You are on page 1of 8



7KHUPDOSRZHUVWDWLRQ:LNLSHGLDWKHIUHHHQF\FORSHGLD

7KHUPDOSRZHUVWDWLRQ
)URP:LNLSHGLDWKHIUHHHQF\FORSHGLD

$WKHUPDOSRZHUVWDWLRQLVDSRZHUSODQWLQZKLFKWKHSULPHPRYHULVVWHDPGULYHQ:DWHULVKHDWHGWXUQVLQWRVWHDPDQGVSLQV
DVWHDPWXUELQHZKLFKGULYHVDQHOHFWULFDOJHQHUDWRU$IWHULWSDVVHVWKURXJKWKHWXUELQHWKHVWHDPLVFRQGHQVHGLQDFRQGHQVHU
DQGUHF\FOHGWRZKHUHLWZDVKHDWHGWKLVLVNQRZQDVD5DQNLQHF\FOH7KHJUHDWHVWYDULDWLRQLQWKHGHVLJQRIWKHUPDOSRZHU
VWDWLRQVLVGXHWRWKHGLIIHUHQWIRVVLOIXHOUHVRXUFHVJHQHUDOO\XVHGWRKHDWWKHZDWHU6RPHSUHIHUWRXVHWKHWHUPHQHUJ\FHQWHU
EHFDXVHVXFKIDFLOLWLHVFRQYHUWIRUPVRIKHDWHQHUJ\LQWRHOHFWULFDOHQHUJ\>@&HUWDLQWKHUPDOSRZHUSODQWVDOVRDUHGHVLJQHGWR
SURGXFHKHDWHQHUJ\IRULQGXVWULDOSXUSRVHVRIGLVWULFWKHDWLQJRUGHVDOLQDWLRQRIZDWHULQDGGLWLRQWRJHQHUDWLQJHOHFWULFDO
SRZHU*OREDOO\IRVVLOIXHOSRZHUVWDWLRQVSURGXFHDODUJHSDUWRIPDQPDGH&2HPLVVLRQVWRWKHDWPRVSKHUHDQGHIIRUWVWR
UHGXFHWKHVHDUHYDULHGDQGZLGHVSUHDG

&RQWHQWV
7\SHVRIWKHUPDOSRZHUVWDWLRQ
+LVWRU\
7KHUPDOSRZHUJHQHUDWLRQ(IILFLHQF\
(OHFWULFLW\FRVW
7\SLFDOFRDOWKHUPDOSRZHUVWDWLRQ
%RLOHUDQGVWHDPF\FOH
)HHGZDWHUKHDWLQJDQGGHDHUDWLRQ
%RLOHURSHUDWLRQ
%RLOHUIXUQDFHDQGVWHDPGUXP
6XSHUKHDWHU
6WHDPFRQGHQVLQJ
5HKHDWHU
$LUSDWK
6WHDPWXUELQHJHQHUDWRU
6WDFNJDVSDWKDQGFOHDQXS
)O\DVKFROOHFWLRQ
%RWWRPDVKFROOHFWLRQDQGGLVSRVDO
$X[LOLDU\V\VWHPV
%RLOHUPDNHXSZDWHUWUHDWPHQWSODQWDQGVWRUDJH
)XHOSUHSDUDWLRQV\VWHP
%DUULQJJHDU
2LOV\VWHP
*HQHUDWRUFRROLQJ
*HQHUDWRUKLJKYROWDJHV\VWHP
0RQLWRULQJDQGDODUPV\VWHP
%DWWHU\VXSSOLHGHPHUJHQF\OLJKWLQJDQGFRPPXQLFDWLRQ
&LUFXODWLQJZDWHUV\VWHP
7UDQVSRUWRIFRDOIXHOWRVLWHDQGWRVWRUDJH
6HHDOVR
5HIHUHQFHV
([WHUQDOOLQNV

5HSXEOLND3RZHU3ODQWDWKHUPDOSRZHU
VWDWLRQLQ3HUQLN%XOJDULD

0RKDYH*HQHUDWLQJ6WDWLRQD0:
WKHUPDOSRZHUVWDWLRQQHDU/DXJKOLQ
1HYDGDIXHOOHGE\FRDO

1XFOHDUWKHUPDOSRZHUVWDWLRQLQ%DYDULD
*HUPDQ\

7\SHVRIWKHUPDOSRZHUVWDWLRQ
$OPRVWDOOFRDOQXFOHDUJHRWKHUPDOVRODUWKHUPDOHOHFWULFDQGZDVWHLQFLQHUDWLRQSODQDVZHOODVPDQ\QDWXUDOJDVSRZHU
SODQWVDUHWKHUPDO1DWXUDOJDVLVIUHTXHQWO\FRPEXVWHGLQJDVWXUELQHVDVZHOODVERLOHUV7KHZDVWHKHDWIURPDJDVWXUELQHFDQ
EHXVHGWRUDLVHVWHDPLQDFRPELQHGF\FOHSODQWWKDWLPSURYHVRYHUDOOHIILFLHQF\3RZHUSODQWVEXUQLQJFRDOIXHORLORUQDWXUDO
JDVDUHRIWHQFDOOHGIRVVLOIXHOSRZHUSODQWV6RPHELRPDVVIXHOHGWKHUPDOSRZHUSODQWVKDYHDSSHDUHGDOVR1RQQXFOHDU
WKHUPDOSRZHUSODQWVSDUWLFXODUO\IRVVLOIXHOHGSODQWVZKLFKGRQRWXVHFRJHQHUDWLRQDUHVRPHWLPHVUHIHUUHGWRDVFRQYHQWLRQDO
SRZHUSODQWV

*HRWKHUPDOSRZHUVWDWLRQLQ,FHODQG

&RPPHUFLDOHOHFWULFXWLOLW\SRZHUVWDWLRQVDUHXVXDOO\FRQVWUXFWHGRQDODUJHVFDOHDQGGHVLJQHGIRUFRQWLQXRXVRSHUDWLRQ
(OHFWULFSRZHUSODQWVW\SLFDOO\XVHWKUHHSKDVHHOHFWULFDOJHQHUDWRUVWRSURGXFHDOWHUQDWLQJFXUUHQW $& HOHFWULFSRZHUDWD
IUHTXHQF\RI+]RU+]/DUJHFRPSDQLHVRULQVWLWXWLRQVPD\KDYHWKHLURZQSRZHUSODQWVWRVXSSO\KHDWLQJRUHOHFWULFLW\
WRWKHLUIDFLOLWLHVHVSHFLDOO\LIVWHDPLVFUHDWHGDQ\ZD\IRURWKHUSXUSRVHV6WHDPGULYHQSRZHUSODQWVKDYHEHHQXVHGLQYDULRXV
ODUJHVKLSVEXWDUHQRZXVXDOO\XVHGLQODUJHQDYDOVKLSV6KLSERDUGSRZHUSODQWVXVXDOO\GLUHFWO\FRXSOHWKHWXUELQHWRWKH
VKLS
VSURSHOOHUVWKURXJKJHDUER[HV3RZHUSODQWVLQVXFKVKLSVDOVRSURYLGHVWHDPWRVPDOOHUWXUELQHVGULYLQJHOHFWULFJHQHUDWRUV
WRVXSSO\HOHFWULFLW\6KLSERDUGVWHDPSRZHUSODQWVFDQEHHLWKHUIRVVLOIXHORUQXFOHDU1XFOHDUPDULQHSURSXOVLRQLVZLWKIHZ
H[FHSWLRQVXVHGRQO\LQQDYDOYHVVHOV7KHUHKDYHEHHQSHUKDSVDERXWDGR]HQWXUERHOHFWULFVKLSVLQZKLFKDVWHDPGULYHQ
WXUELQHGULYHVDQHOHFWULFJHQHUDWRUZKLFKSRZHUVDQHOHFWULFPRWRUIRUSURSXOVLRQ
&RPELQHGKHDWDQGSRZHUSODQWV &+ 3SODQWV RIWHQFDOOHGFRJHQHUDWLRQSODQWVSURGXFHERWKHOHFWULFSRZHUDQGKHDWIRU
SURFHVVKHDWRUVSDFHKHDWLQJ6WHDPDQGKRWZDWHU

+LVWRU\

7DLFKXQJ7KHUPDO3RZHU6WDWLRQWKH
ZRUOG
VODUJHVWFRDOILUHGSRZHUVWDWLRQLQ
7DLFKXQJ7DLZDQ

7KHLQLWLDOO\GHYHORSHGUHFLSURFDWLQJVWHDPHQJLQHKDVEHHQXVHGWRSURGXFHPHFKDQLFDOSRZHUVLQFHWKHWK&HQWXU\ZLWKQRWDEOHLPSURYHPHQWVEHLQJPDGHE\-DPHV
:DWW:KHQWKHILUVWFRPPHUFLDOO\GHYHORSHGFHQWUDOHOHFWULFDOSRZHUVWDWLRQVZHUHHVWDEOLVKHGLQDW3HDUO6WUHHW6WDWLRQLQ1HZ<RUNDQG+ROERUQ9LDGXFWSRZHU
VWDWLRQLQ/RQGRQUHFLSURFDWLQJVWHDPHQJLQHVZHUHXVHG7KHGHYHORSPHQWRIWKHVWHDPWXUELQHLQSURYLGHGODUJHUDQGPRUHHIILFLHQWPDFKLQHGHVLJQVIRUFHQWUDO
KWWSVHQZLNLSHGLDRUJZLNL7KHUPDOBSRZHUBVWDWLRQ





7KHUPDOSRZHUVWDWLRQ:LNLSHGLDWKHIUHHHQF\FORSHGLD

JHQHUDWLQJVWDWLRQV%\WKHWXUELQHZDVFRQVLGHUHGDEHWWHUDOWHUQDWLYHWRUHFLSURFDWLQJHQJLQHV>@WXUELQHVRIIHUHGKLJKHUVSHHGVPRUHFRPSDFWPDFKLQHU\DQGVWDEOH
VSHHGUHJXODWLRQDOORZLQJIRUSDUDOOHOV\QFKURQRXVRSHUDWLRQRIJHQHUDWRUVRQDFRPPRQEXV$IWHUDERXWWXUELQHVHQWLUHO\UHSODFHGUHFLSURFDWLQJHQJLQHVLQODUJH
FHQWUDOSRZHUVWDWLRQV
7KHODUJHVWUHFLSURFDWLQJHQJLQHJHQHUDWRUVHWVHYHUEXLOWZHUHFRPSOHWHGLQIRUWKH0DQKDWWDQ(OHYDWHG5DLOZD\(DFKRIVHYHQWHHQXQLWVZHLJKHGDERXWWRQVDQG
ZDVUDWHGNLORZDWWVDFRQWHPSRUDU\WXUELQHVHWRIVLPLODUUDWLQJZRXOGKDYHZHLJKHGDERXWDVPXFK>@

