You are on page 1of 4

1EXIVMEPW

&IEVMRKQEXIVMEP'V 7MPMGSRRMXVMHI7M2
%HDULQJULQJVDQGEHDULQJUROOLQJHOHPHQWVDUHPDQXIDFWXUHG 7KHXQLTXHFRPELQDWLRQRIH[WUHPHKDUGQHVVKLJKPHFKDQLFDO
IURPYDFXXPGHJDVVHGILQHJUDLQHGEHDULQJVWHHO&U VWUHQJWKUHVLVWDQFHWRFRUURVLRQDQGDEUDVLRQORZWKHUPDODQG
 7KHFKDUDFWHULVWLFVRIWKHVWHHODUHDVIROORZV HOHFWULFFRQGXFWLYLW\DQGDORZVSHFLILFZHLJKWPDNHVLOLFRQQL
WULGHWKHLGHDOPDWHULDOIRUXVHLQUROOLQJEHDULQJV,QDGGLWLRQ
 VLOLFRQQLWULGHKDVDORZHUDGKHVLRQFRPSDUHGWRVWHHODQGWKHUH
LEVHRIWW   ,6'
IRUHSXWVOHVVVWUDLQRQWKHOXEULFDQW
    1,:
HIRWMX]    KGQ (YHQLIWKHUHLVLQLWLDOVWDJHDQGSURJUHVVLYHGDPDJHWRDUROOLQJ
WTIGM½GLIEXGETEGMX]  O. OK/ HOHPHQWWKHFHUDPLFPDWHULDOZLOOLQPRVWFDVHVUHWDLQLWVUROOLQJ
XLIVQEPGSRHYGXMZMX]  ; Q/ VWDELOLW\
IPIGXVMGVIWMWXERGIGSIJ½GMIRX Ü1GQ

GSIJ½GMIRXSJXLIVQEPI\TERWMSR 1ø1/ LEVHRIWW   1,:
=SYRK´WQSHYPYW  2QQ HIRWMX]    KGQ
IPEWXMGPMQMX   12QQ 
XLIVQEPGSRHYGXMZMX]  ; Q/
XIRWMPIWXVIRKXL   12QQ IPIGXVMGVIWMWXERGIGSIJ½GMIRX 111GQ
FVIEOMRKIPSRKEXMSR  QE\ GSIJ½GMIRXSJXLIVQEPI\TERWMSR ø1/
4SMWWSR´WVEXMS    =SYRK´WQSHYPYW  2QQ
IPEWXMGPMQMX   12QQ
,IEXXVIEXQIRX 4SMWWSR´WVEXMS   
7KHEHDULQJULQJVPDGHIURP&UDUHGLPHQVLRQVWDEOHXSWR
DVHUYLFHWHPSHUDWXUHRIƒ&DVVWDQGDUG)RUKLJKHUWHPSHUD
WXUHVKLJKHUTXDOLW\KHDWWUHDWPHQWLVDYDLODEOHXSRQUHTXHVW 7XIIPWJSV-&'VSPPMRKFIEVMRKVMRKW
SURYLGHGDOOWKHFRPSRQHQWVDUHGHVLJQHGIRUWKHVHKLJKHURSHU
DWLQJWHPSHUDWXUHV 4VI½\ (IWMKREXMSR 1EXIVMEP 97% .ETER ,EVH
2S RIWW
,6'
'LVSQS8IG
,%&KLJKSUHFLVLRQUROOLQJEHDULQJVIURPWKH&KURPR7HFVHULHV   'V  7%) 79. 
ZLWKWKHSUHIL[;KDYHWKHIXOOORDGFDUU\LQJFDSDFLW\EXWDYHU\       
PXFKKLJKHUUHVLVWDQFHWRFRUURVLRQ       
<  <'V1S2  %17  
       
