en 1910 2000
TRANSCRIPT
-
7/31/2019 EN 1910 2000
1/9
(8523($167$1'$5'
1250((8523e(11(
(8523b,6&+(1250
(1
-DQXDU\
,&6
(QJOLVKYHUVLRQ
:RRGDQGSDUTXHWIORRULQJDQGZRRGSDQHOOLQJDQGFODGGLQJ'HWHUPLQDWLRQRIGLPHQVLRQDOVWDELOLW\
3ODQFKHUVHWSDUTXHWVHQERLVHWODPEULVHWEDUGDJHVHQERLV'pWHUPLQDWLRQGHODVWDELOLWpGLPHQVLRQQHOOH
3DUNHWWXQGDQGHUH+RO]IXE|GHQXQG:DQGXQG'HFNHQEHNOHLGXQJHQDXV+RO]%HVWLPPXQJGHU
'LPHQVLRQVVWDELOLWlW
7KLV(XURSHDQ6WDQGDUGZDVDSSURYHGE\&(1RQ1RYHPEHU
&(1PHPEHUVDUHERXQGWRFRPSO\ZLWKWKH&(1&(1(/(&,QWHUQDO5HJXODWLRQVZKLFKVWLSXODWHWKHFRQGLWLRQVIRUJLYLQJWKLV(XURSHDQ6WDQGDUGWKHVWDWXVRIDQDWLRQDOVWDQGDUGZLWKRXWDQ\DOWHUDWLRQ8SWRGDWHOLVWVDQGELEOLRJUDSKLFDOUHIHUHQFHVFRQFHUQLQJVXFKQDWLRQDOVWDQGDUGVPD\EHREWDLQHGRQDSSOLFDWLRQWRWKH&HQWUDO6HFUHWDULDWRUWRDQ\&(1PHPEHU
7KLV(XURSHDQ6WDQGDUGH[LVWVLQWKUHHRIILFLDOYHUVLRQV(QJOLVK)UHQFK*HUPDQ$YHUVLRQLQDQ\RWKHUODQJXDJHPDGHE\WUDQVODWLRQXQGHUWKHUHVSRQVLELOLW\RID&(1PHPEHULQWRLWVRZQODQJXDJHDQGQRWLILHGWRWKH&HQWUDO6HFUHWDULDWKDVWKHVDPHVWDWXVDVWKHRIILFLDOYHUVLRQV
&(1PHPEHUVDUHWKHQDWLRQDOVWDQGDUGVERGLHVRI$XVWULD%HOJLXP&]HFK5HSXEOLF'HQPDUN)LQODQG)UDQFH*HUPDQ\*UHHFH,FHODQG,UHODQG,WDO\/X[HPERXUJ1HWKHUODQGV1RUZD\3RUWXJDO6SDLQ6ZHGHQ6ZLW]HUODQGDQG8QLWHG.LQJGRP
(8523($1 &200,77(( )25 67$1'$5',=$7,21
&20,7e (8523e(1 '( 1250$/, 6$7 ,21
(8523b,6&+(6 .20,7(( )h5 125081*
&HQWUDO6HFUHWDULDWUXHGH6WDVVDUW%%UXVVHOV
&(1 $OOULJKWVRIH[SORLWDWLRQLQDQ\IRUPDQGE\DQ\PHDQVUHVHUYHGZRUOGZLGHIRU&(1QDWLRQDO0HPEHUV
5HI1R(1(
-
7/31/2019 EN 1910 2000
2/9
3DJH(1
&RQWHQWV3DJH
)RUHZRUG
6FRSH
1RUPDWLYHUHIHUHQFHV
7HUPVDQGGHILQLWLRQV
3ULQFLSOH
7HVWHTXLSPHQW &RQGLWLRQLQJURRPRUHQFORVXUH 6WDELOL]LQJURRPRUHQFORVXUH
7UD\V 0HDVXULQJHTXLSPHQW 6FDOHV 2YHQ
7HVWVSHFLPHQV 'LPHQVLRQVDQGVKDSH 6DPSOLQJ &RQGLWLRQLQJ
0HDVXUHPHQWV 0DVV 'LPHQVLRQVRIWKHWHVWVSHFLPHQ :DUS 0RLVWXUHFRQWHQW
