You are on page 1of 18

%22.

&+$37(5

5HFRJQL]LQJD3OHXUDO(IIXVLRQ
:LOOLDP+HUULQJ0')$&5
/HDUQLQJ5DGLRORJ\&KDSWHU

1RUPDO$QDWRP\DQG3K\VLRORJ\RIWKH3OHXUDO6SDFH
1RUPDO$QDWRP\
7KHSDULHWDOSOHXUDOLQHVWKHLQVLGHRIWKHWKRUDFLFFDJHDQGWKHYLVFHUDOSOHXUD
DGKHUHVWRWKHVXUIDFHRIWKHOXQJSDUHQFK\PDLQFOXGLQJLWVLQWHUIDFHZLWKWKH
PHGLDVWLQXPDQGGLDSKUDJP VHH&KDSWHU 7KHHQIROGHGYLVFHUDOSOHXUDIRUPVWKH
LQWHUOREDUILVVXUHVWKHPDMRU REOLTXH DQGPLQRU KRUL]RQWDO RQWKHULJKWDQG
RQO\WKHPDMRURQWKHOHIW7KHVSDFHEHWZHHQWKHYLVFHUDODQGSDULHWDOSOHXUD LHWKH
SOHXUDOVSDFH LVDSRWHQWLDOVSDFHQRUPDOO\FRQWDLQLQJRQO\DERXWWRP/RI
SOHXUDOIOXLG

1RUPDO3K\VLRORJ\
1RUPDOO\VHYHUDOKXQGUHGPLOOLOLWHUVRISOHXUDOIOXLGDUHSURGXFHGDQGUHDEVRUEHGHDFK
GD\)OXLGLVSURGXFHGSULPDULO\DWWKHSDULHWDOSOHXUDIURPWKHSXOPRQDU\FDSLOODU\
EHGDQGLVUHVRUEHGERWKDWWKHYLVFHUDOSOHXUDDQGE\O\PSKDWLFGUDLQDJH
WKURXJKWKHSDULHWDOSOHXUD

0RGDOLWLHVIRU'HWHFWLQJ3OHXUDO(IIXVLRQV
&RQYHQWLRQDOUDGLRJUDSK\LVXVXDOO\WKHILUVWVWHSLQWKHGHWHFWLRQRIDSOHXUDOHIIXVLRQ
2WKHUPRGDOLWLHVXVHGLQFOXGHFRPSXWHGWRPRJUDSK\ &7 DQGXOWUDVRQRJUDSK\
86 &7DQG86DUHERWKVHQVLWLYHLQGHWHFWLQJVPDOODPRXQWVRIIOXLG&7LVEHVWIRU
HYDOXDWLQJWKHGLVHDVHXQGHUO\LQJWKHHIIXVLRQRULQFRPSOHWHRSDFLILFDWLRQRIWKHKHPLWKRUD[
E\HIIXVLRQ86LVHVSHFLDOO\KHOSIXOIRUJXLGLQJDQLQWHUYHQWLRQWRUHPRYHWKHSOHXUDOIOXLG
7KHIXQGDPHQWDODSSHDUDQFHVRISOHXUDOHIIXVLRQDUHVLPLODUUHJDUGOHVVRIWKHPRGDOLW\
XVHG

&DXVHVRI3OHXUDO(IIXVLRQV
)OXLGDFFXPXODWHVLQWKHSOHXUDOVSDFHZKHQWKHUDWHDWZKLFKWKHIOXLGIRUPVH[FHHGVWKH
UDWHRIE\ZKLFKLWLVFOHDUHG
z7KHUDWHRIIRUPDWLRQPD\EHLQFUHDVHGE\
,QFUHDVLQJK\GURVWDWLFSUHVVXUHDVLQOHIWKHDUWIDLOXUH
'HFUHDVLQJFROORLGRVPRWLFSUHVVXUHDVLQK\SRSURWHLQHPLD

,QFUHDVLQJFDSLOODU\SHUPHDELOLW\DVFDQRFFXULQWR[LFGLVUXSWLRQRIWKH
FDSLOODU\PHPEUDQHLQSQHXPRQLDRUK\SHUVHQVLWLYLW\UHDFWLRQV
z7KHUDWHRIUHVRUSWLRQFDQGHFUHDVHE\
'HFUHDVHGDEVRUSWLRQRIIOXLGE\O\PSKDWLFVGXHHLWKHUWR
O\PSKDQJLWLFEORFNDGHE\WXPRURUWRLQFUHDVHGYHQRXVSUHVVXUHWKDW
GHFUHDVHVWKHUDWHRIIOXLGWUDQVSRUWYLDWKHWKRUDFLFGXFW
'HFUHDVHGSUHVVXUHLQWKHSOHXUDOVSDFHDVLQDWHOHFWDVLVRIWKHOXQJGXH
WREURQFKLDOREVWUXFWLRQ
3OHXUDOHIIXVLRQVFDQDOVRIRUPZKHQWKHUHLVWUDQVSRUWRISHULWRQHDOIOXLGIURP
WKHDEGRPLQDOFDYLW\WKURXJKWKHGLDSKUDJPRUYLDO\PSKDWLFVIURPDVXEGLDSKUDJPDWLF
SURFHVV 7DEOH W  
7$%/(
620(&$86(62)3/(85$/())86,216

&DXVH

([DPSOHV

([FHVVIRUPDWLRQRIIOXLG

&RQJHVWLYHKHDUWIDLOXUH
+\SRSURWHLQHPLD
3DUDSQHXPRQLFHIIXVLRQV
+\SHUVHQVLWLYLW\UHDFWLRQV

'HFUHDVHGUHVRUSWLRQRIIOXLG

/\PSKDQJLWLFEORFNDGHGXHWRWXPRU
(OHYDWHGFHQWUDOYHQRXVSUHVVXUH
'HFUHDVHGLQWUDSOHXUDOSUHVVXUH

7UDQVSRUWIURPSHULWRQHDOFDYLW\ $VFLWHV

7\SHVRI3OHXUDO(IIXVLRQV
3OHXUDOHIIXVLRQVDUHGLYLGHGLQWRWUDQVXGDWHVRUH[XGDWHVGHSHQGLQJRQWKHLU
SURWHLQFRQWHQWDQGWKHLUODFWDWHGHK\GURJHQDVHFRQFHQWUDWLRQV
7UDQVXGDWHVWHQGWRIRUPZKHQWKHUHLVLQFUHDVHGFDSLOODU\K\GURVWDWLFSUHVVXUH
RUGHFUHDVHGRVPRWLFSUHVVXUH7KHLUFDXVHVLQFOXGH
z&RQJHVWLYHKHDUWIDLOXUHSULPDULO\OHIWKHDUWIDLOXUHLVWKHPRVWFRPPRQFDXVH
RIDWUDQVXGDWLYHSOHXUDOHIIXVLRQ
z+\SRDOEXPLQHPLD
z&LUUKRVLV
z1HSKURWLFV\QGURPH

([XGDWHVWHQGWREHWKHUHVXOWRILQIODPPDWLRQ
z7KHPRVWFRPPRQFDXVHRIDQH[XGDWLYHSOHXUDOHIIXVLRQLVPDOLJQDQF\
z$QHPS\HPDLVDQH[XGDWHFRQWDLQLQJSXV
z,QDKHPRWKRUD[WKHIOXLGKDVDKHPDWRFULWWKDWLV!RIWKHEORRGKHPDWRFULW
z$FK\ORWKRUD[FRQWDLQVLQFUHDVHGWULJO\FHULGHVRUFKROHVWHURO

