f22 crash report

7/31/2019 f22 Crash Report

1/40

81,7('67$7(6$,5)25&(

$,5&5$)7$&&,'(17,19(67,*$7,21

%2$5'5(3257

)$71

5'

-2,17%$6((/0(1'25)5,&+$5'621$/$6.$

:,1*

/2&$7,21-2,17%$6((/0(1'25)5,&+$5'621

$/$6.$

'$7(2)$&&,'(17129(0%(5

%2$5'35(6,'(17%5,**(1-$0(66%52:1(

&21'8&7(',$:$,5)25&(,16758&7,21


2/40

8QGHU86&GDQ\RSLQLRQRIWKHDFFLGHQWLQYHVWLJDWRUVDVWRWKHFDXVHRIRUWKHIDFWRUV

FRQWULEXWLQJ WRW KHD FFLGHQW VHW IRUWKL QW KHD FFLGHQWL QYHVWLJDWLRQU HSRUW LIDQ \ PD\QR WEH

FRQVLGHUHGDVHYLGHQFHLQDQ\FLYLORUFULPLQDOSURFHHGLQJDULVLQJIURPWKHDFFLGHQWQRUPD\VXFK

LQIRUPDWLRQEHFRQVLGHUHGDQDGPLVVLRQRIOLDELOLW\RIWKH8QLWHG6WDWHVRUE\DQ\S HUVRQUHIHUUHG

WRLQWKRVHFRQFOXVLRQVRUVWDWHPHQWV

(;(&87,9(6800$5


3/40

)$711RYHPEHU

L

6800$5


4/40

)$711RYHPEHU

LL

E0LVKDS)OLJKW/HDG 0(',&$/

D4XDOLILFDWLRQV0LVKDS3LORW E+HDOWK F3DWKRORJ\

G/LIHVW\OH

H&UHZ5HVWDQG&UHZ'XW\7LPH 23(5$7,216$1'683(59,6,21

D2SHUDWLRQV E6XSHUYLVLRQ

+80$1)$&7256 D&DXVDO

E&RQWULEXWRU\ F1RQ&RQWULEXWRU\

*29(51,1*',5(&7,9(6$1'38%/,&$7,216 D$YDLODEOH'LUHFWLYHVDQG3XEOLFDWLRQV5HOHYDQWWRWKH0LVKDS

E2WKHU'LUHFWLYHVDQG3XEOLFDWLRQV5HOHYDQWWRWKH0LVKDS

F.QRZQRU6XVSHFWHG'HYLDWLRQVIURP'LUHFWLYHVRU3XEOLFDWLRQV $'',7,21$/$5($62)&21&(51

67$7(0(172)23,1,21 23,1,216800$5< ',6&866,212)23,1,21

D&DXVH E&RQWULEXWLQJ)DFWRUV

2UJDQL]DWLRQDO7UDLQLQJ,VVXHV ,QDGYHUWHQW2SHUDWLRQV 3HUVRQDO(TXLSPHQW,QWHUIHUHQFH

&RQWUROVDQG6ZLWFKHV

&RQFOXVLRQ


5/40

)$711RYHPEHU

LLL

&20021/


6/40

)$711RYHPEHU

6800$5$,%3LORW0HPEHU@>$,%0DLQWHQDQFH2IILFHU0HPEHU@>2ULJLQDO$,%/HJDO$ GYLVRU@ >$,% 0HGLFDO $GYLVRU@ >$,%+ XPDQ) DFWRU$ GYLVRU@ >$,%0 DLQWHQDQFH(QOLVWHG0HPEHU@DQG>$,%5HFRUGHU@7DE2ULJLQDO$,%/HJDO$GYLVRU@7DE


7/40

)$711RYHPEHU

WRWDOGHVWUXFWLRQRIWKH0$DORQJZLWKLWVLQWHUQDOVWRUHV7KH03GLGQRWHMHFWDQGZDVIDWDOO\LQMXUHG

%$&.*5281'

7KH0 $EH ORQJHGW RW KHU G: LQJ :* DW- %(5 ,WZ DVR SHUDWHG E\ WKH WK )LJKWHU6TXDGURQ)67KH0$WRRNRIIIURPWKH-%(5DLUILHOGDQGLPSDFWHGDSSUR[LPDWHO\10QRUWKRIWKHEDVH

D3DFLILF$LU)RUFHV

3DFLILF$LU) RUFHV3$&$)SULPDU\P LVVLRQLVW RSURYLGH UHDG\D LUD QGVSDFHS RZHUW RS URPRWH8 6LQ WHUHVWVLQ WK H $VLD3DFLILFU HJLRQGXU LQJ

SHDFHWLPHWKURXJKFULVLVDQGZDU

E8QLW,QIRUPDWLRQ

7KHFRPPDQGVYLVLRQLVWREHWKHPRVWUHVSHFWHGDL UZ DUULRUW HDPHP SOR\LQJW KHI XOOV SHFWUXPR IDL UDQ GV SDFH

SRZHUZ LWKRXU $ VLD3DFLILFS DUWQHUVW RHQ VXUHS HDFHDQ G DGYDQFHIUHHGRP3$&$)VDUHDRIUHVSRQVLELOLW\H[WHQGVIURPWKHZHVWFRDVWRIWKH8QLWHG6 WDWHVWR WK HH DVWF RDVWR I$ IULFD DQGI URPWK H$ UFWLFWR WK H$QWDUFWLFPRUHWKDQPLOOLRQVTXDUHPLOHV7KHDUHDLVKRPHWRQHDUO\WZREL OOLRQSH RSOHZKR OLYHL QF RXQWULHV3 $&$)PDLQWDLQV DIRUZDUG

SUHVHQFHWRKHOSHQVXUHVWDELOLW\LQWKHUHJLRQ7DE''

WK$LU)RUFH-RLQW%DVH(OPHQGRUI5LFKDUGVRQ$ODVND

7KH WK $LU) RUFH $) SODQV FRQGXFWVF RQWUROVD QGF RRUGLQDWHVD LURSHUDWLRQV,$:WKHWDVNVDVVLJQHGE\WKH3$&$)FRPPDQGHUDQGLVWKHIRUFHS URYLGHUI RU$ ODVNDQ& RPPDQGW KH$ ODVNDQ$ HURVSDFH' HIHQVH&RPPDQG5 HJLRQD QGRW KHUXQL ILHG FRPPDQGV ,WVXQL WVSU RYLGH DQHWZRUNRI FULWLFDOD LUV XUYHLOODQFHD QGF RPPDQGF RQWUROD QGFRPPXQLFDWLRQVIXQFWLRQVQHFHVVDU\WRSHUIRUPWDFWLFDOZDUQLQJDQGDWWDFNDVVHVVPHQWLQGHIHQVHRI$ODVND7DE''

UG:LQJ-RLQW%DVH(OPHQGRUI5LFKDUGVRQ$ODVND

7KH :* WUDLQVD QGH TXLSV DQ $LU( [SHGLWLRQDU\ )RUFHO HDGZ LQJFRPSULVHGRIPRUHWKDQ$LUPHQDQG)$(%&&DQG

&DLUFUDIW,WLVORFDWHGRQ- %(5LQ$QFKRUDJH$. ,WVPLVVLRQLVWRVXSSRUWDQGGHIHQG86LQWHUHVWVLQWKH$VLD3DFLILFUHJLRQDQGDURXQGWKHZRUOGE\SURYLGLQJXQLWVZKRDUHUHDG\IRUZRUOGZLGHDLUSRZHUSURMHFWLRQDQGDEDVHWKDWLVFDSDEOHRIPHHWLQJWKH3DFLILF&RPPDQGVWKHDWHUVWDJLQJDQGWKURXJKSXWUHTXLUHPHQWV7DE''


8/40

)$711RYHPEHU

WK)LJKWHU6TXDGURQ

7KHW K )LJKWHU6 TXDGURQ )6 LVDFR PEDWUHDG\IL JKWHUV TXDGURQSUHSDUHGI RUU DSLGZ RUOGZLGHGH SOR\PHQW )O\LQJWK H$ )VS UHPLHUDLUFUDIWWKH)$5DSWRUWKHWKSURYLGHVDLUGRPLQDQFHIRUWKH8QLWHG6WDWHVDQGLWVDOOLHV

7KH )6 RULJLQDOO\ DFWLYDWHG DVW KHW K% RPEDUGPHQW6 TXDGURQ/LJKWRQ )HE 7KHWK7DFWLFDO)LJKWHU6TXDGURQLQDFWLYDWHGRQ $SU$ IWHU \HDUVRI L QDFWLYDWLRQ3 $&$)UHGHVLJQDWHG DQGDFWLYDWHGW KH)6D W (OPHQGRUI$ LU )RUFH %DVH$.RQ 2FW 7KH)6LVQRZDUPHGZLWKWKH$LU)RUFHVSUHPLHUILJKWHUDLUFUDIWWKH)$5DSWRU

&XUUHQWO\W KHV TXDGURQ WUDLQVL QW KHI LJKWHUP LVVLRQVRI RIIHQVLYHDQ G

GHIHQVLYHFRXQWHUDLUDLUWRDLUDVZHOODVVWUDWHJLFDWWDFNDQGRIIHQVLYHFRXQWHUDWWDFNDLUWRVXUIDFH7DE''

F)$5DSWRU

7KH) $ 5DSWRUL V DV LQJOHV HDWPX OWLUROH ILJKWHUDLUFUDIW ,WVF RPELQDWLRQRI V WHDOWKV XSHUFUXLVHPDQHXYHUDELOLW\D QGL QWHJUDWHGD YLRQLFVU HSUHVHQWVD QH[SRQHQWLDOOHDSLQZDUILJKWLQJFDSDELOLWLHVDQG PDNHLWWKHZRUOGVP RVWD GYDQFHGI LJKWHU7 KH5 DSWRUSH UIRUPVERW KDLUWRDLUDQ GDL UWRJURXQGPLV VLRQVD OORZLQJLW WRS URMHFW

DLUGRPLQDQFHDQGGHIHDWWKUHDWVDWWHPSWLQJWRGHQ\DFFHVVWRRXUQDWLRQV$LU)RUFH$UP\1DY\DQG0DULQH&RUSV7KLVFDSDELOLW\SURYLGHVDFULWLFDOHGJHWRMRLQWIRUFHFRPPDQGHUVDQGDFWVDVDQHIIHFWLYHGHWHUUHQWWRIXWXUHDGYHUVDULHV7DE''

6(48(1&(2)(9(176

D0LVVLRQ

7KHPLVKDSVRUWLH06ZDVVFKHGXOHGDQGEULHIHGDVDQLJKWRSSRVHG6$7PLVVLRQZLWKDHULDOUHIXHOLQJ 7KHP LVVLRQ LQYROYHGVL[) $VZLWKF DOOVLJQV-DNH WKURXJK DQG 5RFN\ WKURXJK7 KHVHVL[Z HUHMRLQHGE\ IRXU)VIURP(LHOVRQ$)%FDOOVLJQV0LJW KURXJK

7KHSLORWRI5RFN\ZDVWKH0)/DQGWKHSLORWRI5RFN\ZDVWKH032ULJLQDOO\WKH)$VZHUHWRSURFHHGWRDWDQNHUFRQGXFWDHULDOUHIXHOLQJILJKWDQRSSRVHG6$7PLVVLRQDHULDOUHIXHORQFHPRUHDQGWKHQFRQGXFWDQDGGLWLRQDOXQRSSRVHG6$7PLVVLRQ'XHWRDGHOD\LQWKHWDNHRIIWLPHIRUKLJKZLQGVDW-%(5WKH)$VRQO\UHIXHOHGDV LQJOHWLPHDIWHUWKH\H[HFXWHGWKHLUILUVW6$7PLVVLRQ7DE55WKURXJK5

