Professional Documents
Culture Documents
$EVWUDFW :H UHSRUW WKH SUHSDUDWLRQ RI 7ULWRQ ; IXQFWLRQDOL]HG )H2 QDQRSDUWLFOHV 7;013V DQG LQYHVWLJDWHG
WKHLU SRWHQWLDO DSSOLFDWLRQ LQ K\SHUWKHUPLD WKHUDS\ 7KH IRUPDWLRQ RI KLJKO\ FU\VWDOOLQH VSLQHOVWUXFWXUHG )H2
QDQRSDUWLFOHV RI DYHUDJH VL]H RI DERXW QP ZDV HYLGHQW IURP ;UD\ GLIIUDFWLRQ ;5' DQG WUDQVPLVVLRQ HOHFWURQ
PLFURVFRS\ 7(0 DQDO\VHV )RXULHU WUDQVIRUP LQIUDUHG VSHFWURVFRS\ )7,5 G\QDPLF OLJKW VFDWWHULQJ '/6 89
YLVLEOHVSHFWURVFRS\DQG]HWDSRWHQWLDO PHDVXUHPHQWVVXJJHVWWKHVXFFHVVIXOIXQFWLRQDOL]DWLRQRIQDQRSDUWLFOHVZLWK7;
7KHVH7;013V H[KLELWJRRGFROORLGDOVWDELOL]DWLRQLQDTXHRXVPHGLXPDQGVKRZSURWHLQUHVLVWDQFHFKDUDFWHULVWLF LQ
SK\VLRORJLFDOPHGLXP 7KH\VKRZHGH[FHOOHQWKHDWLQJHIILFDF\XQGHU$&PDJQHWLFILHOG$0)ZLWKVSHFLILFDEVRUSWLRQ
UDWH6$5YDOXHVRIDQG:JRI)H IRUDQGPJPORI)HUHVSHFWLYHO\ DWDQDSSOLHG$0)RI2H
DQGIUHTXHQF\RIN+] 7KXVWKHVHQDQRSDUWLFOHVFDQEHXVHGDVHIIHFWLYHWKHUPRVHHGIRUK\SHUWKHUPLDWUHDWPHQWRI
FDQFHU
,1752'8&7,21
6XSHUSDUDPDJQHWLF )H2 QDQRSDUWLFOHV KDYH SRWHQWLDO DSSOLFDWLRQV LQ YDULRXV ELRPHGLFDO ILHOGV VXFK DV
PDJQHWLF K\SHUWKHUPLD GUXJ GHOLYHU\ DQG PDJQHWLF UHVRQDQFH LPDJLQJ HWF >@ $PRQJ WKHVH PDJQHWLF
K\SHUWKHUPLDKDVGUDZQVLJQLILFDQWLQWHUHVWGXHWRGXHWRLWVQRQLQYDVLYHPHWKRGRORJ\LQKHDWDFWLYDWHGNLOOLQJRI
FDQFHUFHOOVDW± R&DERYHWKHERG\WHPSHUDWXUH>@,WKDVEHHQVKRZQWKDWFDQFHUFHOOVDUHPRUHVHQVLWLYHWR
KHDW GDPDJHFRPSDUHGWRQRUPDO FHOOV)XUWKHUWKHHIILFDF\RI K\SHUWKHUPLDWKHUDS\LVGHSHQGHQWXSRQDFKLHYLQJ
JRRG KHDWLQJ DELOLW\ DW ORZ GRVH DQG ORZ IUHTXHQF\ XQGHU $& PDJQHWLF ILHOG $0) ,W DOVR UHTXLUHV )H2
QDQRSDUWLFOHVWREH ZDWHUGLVSHUVLEOHELRFRPSDWLEOHDQGRIQDUURZ VL]H GLVWULEXWLRQ 7KHEDUH )H2 QDQRSDUWLFOHV
KDYH KLJK FKHPLFDO UHDFWLYLW\ DQG YHU\ PXFK SURQH WR DJJORPHUDWLRQ 7KHUHIRUH WKH GHYHORSPHQW RI HIIHFWLYH
