Picosecond time measurement using ultra fast analog memories

HAL Id: in2p3-00421366

http://hal.in2p3.fr/in2p3-00421366

Submitted on 10 Jun 2010

HAL is a multi-disciplinary open access

archive for the deposit and dissemination of

sci-entific research documents, whether they are

pub-lished or not. The documents may come from

teaching and research institutions in France or

abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est

destinée au dépôt et à la diffusion de documents

scientifiques de niveau recherche, publiés ou non,

émanant des établissements d’enseignement et de

recherche français ou étrangers, des laboratoires

publics ou privés.

Picosecond time measurement using ultra fast analog

memories

D. Breton, E. Delagnes, J. Maalmi

To cite this version:

3LFRVHFRQGWLPHPHDVXUHPHQWXVLQJXOWUDIDVWDQDORJPHPRULHV

'RPLQLTXH%UHWRQ

D

_{(ULF'HODJQHV}

E

_{-LKDQH0DDOPL}

D



D&156,13/$/256$<E&($'60,5)8_  

EUHWRQ#ODOLQSIU



$EVWUDFW

7KH FXUUHQWO\ H[LVWLQJ HOHFWURQLFV GHGLFDWHG WR SUHFLVH WLPH PHDVXUHPHQW LV PDLQO\ EDVHG RQ WKH XVH RI FRQVWDQW IUDFWLRQGLVFULPLQDWRUV&)'DVVRFLDWHGZLWK7LPHWR'LJLWDO &RQYHUWHUV7'&7KHWLPHUHVROXWLRQPHDVXUHGRQWKHPRVW DGYDQFHG$6,&VEDVHGRQ&)'VLVRIWKHRUGHURISVUPV 7'&DUFKLWHFWXUHVDUHXVXDOO\EDVHGHLWKHURQDYROWDJHUDPS VWDUWHG RU VWRSSHG E\ WKH GLJLWDO SXOVH ZKLFK RIIHUV DQ H[FHOOHQWSUHFLVLRQSVUPVEXWLVOLPLWHGE\WKHODUJHGHDG WLPH RU RQ D FRDUVH PHDVXUHPHQW SHUIRUPHG E\ D GLJLWDO FRXQWHU DVVRFLDWHG ZLWK D ILQH PHDVXUHPHQW LQWHUSRODWLRQ XVLQJ'HOD\/LQH/RRSZKLFKH[KLELWVDWLPLQJUHVROXWLRQRI  SV EXW RQO\ DIWHU D FDUHIXO FDOLEUDWLRQ 7KH RYHUDOO SUHFLVLRQ RI WKHVH V\VWHPV LQFOXGHV WKH FRQWULEXWLRQ RI ERWK HOHPHQWV&)'7'&

,Q WKH PHDQWLPH DOWHUQDWLYH PHWKRGV EDVHG RQ GLJLWDO WUHDWPHQW RI WKH DQDORJXH VDPSOHG WKHQ GLJLWL]HG GHWHFWRU VLJQDOKDYHEHHQGHYHORSHG6XFKPHWKRGVSHUPLWDFKLHYLQJD WLPLQJ UHVROXWLRQ IDU EHWWHU WKDQ WKH VDPSOLQJ IUHTXHQF\ 'LJLWL]DWLRQ V\VWHPV KDYH IROORZHG WKH SURJUHVV RI FRPPHUFLDO$'&VEXWWKHODWWHUKDYHSURKLELWRU\GUDZEDFNV DV WKHLU KXJH RXWSXW GDWD UDWH DQG SRZHU FRQVXPSWLRQ &RQYHUVHO\KLJKVSHHGDQDORJPHPRULHVQRZRIIHUVDPSOLQJ UDWHV IDU DERYH *+] DW ORZ FRVW DQG ZLWK YHU\ ORZ SRZHU FRQVXPSWLRQ

7KH QHZ 86%:DYH&DWFKHU ERDUG KDV EHHQ GHVLJQHG WR SURYLGH KLJK SHUIRUPDQFHV RYHU D VKRUW DFTXLVLWLRQ WLPH ZLQGRZ ,W KRXVHV RQ D VPDOO VXUIDFH WZR ELW 0+] EDQGZLGWK GLJLWL]HUV VDPSOLQJ EHWZHHQ  06V DQG  *6V,WLVEDVHGRQWKH6$0FKLSDQDQDORJFLUFXODUPHPRU\ RI  FHOOV SHU FKDQQHO GHVLJQHG LQ D FKHDS SXUH &026 —PWHFKQRORJ\DQGFRQVXPLQJRQO\P:7KHERDUG DOVRRIIHUVDORWRIIXQFWLRQDOLWLHV,WKRXVHVD86%0ELWVV LQWHUIDFH SHUPLWWLQJ D GXDOFKDQQHO UHDGRXW VSHHG RI  HYHQWVV 3RZHU FRQVXPSWLRQ LV RQO\  : ZKLFK SHUPLWV SRZHULQJWKHERDUGZLWKWKHVROH86%

