1 - Isae - Aircraft Loads

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 95

9$ E  EPD[ EVWHDG\

GQPD[ GQPD[
GQPD[

E
6WHDG\ VWDWH

GQ
W

E  EPD[ EVWHDG\

5=ILQEPD[ 5=ILQEVWHDG\

5\ILQG 5\ILQG 5\ILQG


GQPD[ GQPD[ GQPD[

$LUFUDIW/RDGV
$,QLWLDO&RQWDFW
%6SLQ8S
+RUL]RQWDO/RDGWR0D[LPXP
'RZQZDUG
) &6SLQ8S&RPSOHWHPD[
+RUL]RQWDO/RDGWR=HUR
)PD[
K6$ WR '6SULQJEDFN5HDFWLRQ
+RUL]RQWDO/RDGWR0D[LPXP8SZDUG
(0D[LPXP9HUWLFDO5HDFWLRQ
F PD[ +RUL]RQWDO/RDG'RZQZDUGQRW=HUR
$ % & ' ( )0D[LPXP'HIOHFWLRQ

³ )GF )
*6WDWLF3RVLWLRQ
9HUWLFDO/RDG

K 6$ 
) PD[ F PD[
*
FPD[

KERWWRPLQJ

VHF VHF VHF VHF VHF 7LPH


=7LUH/RDG %RWWRPLQJ
+RUL]RQWDO/RDG

=PD[ K7 WR
K PD[
=VWDWLF ³ =GK
K7 

= PD[ K PD[
KVWDWLF KPD[
K7LUH'HIOHFWLRQ

-HDQ)UHG%(*8(
'LUHFWLRQ*pQpUDOH GHO¶$UPHPHQW
MHDQIUHGEHJXH#LQWUDGHIJRXYIU
J
&217(176

&KDSWHU,± ,1752'8&7,2172$,5&5$)7/2$'6

&KDSWHU,,± )/,*+7/2$'6

&KDSWHU,,,± *5281'/2$'6

&KDSWHU,9± (0(5*(1&</$1',1*6
2XWSXW
6WUXFWXUDO'HVLJQ'DWD
,QSXW
$LUFUDIW/RDGV %HQGLQJ0RPHQW6KHDU
'HPDQGHG0DQRHXYUHV
)RUFH7RUTXHGLDJUDPV
(QYLURQPHQWDOUHVSRQVH $QDO\VLV DQG'LVFUHWH/RDGV
FRQGLWLRQV
6WLIIQHVV
/LIH

, ,1752'8&7,2172$,5&5$)7/2$'6
Q] 8OWLPDWH  1HYHU

/LPLW  6HOGRP

)DWLJXH± 2IWHQ

-HDQ)UHG%(*8(
9 'LUHFWLRQ*pQpUDOHGHO¶$UPHPHQW
MHDQIUHGEHJXH#LQWUDGHIJRXYIU

&217(176
± $&/2$'6

 ± /,0,7 8/7,0$7(/2$'6

± )$&7252)6$)(7<

± )$7,*8(/2$'6

± /2$'6&/$66,),&$7,21

± $,5:257+,1(66 5(48,5(0(176

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 
$&ORDGVDQDO\VLV

/RDG$QDO\VLV

$LUFUDIW ORDGV DQDO\VLV LV WKDW SDUW RI WKH DLUFUDIW GHVLJQ SURFHVV ZKLFK SURYLGHV ZLWK 6WUXFWXUDO 'HVLJQ 'DWD
6WLIIQHVV DQG /LIH IURP WKH DQDO\VLV RI IOLJKW DQG JURXQG EHKDYLRXU DQG WKH HQYLURQPHQW
6WUXFWXUH GHVLJQ GDWD WDNHV WKH IRUP RI %HQGLQJ 0RPHQW 6KHDU )RUFH DQG 7RUTXH GLDJUDPV DQG 'LVFUHWH
/RDGV
2XWSXW
6WUXFWXUDO'HVLJQ'DWD
,QSXW
$LUFUDIW/RDGV %HQGLQJ0RPHQW6KHDU
'HPDQGHG0DQRHXYUHV
)RUFH7RUTXHGLDJUDPV
(QYLURQPHQWDOUHVSRQVH $QDO\VLV DQG'LVFUHWH/RDGV
FRQGLWLRQV
6WLIIQHVV
/LIH

6HYHUDOVWUXFWXUDO'HVLJQ/RDGV 8OWLPDWH 1HYHU


Q]
/LPLWORDGV
8OWLPDWHORDGV /LPLW 6HOGRP

,QVHUYLFHFRPPRQORDGV )DWLJXH± 2IWHQ


)DWLJXHORDGV 

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 

/LPLWDQG8OWLPDWH/RDGV

/LPLWDQG8OWLPDWH/RDGV

/LPLW ORDGV
/LPLW ORDGV DUH WKH PD[LPXP ORDGV DQWLFLSDWHG RQ WKH DLUFUDIW GXULQJ LWV VHUYLFH OLIH 7KH DLUFUDIW VKDOO EH
FDSDEOH RI VXSSRUWLQJ WKH OLPLW ORDGV ZLWKRXW VXIIHULQJ GHWULPHQWDO SHUPDQHQW GHIRUPDWLRQ )RU DOO ORDGV XS WR
³OLPLW´ WKH GHIRUPDWLRQ RI WKH VWUXFWXUH VKDOO EH VXFK DV QRW WR LQWHUIHUH ZLWK WKH VDIH RSHUDWLRQ RI WKH DLUFUDIW

/LPLW/RDG 0D[LPXPORDGVDQWLFLSDWHG
5HTXLUHPHQWQRGHWULPHQWDOSHUPDQHQWGHIRUPDWLRQXSWR OLPLW

8OWLPDWH ORDGV
8OWLPDWH ORDGV DUH HTXDO WR WKH OLPLW ORDGV PXOWLSOLHG E\ D IDFWRU RI VDIHW\ ,Q JHQHUDO WKH IDFWRU RI VDIHW\ LV 
7KH UHTXLUHPHQWV VSHFLI\ WKDW WKHVH XOWLPDWH ORDGV EH FDUULHG E\ WKH VWUXFWXUH ZLWKRXW IDLOXUH

8OWLPDWH/RDG /LPLW/RDG[)DFWRURI6DIHW\
5HTXLUHPHQWQRIDLOXUHXSWR XOWLPDWH

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 
)DFWRURI6DIHW\

)DFWRURI6DIHW\

$OWKRXJK DLUFUDIW DUH QRW VXSSRVHG WR XQGHUJR JUHDWHU ORDGV WKDQ WKH VSHFLILHG OLPLW ORDGV D FHUWDLQ DPRXQW RI
UHVHUYH VWUHQJWK DJDLQVW FRPSOHWH VWUXFWXUDO IDLOXUH RI D XQLW LV QHFHVVDU\ LQ WKH GHVLJQ RI SUDFWLFDOO\ DQ\ SDUW
RI WKH VWUXFWXUH
7KLV LV GXH WR PDQ\ IDFWRUV VXFK DV
7KH DSSUR[LPDWLRQV LQYROYHG LQ ORDGV FDOFXODWLRQ DQG VWUXFWXUDO VWUHVV DQDO\VLV WKHRU\
6FDWWHULQJ LQ DSSOLHG ORDGV
6FDWWHULQJ LQ SK\VLFDO SURSHUWLHV RI PDWHULDOV
6FDWWHULQJ LQ IDEULFDWLRQ DQG LQVSHFWLRQ VWDQGDUGV
$ PDUJLQ DERYH OLPLW DOVR DOORZV WKH SLORW WR H[FHHG WKH OLPLW ORDGV LQ HPHUJHQF\ FRQGLWLRQV ZLWKRXW VHULRXV
VDIHW\ VWDQGSRLQW
$OORZIOH[LELOLW\LQ
HPHUJHQF\

8OWLPDWH/RDG /LPLW/RDG[)DFWRURI6DIHW\

0RGHOOLQJXQFHUWDLQWLHV 6FDWWHULQJLQPDQXIDFWXULQJ

6FDWWHULQJLQORDGV 6FDWWHULQJLQPDWHULDOV

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 

)DWLJXH/RDGV

)DWLJXHORDGV

$OWKRXJK LI LW LV IRXQG WKDW WKH DLUFUDIW VXVWDLQV OLPLW DQG XOWLPDWH ORDGV LW PXVW EH GHPRQVWUDWHG WKDW LW FDQ
VXVWDLQ DFWXDO ORDG GXULQJ LWV OLIHWLPH (IIHFWLYHO\ UHSHDWHG ORDGLQJ PRGLILHV DQG GHJUDGHV PDWHULDO
SURSHUWLHV DQG PD\ OHDG WR IDLOXUH HYHQ DW ORZ VWUHVV OHYHO EHORZ \LHOG VWUHVV  7KLV SKHQRPHQRQ LV
FRPPRQO\ FDOOHG )DWLJXH
:KLOH VDWLVIDFWRU\ HVWLPDWHV FDQ EH PDGH RQ WKH VWDWLF OLPLW ORDGV WKH DFWXDO ORDGLQJ LV PRUH D FRQFHUQ
7KH JHQHUDO SUDFWLFH LV WR FROOHFW GDWD IRU D VWDWLVWLFDO DVVHVVPHQW RI WKH H[SRVXUH

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 
)DWLJXH/RDGV

)DWLJXHORDGV

+RZHYHU IRU VRPH IOHHWV VXFK DV WKH )UHQFK PLOLWDU\ DLUFUDIWV DFFHOHURPHWHUV LV XVHG WR LQGLYLGXDOO\
HYDOXDWH WKH FRPPRQ XVH RI WKH DLUFUDIW DQG WKHUHIRUH EHWWHU HVWLPDWH WKH SRWHQWLDO

)DWLJXH,QGH[&DOFXODWLRQ 3URFHVV

/2$'6
&20387$7,21

6758&785$/
62//,&,7$7,216
/2&$/675(66
&20387$7,21
&21),*85$7,21 (19,5210(17
*(1(5$/
 )XHO  $LUVSHHG /2$'6
 8QGHUZLQJ ORDGV  $OWLWXGH /2&$/675(66
 0DQHXYHUV σ )$7,*8(
63(&7580 &20387$7,21

)$7,*8('$0$*(
W

)$7,*8(,1'(;

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 

6FDWWHULQJRQ/RDGV
7KHPDVV

7KHRSHUDWLRQDOXVH
‡ PLVVLRQSURILOH
‡ VTXDGURQSURFHGXUHVDQGPLVVLRQV
‡ SLORWKDQGOLQJ
'LIILFXOW\WRSUHGLFWWKHUHDOORDGLQJ
‡ )OLJKWORDGV
‡ *URXQGORDGV

0,1,67Ê5( '(/$'e)(16( &($7003 -XLQ 6OLGH1ƒ 


)OHHW)DWLJXH0RQLWRULQJ0HWKRG
62//,&,7$7,216
RI6758&785(
W 


W 
W
W
'HWDLOHGIOLJKWGDWD
1] DIXHOFRQVXPSWLRQ«
0LFURVSHHV
D UHFRUGLQJV\VWHP
)/,*+70(&+$1,&6 61&XUYHV
3URSDJDWLRQ
$1'6758&785$/
02'(/ 0RGHO 
0[0\
3523$*$7,21
6,=(2)&5$&.
W σ
)$7,*8(
3523$*$7,21,1'(;
&20387$7,21
W )$7,*8(,1'(;
675(66&20387$7,21 ,1,7,$7,21
5HODWLRQVı ± 0[0\
'$0$*(

5$,1)/2:0,1(5  61&XUYHV

0,1,67Ê5( '(/$'e)(16( &($7003 -XLQ 6OLGH1ƒ 

4XDOLILFDWLRQ 0RQLWRUHGIOHHW
)$/&21 (36,/21 0,5$*(' 0,5$*(%&1

)UHQFK$7/
5$)$/(

0,5$*((*0%*0 *UqFH

0,5$*()
$7/LWDOLHQHWDOOHPDQGV $/3+$-(7 (&2/( 3$)

0,5$*()%&5&7

$ERXW$&± PRUHWKDQIOLJKWKRXUV

0,1,67Ê5( '(/$'e)(16( &($7003 -XLQ 6OLGH1ƒ 


/RDGVFODVVLILFDWLRQ

6HYHUDOZD\WRFODVVLI\DLUFUDIWORDGV)OLJKWORDGV JURXQGORDGV

)OLJKW/RDGV

*URXQG/RDGV
 590D[ 0D[LPXPYHUWLFDO
UHDFWLRQ DW/HYHOSRLQW
ODQGLQJ 'ULIW'LUHFWLRQ

$,QLWLDO&RQWDFW
 1RORDGRQ1RVHODQGLQJ*HDU
%6SLQ8S
+RUL]RQWDO/RDGWR0D[LPXP
 'UDJDVVXPHWREH=HUR
'RZQZDUG
&6SLQ8S&RPSOHWHPD[
+RUL]RQWDO/RDGWR=HUR
'6SULQJEDFN5HDFWLRQ
+RUL]RQWDO/RDGWR0D[LPXP8SZDUG
(0D[LPXP9HUWLFDO5HDFWLRQ 590D[
+RUL]RQWDO/RDG'RZQZDUGQRW=HUR
$ % & ' ( )0D[LPXP'HIOHFWLRQ
*6WDWLF3RVLWLRQ
)
9HUWLFDO/RDG

,QHUWLD/RDG 590D[
* ,QHUWLD0RPHQW

590D[ 590D[
VHF VHF VHF VHF VHF 7LPH
+RUL]RQWDO/RDG

590D[ 590D[

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 

/RDGVFODVVLILFDWLRQ

6HYHUDOZD\WRFODVVLI\DLUFUDIWORDGV)OLJKWORDGV JURXQGORDGV 6LPLODUIRUKHOLFRSWHUV 

)OLJKW/RDGV

*URXQG/RDGV

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 
/RDGVFODVVLILFDWLRQ

6HYHUDOZD\WRFODVVLI\DLUFUDIWORDGV&RPPDQGORDGV (QYLURQPHQWORDGV
,,,/$1',1**($5/2$'6 ,,,&DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ
,,,&DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

,,,7XUQLQJ

&RPPDQGORDGV
7KHDLUFUDIWLVDVVXPHGWREHLQDVWHDG\WXUQ± LQDFFRUGDQFHZLWK)LJXUH± VRWKDWVRWKDWWKHOLPLWORDG
IDFWRUV DSSOLHG DW WKH FHQWUH RI JUDYLW\ DUH  YHUWLFDOO\ DQG  ODWHUDOO\ 7KH VLGH JURXQG UHDFWLRQ RI
‡0DQRHXYUHVRQIOLJKWV HDFKZKHHOPXVWEHRIWKHYHUWLFDOUHDFWLRQ &6 

:
‡0DQRHXYUHVRQJURXQG

&DOFXODWHGIURPVWDWLVWLFDOGDWDRQ
ZKDWSLORWVGRZLWKDQH[SHFWIURP &* :
DQDLUSODQH 51

50 50

51
50 50
)LJXUH7XUQLQJ

(QYLURQPHQWORDGV $LUFUDIW /RDGV


/RDGV*URXQG
*URXQG /RDGV -HDQ
-HDQ)UHG %(*8(

‡*XVW
‡%XPSVRQJURXQG

&DOFXODWHGIURPVWDWLVWLFDOGDWD
FRQVWDQWO\EHLQJJDWKHUHG

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 

$LUZRUWKLQHVV 5HTXLUHPHQWV

$LUZRUWKLQHVV 5HTXLUHPHQWV

'HVLJQLQJDQDEVROXWHO\VDIHDLUFUDIW ZRXOGEH
‡SURKLELWLYHO\H[SHQVLYH 6WDQGDUGIRUGHVLJQ
DUHQHFHVVDU\
‡XQDFFHSWDEO\KHDY\DQG
‡,PSUDFWLFDEOH

'HVLJQ 5HTXLUHPHQWV IRU 0LOLWDU\ $LUFUDIW


‡,Q )UDQFH WKH VWDQGDUG UHIHUHQFH LV WKH ³$LU (´ EXW ZLWKLQ (XURSH WKH PRVW FRPSOHWH RQH LV
WKH 8QLWHG .LQJGRP 'HI 6WDQGDUG  ZKLFK FRYHUV DOO DLUFUDIW LQWHQGHG IRU VHUYLFH LQ WKH
5R\DO $LU )RUFH DQG 5R\DO 1DY\
‡7KH FRUUHVSRQGLQJ 8QLWHG 6WDWHV UHTXLUHPHQWV DUH FRQWDLQHG LQ WKH 0,/ VHULHV

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 
$LUZRUWKLQHVV 5HTXLUHPHQWV

$LUZRUWKLQHVV 5HTXLUHPHQWV

'HVLJQ 5HTXLUHPHQWV IRU &LYLO $LUFUDIW


7KH PDLQ VHWV RI UHTXLUHPHQWV IRU FLYLO DLUFUDIW DUH
‡86$ )HGHUDO $YLDWLRQ 5HJXODWLRQV ±)$5 RI ZKLFK WKH LPSRUWDQW VHFWLRQV DUH 
‡)$5  IRU JOLGHUV
‡)$5  IRU OLJKW DHURSODQHV
‡)$5  IRU ODUJH DHURSODQHV 0 !  W
‡)$5  DQG  IRU URWRUFUDIW
‡7KH (XURSHDQ &RPPLVVLRQ KDV DGRSWHG RQ  0D\  D QHZ 5HJXODWLRQ 5HI
&200,66,21 5(*8/$7,21 (& 1R  SXEOLVKHG LQ WKH 2IILFLDO -RXUQDO /  RI
 0D\  UHJDUGLQJ QHZ ZRUNLQJ PHWKRGV RI WKH (XURSHDQ $YLDWLRQ 6DIHW\ $JHQF\ IRU
FRQGXFWLQJ VWDQGDUGLVDWLRQ LQVSHFWLRQV 7KH PDLQ VHFWLRQV DUH
‡&6  IRU JOLGHUV
‡&6  IRU OLJKW DHURSODQHV
‡&6  IRU ODUJH DHURSODQHV 0 !  W
‡&6  DQG  IRU URWRUFUDIW

$,5&5$)7/2$'6 -HDQ)UHG%(*8( 
Q % $

D+73
&
GP
Q
Q! QPD[ '
5=+73G
' Q  (
$
5=+73D
&
( % 9
QPLQ

,,± )/,*+7/2$'6
9$ E  EPD[ EVWHDG\
7RUTXH GXH WR
DLOHURQOLIW

GQPD[ GQPD[
GQPD[
$LOHURQOLIW
E
6WHDG\ VWDWH

GQ
W

E  EPD[ EVWHDG\ -HDQ )UHG%(*8(


'LUHFWLRQ*pQpUDOH GHO¶$UPHPHQW
5=ILQEPD[ 5=ILQEVWHDG\ MHDQIUHGEHJXH#LQWUDGHIJRXYIU

5\ILQG 5\ILQG 5\ILQG


GQPD[ GQPD[ GQPD[


&217(176
,,± ,1752'8&7,21

,,± /2$')$&7256

,,± /21*,78',1$/0$12(895(6

,,± 52//,1*0$12(895(6

,,± <$:,1*0$12(895(6

,,± *867&$6(6$1'/2$'6

)/,*+7/2$'6 -HDQ)UHG%(*8( 
,QWURGXFWLRQ

G
w&= w&
&= D =G &=D D  &]G G
wD wG

,,± ,1752'8&7,21

)/,*+7/2$'6 -HDQ)UHG%(*8( 

,QWURGXFWLRQ 1RWDWLRQV

$LUSODQHFRRUGLQDWHVRIPRWLRQ

; < = DLUSODQH UHIHUHQFH V\VWHP


X Y Z  DLUSODQH YHORFLW\ DORQJ ; < DQG = D[HV UHVSHFWLYHO\
S T U  DLUSODQH URWDWLRQDO YHORFLWLHV DERXW ; < DQG = D[HV UHVSHFWLYHO\

S  UROO UDWH

T  SLWFK UDWH

U  \DZ UDWH
S

)/,*+7/2$'6 -HDQ)UHG%(*8( 
,QWURGXFWLRQ 1RWDWLRQV

$LUSODQH\DZLQJPRWLRQ

E  6LGH 6OLS E
GQ  5XGGHU GHIOHFWLRQ GQ

)/,*+7/2$'6 -HDQ)UHG%(*8( 

,QWURGXFWLRQ 1RWDWLRQV

$LUSODQHSLWFKLQJPRWLRQ

D  $QJOH RI DWWDFN D

GP  (OHYDWRU GHIOHFWLRQ

GP

)/,*+7/2$'6 -HDQ)UHG%(*8( 
,QWURGXFWLRQ 1RWDWLRQV

$LUSODQHUROOLQJPRWLRQ

GO

GO  $LOHURQ GHIOHFWLRQ
GO

)/,*+7/2$'6 -HDQ)UHG%(*8( 

,QWURGXFWLRQ 1RWDWLRQV

$LUSODQHPRPHQWV LQWKHDLUSODQHUHIHUHQFHV\VWHP 


/ U6O9  &O 5ROO PRPHQW 0


0 U6O9  &P 3LWFK PRPHQW


1 U6O9  &Q <DZ PRPHQW

/

0RPHQWV LQ WKH DLUSODQH UHIHUHQFH V\VWHP 1

)/,*+7/2$'6 -HDQ)UHG%(*8( 
,QWURGXFWLRQ 1RWDWLRQV

$LUSODQHIRUFHV LQWKHDHURG\QDPLFUHIHUHQFHV\VWHP 
=/LIW
; < = DLUSODQH UHIHUHQFH V\VWHP [
;$ <$ =$ DHURG\QDPLF UHIHUHQFH V\VWHP D
9 [$

