7<3(
23(5$7,1*3$5$0(7(56
´5HYHUVDOµPRGHVHOHFWLRQGXULQJWKHPDQRHXYUHDFRPPDQGLPSXOVHUHYHUVHWKHPRXYHPHQWRU´VWHSE\
VWHSµGXULQJWKHPDQRHXYUHDFRPPDQGLPSXOVHVWRSVWKHPRXYHPHQW$QH[WLPSXOVHUHVWDUWWKHRSHUDWRU
WRWKHRSSRVLWHGLUHFWLRQ
´UHYHUVDOIXQFWLRQµ
´VWHSE\VWHSIXQFWLRQµ
3+272
3+272LQSXWIXQFWLRQLQJ ,I SKRWRFHOOHQDEOHG ZKLOHFORVLQJDQG VWDUWLQJ ZKHQWKH JDWHLV
VWRSSHGLI SKRWRFHOOVDUH DOZD\VHQDEOHG LI SKRWRFHOOVDUH HQDEOHGZKLOH FORVLQJRQO\
:KHQHQDEOHGLWVDFWLYDWLRQSURYRNHVWKHLQYHUVLRQZKLOHFORVLQJWKHVWRSZKLOHRSHQLQJDQG
SUHYHQWWKHVWDUWLQJZKHQJDWHLVFORVHG
,I WKHRSHUDWLRQLVWKHVDPHDVWKHYDOXHVEXWZLWK´FORVHLPPHGLDWHO\µHQDEOHGLQ
DQ\FDVHGXULQJWKHRSHQLQJDQGRUWKHSDXVHWLPHUHPRYDORIDSRVVLEOHREVWDFOHFDXVHVWKH
JDWHDXWRPDWLFDOO\FORVHVDIWHUDÀ[HGGHOD\RIVHF
SKRWRFHOOHQDEOHGZKLOHFORVLQJDQGZKHQJDWHLV
VWRSSHG
SKRWRFHOOVDOZD\VHQDEOHG
SKRWRFHOOVHQDEOHGRQO\ZKLOHFORVLQJ
DVEXWZLWK´FORVHLPPHGLDWHO\µHQDEOHG
DVEXWZLWK´FORVHLPPHGLDWHO\µHQDEOHG
$VEXWZLWK´FORVHLPPHGLDWHO\µHQDEOHG
3+272
2SHUDWLRQPRGHVHOHFWLRQRIWKHZDUQLQJOLJKWRXWSXW
,I ´ZDUQLQJOLJKWµRXWSXWDOZD\V21ZKHQWKHJDWHLVRSHQ2))DIWHUDFORVLQJRSHUDWLRQ
,I ´ÁDVKLQJZDUQLQJOLJKWµVORZLQWHUPLWWHQWRXWSXWGXULQJRSHQLQJDQGIDVWZKLOHFORVLQJDOZD\V21DWJDWH
RSHQHGDOZD\V2))DWWKHHQGRIDFORVLQJRSHUDWLRQRQO\
,I!´FRXUWHV\OLJKWµRXWSXW21GXULQJHDFKPRYHPHQW2))ZKHQWKHPRWRUVWRSVDIWHUWKHVHWWLQJGHOD\
´À[ZDUQLQJOLJKWµ
´ÁDVKLQJZDUQLQJOLJKWµ
!´FRXUWHV\OLJKWµRIIGHOD\
VHF««««««VHF
6HDUFKHVIRUHQGRIVWURNHZKLOHRSHQLQJWRRZKHQDFWLYDWHGRSHUDWRUVVWRSRQO\DWWKHLUDUULYDOHWWKHHQG
RIVWURNHDOVRZKLOHRSHQLQJ
:DUQLQJ'XULQJWKH HPHUJHQF\RSHUDWLRQU(63WKHPRWRUH[HFXWHVWKHÀUVWPDQHXYHUZKLOHRSHQLQJ,Q
DGGLWLRQLIDQ\OLPLWVZLWFKHVWKHSDUDPHWHULVIRUFHGWR
6WRSZKHQRSHQLQJRQDPHPRUL]HGSRLQW
6WRSZKHQRSHQLQJRQWKHHQGRIVWURNH
´VRIWVWDUWµIXQFWLRQPRWRUVDFFHOHUDWHJUDGXDOO\XQWLOWKH\UHDFKWKHVHWVSHHGDYRLGLQJVXGGHQGHSDUWXUHV
´VRIWVWDUWµGHDFWLYDWHG
´VRIWVWDUWµDFWLYDWHG
´ORQJVRIWVWDUWµDFWLYDWHG
$GMXVWWKHLQYHUVLRQRQREVWDFOHSHULRGGHWHFWHGE\LQWHUQDODQWLFUXVKLQJVHQVRURUE\WKHVDIHW\LQSXWZKHQ
DFWLYDWHG,I LWPDNHVDFRPSOHWHLQYHUVLRQLI!LQGLFDWHVWKHGXUDWLRQLQ VHFRQGVRIWKHUXQDIWHU
LQYHUVLRQUHVXOWLQJIURPGHWHFWLRQRIDQREVWDFOHGXULQJWKHRSHQLQJ
