Professional Documents
Culture Documents
LQHWLFERPEDUGPHQW
)URP:LNLSHGLDWKHIUHHHQF\FORSHGLD
3URMHFW7KRUUHGLUHFWVKHUH)RURWKHUXVHVVHH7KRUGLVDPELJXDWLRQ
.LQHWLFVWULNHUHGLUHFWVKHUH)RUWKHSROLWLFDOHXSKHPLVPVHHNLQHWLFPLOLWDU\DFWLRQ
)RUWKHJHQHULFFRQFHSWRIDWWDFNLQJDSODQHWDU\VXUIDFHIURPRUELWVHH2UELWDOERPEDUGPHQW
$NLQHWLFERPEDUGPHQWRUDNLQHWLFRUELWDOVWULNHLVWKHK\SRWKHWLFDODFWRIDWWDFNLQJDSODQHWDU\VXUIDFHZLWKDQLQHUWSURMHFWLOHZKHUHWKHGHVWUXFWLYHIRUFHFRPHVIURP
WKHNLQHWLFHQHUJ\RIWKHSURMHFWLOHLPSDFWLQJDWYHU\KLJKYHORFLWLHV7KHFRQFHSWLVRIWHQHQFRXQWHUHGLQVFLHQFHILFWLRQDQGRULJLQDWHGGXULQJWKH&ROG:DU
7KHW\SLFDOGHSLFWLRQRIWKHWDFWLFLVRIDVDWHOOLWHFRQWDLQLQJDPDJD]LQHRIWXQJVWHQURGVDQGDGLUHFWLRQDOWKUXVWV\VWHP:KHQDVWULNHLVRUGHUHGWKHVDWHOOLWHZRXOG
EUDNH>@RQHRIWKHURGVRXWRILWVRUELWDQGLQWRDVXERUELWDOWUDMHFWRU\WKDWLQWHUVHFWVWKHWDUJHW7KHURGSLFNVXSVSHHGDVLWDSSURDFKHVSHULDSVLVDQGWKHWDUJHWGXHWR
JUDYLW\SLFNLQJXSLPPHQVHVSHHGXQWLOLWEHJLQVGHFHOHUDWLQJLQWKHDWPRVSKHUHDQGUHDFKHVWHUPLQDOYHORFLW\VKRUWO\EHIRUHLPSDFW7KHURGVZRXOGW\SLFDOO\EHVKDSHGWR
PD[LPL]HWHUPLQDOYHORFLW\,QVFLHQFHILFWLRQWKHZHDSRQLVRIWHQGHSLFWHGDVEHLQJODXQFKHGIURPDVSDFHVKLSLQVWHDGRIDVDWHOOLWH
.LQHWLFERPEDUGPHQWKDVWKHDGYDQWDJHRIEHLQJDEOHWRGHOLYHUSURMHFWLOHVIURPDYHU\KLJKDQJOHDWDYHU\KLJKVSHHGPDNLQJWKHPH[WUHPHO\GLIILFXOWWRGHIHQGDJDLQVW
,QDGGLWLRQSURMHFWLOHVZRXOGQRWUHTXLUHH[SORVLYHZDUKHDGVDQGLQWKHVLPSOHVWGHVLJQVZRXOGFRQVLVWHQWLUHO\RIVROLGPHWDOURGVJLYLQJULVHWRWKHFRPPRQQLFNQDPH
5RGVIURP*RG'LVDGYDQWDJHVLQFOXGHWKHWHFKQLFDOGLIILFXOWLHVRIHQVXULQJDFFXUDF\DQGWKHSURKLELWLYHO\KLJKFRVWVRISRVLWLRQLQJDPPXQLWLRQLQRUELW
7KH2XWHU6SDFH7UHDW\SURKLELWVZHDSRQVRIPDVVGHVWUXFWLRQLQRUELWRURXWHUVSDFH+RZHYHUWKH2XWHU6SDFH7UHDW\RQO\SURKLELWVQXFOHDUELRORJLFDODQGFKHPLFDO
