0 Page 2 Page 3

0 downloads 0 Views 8MB Size Report
3.3 BlocN Diagram of Fault Detection Circuit. 7 ... Metal Oxide Variastor .... IC555 timers are used for handling short ... A fault in a circuit is a failure that interferes with the ... in between the lines to create the manual fault which are Line-to-Line.


                                               

             

     !                " "                 !   

           #     $!% & # %$' #"%   ($) *+," $-  !     .//         0  

              



              

        

        

 !" # $

         

                                                                                                                             !"#$       %  "

! &      ' &    (  )*!  &

" " *)+,-!  

  

  ./    &  0  1,)+  2   3 & (    2 1,)4 %   "

 !  &       ' &   (     " " 1,)4

$8720$7,&)$8/7'(7(&7,21$1'3527(&7,21 2)7+5((3+$6(,1'8&7,2102725 3URI$QLO7HNDOH3URI6ZDSQD*RG3URI$VKZLQLNXPDU

ŝ

&RQWHQWV









$EVWUDFW

L

/LVWRI$EULYDWLRQ

LL

/LVWRI)LJXUHV

LLL

/LVWRI7DEOHV

LY

/LVWRI3KRWRJUDSKV

Y

,QWURGXFWLRQ



,QWURGXFWLRQ



1HFHVVLW\



+LVWRU\



 2EMHFWLYH



1HHG



/LWHUDWXUH6XUYH\



,QWURGXFWLRQ



/LWHUDWXUH6XUYH\RQ)DXOWV



/LWHUDWXUH6XUYH\RQ3URWHFWLRQ



7KUHH3KDVH)DXOW$QDO\VLV



,QWURGXFWLRQ



%ORFN'LDJUDPRI 7KUHH3KDVH)DXOW$QDO\VLV %ORFN'LDJUDPRI)DXOW'HWHFWLRQ&LUFXLW

 

%ORFN 'LDJUDP RI/RDG&RQWUROOHU



&RQWURO3RZHU6XSSO\&LUFXLW'LDJUDPDQG3&%



&XUUHQW6HQVLQJ&LUFXLW'LDJUDPDQG3&%



5HOD\0RGXOH



'HVFULSWLRQRI&RPSRQHQWV



,QWURGXFWLRQ



,QGXFWLRQ0RWRU

 

,QWURGXFWLRQ ŝŝ

 &RQVWUXFWLRQ 6WDWRU

 

5RWRU 3,& &RQWUROOHU)XQFWLRQDO3LQ'HVFULSWLRQ  32575HJLVWHU



 /&'



 &XUUHQW7UDQVIRUPHU



3RWHQWLDO7UDQVIRUPHU



'LRGH



7KH)XOO:DYH%ULGJH5HFWLILHU



 7UDQVLVWRU



7UDQVLVWRUDV6ZLWFK



 5HVLVWRU



 (OHFWURO\WLF&DSDFLWRUV



 9ROWDJH5HJXODWRU



 /LJKW(PLWWLQJ'LRGH



)XQFWLRQ



&DOFXODWLQJD/('5HVLVWRU9DOXH



 5HOD\



 0&%



:RUNLQJ3ULQFLSOH 





3,&5HJLVWHUV ,QWURGXFWLRQ

 

3,&$QDORJWR'LJLWDO&RQYHUWHU





)ORZFKDUW





5HVXOWV



8QGHU1RUPDO&RQGLWLRQ



8QGHU)DXOW&RQGLWLRQ



ŝŝŝ





$GYDQWDJHVDQG'LVDGYDQWDJHV



$GYDQWDJHV



 'LVDGYDQWDJHV



&RQFOXVLRQDQG)XWXUH6FRSH



&RQFOXVLRQ



)XWXUH6FRSH



5HIHUHQFHV



$QQH[XUH

ŝǀ

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



$OWKRXJK DXWR UHFORVLQJ VXFFHVV UDWHV YDU\ IURP RQH FRPSDQ\ WR DQRWKHULWLVFOHDUWKDWWKHPDMRULW\RIIDXOWVFDQEHVXFFHVVIXOO\FOHDUHGE\WKH SURSHU XVH RI WULSSLQJ DQG DXWR UHFORVLQJ 7KLV GHHQHUJL]HV WKH OLQH ORQJ HQRXJK IRU WKH IDXOW VRXUFH WR SDVV DQG WKH IDXOW DUF WR GHHQHUJL]H WKHQ ǀ 

