;5'/
9 &026
%LW 0636 +LJK 6SHHG
$QDORJWR'LJLWDO &RQYHUWHU
0DUFK )($785(6
$33/,&$7,216
-
%LW 5HVROXWLRQ
-
0+] 6DPSOLQJ 5DWH
-
-
,QWHUQDO 6+ )XQFWLRQ
-
6LQJOH 9 3RZHU 6XSSO\
-
9,1 '& 5DQJH 9 WR 9''
-
95() '& 5DQJH 9 WR 9''
-
/RZ 3RZHU P: W\S
-
7KUHH6WDWH 'LJLWDO 2XWSXWV
-
3RZHU 'RZQ P: W\S 3RZHU 'LVVLSDWLRQ
-
(6' 3URWHFWLRQ 9 0LQLPXP
-
)RU 9 2SHUDWLRQ 5HIHU WR ;5'
-
'LJLWDO &DPFRUGHUV
'LJLWDO &DPHUDV
3UHFLVLRQ 6FDQQHUV
0HGLFDO ,PDJLQJ
'LJLWDO &RORU &RSLHUV
,5 ,PDJLQJ
'LJLWDO &RPPXQLFDWLRQV
%(1(),76
-
&RPSOHWH $QDORJWR'LJLWDO &RQYHUWHU $'& 7KDW
5HTXLUHV 1R ([WHUQDO $FWLYH &RPSRQHQWV
-
6PDOO 2XWOLQH 3DFNDJH WR 5HGXFH %RDUG 6SDFH
/RZ 3RZHU 'LVVLSDWLRQ
(DV\ WR 8VH 5XJJHG 'HVLJQ
*(1(5$/ '(6&5,37,21
7KH ;5'/ LV D ELW 0636 $QDORJWR'LJLWDO
VWDQGE\ PRGH UHGXFLQJ WKH SRZHU GLVVLSDWLRQ WR
&RQYHUWHU $'& IRU DSSOLFDWLRQV WKDW UHTXLUH KLJK VSHHG
P: W\SLFDO E\ D GLJLWDOO\ FRQWUROOHG SLQ
DQG KLJK DFFXUDF\ 'HVLJQHG XVLQJ DQ DGYDQFHG &026
SURFHVV WKLV SDUW RIIHUV H[FHOOHQW SHUIRUPDQFH ORZ
3URYLGLQJ
SRZHU FRQVXPSWLRQ DQG ODWFKXS IUHH RSHUDWLRQ
LQWHUIDFH WR DQ\ LQSXW VLJQDO UDQJH EHWZHHQ *1' DQG
7KH
;5'/
XVHV
D
VXEUDQJLQJ
DUFKLWHFWXUH
WR
PDLQWDLQ ORZ SRZHU FRQVXPSWLRQ DW KLJK FRQYHUVLRQ
UDWHV 2XU SURSULHWDU\ FRPSDUDWRU GHVLJQ DFKLHYHV D ORZ
DQDORJ LQSXW FDSDFLWDQFH
H[WHUQDO
UHIHUHQFH
YROWDJHV
DOORZV
HDV\
9'' 7KLV DOVR DOORZV WKH V\VWHP WR FDOLEUDWH RXW ]HUR
VFDOH DQG IXOO VFDOH HUURUV E\ DGMXVWLQJ 957 DQG 95% 7KH
5HIHUHQFH /DGGHU WDS 95 FDQ EH XVHG WR H[WHUQDOO\
WULP ,1/ HUURUV
7KH LQSXW FLUFXLWU\ RI WKH
;5'/ LQFOXGHV DQ RQFKLS 6+ IXQFWLRQ WKDW DOORZV
7KLV GHYLFH RSHUDWHV IURP D VLQJOH 9 VXSSO\ 3RZHU
WKH SURGXFW WR GLJLWL]H DQDORJ LQSXW VLJQDOV EHWZHHQ *1'
FRQVXPSWLRQ IURP D 9 VXSSO\ LV W\SLFDOO\ P: DW
DQG 9'' 7KH ;5'/ FDQ EH SODFHG LQWR SRZHU GRZQ
)6 0+] )RU 9 VXSSO\ RSHUDWLRQ UHIHU WR ;5'
2SHUDWLQJ
3DUW 1R
3DFNDJH
;5'/$,3
/HDG 0LO 3',3
q & WR q&
;5'/$,'
/HDG 0LO -('(& 62,&
q & WR q&
;5'/$,8
/HDG 6623 PP
q & WR q&
;5'/$,4
/HDG 74)3 [ [ PP
q & WR q&
;5'/$,9
/HDG 74)3 [ [ PP
q & WR q&
7HPSHUDWXUH
5DQJH
5HY .