6LGH6SHFLILFLW\RI3OHXUDO(IIXVLRQV
&HUWDLQGLVHDVHVWHQGWRSURGXFHSOHXUDOHIIXVLRQVLQRQHKHPLWKRUD[RUWKHRWKHURULQ
ERWK
'LVHDVHVWKDWXVXDOO\SURGXFHELODWHUDOHIIXVLRQV
z&RQJHVWLYHKHDUWIDLOXUHXVXDOO\SURGXFHVDERXWWKHVDPHDPRXQWRIIOXLGLQ
HDFKKHPLWKRUD[,IWKHUHDUHPDUNHGO\GLIIHUHQWDPRXQWVLQHDFKKHPLWKRUD[
VXVSHFWDSDUDSQHXPRQLFHIIXVLRQRUPDOLJQDQF\RQWKHVLGHZLWKWKHJUHDWHU
YROXPHRIIOXLG
z/XSXVHU\WKHPDWRVXVXVXDOO\SURGXFHVELODWHUDOHIIXVLRQVEXWZKHQXQLODWHUDOLW
LVXVXDOO\OHIWVLGHG
'LVHDVHVWKDWFDQSURGXFHHIIXVLRQVRQHLWKHUVLGH EXWXVXDOO\XQLODWHUDO DUH
z7XEHUFXORVLVDQGRWKHUH[XGDWLYHHIIXVLRQVDVVRFLDWHGZLWKLQIHFWLRXVDJHQWV
LQFOXGLQJYLUXVHV
z3XOPRQDU\WKURPERHPEROLFGLVHDVH
z7UDXPD
'LVHDVHVWKDWXVXDOO\SURGXFHOHIWVLGHGHIIXVLRQVDUH
z3DQFUHDWLWLV
z'LVWDOWKRUDFLFGXFWREVWUXFWLRQ
z'UHVVOHUV\QGURPH %R[ E )LJ I  
%2;

'UHVVOHU6\QGURPH
$OVRNQRZQDVSRVWSHULFDUGLRWRP\SRVWP\RFDUGLDOLQIDUFWLRQV\QGURPH
7\SLFDOO\RFFXUVWRZHHNVDIWHUDWUDQVPXUDOP\RFDUGLDOLQIDUFWSURGXFLQJD
OHIWSOHXUDOHIIXVLRQSHULFDUGLDOHIIXVLRQDQGSDWFK\DLUVSDFHGLVHDVHDWWKHOHIW
OXQJEDVH$VVRFLDWHGZLWKFKHVWSDLQDQGIHYHULWXVXDOO\UHVSRQGVWRKLJKGRVH
DVSLULQRUVWHURLGV

),*85(
'UHVVOHUV\QGURPH SRVWSHULFDUGLRWRP\SRVWP\RFDUGLDOLQIDUFWLRQV\QGURPH 
7KHUHLVDOHIWSOHXUDOHIIXVLRQSUHVHQW VROLGEODFNDUURZVLQ$DQG% 7KLVV\QGURPHW\SLFDOO\
RFFXUVWRZHHNVDIWHUDWUDQVPXUDOP\RFDUGLDOLQIDUFW,WDOVRFDQRFFXUIROORZLQJ
SHULFDUGLRWRP\VXFKDVWKDWZKLFKRFFXUVLQSDWLHQWVXQGHUJRLQJFRURQDU\DUWHU\E\SDVVVXUJHU\
DVLQWKHFDVHVKRZQKHUH7KHFRPELQDWLRQRIFKHVWSDLQDQGIHYHUOHIWSOHXUDOHIIXVLRQSDWFK\
OHIWORZHUOREHDLUVSDFHGLVHDVHDQGSHULFDUGLDOHIIXVLRQVHYHUDOZHHNVIROORZLQJDP\RFDUGLDO
LQIDUFWLRQRURSHQKHDUWVXUJHU\VKRXOGVXJJHVWWKHV\QGURPH,WXVXDOO\UHVSRQGVWRKLJKGRVH
DVSLULQRUVWHURLGV7KLVSDWLHQWKDVDGXDOOHDGSDFHPDNHULQSODFHDQGRQWKHODWHUDOSURMHFWLRQ
% WKHOHDGVDUHVHHQLQWKHUHJLRQRIWKHULJKWDWULXP GRWWHGEODFNDUURZ DQGULJKWYHQWULFOH
DUURZKHDG 

'LVHDVHVWKDWXVXDOO\SURGXFHULJKWVLGHGHIIXVLRQVDUH
z$EGRPLQDOGLVHDVHUHODWHGWRWKHOLYHURURYDULHV VRPHRYDULDQWXPRUVFDQ
EHDVVRFLDWHGZLWKDULJKWSOHXUDOHIIXVLRQDQGDVFLWHV>0HLJVV\QGURPH@
z5KHXPDWRLGDUWKULWLVZKLFKFDQSURGXFHDQHIIXVLRQWKDWUHPDLQVXQFKDQJHG
IRU\HDUV
z3UR[LPDOWKRUDFLFGXFWREVWUXFWLRQ

5HFRJQL]LQJWKH'LIIHUHQW$SSHDUDQFHVRI3OHXUDO(IIXVLRQV
)RUFHVWKDWLQIOXHQFHWKHDSSHDUDQFHRISOHXUDOIOXLGRQDFKHVWUDGLRJUDSKGHSHQGRQWKH
SRVLWLRQRIWKHSDWLHQWWKHIRUFHRIJUDYLW\WKHDPRXQWRIIOXLGDQGWKHGHJUHHRIHODVWLF
UHFRLORIWKHOXQJ
7KHGHVFULSWLRQVWKDWIROORZXQOHVVRWKHUZLVHLQGLFDWHGDVVXPHWKHSDWLHQWLVLQWKH
XSULJKWSRVLWLRQ

6XESXOPRQLF(IIXVLRQV
,WLVEHOLHYHGWKDWDOPRVWDOOSOHXUDOHIIXVLRQVILUVWFROOHFWLQDVXESXOPRQLF
ORFDWLRQEHQHDWKWKHOXQJEHWZHHQWKHSDULHWDOSOHXUDOLQLQJWKHVXSHULRUVXUIDFHRIWKH
GLDSKUDJPDQGWKHYLVFHUDOSOHXUDXQGHUWKHORZHUOREH

,IWKHHIIXVLRQUHPDLQVHQWLUHO\VXESXOPRQLFLQORFDWLRQLWFDQEHGLIILFXOWWRGHWHFWRQ
FRQYHQWLRQDOUDGLRJUDSKVH[FHSWIRUFRQWRXUDOWHUDWLRQVLQZKDWDSSHDUVWREHWKH
KHPLGLDSKUDJPEXWLVDFWXDOO\WKHIOXLGOXQJLQWHUIDFHEHQHDWKWKHOXQJ
7KHGLIIHUHQWDSSHDUDQFHVRIVXESXOPRQLFHIIXVLRQVDUHVXPPDUL]HGLQ7DEOH W 
)LJ I DQG)LJ I  
7$%/(
5(&2*1,=,1*$68%32/021,&())86,21

