Manager department C.R.F.

- Group Materials Labs Metals & Anticorrosion Manager MORGANO ENRICO

Supervisor department C.R.F. - Group Materials Labs Metals & Anticorrosion
&$57$ 5,&,&/$7$ 433( 433( 5(&<&/(' 3$3(5 Supervisor MAGGI STEFANO

ðð
414

&KDQJH
*(1(5$/

4<:9
'DWH

-DQ1 45/
QRUPD]LRQH

4VW (GLWLRQ ð 1HZ1

4
WHVW DQG LQGLFDWHV V\VWHPV RI UHFRUGLQJ UHVXOWV1
+-20,1< 7(67,

'HVFULSWLRQ

38%/,6+(' %< 6$7,= 61S1$1 ð 1250$=,21(

(1'ð48(1&+ +$5'(1$%,/,7< 7(67

3DJH=
4256
83534
'DWH= -DQ1 45/ 4<:9

7KLV VWDQGDUG SUHVFULEHV WKH SURFHGXUH WR EH DGRSWHG LQ WKH -RPLQ\ HQGðTXHQFK KDUGHQDELOLW\

&21),'(17,$/ (GLWLRQ 4 &K1 ð &RGH 70' ð

7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 6131$1 ,1 &$6( 2) ',6387(
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21
 3DJH 
 &KDQJH


+DUGHQDELOLW\ LV LOOXVWUDWHG E\ KDUGQHVV YDULDWLRQV DORQJ WZR GLDPHWULFDOO\ RSSRVHG VXUIDFHV RI
D F\OLQGULFDO WHVW VSHFLPHQ WKLV VSHFLPHQ LV RI D VHW VL]H DQG SUHKHDWHG WR D JLYHQ WHPSHUDWXUH
IRU D VSHFLILHG WLPH DQG WKHQ HQGTXHQFKHG ZLWK D MHW RI ZDWHU


),(/' 2) $33/,&$7,21

7KLV VWDQGDUG DSSOLHV WR PHGLXPKDUGHQDELOLW\ VWHHOV DGRSWLQJ VWDQGDUG WHVW VSHFLPHQV VHH
SDUD  DQG ORZKDUGHQDELOLW\ VWHHOV XVLQJ VXEVL]H VSHFLPHQV VHH DSSHQGL[ % 


7KH SURFHGXUH LV QRW DSSOLFDEOH WR VWHHOV WKDW LQ URXQGV ZLWK GLDPHWHU HTXDO WR RU JUHDWHU WKDQ
 PP DUH DLUTXHQFKHG DQG WKHQ FRUHKDUGHQHG


,I WHVW SLHFH VL]H GRHV QRW DOORZ VWDQGDUG VSHFLPHQV WR EH REWDLQHG VXEVL]H VSHFLPHQV PD\ EH
SUHSDUHG DQG WHVWHG LQ D VLPLODU ZD\ WR VWDQGDUG VSHFLPHQV VHH $SSHQGL[ $ 

 5(&<&/(' 3$3(5


2%7$,1,1* $1' 35(3$5,1* 7(67 3,(&( $1' 7(67 63(&,0(1


2EWDLQLQJ WHVW SLHFH



&$57$ 5,&,&/$7$ 

+RWIRUJHG RU KRWUROOHG WHVW SLHFH
&URVV VHFWLRQ RI KRWIRUPHG WHVW SLHFH VKDOO LI SRVVLEOH UHSUHVHQW WKH IXOO FURVVVHFWLRQ RI WKH
PDWHULDO WR EH WHVWHG 7KH WHVW SLHFH GLDPHWHU VKDOO DOORZ FRPSOHWH UHPRYDO RI GHFDUEXUL]HG ILOP
ZKHQ WHVW VSHFLPHQ LV PDFKLQHG GLDPHWHU DQG OHQJWK RI VWDQGDUG WHVW VSHFLPHQ DUH  PP DQG
 PP UHVSHFWLYHO\ ,I SURGXFW KDV GLDPHWHU RU HTXLYDOHQW GLPHQVLRQ JUHDWHU WKDQ  PHWKRG
RI REWDLQLQJ DQG SUHSDULQJ VSHFLPHQ VKDOO EH DJUHHG EHWZHHQ VXSSOLHU DQG XVHU
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6


:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

&DVW WHVW SLHFH

7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

7KH WHVW SLHFH LV REWDLQHG LQ FDVW IRUP GXULQJ VWHHO FDVWLQJ E\ SRXULQJ WKH PROWHQ PHWDO LQ JUDSK
LWH RU PHWDOOLF PRXOGV WKH VKDSH DQG VL]H RI ZKLFK SHUPLW  PPGLDPHWHU F\OLQGHUV WR EH RE
WDLQHG 6OLJKW WDSHULQJ LV SHUPLWWHG WR IDFLOLWDWH H[WUDFWLRQ IURP WKH PRXOG 7KH FDVW WHVW SLHFH PD\
DOVR EH XVHG IRU LQVSHFWLRQV VXEMHFW WR DJUHHPHQW
&21),'(17,$/


7HVW SLHFH SUHOLPLQDU\ KHDW WUHDWPHQW


8QOHVV RWKHUZLVH DJUHHG WKH WHVW SLHFH UHJDUGOHVV RI KRZ LW LV REWDLQHG VKDOO XQGHUJR QRUPDOL]
LQJ DW WKH SUHVFULEHG WHPSHUDWXUH VHH DSSHQGL[ & EHIRUH EHLQJ PDFKLQHG WR VL]H 6RDNLQJ VKDOO
QRW ODVW OHVV WKDQ  PLQ

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH



,I WKH WHVW SLHFH GRHV QRW KDYH D PDFKLQLQJ DOORZDQFH RI DW OHDVW  PP ZKLFK LV VXIILFLHQW WR SUH
YHQW VXUIDFH GHFDUEXUL]DWLRQ RI ILQLVKHG VSHFLPHQ WUHDWPHQW VKDOO EH FDUULHG RXW LQ QHXWUDO DWPR
VSKHUH RU D ER[ FRQWDLQLQJ FDVWLURQ FKLSV