 D  $QJOH RI DWWDFN ;'UDJ


; U69  & ; 'UDJ


<

U69  &< ]D
/DWHUDO IRUFH ]$

 \$
= U69  &= /LIW </DWHUDOIRUFH
 E
\

[$ E [
)RUFHV LQ WKH DHURG\QDPLF UHIHUHQFH V\VWHP E  6LGH 6OLS
9
)/,*+7/2$'6 -HDQ)UHG%(*8( 

,QWURGXFWLRQ $HURG\QDPLFORDGV

$HURG\QDPLFORDGV

7KH\ GHSHQG RQ 
‡ .LQHWLF SUHVVXUH T U9ð
‡ 5HIHUHQFH YDOXHV 6 6O
‡ $HURG\QDPLF FRHIILFLHQW IXQFWLRQ RI FKDUDFWHULVWLF DQJOHV «

w&= w&
([DPSOH IRU &] &= D =G &=D D  &]G G
wD wG
&= &;
 

 

D  

 

 
G  


ƒ ƒ ƒ ƒ ƒ D

)/,*+7/2$'6 -HDQ)UHG%(*8( 
,QWURGXFWLRQ .LQHWLFSUHVVXUH (TXLYDOHQWDLUVSHHG

.LQHWLFSUHVVXUH


T U9 

U PDVV GHQVLW\ IXQFWLRQ RI DOWLWXGH
9 DLUVSHHG

(TXLYDOHQWDLUVSHHG

 
U9  U  9H

T
 
U
9H 9
U
U PDVV GHQVLW\ DW VHD OHYHO  NJP
9H HTXLYDOHQW DLUVSHHG

)/,*+7/2$'6 -HDQ)UHG%(*8( 

,QWURGXFWLRQ +LJKOLIWGHYLFHVVODWV IODSV

+LJKOLIWGHYLFHV

%RHLQJ

&= 6ODWVDQG)ODSVGHIOHFWHG


)ODSV GHIOHFWLRQ Î LQFUHDVH RI OLIW



)ODSVGHIOHFWHG


 5HIHUHQFH

6ODWV GHIOHFWLRQ Î LQFUHDVH RI VWDOO DQJOH







ƒ ƒ ƒ ƒ ƒ D

)/,*+7/2$'6 -HDQ)UHG%(*8( 
/RDG)DFWRUV

/ Q

QPD[
9$ 'HVLJQPDQHXYHULQJVSHHG
\ 6WDOO OLQH &=PD[
96VWDOOLQJVSHHGDWJ
I 9& GHVLJQFUXLVLQJVSHHG
Q 
P9ð5
9' GHVLJQGLYHVSHHG
]
96 9$ 9& 9' 9H
6WDOO OLQH &=PLQ
PJ QPLQ

,,± /2$')$&7256
Q % $

&

Q
Q! QPD[ '

' Q  $ (
&
( % 9
QPLQ

)/,*+7/2$'6 -HDQ)UHG%(*8( 

/RDG)DFWRUV ,QWURGXFWLRQ

,QWURGXFWLRQ $HURG\QDPLFUHVXOWDQW5$

:HLJKWPJ
6WHDG\ OHYHO IOLJKW HTXDWLRQ 7KUXVW)
,Q VWHDG\ OHYHO IOLJKW WKH OLIW FRPSHQVDWHV ,QHUWLDPG9GW
WKH DLUFUDIW ZHLJK

5$  P J  ) 

0DQHXYHU HTXDWLRQ

'XULQJ PDQHXYHUV LQHUWLD IRUFHV


PRGLILHV WKH DLUFUDIW HTXLYDOHQW ZHLJKW /RDG IDFWRU GHILQLWLRQ

G9  §¨ G9 ·
5$  P J  ) P Q J ¸
GW J ¨© GW ¸
¹

Q  Î HTXLYDOHQW ZHLJKW PJ
G9
5$  P J  P )  Q! Î HTXLYDOHQW ZHLJKW ! PJ
GW
Q Î HTXLYDOHQW ZHLJKW  PJ
QPJ
)/,*+7/2$'6 -HDQ)UHG%(*8( 
/RDG)DFWRUV ,QWURGXFWLRQ

,QWURGXFWLRQ

[ \
J[
Q[  /RQJLWXGLQDO ORDG IDFWRU
J
] ]

J\
Q\  /DWHUDO ORDG IDFWRU
J

J] \
Q]  9HUWLFDO ORDG IDFWRU
J

,Q WKH IROORZLQJ WKH YHUWLFDO ORDG IDFWRU ZLOO EH [


FDOOHG E\ GHIDXOW ORDG IDFWRU DQG ZULWWHQ Q

)/,*+7/2$'6 -HDQ)UHG%(*8( 

/RDG)DFWRUV 9HUWLFDOORDGIDFWRUQ

9HUWLFDOORDGIDFWRUQ $HURG\QDPLFUHVXOWDQW5$

:HLJKWPJ
([DPSOH RI V\PPHWULF IOLJKW 6HTXHQFH RI V\PPHWULF PDQHXYHU
7KUXVW)

,QHUWLDPG9GW

Q % $

&

Q
Q! QPD[ '

' Q  $ (
&
( % 9
QPLQ

,1752'8&7,21$8;$9,216 -HDQ)UHG%(*8( 
/RDG)DFWRUV 9HUWLFDOORDGIDFWRUQ

9HUWLFDOORDGIDFWRUQ

([DPSOH RI V\PPHWULF IOLJKW Q] ! %DQNHG WXUQ

5DGLXV RI FXUYDWXUH 5 J\ 

J\
/ /DWHUDO ORDG IDFWRU Q\  
J

I
P9ð5 
9HUWLFDO ORDG IDFWRU Q
FRV I
]

I q Ÿ Q 
PJ

)/,*+7/2$'6 -HDQ)UHG%(*8( 

/RDG)DFWRUV 9QGLDJUDP± PDQHXYHUORDG

)OLJKWGRPDLQ 0DQRHXYUHHQYHORSH

7KH RSHUDWLQJ IOLJKW VWUHQJWK OLPLWDWLRQ RI DQ DLUSODQH DUH SUHVHQWHG LQ WKH IRUP RI D Q9 GLDJUDP
7KH FRUQHUV FRUUHVSRQG WR WKH PD[LPXP SHUPLVVLEOH PDQHXYHUV DQG FRQVHTXHQWO\ LW LV VXIILFLHQW
LQ JHQHUDO WR H[DPLQH RQO\ WKHVH SRLQWV ZKHQ FRQVLGHULQJ ORDGLQJ FDVHV
7KH ERXQGDULHV RI WKH GRPDLQ FRUUHVSRQG WR OLPLW ORDGV
Q

QPD[
9$  'HVLJQ PDQHXYHULQJ VSHHG
6WDOOOLQH &=PD[
96  VWDOOLQJ VSHHG DW J

Q  9&  GHVLJQ FUXLVLQJ VSHHG


9'  GHVLJQ GLYH VSHHG

96 9$ 9& 9' 9H


6WDOOOLQH &=PLQ
QPLQ

)/,*+7/2$'6 -HDQ)UHG%(*8( 
/RQJLWXGLQDO0DQRHXYUHV

,,± /21*,78',1$/0$12(895(6
;
D+73
;$
GP

D+73

GP GP

6WHDG\ VWDWH

Q= 5=+73G
5=+73D

)/,*+7/2$'6 -HDQ)UHG%(*8( 

/RQJLWXGLQDO0DQRHXYUHV Q9GLDJUDPIRUV\PPHWULFDOORDGV

Q9GLDJUDPIRUV\PPHWULFDOORDGV
&6  &LYLO WUDQVSRUW DLUSODQH
QPD[ DQG QPLQ

QPD[

Q QPD[  
)ODSVXS 072:OEV  
QPD[
QPD[ PXVW QRW EH OHVV WKDQ  DQG QHHG
)ODSVGRZQ QRW EH JUHDWHU WKDQ 

Q  QPLQ
7KH QHJDWLYH OLPLW PDQHXYHULQJ ORDG
IDFWRU PD\ QRW EH OHVV WKDQ  DW VSHHG
XS WR 9& WR ]HUR DW 9' OLQHDU YDULDWLRQ
96 9$ 9& 9' 9H
0DQHXYHULQJ ORDG IDFWRUV ORZHU WKDQ
QPLQ WKRVH VSHFLILHG LQ WKLV DSSURDFK PD\ EH
XVHG LI WKH DLUSODQH KDV IHDWXUHV WKDW
PDNH LW LPSRVVLEOH WR H[FHHG WKHVH
$,5 ( PLOLWDU\ ILJKWHU YDOXHV LQ IOLJKW

QPD[ t  QPLQ QPD[

)/,*+7/2$'6 -HDQ)UHG%(*8( 
/RQJLWXGLQDO0DQRHXYUHV Q9GLDJUDPIRUV\PPHWULFDOORDGV

Q9GLDJUDPIRUV\PPHWULFDOORDGV
9& DQG 9'
9& &6  &LYLO WUDQVSRUW DLUSODQH

9& PXVW EH VXIILFLHQWO\ JUHDWHU WKDQ 9% WR


SURYLGH IRU LQDGYHUWHQW VSHHG LQFUHDVHV
OLNHO\ WR RFFXU DV D UHVXOW RI VHYHUH
DWPRVSKHULF WXUEXOHQFH
9& PD\ QRW EH OHVV WKDQ 9%   8UHI
+RZHYHU 9& PD\ QRW H[FHHG PD[LPXP
VSHHG LQ OHYHO IOLJKW DW PD[LPXP
FRQWLQXRXV SRZHU

)/,*+7/2$'6 -HDQ)UHG%(*8( 

/RQJLWXGLQDO0DQRHXYUHV Q9GLDJUDPIRUV\PPHWULFDOORDGV

Q9GLDJUDPIRUV\PPHWULFDOORDGV
9& DQG 9'
9' &6  &LYLO WUDQVSRUW DLUSODQH

9' PXVW EH VHOHFWHG VR WKDW 9& ”  9'


'LYLQJ FRQGLWLRQ WR FRPSXWH 9' $LUSODQHDW9&
)URP DQ LQLWLDO FRQGLWLRQ RI VWDELOLVHG $
IOLJKW DW 9& WKH DLUSODQH LV XSVHW IORZQ Q 
IRU  VHFRQGV DORQJ D IOLJKW SDWFK ƒ
EHORZ WKH LQLWLDO SDWK DQG WKHQ SXOOHG XS
DW D ORDG IDFWRU RI J 7KH VSHHG
LQFUHDVH RFFXULQJ LQ WKLV PDQHXYHU LV 9' W W
ƒ
Q  Q

QPD[
W WV
0D[VSHHGUHDFKHGE\WKH %
Q  $
DLUSODQHLQWKHVHTXHQFH 9'

%
9
QPLQ

)/,*+7/2$'6 -HDQ)UHG%(*8( 
/RQJLWXGLQDO0DQRHXYUHV 6\PPHWULFDOVWHDG\PDQHXYHU

3LWFKPDQHXYHU
; [(
w&P D
0RPHQW GXH WR D T6O D
wD D+73

w&P T
GP
'ULYLQJ PRPHQW T6O GP
wG P

w&P T[( T[(


J
5HVLVWLQJ PRPHQW T6O
T[ T Q]  
w ( 9 9
9
3LWFKLQJ HTXDWLRQ RI PRWLRQ
ª º
GT « w& w& w&P T[( »
,< T6O «&P   P D  P G P  »
GW « wD wG P T[
w ( 9 »
¬ 9 ¼

)/,*+7/2$'6 -HDQ)UHG%(*8( 

/RQJLWXGLQDO0DQRHXYUHV &KHFNHGSLWFKPDQHXYHU

&KHFNHGSLWFKPDQHXYHU
7KLV PDQHXYHU FRYHUV D UDSLG DFWLRQ RYHUVKRRWLQJ WKH UHTXLUHG HQG VLWXDWLRQ HJ
FROOLVLRQ DYRLGDQFH 
8QOLNH WKH VWHDG\ SXOOXS LW KDV WR EH VWXGLHG DV D IXQFWLRQ RI WLPH
7KH DLUSODQH LV DVVXPHG WR EH LQLWLDOO\ DW Q  QRW SUHGLFWHG PDQHXYHU 

7KHPLQLPXPSHULRGRIWLPH
WRDFKLHYHQ]PD[EXWLW &6 & &LYLO WUDQVSRUW DLUSODQH
QHHGQRWEHPRUHWKDQ
GP VHFRQGV
%HWZHHQ 9$ DQG 9'
7KH DLUSODQH LV DVVXPHG WR EH IO\LQJ LQ VWHDG\
'W OHYHO IOLJKW DW DQ\ VSHHG EHWZHHQ 9$ DQG 9' 7KH
W PD[ W  S Z FRFNSLW SLWFK FRQWURO LV PRYHG LQ DFFRUGDQFH ZLWK D
VSHFLILF IRUPXOD G W GVLQ ZW VHH &6& 
S W
W W W  'W WKHPD[LPXPDYDLODEOH
Z GLVSODFHPHQWRIWKHFRFNSLW
;
D+73 SLWFKFRQWUROLQWKHLQLWLDO
;$ GLUHFWLRQDVOLPLWHGE\WKH
GP FRQWUROV\VWHPVWRSVFRQWURO
VXUIDFHVWRSVRUE\SLORW
Q] HIIRUW

)UHTXHQF\RIWKHFRQWURO
GHIOHFWLRQEXWQRWOHVVWKDQ
S9
Z
9$

J
)/,*+7/2$'6 -HDQ)UHG%(*8( 
/RQJLWXGLQDO0DQRHXYUHV 6\PPHWULFDOVWHDG\PDQHXYHU

/RDGRQ+RUL]RQWDOWDLO

T[(
D +73 D  H   7ULP
9 [(
;
H LV WKH GRZQZDVK
;$
D+73

T
GP
D7ULP
7ULP

H
T[(9

)/,*+7/2$'6 -HDQ)UHG%(*8( 

/RQJLWXGLQDO0DQRHXYUHV /RDGVRQDLUSODQH

&RQFHUQHG]RQHVRQDLUSODQH

7KH 6\PPHWULFDO PDQHXYHUV DUH SDUWLFXODU VL]LQJ IRU WKH KRUL]RQWDO WDLO SODQH +73 DQG WKH
UHDU IXVHODJH

/RDGRQ+73

5=+73D D D +73 W
T6+73 &=+73
(IIHFW RI LQFLGHQFH

5=+73G GP G P W
T6+73 &=+73
(IIHFW RI HOHYDWRU GHIOHFWLRQ

7RWDO ORDG RQ +73


D+73
5=+73 5=+73D  5=+73G GP

5=+73G
5=+73D

)/,*+7/2$'6 -HDQ)UHG%(*8( 
5ROOLQJ0DQRHXYUHV

,,± 52//,1*0$12(895(6

ª º
GS « w&O w&O SO »
,; T6O « GO 
GW wG SO 9 »
« O w »
¬ 9 ¼

)/,*+7/2$'6 -HDQ)UHG%(*8( 

5ROOLQJ0DQRHXYUHV 5ROOPDQHXYHU

5ROOPDQHXYHU

SO ,QHUWLD

GO S

w&O
'ULYLQJ PRPHQW T6O GO
wG O
GO
w&O SO
5HVLVWLQJ PRPHQW T6O
SO 9
w SO
9

ª º
GS « w&O w&O SO »
,; T6O « GO 
SO 9 »
5ROOLQJ HTXDWLRQ RI PRWLRQ
GW « wG O w »
¬ 9 ¼

)/,*+7/2$'6 -HDQ)UHG%(*8( 
5ROOLQJ0DQRHXYUHV $HURGLVWRULRQ

$HURGLVWRUVLRQDLOHURQHIILFLHQF\
7KH ODUJHVW VRXUFH RI WRUVLRQ RQ D ZLQJ DQG 7RUTXH GXH WR
FRQVHTXHQWO\ WKH PRVW VHULRXV DHURHODVWLF SUREOHP LV DLOHURQ OLIW
DLOHURQ GHIOHFWLRQ
$VVXPLQJ D GRZQ DLOHURQ GHIOHFWLRQ WKH ZLQJ LV WZLVWHG
QRVH GRZQ 7KH DLOHURQ HIIHFWLYHQHVV LV GHFUHDVHG DQG D
GRZQ ORDG RFFXUV RQ WKH IRUZDUG VHFWLRQ RI WKH ZLQJ
$W WKH VSHHG 95 UHYHUVDO VSHHG  WKH UROOLQJ PRPHQW
FDXVHG E\ WKH ZLQJ GHIOHFWLRQ LV HTXDO WR WKDW FDXVHG E\ $LOHURQ OLIW
WKH DLOHURQ
SIOH[LEOH
K
SULJLG

955HYHUVDOVSHHG

K  DLOHURQ HIILFLHQF\
SIOH[LEOH  UROO UDWH IRU D IOH[LEOH ZLQJ 9
SULJLG  UROO UDWH IRU D ULJLG ZLQJ

)/,*+7/2$'6 -HDQ)UHG%(*8( 

5ROOLQJ0DQRHXYUHV 5ROOLQJFRQGLWLRQV &6

&RPELQHGUROOLQJDQGSLWFKLQJORDGFDVHV

7KH FRQGLWLRQV RI VSHHGV DQG DLOHURQ GHIOHFWLRQV PXVW EH FRQVLGHUHG LQ FRPELQDWLRQ ZLWK DQ
DLUSODQH ORDG IDFWRU RI ]HUR DQG RI WZRWKLUGV RI WKH SRVLWLYH PDQHXYHULQJ IDFWRU XVHG LQ WKH
GHVLJQ

QPD[

QPD[BUROOLQJ QPD[

Q 

QPLQBUROOLQJ 
96 9$ 9& 9' 9H

QPLQ

)/,*+7/2$'6 -HDQ)UHG%(*8( 
5ROOLQJ0DQRHXYUHV 5ROOLQJFRQGLWLRQV &6

6WHDG\UROOLQJYHORFLWLHV

7KH UHTXLUHPHQWV IRU FLYLO WUDQVSRUW DLUSODQH VSHFLILHV WKH IROORZLQJ FRQGLWLRQV
¾ DW 9$  D VXGGHQ GHIOHFWLRQ RI WKH DLOHURQ WR WKH VWRS LV DVVXPHG Î S$
¾ DW 9&  WKH DLOHURQ GHIOHFWLRQ PXVW EH UHTXLUHG WR SURGXFH D S • S$
¾ DW 9' WKH DLOHURQ GHIOHFWLRQ PXVW EH UHTXLUHG WR SURGXFH D S •  S$

)/,*+7/2$'6 -HDQ)UHG%(*8( 

<DZLQJ0DQRHXYUHV
9$ E  EPD[ EVWHDG\

GQPD[ GQPD[
GQPD[

E
6WHDG\ VWDWH

GQ
W

E  EPD[ EVWHDG\

5=ILQEPD[ 5=ILQEVWHDG\

5\ILQG 5\ILQG 5\ILQG


GQPD[ GQPD[ GQPD[

,,± <$:,1*0$12(895(6

ª º
GU « w&Q w&Q w&Q U O »
,= T6O « E GQ 
U O 9 »
GW « wE wG Q w »
¬ 9 ¼

)/,*+7/2$'6 -HDQ)UHG%(*8( 
<DZLQJ0DQRHXYUHV <DZPDQHXYHU

<DZPDQHXYHU HTXDWLRQRIPRWLRQ U
,QHUWLD

w&Q
0RPHQW GXH WR E  T6O E
wE E
w&Q GQ
0RPHQW GXH WR GQ T6O GQ
wG Q
w&Q U O
5HVLVWLQJ PRPHQW T6O
U O 9
w
9 UO

ª º
GU « w&Q w& w& U O »
<DZLQJ HTXDWLRQ RI PRWLRQ ,= T6O « E  Q GQ  Q »
« wE wG Q
GW U O 9
w »
¬ 9 ¼

)/,*+7/2$'6 -HDQ)UHG%(*8( 

<DZLQJ0DQRHXYUHV <DZPDQHXYHU

<DZPDQHXYHU± ORDGRIILQ

w&\
/RDG GXH WR E  5\ILQE T6ILQ E
wE
w& \
/RDG GXH WR GQ 5 \ILQG T6ILQ GQ
wG Q

E GQ

5\ILQG
ª w& w&\ º
7RWDO ORDG RQ ILQ 5<ILQ T6ILQ « \ E  GQ » 5<ILQE
¬ wE wG Q ¼

)/,*+7/2$'6 -HDQ)UHG%(*8( 
<DZLQJ0DQRHXYUHV &KHFNHG\DZPDQHXYHU

&KHFNHG\DZPDQHXYHU
7KH \DZLQJ PDQHXYHU RFFXUV GXH WR UXGGHU GHIOHFWLRQ DQG SURGXFHV WKUHH GHVLJQ
UHTXLUHPHQWV
¾ :LWK WKH DLUSODQH LQ XQDFFHOHUDWHG IOLJKW DW D VSHHG 9$ DQG DW ]HUR \DZ WKH
UXGGHU LV VXGGHQO\ GLVSODFHG WR WKH PD[LPXP GHIOHFWLRQ DV OLPLWHG E\ 
ƒ WKH FRQWURO V\VWHP RU FRQWURO VXUIDFH VWRSV RU
ƒ D OLPLW SLORW IRUFH RI  1 IURP 90& WR 9$ DQG  1 IURP 9& WR 9' ZLWK D
OLQHDU YDULDWLRQ EHWZHHQ 9$ DQG 9& 90& LV WK PLQLPXP FRQWURO VSHHG ±
DVVRFLDWHG ZLWK HQJLQH LQRSHUDWLYH 
7KLV FDXVH D KLJK \DZLQJ DFFHOHUDWLRQ
¾ 7KH DLUSODQH WKHQ \DZV WR D PD[LPXP VLGHVOLS DQJOH 7KLV LV D PRPHQWDU\
G\QDPLF RYHU\DZ FRQGLWLRQ
¾ :LWK WKH DLUSODQH VHWWOHG GRZQ WR D VWDWLF VLGH VOLS WKH UXGGHU LV WKHQ VHW WR WKH
RSSRVLWH GHIOHFWLRQ

