1、%5,7,6+67$1$5 %6 5HSULQWHG LQFRUSRUDWLQJ $PHQGPHQWV 1RVDQG 6SHFLILFDWLRQIRU ,PSDFWSHUIRUPDQFH UHTXLUHPHQWVIRUIODW VDIHWJODVVDQGVDIHW SODVWLFVIRUXVHLQ EXLOGLQJV 8& %6 7KLV%ULWLVK6WDQGDUGKDYLQJ EHHQSUHSDUHGXQGHUWKH GLUHFWLRQ RIWKH(OHPHQWVDQG &RPSRQHQWVRILYHUVH 0DWHULDOVIRU%XLOGLQJV 6WDQGDUGV&RPPLWWHHZ
2、DV SXEOLVKHGXQGHUWKHDXWKRULWRI WKH%RDUGRI%6,DQGFRPHV LQWRHIIHFWRQ 1RYHPEHU %6, 7KHIROORZLQJ%6,UHIHUHQFHV UHODWHWRWKHZRUNRQWKLV VWDQGDUG &RPPLWWHHUHIHUHQFH(&% UDIWIRUFRPPHQW& ,6%1 &RRSHUDWLQJRUJDQLDWLRQV 7KH(OHPHQWVDQG&RPSRQHQWVRILYHUVH0DWHULDOVIRU%XLOGLQJV6WDQGDUGV &RPPLWWHHXQGHUZKRVHGLUHFWLRQWKLV%U
3、LWLVK6WDQGDUGZDVSUHSDUHG FRQVLVWVRIUHSUHVHQWDWLYHVIURPWKHIROORZLQJ $JUHPHQW%RDUG *ODVVDQG*ODLQJ)HGHUDWLRQ $OXPLQLXP)HGHUDWLRQ +HDOWKDQG6DIHW(HFXWLYH $VEHVWRV&HPHQW0DQXIDFWXUHUV“$VVRFLDWLRQ ,QFRUSRUDWHG$VVRFLDWLRQRI$UFKLWHFWVDQG /LPLWHG 6XUYHRUV $VVRFLDWLRQRI%ULWLVK5RRILQJ)HOW ,QVWLWXWHRI%XLOGLQJ&RQW
4、URO 0DQXIDFWXUHUV ,QVWLWXWHRI4XDOLW$VVXUDQFH %ULFNHYHORSPHQW$VVRFLDWLRQ ,QVWLWXWLRQRI0XQLFLSDO(QJLQHHUV %ULWLVK&HUDPLF5HVHDUFK$VVRFLDWLRQ ,QVWLWXWLRQRI6WUXFWXUDO(QJLQHHUV %ULWLVK+DUGZDUH)HGHUDWLRQ 0DVWLF$VSKDOW&RXQFLODQG(PSORHUV“ %ULWLVK3ODVWLFV)HGHUDWLRQ )HGHUDWLRQ %ULWLVK3UHFDVW&RQFUHWH)HGHUDWLRQ/
5、WG 1DWLRQDO&RXQFLORI%XLOGLQJ0DWHULDOV %ULWLVK6WHHO,QGXVWU 3URGXFHUV %ULWLVK:RRGZRUNLQJ)HGHUDWLRQ 1DWLRQDO)HGHUDWLRQRI%XLOGLQJ7UDGHV &RQVXPHU6WDQGDUGV$GYLVRU&RPPLWWHHRI (PSORHUV %6, 1DWLRQDO)HGHUDWLRQRI5RRILQJ&RQWUDFWRUV &RQYHQWLRQRI6FRWWLVK/RFDO$XWKRULWLHV 5RDO,QVWLWXWHRI%ULWLVK$UFKLWHFWV HSDUWPHQWR
6、IWKH(QYLURQPHQW36$ 5RDO,QVWLWXWLRQRI&KDUWHUHG6XUYHRUV HSDUWPHQWRIWKH(QYLURQPHQW%XLOGLQJ 6FRWWLVKHYHORSPHQWHSDUWPHQW 5HVHDUFK(VWDEOLVKPHQW3ULQFHV 6RFLHWRI&KHPLFDO,QGXVWU 5LVERURXJK/DERUDWRU 7LPEHU5HVHDUFKDQGHYHORSPHQW HSDUWPHQWRIWKH(QYLURQPHQW+RXVLQJ $VVRFLDWLRQ DQG&RQVWUXFWLRQ 7UDGHV8QLRQ&RQJUHVV )O
