)RUP 1R = = 0DVWHUX ZLWK 2 6)6 6LGH 'LVFKDUJH 0RZHU 0RGHO 1R 8S 2SHUDWRU·V 0DQXDO (QJOLVK (1
:DUQLQJ &KHFN WKH /HYHOLQJ RI 0RZHU 'HFN &KHFN (QJLQH 2LO /HYHO 2SHUDWLRQ 7KLQN 6DIHW\ )LUVW &RQWUROV 3DUNLQJ %UDNH 6WDUWLQJ DQG 6WRSSLQJ WKH (QJLQH 2SHUDWLQ
:DVWH 'LVSRVDO 0HUFXU\ 7LOW 6ZLWFK 0HUFXU\ 7LOW 6ZLWFK 'LVSRVDO :LULQJ 'LDJUDP &OHDQLQJ DQG 6WRUDJH 7URXEOHVKRRWLQJ 7KH 7RUR 7RWDO &RYHUDJH *XDUDQWHH 7KH ZDUQLQJ V\VWHP LQ WKLV PDQXDO LGHQWLILHV SRWHQW
1HYHU RSHUDWH ZLWK WKH 372 VKLHOG RU RWKHU JXDUGV QRW VHFXUHO\ LQ SODFH %H VXUH DOO LQWHUORFNV DUH DWWDFKHG DGMXVWHG SURSHUO\ DQG IXQFWLRQLQJ SURSHUW\ $OO RSHUDWRUV DQG PHFKDQLFV VKRXOG EH WUDLQHG 7KH RZQHU LV UHVSRQVLEOH IRU WUDLQLQJ WKH XVHUV 1HYHU OHW FKLOGUHQ RU XQWUDLQHG SHRSOH RSHUDWH RU VHUYLFH WKH HTXLSPHQW /RFDO UHJXODWLRQV PD\ UHVWULFW WKH DJH RI WKH RSHUDWRU 1HYHU RSHUDWH ZLWK WKH GLVFKDUJH GHIOHFWRU UDLVHG UHPRYHG RU DOWHUHG XQOHVV XVLQJ D JUDVV FDWFKHU 'R QRW FKDQJH WKH
.
%H FHUWDLQ WKDW WKH VHDW EHOW FDQ EH UHOHDVHG TXLFNO\ LI WKH PDFKLQH LV GULYHQ RU UROOV LQWR SRQGV RU ZDWHU &KHFN FDUHIXOO\ IRU RYHUKHDG FOHDUDQFHV L H EUDQFKHV GRRUZD\V HOHFWULFDO ZLUHV EHIRUH GULYLQJ XQGHU DQ\ REMHFWV DQG GR QRW FRQWDFW WKHP '2 127 'R QRW PRZ VORSHV H[FHHGLQJ GHJUHHV $YRLG WXUQLQJ RQ VORSHV ,I \RX PXVW WXUQ WXUQ VORZO\ DQG JUDGXDOO\ GRZQKLOO LI SRVVLEOH 'R QRW PRZ QHDU GURS RIIV GLWFKHV RU HPEDQNPHQWV 7KH PDFKLQH FRXOG VXGGHQO\ WXUQ RYHU LI D ZKHHO JRHV RYHU WK
6ORSH &KDUW
6DIHW\ DQG ,QVWUXFWLRQ 'HFDOV 6DIHW\ GHFDOV DQG LQVWUXFWLRQV DUH HDVLO\ YLVLEOH WR WKH RSHUDWRU DQG DUH ORFDWHG QHDU DQ\ DUHD RI SRWHQWLDO GDQJHU 5HSODFH DQ\ GHFDO WKDW LV GDPDJHG RU ORVW 7RS 2I &RQVROH 8QGHU 6HDW 3DUW 1R 2Q &RQWURO 3DQHO 3DUW 1R 2Q 5LJKW 6LGH 2I +HLJKW RI FXW 3ODWH 3DUW 1R 2Q /HIW 6LGH 2I +HLJKW RI FXW 3ODWH 3DUW 1R 2Q /HIW 6LGH *DV 7DQN 3DUW 1R
%HORZ &HQWHU 2I &RQVROH 3DUW 1R 2Q )URQW &RQVROH 3DUW 1R 2Q 5XEEHU )ODS %HKLQG 6HDW 3DUW 1R 8QGHU )RRWUHVW 3DUW 1R 2Q 5XEEHU )ODS %HKLQG 6HDW 3DUW 1R 8QGHU )RRWUHVW $QG 1HDU 'HFN 0RZHU 6SLQGOHV 3DUW 1R 2Q 7RS 2I 5LJKW (QJLQH %DIIOH 3DUW 1R
2Q 7RS 2I +\GUDXOLF 5HVHUYRLU 3DUW 1R 2Q +\GUDXOLF 5HVHUYRLU 0RXQWLQJ %UDFNHW 3DUW 1R 2Q 7LOW 6ZLWFK 3DUW 1R 2Q 'HFN 6XSSRUW )UDPH 3DUW 1R 2Q = 6WDQG 3DUW 1R