(;$5 &RUSRUDWLRQ .DWR 5RDG )UHPRQW &$ `
`
;5'/
6,03/,),(' %/2&. ',$*5$0
9
06%
9
&RPSDUDWRUV
57
''
'% 06%
/DWFK
))
(QFRGHU
/6%
95
&RPSDUDWRUV
*1'
'% /6%
/DWFK
5%
9
2):
&ORFN
6+
9
/RJLF
,1
&/.
3'
2(
'9
)LJXUH %ORFN 'LDJUDP
''
'*1'
3,1 &21),*85$7,216
''
'9
''
9,1
9
2):
'%
'%
*1'
'%
9
'%
95
'%
9
'%
'%
1&
'%
9
'%
3'
'%
2(
'*1'
*1'
1&
5%
57
*1'
''
&/.
9
''
/HDG 3',3 µ
''
''
,1
9
2):
9
'%
1&
'%
*1'
'%
9
'%
95
'%
'%
*1'
'%
1&
'%
9
'%
3'
'%
2(
'*1'
*1'
'9
9
5%
,QGH[
''
,QGH[
/HDG 74)3 [ [ PP
5HY /HDG 74)3 [ [ PP
''
/HDG 62,& -HGHF µ
/HDG 6623 PP
57
&/.
9
;5'/
3,1 '(6&5,37,21 /HDG 3',3 62,& 6623 3DFNDJHV
3LQ 6\PERO
''
'HVFULSWLRQ
'9
3RZHU 6XSSO\ 'LJLWDO 2XWSXWV
2):
2YHUIORZ 2XWSXW
'%
'DWD 2XWSXW %LW /6%
'%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW 06%
'*1'
*URXQG 'LJLWDO 2XWSXWV
*1'
''
*URXQG
9
3RZHU 6XSSO\
&/.
6DPSOLQJ &ORFN ,QSXW
2(
2XWSXW (QDEOH &RQWURO
3'
3RZHU 'RZQ &RQWURO
''
9
3RZHU 6XSSO\
1&
1R &RQQHFWLRQ
*1'
57
*URXQG
9
7RS RI 5HIHUHQFH /DGGHU
95
&HQWHU RI 5HIHUHQFH /DGGHU
9
5%
%RWWRP RI 5HIHUHQFH /DGGHU
*1'
1&
9
9
*URXQG
1R &RQQHFWLRQ
,1
$QDORJ ,QSXW 9ROWDJH
''
3RZHU 6XSSO\
5HY ;5'/
3,1 '(6&5,37,21 /HDG 3ODVWLF 4)3 3DFNDJH
3LQ 6\PERO
'%
'*1'
*1'
*URXQG
*1'
*URXQG
*1'
*URXQG
''
'HVFULSWLRQ
'DWD 2XWSXW %LW 06%
*URXQG 2XWSXW
9
3RZHU 6XSSO\
&/.
6DPSOLQJ &ORFN ,QSXW
2(
2XWSXW (QDEOH &RQWURO
3'
3RZHU 'RZQ &RQWURO
''
9
*1'
3RZHU 6XSSO\
*URXQG
57
7RS RI 5HIHUHQFH /DGGHU
5%
%RWWRP RI 5HIHUHQFH /DGGHU
9
9
*1'
*URXQG
*1'
*URXQG
*1'
*URXQG
*1'
*URXQG
*1'
*URXQG
*1'
*URXQG
,1
$QDORJ ,QSXW 9ROWDJH WR $'&
''
3RZHU 6XSSO\
9
9
'9
3RZHU 6XSSO\ 2XWSXW
2):
2YHUIORZ 2XWSXW
'%
'DWD 2XWSXW %LW /6%
'%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW '%
'DWD 2XWSXW %LW ''
5HY ;5'/
3,1 '(6&5,37,21 /HDG 74)3 3DFNDJH
3LQ 6\PERO
'HVFULSWLRQ
'%
'LJLWDO 2XWSXW %LW /6%
'%
'LJLWDO 2XWSXW %LW '%
'LJLWDO 2XWSXW %LW '%
'LJLWDO 2XWSXW %LW '%
'LJLWDO 2XWSXW %LW 1&
1R &RQQHFWLRQ
1&
1R &RQQHFWLRQ
'%
'LJLWDO 2XWSXW %LW '%
'LJLWDO 2XWSXW %LW '%
'LJLWDO 2XWSXW %LW '%
'LJLWDO 2XWSXW %LW '%
'LJLWDO 2XWSXW %LW 06%
'*1'
1&
1R &RQQHFWLRQ
1&
1R &RQQHFWLRQ
*1'
1&
1R &RQQHFWLRQ
1&
1R &RQQHFWLRQ
9
3RZHU 6XSSO\
1&
1R &RQQHFWLRQ
1&
1R &RQQHFWLRQ
&/.