5LJKW6LGH)LQGLQJV VHH)LJ I 

/HIW6LGH)LQGLQJV VHH)LJ I 

)URQWDO9LHZ

/DWHUDO9LHZ

)URQWDO9LHZ

/DWHUDO9LHZ

7KHKLJKHVW
SRLQWRIWKH
DSSDUHQW
KHPLGLDSKUDJP
 KO LV
GLVSODFHGPRUH
ODWHUDOO\WKDQ
ZRXOGWKH
KLJKHVWSRLQWRI
DQRUPDO

3RVWHULRUO\WKH
DSSDUHQW
KHPLGLDSKUDJPKDVD
FXUYHGDUFEXWDVLW
PHHWVWKHMXQFWLRQZLWK
WKHPDMRUILVVXUHWKH
DSSDUHQW
KHPLGLDSKUDJP
KO DVVXPHVD
IODWHGJHWKDWGURSV

,QFUHDVHGGLVWDQFH
EHWZHHQWKH
VWRPDFKEXEEOHDQG
WKHDSSDUHQWOHIW
KHPLGLDSKUDJP
VKRXOGQRUPDOO\EH
RQO\DERXWFP
IURPWRSRIVWRPDFK
EXEEOHWRERWWRPRI
DHUDWHGOHIWORZHU

3RVWHULRUO\WKH
DSSDUHQW
KHPLGLDSKUDJPKDVD
FXUYHGDUFEXWDVLW
PHHWVWKHMXQFWLRQZLWK
WKHPDMRUILVVXUHWKH
DSSDUHQW
KHPLGLDSKUDJP
KO DVVXPHVD
IODWHGJHWKDWGURSV

OREH 
7KHKLJKHVWSRLQWRI
WKHDSSDUHQW
KHPLGLDSKUDJP
KO LV
GLVSODFHGPRUH
ODWHUDOO\WKDQZRXOG
WKHKLJKHVWSRLQWRI
DQRUPDO
KHPLGLDSKUDJP

VKDUSO\WRWKHDQWHULRU
FKHVWZDOO

KHPLGLDSKUDJP VKDUSO\WRWKHDQWHULRU
0RUHGLIILFXOWWR FKHVWZDOO
UHFRJQL]HWKDQ
OHIWVLGHG
VXESXOPRQLF
HIIXVLRQV
EHFDXVHWKH
OLYHULVWKH
VDPHGHQVLW\
DVWKHSOHXUDO
IOXLGDERYHLW

7KHWHUPDSSDUHQWKHPLGLDSKUDJPLVXVHGEHFDXVHWKHVKDGRZEHLQJFDVWLVDFWXDOO\
IURPWKHVXESXOPRQLFIOXLGLQWHUIDFLQJZLWKWKHOXQJ7KHDFWXDOKHPLGLDSKUDJPLVLQYLVLEOH
VLOKRXHWWHGE\WKHVRIWWLVVXHLQWKHDEGRPHQEHORZLWDQGWKHSOHXUDOIOXLGDERYHLW

),*85(
5LJKWVLGHGVXESXOPRQLFHIIXVLRQ
$,QWKHIURQWDOSURMHFWLRQWKHDSSDUHQWULJKWKHPLGLDSKUDJPDSSHDUVWREHHOHYDWHG EODFNDUURZ 7KLV
HGJHGRHVQRWUHSUHVHQWWKHDFWXDOULJKWKHPLGLDSKUDJPZKLFKKDVEHHQUHQGHUHGLQYLVLEOHE\WKH
SOHXUDOIOXLGWKDWKDVDFFXPXODWHGDERYHLWLWLVWKHLQWHUIDFHEHWZHHQWKHHIIXVLRQDQGWKHEDVHRIWKH
OXQJ WKXVWKHWHUPDSSDUHQWKHPLGLDSKUDJP 7KHUHLVEOXQWLQJRIWKHULJKWFRVWRSKUHQLFVXOFXV ZKLWH
DUURZ %2QWKHODWHUDOSURMHFWLRQWKHUHLVEOXQWLQJRIWKHSRVWHULRUFRVWRSKUHQLFVXOFXV ZKLWHDUURZ 
7KHDSSDUHQWKHPLGLDSKUDJPLVURXQGHGSRVWHULRUO\EXWWKHQFKDQJHVLWVFRQWRXUDVWKHHIIXVLRQ
LQWHUIDFHVZLWKWKHPDMRUILVVXUHRQWKHULJKWVLGH EODFNDUURZ 

),*85(
/HIWVLGHGVXESXOPRQLFHIIXVLRQ
$,QWKHIURQWDOSURMHFWLRQWKHUHLVPRUHWKDQFPGLVWDQFHEHWZHHQWKHDLULQWKHVWRPDFKDQGWKH
DSSDUHQWOHIWKHPLGLDSKUDJP GRXEOHEODFNDUURZ 7KHHGJHEHWZHHQWKHDHUDWHGOXQJDQGWKHGRWWHG
ZKLWHDUURZGRHVQRWUHSUHVHQWWKHDFWXDOOHIWKHPLGLDSKUDJPZKLFKKDVEHHQUHQGHUHGLQYLVLEOHE\WKH
SOHXUDOIOXLGWKDWKDVDFFXPXODWHGDERYHLWLWLVWKHLQWHUIDFHEHWZHHQWKHHIIXVLRQDQGWKHEDVHRIWKH
OXQJ7KHUHLVEOXQWLQJRIWKHOHIWFRVWRSKUHQLFVXOFXV VROLGZKLWHDUURZ RQERWKSURMHFWLRQV%2QWKH
ODWHUDOSURMHFWLRQWKHDSSDUHQWKHPLGLDSKUDJPLVURXQGHGSRVWHULRUO\EXWWKHQFKDQJHVLWVFRQWRXUDVWKH
HIIXVLRQLQWHUIDFHVZLWKWKHPDMRUILVVXUH VROLGEODFNDUURZ 

6XESXOPRQLFGRHVQRWPHDQORFXODWHG
z0RVWVXESXOPRQLFHIIXVLRQVIORZIUHHO\DVWKHSDWLHQWFKDQJHVSRVLWLRQ

%OXQWLQJRIWKH&RVWRSKUHQLF$QJOHV

$VWKHVXESXOPRQLFHIIXVLRQJURZVLQVL]HLWILUVWILOOVDQGWKXVEOXQWVWKHSRVWHULRUFRVWRSKUHQLF
VXOFXVZKLFKLVYLVLEOHRQWKHODWHUDOYLHZRIWKHFKHVW7KLVRFFXUVZLWKDSSUR[LPDWHO\P/RI
IOXLG )LJ I  
:KHQWKHHIIXVLRQUHDFKHVDERXWP/LQVL]HLWEOXQWVWKHODWHUDO
FRVWRSKUHQLFDQJOHZKLFKLVYLVLEOHRQWKHIURQWDOFKHVWUDGLRJUDSK )LJ I  