2Q 5LJKW 6LGH 2I 0RZHU 3DUW 1R 2Q 'HIOHFWRU 3DUW 1R 2Q /HIW 6LGH 2I 0RZHU 3DUW 1R 1H[W 7R $QWL VFDOS 5ROOHU 3DUW 1R 2Q /HIW )URQW 2I 0RZHU 3DUW 1R 2Q %HOW &RYHUV 3DUW 1R 2Q 7RS &HQWHU 2I 0RZHU 3DUW 1R
*DVROLQH DQG 2LO :DUQLQJ *DVROLQH LV KDUPIXO RU IDWDO LI VZDOORZHG /RQJ WHUP H[SRVXUH WR YDSRUV FDQ FDXVH VHULRXV LQMXU\ DQG LOOQHVV 5HFRPPHQGHG *DVROLQH 8VH 81/($'(' 5HJXODU *DVROLQH VXLWDEOH IRU DXWRPRWLYH XVH SXPS RFWDQH PLQLPXP /HDGHG UHJXODU JDVROLQH PD\ EH XVHG LI XQOHDGHG UHJXODU LV QRW DYDLODEOH $YRLG SURORQJHG EUHDWKLQJ RI YDSRUV .HHS IDFH DZD\ IURP QR]]OH DQG JDV WDQN RU FRQGLWLRQHU RSHQLQJ .
$VVHPEO\ /RRVH 3DUWV 8VH WKH FKDUW EHORZ WR YHULI\ DOO SDUWV KDYH EHHQ VKLSSHG '(6&5,37,21 47< 5HDU :KHHOV 5HWDLQLQJ URG %ROW [ µ PP /RFNQXW µ &RQWURO OHYHU ULJKW &RQWURO OHYHU OHIW %ROW [ µ PP 6SULQJ ZDVKHU µ .
5HPRYH UHWDLQLQJ URG IURP VHDW DQG LQVHUW WKH µ/µ VKDSHG HQG RI WKH URG LQWR WKH KROH GLUHFWO\ DERYH WKH OHIW VLGH K\GUDXOLF SXPS )LJ 3ODFH WKH VHDW UHWDLQLQJ URG WR WKH RXWVLGH RI WKH PRXQWLQJ WDE RI WKH VHDW IUDPH DQG VHFXUH ZLWK [ µ PP EROW DQG µ PP ORFNQXW )LJ 7LJKWHQ XQWLO VQXJ WKHQ ORRVHQ VR WKH URG SLYRWV IUHHO\ P )LJXUH 0RXQWLQJ SODWH %ROW [ µ PP 6SULQJ ZDVKHU µ ,I WKH HQGV RI WKH OHYHUV KLW D
,PSRUWDQW %H FDUHIXO QRW WR GDPDJH WKH ORQJ YHQW WXEH ZKHQ UHPRYLQJ WKH EDWWHU\ ER[ 'DQJHU %DWWHU\ HOHFWURO\WH FRQWDLQV VXOIXULF DFLG ZKLFK LV D GHDGO\ SRLVRQ DQG FDXVHV VHYHUH EXUQV 'R QRW GULQN HOHFWURO\WH DQG DYRLG FRQWDFW ZLWK VNLQ H\HV RU FORWKLQJ :HDU VDIHW\ JODVVHV WR VKLHOG \RXU H\HV DQG UREEHU JORYHV WR SURWHFW \RXU KDQGV )LOO WKH EDWWHU\ ZKHUH FOHDQ ZDWHU LV DOZD\V DYDLODEOH IRU IOXVKLQJ WKH VNLQ )ROORZ DOO LQVWUXFWLRQV DQG FRPSO\ ZLWK DOO VDIHW\ PHVVDJHV RQ WKH HOHFWURO\
6HFXUH FDEOHV ZLWK [ µ PP EROWV µ ZDVKHUV DQG µ ORFNQXWV )LJ ,I WKHUH LV QR IOXLG DGG IOXLG WR UHVHUYRLU DSSUR[LPDWHO\ D 2 PP EHORZ WKH WRS RI EDIIOH 6OLGH WKH UHG WHUPLQDO ERRW RQWR WKH SRVLWLYH UHG EDWWHU\ SRVW 5XQ WKH PDFKLQH PLQXWHV WR DOORZ DQ\ DLU WR SXUJH RXW RI WKH V\VWHP DQG ZDUP IOXLG 6HFXUH EDWWHU\ ZLWK - EROWV KROG GRZQ FODPS DQG µ ZDVKHUV DQG µ ZLQJ QXWV )LJ 5HFKHFN OHYHO ZKLOH IOXLG LV ZDUP $GG IOXLG WR UDLV
2SHUDWLRQ *UHDVH ZLWK 1R JHQHUDO SXUSRVH OLWKLXP EDVH RU PRO\EGHQXP EDVH JUHDVH *UHDVH WKH ILWWLQJV RQ WKH WKUHH VSLQGOH EHDULQJV *UHDVH XQWLO LW FRPHV RXW ORZHU VHDOV )LJ 7KLQN 6DIHW\ )LUVW 3OHDVH FDUHIXOO\ UHDG DOO WKH VDIHW\ LQVWUXFWLRQV RQ SDJHV .