DXWRPDWLFDOO\ UHFORVHV WKH OLQH WR UHVWRUH VHUYLFH 7KXV DXWR UHFORVLQJ FDQ VLJQLILFDQWO\UHGXFHWKHRXWDJHWLPHGXHWRIDXOWVDQGSURYLGHDKLJKHUOHYHORI VHUYLFH FRQWLQXLW\ WR WKH FXVWRPHU )XUWKHUPRUH VXFFHVVIXO KLJKVSHHG UHFORVLQJDXWRUHFORVLQJRQWUDQVPLVVLRQFLUFXLWVFDQEHDPDMRUIDFWRUZKHQ DWWHPSWLQJWRPDLQWDLQV\VWHPVWDELOLW\)RUWKRVHIDXOWVWKDWDUHSHUPDQHQW DXWRUHFORVLQJZLOOUHFORVHWKHFLUFXLWLQWRDIDXOWWKDWKDVQRWEHHQFOHDUHG

ǀŝ

/,672)$%%5(9$7,216  $&'& $OWHUQDWLQJ&XUUHQW'LUHFW&XUUHQW $'&

$QDORJWR'LJLWDO&RQYHUWHU

$1$1 $QDORJWR'LJLWDO&RQYHUWHU&KDQQHOIURP %

%OXH

&38 &HQWUDO3URFHVVLQJ8QLW &7

&XUUHQW7UDQVIRUPHU

(0)

(OHFWURPRWLYH)RUFH

((3520

(OHFWULFDOO\(UDVDEOH3URJUDPPDEOH5HDG2QO\0HPRU\

,2

,QSXW2XWSXW

/&'

/LTXLG&U\VWDO'LVSOD\

/('

/LJKW(PLWWLQJ'LRGH

/7

/RZ7HQVLRQ

029

0HWDO2[LGH9DULDVWRU

3&%

3ULQWHG&LUFXLW%RDUG

3,&

KHUDO,QWHUIDFH&RQWUROOHU

3+

3KDVH

37

3RWHQWLDO7UDQVIRUPHU

5

5HG

@ WKLVSDSHUWRGHYHORSDQDXWRPDWLFWULSSLQJPHFKDQLVPIRUWKHWKUHH SKDVHVXSSO\V\VWHP7KHSURMHFWRXWSXWUHVHWVDXWRPDWLFDOO\DIWHUDEULHILQWHUUXSWLRQLQ WKHHYHQWWHPSRUDU\IDXOWZKLOHLWUHPDLQVLQWULSSHGFRQGLWLRQ LQFDVHRISHUPDQHQWIDXOW 7KHHOHFWULFDOVXEVWDWLRQZKLFKVXSSO\WKHSRZHUWRWKHFRQVXPHUVKDYHIDLOXUHVGXHWR VRPHIDXOWVZKLFKFDQEHWHPSRUDU\RUSHUPDQHQW ,&WLPHUVDUHXVHGIRUKDQGOLQJVKRUW GXUDWLRQDQGORQJGXUDWLRQIDXOWFRQGLWLRQV