FRPSOHWHUHYHUVDORQREVWDFOH
!GXUDWLRQRIUHYHUVDORQREVWDFOH
VHF«««««VHF
$GMXVWWKHLQYHUVLRQRQREVWDFOHSHULRGGHWHFWHGE\LQWHUQDODQWLFUXVKLQJVHQVRURUE\WKHVDIHW\LQSXWZKHQ
DFWLYDWHG,I LWPDNHVDFRPSOHWHLQYHUVLRQLI!LQGLFDWHVWKHGXUDWLRQLQ VHFRQGVRIWKHUXQDIWHU
LQYHUVLRQUHVXOWLQJIURPGHWHFWLRQRIDQREVWDFOHGXULQJWKHFORVLQJ
FRPSOHWHUHYHUVDORQREVWDFOH
!GXUDWLRQRIUHYHUVDORQREVWDFOH
VHF«««««VHF
)DFLOLWDWLRQPDQXDO UHOHDVH ,I DIWHU GHWHFWLQJ WKHORFNLQJ VWRS WKH HQJLQH UHYHUVHV IRUD EULHI WLPH WR
UHOHDVHWKH SUHVVXUH RQLW DQGWKXV IDFLOLWDWHWKH PDQXDOUHOHDVH 7KHVHW YDOXHVKRZV WKHOHQJWK RIWKH
LQYHUVLRQ,I IXQFWLRQGLVDEOHG
IDFLOLWDWLQJUHOHDVHGLVDEOHG
!IDFLOLWDWLRQDFWLYDWHGZLWKUHOHDVHWLPHHTXDOWR
[PV««[PV
$GMXVWPHQWRIWKHRSHQLQJVWURNHPDUJLQLWDGMXVWVWKHGXUDWLRQRIWKHODVWSDUWRIWKHVWURNHGXULQJZKLFKDQ
REVWDFOHLVLQWHUSUHWHGDVDVWURNHEORFNLQJWKHPRWRUZLWKRXWSHUIRUPLQJWKHLQYHUVLRQ
)RUPRWRUVZLWKHQFRGHUVWKH VHWYDOXHLQGLFDWHVWKHQXPEHU RIUHYROXWLRQVRI WKHURWRUZKLOH IRUPRWRUV
ZLWKRXWHQFRGHUWKHYDOXHLVH[SUHVVHGLQRIWKHPD[LPXPVWURNH
:DUQLQJIRUPRWRUVZLWKRXWHQFRGHULI3GXUDWLRQVORZGRZQZKLOHRSHQLQJLV!LWIRUFHVWKHVWURNH
GHWHFWLRQPDUJLQVRWKDWLW·VWKHVDPHWKDQWKHVORZGRZQ
PRWRUVZLWKHQFRGHU
«PRWRUVZLWKRXWHQFRGHU
$GMXVWPHQWRIWKHFORVLQJVWURNHPDUJLQLWDGMXVWVWKHGXUDWLRQRIWKHODVWSDUWRIWKHVWURNHGXULQJZKLFKDQ
REVWDFOHLVLQWHUSUHWHGDVDVWURNHEORFNLQJWKHPRWRUZLWKRXWSHUIRUPLQJWKHLQYHUVLRQ
)RUPRWRUVZLWKHQFRGHUVWKH VHWYDOXHLQGLFDWHVWKHQXPEHU RIUHYROXWLRQVRI WKHURWRUZKLOH IRUPRWRUV
ZLWKRXWHQFRGHUWKHYDOXHLVH[SUHVVHGLQRIWKHPD[LPXPVWURNH
:DUQLQJIRUPRWRUVZLWKRXWHQFRGHULI3GXUDWLRQVORZGRZQZKLOHFORVLQJLV!LWIRUFHVWKHVWURNH
GHWHFWLRQPDUJLQVRWKDWLW·VWKHVDPHWKDQWKHVORZGRZQ
PRWRUVZLWKHQFRGHU
«PRWRUVZLWKRXWHQFRGHU
2SHUDWRUVIRUFHDGMXVWPHQWDWVWURNHDUULYDO,I VHWWLQJRIIWKHIRUFHYDOXHRQWKHVWURNHLVFDOFXODWHG
DXWRPDWLFDOO\,ILQGLFDWHVWKHYDOXHH[SUHVVHGLQRIWKHPD[YDOXHRIWKHIRUFHH[HUWHGRQWKHVWURNH
WRW«WRW
´(QHUJ\VDYLQJµPRGH,I DIWHUVHFRILQDFWLYLW\WKHFRQWUROSDQHOWXUQVWKH9RXWSXWVDQGWKHGLVSOD\
RIIWKDWZLOOEHWXUQHGRQDWÀUVWFRPPDQGUHFHLYHGXVHUHFRPPHQGHGEDWWHU\SRZHUHGDQGRUVRODUSDQHO
´(QHUJ\VDYLQJµQRWDFWLYH
´(QHUJ\VDYLQJµDFWLYH