Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
%$6,&
:(/',1*),//(50(7$/
7(&+12/2*<
*R7R7HVW
3ULQW
*ORVVDU\
$&RUUHVSRQGHQFH&RXUVH
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/(6621,,
&20021(/(&75,&$5&
:(/',1*352&(66(6
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7XUQ3DJHV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
(6$%
(6$%:HOGLQJ
&XWWLQJ3URGXFWV
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
ZHOGLQJ7KH\DUHWKHFRQVWDQWFXUUHQWW\SHZLWKDGURRSLQJYROWDPSHUHFXUYH7KLVW\SHRI
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
7KHFKRLFHEHWZHHQDQ$&RU'&ZHOGHUGHSHQGVRQWKHW\SHDQGWKLFNQHVVRIWKH
*R7R7HVW
PHWDOWREHZHOGHG'LVWLQFWGLIIHUHQFHVH[LVWEHWZHHQ$&DQG'&DUFFKDUDFWHULVWLFVDQGLI
'&LVFKRVHQWKHSRODULW\DOVREHFRPHVDQLPSRUWDQWIDFWRU7KHHIIHFWVRISRODULW\LQ*7$:
3ULQW
DUHGLUHFWO\RSSRVLWHWKHHIIHFWVRISRODULW\LQ60$:DVGHVFULEHGLQSDUDJUDSKV
WKURXJK,Q60$:WKHGLVWULEXWLRQRIKHDWEHWZHHQWKHHOHFWURGHDQGZRUNZKLFK
GHWHUPLQHVWKHSHQHWUDWLRQDQGZHOGEHDGZLGWKLVFRQWUROOHGPDLQO\E\WKHLQJUHGLHQWVLQWKH
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
IOX[FRDWLQJRQWKHHOHFWURGH,Q*7$:ZKHUHQRIOX[FRDWLQJH[LVWVKHDWGLVWULEXWLRQEHWZHHQ
*ORVVDU\
WKHHOHFWURGHDQGWKHZRUNLVFRQWUROOHGVROHO\E\WKHSRODULW\7KHFKRLFHRIWKHSURSHUZHOGLQJ
FXUUHQWZLOOEHEHWWHUXQGHUVWRRGE\DQDO\]LQJHDFKW\SHVHSDUDWHO\7KHFKDUWLQ)LJXUHOLVWV
FXUUHQWUHFRPPHQGDWLRQV
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
:(/',1*&855(17
0DWHULDO
7KLFNQHVV
'&(1
$OXPLQXP
8QGHU
2YHU
0DJQHVLXP
8QGHU
2YHU
'&(3
6+,(/',1**$6
$&
+LJK)UHT
$UJRQ
+HOLXP
$U+H
&DUERQ6WHHO
8QGHU
2YHU
6WDLQOHVV6WHHO
8QGHU
2YHU
&RSSHU
8QGHU
2YHU
1LFNHO$OOR\V
8QGHU
2YHU
7LWDQLXP
8QGHU
2YHU
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
7XUQ3DJHV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
3UHIHUUHG&KRLFH0DQXDO:HOGLQJ
3UHIHUUHG&KRLFH$XWRPDWLF:HOGLQJ
6HFRQG&KRLFH$XWRPDWLF:HOGLQJ
&855(176+,(/',1**$66(/(&7,21781*67(1*$6$5&:(/',1*
),*85(
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
'LUHFW FXUUHQW HOHFWURGH QHJDWLYH '&(1 LVSURGXFHGZKHQWKHHOHFWURGHLV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
FRQQHFWHGWRWKHQHJDWLYHWHUPLQDORIWKHSRZHUVRXUFH6LQFHWKHHOHFWURQVIORZIURPWKH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
HOHFWURGHWRWKHSODWHDSSUR[LPDWHO\RIWKHKHDWRIWKHDUFLVFRQFHQWUDWHGDWWKHZRUN
DQGDSSUR[LPDWHO\DWWKHHOHFWURGHHQG7KLVDOORZVWKHXVHRIVPDOOHUWXQJVWHQHOHF
WURGHVWKDWSURGXFHDUHODWLYHO\QDUURZFRQFHQWUDWHGDUF7KHZHOGVKDSHKDVGHHSSHQHWUD
WLRQDQGLVTXLWHQDUURZ6HH)LJXUH'LUHFWFXUUHQWHOHFWURGHQHJDWLYHLVVXLWDEOHIRUZHOG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
*R7R7HVW
LQJPRVWPHWDOV0DJQHVLXPDQGDOXPLQXPKDYHDUHIUDFWRU\R[LGHFRDWLQJRQWKHVXUIDFHWKDW
PXVWEHSK\VLFDOO\UHPRYHGLPPHGLDWHO\SULRUWRZHOGLQJLI'&63LVWREHXVHG
3ULQW
FRQQHFWHGWRWKHSRVLWLYHWHUPLQDORIWKHZHOGLQJSRZHUVRXUFH,QWKLVFRQGLWLRQWKHHOHFWURQV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
IORZIURPWKHZRUNWRWKHHOHFWURGHWLSFRQFHQWUDWLQJDSSUR[LPDWHO\RIWKHKHDWRIWKHDUF
*ORVVDU\
DWWKHHOHFWURGHDQGDWWKHZRUN7KLVKLJKHUKHDWDWWKHHOHFWURGHQHFHVVLWDWHVXVLQJ
ODUJHUGLDPHWHUWXQJVWHQWRSUHYHQWLWIURPPHOWLQJDQGFRQWDPLQDWLQJWKHZHOGPHWDO6LQFH
WKHHOHFWURGHGLDPHWHULVODUJHUDQGWKHKHDWLVOHVVFRQFHQWUDWHGDWWKHZRUNWKHUHVXOWDQW
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
ZHOGEHDGLVUHODWLYHO\ZLGHDQGVKDOORZ6HH)LJXUH
(OHFWURGH
3RODULW\
B
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
*$6,216
(/(&7521
)/2:
'LUHFW&XUUHQW
6WUDLJKW3RODULW\
(OHFWURGH1HJDWLYH
'HHS
3HQHWUDWLRQ
1DUURZ
%HDG
0HGLXP3HQHWUDWLRQ
$OWHUQDWLQJ&XUUHQW
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
3HQHWUDWLRQ
B
'LUHFW&XUUHQW
5HYHUVH3RODULW\
(OHFWURGH3RVLWLYH
0HGLXP:LGWK
%HDG
6KDOORZ3HQHWUDWLRQ
:LGH%HDG
2[LGH
&OHDQLQJ
+HDW
&RQFHQWUDWLRQ
$W
:RUN
1RQH
*RRG
&OHDQV2[LGH
RQ(DFK+DOI
&\FOH
$OWHUQDWHV%HWZHHQ
(OHFWURGHDQG:RUN
0D[LPXP
$W
(OHFWURGH
())(&762)&855(177<3(*$6781*67(1$5&:(/',1*
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
),*85(
7XUQ3DJHV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
$OXPLQXPDQGPDJQHVLXPDUHWZRPHWDOVWKDWKDYHDKHDY\R[LGHFRDWLQJWKDWDFWV
DVDQLQVXODWRUDQGPXVWEHUHPRYHGEHIRUHVXFFHVVIXOZHOGLQJFDQWDNHSODFH:HOGLQJZLWK
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
HOHFWURGHSRVLWLYHSURYLGHVDJRRGR[LGHFOHDQLQJDFWLRQLQWKHDUF,IZHZHUHWRVWXG\WKH
SK\VLFVRIWKHZHOGLQJDUFZHILQGWKDWWKHHOHFWULFFXUUHQWFDXVHVWKHVKLHOGLQJJDVDWRPVWR
ORVHVRPHRIWKHLUHOHFWURQV6LQFHHOHFWURQVDUHQHJDWLYHO\FKDUJHGWKHVHJDVDWRPVQRZ
DUHXQEDODQFHGDQGKDYHDQH[FHVVLYHSRVLWLYHFKDUJH$VZHOHDUQHGLQ/HVVRQ,XQOLNH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
FKDUJHVDWWUDFW7KHVHSRVLWLYHO\FKDUJHGDWRPVRUSRVLWLYHLRQVDVWKH\DUHNQRZQLQ
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
FKHPLFDOWHUPLQRORJ\DUHDWWUDFWHGWRWKHQHJDWLYHSROHLQWKLVFDVHWKHZRUNDWKLJKYHORFLW\
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
8SRQVWULNLQJWKHZRUNVXUIDFHWKH\GLVORGJHWKHR[LGHFRDWLQJSHUPLWWLQJJRRGHOHFWULFDO
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
FRQGXFWLYLW\IRUWKHPDLQWHQDQFHRIWKHDUFDQGHOLPLQDWHWKHLPSXULWLHVLQWKHZHOGPHWDOWKDW
FRXOGEHFDXVHGE\WKHVHR[LGHV
'LUHFWFXUUHQWHOHFWURGHSRVLWLYHLVUDUHO\XVHGLQJDVWXQJVWHQDUFZHOGLQJ'HVSLWH
WKHH[FHOOHQWR[LGHFOHDQLQJDFWLRQWKHORZHUKHDWLQSXWLQWKHZHOGDUHDPDNHVLWDVORZ
*R7R7HVW
SURFHVVDQGLQPHWDOVKDYLQJKLJKHUWKHUPDOFRQGXFWLYLW\WKHKHDWLVUDSLGO\FRQGXFWHGDZD\
IURPWKHZHOG]RQH:KHQXVHG'&(3LVUHVWULFWHGWRZHOGLQJWKLQVHFWLRQVXQGHURI
3ULQW
PDJQHVLXPDQGDOXPLQXP
XVHGIRUZHOGLQJDOXPLQXP,QDVHQVHWKHDGYDQWDJHVRIERWK'&SURFHVVHVDUHFRPELQHG
*ORVVDU\
DQGWKHZHOGEHDGSURGXFHGLVDFRPSURPLVHRIWKHWZR5HPHPEHUWKDWZKHQZHOGLQJZLWK
+]FXUUHQWWKHHOHFWURQIORZIURPWKHHOHFWURGHWLSWRWKHZRUNUHYHUVHVGLUHFWLRQWLPHV
HYHU\VHFRQG7KHUHE\WKHLQWHQVHKHDWDOWHUQDWHVIURPHOHFWURGHWRZRUNSLHFHDOORZLQJWKH
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
XVHRIDQLQWHUPHGLDWHVL]HHOHFWURGH7KHZHOGEHDGLVDFRPSURPLVHKDYLQJPHGLXP
SHQHWUDWLRQDQGEHDGZLGWK7KHJDVLRQVEODVWWKHR[LGHVIURPWKHVXUIDFHRIDOXPLQXPDQG
PDJQHVLXPGXULQJWKHSRVLWLYHKDOIF\FOH)LJXUHLOOXVWUDWHVWKHHIIHFWVRIWKHGLIIHUHQWW\SHV
7XUQ3DJHV
RIFXUUHQWXVHGLQJDVWXQJVWHQDUFZHOGLQJ
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
VKLHOGHGPHWDODUFZHOGLQJPD\DOVREHXVHGIRUJDVWXQJVWHQDUFZHOGLQJ,QDSSOLFDWLRQV
ZKHUHZHOGLQWHJULW\LVQRWRIXWPRVWLPSRUWDQFHWKHVHSRZHUVRXUFHVZLOOVXIILFH:LWK
PDFKLQHVRIWKLVW\SHWKHDUFPXVWEHLQLWLDWHGE\WRXFKLQJWKHWXQJVWHQHOHFWURGHWRWKHZRUN
DQGTXLFNO\ZLWKGUDZLQJLWWRPDLQWDLQWKHSURSHUDUFOHQJWK7KLVVWDUWLQJPHWKRG
FRQWDPLQDWHVWKHHOHFWURGHDQGEOXQWVWKHSRLQWZKLFKKDVEHHQJURXQGHGRQWKHHOHFWURGH
HQG7KHVHFRQGLWLRQVFDQFDXVHZHOGPHWDOLQFOXVLRQVDQGSRRUDUFGLUHFWLRQ8VLQJD
SRZHUVRXUFHGHVLJQHGIRUJDVWXQJVWHQDUFZHOGLQJZLWKDKLJKIUHTXHQF\VWDELOL]HUZLOO
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
HOLPLQDWHWKLVSUREOHP7KHHOHFWURGHQHHGQRWEHWRXFKHGWRWKHZRUNIRUDUFLQLWLDWLRQ
,QVWHDGWKHKLJKIUHTXHQF\YROWDJHDWYHU\ORZFXUUHQWLVVXSHULPSRVHGRQWRWKHZHOGLQJ
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
FXUUHQW:KHQWKHHOHFWURGHLVEURXJKWWRZLWKLQDSSUR[LPDWHO\LQFKRIWKHEDVHPHWDOWKH
KLJKIUHTXHQF\LRQL]HVWKHJDVSDWKPDNLQJLWFRQGXFWLYHDQGDZHOGLQJDUFLVHVWDEOLVKHG
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
7KHKLJKIUHTXHQF\LVDXWRPDWLFDOO\WXUQHGRIILPPHGLDWHO\DIWHUDUFLQLWLDWLRQZKHQXVLQJGLUHFW
FXUUHQW
DOZD\VLQFRUSRUDWHVKLJKIUHTXHQF\DQGLWLVWXUQHGRQWKURXJKRXWWKHZHOGF\FOHWRPDLQWDLQD
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
VWDEOHDUF:KHQZHOGLQJZLWK$&WKHFXUUHQWSDVVHVWKURXJKWZLFHLQHYHU\F\FOHDQGWKH
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
DUFPXVWEHUHHVWDEOLVKHGHDFKWLPHLWGRHVVR7KHR[LGHFRDWLQJRQPHWDOVVXFKDV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
DOXPLQXPDQGPDJQHVLXPFDQDFWPXFKOLNHDUHFWLILHUDVGLVFXVVHGLQ/HVVRQ,7KHSRVLWLYH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
KDOIF\FOHZLOOEHHOLPLQDWHGLIWKHDUFGRHVQRWUHLJQLWHFDXVLQJDQXQVWDEOHFRQGLWLRQ
&RQWLQXRXVKLJKIUHTXHQF\PDLQWDLQVDQLRQL]HGSDWKIRUWKHZHOGLQJDUFDQGDVVXUHVDUFUH
LJQLWLRQHDFKWLPHWKHFXUUHQWFKDQJHVGLUHFWLRQ$&LVH[WHQVLYHO\XVHGIRUZHOGLQJDOXPLQXP
DQGPDJQHVLXP
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
*R7R7HVW
ZHOGLQJDUHDYDLODEOHDQGFDQEHXVHGIRUZHOGLQJSUDFWLFDOO\DOOPHWDOV7KHJDVWXQJVWHQ
3ULQW
DUFZHOGLQJSURFHVVLVXVXDOO\FKRVHQEHFDXVHRIWKHKLJKTXDOLW\ZHOGVLWFDQSURGXFH7KH
PHWDOVWKDWDUHFRPPRQO\ZHOGHGZLWKWKLVSURFHVVVXFKDVVWDLQOHVVVWHHODOXPLQXPDQG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
VRPHRIWKHPRUHH[RWLFPHWDOVFRVWPDQ\WLPHVWKHSULFHRIPLOGVWHHODQGWKHUHIRUHWKH
ZHOGV$PRQJWKHVHDUH
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
5HPRWHFXUUHQWFRQWUROZKLFKDOORZVWKHRSHUDWRUWRFRQWUROZHOGLQJDPSHUDJH
ZLWKDKDQGFRQWURORQWKHWRUFKRUDIRRWFRQWURODWWKHZHOGLQJVWDWLRQ
$XWRPDWLFVRIWVWDUWZKLFKSUHYHQWVDKLJKFXUUHQWVXUJHZKHQWKHDUFLV
LQLWLDWHG
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
7XUQ3DJHV
6KLHOGLQJJDVDQGFRROLQJZDWHUVROHQRLGYDOYHVZKLFKDXWRPDWLFDOO\FRQWURO
IORZEHIRUHGXULQJDQGIRUDQDGMXVWDEOHOHQJWKRIWLPHDIWHUWKHZHOGLVFRPSOHWHG
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
6SRWZHOGWLPHUVZKLFKDXWRPDWLFDOO\FRQWURODOOHOHPHQWVGXULQJHDFK
VSRWZHOGF\FOH
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
2WKHURSWLRQVDQGDFFHVVRULHVDUHDOVRDYDLODEOH
3RZHUVRXUFHVIRUDXWRPDWLFZHOGLQJZLWKFRPSOHWHSURJUDPPDEOHRXWSXWDUHDOVR
DYDLODEOH6XFKXQLWVDUHXVHGH[WHQVLYHO\IRUWKHDXWRPDWLFZHOGLQJRISLSHLQSRVLWLRQ7KH
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
