Sem Fuse App Guide
Sem Fuse App Guide
Semiconductor
Fuse
Applications
Guide
-DQXDU\
&RQWHQWV
3DJH
,QWURGXFWLRQ
&RQWLQXRXVFXUUHQWUDWLQJ,Q
3URWHFWLRQDJDLQVWRYHUFXUUHQWVEDVLFFRQFHSWV
7KHWLPHFXUUHQWFKDUDFWHULVWLF
$GMXVWLQJWKHIXVHUDWHGFXUUHQWWRDOORZIRUUHDOZRUOGZRUNLQJFRQGLWLRQV
(VWLPDWLRQRIIXVHOLIHXQGHUF\FOLFRYHUORDGV
2FFDVLRQDOQRQUHSHWLWLYHRYHUORDGFRHIILFLHQW&I
6KRUWFLUFXLWFXUUHQWV
&XUUHQWOLPLWLQJRSHUDWLRQ
,QWHUUXSWLRQRIGFIDXOWFXUUHQWV
6XUJHZLWKVWDQGRIVHPLFRQGXFWRUGHYLFHV
SKDVHFRQWUROOHGEULGJHUHFWLILHU
&RQYHUWHUVZLWKPXOWLSOHSDUDOOHOGHYLFHV
5HJHQHUDWLYHORDGV
$&FRQWUROOHUVVRIWVWDUWHUVVWDWLFVZLWFKHV
)RUFHGFRPPXWDWHGLQYHUWHUV
)XVHVHOHFWLRQH[DPSOHV
6HOHFW$)XVHIRU3RZHU(OHFWURQLFV6$)3(
3UREOHPVROYHGXVLQJ6$)3(
$SSHQGL[
)HUUD]6KDZPXW7HFKQLFDO6HUYLFHVFRQWDFWLQIRUPDWLRQ
,QWURGXFWLRQ
$IXVHLVDGHYLFHIRUSURWHFWLQJDQHOHFWULFDOV\VWHPDJDLQVWWKHHIIHFWVRIRYHUFXUUHQWVH[FHVVFXUUHQWV
E\PHOWLQJRQHRUPRUHIXVHHOHPHQWVWKXVRSHQLQJWKHFLUFXLW9HU\IDVWDFWLQJIXVHVDUHZLGHO\XVHGIRU
WKH SURWHFWLRQ RI GLRGHV WK\ULVWRUV DQG RWKHU SRZHU VHPLFRQGXFWRUV LQ DF DQG GF SRZHU HOHFWURQLF
DSSOLFDWLRQV DQG SURYLGH H[FHOOHQW SURWHFWLRQ DJDLQVW WKH SRWHQWLDOO\ GDPDJLQJ HIIHFWV RI VKRUWFLUFXLW
FXUUHQWV
&XUUHQWOLPLWLQJIXVHVDFKLHYHWKLVSURWHFWLRQE\OLPLWLQJERWKWKHDPRXQWRIHQHUJ\SURGXFHGGXULQJDQ
RYHUFXUUHQWDQGDOVRWKHSHDNFXUUHQWZKLFKLVDOORZHGWRIORZ
7KH WHUP µVHPLFRQGXFWRU IXVH¶ PHDQV D YHU\ IDVWDFWLQJ IXVH VSHFLILFDOO\ LQWHQGHG IRU WKH SURWHFWLRQ RI
SRZHUVHPLFRQGXFWRUV
)LJ VKRZV WKH FRQVWUXFWLRQ RI D
W\SLFDO VHPLFRQGXFWRU IXVH 7KH IXVH HOHPHQW
HOHPHQWV DUH XVXDOO\ PDGH RI SXUH
ERG\
VLOYHU VWULSV ZLWK UHJLRQV RI UHGXFHG
FURVVVHFWLRQDO DUHD RIWHQ FDOOHG
QRWFKHV7KHUHPD\EHVHYHUDOVWULSVLQ
SDUDOOHO GHSHQGLQJ RQ WKH DPSHUH EODGH
UDWLQJ RI WKH IXVH 7KH\ DUH HQFORVHG VDQG
ZLWKLQ DQ LQVXODWLQJ WXEH RU FHUDPLF
ERG\ ZKLFK LV ILOOHG ZLWK SXUH TXDUW]
)LJ&RQVWUXFWLRQRIDW\SLFDOVHPLFRQGXFWRU
VDQG $W HDFK HQG WKHUH DUH WHUPLQDOV
SURWHFWLRQIXVH
ZLWK D YDULHW\ RI GHVLJQV WR SHUPLW
LQVWDOODWLRQLQIXVHKROGHUVRUFRQQHFWLRQWREXVEDUV
)XVHVVXFKDVWKDWVKRZQLQ)LJZLWKWKHHOHPHQWVVXUURXQGHGE\VDQGDUHFDOOHGFXUUHQWOLPLWLQJRU
KLJK EUHDNLQJ FDSDFLW\ IXVHV 6HPLFRQGXFWRU IXVHV DUH VRPHWLPHV UHIHUUHG WR DV UHFWLILHU RU XOWUDIDVW
IXVHV7KH\DUHDYDLODEOHZLWKYROWDJHUDWLQJVXSWRN9DQGZLWKUDWHGFXUUHQWVXSWR$
'XULQJ QRUPDO FLUFXLW RSHUDWLRQ WKH IXVH HOHPHQWV FDUU\ WKH UHTXLUHG FXUUHQWV ZLWKRXW PHOWLQJ 7KH
UHVLVWDQFHLVDVORZDVSRVVLEOHWRPLQLPL]HWKHSRZHUORVV+RZHYHUZKHQDVKRUWFLUFXLWRUIDXOWRFFXUV
WKHHOHPHQWVPHOWYHU\TXLFNO\DWWKHQRWFKHVUHJLRQVRIUHGXFHGFURVVVHFWLRQDODUHDDQGDQXPEHURI
VPDOOHOHFWULFDUFVDUHSURGXFHGLQWKHQRWFK]RQHVZKLFKFDXVHVWKHIDXOWFXUUHQWWREHUDSLGO\UHGXFHGWR
]HURDQGWKHDUFVH[WLQJXLVK7KHWRWDOWLPHWDNHQE\DIXVHWRFOHDUDIDXOWLVWKHVXPRIWKHPHOWLQJWLPH
SUHDUFLQJWLPHDQGWKHDUFLQJWLPH
6SHFLDO IXVH GHVLJQV DUH QHHGHG WR SURYLGH SURWHFWLRQ RI SRZHU HOHFWURQLF FRPSRQHQWV 7KH SQ
VHPLFRQGXFWRU MXQFWLRQ FDQ EH YHU\ HDVLO\ GDPDJHG DQG VR D YHU\ IDVWDFWLQJ IXVH LV UHTXLUHG )RU
H[DPSOHDW\SLFDOWK\ULVWRUPD\IDLOZKHQVXEMHFWHGWRDPVRQHKDOIF\FOHLQD+]V\VWHPSXOVHRI
RQO\ WLPHV LWV QRPLQDO UPV FXUUHQW UDWLQJ $ ORZYROWDJH IXVH GHVLJQHG IRU JHQHUDO LQGXVWULDO
DSSOLFDWLRQVPD\UHTXLUHWLPHVLWVDPSHUHUDWLQJWRPHOWZLWKLQPVZKLFKLVQRWIDVWHQRXJKWR
SURYLGHSURWHFWLRQZKHUHDVDYHU\IDVWDFWLQJVHPLFRQGXFWRUIXVHW\SLFDOO\UHTXLUHVRQO\DERXWWLPHV
LWVDPSHUHUDWLQJWKXVSURWHFWLQJWKHWK\ULVWRU
&RQWLQXRXVFXUUHQWUDWLQJ,Q
7KHUDWHGFXUUHQW,QRIDIXVHLVDYDOXHDVVLJQHGE\WKHPDQXIDFWXUHUDQGLVWKHUPVFXUUHQWZKLFKWKH
IXVHLVGHVLJQHGWRFDUU\FRQWLQXRXVO\XQGHUVSHFLILHGWHVWFRQGLWLRQV,QWKLVUHVSHFWLWLVQRGLIIHUHQWIURP
WKH UDWHG FXUUHQW RI DQ\ RWKHU HOHFWULFDO GHYLFH ,Q LV HVWDEOLVKHG E\ WHVWLQJ WKH IXVH XQGHU VWDQGDUG
FRQGLWLRQV VSHFLILHG LQ IXVH VWDQGDUGV VXFK DV 8/ RU ,(& 7HVW IL[WXUHV ZLWK VWDQGDUG VL]HV IRU WKH
FRQQHFWLQJFDEOHVRUEXVEDUVDUHXVHGZLWKWKHIXVHFRROHGE\IUHHDLU
7KH FXUUHQW UDWLQJ DORQH GRHV QRW SURYLGH WKH XVHU ZLWK DQ\ LQIRUPDWLRQ DERXW D IXVH
V SURWHFWLYH
FKDUDFWHULVWLFV7KHWHPSHUDWXUHVRIWKHYDULRXVSDUWVRIDIXVHPXVWEHNHSWZLWKLQDFFHSWDEOHOLPLWVZKHQ
LWLVFDUU\LQJUDWHGFXUUHQW)RUH[DPSOHWKHWHPSHUDWXUHDWWKHPLGGOHRIDVLOYHUIXVHHOHPHQWPXVWEH
PXFK ORZHU WKDQ WKH PHOWLQJ SRLQW RI VLOYHU R& DQG WKLV PHDQV WKDW WKH UDWHG FXUUHQW ZLOO EH
FRQVLGHUDEO\ORZHUWKDQWKHPLQLPXPFXUUHQWUHTXLUHGWRFDXVHWKHHOHPHQWVWRPHOW)RUVHPLFRQGXFWRU
IXVHVWKHPD[LPXPDOORZDEOHWHPSHUDWXUHULVHVDUHGHWHUPLQHGE\WKHPDQXIDFWXUHU
,QUHDOZRUOGDSSOLFDWLRQVWKHZRUNLQJFRQGLWLRQVRIDIXVHLQVLGHHTXLSPHQWDUHUDUHO\WKHVDPHDVWKRVH
XVHGLQWKHVWDQGDUGW\SHWHVW6LQFHWKHUDWHGFXUUHQWLVEDVHGXSRQWKHWHPSHUDWXUHULVHVSURGXFHGXQGHU
VWHDG\VWDWHWKHUPDOFRQGLWLRQVLQWKHODERSHUDWLQJDIXVHXQGHUGLIIHUHQWWKHUPDOFRQGLWLRQVPD\FKDQJH
WKHFXUUHQWFDUU\LQJFDSDELOLW\RIWKHIXVH7KHXVHUPXVWWDNHWKLVLQWRDFFRXQWZKHQDSSO\LQJWKHIXVH
6HHVHFWLRQ
3URWHFWLRQDJDLQVWRYHUFXUUHQWVEDVLFFRQFHSWV
2YHUFXUUHQWVFDQEHURXJKO\FODVVLILHGLQWRWZRJURXSVRYHUORDGVDQGVKRUWFLUFXLWV
2YHUORDGV
7KHWHUPRYHUORDGLVXVHGIRUH[FHVVFXUUHQWIORZLQJLQDFLUFXLWZKLFKLVHOHFWULFDOO\VRXQG2YHUORDG
FXUUHQWV DUH XVXDOO\ QRW PXFK JUHDWHU WKDQ WKH QRUPDO IXOOORDG FXUUHQW RI WKH V\VWHP EXW LI DOORZHG WR
SHUVLVWZLOOHYHQWXDOO\FDXVHGDPDJH'DPDJHWRWKHV\VWHPHVSHFLDOO\WRLQVXODWLQJPDWHULDOVLQFRQWDFW
ZLWK WKH FLUFXLW FRQGXFWRUV FDQ UHVXOW GXH WR WKH KHDWLQJ HIIHFW RI WKH FXUUHQW 7KH KHDWLQJ WLPH LV
UHODWLYHO\ORQJIURPVHFRQGVXSWRVHYHUDOKRXUVDQGWKHRYHUORDGFDQWKHUHIRUHEHFKDUDFWHUL]HGE\WKH
UPV YDOXH RI WKH RYHUORDG FXUUHQW )RU RYHUORDG SURWHFWLRQ WKH UHTXLUHPHQW IRU D SURWHFWLYH GHYLFH LV
WKDW LW VKRXOG OLPLW WKH GXUDWLRQ RI WKH RYHUORDG FXUUHQW 0RVW VHPLFRQGXFWRU IXVHV DUH QRW GHVLJQHG WR
SURYLGHSURWHFWLRQDJDLQVWORQJGXUDWLRQRYHUORDGV(OHFWURQLFRURWKHUPHDQVPXVWEHXVHGWRVZLWFKWKH
FLUFXLW RII ZKHQ RYHUORDGV RFFXU +RZHYHU QHZ VW\OH J5 VHPLFRQGXFWRU IXVHV FDQ SURYLGH RYHUORDG
SURWHFWLRQDVORZDVRIIXVHUDWHGFXUUHQW&RQVXOWWKH)HUUD]6KDZPXWGDWDVKHHWVIRUSUHFLVHYDOXHV
6KRUWFLUFXLWV
6KRUWFLUFXLWV DUH XVXDOO\ GXH WR D FDWDVWURSKLF HOHFWULFDO IDLOXUH VXFK DV LQVXODWLRQ EUHDNGRZQ RU
DFFLGHQWDOFRQGLWLRQVDQGWKHUHVXOWLQJUPVYDOXHRIWKHSURVSHFWLYHDYDLODEOHVKRUWFLUFXLWFXUUHQWLV
KLJK W\SLFDOO\ PRUH WKDQ WLPHV WKH QRUPDO IXOOORDG FXUUHQW RI WKH V\VWHP 7KH KHDWLQJ HIIHFW LV VR
UDSLGWKDWGDPDJHWRWKHV\VWHPFDQRFFXUZLWKLQPLOOLVHFRQGVZKLFKLVRIWKHVDPHRUGHUDVWKHGXUDWLRQ
RI DQ DF KDOIF\FOH 7KH KHDWLQJ HIIHFW FDQQRW EH FKDUDFWHUL]HG E\ WKH UPV YDOXH RI WKH SURVSHFWLYH
DYDLODEOHFXUUHQWDVLQWKHFDVHRIRYHUORDGVEHFDXVHLWGHSHQGVXSRQWKHZDYHIRUPRIWKHFXUUHQW
,QWKLVFDVHWKHUHTXLUHPHQWIRUWKHSURWHFWLYHGHYLFHLVWROLPLWWKHHQHUJ\DVVRFLDWHGZLWKWKHIDXOWZKLFK
GHSHQGVXSRQWKHLQWHJUDO
W
×L GW
ZKHUHLLVWKHLQVWDQWDQHRXVFXUUHQW>LHL LW@7KLVLQWHJUDOLVXVXDOO\FDOOHGWKH,WDQGLVDPHDVXUH
RIWKHWKHUPDOHQHUJ\GHOLYHUHGWRHDFKRKPRIWKHFLUFXLWE\WKHVKRUWFLUFXLWFXUUHQWGXULQJWKHWLPHW
$QDGGLWLRQDOUHTXLUHPHQWIRUDVKRUWFLUFXLWSURWHFWLYHGHYLFHLVWKDWLWVKRXOGDOVROLPLWWKHSHDNYDOXHRI
FXUUHQW SHUPLWWHG WR IORZ LQ WKH FLUFXLW (OHFWURPDJQHWLF IRUFHV DUH GHSHQGHQW RQ WKH VTXDUH RI WKH
LQVWDQWDQHRXV FXUUHQW DQG PD\ SURGXFH PHFKDQLFDO GDPDJH WR HTXLSPHQW ,I VKRUWFLUFXLW FXUUHQWV DUH
DOORZHG WR IORZ XQFKHFNHG DIWHU WKH PHFKDQLFDO GDPDJH WR WKH FRPSRQHQWV RI WKH FLUFXLW PHOWLQJ RI
FLUFXLWFRQGXFWRUVFDQRFFXUDQGEHIROORZHGE\DUFLQJEHWZHHQWKHPROWHQIUDJPHQWVSRVVLEO\FDXVLQJ
ILUHV DQG KD]DUGV WR SHUVRQQHO DV ZHOO DV WKH IXUWKHU GHVWUXFWLRQ RI WKH HOHFWULFDO V\VWHP +LJKVSHHG
VHPLFRQGXFWRUIXVHVRSHQYHU\UDSLGO\XQGHUVKRUWFLUFXLWFRQGLWLRQVWKXVSURYLGLQJH[FHOOHQWSURWHFWLRQ
LQFDVHRIVKRUWFLUFXLWIDXOWV
7KHWLPHFXUUHQWFKDUDFWHULVWLF
,IDIXVHLVVXEMHFWHGWRDFXUUHQWJUHDWHUWKDQ
WKH PLQLPXP FXUUHQW UHTXLUHG WR SURGXFH
PHOWLQJWKHIXVHHOHPHQWZLOOPHOW7KHKLJKHU
WKH FXUUHQW WKH VKRUWHU WKH PHOWLQJ WLPH ZLOO
EH 7KLV LQYHUVH UHODWLRQVKLS LV VKRZQ &
JUDSKLFDOO\ E\ WKH WLPHFXUUHQW
FKDUDFWHULVWLF 7&& )LJ VKRZV D W\SLFDO
SUHDUFLQJWLPHV
&
$GMXVWLQJWKHIXVHUDWHGFXUUHQWWRDOORZIRUUHDOZRUOGZRUNLQJFRQGLWLRQV
$PELHQWWHPSHUDWXUHFRUUHFWLRQFRHIILFLHQW$
)XVHFXUUHQWUDWLQJVDUHHVWDEOLVKHGE\VWDQGDUGW\SHWHVWVZLWKDUHIHUHQFHDPELHQWDLUWHPSHUDWXUHq RI
R& RUR&)RUPRVWSRZHUHOHFWURQLFDSSOLFDWLRQVWKHDPELHQWWHPSHUDWXUHLVKLJKHUWKDQWKLVXVXDOO\
LQWKHUDQJHR&DQGWKHIXVHPXVWEH³GHUDWHG´7KHWHPSHUDWXUHULVHRIWKHIXVHGHSHQGVXSRQWKH
LQWHUQDOSRZHUJHQHUDWLRQZKLFKLVDIXQFWLRQRIWKHVTXDUHRIWKHFXUUHQW)RUDQDPELHQWWHPSHUDWXUHq
WKHFXUUHQWUDWLQJPXVWEHPXOWLSOLHGE\DGHUDWLQJFRHIILFLHQW$JLYHQE\
D -q
$ =
D - q
ZKHUHDLVWKHPD[LPXPDOORZDEOHIXVHWHPSHUDWXUHW\SLFDOO\R&
)RUFHGFRROLQJFRUUHFWLRQFRHIILFLHQW%Y
,IIRUFHGDLULVXVHGWRFRROWKHIXVHLQVHUYLFHWKH %
FRQWLQXRXV FXUUHQW UDWLQJ RI WKH IXVH PD\ EH
LQFUHDVHG E\ PXOWLSO\LQJ WKH UDWHG FXUUHQW E\ D
FRHIILFLHQW %Y 7KH YDOXH RI WKH FRUUHFWLRQ %Y
FRHIILFLHQW XVHG E\ )HUUD] 6KDZPXW LV VKRZQ LQ
)LJ%YLQFUHDVHVOLQHDUO\ZLWKDLUVSHHGXSWR
PV )XUWKHU LQFUHDVH LQ DLU VSHHG GRHV QRW