5HOHDVLQJ WKH 3DUNLQJ %UDNH 3XVK IRUZDUG DQG GRZQ RQ WKH SDUNLQJ EUDNH OHYHU WR UHOHDVH WKH SDUNLQJ EUDNH )LJ 7KH SDUNLQJ EUDNH LV ´',6(1*$*('µ DQG WKH OHYHU UHVWV DJDLQVW WKH EUDNH VWRS 0 )LJXUH )LJXUH ,JQLWLRQ VZLWFK 3RZHU WDNH RII 372 0RWLRQ FRQWURO OHYHU +HLJKW RI &XW OHYHU 3DUNLQJ EUDNH OHYHU )XHO FDS 7KURWWOH )XHO VKXW RII OHYHU &KRNH +RXU PHWHU 3DUNLQJ EUDNH 21 3DUNLQJ EUDNH 2
&ORVH IXHO VKXW RII YDOYH RQ IURQW SDQHO EHIRUH WUDQVSRUWLQJ RU VWRULQJ PDFKLQH $IWHU WKH HQJLQH VWDUWV PRYH WKH FKRNH WR ´2))µ )LJ ,I WKH HQJLQH VWDOOV RU KHVLWDWHV PRYH WKH FKRNH EDFN WR ´21µ IRU D IHZ VHFRQGV 7KHQ PRYH WKH WKURWWOH OHYHU WR GHVLUHG VHWWLQJ 5HSHDW WKLV DV UHTXLUHG ,PSRUWDQW 0DNH VXUH IXHO VKXW RII YDOYH LV FORVHG EHIRUH WUDQVSRUWLQJ RU VWRULQJ PDFKLQH DV IXHO OHDNDJH PD\ RFFXU 6HW SDUNLQJ EUDNH EHIRUH WUDQVSRUWLQJ 2SHUDWLQJ WKH 3RZHU 7DNH 2II 372 7KH SR
7KH 6DIHW\ ,QWHUORFN 6\VWHP 6LWWLQJ RQ WKH VHDW ´(1*$*(µ SDUNLQJ EUDNH PRYH 372 VZLWFK ´2))µ DQG PRYH WKH PRWLRQ FRQWURO OHYHUV WR QHXWUDO ORFN SRVLWLRQ 1RZ VWDUW WKH HQJLQH :KLOH WKH HQJLQH LV UXQQLQJ FHQWHU HLWKHU PRWLRQ FRQWURO DQG PRYH IRUZDUG RU UHYHUVH WKH HQJLQH VKRXOG VWRS 5HSHDW IRU RWKHU PRWLRQ FRQWURO &DXWLRQ ,I VDIHW\ LQWHUORFN VZLWFKHV DUH GLVFRQQHFWHG RU GDPDJHG WKH PDFKLQH FRXOG RSHUDWH XQH[SHFWHGO\ FDXVLQJ SHUVRQDO LQMXU\ 6LWWLQJ RQ WKH VHDW ´',6(1*$*(µ SDUNLQJ EUDNH PRY
,QVWUXPHQWV +RXU 0HWHU 7KH KRXU PHWHU UHFRUGV WKH QXPEHU RI KRXUV WKH HQJLQH KDV RSHUDWHG ,W RSHUDWHV ZKHQ WKH HQJLQH LV UXQQLQJ 8VH WKHVH WLPHV IRU VFKHGXOLQJ UHJXODU PDLQWHQDQFH P )LJXUH 0RWLRQ FRQWURO OHYHU QHXWUDO ORFN SRVLWLRQ )RUZDUG %DFNZDUG &HQWHU XQ ORFN SRVLWLRQ P )LJXUH %DFNZDUG +RXU PHWHU 0RYH OHYHUV WR WKH FHQWHU XQ ORFNHG SRVLWLRQ )XHO 7DQNV 7R JR EDFNZDUG VORZO\ SXOO WKH PRWLRQ FRQWURO OHYHUV UHDUZDUG )LJ 7KH XQ
6HOHFW KROH LQ KHLJKW RI FXW EUDFNHW FRUUHVSRQGLQJ WR WKH KHLJKW RI FXW GHVLUHG DQG LQVHUW FOHYLV SLQ )LJ 6HFXUH FOHYLV SLQ ZLWK KDLUSLQ FRWWHU )LJ 0RYH OHYHU WR VHOHFWHG KHLJKW P )LJXUH *DJH :KHHO )ODQJH 1XW 6WXG :KHHO QXW DQG ZDVKHU 6SULQJ 'LVN 'R 1RW 5HPRYH 0 )LJXUH +HLJKW RI FXW OHYHU &OHYLV 3LQ +DLUSLQ &RWWHU 3RVLWLRQLQJ WKH 6HDW 7KH VHDW FDQ PRYH IRUZDUG DQG EDFNZDUG 3RVLWLRQ WKH VHDW ZKHUH