ZHDSRQV6LQFHWKHPRVWFRPPRQIRUPRINLQHWLFDPPXQLWLRQLVLQHUWWXQJVWHQURGVLQPRVWFDVHVNLQHWLFERPEDUGPHQWUHPDLQVOHJDO
&RQWHQWV
5HDOOLIHFRQFHSWVDQGWKHRULHV
,QVFLHQFHILFWLRQ
6HHDOVR
5HIHUHQFHV
)XUWKHUUHDGLQJ
([WHUQDOOLQNV
5HDOOLIHFRQFHSWVDQGWKHRULHV
'XULQJWKH9LHWQDP:DUWKHUHZDVOLPLWHGXVHRIWKH/D]\'RJERPEDVWHHOSURMHFWLOHVKDSHGOLNHDFRQYHQWLRQDOERPEEXWRQO\DERXWORQJDQGGLDPHWHU$SLHFH
RIVKHHWPHWDOZDVIROGHGWRPDNHWKHILQVDQGZHOGHGWRWKHUHDURIWKHSURMHFWLOH7KHVHZHUHGXPSHGIURPDLUFUDIWRQWRHQHP\WURRSVDQGKDGWKHVDPHHIIHFWDVD
PDFKLQHJXQILUHGYHUWLFDOO\>@>@2EVHUYHUVYLVLWLQJDEDWWOHILHOGDIWHUDQDWWDFNVDLGLWORRNHGOLNHWKHJURXQGKDGEHHQ
WHQGHUL]HG
XVLQJDJLJDQWLFIRUN%RGLHVKDGEHHQ
SHQHWUDWHGORQJLWXGLQDOO\IURPVKRXOGHUWRORZHUDEGRPHQ
3URMHFW7KRULVDQLGHDIRUDZHDSRQVV\VWHPWKDWODXQFKHVNLQHWLFSURMHFWLOHVIURP(DUWK
VRUELWWRGDPDJHWDUJHWVRQWKHJURXQG-HUU\3RXUQHOOHRULJLQDWHGWKHFRQFHSW
ZKLOHZRUNLQJLQRSHUDWLRQVUHVHDUFKDW%RHLQJLQWKHVEHIRUHEHFRPLQJDVFLHQFHILFWLRQZULWHU>@>@
7KHV\VWHPPRVWRIWHQGHVFULEHGLVDQRUELWLQJWXQJVWHQWHOHSKRQHSROHZLWKVPDOOILQVDQGDFRPSXWHULQWKHEDFNIRUJXLGDQFH7KHV\VWHPGHVFULEHGLQWKH8QLWHG
6WDWHV$LU)RUFHUHSRUWZDVWKDWRIIRRWORQJPIRRWGLDPHWHUPWXQJVWHQURGVWKDWDUHVDWHOOLWHFRQWUROOHGDQGKDYHJOREDOVWULNHFDSDELOLW\ZLWKLPSDFW
VSHHGVRI0DFK>@>@>@
7KHWLPHEHWZHHQGHRUELWDQGLPSDFWZRXOGRQO\EHDIHZPLQXWHVDQGGHSHQGLQJRQWKHRUELWVDQGSRVLWLRQVLQWKHRUELWVWKHV\VWHPZRXOGKDYHDZRUOGZLGHUDQJH
7KHUHZRXOGEHQRQHHGWRGHSOR\PLVVLOHVDLUFUDIWRURWKHUYHKLFOHV$OWKRXJKWKH6$/7,,SURKLELWHGWKHGHSOR\PHQWRIRUELWDOZHDSRQVRIPDVVGHVWUXFWLRQLWGLG
QRWSURKLELWWKHGHSOR\PHQWRIFRQYHQWLRQDOZHDSRQV7KHV\VWHPLVQRWSURKLELWHGE\HLWKHUWKH2XWHU6SDFH7UHDW\RUWKH$QWL%DOOLVWLF0LVVLOH7UHDW\>@>@
7KHLGHDLVWKDWWKHZHDSRQZRXOGLQIOLFWGDPDJHEHFDXVHLWPRYHVDWRUELWDOYHORFLWLHVDWOHDVWNLORPHWHUVSHUVHFRQG6PDOOHUZHDSRQVFDQGHOLYHUPHDVXUHGDPRXQWVRI