*ORVVDU\
SRZHUVRXUFHVGHVLJQHGIRUWKLVSURFHVVKDYHPDQ\GHVLUDEOHIHDWXUHVWRLQVXUHKLJKTXDOLW\
ZHOGLQJFXUUHQWLVDXWRPDWLFDOO\YDULHGDVWKHWRUFKWUDYHOVDURXQGWKHSLSH6RPHXQLWV
SURYLGHDSXOVHGZHOGLQJFXUUHQWZKHUHWKHDPSHUDJHLVDXWRPDWLFDOO\YDULHGEHWZHHQDORZ
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
DQGKLJKVHYHUDOWLPHVSHUVHFRQG7KLVSURGXFHVZHOGVZLWKJRRGSHQHWUDWLRQDQGLPSURYHG
ZHOGEHDGVKDSH
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
7RUFKHV 7KHWRUFKLVDFWXDOO\DQHOHFWURGHKROGHUWKDWVXSSOLHVZHOGLQJFXUUHQWWR
WKHWXQJVWHQHOHFWURGHDQGDQLQHUWJDVVKLHOGWRWKHDUF]RQH7KHHOHFWURGHLVKHOGLQD
FROOHWOLNHFODPSLQJGHYLFHWKDWDOORZVDGMXVWPHQWVRWKDWWKHSURSHUOHQJWKRIHOHFWURGHSUR
WUXGHVEH\RQGWKHVKLHOGLQJJDVFXS0DQXDOWRUFKHVDUHGHVLJQHGWRDFFHSWHOHFWURGHVRI
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
LQFKRULQFKOHQJWKV7RUFKHVPD\EHHLWKHUDLURUZDWHUFRROHG7KHDLUFRROHGW\SHVDFWX
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
DOO\DUHFRROHGWRDGHJUHHE\WKHVKLHOGLQJJDVWKDWLVIHGWRWKHWRUFKKHDGWKURXJKDFRPSRV
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
LWHFDEOH7KHJDVDFWXDOO\VXUURXQGVWKHFRSSHUZHOGLQJFDEOHDIIRUGLQJVRPHGHJUHHRI
FRROLQJ:DWHUFRROHGWRUFKHVDUHXVXDOO\XVHGIRUDSSOLFDWLRQVZKHUHWKHZHOGLQJFXUUHQW
H[FHHGVDPSHUHV7KHZDWHULQOHWKRVHLVFRQQHFWHGWRWKHWRUFKKHDG&LUFXODWLQJ
DURXQGWKHWRUFKKHDGWKHZDWHUOHDYHVWKHWRUFKYLDWKHFXUUHQWLQKRVHDQGFDEOHDVVHPEO\
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
&RROLQJWKHZHOGLQJFDEOHLQWKLVPDQQHUDOORZVWKHXVHRIDVPDOOHUGLDPHWHUFDEOHWKDWLV
PRUHIOH[LEOHDQGOLJKWHULQZHLJKW
*R7R7HVW
3ULQW
7KHJDVQR]]OHVDUHPDGHRIFHUDPLFPDWHULDOVDQGDUHDYDLODEOHLQYDULRXVVL]HV
DQGVKDSHV,QVRPHKHDY\GXW\KLJKFXUUHQWDSSOLFDWLRQVPHWDOZDWHUFRROHGQR]]OHVDUH
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
XVHG
*ORVVDU\
$VZLWFKRQWKHWRUFKLVXVHGWRHQHUJL]HWKHHOHFWURGHZLWKZHOGLQJFXUUHQWDQGVWDUW
WKHVKLHOGLQJJDVIORZ+LJKIUHTXHQF\FXUUHQWDQGZDWHUIORZDUHDOVRLQLWLDWHGE\WKLVVZLWFKLI
WKHSRZHUVRXUFHLVVRHTXLSSHG,QPDQ\LQVWDOODWLRQVWKHVHIXQFWLRQVDUHLQLWLDWHGE\DIRRW
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
FRQWUROWKDWDOVRLVFDSDEOHRIFRQWUROOLQJWKHZHOGLQJFXUUHQW7KLVPHWKRGJLYHVWKHRSHUDWRU
IXOOFRQWURORIWKHDUF7KHXVXDOZHOGLQJPHWKRGLVWRVWDUWWKHDUFDWDORZFXUUHQWJUDGXDOO\
LQFUHDVHWKHFXUUHQWXQWLODPROWHQSRROLVDFKLHYHGDQGZHOGLQJEHJLQV$WWKHHQGRIWKH
ZHOGFXUUHQWLVVORZO\GHFUHDVHVDQGWKHDUFH[WLQJXLVKHGSUHYHQWLQJWKHFUDWHUWKDWIRUPVDW
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
WXQJVWHQDUFZHOGLQJ,QVRPHDSSOLFDWLRQVPL[WXUHVRIWKHWZRJDVHVSURYHDGYDQWDJHRXV
7RDOHVVHUH[WHQWK\GURJHQLVPL[HGZLWKDUJRQRUKHOLXPIRUVSHFLDODSSOLFDWLRQV
$UJRQDQGKHOLXPDUHFRORUOHVVRGRUOHVVWDVWHOHVVDQGQRQWR[LFJDVHV%RWKDUH
LQHUWJDVHVZKLFKPHDQVWKDWWKH\GRQRWUHDGLO\FRPELQHZLWKRWKHUHOHPHQWV7KH\ZLOOQRW
EXUQQRUVXSSRUWFRPEXVWLRQ&RPPHUFLDOJUDGHVXVHGIRUZHOGLQJDUHSXUH$UJRQ
LVKHDYLHUWKDQDLUDQGDERXWWLPHVKHDYLHUWKDQKHOLXP%RWKJDVHVLRQL]HZKHQ
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7XUQ3DJHV
WKHHQGRIWKHZHOGZKHQWKHDUFLVEURNHQDEUXSWO\
SUHVHQWLQDQHOHFWULFDUF7KLVPHDQVWKDWWKHJDVDWRPVORVHVRPHRIWKHLUHOHFWURQVWKDW
KDYHDQHJDWLYHFKDUJH7KHVHXQEDODQFHGJDVDWRPVSURSHUO\FDOOHGSRVLWLYHLRQVQRZ
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
KDYHDSRVLWLYHFKDUJHDQGDUHDWWUDFWHGWRWKHQHJDWLYHSROHLQWKHDUF:KHQWKHDUFLV
SRVLWLYHDQGWKHZRUNLVQHJDWLYHWKHVHSRVLWLYHLRQVLPSLQJHXSRQWKHZRUNDQGUHPRYH
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
VXUIDFHR[LGHVRUVFDOHLQWKHZHOGDUHD
$UJRQLVPRVWFRPPRQO\XVHGRIWKHVKLHOGLQJJDVHV([FHOOHQWDUFVWDUWLQJDQG
HDVHRIXVHPDNHLWPRVWGHVLUDEOHIRUPDQXDOZHOGLQJ$UJRQSURGXFHVDEHWWHUFOHDQLQJ
DFWLRQZKHQZHOGLQJDOXPLQXPDQGPDJQHVLXPZLWKDOWHUQDWLQJFXUUHQW7KHDUFSURGXFHGLV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
UHODWLYHO\QDUURZ$UJRQLVPRUHVXLWDEOHIRUZHOGLQJWKLQQHUPDWHULDO$WHTXDODPSHUDJH
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
KHOLXPSURGXFHVDKLJKHUDUFYROWDJHWKDQDUJRQ6LQFHZHOGLQJKHDWLVWKHSURGXFWRIYROWV
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
WLPHVDPSHUHVKHOLXPSURGXFHVPRUHDYDLODEOHKHDWDWWKHDUF7KLVPDNHVLWPRUHVXLWDEOH
IRUZHOGLQJKHDY\VHFWLRQVRIPHWDOWKDWKDYHKLJKKHDWFRQGXFWLYLW\RUIRUDXWRPDWLFZHOGLQJ
RSHUDWLRQVZKHUHKLJKHUZHOGLQJVSHHGVDUHUHTXLUHG
$UJRQKHOLXPJDVPL[WXUHVDUHXVHGLQDSSOLFDWLRQVZKHUHKLJKHUKHDWLQSXWDQGWKH
*R7R7HVW
GHVLUDEOHFKDUDFWHULVWLFVRIDUJRQDUHUHTXLUHG$UJRQEHLQJDUHODWLYHO\KHDY\JDVEODQNHWV
WKHZHOGDUHDDWORZHUIORZUDWHV$UJRQLVSUHIHUUHGIRUPDQ\DSSOLFDWLRQVEHFDXVHLWFRVWV
3ULQW
OHVVWKDQKHOLXP
+HOLXPEHLQJDSSUR[LPDWHO\WLPHVOLJKWHUWKDQDUJRQUHTXLUHVIORZUDWHVRIWR
WLPHVWKDWRIDUJRQWRVDWLVIDFWRULO\VKLHOGWKHDUF
*ORVVDU\
(OHFWURGHV (OHFWURGHVIRUJDVWXQJVWHQDUFZHOGLQJDUHDYDLODEOHLQGLDPHWHUV
IURPWRLQGLDPHWHUDQGVWDQGDUGOHQJWKVUDQJHIURPWR7KHPRVWFRPPRQO\
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
XVHGVL]HVKRZHYHUDUHWKHDQGGLDPHWHUV
7KHVKDSHRIWKHWLSRIWKHHOHFWURGHLVDQLPSRUWDQWIDFWRULQJDVWXQJVWHQDUF
ZHOGLQJ:KHQZHOGLQJZLWK'&(1WKHWLSPXVWEHJURXQGWRDSRLQW7KHLQFOXGHGDQJOHDW
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
ZKLFKWKHWLSLVJURXQGYDULHVZLWKWKHDSSOLFDWLRQWKHHOHFWURGHGLDPHWHUDQGWKHZHOGLQJ
7XUQ3DJHV
FXUUHQW1DUURZMRLQWVUHTXLUHDUHODWLYHO\VPDOOLQFOXGHGDQJOH:KHQZHOGLQJYHU\WKLQ
PDWHULDODWORZFXUUHQWVDQHHGOHOLNHSRLQWJURXQGRQWRWKHVPDOOHVWDYDLODEOHHOHFWURGHPD\
EHQHFHVVDU\WRVWDELOL]HWKHDUF3URSHUO\JURXQGHOHFWURGHVZLOODVVXUHHDV\DUFVWDUWLQJ
JRRGDUFVWDELOLW\DQGSURSHUEHDGZLGWK
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
:KHQZHOGLQJZLWK$&JULQGLQJWKHHOHFWURGHWLSLVQRWQHFHVVDU\:KHQSURSHU
ZHOGLQJFXUUHQWLVXVHGWKHHOHFWURGHZLOOIRUPDKHPLVSKHULFDOHQG,IWKHSURSHUZHOGLQJ
FXUUHQWLVH[FHHGHGWKHHQGZLOOEHFRPHEXOERXVLQVKDSHDQGSRVVLEO\PHOWRIIWR
FRQWDPLQDWHWKHZHOGPHWDO
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
7KH$PHULFDQ:HOGLQJ6RFLHW\KDVSXEOLVKHG6SHFLILFDWLRQ$:6$IRU
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
WXQJVWHQDUFZHOGLQJHOHFWURGHVWKDWFODVVLILHVWKHHOHFWURGHVRQWKHEDVLVRIWKHLUFKHPLFDO
FRPSRVLWLRQVL]HDQGILQLVK%ULHIO\WKHW\SHVVSHFLILHGDUHOLVWHGEHORZ
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/(6621,,
7KRULDWHG7XQJVWHQ$:6(:7K&RORU&RGH<HOORZ
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
*RRGFXUUHQWFDUU\LQJFDSDFLW\HDV\DUFVWDUWLQJDQGSURYLGHDVWDEOHDUF/HVV
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
VXVFHSWLEOHWRFRQWDPLQDWLRQ'HVLJQHGIRU'&DSSOLFDWLRQVRIQRQIHUURXVPDWHULDOV
7KRULDWHG7XQJVWHQ$:6(:7K&RORU&RGH5HG
/RQJHUOLIHWKDQ7KRULDWHGHOHFWURGHV0DLQWDLQWKHSRLQWHGHQGORQJHUXVHGIRU
OLJKWJDXJHFULWLFDOZHOGVLQDLUFUDIWZRUN/LNHGHVLJQHGIRU'&DSSOLFDWLRQVIRU
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
QRQIHUURXVPDWHULDOV
*R7R7HVW
3ULQW
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*ORVVDU\
DQGWKRULDWHGHOHFWURGHV&DQEHXVHGRQHLWKHU$&RU'&DSSOLFDWLRQV
=LUFRQLD 7XQJVWHQ $:6 (:=U&RORU&RGH%URZQ
/RQJHUOLIHWKDQSXUHWXQJVWHQ%HWWHUSHUIRUPDQFHZKHQZHOGLQJZLWK$&0HOWVPRUH
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
HDVLO\WKDQWKRULDPWXQJVWHQZKHQIRUPLQJURXQGHGRUWDSHUHGWXQJVWHQHQG,GHDOIRU
DSSOLFDWLRQVZKHUHWXQJVWHQFRQWDPLQDWLRQPXVWEHPLQLPL]HG
6XPPDU\ *DV7XQJVWHQ$UF:HOGLQJLVRQHRIWKHPDMRUZHOGLQJSURFHVVHV
WRGD\7KHTXDOLW\RIWKHZHOGVSURGXFHGDQGWKHDELOLW\WRZHOGYHU\WKLQPHWDOVDUHWKHPDMRU
IHDWXUHV7KHZHOGPHWDOTXDOLW\LVKLJKVLQFHQRIOX[LVXVHGHOLPLQDWLQJWKHSUREOHPRIVODJ
LQFOXVLRQVLQWKHZHOGPHWDO,WLVXVHGH[WHQVLYHO\LQWKHDLUFUDIWDQGDHURVSDFHLQGXVWU\ZKHUH
KLJKTXDOLW\ZHOGVDUHQHFHVVDU\DQGDOVRIRUZHOGLQJWKHPRUHH[SHQVLYHPHWDOVZKHUHWKH
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
ZHOGGHIHFWVEHFRPHYHU\FRVWO\0HWDOVDVWKLQDVFDQEHZHOGHGGXHWRWKHHDVHRI
FRQWUROOLQJWKHFXUUHQW
7KHPDMRUGLVDGYDQWDJHVRIWKHSURFHVVDUHWKDWLWLVVORZHUWKDQZHOGLQJZLWK
FRQVXPDEOHHOHFWURGHVDQGLVOLWWOHXVHGRQWKLFNQHVVHVRYHUIRUWKLVUHDVRQ6KLHOGLQJ
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
JDVDQGWXQJVWHQHOHFWURGHFRVWVPDNHWKHSURFHVVUHODWLYHO\H[SHQVLYH
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
*$60(7$/$5&:(/',1*
*DV0HWDO$UF:HOGLQJ
LVDQDUFZHOGLQJSURFHVVWKDWXVHVWKHKHDWRIDQHOHFWULFDUF
HVWDEOLVKHGEHWZHHQDFRQVXPDEOHPHWDOHOHFWURGHDQGWKHZRUNWREHZHOGHG7KHHOHFWURGH
LVDEDUHPHWDOZLUHWKDWLVWUDQVIHUUHGDFURVVWKHDUFDQGLQWRWKHPROWHQZHOGSXGGOH7KH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
7XUQ3DJHV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
ZLUHWKHZHOGSXGGOHDQGWKHDUHDLQWKHDUF]RQHDUHSURWHFWHGIURPWKHDWPRVSKHUHE\D
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
JDVHRXVVKLHOG,QHUWJDVHVUHDFWLYHJDVHVDQGJDVPL[WXUHVDUHXVHGIRUVKLHOGLQJ7KH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
PHWDOWUDQVIHUPRGHLVGHSHQGHQWRQVKLHOGLQJJDVFKRLFHDQGZHOGLQJFXUUHQWOHYHO)LJXUH
LVDVNHWFKRIWKHSURFHVVVKRZLQJWKHEDVLFIHDWXUHV
75$9(/
',5(&7,21
:(/',1*:,5(
:(/',1*&$%/(
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
*R7R7HVW
6+,(/',1**$6
62/,':,5(
(/(&752'(
3ULQW
*$612==/(
*$66+,(/'
&217$&77,3
$5&
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*ORVVDU\
:(/'0(7$/
:25.3,(&(
02/7(1322/
*$60(7$/$5&:(/',1*
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
),*85(
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
*DVPHWDODUFZHOGLQJLVDYHUVDWLOHSURFHVVWKDWPD\EHXVHGWRZHOGDZLGH
7XUQ3DJHV
YDULHW\RIPHWDOVLQFOXGLQJFDUERQVWHHOVORZDOOR\VWHHOVVWDLQOHVVVWHHOVDOXPLQXPDOOR\V
PDJQHVLXPFRSSHUDQGFRSSHUDOOR\VDQGQLFNHODOOR\V,WFDQEHXVHGWRZHOGVKHHWPHWDORU
UHODWLYHO\KHDY\VHFWLRQV:HOGVPD\EHPDGHLQDOOSRVLWLRQVDQGWKHSURFHVVPD\EHXVHG
IRUVHPLDXWRPDWLFZHOGLQJRUDXWRPDWLFZHOGLQJ,QVHPLDXWRPDWLFZHOGLQJWKHZLUHIHHG
