(1*/,6+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1*/,6+ | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
,17(51$/6:,7&+(6$1'&21752/6 )LJXUH
%DWWHU\&RPSDUWPHQW +ROGVWZR 9DONDOLQHEDWWHU LHV7ZRIUHVKEDWWHULHVZLOOSRZHUWKHXQLWIRUDERXW HLJKWKRXUVXQGHUQRUPDOFRQGLWLRQV
0LFURSKRQH3RZHU6HOHFWLRQ6ZLWFK 3RVLWLRQWKLV VOLGHVZLWFKWRPDWFKWKHW\SHRILQSXWSRZHUGHVLUHG
4OP 0OSITIONS6T4I!" |
| 5HIHUWR)LJXUH8VHG | |||
ZLWKFHUWDLQ6HQQKHLVHUDQG6FKRHSVPLFURSKRQHV | |||||
)3 | 7 |
|
|
| |
,QSXW |
|
|
|
| |
|
|
|
| ||
|
|
|
|
| |
|
| %DODQFHG$XGLR | 9 | ||
|
|
| 3RZHU | ||
|
|
|
| WR0LFURSKRQH | $% |
|
|
|
| 3UHDPS | ² |
|
| 7 |
|
| |
|
|
|
|
| |
0LFURSKRQH6XSSO\&XUUHQW |
|
|
| ||
|
| 1RGFSRZHURQSLQV | |||
RU8VHGZLWKG\QDPLFPLFURSKRQHVRUFRQGHQVHU | |||||
PLFURSKRQHVWKDWKDYHLQWHUQDOEDWWHULHV |
| ||||
"OTTOM 0OSITION 0HANTOM | 5HIHUWR)LJXUH,Q | ||||
WHUQDO',3VZLWFKVHOHFWVYROWVRUYROWV9 | |||||
SKDQWRPSRZHUGUDLQVWKHEDWWHULHVIDVWHUWKDQ9 | |||||
SKDQWRP SRZHU 8VHG ZLWK DOO FRQGHQVHU PLFUR | |||||
SKRQHVWKDWGRQRWUHTXLUH7SRZHU |
| ||||
)3,QSXW |
|
| 0LFURSKRQH6XSSO\&XUUHQW | ||
| 5 | 3KDQWRP |
| ||
|
|
|
|
| |
|
| 5 | 3KDQWRP | ||
|
| ²9 | |||
|
|
| %DODQFHG$XGLR | ||
|
|
|
| 3KDQWRP | |
|
|
|
| WR0LFURSKRQH | |
|
|
|
| 3RZHU | |
|
|
|
| 3UHDPS | ² |
5 7 IRU 9 5 N7IRU9
&DXWLRQ %DODQFHGG\QDPLFPLFURSKRQHVZLOOQRWEH GDPDJHGE\SKDQWRPSRZHUEXWPD\EHGDPDJHGE\ 7SRZHU
)XVHDQG6SDUH)XVH 'HVLJQHGWRSURWHFWWKH)3 IURPGDPDJHWKDWPD\UHVXOWIURPXVLQJDFRPPRQH[
WHUQDOGFSRZHUVXSSO\ZLWKRWKHUHOHFWURQLFGHYLFHV &DXWLRQ 'DPDJHPD\UHVXOWZKHQXVLQJDFRPPRQ H[WHUQDOGFSRZHUVXSSO\ZLWKRWKHUHOHFWURQLFGHYLFHV WKDWDUH´SRVLWLYHJURXQGµ6HSDUDWHSRZHUVXSSOLHVDUH UHFRPPHQGHG
/HYHO53RWHQWLRPHWHU $WWHQXDWHVWKHOHYHORIWKH )3 ULJKW FKDQQHO SURJUDP DXGLR WKDW LV IHG WR WKH KHDGSKRQHPRQLWRU FLUFXLW 7KLV GRHV QRW DIIHFW WKH 0RQLWRU,QOHYHOVDWWKHKHDGSKRQHRXWSXW
3HDN/('53RWHQWLRPHWHU $GMXVWVWKH5LJKW3HDN /('WROLJKWDWDSUHVHWRXWSXWOHYHO7KHIDFWRU\VHWWLQJ LV G%P 7KH XVHU DGMXVWPHQW UDQJH LV G%P WR G%P6HHWKH3HDN/('$GMXVWPHQWSDUDJUDSK
3HDN /(' / 3RWHQWLRPHWHU $GMXVWV WKH /HIW 3HDN /('WROLJKWDWDSUHVHWRXWSXWOHYHO7KHIDFWRU\VHWWLQJ LV G%P 7KH XVHU DGMXVWPHQW UDQJH LV G%P WR G%P6HHWKH3HDN/('$GMXVWPHQWSDUDJUDSK
/LP$GM53RWHQWLRPHWHU $GMXVWVWKH5LJKWOLPLWHUWR RSHUDWHDWDSUHVHWRXWSXWOHYHO7KHIDFWRU\VHWWLQJLV G%P7KHXVHUDGMXVWPHQWUDQJHLVWRG%P 6HHWKH/LPLWHU7KUHVKROG$GMXVWPHQWSDUDJUDSK
/LP$GM/3RWHQWLRPHWHU $GMXVWVWKH/HIWOLPLWHUWRRS HUDWH DW D SUHVHW RXWSXW OHYHO 7KH IDFWRU\ VHWWLQJ LV G%P7KHXVHUDGMXVWPHQWUDQJHLVWRG%P 6HHWKH/LPLWHU7KUHVKROG$GMXVWPHQWSDUDJUDSK
/HYHO/3RWHQWLRPHWHU $WWHQXDWHVWKHOHYHORIWKH )3OHIWFKDQQHOSURJUDPDXGLRWKDWLVIHGWRWKHKHDG SKRQHPRQLWRUFLUFXLW7KLVGRHVQRWDIIHFWWKH0RQLWRU ,QOHYHOVDWWKHKHDGSKRQHRXWSXW
0HWHU$GM53RWHQWLRPHWHU $GMXVWVWKH5LJKWPHWHUWR LQGLFDWH98DWDSUHVHWRXWSXWOHYHO7KHIDFWRU\VHWWLQJ LVG%P7KHXVHUDGMXVWPHQWUDQJHLVWRG%P 5HIHUWRWKH980HWHU$GMXVWPHQWSDUDJUDSK
0HWHU$GM/3RWHQWLRPHWHU $GMXVWVWKH/HIWPHWHUWR LQGLFDWH98DWDSUHVHWRXWSXWOHYHO7KHIDFWRU\VHW WLQJLVG%P7KHXVHUDGMXVWPHQWUDQJHLVG%PWR G%P6HHWKH980HWHU$GMXVWPHQWSDUDJUDSK ,QWHUQDO',36ZLWFKHV LQWHUQDO',3VZLWFKHVDO ORZWKHXVHUWRFXVWRPL]HRSHUDWLRQ7KHIXQFWLRQRI HDFK',3VZLWFKLVOLVWHGLQWKHWDEOHRQWKHIROORZLQJ
SDJH