFKPHQWTXLFN
FRXSOHUPHFKDQLFDO  
'LVFRQQHFWLQJZLWKSLYRWSLQV  
'LVSOD\XQLW  
'RRU  
(FRGULYLQJ  
(OHFWULFDOV\VWHP  
(QJLQH  
(QJLQHDLUFOHDQHU  
(QJLQHKRRGRSHQLQJ  
(QJLQHRLOILOWHUUHSODFLQJ  
(QJLQHRLOOHYHOFKHFNLQJ  
(QJLQHRLOFKDQJLQJ  
(QYLURQPHQWDOUHTXLUHPHQWV  
(TXLSPHQW  
([FDYDWLQJ  
([WHQGLEOHGLSSHU LILQVWDOOHG ZHDUSDGV
FKHFN  
)DQEHOWUHSODFHPHQW  
)LUHSUHYHQWLRQ  
)236DQG5236  
)UDPH  
)XHO  
)XHOILOWHUUHSODFLQJ  
)XHOV\VWHP  
)XHOV\VWHPEOHHGLQJ  
)XHOV\VWHPGUDLQLQJ  
)XHOILOOLQJ  
*HDUVKLIWLQJ  
*UDYHODQGKHDSORDGLQJ  
*UHDVH  
*UHDVLQJ  
+DPPHU  
+DQGOLQJKD]DUGRXVPDWHULDOV  
+HDGOLJKWVDGMXVWLQJ  
+LJKYROWDJHRYHUKHDGSRZHUOLQH  
+RVHUXSWXUHYDOYHV  
+\GUDXOLFDWWDFKPHQWEUDFNHW  
+\GUDXOLFFRXSOLQJV  
+\GUDXOLFF\OLQGHUVFKHFNLQJ  
+\GUDXOLFRLOILOWHUFKDQJLQJ  
+\GUDXOLFRLOOHYHOFKHFNLQJ  
+\GUDXOLFRLOFKDQJLQJ  
+\GUDXOLFV\VWHP  
+\GUDXOLFV\VWHPEUHDWKHUILOWHUUHSODFLQJ  
+\GUDXOLFV\VWHPUHOHDVLQJSUHVVXUH  
+\GUDXOLFV\VWHPZDUPLQJXS  
,QIRUPDWLRQDQGZDUQLQJGHFDOV  
,QVWUXPHQWSDQHOFDESRVW  
,QVWUXPHQWSDQHOIURQW  
,QVWUXPHQWSDQHOVLGH  
,QWHQGHGXVH  



$OSKDEHWLFDOLQGH[


/LIWLQJFDSDFLWLHV  
/LIWLQJLQVWUXFWLRQV  
/LIWLQJREMHFWV  
/LJKWEXOEUHSODFLQJ  
/RDGHUDWWDFKPHQWEUDFNHWK\GUDXOLF  
/RDGHUERRPDQGWLOWLQGLFDWRUV  
/RDGHUERRPVDIHW\VWUXW  
/RDGHUK\GUDXOLFFLUFXLW  
/RDGLQJ  
/RFNLQJGHYLFH  
/XEULFDWLRQ  
/XEULFDWLRQDQGVHUYLFHFKDUW  
/XEULFDWLRQDQGVHUYLFHVFKHGXOHV  
0DFKLQHFDSDFLWLHV  
0DFKLQHRSHUDWRUVDIHW\  
0DFKLQHYLHZ  
0HDVXUHVEHIRUHRSHUDWLQJ  
0HDVXUHVZKHQJHWWLQJVWXFN  
0HFKDQLFDODWWDFKPHQWEUDFNHW  
0RGLILFDWLRQV  
0XOWLSXUSRVHEXFNHW  
2IIURDGRSHUDWLQJ  
2SHUDWLQJRQSXEOLFURDGV  
2SHUDWLQJZLWKWKHEDFNKRH  
2SHUDWRUFRPIRUW  
2SHUDWRUREOLJDWLRQV  
2SHUDWRUVHDW  
3DLQWILQLVKPDLQWHQDQFH  
3DOOHWIRUNV  
3DUNLQJ  
3DUNLQJEUDNHFKHFNLQJ  
3HULRGLFUHSODFHPHQWRIFULWLFDOSDUWVIRU
VDIHW\  
3LQZHDUFKHFNLQJ  
3UHVVXUHUHOHDVH  
3ULPDU\DLUILOWHUFOHDQLQJDQGUHSODFLQJ  
3URGXFWSODWHV  
3URSHOOHUVKDIWFKHFNLQJEROWWLJKWQHVV  
5DGLDWRUFRROHUVDQGFRQGHQVHU LI$&
LQVWDOOHG FOHDQLQJ  
5HFRPPHQGHGOXEULFDQWV  
5HOD\VDQGIXVHV  
5HWULHYLQJDQGWRZLQJ  
5RFNORDGLQJ  
5RWDWLQJZDUQLQJEHDFRQ  
5XQQLQJLQLQVWUXFWLRQV  
6DIHW\UXOHVZKHQRSHUDWLQJ  
6HDWEHOW  
6HFRQGDU\DLUILOWHUUHSODFLQJ  
6HUYLFHFDSDFLWLHVDQGFKDQJHLQWHUYDOV  
6HUYLFHKLVWRU\  
6HUYLFHSRLQWV  
6HUYLFHSRVLWLRQ  
6HUYLFH3URJUDPPH  
6LGHVKLIW  
6LJQDOOLQJGLDJUDP  
6WDELOLVHUOHJVZHDUSDGV  
6WDUWLQJHQJLQH  
6WDUWLQJZLWKERRVWHUEDWWHULHV  
6WHHULQJ  

6WHHULQJV\VWHP  
6WRSSLQJ  
6\PERONH\  
7RROV  
7RXFKXSSDLQWLQJ  
7UDQVPLVVLRQ  
7UDQVPLVVLRQEUHDWKHUILOWHUUHSODFLQJ  
7UDQVPLVVLRQRLOOHYHOFKHFNLQJ  
7UDQVPLVVLRQRLOFKDQJLQJ  
7UDQVPLVVLRQVXFWLRQILOWHUUHSODFLQJ  
7UDQVPLVVLRQUHSODFLQJRLOILOWHU  
7UDQVSRUWLQJORDG ORDGLQJFDUU\LQJ  
7UDQVSRUWLQJPDFKLQH  
7UDYHOOLQJRQSXEOLFURDGVZLWKDKDPPHU
LQVWDOOHG  
7XUERFKDUJHU  
7\UHVL]HVDQGSUHVVXUHV  
8QGHUJURXQGFDEOHVDQGSLSHV  
86$IHGHUDOFOHDQDLUDFW  
9HQWLODWLRQILOWHU  
9LEUDWLRQDQGVRXQGLQIRUPDWLRQ  
9LVLELOLW\  
9ROYR+\GUDXOLF6DIHJXDUG6\VWHP  
:DVKHUUHVHUYRLU  
:DWHUVHSDUDWRUGUDLQLQJ  
:HOGLQJ  
:KHHOQXWVFKHFNLQJWLJKWHQLQJ  
:KHHOV  
:KROHERG\YLEUDWLRQV  
:LQGRZV  
:RUNLQJLQFRQILQHGDUHDV  
:RUNLQJLQWXQQHOV  
:RUNLQJLQZDWHU  
:RUNLQJRQVORSHV  
:RUNLQJZLWKKDPPHU  
:RUNLQJZLWKSDOOHWIRUNV  
:RUNLQJZLWKLQGDQJHURXVDUHDV  


Вам также может понравиться