7、DW*ODVV0DQXIDFWXUHUV“$VVRFLDWLRQ 7KHRUJDQLDWLRQVPDUNHGZLWKDQDVWHULVNLQWKHDERYHOLVWWRJHWKHUZLWKWKH IROORZLQJZHUHGLUHFWOUHSUHVHQWHGRQWKH7HFKQLFDO&RPPLWWHHHQWUXVWHG ZLWKWKHSUHSDUDWLRQRIWKLV%ULWLVK6WDQGDUG $OXPLQLXP:LQGRZ$VVRFLDWLRQ *UHDWHU/RQGRQ&RXQFLO $UFKLWHFWXUDO$OXPLQLXP$VVRFLDWLRQ 0HWDO:LQGRZ)HGHU
8、DWLRQRI*UHDW%ULWDLQ &KLHIDQG$VVLVWDQW&KLHI)LUH2IILFHUV“ 1DWLRQDO$VVRFLDWLRQRI6KRSILWWHUV $VVRFLDWLRQ 1DWLRQDO+RXVHEXLOGLQJ&RXQFLO &KLOG$FFLGHQW3UHYHQWLRQ&RPPLWWHH 3DWHQW*ODLQJ&RQIHUHQFH HSDUWPHQWRIWKH(QYLURQPHQW%XLOGLQJ 6HDODQW0DQXIDFWXUHUV“&RQIHUHQFH 5HVHDUFK(VWDEOLVKPHQW 8QLRQRI&RQVWUXFWLRQ$OOLHG7
9、UDGHVDQG HSDUWPHQWRI7UDGH0HWURORJ4XDOLW 7HFKQLFLDQV $VVXUDQFH6DIHWDQG6WDQGDUGV LYLVLRQ $PHQGPHQWVLVVXHGVLQFHSXEOLFDWLRQ $PG1R DWHRILVVXH &RPPHQWV -XQH $XJXVW 0D $SULO -XO ,QGLFDWHGEDVLGHOLQHLQWKHPDUJLQ%6 %6, L &RQWHQWV 3DJH &RRSHUDWLQJRUJDQLDWLRQV ,QVLGHIURQWFRYHU )RUHZRUG LL ,QWURGXFWLRQ 6 F R S H
10、5HIHUHQFHV HILQLWLRQV &ODVVLILFDWLRQ ,PSDFWWHVW 0DUNLQJ $SSHQGL$7HVWIRUEHKDYLRXURQLPSDFW $SSHQGL%7HVWIRUWRXJKHQLQJTXDOLW )LJXUH,PSDFWWHVWVWUXFWXUHJHQHUDODUUDQJHPHQW )LJXUH,PSDFWWHVWVWUXFWXUHVLGHHOHYDWLRQ )LJXUH,PSDFWWHVWVWUXFWXUHIURQWHOHYDWLRQ )LJXUH&ODPSLQJRIWHVWSLHFHVHFWLRQ$RI)LJXUH )LJXUH,PSDFWRU
11、 )LJXUH2QHSDQHORIVLSDQHOOHGLPSDFWRUFDVH )LJXUHLDJUDPPDWLFUHSUHVHQWDWLRQRIWKHUHTXLUHPHQW JLYHQLQLWHPRI F )LJXUH3DUWLFOHFRXQWGHWHUPLQDWLRQ 7DEOH&ODVVLILFDWLRQRIVDIHWJODVVDQGVDIHWSODVWLFV DFFRUGLQJWREHKDYLRXURQLPSDFW 3XEOLFDWLRQVUHIHUUHGWR ,QVLGHEDFNFRYHU%6 LL %6, )RUHZRUG 7KLV%ULWLVK6WDQGDUGKDVEHHQSUH