-DNHDQG5RFN\IOLJKWVWRRNRIIPLQXWHVDSDUWDQGRSHUDWHGDVWZRVHSDUDWHIOLJKWVRIIULHQGO\IRUFHV%OXH$LUILJKWLQJ0LJIOLJKWDFWLQJDVHQHP\IRUFHV5HG$LU 2SSRVHG6$7PLVVLRQV


9/40

)$711RYHPEHU

W\SLFDOO\F RQVLVWRI )$VI LJKWLQJW KHLUZ D\L QWRDW DUJHWDU HDS URWHFWHGE \HQ HP\ IRUFHVDQ G

GURSSLQJ -RLQW' LUHFW$ WWDFN0 XQLWLRQV -'$0 RQV SHFLILHGW DUJHWV 7 KHSX USRVHR IW KLVPLVVLRQZDVD QLJKWIOLJKWOHDG)/XSJUDGHPLVVLRQIRU-DNHZ LWK-DNH DVKL VTXDOLILHGLQVWUXFWRUS LORW,3DQG DQL JKWF RQWLQXLW\W UDLQLQJV RUWLHIRU5RFN\ WKURXJK 7DE 5

WKURXJK55WKURXJK57DE.7KH PLVKDS PLVVLRQZ DVI ORZQL Q' LFHD QG3 D[VRQ$ LUVSDFHV FKHGXOHG E\ :*IR U WKHVHWUDLQLQJSXUSRVHV'LFHDQG3D[VRQDUH R Y H U ODQG GHVLJQDWHGPLOLWDU\RSHUDWLQJDUHDV02$VQRUWKRI -%(57KH)6'LUHFWRURI2SHUDWLRQVSURSHUO\DXWKRUL]HGWKHPLVVLRQ7DE..

E3ODQQLQJ

-DNHSO DQQHGDQGEULHIHGW KHPLVVLRQDV D6$7)/XSJUDGHVRUWLHLQDFFRUGDQFHZLWK:*$GPLQLVWUDWLYH6 WDQGDUGV )$ ,Q)OLJKW *XLGH 6XSSOHPHQWDQ GDS SOLFDEOH7 DFWLFV7HFKQLTXHVDQG3URFHGXUHV$OO-DNHIOLJKWDQG5RFN\IOLJKWPHPEHUVDWWHQGHGWKHHQWLUHEULHI

DW/LQFOXGLQJWKH)6FRPPDQGHUZKRZDVWKH,3RIUHFRUGIRUWKHXSJUDGHVRUWLH7KHIOLJKWE ULHILQJ FRYHUHGD OOD GPLQLVWUDWLYH IOLJKWLQ IRUPDWLRQZ HDWKHU1 RWLFHVWR $ LUPHQ127$06W UDLQLQJUXOHV6SHFLDO,QWHUHVW,WHPVWDQNHURSHUDWLRQVGHFRQIOLFWLRQEHWZHHQWKHWZR)$IOLJKWVDQGDOOLWHPVQHFHVVDU\WRVDIHO\FRQGXFWWKHSODQQHG6$7WUDLQLQJPLVVLRQ$GGLWLRQDOO\H[WUDHPSKDVLVZDVSODFHGRQQLJKWRSHUDWLRQVDQGWKHXVHRIQLJKWYLVLRQJRJJOHV19*V7DE..WKURXJK.7DE5

F3UHIOLJKW

,QDFFRUGDQFHZLWK:*$GPLQLVWUDWLYH6WDQGDUGVDOOIOLJKWPHPEHUVIRFXVHGWKHLU19*VSULRUWRWKHEULHILQRUGHUWRSUHSDUHIRUWKHQLJKWPLVVLRQ$OOVL[SLORWVDUULYHGDWWKHRSHUDWLRQVGHVNDW/IRUDILQDOXSGDWHEULHILQJRQZHDWKHU127$06 DQG RWKHU SHUWLQHQW VDIHW\RIIOLJKWLQIRUPDWLRQ SULRU WR JRLQJ WR WKHLUDLUFUDIW3LORWVZHUHGHOD\HGDSSUR[LPDWHO\PLQXWHVGXHWRFURVVZLQGVDW-%(5$IWHUWKHZLQGVZHUHZLWKLQOLPLWVWKHRSHUDWLRQVVXSHUYLVRU7RSJDYHWKHSLORWVWKHLUILQDOXSGDWHEULHILQJ7DE5WKURXJK57KLVZDVWKHILUVWPLVVLRQRIWKHVHDVRQZKHUH&DWHJRU\,,,FROGZHDWKHUJHDUZLQWHUFORWKLQJZDVUHTXLUHGEDVHGRQWKHORZWHPSHUDWXUHL QW KHDL UVSDFH 7DE5 + WKURXJK+ $GGLWLRQDOO\W KH SLORWV XVHG2SHUDWLRQDO5 LVN0 DQDJHPHQW 250W RH YDOXDWHP LVVLRQU LVN2 50 LVD GH FLVLRQPDNLQJ

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

7KHSL ORWVZ HQWW RO LIH VXSSRUWGRQQH GW KHD SSURSULDWHZ LQWHUF ORWKLQJD QGI OLJKW JHDU DQGSURFHHGHGWRWKHLUDLUFUDIW7KH03DFFRPSOLVKHGSUHIOLJKWLQVSHFWLRQV,$:)$DQG)$FKHFNOLVWV*URXQGDQGWD[LRSHUDWLRQVZHUHXQHYHQWIXO7DE5


10/40

)$711RYHPEHU

G6XPPDU\RI$FFLGHQW

-DNHIOLJKWWRRNRIIDW/5RFN\IOLJKWGHSDUWHGPLQXWHVODWHU7DE.'HSDUWXUHDQGHQWUDQFHLQWRWKH'LFH02$ZDVXQHYHQWIXODQGWKHZHDWKHULQWKHDLUVSDFHZDVFOHDUZLWKKLJK

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


11/40

)$711RYHPEHU

)LJXUH/5HODWLYHSRVLWLRQEHWZHHQ0)/EOXHDQG03UHGDWWKHDVVHUWLRQRIWKH&%/(('

+27FDXWLRQ,&$:7DE((

$W/W KHI LUHSURWHFWLRQV \VWHP )36GH WHFWHGDEOHHGDLUOHDNLQW KHF HQWHUEOHHGDLUGXFWLQJIURPERWKHQJLQHV,QUHVSRQVHWRWKH)36WKH,QWHJUDWHG9HKLFOH6XEV\VWHP&RQWUROOHU,96&DVVHUWHGWKH& %/(('+27FDXWLRQ,&$:ZKLOHLWUHTXHVWHGWKH(QYLURQPHQW&RQWURO

6\VWHP(&6WRLVRODWHWKHFHQWHUEOHHGV\VWHP&$87ZDVGLVSOD\HGLQWKHKHDGVXSGLVSOD\+8'DGYLVLQJW KH03RI W KHF DXWLRQ ,&$:7DE - :KHQW KH&% /((' +27F DXWLRQ,&$:DVVHUWHGWKHIROORZLQJIXQFWLRQVZHUHORVW

(&6 $LU&\FOH6\VWHP$&6IRUFHGDLUFRROLQJ 2QERDUGR[\JHQJHQHUDWLQJV\VWHP2%2*6 2QERDUGLQHUWJDVJHQHUDWLQJV\VWHP2%,**6 &DELQSUHVVXUH

7DE-

7KH0$ZDVDWI W06/ NQRWVFDOLEUDWHGDLUVSHHG.&$60ZLWKDQDWWLWXGHRIGHJUHHQRVHXSGHJUHHVULJKWZLQJGRZQ5:'KHDGLQJGHJUHHVJDQGZLWKDYHUWLFDOYHORFLW\LQGLFDWLRQ99,RIIWSHUPLQXWHISP7DE((


12/40

)$711RYHPEHU

)LJXUH0$SDUDPHWHUVDWDVVHUWLRQRI&%/(('+27FDXWLRQ,&$:7DE((6HH7DE=

IRUDGLDJUDPH[SODLQLQJWKHV\PERORJ\LQWKH)LJXUHV

7KH& % /(('+ 27 FDXWLRQ ,&$:F OHDUHG DW /L QGLFDWLQJW KHRYH UWHPSHUDWXUHFRQGLWLRQQRORQJHUH[LVWHGDIWHUWKH,96&FRPPDQGHGWKHEOHHGDLUGXFWVWRWKHFORVHGSRVLWLRQDQGVWRSSHGWKHIORZRIEOHHGDLUWRW KH(&6 'XHWRWKH(&6QRO RQJHUVXSSO\LQJSUHVVXUHWR2%2*6W KHSU HVVXUHGU RSSHGEH ORZW KHSRXQGV SHUVTXDUHL QFKSVL PLQLPXP WKUHVKROGDQGGLVSOD\HGDQ2%2*6)$,/FDXWLRQ,&$:DW/

)LJXUH0$SDUDPHWHUVDWDVVHUWLRQRI2%2*6)$,/FDXWLRQ,&$:7DE((


13/40

)$711RYHPEHU

$WWKHDVVHUWLRQRIWKLV,&$:XQWLO/WKH03UHWDUGHGWKHWKURWWOHVWR,'/(SRZHUDQGGHOLEHUDWHO\F RQWLQXHGD F RQWUROOHGGH VFHQGLQJULJKWKD QGW XUQW RGHVFHQGW RD O RZHUD OWLWXGH,$:WKHFKHFNOLVW7DE%%$WWKLVWLPHWKH0$ZDVDWIW06/.&$60GHJUHHV1'GHJUHHV5:'JDQGZLWKD99,RIISP7DE((

)LJXUH03GHOLEHUDWHO\IOHZWRDFRQWUROOHGDWWLWXGHRIGHJUHHV1'DQGGHJUHHV5:'LQ

RUGHUWRGHVFHQGWRDORZHUDOWLWXGH,$:WKHFKHFNOLVW7DE((

7KH& 608 PLVKDSG DWDG LVFUHWHV LJQDO VKRZHGS DUWLDO SUHVVXUHW RW KH0 3VR[ \JHQP DVNVWRSSHGVKRUWO\ DIWHU/ZKLFKZRXOGOHDGW RVHYHUHO\UHVWULFWHG EUHDWKLQJ 7DE-

)URP/XQWLO/WKH03PDGHQRLQSXWVWRWKHVWLFNSHGDOVRUWKURWWOHVDQGWKH0$PDLQWDLQHGDUHODWLYHO\VWDEOHEDQNDQJOHDQGDWWLWXGH7KH0$ZDVDWIW06/.&$60GHJUHHV1'GHJUHHV5:'JZLWKD99,RIISP7DE((


14/40

)$711RYHPEHU

)LJXUH0$SDUDPHWHUVDIWHUVHFRQGVRI]HUR03LQSXWVWRVWLFNSHGDOVRUWKURWWOHV7DE((

$W/WKH03LQSXWDFRPELQDWLRQRIULJKWIRUZDUGVWLFNDQGULJKWSHGDOZKLFKLQLWLDWHGDGHJUHHGHVFHQGLQJULJKWUROODWJUHDWHUWKDQGHJUHHVSHUVHFRQG7DE((

