1、%5,7,6+67$1$5 %6(1,62 ,QFRUSRUDWLQJ $PHQGPHQW1RWR %6,62 UHQXPEHUVWKH %6,62DV%6(1,62 3ODVWLFV3UHSDUDWLRQ RI39&SDVWHVIRUWHVW SXUSRVHV LVVROYHUPHWKRG 7KH(XURSHDQ6WDQGDUG(1,62KDVWKHVWDWXVRID %ULWLVK6WDQGDUG ,&6 NO COPYING WITHOUT BSI PERMISSION EXCEPT AS PERMITTED BY COPYRIGHT LAW%6(1,62 7KLV%ULWLVK6WDQ
2、GDUGKDYLQJ EHHQSUHSDUHGXQGHUWKH GLUHFWLRQRIWKH6HFWRU%RDUG IRU0DWHULDOVDQG&KHPLFDOV ZDVSXEOLVKHGXQGHUWKH DXWKRULWRIWKH6WDQGDUGV %RDUGDQGFRPHV LQWRHIIHFWRQ $SULO %6, ,6%1 1DWLRQDOIRUHZRUG 7KLV%ULWLVK6WDQGDUGLVWKH(QJOLVKODQJXDJHYHUVLRQRI(1,62 ,WLVLGHQWLFDOZLWK,62 7KH8.SDUWLFLSDWLRQLQLWVSUHSDUDWLRQZDVHQ
3、WUXVWHGWR7HFKQLFDO&RPPLWWHH 35,9LQOPDWHULDOVZKLFKKDVWKHUHVSRQVLELOLWWR DLGHQTXLUHUVWRXQGHUVWDQGWKHWHW SUHVHQWWRWKHUHVSRQVLEOHLQWHUQDWLRQDO(XURSHDQFRPPLWWHHDQ HQTXLULHVRQWKHLQWHUSUHWDWLRQRUSURSRVDOVIRUFKDQJHDQGNHHSWKH8. LQWHUHVWVLQIRUPHG PRQLWRUUHODWHGLQWHUQDWLRQDODQG(XURSHDQGHYHORSPHQWVDQG SURPXOJDW
4、HWKHPLQWKH8. $OLVWRIRUJDQLDWLRQVUHSUHVHQWHGRQWKLVFRPPLWWHHFDQEHREWDLQHGRQ UHTXHVWWRLWVVHFUHWDU &URVVUHIHUHQFHV 7KH%ULWLVK6WDQGDUGVZKLFKLPSOHPHQWLQWHUQDWLRQDORU(XURSHDQ SXEOLFDWLRQVUHIHUUHGWRLQWKLVGRFXPHQWPDEHIRXQGLQWKH%6,6WDQGDUGV &DWDORJXHXQGHUWKHVHFWLRQHQWLWOHG,QWHUQDWLRQDO6WDQGDUGV&RUUHVSRQGHQFH
5、,QGHRUEXVLQJWKH)LQGIDFLOLWRIWKH%6,6WDQGDUGV(OHFWURQLF &DWDORJXH $%ULWLVK6WDQGDUGGRHVQRWSXUSRUWWRLQFOXGHDOOWKHQHFHVVDUSURYLVLRQVRI DFRQWUDFW8VHUVRI%ULWLVK6WDQGDUGVDUHUHVSRQVLEOHIRUWKHLUFRUUHFWDSSOLFD WLRQ &RPSOLDQFHZLWKD%ULWLVK6WDQGDUGGRHVQRWRILWVHOIFRQIHULPPXQLW IURPOHJDOREOLJDWLRQV 6XPPDURISDJHV 7K