LPSURYHWKHIXVHFRROLQJ7KHOLPLWLQJYDOXH %
LV W\SLFDOO\ EXW YDOXHV KLJKHU WKDQ WKLV DUH
SRVVLEOH IRU IXVH GHVLJQV ZKLFK KDYH EHHQ
RSWLPL]HGIRUFRROLQJ DLUVSHHGPV
)LJ&RUUHFWLRQFRHIILFLHQW%YYVDLUVSHHG
7HUPLQDOFRQGXFWRUVL]HFRHIILFLHQW&
,Q WKH UHDO ZRUOG WKH IXVH PD\ EH XVHG ZLWK FDEOHEXV VL]HV ZKLFK DUH VPDOOHU WKDQ WKRVH XVHG LQ WKH
VWDQGDUGW\SHWHVWFRQGXFWHGLQWKHODE6LQFHKHDWLVFRQGXFWHGDZD\IURPWKHIXVHWKURXJKWKHFRQQHFWLRQ
EHWZHHQ WKH IXVH WHUPLQDOV DQG WKH FDEOHEXV WKH HIIHFW RI XVLQJ VPDOOHU FDEOHEXV VL]HV UHGXFHV WKH
FRROLQJDQGFDXVHVWKHIXVHRSHUDWLQJWHPSHUDWXUHWRLQFUHDVH)XUWKHUPRUHWKHIXVHLVXVXDOO\ORFDWHGLQ
DQ HQFORVXUH DQG LWV WHPSHUDWXUH PD\ EH LQIOXHQFHG E\ RWKHU QHDUE\ KHDWJHQHUDWLQJ FRPSRQHQWV 7R
DFFRXQWIRUWKHVHHIIHFWV)HUUD]6KDZPXWXVHVDPXOWLSO\LQJFRHIILFLHQW&WRUHGXFHWKHFXUUHQWUDWLQJ
RIWKHIXVH&YDULHVZLWKIXVHGHVLJQFRQILJXUDWLRQDQGLVW\SLFDOO\LQWKHUDQJH+RZHYHUPRUH
KHDWFDQEHFRQGXFWHGDZD\IURPWKHIXVHLIWKHIXVHWHUPLQDOVDUHOLTXLGFRROHGDQGYDOXHVRI&JUHDWHU
WKDQ FDQ EH XVHG 7\SLFDO YDOXHV RI & IRU VHYHUDO W\SHV RI )HUUD] 6KDZPXW IXVH DUH JLYHQ LQ WKH
$SSHQGL[
+LJKIUHTXHQF\HIIHFWFRHIILFLHQW&3(
,I WKH IXVH FXUUHQW FRQWDLQV VLJQLILFDQW KLJK
IUHTXHQF\ FRPSRQHQWV DERYH DERXW N+] WKH I+] &3(
FXUUHQWGLVWULEXWLRQZLWKLQWKHIXVHFKDQJHVGXHWR
VNLQ DQG SUR[LPLW\ HIIHFWV 7KLV LV GXH WR
I
HOHFWURPDJQHWLF ILHOG LQWHUDFWLRQV DQG GHSHQGV
I
XSRQ WKH SRVLWLRQ RI WKH IXVH UHODWLYH WR WKH UHWXUQ
FRQGXFWRURURWKHUFXUUHQWFDUU\LQJFRQGXFWRUV$Q I
XQHTXDO VKDULQJ RI FXUUHQW EHWZHHQ WKH IXVH I
HOHPHQWV LV SURGXFHG ZKLFK UHVXOWV LQ DGGLWLRQDO I
KHDWLQJ I
7DEOH JLYHV WKH GHUDWLQJ FRHIILFLHQW &3( ZKLFK 7DEOH)UHTXHQF\GHUDWLQJFRHIILFLHQW&3(
VKRXOG EH XVHG LI WKH IXQGDPHQWDO FRPSRQHQW RI
IXVH FXUUHQW LV LQ WKH IUHTXHQF\ UDQJH VKRZQ )RU
WKH PRUH FRPPRQ FDVH WKH FXUUHQW ZDYHVKDSH FRQWDLQV D PL[WXUH RI KDUPRQLF FRPSRQHQWV DQG WKH
UHGXFWLRQLQFXUUHQWUDWLQJZLOOQRWEHVRJUHDW
,QDQDSSOLFDWLRQWKHWRWDOUPVFXUUHQWLQFOXGLQJKDUPRQLFVPXVWEHXVHGDVWKHEDVLVIRUIXVHVHOHFWLRQ
,I WKH WRWDO KDUPRQLF FRQWHQW LV PRUH WKDQ RI WKH IXQGDPHQWDO FRQWDFW )HUUD] 6KDZPXW 7HFKQLFDO
6HUYLFHV
&XUUHQWYDULDWLRQFRHIILFLHQW$
,QDUHDOZRUOGDSSOLFDWLRQWKHUPVFXUUHQWWKURXJKWKHIXVHLVQRWFRQVWDQWEXWYDULHVGHSHQGLQJRQWKH
QDWXUHRIWKHORDGDQGLWVGXW\F\FOHZKHQWKHHTXLSPHQWLVLQRSHUDWLRQ,QDGGLWLRQWKHSRZHUFRQYHUVLRQ
HTXLSPHQWPD\EHVZLWFKHGRQDQGRIIIURPWLPHWRWLPHIRUH[DPSOHGXULQJWKHQLJKWWLPH7KHKHDWLQJ
DQGFRROLQJRIWKHIXVHHOHPHQWVGXHWRWKLVYDULDEOHORDGLQJSURGXFHVH[SDQVLRQDQGFRQWUDFWLRQWKHUPDO
VWUDLQLQJ RI WKH IXVH HOHPHQWV ZKLFK FDQ FDXVH PHFKDQLFDO IDWLJXH DQG SUHPDWXUH QXLVDQFH RSHQLQJ RI
WKHIXVH7KLVFRQGLWLRQLVRISDUWLFXODULPSRUWDQFHIRUVHPLFRQGXFWRUIXVHVZKLFKKDYHYHU\VPDOOQRWFK
]RQHV RQ WKH HOHPHQWV LQ RUGHU WR REWDLQ WKH UHTXLUHG KLJK VSHHG RI RSHUDWLRQ 9DULDEOH ORDGLQJ FDXVHV
WHPSHUDWXUHIOXFWXDWLRQVDqLQWKHVHQRWFK]RQHV,WLVHVVHQWLDOWRHQVXUHWKDWVHPLFRQGXFWRUIXVHVDUH
DGHTXDWHO\ VL]HG WR FRSH ZLWK WKH WHPSHUDWXUH IOXFWXDWLRQV DQG UHVXOWLQJ WKHUPDO VWUDLQV SURGXFHG LQ
VHUYLFH
9DULDWLRQVLQWKHORDGFXUUHQWDQGGXW\F\FOHDUHWDNHQLQWRDFFRXQWE\XVLQJDGHUDWLQJFRHIILFLHQW $
/RDGVDUHFODVVLILHGDVHLWKHUFRQWLQXRXVRUF\FOLFDVGHILQHGEHORZ
DFRQWLQXRXVORDGV
&RQWLQXRXV PHDQV WKDW WKH ORDG FXUUHQW LV VWHDG\ ZKHQ WKH HTXLSPHQW LV LQ RSHUDWLRQ DQG WKHUH DUH QR
RYHUORDGV$SSURSULDWHYDOXHVIRU$
DUHJLYHQLQ7DEOH
:RUNLQJFRQGLWLRQV $
$IHZVWRSVSHU\HDUHJDOXPLQXPUHFWLILHUSODQW
VWRSSHUGD\HJRYHUQLJKWVWRS
XSWRVWRSVSHUGD\
7DEOH'HUDWLQJFRHIILFLHQWIRUFRQWLQXRXVORDGV$
EF\FOLFORDGV
&\FOLFPHDQVWKDWWKHORDGFXUUHQWLVYDULDEOHZLWKDUHSHWLWLYHF\FOLFQDWXUH,QWKLVFDVHWKHYDOXHRI$
PD\EHORZHUWKDQWKHYDOXHVJLYHQLQ7DEOHDQGGHSHQGVXSRQWKHQDWXUHRIWKHF\FOH)RUDF\FOHZLWK
ORQJ GXUDWLRQ IRU H[DPSOH KRXU 21 IROORZHG E\ KRXU 2)) WKH IXVH FRROV GRZQ DOPRVW
FRPSOHWHO\GXULQJWKH2))SHULRGUHVXOWLQJLQDODUJHHOHPHQWWHPSHUDWXUHIOXFWXDWLRQDq DQG$
PXVW
EH RU ORZHU &RQWDFW )HUUD] 6KDZPXW 7HFKQLFDO 6HUYLFHV IRU LQIRUPDWLRQ RQ WKH YDOXH RI $
ZKLFK
QHHGVWREHXVHGLQWKHVHFLUFXPVWDQFHV
,IWKHF\FOHFRQWDLQVRYHUORDGVLQH[FHVVRI,QLWLVDOVRQHFHVVDU\WRFKHFNWKHPDJQLWXGHRIWKHRYHUORDG
FXUUHQWLQUHODWLRQWRWKHPHOWLQJWLPHFXUUHQWFKDUDFWHULVWLFRIWKHIXVH6HHVHFWLRQIRUIXUWKHUGHWDLOV
)XVHVFRQQHFWHGLQSDUDOOHOE\WKHXVHU
,Q1RUWK$PHULFDWKH(OHFWULF&RGHVGRQRWSHUPLWWKHSDUDOOHOLQJRIRYHUFXUUHQWSURWHFWLRQGHYLFHVLQWKH
ILHOG DOWKRXJK SDUDOOHOLQJ LV SHUPLVVLEOH LQ D IDFWRU\EXLOW DVVHPEO\ :KHQ WZR IXVHV DUH FRQQHFWHG LQ
SDUDOOHO LW LV QHFHVVDU\ WR HQVXUH WKDW WKH\ VKDUH WKH FXUUHQW HTXDOO\ E\ PDNLQJ WKH FRQQHFWLRQV WR WKH
WHUPLQDOV V\PPHWULFDO DQG RI HTXDO LPSHGDQFH $ GHUDWLQJ IDFWRU RI PD\ EH QHFHVVDU\ GHSHQGLQJ
XSRQWKHIXVHW\SHDQGWKHLQVWDOODWLRQ,QVRPHFDVHVWKHYROWDJHUDWLQJPXVWDOVREHUHGXFHGE\
IRUFHUWDLQIXVHGHVLJQV
&RQWDFW)HUUD]6KDZPXW7HFKQLFDO6HUYLFHVZKHQFRQVLGHULQJFRQQHFWLQJIXVHVLQSDUDOOHO
&RPELQLQJWKHIDFWRUV
)RUDVLQJOHIXVHZLWKDQRPLQDOFXUUHQWUDWLQJ,QWKHPD[LPXPUPVFRQWLQXRXVFXUUHQWDOORZDEOHLQD
UHDOZRUOGDSSOLFDWLRQLVJLYHQE\WKHH[SUHVVLRQ
,Q
,Q[$[%Y[&[&3([$
7KLVLVLOOXVWUDWHGLQWKHIROORZLQJVLPSOHH[DPSOH
([DPSOH
$$IXVHKDVWKHIROORZLQJGDWDZKLFKLVJLYHQLQSXEOLVKHGOLWHUDWXUH
D & q & & %
:KDWLVWKHPD[LPXPDOORZDEOHFRQWLQXRXVFXUUHQWIRUWKHIXVHXQGHUWKHIROORZLQJFRQGLWLRQVRIXVH"
DPELHQWWHPSHUDWXUH & IRUFHGDLUFRROLQJZLWKY PV
IUHTXHQF\ +] FRQWLQXRXVRSHUDWLRQZLWKRQHRYHUQLJKWVWRSSHUGD\
-
$ = = %Y = + % -
=
-
)URP7DEOH&3( DQGIURP7DEOH$
7KHDGMXVWHGUDWLQJLVWKHQ
,Q
,Q[$[%Y[&[&3([$
,Q
[[[[[ $
1RWHWKDWWKLVLVFRQVLGHUDEO\ORZHUWKDQWKHQRPLQDOYDOXH
7KHVH FRHIILFLHQWV DUH XVHG IRU URXWLQH DSSOLFDWLRQV )RU XQXVXDO DSSOLFDWLRQV D PRUH GHWDLOHG VWXG\ RI
WKHUPDOKLJKIUHTXHQF\DQGRWKHUHIIHFWVPD\EHUHTXLUHG&RQWDFW)HUUD]6KDZPXW7HFKQLFDO6HUYLFHV
IRUJXLGDQFH
(VWLPDWLRQRIIXVHOLIHXQGHUF\FOLFRYHUORDGV
6HFWLRQGHVFULEHGWKHXVHRIWKHIDFWRU$
ZKLFKLVDSSOLHGWRWKHFRQWLQXRXVFXUUHQWUDWLQJRIWKHIXVH
WRDOORZIRUWKHHIIHFWRIF\FOLFRUQRQFRQWLQXRXVFXUUHQWV,IWKHGXW\F\FOHFRQWDLQVRYHUORDGVSHULRGV
ZKHQWKHFXUUHQWLVLQH[FHVVRIWKHIXVHFXUUHQWUDWLQJLWLVQHFHVVDU\WRFRQVLGHUWKHLUPDJQLWXGHDQG
GXUDWLRQ LQ UHODWLRQ WR WKH WLPHFXUUHQW FKDUDFWHULVWLF RI WKH IXVH &RQVLGHU WKH VLPSOH 212)) ZDYH
VKRZQLQ)LJ
, 7&&
Dq
7
,506
,Q)LJDWKHUPVFXUUHQW,506LVYHU\PXFKORZHUWKDQWKH21FXUUHQW,$IXVHVHOHFWHGVLPSO\RQWKH
EDVLVRI,506ZRXOGEHPXFKWRRVPDOOIRUWKLVDSSOLFDWLRQ,WLVQHFHVVDU\WRHQVXUHWKDWWKHPHOWLQJWLPH
FXUUHQWFKDUDFWHULVWLFLVZHOODERYHWKH,7SRLQW7KLVSRLQWLVLOOXVWUDWHGLQ)LJE
&RHIILFLHQW%
$VLPSOHPHWKRGRIHQVXULQJWKDWWKHIXVHLVODUJHHQRXJKWRZLWKVWDQGWKHF\FOLFRYHUORDGLVWRUHTXLUH
WKDWWKH21FXUUHQW,GRHVQRWH[FHHGDFHUWDLQIUDFWLRQ%
RIWKHFXUUHQWZKLFKZRXOGFDXVHWKHIXVHWR
PHOWLQWKHWLPH7LH
, % , 0(/7
,QPRGHUQDSSOLFDWLRQVWKHIXVHPD\QHHGWRZLWKVWDQGVHYHUDOPLOOLRQF\FOHVDQGWKHYDOXHRI%
GHSHQGV
RQWKHQXPEHURIF\FOHV17\SLFDOYDOXHVRI%
DVDIXQFWLRQRIWKHQXPEHURIF\FOHVDUHJLYHQLQ7DEOH
%
1
7DEOH1XPEHURIF\FOHVYV%
W\SLFDO
7KH%
PHWKRGLVVXLWDEOHIRUKDQGFDOFXODWLRQIRUVLPSOH212))F\FOHV
7KHDqPHWKRG
,WLVDOVRSRVVLEOHWRHQVXUHWKDWWKHIXVHZLOOJLYHVDWLVIDFWRU\OLIHZLWKF\FOLFRYHUORDGVE\HVWLPDWLQJWKH
SHDNWRSHDNWHPSHUDWXUHH[FXUVLRQVRIWKHIXVHHOHPHQWVSURGXFHGE\WKHORDGFXUUHQW7KLVPHWKRGKDV
WKHDGYDQWDJHWKDWLWFDQEHDSSOLHGWRFRPSOH[ORDGF\FOHV
7KHOLIHRIDIXVHXQGHUF\FOLFORDGLQJLVGHWHUPLQHGE\
D 7KHKLJKHVWSHDNWRSHDNWHPSHUDWXUHH[FXUVLRQDq RIWKHQRWFKHVLQWKHIXVHHOHPHQW$VDq
LQFUHDVHV WKH SHDNWRSHDN WKHUPDO VWUDLQ LQFUHDVHV ZKLFK LQ WXUQ UHGXFHV WKH QRWFK OLIH )RU D
JLYHQ PDWHULDO DQG HOHPHQW GHVLJQ WKH HQGXUDQFH LQ F\FOHV GHSHQGV XSRQ WKH WKHUPDO VWUDLQ
DFFRUGLQJWRODZVJRYHUQLQJPHFKDQLFDOIDWLJXH
E 7KH DYHUDJH QRWFK WHPSHUDWXUH $V WKH DYHUDJH QRWFK WHPSHUDWXUH LQFUHDVHV WKH UHVLVWDQFH WR
PHFKDQLFDOIDWLJXHGHFUHDVHVZKLFKUHVXOWVLQDUHGXFWLRQLQQRWFKOLIH
&RQVLGHU WKH VLPSOH 212)) F\FOH VKRZQ LQ )LJ 7KH F\FOH JLYHV ULVH WR D SHDNWRSHDN WHPSHUDWXUH
IOXFWXDWLRQDqDVVKRZQE\WKHGRWWHGOLQH
7KHDYHUDJHQRWFKWHPSHUDWXUHLVUHODWHGWRWKHUPVYDOXHRIWKHFXUUHQWLQWHJUDWHGRYHUWKHZKROHORDG
F\FOHFRPSDUHGWRWKHIXVHUDWHGFXUUHQW,QDQGGHSHQGVRQWKHUDWLR
SX506 ,506,Q
&RPELQLQJWKHVHUHODWLRQVKLSVZLWKWKH0DQVRQ&RIILQODZRIPHFKDQLFDOIDWLJXHJLYHVWKHOLIHRIWKHIXVH
PHDQQXPEHURIF\FOHVWRIDLOXUH1DVWKHSRZHUODZ
.1
1 =
Dq SX506 \
[
(VWLPDWLRQ RI Dq IRU D JLYHQ GXW\ F\FOH UHTXLUHV D NQRZOHGJH RI WKH WUDQVLHQW WKHUPDO UHVSRQVH RI WKH
IXVH 7KLV LQIRUPDWLRQ FDQ EH H[WUDFWHG IURP WKH WLPHFXUUHQW FKDUDFWHULVWLF IURP ZKLFK D WUDQVLHQW
WKHUPDO PRGHO FDQ EH FRQVWUXFWHG 7HVWV RQ IXVHV ZLWK YDULRXV FXUUHQWV DQG GXW\ F\FOHV HQDEOH WKH
FRQVWDQWV.1[DQG\WREHGHWHUPLQHG.1LVDFRQVWDQWZKLFKGHSHQGVXSRQWKHPHFKDQLFDOGHVLJQRIWKH
IXVH7KHOLIHLVVWURQJO\GHSHQGHQWXSRQDqEXWWKHGHSHQGHQFHRQWKHUPVOHYHOLVPXFKZHDNHU
)RU DSSOLFDWLRQV ZLWK FRPSOH[ GXW\ F\FOHV ZLWK VHYHUDO WLPH SHULRGV DW GLIIHUHQW FXUUHQW OHYHOV LW LV
QHFHVVDU\ WR HVWLPDWH DOO WKH SHDNV DQG WURXJKV RI QRWFK WHPSHUDWXUH ZLWKLQ WKH F\FOH DQG FRXQW WKH
QXPEHU RI VWUHVV UHYHUVDOV )RU D F\FOH ZLWK 0 EORFNV RI FXUUHQW WKHUH LV D PD[LPXP RI 0 VXFK
