Page 1

&


1HZ3URGXFWV *UDGHV 7KHLQJHQLRXVVROXWLRQWKDWWDNHVFXWWLQJWRROPDWHULDOVWRDQRWKHUOHYHO y,PSURYHGDGKHVLRQDQGLQVHUWFKLSSLQJUHVLVWDQFH y6WDEOHDQGH[WHQGHGWRROOLIHLQFRQWLQXRXVDQGLQWHUUXSWHGFXWWLQJRSHUDWLRQV y5HGXFHGFXWWLQJIULFWLRQDQGPLQLPL]HGEXLOWXSHGJHRQH[RWLFPDWHULDOV y+LJKTXDOLW\VXUIDFHILQLVKRQWKHZRUNSLHFH

FXWWLQJHGJHVZLWKFKLSIRUPHUIRUJURRYLQJSDUWLQJDQGUHFHVVLQJ

yHGJHVZLWKD-W\SHFKLSIRUPHU  ([FHOOHQWFKLSFRQWURODQGKLJKTXDOLW\VXUIDFHILQLVKJURRYLQJ yFRQWDFWSRLQWVZLWKVLGHWRU[VFUHZ $FFXUDWHSRVLWLRQLQJRILQVHUWZKHQLQGH[LQJ y$QGHYHQWKRXJKFXWWLQJHGJHVDUHEURNHQZHFDQXVHDUHPDLQLQJHGJH y3RFNHWSURWHFWXQXVHGHGJHVIURPFKLSVGXULQJPDFKLQLQJSURFHVV y,QVHUWLQGH[LQJIURPERWKVLGHVRIWKHKROGHU $PDMRUDGYDQWDJHWRVZLVVODWKHXVHUV y*2/'586+JUDGH77DSSOLHG %HWWHUVXUIDFHTXDOLW\DQGH[WHQGHGWRROOLIH

,QWHUQDOWXUQLQJSURÀOLQJJURRYLQJDQGIDFHPDFKLQLQJRI VPDOOGLDPHWHUV

y,QWHUQDOFRRODQWWKURXJKWKHERG\ y,QWHUQDOPDFKLQLQJIURP'PLQPP y%HVWVROXWLRQIRULQWHUQDOWXUQLQJSURILOLQJJURRYLQJDQG IDFHPDFKLQLQJHVSHFLDOO\RQVPDOOGLDPHWHUV

)RUVPDOO,'WXUQLQJDQGJURRYLQJ

y(FRQRPLFDOGRXEOHHQGHGLQVHUW y6WURQJFODPSLQJZLWKIXOO\VXSSRUWHGVHDW y,QWHUQDOFRRODQWWKURXJKWKHVKDQN y0XOWLSOHDSSOLFDWLRQV 7',0SUHVVHGLQVHUWZLWKHIILFLHQWFKLSIRUPHUIRUERULQJDQGJURRYLQJRSHUDWLRQ 7',3JURXQGLQVHUWIRUSUHFLVHPDFKLQLQJ ,QWHUQDOPDFKLQLQJIURP'PLQPP 6SHFLDOLQVHUWIRUWKUHDGLQJDQGSURILOLQJDUHDYDLODEOHRQGHPDQG

)RUVZLVVW\SHDQGVPDOODXWRPDWLFODWKHV

y([FHOOHQWVXUIDFHILQLVKDQGUHSHDWDELOLW\FUHGLWWRKLJKSUHFLVLRQJURXQGLQVHUWV y&KLSEUHDNHUGHVLJQHGIRUORZFXWWLQJIRUFHDQGVPRRWKFKLSHYDFXDWLRQ y'HVLJQHGIRUVHWWLQJRQVPDOODXWRPDWLFODWKHPDFKLQHV y,QVHUWLQGH[LQJIURPERWKVLGHVRIKROGHU

&


&

&217(176

3URJUDP

3DJH

&&

7&/$038/75$3/86,QVHUWV ,QVHUW'HVLJQDWLRQ6\VWHP

&

,QVHUWVIRU3DUWLQJDQG*URRYLQJ

&&

,QVHUWVIRU7XUQLQJDQG*URRYLQJ

&&

7DLORU0DGH,QVHUWV

&&

7&/$038/75$3/86+ROGHUV +ROGHU'HVLJQDWLRQ6\VWHP

&

%ODGHVIRU3DUWLQJDQG*URRYLQJ

&&

%ORFNVIRU%ODGHV

&

$GDSWHUVIRU0RGXODU6\VWHP

&

+ROGHUVIRU0RGXODU6\VWHP

&

&$GDSWHU

&

+ROGHUVIRU7XUQLQJ*URRYLQJDQG)DFH0DFKLQLQJ

&&

+ROGHUVIRU$OXPLQXP:KHHO0DFKLQLQJ

&

+ROGHUIRU6PDOO'LD,QWHUQDO0DFKQLQJ

&&

7&/$038/75$+ROGHUV ,QVHUWVIRU3DUWLQJDQG*URRYLQJ

&

,QVHUWVIRU7XUQLQJDQG*URRYLQJ

&

7&/$038/75$+ROGHUV 6ORWWLQJ&XWWHUV

&&

7*5229( ,QVHUWDQG+ROGHUVIRU([WHUQDO3URILOLQJ

&

8VHU*XLGH

&&

7230,&52

&&

723&87

&&

48$'586+

&&

&


3URJUDP

&

3DUWLQJ

*URRYLQJ

7XUQLQJ *URRYLQJ

3URILOLQJ

)DFH*URRYLQJ

)DFH7XUQLQJ *URRYLQJ

8QGHUFXWWLQJ

,QWHUQDO*URRYLQJ

,QWHUQDO7XUQLQJ *URRYLQJ

,QWHUQDO3URILOLQJ

,QWHUQDO7XUQLQJ 8QGHUFXWWLQJ

$OXPLQXP:KHHO 0DFKLQLQJ

6ORWWLQJ


3URJUDP ,QVHUWVE\$SSOLFDWLRQ ([WHUQDO 3URGXFW

)DFLQJ

,QWHUQDO

3DUWLQJ *URRYLQJ 7XUQLQJ *URRYLQJ 7XUQLQJ *URRYLQJ 7XUQLQJ

3URÀOH

7KUHDG

8QGHUFXW

7'&76& 7'-767';8

7'7 7'758 7'7 7')7

7',7 7',0 7',3

7'$ 7,0& 7,39 7,0-

)LUVWFKRLFH 6HFRQGFKRLFH

,QWHUQDO$SSOLFDWLRQE\'LDPHWHU ,QWHUQDO'LDPHWHU PP

  















                  

776,5/ 77,5

&


 3URJUDP +ROGHUVE\$SSOLFDWLRQ ([WHUQDO 3URGXFW

)DFLQJ

,QWHUQDO

3DUWLQJ *URRYLQJ 7XUQLQJ *URRYLQJ 7XUQLQJ *URRYLQJ 7XUQLQJ

3URÀOH

7KUHDG 8QGHUFXW

7*% 7*%5 7*%06 7&(5 7&)5 7*%)5 7*(5 77(56+ 77(5' 77(5 77(5$ 7*)5 77)5



77)551 7*)35 77)35 77,5 7*,)5 77),5 7*,85 7*(85 776,5 776(5 7*6)5 7*6,5 76&



&

)LUVWFKRLFH

6HFRQGFKRLFH


,QVHUW'HVLJQDWLRQ6\VWHP

7 ' & 7DHJX7HF

''RXEOH (QGHG,QVHUW

&KLSEUHDNHU 7\SH

66LQJOH (QGHG,QVHUW

&)RU0HGLXP



 5 6 2QO\IRU+DQGHG,QVHUW

:LGWKRI,QVHUW

/HDG$QJOH

PP

+DQGRI,QVHUW

6KDUS&RUQHU 5DGLXV

    

-)RU/LJKW

3DUWLQJ *URRYLQJ 7XUQLQJ*URRYLQJ  )DFH0DFKLQLQJ

7 ' 7DHJX7HF

)

''RXEOH (QGHG,QVHUW 66LQJOH (QGHG,QVHUW

7  (  5 &KLSEUHDNHU7\SH 7)RU&DUERQ6WHHO$OOR\ 6WHHO6WDLQOHVV6WHHO +LJK7HPS$OOR\&DVW ,URQ $)RU$OXPLQXP *:LWKRXW&KLSEUHDNHU 88QLYHUVDO&KLSEUHDNHU

()RU7XUQLQJ  *URRYLQJ 1R'HVLJQDWLRQ IRU3UHFLVLRQ*URRYLQJ

$SSO\ 5,QVHUWRQ57RRO /,QVHUWRQ/7RRO

)RUVPDOOGLDPHWHU 03UHVVHG 3*URXQG ))DFH 7XUQLQJ *URRYLQJ , ,QWHUQDO 7XUQLQJ *URRYLQJ

:LGWKRI,QVHUW Â…Â…Â…3UHFLVLRQ,QVHUW Â…3UHVVHG,QVHUW

)RU)DFH0DFKLQLQJ

&RUQHU5DGLXV Â…Â…Â…3UHFLVLRQ,QVHUW Â…Â…3UHVVHG,QVHUW

;8QLYHUVDO

&


7'&'RXEOH(QGHG,QVHUWVIRU3DUWLQJDQG*URRYLQJZLWK&7\SH&KLSEUHDNHU /

+ 7PD[ :

1HXWUDO

%

/HIWKDQG

5

5LJKWKDQG

'HVLJQDWLRQ 7'& 7'&5/ 7'&5/ 7'&5/ 7'&56/6 7'& 7'&5/ 7'&56/6 7'&5/ 7'&56/6 7'& 7'&5/ 7'&5/ 7'& 7'&5/ 7'& 7'&

,QVHUW 6HDW :“ 6L]H

















 

 

5

%

/

.

+

7PD[

                

                

                

                

                

                

*UDGH

77 77 77 77 . &7 39

‹)RU- DQG&FKLSEUHDNHUVVHHSDJH&

'PD[ PP IRU3DUWLQJ *URRYLQJ 

,QVHUW

7'&56/6 7'&5/

'PD[ PP

 

‡6WDQGDUG+ROGHUV H[FHSW7*)5[[[[ ZLOOEHGDPDJHGLIZRUNSLHFHGLDPHWHUJRHVRYHUWKHGLPHQVLRQRIHDFK LQVHUWLQWKHWDEOH

&

6WDQGDUG,WHP


76&6LQJOH(QGHG,QVHUWVIRU'HHS*URRYLQJDQG3DUWLQJZLWK&7\SH&KLSEUHDNHU /

+

:

1HXWUDO

%

/HIWKDQG

5

5LJKWKDQG

'HVLJQDWLRQ 76& 76&5/ 76&5/ 76&5/ 76&56/6 76& 76&5/ 76&5/ 76&56/6 76& 76&5/ 76&5/ 76&5/ 76& 76&5/ 76& 76&

,QVHUW 6HDW 6L]H

:“

















 

 

5

%

/

.

+

                

                

                

                

                

77

77

*UDGH

77

‹)RU- DQG&FKLSEUHDNHUVVHHSDJH&

77

.

6WDQGDUG,WHP

'PD[ PP IRU3DUWLQJ *URRYLQJ @

,QVHUW@

76&5/

'PD[ PP



‡6WDQGDUG+ROGHUV H[FHSW7*)5[[[[ ZLOOEHGDPDJHGLIZRUNSLHFHGLDPHWHUJRHVRYHUWKHGLPHQVLRQRI HDFKLQVHUWLQWKHWDEOH

&


7'-'RXEOH(QGHG,QVHUWVIRU3DUWLQJDQG*URRYLQJZLWK-7\SH&KLSEUHDNHU /

+ 7PD[ :

1HXWUDO

%

/HIWKDQG

5

5LJKWKDQG

'HVLJQDWLRQ 7'- 7'- 7'-5/ 7'-56/6 7'-5/ 7'-5/ 7'-56/6 7'- 7'-5/ 7'-56/6 7'-5/ 7'-56/6 7'- 7'-5/ 7'-5/ 7'- 7'-5/ 7'-

,QVHUW 6HDW 6L]H 

:“

5

%

/

.

+

7PD[



                 

                 

                 

                 

                 

                 





















‹)RU- DQG&FKLSEUHDNHUVVHHSDJH&

*UDGH

77 77 77 77

'PD[ PP IRU3DUWLQJ *URRYLQJ @

,QVHUW@

7'-56/6

'PD[ PP



‡6WDQGDUG +ROGHUV H[FHSW7*)5 [[[[  ZLOO EH GDPDJHG LI ZRUNSLHFH GLDPHWHU JRHV RYHU WKH GLPHQVLRQ RI HDFKLQVHUWLQWKHWDEOH

&

.

&7

6WDQGDUG,WHP


76-6LQJOH(QGHG,QVHUWVIRU'HHS*URRYLQJDQG3DUWLQJZLWK-7\SH&KLSEUHDNHU /

+

:

1HXWUDO

%

/HIWKDQG 5

5LJKWKDQG

'HVLJQDWLRQ 76- 76-5/ 76-5/ 76-5/6 76-5/ 76- 76-5/ 76-56/6 76-5/ 76-56/6 76- 76-5/ 76-5/ 76- 76-5/ 76-

,QVHUW 6HDW 6L]H

:“





















‹)RU- DQG&FKLSEUHDNHUVVHHSDJH&

5

%

/

.

+

               

               

               

               

               

77

77

*UDGH

77

77

.

6WDQGDUG,WHP

'PD[ PP IRU3DUWLQJ *URRYLQJ ,QVHUW@

'PD[ PP

76-56/6



@

76-5/



‡6WDQGDUG+ROGHUV H[FHSW7*)5[[[[ ZLOOEHGDPDJHGLIZRUNSLHFHGLDPHWHUJRHVRYHUWKHGLPHQVLRQRI HDFKLQVHUWLQWKHWDEOH

&


7';8(3UHVVHG,QVHUWVIRU([WHUQDO,QWHUQDO)DFH7XUQLQJ*URRYLQJDQG3DUWLQJ /

+

5 : %

'HVLJQDWLRQ 7';8( 7';8( 7';8( 7';8( 7';8( 7';8( 7';8( 7';8( 7';8(

,QVHUW 6HDW :“ 6L]H                  

*UDGH

5

%

/

+

        

        

        

        

77 77 77 77 77 77 77 . &7 39

6WDQGDUG,WHP

7';7(3UHVVHG,QVHUWVIRU([WHUQDO,QWHUQDO)DFH7XUQLQJDQG*URRYLQJ

/

+

5 :

'HVLJQDWLRQ 7';7( 7';7( 7';7( 7';7( 7';7(

,QVHUW 6HDW 6L]H     

:“

5

%

/

+

    

    

    

    

    

‹1RQVWDQGDUGJUDGHSURGXFWLRQDYDLODEOHDWWKHFXVWRPHU VUHTXHVW ‹)RU7FKLSEUHDNHUVHHSDJH&

&

%

*UDGH

77 77 77 77

.

&7

6WDQGDUG,WHP


7'7(3UHVVHG,QVHUWVIRU([WHUQDO7XUQLQJDQG*URRYLQJ /

+

5

&(7\SH

'HVLJQDWLRQ 7'7( 7'7( 7'7(7&( 

7'7(7&( 

,QVHUW 6HDW 6L]H    

:

%

:“

5

%

/

+

   

   

   

   

   

‹)RU7FKLSEUHDNHUVHHSDJH& ‹  7KLVLQVHUWLVDSUHVVHGFHUDPLFLQVHUW

*UDGH

77 77 77 77 77 77

.

&7 $%

6WDQGDUG,WHP

&


7'7(3UHFLVLRQ,QVHUWVIRU([WHUQDO7XUQLQJDQG*URRYLQJ /

+

5 :

'HVLJQDWLRQ

,QVHUW 6HDW 6L]H

:“

7'7( 7'7(  7'7( 7'7( 7'7(  7'7( 7'7( 7'7( 7'7(  7'7( 7'7( 7'7(  7'7( 7'7(  7'7( 7'7(  7'7( 7'7( ‹)RU7FKLSEUHDNHUVHHSDJH&

                 

%

5

%

/

+

                 

                 

                 

                 

*UDGH

77 77 77 77 77

.

&7

6WDQGDUG,WHP

7'73UHFLVLRQ,QVHUWVIRU([WHUQDO*URRYLQJ2QO\ /

+

5

/

:

'HVLJQDWLRQ

,QVHUW 6HDW 6L]H

:“

7'7  7'7   7'7  7'7   7'7 ‹ 1RWIRUVWDQGDUGKROGHU RQO\IRUJURRYLQJ

&

%

5“

%

/

/

+

    

    

    

    

    

77

*UDGH

77

77

.

