)RUP 1R = = 0DVWHUÇ ZLWK FP 0RZHU DQG %DJJHU 0RGHO 1R ³ DQG 8S 2SHUDWRU·V 0DQXDO (QJOLVK *%
:DUQLQJ $FWLYDWH WKH %DWWHU\ ,QVWDOO %DWWHU\ 5HPRYH 0DFKLQH IURP &UDWH &KHFN +\GUDXOLF 6\VWHP 2SHUDWLRQ 7KLQN 6DIHW\ )LUVW &RQWUROV 3DUNLQJ %UDNH
DJH 6HUYLFLQJ WKH &DVWRU :KHHOV DQG 7DLO :KHHO %HDULQJV 7LUH 3UHVVXUH 6HUYLFH +\GUDXOLF 6\VWHP 6HUYLFH $GMXVW 0RWLRQ &RQWUROV 5HSODFLQJ 3RZHU 7DNH 2II 372 %HOW 5HSODFLQJ WKH 7UDFWLRQ %HOW 5HSODFLQJ WKH %ORZHU %HOW 7XUQLQJ (QJLQH /LIW +RRN
.
%HIRUH OHDYLQJ WKH RSHUDWRU·V SRVLWLRQ :KHQ PDFKLQH LV WR EH SDUNHG VWRUHG RU OHIW XQDWWHQGHG ORZHU WKH FXWWLQJ PHDQV XQOHVV D SRVLWLYH PHFKDQLFDO ORFN LV XVHG GLVHQJDJH WKH SRZHU WDNH RII DQG ORZHU WKH DWWDFKPHQWV FKDQJH LQWR QHXWUDO DQG VHW WKH SDUNLQJ EUDNH 7RUR 5LGLQJ 0RZHU 6DIHW\ VWRS WKH HQJLQH DQG UHPRYH WKH NH\ 7KH IROORZLQJ OLVW FRQWDLQV VDIHW\ LQIRUPDWLRQ VSHFLILF WR 7RUR SURGXFWV RU RWKHU VDIHW\ LQIRUPDWLRQ WKDW \RX PXVW NQRZ WKDW LV QRW LQFOXGHG LQ WKH &(1 VWDQGDUG '
6ORSH &KDUW
6DIHW\ DQG ,QVWUXFWLRQ 'HFDOV 6DIHW\ GHFDOV DQG LQVWUXFWLRQV DUH HDVLO\ YLVLEOH WR WKH RSHUDWRU DQG DUH ORFDWHG QHDU DQ\ DUHD RI SRWHQWLDO GDQJHU 5HSODFH DQ\ GHFDO WKDW LV GDPDJHG RU ORVW 3DUW 1R )LOO ER[ ZLWK WKH SURSHU DPRXQW RI IOXLG 3DUW 1R 3DUW 1R &KRNH (QJLQH VWRS $XGLR DODUP (QJLQH UXQ 6ORZ (QJLQH VWDUW 9DULDEOH VSHHG (QJDJH SDUNLQJ EUDNH )DVW 'LVHQJDJH SDUNLQJ EUDNH 3RZHU WDNH RII 372 +HLJKW RI FXW
3DUW 1R 3DUW 1R (QWDQJOHPHQW KD]DUG³VWD\ DZD\ IURP PRYLQJ SDUWV (QWDQJOHPHQW KD]DUG³VWD\ DZD\ IURP PRYLQJ SDUWV 3DUW 1R +RW VXUIDFH KD]DUG³VWD\ DZD\ 3DUW 1R 3DUW 1R 6SULQJ ORDGHG PHFKDQLVP³VHH RSHUDWRU·V PDQXDO IRU 'DQJHU³UHDG WKH RSHUDWRU·V PDQXDO 7KURZQ REMHFW KD]DUG³NHHS E\VWDQGHUV DZD\ GLVDVVHPEO\ SURFHGXUH 7LSSLQJ KD]DUG³GR QRW JR DFURVV VORSHV JUHDWHU WKDQ GHJUHHV XS VORSHV JUHDWHU WKDQ GHJUHHV RU GRZQ VORSH
*DVROLQH DQG 2LO :DUQLQJ 5HFRPPHQGHG *DVROLQH *DVROLQH LV KDUPIXO RU IDWDO LI VZDOORZHG /RQJ WHUP H[SRVXUH WR YDSRUV FDQ FDXVH VHULRXV LQMXU\ DQG LOOQHVV 8VH 81/($'(' 5HJXODU *DVROLQH VXLWDEOH IRU DXWRPRWLYH XVH SXPS RFWDQH PLQLPXP /HDGHG UHJXODU JDVROLQH PD\ EH XVHG LI XQOHDGHG UHJXODU LV QRW DYDLODEOH $YRLG SURORQJHG EUHDWKLQJ RI YDSRUV .HHS \RXU IDFH DZD\ IURP WKH QR]]OH DQG JDV WDQN RU FRQGLWLRQHU RSHQLQJ .
$VVHPEO\ 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ /RRVH 3DUWV 1RWH 8VH WKH FKDUW EHORZ WR YHULI\ DOO SDUWV KDYH EHHQ VKLSSHG 4W\ 'HVFULSWLRQ 8VH 0XOFKLQJ EDIIOH )RU PXOFKLQJ PRGH .
