%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
7UDQVFDUGLDF3HUIXVLRQRIWKH0RXVHIRU%UDLQ7LVVXH'LVVHFWLRQDQG)L[DWLRQ
-LQ\XQ:X<XTL&DL ;LDR\DQJ:X<XH<LQJ<LOLQ7DLDQG0LDR+H
,QVWLWXWHVRI%UDLQ6FLHQFHV)XGDQ 8QLYHUVLW\6KDQJKDL&KLQD
)RUFRUUHVSRQGHQFHKHP#IXGDQHGXFQ
&RQWULEXWHGHTXDOO\WRWKLVZRUN
>$EVWUDFW@7UDQVFDUGLDFSHUIXVLRQZLWKVDOLQHIROORZHGE\ SDUDIRUPDOGHK\GH 3)$ LVZLGHO\ XVHG
WR FOHDU EORRG DQG SUHVHUYH EUDLQ IRU LPPXQRVWDLQLQJ RU LQ VLWX K\EULGL]DWLRQ 3)$ EUHDNV LQWR
IRUPDOGHK\GH LQ VROXWLRQ ZKLFK FURVVOLQN SURWHLQ DQG '1$ PROHFXOHV WR SUHVHUYH WLVVXH DQG FHOO
VWUXFWXUH+HUHZHSURYLGHDVWHSE\VWHSJXLGHIRUSHUIRUPLQJWKLVSURFHGXUHLQPRXVH
.H\ZRUGV0RXVH7UDQVFDUGLDFSHUIXVLRQ$RUWD3DUDIRUPDOGHK\GH%UDLQ
0DWHULDOVDQG5HDJHQWV
3URWHFWLYHJHDU JORYHVJRJJOHVPDVNVODEFRDW
'HLRQL]HGZDWHU
6RGLXPSHQWREDUELWDO 6LJPDFDWDORJQXPEHU3
VRGLXPSHQWREDUELWDO LQVDOLQH
1D&O 6LJPD$OGULFKFDWDORJQXPEHU6
6DOLQH VRGLXPFKORULGH
1D+ 32ā+2 6LJPD$OGULFKFDWDORJQXPEHU
1D +32ā+2 6LJPD$OGULFKFDWDORJQXPEHU
3DUDIRUPDOGHK\GH 3)$ 6LJPD$OGULFKFDWDORJQXPEHU3
1D2+ 6LJPD$OGULFKFDWDORJQXPEHU6
+\GURFKORULFDFLG +&O 6LJPDFDWDORJQXPEHU+
+HSDULQ 6LJPDFDWDORJQXPEHU+
6RGLXPD]LGH 6LJPDFDWDORJQXPEHU6
SDUDIRUPDOGHK\GH 3)$LQ03KRVSKDWH%XIIHUS+ VHH5HFLSHV
(TXLSPHQW
&KHPLFDOIXPHKRRG
'LVVHFWLQJIRUFHSV 5:'FDWDORJQXPEHU) )LJXUH
2SKWKDOPLFIRUFHSV 5:'FDWDORJQXPEHU) )LJXUH
+HPRVWDWLFIRUFHSV 5:'FDWDORJQXPEHU) )LJXUH
7LVVXHVFLVVRUV 5:'FDWDORJQXPEHU6 )LJXUH
)LQHVFLVVRUV 5:'FDWDORJQXPEHU6 )LJXUH
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
9DVFXODUFODPS 5:'FDWDORJQXPEHU5 )LJXUH
0LFURVSDWXOD 7KHUPR)LVKHUFDWDORJQXPEHU )LJXUH
PODQGPOV\ULQJH )LJXUH
RUJDXJHLQIXVLRQQHHGOH )LJXUH
2SWLRQDO 3HULVWDOWLFSXPS /21*(53803FDWDORJQXPEHU%7-
/DQG/EHDNHUV
7KHUPRPHWHU PHDVXULQJUDQJH&GLYLVLRQYDOXH&
0HDVXULQJF\OLQGHU
$QDO\WLFDOEDODQFH 6$5725,86FDWDORJQXPEHU%6$6
%HQFKWRSYDFXXP
ȝP39')ILOWHUVHW 1DOJHQHFDWDORJQXPEHU
POFRQLFDOWXEH 7KHUPR)LVKHUFDWDORJQXPEHU
