Professional Documents
Culture Documents
IODPHVWUDLJKWHQLQJ
/,1'2)/$00)ODPHVROXWLRQV
$XWKRU1DPH6XUQDPH²&RXQWU\RSWLRQDO
'DWHRSWLRQDO
3XEOLVKHGLQ&RXQWU\RSWLRQDO
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)ODPHVWUDLJKWHQLQJLVDSURFHVVWHFKQRORJ\
ZLWKZKLFKGHIRUPDWLRQLQZHOGHG
VWUXFWXUHVFDQEHHOLPLQDWHGTXLFNO\
DQGZLWKRXWLPSDLULQJWKHPDWHULDO7KH
IROORZLQJGHVFULSWLRQIRFXVHVRQWKH
EDVLFSULQFLSOHRIIODPHVWUDLJKWHQLQJWKH
HTXLSPHQWDQGJDVHVUHTXLUHGDQGIODPH
VWUDLJKWHQLQJWHFKQLTXHVIRUGLIIHUHQW
PDWHULDOV
/,1'2)/$00LVDUHJLVWHUHGWUDGHPDUNRI7KH/LQGH*URXS
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
&RQWHQWV
,QWURGXFWLRQ +HDWLQJWHFKQLTXHVIRUIODPHVWUDLJKWHQLQJ
6WUDLJKWHQLQJWKLQVKHHWPHWDOZLWKKHDWVSRWV
6WUHVVHV²IRUFHV²VKULQNDJH +HDWRYDOLQWKHFRQVWUXFWLRQRISLSLQJ
+HDWOLQHWRUHPRYHDQJXODUGLVWRUWLRQ
+HDWZHGJH
7KHUPDOLPSDFWRQWKHZRUNSLHFH
5HVWULFWLRQRIWKHUPDOH[SDQVLRQ
3ULQFLSOHRIIODPHVWUDLJKWHQLQJ &ODPSLQJWRROVIRUUHVWULFWLQJH[SDQVLRQ
LQWKLQVKHHWPHWDO
&ODPSLQJWRROVIRUUHVWULFWLQJH[SDQVLRQ
:KLFKPDWHULDOVFDQEH LQSODWHVSLSHVDQGSURILOHV
IODPHVWUDLJKWHQHG"
&RROLQJDIWHUIODPHVWUDLJKWHQLQJ
)XHOJDVIRUIODPHVWUDLJKWHQLQJ
)ODPHVWUDLJKWHQLQJRIGLIIHUHQWPDWHULDOV
7RUFKHVIRUIODPHVWUDLJKWHQLQJ 0LOGILQHJUDLQVWUXFWXUDODQG70VWHHOV
+LJKDOOR\HGDXVWHQLWLFVWDLQOHVVVWHHOV
'HVLJQVRIIODPHVWUDLJKWHQLQJWRUFKHV *DOYDQLVHGFRPSRQHQWV
6HOHFWLRQRIIODPHVWUDLJKWHQLQJWRUFKHV $OXPLQLXPDQGDOXPLQLXPDOOR\V
&HQWULFRUV\PPHWULFDOKHDWLQJIRUVKRUWHQLQJ
(FFHQWULFRUXQV\PPHWULFDOKHDWLQJIRUEHQGLQJ 1RWHVRQWRUFKRSHUDWLRQDQGVDIHW\
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
,QWURGXFWLRQ
:HOGLQJDQGRWKHUPDQXIDFWXULQJSURFHVVHVZKHUHKHDWLVLQWURGXFHG
ZLOOOHDYHVWUHVVHVLQWKHPHWDOGXULQJWKHVXEVHTXHQWFRROLQJFDXVLQJ
GLVWRUWLRQRUZDUSLQJ)ODPHVWUDLJKWHQLQJLVDQHIILFLHQWDQGORQJ
HVWDEOLVKHGPHWKRGRIFRUUHFWLQJWKHGLVWRUWHGSDUWV
)ODPHVWUDLJKWHQLQJLVEDVHGRQWKHSK\VLFDOSULQFLSOHWKDWPHWDOV
H[SDQGZKHQKHDWHGDQGFRQWUDFWZKHQFRROHG,IH[SDQVLRQ
LVUHVWULFWHGFRPSUHVVLYHVWUHVVHVEXLOGXSDQGUHVXOWLQSODVWLF
GHIRUPDWLRQVLIWKHWHPSHUDWXUHVDUHKLJKHQRXJK8SRQFRROLQJWKH
SODVWLFGHIRUPDWLRQVUHPDLQ
,QSUDFWLFHDQR[\DFHW\OHQHIODPHLVXVHGWRUDSLGO\KHDWDZHOOGHILQHG
VHFWLRQRIWKHZRUNSLHFH8SRQFRROLQJWKHPHWDOFRQWUDFWVPRUHWKDQ
LWFRXOGH[SDQGZKHQKHDWHGDQGDQ\UHVXOWLQJGLVWRUWLRQVFDQWKHUHIRUH
EHVWUDLJKWHQHGRXW6XLWDEOHPDWHULDOVLQFOXGHVWHHOQLFNHOFRSSHU
EUDVVDQGDOXPLQLXP
$OWKRXJKYDULRXVIXHOJDVHVFDQEHXVHGWKHKLJKHVWIODPH
WHPSHUDWXUHVDQGLQWHQVLWLHVIRUUDSLGKHDWLQJDUHDFKLHYHGZLWK
DFHW\OHQHDQGR[\JHQ
7KHFKRLFHRIDSSURSULDWHHTXLSPHQWGHSHQGVRQWKHW\SHDQGWKLFNQHVV
RIWKHPDWHULDO,QSULQFLSOHWKLQVKHHWPHWDODQGSODWHLQWKLFNQHVVHV
RIXSWRPPFDQEHVWUDLJKWHQHGZLWKDVWDQGDUGWRUFKZKLFKLV
DYDLODEOHLQPRVWZRUNVKRSV)RUVWUDLJKWHQLQJRIODUJHSODWHVVXFKDV
GHFNVDQGGHFNKRXVHVRQVKLSVDGMXVWDEOHDWWDFKPHQWVZLWKWKUHHRU
PRUHVLQJOHIODPHQR]]OHVDUHDYDLODEOHPRXQWHGRQDVPDOOZKHHOFDU
IRUHDV\PRYHPHQWDFURVVODUJHVXUIDFHV)RUWKLFNHUPDWHULDOXVHRXU
$XWRPDWLFIODPHVWUDLJKWHQLQJVROXWLRQ /,1'2)/$00VSHFLDOWRUFKHV
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
6WUHVVHV²IRUFHV²VKULQNDJH
)LJXUH6WUHVVVWUDLQGLDJUDPEDVHGRQPLOGVWHHO
5P Ȩ%PD[R )$
Ȩ
1PP
6WUHVV
5H )ODPHVWUDLJKWHQLQJ
ȨV ]RQH
Ȩ(
Ȩ3
8OWLPDWHEUHDNLQJVWUHQJWK
8OWLPDWHWHQVLOHVWUHQJWK
+RRNH·VUDQJH( [
0D[LPXPDOORZDEOH
3URSRUWLRQDOLW\OLPLW
ZRUNLQJVWUHVV Ȩ
(ODVWLFOLPLW
<LHOGOLPLW
([SDQVLRQ ¡(%)
¡= 6l / l o
7KHWHUP´VWUHVVµLVRIWHQPLVLQWHUSUHWHGLQGLVFXVVLRQVDERXWIODPH 7KHGHIRUPDWLRQPHFKDQLVPLQFRPSRQHQWVLVFRPSDUDEOHIRUZHOGLQJ
VWUDLJKWHQLQJDQGLVXVHGWRJHQHUDWHDFHUWDLQDQ[LHW\DPRQJVWXVHUV DQGIODPHVWUDLJKWHQLQJ)RUERWKDSSOLFDWLRQVORFDOO\UHVWULFWHGWKHUPDO
,QIODPHVWUDLJKWHQLQJVWUHVVHVZKLFKDUHORFDWHGLQWKHFRPSRQHQWDUH LQSXWWDNHVSODFHZKLFKWKHQOHDGVWRWKHH[SDQVLRQRIWKHKHDWHG]RQH
RYHUODLG,QYHVWLJDWLRQVKDYHVKRZQWKDWIODPHVWUDLJKWHQLQJUHGXFHVWKH
UHVLGXDOVWUHVVHVLQWKHFRPSRQHQW &ROGDUHDVQH[WWRWKHKHDWHG]RQHUHVWULFWH[SDQVLRQOHDGLQJWR
XSVHWWLQJLQWKHKHDWHG]RQH
:KDWDUHVWUHVVHVDQGKRZGRWKH\RFFXU"
,IDFRPSRQHQWLVH[SRVHGWRH[WHUQDOIRUFHVIRUFHVDUHJHQHUDWHGLQ ,QRUGHUWRIDFLOLWDWHSODVWLFGHIRUPDWLRQRIWKHKHDWLQJ]RQHWKH\LHOG
HDFKVHFWLRQDOSODQH7KHSRUWLRQVDOORWWHGWRWKHXQLWDUHDRIWKHFURVV OLPLWRIWKHPDWHULDOZKLFKLVVOLJKWO\DERYHWKHHODVWLFOLPLWPXVW
VHFWLRQVZKLFKKDYHQRW\HWEHHQGHIRUPHGDUHFDOOHGVWUHVVHV7KH\ EHUHDFKHG7RDFKLHYHWKLVDIRUFHLVUHTXLUHGWREXLOGXSDVWUHVVLQ
RFFXUZKHQHYHUIRUFHVRIGLIIHULQJPDJQLWXGHVLPSDFWRQDFRPSRQHQW UHODWLRQWRWKHFRPSRQHQWFRQWRXUZKLFKLQGXFHVWKH´IORZSURFHVVµ
DQGZKHQSODVWLFGHIRUPDWLRQLVQRWSRVVLEOH XSRQH[FHHGLQJWKHHODVWLFOLPLW7KHVHLQWHUFRQQHFWLRQVDUHUHSUHVHQWHG
LQ)LJXUH
:KDWHIIHFWGRVWUHVVHVKDYH"
6WUHVVHVDIIHFWWKHSODVWLFGHIRUPDWLRQDQGRULQWHUQDOVWUHVVVWDWHRIWKH
FRPSRQHQWIRUVHQVLWLYHPDWHULDOVWKHUHLVDULVNRIVWUHVVFRUURVLRQ
+RZFDQVWUHVVHVEHLQIOXHQFHG"
6WUHVVHVFDQEHLQIOXHQFHGE\GLPHQVLRQDOFRUUHFWLYHPHDVXUHVVXFKDV
WKHUPDODQGRUPHFKDQLFDOWUHDWPHQW
+RZFDQVWUHVVHVEHXWLOLVHG"
6WUHVVHVFDQEHXVHGWRVWLIIHQFRPSRQHQWVHFWLRQVDQGRUWRUHGXFH
GLPHQVLRQDOGHYLDWLRQVZKHQH[SRVHGWRORDGV
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)LJXUH7\SHVRIVKULQNDJHGXULQJZHOGLQJ