UHYHUVDOVDQGHDFKUHYHUVDOSURGXFHVDIOXFWXDWLRQDqZKLFKFRQWULEXWHVWRWKHIDWLJXHSURFHVV7KHOLIHLQ
F\FOHVPD\WKHQEHHVWLPDWHGIURP
.1
1 =
Dq + Dq + Dq [ + L SX506 \
[ [
7KHDqPHWKRGUHTXLUHVDGYDQFHGQXPHULFDODQDO\VLVPHWKRGVDQGDGLJLWDOFRPSXWHU,WLVWKHPHWKRG
EXLOWLQWRWKH6HOHFW$)XVH3(VRIWZDUHVHHVHFWLRQ
6HOHFWLRQ RI WKH FRUUHFW IXVH IRU DSSOLFDWLRQV ZLWK UHSHWLWLYH F\FOLF RYHUORDGV LV D FRPSOH[ SURFHGXUH
&RQWDFW)HUUD]6KDZPXW7HFKQLFDO6HUYLFHVIRUDVVLVWDQFH
2FFDVLRQDOQRQUHSHWLWLYHRYHUORDGFRHIILFLHQW&I
$QRWKHURYHUORDGFRQGLWLRQWREHFRQVLGHUHGLVWKHVLQJOHQRQUHSHWLWLYHSXOVHGRYHUORDGRURFFDVLRQDO
RYHUORDG6XFKDVLWXDWLRQRFFXUVRQO\DIHZWLPHVGXULQJWKHVHUYLFHOLIHRIDIXVHDQGZRXOGDSSO\IRU
H[DPSOH ZKHQ WKH IXVH KDV WR ULGH WKURXJK D IDXOW ZKLFK LV FOHDUHG E\ D GRZQVWUHDP RYHUFXUUHQW
SURWHFWLRQ GHYLFH 7KH REMHFWLYH LV WR HQVXUH WKDW WKH SHDN HOHPHQW WHPSHUDWXUH LV EHORZ D OHYHO ZKLFK
ZRXOGFDXVHGDPDJHWRWKHHOHPHQWQRWFKHV
,QWKLVFDVHWKHDOORZDEOHSXOVHFXUUHQWLVVLJQLILFDQWO\KLJKHUWKDQLVWKHFDVHIRUUHSHWLWLYHRYHUORDGVDQG
LVJLYHQE\
, & I , 0(/7
7KHFRHIILFLHQW&ILVW\SLFDOO\
6KRUWFLUFXLWFXUUHQWV
7KHUPVYDOXHRIWKHVWHDG\VWDWHVKRUWFLUFXLWFXUUHQWZKLFKZRXOGIORZLQWKHFLUFXLWLIWKHUHZHUHQR
IXVH SURWHFWLRQ LV FDOOHG WKH SURVSHFWLYH FXUUHQW ,(& RU WKH DYDLODEOH VKRUWFLUFXLW FXUUHQW 1RUWK
$PHULFD
,QDQDFFLUFXLWWKHWUDQVLHQWVKRUWFLUFXLWFXUUHQWLVJLYHQE\
L = , VLQ (w W + q - f ) - VLQ (q - f ) H -wW WDQ f
ZKHUH , LVWKHUPVSURVSHFWLYHDYDLODEOHVKRUWFLUFXLWFXUUHQW
w LVWKHVXSSO\DQJXODUIUHTXHQF\ p I
q LVWKHHOHFWULFDODQJOHSRLQWRQWKHVRXUFHYROWDJHZDYHDWZKLFKWKHVKRUWFLUFXLWEHJLQV
f LVWKHSRZHUIDFWRUDQJOHRIWKHFLUFXLWLPSHGDQFH WDQw /5
7KHILUVWWHUPLQWKHDERYHH[SUHVVLRQLVWKHVWHDG\VWDWHDFVKRUWFLUFXLWFXUUHQWZKLOHWKHVHFRQGWHUPLV
DQH[SRQHQWLDOO\GHFD\LQJWUDQVLHQWGFFRPSRQHQW
,IWKHVKRUWFLUFXLWRFFXUVDWDQLQVWDQWZKHQq = fWKHWUDQVLHQWFRPSRQHQWLV]HURDQGWKHVKRUWFLUFXLW
FXUUHQW ZLOO EH D V\PPHWULF VLQHZDYH VHH )LJ 7KH SHDN YDOXH LV WLPHV WKH UPV
SURVSHFWLYHDYDLODEOHFXUUHQW
,IqfWKHVKRUWFLUFXLWFXUUHQWZLOOKDYHDQDV\PPHWULFDOZDYHIRUPZLWKDQH[SRQHQWLDOO\GHFD\LQJGF
FRPSRQHQW VHH )LJ 7KH PD[LPXP YDOXH RI WKH ILUVW DV\PPHWULFDO SHDN FXUUHQW LV REWDLQHG LI WKH
FLUFXLWLVFORVHGDWWKHYROWDJH]HURq ,WFDQUHDFK WLPHVWKHUPVV\PPHWULFDOFXUUHQW
LQDSXUHO\LQGXFWLYHFLUFXLWRUDERXWWLPHVLQDFLUFXLWZLWKDQ;5UDWLRRI
FXUUHQW
VRXUFH
VRXUFH YROWDJH
YROWDJH
WLPHV WLPHV
)LJ6\PPHWULFDODQGDV\PPHWULFDOVKRUWFLUFXLWFXUUHQWVLQDQDFV\VWHP
)RU D IDXOW LQ D GF FLUFXLW WKH SURVSHFWLYH
DYDLODEOH VKRUW FLUFXLW FXUUHQW LV WKH ILQDO
FRQVWDQW YDOXH 9'& 5 ZKHUH 9'& LV WKH VRXUFH
YROWDJHDQG5LVWKHUHVLVWDQFHRIWKHFLUFXLW$IWHU L
DIDXOWRFFXUVWKHFXUUHQWLQWKHFLUFXLWLQFUHDVHV
H[SRQHQWLDOO\ DV VKRZQ LQ )LJ ZLWK D FLUFXLW ,506
WLPHFRQVWDQW /5 ZKHUH / LV WKH FLUFXLW
LQGXFWDQFH
,QWKLVFDVHWKHLQVWDQWDQHRXVVKRUWFLUFXLWFXUUHQW
LVJLYHQE\
WLPH
L = , - H - 5W /
)LJ6KRUWFLUFXLWFXUUHQWLQDGFV\VWHP
ZKHUH, 9'&57KHKHDWLQJHIIHFWRIWKHIDXOWFXUUHQWGHSHQGVXSRQLWVUPVYDOXHZKLFKLVJLYHQE\
H - Q H - Q
, 506 = , + - -
Q Q Q
ZKHUHQ W7DQG7 /5LVWKHFLUFXLWWLPHFRQVWDQW7KHYDULDWLRQRI,506ZLWKWLPHLVDOVRVKRZQLQ
)LJ
&XUUHQWOLPLWLQJRSHUDWLRQ
$Q LPSRUWDQW DGYDQWDJH RI WKH FXUUHQWOLPLWLQJ IXVH LV LWV DELOLW\ WR EUHDN KLJK IDXOW FXUUHQWV UDSLGO\
ZKLFK OLPLWV WKH SHDN FXUUHQW IORZLQJ LQ WKH FLUFXLW DQG FRQVHTXHQWO\ OLPLWV WKH OHWWKURXJK ,W )LJ
LOOXVWUDWHV WKH RSHUDWLRQ RI D IXVH LQWHUUXSWLQJ D VKRUWFLUFXLW IDXOW FXUUHQW LQ DQ DF FLUFXLW 'XULQJ WKH
SUHDUFLQJ PHOWLQJ SHULRG WKH FXUUHQW FORVHO\ IROORZV WKH SURVSHFWLYH DYDLODEOH FXUUHQW ZDYH DQG WKH
YROWDJH GURS DFURVV WKH IXVH LV TXLWH ORZ :KHQ WKH IXVH HOHPHQW PHOWV DQG DUFLQJ EHJLQV WKH YROWDJH
DFURVVWKHIXVHLQFUHDVHVUDSLGO\DQGWKHFXUUHQWLVIRUFHGWR]HURZHOOEHIRUHWKHQDWXUDO]HURFURVVLQJRI
WKHSURVSHFWLYHDYDLODEOHFXUUHQWZDYH)RUFODULW\WKHGHJUHHRIFXUUHQWOLPLWDWLRQVKRZQLQ)LJLVORZ
,Q DFWXDOLW\ D W\SLFDO $ VHPLFRQGXFWRU IXVH ZKHQ VXEMHFWHG WR D SURVSHFWLYH DYDLODEOH FXUUHQW RI
N$SHDNFDQOLPLWWKHSHDNFXUUHQWWRDERXWN$UHGXFLQJWKHVWUHVVHVRQWKHFLUFXLWE\DIDFWRURI
RUWRRIWKHOHYHOZLWKRXWIXVHSURWHFWLRQ
7KH FXUUHQWOLPLWLQJ EHKDYLRU RI IXVHV FDQ EH H[SODLQHG E\ UHIHUHQFH WR WKH HTXLYDOHQW FLUFXLW ZKLFK
VKRZV D IXVH LQ D FLUFXLW XQGHU D VKRUWFLUFXLW IDXOW FRQGLWLRQ $SSOLFDWLRQ RI .LUFKKRII
V 9ROWDJH /DZ
JLYHV
GL
96 W = 5 L + / + Y)
GW
5HDUUDQJLQJWKLVWRJLYHWKHUDWHRIFKDQJHRIFXUUHQW
GL 96 W - 5L - Y )
=
GW /
'XULQJ WKH SUHDUFLQJ PHOWLQJ SHULRG WKH IXVH
YROWDJH LV DOPRVW ]HUR DQG PD\ EH QHJOHFWHG VR
ZKHQ 96W LV SRVLWLYH WKH FLUFXLW FXUUHQW JURZV DV SURVSHFWLYH
VKRZQZLWKGLGW 96W/:KHQDUFLQJEHJLQVY) FXUUHQW
LQFUHDVHV UDSLGO\ DQG LI Y)!96W±5L WKH UDWHRI LN$ IXVH
FKDQJHRIFXUUHQWEHFRPHVQHJDWLYHDQGWKHFXUUHQW
FXUUHQW
WLPHV
LVIRUFHGGRZQWRZDUGV]HUR
7KH SUHVHQFH RI WKH LQGXFWDQFH LQ WKH FLUFXLW
SUHYHQWVWKHFXUUHQWIURPFKDQJLQJLQVWDQWDQHRXVO\
$W WKH LQVWDQW WKH IXVH FKDQJHV LWV VWDWH IURP WKH
SUHDUFLQJ PHOWLQJ RU ORZUHVLVWDQFH VWDWH WR WKH
DUFLQJ KLJKUHVLVWDQFH VWDWH WKH FXUUHQW VWD\V
DOPRVW FRQVWDQW DQG WKH YROWDJH GHYHORSHG DFURVV
IXVHYROWDJH
WKHIXVHDUFYROWDJHLQFUHDVHVUDSLGO\
Y
7KH KLJKHU WKH DUF YROWDJH WKH PRUH UDSLGO\ WKH WLPHV
FXUUHQW ZLOO EH GULYHQ WR ]HUR GXULQJ WKH DUFLQJ
SHULRG ,I WKH GHVLJQ REMHFWLYH IRU VHPLFRQGXFWRU
4XDUW]ILOOHU
,I WKH IXVH HOHPHQW LV VXUURXQGHG E\ D JDV VXFK DV DLU WKH DUF FKDQQHO LV QRW FRQWDLQHG DQG LV IUHH WR
H[SDQG UDGLDOO\ 7KH DUF UHVLVWDQFH DQG KHQFH LWV YROWDJH LV YHU\ URXJKO\ LQYHUVHO\ SURSRUWLRQDO WR WKH
FURVVVHFWLRQDO DUHD RI WKH DUF FKDQQHO DQG WKHUHIRUH WKH DUF YROWDJH SURGXFHG LV WRR ORZ WR DFKLHYH
FXUUHQWOLPLWDWLRQ,IKRZHYHUWKHDUFFURVVVHFWLRQDODUHDLVNHSWVPDOOE\FRQILQLQJLWWKHDUFYROWDJHFDQ
WKHQEHNHSWKLJKDQGWKHFLUFXLWFXUUHQWFDQEHOLPLWHG'XULQJLQWHUUXSWLRQWKHDUFSRZHULVYHU\KLJK,I
WKHDUFZHUHFRQILQHGZLWKLQDQDUURZWXEHLQDFHUDPLFEORFNWKHYHU\KLJKDUFWHPSHUDWXUHDQGSUHVVXUH
PD\FDXVHWKHEORFNWRVKDWWHUGXHWRWKHUPDOVKRFN
)HUUD]6KDZPXWVHPLFRQGXFWRUIXVHVXVHDJUDQXODUPHGLXPTXDUW]VDQGIRUDUFTXHQFKLQJ,WFRQILQHV
WKHDUFDQGDWWKHVDPHWLPHDOORZVWKHSUHVVXUHWREHUHOLHYHG9DSRUVFDQHVFDSHIURPWKHDUFLQJUHJLRQ
WKURXJKWKHJDSVEHWZHHQWKHJUDLQVRIVDQG7KHVDQGFDQDOVRDEVRUEWKHUPDOVKRFNE\VOLSSDJHEHWZHHQ
JUDLQV$VDUFLQJFRQWLQXHVWKHJUDLQVRIVDQGLQFRQWDFWZLWKWKHDUFPHOWDQGIRUPDJODVV\ERG\NQRZQ
DVDIXOJXULWH7KLVSURFHVVRIPDNLQJIXOJXULWHDEVRUEVHQHUJ\IURPWKHDUF
3UHPLXPTXDOLW\)HUUD]6KDZPXWVHPLFRQGXFWRUIXVHVXVHDQDJJORPHUDWHG³VROLG´VDQGILOOHULQZKLFK
WKH LQGLYLGXDO JUDLQV RI VDQG DUH ERQGHG WRJHWKHU WR SURGXFH D W\SH RI DUWLILFLDO VDQGVWRQH 7KLV ³VROLG´
VDQGILOOHUIXUWKHUHQKDQFHVWKHFRQWURORIWKHDUFVXQGHUKLJKVKRUWFLUFXLWFRQGLWLRQV,WDOVRLPSURYHVWKH
FRROLQJ RI WKH HOHPHQWV DW QRUPDO FXUUHQWV EHFDXVH WKH ³VROLG´ VDQG ILOOHU KDV D KLJKHU WKHUPDO
FRQGXFWLYLW\
3HDNOHWWKURXJKFXUUHQWV
)RU FXUUHQWOLPLWLQJ IXVHV WKH SHDN OHWWKURXJK
FXUUHQW RU FXWRII FXUUHQW LV D YHU\ LPSRUWDQW L ,UPV
SDUDPHWHU )XVH GDWD LV SUHVHQWHG LQ WKH IRUP RI
SHDN OHWWKURXJK FXWRII FKDUDFWHULVWLFV 7KHVH L ,UPV
SHDNFXUUHQWN$
FXUUHQWWKHDV\PPHWULFDOZDYHJLYHVWKHKLJKHVWYDOXH3XEOLVKHGGDWDDOZD\VVKRZVWKHKLJKHVWSRVVLEOH
LHZRUVWFDVHYDOXH
0HOWLQJ,W
)RU KLJK VKRUWFLUFXLW FXUUHQWV ZKLFK FDXVH PHOWLQJ LQ WLPHV RI WKH VDPH RUGHU DV WKH DF F\FOH WKH
PHOWLQJWLPHYDULHVJUHDWO\GHSHQGLQJXSRQZKHWKHUWKHVKRUWFLUFXLWFXUUHQWZDYHVKDSHLVV\PPHWULFDORU
DV\PPHWULFDO ,Q WKHVH FDVHV WKH WLPHFXUUHQW FKDUDFWHULVWLF LV RI OLPLWHG YDOXH DQG WKH FRRUGLQDWLRQ RI
V\VWHPSURWHFWLRQLVGRQHXVLQJ,WYDOXHVZKLFKDUHPXFKOHVVVHQVLWLYHWRWKHZDYHVKDSHRIWKHVKRUW
FLUFXLWFXUUHQW
7KHORZHUFXUYHLQ)LJVKRZVKRZWKHPHOWLQJ,WRIDW\SLFDOVHPLFRQGXFWRUIXVHYDULHVZLWKWKHUPV
SURVSHFWLYHDYDLODEOHFXUUHQW)RUYHU\KLJKFXUUHQWVWKHPHOWLQJ,WLVFRQVWDQW7KLVDGLDEDWLFUHJLRQLV
VR FDOOHG EHFDXVH WKH UDWH RI KHDWLQJ LV VR KLJK WKDW KHDW ORVVHV IURP WKH HOHPHQW QRWFK ]RQHV FDQ EH
QHJOHFWHG)RUORZHUSURVSHFWLYHDYDLODEOHFXUUHQWVWKHPHOWLQJWLPHLVORQJHUDQGKHDWORVVHVIURPWKH
QRWFK]RQHVFDXVHWKH,WUHTXLUHGWRSURGXFHPHOWLQJWRLQFUHDVH
WRWDOFOHDULQJ,WFXUYH
,W
PD[
DUFLQJ,W
PHOWLQJ,WFXUYH
$ V
PHOWLQJ,W DGLDEDWLFPHOWLQJ
L
,
506SURVSHFWLYHDYDLODEOHFXUUHQWN$
)LJ,WFKDUDFWHULVWLFV
7RWDOFOHDULQJ,W
7KHXSSHUFXUYHLQ)LJVKRZVWKHWRWDOFOHDULQJ,WZKLFKLVJLYHQE\
7RWDOFOHDULQJ,W PHOWLQJ,WDUFLQJ,W
,Q DSSO\LQJ IXVHV IRU VKRUWFLUFXLW SURWHFWLRQ WKH WRWDO FOHDULQJ ,W RI WKH IXVH PXVW EH OHVV WKDQ WKH ,W
GDPDJHOHYHORIWKHGHYLFHRUV\VWHPEHLQJSURWHFWHG
3XEOLVKHGGDWDJLYHVWKHZRUVWFDVHWRWDO,WDWWKHIXVH
VUDWHGYROWDJHIUHTXHQF\DQGFLUFXLWSRZHUIDFWRU
+RZHYHU LQ UHDOZRUOG DSSOLFDWLRQV WKH IXVHV DUH XVHG LQ V\VWHPV DW ORZHU YROWDJHV :KHQ WKH DSSOLHG
YROWDJHLVORZHUWKDQWKHIXVH
VUDWHGYROWDJHWKHFXUUHQWOLPLWLQJDFWLRQLVPRUHHIIHFWLYHDQGWKHWRWDO,W
LVUHGXFHG
7KHDFWXDO,WYDOXHVZKLFKDSSO\DWYROWDJHVOHVVWKDQUDWHGYROWDJHFDQEHGHWHUPLQHGE\PXOWLSO\LQJWKH
SXEOLVKHGYDOXHVE\DFRUUHFWLRQIDFWRU.REWDLQHGIURPFXUYHVVXFKDVWKDWVKRZQLQ)LJ
, WFRUUHFWLRQIDFWRU SHDNDUFYROWDJH
9SN
.