6KDSH DQG VL]H RI WHVW VSHFLPHQ


7KH UHFRPPHQGHG VKDSH DQG VL]H RI WKH VWDQGDUG WHVW VSHFLPHQ ZKLFK DUH WR EH XVHG ZKHUHYHU
SRVVLEOH DUH VKRZQ LQ )LJ  7KH ERG\ DQG FROODU VKDOO EH PDFKLQHG IURP WHVW SLHFH DV VLQJOH
XQLW


,I GLDPHWHU RI WHVW SLHFH GRHV QRW DOORZ FROODU WR EH PDFKLQHG WHVW VSHFLPHQ PD\ EH ILWWHG ZLWK
D VXLWDEOH FROODU DV VKRZQ LQ )LJ  RU UHFHVVHG DV VKRZQ LQ )LJ 


6WDQGDUG WHVW VSHFLPHQ GLDPHWHU LV  r  PP WROHUDQFHV DUH QRW VHW IRU RWKHU GLPHQVLRQV
VLQFH WHVW UHVXOWV DUH QRW DIIHFWHG E\ VPDOO YDULDWLRQV
 5(&<&/(' 3$3(5


7KH IODW HQG RI WHVW VSHFLPHQ ZKLFK UHFHLYHV MHW RI ZDWHU GXULQJ TXHQFKLQJ VKDOO EH PDFKLQH
ILQLVKHG
&$57$ 5,&,&/$7$ 

)LJ   6WDQGDUG WHVW VSHFLPHQ

7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

)LJ   6WDQGDUG VSHFLPHQ ZLWK :,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

VFUHZIDVWHQHG FROODU
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

)LJ   5HFHVVHG VWDQGDUG VSHFLPHQ

&21),'(17,$/

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJH 
 &KDQJH


48(1&+,1* (48,30(17

4XHQFKLQJ HTXLSPHQW LOOXVWUDWHG LQ )LJ  FRPSULVHV D VXSSRUW ZLWK D  PP GLDPHWHU RSHQLQJ
DW WKH FHQWUH LQ ZKLFK WKH VSHFLPHQ LV LQVHUWHG
$  PPRULILFH QR]]OH LV VLWXDWHG RQ WKH KROH FHQWUHOLQH DW D GLVWDQFH RI  PP IURP WKH HQG RI
WKH VWDQGDUG VSHFLPHQ
7KH TXHQFKLQJ MHW LV UHOHDVHG WKURXJK WKH RULILFH ZKHQ D TXLFNRSHQLQJ YDOYH LV DFWLYDWHG )UHH
KHLJKW RI MHW VKDOO EH DERXW  PP DQG FDQ EH REWDLQHG XVLQJ DQ DGMXVWDEOH SUHVVXUH SXPS RU
D WDQN LQ RYHUIORZ FRQGLWLRQ


*LYHQ WKH GLIILFXOW\ RI PHDVXULQJ IUHH KHLJKW RI MHW DQ DOWHUQDWLYH PHWKRG FRQVLVWV LQ PHDVXULQJ
GLDPHWHU RI ZDWHU GHIOHFWLRQ WKDW RFFXUV ZKHQ MHW VWULNHV IODW HQG RI VSHFLPHQ WKLV GLDPHWHU VKDOO
EH  PP DW D GLVWDQFH RI  PP IURP HQG RI VSHFLPHQ
6PDOO YDULDWLRQV LQ GLPHQVLRQV DQG GLVWDQFHV GR QRW PDWHULDOO\ DIIHFW WHVW UHVXOWV

 5(&<&/(' 3$3(5

6XSSRUW
6SHFLPHQ

&$57$ 5,&,&/$7$ 

)UHH KHLJKW RI MHW

)LJ  6XSSRUW QR]]OH DQG URG

FKHFNLQJ GLDPHWHU RI
ZDWHU GHIOHFWLRQ
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

2ULILFH
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

'HIOHFWLRQ
5RG IRU FKHFNLQJ
GHIOHFWLRQ
&21),'(17,$/

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH



352&('85(

6SHFLPHQ KDUGHQLQJ


+HDWLQJ
7KH VSHFLPHQ VKDOO EH LQWURGXFHG LQ D IXUQDFH KHDWHG WR WKH VWHHO WHVW WHPSHUDWXUH JLYHQ LQ VWDQ
GDUG VKHHWV UHODWLYH WR SURGXFWV VHH DSSHQGL[ &  0D[LPXP SHUPLWWHG GHYLDWLRQ IRU IXUQDFH WHP
SHUDWXUH LV r q&
2QFH WKH VSHFLPHQ KDV UHDFKHG WHVW WHPSHUDWXUH KHDWLQJ VKDOO FRQWLQXH IRU  PLQ DQ H[WUD 
PLQ VRDNLQJ GRHV QRW KDYH DQ\ DSSUHFLDEOH HIIHFW RQ WHVW UHVXOWV 'XULQJ KHDWLQJ VSHFLPHQ VKDOO
QRW XQGHUJR GHFDUEXUL]DWLRQ RU VFDOLQJ ,I D FRQWUROOHGDWPRVSKHUH IXUQDFH LV QRW DYDLODEOH D
FRQWDLQHU VKDOO EH XVHG ZLWK DQ HDVLO\ UHPRYDEOH WRS FRYHU DQG D ERWWRP FDVW LURQ GLVF LQ ZKLFK
VSHFLPHQ LV SODFHG YHUWLFDOO\ ZLWK FROODU XSSHUPRVW 3ULRU WR VWDUWLQJ WHVWV UHTXLUHG VRDNLQJ
WLPHV VKDOO EH HVWDEOLVKHG IRU HDFK W\SH RI IXUQDFH DQG FRQWDLQHU
)RU WKLV SXUSRVH D VSHFLPHQ VLPLODU WR WKDW EHLQJ WHVWHG EXW ZLWK DQ D[LDO KROH IRU KRXVLQJ D WKHU
PRFRXSOH PD\ EH DGRSWHG 6RDNLQJ WLPHV VKDOO EH UHFDOFXODWHG ZKHQHYHU FKDQJHV RFFXU RU DUH
 5(&<&/(' 3$3(5