/ /RQJLWXGLQDOVKULQNDJH
4 7UDQVYHUVHVKULQNDJH
/ ' 7KLFNQHVVVKULQNDJH
: $QJXODUVKULQNDJH
'
/
4 4
'
&RPSRQHQWVZKLFKGRQRWGLVWRUWRURQO\VOLJKWO\GLVWRUWDIWHUWKH )RUVXEVHTXHQWVWUHVVUHGXFWLRQWKHIROORZLQJUHFRPPHQGDWLRQVVKRXOG
ZHOGLQJMRLQWKDVFRROHGGRZQDUHH[SRVHGWRKLJKHUUHVLGXDOZHOGLQJ EHWDNHQLQWRFRQVLGHUDWLRQ
VWUHVVHVEHFDXVHWKHVKULQNDJHVWUHVVHVKDYHQRWOHGWRGHIRUPDWLRQRI
WKHFRPSRQHQW 7KHUPDOSURFHVVHV
߹ /RZVWUHVVDQQHDOLQJLQDIXUQDFH
/DWHUWKHVHVWUHVVHVPD\EHUHOLHYHGE\G\QDPLFORDGVRUE\PDFKLQLQJ ߹ )ODPHKHDWLQJ
7KLVFDQWKHQOHDGWRVXEVHTXHQWXQGHVLUHGGHIRUPDWLRQ ߹ +HDWLQJHOHPHQWKHDWLQJ
߹ ,QGXFWLYHKHDWLQJ
6WUHVVHVZKLFKDUHUHOLHYHGDIWHUZHOGLQJDQGFDXVHGHIRUPDWLRQLQGLFDWH
PLQLPDOUHVLGXDOZHOGLQJVWUHVVHV7KHFRPSRQHQWVUHPDLQVWDEOH 0HFKDQLFDOSURFHVVHV
߹ 1RQUHFXUUHQWPHFKDQLFDORYHUORDG
'XULQJZHOGLQJVKULQNDJHVWUHVVHVRFFXUZKLFKFDQEHVHHQLQWKH ߹ 9LEUDWLRQUHOLHI
GLVWRUWLRQGHSHQGLQJRQWKHOHYHORIVWLIIQHVV ߹ +DPPHULQJ
߹ 6KRWSHHQLQJ
,QRUGHUWRLQIOXHQFHUHVLGXDOZHOGLQJVWUHVVHVSDUDPHWHUVVXFKDVWKH ߹ )ODPHUHOLHI
ZHOGLQJSURFHVVWKHVHDPYROXPHDQGWKHHQHUJ\DSSOLHGSHUXQLW ߹ )ODPHVWUDLJKWHQLQJ
OHQJWKRIZHOGPXVWEHFRQVLGHUHG)ROORZXSSODQVDIWHUZHOGLQJPXVW
EHFRPSLOHGDQGIXOILOOHG )ODPHVWUDLJKWHQLQJLVFODVVLILHGDVDPHFKDQLFDOSURFHVVEHFDXVHWKH
UHVXOWLQJH[SDQVLRQFDXVHVH[WHUQDOIRUFHVWRLPSDFWRQWKHZRUNSLHFH
ZKLFKWKHQSURGXFHVWUHVVHVLQWKHFRPSRQHQW
3ODVWLFGHIRUPDWLRQWDNHVSODFHLQWKHZRUNSLHFHDERYHWKHHODVWLFOLPLW
7KHUHVXOWLVLUUHYHUVLEOHGHIRUPDWLRQ
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
7KHUPDOLPSDFWRQWKHZRUNSLHFH
)LJXUH7MRLQW²ZHOGHGDQGIODPHVWUDLJKWHQHG
)ODPHVWUDLJKWHQHG
:HOGLQJVHDP
7EHDP
ZLWK+$=
:HOGHG7MRLQW
+HDWOLQHV
:KHQFRPSRQHQWVDUHZHOGHGWRJHWKHUWKHPDWHULDOWULHVWRH[SDQGGXH 7KHPDQQHULQZKLFKWKHPDWHULDOVEHKDYHGXULQJIODPHVWUDLJKWHQLQJ
WRWKHKHDWLQSXW7KHFROGDUHDVSUHYHQWWKLVH[SDQVLRQDQGWKHPDWHULDO GLIIHUVZLWKUHVSHFWWRWKHLUSURSHUWLHVDQGDFFRUGLQJWRWKHLUWKHUPDO
LVXSVHW$VWKHZHOGPHWDOFRROVGRZQLWVKULQNVDVGRHVWKHPDWHULDO H[SDQVLRQEHKDYLRXU0DWHULDOVZLWKKLJKH[SDQVLRQFRHIILFLHQWV
LQWKHKHDWDIIHFWHG]RQH+$=7KHRYHUOD\RIWKHVHVKULQNDJHVFDXVHV KDYHWKHWHQGHQF\WRH[SDQGVHYHUHO\GXULQJWKHKHDWLQJSKDVH
WKHFRPSRQHQWWRGLVWRUW 7KLVH[SDQVLRQLVUHVWULFWHGKRZHYHUDQGFDXVHVSDUWLFXODUO\VHYHUH
XSVHWWLQJ7KHVKULQNDJHLVFRUUHVSRQGLQJO\GLVWLQFWLYH7DEOHSURYLGHV
,QIODPHVWUDLJKWHQLQJWKHHOLPLQDWLRQRIVXFKDGLVWRUWLRQWDNHVSODFH DQRYHUYLHZ
LQDVLPLODUZD\E\PHDQVRIKHDWLQGXFWLRQLQWRWKHFRPSRQHQWEXWLQ
FRQWUDVWWRZHOGLQJLQDGLIIHUHQWSODFH&RPSRQHQWVHFWLRQVZKLFKDUH
WRRORQJDUHKHDWHGVSHFLILFDOO\/RFDOO\UHVWULFWHGXSVHWWLQJWKHQUHVXOWV
DQGFDXVHVDGLPHQVLRQDOFKDQJHGXULQJWKHFRROLQJSURFHVV
7KHVHSURFHVVHVFDQEHH[SODLQHGXVLQJD7MRLQWDVVKRZQLQ)LJXUH
)LUVWGRXEOHVLGHGILOOHWZHOGLQJWDNHVSODFHLQZKLFKWKHZHOGLQJ
VHDPVDQGKHDWDIIHFWHG]RQHVLQWKHZHEDUHDDVZHOODVWKHIODQJH
DUHDVKULQNDQGOHDGWRDQDQJXODUGLVWRUWLRQZLWKLQWKHIODQJH
)ODPHVWUDLJKWHQLQJXVLQJWKHKHDWOLQHPHWKRGWDNHVSODFHRQWKH
RSSRVLWHVLGHRIWKHILOOHWZHOGDWWKRVHSRLQWVDWZKLFKWKHIODQJH
QHHGVWREHVKRUWHQHG7KHQXPEHURIKHDWOLQHVUHTXLUHGDQGWKHLU
OHQJWKGHSHQGVRQWKHGLVWRUWLRQWKHGLPHQVLRQVDQGWKHUHVLGXDOVWUHVV
FRQGLWLRQRIWKHZRUNSLHFH
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
([SDQVLRQ
:RUNSLHFHOHQJWKPP &
)ODPHVWUDLJKWHQLQJWHPSHUDWXUH
7DEOH([SDQVLRQEHKDYLRXURIGLIIHUHQWPDWHULDOV
(1$:
>$O0Q@
6RIW
1RQDJHKDUGHQLQJZURXJKW (1$:
DOOR\VVXLWDEOHIRUZHOGLQJ >$O0J@
(1$:
+DUG
$OXPLQLXP
>$O0J0Q@
²
(1$:$
>$O6L0J$@
(1$:
$JHKDUGHQLQJZURXJKW >$O6L0J0Q@
DOOR\VVXLWDEOHIRUZHOGLQJ (1$:
>$O=Q@
(1$:
>$O=Q0J@
&RSSHU ²
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
3ULQFLSOHRIIODPHVWUDLJKWHQLQJ
,QIODPHVWUDLJKWHQLQJWKHFRPSRQHQWLVSUHFLVHO\DQGORFDOO\KHDWHGWR
WKHPDWHULDOVSHFLILFIODPHVWUDLJKWHQLQJWHPSHUDWXUHDWZKLFKSODVWLF
GHIRUPDWLRQRFFXUV$VDUHVXOWRIUHVWULFWHGWKHUPDOH[SDQVLRQWKH
GHIRUPDWLRQUHPDLQV'XULQJFRROLQJWKHZRUNSLHFHLVVKRUWHQHGDURXQG
WKHGHIRUPHGSRUWLRQOHDGLQJWRWKHGHVLUHGFKDQJHLQOHQJWKRUVKDSH
7KUHHIDFWRUVEULQJDERXWIODPHVWUDLJKWHQLQJ)LJXUH
KHDWLQJ²XSVHWWLQJ²VKULQNLQJ
,QFRQWUDVWWRPHFKDQLFDOGHIRUPDWLRQZLWKDSUHVVRUKDPPHUZLWK
ZKLFKWKHZRUNSLHFHVHFWLRQVDUHHORQJDWHGOHQJWKHQHGWKHXVH
RIDIODPHDOZD\VOHDGVWRWKHVKRUWHQLQJRIWKHKHDWHG]RQHRIWKH
FRPSRQHQW
)LJXUH3ULQFLSOHRIIODPHVWUDLJKWHQLQJ
+HDWLQJ
8SVHWWLQJ
6KULQNLQJ
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
:KLFKPDWHULDOVFDQEH
IODPHVWUDLJKWHQHG"
6WUDLQ
LQFUHDVHVVHH)LJXUH
8VLQJWKHPDWHULDO6DVDQH[DPSOHLWEHFRPHVFOHDUWKDWIODPH
VWUDLJKWHQLQJWHPSHUDWXUHV!&PDNHOLWWOHVHQVH$QLQFUHDVHE\
DIXUWKHU&IURP&WR&GRXEOHVWKHKHDWLQJWLPHDQGLV
QHLWKHUKHOSIXOQRUQHFHVVDU\
:KHQKHDWLQJOLPLWHGVHFWLRQVRIWKHFRPSRQHQWWRDSODVWLFWHPSHUDWXUH
UDQJHWKHPDWHULDOIORZVDQGLVXSVHWDVDUHVXOWRIUHVWULFWHGH[SDQVLRQ
'LIIHUHQWPDWHULDOVUHTXLUHFRUUHVSRQGLQJO\GLIIHULQJIODPHVWUDLJKWHQLQJ
WHPSHUDWXUHV7DEOH
7HPSHUDWXUH&
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
7DEOH)ODPHVWUDLJKWHQLQJWHPSHUDWXUHVRIGLIIHUHQWPDWHULDOV
)XHOJDVIRUIODPHVWUDLJKWHQLQJ
,QIODPHVWUDLJKWHQLQJFRPSRQHQWVHFWLRQVPXVWEHSUHFLVHO\DQG
ORFDOO\KHDWHGWRIODPHVWUDLJKWHQLQJWHPSHUDWXUHLQDYHU\VKRUWWLPH
7KLVLVRQO\SRVVLEOHLIWKHZRUNSLHFHVXUIDFHLVSURYLGHGZLWKDKLJK
