You are on page 1of 28

$PPRQLD8UHD,QGXVWU\LQ%DQJODGHVK

%DQJODGHVK KDV VHYHQ DPPRQLDXUHD FRPSOH[HV VL[ LQ WKH SXEOLF VHFWRU DQG RQH LQ WKH SULYDWH
VHFWRU DV D MRLQW YHQWXUH EHWZHHQ WKH *RYHUQPHQW RI %DQJODGHVK *2%  DQG IRUHLJQ FRPSDQLHV 
ZLWKDWRWDOLQVWDOOHGFDSDFLW\RIWRQVRIXUHDDQGWRQVRIDPPRQLDSHU\HDU

%DQJODGHVK &KHPLFDO ,QGXVWULHV &RUSRUDWLRQ %&,&  RSHUDWHV VL[ DPPRQLDXUHD FRPSOH[HV EXLOW
GXULQJWKHSHULRG 

7DEOH5HOHYDQW,QIRUPDWLRQRQ6HYHQ$PPRQLD8UHD&RPSOH[HV
&203/(; 1*)) 8))/ =)&/ 38)) &8)/ -)&/ .$)&2
/RFDWLRQ )HQFKXJRQM *KRUDVDO $VKXJRQM 3RODVK 5DQJDGLD 7DUDNDQGL 5DQJDGLD

<HDURI       
FRPPLVVLRQLQJ
3ODQWFDSDFLW\ 
8UHD 73<         
$PPRQLD 73<         
7\SHRIXUHD 3ULOO 3ULOO 3ULOO 3ULOO 3ULOO *UDQXODU *UDQXODU
(OHFWULFSRZHU FDSWLYH FDSWLYH FDSWLYH FDSWLYH FDSWLYH FDSWLYH FDSWLYH
$PPRQLD &&& 7R\R 8KGH &KLQD .HOORJJ +DOGRU +DOGRU
3URFHVV/LFHQVRU 86$  7RSVRH 7RSVRH
8UHD3URFHVV &&& 7(&07& 6WDPL &KLQD 7(&07& 6QDP 6WDPL
/LFHQVRU 86$  &SURFHVV  FDUERQ '3URFHVV SURJHWWL FDUERQ
$&(6
&2UHPRYDO &&& 9HWUR %HQILHOG &KLQD %HQILHOG %HQILHOG 823
V\VWHPIRUWKH 86$  FRNH 
UHIRUPHGJDVHV %HQILHOG
7\SHRIFRPSUHVVLRQ 5HFLSUR &HQWUL &HQWUL 5HFLSUR &HQWUL &HQWUL &HQWUL
L DPPRQLD FDWLQJ IXJDO IXJDO FDWLQJ IXJDO IXJDO IXJDO
V\QWKHVLV       
LL XUHDV\QWKHVLV 5HFLSUR &HQWUL &HQWUL 5HFLSUR &HQWUL &HQWUL &HQWUL
FDWLQJ IXJDO IXJDO FDWLQJ IXJDO IXJDO IXJDO

:KHQFRPPLVVLRQHG FDSDFLW\DIWHUUHYDPSLQJ RULJLQDOO\XUHDWDPPRQLDW 
2ULJLQDO3URFHVV

1*)) 1DWXUDO*DV)HUWLOL]HU)DFWRU\ 
8))/ 8UHD)HUWLOL]HU)DFWRU\/WG 
=)&/ =LD)HUWLOL]HU&R/WG 
38)) 3RODVK8UHD)HUWLOL]HU)DFWRU\ 
&8)/ &KLWWDJRQJ8UHD)HUWLOL]HU/WG 
-)&/ -DPXQD)HUWLOL]HU&R/WG 
.$)&2 .DUQDSKXOL)HUWLOL]HU&RPSDQ\/LPLWHG 
 
7DEOH1DWXUDO*DV&RQVXPSWLRQSHU7RQRI8UHDE\'LIIHUHQW&RPSOH[HVXQGHU%&,&
3ODQW FDSDFLW\LQW\XUHD \HDURI &RQVXPSWLRQRI1*SHUWRQXUHDDVSHU
FRPPLVVLRQLQJ GHVLJQ06&)
1*))   
8))/    
=)&/   
38))   
&8)/   
-)&/   
.$)&2   
DIWHUUHYDPSLQJ

8UHD0DQXIDFWXULQJ3URFHVVFDQEHGLYLGHGDVWKUHHGLVWLQFWSODQWVDQGWKH\DUH
8WLOLW\3ODQW
$PPRQLD3ODQW
8UHD3ODQW
$PPRQLD3ODQW

$PPRQLDLVSUHGRPLQDQWO\XVHGLQSURGXFLQJXUHDZKLFKLQWXUQLVXVHGIRUPDNLQJIHUWLOL]HUV,WLV
DOVRHVVHQWLDOLQPDQXIDFWXULQJSODVWLFVDQGH[SORVLYHVDQGLVWKHDFWLYHSURGXFWRIVPHOOLQJVDOWV
0RUHWKDQDVQLIIRIWKLVWR[LFUHDFWLYHDQGFRUURVLYHJDVFDQPDNHRQHLOODQGFDQHYHQLVIDWDO
$PPRQLDLVDFKHPLFDOZLWKDYDULHW\RIXVHVLWVODUJHVWDSSOLFDWLRQEHLQJDVWKHSULPDU\IHHGVWRFN
IRUWKHQLWURJHQRXVIHUWLOL]HULQGXVWU\8QGHUQRUPDOFRQGLWLRQVRIWHPSHUDWXUHDQGSUHVVXUHLWH[LVWV
DVDJDVZKLFKLVOLJKWHUWKDQDLUKDVDVKDUSLUULWDWLQJRGRUDQGEXUQVWKHH\HVDQGVNLQ,WGLVVROYHV
UHDGLO\LQZDWHU