),*85(
1RUPDODQGEOXQWHGULJKWODWHUDOFRVWRSKUHQLFDQJOH
$7KHKHPLGLDSKUDJPXVXDOO\PDNHVDVKDUSDQGDFXWHDQJOHDVLWPHHWVWKHODWHUDOFKHVWZDOORQWKH
IURQWDOSURMHFWLRQWRSURGXFHWKHODWHUDOFRVWRSKUHQLFVXOFXV EODFNDUURZ 1RWLFHKRZQRUPDOO\DHUDWHG
OXQJH[WHQGVWRWKHLQQHUPDUJLQRIHDFKRIWKHULEV ZKLWHDUURZV %:KHQDQHIIXVLRQUHDFKHVDERXW
P/LQYROXPHWKHODWHUDOFRVWRSKUHQLFVXOFXVORVHVLWVDFXWHDQJXODWLRQDQGEHFRPHVEOXQWHG EODFN
DUURZ 

3LWIDOO3OHXUDOWKLFNHQLQJFDXVHGE\ILEURVLVFDQDOVRSURGXFHEOXQWLQJRIWKH
FRVWRSKUHQLFDQJOH
z6ROXWLRQV6FDUULQJVRPHWLPHVSURGXFHVDFKDUDFWHULVWLFVNLVORSHDSSHDUDQFH
RIEOXQWLQJXQOLNHWKHPHQLVFRLGDSSHDUDQFHRIDSOHXUDOHIIXVLRQ )LJ I  

),*85(
6FDUULQJSURGXFLQJEOXQWLQJRIWKHOHIWFRVWRSKUHQLFDQJOH
6FDUULQJ GXHIRUH[DPSOHWRSUHYLRXVLQIHFWLRQVXUJHU\RUEORRGLQWKHSOHXUDOVSDFH VRPHWLPHV
SURGXFHVDFKDUDFWHULVWLFVNLVORSHDSSHDUDQFHRIEOXQWLQJ EODFNDUURZV XQOLNHWKHPHQLVFRLG
DSSHDUDQFHRIDSOHXUDOHIIXVLRQ7KLVILEURVLVZRXOGQRWFKDQJHLQDSSHDUDQFHRUORFDWLRQZLWK
FKDQJHVLQWKHSDWLHQW
VSRVLWLRQDVIUHHIORZLQJSOHXUDOIOXLGZRXOG

z3OHXUDOWKLFNHQLQJZLOOQRWFKDQJHLQORFDWLRQZLWKDFKDQJHLQSDWLHQW
SRVLWLRQDVPRVWHIIXVLRQVZLOO

),*85(
%OXQWLQJRIWKHULJKWSRVWHULRUFRVWRSKUHQLFVXOFXVRQWKHODWHUDOSURMHFWLRQ
:KHQDSSUR[LPDWHO\P/RIIOXLGKDVDFFXPXODWHGLQWKHSOHXUDOVSDFHWKHIOXLGZLOOW\SLFDOO\DVFHQGLQWKH
WKRUD[DQGEOXQWWKHSRVWHULRUFRVWRSKUHQLFVXOFXVDQJOHILUVW VROLGZKLWHDUURZ 7KLVFDQEHYLVXDOL]HGRQO\RQ
WKHODWHUDOSURMHFWLRQ7KHUHLVDQRUPDOVKDUSSRVWHULRUFRVWRSKUHQLFDQJOHRQWKHRSSRVLWHVLGH VROLGEODFN
DUURZ 1RWLFHKRZWKHQRUPDOOHIWKHPLGLDSKUDJPLVVLOKRXHWWHGE\WKHKHDUWDQWHULRUO\ GRWWHGEODFNDUURZ 
LQGLFDWLQJZKLFKLVWKHOHIWKHPLGLDSKUDJP7KHSOHXUDOHIIXVLRQLVWKHUHIRUHRQWKHULJKWVLGH

7KH0HQLVFXV6LJQ
%HFDXVHRIWKHQDWXUDOHODVWLFUHFRLORIWKHOXQJVSOHXUDOIOXLGDSSHDUVWRULVHKLJKHU
DORQJWKHODWHUDOPDUJLQRIWKHWKRUD[WKDQLWGRHVPHGLDOO\LQWKHIURQWDO
SURMHFWLRQ7KLVSURGXFHVDFKDUDFWHULVWLFPHQLVFXVVKDSHWRWKHHIIXVLRQWKDWLVKLJKHURQ
WKHVLGHVDQGORZHULQWKHPLGGOH
,QWKHODWHUDOSURMHFWLRQWKHIOXLGDVVXPHVDVKDSHDVFHQGLQJHTXDOO\KLJKERWKDQWHULRUO\
DQGSRVWHULRUO\ )LJ I  ,GHQWLI\LQJDQDEQRUPDOOXQJGHQVLW\WKDW
GHPRQVWUDWHVDPHQLVFRLGVKDSHLVVWURQJO\VXJJHVWLYHRIDSOHXUDOHIIXVLRQ

),*85(
0HQLVFXVVLJQULJKWSOHXUDOHIIXVLRQ
$2QWKHIURQWDOSURMHFWLRQLQWKHXSULJKWSRVLWLRQDQHIIXVLRQW\SLFDOO\DVFHQGVPRUHODWHUDOO\ ZKLWH
DUURZ WKDQLWGRHVPHGLDOO\ EODFNDUURZ EHFDXVHRIIDFWRUVDIIHFWLQJWKHQDWXUDOHODVWLFUHFRLORIWKH
OXQJ%2QWKHODWHUDOSURMHFWLRQWKHIOXLGDVFHQGVDERXWWKHVDPHDPRXQWDQWHULRUO\DQGSRVWHULRUO\
IRUPLQJDVKDSHGGHQVLW\FDOOHGWKHPHQLVFXVVLJQ ZKLWHDUURZV 

(IIHFWRISDWLHQWSRVLWLRQLQJRQWKHDSSHDUDQFHRISOHXUDOIOXLG
z:KHQWKHSDWLHQWLVLQWKHXSULJKWSRVLWLRQSOHXUDOIOXLGIDOOVWRWKHEDVHRIWKH
WKRUDFLFFDYLW\EHFDXVHRIWKHIRUFHRIJUDYLW\:KHQWKHSDWLHQWLVLQWKHVXSLQH
SRVLWLRQWKHVDPHIUHHIORZLQJHIIXVLRQZLOOOD\HUDORQJWKHSRVWHULRUSOHXUDOVSDFH
DQGSURGXFHDKRPRJHQHRXVKD]HRYHUWKHHQWLUHKHPLWKRUD[ZKHQYLHZHGHQIDFH
)LJ I  

),*85(
(IIHFWRISDWLHQWSRVLWLRQLQJRQWKHDSSHDUDQFHRIDSOHXUDOHIIXVLRQ
$:LWKWKHSDWLHQWLQWKHUHFXPEHQWSRVLWLRQWKHULJKWVLGHGHIIXVLRQOD\HUVDORQJWKHSRVWHULRU
SOHXUDOVXUIDFHDQGSURGXFHVDKD]HRYHUWKHHQWLUHKHPLWKRUD[WKDWLVGHQVHVWDWWKHEDVHDQG
OHVVGHQVHWRZDUGWKHDSH[RIWKHOXQJ EODFNDUURZ %2QWKLV[UD\WDNHQDIHZPLQXWHVODWHU
ZKLOHWKHVDPHSDWLHQWZDVLQDPRUHXSULJKWSRVLWLRQSOHXUDOIOXLGIDOOVWRWKHEDVHRIWKHWKRUDFLF
FDYLW\DVDUHVXOWRIWKHIRUFHRIJUDYLW\ ZKLWHDUURZ 7KLVVLPSOHFKDQJHLQSRVLWLRQFDQSURGXFH

