You are on page 1of 56

Licensed copy: Mr.

National University Singapore, National University of Singapore, Version correct as of 15/01/2010


BRITISH STANDARD |
| BS EN
|
|
|
12715:2000
|
|
|
|
|
|
|
|
|
|
|
|
|
Execution of special |
|
|
|
|
|
geotechnical work Ð |
|
|
|
|
|
Grouting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12:46, (c) BSI

|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The European Standard EN 12715:2000 has the status of a |
British Standard |
|
|
|
|
|
|
|
|
ICS 93.020 |
|
|
|
|
|
|
|
|
NO COPYING WITHOUT BSI PERMISSION EXCEPT AS PERMITTED BY COPYRIGHT LAW
|
|
|
|
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
BS EN 12715:2000

National foreword
This British Standard is the official English language version of EN 12715:2000.
The UK participation in its preparation was entrusted by Technical Committee
B/526, Geotechnics, to Subcommittee B/526/4, Strengthened reinforced soils and
other fills, which has the responsibility to:

Ð aid enquirers to understand the text;


Ð present to the responsible European committee any enquiries on the
interpretation, or proposals for change, and keep the UK interests informed;
Ð monitor related international and European developments and promulgate
them in the UK.

A list of organizations represented on this subcommittee can be obtained on request


to its secretary.
Cross-references
The British Standards which implement international or European publications
referred to in this document may be found in the BSI Standards Catalogue under the
section entitled ªInternational Standards Correspondence Indexº, or by using the
ªFindº facility of the BSI Standards Electronic Catalogue.
A British Standard does not purport to include all the necessary provisions of a
contract. Users of British Standards are responsible for their correct application.
12:46, (c) BSI

Compliance with a British Standard does not of itself confer immunity


from legal obligations.

Summary of pages
This document comprises a front cover, an inside front cover, the EN title page,
pages 2 to 52, an inside back cover and a back cover.
The BSI copyright notice displayed in this document indicates when the document
was last issued.

This British Standard, having Amendments issued since publication


been prepared under the
direction of the Sector Amd. No. Date Comments
Committee for Building and Civil
Engineering, was published under
the authority of the Standards
Committee and comes into effect
on 15 September 2000

 BSI 09-2000

ISBN 0 580 34933 0


Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010

(8523($167$1'$5' (1
1250((8523e(11(
(8523b,6&+(1250 -XO\

,&6

(QJOLVKYHUVLRQ

([HFXWLRQRIVSHFLDOJHRWHFKQLFDOZRUN±*URXWLQJ

([pFXWLRQGHVWUDYDX[JpRWHFKQLTXHVVSpFLDX[±,QMHFWLRQ $XVIKUXQJYRQEHVRQGHUHQJHRWHFKQLVFKHQ$UEHLWHQ
6SH]LDOWLHIEDX ±,QMHNWLRQHQ

7KLV(XURSHDQ6WDQGDUGZDVDSSURYHGE\&(1RQ-XQH

&(1PHPEHUVDUHERXQGWRFRPSO\ZLWKWKH&(1&(1(/(&,QWHUQDO5HJXODWLRQVZKLFKVWLSXODWHWKHFRQGLWLRQVIRUJLYLQJWKLV(XURSHDQ
6WDQGDUGWKHVWDWXVRIDQDWLRQDOVWDQGDUGZLWKRXWDQ\DOWHUDWLRQ8SWRGDWHOLVWVDQGELEOLRJUDSKLFDOUHIHUHQFHVFRQFHUQLQJVXFKQDWLRQDO
VWDQGDUGVPD\EHREWDLQHGRQDSSOLFDWLRQWRWKH&HQWUDO6HFUHWDULDWRUWRDQ\&(1PHPEHU

7KLV(XURSHDQ6WDQGDUGH[LVWVLQWKUHHRIILFLDOYHUVLRQV (QJOLVK)UHQFK*HUPDQ $YHUVLRQLQDQ\RWKHUODQJXDJHPDGHE\WUDQVODWLRQ


XQGHUWKHUHVSRQVLELOLW\RID&(1PHPEHULQWRLWVRZQODQJXDJHDQGQRWLILHGWRWKH&HQWUDO6HFUHWDULDWKDVWKHVDPHVWDWXVDVWKHRIILFLDO
YHUVLRQV
12:46, (c) BSI

&(1PHPEHUVDUHWKHQDWLRQDOVWDQGDUGVERGLHVRI$XVWULD%HOJLXP&]HFK5HSXEOLF'HQPDUN)LQODQG)UDQFH*HUPDQ\*UHHFH
,FHODQG,UHODQG,WDO\/X[HPERXUJ1HWKHUODQGV1RUZD\3RUWXJDO6SDLQ6ZHGHQ6ZLW]HUODQGDQG8QLWHG.LQJGRP

(8523($1 &200,77(( )25 67$1'$5',=$7,21


&20,7e (8523e(1 '( 1250$/,6$7,21
(8523b,6&+(6 .20,7(( )h5 125081*

&HQWUDO6HFUHWDULDWUXHGH6WDVVDUW%%UXVVHOV

‹&(1 $OOULJKWVRIH[SORLWDWLRQLQDQ\IRUPDQGE\DQ\PHDQVUHVHUYHG 5HI1R(1(


ZRUOGZLGHIRU&(1QDWLRQDO0HPEHUV
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

&RQWHQWV
3DJH
)RUHZRUG  
 6FRSH 
 1RUPDWLYHUHIHUHQFHV  
 'HILQLWLRQVDQGV\PEROV 
 'HILQLWLRQV 
 6\PEROVDQGXQLWV  
 ,QIRUPDWLRQQHHGHG 
 6LWHLQYHVWLJDWLRQ  
 *HQHUDO  
 3HUPHDELOLW\WHVWLQJ  
 )LHOGJURXWLQJWULDOVDQGJURXWLQJWHVWV  
 0DWHULDOVDQGSURGXFWV 
 *HQHUDO  
 *URXWPDWHULDOV 
 *URXWV 
 6DPSOLQJDQGWHVWLQJ 
 'HVLJQFRQVLGHUDWLRQV 
 *HQHUDO  
 'HVLJQEDVLVDQGREMHFWLYHV  
 *URXWLQJSULQFLSOHVDQGPHWKRGV  
12:46, (c) BSI

 *URXW 
 *URXWSODFHPHQW 
 0RQLWRULQJDQGFRQWUROFULWHULD 
 ([HFXWLRQ  
 *HQHUDO  
 'ULOOLQJ  
 *URXWSUHSDUDWLRQ 
 *URXWSODFHPHQW 
 *URXWLQJVHTXHQFHV  
 ([HFXWLRQVXSHUYLVLRQDQGFRQWURO  
 *HQHUDO  
 6XSHUYLVLRQ 
 0RQLWRULQJDQGFRQWURO  
 :RUNVGRFXPHQWDWLRQ  
 6SHFLDODVSHFWV HQYLURQPHQWVLWHVDIHW\  
 3HUVRQQHOVDIHW\  
 (QYLURQPHQWDOSURWHFWLRQ  
$QQH[$ LQIRUPDWLYH 0HDVXUHPHQWRIJURXWSDUDPHWHUV  
$QQH[% LQIRUPDWLYH *ORVVDU\  
$QQH[& LQIRUPDWLYH 'HJUHHRIREOLJDWLRQRIWKHSURYLVLRQV  
%LEOLRJUDSK\  

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

)RUHZRUG

7KLV (XURSHDQ 6WDQGDUG KDV EHHQ SUHSDUHG E\ 7HFKQLFDO &RPPLWWHH &(17&  ([HFXWLRQ RI VSHFLDO
JHRWHFKQLFDOZRUNVWKH6HFUHWDULDWRIZKLFKLVKHOGE\$)125

7KLV(XURSHDQ6WDQGDUGVKDOOEHJLYHQWKHVWDWXVRIDQDWLRQDOVWDQGDUGHLWKHUE\SXEOLFDWLRQRIDQLGHQWLFDOWH[W
RUE\HQGRUVHPHQWDWWKHODWHVWE\-DQXDU\DQGFRQIOLFWLQJQDWLRQDOVWDQGDUGVVKDOOEHZLWKGUDZQDWWKH
ODWHVWE\-DQXDU\

$FFRUGLQJ WR WKH &(1&(1(/(& ,QWHUQDO 5HJXODWLRQV WKH QDWLRQDO VWDQGDUGV RUJDQL]DWLRQV RI WKH IROORZLQJ
FRXQWULHV DUH ERXQG WR LPSOHPHQW WKLV (XURSHDQ 6WDQGDUG $XVWULD %HOJLXP &]HFK 5HSXEOLF 'HQPDUN
)LQODQG)UDQFH*HUPDQ\*UHHFH,FHODQG,UHODQG,WDO\/X[HPERXUJ1HWKHUODQGV1RUZD\3RUWXJDO6SDLQ
6ZHGHQ6ZLW]HUODQGDQGWKH8QLWHG.LQJGRP

7KLV VWDQGDUG KDV EHHQ SUHSDUHG E\ WKH :RUNLQJ *URXS :*   RI WKH &(17&  7KH JHQHUDO UHPLW RI
7&LVWKHVWDQGDUGL]DWLRQRIWKHH[HFXWLRQSURFHGXUHVIRUJHRWHFKQLFDOZRUNV LQFOXGLQJWHVWLQJDQGFRQWURO
PHWKRGV  DQG RI WKH UHTXLUHG PDWHULDO SURSHUWLHV :*  KDV EHHQ FKDUJHG ZLWK WKH VXEMHFW DUHD RI JURXWLQJ
LQFOXGLQJFRPSDFWLRQJURXWLQJ

7KHGRFXPHQWKDVEHHQSUHSDUHGWRVWDQGDORQJVLGH(19(852&2'(*HRWHFKQLFV*HRWHFKQLFDO
12:46, (c) BSI

'HVLJQ*HQHUDO5XOHV7KLVVWDQGDUGH[SDQGVRQGHVLJQRQO\ZKHUHQHFHVVDU\EXWSURYLGHVIXOOFRYHUDJHRI
WKHFRQVWUXFWLRQDQGVXSHUYLVLRQUHTXLUHPHQWV

,W KDV EHHQ GUDIWHG E\ D ZRUNLQJ JURXS FRPSULVLQJ GHOHJDWHV IURP  FRXQWULHV DQG DJDLQVW D EDFNJURXQG RI
PRUHWKDQWHQSUHH[LVWLQJJURXWLQJVWDQGDUGVDQGFRGHVRISUDFWLFHERWKQDWLRQDODQGLQWHUQDWLRQDO,QYLHZRI
WKHGLIIHUHQWFRQVWUXFWLRQ PHWKRGV XVHG LQWHUQDWLRQDOO\ DQG WKH UHVSHFWLYH H[SHULHQFH LW PD\ EH QHFHVVDU\ WR
VXSSOHPHQW WKLV VWDQGDUG RU SDUWV RI LW E\ 1DWLRQDO $SSOLFDWLRQ 'RFXPHQWV WR FDWHU IRU VSHFLILF RU ORFDO
VLWXDWLRQV

7KHDQQH[HV$%DQG&DUHLQIRUPDWLYH

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 6FRSH
7KLV VWDQGDUG LV DSSOLFDEOH WR WKH H[HFXWLRQ WHVWLQJ DQG PRQLWRULQJ RI JHRWHFKQLFDO JURXWLQJ ZRUN 6SHFLILF
DVSHFWVFRQFHUQLQJGHVLJQDUHSURYLGHGVLQFH(19KDVEHHQDEDQGRQHG

*URXWLQJ IRU JHRWHFKQLFDO SXUSRVHV JHRWHFKQLFDO JURXWLQJ  LV D SURFHVV LQ ZKLFK WKH UHPRWH SODFHPHQW RI D
SXPSDEOH PDWHULDO LQ WKH JURXQG LV LQGLUHFWO\ FRQWUROOHG E\ DGMXVWLQJ LWV UKHRORJLFDO FKDUDFWHULVWLFV DQG E\ WKH
PDQLSXODWLRQRIWKHSODFHPHQWSDUDPHWHUV SUHVVXUHYROXPHDQGWKHIORZUDWH 

7KHIROORZLQJSULQFLSOHVDQGPHWKRGVRIJHRWHFKQLFDOJURXWLQJDUHFRYHUHGE\WKLVVWDQGDUG

£ GLVSODFHPHQWJURXWLQJ FRPSDFWLRQJURXWLQJK\GUDXOLFIUDFWXULQJ 

£ JURXWLQJZLWKRXWGLVSODFHPHQWRIWKHKRVWPDWHULDO SHUPHDWLRQILVVXUHJURXWLQJEXONILOOLQJ 

6SHFLDOL]HGJURXWLQJDFWLYLWLHVJHQHUDOO\DVVRFLDWHGZLWKVWUXFWXUDODQGRUHPHUJHQF\ZRUNVDUHQRWFRYHUHGE\
WKLVVWDQGDUG

 1RUPDWLYHUHIHUHQFHV
7KLV(XURSHDQ6WDQGDUGLQFRUSRUDWHVE\GDWHGRUXQGDWHGUHIHUHQFHSURYLVLRQVIURPRWKHUSXEOLFDWLRQV7KHVH
QRUPDWLYHUHIHUHQFHVDUHFLWHGLQWKHDSSURSULDWHSODFHVLQWKHWH[WDQGWKHSXEOLFDWLRQVDUHOLVWHGKHUHDIWHU)RU
GDWHGUHIHUHQFHVVXEVHTXHQWDPHQGPHQWVWRRUUHYLVLRQVRIDQ\RIWKHVHSXEOLFDWLRQVDSSO\WRWKLV(XURSHDQ
6WDQGDUGRQO\ZKHQLQFRUSRUDWHGLQLWE\DPHQGPHQWRUUHYLVLRQ)RUXQGDWHGUHIHUHQFHVWKHODWHVWHGLWLRQRIWKH
12:46, (c) BSI

SXEOLFDWLRQUHIHUUHGWRDSSOLHV

(10HWKRGVRIWHVWLQJFHPHQW±3DUW'HWHUPLQDWLRQRIVWUHQJWK

(10HWKRGVRIWHVWLQJFHPHQW±3DUW&KHPLFDODQDO\VLVRIFHPHQW

(10HWKRGVRIWHVWLQJFHPHQW±3DUW'HWHUPLQDWLRQRIVHWWLQJWLPHDQGVRXQGQHVV

(190HWKRGVRIWHVWLQJFHPHQW±3DUW4XDQWLWDWLYHGHWHUPLQDWLRQRIFRQVWLWXHQWV

(10HWKRGVRIWHVWLQJFHPHQW±3DUW3R]]GDQLFLW\WHVWIRUSR]]RODQLFFHPHQW

SU(10HWKRGVRIWHVWLQJFHPHQW±3DUW'HWHUPLQDWLRQRIKHDWRIK\GUDWLRQ

SU(1  0HWKRGV RI WHVWLQJ FHPHQW ± 3DUW  'HWHUPLQDWLRQ RI KHDW RI K\GUDWLRQ ± 6HPLDGLDEDWLF
PHWKRG

SU(1&HPHQW±3DUW&RPSRVLWLRQVSHFLILFDWLRQVDQGFRQIRUPLW\FULWHULDIRUFRPPRQFHPHQWV

SU(1&HPHQW±3DUW&RQIRUPLW\HYDOXDWLRQ

(190HWKRGVRIWHVWLQJIO\DVK

(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 7HVW PHWKRGV ± 3DUW  5HIHUHQFH FRQFUHWH DQG
UHIHUHQFHPRUWDUIRUWHVWLQJ

(1$GPL[WXUHVIRUFRQFUHWHPRUWDUDQGJURXW±7HVWPHWKRGV±3DUW'HWHUPLQDWLRQRIVHWWLQJWLPH

SU(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 7HVW PHWKRGV ± 3DUW  'HWHUPLQDWLRQ RI
VKULQNDJHDQGH[SDQVLRQ

(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 7HVW PHWKRGV ± 3DUW  'HWHUPLQDWLRQ RI EOHHGLQJ RI
FRQFUHWH

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 7HVW PHWKRGV ± 3DUW  'HWHUPLQDWLRQ RI FDSLOODU\
DEVRUSWLRQ

(1$GPL[WXUHVIRUFRQFUHWHPRUWDUDQGJURXW±7HVWPHWKRGV±3DUW,QIUDUHGDQDO\VLV

SU(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 7HVW PHWKRGV ± 3DUW  'HWHUPLQDWLRQ RI WKH
GHQVLW\RIOLTXLGDGPL[WXUHV

(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 7HVW PHWKRGV ± 3DUW  'HWHUPLQDWLRQ RI WKH
FRQYHQWLRQDOGU\PDWHULDOFRQWHQW

SU(1$GPL[WXUHVIRUFRQFUHWHPRUWDUDQGJURXW±7HVWPHWKRGV±3DUW'HWHUPLQDWLRQRIWKHS+
YDOXH

(1$GPL[WXUHVIRUFRQFUHWHPRUWDUDQGJURXW±7HVWPHWKRGV±3DUW'HWHUPLQDWLRQRIZDWHUVROXEOH
FKORULGHFRQWHQW

(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 7HVW PHWKRGV ± 3DUW  'HWHUPLQDWLRQ RI DLU YRLG
FKDUDFWHULVWLFVLQKDUGHQHGFRQFUHWH

(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 7HVW PHWKRGV ± 3DUW  'HWHUPLQDWLRQ RI WKH DONDOL
FRQWHQWRIDGPL[WXUHV

SU(1$GPL[WXUHVIRUFRQFUHWHPRUWDUDQGJURXW±*HQHUDOGHILQLWLRQVDQGJHQHUDOUHTXLUHPHQWVIRU
DOOW\SHVRIDGPL[WXUHV

SU(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 3DUW  $GPL[WXUHV IRU PDVRQU\ PRUWDU ±
12:46, (c) BSI

'HILQLWLRQVUHTXLUHPHQWVDQGFRQIRUPLW\

(1$GPL[WXUHVIRUFRQFUHWHPRUWDUDQGJURXW±3DUW$GPL[WXUHVIRUJURXWIRUSUHVWUHVVLQJWHQGRQV±
'HILQLWLRQVUHTXLUHPHQWVDQGFRQIRUPLW\

(1  $GPL[WXUHV IRU FRQFUHWH PRUWDU DQG JURXW ± 3DUW  6DPSOLQJ TXDOLW\ FRQWURO HYDOXDWLRQ RI
FRQIRUPLW\DQGPDUNLQJDQGODEHOOLQJ

(19(852&2'(*HRWHFKQLFDOGHVLJQ±3DUW*HQHUDOUXOHV

 'HILQLWLRQVDQGV\PEROV

'HILQLWLRQV

7KH GHILQLWLRQV JLYHQ LQ WKLV FKDSWHU FRYHU RQO\ WKH PRVW LPSRUWDQW WHUPV LQYROYHG LQ JHRWHFKQLFDO JURXWLQJ
)XUWKHUGHILQLWLRQVDUHJLYHQLQWKHJORVVDU\LQDQQH[%

 IULQMHFWLRQGHFRPEOHPHQW
EXONILOOLQJ GH+RKOUDXPYHUIOOXQJ
EXONILOOLQJLVWKHSODFHPHQWRIJURXWZLWKDKLJKSDUWLFXODWHFRQWHQWWRILOOVXEVWDQWLDOYRLGV

 IULQMHFWLRQVROLGH
FRPSDFWLRQJURXWLQJ GH9HUGLFKWXQJVLQMHNWLRQ .RPSDNWLRQVLQMHNWLRQ
GLVSODFHPHQWJURXWLQJPHWKRGZKLFKDLPVDWIRUFLQJDPRUWDURIKLJKLQWHUQDOIULFWLRQLQWRWKHVRLOWRFRPSDFWLW
ZLWKRXWIUDFWXULQJLW

 IULQMHFWLRQGHFRQWDFW
FRQWDFWJURXWLQJ GH.RQWDNWLQMHNWLRQ
LQMHFWLRQRIJURXWLQWRWKHLQWHUIDFHEHWZHHQPDQPDGHVWUXFWXUHVDQGWKHJURXQG

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 IULQMHFWLRQDYHFGpSODFHPHQWGHVWHUUDLQV
GLVSODFHPHQWJURXWLQJ GH9HUGUlQJXQJVLQMHNWLRQ
LQMHFWLRQRIJURXWLQWRDKRVWPHGLXPLQVXFKDPDQQHUDVWRGHIRUPFRPSUHVVRUGLVSODFHWKHJURXQG

 IUSUHVVLRQHIIHFWLYH
HIIHFWLYHSUHVVXUH GHZLUNVDPHU'UXFN
DFWXDOJURXWSUHVVXUHDFWLQJLQWKHJURXQG

 IULQMHFWLRQGHILVVXUH
ILVVXUHJURXWLQJ GH.OXIWLQMHNWLRQ
LQMHFWLRQRIJURXWLQWRILVVXUHVMRLQWVIUDFWXUHVDQGGLVFRQWLQXLWLHVSDUWLFXODUO\LQURFN

 IULQMHFWLRQJUDYLWDLUH
JUDYLW\JURXWLQJ GHGUXFNORVH9HUIOOXQJ
JURXWLQJXQGHUQRDSSOLHGSUHVVXUHRWKHUWKDQWKHKHLJKWRIJURXWIOXLG6RPHWLPHVUHIHUUHGWRDVWUHPLHJURXWLQJ

 IUFRXOLV
JURXW GH,QMHNWLRQVJXW
SXPSDEOHPDWHULDO VXVSHQVLRQVROXWLRQHPXOVLRQRUPRUWDU LQMHFWHGLQWRVRLORUURFNZKLFKVWLIIHQVDQGVHWV
ZLWKWLPH

 IUSUHVVLRQG¶LQMHFWLRQ
JURXWLQJSUHVVXUH GH,QMHNWLRQVGUXFN
SUHVVXUH DSSOLHG GXULQJ WKH JURXWLQJ SURFHVV DQG PHDVXUHG DW GHILQHG ORFDWLRQV XVXDOO\ DW WKH SXPS RU WKH
ERUHKROHFROODU

 IUIUDFWXUDWLRQK\GUDXOLTXH LQMHFWLRQGHFODTXDJH


12:46, (c) BSI

K\GUDXOLFIUDFWXULQJ K\GUDXOLFIUDFWXUH GH+\GUDXOLVFKH5LVVELOGXQJ &ODTXDJH


FODTXDJHJURXWLQJ
IUDFWXULQJRIDJURXQGLQLWLDWHGE\WKHLQMHFWLRQRIZDWHURUJURXWXQGHUDSUHVVXUHLQH[FHVVRIWKHORFDOWHQVLOH
VWUHQJWKDQGFRQILQLQJSUHVVXUHDOVRFDOOHGK\GURIUDFWXULQJK\GURVSOLWWLQJK\GURMDFNLQJRUFODTXDJH

 IULQMHFWLRQGHSpQpWUDWLRQ
SHQHWUDWLRQJURXWLQJ GH(LQGULQJLQMHNWLRQ
JURXW LQMHFWLRQ RI MRLQWV RU IUDFWXUHV LQ URFN RU SRUH VSDFHV LQ VRLO ZLWKRXW GLVSODFLQJ WKH JURXQG 7KH WHUP
LQFOXGHVSHUPHDWLRQ LPSUHJQDWLRQ ILVVXUHDQGFRQWDFWJURXWLQJ

 IULQMHFWLRQG¶LPSUpJQDWLRQ
SHUPHDWLRQ LPSUHJQDWLRQ JURXWLQJ GH3RUHQLQMHNWLRQ ,PSUlJQWLRQGXUFK
3RUHQYHUIOOXQJ
UHSODFHPHQWRILQWHUVWLWLDO ZDWHU RU JDV RI D SRURXV PHGLXP ZLWK D JURXW DW LQMHFWLRQ SUHVVXUHV ORZ HQRXJK WR
SUHYHQWGLVSODFHPHQW

 IULQMHFWLRQVDQVGpSODFHPHQWGHVWHUUDLQV
QRQGLVSODFHPHQWJURXWLQJ GH9HUGUlQJXQJVIUHLH,QMHNWLRQ ,QMHNWLRQRKQH
%DXJUXQGYHUGUlQJXQJ
VXEVWLWXWLRQ RI WKH QDWXUDO LQWHUVWLWLDO IOXLG LQ WKH DFFHVVLEOH H[LVWLQJ YRLGV RI WKH JURXQG E\ D JURXW RU PRUWDU
ZLWKRXWDQ\VLJQLILFDQWGLVSODFHPHQWRIWKHJURXQG7KHWHUPLQFOXGHVSHQHWUDWLRQJURXWLQJDQGEXONILOOLQJ

 IUVXVSHQVLRQVWDEOH
VWDEOHVXVSHQVLRQ GHVWDELOH6XVSHQVLRQ
VWDEOH VXVSHQVLRQV H[KLELW LQ  KRXUV OHVV WKDQ  SHU FHQW EOHHGLQJ RI FOHDU ZDWHU DW WKH WRS RI D   PO
F\OLQGHUZLWKDQLQWHUQDOGLDPHWHURIPPDWDWHPSHUDWXUHRIƒ&

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

6\PEROVDQGXQLWV

7KHIROORZLQJV\PEROVDQGXQLWVDUHXVHGLQWKLVVWDQGDUG

6\PEROV 'HQRPLQDWLRQ 8QLW


7 7HPSHUDWXUH >ƒ&@
9 9ROXPHLQMHFWHG >P@
3 ,QMHFWLRQSUHVVXUH >3D@

4 ,QMHFWLRQRUIORZUDWH >P V@RU>OV@

N ,QWULQVLF DEVROXWH SHUPHDELOLW\ >P@
. &RHIILFLHQWRIK\GUDXOLFFRQGXFWLYLW\ >PV@
L +\GUDXOLFJUDGLHQW >GLPHQVLRQOHVV@
GG /DUJHVWSDUWLFOHVL]HRIWKHVPDOOHVWRIJURXW >PP@
'' /DUJHVWJUDLQVL]HRIWKHVPDOOHVWRIWKHPHGLXP
W 6HWWLQJWLPH >V@
sF &RPSUHVVLYHVWUHQJWK >3D@
tI 6KHDUVWUHQJWK
s 1RUPDOVWUHVV >3D@
t 6KHDUVWUHVV
e 6WUDLQ >GLPHQVLRQOHVV@
12:46, (c) BSI