HQHUJ\DVODUJHDVDNJFRQYHQWLRQDOERPE6RPHV\VWHPVDUHTXRWHGDVKDYLQJWKH\LHOGRIDVPDOOWDFWLFDOQXFOHDUERPE>@7KHVHGHVLJQVDUHHQYLVLRQHGDVDEXQNHU
EXVWHU>@>@
,QWKHFDVHRIWKHV\VWHPPHQWLRQHGLQWKH$LU)RUFHUHSRUWDERYHDPPWXQJVWHQF\OLQGHULPSDFWLQJDW0DFKKDVDNLQHWLFHQHUJ\HTXLYDOHQWWR
DSSUR[LPDWHO\WRQVRI717RUWRQVRIG\QDPLWH7KHPDVVRIVXFKDF\OLQGHULVLWVHOIJUHDWHUWKDQWRQVVRWKHSUDFWLFDODSSOLFDWLRQVRIVXFKDV\VWHPDUHOLPLWHG
WRWKRVHVLWXDWLRQVZKHUHLWVRWKHUFKDUDFWHULVWLFVSURYLGHDFOHDUDQGGHFLVLYHDGYDQWDJHDFRQYHQWLRQDOERPEZDUKHDGRIVLPLODUZHLJKWWRWKHWXQJVWHQURGGHOLYHUHGE\
FRQYHQWLRQDOPHDQVSURYLGHVVLPLODUGHVWUXFWLYHFDSDELOLW\DQGLVIDUPRUHSUDFWLFDODQGFRVWHIIHFWLYH6RPHRWKHUVRXUFHVVXJJHVWDVSHHGRIIWVPV>@
ZKLFKIRUWKHDIRUHPHQWLRQHGURGZRXOGDPRXQWWRDNLQHWLFHQHUJ\HTXLYDOHQWWRWRQVRI717RUNW:LWKVDWHOOLWHVRQDJLYHQRUELWDWDUJHWFRXOGEHKLW
ZLWKLQPLQXWHVIURPDQ\JLYHQWLPHOHVVWKDQKDOIWKHWLPHWDNHQE\DQ,&%0DQGZLWKRXWWKHODXQFKZDUQLQJ6XFKDV\VWHPFRXOGDOVREHHTXLSSHGZLWKVHQVRUVWR
GHWHFWLQFRPLQJDQWLEDOOLVWLFPLVVLOHW\SHWKUHDWVDQGUHODWLYHO\OLJKWSURWHFWLYHPHDVXUHVWRXVHDJDLQVWWKHPHJ+LW7R.LOO0LVVLOHVRUPHJDZDWWFODVVFKHPLFDOODVHU
7KHKLJKO\HORQJDWHGVKDSHDQGKLJKPDVVDUHWRHQKDQFHVHFWLRQDOGHQVLW\DQGWKHUHIRUHPLQLPL]HNLQHWLFHQHUJ\ORVVGXHWRDLUIULFWLRQDQGPD[LPL]HSHQHWUDWLRQRIKDUG
RUEXULHGWDUJHWV7KHODUJHUGHYLFHLVH[SHFWHGWREHTXLWHJRRGDWSHQHWUDWLQJGHHSO\EXULHGEXQNHUVDQGRWKHUFRPPDQGDQGFRQWUROWDUJHWV>@
7KHZHDSRQZRXOGEHYHU\KDUGWRGHIHQGDJDLQVW,WKDVDYHU\KLJKFORVLQJYHORFLW\DQGVPDOOUDGDUFURVVVHFWLRQ/DXQFKLVGLIILFXOWWRGHWHFW$Q\LQIUDUHGODXQFK
VLJQDWXUHRFFXUVLQRUELWDWQRIL[HGSRVLWLRQ7KHLQIUDUHGODXQFKVLJQDWXUHDOVRKDVDPXFKVPDOOHUPDJQLWXGHFRPSDUHGWRDEDOOLVWLFPLVVLOHODXQFK2QHGUDZEDFNRIWKH
V\VWHPLVWKDWWKHZHDSRQ