KHDWIOX[GHQVLW\LQDYHU\UHVWULFWHGVSDFH7KHR[\DFHW\OHQHIODPH
ZLWKLWVLQWHQVLYHSULPDU\FRPEXVWLRQRIIHUVWKLVKLJKKHDWIOX[GHQVLW\
)XHOJDVHVZKRVHWKHUPDOLQIOXHQFHLVJUHDWHUZKHQWUDQVIHUULQJ
KHDWIURPODUJHDUHDVHFRQGDU\FRPEXVWLRQDUHQRWVXLWDEOHIRUIODPH
VWUDLJKWHQLQJ+HUHDFHW\OHQHGLIIHUVIURPVORZEXUQLQJJDVHVVXFKDV
SURSDQHDQGQDWXUDOJDV)LJXUHD
%\UDLVLQJWKHR[\DFHW\OHQHUDWLRWKHRXWSXWRIWKHIODPHFDQEH
LQFUHDVHGFRQVLGHUDEO\)LJXUHE7KHRSWLPXPIODPHVHWWLQJLV
WKHUHIRUHRIGHFLVLYHLPSRUWDQFHLQIODPHVWUDLJKWHQLQJ
3URSHUDQGFRUUHFWIODPHVWUDLJKWHQLQJLVRQO\SRVVLEOHZLWKDQR[\
+HDWZHGJH DFHW\OHQHIODPH
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)LJXUHD+HDWIOX[GHQVLW\RIGLIIHUHQWIXHOJDVHV )LJXUHE+HDWIOX[GHQVLW\RIDFHW\OHQH
ȡ
$FHW\OHQH ȡ
P
0D[KHDWIOX[GHQVLW\T0:P
0D[KHDWIOX[GHQVLW\T0:P
$FHW\OHQH
3URSDQH
0HWKDQH
)ODPHFRQHGLVWDQFH[PP
)ODPHFRQHGLVWDQFH[PP
PQHXWU
ȡ
R[LGDWLRQUDWLR
PVWRLFK
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
7RUFKHVIRUIODPHVWUDLJKWHQLQJ
)LJXUH7RUFKHVIRUIODPHVWUDLJKWHQLQJ
:RUNSLHFH
VXUIDFH
'HVLJQVRIIODPHVWUDLJKWHQLQJWRUFKHV 0LOGERLOHUDQGILQHJUDLQVWUXFWXUDOVWHHO
0DWHULDOVZLWKQRUPDOWKHUPDOFRQGXFWLRQ
7KHFODVVLFDOIODPHVWUDLJKWHQLQJWRUFKLVWKHR[\DFHW\OHQHVLQJOHIODPH
WRUFKZKLFKLVJHQHUDOO\XVHGLQR[\IXHOWHFKQRORJ\)LJXUH $ZHOGLQJDWWDFKPHQWLVVHOHFWHGZKLFKLVRQHRUWZRQR]]OHVL]HVODUJHU
WKDQWKHWRUFKDWWDFKPHQWZKLFKZRXOGQRUPDOO\EHXVHGWRJDVZHOG
)RUVSHFLDORSHUDWLRQVHJIRUUHFWLI\LQJDQJXODUGLVWRUWLRQLQDZHOGHG WKHZRUNSLHFHWKLFNQHVVWREHIODPHVWUDLJKWHQHG
PHWDOVWUXFWXUHRUUHPRYLQJEXFNOLQJLQVKHHWPHWDOPXOWLQR]]OHWRUFKHV ([DPSOH 3ODWHWKLFNQHVV PP
KDYHSURYHQWREHSDUWLFXODUO\VXLWDEOH7KHVHGHYLFHVDUHEDVHGRQWKH 1R]]OHVL]H ²RU²
FRQYHQWLRQDOVLQJOHIODPHWRUFKZLWKWRVLQJOHQR]]OHVDUUDQJHGLQ
DURZPPDSDUWDQGVXSSOLHGE\DQLQMHFWRU&RPSRQHQWVZLWKD $XVWHQLWLFVWDLQOHVVVWHHOV
WKLFNQHVVRI!PPFDQEHVXFFHVVIXOO\VWUDLJKWHQHGZLWKODUJHPXOWL 0DWHULDOVZLWKORZWKHUPDOFRQGXFWLRQ
IODPHWRUFKHV
$ZHOGLQJDWWDFKPHQWLVVHOHFWHGZLWKWKHVDPHQR]]OHVL]HDVRURQH
VL]HVPDOOHUWKDQWKHWRUFKDWWDFKPHQWZKLFKZRXOGQRUPDOO\EHXVHGWR
6HOHFWLRQRIIODPHVWUDLJKWHQLQJWRUFKHV JDVZHOGWKHZRUNSLHFHWKLFNQHVVWREHIODPHVWUDLJKWHQHG
([DPSOH 3ODWHWKLFNQHVV PP
7KHFKRLFHRIVXLWDEOHWRUFKQR]]OHVL]HVIRUIODPHVWUDLJKWHQLQJSODWHV 1R]]OHVL]H ²RU²
SLSHVDQGSURILOHVGHSHQGVRQWKHZRUNSLHFHWKLFNQHVVDQGRQWKH
PDWHULDOLWVHOI $OXPLQLXPDQGDOXPLQLXPDOOR\V
0DWHULDOVZLWKYHU\JRRGWKHUPDOFRQGXFWLRQ
,QSUDFWLFHFRQYHQWLRQDOWRUFKHVGHVLJQHGIRUDSODWHWKLFNQHVVUDQJH
ZKLFKFDQEHJDVZHOGHGKDYHSURYHGEHVWZKHQVHOHFWLQJDVXLWDEOH $ZHOGLQJDWWDFKPHQWLVVHOHFWHGZKLFKLVDWOHDVWWZRQR]]OHVL]HV
QR]]OHVL]H7DEOH ODUJHUWKDQWKHWRUFKDWWDFKPHQWZKLFKZRXOGQRUPDOO\EHXVHGWRIXVH
WKHZRUNSLHFHWKLFNQHVVWREHIODPHVWUDLJKWHQHG
%DVLFJXLGHOLQHIRUVHOHFWLQJWKHFRUUHFWWRUFK ([DPSOH 3ODWHWKLFNQHVV PP
1R]]OHVL]H ²RU²
7KHZRUNSLHFHWKLFNQHVVLVWKHFULWHULRQIRUWKHULJKWFKRLFHRIWRUFKDQG
LVDOORFDWHGDFRUUHVSRQGLQJQR]]OHVL]H
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
7DEOH6HOHFWLRQRIWRUFKHVIRUIODPHVWUDLJKWHQLQJ
0XOWLQR]]OHWRUFKQR]]OHV
² ² ² ²
² ² ² ²
² ² ² ²
² ² ² 6SHFLDOLVHGWRUFK ² ²
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)ODPHVHWWLQJVDQGIODPHJXLGDQFHIRU
WKHVWUDLJKWHQLQJRSHUDWLRQ
)LJXUH)ODPHFRQHGLVWDQFHDQGIRUPDWLRQ
'XULQJWKHKHDWLQJSURFHVVDWWHQWLRQVKRXOGQRWRQO\EHSDLGWRWKH $XVWHQLWLFPDWHULDOVRQWKHRWKHUKDQGDUHIODPHVWUDLJKWHQHGZLWKD
OHYHORIWKHIODPHVWUDLJKWHQLQJWHPSHUDWXUHEXWDOVRWRWKHIODPH PLQLPDOGLVWDQFHEHWZHHQWKHIODPHFRQHDQGWKHZRUNSLHFHVXUIDFH
VHWWLQJDQGJXLGDQFHLQRUGHUWRPHHWWKHPDWHULDO·VVSHFLILFSURSHUWLHV EXWDOZD\VZLWKDQR[LGLVLQJIODPH)LJXUHOHIW,IH[FHVVDFHW\OHQH
UHGXFLQJIODPHLVXVHGDORQJZLWKORQJH[SRVXUHDWKLJKWHPSHUDWXUH
,QIODPHVWUDLJKWHQLQJDULJRURXVO\EXUQLQJR[\DFHW\OHQHIODPHKLJK FDUERQFDQEH´SLFNHGXSµIRUPLQJFKURPLXPFDUELGHVRQWKHJUDLQ
IODPHH[LWYHORFLW\LVH[FOXVLYHO\XVHGZKLFKFDQEHVHWWRQHXWUDO ERXQGDULHVSRVVLEO\OHDGLQJWRLQWHUJUDQXODUFRUURVLRQDQGUHGXFHG
H[FHVVR[\JHQRUH[FHVVDFHW\OHQHGHSHQGLQJRQWKHPDWHULDO FRUURVLRQUHVLVWDQFH
7KHKHDWRXWSXWDQGKHDWGLVVLSDWLRQZLWKLQWKHZRUNSLHFHPXVWEH 7RDFFRPPRGDWHWKHORZPHOWLQJWHPSHUDWXUHRIDOXPLQLXPPDWHULDOV
SURSRUWLRQDOWRHDFKRWKHU6KRXOGLWEHQHFHVVDU\WRKHDWORZHUO\LQJ WKHGLVWDQFHEHWZHHQWKHIODPHFRQHDQGWKHZRUNSLHFHVXUIDFHLVHYHQ
ZRUNSLHFHVHFWLRQVZKHQIODPHVWUDLJKWHQLQJPLOGERLOHUDQGILQH JUHDWHUFRPSDUHGWRDXVWHQLWLFPDWHULDOV$OOPLOGERLOHUDQGILQHJUDLQ
JUDLQVWUXFWXUDOVWHHORULIWKHHQWLUHZRUNSLHFHVHFWLRQQHHGVWREH VWUXFWXUDOVWHHOVDUHVWUDLJKWHQHGZLWKDQHXWUDORUHYHQEHWWHUDQ
FRPSOHWHO\KHDWHGWKURXJKLWPDNHVVHQVHWRZRUNZLWKDVRPHZKDW R[LGLVLQJIODPHXSWR²H[FHVV2$XVWHQLWLFVWDLQOHVVVWHHOV
´VWDQGRIIµIODPHFRQH)LJXUHOHIW RQWKHRWKHUKDQGDOZD\VUHTXLUHDPSOHH[FHVVR[\JHQXSWRLQ
RUGHUWRFRXQWHUDFWWKHDGGLWLRQDOFDUERQRXWSXWRIDQHXWUDOIODPH
7\SLFDOO\DQH[SHULHQFHGIODPHVWUDLJKWHQHUZLOOXVHD´FRQWDFWµIODPH
ZKHQZRUNLQJZLWKWKHVHVWHHOVLHWKHWLSRIWKHIODPHFRQHWRXFKHV $UHGXFLQJIODPHLVVHOHFWHGZKHQIODPHVWUDLJKWHQLQJDOXPLQLXPZLWK
WKHZRUNSLHFHVXUIDFH)LJXUHFHQWUH DVOLJKWH[FHVVRIDFHW\OHQH:KHQXVLQJDQR[LGLVLQJIODPHWKH
ZRUNSLHFHVXUIDFHUHDFWVOHDYLQJDJUH\GLVFRORXUDWLRQLQWKHKHDWHG