œ 6KHDUUDWH >V@

—DSS 9LVFRVLW\ DSSDUHQW >3D¼V@>NJP¼V@


h G\QDPLF >3D¼V@
n NLQHPDWLF >PV@
F &RKHVLRQ >3D@
tR <LHOGVKHDUVWUHVV >3D@
r 'HQVLW\ >NJP@
g 6SHFLILFRUXQLWZHLJKW >N1P@
W0 2XWIORZWLPH 0DUVK >V@
5 $FWLRQUDGLXV >P@
 
3D 1P   EDU

,WLVFRPPRQSUDFWLFHLQJHRWHFKQLFDOHQJLQHHULQJWRXVHNIRUK\GUDXOLFFRQGXFWLYLW\1HYHUWKHOHVVWKLVUHIHUVWR
WKHSDUDPHWHUVJHQHUDOO\XVHGLQURFNDQGIOXLGPHFKDQLFV

 ,QIRUPDWLRQQHHGHG
 $OO LQIRUPDWLRQ UHOHYDQW WR WKH H[HFXWLRQ RI WKH JURXWLQJ ZRUNV VKRXOG EH SURYLGHG ZLWK WKH ZRUN
VSHFLILFDWLRQV

 7KHIROORZLQJWHFKQLFDOLQIRUPDWLRQVKDOOEHDYDLODEOHRQVLWHEHIRUHWKHFRPPHQFHPHQWRIWKHZRUNV

£ VLWHFRQGLWLRQVDQGOLPLWDWLRQVHJVL]HJUDGLHQWVDFFHVV

£ ZRUNLQJUHVWULFWLRQVLQFOXGLQJDQ\HQYLURQPHQWDOOHJDORUVWDWXWRU\UHVWULFWLRQV

£ DQ\XQGHUJURXQGFRQWDPLQDWLRQRUKD]DUGZKLFKFRXOGDIIHFWWKHPHWKRGRIH[HFXWLRQRUWKHVDIHW\RIWKH
ZRUNLQJHQYLURQPHQW

£ GHVLJQDQGVSHFLILFDWLRQVIRUWKHZRUNV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 7KHIROORZLQJWHFKQLFDOLQIRUPDWLRQVKRXOGEHDYDLODEOHRQVLWHEHIRUHWKHFRPPHQFHPHQWRIWKHZRUNV

£ JHRORJLFDODQGJHRWHFKQLFDOFRQGLWLRQV VHHFKDSWHU 

£ WKHFRRUGLQDWHORFDWLRQVRIWKHVLWHZLWKUHVSHFWWRWKHQDWLRQDOJULG

£ H[LVWHQFH ORFDWLRQ DQG FRQGLWLRQV RI DQ\ DGMDFHQW VWUXFWXUHV HJ EXLOGLQJV URDGV XWLOLWLHV RU VHUYLFHV
XQGHUJURXQGVWUXFWXUHVDQGWKHLUIRXQGDWLRQV

£ DQ\ FRQFXUUHQW RU VXEVHTXHQW DFWLYLWLHV ZKLFK FRXOG DIIHFW WKH ZRUNV HJ JURXQGZDWHU H[WUDFWLRQ RU
UHFKDUJHWXQQHOOLQJRWKHUGHHSH[FDYDWLRQV 

£ DQ\ SUHYLRXV H[SHULHQFH ZLWK JURXWLQJ RU RWKHU XQGHUJURXQG ZRUNV RQ RU DGMDFHQW WR WKH VLWH RU UHOHYDQW
H[SHULHQFHLQWKHH[HFXWLRQRIFRPSDUDEOHZRUNVXQGHUVLPLODUFRQGLWLRQV

£ DQ\LQIRUPDWLRQUHOHYDQWIRUWKHSURGXFWLRQRIGUDZLQJVDQGPHWKRGVWDWHPHQWV ZKHUHUHTXLUHG 

£ DQ\DGGLWLRQDOUHTXLUHPHQWVIRUWKHVXSHUYLVLRQPRQLWRULQJRUWHVWLQJRIWKHZRUNV

 7KHIROORZLQJDVSHFWVVKDOOEHHVWDEOLVKHGEHIRUHWKHFRPPHQFHPHQWRIWKHZRUNVDQGVKDOOEHDYDLODEOH
LQZULWWHQIRUPRQVLWH

£ WKH UHTXLUHPHQW DQG DVVLJQPHQW IRU DQ\ VXUYH\ RI WKH FRQGLWLRQ RI DGMDFHQW VWUXFWXUHV URDGV VHUYLFHV
HWFWREHFDUULHGRXWSULRUWRGXULQJDQGDIWHUWKHZRUNV

£ VSHFLILFSURFHGXUHVDQGFULWHULDIRUWKHYHULILFDWLRQFRQWURODQGDFFHSWDQFHRIWKHJURXWLQJZRUNV
12:46, (c) BSI

£ WKHFOHDUGLYLVLRQRIWDVNVZLWKUHVSHFWWRWKHGHVLJQH[HFXWLRQLQWHUSUHWDWLRQRIUHVXOWVDQGDSSURYDORIWKH
ZRUNV

 6LWHLQYHVWLJDWLRQ

*HQHUDO

 7KH JHQHUDO UHTXLUHPHQWV IRU VLWH LQYHVWLJDWLRQ DUH FRQWDLQHG LQ (19  FKDSWHUV  DQG 
DQGWKHUHOHYDQWQDWLRQDOGRFXPHQWV

 )RUGHVLJQSXUSRVHVWKHVLWHLQYHVWLJDWLRQVVKRXOG

£ SURYLGHDFRPSUHKHQVLYHJHRWHFKQLFDOUHSRUW

£ HVWDEOLVKWKHJURXQGVXVFHSWLELOLW\WRJURXW

£ IXUQLVKDEDVLVIRUVHOHFWLQJWKHJURXWW\SHV

 )RUWKHH[HFXWLRQWKHJURXQGLQYHVWLJDWLRQUHSRUWVKRXOGFRQWDLQWKHIROORZLQJVSHFLILFLQIRUPDWLRQ

£ WKHUHOHYDQWSK\VLFDODQGFKHPLFDOFKDUDFWHULVWLFVRIWKHJURXQG

£ WKHJURXQGOHYHODWLQYHVWLJDWLRQDQGWHVWLQJORFDWLRQVUHODWLYHWRDUHFRJQL]HGGDWXP

£ WKHORFDWLRQIRXQGLQJOHYHODQGFRQGLWLRQRIH[LVWLQJRUHQYLVDJHGVWUXFWXUHV

£ WKHSUHVHQFHRIDQ\DQLVRWURSLHVRUSHUPHDEOHKRUL]RQVZKLFKFRXOGLQIOXHQFHWKHJURXWLQJZRUNV

£ WKHRULHQWDWLRQIUHTXHQF\DQGZLGWKRIURFNMRLQWVDQGWKHFRPSRVLWLRQDQGQDWXUHRIDQ\LQILOOPDWHULDO

£ WKHORFDWLRQDQGQDWXUHRIILOOHGRURSHQFDYLWLHV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

£ WKHSUHVHQFHRIREVWUXFWLRQVWKDWUHTXLUHVSHFLDOGULOOLQJDQGJURXWLQJPHWKRGVRUHTXLSPHQW

£ WKH SUHVHQFH DQG FKDUDFWHULVWLFV RI JURXQG WKDW LV OLNHO\ WR ORRVHQ VRIWHQ RU EHFRPH XQVWDEOH GLVVROYH
FROODSVHRUVZHOODVDUHVXOWRIGULOOLQJRUJURXWLQJ

£ WKHJURXQGZDWHUOHYHOVDQGJUDGLHQWVDQGWKHLUYDULDWLRQZLWKWLPH

£ VWUDWDZLWKKLJKJURXQGZDWHUYHORFLWLHVDQGSHUPHDELOLWLHV

£ WKHWHPSHUDWXUHFKHPLFDOFRPSRVLWLRQRUJDQLFDQGEDFWHULRORJLFDOFRQWHQWRIWKHJURXQGZDWHURUJURXQGLI
SUREOHPVDUHH[SHFWHG

 7KH JHRORJLFDO DQG JHRPHWULFDO PRGHO DQG WKH YRLG VWUXFWXUH DQG LWV DQWLFLSDWHG HYROXWLRQ VKRXOG EH
GHVFULEHGLQWKHLQYHVWLJDWLRQUHSRUW7KHSUHFLVLRQDQGOLPLWVRIWKHPRGHOVKRXOGEHKLJKOLJKWHG

 :KHUHUHOHYDQWWKHIROORZLQJVSHFLILFGULOOLQJLQIRUPDWLRQVKRXOGEHUHFRUGHG

£ ORFDWLRQDQGFDXVHRIFRUHORVVHV

£ XQVWDEOH]RQHVDQGVWDELOL]DWLRQPHDVXUHVWDNHQ

£ ZDWHUOHYHODWWKHEHJLQQLQJDQGHQGRIDUXQ]RQHVRIZDWHUORVVDQGJDLQPHDVXUHPHQWVRIUHWXUQZDWHU
ZDWHUFRORXUDQGFKDQJHVLQFRORXU

£ DFWLRQRIWKHGULOOULJ MHUN\URXJKVPRRWKVWHDG\PRWLRQ 
12:46, (c) BSI

£ UHFRUGLQJRIGULOOSDUDPHWHUVLQWKHFDVHRIGHVWUXFWLYHERUHKROHV

£ UDWHRIDGYDQFH

 6SHFLDO FDUH VKDOO EH WDNHQ ZKHQ LQYHVWLJDWLQJ IRU LQMHFWLRQV LQ KLJK VWUHVV UHJLRQV DQG LQ SROOXWHG
JURXQG

£ IRU LQMHFWLRQV LQ KLJK VWUHVV UHJLRQV WKH LQ VLWX VWDWH RI VWUHVV VKDOO EH LQYHVWLJDWHG EHIRUH GHVLJQLQJ D
JURXWLQJSURMHFW

£ IRU WKH LQMHFWLRQ RI RUJDQLF JHOV LQWR SROOXWHG VRLOV D EDFWHULRORJLFDO LQYHVWLJDWLRQ RI WKH JURXQGZDWHU DQG
JURXQGVKDOOEHFDUULHGRXW

 6LWHLQYHVWLJDWLRQERUHKROHVVKDOOEHVXLWDEO\EDFNILOOHGZKHQQRORQJHUUHTXLUHG

3HUPHDELOLW\WHVWLQJ

 7KHK\GUDXOLFFRQGXFWLYLW\RIWKHJURXQGPD\EH

£ GHWHUPLQHGIURPLQVLWXSHUPHDELOLW\WHVWVRUODUJHVFDOHSXPSLQJWHVWV

£ HVWLPDWHGIURPODERUDWRU\WHVWVRQVDPSOHVRIXQGLVWXUEHGVRLORUUHFRPSDFWHGVRLO

£ HVWLPDWHGIURPWKHSDUWLFOHVL]HGLVWULEXWLRQRIWKHVRLODQGRUGHQVLW\RIWKHJURXQG

 6XLWDEOHFRUUHODWLRQVZLWKDFWXDOILHOGSHUPHDELOLWLHVVKRXOGEHHVWDEOLVKHG

 (DFK VLWH LQYHVWLJDWLRQ KROH LQ URFN VKRXOG EH WHVWHG WR GHWHUPLQH WKH ZDWHU WDNH DQG WR LGHQWLI\ WKH
ZDWHUEHDULQJRURSHQ]RQHVLQWKHKROH7KHKROHVKRXOGEHHLWKHUWHVWHGDVLWLVGULOOHGRUWHVWHGE\WKHXVHRI
SDFNHUVDIWHUGULOOLQJLVFRPSOHWHG

 6SHFLDOFDUHVKDOOEHWDNHQWRLVRODWHDUWHVLDQ]RQHVEHIRUHWHVWLQJ

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 /XJHRQWHVWVDUHXVHGLQURFNWRREWDLQDJHQHUDOLPSUHVVLRQRIWKHWUDQVPLVVLYLW\RIWKHJURXQG7KH\
GRQRWQHFHVVDULO\SURYLGHDUHOLDEOHFRUUHODWLRQZLWKWKHDEVRUSWLRQRIDVSHFLILFJURXW

)LHOGJURXWLQJWULDOVDQGJURXWLQJWHVWV

 )LHOGJURXWLQJWULDOVDUHH[HFXWHGLQRUGHUWRGHILQHRUYDOLGDWHDJURXWLQJPHWKRG)LHOGJURXWLQJWULDOV
VKRXOGEHFRQVLGHUHGDVSDUWRIWKHLQLWLDOVLWHLQYHVWLJDWLRQ7KH\VKRXOGEHFRQGXFWHGGXULQJWKHILQDOGHVLJQ
SKDVHRUWKHILUVWSDUWRIWKHFRQVWUXFWLRQSKDVHLIWKH\GLGQRWIRUPSDUWRIWKHVLWHLQYHVWLJDWLRQ7KH\VKRXOGEH
H[HFXWHGZKHUHLQLWLDOLQYHVWLJDWLRQVDQGORFDORUFRPSDUDEOHH[SHULHQFHLVLQVXIILFLHQWWRVXSSRUWRUMXVWLI\WKH
HIIHFWLYHQHVV RI WKH JURXWLQJ SURMHFW 7KH WULDOV VKRXOG SURYLGH LQIRUPDWLRQ RQ ERUHKROH VSDFLQJ JURXWLQJ
SUHVVXUHDQGJURXWWDNHDQGW\SH

 *URXWLQJ WULDOV VKDOO EH SODQQHG DQG H[HFXWHG LQ FORVH FROODERUDWLRQ ZLWK WKH GHVLJQHU RI WKH ILQDO
JURXWLQJSURJUDP

 7KH OLPLW FULWHULD IRU WKH SURSHUWLHV RI WKH SURSRVHG JURXW VKRXOG EH HVWDEOLVKHG RQ WKH EDVLV RI
H[SHULHQFHJDLQHGGXULQJWKHWULDOJURXWLQJ

 'HWDLOHGUHFRUGVVKDOOEHNHSWRIHDFKRSHUDWLRQSHUIRUPHGGXULQJWKHJURXWLQJWULDOV

 $QLQGLFDWLRQRILQVLWXFRQGLWLRQVPD\EHREWDLQHG E\ SHUPHDWLQJ UHFRQVWLWXWHGVRLO VDPSOHVZLWKWULDO


JURXWV XQGHU ODERUDWRU\ FRQGLWLRQV 3HUPHDELOLW\ PHDVXUHPHQWV PDGH EHIRUH DQG DIWHU JURXWLQJ WKH VDPSOH
PD\SURYLGHLQGLFDWLYHLQIRUPDWLRQZKLFKZLOOIDFLOLWDWHGHFLVLRQVRQWKHIUHTXHQF\RILQMHFWLRQSRLQWVWKHGHVLUHG
SURSHUWLHVRIWKHJURXWPL[DQGWKHUHTXLUHGJURXWYROXPH
12:46, (c) BSI

 0DWHULDOVDQGSURGXFWV

*HQHUDO

 $OO JURXW FRPSRQHQWV DQG JURXWV VKDOO FRPSO\ ZLWK WKH VSHFLILFDWLRQV IRU WKH ZRUNV DQG WKH UHOHYDQW
(1RUQDWLRQDOVWDQGDUGV

 7KHFRPSDWLELOLW\RIDOOJURXWFRQVWLWXHQWVVKDOOEHHYDOXDWHG6LPLODUO\DQDVVHVVPHQWVKDOOEHPDGHRI
WKHSRVVLEOHLQWHUDFWLRQEHWZHHQWKHJURXWDQGWKHJURXQG

 2QFH HVWDEOLVKHG WKH VRXUFHV RI JURXW PDWHULDOV VKDOO QRW EH FKDQJHG ZLWKRXW SULRU FRPSOLDQFH
YHULILFDWLRQRUWHVWLQJ

 0DWHULDOVWKDWGRQRWPHHWDJUHHGTXDOLW\VWDQGDUGVVKDOOSURPSWO\EHUHPRYHGIURPWKHVLWH

*URXWPDWHULDOV

 +\GUDXOLFELQGHUVDQGFHPHQWV

 +\GUDXOLF ELQGHUV LQFOXGH DOO FHPHQWV DQG VLPLODU SURGXFWV XVHG LQ ZDWHU VXVSHQVLRQ IRU PDNLQJ
JURXWV

 0LFURILQH XOWUDILQH  K\GUDXOLF ELQGHUV RU FHPHQWV DUH FKDUDFWHUL]HG E\ D SDUWLFOH VL]H G RI OHVV
WKDQ—P

 7KHJUDQXORPHWULFFXUYHHVSHFLDOO\RIWKHPLFURILQHSURGXFWVXVHGVKDOOEHNQRZQ

 :KHQ VHOHFWLQJ WKH W\SH RI K\GUDXOLF ELQGHU IRU JURXW LWV JUDLQ VL]H GLVWULEXWLRQ VKRXOG EH
FRQVLGHUHGLQUHODWLRQWRWKHGLPHQVLRQVRIWKHILVVXUHVRUYRLGVRIWKHJURXQGWREHWUHDWHG

 &HPHQWVDUHVXEMHFWWRSU(1DQGSU(10HWKRGVIRUWHVWLQJRIFHPHQWVDUH
VXEMHFWWR(13URSHUWLHVDQGPHWKRGVGLIIHUHQWIURPWKRVH PHQWLRQHG LQ WKRVH VWDQGDUGV DQG VSHFLILF WR
JURXWLQJDUHVXEMHFWRIWKLVVWDQGDUG

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 &OD\PDWHULDOV

 1DWXUDO FOD\V DFWLYDWHG RU PRGLILHG EHQWRQLWHV FDQ EH DGGHG WR FHPHQW EDVHG JURXWV LQ RUGHU WR
UHGXFH EOHHGLQJ DQG ILOWUDWLRQ XQGHU SUHVVXUH WR YDU\ WKH YLVFRVLW\ DQG FRKHVLRQ \LHOG  RI WKH JURXW RU WR
LPSURYHWKHSXPSDELOLW\RIWKHJURXW

 7KHPLQHUDORJ\SDUWLFOHVL]HZDWHUFRQWHQWDQG$WWHUEHUJOLTXLGOLPLWRIWKHFOD\VKRXOGEHNQRZQ

 6DQGVJUDYHOVDQGILOOHUV

 6DQGDQGILOOHUVDUHFRPPRQO\XVHGLQFHPHQWJURXWVRUFOD\VXVSHQVLRQVDVEXONLQJDJHQWVRUDVD
PHDQV RI YDU\LQJ WKH FRQVLVWHQF\ RI WKH JURXW LWV UHVLVWDQFH WR ZDVKRXW RU LWV PHFKDQLFDO VWUHQJWK DQG
GHIRUPDELOLW\

 1DWXUDO VDQGV RU JUDYHOV PD\ EH DGGHG WR JURXWV SURYLGHG WKDW WKH\ GR QRW FRQWDLQ DQ\ KDUPIXO
FRPSRQHQWV

 7KHJUDQXORPHWU\RIVDQGVDQGILOOHUVXVHGLQJURXWVVKDOOEHNQRZQ

 :DWHU

 :DWHUREWDLQHGIURPQDWXUDOVRXUFHVRQVLWHVKRXOGEHWHVWHG SDUWLFXODUO\IRUFKORULGHVVXOSKDWHV


DQGRUJDQLFPDWWHU DQGDSSURYHG

 6HDZDWHUFDQEHXVHGSURYLGHGWKDWWKHSURSHUWLHVRIWKHJURXWPL[DUHQRWLPSDLUHG
12:46, (c) BSI

 &KHPLFDOSURGXFWVDQGDGPL[WXUHV

 &KHPLFDO SURGXFWV VXFK DV VLOLFDWHV DQG WKHLU UHDJHQWV OLJQLQ EDVHG PDWHULDOV DFU\OLF RU HSR[\
UHVLQV SRO\XUHWKDQHV RU RWKHUV FDQ EH XVHG LQ JURXWLQJ ZRUN VXEMHFW WR FRPSOLDQFH ZLWK HQYLURQPHQWDO
OHJLVODWLRQ

 7KH HIIHFWV RI DOO SURGXFWV DQG E\SURGXFWV UHVXOWLQJ IURP UHDFWLRQ RI WKH FKHPLFDO SURGXFWV ZLWK
RWKHUFRPSRQHQWVRIWKHJURXWRUZLWKWKHVXUURXQGLQJJURXQGVKDOOEHFRQVLGHUHG

 $GPL[WXUHVDUHRUJDQLFRULQRUJDQLFSURGXFWVDGGHGLQVPDOOTXDQWLWLHVGXULQJWKHPL[LQJSURFHVVLQ
RUGHU WR PRGLI\ WKH SURSHUWLHV RI WKH JURXW DQG WR FRQWURO JURXW SDUDPHWHUV VXFK DV YLVFRVLW\ VHWWLQJ WLPH
VWDELOLW\DQGVWUHQJWKUHVLVWDQFHFRKHVLRQDQGSHUPHDELOLW\DIWHUSODFHPHQW

 $GPL[WXUHVWRJURXWVXFKDVVXSHUSODVWLFL]HUVZDWHUUHWDLQLQJDJHQWVDLUHQWUDLQHUVDQGRWKHUVDUH
VXEMHFWRI3DUWVDQGRISU(1DQGSU(1WR

 2WKHUPDWHULDOV

 &DOFDUHRXVRUVLOLFHRXVILOOHUVSXOYHUL]HGIXHODVK SID SR]]RODQVDQGIO\DVKIURPWKHUPDOSRZHU


SODQWVRUDQ\LQHUWRUUHDFWLYHFRPSRQHQWVPD\EHXVHGLQJURXWVSURYLGHGWKDWWKH\DUHFKHPLFDOO\FRPSDWLEOH
ZLWKHDFKRWKHUDQGVDWLVI\LPPHGLDWHDQGORQJWHUPHQYLURQPHQWDOUHTXLUHPHQWV

 0HWKRGVIRUWHVWLQJRIIO\DVKDUHVXEMHFWWR(190HWKRGVGLIIHUHQWIURPWKRVHPHQWLRQHGLQ
WKDWVWDQGDUGDQGVSHFLILFWRJURXWLQJDUHVXEMHFWRIWKLVVWDQGDUG

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

*URXWV

 *HQHUDO

 *URXWVDUHFODVVLILHGDV

£ VXVSHQVLRQVHLWKHUSDUWLFXODWHRUFROORLGDOVXVSHQVLRQV

£ VROXWLRQVHLWKHUWUXHRUFROORLGDOVROXWLRQV

£ PRUWDUV

VROXWLRQV VXVSHQVLRQV PRUWDUV

WUXH FROORLGDO FROORLGDO SDUWLFXODWH

ODUJHPROHFXOHV VPDOOVROLGV

)LJXUH²*URXWFODVVLILFDWLRQ

 7KHIROORZLQJLQWULQVLFSURSHUWLHVVKDOOEHFRQVLGHUHGZKHQFKRRVLQJDJURXW

£ UKHRORJ\ YLVFRVLW\FRKHVLRQHWF  VHWWLQJWLPHVWDELOLW\


12:46, (c) BSI

£ SDUWLFOHVL]HLIDSSOLFDEOH

£ VWUHQJWKDQGGXUDELOLW\

£ WR[LFLW\

 7KHPDLQSDUDPHWHUVWKDWGHILQHWKHSURSHUWLHVRIJURXWVEHIRUHDQGDIWHUVHWWLQJDUHOLVWHGEHORZ

7DEOH²3DUDPHWHUVFKDUDFWHUL]LQJJURXWSURSHUWLHV

6ROXWLRQV 6XVSHQVLRQV 0RUWDUV


%HIRUH VHWWLQJWLPHGHQVLW\S+ VHWWLQJWLPHGHQVLW\S+ VHWWLQJWLPHGHQVLW\S+
VHWWLQJ VXUIDFHWHQVLRQSRWOLIHILOP JUDLQVL]HGLVWULEXWLRQ JUDLQVL]HGLVWULEXWLRQ
WLPHJHOWLPHYLVFRVLW\ YLVFRVLW\FRKHVLRQ\LHOG YLVFRVLW\ZRUNDELOLW\ZDWHU
FRKHVLRQWKL[RWURS\ WKL[RWURS\VWDELOLW\ZDWHU UHWHQWLRQFDSDFLW\
UHWHQWLRQFDSDFLW\
$IWHU KDUGHQLQJDIWHUVHWWLQJILQDO KDUGHQLQJWLPHILQDOVWUHQJWK KDUGHQLQJWLPHILQDOVWUHQJWK
VHWWLQJ VWUHQJWKS+GHIRUPDELOLW\ GHIRUPDELOLW\GXUDELOLW\ GHIRUPDELOLW\GXUDELOLW\
GXUDELOLW\VKULQNDJH VKULQNDJHH[SDQVLRQ VKULQNDJHH[SDQVLRQ
H[SDQVLRQVKHDUVWUHQJWK GHQVLW\VKHDUVWUHQJWK
V\QHUHVLV VLOLFDWHEDVHG
VROXWLRQV

 6XVSHQVLRQV

 6XVSHQVLRQVDUHFKDUDFWHUL]HGE\

£ WKHJUDLQVL]HGLVWULEXWLRQRIWKHVROLGSDUWLFOHV

£ WKHLUZDWHUVROLGUDWLR

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

£ WKHUDWHRIVHGLPHQWDWLRQDQGEOHHGLQJ

£ WKHLUZDWHUUHWHQWLRQFDSDFLW\XQGHUSUHVVXUHILOWUDWLRQ

£ WKHLUUKHRORJLFDOSURSHUWLHVDQGEHKDYLRXUZLWKWLPH

 7KHJUDQXORPHWULFFXUYHRIPLFURILQHVXVSHQVLRQVVKRXOGEHGHWHUPLQHGZLWKDODVHUJUDQXORPHWHU
RUHTXDOO\SUHFLVHLQVWUXPHQW

 7KH WHQGHQF\ RI VXVSHQGHG VROLGV WR IORFFXODWH SDUWLFXODUO\ LQ PLFURILQH VXVSHQVLRQV  VKDOO EH
WDNHQLQWRDFFRXQW

 7KHWHQGHQF\RIVROLGVLQVXVSHQVLRQWRVHWWOHLQZDWHUGXHWRJUDYLW\IRUFHVDQGWKHLUWHQGHQF\WR
EOHHGXQGHUSUHVVXUHVKDOOEHFRQVLGHUHGLQUHODWLRQZLWKWKHQDWXUHDQGSURSHUWLHVRIWKHKRVWPHGLXP

