Top Banner
                                                         
57

Influence of Wind on Crane Operation_EN

Nov 04, 2015

Download

Documents

Carlos Fontana

Boa leitura.
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
  • ,QIOXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7UDLQLQJGRFXPHQWV

  • /HJDOQRWLFH

    QGUHOHDVH/LHEKHUU:HUN(KLQJHQ*PE+'U+DQV/LHEKHUU6WUDH'(KLQJHQ'RQDXZZZOLHEKHUUFRP6FKXOXQJV]HQWUXP/:(#OLHEKHUUFRP

    $OOULJKWVUHVHUYHG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    :KHQWKHZLQGEORZV

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

    7KLVWUDLQLQJGRFXPHQWVHUYHVWRLQIRUPFUDQHGULYHUVSURMHFWSODQQHUVDQGDOVRFUDQHFRPSDQLHVDQGVKRXOGSURYLGHH[DPSOHVRIKDQGOLQJRSWLRQVIRUFUDQHRSHUDWLRQLQZLQG\FRQGLWLRQV7RVWDUWZHZLOOLQWURGXFH\RXWRWKHEDVLFVRIZLQGORDGV$VZHSURFHHGZHZLOOVKRZKRZZLQGORDGVDQGQDOO\VSHFLDOORDGFDVHVVXFKDVZKHQHUHFWLQJZLQGSRZHUWXUELQHVFDQEHFDOFXODWHG/LNHZLVHZHZLOOVKRZ\RXZKDWLQIRUPDWLRQLVUHTXLUHGIRUWKLV

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

    /LHEKHUU:HUN(KLQJHQ*PE+,Q2FWREHU

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    +RZVKRXOG\RXZRUNZLWKWKLVGRFXPHQW"

    &KDUDFWHUH[SODQDWLRQ4XHVWLRQV RQ FRXUVHPDWHULDO LQ WKH SUHYLRXV SDUDJUDSK&RPSDUH\RXURZQDQVZHUVZLWKWKHVROXWLRQVDWWKHHQGRIWKHGRFXPHQW

    1RWH 7KHOHIWDQGULJKWPDUJLQVRIHYHU\SDJHVHUYHIRUPDNLQJ\RXURZQQRWHVRQWKHFRXUVHWRSLF7KHVHSHUVRQDOQRWHVVKRXOGVHUYH WRDVVLVWZLWKXQGHUVWDQGLQJDQG UHSHWLWLRQDORQJZLWKWKRVHDOUHDG\SURYLGHG

    :RUNLQJLQVWUXFWLRQV )LUVWUHDGWKURXJKWKHWH[WRIDFKDSWHUFDUHIXOO\ 5HSULVHWKHFRQWHQWRIWKHFKDSWHUZLWKWKHKHOSRIWKHSULQWHGQRWHVDQG

    \RXURZQQRWHVLQWKHPDUJLQV $QVZHUWKHTXHVWLRQVSRVHGDWWKHHQGRIWKHFKDSWHUZLWKRXWUHIHUULQJ

    EDFNLISRVVLEOH 7KHVROXWLRQVWRDOOTXHVWLRQVFDQEHIRXQGDWWKHHQGRIWKHGRFXPHQW ,I\RXDUHQRWDEOHWRDQVZHUWKHTXHVWLRQVZLWKRXWUHIHUULQJEDFNWRWKHWH[W

    WKHQZRUNWKRXJKWKHFKDSWHURQFHDJDLQ 2QO\WKHQVKRXOG\RXPRYHRQWRVWXG\WKHQH[WFKDSWHU $WWKHHQGRIWKHGRFXPHQWFKHFNWRVHHLI\RXKDYHDFKLHYHGWKHVWXG\

    JRDOVOLVWHGKHUH

    6WXG\JRDOV$IWHUKDYLQJZRUNHGWKURXJKWKLVGRFXPHQW\RXVKRXOG .QRZWKHYDULRXVLQXHQFHVRIWKHZLQGRQFUDQHRSHUDWLRQ %HDEOHWRQDPHWKHWHUPVIRUZLQGIRUFHFDOFXODWLRQ %HDEOHWRFDOFXODWHWKHZLQGORDGIRUDVWDQGDUGORDGFDVHDQGDVSHFLDO

    ORDGFDVH

    ,PSRUWDQWQRWHLQIRUPDWLRQDERXWFXUUHQWWRSLF

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7DEOHRIFRQWHQWV,QWURGXFWLRQDQGSUHVHQWDWLRQRISUREOHPV

    :LQGLQXHQFHRQWKHFUDQHDQGWKHORDG

    ([HUFLVHV

    :LQGEDVLFV

    %HDXIRUWVFDOH

    *XVWVDQGURXJKQHVV

    :LQGDQGZHDWKHULQIRUPDWLRQ

    +HLJKWGHSHQGHQWZLQGVSHHG

    ([HUFLVHV

    'LJUHVVLRQ:LQGSRZHUWXUELQHVFKHPDWLF

    )DFWRUVRIZLQGIRUFHFDOFXODWLRQ

    5HTXHVWDYDLODEOHYDOXHV

    :HLJKWRIWKHKRLVWORDGNJW

    0D[LPXPSURMHFWHGVXUIDFHDUHD$3

    F:YDOXH

    &XUUHQWZLQGVSHHG

    'HWHUPLQHRUFDOFXODWHPLVVLQJYDOXHV

    6XUIDFHDUHDH[SRVHGWRZLQG$:

    3HUPLVVLEOHZLQGVSHHGIURPWKHORDGFKDUWERRN

    '\QDPLFSUHVVXUHS

    :LQGORDG):

    ([HUFLVHV

    'HWHUPLQDWLRQRISHUPLVVLEOHZLQGVSHHG

    0HWKRG:LQGIRUFHGLDJUDP

    ([DPSOHIRUGHWHUPLQLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHG

    IRUDVWDQGDUGORDGFDVH

    ([DPSOHIRUGHWHUPLQLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHG

    IRUDVSHFLDOORDGFDVH

    0HWKRG)RUPXOD

    ([DPSOHIRUFDOFXODWLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHG

    IRUDVWDQGDUGORDGFDVH

    ([DPSOHIRUFDOFXODWLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHG

    IRUDVSHFLDOORDGFDVH

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7HUPGHQLWLRQV

    0HWKRG&DOFXODWLRQSHUORDGFKDUWERRN

    /RDGFDVHFDOFXODWLRQVWDQGDUGORDGFDVH

    /RDGFDVHFDOFXODWLRQVSHFLDOORDGFDVH

    ([HUFLVHV

    )LQDOFRPPHQWV

    $SSHQGL[

    /LHEKHUUFUDQHVLQZLQGHQHUJ\

    &XUUHQWPRELOHFUDQHV

    &XUUHQWODWWLFHERRPFUDQHV

    &XUUHQWWHOHVFRSLFFUDZOHUFUDQHV

    &XUUHQWFUDZOHUFUDQHV

    &XUUHQWFUDZOHUFUDQHV

    ([HUFLVHVROXWLRQV

    ([WUDFWIURP(1

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

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    ,QWURGXFWLRQDQGSUHVHQWDWLRQRISUREOHPV

    2IWHQZLQGDQGRFFXUULQJJXVWRIZLQGVDUHDQXQGHUHVWLPDWHGIDFWRULQDFFLGHQWVZLWKPRELOHFUDQHVRUFUDZOHUFUDQHV:KHQ OLIWLQJ ORDGVZLWK ODUJHVXUIDFHVH[SRVHG WRZLQGVXFKDVURWRUEODGHVRUFRPSOHWHSURSHOOHUXQLWVIRUZLQGSRZHUSODQWV:33WKHVWDQGDUGYDOXHVSURYLGHGE\(1VHHDSSHQGL[FKDSWHUZKLFKDUHWKHEDVLVIRUWKHFUDQHFDOFXODWLRQVFDQEHVLJQLFDQWO\H[FHHGHG

    6XFKVWDQGDUGYDOXHVDUHWKHVRFDOOHGZLQGUHVLVWDQFHIDFWRUF:IRUH[DPSOHRUWKHYDOXHIRUFDOFXODWLRQRIWKHVRFDOOHGSURMHFWHGVXUIDFHDUHDRIDORDG%RWKYDOXHVWRJHWKHUSURYLGHLQIRUPDWLRQDERXWWKHIRUFHRYHUWKHDFWXDOVXUIDFHDUHDH[SRVHGWRZLQGRIDORDG,QWKHFDVHRIODUJHVXUIDFHDUHDORDGVVSHFLDOORDGFDVHVLQSDUWLFXODUWKHZLQGVSHHGVJLYHQLQWKHORDGFKDUWVFDQEHLQDSSOLFDEOHIRUWKHFUDQHZRUN$QHZORZHUZLQGVSHHGFRPSDUHGZLWKWKHRULJLQDOSHUPLVVLEOHZLQGVSHHGPXVWEHFDOFXODWHGIRUWKLVVSHFLDOORDGFDVH

    :LQGLQXHQFHRQWKHORDG

    6RFDOOHGOLIWDGGLWLRQDOO\DSSOLHVLQWKHFDVHRIDQDHURIRLORUDURWRU7KHVXUIDFHOHQJWKRIWKHXSSHUVLGHRIDQDHURIRLOLVODUJHUWKDQWKHXQGHUVLGH7KHDLURQWKHXSSHUVLGHPXVWWKHUHIRUHPRYHIDVWHUWKDQWKHDLURQWKHXQGHUVLGH7KLVFDXVHVXQGHUSUHVVXUH RQ WKH WRS VLGH DQG RYHUSUHVVXUHRQWKHXQGHUVLGH$VDUHVXOWRIWKHOLIWDULVLQJIURPWKLVWKHDHURIRLOLVSUHVVHGXSZDUGV

    :KDWUROHGRHVWKHZLQGSOD\LQWKHH[FHHGDQFHRIWKHVHVWDQGDUGYDOXHV"

    ,IZLQGPHHWVDVXUIDFHWKHQLWH[HUWVDIRUFHRQWKLVVXUIDFHUHVLVWDQFHWKDWZRUNVLQWKHZLQGGLUHFWLRQ

    5HVLVWDQFHSULQFLSOH

    /LIW

    6ORZDLUPRYHPHQW

    )DVWDLUPRYHPHQW

    7KHIRUFHRIWKHZLQGWKXVFUHDWHVDORDG7KLVFDQEHDQDSSOLHGRUUHOLHIORDG7KHWULJJHUIRUWKLVLVWKHVRFDOOHGUHVLVWDQFHSULQFLSOHDQGWKHOLIWSULQFLSOH

    /LIWSULQFLSOH

    )LJ5HVLVWDQFHSULQFLSOH

    )LJ/LIWSULQFLSOH

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7KLVKDVDVLPLODUHIIHFWRQWKHFUDQH

    5LVNRIDFFLGHQW

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

    )LJ:LQGIURPIURQWDQGUHDU

    )LJ:LQGIURPWKHVLGH

    :LQGLQXHQFHRQWKHFUDQHDQGWKHORDG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    :LQGIURPWKHVLGHLVSDUWLFXODUO\GDQJHURXVIRUWKHFUDQHERRPDQGWKHORDG7KLVLVQRWGHWHUPLQHGE\WKH/0%7KLVFDQUHVXOWLQWKHFUDQHEHLQJRYHUORDGHG

    :LQGIURPWKHVLGH

    7KHDGGLWLRQDO ORDGLQJGXH WR WKHZLQG IURP WKHVLGH LVQRW LQGLFDWHGE\ WKH ORDGWRUTXHOLPLWHU/0%

    3RVVLEOHORDGLQJVRQWKHFUDQH

    '\QDPLF V LGHORDGLQJ WKURXJKWXUQLQJ RI WKHVXSHUVWUXFWXUH

    6 LGH ORDG LQJ DVD UHVXOW RI ZLQG RQWKHORDG

    /RDGLQJ LQ WKH KRLVWLQJ GLUHFWLRQDV D UHVXOW RI KRLVW ORDG OLIWLQJDFFHVVRULHVDQGLQHUWLDOIRUFHV

    /RDGLQJWKURXJKGHDGORDG

    6 LGH ORDG LQJ DVD UHVXOW RI ZLQG RQWKHFUDQHERRP

    )LJ/RDGLQJVWKDWFDQKDYHDQHIIHFWRQWKHFUDQH

    :LQGLQXHQFHRQWKHORDG

    ,IWKHZLQGKLWVWKHORDGWKHQLWVZLQJVLQWKHGLUHFWLRQRIWKHZLQG7KLVPHDQVWKDWWKHIRUFHRIWKHORDGQRORQJHUDFWVYHUWLFDOO\GRZQZDUGVRQWKHERRP'HSHQGLQJRQWKHVWUHQJWKRIWKHZLQGWKHVXUIDFHDUHDH[SRVHGWRZLQGDQGWKHGLUHFWLRQRIWKHZLQGWKH UDGLXVRI WKH ORDGPD\ LQFUHDVHRU LPSHUPLVVLEOH ODWHUDO IRUFHVPD\DFWRQ WKHFUDQHERRP

