Features inherent in designing MI-60 MAI superlight helicopter powered by two piston engines



)($785(6,1+(5(17,1'(6,*1,1*0,0$,683(5/,*+7

+(/,&237(532:(5('%<7:23,6721(1*,1(6

0DUDW17LVFKHQNR9DOHU\$,YWFKLQ%RULV/$UWDPRQRY

0RVFRZ6WDWH$YLDWLRQ,QVWLWXWH0$,

0LO0RVFRZ+HOLFRSWHU3ODQW00+3

$EVWUDFW

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

 ,QWURGXFWLRQ

6LQFH  D VXSHUOLJKW PXOWLSXUSRVH KHOLFRSWHU KDV EHHQ GHVLJQHG DW WKH 0$, +HOLFRSWHU 'HVLJQ 'HSDUW PHQWWRWKHVSHFLILFDWLRQRIWKH0LQLVWU\RI6FLHQFHRI WKH5XVVLDQ)HGHUDWLRQ0LO0RVFRZ+HOLFRSWHU3ODQW -6&DQG.DPRY-6&SDUWLFLSDWHLQWKLVDFWLYLW\WRR,W LV LQWHQGHG IRU LQLWLDO SLORW WUDLQLQJ DLU SDWURO HQYL URQPHQWDOPRQLWRULQJFRPPXQLFDWLRQHWF

$WILUVWWKHKHOLFRSWHUZDVWRFDUU\RQHSDVVHQJHURUDQ HTXLYDOHQW ORDG LQ WKH HQYLURQPHQWDO FRQGLWLRQV DQG LQIUDVWUXFWXUHLQKHUHQWLQ5XVVLD>@,Q0$,0LO 0RVFRZ +HOLFRSWHU 3ODQW -6& DQG 52679(572/ -6&VLJQHGDQDJUHHPHQWDERXWFDUU\LQJRXWWKLVSURM HFWZLWK 5RVWYHUWRO -6&DQG 0LO 0RVFRZ +HOLFRSWHU 3ODQW-6&DFWLQJDVWKH&XVWRPHUDQGWKH*HQHUDO'H VLJQHUUHVSHFWLYHO\7KHKHOLFRSWHUJRWLWVGHVLJQDWLRQ 0L0$, >@ $WWKH&XVWRPHU¶VUHTXHVWWKH KHOLFRSWHU FRQFHSW ZDV FKDQJHG 7KHKHOLFRSWHUVL]HZDV FKDQJHG VR WKDW WKH KHOLFRSWHUFRXOGFDUU\RQHSLORWDQGHLWKHUSDVVHQ JHUV RU DQ HTXLYDOHQW SD\ORDG 2QH RI WKH PDLQ UH TXLUHPHQWV ZDV DV IROORZV WKH KHOLFRSWHU VKRXOG EH

SRZHUHGE\DWZLQHQJLQHSRZHUSODQWWR LPSURYHLWV IOLJKWVDIHW\DQGHQVXUHLWVIOLJKWVRYHUFLWLHV

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 ZKRVH SULFH LV ZLWKLQ 86 GROODUV([SHQVLYH SLVWRQ HQJLQHV RSHUDWLQJ RQ KLJKRFWDQH DYLDWLRQ JDVROLQH SRZHU WKHP $OO WKH DERYH KHOLFRSWHUV DUH VLQJOH HQJLQHRQHVWKHUHIRUHWKH\FDQQRWEHXVHGE\DLUOLQHV 2QO\KHOLFRSWHUV ZKRVH 72:LVPRUH WKDQNJI DUH XVHG IRU FRPPHUFLDO RSHUDWLRQV LQ IRUHLJQ FRXQ WULHV DQG WKH FDWHJRU\ RI OLJKWHU WZLQHQJLQH KHOLFRS WHUVLVIXOO\PLVVLQJ

)LJ  3RWHQWLDO 'HPDQG IRU 0L 0$, +HOLFRS WHUVLQ5XVVLDQ0DUNHW

:KHQWKH0L0$, ZDVFRQFHLYHGDQDQDO\VLVRILWV SRWHQWLDO RSHUDWRUV DQG LWV HVWLPDWHG SULFH ZDV PDGH 7KHIROORZLQJFRQFOXVLRQVZHUHPDGHSURFHHGLQJIURP WKH UHVXOWV REWDLQHG 7KH HVWLPDWHG GHPDQG IRU WKH 0L0$, LQWKH5XVVLDQ PDUNHW ZDV XQLWV 7KHPDLQFXVWRPHUV)LJFRXOGEHFLYLODYLDWLRQWR FDUU\ SDVVHQJHUV WR SHUIRUP DHULDO FKHPLFDO MREV DLU

 SDWURO HQYLURQPHQWDO  PRQLWRULQJ VWDWH DXWKRULWLHV VXFKDV)URQWLHU*XDUGV0LOLWLD&XVWRPV5RDG7UDI ILF 6DIHW\ 6WDWH ,QVSHFWRUDWH 0LQLVWU\ IRU (PHUJHQF\ 6LWXDWLRQHWFSULYDWHSHUVRQV,QFDVHXQLWVDQG PRUHDUHSURGXFHGWKHHVWLPDWHGSULFHRI0L0$, KHOLFRSWHU ZRXOG EH DSSUR[LPDWHO\  86 GROODUV )LJ  VKRZV SULFH FRPSDULVRQ IRU OLJKW KHOLFRSWHUVDYDLODEOHLQWKHZRUOGPDUNHW

)LJ/LJKW+HOLFRSWHU3ULFH&RPSDULVRQ

&RQWUDGLFWRU\WHFKQLFDODQGHFRQRPLFUHTXLUHPHQWVIRU D OLJKW WZLQHQJLQH KHOLFRSWHU PDNH LW D PXVW WR ORRN IRURSWLPDOGHVLJQVROXWLRQVDWWKHSUHOLPLQDU\GHVLJQ VWDJH7KHSDSHUFRQVLGHUVVRPHRIWKHSUREOHPVDULVHQ LQ WKH 0L 0$, GHVLJQ SURFHVV  DQG WKH ZD\V RI VROYLQJWKHPDUHRIIHUHG