LEVHRIWW   ,6'
    ,:
7DEOH2YHUYLHZRIUROOLQJEHDULQJVWHHOV
HIRWMX]    KGQ
WTIGM½GLIEXGETEGMX]  O. OK/
XLIVQEPGSRHYGXMZMX]  1; Q/
IPIGXVMGVIWMWXERGIGSIJ½GMIRX Ü1GQ
GSIJ½GMIRXSJXLIVQEPI\TERWMSR 1ø1/
=SYRK´WQSHYPYW  12QQ
IPEWXMGPMQMX   2QQ
XIRWMPIWXVIRKXL   12QQ
FVIEOMRKIPSRKEXMSR  
4SMWWSR´WVEXMS   
'EKIGLEVEGXIVMWXMGWERHJIEXYVIW 4SP]EQMHI 4
%HDULQJFDJHVKDYHDZKROHUDQJHRIIXQFWLRQVWRIXOILOLQDUROO 3RO\DPLGHLVDOVRXVHGLQDILEUHJODVVUHLQIRUFHGVWDWHDQG
LQJEHDULQJ FRPELQHVORZZHLJKWZLWKJRRGDEVRUSWLRQDQGJRRGVOLGLQJ
SURSHUWLHV7KLVYDULDQWLVFKDUDFWHULVHGE\DVKRUWHQHGUXQQLQJ
Ŷ7KH\NHHSWKHUROOLQJHOHPHQWVDWDGLVWDQFHSUHYHQWWKHP LQWLPHIRUJUHDVHOXEULFDWLRQ
IURPWRXFKLQJHDFKRWKHUDQGWKHUHE\UHGXFHIULFWLRQDQG
UHVXOWLQJKHDW &VEWW 1
Ŷ7KH\HQVXUHWKDWWKHUROOLQJHOHPHQWVDUHHYHQO\GLVWULEXWHG 6ROLGFDJHVPDGHRIEUDVVDUHYHU\GXUDEOHDQGRSHUDWHUHOLDEO\
WKLVJXDUDQWHHVTXLHWUXQQLQJ XQGHUWKHPRVWGLIILFXOWFRQGLWLRQV7KH\DUHVXLWHGWRUROOLQJ
Ŷ7KH\JXLGHWKHUROOLQJHOHPHQWVLQWKHXQORDGHGDUHDRID EHDULQJVZLWKDKLJKHUKHDWVWDELOLVDWLRQWKDWDUHXVHGZLWKKLJK
UROOLQJEHDULQJWKLVLPSURYHVWKHUROOLQJFRQGLWLRQVZKLFKLQ WHPSHUDWXUHV
WXUQSUHYHQWVGHWULPHQWDOVOLSSLQJIURPRFFXUULQJ
447 4SP]TLIR]PIRIWYP½HI  4=
&KHPLFDOHIIHFWVDOVRKDYHWREHWDNHQLQWRDFFRXQW7KHOXEUL
&DJHVPDGHRI336DUHUHVLVWDQWWRPRVWDFLGLFDONDOLQHDQG
FDQWDQGLWVDGGLWLYHVDJHLQJSURGXFWVWKDWUHVXOWIURPOXEULFDQW
RUJDQLFVROXWLRQV7KH\KDYHDKLJKHUVWUHQJWKWRXJKQHVVDQG
DQGDGGLWLYHVDVZHOODVVROYHQWVDQGFRROLQJDJHQWVSXWDVWUDLQ
IDWLJXHVWUHQJWKWKDQWUDGLWLRQDOSRO\DPLGHFDJHPDWHULDOV7KH\
RQWKHFDJHPDWHULDOV7KDWLVZK\ZLGHO\GLIIHULQJFDJHPDWHUL
DUHWHPSHUDWXUHUHVLVWDQWXSWRƒ&
DOVDUHDYDLODEOH
4))/ 4SP]IXLIVIXLIVOIXSRI  /
1EXIVMEPWJSVFIEVMRKGEKIW
7KLVPDWHULDOLQDILEUHJODVVUHLQIRUFHGVWDWHLVVXLWHGWRRSHUDW
0DQ\FDJHYDULDWLRQVDUHDYDLODEOHGHSHQGLQJRQWKHW\SHRI
LQJWHPSHUDWXUHVRIXSWRƒ&,IWKHWHPSHUDWXUHUDQJHLV
UROOLQJEHDULQJDQGLWVVL]H,IEHDULQJVDUHXVHGZLWKKLJKRSHUDW
OLPLWHGWRƒ&YHU\KLJKURWDWLRQDOVSHHGVDUHDWWDLQDEOH
LQJWHPSHUDWXUHVRULQSUREOHPDWLFRSHUDWLQJFRQGLWLRQVWKHXVH
RIDQDOWHUQDWLYHW\SHRIFDJHLVDGYLVDEOH3OHDVHFRQWDFWXVLI
,MKLKVEHIWXIIP 7
\RXQHHGDVSHFLDOFDJHIRU\RXUDSSOLFDWLRQ
7KHRXWVWDQGLQJFKDUDFWHULVWLFRIWKLVPDWHULDOLVLWVFKHPLFDO
 UHVLVWDQFH+LJKJUDGHVWHHOFDJHVDUHVXLWHGWRUROOLQJEHDULQJV
8 JEFVMGVIMRJSVGIHTLIRSPMGVIWMRGEKI
WXERHEVH ZLWKDKLJKHUKHDWVWDELOLVDWLRQWRR
4 TSGOIXX]TIR]PSRGEKI4%
½FVIKPEWWVIMRJSVGIH 48*) 4SP]XIXVE¾YSVSIXL]PIRI  +
1 FVEWWGEKI 7KLVV\QWKHWLFPDWHULDOLVFKHPLFDOO\DQGWKHUPDOO\KLJKO\UHVLVW
4= 447GEKI DQWDQGKDVDYHU\VPDOOIULFWLRQFRHIILFLHQW7KLVFDJHPDWHULDOLV
QRWVXLWDEOHIRUWKHKLJKHVWVSHHGVKRZHYHU7KHUPDOHQGXUDQFH
/ 4))/GEKI½FVIKPEWWVIMRJSVGIH
UHDFKHVƒ&
7 LMKLKVEHIWXIIPGEKI
+ 48*)GEKI 
6\QWKHWLFPDWHULDOFDJHVPDGHRIILEUHJODVVUHLQIRUFHGSRO\D
7KHILUVWWZRFDJHRSWLRQVPHQWLRQHGEHORZDUHWKHEHVWVXLWHG PLGH3$DUHVXLWDEOHIRURSHUDWLQJWHPSHUDWXUHVEHWZHHQ
IRUXVHLQPDFKLQHWRROV'XHWRWKHLUVSHFLDOFKDUDFWHULVWLFV ±ƒ&DQGƒ&LWVKRXOGEHQRWHGWKDWWKHOXEULFDQWXVHG
WKH\FRYHUDEURDGUDQJHRIDSSOLFDWLRQV KDVDVWURQJLPSDFWRQVHUYLFHOLIH,I\RXDUHSODQQLQJWRXVH
V\QWKHWLFOXEULFDWLQJJUHDVHVDQGRLOVZLWK(3DGGLWLYHVWKH
*EFVMGVIMRJSVGIHTLIRSPMGVIWMR 8 FKHPLFDOUHVLVWDQFHRIWKHFDJHPDWHULDOVKRXOGEHFKHFNHGLQ
7KHORZVSHFLILFZHLJKWRIWKLVPDWHULDODORZIULFWLRQFRHIILFLHQW DGYDQFH,QFRQGLWLRQVDFFRPSDQLHGE\KLJKHUWHPSHUDWXUHVWKH
DQGLWVKLJKVWUHQJWKPDNHLWVXLWDEOHIRUWKHKLJKHVWVSHHGVZLWK OLIHWLPHRIDV\QWKHWLFFDJHPD\DOVREHUHGXFHGLIDJHGRLOVDUH
YHU\ORZKHDWJHQHUDWLRQ7KHPD[LPXPRSHUDWLQJWHPSHUDWXUH XVHGRULIWKHDGGLWLYHVLQWKHRLOKDYHDJHG2LOFKDQJHSHULRGV
LVOLPLWHGWRDSHUPDQHQWRSHUDWLRQWHPSHUDWXUHRIƒ& VKRXOGWKHUHIRUHEHVWULFWO\DGKHUHGWR5ROOLQJEHDULQJVVKRXOG
QRWEHXVHGZLWKDSRO\DPLGHFDJHLIWKH\RSHUDWHQHDUDPPRQLD
RU)UHRQDFWLQJDVFRROLQJDJHQWV

