Section 2b

Transcription

Section 2b
*D]HWWHHU
&RPSRQHQW
2ULJLQDOXVH
'HVLJQDWLRQ
%XLOGLQJ
• 6WRUHKROGHU·V4XDUWHUV1R
• 6WUXFWXUHZLWKLQWKHFXUWLODJHRIDOLVWHGEXLOGLQJ
• /LVWHGEXLOGLQJFRQVHQWJUDQWHGIRUGHPROLWLRQ0D\
'DWHRI
• 1RWVKRZQRQ26PDSEXWGHSLFWHGDV6WRUHKROGHU·V4XDUWHUV1R
FRQVWUXFWLRQ
RQDSODQRIUHYLVHGVV:%&3$DQGRQDSODQ
105%+00&3$
)RUPDV
FRQVWUXFWHG
3ODQ
• 5HFWDQJXODU
1RRIVWRUH\V • 7ZRVWRUH\JURXQGDQGILUVWIORRU
5RRIFRYHU
• +LSSHG7LPEHUURRIWUXVVHV
:DOOV
• 5HGEULFNFDYLW\ZDOOFRQVWUXFWLRQ
• :LQGRZRSHQLQJVZLWKFRQFUHWHOLQWHOVPXOWLSDQHFDVHPHQWZLQGRZV
7LPEHUMRLQHU\
,QWHULRU
• 7LPEHUFORVHVWULQJVWDLUILWWHGFXSERDUG
• 7LOHGILUHVXUURXQGV
8VHV
• 4XDUWHUVIRU6WRUHKROGHU
&XUUHQWXVH
• 8QXVHG
$OWHUDWLRQV
• 6HYHUHO\GDPDJHGE\ILUHLQODWHU&
2YHUDOO
• /HYHO,17'HPRQVWUDWHVWKHSURYLVLRQRIRQVLWHTXDUWHUVIRUD
VLJQLILFDQFH
6WRUHKROGHUDQGWKHEDVLFVWDQGDUGRIDFFRPPRGDWLRQGHHPHG
DQGVXUYLYDO
DSSURSULDWH2QHRIWKHVPDOOQXPEHURIEXLOGLQJVEXLOWDVUHVLGHQWLDO
DFFRPPRGDWLRQLQWKH6WRUHKRXVH(QFORVXUHGXULQJLWVORQJSHULRGRI
PLOLWDU\XVH2IPLQLPDODUFKLWHFWXUDOLQWHUHVW9DQGDOLVHGDQGVHYHUHO\ILUH
GDPDJHGLWKDVDQHJDWLYHLPSDFWRQWKHZHVWHQGRIWKH6WRUHKRXVH
(QFORVXUHHJ6WRUHKRXVH%DQG:HVW3RUWFXOOLV%XLOGLQJ%
6RXUFHV
0HQXJH:LOOLDPV(WWZHLQ%ULGJHV'DWHRIFRQVWUXFWLRQ
UHLQWHUSUHWHGLQWKLV&RQVHUYDWLRQ3ODQEDVHGRQPDSHYLGHQFH
%/HIWQRUWKHOHYDWLRQULJKWVRXWKHOHYDWLRQ6RXUFH(WWZHLQ%ULGJHV
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
&RPSRQHQW
2ULJLQDOXVH
%XLOGLQJ
• :HVW3RUWFXOOLV%XLOGLQJFRQWDLQLQJJXDUGURRPVDQGRIILFHVRYHU
2UGQDQFH&DQDOZLWKSHGHVWULDQEULGJH
'HVLJQDWLRQ
• /LVWHG*UDGH,,*9:HVW/RGJH
• %XLOGLQJDW5LVN&DWHJRU\&
'DWHRI
• 3ODQQHGE\&DSWDLQ3LONLQJWRQLQ
FRQVWUXFWLRQ
• 6KRZQRQDSODQRI352:2&3$EXWQRWUHDG\IRU
RFFXSDWLRQDQGSRUWFXOOLVVWLOOQRWILWWHGLQ-XQH7KRXJKWWRKDYH
FRPHLQWRXVHLQZKHQWKHFORFNZDVILWWHGLQWKHHDVWSRUWFXOOLV
EXLOGLQJ
)RUPDV
FRQVWUXFWHG
3ODQVL]H
• 5HFWDQJXODUIWE\IW
1RRIVWRUH\V • 7ZRVWRUH\
5RRIFRYHU
• 6KDOORZSLWFKHGKLSSHGVODWHURRI
• 7ZRULGJHPRXQWHGEULFNVWDFNV
• &HQWUDOVTXDUHVHFWLRQHGWLPEHUFXSRODZLWKVXQNSDQHOVRQFDQWHG
FRUQHUVDQGHQWDEODWXUHFLUFXODUORXYUHGRSHQLQJRQHDFKIDFH
5DLQZDWHU
• 7ZRFDVWLURQYDVHVKDSHGKRSSHUVDQGOHDGUDLQZDWHUIDOOSLSHVSHUORQJ
JRRGV
HOHYDWLRQGUDLQLQJWKHSDUDSHWJXWWHUV
:DOOV
• &ODVVLFDOGHVLJQ
• 7KUHHED\VRQWKHIURQWHOHYDWLRQIDFLQJLQWRWKHHQFORVXUHDQGUHDU
HOHYDWLRQWKHFHQWUDOED\EURNHQIRUZDUGRQWKHIURQWHOHYDWLRQDQGRQH
ED\RQWKHHQGHOHYDWLRQV
• :DOOVRIOLJKWFRORXUHGEULFNLQ)OHPLVKERQG6DQGVWRQHDVKODUSOLQWK
PRXOGHGVWRQHHDYHVFRUQLFHORZDVKODUSDUDSHW
• &HQWUDOED\DWJURXQGIORRURFFXSLHGE\DVHPLFLUFXODUDUFKFRQWDLQLQJ