5HPRYH ILOOHU FDSV IURP WKH EDWWHU\ 6ORZO\ SRXU HOHFWURO\WH LQWR HDFK FHOO XQWLO WKH HOHFWURO\WH OHYHO LV XS WR WKH ORZHU SDUW RI WKH WXEH )LJ :DUQLQJ &KDUJLQJ WKH EDWWHU\ SURGXFHV JDVVHV WKDW FDQ H[SORGH 1HYHU VPRNH QHDU WKH EDWWHU\ DQG NHHS VSDUNV DQG IODPHV DZD\ IURP EDWWHU\ :KHQ WKH EDWWHU\ LV IXOO\ FKDUJHG GLVFRQQHFW WKH FKDUJHU IURP WKH HOHFWULFDO RXWOHW WKHQ IURP WKH QHJDWLYH DQG SRVLWLYH EDWWHU\ SRVWV )LJ 6ORZO\ SRXU HOHFWURO\WH LQWR HDFK FHOO XQWLO WKH OHYHO LV RQF
,I WKHUH LV QR IOXLG DGG IOXLG WR UHVHUYRLU XQWLO DSSUR[LPDWHO\ D PP LQ EHORZ WKH WRS RI EDIIOH 5XQ WKH PDFKLQH PLQXWHV WR DOORZ DQ\ DLU WR SXUJH RXW RI WKH V\VWHP DQG ZDUP IOXLG 5HFKHFN OHYHO ZKLOH IOXLG LV ZDUP ,I UHTXLUHG DGG IOXLG WR UDLVH OHYHO WR WRS RI WKH EDIIOH 1RWH )OXLG OHYHO VKRXOG EH WR WKH WRS RI WKH EDIIOH ZKHQ IOXLG LV ZDUP )LJ ,QVWDOO FDS RQ ILOOHU QHFN P )LJXUH %DWWHU\ WUD\ :DVKHU LQ
2SHUDWLRQ 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ 7KLQN 6DIHW\ )LUVW &DUHIXOO\ UHDG DOO WKH VDIHW\ LQVWUXFWLRQV DQG GHFDOV LQ WKH VDIHW\ VHFWLRQ .
P )LJXUH 3DUNLQJ EUDNH 6(7 %XWWRQ 3DUNLQJ EUDNH 2)) P )LJXUH )LJXUH P 372 2II &KRNH 2Q 372 2Q &KRNH 2II 6WDUWLQJ DQG 6WRSSLQJ (QJLQH 6WDUWLQJ 6LW GRZQ RQ WKH VHDW DQG VHW WKH SDUNLQJ EUDNH UHIHU WR 6HWWLQJ WKH 3DUNLQJ %UDNH SDJH 0RYH WKH PRWLRQ FRQWURO OHYHUV WR QHXWUDO 0RYH WKH 372 SRZHU WDNH RII VZLWFK WR ´2))µ )LJ P 0RYH WKH WKURWWOH FRQWURO PLGZD\ EHWZHHQ ´6/2:µ DQG ´)
7KH 6DIHW\ ,QWHUORFN 6\VWHP ,PSRUWDQW 0DNH VXUH IXHO VKXW RII YDOYH LV FORVHG EHIRUH WUDQVSRUWLQJ RU VWRULQJ PDFKLQH DV IXHO OHDNDJH PD\ RFFXU &DXWLRQ 2SHUDWLQJ 3RZHU 7DNH 2II 372 ,I VDIHW\ LQWHUORFN VZLWFKHV DUH GLVFRQQHFWHG RU GDPDJHG WKH PDFKLQH FRXOG RSHUDWH XQH[SHFWHGO\ FDXVLQJ SHUVRQDO LQMXU\ 7KH SRZHU WDNH RII 372 VZLWFK HQJDJHV DQG GLVHQJDJHV SRZHU WR WKH DWWDFKPHQW FOXWFK PRZHU EODGHV 'R QRW WDPSHU ZLWK WKH LQWHUORFN VZLWFKHV &KHFN WKH RSHUDWLRQ RI WKH LQWHUORFN VZLWFKHV GDLO\
´6(7µ WKH SDUNLQJ EUDNH PRYH SRZHU WDNH RII 372 WR ´2))µ DQG KROG WKH PRWLRQ FRQWURO OHYHUV LQ QHXWUDO 1RZ VWDUW WKH HQJLQH :KLOH WKH HQJLQH LV UXQQLQJ PRYH WKH PRWLRQ FRQWURO OHYHUV IRUZDUG RU UHYHUVH WKH HQJLQH VKRXOG VWRS 7KH IDUWKHU \RX PRYH WKH PRWLRQ FRQWURO OHYHUV LQ HLWKHU GLUHFWLRQ WKH IDVWHU WKH PDFKLQH ZLOO PRYH LQ WKDW GLUHFWLRQ 7R VORZ RU VWRS PRYH WKH PRWLRQ FRQWURO OHYHUV WR QHXWUDO 7LOW WKH KRSSHU XS ´6(7µ WKH SDUNLQJ EUDNH PRYH SRZHU WDNH RII 372 WR ´2))µ DQG KROG WKH