$Q´LPSLQJLQJµIODPHFRQHLVXVHGLIRQO\WKHVXUIDFHQHHGVWREH DUHD$VOLJKWH[FHVVRIDFHW\OHQHGRHVQRWGDPDJHWKHVXUIDFH
KHDWHG,QWKLVZD\WKHKHDWWUDQVIHULVLPSURYHGLQFRPSDULVRQWRWKH
´FRQWDFWµIODPHFRQH,WLVQHFHVVDU\WRZRUNUDSLGO\)LJXUHULJKW ,QIODPHVWUDLJKWHQLQJWKUHHIODPHVHWWLQJVDUHXVHGIRUWKHGLIIHUHQW
7KHULVNRIVXUIDFHGDPDJHEXUQLQJRYHUKHDWLQJLVYHU\KLJKIRUWKLV W\SHVRIIODPHJXLGDQFHLHGLVWDQFHEHWZHHQWLSRIIODPHFRQHDQG
W\SHRIIODPHJXLGDQFHDQGVKRXOGEHWDNHQLQWRFRQVLGHUDWLRQ ZRUNSLHFHVXUIDFH7DEOH
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
5HGXFLQJIODPH
1HXWUDO
2[LGLVLQJIODPH
7DEOH)ODPHVHWWLQJVDQGJXLGDQFHIRUIODPHVWUDLJKWHQLQJ
²ޝ8QVXLWDEOHޞ²²ޝ,PSHUPLVVLEOHޞেޝ3RVVLEOHޝޞ$FFHSWDEOH&ޝޞRUUHFW
([FHVV
%DVLFKHDWLQJPHWKRGVIRUVKRUWHQLQJ
DQGEHQGLQJFRPSRQHQWV
)LJXUH7\SHRIKHDWLQJDQGGHIRUPDWLRQ
7\SHRIKHDWLQJ 'HIRUPDWLRQ
6\PPHWULFDOKHDWLQJ 6KRUWHQLQJRIWKHHQWLUH
WKURXJKRIWKHHQWLUH FRPSRQHQW
FURVVVHFWLRQ
8QV\PPHWULFDOKHDWLQJ 6KRUWHQLQJDQGEHQGLQJ
WKURXJKRIWKHHQWLUH RIWKHHQWLUHFRPSRQHQW
FURVVVHFWLRQ GHSHQGLQJRQWKH
SRVLWLRQRIWKHKHDWLQJ
]RQH
8QV\PPHWULFDOKHDWLQJ %HQGLQJRIWKH
RIWKHFURVVVHFWLRQWR FRPSRQHQW
WKHQHXWUDOD[LVRUMXVW
EH\RQG
1HXWUDOD[LV
&RPSRQHQWVHFWLRQVZKLFKDUHORFDOO\KHDWHGDUHXSVHWZKHQWKHUPDO *UHDWHUUHVLGXDOZHOGLQJVWUHVVHVDUHUHGXFHGGHSHQGLQJRQWKHSRVLWLRQ
H[SDQVLRQLVUHVWULFWHGLQWKHKHDWHG]RQH7KHSRVLWLRQRIWKHXSVHWWLQJ RIWKHZHOGLQJVHDPVLQUHODWLRQWRWKHIODPHVWUDLJKWHQLQJSRLQW
SRLQWZLWKLQWKHZRUNSLHFHGHWHUPLQHVWKHFKDQJHLQVKDSH)LJXUH
(FFHQWULFRUXQV\PPHWULFDOKHDWLQJIRUEHQGLQJ
&HQWULFRUV\PPHWULFDOKHDWLQJIRUVKRUWHQLQJ
,IKHDWLQJWKHFRPSRQHQWRQO\HQFRPSDVVHVWKHZRUNSLHFHDUHDFORVHWR
,IDFRPSRQHQWLVKHDWHGHYHQO\WRIODPHVWUDLJKWHQLQJWHPSHUDWXUH WKHVXUIDFHRQRQHVLGHXSVHWWLQJRQO\RFFXUVLQVLGHWKHKHDWHG]RQH
DFURVVWKHZKROHZRUNSLHFHWKLFNQHVVWKHHQWLUHKHDWHG]RQHLVXSVHW
SURYLGHGWKDWH[SDQVLRQZDVDGHTXDWHO\SUHYHQWHGGXULQJWKHKHDWLQJ 7KHVHFWLRQRIWKHZRUNSLHFHWKLFNQHVVZKLFKUHPDLQVFROGW\SLFDOO\
SURFHVV,QWKLVFDVHWKHZRUNSLHFHLVVKRUWHQHGE\WKHXSVHWYROXPH UHVWULFWVWKHUPDOH[SDQVLRQ,QWKLVZD\FRPSRQHQWVFDQEHVHOHFWLYHO\
7KLVLVUHIHUUHGWRDVV\PPHWULFDORUFHQWULFKHDWLQJ)LJXUHOHIW DQGDFFXUDWHO\EHQW7KLVLVUHIHUUHGWRDVXQV\PPHWULFDORUDOVRHFFHQWULF
KHDWLQJ)LJXUHULJKW
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)LJXUH3RVLWLRQRIKHDWLQJIRUVKRUWHQLQJDQGEHQGLQJ
&HQWULFKHDWLQJIRUVKRUWHQLQJ (FFHQWULFKHDWLQJIRUEHQGLQJ
5HVLGXDOZHOGLQJVWUHVVHVSUHVHQWLQWKHFRPSRQHQWDUHUHOLHYHGDQG
RYHUODLGE\VKULQNDJHVWUHVVHVDVDUHVXOWRIIODPHVWUDLJKWHQLQJ6WUHVV
SHDNVLQWKHFRPSRQHQWDUHUHGXFHG
,WLVQRWXQXVXDOWRREVHUYHWKDWWKHVHOHFWLRQRIXQVXLWDEOHWRUFKHVRU
LPSUHFLVHKHDWJXLGDQFHFDQFDXVHWKHZRUNSLHFHVWREHVKRUWHQHGDV
ZHOODVEHQWDOWKRXJKRQO\RQHW\SHRIGHIRUPDWLRQLVGHVLUHG
8VLQJWRUFKHVZKLFKDUHWRRVPDOORYHUDSURORQJHGSHULRGRIKHDWLQJ
FDQXQGHUFHUWDLQFLUFXPVWDQFHVOHDGWRXQGHVLUHGKHDWLQJWKURXJK
7KHUHLVQRKHDWEXLOGXSDVDUHVXOWDQGWKXVQRORFDOLVHGXSVHWWLQJ7KH
GHVLUHGGHIRUPDWLRQRIWKHFRPSRQHQWGRHVQRWWDNHSODFH
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
+HDWLQJWHFKQLTXHVIRUIODPH
VWUDLJKWHQLQJ
)LJXUH+HDWLQJWHFKQLTXHVIRUIODPHVWUDLJKWHQLQJ
+HDWVSRW +HDWOLQH
HJVWUDLJKWHQLQJ HJVWUDLJKWHQLQJ
EXFNOHGSODWHV EHQGVDQGRQHVLGHG
EXLOWXSZHOGV
+HDWRYDO +HDWZHGJH
HJVWUDLJKWHQLQJ HJVWUDLJKWHQLQJ
SLSHV SURILOHVDQGQDUURZ
PHWDOSODWHV
'HSHQGLQJRQWKHFRPSRQHQWDQGWKHOHYHORIGHIRUPDWLRQGLIIHUHQW )LJXUH+HDWVSRWVLQSODWHV
KHDWLQJWHFKQLTXHVDUHXVHGWRDFKLHYHWKHEHVWSRVVLEOHVWUDLJKWHQLQJ
UHVXOW)LJXUH:LWKWKHH[FHSWLRQRIKHDWVSRWVWKHKHDWLQJSDWWHUQV
+HDWLQJWKURXJK ,PSOHPHQWDWLRQ
VKRXOGEHGUDZQRQWKHFRPSRQHQWVRWKDWDQRYHUYLHZRIWKHKHDWLQJ
6PDOOVSRWVKHDWHGWKURXJK
ZKLFKQHHGVWREHFDUULHGRXWLVSURYLGHG LISRVVLEOHZLWKGROO\DQG
KDPPHULQJ
6WUDLJKWHQLQJWKLQVKHHWPHWDOZLWKKHDWVSRWV
FRPSOHWHO\HQFORVHGILHOG(YHU\VWLIIHQLQJHOHPHQWDQGHYHU\ZHOGLQJ
VHDPVHUYHVDVDILHOGERXQGDU\3ODWHVZKLFKDUHWRRODUJHPXVWEH
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)LJXUH+HDWRYDO
VXEGLYLGHGLQWRVHYHUDOVPDOOHUILHOGVLIQHFHVVDU\IRUH[DPSOHE\ 7KHEDVLFJXLGHOLQHLVDVIROORZV
WDFNLQJRQVWLIIHQLQJHOHPHQWV 7KHORQJVLGHRIWKHRYDOPXVWDOZD\VEHSRVLWLRQHGOHQJWKZD\VDORQJ
WKHSLSH·VD[LV)LJXUH$KHDWRYDOSRVLWLRQHGDWDQDQJOHRIKDV
7KHVSRWVDUHVHWRQWKHSODWHVFRQVLVWHQWO\IURPWKHRXWVLGHWRWKH DVLPLODUHIIHFWWRWKDWRIDKHDWZHGJHZKLFKPD\SURGXFHNLQNLQJLQ
LQVLGH,QWKLVZD\WKHILHOGLVSURFHVVHGLQVSLUDOVVWDUWLQJDWWKH WKHSLSH
FODPSLQJIUDPHDQGZRUNLQJWRZDUGVWKHFHQWUHRIWKHILHOG
'HSHQGLQJRQWKHGHJUHHRIEHQGLQJWKHKHDWRYDOLVGUDZQOHYHO
7RPDLQWDLQVPRRWKZRUNSLHFHVXUIDFHVKHDWVSRWVDUHDSSOLHGZLWKD ZLWKWKHSLSH·VD[LVRIV\PPHWU\DQGWKHSLSHZDOOLVKHDWHGWKURXJK
VXLWDEOHKDPPHUVOLJKWO\VSKHULFDO$IODWVKDSHGGROO\LVXVHGIURPWKH FRPSOHWHO\7KHKHDWHG]RQHLVXSVHWDVDUHVXOWZKLFKWKHQEULQJV
EDFNGXULQJKDPPHULQJWRSURYLGHFRXQWHUVXSSRUW7KHKDPPHULQJWRRO DERXWWKHGHVLUHGFKDQJHLQVKDSHZKHQFRROLQJGRZQ
DQGWKHGROO\PXVWEHDGDSWHGWRWKHPDWHULDOWREHVWUDLJKWHQHG
6LQJOHKHDWVSRWVRUDKHDWVSRWURZFDQDFKLHYHWKHUHTXLUHGVXFFHVV
,WLVQRWQHFHVVDU\DQGQRWDGYLVDEOHWRGUDZKHDWVSRWVRQWKHSODWHV HYHQZLWKPLQLPDOGHYLDWLRQVLQVKDSH
$JHRPHWULFDQGWRRUHJXODUDUUDQJHPHQWRIVSRWVPD\OHDGWROLQHDU
VKDSHGVKULQNDJH]RQHVZKLFKGRQRWSURGXFHWKHGHVLUHGVWUDLJKWHQLQJ