7KHUPDOSRZHUJHQHUDWLRQ(IILFLHQF\
7KHHQHUJ\HIILFLHQF\RIDFRQYHQWLRQDOWKHUPDOSRZHUVWDWLRQFRQVLGHUHGVDODEOHHQHUJ\SURGXFHGDVDSHUFHQW
RIWKHKHDWLQJYDOXHRIWKHIXHOFRQVXPHGLVW\SLFDOO\WR$VZLWKDOOKHDWHQJLQHVWKHLUHIILFLHQF\LV
OLPLWHGDQGJRYHUQHGE\WKHODZVRIWKHUPRG\QDPLFV%\FRPSDULVRQPRVWK\GURSRZHUVWDWLRQVLQWKH8QLWHG
6WDWHVDUHDERXWSHUFHQWHIILFLHQWLQFRQYHUWLQJWKHHQHUJ\RIIDOOLQJZDWHULQWRHOHFWULFLW\>@
7KHHQHUJ\RIDWKHUPDOQRWXWLOL]HGLQSRZHUSURGXFWLRQPXVWOHDYHWKHSODQWLQWKHIRUPRIKHDWWRWKH
HQYLURQPHQW7KLVZDVWHKHDWFDQJRWKURXJKDFRQGHQVHUDQGEHGLVSRVHGRIZLWKFRROLQJZDWHURULQFRROLQJ
WRZHUV,IWKHZDVWHKHDWLVLQVWHDGXWLOL]HGIRUGLVWULFWKHDWLQJLWLVFDOOHGFRJHQHUDWLRQ$QLPSRUWDQWFODVVRI
WKHUPDOSRZHUVWDWLRQDUHDVVRFLDWHGZLWKGHVDOLQDWLRQIDFLOLWLHVWKHVHDUHW\SLFDOO\IRXQGLQGHVHUWFRXQWULHV
ZLWKODUJHVXSSOLHVRIQDWXUDOJDVDQGLQWKHVHSODQWVIUHVKZDWHUSURGXFWLRQDQGHOHFWULFLW\DUHHTXDOO\LPSRUWDQW
FRSURGXFWV
7KH&DUQRWHIILFLHQF\GLFWDWHVWKDWKLJKHUHIILFLHQFLHVFDQEHDWWDLQHGE\LQFUHDVLQJWKHWHPSHUDWXUHRIWKH
VWHDP6XEFULWLFDOIRVVLOIXHOSRZHUSODQWVFDQDFKLHYHHIILFLHQF\6XSHUFULWLFDOGHVLJQVKDYH
HIILFLHQFLHVLQWKHORZWRPLGUDQJHZLWKQHZXOWUDFULWLFDOGHVLJQVXVLQJSUHVVXUHVRISVL 
03D DQGPXOWLSOHVWDJHUHKHDWUHDFKLQJDERXWHIILFLHQF\$ERYHWKHFULWLFDOSRLQWIRUZDWHURI)
& DQGSVL 03D WKHUHLVQRSKDVHWUDQVLWLRQIURPZDWHUWRVWHDPEXWRQO\DJUDGXDOGHFUHDVH
LQGHQVLW\
&XUUHQWO\PRVWRIWKHQXFOHDUSRZHUSODQWVPXVWRSHUDWHEHORZWKHWHPSHUDWXUHVDQGSUHVVXUHVWKDWFRDOILUHG
SODQWVGRVLQFHWKHSUHVVXUL]HGYHVVHOLVYHU\ODUJHDQGFRQWDLQVWKHHQWLUHEXQGOHRIQXFOHDUIXHOURGV7KHVL]H
RIWKHUHDFWRUOLPLWVWKHSUHVVXUHWKDWFDQEHUHDFKHG7KLVLQWXUQOLPLWVWKHLUWKHUPRG\QDPLFHIILFLHQF\WR
6RPHDGYDQFHGUHDFWRUGHVLJQVEHLQJVWXGLHGVXFKDVWKHYHU\KLJKWHPSHUDWXUHUHDFWRUDGYDQFHGJDV
FRROHGUHDFWRUDQGVXSHUFULWLFDOZDWHUUHDFWRUZRXOGRSHUDWHDWWHPSHUDWXUHVDQGSUHVVXUHVVLPLODUWRFXUUHQW
FRDOSODQWVSURGXFLQJFRPSDUDEOHWKHUPRG\QDPLFHIILFLHQF\

(OHFWULFLW\FRVW

$5DQNLQHF\FOHZLWKDWZRVWDJHVWHDPWXUELQHDQGDVLQJOH
IHHGZDWHUKHDWHU

6HHDOVR5HODWLYHFRVWRIHOHFWULFLW\JHQHUDWHGE\GLIIHUHQWVRXUFHV
7KHGLUHFWFRVWRIHOHFWULFHQHUJ\SURGXFHGE\DWKHUPDOSRZHUVWDWLRQLVWKHUHVXOWRIFRVWRIIXHOFDSLWDOFRVWIRUWKHSODQWRSHUDWRUODERXUPDLQWHQDQFHDQGVXFKIDFWRUVDV
DVKKDQGOLQJDQGGLVSRVDO,QGLUHFWVRFLDORUHQYLURQPHQWDOFRVWVVXFKDVWKHHFRQRPLFYDOXHRIHQYLURQPHQWDOLPSDFWVRUHQYLURQPHQWDODQGKHDOWKHIIHFWVRIWKHFRPSOHWH
IXHOF\FOHDQGSODQWGHFRPPLVVLRQLQJDUHQRWXVXDOO\DVVLJQHGWRJHQHUDWLRQFRVWVIRUWKHUPDOVWDWLRQVLQXWLOLW\SUDFWLFHEXWPD\IRUPSDUWRIDQHQYLURQPHQWDOLPSDFW
DVVHVVPHQW

7\SLFDOFRDOWKHUPDOSRZHUVWDWLRQ

KWWSVHQZLNLSHGLDRUJZLNL7KHUPDOBSRZHUBVWDWLRQ





7KHUPDOSRZHUVWDWLRQ:LNLSHGLDWKHIUHHHQF\FORSHGLD

7\SLFDOGLDJUDPRIDFRDOILUHGWKHUPDOSRZHUVWDWLRQ
&RROLQJWRZHU

6WHDP&RQWUROYDOYH

6XSHUKHDWHU

&RROLQJZDWHUSXPS

+LJKSUHVVXUHVWHDPWXUELQH

)RUFHGGUDXJKW GUDIW IDQ

7UDQVPLVVLRQOLQH SKDVH

'HDHUDWRU

5HKHDWHU

6WHSXSWUDQVIRUPHU SKDVH

)HHGZDWHUKHDWHU

&RPEXVWLRQDLULQWDNH

(OHFWULFDOJHQHUDWRU SKDVH

&RDOFRQYH\RU

(FRQRPLVHU

/RZSUHVVXUHVWHDPWXUELQH

&RDOKRSSHU

$LUSUHKHDWHU

&RQGHQVDWHSXPS

&RDOSXOYHUL]HU

3UHFLSLWDWRU

6XUIDFHFRQGHQVHU

%RLOHUVWHDPGUXP

,QGXFHGGUDXJKW GUDIW IDQ

,QWHUPHGLDWHSUHVVXUHVWHDPWXUELQH

%RWWRPDVKKRSSHU

)OXHJDVVWDFN

)RUXQLWVRYHUDERXW0:FDSDFLW\UHGXQGDQF\RINH\FRPSRQHQWVLVSURYLGHGE\LQVWDOOLQJGXSOLFDWHVRIWKHIRUFHGDQGLQGXFHGGUDIWIDQVDLUSUHKHDWHUVDQGIO\DVK
FROOHFWRUV2QVRPHXQLWVRIDERXW0:WZRERLOHUVSHUXQLWPD\LQVWHDGEHSURYLGHG7KHOLVWRIFRDOSRZHUVWDWLRQVKDVWKHODUJHVWSRZHUVWDWLRQVUDQJLQJLQVL]H
IURP0:WR0:

%RLOHUDQGVWHDPF\FOH
,QWKHQXFOHDUSODQWILHOGVWHDPJHQHUDWRUUHIHUVWRDVSHFLILFW\SHRIODUJHKHDWH[FKDQJHUXVHGLQDSUHVVXUL]HGZDWHUUHDFWRU 3:5 WRWKHUPDOO\FRQQHFWWKHSULPDU\
UHDFWRUSODQW DQGVHFRQGDU\ VWHDPSODQW V\VWHPVZKLFKJHQHUDWHVVWHDP,QDQXFOHDUUHDFWRUFDOOHGDERLOLQJZDWHUUHDFWRU %:5 ZDWHULVERLOHGWRJHQHUDWHVWHDP
GLUHFWO\LQWKHUHDFWRULWVHOIDQGWKHUHDUHQRXQLWVFDOOHGVWHDPJHQHUDWRUV
,QVRPHLQGXVWULDOVHWWLQJVWKHUHFDQDOVREHVWHDPSURGXFLQJKHDWH[FKDQJHUVFDOOHGKHDWUHFRYHU\VWHDPJHQHUDWRUV +56* ZKLFKXWLOL]HKHDWIURPVRPHLQGXVWULDO
SURFHVV7KHVWHDPJHQHUDWLQJERLOHUKDVWRSURGXFHVWHDPDWWKHKLJKSXULW\SUHVVXUHDQGWHPSHUDWXUHUHTXLUHGIRUWKHVWHDPWXUELQHWKDWGULYHVWKHHOHFWULFDOJHQHUDWRU
*HRWKHUPDOSODQWVQHHGQRERLOHUVLQFHWKH\XVHQDWXUDOO\RFFXUULQJVWHDPVRXUFHV+HDWH[FKDQJHUVPD\EHXVHGZKHUHWKHJHRWKHUPDOVWHDPLVYHU\FRUURVLYHRUFRQWDLQV
H[FHVVLYHVXVSHQGHGVROLGV
$IRVVLOIXHOVWHDPJHQHUDWRULQFOXGHVDQHFRQRPL]HUDVWHDPGUXPDQGWKHIXUQDFHZLWKLWVVWHDPJHQHUDWLQJWXEHVDQGVXSHUKHDWHUFRLOV1HFHVVDU\VDIHW\YDOYHVDUH
ORFDWHGDWVXLWDEOHSRLQWVWRDYRLGH[FHVVLYHERLOHUSUHVVXUH7KHDLUDQGIOXHJDVSDWKHTXLSPHQWLQFOXGHIRUFHGGUDIW )' IDQDLUSUHKHDWHU $3 ERLOHUIXUQDFHLQGXFHG
GUDIW ,' IDQIO\DVKFROOHFWRUV HOHFWURVWDWLFSUHFLSLWDWRURUEDJKRXVH DQGWKHIOXHJDVVWDFN>@>@>@

