Spalding Waterspace Study - South Holland District Council
Transcription
Spalding Waterspace Study - South Holland District Council
Spalding Waterspace Study The Rivers Welland & Glen RGA RICHARD GLEN A S S O C I AT E S µ$OO ULJKWV UHVHUYHG &RS\ULJKW (QYLURQPHQW $JHQF\ 7KLV GRFXPHQW DQG WKH LGHDV FRQFHSWV DQG SURSRVDOV H[SUHVVHG DUH WKH LQWHOOHFWXDO SURSHUW\ RI WKH (QYLURQPHQW$JHQF\DQG6RXWK+ROODQG'LVWULFW&RXQFLODQG/LQFROQVKLUH&RXQW\ &RXQFLODUHJUDQWHGXQUHVWULFWHGXVH 5LFKDUG*OHQ$VVRFLDWHVKDVSUHSDUHGWKLVUHSRUWLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQV RIWKHLUFOLHQWV(QYLURQPHQW$JHQF\6RXWK+ROODQG'LVWULFW&RXQFLO/LQFROQVKLUH &RXQW\ &RXQFLO IRU WKHLU VROH DQG VSHFL¿F XVH$Q\ RWKHU SHUVRQV ZKR XVH DQ\ LQIRUPDWLRQFRQWDLQHGKHUHLQGRVRDWWKHLURZQULVN¶ 6SDOGLQJ:DWHUVSDFH6WXG\ 7KH5LYHUV:HOODQG*OHQ )LQDO5HSRUW -DQXDU\ -6>1:765-6< )/-6+A 3UHSDUHGE\ 5*$ 5,&+$5'*/(1 $ 6 6 2 & , $7 ( 6 &RQWHQWV ,QWURGXFWLRQ 6WXG\$UHD0DS .H\WR6WUDWHJLF0DSV5LYHU:HOODQG )HQV:DWHUZD\/LQN0DS 0DS3HDNLUN&URZODQG 6WXG\&RQWH[W 0DS&URZODQG)RXU0LOH%DU%ULGJH +LVWRULF2YHUYLHZ 0DS)RXU0LOH%DU%ULGJH6SDOGLQJ 0DS6SDOGLQJ&RURQDWLRQ&KDQQHO ([LVWLQJ1DYLJDWLRQDO6WUXFWXUHV 0DS6XUÀHHW6HDV(QG)RVG\NH%ULGJH )XWXUH:DWHUZD\'HYHORSPHQW )HQODQG:DWHUZD\,QIUDVWUXFWXUH0DS 0DS9HUQDWW¶V6RXWK'URYH'UDLQ )HQODQG:DWHUZD\,QIUDVWUXFWXUH .H\WR6WUDWHJLF0DSV5LYHU*OHQ 2SSRUWXQLWLHV&RQVWUDLQWV &DWHJRULHVRI:DWHUVSDFH 0DS*XWKUDP*RZW3LQFKEHFN:HVW 6WXG\7KHPHV 0DS3LQFKEHFN:HVW3LQFKEHFN &OXVWHUVRI$FWLYLW\0DS 0DS3LQFKEHFN6XUÀ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¶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¿QHGWRLQFOXGH 7KH 5LYHU :HOODQG IURP 'HHSLQJV 5DLOZD\ %ULGJH GRZQVWUHDP WKURXJK6SDOGLQJLQFOXGLQJWKH&RURQDWLRQ&KDQQHOWRWKHOLPLWRI WKH($¶VQDYLJDWLRQMXULVGLFWLRQZHVWRI)RVG\NH%ULGJH 7KH 5LYHU *OHQ GRZQVWUHDP RI *XWKUDP *RZW WR LWV FRQÀXHQFH ZLWKWKH5LYHU:HOODQGDW6XUÀHHW6OXLFH 7KH FOLHQW ERG\ KDV HQFRXUDJHG DQ DSSURDFK ZKLFK FRQVLGHUV WKH UHORFDWLRQ RI )XOQH\ /RFN DQG 0DUVK 5RDG 6OXLFH LQ RUGHU WR DOORZ IRU D QRQWLGDO FRQQHFWLRQ RI WKH )HQV :DWHUZD\V /LQN DQG QDYLJDWLRQ RQ WKH &RURQDWLRQ &KDQQHO 7KH FOLHQW ERG\ UHFRJQLVHV WKH &RURQDWLRQ &KDQQHO¶V SULPDU\ XVH IRU ÀRRG ULVN PDQDJHPHQWDQGDFNQRZOHGJHVSURSRVDOVZLOOQHHGWRFRRUGLQDWH ZLWKWKLVVWDWXV 6WXG\&RQWH[W±)HQV:DWHUZD\V/LQN 7KH /LQFROQVKLUH :DWHUZD\V 3DUWQHUVKLS UHFRJQLVHV WKDW WKH ULYHU .H\ QHWZRUNZKLFKFRPSULVHWKH)HQV:DWHUZD\/LQNLVYLWDOIRUWKHDUHD¶V IXWXUHDQGDFDWDO\VWIRUDUHDEDVHGUHJHQHUDWLRQ 5LYHU:HOODQG*OHQ1DYLJDWLRQ µ7KH6WXG\$UHD¶ 7KH 3DUWQHUVKLS ZLVKHV WR HQFRXUDJH WKH IXOO DQG VXVWDLQDEOH GHYHORSPHQW RI WKH ZDWHUZD\V IRU WKH EHQH¿W RI WKH ZLGHVW SRVVLEOH µ7KH)HQV¶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¶V YLVLRQ IRU WKH )HQV :DWHUZD\V /LQN DQG LQ SDUWLFXODU 6RXWK+ROODQG'LVWULFW&RXQFLO¶VDVSLUDWLRQVWRSURPRWH6SDOGLQJDVD ZDWHUZD\GHVWLQDWLRQ 7KHSXUSRVHRIWKHVWXG\LVWRSURYLGHWKHSDUWQHURUJDQLVDWLRQVDQG RWKHU LQWHUHVWHG SDUWLHV ZLWK D IUDPHZRUN IRU SURPRWLQJ VXVWDLQDEOH ULYHUUHODWHG GHYHORSPHQW DORQJ WKH ZDWHUZD\ FRUULGRUV RI WKH 5LYHU :HOODQGDQG5LYHU*OHQ $LPVDQG2EMHFWLYHV 7KHDLPVDQGREMHFWLYHVRIWKHVWXG\DUH 7R SURPRWH WKH 5LYHU :HOODQG DQG 5LYHU *OHQ DV RSSRUWXQLWLHV IRU ZDWHUEDVHG OHLVXUH DFWLYLW\ DQG LQ SDUWLFXODU KLJKOLJKW WKH SRWHQWLDOIRUGHYHORSLQJ6SDOGLQJDVDµZDWHUZD\GHVWLQDWLRQ¶ 7RLGHQWLI\VSHFL¿FRSSRUWXQLWLHVDORQJWKHULYHUFRUULGRUVIRUWKH GHYHORSPHQW RI QHZ RU HQKDQFHG ZDWHUEDVHG OHLVXUH DFWLYLWLHV LQFOXGLQJDVVRFLDWHGVHUYLFHVDQGLQIUDVWUXFWXUH 7RSURWHFWDQGZKHUHSRVVLEOHHQKDQFHWKHQDWXUHFRQVHUYDWLRQ ODQGVFDSHDQGRWKHUHQYLURQPHQWDOLQWHUHVWVRIWKHULYHUFRUULGRUV 7R LQIRUP WKH SUHSDUDWLRQ RI 6+'&¶V /RFDO 'HYHORSPHQW )UDPHZRUNLQUHVSHFWRIWKH5LYHUV:HOODQGDQG*OHQ 7RVXSSRUWWKHLPSOHPHQWDWLRQRIWKH)HQV:DWHUZD\V/LQN6WXG\ LQVRIDUDVLWUHODWHVWR6+'&¶VDGPLQLVWUDWLYHDUHD 7R VXSSRUW ELGV IRU H[WHUQDO IXQGLQJ FDSLWDO UHYHQXH DQG HQFRXUDJH SULYDWH VHFWRU SDUWQHUVKLS LQYHVWPHQW LQ UHOHYDQW ZDWHUZD\GHYHORSPHQW 7RSURPRWHWKHULYHUFRUULGRUVDVDQLQWHJUDOSDUWRIWKHVXUURXQGLQJ GLVWULFWLQRUGHUWRKHOSPD[LPLVHWKHHFRQRPLFRSSRUWXQLWLHV 8VHDQG6WDWXVRIWKH6WXG\ 7KH6WXG\LVDQRQVWDWXWRU\GRFXPHQWZKLFKLVKRSHGZLOO 3URYLGHDYLVLRQWRLQIRUPIXWXUHSROLF\IRUPXODWLRQ +LJKOLJKW WKH SRWHQWLDO RI WKH ZDWHUZD\ FRUULGRUV E\ LGHQWLI\LQJ DQG SURPRWLQJ RSSRUWXQLWLHV LQ D FRRUGLQDWHG DSSURDFK WR UHJHQHUDWLRQ ,QÀ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¿FDWLRQRIRSSRUWXQLWLHVDQGFRQVWUDLQWV 'LVFXVVLRQV ZLWK WKH FOLHQW ERGLHV LQ VWUXFWXUHG LQWHUYLHZV DQG IHHGEDFNRQZRUNLQSURJUHVV 7KLV ¿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¶VZDWHUZD\V 6HFWLRQ5LYHU:HOODQG 3URSRVDOVIRUWKHZLGHUULYHUQHWZRUN 6HFWLRQ5LYHU*OHQ 3URSRVDOVIRUWKHZLGHUULYHUQHWZRUN 6HFWLRQ$FFHVV(QYLURQPHQWDO2SSRUWXQLWLHV 7KHZDWHUZD\FRUULGRUVZLWKLQWKHZLGHUDFFHVVQHWZRUN 6HFWLRQ:D\)RUZDUG 6HFWLRQ$SSHQGL[ 6SDOGLQJ:DWHUVSDFH6WXG\ 6WXG\&RQWH[W 7KH)HQV:DWHUZD\V/LQN0DS +REK ROH' UD LQ 7R/LQFROQ DP LWK : HU Y LQ UD 5L W' RR ) W\ RU ) UWK 1R 6OHDIRUG 1DYLJDWLRQ 7KH :DVK 5LY HU :H OOD QG %ODFN 6OXLF H1DY LJDWLR Q %RVWRQ OHQ U* +ROEHDFK YH 5L %RXUQH 6SDOGLQJ .LQJ¶V /\QQ 0DUNHW 'HHSLQJ U 1D HU 5LY :LVEHFK 1HQH 7R1RUWKDPSWRQ 5LYHU :KLWWOHVH\ 5LYHU:LVVH\ 0DUFK 2O *UHDW2XVH &XW2II&KDQQHO SK /L WWO H2 XV 5L .H\ HO )RUW\)RRW'UDLQ YH U' G %H GI RU G 5L YH U 3HWHUERURXJK H5 LYH U 5LYHU:HOODQG*OHQ1DYLJDWLRQ µ7KH6WXG\$UHD¶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¶VSURSRVHGURXWH)XUWKHU LPSURYHPHQWVDUHSODQQHG 7KH ¿UVW SKDVH RI WKH /LQN¶V PDMRU FRQVWUXFWLRQ ZRUNV KDV QRZ EHHQ FRPSOHWHG ZLWK WKH RSHQLQJ RI D QHZ ORFN DW %RVWRQ RQ WK 0DUFK7KLV¿UVWSKDVHDOORZVQDYLJDWLRQRQWRWKH%ODFN6OXLFH 1DYLJDWLRQEHWZHHQ%ODFN6OXLFH/RFN%RVWRQDQG'RQLQJWRQ%ULGJH 7KH VHFRQG SKDVH RI WKH SURMHFW NQRZQ DV WKH %RVWRQ %DUULHU ZLOO HQKDQFHQDYLJDWLRQEHWZHHQWKH5LYHU:LWKDP%RVWRQ+DYHQDQGWKH %ODFN 6OXLFH 1DYLJDWLRQ YLD D QHZ WLGDO EDUUDJH &RPSOHWLRQ RI WKLV SKDVHLVFXUUHQWO\H[SHFWHGLQ 7KHQH[WSKDVHRIWKHSURMHFWRQFHNQRZQDVWKH%RVWRQ±6SDOGLQJ 3HWHUERURXJK&DWKHGUDO /LQN KDV EHHQ VXEGLYLGHG LQWR WZR DSSUDLVDO SURMHFWV IRU WHFKQLFDO HQYLURQPHQWDODQGJHRJUDSKLFFRQVLGHUDWLRQV 3KDVH'RQLQJWRQ%ULGJHWR6XUÀHHW6HDV(QG 7KH DSSUDLVDO SURFHVV ZLOO FRQVLGHU WKH RSWLRQV IRU D ZDWHUZD\ FRQQHFWLRQEHWZHHQWKH%ODFN6OXLFH1DYLJDWLRQDQGWKH5LYHU*OHQ 7KLV ZLOO UHTXLUH WKH QHJRWLDWLQJ RI PDMRU REVWDFOHV LQFOXGLQJ WKH ,QWHUQDO 'UDLQDJH %RDUG¶V ,'% %ODFN +ROH 'URYH 3XPSLQJ 6WDWLRQ DQGWKH$ 3KDVH6XUÀHHW6HDV(QGWR&URZODQGYLD6SDOGLQJ 7KH DSSUDLVDO SURFHVV ZLOO FRQVLGHU WKH RSWLRQV IRU ZDWHUZD\ FRQQHFWLRQVEHWZHHQWKH5LYHU*OHQDQGWKH5LYHU:HOODQGHLWKHUYLD WKH9HUQDWW¶V'UDLQDW6XUÀHHW6HDV(QGRUWKHQHJRWLDWLRQRI6XUÀHHW 6OXLFHRQWRWKHWLGDOVHFWLRQRIWKH5LYHU:HOODQG 7KH FRQQHFWLRQ EDFN IURP WKH 9HUQDWW¶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¿VKHULHVDQGZLOGIRZO +XPDQVHWWOHPHQWVZHUHFRQ¿QHGWRWKHODQGDURXQGWKHHGJHRIWKH PDUVKDQGRQWKHLVODQGV7KHUHFHQWDUFKDHRORJLFDOVXUYH\VDORQJ :HW)HQODQG WKHIHQODQGHGJHKDYHUHYHDOHGDQDFWLYHDQGZHOOSUHVHUYHG1HROLWKLF %URQ]H DQG ,URQ$JH ODQGVFDSH ZLWK WUDFNZD\V EXULDO PRXQGV DQG ¿HOGERXQGDULHV$WWHPSWVZHUHPDGHWRGUDLQWKHODQGEXWLWZDVWKH 5RPDQVZKR¿UVWEHJDQWRFRQWUROWKH)HQODQGZDWHUV 'UDLQLQJRIWKH)HQV 'HVSLWH ÀRRGLQJ DQG LQFXUVLRQV IURP WKH VHD IROORZLQJ WKH 5RPDQ RFFXSDWLRQ$QJOR6D[RQYLOODJHVVXFKDV3LQFKEHFNH[SDQGHGDVWKH ODQGZDVUHFODLPHG0DQ\VHDEDQNVGDWHIURPWKLVSHULRGZLWK:HVW 0DUVK 5RDG IRUPLQJ SDUW RI WKH$QJOR 6D[RQ VHD EDQN 'XULQJ WKH HDUO\SDUWRIWKH1RUPDQ&RQTXHVWWKH)HQODQGDUHDZLWKLWVPDUVKHV H[WHQVLYHVZDPSVDQGZRRGHGLVODQGVKHOGRXWDJDLQVW1RUPDQUXOH JLYLQJ ULVH WR WKH OHJHQGDU\ H[SORLWV RI µ+HUHZDUG WKH :DNH¶ ZKRVH IDPLO\FDPHIURP%RXUQH 'XULQJ WKH 0LGGOH $JHV WKH PDQ\ VPDOO PDQRUV DQG PRQDVWHULHV 9HUQDWW¶V'UDLQ3RGH+ROH EHJDQ WR GUDLQ WKH ODQG ,W ZDV D WLPH RI SURVSHULW\ DQG WKH ¿QH FKXUFKHVRIWKHUHJLRQUHÀHFWWKLVZHDOWK'XULQJWKHWKFHQWXU\ODQG UHFODPDWLRQFRQWLQXHG7KHGUDLQDJHRI'HHSLQJ)HQZDVRUJDQLVHG EHWZHHQ E\ ¿QDQFLDO µ$GYHQWXUHUV¶ LQFOXGLQJ 6LU 3KLOLEHUW 9HUQDWWL 5LYHUV ZHUH VWUDLJKWHQHG VHD EDQNV UDLVHG