)/,*+7/2$'6 -HDQ)UHG%(*8( 

<DZLQJ0DQRHXYUHV &KHFNHG\DZPDQHXYHU

9$ E  EPD[ EVWHDG\
&KHFNHG\DZ
PDQHXYHU

GQPD[ GQPD[
GQPD[

E
6WHDG\VWDWH

GQ
W

E  EPD[ EVWHDG\

5\ILQEPD[ 5\ILQEVWHDG\

5\ILQG 5\ILQG 5\ILQG


GQPD[ GQPD[ GQPD[
)/,*+7/2$'6 -HDQ)UHG%(*8( 
<DZLQJ0DQRHXYUHV &KHFNHG\DZPDQHXYHU

,QIOLJKWVHSDUDWLRQRIWKHYHUWLFDOVWDELOL]HU$$PHULFDQ$LUOLQH

2YHUYLHZ
2Q 1RYHPEHU   $PHULFDQ $LUOLQHV IOLJKW
 DQ $LUEXV $ FUDVKHG LQWR D
UHVLGHQWLDO DUHD RI %HOOH +DUERU 1HZ <RUN
VKRUWO\ DIWHU WDNHRII IURP -). $LUSRUW $OO 
SHRSOH DERDUG WKH DLUSODQH DQG  SHRSOH RQ
WKH JURXQG ZHUH NLOOHG

,QYHVWLJDWLRQFRQFOXVLRQV
7KH LQYHVWLJDWLRQ FRQFOXGHG WKDW WKH SUREDEOH
FDXVH RI WKLV DFFLGHQW ZDV WKH LQIOLJKW
VHSDUDWLRQ RI WKH YHUWLFDO VWDELOL]HU DV D UHVXOW
RI WKH ORDGV EH\RQG XOWLPDWH GHVLJQ WKDW ZHUH
FUHDWHG E\ WKH ILUVW RIILFHU¶V XQQHFHVVDU\ DQG
H[FHVVLYH UXGGHU SHGDO LQSXWV
7KH SLORW GLG WKHVH PDQ°XYUHV WR FRXQWHUDFW
WKH HIIHFW RI YRUWLFHV GXH WR DQRWKHU DLUFUDIW

$FFLGHQW$)LOP PLQDQGPLQ

)/,*+7/2$'6 -HDQ)UHG%(*8( 

<DZLQJ0DQRHXYUHV &KHFNHG\DZPDQHXYHU

,QIOLJKWVHSDUDWLRQRIWKHYHUWLFDOVWDELOL]HU$$PHULFDQ$LUOLQH
2ULJLQ XQDXWKRUL]HG \DZ PDQHXYHU

)/,*+7/2$'6 -HDQ)UHG%(*8( 
*XVWFDVHVDQGORDGV

8GH

9
U&=D
'Q = . J 9 8 GH
PJ 6

,,± *867&$6(6$1'/2$'6

)/,*+7/2$'6 -HDQ)UHG%(*8( 

*XVWFDVHVDQGORDGV *HQHUDO

7XUEXOHQFHVFORVHWRWKHJURXQG

&ORVH WR WKH JURXQG WXUEXOHQFH LV PDLQO\ KRUL]RQWDO ,PSRUWDQW FKDQJHV LQ GLUHFWLRQ RI WKH ZLQG
PD\ H[LVW EHWZHHQ WZR DWPRVSKHULF OD\HUV FUHDWLQJ :,1'6+($5 ZLWK SRVVLEOH FDWDVWURSKLF
HIIHFW RQ WUDMHFWRU\ ,W LV QRW JHQHUDOO\ D ORDG SUREOHP

7XUEXOHQFHVDWKLJKHUDOWLWXGH

$W KLJKHU DOWLWXGH ODUJH YHUWLFDO JXVWV FDQ EH REVHUYHG DQG FDQ EH GHVFULEHG E\ WKHLU SHDN
YHORFLW\ DQG WKHLU ZDYHOHQJWK 7KH HIIHFW RQ YHUWLFDO DFFHOHUDWLRQ FDQ EH VLJQLILFDQW

'HVLJQYHUWLFDOJXVWLQWHQVLWLHV
6XGGHQ FKDQJHV DUH NQRZQ DV GLVFUHWH JXVWV YHORFLW\ YDULDWLRQV RI PRUH WKDQ  PV IWV
HTXLYDOHQW DLU VSHHG KDYLQJ EHHQ PHDVXUHG
'HVLJQ JXVW LQWHQVLWLHV UHGXFH DV YHORFLW\ LQFUHDVHV ,W LV LQWHQGHG WKDW WKH DLUSODQH ZLOO EH IORZQ
DFFRUGLQJO\ LH WKDW DV LQWHQVLW\ RI WXUEXOHQFH LQFUHDVHV WKH SLORW ZLOO UHGXFH VSHHG

)/,*+7/2$'6 -HDQ)UHG%(*8( 
*XVWFDVHVDQGORDGV *HQHUDO

'HVLJQYHUWLFDOJXVWLQWHQVLWLHV )$5$LUZRUWKLQHVVVWDQGDUG± WUDQVSRUWFDWHJRU\DLUSODQHV 

)/,*+7/2$'6 -HDQ)UHG%(*8( 

*XVWFDVHVDQGORDGV *XVWORDG EDVLFDSSURDFK

*XVWORDG±EDVLFDSSURDFK

7KH SUREOHP RI ORDG FKDQJH ZKHQ HQFRXQWHULQJ D JXVW VWHPV IURP WKH YHU\ UDSLG FKDQJH LQ
GLUHFWLRQ RI UHODWLYH ZLQG 7KLV DQJOH RI DWWDFK FKDQJH ZLWK YLUWXDOO\ QR FKDQJH LQ IRUZDUG YHORFLW\
UHVXOWV LQ D FKDQJH LQ ZLQJ OLIW
$ VLPSOH LGHDOL]DWLRQ RI WKH SUREOHP FRQVLVWV LQ FRQVLGHULQJ DLUSODQH IO\LQJ DORQJ DW D FRQVWDQW
VSHHG 9 DQG VXGGHQO\ HQFRXQWHULQJ D VKDUSHGJHG JXVW 7KH JXVW YHORFLW\ 8GH LV DVVXPHG WR
DFW YHUWLFDOO\ DFURVV WKH ZLQJ VSDQ
8GH

8 GH
8GH $QJOH RI DWWDFN FKDQJH 'D
9
'D 9

9HUWLFDO ORDG IDFWRU FKDQJH 'Q= U69  &=D 'D
PJ
U&=D
'Q= 9 8 GH
PJ 6
)/,*+7/2$'6 -HDQ)UHG%(*8( 
*XVWFDVHVDQGORDGV $WWHQXDWLRQIDFWRU

&RPPHQWVRQWKLVEDVLFDSSURDFK
¾ *XVWV DUH PRUH DFFXUDWHO\ GHVFULEHG E\ VLQXVVKDSH ZDYHV RI GLIIHUHQW ZDYHOHQJWKV
¾7KH DLUSODQH HQWHUV SURJUHVVLYHO\ LQ WKH JXVW FUHDWLQJ D GXPSLQJ HIIHFW
¾7KH DLUFUDIW LV QRW D ULJLG ERG\

$WWHQXDWLRQIDFWRU.J
3UDWW DQG :DONHU XVLQJ WKHRUHWLFDOH[SHULPHQW DSSURDFK SURSRVHG LQ  D YHU\ VLPSOH PRGHO
LQ RUGHU WR GHVFULEH WKH EHKDYLRU RI DQ DLUSODQH HQFRXQWHULQJ D VLQXVVKDSH YHUWLFDO JXVW ZLWK D
ZDYHOHQJWK RI  0$& .J LV DQ DWWHPSW WR DFFRXQW IRU JXVW JUDGLHQW DLUSODQH UHVSRQVH DQG ODJ
LQ OLIW LQFUHPHQW FDXVHG E\ 'D

8 GH
'D .J
9
P J
$WWHQXDWLRQ IDFWRU .J
  P J
PJ 6
0DVV SDUDPHWHU  PJ
UFJ&=D
9HUWLFDO ORDG IDFWRU FKDQJH FRQVLGHULQJ DWWHQXDWLRQ
U&=D
'Q= . J 9 8 GH
PJ 6
)/,*+7/2$'6 -HDQ)UHG%(*8( 

*XVWFDVHVDQGORDGV *XVWHQYHORSH

*XVWHQYHORSH

¾ 7KH VWDOO OLQH FRQVWUXFWHG LQ WKH VDPH PDQQHU DV IRU WKH PDQHXYHU HQYHORSH
¾ *XVW OLQHV UDGLDWLQJ IURP Q  DW 9  DUH FRQVWUXFWHG XVLQJ WKH HTXDWLRQ RI 'Q= DQG WKH JXVW
LQWHQVLWLHV JLYHQ E\ WKH UHTXLUHPHQWV 9% LV GHILQHG DV WKH GHVLJQ VSHHG IRU PD[LPXP JXVW
LQWHQVLW\
Q= B  IW  VHF   &RHII 8  IW  VHF 9
Q
6WDOOOLQH &=PD[
)ODSVXS

6WHS 9%BJXVW

Q 

9% 9H

)/,*+7/2$'6 -HDQ)UHG%(*8( 
*XVWFDVHVDQGORDGV *XVWHQYHORSH

*XVWHQYHORSH

¾ 7KH VWDOO OLQH FRQVWUXFWHG LQ WKH VDPH PDQQHU DV IRU WKH PDQHXYHU HQYHORSH
¾ *XVW OLQHV UDGLDWLQJ IURP Q  DW 9  DUH FRQVWUXFWHG XVLQJ WKH HTXDWLRQ RI 'Q= DQG WKH JXVW
LQWHQVLWLHV JLYHQ E\ WKH UHTXLUHPHQWV 9% LV GHILQHG DV WKH GHVLJQ VSHHG IRU PD[LPXP JXVW
LQWHQVLW\
Q= B  IW  VHF   &RHII 8  IW  VHF 9
Q
6WDOOOLQH &=PD[
)ODSVXS

6WHS 9&BJXVW

Q 

9E 9F 9H

)/,*+7/2$'6 -HDQ)UHG%(*8( 

*XVWFDVHVDQGORDGV *XVWHQYHORSH

*XVWHQYHORSH

¾ 7KH VWDOO OLQH FRQVWUXFWHG LQ WKH VDPH PDQQHU DV IRU WKH PDQHXYHU HQYHORSH
¾ *XVW OLQHV UDGLDWLQJ IURP Q  DW 9  DUH FRQVWUXFWHG XVLQJ WKH HTXDWLRQ RI 'Q= DQG WKH JXVW
LQWHQVLWLHV JLYHQ E\ WKH UHTXLUHPHQWV 9% LV GHILQHG DV WKH GHVLJQ VSHHG IRU PD[LPXP JXVW
LQWHQVLW\

Q Q= B  IW  VHF   &RHII 8  IW  VHF 9


6WDOOOLQH &=PD[
)ODSVXS

6WHS 9'BJXVW

Q 

9E 9F 9' 9H

)/,*+7/2$'6 -HDQ)UHG%(*8( 
*XVWFDVHVDQGORDGV *XVWHQYHORSH

*XVWHQYHORSH

¾ 7KH VWDOO OLQH FRQVWUXFWHG LQ WKH VDPH PDQQHU DV IRU WKH PDQHXYHU HQYHORSH
¾ *XVW OLQHV UDGLDWLQJ IURP Q  DW 9  DUH FRQVWUXFWHG XVLQJ WKH HTXDWLRQ RI 'Q= DQG WKH JXVW
LQWHQVLWLHV JLYHQ E\ WKH UHTXLUHPHQWV 9% LV GHILQHG DV WKH GHVLJQ VSHHG IRU PD[LPXP JXVW
LQWHQVLW\

Q
6WDOOOLQH &=PD[
)ODSVXS

6WHS(QYHORSH
SRVLWLYHJXVW
Q 

9E 9F 9' 9H

)/,*+7/2$'6 -HDQ)UHG%(*8( 

*XVWFDVHVDQGORDGV *XVWHQYHORSH

*XVWHQYHORSH

¾ 7KH VWDOO OLQH FRQVWUXFWHG LQ WKH VDPH PDQQHU DV IRU WKH PDQHXYHU HQYHORSH
¾ *XVW OLQHV UDGLDWLQJ IURP Q  DW 9  DUH FRQVWUXFWHG XVLQJ WKH HTXDWLRQ RI 'Q= DQG WKH JXVW
LQWHQVLWLHV JLYHQ E\ WKH UHTXLUHPHQWV 9% LV GHILQHG DV WKH GHVLJQ VSHHG IRU PD[LPXP JXVW
LQWHQVLW\

Q
6WDOOOLQH &=PD[
)ODSVXS

6WHS)XOOHQYHORSH
E\V\PPHWU\
Q 

9E 9F 9' 9H

)/,*+7/2$'6 -HDQ)UHG%(*8( 
*XVWFDVHVDQGORDGV *XVWHQYHORSH

*XVWHQYHORSH

¾ 7KH VWDOO OLQH FRQVWUXFWHG LQ WKH VDPH PDQQHU DV IRU WKH PDQHXYHU HQYHORSH
¾ *XVW OLQHV UDGLDWLQJ IURP Q  DW 9  DUH FRQVWUXFWHG XVLQJ WKH HTXDWLRQ RI 'Q= DQG WKH JXVW
LQWHQVLWLHV JLYHQ E\ WKH UHTXLUHPHQWV 9% LV GHILQHG DV WKH GHVLJQ VSHHG IRU PD[LPXP JXVW
LQWHQVLW\
*XVWIWVDW9F
2IWHQWKHPRVWVHYHUHORDG
FDVHIRUZLQJEHQGLQJ IRUORZ
PDQRHXYULQJ$&

9%  GHVLJQ VSHHG IRU PD[LPXP JXVW


9&  GHVLJQ FUXLVLQJ VSHHG
9'  GHVLJQ GLYH VSHHG

)/,*+7/2$'6 -HDQ)UHG%(*8( 

*XVWFDVHVDQGORDGV &RPELQHGJXVWPDQRHXYUHHQYHORSH

&RPELQHGIOLJKWHQYHORSH JXVWPDQHXYHU 

*XVWIWVDW9F
2IWHQWKHPRVWVHYHUHORDG
FDVHIRUZLQJEHQGLQJ IRUORZ
PDQRHXYULQJ$&

)/,*+7/2$'6 -HDQ)UHG%(*8( 
$,QLWLDO&RQWDFW
%6SLQ8S
+RUL]RQWDO/RDGWR0D[LPXP
'RZQZDUG
) &6SLQ8S&RPSOHWHPD[
+RUL]RQWDO/RDGWR=HUR
)PD[
K6$ WR '6SULQJEDFN5HDFWLRQ
+RUL]RQWDO/RDGWR0D[LPXP8SZDUG
(0D[LPXP9HUWLFDO5HDFWLRQ
F PD[ +RUL]RQWDO/RDG'RZQZDUGQRW=HUR
$ % & ' ( )0D[LPXP'HIOHFWLRQ

³ )GF )
*6WDWLF3RVLWLRQ

9HUWLFDO/RDG
K 6$ 
) PD[ F PD[
*
FPD[

KERWWRPLQJ

VHF VHF VHF VHF VHF 7LPH


=7LUH/RDG %RWWRPLQJ

+RUL]RQWDO/RDG
=PD[ K7 WR
K PD[
=VWDWLF ³ =GK
K7 

= PD[ K PD[
KVWDWLF KPD[
K7LUH'HIOHFWLRQ

,,, $LUFUDIW/RDGV*URXQG/RDGV
/DQGLQJ*HDU'HVLJQDQG/RDGV
:

&HQWUHRI
-HDQ )UHG%(*8(
'LUHFWLRQ*pQpUDOH GHO¶$UPHPHQW
5RWDWLRQ

&*

MHDQIUHGEHJXH#LQWUDGHIJRXYIU
51
50 50
Q' LV WKH 'UDJ/RDG )DFWRU
50

50 50

50

/HFWXUHVFRSH

,,, /DQGLQJ*HDU'HVLJQ )

)PD[
K6$ WR
*HQHUDOLWLHV FPD[

)XQFWLRQVRIWKH/DQGLQJ*HDU ³ )GF
K 6$ 
)PD[ FPD[
/DQGLQJ*HDU7\SHVDQG&RQILJXUDWLRQV FPD[

/DQGLQJ*HDUV/RFDWLRQ
KERWWRPLQJ

/DQGLQJ*HDUV0RXQWLQJRQ$LUIUDPH =7LUH/RDG %RWWRPLQJ

=PD[ K7 WR
/DQGLQJ*HDUV/RDG)DFWRUV =VWDWLF
KPD[

³ =GK
K7 
= PD[ KPD[

6KRFN$EVRUEHUV KVWDWLF KPD[


K7LUH'HIOHFWLRQ

7LUHV

,,, /DQGLQJ*HDU/RDGV
]

7\SLFDO/DQGLQJ6HTXHQFH $W W  9HUWLFDO 6SHHGDW&* ]¶


5RWDWLRQ 6SHHGDW&* T¶
F

&*
9; T
$&0DVV&DVHVIRU/DQGLQJ
]

9HUWLFDO9HORFLW\5HTXLUHPHQWVDQG$&7RXFKGRZQ$WWLWXGHV
(QHUJHWLF$VSHFWIRUV\PPHWULFDO/HYHO/DQGLQJ :

&HQWUHRI

/DQGLQJ*HDU8QLWV'LVWULEXWLRQ
5RWDWLRQ

&*

51

2WKHU/DQGLQJ/RDGLQJ&DVHV 50 50
Q' LV WKH 'UDJ/RDG )DFWRU
50

50 50

50

FDVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/HFWXUHVFRSH

,,, :KDWWR'RZLWK7KDW/RDG
/DQGLQJ*HDU6L]LQJ
*URXQG/RDGV(IIHFWVRQ$&6WUXFWXUH
*URXQG/RDGV(IIHFWVRQ5XQZD\

,,, /DQGLQJ*HDU7HVWLQJ
6WUXFWXUDO7HVWV
6\VWHPV7HVWV
6KLPP\7HVW
:KHHOVDQG%UDNHV7HVW

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1

,,,± /$1',1**($5'(6,*1

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 *HQHUDOLWLHV

/DQGLQJJHDUGHVLJQDQGWKHDVVRFLDWHGJURXQGORDGVDUHLPSRUWDQWDVSHFW
RIDLUFUDIWGHVLJQ

/DQGLQJJHDUVDUHWKHVRXUFHRIKLJKFRQFHQWUDWHGORDGV ZKLFKUHTXLUH
FRQVLGHUDEOHIHDWXUHVLQWKHVWUXFWXUHVXFKDVGHGLFDWHGKHDY\IUDPHRUVSDUVWR
UHFHLYHDQGVSUHDGWKHVHORDGV

7KHODQGLQJJHDUGHVLJQLVZHOOGRFXPHQWHGLQ&XUUH\>@DQGLVH[SHULHQFHEDVHG
7KHIROORZLQJGHDOVPDLQO\ZLWKZKHHOODQGLQJJHDUVZKLFKDUHWKHPRVW
FRPPRQRQHV

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 )XQFWLRQVRIWKH/DQGLQJ*HDU

7KHPRVWLPSRUWDQWIXQFWLRQRIWKHODQGLQJJHDUVLIRIFRXUVHWRDOORZWKHVPRRWKODQGLQJRI
WKHDLUFUDIWDEVRUELQJLWVYHUWLFDONLQHWLFHQHUJ\%XWWKLV³VPDOO´GHYLFHFRQWDLQVPDQ\RWKHU
IXQFWLRQVWKDWPDNHLWRQHRIWKHPRVWFRPSOH[V\VWHPVRIWKHDLUFUDIW

7KHVHIXQFWLRQVDUH

‡7R7D[LDQG7DNHRII
‡7RDOORZVPRRWKODQGLQJE\DEVRUELQJYHUWLFDONLQHWLFHQHUJ\
‡7RKRXVHWKHPDLQEUDNLQJV\VWHP
‡7RSURYLGHUHWUDFWLRQIRUIOLJKW
‡7RSURYLGHVWHHULQJV\VWHP QRVHODQGLQJJHDU 
‡7RKRXVHDQWLFUDVKGHYLFHV
‡7RDOORZFDWDSXOWODXQFKLQJ IRU1DY\DLUFUDIW 
‡(WF

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 /DQGLQJ*HDU7\SHVDQG&RQILJXUDWLRQV

/DQGLQJ*HDU&RQILJXUDWLRQV

)HZ \HDUV DIWHU WKH :ULJKW %URWKHUV IOLJKW ZLWKRXW ZKHHOHG ODQGLQJ JHDUV LQ 'HFHPEHU  DSSHDUHG WKH
ILUVW DLUFUDIW ZLWK ZKHHOHG ODQGLQJ JHDUV VXFK DV WKH %OHULRW DLUFUDIW ZKHQ KH FURVVHG WKH &KDQQHO LQ -XO\
 6HH )LJXUH 