WZRWLPEHUSRUWFXOOLVHV,Q&DSWDLQ3LONLQJWRQGHVFULEHGKLVLQWHQWLRQ
WRXVH¶WZRSRUWFXOOLVHVRQHLQFDVHRIQHFHVVLW\WRGHVFHQGLQWRWKHZDWHU
DQGWRXFKWKHERWWRPRIWKHFDQDO·OHWWHURI$SULOWR*HQHUDO0RUVH
352:2
• 3HGHVWULDQEULGJHRIVWRQHVWHSVDJDLQVWIURQWHDVWHOHYDWLRQUHVWLQJRQ
EULFNFDQDODUFKH[WHQGHGLQWRWKHHQFORVXUHZURXJKWLURQEDOXVWUDGHRI
VTXDUHVHFWLRQHGEDOXVWHUVZLWKVLPSOHLURQKDQGUDLO
• (DVWHOHYDWLRQIURQW²DWJURXQGIORRUWZRZLQGRZRSHQLQJVHDFKZLWKD
JDXJHGEULFNIODWDUFKFRQWDLQLQJDWLPEHUVDVKZLQGRZDWILUVWIORRUD
FHQWUDOGRRUZD\ZLWKDJDXJHGEULFNIODWDUFKFRQWDLQLQJDGRRURIVL[
IOXVKEHDGHGSDQHOVIODQNHGWRHDFKVLGHE\WZRODUJHZLQGRZRSHQLQJV
HDFKFRQWDLQLQJDWLPEHUVDVKZLQGRZ
• :HVWHOHYDWLRQUHDU²EOLQGZLQGRZRSHQLQJVLPLWDWLQJWKHDUUDQJHPHQW
RIWZRZLQGRZRSHQLQJVRQWKHIURQWHOHYDWLRQ·VJURXQGIORRUEXWZLWK
WKUHHZLQGRZRSHQLQJVRQWKHILUVWIORRULHQRWPDWFKLQJWKH
DUUDQJHPHQWRQWKHIURQWHOHYDWLRQ
• 1RUWKDQGVRXWKHOHYDWLRQV²DWJURXQGIORRUDGRRUZD\ZLWKJDXJHG
EULFNIODWDUFKFRQWDLQLQJDVLQJOHOHDIWLPEHUGRRUZLWKWZHOYHSDQHJOD]HG
XSSHUVHFWLRQDQGSDQHOOHGIOXVKEHDGHGORZHUVHFWLRQDWILUVWIORRUD
ODUJHZLQGRZRSHQLQJFRQWDLQLQJDWLPEHUVDVKZLQGRZ
,QWHULRU
• 6\PPHWULFDOSODQRQJURXQGDQGILUVWIORRUV
• *URXQGIORRUQRUWKDQGVRXWKURRPV²WLPEHUIORRUILUHSODFHVHJPHQWDO
DUFKSODLQPDQWHOVKHOIRQFURVVZDOO
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
)LUVWIORRU²WKUHHURRPVFHQWUDOURRPZLWKVWRQHIODJJHGIORRUDJDLQVW
WKHHDVWZDOOWLPEHUWRQJXHDQGJURRYHSDQHOOHGER[LQJFRQFHDOVWKH
ZLQGLQJPHFKDQLVPIRUWKHSRUWFXOOLVWUXVVHGWLPEHUDVVHPEO\ZLWKJHDU
ZKHHOVWXUQHGE\DZLQGODVVGRRUWRQRUWKDQGVRXWKURRPVZLWKVL[
IOXVKEHDGHGSDQHOVQRUWKDQGVRXWKURRPVZLWKWLPEHUIORRUVNLUWLQJDQG
GDGRUDLOILUHSODFHVHJPHQWDODUFKSODLQVXUURXQGRQFURVVZDOOV
• 5RRIVWUXFWXUH²WKUHHWUDQVYHUVHDQGWZRD[LDOWUXVVHVRINLQJSRVWIRUP
WKHNLQJSRVWZLWKH[SDQGHGKHDGDQGIRRWZLWKUDNHGVWUXWV
• /DWHU&VRPHVDVKZLQGRZVUHSODFHGZLWKRQHVZLWKVLPLODUJOD]LQJ
DUUDQJHPHQWEXWZLWKKRUQV
• /DWHU&DWLPEHUKRUQHGVDVKZLQGRZLQVHUWHGLQZHVWZDOOILUVW
IORRUQRUWKURRP
• /DWHU&HDUO\&DWJURXQGIORRURQZHVWZDOODEOLQGZLQGRZZDV
FRQYHUWHGLQWRDGRRUZD\ZLWKYHUWLFDOO\ERDUGHGGRRUWRVHUYHWKHVRXWK
URRP
• /DWHU&GRPHVWLFFRSSHUDGGHGDJDLQVWILUHSODFHJURXQGIORRUQRUWK
URRP
• &EULFNZDOOFRQVWUXFWHGDFURVVFDQDODUFK
• 2ULJLQDOXVH²LQWHQGHGE\&DSWDLQ3LONLQJWRQWRLQFOXGHURRPVWR¶SURYLGH
IRU3XEOLF2IILFHV*XDUG5RRPVHWF·OHWWHURI$SULOIURP&DSWDLQ
3LONLQJWRQWR*HQHUDO0RUVH352:2(QJLQHHUV·3DSHUV7KH
JURXQGIORRUQRUWKDQGVRXWKURRPVDUHWKRXJKWWRKDYHVHUYHGDV
JDWHNHHSHUV·ORGJHVWKHILUVWIORRUQRUWKDQGVRXWKURRPVDVRIILFHVZKLOVW
WKHFHQWUDOURRPFRQWDLQHGWKHSRUWFXOOLVZLQGLQJPHFKDQLVP
• $VWDWHPHQWRI-DQXDU\LQGLFDWHGWKDWWKHURRPVFRQVLVWHGRI¶«