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



&KDSWHU  /,7(5$785(6859(< ,QWURGXFWLRQ 7KH QHHG RI GHYHORSLQJ VXFK DQ DXWR FRUUHFWLQJ DQG SURWHFWLQJ PHFKDQLVP LV HVVHQWLDOWRSUHYHQWWKHHTXLSPHQW¶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¶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¶V FDUU\LQJQRUPDO ORDG FXUUHQWV DQG WKH EXV YROWDJHV ZLWKLQ WKH SUHVFULEHG OLPLWV 7KLV FRQGLWLRQ FDQ EH GLVUXSWHGGXHWRDIDXOWLQWKHV\VWHP$IDXOWLQDFLUFXLWLVDIDLOXUHWKDW LQWHUIHUHVZLWKWKH QRUPDOIORZRIFXUUHQW$VKRUWFLUFXLWIDXOWRFFXUVZKHQWKHLQVXODWLRQRIWKHV\VWHPIDLOV UHVXOWLQJ LQORZLPSHGDQFHSDWKHLWKHUEHWZHHQSKDVHVRUSKDVH V WRJURXQG7KLVFDXVHV H[FHVVLYHO\ KLJK FXUUHQWV WR IORZ LQ WKH FLUFXLW UHTXLULQJ WKH RSHUDWLRQ RI SURWHFWLYH HTXLSPHQW¶V WRSUHYHQWGDPDJH WRHTXLSPHQW  /LWHUDWXUH6XUYH\RQ3URWHFWLRQ ³Over Current Protection Relay Using PIC Microcontroller´ >@ H[SODLQVDQ2YHU &XUUHQW5HOD\LVDW\SHRISURWHFWLYHUHOD\ZKLFKRSHUDWHVZKHQFXUUHQWH[FHHGVDSUHVHW YDOXH,QDW\SLFDODSSOLFDWLRQWKHRYHUFXUUHQWUHOD\LVXVHGIRURYHUFXUUHQWSURWHFWLRQ 

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



&KDSWHU 7KUHH3KDVH)DXOW$QDO\VLV ,QWURGXFWLRQ 7KHUHLV RQHFRQWUROOHULVXVHGWRGHWHFWWKHIDXOWDQGGLVSOD\WKHPHVVDJHRQWKH /&'GLVSOD\DVZHOODVZKHQWHPSRUDU\IDXOWLVFOHDUHGWKHQYROWDJHVKRXOGEHJUDGXDOO\ LQFUHDVHGZKLFKLVVKRZQRQ/&'GLVSOD\,QWKLVFKDSWHUEORFNGLDJUDPRIIDXOWGHWHFWLRQ FLUFXLW DQG ORDG FRQWUROOHU DUH GLVFXVVHG DOVR LW FRQWDLQV VFKHPDWLF GLDJUDPV RI FXUUHQW VHQVLQJFLUFXLWFRQWUROSRZHUVXSSO\DQGUHOD\PRGXOH$OVRLWFRQWDLQVSKRWRJUDSKVRI VDPH3&%¶V3KRWRJUDSKVKRZVWKHFRPSOHWHSURMHFWYLHZ %ORFN'LDJUDPRI 7KUHH3KDVH)DXOW$QDO\VLV

,QWKLVDXWRPDWLFIDXOWGHWHFWLRQ DQGSURWHFWLRQ V\VWHPWKUHHSKDVHDXWRWUDQVIRUPHU LVXVHGWRJLYHWKHVXSSO\YROWDJHWRWKHLQGXFWLRQPRWRU7RUHGXFHWKHYROWDJHOHYHOWKHUH LVYROWDJHGLYLGHUFLUFXLWU\LVDSSOLHGDQGLQSXWUHTXLUHGWRPLFURFRQWUROOHUVKRXOGEH'& >@>@ KHQFHWKHUHLVUHFWLILHUFLUFXLWLVXVHGWRFRQYHUW$&WR'& 6ZLWFKHVDUHFRQQHFWHG LQEHWZHHQWKHOLQHVWRFUHDWHWKHPDQXDOIDXOWZKLFKDUH/LQHWR/LQH

