Livro de Nós e Amarras (em inglês)

Page 1

$Q LQFUHGLEOH DPRXQW RI H[WUHPHO\ XVHIXO LQIRUPDWLRQ RQ WKH VXEMHFW RI NQRWV KLWFKHV VSOLFHV IDQF\ ZRUN EORFN DQG WDFNOH DQG ZLUH URSH 6WDUWLQJ RXW ZLWK D GHVFULSWLRQ RI WKH FRQVWUXFWLRQ DQG FDUH RI URSH WKHUH DUH WDEOHV RI WKH EUHDNLQJ VWUHQJWKV DQG ZHLJKWV RI YDULRXV URSHV GHILQLWLRQV RI WKH QDPHV DSSOLHG E\ VDLORUV WR GLIIHUHQW W\SHV RI OLQHV DQG DGYLFH RQ FDUH DQG KDQGOLQJ

²<DFKWLQJ


&+$5/(6 ( *,%621

+DQGERRN RI .QRWV DQG 6SOLFHV

DQG RWKHU ZRUN ZLWK KHPSHQ DQG ZLUH URSHV

%$51(6

12%/(

% 2 2 . 6 1 ( :

< 2 5 .


&RS\ULJKW ‹ E\ &KDUOHV ( *LEVRQ $OO ULJKWV UHVHUYHG

7KLV HGLWLRQ SXEOLVKHG E\ %DUQHV 1REOH ,QF E\ DUUDQJHPHQW ZLWK (PHUVRQ %RRNV ,QF %DUQHV 1REOH %RRNV

,6%1

3ULQWHG DQG ERXQG LQ WKH 8QLWHG 6WDWHV RI $PHULFD

0


+DQGERRN RI .1276 63/,&(6 ,Q KLV +DQGERRN RI .QRWV 6SOLFHV

&KDUOHV *LEVRQ JLYHV XV D SUDFWLFDO DQG VLPSOH JXLGH WR DOO WKH EDVLF WHFKQLTXHV

LQYROYHG LQ W\LQJ KHPSHQ V\QWKHWLF DQG ZLUH URSHV *LEVRQ DOVR DGYLVHV

UHJDUGLQJ WKH FRQVWUXFWLRQ FDUH DQG VWUHQJWK RI URSHV EORFNV DQG WDFNOHV

IDQF\ ZRUN ZLWK URSHV LQFOXGLQJ PDWV DQG SODLWV DQG VSOLFLQJ 7KH KHDUW RI WKH ERRN KRZHYHU LV WKH NQRWV DQG

URSHZRUN GHVFULEHG LQ GHWDLO DQG FOHDUO\

LOOXVWUDWHG IRU HDV\ LQVWUXFWLRQ 7KLV LQFOXGHV

$UWLILFLDO (\H 6SOLFH %DFN 6SOLFH %DOH 6OLQJ

%HJJDUPDQ V .QRW %ODFNZDOO +LWFK %RZOLQHV

&DUULFN %HQG &DWVSDZ

&KDLQ 6SOLFH &ORYH +LWFK

&RPPRQ 6HQQLW 'LDPRQG .QRW 'UDZ +LWFK

)LJXUH RI (LJKW .QRW )LVKHUPDQ V %HQG

)OHPLVK (\H 6SOLFH )UHQFK %RZOLQH

FRQWLQXHG RQ EDFN IODS

FRQWLQXHG IURP IURQW IODS

*UDQQ\ .QRW /RQJ 6SOLFH

0DULQHU V 6SOLFH

0DUOLQH 6SLNH +LWFK

0LGVKLSPDQ V +LWFK 2YHUKDQG .QRW

2YHUKDQG .QRW 3ODLW 3DUEXFNOH 5HHI .QRW

5RDGPHQGHU V .QRW 5ROOLQJ +LWFK

5RXQG 6HQQLW

5RXQG 7XUQ DQG 7ZR +DOI +LWFKHV 5XQQLQJ %RZOLQH

6DLOPDNHU V (\H 6SOLFH 6FDIIROG +LWFK 6KURXG .QRW

6OLSSHU\ %HQG 6QDNLQJ

6SDQLVK +LWFKLQJ

6SLQGOH (\H 6SOLFH 6TXDUH /DVKLQJ 6WRSSHU .QRWV

6WXQVDLO +DO\DUG %HQG 7LPEHU +LWFK 7XUN V +HDG

:DOO DQG &URZQ 3ODLW DQG PDQ\ PRUH

-DFNHW GHVLJQ E\ 7HUU\ 'LOO

%$51(6 12%/( %

2

1 ( :

2

.

6

< 2 5 .


$FNQRZOHGJHPHQW

, $0 LQGHEWHG WR 0HVVUV %ULWLVK 5RSHV /WG RI /RQGRQ (QJODQG DQG WKH 3O\PRXWK &RUGDJH &RPSDQ\ RI 3O\PRXWK 0DVVDFKXVHWWV IRU PXFK RI WKH LQIRUPDWLRQ LQ &KDSWHUV DQG



)RUHZRUG

&RQWHQWV

3$57 21(

+HPSHQ DQG 6\QWKHWLF 5RSHV 7KH FRQVWUXFWLRQ DQG FDUH RI URSHV +LWFKHV ZLWK D VLQJOH HQG .QRWV MRLQLQJ WZR URSHV .QRWV ZLWK D URSH V RZQ VWUDQGV 6SOLFLQJ KHPSHQ URSHV 6OLQJLQJ ODVKLQJ DQG VHL]LQJ 0RUH IDQF\ ZRUN PDWV DQG SODLWV %ORFNV DQG WDFNOHV 3$57 7ZR

6WHHO :LUH 5RSH

7KH FRQVWUXFWLRQ DQG FDUH RI ZLUH URSHV :LUH VSOLFLQJ 7DLOSLHFH ,QGH[



)RUHZRUG

620( SHRSOH HDUQ WKHLU OLYLQJ E\ XVLQJ URSHV 7KH\ DUH WKH

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


)25(:25'

)RU D VLPLODU UHDVRQ &KDSWHU GHDOV ZLWK YDULRXV W\SHV RI EORFNV DQG SXUFKDVHV 7KLV ERRN GRHV QRW FODLP WR SURYLGH D UHDG\ PDGH DQVZHU IRU HYHU\ SUREOHP \RX DUH OLNHO\ WR IDFH LQ XVLQJ URSHV 7R GR VR ZRXOG EH WR LQYLWH WKH LQHYLWDEOH XQIRUH VHHDEOH VLWXDWLRQ IRU ZKLFK D VROXWLRQ FDQ RQO\ EH ZRUNHG RXW RQ WKH VSRW EXW LW GRHV WU\ WR H[SODLQ WKH SULQFLSOH XQGHUO\LQJ URSH FRQVWUXFWLRQ DQG XVDJH DQG ZLWK WKHVH DOOLHG WR FRPPRQ VHQVH VRPH VROXWLRQ ZLOO XVXDOO\ EH IRXQG


3$57 21(

+(03(1 $1' 6<17+(7,& 523(6



&+$37(5 21(

7KH FRQVWUXFWLRQ DQG FDUH RI URSHV

/21* DJR PHQ GLVFRYHUHG WKDW FHUWDLQ ILEUHV VKRUW LQ

WKHPVHOYHV FRXOG EH VSXQ LQWR ORQJ WKUHDGV RI FRQVLGHUDEOH FRPELQHG VWUHQJWK DQG WKH\ DSSOLHG WKLV GLVFRYHU\ WR WKH PDQXIDFWXUH RI FORWK DQG PDQ\ RWKHU DUWLFOHV LQFOXGLQJ² E\ QR PHDQV WKH OHDVW LPSRUWDQW²URSH , 523( 0$.,1* 0$7(5,$/6

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


.1276 $ 1 ' 6 3 / , & ( 6

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²LW VWUHWFKHV XS WR ILIW\ SHU FHQW²DQG OLJKW HQRXJK WR IORDW RQ ZDWHU EXW LW KDV RQO\ D TXDUWHU WKH VWUHQJWK RI PDQLOD DQG IDU OHVV GXUDELOLW\ 0RUHRYHU LW VRRQ URWV LI QRW GULHG EHIRUH EHLQJ VWRZHG DZD\ 6\QWKHWLF PDQ PDGH ILEUHV 1\ORQ :HLJKW IRU ZHLJKW WKLV PDNHV WKH VWURQJHVW URSH RI DOO DQLPDO PLQHUDO RU YHJHWDEOH SOXV ZKLFK WKDQNV WR


7 + ( &216758&7,21 $1' &$5( 2) 523(6

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

0HWDOOLF 6WHHO :LUHV L H ORQJ GUDZQ RXW WKUHDGV FDQ EH PDGH IURP PDQ\ PHWDOV EXW WKH RQO\ RQH RI LPSRUWDQFH LQ URSH PDNLQJ LV VWHHO %HFDXVH VWHHO ZLUH URSH GLIIHUV FRQVLGHUDEO\ LQ VWUXFWXUH DQG KDQGOLQJ IURP KHPSHQ DQG V\QWKHWLF OLQHV LW LV WUHDWHG VHSDUDWHO\ LQ 3DUW 7ZR

,, 7+( 6758&785( 2) +(03(1 523(

:KHQ UHDGLQJ WKURXJK D ERRN VXFK DV WKLV RQH LW LV EHVW WR KDYH D OHQJWK SI URSH KDQG\ ZLWK ZKLFK WR SUDFWLVH WKH YDULRXV EHQGV KLWFKHV NQRWV VSOLFHV VHL]LQJV DQG ODVKLQJV DV WKH\ DUH GHVFULEHG²RQ WKH VSRW DV LW ZHUH ,I \RX KDYH VXFK D OHQJWK E\ \RX H[DPLQH LW QRZ ,I \RX KDYH QRW ORRN DW ILJXUH 7KH LOOXVWUDWLRQ VKRZV D KHPSHQ URSH RI WKUHH VHSDUDWH VWUDQGV ZKLFK KDYH EHHQ WZLVWHG WRJHWKHU VR WKDW DV \RX ORRN DW WKHP WKH\ VSLUDO DZD\ IURP OHIW WR ULJKW ,W LV WKHUHIRUH D ULJKW KDQGHG KDZVHU ODLG URSH 6LQFH WKH YDVW PDMRULW\ RI URSHV LQ RUGLQDU\ HYHU\GD\ XVH DUH RI WKH VDPH


.1276 $1' 63 / , & ( 6

FRQVWUXFWLRQ LW LV SUREDEOH WKDW \RXUV WRR LV KDZVHU ODLG +RZHYHU LQ \RXU OHQJWK WKH VWUDQGV ZKLOVW VWLOO WKUHH LQ QXPEHU PD\ VSLUDO DZD\ IURP ULJKW WR OHIW ,Q WKDW HYHQW \RXUV LV OHIW EDQGHG KDZVHU ODLG URSH ,W LV SRVVLEOH WKRXJK WKDW \RXU URSH KDV IRXU VWUDQGV QRW WKUHH ODLG XS ULJKW

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


7+( &216758&7,21 $1' &$5( 2) 523(6

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

RU EDUNHG RU WUHDWHG ZLWK D VSHFLDO ZDWHUSURRI GUHVVLQJ EXW WKRVH ZKLFK ZLOO EH ZHWWHG RQO\ RFFDVLRQDOO\ H J E\ UDLQ WKURXJK EHLQJ H[SRVHG WR WKH ZHDWKHU DUH PHUHO\


.1276 $1' 6 3 /, & ( 6

VRDNHG LQ WDU 7DUULQJ PDNHV D URSH VWLIIHU DQG KHDYLHU DQG UHGXFHV LWV VWUHQJWK E\ RQH VHYHQWK LI ILUP ODLG RQH VL[WK LI SODLQ ODLG DQG RQH WKLUG LI VRIW ODLG

,,, 7+( 675(1*7+ 2) 523(6

2EYLRXVO\ HYHQ WKH VWURQJHVW URSH ZLOO EUHDN LI WRR PXFK LV DVNHG RI LW VR ZKHUHYHU SRVVLEOH ILUVW FKHFN WKDW \RXU URSH LV VWURQJ HQRXJK WR VWDQG XS WR WKH ZRUN \RX LQWHQG WR JLYH LW :KHUHYHU SRVVLEOH ZDV LQVHUWHG LQWR WKDW ODVW VHQWHQFH EHFDXVH LQ DQ LPSHUIHFW ZRUOG RFFDVLRQV FDQ DULVH ZKHUH DOO WKDW \RX FDQ GR LV WR JUDE WKH EHVW URSH WR KDQG PDNH LW IDVW DQG KRSH

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

DQG VR RQ 1DWXUDOO\ FRQVXOWLQJ D WDEOH RI EUHDNLQJ VWUHQJWKV VXFK DV LV JLYHQ RSSRVLWH LV SUHIHUDEOH WR DQ DSSUR[LPDWH UXOH EXW VXFK D WDEOH LV QRW DOZD\V UHDGLO\ DYDLODEOH ,Q DQ\ FDVH QR


7+( &216758&7,21 $1' &$5( 2) 523(6

URSH VKRXOG HYHU NQRZLQJO\ DQG GHOLEHUDWHO\ EH VXEMHFWHG WR D ORDG DQ\ZKHUH QHDU LWV EUHDNLQJ VWUHQJWK ,Q IDFW RQO\ KDOI WKH ODWWHU VKRXOG EH WDNHQ DV WKH VDIH ZRUNLQJ ORDG 0RUH RYHU LW LV VLPSOH FRPPRQ VHQVH WR UHPHPEHU WKDW URSHV ZHDNHQ ZLWK DJH XVH DQG H[SRVXUH WR ZHDWKHU

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


.1276 $1' 63/,&(6

1RWHV D 7KH ILJXUHV IRU PDQLOD DUH IRU WKUHH VWUDQGHG KDZVHU ODLG URSHV )RXU VWUDQGHG VKURXG ODLG URSHV DUH VOLJKWO\ OLJKWHU DQG QLQH VWUDQGHG FDEOH RU ZDWHU ODLG URSHV VOLJKWO\ KHDYLHU E 2WKHU V\QWKHWLF URSHV DUH 3RO\HWK\OHQH -XVW RYHU KDOI WKH ZHLJKW WZR WKLUGV WKH VWUHQJWK RI 'DFURQ 0RQRILODPHQW SRO\SURS\OHQH 6OLJKWO\ OLJKWHU DQG VWURQJHU WKDQ SRO\HWK\OHQH 0XOWLILODPHQW SRO\SURS\OHQH 6OLJKWO\ ZHDNHU WKDQ 'DFURQ EXW RQO\ WZR WKLUGV WKH ZHLJKW

,9 60$// 678))6

6PDOO VWXII LV WKH VDLORU V H[SUHVVLRQ IRU WKH PDQ\ VPDOOHU QRQ VWDQGDUG OLQHV 6RPH RI WKH PRVW FRPPRQ DUH

%ROWURSH 6WULFWO\ VSHDNLQJ QRW DOZD\V VPDOO DV LW UDQJHV LQ VL]H IURP LQ WR LQ ,W LV D JRRG TXDOLW\ VRIW ODLG SOLDEOH URSH VHZQ WR WKH HGJHV RI VDLOV WR VWUHQJWKHQ WKHP


7+( &216758&7,21 $1' &$5( 2) 523(6

+DPEUR /LQH $ WKUHH \DUQ ULJKW KDQGHG WDUUHG VRIW KHPS PDGH LQ WZR VL]HV +RXVHOLQH 7KUHH \DP WDUUHG KHPS OHIW KDQGHG 0DUOLQH 7ZR \DUQ WDUUHG KHPS OHIW KDQGHG 6SXQ\DUQ 7ZR WKUHH RU IRXU \DUQV WZLVWHG WRJHWKHU DQG VRDNHG LQ 6WRFNKROP WDU 6PDOOHU DPRXQWV DUH VXSSOLHG LQ EDOOV DQG ODUJHU LQ FRLOV 6DPVRQ /LQHV 9HU\ OLJKW DQG VLPLODU WR ILVKLQJ OLQHV WKH\ DUH VROG LQ IDWKRP KDQNV 6HDPLQJ 7ZLQH $ WKUHH SO\ KLJK TXDOLW\ IOD[HQ WZLQH RI ZKLFK D OE KDQN FRQWDLQV VRPH \DUGV 5RSLQJ 7ZLQH 6LPLODU WR VHDPLQJ WZLQH EXW ILYH SO\ 0DFKLQH 7ZLQH $ KLJK TXDOLW\ HLWKHU WZR RU WKUHH SO\ WZLQH FKHPLFDOO\ WUHDWHG WR UHVLVW URW DQG PLOGHZ RI ZKLFK D EDOO RU FRS FRQWDLQV DERXW \DUGV $ 1HWWOH LV WZR \DUQV WZLVWHG WLJKWO\ WRJHWKHU WR PDNH DQRWKHU ODUJHU \DUQ DQG LV XVHG IRU VPDOO ODVKLQJV DQG KDPPRFN FOHZV $ )R[ LV WZLVWHG DJDLQVW WKH QDWXUDO OD\ DQG LV XVHG IRU VPDOO VHL]LQJV 9 /22.,1* $)7(5 <285 523(6

.LQNV LQ D URSH UHGXFH LWV VWUHQJWK 7KHUHIRUH DOZD\V SURSHUO\ FRLO ORRVH HQGV RU WKH ZKROH URSH ZKHQ QR ORQJHU LQ XVH DQG KDQJ XS WKH FRLO RU VWRZ LW QHDWO\ RQ D VKHOI GHFN RU JURXQG $ ULJKW KDQGHG URSH VKRXOG EH FRLOHG ULJKW KDQGHG L H FORFNZLVH DQG D OHIW KDQGHG URSH DQWL FORFNZLVH :KHQ EUHDNLQJ RSHQ D QHZ FRLO RI URSH UHDG WKH LQVWUXFWLRQV RQ WKH ODEHO LI DQ\ ,I WKHUH DUH QRQH OD\ WKH FRLO VR WKDW \RX FDQ OHDG RII WKH HQG \RX KDYH GHFLGHG WR VWDUW ZLWK L H HLWKHU WKH LQVLGH RU WKH RXWVLGH DQWL FORFNZLVH ,I \RX OHDG LW RII WKH RWKHU ZD\ DQG DOO GLUHFWLRQV