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
VSHHGYROWDJHDPSHUDJHDQGJDVIORZDUHDOOSUHVHWRQWKHFRQWUROHTXLSPHQW7KHRSHUDWRU
QHHGVPHUHO\WRJXLGHWKHZHOGLQJJXQDORQJWKHMRLQWDWDXQLIRUPVSHHGDQGKROGDUHODWLYHO\
FRQVWDQWDUFOHQJWK,QDXWRPDWLFZHOGLQJWKHJXQLVPRXQWHGRQDWUDYHOFDUULDJHWKDWPRYHV
DORQJWKHMRLQWRUWKHJXQPD\EHVWDWLRQDU\ZLWKWKHZRUNPRYLQJRUUHYROYLQJEHQHDWKLW
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
SURYLGHVGHHSSHQHWUDWLRQDVWDEOHDUFDQGORZVSDWWHUOHYHOV$VPDOODPRXQWRI*0$:
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
ZHOGLQJLVGRQHZLWK'&(1DQGDOWKRXJKWKHPHOWLQJUDWHRIWKHHOHFWURGHLVKLJKWKHDUFLV
HUUDWLF$OWHUQDWLQJFXUUHQWLVQRWXVHGIRUJDVPHWDODUFZHOGLQJ
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
PHWDODWDUDSLGUDWHLWLVQHFHVVDU\WKDWWKHWHUPFXUUHQWGHQVLW\EHXQGHUVWRRG)LJXUH
VKRZVDFRDWHGHOHFWURGHDQGDVROLGZLUHGUDZQWRVFDOH%RWKDUHFDSDEOHRI
FDUU\LQJDPSHUHV1RWLFHWKDWWKHDUHDRIWKHZLUHLVRQO\WKDWRIWKHFRUHZLUH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
RIWKHFRDWHGHOHFWURGH:HFDQVD\WKDWWKHFXUUHQWGHQVLW\RIWKHZLUHLVWLPHV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/(6621,,
$5($ 64,1
JUHDWHUWKDQWKHFXUUHQWGHQVLW\
RIWKHZLUHDWHTXDOZHOGLQJ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
FXUUHQWV7KHUHVXOWDQWPHOWRII
&25(:,5(
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
$5($ 64,1
UDWHRIWKHVROLGZLUHLVYHU\KLJK
$
,IZHZHUHWRLQFUHDVHWKHFXUUHQW
WKURXJKWKHFRDWHG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
HOHFWURGHWRLQFUHDVHWKHFXUUHQW
*R7R7HVW
)/8;
&2$7,1*
62/,':,5(
GHQVLW\WKHUHVLVWDQFHKHDWLQJ
WKURXJKWKHHOHFWURGHOHQJWKZRXOGEH
3ULQW
&2$7('(/(&752'(
H[FHVVLYHDQGWKHURGZRXOGEHFRPHVR
KRWWKDWWKHFRDWLQJZRXOGFUDFNUHQGHULQJ
5(/$7,9(6,=(2)(/(&752'(6)25:(/',1*$7$036
*ORVVDU\
LWXVHOHVV7KHZLUHFDUULHVWKHKLJK
),*85(
FXUUHQWDGLVWDQFHRIOHVVWKDQWKH
DSSUR[LPDWHGLVWDQFHIURPWKHHQGRIWKHFRQWDFWWLSWRWKHDUF
GURSOHWVVPDOOHUWKDQWKHHOHFWURGHGLDPHWHU7KH\DUHSURSHOOHGLQDVWUDLJKWOLQHIURPWKH
FHQWHURIWKHHOHFWURGH$VKLHOGLQJJDVPL[WXUHRI$UJRQZLWKWR2[\JHQLVXVHGIRU
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
LQJDOXPLQXPPDJQHVLXPFRSSHUDQGQLFNHODOOR\V:HOGLQJFXUUHQWDWZKLFKVSUD\WUDQVIHU
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7XUQ3DJHV
ZHOGLQJPLOGDQGORZDOOR\VWHHODQGSXUH$UJRQRU$UJRQ+HOLXPPL[WXUHVDUHXVHGIRUZHOG
635$<
75$16)(5
*/2%8/$5
75$16)(5
38/6(
75$16)(5
6+257&,5&8,7,1*$5&0(7$/75$16)(5
02'(62)0(7$/75$16)(5
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
),*85(
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
WDNHVSODFHLVUHODWLYHO\KLJKDQGZLOOYDU\ZLWKWKHPHWDOEHLQJZHOGHGHOHFWURGHGLDPHWHUDQG
WKHVKLHOGLQJJDVEHLQJXVHG'HSRVLWLRQUDWHVDUHKLJKDQGZHOGLQJLVXVXDOO\OLPLWHGWRWKH
IODWRUKRUL]RQWDOILOOHWSRVLWLRQ6HH)LJXUH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
LVDWUDQVLWLRQFXUUHQWZKHUHWKHWUDQVIHUFKDQJHVWRJOREXODUHYHQZKHQVKLHOGLQJJDVHVXVLQJ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
WKHDUFWRH[WLQJXLVKPRPHQWDULO\DQGWKHQLQVWDQWDQHRXVO\UHLJQLWH$VDUHVXOWWKHDUFLV
VRPHZKDWHUUDWLFVSDWWHUOHYHOLVKLJKDQGSHQHWUDWLRQVKDOORZ*OREXODUWUDQVIHULVQRW
VXLWDEOHIRURXWRISRVLWLRQZHOGLQJ6HH)LJXUH
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*R7R7HVW
3ULQW
SURGXFHGE\XVLQJWKHORZHVWFXUUHQWYROWDJHVHWWLQJVDQGWKHVPDOOHUZLUHVXVXDOO\
*ORVVDU\
DQGGLDPHWHUV7KHORZKHDWLQSXWPDNHVWKLVSURFHVVLGHDOIRUVKHHWPHWDORXW
RISRVLWLRQZRUNDQGSRRUILWXSDSSOLFDWLRQV2IWHQFDOOHGVKRUWDUFZHOGLQJEHFDXVHPHWDO
WUDQVIHULVDFKLHYHGHDFKWLPHWKHZLUHDFWXDOO\VKRUWFLUFXLWVPDNHVFRQWDFWZLWKWKHZHOG
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
SXGGOH7KLVKDSSHQVYHU\UDSLGO\,WLVIHDVLEOHIRUWKHVKRUWFLUFXLWIUHTXHQF\WREH
WLPHVDVHFRQGEXWLQSUDFWLFHLWRFFXUVIURPWLPHVDVHFRQG(DFKWLPHWKH
HOHFWURGHWRXFKHVWKHSXGGOHWKHDUFLVH[WLQJXLVKHG,WKDSSHQVVRUDSLGO\WKDWLWLVYLVLEOH
RQO\RQKLJKVSHHGILOPV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
7XUQ3DJHV
FLUFXLWLQJ7KHVSHFLILFSRZHUVRXUFHKDVEXLOWLQWRLWWZRRXWSXWOHYHOVDVWHDG\EDFNJURXQG
OHYHODQGDKLJKRXWSXWSHDNOHYHO7KHODWHUSHUPLWVWKHWUDQVIHURIPHWDODFURVVWKHDUF
7KLVSHDNRXWSXWLVFRQWUROODEOHEHWZHHQKLJKDQGORZYDOXHVXSWRVHYHUDOKXQGUHGF\FOHVSHU
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
VHFRQG7KHUHVXOWRIVXFKDSHDNRXWSXWSURGXFHVDVSUD\DUFEHORZWKHW\SLFDOWUDQVLWLRQ
FXUUHQW
)LJXUHVKRZVWKHWUDQVIHUPHWKRG7KHDUFLVLQLWLDWHGE\WRXFKLQJWKHZLUHWRWKH
ZRUN8SRQLQLWLDOFRQWDFWDELWRIWKHZLUHPHOWVRIIWRIRUPDPROWHQSXGGOH7KHZLUHIHHGV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
IRUZDUGXQWLOLWDFWXDOO\FRQWDFWVWKHZRUNDJDLQDVDWLQ)LJXUHDQGWKHDUFLV
H[WLQJXLVKHG7KHVKRUWFLUFXLWLQJFXUUHQWFDXVHVWKHZLUHWRQHFNGRZQDVVKRZQLQXQWLOLW
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
PHOWVRIIDVVKRZQDW$VVRRQDVWKHZLUHLVIUHHRIWKHSXGGOHWKHDUFLVUHLJQLWHGDQGD
PROWHQEDOOIRUPVDWWKHHQGRIWKHHOHFWURGHDVDW7KHZLUHFRQWLQXHVWRPRYHIRUZDUGXQWLO
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
LWPDNHVFRQWDFWZLWKWKHSXGGOHDQGWKHF\FOHLVUHSHDWHG
RIWKLQQHUJDXJHPHWDOVRURIDWKLQJDXJHPHWDOWRDKHDYLHUVHFWLRQ7KHJXQLVSODFHG
GLUHFWO\DJDLQVWWKHZRUNDQGLVHTXLSSHGZLWKDVSHFLDOQR]]OHWRDOORZHVFDSHRIWKHVKLHOGLQJ
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
JDV:KHQWKHWULJJHUVZLWFKLVDFWXDWHGWKHIROORZLQJVHTXHQFHWDNHVSODFH7KHVKLHOGLQJ
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
'LUHFW FXUUHQW HOHFWURGH QHJDWLYH '&(1 LVSURGXFHGZKHQWKHHOHFWURGHLV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
FRQQHFWHGWRWKHQHJDWLYHWHUPLQDORIWKHSRZHUVRXUFH6LQFHWKHHOHFWURQVIORZIURPWKH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
HOHFWURGHWRWKHSODWHDSSUR[LPDWHO\RIWKHKHDWRIWKHDUFLVFRQFHQWUDWHGDWWKHZRUN
DQGDSSUR[LPDWHO\DWWKHHOHFWURGHHQG7KLVDOORZVWKHXVHRIVPDOOHUWXQJVWHQHOHF
WURGHVWKDWSURGXFHDUHODWLYHO\QDUURZFRQFHQWUDWHGDUF7KHZHOGVKDSHKDVGHHSSHQHWUD
WLRQDQGLVTXLWHQDUURZ6HH)LJXUH'LUHFWFXUUHQWHOHFWURGHQHJDWLYHLVVXLWDEOHIRUZHOG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
*R7R7HVW
LQJPRVWPHWDOV0DJQHVLXPDQGDOXPLQXPKDYHDUHIUDFWRU\R[LGHFRDWLQJRQWKHVXUIDFHWKDW
PXVWEHSK\VLFDOO\UHPRYHGLPPHGLDWHO\SULRUWRZHOGLQJLI'&63LVWREHXVHG
3ULQW
FRQQHFWHGWRWKHSRVLWLYHWHUPLQDORIWKHZHOGLQJSRZHUVRXUFH,QWKLVFRQGLWLRQWKHHOHFWURQV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
IORZIURPWKHZRUNWRWKHHOHFWURGHWLSFRQFHQWUDWLQJDSSUR[LPDWHO\RIWKHKHDWRIWKHDUF
*ORVVDU\
DWWKHHOHFWURGHDQGDWWKHZRUN7KLVKLJKHUKHDWDWWKHHOHFWURGHQHFHVVLWDWHVXVLQJ
ODUJHUGLDPHWHUWXQJVWHQWRSUHYHQWLWIURPPHOWLQJDQGFRQWDPLQDWLQJWKHZHOGPHWDO6LQFH
WKHHOHFWURGHGLDPHWHULVODUJHUDQGWKHKHDWLVOHVVFRQFHQWUDWHGDWWKHZRUNWKHUHVXOWDQW
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
ZHOGEHDGLVUHODWLYHO\ZLGHDQGVKDOORZ6HH)LJXUH
(OHFWURGH
3RODULW\
B
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
*$6,216
(/(&7521
)/2:
'LUHFW&XUUHQW
6WUDLJKW3RODULW\
(OHFWURGH1HJDWLYH
'HHS
3HQHWUDWLRQ
1DUURZ
%HDG
0HGLXP3HQHWUDWLRQ
$OWHUQDWLQJ&XUUHQW
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
3HQHWUDWLRQ
B
'LUHFW&XUUHQW
5HYHUVH3RODULW\
(OHFWURGH3RVLWLYH
0HGLXP:LGWK
%HDG
6KDOORZ3HQHWUDWLRQ
:LGH%HDG
2[LGH
&OHDQLQJ
+HDW
&RQFHQWUDWLRQ
$W
:RUN
1RQH
*RRG
&OHDQV2[LGH
RQ(DFK+DOI
&\FOH
$OWHUQDWHV%HWZHHQ
(OHFWURGHDQG:RUN
0D[LPXP
$W
(OHFWURGH
())(&762)&855(177<3(*$6781*67(1$5&:(/',1*
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
),*85(
7XUQ3DJHV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
$OXPLQXPDQGPDJQHVLXPDUHWZRPHWDOVWKDWKDYHDKHDY\R[LGHFRDWLQJWKDWDFWV
DVDQLQVXODWRUDQGPXVWEHUHPRYHGEHIRUHVXFFHVVIXOZHOGLQJFDQWDNHSODFH:HOGLQJZLWK
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
HOHFWURGHSRVLWLYHSURYLGHVDJRRGR[LGHFOHDQLQJDFWLRQLQWKHDUF,IZHZHUHWRVWXG\WKH
SK\VLFVRIWKHZHOGLQJDUFZHILQGWKDWWKHHOHFWULFFXUUHQWFDXVHVWKHVKLHOGLQJJDVDWRPVWR
ORVHVRPHRIWKHLUHOHFWURQV6LQFHHOHFWURQVDUHQHJDWLYHO\FKDUJHGWKHVHJDVDWRPVQRZ
DUHXQEDODQFHGDQGKDYHDQH[FHVVLYHSRVLWLYHFKDUJH$VZHOHDUQHGLQ/HVVRQ,XQOLNH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
FKDUJHVDWWUDFW7KHVHSRVLWLYHO\FKDUJHGDWRPVRUSRVLWLYHLRQVDVWKH\DUHNQRZQLQ
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
JDVIORZVIRUDVKRUWLQWHUYDOEHIRUHZLUHIHHGLQJVWDUWVZLUHIHHGLQJVWDUWVWKHDUFLVLQLWLDWHG
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
VWRSVDQGWKHVKLHOGLQJJDVIORZVIRUDVKRUWLQWHUYDOEHIRUHLWDXWRPDWLFDOO\VWRSV7KH
SURFHVVLVDOVRXVHIXOIRUWDFNLQJZHOGLQJSLHFHVLQSRVLWLRQSULRUWRUXQQLQJWKHILQDOZHOG
EHDG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*R7R7HVW
LVPRUHFRPSOLFDWHGWKDQWKDWUHTXLUHGIRUVKLHOGHGPHWDODUFZHOGLQJ,QLWLDOFRVWLVUHODWLYHO\
KLJKEXWWKHFRVWLVUDSLGO\DPRUWL]HGGXHWRWKHVDYLQJVLQODERUDQGRYHUKHDGDFKLHYHGE\
3ULQW
WKHUDSLGZHOGPHWDOGHSRVLWLRQ
7KHHTXLSPHQWQHFHVVDU\IRUJDVPHWDODUFZHOGLQJLVOLVWHGEHORZ
*ORVVDU\
3RZHUVRXUFH
:LUHIHHGHU
:HOGLQJJXQ
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
6KLHOGLQJJDVVXSSO\
6ROLGHOHFWURGHZLUH
3URWHFWLYHHTXLSPHQW
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
7XUQ3DJHV
7KHEDVLFHTXLSPHQWQHFHVVDU\IRUVHPLDXWRPDWLFJDVPHWDODUFZHOGLQJLVVKRZQ
LQ)LJXUH
*$6+26(
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
)/2:0(7(5
5(*8/$725
75,**(5
&21752//($'
)(('52//6
:,5(6322/
:,5()(('(5
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
9$/9(
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
0$*1(7,&
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
:(/'&$%/(
9
:(/',1**81
&217$&725B
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6+,(/',1*
*$6
32:(5
6285&(
*5281'&$%/(
:25.