RIILFHVDQGWZROREELHV«LQWKHRFFXSDWLRQRIWKH&LYLODQG(QJLQHHU
'HSDUWPHQWVRIWKH2UGQDQFH·352:2
• $VWDWHPHQWGDWHG-XQHVWDWHGWKDW¶WKHXSSHUSDUWVDUHXVHGDV
RIILFHVE\WKH6WRUHNHHSHUVDQG(QJLQHHU'HSDUWPHQWV«WKHORZHUSDUWV
XVHGIRUZDUGHQVURRPV·352:2
• $SODQRI"$0&3$VKRZHGWKHEXLOGLQJDV0LOLWDU\
6WRUHVZLWKNLWFKHQVRQWKHJURXQGIORRUURRPVDQGRQWKHILUVWIORRUWKH
FHQWUDOURRPDVPLOLWDU\VWRUHVDQGWKHDGMDFHQWURRPVDVWKHIRUHPDQ·V
TXDUWHUV
• /DEHOOHGDV¶:HVW/RGJH·RQDSODQRIUHYLVHGVV:%
&3$
&XUUHQWXVH
• 8QXVHG
• /HYHO%6SDQQLQJWKH2UGQDQFH&DQDOWKH:HVW3RUWFXOOLV%XLOGLQJZLWK
WKHHDVWSRUWFXOOLVEXLOGLQJRSSRVLWHGHPRQVWUDWHVWKHQHHGWRFRQWURO
DFFHVVDORQJWKHFDQDOWRWKH6WRUHKRXVH(QFORVXUHZKHQRULJLQDOO\
FRQVWUXFWHGLQWKHHDUO\&DQGLVWKHUHIRUHFUXFLDOWRWKHXQGHUVWDQGLQJ
RIWKH6WRUHKRXVH(QFORVXUH'RHVQRWFRQWDLQDFORFNLQLWVFXSRODEXW
RWKHUZLVHWKHSRUWFXOOLVEXLOGLQJVZHUHLGHQWLFDO$QXPEHURIHOHPHQWVRI
WKHFODVVLFDOGHVLJQGHPRQVWUDWHWKHFRQFHUQWKDWWKHVHEXLOGLQJVVKRXOGEH
RIKLJKDUFKLWHFWXUDOTXDOLW\DQGDVRXUFHRISULGHWRWKH%RDUGRI
2UGQDQFHDVZHOODVILWIRUSXUSRVHHJWKHXVHRIOLJKWFRORXUHGEULFNV
DQGVWRQHGUHVVLQJVWRJLYHWKHDSSHDUDQFHRIEHLQJDQHQWLUHO\VWRQH
EXLOGLQJIURPDGLVWDQFHWKHXVHRIODUJHUZLQGRZRSHQLQJVRQWKHILUVW
IORRUIURQWHOHYDWLRQWRHPSKDVLVHWKHILUVWIORRUSLDQRQRELOHZKLFKZDV
DSSURDFKHGE\DSHGHVWULDQEULGJHVHUYLQJDVDSHUURQWKHSDQHOOHGDQG
•
5RRI
VWUXFWXUH
$OWHUDWLRQV
8VHV
2YHUDOO
VLJQLILFDQFH
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
GRPHGFXSRODVXUPRXQWLQJWKHEXLOGLQJ([WHUQDOO\WKHRULJLQDOZDOO
PDWHULDOVURRIVWUXFWXUHDQGFRYHULQJFXSRODSRUWFXOOLVHVEULGJHDQG
EDOXVWUDGHDQGWKHFRQILJXUDWLRQRIRSHQLQJVRQWKHHOHYDWLRQVVXUYLYH
H[FHSWRQWKHZHVWHOHYDWLRQZKHUHDZLQGRZDQGGRRUZD\KDYHEHHQ
LQVHUWHGWKURXJKWKHEOLQGZLQGRZV7KHRULJLQDOILUVWIORRUIURQWGRRU
VXUYLYHVEXWWKRVHWRWKHJDWHNHHSHUV·ORGJHVKDYHEHHQUHSODFHGZLWKRQHV
RIGLIIHUHQWIRUP7KHILUVWIORRUVDVKZLQGRZVRQWKHQRUWKDQGVRXWK
HOHYDWLRQVPD\EHRULJLQDOEXWWKHRWKHUVKDYHEHHQUHSODFHG,QWHUQDOO\
WKHRULJLQDOOD\RXWVXUYLYHVDVGRHVWKHVWRQHIODJJHGIORRURIWKHILUVW
IORRUFHQWUDOURRPWKHSRUWFXOOLVPHFKDQLVPDQGVRPHMRLQHU\GRRUZLWK
IOXVKEHDGHGSDQHOVPDWFKLQJWKRVHLQWKHVWRUHKRXVHVGDGRUDLO
FXSERDUGV
•
/HYHO%$VVRFLDWLRQZLWK&DSWDLQIURP/LHXWHQDQW&RORQHO5REHUW
3LONLQJWRQ&RPPDQGLQJ5R\DO(QJLQHHUZKRGHVLJQHGDQGRYHUVDZWKH
FRQVWUXFWLRQRIWKH'HSRWDQGZLWK/LHXWHQDQW*HQHUDO5REHUW0RUVH
ZKRDV6HQLRU(QJLQHHUDQG,QVSHFWRU*HQHUDORI)RUWLILFDWLRQVKDGDQ
DSSUHFLDEOHLQIOXHQFHRQWKH'HSRW·VIRUPSURPRWHGWR*HQHUDOLQ
UHVLJQHGGXHWRLOOKHDOWKLQDQGIURP*HQHUDO0RUVH·V
VXFFHVVRU/LHXWHQDQW&RORQHO*RWKHU0DQQ
5RRIFRYHU
•
6WDFNV
•
&XSROD
•
5DLQZDWHU
JRRGV