6WDQGDUG,WHP


7'758 )XOO5DGLXV 3UHVVHG,QVHUWVIRU([WHUQDO7XUQLQJ*URRYLQJDQG3URILOLQJ



/L

+

5 : %

'HVLJQDWLRQ 7'7(58 7'7(58 7'7(58 7'7(58 7'7(58 7'7(58

,QVHUW 6HDW 6L]H      

*UDGH

:“

5

%

/

+

     

     

     

     

     

77 77 77 77 77 77 &7 . 39

6WDQGDUG,WHP

7'7( )XOO5DGLXV 3UHFLVLRQ,QVHUWVIRU([WHUQDO7XUQLQJ*URRYLQJDQG3URILOLQJ /

+

5 :

'HVLJQDWLRQ 7'7( 7'7( 7'7( 7'7( 7'7( 7'7( 7'7(

,QVHUW 6HDW 6L]H       

%

:“

5“

%

/

+

      

      

      

      

      

*UDGH

77 77 77 77 77

.

6WDQGDUG,WHP

&


7')7(3UHVVHG,QVHUWVIRU)DFH*URRYLQJDQG7XUQLQJ /

ร

+ PP PP

PP

5 :

&(7\SH

%

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 7')7(5/ 7')7(5/ 7')7(75/&(  

,QVHUW 6HDW 6L]H   

:ย“

5

%

/

+

าทยƒ

  

  

  

  

  

  

PP

77

77

*UDGH

77

.

$%

6WDQGDUG,WHP

ย‹$SSO\5LQVHUWRQ5WRRODQG/LQVHUWRQ/WRRO ย‹  7KLVLQVHUWLVDSUHVVHGFHUDPLFLQVHUW

7',7(3UHFLVLRQ,QVHUWVIRU,QWHUQDO7XUQLQJ*URRYLQJ3URILOLQJDQG8QGHUFXWWLQJ /

ร

+

5 : %

'HVLJQDWLRQ 7',7( 7',7( 7',7( 7',7(

&

,QVHUW 6HDW 6L]H    

:ย“

5ย“

%

/

+

   

   

   

   

   

77

*UDGH

77

77

.

6WDQGDUG,WHP


7',7(3UHFLVLRQ,QVHUWVIRU,QWHUQDO7XUQLQJDQG*URRYLQJ /

Ý

+ 5 :

%

&(7\SH

'HVLJQDWLRQ 7',7( 7',7( 7',7( 7',7( 7',7( 7',7( 7',7( 7',7( 7',7( 7',7(7&( 

7',7(7&( 

,QVHUW 6HDW 6L]H           

:“

5“

%

/

+

          

          

          

          

          

‹  7KLVLQVHUWLVDSUHVVHGFHUDPLFLQVHUWHw“

77

77

*UDGH

77

.

$%

6WDQGDUG,WHP

7'$76$,QVHUWVIRU$OXPLQXP:KHHO0DFKLQLQJ /

+ 5

7'$

7'$9

:

.

% /

76$ 3&'

'HVLJQDWLRQ 7'$ 7'$ 7'$ 7'$ 76$ 76$&% 7'$9 7'$9 76$ 76$&%

5

76$&%

:

3&'&%

,QVHUW 6HDW 6L]H          

%

:“

5“

%

/

+

$

         

         

         

         

         

         

.3

*UDGH

77

77

.

6WDQGDUG,WHP  2UGHUEDVH

&


7',03UHVVHG,QVHUWVIRU7XUQLQJDQG*URRYLQJ /

Ý

+ 5

%

:

,QVHUW 6HDW 6L]H 7',0(   7',0( ‹)RUKROGHU6HHSDJH&& 'HVLJQDWLRQ

:“

5

%

/

+

 

 

 

 

 

*UDGH

77

6WDQGDUG,WHP

7',33UHFLVLRQ,QVHUWVIRU7XUQLQJDQG*URRYLQJ 5HI

Ý 5

5HI

%

:

7

5

%

: %

5 :

'HVLJQDWLRQ 7',3 7',3 7',3 7',3 7',3 7',3( 7',3( 7',3( 7',3( 7',3( 7',3( 7',3(

,QVHUW 6HDW 6L]H





:“

5

%

7

           

           

           

           

‹ 8VHGKROGHU7*6)5/7*6,5/ RQO\IRUJURRYLQJ ‹)RUKROGHU6HHSDJH&&

&

*UDGH

77

6WDQGDUG,WHP


7',7 0DLQ6W\OHRI,QVHUW 7W\SH&KLSEUHDNHU *W\SH1RQ&KLSEUHDNHU

'HVLJQDWLRQ6\VWHP







,QVHUW:LGWK

&RUQHU5DGLXV

&RUQHU5DGLXV

/HIWKDQGVLGH RUERWKVLGHV

5LJKWKDQGVLGH LIGLIIHUHQW

3DUWLQJ *URRYLQJ

7'-7'&

77 $GGLWLRQDO&RGHV

*UDGH

7XUQLQJ *URRYLQJ

7'7

7'$

7'* ,QWHUQDO

7',7

76-76&

)DFH 7')7

6SHFLDO3URILOH,QVHUWV

7DLORUPDGHLQVHUWVDUHDYDLODEOHXSRQUHTXHVW &


([DPSOHV 6KDSH

'HVLJQDWLRQ

7'7

7',7

7'7

5HPDUNV

6\PPHWULFDO7\SH

1RQ6\PPHWULFDO7\SH

)XOO57\SH

7'75$

7'7/$

/&KDPIHURQOHIWKDQGVLGH 5&KDPIHURQULJKWKDQGVLGH



7'*5$

7'7/$

&


([DPSOHV 6KDSH

'HVLJQDWLRQ

5HPDUNV

7'*$

7'7$

/&KDPIHURQOHIWKDQGVLGH 5&KDPIHURQULJKWKDQGVLGH

7'7  /$5$

7'*$

7'*/$5$

7'7

7'77

7'77

&


([DPSOHV 6KDSH

'HVLJQDWLRQ

7'*7$

7')77

7',7

7KH2WKHUV

&

$YDLODEOHXSRQ FXVWRPHU VUHTXHVW

5HPDUNV


,QVHUWVIRU3XOOH\0DFKLQLQJ 'HVFULSWLRQ

'HVLJQDWLRQ

=7%12

%ODQN

'UDZLQJ

'HVLJQDWLRQ

,QVHUW

'UDZLQJ

=7%12 .

=7%8. .77

=78.5 .

7XQJVWHQ &DUELGH

=77.5 .

=7%

=78.5&) .77

=7(1 77

=7(6- &7

&


,QVHUWVIRU3XOOH\0DFKLQLQJ 'HVFULSWLRQ

&HUDPLF

&

'HVLJQDWLRQ

%ODQN

'UDZLQJ

'HVLJQDWLRQ

'=7,7;

=7,7; $:

'76**3

,101$ $:

'<1*1

<3*10*77 6&

,QVHUW

'UDZLQJ


+HDY\,QGXVWU\ 'HVLJQDWLRQ

'LPHQVLRQ PP

5HPDUN

;105+'

;1*7*9

&


7 * %





6

%ODGH+HLJKW

,QVHUW6L]H

66LQJOH7\SH%ODGH

%ODGH +ROGHU'HVLJQDWLRQ6\VWHP

%ODGH

06%ODGH)RU0XOWL 6SLQGOH0DFKLQH &/6FUHZ&ODPSLQJ

7DHJX7HF

**URRYLQJ 77XUQLQJ 6KDQN 'LDPHWHU

  7 * ( 8 5    (([WHUQDO0DFKLQLQJ , ,QWHUQDO0DFKLQLQJ ))DFH0DFKLQLQJ

88QGHUFXWWLQJ 33HUSHQGLFXODU7\SH

&

+DQGRI+ROGHU

6KDQN +HLJKW

6KDQN :LGWK

,QVHUW 6L]H

&:LWK&RRODQW+ROH 7……2YHUKDQJ 6++ROGHU)RU6ZLVV $XWRPDWLFV 515HQHZHG7\SH +ROGHU


7*%%ODGHVIRU3DUWLQJDQG'HHS*URRYLQJ

+%

/

+%

'PD[

'PD[ +%

/

+%

/

)LJ

)LJ

,QVHUW 6HDW 6L]H          

%

/

+

         

         

         

7*%







7*%6&/ 





7*%&/





7*%6 

7*%6 

7*%6 

7*%6 

7*% 7*% 7*% 7*% 7*% 7*%

/

)LJ

)LJ

'HVLJQDWLRQ

8VH,QVHUW

7'&76& SDJH&& 7'-76- SDJH&& 7';87';7SDJH& 7'7 SDJH&&

'PD[

'PD[

)LJ

'PD[

([WUDFWRU

6FUHZ

 

 

   

 

   

         

         

('*% ('*% ('*% ('*% ('*% ('*% ('*% ('*% ('*% ('*%

         

77%1 77%1 77%1 77%1 77%1 77%1 77%1 77%1 77%1 77%1









('*%



77%1 77%8











/:

6+0;;02











/:

6+0;;02

77%1 77%8

$

Â&#x2039;([WUDFWRUVKRXOGEHRUGHUHGVHSDUDWHO\ Â&#x2039;  6LQJOHHQGHGEODGH Â&#x2039;  7KLFNQHVVDW'2&DUHDRQO\2YHUDOOWKLFNQHVVLVPP

([WUDFWRU

%ORFN

77%1

         

    

('*% ('*%

7*%5/5HLQIRUFHG%ODGHVIRU3DUWLQJDQG'HHS*URRYLQJ 8VH,QVHUW

7'&76& SDJH&& 7'-76- SDJH&& 7';87';7SDJH& 7'7 SDJH&&

'PD[

%+ /

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 7*%5/7 7*%5/7 7*%5/7

,QVHUW 6HDW 6L]H   

%

/

+

$

$

'PD[

([WUDFWRU

%ORFN

  

  

  

  

  

  

('*%

77%1 Â&#x2026;Â&#x2026;

Â&#x2039;([WUDFWRUVKRXOGEHRUGHUHGVHSDUDWHO\

&


7*%06%ODGHVIRU0XOWL6SLQGOH0DFKLQHV5HSODFHPHQWIRU+66DQG%UD]HG7RROV 8VH,QVHUW

(

7'&76& SDJH&& 7'-76- SDJH&& 7';87';7SDJH& 7'7 SDJH&&

+ $ $

/ 'PD[

'HVLJQDWLRQ 7*%06 7*%06 7*%06

,QVHUW 6HDW 6L]H   

+

/

(

$

$

'PD[

([WUDFWRU

  

  

  

  

  

  

('*%

‹([WUDFWRUVKRXOGEHRUGHUHGVHSDUDWHO\

7*%)5/%ODGHVIRU)DFH 8VH,QVHUW

Tmax 7PD[

A $

7'&76& SDJH&& 7'-76- SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7')7 SDJH&

H B

+% Ý

L/

5LJKWKDQGVKRZQ

'HVLJQDWLRQ

,QVHUW 6HDW 6L]H

%

/

7*%)5/7   7*%)5/7    7*%)5/7     7*%)5/7 7*%)5/7   7*%)5/7   7*%)5/7    7*%)5/7     7*%)5/7 7*%)5/7   7*%)5/7    7*%)5/7     7*%)5/7 7*%)5/7    7*%)5/7     7*%)5/7 ‹([WUDFWRUVKRXOGEHRUGHUHGVHSDUDWHO\ ‹3OHDVHFKHFNLQVHUWPLQ'LDIRUIDFHJURRYLQJ&SDJH

&

+

$

7PD[

'PLQ

'PD[

               

               

               

               

        ’    ’   ’

([WUDFWRU

%ORFN

('*%

77%1……

('*%

77%1……

('*%

77%1……

('*%

77%1……


77%1%ORFNVIRU3DUWLQJDQG'HHS*URRYLQJ%ODGHV

+

+

%

+ /

+

+

/

/

'HVLJQDWLRQ

+

77%1 77%1  77%1 77%1 77%1  77%1 77%1  77%1 77%1  Â&#x2039;)RUEODGHVVHHSDJH&&

+

+

+

+

%

/

/

/

        

        

        

        

        

        

        

        

6FUHZ

:UHQFK

6+0;;

/:

6+0;;

/:

6+0;;

/:

6+0;;

/:

:UHQFK

77%8%ORFNVIRU3DUWLQJDQG'HHS*URRYLQJ%ODGHV

+

+ + 

+ %

/

'HVLJQDWLRQ 77%8 77%8 77%8 77%8 77%8 77%8 77%8

+   

/

/

+

+

+

+

+

%

/

/

/

6FUHZ

&ODPS

      

      

      

      

      

      

      

      

650; 650; 650; 650; 650; 650; 650;

%.8 %.8 %.8 %.8 %.8 %.8 %.8

/: /: /:

Â&#x2039;)RUEODGHVVHHSDJH&&

7RS&ODPS

¶

¶

&


7&(5/$GDSWHUIRU([WHUQDO7XUQLQJDQG*URRYLQJ 8VH,QVHUW

7'&76& SDJH&& 7'-76- SDJH&& 7';87';7SDJH& 7'7 SDJH&&

$

7PD[ ) /

5LJKWKDQGVKRZQ ,QVHUW 6HDW / 6L]H 7&(5/7   7&(5/7   7&(5/7   7&(5/7   7&(5/7   7&(5/7   7&(5/7   7&(5/7   7&(5/7   7&(5/7     7&(5/7 ‹)RUKROGHUVVHHSDJH& ‹2UGHULQJH[DPSOHSFV7&(57 'HVLJQDWLRQ

$

)

7PD[

,QVHUW

          

          

          

7'-

7'&7'7 7'* 7';8

6FUHZ

:UHQFK

+ROGHU

7RUTXH 1ÃP

%+0;;

/:

7&+5/………… 7&+35/…………



7&)5/$GDSWHUIRU([WHUQDO)DFH*URRYLQJDQG7XUQLQJ 8VH,QVHUW

7'&76&   SDJH&& 7'-76-   SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7')7 SDJH&

'PD[ /

/

)

) 7PD[

,QVHUW 6HDW 6L]H

/

)

7&)5/751   7&)5/751    7&)5/751   7&)5/751     7&)5/751 7&)5/751   7&)5/751   7&)5/751    7&)5/751     7&)5/751 7&)5/751   7&)5/751   7&)5/751    7&)5/751     7&)5/751 7&)5/751   7&)5/751    7&)5/751   7&)5/751     7&)5/751 ‹)RUKROGHUVVHHSDJH& ‹2UGHULQJH[DPSOHSFV7&)5751

&

'PLQ

7PD[

)LJ

'HVLJQDWLRQ

 ,QVHUWIRU*URRYLQJ2QO\

)LJ

7PD[

'PLQ

'PD[

                   

                   

         ’     ’     ’

)LJ

5LJKWKDQGVKRZQ 6FUHZ

:UHQFK

+ROGHU

7RUTXH 1ÃP

%+0;;

/:

7&+5/………… 7&+35/…………












7&+5/3DUDOOHO+ROGHUV 8VH,QVHUW 7&(5/  SDJH & 7&)5/ SDJH &

+

+ (

+ % /

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 7&+5/ 7&+5/ 7&+5/

+

%

/

(

+

&ODPS6FUHZ

:UHQFK

$GDSWHU

  

  

  

  

  

76,

/:

7&(5/ 7&)5/

Â&#x2039;2UGHULQJH[DPSOHSFV7&+5

7&+35/3HUSHQGLFXODU+ROGHUV 8VH,QVHUW

(

7&(5/  SDJH & 7&)5/ SDJH &

+

+ + %

% /

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 7&+35/ 7&+35/ 7&+35/

+

%

/

(

%

+

&ODPS6FUHZ

:UHQFK

$GDSWHU

  

  

  

  

  

  

76,

/:

7&(5/ 7&)5/

Â&#x2039;2UGHULQJH[DPSOHSFV7&+35

&


&$'$37(53DUDOOHO7\SH

/ 7PD[ '

)

'HVLJQDWLRQ &7&+1 &7&+1 &7&+1

'

/

)

$GDSWHU

6FUHZ

1R]]OH

:UHQFK

  

  

  

7&(5/ 7&)5/

76,

1=

/:

&$'$37(53HUSHQGLFXODU7\SH 7PD[

) '

/

'HVLJQDWLRQ &7&+31 &7&+31 &7&+31

'

/

)

$GDSWHU

6FUHZ

1R]]OH

3LSH

:UHQFK

  

  

  

7&(5/ 7&)5/

76,

1=

1=3

/:

$GDSWHUDQGKROGHUVHOHFWLRQ3DUDOOHOW\SH

7&+5

7&(5;;

7&+/

7&)/;;

&$'$37(5

7&(/;;

7&)5;;