6&+(0$7,&',$*5$06(0,$8720$7,&*0$:(48,30(17
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
),*85(
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/(6621,,
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
3RZHU 6RXUFH$GLUHFWFXUUHQWFRQVWDQWYROWDJHSRZHUVRXUFHLVUHFRPPHQGHG
IRUJDVPHWDODUFZHOGLQJ,WPD\EHDWUDQVIRUPHUUHFWLILHURUDURWDU\W\SHXQLW7KHORZHU
RSHQFLUFXLWYROWDJHDQGVHOIFRUUHFWLQJDUFOHQJWKIHDWXUHDVGHVFULEHGLQ/HVVRQ,PDNHVLW
PRVWVXLWDEOH&RQVWDQWYROWDJHSRZHUVRXUFHVXVHGIRUVSUD\WUDQVIHUZHOGLQJDQGIRUIOX[
FRUHGHOHFWURGHZHOGLQJWREHFRYHUHGODWHUDUHWKHVDPH+RZHYHULIWKHXQLWLVWREHXVHG
IRUVKRUWFLUFXLWLQJDUF
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
*R7R7HVW
ZHOGLQJLWPXVWKDYH
VORSHRUVORSHFRQWURO
KLJKVKRUWFLUFXLWFXUUHQW
WKDWLVFKDUDFWHULVWLFRI
WKLVW\SHZHOGHU)LJXUH
23(5$7,1*32,17
9
2
/
7
6
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
*ORVVDU\
VKRZVWKHHIIHFWRI
6+257&,5&8,7,1*
&855(17126/23(
6+257&,5&8,7,1*&855(17
:,7+6/23(
FLUFXLWLQJFXUUHQW
,IZHZHUH
VKRUWDUFZHOGLQJDW
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
&2167$1792/7$*(9$&859(
VORSHRQWKHVKRUW
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
3ULQW
6ORSHFRQWUROLVD
PHDQVRIOLPLWLQJWKH
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
DSSUR[LPDWHO\DPSHUHV
())(&72)6/23(216+257&,5&8,7,1*&855(17
7XUQ3DJHV
),*85(
DQGYROWVDVVKRZQLQ)LJXUH
DQGKDGQRVORSHFRPSRQHQWVLQWKHSRZHUVRXUFHWKHFXUUHQWDWVKRUWFLUFXLWRUZKHQWKHZLUH
WRXFKHVWKHZRUNZRXOGEHRYHUDPSHUHV$WWKLVKLJKFXUUHQWDJRRGOHQJWKRIWKHZLUH
ZRXOGOLWHUDOO\H[SORGHRIIWKHHQGFDXVHPXFKVSDWWHUDQGWKHDUFZRXOGEHHUUDWLF:LWKWKH
VORSHFRPSRQHQWVLQWKHFLUFXLWWKHVKRUWFLUFXLWLQJFXUUHQWLVLQWKHQHLJKERUKRRGRI
DPSHUHVDQGWKHPROWHQEDOOLVVRUWRISLQFKHGRIIWKHHQGRIWKHZLUHPRUHJHQWO\)RUWKRVH
ZLWKDQHOHFWULFDOEDFNJURXQGLWPLJKWEHDGGHGWKDWLQVRPHPDFKLQHVVORSHLVDFKLHYHGE\
DGGLQJDUHDFWRULQWKH$&VHFRQGDU\RIWKHSRZHUVRXUFH,QRWKHUVDVORSHUHVLVWRULVDGGHG
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
LQWKH'&RXWSXWSRUWLRQRIWKHFLUFXLW6ORSHPD\EHDGMXVWDEOHIRUYDU\LQJZLUHGLDPHWHUVRULW
PD\EHIL[HGJLYLQJDJRRGDYHUDJHYDOXHIRUDQGGLDPHWHUZLUHVWKHWZRPRVW
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
SRSXODUVL]HV
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
$QRWKHUIDFWRULQIOXHQFLQJWKHDUFLQVKRUWFLUFXLWLQJZHOGLQJLVWKHUDWHWKDWWKH
DPSHUDJHUHDFKHVWKHVKRUWFLUFXLWLQJFXUUHQWOHYHO8VLQJWKHH[DPSOHLQ)LJXUHZHNQRZ
WKDWWKHFXUUHQWJRHVIURPDPSHUHVWRDPSHUHVGXULQJHDFKVKRUWLQJSHULRG,IZH
ZHUHWRSORWWKHFXUUHQWULVHRQDJUDSKDVLQ)LJXUHZHZRXOGVHHWKDWWKHFXUUHQWULVHLI
YHU\UDSLGDVVKRZQE\WKHEURNHQOLQH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/(6621,,
7KLVUDSLGFXUUHQWULVHFDQEH
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
E\XVLQJDGHYLFHFDOOHGDQ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
VRPHWLPHVFDOOHGDVWDELOL]HU
RXWSXWFLUFXLWRIWKHZHOGHU$Q
$036
:,7+287,1'8&7$1&(
WXUQVRIKHDY\ZLUH,WGRHV
FXUUHQWIORZEXWLWDFWV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
:,7+,1'8&7$1&(
VRPHZKDWOLNHDIO\ZKHHORU
GDPSHUE\UHWDUGLQJWKHUDWHRI
3ULQW
OLQH%\SUHYHQWLQJWKH
$036
UDSLGFXUUHQWULVHWKHDUF
7,0(0,//,6(&21'6
())(&72),1'8&7$1&(21&855(175,6(
),*85(
*ORVVDU\
EHFRPHVVPRRWKHU
VSDWWHULVUHGXFHGDQG
EHDGVKDSHDQG
DSSHDUDQFHDUH
LPSURYHG%HFDXVHWKHLQGXFWRULQIOXHQFHVWKHWLPHIXQFWLRQLWVGHVLJQGHWHUPLQHVDUFRQRII
WLPHDQGVKRUWFLUFXLWIUHTXHQF\6RPHSRZHUVRXUFHVKDYHDVHOHFWRUWKDWFDQVZLWFKLQ
VHYHUDOGLIIHUHQWLQGXFWDQFHYDOXHVWRILQHO\WXQHWKHDUF
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
*R7R7HVW
ULVHDVVKRZQE\WKHVROLG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
PHUHO\DQLURQFRUHZRXQG
7XUQ3DJHV
:HOGLQJSRZHUVRXUFHVGHVLJQHGIRUJDVPHWDODUFZHOGLQJKDYHDYROWRXWOHWWR
SURYLGHSRZHUWRRSHUDWHWKHZLUHIHHGHU7KH\DOVRKDYHDUHFHSWDFOHWRUHFHLYHWKHHOHFWULFDO
SRZHUUHTXLUHGWRFORVHWKHPDLQFRQWDFWRULQWKHSRZHUVRXUFHZKLFKWXUQVRQWKHZHOGLQJ
SRZHUWRWKHZHOGLQJJXQZKHQWKHJXQWULJJHULVDFWXDWHG
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
$GGLWLRQDODGYDQFHPHQWVLQHTXLSPHQWWHFKQRORJ\KDYHLQWURGXFHGPDQ\QHZ
PRGHOV,QYHUWHUVDVZHOODVPLFURSURFHVVRUFRQWUROVKDYHFUHDWHGWKHJUHDWHVWDWWHQWLRQ,Q
DGGLWLRQPXOWLSXUSRVHPDFKLQHVKDYHSURYLGHGWKHXVHUZLWKJUHDWHUIOH[LELOLW\ZLWKDYDULHW\RI
FDSDELOLWLHV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
*OREDOFRPSHWLWLRQZLOOFRQWLQXHWRKDYHDSURIRXQGLQIOXHQFHRQIXWXUH
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
DGYDQFHPHQWVLQDUFZHOGLQJHTXLSPHQW$VHQHUJ\SULFHVULVHJUHDWHUGHPDQGVIRUPRUH
HIILFLHQWHTXLSPHQWZLOOIROORZ
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
LQPRVWJDVPHWDODUFZHOGLQJDSSOLFDWLRQVWKHSULPHIXQFWLRQRIWKHZLUHIHHGHULVWRGHOLYHU
WKHZHOGLQJZLUHWRWKHDUFDWDYHU\FRQVWDQWVSHHG6LQFHWKHZLUHIHHGVSHHGGHWHUPLQHV
WKHDPSHUDJHDQGWKHDPSHUDJHGHWHUPLQHVWKHDPRXQWRIKHDWDWWKHDUFLQFRQVLVWHQWZLUH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
IHHGVSHHGZLOOSURGXFHZHOGVRIYDU\LQJSHQHWUDWLRQDQGEHDGZLGWK$GYDQFHGHOHFWURQLFV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
WHFKQRORJ\PDNHVLWSRVVLEOHWRGHVLJQPRWRUVSHHGFRQWUROVWKDWZLOOSURGXFHWKHVDPH
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
VSHHGHYHQWKRXJKWKHORDGRQWKHPRWRUYDULHVRUWKHLQSXWYROWDJHWRWKHPRWRUPD\IOXFWXDWH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
ZLUHIHHGVSHHGDVWKHDUFOHQJWKYDULHVWRPDLQWDLQDFRQVWDQWYROWDJH
7KHZLUHIHHGHUDOVRFRQWUROVWKHPDLQFRQWDFWRULQWKHSRZHUVRXUFHIRUVDIHW\
UHDVRQV7KLVDVVXUHVWKDWWKHZHOGLQJZLUHZLOORQO\EHHQHUJL]HGZKHQWKHVZLWFKRQWKH
ZHOGLQJJXQLVGHSUHVVHG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
$OLPLWHGDPRXQWRIJDVPHWDODUFZHOGLQJLVSHUIRUPHGZLWKFRQVWDQWFXUUHQWW\SH
SRZHUVRXUFHV,QWKLVFDVHWKHPRWRUVSHHGDXWRPDWLFDOO\YDULHVWRLQFUHDVHRUGHFUHDVHWKH
*R7R7HVW
3ULQW
ZLUHIHHGHUWRWXUQWKHVKLHOGLQJJDVRQDQGRIIZKHQWKHJXQVZLWFKLVDFWXDWHG0RVWIHHGHUV
*ORVVDU\
XWLOL]HDG\QDPLFEUHDNLQJFLUFXLWWRTXLFNO\VWRSWKHPRWRUDWWKHHQGRIDZHOGWRSUHYHQWD
ORQJOHQJWKRIZLUHSURWUXGLQJIURPWKHJXQZKHQWKHZHOGLVWHUPLQDWHG0RVWIHHGHUVKDYHD
EXUQEDFNFLUFXLWWKDWDOORZVWKHZHOGLQJFXUUHQWWRVWD\RQIRUDVKRUWSHULRGRIWLPHDIWHUZLUH
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
IHHGLQJKDVVWRSSHGWRDOORZWKHZLUHWREXUQEDFNH[DFWO\WKHULJKWDPRXQWIRUWKHQH[WDUF
LQLWLDWLRQ
7KHIHHGUROOVVRPHWLPHVFDOOHGGULYHUROOVSXOOWKHZLUHRIIWKHVSRRORUUHHODQG
SXVKLWWKURXJKDIHHGFDEOHRUFRQGXLWWRWKHZHOGLQJJXQ7KHVHUROOVPXVWXVXDOO\EH
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
IHHGDFRPELQDWLRQRIVL]HV
WRGHOLYHUWKHZHOGLQJZLUHZHOGLQJFXUUHQWDQGVKLHOGLQJJDVWRWKHZHOGLQJDUF*XQVDUH
DYDLODEOHIRUVHPLDXWRPDWLFRSHUDWLRQDQGIRUDXWRPDWLFRSHUDWLRQZKHUHWKH\DUHIL[HGLQWKH
DXWRPDWLFZHOGLQJKHDG
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7XUQ3DJHV
FKDQJHGWRDFFRPPRGDWHHDFKGLIIHUHQWZLUHGLDPHWHUDOWKRXJKVRPHUROOVDUHGHVLJQHGWR
*XQVIRU*0$:KDYHVHYHUDOFKDUDFWHULVWLFVLQFRPPRQ$OOKDYHDFRSSHUDOOR\
VKLHOGLQJJDVQR]]OHWKDWGHOLYHUVWKHJDVWRWKHDUFDUHDLQDQRQWXUEXOHQWDQJXODUSDWWHUQWR
SUHYHQWDVSLUDWLRQRIDLU7KHQR]]OHPD\EHZDWHUFRROHGIRUVHPLDXWRPDWLFZHOGLQJDWKLJK
DPSHUDJHDQGIRUDXWRPDWLFZHOGLQJZKHUHWKHDUFWLPHLVRIORQJGXUDWLRQ:HOGLQJFXUUHQWLV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
WUDQVIHUUHGWRWKHZHOGLQJZLUHDVWKHZLUHWUDYHOVWKURXJKWKHFRQWDFWWLSRUFRQWDFWWXEH
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/(6621,,
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
&859('1(&.
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
3,672/7<3(
*R7R7HVW
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
6(/)&217$,1('
38//7<3(
3ULQW
6(0,$8720$7,&*0$:*817<3(6
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*ORVVDU\
),*85(
7KHFXUYHGQHFNRUJRRVHQHFNW\SHLVSUREDEO\WKHPRVWFRPPRQO\XVHG,W
DOORZVWKHEHVWDFFHVVWRDYDULHW\RIZHOGMRLQWV7KHZLUHLVSXVKHGWRWKLVW\SHRIJXQE\WKH
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
IHHGUROOVLQWKHZLUHIHHGHUWKURXJKDIHHGFDEOHRUFRQGXLWWKDWXVXDOO\LVRUIHHWLQ
OHQJWK7KHVKLHOGLQJJDVKRVHZHOGLQJFXUUHQWFDEOHDQGWULJJHUVZLWFKOHDGVDUHVXSSOLHG
ZLWKWKHZHOGLQJJXQ
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7XUQ3DJHV
GLIILFXOWWRUHDFKMRLQWV7KHSLVWROW\SHLVDOVRDSXVKW\SHJXQDQGLVPRUHVXLWDEOHIRUJDV
PHWDODUFVSRWZHOGLQJDSSOLFDWLRQV
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
7KHSLVWROW\SHJXQLVVLPLODUWRWKHFXUYHGQHFNW\SHEXWLVOHVVDGDSWDEOHIRU
7KHVHOIFRQWDLQHGW\SHKDVDQHOHFWULFPRWRULQWKHKDQGOHDQGIHHGUROOVWKDWSXOOWKH
ZLUHIURPDRUSRXQGVSRROPRXQWHGRQWKHJXQ7KHQHHGIRUDORQJZLUHIHHGFDEOHLV
HOLPLQDWHGDQGZLUHIHHGVSHHGPD\EHFRQWUROOHGE\WKHJXQ*XQVRIWKLVW\SHDUHRIWHQ
XVHGIRUDOXPLQXPZLUHXSWRGLDPHWHUDOWKRXJKWKH\PD\DOVREHXVHGIRUIHHGLQJVWHHO
RURWKHUKDUGZLUHV
7KHSXOOW\SHJXQKDVHLWKHUDQHOHFWULFPRWRURUDQDLUPRWRUPRXQWHGLQWKHKDQGOH
WKDWLVFRXSOHGWRDIHHGLQJPHFKDQLVPLQWKHJXQ7KHVSRRORIZLUHLVORFDWHGLQWKHFRQWURO
FDELQHWWKDWPD\EHORFDWHGDVIDUDVILIW\IHHWIURPWKHJXQ:KHQIHHGLQJVXFKORQJ
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
GLVWDQFHVDVHWRISXVKUROOVORFDWHGLQWKHFRQWUROFDELQHWDVVLVWLQIHHGLQJWKHZLUH7KLV
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
WKHQEHFRPHVNQRZQDVDSXVKSXOOIHHGV\VWHPDQGLVHVSHFLDOO\XVHIXOLQIHHGLQJWKHVRIWHU
ZLUHVVXFKDVDOXPLQXP
JDVHVWKDWFDQEHXVHGHLWKHUDORQHRULQFRPELQDWLRQVRIYDU\LQJGHJUHHV7KHFKRLFHLV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
GHSHQGHQWRQWKHW\SHRIPHWDOWUDQVIHUHPSOR\HGWKHW\SHDQGWKLFNQHVVRIPHWDOWKHEHDG
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
SURILOH6HH)LJXUHSHQHWUDWLRQDQGVSHHGRIZHOGLQJ,QRXUGLVFXVVLRQZHZLOOGHDOZLWK
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
WKHPRUHFRPPRQFKRLFHVXVHGIRUWKHYDULRXVWUDQVIHUSURFHVVHV
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
)(552860(7$/6
121)(552860(7$/6
*R7R7HVW
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
&2
$5*21&2
$5*212
$5*21
+(/,80
3ULQW
%($'352),/(
),*85(
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*ORVVDU\
FLUFXLWLQJDUFZHOGLQJEHFDXVHRILWVORZFRVW7KHGHHSSHQHWUDWLRQXVXDOO\DVVRFLDWHGZLWK
&2 LVPLQLPL]HGEHFDXVHRIWKHORZDPSHUDJHDQGYROWDJHVHWWLQJVXVHGZLWKWKLVSURFHVV
&RPSDUHGWRRWKHUJDVPL[HV&2 ZLOOSURGXFHDKDUVKHUDUFDQGWKHUHIRUHJUHDWHUVSDWWHU
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
OHYHOV8VXDOO\WKLVLVPLQLPL]HGE\PDLQWDLQLQJDVKRUWDUFOHQJWKDQGE\FDUHIXODGMXVWPHQWRI
