Professional Documents
Culture Documents
TEACHING OF COMMERCE
B.Ed. I YEAR
Dr.V.M.Muthukumar
Vice-Chancellor
Bharathidasan University
Tiruchirapplli-620 024
Vice-Chairman
Dr.C.Thiruchelvam
Registrar
Bharathidasan University
Tiruchirapplli-620 024
Course Director
Director i/c
Bharathidasan University
Tiruchirapplli-620 024
Dr.K.Anandan
Bharathidasan University
Tiruchirapplli-620 024
Author
Dr.G.Subramaiam
Asst.Professor,
Coimbatore
%(
$
'
%(
'
%$
'
)
&
'*
)
&
'*
"
)
&
'*
)!
&
'*
+
$'
)%
&
*,
-.
&
'
-/
&&
&
-
&
&
-!&
&
&
-%
&
&
-) $&
'
&
--.
&
&
01
&$
2
'
34
'5
*
6
78/
9
:
";
<
1
5
;$& =
=
&'
&
'
&
# &
5
$&
;'
>
$
' *& *&
7
&
'
*
$$&
$
+
'*
#
&
$
= =
=,
4
= 5
$
?
=
&
$&
&'
&>
=
&
$
5
*
&&
#
#
$
&$
@
&&
& #
ͳ
$
#
&
&$
'
@
*&&
&'
$
&&&
$
'
<
'
$&
&
&*&
$
$
'
&
#'*&&
&
x
B
x 7*
$
B
x
&$
B
x
B
x 7*
$
B
x
$
'
x
$
&
' *
#
x
'
&
$
*
#
x
&
$
*
#
&
$'
&&
#
x '
&
'
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
' &#
&$
?
$&
*
*
" #
*
'
*
&
$
$$&
&
'
&
5
$
6
9 *
&
&$
&
#
#
&
# 7&&#
&'
&>
&&
$
'
& #
$
&&*# &
'
#
#
*
&&
$
5
6
9
#
'
$
5
6
9
$
$
&
7*&
*
& *
$# $$&
#
# $
7&&
&
ʹ
$$&
$$
&&
7
&
&
5 &&*
'
$&
$
#
$
$
7 $
*&
& &
&
$#
&
&'#
>
#
D
$
#E
*
;
#*
&&
&
*
'
&&#
'
$
*
&
9
&'
'#
&&
& #
&
'
*
$
#
#
;
F
"
&'5
#E
&&
&
7#'#
&&
$F
!"#$#%&&
(
G+
'
*
?
G $
'
*
*
,
'D
$
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
'
(
$
'
*
;$
&
&$
&
&&
$
$
?
$&
'
'$
&$
$
*&
**&
' 5
&
*#
*
'
&&&
$
'
#$
$
$&
# &'
$$
5
'
&
&'
*
'
' &
"
'
I
7#
͵
E
&'
&'
$
$
&&F I
79
*
$
$
&
&& '$
*
7
$
3J'
E'
*
*
7
#
*
*
*
&&
& F J' &
&&
*
' ' *
5
&&'
&
#
'
3!!(&
&&*#6
'$
* *&
$&
'
$
&
'
&
&#
$
'
$
$
$
$&
$
$
$
&
&
$&'
&
&F
3)
&
&
# "
**&&
7*&
&
&
&
$ 5
&
*
*
$&
& &
' &
$
&'
&&' $
&H@
$&
?
K
&
&
>
&
$
>
7
F
&
K
$
5
*7
'&&
$
'
!
5
$$
$
7*&
$
$
& $
' &
&$
7&&
&
Ͷ
$
*
$
7*
*
&
&$
;
?
7*&
*&
&
#
&#
;$
# $
K$
K
$
7*&
# 5
$#
# @
K#
'# ,
7 L
<
&
5
$$
'
7
$
77
$
'#
#
&
#
$&'#
'
5
&$
7* * $
$
$
$&
&
$
$
7
&# &
#
7
5
&$
*
&
&$
>
'
&#
&#
&$
7 $&
&$
*7
*&&
$&'
$&'
$$
*&&
&
&
;
$
' &
&
*
&&
&*
&
&
$
$$
;
$
'
&*
&
& *7
5
&&
$
*&& $
&*
&
&
'$#
$
# 7K7
$
# &
&
7#
&
$
&>
&
' '
&
5
'
&
*
'
<
&
#
$
<
&$
' '
'
&'
&
$
7*&
#
;
$
$
' $
&
&
&*
&
&
$
;
& $&
'
& &
&$
5
' $
'&
&
" ###$!%&%
'
$
&'#
&
&'
&
&
I
#
*
7
J
&
#
/
+&
&
$
>
'
$&
'
ͷ
"K
&
$#
#
$
' &
&$
$$
& $
'
&
&$
'
&
&
@
&
*&
&;
*
#
$&
&
'
&
&
$$&
7
$
*
&'
$
&
$
5 *&
&$
&$
&
&
#
&
&'
!"#$#%&&
(
G+
'
*
?