$GDSWHUDQG+ROGHU6HOHFWLRQ3HUSHQGLFXODUW\SH

7&)5/

7&(/;; 7&+35

&

7&(5;; 7&+3/

7&)5;;

7&(5/

7&)/;;


7*(5/3DUWLQJDQG'HHS*URRYLQJ 8VH,QVHUW

7'&76& SDJH&& 7'-76- SDJH&& 7';87';7SDJH& 7'7 SDJH&&

(

'PD[

+

+ + )

% $

/

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 7*(5/7 7*(5/ 7*(5/ 7*(5/ 7*(5/ 7*(5/ 7*(5/ 7*(5/ 7*(5/ 7*(5/ 7*(5/ 7*(5/

,QVHUW 6HDW 6L]H 







+

%

/

)

(

$

+

           

           

           

           

           

           

           

'PD[

7'-&

76-&

           

           

([WUDFWRU ('*%

('*%

('*%

('*%

‹([WUDFWRUVKRXOGEHRUGHUHGVHSDUDWHO\

77(5/6+([WHUQDO7XUQLQJDQG*URRYLQJ+ROGHUIRU6ZLVV$XWRPDWLFV 8VH,QVHUW

'PD[

7'&76& SDJH&& 7'-76- SDJH&& 7';87';7SDJH& 7'7 SDJH&&

(

+

+ +

+ $

)

% /

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 77(5/6+ 77(5/6+ 77(5/6+ 77(5/6+ 77(5/6+ 77(5/6+ 77(5/6+ 77(5/6+ 77(5/6+ 77(5/6+

,QVHUW 6HDW 6L]H 





+

%

/

)

(

$

+

+

'PD[

6FUHZ

:UHQFK

7RUTXH 1ÃP

         

         

         

         

         

         

         

         

         

76$,

7



&


77(5/'5HLQIRUFHG 7PD[

'PD[

8VH,QVHUW

7'&76& SDJH&& 7'-76- SDJH&& 7';87';7SDJH& 7'7 SDJH&&

(

+

+ +

$

)

% /

'HVLJQDWLRQ 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7'

,QVHUW 6HDW 6L]H 





+

%

/

)

(

+

$

7PD[

'PD[

6FUHZ

:UHQFK

7RUTXH 1ÃP

             

             

             

             

             

             

             

             

             

6+0;;

/:



0DFKLQLQJ'HSWKIRU'LDPHWHURI:RUNSLHFH 7PD[

'PD[

'HVLJQDWLRQ 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7' 77(5/7'

&



'PD[









’ ’ ’ ’ ’ ’ ’ ’ ’ ’ ’ ’ ’ ’











 

 

7PD[



             























































 









































































 





















































 


















77(5/([WHUQDO7XUQLQJDQG*URRYLQJ 8VH,QVHUW

7'&76& SDJH&& 7'-76- SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7'$76$ SDJH&

/

(

+

+ + )

$

7

%

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 77(5/7 77(5/7 77(5/7 77(5/ 77(5/ 77(5/ 77(5/7 77(5/7 77(5/7 77(5/7 77(5/7 77(5/7 77(5/ 77(5/ 77(5/ 77(5/7 77(5/7 77(5/7 77(5/7 77(5/7 77(5/7 77(5/7 77(5/ 77(5/ 77(5/ 77(5/7 77(5/7 77(5/7 77(5/7 77(5/7 77(5/ 77(5/ 77(5/7 77(5/7 77(5/7 77(5/ 77(5/ 77(5/7 77(5/7 77(5/ 77(5/ 77(5/7 77(5/7 77(5/7 77(5/7 77(5/7

,QVHUW 6HDW 6L]H















+

%

/

)

(

$

+

7PD[

6FUHZ

                                             

                                             

                                             

                                             

                                             

                                             

                                             

                                             

6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;;

:UHQFK

7RUTXH 1ÃP

/:



/:



/:



&


7*)5/([WHUQDO)DFH*URRYLQJDQG7XUQLQJ 8VH,QVHUW

7'&76&   SDJH&& 7'-76-   SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7')7 SDJH&

/

(

+

 ,QVHUWIRU*URRYLQJ2QO\

+

7 7

)

%

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 7*)5/ 7*)5/ 7*)5/ 7*)5/ 7*)5/

,QVHUW 6HDW 6L]H     

+

%

/

)

(

7PD[

6FUHZ

:UHQFK

7RUTXH 1ÃP

    

    

    

    

    

    

6+0;; 6+0;; 6+0;; 6+0;; 6+0;;

/:



‹([WHUQDO7XUQLQJ *URRYLQJLVDYDLODEOHGHSHQGLQJRQWKHLQVHUWW\SH

77)5/'HHS)DFH*URRYLQJDQG7XUQLQJ 8VH,QVHUW

7'&76&   SDJH&& 7'-76-   SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7')7 SDJH&

/

(

 ,QVHUWIRU*URRYLQJ2QO\

+

+

7

)

'PLQ 'PD[

%

'

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/ 77)5/

&

,QVHUW 6HDW 6L]H









+

%

/

)

(

7PD[

'PLQ

'PD[

                

                

                

                

                

                

                

                ’

7

6FUHZ

:UHQFK

7RUTXH 1ÃP

6+0;;

/:



6+0;;

/:



6+0;;

/:




77)5/ 5HQHZHG7\SH 'HHS)DFH*URRYLQJDQG7XUQLQJ 8VH,QVHUW

7'&76&   SDJH&& 7'-76-   SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7')7 SDJH&

/

( +

 ,QVHUWIRU*URRYLQJ2QO\

+ 'PLQ 'PD[

'

%

)

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 77)5/751 77)5/751 77)5/751 77)5/751 77)5/751 77)5/751 77)5/751 77)5/751 77)5/751 77)5/751 77)5/751 77)5/751 77)5/751 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51 77)5/51

,QVHUW 6HDW 6L]H













+

%

/

)

(

7PD[

'PLQ

'PD[

                                  

                                  

                                  

                                  

                                  

                                  

                                  

                        ’     ’     ’

7

6FUHZ

:UHQFK

7RUTXH 1ÃP

6+0;;

/:



6+0;;

/:



6+0;;

/:



,QVHUW,QLWLDO0LQ'LD 'PLQ IRU)DFH*URRYLQJ 0DFKLQLQJ

,QVHUW

)DFLQJ 0LQ'LDRI)DFH 0DFKLQLQJ

7'-&

7'7

6L]H PP

0LQ'LD PP

       

       

,QVHUW 7'758

7';8

6L]H PP

0LQ'LD PP

       

       

&


7*)35/6KDOORZ)DFH3HUSHQGLFXODU*URRYLQJDQG)DFH7XUQLQJ 8VH,QVHUW

7'&76&   SDJH&& 7'-76-   SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7')7 SDJH&

/

(

 ,QVHUWIRU*URRYLQJ2QO\

+

+

% 7

5LJKWKDQGVKRZQ

,QVHUW 6HDW + % / 6L]H 7*)35/     7*)35/         7*)35/ ‹([WHUQDO7XUQLQJ *URRYLQJLVDYDLODEOHGHSHQGLQJRQWKHLQVHUW 'HVLJQDWLRQ

7

(

7PD[

6FUHZ

:UHQFK

7RUTXH 1ÃP

  

  

6+0;; 6+0;; 6+0;;

/:



77)35/'HHS)DFH*URRYLQJDQG7XUQLQJ 8VH,QVHUW

7'&76&   SDJH&& 7'-76-   SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7')7 SDJH&

/

(

+

 ,QVHUWIRU*URRYLQJ2QO\

+

'PLQ 'PD[

'

% 7

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/ 77)35/

&

,QVHUW 6HDW 6L]H









+

%

/

(

7PD[

'PLQ

'PD[

                 

                 

                 

                 

                 

                 

             ’    ’

7

6FUHZ

:UHQFK

7RUTXH 1ÃP

6+0;;

/:



6+0;;

/:



6+0;;

/:



6+0;;

/:




7*,)5/6KDOORZ,QWHUQDO)DFH*URRYLQJDQG)DFH7XUQLQJ 8VH,QVHUW

7'&76&   SDJH&& 7'-76-   SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7')7 SDJH&

GJ

 ,QVHUWIRU*URRYLQJ2QO\

+

'PLQ 'PD[ 0LQ%RUH'LD

7PD[ ) :

/

:

5LJKWKDQGVKRZQ

0LQ%RUH'LD

/

)

+

7PD[

6HDO

6HDO 7KUHDG

6FUHZ

:UHQFK

7RUTXH 1Â&#x2021;P

   

   

   

   

   

3/ 3/ 3/ 3/

5 5 5 5

6+0;; 6+0;; 6+0;; 6+0;;

/:



'PLQ

7'77'& 7')77';8 7'-

G 

G 









































%RULQJ %0LQ )G:*

'PD[

%

)DFH*URRYLQJ '0LQ )G:%*

0D[

%

3

%

'

Â&#x2019;

)DFH5HFHVVLQJ 30LQ )G:%*

*

*

30LQ

:

G

'0LQ

7*,)5/&7 7*,)5/&7 7*,)5/&7 7*,)5/&7

,QVHUW 6HDW 6L]H    

%0LQ

'HVLJQDWLRQ

7PD[

%

%

7*,)5/$SSOLFDWLRQ

77),5/,QWHUQDO)DFH*URRYLQJDQG)DFH7XUQLQJ 8VH,QVHUW

7'&76&   SDJH&& 7'-76-   SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7')7 SDJH&

6HDO 7KUHDG

+ /

 ,QVHUWIRU*URRYLQJ2QO\

'PLQ

7PD[

/

'PD[

'PD[ 'PLQ

G

)

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 77),5/7 77),5/7 77),5/7 77),5/7 77),5/7 77),5/7 77),5/7 77),5/7 77),5/7 77),5/7 77),5/7 77),5/7

,QVHUW 6HDW 6L]H





G

/

/

)

+

7PD[

'PLQ

'PD[

6HDO

6HDO 7KUHDG

6FUHZ

:UHQFK

7RUTXH 1Â&#x2021;P

           

           

           

           

           

           

           

           

3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/

5

6+0;;

/:



&


77,5/,QWHUQDO7XUQLQJ*URRYLQJDQG3URILOLQJ 8VH,QVHUW

7'&76&   SDJH&& 7'-76-   SDJH&& 7';87';7SDJH& 7'7 SDJH&& 7',7 SDJH&&

GJ +

 ,QVHUWIRU*URRYLQJ2QO\

$ 6HDO

/

)

'

6HDO7KUHDG

/

,QVHUW 6HDW 6L]H

'HVLJQDWLRQ

G

/

/

77,5/&    77,5/&        77,5/& 77,5/&    77,5/&    77,5/&7     77,5/&    77,5/&7       77,5/&7 77,5/&    77,5/&    77,5/&7    77,5/&     77,5/&7    77O5/&7       77,5/&7 77,5/&    77,5/&    77O5/&7     77O5/&7       77O5/&7 77,5/&    77O5/&7     77O5/&7       77O5/&7 77,5/&        77,5/& 77,5/    77,5/        77,5/ 77,5/    77,5/        77,5/ 77,5/     77,5/       77,5/ Â&#x2039;:LWKRXW&RQWKHGHVFULSWLRQQRQFRRODQWKROHW\SH %RULQJ%DU

6HDO &RRODQW6XSSO\

)

+

$

7PD[

'PLQ

6HDO

7KUHDG

6FUHZ

                                   

                                   

                                   

                                   

                                   

3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/  3/ 3/ 3/ 3/  3/ 3/ 3/  3/ 3/         

0 0 5 0 5 5 5 5 5 0 5 5 5 5 5  5 5 5 5  5 5 5  5 5         

6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;;

7'7

7'758

0DFKLQLQJ 

,QWHUQDO*URRYLQJ

0LQ'LDRI)DFH0DFKLQLQJ

&

7

5LJKWKDQGVKRZQ

7'-&

:UHQFK

7RUTXH 1Â&#x2021;P

/:



/:



/:



/:



/:



/:



/:



/:



/:



7';8

6L]H 0LQ'LD 6L]H 0LQ'LD 6L]H 0LQ'LD 6L]H 0LQ'LD PP

PP

PP  PP PP

PP

PP

PP

     

     

    

    

     

     

     

     


7*(85/([WHUQDO8QGHUFXWWLQJ 8VH,QVHUW 7'7 SDJH & 7',7 SDJH &&

(

+

+

)

%

'

/

7

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 7*(85/ 7*(85/ 7*(85/ 7*(85/ 7*(85/ 7*(85/ 7*(85/

,QVHUW 6HDW 6L]H 

 

+

%

/

)

(

7PD[

'PLQ

6FUHZ

      

      

      

      

      

      

      

6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;; 6+0;;

:UHQFK

7RUTXH 1ÃP

/:



/:



/:



7*,85/,QWHUQDO8QGHUFXWWLQJ 8VH,QVHUW 7'7 SDJH & 7',7 SDJH &&

GJ + / '

) 7

'HVLJQDWLRQ 7*,85/ 7*,85/ 7*,85/ 7*,85/ 7*,85/

,QVHUW 6HDW 6L]H   

7

/

'

5LJKWKDQGVKRZQ

G

/

/

)

+

7PD[

'PLQ

6FUHZ

    

    

    

    

    

    

    

6+0;; 6+0;; 6+0;; 6+0;; 6+0;;

:UHQFK

7RUTXH 1ÃP

/:



/:



&


7*,85/$$OXPLQXP:KHHO0DFKLQLQJ 8VH,QVHUW

GJ 'PLQ

/

7'$76$SDJH &

+

'PLQ

7

GJ

)

/

)LJ

/ 7

7 Ý

)

)



'HVLJQDWLRQ 7*,85/$ 7*,85/&$ 7*,85/&$ 7*,85/$ 7*,85/&$ 7*,85/&$ 7*,85/9&$ ‹ )RU7'$9,QVHUW

,QVHUW 6HDW 6L]H 



/ )LJ

/

)LJ

+

5LJKWKDQGVKRZQ

G

/

'PLQ

/

)

+

7PD[

)LJ

6HDO

      

      

      

      

      

      

      

      

 3/ 3/  3/ 3/ 3/

6HDO &RRODQW &RRODQW &RRODQW 7KUHDG SLSH 1R]]OH  5ß 5ß  5ß 5ß 5ß

 1=3 1=3  1=3 1=3 1=3

 1= 1=  1= 1= 1=

6FUHZ

:UHQFK

7RUTXH 1ÃP

([WHUQDO iŽ”…’ŽŒ iŽ”…’ŽŒ 6+ /: ([WHUQDO 0;; iŽ”…’ŽŒ iŽ”…’ŽŒ iŽ”…’ŽŒ



77(5/$$OXPLQXP:KHHO0DFKLQLQJ 8VH,QVHUW 7'$76$SDJH &

+

+ 7

(

+

7 %

) Ý

$

,QVHUW 6HDW 6L]H 77(5/$  77(5/$   77(5/9$

‹ )RU7'$9,QVHUW

&

$

Ý

/

)LJ

'HVLJQDWLRQ

%

) /

)LJ

5LJKWKDQGVKRZQ

+

%

/

)

(

$

+

7PD[

)LJ

6FUHZ

:UHQFK

7RUTXH 1ÃP

  

  

  

  

  

  

  

  

  

6+0;;

/:




+ROGHUVIRUVPDOOVL]HLQVHUW7',07',3 776(5/([WHUQDO7XUQLQJDQG*URRYLQJ 8VH,QVHUW 7',07',3SDJH&

( + 9

+ $

+

+

/

7PD[ 

)

%

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 776(5/7 776(5/7 776(5/7 776(5/7 776(5/7 776(5/7 776(5/7 776(5/7 776(5/7 776(5/7

,QVHUW 6HDW 6L]H





+

%

/

)

9

(

$

+

6FUHZ

:UHQFK

         

         

         

         

         

         

         

         

76,

7

7*6)5/6KDOORZ*URRYLQJDQG7XUQLQJ 8VH,QVHUW 7',07',3SDJH&

( + 9

+ +

+

/

7PD[ 

)

% :

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 7*6)5/7 7*6)5/7 7*6)5/7

,QVHUW 6HDW 6L]H 

+

%

/

)

9

(

+

:

6FUHZ

:UHQFK

  

  

  

  

  

  

  

Â&#x201D; Â&#x201D; Â&#x201D;

76,

7

&


6PDOO'LDPHWHU,QWHUQDO0DFKLQLQJ 776,5/,QWHUQDO*URRYLQJDQG7XUQLQJRQ6PDOO'LDPHWHU 8VH,QVHUW 7',07',3SDJH&

GJ +

&RRODQW,QOHW

$ /

min 7PD[ max 'PLQ

) /

'HVLJQDWLRQ 776,5/ 776,5/ 776,5/ 776,5/ 776,5/ 776,5/ 776,5/ 776,5/ 776,5/ 776,5/

,QVHUW 6HDW 6L]H





G

/

/

)

+

$

7PD[

'PLQ

&RRODQW ,QOHW

6FUHZ

:UHQFK

         

         

         

         

         

         

         

         

  3/ 3/ 3/  3/ 3/ 3/ 3/

76, 76, 76, 76, 76, 76, 76, 76, 76, 76,

7 7 7 7 7 7 7 7 7 7

7*6,5/,QWHUQDO6KDOORZ*URRYLQJDQG7XUQLQJRQ6PDOO'LDPHWHU 8VH,QVHUW 7',07',3SDJH&

'PLQ + / G

)

7PD[ :

/

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 7*6,5 7*6,5 7*6,5 7*6,5 7*6,5

&

,QVHUW 6HDW 6L]H



G

/

/

)

+

7PD[

'PLQ

:

&RRODQW,QOHW

6FUHZ

:UHQFK

    

    

    

    

    

    

    

    

  3/ 3/ 3/

76,

7


7',07',3&XWWLQJ&RQGLWLRQV 7XUQLQJ

  

 



GHSWKRIFXW PP 

IHHG PPUHY

*URRYLQJ

    

 











,QVHUW:LGWK PP

 





IHHG PPUHY

,QVHUW:LGWK PP ,QVHUW:LGWK PP

&


,QVHUWIRU6ORWWLQJ 7,0&3DUWLQJDQG*URRYLQJZLWK´&µ7\SH&KLSEUHDNHU

: 5

1HXWUDO 'HVLJQDWLRQ 7,0& 7,0& 7,0& 7,0& 7,0& 7,0&

,QVHUW 6HDW 6L]H 

:“

5

     

     

 

.