DQG QHZ ULYHU FKDQQHOV ZHUH GXJ LQFOXGLQJ WKH 9HUQDWW¶V 'UDLQ E\ WKRXVDQGV RI LWLQHUDQW ODERXUHUV UHIHUUHG WR DV µQDYYLHV¶ ,Q WKH HDUO\ V D QXPEHURI(QFORVXUH$FWVHQFRXUDJHGIXUWKHULQYHVWPHQW+RZHYHU DVWKHODQGZDVGUDLQHGWKHSHDWEHJDQWRVKULQNEHORZWKHOHYHOVRI WKH ULYHUV ZKLFK PHDQW WKDW WKH ODQG FRXOG QR ORQJHU EH GUDLQHG E\ JUDYLW\:LQGPLOOVKDGEHHQLQWURGXFHGLQWKHWK&HQWXU\WRUDLVHWKH ZDWHUIURPWKHGUDLQV$VWKHODQGFRQWLQXHGWRVKULQNWKHZDWHUKDG 7KH3LQFKEHFN(QJLQH3LQFKEHFN0DUVK WREHOLIWHGKLJKHUWRSUHYHQWÀRRGLQJ,WZDVQ¶WXQWLOWKHDGYDQFHVRI VWHDPSRZHULQWKHVWKDWWKHIHQVZHUHHIIHFWLYHO\GUDLQHG$W 3RGH+ROHVWHDPHQJLQHVZHUHLQVWDOOHGLQDQGWKH3LQFKEHFN (QJLQHZDVEXLOWLQWRGUDLQLQWRWKH%OXH*RZW'UDLQ 7KH5LYHUV:HOODQGDQG*OHQDUHIRUWKHPDMRULW\RIWKHLUOHQJWKµKLJK OHYHOFDUULHUV¶DVWKHZDWHUIURPWKHXSSHUFDWFKPHQWVLVFDUULHGDERYH WKH VXUURXQGLQJ IHQODQG :DWHU IURP SDUWV RI WKH VXUURXQGLQJ IHQ LV SXPSHG LQWR WKH ULYHUV DQG WUDQVIHUUHG RXW WR VHD %RWK ULYHUV QRZ IRUPDQLQWHJUDOSDUWRIWKHGUDLQDJHV\VWHPRIWKLVDUHD 6SDOGLQJ:DWHUVSDFH6WXG\ +LVWRULF2YHUYLHZ 5LYHU:HOODQG 1DYLJDWLRQV 7KH5LYHU:HOODQGDQG5LYHU*OHQ1DYLJDWLRQIRUPRQHRIWKHHDUOLHVW QDYLJDWLRQVLQ(QJODQG 7KH5LYHU:HOODQG 7KH5LYHU:HOODQGULVHVLQ1RUWKDPSWRQVKLUHDQGÀRZVWKURXJK0DUNHW +DUERURXJK 6WDPIRUG WKH 'HHSLQJV 6SDOGLQJ DQG )RVG\NH EHIRUH HQWHULQJ7KH:DVK$Q$FWRIJUDQWHGWKH6WDPIRUG&RUSRUDWLRQ SRZHUV WR LPSURYH WKH 5LYHU :HOODQG IURP 6WDPIRUG GRZQVWUHDP WR 7KHFRQÀXHQFHRIWKH5LYHU:HOODQGWKHROG 6WDPIRUG/DWHUDO&DQDOQRZWKH0D[H\&XW 6SDOGLQJ DQG RQ WR WKH VHD FUHDWLQJ D PLOH QDYLJDWLRQ ,Q 'DQLHO :LJPRUH OHDVHG WKH ULYHU IURP 6WDPIRUG WR FDUU\ RXW PRUH LPSURYHPHQWV7KLVLQFOXGHGWKHFRQVWUXFWLRQRIWKHòPLOH6WDPIRUG &DQDO /DWHUDO &DQDO ZKLFK RSHQHG LQ 7KLV FDQDO E\SDVVHG WKH 5LYHU :HOODQG IURP EHORZ 6WDPIRUG WR 0DUNHW 'HHSLQJ ,W LV FUHGLWHGZLWKWKHXVHRIWKH¿UVWPLWUHGORFNJDWHRQDQ(QJOLVKFDQDO DVRSSRVHGWRDULYHUQDYLJDWLRQ'RZQVWUHDPDW6SDOGLQJWKH5LYHU :HOODQGZDVPDGHQDYLJDEOHWRWKHWRZQTXD\VIRUYHVVHOVXSWR WRQVWUDGLQJFRUQZRROFRDODQGWLPEHU7RGD\WKH5LYHU:HOODQGLV WLGDO GRZQVWUHDP RI )XOQH\ /RFN ZKLFK ZDV FRQVWUXFWHG LQ DV SDUW RI WKH &RURQDWLRQ &KDQQHO ÀRRG DOOHYLDWLRQ ZRUNV WR WDNH ÀRRG ÀRZVDZD\IURP6SDOGLQJ7KHVHPDMRULPSURYHPHQWZRUNVIROORZHG 7KH*DVZRUNV:KDUI6SDOGLQJ WKHÀRRGVRIDQGWRRNHLJKW\HDUVEHLQJFRPSOHWHGLQ7KLV YDVWO\ LQFUHDVHG ÀRRG VWRUDJH FDSDFLW\ DQG WUHEOHG WKH ZLGWK RI WKH ULYHUIURP7DOOLQJWRQWR)RVG\NHWRZKDWZHVHHWRGD\ 6SDOGLQJ $5RPDQVHWWOHPHQWH[LVWHGLQ6SDOGLQJZKHQWKHDUHDZDVXVHGIRU VDOW SURGXFWLRQ $ %HQHGLFWLQH 3ULRU\ ZDV IRXQGHG LQ DQG WKH WRZQ LV UHFRUGHG LQ WKH 'RPHVGD\ %RRN DV µ6SDOOLQJH¶ 6SDOGLQJ LV WKHODUJHVWPDUNHWWRZQLQWKH6RXWK+ROODQG'LVWULFW,WLVDQDWWUDFWLYH WRZQVLWXDWHGRQWKH5LYHU:HOODQGZLWKJUDQG*HRUJLDQEXLOGLQJVDQG WHUUDFHVUHÀHFWLQJWKHWRZQ¶VSURVSHULW\DVDQLPSRUWDQWPDUNHWWRZQ DQGSRUW *HRUJLDQPHUFKDQWKRXVHV6SDOGLQJ .QRZQDV7KH+HDUWRIWKH)HQV6SDOGLQJLVIDPRXVDVDFHQWUHRI WKHEXOELQGXVWU\DQGKDVFORVHOLQNVZLWKWKH1HWKHUODQGV7KHWRZQ ZDVFKRVHQWRKRVWWKH:RUOG7XOLS6XPPLWLQZKLFKFRLQFLGHG ZLWK WKH GDWH RI WKH 6SDOGLQJ )ORZHU 3DUDGH 7KH DQQXDO 6SDOGLQJ )ORZHU )HVWLYDO ZKLFK VWDUWHG LQ DQG 6SULQJ )DLU DUH KHOG DW WKHEHJLQQLQJRI0D\DQGLVDPDMRUDWWUDFWLRQIRUWKHWRZQ&DUQLYDO ÀRDWVGHFRUDWHGZLWKWXOLSKHDGVDQGVSULQJÀRZHUVPDUFKLQJEDQGV VWUHHWPDUNHWVIXQIDLUVDFRXQWU\IDLUPXVLFDUWVDQGHQWHUWDLQPHQW DUHSURYLGHG6LQFHWKHWRZQKDVDOVRKHOGDQDQQXDO3XPSNLQ )HVWLYDO LQ 2FWREHU ZKLFK KDV GHYHORSHG LQWR DQ DWWUDFWLRQ 7KH ÀRZHULQGXVWU\KDVKRZHYHUEHFRPHOHVVLPSRUWDQWLQUHFHQW\HDUV DQGWKHEULJKWEDQGVRIFRORXUZKLFKFRYHUHGWKH)HQODQGODQGVFDSH $JULFXOWXUHQRZGRPLQDWHVWKHUHJLRQ DUHQRPRUH$JULFXOWXUHLQWKHUHJLRQQRZFRQFHQWUDWHVRQYHJHWDEOH SURGXFWLRQIRUOHDGLQJVXSHUPDUNHWV 6SDOGLQJ:DWHUVSDFH6WXG\ +LVWRULF2YHUYLHZ 5LYHU:HOODQG 7KH6RXWK+ROODQG&HQWUHLVDQDUWVFHQWUHRQ0DUNHW3ODFHWKDWVWDJHV FRQFHUWV WKHDWUH SURGXFWLRQV DQG ¿OP VKRZLQJV 7KH EHVWNQRZQ KLVWRULF EXLOGLQJ LQ 6SDOGLQJ LV $\VFRXJKIHH +DOO EXLOW E\ 5LFKDUG $OZ\QDZRROPHUFKDQWLQWKHV7KH+DOOLVQRZDPXVHXPRQ WKHVRFLDOKLVWRU\RIWKH)HQVLWVGUDLQDJHLWVZLOGOLIHDQGWKHKLVWRU\RI