$FWD&KLP6ORY
'(7(50,1$7,212)3E$1'3R,1(19,5210(17$/6$03/(6
/MXGPLOD%HQHGLN3RORQD9UHþHN
-RåHI 6WHIDQ ,QVWLWXWH 'HSDUWPHQW RI (QYLURQPHQWDO 6FLHQFHV -DPRYD /MXEOMDQD 6ORYHQLD
HPDLO OMXGPLODEHQHGLN#LMVVL
5HFHLYHG
$EVWUDFW
7KH QDWXUDOO\RFFXUULQJ UDGLRQXFOLGHV
3E DQG
3R \ DQG G KDOIOLYHV
UHVSHFWLYHO\ DUH LPSRUWDQW EHFDXVH RI WKHLU FRQWULEXWLRQV WR WKH QDWXUDO UDGLDWLRQ GRVH DQG
UHOHDVH
LQWR
WKH HQYLURQPHQW IURP WHFKQRORJLFDOO\HQKDQFHG VRXUFHV 0HWKRGV IRU
3E DQG RI
3R DUH GHVFULEHG %RWK UDGLRQXFOLGHV ZHUH GHWHUPLQHG LQ
ZDWHUV DQG LQ DLU ILOWHU VDPSOHV 7KH SURFHGXUH IRU GHWHUPLQDWLRQ RI
3E LQFOXGHV GLWKL]RQH
GHWHUPLQDWLRQ RI
H[WUDFWLRQ IRU WKH VHSDUDWLRQ RI OHDG IURP WKH PDWUL[ DQG SUHFLSLWDWLRQ RI 3E&U2 ZLWK
.&U2 IURP ZHDN DFHWLF DFLG PHGLD $IWHU ZDLWLQJ IRU UDGLRFKHPLFDO HTXLOLEULXP WR EH UH
HVWDEOLVKHG EHWZHHQ
3E DQG LWV GDXJKWHU
%L DW OHDVW GD\V WKH DFWLYLW\ RI
%L ZDV
PHDVXUHG RQ D JDV IORZ SURSRUWLRQDO EHWD FRXQWHU 7KH PHWKRG IRU GHWHUPLQDWLRQ RI
3R LV
EDVHG RQ VSRQWDQHRXV GHSRVLWLRQ RI SRORQLXP UDGLRLVRWRSHV RQ D FRSSHU SODQFKHW DQG
PHDVXUHPHQW E\ DOSKD VSHFWURPHWU\ %RWK PHWKRGV ZHUH RSWLPLVHG XVLQJ
3R DQG
3E
WUDFHUV $ SURFHGXUH IRU SUHSDUDWLRQ RI
3E WUDFHU WKDW LQYROYHV SXUJLQJ RI WKRULXP QLWUDWH
VROXWLRQ ZLWK QLWURJHQ ZDV GHYHORSHG
,QWURGXFWLRQ
3EDQG 3RDUHPHPEHUVRIWKHXUDQLXPUDGLXPGHFD\FKDLQ 3EKDVDKDOI
OLIHRI\HDUVDQGLVDEHWDHPLWWHU,WVGDXJKWHU %LLVDOVRDEHWDHPLWWHU,WVJUDQG
GDXJKWHU3RLVDQDOSKDHPLWWHUZLWKDKDOIOLIHRIGD\VZKLFKGHFD\VIXUWKHUWR
VWDEOH3E3EJEo%LEo3RDo3EVWDEOH
,Q DUHDV ZKHUH XUDQLXP LV PLQHG DQG H[WUDFWHG 3E DQG 3R PD\ DFFXPXODWH LQ
WDLOLQJV DQG UXQRII UHVXOWLQJ LQ KLJKHU FRQFHQWUDWLRQV LQ WKH ELRVSKHUH %HVLGHV WKLV
VRPH DQWKURSRJHQLF VRXUFHV H[LVW DVVRFLDWHG ZLWK SKRVSKDWH IHUWLOLVHUV IRVVLO IXHO
EXUQLQJ SRZHU SODQWV OHDG SURGXFWLRQ FHPHQW PDQXIDFWXUH DQG IDOORXW IURP QXFOHDU
ZHDSRQ WHVWV +LJK OHYHOV RI 3R DUH DOVR NQRZQ WR RFFXU QDWXUDOO\ LQ GHHSVHD ILVK
VKHOOILVKDQGUHLQGHHURUFDULERXPHDW
7KHQDWXUDOQXFOLGHV3E%LDQG3RZKLFKRULJLQDWHLQWKHHPDQDWLRQRIWKH
UDUHJDVQXFOLGH 5QIURPODQGVXUIDFHVDUHRIJUHDWLPSRUWDQFH 5QLVDQREOHJDV
GLIIXVLQJ WKURXJK ILVVXUHV WR DTXLIHU OD\HUV ZKHUH LWV ORQJOLYHG SURGXFWV FDQ EH
GLVVROYHG 7KHVH UDGLRQXFOLGHV DUH LPSRUWDQW FRPSRQHQWV RI WKH QDWXUDO UDGLDWLRQ
/ %HQHGLN 3 9UHþHN 'HWHUPLQDWLRQ RI
3E DQG
3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
H[SRVXUH$FFRUGLQJWRGRVHIDFWRUVJLYHQE\,&533XEOLFDWLRQ YHU\ORZOLPLWVIRU
GHULYHG DFWLYLW\ FRQFHQWUDWLRQV LQ GULQNLQJ ZDWHU ZRXOG EH REWDLQHG LI DOO WKHVH
UDGLRQXFOLGHV ZHUH WDNHQ LQWR DFFRXQW 7KH DEVRUEHG GRVHV IURP WKH 3E VXEVHULHV