 &ROORLGDO FOD\ VXVSHQVLRQV VKRXOG EH SUHSDUHG VR WKDW WKH FOD\ SDUWLFOHV DUH WKRURXJKO\
GHIORFFXODWHGDQGK\GUDWHGEHIRUHLQMHFWLQJ

 6ROXWLRQV

 6RPHW\SHVRIVLOLFDWHJURXWDUHQRWVWDEOHZLWKWLPHDQGWKHLUXVHVKRXOGEHFDUHIXOO\DVVHVVHG

 2UJDQLFVLOLFDWHJHOVPD\OHDGWRWKHSUROLIHUDWLRQRIEDFWHULDLQWKHJURXQG

 7KHHIIHFWRIV\QHUHVLVRQWKHSURSHUWLHVRIWKHWUHDWHGJURXQGDQGRQWKHHQYLURQPHQWSDUWLFXODUO\
WKHLUORQJWHUPHIIHFWVKDOOEHHYDOXDWHGSULRUWRWUHDWPHQW
12:46, (c) BSI

 7KHHIIHFWRIWHPSHUDWXUHGLIIHUHQFHVRQWKHJURXWEHKDYLRXUGXULQJSURGXFWLRQDQGSODFHPHQWVKDOO
EHWDNHQLQWRDFFRXQW

 6SHFLDODWWHQWLRQVKDOOEHSDLGWR

£ WKHWR[LFLW\RILQGLYLGXDOUHVLQJURXWFRPSRQHQWV

£ WKHULVNRIGLOXWLRQRIWKHJURXWPL[WXUHLQWKHJURXQGZDWHUOHDGLQJWRSURORQJDWLRQRIWKHVHWWLQJWLPHRUHYHQ
LQKLELWLRQRIWKHFKHPLFDOUHDFWLRQ

£ WKHWR[LFLW\RIDQ\VXEVWDQFHUHOHDVHGLQWRWKHJURXQGZDWHULIWKHFKHPLFDOUHDFWLRQLVQRWIXOO\DFKLHYHGRU
PRGLILHGE\WKHKRVWPHGLXP

 5HVLQVDUHXVXDOO\DSSOLHGXQGHUWKHFLUFXPVWDQFHVJLYHQLQ7DEOH

7DEOH²$SSOLFDWLRQRIUHVLQJURXWV

5HVLQW\SH *URXQGW\SH 8VH$SSOLFDWLRQ


$FU\OLF JUDQXODUVRLO 5HGXFWLRQRISHUPHDELOLW\
ILQHO\ILVVXUHGURFN ,PSURYHPHQWRIVWUHQJWK
3RO\XUHWKDQH ODUJHYRLGV )RDPLQJWREORFNZDWHULQIORZ DTXDUHDFWLYHUHVLQV
6WDELOL]DWLRQRUORFDOYRLGILOOLQJ WZRFRPSRQHQWUHVLQV
3KHQROLF ILQHVDQGDQGVDQG\ 7LJKWHQLQJDQGFRQVROLGDWLRQ
JUDYHO
(SR[\ ILVVXUHGURFN ,PSURYHPHQWRIVWUHQJWK
5HGXFWLRQRISHUPHDELOLW\

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 0RUWDUV

 0RUWDUV VKRZLQJ KLJK LQWHUQDO IULFWLRQ DUH XVHG IRU FRPSDFWLRQ JURXWLQJ RU IRU WKH ILOOLQJ RI YRLGV
7KHLUUKHRORJLFDOEHKDYLRXULVXVXDOO\GHWHUPLQHGE\VOXPSWHVWV ZRUNDELOLW\VHH7DEOH$ 

 0RUWDUV IORZLQJ XQGHU WKHLU RZQ ZHLJKW DUH JHQHUDOO\ XVHG IRU ILOOLQJ FDYLWLHV ODUJH FUDFNV RSHQ
ILVVXUHVDQGYRLGVLQJUDQXODUVRLOV7KH\VKDOOEHVWDEOHDQGWKHLUUKHRORJLFDOEHKDYLRXU VLPLODUWRVXVSHQVLRQV
LVXVXDOO\FKDUDFWHUL]HGZLWKVXLWDEO\VHOHFWHGIORZFRQHV

 :KHQXVHGIRUFRPSDFWLRQJURXWLQJWKHPRUWDUVKRXOGFRQWDLQDPLQLPXPRIRIILQHVSDVVLQJ
PP

 6DPSOLQJDQGWHVWLQJ

 7KHFRQVWLWXHQWPDWHULDOVRIDJURXWPL[DVZHOODVWKHPL[LWVHOIVKDOOUHJXODUO\EHVDPSOHGDQGWHVWHGWR
YHULI\FRPSOLDQFHZLWKWKHGHVLJQUHTXLUHPHQWV

 6WDQGDUGL]HG WHVWLQJ PHWKRGV HTXLSPHQW ERXQGDU\ FRQGLWLRQV DQDO\VLV  VKDOO EH HPSOR\HG WR DOORZ
FRPSDULVRQRIWKHFKDUDFWHULVWLFVRIWKHSURGXFWVSURYLGHGE\GLIIHUHQWVXSSOLHUV

 ,QWKHODERUDWRU\JURXWFKDUDFWHULVWLFVVKRXOGEHWHVWHGDWDQDPELHQWWHPSHUDWXUHRIƒ&

 ,IWKHFRQGLWLRQV RQ VLWH GLIIHU VXEVWDQWLDOO\ IURP WKH ODERUDWRU\ FRQGLWLRQV HVSHFLDOO\ WKH WHPSHUDWXUH
WHVWV VKDOO EH FRQGXFWHG XQGHU WKH LQ VLWX FRQGLWLRQV 7KH WHPSHUDWXUH GHYHORSPHQW GXULQJ WHVWLQJ VKDOO EH
PRQLWRUHG
12:46, (c) BSI

 7DEOH$SUHVHQWVPHWKRGVIRUWHVWLQJWKHPRUHLPSRUWDQWJURXWSDUDPHWHUV

 'HVLJQFRQVLGHUDWLRQV

 *HQHUDO

 7KHEDVLFVWDQGDUGIRUWKHGHVLJQRIJURXWLQMHFWLRQVLV

£ (19(852&2'(*HRWHFKQLFDOGHVLJQ±3DUW*HQHUDOUXOHV

 7KLV SUHVHQW VWDQGDUG VXSSOHPHQWV WKH DERYH GRFXPHQW DQG HVWDEOLVKHV DGGLWLRQDO UHTXLUHPHQWV DQG
UHFRPPHQGDWLRQVIRUWKHSODQQLQJDQGLPSOHPHQWDWLRQRIJHRWHFKQLFDOJURXWLQJDSSOLFDWLRQV

 'HVLJQEDVLVDQGREMHFWLYHV

 $IOH[LEOHDSSURDFKVKRXOGEHDGRSWHGWRWKHGHVLJQDQGSODQQLQJRIDJURXWLQJDSSOLFDWLRQLQRUGHUWR
DGDSWWKHZRUNVWRXQIRUHVHHQJURXQGFRQGLWLRQVRUYDULDWLRQVLQWKHEHKDYLRXURIWKHKRVWPDWHULDOVDVWKHZRUN
SURJUHVVHV

 7KHSULQFLSDOREMHFWLYHVRIJHRWHFKQLFDOJURXWLQJDUH

£ WKHPRGLILFDWLRQRIWKHK\GUDXOLFK\GURJHRORJLFDOFKDUDFWHULVWLFVWKHJURXQG

£ WKHPRGLILFDWLRQRIWKHPHFKDQLFDOSURSHUWLHVRIWKHJURXQG

£ WKHILOOLQJRIQDWXUDOFDYLWLHVPLQHZRUNLQJVYRLGVDGMDFHQWWRVWUXFWXUHV

£ LQGXFLQJGLVSODFHPHQWWRFRPSHQVDWHIRUJURXQGORVVRUWRVWDELOL]HDQGOLIWIRRWLQJVVODEVDQGSDYHPHQWV

 ,QRUGHUWRIRUPXODWHDJURXWLQJGHVLJQWKHIROORZLQJLQIRUPDWLRQVKDOOEHPDGHDYDLODEOH

£ DGHILQLWLRQRIWKHJURXWLQJREMHFWLYHVDQGWKHFRQWUROFULWHULD

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

£ DGHTXDWH JURXQG LQIRUPDWLRQ LQ SDUWLFXODU JHRORJLFDO JHRWHFKQLFDO DQG K\GURJHRORJLFDO GDWD LQFOXGLQJ
ZDWHUFKHPLVWU\ UHOHYDQWWRJURXWLQJ VHHFODXVH 

£ OLPLWDWLRQVLPSRVHGE\HQYLURQPHQWDOFRQVLGHUDWLRQVWKHLQIOXHQFHRIRURQDGMRLQLQJVWUXFWXUHV EXLOGLQJV
DQG IRXQGDWLRQV  RU DQ\ RWKHU SDUDPHWHUV ZKLFK FRXOG DIIHFW WKH FKRLFH RI JURXW PL[ DQG SODFHPHQW
WHFKQLTXH

£ UHIHUHQFHVWRRWKHUJURXWLQJSURMHFWVH[HFXWHGLQWKHVDPHDUHDRUXQGHUFRPSDUDEOHFLUFXPVWDQFHV

 %DVHG RQ WKH VLWH LQYHVWLJDWLRQ WKH JURXWLQJ WULDOV DQG WKH GHVLJQ WKH IROORZLQJ DVSHFWV VKDOO EH
FRQVLGHUHGDQGDGGUHVVHGE\WKHZRUNLQJGRFXPHQWV

£ WKHVKDSHDQGYROXPHRIWKHJURXQGWREHWUHDWHG

£ WKHPHDVXUDEOHSURSHUWLHVWREHDFKLHYHGIRUWKHOLIHRIWKHSURMHFW

£ WKHGULOOLQJPHWKRGDQGSDWWHUQ

£ WKHJURXWLQJWHFKQLTXHVDQGPHWKRGVWREHDSSOLHG

£ WKHVSDFLQJRILQMHFWLRQSRLQWV

£ WKHVHTXHQFLQJRIWKHLQMHFWLRQVZLWKUHVSHFWWRWLPHJURXWFRPSRVLWLRQDQGLQMHFWLRQSRLQW

£ SHUPLVVLEOHJURXWLQJOLPLWV LQMHFWLRQSUHVVXUHIORZUDWHDQGTXDQWLW\RIJURXWWREHLQMHFWHG 
12:46, (c) BSI

£ WKHJURXWPL[FRPSRVLWLRQV

£ WKHUHTXLUHGWHVWVDQGILHOGFRQWUROVWREHDGRSWHGEHIRUHGXULQJDQGDIWHUJURXWLQJ

£ WKHLQVWUXPHQWDWLRQUHTXLUHGIRUPRQLWRULQJDQGGDWDORJJLQJ

 7KHIROORZLQJDVSHFWVVKRXOGEHFRQVLGHUHGGXULQJJURXWLQJ

£ WKHUHOLDELOLW\DQGFRPSOHWHQHVVRIWKHJURXQGLQIRUPDWLRQDYDLODEOH

£ WKHSHUIRUPDQFHUHTXLUHGRIWKHJURXW

£ WKHSUHVHQFHRIH[LVWLQJVWUXFWXUHVDQGWKHLUFRQGLWLRQ

£ FKDQJHV LQGXFHG LQ WKH LQ VLWX VWDWH RI VWUHVV DQG SRUH SUHVVXUHV DV D UHVXOW RI WKH JURXWLQJ ZRUN WKH
H[LVWLQJJURXQGZDWHUFRQGLWLRQVDVZHOODVH[SHFWHGSRVWFRQVWUXFWLRQFRQGLWLRQV

£ WKHWR[LFLW\RIWKHJURXWLQJSURGXFWV

£ WKHZRUNLQJHQYLURQPHQWLQZKLFKWKHJURXWLQJPDWHULDOVKDYHWREHVWRUHGPL[HGDQGLQMHFWHG

£ WKHDYDLODELOLW\DQGUHOLDEOHVXSSO\RIJURXWLQJPDWHULDOV

£ HQYLURQPHQWDODQGVDIHW\UHVWULFWLRQV

 *URXWLQJSULQFLSOHVDQGPHWKRGV

 *HQHUDO

 7KH LQWURGXFWLRQ RI JURXW LQ D KRVW PHGLXP LV DFKLHYHG HLWKHU ZLWK RU ZLWKRXW GLVSODFHPHQW RI WKH
JURXQG)LJXUHLOOXVWUDWHVWKHYDULRXVLQMHFWLRQPHWKRGVDVVRFLDWHGZLWKWKHVHWZRSULQFLSOHV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

JURXWLQJ
ZLWKRXWJURXQG ZLWKJURXQG
JURXWLQJ
GLVSODFHPHQW GLVSODFHPHQW
SULQFLSOH

SHQHWUDWLRQ EXONILOOLQJ VXESULQFLSOH

SHUPHDWLRQ ILVVXUHFRQWDFW EXONILOOLQJ K\GUDXOLF FRPSDFWLRQ LQMHFWLRQ


LPSUHJQDWLRQ JURXWLQJ IUDFWXULQJ PHWKRG

)LJXUH²*URXWLQJSULQFLSOHVDQGPHWKRGV

 7KHWHUPFRQVROLGDWLRQJURXWLQJLVVRPHWLPHVXVHGWRHPSKDVL]HDQLPSURYHPHQWLQWKHVWUHQJWKRU
GHIRUPDWLRQFKDUDFWHULVWLFVRIDVRLOLPSDUWHGE\WKHSHUPHDWLRQWUHDWPHQW7KHDLPRIFRQVROLGDWLRQJURXWLQJLQ
VRLOVDQGURFNLVWRLPSURYHWKHJURXQGVRWKDWLWGRHVQRWXQGHUJRDQ\LQDGPLVVLEOHGHIRUPDWLRQ$VWKLVWHUP
GRHVQRWUHIHUWRDJURXWLQJSULQFLSOHRULQMHFWLRQPHWKRGLWZLOOEHDYRLGHGLQWKHIROORZLQJ

 7KH WHUP FRPSHQVDWLRQ JURXWLQJ LV XVHG ZKHQ WKH REMHFWLYH RI JURXWLQJ LV WR FRQFXUUHQWO\
FRPSHQVDWHIRUJURXQGORVVFDXVHGE\WXQQHOOLQJRUH[FDYDWLRQZRUNV

 *URXWLQJZLWKRXWJURXQGGLVSODFHPHQW QRQGLVSODFHPHQWJURXWLQJ


12:46, (c) BSI

 3HUPHDWLRQ LPSUHJQDWLRQ JURXWLQJ

 3HUPHDWLRQJURXWLQJDLPVDWILOOLQJWKHDFFHVVLEOHLQWHUVWLFHVEHWZHHQJUDLQVLQSHUPHDEOHVRLOVE\D
JURXW ZLWKRXW GHVWUXFWLRQ RI WKH LQWHJULW\ RI WKH JURXQG ,W UHGXFHV WKH SHUPHDELOLW\ RI WKH KRVW PDWHULDO DQG
XVXDOO\LQFUHDVHVWKHVWUHQJWKDQGGHQVLW\

 ,Q RUGHU WR DYRLG GLVSODFHPHQW SHUPHDWLRQ JURXWLQJ VKDOO EH FDUULHG RXW DW FDUHIXOO\ FRQWUROOHG
SUHVVXUHVDQGIORZUDWHV

 )LVVXUHDQGFRQWDFWJURXWLQJ

 )LVVXUHJURXWLQJDLPVDWILOOLQJRSHQILVVXUHVIUDFWXUHVRUMRLQWVLQDURFNPDVVZLWKJURXWVZLWKRXW
FUHDWLQJQHZRURSHQLQJH[LVWLQJIUDFWXUHVLQRUGHUWRUHGXFHWKHSHUPHDELOLW\DQGRULQFUHDVHWKHVWUHQJWKRI
WKHJURXWHGPDVV

 7KH IUHTXHQF\ RULHQWDWLRQ H[WHQW ZLGWK URXJKQHVV DQG LQILOOLQJ RI WKH GLVFRQWLQXLWLHV VKDOO EH
NQRZQLQRUGHUWRIRUPXODWHWKHGHVLJQ

 %XONILOOLQJ

 %XON ILOOLQJ LV XVHG IRU WKH ILOOLQJ RI ODUJH QDWXUDO RU PDQ PDGH RSHQLQJV 7KH WHUP LV JHQHUDOO\
DSSOLHGWRWKHSODFHPHQWRIODUJHYROXPHVRIJURXWXQGHUJUDYLW\RUDWORZSUHVVXUHV

 ,IDODUJHYROXPHRIFHPHQWLVSODFHGLQ DQ HQFORVHG VSDFH WKH HIIHFW RI KLJK ORFDO WHPSHUDWXUHV
DQGLQGXFHGVWUHVVHVVKDOOEHWDNHQLQWRDFFRXQW

 %XONILOOLQJPD\EHIROORZHGE\DSKDVHRIJURXWLQJXQGHUSUHVVXUHWRILOOWKHUHPDLQLQJYRLGV

 *URXWLQJZLWKJURXQGGLVSODFHPHQW 'LVSODFHPHQWJURXWLQJ

 *HQHUDOFRQVLGHUDWLRQV

 'LVSODFHPHQW JURXWLQJ UHIHUV WR WKH LQMHFWLRQ RI JURXW XQGHU SUHVVXUH ZLWK WKH GHOLEHUDWH LQWHQW RI
VSDWLDOO\ GLVSODFLQJ WKH KRVW PHGLXP 7KH WHUP LQFOXGHV LQMHFWLRQ PHWKRGV VXFK DV FRPSDFWLRQ JURXWLQJ DQG

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

K\GUDXOLFIUDFWXULQJ FODTXDJH 7KHPHWKRGLVXVHGWRLQFUHDVHWKHGHQVLW\RIDSODVWLFDOO\GHIRUPDEOHPDWHULDO


DQGWKHYROXPHRIWKHWUHDWHGPDVVZKHUHWKHSODVWLFGHIRUPDWLRQOLPLWLVUHDFKHG

 &RQWUROOHG GLVSODFHPHQW JURXWLQJ FDQ EH HPSOR\HG WR VWUHQJWKHQ WKH JURXQG XQGHU H[LVWLQJ
VWUXFWXUHV

 +\GUDXOLFIUDFWXULQJ

 *URXWLQJE\K\GUDXOLFIUDFWXULQJLVXVHGWR

£ UHLQIRUFHRUVWDELOL]HWKHJURXQG VRLORUURFN 

£ SURGXFHFRQWUROOHGXSOLIWRIVWUXFWXUHV

£ DFKLHYHZDWHUWLJKWQHVVE\FUHDWLQJFRPSDUWPHQWV

 ,WLVGLIILFXOWWRFRQWUROWKHSURSDJDWLRQRIDQK\GUDXOLFIUDFWXUHSODQH+HQFHWKHJURXWLQJREMHFWLYH
VKRXOGXVXDOO\EHDFKLHYHGE\DQLQFUHPHQWDOVHULHVRILQMHFWLRQVVSUHDGRYHUDSHULRGRIWLPH

 &RPSDFWLRQJURXWLQJ

 &RPSDFWLRQ JURXWLQJ UHIHUV WR WKH LQWUXVLRQ RI D FRPSDUDWLYHO\ VWLII YLVFRXV  SDUWLFXODWH JURXW LQWR
WKH JURXQG WR LQGXFH GLVSODFHPHQW DQG GHIRUPDWLRQ 7KH JURXW LV XVXDOO\ H[WUXGHG IURP RSHQHQGHG LQMHFWLRQ
WXEHV7KHJURXWFRQVLVWHQF\LVVXFKWKDWWKHJURXWUHPDLQVDVDKRPRJHQHRXVPDVVDQGQHLWKHUSHUPHDWLRQ
QRU K\GUDXOLF IUDFWXULQJ RI WKH KRVW PHGLXP RFFXUV &RPSDFWLRQ JURXWLQJ LV PRVW RIWHQ XVHG WR FRPSDFW DQG
GHQVLI\ORRVHJURXQGDQGWRUDLVHDQGVXSSRUWVWUXFWXUHVZKLFKKDYHVHWWOHG
12:46, (c) BSI

 7KHILQDOJULGRIJURXWKROHVLVJHQHUDOO\GHILQHGGXULQJWKHJURXWLQJSURFHVVLQDFFRUGDQFHZLWKWKH
UHVXOWVRIFRQWUROWHVWVSHUIRUPHGLQWKHFHQWUHRIWKHSULPDU\JULG

 7KHVORZGLVVLSDWLRQRISRUHSUHVVXUHLQORZSHUPHDEOHJURXQGVKDOOEHWDNHQLQWRDFFRXQWIRUWKH
FRQWUROPHDVXUHV

 *URXW

 7\SHDQGFRPSRVLWLRQ

 7KH W\SH DQG FRPSRVLWLRQ RI WKH JURXW VKDOO EH VHOHFWHG DFFRUGLQJ WR WKH JURXQG FRQGLWLRQV DQG
VSHFLILFDWLRQVRIWKHZRUNV

 7KHQDWLRQDOVWDQGDUGVVKDOOEHFRQVXOWHGIRUUHVWULFWLRQVLQWKHXVHRIVSHFLILFW\SHVRIJURXWV

 *HQHUDOFRQVLGHUDWLRQV

 ,QRUGHUWRDFKLHYHWKHSHUIRUPDQFHVSHFLILFDWLRQVIRUJURXWLQJZRUNVWKHGHVLJQVKDOOFRQVLGHU

£ WKHSXUSRVHRIWKHWUHDWPHQW

£ JURXWSODFHPHQWWLPLQJDQGVHTXHQFLQJ

£ HQYLURQPHQWDOFRQGLWLRQV

£ UKHRORJLFDO SURSHUWLHV RI WKH JURXW DQG WKHLU FKDQJH ZLWK WLPH VXFK DV WKH ZDWHU FRQWHQW RI WKH VROLG
FRQVWLWXHQWVRIDJURXWPL[

£ VHWWLQJDQGKDUGHQLQJWLPHRIWKHJURXW

£ WKHFRPSDWLELOLW\RIWKHJURXWZLWKWKHFRPSRQHQWVRIWKHGHOLYHU\V\VWHPDQGWKHJURXQG

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

£ SK\VLFDOSURSHUWLHVDIWHUVHWWLQJ

£ WKHHIIHFWVRIV\QHUHVLVRQWKHPHFKDQLFDOVWDELOLW\RIWKHLQMHFWHGJURXQG IRUVLOLFDWHEDVHGJURXWV 

 7KHIROORZLQJHQYLURQPHQWDOFRQGLWLRQVVKDOOEHFRQVLGHUHGIRUWKHGHVLJQ

£ WKH VL]H RI RSHQLQJV WR EH ILOOHG E\ WKH JURXW DQG WKH VL]H RI WKH VROLG K\GUDWHG  JURXW FRQVWLWXHQWV
SDUWLFXODUO\WKHVL]HVRIWKHSRUHQHFNV VPDOOHVWDFFHVVDUHD UDWKHUWKDQWKHSRURVLW\

£ WKHSHUPHDELOLW\RIWKHPHGLXPWREHLQMHFWHGDQGWKHSHQHWUDELOLW\RIWKHJURXW

£ WKHFKHPLVWU\RIWKHJURXQGZDWHUPL[ZDWHUDQGWKHJURXQG

£ JURXQGDQGJURXWWHPSHUDWXUH

£ WKHULVNDQGHIIHFWRIJURXWGU\LQJRXWXSRQH[SRVXUH

£ WKHHQYLURQPHQWDOLPSDFWGXULQJPL[LQJSURFHVVLQJDQGWKHSODFHPHQWRIWKHJURXW

£ WKHSROOXWLRQSRWHQWLDORIWKHJURXW

 ,I SHUPHDWLRQ JURXWLQJ LV WR EH XQGHUWDNHQ WKH GLPHQVLRQV RI LQWHUFRQQHFWHG YRLGV LQ WKH VRLO
HIIHFWLYH SRURVLW\  RU LQWHUFRQQHFWHG ILVVXUHV LQ URFN VKRXOG EH NQRZQ EHIRUH GHVLJQLQJ WKH JURXW 7KLV LV
SDUWLFXODUO\ UHOHYDQW IRU VXVSHQVLRQV ZKHUH WKH ILOWHU FULWHULD UHODWLQJ SDUWLFOH VL]H WR YRLG RSHQLQJ  DQG WKH
VWDELOLW\ RI WKH PL[ XQGHU LQ VLWX JUDGLHQWV VKRXOG EH LQYHVWLJDWHG 7KH FRKHVLRQ RI WKH PL[ VKRXOG IXUWKHU EH
UHODWHGWRWKHGHVLUHGUHDFKRIWKHWUHDWPHQWDQGWKHYLVFRVLW\RIWKHJURXWWRWKHSHUPLVVLEOHZRUNLQJSUHVVXUHV
12:46, (c) BSI