VVHQVRUVZRXOGDOPRVWFHUWDLQO\EHEOLQGGXULQJDWPRVSKHULFUHHQWU\GXHWRWKHSODVPDVKHDWKWKDWZRXOGGHYHORSDKHDGRILWVRDPRELOHWDUJHW
FRXOGEHGLIILFXOWWRKLWLILWSHUIRUPHGDQXQH[SHFWHGPDQHXYHU7KHV\VWHPZRXOGDOVRKDYHWRFRSHZLWKDWPRVSKHULFKHDWLQJIURPUHHQWU\ZKLFKFRXOGPHOWQRQ
WXQJVWHQFRPSRQHQWVRIWKHZHDSRQ>@
7KHSKUDVH5RGVIURP*RGLVDOVRXVHGWRGHVFULEHWKHVDPHFRQFHSW>@$Q$LU)RUFHUHSRUWFDOOHGWKHPK\SHUYHORFLW\URGEXQGOHV>@
,QVFLHQFHILFWLRQ
6HHDOVR5HODWLYLVWLFNLOOYHKLFOH
3HUKDSVWKHHDUOLHVWH[DPSOHVRINLQHWLFERPEDUGPHQWFRPHIURP(('RF6PLWK
VVDQGV/HQVPDQVHULHV,QWKHVHERRNVKRZHYHUSODQHWDU\PDVVHVZHUH
XVHGUDWKHUWKDQVPDOOHUSURMHFWLOHV,WZDVLQWKHPLGVWKDWSRSXODUVFLHQFHLQWHUHVWLQRUELWDOPHFKDQLFVOHGWRDQXPEHURIVFLHQFHILFWLRQVWRULHVZKLFKH[SORUHGWKHLU
LPSOLFDWLRQV$PRQJWKHVHZDV7KH0RRQ,VD+DUVK0LVWUHVVE\5REHUW$+HLQOHLQLQZKLFKWKHFLWL]HQVRIWKH0RRQERPEDUGWKH(DUWKZLWKURFNVZUDSSHGLQLURQ
FRQWDLQHUVZKLFKDUHLQWXUQILUHGIURPDQHOHFWURPDJQHWLFODXQFKV\VWHPDW(DUWKEDVHGWDUJHWV
,QWKHVDQGVWKLVLGHDZDVUHILQHGLQVFLHQFHILFWLRQQRYHOVVXFKDV)RRWIDOOE\/DUU\1LYHQDQG-HUU\3RXUQHOOHWKHVDPH3RXUQHOOHWKDWILUVWSURSRVHGWKHLGHD
IRUPLOLWDU\XVHLQDQRQILFWLRQFRQWH[WLQZKLFKDOLHQVXVHD7KRUW\SHV\VWHP'XULQJWKHVDQGVUHIHUHQFHVWRVXFKZHDSRQVEHFDPHDVWDSOHRIVFLHQFHILFWLRQ
UROHSOD\LQJJDPHVVXFKDV7UDYHOOHU6KDGRZUXQDQG+HDY\*HDUWKHODWWHUJDPHQDPLQJWKHVHZHDSRQVRUWLOOHU\DSRUWPDQWHDXRIRUELWDODUWLOOHU\DVZHOODVYLVXDO
PHGLDLQFOXGLQJ%DE\ORQ
VPDVVGULYHUVDQGWKHILOP6WDUVKLS7URRSHUVLWVHOIDQDGDSWDWLRQRID+HLQOHLQQRYHORIWKHVDPHQDPH
7KHUHSXUSRVLQJRIVSDFHFRORQLHVIRUXVHLQNLQHWLFERPEDUGPHQWLVDIUHTXHQWHOHPHQWRIWKH*XQGDPIUDQFKLVHDQGLVFHQWUDOWRWKHSORWVRI0RELOH6XLW*XQGDP&KDU
V
&RXQWHUDWWDFNDQG0RELOH6XLW*XQGDP6WDUGXVW0HPRU\
$VPDOOHUFURZEDUYDULDQWLVPHQWLRQHGLQ'DYLG