GHSHQGPDLQO\RQWKHKLJKO\HQHUJHWLFDOSKDSDUWLFOHVRI 3RDVWKHFRQWULEXWLRQIURP
WKH EHWD HPLVVLRQV RI 3E DQG %L DPRXQWV WR DERXW RI WKH WRWDO 7KH DQQXDO
HIIHFWLYHGRVHHTXLYDOHQWDULVLQJIURPWKHWRWDOLQWDNHRI 3E %LDQG 3RZRXOGEH
DERXW P6Y 7KLV IDFW GHPDQGV UHOLDEOH DQDO\WLFDO WHFKQLTXHV IRU DQDO\VHV RI
ELRVSKHULFVDPSOHVLQSRWHQWLDOO\H[SRVHGDUHDV
3URFHGXUHVZKLFKLQYROYHWKHVSRQWDQHRXVGHSRVLWLRQRI 3RIURPDFLGLFPHGLD
RQWRDOHVVQREOHPHWDOVXFKDV&X$JRU1LDUHFRPPRQO\XVHGIRUWKHLVRODWLRQRIERWK
WUDFHDQGPDFUROHYHOV5DGLRFKHPLFDOGHWHUPLQDWLRQRI 3ELVXVXDOO\DFFRPSOLVKHGE\
PHDVXULQJWKHEHWDDFWLYLW\RILWV %LGDXJKWHU(EPD[ 0H9RUWKHDOSKDDFWLYLW\
RILWV3RJUDQGGDXJKWHU(D 0H97KLVLVEHFDXVHGLUHFWGHWHUPLQDWLRQRI 3E
LVGLIILFXOWGXHWRLWVORZJDPPDHQHUJ\(J 0H9RIORZDEXQGDQFH
DQGWKHORZHQHUJ\RILWVEHWDHPLVVLRQ(EPD[ 0H96LQFHLWLVWKHGDXJKWHURU
JUDQGGDXJKWHU UDGLRQXFOLGH WKDW LV LVRODWHG DQG TXDQWLWDWLYHO\ PHDVXUHG LW LV QHFHVVDU\
WRNQRZWKHGHJUHHRIHTXLOLEULXPWKDWH[LVWVEHWZHHQWKHSURJHQ\DQGLWVSDUHQW 3E
)RU %L KDOIOLIH GD\V DQ HTXLOLEULXP RI JUHDWHU WKHQ LV HVWDEOLVKHG LQ GD\V )RU 3R KDOIOLIH GD\V D SHULRG RI RYHU PRQWKV LV UHTXLUHG WR UHDFK
DQG PRQWKV WR UHDFK LQJURZWK 'HVSLWH WKH IDFW WKDW DOSKD VSHFWURVFRSLF
PHDVXUHPHQWRIWKHLQJURZQ 3RRIWHQXVLQJ 3RDVDWUDFHUFDQDFKLHYHDQXOWUD
ORZ GHWHFWLRQ OLPLW WKH ORQJ LQJURZWK SHULRG UHTXLUHG WR DFKLHYH WKLV PDNHV LW DQ
LPSUDFWLFDO PHWKRG ZKHQ UDSLG ORZ OHYHO PHDVXUHPHQWV DUH UHTXLUHG ,Q WKHVH
FLUFXPVWDQFHV D SURFHGXUH IRU WKH LVRODWLRQ DQG PHDVXUHPHQW RI WKH %L GDXJKWHU LV
SUHIHUUHG,QVHSDUDWLRQRI 3EWKHQDWXUDOO\RFFXUULQJUDGLRWUDFHU3EKDOIOLIHK
LV RIWHQ XVHG WR GHWHUPLQH WKH FKHPLFDO \LHOG 3UHSDUDWLRQ RI SXUH WUDFHU 3E LV YHU\
LPSRUWDQW EHFDXVH LPSXUH WUDFHU FRXOG FRQWDPLQDWH WKH VDPSOH ZLWK EHWD HPLWWHUV WKDW
LQWHUIHUH LQ WKH PHDVXUHPHQW RI %L RQ D EHWD FRXQWHU $ PHWKRG IRU SUHSDUDWLRQ RI
3E WUDFHU WKDW LQFOXGHV H[WUDFWLRQ RI WKRULXP QLWUDWH VROXWLRQ ZLWK GLWKL]RQH LQ
FKORURIRUPLVNQRZQ 6PDOODPRXQWVRIRWKHUUDGLRQXFOLGHVIURPWKHWKRULXPGHFD\
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
FKDLQ DUH DOVR H[WUDFWHG PDNLQJ WKH
3E WUDFHU LPSXUH 7KLV SDSHU GHVFULEHV D
DOWHUQDWLYHSURFHGXUHIRU3ESUHSDUDWLRQ
'HWHUPLQDWLRQRI 3EDQG 3RDFWLYLWLHVLQZDWHUVDPSOHVLQWKHYLFLQLW\RIWKH
IRUPHU XUDQLXP PLQH DW äLURYVNL YUK LQ 6ORYHQLD LV LPSRUWDQW LQ PRQLWRULQJ
HQYLURQPHQWDOFRQWDPLQDWLRQDQGHQVXULQJUDGLRHFRORJLFDOSURWHFWLRQ'HWHUPLQDWLRQRI
ERWK UDGLRQXFOLGHV LQ WKH ORFDO VWUHDPV 7RGUDãþLFD DQG %UHERYãþLFD LV D SDUW RI WKH
HQYLURQPHQWDOPRQLWRULQJSURJUDPPH0HDVXUHPHQWRIWKHDFWLYLWLHVRI 3EDQG 3R