 7KHGHWHUPLQDWLRQRIWKHVHWWLQJWLPHGHSHQGVRQ

£ WKHYROXPHRIJURXWWREHSUHSDUHGDQGLQMHFWHG

£ WKHJURXQGSHUPHDELOLW\

£ WKHLQWHUFRQQHFWHGSRURVLW\RIWKHJURXQG

£ WKHUDWHRIJURXQGZDWHUIORZ

£ WKHWLPHRILQMHFWLRQIRURQHSDVV

£ WKHDQWLFLSDWHGSODFHPHQWWLPHRIDSUHSDUHGEDWFKRIJURXW

 3DUDPHWHUVDQGFULWHULD

 7KHH[HFXWLRQGHVLJQVKDOOVWDWHWKHUDQJHDQGPHGLDQYDOXHVRIWKHIROORZLQJJURXWSDUDPHWHUVIRU
JLYHQHQYLURQPHQWDOFRQGLWLRQV

£ GHQVLW\YLVFRVLW\\LHOGRUFRKHVLRQ

£ VKHDUDQGFRPSUHVVLYHVWUHQJWK

£ SDUWLFOHVL]HRIFHPHQWRUELQGHU

£ ZDWHUUHWHQWLRQFDSDFLW\

£ IRUVLOLFDWHJHOVWKHUHODWLYHSHUFHQWDJHRIWKHUHDJHQWDQGVLOLFDWH QHXWUDOL]DWLRQUDWH 

£ VHGLPHQWDWLRQUDWH

 7DEOH$SUHVHQWVWKHPHDVXULQJFRQGLWLRQVIRUWKHPDLQSDUDPHWHUVRIHDFKFODVVRIJURXW

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 7KHGHVLJQVKRXOGIXUWKHUVSHFLI\FULWHULDIRUWKHVHOHFWLRQRIDVSHFLILFPL[LIGLIIHUHQWPL[HVKDYH
EHHQ VXJJHVWHG DQG WKH SHUPLWWHG PD[LPXP DQG PLQLPXP JURXW WHPSHUDWXUHV GXULQJ SURFHVVLQJ DQG
SODFHPHQW

 ,Q VRLOV D JURXWDELOLW\ UDWLR VXFK DV WKH 'G RU 'G FULWHULRQ FDQ EH XVHG WR DVVHVV WKH
SHQHWUDELOLW\RISDUWLFXODWHJURXWV VHHJORVVDU\DQQH[% ,QURFNWKHPD[LPXPSDUWLFOHVL]HWRILVVXUHZLGWKLV
FRQVLGHUHG DUDWLRRIWKUHHLVFRPPRQO\XVHG 

 /LPLWFULWHULDIRUFKDQJLQJWKHPL[GHVLJQVKRXOGEHGHFLGHGXSRQDWWKHRXWVHWRIWKHZRUNVIRUWKH
FDVHWKDW

£ JURXWWDNHVDUHVLJQLILFDQWO\LQH[FHVVRIWKRVHDQWLFLSDWHGLQWKHGHVLJQ

£ QRJURXWDFFHSWDQFHFDQEHDFKLHYHGZLWKWKHGHVLJQPL[

£ XQGHVLUDEOHJURXQGPRYHPHQWRFFXUV

 $SSOLFDELOLW\

 7KHW\SHVRIJURXWDSSOLFDEOHIRUGLIIHUHQWW\SHVRIJURXQGDUHVKRZQLQ7DEOH
12:46, (c) BSI

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

7DEOH²,QGLFDWLYHJURXWVIRUGLIIHUHQWW\SHVRIJURXQG
+RVW 5DQJH 1RQGLVSODFHPHQWJURXWLQJ 'LVSODFHPHQW
PHGLXP JURXWLQJ
3HUPHDWLRQ )LVVXUHRU %XONILOOLQJ
FRQWDFW
JURXWLQJ
*UDYHOFRDUVHVDQGDQG 3XUHFHPHQW
VDQG\JUDYHO VXVSHQVLRQV

.!™ PV &HPHQWEDVHG
VXVSHQVLRQV
*UDQXODUVRLO 6DQG 0LFURILQH &HPHQWEDVHG
 
™ .™ PV VXVSHQVLRQV VXVSHQVLRQV
6ROXWLRQV 0RUWDU
0HGLXPWRILQHVDQG 0LFURILQH
 
™ .™ PV VXVSHQVLRQV
6ROXWLRQV
6SHFLDO
FKHPLFDOV
)DXOWVFUDFNVNDUVW &HPHQWEDVHG 0RUWDUV
H!PP PRUWDUV &HPHQWEDVHG
&HPHQWEDVHG VXVSHQVLRQVZLWK
VXVSHQVLRQV VKRUWVHWWLQJWLPH
FOD\ILOOHU ([SDQVLYH
SRO\XUHWKDQH
2WKHUZDWHUUHDFWLYH
SURGXFWV
)LVVXUHGURFN &UDFNVILVVXUHV &HPHQWEDVHG
PPHPP VXVSHQVLRQV
0LFURILQH
12:46, (c) BSI

VXVSHQVLRQV
0LFURILVVXUHV 0LFURILQH
HPP VXVSHQVLRQV
6LOLFDWHJHOV
6SHFLDO
FKHPLFDOV
&DYLW\ /DUJHYRLGV &HPHQWEDVHG
PRUWDUV
&HPHQWEDVHG
VXVSHQVLRQVZLWK
VKRUWVHWWLQJWLPH
([SDQVLYH
SRO\XUHWKDQH
2WKHUZDWHUUHDFWLYH
SURGXFWV
H ILVVXUHZLGWK

 6OHHYHJURXWVIRUVHDOLQJWKHVOHHYHSLSHVKDOOEHGHVLJQHGWRSUHYHQWPLJUDWLRQDORQJWKHDQQXOXV
DQGWRIDFLOLWDWHIUDFWXULQJEHWZHHQWKHVOHHYHDQGWKHJURXQG

 *URXWSODFHPHQW

 *HQHUDO

 *URXW SODFHPHQW PHWKRGV VKDOO EH VHOHFWHG VSHFLILFDOO\ IRU HDFK MRE DQG WKH FKRLFH VKDOO EH
GLFWDWHGE\WKHGHVLJQFRQFHSWDQGLQWHQW

 7KHLQMHFWLRQSURFHVVLVJRYHUQHGE\

£ WKHJURXWYROXPH9SHUSDVV

£ WKHLQMHFWLRQSUHVVXUH3

£ WKHIORZRUSODFHPHQWUDWH4

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

£ WKHJURXWUKHRORJ\

 7KHGHVLJQVKRXOGLQGLFDWHKRZWRDGDSW49DQG3IRUDJLYHQPL[GHVLJQRUWKHUKHRORJ\RIWKH
PL[GHVLJQWRWKHDQWLFLSDWHGJURXQGUHVSRQVHGXULQJJURXWSODFHPHQW

 )RUSHUPHDWLRQWKHIORZ LQMHFWLRQ UDWH4VKRXOGEHFRQWUROOHGWRHQVXUHWKDWWKHHIIHFWLYHSUHVVXUH


UHPDLQVORZHUWKDQWKHJURXQGIUDFWXULQJSUHVVXUH

 7KHHIIHFWVRIWKHPRGLILFDWLRQRIWKHSRUHZDWHUSUHVVXUHVLQGXFHGE\ WKH WUHDWPHQW DQG UHODWHG


FKDQJHVLQWKHLQVLWXVWUHVVHVVKRXOGEHFRQVLGHUHG

 'ULOOLQJSDWWHUQDQGERUHKROHGHVLJQ

 7KHUHODWLYHSRVLWLRQLQJRILQMHFWLRQSRLQWVZLWKLQWKHPDVVWREHJURXWHGGHSHQGVRQ

£ WKHVKDSHRIWKHPDVV

£ SK\VLFDOFRQVWUDLQWVLQIOXHQFLQJWKHSRVLWLRQLQJRIERUHKROHV

£ WKHH[SHFWHGGLUHFWLRQDOWROHUDQFHVRIWKHERUHKROHV

£ DQDVVHVVPHQWRIWKHH[SHFWHGGLVWDQFHRIJURXWWUDYHO UDGLXVRIHIILFLHQF\ ZLWKLQWKHKRVWPDWHULDO

 7KH QXPEHU SRVLWLRQ VSDFLQJ GHSWK GLDPHWHU LQFOLQDWLRQ DQG RULHQWDWLRQ RI ERUHKROHV DQG
LQMHFWLRQ SRLQWV VKDOO EH EDVHG RQ JHRORJLFDO FRQGLWLRQV WKH W\SH RI VWUXFWXUH WR EH JURXWHG WKH UHVXOWV WR EH
REWDLQHGWKHJURXWLQJPHWKRGDQGSXUSRVHWKHW\SHRIJURXWWREHXVHGLQMHFWLRQSUHVVXUHDQGUDWH RI JURXW
12:46, (c) BSI

WDNH7KHGHVLJQVKDOOPDNHDGHTXDWHSURYLVLRQIRUDQ\YDULDWLRQLQWKHDERYHSDUDPHWHUV

 :KHQHYHUSRVVLEOHWKHGHVLJQVKRXOGEHUHILQHGE\FRQGXFWLQJVLWHJURXWLQJWULDOV

 7KH SRVLWLRQV RI DOO IRUHVHHQ LQMHFWLRQ ERUHKROHV VKDOO EH LQGLFDWHG RQ D SODQ DQG WKH\ VKDOO EH
QXPEHUHG

 :KHQLPSUHJQDWLQJDURFNWKHVSDWLDOUHODWLRQVKLSEHWZHHQEHGGLQJSODQHVDQGMRLQWVRUIUDFWXUHV
VKDOOEHWDNHQLQWRDFFRXQW7KHERUHKROHVVKDOOEHDGMXVWHGWRWKHRULHQWDWLRQDQGVHSDUDWLRQRIWKHSULQFLSDO
RSHQIHDWXUHV

 7KHJURXWKROHGLDPHWHUVKRXOGEHEDVHGXSRQWKHW\SHDQGFRQGLWLRQRIWKHURFNWREHJURXWHGDQG
WKHGHSWKDQGLQFOLQDWLRQRIWKHKROH,WVKRXOGEHFKRVHQWRDOORZDQ\IRUHVHHQLQKROHWHVWV

 &DUH VKRXOG EH WDNHQ WR PLQLPL]H ERUHKROH GHYLDWLRQV DQG WKH GHVLJQ VKRXOG DGMXVW WKH VSDFLQJ
EHWZHHQKROHVWRFRPSHQVDWHIRUWKHGHYLDWLRQVH[SHFWHG,QJHQHUDOWKHERUHKROHD[LVVKRXOGQRW
GHYLDWHIURPWKHSODQQHGRULHQWDWLRQE\PRUHWKDQIRUOHQJWKVRIOHVVWKDQP,QWKHFDVHRI
ORQJHU KROHV WKH VSDFLQJ EHWZHHQ QHLJKERXULQJ KROHV VKRXOG EH DGMXVWHG WR FRPSHQVDWH IRU
GHYLDWLRQV

 *URXWLQJVHTXHQFH

 ,QLWVVLPSOHVWIRUPDVHTXHQFHFRQVWLWXWHVDVLQJOHJURXWW\SHLQWURGXFHGWKURXJKDVLQJOHKROH

 7KHJURXWSODFHPHQWVHTXHQFHPD\SURJUHVVWRPXOWLSOHVWDJHVRYHUPDQ\KROHVZLWKHDFKVWDJH
UHTXLULQJDVHTXHQFHRILQMHFWLRQSDVVHVRIGLIIHULQJJURXWW\SHV

 7KHGHVLJQVKDOOWKHUHIRUHVSHFLI\WKHIROORZLQJYDULDEOHV

£ WKH PDQQHU LQ ZKLFK WKH WUHDWPHQW ZLOO SURJUHVV WKURXJK WKH PDVV EHLQJ JURXWHG LQZDUGV RU RXWZDUGV
WRSGRZQRUERWWRPXSHWF 

£ WKHQXPEHURIJURXWLQJSKDVHV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

£ WKHQXPEHURISDVVHVSHUVWDJH

£ WKHW\SHRIJURXWLQWURGXFHGIRUHDFKSDVV

 *URXWLQJSUHVVXUH

 ,QJHQHUDOSUDFWLFHWKHJURXWLQJSUHVVXUHLVPHDVXUHGDWWKHJURXWGHOLYHU\SXPSDQGRUDWWKHKROH
FROODU+RZHYHUYDULDWLRQVLQK\GUDXOLFKHDGDQGIULFWLRQORVVHVLQWKHGHOLYHU\V\VWHPZLOOUHVXOWLQWKLV ZRUNLQJ
SUHVVXUH EHLQJGLIIHUHQWIURPWKH HIIHFWLYHSUHVVXUH DFWLQJLQWKHJURXQG

 ,QURFNWKHYDOXHRIWKH HIIHFWLYHJURXWLQJSUHVVXUH FDQEHDVVHVVHGLQUHODWLRQWRWKHSUHVVXUHDW


ZKLFK

£ WKHURFNEUHDNVXQGHUWHQVLRQ

£ SUHGRPLQDQWO\KRUL]RQWDOSODQHVLQWKHURFNDUHSDUWHGDQGGLVSODFHPHQWRFFXUVRU

£ ZLGHQLQJRIWKHWUHDWHGILVVXUHVWDNHVSODFH

 'XULQJQRQGLVSODFHPHQWJURXWLQJRIVRLOVWKHHIIHFWLYH RUOLPLW JURXWLQJSUHVVXUHLVGHSHQGHQWRQ


WKHFRQILQLQJSUHVVXUHDWWKHSRLQWRILQMHFWLRQ

 )RU QRQGLVSODFHPHQW JURXWLQJ WKH SHUPLVVLEOH LQMHFWLRQ SUHVVXUH LV WKH PD[LPXP SUHVVXUH DW
ZKLFKDJURXWLVDOORZHGWREHLQWURGXFHGLQWRWKHJURXQGLQRUGHUWRDYRLGDQ\XQGHVLUDEOHGHIRUPDWLRQRIWKH
JURXQG
12:46, (c) BSI

 ,Q QRQGLVSODFHPHQW JURXWLQJ D YDOXH IRU WKH SHUPLVVLEOH LQMHFWLRQ SUHVVXUH VKDOO EH JLYHQ LQ WKH
GHVLJQ

 0RQLWRULQJDQGFRQWUROFULWHULD

 7KHGHVLJQVKDOOVSHFLI\WKHPRQLWRULQJDQGFRQWUROFULWHULDEHIRUHGXULQJDQGDIWHUWKHJURXWLQJZRUNV
DQGVKDOOLQGLFDWHZKLFKRIWKHIROORZLQJSDUDPHWHUVWRPRQLWRUDQGFRQWURODQGKRZWKLVLVWREHGRQH

£ WKHJURXWSURSHUWLHVGXULQJSURFHVVLQJDQGSODFHPHQW

£ WKHWROHUDQFHVLQGLUHFWLRQDQGLQFOLQDWLRQRIERUHKROHV GULOOLQJDFFXUDF\ 

£ WKHFULWHULDIRUHQGLQJLQMHFWLRQDIWHUHDFKSDVV

£ WKHUHVXOWVDFKLHYHGDIWHUHDFKSKDVHRIJURXWLQJDQGRUDWWKHHQGRIWKHSURMHFW

£ JURXQGPRYHPHQWRUGHIRUPDWLRQV

£ FKHPLVWU\RIZDWHU

£ ZDWHUOHYHOVLQH[LVWLQJZHOOVRUREVHUYDWLRQERUHKROHV

 7KHFULWHULDIRUHQGLQJDQLQMHFWLRQSDVVVKRXOGEHEDVHGRQWKHIROORZLQJ

£ LQVRLO

£ OLPLWLQJSUHVVXUHDQGRUYROXPH

£ JURXQGPRYHPHQWGXHWRJURXWLQJH[FHHGLQJDOLPLWYDOXH

£ HVFDSHRIJURXWWRVXUIDFHLQWREXLOGLQJVRUQHLJKERXULQJKROHV

£ E\SDVVLQJRISDFNHUV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

£ LQURFN

£ OLPLWSUHVVXUH UHIXVDO DQGRUYROXPH

£ JURXQGPRYHPHQW

£ HVFDSHRIJURXW

£ XQDFFHSWDEOHORVVRIJURXWLQWRDGMRLQLQJDUHDV

 7KHGHVLJQVKDOOVSHFLI\WKHFRQWUROFULWHULDDQGWKHWHVWVQHFHVVDU\WRYHULI\WKDWWKHREMHFWLYHVRIWKH
JURXWLQJZRUNVDUHDFKLHYHG

 ([HFXWLRQ

 *HQHUDO

 *URXWLQJ ZRUNV VKDOO EH VWDIIHG ZLWK TXDOLILHG SHUVRQQHO $OO NH\ SHUVRQQHO VKDOO KDYH SULRU JURXWLQJ
H[SHULHQFH

 7KHHTXLSPHQWUHTXLUHGWRSHUIRUPDJURXWLQJRSHUDWLRQLQFOXGHV

£ GULOOLQJDQGGULYLQJHTXLSPHQW
12:46, (c) BSI

£ PL[LQJDQGSURSRUWLRQLQJHTXLSPHQW

£ SXPSLQJHTXLSPHQW

£ LQMHFWLRQSLSLQJ

£ SDFNHUV

£ PRQLWRULQJDQGWHVWLQJHTXLSPHQW

 7KH HTXLSPHQW XVHG IRU JURXW SURFHVVLQJ VKDOO VDIHO\ ZLWKVWDQG WKH DQWLFLSDWHG PD[LPXP JURXWLQJ
SUHVVXUHV

 &RPSHWHQWSHUVRQQHOVKDOOPDLQWDLQWKHJURXWLQJHTXLSPHQWIRUWKHGXUDWLRQRIWKHZRUNV

 'ULOOLQJ

 7KHIROORZLQJGULOOLQJPHWKRGVPD\EHHPSOR\HG

£ URWDWLRQDOGULOOLQJ

£ SHUFXVVLRQGULOOLQJXVLQJHLWKHUDQH[WHUQDORUGRZQWKHKROHKDPPHU

£ FDVHGSHUFXVVLRQGULOOLQJ

£ JUDEFKLVHODQGEDLOHUERULQJV

£ GULYLQJRIODQFHV

£ YLEUDWLQJRIFDVLQJRUGULOOSLSHV

,QXQVWDEOHJURXQGIXOOERUHKROHSHQHWUDWLRQPD\UHTXLUH

£ WKHXVHRIGULOOLQJPXGVJURXWVRUIRDPV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

£ WHPSRUDU\FDVLQJ

£ GLUHFWLQVHUWLRQRIVOHHYHSLSHV

£ SURJUHVVLYHVWDELOL]DWLRQDVWKHERUHKROHDGYDQFHV

,IDUWHVLDQFRQGLWLRQVDUHH[SHFWHGFRXQWHUSUHVVXUHGULOOLQJPD\EHUHTXLUHG

 )OXVKLQJ PHGLD DQG GULOOLQJ WHFKQLTXHV VKDOO EH FKRVHQ VR DV QRW WR LPSHGH WKH VXFFHVV RI DQ\
VXEVHTXHQWJURXWLQJRSHUDWLRQ SDUWLFXODUO\UHJDUGLQJFKDQJHVLQSHUPHDELOLW\DWWKHSRLQWRILQMHFWLRQ 

 /RFDODGMXVWPHQWVWRWKHDQJOHVRULHQWDWLRQDQGVSDFLQJRIJURXWKROHVVKRXOGEHPDGHDVQHFHVVDU\
1HZ KROHV VKRXOG UHSODFH KROHV WKDW DUH SUHPDWXUHO\ SOXJJHG DQG KROHV WKDW VKRZ XQDFFHSWDEOH ERUHKROH
GHYLDWLRQ

 ,QRSHQKROHVLIJURXWLQJGRHVQRWIROORZLPPHGLDWHO\DIWHUFOHDQLQJWKHKROHFROODUVKRXOGEHSURWHFWHG
WRDYRLGERUHKROHFRQWDPLQDWLRQ

 $IWHUGULOOLQJRSHQERUHKROHVLQURFNVKDOOEHIOXVKHGLQRUGHUWRUHPRYHGHWULWXVDQGORRVHPDWHULDODQG
WR RSHQFUDFNVDQG ILVVXUHV 7KLV WUHDWPHQW VKDOO QRW EH DSSOLHG LQ WKH FDVH WKDW WKH URFN PLJKW EH DGYHUVHO\
DIIHFWHGE\WKHIOXVKLQJPHGLXP

 *URXWSUHSDUDWLRQ

 6WRUDJH
12:46, (c) BSI

6WRUHGJURXWFRPSRQHQWVVKDOOEHSURWHFWHGIURPWKHZHDWKHU HVSHFLDOO\WHPSHUDWXUHDQGKXPLGLW\ 

 %DWFKLQJDQGPL[LQJ

 &RQWDPLQDWLRQ RI WKH JURXW DQG LWV FRQVWLWXHQWV VKDOO EH DYRLGHG GXULQJ VWRUDJH KDQGOLQJ DQG
GHOLYHU\

 7KH VWRUDJH FRQWDLQHUV WDQNV  IRU UHDG\PL[HG JURXW VKDOO HQVXUH WKDW WKH UKHRORJLFDO RU RWKHU
SURSHUWLHVRIWKHJURXWDUHQRWXQGXO\DOWHUHGGXULQJVWRUDJH

 &RQWDLQPHQW YHVVHOV IRU FKHPLFDO JURXWV VKDOO FRQVLVW RI PDWHULDOV WKDW GR QRW UHDFW ZLWK WKH
FKHPLFDOVXVHG

 )RUJURXWVFRQWDLQLQJEHQWRQLWHWKHEHQWRQLWHVKRXOGEHK\GUDWHGEHIRUHLQWURGXFLQJWKHELQGHUV

 7KH SURSRUWLRQLQJ RI JURXW FRPSRQHQWV VKDOO EH FDUULHG RXW ZLWK FDOLEUDWHG PHDVXULQJ GHYLFHV LQ
DFFRUGDQFHZLWKWROHUDQFHVVSHFLILHGIRUWKHZRUNV

 0L[HUVVKDOOEHVHOHFWHGWRHQVXUHWKHKRPRJHQHLW\RIWKHPL[

 ,QRUGHUWRDOORZXQLQWHUUXSWHGGHOLYHU\RISDUWLFXODWHJURXWVDQLQWHUPHGLDWHKROGLQJWDQNVKRXOGEH
ORFDWHGEHWZHHQWKHPL[LQJWDQNVDQGWKHSXPS V 7KHPL[LQWKHKROGLQJWDQNVKRXOGEHDJLWDWHGWRSUHYHQW
VHSDUDWLRQDQGRUSUHPDWXUHVHWWLQJ

 *URXWVZLWKDIDVWVHWWLQJWLPHVKRXOGEHPL[HGDVFORVHDVSRVVLEOHWRWKHSRLQWRILQMHFWLRQ

 3XPSLQJDQGGHOLYHU\

 7KHJURXWSXPSVDQGLQMHFWLRQV\VWHPVVKDOOEHFKRVHQLQDFFRUGDQFHZLWKWKHLQWHQGHGLQMHFWLRQ
WHFKQLTXH

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 7KHIROORZLQJVKRXOGEHFRQVLGHUHGZKHQVHOHFWLQJLQMHFWLRQSXPSV

£ DQDGMXVWDEOHUDWHRIJURXWGHOLYHU\

£ RXWSXWV ZKLFK SHUPLW VXIILFLHQW YROXPH RI JURXW WR EH LQMHFWHG RU SUHVVXUH WR EH DFKLHYHG ZLWKLQ D JLYHQ
SHULRGRIWLPH

£ UHJXODWLRQRIWKHLQMHFWLRQYHORFLW\

£ ORZZHDUSXPSV HJSOXQJHUSXPSV IRUDEUDVLYHJURXWV

£ HDVHRIFOHDQLQJDQGPDLQWHQDQFH

£ YDOYHGLDPHWHUVZKLFKDUHDEOHWRDFFRPPRGDWHWKHYLVFRVLW\RIWKHLQMHFWHGPDWHULDO

 7KHLQMHFWLRQSUHVVXUHVKRXOGEHPHDVXUHGDVFORVHWRWKHSRLQWRISODFHPHQWDVLVSUDFWLFDEOH

 7KH LQMHFWLRQ V\VWHPV VKDOO GDPSHQ SUHVVXUHV VXUJHV WR PLQLPL]H WKH ULVN RI XQLQWHQGHG DQG
XQGHWHFWHGLQLWLDWLRQRIK\GUDXOLFIUDFWXUHV

 ,I WKH JURXW SUHSDUDWLRQ SODQW LV UHPRWH IURP WKH SRLQW RI LQMHFWLRQ DQ LQWHUPHGLDWH UHOD\ VWDWLRQ
VKRXOGEHFRQVLGHUHG

 *URXWGHOLYHU\OLQHV SLSHV VKDOOUHVLVWWKHPD[LPXPDQWLFLSDWHGSXPSSUHVVXUHZLWKDQDGHTXDWH


IDFWRU RI VDIHW\ 7KHLU GLDPHWHU VKDOO SHUPLW IORZ UDWHV KLJK HQRXJK WR DYRLG VHSDUDWLRQ RI WKH PL[HG JURXW
FRPSRQHQWV VXVSHQVLRQV 
12:46, (c) BSI

 ,IXVLQJVOHHYHSLSHVWKHLQWHULRURIWKHLQMHFWLRQWXEHVKRXOGEHZDVKHGDWWKHHQGRIHDFKLQMHFWLRQ
SKDVH

 6XVSHQVLRQV VKDOO EH DJLWDWHG XQWLO LQMHFWLRQ RI WKH JURXW LQ RUGHU WR SUHYHQW VHGLPHQWDWLRQ
6ROXWLRQVZKLFKWHQGWRVHSDUDWHVKDOOEHDJLWDWHGXQWLOLQMHFWLRQ

 $WORZLQMHFWLRQUDWHVDUHWXUQIORZV\VWHPVKRXOGEHXVHGWRDYRLGVHGLPHQWDWLRQ

 *URXWSODFHPHQW

 7KHPHWKRGRIJURXWSODFHPHQWZLOOEHGHWHUPLQHGE\WKHJURXQGFRQGLWLRQWKHZRUNVUHTXLUHPHQWDQG
WKHW\SHRIJURXWXVHG7KHEDVLFDSSURDFKHVDUHWKHIROORZLQJ