)XQGDPHQWDOVRI$PPRQLD3URGXFWLRQ
$PPRQLDV\QWKHVLVLVD UHYHUVLEOHSURFHVV DFFRPSDQLHGE\WKHUHOHDVHRI KHDWDQGDFRQVLGHUDEOH
UHGXFWLRQLQYROXPH
1+ 1+4
 :LWKRXWDFDWDO\VWDPPRQLDV\QWKHVLVSURFHHGVDWDQH[WUHPHO\VORZUDWHHYHQDWYHU\KLJK
WHPSHUDWXUHV
 $QLQFUHDVHLQWHPSHUDWXUHUHGXFHVWKHHTXLOLEULXPFRQWHQWRIDPPRQLD
 :LWKDULVHLQSUHVVXUHDQGGURSLQWHPSHUDWXUHWKHHTXLOLEULXPVKLIWVWRZDUGVWKHIRUPDWLRQ
RIDPPRQLD

 
 $FDWDO\VWZKLFKLQFUHDVHVWKHUDWHRIV\QWKHVLVDWORZWHPSHUDWXUHPXVWEHXVHG
 &DWDO\VWXVHGLVLURQREWDLQHGE\UHGXFLQJLWVR[LGHV )H2)H2 
 7RPDLQWDLQKLJKDQGVWDEOHDFWLYLW\RIWKHFDWDO\VWSURPRWHUVVXFKDV$O2.2&D2DQG
6L2DUHDGGHGWRWKH,URQFDWDO\VWLQWKHLUPDQXIDFWXUH
 :KHQ R[\JHQFRQWDLQLQJ FRPSRXQGV +2 &2 &2  DUH SUHVHQW LQ WKH V\QWKHVLV JDV WKH
DFWLYLW\RIWKHFDWDO\VWGURSVVKDUSO\%XWZLWKSXUH+\GURJHQ1LWURJHQJDVLWVDFWLYLW\FDQ
EHUHVWRUHGWRLWVIRUPHUOHYHO7KLVLVNQRZQDVUHYHUVLEOHSRLVRQLQJRIFDWDO\VW
 +6DQGRWKHUVXOIXUFRQWDLQLQJFRPSRXQGVSRLVRQWKHFDWDO\VWLUUHYHUVLEO\

5DZ0DWHULDOV
 1DWXUDO*DV
 $LU
 6WHDP
3URGXFW$PPRQLD
%\SURGXFW&DUERQGLR[LGH

7DEOH6KRZV+\GURJHQ*HQHUDWLRQ5DZ0DWHULDOVDQG3URFHVVLQJ

5DZ0DWHULDO 3URFHVV'HVFULSWLRQ )HHGVWRFN&RQYHUVLRQ5HDFWLRQ
1DWXUDO*DV 6WHDP5HIRUPLQJ &Q+ Q Q+2 Q&2 Q +
1DSWKD 6WHDP5HIRUPLQJ &Q+ Q Q+2 Q&2 Q +
)XHO2LO 3DUWLDO2[LGDWLRQ &Q+ Q Q2 Q&2 Q +
&RDO &RDO*DVLILFDWLRQ &2 &2
&2+2 &2+
:DWHU (OHFWURO\VLV +2 2+

5HDFWLRQV

7DEOH6KRZV+\GURJHQ*HQHUDWLRQ5DZ0DWHULDOVDQG3URFHVVLQJ
+\GURJHQDWRU 8QVDWXUDWHG2UJDQLF6++66DWXUDWHG2UJDQLF&RPSRXQG
'69 =Q2+6=Q6+
35) &++2&2+ 
  &++2&2+
65) +2+2
  &++2&2+ 
  &++2&2+
+76 /76 &2+2+&2
%)' .&2+2&2 .+&2 )RU$EVRUSWLRQ 
  .+&2 .&2+2&2 )RU5HJHQHUDWLRQ 
071 &2+&++2
  &2+&++2
 
1+&RQYHUWHU  1+1+
8UHD3ODQW  1+&2+1&221+
  +1&221++1&21++2 

7DEOH6KRZV8QLWQDPH&DWDO\VWVDQG2SHUDWLQJ&RQGLWLRQV
2SHUDWLQJ&RQGLWLRQV
&DWDO\VW
1DPH 7HPSHUDWXUH& 3UHVVXUHNJFP
3DFNLQJ7\SH
LQ RXW
+\GURJHQDWRU &R0R   
'69 =Q2   
35) 1L   
65) 1L $LU  
35)
+76 )H2&U2   
/76 &X2=Q2   
$EVRUEHU JDV  3DFNLQJ 5DVFKLQJ   
ULQJ 
5HJHQHUDWRU 3DFNLQJ 5DVFKLQJ   
ULQJ 
0HWKDQDWRU 1L   
&RQYHUWHU )H   

3URFHVV'HVFULSWLRQ
$PPRQLDSURGXFWLRQSURFHVVPD\EHGLYLGHGLQWRWKUHHPDMRUVWHSV
 3UHSDUDWLRQRI5DZ6\QWKHVLV*DV
7KLVVHFWLRQFRQVLVWVRIUHIRUPLQJVHFWLRQ
D  3ULPDU\5HIRUPHU 35) DQG
E 6HFRQGDU\5HIRUPHU 65) 

 5DZ6\QWKHVLV*DV3XULILFDWLRQ6HFWLRQ7KLVVHFWLRQLQFOXGHV
D  +LJK7HPSHUDWXUH6KLIW&RQYHUWHU +76 
E /RZ7HPSHUDWXUH6KLIW&RQYHUWHU /76 
F  &DUERQGLR[LGH5HPRYDO6HFWLRQ
G 0HWKDQDWLRQ6HFWLRQ