)HHGZDWHUKHDWLQJDQGGHDHUDWLRQ
7KHERLOHUIHHGZDWHUXVHGLQWKHVWHDPERLOHULVDPHDQVRIWUDQVIHUULQJKHDWHQHUJ\IURPWKHEXUQLQJIXHOWRWKHPHFKDQLFDOHQHUJ\RIWKHVSLQQLQJVWHDPWXUELQH7KHWRWDO
IHHGZDWHUFRQVLVWVRIUHFLUFXODWHGFRQGHQVDWHZDWHUDQGSXULILHGPDNHXSZDWHU%HFDXVHWKHPHWDOOLFPDWHULDOVLWFRQWDFWVDUHVXEMHFWWRFRUURVLRQDWKLJKWHPSHUDWXUHVDQG
SUHVVXUHVWKHPDNHXSZDWHULVKLJKO\SXULILHGEHIRUHXVH$V\VWHPRIZDWHUVRIWHQHUVDQGLRQH[FKDQJHGHPLQHUDOL]HUVSURGXFHVZDWHUVRSXUHWKDWLWFRLQFLGHQWDOO\
EHFRPHVDQHOHFWULFDOLQVXODWRUZLWKFRQGXFWLYLW\LQWKHUDQJHRIPLFURVLHPHQVSHUFHQWLPHWHU7KHPDNHXSZDWHULQD0:HSODQWDPRXQWVWRSHUKDSV86
JDOORQVSHUPLQXWH /V WRUHSODFHZDWHUGUDZQRIIIURPWKHERLOHUGUXPVIRUZDWHUSXULW\PDQDJHPHQWDQGWRDOVRRIIVHWWKHVPDOOORVVHVIURPVWHDPOHDNVLQWKH
V\VWHP
7KHIHHGZDWHUF\FOHEHJLQVZLWKFRQGHQVDWHZDWHUEHLQJSXPSHGRXWRIWKHFRQGHQVHUDIWHUWUDYHOLQJWKURXJKWKHVWHDPWXUELQHV7KHFRQGHQVDWHIORZUDWHDWIXOOORDGLQD
0:SODQWLVDERXW86JDOORQVSHUPLQXWH /V 
7KHZDWHULVSUHVVXUL]HGLQWZRVWDJHVDQGIORZVWKURXJKDVHULHVRIVL[RUVHYHQLQWHUPHGLDWHIHHGZDWHUKHDWHUVKHDWHGXSDWHDFKSRLQWZLWKVWHDPH[WUDFWHGIURPDQ
DSSURSULDWHGXFWRQWKHWXUELQHVDQGJDLQLQJWHPSHUDWXUHDWHDFKVWDJH7\SLFDOO\LQWKHPLGGOHRIWKLVVHULHVRIIHHGZDWHUKHDWHUVDQGEHIRUHWKHVHFRQGVWDJHRI
SUHVVXUL]DWLRQWKHFRQGHQVDWHSOXVWKHPDNHXSZDWHUIORZVWKURXJKDGHDHUDWRU>@>@WKDWUHPRYHVGLVVROYHGDLUIURPWKHZDWHUIXUWKHUSXULI\LQJDQGUHGXFLQJLWV
FRUURVLYHQHVV7KHZDWHUPD\EHGRVHGIROORZLQJWKLVSRLQWZLWKK\GUD]LQHDFKHPLFDOWKDWUHPRYHVWKHUHPDLQLQJR[\JHQLQWKHZDWHUWREHORZSDUWVSHUELOOLRQ SSE ,W
LVDOVRGRVHGZLWKS+FRQWURODJHQWVVXFKDVDPPRQLDRUPRUSKROLQHWRNHHSWKHUHVLGXDODFLGLW\ORZDQGWKXVQRQFRUURVLYH
KWWSVHQZLNLSHGLDRUJZLNL7KHUPDOBSRZHUBVWDWLRQ





7KHUPDOSRZHUVWDWLRQ:LNLSHGLDWKHIUHHHQF\FORSHGLD

%RLOHURSHUDWLRQ
7KHERLOHULVDUHFWDQJXODUIXUQDFHDERXWIHHW P RQDVLGHDQGIHHW P WDOO,WVZDOOVDUHPDGHRIDZHERIKLJKSUHVVXUHVWHHOWXEHVDERXWLQFKHV PP
LQGLDPHWHU
3XOYHUL]HGFRDOLVDLUEORZQLQWRWKHIXUQDFHWKURXJKEXUQHUVORFDWHGDWWKHIRXUFRUQHUVRUDORQJRQHZDOORUWZR
RSSRVLWHZDOOVDQGLWLVLJQLWHGWRUDSLGO\EXUQIRUPLQJDODUJHILUHEDOODWWKHFHQWHU7KHWKHUPDOUDGLDWLRQRIWKHILUHEDOO
KHDWVWKHZDWHUWKDWFLUFXODWHVWKURXJKWKHERLOHUWXEHVQHDUWKHERLOHUSHULPHWHU7KHZDWHUFLUFXODWLRQUDWHLQWKHERLOHULV
WKUHHWRIRXUWLPHVWKHWKURXJKSXW$VWKHZDWHULQWKHERLOHUFLUFXODWHVLWDEVRUEVKHDWDQGFKDQJHVLQWRVWHDP,WLV
VHSDUDWHGIURPWKHZDWHULQVLGHDGUXPDWWKHWRSRIWKHIXUQDFH7KHVDWXUDWHGVWHDPLVLQWURGXFHGLQWRVXSHUKHDWSHQGDQW
WXEHVWKDWKDQJLQWKHKRWWHVWSDUWRIWKHFRPEXVWLRQJDVHVDVWKH\H[LWWKHIXUQDFH+HUHWKHVWHDPLVVXSHUKHDWHGWR
) & WRSUHSDUHLWIRUWKHWXUELQH
3ODQWVGHVLJQHGIRUOLJQLWH EURZQFRDO DUHLQFUHDVLQJO\XVHGLQORFDWLRQVDVYDULHGDV*HUPDQ\9LFWRULD$XVWUDOLDDQG
1RUWK'DNRWD/LJQLWHLVDPXFK\RXQJHUIRUPRIFRDOWKDQEODFNFRDO,WKDVDORZHUHQHUJ\GHQVLW\WKDQEODFNFRDODQG
UHTXLUHVDPXFKODUJHUIXUQDFHIRUHTXLYDOHQWKHDWRXWSXW6XFKFRDOVPD\FRQWDLQXSWRZDWHUDQGDVK\LHOGLQJ
ORZHUIXUQDFHWHPSHUDWXUHVDQGUHTXLULQJODUJHULQGXFHGGUDIWIDQV7KHILULQJV\VWHPVDOVRGLIIHUIURPEODFNFRDODQG
W\SLFDOO\GUDZKRWJDVIURPWKHIXUQDFHH[LWOHYHODQGPL[LWZLWKWKHLQFRPLQJFRDOLQIDQW\SHPLOOVWKDWLQMHFWWKH
SXOYHUL]HGFRDODQGKRWJDVPL[WXUHLQWRWKHERLOHU
3ODQWVWKDWXVHJDVWXUELQHVWRKHDWWKHZDWHUIRUFRQYHUVLRQLQWRVWHDPXVHERLOHUVNQRZQDVKHDWUHFRYHU\VWHDP
JHQHUDWRUV +56* 7KHH[KDXVWKHDWIURPWKHJDVWXUELQHVLVXVHGWRPDNHVXSHUKHDWHGVWHDPWKDWLVWKHQXVHGLQD
FRQYHQWLRQDOZDWHUVWHDPJHQHUDWLRQF\FOHDVGHVFULEHGLQJDVWXUELQHFRPELQHGF\FOHSODQWVVHFWLRQEHORZ

%RLOHUIXUQDFHDQGVWHDPGUXP

'LDJUDPRIERLOHUIHHGZDWHUGHDHUDWRU ZLWK
YHUWLFDOGRPHGDHUDWLRQVHFWLRQDQGKRUL]RQWDO
ZDWHUVWRUDJHVHFWLRQ 

7KHZDWHUHQWHUVWKHERLOHUWKURXJKDVHFWLRQLQWKHFRQYHFWLRQSDVVFDOOHGWKHHFRQRPL]HU)URPWKHHFRQRPL]HULWSDVVHV
WRWKHVWHDPGUXPDQGIURPWKHUHLWJRHVWKURXJKGRZQFRPHUVWRLQOHWKHDGHUVDWWKHERWWRPRIWKHZDWHUZDOOV)URPWKHVHKHDGHUVWKHZDWHUULVHVWKURXJKWKHZDWHUZDOOV
RIWKHIXUQDFHZKHUHVRPHRILWLVWXUQHGLQWRVWHDPDQGWKHPL[WXUHRIZDWHUDQGVWHDPWKHQUHHQWHUVWKHVWHDPGUXP7KLVSURFHVVPD\EHGULYHQSXUHO\E\QDWXUDO
FLUFXODWLRQ EHFDXVHWKHZDWHULVWKHGRZQFRPHUVLVGHQVHUWKDQWKHZDWHUVWHDPPL[WXUHLQWKHZDWHUZDOOV RUDVVLVWHGE\SXPSV,QWKHVWHDPGUXPWKHZDWHULVUHWXUQHGWR
WKHGRZQFRPHUVDQGWKHVWHDPLVSDVVHGWKURXJKDVHULHVRIVWHDPVHSDUDWRUVDQGGU\HUVWKDWUHPRYHZDWHUGURSOHWVIURPWKHVWHDP7KHGU\VWHDPWKHQIORZVLQWRWKH
VXSHUKHDWHUFRLOV
7KHERLOHUIXUQDFHDX[LOLDU\HTXLSPHQWLQFOXGHVFRDOIHHGQR]]OHVDQGLJQLWHUJXQVVRRWEORZHUVZDWHUODQFLQJDQGREVHUYDWLRQSRUWV LQWKHIXUQDFHZDOOV IRUREVHUYDWLRQ
RIWKHIXUQDFHLQWHULRU)XUQDFHH[SORVLRQVGXHWRDQ\DFFXPXODWLRQRIFRPEXVWLEOHJDVHVDIWHUDWULSRXWDUHDYRLGHGE\IOXVKLQJRXWVXFKJDVHVIURPWKHFRPEXVWLRQ]RQH
EHIRUHLJQLWLQJWKHFRDO
7KHVWHDPGUXP DVZHOODVWKHVXSHUKHDWHUFRLOVDQGKHDGHUV KDYHDLUYHQWVDQGGUDLQVQHHGHGIRULQLWLDOVWDUWXS