&DXWLRQ &KLOGUHQ RU E\VWDQGHUV PD\ EH LQMXUHG LI WKH\ PRYH RU DWWHPSW WR RSHUDWH WKH WUDFWRU ZKLOH LW LV XQDWWHQGHG $OZD\V UHPRYH WKH LJQLWLRQ NH\ DQG VHW WKH SDUNLQJ EUDNH ZKHQ OHDYLQJ WKH PDFKLQH XQDWWHQGHG HYHQ LI MXVW IRU D IHZ PLQXWHV P )LJXUH 3RVLWLRQLQJ WKH 6HDW 7KH VHDW FDQ PRYH IRUZDUG DQG EDFNZDUG 3RVLWLRQ WKH VHDW ZKHUH \RX KDYH WKH EHVW FRQWURO RI WKH PDFKLQH DQG DUH PRVW FRPIRUWDEOH $GMXVWPHQW VORW 0RXQWLQJ EROW $GMXVWLQJ +HLJKW RI &XW 7KH KHLJKW RI FXW FDQ EH D
&DXWLRQ 7KH PRZHU GHFN LV KHDY\ DQG FRXOG LQMXUH VRPHRQH ZKLOH UDLVLQJ RU ORZHULQJ WKH GHFN 8VH FDXWLRQ ZKHQ UDLVLQJ RU RU ORZHULQJ GHFN P 7R 5DLVH 0RZHU )LJXUH 'LVHQJDJH WKH SRZHU WDNH RII 372 VHW WKH SDUNLQJ EUDNH DQG WXUQ WKH LJQLWLRQ NH\ WR ´2))µ WR VWRS WKH HQJLQH 5HPRYH VSDUN SOXJ ZLUH V DQG UHPRYH WKH NH\ /LIW RQ VLGH RI FDUULHU IUDPH QHDU ODWFK WR UHOHDVH ZHLJKW RQ ODWFK SLQ 7R /RZHU 0RZHU 3XOO RXW ODWFK SLQV DQG URWDWH LQWR QRWFK WR KROG LQ WKH XQORFNHG
1RWH 7KH PDFKLQH ZLOO QRW GULYH XQOHVV E\ SDVV YDOYHV DUH WXUQHG LQ FRPSOHWHO\ P )LJXUH 5HDU 'RRU ODWFK )URQW +RSSHU ODWFK P /LIW KHUH )LJXUH %\ SDVV YDOYH /RZHU WKH KRSSHU )LUPO\ VHFXUH WKH KRSSHU GRRU VR LW ODWFKHV DQG VHFXUH WKH IURQW KRSSHU ODWFK )LJ ,PSRUWDQW )URQW KRSSHU ODWFK PXVW EH VHFXUHG WR SUHYHQW KRSSHU IURP DFFLGHQWO\ WLOWLQJ GXULQJ WUDQVSRUW (QVXUH WKH KRSSHU GRRU ODWFK LV IXOO\ FORVHG 5HPRYLQJ WKH 'HFN DQG &DUULHU )UDPH
7LOW FDUULHU IUDPH GRZQ 5HPRYH WKH WZR QXWV DQG EROWV WKDW KROG WKH EDU IRU UXEEHU JXDUG 7KH EDU LV XQGHU WKH PRWLRQ FRQWURO OHYHUV )ROG WKH UXEEHU JXDUG RQWR WKH IRRWUHVW )LJ P )LJXUH %UDFNHW 3OHQXP 3OHQXP &DEOH 3OHQXP FDEOH JXLGH :DVKHU 3OHQXP /DWFKHV 1XW %ORZHU +RXVLQJ 7LOW FDUULHU IUDPH LQWR LWV XSULJKW SRVLWLRQ 5HIHU WR 7LOWLQJ WKH 0RZHU RQ SDJH P )LJXUH 3ODFH D EORF
6OLGH WKH GULYHVKDIW RQ JHDUER[ VKDIW ,QVWDOO EROWV [ LQ PP DQG ORFNQXWV LQ LQ XQLYHUVDO MRLQW )LJ 1RWH 7KH JHDUER[ VKDIW KDV D VSOLQH WR FRUUHFWO\ DOLJQ JHDUER[ DQG 372 GULYH VKDIW $OLJQ WKH VSOLQH DQG VOLGH WKH 372 GULYH VKDIW RQWR JHDUER[ 0 )LJXUH 372 'ULYHVKDIW *HDUER[ VKDIW 8QLYHUVDO -RLQW 5ROO 3LQ 0RYH GHFN DQG FDUULHU IUDPH DZD\ IURP WUDFWLRQ XQLW P )LJXUH ,PSRUWDQW 5HPRYH GULYH V
3ODFH D EORFN DSSUR[LPDWHO\ LQFKHV KLJK XQGHU WKH FDUULHU IUDPH 7KLV ZLOO UDLVH WKH IUDPH YHUWLFDOO\ 6HFXUH VSULQJ HQG SODWH DVVHPEO\ WR FDUULHU IUDPH ZLWK D VKRXOGHU EROW [ LQ PP DQG D ORFNQXW LQ )LJ 0 )LJXUH P )LJXUH 6SULQJ $VVHPEO\ 6KRXOGHU %ROW [ /RFNQXW LQ 372 'ULYHVKDIW *HDUER[ VKDIW 8QLYHUVDO -RLQW 5ROO 3LQ LQ PP 5HPRYH WKH LQ EORFN 5HOHDVH WKH ODWF