    U

    U

    U 5DGLXVU ,QFUHDVHG

    UDGLXVWKURXJKZLQGLQXHQFH

    , QF UHDVHG UDG LXVORDGLQJ DV D UHVXOWRI ZLQG RQ WKH ORDGDQG WKH ERRP IURPWKHUHDU

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    6XSHUEFUDQHTXDOLW\DQGWHFKQRORJ\PDQ\\HDUVRISURIHVVLRQDOH[SHULHQFHDVZHOODVJRRGWUDLQLQJRIWKHFUDQHGULYHUDQGSURIHVVLRQDODGYDQFHSODQQLQJIRUWKHFUDQHRSHUDWLRQVLJQLFDQWO\UHGXFHWKHULVNRIDQLQGXVWULDODFFLGHQW+RZHYHU8QIRUHVHHDEOHIDFWRUVVXFKDVVXGGHQJXVWVRIZLQGDUHGLIFXOWDQGVRPHWLPHVLPSRVVLEOHWRFDOFXODWHDFFXUDWHO\LQDGYDQFH7HUPVVXFKDVVXUIDFHDUHDH[SRVHGWRZLQGDQGZLQGSURMHFWHGVXUIDFHDUHDF:YDOXHJXVWVRIZLQGZLQGVSHHGZLQGORDGRUURXJKQHVVFODVVZLOOEHGLVFXVVHGLQWKHIROORZLQJ

    :KDWGRWKHVHPHDQIRUFUDQHRSHUDWLRQLQZLQG"

    :KHQSODQQLQJDFWLYLWLHVLQSDUWLFXODULQFDVHVZLWKODUJHVXUIDFHVH[SRVHGWRZLQGRUKLJKF:YDOXHVLWLVQHFHVVDU\WRUHGXFHWKHPD[LPXPSHUPLVVLEOHZLQGVWUHQJWKVTXRWHGLQWKHORDGFKDUWV7KHSHUVRQUHVSRQVLEOHIRUWKHFUDQHRSHUDWLRQPXVWKDYHEDVLFNQRZOHGJHLQWKHHOGRIZLQGLQXHQFHRQFUDQHRSHUDWLRQV/LNHZLVHWKLVSHUVRQPXVWEHDEOHWRFDOFXODWHWKHQHFHVVDU\UHGXFWLRQLQSHUPLVVLEOHZLQGVSHHGVIRUVSHFLDOORDGFDVHVZLWKODUJHVXUIDFHDUHDORDGV

    8QIRUHVHHDEOHIDFWRUV

    1HZFDOFXODWLRQRIZLQGVSHHG

    :LQGIURPWKHIURQW

    :LQGIURPWKHUHDU

    :LQGIURPWKHVLGH

    %RRP

    :LWKZLQGIURPWKHIURQWWKH ERRP V\VWHP LVUHOLHYHGRIORDG7KHORDGLQGLFDWLRQLVWRRORZ7KH/0% VKXWRII DFWXDWHVRQO\ ZLWK D ORDG WKDWL V J UHDWHU WKDQ WKHPD[LPXP SHUPLVVLEOHORDGFDSDFLW\

    :LWKZLQG IURP WKH UHDUWKH ERRP V\VWHP LVDGGL W LRQDO O\ ORDGHG7KH ORDG LQGLFDWLRQ LVWRRKLJK7KH/0%VKXWRIIDFWXDWHVDWDORDGWKDWLVOHVVWKDQWKHPD[LPXPSHUPLVVLEOHORDGFDSDFLW\DFFRUGLQJ WR WKH ORDGFKDUW

    :LWKZLQG IURP WKHVLGHWKH ERRP V\VWHP LVVLGHORDGHG 7KH ORDGLQGLFDWLRQLVVLPLODUWRWKHGLVSOD\ZKHQ RSHUDWLQJZLWKRXWZLQG7KH /0%GRHVQRWWDNHVLGHZLQGVLQWRDFFRXQW

    /RDG

    7KHIRUPDQGWKHGHDGZHLJKWRI WKH ORDGSOD\VD ODUJHUROHZLWKWKHLQXHQFHRIZLQG7KHZLQGFDXVHVWKHORDGWRVZLQJDQGWKLVLQWXUQFDXVHVWKHFUDQHERRPWRVZLQJ7KLVVZLQJLQJG\QDPLFRIWKHERRPFDXVHVWKHFUDQHV

    ORDGLQJWRLQFUHDVH,QWKHOLPLWUDQJHWKH/0%VKXWRIIFRXOGEHVZLWFKLQJLQDQGRXWFRQVWDQWO\:LWKVSHFLDOORDGVVXFKDVZLWKDURWRUIRUH[DPSOHWKHZLQGFDQKDYHWKHHIIHFWRIUHGXFLQJWKHORDGGXHWRWKHVKDSHRIWKHURWRU

    2YHUYLHZRIZLQGKD]DUGV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    ([HUFLVH:KDWHIIHFWGRHVWKHZLQGKDYHRQWKHFUDQHORDG"0XOWLSOHDQVZHUVSRVVLEOH

    1RQH7KHORDGFDQVZLQJ7KHORDGWXUQVRQWKHFDEOH7KHORDGFDQKDYHWKHHIIHFWRILQFUHDVLQJWKHORDG7KHERRPLVLPSHUPLVVLEO\ORDGHGIURPWKHVLGH

    ([HUFLVH:KLFKW\SHVRIZLQGKDYHDQHIIHFWRQWKH/0%"

    7KH/0%VKXWRIIDFWXDWHVDWDORDGWKDWLVOHVVWKDQWKHPD[LPXPSHUPLVVLEOHORDGFDSDFLW\DFFRUGLQJWRWKHORDGFKDUW6KXWRIIDFWXDWHVRQO\DIWHUDORDGWKDWLVJUHDWHUWKDQWKHPD[LPXPSHUPLVVLEOHORDGFDSDFLW\ 7KHUHLVQR/0%VKXWRII

    ([HUFLVHV

    $QVZHU

    $QVZHU

    $QVZHU

    ([HUFLVH:KDWW\SHVRIZLQGFDQKDYHDQHIIHFWRQWKHERRP"0XOWLSOHDQVZHUVSRVVLEOH

    :LQGORDG :LQGHQHUJ\(YDSRUDWLRQ :LQGIURPWKHUHDU:LQGIURPWKHIURQW :LQGIURPWKHVLGH

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    :LQGEDVLFV

    ,QWKLVFKDSWHU\RXZLOOOHDUQWKHEDVLFVRIKRZZLQGDULVHVDQG\RXZLOOREWDLQLQLWLDOH[SODQDWLRQVIRUZLQGVSHFLFWHUPLQRORJ\

    :LQGLVPRYLQJDLU7KHPRYHPHQWDULVHVWKURXJKHTXDOLVLQJRZVUHVXOWLQJIURPGLIIHUHQWDLU WHPSHUDWXUHVDQGWKHSUHVVXUHGLIIHUHQFHVFDXVHGE\WKLVEHWZHHQKLJKDQG ORZSUHVVXUHDUHDV

    7KHGULYLQJIRUFHRIZLQGVLVVRODUUDGLDWLRQ,WVWULNHVWKHHDUWKDQGLWVDWPRVSKHUHZLWKGLIIHUHQW LQWHQVLWLHV3HUSHQGLFXODUDW WKHHTXDWRUDQGRQO\ WDQJHQWLDOO\DW WKHSROHV7KHHDUWKDQGDLUPDVVHVDWWKHHTXDWRUKHDWXSWKHDLUEHFRPHVOLJKWHUDQGULVHV+RWRYHUWKHWURSLFVFROGDWWKHSRODUUHJLRQV,WFDQQRWUHPDLQOLNHWKLVDVQDWXUHDOZD\VVHHNVHTXLOLEULXP6RWKHZDUPDLUDWWKHXSSHUHGJHRIWKHWURSRVSKHUHRZVWRZKHUHYHULWLVFROGHU

    +RZGRHVZLQGDULVH"

    2Q WKHZD\QRUWK WKHDLU ORVHV VRPXFK RI LWV KHDW WKDW LW HYHQWXDOO\EHFRPHV KHDY\ DQG GURSV WR WKHJURXQGFROG$FLUFXLWLVFRPSOHWHG,Q WKHXSSHUDWPRVSKHUHZDUPDLUSXVKHV WRZDUGV WKH SRODU UHJLRQ2Q WKHJURXQG FROG DLU RZVEDFNWR WKH WURSLFV DV WKURXJK GUDZQIURP D YDFXXP FOHDQHU 7KH DLUWUDQVSRUWDWLRQ IURP WKH HTXDWRUQHYHUUHDFKHVWKHSROH7KHURWDWLRQRIWKHHDUWKGLYHUWVLWIDUWRWKHVLGH,W DOVR FDXVHV WKH KLJK DQG ORZSUHVVXUHDUHDVWRURWDWH

    %HDXIRUWVFDOH

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

    )UDQFLV%HDXIRUW

    )LJ7KHIRUPDWLRQRIZLQG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    :LQGIRUFH :LQGVSHHG(IIHFWVRIZLQGLQODQG

    %HDXIRUW 'HVLJQDWLRQ PV NPK &DOP WR &DOPVPRNHULVHVYHUWLFDOO\ /LJKWDLU :LQGGLUHFWLRQVKRZQE\WKHGUDZRIVPRNH /LJKWEUHH]H :LQGGLUHFWLRQVKRZQE\WKHGUDZRIVPRNH

    *HQWOHEUHH]H :LQGPRYHVWKLQEUDQFKHVDQGVWUHWFKHVZLQGVRFNV

    0RGHUDWHEUHH]H :LQGPRYHVEUDQFKHVDQGWKLQERXJKVOLIWVGXVWDQGORRVHSDSHU

    )UHVKEUHH]H 6PDOOGHFLGXRXVWUHHVEHJLQWRVZD\ZKLWHFUHVWVIRUPRQLQODQGZDWHUV 6WURQJEUHH]H +HDY\ERXJKVPRYLQJXPEUHOODVKDUGWRXVH

    1HDUJDOH 1RWLFHDEOHUHVLVWDQFHWRZDONLQJLQWRWKHZLQGZKROHWUHHVPRYLQJ

    6HYHUHJDOH %UHDNVEUDQFKHVRIIWUHHVFRQVLGHUDEO\LPSHGHVZDONLQJLQWKHRSHQ

    6WRUP 6OLJKWGDPDJHWRKRXVHVFKLPQH\SRWVDQGWLOHVWHDURII

    6HYHUHVWRUP 8SURRWVWUHHVFRQVLGHUDEOHGDPDJHWRKRXVHVY 9LROHQWVWRUP :LGHVSUHDGGDPDJH

    +XUULFDQH DQGDERYHDQGDERYH 6LJQLFDQWGHYDVWDWLRQ

    %HDXIRUWWDEOH

    7DEOH%HDXIRUWYDOXHV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7KHKLJKHVWZLQGVSHHGPHDVXUHGLQ*HUPDQ\WRGDWHZDVNPKUHFRUGHGRQWKHWK-XQHRQ=XJVSLW]H7KLVUHSUHVHQWVDFRPSXWHG%HDXIRUWYDOXHRI

    %HDXIRUWEIWLVDQDUELWUDU\XQLW,WH[SUHVVHVWKHGLVFHUQHGHIIHFWVRIWKHZLQG%HDXIRUWEIWKRZHYHULVGLUHFWO\UHODWHGWRWKHSK\VLFDOO\PHDVXUDEOHZLQGVSHHG7KHIROORZLQJGLDJUDPVKRZVWKHLQWHUGHSHQGHQF\RIZLQGVSHHGDQGZLQGVWUHQJWKV