.1276 $1' 6 3 / , & ( 6

DUH UHYHUVHG RI FRXUVH IRU D OHIW KDQGHG URSH LW ZLOO NLQN 7R UHPRYH WKHVH NLQNV FRLO LW GRZQ DQWL FORFNZLVH SDVV WKH HQG WKURXJK WKH FHQWUH SXOO LW IURP XQGHU WKH FRLO DQG FRLO GRZQ DJDLQ 5HSHDW WKLV RSHUDWLRQ²FDOOHG WKRURXJK IRRWLQJ D URSH²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


7+( &216758&7,21 $1' &$5( 2) 523(6

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

:KLSSLQJ LV ELQGLQJ WKH HQG RI D URSH ZLWK WZLQH RU WKUHDG SUHIHUDEO\ ZD[HG :KDWHYHU WKH W\SH RI ZKLSSLQJ XVHG WKH ELQGLQJ PXVW EH WLJKW DQG VWDUW DZD\ IURP WKH HQG RI WKH URSH DQG ZRUN WRZDUGV LW 7R PDNH D &RPPRQ :KLSSLQJ /D\ WKH QRQ ZRUNLQJ HQG


.1276 $1' 63/,&(6

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


7+( &216758&7,21 $1' &$5( 2) 523(6

WR VWDUW ZLWK DV LQ ILJXUH G (DFK LV ODWHU SDVVHG RYHU WKH WRS RI LWV RZQ VWUDQG DQG ORRS , LV KDXOHG WLJKW ILUVW E\ SXOOLQJ RQ ORRS ,,

6QDNLQJ RQ D ODUJH SODLQ ZKLSSLQJ DGGV VHFXULW\ DQG GHFRUDWLRQ 3DVV WKH WZLQH WKURXJK WKH URSH ZLWK D QHHGOH 3DVV WKH WZLQH URXQG WKH URSH RQFH EDFN DQG IRUWK DFURVV WKH ZKLSSLQJ DOWHUQDWHO\ RYHU DQG XQGHU LWV


.1276 $1' 63/,&(6

WRS DQG ERWWRP WXUQV 3DVV WKH WZLQH EDFN WKURXJK WKH URSH 3RLQWLQJ D URSH LV WKH PRVW GXUDEOH VLJKWO\ ZD\ RI SUR WHFWLQJ LWV HQG EXW EHFDXVH LW LV FRQVLGHUDEO\ PRUH FRPSOL FDWHG WKDQ ZKLSSLQJ LW LV GHVFULEHG LQ &KDSWHU $ &RDFK :KLSSLQJ DQ HODERUDWH SLHFH RI IDQF\ ZRUN QRW XVXDOO\ SHUIRUPHG RQ D URSH LV DOVR GHVFULEHG LQ &KDSWHU

9,, :250,1* 3$5&(//,1* $1' 6(59,1*

7KHVH WKUHH RSHUDWLRQV ZKLFK RIWHQ EXW QRW LQYDULDEO\ JR WRJHWKHU DUH DOO LOOXVWUDWHG LQ ILJXUH :RUPLQJ PDNHV WKH VXUIDFH RI D URSH VPRRWK DQG URXQG UHDG\ IRU SDUFHOOLQJ 6LPSO\ ELQG VSXQ\DUQ RU VRPH RWKHU VPDOO FRUG LQWR WKH KROORZV EHWZHHQ WKH VWUDQGV

3DUFHOOLQJ JLYHV D ILUP VXUIDFH IRU VHUYLQJ EXW KDV D XVH LQ LWVHOI LQ WKDW LW SUHYHQWV ZDWHU IURP HQWHULQJ DQG DWWDFNLQJ WKH URSH )RU WKLV UHDVRQ ZKHQ SDUFHOOLQJ D URSH WKDW LV RU ZLOO EH YHUWLFDO UDWKHU WKDQ KRUL]RQWDO DOZD\V VWDUW IURP WKH


7+( &216758&7,21 $1' &$5( 2) 523(6

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


+LWFKHV ZLWK D VLQJOH HQG &+$37(5 7:2

, 7+( -$00,1* 7851

$ +,7&+ KROGV EHFDXVH RI WKH IULFWLRQ VHW XS EHWZHHQ WZR VXUIDFHV RI URSH SUHVVHG WRJHWKHU ZKLFK LV ZK\ KLWFKHV ZLWK VOLSSHU\ URSH RU ZLUH DUH QRW VR HIILFLHQW $ VLPSOH 5RXQG 7XUQ URXQG D ZRRGHQ SRVW ZLOO UHVLVW D FRQVLGHUDEOH SXOO LI WKH HQG LV KHOG E\ KDQG )LJ DV PRXQWDLQHHUV NQRZ IRU

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


+,7&+(6 :,7+ $ 6,1*/( (1'

MDPPHG VR WKDW WKH SDUW RI WKH URSH RQ WR ZKLFK WKH VWUDLQ LV FRPLQJ FDOOHG WKH VWDQGLQJ SDUW QRZ ULGHV RYHU WKH SDUW IXUWKHU UHPRYHG IURP VWUDLQ FDOOHG WKH ORRVH HQG 1RZ WKH JUHDWHU WKH SXOO RQ WKH URSH WKH PRUH WLJKWO\ ZLOO WKH

VWDQGLQJ SDUW MDP GRZQ RQ WKH HQG DQG SUHYHQW LW IURP VOLSSLQJ WKURXJK %XW EH ZDUQHGO 6XFK D MDPPLQJ WXUQ VKRXOG QHYHU EH WDNHQ ZLWK DQ\ URSH WKDW PD\ QHHG WR EH IUHHG LQ D KXUU\ H J WKH VKHHW RI D VDLO IRU LW PD\ KDYH MDPPHG VR WLJKWO\ DV WR GHI\ TXLFN UHOHDVH 7DNLQJ WKH MDPPLQJ WXUQ RII WKH FOHDW LQ ILJXUH UHYHDOV VLPSO\ D ORRS )LJ FRQVLVWLQJ RI , WKH ORRVH HQG ZKLFK


.1276 $1' 6 3 /, & ( 6

KHUH DQG WKURXJKRXW WKH ERRN LV VKRZQ ZKLSSHG LQ RUGHU WR DLG LGHQWLILFDWLRQ ,, D ORRS RU ELJKW ,,, WKH VWDQGLQJ SDUW 7KLV ORRS LV WKH EDVLV RI PRVW KLWFKHV

,, +,7&+(6 21 $ +22.

7KH TXLFNHVW ZD\ WR VHFXUH D URSH V HQG WR D KRRN LV WR XVH D %ODFNZDOO +LWFK ZKLFK LV MXVW WKH EDVLF ORRS PDGH URXQG LWV QHFN )LJ 7KH VWDQGLQJ SDUW MDPV GRZQ RQ WKH HQG DQG KROGV LW PRUH ILUPO\ WKDQ WKH LOOXVWUDWLRQ PLJKW VXJJHVW EXW LI WKH URSH LV JUHDV\ D 0LGVKLSPDQ V +LWFK LV EHWWHU 0DNH D %ODFNZDOO DQG WKHQ SXOO WKH XQGHUQHDWK SDUW IRUZDUG DQG SODFH LW RYHU WKH ELOO RI WKH KRRN )LJ

$ 'RXEOH %ODFNZDOO +LWFK LV EHWWHU VWLOO )LJ 3ODFH ? WKH ELJKW RI WKH URSH DFURVV WKH VWURS WR ZKLFK WKH KRRN LV DWWDFKHG &URVV WKH SDUWV EHKLQG WKH VWURS DQG EDFN WR FURVV DJDLQ LQ WKH KRRN LWVHOI ZLWK WKH VWDQGLQJ SDUW EHLQJ RQ WRS RI WKH ORRVH HQG DW ERWK FURVVLQJV ,Q ILJXUHV M


+,7&+(6 :,7+ $ 6,1*/( (1'

DQG WKH HQG KDV EHHQ FXUWDLOHG IRU HDVLHU LOOXVWUDWLRQ )RU VDIHW\ LW VKRXOG EH ORQJHU WKDQ LV VKRZQ

,,, 67233(5 .1276

6WRSSHU NQRWV DUH SXW RQ WR D URSH WR VWRS WKH HQG IURP XQUDYHOOLQJ WR SUHYHQW LW XQUHHYLQJ WKURXJK D EORFN RU WR SURYLGH D KDQGJULS 7KH VLPSOHVW LV WKH 2YHUKDQG .QRW RU 7KXPE .QRW 0DNH WKH EDVLF ORRS SDVV WKH HQG XS WKURXJK WKH ELJKW DQG KDXO WDXW )LJ

7DNLQJ WKH ORRVH HQG URXQG WKH VWDQGLQJ SDUW ILUVW DQG SDVVLQJ LW GRZQ WKURXJK WKH ELJKW PDNHV D )LJXUH RI (LJKW .QRW ZKLFK LV HDVLHU WR XQGR WKDQ DQ 2YHUKDQG DIWHU EHLQJ VXEMHFWHG WR VWUDLQ )LJ 7KH EXONLQHVV RI DQ 2YHUKDQG .QRW FDQ EH LQFUHDVHG E\ SDVVLQJ WKH HQG WKURXJK WKH ELJKW D QXPEHU RI WLPHV EHIRUH WLJKWHQLQJ RU E\ PDNLQJ LW ZLWK WKH HQG GRXEOHG RYHU

,9 6(&85,1* $7 $ 5,*+7 $1*/(

:KHQ D URSH LV PDGH IDVW IRU VRPH SXUSRVH WKH GLUHFWLRQ IURP ZKLFK WKH VWUDLQ ZLOO FRPH LV PRVW FRPPRQO\ DW ULJKW DQJOHV WR WKH SRLQW RI DWWDFKPHQW ZKHWKHU WKDW EH DQRWKHU URSH D ZLUH SRVW KRRN EROODUG URFN LFH D[H HWF 7KH VLPSOHVW ULJKW DQJOH KLWFK LV WR WDNH WKH URSH URXQG WKH VHFXULQJ SRLQW DQG PDNH D +DOI +LWFK RQ LWV RZQ VWDQG


.1276 $1' 63/,&(6

LQJ SDUW )LJXUH VKRZV WKDW WKLV LV QRWKLQJ PRUH WKDQ DQ 2YHUKDQG .QRW PDGH URXQG VRPHWKLQJ

2QH +DOI +LWFK ZLOO SUREDEO\ QRW KROG EXW 7ZR +DOI +LWFKHV ZLWK RQH EDFNLQJ WKH RWKHU XVXDOO\ ZLOO )LJ +RZHYHU WKH VWDQGDUG ULJKW DQJOH KLWFK LV WR WDNH D IXOO 5RXQG 7XUQ DQG 7ZR +DOI +LWFKHV DV VKRZQ LQ ILJXUH ZKLFK PLJKW KDYH WKH HQG VWRSSHG EDFN WR WKH VWDQGLQJ SDUW IRU DGGHG VHFXULW\ DOWKRXJK WKLV LV QRW HVVHQWLDO

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


+,7&+(6 :,7+ $ 6,1*/( (1'

$ &ORYH +LWFK LV UHDOO\ WZR +DOI +LWFKHV LQ RSSRVLWH GLUHFWLRQV DORQJVLGH HDFK RWKHU ,W LV HDV\ WR PDNH DQG ORRVHQ DIWHU VWUDLQ DQG SDUWLFXODUO\ XVHIXO ZKHUH WKH ORRVH

HQG KDV WR EH NHSW IUHH WR SDVV RQ WR VRPH RWKHU SXUSRVH 7DNH RQH URXQG WXUQ RQ RQH VLGH RI WKH VWDQGLQJ SDUW 0DNH D VHFRQG URXQG WXUQ RQ WKH RWKHU VLGH 7XFN WKH ORRVH HQG WKURXJK WKLV VHFRQG WXUQ DQG KDXO WDXW )LJ :KHUH WKH VHFXULQJ SRVLWLRQ KDV DQ RSHQ HQG D &ORYH +LWFK FDQ EH PDGH YHU\ TXLFNO\ HLWKHU DW WKH HQG RU LQ WKH PLGGOH RI D URSH E\ VOLSSLQJ RQ WZR ORRSV DV VKRZQ LQ ILJXUH


.1276 $1' 6 3 / , & ( 6

7KH 6WXQVDLO +DO\DUG %HQG LV D YDULDWLRQ RI WKH &ORYH +LWFK LQ ZKLFK WKH HQG LQVWHDG RI EHLQJ SDVVHG WKURXJK WKH VHFRQG URXQG WXUQ LV WDNHQ RXWVLGH LW DQG SDVVHG XQGHU WKH ILUVW URXQG WXUQ $QRWKHU YDULDWLRQ LV WKH 2VVHO +LWFK )LJ 7DNH RQH URXQG WXUQ WR WKH OHIW RI WKH VWDQGLQJ SDUW 7DNH D VHFRQG WR LWV ULJKW EXW LQ WKH RSSRVLWH GLUHFWLRQ 3DVV WKH HQG RXWVLGH WKH VHFRQG WXUQ DQG WKURXJK WKH ILUVW RQH

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

6RPHWLPHV D URSH KDV WR EH PDGH IDVW WR DQ REMHFW WKDW OLHV URXJKO\ SDUDOOHO WR WKH GLUHFWLRQ RI VWUDLQ H J LQ VXVSHQGLQJ


+,7&+(6 :,7+ $ 6,1*/( (1'

VRPHWKLQJ IURP D YHUWLFDO SROH RU WKH VKURXGV RI D \DFKW 7KH EHVW JHQHUDO SXUSRVH KLWFK KHUH LV D 5ROOLQJ +LWFK )LJ 0DNH WKLV OLNH D &ORYH +LWFK EXW WDNH WZR URXQG WXUQV

RQ WKDW VLGH RI WKH VWDQGLQJ SDUW IURP ZKLFK WKH VWUDLQ ZLOO FRPH EHIRUH FURVVLQJ WKH HQG RYHU WR PDNH WKH ILQDO MDPPLQJ KDOI KLWFK $OZD\V SXW D 5ROOLQJ +LWFK RQ D URSH DJDLQVW WKH OD\ $ 6WRSSHU +LWFK LV D YDULDWLRQ RI WKH 5ROOLQJ +LWFK XVHIXO IRU VHFXULQJ WKH WDLO RI D KDQG\ ELOO\ WR D URSH DV VKRZQ LQ ILJXUH RU LQ SXWWLQJ D WHPSRUDU\ VWRSSHU RQ D URSH LQ RUGHU WR WDNH WKH VWUDLQ RII LWV ORRVH HQG ZKLOVW WKLV LV EHLQJ

PRYHG WR D QHZ VHFXULQJ SRVLWLRQ RU WDNHQ WR D ZLQFK 6WDUW OLNH D 5ROOLQJ +LWFK EXW LQVWHDG RI SXWWLQJ RQ WKH ILQDO KDOI KLWFK GRJ WKH ORRVH HQG URXQG WKH URSH ZLWK WKH OD\ DQG VWRS LW


.1276 $1' 6 3 / , & ( 6

$ 7LPEHU +LWFK XVHG IRU VHFXULQJ D SODQN RU VSDU WKDW KDV WR EH KRLVWHG RU WRZHG LV D +DOI +LWFK WDNHQ ZLWK D UDWKHU ORQJ ORRVH HQG ZKLFK LV WKHQ GRJJHG EDFN URXQG LWVHOI ZLWK WKH OD\ )LJ +DXO RQ WKH VWDQGLQJ SDUW WR

WLJKWHQ WKH KLWFK 7R NHHS WKH HQG RI WKH WLPEHU SRLQWLQJ LQ RQH GLUHFWLRQ VOLS RQ DQRWKHU +DOI +LWFK DV VKRZQ LQ ILJXUH 9, /2236 ,1 $ 523(

$ %RZOLQH PDNHV D ORRS ODUJH RU VPDOO LQ WKH HQG RI D URSH ZKLFK KDV D WKRXVDQG DQG RQH XVHV 3ODFH WKH ORRVH HQG IURP ULJKW WR OHIW DFURVV WKH VWDQGLQJ SDUW OHDYLQJ D ORRS RI WKH UHTXLUHG VL]H *ULS WKH HQG DQG VWDQGLQJ SDUW WRJHWKHU ZLWK WKH ULJKW KDQG²WLSV RI WKH ILQJHUV DUH EHVW²DQG WZLVW GRZQZDUGV WR WKH OHIW L H FORFNZLVH IRU KDOI D WXUQ 7KLV ZLOO EULQJ WKH HQG SRNLQJ XS WKURXJK D VPDOO ORRS )LJ D <RX FDQ RI FRXUVH PDNH WKLV ORRS ILUVW DQG SRNH WKH HQG XS WKURXJK LW EXW WKH RWKHU ZD\ LV YDVWO\ TXLFNHU 3DVV WKH HQG EHKLQG WKH VWDQGLQJ SDUW DQG GRZQ WKURXJK WKH ORRS DJDLQ VRPHWLPHV GHVFULEHG DV SXW WLQJ WKH UDEELW EDFN LQ KLV KROH +DXO WDXW )LJ $ 5XQQLQJ %RZOLQH SURGXFHV D QRRVH RU VOLGLQJ ORRS ZKLFK VKRXOG QHYHU EH XVHG WR KRLVW D SHUVRQ DV KLV RZQ


+,7&+(6 :,7+ $ 6,1*/( (1'

ZHLJKW ZRXOG WLJKWHQ WKH URSH XQEHDUDEO\ DURXQG KLP 3DVV WKH HQG ULJKW URXQG WKH VWDQGLQJ SDUW DQG OD\ LW DFURVV LWV RZQ SDUW DV VKRZQ LQ ILJXUH &RQWLQXH DV IRU D VLPSOH ERZOLQH

7R ORZHU RU KRLVW D SHUVRQ WZR ORRSV DUH QHHGHG RQH WR JR XQGHU KLV DUPSLWV DQG WKH RWKHU XQGHU KLV WKLJKV 2QH ZD\ WR SURYLGH WKHVH LV WR PDNH D )UHQFK %RZOLQH )LJ