77

*UDGH

77

77

77

6WDQGDUG,WHP

‹2UGHULQJH[DPSOHSFV7,0&77

7,0-3DUWLQJDQG*URRYLQJZLWK´-µ7\SH&KLSEUHDNHU

: 5

1HXWUDO 'HVLJQDWLRQ

,QVHUW 6HDW 6L]H

:“

7,0-    7,0- 7,0-   7,0-   7,0- ‹2UGHULQJH[DPSOHSFV7,0-77

5     

.

77

77

77

77

77

6WDQGDUG,WHP

'HVLJQDWLRQ6\VWHP

7,

0

7DHJX7HF ,QVHUW

07ROHUDQFH : “PP

& &KLSEUHDNHU7\SH &)RU0HGLXP - )RU/LJKW

&

*UDGH

77

  :LGWKRI,QVHUW PP

5

/HDG$QJOH +DQGRI,QVHUW  ƒ 55LJKW+DQG %ODQN ƒ //HIW+DQG 11HXWUDO


,QVHUWIRU6ORWWLQJ 7,397XUQLQJ*URRYLQJDQG3URILOLQJZLWK´9µ7\SH&KLSEUHDNHU

5 5 : IRUIXOOUDGLXVLQVHUWV

: 5

'HVLJQDWLRQ 7,39( 7,39( 7,39( 7,39( 7,39( 7,39 7,39 7,39 7,39 7,39 7,39 7,39 7,39

,QVHUW 6HDW 6L]H







:Â&#x201C;

5

            

            

.

77

77

*UDGH

77

77

6WDQGDUG,WHP

Â&#x2039;2UGHULQJH[DPSOHSFV7,39(77

'HVLJQDWLRQ6\VWHP

77

7,

3

9



(



7DHJX7HF ,QVHUW

3 7ROHUDQFH : Â&#x201C;PP

&KLSEUHDNHU7\SH 9)RUSUHFLVLRQJURRYLQJ DQGWXUQLQJSURILOLQJZLWK YDULRXVZLGWKVUDGLL DQGVKDSHV

:LGWKRI,QVHUW PP

&XWWLQJ(GJH 9RLG836KDUS  RUPLQLPXP FRDWLQJKRQH

( +RQHG

&RUQHU5DGLXV &RUQHU5DGLXV RU :)XOO5DGLXV

&


76&6ORWWLQJ&XWWHUV 8VH,QVHUW

:

:

527$7,21

'

$

'

'

'2&

$ 6W\OH

'HVLJQDWLRQ 76&$ 76&$ 6W\OH 76&$ 76&$  76&$ 76&$ 76&. 76&. 76&. 76&. 6W\OH 76&.  76&. 76&. 76&. 76&.

7,0&7,0-  SDJH& 7,39 SDJH&

'LD ' PP

              

: 5DQJH PP

              

,QVHUW 6HDW 6L]H               

&XWWHU'LPHQVLRQV

1R RI 7HHWK               

G PP

$ PP

              

              

0D[ '2& PP

              

6W\OH

0D[ 530               

'LD ' PP

              

'ULYH)ODQJH'LPHQVLRQV 'ULYH )ODQJH6HW

'ULYH 6KDQN

      75 75 75 75 75 75 75 75 75

      7: 7 7 7: 7 7 7: 7 7

Â&#x2039;([WUDFWRU (6* VXSSOLHGZLWKHDFKFXWWHU Â&#x2039;)ODQJHVHWVKRXOGEHRUGHUHGVHSDUDWHO\

76&.

'HVLJQDWLRQ6\VWHP

7&/$038/75$ 6/277,1* &877(5

&877(5',$0(7(5

,16(576($76,=(

02817,1* +2/(6,=(

'5,9()/$1*( $,QWHJUDO6W\OH $UERU'ULYH)ODQJH .'ULYH)ODQJH6HW 5HTXLUHG 0XVWEH RUGHUHGVHSDUDWHO\ 

&


)ODQJH6HW $ G '

'HVLJQDWLRQ 75 75 75

G

G

'

G

G

$

  

  

  

  

  

'ULYH6KDQN

/ '

G

G GV /

G GV

7: 7 7

'

/

7:7\SH

'HVLJQDWLRQ

G

77\SH

G

'

GV

G

/

/

6FUHZ

  

  

  

  

  

  

65 65 65

&


6ORWWLQJ&XWWHU 1DUURZ:LGWK6ORWWLQJ&XWWHUV 0HWULF&XWWLQJ'LDPHWHUV PPPPPPPPPP &XWWLQJ:LGWK5DQJHVPPPP *HRPHWU\3RVLWLYH5DNH $SSOLFDWLRQV6ORWWLQJDQG6DZLQJ 0DWHULDOV&DUERQ6WHHOV$OOR\6WHHOV 6WDLQOHVV6WHHOV&DVW,URQ$OXPLQXP DQG([RWLFV

)HDWXUHV%HQHILWVRI6ORWWLQJ&XWWHUV 1DUURZZLGWKDSSOLFDWLRQVWRPP 6LPSOHHDV\WRPRXQWLQVHUWV 6HFXUHLQVHUWUHWHQWLRQVHOISRVLWLRQLQJLQVHUW VWRSSHUIRUUHSHDWDELOLW\ 'ULYHIODQJHPRXQWLQJIRUH[WUDVWDELOLW\ 0LQLPDOUDGLDOUXQRXW (IILFLHQWFKLSHYDFXDWLRQ 5HGXFHGFXWWLQJIRUFHV ,PSURYHGWRROOLIH ,QVHUWVFRPSDWLEOHZLWK7&/$038/75$V\VWHP (FRQRPLFDO

7&/$038/75$FXWWHUVDUHVSHFLILFDOO\GHVLJQHGWRPD[LPL]HPHWDOUHPRYDOUDWHVZKLOHSURYLGLQJH[FHSWLRQDOVXUIDFHILQLVKHV 7KHUXJJHGERG\FRQVWUXFWLRQKDVQRZHGJHVFODPSVRUVFUHZVWKHUHE\PDNLQJPDFKLQLQJRSHUDWLRQVDQGDSSOLFDWLRQVPXFKVLPSOHU 7&/$038/75$FXWWHUVDUHMXVWRQHHOHPHQWRIDWRWDOO\LQWHJUDWHGV\VWHPWKDWLQFRUSRUDWHVWKHZHOOUHFRJQL]HGDQGDFFHSWHG'RXEOH 3ULVP´9µPHWKRGRILQVHUWUHWHQWLRQ 7KLVV\VWHPDOORZVWKHXVHRIFRPPRQLQVHUWVHDWVL]HVWKURXJKRXWWKH7&/$038/75$OLQHWKHUHE\UHGXFLQJLQVHUWLQYHQWRULHV

5HFRPPHQGHG)HHG5DWHV IRU7&/$038/75$6ORWWLQJ&XWWHUV 527$7,21

7,0& 7,0-

'ULYH)ODQJH6HW 5HFRPPHQGHG)RU 6W\OH&XWWHUV

7,39 7DEOH)HHG

5HFRPPHQGHG)HHG5DWHV  %DVHGRQLQVHUWZLGWK

PP



)HHGUDWHVDUHIRUUDGLDO '2& !WKHFXWWHUGLDPHWHU



)RUUDGLDO'2&WKHFXWWHUGLDPHWHU LQFUHDVHIHHGUDWHVE\WKHIROORZLQJ

 

'2&&XWWHU GLDPHWHU

 





  

,QFUHDVHIHHG      UDWHE\!           

IHHGUDWH PPWRRWK

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

&


6ORWWLQJ&XWWHU &XWWLQJ0DWHULDO$SSOLFDWLRQV7&/$038/75$6ORWWLQJ&XWWHUV :RUNSLHFH 0DWHULDO &DUERQ 6WHHO

& &



&

&XWWLQJ6SHHG PPLQ





 

XSWR

$OOR\6WHHO

)HUULWLF

6WDLQOHVV  6WHHO

  0DUWHQVLWLF

 

 $XVWHQLWLF



&DUERQ

&DVW6WHHO 

$OOR\HG























7777

%ULQHOO +DUGQHVV

 

 

























XSWR

 

  

.

%ULQHOO +DUGQHVV

&XWWLQJ6SHHG PPLQ





/RZ7HQVLOH*UH\





7HQVLOH*UH\$OOR\









:RUNSLHFH 0DWHULDO 0DOOHDEOH ,URQ

&DVW,URQ

)HUULWLF

3HDUOLWLF

&DVW,URQ+LJK 1RGXODU ,URQ

&KLOOHG&DVW,URQ

1LFNHO%DVH$OOR\V ,QFRQHO

)HUULWLF

3HDUOLWLF



 



 

















+DVWHOOR\&

7LWDQLXP$OOR\V $/9

:URXJKW$OXPLQXP  &DVW$OXPLQXP 

@&$87,217KHVHFXWWHUVKDYHPD[LPXP530UDWLQJV  %HVXUHWRUHDGWKHFDWDORJXHSDJHIRUVSHFLILF530UDWLQJVRQ\RXUVSHFLILFFXWWHUW\SH

&


7*8;6HPL)LQLVKHG%ODQNIRU([WHUQDO3URILOHV Ý :

// G

7

Ý

'HVLJQDWLRQ 7*8; 7*8; 7*8; 7*8;

:

7

G

/

   

   

   

   

*UDGH

.

3$

6WDQGDUG,WHP

77/(1+ROGHUV 3URILOH,QVHUW +

+

) :

% 7

'HVLJQDWLRQ

+

%

)

7

/

77/(1.      77/(1.      77/(10      77/(10      77/(1.      77/(10      77/(10      77/(1.      77/(10      77/(13      77/(1.      77/(10           77/(13 ‹  'HVLJQDWLRQRIILQDOLQVHUWZLOOEHGLIIHUHQWWRWKHVHPLILQLVKHGEODQN

&

/

:

,QVHUW 

            

7*8; 7*8; 7*8; 7*8; 7*8; 7*8; 7*8; 7*8; 7*8; 7*8; 7*8; 7*8; 7*8;

6FUHZ

:UHQFK

7RUTXH 1ÃP

76%,

7



76,

7




8VHU*XLGH 7&/$038/75$3/866\VWHP 7KLVJXLGHSUHVHQWVEDVLFLQIRUPDWLRQWKDWZLOOHQDEOH\RXWRREWDLQIXOOEHQHILWIURP7&/$038/75$3/86 6\VWHP

7&/$038/75$3/86HQDEOHVPXOWLIXQFWLRQDO RSHUDWLRQVLQRQHV\VWHP 'HHS*URRYLQJ 3DUWLQJDQG*URRYLQJ 6KDOORZ*URRYLQJ 7XUQLQJDQG*URRYLQJ 3UHFLVLRQ*URRYLQJDQG5HFHVVLQJ )DFH*URRYLQJDQG)DFH7XUQLQJ 8QGHUFXWWLQJDQG5HFHVVLQJ

3DUWLQJ ,QVHUWV $FFXUDF\ZLWKJRRGUHSHDWDELOLW\ 0ROGHGFKLSEUHDNHU 7RSDQGERWWRPSULVPKROGWKHLQVHUWILUPO\DQGDFFXUDWHO\ LQWKHFRUUHFWSRVLWLRQ 7'-&LVDXQLTXHGRXEOHHQGHGLQVHUWIRUJURRYLQJDQGSDUWLQJ 76-&LVDXQLTXHVLQJOHHQGHGLQVHUWIRUGHHSJURRYLQJDQGSDUWLQJ 7'7GRXEOHHQGHGLQVHUWIRUVLGHWXUQLQJDQGJURRYLQJ 7'$GRXEOHHQGHGLQVHUWIRUDOXPLQXPZKHHOPDFKLQLQJ

%ODGHV

7XUQLQJ *URRYLQJ

6LPSOHDFFXUDWHDQGUDSLGLQGH[LQJ 7RSDQGERWWRPVHDWHGLQVHUWDOLJQPHQW 1RDGGLWLRQDOVSDUHSDUWV 8VHVVWDQGDUGWRROEORFNV

,QWHJUDO7RRO6KDQNV 6LPSOHDFFXUDWHDQGUDSLGLQGH[LQJ 7RSDQGERWWRPVHDWHGLQVHUWDOLJQPHQW 6WDEOHVXSSRUWDJDLQVWVLGHIRUFHV 1RDGGLWLRQDOVSDUHSDUWV 6WDQGDUGVKDQNGLPHQVLRQV

)DFH*URRYLQJ 7XUQLQJ

&


8VHU*XLGH $GYDQWDJHVRI7&/$038/75$3/866\VWHP 7&/$038/75$3/86LVDYDLODEOHDVHLWKHUGRXEOHHQGHGRUVLQJOHHQGHGLQVHUWIRUPD[LPXPHFRQRP\ 0XOWLIXQFWLRQXVH 5LJKWKDQGDQGOHIWKDQGWXUQLQJJURRYLQJDQGSDUWLQJZLWKDVLQJOHWRRO 7&/$038/75$3/86UHSODFHVDPXOWLWXGHRI,62WRROV 5HGXFHVQXPEHURIWRROVSHURSHUDWLRQ 5HGXFHVLQYHQWRU\ 6KRUWF\FOHWLPH 6KRUWVHWXSZLWKOHVVGRZQWLPH 5HGXFHVQHHGIRUWXUUHWLQGH[LQJ ,PSURYHG&\FOH7LPH 7KHH[FHOOHQWVXUIDFHILQLVKREWDLQHGIURPURXJKWXUQLQJPD\HOLPLQDWHILQLVKWXUQLQJ

7&/$038/75$3/866\VWHPYV6WDQGDUG,626\VWHP 7&/$038/75$3/866\VWHP

3UHFLVLRQ *URRYLQJ 3DUWLQJ

*URRYLQJ 5LJKWDQG/HIW+DQG7XUQLQJ

6WDQGDUG,626\VWHP

)DFLQJ

*URRYLQJ 3DUWLQJ

5LJKW+DQG /HIW+DQG 7XUQLQJ 7XUQLQJ

)DFLQJ

7RROKROGHU6FUHZ&ODPSLQJ)RUFH

&

6FUHZ

5HFRPPHQGHG7RUTXH 1ÃP

6+0;



6+0;



6+0;




8VHU*XLGH

3DUWLQJ *URRYLQJ

6HOHFWLQJ,QVHUWV

%ODGHRU+ROGHU6L]H

7RPDWFKWKHFRUUHFWLQVHUWWRWKHFXWWLQJFRQGLWLRQ WKHIROORZLQJYDULDEOHVPXVWEHFRQVLGHUHG

7RPLQLPL]HYLEUDWLRQDQGGHIOHFWLRQFKRRVH

:LGWKRIFXW ZLGWKRILQVHUW

&KLSEUHDNHUVW\OH /HDGDQJOH &RUQHUUDGLL &DUELGHJUDGH

%ODGHRUWRROKROGHUZLWKWKHVPDOOHVWSRVVLEOH  RYHUKDQJ 7PD[

7RROKROGHUZLWKWKHPD[LPXPVKDQNVL]H +  %ODGHKHLJKWWKDWLVODUJHUWKDQ7PD[ %ODGHRUWRROKROGHUZLWKWKHPD[LPXPEODGHZLGWK  ODUJHVWSRVVLEOHLQVHUWVHDWVL]H