)XPHKRRG
0LFURZDYH
0DJQHWLFVWLUUHUZLWKKHDWLQJGHYLFH 6&,/2*(;FDWDORJQXPEHU06+3UR
)LJXUH6XUJLFDOLQVWUXPHQWV
3URFHGXUH
$ 3UHRSHUDWLYHSUHSDUDWLRQ
0HDVXUHDQGUHFRUGWKHERG\ZHLJKWWRWKHQHDUHVWJUDP
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
3LFNWKHPRXVHXSE\LWVWDLOSODFHLWRQWRSRIDFDJHUDFNDQGJHQWO\SXOOLWVWDLOZLWKRQHKDQG
ZKLOHDOORZLQJLWWRJUDEWKHLURQZLUHILUPO\WRVWDELOL]HLWDWDVWHDG\SRVLWLRQ
3UHVVWKHPRXVHGRZQDURXQGWKHQHFNZLWKRQHKDQGDQGKROGLWE\WKHVFUXIIRIWKHQHFN+ROG
DVPXFKVNLQDVSRVVLEOHWRKDYHDVHFXUHJULSVRWKDWWKHPRXVHFDQQRWPRYHGXULQJLQMHFWLRQ
$GPLQLVWHU VRGLXP SHQWREDUELWDO DW D GRVH RI PO SHU J ERG\ ZHLJKW WKURXJK
LQWUDSHULWRQHDO LQMHFWLRQ DW WKH ORZHU OHIW RU ULJKW TXDGUD RI WKH DEGRPHQ +RX HW DO
)LJXUH
1RWH7RDYRLGLQMXULQJWKHLQWHUQDORUJDQGRQRWDGYDQFHWKHQHHGOHWRRPXFK+ROGWKHPRXVH
DWDKHDGGRZQSRVLWLRQPD\DOVRKHOS
)LJXUH,QWUDSHULWRQHDOLQMHFWLRQ
3ODFH WKH PRXVH EDFN WR LWV FDJH :DLW a PLQ$VVHVV LI WKH PRXVH KDV UHDFKHG D VXUJLFDO
SODQHRIDQHVWKHVLDE\ORVVRIUHVSRQVHWRWDLORUWRHSLQFKHV 5HIHUHQFH
1RWH )RU QHRQDWDO PRXVH \RXQJHU WKDQ GD\V RI DJH DQHVWKHVLD FDQ EH DFKLHYHG WKURXJK
K\SRWKHUPLD %HKULQJHUHWDO 3ODFHPRXVHSXSLQDFRQLFDOWXEHRUZUDSLWZLWKODWH[
JORYH FXWRIIWKHWKXPERIWKHJORYHIRUWKLVSXUSRVH DQGEXU\LWXSWRWKHQHFNLQFUXVKHGLFH
IRUPLQWRREWDLQDVXUJLFDOSDQHRIDQHVWKHVLD$QDOJHVLDVWDWHODVWVaPLQWKHUHE\GR
QRWOHDYHWKHSXSRQVXUJLFDOVWDWLRQIRUWRRORQJ3HUIRUPWKHVXUJHU\DVVRRQDVSRVVLEOH
)URPWKLVVWHSRQSOHDVHRSHUDWHLQIXPHKRRG 3ODFHWKHPRXVHRQLWVEDFN)LUPO\WDSHRU
SLQ LWV IRXU SDZV WR D 6W\URIRDP RU ZRRG VXUJLFDO VWDWLRQ VR WKDW QRWKLQJ PRYHV GXULQJ WKH
SHUIXVLRQSURFHGXUH
1RWH ,I WKH KHDUW VWRSV EHDWLQJ GXH WR H[FHVVLYH DQHVWKHVLD SHUIXVLRQ VKRXOG EH VWDUWHG
LPPHGLDWHO\SUHIHUHQWLDOO\ZLWKVDOLQHFRQWDLQLQJXQLWVPOKHSDULQWRDYRLGFORWWLQJRIEORRG
7ULPWKHWLSRIDRUJDXJHLQIXVLRQ QHHGOHWRPDNHLWVOLJKWO\EOXQW )LJXUH WRUHGXFH
WKHULVNRISXQFWXULQJWKHDRUWDZDOOLQWKHIROORZLQJVWHSV 5HIHUHQFH 3ROLVKWKHHGJHVZLWK