6、LVGRFXPHQWFRPSULVHVDIURQWFRYHUDQLQVLGHIURQWFRYHUSDJHVLDQGLLWKH (1,62WLWOHSDJHWKH(1,62IRUHZRUGWKH,62WLWOHSDJHSDJHLLSDJHV WRDQLQVLGHEDFNFRYHUDQGDEDFNFRYHU 7KH%6,FRSULJKWQRWLFHGLVSODHGLQWKLVGRFXPHQWLQGLFDWHVZKHQWKH GRFXPHQWZDVODVWLVVXHG $PHQGPHQWVLVVXHGVLQFHSXEOLFDWLRQ $PG1R DWH &RPPHQWV HFHPEHU 5HQXPE
7、HUV%6,62DV %6(1,62 %6(1,62 %6, L &RQWHQWV 3DJH 1DWLRQDO)RUHZRUG ,QVLGHIURQWFRYHU )RUHZRUG LL 6 F R S H 1RUPDWLYHUHIHUHQFHV 3ULQFLSOH $SSDUDWXVDQGPDWHULDOV 6DPSOLQJDQGFRQGLWLRQLQJ &RPSRVLWLRQRISDVWH 3DVWHSUHSDUDWLRQ 3DVWHSUHSDUDWLRQUHSRUW $QQH=$QRUPDWLYH1RUPDWLYHUHIHUHQFHVWR,QWHUQDWLRQDOSXEOLFDWLRQV
8、ZLWKWKHLUUHOHYDQW(XURSHDQSXEOLFDWLRQV )LJXUHLVVROYHUGRXEOHGZDOOHG )LJXUHLVVROYHUGLVF 7DEOHLPHQVLRQVRIGLVVROYHUDQGPLLQJYHVVHO LL EODQN(8523($167$1$5 1250(8523e(11( (8523b,6&+(1250 (1,62 -XQH ,&6 HVFULSWRUVSODVWLFVSROYLQOFKORULGHWHVWVSHFLPHQVSDVWHVVSHFLPHQSUHSDUDWLRQ (QJOLVKYHUVLRQ 3ODVWLFV3UHSDUDWLRQ
9、RI39&SDVWHVIRUWHVWSXUSRVHV LVVROYHUPHWKRG ,62 3ODVWLTXHV3UpSDUDWLRQGHVSlWHV39&SRXU HVVDL0pWKRGHXWLOLVDQWXQGLVSRVLWLISRXU GLVVROXWLRQ ,62 .XQVWVWRIIH+HUVWHOOXQJYRQ3ROYLQOFKORULG 39&3DVWHQIU3UIZHFNHLVVROYHU 9HUIDKUHQ ,62 7KLV(XURSHDQ6WDQGDUGZDVDSSURYHGE&(1RQ0DUFK &(1 PHPEHUV DUH ERXQG WR FRPSO ZLWK WK
10、H &(1&(1(/(& ,QWHUQDO 5HJXODWLRQVZKLFKVWLSXODWHWKHFRQGLWLRQVIRUJLYLQJWKLV(XURSHDQ6WDQGDUG WKHVWDWXVRIDQDWLRQDOVWDQGDUGZLWKRXWDQDOWHUDWLRQ8SWRGDWHOLVWVDQG ELEOLRJUDSKLFDOUHIHUHQFHVFRQFHUQLQJVXFKQDWLRQDOVWDQGDUGVPDEHREWDLQHG RQDSSOLFDWLRQWRWKH&HQWUDO6HFUHWDULDWRUWRDQ&(1PHPEHU 7KLV(XURSHDQ6WDQGDUGHLVWV
11、LQWKUHHRIILFLDOYHUVLRQV(QJOLVK)UHQFK *HUPDQ$YHUVLRQLQDQRWKHUODQJXDJHPDGHEWUDQVODWLRQXQGHUWKH UHVSRQVLELOLWRID&(1PHPEHULQWRLWVRZQODQJXDJHDQGQRWLILHGWRWKH &HQWUDO6HFUHWDULDWKDVWKHVDPHVWDWXVDVWKHRIILFLDOYHUVLRQV &(1PHPEHUVDUHWKHQDWLRQDOVWDQGDUGVERGLHVRI$XVWULD%HOJLXP&HFK 5HSXEOLFHQPDUN)LQODQG)UDQFH*HUP