12、SDUHGXQGHUWKHGLUHFWLRQRIWKH*ODVV 6WDQGDUGV&RPPLWWHH DWWKHUHTXHVWRIWKH*ODVVDQG*ODLQJ)HGHUDWLRQLQ RUGHUWRSURYLGHVSHFLILHGDQGYHULILDEOHVDIHWSHUIRUPDQFHFULWHULDIRUWKHWSHV RIIODWVDIHWJODVVDQGVDIHWSODVWLFVXVHGLQEXLOGLQJVVRDVWRUHGXFHFXWWLQJDQG SLHUFLQJLQMXULHVWRSHUVRQVZKRLPSDFWWKHP ,QWKHSUHSDUDWLRQRIWKLVVW
13、DQGDUGIXOOFRQVLGHUDWLRQKDVEHHQJLYHQWRWKH 8QLWHG6WDWHVVWDQGDUG$16,=6DIHWSHUIRUPDQFHVSHFLILFDWLRQVDQG PHWKRGVRIWHVWIRUVDIHWJODLQJPDWHULDOXVHGLQEXLOGLQJVZKLFKDSSHDUVWR KDYHEHHQVXFFHVVIXOLQUHGXFLQJLQMXUGXHWRDFFLGHQWVLQYROYLQJJODVVDQG SODVWLFVVLQFHLWVLQLWLDOSXEOLFDWLRQLQ :RUNLVFXUUHQWOEHLQJFDUULHGRXWE&(1
14、7HFKQLFDO&RPPLWWHH*ODVVLQ EXLOGLQJZLWKWKHREMHFWLYHRISURGXFLQJD(XURSHDQ6WDQGDUGRQWKHLPSDFW SHUIRUPDQFHRIIODWJODVVIRUXVHLQEXLOGLQJV7KH8QLWHG.LQJGRPLVDFWLYHO SDUWLFLSDWLQJLQWKHSUHSDUDWLRQRIWKLVQHZ(XURSHDQ6WDQGDUGZKLFKZLOOEH DGRSWHGDVD%ULWLVK6WDQGDUGZKHQLWLVSXEOLVKHG,WLVDQWLFLSDWHGWKDWWKHQHZ VWDQGDUGZLO
15、OEHDYDLODEOHLQDSSURLPDWHOHDUVWLPHDQGZLOOVXSHUVHGHWKH LPSDFWSHUIRUPDQFHUHTXLUHPHQWVIRUIODWJODVVJLYHQLQ%6 7KH7HFKQLFDO&RPPLWWHHUHVSRQVLEOHIRU%6GHFLGHGWKDWFKDQJHVZHUH UHTXLUHGWRLPSURYHDQGFODULIWKHWHVWSURFHGXUHWRRYHUFRPHWKHGHILFLHQFLHV LGHQWLILHGLQWKHHLVWLQJSURFHGXUHDQGWKHUHEHWHQGWKHYDOLGLWRIWKH VWDQGDU
16、G $16,=6DIHWSHUIRUPDQFHVSHFLILFDWLRQVDQGPHWKRGVRIWHVWIRU VDIHWJODLQJPDWHULDOXVHGLQEXLOGLQJVZKLFKDSSHDUVWRKDYHEHHQVXFFHVVIXO LQUHGXFLQJLQMXUGXHWRDFFLGHQWVLQYROYLQJJODVVDQGSODVWLFVVLQFHLWVLQLWLDO SXEOLFDWLRQLQ $%ULWLVK6WDQGDUGGRHVQRWSXUSRUWWRLQFOXGHDOOWKHQHFHVVDUSURYLVLRQVRID FRQWUDFW8VHUVRI%ULWLVK6WD
17、QGDUGVDUHUHVSRQVLEOHIRUWKHLUFRUUHFWDSSOLFDWLRQ &RPSOLDQFHZLWKD%ULWLVK6WDQGDUGGRHVQRWRILWVHOIFRQIHULPPXQLW IURPOHJDOREOLJDWLRQV 6XPPDURISDJHV 7KLVGRFXPHQWFRPSULVHVDIURQWFRYHUDQLQVLGHIURQWFRYHUSDJHVLDQGLL SDJHVWRDQLQVLGHEDFNFRYHUDQGDEDFNFRYHU 7KH%6,FRSULJKWQRWLFHGLVSODHGLQWKLVGRFXPHQWLQGLFDWHVZKHQWKH