6XSHUKHDWHU
)RVVLOIXHOSRZHUSODQWVRIWHQKDYHDVXSHUKHDWHUVHFWLRQLQWKHVWHDPJHQHUDWLQJIXUQDFH7KHVWHDPSDVVHVWKURXJKGU\LQJHTXLSPHQWLQVLGHWKHVWHDPGUXPRQWRWKH
VXSHUKHDWHUDVHWRIWXEHVLQWKHIXUQDFH+HUHWKHVWHDPSLFNVXSPRUHHQHUJ\IURPKRWIOXHJDVHVRXWVLGHWKHWXELQJDQGLWVWHPSHUDWXUHLVQRZVXSHUKHDWHGDERYHWKH
VDWXUDWLRQWHPSHUDWXUH7KHVXSHUKHDWHGVWHDPLVWKHQSLSHGWKURXJKWKHPDLQVWHDPOLQHVWRWKHYDOYHVEHIRUHWKHKLJKSUHVVXUHWXUELQH
1XFOHDUSRZHUHGVWHDPSODQWVGRQRWKDYHVXFKVHFWLRQVEXWSURGXFHVWHDPDWHVVHQWLDOO\VDWXUDWHGFRQGLWLRQV([SHULPHQWDOQXFOHDUSODQWVZHUHHTXLSSHGZLWKIRVVLOILUHG
VXSHUKHDWHUVLQDQDWWHPSWWRLPSURYHRYHUDOOSODQWRSHUDWLQJFRVW

6WHDPFRQGHQVLQJ
7KHFRQGHQVHUFRQGHQVHVWKHVWHDPIURPWKHH[KDXVWRIWKHWXUELQHLQWROLTXLGWRDOORZLWWREHSXPSHG,IWKHFRQGHQVHUFDQEHPDGHFRROHUWKHSUHVVXUHRIWKHH[KDXVW
VWHDPLVUHGXFHGDQGHIILFLHQF\RIWKHF\FOHLQFUHDVHV
7KHVXUIDFHFRQGHQVHULVDVKHOODQGWXEHKHDWH[FKDQJHULQZKLFKFRROLQJZDWHULVFLUFXODWHGWKURXJKWKH
WXEHV>@>@>@>@7KHH[KDXVWVWHDPIURPWKHORZSUHVVXUHWXUELQHHQWHUVWKHVKHOOZKHUHLWLVFRROHGDQG
FRQYHUWHGWRFRQGHQVDWH ZDWHU E\IORZLQJRYHUWKHWXEHVDVVKRZQLQWKHDGMDFHQWGLDJUDP6XFKFRQGHQVHUV
XVHVWHDPHMHFWRUVRUURWDU\PRWRUGULYHQH[KDXVWHUVIRUFRQWLQXRXVUHPRYDORIDLUDQGJDVHVIURPWKHVWHDP
VLGHWRPDLQWDLQYDFXXP
)RUEHVWHIILFLHQF\WKHWHPSHUDWXUHLQWKHFRQGHQVHUPXVWEHNHSWDVORZDVSUDFWLFDOLQRUGHUWRDFKLHYHWKH
ORZHVWSRVVLEOHSUHVVXUHLQWKHFRQGHQVLQJVWHDP6LQFHWKHFRQGHQVHUWHPSHUDWXUHFDQDOPRVWDOZD\VEHNHSW
VLJQLILFDQWO\EHORZ&ZKHUHWKHYDSRUSUHVVXUHRIZDWHULVPXFKOHVVWKDQDWPRVSKHULFSUHVVXUHWKH
FRQGHQVHUJHQHUDOO\ZRUNVXQGHUYDFXXP7KXVOHDNVRIQRQFRQGHQVLEOHDLULQWRWKHFORVHGORRSPXVWEH
SUHYHQWHG
7\SLFDOO\WKHFRROLQJZDWHUFDXVHVWKHVWHDPWRFRQGHQVHDWDWHPSHUDWXUHRIDERXW& ) DQGWKDW
FUHDWHVDQDEVROXWHSUHVVXUHLQWKHFRQGHQVHURIDERXWN3D LQ+J LHDYDFXXPRIDERXW
N3D LQ+J UHODWLYHWRDWPRVSKHULFSUHVVXUH7KHODUJHGHFUHDVHLQYROXPHWKDWRFFXUVZKHQZDWHU
YDSRUFRQGHQVHVWROLTXLGFUHDWHVWKHORZYDFXXPWKDWKHOSVSXOOVWHDPWKURXJKDQGLQFUHDVHWKHHIILFLHQF\RI
WKHWXUELQHV

'LDJUDPRIDW\SLFDOZDWHUFRROHGVXUIDFH
FRQGHQVHU >@>@>@>@

7KHOLPLWLQJIDFWRULVWKHWHPSHUDWXUHRIWKHFRROLQJZDWHUDQGWKDWLQWXUQLVOLPLWHGE\WKHSUHYDLOLQJDYHUDJHFOLPDWLFFRQGLWLRQVDWWKHSRZHUSODQW
VORFDWLRQ LWPD\EH
SRVVLEOHWRORZHUWKHWHPSHUDWXUHEH\RQGWKHWXUELQHOLPLWVGXULQJZLQWHUFDXVLQJH[FHVVLYHFRQGHQVDWLRQLQWKHWXUELQH 3ODQWVRSHUDWLQJLQKRWFOLPDWHVPD\KDYHWR
UHGXFHRXWSXWLIWKHLUVRXUFHRIFRQGHQVHUFRROLQJZDWHUEHFRPHVZDUPHUXQIRUWXQDWHO\WKLVXVXDOO\FRLQFLGHVZLWKSHULRGVRIKLJKHOHFWULFDOGHPDQGIRUDLUFRQGLWLRQLQJ
7KHFRQGHQVHUJHQHUDOO\XVHVHLWKHUFLUFXODWLQJFRROLQJZDWHUIURPDFRROLQJWRZHUWRUHMHFWZDVWHKHDWWRWKHDWPRVSKHUHRURQFHWKURXJKZDWHUIURPDULYHUODNHRURFHDQ

KWWSVHQZLNLSHGLDRUJZLNL7KHUPDOBSRZHUBVWDWLRQ





7KHUPDOSRZHUVWDWLRQ:LNLSHGLDWKHIUHHHQF\FORSHGLD

7KHKHDWDEVRUEHGE\WKHFLUFXODWLQJFRROLQJZDWHULQWKHFRQGHQVHUWXEHVPXVWDOVREHUHPRYHGWRPDLQWDLQWKHDELOLW\RIWKHZDWHUWRFRRODVLW
FLUFXODWHV7KLVLVGRQHE\SXPSLQJWKHZDUPZDWHUIURPWKHFRQGHQVHUWKURXJKHLWKHUQDWXUDOGUDIWIRUFHGGUDIWRULQGXFHGGUDIWFRROLQJWRZHUV
DVVHHQLQWKHLPDJHWRWKHULJKW WKDWUHGXFHWKHWHPSHUDWXUHRIWKHZDWHUE\HYDSRUDWLRQE\DERXWWR& WR) H[SHOOLQJZDVWH
KHDWWRWKHDWPRVSKHUH7KHFLUFXODWLRQIORZUDWHRIWKHFRROLQJZDWHULQD0:XQLWLVDERXWPV IWVRU86JDOPLQ DW
IXOOORDG>@
7KHFRQGHQVHUWXEHVDUHPDGHRIEUDVVRUVWDLQOHVVVWHHOWRUHVLVWFRUURVLRQIURPHLWKHUVLGH1HYHUWKHOHVVWKH\PD\EHFRPHLQWHUQDOO\IRXOHG
GXULQJRSHUDWLRQE\EDFWHULDRUDOJDHLQWKHFRROLQJZDWHURUE\PLQHUDOVFDOLQJDOORIZKLFKLQKLELWKHDWWUDQVIHUDQGUHGXFHWKHUPRG\QDPLF
HIILFLHQF\0DQ\SODQWVLQFOXGHDQDXWRPDWLFFOHDQLQJV\VWHPWKDWFLUFXODWHVVSRQJHUXEEHUEDOOVWKURXJKWKHWXEHVWRVFUXEWKHPFOHDQZLWKRXW
WKHQHHGWRWDNHWKHV\VWHPRIIOLQH
7KHFRROLQJZDWHUXVHGWRFRQGHQVHWKHVWHDPLQWKHFRQGHQVHUUHWXUQVWRLWVVRXUFHZLWKRXWKDYLQJEHHQFKDQJHGRWKHUWKDQKDYLQJEHHQ
ZDUPHG,IWKHZDWHUUHWXUQVWRDORFDOZDWHUERG\ UDWKHUWKDQDFLUFXODWLQJFRROLQJWRZHU LWLVWHPSHUHGZLWKFRRO
UDZ
ZDWHUWRSUHYHQW
WKHUPDOVKRFNZKHQGLVFKDUJHGLQWRWKDWERG\RIZDWHU