WKHSRZHUVXSSO\LQGXFWDQFH7KHWHPSHUDWXUHVUHDFKHGLQZHOGLQJZLOOFDXVHFDUERQGLR[LGH
WRGHFRPSRVHLQWRFDUERQPRQR[LGHDQGR[\JHQ7RUHGXFHWKHSRVVLELOLW\RISRURVLW\FDXVHG
E\HQWUDSSHGR[\JHQLQWKHZHOGPHWDOLWLVZLVHWRXVHHOHFWURGHVWKDWFRQWDLQGHR[LGL]LQJ
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
UDQJHWKHXVHRIFDUERQGLR[LGHWHQGVWRSURGXFHDJOREXODUWUDQVIHU
0L[LQJDUJRQLQSURSRUWLRQVRIZLWKFDUERQGLR[LGHZLOOSURGXFHDVPRRWKHU
DUFDQGUHGXFHVSDWWHUOHYHOV,WZLOODOVRZLGHQWKHEHDGSURILOHUHGXFHSHQHWUDWLRQDQG
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
HQFRXUDJHZHWWLQJ:HWWLQJLHDXQLIRUPIXVLRQDORQJZLWKMRLQLQJHGJHVRIWKHEDVHPHWDO
DQGWKHZHOGPHWDOPLQLPL]HVWKHZHOGLPSHUIHFWLRQNQRZQDVXQGHUFXWWLQJ6HH)LJXUH
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
7XUQ3DJHV
HOHPHQWVVXFKDVVLOLFRQDQGPDQJDQHVH,IWKHFXUUHQWLVLQFUHDVHGDERYHWKHVKRUWFLUFXLWLQJ
81'(5&87
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
:(77,1*
),*85(
7KH$UJRQ&2 PL[WXUHLVRIWHQFKRVHQIRUVKRUWFLUFXLWZHOGLQJRIWKLQ
VHFWLRQVZKHUHDVWKHFRPELQDWLRQZRUNVZHOORQWKLFNHUVHFWLRQV
,WVKRXOGEHQRWHGWKDWVKLHOGLQJJDVHVFDQDIIHFWWKHPHWDOOXUJ\RIWKHZHOGPHWDO
$VDQH[DPSOHDFRPELQDWLRQRIDUJRQDQGFDUERQGLR[LGHPD\EHXVHGIRUZHOGLQJVWDLQOHVV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
VWHHOEXWDVWKHFDUERQGLR[LGHEUHDNVGRZQH[FHVVLYHFDUERQPD\EHWUDQVIHUUHGLQWRWKH
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
ZHOGPHWDO&RUURVLRQUHVLVWDQFHLQVWDLQOHVVVWHHOLVUHGXFHGDVWKHFDUERQFRQWHQW
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
LQFUHDVHV7RFRXQWHUDFWWKLVSRVVLELOLW\DOHVVUHDFWLYHPL[WXUHRIKHOLXPDUJRQ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
&2 LVVRPHWLPHVFKRVHQ7KLVFRPELQDWLRQNQRZQDVDWULPL[SURYLGHVJRRGDUF
VWDELOLW\DQGZHWWLQJ
6SUD\$UF7UDQVIHU3XUHDUJRQSURGXFHVDGHHSFRQVWULFWHGSHQHWUDWLRQDWWKH
*R7R7HVW
ZHOORQQRQIHUURXVPHWDOVEXWZKHQXVHGRQIHUURXVPHWDOVWKHWUDQVIHULVVRPHZKDWHUUDWLF
ZLWKWKHWHQGHQF\IRUWKHZHOGPHWDOWRPRYHDZD\IURPWKHFHQWHUOLQH7RPDNHDUJRQVXLW
3ULQW
DEOHIRUVSUD\WUDQVIHURQIHUURXVPHWDOVVPDOODGGLWLRQVRIWRR[\JHQKDYHSURYHQWR
SURYLGHUHPDUNDEOHLPSURYHPHQWV7KHDUFVWDELOL]HVEHFRPHVOHVVVSDWWHU\DQGWKHZHOG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
PHWDOZHWVRXWQLFHO\,IWKHSHUFHQWDJHRIDUJRQIDOOVEHORZLWLVLPSRVVLEOHWRDFKLHYH
*ORVVDU\
WUXHVSUD\WUDQVIHU
3XUHKHOLXPRUFRPELQDWLRQVRIKHOLXPDQGDUJRQDUHXVHGIRUZHOGLQJQRQIHUURXV
PHWDOV7KHEHDGSURILOHZLOOEURDGHQDVWKHFRQFHQWUDWLRQRIKHOLXPLQFUHDVHV
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
3XOVH6SUD\7UDQVIHU7KHVHOHFWLRQRIVKLHOGLQJJDVPXVWEHDGHTXDWHHQRXJKWR
VXSSRUWDVSUD\WUDQVIHU0DWHULDOW\SHWKLFNQHVVDQGZHOGLQJSRVLWLRQDUHHVVHQWLDOYDULDEOHV
LQVHOHFWLQJDSDUWLFXODUVKLHOGLQJJDV7KHIROORZLQJLVDOLVWRIUHFRPPHQGHGJDVHV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7XUQ3DJHV
&DUERQ6WHHO
$OOR\6WHHO
6WDLQOHVV
&RSSHU1LFNHO &X1L$OOR\V
$UJRQ+HOLXP
$OXPLQXP
$UJRQ+HOLXP
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
(OHFWURGHV 7KHVROLGHOHFWURGHVXVHGLQ*0$:DUHRIKLJKSXULW\ZKHQWKH\FRPH
IURPWKHPLOO7KHLUFKHPLVWU\PXVWEHFORVHO\FRQWUROOHGDQGVRPHW\SHVSXUSRVHO\FRQWDLQ
KLJKOHYHOVRIGHR[LGL]HUVIRUXVHZLWK&2 VKLHOGLQJ
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
7KHHOHFWURGHPDQXIDFWXUHUGUDZVGRZQWKHHOHFWURGHWRDILQLVKHGGLDPHWHUWKDW
ZLWK*0$:LVXVXDOO\TXLWHVPDOO'LDPHWHUVIURPWKUXDUHFRPPRQ
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
0RVWVWHHO*0$:HOHFWURGHVDUHFRSSHUSODWHGDVDPHDQVRISURWHFWLQJWKH
VXUIDFH7KHFRSSHULQKLELWVUXVWLQJSURYLGHVVPRRWKIHHGLQJDQGKHOSVHOHFWULFDO
FRQGXFWLYLW\
,QIRUPDWLRQRQW\SHVDQGFODVVLILFDWLRQVZLOOEHFRYHUHGLQDIXWXUHOHVVRQ
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
*R7R7HVW
HOHFWURGHEHJLQVDVDIODWPHWDOVWULSWKDWLVIRUPHGILUVWLQWRD8VKDSH)OX[DQGDOOR\LQJ
HOHPHQWVDUHGHSRVLWHGLQWRWKH8DQGWKHQWKHVKDSHLVFORVHGLQWRDWXEXODUFRQILJXUDWLRQ
E\DVHULHVRIIRUPLQJUROOV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
)/8;&25('$5&:(/',1*
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
3ULQW
7KHIOX[FRUHGHOHFWURGHLVDFRQWLQXRXVHOHFWURGHWKDWLVIHGLQWRWKHDUFZKHUHLWLV
PHOWHGDQGWUDQVIHUUHGLQWRWKHPROWHQSXGGOH$VLQ*0$:WKHIOX[FRUHGSURFHVVGHSHQGV
*ORVVDU\
RQDJDVVKLHOGWRSURWHFWWKHZHOG]RQHIURPGHWULPHQWDODWPRVSKHULFFRQWDPLQDWLRQ:LWK
)&$:WKHUHDUHWZRSULPDU\ZD\VWKLVLVDFFRPSOLVKHG6HH)LJXUH7KHJDVLVHLWKHU
DSSOLHGH[WHUQDOO\LQZKLFKFDVHWKHHOHFWURGHLVUHIHUUHGWRDVDJDVVKLHOGHGIOX[FRUHG
HOHFWURGHRULWLVJHQHUDWHGIURPWKHGHFRPSRVLWLRQRIJDVIRUPLQJLQJUHGLHQWVFRQWDLQHGLQ
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
WKHHOHFWURGH
VFRUH,QWKLVLQVWDQFHWKHHOHFWURGHLVNQRZQDVDVHOIVKLHOGLQJIOX[FRUHG
HOHFWURGH,QDGGLWLRQWRWKHJDVVKLHOGWKHIOX[FRUHGHOHFWURGHSURGXFHVDVODJFRYHULQJIRU
&217$&77,3
&217$&77,3
*$6&83
7XUQ3DJHV
,168/$7('
*8,'(78%(
*$66+,(/'
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
)/8;&25(
)/8;&25(
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
6(/)6+,(/'('
*$66+,(/'('
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
)/8;&25('$5&:(/',1*
),*85(
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
IXUWKHUSURWHFWLRQRIWKHZHOGPHWDODVLWFRROV7KHVODJLVPDQXDOO\UHPRYHGZLWKDZLUHEUXVK
RUFKLSSLQJKDPPHU
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
LWVRSHUDWLRQLVVRPHZKDWVLPSOLILHGEHFDXVHRIWKHDEVHQFHRIH[WHUQDOVKLHOGLQJHTXLSPHQW
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
$OWKRXJKVHOIVKLHOGLQJHOHFWURGHVKDYHEHHQGHYHORSHGIRUZHOGLQJORZDOOR\DQGVWDLQOHVV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
VWHHOVWKH\DUHPRVWZLGHO\XVHGRQPLOGVWHHOV7KHVHOIVKLHOGLQJPHWKRGJHQHUDOO\XVHVD
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
ORQJHOHFWULFDOVWLFNRXWGLVWDQFHEHWZHHQWKHFRQWDFWWXEHDQGWKHHQGRIWKHXQPHOWHGHOHF
WURGHFRPPRQO\IURPRQHWRIRXULQFKHV(OHFWULFDOUHVLVWDQFHLVLQFUHDVHGZLWKWKHORQJ
H[WHQVLRQSUHKHDWLQJWKHHOHFWURGHEHIRUHLWLVIHGLQWRWKHDUF7KLVHQDEOHVWKHHOHFWURGHWR
EXUQRIIDWDIDVWHUUDWHDQGLQFUHDVHVGHSRVLWLRQ7KHSUHKHDWLQJDOVRGHFUHDVHVWKHKHDW
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
DYDLODEOHIRUPHOWLQJWKHEDVHPHWDOUHVXOWLQJLQDPRUHVKDOORZSHQHWUDWLRQWKDQWKHJDV
VKLHOGHGSURFHVV
*R7R7HVW
3ULQW
$PDMRUGUDZEDFNRIWKHVHOIVKLHOGHGSURFHVVLVWKHPHWDOOXUJLFDOTXDOLW\RIWKH
GHSRVLWHGZHOGPHWDO,QDGGLWLRQWRJDLQLQJLWVVKLHOGLQJDELOLW\IURPJDVIRUPLQJLQJUHGLHQWV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
LQWKHFRUHWKHVHOIVKLHOGHGHOHFWURGHFRQWDLQVDKLJKOHYHORIGHR[LGL]LQJDQGGHQLWULI\LQJ
*ORVVDU\
DOOR\VSULPDULO\DOXPLQXPLQLWVFRUH$OWKRXJKWKHDOXPLQXPSHUIRUPVZHOOLQQHXWUDOL]LQJWKH
DIIHFWVRIR[\JHQDQGQLWURJHQLQWKHDUF]RQHLWVSUHVHQFHLQWKHZHOGPHWDOZLOOUHGXFH
GXFWLOLW\DQGLPSDFWVWUHQJWKDWORZWHPSHUDWXUHV)RUWKLVUHDVRQWKHVHOIVKLHOGLQJPHWKRGLV
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
XVXDOO\UHVWULFWHGWROHVVFULWLFDODSSOLFDWLRQV
7KHVHOIVKLHOGLQJHOHFWURGHVDUHPRUHVXLWDEOHIRUZHOGLQJLQGUDIW\ORFDWLRQVWKDQ
WKHJDVVKLHOGHGW\SHV6LQFHWKHPROWHQILOOHUPHWDOLVRQWKHRXWVLGHRIWKHIOX[WKHJDVHV
7XUQ3DJHV
IRUPHGE\WKHGHFRPSRVLQJIOX[DUHQRWWRWDOO\UHOLHGXSRQWRVKLHOGWKHDUFIURPWKH
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
DWPRVSKHUH7KHGHR[LGL]LQJDQGGHQLWULI\LQJHOHPHQWVLQWKHIOX[IXUWKHUKHOSWRQHXWUDOL]HWKH
DIIHFWVRIQLWURJHQDQGR[\JHQSUHVHQWLQWKHZHOG]RQH
HOHFWURGHLVWKHSURWHFWLYHHQYHORSHIRUPHGE\WKHDX[LOLDU\JDVVKLHOGDURXQGWKHPROWHQ
SXGGOH7KLVHQYHORSHHIIHFWLYHO\H[FOXGHVWKHQDWXUDOJDVHVLQWKHDWPRVSKHUHZLWKRXWWKH
QHHGIRUFRUHLQJUHGLHQWVVXFKDVDOXPLQXP%HFDXVHRIWKLVPRUHWKRURXJKVKLHOGLQJWKH
ZHOGPHWDOOXUJ\LVFOHDQHUZKLFKPDNHVWKLVSURFHVVVXLWDEOHIRUZHOGLQJQRWRQO\PLOGVWHHOV
EXWDOVRORZDOOR\VWHHOVLQDZLGHUDQJHRIVWUHQJWKDQGLPSDFWOHYHOV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7KHJDVVKLHOGHGPHWKRGXVHVDVKRUWHUHOHFWULFDOVWLFNRXWWKDQWKHVHOIVKLHOGHG
SURFHVV([WHQVLRQVIURPWRDUHFRPPRQRQDOOGLDPHWHUVDQGWRRQ
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
ODUJHUGLDPHWHUV+LJKHUZHOGLQJFXUUHQWVDUHDOVRXVHGZLWKWKLVSURFHVVHQDEOLQJKLJK
GHSRVLWLRQUDWHVWREHUHDFKHG7KHDX[LOLDU\VKLHOGLQJKHOSVWRUHGXFHWKHDUFHQHUJ\LQWRD
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
FROXPQDUSDWWHUQ7KHFRPELQDWLRQRIKLJKFXUUHQWVDQGWKHDFWLRQRIWKHVKLHOGLQJJDV
FRQWULEXWHVWRWKHGHHSSHQHWUDWLRQLQKHUHQWZLWKWKLVSURFHVV%RWKVSUD\DQGJOREXODU
WUDQVIHUDUHXWLOL]HGZLWKWKHJDVVKLHOGHGSURFHVV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
&XUUHQW 'HQVLW\)OX[FRUHGDUFZHOGLQJXWLOL]HVWKHVDPHSULQFLSOHVRIFXUUHQW
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
GHQVLW\DVH[SODLQHGLQVHFWLRQEXWWKHUHLVRQHVLJQLILFDQWGLIIHUHQFHEHWZHHQWKHIOX[
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
FRUHGHOHFWURGHDQGWKHVROLGHOHFWURGH:LWKWKHIOX[FRUHGHOHFWURGHWKHJUDQXODUFRUH
LQJUHGLHQWVDUHSRRUHOHFWULFDOFRQGXFWRUVDQGWKHUHIRUHWKHFXUUHQWLVFDUULHGSULPDULO\
WKURXJKWKHRXWHUPHWDOVKHDWKLQJ:KHQDQHTXDOGLDP
HWHUFURVVVHFWLRQRIWKHWZRDUHFRPSDUHG6HH)LJXUH
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
DVPDOOHUFXUUHQWFDUU\LQJDUHDWKDQWKHVROLG
*R7R7HVW
3ULQW
HOHFWURGH7KLVJUHDWHUFRQFHQWUDWLRQRI
FXUUHQWLQDVPDOOHUDUHDLQFUHDVHVWKH
EXUQRIIUDWH
*ORVVDU\
:KHQDOORWKHUIDFWRUVDUHHTXDO
WKHGHSRVLWLRQUDWHRIWKHIOX[FRUHG
HOHFWURGHLVVRPHZKDWKLJKHUWKDQWKH
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
&855(173$7+
LWLVVHHQWKDWWKHIOX[FRUHGHOHFWURGHKDV
)/8;&25('
(/(&752'(
VROLGHOHFWURGH
62/,'
(/(&752'(
),*85(
(48,30(177KHHTXLSPHQWXVHGIRUIOX[FRUHGDUFZHOGLQJLVWKHVDPHDV
VKRZQSUHYLRXVO\LQ6HFWLRQ)LJXUHZLWKWKHH[FHSWLRQWKDWWKHVHOIVKLHOGHG
7XUQ3DJHV
PHWKRGGRHVQRWQHHGWKHH[WHUQDOJDVDSSDUDWXV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
)OX[FRUHGDUFZHOGLQJLVGRQHZLWKGLUHFWFXUUHQW$OORIWKHJDVVKLHOGHGHOHFWURGHV
DUHGHVLJQHGIRU'&(3RSHUDWLRQ7KHVHOIVKLHOGHGHOHFWURGHVDUHHLWKHUGHVLJQHG
VSHFLILFDOO\IRU'&(1RU'&(3
3RZHU 6RXUFH7KHUHFRPPHQGHGSRZHUVRXUFHLVWKHGLUHFWFXUUHQWFRQVWDQW
YROWDJHW\SH7KHFRQVWDQWFXUUHQWW\SHFDQEHXVHGEXWZLWKOHVVVDWLVIDFWRU\UHVXOWV
:LUH )HHGHU7KHIXQFWLRQRIWKHZLUHIHHGHULQ)&$:LVWKHVDPHDVGLVFXVVHGLQ
WKHVHFWLRQRQ*0$:6LQFHWKHIOX[FRUHGHOHFWURGHLVWXEXODULQFRQVWUXFWLRQSUHFDXWLRQV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
PXVWEHWDNHQQRWWRIODWWHQWKHHOHFWURGH7RIDFLOLWDWHIHHGLQJE\PHDQVRWKHUWKDQSUHVVXUH
DORQHVSHFLDOO\GHVLJQHGIHHGUROOVZLWKNQXUOHGRUJURRYHGVXUIDFHVDUHXVHG6RPHIHHGHUV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