3URFHGXUH ,QLWLDOPHDVXUHPHQWV ([SRVXUHWRWKHKXPLGFOLPDWH 0HDVXUHPHQWVDIWHUVWDELOL]DWLRQLQWKHKXPLGFOLPDWH ([SRVXUHWRWKHGU\FOLPDWH 0HDVXUHPHQWVDIWHUVWDELOL]DWLRQLQWKHGU\FOLPDWH 2YHQGU\LQJIRUVROLGWLPEHUHOHPHQWV
([SUHVVLRQRIWKHUHVXOWVRIDWHVWVSHFLPHQ 0RLVWXUHFRQWHQWVROLGWLPEHUHOHPHQWRQO\ 'LPHQVLRQDOFKDQJHV :DUS
([SUHVVLRQRIWKHUHVXOWVRIWKHWHQWHVWVSHFLPHQV 'LPHQVLRQDOFKDQJHV :DUS
7HVWUHSRUW
-
7/31/2019 EN 1910 2000
3/9
3DJH(1
)RUHZRUG
7KLV(XURSHDQ6WDQGDUGKDVEHHQSUHSDUHGE\7HFKQLFDO&RPPLWWHH&(17&5RXQGDQG
VDZQWLPEHUWKHVHFUHWDULDWRIZKLFKLVKHOGE\$)125
7KLV(XURSHDQ6WDQGDUGVKDOOEHJLYHQWKHVWDWXVRIDQDWLRQDOVWDQGDUGHLWKHUE\SXEOLFDWLRQRIDQLGHQWLFDOWH[WRUE\HQGRUVHPHQWDWWKHODWHVWE\-XO\DQGFRQIOLFWLQJQDWLRQDOVWDQGDUGVVKDOOEHZLWKGUDZQDWWKHODWHVWE\-XO\
$FFRUGLQJWRWKH&(1&(1(/(&,QWHUQDO5HJXODWLRQVWKHQDWLRQDOVWDQGDUGVRUJDQL]DWLRQVRIWKHIROORZLQJFRXQWULHVDUHERXQGWRLPSOHPHQWWKLV(XURSHDQ6WDQGDUG$XVWULD%HOJLXP&]HFK5HSXEOLF'HQPDUN)LQODQG)UDQFH*HUPDQ\*UHHFH,FHODQG,UHODQG,WDO\/X[HPERXUJ1HWKHUODQGV1RUZD\3RUWXJDO6SDLQ6ZHGHQ6ZLW]HUODQGDQGWKH8QLWHG.LQJGRP
7KLVGRFXPHQWLVRQHRIDVHULHVRIVWDQGDUGVVSHFLI\LQJUHTXLUHPHQWVDQGWHVWPHWKRGVIRUZRRG
DQGSDUTXHWIORRULQJ
-
7/31/2019 EN 1910 2000
4/9
3DJH(1
6FRSH
7KLV(XURSHDQ6WDQGDUGVSHFLILHVDPHWKRGRIWHVWWRGHWHUPLQHWKHGLPHQVLRQDOFKDQJHVDQGZDUSRIWKHHOHPHQWVRIZRRGDQGSDUTXHWIORRULQJDQGZRRGSDQHOOLQJDQGFODGGLQJ
1RUPDWLYHUHIHUHQFHV
7KLV (XURSHDQ 6WDQGDUG LQFRUSRUDWHV E\ GDWHG RU XQGDWHG UHIHUHQFH SURYLVLRQV IURP RWKHUSXEOLFDWLRQV 7KHVH QRUPDWLYH UHIHUHQFHV DUH FLWHG DW WKH DSSURSULDWH SODFHV LQ WKH WH[W DQG WKHSXEOLFDWLRQVDUHOLVWHG KHUHDIWHU )RUGDWHGUHIHUHQFHV VXEVHTXHQWDPHQGPHQWV WRRUUHYLVLRQV RIDQ\ RI WKHVH SXEOLFDWLRQV DSSO\ WR WKLV (XURSHDQ 6WDQGDUG RQO\ ZKHQ LQFRUSRUDWHG LQ LW E\DPHQGPHQWRUUHYLVLRQ)RUXQGDWHGUHIHUHQFHVWKHODWHVWHGLWLRQRIWKHSXEOLFDWLRQUHIHUUHGWRDSSOLHVLQFOXGLQJDPHQGPHQWV