 6\QWKHVLVDQG5HIULJHUDWLRQ6HFWLRQ7KLVVHFWLRQLQFOXGHV
D  $PPRQLD&RQYHUWHUDQG
E $PPRQLD/LTXHIDFWLRQDQG6WRUDJH6HFWLRQ
 

'(6&5,37,212)0$-2581,76
'HVXOSKXUL]DWLRQ
7KH QDWXUDO JDV IHHG VWRFN LV SUHKHDWHG DQG SDVVHG RYHU D FDWDO\VW EHG WKURXJK ZKLFK VXOSKXU LV
UHPRYHG7KHVXOSKXUPD\EHSUHVHQWLQQDWXUDOJDVDVRUJDQLFRUDVLQRUJDQLFIRUP7KHLQRUJDQLF
VXOSKXUPDLQO\SUHVHQWDVK\GURJHQVXOILGHZKLFKUHDFWVZLWK]LQFR[LGHFDWDO\VWDQGUHPRYHGIURP
QDWXUDO JDV 7R UHPRYH RUJDQLF VXOIXU IURP QDWXUDO JDV WKH JDV LV SDVVHG LQLWLDOO\ WKURXJK &R0R
FDWDO\VW EHG ZKHUH K\GURJHQDWLRQ UHDFWLRQ WDNHV SODFH DQG RUJDQLF VXOIXU FRQYHUWHG WR LQRUJDQLF
VXOIXUDVK\GURJHQVXOILGH
5HDFWLRQ
=Q2+6=Q6+
8QVDWXUDWHG2UJDQLF6++66DWXUDWHG2UJDQLF&RPSRXQG

3ULPDU\5HIRUPHU
6WHDP LV PL[HG ZLWK WKH QDWXUDO JDV DQG WKH FRPELQHG VWUHDP IXUWKHU KHDWHG DQG URXWHG
WKURXJK WXEHV LQ D UHIRUPLQJ IXUQDFH FRQWDLQLQJ QLFNHO FDWDO\VW +HUH D UHIRUPLQJ UHDFWLRQ
RFFXUVLQZKLFKPHWKDQHLQWKHQDWXUDOJDVLVSUHGRPLQDQWO\FRQYHUWHGLQWRK\GURJHQFDUERQ
GLR[LGHDQGFDUERQPRQR[LGH
5HDFWLRQ
&++2&2+ 
&++2&2+ 
&KHFNOLVW
3UHVVXUH)HHG1*6WHDPDQGGUDXJKW3UHVVXUH
7HPSHUDWXUH$OOFRLOVDQG5HIRUPHURXWOHW
6WHDP&UDWLR
5HVLGXDO0HWKDQHFRQWHQWDWRXWOHWRI35)
([FHVV$LUZLWKIXHO




 
6HFRQGDU\5HIRUPHU
7KHSURFHVVJDVOHDYLQJWKHSULPDU\UHIRUPHUXVXDOO\FRQWDLQVWRPHWKDQH7KHREMHFWRI
VHFRQGDU\UHIRUPLQJVWHSLVWRFRPSOHWHWKHFRQYHUVLRQRIPHWKDQHLQWR+&2&2DQGWRVXSSO\
WKHUHTXLUHGDPRXQWRIQLWURJHQIRUDPPRQLDV\QWKHVLVUHDFWLRQ
5HDFWLRQV
+2+2  
&++2&2+ 
&++2&2+ 

7KH SURFHVV JDV OHDYLQJ WKH SULPDU\ UHIRUPHU LV URXWHG WR WKH VHFRQGDU\ UHIRUPHU ZKLFK LV D
UHIUDFWRU\OLQHGYHVVHOILOOHGZLWKQLFNHOFDWDO\VW$FRQWUROOHGSURSRUWLRQRIDLULVDOVRLQWURGXFHG
DIWHUSUHKHDWLQJLQWRWKHVHFRQGDU\UHIRUPHU,QWKHXSSHUKROORZVSDFHRIWKHVHFRQGDU\UHIRUPHU
D KLJKO\ H[RWKHUPLF UHDFWLRQ EHWZHHQ K\GURJHQ DQG R[\JHQ WDNHV SODFH ZKLFK UDLVLQJ LWV
WHPSHUDWXUH KLJK HQRXJK WR YLUWXDOO\ FRPSOHWH WKH FRQYHUVLRQ RI WKH UHVLGXDO PHWKDQH LQWR
DGGLWLRQDOK\GURJHQFDUERQGLR[LGHDQGFDUERQPRQR[LGH

6KLIW&RQYHUWHU
,Q VKLIW FRQYHUVLRQ FDUERQ PRQR[LGH IRUPHG LQ WKH SULPDU\ DQG VHFRQGDU\ UHIRUPLQJ VWHSV LV
IXUWKHUUHDFWHGLQDWZRVWDJHSURFHVV'XULQJWKLVVWDJHWKHFDUERQPRQR[LGHLVDOPRVWFRPSOHWHO\
FRQYHUWHGWRK\GURJHQDQGFDUERQGLR[LGHE\UHDFWLQJZLWKVWHDP
5HDFWLRQ
&2+2+&2
7KH UHDFWLRQ LV H[RWKHUPLF WKHUHIRUH LW LV FDUULHG RXW ZLWK WZR VWHSV ZLWK KHDW UHPRYDO EHWZHHQ
VWHSV7KHUDWHRIUHDFWLRQLVPRUHUDSLGDWKLJKWHPSHUDWXUHEXWHTXLOLEULXPLVPRUHIDYRUDEOHDW
ORZ WHPSHUDWXUH  7KH SURFHVV JDV LV ILUVW SDVVHG RYHU DQ LURQ  FKURPLXP FDWDO\VW IROORZHG E\
IXUWKHUFRROLQJDQGKHDWUHFRYHU\DQGWKHQRYHUDFRSSHU]LQFFDWDO\VW

&DUERQ'LR[LGH5HPRYDO
&DUERQGLR[LGH &2 LVUHPRYHGIURPWKHSURFHVVJDVE\DEVRUSWLRQLQDVROXWLRQRI+RW3RWDVVLXP
&DUERQDWH NQRZQ DV %HQILHOG VROXWLRQ 7KH JDV LV FRQWDFWHG ZLWK WKH %HQILHOG VROXWLRQ LQ DQ
$EVRUEHUDQGOHDYHVDWWKHWRS7KHVROXWLRQLWVHOILVUHJHQHUDWHGE\UHGXFLQJSUHVVXUHKHDWLQJLQD