3KRWRJUDSK3URMHFW,PDJH



 %ORFN'LDJUDPRI)DXOW'HWHFWLRQ&LUFXLW 7KH EORFNGLDJUDP RIIDXOWGHWHFWLRQFLUFXLW FRQWDLQVYDULRXV EORFNV OLNH3,&) 5SKYROWDJHVHQVRU5SKDVHFXUUHQWVHQVRU/&'HWF DVVKRZQLQ)LJXUH 7KHORDG FXUUHQWZLOOEHPHDVXUHGE\WKHFXUUHQWWUDQVIRUPHUZKLFKLVJLYHQWRWKHFXUUHQWVHQVLQJ FLUFXLWZKLFKZLOOFRQYHUWWKHDPSHUHDFFXUUHQWWR9GFDQGJLYHQWRWKH$1$1 DQG $1FKDQQHOVRI$'&RI3,&) $OO WKH SURFHVVHG YDOXHV DUH FRPSDUHG ZLWK SUHGHWHUPLQHG VWDQGDUG OLPLWV DQG GLVSOD\WKHPHDVXUHGYDOXHRQWKH/&'GLVSOD\,IWKHPHDVXUHGYDOXHZLOOQRWEHZLWKLQ WKHOLPLWWKHQ LWZLOOGLVSOD\WKHIDXOWRQ/&'DVZHOODVGLVFRQQHFWWKH,QGXFWLRQPRWRU

)LJXUH%ORFN'LDJUDPRI)DXOW'HWHFWLRQ&LUFXLW

 %ORFN'LDJUDPRI/RDG&RQWUROOHU 7KLV LV XVHG WR FRQWURO WKH ORDGV DFFRUGLQJ WR WKH SULRULW\ RI WKH FXVWRPHU¶V XVHV ZLWKLQWKHLUWLPH OLPLW7KHVDPHWKUHHFXUUHQWVHQVRUVRXWSXWV DUHJLYHQWRWKH$'&RI 3,&) FRQWUROOHUZKLFKZLOOVHQVHWKHORDGFXUUHQWDQGLWLVJLYHQWRWKH$'&RIWKH 3,&)DVVKRZQLQ)LJXUH :KHQ WKH PRWRU LV LQ UXQQLQJ FRQGLWLRQ WKHQ WKHUH LV QRUPDO FXUUHQW WKURXJK WKH FLUFXLWEXWDIWHUWKHVKRUWFLUFXLWIDXOWWKLVFXUUHQWEHFRPHVKLJKHUWKDQQRUPDOFXUUHQW$W 

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

)LJXUH%ORFN'LDJUDPRI/RDG&RQWUROOHU

 &RQWURO 3RZHU6XSSO\ &LUFXLW'LDJUDP DQG3&% $ WKUHHSKDVHUHFWLILHUXVHGWRFRQYHUWDFVXSSO\WRWKHGFLQWZRGLIIHUHQWYROWDJH

OHYHOVRI9DQG 9 DVVKRZQLQ)LJXUH$WKUHHSKDVHVWDUGHOWDWUDQVIRUPHULVXVHG WRFRQYHUW99&DSDFLWRUILOWHULVXVHGWRUHPRYHWKHULSSOHVIURPWKHUHFWLILHGRXWSXW RIWKHUHFWLILHU029VDUHXVHGWRSURWHFWWUDQVIRUPHUZLQGLQJIURPRYHUYROWDJH7KHIL[HG YROWDJHUHJXODWRUVDQG DUHXVHGWRFRQYHUWWKHUHFWLILHURXWSXWRIWKHUHFWLILHUWR IL[HG9GFDQG 9GF 3KRWRJUDSKVKRZV9DQG9'&3RZHU6XSSO\&LUFXLW 3&%



)LJXUH9DQG9'&3RZHU6XSSO\&LUFXLW

3KRWRJUDSK9DQG9'&3RZHU6XSSO\&LUFXLW3&%

&XUUHQW6HQVLQJ&LUFXLW'LDJUDP DQG3&% %\XVLQJWKLVFLUFXLW ZHFDQFRQYHUWWKHORDGFXUUHQWLQWRWKH9GFDVVKRZQLQ )LJXUH7RVWHSGRZQWKHFXUUHQWZHFDQXVHWKHFXUUHQWWUDQVIRUPHUZKLFKVHFRQGDU\ FXUUHQW LV $ &7 VHFRQGDU\ LV FRQQHFWHG WR WKH EULGJH UHFWLILHU DFURVV ZKLFK D RKP UHVLVWRULVFRQQHFWHG:KHQ$FXUUHQWIORZVWKURXJKWKHFLUFXLWD9GURSZLOOEHDFURVV 