:KHQ XVHG IRU KLJK SUHFLVLRQ WLPH PHDVXUHPHQWV D UHSURGXFLEOH SUHFLVLRQ EHWWHU WKDQ  SV UPV KDV EHHQ GHPRQVWUDWHG

7KH86%:DYH&DWFKHUFDQWKXVUHSODFHRVFLOORVFRSHVIRU D PXFK ORZHU FRVW LQ PRVW KLJKSUHFLVLRQ VKRUWZLQGRZ DSSOLFDWLRQV0RUHRYHULWRSHQVQHZGRRUVLQWRWKHGRPDLQRI PHWKRGVXVHGIRUYHU\KLJKSUHFLVLRQWLPHPHDVXUHPHQWV



, 6

7$7(2)7+($57



7KH FXUUHQWO\ H[LVWLQJ HOHFWURQLFV GHGLFDWHG WR SUHFLVH WLPH PHDVXUHPHQW LV PDLQO\ EDVHG RQ WKH XVH RI FRQVWDQW

IUDFWLRQGLVFULPLQDWRUV&)'DVVRFLDWHGZLWK7LPHWR'LJLWDO &RQYHUWHUV7'&7KHFRQVWDQWIUDFWLRQWHFKQLTXHPLQLPL]HV WKH WLPH ZDON HIIHFW GHSHQGHQF\ RI WLPLQJ RQ WKH SXOVH DPSOLWXGH 6HYHUDO DWWHPSWV KDYH EHHQ PDGH WR LQWHJUDWH &)' LQ PXOWLFKDQQHO $6,&V %XW WKH WLPH UHVROXWLRQ PHDVXUHGRQWKHPRVWDGYDQFHG RQHLV RIWKHRUGHURISV UPV0RUHRYHUWKHTXDOLW\RIWKHUHVXOWZLWKWKLVWHFKQLTXHLV VWURQJO\ GHSHQGHQW RQ WKH LQSXW SXOVH VKDSH EHFDXVH SXUH GHOD\OLQHVUHTXLUHLQGXFWDQFHVZKLFKDUHQRWGHVLJQDEOHLQDQ $6,&DQGGHOD\VDUHWKXVUHSODFHGE\VLJQDOVKDSLQJ

7ZRPDLQWHFKQLTXHVDUHXVHGIRUWKH7'&DUFKLWHFWXUHV 7KHILUVWRQHPDNHVXVHRIDYROWDJHUDPSVWDUWHGRUVWRSSHG E\ WKH GLJLWDO SXOVH 7KH REWDLQHG YROWDJH LV FRQYHUWHG LQWR GLJLWDOGDWDXVLQJDQ$QDORJWR'LJLWDO&RQYHUWHU$'&7KH WLPLQJUHVROXWLRQRIVXFKDV\VWHPLVH[FHOOHQWSVUPV%XW WKLVWHFKQLTXHLVOLPLWHGE\LWVODUJHGHDGWLPHZKLFKFDQEH XQDFFHSWDEOH IRU WKH IXWXUH KLJK UDWH H[SHULPHQWV $QRWKHU SRSXODUWHFKQLTXHDVVRFLDWHVDFRDUVHPHDVXUHPHQWSHUIRUPHG E\ D GLJLWDO FRXQWHU ZLWK D ILQH PHDVXUHPHQW LQWHUSRODWLRQ XVLQJ'HOD\ /LQH /RRS6XFKDV\VWHP FDQLQWHJUDWHVHYHUDO FKDQQHOVRQDQ)3*$RUDQ$6,&7KHPRVWDGYDQFHG '//EDVHG7'&$6,&H[KLELWVDWLPLQJUHVROXWLRQRISV EXWRQO\DIWHUDFDUHIXOFDOLEUDWLRQ

,W KDV WR EH QRWLFHG WKDW ZLWK DOO WKHVH WHFKQLTXHV WKH RYHUDOO WLPLQJ UHVROXWLRQ LV JLYHQ E\ WKH TXDGUDWLF VXP RI WKRVHRIWKHGLVFULPLQDWRUDQGRIWKH7'&WKXVOHDGLQJWRD GHJUDGHGSHUIRUPDQFH