)LJXUH0$SDUDPHWHUVGXULQJ0$GHJUHHUROOWRWKHULJKWUHVXOWLQJIURPVWLFNDQGSHGDOLQSXWV7DE((

$WW KHF RPSOHWLRQRI W KHVHV WLFND QGSH GDOL QSXWVD W /W KH 0$KD GU ROOHGW KURXJKLQYHUWHGH[SHULHQFHGOHVVWKDQJRI JUDYLWDWLRQDOIRUFHDQGZHQWIURPD5:'WR/HIW:LQJ'RZQ /:'DW WLWXGHDQ GW KHG HVFHQWU DWH RIW KHDL UFUDIWV LJQLILFDQWO\L QFUHDVHG 7KH

SDUDPHWHUVD WWK LVWLPH ZHUH IW 06/ .&$60 GH JUHHV1 'GH JUHHV/:'JZLWKD99,RIISP7DE((


15/40

)$711RYHPEHU

)LJXUH0$SDUDPHWHUVZKHQVWLFNDQGSHGDOLQSXWVFHDVHDIWHUWKHGHJUHHUROO7DE((

$IWHU /WKHUH ZHUHQRV WLFNL QSXWVDQGRQO \YH U\PLQRUSHGDOL QSXWVIRUW KHQH [WVHFRQGV$ W/SDVVLQJDSSUR[LPDWHO\IW06/D&$%,135(6685(FDXWLRQ,&$:DVVHUWHGEDVHGRQFRFNSLWSUHVVXUL]DWLRQH[FHHGLQJLWVQRUPDOVFKHGXOH7DE-

)LJXUH0$SDUDPHWHUVDWDVVHUWLRQRI&$%,135(66FDXWLRQ,&$:1RVWLFNRUSHGDOLQSXWV

7DE((


16/40

)$711RYHPEHU

$W/SDVVLQJIW06/DQ$,5&22/,1*FDXWLRQ,&$:DVVHUWHG7KLV,&$:ZRXOGDVVHUWVHFRQGVDIWHUD&%/(('+27FDXWLRQ,&$:LIWKHDLUFUDIWZHUHQRWUHFHLYLQJDQDGHTXDWHFRROLQJDLUVRXUFHWRLWVDYLRQLFV7DE-

)LJXUH0$SDUDPHWHUVDWDVVHUWLRQRI$,5&22/,1*FDXWLRQ,&$:1RVWLFNRUSHGDOLQSXWV

7DE((

$W /W KH03 SHUIRUPHGD GLYHU HFRYHU\ DWI W06/ E\S XOOLQJD IWRQW KH VWLFNSURGXFLQJD J SXOOXSP DQHXYHU7 KH0 $L PSDFWHGW KH JURXQGV HFRQGVO DWHUL QIOLFWLQJIDWDOLQMXULHVWRWKH03DQGGHVWUR\LQJWKH0$7DE((

)LJXUH03LQLWLDWHVIXOODIWVWLFNSXOOWRVWDUWGLYHUHFRYHU\DWIW06/7DE((


17/40

)$711RYHPEHU

H,PSDFW

$W/W KH0$L PSDFWHGWKHJURXQGD W. &$60 GHJUHHV1 'GH JUHHV/:' JZLWKD 99, RIISP7 KHLPSDFWV LWHL VDSSUR[LPDWHO\ 1 0QR UWKRI

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

)LJXUH,PSDFW&UDWHU1RY7DE6

1


18/40

)$711RYHPEHU

)LJXUH,PSDFW6LWH1RY7DE6

1


19/40

)$711RYHPEHU

)LJXUH$LUFUDIW3DUWV6FDWWHU'LDJUDP3DUWVUHSUHVHQWHGE\JUHHQGRWV7DE6

I(JUHVVDQG$LUFUHZ)OLJKW(TXLSPHQW$)(

$OOO LIHV XSSRUWH TXLSPHQW RQERDUGW KH0 $KD GF XUUHQWL QVSHFWLRQGD WHVD QGZ HUHG HHPHGVHUYLFHDEOHE \ 2SHUDWLRQDO6XSSRUW6TXDGURQ266$)(P HPEHUV 7DE+WKURXJK+7KH03KDGWZRUHSDLUVSHUIRUPHGRQKLVDGYDQFHGWDFWLFDODQWLJV\VWHP$7$*6RQERWKWKHSU HFHGLQJGD \ DQGWK HGD\RIWK HPLV KDS $OOU HSDLUVPRGLILFDWLRQVWHVWLQJ DQGI LWWLQJVZHUHSHUIRUPHGE\TXDOLILHG$)(PHPEHUV,$:DOODSSOLFDEOHWHFKQLFDORUGHUV72 7DE5

WKURXJK5

%DVHGRQDQDO\VLVRIWKHHVFDSHV\VWHPDQGOLIHVXSSRUWHTXLSPHQWORFDWHGLQWKHGHEULVILHOGDQHMHFWLRQGLGQRWRFFXUDQGWKHUHIRUHWKHUHZDVQRRSSRUWXQLW\IRUWKH03WRXVHVXUYLYDOJHDURUOLIHVXSSRUWHTXLSPHQW7DE+WKURXJK+


20/40

)$711RYHPEHU

$GGLWLRQDOO\EDVHGRQIRUHQVLFDQDO\VLVRIWKHULJKWED\RQHWFOLSRIWKH03VKHOPHWUHFRYHUHGLQWKHGHEULVILHOGLWDSSHDUVWKH03KDGKLVR[\JHQPDVNRQDQGVHFXUHGDWWKHWLPHRILPSDFW7$%-DQGWKURXJK

J6HDUFKDQG5HVFXH6$5

$W/RQ1 RY$)5HVFXH&RRUGLQDWLRQ&HQWHUUHFHLYHGQRWLILFDWLRQRID QRYHUGXHDLUFUDIW, QLWLDORQVFHQHDQGVHDUFKDQGUHVFXHHIIRUWVZHUHFRQGXFWHGE\WKH0)/$ OHUW)$VDQGD.&$ODVND$LU1DWLRQDO*XDUG++VDQG+&VORFDWHGWKHFUDVKVLWHWKHIROORZLQJPRUQLQJ6$5WHDPDQDO\VLVRIWKHFUDVKVLWHGHWHUPLQHGWKDWWKH03GLGQRWHMHFWIURPWKHDLUFUDIW7DE$ $ 6LJQLILFDQWV QRZIDOOZ LWKV XEIUHH]LQJW HPSHUDWXUHVE HJDQW KHI ROORZLQJZ HHNFRYHULQJWKHDLUFUDIWZUHFNDJHDQGPDNLQJORFDWLRQDQGLGHQWLILFDWLRQRIDLUFUDIWZUHFNDJHPRUHGLIILFXOW7DE-

K5HFRYHU\RI5HPDLQV

-%(5SH UVRQQHOZ HUHU HVSRQVLEOHI RUU HFRYHU\R SHUDWLRQV &UDVKI LUH UHVFXHS HUVRQQHODQ GFLYLOH QJLQHHUVZ HUHS LYRWDOWR U HFRYHU\H IIRUWV5 HPDLQVZ HUH UHFRYHUHGG XULQJWK HLQ LWLDOUHFRYHU\EHJLQQLQJ1RYDQGDGGLWLRQDOO\ZKHQWKHUHFRYHU\WHDPUHFRQYHQHGDWWKHVLWHLQ0 D\7 KH UHPDLQVZ HUHW UDQVIHUUHGW R WKH $LU) RUFH ,QVWLWXWHRI 3 DWKRORJ\ $),30RUWXDU\$IIDLUV7$%&&

0$,17(1$1&(

D)RUPV'RFXPHQWDWLRQ

7KHU G 0DLQWHQDQFH* URXS- %(5P DLQWDLQHGW KHD LUFUDIWI RUPVI RUW KH0 $7 KH) $

DLUFUDIWPDLQWHQDQFHUHFRUGVDUHVWRUHGLQDQHOHFWURQLFPDQDJHPHQWGDWDEDVHUHIHUUHGWRDVWKH,QWHJUDWHG0DLQWHQDQFH,QIRUPDWLRQ6\VWHP,0,6,0,6WUDFNVDOOVFKHGXOHGDQGXQVFKHGXOHGPDLQWHQDQFHD FWLYLWLHV UHSDLUVD LUFUDIWI O\LQJ KRXUVP DLQWHQDQFHSH UVRQQHOD FWLYLW\D QG7HFKQLFDO2 UGHU 'DWD 72' $ G HWDLOHG GD\ PDLQWHQDQFHU HFRUGVU HYLHZL Q ,0,6 ZDVFRPSOHWHG7KHKLVWRULFDODLUFUDIWIRUPVUHYHDOHGQRPDMRUGRFXPHQWDWLRQHUURUV7DE'''

E,QVSHFWLRQV

7LPH& RPSOLDQFH7 HFKQLFDO2 UGHUV 7&72VDU HL QVSHFWLRQVR UP DLQWHQDQFHS URFHGXUHVUHTXLUHGEHIRUHVSHFLILFGDWHVRUIOLJKW1 R7&72VUHVWULFWHGWKH0$IURPIO\LQJ+ LVWRULFDOUHFRUGVO RFDWHGL Q ,0,6VKRZHGD OO7 &72 DFFRPSOLVKPHQW ,$: DSSOLFDEOHJ XLGDQFH7 KHUH

ZHUHQRRYHUGXHFRPSRQHQWWLPHFKDQJHVRU7&72V7DE'''

7KH0$IOHZIOLJKWVWRWDOLQJKRXUVZLWKLQGD\VRIWKHPLVKDS7KHUHZHUHQRPDMRUPDLQWHQDQFHGLVFUHSDQFLHVWKDWZRXOGKDYHSUHYHQWHGWKH0$IURPDFFRPSOLVKLQJWKHWUDLQLQJIOLJKWRQ 1 RY $ OVRKL VWRULFDO UHFRUGVGL GQRW U HYHDOD Q\ UHFXUULQJRU U HSHDWLQJPDLQWHQDQFHSUREOHPV7DE'


21/40

)$711RYHPEHU

$3 UH)OLJKW 35L VD I OLJKWSU HSDUHGQHVVL QVSHFWLRQSH UIRUPHGSU LRUWR I OLJKWD QGLV D Y DOLGLQVSHFWLRQIRUKRX UVRQFHFRPSOHWHG7 KH35L QVSHFWLRQLVJRYHUQHGE\72DQGLV

SHUIRUPHGLQDFFRUGDQFHZLWKWKH)$35LQVSHFWLRQ727 KHSXUSRVHRIWKLVLQVSHFWLRQLVWRYLVXDOO\L QVSHFWD QGR SHUDWLRQDOO\ YDOLGDWH YDULRXVDU HDV DQGV \VWHPVR IW KHDL UFUDIWL Q

SUHSDUDWLRQI RUD IO\LQJ SHULRG 7KHP DLQWHQDQFHW HFKQLFLDQ UHSRUWHGQ RG LVFUHSDQFLHVR Q 35SHUIRUPHGRQ1RY DW/DSSUR[LPDWHO\KRX UVSULRUWRW KHL QFLGHQW7KH3 5GLGQRWFRQWULEXWHWRWKHPLVKDS7DE''