    :LQGVWUHQJWKGLDJUDP

    )LJ&RPSDULVRQRIZLQGVWUHQJWKDQGZLQGVSHHG

    :LQGVSHHG'\QDPLFSUHVVXUH

    :LQGVWUHQJWK

    DFFRUGLQJWR%HDXIRUW

    OEIW

    NSP

    1P

    PLOHK

    IWV

    .QRWV

    NPK

    PV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    *XVWVDQGURXJKQHVV

    $VWURQJXUU\RIZLQGWKDWLVDFWLYHZLWKLQDZLQGRUVWRUPV\VWHPLVNQRZQDVDJXVW3HRSOHDUHVXUSULVHGWLPHDQGDJDLQZKHQWKHZHDWKHUUHSRUWVVSHDNRIDZLQGRINPKIRUH[DPSOHDVRQHKDVWKHLPSUHVVLRQWKDWWKHZLQGLVPXFKVWURQJHU

    ,QUHDOLW\ZLWKJXVWVZHDUHGHDOLQJZLWKDXUU\RIZLQG WKDW LVPRUHSRZHUIXODQGLQGHSHQGHQWRIWKHDYHUDJHVSHHGRIWKHZLQG6RDJXVWRIZLQGFDQUHDFKNPKRUPRUHZKLOVWWKHDYHUDJHYDOXHOLHVVLJQLFDQWO\EHORZWKLV

    *XVWV FDQ WKHUHIRUH DOVREHYHU\ GDQJHURXV DV WKH\RFFXU VXGGHQO\ DQG GR QRWODVWORQJ+HUHWKHGXUDWLRQLVQRWWKHSUREOHPEXWUDWKHUWKHVXGGHQDSSHDUDQFHRIDPXFKVWURQJHU DLUPRYHPHQW WKDQWKHUHVWRIWKHZLQGOHDGVRQHWRH[SHFW7KXV JXVWV FDQ OHDG WRGDQJHURXVVLWXDWLRQVQRWRQO\LQURDGWUDIF

    7KHVSHHGRIDJXVWLVWKHDYHUDJHYDOXHRIWKHZLQGVSHHGPHDVXUHGIRUDGXUDWLRQRIVHFRQGV7KHJXVW VSHHG LV KLJKHU WKDQ WKHDYHUDJHZLQG VSHHGZKLFK LVPHDVXUHGRYHUDSHULRGRIPLQXWHV

    :KDWLVDJXVW"

    'HQLWLRQRIDJXVWLQDFFRUGDQFHZLWK(1

    7KHUHDUHH[WHUQDOIDFWRUVZKLFKFDQLQFUHDVHRUGHFUHDVHWKHZLQGJXVWVSHHG %XLOGLQJV 1DUURZYDOOH\VDQGJXOOLHV 6PRRWKZDWHUVXUIDFHV +HLJKWDERYHJURXQG

    )LJ%XVWXUQHGRYHUDIWHUDJXVW

    &DOFXODWHG YDOXH RI ZLQGVSHHG RYHU D SHULRG RI VHFRQGV V JXVWVSHHG

    7LPH

    &RXUVHRIZLQGVSHHGDWDKHLJKWRI]>P@RYHUWLPH

    &DOFXODWHG YDOXH RI ZLQG VSHHG RYHU D SHULRG RIPLQXWHV DW P KHLJKW DERYH JURXQG RUZDWHUVXUIDFHPLQZLQGVSHHG

    )LJ'LDJUDPVKRZLQJZLQGJXVWGHWHUPLQDWLRQ

    :LQG VSHHG >PV @ D WD KHLJKW RI ] PDERYHJURXQG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7KHPRUHSURQRXQFHG WKH URXJKQHVVRI WKH WHUUDLQ WKHJUHDWHU WKH UHGXFWLRQ LQ WKHZLQGVSHHG)RUHVWVDQGFLWLHVQDWXUDOO\VORZWKHZLQGDSSUHFLDEO\ZKHUHDVDFURVVWKHFRQFUHWHUXQZD\VDWDLUSRUWWKHZLQGLVRQO\IUDFWLRQDOO\VORZHG6PRRWKHUVWLOODUHZDWHUVXUIDFHVWKH\KDYHWKHUHIRUHDQHYHQOHVVHULQXHQFHRQWKHZLQGZKHUHDVORQJJUDVVVKUXEVDQGEXVKHVVORZWKHZLQGFRQVLGHUDEO\

    ,QWKHZLQGLQGXVWU\WKHWHFKQLFLDQVRIWHQVSHDNRIURXJKQHVVFODVVHVZKHQWKH\DUHGHDOLQJZLWKWKHHYDOXDWLRQRIWKHZLQGFKDUDFWHULVWLFVRIDODQGVFDSH$KLJKURXJKQHVVFODVVRIWRLVFKDUDFWHULVHGE\PDQ\WUHHVDQGEXLOGLQJVZKHUHDVWKHVXUIDFHRIDODNHIDOOVLQWRURXJKQHVVFODVV&RQFUHWHUXQZD\VDWDLUSRUWVIDOOLQWRURXJKQHVVFODVV

    :LQGVSHHGVZLWKGLIIHUHQW

    URXJKQHVVFODVVHV

    +LJKDERYHWKHJURXQGDWDQDOWLWXGHRIDSSUR[NLORPHWUHWKHZLQGLVKDUGO\DIIHFWHGE\WKHVXUIDFHFKDUDFWHULVWLFVRIWKHJURXQGDQ\PRUH7KHZLQGVSHHGVLQWKHORZHUDWPRVSKHULF OD\HUV DUH UHGXFHG E\ JURXQG IULFWLRQ2QHGLIIHUHQWLDWHV EHWZHHQ WKHURXJKQHVVRIWKHWHUUDLQWKHLQXHQFHRIREVWDFOHVDQGWKHLQXHQFHRIWKHFRQWRXUVRIWKHODQGVFDSHZKLFKLVDOVRNQRZQDVWKHRURJUDSK\RIWKHODQG

    %HKDYLRXURIWKHZLQGDWKLJK

    DOWLWXGHV

    )LJ'LDJUDPRIWKHYDULRXVURXJKQHVVFODVVHV

    ,QFLWLHVZLWKKLJKEXLOGLQJVWKHURXJKQHVVOLHVDURXQGVHHWDEOH7KLVFUHDWHVWKHLPSUHVVLRQWKDWWKHZLQGLVQRWVRVWURQJWKHUH+RZHYHULQODUJHFLWLHVZLWKKLJKEXLOGLQJVWKHUHDUHDOVRODUJHXUEDQFDQ\RQVSUHVHQW7KHDLULVFRPSUHVVHGRQWKHZLQGVLGHRIWKHKRXVHVDQGLWVVSHHGULVHVFRQVLGHUDEO\ZKLOVWLWEORZVWKURXJKWKHXUEDQFDQ\RQV7KLVSKHQRPHQRQLVNQRZQDVWKHQR]]OHHIIHFW,IWKHQRUPDOZLQGVSHHGLQRSHQWHUUDLQLVPVIRUH[DPSOHWKHQLQDQXUEDQFDQ\RQLWFDQFHUWDLQO\UHDFKPV

    7KHQR]]OHHIIHFW

    SKHQRPHQRQ

    :LQGVSHHGLQPV

    &RXQWU\VLGH

    6XEXUE

    &LW\FHQWUH

    +HLJKWLQP

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    5RXJKQHVVFODVV 7\SHRIWHUUDLQVXUIDFH

    :DWHUVXUIDFHV

    2SHQWHUUDLQVPRRWKVXUIDFHVHJUXQZD\V

    2SHQWHUUDLQZLWKRXWIHQFHVDQGKHGJHVSRVVLEO\ZLWKVSDUVHO\VSUHDGEXLOGLQJVDQGYHU\JHQWOHUROOLQJKLOOV

    7HUUDLQZLWKDIHZKRXVHVDQGPKLJKKHGJHVZLWKDWOHDVWNPFOHDUDQFH

    7HUUDLQZLWKDIHZKRXVHVDQGPKLJKKHGJHVZLWKDSSUR[PFOHDUDQFH

    7HUUDLQZLWKDIHZKRXVHVEXVKHVDQGSODQWVRUPKLJKKHGJHVZLWKDSSUR[PFOHDUDQFH

    9LOODJHVVPDOOWRZQVWHUUDLQZLWKPDQ\RUKLJKKHGJHVIRUHVWVDQGYHU\UXJJHGDQGXQHYHQWHUUDLQ

    /DUJHUWRZQVZLWKKLJKEXLOGLQJV

    &LWLHVZLWKYHU\KLJKEXLOGLQJV

    5RXJKQHVVFODVVHVLQRYHUYLHZ

    7DEOH5RXJKQHVVFODVV

    9DOXHVIURPWKHZHDWKHURIFHDQGFDOFXODWLRQVUHJDUGLQJWKHZLQGVSHHGUHODWHWRURXJKQHVVFODVV,QWKHFDVHRIJUHDWHUURXJKQHVVFODVVHVLW LVQHFHVVDU\WRFRQVLGHUWKDWWKHZLQGVSHHGZLOOEHKLJKHUDWWKHZRUNVLWHWKDQWKHJXUHVSURYLGHGE\WKHZHDWKHURIFH

    9DOXHVIURPWKHZHDWKHURIFHDQGFDOFXODWLRQVUHJDUGLQJWKHZLQGVSHHGUHODWHWRURXJKQHVVFODVV,QWKHFDVHRIJUHDWHUURXJKQHVVFODVVHVLW LVQHFHVVDU\WRFRQVLGHUWKDWWKHZLQGVSHHGZLOOEHKLJKHUDWWKHZRUNVLWHWKDQWKHJXUHVSURYLGHGE\WKHZHDWKHURIFH

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    &KDQJHWKHXQLWVIURP>PV@WR>NQW@

    'LVSOD\RIWKHZLQGVWUHQJWKRUJXVWVLQ>PV@RU>NQW@

    /RFDWLRQ 'DWH

    )LJ6FUHHQVKRWIURPZZZZLQGQGHUFRP

    :LWKFUDQHRSHUDWLRQDQGHVSHFLDOO\ZKHQ OLIWLQJ ORDGVZLWK ODUJHVXUIDFHDUHDV WKHLQXHQFHRIWKHZLQGPXVWFHUWDLQO\EHREVHUYHG

    %HIRUHVWDUWLQJZRUNWKHFUDQHGULYHUPXVWGHWHUPLQHWKHH[SHFWHGPD[LPXPZLQGVSHHGDWWKHVLWHE\FRQWDFWLQJWKHDSSURSULDWHZHDWKHURIFH/LIWLQJLVSURKLELWHGZKHQWKHH[SHFWHGZLQGVSHHGVDUHLPSHUPLVVLEO\KLJK

    &XUUHQWZHDWKHUGDWDFDQEHIRXQGRQWKHLQWHUQHWHJZZZZLQGQGHUFRPXQGHUWKHKHDGLQJ6XSHU)RUHFDVW1RWHZLWKWKLVWKDWWKHJXVWVSHHGDVLQWKLVH[DPSOHLVEDVHGRQDKHLJKWRIPHWUHVDERYHJURXQG

    :LQGDQGZHDWKHULQIRUPDWLRQ

    :LQGYDOXHVIURPWKHLQWHUQHW

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    %HDXIRUWYDOXH D D

    PVE

    P PV

    D:LQGVWDJHVIRUWKHFUDQHLQRSHUDWLRQOLJKW PV !DW P !JXVWVSHHG PV ! 1PQRUPDO PV !DWP !JXVWVSHHG PV ! 1P

    E8SSHUOLPLWRIWKH%HDXIRUWVWDJH

    >PV@ $YHUDJHZLQGVSHHGRYHUPLQXWHVDWDKHLJKWRIPXSSHUOLPLW RIWKH%HDXIRUWVWDJH>P@ +HLJKWRYHUVPRRWKJURXQG>PV@ 6SHHGRIDVHFRQGJXVWDWDKHLJKWRIDVUHOHYDQWIRUWKH FDOFXODWLRQ>1P@ 4XDVLVWDWLFDSSUR[LPDWHG\QDPLFSUHVVXUHHIIHFWLYHDWDKHLJKWRI FDOFXODWHGIURP

    +HLJKWGHSHQGHQWZLQGVSHHG

    ,QRUGHUWREHDEOHWRGHQHWKHKHLJKWGHSHQGHQWZLQGVSHHGIRUWKHPD[OLIWLQJKHLJKWWKHIROORZLQJWDEOHDSSOLHV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    ([HUFLVH