G $
'
*
*
$
'
$
'"
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
!
&&&$
'
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
*
$
+
))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
5
$$
$
7*&
$
$
& $
' &
&$
7&&
&
$
*
$
7*
*
&
&$
;
?
7*&
*&
&
#
&#
;$
# $
K$
K
$
7*&
# 5
$#
# @
K#
'# ,
7 L
<
&
5
$$
'
7
$
77
$
'#
#
&
#
$&'#
'
5
&$
7* * $
$
$
$&
&
$
$
7
&# &
#
7
5
&$
*
&
&$
>
'
&#
&#
&$
7 $&
&$
*7
*&&
$&'
$&'
$$
*&&
&
&
;
$
' &
&
*
&&
&*
&
&
$
$$
;
$
'
&*
&
& *7
5
&&
$
*&& $
&*
&
&
'$#
$
# 7K7
$
# &
&
7#
&
$
&>
&
' '
&
5
'
&
*
'
<
&
#
$
<
&$
' '
'
&'
&
$
7*&
#
;
$
$
' $
&
&
&*
&
&
$
;
& $&
'
& &
&$
5
' $
'&
&
))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
,
-
+ ./ /
5
&
&7
&
*
&
$
$
'
&
&&
$
&
&
'
'
&
$&
$
*$
&>
&
*
&' " +
$'
$
&&'
#I
&*
,#01##2#3314#1"52#
##3&
"
$
&'# /# ";
# #
$ K
#
*
*&
;
$
$
&
&&
7
$&
&*
*
$
"
$
7*
E
;
;
$
"
;&
&'
' $
&>
$
*
&
$
&
&$&
&
$
*
&
$
&
&$&
&
;
5
$
&'
'
7
;
5
$
&
'
*
$
*
$
$
5
&
&
&
&
&
;
5
&
$&
&& '&
# *
'
"
7
#
&$
&$
'
$
#
'$$&
$&
!"#$#%&&
(
G+
'
*
?
G $
'
*
*
% E"
9M
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
&'
7
7&&
$
$
*
'
* $
&&
$
$$&
&
& $
$
$
<
&
&
;#
;#
4*&
&
&
?
$
&'
$
7
$
&&
7
&
*
,'#01##2#3314#1"52##%16"
+
$'
9&
#&
$
#
5
$
$
&
&
&$
*
&
'
$&
$
&&
'
&
$&
5
*
&
?
'
&&'
'
&&
$&
&
&
$ 5
&
&'
&
&*
'
$
$
& <
;
$&
#
&
&
&
<
$
&
#
'
&
&
$
*
$'
ͺ
,*#01##2#335&&& 11%3
5
*
*
&&
#
&&
*
*
>
&&
$
&
*7
*
<
# E
'
;
&
*
#
; $$
'
$$
$&'
$&'
$&
$&
F '
$
# *
5
&&'
'
$&&
&*
$
&
5
&
$
#
#
*
" "
&
5
'
&
$
&
$
'
$
&
&
*
!"#$#%&&
(
G+
'
*
?
G $
'
*
*
)@
&
&
$'N
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
-
?
&
M
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
7-
/
+
$$
&.
&
&
&*
;$
.
&
$
&
;$
$
$
.
&
&'
$&$
&
.
&
'
'
&&*
'(#)#*#
$
$
&
'
&
7 $
&
&
&' 5
$
&
&&'
&
&
?
&
ͻ
&
$
5
&'
'
$
$
*
&&'
'
&&'
>
$
*
# #
7&&
7 $
#
&#
$$
'
&&'
;
#
'
'
?
$
$&
&&'
?