WKHRKPUHVLVWRU$FDSDFLWRULVXVHGDVDILOWHU7KHUHTXLUHGYROWDJHLVDGMXVWHGDFURVVWKH UHVLVWRU5E\VHWWLQJWKHSUHVHW533KRWRJUDSK VKRZV &XUUHQW6HQVLQJ&LUFXLW3&% DQG5HVLVWRU0RXQWLQJ$UUDQJHPHQW

Ő

)LJXUH&XUUHQW6HQVLQJ&LUFXLW'LDJUDP

3KRWRJUDSK&XUUHQW6HQVLQJ&LUFXLW3&%DQG5HVLVWRU0RXQWLQJ$UUDQJHPHQW



5HOD\0RGXOH 7KHRXWSXWRIWKH 3,&)LVJLYHQWRWKHWKUHHUHOD\VZKLFKDUHDOUHDG\KDYLQJ 9VXSSO\IURPWKHSRZHUVXSSO\FLUFXLWDQGHDFKUHOD\¶V1&WHUPLQDOFRQQHFWHGWRWKH VXSSO\ YROWDJH DQW FRPPRQ WHUPLQDO LV FRQQHFWHG WR WKH ORDG LH WKUHH SKDVH LQGXFWLRQ PRWRU:KHQWKHUH LVFKDQJHLQGLJLWDOYDOXHVRIDQ\$'&FKDQQHOWKHQWKHUHOD\JHWVWULS DQGUHOD\PRGXOHLVVKRZQEHORZLQ)LJXUH:LULQJDUUDQJHPHQWDQGPRXQWLQJRQ 3&%LVVKRZQLQ3KRWRJUDSK

3KRWRJUDSK5HOD\0RGXOH3&%



&KDSWHU  '(6&5,37,212)&20321(176 ,QWURGXFWLRQ ,QWKLVSURMHFWZHDUHJRLQJWRXVHIROORZLQJFRPSRQHQWVKHUH ZHWDNHDRQHWKUHH SKDVHKDOI+3LQGXFWLRQPRWRUDOVRIRUJLYLQJWKHVXSSO\YROWDJHWRWKHPRWRUZHXVHWKUHH SKDVH DXWRWUDQVIRUPHU ZKLFK JLYHV YROWDJH PDQXDOO\ 3URMHFW FRQWDLQV PLVFHOODQHRXV FRPSRQHQWV OLNH 3,&) GLRGH UHOD\V UHVLVWRUV /('¶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

)LJXUH,QGXFWLRQ0DFKLQH&RQVWUXFWLRQ



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¶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

3KRWRJUDSK,QGXFWLRQ0DFKLQH

3,&&RQWUROOHU)XQFWLRQDO3LQ'HVFULSWLRQ 3,& VWDQGV IRU 3HULSKHUDO ,QWHUIDFH &RQWUROOHU JLYHQ E\ 0LFURFKLS 7HFKQRORJ\ WR LGHQWLI\LWVVLQJOHFKLSPLFURFRQWUROOHUV7KHVHGHYLFHVKDYHEHHQYHU\VXFFHVVIXO LQELW 

PLFURFRQWUROOHUV)ROORZLQJLV WKHIXQFWLRQDO SLQGHVFULSWLRQRI3,&)DV VKRZQLQ )LJXUH>@>@

)LJXUH3LQ2XWRI3,&)

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

3LQ

3LQ1DPH

1R

,2

'HVFULSWLRQV

7\SH MCLR 933



MCLR

,

0DVWHU&OHDU 5HVHW LQSXW7KLVSLQLVDQDFWLYH ORZ5HVHWWRWKHGHYLFH 

933

,

3URJUDPPLQJYROWDJHLQSXW

5$

,2

'LJLWDO,2

$1

,

$QDORJLQSXW

5$

,2

'LJLWDO,2

$1

,

$QDORJLQSXW

&95()