SU(1 5RXQG DQG VDZQ WLPEHU 0HWKRG RI PHDVXUHPHQW RI PRLVWXUH FRQWHQW 3DUW 0HWKRG IRU GHWHUPLQLQJ PRLVWXUH FRQWHQW RI D SLHFH RI VDZQ WLPEHU2YHQGU\PHWKRG
SU(1 5RXQG DQG VDZQ WLPEHU 0HWKRG RI PHDVXUHPHQW RI PRLVWXUH FRQWHQW 3DUW 0HWKRG IRU HVWLPDWLQJ PRLVWXUH FRQWHQW RI D SLHFH RI VDZQ WLPEHU(OHFWULFDOPHWKRG
SU(1 :RRGIORRUFRYHULQJ7HUPLQRORJ\
SU(1 :RRGDQGSDUTXHWIORRULQJDQGZRRGSDQHOOLQJDQGFODGGLQJ'HWHUPLQDWLRQRIJHRPHWULFDOFKDUDFWHULVWLFV
7HUPVDQGGHILQLWLRQV)RUWKHSXUSRVHVRIWKLV(XURSHDQ6WDQGDUGWKHJHQHUDOWHUPVDQGGHILQLWLRQVIRUZRRGDQGSDUTXHWIORRULQJLQSU(1DSSO\
3ULQFLSOH
0HDVXUH WKH GLPHQVLRQDO FKDQJHV RI WKH WHVW VSHFLPHQ DIWHU LQLWLDO FRQGLWLRQLQJ LQ D VWDQGDUGDWPRVSKHUHDQGDJDLQDIWHUFRQGLWLRQLQJLQDVSHFLILHGFOLPDWH([SUHVVWKHUHVXOWVDVDSHUFHQWDJHRIYDULDWLRQRIWKHUHOHYDQWGLPHQVLRQPHDVXUHGLQWKHLQLWLDOVWDQGDUGFOLPDWLFFRQGLWLRQV
5HFRUGWKHZDUSDQGUHODWHWRWKHEDVLVRIPHDVXUHPHQW
7HVWHTXLSPHQW
&RQGLWLRQLQJURRPRUHQFORVXUH
7KH FRQGLWLRQLQJ URRP RU HQFORVXUH VKDOO EH HTXLSSHG ZLWK PRQLWRULQJ WKHUPRPHWHUV DQGK\JURPHWHUV,WVKDOOEHVXLWDEOHWRFRQGLWLRQWKHWHVWVSHFLPHQHLWKHULQ
FOLPDWH$GHILQHGE\DUHODWLYHKXPLGLW\RIDQGDWHPSHUDWXUHRI&RU
FOLPDWH%GHILQHGE\DUHODWLYHKXPLGLW\RIDQGDWHPSHUDWXUHRI
&
-
7/31/2019 EN 1910 2000
5/9
3DJH(1
6WDELOL]LQJURRPRUHQFORVXUH
7KHVWDELOL]LQJURRPRUHQFORVXUHVKDOOEHHTXLSSHGZLWKPRQLWRULQJWKHUPRPHWHUVDQGK\JURPHWHUV,WVKDOOEHFDSDEOHRIPDLQWDLQLQJWKHFRQGLWLRQVVSHFLILHGLQWDEOH
7DEOH&RQGLWLRQVPDLQWDLQHGE\DVWDELOL]LQJURRPRUHQFORVXUH
&RQGLWLRQ1R &RQGLWLRQ1R
7HPSHUDWXUHD & &
5HODWLYHKXPLGLW\E
'U\FOLPDWH
+XPLGFOLPDWH
+RU
+
D7KHSHUPLWWHGGHYLDWLRQIRUWHPSHUDWXUHLV&
E7KHSHUPLWWHGGHYLDWLRQIRUUHODWLYHKXPLGLW\LV
,WVKDOOEHSRVVLEOHWRFKDQJHIURPRQHFOLPDWHWRDQRWKHUZLWKLQK
7UD\V
7KH WUD\V VKDOO SURYLGH QRQFRQWLQXRXV VXSSRUW WR WKH WHVW VSHFLPHQ LQ WKH FRQGLWLRQLQJ DQGVWDELOL]LQJURRPV