D       E 

D :ULJKW%URWKHUV)OLJKWZLWKRXWZKHHOHGODQGLQJJHDUVLQ'HFHPEHUDQG
E %OHULRWFURVVHGWKH&KDQQHOZLWKDZKHHOHGODQGLQJJHDUDLUFUDIWLQ-XO\

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 /DQGLQJ*HDU7\SHVDQG&RQILJXUDWLRQV

/DQGLQJ*HDU&RQILJXUDWLRQV

7KH ILUVW DLUFUDIWV ZHUH PRUH RU OHVV DOO GHVLJQHG ZLWK WDLO ZKHHO ODQGLQJ JHDU 7KDW ZDV WKH WLPH RI
::, DQG ::,, )LJXUH  D VKRZV D ::,, 6SLWILUH ZKLFK ZDV GHVLJQHG ZLWK D UHWUDFWDEOH WDLO
ODQGLQJ JHDU FRQILJXUDWLRQ
0RVW RI WKH PRGHUQ DLUFUDIW DUH QRZ GHVLJQHG ZLWK QRVH ZKHHO ODQGLQJ JHDU FRQILJXUDWLRQ
6HH )LJXUH  E 

 D       E 
D $7DLOHG:KHHO$LUFUDIW 6SLWILUH DQG E D1RVH:KHHO$LUFUDIW $

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 /DQGLQJ*HDU7\SHVDQG&RQILJXUDWLRQV

/DQGLQJ*HDU&RQILJXUDWLRQV

:KDWHYHU WKH FRQILJXUDWLRQ WKH GLVWDQFH EHWZHHQ WKH WZR PDLQ ODQGLQJ JHDUV VSDQ ZLVH LV WKH
7UDFN DQG WKH GLVWDQFH EHWZHHQ WKH ODQGLQJ JHDUV ORQJLWXGLQDOO\ LV WKH :KHHOEDVH 6HH )LJXUH 

 D 7DLO :KHHO&RQILJXUDWLRQ

7 '
77UDFN
':KHHOEDVH

E 1RVH :KHHO&RQILJXUDWLRQ

7 '

7UDFNDQG:KHHOEDVH

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 /DQGLQJ*HDU7\SHVDQG&RQILJXUDWLRQV

/DQGLQJ*HDU7\SHV

/DQGLQJ JHDUV DUH FDWHJRUL]HG E\ WKH QXPEHU RI ZKHHOV DQG WKHLU DUUDQJHPHQW )LJXUH 
VKRZV WKH PDLQ W\SHV RI ODQGLQJ JHDUV

6WDQGDUG/DQGLQJ*HDU7\SHV

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 /DQGLQJ*HDU7\SHVDQG&RQILJXUDWLRQV

/DQGLQJ*HDU7\SHV

7KH FKRLFH RI WKH ODQGLQJ JHDU W\SH LV RIWHQ D IORWDWLRQ LVVXH

7KH WRWDO VWDWLF SUHVVXUH RI HDFK W\UH RQ WKH JURXQG PXVW EH UHDVRQDEOH IRU WKH DLUILHOG WR VXSSRUW LW ,Q WKH
SDVW GHFDGHV WKH VLQJOH ZKHHO ORDGLQJ GLGQ¶W VWRS WR LQFUHDVH ± $W DERXW  WR  WRQV SHU ZKHHO IRU WKH
'& DQG '& LQ WKH ¶V LW LV WRGD\ FRPPRQO\ VDLG WKDW WKH DLUFUDIW ORDG SHU ZKHHO LV DURXQG
 WRQV

7KH %RHLQJ % WKH PD[LPXP WDNH RII ZHLJKW RI ZKLFK LV  WRQV UHTXLUHG  W\UHV D  W\UHV  [ 
KDV EHHQ FKRVHQ 7KH $LUEXV $ WKH PD[LPXP WDNH RII ZHLJKW RI ZKLFK LV  WRQV UHTXLUHG  W\UHV D
 WLUHV  [  [  KDV EHHQ FKRVHQ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 /DQGLQJ*HDU/RFDWLRQ

/RQJLWXGLQDO/RFDWLRQ
 $IW FJOLPLW

)RZDUG FJOLPLW 7KH PDLQ ODQGLQJ JHDU PXVW RI


FRXUVH EH ORFDWHG EHKLQG WKH DIW
0HDQ $HURG\QDPLF
&KRUG 0$& FJ OLPLW

EXW

*HDU ORFDWHG DFFRUGLQJ WR &XUUH\ >@ LW VKRXOG


DW 0$&
EH EHWZHHQ DERXW  RI WKH
0$&

0RUHRYHU

PDQ\ \HDUV RI H[SHULHQFH OHG WR


*HDU PRYHG DIW IRUWDLO
GRZQUHTXLUHPHQW
DQRWKHU FULWHULRQ WKH VWDWLF
JURXQG OLQH PXVW EH EHKLQG WKH
LQWHUVHFWLRQ RI WKH JURXQG ZLWK
WKH OLQH SDVVLQJ WKURXJK WKH DIW
WRƒ IRUWDLO WLSSLQJ FOHDUDQFH
FJ DW ƒ IURP WKH YHUWLFDO 7KLV
LV PDLQO\ WR DYRLG WDLO WLSSLQJ

/RQJLWXGLQDOORFDWLRQ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 /DQGLQJ*HDU/RFDWLRQ

/RQJLWXGLQDO/RFDWLRQ

2WKHU GHWDLOV PXVW EH FRQVLGHUHG VXFK DV WKH SUHVHQFH RI D UHDU VSDU WR DWWDFK WKH ODQGLQJ JHDUV
2Q VZHSWZLQJ DLUFUDIW WKH DIW FJ OLPLW PLJKW EH EHKLQG WKH UHDU VSDU ,Q VXFK D FDVH D WKLUG VSDU
PLJKW EH DGGHG DIW RI WKH UHDU VSDU

7KLUG6SDUDGGHGIRU/DQGLQJ*HDUV

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 /DQGLQJ*HDU/RFDWLRQ

/RQJLWXGLQDO/RFDWLRQ

ZKDWPD\KDSSHQZKHQWKHSLORWGRHVQRWWDNHFDUHRIPDVVGLVWULEXWLRQ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 /DQGLQJ*HDU/RFDWLRQ

/DWHUDO/RFDWLRQ

7KH ODWHUDO ORFDWLRQ RI WKH PDLQ ODQGLQJ JHDU LV GHWHUPLQHG YLD WKH WXUQRYHU DQJOH T 6HH )LJXUH  
$FFRUGLQJ WR &XUUH\ >@ WKLV DQJOH PXVW QRW EH PRUH WKDQ ƒ IRU ODQGEDVHG DLUFUDIW RU ƒ IRU
FDUULHUEDVHG DLUFUDIW

 $IW FJ

0DLQ/DQGLQJ*HDUV

1RVH /DQGLQJ*HDU

7XUQRYHUDQJOH

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 /DQGLQJ*HDUV0RXQWLQJRQ$LUIUDPH

7ZRPDLQUHTXLUHPHQWVSLORWWKHODQGLQJJHDUPRXQWLQJRQWKHDLUIUDPH

‡7KHILUVWRQHLVDNLQHPDWLFUHTXLUHPHQWWKHODQGLQJJHDUPXVWUHWUDFWDQGH[WHQGHDVLO\LQIOLJKW

‡7KHVHFRQGRQHLVDORDGUHTXLUHPHQWRQHPXVWNQRZSHUIHFWO\KRZWKHORDGVVXVWDLQHGE\WKH
ODQGLQJJHDUDUHWUDQVPLWWHGWRWKHDLUIUDPH6LQFHWKHODQGLQJJHDUORDGVDUHODUJHWKHUHFDQEH
VHYHUHZHLJKWSHQDOWLHVLQWKHXVHRILQGHWHUPLQDWHVWUXFWXUDOORDGSDWKV ± DQLQGHWHUPLQDWH
VWUXFWXUHLVRQHLQZKLFKDJLYHQORDGPD\EHUHDFWHGE\PRUHWKDQRQHORDGSDWKWKHGLVWULEXWLRQEHLQJ
VXEMHFWWRWKHUHODWLYHWRWDOVWLIIQHVVRIWKHVHORDGSDWKV

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 /DQGLQJ*HDUV0RXQWLQJRQ$LUIUDPH

$VROXWLRQZKLFKLVJHQHUDOO\DGRSWHGWRFRSHZLWKWKHVHUHTXLUHPHQWVLVWKHLVRVWDWLFPRXQWLQJ2QH
SLYRWD[LV± UHDOLVHGE\DWWDFKPHQWSRLQWVILWWHGZLWKVSKHULFDONQHHMRLQW± LVDVVRFLDWHGZLWKDVWUXW
ILWWHGZLWKNQHHMRLQWV7KHVWUXWLVDOVRXVHGIRUUHWUDFWLRQ6HH)LJXUH

$LUEXV$PDLQODQGLQJJHDU

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 /DQGLQJ*HDUV0RXQWLQJRQ$LUIUDPH

$00/*([DPSOH

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 /DQGLQJ*HDU/RDGIDFWRU

0D[ B /RDG B LQ B 6WUXW


/DQGLQJ B *HDU B /RDG B )DFWRU
6WDWLF B /RDG
/DQGLQJJHDUGHVLJQORDGIDFWRULVWKHUDWLREHWZHHQWKHPD[LPXPORDGLQWKHVKRFNVWUXW±
WKLVFRPSULVHVWKHVWDWLFORDGSOXVWKHG\QDPLFORDG± GLYLGHGE\WKHVWDWLFORDG,WPXVWQRW
EHPLVWDNHQZLWKDLUFUDIWORDGIDFWRUZKLFKUHVXOWVIURPPDQRHXYUHRUDWPRVSKHULFGLVWXUEDQFHV
7\SLFDOODQGLQJJHDUVIDFWRUVDUH>@
‡ )RU)LJKWHU$LUFUDIW WR
‡ )RU6PDOO$LUFUDIW WR
‡ )RU/DUJH$LUFUDIW WR

&RQWUDU\WRDLUFUDIWORDGIDFWRUODQGLQJJHDUORDGIDFWRUGRHVQRWJRYHUQWKHDLUFUDIW
VWUXFWXUHGHVLJQH[FHSWORFDOO\ZKHUHWKHODQGLQJJHDUVDUHDWWDFKHG PDLQIUDPH6SDU
HWF 

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 6KRFN$EVRUEHU

*HQHUDOLWLHV
.QRZQDVWKHPRVWLPSRUWDQWFRPSRQHQWLQDODQGLQJJHDUWKHVKRFNDEVRUEHULVDOVRWKHRQHLWHP
FRPPRQWRDOOODQGLQJJHDU
,WVEDVLFIXQFWLRQLVWRDEVRUEWKHNLQHWLFHQHUJ\GXULQJODQGLQJ VRWKDWWKHDFFHOHUDWLRQVXQGHUJRQHE\
WKHDLUIUDPHDUHUHGXFHGWRDWROHUDEOHOHYHODQGSURYLGHZLWKVPRRWKWD[LLQJIRUSDVVHQJHUFRPIRUW
7KHWZRPDLQIXQFWLRQV RIDQHIILFLHQWVKRFNDEVRUEHUDUHWKH6SULQJ DQGWKH'DPSLQJ IXQFWLRQ 6HH
)LJXUH 

N K N K

\
N N
0

\ 0  \ K \  N  \  0 J
0
\  
0 \ N  \  0 J \  
\  
\  
K K
0 J §¨ § N ·· N N
!   
\    FRV¨¨ W ¸¸ ¸ 0 0 0 0
N ¨© © 0 ¹¹
¸ +LJKGDPSLQJ /RZGDPSLQJ
\

0JN
0 J 0 J
\  $H  U W  %H  U W \  $H D W  FRV E W  M
\ N N
W \
0JN 0JN

W W

D E

D 6SULQJ)XQFWLRQ± E 6SULQJDQG'DPSLQJIXQFWLRQ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 6KRFN$EVRUEHU

*HQHUDOLWLHV

(YHQ WKRXJK ROHR SQHXPDWLF VKRFN DEVRUEHU HIILFLHQF\ LV GLVFXVVHG ODWHU WKH GHILQLWLRQ RI WKH HIILFLHQF\ LV
JLYHQ EHORZ WR KHOS IRU WKH XQGHUVWDQGLQJ WKH GLVFXVVLRQ
7KH VKRFN DEVRUEHU HIILFLHQF\ UHIOHFWV WKH FDSDFLW\ RI WKH VKRFN DEVRUEHU WR DEVRUE WKH NLQHWLF HQHUJ\ 7KH
KLJKHU LW LV WKH PRUH HQHUJ\ LV DEVRUEHG


/RDG $
(IILFLHQF\
/u 6
/

$UHD$

6 6WURNH

'HILQLWLRQRI(IILFLHQF\

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 6KRFN$EVRUEHU

6KRFN$EVRUEHU7\SHV


6KRFN$EVRUEHU

6ROLG6SULQJ )OXLG6SULQJ
6KRFN$EVRUEHU 6KRFN$EVRUEHU

2LO 2OHR3QHXPDWLF
6WHHO&RLO6SULQJ 5XEEHU6SULQJ $LU
6KRFN$EVRUEHU 6KRFN$EVRUEHU
6KRFN$EVRUEHU 6KRFN$EVRUEHU 6KRFN$EVRUEHU

6KRFN$EVRUEHU7\SHV

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 6KRFN$EVRUEHU

6KRFN$EVRUEHU7\SHV


(IILFLHQF\ UHODWLYH



([FHSW LQ VRPH OLJKW DLUFUDIW 


ZKLFK DUH HTXLSSHG ZLWK 6WHHO
/HDI 6SULQJ ± LGHDO IRU LWV 
VLPSOLFLW\ UHOLDELOLW\ DQG

PDLQWHQDQFH LVVXH ± PRVW RI
WRGD\¶V DLUFUDIW XVH ROHR 
SQHXPDWLF VKRFN DEVRUEHUV 6WHHO6SULQJ 5XEEHU $LU /LTXLG6SULQJ 2OHR
ZKLFK KDYH WKH KLJKHVW 3QHXPDWLF

HIILFLHQF\ DQG WKH EHVW HQHUJ\


GLVVLSDWLRQ 
(IILFLHQF\:HLJKW UHODWLYH

)RU WKHVH UHDVRQV WKH 7KHPRVW



IROORZLQJ ZLOO EH IRFXVHG RQ (IILFLHQWRQH
WKLV W\SH RI VKRFN DEVRUEHU 
7KH UHDGHU PD\ ILQG PRUH
GHWDLOV DERXW UXEEHU VKRFN 
DEVRUEHU OHDI VSULQJ VKRFN

DEVRUEHU DQG RLO VKRFN DEVRUEHU
LQ >@ 
6WHHO6SULQJ 5XEEHU $LU /LTXLG6SULQJ 2OHR
3QHXPDWLF

&RPSDULVRQRI6KRFN$EVRUEHU(IILFLHQF\>@

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 6KRFN$EVRUEHU

2OHR3QHXPDWLF6KRFN$EVRUEHU$UUDQJHPHQW

$LUYDOYH
8SSHU&KDPEHU
$LU

2ULILFH

0RVW RI WRGD\ ODUJH DLUFUDIW /RZHU&KDPEHU


DUH HTXLSSHG ZLWK ROHR 2LO 5HFRLO9DOYH

SQHXPDWLF VKRFN DEVRUEHU


)LJXUH  LOOXVWUDWHV D EDVLF
5HFRLO&KDPEHU 0HWHULQJ3LQ
VKRFN DEVRUEHU GHVLJQ 2LO

,W LV FRPSRVHG RI WZR VOLGLQJ


WXEHV RQH FRQWDLQV RLO DQG
WKH RWKHU RQH FRQWDLQV RLO DQG
JDVHRXV QLWURJHQ 3LVWRQ

7KH WZR WXEHV DUH


FRPPXQLFDWLQJ E\ RQH RULILFH
DQG WKH ZKROH V\VWHP LV
SUHVVXULVHG

2OHR3QHXPDWLF&KRFN$EVRUEHU$UUDQJHPHQW

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 6KRFN$EVRUEHU

2OHR3QHXPDWLF6KRFN$EVRUEHU$UUDQJHPHQW

:KHQWKHDLUFUDIWODQGV WKHORZHU
S S
WXEHLVSXVKHGXSZDUG IRUFLQJWKH
RLO IURPWKHORZHUFKDPEHUWRWKH
XSSHUFKDPEHU
,QYHUVHO\ZKHQWKHODQGLQJJHDULV
XQORDGHGWKHSUHVVXULVHG
QLWURJHQIRUFHVWKHRLOIURPWKH
XSSHUFKDPEHUWRWKHORZHU
FKDPEHU7KHORZHUWXEHLVSXVKHG
GRZQZDUG 6HH)LJXUH 
$PHWHULQJSLQ LVRIWHQXVHGWR
SURYLGHZLWKDQRULILFHYDU\LQJLQ
IXQFWLRQRIVWURNH7KLVKDVEHHQ
IRXQGWRPD[LPL]HHIILFLHQF\ E\
OHDGLQJWRDQDOPRVWFRQVWDQWVWUXW
ORDGGXULQJG\QDPLFORDGLQJ VHH
† 7KHRYHUSUHVVXUHQHHGHG
WRIRUFHWKHRLOWRIORZDQGWKHDLU
YROXPHUHGXFWLRQERWKOHDGWRDULVH
RIQLWURJHQSUHVVXUH 1R/RDG /DQGLQJ/RDG 5HFRLO

2OHR3QHXPDWLF&KRFN$EVRUEHU3ULQFLSOH

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 6KRFN$EVRUEHU

2OHR3QHXPDWLF6KRFN$EVRUEHU$UUDQJHPHQW

6SULQJ)XQFWLRQRIWKH6KRFN$EVRUEHU
 1RUPDO*URXQG+DQGOLQJ$FWLYLW\
,VRWKHUPDO&RPSUHVVLRQ
6ORZPRYHPHQW
3 3 / 6 3 /  F 6
/
/ 3 ) )
/  F
F '\QDPLFFRPSUHVVLRQ /DQGLQJ 
3RO\WURSLF &RPSUHVVLRQ
) )DVWPRYHPHQW
3 >/ 6 @ 3> /  F 6 @
J J

J
ª / º
) ) ) «  »
¬ /  F ¼
3 ,QLWLDO1LWURJHQ3UHVVXUH ) 3RO\WURSLF
3 )LQDO1LWURJHQ3UHVVXUH &RPSUHVVLRQ
6 3LVWRQDUHD
F 6WURNH
,VRWKHUPDO
) ) 36 &RPSUHVVLRQ
) ) 36
/ ,QLWLDOOHQJWK

)

F6WURNH

6SULQJ)XQFWLRQRIWKH6KRFN$EVRUEHU

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 6KRFN$EVRUEHU

2OHR3QHXPDWLF6KRFN$EVRUEHU$UUDQJHPHQW

6SULQJ)XQFWLRQRIWKH'RXEOH$FWLQJ6KRFN$EVRUEHU



6RPH ODQGLQJ JHDUV DUH HTXLSSHG 3¶ 3¶7U
ZLWK GRXEOH$FWLQJ VKRFN 3
DEVRUEHU /

6XFK VKRFN DEVRUEHUV DUH GHVLJQHG 3 37U


F
ZLWK  QLWURJHQ FKDPEHUV LQIODWHG F7U )
DW GLIIHUHQW SUHVVXUH
)7U
7KH REMHFWLYH LV QRW WR HQKDQFH
)
HIILFLHQF\ EXW WR LPSURYH VKRFN
DEVRUSWLRQ FKDUDFWHULVWLFV GXULQJ 3 ,QLWLDO1LWURJHQ3UHVVXUH,Q3ULPDU\&KDPEHU
37U 1LWURJHQ3UHVVXUHLQ3ULPDU\&KDPEHUDW
)
WD[L FRQGLWLRQV RYHU URXJK RU 7UDQVLWLRQ 'RXEOH$FWLQJ
6WUXW
XQSDYHG ILHOGV 3 )LQDO1LWURJHQ3UHVVXUHLQ3ULPDU\&KDPEHU
3¶!3 ,QLWLDO1LWURJHQ3UHVVXUH,Q6HFRQGDU\&KDPEHU
7KLV FRPIRUWDEOH GHYLFHV LV KRZHYHU 37U 1LWURJHQ3UHVVXUHLQ6HFRQGDU\&KDPEHUDW
)7U
PRUH H[SHQVLYH DQG XVXDOO\ WUDQVLWLRQ
3¶ 3 )LQDO1LWURJHQ3UHVVXUHLQ6HFRQGDU\&KDPEHU
KHDYLHU 6 3LVWRQDUHD
F 6WURNH
7KH VSULQJ IXQFWLRQ RI WKLV W\SH RI &7U 6WURNHDW7UDQVLWLRQ ) 6LQJOH$FWLQJ
VKRFN DEVRUEHU LV VKRZQ LQ )LJXUH  ) ) 36 6WUXW

 ) ) 36


F7U F6WURNH
/ ,QLWLDOOHQJWK

6SULQJ)XQFWLRQRID'RXEOH$FWLQJ6KRFN$EVRUEHU

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 6KRFN$EVRUEHU

2OHR3QHXPDWLF6KRFN$EVRUEHU$UUDQJHPHQW

6SULQJ)XQFWLRQ6LQJOH'RXEOH&RPSDULVRQV
 )