SURWHFWLRQVWUDWHJLHVLVYHU\LPSRUWDQWIRUWKHVXFFHVVIXODSSOLFDWLRQRI)H2 QDQRSDUWLFOHVLQK\SHUWKHUPLDWKHUDS\
7KHQDWXUHRIVXUIDFHFRDWLQJVDQGWKHLUVXEVHTXHQWJHRPHWULFDUUDQJHPHQWRQWKHVXUIDFHRIQDQRSDUWLFOHVQRWRQO\
GHWHUPLQH WKHLU RYHUDOO VL]H EXW DOVR SOD\ DQ LPSRUWDQW UROH LQ ELRGLVWULEXWLRQ RI QDQRSDUWLFOHV LQ WKH ERG\ (YHQ
WKRXJK YDULRXV RUJDQLF DQG LQRUJDQLF PROHFXOHV DUH H[WHQVLYHO\ XVHG DV FRDWLQJ DJHQW >@ VWLOO VLJQLILFDQW
FKDOOHQJHVOLHLQSUHSDUDWLRQRIZDWHUGLVSHUVLEOH)H2 QDQRSDUWLFOHV
0LFHOOH IRUPLQJVXUIDFWDQWVLQFUHDVH WKH VROXELOLW\RIVSDULQJO\ ZDWHUVROXEOH VXEVWDQFHV IRUXVH LQELRORJLFDO
DSSOLFDWLRQV 6XUIDFWDQWV ZLWK K\GURSKLOLF DQG K\GURSKRELF JURXSV DUH RIWHQ HPSOR\HG WR GLUHFW RUJDQL]HG
VXSHUVWUXFWXUHV GXH WR WKHLU VSHFLILF VHOIDVVHPEO\ EHKDYLRXU LQ VROXWLRQV 1RQLRQLF VXUIDFWDQWV UHSUHVHQW DQ
LPSRUWDQW FODVV RI DPSKLSKLOLHV ZKLFK KDYH H[WHQVLYH DSSOLFDWLRQV LQ LQGXVWULDO DQG SKDUPDFHXWLFDO IRUPXODWLRQV
7ULWRQ;7;LVRQHRIWKHQRQLRQLFQHXWUDOVXUIDFWDQW WKDWKDVDK\GURSKLOLFSRO\HWK\OHQHR[LGHFKDLQDQG
D OLSRSKLOLF DURPDWLF K\GURFDUERQ JURXS +HUHLQ ZH UHSRUW WKH SUHSDUDWLRQ RI 7; IXQFWLRQDOL]HG )H2
QDQRSDUWLFOHV7;013VDQGLQYHVWLJDWHGWKHLUDSSOLFDWLRQLQK\SHUWKHUPLDWKHUDS\ 7KHVH7;013V H[KLELWJRRG
040020-1
FROORLGDO VWDELOL]DWLRQ LQ DTXHRXV PHGLXP SURWHLQ UHVLVWDQFH FKDUDFWHULVWLF DQG H[FHOOHQW KHDWLQJ HIILFDF\ XQGHU
$0)DQGWKXVFDQEHXVHGDVHIIHFWLYHWKHUPRVHHGIRUK\SHUWKHUPLDWKHUDS\
(;3(5,0(17$/
7;013V ZHUH SUHSDUHG E\ FRSUHFLSLWDWLRQ PHWKRG IROORZHG E\ LQVLWX FRDWLQJ RI 7; ,Q D W\SLFDO
V\QWKHVLVJRI)H&O+2DQGJRI)H&O+2ZHUHGLVVROYHGLQPORIQDQRSXUHZDWHULQDURXQG
ERWWRP IODVN 7KH WHPSHUDWXUH RI IODVN ZDV VORZO\ UDLVHG WR R& XQGHU LQHUW QLWURJHQ DWPRVSKHUH ZLWK FRQVWDQW
VWLUULQJ DQG PDLQWDLQHG DW R& IRU PLQ 1+ VROXWLRQ PO ZDV DGGHG LQVWDQWDQHRXVO\ WR WKH DERYH