D  LQMHFWLRQLQXQVXSSRUWHGERUHKROHVLQVWDEOHJURXQG

E  LQMHFWLRQYLDVOHHYHSLSHVSUHYLRXVO\SODFHGLQDWHPSRUDULO\FDVHGERUHKROHLQXQVWDEOHJURXQG

F  LQMHFWLRQWKURXJKWKHGULOOVWULQJLQXQVWDEOHJURXQGJHQHUDOO\FRQVLGHUHGDVDSUHJURXWLQJSKDVHDQGWREH
IROORZHGE\DSSURDFKHVD RUE 

G  FRPSDFWLRQJURXWLQJLVXVXDOO\SHUIRUPHGWKURXJKDFDVLQJUHWULHYHGGXULQJXSVWDJHJURXWLQJ

7KH JHQHUDO LPSOHPHQWDWLRQ LQ VRLO DQG URFN LV VXPPDUL]HG LQ 7DEOH  ZKHUH D VWDJH LV GHILQHG DV D
SUHGHWHUPLQHGOHQJWKRILQMHFWLRQERXQGHGHLWKHUE\DGRXEOHSDFNHURUE\DVLQJOHSDFNHUDQGWKHEDVHRIWKH
KROH

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

7DEOH²*URXWLQJVWUDWHJLHV

52&. 62,/
6WDEOH 8QVWDEOH
2SHQKROH 6OHHYHSLSH 'ULOOURG 6OHHYHSLSH /DQFHRUFDVLQJ
VLQJOHVWDJH ; ; ; ;
PXOWLVWDJH ; ;
DVFHQGLQJVWDJH ; ; ; ; ; ;
GHVFHQGLQJVWDJH ; ; ; ;

 6RLOJURXWLQJFDQEHDFKLHYHGZLWKFDVLQJJURXWVKHDWKSLHUFHGFDVLQJDQGVOHHYHSLSHV

 6OHHYHSLSHVZKLFKDUHSHUPDQHQWO\VHDOHGLQWRWKHJURXQGE\XVHRIDVXSSRUWPL[ VOHHYHJURXW DOORZ


DUHSHDWHGXVHRIWKHLQMHFWLRQSRLQWV

 :KHQJURXWLQJLQVRLOVDGMDFHQWVOHHYHSLSHVVKRXOGEHIOXVKHGDVDSUHFDXWLRQDJDLQVWJURXWOHDNDJH

 /DUJH RSHQLQJV YRLGV FDYLWLHV HWF  DUH JHQHUDOO\ ILOOHG XQGHU JUDYLW\ HLWKHU GLUHFWO\ RU YLD D WUHPLH
SLSHH[WHQGLQJWRWKHEDVHRIWKHRSHQLQJ

 3DFNHUVDUHXVHGWRLVRODWHDJURXWLQJVWDJH3DFNHUVDUHHLWKHUSDVVLYHPHFKDQLFDORUSQHXPDWLFDQG
12:46, (c) BSI

KDYHWREHORQJHQRXJKWRPLQLPL]HWKHULVNRIJURXWE\SDVVWKURXJKWKHPHGLXPEHLQJJURXWHG

 3DFNHUV VKDOO HQVXUH WLJKW VHDOLQJ EHWZHHQ WKH JURXW KROH ZDOO DQG WKH LQMHFWLRQ SLSH DW PD[LPXP
JURXWLQJSUHVVXUH

 ,Q LQVWDQFHV ZKHUH WKH JURXW KDV D WHQGHQF\ WR E\SDVV WKH SDFNHUV HVSHFLDOO\ LQ DVFHQGLQJ VWDJH
JURXWLQJDIOXVKLQJV\VWHPVKRXOGEHLQVWDOOHGWRZDVKRXWE\SDVVLQJJURXW

 7KHPD[LPXPVWDJHOHQJWKLQURFNVKRXOGQRUPDOO\QRWH[FHHGP,QLQWHQVHO\ILVVXUHGRUGLVWXUEHG
URFNWKLVOHQJWKVKRXOGEHDGMXVWHGDFFRUGLQJO\,QMHFWLRQVWDJHVLQVRLOVKRXOGQRWH[FHHGPLQOHQJWK

 :KHQJURXWLQJLQVXVSHFWHGRUNQRZQFRQGLWLRQVRIIORZLQJJURXQGZDWHUH[FHVVLYHGLOXWLRQRUFRPSOHWH
ORVV RI JURXW VKRXOG EH SUHYHQWHG 'HSHQGLQJ RQ WKH JURXQG FRQGLWLRQV WKH SXUSRVH WR EH DFKLHYHG DQG WKH
UDWHRIJURXQGZDWHUIORZWKHIROORZLQJSUHFDXWLRQVVKRXOGEHWDNHQ

£ WKHXVHRIDJURXWZLWKDVKRUWVHWWLQJWLPHHYHQDIODVKVHWWLQJWLPH VXFKDVDTXDUHDFWLYHUHVLQVFHPHQW
EDVHGJURXWZLWKVRGLXPVLOLFDWH 

£ WKHXVHRIDYLVFRXVJURXWRUDQGJURXWZLWKDKLJKGU\PDWWHUFRQWHQW

£ WKHXVHRIDGGLWLYHVWROLPLWJURXWGLOXWLRQ

 ,IXVLQJVXVSHQVLRQVZKHQJURXWLQJLQDEVRUEHQWURFNDZDWHUUHWDLQLQJJURXWVKRXOGEHFKRVHQ

 ,QMHFWLRQ SDUDPHWHUV SUHVVXUH YROXPH DQG IORZ UDWH  VKDOO EH DGMXVWHG WR DYRLG XQDFFHSWDEOH
GHIRUPDWLRQ DQG GLVSODFHPHQW RI WKH JURXQG XQOHVV WKLV LV VSHFLILFDOO\ LQWHQGHG 3DUWLFXODU FDXWLRQ VKDOO EH
WDNHQLQWKHYLFLQLW\RIVHQVLWLYHVWUXFWXUHV

 7KH IORZ UDWH IRU SHUPHDWLRQ JURXWLQJ GHSHQGV RQ WKH VL]H RI WKH LQWHUVWLFHV DQG WKH YLVFRVLW\ RI WKH
JURXW

 'XULQJWKHSODFHPHQWDQGKDQGOLQJRIJURXWVDQGJURXWFRPSRQHQWVSUHFDXWLRQVVKDOOEHWDNHQWRDYRLG
VSLOODJHDQGLQSDUWLFXODUWRSUHYHQWWKHHVFDSHRIDQ\OLTXLGRUJURXWRIIVLWH

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 *URXWLQJVHTXHQFHV

 7KH SODQQLQJ RI JURXWLQJ ZRUNV LV DQ LQWHUDFWLYH RQ JRLQJ SURFHVV UHTXLULQJ RQVLWH PDQDJHPHQW
'HFLVLRQV FRQFHUQLQJ FKDQJHV LQ WUHDWPHQW RU LQ SDUDPHWHUV VHW RXW LQ WKH GHVLJQ DQG GHILQHG LQ WKH PHWKRG
VWDWHPHQW DV ZHOO DV FRQWLQXDWLRQ RU WHUPLQDWLRQ RI WKH JURXWLQJ RSHUDWLRQ VKDOO EH WDNHQ E\ DOO FRQFHUQHG
SDUWLHV

 'HVFHQGLQJRUGRZQVWDJHJURXWLQJLVFRPPRQO\UHVHUYHGIRUWKHWUHDWPHQWRIXQVWDEOHURFN,IVHYHUDO
KROHV DUH JURXWHG XVLQJ GRZQVWDJH JURXWLQJ WKH XSSHUPRVW VWDJH LQ DOO KROHV LV GULOOHG DQG JURXWHG EHIRUH
GULOOLQJDQGJURXWLQJWKHQH[WVWDJHLQDOOQHLJKERXULQJKROHV

8SVWDJHJURXWLQJLVRQO\XVHGLQRSHQKROHVLQVWDEOHURFNRULIWKHDLPLVFRPSDFWLRQJURXWLQJ

0XOWLVWDJHJURXWLQJXVLQJVOHHYHSLSHVLVJHQHUDOO\XVHGLQVRLOVDQGVRPHWLPHVLQXQVWDEOHURFN

&RPELQDWLRQVRIWKHVHWHFKQLTXHVDUHSRVVLEOH

 7KHVSOLWVSDFLQJPHWKRGRIILUVWGULOOLQJDQGJURXWLQJSULPDU\KROHVIROORZHGE\LQWHUPHGLDWHVHFRQGDU\
DQGILQDOO\WHUWLDU\RUHYHQTXDWHUQDU\KROHVPD\EHXVHGWRSURYLGHDPLQLPDOXQLIRUPFRYHUDJHDQGWRDOORZIRU
FORVHUVSDFHGKROHVWREHUHVWULFWHGWRWKRVHDUHDVZKHUHSURJUHVVLYHH[SHULHQFHVKRZVWKHPWREHQHFHVVDU\

 7KHVSDFLQJRIWKHSULPDU\LQMHFWLRQKROHVVKDOOEHGHFLGHGXSRQRQWKHEDVLVRIH[SHULHQFHRUJURXWLQJ
WHVWV

 :KHQXVLQJWKHVSOLWVSDFLQJPHWKRGVHOHFWHGSULPDU\KROHVKRXOGEHJURXWHGILUVWDVH[SORUDWRU\JURXW
KROHVH[FHSWLQDUHDVRISUHYLRXVWHVWJURXWLQJWR
12:46, (c) BSI

£ DOORZIRUEHWWHUGHVFULSWLRQRIWKHJHRORJLFDODQGK\GURJHRORJLFDOVLWXDWLRQ

£ SHUPLWWKHILQDOVHOHFWLRQRIWKHJURXWKROHGHSWKIRUWKHUHPDLQLQJSULPDU\KROHV

 ,QRUGHU WR OLPLW WKH ODWHUDO PLJUDWLRQ RI JURXW EH\RQG WKH GHVLJQDWHG WUHDWPHQW DUHD LQMHFWLRQV VKRXOG
FRPPHQFHRQWKHSHULPHWHURIWKH]RQHWREHWUHDWHGDQGPRYHSURJUHVVLYHO\LQZDUG7KLVSURFHGXUHVKRXOG
QRWEHXVHGLIWKHUHLVDGDQJHURIJURXQGZDWHUHQWUDSPHQWRULIWKHDLPLVWRGULYHZDWHURXWRIWKHWUHDWPHQW
]RQH

 ([HFXWLRQVXSHUYLVLRQDQGFRQWURO

 *HQHUDO

 7KH VXSHUYLVLRQ RI WKH JURXWLQJ SURFHVV VKDOO EH EDVHG RQ WKH GHVLJQ VSHFLILFDWLRQV 7KH VXSHUYLVLRQ
SURFHGXUH VKDOO SURYLGH GRFXPHQWDWLRQ EDVHG RQ GHWDLOHG REVHUYDWLRQ RI HDFK SKDVH RI WKH RSHUDWLRQ 7KH
GRFXPHQWDWLRQVKDOOIRUPWKHEDVLVIRUDQ\PRGLILFDWLRQVWRWKHGHVLJQVSHFLILFDWLRQV

 'XULQJ FRQVWUXFWLRQ WKH GHVLJQ DVVXPSWLRQV VKDOO EH YHULILHG DFFRUGLQJ WR WKH GDWD DFTXLUHG DQG LI
QHFHVVDU\PRGLILHG

 6XSHUYLVLRQ

 $OO JURXWLQJ ZRUN VKRXOG EH VXSHUYLVHG E\ VXLWDEO\ H[SHULHQFHG UHSUHVHQWDWLYHV IURP DOO FRQFHUQHG
SDUWLHV

 3ULRUJURXWLQJH[SHULHQFHVKDOOEHUHTXLUHGRIDOONH\SHUVRQQHO

 7KH H[HFXWLRQ RI WKH ZRUNV VKDOO EH VXSHUYLVHG FRQWLQXRXVO\ DQG DOO REVHUYDWLRQV PDGH VKDOO EH
FRPSDUHGZLWKWKHGHVLJQSDUDPHWHUVDQGDVVXPSWLRQV,IWKHREVHUYDWLRQVGLIIHUVLJQLILFDQWO\IURPWKHGHVLJQ
WKHQ WKH UHDVRQ IRU GHYLDWLRQ VKDOO EH LQYHVWLJDWHG DQG WKH GHVLJQ RU H[HFXWLRQ SDUDPHWHUV DGMXVWHG WR WKHVH
QHZFRQGLWLRQV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 7KHGHVLJQHUVVKDOOSDUWLFLSDWHLQWKHGHFLVLRQZKHQVSHFLILFDWLRQDGMXVWPHQWVDUHPDGH

 7KHVXSHUYLVLRQ RI JURXWLQJ VLWHV VKRXOG EH IDFLOLWDWHG E\ DXWRPDWLQJ WKH PL[LQJ DQG GHOLYHU\ V\VWHPV
DQGLQVWDOOLQJPHFKDQLFDODQDORJXHRUSUHIHUDEO\FRPSXWHUL]HGUHFRUGLQJGHYLFHVIRUUHDOWLPHPRQLWRULQJDQG
FRQWURORIWKHJURXWSODFHPHQWSDUDPHWHUV

 5HFRUGVVKDOOEHNHSWGXULQJWKHHQWLUHILHOGRSHUDWLRQVKRZLQJDOOGDWDSHUWDLQLQJWRHDFKSKDVHRIWKH
ZRUN

 &RPSUHKHQVLYHUHFRUGVFRYHULQJHDFKSKDVHRIWKHZRUNVKRXOGEHLQFRUSRUDWHGLQDILQDOUHSRUW

 0RQLWRULQJDQGFRQWURO

 *HQHUDO

 3ULRUWRFRPPHQFLQJZRUNDORFDWLRQDQGFRQGLWLRQVXUYH\VKRXOGEHFRQGXFWHGRQDQ\VWUXFWXUHV
DQGXWLOLWLHVOLNHO\WRIDOOZLWKLQWKHJURXWLQIOXHQFH]RQH)XUWKHUVXUYH\VVKRXOGEHPDGHDVJURXWLQJSURFHHGV

 7KH W\SH H[WHQW DQG DFFXUDF\ RI PRQLWRULQJ UHTXLUHPHQWV RQ DQG RIIVLWH VKDOO EH FOHDUO\
HVWDEOLVKHGLQSURMHFWGRFXPHQWVDQGEHIRUHZRUNFRPPHQFHVRQVLWH

 &RPSXWHUL]HGV\VWHPVVKRXOGEHXVHGWR

£ PRQLWRUWKHGULOOLQJRIERUHKROHV

£ PHDVXUHFRQWURODQGLQWHUSUHWWKHGULOOLQJSDUDPHWHUV
12:46, (c) BSI

£ PHDVXUHDQGFRQWUROWKHJURXWLQJSDUDPHWHUVRIWKHGLIIHUHQWJURXWVLQMHFWHGLQHDFKJURXWLQJVWDJH

 7KHSDUDPHWHUVZKLFKVKRXOGEHPRQLWRUHGUHFRUGHG DQG DQDO\VHG GXULQJ WKH JURXWLQJ SURFHVV


YDU\ FRQWLQXDOO\ ZLWK WLPH +HQFH WKH JURXWLQJ SURFHVV VKRXOG EH PRQLWRUHG DQG SUHIHUDEO\ FRQWUROOHG E\ D
GDWDORJJHURUILHOGFRPSXWHUWRIROORZLQUHDOWLPHWKHJURXWLQJSDUDPHWHUV

 &RPSXWHUL]HG LQIRUPDWLRQ FRQWURO VKRXOG SURYLGH KDUG FRS\ SULQWRXWV RU EDFN XS FRSLHV ZKLFK
VKRXOGEHVWRUHGLQDVDIHSODFH

 0RQLWRULQJDQGFRQWUROPHDVXUHPHQWVVKRXOGEHFDUULHGRXWDFFRUGLQJWRWKHSURMHFWUHTXLUHPHQWV
GHVLJQ 

 :KHQ GDWD ORJJHUV RU ILHOG FRPSXWHUV DUH XVHG RQ VLWH WKH GDWD VDPSOLQJ LQWHUYDOV VKRXOG EH
FKRVHQDFFRUGLQJWRWKHSURMHFWUHTXLUHPHQWV

 7RGHWHUPLQHWKHVXFFHVVRIJURXWLQJDSSURSULDWH VSHFLILHG FRQWUROWHVWVVKRXOGEHFDUULHGRXWDW


WKHHDUOLHVWSUDFWLFDOWLPHLQRUGHUWRUHDFWDVVRRQDVSRVVLEOHWRDQRPDOLHV

 7KHUHODWLYHGHYHORSPHQWRIWKHLQMHFWLRQSUHVVXUHVWKHTXDQWLW\LQMHFWHGDQGWKHIORZUDWHZLWKWLPH
VKRXOGEHUHFRUGHGIRUHDFKJURXWLQJSKDVHDQGIRURQJRLQJFRPSDULVRQDVWKHZRUNSURJUHVVHV

 (QYLURQPHQWDOLPSDFW

 $Q\ HQYLURQPHQWDO LPSDFW DVVHVVPHQW DQG HVSHFLDOO\ WKH GHFLVLRQ UHJDUGLQJ DGPLVVLEOH OLPLWV
VKRXOGEHEDVHGRQWZRODUJHO\LQGHSHQGHQWLQYHVWLJDWLRQV

£ WKHVWDWXVTXRVKRXOGEHDVVHVVHGSULRUWRVWDUWLQJDQ\ZRUNZLWKSDUWLFXODUDWWHQWLRQSDLGWRJURXQGZDWHU
FRQGLWLRQV FKHPLVWU\YHORFLW\DQGGLUHFWLRQRIJURXQGZDWHUIORZH[LVWLQJDQGSODQQHGXVHRIJURXQGZDWHU
DQGGLVWDQFHEHWZHHQZLWKGUDZDOSRLQWV 

£ WKH H[SHFWHG SROOXWLQJ HIIHFW RI WKH JURXW DQG WKH GXUDWLRQ RI SROOXWLRQ LQ FDVH RI WUDQVLWRU\ HIIHFWV OHVV
VWULQJHQW OHYHOV DUH DSSOLFDEOH  VKRXOG EH GHWHUPLQHG GLVWLQJXLVKLQJ EHWZHHQ JDVHRXV OLTXLG DQG VROLG
VWDWH

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 &RQWURORIREMHFWLYH

 7KHFRQWUROPHWKRGVFKRVHQVKDOOGHSHQGRQWKHDLPRIWKHWUHDWPHQW

 7HVWVVKRXOGEHFRQGXFWHGERWKEHIRUHDQGDIWHUJURXWLQJWRSURYLGHDQ LQGLFDWLRQ RI WKHJURXWLQJ


VXFFHVV

 7HVW PD\ LQFOXGH SHUPHDELOLW\ WHVWV PHFKDQLFDO WHVWV LQ WKH ILHOG DQG WKH ODERUDWRU\ H[FDYDWLRQ
HWF

 7KH FKRLFH RI SHUPHDELOLW\ WHVW GHSHQGV RQ WKH JURXQG FRQGLWLRQ DQG GHJUHH RI VRSKLVWLFDWLRQ
UHTXLUHG 5LVLQJ KHDG RU IDOOLQJ KHDG /HIUDQF  WHVWV DUH RIWHQ FRQGXFWHG LQ JUDQXODU VRLOV /XJHRQ WHVWV DUH
SHUIRUPHG LQ URFN /DUJH VFDOH SXPSLQJ RU LQMHFWLRQ WHVWV FDQ GHWHUPLQH WKH UHJLRQDO SHUPHDELOLW\ IRU D ODUJH
ERG\RIVRLORUURFN

 7KHGDWDUHFRUGHGGXULQJGULOOLQJPD\EHXVHGWRFKHFNZKHWKHUWKHREMHFWLYHVDUHEHLQJPHW

 0RQLWRULQJRIGLVSODFHPHQW

 $SSURSULDWH LQVWUXPHQWDWLRQ VKRXOG EH LQVWDOOHG WKDW ZLOO EH FDSDEOH RI PRQLWRULQJ JURXQG DQGRU
VWUXFWXUDO PRYHPHQWV ZLWK VXIILFLHQW DFFXUDF\ WR HQVXUH WKDW WKH\ ZLOO UHPDLQ ZLWKLQ WKH HVWDEOLVKHG WROHUDQFH
OLPLWV

 :KHUHUHTXLUHGLQVWUXPHQWDWLRQIRUPRYHPHQWPRQLWRULQJVKDOOEHLQVWDOOHGVXIILFLHQWO\LQDGYDQFH
RI WKH JURXWLQJ ZRUN WR DOORZ WKH LGHQWLILFDWLRQ RI EDFNJURXQG LQIOXHQFHV WHPSHUDWXUH YDULDWLRQV JURXQGZDWHU
IOXFWXDWLRQHWF DQGWKHUHE\WRFRPSHQVDWHIRUWKHLUHIIHFWRQIXWXUHUHDGLQJV
12:46, (c) BSI

 'ULOOLQJ

 'XULQJGULOOLQJDQXPEHURISDUDPHWHUVPD\EHUHFRUGHGDXWRPDWLFDOO\

£ UDWHRISHQHWUDWLRQ

£ IOXLGSUHVVXUH

£ IORZUDWH

£ UHIOHFWHGHQHUJ\

£ URWDWLRQDOVSHHG

£ WRUTXH

£ SXOOGRZQIRUFH

£ ERUHKROHOHQJWK

7KH LQWHUSUHWDWLRQ RI UHFRUGHG SDUDPHWHUV SURYLGHV XVHIXO LQIRUPDWLRQ ZLWK UHJDUG WR JHRORJLFDO DQG
JHRWHFKQLFDOYDULDWLRQV

 *URXW

 7KH TXDOLW\ DQG FRQVLVWHQF\ RI WKH JURXW VKDOO EH PDLQWDLQHG E\ FRQGXFWLQJ FRQWURO WHVWV ZKLFK
PRQLWRUWKHRQJRLQJFRPSOLDQFHZLWKWKHUHTXLUHGFKDUDFWHULVWLFV

 7KHJUDQXORPHWU\RIPLFURILQHVXVSHQVLRQVVKRXOGEHFRQWUROOHGDQGPRQLWRUHGWDNLQJIORFFXODWLRQ
LQWRDFFRXQW

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 2QVLWHWKHJURXWVVKDOOEHVXEMHFWHGWRDWOHDVWWKHURXWLQHFRQWUROWHVWVJLYHQLQ7DEOH

7DEOH²*URXWFRQWUROWHVWV

6XVSHQVLRQV 0LFURILQHVXVSHQVLRQV 6ROXWLRQV FKHPLFDOJURXW 0RUWDUV


'HQVLW\ 'HQVLW\ 'HQVLW\ 'HQVLW\
0DUVKYLVFRVLW\ *UDLQVL]HVDQGFROXPQ 6HWWLQJWLPH :RUNDELOLW\
WHVWV
6HWWLQJWLPH 9LVFRVLW\
%OHHGLQJ %OHHGLQJ

,QKDUGHQHGSDUWLFXODWHJURXWVWKHFRPSUHVVLYHVWUHQJWKDQGRUVKHDUVWUHQJWKVKDOOEHWHVWHG)RUWHVWLQJVHH
DOVR$QQH[$

 7KHEDWFKLQJSURFHVVVKDOOEHFRQWLQXRXVO\PRQLWRUHGDQGUHFRUGHG

 'XULQJJURXWLQJWKHJURXWFRPSRQHQWVDQGWKHTXDQWLW\SUHSDUHGVKDOOEHPRQLWRUHG

 7UDFHLQGLFDWRUVPD\EHXVHGRQWUHDWHGJURXQGLQRUGHUWRDVVHVVWKHSUHVHQFHRIJURXW

 :RUNVGRFXPHQWDWLRQ
12:46, (c) BSI

 7KHIROORZLQJGRFXPHQWVVKRXOGEHDYDLODEOHRQVLWH

£ DJHRWHFKQLFDOEDVHOLQHUHSRUWFRQWDLQLQJDOOWKHLQYHVWLJDWLYHGDWDUHOHYDQWWRWKHHVWDEOLVKPHQWRIDGHVLJQ
IRUWKHJURXWLQJZRUNV

£ DQ RUJDQL]DWLRQ FKDUW ZKLFK FOHDUO\ GHILQHV WKH GHFLVLRQ PDNLQJ UHVSRQVLELOLWLHV RI WKH NH\ SHUVRQQHO
UHSUHVHQWLQJDOOFRQFHUQHGSDUWLHV

£ D0HWKRG6WDWHPHQWZKLFKGHILQHVWKHREMHFWLYHVRIWKHJURXWLQJZRUNGHWDLOVWKHSURFHGXUHVWKDWZLOOEH
HPSOR\HG WR DFKLHYH WKDW REMHFWLYH DQG SURSRVHV PHDVXUDEOH FULWHULD WKDW ZLOO EH XVHG WR HVWDEOLVK WKH
DWWDLQPHQW RI WKH REMHFWLYH 7KH 0HWKRG 6WDWHPHQW ZLOO EH DJUHHG XSRQ E\ WKH UHVSRQVLEOH SDUWLHV DV D
EDVLVIRUFRPPHQFLQJWKHZRUNDQGFRQWDLQV

£ DSODQGHWDLOLQJDOOERUHKROHV SODQYLHZDQGVHFWLRQV H[LVWLQJVWUXFWXUHVJHRORJLFDOIRUPDWLRQVZDWHU


OHYHOVSODQQHGFRQVWUXFWLRQVDQGERXQGDULHVRIWUHDWPHQW

£ DGRFXPHQWGHWDLOLQJWKHW\SHVRIJURXWWKHHQYLVDJHGTXDQWLWLHVRIJURXWWREHLQMHFWHGSHUJURXWVWDJH
LQHDFKERUHKROHWKHVHTXHQFHRILQMHFWLRQPD[LPXPSUHVVXUHVDQGWKHLQMHFWLRQUDWHVH[SHFWHG