.1276 $1' 63 / , & ( 6

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

7KH 0DQ +DUQHVV +LWFK LV DQRWKHU ZD\ RI PDNLQJ D ORRS LQ D URSH ZLWKRXW XVLQJ WKH HQGV 0DNH D ORRS RI WKH


+,7&+(6 :,7+ $ 6,1*/( (1'

UHTXLUHG VL]H DV LQ ILJXUH 3DVV WKH ELJKW $ XS EHWZHHQ

% DQG & %ULQJ ' DQG Â… WRJHWKHU DQG KDXO WDXW ZLWK

$

$ 6KHHSVKDQN LV XVHG WR VKRUWHQ D URSH WHPSRUDULO\ RU WR

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


.1276 $1' 63 /,&(6

+LWFKHV ZKLFK VKRXOG EH LQ OLQH KDXOLQJ HDFK WDXW DV LW LV PDGH )LQLVK ZLWK D &ORYH +LWFK LQVWHDG RI D +DOI +LWFK 6HH DOVR )LJ


+,7&+(6 :,7+ $ 6,1*/( (1'

$ 0DUOLQH 6SLNH +LWFK )LJ LV XVHG WR REWDLQ D EHWWHU SXUFKDVH RU JULS RQ D VPDOO FRUG 0DNH D ORRS RYHU WKH VWDQGLQJ SDUW 3DVV D VSLNH EROW RU VFUHZGULYHU HWF DFURVV WKH ORRS EXW XQGHU WKH VWDQGLQJ SDUW 3XOO RQ ERWK HQGV RI WKH VSLNH WR WLJKWHQ 0DQ\ KLWFKHV FDQ EH IDVKLRQHG IRU TXLFN UHOHDVH E\ WDNLQJ WKH ODVW WXUQ ZLWK D ELJKW RI URSH LQVWHDG RI WKH HQG $ &ORYH +LWFK 5ROOLQJ +LWFK HWF FDQ EH VR PDGH +RZ


.1276 $1' 6 3 / , & ( 6

HYHU DV PDQ\ RI XV NQRZ IURP H[SHULHQFH ZLWK VKRH ODFHV WKHUH LV VRPH GDQJHU WKDW D ERZHG KLWFK PD\ VOLS EXW RQH WKDW ZLOO QRW²WKHUH DUH RWKHUV² LV D 'UDZ +LWFK 7DNH RQH ELJKW RI URSH XS EHKLQG WKH EDU DQG DQRWKHU LQ IURQW RI LW )LJ D 3DVV WKH IURQW ELJKW WKURXJK WKH EDFN RQH DQG SXOO WDXW ZLWK WKH ORRVH HQG ZKLFK OHDYHV WKH IURQW ELJKW VWLOO VWDQGLQJ )LJ 0DNH D WKLUG ELJKW ZLWK WKH ORRVH HQG DQG SDVV LW WKURXJK ELJKW ,, 3XOO WDXW ZLWK WKH VWDQGLQJ SDUW )LJ F

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


+,7&+(6 : , 7 + $ 6 , 1 * / ( (1'

XQGHU VWUDLQ LV WKH 5RDGPHQGHU V .QRW ZKLFK LV YHU\ VXLW DEOH IRU VHFXULQJ D URSH DORQJ D OLQH RI SRVWV EXW FDQ DOVR EH XVHG WR PDNH WKH HQG IDVW WR MXVW RQH H J LQ VHFXULQJ D PRRULQJ OLQH WR D EROODUG 7DNH D WXUQ URXQG WKH SRVW ZLWK D ORQJ ELJKW RI URSH SDVVLQJ EHORZ ERWK WKH VWDQGLQJ SDUW DQG WKH ORRVH HQG )LJ D 3DVV WKH ELJKW RYHU WKH WRS RI WKH SRVW DQG KDXO WDXW )LJ

0RXVLQJ D KRRN LV D VHQVLEOH SUHFDXWLRQ WR SUHYHQW WKH ORDG IURP MXPSLQJ RXW DQG VKRXOG EH XVHG ZKHUHYHU SRV VLEOH 6LPSO\ PLGGOH D OHQJWK RI WZLQH RQ WKH VKDQN RI WKH KRRN DQG WDNH WKH HQGV RSSRVLWH ZD\V URXQG VKDQN DQG ELOO D QXPEHU RI WLPHV DQG ILQLVK E\ UHHI NQRWWLQJ WKHP 7KLV FORVHV WKH MDZ RI WKH KRRN


&+$37(5 7+5((

.QRWV MRLQLQJ WZR URSHV

7+( NQRW PRVW FRPPRQO\ XVHG IRU MRLQLQJ WZR URSHV RI

VLPLODU VL]H LV WKH 5HHI .QRW ZKLFK HYHU\ERG\ NQRZV KRZ WR PDNH²RU GR WKH\ " 7KH URSHV²RU IRU WKDW PDWWHU WKH VKRH ODFHV IRU ZH VKRXOG UHHI NQRW WKHVH HYHU\ GD\²DUH EURXJKW WRJHWKHU DQG KDOI NQRWWHG L H WZLVWHG RQH RYHU WKH RWKHU 7KHQ WKH HQGV DUH EURXJKW EDFN DQG DJDLQ KDOI NQRWWHG DQG WKH UHVXOW XQOHVV \RX KDYH EHHQ FDUHIXO LV DQ LQVHFXUH *UDQQ\ .QRW 7R PDNH D 5HHI .QRW FRUUHFWO\ LI LQ WKH ILUVW KDOI NQRW \RX WRRN WKH ULJKW KDQG HQG RYHU WKH >OHIWKDQG FRPLQJ EDFN \RX VKRXOG WDNH WKH OHIWKDQG RYHU WKH ULJKWKDQG DQG YLFH YHUVD 5HPHPEHU 5LJKW RYHU OHIW OHIW RYHU ULJKW RU

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


.1276 -2,1,1* 7:2 523(6

ERWK SDUWV RI WKH ODUJHU URSH DQG SDVV LW XQGHU LWV RZQ SDUW )LJ )RU H[WUD VHFXULW\ HVSHFLDOO\ LI WKH URSHV DUH ZHW RU LI RQH LV FRQVLGHUDEO\ ODUJHU WKDQ WKH RWKHU UHSHDW 6WDJH WR PDNH D 'RXEOH 6KHHW %HQG

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


.1276 $1' 63 / , & ( 6

NQRW DQG VKRXOG EH VWRSSHG WR WKH VWDQGLQJ SDUWV LI WKH URSHV DUH ODUJH 2QH DGYDQWDJH RI WKH &DUULFN %HQG LV WKDW LW IRUPV D IODW NQRW WKDW GRHV QRW LPSHGH WKH SURJUHVV RI WKH URSHV URXQG D FDSVWDQ RU ZLQFK ,I WKH URSHV DUH QRW WR EH VR OHG KRZHYHU 7ZR +DOI +LWFKHV ZLWK WKH HQGV VWRSSHG EDFN DV VKRZQ LQ ILJXUH DUH TXLFNHU WR PDNH RU 7ZR %RZOLQHV PD\ EH XVHG

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


.1276 - 2 , 1 , 1 * 7:2 523(6

%RWK WKHVH NQRWV PD\ SURYH GLIILFXOW WR XQGR EXW ORRVHO\ WZLVWHG OLQHV VXFK DV VSXQ\DUQ RU PDUOLQH PD\ EH MRLQHG E\ D 6SXQ\DUQ .QRW ZKLFK ZLOO IUHH PRUH HDVLO\ 6SOLW WKH OLQHV LQWR WZR DQG FUXWFK WKHP DV LQ ILJXUH 7DNH VWUDQG , RYHU DQG ULJKW URXQG WKH VWDQGLQJ SDUWV 7DNH VWUDQG ,,, XQGHU DQG ULJKW URXQG WKH VWDQGLQJ SDUWV +DOI NQRW , DQG ,,, ZKHUH WKH\ PHHW RQ WRS RI WKH FUXWFK


.QRWV ZLWK D URSH V RZQ VWUDQGV &+$37(5 )285

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²GHFRUDWLYH ZRUN ZHOO GRQH LQ FOHDQ QHZ URSH LV H[WUHPHO\ DWWUDFWLYH²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


.1276 :,7+ $ 5 2 3( 6 2:1 675$1'6

,Q D :DOO .QRW KRZHYHU WKH VWUDQGV FRPH RXW DW WKH WRS RI WKH NQRW 8QOD\ WKH URSH 3DVV VWUDQG , RXWVLGH VWUDQG ,, EXW LQVLGH VWUDQG ,,, )LJ D 3DVV ,, RXWVLGH ,,, DQG WKH HQG RI , )LJ 'LS ,,, RXWVLGH WKH ELJKW RI ,, DQG EULQJ LW XS WKURXJK WKH ELJKW RI , )LJ F :RUN DOO WDXW FXW RII WKH HQGV DQG ZKLS )LJ OG


.1276 $1' 6 3 / , & ( 6

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

$ 6KURXG .QRW ZKLFK DV SUHYLRXVO\ PHQWLRQHG MRLQV WZR URSHV LV VR FDOOHG EHFDXVH LW ZDV XVHG WR UHSDLU VKURXGV WKDW


.1276 :,7+ $ 523( 6 2:1 675$1'6

KDG EHHQ VKRW DZD\ LQ DFWLRQ ,W PDNHV D MRLQ DV VHFXUH DQG QHDW DV D VSOLFH EXW UHTXLUHV OHVV URSH IRU LWV PDQXIDFWXUH DQG LV PRUH TXLFNO\ PDGH 8QOD\ ERWK URSHV DQG FUXWFK WKH VWUDQGV L H VR WKDW HDFK VWUDQG SDVVHV EHWZHHQ WZR VWUDQGV RI WKH RWKHU URSH EXW LQ WKH RSSRVLWH GLUHFWLRQ WR WKHP :LWK WKH VWUDQGV RI URSH $ IRUP D :DOO .QRW URXQG URSH % WR WKH OHIW RQ D ULJKW KDQGHG URSH DQG YLFH YHUVD RQ D OHIW KDQGHG 6LPLODUO\ IRUP D :DOO ZLWK

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


.1276 $1' 6 3 / , & ( 6

XQGHU ,,, DQG , DQG FRPH XS WKURXJK WKH ELJKW RI , 3DVV ,,, URXQG WKH HQG RI , WKURXJK LWV ELJKW DQG WKURXJK WKH ELJKW RI ,, )LJ 7KLV NQRW GLIIHUV IURP WKH :DOO LQ WKDW HDFK VWUDQG SDVVHV WKURXJK WKH ELJKWV RI ERWK WKH RWKHUV ,Q D 'RXEOH 0DWWKHZ :DONHU ZKLFK FRPSOHWHG ORRNV OLNH ILJXUH D DQG LV D NQRW WKDW ZLOO QRW VOLS RU FDSVL]H HDFK VWUDQG SDVVHV WKURXJK WKUHH ELJKWV L H LQFOXGLQJ LWV RZQ DV VKRZQ LQ ILJXUH E

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


.1276 :,7+ $ 5 2 3( 6 2:1 675$1'6

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


.1276 $1' 6 3 / , & ( 6

$ 7XUN V +HDG DOVR IRUPV D GHFRUDWLYH NQRW RQ WKH QRRVH RI D NQLIH RU ZKLVWOH ODQ\DUG 8QOD\ WKH HQG RI WKH ODQ\DUG DQG ZLWK WKH VWUDQGV IRUP D :DOO .QRW URXQG WKH VWDQGLQJ SDUW RI WKH ODQ\DUG LWVHOI 7KHQ IRUP D &URZQ .QRW DOVR

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


.1276 :,7+ $ 5 2 3 ( 6 2:1 675$1'6

RU WZLFH DQG FXW RII 0RUH WKDQ WZR SLHFHV RI OLQH FDQ EH XVHG LI GHVLUHG

$ /RQJ )RRWURSH .QRW )LJ 6WDUW DV IRU D )RRWURSH .QRW EXW ZLWK ORQJHU OLQHV 0DNH D )RRWURSH .QRW EXW GR QRW FXW RII WKH HQGV 7XUQ WKH URSH HQG WR HQG DQG PDNH DQRWKHU )RRWURSH .QRW )ROORZ URXQG WZLFH DQG FXW RII


&+$37(5 ) , 9 (

6SOLFLQJ KHPSHQ URSHV

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


63/,&,1* +(03(1 523(6

HQG RI D URSH EXW VRPHWLPHV LQ WKH PLGGOH ,W PD\ EH KDUG LI PDGH DURXQG D PHWDO VWLIIHQHU FDOOHG D WKLPEOH RU VRIW ZLWKRXW D WKLPEOH 7KH PRVW FRPPRQ W\SH RI WKLPEOH LV NQRZQ IURP LWV VKDSH DV D +HDUW 7KLPEOH )LJ $ /DQ\DUG 7KLPEOH LV YHU\ VLPLODU EXW KDV D IODWWHQHG WRS LQ RUGHU WR SURYLGH D ODUJHU RSHQLQJ IRU WXUQV RI URSH )LJ $ 6DLO 7KLPEOH )LJ LV FLUFXODU VR WKDW LW ZLOO ILW VQXJO\ LQWR WKH FDQYDV

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


.1276 $1' 63 / , & ( 6

7R ILQLVK RII WKH VSOLFH HLWKHU D GLYLGH WKH \DUQV RI HDFK VWUDQG LQWR WZR DQG ZKLS WRJHWKHU HDFK SDLU RI DGMDFHQW KDOYHV IURP QHLJKERXULQJ VWUDQGV WKUHH SDLUV DOO WROG RU E VFUDSH RU FXW RII OHQJWKZLVH KDOI RI HDFK VWUDQG DQG WXFN DJDLQ DQG WKHQ KDOYH DQG WXFN RQFH PRUH 7KHVH KDOI WXFNV WDSHU WKH VSOLFH WR D QHDW ILQLVK ZKLFK PD\ EH VHUYHG LI GHVLUHG

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² 6HSDUDWH IRXU \DUQV IURP HDFK VWUDQG PDNLQJ WZHOYH DOO WROG LQ D WKUHH VWUDQGHG URSH DQG VL[WHHQ LQ D IRXU VWUDQGHG .HHSLQJ WKHVH RXW RI WKH


6 3 / , & , 1 * +(03(1 523(6

ZD\ ZLWK WKH UHPDLQGHU RI WKH VWUDQGV FDUU\ RXW VWDJH SOXV RQH H[WUD KDOI WXFN /D\ XS WKH VHSDUDWHG \DUQV LQWR WZR \DUQ QHWWOHV :LWK RQH QHWWOH IURP HDFK \DUQ ZRUP WR WKH HQG RI WKH VSOLFH DQG ILQLVK E\ WXFNLQJ HDFK QHWWOH XQGHU D GLIIHUHQW VWUDQG )LJ D :LWK WKH WZR VHWV RI QHWWOHV WKRVH OHIW DW WKH WRS DQG WKRVH SURWUXGLQJ IURP XQGHU D VWUDQG DW WKH ERWWRP IDVKLRQ )RRWURSH .QRWV )LJ E

7R PDNH D 6DLOPDNHU V (\H 6SOLFH 3URFHHG DV IRU D VLPSOH (\H 6SOLFH EXW PDNH WKH WXFNV IURP OHIW WR ULJKW L H DJDLQVW WKH OD\ 7KLV SURGXFHV D VSOLFH QHDWHU LQ DSSHDUDQFH EXW ZLWK OHVV VWUHQJWK ZKLFK VKRXOG QRW WKHUHIRUH EH XVHG ZKHUH FRQVLGHUDEOH VWUDLQ ZLOO FRPH XSRQ LW 7R PDNH D 6LQJOH 7XFN (\H 6SOLFH DQG :DOO .QRW 3URFHHG DV IRU D VLPSOH (\H 6SOLFH EXW LQVWHDG RI SXWWLQJ LQ D VHFRQG


.1276 $1' 6 3 / , & ( 6

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

7R PDNH D )OHPLVK (\H 8QOD\ VWUDQG , WR D GLVWDQFH HTXDO WR RQH DQG D KDOI WLPHV WKH FLUFXPIHUHQFH RI WKH GHVLUHG H\H :LWK VWUDQGV ,, DQG ,,, IRUP WKH H\H DV LQ ILJXUH /D\ VWUDQG , EDFN LQWR WKH VSDFH IURP ZKLFK


6 3 / , & , 1 * +(03(1 523(6

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

7DNH D F\OLQGULFDO SLHFH RI ZRRG RU PHWDO²WKH VSLQGOH²WKH GLDPHWHU EHLQJ VOLJKWO\ ODUJHU WKDQ WKDW RI WKH GHVLUHG H\H DQG RQ LW UDLVH WZR OXPSV ZLWK VSXQ\DUQ DERXW WKH GLD PHWHU RI WKH URSH DSDUW DQG KDOI L WV GLDPHWHU KLJK )LJ D


.1276 $1' 6 3 / , & ( 6

/D\ IRXU SLHFHV RI VHDPLQJ WZLQH DORQJ WKH VSLQGOH DQG VWRS WKHP LQ SODFH DV VKRZQ LQ ILJXUH 8QOD\ WKH URSH RSHQ WKH VWUDQGV DQG VHSDUDWH HDFK \DUQ +LWFK WKH \DUQV LQ SDLUV RQH IURP HLWKHU VLGH RYHU WKH VSLQGOH EHWZHHQ WKH OXPSV²ZKLFK SUHYHQW WKHP IURP VSUHDGLQJ RXW²XQWLO DOO KDYH EHHQ XVHG YDU\LQJ WKH SRVLWLRQV RI WKH KLWFKHV VR WKDW WKH\ GR QRW DOO FRPH WRJHWKHU ZKLFK ZRXOG UDLVH D EXPS RQ WKH H\H )LJ /D\ WKH HQGV RI WKH \DUQV