7R 3XVK WKH 0DFKLQH :DUQLQJ 'LVHQJDJH WKH SRZHU WDNH RII 372 DQG WXUQ WKH LJQLWLRQ NH\ WR ´2))µ WR VWRS WKH HQJLQH 0RYH OHYHUV WR QHXWUDO ORFNHG SRVLWLRQ DQG DSSO\ SDUNLQJ EUDNH 'ULYLQJ RQ VWUHHW RU URDGZD\ ZLWKRXW WXUQ VLJQDOV OLJKWV UHIOHFWLYH PDUNLQJV RU D VORZ PRYLQJ YHKLFOH HPEOHP LV GDQJHURXV DQG FDQ OHDG WR DFFLGHQWV FDXVLQJ SHUVRQDO LQMXU\ 5RWDWH WKH E\ SDVV YDOYHV FRXQWHUFORFNZLVH WXUQ WR SXVK 7KLV DOORZV K\GUDXOLF IOXLG WR E\ SDVV WKH SXPS HQDEOLQJ WKH ZKHHOV WR WXUQ )LJ
:DUQLQJ /RDGLQJ D XQLW RQWR D WUDLOHU RU WUXFN LQFUHDVHV WKH SRVVLELOLW\ RI EDFNZDUG WLS RYHU DQG FRXOG FDXVH VHULRXV LQMXU\ RU GHDWK 8VH H[WUHPH FDXWLRQ ZKHQ RSHUDWLQJ D XQLW RQ D UDPS 8VH RQO\ D VLQJOH IXOO ZLGWK UDPS '2 127 XVH LQGLYLGXDO UDPSV IRU HDFK VLGH RI WKH XQLW ,I LQGLYLGXDO UDPSV PXVW EH XVHG XVH HQRXJK UDPSV WR FUHDWH DQ XQEURNHQ UDPS VXUIDFH ZLGHU WKDQ WKH XQLW 'R QRW H[FHHG D GHJUHH DQJOH EHWZHHQ UDPS DQG JURXQG RU EHWZHHQ UDPS DQG WUDLOHU RU WUXFN $YRLG V
'ULYLQJ RII WKH = 6WDQG 0RZ DW &RUUHFW ,QWHUYDOV 5DLVH ODWFK WR XQORFNHG SRVLWLRQ )LJ 1RUPDOO\ PRZ HYHU\ IRXU GD\V %XW UHPHPEHU JUDVV JURZV DW GLIIHUHQW UDWHV DW GLIIHUHQW WLPHV 6R WR PDLQWDLQ WKH VDPH FXWWLQJ KHLJKW ZKLFK LV D JRRG SUDFWLFH PRZ PRUH RIWHQ LQ HDUO\ VSULQJ $V WKH JUDVV JURZWK UDWH VORZV LQ PLG VXPPHU PRZ OHVV IUHTXHQWO\ ,I \RX FDQQRW PRZ IRU DQ H[WHQGHG SHULRG ILUVW PRZ DW D KLJK FXWWLQJ KHLJKW WKHQ PRZ DJDLQ WZR GD\V ODWHU DW D ORZHU KHLJKW VHWWLQJ 6WDUW HQJLQ
0DLQWHQDQFH 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOH 0DLQWHQDQFH 6HUYLFH ,QWHUYDO 0DLQWHQDQFH 3URFHGXUH +\GUDXOLF IOXLG³FKHFN OHYHO (QJLQH 2LO³FKDQJH +\GUDXOLF ILOWHU³FKDQJH $IWHU ILUVW XVH (DFK 8VH (QJLQH 2LO³FKHFN OHYHO 6DIHW\ 6\VWHP³FKHFN 0RZHU +RXVLQJ³FOHDQ (QJLQH &RROLQJ 6\VWHP³FOHDQ (YHU\ +RXUV &XWWLQJ %ODGHV³FKHFN %ODGH 6SLQGOH %HDULQJV³JUHDVH (YHU\ +RXUV (YHU\ +RXUV %HOWV³FKHFN IRU ZHDU FUDFNV 7LUHV³FKHFN SUHVVXUH (YHU\ +RXUV 3DSHU $LU &OHDQ
&XWWLQJ %ODGHV 0DLQWDLQ VKDUS EODGHV WKURXJKRXW WKH FXWWLQJ VHDVRQ EHFDXVH VKDUS EODGHV FXW FOHDQO\ ZLWKRXW WHDULQJ RU VKUHGGLQJ WKH JUDVV EODGHV 7HDULQJ DQG VKUHGGLQJ WXUQV JUDVV EURZQ DW WKH HGJHV ZKLFK VORZV JURZWK DQG LQFUHDVHV WKH FKDQFH RI GLVHDVH &KHFN WKH FXWWHU EODGHV GDLO\ IRU VKDUSQHVV DQG IRU DQ\ ZHDU RU GDPDJH )LOH GRZQ DQ\ QLFNV DQG VKDUSHQ WKH EODGHV DV QHFHVVDU\ ,I D EODGH LV GDPDJHG RU ZRUQ UHSODFH LW LPPHGLDWHO\ ZLWK D JHQXLQH 7252 UHSODFHPHQW EODGH )RU FRQYHQLHQW VKDUSHQLQJ