WKHPLVWDNHQLPSUHVVLRQWKDWDQHIIXVLRQKDVLPSURYHG RUZRUVHQHGLIWKHVXSLQHVWXG\IROORZVWKH
XSULJKWH[DPLQDWLRQ ZKHQWKHUHKDVDFWXDOO\EHHQQRFKDQJHLQWKHDPRXQWRISOHXUDOIOXLG
,GHDOO\WKHSDWLHQWVKRXOGEH[UD\HGLQWKHVDPHSRVLWLRQHDFKWLPHIRUDPHDQLQJIXOFRPSDULVRQ

z:KHQWKHSDWLHQWLVVHPLUHFXPEHQWSOHXUDOIOXLGZLOOOD\HULQVXFKDZD\WKDWLW
IRUPVDWULDQJXODUGHQVLW\RIYDU\LQJWKLFNQHVVDWWKHOXQJEDVHZLWKWKHDSH[RU
WKLQQHVWSDUWRIWKHWULDQJOHDVFHQGLQJWRYDU\LQJKHLJKWVLQWKHWKRUD[GHSHQGLQJRQ
KRZUHFXPEHQWWKHSDWLHQWLVDQGKRZPXFKIOXLGLVSUHVHQW
3LWIDOO'HSHQGLQJ
RQWKHSDWLHQW
VGHJUHHRIUHFXPEHQFHWKHXSSHUOXQJILHOGVPD\DSSHDUFOHDUHU
EODFNHU LIWKHSDWLHQWLVXSULJKWDQGWKHIOXLGVHWWOHVWRWKHEDVHRIWKHWKRUD[RU
GHQVHU ZKLWHU DVWKHSDWLHQWEHFRPHVPRUHUHFXPEHQWDQGWKHHIIXVLRQEHJLQVWR
OD\HUSRVWHULRUO\7KLVFKDQJHLQDSSHDUDQFHFDQRFFXUZLWKWKHVDPHYROXPHRISOHXUDO
IOXLGUHGLVWULEXWHGEHFDXVHRISDWLHQWSRVLWLRQLQJ
z6ROXWLRQ,QWKHEHVWRIDOOZRUOGVHDFKSRUWDEOHFKHVWUDGLRJUDSKZRXOGEH
H[SRVHGZLWKWKHSDWLHQWLQWKHVDPHSRVLWLRQ
7KHODWHUDOGHFXELWXVYLHZRIWKHFKHVW
z7KHHIIHFWRISDWLHQWSRVLWLRQLQJRQWKHORFDWLRQRISOHXUDOIOXLGFDQEHXVHGIRU
GLDJQRVWLFDGYDQWDJHE\KDYLQJWKHSDWLHQWOLHRQWKHVLGHFRQWDLQLQJWKHHIIXVLRQZKLOH
WDNLQJDFKHVWH[SRVXUHXVLQJDQ[UD\EHDPGLUHFWHGKRUL]RQWDOO\,IWKHSDWLHQWOLHVRQ
WKHULJKWVLGHLWLVFDOOHGDULJKWODWHUDOGHFXELWXVYLHZRIWKHFKHVWDQGLIWKH
SDWLHQWOLHVRQWKHOHIWVLGHLWLVFDOOHGDOHIWODWHUDOGHFXELWXVYLHZRIWKHFKHVW
z'HFXELWXVYLHZVFDQEHXVHGWR
&RQILUPWKHSUHVHQFHRIDSOHXUDOHIIXVLRQ
'HWHUPLQHZKHWKHUDSOHXUDOHIIXVLRQIORZVIUHHO\LQWKHSOHXUDOVSDFH
DQLPSRUWDQWIDFWRUWRNQRZEHIRUHDWWHPSWLQJWRGUDLQSOHXUDOIOXLG
8QFRYHUDSRUWLRQRIWKHXQGHUO\LQJOXQJKLGGHQE\WKHHIIXVLRQ
z,IDSOHXUDOHIIXVLRQFDQIORZIUHHO\LQWKHSOHXUDOVSDFHWKHIOXLGZLOOSURGXFHD
FKDUDFWHULVWLFEDQGOLNHDUHDRILQFUHDVHGGHQVLW\DORQJWKHLQQHUPDUJLQRI
WKHFKHVWFDJHRQWKHGHSHQGHQWVLGHRIWKHERG\

:LWKDULJKWODWHUDO

GHFXELWXVYLHZRIWKHFKHVWWKHSDWLHQW
VULJKWVLGHZLOOEHGHSHQGHQWDQGDULJKW
SOHXUDOHIIXVLRQZLOOOD\HUDORQJWKHGHSHQGHQWVXUIDFH:LWKDOHIWODWHUDO
GHFXELWXVYLHZRIWKHFKHVWWKHSDWLHQW
VOHIWVLGHZLOOEHGHSHQGHQWDQGDOHIW
SOHXUDOHIIXVLRQZLOOOD\HUDORQJWKHGHSHQGHQWVXUIDFH )LJ I  

),*85(
'HFXELWXVYLHZVRIWKHFKHVW
$,QDULJKWODWHUDOGHFXELWXVYLHZRIWKHFKHVWWKHILOPLVH[SRVHGZLWKWKHSDWLHQWO\LQJRQWKH
ULJKWVLGHRQWKHH[DPLQLQJWDEOHZKLOHDKRUL]RQWDO[UD\EHDPLVGLUHFWHGSRVWHURDQWHULRUO\
%HFDXVHWKHSDWLHQW
VULJKWVLGHLVGHSHQGHQWDQ\IUHHIORZLQJSOHXUDOIOXLGZLOOOD\HUDORQJWKHULJKW
VLGH VROLGEODFNDUURZV IRUPLQJDEDQGOLNHGHQVLW\1RWLFHKRZWKHIOXLGIORZVLQWRWKHPLQRU
ILVVXUH GRWWHGEODFNDUURZ %,QDOHIWODWHUDOGHFXELWXVYLHZRIWKHFKHVWWKHSDWLHQWOLHVRQWKH
WDEOHZLWKWKHOHIWVLGHGRZQDQGIUHHIOXLGRQWKHOHIWVLGHOD\HUVDORQJWKHOHIWODWHUDOFKHVWZDOO
VROLGEODFNDUURZV 3DUWV $ DQG % VKRZWKHVDPHSDWLHQWZKRKDVELODWHUDOSOHXUDOHIIXVLRQV
GXHWRO\PSKRPD

z7KHUHPD\EHSOHXUDOIOXLGWKDWGRHVQRWIORZIUHHO\LQWKHSOHXUDOVSDFHLIWKHUH
DUHDGKHVLRQVSUHVHQWWKDWPLJKWLPSHGHWKHIUHHIORZRIWKHIOXLG VHH/RFXODWHG
(IIXVLRQV V  
z'HFXELWXVYLHZVRIWKHFKHVWFDQGHPRQVWUDWHHIIXVLRQVDVVPDOODVWR
P/EXW&7VFDQVRIWKHFKHVWKDYHODUJHO\VXSSODQWHGGHFXELWXVYLHZVLQGHWHFWLQJ
YHU\VPDOODPRXQWVRISOHXUDOIOXLG )LJ I  