12、DQ*UHHFH,FHODQG,UHODQG,WDO /XHPERXUJ1HWKHUODQGV1RUZD3RUWXJDO6SDLQ6ZHGHQ6ZLWHUODQGDQG 8QLWHG.LQJGRP &(1 (XURSHDQ&RPPLWWHHIRU6WDQGDUGLDWLRQ &RPLWp(XURSpHQGH1RUPDOLVDWLRQ (XURSlLVFKHV.RPLWHHIU1RUPXQJ &HQWUDO6HFUHWDULDWUXHGH6WDVVDUW%UXVVHOV &(1$OOULJKWVRIHSORLWDWLRQLQDQIRUPDQGEDQPHDQVUHVHUYHGZRUOGZLGHIR
13、U&(1QDWLRQDO 0HPEHUV 5HI1R(1,62(1,62 %6, )RUHZRUG 7KHWHWRIWKH,QWHUQDWLRQDO6WDQGDUGIURP 7HFKQLFDO&RPPLWWHH,627&3ODVWLFVRIWKH ,QWHUQDWLRQDO2UJDQLDWLRQIRU6WDQGDUGLDWLRQ ,62KDVEHHQWDNHQRYHUDVDQ(XURSHDQ6WDQGDUG E7HFKQLFDO&RPPLWWHH&(17&3ODVWLFVWKH 6HFUHWDULDWRIZKLFKLVKHOGE,%1 7KLV(XURSHDQ6WDQGDUGVKDOOEHJL
14、YHQWKHVWDWXVRI DQDWLRQDOVWDQGDUGHLWKHUESXEOLFDWLRQRIDQ LGHQWLFDOWHWRUEHQGRUVHPHQWDWWKHODWHVWE HFHPEHUDQGFRQIOLFWLQJQDWLRQDOVWDQGDUGV VKDOOEHZLWKGUDZQDWWKHODWHVWEHFHPEHU $FFRUGLQJWRWKH&(1&(1(/(&,QWHUQDO 5HJXODWLRQVWKHQDWLRQDOVWDQGDUGVRUJDQLDWLRQV RIWKHIROORZLQJFRXQWULHVDUHERXQGWRLPSOHPHQW WKLV(XURSHD
15、Q6WDQGDUG$XVWULD%HOJLXP&HFK 5HSXEOLFHQPDUN)LQODQG)UDQFH*HUPDQ *UHHFH,FHODQG,UHODQG,WDO/XHPERXUJ 1HWKHUODQGV1RUZD3RUWXJDO6SDLQ6ZHGHQ 6ZLWHUODQGDQGWKH8QLWHG.LQJGRP 127(1RUPDWLYHUHIHUHQFHVWR,QWHUQDWLRQDOVWDQGDUGVDUH OLVWHGLQ$QQH=$QRUPDWLYH(1,62 LL )RUHZRUG ,62WKH,QWHUQDWLRQDO2UJDQLDWLRQIRU6WDQGDUGLDWLR
16、QLVDZRUOGZLGH IHGHUDWLRQRIQDWLRQDOVWDQGDUGVERGLHV,62PHPEHUERGLHV7KHZRUNRI SUHSDULQJ,QWHUQDWLRQDO6WDQGDUGVLVQRUPDOOFDUULHGRXWWKURXJK,62WHFKQLFDO FRPPLWWHHV(DFKPHPEHUERGLQWHUHVWHGLQDVXEMHFWIRUZKLFKDWHFKQLFDO FRPPLWWHHKDVEHHQHVWDEOLVKHGKDVWKHULJKWWREHUHSUHVHQWHGRQWKDWFRPPLWWHH ,QWHUQDWLRQDORUJDQLDWLRQV