V6OLQJE\0DUF6WLHJOHU%DHQ6HWLQWKH&ROG:DUWKHVWRU\LVEDVHGRQWKHXVHRIUHODWLYHO\LQH[SHQVLYH
LQIRUPDWLRQEDVHGLQWHOOLJHQWV\VWHPVWRRYHUFRPHDQHQHP\
VQXPHULFDODGYDQWDJH7KHRUELWDONLQHWLFERPEDUGPHQWV\VWHPLVXVHGILUVWWRGHVWUR\WKH6RYLHWWDQN
DUPLHVWKDWKDYHLQYDGHG(XURSHDQGWKHQWRWDNHRXW6RYLHW,&%0VLORVSULRUWRDQXFOHDUVWULNH
7KLVEHFRPHVUHOHYDQWLQ1HDO6WHSKHQVRQ
V$QDWKHPZKHQDNLQHWLFERPEDUGPHQWZHDSRQLVGHSOR\HGIURPRUELWWRWULJJHUWKHHUXSWLRQRIDGRUPDQWYROFDQR
)URPWKHPLGVNLQHWLFZHDSRQVDVVFLHQFHILFWLRQSORWGHYLFHVDSSHDUHGLQYLGHRJDPHV$SSHDULQJLQ%XOOIURJ3URGXFWLRQV
6\QGLFDWH:DUVDVDSOD\HUXVDEOH
ZHDSRQLWDOVRIHDWXUHGSURPLQHQWO\LQWKHSORWRI7RP&ODQF\
V(QGZDU0DVV(IIHFW&DOORI'XW\*KRVWV8QQDPHG.LQHWLF6WULNH:HDSRQ&DOORI'XW\*KRVWV
2GLQDQG/RNLVWULNHVWRQDPHVRPH
7KH:DUUHQ(OOLVFRPLF*OREDO)UHTXHQF\LVVXH+DUSRRQ$XJIHDWXUHGWKHWKUHDWRINLQHWLFVSHDUVZHDSRQVGHVLJQHGWREHGURSSHGIURPVDWHOOLWHVKHDWXS
RQUHHQWU\DQGVWULNHWKHJURXQGZLWKWKHIRUFHRIDWDFWLFDOQXNHDQGDVKRWDVWKHHGJHRIWKHVXQ3DUWRID
GLHEDFN
SURWRFRO
,Q'DQLHO6XDUH]
VERRN)UHHGRPDQVXERUELWDOYHUVLRQRI7KRULVXVHGFRPSRVHGRIPDQ\VPDOO$UURZVRU6SLNHVIRUDQWLSHUVRQHOOXVH
,QDNLQHWLFZHDSRQERPEDUGPHQWV\VWHPFRQVLVWLQJRIWXQJVWHQURGVLQDQRUELWLQJSODWIRUPFRGHQDPHG3URMHFW=HXVZDVIHDWXUHGLQWKHPRYLH*,-RH
5HWDOLDWLRQZKHUHLWGHVWUR\V/RQGRQ+RZHYHUWKHPRYLHPLVUHSUHVHQWHGSK\VLFVE\FODLPLQJWKHURGZRXOGQRWEHODXQFKHGRUILUHGEXWPHUHO\GURSSHG,ILWZHUH
UHOHDVHGZLWKRXWIRUFHLWZRXOGRUELWWKH(DUWKLQWKHVDPHPDQQHUDVWKHSODWIRUPLWVHOI,QRUGHUIRUDURGWRIDOOVWUDLJKWWRZDUGWKHFHQWHURI(DUWKLWZRXOGQHHGWREH
ODXQFKHGDZD\IURPWKHVWDWLRQZLWKDYHORFLW\HTXDOLQPDJQLWXGHDQGRSSRVLWHLQGLUHFWLRQIURPWKHRUELWLQJVWDWLRQ7KLVYHORFLW\ZRXOGEHLQWKHUDQJHRIDSSUR[LPDWHO\
NPVIRUVDWHOOLWHVLQORZHDUWKRUELWVHH2UELWDOVSHHG7DQJHQWLDOYHORFLWLHVDWDOWLWXGHIRUPRUHLQIRUPDWLRQ
.LQHWLFZHDSRQVDSSHDULQ'DQ6LPPRQVG\VWRSLDQQRYHO)ODVKEDFN