UHVXOW$QLUUHJXODUGLVWULEXWLRQRIVSRWVLVPRUHDSSURSULDWH
+HDWRYDOLQWKHFRQVWUXFWLRQRISLSLQJ
3LSHVDQGRWKHUURWDWLRQDOO\V\PPHWULFDOZRUNSLHFHVFDQEHHDVLO\DQG
HIIHFWLYHO\IODPHVWUDLJKWHQHG
7KHPDLQDSSOLFDWLRQRIIODPHVWUDLJKWHQLQJLVWRUHPRYHGHIRUPDWLRQV
ZKLFKUHVXOWDIWHUFRQQHFWLQJEUDQFKOLQHVRQRQHVLGH7KLVGHIRUPDWLRQ
LVUHFWLILHGE\DSSO\LQJDKHDWRYDORQWKHRSSRVLWHVLGHRIWKHSLSH
FRQQHFWLRQXVLQJDWRUFKZKLFKKDVEHHQDGDSWHGWRWKHSLSH·VZDOO
WKLFNQHVV
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)LJXUH+HDWOLQH )LJXUH+HDWOLQHZLWKPXOWLQR]]OHWRUFK
W
+HDWOLQHWRUHPRYHDQJXODUGLVWRUWLRQ GLVWRUWLRQLQZHOGHGVWUXFWXUHVDQGIRUUHFWLI\LQJEXFNOLQJLQVKHHWPHWDO
SDQHOV)LJXUH7KHGLVWDQFHEHWZHHQWKHVLQJOHQR]]OHVLVPP
$QJXODUGLVWRUWLRQLVWKHPRVWIUHTXHQWDQGPRVWYLVLEOHIRUPRI
GHIRUPDWLRQ,QPDQ\FDVHVLWFDQEHUHPRYHGE\GUDZLQJRQHRUPRUH 7KHIODPHVHWWLQJWKHIODPHFRQHGLVWDQFHWRWKHZRUNSLHFHVXUIDFHDQG
KHDWOLQHVLQDSDUDOOHODUUDQJHPHQWRQWKHRSSRVLWHVLGHRIWKHILOOHW WKHIHHGUDWHPXVWEHFDUHIXOO\FRRUGLQDWHGDQGDGMXVWHG7KHVWDELOLVLQJ
VHDP$KHDWOLQH)LJXUHLVSDUWLFXODUO\HIIHFWLYHLIRQO\RIWKH ZKHHOVRUJXLGHUXQQHUVPXVWEHVHWLQVXFKDZD\WKDWWKHIODPHFRQH
ZRUNSLHFHWKLFNQHVVLVKHDWHGWRIODPHVWUDLJKWHQLQJWHPSHUDWXUH GRHVQRWWRXFKWKHZRUNSLHFHDQGDOOWKHVLQJOHIODPHVKDYHWKHVDPH
GLVWDQFHWRWKHZRUNSLHFHVXUIDFH:KHQDGMXVWLQJWKHIODPHDFFRUGLQJ
)RUWKLVSXUSRVHLWLVDEVROXWHO\HVVHQWLDOWKDWKLJKSHUIRUPDQFHWRUFKHV WRVSHFLILFPDWHULDOSURSHUWLHVWKHGLVWDQFHEHWZHHQIODPHFRQHDQG
DUHXVHGZKLFKKDYHEHHQFDUHIXOO\DGMXVWHGWRWKHWKLFNQHVVRIWKH ZRUNSLHFHVKRXOGEH²PP
VKHHWPHWDO7KHGHSWKRIKHDWSHQHWUDWLRQLQWRWKHZRUNSLHFHVXUIDFH
LVPRQLWRUHGYLDWKHDQQHDOLQJFRORXURIWKHVXUIDFHGLUHFWO\EHKLQGWKH )RUDQRSWLPXPIODPHVHWWLQJDQGDGMXVWHGIHHGUDWHKHDW]RQHVZLOO
IODPHFRQHRIWKHVWUDLJKWHQLQJWRUFK7RJHWDIHHOLQJIRUWKHULJKWIHHG UHVXOWZKLFKVKRXOGFOHDUO\VKRZWKHFROGDUHDVEHWZHHQWKHLQGLYLGXDO
UDWHWKHIODPHVWUDLJKWHQHUOLIWVWKHWRUFKVOLJKWO\IRUDVKRUWWLPH7KH KHDWOLQHV7KHKHDWOLQHVVKRXOGEHSUHYHQWHGIURPUXQQLQJLQWRHDFK
GDUNUHGJORZZLOOIDGHLPPHGLDWHO\LIWKHIODPHLVRSWLPDOO\VHWWKH RWKHUDVWKLVFDXVHVWKHZRUNSLHFHWREHFRPSOHWHO\KHDWHGWKURXJK
GLVWDQFHEHWZHHQWKHIODPHFRQHDQGWKHZRUNSLHFHVXUIDFHLVFRUUHFW (FFHQWULFKHDWLQJGRHVQRWWDNHSODFHDQGWKHLQWHQGHGUHPRYDORI
DQGWKHIHHGUDWHLVSURSHUO\DGMXVWHG,IWKHGZHOOWLPHLVSURORQJHGWKH DQJXODUGLVWRUWLRQLVQRWDFKLHYHG
KHDWSHQHWUDWLRQLQWRWKHFRPSRQHQWZLOOEHWRRGHHS7KHVXFFHVVRI
WKHVWUDLJKWHQLQJRSHUDWLRQZLOOWKHQEHUHGXFHG 0XOWLQR]]OHWRUFKHVDUHDYDLODEOHLQWKHIROORZLQJWZRVL]HV
6L]H²PPPPSODWHWKLFNQHVV
0XOWLQR]]OHVWUDLJKWHQLQJWRUFKHVZKLFKDUHDOVRUHIHUUHGWRDV´DQG 6L]H²PP!PPWRDSSUR[PPSODWHWKLFNQHVV
PXOWLQR]]OHWRUFKHVµDUHSUHIHUDEOHIRUUHPRYLQJDQJXODU
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)LJXUH+HDWZHGJH )LJXUH+HDWJXLGDQFHRQ7EHDP
:HE )LOOHW
)ODQJH
%DVHOLQHRI
KHDWZHGJH
1HXWUDOD[LV
+HDWZHGJH ,IKHDWLQJLVGLVSODFHGDZHGJHVKDSHGKHDWLQJ]RQHFDQQRWEH
DFKLHYHGRQO\DQXQGHILQHGKHDWHGZRUNSLHFHDUHD7KLVLQWXUQGRHV
7KHKHDWZHGJH)LJXUHLVSUHGRPLQDQWO\XVHGRQSURILOHVDQG QRWOHDGWRWKHGHVLUHGVWUDLJKWHQLQJUHVXOW
XSULJKWQDUURZPHWDOSODWHVLIODUJHUGHIRUPDWLRQVQHHGWREHDFKLHYHG
LQWKHVWUDLJKWHQLQJRSHUDWLRQ7KHFRPSRQHQWLVDOZD\VHYHQO\KHDWHG 7KHSURFHGXUHIRUSURILOHVLVWKHVDPH7KHKHDWZHGJHLVGUDZQRQWKH
WKURXJKWRWKHEDVHOLQH²VWDUWLQJDWWKHZHGJHWLS,WLVLPSHUDWLYHWKDW FRPSRQHQW+HDWLQJEHJLQVLQWKHZHEIURPWKHILOOHWWRZDUGVWKHZHGJH
WKHVKDSHDQGVL]HRIWKHZHGJHILWWKHFRPSRQHQWGLPHQVLRQV7KHKHDW WLS7KHGZHOOWLPHIRUKHDWLQJWKHZHGJHWLSPXVWEHYHU\EULHIVRWKDW
ZHGJHPXVWEHVKDUSO\GHOLPLWHGSRLQWHGDQGORQJ WKHKHDWFDQQRWVSUHDGWRRPXFKLQFRQWUDVWWRWKHILOOHW7KHZHGJH
EDVHOLQHGHWHUPLQHVWKHZLGWKRIIODQJHKHDWLQJ7KHILOOHWDUHDRI
7KHUDWLRZLGWKRIZHGJHEDVHOLQHWRZHGJHKHLJKWLQWKHZHEVKRXOG SURILOHVWKHDUHDLQZKLFKWKHPRVWPDWHULDODFFXPXODWHVLVKHDWHGPRVW
EH7KHZHGJHKHLJKWGHSHQGLQJRQWKHH[WHQWRIGHIRUPDWLRQ HIIHFWLYHO\IURPWKHWRSVLGHRIWKHIODQJH)LJXUH
VKRXOGEHVHOHFWHGLQVXFKDZD\WKDWWKHZHGJHWLSRQO\MXVWH[FHHGV
WKHQHXWUDOD[LVRIWKHSURILOH,QWKLVZD\WKHVWLIIQHVVRIQRQKHDWHG 7RSUHYHQWVWHSVEHWZHHQWKHKHDWHGIODQJH]RQHDQGWKHQRQKHDWHG
PDWHULDO]RQHVLVXVHGDVDPHDQVRIUHVWULFWLQJH[SDQVLRQ,IDJUHDWHU IODQJHDUHDVLWLVUHFRPPHQGHGWKDWWKHIODPHWHPSHUDWXUHEHNHSW
GHIRUPDWLRQLVUHTXLUHGWKHZHGJHVKDSHLVGUDZQIXUWKHUDFURVVWKH VRPHZKDWORZHULQWKHHGJH]RQHRIWKHKHDWHGIODQJH
QHXWUDOD[LV7KHZLGWKKHLJKWUDWLRUHPDLQV,QWKLVFDVHDGGLWLRQDO
UHVWULFWLRQRIWKHH[SDQVLRQSURFHVVZRXOGIDYRXUGHIRUPDWLRQ
7KHVKDSHRIWKHKHDWZHGJHPXVWEHGUDZQRQERWKVLGHVRIWKH
FRPSRQHQWWRHQVXUHDVIDUDVSRVVLEOHWKDWERWKVLGHVRIWKHZHGJH
YROXPHDUHKHDWHGH[DFWO\RSSRVLWHHDFKRWKHU
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
5HVWULFWLRQRIWKHUPDOH[SDQVLRQ
)LJXUH3RVVLELOLWLHVIRUUHVWULFWLQJH[SDQVLRQ
5HVWULFWLRQE\PHDQV 5HVWULFWLRQE\PHDQV
RIRZQZHLJKW RIDGGLWLRQDOFODPSLQJ
+HDWZHGJHWLS
5HVWULFWLRQE\PHDQV %XLOGXSRIWHQVLOH $OORZWRFRROGRZQ
RIRZQVWLIIQHVV VWUHVVHV +HDWHGJH]RQH
8SVHWWLQJWKHVWUDLJKWHQLQJSRLQWDIWHUKHDWLQSXWLVWKHSUHUHTXLVLWH 8VLQJDUHDVLQWKHHGJH]RQHRIDIODPHVWUDLJKWHQLQJSDWWHUQZKLFK
IRUVXFFHVVIXOVWUDLJKWHQLQJ,IWKHFRPSRQHQWLVQRWVWLIIHQRXJKWR LQLWLDOO\UHPDLQFROGLVSDUWLFXODUO\KHOSIXO)RUH[DPSOHDKHDWZHGJHLV