$0DUOH\PHFKDQLFDO
LQGXFHGGUDIWFRROLQJ
WRZHU

$QRWKHUIRUPRIFRQGHQVLQJV\VWHPLVWKHDLUFRROHGFRQGHQVHU7KHSURFHVVLVVLPLODUWRWKDWRIDUDGLDWRUDQGIDQ([KDXVWKHDWIURPWKHORZSUHVVXUHVHFWLRQRIDVWHDP
WXUELQHUXQVWKURXJKWKHFRQGHQVLQJWXEHVWKHWXEHVDUHXVXDOO\ILQQHGDQGDPELHQWDLULVSXVKHGWKURXJKWKHILQVZLWKWKHKHOSRIDODUJHIDQ7KHVWHDPFRQGHQVHVWRZDWHU
WREHUHXVHGLQWKHZDWHUVWHDPF\FOH$LUFRROHGFRQGHQVHUVW\SLFDOO\RSHUDWHDWDKLJKHUWHPSHUDWXUHWKDQZDWHUFRROHGYHUVLRQV:KLOHVDYLQJZDWHUWKHHIILFLHQF\RIWKH
F\FOHLVUHGXFHG UHVXOWLQJLQPRUHFDUERQGLR[LGHSHUPHJDZDWWRIHOHFWULFLW\ 
)URPWKHERWWRPRIWKHFRQGHQVHUSRZHUIXOFRQGHQVDWHSXPSVUHF\FOHWKHFRQGHQVHGVWHDP ZDWHU EDFNWRWKHZDWHUVWHDPF\FOH

5HKHDWHU
3RZHUSODQWIXUQDFHVPD\KDYHDUHKHDWHUVHFWLRQFRQWDLQLQJWXEHVKHDWHGE\KRWIOXHJDVHVRXWVLGHWKHWXEHV([KDXVWVWHDPIURPWKHKLJKSUHVVXUHWXUELQHLVSDVVHG
WKURXJKWKHVHKHDWHGWXEHVWRFROOHFWPRUHHQHUJ\EHIRUHGULYLQJWKHLQWHUPHGLDWHDQGWKHQORZSUHVVXUHWXUELQHV

$LUSDWK
([WHUQDOIDQVDUHSURYLGHGWRJLYHVXIILFLHQWDLUIRUFRPEXVWLRQ7KH3ULPDU\DLUIDQWDNHVDLUIURPWKHDWPRVSKHUHDQGILUVWZDUPLQJLWLQWKHDLUSUHKHDWHUIRUEHWWHU
FRPEXVWLRQLQMHFWVLWYLDWKHDLUQR]]OHVRQWKHIXUQDFHZDOO
7KHLQGXFHGGUDIWIDQDVVLVWVWKH)'IDQE\GUDZLQJRXWFRPEXVWLEOHJDVHVIURPWKHIXUQDFHPDLQWDLQLQJDVOLJKWO\QHJDWLYHSUHVVXUHLQWKHIXUQDFHWRDYRLGEDFNILULQJ
WKURXJKDQ\FORVLQJ

6WHDPWXUELQHJHQHUDWRU
0DLQDUWLFOH7XUERJHQHUDWRU
7KHWXUELQHJHQHUDWRUFRQVLVWVRIDVHULHVRIVWHDPWXUELQHVLQWHUFRQQHFWHGWRHDFKRWKHUDQGDJHQHUDWRURQDFRPPRQVKDIW
7KHUHLVDKLJKSUHVVXUHWXUELQHDWRQHHQGIROORZHGE\DQLQWHUPHGLDWHSUHVVXUHWXUELQHWZRORZSUHVVXUHWXUELQHVDQGWKH
JHQHUDWRU$VVWHDPPRYHVWKURXJKWKHV\VWHPDQGORVHVSUHVVXUHDQGWKHUPDOHQHUJ\LWH[SDQGVLQYROXPHUHTXLULQJLQFUHDVLQJ
GLDPHWHUDQGORQJHUEODGHVDWHDFKVXFFHHGLQJVWDJHWRH[WUDFWWKHUHPDLQLQJHQHUJ\7KHHQWLUHURWDWLQJPDVVPD\EHRYHU
PHWULFWRQVDQGIHHW P ORQJ,WLVVRKHDY\WKDWLWPXVWEHNHSWWXUQLQJVORZO\HYHQZKHQVKXWGRZQ DWUSP VRWKDW
WKHVKDIWZLOOQRWERZHYHQVOLJKWO\DQGEHFRPHXQEDODQFHG7KLVLVVRLPSRUWDQWWKDWLWLVRQHRIRQO\ILYHIXQFWLRQVRIEODFNRXW
HPHUJHQF\SRZHUEDWWHULHVRQVLWH2WKHUIXQFWLRQVDUHHPHUJHQF\OLJKWLQJFRPPXQLFDWLRQVWDWLRQDODUPVDQGWXUERJHQHUDWRU
OXEHRLO
6XSHUKHDWHGVWHDPIURPWKHERLOHULVGHOLYHUHGWKURXJKLQFK PP GLDPHWHUSLSLQJWRWKHKLJKSUHVVXUHWXUELQH
ZKHUHLWIDOOVLQSUHVVXUHWRSVL 03D DQGWR) & LQWHPSHUDWXUHWKURXJKWKHVWDJH,WH[LWVYLDLQFK
PP GLDPHWHUFROGUHKHDWOLQHVDQGSDVVHVEDFNLQWRWKHERLOHUZKHUHWKHVWHDPLVUHKHDWHGLQVSHFLDOUHKHDWSHQGDQW
WXEHVEDFNWR) & 7KHKRWUHKHDWVWHDPLVFRQGXFWHGWRWKHLQWHUPHGLDWHSUHVVXUHWXUELQHZKHUHLWIDOOVLQERWK
WHPSHUDWXUHDQGSUHVVXUHDQGH[LWVGLUHFWO\WRWKHORQJEODGHGORZSUHVVXUHWXUELQHVDQGILQDOO\H[LWVWRWKHFRQGHQVHU

5RWRURIDPRGHUQVWHDPWXUELQHXVHGLQD

SRZHUVWDWLRQ
7KHJHQHUDWRUIHHW P ORQJDQGIHHW P LQGLDPHWHUFRQWDLQVDVWDWLRQDU\VWDWRUDQGDVSLQQLQJURWRUHDFK
FRQWDLQLQJPLOHVRIKHDY\FRSSHUFRQGXFWRUQRSHUPDQHQWPDJQHWVKHUH,QRSHUDWLRQLWJHQHUDWHVXSWRDPSHUHVDW
YROWV$& 0:H DVLWVSLQVDWHLWKHURUUSPV\QFKURQL]HGWRWKHSRZHUJULG7KHURWRUVSLQVLQDVHDOHGFKDPEHUFRROHGZLWKK\GURJHQJDVVHOHFWHG
EHFDXVHLWKDVWKHKLJKHVWNQRZQKHDWWUDQVIHUFRHIILFLHQWRIDQ\JDVDQGIRULWVORZYLVFRVLW\ZKLFKUHGXFHVZLQGDJHORVVHV7KLVV\VWHPUHTXLUHVVSHFLDOKDQGOLQJGXULQJ
VWDUWXSZLWKDLULQWKHFKDPEHUILUVWGLVSODFHGE\FDUERQGLR[LGHEHIRUHILOOLQJZLWKK\GURJHQ7KLVHQVXUHVWKDWWKHKLJKO\H[SORVLYHK\GURJHQR[\JHQHQYLURQPHQWLVQRW
FUHDWHG

7KHSRZHUJULGIUHTXHQF\LV+]DFURVV1RUWK$PHULFDDQG+]LQ(XURSH2FHDQLD$VLD .RUHDDQGSDUWVRI-DSDQDUHQRWDEOHH[FHSWLRQV DQGSDUWVRI$IULFD7KH


GHVLUHGIUHTXHQF\DIIHFWVWKHGHVLJQRIODUJHWXUELQHVVLQFHWKH\DUHKLJKO\RSWLPL]HGIRURQHSDUWLFXODUVSHHG
7KHHOHFWULFLW\IORZVWRDGLVWULEXWLRQ\DUGZKHUHWUDQVIRUPHUVLQFUHDVHWKHYROWDJHIRUWUDQVPLVVLRQWRLWVGHVWLQDWLRQ
7KHVWHDPWXUELQHGULYHQJHQHUDWRUVKDYHDX[LOLDU\V\VWHPVHQDEOLQJWKHPWRZRUNVDWLVIDFWRULO\DQGVDIHO\7KHVWHDPWXUELQHJHQHUDWRUEHLQJURWDWLQJHTXLSPHQWJHQHUDOO\
KDVDKHDY\ODUJHGLDPHWHUVKDIW7KHVKDIWWKHUHIRUHUHTXLUHVQRWRQO\VXSSRUWVEXWDOVRKDVWREHNHSWLQSRVLWLRQZKLOHUXQQLQJ7RPLQLPL]HWKHIULFWLRQDOUHVLVWDQFHWRWKH
URWDWLRQWKHVKDIWKDVDQXPEHURIEHDULQJV7KHEHDULQJVKHOOVLQZKLFKWKHVKDIWURWDWHVDUHOLQHGZLWKDORZIULFWLRQPDWHULDOOLNH%DEELWWPHWDO2LOOXEULFDWLRQLV
SURYLGHGWRIXUWKHUUHGXFHWKHIULFWLRQEHWZHHQVKDIWDQGEHDULQJVXUIDFHDQGWROLPLWWKHKHDWJHQHUDWHG