•
:DOO
PDWHULDOV
•
3RUWFXOOLVHV
•
3HGHVWULDQ
EULGJH
•
/HYHO%2ULJLQDOHDUO\&ORZKLSSHGURRIDQGVODWHFRYHU
'HPRQVWUDWHVWKHRULJLQDOIRUPDQGFRYHULQJRIWKHURRIGHVLJQHGVRWKDW
IURPJURXQGOHYHOLWZDVEDUHO\YLVLEOHDERYHWKHSDUDSHW
/HYHO%7ZRRULJLQDOHDUO\&EULFNVWDFNV'HPRQVWUDWHWKHQXPEHUDQG
SRVLWLRQRIILUHSODFHVLQWKHEXLOGLQJDQGWKDWWKHQRUWKDQGVRXWKURRPV
RQWKHJURXQGIORRUIRUWKHJDWHNHHSHUVDQGILUVWIORRULQWKHRIILFHV
ZHUHKHDWHG
/HYHO%2ULJLQDOHDUO\&FXSRODZLWKVRSKLVWLFDWHGGHWDLOLQJHJVXQN
SDQHOVRQFDQWHGFRUQHUVDQGHQWDEODWXUHGRPH
/HYHO%2ULJLQDOHDUO\&LURQYDVHVKDSHGKRSSHUVDQGOHDGUDLQZDWHU
GRZQSLSHV'HPRQVWUDWHWKHPHWKRGRIUDLQZDWHUGLVSRVDOIRUWKH
EXLOGLQJ
/HYHO%2ULJLQDOHDUO\&ZDOOVRIOLJKWFRORXUHGEULFNDVKODUSOLQWK
PRXOGHGVWRQHFRUQLFHDVKODUSDUDSHW7KHFKRLFHRIOLJKWEULFNFRORXUDQG
WKHXVHRIVWRQHGUHVVLQJVGHPRQVWUDWHVWKHLQWHQWLRQWRJLYHWKH
DSSHDUDQFHIURPDGLVWDQFHRIWKLVEHLQJDQHQWLUHO\VWRQHEXLOGLQJ
/HYHO%2ULJLQDOHDUO\&SDLURIWLPEHUSRUWFXOOLVHV7KHXVHRIWZR
SRUWFXOOLVHVRQHUHDFKHGWRWKHZDWHUVXUIDFHWKHRWKHUWRWKHFDQDOEHG
GHPRQVWUDWHVWKHGHVLJQGHYLVHGWRHQDEOHWKHHQWLUHGLVWDQFHIURPWKHWRS
RIWKHFDQDODUFKGRZQWRWKHFDQDOEHGWRHQDEOHDFFHVVWRWKH6WRUHKRXVH
(QFORVXUHWREHFRQWUROOHGEXWWREHDEOHWRILWWKHSRUWFXOOLVHVZLWKLQWKH
KHLJKWRIWKHSRUWFXOOLVEXLOGLQJ·VILUVWIORRURQHWDOOSRUWFXOOLVZRXOGKDYH
UHTXLUHGDWDOOHUEXLOGLQJ
/HYHO%2ULJLQDOHDUO\&SHGHVWULDQEULGJHRYHUWKHFDQDOZLWKLURQ
EDOXVWUDGHDQGKDQGUDLODQGVWRQHVWHSV'HPRQVWUDWHVWKHSRVLWLRQDQG
IRUPRIWKHRQO\FURVVLQJSRLQWRYHUWKHFDQDODWLWVHDVWHUQHQG'HVLJQHG
DVDSHUURQLQUHODWLRQWRWKHEXLOGLQJHPSKDVLVLQJLWVSLDQRQRELOH
6XUYLYDORI
HOHPHQWV
([WHULRU
(DVW
HOHYDWLRQ
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
*URXQGIORRU :LQGRZ
•
RSHQLQJV
:LQGRZV
•
)LUVWIORRU
'RRUZD\
'RRU
•
•
:LQGRZ
RSHQLQJV
•
:LQGRZV
•
:HVW
HOHYDWLRQ
%OLQG
ZLQGRZV
1RUWK
HOHYDWLRQ
*URXQGIORRU
'RRUZD\
'RRU
)LUVWIORRU
:LQGRZ
RSHQLQJ
:LQGRZ
6RXWK
HOHYDWLRQ
*URXQGIORRU
'RRUZD\
/HYHO%2ULJLQDOHDUO\&JDXJHGEULFNIODWDUFKHGGRRUZD\
/HYHO%2ULJLQDOHDUO\&WLPEHUGRRUZLWKVL[IOXVKEHDGHGSDQHOV
'HPRQVWUDWHVWKDWWKHGHVLJQRIWKHGRRUIDFLQJLQWRWKH6WRUHKRXVH
(QFORVXUHZDVWKHVDPHDVWKDWRIWKHLQWHUQDOGRRUVDQGZLWKLQWKH
VWRUHKRXVHV7KHRQO\RULJLQDOH[WHUQDOGRRUWRVXUYLYHLQVLWXRQHLWKHU
SRUWFXOOLVEXLOGLQJ
/HYHO%)RXURULJLQDOHDUO\&JDXJHGEULFNIODWDUFKHGZLQGRZ
RSHQLQJV7KHZLQGRZRSHQLQJVRQWKHILUVWIORRUDUHODUJHUWKDQWKRVHRQ
WKHJURXQGIORRUGHPRQVWUDWLQJWKHGHVLUHWRHPSKDVLVHWKHSLDQRQRELOHDQG
WRSURYLGHVXIILFLHQWOLJKWIRUWKHRIILFHVWKHUH
/HYHO'/DWHU&WLPEHUVDVKZLQGRZVZLWKWKHVDPHJOD]LQJ
DUUDQJHPHQWDVWKHRULJLQDOVDVKHVEXWZLWKKRUQV
•
*URXQGIORRU 'RRUZD\
•
'RRU
)LUVWIORRU