IHDUHG WR KDYH RFFXUUHG LQ KHDWLQJ RU FRQWDLQHUV


4XHQFKLQJ
2Q FRPSOHWLRQ RI KHDWLQJ VSHFLPHQ LV ZLWKGUDZQ TXLFNO\ IURP IXUQDFH DQG LQVHUWHG LQ TXHQFK
LQJ GHYLFH RSHQLQJ $W WKH EHJLQQLQJ RI HDFK WHVW VXSSRUW VKDOO EH FRPSOHWHO\ GU\ ,PPHGLDWHO\
DIWHU LQVHUWLRQ RI VSHFLPHQ LQ KROH TXLFNRSHQLQJ YDOYH LV RSHQHG DQG VSHFLPHQ OHIW LQ MHW RI ZD
&$57$ 5,&,&/$7$ 

WHU IRU DW OHDVW  PLQ 1R PRUH WKDQ  VHFRQGV VKDOO HODSVH EHWZHHQ H[WUDFWLRQ IURP IXUQDFH DQG
RSHQLQJ RI YDOYH :DWHU WHPSHUDWXUH VKDOO IDOO ZLWKLQ  WR q& ,I SRVVLEOH D FRQGLWLRQ RI VWLOO DLU
VKRXOG EH PDLQWDLQHG DURXQG VSHFLPHQ GXULQJ TXHQFKLQJ $IWHU  PLQXWHV LQ MHW RI ZDWHU VSHFL
PHQ LV UHPRYHG IURP VXSSRUW DQG FRROHG LQ DPELHQW WHPSHUDWXUH


+DUGQHVV PHDVXUHPHQW


7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
6XUIDFH SUHSDUDWLRQ :,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

2Q VSHFLPHQ WUHDWHG DV SHU SDUD  WZR IODWV q DSDUW VKDOO EH JURXQG  WR  PP GHHS
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

XQOHVV RWKHUZLVH DJUHHG *ULQGLQJ VKDOO EH FDUULHG RXW DYRLGLQJ KHDWLQJ DQG WKH ILQDO VWURNHV
VKDOO EH YHU\ OLJKW :KHQ D IODW ZKLFK KDV DOUHDG\ EHHQ DGRSWHG IRU KDUGQHVV PHDVXUHPHQW LV
XV DV D EDVH IRU PHDVXULQJ KDUGQHVV RQ IODWV q DSDUW H[LVWLQJ PDUNV VKDOO ILUVW EH UHPRYHG
E\ JULQGLQJ
&21),'(17,$/

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJH 
 &KDQJH


,QVSHFWLRQ RI JURXQG IODWV
7R FKHFN WKDW JURXQG IODWV KDYH QRW XQGHUJRQH KHDWLQJ GXULQJ SUHSDUDWLRQ FDUU\ RXW WKH IROORZ
LQJ HWFKLQJV
 :DVK VSHFLPHQ LQ KRW ZDWHU DQG HWFK XQWLO EODFN LQ  QLWULF DFLG DQG  ZDWHU VROXWLRQ
G  
 :DVK LQ KRW ZDWHU DQG LPPHUVH LQ VROXWLRQ RI  K\GURFKORULF DFLG G  DQG  ZD
WHU
 :DVK LQ KRW ZDWHU DQG GU\ ZLWK DLU EODVW
7KH SUHVHQFH RI GDUNHQHG DUHDV LQ PDUWHQVLWH ]RQH LQGLFDWHV WKDW WHPSHULQJ KDV WDNHQ SODFH
GXULQJ JULQGLQJ $OO WUDFHV RI WHPSHULQJ VKDOO EH UHPRYHG SULRU WR KDUGQHVV WHVWV 7KLV PD\ EH
DFFRPSOLVKHG E\ UHJULQGLQJ VXUIDFHV RU SUHSDULQJ QHZ IODWV DQG UHHWFKLQJ


0HDVXUHPHQWV
6SHFLPHQ LV SODFHG RQ VXLWDEOH VXSSRUW DQG 5RFNZHOO & o KDUGQHVV PHDVXUHPHQWV ZLWK ORDG
RI  1  NJI DUH FDUULHG RXW

 5(&<&/(' 3$3(5

9LFNHUV w KDUGQHVV PHDVXUHPHQWV PD\ EH FDUULHG RXW ZLWK ORDG DW  1  NJI VXEMHFW WR
DJUHHPHQW EHWZHHQ XVHU DQG VXSSOLHU 0HDVXUHPHQWV VKDOO EH FRQGXFWHG LQ IROORZLQJ SRLQWV
WKH ILUVW DW D GLVWDQFH RI  PP IURP TXHQFKHG HQG WKH VHFRQG DW  PP IURP WKH ILUVW DQG WKH
IROORZLQJ DW LQWHUYDOV RI  PP XS WR D GLVWDQFH RI  PP IURP TXHQFKHG HQG p )URP WKLV SRLQW
RQ DQG XS WR RWKHU HQG RI VSHFLPHQ LQWHUYDOV EHWZHHQ PDUNV DUH  PP RU FKRVHQ DW UDQGRP
EXW VKDOO DOZD\V DOORZ DQ H[DFW KDUGQHVV FKDUW WR EH SORWWHG $FFRUGLQJ WR W\SH RI VWHHO EHLQJ
WHVWHG KDUGQHVV PHDVXUHPHQWV PD\ VXEMHFW WR DJUHHPHQW EH UHVWULFWHG WR  PP VHFWLRQ IURP
TXHQFKHG HQG 'LVWDQFHV EHWZHHQ PDUNV GR QRW DOZD\V FRQIRUP WR 6WG6K  DQG 