),*85(
6PDOOSOHXUDOHIIXVLRQRQFRPSXWHGWRPRJUDSK\ &7 
7KHUHLVDVPDOOULJKWSOHXUDOHIIXVLRQ ZKLWHDUURZV WKDWFROOHFWVLQWKHGHSHQGHQWSRUWLRQRIWKH
KHPLWKRUD[7KHSDWLHQWLVVXSLQHLQWKH&7VFDQQHU7KLVHIIXVLRQZRXOGSUREDEO\QRWEHYLVLEOHRQ
FRQYHQWLRQDOFKHVWUDGLRJUDSKVEHFDXVHLWZRXOGEHREVFXUHGE\WKHOLYHU / RQWKHIURQWDO
SURMHFWLRQDQGWKHVSLQH 6 RQWKHODWHUDOSURMHFWLRQ

3LWIDOO'RQRWRUGHUDODWHUDOGHFXELWXVYLHZRIWKHFKHVWLIWKHHQWLUHKHPLWKRUD[
LVRSDFLILHGEHFDXVHWKHUHFDQEHQRFKDQJHLQWKHSRVLWLRQRIWKHIOXLGDQGWKH
XQGHUO\LQJOXQJZLOOEHQRPRUHYLVLEOHLQWKHGHFXELWXVSRVLWLRQWKDQLWZDVZLWKWKH

SDWLHQWXSULJKW$&7VFDQRIWKHFKHVWLVDEHWWHUPHDQVRIHYDOXDWLQJWKHXQGHUO\LQJ
OXQJLIWKHKHPLWKRUD[LVRSDFLILHG

2SDFLILHG+HPLWKRUD[
:KHQWKHKHPLWKRUD[RIDQDGXOWFRQWDLQVDERXW/RIIOXLGWKHHQWLUH
KHPLWKRUD[ZLOOEHRSDFLILHG )LJ I  

),*85(
/DUJHOHIWSOHXUDOHIIXVLRQ
7KHOHIWKHPLWKRUD[LVFRPSOHWHO\RSDFLILHGDQGWKHUHLVDVKLIWRIWKHPRELOHPHGLDVWLQDOVWUXFWXUHVVXFK
DVWKHWUDFKHD VROLGEODFNDUURZ DQGWKHKHDUW GRWWHGEODFNDUURZ DZD\IURPWKHVLGHRIRSDFLILFDWLRQ
7KLVLVFKDUDFWHULVWLFRIDODUJHSOHXUDOHIIXVLRQZKLFKFDQDFWOLNHDPDVV,QPRVWDGXOWVLWUHTXLUHV
DERXW/RIIOXLGWRILOORUDOPRVWILOOWKHHQWLUHKHPLWKRUD[VXFKDVVKRZQKHUH

$VIOXLGILOOVWKHSOHXUDOVSDFHWKHOXQJWHQGVWRXQGHUJRSDVVLYHFROODSVH DWHOHFWDVLV  VHH


&KDSWHU 
/DUJHHIIXVLRQVDUHVXIILFLHQWO\RSDTXHRQFRQYHQWLRQDOFKHVWUDGLRJUDSKVVRDVWR
HQYHORSDQGPDVNZKDWHYHUGLVHDVHPD\EHSUHVHQWLQWKHOXQJ&7LVWKH
PRGDOLW\XVXDOO\HPSOR\HGWRYLVXDOL]HWKHXQGHUO\LQJOXQJZKLFKLVUHQGHUHG
LPSHQHWUDEOHE\DODUJHHIIXVLRQ )LJ I  

),*85(
/DUJHKHPRWKRUD[RQ&7VFDQ
7KHUHLVDODUJHIOXLGFROOHFWLRQRQWKHULJKW ) ZKLFKLVFDXVLQJFRPSOHWHDWHOHFWDVLVRIWKHULJKWOXQJ
VROLGZKLWHDUURZ DQGDVKLIWRIWKHKHDUWDZD\IURPWKHVLGHRIWKHFROOHFWLRQ GRWWHGZKLWHDUURZ 8SRQ
FDUHIXOLQVSHFWLRQWKHIOXLGLVGHQVHU ZKLWHU DWWKHERWWRPRIWKHFROOHFWLRQ VROLGEODFNDUURZV WKDQDW
WKHWRSDIOXLGIOXLGOHYHOWKDWUDLVHVVXVSLFLRQIRUWKHVHSDUDWLRQRIEORRGSURGXFWVVXFKDVWKDWZKLFK
ZRXOGRFFXULQDKHPRWKRUD[7KLVSDWLHQWZDVEOHHGLQJKHDYLO\IURPDODFHUDWHGLQWHUFRVWDODUWHU\

/DUJHHIIXVLRQVFDQDFWOLNHDPDVVDQGGLVSODFHWKHKHDUWDQGWUDFKHDDZD\IURP
WKHVLGHRIRSDFLILFDWLRQ
)RUPRUHRQWKHRSDFLILHGKHPLWKRUD[VHH&KDSWHU

/RFXODWHG(IIXVLRQV
$GKHVLRQVLQWKHSOHXUDOVSDFHFDXVHGPRVWRIWHQE\DQROGLQIHFWLRQRUKHPRWKRUD[
PD\OLPLWWKHQRUPDOPRELOLW\RIDSOHXUDOHIIXVLRQVRWKDWLWUHPDLQVLQWKHVDPH
ORFDWLRQQRPDWWHUZKDWSRVLWLRQWKHSDWLHQWDVVXPHV
,PDJLQJILQGLQJV
z/RFXODWHGHIIXVLRQVFDQEHVXVSHFWHGZKHQDQHIIXVLRQKDVDQXQXVXDO
VKDSHRUORFDWLRQLQWKHWKRUD[ HJWKHHIIXVLRQGHILHVJUDYLW\E\UHPDLQLQJDW
WKHQRQGHSHQGHQWSDUWRIWKHWKRUD[ZKHQWKHSDWLHQWLVXSULJKWRQDFRQYHQWLRQDO
UDGLRJUDSK>)LJ I @RUVXSLQHRQD&7VFDQRIWKHFKHVW 

),*85(
/RFXODWHGSOHXUDOHIIXVLRQV
7KHUHDUHELODWHUDOIOXLGFROOHFWLRQV ZKLWHDQGEODFNDUURZV WKDWKDYHXQXVXDOVKDSHVDQGVHHPWR
GHI\JUDYLW\EHFDXVHWKH\DUHWUDSSHGLQWKHSOHXUDOVSDFHXVXDOO\E\DGKHVLRQV/RFXODWHG
HIIXVLRQVFDQEHVXVSHFWHGZKHQDQHIIXVLRQKDVVRPHWKLQJRWKHUWKDQDPHQLVFRLGVKDSHRU
FROOHFWVLQDORFDWLRQRWKHUWKDQWKHEDVHRIWKHOXQJ HJLIWKHHIIXVLRQZHUHWRUHPDLQDWWKHDSH[
RIWKHKHPLWKRUD[HYHQLIWKHSDWLHQWZHUHXSULJKW 

z/RFXODWLRQRISOHXUDOIOXLGKDVWKHUDSHXWLFLPSRUWDQFHEHFDXVHVXFK
FROOHFWLRQVWHQGWREHWUDYHUVHGE\PXOWLSOHDGKHVLRQVWKDWPDNHLWGLIILFXOWWRGUDLQWKH
QRQFRPPXQLFDWLQJSRFNHWVRIIOXLGZLWKDVLQJOHSOHXUDOGUDLQDJHWXEHLQWKHVDPH
ZD\WKDWIUHHIORZLQJHIIXVLRQVFDQEHGUDLQHG