6KDUSHQLQJ WKH %ODGHV :DUQLQJ 0($685( )520 &877,1* ('*( 72 $ /(9(/ 685)$&( :KHQ VKDUSHQLQJ EODGH SLHFHV RI EODGH FRXOG EH WKURZQ DQG FDXVH VHULRXV LQMXU\ P :HDU SURSHU H\H SURWHFWLRQ ZKHQ VKDUSHQLQJ EODGH )LJXUH 5RWDWH WKH RSSRVLWH HQGV RI WKH EODGHV IRUZDUG 0HDVXUH IURP D OHYHO VXUIDFH WR WKH FXWWLQJ HGJH RI WKH EODGHV DW WKH VDPH SRVLWLRQ DV LQ VWHS DERYH 7KH GLIIHUHQFH EHWZHHQ WKH GLPHQVLRQV REWDLQHG LQ VWHSV DQG PXVW QRW H[FHHG µ PP ,I WKLV GLPHQVLRQ H[FHHGV µ P
,QVWDOO WKH VSULQJ GLVN DQG EODGH EROW 7KH VSULQJ GLVN FRQH PXVW EH LQVWDOOHG WRZDUG WKH EROW KHDG )LJ 7RUTXH WKH EODGH EROW WR IW OE 1:P P )LJXUH 0 .
9LVFRVLW\ 6HH WDEOH EHORZ 3DSHU (OHPHQW $ /LJKWO\ WDS WKH HOHPHQW RQ D IODW VXUIDFH WR UHPRYH GXVW DQG GLUW )LJ 86( 7+(6( 6$( 9,6&26,7< 2,/6 % ,QVSHFW WKH HOHPHQW IRU WHDUV DQ RLO\ ILOP DQG GDPDJH WR WKH UXEEHU VHDO : : ,PSRUWDQW 1HYHU FOHDQ WKH SDSHU HOHPHQW ZLWK SUHVVXUL]HG DLU RU OLTXLGV VXFK DV VROYHQW JDV RU NHURVHQH 5HSODFH WKH SDSHU HOHPHQW LI LW LV GDPDJHG RU FDQQRW EH FOHDQHG WKRURXJKO\ : : ) &
&KDQJLQJ 'UDLQLQJ 2LO &KDQJH 2LO )LOWHU 6WDUW WKH HQJLQH DQG OHW LW UXQ ILYH PLQXWHV 7KLV ZDUPV WKH RLO VR LW GUDLQV EHWWHU 5HSODFH WKH RLO ILOWHU HYHU\ KRXUV RU HYHU\ RWKHU RLO FKDQJH 3DUN WKH PDFKLQH VR WKDW WKH GUDLQ VLGH LV VOLJKWO\ ORZHU WKDQ WKH RSSRVLWH VLGH WR DVVXUH WKH RLO GUDLQV FRPSOHWHO\ 'LVHQJDJH WKH SRZHU WDNH RII 372 VHW WKH SDUNLQJ EUDNH DQG WXUQ WKH LJQLWLRQ NH\ WR ´2))µ WR VWRS WKH HQJLQH 5HPRYH WKH NH\ 1RWH &KDQJH RLO ILOWHU PRUH IUHTXHQWO\ ZKHQ RSHUDWLQJ FRQGLW
5HPRYLQJ WKH 6SDUN 3OXJ V 'LVHQJDJH WKH SRZHU WDNH RII 372 DQG WXUQ WKH LJQLWLRQ NH\ WR ´2))µ WR VWRS WKH HQJLQH 0RYH OHYHUV WR QHXWUDO ORFNHG SRVLWLRQ DQG DSSO\ SDUNLQJ EUDNH 5HPRYH WKH NH\ LQ PP 3XOO WKH ZLUH V RII WKH VSDUN SOXJ V )LJ 1RZ FOHDQ DURXQG WKH VSDUN SOXJ V WR SUHYHQW GLUW IURP IDOOLQJ LQWR WKH HQJLQH DQG SRWHQWLDOO\ FDXVLQJ GDPDJH 5HPRYH WKH VSDUN SOXJ V DQG PHWDO ZDVKHU P )LJXUH $LU JDS QRW WR VFDOH 7LJKWHQ WKH VSDUN SOX
P )LJXUH )LOWHU P )LJXUH +RVH FODPS )XHO VKXW RII YDOYH +RVH FODPS )XHO ILOWHU )XHO OLQH )XHO 7DQN 'UDLQLQJ 7KH )XHO 7DQN *UHDVLQJ DQG /XEULFDWLRQ /XEULFDWH WKH PDFKLQH ZKHQ VKRZQ RQ WKH &+(&.