:LQGRZ
RSHQLQJ
:LQGRZ
/HYHO%7ZRRULJLQDOHDUO\&JDXJHGEULFNIODWDUFKHGZLQGRZ
RSHQLQJV
/HYHO'/DWHU&WLPEHUKRUQHGDQGVDVKZLQGRZ7KH
IRUPLVGLIIHUHQWIURPWKHRULJLQDOJOD]LQJDUUDQJHPHQWDVLVWKH
SUHVHQFHRIKRUQVLQERWK
•
/HYHO%7KUHHRULJLQDOHDUO\&EOLQGZLQGRZV7KHSURYLVLRQRIEOLQG
UDWKHUWKDQJOD]HGZLQGRZVRQWKHH[WHULRUIDFHPLUURULQJWKHSRVLWLRQVRI
WKHJOD]HGZLQGRZVRQWKHIURQWHOHYDWLRQGHPRQVWUDWHVWKHFRQFHUQIRU
VHFXULW\EXWDOVRWRSURYLGHVRPHDUFKLWHFWXUDOHPEHOOLVKPHQWWRWKH
HOHYDWLRQ
/HYHO'/DWHU&HDUO\&FRQYHUVLRQRIJURXQGIORRUEOLQGZLQGRZ
LQWRGRRUZD\WRSURYLGHDFFHVVWRWKHVRXWKURRPIURPRXWVLGHWKH
HQFORVXUH
/HYHO'/DWHU&HDUO\&YHUWLFDOO\ERDUGHGGRRU
•
/HYHO'/DWHU&FRQYHUVLRQRIEOLQGZLQGRZLQWRDJOD]HGZLQGRZWR
VHUYHWKHQRUWKURRP
/HYHO'/DWHU&WLPEHUVDVKZLQGRZZLWKKRUQVQRUWKURRP
0DWFKHGWKHRULJLQDOVDVKHVRQWKHRWKHUHOHYDWLRQV·ILUVWIORRUZLQGRZ
RSHQLQJVLQWHUPVRIJOD]LQJDUUDQJHPHQWEXWZLWKKRUQV
•
•
/HYHO%2ULJLQDOHDUO\&JDXJHGEULFNIODWDUFKHGGRRUZD\
/HYHO'/DWHU&WLPEHUYHUWLFDOO\ERDUGHGGRRU
•
•
/HYHO%2ULJLQDOHDUO\&ODUJHZLQGRZRSHQLQJZLWKJDXJHGEULFNIODW
DUFKDQGLQWHUQDOO\VSOD\HG
/HYHO%""2ULJLQDOHDUO\&WLPEHUVDVKZLQGRZ
•
/HYHO%2ULJLQDOHDUO\&JDXJHGEULFNIODWDUFKHGGRRUZD\
•
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
'RRU
)LUVWIORRU
:LQGRZ
RSHQLQJ
•
/HYHO'/DWHU&WLPEHUYHUWLFDOO\ERDUGHGVLQJOHOHDIGRRU
•
/HYHO%2ULJLQDOHDUO\&ODUJHZLQGRZRSHQLQJZLWKJDXJHGEULFNIODW
DUFKDQGLQWHUQDOO\VSOD\HG
/HYHO1,17&KRUL]RQWDOVHFXULW\EDUV
/HYHO%""2ULJLQDOHDUO\&WLPEHUVDVKZLQGRZ
•
•
:LQGRZ
*URXQGIORRU 1RUWKURRP )ORRU
•
)LUHSODFH
•
•
6RXWKURRP )ORRU
•
)LUHSODFH
•
•
)LUVWIORRU
&HQWUDOURRP )ORRU
•
,QWHULRU
'RRUWR
VRXWKURRP
•
3RUWFXOOLV
PHFKDQLVP
SDQHOOLQJ
•
&XSERDUG
1RUWKURRP
)ORRU
6NLUWLQJ
GDGRUDLO
•
•
•
•
)LUHSODFH
•
•
6RXWKURRP
)ORRU
6NLUWLQJ
GDGRUDLO
)LUHSODFH
5RRI
VWUXFWXUH
6RXUFHV
•
/HYHO&2ULJLQDOHDUO\&WLPEHUIORRU
/HYHO&2ULJLQDOHDUO\&VHJPHQWDODUFKHGILUHSODFHRSHQLQJ
/HYHO'&LQILOOLQILUHSODFHRSHQLQJ
/HYHO&2ULJLQDOHDUO\&WLPEHUIORRU
/HYHO&2ULJLQDOHDUO\&VHJPHQWDODUFKHGILUHSODFHRSHQLQJ
/HYHO'&LQILOOLQILUHSODFHRSHQLQJ
/HYHO%2ULJLQDOHDUO\&VWRQHIODJV'HPRQVWUDWHVWKHQHHGIRUD
VWURQJKDUGZHDULQJIORRUVXUIDFHWRVXSSRUWWKHSRUWFXOOLVPHFKDQLVP
ZKHUHWKHZLQGODVVZDVWXUQHG
/HYHO%2ULJLQDOHDUO\&WLPEHUGRRUZLWKVL[IOXVKEHDGHGSDQHOV
'HPRQVWUDWHVWKDWWKHVDPHVLPSOHEXWVRSKLVWLFDWHGIRUPRIGRRUZDV
XVHGLQWKHSRUWFXOOLVEXLOGLQJDVLQWKHVWRUHKRXVHV
/HYHO%2ULJLQDOHDUO\&SRUWFXOOLVZLQGLQJPHFKDQLVP'HPRQVWUDWHV
KRZWKHWZRSRUWFXOOLVHVZHUHUDLVHGDQGORZHUHG
/HYHO%2ULJLQDOHDUO\&WLPEHUWRQJXHDQGJURRYHSDQHOOHGER[LQJ
FRYHULQJWKHSRUWFXOOLVHVZKHQLQUDLVHGSRVLWLRQZHVWZDOO