 (QJLQH6HOHFWLRQIRU+HOLFRSWHU3RZHU

3ODQW

2QH RI WKH PDLQ SUREOHPV WR EH VROYHG LQ GHVLJQLQJ OLJKWKHOLFRSWHUVLVDQHQJLQHVHOHFWLRQ7KHDQDO\VLVRI WKHDLUFUDIWHQJLQHV DYDLODEOH LQ WKH ZRUOG PDUNHW KDV VKRZQWKDWDWSUHVHQWQRJDVWXUELQHHQJLQHVZLWKWDNH RIISRZHURIXSWRKSDUHDYDLODEOH2QRWKHUKDQG WKHSULFHVRIWKHHQJLQHVDYDLODEOHDUHWZLFHDVKLJKDV WKRVHRIWKHSLVWRQHQJLQHVRIWKHVDPHSRZHU

+DYLQJ DQDO\VHG KH &XVWRPHU¶V UHTXLUHPHQWV IRU WKH 0L 0$, KHOLFRSWHU IURP WKH SRLQW RI YLHZ RI LWV SXUSRVHFRVWDQGSURGXFWLRQYROXPHIRXUSLVWRQHQ JLQHV PDGH E\ GLIIHUHQW PDQXIDFWXUHUV ZHUH VHOHFWHG IRU IXUWKHU VWXGLHV 7DEOH  VKRZV FRPSDUDWLYH SHU IRUPDQFHRIWKHIROORZLQJDLUFUDIWSLVWRQHQJLQHV/\ FRPLQJ +,2)$' 9$= 5RWD[ ) DQG 0$ $VIDUDVWKHVSHFLILFFRVWLVFRQFHUQHG WKHGLDJUDPV REWDLQHG IURP WKLV GDWD )LJ D VKRZ WKDW WKH 0$ HQJLQH )LJ 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 USP     RXWSXWVKDIWVSHHG USP     &\OLQGHUVQXPEHU  VHFWLRQV  

DUUDQJHPHQW RSSRVLWH VLQJOHURZ RSSRVLWH VLQJOHURZ

'LUHFWLRQRIURWDWLRQ /+URWDWLRQ /+URWDWLRQ /+URWDWLRQ /+URWDWLRQ

6SHFLILFIXHOFRQVXPSWLRQ NJIxKSK    

)XHOJUDGH % %

$, $, %:

&RROLQJ OLTXLG OLTXLG PL[HG DLU

)XHOV\VWHP LQMHFWLRQ LQMHFWLRQ FDUEXUHWWRU LQMHFWLRQ

6WDUWHUSRZHU N:    

*HQHUDWRUYROWDJH 9    

SRZHU :    

6HUYLFHOLIH K    

7\SH&HUWLILFDWH DYDLODEOH XQDYDLODEOH DYDLODEOH DYDLODEOH

 +RZHYHU WKH 0$ KDV TXLWH DQ LPSRUWDQW GUDZ EDFNLWLVWKHKHDYLHVWHQJLQHIURPWKRVHXQGHUVWXG\ LQ WHUPV RI DEVROXWH DQG UHODWLYH FKDUDFWHULVWLFV )LJ E7KHKHOLFRSWHUSUHOLPLQDU\GHVLJQVKRZHGWKDWWKH IUDPHIXVHODJHILWWHGZLWKWZR0$ HQJLQHVZRXOG KDYH WKH WDNHRII ZHLJKW RI  NJI ZKHQ PHHWLQJDOOWKHVSHFLILFDWLRQUHTXLUHPHQWV

)LJ/RP3UDKDF: 2YHUDOO9LHZ

 6HOHFWLRQRI0DLQ5RWRU6SHHGDQG

0DLQ*HDU%R[5HGXFWLRQ5DWLR

$QRWKHU SUREOHP LQ GHVLJQLQJ SLVWRQHQJLQH KHOLFRS WHUVLVDVHOHFWLRQRIWKHURWRUGULYHV\VWHPSDUDPHWHUV DVZHOODVWKHPDLQDQGWDLOURWRUVSHHG $SHFXOLDUIHDWXUHLQKHUHQWLQKHOLFRSWHU SRZHUSODQWV XVLQJSLVWRQHQJLQHVLVWKHSRZHUDYDLODEOH1HYHUVXV HQJLQHFUDQNVKDIWVSHHGQH UHODWLRQ)LJ7KLVIHD WXUHUHVXOWVLQWKHIDFWWKDWWDNHRII DQGYHUWLFDOIOLJKW FRQGLWLRQVDUHFDUULHGRXWDWDKLJKHUPDLQURWRUVSHHG ZKLOHFUXLVLQJLVSHUIRUPHGDWDORZHUPDLQURWRUVSHHG HQVXULQJWKHHQJLQHPD[LPXPFRQWLQXRXVSRZHUUDWLQJ 7KHUHIRUH LQ GHVLJQLQJ SLVWRQ HQJLQH KHOLFRSWHUV D SUREOHP RI VHOHFWLQJ WKH PDLQ URWRU VSHHG Q0 GRHV

DULVH ,W VKRXOG EH VHOHFWHG VR WKDW LW VKRXOG HQVXUH KHOLFRSWHU RSWLPDO SHUIRUPDQFH DQG PHHW WKH HQJLQH RSHUDWLQJOLPLWDWLRQV