:LGWKRI&XW :2& DQG'HSWKRI&XW '2&

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

5+LQVHUWVKRZQ

,QVHUW6XSSRUW ,QWHJUDOVKDQNWRROKROGHUVRIIHUWKHEHVWULJLGLW\ $ VHOI FODPS KROGHU LV RQO\ UHFRPPHQGHG IRU UDGLDO PDFKLQLQJ $ VFUHZ FODPS KROGHU LV UHFRPPHQGHG IRU D[LDO DQG UDGLDOPDFKLQLQJ

ƒ0RXQWLQJ

7KHLQVHUWPXVWEHPRXQWHGƒWRWKHZRUNSLHFHWR REWDLQSHUSHQGLFXODUVXUIDFHVDQGPLQLPL]HYLEUDWLRQ

6HWXS 7KHFHQWHUKHLJKWRIWKHLQVHUWVKRXOGEHPDLQWDLQHG ZLWKLQ“PP 7KHSDUWLQJRSHUDWLRQVKRXOGEHDVFORVHWRWKHFKXFN DVSRVVLEOH

PP :2& PD[

&HQWHU+HLJKW

6HOHFWLQJ3UHIHUHQFH3ULRULW\ 8VHLQVHUWZLWKƒOHDGDQJOH 8VHWKHODUJHVWEODGHVL]HSRVVLEOH 7KHVPDOOHVWDSSURSULDWHZLGWKRIFXW

&


8VHU*XLGH 0DFKLQLQJ &RQVLVWHQF\RIVSHHGDQGIHHGLPSURYHSHUIRUPDQFH $SSO\FRRODQWDEXQGDQWO\ H[FOXGLQJ&HUDPLF$%  6HFXUHLQVHUWLQWRFOHDQSRFNHWV &XWWLQJIRUFHVRQVRIWZRUNSLHFHPDWHULDOVPD\EH  LQVXIILFLHQWWRSXVKLQVHUWZHOOLQWRSRFNHW  7DSLQVHUWLQWRSODFHXVLQJDSODVWLFKDPPHU 2QDFRQYHQWLRQDOODWKHORFNWKHFDUULDJHWRSUHYHQW D[LDOPRWLRQGXULQJSDUWLQJRII

8VDJH 5HSODFHZRUQLQVHUWVLPPHGLDWHO\ 7KHSULFHRIDQHZLQVHUWLVPXFKOHVVWKDQWKHULVNRI GDPDJHIURPFRQWLQXLQJZLWKDZRUQHGJH 5HSODFHEODGHRUGDPDJHGSRFNHWV 1HYHUWU\WRUHSDLUGDPDJHGSRFNHWV

&KLSEUHDNHU 7KHFKLSEUHDNHUÒ&#x2039;VIXQFWLRQLVWRQDUURZWKHFKLS LWRFFXUVQHDUWKHFXWWLQJHGJHDWKLJKWHPSHUDWXUH 3URGXFLQJFKLSVWKDWDUHQDUURZHUWKDQWKHJURRYHJLYHV WKHIROORZLQJDGYDQWDJHV (OLPLQDWHVIULFWLRQZLWKJURRYHZDOOV 3UHYHQWVFKLSRYHUORDG 3HUPLWVKLJKHUIHHGV 3URGXFHVXQVFUDWFKHGVXUIDFHVHOLPLQDWLQJDGGLWLRQDO IDFLQJ &XUOLQJFKLSVLQWRFRPSDFWVSLUDOVRUEUHDNLQJFKLSV VLPSOLILHVGLVSRVDO &XUOLQJLVDIIHFWHGE\WKHFKLSEUHDNHUW\SHDQGWKH PDFKLQLQJFRQGLWLRQV 6HOHFWDQDSSURSULDWHFKLSIRUPHUIRUWKHVSHFLILF DSSOLFDWLRQ

&

3DUWLQJ *URRYLQJ ([WUDFWLRQRI,QVHUW ,QVHUW&ODPSLQJ ([WUDFWRU ('*%('*% IRU%ODGHV


8VHU*XLGH

3DUWLQJ *URRYLQJ

6HOHFWLRQRI&KLSEUHDNHUV

&

-

)RUKDUGPDWHULDOVDQGWRXJKDSSOLFDWLRQV )RUJHQHUDODSSOLFDWLRQVRQVWHHODOOR\VWHHODQG VWDLQOHVVVWHHO 0HGLXPWRKLJKIHHGV

)RUVRIWPDWHULDOVSDUWLQJRIWXEHVVPDOOGLDPHWHUV DQGWKLQZDOOHGSDUWV /RZIRUFHVDQGVPDOOHUEXUUV ,PSURYHGVWUDLJKWQHVV /RZWRPHGLXPIHHGV









)HHG PPUHY

)HHG PPUHY

5HFRPPHQGHGIHHGUDQJHDVDIXQFWLRQRILQVHUWZLGWK 0DWHULDO6$( +%

5HFRPPHQGDWLRQVDUHIRUQHXWUDOLQVHUWVIRU5/LQVHUWVUHGXFHIHHGVE\











 

     











































 

 







:LGWK PP

 :LGWK PP

´-µ

´&µ :RUNSLHFH0DWHULDOV   +LJK

$XVWHQLWLF 6WDLQOHVV

+LJK7HPS $OOR\V

1RQIHUURXV 0DWHULDOV

&DVW,URQ

&

&

&

&%UDVV

&

-

-

-7LWDQLXP

-$OXPLQXP

$OOR\6WHHO 



)HHG /RZ

&


8VHU*XLGH

3DUWLQJ *URRYLQJ

3UDFWLFDO7URXEOHVKRRWLQJ 7R5HGXFH%XUU

2QD&1&PDFKLQHUHGXFHIHHGE\ZKHQ DSSURDFKLQJFHQWHUVWXEGLDPHWHUV :2&



Stub dia.

&KHFNFHQWHUKHLJKWRIFXWWLQJHGJH 8VHLQVHUWZLWKOHDGDQJOH

,IƒOHDGDQJOHPXVWEHXVHGIRUZKDWHYHUUHDVRQ

DSSO\QDUURZ:2&

$SSO\DVXSSRUWLQJSDUWFDWFKHU RUDGMXVWFRQFHQWULFLW\



)RUKROORZEDUVLWLVEHWWHUWRPDFKLQHFKDPIHUVXVLQJ,' ERULQJWRROSULRUWRSDUWLQJRSHUDWLRQ 6HHSLFWXUH 



7R,PSURYH6XUIDFH)LQLVK

,QFUHDVHFXWWLQJVSHHG 8VHQHXWUDOLQVHUWV 6HOHFWFKLSIRUPHUWKDWSURYLGHVRSWLPXPFKLSFRQWURO 8VHFRDWHGFDUELGH ,PSURYHFRRODQWDSSOLFDWLRQ (OLPLQDWHFKDWWHU

7R,PSURYH)ODWQHVV &KHFNLQVHUWVDQGUHSODFHDQ\WKDWVKRZZHDU 8VHQHXWUDOLQVHUWV 8VHODUJHVWEODGHSRVVLEOHLH7*%LQVWHDGRI7*% ,QFUHDVHEODGHWKLFNQHVVDQGLQVHUWZLGWK 0LQLPL]HEODGHRYHUKDQJ &KHFNDOLJQPHQWDQGSHUSHQGLFXODULW\RIWRROWRPDFKLQHD[LV 2SWLPL]HZRUNSLHFHFKXFNLQJ /RFNWKHFDUULDJHRQPDQXDOO\RSHUDWHGODWKHV $SSO\FRRODQWDEXQGDQWO\ H[FOXGLQJ&HUDPLF$%

5HGXFHIHHG

7R,PSURYH&KLS&RQWURO

5HSODFHZRUQLQVHUWV &KRRVHDPRUHDSSURSULDWHFKLSEUHDNHU 8VHDQHXWUDOLQVHUW &KHFNDOLJQPHQWDQGSHUSHQGLFXODULW\RIWRROWRPDFKLQHD[LV $SSO\FRRODQWDEXQGDQWO\ ,QFUHDVHIHHG $WLQLWLDOJURRYHGHSWKLQWHUUXSWIHHGPRPHQWDULO\  WROHWWKHFKLSHQWHUVORW

&


8VHU*XLGH

3DUWLQJ *URRYLQJ

7R(OLPLQDWH&KDWWHU

3DUWRIIDVFORVHWRFKXFNDVSRVVLEOH 0LQLPL]HEODGHRYHUKDQJ ,PSURYHFKXFNLQJDQGPRQLWRUWRROVHWXS &KDQJHWKH530 ,QFUHDVHWKHIHHG /RFNWKHFDUULDJHRQPDQXDOO\RSHUDWHGODWKHV

7R3UHYHQW&KLSSLQJRI&XWWLQJ(GJH 8VHDSSURSULDWHFDUELGHJUDGHDQGJHRPHWU\ 8VHLQVHUWZLWKODUJHUFRUQHUUDGLL 5HGXFHIHHGDWHQGRIFXW (OLPLQDWHFKDWWHU ,QFUHDVHVSHHG 8VHVWURQJJUDGH ,QFUHDVHWRRODQGVHWXSULJLGLW\ (OLPLQDWHEXLOWXSHGJHV

7R3UHYHQWRU5HGXFH%XLOWXS(GJH

8VHDSSURSULDWHFDUELGHJUDGHDQGJHRPHWU\ ,QFUHDVHVSHHG 5HGXFHIHHG ,QFUHDVHFRRODQWIORZFRQFHQWUDWLRQ

3DUWLQJRQ(FFHQWULF7XEHV

,QVHUWVZLWKGHJUHHOHDGDQJOHDUHXVXDOO\UHFRPPHQGHG IRUWXEHVKRZHYHUWKHFRPELQDWLRQRIDQHFFHQWULFERUHDQG DUREXVWPDFKLQHPD\LQFUHDVHIHHGVQDSRQEUHDNWKURXJK DQGGDPDJHWKHFXWWLQJHGJH&KDQJLQJWRDQGHJUHHOHDG DQJOHLQVHUWZLOOUHJXODWHWKHEUHDNWKURXJK

&


8VHU*XLGH

3DUWLQJ *URRYLQJ

0DFKLQLQJ'DWDIRU3DUWLQJ ,62

0DWHULDO

8QFRDWHG

7777

77







! & $QQHDOHG









FDVWVWHHOIUHH

& 4XHQFKHGDQGWHPSHUHG









FXWWLQJVWHHO

! & $QQHDOHG









4XHQFKHGDQGWHPSHUHG









$QQHDOHG

































/RZDOOR\VWHHO OHVVWKDQ

4XHQFKHGDQGWHPSHUHG

DOOR\LQJHOHPHQWV

.

&RDWHG



DQGFDVWVWHHO

0

+DUGQHVV +%

& $QQHDOHG 1RQDOOR\VWHHO

3

&RQGLWLRQ

7HQVLOH 6WUHQJWK 5P 1PP

+LJKDOOR\VWHHOFDVWVWHHODQG

$QQHDOHG









WRROVWHHO

4XHQFKHGDQGWHPSHUHG









)HUULWLFPDUWHQVLWLF









0DUWHQVLWLF









$XVWHQLWLF









6WDLQOHVVVWHHO DQGFDVWVWHHO *UD\FDVWLURQ

)HUULWLF







**

3HDUOLWLF







&DVWLURQQRGXODU

)HUULWLF







***

3HDUOLWLF







)HUULWLF







3HDUOLWLF







)HEDVHG

$QQHDOHG







&XUHG







1LRU

$QQHDOHG







&XUHG







&DVW







5P





5P





0DOOHDEOHFDVWLURQ

+LJKWHPSDOOR\V

6

&REDVHG 7LWDQLXP 7LDOOR\V



$OSKDEHWDDOOR\VFXUHG

)RUPRUHLQIRUPDWLRQRIPDWHULDOJURXSV VHHWKH7DHJX7HFFRQFLVHFDWDORJXH´0DWHULDO&RQYHUVLRQ7DEOHµVHFWLRQ 6WHHO

&

.

6WDLQOHVV6WHHO

&DVW,URQ

1RQIHUURXV

+LJK7HPS$OOR\V

+DUGHQHG6WHHO


8VHU*XLGH

7XUQLQJ *URRYLQJ

&KLSEUHDNHU6W\OH´7µ&KLSEUHDNHU 7KH´7µFKLSEUHDNHULVDYDLODEOHIRUWXUQLQJDQG JURRYLQJRIVWHHODOOR\VWHHODQGVWDLQOHVVVWHHO ,QVHUWVZLWK´7µVW\OHFKLSEUHDNHUFRQWDLQDFHQWUDO FKLSEUHDNLQJLVODQGIRUPXOWLGLUHFWLRQFKLSFRQWURO

7

:RUNSLHFH6$( &

&XWWLQJ6SHHG9F PPLQ 'HSWKRI&XW PP

´7µ7\SH

,QVHUWVDUHDYDLODEOHZLWKYDULRXVFRUQHUUDGLLIRU WXUQLQJDSSOLFDWLRQVDQGSURILOLQJLQVHUWVDUHJURXQG ZLWKDIXOOUDGLXV

 7'7(



7'7(

 

7'7(



7'7(

 7'7(

 















7'7(

)HHG PPUHY

5HGXFH&XWWLQJ6SHHGIRU,QWHUQDO )DFH0DFKLQLQJ

7RROKROGHURU%ODGH6L]H

0DFKLQLQJ'HILQLWLRQV

7RPLQLPL]HULVNRIYLEUDWLRQDQGGHIOHFWLRQ DOZD\VFKRRVH 7RROKROGHURUEODGHZLWKWKHVPDOOHVWSRVVLEOHRYHUKDQJ 7RROKROGHUZLWKPD[LPXPVKDQNGLPHQVLRQ

ƒ0RXQWLQJ ,WLVYHU\LPSRUWDQWWKDWWKHLQVHUWLVPRXQWHGDWƒ WRWKHFHQWHUOLQHRIWKHZRUNSLHFHLQRUGHUWRREWDLQ DSHUSHQGLFXODUVXUIDFHDQGUHGXFHWKHULVNRIYLEUDWLRQ

*URRYLQJ

9F&XWWLQJ6SHHG PPLQ

70D[LPXP'HSWK PP

I)HHGLQ5DGLDO'LUHFWLRQ PPUHY

7XUQLQJ

9F&XWWLQJ6SHHG PPLQ

DSPD[0D[LPXP'HSWKRI&XW PP

I)HHGLQ/DWHUDO'LUHFWLRQ PPUHY

&


8VHU*XLGH

7XUQLQJ *URRYLQJ

6HOHFWLQJ,QVHUWV ,QVHUW:LGWK

,QVHUWZLGWKVWURQJO\DIIHFWVVWUHQJWK )RUPRVWHIILFLHQWPDFKLQLQJVHOHFWWKHZLGHVWSRVVLEOHLQVHUW &KLSEUHDNLQJUDQJHGHSHQGVRQLQVHUWZLGWK $QDUURZZLGWKLPSURYHVFKLSEUHDNLQJDWORZHUIHHGUDWHV :LGHLQVHUWVDQGVWURQJEODGHVUHTXLUHKLJKIRUFHVDQGIHHGUDWHV  WRDFKLHYHDIURQWDOFOHDUDQFHDQJOH

&RUQHU5DGLL/DWHUDO7XUQLQJ &KRRVHODUJHFRUQHUUDGLLIRUORQJWRROOLIH

/DUJHUDGLL6PDOOVLGHIRUFHV

&KRRVHVPDOOFRUQHUUDGLLWRUHGXFHFXWWLQJORDG DQGORZHUIHHGZLWKQDUURZLQVHUWV

6PDOOUDGLL6WURQJVLGHIRUFHV

7XUQLQJ)HHG )HHGGHSHQGVRQFKLSEUHDNLQJUDQJHRIWKHLQVHUW 0D[LPXPIHHGGHSHQGVRQLQVHUWZLGWKDQGLVUHODWLYH WRWKHPD[LPXPORDG +LJKIHHGZLWKVPDOOFRUQHUUDGLLPD\UHGXFHWRROOLIH 0D[LPXPIHHGVKRXOGQRWH[FHHGWKHFRUQHUUDGLL )RUEHWWHUFKLSIRUPDWLRQZKHQJURRYLQJIHHGFDQEH LQWHUUXSWHGDWVPDOOLQWHUYDOV

0D[LPXP)HHG IPD[ : â&#x153;&#x2022;