7KH FOHDUDQFH EHWZHHQ VXSSRUWV VKDOO EH VXIILFLHQW QRW WR KLQGHU WKH YHQWLODWLRQ EHWZHHQ WKH WHVWVSHFLPHQV
0HDVXULQJHTXLSPHQW
7KHOHQJWKVKDOOEHPHDVXUHGZLWKDYHUQLHUFDOLSHURIPPXVHIXOOHQJWKRUDQRWKHUDSSDUDWXVJLYLQJWKHVDPHDFFXUDF\$OORWKHUGLPHQVLRQVVKDOOEHPHDVXUHGDVGHILQHGLQSU(1
6FDOHV
6FDOHVVKDOOEHDFFXUDWHWRRIWKHPDVVHVWREHPHDVXUHG
2YHQ
7KHRYHQVKDOOEHDEOHWRRSHUDWHDW&WREULQJWKHWHVWVSHFLPHQVWRWKHGU\VWDWH
-
7/31/2019 EN 1910 2000
6/9
3DJH(1
7HVWVSHFLPHQV
'LPHQVLRQVDQGVKDSH
7KHOHQJWKRIWKHWHVWVSHFLPHQVVKDOOEHUHGXFHGWRDERXWPPGHSHQGLQJRQWKHXVDEOHUDQJH
RIWKHYHUQLHUFDOLSHU7KHVKDSHDQGRWKHUGLPHQVLRQVVKDOOEHDVDWWKHWLPHRIGHOLYHU\
6DPSOLQJ
8QOHVVRWKHUZLVHVSHFLILHGWHQWHVWVSHFLPHQVVHOHFWHGDWUDQGRPVKDOOEHWDNHQ
&RQGLWLRQLQJ
3ULRUWRH[SRVXUHLQWKHVSHFLILHGFOLPDWHWKHWHVWVSHFLPHQVKDOOEHFRQGLWLRQHGIRUWZRZHHNVHLWKHULQFOLPDWH$RULQFOLPDWH%DVGHILQHGLQ
0HDVXUHPHQWV
0DVV
,QFDVHRIVROLGWLPEHUHOHPHQWVUHFRUGWKHPDVVRIHDFKWHVWVSHFLPHQDIWHULQLWLDOFRQGLWLRQLQJDQGDIWHUFRQGLWLRQLQJLQWKHVSHFLILHGFOLPDWH
'LPHQVLRQVRIWKHWHVWVSHFLPHQ
0HDVXUHWKHGLPHQVLRQVDVGHILQHGLQSU(1DQGPHDVXUHWKHUHGXFHGOHQJWKVHHDQGWKHZLGWK
:DUS
0HDVXUHWKHZDUSDVGHILQHGLQSU(1
7KH IRUFHV DSSOLHG WR WKH WHVW VSHFLPHQ ZLWK WKH DSSDUDWXV VKDOO QRW PRGLI\ WKH PHDVXUHPHQWVEH\RQGWKHSHUPLWWHGGHYLDWLRQVGHILQHGLQWKLVVWDQGDUG
0RLVWXUHFRQWHQW
,I UHTXLUHG WKH PRLVWXUH FRQWHQW RI DQ HOHPHQW LV PHDVXUHG LQ LWV LQLWLDO VWDWH DQG DIWHU WKHFRQGLWLRQLQJLQGU\DQGKXPLGFOLPDWHVZLWKRQHRIWKHIROORZLQJPHWKRGV
E\ ZHLJKLQJ GHK\GUDWLRQ LQ DQ RYHQ DV VSHFLILHG LQ SU(1 7KH PRLVWXUHFRQWHQWLVFDOFXODWHGDFFRUGLQJWR
ZLWKDQHOHFWULFDOGHYLFHE\PHDVXULQJZRRGUHVLVWDQFHDVVSHFLILHGLQSU(1
3URFHGXUH
,QLWLDOPHDVXUHPHQWV
2QFH WKH LQLWLDO FRQGLWLRQLQJ DFFRUGLQJ WR LV DFKLHYHG FDUU\ RXW WKH PHDVXUHPHQWV GHILQHG LQFODXVH
-
7/31/2019 EN 1910 2000