)LJ([WHUQDO&KDUDFWHULVWLFRI/RP3UDKD F$ (QJLQH

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

ZVSHFLILFFRVW EVSHFLILFZHLJKW

 EODGH WLS VSHHG Z50 ZHUH VHOHFWHG 7KHEORFN GLD

JUDPRIWKHKHOLFRSWHUPDWKHPDWLFDOPRGHOLVVKRZQLQ )LJ

7KH WRUTXH 0H SURGXFHG E\ WKH HQJLQHV URWDWLQJ DW D

VSHHG ZH LV WUDQVPLWWHG  WKURXJK WKH PDLQ JHDU ER[

ZLWKUHGXFWLRQUDWLRVL0DQGL7

ZH Z0L0 Z7L7 

WRWKHPDLQDQGWDLOURWRUVZKRVHWRUTXHVDUH0007

UHVSHFWLYHO\,Q WKLV FDVH WKH HQHUJ\ EDODQFH HTXDWLRQ IRUWKHURWRUVHQJLQHVV\VWHPLVDVIROORZV

00Z007Z7 NH0(ZH] '1XQ7

J>NH1HQH] '1XQ7@ 

ZKHUH ] LV WKH FRHIILFLHQW WDNLQJ LQWR DFFRXQW SRZHU ORVVHVFDXVHGE\SRZHUWUDQVPLVVLRQWKURXJKWKHJHDU ER[HVDQGWKHIORZDURXQGWKHERG\NH LVWKHQXPEHU

RI WKH  HQJLQHV RSHUDWLQJ '1XQ7 LV DFFHVVRU\ GULYH

SRZHUORVVHV 'LIIHUHQWLDO HTXDWLRQV GHVFULELQJ XQVWHDG\ PDLQ DQG WDLOURWRUVSHHGVZKRVHPRPHQWVRILQHUWLDDUHHTXDOWR -0DQG -7FDQEHZULWWHQDVIROORZV )LJ0DLQ5RWRU$HURG\QDPLF&KDUDFWHULVWLFV )LJ7DLO5RWRU$HURG\QDPLF&KDUDFWHULVWLFV

     N7 7 7 7 d0 0 0 0 0 0 GW G -0 0 GW G -Z Z  ZKHUH0N00N7 DUHURWDWLRQDOGUDJPRPHQWVWRUTXHV

SURGXFHG E\ WKH PDLQ DQG WDLO URWRU VKDIWV GXH WR WKH DHURG\QDPLFIRUFHVDSSOLHG

/HW XV H[SUHVV 0N0 DQG 0N7 E\ XVLQJ WRUTXH FRHIIL

FLHQWV  0  0 0 \0 0 N0 N0









_

Z

SU

M

9

0

5

P

0

  7  7 7 [7 7 N7 N7

P



M



9



F



SU

_

5

Z

0



7KH WKUXVW SURGXFHG E\ WKH PDLQ DQG WDLO URWRUV ZLOO DOVR EH H[SUHVVHG E\ PHDQV RI DHURG\QDPLF FRHIIL FLHQWV  0  0 \0 0 W0 0







_

Z

SU

M

9

5

F

7

  7  7 [7 7 W7 7

F



M



9



SU

_

5

Z

7

  7KHPDLQ DQGWDLOURWRURSHUDWLQJFRQGLWLRQVDUH FRQ QHFWHGWRWKHKHOLFRSWHUGLUHFWLRQDOWULP 0N0 77/7  ZKHUH/7LVWKHGLVWDQFHEHWZHHQWKHPDLQDQGWDLOUR WRUV

)LJ  VKRZV PDLQ URWRU DHURG\QDPLF FKDUDFWHULVWLFV LHFW0M0

9

\0PN0M0

9

\0XVHGLQWKHDQDO\ VLV ZLWKLQ WKH FROOHFWLYH SLWFK YDULDWLRQV RI WKH EODGH W\SLFDO VHFWLRQ  qdM0dq DQG UHODWLYH VSHHGV RI

YHUWLFDO IOLJKW d

9

_\0d 1HJDWLYH VSHHGV PHDQ GHVFHQWDQGSRVLWLYHRQHVDVFHQW

0DFK QXPEHUV IRU WKH PDLQ DQG WDLO URWRUV DUH GHWHU PLQHGE\WKHEODGHWLSVSHHGV

F0 D Z50F7 DZ57 

)LJVKRZVWKHWDLOURWRUDHURG\QDPLFFKDUDFWHULVWLFV LHFW7M7

9

[7PN7M7

9

[7ZLWKLQqdM7dq

d

9

_[7d XVHG LQ WKH DQDO\VLV ,W VKRXOG EH QRWHG KHUH WKDW DQ\ YHUWLFDO GLVSODFHPHQW RI WKH KHOLFRSWHU SURGXFHV D FRQGLWLRQ RI VNHZHG DLUIORZ IRU WKH WDLO URWRUZLWK DQDQJOHRIDWWDFNHTXDOWR]HUR 7KHUHIRUH WKHLQSODQH UHODWLYH FRPSRQHQWRI WKH VWUHDP YHORFLW\ FDQEHXVHGDVDQDUJXPHQWIRU WKHWRUTXHFRHIILFLHQW PN7

\0

9

9\Z50

9

[7 9\Z57 

7KH IROORZLQJ DVVXPSWLRQV ZHUH XVHG LQ WKH DQDO\VLV PDGH

 7KH 0$, FL PDLQ URWRU GLDPHWHU DQG EODGH FKRUGZHUHVHOHFWHGDVEHLQJHTXDOWRPDQGP UHVSHFWLYHO\ SURFHHGLQJ IURP WKH FL URWRU V\VWHP SRVVLEOHPRGLILFDWLRQFRQVLGHUDWLRQV