17、JRYHUQPHQWDODQGQRQJRYHUQPHQWDOLQOLDLVRQZLWK ,62DOVRWDNHSDUWLQWKHZRUN,62FROODERUDWHVFORVHOZLWKWKH,QWHUQDWLRQDO (OHFWURWHFKQLFDO&RPPLVVLRQ,(&RQDOOPDWWHUVRIHOHFWURWHFKQLFDO VWDQGDUGLDWLRQ UDIW,QWHUQDWLRQDO6WDQGDUGVDGRSWHGEWKHWHFKQLFDOFRPPLWWHHVDUHFLUFXODWHG WRWKHPHPEHUERGLHVIRUYRWLQJ3XEOLFDWLRQDVDQ,QWH
18、UQDWLRQDO6WDQGDUGUHTXLUHV DSSURYDOEDWOHDVWRIWKHPHPEHUERGLHVFDVWLQJDYRWH ,QWHUQDWLRQDO6WDQGDUG,62ZDVSUHSDUHGE7HFKQLFDO&RPPLWWHH ,627& 3ODVWLFV6XEFRPPLWWHH6& 7KHUPRSODVWLFPDWHULDOV (1,62 %6, 6FRSH 7KLV,QWHUQDWLRQDO6WDQGDUGVSHFLILHVDPHWKRG XVLQJDGLVVROYHUIRUWKHSUHSDUDWLRQRI39&SDVWHV PDGHIURPSROPHULHGYL
19、QOFKORULGH9&6XFK 39&SDVWHVDUHXVHGWRFKDUDFWHULHWKHYDULRXV9& SROPHUVZLWKUHIHUHQFHWRWKHLUUKHRORJLFDO SURSHUWLHVDVZHOODVEHLQJDPHDQVRIHVWDEOLVKLQJ FRQVLVWHQFEHWZHHQYDULRXVGHOLYHULHV 7KHPHWKRGFDQDOVREHXVHGWRSUHSDUHSDVWHVRI RWKHUFRPSRVLWLRQVIRUHDPSOHZLWKVWDELOLHUV EXWVXFKSDVWHVFDQQRWEHXVHGIRUUHVLQGHVLJQDWL
20、RQ SXUSRVHV 1RUPDWLYHUHIHUHQFHV 7KHIROORZLQJVWDQGDUGVFRQWDLQSURYLVLRQVZKLFK WKURXJKUHIHUHQFHLQWKLVWHWFRQVWLWXWHSURYLVLRQV RIWKLV,QWHUQDWLRQDO6WDQGDUG$WWKHWLPHRI SXEOLFDWLRQWKHHGLWLRQVLQGLFDWHGZHUHYDOLG$OO VWDQGDUGVDUHVXEMHFWWRUHYLVLRQDQGSDUWLHVWR DJUHHPHQWVEDVHGRQWKLV,QWHUQDWLRQDO6WDQGDUG DUHHQFRXUD
21、JHGWRLQYHVWLJDWHWKHSRVVLELOLWRI DSSOLQJWKHPRVWUHFHQWHGLWLRQVRIWKHVWDQGDUGV LQGLFDWHGEHORZ0HPEHUVRI,(&DQG,62PDLQWDLQ UHJLVWHUVRIFXUUHQWOYDOLG,QWHUQDWLRQDO6WDQGDUGV ,62 3ODVWLFV6WDQGDUGDWPRVSKHUHVIRU FRQGLWLRQLQJDQGWHVWLQJ ,62 3ODVWLFV+RPRSROPHUDQG FRSROPHUUHVLQVRIYLQOFKORULGH 3DUW 3UHSDUDWLRQRIWHVWVS
22、HFLPHQVDQG GHWHUPLQDWLRQRISURSHUWLHV 3ULQFLSOH $39&SDVWHLVSUHSDUHGEPLLQJD39&UHVLQDQG DSODVWLFLHULQDGLVVROYHU )RUWKHSXUSRVHVRIWKLV,QWHUQDWLRQDO6WDQGDUGD SODVWLVROLVGHILQHGDVDOLTXLG39&FRPSRVLWLRQ FRQVLVWLQJRIDVXVSHQVLRQRI39&UHVLQLQDOLTXLG SODVWLFLHU $SSDUDWXVDQGPDWHULDOV LVVROYHUFRQVLVWLQJRIDFOLQGULFD