18、GRFXPHQWZDVODVWLVVXHG $IWHUWKHPDLQGUDIWLQJZRUNRQWKLV%ULWLVK6WDQGDUGKDGEHHQFRPSOHWHGWKH7HFKQLFDO &RPPLWWHHUHVSRQVLEOHIRULWZDVWUDQVIHUUHGIURPWKH*ODVV6WDQGDUGV&RPPLWWHHZKLFKZDV VXEVHTXHQWOGLVEDQGHGWRWKH(OHPHQWVDQG&RPSRQHQWVRILYHUVH0DWHULDOVIRU%XLOGLQJV 6WDQGDUGV&RPPLWWHH(&%,QFRQVHTXHQFHWKHFRPPLWWHHUHIH
19、UHQFHIRUWKHZRUNZDV FKDQJHGIURP*/&WR(&%6 %6, ,QWURGXFWLRQ 6DIHWSHUIRUPDQFHOHYHOV (SHUWVZRUNLQJRQWKHXVHRIVDIHWJODVVDQG VDIHWSODVWLFVLQEXLOGLQJVLQWKH8QLWHG6WDWHV FRQFOXGHGWKDWDFKLOGZHLJKLQJ OENJ FRXOGUHDVRQDEOEHUHJDUGHGDVUHSUHVHQWDWLYHRI SHUVRQVLQYROYHGLQDFFLGHQWVZKHUHJODVVRUSODVWLFV DUHLPSDFWHG6XFKDFK
20、LOGLIUXQQLQJDWIXOOVSHHG WKHRUHWLFDOOGHYHORSVDERXW-RINLQHWLF HQHUJEXWEHFDXVHRIGLVSHUVLRQRIHQHUJDWWKH WLPHRILPSDFWWKHDFWXDOLPSDFWHQHUJLV FRQVLGHUDEOOHVV7KHSURSRUWLRQRIWKHNLQHWLF HQHUJGHOLYHUHGDVLPSDFWHQHUJWRDJODHG RSHQLQJGHSHQGVXSRQWKHDQJOHDQGPDQQHURI LPSDFWIRUHDPSOHDVWUDLJKWDUPLPSDFW WUDQVPLWVPRUHHQH
21、UJWRWKHJODVVRUSODVWLFVWKDQ LIWKHDUPLVIOHHGRQLPSDFW ,QVHHNLQJWRHVWDEOLVKDSSURSULDWHVDIHW SHUIRUPDQFHOHYHOVIRUJODVVDQGSODVWLFVLWZDV WKHUHIRUHDFFHSWHGWKDWWHVWHQHUJLHVFRQVLGHUDEO EHORZ -ZRXOGEHDGHTXDWHEHFDXVHWKH HQHUJLHVDFWXDOOWUDQVPLWWHGRQLPSDFWHJ ILUVW EWKHKDQGVWKHQEWKHKHDGWKHQEWKHNQHHV ZRXOGLQWRWDOEH
22、PXFKOHVVWKDQWKHNLQHWLFHQHUJ RIWKHUXQQLQJFKLOG,QDGGLWLRQWKHLQFLGHQWDQJOH RILPSDFWZRXOGVHOGRPEHDWULJKWDQJOHVWRWKH JODHGVXUIDFH $IWHUHWHQVLYHHYDOXDWLRQRIHSHULPHQWDOGDWDWKH $PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWH,QFGHFLGHG =WRXVHIRUWHVWSXUSRVHV DDFDUHIXOOVSHFLILHGLPSDFWRU RIOENJRYHUDOOPDVVWRVLPXODWHWKH UXQQL
23、QJFKLOG EVHOHFWHGGURSKHLJKWV RILQPPLQPP DQG LQPPHTXLYDOHQWWRLPSDFW HQHUJLHVUHSUHVHQWDWLYHRIWKRVHOLNHOWREH GHOLYHUHGDFFLGHQWDOOESHUVRQVLQJODHGDUHDV :LWKDQLPSDFWRURINJRYHUDOOPDVV VHH$SSHQGL$WKHWKUHHVSHFLILHGGURSKHLJKWV FRUUHVSRQGWRLPSDFWHQHUJLHVRI- DQG - 6DIHWEUHDNDJHFULWHULD 7KHFRQFHSWRIVDIHWLQWKLVVW