XVHIRXUIHHGUROOVUDWKHUWKDQWZRWRPLQLPL]HXQLWSUHVVXUHRQWKHHOHFWURGH
JXQVLVLQWKRVHXVHGZLWKWKHVHOIVKLHOGLQJSURFHVV7KHJXQLVVRPHZKDWPRUHFRPSDFWGXH
WRWKHDEVHQFHRIDQH[WHUQDOJDVVKLHOGLQJQR]]OH6LQFHWKHVHOIVKLHOGLQJSURFHVVQRUPDOO\
UHTXLUHVDORQJHUHOHFWURGHH[WHQVLRQWKHVHOIVKLHOGLQJJXQPD\KDYHDQLQVXODWHGJXLGHWXEH
5HIHUEDFNWR)LJXUHWRJLYHVWDELOLW\WRWKHHOHFWURGH:DWHUFRROHGJXQVDUHDYDLODEOHIRU
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
KLJKGXW\VHPLDXWRPDWLFZHOGLQJDQGIRUDXWRPDWLFZHOGLQJ
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
7$%/(2)&217(176
/(6621,,&RQ
W
6HFWLRQ1U
6HFWLRQ7LWOH
3XOVH6SUD\7UDQVIHU
3DJH
(OHFWURGHV
)/8;&25('$5&:(/',1*
6HOI6KLHOGHG3URFHVV
*DV6KLHOGHG3URFHVV
&XUUHQW'HQVLW\
(TXLSPHQW
3RZHU6RXUFH
:LUH)HHGHU
:HOGLQJ*XQV
6KLHOGLQJ*DVHV
68%0(5*('$5&:(/',1*
6XEPHUJHG$UF)OX[
7KH:HOGLQJ*XQ
3RZHU6RXUFHV
(TXLSPHQW
(OHFWURGHV
6XPPDU\
(/(&7526/$*$1'(/(&752*$6:(/',1*
(OHFWURVODJ:HOGLQJ
)OX[
3URFHVV
(TXLSPHQW
6XPPDU\
$SSHQGL[$*/266$5<2)7(506
*R7R7HVW
3ULQW
*ORVVDU\
7XUQ3DJHV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
)OX[FRUHGZHOGLQJJHQHUDWHVIXPHVWKDWIRUHQYLURQPHQWDOUHDVRQVPXVWEH
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
UHPRYHGIURPWKHZHOGLQJDUHD7KLVLVXVXDOO\GRQHZLWKDQH[WHUQDOH[KDXVWV\VWHPEXW
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
ZHOGLQJJXQVZLWKLQWHUQDOIXPHH[WUDFWRUVKDYHEHHQGHYHORSHG7KH\DUHKHDYLHUWKDQWKH
UHJXODUJXQDQGPXVWEHSURSHUO\PDLQWDLQHGVRWKDWWKHH[WUDFWLQJPHFKDQLVPGRHVQRW
GLVWXUEWKHVKLHOGLQJJDV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
*R7R7HVW
3ULQW
DQG&2
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
VKLHOGLQJRIWKHIOX[FRUHGHOHFWURGH7KHRWKHUFRPPRQO\XVHGJDVLVDPL[WXUHRI$UJRQ
$FDUERQGLR[LGHVKLHOGSURGXFHVGHHSSHQHWUDWLRQDQGWKHWUDQVIHULVJOREXODU$V
SUHYLRXVO\GLVFXVVHG&2 ZLOOGLVVRFLDWHLQWKHKHDWRIWKHDUF7RFRXQWHUDFWWKLV
FKDUDFWHULVWLFGHR[LGL]LQJHOHPHQWVDUHDGGHGWRWKHFRUHLQJUHGLHQWVRIWKHHOHFWURGH7KH
*ORVVDU\
GHR[LGL]HUVUHDFWWRIRUPVROLGR[LGHFRPSRXQGVWKDWIORDWWRWKHVXUIDFHDVSDUWRIWKHVODJ
FRYHULQJ
7KHDGGLWLRQRI$UJRQWR&2 ZLOOLQFUHDVHWKHZHWWLQJDFWLRQSURGXFHDVPRRWKDUF
DUFDQGUHGXFHVSDWWHU7KHWUDQVIHULVVSUD\OLNHDQGWKHSHQHWUDWLRQLVVRPHZKDWOHVVWKDQ
ZLWKWKHVWUDLJKWFDUERQGLR[LGH
:KLOHVRPHIOX[FRUHGHOHFWURGHVDUHGHVLJQHGWRRSHUDWHZHOORQERWKWKH
7XUQ3DJHV
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
$QHOHFWURGHGHVLJQHGIRU&2 VKLHOGLQJFRQWDLQVGHR[LGL]LQJHOHPHQWVVXFKDVVLOLFRQDQG
PDQJDQHVH,IDKLJKSHUFHQWDJHRI$UJRQLVXVHGLQWKHVKLHOGLQJPHGLXPDODUJHSRUWLRQRI
WKHVHHOHPHQWVPD\SDVVLQWRWKHZHOGPHWDOFDXVLQJWKHZHOGPHWDOOXUJ\WREHOHVVGXFWLOH
WKDQLQWHQGHG
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7KHRSSRVLWHKDSSHQVZLWKHOHFWURGHVIRUPXODWHGIRUDPL[WXUH7KHVH
HOHFWURGHVDUHXVXDOO\GHVLJQHGIRUKLJK\LHOGDQGWHQVLOHVWUHQJWK,IDKLJKSHUFHQWDJHRI&2
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
LVXVHGZLWKWKHPWKH&2 PD\UHDFWZLWKWKHHOHPHQWVQHHGHGWRDWWDLQWKHVHVWUHQJWKOHYHOV
WKHUHE\SUHYHQWLQJWKHPIURPSDVVLQJLQWRWKHZHOGPHWDO
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
68%0(5*('$5&:(/',1*
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
FRQWLQXRXVHOHFWURGHLVIHGE\DXWRPDWLFGULYHUROOVWKURXJKDQHOHFWURGHKROGHUZKHUHFXUUHQW
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
LVSLFNHGXSDWWKHFRQWDFWWXEH7KHHOHFWURGHPRYHVLQWRWKHORRVHIOX[DQGWKHDUFLV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
LQLWLDWHG7KHIOX[LVGHSRVLWHGIURPDVHSDUDWHFRQWDLQHUWKDWPRYHVDWWKHVDPHSDFHDVWKH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
HOHFWURGHDVVXULQJFRPSOHWHFRYHUDJH6HH)LJXUH
UDWHDQGDFWVDVDSURWHFWLYHVKLHOG7KHIOX[ZKLFKLVLQFORVHFRQWDFWZLWKWKHDUFLVIXVHG
LQWRDVODJFRYHUDQGWKDWZKLFKLVQRWIXVHGLVFROOHFWHGIRUUHXVH7KHIOX[FDQFRQWDLQDOOR\LQJ
*R7R7HVW
HOHPHQWVWKDWZKHQPROWHQZLOOSDVVLQWRWKHZHOGPHWDODIIHFWLQJWKHPHWDOOXUJ\6RPHIOX[HV
DUHVSHFLILFDOO\SUHSDUHGIRUWKHLUDOOR\DOWHULQJFDSDELOLWLHVZKLOHRWKHUVNQRZQDVQHXWUDO
3ULQW
IOX[HVDUHFKRVHQZKHQDPLQLPDODOOR\FKDQJHLVGHVLUHG$OWKRXJKWKHVHODWWHUIOX[HVDUH
FDOOHGQHXWUDOWKH\VWLOOKDYHWKHDELOLW\WRVOLJKWO\DOWHUWKHZHOGFKHPLVWU\
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*ORVVDU\
)/8;+233(5
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
/226(*5$18/$5)/8;
(/(&752'(
7XUQ3DJHV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
%$6(
0(7$/
02/7(138''/(
)86('6/$*&29(5
62/,',),(':(/'0(7$/
68%0(5*('$5&:(/',1*
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
),*85(
DUFSURFHVVWKHPDMRULW\RI6$:LVGRQHZLWKIXOO\DXWRPDWLFHTXLSPHQW7KHEDVLFFRPSR
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
QHQWVLQFOXGHDZLUHIHHGHUDSRZHUVRXUFHDIOX[GHOLYHU\V\VWHPDQGLQVRPHLQVWDQFHVDQ
DXWRPDWLFIOX[UHFRYHU\V\VWHP
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
PD\EHD'&UHFWLILHURUJHQHUDWRURIHLWKHUWKHFRQVWDQWFXUUHQWRUFRQVWDQWYROWDJHYDULHW\
7KHSRZHUVRXUFHPXVWEHUDWHGIRUKLJKFXUUHQWRXWSXW:KHQFXUUHQWUHTXLUHPHQWVH[FHHG
WKHYDOXHRIDVLQJOHPDFKLQHWZRRUPRUHRIWKHVDPHW\SHPD\EHFRQQHFWHGLQSDUDOOHO
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
(TXLSPHQW 0RVWVXEPHUJHGDUFZHOGLQJLVGRQHZLWK'&(3EHFDXVHLWSURYLGHV
HDV\DUFVWDUWLQJGHHSSHQHWUDWLRQDQGH[FHOOHQWEHDGVKDSH'&(1SURYLGHVWKHKLJKHVW
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
GHSRVLWLRQUDWHVEXWPLQLPXPSHQHWUDWLRQ$OWHUQDWLQJFXUUHQWLVRIWHQXVHGDVDWUDLOLQJDUFLQ
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
WDQGHPDUFDSSOLFDWLRQV,QWKLVW\SHRIDSSOLFDWLRQWKHOHDGLQJ'&(3DUFSURYLGHVGHHS
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
SHQHWUDWLRQDQGWKHFORVHO\WUDLOLQJ$&DUFSURYLGHVKLJKGHSRVLWLRQZLWKDPLQLPXPRIDUF
EORZ
(OHFWURGHV $YDULHW\RIIHUURXVDQGQRQIHUURXVHOHFWURGHVDUHXVHGLQVXEPHUJHG
DUFZHOGLQJ7KH\DUHXVXDOO\VROLGHOHFWURGHVUHILQHGZLWKWKHDSSURSULDWHDOOR\VDWWKHVWHHO
*R7R7HVW
PLOODQGWKHQVKLSSHGWRHOHFWURGHPDQXIDFWXUHUVZKHUHWKH\DUHGUDZQGRZQWRDVSHFLILF
GLDPHWHUDQGSDFNDJHG7KHUHLVDQRWKHUW\SHRIVXEDUFHOHFWURGHNQRZQDVDFRPSRVLWH
3ULQW
HOHFWURGHWKDWLVIDEULFDWHGLQWKHVDPHPDQQHUDVDIOX[FRUHGHOHFWURGH$FKLHIDGYDQWDJH
RIWKLVW\SHLVWKDWWKHDOOR\LQJHOHPHQWVFDQEHDGGHGWRWKHFRUHRIWKHHOHFWURGHPRUH
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
FKHDSO\WKDQDVWHHOPLOOFDQSURGXFHWKRVHVDPHDOOR\VLQDVROLGIRUP7KHHOHFWURGHVIRU
ZLGHO\XVHG
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
6XPPDU\ 6XEPHUJHGDUFZHOGLQJKDVVRPHDGYDQWDJHVRYHURWKHUZHOGLQJ
SURFHVVHV6LQFHWKHUDGLDQFHRIWKHDUFLVEODQNHWHGE\WKHORRVHIOX[WKHUHLVQRQHHGIRUD
SURWHFWLYHZHOGLQJKRRGDOWKRXJKVDIHW\JODVVHVDUHUHFRPPHQGHGWKHUHLVQRVSDWWHUDQG
RQO\DYHU\PLQLPDODPRXQWRIIXPHVHVFDSHIURPXQGHUWKHEODQNHW+LJKZHOGLQJFXUUHQWV
TXLWHFRPPRQO\LQWKHWRDPSHUHUDQJHDUHXVHG7KHVHKLJKFXUUHQWVFRPELQHG
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
7XUQ3DJHV
ZLWKIDVWWUDYHOVSHHGVPDNH6$:DKLJKGHSRVLWLRQSURFHVVWKDWLVHVSHFLDOO\VXLWDEOHIRU
DSSOLFDWLRQVWKDWUHTXLUHDVHULHVRIUHSHWLWLRXVZHOGV6RPHVHWXSVDOORZWZRRUPRUHHOHF
WURGHVWREHIHGVLPXOWDQHRXVO\LQWRWKHMRLQWIXUWKHULQFUHDVLQJWKHGHSRVLWLRQUDWHDQGVSHHG
$OWKRXJK6$:KDVWKHVHDGYDQWDJHVLWGRHVKDYHVRPHOLPLWDWLRQV7KHIOX[PXVW
EHGHSRVLWHGDQGFROOHFWHGIRUHYHU\ZHOGLQJSDVV7KLVUHTXLUHVDGGLWLRQDOHTXLSPHQWDQG
KDQGOLQJ$OVREHFDXVHRIWKHORRVHIOX[WKHSURFHVVLVOLPLWHGWRWKHIODWDQGKRUL]RQWDO
SRVLWLRQV7KHHTXLSPHQWIRU6$:LVFRPPRQO\TXLWHEXON\ZKLFKOLPLWVLWVPRELOLW\DQG
DOWKRXJKWKHSURFHVVZRUNVZHOORQWKLFNPDWHULDOVLWXVXDOO\LVQRWVDWLVIDFWRU\IRUWKLQJDXJH
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
*ORVVDU\
6$:YDU\LQGLDPHWHUIURPLQFKWRLQFKZLWKWKHODUJHUGLDPHWHUVEHLQJWKHPRVW
PDWHULDO7KHSURFHVVUHTXLUHVFDUHLQWKHRSHUDWLRQ7KHDPSHUDJHVFRPPRQO\XVHGPD\
FDXVHH[FHVVLYHKHDWEXLOGXSLQWKHEDVHPHWDOWKDWPD\UHVXOWLQGLVWRUWLRQRUEULWWOHQHVV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
(/(&7526/$*$1'(/(&752*$6:(/',1*
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
DOWKRXJKLWXWLOL]HVDFXUUHQWFDUU\LQJFRQVXPDEOHHOHFWURGH7KHRQO\WLPHWKHUHLVDQDUF
EHWZHHQWKHHOHFWURGHDQGWKHZRUNSLHFHLVZKHQFXUUHQWLVLQLWLDOO\FKDUJHGWKURXJKWKH
*R7R7HVW
3ULQW
HOHFWURGH7KLVLQLWLDOFKDUJHKHDWVDOD\HURIORRVHIOX[WKDWEHFRPHVPROWHQDQGH[WLQJXLVKHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
WKHDUF
*ORVVDU\
:$7(5,1/(7287/(7
(/(&752'(
&233(56+2(
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
*8,'(78%(
&21680$%/(*8,'(0(7+2'
%$6(0(7$/
7XUQ3DJHV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
02/7(1)/8;
:(/'322/
62/,',),('0(7$/
(/(&7526/$*:(/',1*
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
),*85(
)OX[7KHIOX[XVHGLQ(6:LVKLJKLQHOHFWULFDOUHVLVWDQFH$VFXUUHQWLVDSSOLHG
HQRXJKKHDWLVJHQHUDWHGIURPWKLVUHVLVWDQFHWRNHHSWKHIOX[EDVHPHWDODQGHOHFWURGHLQD
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
PROWHQVWDWH7KLVD[LVRIWKHZHOGMRLQWLVRQDYHUWLFDOSODQH7KHWZRSLHFHVRIPHWDOXVXDOO\
RIWKHVDPHWKLFNQHVVDUHSRVLWLRQHGVRWKDWWKHUHLVDQRSHQLQJEHWZHHQWKHP2QHRUPRUH
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
HOHFWURGHVDUHIHGLQWRWKHRSHQLQJWKURXJKDZHOGLQJEHDGWKDWWUDYHOVYHUWLFDOO\DVWKHMRLQWLV
ILOOHG7RFRQWDLQWKHPROWHQSXGGOHZDWHUFRROHGFRSSHUVKRHVRUGDPVDUHSODFHGRQWKH
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
VLGHVRIWKHYHUWLFDOFDYLW\$VWKHZHOGMRLQWVROLGLILHVWKHGDPVPRYHYHUWLFDOO\VRDVWR
DOZD\VUHPDLQLQFRQWDFWZLWKWKHPROWHQSXGGOH
3URFHVV$YDULDWLRQRI(6:LVWKHFRQVXPDEOHJXLGHPHWKRG7KHSURFHVVLVWKH
VDPHZLWKWKLVPHWKRGH[FHSWWKDWWKHJXLGHWXEHWKDWIHHGVWKHHOHFWURGHWRWKHPROWHQSRROLV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
DOVRFRQVXPHG7KHFKLHIDGYDQWDJHZLWKWKLVPHWKRGLVWKHHOLPLQDWLRQRIWKHHOHFWURGH
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
KROGHUZKLFKPXVWPRYHYHUWLFDOO\ZLWKWKHZHOGSRRO$OVRVLQFHWKHJXLGHWXEHLVFRQVXPHG
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
WKHGHSRVLWLRQUDWHLVVOLJKWO\LQFUHDVHGZLWKWKLVPHWKRG
(TXLSPHQW 7KHHTXLSPHQWXVHGLQ(6:LVDOODXWRPDWLFDQGRIVSHFLDOGHVLJQ
7KHSRZHUVRXUFHPD\XVHHLWKHU$&RU'&FXUUHQW7KHHOHFWURGHPD\EHHLWKHUVROLGRUIOX[
FRUHGDOWKRXJKLIWKHIOX[FRUHGLVXVHGLWPXVWEHVSHFLDOO\IRUPXODWHGVRDVQRWWRFRQWDLQLWV
*R7R7HVW
QRUPDODPRXQWRIVODJIRUPLQJLQJUHGLHQWV
6XPPDU\ (OHFWURJDV:HOGLQJLVVLPLODUWR(6:DVIDUDVWKHPHFKDQLFDODV
3ULQW
SHFWVDUHFRQFHUQHG7KHHTXLSPHQWLVDXWRPDWLFWKHZHOGLQJKHDGWUDYHOVYHUWLFDOO\DQGWKH
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
PROWHQSXGGOHLVUHWDLQHGE\VKRHVRQWKHVLGHVRIWKHMRLQW7KHGLIIHUHQFHLVWKDW(OHFWURJDV