,Q WKH PHDQWLPH DOWHUQDWLYH PHWKRGV EDVHG RQ GLJLWDO WUHDWPHQW RI WKH DQDORJXH VDPSOHG WKHQ GLJLWL]HG GHWHFWRU VLJQDOKDYHEHHQGHYHORSHG6XFKPHWKRGVSHUPLWDFKLHYLQJD WLPLQJUHVROXWLRQIDUEHWWHUWKDQWKHVDPSOLQJIUHTXHQF\)RU H[DPSOH D SV UPV UHVROXWLRQ KDV EHHQ UHSRUWHG IRU D VLJQDOVDPSOHGDWRQO\0+]

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

,, 7

+(

6$0

$1$/2*0(025<



7KH6$0FKLS>@ZKRVHEORFNGLDJUDPLVVKRZQLQ)LJ PDNHVXVHRIWKH9&026$06—PWHFKQRORJ\,WV DUHD LV RQO\  PP_{ DQG LW LQWHJUDWHV  WUDQVLVWRUV ,W}

7KHKLJKVDPSOLQJIUHTXHQF\)VRI6$0LVREWDLQHGE\ D YLUWXDO PXOWLSOLFDWLRQ RI WKH ORZHU IUHTXHQF\ FORFN )S XVLQJ LQWHUQDOO\ VHUYRFRQWUROOHG 'HOD\ /LQH /RRSV '//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

 )LJXUH %ORFNGLDJUDPRIWKH6$0FKLS



7KH PDWUL[ DUFKLWHFWXUH RIIHUV WKH IROORZLQJ DGYDQWDJHV FRPSDUHGWRWKHVWDQGDUGOLQHDUVDPSOLQJ'//VWUXFWXUH

 %HWWHU DQDORJ EDQGZLGWK IRU WKH VDPH SRZHU FRQVXPSWLRQGLVVLSDWHGLQWKHLQSXWEXIIHUV

 /RZHVW VZLWFKLQJ QRLVH GXULQJ WKH ZULWH SKDVH DV WKH VZLWFKLQJ WLPH LQWHUYDO EHWZHHQ WZR FRQVHFXWLYH PHPRU\FHOOVRQWKHVDPHOLQHLVORQJ)S

 /RZHUUHDGRXWQRLVH7KLVQRLVHFRQWULEXWLRQLVDWWKH ILUVW RUGHU SURSRUWLRQDO WR &U&V ZKHUH &V LV WKH FDSDFLWDQFH RIWKHVWRUDJHHOHPHQWDQG&ULVWKHWRWDO FDSDFLWRURIWKHUHDGRXWEXVFRQQHFWHGWRWKHQHJDWLYH LQSXWRIWKHUHDGRXWDPSOLILHU$FWXDOO\&ULVVPDOOHU LQ D PDWUL[ VWUXFWXUH EHFDXVH WKH UHDG EXVVHV DUH VKRUWHUWKDQLQWKHOLQHDUVWUXFWXUH

 )DVWHU UHDGRXW WLPH DV  FRQVHFXWLYH FDSDFLWRUV DUH UHDGVLPXOWDQHRXVO\E\WKHUHDGRXWDPSOLILHUV 

6HYHUDO XVHIXO SHULSKHUDO IXQFWLRQV KDYH EHHQ LPSOHPHQWHGLQWKHFKLS

 $IXQFWLRQDOEORFNPHPRUL]LQJWKHSRVLWLRQRIWKHODVW FHOO ZULWWHQ EHIRUH WKH VWRS VLJQDO DUULYDO DQG

FDOFXODWLQJ WKH LQGH[ RI WKH ILUVW FHOO WR EH UHDG EDFN XVLQJDQRIIVHWUHJLVWHUFDOOHG1G

 $ IXQFWLRQDO EORFN VHOHFWLQJ WKH  FDSDFLWRUV WR EH UHDG LQ SDUDOOHO $FWXDOO\ WKHVH FDSDFLWRUV DUH HYHQWXDOO\ VSUHDG RQ WZR FRQVHFXWLYH FROXPQV GHSHQGLQJRQWKHLQGH[RIWKHILUVWFHOOWREHUHDG  2QH ELW '$& IRU HDFK OLQH RI WKH PDWUL[ WR

FRPSHQVDWH WKH VWDWLF RIIVHWV GXH WR WKH XVH RI DPSOLILHUV RQ HDFK OLQH LQ WKH PDWUL[ VWUXFWXUH 7KHVH '$&VPXVWEHVHWGXULQJDGHGLFDWHGFDOLEUDWLRQSKDVH ZLWKQRVLJQDORQLQSXWV