DORQJ WKH VWDQGLQJ SDUW DQG OLJKWO\ VWRS WKHP WR LW &XW WKH VWRSSHUV KROGLQJ WKH VHDPLQJ WZLQH DQG EULQJ LWV HQGV WRJHWKHU WR NQRW WKHP LQ SDLUV WLJKWO\ RYHU WKH KLWFKHG \DUQV 7DNH RII RQH VSXQ\DUQ OXPS DQG VOLGH WKH H\H RII WKH VSLQGOH 6WDUWLQJ DW WKH WRS VHUYH WKH H\H GRZQ WR WKH IRUN 7DNH RII WKH VWRSSHUV RQ WKH HQGV RI WKH \DUQV DQG VFUDSH WKH ODWWHU GRZQ WR WDSHU 6HUYH WKHP GRZQ WR WKH VWDQGLQJ SDUW 1RW HVVHQWLDO EXW WR JLYH D EHWWHU ILQLVK

&RYHU WKH H\H ZLWK FRFNVFRPELQJ VHH &KDSWHU


63/,&,1* +(03(1 523(6

,,, -2,1,1* 7ZR 523(6

6KRUW 6SOLFLQJ $ 6KRUW 6SOLFH LV WKH HDVLHVW ZD\ RI VSOLFLQJ WZR URSHV WRJHWKHU EXW LW LV EXON\ DQG QRW VXLWDEOH RQ D URSH WKDW KDV WR SDVV WKURXJK D EORFN RU DQ\ QDUURZ RSHQLQJ 7R PDNH LW 8QOD\ ERWK URSHV WR D GLVWDQFH HTXDO WR WZLFH WKHLU FLUFXPIHUHQFH &UXWFK WKH VWUDQGV WRJHWKHU VR WKDW HDFK OLHV EHWZHHQ WZR VWUDQGV RI WKH RSSRVLQJ URSH )LJ D 3XW D VWRS URXQG WKH IRUN 7XFN HDFK VWUDQG RI URSH $ RYHU WKH VWUDQG RI URSH % LPPHGLDWHO\ WR LWV OHIW ORRNLQJ WRZDUGV WKH HQG RI WKH VWUDQG DQG XQGHU WKH VWUDQG EH\RQG DV LQ H\H VSOLFLQJ 7XFN WKH VWUDQGV RI URSH $ DJDLQ RYHU DQG XQGHU &XW RII WKH VWRS RQ WKH IRUN DQG WXFN WKH VWUDQGV RI URSH % WZLFH LQWR WKRVH RI URSH $ )LJXUH E WR PDNH WKH RSHUDWLRQ HDVLHU WR IROORZ VKRZV RQO\ RQH VHW RI WXFNV RQ HDFK URSH 6WUHWFK WKH VSOLFH E\ SXOOLQJ DQG WZLVWLQJ (LWKHU D ZKLS WKH HQGV DQG FXW RII RU E WDNH D IHZ RI WKH XQGHUQHDWK \DUQV IURP HDFK VWUDQG WR ILOO XS WKH OD\ RI WKH URSH E\ ZRUPLQJ VFUDSH


.1276 $1' 63/,&(6

WKH UHPDLQGHU RI WKH HQGV PDUO WKHP GRZQ RQ WR WKH URSH ZLWK WKLQ WZLQH DQG VHUYH RYHU WKH VSOLFH 7ZR IRXU VWUDQGHG URSHV DUH VSOLFHG H[DFWO\ DV WZR WKUHH VWUDQGHG EXW LI D WKUHH VWUDQGHG URSH KDV WR EH VSOLFHG WR D IRXU VWUDQGHG 8QOD\ WKH WKUHH VWUDQGHG URSH IRU WZLFH WKH GLVWDQFH RI WKH IRXU VWUDQGHG VSOLW RQH RI LWV VWUDQGV LQWR WZR SDUWV DQG UHOD\ LW DV D IRXU VWUDQGHG URSH IRU WKH GLVWDQFH QHHGHG WR WDNH WKH WXFNV RI WKH RWKHU URSH &UXWFK WKH VWUDQGV DQG SURFHHG DV DERYH

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


6 3 / , & , 1 * +(03(1 523(6

IRU E EXW EHIRUH WXFNLQJ WKH HQGV KDOYH HDFK RQH DQG WXFN HDFK KDOI URXQG D GLIIHUHQW VWUDQG WR WKDW HQFLUFOHG E\ LWV

WZLQ 7KLV JLYHV D YHU\ VPRRWK ILQLVK 7KHVH WKUHH PHWKRGV E\ QR PHDQV H[KDXVW WKH SRVVLEOH HQGLQJV WR D /RQJ 6SOLFH ,QGHHG LW XVHG WR EH VDLG WKDW

HYHU\ VKLS KDV KHU RZQ ZD\ RI PDNLQJ D /RQJ 6SOLFH DQG

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

IRXU VWUDQGV )XUWKHU XQOD\ RQH RI WKH IRXU VWUDQGV DQG OD\ LQ RQH RI WKH WKUHH FKRRVLQJ \RXU VWUDQGV VR WKDW WKH WZR RI WKH IRXU VWUDQGV ZKLFK DUH OHIW DUH WKH SDLU ZKLFK ZHUH FUXWFKHG WRJHWKHU 'LYLGH WKH UHPDLQLQJ VWUDQG RI WKH WKUHH VWUDQGHG URSH LQWR WZR XQHTXDO SRUWLRQV D WKLUG DQG WZR WKLUGV +DOI NQRW WKH RQH WKLUG SRUWLRQ ZLWK RQH RI WKH UHPDLQLQJ IRXU VWUDQGV )XUWKHU XQOD\ WKH ODVW

IRXU VWUDQG DQG OD\ XS WKH WZR WKLUGV VWUDQG LQ LWV SODFH +DOI NQRW DOO HQGV DQG ILQLVK DV IRU D VLPSOH /RQJ 6SOLFH ,I \RX DUH LQ GHVSHUDWH QHHG RI D VRXQG /RQJ 6SOLFH LQ FDEOH ODLG URSH LW PLJKW EH DV ZHOO WR HQWUXVW WKLV WDVN WR DQ H[SHUW 2Q WKH RWKHU KDQG LI \RX ZDQW WR DVVHVV \RXU RZQ


.1276 $1' 63/,&(6

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

LQWR HQG $ DW SRVLWLRQ ,, WXFNLQJ DV IRU DQ (\H 6SOLFH DQG PDNLQJ VXUH WKDW \RX KDYH SXW \RXU VSOLFHV ZKHUH WKH\ ZLOO OHDYH D ORRS RI URSH EHWZHHQ WKHPDQG QRW PHUHO\ WZR SDUWV RI URSH O\LQJ VQXJO\ VLGH E\ VLGH )LJXUH VKRZV

WKH ULJKW KDQG VSOLFH PDGH DQG VHUYHG DQG WKH OHIW KDQG MXVW FRPPHQFHG ,9 27+(5 63/,&(6

&KDLQ 6SOLFH ,I D OHQJWK RI URSH KDV WR EH VHFXUHG WR WKH HQG RI D FKDLQ LW LV YHU\ OLNHO\ WKDW WKH HQG OLQN ZLOO SURYH WRR VPDOO WR DOORZ WKH ZKROH URSH WR EH SDVVHG WKURXJK DQG


6 3 / , & , 1 * +(03(1 523(6

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


.1276 $1' 63/,&(6

RI WKH VL]H UHTXLUHG 'RJ WKLV ZRUNLQJ HQG EDFN URXQG WKH ORRS NHHSLQJ WKH WXUQV LQ WKH QDWXUDO OD\ RI WKH VWUDQG 3DVV WKH ZRUNLQJ HQG WKURXJK WKH PDLQ URSH ZKHUH WKH ILUVW WXFN RI WKH VWDQGLQJ HQG ZDV PDGH 'RJ WKH ZRUNLQJ HQG EDFN WR WKH RWKHU HQG RI WKH EHFNHW ILOOLQJ XS DOO WKH VSDFHV OHIW LQ WKH OD\ VR WKDW LQ HIIHFW \RX KDYH

ODLG XS D VKRUW VHFWLRQ RI WKUHH VWUDQGHG URSH EXW XVLQJ RQO\ RQH VWUDQG )LQLVK RII E\ WXFNLQJ WKH ZRUNLQJ HQG WDSHUHG WKUHH WLPHV LQWR WKH PDLQ URSH )LJXUH D VKRZV RQO\ RQH WXFN PDGH

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


63/,&,1* +(03(1 523(6

DQG PDUO SDUFHO DQG VHUYH RYHU WKH ZKROH VSOLFH ZKHQ LW LV FRPSOHWH

,I WKH KHPSHQ URSH LV IRXU VWUDQGHG SURFHHG DV GHV FULEHG DERYH IRU VSOLFLQJ WKUHH DQG IRXU VWUDQGHG URSHV WUHDWLQJ WKH ZLUH URSH ZKLFK KDV VL[ VWUDQGV DV EHLQJ WKH WKUHH VWUDQGHG URSH DQG ZRUN LWV VWUDQGV IRXU LQ SDLUV DQG WZR VLQJO\


&+$37(5 6,;

6OLQJLQJ ODVKLQJ DQG VHL]LQJ , 6/,1*,1*

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


6/,1*,1* /$6+,1* $1' 6 ( , =, 1 *

WLRQ H J D ODGHQ GUXP RU FDVN ZLWKRXW D OLG XVH D VLQJOH SLHFH RI VWURQJ URSH /D\ WKH URSH GRZQ DQG VWDQG WKH FDVN KHDG XS IDLUO\ FHQWUHG RQ LWV PLGGOH %ULQJ WKH

URSH V HQGV XS DQG KDOI NQRW WKHP RQ WRS RI WKH FDVN 2SHQ WKLV NQRW RXW VLGHZD\V DQG SODFH WKH ELJKWV WKXV IRUPHG RQH RQ HLWKHU VLGH RI WKH FDVN 5HHI NQRW WKH HQGV WR PDNH D ORRS IRU WKH KRRN )LJ

7R VKRUWHQ D VOLQJ HLWKHU D WKURZ EDFN D ELJKW WR PDNH


.1276 $1' 63/,&(6

LW WKH UHTXLUHG OHQJWK DQG WZLVW WKH WZR VPDOO ELJKWV WKXV IRUPHG LQWR D FDWVSDZ )LJ RU E SURFHHG DV GHVFULEHG DERYH IRU KRLVWLQJ ZLWK D %DOH 6OLQJ EXW EHIRUH KRRNLQJ LQWR WKH WRS ELJKW GLYLGH WKLV LQWR WZR VPDOOHU ELJKWV DQG KDOI RU HYHQ UHHI NQRW WKHP )LJXUH VKRZV WKHP KDOI NQRWWHG 7KHQ KRRN LQWR WKH WZR VPDOO ELJKWV OHIW SURWUXG LQJ $ 6WURS LV D VPDOOHU FRQWLQXRXV ORRS RI URSH WKDQ D VOLQJ DQG LV QRW XVXDOO\ XVHG IRU VOLQJLQJ 7KH WZR PRVW FRPPRQ VWURSV RI KHPSHQ URSH DUH 7KH 6HOYDJHH 6WURS 7R PDNH WKLV FRQWLQXRXV ORRS RI URSH \DUQV 'ULYH WZR EROWV RU ODUJH QDLOV LQWR D SODQN DW D GLVWDQFH DSDUW HTXDO WR WKH OHQJWK RI VWURS UHTXLUHG 6HFXUH RQH HQG RI D EDOO RI URSH \DUQV WR RQH QDLO 3DVV WXUQV DERXW WKH QDLOV ZLWK WKH \DUQV XQWLO WKH VWURS LV WKH GHVLUHG WKLFNQHVV WDNLQJ FDUH WR SXOO HDFK WXUQ WDXW DV LW LV

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


6/,1*,1* /$6+,1* $1' 6 ( , = , 1 *

TXRLW %HFDXVH LWV VL]H GRHV QRW RIIHU HQRXJK URRP IRU D VKRUW VSOLFH LW LV PDGH IURP D VLQJOH VWUDQG RI URSH 7R PDNH LW 8QOD\ D VWUDQG RI URSH WKUHH DQG D KDOI WLPHV WKH FLUFXPIHUHQFH RI WKH JURPPHW UHTXLUHG HQGHDYRXULQJ WR

SUHVHUYH WKH QDWXUDO WXUQV RI WKH OD\ LQ WKH VWUDQG &ORVH XS WKH PLGGOH RI WKH VWUDQG LQWR D ULQJ RI WKH GHVLUHG VL]H )LJ D 3DVV WKH HQGV URXQG LQ WKHLU RULJLQDO OD\ XQWLO


.1276 $1' 63/,&(6

DOO VSDFHV KDYH EHHQ ILOOHG )LJ E )LQLVK RII DV IRU D /RQJ 6SOLFH :KHUH D F\OLQGULFDO REMHFW KDV WR EH KRLVWHG RU ORZHUHG DQG QR FUDQH RU WDFNOH LV DYDLODEOH D 3DUEXFNOH PD\ SURYH XVHIXO SURYLGHG WKDW WKH KHLJKW RI WKH KRLVW LV QRW WRR JUHDW )LJ 0LGGOH D ORQJ URSH URXQG D SRVWRU SLQ DW WKH WRS RI WKH KRLVW 7DNH WKH WZR HQGV XQGHU WKH GUXP RU

EDUUHO DQG EULQJ WKHP EDFN WR WKH WRS RI WKH KRLVW ZKHUH WKH\ DUH WR EH KHOG E\ KDQG 1RZ HLWKHU KDXO RQ WKH HQGV IRU KRLVWLQJ RU SD\ WKHP RXW IRU ORZHULQJ WDNLQJ FDUH WR NHHS DQ HTXDO VWUDLQ RQ ERWK SDUWV WR SUHYHQW WKH GUXP IURP VOLSSLQJ RXW ,I D SODQN FDQ EH SURYLGHG DV DQ LQFOLQHG SODQH XS RU GRZQ ZKLFK WKH GUXP FDQ EH PRYHG WKLV ZLOO PDNH WKH MRE HDVLHU 7UXFNPHQ RIWHQ XVH D 3DUEXFNOH ZKHQ ORZHULQJ FDVNV LQWR WKH FHOODU RI D WDYHUQ

$ FRQWLQXRXV %DOH 6OLQJ FDQ EH WXUQHG LQWR D FDUU\LQJ VOLQJ IRU DQ REMHFW VXFK DV D ERWWOH ZKLFK KDV D ULP RU IODQJH DW LWV WRS E\ XVLQJ D %RWWOH .QRW )RUP D ORRS RQ


6/,1*,1* /$6+,1* $1' 6(,=,1*

WKH VOLQJ DV LQ ILJXUH D 7DNH ELJKW , XQGHU ,, DQG ELJKW ,,, RYHU ,9 )LJ E 7KLV SURGXFHV D FHQWUH ORRS WR VOLS RYHU WKH QHFN RI WKH ERWWOH DQG WZR VLGH ORRSV DV FDUU\LQJ KDQGOHV

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


.1276 $1' 63/,&(6

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


6/,1*,1* /$6+,1* $1' 6 ( , = , 1 *

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

\RXU IHHW )LJ E 3DVV \RXU IHHW EHKLQG WKH ELJKW DQG EULQJ WKH ODWWHU XS LQ IURQW RI \RX )LJ F +DXO WDXW RQ WKH JDQWOLQH DQG \RX ZLOO ILQG WKDW \RX KDYH UHHI NQRWWHG LW WR WKH FKDLU ZKLFK LW ZLOO KROG VHFXUHO\ 7R ORZHU \RXUVHOI FDVW RII WKH ZUDFNLQJ SXOO XS VRPH VODFN RQ WKH KDXOLQJ SDUW DQG DOORZ WKH JDQWOLQH WR UHQGHU


.1276 $1' 63/,&(6


6/,1*,1* /$6+,1* $1' 6(,=,1*

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

,, /$6+,1*6

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


.1276 $1' 63/,&(6

DQG XQGHU WKH KRUL]RQWDO DV LQ ILJXUH PDNLQJ VRPH WKUHH RU IRXU WXUQV DQG KDXOLQJ HDFK WDXW DV PDGH 3XW RQ WKUHH RU IRXU IUDSSLQJ WXUQV EHWZHHQ WKH VSDUV DV LQ ILJXUH

H SXOOLQJ HDFK YHU\ WDXW DQG LI QHHG EH EHDWLQJ WKHP LQWR SRVLWLRQ 7KHVH WXUQV HQVXUH WKDW WKRVH RI VWDJH ZLOO


6/,1*,1* /$6+,1* $1' 6(,= ,1*

KROG WKH VSDUV WLJKWO\ WRJHWKHU )LQLVK ZLWK D FORYH KLWFK RQ WKH KRUL]RQWDO VSDU 7R SXW RQ D 'LDJRQDO /DVKLQJ 7KLV VKRXOG QRW EH SXW RQ XQWLO WKH HQGV RI WKH VSDUV FRQFHUQHG KDYH EHHQ VHFXUHO\ IL[HG 3XW D WLJKW 7LPEHU +LWFK GLDJRQDOO\ RYHU WKH FURVVLQJ )LJ D &RQWLQXH ZLWK WKUHH RU IRXU WLJKW WXUQV LQ WKH VDPH GLUHFWLRQ DV WKH KLWFK DQG WKH VDPH QXPEHU DW ULJKW DQJOHV WR LW )LJ E 3XW RQ IUDSSLQJ WXUQV EHWZHHQ WKH VSDUV )LQLVK ZLWK D &ORYH +LWFK RYHU RQH VSDU )LJ F

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


.1276 $1' 63/,&(6

EH QR URRP IRU 7UDSSLQJ WXUQV GULYH LQ ZHGJHV RI ZRRG WR WLJKWHQ WKH ODVKLQJ )LJ


6/,1*,1* /$6+,1* $1' 6 ( , =, 1 *

,,, 6(,=,1*6

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

GRJJHG H\H DQG OHYHU WKHP URXQG WKH EDU XQWLO WKH URSHV DUH WLJKWO\ WRJHWKHU )LJ ,W ZLOO EH IRXQG WKDW JUHDVLQJ


.1276 $1' 63/,&(6

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


6/,1*,1* /$6+,1* $1' 6 ( , = , 1 *

7KH ULGLQJ WXUQV DUH ERXQG WR EH RQH OHVV LQ QXPEHU WKDQ WKH ORZHUV 7XFN WKH HQG RI WKH FRUG XQGHU WKH ODVW RI WKH ORZHU WXUQV DQG KDXO WDXW )LJ D )LQLVK DV IRU D )ODW 6HL]LQJ ZLWK WKH IUDSSLQJ WXUQ DQG &ORYH +LWFK )LJ