    'HWHUPLQHIURPWDEOH%HDXIRUWYDOXHVIRUWKHZLQGLQXHQFHLQODQGDQGWKHDVVRFLDWHG%HDXIRUWYDOXHIRUDZLQGVSHHGRINPK$QVZHU

    ([HUFLVH'HWHUPLQHZLWKWKHKHOSRIWDEOH5RXJKQHVVFODVVHVWKDWFRUUHVSRQGWRWKHURXJKQHVVLQWKHWZRSLFWXUHVEHORZ

    )LJ'HWHUPLQHWKHURXJKQHVVFODVV

    )LJ'HWHUPLQHWKHURXJKQHVVFODVV

    $QVZHU

    $QVZHU

    ([HUFLVH:KDWGRZHXQGHUVWDQGE\DJXVWSHU(1"

    :HDNZLQGFDXVHGE\DGLIIHUHQFHLQDLUSUHVVXUH6KRUWVHYHUHXUU\RIZLQG6HYHUHXUU\RIZLQGKLJKHUWKDQWKHDYHUDJHZLQGVSHHGRYHUDSHULRGRIVHFRQGV

    ([HUFLVHV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    'LJUHVVLRQ:LQGSRZHUWXUELQHVFKHPDWLF

    7KHXVHRIZLQGHQHUJ\KDVEHHQNQRZQIRUFHQWXULHV7KHGHYHORSPHQWRILQFUHDVLQJO\SRZHUIXOZLQGSRZHUWXUELQHVLVEHLQJHQFRXUDJHG7KHKHLJKWRIWKHWRZHUVXSRQZKLFKWKHWXUELQHDUHEHLQJGULYHQLVJURZLQJ1HZV\VWHPVDUHEUHDWKWDNLQJLQWKHLUVL]H:LWKDKXEKHLJKWRIXSWRPHWUHVWKHURWRUVWXUQZLWKDGLDPHWHURIPHWUHV%\FRPSDULVRQ7KHZLQJVSDQRIDQ$LUEXV$LVMXVWXQGHUPHWUHV

    5RWRUEODGH

    %ODGHDGMXVWPHQW

    5RWRUKXE

    7UDQVPLVVLRQ

    %UDNH

    0HDVXUHPHQWLQVWUXPHQWV*HQHUDWRU

    1DFHOOH

    :LQGGLUHFWLRQWUDFNLQJD]LPXWKDGMXVWPHQW

    /DGGHU

    7RZHU

    *ULGFRQQHFWLRQ

    )RXQGDWLRQ

    &RPSRQHQWSDUWVRIDZLQGSRZHUSODQW

    ,QWKLVFKDSWHU\RXZLOOOHDUQDERXWWKHVFKHPDWLFFRQVWUXFWLRQRIDZLQGSRZHUSODQW/LNHZLVHZHZLOO VKRZ\RXKRZZLQG VSHHGVEHKDYHDW YDULRXVGLIIHUHQW KHLJKWVDERYHJURXQG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    :KHWKHU LQGLYLGXDOZLQG SRZHU SODQWV RU FRPSOHWHZLQG IDUPV DUH HUHFWHG WKHVHDUHXVXDOO\ LQVWDOOHGZKHUH WKHZLQGEORZVVWURQJHVW(YHU\H[WUDPHWHUKLJKHU LQWRWKHDWPRVSKHUHWKDWWKH\FDQSXVKLVUHZDUGHGZLWKEHWWHURXWSXW:KHQFRQVLGHULQJWKHHUWLFDOVXEGLYLVLRQRIWKHDWPRVSKHUHRQO\LWVORZHUOD\HULVVXLWDEOHIRUH[SORLWDWLRQRIZLQGHQHUJ\7KLVLVGXHWRWKHFRPSRVLWLRQRIWKHORZHVWDLUOD\HUV:LWKULVLQJKHLJKWWKHURXJKQHVVRIWKHJURXQGKDVOHVVLQXHQFHRQWKHZLQGVSHHG7KHUHIRUHWKHZLQGEORZVPRUHVPRRWKO\DWKLJKDOWLWXGHVDQGLVEHVHWZLWKVLJQLFDQWO\OHVVWXUEXOHQFH7KLVIDFWLVRIJUHDWXVHWRWKHPDQXIDFWXUHUVRIZLQGSRZHUSODQWV

    *HRVWURSKLFZLQG

    +DUGO\DQ\WXUEXOHQFH

    %RXQGDU\OD\HUFORVHWRWKHJURXQG

    +LJKWXUEXOHQFH

    )LJ7XUEXOHQFHDWYDULRXVGLIIHUHQWDOWLWXGHV

    &RPSRVLWLRQRIDLUOD\HUV

    :KHUHGLIIHUHQWW\SHVRIWXUEXOHQFH

    RFFXU

    +HLJK

    WDERYHJURXQG

    *URXQG

    $ IXUWKHU IDFW VWDWHV WKDW WKHZLQG VSHHG GURSV WKH FORVHU \RX JHW WR WKH JURXQG&RQVLGHUDV\VWHPZLWKDKXEKHLJKWRIPHWUHVDQGDURWRUGLDPHWHURIPHWUHVZKHUHWKHWLSVRIWKHURWRUEODGHVDUHVXEMHFWHGWRDRZRIPVIRUH[DPSOHZKHQLWLVLQWKHKLJKHVWSRVLWLRQ7KHZLQGVSHHGLQWKHORZHVWSRVLWLRQRQWKHURWRUEODGHDPRXQWVWRMXVWPV7KLVPHDQVWKDWWKHIRUFHVRQWKHURWRUEODGHEHDULQJORDGDUHVLJQLFDQWO\KLJKHULQWKHKLJKHVWSRVLWLRQWKDQLQWKHORZHVWSRVLWLRQ

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    )DFWRUVRIZLQGIRUFHFDOFXODWLRQ

    7KHIROORZLQJYDOXHVPXVWEHUHTXHVWHGLQDGYDQFHRIWKHFUDQHRSHUDWLRQ 7KHZHLJKWRIWKHKRLVWORDGVHHFKDSWHU 7KHPD[LPXPSURMHFWHGVXUIDFHDUHDRIWKHORDGVHHFKDSWHU 7KHFRHIFLHQWRIUHVLVWDQFHFZYDOXHVHHFKDSWHU 7KHFXUUHQWZLQGVSHHGVHHFKDSWHU

    7KHZHLJKWRIWKHKRLVWORDGORDGDQGKRRNWREHOLIWHGLVPHDVXUHGLQNLORJUDPVNJRUWRQVW7KHFUDQHGULYHUFDQUHDGWKHZHLJKWRIWKHORDGIURPWKHGHOLYHU\QRWHRUGLUHFWO\RQWKHORDGRUDVNWKHPDQXIDFWXUHU$ORDGIRUZKLFKWKHZHLJKWWKHF:YDOXHDQGWKHSURMHFWHGVXUIDFHDUHDDUHQRWDOONQRZQPXVWQRWEHOLIWHG

    'HQLWLRQRIZHLJKWRIWKHKRLVWORDG

    ,IDERG\LVVXEMHFWHGWRDOLJKWVRXUFHWKHQWKHERG\FDVWVDVKDGRZ7KLVVKDGRZLVWKHSURMHFWHGVXUIDFHDUHD$3RIWKHERG\,IWKHERG\LVVXEMHFWHGWRDZLQGLQVWHDGRIOLJKWWKHQWKHVDPHVKDGRZDULVHVSURMHFWHGVXUIDFH'HSHQGLQJRQZLQGGLUHFWLRQWKHVKDGRZFDQEHODUJHURUVPDOOHU7KHPDQXIDFWXUHURIWKHORDGFDQVXSSO\\RXZLWKWKHPD[LPXPSURMHFWHGVXUIDFHDUHD

    'HQLWLRQRIWKHSURMHFWHGVXUIDFHDUHD

    ,QWKLVFKDSWHU\RXZLOOOHDUQWKHWHUPVDQGEDVLVRIFDOFXODWLRQUHTXLUHGIRUGHWHUPLQLQJWKHZLQG LQXHQFH XSRQ FUDQH RSHUDWLRQV /LNHZLVH \RXZLOO OHDUQ WR UHDG WKHSHUPLVVLEOHZLQGVSHHGIURPDGLDJUDP

    7KHIROORZLQJIDFWRUVDUHRIFHQWUDOLPSRUWDQFHWRWKHFDOFXODWLRQRIWKHZLQGORDGV :HLJKWRIWKHORDG 0D[LPXPSURMHFWHGVXUIDFHDUHD F:YDOXH 0D[LPXPZLQGVSHHG 6XUIDFHDUHDH[SRVHGWRZLQG '\QDPLFSUHVVXUH

    5HTXHVWDYDLODEOHYDOXHV

    :HLJKWRIWKHKRLVWORDGNJW

    0D[LPXPSURMHFWHGVXUIDFHDUHD$3

    P

    P

    P

    P

    P

    P:LQG

    :LQG

    $3 P

    $3 P

    7KH H[DPSOH RQ WKH OHIW VLGHVKRXOGPDNHFOHDUWKDWDQREMHFWFDQ KDYH GLIIHUHQW SURMHFWHGVXUIDFH DUHDV )RU WKLV UHDVRQWKHPD[LPXPSURMHFWHGVXUIDFHDUHDRID ORDGRUERG\PXVWEHDVVXPHG

    7KH ODUJHU WKH SURMHFWHGVXUIDFHDUHWKHODUJHUWKHDUHDWKDW FDQ EH H[SRVHG WR WKHZLQG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    %RG\ &RHIFLHQWRIUHVLVWDQFHF:3ODWHFXEH

    WR

    &\OLQGHUVWR

    %DOOWR

    +HPLVSKHUHIURQWWR

    +HPLVSKHUHUHDUWR

    :LQGSRZHUSODQWURWRU

    $SSUR[LPDWHO\

    ,IDERG\LVVXEMHFWHGWRDQDLURZHLWKHUVWULNLQJLWRURZLQJWKURXJKSDVWLWWKHDLUVSHHGZLOOEHUHGXFHGE\WKLV7KHERG\SUHVHQWVDQREVWDFOHIRUWKHDLURZUHVLVWDQFH7KHRZUHVLVWDQFHFKDQJHVGHSHQGLQJRQWKHVKDSHRIWKHERG\,QRUGHUWRGHVFULEHWKHVKDSHRIWKHERG\WKHFRHIFLHQWRIUHVLVWDQFHLVGHQHG7KHFRHIFLHQWRIUHVLVWDQFHF:YDOXHRIDERG\VSHFLHVKRZJUHDWWKHREVWUXFWLRQWRWKHDLURZWKHERG\SUHVHQWV7KHPDQXIDFWXUHURIWKHORDGFDQVXSSO\\RXZLWKWKHFRHIFLHQWRIUHVLVWDQFHF:YDOXH

    'HQLWLRQRIFRHIFLHQWRIUHVLVWDQFH

    7DEOHF:YDOXHVRIFRPPRQERGLHV

    F:YDOXH

    7KHFXUUHQWZLQGVSHHGLVJLYHQLQ>PV@RU>NPK@%HIRUHVWDUWLQJZRUN\RXPXVWQGRXWZKDWZLQGVSHHGLVH[SHFWHGIURPWKHZHDWKHURIFHRUWKHLQWHUQHWHJZZZZHWWHUQGHUFRP /LIWLQJ LV SURKLELWHG LI WKH H[SHFWHGZLQG VSHHGV DUHLPSHUPLVVLEO\KLJK/LNHZLVH\RXFDQUHDGRXWWKHFXUUHQWZLQGVSHHGZLWKWKHKHOSRIWKHZLQGVHQVRURQWKH/,&&21FRPSXWHUV\VWHP

    :KHUHGR,QGWKHFXUUHQWZLQG

    VSHHG"

    &XUUHQWZLQGVSHHG

    7KHFXUUHQWYDOXHRIWKHZLQGVHQVRURQWKHFUDQHPD\QRWEHXVHGDVWKHEDVLVIRUWKHORDGOLIW%HIRUHVWDUWLQJDORDGOLIWDOZD\VFKHFNWKHFXUUHQWZLQGVSHHGIRUWKHGXUDWLRQRIWKHORDGOLIWDWWKHDSSURSULDWHZHDWKHUEXUHDXRULQWKHLQWHUQHW

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    :LQGVHQVRUDLUVSHHGLQGLFDWRU