7LOW PRZHU LQWR WKH YHUWLFDO SRVLWLRQ UHIHU WR 7LOWLQJ WKH 0RZHU SDJH 5HPRYH VFUHZV ZDVKHUV OHIW DQG ULJKW EDJJHU EDIIOHV ORFNQXWV FDUULDJH EROWV DQG OHIW DQG ULJKW GLVFKDUJH EDIIOHV IURP WKH PRZHU )LJ 1RWH 5HLQVWDOO DOO KDUGZDUH LQWR GHFN IRU XVH ZKHQ UHLQVWDOOLQJ EDJJLQJ EDIIOHV DQG VDIHW\ 5HPRYH VFUHZV DQG ZDVKHUV WKDW DUH LQVWDOOHG LQWR GHFN IRU VHFXULQJ PXOFKLQJ EDIIOH )LJ ,QVWDOO EDIIOH XVLQJ KDUGZDUH WKDW ZDV UHPRYHG )LJ P
$OLJQ KROH LQ LGOHU DUP ZLWK VORW LQ IUDPH DQG LQVHUW FOHYLV SLQ 6HFXUH ZLWK KDLUSLQ FRWWHU WR KROG LQ SRVLWLRQ P )LJXUH P )LJXUH ,GOHU DUP &OHYLV SLQ %DJJHU EDIIOH &DUULDJH %ROW )UDPH VORW +DLUSLQ FRWWHU 5HWDLQHU 1XW /RFN 1XW &DS 6FUHZ :DVKHU 'LVFKDUJH EDIIOH :KHQ RSHUDWLQJ LQ PXOFKLQJ PRGH WKH SOHQXP FDQ EH UHPRYHG WR SUHYHQW GDPDJH WR LW 5HIHU WR 3OHQXP 5HPRYDO DQG ,QVWDOODWLRQ RQ SD
5HDFK WKURXJK IURP OHIWKDQG VLGH LQ IURQW RI WUDFWLRQ WLUH OLIW SOHQXP DQG XQZLQG FDEOH FORFNZLVH DURXQG SOHQXP FDEOH JXLGH )OLS VHDW XS DQG XQODWFK SOHQXP IURP ERWK VLGHV RI EORZHU LQOHW )LJ 3XOO SOHQXP RXW IURP EORZHU KRXVLQJ DQG SODFH LW RQ WKH JURXQG )LJ 3XOO RU VOLGH SOHQXP RXW IURP EHWZHHQ GHFN DQG WUDFWLRQ WLUH )LJ P )LJXUH ,GOHU DUP &OHYLV SLQ )UDPH VORW +DLUSLQ FRWWHU 3OHQXP 5HPRYDO DQG ,QVWDOODWLRQ 7R DYRL
0DLQWHQDQFH 1RWH 'HWHUPLQH WKH OHIW DQG ULJKW VLGHV RI WKH PDFKLQH IURP WKH QRUPDO RSHUDWLQJ SRVLWLRQ 5HFRPPHQGHG 0DLQWHQDQFH 6FKHGXOH 0DLQWHQDQFH 6HUYLFH ,QWHUYDO $IWHU ILUVW XVH 0DLQWHQDQFH 3URFHGXUH &KHFN WKH K\GUDXOLF IOXLG OHYHO &KDQJH WKH RLO &KDQJH WKH K\GUDXOLF ILOWHU (DFK XVH &KHFN WKH RLO OHYHO &KHFN WKH VDIHW\ V\VWHP &OHDQ WKH KRSSHU &OHDQ WKH PRZHU KRXVLQJ &OHDQ WKH FRROLQJ V\VWHPV (YHU\ KRXUV &KHFN WKH K\GUDXOLF IOXLG OHYHO &KHFN WKH FXWWLQJ E
&DXWLRQ ,I \RX OHDYH WKH NH\ LQ WKH LJQLWLRQ VZLWFK VRPHRQH FRXOG DFFLGHQWO\ VWDUW WKH HQJLQH DQG VHULRXVO\ LQMXUH \RX RU RWKHU E\VWDQGHUV 5HPRYH WKH NH\ IURP WKH LJQLWLRQ DQG GLVFRQQHFW WKH ZLUH V IURP WKH VSDUN SOXJ V EHIRUH \RX GR DQ\ PDLQWHQDQFH 6HW WKH ZLUH V DVLGH VR WKDW LW GRHV QRW DFFLGHQWDOO\ FRQWDFW WKH VSDUN SOXJ V &XWWLQJ %ODGH 6HUYLFH ,QVSHFWLQJ WKH %ODGHV 7R HQVXUH D VXSHULRU TXDOLW\ RI FXW NHHS WKH EODGHV VKDUS )RU FRQYHQLHQW VKDUSHQLQJ DQG UHSODFHPHQW \RX PD\ ZDQW WR NHHS H[WU