&$57$ 5,&,&/$7$ 

KRZHYHU WKHVH YDOXHV JHQHUDOO\ UHSUHVHQW D VXIILFLHQWO\ KLJK OHYHO RI SUHFLVLRQ DV UHJDUGV WKLV
VWDQGDUG


5(&25',1* 2) 5(68/76

+DUGHQDELOLW\ FKDUW
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

0HDVXUHPHQW RI KDUGQHVV RI WZR IODWV VKDOO EH DYHUDJHG DQG SORWWHG RQ D FKDUW LQ ZKLFK WKH RUGL
QDWHV UHSUHVHQW KDUGQHVV DQG WKH DEVFLVVDV UHSUHVHQW GLVWDQFH IURP TXHQFKHG HQG H[SUHVVHG
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

LQ PLOOLPHWUHV
7KH FXUYH REWDLQHG LV FDOOHG WKH KDUGHQDELOLW\ FXUYH )LJ  VKRZV WKH VWDQGDUG IRUP IRU SORWWLQJ
KDUGHQDELOLW\ FXUYHV XVLQJ 5RFNZHOO & RU 9LFNHUV VHH SDUD  FULWHULD )RUP VKDOO FRQWDLQ
DOO VWHHO SURSHUWLHV DIIHFWLQJ WHVW KHDW WUHDWPHQWV XQGHUJRQH SULRU WR WHVW PHWKRGV RI REWDLQLQJ
&21),'(17,$/

WHVW SLHFH W\SH RI VSHFLPHQ XVHG HWF

o 6HH 6WG6K 

w 6HH 6WG 6K 
p )RU ORZ KDUGHQDELOLW\ VWHHOV VHH $SSHQGL[ %

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH


+DUGHQDELOLW\ WHVW VWDQGDUG IURP -RPLQ\ WHVW

DV SHU 6WG 6K 
6WHHO W\SH                           &DVW QR                        'DWH                

&KHPLFDO FRPSRVLWLRQ 7HPSHUDWXUH q &

7HVW
SLHFH &XUYH
& H
*UDLQ
QR QR & 6L 0Q 3 6 1L &U 0R &X 1RUPDOL]LQJ +DUGHQLQJ

                
                
                
                

3UHWHVW KHDW WUHDWPHQWV                                                                    


0HWKRG RI REWDLQLQJ WHVW SLHFH                                                              

7\SH RI VSHFLPHQ                                                                           
 5(&<&/(' 3$3(5

+DUGHQDELOLW\ FKDUW VWULNH RXW VFDOH QRW XVHG

5RFNZHOO KDUGQHVV &

9LFNHUV KDUGQHVV
&$57$ 5,&,&/$7$ 

7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21
&21),'(17,$/

'LVWDQFH IURP TXHQFHG HQG LQ PP

)LJ   +DUGHQDELOLW\ WHVW VWDQGDUG IRUP

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJH 
 &KDQJH


+DUGHQDELOLW\ FXUYH
'LVWDQFHV G IURP TXHQFKHG HQG DUH SORWWHG DJDLQVW DEVFLVVDV DQG KDUGQHVV YDOXHV SORWWHG
DJDLQVW RUGLQDWHV XVLQJ IROORZLQJ VFDOHV
 )RU DEVFLVVDV  PP HTXDOV GLVWDQFH G RI  PP
 )RU RUGLQDWHV  PP HTXDOV  +5& RU  +9


+DUGHQDELOLW\ SURSHUWLHV
+DUGHQDELOLW\ PD\ EH LQGLFDWHG E\ PHDQV RI
 +DUGHQDELOLW\ FXUYH
 +DUGQHVV YDOXH LQ WKUHH SRLQWV RQH RI ZKLFK VLWXDWHG DW  PP IURP TXHQFKHG HQG DQG RWK
HU WZR WR EH DJUHHG
 +DUGQHVV YDOXH LQ WZR SRLQWV VLWXDWHG DW GLVWDQFHV WR EH IL[HG E\ VSHFLILF DJUHHPHQW
 +DUGQHVV YDOXH DW D VHW GLVWDQFH IURP TXHQFKHG HQG



 5(&<&/(' 3$3(5

5HFRUGLQJ RI SURGXFW KDUGHQDELOLW\
3URGXFW KDUGHQDELOLW\ PD\ EH LQGLFDWHG LQ RQH RI WKH IROORZLQJ ZD\V


3URGXFW -RPLQ\ FXUYH LQFOXGLQJ
 0D[LPXP OLPLW

&$57$ 5,&,&/$7$ 

 0LQLPXP OLPLW
 +DUGHQDELOLW\ EDQG GHILQHG E\ PD[LPXP DQG PLQLPXP OLPLWV


6SHFLILF -RPLQ\ FXUYH YDOXHV QDPHO\
 0D[LPXP YDOXH
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

 0LQLPXP YDOXH
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

 5HVW RI YDOXHV LQGLFDWLQJ

7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

 'LVWDQFH IURP TXHQFKHG HQG IRU VHW KDUGQHVV YDOXH

 +DUGQHVV YDOXH DW VHW GLVWDQFH IURP TXHQFKHG HQG
,Q DOO WKHVH FDVHV SURSHUWLHV FDQ EH H[SUHVVHG WKURXJK WKH LQGH[ RI KDUGHQDELOLW\ 7KH LQGH[ FRQ
VLVWV RI OHWWHU - IROORZHG E\ +5& KDUGQHVV YDOXH DQG FRUUHVSRQGLQJ GLVWDQFH LQ PLOOLPHWUHV
&21),'(17,$/