'HSWKRI&XW 0LQLPXPGHSWKRIFXWHTXDOVWKHFRUQHUUDGLL 0D[LPXPGHSWKRIFXWGHSHQGVRQPD[LPXP SRVVLEOHORDG 'HSWKRIFXWGHSHQGVRQFKLSEUHDNLQJUDQJH

/DUJHGHSWKRIFXWFDXVHVODUJHGHIOHFWLRQ DQGODUJHIURQWDOFOHDUDQFH :LWKDVPDOOGHSWKRIFXWWKHGHIOHFWLRQ DQGIURQWDOFOHDUDQFHPD\EHWRRVPDOO

&

0D[LPXP'HSWKRI&XWDSPD[ :â&#x153;&#x2022; 


8VHU*XLGH

7XUQLQJ *URRYLQJ

3ULQFLSOHRI7XUQLQJZLWK7&/$038/75$3/867RROV 7KHFOHDUDQFHDQJOHњƒLVDIXQFWLRQRIWKHVLGH FXWWLQJIRUFHVDQGLVQRWFRQVWDQWDVLVWKHFDVH ZLWK,62LQVHUWV &OHDUDQFHDQJOHEHWZHHQWKHLQVHUW DQGZRUNSLHFH 7KHGHIOHFWLRQLVLQIOXHQFHGE\

)HHGI 'HSWKRIFXWDS 2YHUKDQJ7 &XWWLQJVSHHG9F :RUNSLHFH0DWHULDO

@:KHQWKHVHIDFWRUVDUHSURSHUO\DSSOLHG  WKHLQVHUW Ơƒ FUHDWHVD´:LSHUµDFWLRQSURYLGLQJ  H[FHOOHQWVXUIDFHTXDOLW\DQGWROHUDQFH

)LQLVKLQJ2SHUDWLRQ'LDPHWHU&RPSHQVDWLRQ $FRPSHQVDWLRQIDFWRUIRUWKHILQLVKGLDPHWHUPXVWEHXVHG LQWKHILQDOPDFKLQLQJRSHUDWLRQ$IWHUJURRYLQJWRWKH GHVLUHGGLDPHWHUWKHPDFKLQLQJGLUHFWLRQFKDQJHVWR ORQJLWXGLQDOWXUQLQJ$WWKLVSRLQWGHIOHFWLRQRFFXUV ,IPDFKLQLQJFRQWLQXHVZLWKRXWWRROFRPSHQVDWLRQ FRUQHU$ZLOOSHQHWUDWHWKHZRUNSLHFVDVDUHVXOWRIWKH GHIOHFWLRQSKHQRPHQRQ 6HHSLFWXUH 7KLVZLOOUHVXOWLQWZR GLIIHUHQWGLDPHWHUV‘'IURPWKHJURRYLQJRSHUDWLRQDQG ‘'IURPWKHWXUQLQJRSHUDWLRQ7KHGLIIHUHQFHEHWZHHQ ‘'DQG‘'LVWKHFKDQJHLQGLDPHWHUGHVLJQDWHGDW'HOWD  7RROFRPSHQVDWLRQIDFWRULVFDOFXODWHGDVVKRZQ ‘'‘' 

%DG



8VLQJWKHFRPSHQVDWLRQIDFWRUZLOOHOLPLQDWHWKHGLIIHUHQFHLQSDUWGLDPHWHU  )ROORZWKLVVLPSOHSURFHGXUHGXULQJPDFKLQLQJ

*URRYHWRWKHILQDOGLDPHWHU

3XOOWKHWRROEDFNDGLVWDQFH HTXDOWRWKHYDOXHRI 

&RQWLQXHWKHILQLVKWXUQLQJ RSHUDWLRQ

&


8VHU*XLGH

7XUQLQJ *URRYLQJ

7  KHGLDJUDPVVKRZH[SHULPHQWDOUHVXOWVIRUVSHFLILFPDFKLQLQJFRQGLWLRQV 7KHVHDUHVDPSOHYDOXHVWKDWZLOOYDU\ZLWKGLIIHUHQWZRUNSLHFHPDWHULDOVDQGGLIIHUHQWKROGHUW\SHV 5HFRPPHQGDWLRQ 0HDVXUHWKH YDOXHIRU\RXUILQLVKLQJRSHUDWLRQLQDVKRUWWHVWXVLQJ\RXUVHOHFWHGILQLVKLQJFRQGLWLRQV 'RQRWUXQ\RXUWHVWXVLQJWKHILQDOGLDPHWHU

)HHG PPUHY

)HHG PPUHY

)HHG PPUHY

0XOWLIXQFWLRQ2SHUDWLRQV

1RW5HFRPPHQGHG

7KHPXOWLIXQFWLRQDOWRROVFDQRSHUDWHLQDVHTXHQFHRIJURRYLQJDQGWXUQLQJPRGHV0RYLQJIURPWXUQLQJWRJURRYLQJ UHTXLUHVFRQVLGHUDWLRQRIHDFKEDVLFSULQFLSOH7KLVZLOOHOLPLQDWHWKHSRVVLELOLW\RILQVHUWEUHDNDJH,QWKLVVLWXDWLRQ FXVWRPHUVPXVWUHOHDVHWKHVLGHGHIOHFWLRQQHFHVVDU\LQWXUQLQJEXWQRWUHFRPPHQGHGLQJURRYLQJ

0DFKLQLQJD5DGLXVRU&KDPIHU 7KHPDFKLQLQJRIDFRUQHUZLWKDUDGLXVRUDFKDPIHUODUJHUWKDQWKHUDGLXVRIWKH LQVHUWDOZD\VUHTXLUHVWKHFRPELQDWLRQRIPRYHPHQWLQWZRGLUHFWLRQV3UREOHPVVXFKDVLQVHUW EUHDNDJHUHVXOWZKHQWKLVFRPELQHGRSHUDWLRQLVXVHGZKLOHWKHLQVHUWLVSOXQJHGLQWRWKH ZRUNSLHFHZLWKPDWHULDORQDOOVLGHV,QVHUWEUHDNDJHLVFDXVHGE\IRUFHVDFWLQJVLPXOWDQHRXVO\ LQWZRGLIIHUHQWGLUHFWLRQVDVVKRZQLQ)DQG)

1RW5HFRPPHQGHG

5HFRPPHQGHGSURFHGXUHWRRSWLPL]HPDFKLQLQJDQGHOLPLQDWHLQVHUWEUHDNDJH

3UHYLRXVPRYH

$FWXDOPRYH 

&








8VHU*XLGH

7XUQLQJ *URRYLQJ

0DFKLQLQJ%HWZHHQ:DOOV 2QHRIWKHPRVWLPSRUWDQWDGYDQWDJHVRIWKH7&/$038/75$3/86V\VWHPLVWKHDELOLW\WRPDFKLQHEHWZHHQZDOOV 7RDFKLHYHWKHEHVWUHVXOWIROORZWKHUHFRPPHQGHGVHTXHQFH /HDYHVWHSVQHDUWKHZDOO'RQRWDUULYHDWWKHVDPH=YDOXH 5RXJKLQJ



5RXJKLQJ



)LQLVKLQJ



)LQLVKLQJ



)LQLVKLQJ



=YDOXH PP )LQLVKLQJ



(OLPLQDWLQJDҊ+DQJLQJ5LQJҋ :KHQWXUQLQJDWWKHHQGRIDEDURUWRZDUGDUHFHVVEHWZHHQWZRZDOOVD +DQJLQJ5LQJ PD\EHIRUPHG 7RHOLPLQDWHWKHҊ+DQJLQJ5LQJҋ 5RXJKLQJ

 ,QFRUUHFW

5RXJKLQJ

 &RUUHFW

)LQLVKLQJ

 &RUUHFW

&


8VHU*XLGH

7XUQLQJ *URRYLQJ

2SWLPL]LQJ,QWHUQDO0DFKLQLQJ 7KHILUVWSDVVXVHVRQHFRUQHUIRUURXJKLQJ 7KHRWKHUFRUQHULVXVHGRQWKHUHWXUQSDWKIRUVHPLILQLVKLQJRUILQLVKLQJ 7RROSRVLWLRQORRNVRXWRIVHTXHQFHZLWKWKHDPRXQWRIPDWHULDOWKDWLVUHPRYHG 5DSLGSRVLWLRQEDFNWRLQLWLDOJURRYHDQGWKHQFRQWLQXHZLWKIDFHWXUQLQJWRZDUGWKHFHQWHU /PD[á´ª@'

7RROKROGHU2YHUKDQJ

(IILFLHQWXVHRI,QVHUWFRUQHUV

,PSURYLQJ,QWHUQDO7XUQLQJLQD%OLQG+ROH ,QWHUQDOWXUQLQJLQDEOLQGKROHEULQJVDERXWWKHSUREOHPRIFKLSHYDFXDWLRQ :KHQWKHWRROUHDFKHVWKHUHDUVLGHZDOOFKLSVPD\EHFDXJKWEHWZHHQWKHZDOODQGWKHLQVHUWFDXVLQJEUHDNDJH 7ZRVROXWLRQVWKDWFDQHOLPLQDWHWKLVSUREOHP

&

)LUVW6ROXWLRQ

6HFRQG6ROXWLRQ

6WDUWE\JURRYLQJDWWKHUHDUZDOO &RQWLQXHE\WXUQLQJIURPWKH LQVLGHWRZDUGWKHRXWVLGH

6WDUWE\JURRYLQJDWWKHUHDUZDOO 3XOOWKHWRROEDFNWRWKHRXWVLGH 7XUQWKHILQDOGLDPHWHUIURP RXWVLGHWRZDUGWKHJURRYH


8VHU*XLGH

7XUQLQJ *URRYLQJ

6XUIDFH4XDOLW\ (OLPLQDWLQJ*ULQGLQJ2SHUDWLRQV 7XUQLQJZLWK7&/$038/75$3/867RROVJLYHVDVXUIDFHTXDOLW\VXSHULRUWRDQ\WKLQJSRVVLEOHZKHQXVLQJVWDQGDUG,62WRROV ,QIDFWWXUQLQJZLWK7&/$038/75$3/867RROVFDQSURGXFHDVXUIDFHTXDOLW\FRPSDUDEOHWRJULQGLQJ

7&/$038/75$3/86YV,627XUQLQJ,QVHUWV

&DOFXODWLRQRI5HTXLUHG0DFKLQH3RZHU 7XUQLQJ .FᴌDSᴌIᴌ9F 3 >+3@ ệᴌᴌ

7XUQLQJ .FᴌDSᴌIᴌ9F 3 >NZ@ ệᴌᴌ

*URRYLQJ3DUWLQJ

)DFH*URRYLQJ

.Fᴌ:ᴌIᴌ9F 3 >+3@ ệᴌᴌ

*URRYLQJ3DUWLQJ

)DFH*URRYLQJ

.Fᴌ:ᴌIᴌ9F 3 >NZ@ ệᴌᴌ

:KHUH.FDSSHDUV 6SHFLILF&XWWLQJ)RUFHV 1PP   FRXOGEHXVHG    Ʀ (IILFLHQF\ Ʀʜ

.Fᴌ:ᴌIᴌ9F 3 >+3@ ệᴌᴌ

.Fᴌ:ᴌIᴌ9F 3 >NZ@ ệᴌᴌ



&


8VHU*XLGH

7XUQLQJ *URRYLQJ

7';8&XWWLQJ&RQGLWLRQ7DEOH *URRYLQJ

7XUQLQJ

'2& PP

)HHG5DWH PPUHY



 







  





7';8(





7';8(

 7';8(



 



7';8(















7';8(







:LGWK PP









7';8(

)HHGUDWH PPUHY

7'77';7&XWWLQJ&RQGLWLRQ7DEOH )HHG5DWH PPUHY



7XUQLQJ







 

*URRYLQJ









  





 











 



 



 



:LGWK PP

&


8VHU*XLGH

)DFH0DFKLQLQJ

7RRO6HOHFWLRQ

)ROORZWKHVHWKUHHUHFRPPHQGDWLRQVIRUVHOHFWLQJWKHFRUUHFWFXWWLQJWRRO

&KRRVHWKHZLGHVWSRVVLEOH LQVHUWDQGWRRODFFRUGLQJWR WKHFXWWLQJZLGWKDQGJHRPHWU\ WREHPDFKLQHG

&KRRVHWKHVKRUWHVWWRRO KROGHURYHUKDQJDFFRUGLQJWR WKHPD[LPXPGHSWKUHTXLUHG

&KRRVHWKHWRROUDQJHZLWKWKH ODUJHVWGLDPHWHUGHSHQGLQJRQ WKHLQLWLDOJURRYLQJGLDPHWHU UHTXLUHGLQWKHDSSOLFDWLRQ

7RRO$GMXVWPHQW

3ULRUWRPDFKLQLQJFKHFNDQGDGMXVWWKHIROORZLQJWRROSRVLWLRQV

&KHFNWKHFXWWLQJHGJHKHLJKW DWFHQWHUOLQHWDNHDOLJKWFXW WRZDUGWKHFHQWHUDQGFKHFN IRUDEXUU

&KHFNSDUDOOHOLVPRIFXWWLQJ HGJHDQGWKHPDFKLQHGVXUIDFH &RUUHFWSRVLWLRQFDQJXDUDQWHH JRRGVXUIDFHTXDOLW\ZKHQIDFH WXUQLQJLQERWKGLUHFWLRQV

2SWLPL]LQJWKH0DFKLQLQJ3URFHGXUH )RU5RXJKLQJ

%DVLFVWHSVIRUURXJKLQJRSHUDWLRQVZKHQIDFHWXUQLQJZLWK7&/$038/75$3/86WRROV



 *URRYLQJLQWRLQLWLDO GLDPHWHUUDQJH

 5DSLGSRVLWLRQEDFNWRLQLWLDO JURRYHDQGFRQWLQXHZLWKIDFH WXUQLQJWRZDUGFHQWHU

7XUQLQJDZD\IURPFHQWHU

:KHQIDFHJURRYLQJUHGXFHWKHVSHHGE\LQUHODWLRQWRWKDWXVHGLQIDFHWXUQLQJ

)RU)LQLVKLQJ

%DVLFVWHSVIRUILQLVKLQJRSHUDWLRQVZKHQIDFHWXUQLQJZLWK7&/$038/75$3/86WRROV

 $IWHULQLWLDOJURRYHPRYH DZD\IURPFHQWHU

 )LQLVKPDMRUGLDPHWHU DQGUDGLXV

 5DSLGSRVLWLRQEDFNWRLQLWLDO JURRYHDQGFRQWLQXHZLWKIDFH WXUQLQJWRZDUGFHQWHU

 )LQLVKPLQRUGLDPHWHU

:KHQIDFHJURRYLQJUHGXFHWKHVSHHGE\LQUHODWLRQWRWKDWXVHGLQIDFHWXUQLQJ

&


8VHU*XLGH 5HFRPPHQGHG&XWWLQJ&RQGLWLRQ ,62

0DWHULDO

&RQGLWLRQ

& 1RQDOOR\VWHHO FDVWVWHHOIUHH FXWWLQJVWHHO

3

! & &

! &

/RZDOOR\VWHHO

77

77 77

77

77 77

77















$QQHDOHG

















4XHQFKHGDQGWHPSHUHG













$QQHDOHG

















4XHQFKHGDQGWHPSHUHG













$QQHDOHG





























































4XHQFKHGDQGWHPSHUHG $QQHDOHG

















WRROVWHHO

4XHQFKHGDQGWHPSHUHG

















0DWHULDO

6WDLQOHVVVWHHO DQGFDVWVWHHO

,62

&

&7

+LJKDOOR\VWHHOFDVWVWHHODQG

,62

.

,QWHUQDO*URRYLQJ)DFH *URRYLQJ PPLQ



DOOR\LQJHOHPHQWV

0

*URRYH7XUQ3URILOLQJ8QGHUFXWWLQJ PPLQ

$QQHDOHG

DQGFDVWVWHHO OHVVWKDQ

7HQVLOH +DUGQHVV 6WUHQJWK +%  5P 1PP

&RQGLWLRQ

7HQVLOH +DUGQHVV 6WUHQJWK +% 5P 1PP

*URRYH7XUQ3URILOLQJ8QGHUFXWWLQJ PPLQ

&7

77

77

77

77









)HUULWLFPDUWHQVLWLF











0DUWHQVLWLF











$XVWHQLWLF











0DWHULDO

&RQGLWLRQ

7HQVLOH +DUGQHVV 6WUHQJWK +%  5P 1PP

,QWHUQDO*URRYLQJ )DFH*URRYLQJ PPLQ

*URRYH7XUQ3URILOLQJ8QGHUFXWWLQJ PPLQ

,QWHUQDO*URRYLQJ )DFH*URRYLQJ PPLQ

77

.

7

77

77

.