7/9
3DJH(1
([SRVXUHWRWKHKXPLGFOLPDWH
$IWHUWKHLQLWLDOPHDVXUHPHQWVH[SRVHWKHWHVWVSHFLPHQWRWKHVSHFLILHGKXPLGFOLPDWHDVGHILQHGLQIRUZHHNV
$FKLHYHWKHFRUUHFWFRQGLWLRQVZLWKLQK
0HDVXUHPHQWVDIWHUVWDELOL]DWLRQLQWKHKXPLGFOLPDWH
&DUU\RXWWKHPHDVXUHPHQWVGHILQHGLQFODXVH
([SRVXUHWRWKHGU\FOLPDWH
2QFHWKHPHDVXUHPHQWVLQDUHUHFRUGHGH[SRVHWKHWHVWVSHFLPHQLQWKHVSHFLILHGGU\FOLPDWHDVGHILQHGLQIRUZHHNV
$FKLHYHWKHFRUUHFWFRQGLWLRQVZLWKLQK
0HDVXUHPHQWVDIWHUVWDELOL]DWLRQLQWKHGU\FOLPDWH
&DUU\RXWWKHPHDVXUHPHQWVGHILQHGLQFODXVH
7KHGXUDWLRQRIHDFKFRQGLWLRQLQJSHULRGFDQEHUHGXFHGLIYDULDWLRQRIPDVVGRHVQRWH[FHHGEHZHHQWZRVXFFHVVLYHPHDVXUHPHQWVPDGHLQDQ\KLQWHUYDO
2YHQGU\LQJIRUVROLGWLPEHUHOHPHQWV
2QFHWKHWHVWVSHFLPHQKDVEHHQWKURXJKDOOWKHSUHVFULEHGFOLPDWHVSURFHHGWRLWVRYHQGU\LQJZLWKWKHRYHQVSHFLILHGLQ2YHQGU\VWDWHLVUHDFKHGLIPDVVYDULDWLRQLVQRWPRUHWKDQEHWZHHQWZRVXFFHVVLYHPHDVXUHPHQWVPDGHLQDQ\KLQWHUYDO
([SUHVVLRQRIWKHUHVXOWVRIDWHVWVSHFLPHQ
0RLVWXUHFRQWHQWVROLGWLPEHUHOHPHQWRQO\
&DOFXODWHXVLQJWKHIROORZLQJIRUPXOD
G
GV
P
PP -=w
ZKHUH
w LVWKHPRLVWXUHFRQWHQWRIWKHWHVWVSHFLPHQDIWHUHDFKVWDELOL]DWLRQSURFHVVLQSHUFHQWWRWKUHHVLJQLILFDQWILJXUHV
PG LVWKHPDVVRIWKHWHVWVSHFLPHQDIWHURYHQGU\LQJLQJ
PV LVWKHPDVVRIWKHWHVWVSHFLPHQDIWHUHDFKVWDELOL]DWLRQLQJ
-
7/31/2019 EN 1910 2000
8/9
3DJH(1
'LPHQVLRQDOFKDQJHV
,QHDFKGLUHFWLRQWKHFXPXODWLYHUHODWLYHFKDQJHLVFDOFXODWHGZLWKWKHIROORZLQJIRUPXOD
ZKHUH
GFU LVWKHFXPXODWLYHUHODWLYHGLPHQVLRQDOFKDQJHLQWRWZRVLJQLILFDQWILJXUHV
'L LVWKHGLPHQVLRQDIWHULQLWLDOVWDELOL]DWLRQZLWKDQDFFXUDF\RIPP
'G LVWKHGLPHQVLRQDIWHUGU\FRQGLWLRQLQJZLWKDQDFFXUDF\RIPP
'K LVWKHVDPHGLPHQVLRQDIWHUKXPLGFRQGLWLRQLQJZLWKDQDFFXUDF\RIPP
K IRUFOLPDWH+K IRUFOLPDWH+
127( 7KH YDOXHV IRUK DUH GHULYHG IURP WDEOHV JLYLQJ WKH PRLVWXUH FRQWHQW RI VROLG WLPEHU LQUHODWLRQWRWHPSHUDWXUHDQGUHODWLYHKXPLGLW\
:DUS
&XS
