ZUHQFK
VWDQGDUGOHQJWK
PRXQWLQJSDUW
5DGLDWRU
5DGLDWRU
5DGLDWRU
5DGLDWRU
5DGLDWRU
5DGLDWRU
5DGLDO
5DGLDO
5DGLDO
5DGLDO
5DGLDO
5DGLDO
5DGLDO
5DGLDO
0+]
0+]
0+]
0+]
0+]
0+]
0+])0
0+])0
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
0+]5DGLDWRU
0DLQERG\
0+]5DGLDWRU
0+]5DGLDWRU
0+]5DGLDWRU
0+]5DGLDWRU
PDVWKLJKHUOLPLW
UDGLDOULQJ
FRD[LDOFDEOHZLWK
0FRQQHFWRU
PDVW
&RUH
9ROW
:DVKHU6
UDGLDOULQJ
9ROWDQG1XWV
'RQҋWWRXFKWKHDQWHQQD
GXULQJWUDQVPLWWLQJ
7HVW WUDQVPLVVLRQ IRU
WKH DGMXVWPHQW KDV WR
EH SHUIRUPHG IRU DV
VKRUW WLPH DV SRVVLEOH
DQGZLWKOHVVWKDQ:
IUHTXHQF\
0+]
0+]
0+]
0+]
0+]
)UHTXHQF\FKDQJH
.+]
.+]
.+]
.+]
.+]
0+]5DGLDWRU
0+]5DGLDWRU
0+]5DGLDWRU
0+]5DGLDWRU
0+]5DGLDWRU
0+]5DGLDO
0+]5DGLDO
0+]5DGLDO
0+]5DGLDO
0+]5DGLDO
0+]5DGLDO
0+]5DGLDWRUHOHPHQW
0+]5DGLDWRUHOHPHQW
0+]5DGLDWRUHOHPHQW
0+]5DGLDWRUHOHPHQW
0+]5DGLDWRUHOHPHQW
0+]5DGLDOHOHPHQW
0+]5DGLDOHOHPHQW
0+]5DGLDOHOHPHQW
0+]5DGLDOHOHPHQW
0+]5DGLDOHOHPHQW
0+]5DGLDOHOHPHQW
)UHTXHQF\ FKDQJH RI UDGLDWRU DGMXVWPHQW
HOHPHQWSHUFP
1RWH
※,I6:5LVOHVVWKDQ\RXFDQRSHUDWHWKHDQWHQQD
WXQHU Ҋ7KURXJKµ +RZHYHU LI SURWHFWLRQ FLUFXLW RI WKH
WUDQVFHLYHULVRSHUDWHGDQGWKHWUDQVPLWWLQJLVVWRSSHG
DXWRPDWLFDOO\ LW LV QRW VR 6LQFH &398 LV KLJK
VKRUWHQLQJ UDWLRQ DQWHQQD XVH WKH DQWHQQD WXQHU LI
FKDQJLQJWKHIUHTXHQF\
⑦$VVHPEOHDOOUDGLDOVUDGLDOVRQHDFKUDGLDOULQJ7XUQ
WKH UDGLDO ULQJV DQG DGMXVW UDGLDO ORFDWLRQ WR NHHS
XQLIRUPDQJOHV
$ERXWRQHGLUHFWLRQDOVW\OHUDGLDOHOHPHQW
&398 LV GHVLJQHG WR PDNH RQH GLUHFWLRQDO VW\OH
UDGLDO HOHPHQW E\ PRYLQJ WKH UDGLDO ULQJV 2QH
GLUHFWLRQDO VW\OH UDGLDO 7KLV SURGXFW LV D KLJK
VKRUWHQLQJ UDWLRQ DQWHQQD VR LI XVLQJ RQH GLUHFWLRQDO
VW\OH UDGLDO HOHPHQW VRPH IUHTXHQF\ PD\ EH DGMXVWHG
DSDUW IURP DUPDWXUH EDQG 7KDW WLPH WR DGMXVW
DUPDWXUHEDQGLVQRWSRVVLEOHE\HOHPHQWDGMXVWPHQW
:H DUH QRW DEOH WR WDNH UHVSRQVLEOH ZKHQ XVLQJ RQH
GLUHFWLRQDO VW\OH UDGLDO HOHPHQW 8VH WKH VSUHDG DURXQG
VW\OHUDGLDOHOHPHQW
$GMXVWPHQW
:KHQXVLQJDQWHQQDWXQHUSOHDVHDGMXVWXQGHUҊ7KURXJKҋ