'
&
5
'
$
&
&
'+#*#
5
'
&
&
&
$$
&
$&
'
$
&
& $
,
& $
# &
;
;
$&
&
&
* &
'
/
&
&&
&&
$
&
&
'
$
$ *
&'
&'
&
*
&
&7
##
#
&
7
$&
' /
&&
& *
&
$
$
**
&&
'
&
&
&
'
##*#
&
'
&&'
&
*
' 7
&
&'
&
*
&
K
$
$
&
;$&
'$
&
$
&
$$
'
$
&
$* $<
&#
&
$#
'
$&
&&
7
$
&
&
&
&
&
&$&
$
'
$
&
&
&
&
'
'"#*#
&
&
$&
'9
&$
&$
&
$&
$&'
#
$#
?
&
*
&#
$&
# &* &
# $
'
'
&
& 5
$
&
# *
7*&
& @
'
#
&
#
#
$
# &
#
'
9
7
$
*
7*&
5 &7
' $
*#
;
&'
&
$
ͳͲ
',%!#&*#
5
*6$&
9
$
&
6
9
6
'9
$
&&
&
&'
'
&$
&$
$*
7*
$$&
&
&$
7&& * *
&
&
'
$
$$&
&'>
$
#
$&
7#
'
# '
&&' $
$
#
&
&&
7
&$
&
?
'
*
'
7
5
$&
'
&
''-#*#
5
7 7
$
$$&
*
$
7&&
'
&$
&*7
&
5
&
'
&'
'
$
5
/
$
$
$&'
,
&
$
&
&
&&
?
&
#
&
$&'#
&
#
&
& $
'
&
&
!"#$#%&&
(
G+
'
*
?
G $
'
*
*
0@
'$
&
?
N
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
2@'
$
$
&
&
N
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
8
-$
))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
,
7#
7
#
#
#
#
5
&$
(*&
&$
7
$&
&
'
ͳͳ
1!% @
$
#
7
*
'
*
OG"&
<5
'
O"<5G
OG
5
&&
O5GOG
OG
#
OG
,
7
&
'
7
5
&
,
7#
,
7
#
7
&
$
&
#
&'
1!%
;$&#
$
&' $&
'
& &
7
"K
$
'
&& $
# &> *
#
&
#
&
"K
&
&
7
*7
7
' &1
7 5
*
"' $
$
&
* #331# 5
&'
'
'
5
'
&
$$&
$
&
&$
;#
#
K
&#
;
#
&
,145
&
'
&&
5
*
'$
K
&
;
&
&
;
*
'
;
&
&
&$
&
,
'
*&
339
$
&
&&
,
/
O,/G#,/
'
7
'
9 +
5#*
'
$
$&
&&
"
* 7*&
&&
?
'
&
'
$$
&' &
*
&
$
&
&
&
&
&
$
5
&
'
$ 5
'
& *
'$
&
& 5
$
$&
&
&&
$
#
'
'
' >
&
7*&
*&#
'
&
$&
'
&
$&
>
ͳʹ
))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
:;
+
))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
K
(
$
1
&$
K
$
I
&
&$
K
' "
(
$
K/
'
&
'*
.
&
'
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
.
</
;+$
=
))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
D
$
#E
*
;
#
*
&&
&
*
'
&& #
'
$
*
&
9
&' '#
&&
& #
&
'
*
$
#
#
;
F
5
$$
$
7*&
$
$
& $
'&
&$
7&&
?
7*&
*&
&
#
&#
;$
# $
K$
K
$
7*&
# 5
$#
# @
K#
'# ,
7 L <
&
5
$$
'
7
$
7 7
$
'#
#
&
#
$&'#
'
$
7
&# &
#
7
5
&$
*
&
&$
>
!@
&
*&
&;
*
#
$&
&
'
&
&
$$&
7
$
*
ͳ͵
&'
$
&
$
5 *&
&$
&$
&
&
#
&
&'
#&
&'
&
&
$
"
$
7*
E
;
;
$
"
;&
&'
5
&
&
&
&
&
;
5
&
$&
&&'&
#*
'
"
)+
$'
9&
#&
$
#
5
$
$
&
&
& $
*
&
'
5
&
&'
&
&*
'
$
$
&
-5
B
$$&
&
&
$
$
$
<
&
&
;#
;#
4*&
&
&
?
$
&'
$
7 $
&&
7
&
*
0
'
#
'
&
'
&
#$
&
&'#
&
&.
&
# $&
'.
&
#/
&.
&
&.
&
2 5
*
$
&
&
&
$
&
&
'
$&'
&
&
&
&
))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
>
?
))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
$
$
'
&'
$
'
!