LQDLUILOWHUVIURPWKHâRãWDQMWKHUPDOSRZHUSODQWLVDOVRSUHVHQWHG
([SHULPHQWDO
6DPSOHV
:DWHUVDPSOHVIRU 3EDQG3RDQDO\VLVZHUHFROOHFWHGIURPWKHORFDOVWUHDPV
7RGUDãþLFD DQG %UHERYãþLFD 7KH VDPSOHV ZHUH FROOHFWHG HYHU\ GD\ DQG LPPHGLDWHO\
DIWHUVDPSOLQJVXEMHFWHGWRILOWUDWLRQPPDQGDFLGLILHGE\DGGLWLRQRIP/QLWULF
DFLG SHU OLWUH :H FDUULHG RXW DQDO\VLV RI 3E LQ RQHPRQWK FRPSRVLWH VDPSOHV DQG
3RLQWKUHHPRQWKFRPSRVLWHVDPSOHV
$LU ILOWHUV ZHUH FROOHFWHG IURP WKH FKLPQH\V DQG RI WKH âRãWDQM WKHUPDO
SRZHUSODQW
'HWHUPLQDWLRQRI3E
5DGLRFKHPLFDOVHSDUDWLRQ
7RGHWHUPLQHYHU\ORZFRQFHQWUDWLRQVRI 3ELQZDWHUVDPSOHV WKH UDGLRQXFOLGH
VKRXOGEHILUVWFRQFHQWUDWHGE\HYDSRUDWLRQ/RIZDWHUVDPSOHZDVWDNHQPJ3E
OHDGFDUULHUZDVDGGHGWKHVDPSOHHYDSRUDWHGWRGU\QHVVDQGWKHUHVLGXHGLVVROYHGLQ
P/ 0 K\GURFKORULF DFLG 7ZR DQDO\WLFDO VWHSV LQ WKH SURFHGXUH IRU WKH
GHWHUPLQDWLRQRI3EZHUHWKHQXVHG
D GLWKL]RQHH[WUDFWLRQIRUWKHVHSDUDWLRQRIOHDG
E SUHFLSLWDWLRQRI3E&U2ZLWK.&U2IURPZHDNDFHWLFDFLGPHGLD
P/ RI 0 VROXWLRQ RI VRGLXP FLWUDWH WKDW SUHYHQWV WKH SUHFLSLWDWLRQ RI
K\GUR[LGHV DQG P/ RI D VROXWLRQ RI SRWDVVLXP F\DQLGH WKDW PDVNV ,, DQG ,,,
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
YDOHQW LRQV ZHUH DGGHG S+ ZDV DGMXVWHG WR ZLWK DPPRQLD VROXWLRQ $IWHU WKDW
H[WUDFWLRQRIOHDGZLWKP/RIDVROXWLRQRIGLWKL]RQHLQFKORURIRUPZDV
SHUIRUPHG7KHRUJDQLFSKDVHZDVWKHQHYDSRUDWHGDQGWKHUHVLGXHGLOXWHGLQP/RI
GLVWLOOHG ZDWHU 7KHQ PJ RI 3E DQG P/ RI FRQFHQWUDWHG DFHWLF DFLG ZHUH DGGHG
DQGWKHS+DGMXVWHGWRZLWKDPPRQLDVROXWLRQ7KHVROXWLRQZDVKHDWHGDQG3E&U2 SUHFLSLWDWHGE\DGGLWLRQRIP/RI0.&U27KHSUHFLSLWDWHZDVWKHQSODWHGRQD
PHDVXULQJSODQFKHWE\FHQWULIXJDWLRQ$IWHUZDLWLQJIRUUDGLRFKHPLFDOHTXLOLEULXPWREH
UHHVWDEOLVKHG EHWZHHQ 3E DQG %L DW OHDVW GD\V WKH DFWLYLW\ RI %L EHWD
HPLVVLRQ ZDV PHDVXUHG RQ D JDV IORZ SURSRUWLRQDO EHWD FRXQWHU %HUWKROG 08/7,
/2**(5/%7KHDFWLYLW\RI3EZDVFDOFXODWHGIURP(TXDWLRQ
$3E
H
O%L ˜W
$%L
˜K ˜ H
GHW ˜ 9V
(T
$3E
DFWLYLW\RI3ELQVDPSOHLQ%TP
$%L
DFWLYLW\RI%LLQ%T
O%L
uV
W
WLPHRIWKH%LUHJURZWKV
K
RYHUDOOUHFRYHU\
HGHW
FRXQWLQJHIILFLHQF\
9V
VDPSOHYROXPHLQP
3UHSDUDWLRQRI3EWUDFHU
7RGHWHUPLQHWKHRYHUDOOUHFRYHU\KDQGDOVRWRSHUIRUPH[SHULPHQWVWRRSWLPLVH
WKH UDGLRFKHPLFDO SURFHGXUH WKH UDGLRDFWLYH WUDFHU 3E ZDV XVHG (TXLSPHQW IRU LWV
SUHSDUDWLRQLVSUHVHQWHGLQ)LJXUH
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
)LJXUH(TXLSPHQWIRU3EWUDFHUSUHSDUDWLRQ
7KHULJKWKDQGSDUWRIWKH HTXLSPHQW FRQWDLQHG D WKRULXP QLWUDWH VROXWLRQ J
7K12LQP/7KLVVROXWLRQZDVSXUJHGE\QLWURJHQIRUKRXUVDWDIORZUDWH
RIDERXWP/PLQ 5QWKDWZDVUHPRYHGIURPWKHVROXWLRQLVDVKRUWOLYHGKDOI