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH

([DPSOHV
-  PHDQV +5& KDUGQHVV RI  RFFXUV DW GLVWDQFH RI  PP IURP TXHQFKHG HQG
-  PHDQV WKDW +5& KDUGQHVV RI  RFFXUV DW D SRLQW EHWZHHQ  DQG  PP IURP TXHQFKHG
HQG
-  PHDQV WKDW +5& KDUGQHVV IDOOV ZLWKLQ  DQG % DW GLVWDQFH RI  PP IURP TXHQFKHG
HQG
,I KDUGHQDELOLW\ LQGH[ LV H[SUHVVHG LQ 9LFNHUV KDUGQHVV LW VKDOO DOZD\V LQFOXGH V\PERO +9
([DPSOH
- +9 PHDQV WKDW 9LFNHUV KDUGQHVV IDOOV ZLWKLQ  DQG  DW D GLVWDQFH RI  PP IURP
TXHQFKHG HQG
0HWKRG DGRSWHG IRU GHWHUPLQLQJ KDUGQHVV VKDOO DOZD\V EH LQGLFDWHG RQ VWDQGDUG IRUP

$33(1',; $
6XEVL]H VSHFLPHQV LQ SODFH RI VWDQGDUG VSHFLPHQV
7KHVH W\SHV RI VSHFLPHQV VKDOO EH XVHG VXEMHFW WR DJUHHPHQW RQO\ ZKHQ VL]H RI WHVW SLHFHV LQ
TXHVWLRQ GRHV QRW DOORZ VSHFLPHQV RI VXIILFLHQW VL]H WR EH REWDLQHG
 5(&<&/(' 3$3(5

7KH XVH RI WKHVH W\SHV RI VSHFLPHQV VKDOO DOZD\V EH LQGLFDWHG RQ VWDQGDUG IRUP
$ 6KRUW VSHFLPHQ
:KHUH D WHVW SLHFH RI VWDQGDUG GLDPHWHU EXW LQVXIILFLHQW OHQJWK FDQ EH REWDLQHG IURP SLHFHV
LQ TXHVWLRQ D VKRUW VSHFLPHQ PD\ EH SUHSDUHG KDYLQJ GLPHQVLRQV JLYHQ LQ )LJ  +HDW
WUHDWPHQW HTXLSPHQW SURFHGXUH DQG UHFRUGLQJ RI UHVXOWV DUH WKH VDPH DV IRU VWDQGDUG
VSHFLPHQV VHH SDUDV   DQG 
&$57$ 5,&,&/$7$ 

7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

)LJ   6KRUW VSHFLPHQ

7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21
&21),'(17,$/

$ ,QVHUW WHVW EDU

7KLV W\SH RI VSHFLPHQ VKDOO EH XVHG ZKHQHYHU PDWHULDO WR EH WHVWHG LV DYDLODEOH RQO\ LQ VPDOO
VHFWLRQV $V VKRZQ LQ )LJ  WKH LQVHUW WHVW EDU UHTXLUHV D FRQWDLQHU SUHIHUDEO\ QRQDOOR\
ORZ FDUERQ VWHHO LQ ZKLFK SULRU WR WHVW DERXW  J RI :RRG V PHWDO  ELVPXWK 
OHDG DQG  WLQ ZLWK D PHOWLQJ WHPSHUDWXUH RI q DQG  PP GLDPHWHU VSHFLPHQ REWDLQHG
IURP VWHHO XQGHU WHVW DUH LQVHUWHG

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJH 
 &KDQJH

$VVHPEO\ LV KHDWHG XQWLO :RRG V PHWDO PHOWV DQG LQVHUW WHVW EDU LV SXVKHG GRZQ DJDLQVW
EDVH RI FRQWDLQHU E\ WLJKWHQLQJ VFUHZ
0HWKRGV SUHFHGLQJ KDUGHQLQJ RI WHVW EDU DUH DV SHU SDUD  DQG  +DUGHQLQJ VKDOO EH
FDUULHG RXW DV SHU VWDQGDUG WHVW EDU H[FHSW WKDW DIWHU TXHQFKLQJ :RRG V PHWDO VKDOO EH LP
PHUVHG LQ ERLOLQJ ZDWHU DQG LQVHUW WHVW EDU VKDOO EH H[WUDFWHG IURP FRQWDLQHU
+DUGQHVV PHDVXUHPHQWV VKDOO EH FDUULHG RXW LQ WKH VDPH ZD\ DV IRU VWDQGDUG WHVW EDU

)LJ   &RQWDLQHU DQG

LQVHUW WHVW EDU

 5(&<&/(' 3$3(5

&$57$ 5,&,&/$7$ 
$33(1',; %
6XEVL]H VSHFLPHQV IRU ORZKDUGHQDELOLW\ VWHHOV
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

7KHVH VSHFLPHQV DQG SURFHGXUHV FDQQRW EH GLUHFWO\ FRPSDUHG ZLWK UHVXOWV REWDLQHG ZLWK VWDQ
GDUG EDUV 6XEVL]H WHVW EDUV FRQVLVW RI URXQGV ZLWK IROORZLQJ GLPHQVLRQV
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

 /HQJWK IURP  WR  PP

 'LDPHWHU RI   DQG  PP
$ FROODU IDVWHQHG WR WHVW EDUV ZLWK VFUHZV DQG D VXLWDEOH VXSSRUW DUH HVVHQWLDO WR NHHS WHVW EDUV
LQ SRVLWLRQ GXULQJ TXHQFKLQJ FDUULHG RXW DV LQ WDEOH 
&21),'(17,$/