F0DLQWHQDQFH3URFHGXUHV

7KHP RVWU HFHQWP DMRU PDLQWHQDQFHSU RFHGXUHSH UIRUPHGRQW KH0 $Z DVW KH& RQWUDFW) LHOG7HDPDFFRPSOLVKPHQWRI7&72)$RQWKURXJK2FW7KH7&72FRQVLVWHGRIP DLQWHQDQFHSHUIRUPHG RQERWKKRU L]RQWDOW DLOVXUIDFHV$ OOGRFXPHQWDWLRQZDV UHYLHZHG7KH7&72DFWLRQVGLGQRWFRQWULEXWHWRWKHPLVKDS7DE8WKURXJK8

$P DMRUP DLQWHQDQFH LQVSHFWLRQI RUW KH) $L V WKH3 DFNDJHG0 DLQWHQDQFH3 ODQ 303

FRQFHSW7 KH303LVVFKHGXOHGPDLQWHQDQFHWDVNVGHWHUPLQHGE\DLUIUDPHKRXUVVSHFLILHGE\72)$$FFRUGLQJWR72)$WKHILUVW303LVGXHDWWKHDLUIUDPHKRXUPDUN7KH0$ZDVQRWGXHIRULWVILUVW303IRUDQRWKHUKRXUV7KH303GLGQRWFRQWULEXWHWRWKHPLVKDS7DE'

G0DLQWHQDQFH3HUVRQQHODQG6XSHUYLVLRQ

7KHUG0DLQWHQDQFH*URXS-%(5PDLQWDLQHGWKH0$$OOSUHPLVVLRQDFWLYLWLHVZHUHQRUPDODQGDOOSHUVRQQHOLQYROYHGLQWKH35DQGODXQFKRIWKH0$ZHUHH[SHULHQFHGDQGFRPSHWHQW$WKRURXJKUHYLHZRIPDLQWHQDQFHWUDLQLQJUHFRUGVLQWKHHOHFWURQLF7UDLQLQJ%XVLQHVV$UHD$))RUP VD QG$ ) )RUP VU HYHDOHGD OOL QYROYHGSH UVRQQHOZ HUH SURSHUO\W UDLQHGD QG

TXDOLILHG7DE*

H)XHO+\GUDXOLFDQG2LO,QVSHFWLRQ$QDO\VHV

7KH)XHOV/DERUDWRU\IURP-%(5DQG(LHOVRQ$)%VHQWIXHOVDPSOHVWRWKH$LU)RUFH3HWUROHXP$JHQF\:ULJKW3DWWHUVRQ$)%2+,$:72%7KHWZR5UHIXHOWUXFNVIURP-%(5DQGIXHOVDPSOHVWDNHQIURPWKH.&DLUFUDIWWKDWUHIXHOHGWKH0$ZHUHVHQWIRUWHVWLQJ$OOIXHOVDPSOHVZHUHZLWKLQOLPLWVDQGZHUHVDWLVIDFWRU\IRUXVH7DE'WKURXJK'

7KHIROORZLQJDLUFUDIWJURXQGVXSSRUWHTXLSPHQWVDPSOHVZHUHWDNHQ 3RO\DOSKDROHILQ3$2K\GUDXOLFDQGRLOFDUW$OOVDPSOHVZHUHWHVWHGDQGIRXQGWREHZLWKLQOLPLWVDQGVDWLVIDFWRU\IRUXVH7DE'WKURXJK'

7KHL PSDFWGH VWUR\HGE RWKH QJLQHUHVHUYRLUV JHDUER[HV DQGRW KHUF RQWDLQHUVW KDWKH OG3 $2K\GUDXOLFDQGRLOIOXLGSUHYHQWLQJSRVWLPSDFWVDPSOHUHWULHYDO

I8QVFKHGXOHG0DLQWHQDQFH

5HYLHZRIWKHPDLQWHQDQFHUHFRUGVIRU0$LQGLFDWHVWKDWERWKHQJLQHVZHUHUHSODFHGRQHZHHNEHIRUHW KHP LVKDS E\W KH UG0 DLQWHQDQFH* URXSDW -%(57 KH H QJLQH ( UHTXLUHG


22/40

)$711RYHPEHU

UHPRYDO EHFDXVHW KHHQJLQHRLOV DPSOHV KRZHGKLJKLURQGXU LQJ DURXWLQHRL ODQDO\VLVVDPSOH7KHHQJLQH(UHTXLUHGUHPRYDOWRFRPSOHWHDKHDWH[FKDQJHUWLPHFKDQJHUHSODFHPHQW7KH(&6EOHHGDLUGXFWGLVFRQQHFWLRQDQGUHFRQQHFWLRQZHUHSHUIRUPHGGXULQJHQJLQHUHPRYDODQGL QVWDOODWLRQW DVNV $ M RXUQH\PDQW HFKQLFLDQD FUDIWVPDQW HFKQLFLDQD QGD 4 XDOLW\

$VVXUDQFH4$LQVSHFWRUSHUIRUPHGHQJLQHED\LQVSHFWLRQVRQERWKOHIWDQGULJKWVLGHVZLWKQRGHIHFWVQRWHG )ROORZLQJHQJLQHLQVWDOODWLRQVDMRXUQH\PDQWHFKQLFLDQDFUDIWVPDQWHFKQLFLDQDQGD4$LQVSHFWRUYHULILHGLQVWDOODWLRQZLWKQRGHIHFWVQRWHG(QJLQHRSHUDWLRQDOFKHFNVZHUHDFFRPSOLVKHGZLWKQRPDLQWHQDQFHLVVXHVUHSRUWHG1RRWKHU(&6PDLQWHQDQFHZDVSHUIRUPHGRQWKH0$ZLWKLQWKHGD\PDLQWHQDQFHUHYLHZ7DE-$OOPDLQWHQDQFHDFWLRQVZHUHLQRUGHUDSSURSULDWHDQGGLGQRWFRQWULEXWHWRWKHPLVKDS

$,5)5$0(0,66,/(2563$&(9(+,&/(6


23/40

)$711RYHPEHU

(QJLQHV

7KH&608PLVKDSGDWDLQGLFDWHGERWKHQJLQHVUHVSRQGHGWRSLORWLQSXWDQGRSHUDWHGQRUPDOO\WKURXJKRXWW KHI OLJKW HQYHORSH % RWKH QJLQHV ZHUH3 UDWW DQG: KLWQH\ 3: )3:

WXUERIDQHQJLQHV7KHHQJLQH3:(KDGKRXUV7KHHQJLQH3:(KDGKRXUV7KHUHZHUHQRRYHUGXHLQVSHFWLRQVRUWLPHFKDQJHVRQHLWKHUHQJLQH7$%''-

+\GUDXOLF3RZHU6\VWHP

7KH&608PLVKDSGDWDLQGLFDWHGQRUPDORSHUDWLRQRIWKHK\GUDXOLFSRZHUV\VWHP7$%-

)XHO6\VWHP5HYLHZRIWKH&608PLVKDSGDWDUHYHDOHGQRUPDOIXHOV\VWHPSHUIRUPDQFHDVGHVLJQHGGXULQJ

QRUPDOIOLJKWRSHUDWLRQVDQGHPHUJHQF\RSHUDWLRQV7$%-

(QYLURQPHQWDO&RQWURO6\VWHP

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

GDWDUHYHDOHGWKH(&6SHUIRUPHGDVGHVLJQHGWKURXJKRXWWKHIOLJKW(VFDSH6\VWHP

7KH &608GD WDV KRZHGWKDWW KHFDQRS\Z DVG RZQD QGWKHV HDWD UPHGI RUW KHH QWLUHP LVKDSIOLJKW 3K\VLFDOHYLGHQFHRIW KHUHFRYHUHGFRPSRQHQWVFRQFOXGHGWKH FDQRS\ZDVLQWKHGRZ QDQGORFNHGSRVLWLRQDQGWKHHMHFWLRQVHTXHQFHZDVQRWLQLWLDWHGSULRUWRLPSDFW7$%+

,QWHJUDWHG9HKLFOH6XEV\VWHP&RQWUROOHU

7KH ,96&S URYLGHV FRQWUROD QGRUP RQLWRULQJ RI DOOD LUFUDIWX WLOLWLHVD QGV XEV\VWHPVLQ D FHQWUDOL]HGF RPSXWHUV \VWHP7 KH IROORZLQJL V DQD QDO\VLVRI W KH ,96&IDXOWGD WD %RWKW KHPLVKDSD QG$ 387LPH +LVWRU\ $7I LOHG DWD ZHUHX VHGI RUWK LVD QDO\VLV 7KHP LVKDSGD WDFRQWDLQHGWKUHH*OREDO0DQDJHUUHSRUWHGIDXOWV

'DWD7UDQVIHU0DVV0HPRU\9LGHR5HFRUGHU1RW

5HVSRQGLQJRQWKH$YLRQLFV6\VWHP%XV% (&6$LU&RROHG$YLRQLFV0DQLIROG'HOWD3UHVVXUH (&6:DUP$LU0DQLIROG'HOWD3UHVVXUH


24/40

)$711RYHPEHU

7KHVHIDXOWVGLGQRWFRQWULEXWHW RWKHPLVKDS $OO ,96&DVVHPEOLHVDS SHDUWRK DYHE HHQI XOO\RSHUDWLRQDOWKURXJKRXWWKH06DQGGLGQRWFRQWULEXWHWRWKHPLVKDS7$%-

E(YDOXDWLRQDQG$QDO\VLV

(PHUJHQF\2[\JHQ6\VWHP$QDO\VLVZ DVFR QGXFWHG WRGHWHUPLQHLIWK H (26DFKLHYHGD FWLYDWLRQDQ GL IW KH 03V R[\JHQPDVNZ DV VHFXUHG DWW KHW LPHRI J URXQGL PSDFW9 DULRXVF RPSRQHQWVI URPW KH( &6( 262%2*6DQGDSRUWLRQRIWKH03VKHOPHWWKDWLQFOXGHGRQHED\RQHWUHFHLYHUZHUHVXEPLWWHGWRWKH$ LU) RUFH5 HVHDUFK /DERUDWRU\0 DWHULDOV ,QWHJULW\ %UDQFK $)5/5;6$I RUHY DOXDWLRQ%DVHGRQWKHUHSRUWILQGLQJVWKH(26GLGQRWDFWLYDWHDQGWKH03VR[\JHQPDVNED\RQHWZDVXSDQGVHFXUHGLQSODFHDWW KHW LPHRI JURXQGLPSDFW 7$%-W KURXJK 'XHW RWKHVHYHUH

EUHDNXS RIW KH 0$W KHI ROORZLQJL WHPVZ HUHQRW U HFRYHUHGD QGW KHUHIRUHQRW D YDLODEOHI RUDQDO\VLVOHIWVLGHED\RQHW03VR[\JHQPDVNDQGHMHFWLRQVHDW(26DVVHPEO\

&DQRS\6HDO$QWL*VXLW$LU5HJXODWLQJ9DOYH

7KHFDQRS\VHDODQWL*VXLWUHJXODWLQJYDOYHLVPDQXIDFWXUHGE\+RQH\ZHOO$HURVSDFHDQGZDVDQDO\]HGE\D+ RQH\ZHOO$HURVSDFHLQYHVWLJDWRU7 KLVDQDO\VLVZDVFRQGXFWHGWRG HWHUPLQHLIWKHFDQRS\VHDODQGDQWL*VXLWDLUUHJXODWLQJYDOYHZHUHSURSHUO\IXQFWLRQLQJSULRUWRLPSDFW'XHWREOHHGDLUSUHVVXUHORVVFDXVHGE\WKH&%/(('+27FDXWLRQ,&$:WKHYDOYHUHPDLQHGRSHQDVGHVLJQHG7KHYDOYHGLGQRWFRQWULEXWHWRWKHPLVKDS7DE'