VDQGSDSHULIQHFHVVDU\
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
)LJXUH1HHGOHWULPPLQJ$8QWULPPHGQHHGOH%7ULPPHGQHHGOH
&RQQHFWWKHWUDQVIXVLRQQHHGOHWRDPOV\ULQJHILOOHGZLWKVDOLQH)OXVKWKHWXELQJDQGQHHGOH
ZLWKVDOLQHWRH[SHODQ\DLU
)LOODQRWKHUPOV\ULQJHZLWK3)$VROXWLRQ
% 7UDQVFDUGLDFSHUIXVLRQZLWKVDOLQH
*ULSWKHVNLQRQWKHFKHVWZLWKRSKWKDOPLFIRUFHSVDQGPDNHDQLQFLVLRQ XVLQJWLVVXHVFLVVRUV
WRH[SRVHWKH[LSKRLG DSLHFHRIDUURZKHDGVKDSHGZKLWHERQH
*ULSWKH[LSKRLGZLWKRSKWKDOPLFIRUFHSVDQGPDNHODWHUDOLQFLVLRQVEHQHDWKWKHULEFDJHXVLQJ
WLVVXHVFLVVRUVWRH[SRVHWKHGLDSKUDJPDQGOLYHU
&DUHIXOO\ PDNH LQFLVLRQV LQ WKH GLDSKUDJP DORQJ WKH HQWLUH OHQJWK RI WKH ULE FDJH XVLQJ ILQH
VFLVVRUV
0DNH WZR FXWVWKURXJK ERWK VLGHV RI WKH ULE FDJH XS WR WKH FROODUERQH XVLQJ WLVVXH VFLVVRUV
5HIOHFWWKHVWHUQXPXSRYHUWKHKHDGRIWKHPRXVHZLWKKHPRVWDW RUSLQWLWWRWKHVXUJLFDOVWDWLRQ
RUFXWLWRII WRIXOO\H[SRVHWKHKHDUWDQGOXQJ )LJXUH
)LJXUH7KRUDFRWRP\
&DUHIXOO\ WHDU RII SHULFDUGLDO VDF DQG DQ\ RWKHU WLVVXHV FRYHULQJ WKH KHDUW XVLQJ GLVVHFWLQJ
IRUFHSVWRSURYLGHDFOHDUYLHZRIWKHKHDUWDQGYHVVHOV
6HFXUHWKH KHDUWZLWKGLVVHFWLQJIRUFHSVDWDVWHDG\SRVLWLRQ,QVHUWWKHWULPPHG QHHGOHIURP
WKHWLSRIWKHOHIWYHQWULFOHDWDQDQJOHDSSUR[LPDWHO\SDUDOOHOWRWKHPLGOLQHRIWKHKHDUW )LJXUH
$ $VWKHQHHGOHWLSLVEOXQWHQRXJKSUHVVXUHQHHGVWREHDSSOLHGWRJHWWKURXJKWKHYHQWULFOH
ZDOO +RZHYHU GR QRW SXVK WRR KDUG DQG PLQG WKH DQJOH WR PDNH VXUH WKH QHHGOH GRHV QRW
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
DGYDQFHLQWRWKHOHIWDWULXPRUULJKWYHQWULFOH:LWKH[SHULHQFHRQHZLOOFOHDUO\IHHOWKHUHVLVWDQFH
EHIRUH SHQHWUDWLRQ DQG WKH ORVV RI LW DIWHUZDUGV 7KH KHDUW VKRXOG EH EHDWLQJ DQG RQH PD\
REVHUYHEDFNIORZRIEORRGLQWRWKHQHHGOHEHIRUHSHUIXVLRQVWDUWV
6WHDGLO\DGYDQFHWKHQHHGOHXQWLOLWHQWHUVWKHDVFHQGLQJDRUWD7KHWLSRIWKHQHHGOHLVYLVLEOH
WKURXJKWKHDRUWDZDOO )LJXUH%' 1RUHVLVWDQFHVKRXOGEHHQFRXQWHUHGLIWKHQHHGOHPRYHV