UPVYROWDJH UPVYROWDJH
)LJ,WFRUUHFWLRQIDFWRUYVDSSOLHGYROWDJH)LJ3HDNDUFYROWDJHYVDSSOLHGYROWDJH
3HDNDUFYROWDJH
7KH SHDN DUF YROWDJH GHYHORSHG DFURVV WKH IXVH GXULQJ VKRUWFLUFXLW LQWHUUXSWLRQ GHFUHDVHV DVWKHVRXUFH
YROWDJHGHFUHDVHV)LJVKRZVWKLVFKDUDFWHULVWLFIRUDW\SLFDO9IXVH
5DWHGEUHDNLQJFXUUHQWV
$ FXUUHQWOLPLWLQJ IXVH FDQ EH WKRXJKW RI DV DQ
ZRUVWFDVHHQHUJ\N-
DFWLYHGHYLFHGXULQJLWVRSHUDWLRQ:KHQDFXUUHQW PD[HQHUJ\SRLQW
OLPLWLQJIXVHLVVXEMHFWHGWRDVKRUWFLUFXLWIDXOWLW
SURGXFHV D KLJK DUF YROWDJH ZKLFK IRUFHV WKH
FXUUHQW WR ]HUR ZHOO EHIRUH WKH QDWXUDO FXUUHQW
]HUR 'XULQJ WKH DUFLQJ SHULRG D ODUJH DPRXQW RI
HQHUJ\ LV DEVRUEHG E\ WKH IXVH DQG LWV ILOOHU
)LJ LOOXVWUDWHV WKH YDULDWLRQ RI WKLV DUF HQHUJ\
ZLWK FXUUHQW IRU D W\SLFDO VHPLFRQGXFWRU
SURWHFWLRQIXVH7KHPD[LPXPEUHDNLQJFXUUHQW
RULQWHUUXSWLQJUDWLQJRIWKLVIXVHLVN$DQG
WKH IXVH LV W\SHWHVWHG DW WKLV OHYHO +RZHYHU LW UPVSURVSHFWLYHFXUUHQWN$
FDQ EH VHHQ WKDW WKHUH LV D OHYHO RI WHVW FXUUHQW
)LJ(QHUJ\DEVRUEHGE\IXVHYV,506
DERXWN$LQ)LJZKLFKSURGXFHVDKLJKHU
HQHUJ\7KLVLVNQRZQDVWKH³PD[LPXPHQHUJ\FXUUHQW´RUFULWLFDOFXUUHQWDQGVHPLFRQGXFWRUIXVHVDUH
DOVRFHUWLILHGDWWKLVWHVWOHYHOWRLQVXUHWKDWWKH\FDQVDIHO\LQWHUUXSWDOOSRVVLEOHVKRUWFLUFXLWIDXOWV
$VWKHDYDLODEOHFXUUHQWLVUHGXFHGEHORZWKHFULWLFDOFXUUHQWWKHHQHUJ\IDOOVEXWDWYHU\ORZFXUUHQWVLW
EHJLQVWRULVHDJDLQ
7KLV FRUUHVSRQGV WR WKH RYHUORDG UHJLRQ 0RVW VHPLFRQGXFWRU IXVHV DUH VKRUWFLUFXLW SURWHFWLYH GHYLFHV
DQG DUH QRW GHVLJQHG WR LQWHUUXSW EHORZ D FHUWDLQ OHYHO RI FXUUHQW NQRZQ DV WKH PLQLPXP EUHDNLQJ
FXUUHQW)RUDFIDXOWVWKLVOLPLWLQJFRQGLWLRQFRUUHVSRQGVWRWKH&&
OLQHVRQWKHWLPHFXUUHQWFXUYHDV
SUHYLRXVO\H[SODLQHGLQVHFWLRQ
,QWHUUXSWLRQRIGFIDXOWFXUUHQWV
:KHQDGFIDXOWRFFXUVWKHUDWHRIULVHGLGWRI
FXUUHQWLVGHSHQGHQWRQWKHFLUFXLWWLPHFRQVWDQW
/5 )RU D W\SLFDO GF PRWRU DUPDWXUH FLUFXLW
WKH /5 WLPH FRQVWDQW LV DURXQG PV ZKLFK
\LHOGVDORZHUUDWHRIULVHRIFXUUHQWGLGWXQGHU 9GF
VKRUW FLUFXLW FRQGLWLRQV DV FRPSDUHG WR DQ DF
VKRUWFLUFXLW:LWKWKHORZHUGLGWWKHIXVHWDNHV
ORQJHU WR PHOW FRPSDUHG ZLWK DF FRQGLWLRQV
ZKLFKDOVROHDGVWRDUHODWLYHO\ORQJDUFLQJWLPH
7KHVH FRQGLWLRQV WRJHWKHU ZLWK WKH DEVHQFH RI
QDWXUDO FXUUHQW ]HURHV PDNH WKH LQWHUUXSWLRQ RI
GF IDXOWV PRUH GLIILFXOW IRU WKH IXVH WKDQ DF
IDXOWVLI/5LVKLJK$VWKH/5WLPHFRQVWDQWLQ
D FLUFXLW LQFUHDVHV WKH '& YROWDJH FDSDELOLW\ RI WLPHFRQVWDQW/5 V
WKHIXVHGHFUHDVHV
)LJ(IIHFWRI/5RQGFYROWDJHUDWLQJ
7KHUHIRUHIRUGFDSSOLFDWLRQVLWLVHVVHQWLDOWRNQRZWKHYDOXHRI/5)LJVKRZVKRZWKHGFYROWDJH
UDWLQJRIDW\SLFDOVHPLFRQGXFWRUIXVHLVDIIHFWHGE\WKHFLUFXLWWLPHFRQVWDQW
,WLVRIWHQGLIILFXOWWRREWDLQDSUHFLVHYDOXHIRU/5LQSUDFWLFH,QWKHDEVHQFHRIEHWWHULQIRUPDWLRQ7DEOH
JLYHVVRPHW\SLFDOJXLGHOLQHYDOXHV
7\SHRIHTXLSPHQW 7\SLFDO/5PV
%DWWHU\VXSSO\FDSDFLWRUEDQN
%ULGJHFLUFXLW
'&PRWRUDUPDWXUH
'&WUDFWLRQV\VWHPV
'&PRWRUILHOG
,WLVQHYHUUHFRPPHQGHGWRIXVHD'&PRWRUILHOGFLUFXLW
7DEOH7\SLFDOYDOXHVRI/5
7KHDUFHQHUJ\SURGXFHGLQDGFFLUFXLWDOVRYDULHVZLWKWHVWFXUUHQWLQDPDQQHUVLPLODUWRWKDWVKRZQLQ
)LJ 6R IRU D JLYHQ /5 WKHUH H[LVWV D PD[LPXP EUHDNLQJ FXUUHQW PLQLPXP EUHDNLQJ FXUUHQW DQG
FXUUHQW ZKLFK JLYHV PD[LPXP DUF HQHUJ\ 7KH 9GF YV /5 FKDUDFWHULVWLF )LJ LV SXEOLVKHG IRU WKH
PD[LPXP IXVH DUF HQHUJ\ FRQGLWLRQ 0LQLPXP EUHDNLQJ FXUUHQWV IRU GF DSSOLFDWLRQV DUH SXEOLVKHG
VHSDUDWHO\
6XUJHZLWKVWDQGRIVHPLFRQGXFWRUGHYLFHV
3RZHUGLRGHVDQGWK\ULVWRUV
6HPLFRQGXFWRUGHYLFHPDQXIDFWXUHUVSXEOLVKVXUJHFXUUHQWZLWKVWDQGLQWHUPVRIDKDOIF\FOHVXUJHUDWLQJ
FKDUDFWHUL]HG E\ WKH SHDN DPSOLWXGH ,)60 RI D VLQJOH VLQXVRLGDO KDOIF\FOH SXOVH ZKLFK WKH GHYLFH FDQ
ZLWKVWDQG7KHGXUDWLRQRIWKHWHVWSXOVHW LVXVXDOO\PVRUPVFRUUHVSRQGLQJWR+]RU+]
KDOIF\FOHV7ZRZLWKVWDQGYDOXHVDUHVRPHWLPHVSXEOLVKHGDZLWKIXOOUDWHGYROWDJHUHDSSOLHGWRWKH
GHYLFHLPPHGLDWHO\DIWHUWKHVXUJHKDVILQLVKHGDQGEZLWK]HURUHDSSOLHGYROWDJH:KHQIXVHSURWHFWLRQ
LVSURYLGHGWKHIXVHPXVWFOHDUWKHFLUFXLWFXUUHQWEHIRUHWKHGHYLFHLVGDPDJHG9DOXHEFDQQRUPDOO\
EHXVHGEHFDXVHDIWHUWKHIXVHDUFVKDYHH[WLQJXLVKHGWKHUHVLGXDOIXVHUHVLVWDQFHLQFUHDVHVUDSLGO\
2IWHQWKHVXUJHZLWKVWDQGLVJLYHQDVDQ,WYDOXH³IRUIXVLQJ´7KHUPVYDOXH,IRUDKDOIVLQHZDYHLV
JLYHQE\
, ,)60 DQGWKHFRUUHVSRQGLQJ,WYDOXHLV,WIRUIXVLQJ ,W
+RZHYHUVHPLFRQGXFWRUGHYLFHVLQWKH21VWDWH
KDYH YHU\ QRQOLQHDU YL IRUZDUG FKDUDFWHULVWLFV
DQG WKH LQVWDQWDQHRXV SRZHU GLVVLSDWLRQ ZLWKLQ ,)60
WKHGHYLFHLVQRWSURSRUWLRQDOWRWKHVTXDUHRIWKH $
FXUUHQW )RU WKLV DQG RWKHU UHDVRQV WKH , W
ZLWKVWDQG RI WKH VHPLFRQGXFWRU GHYLFH LV QRW
FRQVWDQW EXW GHFUHDVHV DV WKH GXUDWLRQ RI WKH
VXUJH EHFRPHV VKRUWHU )LJ LOOXVWUDWHV WKH
YDULDWLRQ RI ,)60 DQG WKH FRUUHVSRQGLQJ ,W YDOXH
IRUDW\SLFDOWK\ULVWRU
WLPHV
$ VLPSOH PRGHO RI VLQJOHF\FOH VXUJH ZLWKVWDQG
FDQ EH XVHG WR VKRZ WKDW WKH ZLWKVWDQG OLQH FDQ
1
EH UHSUHVHQWHG E\ , W FRQVWDQW ZKHUH WKH
,W
³GHYLFH H[SRQHQW´ 1 LV DSSUR[LPDWHO\ $V
0DQ\ GHYLFH PDQXIDFWXUHUV JLYH ,)60 DW WZR
GLIIHUHQW WLPHV RIWHQ PV DQG PV DQG
ZKHQ VXFK GDWD LV SORWWHG LQ WKH IRUP RI )LJ
WKH YDOXH RI 1 IRU UHDO GHYLFHV LV IRXQG WR OLH
ZLWKLQWKHUDQJH
,Q WKH DEVHQFH RI EHWWHU LQIRUPDWLRQ D GHYLFH WLPHV
H[SRQHQW RI VKRXOG EH XVHG IRU GLRGHV DQG
WK\ULVWRUV,QRWKHUZRUGVWKHGHYLFHZLWKVWDQGLV )LJ9DULDWLRQRI,)60DQG,WIRUDWK\ULVWRU
DSSUR[LPDWHO\ D FRQVWDQW ,W DQG WKH GHYLFH
ZLWKVWDQG,WVKRXOGEHDGMXVWHGE\XVLQJDFRQVWDQW,WIRUWKHDFWXDOIDXOWGXUDWLRQ7KHXVHRIWKHGHYLFH
H[SRQHQWLVLOOXVWUDWHGLQWKHIROORZLQJH[DPSOH
([DPSOH
$WK\ULVWRUKDVDQ,WIRUIXVLQJRI$VDWPV:KDWLVWKH,WZLWKVWDQGIRUDVXUJHRIPV
GXUDWLRQ"$VVXPH1
6ROXWLRQ
)RUWKHPVVXUJHWKHUPVFXUUHQW, $
,I,W .WKHQ. [ [
$WPV,ZLOOEH.W [ $
VRWKH,WZLWKVWDQGDWPVZLOOEH[ $V
,QJHQHUDOWKHDERYHSURFHGXUHFDQEHVXPPDUL]HGDV
1 -
Ë W Û 1
Ë W Û
, W DWWLPHW = , W [ ÌÌ ÜÜ = , W ÌÌ ÜÜ IRU1 =
Í W Ý Í W Ý
,*%7DQGRWKHUSRZHUWUDQVLVWRUFLUFXLWV
:KHQ WKH FXUUHQW LQFUHDVHV VXGGHQO\ LQ D SRZHU WUDQVLVWRU GXH WR D VKRUWFLUFXLW WKH FROOHFWRUHPLWWHU
YROWDJHLQFUHDVHVLPPHGLDWHO\WRDKLJKYDOXHZKLFKJLYHVDUDSLGLQFUHDVHLQLQWHUQDOSRZHUGLVVLSDWLRQ
DQG IDLOXUH RI WKH WUDQVLVWRU (OHFWURQLF PHDQV RI IDXOW GHWHFWLRQ DUH RIWHQ XVHG WR VZLWFK RII WKH GHYLFH
YHU\ TXLFNO\ +LJKVSHHG IXVHV DUH UHFRPPHQGHG LQ WKHVH FLUFXPVWDQFHV WR OLPLW WKH GHVWUXFWLYH HIIHFWV
ZKLFK RFFXU LI WKH HOHFWURQLF SURWHFWLRQ LV QRW XVHG RU LI LW IDLOV 7KHVH GHVWUXFWLYH HIIHFWV LQFOXGH FDVH
UXSWXUHRI,*%7VDQGPHOWLQJRIWKHHPLWWHUFRQQHFWLRQVERQGLQJZLUHVDQGRWKHUFLUFXLWFRQGXFWRUV
&DVHUXSWXUH,WYDOXHVIRU,*%7VVKRXOGEHXVHGDVZLWKVWDQGYDOXHVEXWWKHVHDUHQRWDOZD\VDYDLODEOH
,QWKHDEVHQFHRIRWKHUGDWDVKRUWFLUFXLWFRRUGLQDWLRQZLWKIXVHVFDQEHGRQHRQWKHEDVLVRIWKHPHOWLQJ
,WRIWKHERQGLQJZLUH,IDVLVXVXDOFRSSHUZLUHVDUHXVHGWKHPHOWLQJ,WFDQEHHVWLPDWHGXVLQJ
, W = . 0 $
ZKHUH .0 LV 0H\HU¶V FRQVWDQW DSSUR[LPDWHO\ $VPP IRU FRSSHU DQG $ LV WKH ZLUH
FURVVVHFWLRQDO DUHD LQ PP +RZHYHU WKHVH YDOXHV DUH YHU\ SHVVLPLVWLF ([SHULHQFH VKRZV WKDW FDVH
UXSWXUHYDOXHVDUHVLJQLILFDQWO\KLJKHU7KH\FDQRQO\EHGHWHUPLQHGE\WHVW
SKDVHFRQWUROOHGEULGJHFRQYHUWHU
$PDMRUDSSOLFDWLRQRIVHPLFRQGXFWRUIXVHVLVWKHSURWHFWLRQRIQDWXUDOO\FRPPXWDWHGSRZHUFRQYHUWHUV
ZKLFKDUHFRQQHFWHGWRDQDFSRZHUV\VWHPDQGXVHWKHVLQXVRLGDOYDULDWLRQRIWKHDFVXSSO\WRDFKLHYH
FRPPXWDWLRQ RI FXUUHQW EHWZHHQ WKH VHPLFRQGXFWRU GHYLFHV 7KH EDVLF SULQFLSOHV IRU IXVH SURWHFWLRQ RI
VXFKFRQYHUWHUVDUHLOOXVWUDWHGKHUHE\UHIHUHQFHWRWKHWKUHHSKDVH*UDHW]EULGJHFLUFXLWVKRZQLQ)LJ
ZKLFKLVWKHPRVWZLGHO\XVHGFRQYHUWHU
)
,G
,G
)
)
D
E '&
F
$& ,G
6XSSO\
)LJ7KUHHSKDVHFRQWUROOHGEULGJHUHFWLILHUZLWKSRVVLEOHIXVHORFDWLRQV
7KHDQRGHVRIWKHUHFWLI\LQJGHYLFHVDQGDUHFRQQHFWHGWRWKHSKDVHVXSSO\DQGWKHLUFDWKRGHVDUH
FRQQHFWHGWRJHWKHUWRIRUPWKHSRVLWLYHSROHRIWKHGFRXWSXW,IWKHGHYLFHVZHUHGLRGHVWKHRQHZLWKWKH
PRVWSRVLWLYHDQRGHZRXOGFRQGXFWDWDJLYHQLQVWDQWDQGWKHRXWSXWDWWKHSRVLWLYHGFSROHZRXOGEHWKH
XSSHUHQYHORSHRIWKHSRVLWLYHSDUWVRIWKHYROWDJHY$Y%DQGY&WKHGHYLFHVFRQGXFWLQJLQWKHRUGHU
+RZHYHULQDSKDVHFRQWUROOHGUHFWLILHUFRPPXWDWLRQRIFXUUHQWIURPGHYLFHWRDQGVRRQLVGHOD\HG
E\ GHOD\LQJ WULJJHULQJ RI WKH LQFRPLQJ GHYLFH WR JLYH WKH ZDYHIRUPV LOOXVWUDWHG LQ )LJ 'HYLFHV
DQGDUHFRQQHFWHGLQWKHRSSRVLWHGLUHFWLRQDQGWKHLUFRPPRQRXWSXWLVFRQQHFWHGWRWKHQHJDWLYHSROH
RI WKH GF VXSSO\ 7KH GF RXWSXW YROWDJH LV WKH GLIIHUHQFH EHWZHHQ WKH XSSHU DQG ORZHU ZDYHV VKRZQ
EROG LQ )LJ 7KH PD[LPXP SRVVLEOH DYHUDJH YDOXH RI WKH GF RXWSXW YROWDJH (G LV REWDLQHG ZLWK D
GHOD\DQJOHRI]HURDQGIRUWKLVFLUFXLWLVHTXDOWRWLPHVWKHDFUPVOLQHOLQHYROWDJH
,Q PDQ\ FDVHV WKH ORDG RQ WKH GF VLGH LV KLJKO\ LQGXFWLYH DQG WKH GF FXUUHQW PD\ EH WDNHQ WR EH
FRQVWDQW7KLVFXUUHQWLVVZLWFKHGLQVHTXHQFHEHWZHHQWKHSDUDOOHOSDWKVRIWKHFRQYHUWHULQWKHVHTXHQFH
VKRZQLQ)LJ,IWKHGFFXUUHQWLV,GDVVKRZQLQ)LJHDFKGHYLFHGHOLYHUVDVLQJOHXQLGLUHFWLRQDO
SXOVHRIFXUUHQWODVWLQJUGRIWKHDFSHULRGDQGWKHUPVFXUUHQWLQHDFKGHYLFHLV,G ,G
7KHFXUUHQWLQWKHDFOLQHVLVWKHGLIIHUHQFHEHWZHHQWZRGHYLFHFXUUHQWV)RUSKDVHDLWLVWKHGLIIHUHQFH