OLIH RI V PHPEHU RI WKH WKRULXP GHFD\ FKDLQ DQG GHFD\V YLD LWV GDXJKWHU 3R
IXUWKHUWR 3E7KHOHIWKDQGSDUWRIHTXLSPHQWZDVFRROHGZLWKOLTXLGQLWURJHQWRWUDS
YRODWLOH 5Q7KHGHFD\SURGXFW 3EZDVFROOHFWHGRQWKHJODVVZDOOVIURPZKLFK LW
ZDVZDVKHGZLWKD0VROXWLRQRI+&O3ESUHSDUHGLQWKLVZD\ZDVREVHUYHGWREH
YHU\SXUH,WVSXULW\ZDVFKHFNHGXVLQJJDPPDVSHFWURPHWU\DQGEHWDFRXQWLQJ$ILOWHU
WR WUDS DQ\ SRVVLEOH FDUU\RYHU RI VSUD\ FRQWDLQLQJ 7K12 ZDV IRXQG WR EH
XQQHFHVVDU\$IWHUSUHSDUDWLRQRI 3EWUDFHULWVLQLWLDOJDPPDDFWLYLW\(J NH9
(J NH9ZDVPHDVXUHGRQDJDPPDVSHFWURPHWHU
2SWLPLVDWLRQRIH[SHULPHQWDOSDUDPHWHUV
$VPHQWLRQHGDERYHVRPHSDUDPHWHUVUHTXLUHGLQWKHSURFHGXUHIRUGHWHUPLQDWLRQ
RI3EZHUHGHWHUPLQHGLQDVHULHVRIH[SHULPHQWVDQGRSWLPLVHGXVLQJ3EWUDFHU:H
GHWHUPLQHG WKH RSWLPDO WLPH RI H[WUDFWLRQ WKH RYHUDOO UHFRYHU\ DQG WKH H[SHULPHQWDO
VWRLFKLRPHWULFIDFWRU
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
7KHJUDYLPHWULF \LHOG RI SUHFLSLWDWLRQ WKH H[SHULPHQWDO VWRLFKLRPHWULF IDFWRU DQG
WKHRYHUDOOUHFRYHU\ZHUHFDOFXODWHGIURP(TXDWLRQV
7KHJUDYLPHWULF\LHOGRISUHFLSLWDWLRQLVGHWHUPLQHGE\ZHLJKLQJWKHOHDGFKURPDWH
SUHFLSLWDWH :H SUHVXPHG WKDW OHDG SUHFLSLWDWHV RQO\ LQ OHDG FKURPDWH IRUP EXW VHH
EHORZ
7KH FKHPLFDO \LHOG RI SUHFLSLWDWLRQ LV GHWHUPLQHG XVLQJ 3E WUDFHU $ NQRZQ
DPRXQW RI 3E WUDFHU ZDV DGGHG WR GHLRQLVHG ZDWHU WR SHUIRUP MXVW WKH SUHFLSLWDWLRQ
VWHS 7KH JDPPD DFWLYLW\ RI 3E LQ OHDG FKURPDWH IRUP ZDV PHDVXUHG E\ JDPPD
VSHFWURPHWU\ 7KH FKHPLFDO \LHOG RI SUHFLSLWDWLRQ ZDV WKHQ FDOFXODWHG DV WKH UDWLR
EHWZHHQWKHDFWLYLW\RI3EDGGHGDQGDFWLYLW\RI3EIRXQGLQOHDGFKURPDWH
7KH RYHUDOO UHFRYHU\ ZDV FDOFXODWHG DV WKH SURGXFW RI WKH FKHPLFDO \LHOG RI
H[WUDFWLRQDQGWKHFKHPLFDO\LHOGRISUHFLSLWDWLRQ
7KHVWRLFKLRPHWULFIDFWRULVWKHUDWLREHWZHHQWKHPDVVRI3ELQWKHSUHFLSLWDWHDQG
WKH PDVV RI WKH SUHFLSLWDWH ,I OHDG ZRXOG SUHFLSLWDWH RQO\ LQ OHDG FKURPDWH IRUP WKH
VWRLFKLRPHWULF IDFWRU ZRXOG EH $Q H[SHULPHQWDO VWRLFKLRPHWULF IDFWRU ZDV
GHWHUPLQHG EHFDXVH WKH SUHFLSLWDWH RI OHDG FKURPDWH KDV D QRQVWRLFKLRPHWULF
FRPSRVLWLRQVLQFHLWDOVRLQFOXGHVFKURPDWHLRQVDQGDWS+ORZHUWKDQOHDGGRHVQRW
SUHFLSLWDWH RQO\ LQ WKH IRUP RI OHDG FKURPDWH EXW DOVR LQ WKH IRUP RI OHDG GLFKURPDWH
1RQVWRLFKLRPHWU\LVGXHWRWKHSUHVHQFHRIFKURPDWHLRQVDQGOHDGGLFKURPDWH
K JU
P3E ˜ I
PJ
KS
K JU
˜ K KH uKS(T
KJU
JUDYLPHWULF\LHOGRISUHFLSLWDWLRQ
P3E
PDVVRIOHDGFKURPDWHSUHFLSLWDWH
VWRLFKLRPHWULFIDFWRUIRUOHDGFKURPDWHSUHFLSLWDWH
I
H[SHULPHQWDOVWRLFKLRPHWULFIDFWRU
KS
FKHPLFDO\LHOGRISUHFLSLWDWLRQ
K
RYHUDOOUHFRYHU\
KH
FKHPLFDO\LHOGRIH[WUDFWLRQ
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
(IILFLHQF\RIWKHJDVIORZSURSRUWLRQDOFRXQWHU