LQWKHULJKWGLUHFWLRQ6HFXUHWKHQHHGOHLQWKHDRUWDZLWKYDVFXODUFODPSRUKHPRVWDWLFIRUFHSV
DWDSSURSULDWHSRVLWLRQ DUURZKHDGLQ)LJXUH&
1RWHV
D ,IWKHQHHGOHFDQQRWEHVXFFHVVIXOO\LQVHUWHGLQWRWKHDRUWDOHDYHLWLQWKHOHIWYHQWULFOH a
PPLQIRUDGXOWPRXVHVKRUWHUIRU\RXQJHUPRXVHDGMXVWZLVHO\GHSHQGLQJRQWKHVL]HRI
WKHKHDUW )LJXUH% EXWLWKDVWREHVHFXUHGZLWKSLQVRUWDSHWRDYRLGVOLSSLQJRXWRIWKH
KHDUWGXULQJSHUIXVLRQ 9LGHR )RUQHRQDWDOSXSVWKHDRUWDPD\EHWRRQDUURZWRILWWKH
QHHGOH WLS DQG WRR GHOLFDWH WR FODPS LQ ZKLFK FDVH OHDYLQJ QHHGOH WLS LQ WKH YHQWULFOH LV
SUHIHUUHG
E ,I WKH QHHGOH DGYDQFHG WRR PXFK LQWR ULJKW YHQWULFOH RU HYHQ SLHUFH WKURXJK WKH KHDUW
ZLWKGUDZ DQG UHLQVHUW WKH QHHGOH SURPSWO\ ,I WKH ZRXQG LV QRW WRR EDGLW PD\ QRW DIIHFW
SHUIXVLRQ
0DNHDVPDOOLQFLVLRQRQWKHULJKWDWULXPXVLQJILQHVFLVVRUV'DUNYHQRXVEORRGVKRXOGIORZRXW
LPPHGLDWHO\ 6WDUWWKH VDOLQH SHUIXVLRQ DW RQFH DW D FRQVWDQW VSHHG RI a PO V E\ PDQIXOO\
SXVKLQJ WKH V\ULQJH RU XVLQJ D SHULVWDOWLF SXPS $V VDOLQH IOXVKHV RXW WKH EORRG WKH OLYHU
JUDGXDOO\WXUQVSDOH )LJXUHV()
1RWHV
D ,IWKHQHHGOHWLSLVLQWKHOHIWYHQWULFOHLQVWHDGRIDRUWDVORZHUSHUIXVLRQVSHHGLVSUHIHUUHG
E ,IWKHQHHGOHWLSJRHVLQWRULJKWYHQWULFOHRQHPD\REVHUYHVLJQVRIIDLOHGSHUIXVLRQLQFOXGLQJ
LQIODWLRQRIOXQJ )LJXUH OLTXLGGULSSLQJRXWRIQRVHRUPRXWKDQGLQFRPSOHWHGHFRORURI
OLYHU
2SWLRQDO,QVWHDGRIPDQXDOLQMHFWLRQSHULVWDOWLFSXPSFDQEHXVHGWREHWWHUFRQWUROWKHSHUIXVLRQ
VSHHG
6WRSSHUIXVLRQZKHQWKHIOXLGIORZLQJRXWLVFOHDURIEORRG)RUDGXOWPLFHLWWDNHVaPOVDOLQH
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
)LJXUH1HHGOHLQVHUWLRQ$3RVLWLRQDQGGLUHFWLRQRIQHHGOHLQVHUWLRQ%7KHQHHGOHWLSFDQ
EHOHIWLQWKHOHIWYHQWULFOHKDOIZD\WKURXJKWKHKHDUW0LQGWKHWUDMHFWRU\VRWKDWWKHQHHGOHGRHV
QRWSLHUFHWKURXJKWKHVHSWXP RSHQDUURZKHDG LQWRWKHULJKWYHQWULFOHV&$GYDQFHWKHQHHGOH
LQWRWKHDRUWDDQGFODPSLWDWDSSURSULDWHSRVLWLRQ FORVHGDUURZKHDG '7KHQHHGOHWLSLVYLVLEOH
WKURXJKWKHDRUWLFZDOO FORVHGDUURZKHDG (0DNHDVPDOOLQFLVLRQLQWKHULJKWDWULXP FORVHG