WKH+DOO7KH+DOOLVVXUURXQGHGE\JURXQGVZKLFKDUHRQWKH(QJOLVK +HULWDJH¶V5HJLVWHURI3DUNVDQG*DUGHQVRI6SHFLDO+LVWRULF,QWHUHVW LQ(QJODQG2WKHUORFDODWWUDFWLRQVDUHWKH3LQFKEHFN(QJLQH0XVHXP WKH6SULQJ¿HOGV6KRSSLQJ2XWOHWDQG*DUGHQVWKH%XOE0XVHXPDQG WKH*RUGRQ%RVZHOO5RPDQ\0XVHXP 7KH 6SDOGLQJ *HQWOHPHQ¶V 6RFLHW\ IRXQGHG LQ E\ 0DXULFH -RKQVRQ WKH WKHQ RZQHU RI$\VFRXJKIHH +DOO LV RQH RI WKH OHDUQHG VRFLHWLHVRI%ULWDLQDQGLVWKHVHFRQGROGHVWPXVHXPLQWKHFRXQWU\ 7KH 6RFLHW\ DUUDQJHV SURIHVVLRQDO OHFWXUH VHULHV RQ D ZLGH UDQJH RI VXEMHFWV ZKLFK DUH RSHQ WR WKH SXEOLF 1RWDEOH PHPEHUV KDYH LQFOXGHG 6LU ,VDDF 1HZWRQ$OH[DQGHU 3RSH 6LU -RVHSK %DQNV 6LU $\VFRXJKIHH+DOO6SDOGLQJ *HRUJH*LOEHUW6FRWWDQG$OIUHG/RUG7HQQ\VRQ &URZODQG &URZODQGLVIDPRXVIRULWVPDJQL¿FHQWFKXUFKZKLFKIRUPVSDUWRIWKH UXLQVRI&UR\ODQG$EEH\D%HQHGLFWLQHPRQDVWHU\DQG7ULQLW\%ULGJHD XQLTXHPHGLHYDOWULDQJXODUEULGJH(WKHOEDOG.LQJRI0HUFLDIRXQGHG WKH $EEH\ LQ PHPRU\ RI 6W *XWKODF HDUO\ LQ WKH HLJKWK FHQWXU\ 6W.HQQXOSK¶V6WRQHLVWKRXJKWWREHRQHRIVL[DQFLHQWVWRQHVZKLFK PDUNHG WKH ERXQGDULHV EHWZHHQ WKH ODQGV RZQHG E\ 3HWHUERURXJK DQG &UR\ODQG$EEH\V ,W WDNHV LWV QDPH IURP .HQXOSK ZKR EHFDPH WKH¿UVW$EERWRI&UR\ODQGLQ$W3HDNLUN6DLQW3HJDWKHVLVWHURI 6DLQW*XWKODFRI&UR\ODQGKDGDKHUPLWDJH7KHQDPHRIWKHYLOODJH LV GHULYHG IURP µ3HJD¶V FKXUFK¶ 'XH WR &UR\ODQG¶V LVRODWHG SRVLWLRQ LQ WKH KHDUW RI WKH )HQV LWV VHFXULW\ DQG SHDFH ZHUH FRPSDUDWLYHO\ XQGLVWXUEHGOHDGLQJWRDSHULRGRISURVSHULW\XSXQWLOWKH'LVVROXWLRQ 7KHWKFHQWXU\7ULQLW\%ULGJHKDVWKUHHVWDLUZD\VZKLFKFRQYHUJH DW WKH WRS 7KH EULGJH RULJLQDOO\ VSDQQHG WKH 5LYHU :HOODQG DQG D WULEXWDU\ZKLFKÀRZHGWKURXJKWKHWRZQ )RVG\NH &UR\ODQG$EEH\&URZODQG )RVG\NHVHUYHVDVDSRUWIRU%RVWRQDQGWKHVXUURXQGLQJDUHDDQGLV ZKHUHWKH5LYHU:HOODQGHQWHUV7KH:DVK7KHDUHDLVÀDW)HQODQG GUDLQHGE\PDQ\VPDOOFDQDOVZLWKµVHDEDQNV¶SURWHFWLQJWKHYLOODJH IURP KLJK WLGHV 7KH OHJHQG RI WKH ORVV RI .LQJ -RKQ¶V WUHDVXUH LV WKRXJKWWRKDYHWDNHQSODFHRQDFURVVLQJRIWKH5LYHU:HOODQGLQWKH YLFLQLW\RIWKHVLWHRIWKHPXFKODWHU)RVG\NH%ULGJH7KHYLOODJHQRZ KRVWVDFKDSWHURIWKH1DWLRQDO&RXQFLOIRU0HWDO'HWHFWLQJ )RVG\NH :DVK LV GH¿QHG E\ WKH 2UGQDQFH 6XUYH\ DV WKH QHDUHVW FRDVWDO ORFDWLRQ WR &RWRQ LQ WKH (OPV LQ 'HUE\VKLUH ZKLFK LV WKH IXUWKHVWSRLQWIURPWKHVHDLQ*UHDW%ULWDLQPLOHVDZD\ 7ULQLW\%ULGJH&URZODQG 6SDOGLQJ:DWHUVSDFH6WXG\ +LVWRULF2YHUYLHZ 5LYHU*OHQ 5LYHU*OHQ ,QWKH¶VWKH(DUORI/LQGVH\GUDLQHG WKHODQGDURXQGWKH 5LYHU *OHQ$WWKLVWLPHFUDIWZHUHXVLQJWKH5LYHUDQGWKH%RXUQH(DXEXW E\QDYLJDWLRQKDGIDOOHQLQWRGHFD\$Q$FWZDVSDVVHGWRUHYLYH QDYLJDWLRQ ZLWK ZKDUYHV EHLQJ EXLOW DW %RXUQH WR KDQGOH DJULFXOWXUDO SURGXFHDQGEDUOH\EHLQJFDUULHGWR6XUÀHHW0DOWLQJVXQWLOWKH¶V *XWKUDP*RZWLVDWWKHVRXWKHUQHQGRIWKH6RXWK)RUW\)RRW'UDLQDW DEHQGRQWKH5LYHU*OHQDQGDVVXFKZLOOEHLPSRUWDQWIRUWKHIXWXUH 2OGZDUHKRXVHVOLQHWKHZDWHUZD\%RXUQH )HQV:DWHUZD\V/LQNEHWZHHQWKHVHWZRZDWHUFRXUVHV 2ULJLQDOO\DGUDLQDJHHQJLQHRSHUDWHGKHUHLQWKHWKDQGHDUO\WK &HQWXULHV 7KH ZRUG JRZW UHIHUV WR D VOXLFH RU RXWÀRZ 7KHUH DUH VHYHUDO µJRZW¶ SODFHQDPHV RQ WKH IHQV LQFOXGLQJ$QWRQ¶V *RZW DQG %OXH*RZW 6XUÀHHW 7KH DUHD DURXQG 6XUÀHHW KDV EHHQ LQKDELWHG VLQFH 5RPDQ WLPHV ZKHQWKHVHDEDQNVDQGVDOWSDQVZHUHFRQVWUXFWHGVLJQVRIZKLFK FDQVWLOOEHVHHQWRGD\6W/DXUHQFH¶V&KXUFKWRZHUDQGVSLUHOHDQV GUDPDWLFDOO\ZLWKSDUWVGDWLQJEDFNWR1RUPDQWLPHV,QDVOXLFH ZDVHUHFWHGDW6XUÀHHW6HDV(QGWRFRQWUROWKHÀRZRIZDWHUDWWKH PRXWKRIWKH5LYHU*OHQ7KH5HVHUYRLUZDVFRQVWUXFWHGWRKROGWKH ZDWHUVRIWKH5LYHU*OHQDWKLJKWLGHZKLFKZDVWKHQUHOHDVHGDVWKH WLGHHEEHG,QWKH¶VWKH5HVHUYRLUEHFDPHDSRSXODUYHQXHIRU ZDWHUVSRUWV0RRULQJVRQWKH5LYHU*OHQDUHORFDWHGDWWKH0HUPDLG ,QQDQGWKH5LYHUVLGH,QQZLWKDFFHVVDWWKHQHZSXEOLFODXQFKLQJSRLQW 6W/DXUHQFH¶V&KXUFK6XUÀHHW RQWKHVRXWKEDQNYLD3DUN5RDG 3RGH+ROH 3RGH+ROHLVDYLOODJHDWWKHFRQÀXHQFHRIVHYHUDOGUDLQDJHFKDQQHOV DQGGHYHORSHGWRVHUYLFHWKHSXPSLQJVWDWLRQVZKLFKFXUUHQWO\GDWH IURP7ZRSXPSLQJVWDWLRQVGLVFKDUJHZDWHUIURP'HHSLQJ)HQ LQWRWKH9HUQDWW¶V'UDLQWRJHWKHUZLWKZDWHUIURP3LQFKEHFN6RXWK)HQ 7KHRULJLQDOSXPSLQJVWDWLRQEXLOGLQJLVDPDMRUIHDWXUHLQWKHYLOODJH DQG LV VWLOO XVHG E\ WKH :HOODQG DQG 