*UD\FDVWLURQ

)HUULWLF















**

3HDUOLWLF















&DVWLURQQRGXODU

)HUULWLF















***

3HDUOLWLF















0DOOHDEOHFDVWLURQ

)HUULWLFSHDUOLWLF















3HDUOLWLF
















8VHU*XLGH

,62

0DWHULDO

.3

.

.









ZURXJKWDOOR\

&XUHG









1RWFXUHDEOH









&XUHG









+LJKWHPS









 6L !6L !3E

&RSSHUDOOR\V

,62

)UHHFXWWLQJ



%UDVV









(OHFWUROLWLFFRSSHU









0DWHULDO

&RQGLWLRQ

)HEDVHG +LJKWHPSDOOR\V

1LRU

&REDVHG

,QWHUQDO*URRYLQJ )DFH*URRYLQJ PPLQ

77

.

77

77

77











&XUHG













$QQHDOHG













&XUHG













&DVW

































$OSKDEHWDDOOR\VFXUHG 5P

0DWHULDO

&RQGLWLRQ

+DUGHQHGVWHHO

*URRYH7XUQ3URILOLQJ8QGHUFXWWLQJ PPLQ



5P

7LDOOR\V

,62

7HQVLOH +DUGQHVV 6WUHQJWK +%  5P 1PP

$QQHDOHG

7LWDQLXP

+

,QWHUQDO*URRYLQJ )DFH*URRYLQJ PPLQ

1RWFXUDEOH

FDVWDOOR\HG

6

*URRYH7XUQ3URILOLQJ8QGHUFXWWLQJ PPLQ

$OXPLQXP $OXPLQXP

1

&RQGLWLRQ

7HQVLOH +DUGQHVV 6WUHQJWK +%  5P 1PP

7HQVLOH +DUGQHVV 6WUHQJWK +%  5P 1PP

*URRYH7XUQ3URILOLQJ8QGHUFXWWLQJ PPLQ

,QWHUQDO*URRYLQJ )DFH*URRYLQJ PPLQ

77

7%

.

77

.

+DUGHQHG

+5F











+DUGHQHG

+5F























+5F











&KLOOHGFDVWLURQ

&DVW

&DVWLURQQRGXODU

+DUGHQHG

+5F

)RUPRUHLQIRUPDWLRQRIPDWHULDOJURXSV VHHWKH7DHJX7HFFRQFLVHFDWDORJXH´0DWHULDO&RQYHUVLRQ7DEOHµVHFWLRQ 6WHHO

6WDLQOHVV6WHHO

&DVW,URQ

1RQIHUURXV

+LJK7HPS$OOR\V

+DUGHQHG6WHHO

5HFRPPHQGHG0DFKLQLQJ&RQGLWLRQVIRU&HUDPLF7&/$038/75$3/86,QVHUW 0DWHULDO &DVWLURQ +LJKKDUGHQHGVWHHO

*URRYLQJ

7XUQLQJ

9F PPLQ





) PPUHY





9F PPLQ

) PPUHY

1RWUHFRPPHQGHG

 

Â&#x2039;$ERYHFRQGLWLRQLVDGDSWHGWR7'7(7&($%

&


8VHU*XLGH *UDGHV :HDUUHVLVWDQW &7

7RXJKQHVV 77

77

77

77 $6

$6

77

77

77 77

77

.3

.

77

77

7%

.%

.

77 &9'

7KLVJUDGHKDVDQH[WUDWKLFN&9'FRDWLQJWKDWJXDUDQWHHVH[FHOOHQWWRROOLIHHVSHFLDOO\ZKHQPDFKLQLQJJUD\FDVWLURQ,WVVXUIDFH KDVEHHQWUHDWHGDIWHUWKHFRDWLQJSURFHVV

77 39'

7KHODWHVW39'FRDWLQJWHFKQRORJ\KDVEHHQDSSOLHGWRVXEVWUDWHWKDWKDVPXOWLQDQROD\HUVVXFKDV0XOWL1DQR$O7L17L$O&U17L1 7KLVHQVXUHVRXWVWDQGLQJSHUIRUPDQFHZKHQPDFKLQLQJGXFWLOHFDVWLURQDVZHOODVLQWHUUXSWHGPDFKLQLQJRQJUD\FDVWLURQ7KH VXUIDFHKDVEHHQWUHDWHGDIWHUWKHFRDWLQJSURFHVV

77 &9'

$&9'FRDWLQJOD\HUKDVQRZEHHQDGGHGWRHQKDQFHWRXJKQHVVDQGZHDUUHVLVWDQFHWKLVJUDGHLVVXLWDEOHWRKLJKVSHHGVWHHO PDFKLQLQJ,QDGGLWLRQWKHJUDGHVKRZVDQGLPSURYHGWRROOLIHZKHQFRPSDUHGWRWKHH[LVWLQJFRPSHWLWRUV

77 &9'

$&9'FRDWHGJUDGHIRUPDFKLQLQJFDUERQVWHHOVDOOR\VWHHOVDQGVWDLQOHVVVWHHOVZLWKRXWVWDQGLQJWRROOLIH

77 39'

)RUJHQHUDO7XUQLQJ*URRYLQJ3URILOLQJDQG3DUWLQJDSSOLFDWLRQVRQ&DUERQ6WHHO$OOR\6WHHODQG6WDLQOHVV6WHHO 7DHJX7HFKDVDSSOLHGWKHODWHVWFRDWLQJWHFKQRORJ\WRWKHH[LVWLQJVXEPLFURQVXEVWUDWH

77 39'

$39'FRDWHGJUDGHIRUPDFKLQLQJFDUERQVWHHODQGDOOR\VWHHO

77 39'

7DHJX7HFÒ&#x2039;VWRXJKHVW39'JUDGHIRUVHYHUHO\LQWHUUXSWHGFXWWLQJVWDLQOHVVVWHHODQGH[RWLFDOOR\PDFKLQLQJ

&7 &(50(7

$WRXJKQHZUHLQIRUFHGFHUPHWJUDGHZLWKH[FHOOHQWZHDUUHVLVWDQFH 5HFRPPHQGHGIRUJURRYLQJSDUWLQJ WXUQLQJDOOR\VWHHOVDQGVWDLQOHVVVWHHOVZLWKJRRGVXUIDFHTXDOLW\DQGORQJWRROOLIH

&


8VHU*XLGH 7URXEOH6KRRWLQJ ,QVHUWIDLOXUHDQGWRROOLIH 3UREOHP 5DSLGIODQNZHDU 6KRUWWRROOLIH

&UDWHULQJ 6KRUWWRROOLIH

&XWWLQJHGJH ,QVHUWIUDFWXUH

3ODVWLF GHIRUPDWLRQ

&KLSFRQWURO 6SDJKHWWLOLNHFKLSVFRLO XQGHUKROGHUDQGLQWHUIHUH ZLWKRSHUDWLRQ 3RRUVXUIDFHILQLVK

9LEUDWLRQDQGSRRUVXUIDFHTXDOLW\

3RVVLEOH&DXVH

6ROXWLRQ

([FHVLYHO\KLJKFXWWLQJVSHHG &DUELGHZLWKWRRORZ ZHDUUHVLVWDQFH

Ã'HFUHDVHFXWWLQJVSHHG Ã8VHDFDUELGHZLWKKLJKHU KDUGQHVVRUDFRDWHGFDUELGH

@+LJKFXWWLQJWHPSHUDWXUH RQLQVHUWUDNHIDFHDWKLJK IHHGDQGVSHHG

Ã'HFUHDVHIHHGDQGVSHHG Ã8VHFRDWHGJUDGH

+LJKORDGRQLQVHUW ,QVHUWZLGWKWRRQDUURZ *UDGHWRREULWWOH

Ã8VHZLGHULQVHUWIRUPD[LPXP VXSSRUW Ã'HFUHDVHIHHGDQGVSHHG Ã&KRRVHDWRXJKHUJUDGH

+LJKKHDWSUHVVXUH GHFUHDVLQJFDUELGHKDUGQHVV

Ã8VHDELJJHUFRUQHUUDGLXV DQGGHFUHDVHIHHGDQGVSHHG Ã&KRRVHFDUELGHZLWKKLJKHU KDUGQHVV

6PDOOGHSWKRIFXW )HHGWRRVORZ ,QVHUWZLGWKWRRODUJH ,QVHUWUDGLXVWRRODUJH

Ã&KHFNFKLSEUHDNLQJUDQJH Ã,QFUHDVHGHSWKRIFXW Ã,QFUHDVHIHHGUDWH Ã8VHQDUURZHULQVHUWZLWK DVPDOOHUUDGLXV

6PDOOGHSWKRIFXW LHOHVVWKDQFRUQHUUDGLXV

Ã,QFUHDVHGHSWKRIFXWWR PLQLPXPUDGLXVVL]H

6PDOOIURQWFOHDUDQFH DQJOHEHWZHHQLQVHUWDQG ZRUNSLHFHOHDGVWR UXEELQJDFWLRQ

Ã,QFUHDVHIHHGWRJHWVXLWDEOH FOHDUDQFH Ã%HIRUHVWDUWLQJFKHFNWKDW WKHIURQWFXWWLQJHGJHLV SDUDOOHOWRZRUNSLHFH

&


8VHU*XLGH 7DLORUPDGHRUGHUIRUP ([WHUQDOKROGHU

([WHUQDOKROGHU

)DFLQJKROGHU

5LJKWKDQGHGVKRZQ

51W\SH

,QWHUQDOKROGHU

,QWHUQDOKROGHU

)DFLQJKROGHU

5LJKWKDQGHGVKRZQ

+ROGHUKDQGHG

‡5LJKWKDQGHG ‡/LJKWKDQGHG ‡*UDGH

,QVHUW

‡&KLSEUHDNHUW\SH :RUNSLHFH 5LJKWKDQGHGVKRZQ

‡3DUW ‡0DWHULDO ‡+DUGQHVV

&RPPHQW

4XDQWLW\

‡3&6 ■ &XVWRPHU ■ $GGUHVV ■ 7HOHSKRQH ■ (PDLO

&

■ &RQWDFW ■ )D[


Sleeves for

,

2XUQHZVOHHYHVKDYHEHHQGHVLJQHGWRDFFRPPRGDWHWKH  DQG 7KHVOHHYHVKDYHDVWRSSHULQVLGHWKHKROHVRFXVWRPHUVFDQPDFKLQHZLWKRXWWKHUHVHWWLQJSURFHVVDIWHULQGH[LQJ ,WDOVRDOORZVXVHUVWRUHSODFHWRROVZLWKRXWWDNLQJWKHVOHHYHIURPWKHWRROSRVW

IRU IR

 Â&#x2018;PP Â&#x2018;PP

6OHHYH

IRU

7KHODWHVWWRROVDUHGHVLJQHGIRUERULQJJURRYLQJEDFNWXUQLQJSURILOLQJDQGIDFH PDFKLQLQJDVLQWHUQDORSHUDWLRQV,QFOXGLQJDQLQWHUQDOFRRODQWKROHDGLUHFWVXSSO\ RIFRROLQJRLOFRQWUROVEXLOGXSDQGHQDEOHVVPRRWKFKLSHYDFXDWLRQ 6HHSDJH&&

&


6OHHYHVIRU /

/

K

G

'

G /

'HVLJQDWLRQ 0,16/ 0,16/ 0,16/ 0,16/ 0,16/ 0,16/

'

G

G

/

/

/

K

6HW6FUHZ

:UHQFK

     

     

     

     

     

     

     

660;;0* 660;;0* 660;;0* 660;;0* 660;;0* 660;;0*

/:

5HFRPPHQGHG&XWWLQJ&RQGLWLRQV &XWWLQJ6SHHG PPLQ

&

3

a

0

a

.

a

1

a

6

a

7XUQLQJ%DFN7XUQLQJ

a

)HHG5DWH PPUHY

*URRYLQJ

)DFH*URRYLQJ

a

a


0,177\SH0LQL&DUELGH%DUVIRU,QWHUQDO7XUQLQJDQG&KDPIHULQJ L d Tmax

L1 8° L1

B

a F

Min. Bore 'PLQ Dia.

Tmax 20°

R 5LJKWKDQGVKRZQ

'HVLJQDWLRQ 0,175' 0,175' 0,175' 0,175' 0,175' 0,175' 0,175' 0,17/' 0,175' 0,17/' 0,175' 0,17/' 0,175' 0,17/' 0,175' 0,17/' 0,175' 0,17/' 0,175' 0,175' 0,175'

G

)

D

%

/

/

5“

7PD[

'PLQ

5/



                    

                    

                    

                    

                    

                    

                    

                    

5 5 5 5 5 5 5 / 5 / 5 / 5 / 5 / 5 / 5 5 5

‹&XWWLQJFRQGLWLRQ3DJH& ‹+ROGHU3DJH& ‹ 0D['2&0D[IHHGPPUHY

*UDGH 77

6WDQGDUG,WHP

0,1

5     '

'HVLJQDWLRQ6\VWHP

VHULHV

+DQGRIWRRO 6KDQNGLD 5 5LJKWKDQG PP / /HIWKDQG PP y y y y y y

0D['HSWK  PP  PP y y y

&RUQHU5DGLXV PP PP y y y

0LQERUHGLD 'PP

)RUXVH 7 7XUQLQJDQGFKDPIHULQJ   % %DFNWXUQLQJ  3 7XUQLQJDQGSURILOLQJ  88QGHUFXWWLQJDQGFKDPIHULQJ &7XUQLQJ ƒFKDPIHULQJ  **URRYLQJDQGWXUQLQJ $ *URRYLQJDORQJVKDIW ) )DFHJURRYLQJ  5)XOOUDGLXVIRULQWHUQDOERULQJDQGSURILOLQJ 1,62IXOOSURILOHLQWHUQDOWKUHDGLQJ  6/6OHHYHIRU0,16

&


0,177\SH0LQL&DUELGH%DUVIRU,QWHUQDO7XUQLQJDQG&KDPIHULQJ L d Tmax

L1 8° L1

B

a F

'PLQ Dia. Min. Bore

Tmax 20°

R 5LJKWKDQGVKRZQ

'HVLJQDWLRQ

G

0,17/' 0,175' 0,17/' 0,175' 0,17/' 0,175' 0,17/' 0,175' 0,17/' 0,175' 0,175' 0,17/' 0,175' 0,17/' 0,175'  0,17/' 0,175' 0,17/' 0,175' 0,175' 0,175' 0,17/' 0,175' 0,175' 0,17/' 0,175' 0,17/' 0,175' 0,175' 0,175' 0,175' Â&#x2039;&XWWLQJFRQGLWLRQ3DJH& Â&#x2039;+ROGHU3DJH&

&

)

D

%

/

/

5Â&#x201C;

7PD[

'PLQ

5/

                              

                              

                              

                              

                              

                              

                              

                              

/ 5 / 5 / 5 / 5 / 5 5 / 5 / 5 / 5 / 5 5 5 / 5 5 / 5 / 5 5 5 5

*UDGH

77

6WDQGDUG,WHP


0,137\SH0LQL&DUELGH%DUVIRU,QWHUQDO7XUQLQJDQG3URILOLQJ L

d 90°

Tmax

L1

F

B

a 20°

L1

Min. 'PLQ Bore Dia.