PP LQ WKH EODGH LV EHQW DQG PXVW EH UHSODFHG 5HIHU WR 5HPRYLQJ WKH %ODGHV DQG ,QVWDOOLQJ WKH %ODGHV RQ SDJH )URQW )URQW 0 )LJXUH &XWWLQJ HGJH 1RWH 8VH DQWL VHL]H OXEULFDQW RQ VSLQGOH DQG NH\ZD\ EHIRUH LQVWDOOLQJ EODGH UHWDLQHU ,QVWDOO WKH NH\ LQ WKH UHWDLQHU DQG LQVWDOO EODGH UHWDLQHU WR VSLQGOH )LJ ,QVWDOO WKH EODGH VSDFHU ZDVKHU DQG UHWDLQHU EROW WR VSLQGOH )LJ 0 )LJXUH 7RUTXH WKH UHWDLQHU EROW WR 1:P IW O
6KDUSHQLQJ WKH %ODGHV &KHFN WKH WLUH SUHVVXUH RQ ERWK GHFN DQG WUDFWLRQ XQLW 8VH D ILOH WR VKDUSHQ WKH FXWWLQJ HGJH DW ERWK HQGV RI WKH EODGH )LJ 0DLQWDLQ WKH RULJLQDO DQJOH 7KH EODGH UHWDLQV LWV EDODQFH LI WKH VDPH DPRXQW RI PDWHULDO LV UHPRYHG IURP ERWK FXWWLQJ HGJHV 6HW WKH KHLJKW RI FXW WR WKH LQ SRVLWLRQ IROORZLQJ WKH KHLJKW RI FXW GHFDO :LWK WKH PDFKLQH RQ OHYHO VXUIDFH SRVLWLRQ RQH EODGH IURQW WR UHDU )LJ 0HDVXUH DW ´$µ IURP OHYHO VXUIDFH WR WKH FXWWLQJ HGJH R
)URQW & )URQW & % $ ' ' 0 0 )LJXUH )LJXUH 0($685( )520 7,3 2) &877,1* ('*( 72 $ /(9(/ 685)$&( 0($685( )520 7,3 2) &877,1* ('*( 72 $ /(9(/ 685)$&( 0 )LJXUH 0 )LJXUH &KDQJH WKH )URQW WR 5HDU 3LWFK &KDQJH WKH 6LGH WR 6LGH /HYHOLQJ &KDQJLQJ WKH IURQW WR UHDU SLWFK LV GRQH E\ UHPRYLQJ RU DGGLQJ ZDVKHUV WR KHLJKW RI FXW SRVWV &KDQJLQJ WKH VLGH WR VLGH OHYHOLQJ LV GRQH E\ UHPRYLQJ RU DGGLQJ ZDVKHUV WR KHLJKW RI FXW SRVWV 'R WKLV WR WKH FRUUH
)LOWHU 0LQGHU &KHFN WKLV GDLO\ ,QVSHFW WKH SULPDU\ ILOWHU IRU GDPDJH E\ ORRNLQJ LQWR WKH ILOWHU ZKLOH VKLQLQJ D EULJKW OLJKW RQ WKH RXWVLGH RI WKH ILOWHU +ROHV LQ WKH ILOWHU ZLOO DSSHDU DV EULJKW VSRWV ,I WKH ILOWHU LV GDPDJHG GLVFDUG LW RWKHUZLVH FOHDQ LW 7KH SOXQJHU LQVLGH WKH JDXJH FDQLVWHU ZLOO FKDQJH WR UHG ZKHQ WKH DLU FOHDQHU HOHPHQW EHFRPHV GLUW\ DQG UHVWULFWHG :KHQ LW FKDQJHV UHG DLU FOHDQHU PDLQWHQDQFH LV UHTXLUHG ,PSRUWDQW 1HYHU DWWHPSW WR FOHDQ WKH VDIHW\ ILOWHU ,I WKH VDIHW\ IL
$IWHU WKH ILUVW RSHUDWLQJ KRXUV $IWHU HYHU\ RSHUDWLQJ KRXUV 1RWH &KDQJH RLO PRUH IUHTXHQWO\ ZKHQ RSHUDWLQJ FRQGLWLRQV DUH H[WUHPHO\ GXVW\ RU VDQG\ 2LO 7\SH 'HWHUJHQW RLO $3, VHUYLFH 6* RU 6+ &UDQNFDVH &DSDFLW\ Z ILOWHU O ] 9LVFRVLW\ 6HH WDEOH EHORZ 86( 7+(6( 6$( 9,6&26,7< 2,/6 P P )LJXUH : : : ) & 2LO GLSVWLFN )LOOHU &DS 0HWDO HQG &KDQJLQJ 'UDLQLQJ 2LO 6W
&KDQJH 2LO )LOWHU 5HPRYLQJ WKH 6SDUN 3OXJ V 5HSODFH WKH RLO ILOWHU DIWHU ILUVW KRXUV RI XVH 'LVHQJDJH WKH SRZHU WDNH RII 372 VHW WKH SDUNLQJ EUDNH DQG WXUQ WKH LJQLWLRQ NH\ WR ´2))µ WR VWRS WKH HQJLQH 5HPRYH WKH NH\ 5HSODFH WKH RLO ILOWHU HYHU\ KRXUV RU HYHU\ RWKHU RLO FKDQJH 1RWH &KDQJH RLO ILOWHU PRUH IUHTXHQWO\ ZKHQ RSHUDWLQJ FRQGLWLRQV DUH H[WUHPHO\ GXVW\ RU VDQG\ 3XOO WKH ZLUH V RII WKH VSDUN SOXJ V )LJ 1RZ FOHDQ DURXQG WKH VSDUN SOXJ V WR SUHYHQW GLUW IURP IDOOLQJ