 7KHWDLO URWRU SDUDPHWHUV DUH QRW DIIHFWHG E\ DQ\ YDULDWLRQ RI WKH PDLQ URWRU VSHHG DQG SURYLGH WKH UH TXLUHG GLUHFWLRQDO FRQWURO PDUJLQ ZLWKLQ DOO WKH RSHU DWLQJ FRQGLWLRQV 0DLQ DQG WDLO JHDUER[ SRZHU ORVVHV GHSHQGXSRQWKHSRZHUWUDQVPLWWHGDQGDUHDVVXPHGWR EH HTXDO WR  DQG  UHVSHFWLYHO\ 3RZHU ORVVHV GXHWRWKHIXVHODJHDLUIORZDUH6RWKHUHVXOWLVDV IROORZV] 

 7R SURYLGH PD[LPXP SRZHU WKH HQJLQHV DUHWXU ERFKDUJHGZLWKWKHWKURWWOHSODWHIXOO\RSHQWKHXSSHU FXUYHLQ)LJ

 7RSURYLGHDLUFRROLQJHDFKHQJLQHLVILWWHGZLWKD IDQ WR GULYH LW WKH SRZHU EOHHG LQ WDNHRII LV  KS '1IDQ KS

'1XQ7 '1IDQ uQHKS

)LJ  +HOLFRSWHU 0D[LPXP 7DNHRII :HLJKW YHUVXV 0DLQ5RWRU%ODGH7LS6SHHGZZ50

)LJSUHVHQWVWKHKHOLFRSWHUPD[LPXPWDNHRIIZHLJKW *72: PD[YHUVXVEODGH WLS VSHHG Z50 FXUYH 7KH

DQDO\VLV ZDV PDGH IRU RXWRIJURXQG HIIHFW KRYHU ,6$ 6/ DQG  P DOWLWXGH LH KRYHULQJ FHLOLQJ 7KHUHVXOW ZDV REWDLQHG E\ WKH QXPHULFDO VROXWLRQ RI HTXDWLRQVIRUVWHDG\RSHUDWLRQRIERWKHQJLQHV WXUERFKDUJHGDWWKHWDNHRIISRZHUUDWLQJQ( Q( WDNHRII

7KHUHGXFWLRQUDWLRKDVLWVRZQYDOXHL0IRUHDFKZ50

YDOXH

7KHQDWXUHRIWKH*WDNHRII PD[Z50UHODWLRQVKLSLVJHQ

HUDOO\ GHWHUPLQHG E\ WKH PDLQ URWRU SURILOH SRZHU FKDQJHV $Q LQFUHDVH LQ Z50 UHVXOWV LQ  LQFUHDVHG

0DFK QXPEHU DQG ZDYH ORVVHV $Q\ UHGXFWLRQ LQ Z50 UHVXOWV LQ LQFUHDVHG DQJOHV RI DWWDFN LQ EODGH

VHFWLRQVWKXVGHWHULRUDWLQJWKH/'UDWLRDQGLQFUHDVLQJ WKHSURILOHSRZHU

 7KHEODGHWLSVSHHGZ50RIPVLVRSWLPDOIRURXW

RIJURXQGHIIHFWKRYHU,QWKLVFDVH*WDNHRIIPD[ 

NJI DQG  NJI LV SURYLGHG IRU KRYHU DW 6/ DQG  P DOWLWXGH UHVSHFWLYHO\ DQG WKH UHGXFWLRQ UDWLR IRUWKHPDLQJHDUER[L0ZLOOEH

+RZHYHUWKHUHDUHWZRUHDVRQVGXHWRZKLFKWKHEODGH WLSVSHHGLVQRWUHFRPPHQGHGWREHHTXDOWRZ50 RSW

)LUVW LQ WKLV FDVH  Z50 LV  PV DW WKH HQJLQH

FUXLVLQJ SRZHU UDWLQJ ZKLFK LV XQDFFHSWDEOH IURP WKH SRLQWRIYLHZRIWKHVWDOOFRQGLWLRQ)LJVKRZVWKDW DUHGXFWLRQLQWKHZ50 UHODWLYHWRWKH Z50 RSW UH

VXOWVLQDQLQFUHDVHLQWKHPDLQURWRUFRHIILFLHQWW\DQG

DWWKHZ50 PVWKHZRUNLQJW\H[FHHGVLWVFULWL

FDOYDOXHFDXVHGE\VWDOO

6HFRQG WR HQVXUH KHOLFRSWHU IOLJKW ZLWKLQ WKH SUHVHW DOWLWXGHDQGWHPSHUDWXUHUDQJHZLWKRXWDQ\PDLQURWRU EODGHVWDOOOLPLWDWLRQVLQ,6$FRQGLWLRQVLWLVQHFHVVDU\ WRKDYHW\d 7KHH[SHFWHGPD[LPXPWDNH

RIIZHLJKW RIWKH0L0$, KHOLFRSWHUZLOOEH NJI7KHUHIRUHDWW\a WKHEODGHWLSVSHHGVKRXOG EHDERXWPV )LJ0DLQ5RWRU7KUXVW&RHIILFLHQWW\YHUVXV0DLQ 5RWRU%ODGH7LS6SHHG ZZ50 7KHVHFRQGFRQGLWLRQZDVDQDO\VHGIRUWKUHHYDOXHVRI L0 SURYLGLQJWKHEODGHWLSVSHHGVRIDQG

PVDWQ( WDNHRII USP,WZDV DVVXPHGWKDWKHOL

FRSWHUZRXOGFUXLVHDWUHGXFHGPDLQURWRUVSHHGVFRU UHVSRQGLQJWRQ(FU USP)LJVKRZVZ50

YHUVXVQ(L0

)LJ  0DLQ 5RWRU %ODGH 7LS 6SHHG ZZ50 YHUVXV

(QJLQH530DQG0DLQ*HDU%R[5HGXFWLRQ5DWLRL0

7KHHFRQRPLFVSHHG9HHFRUUHVSRQGLQJWRWKHPLQLPDO

UHTXLUHG SRZHU ZDV GHWHUPLQHG IRU HDFK EODGH WLS VSHHGYDOXH:LWKLQWKHEODGHWLSVSHHGUDQJHRI  PV WKH HFRQRPLF VSHHG YDULHV ZLWKLQ D QDUURZ UDQJH RI  NPK WKHUHIRUH9HH   NPK ZDV