UHDFWLRQPL[WXUHDQGNHSWIRUDQRWKHUPLQDWWKDWWHPSHUDWXUH7KHQPO7ULWRQ;ZDVGLVVROYHGLQPO
0LOOL4ZDWHUDQGLWZDVDGGHGWRWKHURXQGERWWRPIODVN7KHWHPSHUDWXUHZDVVORZO\LQFUHDVHGXSWR R&DQG
UHDFWHGIRUPLQZLWKFRQWLQXRXVVWLUULQJIRUIXQFWLRQDOL]DWLRQRI)H 2QDQRSDUWLFOHVZLWK7;7KHUHVXOWLQJ
EODFN FRORUHG QDQRSDUWLFOHV ZHUH WKRURXJKO\ ZDVKHG ZLWK QDQRSXUH ZDWHU IRU VHYHUDO WLPHV ZLWK WKH KHOS RI D
SHUPDQHQW PDJQHW DQG GULHG DW & LQ DQ RYHQ +RZHYHU WKHVH GULHG PDJQHWLF QDQRSDUWLFOHV ZHUH HDVLO\
UHGLVSHUVLEOH LQ ZDWHU PHGLXP 7KHVH )H2 QDQRSDUWLFOHV ZHUH FKDUDFWHUL]HG E\ YDULRXV WHFKQLTXHV VXFK ;5'
7(0)7,5'/6]HWDSRWHQWLDODQG89YLVLEOHVSHFWURVFRS\HWF
7KH KHDWLQJ DELOLW\ RI 7;013V VXVSHQVLRQV ZDV REWDLQHG IURP WKH FDORULPHWULF PHDVXUHPHQWV XVLQJ D
PDJQHWLFLQGXFWLRQKHDWLQJXQLWDW$0)RI2HDQGIUHTXHQF\RIN+]7KHKHDWLQJDELOLW\H[SUHVVHGLQWHUPV
RIVSHFLILFDEVRUSWLRQUDWH6$5ZDVFDOFXODWHGXVLQJWKHIROORZLQJHTXDWLRQ>@
ȴd
^Z
ȴƚ ŵ&Ğ
ZKHUH&LVWKHVSHFLILFKHDWRIVROYHQWC Cwater -J R& ȴdͬȴƚ LVWKHLQLWLDOVORSHRIWKHWHPSHUDWXUHYV
WLPHFXUYHDQG ŵ&Ğ LVPDVVIUDFWLRQRI7;013VLQVROYHQW
)XUWKHUPRUHWKHLQWHUDFWLRQRISURWHLQZLWK7;013VZDVLQYHVWLJDWHGE\XVLQJERYLQHVHUXPDOEXPLQ%6$DV
D PRGHO SURWHLQ 7;013V ZHUH LQFXEDWHG DW R& ZLWK %6$ VROXWLRQ LQ 3%6 0 S+ ZLWK WKH ILQDO
FRQFHQWUDWLRQVRI7;013VDQG%6$ ZDVDQGPJPOUHVSHFWLYHO\7KHQ]HWDSRWHQWLDORIVROXWLRQZDV
PHDVXUHGDWGLIIHUHQWWLPHLQWHUYDO
5(68/76$1'',6&866,21
;5' SDWWHUQ RI 7;013V )LJXUH D VKRZV VL[ FKDUDFWHULVWLF GLIIUDFWLRQ SODQHV
DQGFRUUHVSRQGVWRWKHVSLQHOVWUXFWXUHGPDJQHWLWH)H27KHDSSHDUDQFHRIVWURQJGLIIUDFWLRQSHDNV
FRQILUPHG WKH IRUPDWLRQ RI KLJKO\ FU\VWDOOLQH QDQRSDUWLFOHV )URP ;UD\ OLQH EURDGHQLQJ WKH FU\VWDOOLWH VL]H LV
HVWLPDWHGaQP7(0PLFURJUDSKRI7;013VVKRZHGWKDWWKHPHDQSDUWLFOHVL]HLVQPZKLFKPDWFKHVZHOO
ZLWKWKDWREWDLQHGIURP;5'DQDO\VLV
)H2
7;013V
7UDQVPLWDQFHDX
,QWHQVLW\DX
&2VWUHWFK
7;
DURPDWLF
&+VWUHWFK