£ GRFXPHQWVFRQFHUQHGZLWKPRQLWRULQJRQVLWHPDLQWHQDQFHDQGIXUWKHUDFWLYLWLHVDIWHUKDQGRYHURIWKH
JURXWLQJZRUNV

 7KHIROORZLQJGRFXPHQWVVKRXOGEHSURGXFHGRQVLWH

£ DGDLO\UHFRUGRIREVHUYDWLRQVFRQFHUQLQJGULOOLQJDQGJURXWLQJ

£ DPRQWKO\UHFRUGLQGLFDWLQJWKHGDLO\SURJUHVVDQGWKHJURXWFRQVXPSWLRQ

£ DILQDOUHSRUWFRQWDLQLQJDOOSHUWLQHQWWHFKQLFDODQGTXDQWLWDWLYHGHWDLOV

£ DKDQGRYHUUHSRUWRQFRPSOHWLRQRIWKHZRUNVLQZKLFKWKHFRQFHUQHGSDUWLHVFRQILUPWKHDWWDLQPHQWRIWKH
DFFHSWDQFHFULWHULDGHILQHGLQWKH0HWKRG6WDWHPHQW

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

7KHVLWHUHSRUWVVKDOOPHQWLRQ

£ JHQHUDO

£ GDWHVRIDFWLYLWLHV

£ GULOOLQJ

£ ERUHKROH LQMHFWLRQSRLQW QXPEHUDQGSRVLWLRQOHQJWKGLDPHWHUGLUHFWLRQDQGLQFOLQDWLRQ

£ QDPHVRIGULOOHUV

£ GULOOLQJULJDQGPHWKRG

£ W\SHRIGULOOLQJIOXLG

£ ERUHKROHHTXLSPHQW HJFDVLQJVOHHYHSLSHVW\SHRIVHDOJURXWHWF 

£ VSHFLDOREVHUYDWLRQVGXULQJGULOOLQJRULQVWDOODWLRQRIHTXLSPHQW HJIOXLGORVVXQH[SHFWHGORVVRIVHDO
JURXW 

£ PL[LQJDQGLQMHFWLRQ

£ JURXWFRPSRVLWLRQV W\SHVDQGPL[LQJSURSRUWLRQV DQGFKDUDFWHULVWLFV

£ JURXWYROXPHVLQMHFWHGLQWRWKHJURXQG FRQVXPSWLRQ SUHVVXUHDQGGXUDWLRQIRUHDFKSDVV


12:46, (c) BSI

£ LQWHUDFWLRQZLWKRWKHUERUHKROHVDQGREVHUYHGOHDNDJH

£ DQ\XQXVXDOLQFLGHQWVDQGREVHUYDWLRQV

£ FRQWURO

£ VDPSOLQJRIWKHJURXWEHLQJXVHG

£ QXPEHURIVDPSOHVIRUODERUDWRU\

£ URXWLQHTXDOLW\FRQWUROV

£ QDPHVRISHUVRQQHO DQGWKHLUTXDOLILFDWLRQ 

7KHVHUHFRUGVVKDOOIRUPWKHEDVLVRIJURXWLQJFRQWURO

 $UHFRUGRIWKHJURXQGVXUIDFHOHYHOVVKDOOEHNHSWZKHQQHFHVVDU\

 7KH JURXWLQJ UHVXOWV VKRXOG EH VXPPDUL]HG E\ JUDSKLFDO PHDQV DQG E\ VWDWLVWLFDO PHDQV ZKHUH
DSSURSULDWH HJJUDSKVRISUHVVXUHDJDLQVWWLPH 

 6SHFLDOHYHQWVDQGGHFLVLRQVWDNHQERWKGXULQJGULOOLQJDQGLQMHFWLRQVKDOOEHUHFRUGHGLQILHOGORJERRNV

 *URXWLQJ UHSRUWV VKDOO EH SUHSDUHG RQ VLWH DQG VLJQHG E\ WKH UHVSRQVLEOH VLWH HQJLQHHU RU KLV
UHSUHVHQWDWLYH

 6SHFLDODVSHFWV HQYLURQPHQWVLWHVDIHW\
7KLVFKDSWHUGHDOVZLWKWKRVHDVSHFWVRIVLWHVDIHW\DQGWKHSURWHFWLRQRIWKHHQYLURQPHQWZKLFKDUHVSHFLILFWR
JURXWLQJ RSHUDWLRQV )RU JHQHUDO UXOHV FRQFHUQLQJ VLWH VDIHW\ DQG SURWHFWLRQ RI WKH HQYLURQPHQW WKH UHOHYDQW
(XURSHDQDQG1DWLRQDO6WDQGDUGVVKDOOEHFRQVXOWHGWDNHQLQWRDFFRXQW

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 3HUVRQQHOVDIHW\

 7KHVDIHW\RISHUVRQQHODQGWKLUGSDUWLHVLVRISULPHLPSRUWDQFH

 7KHIROORZLQJSRWHQWLDOSUREOHPVVKRXOGEHFRQVLGHUHGZKHQXVLQJJURXWV

£ GXVWIURPSRZGHUHGFKHPLFDOVZKLFKDUHWR[LFWRWKHVNLQH\HVRUUHVSLUDWRU\V\VWHP

£ IXPHVUHOHDVHGIURPOLTXLGJURXWPL[WXUHV

£ JURXWFRPSRQHQWVRUJURXWVZKLFKDUHKDUPIXORQFRQWDFWZLWKWKHVNLQ

£ FRQWDPLQDWLRQRIJURXQGZDWHU

£ PL[LQJRIFKHPLFDOVZKLFKFDQFDXVHH[SORVLRQ

£ GLVSRVDORIUHIXVHRUZDVWHZDWHU

 )RU DOO JURXWLQJ ZRUNV SURWHFWLYH FORWKLQJ DQG JORYHV VKDOO EH ZRUQ DW DOO WLPHV VLQFH PRVW FKHPLFDO
JURXWVFRQWDLQVRPHFRPSRQHQWVZKLFKDUHWR[LFWRWKHVNLQ)DFHPDVNVVKDOOEHDYDLODEOHIRUZRUNPHQZKR
ZRUN LQ FORVHG DUHDV ZKHUH IXPHV IURP JURXWV RU GXVW IURP JURXW FRPSRQHQWV PD\ EH EUHDWKHG 3URWHFWLYH
KHDGJHDUVKDOOEHDYDLODEOHIRUDOOZRUNPHQDWWKHVLWH6DIHW\JRJJOHVVKDOOEHDYDLODEOHIRUZRUNPHQLQDUHDV
ZKHUHJURXWLVEHLQJLQMHFWHG

 /DUJH EDWFKHV RI HSR[\ RU SRO\HVWHU UHVLQV RIWHQ JHQHUDWH VLJQLILFDQW DPRXQWV RI KHDW DQG VKRXOG
WKHUHIRUHEHKDQGOHGZLWKFDUH
12:46, (c) BSI

 (QYLURQPHQWDOSURWHFWLRQ

 (QYLURQPHQWDOLPSDFWSDUWLFXODUO\WKHWR[LFLW\RIWKHJURXWDQGWKHJURXWFRPSRQHQWVDQGWKHLUHIIHFWRQ
WKHJURXQGDQGGULQNLQJZDWHUVKRXOGEHFRQVLGHUHGEHIRUHJURXWLQJ

 :KHQ WHVWLQJ WKH JURXWLQJ PDWHULDO IRU HQYLURQPHQWDO LPSDFW WKH IROORZLQJ DVSHFWV VKRXOG EH
FRQVLGHUHG

£ ZKHWKHUGXULQJSURFHVVLQJWUDQVSRUWRUJURXWLQJVXEVWDQFHVFDQEHJHQHUDWHGRUUHOHDVHGZKLFKFRXOGEH
KD]DUGRXVWRWKHHQYLURQPHQWRUWKHJURXWLQJFUHZ

£ ZKHWKHUQR[LRXVVXEVWDQFHVFDQVSUHDGXSRQPL[LQJZLWKJURXQGZDWHU

£ ZKHWKHUUHDFWLRQSURGXFWVFDQEHSURGXFHGRUUHOHDVHGZKLFKLQIOXHQFHWKHZDWHUTXDOLW\

£ WKHW\SHRISDUWLFOHVHURGHGIURPKDUGHQHGJURXW

£ FKHPLFDOUHDFWLRQVEHWZHHQKDUGHQHGJURXWDQGWKHJURXQGZDWHU

 (QYLURQPHQWDOLPSDFWULVNVRQVLWHLQFOXGH

£ LQGXFHGJURXQGPRYHPHQW

£ FKDQJHVRIJURXQGZDWHUOHYHO

£ VSUHDGLQJRIJURXW

£ SROOXWLRQRIJURXQGZDWHU

£ DULDOGLVWULEXWLRQ GXVW 

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 $UUDQJHPHQWV IRU GLVSRVDO RI H[FHVV JURXW VKRXOG EH PDGH EHIRUH WKH JURXWLQJ RSHUDWLRQ EHJLQV
$GYDQFHFRQVLGHUDWLRQVKRXOGDOVREHJLYHQWR

£ YHQWLODWLRQLQFRQILQHGVSDFHV

£ FDWFKWUD\VEHORZJURXWSXPSV

£ LVRODWLRQRIIODPPDEOHPDWHULDOV

£ XVHGZDWHUFROOHFWLRQ
12:46, (c) BSI

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

$QQH[$
LQIRUPDWLYH

0HDVXUHPHQWRIJURXWSDUDPHWHUV

7DEOH$SUHVHQWVWKHPHDVXULQJFRQGLWLRQVPHDVXULQJGHYLFHVWHVWSURFHGXUHVDQGXQLWVIRUPHDVXULQJWKH
SULQFLSDOJURXWSDUDPHWHUV
12:46, (c) BSI

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
12:46, (c) BSI

3DJH
(1

7DEOH$²0HDVXUHPHQWRIJURXWSDUDPHWHUV
3DUDPHWHU 8QLW 0HDVXULQJDSSDUDWXVPHWKRG $SSOLFDWLRQ 6ROXWLRQ 6XVSHQVLRQ 0RUWDU 5HPDUN
 2XWIORZWLPH >V@ 0DUVKFRQH IXQQHOGLDPHWHU PP  ODEDQGVLWH 1$ $ $ VHH5
&RQHYLVFRVLW\ 2WKHUIORZFRQHV GLDPHWHU PP
 9LVFRVLW\ G\QDPLFRUDSSDUHQW >3DÂV@ &RD[LDOYLVFRPHWHU ODE $ $ 1$ VHH5
5KHRPHWHUV ODEDQGVLWH DQG5
 'HQVLW\  3\FQRPHWHU ODEDQGVLWH $ $ $
>NJP @
%HDNHU
%DURwGPXGEDODQFH
 &RKHVLRQ<LHOG6KHDUVWUHQJWK >3D@ &RD[LDOYLVFRPHWHU5KHRPHWHU ODE 1$ $ 1$ VHH5
3ODWHFRKHVLRQPHWHU ODEDQGVLWH
.DVXPHWHU6KHDURPHWHU
 :DWHUUHWHQWLRQFDSDFLW\  %DURwGILOWHUSUHVV ORZSUHVVXUH ODEDQGVLWH 1$ $ $
>P @
 %OHHGLQJUDWH6HGLPHQWDWLRQ   0HDVXULQJF\OLQGHU ODEDQGVLWH 1$ $ $ VHH5
>@RU>P P @IRUKU
 :RUNDELOLW\ >PP@ $EUDPVFRQH ODEDQGVLWH 1$ 1$ $ VHH5
 6HWWLQJWLPH >V@ 2YHUWXUQHGJODVVEHDNHU9LFDWQHHGOH ODEDQGVLWH $ $ $ VHH5
 +DUGHQLQJWLPH >V@ 9DQHWHVW ODEDQGVLWH $ $ $ VHH5
6KHDUER[
8QFRQILQHGFRPSUHVVLRQWHVW
+DUGHQLQJ 8QFRQILQHGFRPSUHVVLRQWHVWZLWK ODE $ $ $ VHH5
'HIRUPDWLRQ VWUHVVVWUDLQUHFRUG
)LQDOVWUHQJWK 7ULD[LDOWHVW3RLQWORDGWHVWV
 'XUDELOLW\ 0HFKDQLFDOIORZWHVW $ $ $ VHH5
&KHPLFDO
 7KL[RWURS\ 5KHRPHWHU9LVFRPHWHU+\GURPHWHU ODE 1$ $ 1$ VHH5
 6\QHUHVLV >9RO@ 9ROXPHRIZDWHUH[SHOOHGIURPVDPSOHZLWK ODE $ 1$ 1$ VHH5
WLPH
 6KULQNDJHH[SDQVLRQ >@RIYROOHQJWK 6KULQNDJHOLPLWGHWHUPLQDWLRQ ODEDQGVLWH $ $ $ VHH5
 *UDQXORPHWU\ 3DUWLFOHVL]HPHDVXUHPHQW ODEDQGVLWH 1$ $ $ VHH5
 3HQHWUDELOLW\ *URXWLQJWHVW VLWH $ $ 1$ VHH5
6DQGFROXPQWHVW ODE
1$ QRWDSSOLFDEOHQRWJHQHUDOO\XVHG$ DSSOLFDEOH

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

5 7KHUKHRORJLFDOSURSHUWLHVRIDJURXWPD\EHGHWHUPLQHGZLWKWKHIROORZLQJHTXLSPHQW

£ IORZFRQH YLVFRVLW\ 

£ URWDU\YLVFRPHWHU YLVFRVLW\DQGFRKHVLRQ 

£ GLSSLQJSODWHRUSLSHEDOOKDUSNDVXPHWHU FRKHVLRQ 

7KHDLUWHPSHUDWXUHWKHWHPSHUDWXUHRIWKHJURXWWKHGLPHQVLRQVRIWKHIORZFRQHWKHILOOKHLJKWDQGWKHRXWIORZ
YROXPHVKDOOEHVWDWHG7KHYDOXHREWDLQHGLVDIXQFWLRQRIYLVFRVLW\DQGFRKHVLRQDQGLWVKRXOGEHQRWHGWKDW
GLIIHUHQWFRPELQDWLRQVRIYLVFRVLW\DQG\LHOGSRLQWFDQUHVXOWLQWKHVDPHRXWIORZWLPH

0RUWDUVXVHGIRUFRPSDFWLRQJURXWLQJDUHQRWFRQFHUQHG

5 7KHDLUWHPSHUDWXUHDQGWKHWHPSHUDWXUHRIWKHJURXWVKDOOEHVWDWHG7KHYLVFRVLW\PD\EHGHWHUPLQHGIRU
D JLYHQ URWDWLRQDO YHORFLW\ RU WRUTXH 7RUTXH FRQWUROOHG URWDU\ YLVFRPHWHUV VKRXOG EH HPSOR\HG WR DVVHVV WKH
IORZ SURSHUWLHV DW ORZ YHORFLWLHV DQG KHQFH WKH SHQHWUDELOLW\ RI WKH JURXW :KHUH FRD[LDO YLVFRPHWHUV DUH QRW
DYDLODEOHRQVLWHDFRUUHODWLRQZLWKFRQHYDOXHVSUHYLRXVO\HVWDEOLVKHGLQWKHODERUDWRU\PD\EHXVHG

5 7KHGHVLJQVKDOOVSHFLI\WKHDSSDUDWXVWREHXVHGDQGWKHYDOXHVWREHDFKLHYHG

5KHRPHWHUVXVHGIRUFRKHVLRQPHDVXUHPHQWVVKRXOGEHWRUTXHFRQWUROOHG

5 7KHGHVLJQVKDOOVSHFLI\WKHSUHVVXUHDQGGXUDWLRQRIWKHWHVW

5 7KH EOHHGLQJ VHGLPHQWDWLRQ  UDWH VKDOO EH GHWHUPLQHG LQ D F\OLQGHU RI   PO YROXPH ZLWK DQ LQQHU
12:46, (c) BSI

GLDPHWHURIPP

5 7KHWHVWLQJPHWKRGVKDOOIROORZ(1,62DQGSU(1

5 7KH VHWWLQJ WLPH LV ERWK WHPSHUDWXUH DQG YROXPH GHSHQGHQW $FFRUGLQJ WR WKH JURXWLQJ DSSOLFDWLRQ DQG
WKHJURXWW\SHGLIIHUHQWWHVWVDUHXVHGWRFKDUDFWHUL]HWKLVSURSHUW\

£ WLOWLQJRULQYHUWLQJWKHWHVWF\OLQGHUDQGQRWLQJZKHQWKHJURXWQRORQJHUEHKDYHVDVDOLTXLG

£ VKDNLQJWKHWHVWUHFHSWDFOHVOLJKWO\WRVHHLIWKHJURXWRUJHOFRPHVDZD\IURPWKHVLGHV

£ FDUU\LQJRXWDVFDOHGGRZQSHQHWUDWLRQWHVWZLWKIRUH[DPSOHWKH9LFDWQHHGOH

7KHDSSDUDWXVWREHXVHGDQGWKHYDOXHVWREHDFKLHYHGVKDOOEHVWDWHGLQWKHGHVLJQ

5 7KHKDUGHQLQJWLPHVKDOOEHGHILQHGLQUHODWLRQWRDGHVLJQVWUHQJWKYDOXH7KHGHVLJQVKDOOVSHFLI\WKH
GLPHQVLRQVRIWKHVDPSOHVWREHWHVWHGDQGWKHFRQGLWLRQVRIWHVWLQJ UDWHRIVWUHVVDSSOLFDWLRQHWF 

5 7KHGHVLJQVKDOOVSHFLI\WKHGLPHQVLRQVRIWKHVDPSOHVWREHWHVWHGDQGWKHFRQGLWLRQVRIWHVWLQJ UDWHRI


VWUHVVDSSOLFDWLRQHWF 

5 7KHFKHPLFDODQGPHFKDQLFDOGXUDELOLW\RIDJURXWDQGWKHKDUGHQHGJURXWVKDOOEHLQYHVWLJDWHGXQGHUWKH
LQVLWXFRQGLWLRQVRIS+

7KHPHFKDQLFDOVWDELOLW\FDQEHGHWHUPLQHGLQDIORZWHVWZKHUHE\ZDWHUIORZVWKURXJKDERUHLQDVDPSOHRI
KDUGHQHGJURXWDQGWKHDPRXQWRIPDWHULDOFROOHFWHGLQDFRQWDLQHULVZHLJKHGDIWHUWKHWHVW

7KHFKHPLFDOVWDELOLW\FDQEHGHWHUPLQHGE\DJULQGLQJWHVWZKHUHE\WKHVSHFLPHQLVILQHO\JURXQGNHSWIRUD
IHZGD\VLQWKHDJJUHVVLYHJURXQGZDWHUDQGWKHYROXPHPHDVXUHGDWWKHHQG

5 )RUGHWHUPLQLQJWKHWKL[RWURS\WKHUKHRPHWHUVKDOODOORZUHFRUGLQJRIWZRFRQWLQXRXVFXUYHV

5 7KLVWHVWLVDSSOLFDEOHIRUVRGLXPVLOLFDWHJHOV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

5 5HIHUWRQDWLRQDOVWDQGDUGVIRUWKHGHWHUPLQDWLRQRIVKULQNDJHOLPLWVDQGH[SDQVLRQ

5 7KLV SDUDPHWHU LV RI SULPH LPSRUWDQFH ZKHQ XVLQJ PLFURILQH SURGXFWV 7KH LQFUHDVH LQ VL]H RI JURXW
SDUWLFOHVGXHWRK\GUDWLRQVKDOOEHWDNHQLQWRDFFRXQWZKHQFRQVLGHULQJWKHSDUWLFOHVL]HGLVWULEXWLRQFXUYHVRI
JURXWLQJFRQVWLWXHQWV

5 3HQHWUDELOLW\WHVWVPD\VHUYHWRGHPRQVWUDWHWKHDELOLW\RIDJLYHQJURXWWRSHQHWUDWHDJLYHQJURXQGRUDV
DPHDQVRITXDOLW\FRQWURO$QH[DPSOHRISHQHWUDELOLW\WHVWVLVJLYHQLQWKH)UHQFK6WDQGDUG1)3
12:46, (c) BSI

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

$QQH[%
LQIRUPDWLYH

*ORVVDU\

7KHIROORZLQJJORVVDU\FRQWDLQVGHILQLWLRQVRIWHUPVZKLFKDUHRILPSRUWDQFHLQWKHILHOGRIJURXWLQJDQGZKLFK
DUHRIWHQVXEMHFWWRGLVFXVVLRQDQGPLVXQGHUVWDQGLQJ,WVXSSOHPHQWVWKHGHILQLWLRQVLQFODXVH

$FWLRQUDGLXVWKHRUHWLFDOGLVWDQFHWUDYHOOHGE\WKHJURXWIURPWKHLQMHFWLRQSRLQW

$GGLWLYH $GPL[WXUH  DQ\ JURXW LQJUHGLHQW HJ OLTXLILHUV VWDELOL]HUV  RWKHU WKDQ WKH EDVLF FRPSRQHQWV RI D
JURXW PL[ ZDWHU DJJUHJDWHV RU FHPHQWLWLRXV PDWHULDO  ZKLFK LV XVHG WR PRGLI\ WKH OLTXLG DQG VROLG VWDWH
SURSHUWLHVRIWKHJURXW

$JLWDWRUWDQNDWDQNZLWKURWDWLRQSDGGOHVXVHGWRSUHYHQWVHJUHJDWLRQRIJURXWDIWHUSUHSDUDWLRQ

$UHDJURXWLQJVHH%ODQNHWJURXWLQJ

$VFHQGLQJJURXWLQJVHH8SVWDJHJURXWLQJ

%DWFKTXDQWLW\RIJURXWPL[HGDWRQHWLPH

%HQWRQLWH D FOD\ FRPSRVHG SULQFLSDOO\ RI PLQHUDOV RI WKH PRQWPRULOORQLWH JURXS FKDUDFWHUL]HG E\ KLJK ZDWHU
12:46, (c) BSI

DGVRUSWLRQDQGDYHU\ODUJHYROXPHFKDQJHXSRQVDWXUDWLRQRUGU\LQJ7KH\DUHFOD\VZLWKDFRQWHQWRIVZHOODEOH
VPHFWLWHVRIDWOHDVWDQGDZDWHUDEVRUSWLRQFDSDFLW\RIPRUHWKDQ$GLVWLQFWLRQLVPDGHEHWZHHQ
QDWXUDOVRGLFFDOFLFPRGLILHGDQGDFWLYDWHGEHQWRQLWHV

%HQWRQLWHFHPHQWJURXWDJURXWKDYLQJEHQWRQLWHFHPHQWDQGZDWHUDVLWVEDVLFLQJUHGLHQWV

%LQGHUDVXEVWDQFHZKLFKFDXVHVFRKHVLRQLQORRVHO\DVVHPEOHGVXEVWDQFHV

%LQJKDPIOXLGDVXEVWDQFHZKLFKSRVVHVVHVERWKYLVFRVLW\DQGFRKHVLRQ

%ODQNHW RUDUHD JURXWLQJWKHFUHDWLRQRIDJURXWHGPDVVZKRVHODWHUDOGLPHQVLRQVJUHDWO\H[FHHGLWVGHSWK

%OHHGLQJWKHDXWRJHQRXVIORZRIPL[LQJZDWHUZLWKLQRULWVHPHUJHQFHIURPQHZO\SODFHGJURXW

%OHHGLQJUDWHWKHUDWHDWZKLFKZDWHULVUHOHDVHGIURPJURXWE\EOHHGLQJ

%RQGLQJ ERQG VWUHQJWKVWUHQJWKGHYHORSHGEHWZHHQWKHJURXWDQGLWVKRVWPDWHULDO

&DVLQJDOLQLQJWXEHXVHGWRVXSSRUWXQVWDEOHJURXQGGXULQJGULOOLQJ

&HPHQWJURXWDJURXWLQZKLFKWKHSULPDU\ERQGLQJDJHQWLVFHPHQW

&KHPLFDO JURXW DQ\ JURXWLQJ PDWHULDO FKDUDFWHUL]HG E\ EHLQJ D VROXWLRQ LH KDYLQJ QR SDUWLFOHV RWKHU WKDQ
LPSXULWLHV LQVXVSHQVLRQV

&LUFXLWJURXWLQJDJURXWLQJPHWKRGZKHUHJURXWLVVXSSOLHGWRDKROHRUJURXSRIKROHVOHDYLQJH[FHVVJURXW
WUDYHOOLQJEDFNWKURXJKDUHWXUQOLQHLQWRDKROGLQJWDQN

&LUFXODWLRQJURXWLQJDJURXWLQJPHWKRGE\ZKLFKJURXWLVFLUFXODWHGWKURXJKDSLSHH[WHQGLQJWRWKHERWWRPRI
WKHKROHDQGEDFNXSWKHKROHYLDWKHDQQXODUVSDFHRXWVLGHWKHSLSH7KHH[FHVVJURXWLVGLYHUWHGEDFNWRWKH
DJLWDWRU WDQN 7KH PHWKRG LV XVHG ZKHUH KROHV WHQG WR FDYH DQG VORXJKLQJ PDWHULDO PLJKW RWKHUZLVH FORJ
RSHQLQJVWREHJURXWHG

&ODTXDJHRU&ODTXDJHJURXWLQJVHH+\GUDXOLFIUDFWXULQJLQ'HILQLWLRQV )UHQFKWHUPLQRORJ\

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

&RHIILFLHQW RI SHUPHDELOLW\ K\GUDXOLF FRQGXFWLYLW\  WKH UDWH RI GLVFKDUJH RI ZDWHU XQGHU FRQGLWLRQV RI
ODPLQDU IORZ WKURXJK D XQLW FURVVVHFWLRQDO DUHD RI D SRURXV PHGLXP XQGHU D XQLW K\GUDXOLF JUDGLHQW DQG
VWDQGDUG WHPSHUDWXUH FRQGLWLRQV XVXDOO\  ƒ& ,QWULQVLF SHUPHDELOLW\ N LV D SURSHUW\ RI WKH PDWHULDO DQG
PHDVXUHGLQ>P@+\GUDXOLFFRQGXFWLYLW\LVPHDVXUHGDVWKHSURSRUWLRQDOLW\FRQVWDQW.EHWZHHQIORZYHORFLW\
YDQGK\GUDXOLFJUDGLHQWLDQGKDVXQLWVRI>PV@