'RXEOH$FWLQJ6WUXW
$ FRPSDULVRQ EHWZHHQ VLQJOH DQG
GRXEOHDFWLQJ VKRFN DEVRUEHU ORDG
VWURNH FXUYHV LV PDGH LQ )LJXUH 

$ GRXEOHDFWLQJ VKRFN DEVRUEHU LV
RSWLPLVLQJ ZKHQ WKH VWDWLF ORDG LV
FORVH WR )7U WKH IRUFH UHTXLUHG WR 6WDWLF/RDG
DFWXDWH WKH VHFRQGDU\ FKDPEHU
,Q VXFK FRQILJXUDWLRQ EXPSV DQG
KROORZV DUH PRUH FRPIRUWDEOH DV
DSSUR[LPDWHO\ HTXDO LQFUHPHQWV RI
ORDG DUH REWDLQHG IRU HTXDO
LQFUHPHQW RI VWURNH LQ HDFK
GLUHFWLRQ )
6LQJOH$FWLQJ6WUXW
7KLV LV QRW WKH FDVH IRU VLQJOHDFWLQJ
VKRFN DEVRUEHU DV VKRZQ LQ )LJXUH

F 6WURNH
6SULQJ&RPSDULVRQRIVLQJOHDQGGRXEOH

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 6KRFN$EVRUEHU

2OHR3QHXPDWLF6KRFN$EVRUEHU$UUDQJHPHQW

'DPSLQJ)XQFWLRQ

7KH RYHUSUHVVXUH UHTXLUHG WR IRUFH WKH RLO WKURXJK WKH RULILFH LV SURSRUWLRQDO WR WKH VTXDUH
RI WKH IORZ VSHHG 7KH ORDGVWURNH FXUYH ± ZKHQ UHJDUGLQJ RQO\ WKH RLO ± LV VKRZQ LQ )LJXUH 



)

F 6WURNH
'DPSLQJ)XQFWLRQREWDLQHGE\IRUFLQJRLOWKURXJKWKHRULILFH

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 6KRFN$EVRUEHU

2OHR3QHXPDWLF6KRFN$EVRUEHU$UUDQJHPHQW

%HKDYLRXU'XULQJ/DQGLQJ

$W WKH EHJLQQLQJ RI WKH ODQGLQJ WKH ORZHU WXEH PRYHV UDSLGO\ XSZDUGV 7KH LQWHUQDO SUHVVXUH LQFUHDVH
PDLQO\ GXH WR RLO FUHDWLQJ D IRUFH RSSRVHG WR WKH PRYHPHQW 7KHQ VSHHG GHFUHDVHV DQG VR WKH HIIHFW RI WKH
GDPSLQJ 7KH VSULQJ IXQFWLRQ LV WKHQ DFWLYDWHG GXH WR YROXPH UHGXFWLRQ RI WKH QLWURJHQ 7KLV LV VKRZQ LQ
)LJXUH 

)
2LO
'DPSLQJ)XQFWLRQ

1LWURJHQ
6SULQJ)XQFWLRQ

FPD[
2OHR3QHXPDWLF%HKDYLRXUGXULQJ/DQGLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 6KRFN$EVRUEHU

2OHR3QHXPDWLF6KRFN$EVRUEHU(IILFLHQF\

2OHRSQHXPDWLF VKRFN DEVRUEHU HIILFLHQF\ WKH KLJKHVW EHWZHHQ WKH GLIIHUHQW VKRFN DEVRUEHU W\SHV LV
XVXDOO\ DURXQG  WR  ,Q SUDFWLFH LW LV GHWHUPLQHG E\ D GURS WHVW


)

)PD[ K6$ WR

FPD[

³ )GF
K 6$ 
)PD[ FPD[
FPD[
2OHR3QHXPDWLF6KRFN$EVRUEHU(IILFLHQF\
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 6KRFN$EVRUEHU

5HPDUNVRQ2OHR3QHXPDWLF6KRFN$EVRUEHU

6WURNH 7KH LQLWLDO VWURNH KDV WR EH FKRVHQ DFFRUGLQJ WR WKH ORDG IDFWRU ZKLFK VHHPV DFFHSWDEOH IRU OLPLW
ODQGLQJ FRQGLWLRQV 7KH WRWDO VWURNH IRU PRVW ODUJH DLUFUDIW LV DERXW  ±  PP

&RPSUHVVLRQUDWLRV 7ZRFRPSUHVVLRQUDWLRVDUHQRUPDOO\FRQVLGHUHGIXOO\H[WHQGHGWRVWDWLF DQGVWDWLF


WRIXOO\FRPSUHVVHG$FFRUGLQJWR>@
 )RUVPDOODLUFUDIW
6WDWLFWRH[WHQGHG 
&RPSUHVVHGWRVWDWLF 
 )RUODUJHDLUFUDIW
6WDWLFWRH[WHQGHG 
&RPSUHVVHGWRVWDWLF 

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 7LUHV

*HQHUDOLWLHV

$LUFUDIW WLUHV DUH VXEMHFWHG WR D ZLGH YDULHW\ RI KLJK G\QDPLF /DQGLQJ DQG WKHUPDO ORDGV %UDNLQJ 
7KH\ DUH WKH XQLTXH LQWHUIDFH EHWZHHQ WKH DLUFUDIW DQG WKH JURXQG DQG WKHUH IDLOXUH FDQ KDYH GLVDVWURXV
FRQVHTXHQFHV 7KH &RQFRUGH IDWDO DFFLGHQW LQ -XO\  GHPRQVWUDWHV LW &RQFRUGH  WDNLQJ RII IURP
3DULV WR 1HZ <RUN ZLWK  SDVVHQJHUV DQG  FUHZV FUDVKHG  VHFRQGV DIWHU WDNH RII DIWHU VXIIHULQJ WLUH
EORZ RXW ± GXH WR IRUHLJQ REMHFW RQ UXQZD\ ± WKDW FDXVH D IXHO WDQN WR UXSWXUH $OO  SHRSOH RQ ERDUG
ZHUH NLOOHG DQG  SHRSOH LQ D ORFDO KRWHO RQ WKH JURXQG ZHUH DOVR NLOOHG

7KH WLUH FKDUDFWHULVWLFV ZKLFK DUH WKH PRVW UHOHYDQW WR WKH ODQGLQJ JHDU GHVLJQ DUH /RDG'HIOH[LRQ 6L]H
DQG :HLJKW /RDGHG UDGLXV )ODW 7LUH UDGLXV 5ROOLQJ UDGLXV 7LUH /LIH DQG &UXVK /RDG &DSDELOLW\

:KHQFDOFXODWLQJWKHVWDWLFJURXQGOLQHWKHGHVLJQHUPXVWFRQVLGHUWKHVWDWLFWLUHGHIOHFWLRQZKLFK
LVW\SLFDOO\DERXW )RUDJLYHQWLUHWKLVGHIOHFWLRQLVFRQWUROOHGE\LQIODWHGSUHVVXUH%DVLFDOO\WKH
KLJKHUWKHGHIOHFWLRQWKHKLJKHUWKHWLUHFRQWDFWDUHDDQGWKHEHVWWKHIORWDWLRQ+RZHYHULQFUHDVLQJ
WKHFRQWDFWDUHDWHQGVWRUHGXFHWLUHOLIH$FFRUGLQJWR>@³DUHFHQW86$)VWXG\GLGHYDOXDWHWKHHIIHFWRI
XVLQJODUJHGHIOHFWLRQVLQRUGHUWRREWDLQKLJKHUFRQWDFWDUHDVDQGKHQFHWRLPSURYHIORWDWLRQ± RSHUDWLRQ
RQORZVWUHQJWKEDUHVRLOZDVWKHREMHFWLYH7KHUHVXOWVVKRZHGWKDWDWLUHGHIOHFWLRQZDVVDWLVIDFWRU\
SURYLGHGWKHDVVRFLDWHGUHGXFHGOLIHZDVDFFHSWDEOH± DQGLQDZDUWLPHHPHUJHQF\LWSUREDEO\ZRXOGEH´

7LUHZRUVHHQHPLHVDUHXQGHUSUHVVXUH DQGIRUHLJQREMHFWV RQUXQZD\

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 7LUHV

*HQHUDOLWLHV

)LJXUH  LOOXVWUDWHV D W\SLFDO WLUH ZLWK LWV PDUNLQJV LQFOXGLQJ LWV VL]H ZKLFK LV JHQHUDOO\ GHILQHG E\ WKH
PD[LPXP GLDPHWHU 0  WKH PD[LPXP ZLGWK 1 DQG WKH LQVLGH GLDPHWHU $  7KH VWDQGDUG
GHVLJQDWLRQ LV 0 [ 1 ± $

7LUH6L]HV>@

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 7LUHV

7LUH7\SHV

7KHWZREDVLFWLUHV DUHLOOXVWUDWHGLQ)LJXUH%LDV3O\WLUH DQG5DGLDO3O\WLUH


%LDV3O\WLUH LQQHUFDVLQJFRQVLVWVRIDQXPEHURIOD\HUVRIUXEEHUL]HGIDEULF ZUDSSHGRQDELDV ZLWK
HDFKOD\HUELDVHGRSSRVLWHWRWKHSUHFHGLQJOD\HU
&RQWUDU\WR%LDV3O\5DGLDO3O\WLUHFDUFDVVSOLHVDUHZUDSSHGUDGLDOO\7KDWOHDGVWRKLJKHUVWLIIQHVV
LQDOOGLUHFWLRQKLJKHUERWWRPLQJIRUFHKLJKHUIRRWSULQW KLJKHUIORWDWLRQDQGOHVVK\GURSODQQLQJ DQG
KLJKHUGXUDELOLW\ ZKHQFRPSDUHGZLWKFXUUHQWELDVSO\WLUHV
)RUWKHVHUHDVRQVUDGLDOSO\WLUHVLVEHFRPLQJDVWDQGDUGLQFRPPHUFLDODQGPLOLWDU\DLUFUDIW

%LDV3O\DQG5DGLDO3O\7LUHV>@

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 7LUHV

7LUH9HUWLFDO/RDG7LUH(IILFLHQF\

KERWWRPLQJ

=7LUH/RDG %RWWRPLQJ

=PD[ K7 WR
KPD[
=VWDWLF ³ =GK
K7 
= PD[ KPD[
KVWDWLF KPD[
K7LUH'HIOHFWLRQ
7LUH9HUWLFDO/RDG± 'HIOHFWLRQ7LUH(IILFLHQF\

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 7LUHV

7LUH/RQJLWXGLQDO/RDG

7LUHIUHHWRUROO

:KHQWKHWLUHLVIUHHWRUROO QREUDNLQJ WKHIULFWLRQLVUHODWLYHO\VPDOODQGLVW\SLFDOO\EHWZHHQ


DQGRIWKHYHUWLFDOORDGRQGU\FRQFUHWH
7KHURWDWLRQVSHHGLVWKHQJLYHQE\
9
Z U
:KHUHU 5G GEHLQJWKHVWDWLFGHIOHFWLRQ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 7LUHV

7LUH/RQJLWXGLQDO/RDG

%UDNLQJ

:KHQEUDNLQJLVDSSOLHGWKHUROOLQJUDGLXVLQFUHDVHVU 5G);.;ZKHUH); LVWKH


LQVWDQWDQHRXVGUDJDQG.; WKHIRUHDQGDIWVSULQJFRQVWDQW
7KHQȦȦ,QWKDWVLWXDWLRQDUHDUZDUGIRUFH;DSSHDUV7KHIULFWLRQFRHIILFLHQWLVHTXDOWR
WKLVUHDUZDUGIRUFHGLYLGHGE\WKHWLUHYHUWLFDOIRUFHȝ ;=
7KHIULFWLRQFRHIILFLHQWȝGHSHQGVRQWLUHPDWHULDOUXQZD\DQGUROOLQJVSHHG 6HH)LJXUH 
%DVLFDOO\LWVYDOXHLVDURXQGIRUGU\FRQFUHWH

%UDNLQJ&RHIILFLHQWRI)ULFWLRQ ȝ

'U\&
RQFU
 HWH



:HW&
RQFUH
 WH

 ,FH


     
)RUZDUG6SHHG 03+

7LUH%UDNLQJ)ULFWLRQ>@

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5'(6,*1 7LUHV

7LUH/DWHUDO/RDG

:KHQ WKH WLUH LV VOLSSLQJ ± WKH WLUH D[LV IRUP DQ DQJOH \ ZLWK GLUHFWLRQ RI PRWLRQ ± D VLGH IRUFH DOVR
FDOOHG WKH FRUQHULQJ IRUFH DSSHDUV $V WKLV IRUFH LV DSSOLHG DW D SRLQW VOLJKWO\ EHKLQG WKH WLUH FHQWUH OLQH DW
D GLVWDQFH FDOOHG WKH SQHXPDWLF WUDLO  D PRPHQW LV DSSOLHG DW WKH FHQWUH 7KLV PRPHQW WHQGV WR VWUDLJKWHQ
WKH WLUH WRZDUG WKH GLUHFWLRQ RI PRWLRQ WKLV LV ZK\ LW LV FDOOHG WKH VHOI DOLJQLQJ WRUTXH )LJXUH  JLYHV
GHWDLOV DERXW VLGH IRUFH DQG DVVRFLDWHG WRUTXH
6XFK D VOLSSLQJ DSSHDUV LQ ODQGLQJ ZKHQ WKH DLUFUDIW ODQGV ZLWK D VOLJKW VOLS DQJOH EXW DOVR VRPHWLPHV
LQ WD[LLQJ ZKHQ WKH DLUFUDIW LV WXUQLQJ ± WKLV LV WKH FDVH IRU FR URWDWLQJ ZKHHOV RU LQ OLQH ZKHHOV

 'LUHFWLRQ
RI
0RWLRQ = <= ,QLWLDO&RHIILFLHQW
DERXWSHU'HJ


6OLS$QJOH
\
7LUH)ULFWLRQ&RHIILFLHQW

6HOI$OLJQLQJ7RUTXH
7


,QFUHDVHGLQIODWHGSUHVVXUH

&RQWDFW/HQJWK
/ 3QHXPDWLF7UDLO
/
$
ƒ \
&RQWDFW$UHD
6LGH)RUFH $
<

7   /   =

7LUH6OLS6LGH)RUFHDQG6HOI$OLJQLQJPRPHQW>@

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5'(6,*1 7LUHV

7LUH7KHUPDO/RDG

%UDNHDFWLRQLVWKHPDLQVRXUFHRIWLUHWKHUPDOORDG
5HMHFWHGWDNHRII 572 LVRIFRXUVHWKHGHVLJQFDVHIRUWKHUPDOORDGLQJDVWKHWLUHWHPSHUDWXUHPD\
H[FHHGƒ& LQVXFKVLWXDWLRQ)LJXUH>@LOOXVWUDWHVKRZWHPSHUDWXUHULVHVLQWLUHEHDGDQGEUDNH
GXULQJD5HMHFWHG7DNH2II
2QHFDQVHHWKDWWKHWLUHEHDGWHPSHUDWXUHUHDFKHVLWVPD[LPXPIHZPLQXWHVDIWHUWKH572
JHQHUDOO\ZKHQWD[LLQJEDFN$IXVLEOHSOXJLVJHQHUDOO\XVHGWRSUHYHQWIURPDQ\WLUHEORZRXW± ZKLFKZRXOG
FDXVHVHULRXVGDPDJHWRWKHDLUFUDIWVWUXFWXUHEXWDERYHDOOWRSHRSOHRQWKHJURXQG

572
7LUH%HDG7HPSHUDWXUH5LVHLQƒ&

 

%UDNH7HPSHUDWXUH5LVHLQƒ&
 

7D[L%DFN
7D[L2XW

7 LU H
7DNH2II

 % H 
DG

 

%UD
NH
 

 

 


        

7LPHLQPLQXWHV

7HPSHUDWXUH5LVHLQ7LUHDQG%UDNHGXULQJ5HMHFWHG7DNH2II>@

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6

,,,± /$1',1**($5/2$'6

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 7\SLFDO/DQGLQJ6HTXHQFH

/HW DVVXPH D EDVLF  SRLQW ODQGLQJ FDVH VHH † IRU PRUH GHWDLOV DERXW DLUFUDIW DWWLWXGH ZKHQ ODQGLQJ
DQG OHW LVRODWH RQH RI WKH PDLQ ODQGLQJ JHDU )LJXUH  LOOXVWUDWHV VXFK D FDVH DQG SURYLGH ZLWK W\SLFDO
YHUWLFDO DQG KRUL]RQWDO UHDFWLRQV RQ WKH ODQGLQJ JHDU

 $,QLWLDO&RQWDFW
%6SLQ8S
+RUL]RQWDO/RDGWR0D[LPXP
'RZQZDUG
&6SLQ8S&RPSOHWHPD[
+RUL]RQWDO/RDGWR=HUR
'6SULQJEDFN5HDFWLRQ
+RUL]RQWDO/RDGWR0D[LPXP8SZDUG
(0D[LPXP9HUWLFDO5HDFWLRQ
+RUL]RQWDO/RDG'RZQZDUGQRW=HUR
$ % & ' ( )0D[LPXP'HIOHFWLRQ
*6WDWLF3RVLWLRQ
)
9HUWLFDO/RDG

VHF VHF VHF VHF VHF 7LPH


+RUL]RQWDO/RDG

7\SLFDOODQGLQJ6HTXHQFH9HUWLFDODQG+RUL]RQWDO/RDG
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 7\SLFDO/DQGLQJ6HTXHQFH

7KLV ODQGLQJ VHTXHQFH DQDO\VLV OHDGV WR WKH IROORZLQJ UHPDUN GXULQJ D EDVLF ODQGLQJ  ORDGLQJ FDVHV PXVW
EH FRQVLGHUHG
 6SLQ 8S 0D[LPXP 'RZQZDUG +RUL]RQWDO 5HDFWLRQ  9HUWLFDO 5HDFWLRQ DW LQVWDQW RI VSLQ XS
 6SULQJ %DFN 0D[LPXP 8SZDUG +RUL]RQWDO 5HDFWLRQ  9HUWLFDO 5HDFWLRQ DW LQVWDQW RI VSULQJ EDFN
 0D[LPXP 9HUWLFDO 5HDFWLRQ 0D[LPXP 9HUWLFDO UHDFWLRQ  +RUL]RQWDO 'RZQZDUG 5HDFWLRQ DW WKDW
LQVWDQW

3HDN'UDJ 3HDN)ZG )ZGDW590D[

59 DW6SLQ8S 59 DW6SULQJ 590D[


3HDN %DFN3HDN

6SLQ8S 6SULQJ%DFN 0D[LPXP9HUWLFDO5HDFWLRQ

7KUHH/RDG&DVHVIRUD%DVLF/DQGLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 7\SLFDO/DQGLQJ6HTXHQFH

([DPSOH RI ORDGV $,5  (


7KH IUHQFK PLOLWDU\ VWDQGDUG $,5 ( SURSRVHV IRUPXODV WR FRPSXWH WKH KRUL]RQWDO DQG WKH
YHUWLFDO UHDFWLRQ DW VSLQ XS DQG VSULQJ EDFN VHH EHORZ 
7KHVH IRUPXODV DUH EDVHG RQ D UHIHUHQFH YHUWLFDO IRUFH =U GHILQHG KHUH DIWHU

'HILQLWLRQRI=ULQWZRW\SLFDOFDVHV

$,5(/2$'6

; =
6SLQXS


3HDN'UDJ

=U =U

59 DW6SLQ8S
3HDN
)RUPXODVSURSRVHGE\$,5( 6SULQJEDFN

)ZG

=U =U

59 DW6SULQJ
%DFN3HDN

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 $LUFUDIW0DVV&DVHVIRU/DQGLQJ

7KH PDVV RI D EDVLF DLUFUDIW LV XVXDOO\ WKH KLJKHVW ZKHQ LW LV IXOO\ ORDGHG ± SDVVHQJHUV FDUJR DQG IXHO
HYHQWXDOO\ ZHDSRQV IRU ILJKWHU ± MXVW EHIRUH WKH WD[L )URP LWV LQLWLDO SDUNLQJ SRVLWLRQ WR WKH WDNH RII SRLQW D
PRUH RU OHVV LPSRUWDQW DPRXQW RI IXHO PD\ KDYH EHHQ EXUQW OHDGLQJ WR D VPDOOHU PDVV MXVW EHIRUH WKH WDNH
RII )LQDOO\ DIWHU WKH IOLJKW MXVW EHIRUH WKH ODQGLQJ WKH DLUFUDIW KDV EXUQW DQ LPSRUWDQW DPRXQW RI IXHO DQG
KDV HYHQWXDOO\ ODXQFKHG LWV ZHDSRQ OHDGLQJ DJDLQ WR D VPDOOHU PDVV

)RUWKRVHUHDVRQVLWLVUHTXLUHGWRGLVWLQJXLVKGLIIHUHQWPDVVFRQGLWLRQVIRUODQGLQJJHDUGHVLJQ
 5DPS0DVV 50  0D[LPXPPDVVRIWKHDLUFUDIWZKHQIXOO\ORDGHGDWSDUNLQJ
 0D[LPXP7DNH2II:HLJKW 072:  2IWHQHTXDOWR50EXWVRPHWLPHVVPDOOHUZKHQWKHDPRXQWRI
IXHOEXUQWWRUHDFKWDNHRIISRLQWLVQRWQHJOLJLEOH ORQJUDQJHDLUFUDIW 
 0D[LPXP/DQGLQJ:HLJKW 0/:  /DQGLQJPDVVZKLFKDOORZVIRUWKHIXHOXVHGGXULQJWKHVKRUWHVW
GHVLJQIOLJKW)RUORQJUDQJHDLUFUDIWDQGILJKWHULWLVXVXDOO\VLJQLILFDQWO\OHVVWKDQ072:

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

9HUWLFDO9HORFLW\5HTXLUHPHQWVDQG$LUFUDIW
/$1',1**($5/2$'6
7RXFKGRZQ$WWLWXGHDW/DQGLQJ
9HUWLFDO9HORFLW\DQG$LUFUDIW$FFHOHUDWLRQDW,PSDFW

