Professional Documents
Culture Documents
&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
DVHUYLFHWHPSHUDWXUHRI&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
DUHWHPSHUDWXUHUHVLVWDQWXSWR&
DOVDUHDYDLODEOH
4))/ 4SP]IXLIVIXLIVOIXSRI /
1EXIVMEPWJSVFIEVMRKGEKIW
7KLVPDWHULDOLQDILEUHJODVVUHLQIRUFHGVWDWHLVVXLWHGWRRSHUDW
0DQ\FDJHYDULDWLRQVDUHDYDLODEOHGHSHQGLQJRQWKHW\SHRI
LQJWHPSHUDWXUHVRIXSWR&,IWKHWHPSHUDWXUHUDQJHLV
UROOLQJEHDULQJDQGLWVVL]H,IEHDULQJVDUHXVHGZLWKKLJKRSHUDW
OLPLWHGWR&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
UHDFKHV&
7 LMKLKVEHIWXIIPGEKI
+ 48*)GEKI
6\QWKHWLFPDWHULDOFDJHVPDGHRIILEUHJODVVUHLQIRUFHGSRO\D
7KHILUVWWZRFDJHRSWLRQVPHQWLRQHGEHORZDUHWKHEHVWVXLWHG PLGH3$DUHVXLWDEOHIRURSHUDWLQJWHPSHUDWXUHVEHWZHHQ
IRUXVHLQPDFKLQHWRROV'XHWRWKHLUVSHFLDOFKDUDFWHULVWLFV ±&DQG&LWVKRXOGEHQRWHGWKDWWKHOXEULFDQWXVHG
WKH\FRYHUDEURDGUDQJHRIDSSOLFDWLRQV KDVDVWURQJLPSDFWRQVHUYLFHOLIH,I\RXDUHSODQQLQJWRXVH
V\QWKHWLFOXEULFDWLQJJUHDVHVDQGRLOVZLWK(3DGGLWLYHVWKH
*EFVMGVIMRJSVGIHTLIRSPMGVIWMR 8 FKHPLFDOUHVLVWDQFHRIWKHFDJHPDWHULDOVKRXOGEHFKHFNHGLQ
7KHORZVSHFLILFZHLJKWRIWKLVPDWHULDODORZIULFWLRQFRHIILFLHQW DGYDQFH,QFRQGLWLRQVDFFRPSDQLHGE\KLJKHUWHPSHUDWXUHVWKH
DQGLWVKLJKVWUHQJWKPDNHLWVXLWDEOHIRUWKHKLJKHVWVSHHGVZLWK OLIHWLPHRIDV\QWKHWLFFDJHPD\DOVREHUHGXFHGLIDJHGRLOVDUH
YHU\ORZKHDWJHQHUDWLRQ7KHPD[LPXPRSHUDWLQJWHPSHUDWXUH XVHGRULIWKHDGGLWLYHVLQWKHRLOKDYHDJHG2LOFKDQJHSHULRGV
LVOLPLWHGWRDSHUPDQHQWRSHUDWLRQWHPSHUDWXUHRI& 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±&DQG
&+LJKHUWHPSHUDWXUHVRIXSWR&PD\EHUHDOLVHG
IRUVKRUWSHULRGV
)RUDSSOLFDWLRQVWKDWKDYHVSHFLDOUHTXLUHPHQWVZLWKUHJDUG
WRWKHPDWHULDORIWKHVHDOSOHDVHFRQWDFWRXUGHSDUWPHQWIRU
WHFKQLFDODSSOLFDWLRQV:HKDYHXVHGVHDOVPDGHIURPYDULRXV
DOWHUQDWLYHPDWHULDOVLQWKHSDVWHJIOXRURHODVWRPHUV ).0
SRO\DFU\ODWHV $&0 DQGSRO\WHWUDIOXRURHWK\OHQH 37)(