DVVXPHGIRUDOOZ50YDOXHV$WWKLVVSHHGIRU,6$

6/WKHKHOLFRSWHUJURVVZHLJKWSURYLGLQJDPVUDWH RI FOLPE  ZLWK RQH HQJLQH RSHUDWLQJ DW WKH WDNHRII SRZHUUDWLQJGHWHUPLQHGE\RIWKH H[WHUQDO FKDUDFWHU LVWLFZDVGHILQHG

7KH&DWHJRU\$KHOLFRSWHUJURVVZHLJKWYHUVXVEODGH WLSVSHHGDQGPDLQJHDUER[UHGXFWLRQUDWLRFXUYHZDV REWDLQHGIURPWKHDQDO\VLVUHVXOWV)LJ+HUHHDFK YDOXHRIWKHEODGHWLSVSHHGGHWHUPLQHVLWVRZQYDOXH RIWKHHQJLQHSRZHU  LQ WHUPVRI WKH H[WHUQDO FKDUDF WHULVWLF                   Z Z50PV 72:NJI LJE  LJE  LJE  &RQWLQXLQJSRZHU 7DNHRIISRZHU )LJ  +HOLFRSWHU *URVV :HLJKW *9\ DW (FRQRPLF 6SHHGYHUVXV%ODGH7LS6SHHGZZ50DQG0DLQ*HDU %R[5HGXFWLRQ5DWLRL0

7KH GLDJUDP VKRZV WKDW WKH RSWLPDO EODGH WLS VSHHG SURYLGLQJ WKH &DWHJRU\ $ KHOLFRSWHU JURVV ZHLJKW LV a PV DQG LV YHU\ OLWWOH DIIHFWHG E\ WKH UHGXFWLRQ UDWLR 7KH PD[LPXP YDOXH RI WKH KHOLFRSWHU JURVV ZHLJKWLHNJILVREWDLQHGDWWKHUHGXFWLRQUDWLR HTXDOWRZKLFKFRUUHVSRQGVWRWKHWLSVSHHGHTXDO WR  PV DW WKH HQJLQH FUDQNVKDIW VSHHG RI  USP $QLPSRUWDQWDGYDQWDJHRIWKHSRZHUSODQWFRPSULVLQJ WZRSLVWRQHQJLQHVLVDVIROORZVLIRQHHQJLQHIDLOVLWLV QRWQHFHVVDU\WRLQFUHDVHWKHSRZHURIWKHRWKHUHQJLQH WR WKH WDNHRII SRZHU UDWLQJ 7DEOH  JLYHV HQJLQH SRZHUYDOXHVZLWKGXHDFFRXQWRIWKHSRZHUEOHHGIRU WKHIDQGULYHUHTXLUHGIRUKHOLFRSWHUIOLJKWDWDVSHHG 9HH IRU WKUHH YDOXHV RI Z50 DQG IL[HG JHDU UDWLR

L0 

7DEOH 5HTXLUHG3RZHULQ(FRQRPLF)OLJKW&RQGLWLRQ

Z50PV   

 ,W FDQ EH VHHQ WKDW IRU DOO Z50YDOXHV WKH UHTXLUHG

SRZHUGRHVQRW H[FHHGWKHWDNHRII SRZHU RI RQH HQ JLQH 7KHUHIRUH ZKHQ RQH HQJLQH IDLOV LQ FUXLVH LW LV VXIILFLHQW IRU WKH RWKHU HQJLQH WR UHDFK LWV H[WHUQDO FKDUDFWHULVWLF WR GR WKLV LW LV QHFHVVDU\ WR RSHQ WKH WKURWWOH SODWH FRPSOHWHO\ )XUWKHU LV KDV EHHQ VKRZQ WKDWSLVWRQHQJLQHVKDYHDVKRUWDFFHOHUDWLRQWLPHDQG ZLWKRQHHQJLQHLQRSHUDWLYHWKHRWKHUZLOODFKLHYHWKH RSWLPDOSRZHUUDWLQJTXLWHIDVW

)LJVKRZVFXUYHVFRUUHVSRQGLQJWRWKHHQJLQHWDNH RII DQG FUXLVLQJ SRZHU UDWLQJV $W WKH JHDU UDWLR L0 WKHFUXLVLQJSRZHUUDWLQJRIWKHRSHUDWLQJHQ

JLQH ZLOO SURYLGH KHOLFRSWHU RSHUDWLRQ LQ &DWHJRU\ $ ZLWKDWDNHRIIZHLJKWRINJI

7KXV IRU WDNHRII ZHLJKW RI  NJI WKH JHDU UDWLR L0  FDQ SURYLGH KRYHU RXW RI JURXQG HIIHFW DQG

IOLJKWLQ&DWHJRU\$FORVHWRWKHRSWLPDORQHV,QKRYHU Z50 PVFDQSURYLGHPD[LPXPWDNHRIIZHLJKW RINJI,6$6/DQGKRYHUFHLOLQJRIP IRUDWDNHRIIZHLJKWRINJI