,2

'LJLWDO,2

5$

,

$QDORJLQSXW

$1

,

$'UHIHUHQFHYROWDJH /RZ LQSXW

95()

2

&RPSDUDWRU95()RXWSXW

5$

,2

'LJLWDO,2

$1

,

$QDORJLQSXW

95()

,

$'UHIHUHQFHYROWDJH +LJK LQSXW

5$

,2

'LJLWDO,2

7&.,

,

7LPHUH[WHUQDOFORFNLQSXW

&287

2

&RPSDUDWRURXWSXW

5$

,2

'LJLWDO,2

$1

,

$QDORJLQSXW

66

,

63,VODYHVHOHFWLQSXW

&287

2

&RPSDUDWRURXWSXW

5(

,2

'LJLWDO,2

5'

,

5HDGFRQWUROIRU3DUDOOHO6ODYH3RUW

$1

,

$QDORJLQSXW

5(

,2

'LJLWDO,2

:5

,

:ULWHFRQWUROIRU3DUDOOHO6ODYH3RUW

5$$1 

5$$1  

5$$195()

&95() 5$$195() 









5$7&.,&287

5$$166&287

5(5'$1

5(:5$1



$1 

,

$QDORJ LQSXW

5(

,2

'LJLWDO,2

&6

,

&KLSVHOHFWFRQWUROIRU3DUDOOHO6ODYH3RUW

$1

,

$QDORJLQSXW

5(&6$1



9''



966

3RVLWLYHVXSSO\IRUORJLFDQG,2SLQV 3RZHU *URXQGUHIHUHQFHIRUORJLFDQG,2SLQV 3RZHU



26&&/., 26&

,

2VFLOODWRUFU\VWDOLQSXWRUH[WHUQDOFORFNVRXUFH ,3 2VFLOODWRU &RQQHFWLRQ LQ FU\VWDO RVFLOODWRU PRGH

&/.,

,

([WHUQDO



26&&/.2

2

26&

FORFN

VRXUFH

2VFLOODWRU FU\VWDO RXWSXW DW WK WKH 26& IUHTXHQF\LQ5&PRGH

26&DOVRXVHFU\VWDOSLQLQFU\VWDOPRGH



LQSXW

5&72627&., 5&

,2

'LJLWDO,2

7262

2

7LPHURVFLOODWRURXWSXW 

7&., 

,

7LPHUH[WHUQDOFORFNLQSXW

5&

,2

'LJLWDO,2

726,

,

7LPHURVFLOODWRULQSXW

&&3

,2

&&3 SLQ  &DSWXUH LQSXW &RPSDUH RXWSXW

5&726,&&3

3:0RXWSXW 

5&&&3 5&

,2

'LJLWDO,2

&&3

,2

&&3 SLQ  &DSWXUH LQSXW &RPSDUH RXWSXW 3:0RXWSXW



5&6&.6&/ 5&

,2

'LJLWDO,2

6&.

,2

6\QFKURQRXVVHULDOFORFNLQSXWRXWSXWIRU63,

6&/

,2

0RGH 6\QFKURQRXVVHULDOFORFNLQSXWRXWSXWIRU,& 0RGH 





5'363 5'

,2

'LJLWDO,2

363

,2

3DUDOOHO6ODYH3RUWGDWD

5'

,2

'LJLWDO,2

363

,2

3DUDOOHO6ODYH3RUWGDWD

5'

,2

'LJLWDO,2

363

,2

3DUDOOHO6ODYH3RUWGDWD

5'

,2

'LJLWDO,2

363

,2

3DUDOOHO6ODYH3RUWGDWD

5&

,2

'LJLWDO,2

6',

,

63,GDWDLQ

6'$

,2

,&GDWD,2

5'363

5'363

5'363  



5&6',6'$

5&6'2 















5&

,2

'LJLWDO,2

6'2

2

63,GDWDRXW

5&

,2

'LJLWDO,2

7;

2

86$57DV\QFKURQRXVWUDQVPLW

&.