6WDFNJDVSDWKDQGFOHDQXS
6HHDOVR)OXHJDVHPLVVLRQVIURPIRVVLOIXHOFRPEXVWLRQDQG)OXHJDVGHVXOIXUL]DWLRQ

KWWSVHQZLNLSHGLDRUJZLNL7KHUPDOBSRZHUBVWDWLRQ





7KHUPDOSRZHUVWDWLRQ:LNLSHGLDWKHIUHHHQF\FORSHGLD

$VWKHFRPEXVWLRQIOXHJDVH[LWVWKHERLOHULWLVURXWHGWKURXJKDURWDWLQJIODWEDVNHWRIPHWDOPHVKZKLFKSLFNVXSKHDWDQGUHWXUQVLWWRLQFRPLQJIUHVKDLUDVWKHEDVNHW
URWDWHV7KLVLVFDOOHGWKHDLUSUHKHDWHU7KHJDVH[LWLQJWKHERLOHULVODGHQZLWKIO\DVKZKLFKDUHWLQ\VSKHULFDODVKSDUWLFOHV7KHIOXHJDVFRQWDLQVQLWURJHQDORQJZLWK
FRPEXVWLRQSURGXFWVFDUERQGLR[LGHVXOIXUGLR[LGHDQGQLWURJHQR[LGHV7KHIO\DVKLVUHPRYHGE\IDEULFEDJILOWHUVRUHOHFWURVWDWLFSUHFLSLWDWRUV2QFHUHPRYHGWKHIO\
DVKE\SURGXFWFDQVRPHWLPHVEHXVHGLQWKHPDQXIDFWXULQJRIFRQFUHWH7KLVFOHDQLQJXSRIIOXHJDVHVKRZHYHURQO\RFFXUVLQSODQWVWKDWDUHILWWHGZLWKWKHDSSURSULDWH
WHFKQRORJ\6WLOOWKHPDMRULW\RIFRDOILUHGSRZHUSODQWVLQWKHZRUOGGRQRWKDYHWKHVHIDFLOLWLHV/HJLVODWLRQLQ(XURSHKDVEHHQHIILFLHQWWRUHGXFHIOXHJDVSROOXWLRQ-DSDQ
KDVEHHQXVLQJIOXHJDVFOHDQLQJWHFKQRORJ\IRURYHU\HDUVDQGWKH86KDVEHHQGRLQJWKHVDPHIRURYHU\HDUV&KLQDLVQRZEHJLQQLQJWRJUDSSOHZLWKWKHSROOXWLRQ
FDXVHGE\FRDOILUHGSRZHUSODQWV
:KHUHUHTXLUHGE\ODZWKHVXOIXUDQGQLWURJHQR[LGHSROOXWDQWVDUHUHPRYHGE\VWDFNJDVVFUXEEHUVZKLFKXVHDSXOYHUL]HGOLPHVWRQHRURWKHUDONDOLQHZHWVOXUU\WRUHPRYH
WKRVHSROOXWDQWVIURPWKHH[LWVWDFNJDV2WKHUGHYLFHVXVHFDWDO\VWVWRUHPRYH1LWURXV2[LGHFRPSRXQGVIURPWKHIOXHJDVVWUHDP7KHJDVWUDYHOOLQJXSWKHIOXHJDVVWDFN
PD\E\WKLVWLPHKDYHGURSSHGWRDERXW& ) $W\SLFDOIOXHJDVVWDFNPD\EHPHWUHV IW WDOOWRGLVSHUVHWKHUHPDLQLQJIOXHJDVFRPSRQHQWVLQ
WKHDWPRVSKHUH7KHWDOOHVWIOXHJDVVWDFNLQWKHZRUOGLVPHWUHV IW WDOODWWKH*5(6SRZHUSODQWLQ(NLEDVWX].D]DNKVWDQ
,QWKH8QLWHG6WDWHVDQGDQXPEHURIRWKHUFRXQWULHVDWPRVSKHULFGLVSHUVLRQPRGHOLQJ>@VWXGLHVDUHUHTXLUHGWRGHWHUPLQHWKHIOXHJDVVWDFNKHLJKWQHHGHGWRFRPSO\ZLWK
WKHORFDODLUSROOXWLRQUHJXODWLRQV7KH8QLWHG6WDWHVDOVRUHTXLUHVWKHKHLJKWRIDIOXHJDVVWDFNWRFRPSO\ZLWKZKDWLVNQRZQDVWKH*RRG(QJLQHHULQJ3UDFWLFH *(3 
VWDFNKHLJKW>@>@,QWKHFDVHRIH[LVWLQJIOXHJDVVWDFNVWKDWH[FHHGWKH*(3VWDFNKHLJKWDQ\DLUSROOXWLRQGLVSHUVLRQPRGHOLQJVWXGLHVIRUVXFKVWDFNVPXVWXVHWKH*(3
VWDFNKHLJKWUDWKHUWKDQWKHDFWXDOVWDFNKHLJKW

)O\DVKFROOHFWLRQ
)O\DVKLVFDSWXUHGDQGUHPRYHGIURPWKHIOXHJDVE\HOHFWURVWDWLFSUHFLSLWDWRUVRUIDEULFEDJILOWHUV RUVRPHWLPHVERWK ORFDWHGDWWKHRXWOHWRIWKHIXUQDFHDQGEHIRUHWKH
LQGXFHGGUDIWIDQ7KHIO\DVKLVSHULRGLFDOO\UHPRYHGIURPWKHFROOHFWLRQKRSSHUVEHORZWKHSUHFLSLWDWRUVRUEDJILOWHUV*HQHUDOO\WKHIO\DVKLVSQHXPDWLFDOO\WUDQVSRUWHG
WRVWRUDJHVLORVIRUVXEVHTXHQWWUDQVSRUWE\WUXFNVRUUDLOURDGFDUV

%RWWRPDVKFROOHFWLRQDQGGLVSRVDO
$WWKHERWWRPRIWKHIXUQDFHWKHUHLVDKRSSHUIRUFROOHFWLRQRIERWWRPDVK7KLVKRSSHULVDOZD\VILOOHGZLWKZDWHUWRTXHQFKWKHDVKDQGFOLQNHUVIDOOLQJGRZQIURPWKH
IXUQDFH6RPHDUUDQJHPHQWLVLQFOXGHGWRFUXVKWKHFOLQNHUVDQGIRUFRQYH\LQJWKHFUXVKHGFOLQNHUVDQGERWWRPDVKWRDVWRUDJHVLWH$VKH[WUDFWRULVXVHGWRGLVFKDUJHDVK
IURP0XQLFLSDOVROLGZDVWHILUHGERLOHUV

$X[LOLDU\V\VWHPV
%RLOHUPDNHXSZDWHUWUHDWPHQWSODQWDQGVWRUDJH
6LQFHWKHUHLVFRQWLQXRXVZLWKGUDZDORIVWHDPDQGFRQWLQXRXVUHWXUQRIFRQGHQVDWHWRWKHERLOHUORVVHVGXHWREORZGRZQDQGOHDNDJHVKDYHWREHPDGHXSWRPDLQWDLQD
GHVLUHGZDWHUOHYHOLQWKHERLOHUVWHDPGUXP)RUWKLVFRQWLQXRXVPDNHXSZDWHULVDGGHGWRWKHERLOHUZDWHUV\VWHP,PSXULWLHVLQWKHUDZZDWHULQSXWWRWKHSODQWJHQHUDOO\
FRQVLVWRIFDOFLXPDQGPDJQHVLXPVDOWVZKLFKLPSDUWKDUGQHVVWRWKHZDWHU+DUGQHVVLQWKHPDNHXSZDWHUWRWKHERLOHUZLOOIRUPGHSRVLWVRQWKHWXEHZDWHUVXUIDFHVZKLFK
ZLOOOHDGWRRYHUKHDWLQJDQGIDLOXUHRIWKHWXEHV7KXVWKHVDOWVKDYHWREHUHPRYHGIURPWKHZDWHUDQGWKDWLVGRQHE\DZDWHUGHPLQHUDOLVLQJWUHDWPHQWSODQW '0 $'0
SODQWJHQHUDOO\FRQVLVWVRIFDWLRQDQLRQDQGPL[HGEHGH[FKDQJHUV$Q\LRQVLQWKHILQDOZDWHUIURPWKLVSURFHVVFRQVLVWHVVHQWLDOO\RIK\GURJHQLRQVDQGK\GUR[LGHLRQV
ZKLFKUHFRPELQHWRIRUPSXUHZDWHU9HU\SXUH'0ZDWHUEHFRPHVKLJKO\FRUURVLYHRQFHLWDEVRUEVR[\JHQIURPWKHDWPRVSKHUHEHFDXVHRILWVYHU\KLJKDIILQLW\IRU
R[\JHQ
7KHFDSDFLW\RIWKH'0SODQWLVGLFWDWHGE\WKHW\SHDQGTXDQWLW\RIVDOWVLQWKHUDZZDWHULQSXW+RZHYHUVRPHVWRUDJHLVHVVHQWLDODVWKH'0SODQWPD\EHGRZQIRU
PDLQWHQDQFH)RUWKLVSXUSRVHDVWRUDJHWDQNLVLQVWDOOHGIURPZKLFK'0ZDWHULVFRQWLQXRXVO\ZLWKGUDZQIRUERLOHUPDNHXS7KHVWRUDJHWDQNIRU'0ZDWHULVPDGHIURP
PDWHULDOVQRWDIIHFWHGE\FRUURVLYHZDWHUVXFKDV39&7KHSLSLQJDQGYDOYHVDUHJHQHUDOO\RIVWDLQOHVVVWHHO6RPHWLPHVDVWHDPEODQNHWLQJDUUDQJHPHQWRUVWDLQOHVVVWHHO
GRXJKQXWIORDWLVSURYLGHGRQWRSRIWKHZDWHULQWKHWDQNWRDYRLGFRQWDFWZLWKDLU'0ZDWHUPDNHXSLVJHQHUDOO\DGGHGDWWKHVWHDPVSDFHRIWKHVXUIDFHFRQGHQVHU LH
WKHYDFXXPVLGH 7KLVDUUDQJHPHQWQRWRQO\VSUD\VWKHZDWHUEXWDOVR'0ZDWHUJHWVGHDHUDWHGZLWKWKHGLVVROYHGJDVHVEHLQJUHPRYHGE\DGHDHUDWRUWKURXJKDQHMHFWRU
DWWDFKHGWRWKHFRQGHQVHU

)XHOSUHSDUDWLRQV\VWHP
,QFRDOILUHGSRZHUVWDWLRQVWKHUDZIHHGFRDOIURPWKHFRDOVWRUDJHDUHDLVILUVWFUXVKHGLQWRVPDOOSLHFHVDQGWKHQFRQYH\HGWRWKH
FRDOIHHGKRSSHUVDWWKHERLOHUV7KHFRDOLVQH[WSXOYHUL]HGLQWRDYHU\ILQHSRZGHU7KHSXOYHUL]HUVPD\EHEDOOPLOOVURWDWLQJGUXP
JULQGHUVRURWKHUW\SHVRIJULQGHUV
6RPHSRZHUVWDWLRQVEXUQIXHORLOUDWKHUWKDQFRDO7KHRLOPXVWNHSWZDUP DERYHLWVSRXUSRLQW LQWKHIXHORLOVWRUDJHWDQNVWR
SUHYHQWWKHRLOIURPFRQJHDOLQJDQGEHFRPLQJXQSXPSDEOH7KHRLOLVXVXDOO\KHDWHGWRDERXW&EHIRUHEHLQJSXPSHGWKURXJK
WKHIXUQDFHIXHORLOVSUD\QR]]OHV
%RLOHUVLQVRPHSRZHUVWDWLRQVXVHSURFHVVHGQDWXUDOJDVDVWKHLUPDLQIXHO2WKHUSRZHUVWDWLRQVPD\XVHSURFHVVHGQDWXUDOJDVDV
DX[LOLDU\IXHOLQWKHHYHQWWKDWWKHLUPDLQIXHOVXSSO\ FRDORURLO LVLQWHUUXSWHG,QVXFKFDVHVVHSDUDWHJDVEXUQHUVDUHSURYLGHGRQ
WKHERLOHUIXUQDFHV