:KHUH WR $GG *UHDVH /XEULFDWH WKH JUHDVH ILWWLQJV DV VKRZQ RQ WKH &+(&.
&DVWRU 3LYRW %HDULQJ $GMXVWPHQW &KHFN DIWHU HYHU\ RSHUDWLQJ KRXUV RU DW VWRUDJH ZKLFK HYHU FRPHV ILUVW 6WRS WKH HQJLQH VHW WKH SDUNLQJ EUDNH UHPRYH WKH NH\ DQG GLVFRQQHFW WKH VSDUN SOXJ ZLUH V IURP WKH VSDUN SOXJ V P )LJXUH 9DOYH VWHP 5HPRYH GXVW FDS IURP FDVWRU DQG WLJKWHQ ORFN QXW )LJ 7LJKWHQ XQWLO VSULQJ ZDVKHUV DUH IODW DQG WKHQ EDFN RII D WXUQ WR SURSHUO\ VHW WKH SUH ORDG RQ WKH EHDULQJV )LJ :KHHO +XE 6ORWWHG 1XW &KHFN DIWHU HYHU\ RSHUDWL
,I WKHUH LV QR IOXLG DGG IOXLG WR UHVHUYRLU DSSUR[LPDWHO\ D 2 PP EHORZ WKH WRS RI EDIIOH $IWHU WKH ILUVW RSHUDWLQJ KRXUV $IWHU HYHU\ RSHUDWLQJ KRXUV 5XQ WKH PDFKLQH PLQXWHV WR DOORZ DQ\ DLU WR SXUJH RXW RI WKH V\VWHP DQG ZDUP IOXLG 5HFKHFN OHYHO ZKLOH IOXLG LV ZDUP $GG IOXLG WR UDLVH OHYHO WR WRS RI WKH EDIIOH LI UHTXLUHG 'LVHQJDJH WKH SRZHU WDNH RII 372 DQG WXUQ WKH LJQLWLRQ NH\ WR ´2))µ WR VWRS WKH HQJLQH 0RYH OHYHUV WR QHXWUDO ORFNHG SRVLWLRQ DQG DSSO\ SDUNLQJ
:DUQLQJ +\GUDXOLF IOXLG HVFDSLQJ XQGHU SUHVVXUH FDQ SHQHWUDWH VNLQ DQG FDXVH LQMXU\ ,I K\GUDXOLF IOXLG LV LQMHFWHG LQWR WKH VNLQ LW PXVW EH VXUJLFDOO\ UHPRYHG ZLWKLQ D IHZ KRXUV E\ D GRFWRU IDPLOLDU ZLWK WKLV W\SH RI LQMXU\ *DQJUHQH PD\ UHVXOW LI WKLV LV QRW GRQH .
ZLOO NHHS WKH SLQ DW WKH HQG RI WKH VORW DQG DOORZ WKH DGMXVWPHQW EROW WR PRYH WKH OHYHU WR WKH DSSURSULDWH SRVLWLRQ :DUQLQJ (QJLQH PXVW EH UXQQLQJ VR PRWLRQ FRQWURO DGMXVWPHQW FDQ EH SHUIRUPHG &RQWDFW ZLWK PRYLQJ SDUWV RU KRW VXUIDFHV PD\ FDXVH SHUVRQDO LQMXU\ 7LJKWHQ QXW DQG MDP QXW 5HSHDW RQ RSSRVLWH VLGH RI XQLW .