6DPSOH &ORFN
2(
2XWSXW (QDEOH 6WDWH &QWO
3'
3RZHU 'RZQ &RQWURO
1&
1R &RQQHFWLRQ
9
3RZHU 6XSSO\
1&
1R &RQQHFWLRQ
*1'
1&
9
7RS RI 5HIHUHQFH /DGGHU
1&
1R &RQQHFWLRQ
95
&HQWHU RI 5HIHUHQFH /DGGHU
1&
1R &RQQHFWLRQ
9
%RWWRP RI 5HIHUHQFH /DGGHU
1&
1R &RQQHFWLRQ
*1'
1&
1R &RQQHFWLRQ
1&
1R &RQQHFWLRQ
''
''
57
5%
*URXQG 'LJLWDO 2XWSXWV
*URXQG
*URXQG
1R &RQQHFWLRQ
*URXQG
5HY ;5'/
3,1 '(6&5,37,21 /HDG 74)3 3DFNDJH &217·'
3LQ 6\PERO
'HVFULSWLRQ
,1
9
$QDORJ ,QSXW 9ROWDJH
1&
1R &RQQHFWLRQ
1&
1R &RQQHFWLRQ
9
3RZHU 6XSSO\
1&
1R &RQQHFWLRQ
1&
1R &RQQHFWLRQ
''
''
'9
3RZHU 6XSSO\ 'LJLWDO 2XWSXWV
1&
1R &RQQHFWLRQ
1&
1R &RQQHFWLRQ
1&
1R &RQQHFWLRQ
5HY ;5'/
(/(&75,&$/ &+$5$&7(5,67,&6 7$%/(
7HVW &RQGLWLRQV 9'' '9'' 9 )6 0+] 'XW\ &\FOH
957 9 95% 9 7$ q& 8QOHVV 2WKHUZLVH 6SHFLILHG
6\PERO
3DUDPHWHU
.H\ )HDWXUHV
0LQ
7\S
Q
)
5HVROXWLRQ
0D[LPXP 6DPSOH 5DWH
'1/
,1/
'LIIHUHQWLDO 1RQ/LQHDULW\
,QWHJUDO 1RQ/LQHDULW\
(=6
()6
9
=HUR 6FDOH (UURU
)XOO 6FDOH (UURU
'& ,QSXW 5DQJH
*1'
6
'& $FFXUDF\
,133
0D[
8QLW
&RQGLWLRQV
%LWV
0636
/6%
/6%
9
P9
)6
9
''
%HVW )LW /LQH
0D[ ,1/ 0LQ ,1/
9 FDQ VZLQJ IURP *1' WR 9 DFWXDO GLJLWL]HG UDQJH LV VHW E\
9 9
,1
57
5HIHUHQFH
9
9
9
5
9ROWDJHV
7RS 5HIHUHQFH 9ROWDJH
%RWWRP 5HIHUHQFH 9ROWDJH
'LIIHUHQWLDO 5HI 9ROWDJH
/DGGHU 5HVLVWDQFH
*1'
,QSXW 9ROWDJH 5DQJH
9
57
5%
5()
/
$QDORJ ,QSXW
%:
,QSXW %DQGZLGWK G%
&,1
&,1
9
9 9
''
''
''
9
5%
57
''
5%
9
9
9
:
9
9 0LQ *1'
9 0D[ 9
5%
57
''
0+]
,QSXW &DSDFLWDQFH 6DPSOH
S)
&/.
/RZ
,QSXW &DSDFLWDQFH &RQYHUW
S)
&/.
+LJK
QV
SV
G%
)6
G%
)6
&RQYHUVLRQ &KDUDFWHU
W$3
$SHUWXUH 'HOD\
W$-
$SHUWXUH -LWWHU
'\QDPLF
6LJQDOWR1RLVH 5DWLR 615
),1
0+]
0636
615 DQG 'LVWRUWLRQ 61'5
),1
0+]
0636
'LJLWDO ,QSXWV
9,+
'LJLWDO ,QSXW +LJK 9ROWDJH
9,/
'LJLWDO ,QSXW /RZ 9ROWDJH
,,1
'& /HDNDJH &XUUHQWV
&/. 2( DQG 3'
9
9
³$
S)
&/. 2( DQG 3' EHWZHHQ *1'
DQG 9''
,QSXW &DSDFLWDQFH
5HY ;5'/
(/(&75,&$/ &+$5$&7(5,67,&6 7$%/( &217·'
6\PERO
3DUDPHWHU
0LQ
7\S
0D[
8QLW
'LJLWDO 2XWSXWV
&
92+
2XWSXW +LJK 9ROWDJH
92/
2XWSXW /RZ 9ROWDJH
,2=
+LJK= /HDNDJH
W'/
'DWD 9DOLG 'HOD\
W'(1
W'+=
&RQGLWLRQV
'DWD +LJK= 'HOD\
9
:KLOH 6LQNLQJ P$
³$
QV
QV
3LSHOLQH 'HOD\ /DWHQF\
S)
:KLOH 6RXUFLQJ P$
'DWD (QDEOH 'HOD\
287
9
2(
+LJK RU 3'
+LJK
QV
F\FOHV
7LPH 'HOD\ EHWZHHQ &/. DQG
'DWD 2XWSXW &RQVWDQW
3RZHU 6XSSOLHV
,''3'