.1276 $1' 6 3 / , & ( 6

$ 5DFNLQJ 6HL]LQJ VKRXOG EH XVHG ZKHUH WKH VWUDLQ XSRQ WKH WZR URSHV LV XQHTXDO 6WDUW DV IRU D )ODW 6HL]LQJ ZLWK D WXUQ URXQG ERWK URSHV DQG UHHYH WKH HQG WKURXJK WKH H\H ,QVWHDG RI FRQWLQXLQJ ZLWK URXQG WXUQV GLS WKH HQG EH WZHHQ WKH URSHV DQG WKHQ ILJXUH RI HLJKW LW URXQG WKHP D GR]HQ RU VR WLPHV 'LS WKH HQG XQGHU WKH ODVW WXUQ WDNHQ )LJ D DQG KDXO DOO WKH WXUQV WDXW 1RZ SXW RQ WLJKW URXQG ULGLQJ WXUQV ZRUNLQJ EDFN WRZDUGV WKH H\H DQG DIWHU WKH ODVW RQH DJDLQ GLS WKH HQG EHWZHHQ WKH URSHV )LJ )LQLVK RII DV IRU D )ODW 6HL]LQJ


&+$37(5 6(9(1

0RUH IDQF\ ZRUN PDWV DQG SODLWV , 0$76

DOO URSH ZRUN²KLWFKLQJ VSOLFLQJ IDQF\ ZRUN HWF ²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

WR HDFK RWKHU DW D GLVWDQFH DSDUW HTXDO WR WKH OHQJWK RI PDWWLQJ UHTXLUHG DQG DURXQG WKHP ZLQG WKH URSH ZKLFK


.1276 $1' 6 3 / , & ( 6

ZLOO IRUP WKH ZDUS /D\ WZR SLHFHV RI ZRRG DFURVV WKH ZDUS DQG FRQQHFW $ WR HYHU\ RGG QXPEHUHG VWUDQG DQG

% WR HYHU\ HYHQ QXPEHUHG /LIW XS $ 7KLV DOVR OLIWV HYHU\ DOWHUQDWH VWUDQG ,Q WKH VSDFH EHWZHHQ WKHVH DQG WKH VWUDQGV QRW OLIWHG SDVV D VHFRQG URSH FDOOHG WKH ZHIW DFURVV 'URS $ DQG OLIW % 7KLV DOVR OLIWV WKH RWKHU VHW RI DOWHUQDWH VWUDQGV 3DVV WKH ZHIW EDFN LQ WKH VSDFH EHWZHHQ WKH WZR VHWV RI VWUDQGV &RQWLQXH LQ WKLV IDVKLRQ XQWLO \RX UHDFK WKH RWKHU HQG RI WKH ZDUS (DFK WLPH WKH ZHIW LV SDVVHG LW PXVW EH SUHVVHG KRPH ILUPO\ ZLWK WKH

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

* RYHU + XQGHU LWVHOI DQG RYHU $ 7KLV IRUPV ILJXUH 6LE 1RZ IROORZ URXQG HLWKHU E\ WDNLQJ , EDFN DORQJ WKH SDWK RI ,, SDVVLQJ RYHU RU XQGHU DV LW GRHV RU E\ WDNLQJ ,, EDFN DORQJ WKH SDWK RI , 7KH IROORZLQJ URXQG PD\ EH FRPSOHWHG DV PDQ\ WLPHV DV GHVLUHG )LJXUH F VKRZV RQO\ RQFH )LQLVK E\ OHDYLQJ WKH HQGV XQGHU VWUDQGV ZKHUH WKH\ ZLOO QRW EH VHHQ $ 6TXDUH 0DW 0DNH WKH ORRSV DV VKRZQ LQ ILJXUH D LQ WKH PLGGOH RI WKH URSH 3DVV WKH ELJKW $ RYHU %


025( )$1&< :25. 0$76 $1' 3 / $ , 7 6

DQG XQGHU & EXW GR QRW SDVV ELJKW ' RQ WKH RWKHU VLGH RI WKH VDPH ORRS 0DNH D ORRS RQ HQG , DQG SDVV LW XQGHU HQG ,, )LJ E 3DVV WKH ELJKW Â… EXW QRW WKH ELJKW

)

RYHU ' XQGHU % RYHU & DQG XQGHU $ )RUP

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


.1276 $1' 6 3 / , & ( 6


025( ) $ 1 & < :25. 0$76 $ 1 ' 3 / $ , 7 6

RYHU ' )LJ E )ROORZ HDFK HQG URXQG WKH RWKHU V SDWK RQFH DV LQ ILJXUH F RU PRUH RIWHQ

,, 6(11,76

6HQQLW LV D JHQHUDO WHUP IRU EUDLGHG URSHV LQ ZKLFK WKH VWUDQGV DUH SODLWHG QRW WZLVWHG WRJHWKHU 7KH FRPPRQHVW IRUP XVHG IRU ORJ OLQHV EHOO ODQ\DUGV EHWWHU TXDOLW\ FORWKHV OLQHV HWF LV 5RXQG 6HQQLW ZKLFK PD\ EH PDGH IURP DQ\ HYHQ QXPEHU RI VWUDQGV DOWKRXJK ZLWK VL[ RU PRUH LW ZLOO ORRN EHWWHU IRUPHG URXQG D KHDUW 7KLV KRZHYHU KDV EHHQ RPLWWHG IURP ILJXUH IRU HDVLHU LOOXVWUDWLRQ

:KLS WKH HQGV RI WKH VWUDQGV WRJHWKHU ,W LV SRVVLEOH WR PDNH D URXQG VHQQLW HQG WR D ODLG URSH E\ GLYLGLQJ WKH ODWWHU V VWUDQGV LQWR WKH QXPEHU UHTXLUHG ,Q WKLV HYHQW SXW WKH ZKLSSLQJ RQ WKH ODLG URSH DW WKH SRLQW ZKHUH WKH VHQQLW LV WR FRPPHQFH &URVV HDFK QHLJKERXULQJ SDLU RI VWUDQGV DQG DOORZLQJ WKH HYHQ QXPEHUHG WR KDQJ GRZQ OLIW WKH RGG QXPEHUHG XS RXW RI WKH ZD\ ,Q ILJXUH D WKH


.1276 $1' 6 3 / , & ( 6

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

WKUHH DQG LQVLGH WKUHH DQG ZLWK VL[WHHHQ RXWVLGH IRXU DQG LQVLGH IRXU 7DNH D VWUDQG RI WKH OHIW KDQG ORW URXQG WKH EDFN DQG WKURXJK WKH PLGGOH RI WKH ULJKW KDQG VWUDQGV WR UHWXUQ WR LWV RZQ ORW 5HSHDW VWDJHV DQG DOWHUQDWHO\


025( )$1&< :25. 0$76 $1' 3 / $ , 7 6

XVLQJ HDFK VWUDQG LQ URWDWLRQ 7R EHJLQ ZLWK WKH VHQQLW PD\ EH VRPHZKDW VKDSHOHVV EXW DIWHU D IHZ SDVVHV KDYH EHHQ PDGH LW ZLOO WLJKWHQ XS )ODW 6HQQLW )LJ 6HFXUH WKH VWUDQGV DQ\ QXPEHU

RYHU D URSH RU EDU %ULQJ WKH ULJKW KDQG VWUDQG DFURVV WR

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


.1276 $1' 6 3 / , & ( 6

LQ LWV WXUQ LW EHFRPHV WKH LQVLGH VWUDQG RI WKH RWKHU JURXS 5HSHDW VWDJHV DQG DOWHUQDWHO\


025( )$1&< :25. 0$76 $1' 3/$,76

&RPPRQ 6HQQLW DOVR UHTXLUHV DQ RGG QXPEHU RI VWUDQGV 'LYLGH WKHP LQWR WZR JURXSV RQH ZLWK RQH PRUH VWUDQG WKDQ WKH RWKHU %ULQJ WKH RXWVLGH VWUDQG RI WKH ODUJHU JURXS DFURVV DQG DGG LW WR WKH VPDOOHU ZKLFK RI FRXUVH QRZ EHFRPHV WKH ODUJHU 5HSHDW VWDJH DG LQILQLWXP )LJXUH VKRZV &RPPRQ 6HQQLW EHLQJ PDGH ZLWK WKUHH VWUDQGV

,,, 3/$,76

3ODLWV DUH DOOLHG WR EXW PRUH FRPSOLFDWHG WKDQ VHQQLWV 7KH\ PD\ EH PDGH ZLWK RQH VWUDQG RU ZLWK D QXPEHU 7KH VLPSOHVW VLQJOH VWUDQG SODLW LV WKH &KDLQ 3ODLW $W WKH HQG RI WKH VWUDQG PDNH DQ 2YHUKDQG .QRW EXW XVH D VPDOO ELJKW DW WKH QHDUE\ HQG LQVWHDG RI ERWK HQGV 7KLV ZLOO OHDYH ORRS $ DV LQ ILJXUH D 7KURXJK ORRS $ SXOO D VPDOO ELJKW RI WKH ORRVH HQG % 7KURXJK WKH QHZ ORRS WKXV IRUPHG SXOO DQRWKHU ELJKW RI WKH ORRVH HQG DQG VR RQ WR


.1276 $ 1 ' 63 / , & ( 6

PDNH ILJXUH 7R ILQLVK UXQ WKH HQG WKURXJK WKH ODVW ORRS $ 'RXEOH &KDLQ 3ODLW LV VOLJKWO\ PRUH FRPSOLFDWHG )RUP D )LJXUH RI (LJKW .QRW EXW GR QRW SXOO LW WLJKW )LJ D 'LS WKH HQG , WKURXJK WKH ELJKW % 7KLV OHDYHV D QHZ ELJKW XQGHU $ 'LS WKH HQG WKURXJK WKH QHZ ELJKW 7KLV OHDYHV DQRWKHU QHZ RQH XQGHU % &RQWLQXH GLSSLQJ

WKH HQG WKURXJK HDFK QHZ ELJKW DQG ILQLVK E\ UXQQLQJ WKH HQG WKURXJK WKH ODVW ELJKW DQG KDXOLQJ WDXW )LJ $ 6TXDUH 3ODLW ORRNV OLNH D 6TXDUH 6HQQLW PDGH ZLWK HLJKW VWUDQGV EXW UHTXLUHV RQO\ RQH IRU LWV RZQ PDQXIDFWXUH 0DNH DQ 2YHUKDQG .QRW ZLWK WKH ELJKW DV LQ ILJXUH D 3DVV WKH HQG , WKURXJK WKH NQRW WR PDNH ORRS % 3DVV D ELJKW RI WKH HQG , WKURXJK ORRS $ WR PDNH ORRS & )LJ E 7LJKWHQ ORRS $ E\ SXOOLQJ RQ WKH XSSHU VLGH RI ORRS % 3DVV , WKURXJK ORRS % WR PDNH ORRS ' DV & ZDV PDGH LQ $

7LJKWHQ ORRS % E\ SXOOLQJ RQ WKH XSSHU VLGH RI ORRS & &RQWLQXH SDVVLQJ


025( )$1&< :25. 0$76 $1' 3 / $ , 7 6

D ELJKW RI WKH ORRVH HQG DOWHUQDWHO\ WKURXJK ORRSV WR OHIW DQG ULJKW DQG GUDZLQJ WKH ORRSV WLJKW )LJ F 7R ILQLVK SDVV WKH HQG WKURXJK WKH ODVW ORRS EXW RQH PDGH WKURXJK WKH ODVW ORRS DQG GRZQ EHWZHHQ WKH ODVW WZR PLGGOH VWUDQGV DQG KDXO WDXW 3ODLWV FDQ EH PDGH ZLWK WKUHH RU PRUH VWUDQGV E\ UHSHWL WLRQ RI VRPH RI WKH NQRWV GHVFULEHG HDUOLHU LQ WKLV ERRN

&RQWLQXRXV &URZQLQJ IRU LQVWDQFH L H &URZQ .QRWV IDVKLRQHG RQH DIWHU WKH RWKHU ZLWK WKH VDPH VWUDQGV ZLOO SURGXFH D SODLW ,I DOO WKH &URZQV DUH PDGH LQ WKH VDPH GLUHFWLRQ D VSLUDO GHVLJQ LV DFKLHYHG LI DOWHUQDWHO\ WR ULJKW DQG OHIW D FKDLQ SDWWHUQ &RQWLQXRXV :DOO .QRWWLQJ ZLOO QRW SURGXFH D VDWLVIDFWRU\ SODLW XQOHVV PDGH URXQG D KHDUW EXW &RQWLQXRXV :DOOLQJ DQG &URZQLQJ L H :DOO DQG &URZQ .QRWV DOWHUQDWLQJ ZLOO 6R WRR ZLOO &RQWLQXRXV 'LDPRQG


.1276 $ 1 ' 63/ , & ( 6

DQG &URZQ .QRWWLQJ DOWKRXJK WKLV UHTXLUHV JUHDWHU VNLOO HVSHFLDOO\ LI XVLQJ D QXPEHU RI VWUDQGV $Q 2YHUKDQG .QRW 3ODLW FDQ EH PDGH ZLWK IRXU VL[ RU HLJKW VWUDQGV :KLS WKH HQGV RI WKH VWUDQGV WRJHWKHU DQG QXPEHU WKHP LQ D FLUFOH 7KHQ 2YHUKDQG .QRW SDLUV RI VWUDQGV LQ WKH IROORZLQJ VHTXHQFHV :LWK IRXU VWUDQGV ZLWK ZLWK ZLWK ZLWK HWF :LWK VL[ VWUDQGV ZLWK ZLWK ZLWK HWF :LWK HLJKW VWUDQGV ZLWK ZLWK ZLWK ZLWK DQG VR RQ UHWDLQLQJ WKH VDPH VHTXHQFH ,9 &29(5,1* $ 523(

7KHUH DUH WZR UHDVRQV IRU FRYHULQJ D URSH WR SURWHFW LW DQG WR GHFRUDWH LW )RU WKH IRUPHU SXUSRVH ZRUPLQJ SDU FHOOLQJ DQG VHUYLQJ SURYLGH D JHQHUDO SURWHFWLRQ DJDLQVW WKH ZHDWKHU DQG QRUPDO ZHDU DQG WHDU EXW LI LQ XVH D URSH LV FKDILQJ DJDLQVW VRPHWKLQJ HOVH DGGLWLRQDO VDIHJXDUGV PD\ EH QHHGHG VXFK DV VZRUG RU WKUXP PDWWLQJ EHWZHHQ WKH URSH DQG D KDUG REMHFW +RZHYHU RFFDVLRQV DULVH ZKHQ D URSH²RU HYHQ PRUH OLNHO\ D ZLUH²PD\ EH UXEELQJ DJDLQVW VRPHWKLQJ VRIWHU WKDQ LWVHOI LQ ZKLFK HYHQW LW LV WKHODWWHU WKDW UHTXLUHV SURWHFWLRQ 6DLOV DUH RI FRXUVH DQ REYLRXV H[DPSOH 7KH EHVW ZD\ JHQHUDOO\ WR GHDO ZLWK WKLV SUREOHP LV WR ELQG VRPHWKLQJ UHODWLYHO\ VRIW DQG \LHOGLQJ URXQG WKH URSH RU ZLUH 2QH PDWHULDO RI DQFLHQW XVH IRU WKLV LV %DJ R

:ULQNOH ZKLFK LV VLPSO\ LI VRPHZKDW WHGLRXVO\ PDGH 6HL]H WRJHWKHU WKH HQGV RI D ORQJ SLHFH RI VPDOO FRUGDJH DQG VWUHWFK LW RXW GRXEOHG ,QVHUW D SLHFH RI ZRRG WR DFW DV D VSUHDGHU NHHSLQJ WKH WZR SDUWV DZD\ IURP HDFK RWKHU


025( )$1&< :25. 0$76 $1' 3/$,76

0LGGOH D WKUXP RI VRPH VRIW ODLG VWXII DFURVV WKH WZR OLQHV DQG SXOO LWV HQG XS EHWZHHQ WKHP )LOO XS WKH OHQJWK RI WKH OLQHV ZLWK WKUXPV VR DWWDFKHG )LJ

&RFNVFRPELQJ FDQ EH ERWK GHFRUDWLYH DQG IXQFWLRQDO H J RQ WKH 6SLQGOH (\H GHVFULEHG LQ &KDSWHU :LWK D VLQJOH OLQH LW LV VLPSO\ +DOI +LWFKHV SXW RQ DOWHUQDWHO\ WR ULJKW DQG OHIW DV LQ ILJXUH D *UHDWHU SURWHFWLRQ DQG PRUH HODERUDWH GHFRUDWLRQ DUH JDLQHG E\ XVLQJ PRUH VWUDQGV 6WRSSHU


.1276 $1' 63 / , & ( 6

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

EHU RI RXWVLGH \DUQV DQG PDNH DQ HYHQ QXPEHU RI QHWWOHV 6WRS WKHVH QHWWOHV EDFN RQ WKH VWDQGLQJ SDUW 6FUDSH WKH UHPDLQLQJ \DUQV GRZQ WR D WDSHULQJ KHDUW DQG PDUO WKHP GRZQ YHU\ WLJKWO\ ZLWK WZLQH 'LYLGH WKH QHWWOHV OD\LQJ HYHU\ DOWHUQDWH RQH DORQJ WKH KHDUW DQG DOORZLQJ WKH RWKHUV


025( )$1&< :25. 0$76 $1' 3/$,76

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


.1276 $1' 63/,&(6

+HUH DJDLQ WKH SRLQW PD\ EH VWDUWHG ZLWK D IDQF\ NQRW DQG WKH ILUVW URZ RI +DOI +LWFKHV PDGH WKURXJK LWV ORZHVW WXUQ ,I +DOI +LWFKLQJ LV WR ORRN VPDUW KRZHYHU LW PXVW EH WLJKWO\ PDGH DQG LW PD\ EH IRXQG WKDW D QHHGOH LV QHFHVVDU\ WR SDVV WKH HQG WKURXJK WDXWO\ KLWFKHG ELJKWV 7KH PRVW VDWLVIDFWRU\ NLQG WR XVH LV D VDLOPDNHU V QHHGOH FRPSOHWH ZLWK OHDWKHU SDOP