2Q%RDUG2[\JHQ*HQHUDWLRQ6\VWHP

+RQH\ZHOO$HURVSDFHPDQXIDFWXUHVWKH2%2*6XQLW7KHXQLWZDVHYDOXDWHGE\WKH+XPDQ

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

*DV&KURPDWRJUDSK$QDO\VLV

)RUHQVLFVZDEFROOHFWLRQZDVSHUIRUPHGRQWKH&58%UHDWKLQJ5HJXODWRU$QWL*%5$*

YDOYHFDQRS\VHDODQWL*VXLWDLUUHJXODWLQJYDOYHDQWLJVXLWFRQQHFWRU2EXONKHDGILWWLQJ2%2*6FRQQHFWRUILWWLQJDQG2%2*6SUHVVXUHUHJXODWRU7KHVHVDPSOHVZHUHDQDO\]HGE\WKH8QLYHUVLW\RI'D\WRQ7KH%5$*YDOYHGU\VZDEFRQWDLQHGWKHSUHVHQFHRIPDWHULDOVWKDWDUHFRPSRQHQWVRIMHWIXHO7KH%5$*YDOYHUHFRYHU\ORFDWLRQDQGH[SRVXUHWRWKHHQYLURQPHQWXSRQLPSDFWFDXVHGVHFRQGDU\FRQWDPLQDWLRQ7$%-WKURXJK&&$OORWKHUFRPSRQHQWVWHVWHGZHUHGHWHUPLQHGWRKDYHPHGLFDOO\LQVLJQLILFDQWFRQWDPLQDQWV7DE&&7KHUHIRUHFRQWDPLQDWLRQGLGQRWFRQWULEXWHWRWKHPLVKDS


25/40

)$711RYHPEHU

:($7+(5

D)RUHFDVW:HDWKHU

7KHZ HDWKHUI RUHFDVWI RU- %(5RQ1 RY SU HGLFWHGD V FDWWHUHG FORXGO D\HUDW IW DERYHJURXQGOHYHO$*/XQOLPLWHGYLVLELOLW\ZLQGVDWGH JUHHVDWNQRWVJXVWLQJWR NQRWVOLJKWWXUEXOHQFHIURPVXUIDFHWRIWDQGDPLQLPXPDOWLPHWHUVHWWLQJRILQFKHVRIPHUFXU\7KHUHZDVDWHPSRUDU\IRUHFDVWXQWLO/IRUZLQGVWREHGHJUHHVDWNQRWVJXVWLQJXSW RNQRWVD QGGH FUHDVLQJWRNQR WVD W/ 7DE) $GGLWLRQDOO\W KHUHZHUHZHDWKHUZDUQLQJVIRUZLQGJXVWVDWNQRWVEXWOHVVWKDQNQRWVDQGZLQGVKHDUDWIWDWGHJUHHVDWNQRWVXQWLO/7DE)

7KHZHDWKHUIRUHFDVWLQWKH'LFH02$SUHGLFWHGVFDWWHUHGFORXGVDWIWDQGIW$*/VWDWXWHPLOHVRIYL VLELOLW\ZLQGVD WI HHWRXWRIW KHQRUWKD W NQRWVD QGW KHFRQWUDLO

OHYHOI URPW R I W 7KHP RRQULVH ZDVD W / DQGW KH LOOXPLQDWLRQZ DV7DE)

E2EVHUYHG:HDWKHU

7KHVRUWLHVHDUOLHUWKDWGD\ZHUHFDQFHOHGGXHWRFURVVZLQGVRXWRIOLPLWVDQGWKHQLJKWVRUWLHVZHUHGHOD\HGE\PLQXWHVXQWLOWKHZLQGVZHUHZLWKLQOLPLWV 7DE5WKURXJK5 7KHREVHUYHG ZHDWKHU DW- %(5D WW DNHRIIW LPH ZDV DVI ROORZVZ LQGV DW GH JUHHV DWNQRW VJXVWLQJXSW RNQRW V P LOHVRI YL VLELOLW\F OHDUVNLHVD QG D PLQLPXPDOWLPHWHUVHWWLQJR ILQFKHVRIPHUFXU\7DE))URPSLORWWHVWLPRQLHVWKHUHZDVQRDGYHUVHZHDWKHULQWKHDLUVSDFHZLWKFOHDUVNLHVJRRGLOOXPLQDWLRQDQGRQHRIWKHQLFHVW QLJKWVRIWKHZLQWHU7DE5

WKURXJK5

F6SDFH(QYLURQPHQW

1RWDSSOLFDEOH

G2SHUDWLRQV

:HDWKHUGLGQRWDIIHFWRSHUDWLRQVDQGZDVQRWFRQWULEXWRU\WRWKHPLVKDS

&5(:48$/,),&$7,216

D0LVKDS3LORW

7KH03ZDVDFXUUHQWDQGTXDOLILHG,3DQGPLVVLRQFRPPDQGHU0&ZLWKKRXUVLQWKH)$KRXUVDVDQ,3DQGWRWDOKRXUVLQILJKWHUDLUFUDIW3ULRUWRKLVDVVLJQPHQWWRWKH)$WKH03DFFXPXODWHGKRXUVDVD)/LQWKH)&7KH03KDG19*KRXUVLQWKH)$WRWDO19*KRXUVDQGWRWDOQLJKWKRXUV7DE**WKURXJK*


26/40

)$711RYHPEHU

7KH 03Z DVU HFRJQL]HGW KURXJKRXWKL VF DUHHUI RUH [FHSWLRQDOSH UIRUPDQFH +HU HFHLYHGQXPHURXVDFFR ODGHVDQ GDZ DUGV LQFOXGLQJ 'LVWLQJXLVKHG *UDGXDWH$ (7&& RPPDQGHUV7URSK\ZLQQHUDQG)O\LQJ([FHOOHQFH$ZDUGZLQQHUIURP8QGHUJUDGXDWH3LORW7UDLQLQJ7RS2YHUDOO*UDGXDWHDQG'LVWLQJXLVKHG*UDGXDWHIURP)&)LJKWHU7UDLQLQJDQGPRVWUHFHQWO\

)6)OLJKW/HDGRIWKH


27/40

)$711RYHPEHU

0(',&$/

D4XDOLILFDWLRQV0LVKDS3LORW

$U HYLHZR IW KH0 3VP HGLFDOU HFRUGV KRZHGKH ZDVPH GLFDOO\T XDOLILHGI RUI OLJKWD QGZRUOGZLGHGXW\+LVPRVWUHFHQWDQQXDOIOLJKWSK\VLFDODQG3HULRGLF+HDOWK$VVHVVPHQWZHUHERWKSHUIRUPHGRQ1RY1RZDLYHUVZHUHLGHQWLILHG7DE;

E+HDOWK

0HGLFDOUHFRUGV DQGLQGLYLGXDOKL VWRU\U HYHDOHGWKH0 3ZDVL Q JRRGKH DOWK $IWHUWKRURXJKO\UHYLHZLQJW KHP DWHULDO GHVFULEHGDE RYHW KHUH ZDVQ RHY LGHQFHW KDWD Q\ SUHH[LVWLQJ PHGLFDOFRQGLWLRQFRQWULEXWHGWRWKLVPLVKDS7DE;

F3DWKRORJ\

7KHSDUWLDOUHPDLQVRIWKH03ZHUHUHFRYHUHGDQGSRVLWLYHO\LGHQWLILHG,QMXULHVVXVWDLQHGE\WKH03ZHUHFRQVLVWHQWZLWKWKHQDWXUHRIWKHPLVKDS7KH03GLHGLQVWDQWO\XSRQLPSDFW7DE;7R[LFRORJ\W HVWLQJZ DVSH UIRUPHGRQ W KH0 3) / /LIH6 XSSRUW DQG JURXQGV XSSRUW

SHUVRQQHO6DPSOHVZHUHVXEPLWWHGWRWKH$),3IRUDQDO\VLV$OOUHVXOWVZHUHQHJDWLYHZLWKWKHH[FHSWLRQRIRQHFLYLOLDQDQGRQHDFWLYHGXW\PDLQWHQDQFHPHPEHUZKRHDFKWHVWHGSRVLWLYHIRUDVLQJOHV XEVWDQFH )XUWKHU LQYHVWLJDWLRQU HYHDOHGERW KL QGLYLGXDOVKHOGYD OLGSU HVFULSWLRQVD QGDSSURSULDWHGLDJQRVHVIRUW KHPHGLFDWLRQGHWHFWHGGXULQJWHVWLQJ' UXJXVH ZDVQRWDI DFWRULQWKHPLVKDS7DE;

G/LIHVW\OH

1ROLIHVW\OHIDFWRUVZHUHIRXQGWREHUHOHYDQWWRWKHPLVKDS

H&UHZ5HVWDQG&UHZ'XW\7LPH

$OO$ LU) RUFHS LORWVDU HU HTXLUHGW RK DYH FUHZU HVW ,$:$ ), 9 ROSU LRUW RSHUIRUPLQJLQIOLJKWGXWLHV $),V WDWHVL QS DUW$LU )RUFH DLUFUHZVU HTXLUH DWO HDVW KRXUVR IF RQWLQXRXVU HVWIXOD FWLYLWLHVL QFOXGLQJ DQRSSRU WXQLW\ IRUD WO HDVWKRXU VR IXQLQWHUUXSWHGVOHHSGXULQJWKHKRXUVLPPHGLDWHO\SULRUWRWKH)'3)OLJKW'XW\3HULRG7KHFUHZUHVWSHULRGLVQRUPDOO\DPLQLPXPKRXUQRQGXW\SHULRGEHIRUHWKH)'3EHJLQV,WV

SXUSRVHLVWR HQVXUHWKH DLUFUHZPHPEHULVDGHTXDWHO\ UHVWHGEH IRUHSHUIRUPLQJIOLJKWRUIOLJKWUHODWHGGXWLHV &UHZ UHVWLV I UHHWLPH ZKLFKLQ FOXGHVWLPHI RUPHDOVWU DQVSRUWDWLRQD QGUHVW5HVWLVGHILQHGDVDFRQGLWLRQWKDWDOORZVDQLQGLYLGXDOWKHRSSRUWXQLW\WRVOHHS7DE%%7KHUHL VQRHY LGHQFHW R VXJJHVWLQDGHTXDWHFUHZU HVWZDVDI DFWRUL QWKLVPLVKDS 7DE5 WKURXJK5


28/40

)$711RYHPEHU

23(5$7,216$1'683(59,6,21

D2SHUDWLRQV

7KH )6 GLG QRW KDYH DQHOHYDWHGRSHUDWLRQVW HPSR LQWKH PRQWKO HDGLQJXSW RWKH PLVKDS7KHVTXDGURQKDG FRPSOHWHGD8QLW&RPSOLDQFH,QVSHFWLRQLQ2FW DQGZDVQRWVFKHGXOHGWRGHSOR\XQWLO-DQ$OOZLWQHVVHVGHVFULEHGWKHRSHUDWLRQVWHPSRDVDYHUDJHDQGDVVHUWHGWKDWLWGLG QRWQHJDWLYHO\DIIHFWWKHLUDELOLW\WRSHUIRUPWKHPLVVLRQ 2SHUDWLRQVWHPSRZDVQRWFRQWULEXWRU\WRWKLVPLVKDS7DE9