/HYHO'"/DWHU&WLPEHUFXSERDUGQRUWKZDOO
/HYHO&2ULJLQDOHDUO\&WLPEHUIORRU
/HYHO%2ULJLQDOHDUO\&WLPEHUVNLUWLQJDQGGDGRUDLO'HPRQVWUDWHDQ
DVSHFWRIWKHVXSHULRUEXWSODLQGHWDLOLQJRIWKHILUVWIORRUURRPVFRPSDUHG
ZLWKWKHJURXQGIORRUJDWHNHHSHUV·ORGJHV
/HYHO&2ULJLQDOHDUO\&VHJPHQWDODUFKHGILUHSODFHRSHQLQJ
/HYHO'&LQILOOLQILUHSODFHRSHQLQJ
/HYHO&2ULJLQDOHDUO\&WLPEHUIORRU
/HYHO%2ULJLQDOHDUO\&WLPEHUVNLUWLQJDQGGDGRUDLO'HPRQVWUDWHDQ
DVSHFWRIWKHVXSHULRUEXWSODLQGHWDLOLQJRIWKHILUVWIORRUURRPVFRPSDUHG
ZLWKWKHJURXQGIORRUJDWHNHHSHUV·ORGJHV
• /HYHO&2ULJLQDOHDUO\&VHJPHQWDODUFKHGILUHSODFHRSHQLQJ
• /HYHO'&LQILOOLQILUHSODFHRSHQLQJ
• /HYHO%2ULJLQDOHDUO\&WLPEHUURRIVWUXFWXUH7KHLQFRUSRUDWLRQRI
D[LDOWUXVVHVGHPRQVWUDWHVWKHQHHGWRFRSHZLWKWKHDGGLWLRQDOZHLJKWRI
WKHFXSROD
0HQXJH:LOOLDPV:LOOLDPV
•
•
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
%(DVWHOHYDWLRQ6RXUFH/LY*LEEV
%/HIWQRUWKHOHYDWLRQULJKWVRXWKHOHYDWLRQ6RXUFH/LY*LEEV
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
%,QWHULRU)LUVWIORRUVRXWKURRP6RXUFH/LY*LEEV
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
&RPSRQHQW %XLOGLQJ
2ULJLQDOXVH
• 3URWHFWHG3RVWIRU)LUHZDWFKHUV
'HVLJQDWLRQ
• 6WUXFWXUHZLWKLQWKHFXUWLODJHRIDOLVWHGEXLOGLQJ
'DWHRI
• 'XULQJ6HFRQG:RUOG:DU"
FRQVWUXFWLRQ
• 6KRZQRQDSODQUHYLVHGVV:%&3$DQGDQDHULDO
SKRWRJUDSKWDNHQ$SULO105&*78'8.)5
)RUPDV
• 6TXDUHVHPLVXQNHQVWUXFWXUHZLWKEULFNZDOOVLQWKLFNDYLHZLQJVOLWLQ
FRQVWUXFWHG
HDFKZDOOLQFOXGLQJLQWKHHQWUDQFHEODVWZDOOIRUPHGE\WKHRPLVVLRQRU
UHPRYDORIRQHEULFNDQGDIHUURFRQFUHWHVODEURRILQWKLFN7KHODFNRI
ORRVHPRUWDUHGEULFNZRUNSDQHORQWKHEDFNRUVLGHDVDQHPHUJHQF\H[LW
DQGWKHSUHVHQFHRIDYLHZLQJVOLWRQDOOWKHZDOOVVXJJHVWVWKDWWKLVZDV
QRWDVWDQGDUGDLUUDLGVKHOWHU
$OWHUDWLRQV
8VHV
• 3URWHFWHGSRVWSUREDEO\IRUILUHZDWFKHUVGXULQJ6HFRQG:RUOG:DU
&XUUHQWXVH
• 8QXVHG
2YHUDOO
• /HYHO17KHSURYLVLRQRIDSURWHFWHGSRVWZLWKDYLHZLQJVOLWRQDOO
VLJQLILFDQFH
HOHYDWLRQVDWDNH\YDQWDJHSRLQWGHPRQVWUDWHVWKHQHHGIRUILUHZDWFKHUVWR
VXUYLYDORI
EHDEOHWRPRQLWRUIRUILUHZLWKLQWKH6WRUHKRXVH(QFORVXUHGXULQJDLU
HOHPHQWV
UDLGVZKLOVWEHLQJSURWHFWHGWKHPVHOYHV)URPKHUHWKH\FRXOGPRQLWRUWKH
ZHVWHQGRIWKH(QFORVXUHDQGEXLOGLQJVRQWKHORZHUODQG6XUYLYHVODUJHO\
LQLWVRULJLQDOIRUP+DVDQHJDWLYHLPSDFWRQWKHYLVXDODPHQLW\RI
6WRUHKRXVH%·VHDVWHOHYDWLRQDQGWKHOHJLELOLW\RIWKHRULJLQDOO\RSHQ
QDWXUHRIWKHVSDFHVEHWZHHQWKHVWRUHKRXVHV7\SLFDORIWKHSURWHFWHG
SRVWVFRQVWUXFWHGLQ(QJODQGGXULQJWKH6HFRQG:RUOG:DURIZKLFK
PDQ\VXUYLYH
6RXUFHV
0HQXJH:LOOLDPV
'HWDLOIURPDSODQUHYLVHGVV:%&3$
VKRZLQJ%HDVWRI%
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
%6RXUFH/LY*LEEV
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