 
VWULSSHUFROXPQDQG IOXVKLQJLQD IOXVKGUXP7KHUHOHDVHG&2LVHLWKHU YHQWHGWRDWPRVSKHUHRU
XVHGDVDIHHGVWRFNLQWKHSURGXFWLRQRIPHWKDQROXUHDHWF
&RPSRQHQW &RPSRVLWLRQ DSSUR[ 
.&2 
'($ 
92 
+2 

5HDFWLRQ.&2+2&2 .+&2 )RU$EVRUSWLRQ 
.+&2 .&2+2&2 )RU5HJHQHUDWLRQ 
'($$FWVDVDQDFWLYDWRUE\ORZHULQJYDSRUSUHVVXUHRI&2
92$FWVDVDFRUURVLRQLQKLELWRU

2SHUDWLQJYDULDEOHV
 6ROXWLRQ&LUFXODWLRQUDWH
x 7RWDO6ROXWLRQ&LUFXODWLRQUDWH
x 6ROXWLRQ6SOLWUDWH
 +HDWLQSXWWRUHJHQHUDWRU
 +3&VROXWLRQFRQFHQWUDWLRQ
 7HPSHUDWXUH
 3UHVVXUH
 5HVLGXDO&2
 )RDPLQJ

0HWKDQDWRU
7KH JDV VWUHDP OHDYLQJ WKH $EVRUEHU FRQVLVWV SULPDULO\ RI K\GURJHQ DQG QLWURJHQ LQ DGGLWLRQ WR
VPDOOTXDQWLWLHV SSP RIXQDEVRUEHGFDUERQR[LGHVDQGXQFRQYHUWHGFDUERQPRQR[LGH6LQFHWKHVH
ZLOOFDXVHSRLVRQWKHDPPRQLDV\QWKHVLVFDWDO\VWWKHFRQFHQWUDWLRQPXVWEHUHGXFHGWROHVVWKDQ
SSP ,QWKH0HWKDQDWRUWKHFDUERQR[LGHLVFRQYHUWHGEDFNWRPHWKDQHRYHUDQLFNHOFDWDO\VWLQD
UHDFWLRQZKLFKLVUHYHUVHGWRWKDWRIVWHDPUHIRUPLQJ
5HDFWLRQ
&2+&++2  
&2+&++2  

 
$PPRQLD&RQYHUWHU
7KH JDV OHDYLQJ WKH 0HWKDQDWRU  NJFP* SUHVVXUH DQG & WHPSHUDWXUH  LV FRPSUHVVHG WR
 NJFP* SUHVVXUH FDOOHG PDNHXS JDV  PL[HG ZLWK UHF\FOHG JDV DQG VHQW WR WKH DPPRQLD
V\QWKHVLVUHDFWRUZKLFK LVDYHVVHOFRQWDLQLQJFDWDO\VW7KHVLQJOHSDVVFRQYHUVLRQRIDPPRQLDLV
QRWPRUHWKDQDQGWKHUHDFWLRQLVH[RWKHUPLF6\QWKHVLVJDVFRPHVRXWIURPFRQYHUWHUDW&
ZLWK  DPPRQLD DQG SDVVHV WKURXJK ZDVWH KHDW ERLOHU ERLOHU IHHG ZDWHU SUHKHDWHU DQG KRW
H[FKDQJHU H[FKDQJHG KHDW ZLWK UHF\FOHG VWUHDP LH IHHG JDV  HWF WR UHFRYHU HQHUJ\ 7R VHSDUDWH
SURGXFWDPPRQLDIURPRWKHUFRPSRQHQWVLQWKHSURGXFWVWUHDPIXUWKHUFRROLQJDQGFKLOOLQJLVGRQH
$PPRQLDLWVHOILVXVHGDVUHIULJHUDQWLQWKHFKLOOHUVKHOOVLGH SURGXFWPL[WXUHLVSDVVHGWKURXJKWKH
FKLOOHUWXEHVLGH $PPRQLDIRUPPLVWLQWKHSURGXFWJDVPL[WXUHZKLFKLVVHSDUDWHGLQDVHSDUDWRU
DW  NJFP* SUHVVXUH 7KH VHSDUDWHG DPPRQLD LV IOXVKHG VWRUHG RU VHQW WR XUHD SODQW IRU
SURGXFLQJ XUHD 7KH JDV PL[WXUH VHSDUDWHG IURP DPPRQLD LQ DPPRQLD VHSDUDWRU LV PL[HG ZLWK
PDNHXSJDVDQGUHF\FOHGWRWKHFRQYHUWHUDIWHUFRPSUHVVLQJDQGDWWDLQLQJWRLQOHWWHPSHUDWXUHE\
H[FKDQJLQJKHDWZLWKFRQYHUWHURXWOHWJDV6RPHSHUFHQWRIUHF\FOHGJDVLVSXUJHGWRPDLQWDLQWKH
LQHUWOHYHOLQWKHV\QWKHVLVORRS1RUPDOO\SXUJLQJLVGRQHEHIRUHPL[LQJZLWKPDNHXSJDV
5HDFWLRQ
1+1+   

7KHUDWHRIDPPRQLDV\QWKHVLVSURFHVVGHSHQGVRQ
D 7HPSHUDWXUH
E 3UHVVXUH
F 6SDFHYHORFLW\
G &RQFHQWUDWLRQRI1+DQG1+LQWKHIHHGJDV
H &RQWHQWRILQHUWLPSXULWLHV
I $FWLYLW\RIWKH&DWDO\VW
7KHVSDFHYHORFLW\LVWKHYROXPHRIJDVLQPSDVVHGWKURXJKPRIFDWDO\VWLQKU PPKU 