'HHSLQJV ,QWHUQDO 'UDLQDJH %RDUGDVZRUNVKRSVDQGDVPDOOPXVHXP7KHE\ODZVRIWKHRULJLQDO FRPPLVVLRQHUVDUHSURPLQHQWO\SRVWHGRQWKHRXWVLGHRIWKHEXLOGLQJ 3RGH+ROH3XPSLQJ6WDWLRQ 6SDOGLQJ:DWHUVSDFH6WXG\ ([LVWLQJ:DWHUZD\)DFLOLWLHV 5LYHU:HOODQG ,QWURGXFWLRQ &XUUHQWO\ WKH WLGDO VHFWLRQ RI WKH 5LYHU :HOODQG EHWZHHQ )RVG\NH %ULGJHDQG6SDOGLQJKDVYHU\OLPLWHGERDWWUDI¿FGXHWRLWVWLGDOUDQJH WKHDLUGUDIWDW)RVG\NH%ULGJHDQGWKHRSHUDWLRQRI)XOQH\/RFN2Q WKHUHWDLQHGZDWHUOHYHOVDW6SDOGLQJWKHZDWHUWD[LRSHUDWHVEHWZHHQ WKH WRZQ FHQWUH DQG 6SULQJ¿HOGV 6KRSSLQJ 9LOODJH ZLWK WKH :HOODQG <DFKW&OXEEDVHGMXVWVRXWKRI6SDOGLQJDW/LWWOH/RQGRQ2QWKH5LYHU *OHQ WKHUH H[LVW WLGDO PRRULQJV GRZQVWUHDP RI 6XUÀHHW 6OXLFH DQG D OLPLWHG QXPEHU RI VPDOO SULYDWH FUDIW PRRUHG DW WKH HQG RI JDUGHQV &URZODQG6OLSZD\5LYHU:HOODQG WRJHWKHUZLWKWKHGD\ERDWVDQGGLQJKLHVDVVRFLDWHGZLWKWKHFKDOHWV RI6XUÀHHW6HDV(QG 5LYHU:HOODQG 'HHSLQJ&DQRH&OXE 7KH 'HHSLQJ &DQRH &OXE SDGGOHV RQ PDQ\ RI WKH DUHDV ULYHUV DQG GUDLQV PDNLQJ XVH RI WKH SXEOLF VOLSZD\V DW &URZODQG DQG )RVG\NH RQWKH5LYHU:HOODQGDQG6XUÀ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¿HOGV6KRSSLQJ2XWOHWDQG)HVWLYDO *DUGHQV,WRSHUDWHVEHWZHHQ(DVWHUDQG2FWREHUDQGSURYLGHVD :HOODQG<DFKW&OXE/LWWOH/RQGRQ PLQXWHWULSGD\VDZHHN7KH:DWHU7D[LQDYLJDWHVWKH5LYHU:HOODQG DQGDFFHVVHVWKH&RURQDWLRQ&KDQQHOYLD&RZELW5RDG6OXLFH7KH ZDWHUWD[L¶VFXUUHQWEDVHLVDWWKH:HOODQG<DFKW&OXEZKHUHWKHUHDUH GHGLFDWHGHOHFWULFLW\UHFKDUJLQJSRLQWV 7KH6SDOGLQJ:DWHU7D[LSURMHFWKDVEHHQSDUWIXQGHGE\/($'(5 D (XURSHDQ 8QLRQ IXQGLQJ LQLWLDWLYH GHOLYHUHG E\ WKH /LQFROQVKLUH )HQODQG/($'(5/RFDO$FWLRQ*URXSDQGRWKHUSXEOLFVHFWRUERGLHV :HOODQG<DFKW&OXE 7KH :HOODQG <DFKW &OXE KDV EHHQ VDLOLQJ RQ WKH 5LYHU :HOODQG DW 6SDOGLQJIRURYHU¿IW\\HDUV'LQJK\UDFLQJWDNHVSODFHHYHU\6XQGD\ EHWZHHQ $SULO DQG 'HFHPEHU ZLWK DFWLYH ÀHHWV RI *UDGXDWHV DQG 6RORVEHLQJVDLOHG7KHFOXEKDVDFUXLVLQJVHFWLRQZKLFKXWLOLVHVWKH WLGDOPRRULQJVDW6XUÀ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¿WWLQJRXW DQGEURNHUDJH 8SVWUHDPRI)RVG\NH%ULGJHRQWKHULJKWKDQGEDQNWKHUHLVDSXEOLF VOLSZD\DQGUHFHQWO\FRQVWUXFWHGJULGLURQFDUHHQLQJEHUWK 5LYHU*OHQ 3LQFKEHFN:HVW0RRULQJVDQG&DQRH$FFHVV3RLQW 7KHVHKRXUPRRULQJVDQGFDQRHDFFHVVSRLQWKDYHUHFHQWO\EHHQ FRQVWUXFWHGE\WKH(QYLURQPHQW$JHQF\7KH\SURYLGHJRRGDFFHVV WRWKH0DFPLOODQ:D\DQGEXVURXWHVEHWZHHQ%RXUQHDQG6SDOGLQJ 7KH\ZLOOSURYLGHDYDOXDEOHUHVRXUFHZKHQWKH)HQV:DWHUZD\V/LQN (QGRIJDUGHQPRRULQJVRQWKH5LYHU*OHQ KDVEHHQFRQVWUXFWHG 6XUÀHHW0RRULQJV$GMDFHQWWRWKH0HUPDLG,QQ 7KHVHSULYDWHSXEPRRULQJVDUHIRUSDWURQV7KH\DUHZHOOORFDWHGIRU DFFHVVLQJWKHSXEJDUGHQDQGSURYLGHDGHVWLQDWLRQIRUULYHUXVHUV 6XUÀHHW6OLSZD\DQG&DQRH$FFHVV3RLQW 7KLV UHFHQWO\ FRQVWUXFWHG VOLSZD\ ZDV IXQGHG E\ WKH /LQFROQVKLUH :DWHUZD\V 3DUWQHUVKLS DV SDUW RI WKH )HQV :DWHUZD\V /LQN 7KH VOLSZD\LVVLPLODUWRWKHRQHDW&URZODQGZLWKURRPIRUYHKLFOHVERDW WUDLOHUVDQGDSLFQLFDUHD 6XUÀHHW0RRULQJVDGMDFHQWWRWKH5LYHUVLGH,QQ 7KHVHSULYDWHSXEPRRULQJVDUHIRUSDWURQV7KH\DUHZHOOORFDWHGIRU DFFHVVLQJWKHSXEWHUUDFHDQGSURYLGHDGHVWLQDWLRQIRUULYHUXVHUV 6XUÀHHW6HDV(QG3ULYDWH0RRULQJV 'RZQVWUHDP RI WKH $ %ULGJH WKHUH DUH VHYHUDO HQG RI JDUGHQ PRRULQJV RSSRVLWH 6SDOGLQJ *ROI &OXE 7KHVH PRRULQJV FDWHU IRU D YDULHW\ RI VPDOO GD\ PRWRU FUDIW DQG GLQJKLHV SURYLGLQJ WKH PRVW 7LGDOPRULQJV6XUÀHHW6HDV(QG FRQFHQWUDWLRQRIFUDIWXVLQJWKHÀXYLDOVHFWLRQRIWKH5LYHU*OHQ 6XUÀHHW6HDV(QG7LGDO0RRULQJV 7KH(QYLURQPHQW$JHQF\KDVUHFHQWO\LPSURYHGWKHVHWLGDOPRRULQJV E\GULYLQJQHZWLPEHUSLOHVIRUWKHDFFHVVVWDJLQJ7KHVHPRRULQJV VRPHRIZKLFKDUHXVHGE\WKHFUXLVLQJVHFWLRQRIWKH:HOODQG<DFKW &OXEDUHVHWDPRQJVWWKHUHHGVEHORZWKHÀRRGEDQNVDQGSURYLGHD ZLOGDQGUHPRWHPRRULQJORFDWLRQ 6SDOGLQJ:DWHUVSDFH6WXG\ ([LVWLQJ1DYLJDWLRQDO6WUXFWXUHV /RFN6WUXFWXUHV )XOQH\ /RFN WR WKH QRUWK RI 6SDOGLQJ VHSDUDWHV WKH À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ÀHHW 6OXLFH RQ WKH 5LYHU *OHQ ZKLFK KDYH +RXU9LVLWRU0RRULQJV:HOODQG<DFKW&OXE UHFHQWO\EHHQXSJUDGHGE\WKH(QYLURQPHQW$JHQF\ 6OLSZD\V 3XEOLFVOLSZD\VDUHSURYLGHGDW&URZODQG)RVG\NHDQG6XUÀHHWDQG DUHDYDLODEOHIRUOLFHQFHGERDWXVHUV +HDGURRP 7KH ZDWHU OHYHOV RQ ERWK WKH 5LYHU :HOODQG DQG 5LYHU *OHQ PD\ ÀXFWXDWH LQ UHVSRQVH WR D UDLQIDOO HYHQW %RDW VNLSSHUV QHHG WR EH YLJLODQW WR HQVXUH WKH DLU GUDXJKW LV VXI¿FLHQW EHQHDWK RYHUKHDG VWUXFWXUHVWRSHUPLWVDIHSDVVDJH $WWLPHVRIÀRRGZKHQ6XUÀHHWDQG0DUVK5RDG6OXLFHVDUHGLVFKDUJLQJ 3HUPDQHQW7LGDO0RRULQJV6XUÀHHW6HDV(QG ÀRRGZDWHU WKH ULYHUV FDQ H[SHULHQFH VWURQJ ÀRZV DQG YDULDWLRQV LQ ZDWHUOHYHOVSDUWLFXODUO\FORVHWRWKHVOXLFHV,QWKHVHFRQGLWLRQVH[WUD FDUHPXVWEHH[HUFLVHGZKHQQDYLJDWLQJWKHULYHUV &RURQDWLRQ&KDQQHO 7KH &RURQDWLRQ &KDQQHO LV D ÀRRG FKDQQHO DQG LV QRW D 6WDWXWRU\ 1DYLJDWLRQLWLVFXUUHQWO\PDQDJHGWRPLWLJDWHÀRRGULVN7KH6SDOGLQJ :DWHU 7D[L KDV VSHFLDO SHUPLVVLRQ WR QDYLJDWH WKH &KDQQHO EXW QR RWKHUFUDIWDUHFXUUHQWO\SHUPLWWHG 6SDOGLQJ:DWHU7D[LRQWKH&RURQDWLRQ&KDQQHO 6SDOGLQJ:DWHUVSDFH6WXG\ :DWHUVSDFH6WXG\ :DWHUVSDFH6WXG\ $ )HQODQG:DWHUZD\,QIUDVWUXFWXUH0DS 7R/LQFROQ UDLQ +R E K ROH' $ UWK LWK U: YH 5L 1R ) RU W\ ) W' UD DP RR 6OHDIRUG 1DYLJDWLRQ $ LQ $ $ 7KH :DVK $ %ODFN 6OXLF H1 $ $ DYLJD WLRQ %RVWRQ $ $ HU :H OOD QG $ $ HQ *O U YH 5L $ +ROEHDFK 6SDOGLQJ .LQJ¶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ÀH[LEOH DSSURDFK LQ DGGUHVVLQJ WKH PDMRU LVVXHV DQG HYROYLQJRSSRUWXQLWLHVZKLFKWKHGHYHORSPHQWRIWKH)HQV:DWHUZD\ /LQNZLOOSUHVHQW7KHVHLVVXHVDUH 2YHUDOO.H\ 5LYHU:HOODQG*OHQ1DYLJDWLRQ µ7KH6WXG\$UHD¶ 7RDFWDVDFDWDO\VWDQGIRFXVIRUDUHDUHJHQHUDWLRQ 7RHQKDQFHWKHUDQJHRIIDFLOLWLHVDYDLODEOHIRUERDWHUVDQGPHHW WKHGHPDQGIRUPRRULQJV 7R SURPRWH DFWLYLW\ RQ WKH ULYHUV DQG DFFHVV WR WKH ZDWHUZD\ FRUULGRUV 8UEDQ$UHDV 7LGDO5LYHUV 1RQWLGDO1DYLJDEOH5LYHUV 8QQDYLJDEOH5LYHUV 7R VDIHJXDUG ZDWHUVLGH VLWHV IRU WKH EHQH¿W RI ZDWHUEDVHG DFWLYLWLHV 7KH DVVXPSWLRQ RI FRQVLGHUHG ZDWHUZD\ FRQQHFWLRQV DV JXLGHG E\WKHFOLHQWERG\ 7KH EHQH¿WV RI ZDWHU EDVHG DFWLYLW\ IRU VSRUW UHFUHDWLRQ DQG WRXULVP 5DLOZD\V6WDWLRQV 0RWRUZD\V FRQQHFWLRQV 'XDO&DUULDJHZD\ 7UXQN5RDGV $5RDGV 7KHFRQWULEXWLRQRIWKH)HQV:DWHUZD\/LQNWRWKHORFDOHFRQRP\ LQ GHYHORSLQJ DQG UHLQIRUFLQJ H[LVWLQJ FRPPXQLW\ DQG EXVLQHVV 7KHLPSDFWRISURSRVHGPDULQDGHYHORSPHQWVRQWKHVXUURXQGLQJ DUHD 7R SURPRWH ODQGVFDSH DQG HFRORJLFDO HQKDQFHPHQW DQG WKH UHODWLRQVKLSEHWZHHQLQFUHDVHGZDWHUEDVHGDFWLYLWLHVSURWHFWLRQ RIWKHHQYLURQPHQWDQGUHGXFLQJÀRRGULVN .H\:DWHUZD\$UHDV 7KHVH UHFRPPHQGDWLRQV DUH GHVLJQHG WR VXSSRUW DQG FRPSOHPHQW %RVWRQ:DWHUZD\V ODQG EDVHG DFWLYLWLHV WR FUHDWH RSSRUWXQLWLHV IRU JUHDWHU GLYHUVLW\ RI PL[HGXVHUHFUHDWLRQDODFWLYLW\DQGDGGWRWKHLUVXFFHVV 6RXWK+ROODQG:DWHUZD\V 7KHNH\DLPLVWRDFKLHYHSXEOLFDFFHVVDQGDFWLYLW\RQWKHZDWHUZD\V LQDZHOOGHVLJQHGDQGVWLPXODWLQJHQYLURQPHQW7KLVZLOOFUHDWHWRXULVP 5LYHU1HQH0RUWRQ¶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¶V'UDLQDW6XUÀHHW6HDV(QG 9HUQDWW¶V'UDLQWR5LYHU:HOODQGDW6SDOGLQJ¶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ÀHHW6HDV(QG :DWHUPDQDJHPHQWFDSDFLW\WRPDQDJHZDWHUVWRUDJHWRHQVXUH VXI¿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µ7KH/DNHV¶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¿UPWKH5LYHU:HOODQGDQG&RURQDWLRQ&KDQQHODVWKHPDLQJUHHQ FRUULGRUVLQ6SDOGLQJDQGLPSURYHWKHLULQWHJUDWLRQZLWKWKHWRZQ3XEOLF UHDOPLPSURYHPHQWVZLOOHQFRXUDJHJUHDWHUOHYHOVRISHGHVWULDQVWRWKH ULYHUVLGHDUHDV &UHDWHDSDUNODQGVHWWLQJIRUWKH5LYHU:HOODQGFRUULGRU ,PSURYHSHGHVWULDQDFFHVVIURPWRZQFHQWUHWKHSDULVKFKXUFK $\VFRXJKIHH+DOODQG*DUGHQVDQGORFDOSXEV ,PSURYHZDONLQJDQGF\FOHOLQNVDQGDPELHQFHDORQJWKHULYHU ,PSURYHEULGJHDFFHVVULYHUVLGHSDWKVVHDWLQJDQGIDFLOLWLHV ,PSURYH WUDI¿F DQG SDUNLQJ SURYLVLRQ DORQJ /RQGRQ 5RDG DQG &KXUFK *DWH :KHUH SRVVLEOH GHFUHDVH WKH DUHDV RI SDUNLQJ SDUWLFXODUO\ZKHUHWKHUHLVQRULYHUVLGHIRRWSDWK ,QYHVWLJDWHIHDVLELOLW\RIQDYLJDWLRQWRWKHZHVWRI6SDOGLQJXVLQJ WKH9HUQDWW¶V'UDLQDQG6RXWK'URYH'UDLQV 6SDOGLQJWRUHGLVFRYHULWVULYHUVLGHDVGHVWLQDWLRQ ,QYHVWLJDWHWKHXVHRIZDWHUEDVHGUHVLGHQWLDOGHYHORSPHQWWRWKH VRXWKZHVWRIWRZQZLWKWKHSRVVLELOLW\RIFUHDWLQJQHZFDQDOVDV DUWHULHV([WHQGWKHZDWHUWD[LVHUYLFHWRVHUYLFHWKLVQHZXUEDQ TXDUWHU 7RXULVPDQG(FRQRPLF'HYHORSPHQW 3URPRWH 6SDOGLQJ DQG 