5HSODFLQJ WKH 3XPS 'ULYH %HOW &KHFN SXPS GULYH EHOW IRU ZHDU DIWHU HYHU\ KRXUV RI RSHUDWLRQ 3XOO VSULQJ ORDGHG LGOHU GRZQ DQG UHPRYH WUDFWLRQ EHOW IURP WKH HQJLQH DQG K\GUR SXPS SXOOH\V )LJ 5HPRYH EHOW EHWZHHQ SXOOH\V ,QVWDOO QHZ EHOW DURXQG HQJLQH DQG K\GUR SXPS SXOOH\V )LJ 3XOO VSULQJ ORDGHG LGOHU GRZQ DQG DOLJQ EHORZ WUDFWLRQ EHOW 5HOHDVH SUHVVXUH RQ VSULQJ ORDGHG LGOHU )LJ P )LJXUH %UDNH OHYHU &ROODU RQ EUDNH URG 6SULQJ
5DLVH WKH VHDW WR JDLQ DFFHVV WR IXVH KROGHU )LJ 7R UHSODFH IXVHV SXOO RXW RQ WKH IXVH WR UHPRYH LW )LJ )LJXUH )LJXUH 0DLQ DPS )LOOHU FDSV /RZHU SDUW RI WXEH 3ODWHV $GGLQJ :DWHU WR WKH %DWWHU\ P 7KH EHVW WLPH WR DGG GLVWLOOHG ZDWHU WR WKH EDWWHU\ LV MXVW EHIRUH \RX RSHUDWH WKH PDFKLQH 7KLV OHWV WKH ZDWHU PL[ WKRURXJKO\ ZLWK WKH HOHFWURO\WH VROXWLRQ $OWHUQDWRU DPS &OHDQ WKH WRS RI WKH EDWWHU\ ZLWK D SDSHU WRZHO %DWW
/LIW XS RQ IRXU WRS FKDLQ DWWDFKPHQW EROWV LQ WKH VORWV WR WDNH VODFN RXW RI FKDLQV DQG WLJKWHQ IODQJH ORFN QXWV 'HFN LV VWLOO VXSSRUWHG E\ WZR UHDU DQG RQH IURQW EORFNV XQGHU PRZHU :DUQLQJ &KDUJLQJ EDWWHU\ SURGXFHV JDVVHV WKDW FDQ H[SORGH DQG FDXVH VHULRXV LQMXU\ ,I EROWV FRQWDFW WKH HQG RI VORWV VKRUWHQ RU OHQJWKHQ URG VZLYHO DVVHPEOLHV DV UHTXLUHG IRU H[WUD FOHDUDQFH DGMXVW HDFK VLGH VDPH DPRXQW .
5DLVH GHFN WR WKH WUDQVSRUW SRVLWLRQ 5DLVH IURQW RI PDFKLQH E\ XVLQJ WKH = 6WDQG 5HIHU WR = 6WDQG RSHUDWLRQ RQ SDJH 'DQJHU 8QLW FRXOG IDOO RQWR VRPHRQH DQG FDXVH VHULRXV LQMXU\ RU GHDWK 8VH H[WUHPH FDXWLRQ ZKHQ RSHUDWLQJ XQLW RQ = 6WDQG 8VH RQO\ IRU FOHDQLQJ GHFN DQG UHPRYLQJ EODGHV 'R QRW NHHS XQLW RQ = 6WDQG IRU H[WHQGHG SHULRGV RI WLPH $OZD\V VKXW HQJLQH RII DQG VHW SDUNLQJ EUDNH EHIRUH SHUIRUPLQJ DQ\ PDLQWHQDQFH WR GHFN 0 )LJXUH 7RS 9LHZ '
,QVWDOO FOXWFK UHWDLQLQJ VWUDS DQG SOXJ FOXWFK WHUPLQDO LQWR PDLQ ZLUH KDUQHVV )LJ P P )LJXUH 0 $OLJQPHQW KROH LGOHU )LJXUH &OXWFK 372 EHOW &OXWFK UHWDLQLQJ VWUDS 0DFKLQH )UDPH FOXWFK 7HUPLQDO &HQWHU EROW VSULQJ ORDGHG ,I DGMXVWPHQW LV UHTXLUHG ORRVHQ WKH IL[HG LGOHU RQ ULJKW VXSSRUW SODWH DQG PRYH XS RU GRZQ LQ DGMXVWPHQW VORW )LJ 7R UHOLHYH EHOW WHQVLRQ OLIW XS RQ VSULQJ ORDGHG LGOHU