7KH FRXQWLQJ HIILFLHQF\ RI %L RQ WKH EHWD FRXQWHU ZDV GHWHUPLQHG ZLWK D NQRZQ
DPRXQW RI VROLG .&O . (E NH9 DQG ZLWK 3E VWDQGDUG
VROXWLRQHYDSRUDWHGRQDOHDGFKURPDWHSUHFLSLWDWH %L(E NH9
'HWHUPLQDWLRQRI3R
5DGLRFKHPLFDOVHSDUDWLRQ
7KHWUHDWPHQWRIDZDWHUVDPSOHLVYHU\VLPLODUWRWKHWUHDWPHQWRIWKHVDPSOHIRU
GHWHUPLQDWLRQRI 3E7KHGLIIHUHQFHLVLQWKHDPRXQWRIVDPSOH/WKDWZDVWDNHQ
DQGLQWKHDGGLWLRQRI 3RWUDFHULQWKHILUVWVWDJH7RVHSDUDWHSRORQLXPWKHWHFKQLTXH
RIVSRQWDQHRXVGHSRVLWLRQRISRORQLXPUDGLRLVRWRSHVRQDFRSSHUSODQFKHWIRUIRXUKRXUV
DW q& DQG S+ ZDV SHUIRUPHG 7KH HTXLSPHQW IRU VSRQWDQHRXV GHSRVLWLRQ RI
SRORQLXP UDGLRLVRWRSHV LV SUHVHQWHG LQ )LJ 7KH VDPSOH VROXWLRQ DIWHU HYDSRUDWLRQ WR
VPDOOYROXPHDGMXVWHGWRS+ZLWKK\GURFKORULFDFLGZDVSXWLQWRWKHEHDNHUWRJHWKHU
ZLWK WKH KROGHU DQG FRSSHU SODQFKHW 7KH VDPSOH VROXWLRQ DW q& PXVW EH VWLUUHG
FRQWLQXRXVO\GXULQJVSRQWDQHRXVGHSRVLWLRQ
7KHQSRORQLXPUDGLRLVRWRSHVZHUHPHDVXUHGE\DOSKDVSHFWURPHWU\7HQQHOHF7&
DOSKDVSHFWURPHWHUDQGWKHDFWLYLW\RI3RZDVFDOFXODWHGIURP(TXDWLRQ
$3R
$UHD3R
(T
W ˜ KFKHP ˜ K ˜ 9V
GHW $3R
DFWLYLW\RI3RLQZDWHUVDPSOHLQ%TP
$UHD3R
SHDNDUHDIRU3RGHFD\V
7
WLPHRIPHDVXUHPHQWV
KFKHP
\LHOGRI3RWUDFHU
KGHW
FRXQWLQJHIILFLHQF\
9V
VDPSOHYROXPHP
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
)LJXUH(TXLSPHQWIRUVSRQWDQHRXVGHSRVLWLRQRISRORQLXPUDGLRLVRWRSHV
2SWLPLVDWLRQRISODWLQJWLPH
)RU RSWLPLVDWLRQ RI WKH SURFHGXUH IRU WKH GHWHUPLQDWLRQ RI 3R WKH UDGLRDFWLYH
WUDFHU3RZDVXVHGDQGWKHSODWLQJHIILFLHQF\GHWHUPLQHGDVDIXQFWLRQRIWLPH
'HWHUPLQDWLRQRIHIILFLHQF\RIDOSKDGHWHFWRU
7KHFRXQWLQJHIILFLHQF\RIWKHDGHWHFWRUZDVGHWHUPLQHGZLWKDFDOLEUDWHGVRXUFH
RI7K(D NH9
'HWHUPLQDWLRQRI3EDQG3RLQDLUILOWHUV
6DPSOHVRIDLUILOWHUVZHUHOHDFKHGIRUKRXUVLQDVROXWLRQRI0K\GURFKORULF
DFLG WRJHWKHU ZLWK OHDG FDUULHU DQG 3R WUDFHU 7KH VROXWLRQ SUHSDUHG LQ WKLV ZD\ ZDV
GLYLGHG LQWR WZR HTXDO SDUWV ,Q RQH SDUW 3E ZDV GHWHUPLQHG DQG LQ WKH VHFRQG SDUW
3RZDVGHWHUPLQHGXVLQJWKHSURFHGXUHVGHVFULEHGDERYH
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
5HVXOWVDQGGLVFXVVLRQ
'HWHUPLQDWLRQRI3E
7DEOH VKRZV UHVXOWV REWDLQHG IRU WKH \LHOG RI WKH ILUVW DQG VHFRQG H[WUDFWLRQ RI
OHDG E\ GLWKL]RQH E\ 3E WUDFHU H[SHULPHQWV ,Q WKH VHSDUDWLRQ RI 3E E\ GLWKL]RQH
H[WUDFWLRQ LW FDQ EH REVHUYHG IURP 7DEOH WKDW LQ PLQXWH DURXQG RI OHDG LV
H[WUDFWHG(YHQLIWKHWLPHRIH[WUDFWLRQLVH[WHQGHGFKHPLFDO\LHOGVDUHQRWKLJKHU$
VHFRQGH[WUDFWLRQLVWKXVQRWQHFHVVDU\EHFDXVHRQO\DURXQGDQDGGLWLRQDORIOHDGLV
WKHQH[WUDFWHG
7DEOH<LHOGRIWKHILUVWDQGWKHVHFRQGH[WUDFWLRQDVDIXQFWLRQRIH[WUDFWLRQWLPH
7LPHRI
H[WUDFWLRQ
PLQ
PLQ
PLQ
PLQ
<LHOGRIILUVWH[WUDFWLRQ