:HOGLQJXWLOL]HVDQDUFDQGLWLVH[WHUQDOO\JDVVKLHOGHG7KHSRZHUVRXUFHLVDOVROLPLWHGWR
*ORVVDU\
'&RSHUDWLRQ7KHHOHFWURGHVXVHGLQ(*:FDQEHHLWKHUVROLGRUIOX[FRUHG
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
7XUQ3DJHV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/(6621,,
$33(1',;$
/(6621,,*/266$5<2)7(506
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
$UF%ORZ
'HYLDWLRQRIWKHGLUHFWLRQRIWKHZHOGLQJDUFFDXVHGE\PDJQHWLFILHOGVLQWKH
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
3ULQW
6WUDLJKW
5HYHUVH
3RODULW\
DQGWKHZRUNLVFRQQHFWHGWRWKHSRVLWLYHWHUPLQDORIWKHZHOGLQJSRZHUVRXUFH
DQGWKHZRUNLVFRQQHFWHGWRWKHQHJDWLYHWHUPLQDORIWKHZHOGLQJSRZHU
VRXUFH
6ODJ
7KHEULWWOHPDVVWKDWIRUPVRYHUWKHZHOGEHDGRQZHOGVPDGHZLWKFRDWHG
SURGXFLQJZHOGLQJSURFHVVHV:HOGVPDGHZLWKWKHJDVPHWDODUFDQGWKH
0DQXDO$UF
6HPL$XWRPDWLF
:HOGLQJ
:HOGLQJZLWKDFRDWHGHOHFWURGHZKHUHWKHRSHUDWRU
VKDQGFRQWUROVWUDYHO
VSHHGDQGWKHUDWHWKHHOHFWURGHLVIHGLQWRWKHDUF
:HOGLQJZLWKDFRQWLQXRXVVROLGZLUHRUIOX[FRUHGHOHFWURGHZKHUHWKHZLUH
IHHGVSHHGVKLHOGLQJJDVIORZUDWHDQGYROWDJHDUHSUHVHWRQWKHHTXLSPHQW
DQGWKHRSHUDWRUJXLGHVWKHKDQGKHOGZHOGLQJJXQDORQJWKHMRLQWWREH
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
ZHOGHG
6ODJ
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
7XUQ3DJHV
JDVWXQJVWHQDUFZHOGLQJSURFHVVHVDUHVODJIUHH
:HOGLQJ
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
*ORVVDU\
HOHFWURGHVIOX[FRUHGHOHFWURGHVVXEPHUJHGDUFZHOGLQJDQGRWKHUVODJ
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
*R7R7HVW
ZRUNSLHFHZKHQZHOGLQJZLWKGLUHFWFXUUHQW
3RODULW\
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
,QFOXVLRQ
5RRW3DVV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
$ZHOGGHIHFWZKHUHVODJLVHQWUDSSHGLQWKHZHOGPHWDOEHIRUHLWFDQIORDWWR
WKHVXUIDFH
7KHLQLWLDOSDVVLQDPXOWLSDVVZHOGXVXDOO\UHTXLULQJSHQHWUDWLRQ
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
*DV,RQV
6KLHOGLQJJDVDWRPVWKDWLQWKHSUHVHQFHRIDQHOHFWULFDOFXUUHQWORVHRQHRU
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
PRUHHOHFWURQVDQGWKHUHIRUHFDUU\DSRVLWLYHHOHFWULFDOFKDUJH7KHSURYLGH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
DPRUHHOHFWULFDOO\FRQGXFWLYHSDWKIRUWKHDUFEHWZHHQWKHHOHFWURGHDQGWKH
ZRUNSLHFH
+LJK
)UHTXHQF\
*R7R7HVW
DVDSSOLHGWRJDVWXQJVWHQDUFZHOGLQJ
$QDOWHUQDWLQJFXUUHQWFRQVLVWLQJRIRYHUF\FOHVSHUVHFRQGDWKLJK
3ULQW
YROWDJHORZDPSHUDJHWKDWLVVXSHULPSRVHGRQWKHZHOGLQJFLUFXLWLQ*7$:
SRZHUVRXUFHV,WLRQL]HVDSDWKIRUQRQWRXFKDUFVWDUWLQJDQGVWDELOL]HVWKH
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
DUFZKHQZHOGLQJZLWKDOWHUQDWLQJFXUUHQW
,QHUW*DVHV
*ORVVDU\
*DVHVWKDWDUHFKHPLFDOO\LQDFWLYH7KH\GRQRWUHDGLO\FRPELQHZLWKRWKHU
HOHPHQWV
)OX[
,QDUFZHOGLQJIOX[HVDUHIRUPXODWLRQVWKDWZKHQVXEMHFWHGWRWKHDUFDFWDV
DFOHDQLQJDJHQWE\GLVVROYLQJR[LGHVUHOHDVLQJWUDSSHGJDVHVDQGVODJDQG
JHQHUDOO\FOHDQLQJWKHZHOGPHWDOE\IORDWLQJWKHLPSXULWLHVWRWKHVXUIDFH
ZKHUHWKH\VROLGLI\LQWKHVODJFRYHULQJ7KHIOX[DOVRVHUYHVWRUHGXFHVSDWWHU
DQGFRQWULEXWHVWRZHOGEHDGVKDSH7KHIOX[PD\EHWKHFRDWLQJRQWKH
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
7XUQ3DJHV
HOHFWURGHLQVLGHWKHHOHFWURGHDVLQIOX[FRUHGW\SHVRULQDJUDQXODUIRUPDV
XVHGLQVXEPHUJHGDUFZHOGLQJ
&XUUHQW
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
'HQVLW\
7KHDPSHUHVSHUVTXDUHLQFKRIFURVVVHFWLRQDODUHDRIDQHOHFWURGH+LJK
FXUUHQWGHQVLW\UHVXOWVLQKLJKHOHFWURGHPHOWRIIUDWHDQGDFRQFHQWUDWHGGHHS
SHQHWUDWLQJDUF
6ORSHRU6ORSH
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
&RQWURO
$QHFHVVDU\IHDWXUHLQZHOGLQJSRZHUVRXUFHVXVHGIRUVKRUWFLUFXLWLQJDUF
ZHOGLQJ6ORSH&RQWUROUHGXFHVWKHVKRUWFLUFXLWLQJFXUUHQWHDFKWLPHWKH
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
HOHFWURGHWRXFKHVWKHZHOGSXGGOH6HH6HFWLRQ
,QGXFWDQFH
DVDSSOLHVWRVKRUWFLUFXLWLQJDUFZHOGLQJ
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
$IHDWXUHLQZHOGLQJSRZHUVRXUFHVGHVLJQHGIRUVKRUWFLUFXLWLQJDUFZHOGLQJ
WRUHWDUGWKHUDWHRIFXUUHQWULVHHDFKWLPHWKHHOHFWURGHWRXFKHVWKHZHOG
SXGGOH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/(6621,,
&RQWDFW7LS
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
7KDWSDUWRIDJDVPHWDODUFZHOGLQJJXQRUIOX[FRUHGDUFZHOGLQJJXQWKDW
WUDQVIHUVWKHZHOGLQJFXUUHQWWRWKHZHOGLQJZLUHLPPHGLDWHO\EHIRUHWKHZLUH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
HQWHUVWKHDUF
6SUD\
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
7UDQVIHU
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*OREXODU
0RGHRIPHWDOWUDQVIHUDFURVVWKHDUFZKHUHWKHPROWHQPHWDOGURSOHWVDUH
VPDOOHUWKDQWKHHOHFWURGHGLDPHWHUDQGDUHD[LDOO\GLUHFWHGWRWKHZHOGSXGGOH
5HTXLUHVKLJKYROWDJHDQGDPSHUDJHVHWWLQJVDQGDVKLHOGLQJJDVRIDWOHDVW
DUJRQ
0RGHRIPHWDOWUDQVIHUDFURVVWKHDUFZKHUHDPROWHQEDOOODUJHUWKDQWKH
*R7R7HVW
3ULQW
*ORVVDU\
HOHFWURGHGLDPHWHUIRUPVDWWKHWLSRIWKHHOHFWURGH2QGHWDFKPHQWLWWDNHV
7UDQVIHU
RQDQLUUHJXODUVKDSHDQGWXPEOHVWRZDUGVWKHZHOGSXGGOHVRPHWLPHV
VKRUWLQJEHWZHHQWKHHOHFWURGHDQGZRUNDWLUUHJXODULQWHUYDOV2FFXUVZKHQ
XVLQJVKLHOGLQJJDVHVRWKHUWKDQWKRVHFRQVLVWLQJRIDWOHDVWDUJRQDQG
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
DWPHGLXPFXUUHQWVHWWLQJV
3XOVH
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
0RGHRIPHWDOWUDQVIHUVRPHZKDWEHWZHHQVSUD\DQGVKRUWFLUFXLWLQJ7KH
7UDQVIHU
7XUQ3DJHV
VSHFLILFSRZHUVRXUFHKDVEXLOWLQWRLWWZRRXWSXWOHYHOVDVWHDG\EDFNJURXQG
OHYHODQGDKLJKRXWSXWSHDNOHYHO7KHODWHUSHUPLWVWKHWUDQVIHURIPHWDO
DFURVVWKHDUF7KLVSHDNRXWSXWLVFRQWUROODEOHEHWZHHQKLJKDQGORZYDOXHV
XSWRVHYHUDOKXQGUHGF\FOHVSHUVHFRQG7KHUHVXOWRIVXFKDSHDNRXWSXW
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
SURGXFHVDVSUD\DUFEHORZWKHW\SLFDOWUDQVLWLRQFXUUHQW
6KRUW
FLUFXLWLQJ
0RGHRIPHWDOWUDQVIHULQJDVPHWDODUFZHOGLQJDWORZYROWDJHDQGDPSHUDJH
7UDQVIHUWDNHVSODFHHDFKWLPHWKHHOHFWURGHWRXFKHVRUVKRUWFLUFXLWVWRWKH
7UDQVIHU
ZHOGSXGGOHH[WLQJXLVKLQJWKHDUF7KHVKRUWFLUFXLWLQJFXUUHQWFDXVHVWKH
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
HOHFWURGHWRQHFNGRZQPHOWRIIDQGWKHQUHSHDWVWKHF\FOH
7ULPL[RU
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
$VKLHOGLQJJDVFRQVLVWLQJRIDSSUR[LPDWHO\KHOLXPDUJRQDQG
7ULSOH0L[
FDUERQGLR[LGHXVHGSULPDULO\IRUVKRUWFLUFXLWLQJDUFZHOGLQJRI
VWDLQOHVVVWHHOV0DLQWDLQVFRUURVLRQUHVLVWDQFHRIWKHVWDLQOHVVVWHHODQG
SURGXFHVJRRGZHWWLQJDQGH[FHOOHQWZHOGEHDGVKDSH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/(6621,,
(OHFWULFDO
,QDQ\ZHOGLQJSURFHVVXVLQJDVROLGRUIOX[FRUHGZLUHWKHHOHFWULFDOVWLFNRXW
6WLFN2XW
LVWKHGLVWDQFHIURPWKHFRQWDFWWLSWRWKHXQPHOWHGHOHFWURGHHQG6RPHWLPHV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
FDOOHGWKHDPRXQWRIZLUHLQUHVLVWDQFH7KLVGLVWDQFHLQIOXHQFHVPHOWRII
UDWHSHQHWUDWLRQDQGZHOGEHDGVKDSH
*R7R7HVW
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
2XWRI3RVLWLRQ
:HOGV
:HOG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
:HOGVPDGHLQSRVLWLRQVRWKHUWKDQIODWRUKRUL]RQWDOILOOHWV
3ULQW
*ORVVDU\
3RVLWLRQV
)/$7
+25,=217$/),//(7
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
7XUQ3DJHV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
9(57,&$/
29(5+($'
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
+25,=217$/
%877
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
326,7,21('),//(7
)/$7
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/(6621,,
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
&20021(/(&75,&$5&:(/',1*352&(66(6
,1752'8&7,21
*R7R7HVW
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
$IWHUPXFKH[SHULPHQWDWLRQE\RWKHUVLQWKHHDUO\
VDQ(QJOLVKPDQQDPHG:LOGH
REWDLQHGWKHILUVWHOHFWULFZHOGLQJSDWHQWLQ+HVXFFHVVIXOO\MRLQHGWZRVPDOOSLHFHVRI
3ULQW
LURQE\SDVVLQJDQHOHFWULFFXUUHQWWKURXJKERWKSLHFHVSURGXFLQJDIXVLRQZHOG$SSUR[LPDWHO\
WZHQW\\HDUVODWHU%HUQDGRD5XVVLDQZDVJUDQWHGDSDWHQWIRUDQHOHFWULFDUFZHOGLQJ
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
SURFHVVLQZKLFKKHPDLQWDLQHGDQDUFEHWZHHQDFDUERQHOHFWURGHDQGWKHSLHFHVWREH
MRLQHGIXVLQJWKHPHWDOVWRJHWKHUDVWKHDUFZDVPDQXDOO\SDVVHGRYHUWKHMRLQWWREHZHOGHG
*ORVVDU\
'XULQJWKH
VDUFZHOGLQJZDVDFFRPSOLVKHGZLWKEDUHPHWDOHOHFWURGHVWKDW
ZHUHFRQVXPHGLQWKHPROWHQSXGGOHDQGEHFDPHSDUWRIWKHZHOGPHWDO7KHZHOGVZHUHRI
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
SRRUTXDOLW\GXHWRWKHQLWURJHQDQGR[\JHQLQWKHDWPRVSKHUHIRUPLQJKDUPIXOR[LGHVDQG
QLWULGHVLQWKHZHOGPHWDO(DUO\LQWKH7ZHQWLHWK&HQWXU\WKHLPSRUWDQFHRIVKLHOGLQJWKHDUF
IURPWKHDWPRVSKHUHZDVUHDOL]HG&RYHULQJWKHHOHFWURGHZLWKDPDWHULDOWKDWGHFRPSRVHGLQ
WKHKHDWRIWKHDUFWRIRUPDJDVHRXVVKLHOGDSSHDUHGWREHWKHEHVWPHWKRGWRDFFRPSOLVK
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
WKLVHQG$VDUHVXOWYDULRXVPHWKRGVRIFRYHULQJHOHFWURGHVVXFKDVZUDSSLQJDQGGLSSLQJ
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7XUQ3DJHV
ZHUHWULHG7KHVHHIIRUWVFXOPLQDWHGLQWKHH[WUXGHGFRDWHGHOHFWURGHLQWKHPLG
V
JUHDWO\LPSURYLQJWKHTXDOLW\RIWKHZHOGPHWDODQGSURYLGLQJZKDWPDQ\FRQVLGHUWKHPRVW
VLJQLILFDQWDGYDQFHLQHOHFWULFDUFZHOGLQJ
6LQFHZHOGLQJZLWKFRDWHGHOHFWURGHVLVDUDWKHUVORZSURFHGXUHPRUHUDSLG
ZHOGLQJSURFHVVHVZHUHGHYHORSHG7KLVOHVVRQZLOOFRYHUWKHPRUHFRPPRQO\XVHGHOHFWULF
DUFZHOGLQJSURFHVVHVLQXVHWRGD\
6+,(/'('0(7$/$5&:(/',1*
6KLHOGHG0HWDO$UF:HOGLQJ
DOVRNQRZQDVPDQXDOPHWDODUFZHOGLQJVWLFNZHOGLQJRU
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
HOHFWULFDUFZHOGLQJLVWKHPRVWZLGHO\XVHGRIWKHYDULRXVDUFZHOGLQJSURFHVVHV:HOGLQJLV
SHUIRUPHGZLWKWKHKHDWRIDQHOHFWULFDUFWKDWLVPDLQWDLQHGEHWZHHQWKHHQGRIDFRDWHGPHWDO
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
RIWKHZHOGSXGGOHZKHUHLWSURWHFWVWKHZHOGPHWDOIURPWKHDWPRVSKHUHGXULQJVROLGLILFDWLRQ
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
2WKHUIXQFWLRQVRIWKHFRDWLQJDUHWRSURYLGH
DUFVWDELOLW\DQGFRQWUROEHDGVKDSH0RUH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
&2$7,1*
LQIRUPDWLRQRQFRDWLQJIXQFWLRQVZLOOEH
&25(52'
FRYHUHGLQVXEVHTXHQWOHVVRQV
6+,(/',1*
*$6(6
62/,',),('
6/$*
02/7(1
322/
UHDVRQIRUWKHZLGHDFFHSWDQFHRIWKH60$:
SURFHVVLVWKHVLPSOLFLW\RIWKHQHFHVVDU\HTXLSPHQW
3ULQW
:25.3,(&(
6+,(/'('0(7$/$5&:(/',1*
),*85(
*ORVVDU\
7KHHTXLSPHQWFRQVLVWVRIWKHIROORZLQJLWHPV6HH
)LJXUH
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
:HOGLQJSRZHUVRXUFH
(OHFWURGHKROGHU
*URXQGFODPS
:HOGLQJFDEOHVDQGFRQQHFWRUV
$FFHVVRU\HTXLSPHQWFKLSSLQJ
KDPPHUZLUHEUXVK
$&25'&
32:(5
6285&(
(/(&752'(
&$%/(
(/(&752'(
+2/'(5
(/(&752'(
:25.