+DOI +LWFKLQJ LV DOVR VXLWDEOH DV D GHFRUDWLYH²DQG WR VRPH H[WHQW SURWHFWLYH²FRYHULQJ IRU ERWWOHV MDUV DQG RWKHU F\OLQGULFDO REMHFWV 2Q WKHVH LW LV SUREDEO\ EHWWHU WR VWDUW ZLWK D GHFRUDWLYH NQRW RU D OHQJWK RI WLJKW FKDLQ SODLWLQJ LQ RUGHU WR SURYLGH D ILUP EDVH RQ ZKLFK WR DQFKRU WKH ILUVW URZ RI KLWFKHV $QRWKHU VLPLODU DQG VLPSO\ PDGH FRYHULQJ LV 6SDQLVK +LWFKLQJ VXLWDEOH IRU XVH ZLWK VPDOO FRUG DOWKRXJK XQOLNH +DOI +LWFKLQJ LW HPSOR\V D QXPEHU RI VHSDUDWH VWUDQGV QRW RQH FRQWLQXRXV SLHFH :LWK WKH HQG RI RQH VWUDQG² FDOOHG WKH ZDUS²PLGGOH D QXPEHU RI KLWFKLQJ VWUDQGV DURXQG WKH URSH RU RWKHU REMHFW 7DNH WKH ZDUS URXQG DJDLQ D VKRUW GLVWDQFH EHORZ LWV ILUVW FLUFXLW DQG ZLWK HDFK RI WKH


025( )$1&< :25. 0$76 $1' 3/$,76

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

VXLWDEOH IRU DQ\ F\OLQGULFDO REMHFW DQG IRU WKH PLGGOH RU HQG RI D URSH ,W UHTXLUHV DQ HYHQ QXPEHU RI VWUDQGV²OLNH 5RXQG 6HQQLW WR ZKLFK LW LV UHODWHG²EXW WKHVH PD\ FRQVLVW RI RQH WZR WKUHH RU DQ\ QXPEHU RI LQGLYLGXDO SDUWV 7KH LOOXVWUDWLRQV VKRZ IRXU VWUDQGV HDFK GRXEOHG LQ XVH ZKLFK


.1276 $1' 63/,&(6

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

RYHU DQG RYHU RYHU DQG RYHU 1RZ RYHU ZLOO FRPSOHWH WKH EHJLQQLQJ RI WKH QH[W VHTXHQFH

&RQWLQXRXV &URZQ :DOO DQG 'LDPRQG .QRWWLQJ FDQ HDFK LQGLYLGXDOO\ RU LQ FRPELQDWLRQ ZLWK RQH RI WKH RWKHUV EH XVHG WR FRYHU D URSH 6WRS WKH HQGV RI WKH VWUDQGV WR WKH URSH ZKHUH WKH FRYHULQJ LV WR FRPPHQFH DQG WKHQ ZLWK WKHP PDNH D VHTXHQFH RI WKH FKRVHQ NQRWV


025( )$1&< :25. 0$76 $1' 3/$,76

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²XVH D SULFNHU RI VRPH VRUW WR GR LW²DW ULJKW DQJOHV WR HDFK RWKHU 3XW D OLJKW ZKLSSLQJ RQ WKHP DQG FURZQ WKHP DV VKRZQ LQ ILJXUH D 7DNH WKH IRXU HQGV RI FRUG VSLUDOO\ GRZQ WR WKH RWKHU HQG RI WKH PRXVH DQG ZKLS WKHP WHPSRUDULO\ &URZQ WKH HQGV XSZDUGV ULJKW KDQGHG )LJ E :RUN WKH FRUGV EDFN WR WKH WRS RI WKH PRXVH E\ WXFNLQJ HDFK DOWHUQDWHO\ XQGHU DQG RYHU WKH VWUDQGV RI WKH VSLUDO DOUHDG\


.1276 $1' 63/,&(6

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

WXFN WKHP RXW RI VLJKW DIWHU WULPPLQJ WKHP FXW WKH VHL]LQJV DQG GUDZ RXW WKH ZHDYH HYHQO\ 9DULDWLRQV WR WKH SDWWHUQ


025( )$1&< :25. 0$76 $1' 3/$,76

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


.1276 $1' 63/,&(6

PRUH WXUQV ZLOO EH QHHGHG WR FRYHU LW HIIHFWLYHO\ DQG WKH

LQFUHDVLQJ SURFHVV FDQ EH UHSHDWHG DV RIWHQ DV QHFHVVDU\ EHIRUH FRPPHQFLQJ WKH IROORZLQJ URXQG $V ZLWK PDQ\ WKLQJV SUDFWLFDO H[SHULPHQW LV WKH EHVW WHDFKHU

7R PDNH D IRXU SDUW 7XUN V +HDG 0DNH DQ 2YHUKDQG .QRW DV LQ ILJXUH D &DUU\ WKH HQG , URXQG WR SDVV XQGHU DW $ DQG % DV VKRZQ LQ ILJXUH E &DUU\ WKH

HQG , URXQG DJDLQ WR SDVV RYHU DW & XQGHU DW ' DQG RYHU DW ( )ROORZ URXQG RQFH RU WZLFH 7R PDNH PRUH FRPSOLFDWHG NQRWV HVSHFLDOO\ LI WKH\ DUH WR EH ORQJ RQHV WKH VLPSOHU ZD\ LV WR XVH HLWKHU VWXGV RU D

IRUPHU $V WKH VWXGV KDYH WR EH GULYHQ LQWR WKH REMHFW WR EH FRYHUHG WKLV SUHFOXGHV WKHLU XVH RQ PHWDO EXW D IRUPHU

FDQ EH XVHG RQ DQ REMHFW RI DQ\ PDWHULDO


025( )$1&< :25. 0$76 $1' 3/$,76

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

HLWKHU HQG PDNH D VXFFHVVLRQ RI RYHU FURVVLQJV 7DNH WKH URSH SDVW WKH VWDUWLQJ VWXG DQG URXQG WKH RQH EH\RQG LW 0DNH WKH VDPH QXPEHU RI VSLUDO WXUQV DV SUHYLRXVO\ WR WKH QH[W RSSRVLWH QXPEHU VWXG DW WKH RWKHU HQG RI WKH NQRW SDVVLQJ RYHU ZKHUH WKH SUHFHGLQJ WXUQ SDVVHG XQGHU DQG XQGHU ZKHUH LW SDVVHG RYHU 7DNH WKH URSH URXQG WKH

RSSRVLWH QXPEHU VWXG DV LQ VWDJH DQG PDNH VSLUDO WXUQV EDFN WR WKH VWDUW DJDLQ SDVVLQJ RYHU RU XQGHU LQ FRQWUDVW WR WKH SRVLWLRQ RI WKH SUHFHGLQJ WXUQ &RQWLQXH LQ WKLV IDVKLRQ IURP RQH HQG RI WKH NQRW WR WKH RWKHU XQWLO DOO WKH VWXGV KDYH EHHQ XVHG ZKHQ WKH ILUVW VWDJH ZLOO KDYH $V GHYLVHG E\ &DSWDLQ ( : 'HQLVRQ 5 1


.1276 $1' 63/,&(6

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


025( )$1&< :25. 0$76 $1' 3/$,76

ULJKW DQG WKHQ URXQG XQGHU WR WKH QHDU VLGH L H IURP /HIW +DQG 1R WR 5LJKW +DQG 1R WR /HIW +DQG 1R WR 5LJKW +DQG 1R HWF SDVVLQJ LW HLWKHU RYHU RU XQGHU HDFK VWUDQG LW FURVVHV LQ WKH RSSRVLWH ZD\ WR WKDW LQ ZKLFK WKH SUHYLRXV WXUQ FURVVHG WKDW VWUDQG *HQHUDOO\ WKLV PHDQV WKDW WKH ZRUNLQJ HQG VLPSO\ JRHV XQGHU DQG RYHU VXFFHVVLYH VWUDQGV EXW RFFDVLRQDOO\ \RX ZLOO ILQG WKDW \RX KDYH WR

PDNH WZR VXFFHVVLYH RYHUV WR ILW LQ ZLWK WKH OD\ RI WKH SUHYLRXV WXUQ 7KXV LQ ILJXUH F WKH HQG KDV SDVVHG RYHU XQGHU RYHU WR /HIW +DQG 1R SLQ DQG ZLOO QRZ KDYH WR JR RYHU DJDLQ WKHQ XQGHU DQG RYHU WR 5LJKW +DQG 1R EHFDXVH WKH SUHYLRXV WXUQ ZHQW XQGHU WXUQ , :KHQ WKH ZRUNLQJ HQG KDV UHDFKHG WKH ODVW OHIW KDQG SLQ


.1276 $1' 63/,&(6

DV LQ ILJXUH , G WKH NQRW LV FRPSOHWH UHDG\ IRU GRXEOLQJ 7KH SLQV DUH QRZ UHPRYHG WKH ODVKLQJV ZKLFK KROG WKH

IRUPHU WR WKH REMHFW DUH FXW DQG WKH IRUPHU LV VOLG RXW OHDYLQJ WKH NQRW ORRVHO\ EXW FRUUHFWO\ ZRYHQ URXQG WKH REMHFW $OO WKDW UHPDLQV LV WR GRXEOH RU WUHEOH LW LI GHVLUHG DQG WR ZRUN LW WLJKW ,Q GHVFULSWLRQ WKH SURFHVV PD\ VHHP FRPSOLFDWHG EXW LW LV IDLUO\ VWUDLJKWIRUZDUG LQ SUDFWLFH 8VLQJ DQ HYHQ QXPEHU RI SLQV LQ HDFK URZ ZLOO SURGXFH D 7XUN V +HDG ZLWK DQ XQHYHQ QXPEHU RI WXUQV DQG YLFH YHUVD


&+$37(5 ( , * + 7

%ORFNV DQG WDFNOHV , %/2&.6

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


.1276 $ 1 ' 6 3 / , & ( 6

LQVHUWHG GRZQ WKURXJK HLWKHU VLGH RI WKH VKHOO RIWHQ ZLWK RQH IRUN ORQJHU WKDQ WKH RWKHU VR WKDW LW SURMHFWV DV D OXJ WR ZKLFK WKH VWDQGLQJ HQG RI WKH WDFNOH PD\ EH VKDFNOHG &OXPS EORFNV VRPHZKDW RXW RI GDWH QRZDGD\V DUH YHU\ URXQG VTXDW EORFNV FXW IURP D VLQJOH SLHFH RI ZRRG 6ZLYHO EORFNV DUH ILWWHG ZLWK D VZLYHO KRRN RU H\H DW WKH FURZQ VR WKDW WKH\ PD\ VOHZ LI QHFHVVDU\ ZLWKRXW WZLVWLQJ WKH URSHV URYH WKURXJK WKHP $ VQDWFK EORFN KDV D SRUWLRQ RI WKH VKHOO QHDU WKH FURZQ FXW DZD\ RQ RQH VLGH DQG FRYHUHG ZLWK D KLQJHG FODPS ZKLFK LV NHSW LQ SODFH ZLWK D VSOLW SLQ RU VSULQJ 7KLV DOORZV WKH PLGGOH RI D URSH WR EH SODFHG RYHU WKH VKHDYH ZLWKRXW WKH QHFHVVLW\ RI UHHYLQJ WKH HQG WKURXJK WKH VZDOORZ )LJ $ 1RQ WRSSOLQJ EORFN LV D W\SH XVHG PDLQO\ RQ OLIHERDW IDOOV ,WV WDLO LV GHFLGHGO\ KHDYLHU WKDQ LWV FURZQ VR WKDW LW DOZD\V VWD\V FURZQ XSZDUGV ,W KDV QR FRQQH[LRQ ZLWK D 7DLO %ORFN ZKLFK LV VLPSO\ D FRPPRQ EORFN ZLWK D WDLO RI URSH LQVWHDG RI DQ H\H KRRN RU VKDFNOH DW WKH FURZQ )LJ 6LVWHU EORFNV DQG ILGGOH EORFNV DUH UDUHO\ IRXQG RXWVLGH \DFKWV 7KH\ DUH ERWK GRXEOH EORFNV ZLWK WKH VKHDYHV DU UDQJHG YHUWLFDOO\ RQH RYHU WKH RWKHU LQVWHDG RI VLGH E\ VLGH LQ RUGHU WR VDYH VSDFH ,Q D VLVWHU EORFN WKH VKHDYHV DUH RI WKH VDPH VL]H LQ D ILGGOH EORFN WKH XSSHU LV ODUJHU WKDQ WKH ORZHU LQ RUGHU WR SUHYHQW WKH URSH SDVVLQJ RYHU LW IURP FKDI LQJ DJDLQVW WKDW SDVVLQJ RYHU LWV SDUWQHU %RWK W\SHV RI EORFN DUH QRZDGD\V LQWHUQDOO\ LURQ ERXQG DQG XVXDOO\ ILWWHG ZLWK D KRRN DW WKH FURZQ DQG D EHFNHW DW WKH WDLO 7R ILW D VWURS WR D EORFN 0DNH D JURPPHW RI URSH RU ZLUH ORQJ HQRXJK WR SDVV URXQG WKH EORFN DQG WKH WKLPEOH ZKLFK LV WR EH VHFXUHG WR LWV FURZQ RU SRVVLEO\ URXQG D VSDU WR ZKLFK WKH EORFN LV WR EH VHPL SHUPDQHQWO\ VHFXUHG


%/2&.6 $ 1 ' 7$&./(6

:RUP SDUFHO DQG VHUYH WKH JURPPHW DQG WR PDNH D UHDOO\ ILUVW FODVV MRE RI LW VHZ RQ WLJKWO\ D OHDWKHU MDFNHW RYHU WKH VHUYLQJ 3ODFH WKH EORFN DQG WKLPEOH LQVLGH WKH VWURS DQG VHFXUH WKH ZKROH E\ ERWK HQGV HLWKHU YHUWLFDOO\ RU KRUL]RQWDOO\ VR WKDW HYHU\WKLQJ LV KHOG LQ SRVLWLRQ 3XW D WLJKW 5RXQG 6HL]LQJ RQ WKH WZR SDUWV RI WKH VWURS EHWZHHQ WKH WKLPEOH RU VSDU DQG WKH EORFN )LJ

7R ILW D GRXEOH VWURS WR D EORFN 0DNH D JURPPHW DV LQ VWDJH DERYH EXW RI GRXEOH WKH OHQJWK 'RXEOH LW LQWR WZR HTXDO ELJKWV DQG VHL]H WKHP DW WKH FURZQ &DUU\ RXW VWDJHV DQG DV DERYH H[FHSW WKDW WKHUH ZLOO EH IRXU SDUWV RI WKH VWURS WR VHL]H QRW WZR

,, 7$&./(6

%ORFNV KDYH WZR GLIIHUHQW IXQFWLRQV 2QH LV WR DOWHU WKH GLUHFWLRQ RI D URSH VR WKDW LW FDQ EH OHG WR D ZLQFK RU WR D SODFH ZKHUH D PDQ FDQ KDXO RQ LW PRUH HDVLO\ $OPRVW DQ\ W\SH RI EORFN FDQ EH XVHG WKXV DV D /HDGLQJ %ORFN EXW UHPHPEHU WKDW LW ZLOO KDYH WR EH IL[HG E\ D VKDFNOH KRRN


.1276 $1' 63/,&(6

KLWFK RU VSOLFH ILUPO\ HQRXJK WR WDNH WKH VWUDLQ WKDW ZLOO FRPH RQ LW )LJ 7KH PRVW XQXVXDO WXJ RI ZDU FRQWHVW , HYHU WRRN SDUW LQ ²XQVXFFHVVIXOO\ , UHJUHW WR DGG²PDGH LQJHQLRXV XVH RI OHDGLQJ EORFNV 7KH YHQXH ZDV WKH IRUH SDUW RI D UHODWLYHO\

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

7KH OLIWLQJ SRZHU RI WDFNOHV 7KH VHFRQG IXQFWLRQ RI EORFNV LV WR FRPELQH ZLWK RQH DQRWKHU WR IRUP WDFNOHV RU SXUFKDVHV ZKLFK ZLOO LQFUHDVH


%/2&.6 $1' 7$&./(6

WKH OLIWLQJ RU KDXOLQJ SRZHU RI \RXU DUP FDSVWDQ ZLQFK ZLQGODVV HWF ,Q DOO WDFNOHV H[FHSW WKH 6LQJOH :KLS²ZKLFK RIIHUV PHUHO\ D PRUH FRQYHQLHQW KDXOLQJ SRVLWLRQ EXW QR JDLQ LQ SRZHU²DW OHDVW RQH EORFN PRYHV ZLWK WKH ORDG DQG WKH SRZHU UDWLR RI DQ\ WDFNOH LV WKH QXPEHU RI SDUWV RI URSH DW WKLV EORFN :KHUH D URSH HQWHUV D EORFN LV FRXQWHG DV RQH SDUW ZKHUH LW OHDYHV DV DQRWKHU DQG LI WKH VWDQGLQJ HQG RI WKH URSH LV VHFXUHG WR WKH PRYLQJ EORFN WKDW DOVR FRXQWV DV RQH SDUW 7\SHV RI 3XUFKDVH 6LQJOH ZKLS $ URSH URYH WKURXJK D VLQJOH IL[HG EORFN ZLWK RQH HQG DV WKH KDXOLQJ SDUW DQG WKH RWKHU DV WKH

)LJ

VWDQGLQJ HQG VHFXUHG WR WKH ORDG WR EH OLIWHG 3RZHU JDLQHG QLO 'RXEOH ZKLS )LJ 3RZHU JDLQHG GRXEOH *XQ WDFNOH 7ZR VLQJOH EORFNV ZLWK WKH VWDQGLQJ HQG RI