Ë J ™ r Û
Y = . ™L = N ÌÌ ÜÜ™L
Í h Ý

&RKHVLRQVHH)LJXUH%

&ROORLGDVXEVWDQFHFRQVLVWLQJRIYHU\VPDOOSDUWLFOHVGLVSHUVHGLQDFRQWLQXRXVPHGLXP$FROORLGDOSDUWLFOHLV
JHQHUDOO\DFFHSWHGDVKDYLQJDVL]HEHWZHHQDQGcQJVWU|P

&ROORLGDOJURXWDJURXWZLWKDQDUWLILFLDOO\LQGXFHGFRKHVLYHQHVVLQZKLFKWKHVROLGSDUWLFOHVRUODUJHPROHFXOHV
FROORLGV DUHWRWDOO\GLVSHUVHGDQGUHPDLQLQVXVSHQVLRQLHDJURXWPL[WXUHWKDWGRHVQRWVHJUHJDWHRUEOHHG

&RPSDFWLRQJURXWLQJVHH'HILQLWLRQV

&RPSHQVDWLRQ JURXWLQJ D WHUP HPSOR\HG IRU FRQWUROOHG GLVSODFHPHQW JURXWLQJ ZLWK WKH DLP WR FRXQWHUDFW
JURXQGVHWWOHPHQWLQGXFHGE\H[FDYDWLRQZRUNV7KLVWHUPUHIHUVWRDQXPEHURIJURXWLQJPHWKRGV

&RQVLVWHQF\WKHUHODWLYHPRELOLW\RUDELOLW\RIIUHVKO\PL[HGPRUWDURUJURXWWRIORZ7KHXVXDOPHDVXUHPHQWV
DUHVOXPSIRUVWLIIPL[WXUHVDQGIORZIRUPRUHIOXLGJURXWV

&RQVROLGDWLRQJURXWLQJWKLVWHUPUHIHUVWRVHYHUDOLQMHFWLRQPHWKRGVLQFOXGLQJLPSUHJQDWLRQILVVXUHJURXWLQJ
12:46, (c) BSI

EXONILOOLQJK\GUDXOLFIUDFWXULQJDQGFRPSDFWLRQJURXWLQJZKHUHE\WKHDLPLVWRVWUHQJWKHQWKHVRLORUURFNPDVV

&RQWDFWJURXWLQJVHH'HILQLWLRQV

&RQWLQXRXV PL[LQJ D SURFHVV LQ ZKLFK WKH LQJUHGLHQWV RI WKH PL[WXUH DUH IHG ZLWKRXW LQWHUUXSWLRQ DQG IURP
ZKLFKWKHPL[HGSURGXFWLVGLVFKDUJHGLQDFRQWLQXRXVVWUHDP

&RYHUVHH2YHUEXUGHQ

'Q GQ WKH ODUJHVW VL]H RI WKH VPDOOHVW Q RI VRLO JUDLQV DQG WKH ODUJHVW VL]H RI WKH VPDOOHVW Q RI JURXW
SDUWLFOHV

'HJUHHRIVHWWOLQJVHH6HGLPHQWDWLRQUDWH

'HVLJQVWUHQJWKWKHVWUHQJWKUHTXLUHGWRIXOILOWKHGHVLJQUHTXLUHPHQWVIRUWKHJURXWRUJURXWHGJURXQG

'LVSODFHPHQWJURXWLQJVHH'HILQLWLRQV

'RXEOH SDFNHU D GHYLFH FRQVLVWLQJ RI D SDLU RI VHDOV SDFNHUV  ILWWHG WR D JURXWLQJ SLSH DW D SUHGHWHUPLQHG
GLVWDQFHDSDUWXVHGWROLPLWJURXWLQMHFWLRQWRWKHJURXQGEHWZHHQWKHWZRSDFNHUVLHWKHSDFNHGRIIOHQJWKRU
VWDJH

'RZQVWDJH 'HVFHQGLQJVWDJH JURXWLQJDJURXWLQJWHFKQLTXHZKHUHDJLYHQGLVWDQFH VWDJH LVGULOOHGDQG


JURXWHGEHIRUHWKHERUHKROHLVDGYDQFHGE\IXUWKHUGULOOLQJRUSDFNHUVDUHHPSOR\HGWRVWDUWJURXWLQJDWWKHWRS
RIWKHERUHKROHDQGDGYDQFHWKHJURXWLQJSURFHVVSURJUHVVLYHO\GRZQWKHKROH

'XUDELOLW\UHVLVWDQFHWRPHFKDQLFDODQGFKHPLFDODWWDFN0HFKDQLFDOGXUDELOLW\LVXVXDOO\PHDVXUHGE\HLWKHU
VODNHGXUDELOLW\WHVWVRUIORZGXUDELOLW\WHVWVGXULQJZKLFKJURXQGZDWHULVIORZQWKURXJKDERUHLQDVSHFLPHQRI
FHPHQWHG KRVW PDWHULDO &KHPLFDO GXUDELOLW\ WHVWV DUH XVXDOO\ FRQGXFWHG RQ JURXQG VDPSOHV RI WKH FHPHQWHG
KRVWPDWHULDOZKLFKDUHNHSWLQWKHJURXQGZDWHU

(IIHFWLYHSUHVVXUHVHH'HILQLWLRQV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

(PXOVLILHUDVXEVWDQFHWKDWPRGLILHVWKHVXUIDFHWHQVLRQRIFROORLGDOGURSOHWVNHHSLQJWKHPIURPFRDOHVFLQJ
DQGNHHSLQJWKHPVXVSHQGHG

(PXOVLRQDV\VWHPFRQWDLQLQJGLVSHUVHGFROORLGDOGURSOHWV

(SR[\ JURXW UHVLQ  D PXOWLFRPSRQHQW UHVLQ JURXW WKDW XVXDOO\ H[KLELWV YHU\ KLJK WHQVLOH FRPSUHVVLYH DQG
ERQG DGKHVLYH VWUHQJWKV

)DOVHVHWWKHUDSLGGHYHORSPHQWRIULJLGLW\LQDIUHVKO\PL[HGJURXWZLWKRXWWKHHYROXWLRQRIPXFKKHDW6XFK
ULJLGLW\FDQEHGLVSHOOHGDQGSODVWLFLW\FDQEHUHJDLQHGE\IXUWKHUPL[LQJZLWKRXWWKHDGGLWLRQRIZDWHU3UHPDWXUH
VWLIIHQLQJKHVLWDWLRQVHWHDUO\VWLIIHQLQJDQGUXEEHUVHWDUHRWKHUWHUPVWKDWUHIHUWRWKHVDPHSKHQRPHQRQ

)LOOHUDQLQHUWPDWHULDODGGHGWRDJURXWWRPRGLI\LWVSURSHUWLHVRUWRUHSODFHDFRPSRQHQW

)LOPWLPHVHH6HWWLQJWLPH

)LOWHUFDNHDFRQFHQWUDWHGVROLGRUVHPLVROLGPDWHULDOWKDWLVVHSDUDWHGIURPDOLTXLGDQGUHPDLQVRQWKHILOWHU
DIWHUSUHVVXUHILOWUDWLRQ

)LOWHUSUHVVDQLQVWUXPHQWXVHGIRUPHDVXULQJWKHILOWHUORVVFKDUDFWHULVWLFVRIDJURXW

)LOWUDWLRQZDWHUTXDQWLW\RIZDWHUZKLFKFRPHVRXWRIDJURXWLQDJLYHQWLPHGXULQJDILOWUDWLRQWHVW

)LQDOVHWDGHJUHHRIVWLIIHQLQJRIDJURXWPL[WXUHJUHDWHUWKDQWKHLQLWLDOVHWJHQHUDOO\VWDWHGDVDQHPSLULFDO
YDOXHLQGLFDWLQJWKHWLPHLQKRXUVDQGPLQXWHVWKDWLVUHTXLUHGIRUFHPHQWSDVWHWRVWLIIHQVXIILFLHQWO\WRUHVLVWWKH
SHQHWUDWLRQRIDZHLJKWHGWHVWQHHGOH
12:46, (c) BSI

)LVVXUHJURXWLQJVHH'HILQLWLRQV

)ODVKVHWWKHUDSLGGHYHORSPHQWRIULJLGLW\LQDIUHVKO\PL[HGJURXWXVXDOO\ZLWKWKHHYROXWLRQRIFRQVLGHUDEOH
KHDW 7KLV ULJLGLW\ FDQQRW EH GLVSHOOHG QRU FDQ WKH SODVWLFLW\ EH UHJDLQHG E\ IXUWKHU PL[LQJ ZLWKRXW DGGLWLRQ RI
ZDWHUDOVRUHIHUUHGWRDVTXLFNVHWRUJUDEVHW

)ORZ FRQH D GHYLFH IRU PHDVXUHPHQW RI JURXW FRQVLVWHQF\ LQ ZKLFK D SUHGHWHUPLQHG YROXPH RI JURXW LV
SHUPLWWHGWRHVFDSHWKURXJKDSUHFLVHO\VL]HGRULILFHWKHWLPHRIHIIOX[ IORZIDFWRU EHLQJXVHGDVWKHLQGLFDWLRQ
RIFRQVLVWHQF\

)ORZUDWHWKHYROXPHRIIOXLG JURXW SDVVLQJWKURXJKDXQLWDUHDSHUXQLWWLPH

)OXLGLILHUDQDGGLWLYHZKLFKLPSURYHVWKHIORZFKDUDFWHULVWLFVRIDJURXW

)O\DVKDILQHUHVLGXDOSURGXFWGHULYHGIURPWKHFRPEXVWLRQRIJURXQGRUSRZGHUHGFRDO6LPLODUWR3XOYHUL]HG
IXHODVK

)RDPIRDPVXVHGLQJURXWLQJDUHVROLGVWUXFWXUHVHQFDSVXODWLQJDLUXVXDOO\LQFORVHGSRUHV7KH\DUHREWDLQHG
HLWKHUE\LQMHFWLQJDJDVLQWRDJURXWRUE\DUHDFWLRQEHWZHHQWKHJURXWDQGWKHJURXQGZDWHUZKLFKOLEHUDWHVD
JDV

)UDFWXULQJVHH+\GUDXOLFIUDFWXULQJ

*HOWKHFRQGLWLRQZKHUHDOLTXLGJURXWEHJLQVWRH[KLELWPHDVXUDEOHVKHDUVWUHQJWK$FROORLGDOPDWHULDOLQZKLFK
WKHGLVSHUVHGVXEVWDQFHVIRUPDFRQWLQXRXVEUDQFKLQJFRKHVLYHQHWZRUN,WPD\FRQWDLQDSURSRUWLRQRIOLTXLG
EXW SRVVHVVHV VRPH SURSHUWLHV RI D VROLG 6RPH JHOV FDQ EH UHWXUQHG WR WKH OLTXLG SKDVH E\ GLVWXUEDQFH RU
PL[LQJDQGZLOOWKHUHDIWHUUHIRUPDVDJHODJDLQ VHH7KL[RWURS\

*HOVWUHQJWKWKHVKHDUVWUHQJWKRIDJHO7KLVPD\EHPHDVXUHGDWDIL[HGWLPHLQWHUYDODIWHUPL[LQJRUEUHDNLQJ
XSRIDJHORUZKHQWKHJHOKDVIXOO\GHYHORSHG

*HOWLPHWKHPHDVXUHGWLPHLQWHUYDOEHWZHHQWKHPL[LQJRIDJURXWDQGWKHIRUPDWLRQRIDJHO

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

*,1 PHWKRG *,1 VWDQGV IRU *URXWLQJ ,QWHQVLW\ 1XPEHU 7KH PHWKRG DSSOLHG LQ URFN JURXWLQJ XVHV WKLV
QXPEHU DV D SDUDPHWHU IRU OLPLWLQJ JURXWLQJ DSSOLFDWLRQV QRWDEO\ LQ ILVVXUHV WR D PD[LPXP JLYHQ *,1 YDOXH
7KLV YDOXH LV REWDLQHG E\ PXOWLSO\LQJ WKH LQMHFWHG JURXW YROXPH LQ OLWUHV  E\ WKH HIIHFWLYH JURXWLQJ SUHVVXUH
LQEDU SHUPHWHURIERUHKROH

*UDLQ VL]H GLVWULEXWLRQ WKH GLVWULEXWLRQ E\ ZHLJKW RI WKH JUDLQ VL]HV RI D PHGLXP XVXDOO\ H[SUHVVHG DV D
FXPXODWLYHSHUFHQWDJH

*UDYLW\JURXWLQJVHH'HILQLWLRQV

*URXWVHH'HILQLWLRQV

*URXWDELOLW\WKHDELOLW\RIDJURXQGWRDFFHSWJURXW

*URXWDELOLW\UDWLRWKHJURXWDELOLW\UDWLR*5H[SUHVVHVWKHUHODWLRQVKLSEHWZHHQWKHSDUWLFOHVL]HRIWKHJURXW
VXVSHQVLRQW\SHJURXW DQGWKHJUDLQVL]HRIWKHVRLOWREHJURXWHG7KHUDWLRV*5 'GRU*5 'GDUH
XVHGZKHUH'[ WKHVL]HZKLFK[RIWKHVRLOSDUWLFOHVDUHVPDOOHUWKDQG\ WKHVL]HZKLFK\RIWKHJURXW
SDUWLFOHVDUHVPDOOHUWKDQ

*URXWFXUWDLQDJURXWHGPDVVZKRVHYHUWLFDOGLPHQVLRQVJUHDWO\H[FHHGWKHZLGWK

*URXWLQJ,QWHQVLW\1XPEHU *,1 WKHSURGXFWRISUHVVXUHDQGLQMHFWHGJURXWYROXPH6HH*,10HWKRG

*URXWLQJSUHVVXUHVHH'HILQLWLRQV

*URXWLQJ WULDO  WHVW WHVW LQMHFWLRQ SULRU WR JURXWLQJ RSHUDWLQJ WR DVVHVV WKH JURXWDELOLW\ RI D JURXQG RU WKH
12:46, (c) BSI

DSSURSULDWHQHVVRIDJLYHQJURXWW\SH

*URXW PL[ WKH FRQVWLWXHQWV RI D PL[WXUH QRUPDOO\ H[SUHVVHG E\ ZHLJKW RU YROXPH RU DV D SURSRUWLRQ RI WKH
TXDQWLW\RIZDWHURURWKHUPDMRUFRQVWLWXHQWV

*URXWWDNHWKHPHDVXUHGTXDQWLW\RIJURXWLQMHFWHGLQWRDXQLWYROXPHRIJURXQGRUDXQLWOHQJWKRIJURXWKROH
RUDFRPSOHWHKROH

+DUGHQHULQDWZRFRPSRQHQWFKHPLFDOJURXWWKHFRPSRQHQWWKDWFDXVHVWKHEDVHFRPSRQHQWWRFXUH

+DUGHQLQJLQFUHDVHLQVWUHQJWKRIDJURXWDIWHUVHWWLQJ

+DUGHQLQJWLPHWKHWLPHIRUDJURXWWRUHDFKLWVGHVLJQVWUHQJWK

+\GUDWLRQ WKH IRUPDWLRQ RI D FRPSRXQG E\ LQFRUSRUDWLRQ RI PROHFXODU ZDWHU LQWR D FRPSOH[ PROHFXOH ZLWK
PROHFXOHVRUXQLWVRIRWKHUVSHFLHV

+\GUDXOLFELQGHUILQHO\JURXQGLQRUJDQLFPDWHULDOZKLFKZKHQPL[HGZLWKZDWHUIRUPVDSDVWHZKLFKVHWVDQG
KDUGHQVE\PHDQVRIK\GUDWLRQDQGZKLFKUHWDLQVDIWHUKDUGHQLQJLWVVWUHQJWKDQGVWDELOLW\HYHQXQGHUZDWHU

+\GUDXOLFIUDFWXULQJ IUDFWXUH VHH'HILQLWLRQV

+\GURIUDFWXUHVHH+\GUDXOLFIUDFWXUH7HUPQRWUHFRPPHQGHG

+\GURVWDWLFKHDGWKHIOXLGSUHVVXUHH[SUHVVHGDVDQHTXLYDOHQWKHLJKWRIZDWHUDERYHDJLYHQOHYHO

,PSUHJQDWLRQVHH3HUPHDWLRQLQ'HILQLWLRQV

,QLWLDOVHWDGHJUHHRIVWLIIHQLQJRIDJURXWPL[WXUHJHQHUDOO\VWDWHGDVDQHPSLULFDOYDOXHLQGLFDWLQJWKHWLPHLQ
KRXUVDQGPLQXWHVWKDWLVUHTXLUHGIRUFHPHQWSDVWHWRVWLIIHQVXIILFLHQWO\WRUHVLVWWKHSHQHWUDWLRQRIDZHLJKWHG
WHVWQHHGOH

,QMHFWLRQVHH'HILQLWLRQV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

,QMHFWLRQYDOYHRSHQLQJVDORQJWKHLQMHFWLRQVWULQJRIDVOHHYHSLSHXVXDOO\FRYHUHGE\DIOH[LEOHVOHHYHWKH
ZKROHRIZKLFKDFWVDVYDOYHV

-HW JURXWLQJ D SURFHVV FRQVLVWLQJ RI WKH GLVDJJUHJDWLRQ RI WKH VRLO RU ZHDN URFN  DQG LWV PL[LQJ ZLWK DQG
SDUWLDOUHSODFHPHQWE\DFHPHQWLQJDJHQW7KHGLVDJJUHJDWLRQLVDFKLHYHGE\DKLJKHQHUJ\MHWRIDIOXLGZKLFK
FDQEHWKHFHPHQWLQJDJHQWLWVHOI

.DVXPHWHULQVWUXPHQWIRUPHDVXULQJWKH\LHOGSRLQW

/D\HUKDUGHQLQJWLPHVHH6HWWLQJWLPH

/HIUDQF WHVW LQ VLWX IDOOLQJ KHDG SHUPHDELOLW\ WHVW ZKHUH WKH GHYHORSPHQW RI D ZDWHU OHYHO LQ D VWDQGSLSH LV
REVHUYHGWRFDOFXODWHWKHSHUPHDELOLW\

/XJHRQ YDOXH D UHODWLYH XQLW RI WUDQVPLVVLYLW\ UHSUHVHQWLQJ WKH DEVRUSWLRQ RI D ZDWHU IORZ RI
RQHOLWUHSHUPLQXWHSHUPHWUHRIDPPGLDPHWHUERUHKROHDWDSUHVVXUHRI03DLQURFN

0DUVKIXQQHOVHH)ORZFRQH

0DUVKYLVFRVLW\YLVFRVLW\WHVWVDUHFDUULHGRXWZLWKWKH0DUVKFRQH7KHGXUDWLRQRIIORZRIDJLYHQYROXPHRI
OLTXLGH[SUHVVHGLQVHFRQGVLVFDOOHGWKH 0DUVKYLVFRVLW\ 6HHDOVR)ORZFRQH

0LFURILQH RU XOWUDILQH SURGXFW YHU\ ILQH SURGXFW KDYLQJ D XQLIRUP VWHHS SDUWLFOH VL]H GLVWULEXWLRQ FXUYH
ZKHUHG—P

0RLVWXUHFRQWHQWWKHUDWLRH[SUHVVHGDVDSHUFHQWDJHRIWKHZHLJKWRIZDWHULQDJLYHQJURXWLQJPDWHULDOWR
12:46, (c) BSI

WKHZHLJKWRIGU\VROLGSDUWLFOHV$OVRFDOOHG:DWHUFRQWHQW

0RUWDUDKLJKO\SDUWLFXODWHJURXWFRQWDLQLQJVDQG

0XGFDNHVHH)LOWHUFDNH

1HXWUDOL]DWLRQUDWHIRUVRGLXPVLOLFDWHJHOVWKHSURSRUWLRQRIVRGLXPQHXWUDOL]HGE\WKHUHDFWDQW

1HZWRQLDQIOXLGDWUXHIOXLGWKDWH[KLELWVFRQVWDQWYLVFRVLW\DWDOOUDWHVRIVKHDU$1HZWRQLDQIOXLGKDVQR\LHOG
SRLQW

1RQGLVSODFHPHQWJURXWLQJVHH'HILQLWLRQV

2YHUEXUGHQWKHWKLFNQHVVRIURFNDQGVRLOPDWHULDORYHUO\LQJWKHVWDJHRIWKHKROHEHLQJJURXWHG

3DFNHUDGHYLFHLQVHUWHGLQWRDGULOOKROHRUVOHHYHSLSHWRLVRODWHRQHSDUWRIWKHKROHIURPDQRWKHU$SDFNHULV
XVXDOO\DQH[SDQGDEOHGHYLFHDFWLYDWHGPHFKDQLFDOO\K\GUDXOLFDOO\RUSQHXPDWLFDOO\

3DUWLFOH VL]H GLVWULEXWLRQ WKH GLVWULEXWLRQ E\ ZHLJKW RI SDUWLFOHV RI JURXWLQJ PDWHULDO DPRQJ YDULRXV VL]HV
XVXDOO\H[SUHVVHGLQWHUPVRIFXPXODWLYHSHUFHQWDJHODUJHURUVPDOOHUWKDQHDFKRIDVHULHVRIGLDPHWHUV VLHYH
RSHQLQJV RUWKHSHUFHQWDJHVEHWZHHQFHUWDLQUDQJHVRIGLDPHWHUV VLHYHRSHQLQJV

3DUWLFXODWHJURXWDJURXWFRQWDLQLQJSDUWLFOHVODUJHUWKDQFROORLGVVXVSHQGHGLQWKHOLTXLG

3DVVLQMHFWLRQRIDJLYHQOHQJWKRIKROHZLWKRXWLQWHUUXSWLRQ

3HQHWUDELOLW\WKHDELOLW\RIDJURXWWRSHQHWUDWHDJURXQG

3HQHWUDWLRQJURXWLQJVHH'HILQLWLRQV

3HUPHDELOLW\DPHDVXUHRIWKHHDVHZLWKZKLFKDIOXLGSDVVHVWKURXJKDSRURXVPHGLXP6HHDOVR&RHIILFLHQW
RISHUPHDELOLW\

3HUPHDWLRQJURXWLQJVHH'HILQLWLRQV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

3KDVHJURXWLQJDFWLYLW\ZLWKGHILQHGFULWHULDZKLFKLVDSDUWRIDVHTXHQFH

3RO\XUHWKDQHV FKHPLFDO UHVLQV UHDFWLQJ WR SURGXFH IRDPV 7KHLU YLVFRVLW\ LV ODUJHO\ VLPLODU WR WKDW RI HSR[\
UHVLQVDQGWKH\KDUGHQYHU\TXLFNO\ PLQWRK 2QHFRPSRQHQWSRO\XUHWKDQHVKDUGHQXSRQUHDFWLRQZLWK
ZDWHU7ZRFRPSRQHQWSRO\XUHWKDQHVXVXDOO\IRDPXSLQFRQWDFWZLWKZDWHUWKHIRDPLQJSURFHVVFDXVHVDNLQG
RIVHOILQMHFWLRQZKLFKHQVXUHVDEHWWHUDGKHVLYHVWUHQJWKDQGDFHUWDLQGHIRUPDELOLW\

3RURVLW\WKHUDWLRXVXDOO\H[SUHVVHGDVDSHUFHQWDJHRIWKHYROXPHRIYRLGVRIDJLYHQVRLORUURFNPDVVWR
WKHWRWDOYROXPHRIWKHVRLORUURFNPDVV

3RWOLIHVHH6HWWLQJWLPH

3R]]RODQHDVLOLFHRXVRUVLOLFHRXVDQGDOXPLQRXVPDWHULDOZKLFKLQLWVHOISRVVHVVHVOLWWOHRUQRFHPHQWLWLRXV
YDOXHEXWZLOOLQILQHO\GLYLGHGIRUPDQGLQWKHSUHVHQFHRIPRLVWXUHFKHPLFDOO\UHDFWZLWKFDOFLXPK\GUR[LGHDW
RUGLQDU\WHPSHUDWXUHVWRIRUPFRPSRXQGVSRVVHVVLQJFHPHQWLWLRXVSURSHUWLHV

3XOYHUL]HG IXHO DVK SID  E\SURGXFW RI EXUQLQJ RI FRDO IRU HOHFWULF SRZHU JHQHUDWLRQ ZLWK KLJK FRQWHQW RI
PLQHUDOPDWWHU

5HVLQ D PDWHULDO WKDW FRQVWLWXWHV WKH EDVH RI DQ RUJDQLF JURXW V\VWHP VXFK DV DFU\O HSR[\ SRO\HVWHU DQG
XUHWKDQH

5KHRORJLFDOSURSHUWLHVWKHSURSHUWLHVJRYHUQLQJWKHIORZRIDIOXLGRUSODVWLFVROLG

5KHRSHFWLF WKH YLVFRVLW\ VWUXFWXULQJ  RI UKHRSHFWLF IOXLGV LQFUHDVHV ZLWK LQFUHDVLQJ VKHDU UDWH ORDGLQJ  DQG
UHWXUQVWRLWVLQLWLDOYDOXHDIWHUDFHUWDLQWLPHRIUHVW
12:46, (c) BSI

5RWDU\ YLVFRPHWHU LQ URWDU\ YLVFRPHWHUV WKH YLVFRVLW\ DQG \LHOG SRLQW DUH GHWHUPLQHG RQ WKH EDVLV RI WKH
UHODWLRQVKLSEHWZHHQWRUTXHDQGURWDWLRQVSHHGUHVSHFWLYHO\VKHDUVWUHVVDQGVKHDUJUDGLHQW7KHYLVFRVLW\LV
GHULYHGIURPWKHUDWLRRIVKHDUVWUHVVWRVKHDUUDWH