UHVWULFWWKHUPDOH[SDQVLRQGXULQJWKHKHDWLQJRSHUDWLRQDGGLWLRQDO W\SLFDOO\KHDWHGIURPWKHZHGJHWLSWRZDUGVWKHZHGJHEDVHOLQH:LWK
PHDVXUHVQHHGWREHWDNHQVRWKDWXSVHWWLQJFDQVWDUWDVVRRQDVWKH WKLVPHWKRGWKHZHGJHWLSLVDOUHDG\VHYHUHO\XSVHWGXULQJKHDWLQJ
KHDWLQJSURFHVVEHJLQV$GGLWLRQDOUHVWULFWLRQRIWKHUPDOH[SDQVLRQ VLQFHWKHQRQKHDWHGHGJH]RQHRIWKHZHGJHEDVHOLQHVHUYHVWR
LQFRPSRQHQWVZLWKLQVXIILFLHQWVWLIIQHVVLVFULWLFDOIRUVXFFHVVIXO UHVWULFWH[SDQVLRQ7KHIODPHVWUDLJKWHQLQJSURFHGXUHLVWKHQFRPSOHWHG
VWUDLJKWHQLQJ)LJXUH IRUWKHZHGJHWLS
)ODPHVWUDLJKWHQLQJFDQDOVREHSHUIRUPHGIDVWHUDQGPRUHHIIHFWLYHO\ ,IWKHXSVHWVHFWLRQRIWKHZHGJHWLSLVDOORZHGWRFRROGRZQWRDSSUR[
RQWKLFNHUFURVVVHFWLRQVE\DGGLWLRQDOO\UHVWULFWLQJH[SDQVLRQ &ZKLOHQRWKHDWLQJWKHHGJH]RQHVKULQNDJHIRUFHVWHQVLOH
VWUHVVHVRFFXULQWKHXSVHWDUHDZKLFKVXSSRUWXSVHWWLQJDVWKHHGJH
:KHQXVLQJPHFKDQLFDOGHYLFHVWRUHVWULFWH[SDQVLRQLWLVLPSRUWDQW ]RQHLVKHDWHG,QWKLVZD\JRRGVWUDLJKWHQLQJUHVXOWVFDQEHDFKLHYHG
WKDWWKHZRUNSLHFHVDUHQRWGLVWRUWHG7KHVHDX[LOLDU\GHYLFHVVKRXOG ZLWKIHZHUDQGVPDOOHUKHDWLQJSDWWHUQV,WLVSRVVLEOHWRDSSO\WKLV
QRWVWUHWFKRUWDXWHQEXWPHUHO\KROGWKHZRUNSLHFHLQSODFH7KH PHWKRGLQDOOFDVHVLQZKLFKWKHHGJH]RQHVFDQEHXVHGWRDGGLWLRQDOO\
DSSOLFDWLRQRIH[FHVVLYHGLVWRUWLRQIRUFHVFDQFDXVHNLQNVLQWKHIODPH UHVWULFWWKHUPDOH[SDQVLRQ
VWUDLJKWHQLQJ]RQHRIWKHFRPSRQHQW
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)LJXUH3HUIRUDWHGSODWH²YDFXXPSODWH
3HUIRUDWHGSODWH 9DFXXPSODWH
7RUFK 9DFXXPSODWH
3HUIRUDWHGSODWH
:RUNSLHFH
'ROO\
+HDWVSRW
6HDO
&ODPSLQJWRROVIRUUHVWULFWLQJH[SDQVLRQLQWKLQ 7KHVSRWVDUHVHWWKURXJKWKHUHFHVVHVLQWKHSHUIRUDWHGSODWH)ODPH
VKHHWPHWDO VWUDLJKWHQHUVGRQRWQHHGWRXVHDSDUWLFXODUVHTXHQFHZKHQVHWWLQJWKH
VSRWV+DPPHULQJWKHZDUWVKDSHGWKLFNHQLQJRIWKHKHDWVSRWLVQRW
7KLQVKHHWPHWDODQGXQVWDEOHFRPSRQHQWVFDQQRWEHIODPH SRVVLEOHDQGDOVRQRWQHFHVVDU\
VWUDLJKWHQHGZLWKRXWVSHFLDOFODPSLQJ,QGLYLGXDOZRUNSLHFHVHFWLRQV
DUHIODPHVWUDLJKWHQHGXVLQJWKHFODVVLFDOPHWKRGHQFORVHGIUDPHDQG :KHQXVLQJSHUIRUDWHGSODWHVPRQLWRULQJWKHIODPHVWUDLJKWHQLQJ
WKRURXJKKHDWLQJZLWKWKHVPDOOHVWSRVVLEOHKHDWVSRWVIURPWKHIUDPH WHPSHUDWXUHLQDOXPLQLXPVWUXFWXUHVFDQEHSUREOHPDWLFDODQGYLUWXDOO\
HGJHWRZDUGVWKHFHQWUHRIWKHSODWH7KHVKHHWPHWDOLV´WDXWHQHGµLQD LPSRVVLEOHWRFDUU\RXW7KHIODPHVKRXOGWKHUHIRUHEHWHVWHGRQD
VLPLODUZD\WRWDXWHQLQJWKHPHPEUDQHRIDGUXP VSHFLPHQSODWHSULRUWRVWDUWLQJWKHRSHUDWLRQ7\SLFDOO\WKHWLPHWKH
ZRUNSLHFHLVH[SRVHGWRWKHIODPHZLOOLQLWLDOO\EHGHWHUPLQHGE\
,QVHULDOSURGXFWLRQHJLQWKHFRQVWUXFWLRQRIZDJRQVSHUIRUDWHG FRXQWLQJDQGODWHUE\IHHOLQJ
SODWHVZKLFKKDYHEHHQDGDSWHGWRWKHVL]HRIWKHLQGLYLGXDOILHOGVKDYH
SURYHGWREHHIIHFWLYH)LJXUHOHIW7KH\IRUFHWKHVKHHWPHWDOLQWR ,QVWHDGRIXVLQJDFRPELQDWLRQRISHUIRUDWHGSODWHDQGGROO\SODWH
WKHGHVLUHGSODQHDQGKROGLWLQSODFHGXULQJWKHKHDWLQJRSHUDWLRQ7KH ´YDFXXPSODWHVµKDYHDOVRSURYHGWREHHIIHFWLYHIRUUHODWLYHO\WKLQPHWDO
VL]HWKLFNQHVVDQGGLVWDQFHVRIWKHSHUIRUDWHGSODWHVGHSHQGRQWKH VKHHWV)LJXUHULJKW7KHVHSODWHVFRPSULVHDVWDEOHPHWDOVKHHW
ZRUNSLHFHWKLFNQHVVDQGWKHFRPSRQHQW7KHPHDVXUHPHQWVDUHRIWHQ RQZKLFKDUXEEHUVHDOLVVXQNLQWRWKHSODWH·VSHULSKHU\7KHYDFXXP
EDVHGRQH[SHULHQFHLHHPSLULFDOYDOXHV SODWHLVODLGDJDLQVWWKHPHWDOVKHHW%\HYDFXDWLQJWKHVSDFHEHWZHHQ
WKHWZRWKHDUHDWREHVWUDLJKWHQHGRQWKHPHWDOVKHHWLVGUDZQLQWR
)ODPHVWUDLJKWHQLQJZLWKSHUIRUDWHGSODWHVFDQRQO\ZRUNLIWKHVKHHW WKHGHVLUHGSODQH7KHIODPHVWUDLJKWHQLQJRSHUDWLRQLVSHUIRUPHGIURP
PHWDOVHFWLRQWREHVWUDLJKWHQHGLVVXSSRUWHGIURPWKHRSSRVLWHVLGHE\ WKHRSSRVLWHVLGH%DVHGRQSUDFWLFDOH[SHULHQFHWKHIODPHVWUDLJKWHQHU
DVWDEOHSODWH,QWKHUDLOZD\YHKLFOHLQGXVWU\LQZKLFKWKHVKHHWLQJRI WKHQGHWHUPLQHVWKHQXPEHUDQGGLVWDQFHRIWKHKHDWVSRWV
WKHYHKLFOHFHOOVRUWKHRXWHUVKHOORIWKHYHKLFOHDUHSULPDULO\PDGHRI
DOXPLQLXPPDWHULDOVPDJQHWLFSODWHVDUHXVHGDVGROOLHVWRWLJKWHQWKH
SHUIRUDWHGSODWHVWKURXJKWKHDOXPLQLXPVKHHWZDOODQGWKXVIRUFHWKH
FRPSRQHQWLQWRWKHGHVLUHGSODQH
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)LJXUH$X[LOLDU\GHYLFHVIRUUHVWULFWLQJH[SDQVLRQ
&ODPSLQJWRROVIRUUHVWULFWLQJH[SDQVLRQLQSODWHV 6XLWDEOHUHVRXUFHVDUH
SLSHVDQGSURILOHV ߹ +HDY\VFUHZFODPSV
߹ :HGJHVVWHHODQGFOHDWV
2SWLPXPVWUDLJKWHQLQJVXFFHVVLVDVVXUHGLIH[SDQVLRQLQWKHFRPSRQHQW ߹ &KDLQV
LVUHVWULFWHGDVVRRQDVWKHKHDWLQJSURFHVVEHJLQV ߹ +RLVWVDQGMDFNVHWF
7KHGHJUHHRIZRUNSLHFHGHIRUPDWLRQGXHWRWKHDELOLW\WRPRYHIUHHO\ 8QVXLWDEOHUHVRXUFHVDUH
GLPLQLVKHVWKHGLPHQVLRQDOFKDQJHUHVXOWLQJIURPIODPHH[SRVXUH ߹ 1RUPDOVFUHZFODPSV
߹ +\GUDXOLFOLIWLQJHTXLSPHQW
,ILWLVSRVVLEOHIRUWKHZRUNSLHFHWRPRYHIUHHO\LWZLOOEHQHFHVVDU\WR ߹ 5RSHV
UHVWULFWWKHUPDOH[SDQVLRQZLWKVXLWDEOHUHVRXUFHV)LJXUH ߹ :HLJKWV
߹ (YHU\WKLQJZKLFKPD\\LHOG
7RZKDWH[WHQWH[SDQVLRQQHHGVWREHUHVWULFWHGGHSHQGVRQWKH
ZRUNSLHFH,IWKHVWUXFWXUHLWVHOILVVWLIIHQRXJKDGGLWLRQDOUHVWULFWLYH
PHDVXUHVPD\QRWEHQHFHVVDU\
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
&RROLQJDIWHUIODPHVWUDLJKWHQLQJ
)LJXUH&RROLQJDIWHUIODPHVWUDLJKWHQLQJ
7KHFRROLQJPHGLXPDQGZKHWKHUFRROLQJLVLQIDFWDSSOLHGGHSHQGVRQ 6WDLQOHVVVWHHOVDUHDQH[FHSWLRQ)RUWKHVHVWHHOVUDSLGKHDWGLVVLSDWLRQ
WKHPDWHULDO IURPWKHZRUNSLHFHLVUHTXLUHGWRDYRLGSUHFLSLWDWLRQDQGWRSUHYHQW
FRUURVLRQ6WUXFWXUDOWUDQVIRUPDWLRQDQGKDUGHQLQJVWUXFWXUHVFDQQRW