 7KH '//V KDYH EHHQ GHVLJQHG WR DYRLG XQORFNLQJ GXULQJUHDGRXWZKLFKZRXOGLQWURGXFHH[WUDGHDGWLPH EHWZHHQDFTXLVLWLRQ

 $ VORZFRQWURO VHULDO OLQN WR SURJUDP YDULRXV SDUDPHWHUVRIWKHFKLS1G'$&VVHWWLQJVWHVWPRGH ELDVLQJRIWKHDPSOLILHUV«

 )LJXUH 3ULQFLSOHRIWKHVDPSOLQJ'//PDWUL[

7R GHFUHDVH WKH HIIHFW RI GLJLWDO VZLWFKLQJ HDFK DQDORJ PHPRU\ FKDQQHO LV DFWXDOO\ IXOO\ GLIIHUHQWLDO DQG DOO WKH SRWHQWLDOO\ QRLV\ GLJLWDO LQSXW RU RXWSXW H[WHUQDO VLJQDOV DUH XVLQJ/9'6VWDQGDUG

,,, 7

+(

86%



:

$9(

&

$7&+(5%2$5'



7KH QHZ 86%:DYH&DWFKHU ERDUG VHH )LJ  KDV EHHQ GHVLJQHG WR SURYLGH KLJK SHUIRUPDQFHV RYHU D VKRUW WLPH ZLQGRZ ,W KRXVHV RQ D VPDOO VXUIDFH WZR ELW 0+] EDQGZLGWK GLJLWL]HUV VDPSOLQJ EHWZHHQ  06V DQG  *6V,WLVEDVHGRQWKH6$0FKLSGHVFULEHGDERYH

$V WKH 6$0 FKLS PHPRU\ GHSWK LV  VDPSOHV WKH DFTXLVLWLRQ WLPH ZLQGRZ GXUDWLRQ GHSHQGV RQ WKH VDPSOLQJ IUHTXHQF\QVIRU*6VXSWRQVIRU06V

7KHLQSXWVDUH'&FRXSOHGDQGDSURJUDPPDEOH'&RIIVHW FRYHULQJ WKH ZKROH G\QDPLF UDQJH “9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

 )LJXUH WKH86%:DYH&DWFKHUER[

%\GHIDXOWWKHFRQQHFWRUVLPSOHPHQWHGDUH%1&EXWWKH\ FDQEHUHSODFHGE\/(02RU60$RQGHPDQG

7KH ERDUG LV SDFNDJHG LQ D FRQYHQLHQW SODVWLF ER[ VHH )LJ,WVUHGXFHGSRZHUFRQVXPSWLRQEHORZ:DOORZV LWWREHSRZHUHGE\WKHVROH86%,WKRXVHVD86%0ELWVV LQWHUIDFH SHUPLWWLQJ D GXDOFKDQQHO UHDGRXW VSHHG RI  HYHQWVV )DVWHU UHDGRXW PRGHV DUH DOVR DYDLODEOH ,Q FKDUJH PHDVXUHPHQWPRGHWKHVXVWDLQHGWULJJHUUDWHFDQUHDFKDIHZ WHQVN+]$0ELWVVYHUVLRQZLOOVRRQEHDYDLODEOH

,9 $

&48,6,7,2162)7:$5(



$GHGLFDWHGDFTXLVLWLRQVRIWZDUHKDVEHHQGHYHORSHGZLWK &9,/DE:LQGRZV  )LJXUH WKHPDLQJUDSKLFDOXVHULQWHUIDFHRIWKH:DYH&DWFKHU DFTXLVLWLRQVRIWZDUH ,WRIIHUVDQRVFLOORVFRSHOLNHIURQWSDQHODQGWKHVDPHNLQG RI SRVVLELOLWLHV IRU GDWD WDNLQJ DQG GLVSOD\LQJ ,W SHUPLWV WDNLQJEHQHILWRIDOOWKHIHDWXUHVDYDLODEOHRQWKHERDUG'DWD FDQEHVWRUHGLQILOHVRQGHPDQG6WDQGDUGUXQQLQJFDQHDVLO\ EH KDQGOHG GLUHFWO\ RQ WKH IURQW SDQHO DQG DGYDQFHG PRGHV DUH DFFHVVLEOH YLD GLIIHUHQW PHQXV 7KH PDLQ JUDSKLFDO XVHU LQWHUIDFHLVGLVSOD\HGRQ)LJXUH