Q r
r
r
r
<LHOGRIVHFRQGH[WUDFWLRQ
Q r
r
r
r
7DEOH VKRZV WKH RYHUDOO UHFRYHU\ DQG WKH H[SHULPHQWDO VWRLFKLRPHWULF IDFWRU
IRXQG IRU OHDG FKURPDWH SUHFLSLWDWLRQ 7KH RYHUDOO UHFRYHU\ ZDV GHWHUPLQHG DV DQGWKHH[SHULPHQWDOVWRLFKLRPHWULFIDFWRUZDVGHWHUPLQHGDV
7DEOH'HWHUPLQDWLRQRIRYHUDOOUHFRYHU\DQGH[SHULPHQWDOVWRLFKLRPHWULFIDFWRU
&KHPLFDO\LHOGRIH[WUDFWLRQKHQ &KHPLFDO\LHOGRISUHFLSLWDWLRQKS Q *UDYLPHWULF\LHOGRISUHFLSLWDWLRQKJUQ 2YHUDOOUHFRYHU\KQ ([SHULPHQWDOVWRLFKLRPHWULFIDFWRUIQ r
r
r
r
r
7KLV SURFHGXUH ZDV WKHQ YHULILHG E\ WKH VWDQGDUG DGGLWLRQ PHWKRG 7DS ZDWHU
VDPSOHVZLWKGLIIHUHQWDPRXQWVRI 3EVWDQGDUGDGGLWLRQZHUHSUHSDUHG7KHDFWLYLW\
RI 3E LQ WKH VDPSOH ZDV IRXQG WR EH P%T ZKLOH WKH VWDQGDUG DGGLWLRQ PHWKRG
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
JDYHDYDOXHRIP%T7KLVDJUHHPHQWVKRZVWKDWWKHPHWKRGIRUGHWHUPLQDWLRQRI
3ELVUHOLDEOH
7KHFRXQWLQJHIILFLHQF\RIWKHJDVIORZSURSRUWLRQDOFRXQWHUGHWHUPLQHGZLWKVROLG
.&OIURP.DQGE\3EVWDQGDUGVROXWLRQZDVDQGUHVSHFWLYHO\
7KHPLQLPXPGHWHFWDEOHDFWLYLW\0'$RI3EZDVGHWHUPLQHGXVLQJWKH&XUULH
HTXDWLRQ
0'$ %T P ˜ 6 E &XUULH
H ˜ K FKHP ˜ W ˜ 9
GHW HTXDWLRQ
6E
WKHVWDQGDUGGHYLDWLRQRIDVHULHVRIFRXQWVRIDQDSSURSULDWHEODQNVDPSOH
HGHW
FRXQWLQJHIILFLHQF\
KFKHP
FKHPLFDOUHFRYHU\
W
FRXQWLQJWLPHIRUWKHVDPSOHV
9
VDPSOHYROXPHP
,Q WKH FDVH RI GHWHUPLQDWLRQ RI 3E LQ ZDWHU VDPSOHV ZH PDGH D VHULHV RI H[SHULPHQWVZLWKEODQNVDPSOHVDQGGHWHUPLQHGWKH0'$DVr%TPZKHQ/
RIZDWHUVDPSOHZDVXVHG
7DEOHV DQG VKRZ UHVXOWV IRU WKH DFWLYLW\ RI 3E LQ ZDWHU VDPSOHV IURP WKH
7RGUDãþLFDDQG%UHERYãþLFDVWUHDPV\HDUDQGDFWLYLWLHVRI3ELQZDWHUVDPSOHV
IURPZHOOVLQWKHYLFLQLW\RIWKHIRUPHUäLURYVNLYUKXUDQLXPPLQH
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
7DEOH$FWLYLWLHVRI3ELQVDPSOHVRI7RGUDãþLFDDQG%UHERYãþLFDVWUHDPV
7RGUDãþLFD
3E
%TP
r
r
r
r
r
r
r
r
r
r
r
r
6DPSOH
%UHERYãþLFD
3E
%TP
r
r
r
r
r
r
r
r
r
r
r
r
3E %T P
7RGUDãþLFD
%UHERYãþLFD
6DPSOH
)LJXUH 'LDJUDP VKRZLQJ DFWLYLWLHV RI 3E IRU PRQWKO\ VDPSOHV RI 7RGUDãþLFD DQG
%UHERYãþLFDVWUHDPV
7DEOH $FWLYLWLHV RI 3E LQ ZHOOV IURP WKH YLFLQLW\ RI WKH IRUPHU XUDQLXP PLQH DW
äLURYVNLYUK
6DPSOHRIZDWHUIURP
ZHOO
%6
%6
'UPRWD
/ %HQHGLN 3 9UHþHN
3E%TP
r
r
r
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
'HWHUPLQDWLRQRI3R
7KHUHVXOWVRIWKHH[SHULPHQWVWRGHWHUPLQHWKHSODWLQJHIILFLHQF\DVDIXQFWLRQRI
SODWLQJ WLPH DUH VKRZQ LQ )LJ ,W FDQ EH REVHUYHG WKDW WKH FXUYH UHDFKHV D SODWHDX DW
DURXQGPLQ$WWKDWWLPHDURXQGRISRORQLXPUDGLRLVRWRSHVDUHGHSRVLWHG
3ODWLQJ HIILFLHQF\ 3R 3 ODWLQJ WLP H P LQ
)LJXUH3ODWLQJHIILFLHQF\DVDIXQFWLRQRISODWLQJWLPHLQVSRQWDQHRXVGHSRVLWLRQRI3R