:DVWH+HDW5HFRYHU\
x +HDWLQJ%):
x *HQHUDWLQJ6WHDP
x +HDWLQJ3URFHVV6WUHDP
x 6XSHUKHDWLQJ6WHDP
 
3URFHVV&RQGHQVDWH7UHDWPHQWDQG5HFRYHU\

6LQFH SURFHVV FRQGHQVDWH FRPHV IURP SURFHVV VWHDP LW FRQWDLQV PHWDO LRQV PHWKDQRO
IRUPDOGHK\GHDPPRQLDHWFDVLWJRHVWKURXJKFDWDO\VWEHGV7KXVFRQGXFWLYLW\RI3&LVKLJKDQG
QHHGWRWUHDWPHQWIRUIXUWKHUXVH

3K\VLFDO3URSHUWLHVRI$PPRQLD
$PPRQLDLVXQGHUSUHVVXUHDOLTXHILHGJDVZKLFKLVUHFRJQL]DEOHDWWKHVPHOO,WLVOLJKWHUWKDQDLU
DQG EH H[SORVLYH DQG IODPPDEOH XQGHU FHUWDLQ FLUFXPVWDQFHV $PPRQLD LV VROXEOH LQ ZDWHU LQ DQ
H[RWKHUPLFUHDFWLRQ$PPRQLDKDVWKHIROORZLQJSK\VLFDOSURSHUWLHV
'HQVLW\ OLTXLGNJFP&  NJP
0HOWLQJSRLQW   &
%RLOLQJSRLQW    &
,JQLWLRQWHPSHUDWXUH   &
/RZHUH[SORVLRQOLPLW LQDLU  YRODPPRQLD
8SSHUH[SORVLRQOLPLW LQDLU  YRODPPRQLD
0ROHFXODUZHLJKW   

3K\VLFDO3URSHUWLHVRI&DUERQ'LR[LGH
&DUERQ'LR[LGHLVDFRORUOHVVRGRUOHVVJDVZKLFKLVDOVRQRWLQIODPPDEOHDQGQRWH[SORVLYH,WLV
KHDYLHUWKDQDLU
'HQVLW\ JDVNJFP&  NJP
7ULSOHSRLQW    &DQGDWP
&ULWLFDOSRLQW    &DQGDWP
0ROHFXODUZHLJKW   



 
1* &RPSUHVVRU +\GURJHQDWRU

'HVXIXUL]DWLRQ9HVVHO
6WHDP
3ULPDU\5HIRUPHU )OXH*DV
)XHO1*

&RPSUHVVRU $LU
6HFRQGDU\5HIRUPHU

/76 +76
&2

&2$EVRUEHU &25HJHQHUDWRU

%HQILHOG6ROQ
0DNHXS%HQILHOG6ROQ

0HWKDQDWRU
0DNHXS
*DV

$PPRQLD&RQYHUWHU &RPSUHVVRU

&RPSUHVVRU
$PPRQLD&RROLQJ 
5HIULJHUDWLRQ
5HF\FOH

$PPRQLD
6HSDUDWLRQ 3XUJH*DV

/LT$PPRQLD /LT$PPRQLD
WR8UHD3ODQW WR6WRUDJH
)LJXUH%ORFN'LDJUDPRI$PPRQLD3ODQW 
 
1* &RPSUHVVRU +\GURJHQDWRU

'HVXIXUL]DWLRQ9HVVHO
6WHDP

)XHO1* 3ULPDU\5HIRUPHU )OXH*DV

&RPSUHVVRU $LU
6HFRQGDU\5HIRUPHU

/76 +76
&2

&2$EVRUEHU &25HJHQHUDWRU

%HQILHOG6ROQ 0DNHXS%HQILHOG6ROQ

0HWKDQDWRU
0DNHXS
*DV
$PPRQLD&RQYHUWHU &RPSUHVVRU
5HFRYHUHG+

&RPSUHVVRU
$PPRQLD&RROLQJ 
5HIULJHUDWLRQ
5HF\FOH

$PPRQLD 3XUJH*DV
6HSDUDWLRQ 3XUJH*DV 5HFRYHU\8QLW
 

/LT$PPRQLD 2II*DVWR
/LT$PPRQLD /LT$PPRQLD 35)
WR8UHD3ODQW WR6WRUDJH

)LJXUH%ORFN'LDJUDPRI$PPRQLD3ODQWZLWK
  
)LJXUH'LIIHUHQWW\SHVRIILULQJV\VWHP 
 



)LJXUH&URVV6HFWLRQDOYLHZRI3ULPDU\5HIRUPHU 8KGH7RS)LULQJ 

 
)LJXUH&URVV6HFWLRQDOYLHZRI3ULPDU\5HIRUPHU 
 

 


)LJXUH&URVV6HFWLRQDOYLHZRI6HFRQGDU\5HIRUPHUDORQJZLWK3ULPDU\5HIRUPHU
8KGH3URFHVV 

 
)LJXUH&URVV6HFWLRQDOYLHZRI6HFRQGDU\5HIRUPHU 7RSVRH3URFHVV 

  


)LJXUH.HOORJ5DGLDO)ORZ$PPRQLD&RQYHUWHU




 


)LJXUH5DGLDO)ORZ$PPRQLD&RQYHUWHU 8KGH3URFHVV 



 

)LJXUH7RSVRH5DGLDO)ORZ$PPRQLD&RQYHUWHU










 
85($3/$17
5DZ0DWHULDOV
 $PPRQLD
 &DUERQGLR[LGH
3URGXFW8UHD
3K\VLFDO3URSHUWLHVRI8UHD

8UHDLVDZKLWHFU\VWDOZKLFKLVQRWLQIODPPDEOHQRWFRQGXFWLYHDQGKDVWKHIROORZLQJSURSHUWLHV
 'HQVLW\ VROLG&   NJP
0HOWLQJSRLQW   &
0HOWLQJKHDW PHOWSRLQW   N-PRO
6SHFLILFKHDW PHOW    -PRO&
0ROHFXODUZHLJKW   
)RUPXOD    +1&1+