.1276 $1' 63/,&(6

WKH URSH PDGH IDVW WR RQH 3RZHU JDLQHG GRXEOH RU WKUHH WLPHV LI WKH VWDQGLQJ HQG EORFN LV WKH PRYLQJ RQH :DWFK RU /XII 7DFNOH $ GRXEOH EORFN DQG D VLQJOH WR ZKLFK WKH VWDQGLQJ HQG LV VHFXUHG 3RZHU JDLQHG WKUHH WLPHV RU IRXU LI WKH GRXEOH EORFN PRYHV -LJJHU RU +DQG\ %LOO\ )LJ 7KLV LV D /XII 7DFNOH

EXW WKH GRXEOH EORFN KDV D WDLO LQVWHDG RI D KRRN IRU VHFXULQJ RQ DQRWKHU URSH DV VKRZQ LQ WKH LOOXVWUDWLRQ ,W LV RIWHQ XVHG WR REWDLQ JUHDWHU KDXOLQJ SRZHU RQ DQRWKHU SXUFKDVH $ 5XQQHU 7KLV DOZD\V XVHG LQ FRQMXQFWLRQ ZLWK DQRWKHU SXUFKDVH LV OLNH D VLQJOH ZKLS EXW JLYHV GRXEOHG SRZHU


%/2&.6 $1' 7$&./(6

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² WKH UHJXODWLRQV LQ GRFNV UHJDUGLQJ WKH KDQGOLQJ RI FDUJR GHPDQG TXDGUXSOLQJ LW²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


.1276 $1' 63/,&(6

WDFNOH ZLOO EHDU 7KXV WKH OLIWLQJ FDSDFLW\ RI D /XII 7DFNOH ULJJHG ZLWK O_ LQ 1\ORQ LV QRW ,E PXOWLSOLHG E\ WKUHH HTXDOV ,E EXW ,E OHVV WKUHH WLPHV WHQ SHU FHQW ZKLFK JLYHV ,E 7KH VDIH ZRUNLQJ ORDG LV WKHUHIRUH ,E DW ZKLFK WKH ORDG RQ WKH VWDQGLQJ HQG RI WKH WDFNOH ZRXOG EH ,E HTXDOV ,E 7KH ODWWHU LV WKH ORDG ZKLFK WKH VKDFNOH KRRN RU URSH WKDW VHFXUHV WKH VWDQGLQJ EORFN PXVW EH FDSDEOH RI VDIHO\ VXVWDLQLQJ LI \RX XVH \RXU WDFNOH WR LWV VDIH OLPLW


3$57 7:2

67((/ :,5( 523(



&+$37(5 1,1(

7KH FRQVWUXFWLRQ DQG FDUH RI ZLUH URSHV , 7<3(6 2) :,5( 523(

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


.1276 $1' 63/,&(6

URXQG D ILEUH KHDUW DQG RWKHUV ZKHUH VL[ HQFLUFOH D FRUH ZKLFK LV LQ HIIHFW D VPDOOHU ZLUH URSH RQ LWV RZQ DFFRXQW )LJV D DQG E 8QOLNH WKH \DUQV LQ D KHPSHQ URSH ZKLFK DUH RI D VWDQGDUG WKLFNQHVV WKH WKUHDGV ZKLFK PDNH XS WKH VWUDQGV RI ZLUH URSH YDU\ FRQVLGHUDEO\ LQ GLDPHWHU 7KH VL]H RI D URSH² ZKLFK DV ZLWK KHPSHQ URSHV LV WKH PHDVXUHPHQW RI LWV FLUFXPIHUHQFH²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

8VXDOO\ WKH WKUHDGV KDYH D OHIW KDQGHG WZLVW LQ FRQWUDVW WR WKH ULJKW KDQG UXQ RI WKH VWUDQGV DQG D URSH VR FRQVWUXF WHG LV VDLG WR KDYH DQ 2UGLQDU\ RU 5HJXODU /D\ EXW VRPH WLPHV WKH WKUHDGV KDYH WKH VDPH WZLVW DV WKH VWUDQGV 7KLV


&216758&7,21 $1' &$5( 2) :,5( 523(6

FRQVWUXFWLRQ NQRZQ DV /DQJ V /D\ RIIHUV D EHWWHU ZHDULQJ VXUIDFH ZKHQ LQ XVH EXW VKRXOG RQO\ EH LQVWDOOHG E\ DQ H[SHUW DQG QRW HPSOR\HG ZKHUH WKHUH LV DQ\ GDQJHU RI WKH ORDG EHLQJ DOORZHG WR URWDWH 7KH HDVLHVW ZLUH IRU D QRYLFH WR KDQGOH LV RQH ZLWK D 3UH IRUPHG RU 7UXH /D\ ,Q WKLV URSH WKH WKUHDGV DQG VWUDQGV DUH VKDSHG EHIRUH OD\LQJ XS WR WKH KHOL[ WKH\ ZLOO UHTXLUH LQ WKH FRPSOHWHG URSH 7KLV LV VDLG WR PDNH WKH URSH PRUH UHVLVWDQW WR NLQNLQJ WR JLYH LW D ORQJHU OLIH DQG WR SODFH D PRUH EDODQFHG ORDG RQ WKH VWUDQGV EXW SHUKDSV LWV JUHDWHVW DWWUDFWLRQ LV WKDW WKH VWUDQGV GR QRW IO\ DSDUW ZKHQ FXW ,Q ZLUH URSH RI QRUPDO FRQVWUXFWLRQ WKH VWUDQGV DQG WKH WKUHDGV ZLWKLQ WKH VWUDQGV DUH OLNH VWHHO VSULQJV XQGHU WHQVLRQ VR WKDW XQOHVV WKH HQG RI WKH URSH LV ZKLSSHG WKH\ ZLOO VHSDUDWH RIWHQ YLROHQWO\ $V ZH VKDOO VHH LQ WKH QH[W FKDSWHU WKLV SRVHV FHUWDLQ SUREOHPV LQ VSOLFLQJ ZKLFK ZRXOG QRW EH HQFRXQWHUHG ZLWK SUH IRUPHG URSH )XUWKHU ZKHQ D WKUHDG LQ WKH ODWWHU EUHDNV LW OLHV IODW ,W QHLWKHU WKUXVWV LQWR DGMDFHQW ZLUHV WKXV GDPDJLQJ WKHP QRU GRHV LW SURMHFW RXWZDUG OLNH D QHHGOH UHDG\ WR GLJ LQWR ‡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


.1276 $1' 6 3 / , & ( 6

,, 81&2,/,1* $1' &2,/,1*

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

,I LW LV WRR KHDY\ RU LQIOH[LEOH IRU WKLV WUHDWPHQW LW PXVW EH KHOG VWLOO DQG URWDWHG DV WKH ZLUH LV WDNHQ RII DOZD\V IURP WKH RXWVLGH 1HYHU VWDUW ZLWK WKH LQVLGH HQG -XVW KRZ WKLV LV WR EH GRQH GHSHQGV XSRQ ZKHWKHU WKH URSH DUULYHV SDFNHG LQ D FRLO RU RQ D UHHO ,I WKH ODWWHU SDVV D VKDIW WKURXJK WKH UHHO DQG SODFH LW RQ VWDQGDUGV DV LQ ILJXUH 7KHQ FXW WKH RXWVLGH ODVKLQJV RQO\ DQG KDXO RII WKH URSH DSSO\LQJ VRPH IRUP RI EUDNH WR WKH UHHO WR HQVXUH WKDW WKH URSH QHYHU VODFNHQV


&216758&7,21 $1' &$5( 2) :,5( 523(6

$ FRLO RQ WKH RWKHU KDQG QHHGV WR EH ODVKHG GRZQ RQ WR VRPH IRUP RI WXUQWDEOH ZLWK WZR VWURQJ EDWWHQV VHFXUHG FURVVZLVH RQ WRS RI LW WR SUHYHQW DQ\ WXUQV IURP VSULQJLQJ RII DQG NLQNLQJ 7KH WXUQWDEOH OLNH WKH UHHO PHQWLRQHG DERYH VKRXOG EH EUDNHG WR NHHS WKH URSH WLJKW

,I QR WXUQWDEOH LV DYDLODEOH ODVK WZR VXEVWDQWLDO SLHFHV RI ZRRG WRJHWKHU WR IRUP D FURVV DQG VHFXUH WZR EULGOHV RI VWURQJ URSH WR WKHP ZLWK WKH IRXU URSHV HQGV HDFK IDVWHQHG VHFXUHO\ WR D VHSDUDWH OHJ DERXW KDOI ZD\ EHWZHHQ LWV HQG


.1276 $1' 63/,&(6

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

,,, &877,1* $ :,5( 523(

+DYLQJ GHFLGHG ZKHUH \RX ZDQW WR FXW WKH URSH SXW D VWRXW \DUQ ZKLSSLQJ RQ HLWKHU VLGH RI WKDW SRLQW 7KLV LV HVVHQWLDO


&216758&7,21 $1' &$5( 2) :,5( 523(6

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


.1276 $1' 6 3 / , & ( 6

FRYHUHG KRZHYHU DUH H[WUHPHO\ GLIILFXOW WR VSOLFH DQG LI ILWWLQJV VXFK DV H\HV DUH UHTXLUHG RQ WKHP SXWWLQJ WKHP WKHUH LV D IDFWRU\ MRE EXW WKH IDFWRU\ ZLOO JDXJH WKH ILWWLQJ WR WKH URSH PDNLQJ D VHDO ZKLFK ZLOO KDYH JUHDWHU VWUHQJWK WKDQ DQ\ VSOLFH 7KRVH ZKRVH DFTXDLQWDQFH ZLWK JDOYDQL]LQJ LV FRQILQHG WR REMHFWV VXFK DV GXVWELQV RQ ZKLFK WKH ]LQF FRDWLQJ LV UHODWLYHO\ WKLFN PXVW UHPHPEHU WKDW RQ VWHHO ZLUH URSHV LW LV YHU\ WKLQ DQG FDQ HDVLO\ EH NQRFNHG RII E\ UXQQLQJ WKH URSHV WKURXJK EORFNV ZKRVH VKHDYHV DUH HLWKHU WRR URXJK VXUIDFHG RU WRR VPDOO 7KHUHIRUH VPRRWK VKHDYHV VXUIDFHV ZLWK HPHU\ SDSHU DQG DOZD\V XVH DGHTXDWHO\ VL]HG EORFNV 7KH PLQLPXP VL]H RI EORFN WR XVH IRU GLIIHUHQW URSHV LV JLYHQ LQ WKH IROORZLQJ WDEOH


&216758&7,21 $1' &$5( 2) :,5( 523(6

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

7KH UHODWLYH VWUHQJWKV RI YDULRXV URSHV 7R HQDEOH D TXLFN DSSUR[LPDWH FRPSDULVRQ WR EH PDGH EHWZHHQ WKH EUHDNLQJ VWUHQJWKV DQG ZHLJKWV RI YDULRXV W\SHV


.1276 $1' 6 3 / , & ( 6

RI URSH WKH WDEOH EHORZ VKRZV WKH VPDOOHVW VL]H UHTXLUHG IRU D SDUWLFXODU ORDG EDVHG RQ WKH SULQFLSOH WKDW QR URSH VKRXOG EH XVHG XQGHU D VWUDLQ HTXDO WR PRUH WKDQ KDOI LWV EUHDNLQJ VWUHQJWK 7KH ZHLJKWV JLYHQ DUH LQ HYHU\ FDVH IRU IHHW RI URSH


&+$37(5 7(1

:LUH VSOLFLQJ , *(1(5$/ 5(0$5.6

7KH WRROV QHHGHG IRU ZLUH VSOLFLQJ DUH +DPPHU 7XFNHU IRU VSOLFLQJ VPDOO VWUDQGV 5RXQG PDUOLQH VSLNH &ROG FKLVHO 3DLU RI VWHHO ZLUH FXWWHUV 9LFH )ODW PDUOLQH VSLNH 6HUYLQJ PDOOHW SUHIHUDEO\ RQH ZLWK D VPDOO UHHO DWWDFKHG WR WKH KDQGOH WR KROG VHL]LQJ ZLUH

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

XVH LQ IRUPLQJ DQ H\H 7KHLU JUHDW DWWUDFWLRQ LV WKDW LW WDNHV


.1276 $1' 6 3 / , & ( 6

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

,W ZLOO RIWHQ EH IRXQG PRUH FRQYHQLHQW WR ZRUN RQ D VSOLFH LI WKH ZLUH LV VXVSHQGHG KRUL]RQWDOO\ DW DERXW FKHVW KHLJKW EXW HVSHFLDOO\ LI WKH ZLUH LV D ODUJH RQH WKH ILUVW URXQG RI WXFNV VKRXOG EH PDGH ZLWK LW KHOG VHFXUHO\ LQ D YLFH ,W LV RIWHQ HDVLHU WR GULYH D VSLNH WKURXJK D ZLUH LI WKH ODWWHU LV UHVWLQJ RQ VRPHWKLQJ VROLG :KHQ WXFNLQJ RQH VWUDQG XQGHU DQRWKHU WU\ WR DYRLG GLVWRUWLQJ WKHLU QDWXUDO OD\ E\ WXFNLQJ WKH HQG WRR FORVH WR


:,5( 63/,&,1*

WKH SRLQW ZKHUH LW HPHUJHV IURP XQGHU WKH SUHYLRXV VWUDQG ,W LV EHWWHU WR SDVV WKH VSLNH XQGHU WKH VWUDQG ZKHUH WKH WXFN LV WR EH PDGH DQG WKHQ ZRUN LW GRZQ WKH ZLUH IRU D IHZ LQFKHV ZLWK D VSLUDO PRYHPHQW 1RZ SDVV WKH HQG WKURXJK DQG ZRUN WKH VSLNH EDFN WR LWV RULJLQDO SRVLWLRQ DW WKH VDPH WLPH SXOOLQJ WKH VWUDQG WKURXJK UHPRYH WKH VSLNH DQG FRP SOHWH WKH MRE RI SXOOLQJ WKH VWUDQG WLJKW ,Q DQ\ FDVH LQ ZLUH VSOLFLQJ QHYHU UHPRYH WKH VSLNH IURP XQGHU D VWUDQG EHIRUH \RX KDYH SDVVHG WKH HQG WKURXJK HYHQ WKRXJK LQ VSOLFLQJ KHPSHQ URSH \RX FDQ IRUFH D VWUDQG WKURXJK ZLWKRXW SHU KDSV XVLQJ D VSLNH DW DOO $IWHU PDNLQJ WKH ILUVW URXQG RI WXFNV VRPH SHRSOH KROG DOO WKH HQGV WRJHWKHU DORQJ WKH VWDQGLQJ SDUW DQG EHDW WKH VSOLFH ZLWK D VSLNH WR PDNH HYHU\WKLQJ WLJKW 7KLV VKRXOG QRW EH GRQH ZLWK DQ\ VXFFHHGLQJ WXFNV QRU VKRXOG WKH VWUDQGV EH KDPPHUHG EDFN DV IDU DV WKH\ ZLOO JR 5DWKHU WKH VHFRQG DQG IROORZLQJ WXFNV VKRXOG EH DOORZHG WR OLH LQ D ORQJ QDWXUDO OD\ ZLWKRXW EHLQJ LQ DQ\ ZD\ ORRVH ,Q DQ\ VSOLFH WKH HQG RI WKH URSH PXVW EH XQODLG WR D FHUWDLQ SRLQW LQ RUGHU WR SURYLGH HQGV ORQJ HQRXJK WR PDNH WKH QHFHVVDU\ WXFNV :LWK D KHPSHQ URSH D ZKLSSLQJ DW WKLV SRLQW LV QRW DOZD\V QHFHVVDU\ ZLWK D ZLUH URSH LW LV HVVHQWLDO ,W VKRXOG EH DERXW LQ ORQJ PDGH ZLWK URSH \DUQ RU EHWWHU VWLOO PDUOLQH DQG VKRXOG EH SXW RQ DZD\ IURP WKH HQG RI WKH URSH $ :HVW &RXQWU\ :KLSSLQJ ZLOO SUREDEO\ EH IRXQG WR EH WKH HDVLHVW WR PDNH

%HIRUH FXWWLQJ WKH ZKLSSLQJ DW WKH HQG RI WKH URSH DQG DOORZLQJ WKH VWUDQGV WR XQOD\ WR WKH QHZ RQH \RX KDYH SXW RQ KRZHYHU SXW DQRWKHU OLJKW VHL]LQJ DERXW LQ IURP WKH HQG XQOD\ RQO\ WR WKLV DQG WKHQ ZKLS WKH HQG RI HDFK LQGLYL GXDO VWUDQG ,I WKLV LV QRW GRQH HDFK VWUDQG ZLOO RSHQ RXW DQG XQOD\ ZKHQ WKH HQG ZKLSSLQJ LV FXW 2QFH WKH VWUDQG ZKLSSLQJV DUH RQ WKH WHPSRUDU\ VHL]LQJ FDQ EH UHPRYHG


.1276 $1' 63/,&(6

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

7KH LQFOXVLRQ RU RWKHUZLVH RI D WKLPEOH PDNHV QR GLIIHUHQFH WR WKH WXFNLQJ 7R PDNH D OHIW KDQGHG QDYDO 6SOLFH ,Q WKLV VSOLFH DQG LQ WKRVH WKDW IROORZ WKH HQGV DUH QXPEHUHG LQ $UDELF QXPHUDOV DQG WKH VWUDQGV XQGHU ZKLFK WKH\ DUH WXFNHG LQ


:,5( 6 3 / , & , 1 *

5RPDQ ,Q HYHU\ FDVH WKH QXPEHULQJ LV DV IROORZV :KHQ WKH XQODLG HQGV DUH VSUHDG RXW HYHQO\ LQ QDWXUDO RUGHU WKH HQG RQ WKH H[WUHPH ULJKW LV 1R 7KHQ UHDGLQJ WR WKH OHIW FRPH 1RV DQG WKH H[WUHPH OHIW KDQG HQG :KHQ