EHWZHHQWKHFXUUHQWVLQGHYLFHDQGGHYLFH7KLVLVDOVRVKRZQLQ)LJDQGWKHUPVYDOXHRIWKLV
ZDYHLV ,G ,G
Y$ Y% Y&
YROWDJH
OLQHFXUUHQWSKDVH$
)LJ7KUHHSKDVHEULGJHUHFWLILHUZDYHIRUPV
/RFDWLRQRIIXVHV
,Q)LJWKUHHSRVVLEOHORFDWLRQVIRUIXVHVDUHVKRZQ)RUUHFWLILHUVWKHSULQFLSDOFKRLFHLVEHWZHHQ)DQG
)DVIROORZV
) LQ WKH FRQYHUWHU OHJV LQ VHULHV ZLWK WKH GHYLFH 7KLV JLYHV WKH EHVW SRVVLEOH SURWHFWLRQ RI WKH
GHYLFHVZLWKWKHVPDOOHVWIXVHV
) LQWKHDFVXSSO\OLQHV7KLVUHTXLUHVRQO\IXVHVUDWKHUWKDQDQGPD\EHDPRUHHFRQRPLFDO
FKRLFH +RZHYHU WKH OLQH FXUUHQW LV WLPHV KLJKHU WKDQ WKH GHYLFH FXUUHQW VR KLJKHU DPSHUH
UDWHGIXVHVDUHQHHGHGFRPSDUHGZLWKIXVHVLQORFDWLRQ)7KHKLJKHUDPSHUHUDWHGIXVHVKDYHD
KLJKHUFOHDULQJ,WZKLFKPDNHVLWVRPHZKDWPRUHGLIILFXOWWRSURWHFWWKHVHPLFRQGXFWRUGHYLFHV
,QFULWLFDOFDVHVLWPD\QRWEHSRVVLEOHWRJLYHSURSHUSURWHFWLRQXVLQJIXVHVLQORFDWLRQ)
) DUHRQWKHGFVLGH7KHVHIXVHVDUHQRUPDOO\XVHGRQO\ZKHQWKHFRQYHUWHULVUHJHQHUDWLYHDQGLQ
FRQMXQFWLRQZLWK)IXVHV7KLVZLOOEHGLVFXVVHGIXUWKHULQVHFWLRQ
([WHUQDOIDXOW
,I WKHUH LV D VXVWDLQHG IDXOW H[WHUQDO WR WKH EULGJH VKRUW FLUFXLW RQ WKH GF VLGH WKLV IDXOW LV FOHDUHG E\
HLWKHUDKLJKVSHHGGFFLUFXLWEUHDNHURULQPRVWFDVHVE\WKHIXVHVZKHQWKHUHLVRQO\VHPLFRQGXFWRU
SHUOHJ
D,QWKHFDVHRIIXVHVLQWKH)SRVLWLRQWKHIXVHVFOHDUWKHIDXOWDQGSURWHFWWKHVHPLFRQGXFWRUV7KHLU
WRWDOFOHDULQJ,WLVOHVVWKDQWKHZLWKVWDQG,WRIWKHGHYLFHDGMXVWHGIRUWKHIDXOWGXUDWLRQDVSUHYLRXVO\
GLVFXVVHG
E,QWKHFDVHRIIXVHVLQWKH)SRVLWLRQDQGDKLJKVSHHGFLUFXLWEUHDNHURQWKHGFVLGHWKHIDXOWLV
FOHDUHGE\WKHEUHDNHUDQGWKHIXVHVPXVWEHFRRUGLQDWHGZLWKWKHEUHDNHUVRWKH\DUHQRWGDPDJHGE\WKH
FXUUHQWZDYHOHWWKURXJKE\WKHEUHDNHU
F,QWKHFDVHZKHQ)DQG)IXVHVDUHXVHGLWLVQRWSRVVLEOHWRFRRUGLQDWHWKHIXVHVVHYHUDO)IXVHV
DQG)IXVHVZLOOPHOW
,QWHUQDOIDXOW
7KLVLVWKHPRVWFRPPRQW\SHRIIDXOWZLWKLQDFRQYHUWHUDQGLVLOOXVWUDWHGLQ)LJLQZKLFKWKHEROG
OLQHVKRZVWKHSDWKRIWKHQRUPDOORDGFXUUHQWDWDQLQVWDQWZKHQGHYLFHVDQGDUHFRQGXFWLQJ,ILQWKLV
VWDWHGHYLFHIDLOVWRKROGRIIWKHUHYHUVHYROWDJHDQGEUHDNVGRZQDOLQHWROLQHVKRUWFLUFXLWDFURVVWKH
DFVXSSO\OLQHVLVSURGXFHG7KHIDXOWFXUUHQWIURPSKDVHEWRSKDVHDIORZVWKURXJKWZRIXVHVLQVHULHV
HLWKHU[)RU[)DQGWKHVHPXVWFOHDUWKHIDXOW\OHJEHIRUHWKHKHDOWK\GHYLFHLVGDPDJHG,QRUGHUWR
DFKLHYHWKLVWKHWRWDOFOHDULQJ,WPXVWEHOHVVWKDQWKHZLWKVWDQG,WRIWKHGHYLFHDGMXVWHGIRUWKHIDXOW
GXUDWLRQDVSUHYLRXVO\GLVFXVVHG
)
)DXOW
)
)
D
E '&
F
$&
6XSSO\
)LJ,QWHUQDOIDXOW
6LQFHWKHUHDUHIXVHVLQVHULHVWKH\DVVLVWHDFKRWKHUWRVRPHH[WHQWXQGHUVKRUWFLUFXLWIDXOWFRQGLWLRQV
DQGWKHWRWDO,WLVORZHUWKDQZRXOGEHREWDLQHGZLWKDVLQJOHIXVH,IWKHIXVHVZHUHLGHQWLFDOWKHWRWDO,W
FRXOGEHREWDLQHGE\DVVXPLQJHTXDOVKDULQJDQGXVLQJWKH,WFRUUHFWLRQFXUYHVHH)LJZLWKDYROWDJH
HTXDOWRWLPHVWKHDFOLQHYROWDJH+RZHYHUWKHUHLVDOVRDSRVVLEOHFRPPXWDWLRQIURPGHYLFHWR
GHYLFHGXULQJWKHIDXOWVRWKDWZKLOHIXVHLVDOZD\VLQWKHIDXOWSDWKIXVHVRUPD\EHLQWKHIDXOW
SDWKIRUDOHVVHUWLPH)XVHPD\PHOWILUVWIROORZHGE\IXVHRUIXVHDIWHUDYHU\VKRUWWLPH:KHQ
WKLVKDSSHQVIXVHZLOOVHHWKHIXOOVRXUFHYROWDJHDWWKHEHJLQQLQJRIDUFLQJ7KHUHIRUHWKHWRWDO,WRI
IXVH FDQQRW EH FDOFXODWHG DW D YROWDJH RI WLPHV WKH DF OLQH YROWDJH $OVR WKHUH DUH LQHYLWDEOH VPDOO
GLIIHUHQFHVEHWZHHQWKHIXVHV7HVWVPDGHE\)HUUD]6KDZPXWKDYHVKRZQWKDWWKH,WVKRXOGEHFDOFXODWHG
DWWLPHVWKHDFOLQHYROWDJH+RZHYHUWKHIXVHVPXVWVWLOOKDYHDQDFYROWDJHUDWLQJDWOHDVWHTXDOWR
WKHDFOLQHWROLQHYROWDJH,IWKHIXVHVZHUHWRRSHUDWHLQVLWXDWLRQVRWKHUWKDQDVKRUWFLUFXLWIDXOWWKH
PHOWLQJWLPHVZRXOGEHPXFKORQJHUDQGRQHIXVHZRXOGPHOWILUVWDQGKDYHWRFOHDUWKHFLUFXLWRQLWVRZQ
DJDLQVW WKH IXOO OLQH YROWDJH 6DWLVIDFWRU\ SURWHFWLRQ RI WKH GHYLFHV PD\ QRW EH SRVVLEOH XQGHU WKHVH
FLUFXPVWDQFHVEXWLWLVVWLOOHVVHQWLDOWKDWVXFKIDXOWVVKRXOGEHFOHDUHGVDIHO\
&RQYHUWHUVZLWKPXOWLSOHSDUDOOHOGHYLFHV
&RQYHUWHUVIRUKLJKFXUUHQWDSSOLFDWLRQVPD\XVHVHYHUDOUHFWLI\LQJGHYLFHVLQSDUDOOHOLQHDFKOHJRIWKH
FRQYHUWHU DV VKRZQ LQ )LJ 6XFK FLUFXLWV DUH FRPPRQO\ XVHG IRU HOHFWURFKHPLFDO DQG KHDY\GXW\
WUDFWLRQDSSOLFDWLRQV
)DXOW ,)
)
D ,)
E
F
$&
6XSSO\
)LJ+LJKFXUUHQWWKUHHSKDVHEULGJHUHFWLILHU
,QWKLVFDVHHDFKGHYLFHKDVDIXVHLQVHULHVZLWKLW)VRWKDWHDFKGHYLFHLVSURWHFWHGDQGWRHQVXUHWKDWLI
DGHYLFHIDLOXUHRFFXUVRQO\RQHIXVHZLOORSHUDWH7KHIDXOW\GHYLFHZLOOEHLVRODWHGWKHFRQYHUWHUZLOOEH
DEOHWRFRQWLQXHWRRSHUDWHDQGWKHIDXOW\GHYLFHDQGEORZQIXVHFDQEHUHSODFHGDWVRPHODWHUWLPH7KHUH
LV QR SRVVLELOLW\ RI SURWHFWLQJ SDUDOOHO GHYLFHV ZLWK IXVHV LQ WKH DF OLQH VLQFH WKH IXVHV ZRXOG EH WRR
ODUJH7KHFXUUHQWRQWKHGFVLGHRIWKHFRQYHUWHULVYHU\KLJKDQGLVRIWHQFRQWUROOHGZLWKDGFEUHDNHU
$OWHUQDWLYHO\LQYHU\ODUJHUHFWLILHUVDGFVKRUWFLUFXLWH[WHUQDOIDXOWPD\EHFOHDUHGE\DEUHDNHURQ
WKHDFVLGHVRPHWLPHVLQWKHSULPDU\VLGHRIWKHVXSSO\WUDQVIRUPHU,WLVRIWHQUHTXLUHGWKDWWKHIXVHV
VKRXOG VXUYLYH WKH FOHDUDQFH RI DQ H[WHUQDO IDXOW E\ D EUHDNHU ZLWKRXW GHWHULRUDWLRQ VHH VHFWLRQ 7KH
JHQHUDO SULQFLSOHV IRU IXVH VHOHFWLRQ DUH WKH VDPH DV GHVFULEHG LQ WKH SUHYLRXV VHFWLRQ EXW ZLWK WKH
IROORZLQJDGGLWLRQDOUHTXLUHPHQWV
'HYLFHUHGXQGDQF\
,I WKHUH DUH Q GHYLFHV LQ SDUDOOHO SHU OHJ WKH FXUUHQW LQ HDFK IXVH LV ,/(* Q DQG WKH UHTXLUHG FRQWLQXRXV
FXUUHQW UDWLQJ LV EDVHG RQ WKLV YDOXH +RZHYHU DV SUHYLRXVO\ PHQWLRQHG LW LV FRPPRQ WR RSHUDWH WKH
FRQYHUWHUIRUDFRQVLGHUDEOHSHULRGRIWLPHDIWHURQHIXVHKDVRSHQHG,IWKLVLVWKHFDVHWKHIXVHFXUUHQW
ZLOOEH,/(*QDQGLWVFRQWLQXRXVFXUUHQWUDWLQJPXVWEHEDVHGRQWKLVKLJKHUYDOXH
$OORZDQFHIRUXQEDODQFH
8VXDOO\ DQ DGMXVWPHQW VKRXOG EH PDGH WR DOORZ IRU WKH IDFW WKDW WKH SDUDOOHO EUDQFKHV LQ WKH OHJ GR QRW
VKDUHWKHFXUUHQWHTXDOO\,IWKLVLVWKHFDVHWKHIXVHUDWLQJPXVWEHEDVHGRQWKHFDOFXODWHGFXUUHQWWKURXJK
WKHIXVHDVVKRZQDERYHZKLFKLVWKHQLQFUHDVHGE\WKHH[SHFWHGLPEDODQFH,IWKHWRWDOFXUUHQWLV,DQG
DQXQEDODQFHRILVDVVXPHGWKHIXVHUDWLQJVKRXOGEHEDVHGRQOHJFXUUHQWRI[,Q,IWKHUH
LVDUHGXQGDQF\UHTXLUHPHQWLQDQXQEDODQFHGV\VWHPWKHQWKHOHJFXUUHQWRI[, QVKRXOGEH
XVHG1RWH,QVRPHYHU\ODUJHSRZHUFRQYHUWHUVWKHXQEDODQFHFDQUHDFK
3URWHFWLRQDJDLQVWGHYLFHH[SORVLRQ
)RUDIDXOWVXFKDVWKDWVKRZQLQ)LJWKHIXVHZKLFKRSHQVLVLQVHULHVZLWKDGHYLFHWKDWKDVIDLOHG7KH
IXVH
VILUVWMRELVWRFOHDUWKHFLUFXLWEHIRUHWKHIDXOW\GHYLFHH[SORGHV,QWKLVFDVHWKHWRWDOFOHDULQJ,WRI
WKHIXVHPXVWEHOHVVWKDQWKHH[SORVLRQ,WRIWKHGHYLFH7KHH[SORVLRQ,WRIDGHYLFHLVXVXDOO\DURXQG
WLPHVWKHZLWKVWDQG,WIRUIXVLQJFRQWDFWWKHGHYLFHPDQXIDFWXUHUIRUDSUHFLVHYDOXH
'HYLFHSURWHFWLRQIRUDQLQWHUQDOIDXOW
,QWKHHYHQWRIDQLQWHUQDOIDXOWWKHVKRUWFLUFXLWFXUUHQWIURPWKHDFVLGHIORZVWKURXJKWKHIXVHLQVHULHV
ZLWKWKHIDXOW\GHYLFH,WDOVRIORZVWKURXJKWKH QGHYLFHVLQSDUDOOHOLQWKHKHDOWK\OHJRIWKHEULGJHLQ
VHULHV7KHRWKHUMRERIWKHIXVHLQVHULHVZLWKWKHIDXOW\GHYLFHLVWRSURWHFWWKHQGHYLFHVLQWKHKHDOWK\
OHJLQVHULHV'XULQJDIDXOWWKHVKDULQJRIWKHFXUUHQWEHWZHHQWKHSDUDOOHOSDWKVLVPXFKEHWWHUWKDQWKH
VKDULQJRIWKHFXUUHQWGXULQJQRUPDORSHUDWLRQ,QSUDFWLFHWKHDGMXVWPHQWIRUXQHTXDOVKDULQJRIWKHVKRUW
FLUFXLW FXUUHQW EHWZHHQ WKH SDUDOOHO SDWKV LV W\SLFDOO\ WR $VVXPLQJ D XQEDODQFH D UHDOLVWLF
YDOXHZKHQWKHUHDUHGHYLFHVLQSDUDOOHODVVKRZQLQ)LJWKHFXUUHQWLQWKHPRVWORDGHGEUDQFKRIWKH
KHDOWK\ OHJ ZLOO EH Q WLPHV WKH IDXOW FXUUHQW 7KH WRWDO FOHDULQJ ,W RI WKH IXVH PXVW EH OHVV WKDQ
QðWLPHVWKHGHYLFHZLWKVWDQG,WDGMXVWHGIRUWKHIDXOWGXUDWLRQ)RUODUJHYDOXHVRIQWKLVPHDQV
WKDW GHYLFH SURWHFWLRQ LV XVXDOO\ HDV\ WR DFKLHYH ,QVWHDG RI XVLQJ D W\SLFDO WR XQEDODQFH WKH
6$)3( VRIWZDUH XVHV WKH VDPH SHU FHQW XQEDODQFH XQGHU VKRUW FLUFXLW FRQGLWLRQV DV XQGHU IXOO ORDG
FRQGLWLRQVZKLFK\LHOGVDPRUHFRQVHUYDWLYHVROXWLRQ6LQFHRQO\RQHIXVHZLOORSHUDWHWRFOHDUWKHIDXOW
LW PXVW EH UDWHG IRU WKH IXOO DF YROWDJH DQG VRPHWLPHV WKH GF YROWDJH DQG QR DVVLVWDQFH IURP RWKHU
IXVHVFDQEHDVVXPHGZKHQFDOFXODWLQJWKHIXVHOHWWKURXJK,W
,QWHUOHJIXVHVHOHFWLYLW\
7R HQDEOH XQLQWHUUXSWHG RSHUDWLRQ RI WKH FRQYHUWHU DIWHU WKH IDXOW DQG WR SUHYHQW WKH RSHQLQJ RI D ODUJH
QXPEHURIIXVHVWKHIXVHLQVHULHVZLWKWKHIDXOW\GHYLFHPXVWFOHDUWKHIDXOWEHIRUHDQ\RIWKHIXVHVLQWKH
KHDOWK\OHJRIWKHEULGJHLQVHULHVUHDFKWKHLUPHOWLQJSRLQW$VVXPLQJDVLQWKHSUHYLRXVVHFWLRQD
XQEDODQFHGXULQJWKHVKRUWFLUFXLWWKHFXUUHQWLQWKHPRVWORDGHGEUDQFKRIWKHKHDOWK\OHJZLOOEHQ
WLPHVWKHIDXOWFXUUHQW7KLVDQRFFDVLRQDORYHUORDGDQGWKH&IFRHIILFLHQWRQWKHFXUUHQWVHHVHFWLRQ
PXVWEHXVHGZKLFKEHFRPHV&IIRU,ðWYDOXHV7KHQLI3LVWKHPHOWLQJSUHDUFLQJ,WRIWKHIXVHDWD
WLPHHTXDOWRLWVWRWDOFOHDULQJWLPHDQG7LVWKHWRWDOFOHDULQJ,WLWLVQHFHVVDU\WKDW
Ë Û
7 [Ì Ü & I [ 3
Í Q Ý
,IQLVODUJHLWLVHDV\WRPHHWWKLVFRQGLWLRQZKLOHIRUQ LWLVFOHDUO\LPSRVVLEOH8VXDOO\ZLWKQ
VHOHFWLYLW\FDQEHREWDLQHGEXWLIWKHFRQYHUWHULVDOUHDG\RSHUDWLQJZLWKRQHGHYLFHRXWGXHWRDSUHYLRXV
IDXOWVHOHFWLYLW\EHFRPHVYHU\GLIILFXOWDQGPD\QRWEHSRVVLEOH
5HJHQHUDWLYHORDGV YD YE YF
,QYHUVLRQLQOLQHFRPPXWDWHGLQYHUWHUV
YROWDJH
,IWKHGHOD\DQJOHRIWKHSKDVHEULGJHFRQYHUWHU
LV LQFUHDVHG DERYH WKH GF RXWSXW YROWDJH
UHYHUVHV SRODULW\ 7KH FXUUHQW WKURXJK WKH
UHFWLI\LQJ GHYLFHV UHPDLQV RI WKH VDPH SRODULW\
DQGDVDUHVXOWWKHSRZHUGHOLYHUHGWRWKHGFVLGH
EHFRPHVQHJDWLYH,QRWKHUZRUGVSRZHULVEHLQJ
WUDQVPLWWHG IURP WKH GF VLGH WR WKH DF VLGH