& &VWUHWFK
040020-2
ULQJRI7;DUHDOVRSUHVHQWLQ)7,5VSHFWUXPRI7;013V7KLVUHYHDOHGWKHELQGLQJRI7;WRVXUIDFHRI
)H2QDQRSDUWLFOHVE\WKHFKHPLVRUSWLRQVRIVRPHRILWVK\GUR[\OJURXSV)XUWKHUWKHVWURQJ,5EDQGREVHUYHGDW
DURXQGFPíLQ7;013VFDQEHDVFULEHGWRWKH)H2VWUHWFKLQJYLEUDWLRQDOPRGHRI)H2 >@7KHFRDWLQJRI
7; ZDV IXUWKHU VXSSRUWHG E\ LURQ HVWLPDWLRQ WKURXJK SKHQDQWKUROLQH VSHFWURSKRWRPHWULF PHWKRG ZKLFK
VKRZHGDERXWRUJDQLFPRLHWLHVDUHDVVRFLDWHGZLWKWKHSDUWLFOH
=HWDSRWHQWLDOP9
J W
S+ 7LPHPV
D E
DEVRUEDQFHDX
1RUPDOL]HG
+GQP
7LPHK 7LPHK
F G
),*85(D=HWDSRWHQWLDOSORWRI7;013VDWGLIIHUHQWS+DTXHRXVFROORLGDOVXVSHQVLRQRI7;013VKDYLQJPJPORI
)HEDXWRFRUUHODWLRQIXQFWLRQRIVFDWWHUHGOLJKWRI7;013VREWDLQHG'/6PHDVXUHPHQWVLQVHWVKRZVWKHVL]HGLVWULEXWLRQRI
7;013VLQZDWHUDQGFROORLGDOVWDELOLW\DVVD\SORWVREWDLQHGIURPF'/6DQGG89YLVLEOHVSHFWURVFRSLFVWXGLHV
=HWDSRWHQWLDO PHDVXUHPHQWV )LJXUH D VKRZ WKDW WKH LVRHOHFWULF SRLQW ,23 RI 7;013V LV DURXQG S+
7KXV 7;013V KDYH SRVLWLYH VXUIDFH FKDUJH DW S+ ,23 DQG QHJDWLYH VXUIDFH FKDUJH DW S+ ! ,23 7KLV S+
GHSHQGHQWVXUIDFHFKDUJHSURSHUWLHVPD\EHDWWULEXWHGWRWKHGLIIHUHQWGHJUHHRILRQL]DWLRQRIVXUIDFHK\GUR[\OJURXS
DWGLIIHUHQWS+'/6PHDVXUHPHQW)LJXUHELQGLFDWHVWKDWWKHLQWHQVLW\FRUUHODWLRQIXQFWLRQRI7;013VLVQHDUO\
VLQJOHH[SRQHQWLDOZLWKDUHOD[DWLRQWLPHRIPV7KHVHQDQRSDUWLFOHVUHQGHUDJRRGDTXHRXVFROORLGDOVXVSHQVLRQ
ZLWK PHDQ K\GURG\QDPLF GLDPHWHUV RI DERXW QP LQVHW )LJXUH E VKRZV WKH LQWHQVLW\ZHLJKWHG SDUWLFOH VL]H
GLVWULEXWLRQGXHWRWKHSUHVHQFHRIDVVRFLDWHGDQGK\GUDWHGRUJDQLFOD\HUVRQWKHVXUIDFHRI SDUWLFOHV>@)XUWKHU
WKHLQVLJQLILFDQWFKDQJHLQ K\GURG\QDPLF GLDPHWHU+GRI SDUWLFOH )LJXUHFDQG QRUPDOL]HGDEVRUEDQFHDW
QP )LJXUH G DV D IXQFWLRQ RI WLPH LQGLFDWHV WKHLU JRRG FROORLGDO VWDELOLW\ LQ DTXHRXV PHGLXP 7KHVH UHVXOWV
VXJJHVWWKDW)H2QDQRSDUWLFOHVDUHVXFFHVVIXOO\FRDWHGZLWK7;6SHFLILFDOO\VRPHRIWKHK\GUR[\OJURXSVRI
