2ULHQWDWLRQ3UWR3U3UWR3U
2ULHQWDWLRQ3UWR3U3UWR3U2ULHQWDWLRQ3UWR3U3UWR3U
2ULHQWDWLRQ3UWR3U3UWR3U
z
3URULHQWDWLRQGHFHOHUDWLRQUDWLRIDFWRU\VHWWLQJ
0DNHDGMXVWPHQWVDVVKRZQEHORZDFFRUGLQJWRWKHRULHQWDWLRQVWDWXV
5HIHUWRWKH3UDQG3UGHWDLOVDOVR
*HQHUDOO\DGMXVW3ULQWKHUDQJHIURPWRDQG3UIURPWR
z
3U
RULHQWDWLRQVZLWFKRYHUVSHHG
IDFWRU\VHWWLQJ
6HWWKHVSHHGZKHQVZLWFKLQJEHZHHQ WKHVSHHGFRQWURO PRGHDQGWKHSRVLWLRQFRQWUROPRGHXQGHURULHQWDWLRQ
RSHUDWLRQ'HFUHDVLQJWKHVHWVSHHGHQDEOHVVWDEOHRULHQWDWLRQVWRS1RWHWKDWWKHRULHQWDWLRQWLPHZLOOLQFUHDVH
3KHQRPHQRQ
$GMXVWPHQW3URFHGXUH
3U 3U 3U 3U
5RFNLQJRFFXUVGXULQJ
VWRSSLQJ
7KHRULHQWDWLRQWLPHLVORQJ
+XQWLQJRFFXUVZKHQVWRS
SLQJ
7KHVHUYRULJLGLW\GXULQJ
VWRSSLQJLVORZ
&$87,21
&$87,21&$87,21
&$87,21
,IRULHQWDWLRQVWRSLVQRWSRVVLEOHDQGWKHH[FHVVLYHSRVLWLRQHUURUDODUPRFFXUVRULIWKHPRWRUGRHVIRU
,IRULHQWDWLRQVWRSLVQRWSRVVLEOHDQGWKHH[FHVVLYHSRVLWLRQHUURUDODUPRFFXUVRULIWKHPRWRUGRHVIRU,IRULHQWDWLRQVWRSLVQRWSRVVLEOHDQGWKHH[FHVVLYHSRVLWLRQHUURUDODUPRFFXUVRULIWKHPRWRUGRHVIRU
,IRULHQWDWLRQVWRSLVQRWSRVVLEOHDQGWKHH[FHVVLYHSRVLWLRQHUURUDODUPRFFXUVRULIWKHPRWRUGRHVIRU
ZDUGUHYHUVHUHFLSURFDWLRQRSHUDWLRQ
ZDUGUHYHUVHUHFLSURFDWLRQRSHUDWLRQZDUGUHYHUVHUHFLSURFDWLRQRSHUDWLRQ
ZDUGUHYHUVHUHFLSURFDWLRQRSHUDWLRQ
WKHSDUDPHWHUVHWWLQJYDOXHIRUWKHRULHQWDWLRQGHWHFWRULQVWDO
WKHSDUDPHWHUVHWWLQJYDOXHIRUWKHRULHQWDWLRQGHWHFWRULQVWDOWKHSDUDPHWHUVHWWLQJYDOXHIRUWKHRULHQWDWLRQGHWHFWRULQVWDO
WKHSDUDPHWHUVHWWLQJYDOXHIRUWKHRULHQWDWLRQGHWHFWRULQVWDO
ODWLRQGLUHFWLRQPD\EHLQFRUUHFW5HYLHZ3U
ODWLRQGLUHFWLRQPD\EHLQFRUUHFW5HYLHZ3UODWLRQGLUHFWLRQPD\EHLQFRUUHFW5HYLHZ3U
ODWLRQGLUHFWLRQPD\EHLQFRUUHFW5HYLHZ3U
RULHQWDWLRQVHOHFWLRQ
RULHQWDWLRQVHOHFWLRQRULHQWDWLRQVHOHFWLRQ
RULHQWDWLRQVHOHFWLRQ
5HIHUWRSDJHDQG3U
5HIHUWRSDJHDQG3U5HIHUWRSDJHDQG3U
5HIHUWRSDJHDQG3U
3/*URWDWLRQGLUHFWLRQ
3/*URWDWLRQGLUHFWLRQ3/*URWDWLRQGLUHFWLRQ
3/*URWDWLRQGLUHFWLRQ
5HIHUWRWKH,QVWUXFWLRQ0DQXDOEDVLF
5HIHUWRWKH,QVWUXFWLRQ0DQXDOEDVLF5HIHUWRWKH,QVWUXFWLRQ0DQXDOEDVLF
5HIHUWRWKH,QVWUXFWLRQ0DQXDOEDVLF
5(0$5.6
5(0$5.65(0$5.6
5(0$5.6
:KHQLVVHWLQ3U'838PDLQGLVSOD\GDWDVHOHFWLRQSRVLWLRQSXOVHPRQLWRULVGLVSOD\HGLQVWHDGRI38RXW
SXWYROWDJHPRQLWRU
5(0$5.6
,QFUHDVHWKHSDUDPHWHUVHWWLQJYDOXH
'RQRWFKDQJHWKHSDUDPHWHUVHWWLQJYDOXH
'HFUHDVHWKHSDUDPHWHUVHWWLQJYDOXH
7KH QXPEHUV DQG LQWKH WDEOH VKRZWKH
RUGHURISULRULW\IRUFKDQJLQJWKHSDUDPHWHUVVHWWLQJ
YDOXH
6SHHG>UPLQ@
2))
21
3/*=SKDVH
SXOVH
3U2ULHQWDWLRQVZLWFKRYHUVSHHG
2ULHQWDWLRQFRPPDQGFRPSOHWLRQ
'HFHOHUDWHVDFFRUGLQJWRWKHGHFHOHUDWLRQ
UDWLRVHWLQ3U
7LPH>W@
2ULHQWDWLRQVWDUW
;
2ULHQWDWLRQFRPSOHWH
25$