,QVWDOOLQJ WKH 6SDUN 3OXJ V )XHO 7DQN 6HUYLFH ,QVWDOO WKH VSDUN SOXJ V 0DNH VXUH WKH DLU JDS LV VHW FRUUHFWO\ 'UDLQLQJ 7KH )XHO 7DQN 7LJKWHQ WKH VSDUN SOXJ V WR 1 P IW OE 'DQJHU 3XVK WKH ZLUH V RQWR WKH VSDUN SOXJ V )LJ ,Q FHUWDLQ FRQGLWLRQV JDVROLQH LV H[WUHPHO\ IODPPDEOH DQG KLJKO\ H[SORVLYH $ ILUH RU H[SORVLRQ IURP JDVROLQH FDQ EXUQ \RX DQG RWKHUV DQG FDQ GDPDJH SURSHUW\ )XHO )LOWHU 6HUYLFH 5HSODFH WKH IXHO ILOWHU DIWHU HYHU\ RSHUDWLQJ KRXUV RU \HDUO\ ZKLFK
:KHUH WR $GG *UHDVH /XEULFDWH WKH FDVWRU ZKHHO EHDULQJV DQG PRWLRQ FRQWURO OHYHU SLYRW XQWLO JUHDVH EHJLQV WR RR]H RXW RI WKH EHDULQJV )LJ P )LJXUH )XHO VKXW RII YDOYH )XHO OLQH +RVH FODPS )XHO FDS P P )LJXUH &OHDQLQJ WKH &RROLQJ 6\VWHPV *UHDVH WKH ILWWLQJV RQ GULYH VKDIW DQG XQLYHUVDO MRLQWV )LJ %HIRUH HDFK XVH FKHFN DQG FOHDQ FRROLQJ V\VWHP 5HPRYH DQ\ EXLOGXS RI JUDVV GLUW RU RWKHU GHEULV IURP WKH HQJLQH DLU LQWDNH DQG FK
,PSRUWDQW 'R QRW PL[ IOXLGV 8VH RQO\ $XWRPDWLF 7UDQVPLVVLRQ )OXLG :DUP WKH IOXLG LQ JHDUER[ 5XQ WKH PRZHU GHFN IRU D IHZ PLQXWHV 7LOW PRZHU LQWR WKH YHUWLFDO SRVLWLRQ UHIHU WR 7LOWLQJ WKH 0RZHU SDJH :LWK GHFN UDLVHG UHPRYH SOXJ RQ WKH ERWWRP VLGH RI WKH JHDUER[ /HW IOXLG IXOO\ GUDLQ LQWR D SDQ )LJ 5HLQVWDOO WKH ERWWRP SOXJ LQWR WKH JHDUER[ 8VH SLSH WKUHDG VHDODQW LI QHHGHG )LJ P 5HPRYH WKH WRS SOXJ WR ILOO JHDUER[ )LJ )LJXUH )LOO JHD
,QVHUW D SLQ SXQFK LQWR WKH FDVWRU KXE DQG FDUHIXOO\ GULYH RXW WKH EXVKLQJV )LJ &OHDQ WKH LQVLGH RI WKH PRXQWLQJ WXEH ,PSRUWDQW 'R QRW PL[ IOXLGV 8VH RQO\ $XWRPDWLF 7UDQVPLVVLRQ )OXLG 'R QRW RYHUILOO JHDUER[HV 5HLQVWDOO WKH WRS DQG VLGH SOXJV LQWR JHDUER[ XVLQJ SLSH VHDODQW )LJ *UHDVH WKH LQVLGH DQG RXWVLGH RI WKH QHZ EXVKLQJV 8VH D KDPPHU DQG IODW SODWH WR FDUHIXOO\ GULYH WKH EXVKLQJV LQWR WKH FDVWRU KXE )LJ )LOO JHDUER[ ZLWK DXWRPDWLF WUDQVPLVVLRQ IOXLG 'H[URQX ,,
,I WKH LGOHU DUPV DUH ORRVH WKH EXVKLQJV DUH ZRUQ DQG PXVW EH UHSODFHG 5HPRYH WKH KDUGZDUH VHFXULQJ WKH LGOHU SLYRW DUP WR WKH PRZHU ,QVHUW D SLQ SXQFK LQWR WKH LGOHU DUP DQG FDUHIXOO\ GULYH RXW WKH EXVKLQJV )LJXUHV RU &OHDQ WKH LQVLGH RI WKH LGOHU DUP 8VH D KDPPHU DQG IODW SODWH WR FDUHIXOO\ GULYH QHZ EXVKLQJV LQWR WKH LGOHU DUP )LJXUHV RU ,QVWDOO WKH LGOHU DUP EDFN RQWR WKH PDFKLQH 1RWH *UHDVH WKH 372 LGOHU DUP XVLQJ 1R JHQHUDO SXUSRVH OLWKLXP