24、DQGDUGUHODWHVWRD JLYHQOHYHORILPSDFWHQHUJDQGWRDUHTXLUHPHQW IRUWKHJODVVDQGSODVWLFVEUHDNVDIHRUQREUHDN 7KHEUHDNVDIHFULWHULDDGRSWHGVHH DUHWKRVH VSHFLILHGLQ$16, = 7KHZHUHGHYHORSHG IROORZLQJYHUHWHQVLYHREVHUYDWLRQRIDYDLODEOH PDWHULDOVEUHDNLQJXQGHUWKHWHVWFRQGLWLRQVDQG IROORZLQJWKHXVHRIGLIIHUHQWLPSDFWHQHUJLHV
25、WRWHVW PDWHULDOVKDYLQJGLIIHUHQWOHYHOVRIPHFKDQLFDO VWUHQJWK $PDWHULDOWKDWLVWHVWHGDWRQHRUPRUHRIWKH VSHFLILHGGURSKHLJKWVDQGWKDWHLWKHUGRHVQRW EUHDNRUEUHDNVVDIHOVHH DQGWKDWFRPSOLHV ZLWKDOOUHOHYDQWUHTXLUHPHQWVRIWKLVVWDQGDUG PDEHGHVFULEHGDVDVDIHWJODVVRUVDIHW SODVWLFVLQDFFRUGDQFHZLWK%6&ODVV$% RU&DVDSSURSULD
26、WHVHHFODXVH $PDWHULDOWKDW GRHVQRWEUHDNRUEUHDNVVDIHODWDJLYHQGURS KHLJKWZLOOQRWQHFHVVDULOEUHDNVDIHODWWKHQHW KLJKHUGURSKHLJKW $SSOLFDELOLWRIVDIHWJODVVDQGVDIHW SODVWLFV 6DIHWJODVVDQGVDIHWSODVWLFVDUHLQWHQGHGIRUXVH LQSRWHQWLDOOKDDUGRXVVLWXDWLRQVLQEXLOGLQJV HWDLOHGUHFRPPHQGDWLRQVIRUWKHLUDSSOLFDWLRQZLOO EHJ
27、LYHQLQWKHIRUWKFRPLQJUHYLVLRQRI&3 XUDELOLW ,WLVPRVWLPSRUWDQWWKDWVDIHWJODVVDQGVDIHW SODVWLFVKDYHWKHGXUDELOLWWRFRQWLQXHWRSHUIRUP VDWLVIDFWRULOIRUWKHLUHSHFWHGOLIHWDNLQJLQWR DFFRXQWWKHHWHUQDODQGLQWHUQDOHQYLURQPHQWVWR ZKLFKWKHZLOOEHHSRVHGDQGWKHPHWKRGRI JODLQJ 7KLVVWDQGDUGDVVHVVHVRQOWKHDELOLWRIJODVVDQG SOD
28、VWLFVWRZLWKVWDQGVSHFLILFLPSDFWVLQRUGHUWR TXDOLIDVDVDIHWJODVVRUVDIHWSODVWLFV,WGRHV QRWVSHFLIDQUHTXLUHPHQWVIRUGXUDELOLW6HYHUDO KRPRJHQRXVDQGFRPSRVLWHPDWHULDOVKDYHEHHQ SURYHQWRSHUIRUPVDWLVIDFWRULOEXWLWKDVQRWEHHQ SRVVLEOHWRGHYLVHDWHVWRUWHVWVWKDWFDQDFFXUDWHO YDOLGDWHWKHLUGXUDELOLW 8VHUVVKRXOGWKHUHIRUHVDW