&RUUHFWDQGSURSHUFRROLQJIRUIODPHVWUDLJKWHQLQJPHDQVFDUHIXO UHVXOW
KHDWGLVVLSDWLRQIURPWKHHGJHWRWKHFHQWUHRIWKHKHDWLQJ]RQH,WLV
DEVROXWHO\LPSHUDWLYHWKDWWKHFRROLQJSURFHVVGRHVQRWFRYHUWKHHQWLUH &RPSRQHQWVPDGHRIDXVWHQLWLFVWDLQOHVVVWHHODUHJHQHUDOO\FRROHGZLWK
KHDWHGDUHD)LJXUH DQDPSOHDPRXQWRIZDWHU
,QIODPHVWUDLJKWHQLQJFRROLQJZLWKZDWHURUFRPSUHVVHGDLUDIWHU )RUXQDOOR\HGPLOGVWHHOVIRUFHGFRROLQJGRHVQRWFDXVHSUREOHPV
KHDWLQJGRHVQRWLQFUHDVHWKHVXFFHVVUDWHRIWKHVWUDLJKWHQLQJ
RSHUDWLRQ,WPHUHO\DFFHOHUDWHVVWUDLJKWHQLQJ )RUILQHJUDLQVWUXFWXUDOVWHHOVVWDUWLQJZLWK6DEUXSWFRROLQJVKRXOG
QRWEHXWLOLVHG+HUHWKHUHFRPPHQGDWLRQVIRUZHOGLQJDSSO\
$GGLWLRQDOFRROLQJRIDGMDFHQWDUHDVGXULQJWKHKHDWLQJSURFHVVSRVLWLYHO\
LQIOXHQFHVXSVHWWLQJDQGHQKDQFHVWKHVWUDLJKWHQLQJHIIHFW &RPSRQHQWVPDGHRIDOXPLQLXPDQGDOXPLQLXPDOOR\VFDQEHHIIHFWLYHO\
FRROHGZLWKZDWHUZDWHUVSUD\RUFRPSUHVVHGDLU
,ISRVVLEOHIRUFHGFRROLQJDIWHUKHDWLQJVKRXOGQRWEHDSSOLHGLQIODPH
VWUDLJKWHQLQJ
$PRQJVWRWKHUWKLQJVWKHIROORZLQJVKRXOGEHWDNHQLQWRFRQVLGHUDWLRQ
߹ %XLOGXSRIH[FHVVVWUHVVHVWKURXJKQRQXQLIRUPFRROLQJFDQUHVXOWLQ
DGGLWLRQDOGLVWRUWLRQ
߹ )RUPDWLRQRIKDUGHQLQJVWUXFWXUHV
߹ &ULWLFDOFRROLQJVSHHGVIRUSODWHWKLFNQHVVHV!PP
߹ ([SRVXUHRIWKHZRUNLQJDUHDWRZDWHU
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
)ODPHVWUDLJKWHQLQJRIGLIIHUHQW
PDWHULDOV
,QFRUUHFWIODPHVWUDLJKWHQLQJDWWHPSHUDWXUHVRYHU&DQG
SURORQJHGPDLQWHQDQFHRIVXFKWHPSHUDWXUHVPD\XQGHUFHUWDLQ
FLUFXPVWDQFHVDQGZLWKDUHGXFLQJIODPHFDXVHWKHHGJH]RQHRIWKH
ZRUNSLHFHWRFDUEXULVH
$IWHUWKHIODPHVWUDLJKWHQLQJRSHUDWLRQR[LGHVPXVWEHUHPRYHGIURP
WKHVXUIDFHRULQIDFWSUHYHQWHGE\HWFKLQJJULQGLQJRUIRUPLQJZKLOH
VWUDLJKWHQLQJWRSUHYHQWVXEVHTXHQWFRUURVLRQ
*DOYDQLVHGFRPSRQHQWV
+RWJDOYDQLVHGFRPSRQHQWVFDQEHIODPHVWUDLJKWHQHGWKURXJKWKH]LQF
FRDWLQJZLWKRXWLPSDLULQJWKHLUFRUURVLRQSURWHFWLRQ,QWKLVDSSOLFDWLRQ
+HDWVSRWVRQVWDLQOHVVVWHHO WKHPRVWIDYRXUDEOHIODPHWHPSHUDWXUHLVDJDLQ´GDUNUHGJORZµ,WLV
KRZHYHUQRWYLVLEOHRQKRWJDOYDQLVHGFRPSRQHQWV7KHXVHRIEUD]LQJ
0DWHULDOVZKLFKDUHVXLWDEOHIRUZHOGLQJFDQEHIODPHVWUDLJKWHQHG IOX[W\SH)+',1(1ZLOOWKXVIDFLOLWDWHDQHDVLHURSHUDWLRQ
ZLWKRXWGLIILFXOWLHV)RULPSURYHGKHDWWUDQVIHULQWRWKHZRUNSLHFHWKH ,WVIXVLQJWHPSHUDWXUHPDNHVLWDJRRGWHPSHUDWXUHLQGLFDWRUDQG
R[\DFHW\OHQHIODPHVHWWLQJVKRXOGEHHLWKHUKDUGQHXWUDORUHYHQ DWWKHVDPHWLPHSURWHFWVWKHVXUIDFHIURPR[LGDWLRQ,QYHVWLJDWLRQV
EHWWHUKDUGZLWKH[FHVVR[\JHQRUZLWKVOLJKWH[FHVVDFHW\OHQH7KH KDYHVKRZQWKDWWKHKHDWHG]LQFFRDWLQJZKLFKLVSURWHFWHGE\WKHIOX[
IODPHVHWWLQJGHSHQGVRQWKHPDWHULDOWREHVWUDLJKWHQHG EHFRPHVGHQVHUDQGVHUYHVDVDQH[FHOOHQWERQGWRWKHEDVHPDWHULDO
7KHR[\DFHW\OHQHIODPHPD\RQO\LPSLQJHRQWKHZRUNSLHFHVXUIDFH
ZLWKDPRGHUDWHIORZYHORFLW\0XOWLIODPHWRUFKHVDUHYHU\VXLWDEOHIRU
0LOGILQHJUDLQVWUXFWXUDODQG70VWHHOV WKLVSXUSRVH
:RUNLQJSURFHGXUHVIRUIODPH
VWUDLJKWHQLQJ
7KHIROORZLQJVHTXHQFHRIZRUNLQJVWHSVLVUHFRPPHQGHG &KRLFHRIWRUFK
0HDVXULQJ 7KHWRUFKVL]HGHSHQGVRQWKHZRUNSLHFHWKLFNQHVVDQGWKHPDWHULDOWR
)LUVWWKHUHDVRQIRUWKHGLVWRUWLRQPXVWEHGHWHUPLQHG2QO\WKHQFDQ EHVWUDLJKWHQHG
IODPHVWUDLJKWHQLQJEHFDUULHGRXWFRUUHFWO\)RUGHIRUPDWLRQVWKH
FRPSRQHQWPHDVXUHPHQWVKHOSWRGHWHUPLQHWKHVKDSHDQGVL]HRI 3UHFLVHORFDOKHDWEXLOGXS
WKHGLPHQVLRQDOGHYLDWLRQ0DUNWKHUHIHUHQFHSRLQWVDQGUHFRUGWKH &RUUHFWIODPHVWUDLJKWHQLQJFDQRQO\EHDFKLHYHGLIKHDWEXLOGXSLV
PHDVXULQJUHVXOWRQWKHFRPSRQHQW JHQHUDWHGORFDOO\DQGSUHFLVHO\7KHKHDWHG]RQHVPXVWEHNHSWVPDOO
6HYHUDOVPDOOKHDWLQJSDWWHUQVDUHEHWWHUDQGPRUHHIIHFWLYHWKDQRQH
'HWHUPLQDWLRQRIORQJVLGH ODUJHILJXUH+HDWZHGJHVDSSOLHGWRWKHZRUNSLHFHPXVWEHQDUURZDQG
:LWKWKHKHOSRIKHDWLQSXWZRUNSLHFHVHFWLRQVDUHPHUHO\VKRUWHQHG VKDUSO\GHOLPLWHGZLWKDZLGWKKHLJKWUDWLRRI
:HOGLQJVHDPVDUHDOUHDG\WRRVKRUW7KHUHIRUHQHYHUKHDWGLUHFWO\RQ
ZHOGLQJVHDPV7KRURXJKO\KHDWHGVHFWLRQVDVDUHVXOWRIZHOGLQJVKRXOG 8SVHWWLQJE\PHDQVRISODVWLFGHIRUPDWLRQ
EHDYRLGHGDVWKH+$=RIWKHZHOGDUHDLVDOUHDG\XSVHW 7KHKHDWRXWSXWPXVWEHUHJXODWHGLQVXFKDPDQQHUWKDWWKHIODPH
VWUDLJKWHQLQJSRLQWUHDFKHVWKHSODVWLFLW\OLPLWDERYHWKHHODVWLFOLPLW
5HVWULFWLRQRIWKHUPDOH[SDQVLRQ ,QWKHSODVWLFWHPSHUDWXUHUDQJHWKHPDWHULDO´IORZVµE\UHVWULFWLQJ
'XULQJWKHKHDWLQJRSHUDWLRQWKHZRUNSLHFHH[SDQGVDWWKHKHDWHG WKHUPDOH[SDQVLRQ8SVHWWLQJWKHQRFFXUVLQWKHKHDWHG]RQH'XULQJ
SRLQW,QRUGHUWRREWDLQRSWLPXPVWUDLJKWHQLQJUHVXOWVH[SDQVLRQPXVW FRROLQJWKHKHDWHG]RQHVKULQNVE\WKHXSVHWSURSRUWLRQDQGH[SDQVLRQ
EHUHVWULFWHGGXULQJWKHKHDWLQJRSHUDWLRQVRWKDWWKHUHTXLUHGXSVHWWLQJ UHVWULFWLRQKDVQRIXUWKHUIXQFWLRQ7KLVEHFRPHVYLVLEOHZKHQIRU
RIWKHKHDWHG]RQHLVDFKLHYHG H[DPSOHWKHMDFNVRUZHGJHVXVHGWRUHVWULFWH[SDQVLRQEHFRPHORRVH
DVFRROLQJSURJUHVVHV7KHZRUNSLHFHGHIRUPV
)XHOJDVDFHW\OHQH
7KHR[\DFHW\OHQHIODPHLVE\IDUWKHEHVWIRUIODPHVWUDLJKWHQLQJ7KH $OORZLQJWRVKULQNXQWLODPELHQWWHPSHUDWXUHKDVEHHQUHDFKHG
IXHOJDVR[\JHQPL[WXUHIRUIODPHVWUDLJKWHQLQJPXVWLPSLQJHRQWKH :RUNSLHFHVVKULQNXQWLOWKH\KDYHUHDFKHGDPELHQWWHPSHUDWXUHRUXQWLO
ZRUNSLHFHVXUIDFHZLWKDKLJKIORZYHORFLW\DQGKHDWIORZGHQVLW\,Q DWHPSHUDWXUHEDODQFHLVDFKLHYHGEHWZHHQWKHIODPHVWUDLJKWHQLQJ
FRPSDULVRQWRDFHW\OHQHRWKHUIXHOJDVHVVXFKDVSURSDQHRUQDWXUDOJDV ]RQHDQGWKHDGMDFHQWZRUNSLHFHDUHDV
UHTXLUHPRUHWLPHIRUORFDOKHDWLQJGXHWRWKHLUFRPEXVWLRQSURSHUWLHV
DQGWKH\GHYHORSDODUJHUIODPHGXHWRWKHKLJKHUIXHOJDVR[\JHQUDWLR 0HDVXULQJ