FRQGLWLRQ ,I XVLQJ $XWR DQWHQQD WXQHU DGMXVW XQGHU
Ҋ7KURXJKҋ
①&RQILUP6:5DW0+]
②6OLGHUDGLDOHOHPHQWRI0+]DQGDGMXVWWKHEHVW6:5
DWWKHGHVLUHGIUHTXHQF\
③7KHQVWDUWDGMXVWPHQWRI6:5IURP→→→→
0+]
([WHQG WKH DGMXVWPHQW HOHPHQW RI UDGLDWRU IRU ORZHU
IUHTXHQF\DQGVKRUWHQIRUKLJKHUIUHTXHQF\:KHQｎLW
LV GLIILFXOW WR DGMXVW OHVV WKDQ SOHDVH IL[ WKH
HOHPHQWDWWKHORZHVWSRLQW
④6OLGLQJ WKH UDGLDO HOHPHQW SOHDVH FRQWLQXH
DGMXVWPHQWWKHQIL[HOHPHQWDWWKHORZHUSRLQWWKDQ
⑤$IWHUDERYH DGMXVWPHQWSOHDVHWKRURXJKO\ FKHFNDQG
FRQILUPDOO6:5DQGSURFHHGILQHUWXQLQJ
④$VVHPEOH HDFK UDGLDWRU WR WKH PDLQ ERG\ $WWDFK
0+] UDGLDWRU RQ WRS PDLQ ERG\ DQG DWWDFK RWKHU
UDGLDWRUDORQJWKHVLGHDVVKRZWKHEHORZILJXUH
※:KHQ DVVHPEOLQJ DW ILUVW IDVWHQ WKH VFUHZV E\
KDQGVWKHQORFNWKHQXWVWLJKWO\E\VSDQQHU
⑤&RQQHFWFRUHDQGFRD[LDOFDEOHZLWK0FRQQHFWRUQRW
LQFOXGHGDQGSDVVWKHPWKURXJKWKHSLSHEUDFNHWDQG
FRQQHFWWKHPDWFKLQJVHFWLRQ
※3OHDVH XVH VHOIPHOWLQJ WDSH IRU FRPSOHWH
ZDWHUSURRI
⑥,QVHUW WKH PDLQ ERG\ LQWRWKHSLSH EUDFNHW DQG IL[ LW
ZLWKZDVKHU6DQGYROW
٘$QWHQQD LV YHU\ KHDY\ VR SOHDVH SD\ DWWHQWLRQ ZKHQ
LQVWDOOLQJWKHDQWHQQD7KHWRSHQGRIWKHPDVWLVWREH
ORZHUWKDQWKHUDGLDOULQJRIWKHDQWHQQDPDLQERG\
$VVHPEO\,QVWUXFWLRQ
①)L[WKHSLSHEUDFNHWWRWKHPDVWZLWKPDVWEUDFNHWV
※)L[WKHPDVWEUDFNHWVLQSDUDOOHOE\WDNLQJWKHHQWLUH
EDODQFHLQDFFRXQW
②&398FDQEHLQVWDOOHGDWφPDVW
③$GMXVW WKH OHQJWK RIUDGLDWRU DQG UDGLDO UHIHUULQJWKH
EHORZVWDQGDUGOHQJWKFKDUWDQGIL[WKHPE\WKHZUHQFK
7KH IUHTXHQF\ ODEHOV DUH RQ HDFK SDUW 7KH UDGLDWRUV
DQG UDGLDOV DUH YHU\ VLPLODU EXW WKH PRXQWLQJ SDUW LV
GLIIHUHQW7KHUDGLDOҋVPRXQWLQJSDUWLVELJJHU
※0+]UDGLDWRUDQGUDGLDODUHVHSDUDWHGDVDPDWWHU
RIFRQYHQLHQFH5LJKWDIWHUWDNLQJWKHPRXWIURPWKH
EDJVDVVHPEOHWKHPLPPHGLDWHO\IRUWKHSUHYHQWLRQ
RI PL[LQJ XVH :KHQ RSHUDWLRQ 0+])0 XVH
0+] DGMXVWPHQW HOHPHQWV VKRUWHU RQH 7KH
UDGLDWRUDGMXVWPHQWHOHPHQWLVPPDQGWKHUDGLDO
DGMXVWPHQWHOHPHQWLVPP
6WDQGDUG/HQJWK
※3UHSDUHIRUPPPPPP6SDQQHU
RU0RQNH\6SDQQHU
To Next Page
Loading...