)LVVXUDO3VHXGRWXPRUV
3VHXGRWXPRUV DOVRFDOOHGYDQLVKLQJWXPRUV DUHVKDUSO\PDUJLQDWHG
FROOHFWLRQVRISOHXUDOIOXLGFRQWDLQHGHLWKHUEHWZHHQWKHOD\HUVRIDQLQWHUOREDU
SXOPRQDU\ILVVXUHRULQDVXESOHXUDOORFDWLRQMXVWEHQHDWKWKHILVVXUH7KH\DUH
WUDQVXGDWHVWKDWDOPRVWDOZD\VRFFXULQSDWLHQWVZLWKFRQJHVWLYHKHDUWIDLOXUH
7KHLPDJLQJILQGLQJVRIDSVHXGRWXPRUDUHFKDUDFWHULVWLFVRWKH\VKRXOGQRWEHPLVWDNHQ
IRUDQDFWXDOWXPRU IURPZKLFKWKH\GHULYHWKHLUQDPH 
z7KH\DUHOHQWLFXODULQVKDSHPRVWRIWHQRFFXULQWKHPLQRUILVVXUH  DQG
IUHTXHQWO\KDYHSRLQWHGHQGVRQHDFKVLGHZKHUHWKH\LQVLQXDWHLQWRWKHILVVXUH
PXFKOLNHWKHVKDSHRIDOHPRQ7KH\GRQRWWHQGWRIORZIUHHO\ZLWKDFKDQJHLQ
SDWLHQWSRVLWLRQLQJ
7KH\GLVDSSHDUZKHQWKHXQGHUO\LQJFRQGLWLRQ XVXDOO\FRQJHVWLYHKHDUW
IDLOXUH LVWUHDWHGEXWWKH\WHQGWRUHFXULQWKHVDPHORFDWLRQHDFKWLPHWKH
SDWLHQW
VIDLOXUHUHFXUV )LJ I  

),*85(
3VHXGRWXPRULQWKHPLQRUILVVXUH
$$VKDUSO\PDUJLQDWHGFROOHFWLRQRISOHXUDOIOXLGFRQWDLQHGEHWZHHQWKHOD\HUVRIWKHPLQRUILVVXUH
SURGXFHVDFKDUDFWHULVWLFOHQWLFXODUVKDSH VROLGEODFNDUURZVLQLPDJHV$DQG% WKDWIUHTXHQWO\KDV
SRLQWHGHQGVRQHDFKVLGHZKHUHLWLQVLQXDWHVLQWRWKHILVVXUHVRWKDWSVHXGRWXPRUVORRNOLNHDOHPRQRQ
IURQWDO $ RUODWHUDO % FKHVWUDGLRJUDSKV GRWWHGEODFNDUURZLQ>$@DQGGRWWHGZKLWHDUURZLQ>%@ 
3VHXGRWXPRUVDOZD\VRFFXUDORQJWKHFRXUVHRIWKHPLQRURUPDMRUILVVXUHZKLFKKHOSVWRGLVWLQJXLVK
WKHPIURPDQDFWXDOWXPRURIWKHOXQJ

/DPLQDU(IIXVLRQV
$ODPLQDUHIIXVLRQLVDIRUPRISOHXUDOHIIXVLRQLQZKLFKWKHIOXLGDVVXPHVDWKLQ
EDQGOLNHGHQVLW\DORQJWKHODWHUDOFKHVWZDOOHVSHFLDOO\QHDUWKHFRVWRSKUHQLF
DQJOH7KHODWHUDOFRVWRSKUHQLFDQJOHWHQGVWRPDLQWDLQLWVDFXWHDQJOHZLWKDODPLQDU
HIIXVLRQXQOLNHWKHEOXQWLQJWKDWRFFXUVZLWKDXVXDOSOHXUDOHIIXVLRQ
/DPLQDUHIIXVLRQVDUHDOPRVWDOZD\VWKHUHVXOWRIHOHYDWHGOHIWDWULDOSUHVVXUHDVLQ
FRQJHVWLYHKHDUWIDLOXUHRUVHFRQGDU\WRO\PSKDQJLWLFVSUHDGRIPDOLJQDQF\7KH\
DUHXVXDOO\QRWIUHHIORZLQJ
7KH\FDQEHUHFRJQL]HGE\WKHEDQGRILQFUHDVHGGHQVLW\WKDWVHSDUDWHVWKHDLUILOOHGOXQJ
IURPWKHLQVLGHPDUJLQRIWKHULEVDWWKHOXQJEDVHRQWKHIURQWDOFKHVWUDGLRJUDSK,Q
KHDOWK\SHUVRQVDQDHUDWHGOXQJVKRXOGH[WHQGWRWKHLQVLGHRIHDFKFRQWLJXRXVULE )LJ
I  

),*85(
1RUPDOYHUVXVODPLQDUSOHXUDOHIIXVLRQ
$$QRUPDOSDWLHQWLQZKRPWKHQRUPDOO\DHUDWHGOXQJH[WHQGVWRWKHLQQHUPDUJLQRIHDFKRIWKHULEV
ZKLWHDUURZV 7KHFRVWRSKUHQLFVXOFXVLVVKDUS EODFNDUURZ %7KHUHLVDWKLQEDQGRILQFUHDVHG
GHQVLW\WKDWH[WHQGVVXSHULRUO\IURPWKHOXQJEDVH ZKLWHDUURZ EXWGRHVQRWDSSHDUWRFDXVHEOXQWLQJRI
WKHFRVWRSKUHQLFDQJOH EODFNDUURZ 7KLVLVWKHDSSHDUDQFHRIDODPLQDUSOHXUDOHIIXVLRQZKLFKLV
PRVWRIWHQDVVRFLDWHGZLWKHLWKHUFRQJHVWLYHKHDUWIDLOXUHRUO\PSKDQJLWLFVSUHDGRIPDOLJQDQF\LQWKH
OXQJ7KLVSDWLHQWZDVLQFRQJHVWLYHKHDUWIDLOXUH

+\GURSQHXPRWKRUD[
7KHSUHVHQFHRIERWKDLULQWKHSOHXUDOVSDFH SQHXPRWKRUD[ DQGDEQRUPDODPRXQWVRI
IOXLGLQWKHSOHXUDOVSDFH SOHXUDOHIIXVLRQRUK\GURWKRUD[ LVFDOOHGD
K\GURSQHXPRWKRUD[