 6WXGLHVRI(QJLQH)DLOXUHVLQ+RYHU

2QHRIWKHDGYDQWDJHVRIDQ\WZLQHQJLQHKHOLFRSWHULV LWV FDSDELOLW\ WR SHUIRUP VDIH FRQWLQXHG IOLJKW DQG ODQGLQJZKHQRQHHQJLQHIDLOV,QWKLVFDVHLWLVRIXW PRVWLPSRUWDQFHWRFRQVLGHUG\QDPLFV RI WKH ³URWRUV HQJLQHV´V\VWHPIURPWKHSRLQWRIYLHZRIFDOFXODWLQJ WKHWLPHUHTXLUHGIRUWKHSLORWIRUDFWLRQVDIWHURQHHQ JLQHIDLOXUH7RVWXG\WUDQVLWLRQVRQHHQJLQHIDLOXUHVLQ YHUWLFDOIOLJKWFRQGLWLRQVLHKRYHUFOLPERXWSRZHU RQGHVFHQWDQGDXWRURWDWLRQZHUHVWXGLHG 7KHKHOLFRSWHUZDVFRQVLGHUHGDVDPDWHULDOPDVVSRLQW P72 PRYLQJ YHUWLFDOO\ DW D VSHHG 9mDW DQ DOWLWXGH +

DERYHWKHJURXQGXQGHUWKHLQIOXHQFHRIWKHPDLQURWRU WKUXVW707KHHTXDWLRQH[SUHVVLQJWKHKHOLFRSWHUPR

WLRQLVDVIROORZV

70±P72J G9\GWG+GW 9\ 

)LJ0DLQ5RWRU&ROOHFWLYH3LWFK&RQWURO/DZ

7KH SLORW FRQWURO DFWLRQ LV FDUULHG RXW DV FROOHFWLYH SLWFKFRQWUROOHYHUGLVSODFHPHQWM0 M0WDQGHQ JLQHWKURWWOLQJOHYHOF( F(W     H 0    H 0 E 0 E 0 E 0 0   W W W W W W W LI W W W W W !    ° ° ¯ °° ® ­     M M M M M M  )LJVKRZVDW\SLFDOWLPHKLVWRU\RIWKHPDLQURWRU FROOHFWLYHSLWFKM0YHUVXVM0E M0H3DUDPHWHUVW

b WGHWHUPLQHWKHSLORWFRQWURODFWLRQGHOD\DQGJUDGL

HQW

7KHOHYHORIWKHHQJLQHWKURWWOLQJFH LVGHWHUPLQHGE\

WKH PDLQ URWRU SLWFK FRQWURO OHYHU SRVLWLRQ DQG WKH WKURWWOHFRQWUROWZLVWJULS

F( F0M0'FW 

ZKHUHF0LVWKHFROOHFWLYHSLWFKWKURWWOHUHODWLRQWDNLQJ

LQWR DFFRXQW WKH WKURWWOLQJ OHYHO GHWHUPLQHG E\ WKH PDLQURWRUFROOHFWLYHSLWFK'F LVWKHWKURWWOHOHYHUGLV SODFHPHQWSURGXFHGE\WKHSLORW 0PD[ 0 0PD[ 0 0PLQ 0PLQ 0 0PD[ 0PLQ 0 0PLQ 0PD[ 0PLQ 0PD[ 0PLQ 0PLQ 0   M M M M M M M F M M M M F F F F F !    ° ° ¯ °° ® ­     LI  )LJVKRZVWKHFROOHFWLYHSLWFKWKURWWOHUHODWLRQXVHG LQWKHDQDO\VLV       F0 M0PLQ F0PLQ F0PD[ M0PD[ )LJ&ROOHFWLYH3LWFK7KURWWOH5HODWLRQ

$V WKH HQJLQH WKURWWOLQJ OHYHO YDULHV ZLWKLQ FH

WKHWKURWWOHOHYHUGLVSODFHPHQWLVOLPLWHGE\WKHXSSHU DQGORZHUOLPLWV'FPD[DQG'FPLQUHVSHFWLYHO\LQDFFRU GDQFHZLWK(TXDWLRQ 'FPLQ'FW 'FPD[  ZKHUH 'FPLQ F(>M0W@'FPD[ F(>M0W@



)LJ5DQJH/LPLWVDQG7KURWWOH/HYHU'LVSODFH PHQW5HODWLRQ

)LJ  SUHVHQWV WKH XSSHU DQG ORZHU OLPLWV RI WKH WKURWWOHOHYHUGLVSODFHPHQWLQDFFRUGDQFHZLWKUHODWLRQ DQGDQH[HPSODU\QDWXUHRIWKHWKURWWOHOHYHUGLV SODFHPHQWZKLFKLQWKHJHQHUDOFDVHFDQEHGHVFULEHG E\WKHIROORZLQJUHODWLRQ     PD[    PLQ PD[ PLQ PLQ

LI









W

W

W

W

W

W

W

W

W

W

W

W

!







°

°

¯

°°

®

­

'





'



'



'

'

'

F

F

F

F

F

F



7KH V\VWHP RI OLQHDU GLIIHUHQWLDO HTXDWLRQV   FRQWDLQLQJ YDULDEOH QRQOLQHDU FRHIILFLHQWV IURP UHOD WLRQV  DQG WDEXODU IXQFWLRQV )LJV  LV VROYHG QXPHULFDOO\UHODWLYHWRYDULDEOHVG9\DQGZH

7KH KHOLFRSWHU WULP LQ KRYHU LV FRQVLGHUHG WR EH WKH LQLWLDOFRQGLWLRQIRUVROYLQJWKHDERYHHTXDWLRQ 70 PJ9\ ZH L0Z5050 /HWXVFRQVLGHUWKHFDVHRIRQHHQJLQHIDLOXUHDQGSRV VLEOHZD\VRXWRIWKHVLWXDWLRQ7KHKHOLFRSWHUKDVWKH IROORZLQJSDUDPHWHUV +HOLFRSWHU P72 NJ/7 P"" NH  0DLQURWRU 50 P-0 NJIPL0  7DLOURWRU 57 P-7 NJIPL7  +RYHU + P Z50 PV %\LQWURGXFLQJPDLQURWRUFROOHFWLYHSLWFKDQGWKURWWOH OHYHU FRQWURO UHODWLRQV  DQG  UHVSHFWLYHO\ ZH DVVXPHWKDWWKHWLPHGHOD\WLVVLQERWKFDVHVDQG