352&(66'(6&5,37,21

8UHDLVV\QWKHVL]HGIURPDPPRQLDDQG&DURQ GLR[LGHZKLFKLVILUVWRUJDQLFFRPSRXQGSUHSDUHG
E\ LQRUJDQLF V\QWKHVLV UHDFWLRQ ,W LV PRVW SRSXODU QLWURJHQ IHUWLOL]HU LQ $VLD DQG LQ PDQ\ RWKHU
FRXQWULHVRQRWKHUFRQWLQHQWV6ROLGXUHDIHUWLOL]HULVHDVLHUWRXVHLQWKHILHOG0RUHWKDQPLOOLRQ
WRQVRIXUHDLVQRZSURGXFHGDQQXDOO\
7KHXUHDSODQWKDVVHFWLRQVH[FOXGLQJXWLOLW\V\VWHP
 6\QWKHVLVVHFWLRQV
 3XULILFDWLRQVHFWLRQ
 &RQFHQWUDWLRQDQGSULOOLQJVHFWLRQ
 5HFRYHU\VHFWLRQ
 3URFHVVFRQGHQVDWHWUHDWPHQWVHFWLRQ
352&(665($&7,216
7ZRSULQFLSDOUHDFWLRQVWDNHSODFHLQWKHIRUPDWLRQRIXUHDIURPDPPRQLDDQGFDUERQGLR[LGH7KH
ILUVW UHDFWLRQ LV H[RWKHUPLF DQG WKH VHFRQG UHDFWLRQ LV HQGRWKHUPLF %RWK UHDFWLRQV FRPELQHG DUH
H[RWKHUPLF
1+&21+&221+ DPPRQLXPFDUEDPDWH 
1+&221+1+&21+ XUHD +2

 


,QHUW*DV
/36FUXEEHU

+36FUXEEHU

6WHDP
/LTXLG$PPRQLD &DUEDPDWH6ROXWLRQ
5HDFWRU

&DUEDPDWH
8UHD&DUEDPDWH

&RQGHQVHU
1+ 1++2&2
1++2

3XPS
%RLOHUIHHG
ZDWHU

,QHUW
6WULSSHU *DV

1+UHFRYHU\ $EVRUEHU
6\VWHP ,QHUW
8UHD6ROQ
*DV

+\GURJHQHWRU
6WDJH 3URFHVV
(YDSRUDWRU &RQGHQVDWH

&2
&RPSUHVVRU

3ULOOLQJ *UDQXODWRU
7RZHU

&2*DV
8UHD3ULOOV 8UHDJUDQXOHV



)LJXUH%ORFN'LDJUDPRI6WDPLFDUERQ6WULSSLQJ3URFHVV



 

67$0,&$5%21352&(66

,QWKH6WDPLFDUERQVWULSSLQJSURFHVV&DUEDPDWHLVGHFRPSRVHGDWWKHUHDFWLRQSUHVVXUHE\UHGXFLQJ
LWVSDUWLDOSUHVVXUHZLWK DQDWPRVSKHUHRI FDUERQGLR[LGH5HFRPELQDWLRQRIDPPRQLDDQGFDUERQ
GLR[LGHWRIRUP&DUEDPDWHDOVRWDNHVSODFHDWWKLVSUHVVXUHDQGDWKLJKWHPSHUDWXUHWKHUHE\DLGLQJ
KHDWUHFRYHU\LQWKHIRUPRIVWHDPSURGXFWLRQ7KHYHVVHOVWKHUHDFWRUVWULSSHUDQGFRQGHQVHUDUHVR
SRVLWLRQHG WKDW WKH UHF\FOHG FDUEDPDWH VROXWLRQV IORZV LQWR WKH UHDFWRU IURP WKH FRQGHQVHU E\
JUDYLW\ 7KH UHDFWRU LV D YHVVHO OLQHG ZLWK VWDLQOHVV VWHHO DQG FRQWDLQLQJ D VHULHV RI WUD\V WR DVVLVW
PL[LQJRIWKHUHDFWDQWV7UDFHVRIDLUDUHLQMHFWHGWRWKHUHDFWRUDORQJZLWK&2WRLQKLELWFRUURVLRQ
7KHRSWLPXP1+&2PROHUDWLRRILVPDLQWDLQHGLQWKHUHDFWRUE\IHHGLQJ1+LQWRLW7KLV
JLYHVWKHPLQLPXPHTXLOLEULXPSUHVVXUHDOORZLQJVDYLQJVLQHTXLSPHQWDQGFRPSUHVVLRQFRVWV7KH
UHDFWRU WHPSHUDWXUH DQG SUHVVXUH DUH NHSW LQ WKH UDQJH RI   & DQG  EDUV 7KH
FRQYHUVLRQEDVHGRQWKHSURGXFWOHDYLQJWKHUHDFWRULVZKLOHEDVHGRQWKHSURGXFWOHDYLQJWKH
VWULSSHULVDERXW

6WULSSLQJ WDNHV SODFH DW WKH UHDFWLRQ SUHVVXUH LQ D YHUWLFDO VWHDPKHDWHG WXEXODU H[FKDQJHU KDYLQJ
IL[HG WXEH VKHHWV DQG D VSHFLDO GLVWULEXWRU IRU WKH &2 IHHG 8QLIRUP OLTXLG GLVWULEXWLRQ LV DOVR
HVVHQWLDO7KHVWHDPXVHGIRUKHDWLQJWKHVROXWLRQVDWDSUHVVXUHRIDERXWEDUV