7KLVLVWKHUHJHQHUDWLYHRULQYHUWLQJPRGHDQGWKH YE YF YD
ZDYHIRUPV DUH VKRZQ LQ )LJ 7KH FXUUHQW
ZDYHIRUPV DUH GUDZQ DV EHIRUH RQ WKH
DVVXPSWLRQWKDWWKHGFFXUUHQWLVDSSUR[LPDWHO\
FRQVWDQW ,Q WKH UHJHQHUDWLYH PRGH WKLV LV RQO\
SRVVLEOHIRUDVXVWDLQHGSHULRGLIWKHUHLVDVRXUFH
)LJ&RQYHUWHUZDYHIRUPVLQLQYHUWLQJPRGH
RIHQHUJ\LQWKHGFVLGHHJDEDWWHU\JHQHUDWRU
RU URWDWLQJ PDFKLQH ZLWK VWRUHG NLQHWLF HQHUJ\ 7KH UHJHQHUDWLYH PRGH HQDEOHV HQHUJ\ VDYLQJV IRU
H[DPSOHZKHQORZHULQJFUDQHORDGVE\UHWXUQLQJHQHUJ\WRWKHDFV\VWHP,IWKHFRQYHUWHURSHUDWHVLQWKH
UHJHQHUDWLYHPRGHFHUWDLQW\SHVRIIDXOWFRQGLWLRQVUHTXLUHWKHIXVHVWRKDYHDQDGHTXDWHGFLQWHUUXSWLQJ
FDSDELOLW\
'&VKRRWWKURXJKIDXOWLQLQYHUWLQJPRGH
)LJLOOXVWUDWHVWKHGFVKRRWWKURXJKRUGLDPHWULFIDXOW'HYLFHVDQGDUHFRQGXFWLQJQRUPDOO\EXW
WKHSRODULW\RIWKHRXWSXWYROWDJHLVUHYHUVHGFRPSDUHGZLWK)LJ,IGXULQJWKLVSHULRGGHYLFHIDLOVWR
EORFNDGFVKRUWFLUFXLWFXUUHQWZLOOIORZFORFNZLVHDURXQGWKHORRSZKLFKFRQWDLQVGHYLFHVDQG
) )
)
)
D IDXOW
E '&
F
$&
6XSSO\
)LJ'&VKRRWWKURXJKIDXOWLQLQYHUWLQJPRGHGLDPHWULFIDXOW
7ZRSRVVLEOHVLWXDWLRQVFDQEHFRQVLGHUHG
,IRQO\)IXVHVDUHLQVWDOOHGWKHQWKHGFIDXOWFXUUHQWZLOOEHLQWHUUXSWHGE\WZRRIWKHVHIXVHVDFWLQJ
LQVHULHV7KH\DVVLVWHDFKRWKHUWRVRPHH[WHQWGHSHQGLQJXSRQWKHPHOWLQJWLPHZKLFKLVLQIOXHQFHG
E\WKHLQGXFWDQFHRIWKHIDXOWORRS
,IIXVHVKDYHEHHQLQVWDOOHGLQWKHDFOLQH)UDWKHUWKDQDW)LWZLOOEHQHFHVVDU\WRKDYHGFVLGH
IXVHV)LQVWDOOHGWRLQWHUUXSWWKHGFIDXOW)HUUD]6KDZPXWUHFRPPHQGVWKDWWZR)IXVHVVKRXOGEH
XVHG7KHGFIXVHVPXVWEHUDWHGIRUWKHIXOOGFYROWDJHDWWKH/5WLPHFRQVWDQWRIWKHFLUFXLW
1RWH WKDW LI D VKRRWWKURXJK IDXOW RFFXUV ZKHQ LQ WKH UHFWLI\LQJ PRGH WKH GF IDXOW FXUUHQW ZRXOG EH
FRXQWHUFORFNZLVH DURXQG WKH ORRS FRQWDLQLQJ GHYLFHV DQG VHH )LJ 7KLV LV LQ WKH RSSRVLWH
GLUHFWLRQ WR WKH SUHH[LVWLQJ ORDG FXUUHQW DQG FDXVHV WKH FXUUHQW WKURXJK WKH KHDOWK\ GHYLFH WR EH
UHGXFHGUDSLGO\WR]HURZKHQLWWXUQVRIIDQGLQWHUUXSWVWKHIDXOW)RUWKLVUHDVRQ)IXVHVDUHQRWQHHGHG
XQOHVVWKHFRQYHUWHULVUHJHQHUDWLYH
&RPPXWDWLRQIDLOXUHQRQGLDPHWULFIDXOW
$QRWKHU LPSRUWDQW W\SH RI IDXOW ZKLFK FDQ RFFXU LQ WKH UHJHQHUDWLYH PRGH LV D FRPPXWDWLRQ IDLOXUH RU
QRQGLDPHWULFIDXOWZKLFKRFFXUVZKHQDQLQFRPLQJWK\ULVWRUIDLOVWRVZLWFKRQ7KLVIDLOXUHSURGXFHVD
FRPELQDWLRQDFGFIDXOWFRQGLWLRQLQZKLFKIDXOWFXUUHQWIORZVURXQGDORRSIRUPHGE\WKHDFVXSSO\
WKH WZR SUHYLRXVO\FRQGXFWLQJ WK\ULVWRUV DQG WKH GF VLGH 7KLV LV LOOXVWUDWHG LQ )LJ ,Q WKLV FDVH
GHYLFHVDQGZHUHFRQGXFWLQJQRUPDOO\EXWWKHQWKHFXUUHQWIDLOHGWRFRPPXWDWHIURPWR7KHDF
YROWDJHDSSOLHGWRWKHORRSWKHQUHYHUVHVDQGDGGVWRWKHYROWDJHRQWKHGFVLGH
)
)
)
D
E
'&
F
$&
6XSSO\
)LJ&RPPXWDWLRQIDLOXUHLQLQYHUWLQJPRGHQRQGLDPHWULFIDXOW
7KH IDXOW FXUUHQW LV GULYHQ DURXQG WKH ORRS ZLWK IXVHV DW ) RU ) LQ VHULHV 7KH UHTXLUHG DF DQG GF
YROWDJHUDWLQJVIRUWKHVHIXVHVGHSHQGVRQWKHPDJQLWXGHRIWKHIDXOWDQGWKHH[WHQWWRZKLFKWKHIXVHVDW
)RU)DVVLVWHDFKRWKHU)RUYHU\ODUJHLQGXFWDQFHVRQWKHGFVLGHWKHSUHDUFLQJWLPHFDQEHORQJDQG
QRDVVLVWDQFHVKRXOGEHDVVXPHG
7KH UHTXLUHG IXVH YROWDJH UDWLQJ LQ WKLV FDVH GHSHQGV XSRQ DVVXPSWLRQV PDGH DERXW WKH VHYHULW\ RI WKLV
W\SHRIIDXOWDQGWKHH[WHQWWRZKLFKWKHIXVHVLQVHULHVVKDUHWKHEUHDNLQJGXW\(TXLSPHQWGHVLJQHUV
KDYH GLIIHUHQW UXOHV IRU WKLV VLWXDWLRQ 'HSHQGLQJ XSRQ WKH DSSOLFDWLRQ WKH UHTXLUHG PLQLPXP YROWDJH
UDWLQJVVKRXOGOLHZLWKLQWKHIROORZLQJUDQJHV
0LQLPXP$&YROWDJHUDWLQJPXVWEH.$&WLPHVWKHPD[LPXPDFOLQHYROWDJH .$& WR
0LQLPXP'&YROWDJHUDWLQJPXVWEH.'&WLPHVWKHPD[LPXPGFVLGHYROWDJH .'& WR
&RQWDFW)HUUD]6KDZPXW7HFKQLFDO6HUYLFHVIRUIXUWKHUGHWDLOV7KHFRPPXWDWLRQIDXOWGRHVQRWQHHGWREH
FRQVLGHUHG IRU KLJK SRZHU FRQYHUWHUV ZLWK PXOWLSOH GHYLFHV SHU OHJ ,Q WKLV FDVH DOO IDXOWV LQYROYLQJ WKH
GFVLGHDUHFOHDUHGE\DGFEUHDNHUDQGWKHIXVHVPXVWFRRUGLQDWHZLWKWKHEUHDNHUWKHIXVHVQHHGRQO\
WREHUDWHGIRULQWHUQDOFRQYHUWHUIDXOWV
)RU GF IDXOWV LW PD\ QRW EH SRVVLEOH WR SURYLGH,WSURWHFWLRQRIWKHGHYLFHV,QWKLVFDVHWKHIXVHVZLOO
RQO\SURYLGHVDIHW\LVRODWLRQLQWKHHYHQWRIDIDXOW
$QWLSDUDOOHOFRQQHFWLRQ
)LJ VKRZV D FLUFXLW FRPPRQO\ XVHG WR UHJHQHUDWH SRZHU LQ GF GULYH V\VWHPV E\ UHYHUVLQJ WKH
GLUHFWLRQ RI FXUUHQW IORZ UDWKHU WKDQ UHYHUVDO RI SRODULW\ RI WKH ORDG YROWDJH 7KLV LV DFKLHYHG E\ XVLQJ
EDFNWREDFNWK\ULVWRUVZKLFKJLYHVIXOOGLUHFWLRQDOFRQWURORIWKHEULGJH
)LJ5HYHUVLEOHEULGJHZLWKDQWLSDUDOOHOWK\ULVWRUV
7KHIXVHVHOHFWLRQUXOHVSUHYLRXVO\JLYHQIRUWKHVWDQGDUGSKDVHEULGJHFDQDOVREHXVHGIRUWKLVFLUFXLW
6LPLODUFRQVLGHUDWLRQVDOVRDSSO\WRGRXEOHEULGJHVLQZKLFKWZREDVLFSKDVHEULGJHVDUHFRQQHFWHGLQ
VHULHVRUSDUDOOHOWRJLYHDKLJKHUYROWDJHRUFXUUHQWRXWSXW
$&FRQWUROOHUVVRIWVWDUWHUVVWDWLFVZLWFKHV
7KHVHFLUFXLWVDUHXVHGWRSURYLGHDSKDVHFRQWUROOHGDFRXWSXWIURPDQDFVRXUFHDQGDUHXVHGLQVRIW
VWDUWHUVRUDVVWDWLFVZLWFKHV7KHSKDVHFLUFXLWLVVKRZQLQ)LJ7KHSULQFLSOHVRIIXVLQJDUHWKHVDPH
DVIRUJHQHUDOFRQYHUWHUVH[FHSWWKDWWKHUHDUHQRGFIXVHUDWLQJUHTXLUHPHQWV)XVHVHOHFWLRQLVXVXDOO\
PDGHRQWKHEDVLVRIDQDVVXPHGOLQHWROLQHIDXOW,QWKLVFDVHWKHUHDUHIXVHVLQVHULHVLQWKHIDXOWSDWK
DQGWKHOHWWKURXJK,WVKRXOGEHFDOFXODWHGDWWLPHVWKHDFOLQHYROWDJH
D
/RDG
)
)
E
/RDG
SKDVHVXSSO\
F
/RDG
)LJ7KUHHSKDVHDFVRIWVWDUWHURUVWDWLFVZLWFK
,Q PRVW VRIWVWDUWHU DSSOLFDWLRQV WKH IXVH FXUUHQW UDWLQJ LV GHWHUPLQHG E\ WKH RYHUORDG SURGXFHG E\ WKH
VWDUWLQJFXUUHQWRIWKHPRWRU9HU\RIWHQWKLVRYHUORDGLVIRUVDQGFDQRFFXUVHYHUDOWLPHVSHU
KRXU 6RPHWLPHV WKH RYHUORDG LV DV KLJK DV )XVH VHOHFWLRQ LV PDLQO\ LQIOXHQFHG E\ WKH WLPH
FXUUHQWFXUYHLQWKHVUHJLRQ
,W PD\ EH GHVLUHG WR EDVH IXVH VHOHFWLRQ RQ DQ DVVXPHG SKDVH IDXOW ,Q WKLV FDVH WKHUH LV PD[LPXP
DV\PPHWU\LQRQHRIWKHSKDVHVZKLFKFDXVHVPHOWLQJRIWKHIXVHLQWKDWSKDVHEHIRUHWKHRWKHUWZR7KLV
IXVHRSHUDWHVILUVWDQGFOHDUVDORQHZLWKDYROWDJHRIWLPHVWKHOLQHYROWDJHZKLFKZLOOJLYHDKLJKHU
,WOHWWKURXJK
/RFDWLRQ RI WKH IXVHV LQ VHULHV ZLWK WKH GHYLFHV ) JLYHV WKH VPDOOHVW IXVHV ZLWK WKH EHVW SRVVLEOH
SURWHFWLRQRIWKHGHYLFHV/RFDWLQJWKHIXVHVDW)UHTXLUHVRQO\IXVHVUDWKHUWKDQDQGVRPD\EHDPRUH
HFRQRPLFDOFKRLFH+RZHYHUWKHUPVOLQHFXUUHQWLV WLPHVWKHGHYLFHFXUUHQWVRKLJKHUDPSHUHUDWHG
IXVHVDUHQHHGHGDW)PDNLQJGHYLFHSURWHFWLRQPRUHGLIILFXOW
)RUFHGFRPPXWDWHGLQYHUWHUV
7KH JHQHULF LQYHUWHU FLUFXLW VKRZQ LQ )LJ LV ZLGHO\ XVHG WR JHQHUDWH D SKDVH TXDVLVLQHZDYH DF
RXWSXWIURPDGFVXSSO\E\VZLWFKLQJ7KHGFVXSSO\PD\EHDEDWWHU\LQD836V\VWHPRUWKHRXWSXWRI
DFRQWUROOHGUHFWLILHULQDVROLGVWDWHDFGULYHV\VWHP7KHVZLWFKHVPD\EHWK\ULVWRUVSRZHUWUDQVLVWRUV
,*%7VRUVLPLODUGHYLFHV
/) 5) )
/
5
)
9'& &
$&
RXW
) )
)LJ*HQHULFIRUFHGFRPPXWDWHGLQYHUWHU
)XVHVPD\EHORFDWHGLQVHULHVZLWKWKHLQYHUWHUOHJV)RULQWKHGFLQSXWOLQHDW)7KHUPVFXUUHQWDW
ORFDWLRQ ) LV WLPHV WKH FXUUHQW DW ) VR VPDOOHUVL]HG IXVHV PRUH FORVHO\ PDWFKHG WR WKH WKHUPDO
UDWLQJ RI WKH GHYLFHV FDQ EH XVHG LI ORFDWLRQ ) LV FKRVHQ ,Q HLWKHU FDVH WKH UXOHV JLYHQ SUHYLRXVO\ LQ
VHFWLRQIRUWKHUHTXLUHGFRQWLQXRXVFXUUHQWUDWLQJRIWKHIXVHPXVWEHDSSOLHG
,WSURWHFWLRQLVEDVHGXSRQWKHDVVXPSWLRQRIDGFVKRRWWKURXJKIDXOWLQWKHLQYHUWHULQZKLFKFDVHWKH
UHVHUYRLU FDSDFLWRU & GLVFKDUJHV WKURXJK WZR LQYHUWHU OHJV LQ VHULHV LQFOXGLQJ UHVLVWDQFH [5 DQG
[/7KHIDXOWFXUUHQWZDYHIRUPVDUHXVXDOO\RVFLOODWRU\DQGDW\SLFDOFDVHLVVKRZQLQ)LJZKLFKLV
IRUWKHFDVHZKHUHQRSXPSEDFNGLRGHVDUHSUHVHQWVKRZQZLWKGRWWHGOLQHVLQ)LJ$VWKHFXUUHQW
ULVHV WRZDUGV WKH ILUVW SHDN WKH FDSDFLWRU YROWDJH IDOOV DQG WKHQ JRHV QHJDWLYH 7KH ZDYHIRUPV IRU WKH
FLUFXLWZLWKSXPSEDFNGLRGHVDUHVLPLODUH[FHSWWKDWWKHGLRGHVFOLSRIIWKHQHJDWLYHSDUWVRIWKHFDSDFLWRU
YROWDJHZDYH7KHIDXOWFXUUHQWLVWKHVDPHIRUERWKORFDWLRQV)RU)
7KH RVFLOODWRU\ FRPSRQHQW RI WKH IDXOW FXUUHQW LV DGGHG WR WKH GF FRQWULEXWLRQ IURP WKH VXSSO\ V\VWHP
ZKLFKQRUPDOO\FKDUJHV&7KLVFRPSRQHQWRIFXUUHQWLVDOVRVKRZQLQ)LJIDLQWOLQH1RWHWKDWDIWHU
WKH ILUVW F\FOH RI RVFLOODWLRQ WKH IDXOW FXUUHQW FRQWLQXHV WR ULVH VWHDGLO\ 7KH GF VXSSO\ V\VWHP RIWHQ
FRQWDLQVDILOWHUZLWKFRQVLGHUDEOHLQGXFWDQFH,QWKLVFDVHLWLVHVVHQWLDOWRVHOHFWDIXVHZKLFKZLOOPHOW
EHIRUH WKH FDSDFLWRU YROWDJH JRHV QHJDWLYH 7KLV DYRLGV UHTXLULQJ WKH IXVH WR LQWHUUXSW D SRWHQWLDOO\
GDPDJLQJGFIROORZWKURXJKFXUUHQWIURPWKHFKDUJLQJVRXUFH
8QGHU WKHVH FRQGLWLRQV WKH LQWHUUXSWLRQ RI WKH
IDXOW FXUUHQW ZLOO EH UDSLG OHVV WKDQ PV DQG
DJDLQVW WKH GHFUHDVLQJ YROWDJH IURP WKH
GLVFKDUJLQJFDSDFLWRU7KLVFRQGLWLRQLVVLPLODUWR
FDSDFLWRUYROWDJH
WKDW ZKLFK RFFXUV ZKHQ DF W\SHWHVWLQJ RI IXVHV
DW KLJK FXUUHQW aN$ ZKHQ WKH FLUFXLW LV
FORVHG DW DERXW RQ WKH DSSOLHG YROWDJH ZDYH
+RZHYHU DV VRRQ DV DUFLQJ EHJLQV WKH YROWDJH
DSSOLHG WR WKH IXVH EHFRPHV GF UDWKHU WKDQ WLPHV
RVFLOODWRU\ WKH FLUFXLW LV RYHUGDPSHG E\ WKH DUF
UHVLVWDQFH)RUWKHVHUHDVRQVFKRLFHRIDIXVHIRU
LQYHUWHU DSSOLFDWLRQV GHSHQGV XSRQ WKH LQLWLDO
PD[LPXPFDSDFLWRUYROWDJH(0DQGDOVRYROWDJH
DFURVV WKH FDSDFLWRU 830 DW WKH VWDUW RI DUFLQJ
)RU VRPH IXVHV (0 DQG 830 DUH WKH VDPH EXW IRU
RWKHUW\SHV830FDQEHORZHUWKDQ(0)XVHVZLWK IDXOWFXUUHQW
DWULSLQGLFDWRUPD\KDYHORZHU(0DQG830YDOXHV
WKDQ IXVHV ZLWKRXW DQ LQGLFDWRU 7KH )HUUD]
6KDZPXW SXEOLFDWLRQ 176& JLYHV WKHVH