8VH D KDPPHU DQG IODW SODWH WR FDUHIXOO\ GULYH QHZ EXVKLQJV LQWR WKH HQG RI SXVK DUP )LJ *UHDVH WKH ILWWLQJ RQ WKH FDVWRU ZKHHO 3ODFH SXVK DUP RQWR FDUULHU IUDPH SLQ DQG VHFXUH ZLWK PP LQ IODW ZDVKHU DQG UHWDLQLQJ ULQJ )LJ *UHDVH WKH ILWWLQJ RQ WKH SXVK DUP XVLQJ 1R JHQHUDO SXUSRVH OLWKLXP EDVH RU PRO\EGHQXP EDVH JUHDVH 3XVK DUP P )LJXUH P )LJXUH %XVKLQJ 6HUYLFLQJ WKH &DVWRU :KHHOV DQG 7DLO :KH
P )LJXUH P &DVWRU :KHHO 9DOYH 6WHP )LJXUH +\GUDXOLF 6\VWHP 6HUYLFH &DS %DIIOH )OXLG OHYHO³IXOO &KHFNLQJ WKH +\GUDXOLF )OXLG 5HSODFLQJ WKH +\GUDXOLF )LOWHU &KHFN WKH K\GUDXOLF IOXLG OHYHO EHIRUH HQJLQH LV ILUVW VWDUWHG DQG DIWHU HYHU\ RSHUDWLQJ KRXUV &KDQJH WKH K\GUDXOLF ILOWHU )OXLG 7\SH 0RELO X Z V\QWKHWLF RLO RU HTXLYDOHQW V\QWKHWLF RLO $IWHU WKH ILUVW RSHUDWLQJ KRXUV $IWHU HYHU\ RSHUDWLQJ KRXUV ,PSRUWDQW 8VH RQO\ RLOV VSH
,QVWDOO UHSODFHPHQW K\GUDXOLF ILOWHU RQWR WKH ILOWHU DGDSWHU 'R QRW WLJKWHQ &KHFN K\GUDXOLF IOXLG OHYHO DV LW GURSV DQG DGG DV UHTXLUHG WR PDLQWDLQ SURSHU OHYHO 5HPRYH SODVWLF EDJ IURP WDQN RSHQLQJ DQG DOORZ ILOWHU WR ILOO ZLWK K\GUR IOXLG 5HSHDW SURFHGXUH RQ RSSRVLWH ZKHHO :KHQ IOXLG RYHUIORZV ILOWHU WXUQ WKH RLO ILOWHU FORFNZLVH XQWLO WKH UXEEHU JDVNHW FRQWDFWV WKH ILOWHU DGDSWHU WKHQ WLJKWHQ WKH ILOWHU DQ DGGLWLRQDO WXUQ )LJ &KHFN +\GUDXOLF /LQHV $IWHU HYHU\ RSHUD
/RZHU LGOHU WR UHOD[ WHQVLRQ RQ 372 EHOW DQG UHPRYH EHOW IURP JHDU ER[ SXOOH\ )LJ 5HPRYH FOXWFK VWRS PRXQWLQJ EROWV DQG XQSOXJ FOXWFK ZLUH KDUQHVV )LJ 5HPRYH EHOW RYHU FOXWFK P )LJXUH 0RWLRQ FRQWURO OHYHU &RQWURO URG )RUZDUG VWRS -DP QXW 3XPS FRQWURO SODWH P )LJXUH 5HSODFLQJ 3RZHU 7DNH 2II 372 %HOW ,GOHU %ROW 6SULQJ &OXWFK *HDU ER[ SXOOH\ 372 EHOW &OXWFK VWRS &OX
5HPRYH 372 EHOW UHIHU WR 5HSODFLQJ 3RZHU 7DNH 2II 372 %HOW RQ SDJH 3XVK VSULQJ ORDGHG LGOHU GRZQ DQG UHPRYH WUDFWLRQ EHOW IURP WKH HQJLQH IL[HG LGOHU DQG K\GUR SXPS SXOOH\V )LJ 5HPRYH EHOW RYHU FOXWFK ,QVWDOO QHZ EHOW RYHU FOXWFK DQG DURXQG HQJLQH IL[HG LGOHU DQG K\GUR SXPS SXOOH\V )LJ 3XVK VSULQJ ORDGHG LGOHU GRZQ DQG DOLJQ EHORZ WUDFWLRQ EHOW 5HOHDVH SUHVVXUH RQ VSULQJ ORDGHG LGOHU )LJ ,QVWDOO 372 EHOW UHIHU WR 5HSODFLQJ 3RZHU 7DNH 2II 372 %H
&KHFNLQJ (OHFWURO\WH /HYHO )XVH 0DLQ ) DPS EODGH W\SH $OWHUQDWRU ) DPS EODGH W\SH 6DIHW\ ,QWHUORFN DQG &OXWFK ) DPS EODGH W\SH 2SHQ FRYHUV WR VHH LQWR WKH FHOOV 7KH HOHFWURO\WH PXVW EH XS WR WKH ORZHU SDUW RI WKH WXEH )LJ 'R QRW DOORZ WKH HOHFWURO\WH WR JHW EHORZ WKH SODWHV )LJ 5HPRYH GDVK SDQHO VFUHZV WR JDLQ DFFHVV WR IXVH KROGHU )LJ ,I WKH HOHFWURO\WH LV ORZ DGG WKH UHTXLUHG DPRXQW RI GLVWLOOHG ZDWHU UHIHU WR $GGLQJ :DWHU WR WKH %DWWHU\ SDJH