,2

86$57V\QFKURQRXVFORFN

5&

,2

'LJLWDO,2

5;

,

86$57DV\QFKURQRXVUHFHLYH

'7

,2

86$57V\QFKURQRXVGDWD

5'

,2

'LJLWDO,2

363

,2

3DUDOOHO6ODYH3RUWGDWD

5'

,2

'LJLWDO,2

363

,2

3DUDOOHO6ODYH3RUWGDWD

5'

,2

'LJLWDO,2

363

,2

3DUDOOHO6ODYH3RUWGDWD

5'

,2

'LJLWDO,2

363

,2

3DUDOOHO6ODYH3RUWGDWD

,2

'LJLWDO,2

5&7;&.

5&5;'7

5'363

5'363

5'363

5'363

5%,17 5% ,17

,

([WHUQDOLQWHUUXSW



5%

,2

'LJLWDO,2



5%

,2

'LJLWDO,2



5%3*0 5%

,2

'LJLWDO,2

3*0

,

/RZYROWDJH

,&63

,Q

&LUFXLW

3URJUDPPLQJ SURJUDPPLQJHQDEOHSLQ 

5%

,2

'LJLWDO,2



5%

,2

'LJLWDO,2 

6HULDO



5%3*& 5%

,2

'LJLWDO,2

3*&

,

,&' ,QFLUFXLW

GHEXJJHU

DQG

,&63

SURJUDPPLQJFORFN 

5%3*' 5%

,2

'LJLWDO,2

3*'

,2

,QFLUFXLWGHEXJJHUDQG,&63SURJUDPPLQJGDWD

32575HJLVWHU 7KHUROHRIWKH3257UHJLVWHULVWRUHFHLYHWKHLQIRUPDWLRQIURPDQH[WHUQDOVRXUFH HJVHQVRU RUWRVHQGLQIRUPDWLRQWRWKHH[WHUQDOHOHPHQWV HJ/&' 7KHSLQGHYLFHV OLNH3,&)KDYH,2SRUWVORFDWHGLQWKH%$1.>@ x

3257$ LV D ELW ZLGH ELGLUHFWLRQDO SRUW 7KH FRUUHVSRQGLQJ GDWD GLUHFWLRQ UHJLVWHU LV 75,6$ 6HWWLQJ D 75,6$ ELW    ZLOO PDNH WKH FRUUHVSRQGLQJ 3257$ SLQ DQ LQSXW &OHDULQJD75,6$ELW  ZLOOPDNHWKHFRUUHVSRQGLQJ3257$SLQDQRXWSXW

x

3257%LVDQELWZLGHELGLUHFWLRQDOSRUW7KHFRUUHVSRQGLQJGDWDGLUHFWLRQUHJLVWHULV 75,6% 6HWWLQJ D 75,6% ELW    ZLOO PDNH WKH FRUUHVSRQGLQJ 3257% SLQ DQ LQSXW &OHDULQJD75,6%ELW  ZLOOPDNHWKHFRUUHVSRQGLQJ3257%SLQDQRXWSXW

x

3257&LVDQELWZLGHELGLUHFWLRQDOSRUW7KHFRUUHVSRQGLQJGDWDGLUHFWLRQUHJLVWHULV 75,6& 6HWWLQJ D 75,6& ELW    ZLOO PDNH WKH FRUUHVSRQGLQJ 3257& SLQ DQ LQSXW &OHDULQJD75,6&ELW  ZLOOPDNHWKHFRUUHVSRQGLQJ3257&SLQDQRXWSXW