WKHSHULRGRIWKHFRQWURODFWLRQ 'WLVHTXDOWRWW 

VLUUHVSHFWLYHRILWVDEVROXWHYDOXH

)LJ   LOOXVWUDWHV WKH FDVH ZKHQ DIWHU HQJLQH IDLOXUH WKHFROOHFWLYHSLWFKLVQRWFKDQJHGE\WKHSLORWDQGWKH WKURWWOHOHYHULVGLVSODFHGXSWRWKHOLPLWRIWUDYHOZLWK WKHHQJLQHRSHUDWLQJZLWKRXWWXUERFKDUJLQJ'XULQJWKH ILUVWWZRVHFRQGVWKHRSHUDWLYHHQJLQHUSPGURSVRWKDW WKHEODGHWLSVSHHGGHFUHDVHVWRPVDQGWKHPDLQ URWRUWKUXVWEHFRPHVWZLFHORZHU7KHKHOLFRSWHUVWDUWV GHVFHQGLQJ DQG LQ  VHFRQGV WKH UDWH RI GHVFHQW LQ FUHDVHV XS WR  PV :KHQ WKH WKURWWOH OHYHU LV GLV SODFHGWRWKHOLPLWRIWUDYHOWKHWLSVSHHGLQFUHDVHVXS WRPV DQGWKH UDWH RI GHVFHQW VOLJKWO\ GHFUHDVHV XSWRPV7KHKHOLFRSWHUHQWHUVWKHVWHDG\SRZHU RQGHVFHQW7KHDOWLWXGHORVVGXULQJVHFRQGVLVP ,IWKHVHFRQGRSHUDWLQJHQJLQHLVWXUERFKDUJHGDQGWKH WKURWWOHOHYHULVGLVSODFHGWRWKHOLPLWRIWUDYHOQRFDU GLQDO FKDQJHV RFFXU LQ WKH VWHDG\ SRZHURQ GHVFHQW 'XHDVWHHSHUJUDGLHQWRIWKHHQJLQHWRUTXHYHUVXVUSP UHODWLRQ WKH VWHDG\ PDLQ URWRU RSHUDWLQJ FRQGLWLRQ PRYHV WR ORZHU VSHHG ZKLFK LQ WKH HQG UHVXOWV LQ WKH EODGHWLSVSHHGRIPVDQGUDWHRIGHVFHQWHTXDOWR a PV

7R DFKLHYH KLJKHU VSHHGV LW LV QHFHVVDU\ WR GHFUHDVH WKHPDLQURWRUSLWFKDQGPRYHWKHWKURWWOHOHYHUWRWKH OLPLWRIWUDYHO)LJVKRZVWKHUHVXOWVREWDLQHGIURP GHFUHDVLQJ WKH SLWFK DQJOH XS WR q ,Q WKLV FDVH WKH HQJLQH DFKLHYHV WKH PD[LPXP VSHHG DW WKH PD[LPXP SRZHUGHYHORSHGZKLFKSURYLGHVWKHEODGHWLSVSHHGRI PVDQGUDWHRIGHVFHQWHTXDOWRa PV7KH KHOLFRSWHUDFKLHYHVWKHVWHDG\GHVFHQWFRQGLWLRQZLWKLQ VHFRQGVZLWKDQDOWLWXGHORVVRIP 7KXVWKHDQDO\VLVVKRZVWKDWZKHQRQHHQJLQHIDLOVLQ KRYHU WKH PDLQ URWRU FDQ DFKLHYH WKH GHVLJQ USP ZLWKLQ  VHFRQGV E\ D VPDOO GHFUHDVH RI WKH PDLQ URWRUSLWFKDQGPRYLQJWKHWKURWWOHOHYHUWRWKHOLPLWRI WUDYHO$IWHUWKDWWKHSLORWFDQSHUIRUPVODQWGHVFHQWRU OHYHOIRUZDUGIOLJKWDWVSHHGV NPKWRPDNHD VDIHUXQQLQJODQGLQJRUSXOOLQJXS

 'DQJHURXV+9$UHDVIRU6LQJOHDQG

7ZLQ(QJLQH+HOLFRSWHU

:KHQ KHOLFRSWHUV RSHUDWH LQ FLWLHV WKH\ KDYH WR XVH VWHHSWDNHRIIDQGODQGLQJSDWKVGXHWRWKHOLPLWHGDLU VSDFH(QJLQHIDLOXUHVDORQJWKHDERYHSDWKVFDQUHVXOW LQJUDYHLQFLGHQWVDQGDFFLGHQWVHQGDQJHULQJWKHOLYHV QRWRQO\RIWKHRFFXSDQWVEXWDOVRWKRVHSUHVHQWLQWKH WDNHRII DQG ODQGLQJ DUHDV 7KH WZLQHQJLQH SRZHU SODQW ZLOO DOORZ WKH KHOLFRSWHU  QRW RQO\ WR FRQWLQXH WDNLQJRIIEXWWRIO\WRGHVWLQDWLRQRUWRSHUIRUPDVDIH ODQGLQJ WR WKH WDNHRII VLWH LI RQH HQJLQH IDLOV GXULQJ WDNHRII

7RPRGHOHQJLQHIDLOXUHLQFOLPEDQRQOLQHDUPDWKH PDWLFDO PRGHO RI KHOLFRSWHU ORQJLWXGLQDO PRYHPHQW ZDV XVHG DQG DW HDFK LQWHJUDWLRQ VWHS WKH PDLQ URWRU IRUFHV DQG PRPHQWV ZHUH FDOFXODWHG 7KH KHOLFRSWHU DLUIUDPH DHURG\QDPLF SHUIRUPDQFH REWDLQHG IURP WKH PRGHOWHVWVLQWKH0$,7ZLQGWXQQHO>@DQGWKHF : HQJLQH H[WHUQDO FKDUDFWHULVWLF ZHUH XVHG LQ WKH DQDO\VLV )LJ  7KH IROORZLQJ OLPLWDWLRQV ZHUH DV VXPHGLQPRGHOOLQJODQGLQJV