YDOXHV IRU D VHOHFWLRQ RI IXVH W\SHV DV ZHOO DV
FXUYHV DOORZLQJ FDOFXODWLRQ RI WKH WRWDO ,W DQG
RWKHU SDUDPHWHUV $V DQ DOWHUQDWLYH WKH OHW
WKURXJK ,W DQG FOHDULQJ WLPH FDQ EH FRPSXWHG
XVLQJ D WUDQVLHQW PRGHO ZKLFK UHSUHVHQWV WKH
LQWHUDFWLRQ EHWZHHQ WKH IXVH DQG WKH FLUFXLW
LQFOXGLQJ WKH FKDUJLQJ VRXUFH 7KLV LV D FRPSOH[ )LJ6KRUWFLUFXLWZDYHIRUPVIRULQWHUQDOIDXOW
SURFHGXUH DQG LV XQVXLWDEOH IRU KDQG FDOFXODWLRQ
,WLVWKHPHWKRGEXLOWLQWRWKH6HOHFW$)XVHIRU3RZHU(OHFWURQLFVVRIWZDUH6HHVHFWLRQ
:KHQDVLQJOH)IXVHLVXVHGLWPXVWEHUDWHGIRUWKHIXOOGFYROWDJH,IWZRIXVHVDUHXVHGWKH\FDQEH
DVVXPHGWRVKDUHWKHEUHDNLQJGXW\EHFDXVHWKHRSHUDWLRQLVQRUPDOO\VRIDVWWKDWERWKIXVHVZLOOPHOW$
YROWDJHUHGXFWLRQIDFWRURIFDQWKHQEHXVHGIRUWKHFDOFXODWLRQRIWKH,W,IWKHIXVHVZHUHWRRSHUDWHLQ
VLWXDWLRQV RWKHU WKDQ D SHUIHFW VKRUWFLUFXLW IDXOW WKH PHOWLQJ WLPHV FRXOG EH PXFK ORQJHU DQG RQH IXVH
ZRXOGPHOWILUVWDQGKDYHWRFOHDUWKHFLUFXLWRQLWVRZQDJDLQVWWKHIXOOGFYROWDJH7KHUHIRUHIRUVDIHW\
UHDVRQVHDFKIXVHVKRXOGEHUDWHGIRUIXOOGFYROWDJH6DWLVIDFWRU\SURWHFWLRQRIWKHGHYLFHVPD\QRWEH
SRVVLEOH XQGHU WKHVH FLUFXPVWDQFHV EXW LW LV HVVHQWLDO WKDW VXFK IDXOWV VKRXOG EH FOHDUHG VDIHO\ ,W LV
UHFRPPHQGHGWKDWWKHIXVHVHOHFWHGVKRXOGFOHDUWKHFLUFXLWZLWKLQPV
6NLQDQGSUR[LPLW\HIIHFWV
$V WKH IUHTXHQF\ LQFUHDVHV WKH FXUUHQW LQ D FRQGXFWRU WHQGV WR VKLIW WRZDUGV WKH RXWVLGH VXUIDFH RI WKH
FRQGXFWRU RU JURXS RI FRQGXFWRUV GXH WR WKH VNLQ HIIHFW ,I WKH UHWXUQ SDWK IRU WKH FXUUHQW LV QHDU WKDW
FRQGXFWRURUFRQGXFWRUJURXSWKLVFDXVHVDQDGGLWLRQDOVKLIWRIFXUUHQWZLWKLQWKHFRQGXFWRUWRZDUGVWKH
UHWXUQSDWK7KLVLVWKHSUR[LPLW\HIIHFWDQGOLNHVNLQHIIHFWLWLQFUHDVHVZLWKIUHTXHQF\,QGXFWDQFHLVIOX[
OLQNDJHSHUDPSHUHDQGWKHLQGXFWDQFHRIDQHOHFWULFFLUFXLWPD\EHVHSDUDWHGLQWRWZRSDUWV7KHLQWHUQDO
LQGXFWDQFHLVGXHWRWKHIOX[OLQNDJHVZLWKLQWKHFRQGXFWRUZKLOHWKHH[WHUQDOLQGXFWDQFHLVGXHWRWKHIOX[
OLQNDJH RI WKH ORRS H[WHUQDO WR WKH FRQGXFWRU $V IUHTXHQF\ LQFUHDVHV WKH WRWDO LQGXFWDQFH LQLWLDOO\
GHFUHDVHV EHFDXVH RI WKH GHFUHDVH LQ LQWHUQDO IOX[ GXH WR VNLQ HIIHFW $W YHU\ KLJK IUHTXHQFLHV RQO\
H[WHUQDOLQGXFWDQFHUHPDLQV
$WKLJKIUHTXHQFLHVDPXOWLSO\LQJFRHIILFLHQW&3(PXVWEHDSSOLHGWRWKHIXVHUDWHGFXUUHQWWRDOORZIRUWKH
H[WUDKHDWLQJRIWKHIXVHFDXVHGE\VNLQDQGSUR[LPLW\HIIHFWVVHHVHFWLRQ
)XVHLQVHUWLRQLQGXFWDQFH
6HPLFRQGXFWRU IXVHV DUH LQFUHDVLQJO\ EHLQJ XVHG WR SURWHFW ,*%7 LQYHUWHUV DJDLQVW WKH HIIHFWV RI VKRUW
FLUFXLWIDXOWV7KHVHFLUFXLWVVZLWFKDWKLJKIUHTXHQFLHVW\SLFDOO\DURXQGN+]$WWKHVHIUHTXHQFLHVWKH
VZLWFKLQJGLGWLVKLJKDQGWKHFLUFXLWLQGXFWDQFHPXVWEHNHSWORZWRPLQLPL]HWUDQVLHQWRYHUYROWDJHV
7KHHIIHFWRIWKHLQVHUWLRQRIDIXVHRQWKHFLUFXLWLQGXFWDQFHFDQEHDQLPSRUWDQWFRQVLGHUDWLRQLQFLUFXLW
GHVLJQ7KHDGGLWLRQDOLQGXFWLRQFDXVHGE\WKHLQVHUWLRQRIDIXVHLVPDLQO\GXHWRWKHPRGLILFDWLRQWRWKH
FLUFXLWORRS7KHLQWHUQDOVHOILQGXFWDQFHRIWKHIXVHLVQHJOLJLEOH
0LQLPL]LQJWKHFLUFXLWLQGXFWDQFH
7RPLQLPL]HWKHLQGXFWDQFHRIDFLUFXLWFRQWDLQLQJDIXVHLWLVQHFHVVDU\WRFRQVLGHUWKHJHRPHWU\RIWKH
IXVHDQGFLUFXLWWRJHWKHUWRNHHSWKHDUHDRIWKHORRSDVORZDVSRVVLEOH7KLVPD\EHGLIILFXOWZLWKODUJH
IXVHV$QH[FHOOHQWVROXWLRQWRWKLVSUREOHPLVWRXVHWZRVPDOOIXVHVLQSDUDOOHOZLWKVXIILFLHQWVSDFLQJ
EHWZHHQ WKHP WR PLQLPL]H PDJQHWLF ILHOG LQWHUDFWLRQ DV VKRZQ LQ )LJD 7KH WRWDO LQGXFWDQFH LV
DOPRVWKDOIWKDWRIRQHIXVHEHFDXVHRIWKHSDUDOOHOFRQQHFWLRQ$QDOWHUQDWLYHLVWRXVHDIODWSDFNGHVLJQDV
VKRZQ LQ )LJE 7KH DUUDQJHPHQWV VKRZQ DOVR PLQLPL]H SUR[LPLW\ HIIHFW ,W VKRXOG EH HPSKDVL]HG
WKDW WKH IXVH LV RQO\ SDUW RI WKH ORRS DQG D ORZ LQGXFWDQFH FDQ RQO\ EH DFKLHYHG E\ FRQVLGHULQJ WKH
FRPSOHWHV\VWHPGHVLJQ
VLGHYLHZ HQGYLHZ
HOHPHQWSRVLWLRQ
DIXVHVLQSDUDOOHO
FLUFXLWERDUG UHWXUQEXV
LQVXODWLRQ
IXVHERG\
/WHUPLQDO
EIODWSDFNGHVLJQ
HOHPHQWVWULSV
UHWXUQEXV
)LJ5HGXFWLRQRILQVHUWLRQLQGXFWDQFH
)XVHVHOHFWLRQH[DPSOHV
SKDVHDFFRQWUROOHU
6HOHFW D VXLWDEOH IXVH IURP WKH )HUUD] 6KDZPXW VTXDUHERGLHG 36& UDQJH VL]H WR SURWHFW WKH DF
FRQWUROOHU VKRZQ LQ )LJ 7KH HTXLSPHQW GHVLJQHU KDV LQGLFDWHG WKDW WKH SRVVLELOLW\ RI D SKDVH IDXOW
QHHGQRWEHFRQVLGHUHG
6\VWHPGDWDLVDVIROORZV
D /RDG
0D[$&OLQHYROWDJH 9
)UHTXHQF\ +] )
9 $UPV
$PELHQWWHPSHUDWXUH &
DF
&RROLQJDLUVSHHG PV
/RDGFXUUHQW $ E /RDG
6KRUWFLUFXLWFXUUHQW N$
&RQWLQXRXVORDG VWRSVSHUGD\
2FFDVLRQDORYHUORDG IRUV
/RDG
F
7K\ULVWRU,WZLWKVWDQG $V
DWPV
'DWDIRUWKH36&VL]HLVDVIROORZV )LJSKDVHDFFRQWUROOHU
D )RUFRQWLQXRXVORDGZLWKVWRSV
q SHUGD\
%
& $
VHH7DEOH
&I
)LUVWHVWLPDWHWKHUHTXLUHGFRQWLQXRXVFXUUHQWUDWLQJ
-
FRUUHFWLRQIRUDPELHQWWHPSHUDWXUH$ = =
-
FRUUHFWLRQIRUQRQVWDQGDUGWHUPLQDOFRQWDFWV&
FRUUHFWLRQIRUIRUFHGDLUFRROLQJ%Y
FRUUHFWLRQIRUORDGYDULDWLRQV$
6LQFH WKH UPV IXVH FXUUHQW LV WKH VDPH DV WKH ORDG FXUUHQW RI $ ZH UHTXLUH WKDW WKH DGMXVWHG IXVH
FXUUHQWUDWLQJLVJUHDWHUWKDQ$ZKLFKJLYHV
,Q
,Q[$[%Y[&[$
,Q[[[[
7KLVJLYHV,Q$
7KLVIXVHFDQEHXVHGLQDFV\VWHPVXSWRDPD[LPXPRI9ZKLFKLVDERYHWKHUHTXLUHPHQWRIWKH
DSSOLFDWLRQ
&KRRVHWKHQH[WKLJKHUUDWLQJLQWKHSURGXFWVHULHVZKLFKLV$7RFRQILUPWKDWWKLVIXVHZLOOSURWHFW
WKHWK\ULVWRUWKHOHWWKURXJK,WZLOOQHHGWREHHYDOXDWHGDWDYROWDJHRI[ 9DVVXPLQJWKH
VHOHFWLRQLVEDVHGRQDOLQHOLQHIDXOWFRQGLWLRQ3XEOLVKHGGDWDIRUWKLVIXVHLVDVIROORZV
7RWDOFOHDULQJ,WDW9 $V
3HDNOHWWKURXJKFXUUHQWDWN$ N$
,WFRUUHFWLRQIDFWRUDW9
6RWKHWRWDOFOHDULQJ,WLQWKHDSSOLFDWLRQZLOOEH[ $V
$VVXPLQJDWULDQJXODUVKRUWFLUFXLWFXUUHQWZDYHVKDSHWKHIDXOWGXUDWLRQFDQEHIRXQGIURP
, SHDN 7)$8/7
, W =
LH [[7)$8/7
ZKLFKJLYHV
7)$8/7 PV
$VVXPLQJDFRQVWDQW,WIRUWKHWK\ULVWRUWKHWK\ULVWRUZLWKVWDQGDWPVLVVHHS
Ë W Û Ë Û
, W = , W ÌÌ ÜÜ Ì Ü = $V
Í W Ý Í Ý
7KLVLVPXFKJUHDWHUWKDQWKHIXVHWRWDOFOHDULQJ,WVRWKHIXVHZLOOSURWHFWWKHWK\ULVWRU
)LQDOO\ FKHFN WKH RFFDVLRQDO RYHUORDG UHTXLUHPHQW 5HIHUULQJ WR WKH $ IXVH
V WLPHFXUUHQW
FKDUDFWHULVWLFZHILQGWKDW,0(/7 $DWWKHVSRLQW7KHPD[LPXPDOORZDEOHRYHUORDGFXUUHQWLV
&I[ [ $ IRU V 7KLV LV DFFHSWDEOH DV LW LV JUHDWHU WKDQ WKH DFWXDO RYHUORDG
FXUUHQWZKLFKLVRI$ $IRUV
+HQFHWKH36&VL]H$IXVHZRXOGEHVXLWDEOHIRUWKLVDSSOLFDWLRQ
1RWH WKDW LI WKH HTXLSPHQW GHVLJQHU KDG VSHFLILHG WKDW D SKDVH IDXOW PXVW EH FRQVLGHUHG WKH IXVH ,W
ZRXOGQHHGWREHHYDOXDWHGDW[ 9
5HJHQHUDWLYHSKDVHEULGJH
)LQGDIXVHIURPWKH)HUUD]6KDZPXWURXQGERGLHG$46RU$46W\SHVZKLFKZLOOSURWHFWWKHEULGJH
VKRZQLQ)LJZKHQILWWHGLQORFDWLRQ)
6\VWHPGDWD
9
0D[$&OLQHYROWDJH 9+] DF
$PELHQWWHPSHUDWXUH &
&XUUHQWORDGLQJ $GF 9
$&VFFXUUHQW N$ GF
'&ZRUNLQJYROWDJH 9UHJHQHUDWLYHORDG )
'&ORDGWLPHFRQVWDQW PV
2FFDVLRQDORYHUORDG IRUV
5HSHWLWLYHF\FOLFORDG IRUKRXUWKHQKRXURII )LJSKDVHEULGJH
1DWXUDOFRROLQJ
6HPLFRQGXFWRUGHYLFHV ,WZLWKVWDQGN$VDWPV3HDNLQYHUVHYROWDJHN9
7KHIXVHVPXVWKDYHDQDFYROWDJHUDWLQJRIDWOHDVW9DQGDGFYROWDJHUDWLQJZLWK/5 PVRIDW
OHDVW95HIHUULQJWRWKHSURGXFWGDWDVKHHWVWKHVHYDOXHVDUH
9$& 9'&DW/5 PV
$46
$46
7KHGFYROWDJHUDWLQJRIWKH$46LVWRRORZVRWKLVW\SHFDQQRWEHXVHG7KH$46KRZHYHUPD\EH
VXLWDEOH7KHWKHUPDOFRHIILFLHQWVIRUWKLVIXVHW\SHDUH
D )RU D KRXU 212)) F\FOH WKH IXVH ZLOO FRRO GRZQ
q FRPSOHWHO\EHWZHHQF\FOHVVRWKHORZHVWYDOXHRI$
% PXVWEHXVHGVHHVHFWLRQ
&
&I $
)LUVWHVWLPDWHWKHUHTXLUHGFRQWLQXRXVFXUUHQWUDWLQJ
-
FRUUHFWLRQIRUDPELHQWWHPSHUDWXUH$ = =
-
FRUUHFWLRQIRUQRQVWDQGDUGWHUPLQDOFRQWDFWV&
FRUUHFWLRQIRUORDGYDULDWLRQV$
)RU WKH SKDVH EULGJH WKH UPV FXUUHQW LQ WKH OHJ DW ) LV WLPHV WKH DYHUDJH GF FXUUHQW LH
[ $
,Q
,Q[$[&[$
,Q[[[
7KLVJLYHV,Q$&KRRVHWKHQH[WKLJKHUVL]HLQWKHVHULHVZKLFKLV$7RFKHFNQRZWKDW
WKLVIXVHZLOOSURWHFWWKHWK\ULVWRUWKHOHWWKURXJK,WZLOOEHHYDOXDWHGDWDYROWDJHRI[ 9
5HIHUULQJWRWKHSURGXFWGDWDVKHHWIRUWKH$46ZHREWDLQ
7RWDOFOHDULQJ,WDW9 $V
3HDNOHWWKURXJKFXUUHQWDWN$ N$
, WFRUUHFWLRQIDFWRUDW9
6RWKHWRWDOFOHDULQJ,WLQWKHDSSOLFDWLRQZLOOEH[ $V
$VVXPLQJDWULDQJXODUVKRUWFLUFXLWFXUUHQWZDYHVKDSHWKHIDXOWGXUDWLRQFDQEHIRXQGIURP
, SHDN 7 )$8/7
, W =
LH [[7)$8/7
ZKLFKJLYHV
7 )$8/7 PV
$VVXPLQJDFRQVWDQW,WIRUWKHWK\ULVWRUWKHWK\ULVWRUZLWKVWDQGDWPVLVVHHS
Ë W Û Ë Û
, W = , W ÌÌ Ü
Ü Ì Ü = $V
Í W Ý Í Ý
7KLVLVJUHDWHUWKDQWKHIXVHWRWDOFOHDULQJ,WVRWKLVIXVHZLOOSURWHFWWKHWK\ULVWRU
1H[W ZH FKHFN WKH RFFDVLRQDO RYHUORDG UHTXLUHPHQW 5HIHUULQJ WR WKH $ IXVH
V WLPHFXUUHQW
FKDUDFWHULVWLFZHILQGWKDW,0(/7 $DWWKHVSRLQW7KHPD[LPXPDOORZDEOHRYHUORDGFXUUHQWLV
&I[ [ $ IRU V 7KLV LV DFFHSWDEOH DV LW LV JUHDWHU WKDQ WKH DFWXDO RYHUORDG
FXUUHQWZKLFKLVRI$ $IRUV
)LQDOO\WKHSURGXFWGDWDVKHHWJLYHVWKHSHDNDUFYROWDJHIRUWKLVIXVHDVN9DWWKHIXOOOLQHYROWDJHRI
97KLVLVZHOOZLWKLQWKHN9SLYFDSDELOLW\RIWKHGHYLFH
+HQFHWKH$46$IXVHLVVXLWDEOHIRUWKLVDSSOLFDWLRQ
)RUWKHIXVHVHOHFWHGLQWKLVH[DPSOHWKHYROWDJHIDFWRUV.$&DQG.'&VHHVHFWLRQDUH
. $& = = DQG. '& = =
:KHQFRQVLGHULQJWKHFRPPXWDWLRQIDXOWQRQGLDPHWULFIDXOWVRPHGHVLJQHUVPD\ZLVKWRLQFUHDVHWKH
IXVHDFYROWDJHUDWLQJWR[ 9DVGLVFXVVHGLQVHFWLRQ,QWKLVFDVHWKH$46ZRXOGQRW
PHHWWKHUHTXLUHPHQWDQGDKLJKHUDFYROWDJHUDWHGIXVHZRXOGKDYHWREHXVHG2QHVROXWLRQLVWRFKHFN
WKH 36& VTXDUH ERGLHG IXVH UDWHG 99 LQ VL]HV RU 7KH DVVHVVPHQW RI WKH VHYHULW\ RI WKH