$UHDVDGMDFHQWWRWKHIODPHVWUDLJKWHQLQJSRLQWDUHWKXVKHDWHGDVZHOO 7KHVXFFHVVRIWKHVWUDLJKWHQLQJRSHUDWLRQFDQRQO\EHPHDVXUHGRQWKH
7KLVFDXVHVWKHKHDWHG]RQHWREXFNOHDQGWKHVWUDLJKWHQLQJUHVXOWLV FRPSRQHQWDIWHULWKDVFRROHGGRZQ2QO\WKHQFDQDQHZVWUDLJKWHQLQJ
XQVDWLVIDFWRU\ SRLQWEHGHWHUPLQHGLIWKHDJUHHGWROHUDQFHLVQRWDFKLHYHG
)XQGDPHQWDOVRIIODPHVWUDLJKWHQLQJ
6XSSO\RSWLRQVIRUDOOR[\DFHW\OHQH
SURFHVVHV
&\OLQGHUEXQGOHVXSSO\
$VLQJOHF\OLQGHUV\VWHPFRPELQHGZLWKDQR[\JHQF\OLQGHUIDFLOLWDWHV 7KHRSHUDWLQJPRQLWRULQJDQGVDIHW\HOHPHQWVRIWKHVXSSO\V\VWHPV
WKHXVHRIR[\IXHOSURFHVVHVYLUWXDOO\DWDOOWLPHVDQGLQDOOSODFHV PHHWWKHODWHVWWHFKQRORJLFDOVWDQGDUGVDQGSUHYDLOLQJUHJXODWLRQV
6KRXOGDVLQJOHF\OLQGHUQRWEHVXIILFLHQWWRVXSSO\ODUJHUWRUFKHV 7KH\ĂKDYHEHHQDGDSWHGWRLQGLYLGXDOUHTXLUHPHQWV
PXOWLSOHDFHW\OHQHF\OLQGHUVRUEXQGOHVDUHFRQQHFWHGWRIRUPDF\OLQGHU
RUEXQGOHEDWWHU\)RUODUJHUYROXPHVR[\JHQFDQEHVXSSOLHGDVD
FU\RJHQLFOLTXLGLQSRUWDEOHYHVVHOVRUWDQNV
1RWHVRQWRUFKRSHUDWLRQDQGVDIHW\
)ODPHVWUDLJKWHQLQJLVDVVRFLDWHGZLWKSRWHQWLDOVRXUFHVRIKD]DUGV SUHVVXUHVKRFNWKDWFDQGDPDJHVXEVHTXHQWLQVWDOODWLRQV7KHF\OLQGHU
VXFKDVILUHUDGLDWLRQDQGE\SURGXFWVUHTXLULQJVSHFLDOFDUHDQG PXVWEHUHVHDOHGZKHQZRUNLVILQLVKHG3UHVVXUHUHJXODWRUVVKRXOG
FRUUHVSRQGLQJVDIHW\V\VWHPVDQGHTXLSPHQW*DVF\OLQGHUVF\OLQGHU RQO\EHFRQQHFWHGDQGUHSODFHGE\DXWKRULVHGSHUVRQQHO6DIHW\YDOYH
EXQGOHVDQGWDQNVDUHQRUPDOO\XVHGIRUVXSSO\LQJJDV7KH\DOVRQHHG VHWWLQJVDQGVDIHJXDUGVVKRXOGQRWEHFKDQJHGDWDOO
WREHKDQGOHGSUXGHQWO\DQGUHTXLUHDSSURSULDWHDFFLGHQWSUHYHQWLRQ
PHDVXUHV )ODVKEDFNDUUHVWRUV
$IODVKEDFNDUUHVWRULVDGHYLFHGHVLJQHGWRSUHYHQWDIODVKEDFNIURP
)LUH SDVVLQJIURPWKHKRVHLQWRWKHF\OLQGHU$IODVKEDFNDUUHVWRUKDVD
7KHVDIHW\RIDQ\ZRUNDUHDFDQEHLPSURYHGE\IROORZLQJJRRG VLQWHUHGIODPHDUUHVWLQJHOHPHQWZKLFKDFWVWRH[WLQJXLVKDQ\IODPH
KRXVHNHHSLQJSUDFWLFHV$OOFRPEXVWLEOHPDWHULDOVVKRXOGEHUHPRYHG FRPLQJLQWRFRQWDFWZLWKLW+RVHFKHFNYDOYHVDUHGHVLJQHGWRSUHYHQW
IURPWKHDUHDSULRUWRIODPHVWUDLJKWHQLQJ1HYHUIODPHVWUDLJKWHQLQDQ JDVHVIURPIORZLQJEDFNLQWRWKHV\VWHP7KH\DUHQRWGHVLJQHGWRVWRSD
DUHDFRQWDLQLQJFRPEXVWLEOHYDSRXUVIODPPDEOHOLTXLGVRUH[SORVLYH UHFHGLQJIODPHDQGPXVWQRWEHXVHGLQSODFHRIIODVKEDFNDUUHVWRUV
GXVW
6WDUWXSSURFHGXUH
$QDSSURYHGDQGUHJXODUO\VHUYLFHGILUHH[WLQJXLVKHUVKRXOGEHNHSWDQG 7KHUHDUHWZRW\SHVRIEXUQHUGHVLJQVEDVHGRQZKHUHWKHR[\JHQ
PDLQWDLQHGFORVHWRZKHUHZRUNLVEHLQJFDUULHGRXW DQGIXHOJDVHVDUHPL[HGLQMHFWRUPL[HGRUQR]]OHPL[HG7KHVWDUWXS
SURFHGXUHGHSHQGVXSRQWKHW\SHRIWRUFKLWLVWKHUHIRUHLPSRUWDQWWR
3URFHVVHPLVVLRQV LGHQWLI\WKHFRUUHFWSURFHGXUHIRUWKHWRUFKEHLQJXVHGE\UHDGLQJWKH
)XPHVWKDWDUHKD]DUGRXVWRKHDOWKPD\RFFXUGXULQJIODPHVWUDLJKWHQLQJ WRUFKLQVWUXFWLRQPDQXDO
GHSHQGLQJXSRQWKHVXUIDFHFRQGLWLRQRIWKHZRUNSLHFHHJRLODQG
SDLQW7KHUHIRUHLWLVLPSRUWDQWWRHQVXUHSURSHUYHQWLODWLRQDQGXVH )XHODQGR[\JHQVWDUYDWLRQDUHUHVSRQVLEOHIRUWKHPDMRULW\RISUREOHPV
RFFXUULQJZLWKKHDWLQJWRUFKHV,ILQVXIILFLHQWDPRXQWVRIJDVDUHDOORZHG
*DVHVDQGJDVVXSSO\ WRIORZWKURXJKWKHQR]]OHGXULQJRSHUDWLRQLWZLOOFDXVHEDFNILUHVWR
*DVHVIRUIODPHVWUDLJKWHQLQJDUHVXSSOLHGLQJDVHRXVIRUPLQJDV RFFXU5HSHDWHGEDFNILUHVFDQFDXVHGDPDJHWRWKHQR]]OHDQGWRUFK
F\OLQGHUVRUF\OLQGHUEXQGOHVRULQOLTXLGIRUPLQFU\RJHQLFYHVVHOVRU
DVDSSOLFDEOHLQDWDQN*DVF\OLQGHUVPXVWDOZD\VEHVHFXUHGVRWKH\ :LWKGUDZDOUDWHVIRUIXHOJDVHVGHSHQGRQWKHVL]HRIWKHF\OLQGHUWKH
FDQQRWIDOORYHUDVWKLVFDQFDXVHLQMXU\RUGDPDJHWRWKHF\OLQGHUYDOYH FRQWHQWVLQWKHF\OLQGHUDQGWKHWHPSHUDWXUHRIWKHF\OLQGHU1HYHU
H[FHHGWKHUHFRPPHQGHGZLWKGUDZDOUDWHV
:KHQJDVLVEHLQJZLWKGUDZQSUHVVXUHPXVWEHGHFUHDVHGWRRSHUDWLQJ
SUHVVXUHZKLFKFDQEHGRQHXVLQJWKHFRUUHVSRQGLQJF\OLQGHUSUHVVXUH 3OHDVHFRQWDFW/LQGHIRUDGGLWLRQDOVDIHW\LQIRUPDWLRQ
UHJXODWRUDQGRUSRLQWRIXVHUHJXODWRUVSURYLGHG7KH\PXVWEHVXLWHG
IRUWKHUHVSHFWLYHJDVEHLQJXVHGDQGRSHQHGVORZO\LQRUGHUWRDYRLGD
*HWWLQJDKHDGWKURXJKLQQRYDWLRQ
:LWKLWVLQQRYDWLYHFRQFHSWV/LQGHLVSOD\LQJDSLRQHHULQJUROHLQWKHJOREDOPDUNHW$VDWHFKQRORJ\OHDGHULWLVRXUWDVN
WRFRQVWDQWO\UDLVHWKHEDU7UDGLWLRQDOO\GULYHQE\HQWUHSUHQHXUVKLSZHDUHZRUNLQJVWHDGLO\RQQHZKLJKTXDOLW\SURGXFWV
DQGLQQRYDWLYHSURFHVVHV
/LQGHRIIHUVPRUH:HFUHDWHDGGHGYDOXHFOHDUO\GLVFHUQLEOHFRPSHWLWLYHDGYDQWDJHVDQGJUHDWHUSURILWDELOLW\
(DFKFRQFHSWLVWDLORUHGVSHFLILFDOO\WRPHHWRXUFXVWRPHUV·UHTXLUHPHQWV²RIIHULQJVWDQGDUGLVHGDVZHOODVFXVWRPLVHG
VROXWLRQV7KLVDSSOLHVWRDOOLQGXVWULHVDQGDOOFRPSDQLHVUHJDUGOHVVRIWKHLUVL]H
,I\RXZDQWWRNHHSSDFHZLWKWRPRUURZ·VFRPSHWLWLRQ\RXQHHGDSDUWQHUE\\RXUVLGHIRUZKRPWRSTXDOLW\SURFHVV
RSWLPLVDWLRQDQGHQKDQFHGSURGXFWLYLW\DUHSDUWRIGDLO\EXVLQHVV+RZHYHUZHGHILQHSDUWQHUVKLSQRWPHUHO\DVEHLQJ
WKHUHIRU\RXEXWEHLQJZLWK\RX$IWHUDOOMRLQWDFWLYLWLHVIRUPWKHFRUHRIFRPPHUFLDOVXFFHVV
/LQGH²LGHDVEHFRPHVROXWLRQV
)U6LHHLQKHLWOLFKHUUHLFKEDU²EXQGHVZHLWLQ,KUHU1lKH
9HUWULHEV]HQWUHQ.XQGHQVHUYLFHDOOJHPHLQ
%HUOLQ 'VVHOGRUI +DPEXUJ
+DQQRYHU /HXQD 0DLQ]
0QFKHQ 1UQEHUJ 6WXWWJDUW
7HOHIRQ
7HOHID[
ߐSUR0LQXWHDXVGHP)HVWQHW]$EZHLFKHQGH3UHLVHDXVGHP0RELOIXQNQHW]=XU6LFKHUVWHOOXQJHLQHVKRKHQ1LYHDXV
GHU.XQGHQEHWUHXXQJZHUGHQ'DWHQXQVHUHU.XQGHQZLH]%7HOHIRQQXPPHUQHOHNWURQLVFKJHVSHLFKHUWXQGYHUDUEHLWHW
²;/ 3
/LQGH$*
/LQGH*DVHV'LYLVLRQ6HLWQHUVWUDVVH3XOODFK*HUPDQ\
3KRQH)D[ZZZOLQGHJDVFRP
/RUH,SVXP