DUURZKHDG )7KHOLYHULVILOOHGZLWKEORRGDQGDSSHDUVUHGEHIRUHSHUIXVLRQ*7KHOLYHUORVHV
EORRGDQGEHFRPHVSDOHDIWHUSHUIXVLRQ+,PSURSHUSHUIXVLRQOHDGVWRDFFXPXODWLRQRIOLTXLG
LQWKHOXQJDQGSXOPRQDU\HGHPD EODFNDUURZKHDG
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
9LGHR7UDQVFDUGLDF3HUIXVLRQRIWKH0RXVH
& 7UDQVFDUGLDFSHUIXVLRQZLWK3)$ 9LGHR
6ZLWFKIURPVDOLQHWR3)$0DNHVXUHQREXEEOHJHWVLQWRWKHSHUIXVLRQV\VWHPGXULQJWKH
VZLWFK *DJHHWDO
6WHDGLO\SHUIXVH3)$DWDFRQVWDQWVSHHGRIaPOV$V3)$JRHVLQWRFLUFXODWLRQRQH
FDQREVHUYHVLJQVLQFOXGLQJERG\WZLWFKLQJWDLOIOLFNLQJDQGKHDGPRYLQJ
3HUIXVHaPO3)$IRUDGXOWPRXVH7KHZKROHPRXVHERG\VKRXOGEHYHU\VWLIIDQGWKH
OLYHU PD\ WXUQV VOLJKWO\ SDOH EURZQLVK D OLWWOH ELW GDUNHU FRORU WKDQ LW ZDV EHIRUH 3)$
SHUIXVLRQ
5HPRYHWKHQHHGOHDQGXQSLQWKHPRXVHIURPWKHVXUJLFDOVWDWLRQ
' %UDLQGLVVHFWLRQ 9LGHR
'HFDSLWDWH WKH PRXVH ZLWK WLVVXH GLVVHFWLQJ VFLVVRUV )LJXUH KRUL]RQWDO OLQH 5HPRYH WKH
VNLQE\ILUVWPDNLQJDQLQFLVLRQDORQJWKHPLGOLQHIURPWKH QHFNWRWKHQRVH )LJXUHYHUWLFDO
OLQH DQGWKHQUHIOHFWWKHWZRIODSVRIVNLQURVWUDOO\DQGODWHUDOO\WRH[SRVHWKHVNXOO )LJXUH%
+ROGWKH KHDGWLJKWO\ZLWKRQHKDQG7ULPRIIERQHVDWWKHFDXGDOHQGZLWKGLVVHFWLQJVFLVVRUV
)LJXUH%GDVKHGOLQH &OHDURIIDQ\UHVLGXDOPXVFOHRQWKHVNXOOZLWKIRUFHSVRUVFLVVRUV,I
WKH 3)$ ZDV GRQH SURSHUO\ WKH EUDLQ ZLOO VKULQN D OLWWOH ELW DQG WKHUH ZLOO EH VRPH VSDFH
EHWZHHQWKHEUDLQDQGWKHERQHVIRUPLQJWKHIRUDPHQPDJQXP
6OLGHRQHEODGHRIWKHILQHVFLVVRUVLQWRWKHIRUDPHQPDJQXP XQGHUQHDWKWKHEUDLQ ZLWKWKH
VKDUSVLGHIDFLQJWKHERQHRQRQHVLGH0DNHDODWHUDOFXW5HSHDWWKHFXWRQWKHFRQWUDODWHUDO
VLGH&DUHIXOO\UHPRYHWKHVNXOOFRYHULQJWKHFHUHEHOOXPZLWKRSKWKDOPLFIRUFHSV
$W WKH URVWUDO HQG RI WKH PLGVDJLWWDO VXWXUH LQVHUW WKH WLS RI RQH EODGH RI WKH ILQH VFLVVRUV
EHWZHHQWKHIRUDPHQPDJQXPDQGWKHEUDLQZLWKWKHVKDUSVLGHIDFLQJWKHERQH5DSLGO\VOLGH
DQG FXW WKH FUDQLXP DORQJ WKH PLGVDJLWWDO VXWXUH &DUHIXOO\ UHPRYH WKH VNXOO ZLWK IRUFHSV WR
H[SRVHWKHEUDLQ$QDGGLWLRQDOFXWPD\EHQHFHVVDU\WRH[SRVHWKHROIDFWRU\EXOE )LJXUH&