x

3257' LV DQ ELW SRUW ZLWK 6FKPLWW 7ULJJHU LQSXW EXIIHUV (DFK SLQ LV LQGLYLGXDOO\ FRQILJXUDEOHDVDQLQSXWRURXWSXW

x

3257( KDV  SLQV 5(5'$1 5(:5$1 DQG 5(&6$1  ZKLFK DUH LQGLYLGXDOO\ FRQILJXUDEOH DV LQSXWV RU RXWSXWV 7KHVH SLQV KDYH 6FKPLWW 7ULJJHU LQSXW EXIIHUV>@ /&' ,QUHFHQW\HDUWKH/&'KDVEHHQILQGLQJZLGHVSUHDGXVHUHSODFLQJ/('V VHYHQ VHJPHQW/('VRURWKHUPXOWLVHJPHQW/('V 7KLVLVGXHWRIROORZLQJUHDVRQ 

x

7KHGHFOLQLQJSULFHVRI/&'V

x

7KHDELOLW\WRGLVSOD\QXPEHUFKDUDFWHUVDQGJUDSKLFV7KLVLVLQFRQWUDVWWR/('VZKLFK DUHOLPLWHGWRQXPEHUVDQGIHZFKDUDFWHUV

x

(DVHRISURJUDPPLQJIRUFKDUDFWHUVDQGJUDSKLFV

3KRWRJUDSK/&'YLHZDQGSLQGHVFULSWLRQ

x

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



FRPPRQW\SHWRGD\7KLVLVDFU\VWDOOLQHSLHFHRIVHPLFRQGXFWRU PDWHULDOFRQQHFWHGWRWZR HOHFWULFDOWHUPLQDOV3KRWRJUDSKVKRZVWKHGLRGHLPDJH

3KRWRJUDSK'LRGH

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



)LJXUH7KH)XOO:DYH%ULGJH5HFWLILHU

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

)LJXUH7UDQVLVWRUDV6ZLWFK

 5HVLVWRU ,WLVWKHGHYLFHZKLFKRSSRVHWRWKHIORZRIFXUUHQWWKURXJKLW$OVRLWXVHGWROLPLW WKHFXUUHQW 7DEOH5HVLVWRU&RORU&RGLQJ



3KRWRJUDSK3RZHU5HVLVWRU

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¶VDUHSULPDULO\GHVLJQHGDVIL[HGYROWDJH UHJXODWRUV7KHVHGHYLFHVFDQEHXVHGZLWKH[WHUQDOFRPSRQHQWVWRSURYLGHYDULHVYROWDJHV DQGFXUUHQWV7KH;;VHULHVSURYLGHVRXWSXWFXUUHQWVLQH[FHVVRI$ZLWKDGHTXDWHKHDW VLQN 7KHVH,&¶VDOVRKDYHLQWHUQDOVKRUWFLUFXLWSURWHFWLRQDQGWKHUPDOVKXWGRZQFLUFXLW 7DEOHJLYHVWKHQXPEHUDQGWKHLURXWSXWYROWDJHV>@



7DEOH;;6HULHV'HYLFH

'HYLFH

2XWSXWYROWDJH

0D[LPXPLQSXWYROWDJH



9

9



9

9



9

9



9

9

 /LJKW(PLWWLQJ'LRGHV /('V )XQFWLRQ /('VHPLWOLJKWZKHQDQHOHFWULFFXUUHQWSDVVHVWKURXJKWKHP

3KRWRJUDSK/('7HUPLQDOVDQG6\PERO

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

)LJXUH/(''ULYLQJ&LUFXLW

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

2KP VODZVD\VWKDWWKHUHVLVWDQFHRIWKHUHVLVWRU5 9, :KHUH 9 YROWDJHDFURVVWKHUHVLVWRU 96  9/ LQWKLVFDVH  , WKHFXUUHQWWKURXJKWKHUHVLVWRU 6R 5  96  9/ , 7DEOH6WDQGDUG/(''DWD

7\SH

&RORU

6WDQGDUG

5HG

6WDQGDUG

/RZ FXUUHQW

/XPLQRXV

9LHZLQJ

PD[

W\S

PD[

PD[

LQWHQVLW\

DQJOH

9

9

9

9

9

9

9

9

9

9

9

9

9

9

9

9

9

9

9

P $

$

*UHHQ

EULJKW

95

UHG

6WDQGDUG

6XSHU

9)

P