FRPPXWDWLRQIDXOWDQGWKHQHHGWRLQFUHDVHWKHIXVHDFYROWDJHUDWLQJLVRQHWKDWVKRXOGEHFRQVLGHUHG
FDUHIXOO\HYHQWKRXJKKLJKHUYROWDJHUDWHGIXVHVDGGFRVWWRWKHV\VWHP7KHUHODWLYHO\VPDOODGGHGFRVWLQ
FRPSDULVRQWRWKHSRVVLEOHGDPDJHWRWKHV\VWHPFDQHDVLO\EHMXVWLILHG
6HOHFW$)XVHIRU3RZHU(OHFWURQLFV6$)3(
6HOHFWLRQRIWKHSURSHUVHPLFRQGXFWRUIXVHIRUWKHSURWHFWLRQRISRZHUHOHFWURQLFVFLUFXLWVFDQEHDWLPH
FRQVXPLQJSURFHVV7KHIXVHPXVWKDYHDGHTXDWHDFDQGGFYROWDJHUDWLQJVFDUU\WKHUPVFRQWLQXRXV
FXUUHQWZLWKVWDQGF\FOLFDQGVXUJHRYHUORDGVDQGFOHDUVKRUWFLUFXLWIDXOWVZKLOHOLPLWLQJWKH,WDQGSHDN
YROWDJHYDOXHV7KHH[DPSOHVLQWKHSUHYLRXVVHFWLRQVKRZHGWKDWLQSUDFWLFDODSSOLFDWLRQVWKHFRQGLWLRQV
DUHQRWWKHVDPHDVWKRVHZKLFKZHUHXVHGWRGHWHUPLQHWKHSXEOLVKHGIXVHSHUIRUPDQFHGDWD$OHQJWK\
VHWRIFDOFXODWLRQVLVUHTXLUHGWRDGMXVWWKHVWDQGDUGGDWDWRDSSO\WRUHDOZRUOGFRQGLWLRQV2IWHQWKHLQLWLDO
FKRLFHRIIXVHWXUQVRXWWREHXQVXLWDEOHDQGWKHQWKHFDOFXODWLRQVKDYHWREHUHSHDWHGIRUDQDOWHUQDWLYH
SURGXFW
6HOHFW$)XVHIRU3RZHU(OHFWURQLFVVRIWZDUHPDNHVLWVLPSOH-XVWHQWHUWKHDSSOLFDWLRQGDWDFOLFNRQ
6HDUFKDQGWKHSURJUDPZLOOJLYH\RXDOLVWRIVXLWDEOHIXVHVDQGWKHLUFDWDORJQXPEHUV)XVHVDUHVHOHFWHG
XVLQJWKHUXOHVDQGSURFHGXUHVGHVFULEHGLQWKLVJXLGH
7KH SURJUDP DOVR FRQWDLQV H[WHQVLYH UHIHUHQFH GDWD IRU )HUUD] 6KDZPXW SURGXFWV VXFK DV UDWLQJV ,W
YDOXHVWLPHFXUUHQWDQGSHDNOHWWKURXJKFXUYHVDQGRXWOLQHGUDZLQJV
7KH GDWD DQG UHVXOWV RI \RXU VHOHFWLRQV FDQ EH VDYHG WR D WH[W ILOH IRU VXEVHTXHQW SULQWLQJ $OO JUDSKLFV
VFUHHQVFDQEHSULQWHGGLUHFWO\RUFRSLHGWRWKH:LQGRZVFOLSERDUGIRUSDVWLQJLQWR\RXUZRUGSURFHVVRU
'DWDLVVXSSOLHGZLWK6$)3(IRUWKHIROORZLQJVHPLFRQGXFWRUIXVHSURGXFWIDPLOLHV
1RUWK$PHULFDQ$0375$3URXQGERG\IXVHVZLWKUDWHGDFYROWDJHVXSWR9
,(&VWDQGDUG3527,6725VTXDUHDQGUHFWDQJXODUFHUDPLFERG\IXVHVXSWR9DF
7KHSURJUDPLVLQWHQGHGIRUURXWLQHDSSOLFDWLRQVDQGFRQWDLQVRQO\SDUWRI)HUUD]6KDZPXW
VODUJHUDQJH
RI VHPLFRQGXFWRU IXVH SURGXFWV ,I \RX FDQ
W ILQG ZKDW \RX QHHG LQ 6$)3( FRQWDFW )HUUD] 6KDZPXW
7HFKQLFDO6HUYLFHV
6$)3(FRQWDLQVWKLUWHHQGLIIHUHQWSRZHUFRQYHUVLRQFLUFXLWVDVIROORZV
*HQHUDOFRQYHUWHUV
7KUHHSKDVHEULGJH
7KUHHSKDVHKDOIZDYH
7KUHHSKDVHGRXEOHZ\HZLWKLQWHUSKDVHWUDQVIRUPHU
6LQJOHSKDVHEULGJH
6LQJOHSKDVHIXOOZDYHFHQWHUWDS
6LQJOHSKDVHKDOIZDYH
6L[SKDVHSDUDOOHOEULGJHSXOVHZLWKEDODQFLQJUHDFWRU
+LJKSRZHUFRQYHUWHUVPXOWLSOHGHYLFHVLQSDUDOOHOSHUDUP
7KUHHSKDVHEULGJH
7KUHHSKDVHGRXEOHZ\HZLWKLQWHUSKDVHWUDQVIRUPHU
6L[SKDVHSDUDOOHOEULGJHSXOVHZLWKEDODQFLQJUHDFWRU
$&VWDWLFVZLWFKHVVRIWVWDUWHUV
6LQJOHSKDVHVWDWLFVZLWFK
7KUHHSKDVHVWDWLFVZLWFKVRIWVWDUWHU
,QYHUWHUV
*HQHULFWKUHHSKDVHLQYHUWHU
3UREOHPVROYHGXVLQJ6$)3(
)LJ VKRZV D W\SLFDO GDWDVKHHW IRU D SKDVH *72 LQYHUWHU ,W LV GHVLUHG WR SURWHFW WKH LQYHUWHU ZLWK D
VLQJOHIXVHLQWKH)ORFDWLRQ7KHIXVHLVWREHVHOHFWHGIURPWKHVTXDUHERGLHG36&UDQJHVL]H[
)LJ,QSXWWRGDWDVKHHWLQ6$)3(
&OLFNLQJRQ6HDUFKJLYHVWKHZLQGRZVKRZQLQ)LJ
)LJ$IWHUFOLFNLQJ6HDUFKRQWKHGDWDVKHHW
7KHVTXDUHERGLHG36&IXVHVLQVL]HVDQGKDYHEHHQVHOHFWHGDQGWKHORFDWLRQVHWDV)
&OLFNLQJ6HDUFKWKHQJLYHVWKHVFUHHQVKRZQLQ)LJ
)LJ5HVXOWVRIVHDUFK
7KHVHDUFKUHVXOWVVKRZQRVXLWDEOHIXVHFDQEHIRXQGLQVL]HWKHVPDOOHVWSK\VLFDOVL]H+RZHYHUD
$IXVHLQWKHQH[WODUJHUVL]HZRXOGEHVXLWDEOHDQGWKLVZRXOGQRUPDOO\EHWKHUHFRPPHQGHGIXVH
IRUUHDVRQVRIVL]HDQGFRVW7KHVXIIL[HVEDQGVLQGLFDWHWKDWWKLVIXVHLVDYDLODEOHZLWKERWKEODGHDQG
VWXGW\SHHQGFRQWDFWV
'RXEOHFOLFNLQJRQWKH36&85'OLQHRUXVLQJWKH$QDO\VHEXWWRQRQWKHPDLQGDWDVKHHWWKHQJLYHV
DGHWDLOHGUHSRUW7KLVVKRZVWRZKDWH[WHQWWKH$IXVHPHHWVWKHUHTXLUHPHQWVRIWKHDSSOLFDWLRQDV
VKRZQLQ)LJ
)LJ'HWDLOHGDQDO\VLVIRUWKHVHOHFWHGIXVH
7KLVVHFWLRQJDYHDEULHILOOXVWUDWLRQRIWKHRQHRIWKHFLUFXLWVLQFOXGHGLQ6$)3()RUIXUWKHULQIRUPDWLRQ
DERXW6$)3(FRQWDFW)HUUD]6KDZPXW7HFKQLFDO6HUYLFHV
$SSHQGL[
DVXPPDU\RIFRHIILFLHQWVXVHGLQIXVHVHOHFWLRQ
7RDOORZIRU &RHIILFLHQW 1RWHV
Dq D ZKHUHqD DPELHQWD &q0 &
DPELHQWWHPSHUDWXUH $ $ =
D
6HHVHFWLRQ
IRUFHGFRROLQJ %Y ,QFUHDVHVOLQHDUO\IURPWR%DWY PVWKHQFRQVWDQW7\SLFDOO\%
6HHVHFWLRQ
7RDOORZIRUWKHIDFWWKDWLQVHUYLFHWKHFRROLQJHIIHFWRIWKHFRQQHFWLRQVFDEOHV
FDEOHEXVVL]H & EXVEDUVZLOOQRUPDOO\EHOHVVIDYRUDEOHWKDQZDVXVHGLQWKHW\SHWHVWVXVHGIRU
HVWDEOLVKLQJWKHFXUUHQWUDWLQJ6HHVHFWLRQDQG$SSHQGL[E
SUR[LPLW\ VNLQHIIHFW &3( 7RDOORZIRUSUR[LPLW\DQGVNLQHIIHFWVDWKLJKIUHTXHQFLHV6HHVHFWLRQ
IOXFWXDWLRQVLQORDG $
7RDOORZIRUYDULDWLRQVLQUPVFXUUHQWVHHVHFWLRQ&RQVXOW)HUUD]6KDZPXWIRU
FXUUHQW F\FOLFORDGV6HHVHFWLRQ
5DWLRRIWKHPD[LPXPUHSHWLWLYHRYHUORDGFXUUHQWWRWKHPHOWLQJFXUUHQWWRHQVXUH
UHSHWLWLYHF\FOLF %
WKDWWKHIXVHZLOOHQGXUHDJLYHQQXPEHURIF\FOHV6HHVHFWLRQ
RYHUORDGV
5DWLRRIWKHPD[LPXPRFFDVLRQDORYHUORDGFXUUHQWLQUHODWLRQWRWKHPHOWLQJ
RFFDVLRQDORYHUORDG &I FXUUHQWWRHQVXUHWKDWWKHIXVHZLOOVXUYLYHZLWKRXWDGYHUVHHIIHFWV6HHVHFWLRQ
EW\SLFDOYDOXHVRI&IRU)HUUD]6KDZPXWIXVHV
& &
)86(
7(&+12/2*< 6,=( 7<3( ZLWKRXWOLTXLG ZLWKOLTXLGFRROLQJWRNHHSWKH
FRQVWUXFWLRQ FRROLQJRQ IXVHFRQWDFWVEHORZ&
WHUPLQDOV RQERWKVLGHV
GRXEOHV 85
J5
GRXEOHV 85
J5
GRXEOHV 85
VTXDUH J5
GRXEOHV 85
J5
85
GRXEOHV J5
ORQJHUERGLHV DOO
9WR9
9WR
URXQG WR9
ILEUHJODVV 9WR9
DERYH9
$;DPSRU
$=DPSRU
$;DPSRU
$=DPSRU
$3DPS'6
$3DPS'6
$;DPS
$=DPS
$3DPS$
$;DPS$
$=DPS$
$PHULFDQ $46UDWLQJ)
IHUUXOHV ),)),
$4UDWLQJ
$;UDWLQJ
$3UDWLQJ
$;UDWLQJRU:
$=UDWLQJRU:
(XURSHDQ DOOVL]HV DFFRUGLQJWRWKHUDWHGSRZHURIWKH
IHUUXOHV IXVHKROGHUVHHWKHGHUDWLQJWDEOHRIWKHKROGHU
SXEOLVKHGLQWKH$'9,625
FRWKHUSULQFLSDOV\PEROVXVHGLQWKLVJXLGH
JHQHUDO
UPV URRWPHDQVTXDUH
,Q QRPLQDOFRQWLQXRXVFXUUHQWUDWLQJ $
,Q
FRQWLQXRXVFXUUHQWUDWLQJLQDUHDOZRUOGDSSOLFDWLRQ $
, LQVWDQWDQHRXVFXUUHQW $
, W
LQWHJUDORILRYHUDVSHFLILHGSHULRGRIWLPH $V
q WHPSHUDWXUH &
q UHIHUHQFHDPELHQWWHPSHUDWXUH &
qD DPELHQWWHPSHUDWXUHLQDUHDOZRUOGDSSOLFDWLRQ &
Y) LQVWDQWDQHRXVYROWDJHDFURVVIXVH 9
. ,WFRUUHFWLRQIDFWRUIRUDSSOLHGYROWDJH
93. SHDNDUFYROWDJHRIIXVH 9
.0 0H\HU
VFRQVWDQW $VPP
$ FURVVVHFWLRQDODUHD PP
DFFLUFXLW
9 UPVVRXUFHYROWDJH 9
, UPVSURVSHFWLYHDYDLODEOHVKRUWFLUFXLWFXUUHQW $
I IUHTXHQF\ +]
w DQJXODUIUHTXHQF\ p I UDGV
/ LQGXFWDQFH +
5 UHVLVWDQFH W
q DQJXODULQVWDQWDWZKLFKVKRUWFLUFXLWRFFXUVZUWYROWDJHZDYH UDG
f FLUFXLWSRZHUIDFWRUDQJOH WDQw /5 UDG
; FLUFXLWLQGXFWLYHUHDFWDQFH w / W
GFFLUFXLW
9'& VRXUFHYROWDJH 9
7 FLUFXLWWLPHFRQVWDQW /5 V
,506 HIIHFWLYHUPVFXUUHQWIRUDVSHFLILHGWLPH $
F\FOLFORDGLQJ
,0(/7 UPVFXUUHQWZKLFKZLOOFDXVHPHOWLQJLQDVSHFLILHGWLPH A
,506 UPVFXUUHQWRYHUDFRPSOHWHF\FOH A
SX506 SHUXQLWUPVORDGLQJ ,506,Q
.1[\ SDUDPHWHUVLQF\FOLFHQGXUDQFHHTXDWLRQ
1 QXPEHURIF\FOHV
Dq KLJKHVWSHDNWRSHDNWHPSHUDWXUHH[FXUVLRQZLWKLQIXVH &
VHPLFRQGXFWRUGHYLFH
,)60 SHDNKDOIF\FOHVXUJHZLWKVWDQGFXUUHQWRIVHPLFRQGXFWRUGHYLFH $
, UPVVXUJHZLWKVWDQGFXUUHQW ,)60 $
W GXUDWLRQRIKDOIF\FOH V
1 H[SRQHQWLQGHYLFHZLWKVWDQGIRUPXOD,1W FRQVWDQW
OLQHFRPPXWDWHGFRQYHUWHUV
) GHQRWHVIXVHLQVHULHVZLWKGHYLFHWREHSURWHFWHG
) GHQRWHVIXVHLQOLQHLQSXWWRFRQYHUWHU)RU)IXVHVDUHXVHG
EXWQRWERWK
) GHQRWHVIXVHRQGFVLGH
(G PD[LPXPGFRXWSXWRIOLQHFRPPXWDWHGFRQYHUWHU 9
Y$Y%Y& LQVWDQWDQHRXVDFVRXUFHYROWDJHV 9
Q QXPEHURISDUDOOHOSDWKVOHJVLQKLJKSRZHUFRQYHUWHU
,/(* UPVFXUUHQWSHUOHJ $
,) UPVIDXOWFXUUHQW $
3 SUHDUFLQJPHOWLQJ,W $V
7 WRWDOFOHDULQJ,W $V
.$& DFYROWDJHUDWLQJIDFWRUIRUUHJHQHUDWLYHFRQYHUWHU
.'& GFYROWDJHUDWLQJIDFWRUIRUUHJHQHUDWLYHFRQYHUWHU
IRUFHGFRPPXWDWHGLQYHUWHUV
5/ OHJUHVLVWDQFH LQGXFWDQFH W+
5)/) VXSSO\ILOWHUUHVLVWDQFH LQGXFWDQFH W+
& UHVHUYRLUFDSDFLWDQFH )
(0 PD[LPXPSHUPLVVLEOHFDSDFLWRUYROWDJH 9
830 PD[LPXPSHUPLVVLEOHFDSDFLWRUYROWDJHDWVWDUWRIDUFLQJ 9
)HUUD]6KDZPXW7HFKQLFDO6HUYLFHVFRQWDFWLQIRUPDWLRQ
(XURSH$VLD$XVWUDOLD$IULFD 1RUWK&HQWUDO 6RXWK$PHULFD
)HUUD]6KDZPXW 0HUULPDF6WUHHW
UXH-HDQ1RYHO 1HZEXU\SRUW0$
)9,//(85%$11( 86$
)5$1&( )D[
)D[ 7ROO)UHH)D[
'LUHFWRU7HFKQLFDO6HUYLFHV 'LUHFWRU$PHULFDQ7HFKQLFDO6HUYLFHV
&KDUOHV0XOHUWW 0DOFROP$OOLVRQ
3KRQH 3KRQH
)D[ (PDLOPDOFROPDOOLVRQ#IHUUD]VKDZPXWFRP
(PDLOFKDUOHVPXOHUWW#IUIHUUD]VKDZPXWFRP
$SSOLFDWLRQV(QJLQHHUV $SSOLFDWLRQV(QJLQHHUV
-HDQ&ODXGH&KHQX &LQG\&OLQH
3KRQH 3KRQH
)D[ (PDLOFLQG\FOLQH#IHUUD]VKDZPXWFRP
(PDLOMHDQFODXGHFKHQX#IUIHUUD]VKDZPXWFRP
)UDQFN&KDUOLHU .LPEHUOH\:DOWHUV
3KRQH 3KRQH
)D[ (PDLONLPEHUOH\ZDOWHUV#IHUUD]VKDZPXWFRP
(PDLOIUDQFNFKDUOLHU#IUIHUUD]VKDZPXWFRP
'HQLV3HOOLVVRQ 'DZQ5DG]LHZLF]
3KRQH 3KRQH
)D[ (PDLOGDZQUDG]LHZLF]#IHUUD]VKDZPXWFRP
(PDLOGHQLVSHOOLVRQ#IUIHUUD]VKDZPXWFRP
3LHUUH/HFRFT )HUUD]6KDZPXW&DQDGD
3KRQH /HZ6LOHFN\
)D[ +RUQHU$YHQXH
(PDLOIUDQFNFKDUOLHU#IUIHUUD]VKDZPXWFRP 7RURQWR210=<
&$1$'$
)HUUD]6KDZPXW*PE+ 3KRQH
.ODXV0DSSHV 7ROO)UHH)D[
%DKQKRIVWUDVVH (PDLO/HZ6LOHFN\#IHUUD]VKDZPXWFRP
'(JJROVKHLP
*(50$1<
3KRQH
)D[
(PDLONODXVPDSSHV#GHIHUUD]VKDZPXWFRP
)HUUD]6KDZPXW-DSDQ,QF
-XQ\D6DVDNL
)6KLQMXNX5R\DO%XLOGLQJ
1LVKL6KLQMXNX6KLQMXNXNX
72.<2
-$3$1
3KRQH
)D[
(PDLOMVDVDNL#IHUUD]FRMS
Global Headquarters
Ferraz Shawmut
1, rue Jean Novel
F-69100 Villeurbanne
France
Phone: +33 (0)4 72 22 66 11
Fax: +33 (0)4 72 22 67 13
E-mail: info@[Link]
[Link]