1RWH%HFDUHIXOQRWWRGDPDJHWKHEUDLQGXULQJWKHRSHUDWLRQ3HHORIIDQ\PHQLQJHVDWWDFKLQJ
WRWKHVNXOOEHIRUHUHPRYLQJWKHERQHFKLSVRWKHUZLVHLWPD\VOLFHWKHVRIWEUDLQWLVVXH
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
)LJXUH%UDLQGLVVHFWLRQ$&XWWKHKHDGRIIFXWWKHIXUIURPWKHQHFNWRZDUGVWKHWLSRIWKH
QRVH WKHGRWWHGOLQH DQGH[SRVHWKHVNXOO%&&XWRIIWKHVNXOOEHORZWKHEUDLQVWHPDORQJ
WKH GRWWHG OLQH DQG WKHQ UHPRYH WKH VNXOO FRYHULQJ WKH FHUHEHOOXP DQG FHUHEUXP LQ WXUQ WR
H[SRVHWKHEUDLQWLVVXH
8VLQJ D PLFUR VSDWXOD RU RWKHU IODW DQG EOXQW WRRO WR VHYHU WKH QHUYH EXQGOH RQ WKH YHQWUDO
VXUIDFHRIWKHEUDLQDQGVFRRSWKHEUDLQRXW
1RWHV
D &RPSDUHG WR IUHVKO\ GLVVHFWHG EUDLQ )LJXUH $ YHU\ VRIW DQG IXOO RI EORRG VXFFHVVIXOO\
SHUIXVHG DQG IL[HG EUDLQ ZLOO VKULQN D OLWWOH ELW EHFRPH KDUGHU DQG DSSHDU VOLJKWO\ SDOH
EURZQLVK )LJXUH& 8QVXFFHVVIXOSHUIXVLRQPD\OHDYHEORRGLQWKHEUDLQ )LJXUH% DQG
PDNHLWDSSHDUSLQNLVK3RVWIL[WKHEUDLQLQ3)$RYHUQLJKWDW&
E 3RVWIL[ZLOOIXUWKHUVKULQNKDUGHQDQGGDUNHQWKHEUDLQ )LJXUH'
7UDQVIHU WKH EUDLQ LQWR 3%6 FRQWDLQLQJ VRGLXP D]LGH IRU ORQJ WHUP VWRUDJH DW &
$OWHUQDWLYHO\WUDQVIHUWKHEUDLQLQWRVXFURVHVROXWLRQZDLWXQWLOLWVLQNVWRWKHERWWRPDQG
VWRUHDWPLQXV& +RXHWDO
)LJXUH 5HSUHVHQWDWLYH LPDJHV RI EUDLQV GLVVHFWHG RXW XQGHU GLIIHUHQW FRQGLWLRQV $
)UHVKO\GLVVHFWHGEUDLQLVIXOORIEORRGDQG YHU\VRIW%8QVXFFHVVIXOO\SHUIXVHGEUDLQUHWDLQV
VRPHEORRG&6XFFHVVIXOO\SHUIXVHGDQGIL[HGEUDLQEHIRUHSRVWIL[DWLRQ'%UDLQDIWHUSRVW
IL[DWLRQ6FDOHEDUPP
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
1RWHV
7DEOH7URXEOHVKRRWLQJ
3UREOHPREVHUYHG 3RVVLEOHFDXVH 6ROXWLRQ
)OXLG IORZV RXW IURP D 1HHGOH SLHUFLQJ WKURXJK WKH KHDUW RU :LWKGUDZWKHQHHGOHDQGUHLQVHUWLWDWWKH
SRVLWLRQ RWKHU WKDQ WKH DRUWD ULJKWDQJOHDQGGHSWK
ULJKWDWULXP
([SDQGHG OXQJ IOXLG 1HHGOHJRHVLQWRWKHULJKWYHQWULFOH :LWKGUDZWKHQHHGOHDQGUHLQVHUWLWDWWKH
IORZV RXW IURP WKH ULJKWDQJOHDQGGHSWK
PRXWKDQGQRVH