&RQYH\RUV\VWHPIRUPRYLQJFRDO
YLVLEOHDWIDUOHIW LQWRDSRZHUSODQW

%DUULQJJHDU
%DUULQJJHDU RUWXUQLQJJHDU LVWKHPHFKDQLVPSURYLGHGWRURWDWHWKHWXUELQHJHQHUDWRUVKDIWDWDYHU\ORZVSHHGDIWHUXQLWVWRSSDJHV2QFHWKHXQLWLVWULSSHG LHWKH
VWHDPLQOHWYDOYHLVFORVHG WKHWXUELQHFRDVWVGRZQWRZDUGVVWDQGVWLOO:KHQLWVWRSVFRPSOHWHO\WKHUHLVDWHQGHQF\IRUWKHWXUELQHVKDIWWRGHIOHFWRUEHQGLIDOORZHGWR
UHPDLQLQRQHSRVLWLRQWRRORQJ7KLVLVEHFDXVHWKHKHDWLQVLGHWKHWXUELQHFDVLQJWHQGVWRFRQFHQWUDWHLQWKHWRSKDOIRIWKHFDVLQJPDNLQJWKHWRSKDOISRUWLRQRIWKHVKDIW
KRWWHUWKDQWKHERWWRPKDOI7KHVKDIWWKHUHIRUHFRXOGZDUSRUEHQGE\PLOOLRQWKVRILQFKHV
7KLVVPDOOVKDIWGHIOHFWLRQRQO\GHWHFWDEOHE\HFFHQWULFLW\PHWHUVZRXOGEHHQRXJKWRFDXVHGDPDJLQJYLEUDWLRQVWRWKHHQWLUHVWHDPWXUELQHJHQHUDWRUXQLWZKHQLWLV
UHVWDUWHG7KHVKDIWLVWKHUHIRUHDXWRPDWLFDOO\WXUQHGDWORZVSHHG DERXWRQHSHUFHQWUDWHGVSHHG E\WKHEDUULQJJHDUXQWLOLWKDVFRROHGVXIILFLHQWO\WRSHUPLWDFRPSOHWH
VWRS

2LOV\VWHP
KWWSVHQZLNLSHGLDRUJZLNL7KHUPDOBSRZHUBVWDWLRQ





7KHUPDOSRZHUVWDWLRQ:LNLSHGLDWKHIUHHHQF\FORSHGLD

$QDX[LOLDU\RLOV\VWHPSXPSLVXVHGWRVXSSO\RLODWWKHVWDUWXSRIWKHVWHDPWXUELQHJHQHUDWRU,WVXSSOLHVWKHK\GUDXOLFRLOV\VWHPUHTXLUHGIRUVWHDPWXUELQH
VPDLQLQOHW
VWHDPVWRSYDOYHWKHJRYHUQLQJFRQWUROYDOYHVWKHEHDULQJDQGVHDORLOV\VWHPVWKHUHOHYDQWK\GUDXOLFUHOD\VDQGRWKHUPHFKDQLVPV
$WDSUHVHWVSHHGRIWKHWXUELQHGXULQJVWDUWXSVDSXPSGULYHQE\WKHWXUELQHPDLQVKDIWWDNHVRYHUWKHIXQFWLRQVRIWKHDX[LOLDU\V\VWHP

*HQHUDWRUFRROLQJ
:KLOHVPDOOJHQHUDWRUVPD\EHFRROHGE\DLUGUDZQWKURXJKILOWHUVDWWKHLQOHWODUJHUXQLWVJHQHUDOO\UHTXLUHVSHFLDOFRROLQJDUUDQJHPHQWV+\GURJHQJDVFRROLQJLQDQRLO
VHDOHGFDVLQJLVXVHGEHFDXVHLWKDVWKHKLJKHVWNQRZQKHDWWUDQVIHUFRHIILFLHQWRIDQ\JDVDQGIRULWVORZYLVFRVLW\ZKLFKUHGXFHVZLQGDJHORVVHV7KLVV\VWHPUHTXLUHV
VSHFLDOKDQGOLQJGXULQJVWDUWXSZLWKDLULQWKHJHQHUDWRUHQFORVXUHILUVWGLVSODFHGE\FDUERQGLR[LGHEHIRUHILOOLQJZLWKK\GURJHQ7KLVHQVXUHVWKDWWKHKLJKO\IODPPDEOH
K\GURJHQGRHVQRWPL[ZLWKR[\JHQLQWKHDLU
7KHK\GURJHQSUHVVXUHLQVLGHWKHFDVLQJLVPDLQWDLQHGVOLJKWO\KLJKHUWKDQDWPRVSKHULFSUHVVXUHWRDYRLGRXWVLGHDLULQJUHVV7KHK\GURJHQPXVWEHVHDOHGDJDLQVWRXWZDUG
OHDNDJHZKHUHWKHVKDIWHPHUJHVIURPWKHFDVLQJ0HFKDQLFDOVHDOVDURXQGWKHVKDIWDUHLQVWDOOHGZLWKDYHU\VPDOODQQXODUJDSWRDYRLGUXEELQJEHWZHHQWKHVKDIWDQGWKH
VHDOV6HDORLOLVXVHGWRSUHYHQWWKHK\GURJHQJDVOHDNDJHWRDWPRVSKHUH
7KHJHQHUDWRUDOVRXVHVZDWHUFRROLQJ6LQFHWKHJHQHUDWRUFRLOVDUHDWDSRWHQWLDORIDERXWN9DQLQVXODWLQJEDUULHUVXFKDV7HIORQLVXVHGWRLQWHUFRQQHFWWKHZDWHUOLQH
DQGWKHJHQHUDWRUKLJKYROWDJHZLQGLQJV'HPLQHUDOL]HGZDWHURIORZFRQGXFWLYLW\LVXVHG,WVWKHLPSRUWDQFHRIJHQHUDWRUFRROLQJ

*HQHUDWRUKLJKYROWDJHV\VWHP
7KHJHQHUDWRUYROWDJHIRUPRGHUQXWLOLW\FRQQHFWHGJHQHUDWRUVUDQJHVIURPN9LQVPDOOHUXQLWVWRN9LQODUJHUXQLWV7KHJHQHUDWRUKLJKYROWDJHOHDGVDUHQRUPDOO\
ODUJHDOXPLQLXPFKDQQHOVEHFDXVHRIWKHLUKLJKFXUUHQWDVFRPSDUHGWRWKHFDEOHVXVHGLQVPDOOHUPDFKLQHV7KH\DUHHQFORVHGLQZHOOJURXQGHGDOXPLQLXPEXVGXFWVDQG
DUHVXSSRUWHGRQVXLWDEOHLQVXODWRUV7KHJHQHUDWRUKLJKYROWDJHOHDGVDUHFRQQHFWHGWRVWHSXSWUDQVIRUPHUVIRUFRQQHFWLQJWRDKLJKYROWDJHHOHFWULFDOVXEVWDWLRQ XVXDOO\LQ
WKHUDQJHRIN9WRN9 IRUIXUWKHUWUDQVPLVVLRQE\WKHORFDOSRZHUJULG
7KHQHFHVVDU\SURWHFWLRQDQGPHWHULQJGHYLFHVDUHLQFOXGHGIRUWKHKLJKYROWDJHOHDGV7KXVWKHVWHDPWXUELQHJHQHUDWRUDQGWKHWUDQVIRUPHUIRUPRQHXQLW6PDOOHUXQLWV
PD\VKDUHDFRPPRQJHQHUDWRUVWHSXSWUDQVIRUPHUZLWKLQGLYLGXDOFLUFXLWEUHDNHUVWRFRQQHFWWKHJHQHUDWRUVWRDFRPPRQEXV

0RQLWRULQJDQGDODUPV\VWHP
0RVWRIWKHSRZHUSODQWRSHUDWLRQDOFRQWUROVDUHDXWRPDWLF+RZHYHUDWWLPHVPDQXDOLQWHUYHQWLRQPD\EHUHTXLUHG7KXVWKHSODQWLVSURYLGHGZLWKPRQLWRUVDQGDODUP
V\VWHPVWKDWDOHUWWKHSODQWRSHUDWRUVZKHQFHUWDLQRSHUDWLQJSDUDPHWHUVDUHVHULRXVO\GHYLDWLQJIURPWKHLUQRUPDOUDQJH

%DWWHU\VXSSOLHGHPHUJHQF\OLJKWLQJDQGFRPPXQLFDWLRQ
$FHQWUDOEDWWHU\V\VWHPFRQVLVWLQJRIOHDGDFLGFHOOXQLWVLVSURYLGHGWRVXSSO\HPHUJHQF\HOHFWULFSRZHUZKHQQHHGHGWRHVVHQWLDOLWHPVVXFKDVWKHSRZHUSODQW
VFRQWURO
V\VWHPVFRPPXQLFDWLRQV\VWHPVWXUELQHOXEHRLOSXPSVDQGHPHUJHQF\OLJKWLQJ7KLVLVHVVHQWLDOIRUDVDIHGDPDJHIUHHVKXWGRZQRIWKHXQLWVLQDQHPHUJHQF\VLWXDWLRQ

&LUFXODWLQJZDWHUV\VWHP
6HHDOVR&LUFXODWLQJ:DWHU3ODQW
7KHUPDOSRZHUSODQWVUHTXLUHVZDWHULQEXONTXDQWLW\IRUFRQGHQVDWLRQRIVWHDPDQGDOVRIRU$FWLYH)LUHSURWHFWLRQLQSODQW&HUWDLQ3RZHUSODQWVDUHSUHIHUUHGWREXLOWQHDU
DQ\ZDWHUERG\OLNH.RWD6XSHU7KHUPDO3RZHU6WDWLRQLVEXLOWQHDU%DQNRI5LYHU&KDPEDODQRWKHUH[DPSOHLV%RNDUR7KHUPDO3RZHU6WDWLRQZKLFKLVVLWXDWHGRQWKH
EDQNRI.RQDU5LYHULQ,QGLD