&OHDQLQJ WKH +RSSHU )XOO 6HQVRU 5HPRYH WKH ILOOHU FDSV IURP WKH EDWWHU\ DQG FRQQHFW D WR DPS EDWWHU\ FKDUJHU WR WKH EDWWHU\ SRVWV &KDUJH WKH EDWWHU\ DW D UDWH RI DPSHUHV RU OHVV IRU KRXUV YROWV 'R QRW RYHUFKDUJH WKH EDWWHU\ ,QVWDOO WKH ILOOHU FDSV DIWHU WKH EDWWHU\ LV IXOO\ FKDUJHG 7KH KRSSHU IXOO VHQVRU LQVLGH WKH WRS ULJKW VLGH RI WKH KRSSHU GHWHFWV D EHDP RI OLJKW IURP WKH WUDQVPLWWHU WR WKH UHFHLYHU ,I WKH OLJKW EHDP LV EORFNHG WKH VHQVRU EX]]HU VRXQGV ,I WKH OHQVHV DUH FRYHUHG
:LULQJ 'LDJUDP 1 < 2 , ; 7 & (' 11 1$ 2 1 & 6 , 3 $ 2, % + 1% & ,7 1 2 , 7 , , 61 ,* : 6 7 < 5 ( ) $ . ) 17 226 6 ; < 6 ( ' 2 & : % 6 < ( $ . 5 2 / 2 & ( 5 , : - , ; < 6 % $ . 1 , 3 . 3 ' ( 5 1 $ 7 5 . & $ / % 1 : 2 5 % . % 1 % 7 ( / 2 , 9 + : : 2 / / ( < 1 2 , 7 , ,2 9 : < 7 ( 8 / % ( ,7 1 ( ( 5 * 8 % < ( 5 * / ( 8 ) * 8 / 3 . 5 $ 3 6 * 8 / 3 .
+\GUDXOLF 'LDJUDP $ % 7) ( / 5 2 7 2 0 7 + * , 5 5 2 7 2 0 $ 5 (7 /, ) .
&OHDQLQJ DQG 6WRUDJH 5HPRYH WKH VSDUN SOXJ V DQG FKHFN LWV FRQGLWLRQ UHIHU WR 6SDUN 3OXJ 6HUYLFH SDJH :LWK WKH VSDUN SOXJ V UHPRYHG IURP WKH HQJLQH SRXU WZR WDEOHVSRRQV RI HQJLQH RLO LQWR WKH VSDUN SOXJ KROH 1RZ XVH WKH VWDUWHU WR FUDQN WKH HQJLQH DQG GLVWULEXWH WKH RLO LQVLGH WKH F\OLQGHU ,QVWDOO WKH VSDUN SOXJ V 'R QRW LQVWDOO WKH ZLUH RQ WKH VSDUN SOXJ V 'LVHQJDJH WKH SRZHU WDNH RII 372 VHW WKH SDUNLQJ EUDNH DQG WXUQ WKH LJQLWLRQ NH\ WR ´2))µ WR VWRS WKH HQJLQH 5HPRYH WKH NH\
7URXEOHVKRRWLQJ 352%/(0 6WDUWHU GRHV QRW FUDQN (QJLQH J ZLOO QRW VWDUW VWDUWV KDUG RU I LO WWR NHHS IDLOV N UXQQLQJ L (QJLQH J ORVHV SRZHU S (QJLQH J RYHUKHDWV 3266,%/( &$86(6 &255(&7,9( $&7,21 3RZHU WDNH RII 372 LV (1*$*(' 0RYH SRZHU WDNH RII 372 WR ',6(1*$*(' 3DUNLQJ EUDNH LV QRW RQ 6HW SDUNLQJ EUDNH 0RWLRQ FRQWURO OHYHUV DUH QRW LQ QHXWUDO QHXWUDO 0RYH PRWLRQ FRQWURO OHYHUV LQWR QHXWUDO QHXWUDO %DWWHU\ LV GHDG &KDUJH WKH EDWWHU\ (OHFWULFDO FRQQHFW
352%/(0 $EQRUPDO YLEUDWLRQ 0DFKLQH GRHV QRW GULYH 3266,%/( &$86(6 &255(&7,9( $&7,21 (QJLQH PRXQWLQJ EROWV DUH ORRVH 7LJKWHQ HQJLQH PRXQWLQJ EROWV /RRVH HQJLQH SXOOH\ LGOHU SXOOH\ RU EODGH SXOOH\ 7LJKWHQ WKH DSSURSULDWH SXOOH\ (QJLQH SXOOH\ LV GDPDJHG &RQWDFW $XWKRUL]HG 6HUYLFH 'HDOHU 3DUNLQJ EUDNH LV RQ 0RYH SDUNLQJ EUDNH WR RII 7UDFWLRQ EHOW LV ZRUQ ORRVH RU EURNHQ &RQWDFW $XWKRUL]HG 6HUYLFH 'HDOHU 7UDFWLRQ EHOW LV RII SXOOH\ &RQWDFW $XWKRU