&
*
&7
#
#
&
$'
%
&
";$&
ͳͶ
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
'
)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
*
& D O33-G 5
$
&
$$
# .7
/&
I
/J#(
*
&
,& #,
O3)-G#5
; '"
&
#I
7
O"G#
7
'#'(
*'7
1
OG#5
# &/&
/#J#(
*
&
/
O!G 5
"
/$&
5
/
#
4
7
/&
#(
*
&
1/O)GB5
#'
/&
#
# I
D / O323G
&
&
#
("15/&
#(
*
&
ͳͷ
81,7,,3/$11,1*
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6WUXFWXUH
81,72%-(&7,9(6
1+
,,,
:*2
<
x 7)
,
:
+
x ,
+
x .,
+
,
+*
x '
,
,
+ , *
x 7)
') *
++
,
x *
3/$11,1*,1752'8&7,21
,
* +
+
2:
2,:2,
:,2
2,
1
!>: 3
, +
+
+
+
,
*
(
,
:
,
: +
:
:
+
:
,
+
,
,*+
,
*+
1 ++
, ,
25 +* 2
4
+
?
+
+
+,
@
,
5
: 5
+
* 2,
,
,
+)
2 ++
*
, +
+ +
+ ,
, ,
,
A
,
:
2
2
*
:,
+++
+
+ ,
A
, 2 +
* ++
1 ++
+,
,
+ ++
, )
, +2
+++
B *,,
2 *+
8
++
,+,
:
+* ,
7* *: , :
+ 1 ,
5 ,
, ,
,2 ,
,
( ,
, (
+
5 ,
++
, ,
* , , + + ,
+
?
2 ,
, +
,
,
*
32,
( 32,,( ,
:,
+
+
,
>
,+,
: , * 32, , (
32,
( 32, , (
,
, * , ,
,
1(('$1',03257$1&(2)3/$11,1*
++
,
,
2, 2
* ,
+ ,
:
5 + A, ,
,
,
+
,
+
,
*,,*+,*::
:25
*,
,
+,* +
,, +
:+
:+25 +*,
*
,
*
,+)
+25+
+
, ,
,
,
+
:
x 5 ,
+
+
,
+++,
2,
x
,++
*
2*
>
+:
,
:
2
,,
5
+
++
++
x 5 + , +
,
: ++
*
2+
x
2
+
+
: +
*+ ,
x
,
+
+
,
,
+ +
, + , +
+ , : , *
5 ,
+
x
+
,
5
+
x 1 *
*
+ ,
*
,
,:
+
,
,
:
>
+ : +
,
, , )
* +
.,
*+,+2
!B1 C
B9C
$ B
*C
,16758&7,21$/3/$11,1*
+,,
:
:
,
,
+
1 ,( ,
+ ,D,
,
5
, :
::,*:2,
,
,
+
:
,
:
,
,:
,
+
: ,*
*
2,
,
,
,
:,
:
*+
>
,
; +
, * ,
5 2 +
,
2,
,
;2
,: ,
+
+ *
,,(?,
<($53/$1
+ , 2, *E 25 + ,
*
5 2 *
1+
,25:,,(+
5
+,*(25
,
5 2 ! '* ,
: , , 5
2
,,
,
+,
,
>
+ ,
, ,
, +
,
,* 2,
,
+
1,
,
5
)
,PSRUWDQFHRI\HDUSODQ
,
+
+,2,
*
,
52,, )
,*F (
:
+2 * , , +
,
,
+2,*
+
+,*
2
,+
)
,
, ,
+
,,
,
+*
+2A
,
,
+ ,
+ , : + ,
+,
+
, +
* ,
E
*
,+,*
,,
,
+*
+,:2,
,
+
*
" ,
,
,
++
* 2
,5
*,
*
*
# ,, *
>,
+
% , ,
*
,
*
* +
,+
*+
)
.,
2,
*
& 1 2 ,, * ,
++ + , ,
2,+,
6WHSVLQ\HDUSODQQLQJ
@,
:,,2,
,+2
+<
¾ ,
,
,
¾ ,
>,,,
¾ , +
,*
¾ , +
+
$ )RUPDWLRQRIXQLWV<
,+
,
+*
>,
, ) 5
,
*
+ ,
*
*
*
G1
* +
+ , 2,
+
*
, 2
> H 7) ? I : $:
' : 8
1 :
%2EMHFWLYHVWREHUHDOLVHG
@,
,* ,,,
*
,)
2,
, ,
,
,,
++
.