%ORRGLQ WKHEUDLQDIWHU ,QHIIHFWLYH SHUIXVLRQ RI VDOLQH GXH WR %H FDUHIXO QRW WR RYHUGRVH WKH PRXVH
SHUIXVLRQOLYHUGRHVQRW FDUGLDFDUUHVWEHIRUHRSHUDWLRQ ZKHQDGPLQLVWHULQJDQHVWKHVLD
WXUQSDOH 3UDFWLFHWRDYRLGXQQHFHVVDU\GHOD\GXULQJ
WKHRSHUDWLRQSURFHGXUH
%ORRGFORWWLQJ 3HUIXVH ZLWK VDOLQH FRQWDLQLQJ XQLWVPO
KHSDULQ
$LUEXEEOHLQWKHSHUIXVLRQV\VWHP $YRLGDLUEXEEOHLQWKHSHUIXVLRQV\VWHP
%UDLQ LV SDOH EXW VRIW ,QHIIHFWLYHSHUIXVLRQRIIL[DWLYHGXHWRDLU %HFDUHIXOQRWWRLQWURGXFHDLUEXEEOHLQWKH
DIWHUSHUIXVLRQ EXEEOH LQ WKH SHUIXVLRQ V\VWHP RU SHUIXVLRQ V\VWHP ZKHQ FKDQJLQJ IURP
PLVSODFHGQHHGOH VDOLQH WR 3)$ $GMXVW WKH SRVLWLRQ RI WKH
QHHGOH
/RZTXDOLW\ 3)$ FRQWDLQV )LOWHU3)$ZLWKȝP39')XVHIUHVKO\
XQGLVVROYHGSDUWLFOHVRUH[SLUHG SUHSDUHG3)$ RUSURSHUO\VWRUHG3)$ IRU
PRUHGHWDLOVSOHDVHUHIHUWRWKHDSSHQGL[
5HFLSHV
SDUDIRUPDOGHK\GH 7DEOH
3UHFDXWLRQ :HDU SURWHFWLYH JHDU LQFOXGLQJ JRJJOHVPDVN JORYHV DQG ODE FRDW LQ WKH ZKROH
SURFHVV
D :DVKWKHPHDVXULQJF\OLQGHUDQGEHDNHUZLWKGHLRQL]HGZDWHU
E :HLJKJ1D+32ā+2DQGJ1D +32ā+2ZLWKDQDQDO\WLFDOEDODQFH
F 'LVVROYH WKH VDOWV LQ / GHLRQL]HG ZDWHU LQ D / EHDNHU ZLWK PDJQHWLF VWLUUHU XQWLO WKH
VROXWLRQEHFDPHFOHDU
G +HDWXSWKHSKRVSKDWHEXIIHUWRa& XVLQJPLFURZDYHRUKHDWHU
H :HLJK J 3)$ SRZGHUZLWK DQDO\WLFDO EDODQFH &DUHIXOO\ DGG WKH 3)$ SRZGHU LQWR WKH
ERWWRPRID/EHDNHUSODFHGRQDPDJQHWLFVWLUUHUZLWKKHDWLQJGHYLFHLQDFKHPLFDOIXPH
KRRG
I 6ORZO\SRXUWKHSUHKHDWHGSKRVSKDWHEXIIHULQWRWKHEHDNHUZLWK3)$ZKLOHVWLUULQJ$GMXVW
WKHKHDWVHWWLQJWRNHHSWKHEXIIHUDWDWHPSHUDWXUHEHWZHHQDQG& 6WLUWKHVROXWLRQ
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
XQWLO3)$LVIXOO\GLVVROYHGZKLFKPD\WDNHVHYHUDOKRXUV8VHDWKHUPRPHWHUWRPRQLWRUWKH
WHPSHUDWXUHWKURXJKRXWWKHZKROHSURFHVV
1RWHPRO/ 1 1D2+VROXWLRQFDQEHDGGHGGURSZLVHWRUDLVHWKHS+DQGKHOSGLVVROYLQJ
3)$EXWHTXLPRODU+&OVKRXOGEHDGGHGWREULQJEDFNWKHS+3UHSDUH11D2+VROXWLRQ
:HLJKJ1D2+LQDPOFRQLFDOWXEHDQGDGG POGHLRQL]HGZDWHU*HQWO\VKDNHWKH
WXEHWRIXOO\GLVVROYH1D2+'RQRWFORVHWKHFDSRUVKDNHWKHWXEHWRRYLJRURXVO\WRDYRLG
