3OHDVHNHHSWKLVXVHUPDQXDOIRUIXWXUHUHIHUHQFH
8650$18$ 37$
03257$176$7,16758&7,216
217176
3OD\HU67%6HOHFWLRQ
$ERXW7KLV0DQXDO
17528&7,21
7UDGH DUN&UHGLWV
$ERXW6RIWZDUH
$ERXWWKH6\ Erov
$735&$87,216
RQRWSODFHDQ\REMHFWVRQWRSRIWKHXQLW
$735&$87,216FRQWLQXHG
$87,21
OHDQLQJDQG0DLQWHQDQFH
35&$87,216
DJH5HWHQWLRQRI3ODV DLVSOD\
$%2873/$60$,63/$3$1
RQ&KDUDFWHULVWLFVRI3ODV DLVSOD\3DQHOV
KDUDFWHULVWLFVRI, DJH5HWHQWLRQ
6833/,$&&6625,6
$7856
237,21
0DLQ8QLW
20321171$06
URQW3DQHO
5HDU3DQHO
5H RWH&RQWURO
20321171$06&RQWLQXHG
DXWLRQ KHQ0RYLQJWKH0DLQ8QLW
353$5$7,21
HQWFRYHU
Sduw
6DIHW\3UHFDXWLRQRQ0DLQ8QLW,QVWDOODWLRQ
353$5$7,21FRQWLQXHG
$QWL7X EOH0HDVXUHV
6HFXULQJWRDZDOORUSLOODU
5HDU
211&7,21
6LGH
$/142
RQQHFWLQJ3URFHGXUHFRQWLQXHG
211&7,21FRQWLQXHG
&RQQHFWLQJWRWHUQDOTXLS HQW 7HU LQDOVRQ5HDU
287DPSOH@
5*%+0,$QDORJ$XGLR
,QIRUPDWLRQ
+0, 9,
+0,
EDVLVDIWHUFRPSOHWLQJWKHFRQQHFWLRQVRQWKHUHDUSDQHO
7HU LQDOVRQ6LGH
WRWKH3KRWR,QSXWIXQFWLRQVKRZQRQ a
,QIRUPDWLRQ +RZWRVHFXUHWKHFDEOHV
&RQQHFWLQJWKHSOXJLQWRWKHZDOOVRFNHW
+RZWRIDVWHQWKHEDQG
7RWLJKWHQ 7RORRVHQ
3RZHU2Q2II
$6,&235$7,21
7RWXUQ2QWKHSRZHURIWKHXQLW
LUVW7L H6HWXS
$6,&235$7,21FRQWLQXHG
9ROX H832
0XWH
QSXW6LJQDO6FUHHQLVSOD\
+RZWRXVHWKH2Q6FUHHQLVSOD\26V\VWH
796783235$7,21
%DVLF2SHUDWLRQ
6HWXSKLQW
796783235$7,21FRQWLQXHG 6HWXS0HQX79 RGH
$XWR7XQLQJ
0DQXDO7XQLQJ
6HWXS0HQX79 RGHFRQWLQXHG
796783235$7,21FRQWLQXHG
\VWHP
796783235$7,21FRQWLQXHG 6HWXS0HQX$9 RGH
RORU
\VWHP
796783235$7,21FRQWLQXHG 6HWXS0HQX5*% RGH
XQFWLRQ0HQX
XQFWLRQ0HQXFRQWLQXHG
796783235$7,21FRQWLQXHG 3LFWXUH0HQX79$9 RGH
&RORU0DQDJHPHQW
3LFWXUH0HQX79$9 RGHFRQWLQXHG
ODFNQKDQFHPHQW
LOP0RGH
Roru 7HPS $GMXVW
EXWWRQ
3LFWXUH0HQX5*% RGH
a
FRORU RRO
XWRII
3LFWXUH HQX5*% RGHFRQWLQXHG
EULJKWHUSDUWV
\SUHVVLQJ EXWWRQ
7UHEOH
$XGLR0RGH
DVV
Dodqfh
2II7LPHU
7L HU0HQX
2Q7LPHU
EOLQNLQJ
+RZWRRSHUDWHWKH7HOHWHW
$QDORJ7HOHWHW
770DLQ0HQX/LVW
$/755675,$/7/9,6,2177235$7,21
0HQX Xqfwlrq 3DJH
QVWDOOLQJ&KDQQHOV
$/755675,$/7/9,6,2177235$7,21FRQWLQXHG
5HVWRULQJ&KDQQHOV
FRQWLQXH´
6WHSSLQJWKURXJKWKH&KDQQHO