UDGLRLVRWRSHVRQD&XSODQFKHWDWq&S+ 7KHFRXQWLQJHIILFLHQF\RIWKHDGHWHFWRUZDVIRXQGWREH
)RU GHWHUPLQDWLRQ RI
3R WKH 0'$ ZDV DOVR GHWHUPLQHG XVLQJ WKH &XUULH
HTXDWLRQ 7KH DYHUDJH RI H[SHULPHQWV ZLWK EODQN VDPSOHV JDYH D YDOXH RI r
%TPLI/RIZDWHUVDPSOHZHUHXVHG
7DEOHVKRZVUHVXOWVIRUWKHDFWLYLW\RI3RLQZDWHUVDPSOHVRIWKH7RGUDãþþLFD
DQG%UHERYãþLFDVWUHDPV\HDU
7DEOH$FWLYLWLHVRI3RLQVDPSOHVRI7RGUDãþLFDDQG%UHERYãþLFDVWUHDPV
6DPSOH
VWTXDUWHU
QGTXDUWHU
UG TXDUWHU
WKTXDUWHU
/ %HQHGLN 3 9UHþHN
7RGUDãþLFD
%TP
r
r
r
r
%UHERYãþLFD
%TP
r
r
r
r
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
7RGUDãþLFD
3R %T P
%UHERYãþLFD
VW
TXDUWHU
QG
TXDUWHU
UG
TXDUWHU
WK
TXDUWHU
)LJXUH'LDJUDPVKRZLQJDFWLYLWLHVRI 3RDVDIXQFWLRQRIVHDVRQIRUVDPSOHVIURP
WKH7RGUDãþLFDDQG%UHERYãþLFDVWUHDPV
)LJVKRZVDQDOSKDVSHFWUXPRISRORQLXPUDGLRLVRWRSHVVHSDUDWHGIURPDZDWHU
VDPSOH 7KH VSHFWUXP LV UDGLRFKHPLFDOO\ SXUH WKH SHDNV RI 3R DW 0H9 DQG RI
3RWUDFHUDW0H9FDQEHREVHUYHG
)LJXUH $OSKD VSHFWUXP RI 3R LQ VDPSOH IURP WKH %UHERYãþLFD UG TXDUWHU ZLWK3RWUDFHU
'HWHUPLQDWLRQRI3EDQG3RLQDLUILOWHUV
%RWK UDGLRQXFOLGHV ZHUH DOVR GHWHUPLQHG LQ DLU ILOWHUV IURP WZR FKLPQH\V RI WKH
âRãWDQMWKHUPDOSRZHUSODQW,Q7DEOHWKHUHVXOWVDUHSUHVHQWHG7KHFRDOXVHGE\WKH
WKHUPDO SRZHU SODQW FRQWDLQV UHODWLYHO\ KLJK DFWLYLWLHV RI QDWXUDOO\RFFXUULQJ
UDGLRQXFOLGHVSDUWLFXODUO\XUDQLXPa%TNJ:KLOHXUDQLXPDQGUDGLXPUHPDLQ
LQWKHDVKSRORQLXPDQGOHDGEHFDXVHWKH\DUHYRODWLOHDUHUHOHDVHGZLWKH[KDXVWJDVHV
DQG FRQWDPLQDWH WKH VXUURXQGLQJV ,W FDQ EH REVHUYHG WKDW WKH DFWLYLWLHV RI 3E DQG
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI 3E DQG 3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
3R LQ DLU ILOWHUV IURP FKLPQH\ DUH PXFK ORZHU WKDQ WKH DFWLYLWLHV RI WKHVH
UDGLRQXFOLGHV GHWHUPLQHG LQ DLU ILOWHUV IURP FKLPQH\ 7KDW LV EHFDXVH LQ FKLPQH\ GHVXOSKXULVDWLRQ SODQW WR FOHDQ WKH H[KDXVW JDVHV LV LQVWDOOHG ,Q WKLV SURFHGXUH GXVW LV
DOVRUHPRYHGDQGHQYLURQPHQWDOFRQWDPLQDWLRQE\YRODWLOHUDGLRQXFOLGHVLVVXFFHVVIXOO\
UHGXFHG
7DEOH$FWLYLWLHVRI 3EDQG 3RLQVDPSOHVRIDLUILOWHUVIURPFKLPQH\VDQGRI
WKHâRãWDQMWKHUPDOSRZHUSODQW
6DPSOH
)LOWHU
)LOWHU
)LOWHU
)LOWHU
$LU
YROXPH
ILOWHUHG
/
'XVW
DPRXQW
PJ
3E
%TNJ
3E
P%TP
3R
%TNJ
3R
P%TP
r
r
r
r
r
r
r
r
r
r
r
r
r
r
r
r
&RQFOXVLRQV
'HWHUPLQDWLRQRI3EDQG3RLQWKH7RGUDãþLFDDQG%UHERYãþLFDVWUHDPVLQWKH
YLFLQLW\RIWKHXUDQLXPPLQHLVSDUWRIWKHUHJXODUHQYLURQPHQWDOPRQLWRULQJSURJUDPPH
9DULDWLRQRIDFWLYLWLHVRIERWKUDGLRQXFOLGHVLVDFRQVHTXHQFHRIWKHZHDWKHUUDLQIDOOV
LQWKLVUHJLRQ(YHQLIDFWLYLWLHVLQVRPHPRQWKO\VDPSOHVDUHVRPHWLPHVDOLWWOHKLJKHU
WKHVHOHYHOVDUHVWLOOXQGHUWKHPD[LPDOSHUPLWWHGDFWLYLW\IRU 3E LQ ZDWHUV ZKLFK LV