7;VWURQJO\FRRUGLQDWHWRWKH)H2VXUIDFHWRIRUPDUREXVWFRDWLQJZKLOHIUHHVXUIDFHK\GUR[\OJURXSVH[WHQG
LQWR ZDWHU PHGLXP FRQIHUULQJ D KLJK GHJUHH RI DTXHRXV VWDELOLW\ WR )H 2 QDQRSDUWLFOHV E\ K\GURJHQ ERQGLQJ DV
ZHOODVHOHFWURVWDWLFLQWHUDFWLRQLQVHWRI)LJXUHDVKRZVFROORLGDOVXVSHQVLRQRI7;013VKDYLQJPJPORI)H
)LJXUHVKRZVWKHWHPSHUDWXUHYVWLPHSORWRIDTXHRXVVXVSHQVLRQRI7;013VDWGLIIHUHQWFRQFHQWUDWLRQRI
)H,WKDVEHHQREVHUYHGWKDWWKHDSSOLHGILHOGVWUHQJWKDQGIUHTXHQF\LVVXIILFLHQWWRUDLVHWKHWHPSHUDWXUHRI
R
&K\SHUWKHUPLDWHPSHUDWXUH7KH6$5YDOXHVRI7;013VZHUHIRXQGWREHDQG:JRI)HIRUDQG
PJPORI)HUHVSHFWLYHO\7KHKHDWLQJHIILFDF\RI)H2 QDQRSDUWLFOHVXQGHU$&PDJQHWLFILHOGLVPDLQO\GXH
WR 1pHO DQG %URZQLDQ UHOD[DWLRQ ORVV SURFHVVHV >@ 7KH 1pHO UHOD[DWLRQ ORVV LV DVVRFLDWHG ZLWK WKH PDJQHWLF
PRPHQW URWDWLRQV ZLWKLQ WKH SDUWLFOHV ZKHUHDV WKH %URZQLDQ UHOD[DWLRQ DVVRFLDWHG ZLWK URWDWLRQ RI WKH HQWLUH
SDUWLFOHV7KHUHOD[DWLRQWLPHVDUHJLYHQE\WKHIROORZLQJHTXDWLRQV
040020-3
IJN IJ e KVM /kBT
ʌȘRH
IJB
k BT
IJN IJB
IJ eff
IJN IJB
ZKHUH IJ B LV WKH %URZQLDQ UHOD[DWLRQ WLPH IJ N LV WKH 1pHO UHOD[DWLRQ WLPH IJ | V . LV WKH DQLVRWURS\
FRQVWDQW VM LV WKH YROXPH RI WKH )H2 QDQRSDUWLFOH k B LV %ROW]PDQQ¶V FRQVWDQW T LV WHPSHUDWXUH Ș LV WKH
YLVFRVLW\DQG RH LVWKHK\GURG\QDPLFSDUWLFOHUDGLXV
PJPO
=HWDSRWHQWLDOVP9
PJPO
7HPSHUDWXUH &
2
7LPHVHF 7LPHPLQ
D E
$&.12:/('*0(176
7KH DXWKRUV DFNQRZOHGJH 'U . , 3UL\DGDUVLQL +HDG &KHPLVWU\ 'LYLVLRQ %$5& IRU WKH HQFRXUDJHPHQW DQG
VXSSRUW
5()(5(1&(6
6&KDQGUD.&%DULFNDQG'%DKDGXU$GY'UXJ'HO5HY±
.&%DULFN66LQJK19-DGKDY'%DKDGXU%13DQGH\DQG 3$+DVVDQ $GY)XQFW0DWHU
±
6/DXUHQW')RUJH03RUW$5RFK&5RELF/9(OVWDQG510XOOHU&KHP5HY ±
61LJDP.&%DULFNDQG'%DKDGXU-0DJQ0DJQ0DWHU±
.&%DULFN0$VODP<3/LQ'%DKDGXU393UDVDGDQG93'UDYLG-0DWHU&KHP ±
$7RPLWDND7.RVKL6+DWVXJDL7<DPDGDDQG<7DNHPXUD-0DJQ0DJQ0DWHU ±
040020-4