7KH VWULSSHG $PPRQLD DQG &DUERQ GLR[LGH UHFRPELQHG WR IRUP &DUEDPDWH LQ D FRQGHQVHU
RSHUDWLQJDWWKHVDPHSUHVVXUHDVWKHUHDFWRU7KHKHDWRIUHDFWLRQDQGWKHVHQVLEOHKHDWRIVROXWLRQ
DUH XVHG WR UDLVH ORZSUHVVXUH VWHDP LQ WKH VKHOO RI WKH FRQGHQVHU 7KH UHDFWLRQ LV DOORZHG WR
SURFHHGWRFRPSOHWLRQE\PDQLSXODWLRQRIWKHVWHDPSUHVVXUH7KHRSWLPXP1+&2UDWLRQLQ
WKH FRQGHQVHU IHHG LV  7KLV YDOXH JLYHV WKH PD[LPXP HTXLOLEULXP WHPSHUDWXUH DQG LV PRUH
IDYRUDEOHIRUVWHDPJHQHUDWLRQ$PPRQLDLVDGGHGDWWKHFRQGHQVHULQOHWWRPDLQWDLQWKHUDWLR7KH
UHDFWDQWWHPSHUDWXUHDWWKHFRQGHQVHURXWOHWLV&

2QOHDYLQJWKHVWULSSHUXUHDVROXWLRQLVOHWGRZQWRDSUHVVXUHRIEDUDQGKHDWHGZLWKVWHDPWR
UHOHDVH VPDOO DPRXQW RI DPPRQLD FDUERQ GLR[LGH DQG ZDWHU YDSRU LW FRQWDLQV 7KHVH DUH WKHQ
FRQGHQVHGLQDZDWHUFRROHGFRQGHQVHUDQGWKHUHVXOWLQJZHDNFDUEDPDWHVROXWLRQLVSXPSHGEDFN
WRWKHKLJKSUHVVXUHFRQGHQVHU,QHUWJDVHVDUHSXUJHGIURPWKHUHDFWRUDQGDQ\DPPRQLDRUFDUERQ
GLR[LGHSUHVHQWLQLWLVDEVRUEHGLQZDWHUDQGUHXVHG

 

7KHXUHDVROXWLRQLVWKHQSXPSHGWRDVWRUDJHWDQNIURPZKLFKLWLVGUDZQIRUIXUWKHUSURFHVVLQJ
SULOOLQJDQGJUDQXODWLRQ
%HFDXVH RI WKH FRUURVLYH QDWXUH RI WKH SURFHVV IOXLGV VSHFLDO VWDLQOHVV VWHHOV DUH XVHG LQ WKH
FRQVWUXFWLRQRIDOOSURFHVVHTXLSPHQW


87,/,7<3/$17
5DZ0DWHULDOV
 1DWXUDO*DV
 $LU
 :DWHU
3URGXFW
 6WHDP +303/3 
 3RZHU
 1DWXUDO*DV 3URFHVV)XHO)ODUH6WDFN.LWFKHQ 
 %RLOHU)HHG:DWHU
 &RROLQJ:DWHU 8WLOLW\0DLQ 
 'ULQNLQJ:DWHU
 6HUYLFH:DWHU
 3ODQW$LU
 ,QVWUXPHQW$LU
1LWURJHQ

0DMRU8QLWV
 &ODULILHU
 6DQGILOWHU
 &RROLQJ7RZHU
 'HPLQHUDOL]DWLRQ8QLW
 &DUERQ)LOWHU
 &DWLRQ([FKDQJHU
 'HJDVLILHU
 $QLRQ([FKDQJHU

 
 0L[HG%HG3ROLVKHU
 %RLOHU
 ,QVWUXPHQW$LUDQG3ODQW$LU6XSSO\
 1LWURJHQ3URGXFWLRQ3ODQW
 :DVWH:DWHU7UHDWPHQW6HFWLRQ

'HVFULSWLRQ
&ODULILHU
,QFODULILHUGLIIHUHQWFKHPLFDOVDUHDGGHGLQWRZDWHULQWKHPL[LQJ]RQH'XULQJWKLVVWDJHPLFURIORFV
DUH IRUPHG :DWHU IURP WKH PL[LQJ VHFWLRQ RI WKH FODULILHU LV URXWHG WR WKH FRDJXODWLRQ DQG
IORFFXODWLRQ VHFWLRQ RI WKH FODULILHU WKURXJK GLVWULEXWLRQ SLSHV:DWHU LV VSUHDG RXW HYHQO\ WKURXJK
WKH ERWWRP RI WKH FODULILHU ZDWHU IORZV XSZDUGV XQLIRUPO\ E\ WKH HIIHFW RI WKH ERWWRP VKDSH 7KH
PLFURIORFVEHFRPHODUJHUDQGDGKHUHLQWKHVOXUU\EODQNHWOD\HU7KHFODULILHGZDWHUSDVVHGWKURXJK
WKHVOXUU\EODQNHWOD\HU ZKLFKLVFROOHFWHGE\WKHFROOHFWLQJWKURXJKLQVWDOOHGDWWKHXSSHUSDUWRI
WKHFODULILHU DQGVHQGWRVDQGILOWHU7KHH[FHVVVOXUU\LVGUDLQHGIURPWKH ERWWRPE\ORJLFFRQWURO
YDOYH

&KHPLFDOV
x &DXVWLF 6RGD  7R FRQWURO 3+ DW  EHFDXVH DW WKLV 3+ FRDJXODWLRQ DQG IORFFXODWLRQ LV
IDYRUDEOH
x $OXP
R 7RJURZILQHIORFVLQWRODUJHVL]H
R 7RVHWWOHRXWPXGLQWKHFODULILHU
x &KORULQH
R 7RVWHULOL]H5DZ:DWHU
R 7RR[LGL]HWKHGLVVROYHGLURQDVIHUULFK\GUR[LGHDVSUHFLSLWDWH
x &RDJXODQW$LGRQHW\SHRISRO\PHUZKLFKKHOSVWRFRDJXODWHTXLFNO\