23、OPLLQJ YHVVHOSUHIHUDEOGRXEOHZDOOHGDQGD PRWRUGULYHQVSLQGOHWRZKLFKLVDWWDFKHGD KRULRQWDOFRDUVHOWRRWKHGPLLQJGLVF GLVVROYHUGLVF7KHGLVVROYHUGLVFWUDQVIHUVHQHUJ WRWKH39&SDVWHFDXVLQJWKHSDVWHLQJUHGLHQWVWR EHGULYHQFHQWUDOOGRZQZDUGVDORQJWKHVSLQGOH DLVDQGXSZDUGVDORQJWKHZDOOVRIWKHPLLQJ YHVVHOVHH)LJXUH 7KHVLHRIWKH
24、PLLQJYHVVHOPDYDUGHSHQGLQJRQ WKHDPRXQWRISDVWHUHTXLUHG$QDSSURSULDWHVLH VKRXOGEHVHOHFWHGIURP7DEOH 7KHGULYHPRWRUDQGWKHVSLQGOHVKDOOEHILHGWRD VWDQGLQVXFKDZDWKDWWKHLUKHLJKWLVDGMXVWDEOH $VXLWDEOHGHYLFHWRKROGWKHPLLQJYHVVHOLQSODFH VKDOOEHILWWHGDWWKHEDVHRIWKHVWDQGVRWKDWWKH VSLQGOHLVVLWXDWHGFHQWUDOODORQJWKHDLVR
25、IWKH PLLQJYHVVHO 7KHVSHHGRIURWDWLRQVHH7DEOHVKDOOUHPDLQ FRQVWDQWRYHUWKHZKROHRIWKHPLLQJFFOH 7KHGLVVROYHUGLVFVKDOOEHPDGHRIVWDLQOHVVVWHHO 7KHWHHWKVKDOOEHLQWKHVKDSHRIWUDSHLXPVRU SDUDOOHORJUDPVLQFOLQHGDW WRWKHYHUWLFDODQG DWWDFKHGDURXQGWKHFLUFXPIHUHQFHRIWKHGLVFVXFK WKDWWKHDOWHUQDWHYHUWLFDOOXSZDUGVDQG GRZQZ
26、DUGVVHH)LJXUH 7KHGLDPHWHUDQGWKLFNQHVVRIWKHGLVFWKHQXPEHU RIWHHWKWKHGLDPHWHURIWKHVSLQGOHDQGWKHKHLJKW DERYHWKHEHDNHUERWWRPDUHJLYHQLQ7DEOH 7KHPLLQJYHVVHOVKDOOEHPDGHRIVWDLQOHVVVWHHO ZLWKDQLQWHUQDOGLDPHWHUDQGDWRWDOKHLJKWDV JLYHQLQ7DEOH 7RUHPRYHWKHIULFWLRQDOKHDWJHQHUDWHGGXULQJ PLLQJDQHIILFLHQWHWHUQDOFRROLQ
27、JVVWHP GHVLJQHGWRRSHUDWHZLWKIRULQVWDQFHD ZDWHUFRROHGGRXEOHZDOOHGPLLQJYHVVHOVKDOOEH XVHG )RUVDIHWUHDVRQVWKHXSSHUSDUWRIWKHVSLQGOH ZKLFKLVQRWVXUURXQGHGEWKHPLLQJYHVVHOVKDOO EHSURWHFWHGEDMDFNHW 7KHHOHFWULFGULYHWRWKHVSLQGOHVKDOOEHFRQQHFWHG WRDWULSVZLWFKZKLFKLVVHWLQVXFKDZDWKDWWKH GULYHXQLWFDQRQORSHUDWHZKHQ