E6XSHUYLVLRQ

7KH 06 ZDVI ORZQD VV FKHGXOHGD QG SODQQHG ZLWK RQO\P LQRUG HYLDWLRQVGX H WRD GHOD\HGWDNHRII7KHVTXDGURQFRPPDQGHUZDVWKH,3RIUHFRUG IRUWKH06DQGQRWHGWKDWDOOVDIHW\RIIOLJKWL WHPVZ HUHF RYHUHGW KRURXJKO\L QW KHP LVVLRQEU LHI 7DE5 6XSHUYLVLRQZ DV QRWFRQWULEXWRU\WRWKLVPLVKDS

+80$1)$&7256

$),6DIHW\,QYHVWLJDWLRQVDQG5 HSRUWV6HSWHPEHU$WWDFKPHQWF RQWDLQVWKH'HSDUWPHQWRI'HIHQVH+XPDQ)DFWRUV$QDO\VLVDQG&ODVVLILFDWLRQ6\VWHPZKLFKOLVWVSRWHQWLDOKXPDQIDFWRUVWKDWFDQSOD\DUROHLQDLUFUDIWPLVKDSV7DE%%7KHIROORZLQJKXPDQIDFWRUVZHUHUHOHYDQWWRWKLVPLVKDS

D&DXVDO

3&&KDQQHOL]HG$WWHQWLRQ

&KDQQHOL]HGD WWHQWLRQL VD I DFWRUZ KHQW KHL QGLYLGXDOL VI RFXVLQJD OOF RQVFLRXVD WWHQWLRQRQD OLPLWHGQXPEHURIHQYLURQPHQWDOFXHVWRWKHH[FOXVLRQRIRWKHUVRIDVXEMHFWLYHO\HTXDORUKLJKHURUPRUHLPPH GLDWHSULRULW\OHDGLQJWR DQX QVDIHVLWXDWLRQ 7KLVIDFWRU PD\ EHGHVFULEHGDVD WLJKWIRFXVRIDWWHQWLRQWKDWOHDGVWRWKHH[FOXVLRQRIFRPSUHKHQVLYHVLWXDWLRQDOLQIRUPDWLRQ7DE%%,QWKH)$(PHUJHQF\3URFHGXUHV2%2*6)$,/FKHFNOLVWWKHSLORWLVWRDFWLYDWHWKH(26LIKHLVH[SHULHQFLQJK\SR[LDRURWKHUSK\VLRORJLFDOV\PSWRPV6HYHUHO\UHVWULFWHGEUHDWKLQJLVD

SK\VLRORJLFDOV\PSWRPZKLFKZRXOGKDYHSURPSWHGWKH03W RDFWLYDWHWKH(26KRZHYHUSRVWPLVKDSIRUHQVLFDQDO\VLVGHWHUPLQHGWKH(26ZDVQRWDFWLYDWHG7DE-

7KH03GLVSOD\HGFKDQQHOL]HGDWWHQWLRQZKHQWKH2%2*6VWRSSHGDLUIORZWRWKH03VR[\JHQPDVNDQGFDXVHGVHYHUHUHVWULFWLYHEUHDWKLQJ %DVHGRQWKHVHTXHQFHRIHYHQWVWKHIDFWWKDWWKH(26ZDVQHYHUDFWLYDWHGDQGWKHIDFWWKH03VR[\JHQPDVNZDVXSDQGVHFXUHGLWZDVPRVWOLNHO\WKH03FKDQQHOL]HGKLVDWWHQWLRQRQUHVWRULQJDLUIORZWRKLVR[\JHQPDVN


29/40

)$711RYHPEHU

'XULQJWKHVHTXHQFHRIHYHQWVWKHSLORWH[SHULHQFHGDGLVFHUQLEOHGHJUHHSHUVHFRQGUROOUDWHDGLVFHUQLEOHO LQHDUD FFHOHUDWLRQFKDQJHDQGO HVVW KDQJ 7DE(( 7KHVHIRUFHV ZHUHZHOODERYHWKHPLQLPDOO\GHWHFWLEOHWKUHVKROGVDQGVKRXOGKDYHEHHQUHFRJQL]HGE\WKH037DE&& +RZHYHUGXHW RFKDQQHOL]HGD WWHQWLRQWKH03DS SHDUHGXQDZDUHR IWKHVHGLVFHUQLEOH

VWLPXOL7KH03VFKDQQHOL]HGDWWHQWLRQFDXVHGDEUHDNGRZQLQKLVYLVXDOVFDQ7KLVGHOD\HGUHFRJQLWLRQRIWKH0$VDWWLWXGHDQGWKHUHE\GHOD\HGWKHFRUUHFWLYHDFWLRQVQHFHVVDU\WRUHFRYHUWKH0$

$(%UHDNGRZQLQ9LVXDO6FDQ

%UHDNGRZQL QYL VXDOV FDQL VD IDFWRUZ KHQW KHL QGLYLGXDOI DLOVW RHI IHFWLYHO\H[ HFXWHOHDUQHGSUDFWLFHGLQWHUQDORUH[WHUQDOYLVXDOVFDQSDWWHUQV7KHEUHDNGRZQFDQOHDGWRDQXQVDIHVLWXDWLRQ7DE%%

$W/LQWHQWLRQDOIOLJKWFRQWUROLQSXWVVWRSSHGDQGGLGQRWUHVXPHIRUDSSUR[LPDWHO\VHFRQGV 'XULQJW KLVS HULRGW KH0 $SH UIRUPHGD GH JUHH ULJKWU ROOD QGL QFUHDVHGW R GHJUHHV1' 7DE(( +DGW KH03F RQWLQXHGWRSHUIRUP DQHI IHFWLYH YLVXDOV FDQKHZ RXOGKDYHU HFRJQL]HGW KHXQXV XDOD WWLWXGHRI W KH0 $D QG ZRXOGKD YH KDG DGHTXDWHW LPHW RW DNHFRUUHFWLYHDFWLRQV

3&6SDWLDO'LVRULHQWDWLRQ7\SH8QUHFRJQL]HG

6SDWLDO'LVRULHQWDWLRQLVDIDLOXUHWRFRUUHFWO\VHQVHDSRVLWLRQPRWLRQRUDWWLWXGHRIWKHDLUFUDIWRURI RQH VHOI ZLWKLQW KHIL[HGFRRUGLQDWHV \VWHPSU RYLGHGE \WKHV XUIDFHRI W KHH DUWK DQGW KHJUDYLWDWLRQDOYHUWLFDO6SDWLDO'LVRULHQWDWLRQ7\SH8QUHFRJQL]HGLVD IDFWRUZKHQDSHUVRQV

FRJQLWLYHDZ DUHQHVVR IR QHR UP RUH RIWK HI ROORZLQJY DULHVI URPU HDOLW\D WWLWXGH SRVLWLRQYHORFLW\ GLUHFWLRQRI P RWLRQRU D FFHOHUDWLRQ 3URSHUF RQWUROL QSXWVD UHQRW P DGHEH FDXVHWKHQHHGLVXQNQRZQ7DE%%

,$:WKH 2%2*6)$,/FKHFNOLVWWKH03ZDVLQDG HOLEHUDWHDQGFRQWUROOHGGHVFHQWWRDORZHUDOWLWXGHDIWHUWKHDVVHUWLRQRIWKH2%2*6)$,/FDXWLRQ,&$:+RZHYHUDW/WKH03LQSXW VWLFNDQ GS HGDO PRYHPHQWVI RU DSSUR[LPDWHO\ VHFRQGV FXOPLQDWLQJL QD GH JUHHGHVFHQGLQJU LJKW UROO 7DE (( $WW KH FRPSOHWLRQRI W KHVHV WLFND QGS HGDOLQ SXWVD WWLPH /WKH0$KDGUROOHGWKURXJKLQYHUWHGH[SHULHQFHGOHVVWKDQJRIJUDYLWDWLRQDOIRUFHWUDQVLWLRQHG IURPD5 :'W R/:'DWWLWXGHDQGV LJQLILFDQWO\L QFUHDVHGW KHG HVFHQWU DWHRIW KH0$

7KHIDFWWKDWWKH03ZHQWIURPDFRQWUROOHGIOLJKWUHJLPHWRDQXQXVXDODWWLWXGHDQGGLGQRWWDNHFRUUHFWLYHD FWLRQVI RU V HFRQGVV XJJHVWVKH KDGXQU HFRJQL]HGV SDWLDOGL VRULHQWDWLRQ $W/WKH03UHFRJQL]HGWKH0$VSRVLWLRQDQGDWWHPSWHGWRSHUIRUPDGLYHUHFRYHU\E\

SXOOLQJDIWRQW KH VWLFN SURGXFLQJD J SXOOX SP DQHXYHU 7KH0 $L PSDFWHGW KH JURXQG VHFRQGVODWHULQIOLFWLQJIDWDOLQMXULHVWRWKH03DQGGHVWUR\LQJWKH0$


30/40

)$711RYHPEHU

E&RQWULEXWRU\

232UJDQL]DWLRQDO7UDLQLQJ,VVXHV3URJUDPV

2UJDQL]DWLRQDO7UDLQLQJ,VVXHV3URJUDPVDUHDIDFWRUZKHQRQHWLPHRULQLWLDOWUDLQLQJSURJUDPVXSJUDGHSURJUDPVWUDQVLWLRQSURJUDPVRURWKHUWUDLQLQJWKDWLVFRQGXFWHGRXWVLGHWKHORFDOXQLWLVLQDGHTXDWHXQDYDLODEOHHWFFUHDWLQJDQXQVDIHVLWXDWLRQ)DLOXUHRID QLQGLYLGXDOWRDEVRUEWKHWUDLQLQJPDWHULDOLQDQ DGHTXDWHWUDLQLQJSURJUDPGRHVQRWLQGLFDWHDWUDLQLQJSURJUDPSUREOHP7DE%%

86$)DLUFUHZDUHKLJKO\WUDLQHGWRKDQGOHPXOWLSOHDQGRUVHYHUHDLUFUDIWHPHUJHQFLHVEXWQRWZLWKDOOIRUPVRISK\VLRORJLFDOGXUHVV$GGLWLRQDOO\WKH)6VXSHUYLVHGHPHUJHQF\SURFHGXUHWUDLQLQJ IRUW KHP RQWK RI1 RY L QFOXGHG DU HYLHZRI W KH& %/(('+ 27H PHUJHQF\

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

3(3HUVRQDO(TXLSPHQW,QWHUIHUHQFH

3HUVRQDO(TXLSPHQW,QWHUIHUHQFHLVDIDFWRUZKHQWKHLQGLYLGXDOVSHUVRQDOHTXLSPHQWLQWHUIHUHVZLWKQRUPDOGXWLHVRUVDIHW\7DE%%

7KH03ZDVZHDULQJ&$7,,,FROGZHDWKHUJHDUDQG19*VGXULQJWKH067DE+WKURXJK+*URXQGVLPXODWLRQGHPRQVWUDWHGUHGXFHGPRELOLW\LQWKHFRFNSLWGXHWRWKHEXONLQHVVRI&$7,,,JHDU$GGLWLRQDOO\WKH19*VKLWWKHFDQRS\LQWHUIHULQJZLWKWKHSLORWVDELOLW\WRORRNIURPVLGHWRVLGHDQGGRZQDWWKHFRQVROHV,QRUGHUWRREWDLQKHDGFDQRS\FOHDUDQFHWKHSLORWKDGW RVKLIWKL VW RUVRE \EU DFLQJKL PVHOIRQ YDULRXVDUHDVLQW KHFRFNSLW 7DE && 7 KHVH