9 ''
'9''
,''
3RZHU 'RZQ ,''
2SHUDWLQJ 9ROWDJH
/RJLF 3RZHU 6XSSO\
P$
9
9''
9
P$
6XSSO\ &XUUHQW
1RWHV
7HVWHU PHDVXUHV FRGH WUDQVLWLRQV E\ GLWKHULQJ WKH YROWDJH RI WKH DQDORJ LQSXW 9,1 7KH GLIIHUHQFH EHWZHHQ WKH PHDVXUHG DQG WKH
LGHDO FRGH ZLGWK 95() LV WKH '1/ HUURU 7KH ,1/ HUURU LV WKH PD[LPXP GLVWDQFH LQ /6%V IURP WKH EHVW ILW OLQH WR
DQ\ WUDQVLWLRQ YROWDJH $FFXUDF\ LV D IXQFWLRQ RI WKH VDPSOLQJ UDWH )6
6SHFLILHG YDOXHV JXDUDQWHH IXQFWLRQDOLW\ 5HIHU WR RWKHU SDUDPHWHUV IRU DFFXUDF\
*XDUDQWHHG 1RW WHVWHG
G% EDQGZLGWK LV D PHDVXUH RI SHUIRUPDQFH RI WKH $' LQSXW VWDJH 6+ DPSOLILHU 5HIHU WR RWKHU SDUDPHWHUV IRU DFFXUDF\
ZLWKLQ WKH VSHFLILHG EDQGZLGWK
6HH 9,1 HTXLYDOHQW FLUFXLW 6ZLWFKHG FDSDFLWRU DQDORJ LQSXW UHTXLUHV GULYHU ZLWK ORZ RXWSXW UHVLVWDQFH
$OO LQSXWV KDYH GLRGHV WR 9'' DQG *1' ,QSXW '& FXUUHQWV ZLOO QRW H[FHHG VSHFLILHG OLPLWV IRU DQ\ LQSXW YROWDJH EHWZHHQ *1' DQG
9'' 7KH *1' SLQV DUH FRQQHFWHG WKURXJK WKH VLOLFRQ VXEVWUDWH &RQQHFW DOO *1' SLQV WRJHWKHU DW WKH SDFNDJH DQG WR WKH DQDORJ
JURXQG SODQH '*1' DQG *1' DUH FRQQHFWHG WKURXJK MXQFWLRQ GLRGHV 6HH ORJLF RXWSXW LQWHUIDFH VHFWLRQ
7KH 9'' SLQV VKRXOG EH WLHG WRJHWKHU DW WKH SDFNDJH
6HH ORJLF RXWSXW LQWHUIDFH VHFWLRQ
6SHFLILFDWLRQV DUH VXEMHFW WR FKDQJH ZLWKRXW QRWLFH
$%62/87( 0$;,080 5$7,1*6 7$
q& XQOHVV RWKHUZLVH QRWHG
9'' WR *1' 9
957 95% 9'' WR *1' 9
9,1 9'' WR *1' 9
$OO ,QSXWV 9'' WR *1' 9
$OO 2XWSXWV 9'' WR *1' 9
1RWHV
6WRUDJH 7HPSHUDWXUH
WR q&
3DFNDJH 3RZHU 'LVVLSDWLRQ 5DWLQJ WR q&
3',3 62,& 74)3 6623 P:
'HUDWHV DERYH q& P:q&
/HDG 7HPSHUDWXUH 6ROGHULQJ VHFRQGV q&
6WUHVVHV DERYH WKRVH OLVWHG XQGHU ´$EVROXWH 0D[LPXP 5DWLQJVµ PD\ FDXVH SHUPDQHQW GDPDJH WR WKH GHYLFH 7KLV LV D
VWUHVV UDWLQJ RQO\ DQG IXQFWLRQDO RSHUDWLRQ DW RU DERYH WKLV VSHFLILFDWLRQ LV QRW LPSOLHG ([SRVXUH WR PD[LPXP UDWLQJ
FRQGLWLRQV IRU H[WHQGHG SHULRGV PD\ DIIHFW GHYLFH UHOLDELOLW\
$Q\ LQSXW SLQ ZKLFK FDQ VHH D YDOXH RXWVLGH WKH DEVROXWH PD[LPXP UDWLQJV VKRXOG EH SURWHFWHG E\ 6FKRWWN\ GLRGH FODPSV
+3 IURP LQSXW SLQ WR WKH VXSSOLHV $OO LQSXWV KDYH SURWHFWLRQ GLRGHV ZKLFK ZLOO SURWHFW WKH GHYLFH IURP VKRUW
WUDQVLHQWV RXWVLGH WKH VXSSOLHV RI OHVV WKDQ P$ IRU OHVV WKDQ 9'' UHIHUV WR $9'' DQG '9'' *1' UHIHUV WR $*1' DQG '*1'
5HY PV
;5'/
W3:/
)6
W
3:+
1 1
1 &/.