7KLV DFTXLVLWLRQ VRIWZDUH ZLOO VRRQ EH DYDLODEOH DV D :LQGRZV LQVWDOODWLRQ SDFNDJH RQ WKH /$/ ZHE VLWH DW WKH IROORZLQJ85/ KWWSHOHFWURQLTXHODOLQSIUHFKDQJHV:DYH&DWFKHULQGH[KWP 

9 7

,0(0($685(0(176



$ 5DZPHDVXUHPHQWV

,QWKHXVXDOFRQILJXUDWLRQVXVHGIRUWLPHPHDVXUHPHQWWKH DQDORJVLJQDOVILUVWKDYHWREHGLVFULPLQDWHGEHIRUHEHLQJVHQW WR 7'&V DV GHVFULEHG LQ WKH ILUVW FKDSWHU ,Q WKLV FDVH WKH GLVFULPLQDWRU LV DQ DGGLWLRQDO VRXUFH RI HUURU 8VLQJ DQDORJ PHPRULHV SHUPLWV JHWWLQJ ULG RI WKH GLVFULPLQDWRU 7KH PHDVXUHPHQWZLOOEHSHUIRUPHGGLUHFWO\RQWKHDQDORJVLJQDO WKXVSHUPLWWLQJLQGHSHQGHQFHWRWKHSXOVHVKDSH+RZHYHULQ RUGHUWRUHDFKWKHXOWLPDWHSRVVLEOHSUHFLVLRQDSUHFLVHWLPH FDOLEUDWLRQRIWKHPHPRU\ZLOOKDYHWREHSHUIRUPHG

:H ZLOO ILUVW SUHVHQW KHUH WKH PHDVXUHPHQWV SHUIRUPHG ZLWKRXWDQ\WLPHFDOLEUDWLRQ

$Q HDV\ ZD\ WR PHDVXUH WKH MLWWHU SHUIRUPDQFH RI D GLJLWL]LQJV\VWHPFRQVLVWVLQSHUIRUPLQJDPHDVXUHPHQWRILWV (IIHFWLYH1XPEHU2I%LWV(12%$VVKRZQRQ)LJLWLV H[SHFWHGIURPWKHRU\WKDW(12%GLPLQLVKHVZLWKWKHLQFUHDVH RI VLQH ZDYH IUHTXHQF\ IRU D JLYHQ VDPSOLQJ MLWWHU 7KH PHDVXUHPHQWVSHUIRUPHGRQWKH:DYH&DWFKHUERDUGSORWWHG DV GRWV RQ WKH VDPH ILJXUH DUH FRPSDWLEOH ZLWK D UDZ VDPSOLQJSUHFLVLRQRISVUPVZLWKRXWDQ\WLPHFRUUHFWLRQ

 )LJXUH (12%PHDVXUHPHQWZLWKQRWLPHFDOLEUDWLRQZLWKD

P9SSVLQHZDYHFRPSDUHGWRVLPXODWLRQ

 )LJXUH 7ZRSXOVHVJHQHUDWHGE\DQRSHQFDEOH 'LIIHUHQW FDEOH OHQJWKV KDYH EHHQ XVHG 7KH GXDOSXOVH VHH)LJLVVHQWWRWDOO\DV\QFKURQRXVO\ZLWKUHVSHFWWRWKH ERDUGFORFNWKXVIDOOLQJZKHUHYHULQWKHVDPSOLQJPDWUL[RI WKH6$0FKLS7KDWZD\DOOWKHW\SHVRIMLWWHUDUHWDNHQLQWR DFFRXQW LQ WKH PHDVXUHPHQW 7KH WLPLQJ LV PHDVXUHG ZLWK D IL[HGWKUHVKROGGUDZQLQJUHHQRQWKHOHIWSORWRIZKLFKWKH FURVVLQJ LQVWDQW LV H[WUDSRODWHG WKDQNV WR D IRXUWK GHJUHH SRO\QRP:KDWHYHUWKHGLVWDQFHEHWZHHQWKHSXOVHVWKHMLWWHU LVRISVUPVZKLFKDJDLQJLYHVDVLQJOHSXOVHUHVROXWLRQRI DERXWSVUPVZLWKRXWDQ\FRUUHFWLRQ