,Q WKH UHTXLUHPHQWV WKH HQHUJ\ WR EH DEVRUEHG LV GHILQHG LQ WHUP RI YHUWLFDO YHORFLW\ DW LPSDFW IRU D JLYHQ
PDVV FRQGLWLRQ 7KLV DSSURDFK LV GHILQLWLYHO\ DSSURSULDWH DV HQHUJ\ LV GLUHFWO\ SURSRUWLRQDO WR PDVV DQG
WKH VTXDUH RI WKH VSHHG DQG YHUWLFDO VSHHG LV HDVLHU WR LQWHUSUHW PHDVXUH DQG SLORW WKDQ HQHUJ\ LWVHOI
7KH PRVW FRQVHUYDWLYH DSSURDFK ZRXOG EH WR FRQVLGHU WKH PD[LPXP PDVV SRVVLEOH DQG D VSHHG KLJK HQRXJK WR
FRYHU DQ\ XQOLNHO\ VLWXDWLRQ %XW VXFK DQ DSSURDFK ZRXOG OHDG WR D FRQVLGHUDEOH PDVV SHQDOW\
)LJXUH  VKRZV WKH UHVXOWV RI D VWXG\ FDUULHG RXW E\ )$$ LQ  LQ -). DLUSRUW 7KH YHUWLFDO YHORFLWLHV ZHUH
PHDVXUHG RQ  ODQGLQJV 2QH FDQ VHH WKDW D YHORFLW\ RI  IWV LV TXLWH XQOLNHO\



:
LGH
1D

%
RG
UUR
3UREDELOLW\± 

LHV
Z%
R


GLH
V


     
6LQNLQJ6SHHG± IWVHF

6WDWLVWLFDQDO\VLVRIGHVFHQWYHORFLW\DWLPSDFW

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
9HUWLFDO9HORFLW\5HTXLUHPHQWVDQG$LUFUDIW
/$1',1**($5/2$'6
7RXFKGRZQ$WWLWXGHDW/DQGLQJ
9HUWLFDO9HORFLW\DQG$LUFUDIW$FFHOHUDWLRQDW,PSDFW

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

9HUWLFDO9HORFLW\5HTXLUHPHQWVDQG$LUFUDIW
/$1',1**($5/2$'6
7RXFKGRZQ$WWLWXGHDW/DQGLQJ
9HUWLFDO9HORFLW\DQG$LUFUDIW$FFHOHUDWLRQDW,PSDFW

,Q SUDFWLFH  FDVHV DUH LGHQWLILHG


/DQGLQJ DW 0/: )$5 DQG &6 UHTXLUH WKH GHVLJQHU WR FRQVLGHU D OLPLW GHVFHQW YHORFLW\ DW LPSDFW HTXDO WR
 IWV ³7KH PD[LPXP ZHLJKW IRU ODQGLQJ FRQGLWLRQV DW WKH PD[LPXP GHVFHQW YHORFLW\´ &6 
 D  LL 
/DQGLQJ DW 072: 7KLV FDVH LV DQ DFFLGHQWDO FDVH DQG E\ GHILQLWLRQ XQOLNHO\ DV WKH DLUFUDIW LV QRW VXSSRVHG
WR ODQG LPPHGLDWHO\ DIWHU WDNH RII 7KHUHIRUH LW ZRXOG EH WRR FRQVHUYDWLYH WR FRQVLGHU WKH VDPH GHVFHQW
VSHHG DW LPSDFW DV ZKHQ WKH DLUFUDIW LV DW 0/: ,Q VXFK D FDVH WKH UHTXLUHPHQWV &6  D  LLL
DVN IRU D GHPRQVWUDWLRQ DW  IWV
8OWLPDWH /DQGLQJ )$5 DQG &6 VHFWLRQ  UHTXLUHV WKDW WKH ODQGLQJ JHDU PXVW QRW IDLO LQ D WHVW
GHPRQVWUDWLQJ LWV UHVHUYH HQHUJ\ DEVRUSWLRQ FDSDFLW\ VLPXODWLQJ D GHVFHQW YHORFLW\ RI  IWV DW GHVLJQ
0/: 

0/:

IWV

072:

IWV

9HUWLFDO9HORFLW\DW,PSDFW5HTXLUHPHQWV
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
9HUWLFDO9HORFLW\5HTXLUHPHQWVDQG$LUFUDIW
/$1',1**($5/2$'6
7RXFKGRZQ$WWLWXGHDW/DQGLQJ
9HUWLFDO9HORFLW\DQG$LUFUDIW$FFHOHUDWLRQDW,PSDFW

&RQFHUQLQJ WKH DFFHOHUDWLRQ DW LPSDFW PRVW UHTXLUHPHQWV VXJJHVW WKDW WKH DLUFUDIW OLIW DW LPSDFW GRHV QRW
H[FHHG ZHLJKW ZKLFK OHDG WR QR GHFHOHUDWLRQ ,Q SUDFWLFH WKH OLIW LV HTXDO WR WKH ZHLJKW DW LPSDFW DQG WKH
DFFHOHUDWLRQ LV ]HUR &'  E 

9= &WH

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

9HUWLFDO9HORFLW\5HTXLUHPHQWVDQG$LUFUDIW
/$1',1**($5/2$'6
7RXFKGRZQ$WWLWXGHDW/DQGLQJ
$LUFUDIW$WWLWXGHDW7RXFK'RZQ

/HYHO /DQGLQJ 

'XULQJ OHYHO ODQGLQJ FRQGLWLRQV WKH OLIW LV VXSSRUWLQJ WKH DLUFUDIW ZHLJKW &6  D   )LJXUH 
LOOXVWUDWHV ERWK FDVHV
,Q WKH  SRLQW ODQGLQJ FDVH YHUWLFDO ORDGV DQG KRUL]RQWDO ORDGV DUH DSSOLHG DW WKH ZKHHO D[OHV 7KH\
DUH UHDFWHG E\ DLUFUDIW LQHUWLD ORDGV 7KH PRPHQWV FUHDWHG E\ WKLV FRPELQDWLRQ RI ORDGV LV SODFHG
LQ HTXLOLEULXP E\ WKH SLWFKLQJ LQHUWLD RI WKH DLUFUDIW
,Q WKH  SRLQW ODQGLQJ FDVH WKH PDLQ DQG QRVH JHDUV FRQWDFW WKH JURXQG VLPXOWDQHRXVO\

/HYHO /DQGLQJ3RLQW/DQGLQJ

/HYHO /DQGLQJ3RLQW/DQGLQJ

/HYHO/DQGLQJ
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
9HUWLFDO9HORFLW\5HTXLUHPHQWVDQG$LUFUDIW
/$1',1**($5/2$'6
7RXFKGRZQ$WWLWXGHDW/DQGLQJ
$LUFUDIW$WWLWXGHDW7RXFK'RZQ

/HYHO /DQGLQJ 

7KH IROORZLQJ ORDG FDVHV PXVW EH FRQVLGHUHG IRU WKH ODQGLQJ JHDUV
 6SLQ 8S 0D[LPXP 'RZQZDUG +RUL]RQWDO 5HDFWLRQ  9HUWLFDO 5HDFWLRQ DW LQVWDQW RI VSLQ
XS &6  E  
 6SULQJ %DFN 0D[LPXP 8SZDUG +RUL]RQWDO 5HDFWLRQ  9HUWLFDO 5HDFWLRQ DW LQVWDQW RI
VSULQJ EDFN &6  E  
 0D[LPXP 9HUWLFDO 5HDFWLRQ 0D[LPXP 9HUWLFDO UHDFWLRQ  +RUL]RQWDO 'RZQZDUG
5HDFWLRQ DW WKDW LQVWDQW 7KH UHTXLUHPHQWV LPSRVH WKLV KRUL]RQWDO ORDG WR QRW EH OHVV WKDQ
 RI WKH PD[LPXP YHUWLFDO UHDFWLRQ &6  E  

3HDN'UDJ 3HDN)ZG 590D[

59 DW6SLQ8S 59 DW6SULQJ 590D[


3HDN %DFN3HDN

6SLQ8S 6SULQJ%DFN 0D[LPXP9HUWLFDO5HDFWLRQ

7KH7KUHH/RDG&DVHVIRUWKH/HYHO/DQGLQJ
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

9HUWLFDO9HORFLW\5HTXLUHPHQWVDQG$LUFUDIW
/$1',1**($5/2$'6
7RXFKGRZQ$WWLWXGHDW/DQGLQJ
$LUFUDIW$WWLWXGHDW7RXFK'RZQ

7DLO'RZQ /DQGLQJ 
7KH WDLOGRZQ ODQGLQJ LV PDGH DW DQ H[WUHPH DQJOH RI DWWDFN )RU DLUSODQHV ZLWK QRVH ZKHHOV WKH
DLUSODQH LV DVVXPHG WR EH DW DQ DWWLWXGH FRUUHVSRQGLQJ WR HLWKHU WKH VWDOOLQJ DQJOH RU WKH
PD[LPXP DQJOH DOORZLQJ FOHDUDQFH ZLWK WKH JURXQG E\ HDFK SDUW RI WKH DLUSODQH RWKHU WKDQ
WKH PDLQ ZKHHOV ZKLFKHYHU LV OHVV 6HH )LJXUH   /RDGLQJ UHTXLUHPHQWV DUH LGHQWLFDO WR
WKRVH RI OHYHO ODQGLQJ H[FHSW WKDW WKH FRQGLWLRQ RI PD[LPXP ZKHHO YHUWLFDO ORDG
FRPELQHG ZLWK GUDJ LV QRW FRQVLGHUHG 7KLV ORDG FDVH LQWURGXFHV VHYHUH IRUZDUG EHQGLQJ
LQ WKH ODQGLQJ JHDU ODQGLQJ JHDU QRW SHUSHQGLFXODU WR WKH JURXQG 


7DLO'RZQ ODQGLQJ

0D[LPXP$QJOHJLYHQE\6WDOOLQJ$QJOHRU
&OHDUDQFHFRQGLWLRQZKLFKHYHULVOHVV 3HDN'UDJ 3HDN)ZG

7DLO'RZQ/DQGLQJ

59 DW6SLQ8S 59 DW6SULQJ 590D[


3HDN %DFN3HDN

6SLQ8S 6SULQJ%DFN 0D[LPXP9HUWLFDO5HDFWLRQ

7KH7KUHH/RDG&DVHVIRUWKH7DLO'RZQ/DQGLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 (QHUJHWLF$VSHFWIRU6\PPHWULFDO/HYHO/DQGLQJ

(QHUJ\WR$EVRUEDW/DQGLQJ

/HW DVVXPH DQ DLUFUDIW ZLWK D PDVV 0 GHVFHQGLQJ DW D FRQVWDQW VSHHG 9= 9; EHLQJ WKH FRQVWDQW KRUL]RQWDO
VSHHG /HW DVVXPH WKDW ZKHQ WKH ODQGLQJ LPSDFW RFFXUV WKH YHUWLFDO VSHHG EHFRPHV ]HUR VR WKDW EHIRUH
DQ\ EUDNLQJ WKH DLUFUDIW VSHHG LV 9;
:KHQ GHVLJQLQJ WKH ODQGLQJ JHDU IRU VWDWLF FDVHV 0 VKRXOG EH 072: ZKHQ DVVRFLDWHG ZLWK 9= IWV DQG LW
VKRXOG EH 0/: ZKHQ DVVRFLDWHG ZLWK 9= IWV



: 0 9; ð  9= ð 9;
 9=


:) 09; ð

9;


:$EV :  :) 09= ð

7KH7KUHH/RDG&DVHVIRUWKH/HYHO/DQGLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 (QHUJHWLF$VSHFWIRU6\PPHWULFDO/HYHO/DQGLQJ

5HGXFHG0DVV

/HW DVVXPH D V\PPHWULFDO  SRLQW ODQGLQJ $V WKH ]


FHQWUH RI JUDYLW\ LV VRPHZKHUH EHWZHHQ WKH $W W  9HUWLFDO 6SHHGDW&* 9=
QRVH DQG WKH PDLQ JHDUV WKH YHUWLFDO IRUFH = 5RWDWLRQ 6SHHGDW&* 
9;
ZKLFK LV DSSOLHG RQ WKH 0DLQ /DQGLQJ *HDU 9=
0/* FUHDWHV D SLWFKLQJ PRPHQW VR WKDW D SDUW
RI WKH NLQHWLF HQHUJ\ LV FRQYHUWHG LQ URWDWLRQ
]
NLQHWLF HQHUJ\ $W W  9HUWLFDO 6SHHGDW&* ]¶ F
5RWDWLRQ 6SHHGDW&* T¶
&*
9; ] T

/HW 0 EH WKH DLUFUDIW PDVV F WKH KRUL]RQWDO GLVWDQFH


EHWZHHQ &* DQG 0/* ] WKH &* YHUWLFDO
.LQHPDWLF  ]
FT

SRVLWLRQ T WKH SLWFK DQG ȡ\ WKH SLWFK UDGLXV RI W W

J\UDWLRQ GHILQHG E\ WKH IROORZLQJ HTXDWLRQ )XQGDPHQWDO'\QDPLF ³ =GW 0 ]


9= DQG  F³ =GW 0U \ ðT

W W

:KHUHȡ\ LVGHILQHGE\ , \\ 0U \ ð
ª º Fð F
«  » ]
9=
Fð  U \ ð
DQG T
9=
Fð  U \ ð
0 HT 0« »
 F ð
«¬ U \ ð »¼     «
ª

º
»
:$EV 09= ð  0]
ð  0U \ ðT
ð 0« »9= ð
     F ð
1RWH WKDW WKH VDPH DSSURDFK FDQ EH WDNHQ IRU DOO ¬« U \ ð ¼»
ODQGLQJ FRQGLWLRQV ,W LV WKHUHIRUH SRVVLEOH WR ª º
«  »
FDOFXODWH ORDGV DV PRUH DFFXUDWH DV SRVVLEOH D 2QHFDQGHILQHDUHGXFHGPDVV 0 HT 0« »
  Fð
QHFHVVLW\ IRU IDWLJXH DQDO\VLV IRU LQVWDQFH «¬ U \ ð »¼

5HGXFHG0DVVDW/DQGLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 (QHUJHWLF$VSHFWIRU6\PPHWULFDO/HYHO/DQGLQJ

5HGXFHG0DVV /HYHOSRLQWODQGLQJ WDLOGRZQODQGLQJ

]
$W W  9HUWLFDO 6SHHGDW&* 9=
5RWDWLRQ 6SHHGDW&* 
9;
9=

]
$W W  9HUWLFDO 6SHHGDW&* ]¶ F
5RWDWLRQ 6SHHGDW&* T¶
&*
9; ] T

.LQHPDWLF  ]
FT

W W

)XQGDPHQWDO'\QDPLF ³ =GW 0 ]
9= DQG  F³ =GW 0U \ ðT

W W

:KHUHȡ\ LVGHILQHGE\ , \\ 0U \ ð
Fð F
]
9= DQG T
9=
Fð  U \ ð Fð  U \ ð

ª º
    «  »
:$EV 09= ð  0]
ð  0U \ ðT
ð 0« »9= ð
      Fð
«¬ U \ ð »¼
ª º
«  »
2QHFDQGHILQHDUHGXFHGPDVV 0 HT 0« »
  Fð
¬« U \ ð ¼»

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 (QHUJHWLF$VSHFWIRU6\PPHWULFDO/HYHO/DQGLQJ

0D[LPXP9HUWLFDO/RDG

:KHQ WKH HQHUJ\ : WR EH DEVRUEHG E\ RQH ODQGLQJ JHDU LV NQRZQ : :DEV IRU  SRLQW OHYHO ODQGLQJ IRU
H[DPSOH  D PHUH HQHUJHWLF DSSURDFK SURYLGHV ZLWK WKH PD[LPXP YHUWLFDO ORDG =0D[
/HW FRQVLGHU WKH FDVH RI D ODQGLQJ JHDU HTXLSSHG ZLWK RQO\ RQH WLUH DQG RQH YHUWLFDO VKRFN DEVRUEHU 7KH
HQHUJ\ : ZLOO EH DEVRUEHG E\ WKH WZR HOHPHQWV GHIOHFWHG XQGHU WKH VDPH YHUWLFDO ORDG
/HW K6$ ± UHVSHFWLYHO\ K7 ± EH WKH VKRFN DEVRUEHU HIILFLHQF\ ± UHVSHFWLYHO\ WKH WLUH HIILFLHQF\
/HW F0D[ ± UHVSHFWLYHO\ K0D[ ± EH WKH VKRFN DEVRUEHU PD[LPXP VWURNH ± UHVSHWLYHO\ WKH WLUH PD[LPXP GHIOHFWLRQ

8QGHUWKRVHDVVXPSWLRQVRQHFDQZULWHWKHIROORZLQJHTXDWLRQ
 
)

)PD[ K6$ WR KERWWRPLQJ

:6$  :7
K

:
FPD[ =7LUH/RDG %RWWRPLQJ

³ )GF =PD[ K7 WR


K 6$ 
=VWDWLF
KPD[

³ =GK
)PD[ FPD[ K7 

= PD[ KPD[
KVWDWLF KPD[
FPD[ K7LUH'HIOHFWLRQ

:6$ K 6$ = 0D[ F 0D[ :7 K7 = 0D[ K0D[


$V WKH UHODWLRQ EHWZHHQ = DQG K LV TXDVLOLQHDU IRU WKH WLUH LW LV SRVVLEOH WR GHILQH D FRQVWDQW N VR WKDW K0D[
N=0D[ VHH † 

: K 6$ = 0D[ F0D[  K7 N= 0D[ ð


6ROYLQJ WKLV HTXDWLRQ JLYHV =0D[

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 /DQGLQJ*HDU8QLW'LVWULEXWLRQ

7ZR3RLQW/DQGLQJ$WWLWXGH

&*
9; ] T

ȝ50

50

0DLQODQGLQJJHDU

ª º
0«  » 
0 HT 0/* » 50K 6$F0D[  K7 N50

0 HT0/*9 ð 50
 «  F ð 
«¬ U \ ð »¼

/RDGRQ0/*ZKHQSRLQWODQGLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 /DQGLQJ*HDU8QLW'LVWULEXWLRQ

7KUHH3RLQW/DQGLQJ$WWLWXGH

 /1 /0

&*
+

&*

&*

9 ȝ51 ȝ50
P 
51
50
0DLQODQGLQJJHDU

0 ª /1  +P º 
0 HT 0/* 50K 6$ F0D[  K7 N50

« » 0 HT0/*9 ð 50
 ¬ /1  /0 ¼ 

1RVHODQGLQJJHDU

ª /  +P º 
0 HT 1/* 0« 0 » 51K 6$ F0D[  K7 N 1 51
1 1 1 
0 HT1/*9 ð 51
¬ /1  /0 ¼ 

'LVWULEXWLRQZKHQSRLQWODQGLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 2WKHU/DQGLQJ/RDGLQJ&DVHV

'ULIW/DQGLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 2WKHU/DQGLQJ/RDGLQJ&DVHV

'ULIW/DQGLQJ
7KH UHTXLUHPHQWV VSHFLI\ WKH DVVXPSWLRQV WR PDNH ZKHQ DQ DLUFUDIW LV GULIWODQGHG &6   ,W FDQ EH
DVVXPHG WKDW WKH DLUFUDIW LV LQ WKH OHYHO ODQGLQJ DWWLWXGH ZLWK RQO\ WKH PDLQ ZKHHO RQ WKH JURXQG 1R
GUDJ QHHGV WR EH DVVXPHG QR KRUL]RQWDO GRZQ IRUFH RQ ODQGLQJ JHDUV  6LGH ORDGV RI  RI WKH
YHUWLFDO JURXQG ORDG RQ RQH VLGH DFWLQJ LQZDUG DQG  RI WKH YHUWLFDO JURXQG ORDG RQ WKH RWKHU
VLGH RXWZDUG DW WKH JURXQG FRQWDFW SRLQW FRPELQHG ZLWK RQHKDOI RI WKH PD[LPXP YHUWLFDO JURXQG
UHDFWLRQV REWDLQHG LQ WKH OHYHO ODQGLQJ FRQGLWLRQV 7KHVH ORDGV DUH UHVLVWHG E\ DLUFUDIW LQHUWLD
 590D[ 0D[LPXPYHUWLFDO
UHDFWLRQ DW/HYHOSRLQW
ODQGLQJ 'ULIW'LUHFWLRQ
 1RORDGRQ1RVHODQGLQJ*HDU
 'UDJDVVXPHWREH=HUR

590D[

,QHUWLD/RDG 590D[
,QHUWLD0RPHQW

590D[ 590D[

590D[ 590D[
/DWHUDO'ULIWODQGLQJ
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 2WKHU/DQGLQJ/RDGLQJ&DVHV

/DQGLQJZLWK'HIODWHG7LUH

$VWLUHPD\IDLOGXULQJWDNHRIIUXQ± GXHWRIRUHLJQREMHFWVRQUXQZD\± WKHVLWXDWLRQRIGHIODWHGWLUHDW


ODQGLQJPXVWEHFRQVLGHUHG
7KHUHTXLUHPHQWVVSHFLI\WKDWWKHGHIODWLRQRIRQHWLUH ± IRUPXOWLSOHZKHHOODQGLQJJHDUXQLWXVLQJOHVVWKDQ
ZKHHOV ± RUWZRFULWLFDOWLUHV ± IRUPXOWLSOHZKHHOODQGLQJJHDUVXQLWXVLQJPRUHWKDQZKHHOV ± PXVW
EHFRQVLGHUHG &6 F  
7KHJURXQGUHDFWLRQVPXVWEHDSSOLHGWRWKHZKHHOVZLWKLQIODWHGWLUHVH[FHSWIRUPXOWLSOHZKHHOJHDUXQLWVZLWK
PRUHWKDQRQHVKRFNVWUXW &6 F  
)RURQHDQGIRUWZRGHIODWHGWLUHVWKHDSSOLHGORDGWRHDFKJHDUXQLWLVDVVXPHGWREHSHUFHQWDQG
SHUFHQWUHVSHFWLYHO\RIWKHOLPLWORDGDSSOLHGWRHDFKJHDUIRUHDFKRIWKHSUHVFULEHGODQGLQJ
FRQGLWLRQV+RZHYHUIRUWKHGULIWODQGLQJFRQGLWLRQRI6HFSHUFHQWRIWKHYHUWLFDOORDGPXVW
EHDSSOLHG &6 G 