&RPSRQHQW %XLOGLQJ
2ULJLQDOXVH
• 1HZ:RUNVKRS
'HVLJQDWLRQ
• 6WUXFWXUHLQWKHFXUWLODJHRIDOLVWHGEXLOGLQJ
'DWHRI
• SODQV:::&3$DVD1HZ:RUNVKRS
FRQVWUXFWLRQ
FRQWDLQLQJD0DFKLQH6KRSDQG6PLWK·V6KRS
• 6KRZQRQDQ26PDSVLJQHG352:2&3$
ODEHOOHGDVD0DFKLQH6KRS
)RUPDV
FRQVWUXFWHG
3ODQ
• 5HFWDQJXODU
1RRIVWRUH\V • 6LQJOHVWRUH\
5RRIFRYHU
• :HOVKVODWHSODQVKRZHGURRIOLJKWVORXYUHRYHUVPLWK·VVKRSHDVW
HQGDQGWZRFRZOHGYHQWVRYHUPDFKLQHVKRSZHVWHQGEXWHLWKHUWKH
GHVLJQZDVDOWHUHGRUWKHDUUDQJHPHQWFKDQJHGVXEVHTXHQWO\WRWKHFXUUHQW
WKUHHORXYUHV
:DOOV
• 6L[ED\VRQVRXWKIURQWHOHYDWLRQWZRED\VRQHDVWDQGZHVWHQG
HOHYDWLRQV1RUWKUHDUHOHYDWLRQUDLVHGVOLJKWO\RQWKHRULJLQDOHDUO\&
6WRUHKRXVH(QFORVXUHZDOO
• (QJOLVKERQGEULFNZRUNSOLQWKZLWKFKDPIHUHGEOXHEULFNDORQJWKHWRS
ZDOOVRISLHUDQGSDQHOFRQVWUXFWLRQSDQHOVZLWKEOXHEULFNVDORQJWRSDQG
ERWWRPHDYHVSURMHFWRQFKDPIHUHGEOXHEULFNFRXUVHVWHSSHGHDYHVRQ
VRXWKHOHYDWLRQVWHSSHGJDEOHRQHQGHOHYDWLRQV1RRSHQLQJVLQHDVWRU
QRUWKHOHYDWLRQV
• 6RXWKIURQWHOHYDWLRQ²DOORSHQLQJVKDGVHJPHQWDOEULFNKHDGVRQH
RSHQLQJSHUSDQHORQHSDQHOZLWKQRRSHQLQJWKUHHGRRUZD\VHDFK
FRQWDLQLQJDWLPEHUWZROHDIYHUWLFDOO\ERDUGHGGRRUEHORZIDQOLJKWZLWK
WZRJOD]LQJEDUVZLQGRZRSHQLQJVQDUURZHUDQGVHWKLJKHUFDVWLURQ
PXOWLSDQHZLQGRZVHDFKZLWKSLYRWLQJVHFWLRQ
• :HVWHQGHOHYDWLRQ²RQH"RULJLQDOGRRUZD\LQQRUWKSDQHOVRXWKSDQHO
ZLWKQRRSHQLQJ
,QWHULRU
• 'LYLGHGLQWZR²LQWKHODUJHUZHVWSDUWDPDFKLQHVKRSFRQWDLQLQJDQ
HQJLQHFUXVKLQJPDFKLQHJULQGVWRQHVDZEHQFKSROLVKLQJODWKHDQG
WXUQLQJODWKHDQGLQWKHVPDOOHUHDVWSDUWDVPLWK·VVKRS
5RRI
• 0HWDOWUXVVHVZURXJKWDQGFDVWLURQFRPSRQHQWV
VWUXFWXUH
$OWHUDWLRQV
• 'RRUZD\RQZHVWZDOOFRQYHUWHGLQWRDZLQGRZRSHQLQJZLWKLURQPXOWL
SDQHZLQGRZDIWHUSODQ
• $SODQRIUHYLVHGVV:%&3$VKRZHGDQRUWK
VRXWKSDUWLWLRQKDGEHHQLQVHUWHGGLYLGLQJWKHZHVWURRPLQWRWZRDQGD
VLQJOHVWRUH\EULFNH[WHQVLRQ%KDGEHHQFRQVWUXFWHGDWWKHHDVWHQG
UHSODFLQJDQHDUOLHU"SULY\
• /DWHU&SDUWLWLRQZDOOVDGGHGLQWHUQDOO\FHLOLQJLQVHUWHGLQWHULRUVXUIDFHV
RIZDOOVSODVWHUHG
8VHV
• 2ULJLQDOO\GHVFULEHGDVD¶1HZ:RUNVKRS·RQSODQ
• 'HVFULEHGDV¶0DFKLQH6KRS·RQSODQ5(/:&3$
• $SODQ352:2&3$VKRZHGERWKZHVWSDUWVDVD
¶%URZQLQJ6KRS·DQGHDVWSDUWDVD¶6PLWK·V6KRS·
• $SODQUHYLVHGVV:%&3$VKRZHGWKHVDPHXVHV
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
2YHUDOO
VLJQLILFDQFH
&XUUHQWXVH
• 6WRUDJHRIILFH
%
• /HYHO'2QHRIDQXPEHURIEXLOGLQJVFRQVWUXFWHGLQWKHQRUWKZHVWSDUW
RIWKH6WRUHKRXVH(QFORVXUHLQWKHODWHU&DQGHDUOLHU&FRQFHUQHG
ZLWKLQVSHFWLQJDQGPDLQWDLQLQJWKHVPDOODUPVVWRUHGDWWKH'HSRW2I
FRVWVDYLQJUHGEULFNSLHUDQGSDQHOFRQVWUXFWLRQZLWKVRPHGHFRUDWLYH
WRXFKHVDQGWKHUHIRUHW\SLFDORILQGXVWULDOEXLOGLQJVRIWKHSHULRG