7KHUH DUH DFWXDOO\ WZR PDLQ FRQWULEXWLRQV LQ WKH WLPH MLWWHUWKH UDQGRP MLWWHUDQGWKH )L[HG3DWWHUQ MLWWHU5DQGRP MLWWHULVGRPLQDWHGE\WZRVRXUFHVWKHVDPSOLQJMLWWHUZKLFKLV GXHWRWKHUDQGRPDSHUWXUHMLWWHURIWKHVZLWFKHVDQGWKHQRLVH RQ WKH VLJQDO LWVHOI 7KH VPDUW GHVLJQ RI WKH VWRUDJH FHOOV SHUPLWV REWDLQLQJ D YHU\ VPDOO DSHUWXUH MLWWHU ZKHUHDV WKH KLJK615 RIWKHDQDORJ PHPRU\ UHGXFHVWKHQRLVHDGGHGWR WKH VLJQDO 7KH )L[HG 3DWWHUQ MLWWHU DFWXDOO\ UHSUHVHQWV WKH PDLQ FRQWULEXWLRQ DV LW ZLOO EH VKRZQ EHORZ %XW DV LWV SRVLWLRQLVIL[HGLQWKHPDWUL[DQGYHU\UHSURGXFLEOHLWFDQEH FRUUHFWHG

% 0HWKRGRORJ\IRUWLPHFDOLEUDWLRQ

7KH HIIHFW RI WKH )L[HG 3DWWHUQ 7LPH 'LVWULEXWLRQ DORQJ WKH '// ZKLFK LV WKH PDLQ HOHPHQW RI WKH WLPH ,1/ RQ WKH PHDVXUHG VLJQDO FDQ EH YLHZHG RQ )LJXUH  7LPH VSUHDG LV H[DJJHUDWHG KHUH LQ RUGHU WR PDNH WKH XQGHUVWDQGLQJ RI WKH HIIHFW HDVLHU 7KH ODWHU DFWXDOO\ DSSHDUV DV D IL[HG LUUHJXODU GLVWDQFH EHWZHHQ VDPSOHV GXH WR WKH LUUHJXODULWLHV LQ WKH VLOLFRQDQGWRIL[HGFRXSOLQJHIIHFWV

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WKDQNVWRWKHPDWUL[VWUXFWXUH)LJXUHVKRZVKRZ WKHVLJQDOLVFRUUHFWHGWKDWZD\

 )LJXUH HIIHFWRI)L[HG3DWWHUQ7LPH'LVWULEXWLRQRQVLJQDO

VDPSOLQJ

,Q RUGHU WR SHUIRUP HDVLO\ WKLV W\SH RI KLJK SUHFLVLRQ FDOLEUDWLRQDQHZWHFKQLTXHKDVEHHQGHYHORSHG,WFRQVLVWVLQ VHQGLQJ WR WKH ERDUG FKDQQHOV D VLQH ZDYH VLJQDO DW D IUHTXHQF\EHWZHHQDQG0+]WKHRSWLPXPLVDURXQG 0+]IRU*6VDQGRIUDWKHUKLJKDPSOLWXGHP9 UPV LH 9 SS 7KH SDUW RI WKH VLQH XVHG IRU WKH PHDVXUHPHQWV LV DOO WKH VHJPHQWV FURVVLQJ WKH ]HUR PLG KHLJKW RI WKH FXUYH VHH )LJ  :LWK WKH ZHOO FKRVHQ IUHTXHQF\DQGDPSOLWXGHGHVFULEHGDERYHWKHVHVHJPHQWVFDQ EH DVVLPLODWHG WR VWUDLJKW OLQHV ZLWK D V\VWHPDWLF HUURU UHPDLQLQJEHORZSVUPV7KHPHDQOHQJWKRIVDLGVHJPHQWV ZLOOJLYHWKHWLPH'1/ZKHUHDVWKHUPVRIWKHLUYDOXHVZLOO JLYH WKH UDQGRP VDPSOLQJ QRLVH ,I RQH LQWHJUDWHV WKH WLPH '1/DQGILWVWKHUHVXOWWKHWLPH ,1/FDQ EH FDOFXODWHG DQG WKHQFRUUHFWHGRQOLQH

 )LJXUH VHJPHQWVXVHGIRUWKH'1/PHDVXUHPHQW

& 0HDVXUHPHQWVDIWHUFDOLEUDWLRQ

 &DOLEUDWLRQDQGFKDUDFWHUL]DWLRQRIWKHERDUG

7KDQNV WR WKH PHWKRG GHVFULEHG DERYH ]HURFURVVLQJ VHJPHQWV RI D VLQH ZDYH ILQH PHDVXUHPHQWV RI WKH WLPH FKDUDFWHULVWLFVRIWKHERDUGKDYHEHHQSHUIRUPHG