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH


7DEOH   4XHQFKLQJ FRQGLWLRQV

'LVWDQFH EHWZHHQ )UHH KHLJKW RI

7HVW GLDPHWHU 'LDPHWHU RI RULILFH
RULILFH DQG VSHFLPHQ ZDWHU MHW
PP PP
PP PP
 r   r   r  
 r   r   r  
 r   r   r  

,Q WKHVH FDVHV GLDPHWHU RI ZDWHU GHIOHFWLRQ DV LQGLFDWHG LQ SDUD  FDQ EH PHDVXUHG RQO\ ZKHUH
WHVW EDU GLDPHWHU LV  PP KHUH ZDWHU GHIOHFWLRQ KDV GLDPHWHU RI  PP DW GLVWDQFH RI  PP
IURP HQG RI EDU )RU WKH RWKHU FDVHV VPDOO YDULDWLRQV LQ IUHH KHLJKW RI ZDWHU MHW GR QRW DOWHU UHVXOWV
PDWHULDOO\ +DUGQHVV PHDVXUHPHQWV VKDOO EH FDUULHG RXW DOWHUQDWHO\ RQ WZR SDUDOOHO RU DGMDFHQW
VXUIDFHV GLDPHWULFDOO\ RSSRVHG WKH ILUVW  PP IURP TXHQFKHG HQG DQG WKH QH[W XS WR  PP
LQFUHDVLQJ GLVWDQFH E\   PP IRU HDFK PDUN )URP  WR  PP IURP TXHQFKHG HQG LQWHUYDOV
VKDOO EH  PP ,W LV HVVHQWLDO WKDW VXLWDEOH HTXLSPHQW EH XVHG IRU WKH SUHFLVH UHDGLQJ RI GLVWDQFHV
DQG WKDW GLUHFWLRQV JLYHQ LQ SDUD  UHJDUGLQJ KDUGQHVV PHDVXUHPHQW DFFXUDF\ DUH IROORZHG
SUHFLVHO\
 5(&<&/(' 3$3(5

$33(1',; &
1RUPDOL]LQJ DQG VSUD\ TXHQFKLQJ KHDWLQJ WHPSHUDWXUHV IRU WKH PRVW FRPPRQ VWHHOV IRU -RPLQ\
WHVW q

7DEOH ,,  1RUPDOL]LQJ DQG TXHQFKLQJ WHPSHUDWXUHV

6WHHO
7HPSHUDWXUH
&$57$ 5,&,&/$7$ 

+DUGHQHG 7HP 6SULQJ

q& &DVHKDUGHQHG 1LWULGHG
SHUHG
 1L&U0R
0Q&U

&U0R
&U
& 0 &U9
1L&U0R &U0R 6L&U 7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

 1L&U0R &U0R 6L :,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

&U1L 1L&U0R 6L

7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

1L&U0R 6L&U1L
1L&U0R
 &U0R
1L&U
&21),'(17,$/

&U1L
 6L
1L&U0R
1L&U0R
&U$O0R

&U$O0R

q 7KHVH WHPSHUDWXUHV KDYH EHHQ LQVHUWHG SURYLVLRQDOO\ LQ WKH DSSHQGL[ 7KH\ ZLOO HYHQWXDOO\
EH LQFOXGHG LQ SURGXFW VWDQGDUGV

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJH 
 &KDQJH

$33(1',; '
6XSSOHPHQWDU\ ,QIRUPDWLRQ

'
67$1'$5' 63(&,0(1 &22/,1* 5$7(
3XEOLVKHG LQIRUPDWLRQ RQ FRROLQJ UDWHV RI VWDQGDUG VSHFLPHQV RU VSHFLPHQV RI VLPLODU VL]H IRO
ORZ

'
)URP $16, 2  $670 $ 
7KH VSHFLPHQ KDV D GLDPHWHU RI  PP WHVW FRQGLWLRQV IRU WKH UHPDLQGHU DUH YHU\ VLPLODU WR
WKRVH RI WKLV VWDQGDUG
&RROLQJ UDWH YDULHV ZLWK YDULDWLRQ LQ VWHHO FRPSRVLWLRQ WR JLYH D URXJK LGHD RI WKH FRROLQJ UDWH RI
DQ\ VSHFLPHQ WKH DYHUDJH YDOXHV REWDLQHG IURP WKUHH GLIIHUHQW W\SHV RI VWHHO KDYH EHHQ WDNHQ
9DOXHV REWDLQHG DUH JLYHQ LQ WDEOH ,,,

7DEOH ,,,  &RROLQJ UDWH RI SRLQWV RI VXUIDFH RI VSHFLPHQ DW q&

 5(&<&/(' 3$3(5

'LVWDQFH
IURP &RROLQJ UDWH
TXHQFHG q&VHF
HQG PP
 
 
 
 

&$57$ 5,&,&/$7$ 

 
 
 
 
 
 
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

 
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

 
 
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

 
 

'
&21),'(17,$/

)URP ,62 5 

'LDPHWHU RI VSHFLPHQ DQG WHVW FRQGLWLRQV DUH SUDFWLFDOO\ WKH VDPH DV WKRVH RI WKLV VWDQGDUG
&KDUW RI )LJ  VKRZV FXUYHV JLYLQJ YDOXHV RI UDWLR zz$ DV D IXQFWLRQ RI WLPH WDNHQ IURP EHJLQQLQJ
RI FRROLQJ DQG RI GLVWDQFH RI SRLQW RI VXUIDFH IURP TXHQFKHG HQG RI VSHFLPHQ z$ UHSUHVHQWV LQL
WLDO WHVW WHPSHUDWXUH DQG z WHPSHUDWXUH RI SRLQW LQ TXHVWLRQ

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 &$57$ 5,&,&/$7$   5(&<&/(' 3$3(5

5DWLR

»
»$
G

»$


38%/,6+(' %< 6$7,= 6S$  1250$=,21(
3DJ
&KDQJH

GLVWDQFH IURP TXHQFHG DQG LQ PP



7LPH LQ VHF


)LJ   &XUYHV JLYLQJ YDOXHV RI UDWLR » DV D IXQFWLRQ RI WLPH DQG GLVWDQFH IURP TXHQFKHG HQG

&21),'(17,$/
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21
 3DJH 
 &KDQJH