1EXIVMEPWJSVWIEPW
6HDOHGKLJKSUHFLVLRQDQJXODUFRQWDFWEDOOEHDULQJVKDYHWKH
DGYDQWDJHRIEHLQJERWKYHU\UHOLDEOHDQGVDIH7KHVHDOSURWHFWV
WKHUROOLQJEHDULQJIURPFRQWDPLQDWLRQDQGWKHUHE\H[WHQGVERWK
WKHOLIHWLPHRIWKHOXEULFDQWDQGWKHRYHUDOOV\VWHP

9DULRXVPDWHULDOVDUHXVHGGHSHQGLQJRQWKHRSHUDWLQJFRQGL
WLRQV7KHVWDQGDUGPDWHULDODFU\ORQLWULOHEXWDGLHQHFDRXWFKRXF
1%5 KDVDEVROXWHO\SURYHGLWVZRUWKLQSUDFWLFH7KLVPDWHULDO
KDVDYHU\JRRGUHVLVWDQFHWRWKHIROORZLQJPHGLD

ŶPRVWPLQHUDORLOVDQGOXEULFDWLQJJUHDVHVEDVHGRQPLQHUDORLOV
ŶUHJXODUJUDGHSHWUROGLHVHOIXHODQGOLJKWIXHORLO
ŶDQLPDODQGYHJHWDEOHRLOVDQGIDWV
ŶZDWHUDVZHOODVHPXOVLRQVRIZDWHUDQGWKHDERYHPHQWLRQHG
PHGLD

7KHDSSOLFDWLRQWHPSHUDWXUHUDQJHOLHVEHWZHHQ±ƒ&DQG
ƒ&+LJKHUWHPSHUDWXUHVRIXSWRƒ&PD\EHUHDOLVHG
IRUVKRUWSHULRGV

)RUDSSOLFDWLRQVWKDWKDYHVSHFLDOUHTXLUHPHQWVZLWKUHJDUG
WRWKHPDWHULDORIWKHVHDOSOHDVHFRQWDFWRXUGHSDUWPHQWIRU
WHFKQLFDODSSOLFDWLRQV:HKDYHXVHGVHDOVPDGHIURPYDULRXV
DOWHUQDWLYHPDWHULDOVLQWKHSDVWHJIOXRURHODVWRPHUV ).0 
SRO\DFU\ODWHV $&0 DQGSRO\WHWUDIOXRURHWK\OHQH 37)( 

You might also like