$Q H[DPSOH RI UDZ WLPH '1/ LV VKRZQ RQ )LJXUH  +RUL]RQWDOD[LVGLVSOD\VWKHFHOOQXPEHUDQGYHUWLFDOD[LVWKH VHJPHQW OHQJWKV LQ $'& FRXQWV ZLWK P9 SHU $'& FRXQW 7KH UPV RQ WKH VHJPHQW OHQJWK LV RI  SV 2QFH LQWHJUDWHGDQGILWLWDSSHDUVDVVKRZQRQ)LJXUHYHUWLFDO D[LV LV QRZ LQ SV ZLWK DQ UPV RI SV SHUIHFWO\ FRKHUHQW ZLWKWKH(12%PHDVXUHPHQW1RWHWKDWWKLVVKDSHLVPDLQO\ FKLSGHSHQGHQW EXW YHU\ VWDEOH ZLWK WLPH DQG WHPSHUDWXUH WKDQNVWRWKH'//VHUYRFRQWURO

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a  WR 0+]7KHUPVRIWKH,1/DOZD\VUHPDLQVEHORZSV WKXVYDOLGDWLQJWKHPHWKRG  )LJXUH WLPH,1/DIWHUFRUUHFWLRQ 1RZZHFDQFRPHEDFNWRWKH PHDVXUHPHQWRIWKHWLPH GLIIHUHQFHEHWZHHQWZRSXOVHV  )LJXUH GXDOSXOVHWLPHGLIIHUHQFHGLVWULEXWLRQDIWHUFRUUHFWLRQ

2QFH WKH FDOLEUDWLRQ SHUIRUPHG WKH WLPH GLIIHUHQFH EHWZHHQWKHVDPHSXOVHVDVLQ)LJXUHLVPHDVXUHGZLWKWKH VDPHPHWKRGWKUHVKROGFURVVLQJWLPHH[WUDSRODWHGWKDQNVWRD IRXUWK GHJUHH SRO\QRP 2Q ILJXUH   HYHQWV DUH GLVSOD\HGKRUL]RQWDOD[LVJULGVWHSLVSV:KDWHYHUWKH GLVWDQFH EHWZHHQWKH SXOVHV WKH MLWWHULV RI SVUPV ZKLFK QRZ JLYHV D VLQJOH SXOVH UHVROXWLRQ DV JRRG DV  SV UPV LPSURYHGE\DIDFWRURIWZRFRPSDUHGWRWKHUDZRQH

 )LJXUH UDQGRPMLWWHU>SVUPV@

WKHFORFNFDQEHVHHQ7KHPHDQMLWWHUYDOXHKHUHLVKRZHYHU ORZHUWKDQSVUPV   7LPHPHDVXUHPHQWVZLWK0&3307V $SUHOLPLQDU\WHVWRIWKHERDUGRQD0LFUR&KDQQHO3ODWH 3KRWR0XOWLSOLHU7XEH0&3307FKDUDFWHUL]DWLRQEHQFKKDV EHHQUHDOL]HG  )LJXUH FRUUHODWHGSXOVHVIURP0&3307V 7KHEHQFKFRPSULVHVDODVHUIHHGLQJWZRTXDUW]EDUVUHDG E\ 0&3307V ZLWK OLJKW SXOVHV 7KH 7LPH 7UDQVLW 6SUHDG 776RIWKH0&3307KDGSUHYLRXVO\EHHQFKDUDFWHUL]HGE\ KLJKHQG&)'7'&FRPPHUFLDOPRGXOHVaSVUPVIRU SKRWRHOHFWURQV

)LJXUHVKRZVVXSHULPSRVHGHYHQWV7KH):+0 RI WKH VLJQDOV LV RI RQO\  QV EXW WKH SXOVHV DUH FOHDQO\ VDPSOHG E\ WKH ERDUG 7KH KLJK 615 DQG WKH TXDOLW\ RI WKH VLJQDO VWRUHG SHUPLWV DQ HDV\ QRUPDOL]DWLRQ RI WKH SXOVH KHLJKWV EHIRUH DSSO\LQJ E\ VRIWZDUH D &)'HTXLYDOHQW DOJRULWKPLQRUGHUWRSHUIRUPDQDOLJQPHQWRIWKHLUILUVWHGJH VHH)LJDQGDPHDVXUHPHQWRIWKHLUGLVWDQFH

 )LJXUH VDPHSXOVHVQRUPDOL]HGDQGUHDOLJQHG 7KH GLVWULEXWLRQ RI WKH GLVWDQFHV LV SORWWHG RQ )LJ  PDLQKRUL]RQWDOJULGVWHSLVSV

 )LJXUH GLVWULEXWLRQRILQWHUSXOVHGLVWDQFH

7KH VLJPD RI WKH GLVWULEXWLRQ RI )LJXUH  LV RI SV ZKLFK LV LQ YHU\ JRRG DGHTXDWLRQ ZLWK WKH PHDVXUHPHQWV SUHYLRXVO\SHUIRUPHG7KLVSURYHVWKDWWKHERDUGFDQEHXVHG