+ , + 5
, ,
,
*
,+4 1 *1
*
,,
:2
,
++ 2
,,
*
2
,
+B1: ':4: 7C,,
"
, 2
, ,
2
+
+,
,
<($53/$1
.<1 * .<
,
<
-/
0 2
1
.5
,
$
1 ,
*
,
:
,+
*,,
*+
+ :
, 2
,
2,
2
,
,
&7LPHDYDLODEOHIRUWHDFKLQJ
,,
,
+,
+
F,,
+
+ ,
@,
,
+ ,
,
,
* + ,
, )
:
25:**+)
:,
,
*:,
,*
, +
+
,
', ,
*
+
,
++
+
'7LPHUHTXLUHGIRUWHVWLQJ
,,,5
, +
;
+
1+
,, 5 2
* : , +
;
+
,
1 , +
+
, : , :
:,2
,*
&KHFN\RXU3URJUHVV
<C@
* 2
,
2
C4* 22
,,
, +,
+,*
5 2 JJJJJJJJ
@,
,
+* K
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
$
,
*
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
#
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
81,73/$1
@, ,
, ) 5
;* ,
,,
>,
1
*+
+ 2,
+
*
,
+,2
>
1
,
+*,+2
:
,
+* ,
* 2, +
,,
,*,
+G
*2,H
,
, *,
)
2
" ,
>
*+
# ,
>
2,
,2*,
,
+
+
.+)+
4 1 *:
&RPPHUFH< : . : ,
+
: I
.5 4
: ' 5
:
$FFRXQWDQF\
:I :$:.
*5:
' :
8
:9
+
+7
,
+
5 2 ,
+,,5 2,
+, *
*2:, ,
+
,
* 1
*+,
*
+,
+
, , 5 2 ,
+ ,
* + ,
+* ,+,:2,
)
,
%
C
,,
, +,
+
2*
C ,
>:,
+,
++
C
,,
,
,)
++
*
C ,,:,
; ,
+,
C
+
+ :
+C
+,
+
C
,
*+,,, ,
,C
,,
,
,
+ , , ,
* 5 2,*
C , ,
+
, 5
,++
*
6WHSVLQXQLWSODQQLQJ
, , , , ,,
, + ,
+ ,
5 2
,
&RQWHQW DQDO\VLV ,
*
,,,
,
* ;
: ,
: +
)
, , , , + 2 + , ,
, :
, , * , , , ,
,
,
+,
2EMHFWLYHV DQG VSHFLILFDWLRQV ,
+
,
+
2,
,
,, ,
+
'5
2
,,
/HDUQLQJDFWLYLWLHV1 ,
>,
2,
,,,
,
)
, ,
, , , + ,
+ ,
,
,,
,+2
)
<
++ : *,* + ,
:
(YDOXDWLRQ , *2,
,,,5 22,,,
,
,
+,,
+,
,
+,
F,, ,
*+
,
;
&
&KHFN\RXU3URJUHVV
<C@
* 2
,
2
C4* 22
,,
, +,
,
5 2 JJJJ
" ,,,5
)+JJJJJ
#
JJJJJJJJJJJ+,
%@,
,+
,
*K
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL
/(66213/$1
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1
+
+
)
: 2,
,
5 +
* ,
,
*
2,
, . B
--C +
:H $
* +
,+:
, 25
,
,* + , ,:
,
D, 5 2 + ,
,*: ,
D,
+
+
,
D,
:,
D,,
+,
+
:,
D,5 2
+ ,
,: ,
D,
*
> ++
,H $ B
-#"C
H1
> +
+
,2
,
+
*2,
,,
*,
,
+,,
*H
$
, ,(
>
+ ,
)
$ ,
,
222,
,*
,
,+:
+2
2
+,+
* ,:
*
+ + ,
5 2 ,,22,, 2
,
* ,
* +
+ ,
,
+
: +
,
2+
,
2+,
+ +
* ,
: ,
:
+ ,
,8,
:,
, +
B*
+
C
5 2 , , , ,
> ,
, , ,
+ , 1
,
,
,
+ +, 5 2 $
*
)
,,
2
+,,,
, 2
,
, , ,
> ,
+
,
5
-
,,,, ,
+
5 2+,
,
: 2,
, ,
, )
, ,(
>
+,)
* 2* , : , , + ++
,
H G *
* ,
2
++
,, ::
,
,,
,
* *
+ ,
5
:
:
*
*H
:
*++
) ,
2ULJLQRIOHVVRQSODQQLQJ
1