3LSHOLQH 'HOD\
W
$3
1
1
$QDORJ
,QSXW
,1
9
'$7$
'%'% DQG 2):
6DPSOLQJ
3RLQWV
W
1 1 '/
1 1
)LJXUH ;5'/ 7LPLQJ 'LDJUDP
2(
W
'$7$
'+=
W
'%'% DQG 2):
+LJK
,PSHGDQFH
)LJXUH 7KUHH6WDWH 7LPLQJ 'LDJUDP
5HY '(1
1
;5'/
7+(25< 2) 23(5$7,21
9,1 $QDORJ ,QSXW
7KLV SDUW KDV D VZLWFKHG FDSDFLWRU VDPSOLQJ LQSXW FLUFXLW
2(
'%2'%
2):
(QDEOHG
(QDEOHG
+LJK=
+LJK=
7KH LQSXW LPSHGDQFH FKDQJHV ZLWK WKH SKDVH RI WKH LQSXW
FORFN 9,1 LV VDPSOHG RQ WKH ORZ WR KLJK FORFN WUDQVLWLRQ
7DEOH 2XWSXW (QDEOH
DQG WKH GLJLWDO GDWD XSGDWHV RQ WKH ORZ WR KLJK FORFN
WUDQVLWLRQ
7KH GLDJUDP )LJXUH VKRZV DQ HTXLYDOHQW
/RJLF 2XWSXW ,QWHUIDFH
LQSXW FLUFXLW
9
7KH GLJLWDO RXWSXW GULYH FLUFXLWU\ RI WKH ;5'/ ZDV
''
GHVLJQHG WR RSHUDWH VHSDUDWHO\ IURP WKH DQDORJ VXSSOLHV
&/.
:
9
S)
7KH '9'' SLQ RI WKH ;5'/ LV D VHSDUDWH SRZHU
:
VXSSO\ GHGLFDWHG WR WKH ORJLF RXWSXW GULYHUV '9'' LV QRW
,1
&/.
S)
57
9
*1'
5% 9
FRQQHFWHG LQWHUQDOO\ ZLWK DQ\ RI WKH RWKHU SRZHU VXSSOLHV
S)
&
/
)LJXUH LOOXVWUDWHV WKH SRZHU VXSSO\ FLUFXLWU\ RI WKH
;5'/
'9'' DQG '*1' FRQQHFW GLUHFWO\ WR WKH GLJLWDO ORJLF
SRZHU RI WKH XVHU·V V\VWHP LVRODWLQJ WKH DQDORJ DQG GLJLWDO
)LJXUH (TXLYDOHQW ,QSXW &LUFXLW
SRZHU VXSSOLHV DQG JURXQGV '*1' LV QRW FRPPRQ WR WKH
;5'/
VXEVWUDWH
7KH
;5'/
VXEVWUDWH
LV
FRPPRQ RQO\ WR WKH SDFNDJHV· *1' SLQV
2): 2YHUIORZ
9''
2XWSXW
6RXUFHERG\ MXQFWLRQ GLRGH
'9''
EHWZHHQ '9''
9''
7KLV VLJQDO LQGLFDWHV ZKHQ WKH $QDORJ ,QSXW 9,1 JRHV
DERYH 957 7KH SLQ LV QRUPDOO\ DW D ORZ ORJLF OHYHO :KHQ
9,1 ! 957 2): ZLOO JR KLJK DQG WKH GDWD ELWV '% '%
ZLOO VKRZ IXOO VFDOH LH DOO V
'%
2):
$' &LUFXLW
2( 2XWSXW (QDEOH ,QSXW
7KLV VLJQDO FRQWUROV WKH VWDWH GULYHUV RQ WKH GLJLWDO
RXWSXWV '% '% DQG 2): 'XULQJ QRUPDO RSHUDWLRQ
2( VKRXOG EH KHOG ORZ VR WKDW DOO RXWSXWV DUH HQDEOHG
*1'
:KHQ 2( LV GULYHQ KLJK '% '% DQG 2): JR LQWR KLJK
'*1'
)LJXUH ;5'/ $'& 3RZHU 6XSSO\
&LUFXLW $OORZV 6HSDUDWH 9'' '9'' DQG
6HSDUDWH *1' '*1'
LPSHGDQFH PRGH 7KLV FRQWURO RSHUDWHV DV\QFKURQRXV WR
WKH FORFN DQG ZLOO RQO\ FRQWURO WKH RXWSXW GULYHUV
6RXUFHERG\ MXQFWLRQ
GLRGH EHWZHHQ '*1'
*1'
7KH
LQWHUQDO RXWSXW UHJLVWHU ZLOO JHW XSGDWHG LI WKH FORFN LV
UXQQLQJ ZKLOH WKH RXWSXWV DUH LQ WKUHHVWDWH PRGH
5HY ;5'/
3RZHU 6XSSO\ 6HTXHQFLQJ
7KHUH DUH QR SRZHU VXSSO\ VHTXHQFLQJ LVVXHV LI '9''