EUDFLQJ DFWLRQVD QGOLPLWH GWD FWLOHV HQVDWLRQ GXHWR WK H& $7 ,,, JHDUG HPRQVWUDWHGK RZLQDGYHUWHQWIOLJKWFRQWUROLQSXWVFRXOGRFFXU

3(&RQWUROVDQG6ZLWFKHV

&RQWUROVDQG6ZLWFKHVLVDIDFWRUZKHQWKHORFDWLRQVKDSHVL]HGHVLJQUHOLDELOLW\OLJKWLQJRURWKHUDVSHFWRIDFRQWURORUVZLWFKLVLQDGHTXDWHDQGWKLVOHDGVWRDQXQVDIHVLWXDWLRQ7DE%%7KHODFNRIDLUIORZWRWKH03VR[\JHQPDVNDQGWKHIDFWWKDWWKHPDVNZDVXSDQGVHFXUHGLQ

SODFH DWW KHW LPHR IL PSDFWV XJJHVWVW KH0 3Z RXOGK DYHDW WHPSWHGW R DFWLYDWHW KH (26I RUFRQWLQXHGD LUIORZ+ RZHYHUD QDO\VLVRI W KH( 26I URPW KHZ UHFNDJHGH WHUPLQHGL WZ DVQRW DFWLYDWHG


31/40

)$711RYHPEHU

)$VWDWHV7RPDQXDOO\DFWLYDWHWKH(26SXOOWKHJUHHQULQJXSDQGRXWRIWKHUHWDLQLQJVORWDSSUR[LPDWHO\SRXQGSXO OWKHQSXOOGLUHFWO\IRUZDUGPLQLPL]LQJLQERDUGRXWERDUGDQGXSZDUGPRWLRQ 7KHSXOOIRUFHU HTXLUHGWRDFWLYDWHWKH(26PD\EHLQ H[FHVVRIO EV 7KHJUHHQULQJZLOOWUDYHODSSUR[LPDWHO\WZRLQFKHVDQGZLOOQRWUHOHDVHIURPWKHVHDWVLGH7KHUHLV

QRREYLRXVGHWHQWWRLQGLFDWHWKDWWKH(26KDVEHHQDFWLYDWHG7DE%%7KH$ )5/U HSRUWL GHQWLILHGW KDWL IW KH( 26Z HGJHEO RFNKD GEH HQL QFRUUHFWO\L QVWDOOHGW KHZHGJHEORFNZRXOGEHXQDEOHWRPRYHRUURWDWHGXULQJPDQXDO(26ULQJDFWLYDWLRQ +RZHYHUGXULQJ JURXQGV LPXODWLRQW KH ERDUG PHPEHUV ZHUH DEOHWR LQ LWLDWHWK H( 26LQ WKHL QFRUUHFWO\LQVWDOOHGSRVLWLRQ7DE8

)LJXUH7KHZHGJHEORFNLQVWDOOHGLQFRUUHFWO\UHGDUURZDQGFRUUHFWO\JUHHQDUURZ1RWLFHWKHSRVLWLRQ

RIWKHULQJZLWKLQWKHVHDWSXUSOHDUURZVEDVHGRQZHGJHEORFNSRVLWLRQ7DE=

'XULQJJURXQGVLPXODWLRQWKHPDQXDO(26DFWLYDWLRQULQJZDVXQVHDWHGDQGGURSSHGEHWZHHQWKHV HDWD QGFRQVROHS ULRUWR ( 26DFWLYDWLRQ7 KLVZ DVGRQHWRV LPXODWHD I DLOHGLQ LWLDOS XOO


32/40

)$711RYHPEHU

ZKLFKPD\KDYHRFFXUUHGIRUYDULRXVUHDVRQVLQFOXGLQJWKH(26DFWLYDWLRQULQJZDVGURSSHGRUWKH( 26F DEOHMD PPHGG XULQJD QD WWHPSWHGPD QXDOD FWLYDWLRQ 5HWULHYDOR IW KHUL QJIUR P

EHWZHHQW KHV HDWD QGF RQVROHZ RXOGEH GL IILFXOWEDVHGRQW KHV HDWSRV LWLRQQL JKWHQYLURQPHQWDQGZLWKSHUVRQDOHTXLSPHQWLQWHUIHUHQFHDVGLVFXVVHGLQWKHQH[WVHFWLRQ7DE&&

)LJXUH3LORWSXOOLQJ(26DFWLYDWLRQULQJ19*LQWHUIHULQJZLWK(26ULQJYLVXDOL]DWLRQ7DE&&DQG

7DE=

)LJXUH0DQXDO(26DFWLYDWLRQULQJIDOOHQEHORZOLSRIVHDW7DE&&DQG7DE=


33/40

)$711RYHPEHU

$(,QDGYHUWHQW2SHUDWLRQ

,QDGYHUWHQW2 SHUDWLRQL VD I DFWRUZ KHQL QGLYLGXDOVP RYHPHQWVL QDGYHUWHQWO\ DFWLYDWHRU

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

WKH\KDGQRFOHDUJRDORUREMHFWLYH

WKH\UHVXOWHGLQDQXQXVXDODWWLWXGH GXULQJJURXQGVLPXODWLRQZKHQWKHSLORWPHPEHUUHSRVLWLRQHGKLVWRUVRWRYLVXDOO\DFTXLUHWKHPDQXDO(26DFWLYDWLRQULQJKHLQDGYHUWHQWO\DFWXDWHGWKHVWLFNDQG

SHGDOV WKH03PDGHQRDWWHPSWWRFRUUHFWWKH0$VXQXVXDODWWLWXGHIRUVHFRQGVDIWHU

FRPSOHWLRQRIWKHVHLQSXWV7KHLQDGYHUWHQWRSHUDWLRQRIWKHIOLJKWFRQWUROVSODFHGWKH0$LQDQXQXVXDODWWLWXGHZKLFKZDVXQQRWLFHGE\WKH037KLVUHVXOWHGLQWKH03VXQUHFRJQL]HGVSDWLDOGLVRULHQWDWLRQW\SH

F1RQ&RQWULEXWRU\

$OOKXPDQIDFWRUVZHUHFRQVLGHUHGIRUWKHLUSRVVLEOHFRQWULEXWLRQWRWKHPLVKDSVHTXHQFH+LJKLQWHUHVWQRQFRQWULEXWRU\KXPDQIDFWRUVLQFOXGH

3&6XGGHQ,QFDSDFLWDWLRQ8QFRQVFLRXVQHVV

3&(IIHFWVRI*)RUFHV*/2&HWF

3&+\SR[LD6XGGHQL QFDSDFLWDWLRQXQFRQVFLRXVQHVVZ DVF RQVLGHUHGD VD SRV VLEOHKX PDQI DFWRU( YLGHQFHVXSSRUWVWKH03ZDVDFWLYHL QWKHFRFNSLWGXU LQJW KHPLVKDSVHTXHQFH7 KH0 3ZDVDFW LYHO\IO\LQJWKH0$GXULQJWKHUHMRLQPDQHXYHUZKHQKHGHOLEHUDWHO\SODFHGWKH0$LQDULJKWEDQNHGWXUQZLWKGH JUHHV1'$ GGLWLRQDOO\LQWHQWLRQDODIWVWLFNLQSXWVFRPPDQGLQJWKH0$L QWRD

JSXOOXSP DQHXYHURFFXUUHGV HFRQGVSULRUWRLPSDFWIXUWKHUGHPRQVWUDWLQJWKH03ZDVFRQVFLRXVO\I O\LQJ WKH 0$6 XGGHQL QFDSDFLWDWLRQXQFRQVFLRXVQHVVZ DV QRW DI DFWRULQ WK LVPLVKDS7KHHIIHFWVRI*)RUFHZDVFRQVLGHUHGDVDSRVVLEOHKXPDQIDFWRU7 KHUHMRLQPDQHXYHUZDVDORZJPDQHXYHUQRWH[FHHGLQJJXQWLOWKHJSXOOXSPDQHXYHUVHFRQGVSULRUWRLPSDFW5HYLHZRIWKH03VFHQWULIXJHWUDLQLQJWDSHGHPRQVWUDWHGDGHTXDWHDQWLJVWUDLQPDQHXYHUDQGD


34/40

)$711RYHPEHU

UHVWLQJ JW ROHUDQFH J) XUWKHUPRUHW KH0 3Z DVD KL JKO\W UDLQHGD QGH [SHULHQFHSL ORWIDPLOLDUZLWKDQGSK\VLRORJLFDOO\FRQGLWLRQHGWRWKHHIIHFWVRIKLJKJPDQHXYHULQJ7KHHIIHFWVRI*)RUFHV*/2&ZDVQRWDIDFWRULQWKLVPLVKDS

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

*29(51,1*',5(&7,9(6$1'38%/,&$7,216

D$YDLODEOH'LUHFWLYHVDQG3XEOLFDWLRQV5HOHYDQWWRWKH0LVKDS

$LU)RUFH3ROLF\'LUHFWLYH$)3'$LUFUDIW5XOHVDQG3URFHGXUHV-DQXDU\

$),&RPPDQG3ROLF\$SULO $),9ROXPH*HQHUDO)OLJKW5XOHV)O\LQJ2SHUDWLRQV $SULO $),$YLDWLRQ0DQDJHPHQW0DUFK $),2SHUDWLRQDO5LVN0DQDJHPHQW&RPPDQG3ROLF\ $SULO $)3$0*$ZDUHQHVVIRU$LUFUHZ 'HFHPEHUFHUWLILHGFXUUHQW

-DQXDU\ 72)$)OLJKW0DQXDO)$5DSWRU6HSWHPEHUFKDQJH

6HSWHPEHU

E2WKHU'LUHFWLYHVDQG3XEOLFDWLRQV5HOHYDQWWRWKH0LVKDS

$(7&+DQGRXW)O\LQJ7UDLQLQJ,QWURGXFWLRQWR$HURG\QDPLFV-DQXDU\ $LU)RUFH+DQGERRN9ROXPH)O\LQJ2SHUDWLRQV:HDWKHUIRU$LUFUHZV

0DUFK 72$HURVSDFH(TXLSPHQW0DLQWHQDQFH,QVSHFWLRQ'RFXPHQWDWLRQ

3ROLFLHV$QG3URFHGXUHV$SULO&KDQJH6HSWHPEHU

'HSDUWPHQWRI'HIHQVH+XPDQ)DFWRUV$QDO\VLVDQG&ODVVLILFDWLRQ6\VWHP-DQXDU\

127,&( 7KH$ ),VO LVWHGD ERYH DUHD YDLODEOHGL JLWDOO\RQW KH $) 'HSDUWPHQWDO3 XEOLVKLQJ2IILFHLQWHUQHWVLWHDWKWWSZZZHSXEOLVKLQJDIPLO


35/40

)$711RYHPEHU

F.QRZQRU6XVSHFWHG'HYLDWLRQVIURP'LUHFWLYHVRU3XEOLFDWLRQV

1RQH

$'',7,21$/$5($62)&21&(51

1RQH-XO\ -$0(66%52:1(%ULJ*HQ86$)