6DQG)LOWHU
6DQG ILOWHU LV XVHG WR UHPRYH 0Q $V DQG RWKHU ILQH SDUWLFOHV PLFURIORFV UHPDLQLQJ LQ WKH
FODULILHG ZDWHU )LQH SDUWLFOHV DUH FDXJKW E\ VLHYLQJ DGKHVLRQ VHGLPHQWDWLRQ HWF DQG DUH
UHWDLQHGLQWKHYRLGVSDFHRIVDQG'LDWRPDFHRXVHDUWKLVXVHGDVVDQGILOWHU
 

&RROLQJ7RZHU
&RROLQJZDWHUEHFRPHVKRWZKHQLWH[FKDQJHVKHDWZLWKSURFHVVJDVRU RWKHUIOXLG WKURXJK
GLIIHUHQW H[FKDQJHU ,Q FORVHG UHFLUFXODWLRQ FRROLQJ ZDWHU V\VWHP WKLV ZDWHU LV FRROHG LQ D
VHFRQGDU\FRROHUXVLQJVHDZDWHUDLUHWFLWLVWKHQUHFLUFXODWHGDQGUHXVHG&RROLQJ7RZHULV
VXFKW\SHRIVHFRQGDU\FRROHUZKHUHDLUDQGZDWHUIORZVFRXQWHUFXUUHQWZD\$LULVLQGXFHG
LQWRFRROLQJWRZHUE\XVLQJIDQ&RROLQJZDWHU PD\EHFRROHGWR&E\XVLQJFRROLQJ
7RZHU7KHFRROLQJPHFKDQLVPRIFRROLQJWRZHULVWKHYDSRUL]DWLRQRIVRPHZDWHU7KHDWRP
ZKLFK LV YDSRUL]HG WDNHV ODWHQW KHDW IURP LWV QHLJKERU YDSRUL]HG LWVHOI DQG FRRHG WKH
QHLJKERUV

&KHPLFDOV
x 6XOSKXULF$FLG7RFRQWURO3+
x &KORULQH7RNLOOEDFWHULDDQGRWKHUVXFKW\SHVRIPLFURRUJDQLVP
x 'LVSHUVDQW=QEDVHG3KRVSKDWHSRO\PHUZKLFKLVXVHGWRSUHYHQWVFDOHIRUPDWLRQ
x &RUURVLRQ,QKLELWRU=QEDVHG3KRVSKDWHSRO\PHUZKLFKLVXVHGWRSUHYHQWFRUURVLRQ

 'HPLQHUDOL]DWLRQXQLW

 &DUERQ)LOWHU
 &DWLRQ([FKDQJHU7RUHPRYH&D0J1DHWF

 5+1D 51D+
 'HJDVLILHU7RUHPRYHGLVVROYHGFDUERQGLR[LGHLQZDWHU
 +&2&2+2
 $QLRQ([FKDQJHU7RUHPRYH62 &2 HWF
 52+62 5622+
 0L[HG%HG3ROLVKHU,WLVXVHGWRREWDLQKLJKHVWSXULWLHVLQWKHWUHDWPHQWRI
IHHGZDWHUDQGFRQGHQVDWHIRUKLJKSUHVVXUHVWHDPERLOHU8SSHUEHGLVFDWLRQ
H[FKDQJHU



 
 %RLOHU
%RLOHULVXVHGWRJHQHUDWH+LJK3UHVVXUHVWHDP
%RLOHUIHHG:DWHU7UHDWPHQW
,QFOXGHV
x 5HPRYDORI$LU R[\JHQ 
x .HHSLQJ3+DWDFHUWDLQUDQJH

5HPRYDORI$LU R[\JHQ 
$LULVUHPRYHGIURPERLOHUIHHGZDWHUGXHWRLWVFRUURVLRQHIIHFWVLQERLOHU
'HDHUDWLRQSURFHVVFRPELQHGRIWZRVWHSV)LUVWPHFKDQLFDODQGWKHQFKHPLFDOWUHDWPHQW
 0HFKDQLFDO'LVVROYHGDLULVUHPRYHGIURPWKHZDWHUE\DFRXQWHUFXUUHQWIORZZLWKVWHDP
 &KHPLFDO+\GUD]LQHLVDGGHGWRUHPRYHGLVVROYH2[\JHQ

.HHSLQJ3+DWDFHUWDLQUDQJH
x $PPRQLDLVXVHGWRUDLVHS+DERYHVRDVWRSUHYHQWFRUURVLRQ

x 3KRVSKDWH6ROXWLRQLVDGGHGWRLQOHWRIWKHVWHDPOLQHFRQWUROS+ EXIIHUVROXWLRQ 

 
&O
&RDJXODQW$LG 1D2+

5DZ:DWHU &ODULILHU $OXP

6HWWOLQJ7DQN

0XG,URQ2[LGH 6DQG)LOWHU

)LUH:DWHU
)LOWHUHG:DWHU7DQN
6HUYLFH:DWHU
'HPL:DWHU
0DNHXS 3RWDEOH:DWHU

&DUERQ)LOWHU &RROLQJ:DWHU
0DNHXS
3URFHVV&RQGHQVDWH

$QLRQ([FKDQJHU

$LU&2

'HJDVLILHU $LU%ORZHU $LU

$QLRQ([FKDQJHU

6WHDP&RQGHQVDWH

0L[HG%HG3ROLVKHU

6WHDP$LU
'HDHDUDWRU

/36WHDP $PPRQLD
+\GUD]LQH
3KRVSKDWH
%RLOHU)HHG3XPS 6ROXWLRQ
3UHKHDWHU

6XSHUKHDWHU %RLOHU
6XSHUKHDWHG6WHDP

)LJXUH%ORFN'LDJUDPRI6XSHUKHDWHG6WHDP3URGXFWLRQ
 



)LJXUH%ORFN'LDJUDPRI%RLOHU)HHG:DWHU3UHSDUDWLRQ








)LJXUH&RROLQJ7RZHU


 

You might also like