7UDQVSRUWRIFRDOIXHOWRVLWHDQGWRVWRUDJH
0DLQDUWLFOH)RVVLOIXHOSRZHUSODQW
0RVWWKHUPDOVWDWLRQVXVHFRDODVWKHPDLQIXHO5DZFRDOLVWUDQVSRUWHGIURPFRDOPLQHVWRDSRZHUVWDWLRQVLWHE\WUXFNVEDUJHVEXONFDUJRVKLSVRUUDLOZD\FDUV
*HQHUDOO\ZKHQVKLSSHGE\UDLOZD\VWKHFRDOFDUVDUHVHQWDVDIXOOWUDLQRIFDUV7KHFRDOUHFHLYHGDWVLWHPD\EHRIGLIIHUHQWVL]HV7KHUDLOZD\FDUVDUHXQORDGHGDWVLWHE\
URWDU\GXPSHUVRUVLGHWLOWGXPSHUVWRWLSRYHURQWRFRQYH\RUEHOWVEHORZ7KHFRDOLVJHQHUDOO\FRQYH\HGWRFUXVKHUVZKLFKFUXVKWKHFRDOWRDERXWLQFK PP VL]H
7KHFUXVKHGFRDOLVWKHQVHQWE\EHOWFRQYH\RUVWRDVWRUDJHSLOH1RUPDOO\WKHFUXVKHGFRDOLVFRPSDFWHGE\EXOOGR]HUVDVFRPSDFWLQJRIKLJKO\YRODWLOHFRDODYRLGV
VSRQWDQHRXVLJQLWLRQ
7KHFUXVKHGFRDOLVFRQYH\HGIURPWKHVWRUDJHSLOHWRVLORVRUKRSSHUVDWWKHERLOHUVE\DQRWKHUEHOWFRQYH\RUV\VWHP

6HHDOVR
%RLOHU
/LVWRIVLJQLILFDQWWKHUPDOSRZHUVWDWLRQIDLOXUHV
&RPELQHGKHDWDQGSRZHU
&RROLQJWRZHUV\VWHP
)OXHJDVVWDFNV
)RVVLOIXHOSRZHUVWDWLRQ
*HRWKHUPDOSRZHU

1XFOHDUSRZHU
3RZHUVWDWLRQ
5HODWLYHFRVWRIHOHFWULFLW\JHQHUDWHGE\GLIIHUHQWVRXUFHV
6XUIDFHFRQGHQVHU
/HYHOLVHGHQHUJ\FRVW
:DWHUWXEHERLOHU
,QWHJUDWHG*DVLILFDWLRQ&RPELQHG&\FOH
/LVWRIODUJHVWSRZHUVWDWLRQVLQWKHZRUOG

5HIHUHQFHV
 (OHFWULFLW\ KWWSLQGLDQSRZHUVHFWRUFRPHOHFWULFLW\

KWWSVHQZLNLSHGLDRUJZLNL7KHUPDOBSRZHUBVWDWLRQ





7KHUPDOSRZHUVWDWLRQ:LNLSHGLDWKHIUHHHQF\FORSHGLD

 KWWSERRNVJRRJOHFRPERRNV"
LG =0Z$$$$,$$- SJ 3$ GT FHQWUDOVWDWLRQVWHDPHQJLQHWXUELQH KO HQ HL X]I47.;(V.;Q$I)F61%J VD ; RL ERRNBUHVXOW FW UHVXOW UHVQXP  YHG &(04$(Z%4Y
7KHHDUO\GD\VRIWKHSRZHUVWDWLRQLQGXVWU\&DPEULGJH8QLYHUVLW\3UHVV$UFKLYHSDJHV
 0DXU\.OHLQ7KH3RZHU0DNHUV6WHDP(OHFWULFLW\DQGWKH0HQ:KR,QYHQWHG0RGHUQ$PHULFD%ORRPVEXU\3XEOLVKLQJ86$,6%1;
 &OLPDWH7HFK%RRN+\GURSRZHU KWWSZZZFHVRUJGRF8SORDGV+\GURSRZHUB),1$/BFOHDQ3')SGI 3HZ&HQWHURQ*OREDO&OLPDWH&KDQJH2FWREHU
 %ULWLVK(OHFWULFLW\,QWHUQDWLRQDO  0RGHUQ3RZHU6WDWLRQ3UDFWLFHLQFRUSRUDWLQJPRGHUQSRZHUV\VWHPSUDFWLFH UG(GLWLRQ YROXPHVHW HG 3HUJDPRQ,6%1
;
 %DEFRFN :LOFR[&R  6WHDP,WV*HQHUDWLRQDQG8VH VWHG ,6%1
 7KRPDV&(OOLRWW.DR&KHQ5REHUW6ZDQHNDPS FRDXWKRUV   6WDQGDUG+DQGERRNRI3RZHUSODQW(QJLQHHULQJ QGHG 0F*UDZ+LOO3URIHVVLRQDO,6%1
 3UHVVXUL]HGGHDHUDWRUV KWWSZZZVSLUD[VDUFRFRPUHVRXUFHVVWHDPHQJLQHHULQJWXWRULDOVWKHERLOHUKRXVHSUHVVXULVHGGHDHUDWRUVDVSKHDG
 7UD\GHDHUDWLQJKHDWHUV KWWSZZZXVILOWHUFRP15UGRQO\UHV)(%%)&&'&$$%%WUH\BGHDHUDWRUBEURFKXUHSGI
 $LU3ROOXWLRQ&RQWURO2ULHQWDWLRQ&RXUVH KWWSZZZHSDJRYRDURDTSVHRJFRXUVHFHEKWPO IURPZHEVLWHRIWKH$LU3ROOXWLRQ7UDLQLQJ,QVWLWXWH
 (QHUJ\VDYLQJVLQVWHDPV\VWHPV KWWSNROPHW]FRPSGI(1(5*<()),&,(1&<,03529(0(17SGI )LJXUHD/D\RXWRIVXUIDFHFRQGHQVHU VFUROOWRSDJHRISGI
SDJHV
 5REHUW7KXUVWRQ.HQW (GLWRULQ&KLHI   .HQWV0HFKDQLFDO(QJLQHHUV+DQGERRN (OHYHQWKHGLWLRQ 7ZRYROXPHV HG -RKQ:LOH\ 6RQV :LOH\(QJLQHHULQJ+DQGERRN
6HULHV 
 (3$:RUNVKRSRQ&RROLQJ:DWHU,QWDNH7HFKQRORJLHV$UOLQJWRQ9LUJLQLD KWWSZZZHSDJRYRVWZDWHUSUHVHQWDWLRQVPDXOEHWVFKSGI -RKQ0DXOEHWVFK0DXOEHWVFK&RQVXOWLQJ.HQW
=DPPLW(35,0D\5HWULHYHG6HSWHPEHU
 %H\FKRN0LOWRQ5  )XQGDPHQWDOV2I6WDFN*DV'LVSHUVLRQ WKHG DXWKRUSXEOLVKHG,6%1ZZZDLUGLVSHUVLRQFRP KWWSZZZDLUGLVSHUVLRQFRP
 *XLGHOLQHIRU'HWHUPLQDWLRQRI*RRG(QJLQHHULQJ3UDFWLFH6WDFN+HLJKW 7HFKQLFDO6XSSRUW'RFXPHQWIRUWKH6WDFN+HLJKW5HJXODWLRQV 5HYLVHG(3$3XEOLFDWLRQ1R(3$
586(QYLURQPHQWDO3URWHFWLRQ$JHQF\ 17,61R3%
 /DZVRQ-U5(DQG:+6Q\GHU'HWHUPLQDWLRQRI*RRG(QJLQHHULQJ3UDFWLFH6WDFN+HLJKW$'HPRQVWUDWLRQ6WXG\IRUD3RZHU3ODQW(3$3XEOLFDWLRQ1R(3$
86(QYLURQPHQWDO3URWHFWLRQ$JHQF\ 17,61R3%

([WHUQDOOLQNV
7KHUPDO3RZHU3ODQW,QGLDQ&RQWH[W KWWSLQGLDQSRZHUVHFWRUFRPSRZHUVWDWLRQWKHUPDOSRZHUSODQW
&RQYHQWLRQDOFRDOILUHGSRZHUSODQW KWWSHQFLWL]HQGLXPRUJZLNL&RQYHQWLRQDOBFRDOILUHGBSRZHUBSODQW
3RZHUSODQWGLDJUDP KWWSZZZWYDJRYSRZHUFRDODUWKWP
3RZHU3ODQW5HIHUHQFH%RRNV KWWSZZZSURFHVVDVVRFLDWHVFRPERRNVKHOIXQLWVSRZHUBSODQWBKWP
6WHDPMHWHMHFWRUV KWWSZZZVNFRPSUBYDFKWP"VLWUDFNLQJLG 
6WHDPMHWHMHFWRUSHUIRUPDQFHJXLGHOLQHV KWWSZZZFKHUHVRXUFHVFRPHMHFWRUVVKWPO
)LUVW KWWSVZZZ\RXWXEHFRPZDWFK"Y 'L(BO(B7( RQ<RX7XEHDQGVHFRQG KWWSVZZZ\RXWXEHFRPZDWFK"Y XZU0/UT4O8
OHFWXUHVE\6%DQHUMHHRQ7KHUPDO3RZHU3ODQWV

RQ<RX7XEHYLGHR

5HWULHYHGIURPKWWSVHQZLNLSHGLDRUJZLQGH[SKS"WLWOH 7KHUPDOBSRZHUBVWDWLRQ ROGLG 


&DWHJRULHV 3RZHUVWDWLRQWHFKQRORJ\ (QHUJ\FRQYHUVLRQ &KHPLFDOSURFHVVHQJLQHHULQJ 6WHDPSRZHU
7KLVSDJHZDVODVWPRGLILHGRQ6HSWHPEHUDW
7H[WLVDYDLODEOHXQGHUWKH&UHDWLYH&RPPRQV$WWULEXWLRQ6KDUH$OLNH/LFHQVHDGGLWLRQDOWHUPVPD\DSSO\%\XVLQJWKLVVLWH\RXDJUHHWRWKH7HUPVRI8VHDQG
3ULYDF\3ROLF\:LNLSHGLDLVDUHJLVWHUHGWUDGHPDUNRIWKH:LNLPHGLD)RXQGDWLRQ,QFDQRQSURILWRUJDQL]DWLRQ

KWWSVHQZLNLSHGLDRUJZLNL7KHUPDOBSRZHUBVWDWLRQ



You might also like