DQG 9'' RI WKH ;5'/ DUH GULYHQ IURP WKH VDPH
VXSSO\ :KHQ '9'' DQG 9'' DUH GULYHQ VHSDUDWHO\ 9''
PXVW FRPH XS DW WKH VDPH WLPH RU EHIRUH '9'' DQG JR
GRZQ DW WKH VDPH WLPH RU DIWHU '9'' ,I WKH SRZHU VXSSO\
VHTXHQFLQJLQWKLV FDVHLV QRWIROORZHGWKHQ GDPDJHPD\
RFFXU WR WKH SURGXFW GXH WR FXUUHQW IORZ WKURXJK WKH
VRXUFHERG\MXQFWLRQGLRGHV EHWZHHQ'9'' DQG 9'' $Q
H[WHUQDO GLRGH OD\HG RXW FORVH WR WKH
FRQYHUWHU IURP '9'' WR 9'' SUHYHQWV GDPDJH IURP
RFFXUULQJ ZKHQ SRZHU LV F\FOHG LQFRUUHFWO\
3'
'HYLFH 6WDWXV
+LJK
2II 1RW 2SHUDWLQJ
/RZ
2Q 2SHUDWLQJ
7DEOH 3RZHU 'RZQ
9''
9,1
56
&,1
S)
;5'/
'9''
/DWFK
*1'
'*1'
)LJXUH &URVVSORW 6WDLUFDVH 2XWSXW
&/.
UI
5()
0636 W
9
''
QV 9
)LJXUH ))7 7HVW &LUFXLW
5HIHU WR ;5'/ $SSOLFDWLRQ %RDUG
9
1RWH IRU 'HWDLOV
9
5HY ;5'/
),1$/ '(6,*1 &216,'(5$7,216
95% FRXOG EH EXIIHUHG WR P9 DERYH JURXQG DQG
VWLOO KDYH D ZLGH UHIHUHQFH YROWDJH UDQJH VHW E\ FRQ
7KH ;5'/ FDQ EH HYDOXDWHG ZLWK WKH ;5'$%
DSSOLFDWLRQ ERDUG &RQWDFW \RXU GLVWULEXWRU RU VDOHV
:
SHUVRQ IRU GHOLYHU\ 8VLQJ WKH ;5'$% WKH IROORZLQJ
ILQDO GHVLJQ FRQVLGHUDWLRQV FDQ EH PDGH
%H JHQHURXV ZLWK DQDORJ DQG GLJLWDO JURXQG SODQHV
0LUURUWKH JURXQG SODQH ZLWKWKH VXSSO\ SODQHV 8VH
DPLOSRZHUJURXQGSODQHVHSDUDWLRQLIDIRXU OD\HU
ERDUG FDQ EH XVHG 7KH ;5'/ VXEVWUDWH LV
FRPPRQWRWKHSDFNDJHV·*1'SLQVRQO\'*1'DQG
'9'' DUH VHSDUDWH VXSSOLHV GHGLFDWHG WR WKH RXWSXW
ORJLF GULYHUV RI WKH ;5'/ &RQQHFW '*1' DQG 3(5)250$1&( &+$5$&7(5,67,&6
'9'' WR WKH SRZHU SODQHVRI WKH V\VWHP·V GLJLWDO ORJ
LF
.HHS KLJK IUHTXHQF\ GHFRXSOLQJ FDSDFLWRUV YHU\
FORVH WR WKH $' SLQV DQG PLQLPL]H WKH ORRS DUHD LQ
FOXGHG VR OHVV IOX[ ZLOO LQGXFH OHVV QRLVH 8VH GH
FRXSOLQJ FDSDFLWRUV LQ WKH VDPH ORFDWLRQV DV RQ WKH
;5'$%
&RXSOLQJ EHWZHHQ ORJLF VLJQDOV DQG DQDORJ FLUFXLWU\
FDQ HDVLO\ FKDQJH D ELW V\VWHP LQWR DQ ELW V\V
WHP RU ZRUVH &RPSOHWHO\ VHSDUDWH WKHP :DWFK IRU
FRXSOLQJ RSSRUWXQLWLHV IURP RWKHU VRXUFHV QRW LP
PHGLDWHO\DVVRFLDWHGZLWK WKH$''RQ·WXVHVZLWFK
LQJ SRZHU VXSSOLHV LQ DGMDFHQW ORFDWLRQV IRU H[DP
)LJXUH ;5'/ '1/ # 0636
SOH
9
9'' 9 9 9 9
7KH '& SHUIRUPDQFH RI WKH ;5'/ LV RSWLPL]HG
ZLWK ULVH DQG IDOO WLPHV RI &/. HGJHV OLPLWHG WR JUHDW
HU WKDQ RU HTXDO WR QV $ UHVLVWRU LQ VHULHV ZLWK WKH
&/. LQSXW SLQ FDQ FRPELQH ZLWK SDUDVLWLF FDSDFL
WDQFH WR OLPLW ULVH DQG IDOO WLPHV 6HOHFW D ORZ MLWWHU