29、LVIWKHPVHOYHVWKDWDQ VDIHWJODVVRUVDIHWSODVWLFVVSHFLILHGZLOOPHHWWKH VHUYLFHUHTXLUHPHQWVRIWKHLQVWDOODWLRQ ,QIRUPDWLRQRQWKHGXUDELOLWRIWKHPDWHULDOXQGHU WKHSURSRVHGHQYLURQPHQWDOFRQGLWLRQVVKRXOGEH REWDLQHGIURPWKHPDQXIDFWXUHURUVXSSOLHULQ ZULWWHQRUSXEOLVKHGIRUP ,IVDIHWJODVVDQGVDIHWSODVWLFVDUHVXEMHFWHGWR HFHS
30、WLRQDORUXQXVXDOFLUFXPVWDQFHVVXFKDV XQGXHDEUDVLRQXQVDWLVIDFWRUPHWKRGVRIFOHDQLQJ FKHPLFDODWWDFNRUHFHVVLYHXOWUDYLROHWOLJKWIURP DQDUWLILFLDOVRXUFHWKHLUGXUDELOLWPDEHDIIHFWHG ,ILWLVGHVLUHGWRPDNHSURYLVLRQIRUVXFK FLUFXPVWDQFHVLWPDEHQHFHVVDUIRUDGGLWLRQDO UHTXLUHPHQWVWREHDJUHHGRQDFRQWUDFWXDOEDVLV%6 %6, 6FRSH
31、7KLV%ULWLVK6WDQGDUGVSHFLILHVSHUIRUPDQFH UHTXLUHPHQWVDQGDWHVWPHWKRGLQUHVSHFWRIHQHUJ DEVRUSWLRQLPSDFWIRUIODWVDIHWJODVVDQGVDIHW SODVWLFVIRUXVHLQEXLOGLQJV7KHVHUHTXLUHPHQWVDUH LQWHQGHGWRUHGXFHWKHULVNRILQMXULHVFDXVHGE FXWWLQJDQGSLHUFLQJLQDFFLGHQWVZKHUHWKHVH PDWHULDOVDUHLQYROYHG7KUHHFODVVHVRIVDIHWJODVV DQG
32、VDIHWSODVWLFVDUHGHILQHG 7KLVVWDQGDUGGRHVQRWVSHFLIVLWXDWLRQVZKHUH VDIHWJODVVDQGVDIHWSODVWLFVVKRXOGEHXVHGQRU GRHVLWVSHFLIUHTXLUHPHQWVIRUWKHLUGXUDELOLW VHH 5HIHUHQFHV 7KHWLWOHVRIWKHVWDQGDUGVSXEOLFDWLRQVUHIHUUHGWR LQWKLVVWDQGDUGDUHOLVWHGRQWKHLQVLGHEDFNFRYHU HILQLWLRQV )RUWKHSXUSRVHVRIWKLV%ULWLVK6WDQGDUG
33、WKH IROORZLQJGHILQLWLRQVDSSO JODLQJ WKHVHFXULQJRIJODVVRUSODVWLFVJODLQJVKHHW PDWHULDOVLQSUHSDUHGRSHQLQJVDVLQZLQGRZVGRRU SDQHOVVFUHHQVDQGSDUWLWLRQV VDIHWJODVVDQGVDIHWSODVWLFV PDWHULDOWKDWZKHQWHVWHGEWKHPHWKRGJLYHQ LQ $SSHQGL$DWRQHRIWKHGURSKHLJKWVVSHFLILHG LQFODXVH HLWKHUGRHVQRWEUHDNRUHOVHEUHDNV VDIHODF
34、FRUGLQJWRWKHFULWHULDJLYHQLQ DVPPHWULFVDIHWJODVVDQGVDIHWSODVWLFV PDWHULDOPDGHLQVXFKDZDWKDWLWVWZRVXUIDFHV JLYHVLJQLILFDQWOGLIIHUHQWUHVXOWVXQGHUWKH VSHFLILHGLPSDFWWHVWHJ ODPLQDWHGJODVVZLWK GLIIHUHQWODPLQDWHVSDWWHUQHGJODVVDQGSODVWLFV DQGSODVWLFVFRDWHGVKHHWV GURSKHLJKW WKHYHUWLFDOKHLJKWIURPWKHKRULRQWDOFH
