6(783
5HDJHQW:DVWH%RWWOH$VVHPEO\
7KHERWWOHWRSDVVHPEOLHVDUHHTXLSSHGZLWKGHVLFFDQWFDUWULGJHVFRQWDLQLQJPROHFXODUVLHYHV
ZKLFKHQVXUHVWKDWWKHDLUSDVVLQJWKURXJKWKHUHDJHQWKDQGOLQJV\VWHPKDVEHHQGULHG
7KH
PROHFXODUVLHYHVKDYHDOLPLWHGFDSDFLW\WRDEVRUEPRLVWXUHDQGLVW\SLFDOO\H[KDXVWHGDIWHU
WRZHHNV0ROHFXODUVLHYHVLQGLFDWLQJRURWKHUZLVHFDQEHUHJHQHUDWHGDW&
7KHERWWOHWRSVDUHFRQVWUXFWHGRI37)(DQGKDYHEHHQGHVLJQHGWRDFFRPPRGDWHUHDJHQW
ERWWOHVZLWK*/W\SHWKUHDGHGWRSV
7KHZDVWHDQGUHDJHQWERWWOHWRSDVVHPEOLHVLQFOXGHEOXH37)(WXELQJIRUWKHKDQGOLQJRI
OLTXLG.DUO)LVFKHUUHDJHQWDQGDFOHDUIOH[LEOHVLOLFRQHEDVHGWXELQJIRUXVHZLWKWKHDLU
SXPS
&DXWLRQ
0RVW.DUO )LVFKHU UHDJHQWV JLYHRII KDUPIXO
YDSRUV&RQVXOWPDQXIDFWXUHU¶V06'6IRUVDIHKDQGOLQJ
JXLGHOLQHV
7RDVVHPEOHWKHUHDJHQWRUZDVWHERWWOHVHH)LJXUHDQG
IROORZWKHQH[WVWHSV
,QVHUWD37)(WRS-LQWRD*/FDS(
6FUHZRQWKHGHVLFFDQWFDSZLWKKRVHEDUE)
,QVHUWDGHVLFFDQWFDUWULGJH%ZLWKKRVHEDUEHGFDS
$WKURXJKDPPILWWLQJ)DQGPPRULQJ*
,QVHUWDQGVFUHZWKHGHVLFFDQWILWWLQJLQWRWKHFRUUHVSRQGLQJ
KROH)DVWHQWKHGHVLFFDQWFDUWULGJHDVVHPEO\WR37)(
WRS-ZLWKPPILWWLQJ)
,QVHUWWKHUHDJHQWZDVWHWXEH'LQWKHPPILWWLQJ
+DQGDWWDFKWKHRULQJ,
,QVHUWDQGVFUHZWKHWXEHILWWLQJLQWRWKHFRUUHVSRQGLQJ
KROH
6FUHZ */ ( FDS ZLWK IXOO DVVHPEO\ RQWR UHDJHQW
ERWWOH
$GGWKHDLUWXEH&WRWKHGHVLFFDQWFDS$DQGFRQQHFW
LWWRWKHFRUUHVSRQGLQJSRVLWLRQRQWKHDLUSXPS7KH
³)LOO´SRVLWLRQFRQQHFWVWRWKHUHDJHQWERWWOHDVVHPEO\
7KH³(PSW\´ SRVLWLRQ FRQQHFWVWR WKHZDVWH ERWWOH
DVVHPEO\
)LJXUH