H[SORVLRQ RI WKH WXEH RU VSODVKLQJ RI WKH VROXWLRQ GXH WR VXGGHQ DFFXPXODWLRQ RI ODUJH
DPRXQWRIKHDWGXULQJWKLVSURFHVV
J $GGGHLRQL]HGZDWHUWREULQJXSWKHYROXPHWR/
K &RQQHFW WKH ȝP 39') ERWWOH WRS ILOWHU VHW ZLWK D EHQFKWRS YDFXXP DQG D FROOHFWLQJ
ERWWOHWRILOWHUWKH3)$VROXWLRQ
L )RUORQJWHUPVWRUDJHDOLTXRWWKHILOWHUHGVROXWLRQLQWRPOFHQWULIXJHWXEHDQGVWRUHDW
& 0HOWDW& RUURRPWHPSHUDWXUHDQGPL[ZHOOEHIRUHXVH
1RWH$OLTXRWQRPRUHWKDQPOSHUWXEHDVWKHYROXPHZLOOH[SDQGZKHQWKHOLTXLGIUHH]HV
7DEOH5HFLSHRI3)$
0ROHFXODU :RUNLQJ
&KHPLFDO / J / J / J / J
ZHLJKW FRQFHQWUDWLRQ
1D+ 32ā+2 1
1D +32ā+2 1
3DUDIRUPDOGHK\GH
$FNQRZOHGJPHQWV
7KHSUHVHQWSURWRFROLVPRGLILHGIURPWKHRULJLQDOYHUVLRQRIRXUDUWLFOH +RXHWDO 7KLVZRUN
LV VXSSRUWHG E\ IXQGV IURP 6KDQJKDL 0XQLFLSDO 6FLHQFH DQG 7HFKQRORJ\ 0DMRU 3URMHFW
1R6+='=; DQG=-/DE
&RPSHWLQJLQWHUHVWV
7KHDXWKRUVGHFODUHQRFRQIOLFWRILQWHUHVWRUFRPSHWLQJLQWHUHVW
(WKLFV
([SHULPHQWDOSURWRFROVDQGWKHXVHRIDQLPDOVZHUHDSSURYHGE\WKH,QVWLWXWLRQDO$QLPDO&DUHDQG
8VH &RPPLWWHH DW )XGDQ 8QLYHUVLW\ DQG FRQGXFWHG LQ DFFRUGDQFH ZLWK LQVWLWXWLRQDO JXLGHOLQHV RI
,QVWLWXWHVRI%UDLQ6FLHQFH ,2%6 )XGDQ8QLYHUVLW\&KLQD
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&
%LRSURWRFRO H
ZZZELRSURWRFRORUJH '2,%LR3URWRF
5HIHUHQFH
$GXOW 0RXVH 7UDQVFDUGLDF 3HUIXVLRQ
KWWSVZZZPEOHGXELHILOHVPRXVHBWUDQVFDUGBSHUISGI
%HKULQJHU5*HUWVHQVWHLQ01DJ\.DQG1DJ\$ 0DQLSXODWLQJWKHPRXVHHPEU\R
DODERUDWRU\PDQXDOWKHGLWLRQ&ROG6SULQJ+DUERU/DERUDWRU\3UHVV
*DJH*-.LSNH'5DQG6KDLQ: :KROHDQLPDOSHUIXVLRQIL[DWLRQIRUURGHQWV-
9LV([S
+RX <4L = +RQJ]KL / -LQ\XQ : 6KL <<DQTLQJ 4 0HQJPHQJ 6 =KHQJJDQJ <
-LDQJWHQJ / =KXKDR : /LQJ * DQG 0LDR + 7RSRJUDSKLFDO RUJDQL]DWLRQ RI
PDPPLOODU\QHXURJHQHVLVDQGHIIHUHQWSURMHFWLRQVLQWKHPRXVHEUDLQ&HOO5HS
6WDQGDUG 2SHUDWLQJ 3URFHGXUHV 7UDQVFDUGLDF 3HUIXVLRQ
KWWSVZZZPFJLOOFDUHVHDUFKILOHVUHVHDUFKBWUDQVFDUGLDFBSHUIXVLRQBBMDQBBSGI
&RS\ULJKW7KH$XWKRUVH[FOXVLYHOLFHQVHH%LRSURWRFRO//&