WKHVH HQGV DUH ODLG RQ WKH VWDQGLQJ SDUW RI WKH URSH ZLWK WKHLU IRUN DW WKH SRLQW ZKHUH WKH VSOLFH LV WR FRPPHQFH WKH VWUDQG QHDUHVW WR HQG 1R LV VWUDQG , 7KHQ UHDGLQJ WR WKH OHIW URXQG WKH URSH FRPH VWUDQGV ,, ,,, ,9 9 DQG 9, ZKLFK LV , V ULJKW KDQG QHLJKERXU

7XFN HQG 1R XQGHU VWUDQG , XQGHU ,, XQGHU ,,, DQG XQGHU ,9 DOO WXFNV WR EH PDGH IURP ULJKW WR OHIW 7XFN HQG 1R XQGHU VWUDQGV 9 DQG 9, 3XOO RXW WKH VSLNH RQO\ IDU HQRXJK WR DOORZ VWUDQG 9, WR GURS GRZQ DQG WXFN HQG 1R XQGHU VWUDQG 9 (YHU\ HQG QRZ SDVVHV XQGHU


.1276 $1' 63/,&(6

LWV RZQ VWUDQG H[FHSW HQG 1R ZKLFK SDVVHV XQGHU WZR VWUDQGV IURP ULJKW WR OHIW OLNH WKH RWKHUV +DXO DQG EHDW WKH WXFNV WLJKW )LJ D 7KLV FRPSOHWHV WKH ILUVW VHW RI WXFNV

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


:,5( 6 3 / , & , 1 *

7R PDNH D ULJKW KDQGHG (\H 6SOLFH 7KLV VSOLFH VRPHWLPHV FDOOHG RYHU DQG XQGHU RU /LYHUSRRO VW\OH LV SRSXODU LQ WKH PHUFKDQW PDULQH IRU LW LV TXLFNHU WR PDNH WKDQ D OHIW KDQGHG VSOLFH EXW LWV XVH LV IURZQHG XSRQ LQ WKH QDY\ EHFDXVH LW LV QRW VR VWURQJ ,Q DQ\ FDVH LW VKRXOG QHYHU EH XVHG RQ D ZLUH WKDW LV OLDEOH WR VSLQ H J LQ KRLVWLQJ DV LW PLJKW XQOD\ 7XFN HQG 1R XQGHU VWUDQGV ,, DQG , LQ WKDW RUGHU

IURP OHIW WR ULJKW 'URS VWUDQG , RII WKH SRLQW RI WKH VSLNH DQG WXFN HQG 1R XQGHU VWUDQG ,, IURP OHIW WR ULJKW 7XFN HQGV 1RV DQG DOVR IURP OHIW WR ULJKW XQGHU ,,, ,9 9 DQG 9, UHVSHFWLYHO\ 7KLV FRPSOHWHV WKH ILUVW VHW RI WXFNV 7XFN DJDLQ WKUHH WLPHV ZLWK IXOO VWUDQGV DQG WZLFH ZLWK WKLUGHG IURP OHIW WR ULJKW VR WKDW HDFK HQG LV DOZD\V WXFNHG XQGHU WKH VDPH VWUDQG LQ RWKHU ZRUGV VR WKDW LW HQFLUFOHV LW VSLUDOO\ &XW RII HQGV DQG VHUYH 7R PDNH D OHIW KDQGHG /RFNLQJ 6SOLFH $V LWV QDPH LPSOLHV WKLV VSOLFH FRQWDLQV D ORFN ZKLFK KHOSV WR SUHYHQW WKH VSOLFH IURP GUDZLQJ 7XFN HQG 1R XQGHU VWUDQG , IURP OHIW WR ULJKW 7XFN HQG 1R XQGHU VWUDQG ,, IURP ULJKW WR OHIW .HHSLQJ WKH VSLNH VWLOO XQGHU VWUDQG ,, WDNH HQG 1R XQGHUQHDWK HYHU\WKLQJ DQG WXFN LW XQGHU VWUDQG ,, IURP OHIW WR ULJKW 7KLV PDNHV WKH FURVV RU ORFN 7XFN HQG 1R XQGHU VWUDQG , , , IURP ULJKW WR OHIW 7XFN HQG 1R XQGHU VWUDQGV ,9 DQG 9 IURP ULJKW WR OHIW 'URS VWUDQG 9 RII WKH SRLQW RI WKH VSLNH DQG WXFN HQG 1R XQGHU VWUDQG ,9 IURP ULJKW WR OHIW 7KLV FRPSOHWHV WKH ILUVW VHW RI WXFNV &RQWLQXH DV IRU D VLPSOH OHIW KDQGHG VSOLFH ZLWK DOO WXFNV RYHU RQH XQGHU RQH IURP ULJKW WR OHIW 7R PDNH D DQG 6SOLFH 7KLV LV DQRWKHU HDVLO\ PDGH EXW QRW TXLWH VR VWURQJ VSOLFH :LWKRXW LQMXULQJ WKH ILEUH KHDUW LQVHUW WKH VSLNH WKURXJK WKH URSH HQWHULQJ EHWZHHQ VWUDQGV ,,, DQG ,9 DQG HPHUJLQJ EHWZHHQ VWUDQGV , DQG 9,


.1276 $1' 6 3 / , & ( 6

3DVV HQG 1R WKURXJK EHVLGH WKH VSLNH RQ WKH RSSRVLWH VLGH RI LW WR WKH KHDUW ZKLFK VKRXOG EH WR WKH OHIW RI WKH VSLNH 'URS VWUDQG , RII WKH VSLNH SRLQW DQG SDVV HQG 1R WKURXJK WR HPHUJH EHWZHHQ , DQG ,, 'URS VWUDQG ,, RII WKH SRLQW DQG SDVV HQG 1R WKURXJK WR HPHUJH EHWZHHQ ,, DQG ,,, 7KUHH HQGV QRZ HQWHU WKURXJK WKH FHQWUH EXW HPHUJH IURP XQGHU GLIIHUHQW VWUDQGV 7XFN XQGHU ,9 XQGHU 9 DQG XQGHU 9, DOO IURP OHIW WR ULJKW &RQWLQXH DV IRU D ULJKW KDQGHG VSOLFH 7R PDNH D 5HGXFHG (\H 6SOLFH ,I IRU VRPH UHDVRQ DQ RUGLQDU\ H\H VSOLFH ZLOO EH WRR EXON\ D UHGXFHG VSOLFH PLJKW VHUYH LQVWHDG EXW LW LV QRW RI FRXUVH VR VWURQJ 0HDVXUH RII HQRXJK URSH WR PDNH DQ H\H RI WKH UHTXLUHG VL]H SOXV WKH OHQJWK RI HQGV QHHGHG WR PDNH IRXI WXFNV DQG SDVV D VWRXW ZKLSSLQJ URXQG LW DW WKLV SRLQW 8QOD\ WR WKLV SRLQW DQG KDOYH HYHU\ VWUDQG DQG WKH KHDUW 5H OD\ VL[ KDOI VWUDQGV RQH IURP HDFK ZKROH VWUDQG DQG KDOI RI WKH KHDUW WR IRUP D UHGXFHG ZLUH DQG SURFHHG DV IRU D QRUPDO H\H VSOLFH 7KH KDOI VWUDQGV PD\ EH UH ODLG E\ XVLQJ \RXU ILQJHUV EXW D EHWWHU PHWKRG LV WR WDNH D VPDOO IODW SLHFH RI ZRRG DQG LQ LW ERUH VL[ KROHV LQ D FLUFOH ZLWK D VHYHQWK DW WKH FHQWUH 3DVV RQH KDOI VWUDQG WKURXJK HDFK KROH DQG WKH KDOI KHDUW WKURXJK WKH FHQWUH RQH DQG E\ WZLVWLQJ WKH ZRRG URXQG DQG URXQG UH OD\ WKH ZLUH ,,, -2,1,1* 7ZR :,5( 523(6

7R PDNH D 6KRUW 6SOLFH 3XW D ILUP EXW QDUURZ ZKLS SLQJ RQ ERWK URSHV DERXW LQ IURP WKH HQG 8QOD\ WR WKLV SRLQW DQG FXW RXW DOO KHDUWV &UXWFK WKH VWUDQGV DV IRU D 6KRUW 6SOLFH LQ KHPSHQ URSH H[FHSW WKDW WKHUH ZLOO EH VL[ WR D VLGH QRW WKUHH 3XW D ILUP VHL]LQJ URXQG WKH FUXWFK WR NHHS DOO SDUWV LQ SRVLWLRQ ZKLOVW PDNLQJ WKH WXFNV


:,5( 6 3 / , & , 1 *

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

DQG OD\ XS WKH FRUUHVSRQGLQJ ORQJ HQG RI URSH % LQ LWV SODFH XQWLO RQO\ DERXW IW RI WKH ORQJ HQG UHPDLQV /RFN


.1276 $1' 6 3 / , & ( 6

WKH WZR HQGV E\ FURVVLQJ WKHP DQG FXW RII WKH URSH $

HQG XQWLO LW WRR LV RQO\ DERXW IW ORQJ 6LPLODUO\ XQOD\ WKH RWKHU WZR URSH $ VKRUW HQGV DQG OD\ XS WKH URSH %

HQGV LQ WKHLU SODFHV DQG ORFN WKHP &XW WKH ZKLSSLQJ RQ URSH % DQG OD\ WKH URSH $ ORQJ HQGV XS LQ SODFH RI WKH URSH % VKRUW HQGV DQG ORFN WKHP 7KH SRLQWV RI ORFNLQJ RI RSSRVLQJ VWUDQGV L H WKH SRLQWV XS WR ZKLFK RQH VWUDQG LV ODLG XS LQ SODFH RI DQRWKHU VKRXOG EH VR DUUDQJHG WKDW WKH\ DUH HTXL GLVWDQW )LJ <RX

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


:,5( 6 3 / , & , 1 *

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

% WKHQ WKH WKLUG RI URSH $ DQG WKH WKLUG RI URSH % &XW RII WKH KHDUW RI URSH $ DQG SXVK WKH HQG LQWR WKH URSH 5HSHDW VWDJHV WR RQ URSH % $ OLWWOH KDPPHULQJ DQG WZLVWLQJ ZLOO SXW WKH URSH EDFN L QWR VKDSH DJDLQ DQG WKH VSOLFH VKRXOG EH DOPRVW LPSRVVLEOH WR GHWHFW $Q DOWHUQDWLYH PHWKRG LV QRW WR XQFURVV WKH ORFN DV LQ VWDJH EXW WR EXU\ WKH HQGV X VLQJ WZR VSLNHV DV VKRZQ LQ WKH LOOXVWUDWLRQ )LJ


.1276 $1' 63/,&(6

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


:,5( 6 3 / , & , 1 *

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



7DLOSLHFH

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²XQOLNH WKH LQFRPSHWHQW KXPDQV ZKR ZHUH WDNHQ RII LQ D PRWRU ERDW EXW LWV XQGHVHUYHG HQG WDXJKW PH D OHVVRQ WKDW , QRZ SDVV RQ ,I \RX DUH HYHU ZKHUH \RXU OLIH PD\ GHSHQG XSRQ URSHV²DIORDW RQ D PRXQWDLQ XS D WUHH RU ZRUNLQJ RQ D URRI²QHYHU EH ZLWKRXW D VKDUS NQLIH SUHIHUDEO\ RQH ZLWK D VPDOO PDUOLQH VSLNH DWWDFKHG 5HPHP EHU KRZ $OH[DQGHU WKH *UHDW VROYHG WKH PRVW IDPRXV RI DOO NQRWW\ SUREOHPV KH VODVKHG WKH *RUGLDQ .QRW DSDUW ZLWK KLV VZRUG


$/(;$1'(5 -RKQ Q

$PHULFDQ :KLSSLQJ $UWLILFLDO (\H 6SOLFH

,QGH[

%$&. 63/,&(

%DJ .QRW %DJ R :ULQNOH %DOH 6OLQJ %HJJDUPDQ V .QRW %ODFNZDOO +LWFK %ORFNV IRU ZLUH URSH %ROWURSH %RVXQ V &KDLU %RWWOH .QRW %RZOLQHV %UDLGHG URSH %UHDNLQJ VWUHQJWKV KHPS ZLUH %XWW 6OLQJ &$%/( /$<

&DUULFN %HQG 0DW &DVNV WR VOLQJ &DWVSDZ &KDLQ SODLW GRXEOH &KDLQ 6SOLFH &KHTXHU .QRW &OHDW MDPPLQJ WXUQ RQ &ORYH +LWFK &OXPS %ORFN &RDFK :KLSSLQJ A &RFNVFRPELQJ

&RLOLQJ KHPS ZLUH &RLU &RPPRQ 6HQQLW &RPPRQ :KLSSLQJ &RWWRQ &RYHULQJ &ULQJOH WR ZRUN &URZQ .QRW IRU FRYHULQJ SODLW &XW 6SOLFH '$&521 'HQLVRQ &DSW ( : Q

'LDJRQDO /DVKLQJ 'LDPRQG .QRW SODLW IRU FRYHULQJ 'RXEOH /XII 7DFNOH 'RXEOH :KLS 3XUFKDVH 'UDZ +LWFK (<( 63/,&(6 KHPS $UWLILFLDO RU 6SLQGOH )OHPLVK IRXU VWUDQGHG LQ PLGGOH RI URSH RQ D WKLPEOH VDLOPDNHU V VLQJOH WXFN DQG ZDOO NQRW VRIW ZRUPHG DQG FROODUHG (\H 6SOLFHV ZLUH OHIW KDQGHG QDYDO ORFNLQJ


(\H 6SOLFHV ZLUH FRQW RQ D WKLPEOH UHGXFHG ULJKW KDQGHG DQG A ) , ' ' / ( %/2&.

)LJXUH RI (LJKW .QRW )LVKHUPDQ V %HQG )ODW 6HL]LQJ )ODW 6HQQLW )OD[ )OHPLVK (\H 6SOLFH )RRWURSH .QRW ORQJ )RUPHU IRU 7XUN V +HDG )R[ )UD\LQJ )UHQFK %RZOLQH )UHQFK 6HQQLW *$17/,1(

*ROGOLQH *UDQQ\ .QRW *UDVV /LQH *URPPHWV IRU EORFNV ZLUH ² *XQ 7DFNOH +$/) +,7&+

+DOI KLWFKLQJ +DPEUR /LQH +DQG\ %LOO\ +DZVHU OD\ +HDUW 7KLPEOH +HPS +HUULQJERQH :HDYH +RXVHOLQH

, 5 2 1 %281' %/2&.6

,1'(;

-$00,1* 7851

-LJJHU -XWH .,1.6 DYRLGLQJ .QLIH YDOXH RI LWH

L L /$1 * 6 /$< /DQ\DUG 7KLPEOH /DVKLQJV /D\V RI URSH KHPS ZLUH /HDGLQJ %ORFN /RQJ /D\ /RQJ 6SOLFH ZLUH /RZHULQJ +LWFK /XII 7DFNOH 0$&+,1( 7:,1(

0DQ +DUQHVV +LWFK 0DQLOD 0DQURSH .QRW 0DULQHU V 6SOLFH 0DUOLQH 0DUOLQH +LWFK 0DUOLQH 6SLNH +LWFK 0DWV 0DWWKHZ :DONHU .QRWV 0LGVKLSPDQ V +LWFK 0RQNH\ V )LVW 0RQRILODPHQW SRO\SURS\OHQH URSH 0RXVLQJ 0XOWLILODPHQW SRO\SURS\OHQH URSH 1(77/(

1RQ 7RSSOLQJ %ORFN 1\ORQ


25',1$5< /$< ZLUH

2VVHO +LWFK DQG .QRW 2YDO 0DW 2YHUKDQG .QRW GRXEOH SODLW 3$5%8&./(

3DUFHOOLQJ KHPS ZLUH 3LQHDSSOH .QRW 3ODLQ OD\ 3ODLWV 3RLQWLQJ 3RO\HWK\OHQH URSH 3UH IRUPHG OD\ 5$&.,1* 6(,=,1*

5HHI .QRW 5HJXODU OD\ ZLUH 5RDGPHQGHU V .QRW 5ROOLQJ +LWFK 5RSH KHPS EUHDNLQJ VWUDLQ FDUH RI FRQVWUXFWLRQ FRYHULQJ VL]HV VSOLFHV ZHLJKW RI ZKLSSLQJ ZRUPLQJ SDUFHOOLQJ DQG VHUY LQJ 5RSH ZLUH EORFNV IRU EUHDNLQJ VWUDLQ FDUH RI FRLOLQJ DQG XQFRLOLQJ FRQVWUXFWLRQ FXWWLQJ SODVWLF FRYHULQJ IRU VSOLFLQJ

,1'(;

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


6SDQLVK +LWFKLQJ 6SDQLVK :LQGODVV 6SHQFHU &KDUOHV / Q

6SLQGOH (\H 6SOLFH 6SOLFHV KHPS H\H JHQHUDO SULQFLSOHV MRLQLQJ YDULRXV 6SOLFHV ZLUH H\H JHQHUDO SULQFLSOHV MRLQLQJ WRROV IRU 6SXQ\DUQ .QRW 6TXDUH /DVKLQJ 6TXDUH 0DW 6TXDUH 3ODLW 6TXDUH 6HQQLW 6WDQGDUG OD\ 6WRSSHU +LWFK .QRWV 6WUDQGV KHPS ZLUH 6WURSV RQ EORFNV 6WXQVDLO +DO\DUG %HQG 6ZRUG 0DW 7$&./(6

,1'(;

7DLO %ORFN 7DUULQJ 7KLPEOHV 7KRURXJK IRRWLQJ 7KUHH DQG 7ZR 7DFNOH 7KUHHIROG SXUFKDVH 7KUXP 0DW 7KXPE .QRW 7LPEHU +LWFK 7UXH OD\ 7XUN V +HDG IRXU SDUW WKUHH SDUW ZLWK D IRUPHU ZLWK VWXGV 7ZLQHV 81&2,/,1* KHPS ZLUH :$// $1' &52:1 3/$,7

:DOO .QRW IRU FRYHULQJ :DWFK 7DFNOH :HVW &RXQWU\ :KLSSLQJ :KLSSLQJV :RUNLQJ ORDG :RUPLQJ KHPS ZLUH <$516



Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.