    8SWRWZRZLQGVHQVRUVFDQEHLQVWDOOHGRQDFUDQH7KHZLQGZDUQLQJLVVKRZQRQWKHRSHUDWLQJVFUHHQRIWKH/,&&21FRPSXWHUV\VWHP,IWKHFXUUHQWZLQGVSHHGYDOXHH[FHHGVWKHGLVSOD\HGPD[LPXPYDOXHWKHZLQGZDUQLQJV\PEROEHJLQVWRDVKDQGWKHDFRXVWLFDODUP!!6+257+251VRXQGV+RZHYHUWKHUHLVQRVZLWFKLQJRIIRIFUDQHPRYHPHQWV7KHOLIWLQJRIWKHORDGVKRXOGEHFRPSOHWHGDVTXLFNO\DVSRVVLEOHDQGWKHERRPVKRXOGEHWDNHQGRZQLIQHFHVVDU\

    7KHWRSYDOXHLQWKHZLQGZDUQLQJV\PERORQWKHRSHUDWLQJVFUHHQVKRZVWKHYDOXHIURPWKHZLQGVHQVRURQWKH[HGMLE7KHERWWRPYDOXHLQWKHZLQGZDUQLQJV\PERORQWKHRSHUDWLQJVFUHHQVKRZVWKHYDOXHIURPWKHZLQGVHQVRURQWKHPDLQERRP

    )LJ,QVWDOODWLRQSRVLWLRQRIWKHZLQGVHQVRUDQG/,&&21RSHUDWLQJVFUHHQ

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    ,ISRVVLEOHWKHIROORZLQJYDOXHVVKRXOGEHGHWHUPLQHGRUFDOFXODWHGZLWKWKHNQRZQIDFWRUV 7KHVXUIDFHDUHDH[SRVHGWRZLQGVHHFKDSWHU 7KHSHUPLVVLEOHZLQGVSHHGIURPWKHORDGFKDUWERRNVHHFKDSWHU 7KHG\QDPLFSUHVVXUHVHHFKDSWHU 7KHZLQGORDGVHHFKDSWHU

    'HWHUPLQHRUFDOFXODWHPLVVLQJYDOXHV

    $FDOFXODWHGPD[LPXPSHUPLVVLEOHZLQGVSHHGLVJLYHQIRUHYHU\FUDQHORDGFKDUWLQWKHORDGFKDUWERRN+RZHYHUWKLVLVGHSHQGHQWRQWKHOHQJWKRIWKHERRPDQGWKHFUDQHFRQJXUDWLRQ6WDQGDUGYDOXHVIURP(1KDYHEHHQXVHGIRUWKHFDOFXODWLRQORDGUHIHUHQFHYDOXHRIPSHUWRQZLWKDF:YDOXH

    ,IWKHFXUUHQWZLQGVSHHGH[FHHGVWKHSHUPLVVLEOHZLQGVSHHGIURPWKHORDGFKDUWWKHQWKHFUDQHRSHUDWLRQPXVWEHKDOWHGDQGWKHERRPVHWGRZQLQFDVHWKHSHUPLVVLEOHZLQGVSHHGIURPWKHFUDQHZLQGWDEOHLVH[FHHGHG

    3HUPLVVLEOHZLQGVSHHGIURPWKHORDGFKDUWERRN

    )LJ([WUDFWIURPWKHORDGFKDUWZLWKWKHSHUPLVVLEOHZLQGVSHHGVIRUHDFKWHOHVFRSHFRQJXUDWLRQ

    6XUIDFHDUHDH[SRVHGWRZLQG$:

    3HUPLVVLEOHZLQGVSHHGIURPWKHORDGFKDUWERRN

    7KHVXUIDFHDUHDH[SRVHGWRZLQG$:VSHFLHVWKHVXUIDFHDUHDH[SRVHGWRZLQGZLWKFRQVLGHUDWLRQWRWKHUHVLVWDQFHSUHVHQWHGE\WKHERG\,WLVFRPSRVHGRIWKHSURMHFWHGVXUIDFHDUHD$3DQGWKHF:YDOXH

    6XUIDFHDUHDH[SRVHGWRZLQG$:

    $: $3F:

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    6WURQJZLQGLVUHTXLUHGWRVWDUWXSDSURSHOOHU7KDWPHDQVWKDWWKHG\QDPLFSUHVVXUHRIWKHZLQGPXVWEHVRODUJHWKDWWKHURWRUVWDUWVWRURWDWH7KHODUJHUWKHURWRUVVXUIDFHDUHDH[SRVHGWRZLQGWKHOHVVWKHG\QDPLFSUHVVXUHQHHGVWREHLQRUGHUWRVWDUWLWWXUQLQJ

    )RUPXOD:LQGORDG):

    ): $:S

    'HQLWLRQRIIRUFH

    '\QDPLFSUHVVXUHS

    ,IZLQGVWULNHVDVSULQJVXSSRUWHGSODWHVHHGLDJUDPRQWKHULJKWWKHQWKHDLURZVDURXQGWKLV$WWKHVDPHWLPHDSRUWLRQRIWKHZLQGLVEDFNHGXSDJDLQVWWKHVXUIDFHRIWKHSODWH7KLVEDFNLQJXSUHVXOWVLQDQLQFUHDVHLQSUHVVXUHZKLFKSUHVVHVWKHSODWHDJDLQVWWKHVSULQJ7KLVSUHVVXUHLVNQRZQDVG\QDPLFSUHVVXUH,IWKHZLQGVSHHGYGRXEOHVWKHQWKHG\QDPLFSUHVVXUHLQFUHDVHVIRXUIROG

    )RUPXODIRUWKHG\QDPLFSUHVVXUHS

    S ):$: RU S Y

    'HQLWLRQRIG\QDPLFSUHVVXUH

    :LQGORDG):

    ([HUFLVH

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    'HWHUPLQDWLRQRISHUPLVVLEOHZLQGVSHHG

    7KHIROORZLQJPHWKRGVIDFLOLWDWHWKHGHWHUPLQDWLRQRIWKHPD[LPXPSHUPLVVLEOHZLQGVSHHG

    0HWKRG:LQGIRUFHGLDJUDPVHHFKDSWHU 0HWKRG)RUPXODVHHFKDSWHU 0HWKRG&DOFXODWLRQSHUORDGFKDUWERRNVHHFKDSWHU

    0HWKRG:LQGIRUFHGLDJUDP

    ,IWKHVXUIDFHDUHDH[SRVHGWRZLQGRIWKHORDGLVJUHDWHUWKDQPSHUWORDGDQGRUWKHF:YDOXHLVJUHDWHUWKDQWKHQWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGVSHUWKHORDGWDEOHDUHQRORQJHUYDOLG,QWKLVFDVHFRPSDUHWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGIURPWKHORDGFKDUWZLWKWKHZLQGVSHHGLQWKHZLQGIRUFHGLDJUDP7KHWZRYDOXHVPXVWPDWFKZLWKRQHDQRWKHUDVRWKHUZLVH\RXZLOOUHDGDQLQFRUUHFWZLQGVSHHGIURPWKHZURQJZLQGIRUFHGLDJUDP7KLVFRXOGFDXVHDQDFFLGHQW

    7KLVIRUPRIGHWHUPLQLQJWKHSHUPLVVLEOHZLQGVSHHGZLOOEHDQLQKHUHQWSDUWRIWKHORDGFKDUWERRNLQIXWXUH,QWKLVFKDSWHUZHZRXOGOLNHWRLQIRUP\RXRIWKHQHZPHWKRG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    ([DPSOHIRUGHWHUPLQLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGIRUDVSHFLDOORDGFDVH7KHORDGWREHOLIWHGZHLJKVWKDVDF:YDOXHRIDQGDVXUIDFHDUHDH[SRVHGWRZLQGRIPZLWKDSURMHFWHGVXUIDFHDUHDRIP,IZHGLYLGHWKHVXUIDFHDUHDH[SRVHGWRZLQGE\WKHORDGWKHQZHKDYHDYDOXHRIPSHUW7KLVYDOXHH[FHHGVWKHSHUPLVVLEOHYDOXHIRUWKHORDGVVXUIDFHDUHDH[SRVHGWRZLQGRIPSHUW$FFRUGLQJWRWKHORDGFKDUWDPD[LPXPZLQGVSHHGRIPVLVSHUPLVVLEOHIRUWKHFUDQHFRQJXUDWLRQUHTXLUHG1RZWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGPXVWEHGHWHUPLQHGE\PHDQVRIWKHZLQGIRUFHGLDJUDPPVVHHLOOXVWUDWLRQEHORZ

    7KHPD[LPXPSHUPLVVLEOHZLQGVSHHGIRUWKHORDGDPRXQWVWRPV

    ([DPSOH

    PW PW

    ([DPSOH

    6XUIDFHDUHDH[SRVHGWRZLQGP P

    $ORDGZHLJKVWKDVDF:YDOXHRIDQGDSURMHFWHGVXUIDFHDUHDRIP$F:YDOXHRIDQGDSURMHFWHGVXUIDFHDUHDRIPUHVXOWVLQDVXUIDFHDUHDH[SRVHGWRZLQGRIP,I\RXGLYLGHWKHVXUIDFHDUHDH[SRVHGWRZLQGE\WKHORDGWKHQZHKDYHDYDOXHRIPSHUW,QWKLVH[DPSOHWKHORDGFKDUWKDVDPD[LPXPZLQGVSHHGRIPV)RUWKLVUHDVRQWKHZLQGIRUFHGLDJUDPZLWK

    PVPXVWEHXVHG1RZGUDZOLQHYHUWLFDOO\XSZDUGVDWWKHVXUIDFHDUHDH[SRVHGWRZLQGYDOXHPRQWKHZLQGIRUFHGLDJUDPPVVHHLOOXVWUDWLRQRQWKHULJKW7KHQGUDZDOLQHKRUL]RQWDOO\WRWKHULJKWDWWKHORDGWREHOLIWHGRIW%RWKOLQHVLQWHUVHFWLQIURQWRIWKHPVJUDGLHQW

    7KLVPHDQVWKDWWKHORDGFDQEHOLIWHGXSWRDPD[LPXPZLQGVSHHGRIPVDVJLYHQLQWKHORDGFKDUW

    ([DPSOHIRUGHWHUPLQLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGIRUDVWDQGDUGORDGFDVH

    7KHGHWHUPLQHGPD[LPXPSHUPLVVLEOHZLQGVSHHGRIPVLVQRWDFFHSWHGLQWRWKH/,&&21FRPSXWHUV\VWHP7KHUHLVQRZDUQLQJLIWKHGHWHUPLQHGPD[LPXPSHUPLVVLEOHZLQGVSHHGRIPVLVH[FHHGHG)RUWKDWUHDVRQWKHFUDQHRSHUDWRUKLPVHOIPXVWPRQLWRUWKHZLQGVSHHGYDOXHLQWKH/,&&21FRPSXWHUV\VWHP,IWKHGHWHUPLQHGPD[LPXPSHUPLVVLEOHZLQGVSHHGLVUHDFKHGWKHORDGOLIWPXVWEHGLVFRQWLQXHG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    )LJ:LQGIRUFHGLDJUDPPVRQO\YDOLGIRUWDEOHVZLWKPD[ZLQGVSHHGRIPV

    /RDGVVXUIDFHDUHDH[SRVHGWRZLQG$:>P@

    +RLVWORDG

    :LQGIRUFHGLDJUDPIRUPD[ZLQGVSHHGSHUORDGFKDUWRIPV

    :LQGIRUFHGLDJUDPPV

    :LQGIRUFHGLDJUDPIRUPD[ZLQGVSHHGSHUORDGFKDUWRIPV

    /RDGVVXUIDFHDUHDH[SRVHGWRZLQG$:>P@

    +RLVWORDG

    )LJ:LQGIRUFHGLDJUDPPVRQO\YDOLGIRUWDEOHVZLWKPD[ZLQGVSHHGRIPV

    :LQGIRUFHGLDJUDPPV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    )LJ:LQGIRUFHGLDJUDPPVRQO\YDOLGIRUWDEOHVZLWKPD[ZLQGVSHHGRIPV

    /RDGVVXUIDFHDUHDH[SRVHGWRZLQG$:>P@

    :LQGIRUFHGLDJUDPIRUPD[ZLQGVSHHGSHUORDGFKDUWRIPV

    +RLVWORDG

    )LJ:LQGIRUFHGLDJUDPPVRQO\YDOLGIRUWDEOHVZLWKPD[ZLQGVSHHGRIPV

    /RDGVVXUIDFHDUHDH[SRVHGWRZLQG$:>P@

    +RLVWORDG

    :LQGIRUFHGLDJUDPIRUPD[ZLQGVSHHGSHUORDGFKDUWRIPV

    :LQGIRUFHGLDJUDPPV

    :LQGIRUFHGLDJUDPPV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    0HWKRG)RUPXOD