 7KHPD[LPXPKRUL]RQWDOFRPSRQHQWRIWKHODQGLQJ VSHHGLVHTXDOWRNPKWKHODQGLQJDQJOHRISLWFKLV dq

7KHPD[LPXPUDWHRIGHVFHQWLVPV

 7R DYRLG WKH YRUWH[ ULQJ DUHD LQ WKH VSHHG UDQJH IURPWRNPKWKHUDWHRIGHVFHQWGRHVQRWH[FHHG PV

 7KH GHOD\ LQ WKH SLORW FRQWURO DFWLRQ LQ KRYHU DQG ORZVSHHG IOLJKW LV  V DQG LQ IOLJKW DW VSHHGV H[ FHHGLQJWKHHFRQRPLFVSHHGV

7KHLQWHUPHGLDWHDSSURDFKVDIHDOWLWXGHLVDVVXPHG WREHP

,Q PRGHOOLQJ WKH HQJLQH H[WHUQDO FKDUDFWHULVWLF LW ZDV DVVXPHGWKDWWKHHQJLQHIDLOHGORVHVLWVSRZHULPPHGL DWHO\7KHRWKHURSHUDWLQJHQJLQHDXWRPDWLFDOO\DWWDLQV WKHKLJKHUSRZHUUDWLQJLQVDVDUHVXOWRIWKHWKURW WOHOHYHUGLVSODFHPHQW

7R FRPSDUH WKH VLQJOH DQG WZLQHQJLQH KHOLFRSWHU WDNHRIIDQGODQGLQJSHUIRUPDQFHWKH+9GDQJHURXV DUHD ERXQGDULHV ZHUH FDOFXODWHG IRU WKH 0L 0$, KHOLFRSWHUZLWK RQHDQGERWKHQJLQHV IDLOHG ,WVKRXOG EHQRWHGWKDWWKHODWWHUFDVHLVHTXLYDOHQWWRIDLOXUHRI WKHRQO\HQJLQHSRZHULQJWKHVLQJOHHQJLQHKHOLFRSWHU ZKRVH RWKHU SDUDPHWHUV DUH LGHQWLFDO WR WKRVH RI WKH WZLQHQJLQHKHOLFRSWHU

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aNPKDQGNPK IRURQHDQGWZRHQJLQHIDLOXUHUHVSHFWLYHO\%HORZWKLV ERXQGDU\ WKH ODQGLQJ SDUDPHWHUV RI WKH KHOLFRSWHU GR QRW H[FHHGWKHSUHVFULEHGOLPLWDWLRQVSURYLGHG WKH DO WLWXGHDWZKLFKWKHKHOLFRSWHULVSXOOHGXSLVUHDVRQD EO\VHOHFWHGDQGWKHKHOLFRSWHUFDQPDNHDVDIHODQG LQJ

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aq ZDV VHOHFWHG 7KH GLDJUDP LQ )LJ  VKRZV WKDW WKH VLQJOHHQJLQHKHOLFRSWHUVDIHW\KRYHUDOWLWXGHLVP ZKLFKLVPKLJKHUWKDQWKDWRIWKHWZLQHQJLQHKHOL FRSWHULQFDVHRQHHQJLQHIDLOV

7KHXSSHU ERXQGDU\ RI WKH ULJKWGDQJHURXV+9 DUHD ZDV GHWHUPLQHG IURP WKH FRQGLWLRQV UHTXLUHG WR SUR YLGHWKHDOWLWXGHVXIILFLHQWIRUWKHKHOLFRSWHUWRGHFHO HUDWHXSWRWKHPD[LPXPDOORZDEOHODQGLQJVSHHGDQG PLQLPXP VDIHW\ DOWLWXGH RI WKH KHOLFRSWHU IO\RYHU DERYH WKH JURXQG VXUIDFH FDXVHG E\ WKH WDLO ERRP DSSURDFKWRWKHJURXQGLQQRVHXSSLWFK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

 5HIHUHQFHV

 7LVFKHQNR 01 %RJGDQRY <X6 =DYDORY 2$ $UWDPRQRY %/ 0RL]\NK (, 0LG]LDQRYVN\ 63 0$, 9 /LJKW 0XOWLSXUSRVH +HOLFRSWHU 3URFHHG LQJV RI WKH QG 5XVVLDQ +HOLFRSWHU 6RFLHW\ )RUXP DQG<XULHY0HPRULDO/HFWXUH0

 7LVFKHQNR 01 $UWDPRQRY %/ =DYDORY 2$ 0RL]\NK(,=REQLQ9$,YFKLQ9$0LG]LDQRY VN\ 63 7NDFKHY 9, 3DYOHQNR 16  0L 0$, /LJKW 0XOWLSXUSRVH +HOLFRSWHU 3URFHHGLQJV RI WKH UG 5XVVLDQ +HOLFRSWHU 6RFLHW\ )RUXP DQG <XULHY 0HPRULDO/HFWXUH0

 $UWDPRQRY %/ 0$, 0,/ 1HZ 6XSHUOLJKW +HOL FRSWHU.D]DQ0DJD]LQH1R

 7LVFKHQNR 01 ,YFKLQ 9$ (YVLNRY 91 $U WDPRQRY%/0RL]\NK(,$1HZ&RQFHSWRI0L 0$,/LJKW0XOWLSXUSRVH+HOLFRSWHU3URFHHGLQJV RIWKHWK5XVVLDQ+HOLFRSWHU6RFLHW\)RUXP