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 2WKHU/DQGLQJ/RDGLQJ&DVHV

2QH:KHHO/DQGLQJ

7KH UHTXLUHPHQWV VSHFLI\ WKH DVVXPSWLRQV WR PDNH ZKHQ DQ DLUFUDIW LV ODQGHG RQ RQH ZKHHO &6   ,W FDQ
EH DVVXPHG WKDW WKH DLUFUDIW LV LQ WKH OHYHO ODQGLQJ DWWLWXGH ZLWK RQO\ RQH PDLQ ZKHHO RQ WKH JURXQG
7KH JURXQG YHUWLFDO DQG GUDJ UHDFWLRQV DUH HTXDO WR WKRVH RQ RQH VLGH IRU  SRLQW OHYHO ODQGLQJ
7KHVH ORDGV DUH UHVLVWHG E\ DLUFUDIW LQHUWLD

  590D[6LQJOH:KHHO/RDGIURPSRLQWOHYHOODQGLQJ
FRQGLWLRQ 9HUWLYDO DQG'UDJ 9HUWLFDO

,QHUWLD/RDG 590D[

,QHUWLD0RPHQW

590D[
590D[

59 0D[

2QH:KHHO/DQGLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 &DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

%UDNLQJ&DVHV

%UDNHG UROO FRQGLWLRQV 

7KH DLUFUDIW LV WD[LLQJ LQ D OHYHO DWWLWXGH DW HLWKHU  WLPHV WKH DLUFUDIW PD[LPXP ODQGLQJ ZHLJKW RU
DW  WKH GHVLJQ UDPS ZHLJKW ± IRU DERUW WDNHRII FRQGLWLRQ ± ZLWKRXW XVLQJ WKUXVW UHYHUVDO
SRZHU 7KH EUDNHV DUH DSSOLHG DQG D IULFWLRQ GUDJ UHDFWLRQ ± —  ± LV DSSOLHG DW WKH
JURXQG FRQWDFW SRLQW RI HDFK ZKHHO ZLWK EUDNHV 7KH GUDJ UHDFWLRQ LV HTXDO WR  WLPHV
WKH YHUWLFDO UHDFWLRQ ORDG XQOHVV LW FDQ EH VKRZQ WKDW OHVVHU ORDGV FDQQRW EH
H[FHHGHG EHFDXVH RI EUDNH FDSDFLW\ &6   7ZR DWWLWXGHV PXVW EH FRQVLGHUHG
7KH PDLQ ZKHHOV RQO\ DUH FRQWDFWLQJ WKH JURXQG DQG PDLQ DQG QRVH ZKHHOV DUH FRQWDFWLQJ
WKH JURXQG )LJXUH  LOOXVWUDWHV WKLV FDVH

 : 0D[LPXP/DQGLQJ:HLJKW
: 5DPS :HLJKW

,QHUWLD0RPHQW &*
&*

ȝ50 ȝ51 ȝ50


ȝ 
For wheel 51
50 with brakes 50

D 0DLQ:KHHOV RQO\ E 0DLQDQG 1RVH :KHHOV

%UDNHG5ROO&RQGLWLRQV

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 &DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

%UDNLQJ&DVHV

8QV\PPHWULFDO %UDNLQJ

,W LV DVVXPHG WKDW WKH EUDNHV DUH DSSOLHG WR RQH PDLQ JHDU &6  E  $ GUDJ ORDG LV
DSSOLHG WR WKLV JHDU DW WKH JURXQG ZLWK D YDOXH HTXDO WR WKH PD[LPXP EUDNH FDSDFLW\ EXW
OLPLWHG WR  RI WKH YHUWLFDO ORDG RQ WKH JHDU (TXLOLEULXP LV REWDLQHG E\ EDODQFLQJ VLGH
DQG YHUWLFDO ORDGV RQ WKH QRVH DQG PDLQ JHDU $Q\ PRPHQW ZKLFK ZRXOG FDXVH D VLGH
ORDG RQ WKH QRVH JHDU JUHDWHU WKDQ 51 LV EDODQFLQJ E\ DLUFUDIW LQHUWLD )LJXUH 
LOOXVWUDWHV WKLV FDVH


:

51

&* Q':

&*
51 51 50

51
50 50
Q' LV WKH 'UDJ/RDG )DFWRU

8QV\PPHWULFDOEUDNLQJ1RVHJHDU\DZLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 &DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

%UDNLQJ&DVHV

'\QDPLF %UDNLQJ 

&6  UHTXLUHV WR VWXG\ WKH G\QDPLF SLWFKLQJ PRWLRQ GXH WR VXGGHQ DSSOLFDWLRQ RI
PD[LPXP EUDNLQJ DW 072: ZLWK D YHUWLFDO ORDG HTXDO WR  7KLV FDVH LV RIWHQ WKH
GHVLJQ FDVH IRU 1/*

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 &DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

%UDNLQJ&DVHV

5HYHUVH %UDNLQJ 

7KH DLUSODQH PXVW EH LQ D WKUHH SRLQW VWDWLF JURXQG DWWLWXGH +RUL]RQWDO UHDFWLRQV SDUDOOHO WR WKH
JURXQG DQG GLUHFWHG IRUZDUG PXVW EH DSSOLHG DW WKH JURXQG FRQWDFW SRLQW RI HDFK ZKHHO
ZLWK EUDNHV 7KH OLPLW ORDGV PXVW EH HTXDO WR  WLPHV WKH YHUWLFDO ORDG DW HDFK ZKHHO
RU WR WKH ORDG GHYHORSHG E\  WLPHV WKH QRPLQDO PD[LPXP VWDWLF EUDNH WRUTXH
ZKLFKHYHU LV OHVV )RU DLUSODQHV ZLWK QRVH ZKHHOV WKH SLWFKLQJ PRPHQW PXVW EH EDODQFHG
E\ URWDWLRQDO LQHUWLD )RU DLUSODQHV ZLWK WDLO ZKHHOV WKH UHVXOWDQW RI WKH JURXQG UHDFWLRQV
PXVW SDVV WKURXJK WKH FHQWHU RI JUDYLW\ RI WKH DLUSODQH &6  

: 5DPS :HLJKW

,QHUWLD0RPHQW
,QHUWLD /RDG
&*

51 50

51

50
5HYHUVH%UDNLQJ
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 &DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

7XUQLQJ

7KH DLUFUDIW LV DVVXPHG WR EH LQ D VWHDG\ WXUQ ± LQ DFFRUGDQFH ZLWK )LJXUH  ± VR WKDW VR WKDW WKH OLPLW
ORDG IDFWRUV DSSOLHG DW WKH FHQWUH RI JUDYLW\ DUH  YHUWLFDOO\ DQG  ODWHUDOO\ 7KH VLGH JURXQG
UHDFWLRQ RI HDFK ZKHHO PXVW EH  RI WKH YHUWLFDO UHDFWLRQ &6   0LJKW EH UHGXFHG LI DSSURSULDWH
SURFHGXUHV H[LVW LQ WKH IOLJKW PDQXDO $,5 ( 

:

&* :
51

50 50

51
50 50

7XUQLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 &DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

3LYRWLQJ

7KH DLUFUDIW LV DVVXPHG WR SLYRW DERXW RQH PDLQ ODQGLQJ JHDU ZKLFK KDV LWV EUDNHV ORFNHG DV VKRZQ LQ
)LJXUH  7KH DLUFUDIW LV SODFHG LQ VWDWLF HTXLOLEULXP E\ ORDGV DW WKH JURXQG FRQWDFW SRLQW 7KH DLUFUDIW LV
LQ WKH WKUHH SRLQW DWWLWXGH DQG SLYRWLQJ LV DVVXPHG WR WDNH SODFH DERXW RQH PDLQ ODQGLQJ JHDU XQLW

:

&HQWUHRI
5RWDWLRQ

&*

51
50 50
Q' LV WKH 'UDJ/RDG )DFWRU
50

50 50

50

3LYRWLQJ

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($5/2$'6 &DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

7RZLQJ

7RZLQJ UHTXLUHPHQWV &6  FRQVLVW RI PDQ\ VHSDUDWH FRQGLWLRQV ZKLFK SURYLGH IRU ORDGV RQ QRVH DQG
PDLQ ODQGLQJ JHDUV GXH WR DLUFUDIW WRZLQJ 7KH\ DUH VXPPDUL]HG LQ )LJXUH  IRU WRZLQJ DW QRVH JHDU


)LJXUH7RZLQJRQD9LUJLQ$
 : 5DPS :HLJKW

)7RZ
:IRU:SRXQGV ,QHUWLD0RPHQW
: IRU:SRXQGV )7RZ91
&*
:IRU:!SRXQGV
$SSOLHG DW WRZ ILWWLQJ 51

51

50

7RZLQJDWQRVHODQGLQJJHDU
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($5/2$'6 &DVHV$VVRFLDWHGZLWK*URXQG0DQRHXYULQJ

7D[L7DNHRIIDQG/DQGLQJUXQ%XPSVRQ5XQZD\

(YHQ LI UXQZD\V DUH JHQHUDOO\ FDUHIXOO\ EXLOW LQ DFFRUGDQFH ZLWK VWULQJHQW VWDQGDUGV WKH\ DUH QRW SHUIHFW DQG LW
LV SRVVLEOH WR HQFRXQWHU VKRUW GLVFUHWH EXPSV RU ZDYHV YDULDWLRQV RI KHLJKW FKDQJH RI VORSH HWF
$LUILHOG URXJKQHVV DIIHFWV ERWK WKH ODQGLQJ JHDU DQG WKH DLUIUDPH ,W LV UHFHLYLQJ LQFUHDVHG DWWHQWLRQ IRU WKH
IROORZLQJ UHDVRQV
 $LUFUDIW DUH EHFRPLQJ ODUJHU DQG WKHUHIRUH PRUH IOH[LEOH 5RXJKQHVV RI DLUILHOG WKHUHIRUH OHDG WR IDWLJXH
RI VWUXFWXUH
 0LOLWDU\ GRFWULQH HQYLVDJHV RSHUDWLRQ IURP ERPE GDPDJHG RU XQSDYHG DLUILHOGV
/DUJH ORDG FDQ EH JHQHUDWHG GXULQJ WD[LLQJ DV WKH ODQGLQJ JHDU V\VWHP LV QRW ZHOO ILWWHG WR GHDO ZLWK
SURILOH YDULDWLRQ RI WKH UXQZD\ 7KH XVH RI GRXEOH DFWLQJ VKRFN DEVRUEHU FRXOG EH D VROXWLRQ WR
WKLV SUREOHP ,Q VXFK FRQILJXUDWLRQ EXPSV DQG KROORZV DUH PRUH FRPIRUWDEOH DV DSSUR[LPDWHO\ HTXDO
LQFUHPHQWV RI ORDG DUH REWDLQHG IRU HTXDO LQFUHPHQW RI VWURNH LQ HDFK GLUHFWLRQ 7KLV LV QRW WKH FDVH IRU
VLQJOHDFWLQJ VKRFN DEVRUEHU DV VKRZQ LQ )LJXUH 
/HW ) EH WKH EXPS IDFWRU ± WKH UDWLRQ EHWZHHQ WKH ORDG GXH WR EXPS DQG WKH VWDWLF ORDG 0 1,8 >@
UHFRPPHQGV WKH IROORZLQJ YDOXH IRU )
 )  IRU VLQJOH D[OH JHDU
 )  IRU WUXFN W\SH JHDU

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
:+$772'2:,7+7+$7/2$'

,,,± :+$772'2:,7+7+$7/2$'

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

:+$772'2:,7+7+$7/2$' /DQGLQJ*HDU6L]LQJ

7KH ILUVW WKLQN WR GR ZLWK WKRVH ORDGV LV RI FRXUVH WR VL]H WKH ODQGLQJ JHDU LWVHOI DQG LWV DWWDFKPHQWV ZLWK WKH
DLUFUDIW VWUXFWXUH 7KH PD[LPXP ORDG ZLOO KHOS LQ VL]H WKH ODQGLQJ JHDU LQ VWDWLF EXW QRUPDO ORDGV PXVW
DOVR EH FRQVLGHUHG IRU IDWLJXH SRLQW RI YLHZ
&RQFHUQLQJ IDWLJXH LW LV LPSRUWDQW WR QRWLFH WKDW FRQWUDU\ WR PRVW DLUFUDIW VWUXFWXUH SDUWV ZKLFK DUH GHVLJQHG
ZLWK PXOWLSOH ORDG SDWKV WR JLYH IDLOVDIH FDSDELOLW\ PRVW ODQGLQJ JHDU VWUXFWXUHV VDWLVI\ WKH VDIHOLIH
FRQFHSW 7KLV LPSOLHV WKDW WKH IDWLJXH OLIH RI WKH ODQGLQJ JHDU PXVW EH ZHOO SUHGLFWHG RU WKDW WKH JURZWK RI D
FUDFN LV VORZ HQRXJK WR DOORZ GHWHFWLRQ DW QRUPDO LQVSHFWLRQ LQWHUYDOV

)LJXUH/DQGLQJ*HDU)(0PRGHO>@

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
:+$772'2:,7+7+$7/2$' /DQGLQJ*HDU6L]LQJ

([DPSOHRQ$0

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

:+$772'2:,7+7+$7/2$' *URXQG/RDGV(IIHFWRQ$LUFUDIW6WUXFWXUH

7KH ODQGLQJ JHDU ORDGV DUH WKH ODUJHVW ORFDO ORDGV RQ DQ DLUSODQH 7KHUHIRUH FRQVLGHUDEOH UHLQIRUFHPHQW
LV XVXDOO\ QHHGHG WR WUDQVPLW WKRVH ORDGV WR D ZLQJ ER[ RU D IXVHODJH 0RUHRYHU DV VWDWHG LQ † WKH
ORDG SDWKV PXVW EH NHSW VLPSOH DQG GHWHUPLQDWHVWUXFWXUH
8VXDOO\ ODQGLQJ JHDU ORDGV GR QRW JRYHUQ WKH DLUFUDIW VWUXFWXUH GHVLJQ H[FHSW ORFDOO\ +RZHYHU IRU VRPH
DLUFUDIW LQ VRPH VSHFLILF VLWXDWLRQV D JURXQG FDVH PD\ VL]H DQ LPSRUWDQW SDUW RI WKH DLUFUDIW
VWUXFWXUH 7KLV LV WKH FDVH RI VRPH DLUFUDIW DW KDUG ODQGLQJ VHH )LJXUH   6XFK D FDVH OHDGV WR KLJK
FRPSUHVVLYH VWUHVV DQG KLJK VKHDU VWUHVV LQ WKH ERWWRP VLGH SDUW RI WKH IXVHODJH
*URXQG RSHUDWLRQV VXFK DV WD[L WDNH RII DQG ODQGLQJ DOVR DIIHFW WKH DLUFUDIW VWUXFWXUH LQ IDWLJXH GXH WR
DLUILHOG URXJKQHVV ,QFUHDVH RI DLUFUDIW ZHLJKW DQG IOH[LELOLW\ DUH DW WKH RULJLQ RI VXFK SUREOHPV

 6NLQ%XFNOLQJGXHWRKLJK
VKHDUVWUHVVFRPELQHGZLWK
Q: KLJKFRPSUHVVLYHVWUHVV
IJ

ı ı
&*

,QHUWLD0RPHQW
IJ
 +LJK 'RZQZDUG %HQGLQJ 7KH KDUGODQGLQJFDVHPD\ VL]H
 +LJK 'RZQZDUG 6KHDU )RUFH
WKH ORFDOIXVHODJHVHFWLRQ
50

(IIHFWRI+DUG/DQGLQJRQDLUIUDPH

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
:+$772'2:,7+7+$7/2$' *URXQG/RDGV(IIHFWRQ5XQZD\

7KH PDLQ SDUDPHWHU FRQFHUQLQJ HIIHFW RQ UXQZD\ LV IORWDWLRQ 6RPH RSHUDWLRQV DQDO\VWV XVH IORWDWLRQ
YDOXHV LQ GHWHUPLQLQJ WKH SUHFLVH QXPEHU RI ODQGLQJV WKDW FDQ EH PDGH DW D JLYHQ ORFDWLRQ EHIRUH DLUILHOG
IDLOXUH 7KLV DSSURDFK FDQ EH FULWLFLVHG DV WKH GHILQLWLRQ RI WKH DLUILHOG IDLOXUH LWVHOI LV QRW ZHOO GHILQHG
+RZHYHU IORWDWLRQ DQDO\VLV LV H[FHOOHQW WR FRPSDUH GLIIHUHQW DLUFUDIW DQG IRU REWDLQLQJ DSSUR[LPDWH
FDSDELOLWLHV RI DQ DLUFUDIW WR RSHUDWH RQ D VSHFLILF VXUIDFH
6HYHUDO PHWKRGV GR H[LVW WR FDOFXODWH WKH SDYHPHQW WKLFNQHVV UHTXLUHG WR VXSSRUW D JLYHQ DLUFUDIW )$$
UHFRPPHQGV WKH XVH RI :HVWHUJDDUG DQDO\VLV EDVHG RQ HGJHORDGHG VWDE 3DUDPHWHUV LQYROYHG DUH 
GD\V IOH[XUDO VWUHQJWK VXEJUDGH PRGXOXV DLUFUDIW ZHLJKW DQG DQQXDO GHSDUWXUH 7KH DGYLVRU\ FLUFXODU
LQFOXGHV D VHULHV RI JUDSKV VXFK DV )LJXUHV  WR SHUPLW VLPSOH HYDOXDWLRQ RI D UXQZD\¶V FDSDELOLW\ WR
VXSSRUW DQ DLUFUDIW EDVHG RQ LWV JHDU FRQILJXUDWLRQ WLUH FRQWDFW DUHD DLUFUDIW ZHLJKW DQG DQQXDO
GHSDUWXUH )RU QRQ FULWLFDO DUHD WKH SDYHPHQW WKLFNQHVV FDQ EH  OHVV WKDQ WKRVH VKRZQ RQ WKH
FKDUWV

*URXQG/RDG(IIHFWRQ5XQZD\>@
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

:+$772'2:,7+7+$7/2$' *URXQG/RDGV(IIHFWRQ5XQZD\

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($57(67,1*

,,,± /$1',1**($57(67,1*

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($57(67,1* 6WUXFWXUDO7HVWV

6WUHVV DQG 6WUDLQ )LHOG 0HDVXUHPHQWV

7KH ILUVW VWUXFWXUDO WHVW FDUULHG RXW RQ D ODQGLQJ JHDU FRQVLVWV LQ GHWHUPLQLQJ VWUHVV OHYHO DQG GLUHFWLRQ LQ WKH
FRPSOH[ SDUWV 7KH XVH RI SKRWRVWUHVV KDV EHFRPH VWDQGDUG SUDFWLFH WR GR LW 6WUDLQ JDXJHV DUH DOVR
XVHG WR FRPSOHWH WKH WHVW 7KH DLP LV WR HYHQWXDOO\ GHWHFW GHVLJQ GHIHFWV DQG PDGH ORFDO FKDQJHV

)DWLJXH 7HVWV

7KH VHFRQG W\SH RI VWUXFWXUDO WHVW LV WKH IDWLJXH RQH 6LQFH ODQGLQJ JHDU DUH XVXDOO\ VDIHOLIH VWUXFWXUHV D
IDWLJXH WHVW LV UHTXLUHG 7KLV WHVW LV RIWHQ DVVRFLDWHG ZLWK D YHU\ FRPSOH[ WHVW ULJ DV DOO WKH YDULRXV JHDU
ORDGLQJ FRQGLWLRQV PXVW EH DSSOLHG )LJXUH  VKRZV D IDWLJXH WHVW ULJ DURXQG D QRVH ODQGLQJ JHDU

6WDWLF 7HVWV

6WDWLF WHVWV DUH DOVR FDUULHG RXW EXW WKH\ DUH XVXDOO\ QRW FULWLFDO DV KLJK PDUJLQV RI VDIHW\ DUH REWDLQHG GXH WR
VDIHOLIH GHVLJQ

1RVHODQGLQJ*HDU)DWLJXH7HVW &RXUWHV\RI&($7
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($57(67,1* 6WUXFWXUDO7HVWV