    7KHSHUPLVVLEOHZLQGVSHHGFDQEHFDOFXODWHGZLWKDVLQJOHIRUPXOD)RUWKLVWKHIROORZLQJGDWDPXVWUVWEHFROOHFWHG

    7KHKRLVWORDGP+LQFOOLIWLQJDFFHVVRULHVDQGKRRNEORFNDQGDQ\UHOHYDQWSRUWLRQRIKRLVWLQJFDEOH

    7KHVXUIDFHDUHDH[SRVHGWRZLQG$: 7KHPD[LPXPZLQGVSHHGSHUWKHORDGFKDUW

    )RUPXODIRUFDOFXODWLQJWKHSHUPLVVLEOHZLQGVSHHG

    YPD[ YPD[B7$%

    ([DPSOH

    6XUIDFHDUHDH[SRVHGWRZLQG

    P P

    $ORDGZHLJKVWKDVDF:YDOXHRIDQGDSURMHFWHGVXUIDFHDUHDRIP:LWKDF:YDOXHRIDQGDSURMHFWHGVXUIDFHDUHDRIPZHKDYHDVXUIDFHDUHDH[SRVHGWRZLQGRIP7KHPD[LPXPSHUPLVVLEOHZLQGVSHHGIURPWKHORDGFKDUWDPRXQWVWRPVLQWKLVH[DPSOH

    YPD[ PVIGL

    YPD[ PV

    ,IWKHUHVXOWRIWKHYPD[LVODUJHUWKDQYPD[B7$%WKHORDGFDQEHOLIWHGXSWRWKHPD[LPXPZLQGVSHHGVSHFLHGLQWKHORDGFKDUWKHUHPV

    ([DPSOHIRUFDOFXODWLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGIRUDVWDQGDUGORDGFDVH

    PWWP

    ([DPSOH

    6XUIDFHDUHDH[SRVHGWRZLQG

    P P

    7KHORDGWREHOLIWHGZHLJKVWKDVDF:YDOXHRIDQGDVXUIDFHDUHDH[SRVHGWRZLQGRIPZLWKDSURMHFWHGVXUIDFHDUHDRIP$PD[LPXPZLQGVSHHGRIPVLVSHUPLVVLEOHIRUWKHFUDQHFRQJXUDWLRQUHTXLUHGDFFRUGLQJWRWKHORDGFKDUW

    YPD[ PVIGL

    YPD[ PV

    7KHZLQGVSHHGIURPWKHORDGFKDUWGURSVIURPPVWR

    PV7KHORDGPD\EHOLIWHGXSWRDPD[LPXPZLQGVSHHGRIPV

    ([DPSOHIRUFDOFXODWLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGIRUDVSHFLDOORDGFDVH

    PWWP

    PWP+$:

    7KHGHWHUPLQHGPD[LPXPSHUPLVVLEOHZLQGVSHHGRIPVLVQRWDFFHSWHGLQWRWKH/,&&21FRPSXWHUV\VWHP7KHUHLVQRZDUQLQJLIWKHGHWHUPLQHGPD[LPXPSHUPLVVLEOHZLQGVSHHGRIPVLVH[FHHGHG)RUWKDWUHDVRQWKHFUDQHRSHUDWRUKLPVHOIPXVWPRQLWRUWKHZLQGVSHHGYDOXHLQWKH/,&&21FRPSXWHUV\VWHP,IWKHGHWHUPLQHGPD[LPXPSHUPLVVLEOHZLQGVSHHGLVUHDFKHGWKHORDGOLIWPXVWEHGLVFRQWLQXHG

    7KHYDOXHXQGHUWKHURRWFRUUHVSRQGVWRDFRQVWDQWDQGQRWWKHF:YDOXH7KLVYDOXHPD\QRWEHFKDQJHG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7KHIROORZLQJYDOXHVDUHNQRZQ :HLJKWRIWKHORDGW 3URMHFWHGVXUIDFHDUHD$3 /RDGF:YDOXH 9PD[B7$%IURPORDGFKDUW

    &DOFXODWLRQRIWKHSUHVHQWVXUIDFHDUHDH[SRVHGWRZLQG$:

    $: $3F:

    &RPSDUH FDOFXODWHG VXUIDFH DUHDH[SRVHGWRZLQGZLWKSHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQGIURPGLDJUDP

    $:FDOFXODWHGLVVPDOOHUWKDQRUHTXDOWR$:GHWHUPLQHG

    'HWHUPLQDWLRQ RI WKH SHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQG$:

    'LDJUDPIURPWKHORDGFKDUWERRN

    /RDG FDVH FDQ EH LPSOHPHQWHG LQDFFRUGDQFHZLWKDSSOLFDEOHORDGFKDUW

    'UDZ LQ9PD[B7$% SHU WKH ORDG FKDUW LQGLDJUDPRI WKH ORDGFKDUWERRNDQGGHWHUPLQHG\QDPLFSUHVVXUHS

    &DOFXODWLRQRIWKHSHUPLVVLEOHG\QDPLFSUHVVXUH

    S ):$:FDOFXODWHG

    &DOFXODWLRQRIIRUFH)

    )RUFH): S$:GHWHUPLQHG

    /RDGFDVHFDQEHLPSOHPHQWHGXSWRWKHZLQGVSHHGGHWHUPLQHG

    'HWHUPLQHWKHSHUPLVVLEOHZLQGVSHHGSHUGLDJUDPRI WKH FKDUW ERRNZLWKFDOFXODWHGG\QDPLFSUHVVXUH

    'HWHUPLQDWLRQRIPLVVLQJSDUDPHWHUVZLWKWKHORDGPDQXIDFWXUHU

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7KHFXUUHQWVXUIDFHDUHDH[SRVHGWRZLQGFDQEHFDOFXODWHGZLWKWKHIROORZLQJLQIRUPDWLRQ 3URMHFWHGVXUIDFHDUHD F:YDOXH 0D[LPXPSHUPLVVLEOHZLQGVSHHGIURPWKHORDGFKDUW +RLVWORDG

    )RUFDOFXODWLQJDVWDQGDUGORDGFDVHWKHFXUUHQWORDGVVXUIDFHDUHDH[SRVHGWRZLQGPXVWQRWH[FHHGWKHVXUIDFHDUHDH[SRVHGWRZLQGIURPGLDJUDP7KHVXUIDFHDUHDH[SRVHGWRZLQGZLWKUHVSHFWWRWKHZHLJKWRIWKHORDGLVJLYHQLQPLQGLDJUDP

    ,QIRUPDWLRQUHTXLUHGIRUFDOFXODWLRQ

    7KHORDGFDVHLVFRQVLGHUHGVWDQGDUGZKHQ

    7KHVXUIDFHDUHH[SRVHG WRZLQG$: IRU WKHFXUUHQW ORDG LVVPDOOHU WKDQRUHTXDOWRWKHSHUPLVVLEOHVXUIDFHDUHH[SRVHGWRZLQGSHUGLDJUDPEDVHGRQWKHFDOFXODWLRQRIWKHFUDQH

    )RUH[DPSOH OLIWLQJ WKH WXUELQHKRXVLQJRIDZLQGSRZHUSODQWZRXOGEHFRQVLGHUHGDVWDQGDUGORDGFDVH

    &DOFXODWHGGDWDJLYHQIRUWKHWXUELQHKRXVLQJ

    F:YDOXH

    +RLVWORDGP+ W

    3URMHFWHGVXUIDFHDUHD$3 P

    3HUPLVVLEOHZLQGVSHHGLQDFFRUGDQFHZLWKWKHORDGFKDUW9PD[B7$%

    PV

    7XUELQHKRXVLQJ

    )LJ0RELOHFUDQHZLWKDWXUELQHKRXVLQJLQVWDOODWLRQ

    &DOFXODWLRQRIDVWDQGDUGORDG

    FDVH

    ([DPSOH

    /RDGFDVHFDOFXODWLRQVWDQGDUGORDGFDVH

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    6WHS&DOFXODWHWKHVXUIDFHDUHDH[SRVHGWRZLQGIRUWKHFXUUHQWORDG6WHS'HWHUPLQHSHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDP6WHS&RPSDUHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGZLWKWKHGHWHUPLQHGVXUIDFHDUHDH[SRVHGWRZLQG

    7RVWHS&DOFXODWHWKHVXUIDFHDUHDH[SRVHGWRZLQGIRUWKHFXUUHQWORDG

    6XUIDFHDUHDH[SRVHGWRZLQG$: $3F: P P

    7RVWHS'HWHUPLQHSHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDP

    'UDZLQOLQHKRUL]RQWDOO\DWWKHVWLSXODWHGKRLVWORDGRIW'UDZLQOLQHYHUWLFDOO\GRZQZDUGVDWWKHLQWHUVHFWLRQRIOLQHZLWKWKHFXUYH DQG UHDG RII WKH VXUIDFH DUHD H[SRVHG WRZLQG7KLV DPRXQWVWRP

    'LDJUDP

    )LJ'LDJUDPIURPWKHORDGFKDUWERRNVKRZVWKHVXUIDFHDUHDH[SRVHGWRZLQGLQFOF:YDOXHWDNHQLQWRDFFRXQWZLWKWKHFDOFXODWLRQIRUWKHFUDQHGHSHQGHQWRQWKHORDGWREHOLIWHG

    &DOFXODWLRQGHWHUPLQDWLRQRIWKHVXUIDFHDUHDH[SRVHGWRZLQG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7RVWHS&RPSDUHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGZLWKWKHGHWHUPLQHGVXUIDFHDUHDH[SRVHGWRZLQG

    7KHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGDPRXQWVWR$: P7KHGHWHUPLQHGSHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDPDPRXQWVWR$: P

    7KHFDOFXODWHG VXUIDFHDUHDH[SRVHG WRZLQG LV WKXVVPDOOHU WKDQ WKHVXUIDFH DUHD H[SRVHG WRZLQG WDNHQ LQWR FRQVLGHUDWLRQZLWK WKH FUDQHFDOFXODWLRQ$FFRUGLQJWRWKHDSSOLFDEOHORDGFKDUWWKHORDGFDVHFDQEHLPSOHPHQWHGZLWKDPD[LPXPZLQGVSHHGRIPV

    &RPSDUHWKHYDOXHV

    &DOFXODWHGGDWDJLYHQIRUWKHORDG

    F:YDOXH

    +RLVWORDGP+ W

    3URMHFWHGVXUIDFHDUHD$3 P

    3HUPLVVLEOHZLQGVSHHGLQDFFRUGDQFHZLWKWKHORDGFKDUW9PD[B7$%

    PV

    ([DPSOH,QH[DPSOHRQO\WKHSURMHFWHGVXUIDFHDUHDRIWKHORDGKDVFKDQJHGZKHQFRPSDUHGWRH[DPSOH7KHFDOFXODWLRQIRUWKLVORDGFDVHLVDVIROORZV

    7RVWHS&DOFXODWH WKHVXUIDFHDUHDH[SRVHGWRZLQGIRUWKHFXUUHQWORDG

    6XUIDFHDUHDH[SRVHGWRZLQG$: $3F: P P

    7RVWHS'HWHUPLQHSHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDP6HHVWHSSDJH

    7RVWHS&RPSDUHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGZLWKWKHGHWHUPLQHGVXUIDFHDUHDH[SRVHGWRZLQG

    7KHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGDPRXQWVWR$: P7KHGHWHUPLQHGSHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDPDPRXQWVWR$: P

    7KHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGLVWKXVODUJHUWKDQWKHVXUIDFHDUHDH[SRVHGWRZLQGWDNHQLQWRFRQVLGHUDWLRQZLWKWKHFUDQHFDOFXODWLRQ$FFRUGLQJWRWKHDSSOLFDEOHORDGFKDUWWKHORDGFDVHLVQRWSHUPLVVLEOHZLWKDPD[LPXPZLQGVSHHGRI PV

    ,IWKHRXWFRPHRIWKLVLVWKDWWKHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGLVODUJHUWKDQWKHVXUIDFHDUHDH[SRVHGWRZLQGWDNHQLQWRFRQVLGHUDWLRQZLWKWKHFUDQHFDOFXODWLRQWKHFDOFXODWLRQPXVWEHFRQWLQXHGVHHFKDSWHU

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    /RDGFDVHFDOFXODWLRQVSHFLDOORDGFDVH