,PSRUWDQW ,I WKH SXVK DUP OHQJWKV DUH FKDQJHG WKHQ WKH PRZHU GHFN PXVW EH UHOHYHOHG 6HH 0RZHU /HYHOLQJ RQ SDJH P )LJXUH P 3XVK DUP -DP QXW µ PP %DOO MRLQW )LJXUH QRPLQDO 5HSODFLQJ WKH *UDVV 'HIOHFWRU :DUQLQJ %ROW *UDVV 'HIOHFWRU 6SDFHU 3ODFH EHKLQG GHFN HGJH /RFNQXW 6SULQJ +RRN HQG RI VSULQJ 6SULQJ LQVWDOOHG EHIRUH LQVWDOOLQJ EROW :DVWH 'LVSRVDO (QJLQH RLO K\GUDXOLF RLO
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
:LULQJ 'LDJUDP 6 ( ' 2 & 5 2 / 2 & ( 5 , : . ,1 3 . 3 ' ( 5 5 * 8 / 3 . 5 $ 3 6 : 2 / / ( < 1 $ 7 7 ( / 2 , 9 7 ,2 9 : < ( 7 , + : . & $ / % 1 : 2 5 % ( 8 / % 1 ( ( 5 * < ( 5 * ( * 1 $ 5 2 . % 1 % 8 % 1 * < * 5 2 1 2 , 7 , 1 * , ' 1 * 6 ( / 8 ' 2 0 * 8 / 3 . 5 $ 3 6 & $ / , : 2 6 / ( 8 ) * ( 5 1 * . 3 < . 3 5 8 2 + . 3 1 % 1 * 5 ( 7 ( 0 1 % 5 2 < ; ' 1 $ 6 $ , 2 , % 1 % , 6 ; < : % 6 < ( . $ 8 % 5 .
&OHDQLQJ DQG 6WRUDJH 1RWH $ IXHO VWDELOL]HU FRQGLWLRQHU LV PRVW HIIHFWLYH ZKHQ PL[HG ZLWK IUHVK JDVROLQH DQG XVHG DW DOO WLPHV 'LVHQJDJH WKH SRZHU WDNH RII 372 VHW WKH SDUNLQJ EUDNH DQG WXUQ WKH LJQLWLRQ NH\ WR ´2))µ WR VWRS WKH HQJLQH 5HPRYH VSDUN SOXJ ZLUH 5HPRYH WKH NH\ % 5XQ HQJLQH WR GLVWULEXWH FRQGLWLRQHG IXHO WKURXJK WKH IXHO V\VWHP PLQXWHV 5HPRYH JUDVV FOLSSLQJV GLUW DQG JULPH IURP WKH H[WHUQDO SDUWV RI WKH HQWLUH PDFKLQH HVSHFLDOO\ WKH HQJLQH DQG K\GUDXOLF V\VWHP &OHDQ G
7URXEOHVKRRWLQJ 3UREOHP 6WDUWHU GRHV QRW FUDQN (QJLQH J ZLOO QRW VWDUW VWDUWV KDUG RU I LO WR IDLOV W NHHS N UXQQLQJ L (QJLQH J ORVHV S SRZHU (QJLQH J RYHUKHDWV 3RVVLEOH &DXVHV &RUUHFWLYH $FWLRQ %ODGH FRQWURO 372 LV (1*$*(' 0RYH EODGH FRQWURO 372 WR ',6(1*$*(' 3DUNLQJ EUDNH LV QRW RQ 6HW SDUNLQJ EUDNH 2SHUDWRU LV QRW VHDWHG 6LW RQ WKH VHDW %DWWHU\ LV GHDG &KDUJH WKH EDWWHU\ (OHFWULFDO FRQQHFWLRQV DUH FRUURGHG RU ORRVH &KHFN HOHFWULFDO FRQQHFWL
3UREOHP 0DFKLQH GRHV QRW GULYH $EQRUPDO YLEUDWLRQ 8QHYHQ FXWWLQJ J KHLJKW J %ODGHV GR QRW URWDWH 3RVVLEOH &DXVHV &RUUHFWLYH $FWLRQ 7UDFWLRQ EHOW LV ZRUQ ORRVH RU EURNHQ &RQWDFW $XWKRUL]HG 6HUYLFH 'HDOHU 7UDFWLRQ EHOW LV RII SXOOH\ &RQWDFW $XWKRUL]HG 6HUYLFH 'HDOHU +\GUR IOXLG OHYHO ORZ $GG K\GUR IOXLG WR UHVHUYRLU &XWWLQJ EODGH V LV DUH EHQW RU XQEDODQFHG ,QVWDOO QHZ FXWWLQJ EODGH V %ODGH PRXQWLQJ EROW LV ORRVH 7LJKWHQ EODGH PRXQWLQJ EROW (QJ
7KH 7RUR 7RWDO &RYHUDJH *XDUDQWHH /&( $ 2QH