)LJ  JLYHV FRROLQJ UDWH YDULDWLRQV H[SUHVVHG LQ q&VHF RI SRLQWV RI VXUIDFH RI VSHFLPHQ DW q&
DV D IXQFWLRQ RI WKHLU GLVWDQFH IURP TXHQFKHG HQG ,W GRHV QRW VKRZ FRPSRVLWLRQ RI VWHHO XVHG
WR SORW FKDUWV DQG WKXV YDOXHV JLYHQ DUH IRU JXLGDQFH RQO\
&RROLQJ UDWH DW qq & LQ q &VHF

 5(&<&/(' 3$3(5

'LVWDQFH IURP TXHQFHG HQG LQ PP

&$57$ 5,&,&/$7$ 

)LJ  &RROLQJ UDWH DW q& RI SRLQWV RI VXUIDFH RI VWDQGDUG VSHFLPHQ DV D IXQFWLRQ RI WKHLU
GLVWDQFH IURP TXHQFKHG HQG

'
&$/&8/$7,21 2) +$5'(1$%,/,7< 2) 67((/6
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

&DOFXODWLRQ RI LGHDO GLDPHWHU ,' DV SHU $16, *  $670 $

:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

7KH KDUGHQDELOLW\ RI D VWHHO FDQ EH DVVHVVHG ZLWK D URXJK DSSUR[LPDWLRQ E\ PHDQV RI D FDOFXOD
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

WLRQ EDVHG RQ WKH FKHPLFDO FRPSRVLWLRQ RI WKH VWHHO DQG WKH VL]H RI LWV DXVWHQLWH JUDLQ
,Q WKLV FDVH KDUGHQDELOLW\ LV H[SUHVVHG E\ LQGLFDWLQJ WKH LGHDO GLDPHWHU ,' WKDW D VWHHO EDU VKDOO
KDYH VR WKDW LW LV TXHQFKHG WKURXJKRXW DQG LWV FHQWUH FRQVLVWV RI  PDUWHQVLWH ZKHQ TXHQFKHG
LQ D PHGLXP RI LQILQLWHO\ KLJK TXHQFKLQJ UDWH
&21),'(17,$/

7R FDOFXODWH WKH ,' WKH EDVLF KDUGHQDELOLW\ FRHIILFLHQW RI FDUERQ DQG DXVWHQLWH JUDLQ LV PXOWL
SOLHG E\ WKH FRHIILFLHQWV RI WKH RWKHU HOHPHQWV FRQWDLQHG LQ WKH VWHHO WKH ILQDO UHVXOW LV WKH ,'
7DEOH ,9 JLYHV ORJDULWKPV RI EDVLF KDUGHQDELOLW\ IRU FDUERQ FRQFHQWUDWLRQV XS WR  DQG DXVWH
QLWH JUDLQ VL]H IURP  WR  7R WKLV ORJDULWKP DUH DGGHG WKRVH FRUUHVSRQGLQJ WR SHUFHQWDJHV RI
RWKHU HOHPHQWV VKRZQ LQ WDEOH 9 DQG FRQYHUVLRQ ORJDULWKP LQ PLOOLPHWUHV )URP WKH VXP RI WKHVH
ORJDULWKPV DQG ZLWK WKH DLG RI WDEOH 9, WKH ,' LV REWDLQHG H[SUHVVHG LQ PP 

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH


7DEOH ,9
+DUGHQDELOLW\ ORJDULWKPV

/HYHO RI $XVWHQLWH JUDLQ VL]H ORJDULWKPV

&
    







 
  
   
   
    
    
    
 5(&<&/(' 3$3(5

    

    
    
    
    
    
    
    
&$57$ 5,&,&/$7$ 

    

    
    
    
    
    
    
    
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
     :,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

    

    
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

    

    
    
    
&21),'(17,$/

    

    
    
    
    
    
    
    
    

FRQWLQXH

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJH 
 &KDQJH

/HYHO RI $XVWHQLWH JUDLQ VL]H ORJDULWKPV

&
    

    

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

 5(&<&/(' 3$3(5

    
    
    
    
    
    
    

&$57$ 5,&,&/$7$ 

    
    
    
    
    
    
    
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

    

:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

    

    
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

    

    
    
    
&21),'(17,$/

    

    
    
    
    
    
    

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH

7DEOH 9
/RJDULWKPV RI FRHIILFLHQWV UHODWLYH WR DOOR\ HOHPHQWV
/HYHO RI DOOR\ /RJDULWKP UHODWLYH WR HOHPHQW
HOHPHQW 
0Q 6L 1L &U 0R
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 5(&<&/(' 3$3(5

     

     
     
     
     
     
     
     
     
     
     
&$57$ 5,&,&/$7$ 

     

     
     
     
     
     
     
     
     
     
     
     
      7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
      :,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(
     
     
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

     

     
     
     
     
     
     
&21),'(17,$/

     

     
     
     
     
     
     
     
     

FRQWLQXH

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJH 
 &KDQJH

/HYHO RI DOOR\ /RJDULWKP UHODWLYH WR HOHPHQW

HOHPHQW 
0Q 6L 1L &U 0R
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     

 5(&<&/(' 3$3(5

     
    
    
    
    
    
    
    
    
    
    

&$57$ 5,&,&/$7$ 

    
    
    
    
    
    
    
    
    
    
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

    

:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

    

    
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

    

    
    
    
    
    
&21),'(17,$/

    

    
    
    
    
    
    
    
    
    
    

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH


/HYHO RI DOOR\ /RJDULWKP UHODWLYH WR HOHPHQW

HOHPHQW 
0Q 6L 1L &U 0R
    
    
    
    
    
   
   
   
   
   
   
   
   