6RPHRIWKHPRUHFRPPRQFDXVHVRIDK\GURSQHXPRWKRUD[DUHWUDXPDVXUJHU\RUD
UHFHQWWKRUDFHQWHVLVWRUHPRYHSOHXUDOIOXLGLQZKLFKDLUHQWHUVWKHSOHXUDODSDFH
z$EURQFKRSOHXUDOILVWXODDQDEQRUPDODQGUHODWLYHO\XQFRPPRQFRQQHFWLRQ
EHWZHHQWKHEURQFKLDOWUHHDQGWKHSOHXUDOVSDFHPRVWRIWHQGXHWRWXPRUVXUJHU\RU
LQIHFWLRQFDQDOVRSURGXFHERWKDLUDQGIOXLGLQWKHSOHXUDOVSDFH
8QOLNHSOHXUDOHIIXVLRQDORQHZKRVHPHQLVFRLGVKDSHLVJRYHUQHGE\WKHHODVWLFUHFRLORI
WKHOXQJDK\GURSQHXPRWKRUD[SURGXFHVDQDLUIOXLGOHYHOLQWKHKHPLWKRUD[
PDUNHGE\DVWUDLJKWHGJHDQGDVKDUSDLURYHUIOXLGLQWHUIDFHZKHQWKHH[SRVXUHLVPDGH
ZLWKDKRUL]RQWDO[UD\EHDP )LJ I  

),*85(
+\GURSQHXPRWKRUD[
8QOLNHSOHXUDOHIIXVLRQVDORQHZKRVHPHQLVFRLGVKDSHLVJRYHUQHGE\WKHHODVWLFUHFRLORIWKHOXQJ
K\GURSQHXPRWKRUD[SURGXFHVDQDLUIOXLGOHYHOLQWKHKHPLWKRUD[PDUNHGE\DVWUDLJKWHGJHDQGDVKDUS
DLURYHUIOXLGLQWHUIDFHZKHQWKHH[SRVXUHLVPDGHZLWKDKRUL]RQWDO[UD\EHDP EODFNDUURZV 7KLV
SHUVRQZDVVWDEEHGLQWKHULJKWVLGHDQGWKHUHLVDPRGHUDWHO\ODUJHSQHXPRWKRUD[DVVKRZQE\WKH
YLVFHUDOSOHXUDOZKLWHOLQH ZKLWHDUURZV 7KLVDFWXDOO\UHSUHVHQWVDKHPRSQHXPRWKRUD[EXWXQOLNHWKH
FRPSXWHGWRPRJUDSK\VFDQVKRZQLQ)LJXUH I DFRQYHQWLRQDOUDGLRJUDSKLVXQDEOHWR
GLVWLQJXLVKEHWZHHQEORRGDQGDQ\RWKHUIOXLG

&7LVIUHTXHQWO\QHFHVVDU\WRGLVWLQJXLVKEHWZHHQVRPHSUHVHQWDWLRQVRI
K\GURSQHXPRWKRUD[DQGDOXQJDEVFHVVERWKRIZKLFKPD\KDYHDVLPLODUDSSHDUDQFHRQ

FRQYHQWLRQDOFKHVWUDGLRJUDSKV

7$.(+20(32,176

5HFRJQL]LQJD3OHXUDO(IIXVLRQ
3OHXUDOHIIXVLRQVFROOHFWLQWKHSRWHQWLDOVSDFHEHWZHHQWKHYLVFHUDODQGSDULHWDOSOHXUDDQG
DUHHLWKHUWUDQVXGDWHVRUH[XGDWHVGHSHQGLQJRQWKHLUSURWHLQFRQWHQWDQGODFWDWH
GHK\GURJHQDVHFRQFHQWUDWLRQ
7KHUHDUHQRUPDOO\DIHZPLOOLOLWHUVRIIOXLGLQWKHSOHXUDOVSDFHDERXWP/LVUHTXLUHGWR
EOXQWWKHSRVWHULRUFRVWRSKUHQLFVXOFXV VHHQRQWKHODWHUDOYLHZ DQGDERXWWRP/LV
QHHGHGWREOXQWWKHODWHUDOFRVWRSKUHQLFVXOFXV VHHQRQWKHIURQWDOYLHZ DSSUR[LPDWHO\/
RIIOXLGZLOOFDXVHRSDFLILFDWLRQRIWKHHQWLUHKHPLWKRUD[LQDQDGXOW
'HWHUPLQLQJZKHWKHUDQHIIXVLRQLVXQLODWHUDORUELODWHUDOPRVWO\ULJKWVLGHGRUPRVWO\OHIW
VLGHGFDQEHDQLPSRUWDQWFOXHDVWRLWVHWLRORJ\
0RVWSOHXUDOHIIXVLRQVEHJLQE\FROOHFWLQJLQWKHSOHXUDOVSDFHEHWZHHQWKHKHPLGLDSKUDJP
DQGWKHEDVHRIWKHOXQJWKHVHDUHFDOOHGVXESXOPRQLFHIIXVLRQV
$VWKHDPRXQWRIIOXLGLQFUHDVHVLWIRUPVDPHQLVFXVVKDSHRQWKHXSULJKWIURQWDOFKHVW
UDGLRJUDSKEHFDXVHRIWKHQDWXUDOHODVWLFUHFRLOSURSHUWLHVRIWKHOXQJ
9HU\ODUJHSOHXUDOHIIXVLRQVPD\DFWOLNHDPDVVDQGSURGXFHDVKLIWRIWKHPRELOH
PHGLDVWLQDOVWUXFWXUHV HJWKHKHDUW DZD\IURPWKHVLGHRIWKHHIIXVLRQ
,QWKHDEVHQFHRISOHXUDODGKHVLRQVHIIXVLRQVZLOOIORZIUHHO\DQGFKDQJHORFDWLRQZLWKD
FKDQJHLQWKHSDWLHQW
VSRVLWLRQZLWKSOHXUDODGKHVLRQV XVXDOO\IURPROGLQIHFWLRQRU
KHPRWKRUD[ WKHIOXLGPD\DVVXPHXQXVXDODSSHDUDQFHVRURFFXULQDW\SLFDOORFDWLRQVVXFK
HIIXVLRQVDUHVDLGWREHORFXODWHG
$SVHXGRWXPRULVDW\SHRIHIIXVLRQWKDWRFFXUVLQWKHILVVXUHVRIWKHOXQJ PRVWO\WKH
PLQRUILVVXUH DQGLVPRVWIUHTXHQWO\VHFRQGDU\WRFRQJHVWLYHKHDUWIDLOXUHLWFOHDUVZKHQ
WKHXQGHUO\LQJIDLOXUHLVWUHDWHG
/DPLQDUHIIXVLRQVDUHEHVWUHFRJQL]HGDWWKHOXQJEDVHMXVWDERYHWKHFRVWRSKUHQLFDQJOHV
RQWKHIURQWDOSURMHFWLRQDQGPRVWRIWHQRFFXUDVDUHVXOWRIHLWKHUFRQJHVWLYHKHDUWIDLOXUHRU
O\PSKDQJLWLFVSUHDGRIPDOLJQDQF\
$K\GURSQHXPRWKRUD[FRQVLVWVRIERWKDLUDQGLQFUHDVHGIOXLGLQWKHSOHXUDOVSDFHDQGLV
UHFRJQL]DEOHRQDQXSULJKWYLHZRIWKHFKHVWE\DVWUDLJKWDLUIOXLGLQWHUIDFHUDWKHUWKDQWKH
W\SLFDOPHQLVFXVVKDSHRISOHXUDOIOXLGDORQH

:HEOLQN

9LVLW6WXGHQW&RQVXOW,QNOLQJFRP KWWSVWXGHQWFRQVXOWLQNOLQJFRP IRUPRUHLQIRUPDWLRQDQGDTXL]RQ


5HFRJQL]LQJD3OHXUDO(IIXVLRQ

&RS\ULJKW(OVHYLHU,QF$OOULJKWVUHVHUYHG

You might also like