FORFN ZLWK D GXW\ F\FOH IRU EHVW VSHFWUDO UHVXOWV
8VH VXSSRUWGHYLFHV HTXLYDOHQW WR WKRVHXVHG RQ WKH
HYDOXDWLRQERDUG8VH WKHDSSOLFDWLRQERDUGWR YHULI\
WKHVH GHYLFHV XS IURQW LH XVH YHU\ OLQHDU SDVVLYH
FRPSRQHQWV LQ WKH VLJQDO SDWK
6HOHFWD GULYLQJRSDPS ZKRVHQRLVHVSHHG DQGOLQ
HDULW\ ILWV WKH DSSOLFDWLRQ 8VH D UHVLVWRU WR GHFRXSOH
WKH RXWSXW RI WKH GULYLQJ RS DPS IURP WKH VZLWFKLQJ
LQSXW FDSDFLWDQFH RI WKH ;5'/
'1/ DQG ,1/ SHUIRUPDQFH LV RSWLPL]HG ZKHQ WKH
95
)LJXUH ;5'/ ,1/ # 0636
QHFWLQJ 957 WR D YROWDJH QHDU 9''
8VH RU UHVLVWRUV WR LVRODWH WKH ;5'/
GLJLWDO RXWSXW SLQV IURP D ODWFK RU EXV FRQQHFWLRQ
7KLV SURWHFWV WKH RXWSXW GULYHUV DQG UHGXFHV WKH HI
IHFWV RI KLJK VSHHG VZLWFKLQJ ORJLF VLJQDOV IURP GH
JUDGLQJ WKH $'& SHUIRUPDQFH /D\RXW WKH ODWFK RU
GLJLWDO EXIIHUV DV FORVH WR WKH $'& DV SRVVLEOH WR
PLQLPL]H WUDFH OHQJWK
/6%
&2'(
57
5%
/6%
&2'(
%
LQSXW RI WKH ;5'/ LV EXIIHUHG ,I 95% LV FRQ
QHFWHG WR WKH 3&% JURXQG SODQH LW LV VXEMHFW WR WKH
9
''
QRLVH DQG JURXQG ERXQFH LQ WKDW SODQH )RU H[DPSOH
5HY 9 9
57
9 9
5%
9
;5'/
615 9 UHI
G%
61'5 9 UHI
G%
615 9 UHI
61'5 9 UHI
)LJXUH ;5'/ 615 61'5 YV ) 9 '9
9 9
9 9
9
) 0636 & S)
5()
5()
6
)LJXUH ;5'/ ))7 9
9 ) N+] )
'9
& S)
,1
''
),1 )6
,QSXW )UHTXHQF\ .+]
''
''
,1
,1
6
9
9
0636
''
,1
615 9 UHI
615 9 UHI
61'5 9 UHI
615 9 UHI
G%
G%
61'5 9 UHI
615 9 UHI
61'5 9 UHI
61'5 9 UHI
,QSXW )UHTXHQF\ .+]
,QSXW )UHTXHQF\ .+]
)LJXUH ;5'/ 615 61'5 YV ) 9 '9
9 9
9 9
9
) 0636 & S)
)LJXUH ;5'/ 615 61'5 YV ) 9 '9
9 9
9 9
9
) 0636 & S)
,1
''
''
6
,1
5()
''
,1
''
6
5HY 5()
,1
;5'/
/($' 3/$67,& '8$/,1/,1(
0,/ 3',3
5HY (
(
'
6HDWLQJ
3ODQH
$
$
/
$
%
%
H
6<0%2/
$
$
$
%
%
D
,1&+(6
0,1
0$;
H$
H%
0,//,0(7(56
0,1
0$;
&
'
(
(
H
$
H
H
%
/
D
1RWH
%6&
%6&
%6&
%6&
q
q
q
7KH FRQWURO GLPHQVLRQ LV WKH LQFK FROXPQ
5HY q
&
;5'/
/($' 60$// 287/,1(
0,/ -('(& 62,&
5HY '
( +
&
6HDWLQJ
3ODQH
H
%
$
D
$
/
6<0%2/
$
,1&+(6
0,1
0$;
0,//,0(7(56
0,1
0$;
$
%
&
'
(
H
%6&
%6&
+
/
D
1RWH
q
q
q
7KH FRQWURO GLPHQVLRQ LV WKH PLOOLPHWHU FROXPQ
5HY q
;5'/
/($' 6+5,1. 60$// 287/,1( 3$&.$*(
PP 6623
5HY '
( +
6HDWLQJ
3ODQH
&
$
H
%
$
D
$
/
6<0%2/
$
$
$
,1&+(6
0,1
0$;
0,//,0(7(56
0,1
0$;
%
&
'
(
H
%6&
%6&
+
/
D
1RWH
q
q
q
7KH FRQWURO GLPHQVLRQ LV WKH PLOOLPHWHU FROXPQ
5HY q
;5'/
/($' 7+,1 48$' )/$7 3$&.