KDQQHO6HOHFWLRQV
6HOHFWLQJIUR WKH3URJUD DYRULWH/LVW 3URJUD /LVW
DYRULWH/LVW
FDQFHOWKHVHWWLQJ
0DNLQJDYRULWH/LVW
8VH
&!!% ! ˳
Qiru DWLRQ%DQQHU
8WLOLLQJWKH,QIRU DWLRQ7RRO
6HWXSWKHGLVSOD\WL H
LJLWDO7HOHWHW
6XEWLWOH
OHFWURQLF3URJUD *XLGH3*
3UHVV EXWWRQWRGLVSOD\3*VFUHHQ
2QFHWXULQJ79RII³$XWRVXEWLWOH´UHWXUQVWR³LVDEOH´
GLJLWVSLQFRGH
RQÀJXULQJ6HWWLQJ
7KHDYDLODEOH$XGLRODQJXDJHFDQEHVHOHFWHG
RIWKHQHZSDVVZRUG 8VHWKHQXPHULFQXPEHUWRHQWHU
796HWXS0HQX
KHFNLQJ776\VWH ,QIRU Dwlrq
7KLVFDQGLVSOD\FXUUHQW77V\VWHPLQIRUPDWLRQ
³796HWXS´PHQXFDQEHDFFHVVHGIURPWKH77PDLQPHQX
3RZHU6ZLYHO
81&7,21
6LH6ZLWFKLQJ
81&7,21FRQWLQXHG
7779$9VLJQDOLQSXW=220EXWWRQ
79$9VLJQDOLQSXWFRQWLQXHG 3RVLWLRQ$GMXVW HQW
6LH6ZLWFKLQJFRQWLQXHG
8VLQJDZLGHVFUHHQWHOHYLVLRQ
3UHVVŸ
RXFDQVHOHFWVXLWDEOHVLHGHSHQGLQJRQWKHUHVROXWLRQ
%VLJQDOLQSXW
5HVROXWLRQ QSXWVLJQDO
LVSOD\
7DEOH0LDQG²0DWFKRIWKH,QSXW0RGHV
0XOWL3LFWXUH0RGH
RQWURORQWKHVLGHZLWK6SHDNHU,FRQ
$FWLYDWHLQ5*%0RGH
0XOWL3LFWXUH0RGHFRQWLQXHG
6LQJOH
3LFWXUHUHHLQJ
6SOLW
2SHUDWLQJWKH3KRWR,QSXW
3KRWR,QSXWXQFWLRQ
³FRQQHFWLQJWR3&´LQWKHXVHUPDQXDORI6&
RQRWLQVHUW6&DUG00&DQG86%FDEOHDWWKHVDPHWLPH
5RWDWLRQXQFWLRQ
3KRWR,QSXWXQFWLRQFRQWLQXHG
QXPHULFEXWWRQVRIUHPRWHFRQWURO
LVSOD\LQJ6WLOO3LFWXUHLQ3KRWR0RGHFRQWLQXHG
6OLGH6KRZXQFWLRQ
$-
%+
SHUIRUPDQFHVXFKDVGURSSLQJIUDPHV
3KRWR,QSXW
2WKHU
Dwlrq
6SHFLÀFDWLRQ
PXOWLSOHPHPRULHVFDQQRWEHVHHQDWWKHVDPHWLPH
WKHPDOIXQFWLRQ
HDFKPRYLH
FDEOH
LOLQJXDOXDO6RXQGEURDGFDVW
$XGLR6ZLWFKLQJ
6WHUHREURDGFDVW
3UHVV EXWWRQWRVZLWFKEHWZHHQVWHUHRDQGPRQRVRXQG
KHQ$9LQSXWLVVHOHFWHG
3RZHU6DYH0RGH
KHQWKH5*%LQSXWLVVHOHFWHG
5HWXUQLQJWRRSHUDWLQJVWDWXV
6HWXS
81&7,21FRQWLQXHG 3OD\HU67%6HOHFWLRQ
KHQROORZLQJ0HVVDJHV$SSHDURQWKH6FUHHQ
7528%/6+227,1
SWR
\ SWR DQG&KHFN/LVWFRQWLQXHG
7528%/6+227,1*FRQWLQXHG
5HG@
77PRGHRQO\
63&,,&$7,21
3528&763&,,&$7,216
6LJQDO,QSXW
3528&763&,,&$7,216FRQWLQXHG
LQDOVXESLQFRQQHFWRU
3KRWRLQSXWFRQQHFWRUSLQVSHFLÀFDWLRQV
LWK+0,LQSXW
5HFR
LWK5*%LQSXW
LQWHUSRODWLRQRIVWULSHV
5HFR HQGHG6LJQDO/LVWFRQWLQXHG
3528&763&,,&$7,21FRQWLQXHG
LWK0XOWL3LFWXUHXQFWLRQ
3LFWXUH