6HHDOVR
5DLOJXQJURXQGQDY\PDFK
.LQHWLFHQHUJ\SHQHWUDWRU
5HODWLYLVWLFNLOOYHKLFOH
3URPSW*OREDO6WULNH
%ULOOLDQW3HEEOHV
5HIHUHQFHV
KWWSVERRNVJRRJOHFRPERRNV"
LG SMLX0E'[V-,& SJ 3$ OSJ 3$ GT EUDNHRXWRIRUELW VRXUFH EO RWV 8RJS/6/8$ VLJ ;)SO<<L-X$\164=HH7U&5( KO HQ VD ; YHG &&(4$(Z$*R9
&KMIJ)8Y RQHSDJH T EUDNHRXWRIRUELW I IDOVH7KHXVHRIWKHZRUNEUDNHLQWKLVSDUDJUDSKUHIHUVWRWKHDFWRIEUDNLQJWKHIDFWWKDWE\VORZLQJWKHURG
V
RUELWDOWUDMHFWRU\WKHVDWHOOLWHFDQGHRUELWLWLQRUGHUWRGURSLWRQWRWKHSODQHWEHORZ
'DYLG.DUPHV7KH3DWULFLD/\QQ3URMHFW9LHWQDP:DUWKH(DUO\<HDUVRI$LU,QWHOOLJHQFHL8QLYHUVH7KH/D]\'RJ%RPE,6%1
5DOSK$5RZOH\$SULO&ORVH$LU6XSSRUW,Q9LHWQDP/XOXFRPS,6%1
-RQDWKDQ6KDLQLQ'HFHPEHU5RGV)URP*RG1HZ<RUN7LPHV
-HUU\3RXUQHOOH0DUFK&KDRV0DQRU0DLO7KH9LHZIURP&KDRV0DQRU
*LXVHSSH$Q]HUD$XJXVW6WDU:DUV(PSLUHVVWULNHEDFN$VLD7LPHV5HWULHYHG0D\
-RKQ$UTXLOOD0DUFK52'6)520*2',PDJLQHDEXQGOHRIWHOHSKRQHSROHVKXUWOLQJWKURXJKVSDFHDWPSK6DQ)UDQFLVFR&KURQLFOH5HWULHYHG0D\
-XOLDQ%RUJHU0D\%XVKOLNHO\WREDFNZHDSRQVLQVSDFH7KH*XDUGLDQ5HWULHYHG0D\
3DXO5H\QROGV-DQXDU\&KLQD
VVSDFHFKDOOHQJHWRWKH86%%&1HZV5HWULHYHG0D\
-DFN.HOO\-XO\5RGVIURP*RG3LWWVEXUJK3RVW*D]HWWHS$
3RSXODU6FLHQFH5RGVIURP*RG-XQKWWSZZZSRSVFLFRPVFLWHFKDUWLFOHURGVJRG
+LVWRU\7HOHYLVLRQ7KH8QLYHUVHVHDVRQHSLVRGH6SDFH:DUVUHIHUULQJWRURGIURP*RG
1RDK6KDFKWPDQ)HEUXDU\3HQWDJRQ3UHSVIRU:DULQ6SDFH:LUHG5HWULHYHG0D\
0LFKDHO*ROGIDUE-XQH7KH5RGVIURP*RG7KH:HHNO\6WDQGDUG5HWULHYHG0D\
(ULF$GDPV-XQH5RGVIURP*RG3RSXODU6FLHQFH5HWULHYHG0D\
)XUWKHUUHDGLQJ
6SDFH:HDSRQV(DUWK:DUV5$1'&RUSRUDWLRQ,6%1
([WHUQDOOLQNV
5RGVIURP*RGZHHNO\VWDQGDUGFRP
5RGVIURP*RG3RSXODU6FLHQFH-XQH
5LFKDUG/*DUZLQ0D\6SDFH:HDSRQV1RW<HW3')
5HWULHYHGIURPKWWSVHQZLNLSHGLDRUJZLQGH[SKS"WLWOH .LQHWLFBERPEDUGPHQW ROGLG