IRU WKH FKDUDFWHUL]DWLRQ RI WKLV NLQG RI XOWUD IDVW SKRWR PXOWLSOLHUV 9HU\ SURPLVLQJ SUHOLPLQDU\ WHVWV ZLWK 6L30V 6LOLFRQ3KRWR0XOWLSOLHUVKDYHDOVREHHQSHUIRUPHG

9, 6

800$5<2)%2$5'3(5)250$1&(6



7KH PDLQ FKDUDFWHULVWLFV DQG SHUIRUPDQFHV RI WKH 86% :DYH&DWFKHUERDUGDUHVXPPDUL]HGEHORZ

•  '&FRXSOHG GHHS FKDQQHOV ZLWK 2KP DFWLYH LQSXW LPSHGDQFH

• “9 G\QDPLF 5DQJH ZLWK IXOO UDQJH ELW LQGLYLGXDO WXQDEOHRIIVHWV • %DQGZLGWK!0+] • 6LJQDOQRLVHUDWLRELWVUPVQRLVH —9UPV • 6DPSOLQJ)UHTXHQF\06VWR*6V • 0D[FRQVXPSWLRQRQ9$ • $EVROXWHWLPHSUHFLVLRQLQDFKDQQHOW\SLFDO o ZLWKRXW,1/FDOLEUDWLRQSVUPV06VWR*6V     SVUPV*6V o DIWHU,1/FDOLEUDWLRQSVUPV06VWR*6V     SVUPV*6V

• 7ULJJHU VRXUFH VRIWZDUH H[WHUQDO LQWHUQDO WKUHVKROG RQ VLJQDOV • LQGLYLGXDOSXOVHJHQHUDWRUVIRUUHIOHFWRPHWU\DSSOLFDWLRQV • 2QERDUGFKDUJHLQWHJUDWLRQFDOFXODWLRQ • $FTXLVLWLRQUDWHIXOOHYHQWVXSWRaN+]RYHUFKDQQHOV • $FTXLVLWLRQUDWHFKDUJHPRGHXSWRaN+]RYHUFKDQQHOV

9,, &

21&/86,21



7KLVVWXG\SURYHVWKHDELOLW\RIIDVWDQDORJPHPRULHVWREH XVHG IRU KLJK SUHFLVLRQ WLPH PHDVXUHPHQW 7KHLU PDLQ DGYDQWDJHVDUHWKHYHU\ORZSRZHUDQGFRVWDQGWKHDELOLW\WR ZRUNGLUHFWO\ZLWKDQDORJVLJQDOV0RUHRYHUWKHVKDSHRIWKH VLJQDOLVDYDLODEOHLIQHFHVVDU\

9DULRXV HYROXWLRQV RI WKH 6$0 FKLS DUH XQGHU VWXG\ WDUJHWLQJHLWKHUKLJKHUSUHFLVLRQWLPHPHDVXUHPHQWVRUORQJHU WLPHZLQGRZ$VDEHJLQQLQJD5 'YHUVLRQRIWKHFKLSKDV EHHQUHFHQWO\VXEPLWWHGLQRUGHUWRVWXG\WKHRSWLPL]DWLRQRI WKHSRZHUDQGRIWKHVLJQDOEDQGZLGWKLQYLHZRIWKHVHPRUH GHGLFDWHGYHUVLRQV

,Q D JHQHUDO ZD\ WKH 86%:DYH&DWFKHU FDQ UHSODFH RVFLOORVFRSHV IRU D PXFK ORZHU FRVW LQ PRVW KLJKSUHFLVLRQ VKRUWZLQGRZDSSOLFDWLRQV0RUHRYHULWFDQEHXVHGIRUYHU\ KLJK SUHFLVLRQ WLPH PHDVXUHPHQWV HVSHFLDOO\ VLQFH VDLG PHDVXUHPHQWV FDQ EH SHUIRUPHG GLUHFWO\ RQ WKH DQDORJ VLJQDOV

9,,, 5

()(5(1&(6



>@ 6$0 D QHZ *+] VDPSOLQJ $6,& IRU WKH +(66,, )URQW(QG(OHFWURQLFV('HODJQHVHWDO1XFOHDU,QVWUXPHQWV DQG 0HWKRGV LQ 3K\VLFV 5HVHDUFK 6HFWLRQ $ 9ROXPH  ,VVXHS