28、WKHGLVVROYHUGLVF LVLQWKHYHVVHO 7REHSXEOLVKHG5HYLVLRQRI,62 6XLWDEOHHTXLSPHQWLVDYDLODEOHIURP90$*HWPDQQ*PE+9HUIDKUHQVWHFKQLN(XHOHUKDPPHUVWU5HLFKVKRI *HUPDQ(1,62 %6, 7DEOHLPHQVLRQVRIGLVVROYHUDQGPLLQJYHVVHO )LJXUHLVVROYHUGRXEOHZDOOHG LVVROYHU LVF LDPHWHURIGLVFPP 1XPEHURIWHHWK 7KLFNQHVVRIGLVFPP DSSUR DSSU
29、R DSSUR LDPHWHURIVSLQGOHPP DSSUR DSSUR DSSUR 6SHHGRIURWDWLRQRIVSLQGOHUSP +HLJKWRIGLVFDERYHERWWRPRIEHDNHUPP 0LLQJYHVVHO ,QWHUQDOGLDPHWHUPP 7RWDOKHLJKWPP W W W $PRXQWRISDVWHJ (1,62 %6, %DODQFHKDYLQJDQDFFXUDFRIJ 6SDWXODPDGHRIIOHLEOHSODVWLF 6WRSZDWFK :DWHUEDWK PDLQWDLQHGDW & & 3ODVWLFLHU 6DPSOLQJDQGFRQG
30、LWLRQLQJ $UHSUHVHQWDWLYHVDPSOHRIWKH39&UHVLQIUHHRI DJJORPHUDWHVVKDOOEHFRQGLWLRQHGLQ DWPRVSKHUHLQDFFRUGDQFHZLWK,62XQWLO PRLVWXUHHTXLOLEULXPKDVEHHQDWWDLQHG7KHUHVLQ VDPSOHVKDOOWKHQEHVWRUHGLQWKLVFRQGLWLRQXQWLO XVHG &RPSRVLWLRQRISDVWH 7KHDPRXQWRISDVWHSUHSDUHGLQRQHPLLQJFFOH VKDOOEHZLWKLQWKHOLPLWVSUHVFULEHG
31、LQ7DEOH)RU GHVLJQDWLRQSXUSRVHVVWDQGDUGSDVWH$RU%DV GHVFULEHGLQ,62FDQEHXVHG7KHHDFW IRUPXODWLRQVKDOOEHUHSRUWHGLQWKH SDVWHSUHSDUDWLRQUHSRUW 3DVWHSUHSDUDWLRQ :HLJKRXWWRDQDFFXUDFRIJWKHTXDQWLWRI 39&UHVLQVDPSOHDQGSODVWLFLHUSUHVFULEHGIRUWKH SDVWHIRUPXODWLRQXVHGVHHFODXVH &RQGLWLRQWKH SODVWLFLHUDQGWKH39&UHVLQV
32、DPSOHDWD WHPSHUDWXUHRI & &7UDQVIHUWKH SODVWLFLHUWRWKHPLLQJYHVVHODQGVWLULQWKH39& UHVLQPDQXDOOXQWLOWKHSRZGHUKDVEHHQIXOO ZHWWHG6FUDSHDQXQPLHGLQJUHGLHQWVIURPWKH PLLQJYHVVHOZDOOVZLWKDVSDWXOD DQG LQFRUSRUDWHWKHPLQWRWKHPLWXUH7KHILOOHGPLLQJ YHVVHOVKDOOQRZEHKHOGDWDWHPSHUDWXUHRI & E DFLUFXODWLQJZDWHUIURPDZDWH
33、UEDWK EHWZHHQWKHZDOOVRIWKHPLLQJYHVVHOLQWKHFDVH RIDGRXEOHZDOOHGPLLQJYHVVHOSUHIHUUHG PHWKRG RU ESODFLQJWKHPLLQJYHVVHOLQWKHZDWHUEDWKLQ WKHFDVHRIDVLQJOHZDOOHGYHVVHO 3RVLWLRQWKHPLLQJYHVVHOFHQWUDOOXQGHUWKH GLVVROYHUGLVFDQGORZHUWKHGLVFWRWKHKHLJKW SUHVFULEHGLQ7DEOH 6WLUWKHPLWXUHDWWKHVSHHGSUHVFULEHGLQ7DEOH I