    7KHORDGFDVHLVFRQVLGHUHGVSHFLDOZKHQ

    7KHVXUIDFHDUHH[SRVHGWRZLQG$: IRU WKHFXUUHQW ORDG LV ODUJHU WKDQWKHSHUPLVVLEOHVXUIDFHDUHH[SRVHGWRZLQGSHUGLDJUDPEDVHGRQWKHFDOFXODWLRQRIWKHFUDQH

    )RUH[DPSOHOLIWLQJWKHURWRUEODGHVRIDZLQGSRZHUSODQWZRXOGEHFRQVLGHUHGDVSHFLDOORDGFDVH$F:YDOXHEHWZHHQDQGRUKLJKHULVWREHH[SHFWHGDVDUHVXOWRIWKHVKDSHRIWKHURWRUEODGHV7KHH[DFWGHWDLOV IRU WKH URWRUEODGHDQG WKHF:YDOXHPXVWEH UHTXHVWHG IURP WKHPDQXIDFWXUHU

    &DOFXODWHGGDWDJLYHQIRUWKHURWRUEODGHV

    F:YDOXH

    +RLVWORDGP+ W

    3URMHFWHGVXUIDFHDUHD$3 P

    3HUPLVVLEOHZLQGVSHHGLQDFFRUGDQFHZLWKWKHORDGFKDUW9PD[B7$% PV

    )LJ&UDZOHUFUDQHGXULQJURWRULQVWDOODWLRQ

    5RWRUEODGHV

    &DOFXODWLRQRIDVSHFLDOORDGFDVH

    7KHVXUIDFHDUHDH[SRVHGWRZLQGFDQLQFUHDVHQRWRQO\GXHWRDODUJHUSURMHFWHGVXUIDFHDUHDVHHFKDSWHUH[DPSOHEXWDOVRDVDUHVXOWRIKLJKHUF:YDOXHVIRUWKHORDG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    6WHS&DOFXODWHWKHVXUIDFHDUHDH[SRVHGWRZLQGIRUWKHFXUUHQWORDG6WHS'HWHUPLQHSHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDP6WHS&RPSDUHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGZLWKWKHGHWHUPLQHGVXUIDFHDUHDH[SRVHGWRZLQG

    7RVWHS&DOFXODWHWKHVXUIDFHDUHDH[SRVHGWRZLQGIRUWKHFXUUHQWORDG

    6XUIDFHDUHDH[SRVHGWRZLQG$: $3F: P P

    &DOFXODWLRQGHWHUPLQDWLRQRIWKHVXUIDFHDUHDH[SRVHG

    WRZLQG

    7RVWHS'HWHUPLQHVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDP

    'UDZLQOLQHKRUL]RQWDOO\LQDFFRUGDQFHZLWKWKHKRLVWORDGKHUHW'UDZLQOLQHYHUWLFDOO\GRZQZDUGVDWWKHLQWHUVHFWLRQRIOLQHZLWKWKHFXUYHDQGUHDGRIIWKHVXUIDFHDUHDH[SRVHGWRZLQG7KLVDPRXQWVWRP

    )LJ'LDJUDPIURPWKHORDGFKDUWERRN

    'LDJUDP

    7RVWHS&RPSDUHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGZLWKWKHGHWHUPLQHGVXUIDFHDUHDH[SRVHGWRZLQG

    7KHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGDPRXQWVWR$: P7KHGHWHUPLQHGSHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDPDPRXQWVWR$: P

    7KXVWKHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGLVODUJHUWKHQWKHGHWHUPLQHGVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDPDQGVRDFFRUGLQJWRWKHDSSOLFDEOHORDGFKDUWWKHORDGFDVHFDQQRWEHOLIWHGZLWKWKHPD[LPXPZLQGVSHHGJLYHQ

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7RVWHS'HWHUPLQHG\QDPLFSUHVVXUHWKURXJKGUDZLQJLQWKHZLQGVSHHGSHUGLDJUDP

    'UDZLQOLQHYHUWLFDOO\LQDFFRUGDQFHZLWKWKHZLQGVSHHGJLYHQLQWKHORDGFKDUWKHUHPV'UDZLQOLQHKRUL]RQWDOO\WRWKHOHIWDWWKHLQWHUVHFWLRQRIOLQHZLWKWKHFXUYHDQGUHDGRIIWKHG\QDPLFSUHVVXUH,WHTXDWHVWR1P

    )LJ'LDJUDPIURPWKHORDGFKDUWERRN

    7KHFDOFXODWLRQPXVWEHFRQWLQXHGLQRUGHUWRGHWHUPLQHWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGIRUWKLVVSHFLDOORDGFDVH

    'LDJUDP

    'HWHUPLQDWLRQRIWKHG\QDPLFSUHVVXUHE\GLDJUDP

    6WHS'HWHUPLQHG\QDPLFSUHVVXUHWKURXJKGUDZLQJLQWKHZLQGVSHHGSHUGLDJUDP6WHS&DOFXODWHWKHZLQGORDG6WHS&DOFXODWHSHUPLVVLEOHG\QDPLFSUHVVXUH

    &DOFXODWLRQGHWHUPLQDWLRQRIWKHG\QDPLFSUHVVXUH

    7RVWHS&DOFXODWHWKHZLQGORDG

    :LQGORDG): G\QDPLFSUHVVXUHSGHWHUPLQHGVXUIDFHDUHDH[SRVHGWRZLQG$: 1PP 1

    &DOFXODWLRQRIWKHZLQGORDG

    7RVWHS&DOFXODWHSHUPLVVLEOHG\QDPLFSUHVVXUH'\QDPLFSUHVVXUHS :LQGORDG):&DOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQG$: 1P 1P

    &DOFXODWLRQRIWKHG\QDPLFSUHVVXUH

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7RVWHS'HWHUPLQHWKHZLQGVSHHGWKURXJKGUDZLQJLQWKHG\QDPLFSUHVVXUHSHUGLDJUDP

    'UDZLQ OLQHYHUWLFDOO\DW1P 'UDZLQ OLQHYHUWLFDOO\GRZQZDUGVDWWKHLQWHUVHFWLRQRIOLQHZLWKWKHFXUYHDQGUHDGRIIWKHZLQGVSHHG,WDPRXQWVWRPV

    )LJ'LDJUDPIURPWKHORDGFKDUWERRN

    'LDJUDP

    'HWHUPLQDWLRQRIZLQGVSHHG

    7RVWHS&RQFOXVLRQ

    7KHSHUPLVVLEOHZLQGVSHHGGURSVZLWKWKHSUHVHQWKRLVWORDGWIURPPV WR

    PV7KH ORDGFDVHFDQEH LPSOHPHQWHGZLWKDPD[LPXPZLQGVSHHGRIXSWRPV

    &RQFOXVLRQ

    6WHS'HWHUPLQHSHUPLVVLEOHZLQGVSHHGWKURXJKGUDZLQJLQWKHSHUPLVVLEOHG\QDPLFSUHVVXUHSHUGLDJUDP6WHS&RQFOXVLRQ

    'HWHUPLQDWLRQRISHUPLVVLEOH

    ZLQGVSHHG

    7KHGHWHUPLQHGPD[LPXPSHUPLVVLEOHZLQGVSHHGRIPVLVQRWDFFHSWHGLQWRWKH/,&&21FRPSXWHUV\VWHP7KHUHLVQRZDUQLQJLIWKHGHWHUPLQHGPD[LPXPSHUPLVVLEOHZLQGVSHHGRIPVLVH[FHHGHG)RUWKDWUHDVRQWKHFUDQHRSHUDWRUKLPVHOIPXVWPRQLWRUWKHZLQGVSHHGYDOXHLQWKH/,&&21FRPSXWHUV\VWHP,IWKHGHWHUPLQHGPD[LPXPSHUPLVVLEOHZLQGVSHHGLVUHDFKHGWKHORDGOLIWPXVWEHGLVFRQWLQXHG

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    ([HUFLVHV

    ([HUFLVH

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    ([HUFLVH

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    )LQDOFRPPHQWV

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

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    $SSHQGL[

    /LHEKHUUFUDQHVLQZLQGHQHUJ\

    &XUUHQWPRELOHFUDQHV

    7HFKQLFDOGDWD/700D[LPXPORDG WDWP7HOHVFRSLFERRP P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:&UDQHHQJLQHSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:'ULYHVWHHULQJ [['ULYLQJVSHHG NPK:HLJKW W[WD[OHORDG:LQGSRZHUSODQWODUJH 0:

    7HFKQLFDOGDWD/700D[LPXPORDG WDWP7HOHVFRSLFERRP P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:&UDQHHQJLQHSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:'ULYHVWHHULQJ [['ULYLQJVSHHG NPK:HLJKW W[WD[OHORDG:LQGSRZHUSODQWODUJH 0:

    7HFKQLFDOGDWD/700D[LPXPORDG WDWP7HOHVFRSLFERRP P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:&UDQHHQJLQHSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:'ULYHVWHHULQJ [['ULYLQJVSHHG NPK:HLJKW W[WD[OHORDG:LQGSRZHUSODQWODUJH 0:

    /70

    /70

    /70

    7KHZLQGSRZHUSODQWVL]HVVWDWHGDUHRQO\H[DPSOHV7KHFRUUHFWFUDQHVL]HPXVWEHGHWHUPLQHGWKURXJKGHWDLOHGSODQQLQJRIWKHRSHUDWLRQDQGFRQVLGHUDWLRQRIWKHZLQGORDGV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7HFKQLFDOGDWD/700D[LPXPORDG WDWP7HOHVFRSLFERRP P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:&UDQHHQJLQHSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:'ULYHVWHHULQJ [['ULYLQJVSHHG NPK:HLJKW W[WD[OHORDG:LQGSRZHUSODQWODUJH 0:

    7HFKQLFDOGDWD/*0D[LPXPORDG WDWP0D[ERRPSURMHFWLRQ P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:&UDQHHQJLQHSRZHU /LHEKHUUF\OLQGHU

    WXUERGLHVHON:'ULYHVWHHULQJ [['ULYLQJVSHHG NPK7RWDOEDOODVW W:LQGSRZHUSODQWODUJH 0:

    7HFKQLFDOGDWD/750D[LPXPORDG WDWP*URXQGSUHVVXUH aWP0D[OLIWLQJKHLJKW P'ULYLQJPRWRUHQJLQHFUDQHHQJLQHSRZHU

    /LHEKHUUF\OLQGHUWXUERGLHVHON:

    3HUPLVVLEOHFOLPELQJDELOLW\

    7RWDOZHLJKW aW'ULYLQJVSHHG PD[NPK7RWDOEDOODVW W:LQGSRZHUSODQWODUJH 0:

    &XUUHQWODWWLFHERRPFUDQHV

    &XUUHQWWHOHVFRSLFFUDZOHUFUDQHV

    /70

    /*

    /75

    7KHZLQGSRZHUSODQWVL]HVVWDWHGDUHRQO\H[DPSOHV7KHFRUUHFWFUDQHVL]HPXVWEHGHWHUPLQHGWKURXJKGHWDLOHGSODQQLQJRIWKHRSHUDWLRQDQGFRQVLGHUDWLRQRIWKHZLQGORDGV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    &XUUHQWFUDZOHUFUDQHV

    7HFKQLFDOGDWD/50D[LPXPORDG WDWP0D[ERRPSURMHFWLRQ P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUHQJLQHFUDQHHQJLQHSRZHU

    /LHEKHUUF\OLQGHUWXUERGLHVHON:

    7UDFNZLGWK P7XUQWDEOHEDOODVW PD[W&HQWUDOEDOODVW PD[W'HUULFNEDOODVW PD[W[5P:LQGSRZHUSODQWODUJH 0:

    7HFKQLFDOGDWD/50D[LPXPORDG WDWP0D[ERRPSURMHFWLRQ P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUHQJLQHFUDQHHQJLQHSRZHU

    /LHEKHUUF\OLQGHUWXUERGLHVHON:

    7UDFNZLGWK P7XUQWDEOHEDOODVW PD[W&HQWUDOEDOODVW PD[W'HUULFNEDOODVW PD[W[5P:LQGSRZHUSODQWODUJH 0:

    7HFKQLFDOGDWD/5:0D[LPXPORDG WDWP0D[ERRPSURMHFWLRQ P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUHQJLQHFUDQHHQJLQHSRZHU

    /LHEKHUUF\OLQGHUWXUERGLHVHON:

    7UDFNZLGWK P7XUQWDEOHEDOODVW PD[W'HUULFNEDOODVW PD[W[5P:LQGSRZHUSODQWODUJH 0:

    /5

    /5

    /5:

    7KHZLQGSRZHUSODQWVL]HVVWDWHGDUHRQO\H[DPSOHV7KHFRUUHFWFUDQHVL]HPXVWEHGHWHUPLQHGWKURXJKGHWDLOHGSODQQLQJRIWKHRSHUDWLRQDQGFRQVLGHUDWLRQRIWKHZLQGORDGV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    7HFKQLFDOGDWD/50D[LPXPORDG WDWP0D[ERRPSURMHFWLRQ P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUHQJLQHFUDQHHQJLQHSRZHU

    /LHEKHUUF\OLQGHUWXUERGLHVHON:

    7UDFNZLGWK P7XUQWDEOHEDOODVW PD[W&HQWUDOEDOODVW PD[W'HUULFNEDOODVW PD[W[5P:LQGSRZHUSODQWODUJH 0:

    7HFKQLFDOGDWD/5:0D[LPXPORDG WDWP0D[ERRPSURMHFWLRQ P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUHQJLQHFUDQHHQJLQHSRZHU

    /LHEKHUUF\OLQGHUWXUERGLHVHON:

    7UDFNZLGWK P7XUQWDEOHEDOODVW PD[W'HUULFNEDOODVW PD[W[5P:LQGSRZHUSODQWODUJH 0:

    7HFKQLFDOGDWD/50D[LPXPORDG WDWP0D[ERRPSURMHFWLRQ P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUHQJLQHFUDQHHQJLQHSRZHU

    /LHEKHUUF\OLQGHUWXUERGLHVHON:

    7UDFNZLGWK P7XUQWDEOHEDOODVW PD[W&HQWUDOEDOODVW PD[W'HUULFNEDOODVW PD[W[5P:LQGSRZHUSODQWODUJH 0:

    /5

    /5:

    /5

    7KHZLQGSRZHUSODQWVL]HVVWDWHGDUHRQO\H[DPSOHV7KHFRUUHFWFUDQHVL]HPXVWEHGHWHUPLQHGWKURXJKGHWDLOHGSODQQLQJRIWKHRSHUDWLRQDQGFRQVLGHUDWLRQRIWKHZLQGORDGV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    &XUUHQWFUDZOHUFUDQHV

    7HFKQLFDOGDWD/50D[LPXPORDG WDWP0D[ERRPSURMHFWLRQ P0D[OLIWLQJKHLJKW P'ULYLQJPRWRUHQJLQHFUDQHHQJLQHSRZHU

    /LHEKHUUF\OLQGHUWXUERGLHVHON:

    7UDFNZLGWK P7XUQWDEOHEDOODVW PD[W&HQWUDOEDOODVW PD[W'HUULFNEDOODVW PD[W[5P:LQGSRZHUSODQWODUJH 0:

    /5

    7KHZLQGSRZHUSODQWVL]HVVWDWHGDUHRQO\H[DPSOHV7KHFRUUHFWFUDQHVL]HPXVWEHGHWHUPLQHGWKURXJKGHWDLOHGSODQQLQJRIWKHRSHUDWLRQDQGFRQVLGHUDWLRQRIWKHZLQGORDGV

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    ([HUFLVHVROXWLRQV

    6ROXWLRQIRUH[HUFLVH

    1RQH7KHORDGFDQVZLQJ7KHORDGWXUQVRQWKHFDEOH7KHORDGFDQKDYHWKHHIIHFWRILQFUHDVLQJWKHORDG7KHERRPLVLPSHUPLVVLEO\ORDGHGIURPWKHVLGH

    6ROXWLRQIRUH[HUFLVH$ZLQGZLWKDZLQGVSHHGRINPKZLOOPRYH ODUJHERXJKVDQGPDNHXPEUHOODVGLIFXOWWRXVH7KH%HDXIRUWYDOXHIRUNPKLV%IWSHUWKHWDEOH

    6ROXWLRQIRUH[HUFLVH )RUHVWVDQGXQHYHQODQGFDQEHVHHQLQSLFWXUHWKLVUHSUHVHQWVURXJKQHVV

    FODVV $ODQGVFDSHZLWKDIHZKRXVHVDQGWUHHVDQGIUHHVSDFHVFDQEHVHHQLQSLFWXUH

    WKLVUHSUHVHQWVURXJKQHVVFODVV

    6ROXWLRQIRUH[HUFLVH:LQGORDG :LQGHQHUJ\(YDSRUDWLRQ :LQGIURPWKHUHDU:LQGIURPWKHIURQW :LQGIURPWKHVLGH

    6ROXWLRQIRUH[HUFLVH

    :LQGIURPWKHUHDU

    :LQGIURPWKHIURQW

    :LQGIURPWKHVLGH

    7KH/0%VKXWRIIDFWXDWHVDWDORDGWKDWLVOHVVWKDQWKHPD[LPXPSHUPLVVLEOHORDGFDSDFLW\DFFRUGLQJWRWKHORDGFKDUW6KXWRIIDFWXDWHVRQO\DIWHUDORDGWKDWLVJUHDWHUWKDQWKHPD[LPXPSHUPLVVLEOHORDGFDSDFLW\ 7KHUHLVQR/0%VKXWRII

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    6ROXWLRQIRUH[HUFLVH)RUWKHFRUUHFWWHOHFRQJXUDWLRQWHOHVFRSLFVHFWLRQVDQGPXVWEHSLQQHGDW7KHSHUPLVVLEOHZLQGVSHHGLQDFFRUGDQFHZLWKZLQGIRUFHGLDJUDPPVDPRXQWVWRPV

    6ROXWLRQIRUH[HUFLVH)RU WKHFRUUHFW WHOHFRQJXUDWLRQ WHOHVFRSLFVHFWLRQPXVWEHSLQQHGDWDQGWHOHVFRSLFVHFWLRQVDW7KHSHUPLVVLEOHZLQGVSHHGLQDFFRUGDQFHZLWKZLQGIRUFHGLDJUDPPVDPRXQWVWR

    PV

    6ROXWLRQIRUH[HUFLVH:HDNZLQGFDXVHGE\DGLIIHUHQFHLQDLUSUHVVXUH6KRUWVHYHUHXUU\RIZLQG6HYHUHXUU\RIZLQGKLJKHUWKDQWKHDYHUDJHZLQGVSHHGRYHUDSHULRGRIVHFRQGV

    6ROXWLRQIRUH[HUFLVH P[ P

    6ROXWLRQIRUH[HUFLVH,IWKHFXUUHQWZLQGVSHHGH[FHHGVWKHSHUPLVVLEOHZLQGVSHHGIURPWKHORDGFKDUWWKHQWKHFUDQHRSHUDWLRQPXVWEHKDOWHGDQGWKHERRPVHWGRZQLQFDVHWKHSHUPLVVLEOHZLQGVSHHGIURPWKHFUDQHZLQGWDEOHLVH[FHHGHG

    6ROXWLRQIRUH[HUFLVH P[1P 1

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

    ([WUDFWIURP(1

    :LQGORDGV:LQGVSHHGVDQGSUHVVXUHV7RFDOFXODWHWKHZLQGORDGVZHDVVXPHWKDWWKHZLQGLVEORZLQJKRUL]RQWDOWRWKHJURXQGDQGWKDWLWLVFRPLQJIURPWKHOHDVWIDYRXUDEOHGLUHFWLRQEXWDWDKHLJKWGHSHQGHQWVSHHG7KHVSHHGRIDVHFRQGJXVWY]>PV@ZKLFKDFWVRQDSRLQWDWDKHLJKWRI]>P@DQGZKLFKLVFUXFLDOIRUWKHFDOFXODWLRQEDVHGRQDQDYHUDJHZLQGVSHHGY>PV@DWDKHLJKWRI PDERYH WKHJURXQGRU RYHU WKH VXUIDFHRIZDWHU GHWHUPLQHGRYHU D SHULRGRIPLQXWHV

    7KHSHUPLVVLEOHZLQGVSHHGIRUWKHFUDQHLQDQGRXWRIRSHUDWLRQZLOOEHGHULYHGIURPWKHJXVWVSHHGDFWLQJDWWKHKLJKHVWDOWLWXGHY]ZKLFKPXVWEHWDNHQLQWRFRQVLGHUDWLRQLQWKHYHULFDWLRQ

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

  • ,QXHQFHRIZLQGRQFUDQHRSHUDWLRQ

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

    6RXUFH(1

  • /LHEKHUU:HUN(KLQJHQ*PE+7UDLQLQJFHQWHU

    $YDLODEOHYDOXHVWREHUHTXHVWHG

    :HLJKWRIWKHORDG /RDGF:YDOXH

    0D[SURMHFWHGVXUIDFHDUHD$3RIWKHORDG

    3HUPLVVLEOHZLQGVSHHGYPD[IURPORDGFKDUW

    /RFDWLRQ

    'DWH

    &UDQHGULYHU

    &UDQHMRE

    &UDQHW\SH

    )RUPXODIRUGHWHUPLQLQJVXUIDFHDUHDH[SRVHGWRZLQG

    6WHS&DOFXODWLRQRIWKHFXUUHQWVXUIDFHDUHDH[SRVHGWRZLQG

    $Z [

    $3 F:

    P

    6WHS'HWHUPLQHSHUPLVVLEOHVXUIDFHDUHDH[SRVHGWRZLQGSHUGLDJUDPUHYHUVHVLGH

    $Z P

    6WHS&RPSDULVRQRIWKHFDOFXODWHGDQGGHWHUPLQHGVXUIDFHDUHDH[SRVHGWRZLQG

    $ZFDOFXODWHG $ZGHWHUPLQHG

    $ZFDOFXODWHGLVOHVVWKDQ$ZGHWHUPLQHG $FFRUGLQJWRWKHDSSOLFDEOHORDGFKDUWWKHORDGFDVHFDQEHLPSOHPHQWHGZLWKWKHZLQGVSHHGVSHFLHG

    $ZFDOFXODWHGLVODUJHUWKDQ$ZGHWHUPLQHG $FFRUGLQJWRWKHDSSOLFDEOHORDGFKDUWWKHORDGFDVHFDQQRWEHLPSOHPHQWHGZLWKWKHZLQGVSHHGVSHFLHG

    3DUW)RUPXODIRUGHWHUPLQLQJVXUIDFHDUHDH[SRVHGWRZLQG

  • /LHEKHUU:HUN(KLQJHQ*PE+7UDLQLQJFHQWHU

    'LDJUDP

  • /LHEKHUU:HUN(KLQJHQ*PE+7UDLQLQJFHQWHU

    7KLVIRUPXODLVUHTXLUHGIRUGHWHUPLQLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGIRUVSHFLDOORDGFDVHV:LWKWKLVDOLIWZLWKUHGXFHGPD[LPXPZLQGVSHHGFDQEHFDUULHGRXW7KLVLVHVVHQWLDOLQVLWXDWLRQVZKHUHSHUWKH)RUPXODIRUGHWHUPLQLQJVXUIDFHDUHDH[SRVHGWRZLQGWKHFDOFXODWHGVXUIDFHDUHDH[SRVHGWRZLQGLVODUJHUWKDQWKHGHWHUPLQHGVXUIDFHDUHDH[SRVHGWRZLQG

    )RUPXODIRUGHWHUPLQLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHGIRUVSHFLDOORDGFDVHV

    6WHS'HWHUPLQHG\QDPLFSUHVVXUHWKURXJKGUDZLQJLQWKHZLQGVSHHGSHUGLDJUDPUHYHUVHVLGH

    S 1P

    6WHS&DOFXODWHWKHIRUFHRIWKHZLQG

    ): [

    S $:GHWHUPLQHG

    1

    6WHS&DOFXODWHSHUPLVVLEOHG\QDPLFSUHVVXUH

    S [

    ): $:FDOFXODWHG

    1P

    6WHS'HWHUPLQHZLQGVSHHGWKURXJKGUDZLQJLQWKHSHUPLVVLEOHG\QDPLFSUHVVXUHSHUGLDJUDPUHYHUVHVLGH

    YPD[ PV

    7KHOLIWFDQEHLPSOHPHQWHGXSWRDPD[LPXPZLQGVSHHGVHHVWHS

    3DUW)RUPXODIRUGHWHUPLQLQJWKHPD[LPXPSHUPLVVLEOHZLQGVSHHG

  • /LHEKHUU:HUN(KLQJHQ*PE+7UDLQLQJFHQWHU

    'LDJUDP