   
 5(&<&/(' 3$3(5

/HYHO RI DOOR\ /RJDULWKP UHODWLYH WR HOHPHQW

HOHPHQW 
0Q 6L 1L &U 0R
   
   
   
   
&$57$ 5,&,&/$7$ 

 
 
 
 
 
 
 
 
 
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

  7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21
&21),'(17,$/

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJH 
 &KDQJH

/HYHO RI DOOR\ /RJDULWKP UHODWLYH WR HOHPHQW

HOHPHQW 
0Q 6L 1L &U 0R
     
     
     
     
     
     
     
     
     
   
   
   
   
   

 5(&<&/(' 3$3(5

   

7DEOH 9,  &RQYHUVLRQ RI ORJDULWKPV LQWR ,' YDOXHV

6XP RI ,' 6XP RI ,' 6XP RI ,'

ORJDULWKPV PP ORJDULWKPV PP ORJDULWKPV PP

&$57$ 5,&,&/$7$ 

     
     
     
     
     
     
     
7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

     

     
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

     

     
     
     
&21),'(17,$/

     

     
     
     
     
     
     
     
     
     
     

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH


6XP RI ,' 6XP RI ,' 6XP RI ,'

ORJDULWKPV PP ORJDULWKPV PP ORJDULWKPV PP
     
     
     
     
     
     
     
     

([DPSOH LV JLYHQ XVLQJ VWHHO ZLWK DXVWHQLWH JUDLQ  IROORZLQJ FKHPLFDO FRPSRVLWLRQ
&  %DVLF KDUGHQDELOLW\ ORJ  
0Q  5HODWLYH ORJDULWKP  
6L  5HODWLYH ORJDULWKP  
1L  5HODWLYH ORJDULWKP  
&U  5HODWLYH ORJDULWKP  
 5(&<&/(' 3$3(5

0R  5HODWLYH ORJDULWKP  

3   5HODWLYH ORJDULWKP  
6  5HODWLYH ORJDULWKP  


&RQYHUVLRQ ORJDULWKP 
&$57$ 5,&,&/$7$ 

6XP ORJDULWKPV 

&RUUHVSRQGLQJ WR ,' LLL PP

'
8VH RI -RPLQ\ FXUYHV IRU SORWWLQJ 8 FXUYHV IRU URXQGV KDYLQJ GLDPHWHU XS WR  PP
-RPLQ\ KDUGHQDELOLW\ FXUYHV FDQ EH XVHG WR REWDLQ URXJK 8 FXUYHV IRU URXQGV ZLWK GLDPHWHU QRW 7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

JUHDWHU WKDQ  PP DGRSWLQJ *HUEHU DQG :\VV FKDUWV VKRZQ LQ )LJ 
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(

7KH WZR FKDUWV LQGLFDWH WKH SRLQWV ZLWK HTXDO -RPLQ\ EDU DQG TXHQFKHG URXQG EDU GLDPHWHU XS
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21

WR  PP KDUGQHVV 7KH WRS FKDUW UHIHUV WR ZDWHU TXHQFKHG URXQGV +   WKH ERWWRP FKDUW
UHIHUV WR RLOTXHQFKHG URXQGV +  
&21),'(17,$/

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJH 
 &KDQJH

' GLVWDQFH IURP VXUIDFH LQ PP

'LDPHWHU RI EDU LQ PP

 5(&<&/(' 3$3(5

'LVWDQFH IURP TXHQFHG HQG LQ PP

' GLVWDQFH IURP VXUIDFH LQ PP

'LDPHWHU RI EDU LQ PP

&$57$ 5,&,&/$7$ 

7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6
:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21
&21),'(17,$/

'LVWDQFH IURP TXHQFHG HQG LQ PP

)LJ   8 KDUGHQDELOLW\ FXUYHV IRU URXQG EDUV ZDWHUTXHQFKHG +  DQG RLOTXHQFKHG

+  *HUEHU DQG :\VV FKDUWV 

38%/,6+(' %< 6$7,= 6S$  1250$=,21(


 3DJ 
&KDQJH

7KH DEVFLVVDV UHSUHVHQW GLVWDQFH IURP TXHQFKHG HQG ZKLOVW RUGLQDWHV UHSUHVHQW GLDPHWHUV
7KH FXUYH EDQGV ZLWK WKHLU SRLQWV RI LQWHUVHFWLRQ DOORZ IRU GLVWDQFHV IURP VXUIDFH URXQG FRUUH
VSRQGLQJ GLVWDQFHV RI SRLQWV IURP TXHQFKHG HQG WR EH GHWHUPLQHG
)RU H[DPSOH LQ WKH WRS FKDUW WKH EODFN FLUFOHV LQGLFDWH WKH SRLQWV RI LQWHUVHFWLRQ WKDW JLYH IRU D
 PP GLDPHWHU ZDWHUTXHQFKHG URXQG IRU HDFK VHW GLVWDQFH IURP WKH VXUIDFH RI WKH URXQG
WKH FRUUHVSRQGLQJ GLVWDQFH IURP WKH TXHQFKHG HQG
2QFH WKH KDUGQHVV YDULDWLRQV DORQJ WKH URXQG GLDPHWHU KDYLQJ WKXV EHHQ REWDLQHG WKH 8 KDUGHQ
DELOLW\ FXUYH VKDOO EH SORWWHG LQ WKH QRUPDO ZD\
 5(&<&/(' 3$3(5
&$57$ 5,&,&/$7$ 

7+,6 '2&80(17 0867 127 %( 352'8&(' 25 &,5&8/$7(' 72 7+( 7+,5' 3$57,(6

:,7+287 35,25 :5,77(1 &216(17 %< ),$7 $872 63$ ,1 &$6( 2) ',6387(
7+( 21/< 9$/,' 5()(5(1&( ,6 7+( 25,*,1$/ ,7$/,$1 (',7,21
&21),'(17,$/

38%/,6+(' %< 6$7,= 6S$  1250$=,21(