34、RUV V7KHQVWRSWKHPLHU8VLQJWKH VSDWXODFOHDQWKHVSLQGOHDQGPLLQJYHVVHOZDOOVRI DQDGKHULQJSDVWHRUXQPLHGLQJUHGLHQWVDQG LQFRUSRUDWHLQWRWKHPLWXUH)LQDOOVWLUWKH PLWXUHIRUDIXUWKHUV VDWWKHVDPHVSHHG DVSUHYLRXVO&KHFNWKHWHPSHUDWXUHRIWKHSDVWH 7KHWHPSHUDWXUHRIWKHSDVWHVKDOOQRWHFHHG & GXULQJWKHZKROHSURFHGXUH,IWKH39&UHVL
35、QGRHV QRWIRUPDSDVWHXQGHUWKHVHFRQGLWLRQVRULIWKH SDVWHWHPSHUDWXUHHFHHGV &SUHSDUHDSDVWH ZLWKDKLJKHUSODVWLFLHUFRQFHQWUDWLRQ ,IWKHSDVWHLVWREHXVHGIRUYLVFRVLWPHDVXUHPHQWV GHDHUDWHWKHSDVWHXQGHUDSDUWLDOYDFXXPRI HJ3DDQGPDLQWDLQLWDWWKLVSUHVVXUH IRUPLQDIWHUWKHIRDPKDVFROODSVHG$IWHUZDUGV VWRUHLWDWDWHPSHUDWXUHRI &
36、 &HJLQWKH ZDWHUEDWKXQWLOLWLVXVHG 3DVWHSUHSDUDWLRQUHSRUW 7KHSDVWHSUHSDUDWLRQUHSRUWVKDOOLQFOXGHWKH IROORZLQJLQIRUPDWLRQ DDUHIHUHQFHWRWKLV,QWHUQDWLRQDO6WDQGDUG EDOOGHWDLOVQHFHVVDUIRUFRPSOHWHLGHQWLILFDWLRQ RIWKH39&UHVLQXVHG FWKHSDVWHIRUPXODWLRQXVHG GWKHWHPSHUDWXUHRIWKHSDVWHDWWKHHQGRIWKH PLLQJVWDJH HWKHG
37、DWHRISUHSDUDWLRQRIWKHSDVWH IDQGHYLDWLRQVIURPWKLV,QWHUQDWLRQDO 6WDQGDUG )LJXUHLVVROYHUGLVF(1,62 %6, $QQH=$QRUPDWLYH 1RUPDWLYHUHIHUHQFHVWRLQWHUQDWLRQDOSXEOLFDWLRQVZLWKWKHLUUHOHYDQW (XURSHDQSXEOLFDWLRQV 7KLV(XURSHDQ6WDQGDUGLQFRUSRUDWHVEGDWHGRUXQGDWHGUHIHUHQFHSURYLVLRQVIURPRWKHUSXEOLFDWLRQV 7KHVHQRUPDWL
38、YHUHIHUHQFHVDUHFLWHGDWWKHDSSURSULDWHSODFHVLQWKHWHWDQGWKHSXEOLFDWLRQVDUHOLVWHG KHUHDIWHU)RUGDWHGUHIHUHQFHVVXEVHTXHQWDPHQGPHQWVWRRUUHYLVLRQVRIDQRIWKHVHSXEOLFDWLRQVDSSO WRWKLV(XURSHDQ6WDQGDUGRQOZKHQLQFRUSRUDWHGLQLWEDPHQGPHQWRUUHYLVLRQ)RUXQGDWHGUHIHUHQFHV WKHODWHVWHGLWLRQRIWKHSXEOLFDWLRQUHIHUUHGWRDSSOLHV 3XEOLFDWLRQ HDU 7LWOH (1 HDU ,62 3ODVWLFV6WDQGDUGDWPRVSKHUHVIRU FRQGLWLRQLQJDQGWHVWLQJ (1,62 ,62 3ODVWLF