1RVHODQGLQJ*HDU)DWLJXH7HVW &RXUWHV\RI&($7

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($57(67,1* 6\VWHP7HVWV

'URS 7HVWV

7KH GURS WHVW LV UHTXLUHG WR GHYHORS DQG VXEVWDQWLDWH WKH HQHUJ\ DEVRUSWLRQ FKDUDFWHULVWLFV RI WKH VKRFN
VWUXW 7KH WHVW YDULDEOHV DUH W\SLFDOO\ WKH ODQGLQJ ZHLJKW WKH VLQN VSHHG WKH OHYHO DWWLWXGH DQG WKH ZKHHO
VSHHG
7KH JHDU LV SODFHG LQ WKH MLJ PRXQWHG LQ D YHUWLFDO WRZHU 7KH MLJ LV ORDGHG ZLWK ZHLJKWV DQG KRLVWHG WR WKH KHLJKW
FRUUHVSRQGLQJ ZLWK WKH GHVLUHG VLQN VSHHG 7KH HIIHFW RI VSLQQLQJ XS WKH ZKHHOV XSRQ ODQGLQJ LV
VLPXODWHG E\ VSLQQLQJ WKH ZKHHOV WR WKH GHVLUHG ODQGLQJ VSHHG EHIRUH WKH GURS
)LJXUH  VKRZV D GURS WHVW RQ D $ QRVH DQG D PDLQ ODQGLQJ JHDUV

$/DQGLQJ*HDU'URS7HVWV &RXUWHV\RI&($7
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($57(67,1* 6\VWHP7HVWV

'URS 7HVWV

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($57(67,1* 6\VWHP7HVWV

'URS 7HVWV

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
/$1',1**($57(67,1* 6\VWHP7HVWV

6KLPP\ 7HVW

6KLPP\ LV DQ XQVWDEOH FRQGLWLRQ FDXVHG E\ WKH FRXSOLQJ RI WKH WRUVLRQDO PRGH ZLWK VLGH EHQGLQJ PRGH
RI WKH JHDU '\QDPLF WHVWV DQG VLPXODWLRQV PXVW EH FDUULHG RXW WR GHPRQVWUDWH WKDW VKLPP\ GRHV QRW
DSSHDU LQ QRUPDO FRQGLWLRQV

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 

/$1',1**($57(67,1* 6\VWHP7HVWV

:KHHO DQG %UDNH 7HVW

7KH EDVLF WHVW IDFLOLW\ WR DVVHVV ZKHHOV DQG EUDNHV LV WKH IO\ZKHHO G\QDPRPHWHU ,W FRQVLVWV RI D ODUJH ZKHHO
WKDW LV VSXQ XS WR WKH GHVLUHG VSHHG E\ DQ HOHFWULF PRWRU 7KH GHVLUHG NLQHWLF HQHUJ\ LV REWDLQHG E\
DGMXVWLQJ WKH PDVV RI WKH G\QDPRPHWHU ZKHHO
:KHHOV DUH VWDWLF WHVWHG WR XOWLPDWH DQG \LHOG ORDG ZLWK WLUHV LQVWDOOV DQG DUH XVXDOO\ UROO WHVWHG VHYHUDO
WKRXVDQG PLOHV WR HVWDEOLVK IDWLJXH OLIH
)LJXUH  LOOXVWUDWHV ZKHHO DQG EUDNH WHVWV

:KHHODQG%UDNH7HVW &RXUWHV\RI&($7
$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
+RZWRUHGXFHJURXQGORDGV"

$LUFUDIW/RDGV*URXQG/RDGV -HDQ)UHG%(*8( 
J

,9 (0(5*(1&</$1',1*

-HDQ )UHG%(*8(
'LUHFWLRQ*pQpUDOHGHO¶$UPHPHQW
MHDQIUHGEHJXH#LQWUDGHIJRXYIU

,OOXVWUDWLRQ %$VLDQD $LUOLQH

2YHUYLHZ
2Q MXO\   D ERHLQJ (5 .RUHDQ
UHJLVWUDWLRQ +/ RSHUDWLQJ DV $VLDQD
$LUOLQHV IOLJKW  ZDV RQ DSSURDFK WR UXQZD\
/ ZKHQ LW VWUXFN D VHDZDOO DW 6DQ )UDQFLVFR
,QWHUQDWLRQDO $LUSRUW 6)2   RI WKH 
SDVVHQJHUV ZHUH IDWDOO\ LQMXUHG
$IWHU WKH DLUSODQH FDPH WR D VWRS D ILUH LQLWLDWHG
ZLWKLQ WKH VHSDUDWHG ULJKW HQJLQH ZKLFK FDPH WR
UHVW DGMDFHQW WR WKH ULJKW VLGH RI WKH IXVHODJH
:KHQ RQH RI WKH IOLJKW DWWHQGDQWV EHFDPH DZDUH
RI WKH ILUH KH LQLWLDWHG DQ HYDFXDWLRQ DQG  RI
WKH SDVVHQJHUV VXFFHVVIXOO\ VHOIHYDFXDWHG $V
WKH ILUH VSUHDG LQWR WKH IXVHODJH ILUHILJKWHUV
HQWHUHG WKH DLUSODQH DQG H[WULFDWHG  SDVVHQJHUV
RQH RI ZKRP ODWHU GLHG ZKR ZHUH LQMXUHG DQG
XQDEOH WR HYDFXDWH  RI WKH SDVVHQJHUV
VXUYLYHG

,QYHVWLJDWLRQFRQFOXVLRQV
7KH LQYHVWLJDWLRQ FRQFOXGHG WKDW WKH SUREDEOH
FDXVH RI WKLV DFFLGHQW ZDV WKH IOLJKW FUHZ¶V
PLVPDQDJHPHQW RI WKH DLUSODQH GHVFHQW GXULQJ
WKH YLVXDO DSSURDFK

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
,OOXVWUDWLRQ %$VLDQD $LUOLQH

$FFLGHQW%)LOP
$FFLGHQW%)LOP

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

,OOXVWUDWLRQ %$VLDQD $LUOLQH

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
,OOXVWUDWLRQ %$VLDQD $LUOLQH

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

,OOXVWUDWLRQ %$VLDQD $LUOLQH

7KH LQYHVWLJDWLRQ FRQFOXGHG WKDW  IDWDOLWLHV


RYHU  ZHUH XQUHVWUDLQHG IRU ODQGLQJ DQG
HMHFWHG WKURXJK WKH UXSWXUHG WDLO ,W LV OLNHO\ WKDW
WKHVH SDVVHQJHUV ZRXOG KDYH UHPDLQHG LQ WKH
FDELQ DQG VXUYLYHG LI WKH\ KDG EHHQ ZHDULQJ
WKHLU VHDWEHOWV

$PLUDFOH"
1RWKHLOOXVWUDWLRQRIWKHFHUWLILFDWLRQVSHFLILFDWLRQHIIHFWLYHQHVV &6)$5 
(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
&217(176

± *(1(5$/,7,(6 † )$5&6[[

± (0(5*(1&</$1',1*'<1$0,& † )$5&6[[

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 


± *HQHUDOLWLHV

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

(PHUJHQF\/DQGLQJ± *HQHUDOLWLHV 7KHJHQHUDOLGHD

:K\&UDVK (PHUJHQF\/DQGLQJLQ&HUWLILFDWLRQ$SSURDFK"
7KH PDMRU SDUW RI VXUYLYDEOH DFFLGHQWV WDNHV SODFH GXULQJ WDNHRII RU ODQGLQJ

$,5&5$)7$&&,'(176 -HDQ)UHG%(*8( 
*HQHUDOLWLHV 7KHJHQHUDOLGHD

7KHJHQHUDOLGHD † 
7KH DHURSODQH DOWKRXJK LW PD\ EH GDPDJHG LQ HPHUJHQF\ ODQGLQJ FRQGLWLRQV RQ ODQG RU ZDWHU PXVW
EH GHVLJQHG DV SUHVFULEHG LQ WKLV SDUDJUDSK WR SURWHFW HDFK RFFXSDQW XQGHU WKRVH FRQGLWLRQV

7KH VWUXFWXUH PXVW EH GHVLJQHG WR JLYH HDFK RFFXSDQW HYHU\ UHDVRQDEOH FKDQFH RI HVFDSLQJ
VHULRXV LQMXU\ LQ D PLQRU FUDVK ODQGLQJ ZKHQ
‡  3URSHU XVH LV PDGH RI VHDWV EHOWV DQG DOO RWKHU VDIHW\ GHVLJQ SURYLVLRQV
‡  7KH ZKHHOV DUH UHWUDFWHG ZKHUH DSSOLFDEOH  DQG
‡  7KH RFFXSDQW H[SHULHQFHV WKH IROORZLQJ XOWLPDWH LQHUWLD IRUFHV DFWLQJ VHSDUDWHO\ UHODWLYH
WR WKH VXUURXQGLQJ VWUXFWXUH VHH QH[W VOLGH

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

*HQHUDOLWLHV ,QHUWLDIRUFHV

,QHUWLDIRUFHV 8OWLPDWHORDGIDFWRUV /DUJH$HURSODQHV &6

8SZDUG J

)RUZDUG J

6LGHZDUG  J

'RZQZDUG J

5HDUZDUG J

  J RQ WKH DLUIUDPH DQG  J RQ WKH VHDWV DQG J


WKHLU DWWDFKPHQWV

J J

J
 J  J

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
*HQHUDOLWLHV ,QHUWLDIRUFHV

,QHUWLDIRUFHV 8OWLPDWHORDGIDFWRUV 5RWRUFUDIWV &6

8SZDUG J

)RUZDUG J

6LGHZDUG J

'RZQZDUG J

5HDUZDUG J

J

J J

J
J J

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

*HQHUDOLWLHV 4XDOLILFDWLRQVWDWLFWHVW

,QHUWLDIRUFHV4XDOLILFDWLRQVWDWLFWHVW
7KH WHVW VHDW VKDOO EH FRPSOHWH WR WKH H[WHQW WKDW WKH SULPDU\ VWUXFWXUH WKH
RFFXSDQW UHVWUDLQW V\VWHP DQG WKH VHDW DWWDFKPHQW ILWWLQJV WR WKH DLUFUDIW DUH
DFFXUDWHO\ UHSUHVHQWHG ,WHPV WKDW DUH QRW SDUW RI WKH VHDW SULPDU\ VWUXFWXUH WKH
RPLVVLRQ RI ZKLFK ZLOO QRW DOWHU WKH WHVW DQG SDVVIDLO FULWHULD PD\ EH H[FOXGHG IURP
WKH WHVW DUWLFOH EXW WKHLU ZHLJKW PXVW EH LQFOXGHG ZKHQ GHWHUPLQLQJ WKH VWDWLF ORDGV

$ ERG\ EORFN VKDOO EH LQVWDOOHG LQ HDFK RFFXSDQW SODFH WKDW ZLOO EH


ORDGHG DQG VKDOO EH UHVWUDLQHG E\ WKH RFFXSDQW UHVWUDLQW

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
*HQHUDOLWLHV 7KHJHQHUDOLGHDFRQW

7KHJHQHUDOLGHD † 
6HDWV DQG LWHPV RI PDVV DQG WKHLU VXSSRUWLQJ VWUXFWXUH PXVW QRW GHIRUP XQGHU DQ\ ORDGV XS WR WKRVH
VSHFLILHG LQ WKH SUHYLRXV VOLGHV LQ DQ\ PDQQHU WKDW ZRXOG LPSHGH VXEVHTXHQW UDSLG HYDFXDWLRQ RI
RFFXSDQWV

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
± (PHUJHQF\ODQGLQJG\QDPLF

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

(PHUJHQF\ODQGLQJG\QDPLF 5HTXLUHPHQWVJHQHUDOLGHD

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV † 


7KH VHDW DQG UHVWUDLQW V\VWHP LQ WKH DHURSODQH PXVW EH GHVLJQHG DV SUHVFULEHG LQ WKLV SDUDJUDSK WR
SURWHFW HDFK RFFXSDQW GXULQJ DQ HPHUJHQF\ ODQGLQJ FRQGLWLRQ ZKHQ ±
ƒ  3URSHU XVH LV PDGH RI VHDWV VDIHW\ EHOWV DQG VKRXOGHU KDUQHVVHV SURYLGHG IRU LQ WKH GHVLJQ
DQG
ƒ  7KH RFFXSDQW LV H[SRVHG WR ORDGV UHVXOWLQJ IURP WKH FRQGLWLRQV SUHVFULEHG LQ WKLV SDUDJUDSK

:LWK WKH H[FHSWLRQ RI IOLJKW GHFN FUHZ VHDWV HDFK VHDW W\SH GHVLJQ DSSURYHG IRU RFFXSDQF\ PXVW
VXFFHVVIXOO\ FRPSOHWH G\QDPLF WHVWV RU EH GHPRQVWUDWHG E\ UDWLRQDO DQDO\VLV EDVHG RQ G\QDPLF WHVWV
RI D VLPLODU W\SH VHDW LQ DFFRUGDQFH ZLWK HDFK RI WKH IROORZLQJ HPHUJHQF\ ODQGLQJ FRQGLWLRQV

7KH WHVWV PXVW EH FRQGXFWHG ZLWK DQ RFFXSDQW VLPXODWHG E\ D NJ  OE DQWKURSRPRUSKLF WHVW
GXPP\ VLWWLQJ LQ WKH QRUPDO XSULJKW SRVLWLRQ

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
(PHUJHQF\ODQGLQJG\QDPLF $QWKURSRPRUSKLFWHVWGXPP\

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV † 


7HUPLQRORJ\ DQG GLPHQVLRQV IRU WK SHUFHQWLOH PDOH

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

(PHUJHQF\ODQGLQJG\QDPLF 7HVW 7HVW

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV † 


'\QDPLF ,PSDFW 7HVW 3DUDPHWHUV $ PLQLPXP RI WZR G\QDPLF WHVWV LV UHTXLUHG WR DVVHVV WKH
SHUIRUPDQFH RI DQ DLUFUDIW VHDW UHVWUDLQWV DQG UHODWHG LQWHULRU V\VWHP 7KH VHDW DQG UHVWUDLQW DUH
FRQVLGHUHG WR DFW WRJHWKHU DV D V\VWHP WR SURYLGH SURWHFWLRQ WR WKH RFFXSDQW GXULQJ D FUDVK 7KH WHVW
IDFLOLW\ VKDOO SURYLGH D PHDQV RI FRQVWUDLQLQJ WKH PRYHPHQW RI WKH WHVW IL[WXUH WR WUDQVODWLRQDO PRWLRQ
SDUDOOHO WR WKH DUURZ LQGLFDWLQJ WKH LQHUWLDO ORDG WKURXJKRXW WKH WHVW

7HVW  DV D VLQJOH URZ WHVW GHWHUPLQHV WKH SHUIRUPDQFH RI WKH V\VWHP LQ D WHVW FRQGLWLRQ ZKHUH WKH
SUHGRPLQDQW LPSDFW IRUFH FRPSRQHQW LV DORQJ WKH VSLQDO FROXPQ RI WKH RFFXSDQW LQ FRPELQDWLRQ ZLWK D
IRUZDUG LPSDFW IRUFH FRPSRQHQW
7KLV WHVW HYDOXDWHV WKH VWUXFWXUDO DGHTXDF\ RI WKH VHDW FULWLFDO SHOYLFOXPEDU FROXPQ IRUFHV DQG
SHUPDQHQW GHIRUPDWLRQ RI WKH VWUXFWXUH XQGHU GRZQZDUG DQG IRUZDUG FRPELQHG LPSDFW ORDGLQJ
DQG PD\ \LHOG GDWD RQ $QWKURSRPRUSKLF 7HVW 'XPP\ $7' KHDG GLVSODFHPHQW YHORFLW\ DQG
DFFHOHUDWLRQ WLPH KLVWRULHV

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
(PHUJHQF\ODQGLQJG\QDPLF 7HVW 7HVW

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV † 

7HVW   DV D VLQJOH URZ VHDW WHVW GHWHUPLQHV WKH SHUIRUPDQFH RI D V\VWHP LQ D WHVW FRQGLWLRQ ZKHUH WKH
SUHGRPLQDQW LPSDFW IRUFH FRPSRQHQW LV DORQJ WKH DLUFUDIW ORQJLWXGLQDO D[LV DQG LV FRPELQHG ZLWK D ODWHUDO
LPSDFW IRUFH FRPSRQHQW
7KLV WHVW HYDOXDWHV WKH VWUXFWXUDO DGHTXDF\ RI WKH VHDW SHUPDQHQW GHIRUPDWLRQ RI WKH VWUXFWXUH
WKH SHOYLF UHVWUDLQW DQG XSSHU WRUVR UHVWUDLQW LI DSSOLFDEOH EHKDYLRU DQG ORDGV DQG PD\ \LHOG GDWD RQ
$7' KHDG GLVSODFHPHQW YHORFLW\ DQG DFFHOHUDWLRQ WLPH KLVWRULHV DQG WKH VHDW OHJ ORDGV LPSRVHG RQ WKH
VHDW WUDFNV RU DWWDFKPHQW ILWWLQJV

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

(PHUJHQF\ODQGLQJG\QDPLF 7HVW 7HVW

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV †   &6

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
(PHUJHQF\ODQGLQJG\QDPLF 7HVW 7HVW

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV †   &6

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

(PHUJHQF\ODQGLQJG\QDPLF 7HVW 7HVW

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV †   &6

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
(PHUJHQF\ODQGLQJG\QDPLF 3LWFK 5ROO

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV † 


7HVW  DQG 7HVWV , UHTXLUH VLPXODWLQJ DLUFUDIW IORRU GHIRUPDWLRQ E\ GHIRUPLQJ WKH WHVW IL[WXUH SULRU WR
DSSO\LQJ WKH G\QDPLF LPSDFW WHVW FRQGLWLRQV 7KH SXUSRVH RI SURYLGLQJ IORRU GHIRUPDWLRQ IRU WKH WHVW LV WR
GHPRQVWUDWH WKDW WKH VHDWUHVWUDLQW V\VWHP ZLOO UHPDLQ DWWDFKHG WR WKH DLUIUDPH DQG SHUIRUP
SURSHUO\ HYHQ WKRXJK WKH DLUFUDIW DQGRU VHDW PD\ EH VHYHUHO\ GHIRUPHG E\ WKH IRUFHV DVVRFLDWHG
ZLWK D FUDVK

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

(PHUJHQF\ODQGLQJG\QDPLF 3LWFK 5ROO

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV †   3LWFK 5ROO

6HDWOHJVDWWDFKHGDWIORRUOHYHO

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
(PHUJHQF\ODQGLQJG\QDPLF 3LWFK 5ROO

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV †   3LWFK 5ROO

0XOWLSOHOHJVHDWDWWDFKHGDWIORRUOHYHO

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

(PHUJHQF\ODQGLQJG\QDPLF 3LWFK 5ROO

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV †   3LWFK 5ROO

6LGHZDOOPRXQWHGVHDW

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
(PHUJHQF\ODQGLQJG\QDPLF +HDG,QMXU\&ULWHULRQ

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV †   +,&


0XOWLSOH 5RZ 7HVW )L[WXUHV ,Q WHVWV RI SDVVHQJHU VHDWV WKDW DUH QRUPDOO\ LQVWDOOHG LQ UHSHWLWLYH
URZV LQ WKH DLUFUDIW KHDG DQG NQHH LPSDFW FRQGLWLRQV DUH EHVW HYDOXDWHG WKURXJK WHVWV WKDW
XVH DW OHDVW WZR URZV RI VHDWV 7KHVH FRQGLWLRQV DUH XVXDOO\ FULWLFDO RQO\ LQ 7HVW  7KLV WHVW
DOORZV GLUHFW PHDVXUHPHQWV RI WKH KHDG DQG IHPXU LQMXU\ GDWD

7R DOORZ GLUHFW PHDVXUHPHQW RI KHDG DFFHOHUDWLRQ IRU KHDG LQMXU\ DVVHVVPHQW IRU D VHDW
LQVWDOODWLRQ ZKHUH WKH KHDG RI WKH RFFXSDQW LV ZLWKLQ VWULNLQJ GLVWDQFH RI VWUXFWXUH D
UHSUHVHQWDWLYH LPSDFW VXUIDFH PD\ EH DWWDFKHG WR WKH WHVW IL[WXUH LQ IURQW RI WKH IURQW URZ
VHDW DW WKH RULHQWDWLRQ DQG GLVWDQFH IURP WKH VHDW UHSUHVHQWLQJ WKH DLUFUDIW LQVWDOODWLRQ

+HDG ,QMXU\ &ULWHULRQ +,&  'DWD IRU GHWHUPLQLQJ WKH +,& QHHG WR EH FROOHFWHG GXULQJ WKH WHVWV
GLVFXVVHG LQ WKLV GRFXPHQW RQO\ LI WKH $7'
V KHDG LV H[SRVHG WR LPSDFW RQ DLUFUDIW LQWHULRU
IHDWXUHV QRW LQFOXGLQJ WKH IORRU RU WKH $7'¶V RZQ OHJ GXULQJ WKH WHVW 7KH +,& LV FDOFXODWHG
DFFRUGLQJ WR WKH IROORZLQJ HTXDWLRQ

ZKHUH W DQG W DUH DQ\ WZR SRLQWV LQ WLPH LQ VHFRQGV GXULQJ WKH KHDG LPSDFW DQG D W LV WKH
UHVXOWDQW KHDG DFFHOHUDWLRQ H[SUHVVHG LQ J
V GXULQJ WKH KHDG LPSDFW
7KH +,& LV D PHWKRG IRU GHILQLQJ DQ DFFHSWDEOH OLPLW LH WKH PD[LPXP YDOXH RI WKH +,& VKDOO QRW
H[FHHG  IRU KHDG LPSDFW DJDLQVW LQWHULRU VXUIDFHV LQ D FUDVK

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

(PHUJHQF\ODQGLQJG\QDPLF +HDG,QMXU\&ULWHULRQ

(PHUJHQF\ ODQGLQJ G\QDPLF FRQGLWLRQV †   +,&

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 
(PHUJHQF\ODQGLQJG\QDPLF )XOOVFDOHWHVW

(0(5*(1&</$1',1* -HDQ)UHG%(*8( 

You might also like