6RXWK +ROODQG 'LVWULFW DV D PDMRU ZDWHUZD\ GHVWLQDWLRQIRUDYDULHW\RIYLVLWRUV7KHVHLQFOXGHERDWHUVFDQRHLVWV ZDONHUVF\FOLVWVKRUVHULGHUV¿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ÀXHQFH WKHFKDUDFWHUDQGTXDOLW\RIWKHULYHUV¶ZDWHUVSDFH 7KHVHZDWHUVSDFHW\SHVIDOOLQWR¿YHPDLQFDWHJRULHV 8UEDQFHQWUHVZKHUHWKHULYHUSURYLGHVWKHIRFXVRIWKHWRZQHJ 6SDOGLQJ 7KH5LYHU:HOODQGLQWKHFHQWUHRI6SDOGLQJ 8UEDQ FHQWUHV ZKHUH WKH ULYHU VNLUWV DURXQG WKH HGJH DQG DW SUHVHQW GRHV QRW IRUP D IRFXV WR WKH YLOODJH HJ &URZODQG 3LQFKEHFNDQG6XUÀHHW 0HDQGHULQJ ULYHU FRUULGRU ZLWK HQFORVLQJ YHJHWDWLRQ DQG ÀRRG EDQNVYLHZVDUHFRQWDLQHGZLWKLQWKHULYHUFRUULGRUHJ0DMRULW\ RI5LYHU*OHQ (QJLQHHUHG ULYHU FRUULGRU ZLWK ORQJ VWUDLJKW VHFWLRQV RI ULYHU HQFORVHG E\ ÀRRG EDQNV ZLWKLQ D ZLGH FRUULGRU ÀDQNHG E\ RSHQ ZDVKODQG YLHZV DUH FRQWDLQHG ZLWKLQ WKH ULYHU FRUULGRU HJ 0DMRULW\RI5LYHU:HOODQGVRXWKRI6SDOGLQJEHWZHHQ&RZELWDQG &URZODQG:DVKHV 7KH5LYHU*OHQVNLUWVWKHHGJHRI3LQFKEHFN (QJLQHHUHG 'UDLQDJH &KDQQHOV ZLWK ORQJ VWUDLJKW VHFWLRQV ZLWKLQHQFORVLQJÀRRGEDQNVHJ9HUQDWW¶V'UDLQDQG&RURQDWLRQ &KDQQHO 7KHEURDGZDWHUZD\RIWKH&RURQDWLRQ&KDQQHODURXQG6SDOGLQJ¶VHDVWHUQERXQGDU\ 6SDOGLQJ:DWHUVSDFH6WXG\ 6WXG\7KHPHV 6WXG\7KHPHV )RXU GHOLYHU\ WKHPHV VHW WKH FRQWH[W IRU WKH 6WXG\7KHVH UHSUHVHQW JURXSHG ULYHUUHODWHG WKHPHV DQG SULRULWLHV ZKLFK VXSSRUW WKH )HQV :DWHUZD\/LQN1DWLRQDO5HJLRQDODQG/RFDOLQLWLDWLYHVVWDWXWRU\DQG QRQVWDWXWRU\JXLGDQFHDVZHOODVWKHVWXG\¶V¿QGLQJV 7KHPHµ:DWHUZD\*DWHZD\¶ :DWHUZD\*DWHZD\VDUHORFDWHGDWMXQFWLRQEHWZHHQZDWHUZD\VZKLFK DUHYLWDOIRUWKHGHYHORSPHQWRIWKH5LYHU:HOODQGDQG5LYHU*OHQDV 7KHFRPSOHWHG%ODFN6OXLFH/RFNIRUPVDµ*DWHZD\¶ RQWRWKH%ODFN6OXLFH1DYLJDWLRQ%RVWRQ SDUWRIWKHZLGHUYLVLRQRIWKH)HQV:DWHUZD\V/LQN 7KH FRQFHSW RI WKH :DWHUZD\V *DWHZD\V GHYHORSV WKH LQLWLDWLYH RI 6SDOGLQJ DUHD EHFRPLQJ D ZDWHUZD\ GHVWLQDWLRQ VXSSRUWHG E\ D PDUNHWLQJDQGWRXULVPVWXG\ 1DYLJDWLRQDQGDFFHVVLELOLW\DUHHVVHQWLDOWRJHWKHUZLWKWKHDFFHVVWR LQIRUPDWLRQ )LYH :DWHUZD\ *DWHZD\V KDYH EHHQ LGHQWL¿HG (DFK µ*DWHZD\¶KDVLWVRZQGLVWLQFWFKDUDFWHUDQGZLOODFWDVDSODFHWRH[SORUH DQGFRQQHFWZLWKRWKHUIRUPVRIWUDQVSRUWDQGREWDLQLQIRUPDWLRQDERXW RWKHUDWWUDFWLRQVZLWKLQWKH'LVWULFW 7KH ¿YH :DWHUZD\ *DWHZD\V LGHQWL¿HG ZLWKLQ WKH VWXG\ DUHD DUH 7KHMXQFWLRQEHWZHHQWKH5LYHU:HOODQGDQGWKH )ROO\5LYHUFRXOGEHWKHµ*DWHZD\¶WR3HWHUERURXJK ORFDWHGDW *XWKUDP*RZW 6XUÀHHW6HDV(QG 6SDOGLQJZDWHUZD\FRQQHFWLRQV &URZODQG 3HDNLUN 7KHPHµ5LYHU3URVSHULW\¶ 7KHUH LV WKH QHHG WR GHYHORS FRPPHUFLDOO\ DFWLYH DQG YLEUDQW ZDWHUVSDFHDFWLYLWLHV7KHGHYHORSPHQWRIQHZPDULQDVWRFDWHUIRU 1HZPDULQDVZLOOEHUHTXLUHGWRFDWHUIRUWKH GHPDQGIRUPRRULQJV WKHLQFUHDVHLQGHPDQGIRUPRRULQJVRQFHWKH)HQV:DWHUZD\V/LQN KDVEHHQFRPSOHWHG6WURQJHIIHFWLYHSDUWQHUVKLSVDUHUHTXLUHGWRFR RUGLQDWHGHYHORSPHQWRIERWKULYHUVDQGDVVRFLDWHGGUDLQV 7KHPHµ5HFUHDWLRQDQG'HVWLQDWLRQ¶ 7KH HVWDEOLVKPHQW RI D FRPSUHKHQVLYH QHWZRUN RI ODQG DQG ZDWHU EDVHG UHFUHDWLRQDO RSSRUWXQLWLHV ZLOO FRQWULEXWH WR WKH KHDOWK DJHQGD ZLWKLQWKHIUDPHZRUNRIFXOWXUDOWRXULVP 7KHPHµ/LYLQJ(QYLURQPHQWV¶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¶ QD U 9H 3RGH +ROH K'UDLQ 7KH'HOS $ 6SDOGLQJ Q OH U* XUQ H( UR YH ' UD LQ DX 1R UWK ' &RZELW .H\ K 'U RY H 'U DL Q 'HHSLQJ 6W1LFKRODV XW $ QG U: HOOD 5LY H 0DUNHW 'HHSLQJ 'HHSLQJ 6W-DPHV &URZODQG 2YHUDOO.H\ 3HDNLUN .HQQXOSK¶V6WRQH &URZODQG )RXU0LOH%DU%ULGJH :HOODQG6DLOLQJ&OXE 6SDOGLQJ7RZQ&HQWUH &RURQDWLRQ&KDQQHO 1RUWKHUQ%\SDVV0DULQD )RVG\NH%ULGJH 3RGH+ROH 8UEDQ$UHDV (PSOR\PHQW$UHDV *XWKUDP*RZW )ORRG3ODLQ)ORRG6WRUDJH :HVW3LQFKEHFN :DVK6+'&'HVLJQDWLRQ 3HDNLUN 1HZERURXJK 7LGDO5LYHU:HOODQG 3LQFKEHFN7KH6KLS )OXLYDO5LYHU:DWHUFRXUVH 6XUÀHHW7KH0HUPDLG $5RDGV 6XUÀHHW5LYHUVLGH,QQ 5DLOZD\ 6R %R YH 5L 6XUÀHHW6HDV(QG 6SDOGLQJ:DWHUVSDFH6WXG\ &OXVWHUVRI$FWLYLW\ 5LYHU:HOODQG &OXVWHUVRI$FWLYLW\ ,QGHFLGLQJZKHUHWRVLWHWKHYDULRXVHOHPHQWVRIWKH:DWHUVSDFH6WXG\ DNH\GHWHUPLQDQWLVWRSURSRVHFOXVWHUVRIIXWXUHDFWLYLW\ZKLFKUHODWH WR WKH ZDWHUZD\V H[LVWLQJ LQIUDVWUXFWXUH DQG SRWHQWLDO XVDJH 7KHVH FOXVWHUV EXLOG XSRQ WKH IRXU VWXG\ WKHPHV