*5281'
3URWHFWLYHHTXLSPHQWKHOPHWJORYHVHWF
),*85(
7XUQ3DJHV
&$%/(
6+,(/'('0(7$/$5&:(/',1*&,5&8,7
UHODWLYHO\FRQVWDQWWKHZHOGEHDGVSURGXFHGZLOOEHXQLIRUPLQVL]HDQGVKDSH
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
*R7R7HVW
:(/'0(7$/
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
:KHWKHUWRXVHDQ$&'&RU$&'&SRZHUVRXUFHGHSHQGVRQWKHW\SHRIZHOGLQJ
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
WREHGRQHDQGWKHHOHFWURGHVXVHG7KHIROORZLQJIDFWRUVVKRXOGEHFRQVLGHUHG
(OHFWURGH 6HOHFWLRQ 8VLQJD'&SRZHUVRXUFHDOORZVWKHXVHRIDJUHDWHUUDQJH
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
RIHOHFWURGHW\SHV:KLOHPRVWRIWKHHOHFWURGHVDUHGHVLJQHGWREHXVHGRQ$&RU
'&VRPHZLOOZRUNSURSHUO\RQO\RQ'&
0HWDO 7KLFNQHVV '&SRZHUVRXUFHVPD\EHXVHGIRUZHOGLQJERWKKHDY\
VHFWLRQVDQGOLJKWJDXJHZRUN6KHHWPHWDOLVPRUHHDVLO\ZHOGHGZLWK'&
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
EHFDXVHLWLVHDVLHUWRVWULNHDQGPDLQWDLQWKH'&DUFDWORZFXUUHQWV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/(6621,,
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
$&LVWKHEHVWFKRLFHVLQFHWKHYROWDJHGURSWKURXJKWKHFDEOHVLVORZHUWKDQZLWK
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
'&(YHQWKRXJKZHOGLQJFDEOHVDUHPDGHRIFRSSHURUDOXPLQXPERWKJRRG
FRQGXFWRUVWKHUHVLVWDQFHLQWKHFDEOHVEHFRPHVJUHDWHUDVWKHFDEOHOHQJWK
LQFUHDVHV,QRWKHUZRUGVDYROWDJHUHDGLQJWDNHQEHWZHHQWKHHOHFWURGHDQGWKH
ZRUNZLOOEHVRPHZKDWORZHUWKDQDUHDGLQJWDNHQDWWKHRXWSXWWHUPLQDOVRIWKH
*R7R7HVW
SRZHUVRXUFH7KLVLVNQRZQDVYROWDJHGURS
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
3ULQW
ZHOGLQJWKDQ$&$&FDQVXFFHVVIXOO\EHXVHGIRURXWRISRVLWLRQZRUNLISURSHU
HOHFWURGHVDUHVHOHFWHG
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*ORVVDU\
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
EHFDXVHRIWKHUDSLGO\UHYHUVLQJPDJQHWLFILHOGSURGXFHG
&RPELQDWLRQSRZHUVRXUFHVWKDWSURGXFHERWK$&DQG'&DUHDYDLODEOHDQG
SURYLGHWKHYHUVDWLOLW\QHFHVVDU\WRVHOHFWWKHSURSHUZHOGLQJFXUUHQWIRUWKHDSSOLFDWLRQ
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
7XUQ3DJHV
:KHQXVLQJD'&SRZHUVRXUFHWKHTXHVWLRQRIZKHWKHUWRXVHHOHFWURGHQHJDWLYH
RUSRVLWLYHSRODULW\DULVHV6RPHHOHFWURGHVRSHUDWHRQERWK'&VWUDLJKWDQGUHYHUVHSRODULW\
DQGRWKHUVRQ'&QHJDWLYHRU'&SRVLWLYHSRODULW\RQO\'LUHFWFXUUHQWIORZVLQRQHGLUHFWLRQLQ
DQHOHFWULFDOFLUFXLWDQGWKHGLUHFWLRQRIFXUUHQWIORZDQGWKHFRPSRVLWLRQRIWKHHOHFWURGH
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
FRDWLQJZLOOKDYHDGHILQLWHHIIHFWRQWKHZHOGLQJDUFDQGZHOGEHDG)LJXUHVKRZVWKH
FRQQHFWLRQVDQGHIIHFWVRIVWUDLJKWDQGUHYHUVHSRODULW\
(OHFWURGHQHJDWLYHSURGXFHVZHOGVZLWKVKDOORZSHQHWUDWLRQKRZHYHUWKH
HOHFWURGHPHOWRIIUDWHLVKLJK7KHZHOGEHDGLVUDWKHUZLGHDQGVKDOORZDVVKRZQDW$ LQ
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
)LJXUH(OHFWURGH
SRVLWLYH
SURGXFHVZHOGVZLWK
GHHSSHQHWUDWLRQ
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
DQGDQDUURZHUZHOG
'&
32:(56285&(
+,*+(5%8512))5$7(
/(663(1(75$7,21
'&
32:(56285&(
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
'((33(1(75$7,21
/2:%8512))5$7(
(/(&752'(
(/(&752'(
EHDGDVVKRZQDW
%LQ)LJXUH
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
:25.3,(&(
675$,*+732/$5,7<
:25.3,(&(
5(9(56(32/$5,7<
),*85(
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
:KLOHSRODULW\DIIHFWVWKHSHQHWUDWLRQDQGEXUQRIIUDWHWKHHOHFWURGHFRDWLQJDOVR
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
KDVDVWURQJLQIOXHQFHRQDUFFKDUDFWHULVWLFV3HUIRUPDQFHRILQGLYLGXDOHOHFWURGHVZLOOEH
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
GLVFXVVHGLQVXFFHHGLQJOHVVRQV
ZHOGSXGGOHDVLWLVFRQVXPHG(OHFWURGHKROGHUVDUHDYDLODEOHLQGLIIHUHQWVL]HVDQGDUHUDWHG
3ULQW
RQWKHLUFXUUHQWFDUU\LQJFDSDFLW\
SLHFH,WPD\EHFRQQHFWHGGLUHFWO\WRWKHZRUNRUWRWKHWDEOHRUIL[WXUHXSRQZKLFKWKHZRUNLV
*ORVVDU\
SRVLWLRQHG%HLQJDSDUWRIWKHZHOGLQJFLUFXLWWKHJURXQGFODPSPXVWEHFDSDEOHRIFDUU\LQJ
WKHZHOGLQJFXUUHQWZLWKRXWRYHUKHDWLQJGXHWRHOHFWULFDOUHVLVWDQFH
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
*R7R7HVW
RYHUWKHZHOGMRLQWDQGIHHGWKHHOHFWURGHRYHUWKHZHOGMRLQWDQGIHHGWKHHOHFWURGHLQWRWKH
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
GXFWVWKHZHOGLQJFXUUHQWWRWKHHOHFWURGH7KHLQVXODWHGKDQGOHLVXVHGWRJXLGHWKHHOHFWURGH
WKHZHOGLQJFLUFXLW7KH\PXVWEHYHU\IOH[LEOHDQGKDYHDWRXJKKHDWUHVLVWDQWLQVXODWLRQ
&RQQHFWLRQVDWWKHHOHFWURGHKROGHUWKHJURXQGFODPSDQGDWWKHSRZHUVRXUFHOXJVPXVWEH
VROGHUHGRUZHOOFULPSHGWRDVVXUHORZHOHFWULFDOUHVLVWDQFH7KHFURVVVHFWLRQDODUHDRIWKH
FDEOHPXVWEHVXIILFLHQWVL]HWRFDUU\WKHZHOGLQJFXUUHQWZLWKDPLQLPXPRIYROWDJHGURS
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
7XUQ3DJHV
,QFUHDVLQJWKHFDEOHOHQJWKQHFHVVLWDWHVLQFUHDVLQJWKHFDEOHGLDPHWHUWROHVVHQUHVLVWDQFH
DQGYROWDJHGURS7KHWDEOHLQ)LJXUHOLVWVWKHVXJJHVWHG$PHULFDQ:LUH*DXJH$:*
FDEOHVL]HWREHXVHGIRUYDULRXVZHOGLQJFXUUHQWVDQGFDEOHOHQJWKV
:HOGLQJ
6HUYLFH
5DQJH
$PSHUHV
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
7RWDO&DEOH/HQJWK*URXQG/HDG3OXV(OHFWURGH/HDG
8SWRIW
&DEOH
9ROWDJH
6L]H
'URS
WR
WR
WR
WR
WR
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
8SWRIW
&DEOH
9ROWDJH
6L]H
'URS
8SWRIW
&DEOH
9ROWDJH
6L]H
'URS
8SWRIW
&DEOH
9ROWDJH
6L]H
'URS
9ROWDJH
'URS
)LJXUHG
$W
$PSV
$PSV
$PSV
$PSV
$PSV
9ROWDJHGURSVLQGLFDWHGGRQRWLQFOXGHDQ\GURSFDXVHGE\SRRUFRQQHFWLRQHOHFWURGHKROGHURUZRUNPHWDO
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
),*85(
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
PHWDODUFZHOGLQJ(OHFWURGHVXVHGIRUZHOGLQJPLOGRUFDUERQVWHHOVDUHTXLWHGLIIHUHQWWKDQ
WKRVHXVHGIRUZHOGLQJWKHORZDOOR\VDQGVWDLQOHVVVWHHOV'HWDLOVRQWKHVSHFLILFW\SHVZLOOEH
FRYHUHGLQVXEVHTXHQWOHVVRQV
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
*DV7XQJVWHQ$UF:HOGLQJ
LVDZHOGLQJSURFHVVSHUIRUPHGXVLQJWKHKHDWRIDQDUF
HVWDEOLVKHGEHWZHHQDQRQFRQVXPDEOHWXQJVWHQHOHFWURGHDQGWKHZRUNSLHFH6HH)LJXUH
7KHHOHFWURGHWKHDUFDQGWKHDUHDVXUURXQGLQJWKHPROWHQZHOGSXGGOHDUHSURWHFWHGIURP
WKHDWPRVSKHUHE\DQLQHUWJDVVKLHOG7KHHOHFWURGHLVQRWFRQVXPHGLQWKHZHOGSXGGOHDVLQ
QHFHVVDU\LWLVDGGHGWRWKHOHDGLQJ
WKHPROWHQSXGGOHDVVKRZQLQ
*ORVVDU\
QRVODJLVSURGXFHGWKHFKDQFH
781*67(1
(/(&752'(
LQFOXVLRQVLQWKHZHOGPHWDOLV
DQGWKHILQLVKHGZHOGUHTXLUHV
6+,(/',1**$6
12==/(
$5&
DQG+HOLXPWKHSULPDU\
VKLHOGLQJJDVHVHPSOR\HG
DUHLQHUWJDVHV,QHUWJDVHV
ZLWKRWKHUHOHPHQWVDQG
),//(5
0(7$/
WKHUHIRUHDUHXVHGWRH[FOXGH
,1(57*$6
6+,(/'
*$6781*67(1$5&:(/',1*
),*85(
EHGHWULPHQWDOWRWKHZHOGPHWDO
*DVWXQJVWHQDUFZHOGLQJPD\EHXVHGIRUZHOGLQJDOPRVWDOOPHWDOVPLOGVWHHO
ORZDOOR\VVWDLQOHVVVWHHOFRSSHUDQGFRSSHUDOOR\VDOXPLQXPDQGDOXPLQXPDOOR\VQLFNHO
DQGQLFNHODOOR\VPDJQHVLXPDQGPDJQHVLXPDOOR\VWLWDQLXPDQGRWKHUV7KLVSURFHVVLV
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
7XUQ3DJHV
:25.3,(&(
WKHUHDFWLYHJDVHVVXFKDVR[\JHQDQG
QLWURJHQIURPIRUPLQJFRPSRXQGVWKDWFRXOG
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
725&+
*DVWXQJVWHQDUFZHOGLQJ
SURGXFHVH[FHSWLRQDOO\FOHDQZHOGV
GRQRWFKHPLFDOO\FRPELQH
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
3ULQW
75$9(/
',5(&7,21
YLUWXDOO\QRFOHDQLQJ$UJRQ
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
*R7R7HVW
VKLHOGHGPHWDODUFZHOGLQJ,IDILOOHUPHWDOLV
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
*$6781*67(1$5&:(/',1*
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
PRVWH[WHQVLYHO\XVHGIRUZHOGLQJDOXPLQXPDQGVWDLQOHVVVWHHODOOR\VZKHUHZHOGLQWHJULW\LVRI
WKHXWPRVWLPSRUWDQFH$QRWKHUXVHLVIRUWKHURRWSDVVLQLWLDOSDVVLQSLSHZHOGLQJZKLFK
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
UHTXLUHVDZHOGRIWKHKLJKHVWTXDOLW\)XOOSHQHWUDWLRQZLWKRXWDQH[FHVVLYHO\KLJKLQVLGHEHDG
LVLPSRUWDQWLQWKHURRWSDVVDQGGXHWRWKHHDVHRIFXUUHQWFRQWURORIWKLVSURFHVVLWOHQGV
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
LWVHOIWRFRQWURORIEDFNEHDGVL]H)RUKLJKTXDOLW\ZHOGVLWLVXVXDOO\QHFHVVDU\WRSURYLGHDQ
LQHUWVKLHOGLQJJDVLQVLGHWKHSLSHWRSUHYHQWR[LGDWLRQRIWKHLQVLGHZHOGEHDG
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP
/HVVRQ
7KH%DVLFVRI$UF
:HOGLQJ
/HVVRQ&RPPRQ(OHFWULF$UF:HOGLQJ3URFHVVHV
/(6621,,
*DVWXQJVWHQDUFZHOGLQJOHQGVLWVHOIWRERWKPDQXDODQGDXWRPDWLFRSHUDWLRQ,Q
&XUUHQW
&KDSWHU
7DEOHRI
&RQWHQWV
PDQXDORSHUDWLRQWKHZHOGHUKROGVWKHWRUFKLQRQHKDQGDQGGLUHFWVWKHDUFLQWRWKHZHOGMRLQW
/HVVRQ
&RPPRQ(OHFWULF
$UF:HOGLQJ
3URFHVVHV
7KHILOOHUPHWDOLVIHGPDQXDOO\LQWRWKHOHDGLQJHGJHRIWKHSXGGOH,QDXWRPDWLFDSSOLFDWLRQV
WKHWRUFKPD\EHDXWRPDWLFDOO\PRYHGRYHUDVWDWLRQDU\ZRUNSLHFHRUWKHWRUFKPD\EH
VWDWLRQDU\ZLWKWKHZRUNPRYHGRUURWDWHGLQUHODWLRQWRWKHWRUFK)LOOHUPHWDOLIUHTXLUHGLV
DOVRIHGDXWRPDWLFDOO\
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ
0LOG6WHHOV
*R7R7HVW
ZLWKUHODWLYHO\VLPSOHHTXLSPHQWRULWPD\UHTXLUHVRPHKLJKO\VRSKLVWLFDWHGFRPSRQHQWV
&KRLFHRIHTXLSPHQWGHSHQGVXSRQWKHW\SHRIPHWDOEHLQJMRLQHGWKHSRVLWLRQRIWKHZHOG
EHLQJPDGHDQGWKHTXDOLW\RIWKHZHOGPHWDOQHFHVVDU\IRUWKHDSSOLFDWLRQ7KHEDVLFHTXLS
/HVVRQ
&RYHUHG(OHFWURGHV
IRU:HOGLQJ/RZ$OOR\
6WHHOV
/HVVRQ
:HOGLQJ)LOOHU0HWDOV
IRU6WDLQOHVV6WHHOV
/HVVRQ
&DUERQ /RZ$OOR\
6WHHO)LOOHU0HWDOV
*0$:*7$:6$:
/HVVRQ
)OX[&RUHG$UF
(OHFWURGHV&DUERQ
/RZ$OOR\6WHHOV
PHQWFRQVLVWVRIWKHIROORZLQJ
*ORVVDU\
7KHSRZHUVRXUFH
(OHFWURGHKROGHUWRUFK
6KLHOGLQJJDV
7XQJVWHQHOHFWURGH
:DWHUVXSSO\ZKHQQHFHVVDU\
*URXQGFDEOH
3URWHFWLYHHTXLSPHQW
7XUQ3DJHV
)LJXUHVKRZVDEDVLFJDVWXQJVWHQDUFZHOGLQJVFKHPDWLF
5(*8/$725
)/2:0(7(5
6HDUFK
&KDSWHU
)DVWHU
'RZQORDG
*$6+26(:$7(5&22/('21/<
725&+
*$6&22/('21/<
&20326,7(&$%/(
:(/',1*&$%/(
:$7(5&22/(5
/HVVRQ
+DUGVXUIDFLQJ
(OHFWURGHV
:25.
32:(5
6285&(
/HVVRQ
(VWLPDWLQJ
&RPSDULQJ:HOG
0HWDO&RVWV
&20326,7(&$%/(
*$6&22/('725&+
&855(17,1 *$6,1
:$7(5
72
725&+
:$7(5
)520
725&+
6HDUFK
'RFXPHQW
6ORZHU
'RZQORDG
:$7(5&22/('725&+
&855(17,1 :$7(5287
*5281'&$%/(
6+,(/',1*
*$66833/<
*$6781*67(1$5&:(/',1*&211(&7,216&+(0$7,&
),*85(
/HVVRQ
5HOLDELOLW\RI:HOGLQJ
)LOOHU0HWDOV
&23<5,*+77+((6$%*5283,1&
KWWSZZZHVDEQDFRPHXZHEDZWFOHVVRQBKWP