Tmax

R

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 0,135' 0,135' 0,135' 0,135' 0,135' 0,135'

)

D

%

/

/

5“

7PD[

'PLQ

5/

     

     

     

     

     

     

     

     

5 5 5 5 5 5

G





‹&XWWLQJFRQGLWLRQ3DJH& ‹+ROGHU3DJH&

*UDGH

77

6WDQGDUG,WHP

0,1&7\SH0LQL&DUELGH%DUVIRU,QWHUQDO7XUQLQJDQGƒ&KDPIHULQJ View X 1.0

L Min. Bore Dia. 'PLQ d L1

F

45° Tmax

a

L1

R

B

X

45°

Tmax

5LJKWKDQGVKRZQ 'HVLJQDWLRQ

G

)

D

%

/

/

5“

7PD[

'PLQ

5/

0,1&5' 0,1&5' 0,1&5'



  

  

  

  

  

  

  

  

5 5 5

‹&XWWLQJFRQGLWLRQ3DJH& ‹+ROGHU3DJH&

*UDGH

77

6WDQGDUG,WHP

&


0,1*7\SH0LQL&DUELGH%DUVIRU*URRYLQJDQG7XUQLQJ

L

d

Min. Bore Dia. 'PLQ

L1 a

Tmax

F W

W

B

Tmax

L1 5LJKWKDQGVKRZQ

'HVLJQDWLRQ

G

0,1*5' 0,1*5' 0,1*5'  0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*/' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*/' 0,1*5' 0,1*5' 0,1*5' 0,1*5'  0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*5' 0,1*/' 0,1*5' 0,1*5' Â&#x2039;&XWWLQJFRQGLWLRQ3DJH& Â&#x2039;+ROGHU3DJH&

&

:Â&#x201C;

)

D

%

/

/

7PD[

'PLQ

5/

                                       

                                       

                                       

                                       

                                       

                                       

                                       

                                       

5 5 5 5 5 5 5 5 5 5 5 5 5 / 5 5 5 5 / 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 / 5 5

*UDGH 77

6WDQGDUG,WHP


0,1)7\SH0LQL&DUELGH%DUVIRU'HHS)DFH*URRYLQJ 5NBY

L

d

Tmax

%NJO 8

a L1

W

5LJKWKDQGVKRZQ

'HVLJQDWLRQ

G

:

D

/

/

7PD[

'PLQ

5/

0,1)5' 0,1)5' 0,1)5'



  

  

  

  

  

  

5 5 5

*UDGH

77

6WDQGDUG,WHP

Â&#x2039;&XWWLQJFRQGLWLRQ3DJH& Â&#x2039;+ROGHU3DJH&

0,1)7\SH0LQL&DUELGH%DUVIRU'HHS)DFH*URRYLQJ 5NBY

L

Tmax

%NJO

d

8

a

'HVLJQDWLRQ

G

0,1)5' 0,1)5' 0,1)5' 0,1)5' 0,1)5' 0,1)5' 0,1)/' 0,1)5'  0,1)/' 0,1)5' 0,1)5' 0,1)5' 0,1)5' 0,1)5' 0,1)5' 0,1)5' Â&#x2039;&XWWLQJFRQGLWLRQ3DJH& Â&#x2039;+ROGHU3DJH&

-

L1

W

5LJKWKDQGVKRZQ

:

D

/

/

7PD[

'PLQ

5/

               

               

               

               

               

               

5 5 5 5 5 5 / 5 / 5 5 5 5 5 5 5

*UDGH

77

6WDQGDUG,WHP

0,1$7\SH0LQL&DUELGH%DUVIRU*URRYLQJDORQJ6KDIW L

5NBY

Tmax

d

%NJO

8

a

-

L1

W

5LJKWKDQGVKRZQ

'HVLJQDWLRQ

G

:

D

/

/

7PD[

'PLQ

5/

0,1$5'















5

Â&#x2039;&XWWLQJFRQGLWLRQ3DJH& Â&#x2039;+ROGHU3DJH&

*UDGH

77 6WDQGDUG,WHP

&


0,157\SH0LQL&DUELGH%DUV)XOO5DGLXVIRU,QWHUQDO%RULQJDQG3URILOLQJ

L

d

Tmax

L1

F

Min. 'PLQ Bore Dia.

a B

Tmax

W R

5LJKWKDQGVKRZQ 'HVLJQDWLRQ

G

:Â&#x201C;

)

D

%

5

/

/

7PD[

'PLQ

5/

  

  

  

  

  

  

  

  

  

5 5 5

0,155'  0,155' 0,155' Â&#x2039;&XWWLQJFRQGLWLRQ3DJH& Â&#x2039;+ROGHU3DJH&

*UDGH

77

6WDQGDUG,WHP

0,117\SH0LQL&DUELGH%DUVIRU,62,QWHUQDO7KUHDG7XUQLQJ 9LHZ;

L

d F

60°

Y ta

a x

W

B L1

5LJKWKDQGVKRZQ 'HVLJQDWLRQ

G

0,115'  0,115' 0,115' 0,115'  0,115' 0,115' 0,115' 0,115' Â&#x2039;&XWWLQJFRQGLWLRQ3DJH& Â&#x2039;+ROGHU3DJH&

&

3LWFK

WD

:

<

)

D

%

/

/

'PLQ

       

       

       

       

       

       

       

       

       

       

*UDGH

77

6WDQGDUG,WHP


0,1%7\SH0LQL&DUELGH%DUVIRU,QWHUQDO%DFN7XUQLQJ

d

a

%NJO

B

F 30 ° 3°

R

8

Tmax

1. 5

-

L1 L

5LJKWKDQGVKRZQ 'HVLJQDWLRQ

G

0,1%5' 0,1%5'  0,1%5' 0,1%5' 0,1%5' 0,1%5' 0,1%5'  0,1%5' 0,1%5' 0,1%5' Â&#x2039;&XWWLQJFRQGLWLRQ3DJH& Â&#x2039;+ROGHU3DJH&

)

D

%

/

/

5Â&#x201C;

7PD[

'PLQ

5/

         

         

         

         

         

         

         

         

5 5 5 5 5 5 5 5 5 5

*UDGH

77

6WDQGDUG,WHP

&


)RU6ZLVV7\SHDQG6PDOO$XWRPDWLF/DWKHU ,QVHUW)HDWXUHV

‡([FHOOHQWVXUIDFHILQLVKDQGUHSHDWDELOLW\FUHGLWWRKLJKSUHFLVLRQ  JURXQGLQVHUWV ‡8OWUDILQHJURXQGFXWWLQJHGJHSUHYHQWVPLFURFKLSSLQJDQG  SURPRWHVORQJHUWRROOLIH ‡&KLSEUHDNHUGHVLJQHGIRUORZFXWWLQJIRUFHDQGVPRRWKFKLS  HYDFXDWLRQ ‡:LSHUFXWWLQJHGJHRQH[WHUQDOWXUQLQJLQVHUWSURPRWHV  H[FHOOHQWVXUIDFHILQLVK

0DLQ*UDGH77)HDWXUHV

‡)RUURXJKLQJWRILQLVKLQJDSSOLFDWLRQVLQVPDOOSDUWVPDFKLQLQJ ‡+LJKPHFKDQLFDOVKRFNUHVLVWDQFH ‡8OWUDILQHJUDLQVL]HVXEVWUDWHZLWK7L139'FRDWLQJ ‡7L139'FRDWLQJLPSURYHVZHDUUHVLVWDQFHDQGUHGXFHVWKHIULFWLRQFRHIILFLHQW

7RRO+ROGHU)HDWXUHV

‡'HVLJQHGIRUVHWWLQJRQVPDOODXWRPDWLFODWKHPDFKLQHV ‡3UHFLVLRQJURXQGWRROKROGHUVHQVXUHDFFXUDWHPRXQWLQJWRWKHODWKHSURPRWLQJVWDEOHPDFKLQLQJ ‡,QVHUWLQGH[LQJIURPERWKVLGHVRIKROGHU ‡'RYHWDLOVKDSHRILQVHUW SRFNHWPHDQVDVWDEOHFODPSLQJV\VWHP ‡ +LJKFOHDUDQFHDQJOHRQERWKLQVHUWDQGKROGHUHQVXUHVQRLQWHUIHUHQFHZLWKRWKHUKROGHUVZKHQPRXQWHGRQUDGLDOWRROSRVW

5HFRPPHQGHG&XWWLQJ&RQGLWLRQV $SSOLFDWLRQ

'HSWK2I&XWGO””P

)HHGGO””V™ŒP

7XUQLQJ

 a

 

 

3 0 6

6

&

 

 

3 0

&XWWLQJ6SHHGGO”V”•P

*URRYLQJ3DUWLQJ

 

 

 


79(5/*HQHUDO7XUQLQJ   G

ƒ ƒ

W U

5LJKWKDQGVKRZQ 'HVLJQDWLRQ 79(5/ 79(5/

'LPHQVLRQ PP

77

G

W

U

0D['HSWK2I&XW

 

 

 

 

5

/

6WDQGDUG,WHP

7955/5HYHUVH7XUQLQJ 

G ƒ ƒ W

 U

'HVLJQDWLRQ 7955/ 7955/

5LJKWKDQGVKRZQ

'LPHQVLRQ PP

77

G

W

U

0D['HSWK2I&XW

 

 

 

 

5

/

6WDQGDUG,WHP

79%5/%DFN7XUQLQJ ƒ G U W ƒ

'HVLJQDWLRQ 79%5/ 79%5/ 79%5/ 79%5/ 79%5/+

79%5/+

79%5/+

‹ ZLWKKRQHGHJGHV

ƒ

5LJKWKDQGVKRZQ

'LPHQVLRQ PP

77

G

W

U

0D['HSWK2I&XW

      

      

      

      

5

/

6WDQGDUG,WHP

&


7975/7KUHDGLQJ G U าน 

W

797557\SH

W

797517\SH

W

7975/7\SH

U าน U าน 

'HVLJQDWLRQ

G

7975/5 7975/1 7975//

W

  

'LPHQVLRQ PP

  

U

าน

  

5LJKWKDQGVKRZQ 5

ยƒ ยƒ ยƒ

77

/

6WDQGDUG,WHP

ย‹79755/รŽSLWFKUDQJHPP ย‹79751รŽSLWFKUDQJHPP

7935/*URRYLQJ3DUWLQJ 

G U W

: $

'HVLJQDWLRQ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/ 7935/1 7935/1

&

G

                

W

                

U

                

'LPHQVLRQ PP

:

 

                

5LJKWKDQGVKRZQ $

ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ ยƒ

0D['HSWK2I&XW                 

5

77

/

6WDQGDUG,WHP


779(5/ /

3DUWLQJ  *URRYLQJ

/

+

)URQW 7XUQLQJ

5HYHUVH 7XUQLQJ

+ D

ƒ

)

%

$7\SH

5LJKW+DQG6KRZQ 'HVLJQDWLRQ

,QVHUW

779(5/$ 779(5/$ 779(5/ 779(5/ 779(5/

79(5/ 7955/ 7935/

'LPHQVLRQ PP

+

%

/

/

D

)

    

    

    

    

    

    

6FUHZ

:UHQFK

&67%6'

7

779%5/ 7KUHDGLQJ /

%DFN7XUQLQJ

/

+

+

'HSWKRIFXWPP

D )

ƒ

%

$7\SH 5LJKW+DQG6KRZQ

'HVLJQDWLRQ 779%5/$ 779%5/$ 779%5/ 779%5/ 779%5/

,QVHUW

79%5/ 7975/

'LPHQVLRQ PP

+

%

/

/

D

)

    

    

    

    

    

    

6FUHZ

:UHQFK

&67%6'

7

&


)HDWXUHV

Â&#x2021;FXWWLQJHGJHVIRUEHWWHUHFRQRP\ Â&#x2021;3RVLWLYH-W\SHFKLSIRUPHUIRUH[FHOOHQWFKLSFRQWURODQGKLJKTXDOLW\VXUIDFHILQLVKJURRYLQJ )LJ Â&#x2021;FRQWDFWSRLQWVDZD\IURPWKHFXWWLQJHGJHV )LJ $FFXUDWHSRVLWLRQLQJRILQVHUWZKHQLQGH[LQJ

(YHQLIHGJHVDUHEURNHQDQ\UHPDLQLQJHGJHFDQEHXVHG )LJ Â&#x2021;3RFNHWSURWHFWVXQXVHGHGJHVIURPFKLSVGXULQJWKHPDFKLQLQJSURFHVV )LJ )LJ

)LJ

)LJ

)LJ

Â&#x2021;8QLTXHWRU[NH\ VFUHZIRULQVHUWFODPSLQJ ,QVHUWLQGH[LQJIURPERWKVLGHVRIWKHKROGHU $PDMRUDGYDQWDJHRYHUVZLVVW\SHODWKHV

Â&#x2021;6LGHORFNWRU[VFUHZV (QVXUHVULJLGFODPSLQJLQKROGHU Â&#x2021;GLIIHUHQWVHWWLQJVFUHZVDUHDSSOLHG /KDQGKROGHU5KDQGVFUHZ 5KDQGKROGHU/KDQGVFUHZ

/KDQG

5KDQG

Â&#x2021;*ROG5XVKJUDGH77LVWKHODWHVWFRDWLQJWHFKQRORJ\ZLWKPXOWLQDQROD\HUIRULPSURYHGVXUIDFHTXDOLW\DQGWRROOLIH

*XLGHOLQHIRU,QVHUW3RVLWLRQLQJ

&RUUHFW

:URQJ

&


74-3UHFLVLRQ*URRYLQJ3DUWLQJDQG5HFHVVLQJ,QVHUW 7PD[

7ROHUDQFH



э҇‫܄‬рʭ 5HSHDWDELOLW\“

7PD[

'PD[ 'PD[

5

&

5” 5” 5!

  

 :“ 5“F

'HVLJQDWLRQ 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74- 74-

:“

5

7PD[

                                        

                                        

                                        

7”     1/ 1/   1/ 1/   1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/

‹1/ 1R/LPLW ‹7XUQLQJLVSRVVLEOHRQO\ZLWKPPDQGZLGHULQVHUWV ‹1RQVWDQGDUGJUDGHVDUHVSHFLDORUGHULWHPV

7”                                         

7”                                         

7”                                         

'PD[

7”                                         

7”                                         

7”                                         

7”                                         

7”                                         

*UDGH

7” 77                                         

6WDQGDUG,WHP

&


74-3DUWLQJ,QVHUW



'PD[ 8VHUDBOLYQH$SSURYHGIRU$YLVKDL/LYQH'DWH

7PD[



э҇‫܄‬рʭ 5HSHDWDELOLW\“

3DUWLQJWR &HQWHU

tqj@RWNNNl :“

'PD[

'PD[ 7PD[

5

tqj@RWNNNr 

'HVLJQDWLRQ 74-5/ 74-5/ 74-5/ 74-5/ 74-5/

3DUWLQJ +ROORZ %DUV

:“

5

    

    

    

3DUWLQJWR&HQWHU

3DUWLQJ+ROORZ%DUV

*UDGH

'PD[

7PD[

'PD[

    

    

    

77

6WDQGDUG,WHP

74+5/IRU,QWHJUDO6KDQN7RROKROGHUV 8VHUDBOLYQH$SSURYHGIRU$YLVKDL/LYQH'DWH





/

+

+ +

/ )

% : 

'HVLJQDWLRQ 74+5/ 74+5/ 74+5/ 74+5/ 74+5/

+

%

)

/

/

+

    

    

    

    

    

    

‹  )RUOHIWKROGHU‹  )RUULJKWKROGHU

6FUHZ

7RU[.H\

,QVHUW

7

74-«

76, 

76,/ 

74+35/ 

/

%



+

+ +  % : 

'HVLJQDWLRQ 74+35/ 74+35/ 74+35/

+

%

%

/

+

6FUHZ

  

  

  

  

  

76, 

‹  )RUULJKWKROGHU‹  )RUOHIWKROGHU

&

76,/ 

7RU[.H\

,QVHUW

7

74-«


8VHU*XLGH 5HFRPPHQGHG&XWWLQJ&RQGLWLRQV ,62

0DWHULDO





! & $QQHDOHG







FDVWVWHHOIUHH

& 4XHQFKHGDQGWHPSHUHG







FXWWLQJVWHHO

! & $QQHDOHG







4XHQFKHGDQGWHPSHUHG







$QQHDOHG

























/RZDOOR\VWHHO OHVVWKDQ

4XHQFKHGDQGWHPSHUHG

DOOR\LQJHOHPHQWV

.

77



DQGFDVWVWHHO

0

&RDWHG

+DUGQHVV +%

& $QQHDOHG 1RQDOOR\VWHHO

3

&RQGLWLRQ

7HQVLOH6WUHQJWK 5P 1PP

+LJKDOOR\VWHHOFDVWVWHHODQG

$QQHDOHG







WRROVWHHO

4XHQFKHGDQGWHPSHUHG







6WDLQOHVVVWHHO DQGFDVWVWHHO

)HUULWLFPDUWHQVLWLF







0DUWHQVLWLF







$XVWHQLWLF







*UD\FDVWLURQ

)HUULWLF





**

3HDUOLWLF





&DVWLURQQRGXODU

)HUULWLF





***

3HDUOLWLF





)HUULWLF





3HDUOLWLF





)HEDVHG

$QQHDOHG





&XUHG





1LRU

$QQHDOHG





&XUHG





&DVW





0DOOHDEOHFDVWLURQ

+LJKWHPSDOOR\V

6

&REDVHG 7LWDQLXP 7LDOOR\V



$OSKDEHWDDOOR\VFXUHG

5P



5P



)RUPRUHLQIRUPDWLRQRIPDWHULDOJURXSV VHHWKH7DHJX7HFFRQFLVHFDWDORJXH´0DWHULDO&RQYHUVLRQ7DEOHµVHFWLRQ 6WHHO

6WDLQOHVV6WHHO

&DVW,URQ

1RQIHUURXV

+LJK7HPS$OOR\V

+DUGHQHG6WHHO

)HHG5DWH 1HXWUDOPPUHY +DQGHG5HGXFHIHHGUDWH

&


&

TaeguTec - TaeguClamp  

RONAR narzędzia skrawające - katalog narzędzi firmy TaeguTec

Read more
Read more
Similar to
Popular now
Just for you