DQG GHYHORS D QXPEHU RI EHQH¿WV :DWHUZD\*DWHZD\V 7KHSURYLVLRQRILGHQWL¿DEOHIRFDOSRLQWVZKLFKGHYHORSWKHLURZQ FKDUDFWHU DVVLVW RULHQWDWLRQ ZLWKLQ WKH )HQODQG ODQGVFDSH DQG µ7KH6KLS,QQ¶3LQFKEHFN EULQJDULFKQHVVRIH[SHULHQFHWRWKHDUHD 5LYHU3URVSHULW\ &OXVWHUVZLOOSURYLGHFRQFHQWUDWLRQVRIDFWLYLW\WRHQVXUHWKDWPDMRU FHQWUHVVXFKDV6SDOGLQJDUHGHYHORSHGZKLFKZRXOGEHGLOXWHGLI XVHVZHUHXQLIRUPO\VSUHDGDORQJWKHULYHUFRUULGRUV 5HFUHDWLRQDQG'HVWLQDWLRQ 3RLQWV RI DFWLYLW\ SURYLGH DFFHVV WR WKH ULYHU FRUULGRUV EXLOGLQJ RQWKHHVWDEOLVKHGIRRWSDWKQHWZRUNLQWURGXFLQJDUK\WKPWRWKH FRUULGRUE\SURYLGLQJIDFLOLWLHVDWUHJXODULQWHUYDOV /LYLQJ(QYLURQPHQWV µ7KH0HUPDLG,QQ¶6XUÀHHW 3HRSOH UHVSRQG WR D YLVLEO\ DFWLYH DQG VWLPXODWLQJ HQYLURQPHQW 7KH DFWLYLW\ FRORXU DQG DQLPDWLRQ RI D EXV\ ZDWHUZD\ DUH DQ HVVHQWLDOSDUWRIDQ\ULYHUH[SHULHQFHDQGDUHDSDUWLFXODUGUDZIRU ODQGEDVHGXVHUV 7KH5LYHU:HOODQG 1LQHFOXVWHUVRIDFWLYLW\DUHVXJJHVWHGDORQJWKH5LYHU:HOODQGZKLFK LQFOXGHVERWKWLGDODQGÀXYLDOVHFWLRQVWKH&RURQDWLRQ&KDQQHODQGWKH FRQQHFWLRQVZLWKWKH9HUQDWW¶V'UDLQ2QWKHXSVWUHDPUHDFKHVRIWKH 5LYHUWRWKHVRXWKRI6SDOGLQJWKHFOXVWHUVVHHNWRFUHDWH3HDNLUNDQG &URZODQGDVZDWHUZD\GHVWLQDWLRQVLQDGYDQFHRIWKHQH[WVWDJHRIWKH µ7KH5LYHUVLGH,QQ¶6XUÀHHW6HDV(QG )HQV:DWHUZD\/LQNVRXWKZDUGVWRWKH5LYHU1HQH&OXVWHUVORFDWHG ZLWKLQ 6SDOGLQJ VHHN WR GHYHORS WKH WRZQ¶V ZDWHUIURQW ZDWHUVSRUW DFWLYLWLHV LQ FRQMXQFWLRQ ZLWK WKH :HOODQG 6DLOLQJ &OXE ZDWHUVSDFH GHYHORSPHQW RI WKH &RURQDWLRQ &KDQQHO DQG FRQQHFWLRQV ZLWK WKH 9HUQDWW¶V'UDLQFORVHWRWKH1RUWKHUQ%\SDVV 7KH5LYHU:HOODQG¶Vµ&OXVWHUVRI$FWLYLW\¶DUH 3HDNLUN±3RWHQWLDOPDULQDGHYHORSPHQWDQGZDWHUZD\FRQQHFWLRQ DQGORFDWLRQIRUFKDOHWGHYHORSPHQW .HQQXOSK¶V6WRQH3RWHQWLDOPDULQDGHYHORSPHQWDQGZDWHUZD\ FRQQHFWLRQ &URZODQG 3RWHQWLDO PDULQD GHYHORSPHQW DQG ZDWHUZD\ µ7KH6KLS¶6XUÀHHW6HDV(QG FRQQHFWLRQ )RXU 0LOH %DU %ULGJH ± 0DMRU FRQQHFWLRQ ZLWK IRRWSDWK DQG F\FOHZD\QHWZRUN 6SDOGLQJ:DWHUVSDFH6WXG\ &OXVWHUVRI$FWLYLW\ 5LYHU*OHQ :HOODQG6DLOLQJ&OXE±0DULQDGHYHORSPHQWDQGGHYHORSPHQWRI ZDWHUVSRUWVFHQWUH 6SDOGLQJ 7RZQ &HQWUH ± 'HYHORSPHQW RI WRZQ¶V ZDWHUIURQW WR LQFOXGHYLVLWRUDQGFRPPHUFLDOPRRULQJV &RURQDWLRQ&KDQQHO±0DUVK5RDG6OXLFHZDWHUZD\FRQQHFWLRQ WRJHWKHUZLWKPRRULQJZDWHUHYHQWVDQGZDWHUVSRUWVGHYHORSPHQW 1RUWKHUQ%\SDVV3RWHQWLDOPDULQDGHYHORSPHQWDQGZDWHUZD\ FRQQHFWLRQ )RVG\NH %ULGJH ± ([LVWLQJ ERDW\DUG DQG SRWHQWLDOO\ PDMRU FRQQHFWLRQZLWKWKHIRRWSDWKDQGF\FOHZD\QHWZRUN 7KHVHIRFDOSRLQWVDUHXVHGWRVLWHPDMRUHOHPHQWVRIWKH:DWHUVSDFH 6WXG\DQGFRPHIURPDQDVVHVVPHQWRIWKHORFDWLRQVDQGWKHLULQWULQVLF PHULWIURPDZDWHUVSDFHSHUVSHFWLYH)XUWKHULQYHVWLJDWLRQZLOOQHHG WREHXQGHUWDNHQDWWKHPRUHGHWDLOHGGHVLJQVWDJHWRHQVXUHZKHUH DSSOLFDEOHWKHSURSRVDOVFRPSO\ZLWKSODQQLQJSROLF\ 6SDOGLQJ¶VZDWHUIURQWDQGUHODWLRQVKLSZLWKWKH ULYHUVKRXOGEHGHYHORSHG 'HYHORSLQJDUDQJHRIXVHVRQERWKWKHZDWHUDQGDGMDFHQWODQGZLOO LQFUHDVHDFWLYLW\WRPD[LPLVHWKHSRWHQWLDORIWKHULYHUFRUULGRUV7KH SURSRVDOVEXLOGRQWKHFXUUHQWSURYLVLRQDQGVXJJHVWQHZRSSRUWXQLWLHV VRPHRIZKLFKZLOOJHQHUDWHODQGEDVHGUHTXLUHPHQWV 7KH5LYHU*OHQ 6L[ FOXVWHUV RI DFWLYLW\ DUH VXJJHVWHG DORQJ WKH 5LYHU *OHQ EHWZHHQ *XWKUDP *RZW DQG 6XUÀHHW 6HDV (QG 7KHVH FOXVWHUV FRPSOHPHQW WKHH[LVWLQJFHQWUHVRIZDWHUVSDFHDFWLYLW\ZKLFKDUHSULPDULO\ORFDWHG LQ WKH YLFLQLW\ RI WKH SXEV DORQJ WKH ULYHU DQG DW 6XUÀHHW 6HD (QG ZKHUH ERWK WLGDO DQG ÀXYLDO VHFWLRQV RI WKH ULYHU DUH XWLOL]HG 5LYHU µ*DWHZD\V¶ZLOODOVREHFUHDWHGQHDU*XWKUDP*RZWDQG6XUÀHHW6HDV (QGV ZKHUH FRQQHFWLRQV ZLWK WKH %ODFN 6OXLFH 1DYLJDWLRQ DQG 5LYHU :HOODQGUHVSHFWLYHO\ZLOOEHHVWDEOLVKHG 7KH5LYHU*OHQ¶Vµ&OXVWHUVRI$FWLYLW\¶DUH *XWKUDP*RZW±&RQQHFWLRQZLWKWKH%ODFN6OXLFH1DYLJDWLRQDQG GHYHORSPHQWLQDVVRFLDWLRQZLWK:LOORZ7UHH)HQ1DWXUH5HVHUYH 3LQFKEHFN:HVW±([LVWLQJPRRULQJVDQGFDQRHDFFHVV 3LQFKEHFN±7KH6KLSDQGSRWHQWLDOGHYHORSPHQWVLWH 7KH&RURQDWLRQ&KDQQHOVKRXOGGHYHORSDVD ZDWHUVSDFHYHQXH 6XUÀHHW±7KH0HUPDLG 6XUÀHHW±9LOODJHPRRULQJVDQG5LYHUVLGH,QQ 6XUÀHHW 6HDV (QG ± &RQQHFWLRQ ZLWK WKH 5LYHU :HOODQG DQG 9HUQDWW¶V 'UDLQ 3RWHQWLDO PDULQD VLWH DQG ORFDWLRQ IRU FKDOHW GHYHORSPHQW 6SDOGLQJ:DWHUVSDFH6WXG\