([WHUQDOO\WKHRULJLQDOFRQILJXUDWLRQRIWKHHOHYDWLRQVVXUYLYHVZHOO
,QWHUQDOO\VXEGLYLVLRQKDVRFFXUUHGPDVNLQJWKHRULJLQDOSODQDQGQR
HYLGHQFHVXUYLYHVWRGHPRQVWUDWHWKHSURFHVVHVFDUULHGRXWWKHUH
%
• /HYHO1$QHDVWH[WHQVLRQWR%RIQRQPDWFKLQJIRUP
6XUYLYDORI
HOHPHQWV
0DLQ
EXLOGLQJ%
([WHULRU
5RRIFRYHU
•
:DOO
•
PDWHULDOV
•
6RXWK
HOHYDWLRQ
'RRUZD\V
'RRUV
IDQOLJKWV
:LQGRZ
RSHQLQJV
:LQGRZV
:HVW
HOHYDWLRQ
'RRUZD\
ZLQGRZ
RSHQLQJ
:LQGRZ
,QWHULRU
/HYHO'VODWH7KUHHORXYUHV
/HYHO%2ULJLQDOHDUO\&(QFORVXUHZDOOORZHUSDUWRI%·VQRUWK
ZDOO
/HYHO'EULFNZDOOVSLHUDQGSDQHOFRQVWUXFWLRQVRXWKZHVWDQG
HDVWHOHYDWLRQVFKDPIHUHGEOXHEULFNGUHVVLQJV
•
•
•
•
•
/HYHO'7KUHHRULJLQDOGRRUZD\VHDFKZLWKDVHJPHQWDOEULFNKHDG
/HYHO'7KUHHRULJLQDOWLPEHUYHUWLFDOO\ERDUGHGGRRUV
/HYHO'7KUHHRULJLQDOJOD]HGIDQOLJKWVHDFKZLWKWZRJOD]LQJEDUV
/HYHO'7ZRRULJLQDOZLQGRZRSHQLQJVHDFKZLWKDVHJPHQWDOEULFN
KHDG
/HYHO17ZR&PXOWLSDQHZLQGRZV
•
•
•
/HYHO'""2ULJLQDOGRRUZD\ZLWKVHJPHQWDOEULFNKHDG
/HYHO1&ZLQGRZRSHQLQJZLWKEULFNLQILOOEHORZFUHDWHGZLWKLQ
GRRUZD\
/HYHO1&PHWDOPXOWLSDQHZLQGRZ
3DUWLWLRQZDOOV • /HYHO1/DWHU&SDUWLWLRQZDOOV
5RRI
• /HYHO'2ULJLQDOVLPSOHPHWDOWUXVVHV
VWUXFWXUH
(DVW
• /HYHO15HGEULFNH[WHQVLRQDGGHGDIWHU
H[WHQVLRQ
%
6RXUFHV
0HQXJH:LOOLDPV
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
'HWDLOIURPDQSODQ:&3$VKRZLQJWKH1HZ:RUNVKRS%
6RXWKHOHYDWLRQWRSVHFWLRQPLGGOHSODQERWWRP
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH
*D]HWWHHU
'HWDLOIURPDQPDSVLJQHG352:2&3$VKRZLQJWKH0DFKLQH6KRSHDVW
RIWKHZRRGHQVKHGDJDLQVWWKH6WRUHKRXVH(QFORVXUH·VQRUWKZDOO
'HWDLOIURPDSODQ352:2&3$
VKRZLQJ%FRQWDLQLQJD%URZQLQJ6KRSDQGD6PLWK·V6KRS
%6RXWKDQGZHVWHOHYDWLRQV6RXUFH/LY*LEEV
&RQVHUYDWLRQ3ODQIRU6WRUHKRXVH(QFORVXUH5R\DO2UGQDQFH'HSRW:HHGRQ%HF
$GRSWHG
‹/LY*LEEV%$0$&DQWDE3K'
7KH+LVWRULF(QYLURQPHQW&RQVXOWDQF\
/HYHOVRIVLJQLILFDQFH
$([FHSWLRQDO'/LWWOH
%&RQVLGHUDEOH11HXWUDO
&6RPH,17,QWUXVLYH

Similar documents

PDF

PDF Ŷ:LGH5DQJHRI'&'&&RQYHUWHUV Railway rolling stock is required to meet the requirement of EN50155 for electronic equipment. IRS-100 has wide range of input voltages of 24VDC or 110VDC, therefor...

More information

april 12 early america

april 12 early america LQ-XQH,QLWLDOSURGXFWLRQDLUFUDIWZHUHEXLOWDW&ROOHJH3RLQW /RQJ,VODQGSODQW7KHVXFFHVVRIWKH6%MXVWLÀHGWKHEXLOGLQJ RIDQHZGHGLFDWHGPDQXIDFWXULQJSODQWLQ6WUDWIRUG&7...

More information

View - RV Lifestyle

View - RV Lifestyle PRUH \HDUV ZLWKRXW D SUREOHP DQG OHW·V DVVXPH LWV· PDUNHW YDOXH ZLOO EH QHJOL JLEOHDWWKDWWLPH:HILQGDHURG\QDPLF ZHOOPDGHWUDLOHUVKDYHYHU\JRRGUHVDOH YDOXHVRLQILYH\HD...

More information