6HGLPHQWDWLRQWKHDFFXPXODWLRQRIJURXWSDUWLFOHVDWWKHERWWRPRIDFRQWDLQHUZKHQOHIWXQDJLWDWHGDVDUHVXOW
RIJUDYLWDWLRQDOIRUFHV

6HJUHJDWLRQWKHQRQXQLIRUPGLVWULEXWLRQRISDUWLFOHVZLWKLQDJURXWRUPRUWDUGXHWRVHGLPHQWDWLRQ

6HTXHQFH WKH RUGHU LQ ZKLFK GLIIHUHQW JURXW W\SHV DUH LQMHFWHG LQ GLIIHUHQW KROHV RYHU WLPH RU SURJUDPPHG
VXFFHVVLRQRIJURXWLQJSKDVHV

6HW WKH FRQGLWLRQ UHDFKHG E\ D JURXW ZKHQ LW KDV ORVW SODVWLFLW\ WR DQ DUELWUDU\ GHJUHH XVXDOO\ PHDVXUHG LQ
WHUPV RI UHVLVWDQFH WR SHQHWUDWLRQ RU GHIRUPDWLRQ LQLWLDO VHW UHIHUV WR ILUVW VWLIIHQLQJ DQG ILQDO VHW UHIHUV WR DQ
DWWDLQPHQWRIVLJQLILFDQWULJLGLW\

6HWWLPH 6HWWLQJWLPH WKHWLPHEHWZHHQPL[LQJDQGWKHDFKLHYHPHQWLQDVLJQLILFDQWFKDQJHLQWKHUKHRORJLFDO


SURSHUWLHV7KHVHWWLQJWLPHLVYROXPHDQGWHPSHUDWXUHGHSHQGHQWDQGLVPHDVXUHGLQDQXPEHURIZD\V

6KHDURPHWHUDQLQVWUXPHQWIRUPHDVXULQJWKHVKHDUVWUHQJWKRIIOXLGVRUZHDNJHOV

6KHDUVWUHQJWKWKHVWUHVVDWZKLFKDPDWHULDOFDQQRORQJHUUHVLVWWKHDSSOLHGVKHDUIRUFH

6KHDUVWUHVVtLVWKHVKHDUIRUFHDSSOLHGSHUXQLWDUHD

6KULQNDJHDUHGXFWLRQLQYROXPHRIJURXW

6LQJOHSDFNHUDVLQJOHSDFNHUFRPSULVLQJRQHVHDO6HH3DFNHUDQG'RXEOHSDFNHU

6OHHYHJURXWDJURXWZKLFKILOOVWKHDQQXOXVEHWZHHQWKHVOHHYHSLSHDQGWKHERUHKROHZDOO

6OHHYH SLSH WXEH  D JURXW SLSH SHUIRUDWHG DW UHJXODU LQWHUYDOV 7KH SHUIRUDWLRQV DUH FRYHUHG H[WHUQDOO\ E\
VOHHYHVDFWLQJDVQRQUHWXUQYDOYHV

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

6OHHYHSLSH 7$0 JURXWLQJJURXWLQJPHWKRGXVLQJVOHHYHSLSHVZKLFKDOORZUHSHWLWLYHSODFHPHQWRIJURXW

6OXPSWHVWWHVWIRUDVVHVVLQJWKHFRQVLVWHQF\RIDPRUWDUE\XVHRIDQ$EUDP VFRQH7KHFRQHLVILOOHGZLWK
PRUWDUWRDJLYHQKHLJKWWKHFRQHOLIWHGDQGWKHGLVWDQFHRILQLWLDOKHLJKWRIWKHFRQHWRILQDOKHLJKWRIWKHPRUWDU
PRXQGPHDVXUHG

6ROXWLRQ D OLTXLG IRUPHG E\ FRPSOHWHO\ GLVVROYLQJ D FKHPLFDO LQ ZDWHU WR JLYH D XQLIRUP IOXLG ZLWKRXW VROLG
SDUWLFOHV6ROXWLRQVDUH1HZWRQLDQOLTXLGVZLWKQHLWKHUULJLGLW\QRUSDUWLFOHVDQGKDUGHQLQDSUHGHWHUPLQHGSHULRG
RIWLPHFDOOHGWKH VHWWLQJWLPH 7KH\FDQEHWUXHRUFROORLGDOVROXWLRQV,QWKHFDVHRIFROORLGDOVROXWLRQVODUJH
PROHFXOHVDUHFRQWDLQHGLQWKHOLTXLG

6SOLW VSDFLQJ WKH SURFHGXUH E\ ZKLFK DGGLWLRQDO JURXW LQMHFWLRQ KROHV DUH ORFDWHG DW KDOI WKH GLVWDQFH IURP
SUHYLRXVO\JURXWHGKROHV

6WDEOHVXVSHQVLRQVHH'HILQLWLRQV

6WDJHDJLYHQLQMHFWLRQOHQJWK

6WDJH JURXWLQJ VHTXHQWLDO JURXWLQJ RI D KROH LQ VHSDUDWH VWDJHV DV RSSRVHG WR JURXWLQJ WKH HQWLUH OHQJWK DW
RQFH

6XSHUSODVWLFL]HU 3ODVWLFL]HU DGGLWLYHZKLFKLQFUHDVHVWKHZRUNDELOLW\RIPRUWDUVDQGUHGXFHVWKHYLVFRVLW\RI


VXVSHQVLRQV

6XVSHQVLRQDPL[WXUHRIOLTXLGDQGVROLGPDWHULDOV%HKDYHVDVD%LQJKDPIOXLGGXULQJIORZSRVVHVVLQJERWK
YLVFRVLW\ DQG FRKHVLRQ \LHOG VWUHQJWK  3DUWLFXODWH VXVSHQVLRQV FRQWDLQ SDUWLFOHV ODUJHU WKDQ FOD\ VL]H ZKLOH
FROORLGDOVXVSHQVLRQVFRQWDLQSDUWLFOHVRIFOD\VL]H
12:46, (c) BSI

6XVSHQGLQJDJHQWDQDGGLWLYHWKDWGHFUHDVHVWKHVHWWOHPHQWUDWHRISDUWLFOHVLQOLTXLG

6\QHUHVLVWKHH[SXOVLRQRIOLTXLG JHQHUDOO\DONDOLQHZDWHU IURPDVHWJHOZKLFKLVQRWVWUHVVHGDFFRPSDQLHG


E\DFRQWUDFWLRQRIWKHJHO6\QHUHVLVRFFXUVRYHUDSHULRGRIDIHZPRQWKV

7DNHVHH*URXWWDNH

7KL[RWURS\WKHSURSHUW\RIDPDWHULDOWKDWHQDEOHVLWWRVWLIIHQLQDUHODWLYHO\VKRUWWLPHRQVWDQGLQJEXWXSRQ
DJLWDWLRQRUPDQLSXODWLRQWRFKDQJHWRDYHU\VRIWFRQVLVWHQF\RUWRDIOXLGRIKLJKYLVFRVLW\WKHSURFHVVEHLQJ
FRPSOHWHO\UHYHUVLEOHLHWKHYLVFRVLW\RIWKL[RWURSLFIOXLGVGHFUHDVHVZLWKLQFUHDVLQJVKHDUUDWH ORDGLQJ DQG
UHWXUQV WR LWV LQLWLDO YDOXH DIWHU D WLPH RI UHJHQHUDWLRQ )OXLGV WKDW VKRZ DQ LQFUHDVH LQ DSSDUHQW YLVFRVLW\ ZLWK
WLPHDUHFDOOHGWKL[RWURSLF7KL[RWURS\LVFRPPRQLQQRQ1HZWRQLDQJURXWV

73$PHWKRG73$VWDQGVIRU7UDQVLHQW3UHVVXUH$QDO\VLV7KHPHWKRGXVHGLQURFNJURXWLQJ LV EDVHG RQ


WKHLQIRUPDWLRQREWDLQHGIURPREVHUYDWLRQRIWKHSUHVVXUHGHYHORSPHQWDIWHUVKXWLQRIWKHJURXWDIWHUDSDVV
7KLVLVGRQHE\VWRSSLQJWKHSXPSGHOLEHUDWHO\DQGREVHUYLQJDQGSORWWLQJWKHHQVXLQJSUHVVXUHGURSDJDLQVW
WLPH

7UDQVPLVVLYLW\WKHWUDQVPLVVLYLW\7>PV@LVWKHUDWHRIIORZRIZDWHUWKURXJKDYHUWLFDOVWULSRIJURXQGZKLFKLV
PHWHUZLGHDQGH[WHQGVWKHIXOOVDWXUDWHGWKLFNQHVVRIWKHJURXQGZKHQWKHK\GUDXOLFJUDGLHQWL ,WFDQEH
H[SUHVVHGDVWKHSURGXFWRIWKHK\GUDXOLFFRQGXFWLYLW\.>PV@DQGWKHWKLFNQHVVRIWKHDTXLIHU$FXVWRPDU\XQLW
RIWUDQVPLVVLYLW\RIWKHURFNPDVVLVWKH/XJHRQ7KHWUDQVPLVVLYLW\RIWKHURFNPDVVLQ/XJHRQXQLWVLVGHILQHG
DVWKHVHHSDJHIORZLQOLWUHVPLQXWHSHUPHWHUOHQJWKRIERUHKROHXQGHUDSUHVVXUHRI03D

7UHPLHJURXWLQJVHH*UDYLW\JURXWLQJ

7UXHVROXWLRQRQHLQZKLFKWKHFRPSRQHQWVDUHGLVVROYHGLQWKHEDVHVROYHQW

7XEHjPDQFKHWWHVHH6OHHYHSLSH

8QFRQILQHG FRPSUHVVLYH VWUHQJWK WKH ORDG SHU XQLW DUHD DW ZKLFK DQ XQFRQILQHG SULVPDWLF RU F\OLQGULFDO
VSHFLPHQ KHLJKW ™ZLGWK RIPDWHULDOZLOOIDLOLQDVLPSOHFRPSUHVVLRQWHVWZLWKRXWODWHUDOVXSSRUW

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

8SVWDJHJURXWLQJDJURXWLQJSURFHGXUHXVXDOO\LQURFNJURXWLQJZKHUHWKHJURXWKROHLVGULOOHGWRLWVIXOOGHSWK
DQGWKHUHDIWHUJURXWLQJWDNHVSODFHLQVWDJHVIURPWKHEDVHRIWKHKROHXSZDUGV

9LVFRVLW\WKHLQWHUQDOIOXLGUHVLVWDQFHRIDVXEVWDQFHZKLFKPDNHVLWUHVLVWDWHQGHQF\WRIORZ$GLVWLQFWLRQLV
PDGHEHWZHHQNLQHPDWLFYLVFRVLW\nDQGG\QDPLFYLVFRVLW\hIRUZKLFKn hDZKHUHD GHQVLW\$SSDUHQW
YLVFRVLW\LVHTXLYDOHQWWRG\QDPLFYLVFRVLW\EXWFRQVLGHUVSRLQWHYHQWV

G\
m DSS = t VKHDU
GY

œ
7KHDSSDUHQWYLVFRVLW\mDSSPHDVXUHGLQ>3D¼V@UHSUHVHQWVWKHUDWLRRIVKHDUVWUHVVtDQGVKHDUUDWH g )RU
PRVWVROXWLRQVWKHYLVFRVLW\LVDIXQFWLRQRIWKHVKHDUVWUHVVDQGGHSHQGVRQWKHDJLWDWLRQRIWKHVXEVWDQFH,I
VXEMHFWHG WR UDSLG DJLWDWLRQ WKH YLVFRVLW\ RI D VXEVWDQFH UHGXFHV DQG WHQGV WRZDUGV D PLQLPXP YDOXH FDOOHG
SODVWLF YLVFRVLW\ )RU VRPH VXEVWDQFHV QRWDEO\ 1HZWRQLDQ OLTXLGV WKH YLVFRVLW\ LV LQGHSHQGHQW RI WKH VKHDU
t
VWUHVVDQGWKHUDWLR œ EHFRPHVDFRQVWDQWWKHDEVROXWH G\QDPLF YLVFRVLW\h+HQFHIRU1HZWRQLDQIOXLGV
g
VXFKDVWKHWUXHVROXWLRQVXVHGGXULQJJURXWLQJWKHFRQFHSWRISODVWLFYLVFRVLW\GRHVQRWDSSO\7KHNLQHPDWLF
YLVFRVLW\YPHDVXUHGLQPVLVDIXQFWLRQRIWKHGHQVLW\RIWKHPDWHULDOY m/r

9RLGILOOLQJVHH%XONILOOLQJ7HUPQRWUHFRPPHQGHG

:DWHUWDEOH WKH SKUHDWLF VXUIDFH DW ZKLFK WKH SRUH ZDWHU SUHVVXUH HTXDOV DWPRVSKHULF SUHVVXUH LH WKH
VWDQGLQJZDWHUOHYHOZKLFKHVWDEOLVKHVLQDKROHGXJLQWKHJURXQG
12:46, (c) BSI

:&UDWLRWKHZDWHUFHPHQWUDWLRLVWKHUDWLRE\ZHLJKWRIZDWHUWRWKHGU\FHPHQWFRQWHQWRIDJURXW

:DWHUFRQWHQWVHH0RLVWXUHFRQWHQW

:DWHUUHWHQWLRQFDSDFLW\WKHDELOLW\RIDVXVSHQVLRQWRUHWDLQZDWHULIQRWVXEMHFWHGWRSUHVVXUH

<LHOGSRLQW <LHOGVWUHVV WKHORZHVWVKHDUVWUHVVYDOXHDWZKLFKWKHUHLVD VXGGHQGURS LQ WKH YDOXH RI WKH


DSSOLHG VWUHVV DQG IURP ZKHUH FRQWLQXLQJ H[WHQVLRQ RFFXUV DW PRUH RU OHVV WKH VDPH VWUHVV YDOXH 7KH \LHOG
SRLQW\LHOGVWUHVV RU FRKHVLRQ t LV WKH VKHDU VWUHVV DW ZKLFK SODVWLF GHIRUPDWLRQ RFFXUV DQGD %LQJKDP IOXLG
EHJLQVWRIORZ7KH\LHOGVWUHVVtRID1HZWRQLDQIOXLGLV]HUR

<LHOG VWUHQJWK WKH VWUHVV DW ZKLFK D PDWHULDO H[KLELWV D VSHFLILF GHYLDWLRQ IURP SURSRUWLRQDOLW\ RI VWUHVV DQG
VWUDLQ

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 

t

 g
t
 mDSS = [3D ¼ V]
œ
g

R 

.H\
 6KHDUVWUHVVt>3D@
 t\LHOGSRLQW \LHOGVWUHVV
 FFRKHVLRQ
 $SSDUHQWYLVFRVLW\—DSS
GY 
 6KHDUUDWH g& = >V @
G\

)LJXUH%²'HILQLWLRQRIUKHRORJLFDOSDUDPHWHUVIRUD%LQJKDPIOXLG SODVWLF
12:46, (c) BSI

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

$QQH[&
LQIRUPDWLYH

'HJUHHRIREOLJDWLRQRIWKHVSHFLILFDWLRQV

7KHSURYLVLRQVDUHPDUNHGFRUUHVSRQGLQJWRWKHLUGHJUHHRIREOLJDWLRQ

£ 54UHTXLUHPHQW

£ 5&UHFRPPHQGDWLRQ

£ 3(SHUPLVVLRQ

£ 32SRVVLELOLW\DQGHYHQWXDOLW\

£ 67VWDWHPHQW

 6FRSH
 1RUPDWLYHUHIHUHQFHV
 'HILQLWLRQVDQGV\PEROV
 ,QIRUPDWLRQQHHGHG
 5&
 54
12:46, (c) BSI

 5&
 54
 6LWHLQYHVWLJDWLRQ
 *HQHUDO
 67
 5&
 5&
 5&
 5&
 54
 54
 3HUPHDELOLW\WHVWLQJ
 32
 5&
 5&
 54
 67
 )LHOGJURXWLQJWULDOVDQGJURXWLQJWHVW
 5&
 54
 5&
 54
 32
 0DWHULDOVDQGSURGXFWV
 *HQHUDO
 54
 54
 54
 54
 *URXWPDWHULDOV
 +\GUDXOLFELQGHUVDQGFHPHQWV
 67
 67

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 54
 5&
 67
 &OD\PDWHULDOV
 3(
 5&
 6DQGVJUDYHOVDQGILOOHUV
 67
 32
 54
 :DWHU
 5&
 5&
 &KHPLFDOSURGXFWVDQGDGPL[WXUHV
 3(
 54
 67
 67
 2WKHUPDWHULDOV
 32
 67
 *URXWV
 *HQHUDO
 67
 54
 67
 6XVSHQVLRQV
12:46, (c) BSI

 67
 5&
 54
 54
 5(
 6ROXWLRQV
 5&
 32
 54
 54
 54
 67
 0RUWDUV
 67
 54
 5&
 6DPSOLQJDQGWHVWLQJ
 54
 54
 5&
 54
 67
 'HVLJQFRQVLGHUDWLRQV
 *HQHUDO
 67
 67
 'HVLJQEDVLVDQGREMHFWLYHV
 5&
 67
 54
 54
 5&
 *URXWLQJSULQFLSOHVDQGPHWKRGV
 *HQHUDO
 67
 67
‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 67
 *URXWLQJZLWKRXWJURXQGGLVSODFHPHQW QRQGLVSODFHPHQWJURXWLQJ
 3HUPHDWLRQ LPSUHJQDWLRQ JURXWLQJ
 67
 54
 )LVVXUHDQGFRQWDFWJURXWLQJ
 67
 54
 %XONILOOLQJ
 67
 54
 32
 *URXWLQJZLWKJURXQGGLVSODFHPHQW 'LVSODFHPHQWJURXWLQJ
 67
 3(
 +\GUDXOLFIUDFWXULQJ
 67
 5&
 &RPSDFWLRQJURXWLQJ
 67
 67
 54
 *URXW
 7\SHDQGFRPSRVLWLRQ
 54
 54
 *HQHUDOFRQVLGHUDWLRQV
12:46, (c) BSI

 54
 54
 5&
 67
 3DUDPHWHUVDQGFULWHULD
 54
 67
 5&
 3(
 5&
 $SSOLFDELOLW\
 67
 54
 *URXWSODFHPHQW
 *HQHUDO
 54
 67
 5&
 5&
 5&
 'ULOOLQJSDWWHUQDQGERUHKROHGHVLJQ
 67
 54
 5(
 54
 54
 5&
 5&
 *URXWLQJVHTXHQFH
 67
 32
 54
 *URXWLQJSUHVVXUH
 67
 3(
 67
‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 67
 54
 0RQLWRULQJDQGFRQWUROFULWHULD
 54
 5&
 54
 ([HFXWLRQ
 *HQHUDO
 54
 67
 54
 54
 'ULOOLQJ
 32
 54
 5&
 5&
 54
 *URXWSUHSDUDWLRQ
 6WRUDJH
 54
 %DWFKLQJDQGPL[LQJ
 54
 54
 54
 5&
 54
12:46, (c) BSI

 54
 5&
 5&
 3XPSLQJDQGGHOLYHU\
 54
 5&
 5&
 54
 5&
 54
 54
 54
 5&
 *URXWSODFHPHQW
 67
 3(
 67
 3(
 67
 67
 54
 5&
 5&
 5&
 5&
 54
 67
 54
 *URXWLQJVHTXHQFHV
 54
 67
 32
 54
 5&
 5&
 ([HFXWLRQVXSHUYLVLRQDQGFRQWURO
‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

 *HQHUDO
 54
 54
 6XSHUYLVLRQ
 5&
 54
 54
 54
 5&
 54
 5&
 0RQLWRULQJDQGFRQWURO
 *HQHUDO
 5&
 54
 5&
 5&
 5&
 5&
 5&
 5&
 5&
 (QYLURQPHQWDOLPSDFW
 5&
 &RQWURORIREMHFWLYH
 54
 5&
12:46, (c) BSI

 32
 67
 32
 0RQLWRULQJRIGLVSODFHPHQW
 5&
 54
 'ULOOLQJ
 32
 *URXW
 54
 5&
 54
 54
 54
 32
 :RUNVGRFXPHQWDWLRQ
 5&
 5&
 54
 54
 5&
 54
 6SHFLDODVSHFWV HQYLURQPHQWVLWHVDIHW\
 3HUVRQQHOVDIHW\
 67
 5&
 54
 5&
 (QYLURQPHQWDOSURWHFWLRQ
 5&
 5&
 67
 5&

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
3DJH
(1

%LEOLRJUDSK\

>@ $)7(6  *URXSGHWUDYDLO1R,QMHFWLRQ7XQQHOHWRXYUDJHVVRXWHUUDLQV1R$)7(63DULV

>@ $3, -XQH 5HFRPPHQGHG3UDFWLFH%6WDQGDUG3URFHGXUHIRU)LHOG7HVWLQJRIZDWHUEDVHG


'ULOOLQJ)OXLGV$PHULFDQ3HWUROHXP,QVWLWXWH

>@ $6   $XVWUDOLDQ 6WDQGDUG 0HWKRG RI 7HVWLQJ 6RLO IRU (QJLQHHULQJ 3XUSRVHV 3DUW & 6RLO
&ODVVLILFDWLRQ7HVWV

>@ %6,   %6,  %ULWLVK 6WDQGDUG &RGH RI SUDFWLFH IRU )RXQGDWLRQV IRUPHUO\ &3   %ULWLVK
6WDQGDUGV,QVWLWXWLRQ

>@ &,5,$53  )XQGDPHQWDOEDVLVRIJURXWLQMHFWLRQIRUJURXQGWUHDWPHQW

>@ ',1    *URXQG WUHDWPHQW E\ JURXWLQJ 3ODQQLQJ JURXWLQJ SURFHGXUH DQG WHVWLQJ HQJOLVK
YHUVLRQ 8'&

>@ g1250%  ,QMHNWLRQVDUEHLWHQLQ)HVWXQG/RFNHUJHVWHLQ'.

>@ 6,$  7UDYDX[VRXWHUUDLQV3URMHWH[pFXWLRQGLVSRVLWLRQVSDUWLFXOLqUHVPqWUHVHWGpFRPSWHV


6RFLpWH6XLVVHGHV,QJpQLHXUVHWGHV$UFKLWHFWHV

>@ 1) 3     3URGXLWV VSpFLDX[ GHVWLQpV DX[ FRQVWUXFWLRQV HQ EpWRQ K\GUDXOLTXH  SURGXLWV j
12:46, (c) BSI

EDVHGHUHVLQHVV\QWKpWLTXHVRXGH OLDQWV K\GUDXOLTXHV SRXU LQMHFWLRQV GDQV GHV VWUXFWXUHV HQ EpWRQ 
HVVDLVG LQMHFWDELOLWpjODFRORQQHGHVDEOHHQPLOLHX[VHFHWRXKXPLGH

>@ ,650   ,QWHUQDWLRQDO 6RFLHW\ IRU 5RFN 0HFKDQLFV  )LQDO 5HSRUW RI WKH &RPPLVVLRQ RQ 5RFN
*URXWLQJ,QWHUQDWLRQDO6RFLHW\IRU5RFN0HFKDQLFV,QW-5RFN0HFK6FLDQG*HRPHFK$EVWU9RO
1RSS(OVHYLHU

>@ SU(1,62)UHVKFRQFUHWH'HWHUPLQDWLRQRIFRQVLVWHQF\6OXPSWHVW

>@ SU(17HVWLQJFRQFUHWH'HWHUPLQDWLRQRIFRQVLVWHQF\6OXPSWHVW

‹%6,
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
12:46, (c) BSI

blank
Licensed copy: Mr. National University Singapore, National University of Singapore, Version correct as of 15/01/2010
BS EN |
|
12715:2000 |
|
|
|
|
|
|
BSI Ð British Standards Institution
|
|
|
|
|
|
| BSI is the independent national body responsible for preparing British Standards. It
|
| presents the UK view on standards in Europe and at the international level. It is
| incorporated by Royal Charter.
|
|
| Revisions
|
|
| British Standards are updated by amendment or revision. Users of British Standards
|
| should make sure that they possess the latest amendments or editions.
|
|
| It is the constant aim of BSI to improve the quality of our products and services. We
|
| would be grateful if anyone finding an inaccuracy or ambiguity while using this
| British Standard would inform the Secretary of the technical committee responsible,
|
| the identity of which can be found on the inside front cover. Tel: 020 8996 9000.
|
| Fax: 020 8996 7400.
|
|
| BSI offers members an individual updating service called PLUS which ensures that
|
| subscribers automatically receive the latest editions of standards.
|
|
| Buying standards
|
| Orders for all BSI, international and foreign standards publications should be
|
| addressed to Customer Services. Tel: 020 8996 9001. Fax: 020 8996 7001.
|
|
| In response to orders for international standards, it is BSI policy to supply the BSI
|
| implementation of those that have been published as British Standards, unless
|
| otherwise requested.
|
12:46, (c) BSI

|
| Information on standards
|
| BSI provides a wide range of information on national, European and international
|
| standards through its Library and its Technical Help to Exporters Service. Various
|
| BSI electronic information services are also available which give details on all its
|
| products and services. Contact the Information Centre. Tel: 020 8996 7111.
|
| Fax: 020 8996 7048.
|
|
| Subscribing members of BSI are kept up to date with standards developments and
| receive substantial discounts on the purchase price of standards. For details of
|
| these and other benefits contact Membership Administration. Tel: 020 8996 7002.
|
| Fax: 020 8996 7001.
|
|
| Copyright
|
|
| Copyright subsists in all BSI publications. BSI also holds the copyright, in the UK, of
|
| the publications of the international standardization bodies. Except as permitted
| under the Copyright, Designs and Patents Act 1988 no extract may be reproduced,
|
| stored in a retrieval system or transmitted in any form or by any means ± electronic,
|
| photocopying, recording or otherwise ± without prior written permission from BSI.
|
|
| This does not preclude the free use, in the course of implementing the standard, of
|
| necessary details such as symbols, and size, type or grade designations. If these
|
| details are to be used for any other purpose than implementation then the prior
| written permission of BSI must be obtained.
|
|
| If permission is granted, the terms may include royalty payments or a licensing
|
| agreement. Details and advice can be obtained from the Copyright Manager.
|
| Tel: 020 8996 7070.
|
|
|
|
|
|
|
|
|
BSI |
|
389 Chiswick High Road |
|
London |
|
W4 4AL |
|
|
|
|
|
|

You might also like