%T P 7KH PD[LPDO SHUPLWWHG DFWLYLW\ IRU 3R LQ ZDWHUV LV %T P )URP
7DEOH FDQ EH REVHUYHG WKDW WKH DFWLYLWLHV RI 3E LQ XQGHUJURXQG ZDWHUV DUH YHU\
VLPLODUWRWKHDFWLYLWLHVLQVXUIDFHZDWHUV
7KH PHWKRG GHYHORSHG IRU GHWHUPLQDWLRQ RI 3E LV VHOHFWLYH DQG DFFXUDWH 7KH
RYHUDOO UHFRYHU\ PHDVXUHG XVLQJ 3E LV PRUH WKDQ 7KH PLQLPXP GHWHFWDEOH
DFWLYLW\0'$IRUDVDPSOHVL]HRIOLWUHVLV%TP
$QHZPHWKRGZDVGHYHORSHGIRU 3EWUDFHUSUHSDUDWLRQ7KLVPHWKRGLVVLPSOH
DQGTXLFNDQGWUDFHUSUHSDUHGLQWKLVZD\ZDVREVHUYHGWREHSXUHHQRXJKIRULWVXVHLQ
GHWHUPLQDWLRQRIWKH\LHOGZLWKURXWLQHVDPSOHV
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI
3E DQG
3R LQ HQYLURQPHQWDO VDPSOHV
$FWD&KLP6ORY
7KH PHWKRG IRU GHWHUPLQDWLRQ RI 3R LV YHU\ UHOLDEOH DQG SUHFLVH 7KH SODWLQJ
HIILFLHQF\ ZDV DERXW DIWHU IRXU KRXUV SODWLQJ DW q& 7KH PLQLPXP GHWHFWDEOH
DFWLYLW\0'$IRUDVDPSOHVL]HRIOLWUHVLV%TP
%RWK RSWLPLVHG PHWKRGV ZHUH VKRZQ WR EH VXLWDEOH IRU URXWLQH PHDVXUHPHQWV RI
ZDWHUVDPSOHVDQGDLUILOWHUVLQPRQLWRULQJSURJUDPPHVDURXQGWKHIRUPHUäLURYVNLYUK
XUDQLXPPLQHDQGDFRDOILUHGHOHFWULFLW\JHQHUDWLQJSODQWUHVSHFWLYHO\
$FNQRZOHGJHPHQWV
7KLV ZRUN ZDV ILQDQFLDOO\ VXSSRUWHG E\ 0LQLVWU\ RI 6FLHQFH DQG 7HFKQRORJ\ RI
6ORYHQLD3URMHFW1R-
:H WKDQN 'U$5%\UQH IRU KLV VXJJHVWLRQ FRQFHUQLQJ SUHSDUDWLRQ RI
3E
WUDFHU
5HIHUHQFHV
5DGLRDFWLYLW\ LQ )RRG DQG WKH (QYLURQPHQW ,&53 3XEOLFDWLRQV 1R $QQDOV RI ,&53 0$)) 6(3$ 5HSRUW /RQGRQ
816&($5 5HSRUW ,RQL]LQJ 5DGLDWLRQ 6RXUFHV DQG %LRORJLFDO (IIHFWV 81
- 5 : :RLWWLH] - ( 6ORRI . - .URRQ
- 5DGLRDQDO 1XFO &KHP $UWLFOHV
,, ' $ :LFNHQGHQ - 7RROH 6FL 7RW (QYLURQ 5 ) &OD\WRQ ( - %UDGOH\ 6FL7RW (QYLURQ % 6PRGLã = 3ODQLQãHN 3 6WHJQDU 5DGLRFKHPLFDO GHWHUPLQDWLRQ RI
3E ;,9
WK
5HJLRQDO &RQJUHVV
RI ,53$ 'XEURYQLN . -XåQLþ , .REDO - 5DGLRDQDO 1XFO &KHP $UWLFOHV ,, / $ &XUULH $QDO &KHP 3RY]HWHN
5D]YLOL VPR PHWRGL ]D GRORþDQMH
VPR
GRORþDOL
GLWL]RQRP
LQ
Y
Y]RUFLK
REDUMDQMHP
UDYQRWHåMD PHG
YRGH
Y
LQ
REOLNL
3E LQ
]UDþQLK
ILOWURY
VYLQþHYHJD
3E LQ QMHJRYLP SRWRPFHP
3R Y Y]RUFLK L] RNROMD 2ED UDGLRQXNOLGD
6YLQHF
NURPDWD
VPR
3R
VHSDULUDOL
Y]SRVWDYLWYL
%L VPR EHWD DNWLYQRVW
]
HNVWUDNFLMR
]
UDGLRNHPLþQHJD
%L SRPHULOL QD EHWD
SURSRUFLRQDOQHP ãWHYFX 3RORQLMHYD UDGLRL]RWRSD VPR VHSDULUDOL V VSRQWDQR GHSR]LFLMR QD
EDNURYR SORãþLFR LQ OHWR SRPHULOL QD DOID VSHNWURPHWUX 2EH PHWRGL VWD ELOL RSWLPL]LUDQL ]
XSRUDER VOHGLOFHY
3R LQ
3E 8SRUDELOL VPR SRVWRSHN ]D SULSUDYR VOHGLOFD
WHPHOML QD SUHSLKDYDQMX UD]WRSLQH WRULMHYHJD QLWUDWD ] GXãLNRP
/ %HQHGLN 3 9UHþHN
'HWHUPLQDWLRQ RI
3E DQG
3R LQ HQYLURQPHQWDO VDPSOHV
3E
NL