[ [ PP 74)3
5HY '
'
' '
H
$
%
&
$
6HDWLQJ 3ODQH
6<0%2/
$
$
$
D
$
/
,1&+(6
0,1
0$;
0,//,0(7(56
0,1
0$;
%
&
'
'
H
/
D
1RWH
%6&
q
q
%6&
q
7KH FRQWURO GLPHQVLRQ LV WKH PLOOLPHWHU FROXPQ
5HY q
;5'/
/($' 7+,1 48$' )/$7 3$&.
[ [ PP 74)3
5HY '
'
' '
%
H
$
&
$
6HDWLQJ 3ODQH
D
$
/
6<0%2/
$
$
$
,1&+(6
0,1
0$;
0,//,0(7(56
0,1
0$;
%
&
'
'
H
/
D
1RWH
%6&
q
q
%6&
q
7KH FRQWURO GLPHQVLRQ LV WKH PLOOLPHWHU FROXPQ
5HY q
;5'/
127,&(
(;$5 &RUSRUDWLRQ UHVHUYHV WKH ULJKW WR PDNH FKDQJHV WR WKH SURGXFWV FRQWDLQHG LQ WKLV SXEOLFDWLRQ LQ RUGHU WR LP
SURYH GHVLJQ SHUIRUPDQFH RU UHOLDELOLW\ (;$5 &RUSRUDWLRQ DVVXPHV QR UHVSRQVLELOLW\ IRU WKH XVH RI DQ\ FLUFXLWV GH
VFULEHG KHUHLQ FRQYH\V QR OLFHQVH XQGHU DQ\ SDWHQW RU RWKHU ULJKW DQG PDNHV QR UHSUHVHQWDWLRQ WKDW WKH FLUFXLWV DUH
IUHH RI SDWHQW LQIULQJHPHQW &KDUWV DQG VFKHGXOHV FRQWDLQHG KHUH LQ DUH RQO\ IRU LOOXVWUDWLRQ SXUSRVHV DQG PD\ YDU\
GHSHQGLQJ XSRQ D XVHU·V VSHFLILF DSSOLFDWLRQ :KLOH WKH LQIRUPDWLRQ LQ WKLV SXEOLFDWLRQ KDV EHHQ FDUHIXOO\ FKHFNHG
QR UHVSRQVLELOLW\ KRZHYHU LV DVVXPHG IRU LQDFFXUDFLHV
(;$5 &RUSRUDWLRQ GRHV QRW UHFRPPHQG WKH XVH RI DQ\ RI LWV SURGXFWV LQ OLIH VXSSRUW DSSOLFDWLRQV ZKHUH WKH IDLOXUH RU
PDOIXQFWLRQ RI WKH SURGXFW FDQ UHDVRQDEO\ EH H[SHFWHG WR FDXVH IDLOXUH RI WKH OLIH VXSSRUW V\VWHP RU WR VLJQLILFDQWO\
DIIHFW LWV VDIHW\ RU HIIHFWLYHQHVV 3URGXFWV DUH QRW DXWKRUL]HG IRU XVH LQ VXFK DSSOLFDWLRQV XQOHVV (;$5 &RUSRUDWLRQ
UHFHLYHV LQ ZULWLQJ DVVXUDQFHV WR LWV VDWLVIDFWLRQ WKDW D WKH ULVN RI LQMXU\ RU GDPDJH KDV EHHQ PLQLPL]HG E WKH
XVHU DVVXPHV DOO VXFK ULVNV F SRWHQWLDO OLDELOLW\ RI (;$5 &RUSRUDWLRQ LV DGHTXDWHO\ SURWHFWHG XQGHU WKH FLUFXP
VWDQFHV
&RS\ULJKW (;$5 &RUSRUDWLRQ
'DWDVKHHW 0DUFK 5HSURGXFWLRQ LQ SDUW RU ZKROH ZLWKRXW WKH SULRU ZULWWHQ FRQVHQW RI (;$5 &RUSRUDWLRQ LV SURKLELWHG
5HY