35、QWUHOLQHRI WKHPDLPXPGLDPHWHURIWKHLPSDFWLQJREMHFW ZKHQLWLVUHOHDVHGWRDVLPLODUKRULRQWDOFHQWUHOLQH ZKHQLWLVDWUHVWYHUWLFDOOVHH)LJXUH &ODVVLILFDWLRQ 6DIHWJODVVDQGVDIHWSODVWLFVVKDOOEHFODVVLILHGDV IROORZVVHHDOVR7DEOH &ODVV$PDWHULDOWKDWFRPSOLHVZLWKWKH UHTXLUHPHQWVRI ZKHQWHVWHGEWKHPHWKRG JLYHQLQ$SSHQGL$DWGURS
36、KHLJKWV RIPPPPDQGPP &ODVV%PDWHULDOWKDWFRPSOLHVZLWKWKH UHTXLUHPHQWVRI ZKHQWHVWHGEWKHPHWKRG JLYHQLQ$SSHQGL$DWGURSKHLJKWVRIPP DQGPP &ODVV&PDWHULDOWKDWFRPSOLHVZLWKWKH UHTXLUHPHQWVRI ZKHQWHVWHGEWKHPHWKRG JLYHQLQ$SSHQGL$DWDGURSKHLJKWRIPP 7DEOH&ODVVLILFDWLRQRIVDIHWJODVVDQG VDIHWSODVWLFVDFFRUGLQJWREHKDYLRXU
37、RQ LPSDFW $VPPHWULFVDIHWJODVVHVDQGVDIHWSODVWLFV LPSDFWWHVWHGRQRQHVLGHRQOVHH LHLQWHQGHG IRUXVHLQVLWXDWLRQVZKHUHWKHULVNRILPSDFWLVIURP RQHVLGHRQOVKDOOEHFODVVLILHG$R%RRU&R UHVSHFWLYHODJDLQVWWKHDERYHUHTXLUHPHQWV ,PSDFWWHVW 7HVWSLHFHV )RUDQJLYHQPDWHULDOWKHWHVWSLHFHVKDOOEH LGHQWLFDOLQWSHFRQVWUXFWLRQFRPSRVL
38、WLRQ QRPLQDOWKLFNQHVVDQGPDQXIDFWXUHWRWKHPDWHULDO WREHDVVHVVHG (DFKWHVWSLHFHVKDOOEH UHFWDQJXODUPPZLGHE PP KLJKRUWKHPDLPXPVLHDYDLODEOHLIWKDWLV VPDOOHU ,QWKHFDVHRIDSODVWLFVILOPERQGHGWRDJODVV VKHHWWKHPDWHULDOVKDOOEHWHVWHGDVVXEPLWWHGE WKHPDQXIDFWXUHUHLWKHU DZLWKWKHILOPFRQWLQXHGWRWKHHGJHRIWKHWHVW SLHFHRU
39、EZLWKDPDUJLQRIXQFRDWHGJODVVURXQGWKHWHVW SLHFHZKLFKPDEHFRYHUHGGXULQJWKHWHVWEWKH FKORURSUHQHVWULSVRIWKHVXEIUDPHDVVHPEO &ODVV %HKDYLRXURQLPSDFW URSKHLJKW PP URSKHLJKW PP URSKHLJKW PP $ % & 1REUHDNDJH RUEUHDNV VDIHO 1REUHDNDJH RUEUHDNV VDIHO 1REUHDNDJH RUEUHDNV VDIHO 1REUHDNDJH RUEUHDNV VDIHO 1REUHDNDJH RUEUHDNV VDIHO 1R UHTXLUHPHQW 1REUHDNDJH RUEUHDNV VDIHO 1R UHTXLUHPHQW 1R UHTXLUHPHQW%6 %6, ,QWKHFDVHRIDWRXJKHQHGJODVVDWOHDVWRQH HWUDWHVWSLHFHVKDOOEHVXSSOLHGRYHUDQGDERYHW