3UHVLGHQW$FFLGHQW,QYHVWLJDWLRQ%RDUG


36/40

)$711RYHPEHU

67$7(0(172)23,1,21

)$71

-2,17%$6((/0(1'25)5,&+$5'621$/$6.$

129(0%(5

8QGHU8 6& GDQ\ RSLQLRQRIW KH DFFLGHQWL QYHVWLJDWRUVDV W RW KHFDXVHRIRU W KHIDFWRUVFRQWULEXWLQJWRWKHDFFLGHQWVHWIRUWKLQWKHDFFLGHQWLQYHVWLJDWLRQUHSRUWLIDQ\PD\QRWEHFRQVLGHUHGDVHYLGHQFHLQDQ\FLYLORUFULPLQDOSURFHHGLQJDULVLQJIURPWKHDFFLGHQWQRUPD\VXFKLQIRUPDWLRQEHF RQVLGHUHGDQDGP LVVLRQRI OLDELOLW\RIWKH8QLWHG6WDWHVRUE\ DQ\SH UVRQUHIHUUHGWRLQWKRVHFRQFOXVLRQVRUVWDWHPHQWV

23,1,216800$5


37/40

)$711RYHPEHU

',6&866,212)23,1,21

D&DXVH

7KHUH DUHV HYHUDONH \O LQNVL QW KHF KDLQRI H YHQWVW KDWO HGW RW KLVP LVKDS) LUVWW KH0 $H[SHULHQFHGDPDOIXQFWLRQ7 KH& %/(('+27FDXWLRQ,&$:DVVHUWHGLQGLFDWLQJDEOHHGDLUOHDNLQWKHHQJLQHED\$FFRUGLQJWR))$DFDX WLRQ,&$:PHVVDJHZDUQVRIDQDLUFUDIWRSHUDWLRQWKDWFRXOGUHVXOWLQGDPDJHWRWKHDLUFUDIWDQGFRUUHFWLYHSURFHGXUHVPD\EHUHTXLUHG

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

SHGDOP RYHPHQWV $OWKRXJKW KHU HVXOWLQJU ROOU DWHO LQHDU DFFHOHUDWLRQ DQGO HVVW KDQ JJUDYLWDWLRQDOI RUFHVZ HUHDE RYHW KHS HUFHSWLEOHW KUHVKROGW KH0 3 H[SHULHQFHGXQU HFRJQL]HGVSDWLDOGLVRULHQWDWLRQFDXVHGE\WKHVHLQSXWVGXHWRFKDQQHOL]HGDWWHQWLRQ7KHUHVXOWLQJLQFUHDVHLQ1'DWWLWXGHGHFUHDVHGWKHWLPHDYDLODEOHWRUHFRYHUSULRUWRLPSDFW) LJXUH LOOXVWUDWHVWKHDFWXDOGHVFHQWUDWHRIWKH0$DORQJZLWKDSURMHFWHGGHVFHQWUDWHWKH03GHOLEHUDWHO\LQWHQGHG)RXUWKW KH0 3VF KDQQHOL]HGD WWHQWLRQ OHGW RD EU HDNGRZQL QYL VXDOV FDQ ,QD V LQJOHV HDWDLUFUDIWW KHSL ORWL VV ROHO\ UHVSRQVLEOH IRUP DLQWDLQLQJD LUFUDIWF RQWUROZ KLOHPD QDJLQJR WKHUFRFNSLWW DVNV $ FRQWLQXRXVF URVVFKHFNR IL QIOLJKWS DUDPHWHUVY LD FRFNSLWLQ VWUXPHQWVR URXWVLGHUHIHUHQFHVZRXOGKDYHDOHUWHGWKH03WRWKH0$VDWWLWXGHDQGLQFUHDVHGGHVFHQWUDWH)LIWKW KH03Z DVO DWHW RUHFRJQL]HWKHQ HFHVVLW\ IRU DGL YHU HFRYHU\ $W/WKH0 3LPSDFWHGWKHJURXQGEHFDXVHKLVFKDQQHOL]HGDWWHQWLRQDQGEUHDNGRZQLQYLVXDOVFDQUHVXOWHGLQXQUHFRJQL]HGVSDWLDOGLVRULHQWDWLRQ: KHQWKH 03UHFRJQL]HGWKH0$ DWWLWXGHDQG DOWLWXGHKHZDVEHORZPLQLPXPUHFRYHU\DOWLWXGH) LJXUHVKRZVWKHDFWXDOLQLWLDWLRQRIWKHDWWHPSWHGGLYHUHFRYHU\DOWLWXGHDORQJZLWKWKH)$PLQLPXPUHFRYHU\DOWLWXGH


38/40

)$711RYHPEHU

)LJXUH)OLJKWSURILOHVIRU06$FWXDOIOLJKWSURILOHEOXHPLQLPXPDOWLWXGHGLYHUHFRYHU\SURILOHUHG

DQGIOLJKWSURILOHZLWKRXWLQDGYHUWHQWIOLJKWFRQWUROLQSXWVJUHHQVKRZQ

E&RQWULEXWLQJ)DFWRUV

1XPHURXVDGGLWLRQDOIDFWRUVVXEVWDQWLDOO\FRQWULEXWHGWRWKLVPLVKDSLQFOXGLQJ

2UJDQL]DWLRQDO7UDLQLQJ,VVXHV

7KH0 3Z DVD Q H[SHULHQFHGI LJKWHUSL ORWD QG ZDV KLJKO\ WUDLQHGW RK DQGOHFR PSOH[DL UFUDIWHPHUJHQFLHV 7KH0 3 KDGU HFHQWO\U HYLHZHGW KHSU RFHGXUHVI RUW KH 0$P DOIXQFWLRQGXU LQJPRQWKO\6 XSHUYLVHG( PHUJHQF\3 URFHGXUH7 UDLQLQJ+ RZHYHUSU RFHGXUHW UDLQLQJ GRHVQRW VLPXODWHWK HS K\VLRORJLFDOV WUHVVRUVR IU HDOZ RUOGLQ IOLJKWD QGF RFNSLWF RQGLWLRQVGXU LQJHPHUJHQF\V LWXDWLRQVI RUH[ DPSOHU HVWULFWHGE UHDWKLQJ JUDYLWDWLRQDOI RUFHVFR FNSLW

SUHVVXUL]DWLRQHWF

5HFRYHUHGHYLGHQFHLQGLFDWHGWKH03VR[\JHQPDVNZDVXSD QGVHFXUHGLQSODFHDQGWKH03KDGQRWDFWLYDWHGWKH(26' XULQJWKH0 6WKH 03PRVWOLNHO\H[SHULHQFHGDV HQVHVLPLODUWR

VXIIRFDWLRQZKHQDLUIORZWRWKHR[\JHQPDVNVWRSSHG7KLVZDVOLNHO\WKH03VILUVWH[SHULHQFHXQGHUV XFKSK \VLRORJLFDO GXUHVV7 KHXQL TXHD QGD GGHGV WUHVVRI W KHEU HDWKLQJU HVWULFWLRQFRQWULEXWHGWRWKH03VFKDQQHOL]HGDWWHQWLRQ


39/40

)$711RYHPEHU

,QDGYHUWHQW2SHUDWLRQV

$W/WKH03EHJDQDVHFRQGVHULHVRIVWLFNDQGSHGDOPRYHPHQWVZKLFKUHVXOWHGLQWKHSUHYLRXVO\GLVFXVVHGXQXVXDODWWLWXGH7 KHERDUGGHWHUPLQHGWKHVHLQSXWVWREHLQDGYHUWHQW

EHFDXVHWKH\KDGQRGHOLEHUDWHJRDORUREMHFWLYH7KHPRYHPHQWVFDXVHG

x 7KH1'DWWLWXGHWRLQFUHDVHDFFHOHUDWLQJWKHGHVFHQWUDWHWRJUHDWHUWKDQIHHWSHUVHFRQG

x /HVVWKDQJJUDYLWDWLRQDOIRUFHLQWKHFRFNSLWx 5HYHUVHGWKH03VLQWHQGHGWXUQGLUHFWLRQZKLOHUROOLQJWKURXJKLQYHUWHGIOLJKW

,QDGGLWLRQWKHPRYHPHQWVZRXOGEHGLVRULHQWLQJGXULQJQLJKWWLPHIOLJKWFRQGLWLRQV7KHERDUGGHWHUPLQHGWK DWWK H0 3LQ DGYHUWHQWO\P DGHI OLJKWF RQWUROLQ SXWVZ KLOH DWWHPSWLQJWR UHVWRUHDLUIORZWRWKHR[\JHQPDVN

3HUVRQDO(TXLSPHQW,QWHUIHUHQFH

7KH03ZDVZHDULQJ&$7,,,FROGZHDWKHUJHDUDQG19*VGXULQJWKH06*URXQGVLPXODWLRQGHPRQVWUDWHGUHGXFHGPRELOLW\LQWKHFRFNSLWGXHWRWKHEXONLQHVVRI&$7,,,JHDU$GGLWLRQDOO\WKH19*VKLWWKHFDQRS\LQWHUIHULQJZLWKWKHSLORWVDELOLW\WRORRNIURPVLGHWRVLGHDQGGRZQDWWKHFRQVROHV,QRUGHUWRREWDLQKHDGFDQRS\FOHDUDQFHWKHSLORWKDGWRVKLIWKLVWRUVRE\EUDFLQJKLPVHOIRQYDULRXVDUHDVLQWKHFRFNSLW7KHVHEUDFLQJDFWLRQVDQGOLPLWHGWDFWLOHVHQVDWLRQGXHWRWKH&$7,,,JHDUGHPRQVWUDWHGKRZLQDGYHUWHQWIOLJKWFRQWUROLQSXWVFRXOGRFFXU

&RQWUROVDQG6ZLWFKHV

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

EDVHGRQWKHVHDWSRVLWLRQQLJKWHQYLURQPHQWDQGZLWKSHUVRQDOHTXLSPHQWLQWHUIHUHQFH


40/40

&21&/86,21

%\FO HDU DQGFR QYLQFLQJHY LGHQFH ,I LQGW KH FDXVHR IW KHP LVKDSZ DVW KH0 3V IDLOXUHW RUHFRJQL]HDQGLQLWLDWHDW LPHO\GLYHUHFRYHU\GXHWR FKDQQHOL]HGDW WHQWLRQEUHDNGRZQRIYLVXDO

VFDQD QGXQU HFRJQL]HGV SDWLDOGL VRULHQWDWLRQ )XUWKHU , ILQGE \SU HSRQGHUDQFHRI H YLGHQFHRUJDQL]DWLRQDOW UDLQLQJ LVVXHVL QDGYHUWHQWRSH UDWLRQVSH UVRQDOH TXLSPHQWL QWHUIHUHQFH DQGFRQWUROVVZLWFKHVZHUHIDFWRUVWKDWVXEVWDQWLDOO\FRQWULEXWHGWRWKHPLVKDS-XO\ -$0(66%52:1(%ULJ*HQ86$)

3UHVLGHQW$FFLGHQW,QYHVWLJDWLRQ%RDUG

8QGHU8 6& GDQ\ RSLQLRQRIW KHDF FLGHQWLQYHVWLJDWRUVDV W RW KHFDXVHRIRU W KHIDFWRUVFRQWULEXWLQJWRWKHDFFLGHQWVHWIRUWKLQWKHDFFLGHQWLQYHVWLJDWLRQUHSRUWLIDQ\PD\QRWEHFRQVLGHUHGDVHYLGHQFHLQDQ\FLYLORUFULPLQDOSURFHHGLQJDULVLQJIURPWKHDFFLGHQWQRUPD\VXFKLQIRUPDWLRQEHF RQVLGHUHGDQDGP LVVLRQRI OLDELOLW\RIWKH8QLWHG6WDWHVRUE\ DQ\SH UVRQUHIHUUHGWRLQWKRVHFRQFOXVLRQVRUVWDWHPHQWV

f22 crash report

Documents