$YHUDJHWKHDEVROXWHZDUSIRUHDFKFOLPDWHDQGH[SUHVVZLWKDQDFFXUDF\RIPP
)RU HDFK FOLPDWH H[SUHVV WKH UHODWLYH ZDUS GHULYHG IURP WKH DEVROXWH DYHUDJHG RQHV ZLWK DQDFFXUDF\RI
6SULQJ
$YHUDJHWKHDEVROXWHZDUSIRUHDFKFOLPDWHDQGH[SUHVVZLWKDQDFFXUDF\RIPP
)RU HDFK FOLPDWH H[SUHVV WKH UHODWLYH ZDUS GHULYHG IURP WKH DEVROXWH DYHUDJHG RQHV ZLWK DQDFFXUDF\RI
%RZ
$YHUDJHWKHDEVROXWHZDUSIRUHDFKFOLPDWHDQGH[SUHVVZLWKDQDFFXUDF\RIPP
)RU HDFK FOLPDWH H[SUHVV WKH UHODWLYH ZDUS GHULYHG IURP WKH DEVROXWH DYHUDJHG RQHV ZLWK DQDFFXUDF\RI
%RZVKRXOGEHPHDVXUHGRQO\LIUHTXLUHGLQWKHSURGXFWVWDQGDUG
'
''KGFUL
GK
-
7/31/2019 EN 1910 2000
9/9
3DJH(1
([SUHVVLRQRIWKHUHVXOWVRIWKHWHQWHVWVSHFLPHQV
'LPHQVLRQDOFKDQJHV
)RU WKH FXPXODWLYH UHODWLYH FKDQJH GHILQHG LQ WKH PHDQ DQG WKH FRHIILFLHQW RI YDULDWLRQ
H[SUHVVHGWRWZRVLJQLILFDQWILJXUHVVKDOOEHFDOFXODWHGLQHDFKGLUHFWLRQ
:DUS
7KHDYHUDJHRIWKHDEVROXWHDQGUHODWLYHYDOXHVRIWKHWHVWVSHFLPHQVVKDOOEHJLYHQWRWZRVLJQLILFDQWILJXUHV
7HVWUHSRUW
,WVKDOOFRQWDLQWKHIROORZLQJLQIRUPDWLRQ
WKHQDPHDQGDGGUHVVRIWKHODERUDWRU\
WKHQDPHDQGDGGUHVVRIWKHFRPSDQ\RUGHULQJWKHWHVW
WKHVDPSOLQJSURFHGXUHDQGWKHLGHQWLILFDWLRQRIWKHVDPSOH
WKHGDWHRIGHOLYHU\
WKHGDWHRISHULRGRIWKHWHVWV
WKH W\SH WKH EUDQG LI DQ\ DQG WKH IXOO GHVFULSWLRQ RI WKH HOHPHQWV ZLWK WKHLU SRVVLEOH
FKDUDFWHULVWLFVDWGHOLYHU\WLPHIDFHYLHZDQGFURVVVHFWLRQVLQDVXLWDEOHVFDOH
WKHUHIHUHQFHWRWKHLPSOHPHQWHGWHVWPHWKRGVDQGLIDQ\WKHGHYLDWLRQV
WKHFRQGLWLRQLQJDSSOLHGWRWKHHOHPHQWVSULRUWRWHVWLQJ
WKHFOLPDWLFFRQGLWLRQVZLWKLQWKHODERUDWRU\GXULQJWKHWHVWV
DVKRUWGHVFULSWLRQRIWKHDSSDUDWXVLQYROYHGLQWKHWHVWV
HDFKLQGLYLGXDOUHVXOWDFFRUGLQJWRWKHWHVWPHWKRGV
WKHPHDQYDOXHDQGWKHFRHIILFLHQWRIYDULDWLRQRIWKHVDPSOHDVGHILQHGLQWKLVVWDQGDUGDQGLIVSHFLILHGWKHFKDUDFWHULVWLFYDOXHRIWKHSURSHUW\
LIUHOHYDQWWKHFODVVLILFDWLRQVRUWKHDWWULEXWLRQVUHJDUGLQJWKHFRQIRUPLW\RIWKHVDPSOHWRWKHFRUUHVSRQGLQJVWDQGDUG