M *,*:
, 32,( , , ,
3(@, 2
+
:
+
32,(, :2 *
++ @ )
32,(
,
2
, , , + 3
( 1
3
(: 32,(:
5,,+3
(
,32,(
*,3
(
1HHGIRUOHVVRQSODQ
,
+
+
2<
C $ + +
+,,
C , ,+
5 2+,
C
+
+**25
C
)
,
,
"C
,
+ ,
#C ,,
,
,
++
,
%C 2
,7 *+
++ ,
&C
, ,
;
-C
;
/C
,,)
,
2
C
*+
25
C
)
+ +)
*
,
C
*+,
2+2, ,
,++
2;
+
),
,
+,
C,
+
,
++ +,
, ;
,
+:
/
3ULQFLSOHVRIOHVVRQSODQ
7*,,5 2,
+
1 ,+*2
,
+
, :
: ,:
+,
,
,
,
,
+
2,
,
,
+ ,
+,
" ,
,
, +
,:
,5:+
:+
,
#,
+
,2
*
#,
,
5 2+,
&,)
,
,
-,
,,
,
;*,,,2,
: 2, , +2: 2, ;
5
2,
/,
+
*2,
,,,
5 22,,,
,,
,
,
2
>
:
* + 2,
,
,
,
2
+
,
&KHFN\RXU3URJUHVV
<C@
* 2
,
2
C4* 22
,,
, +,
&@,
, + K
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
-
K
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
6WHSVLQDOHVVRQSODQ
,QWURGXFWLRQ
,
+,
, *
5
,
5 2: *
* *
,
8 ,
, , , +
;
2,
,
5 2+,
3UHVHQWDWLRQ
+ , + , , , , ,
, 2* ,
* + , ,
, ,: +
, , , ) , ,
2
+
@,
2
,
,*
,
2
,
*
,
, ,
* , , + ,
,
+
2
, (
+
2
,
(
, ,, ;
1 ,
,
*
+
*
) *2
2
,,
*HQHUDOLVDWLRQ @, ,
, , : , , ,
5 ++ 2
>
2
, , , + +
:
,
* 2
>
,,*
>,
,*, 25 2 *
$SSOLFDWLRQ2 ++
*,5 2
,
5*
+
, 25 2
5HFDSLWXOVDWLRQ
, ++
+ * 5
,
;
, +, ,;
,
+RPH $VVLJQPHQW , , 5 2 , )
: ,
,
,
, ,52
2
,
)
/HVVRQSODQSUHSDUDWLRQ
@,* *
* ,
+ , 2, ,
;
,
:
.QRZOHGJH RI WKH SULQFLSOHV DQG VWUDWHJLHV RI WHDFKLQJ , , 5 2 ,
+,
:)
+,
:,
, ,
; ,
,,
, ,
;
,
.QRZOHGJHRIVWXGHQW·V1DWXUH,,
,2
*2,
, +,
5 2 2
,5 2+,
&ODULW\DERXWSUHYLRXVNQRZOHGJH@,
, :,,,
5 2,
5 2+,
, 25 2
,
+
5 2
*
'LYLVLRQRI8QLWV<@,
, :,,,
,
1: ,
, * ,
,
+
,
+,
;
**,,
,,
8VH RI 0DWHULDO $LGV @,
,
,
2,
,
2,
+
2
,,
,
,
*
++,
7LPH&RQVFLRXV@,
, ,,,,
F , 5 2
* ,2 ,
2
5 , + ,
,2 *
+
,
&KHFN\RXU3URJUHVV
<C@
* 2
,
2
C4* 22
,,
, +,
/$
,,
*
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
@,,
;
LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL
%/220·67$;2120<$1'',))(5(17'20$,16,17($&+,1*
+
+
,
,
2 *,
* ,
, * +
:
, ,
*
,+
,,
2
,,
*,
2
+*+
5
,
* + 7
,
+* 2
,
+*
,
+,
,
,
, '
* + * ,
+
2,, 5 2 @,+,
*
* ,
+
+,5
+,
2,
,
,
+
5 2 ),
+ ,
: ,+:
*,,
5 2G',
2
),
+;
,5 2
*2,,2
+,
:2,
,
,2
+,,
H
1+
,
: ,
7
*,
:
'
.' ,
+.1,,
,
,
+
,
,
,
,
4
1++
*,
,
,
, ,
*
,2 2<
ĚƵĐĂƚŝŽŶĂů
ŽďũĞĐƚŝǀĞƐ
B0 2
C B8
C B@
C
? 7
: 6
+
: 1
: 65
,
5
:
.
1
: N
,
,
,
2,
5 : , +
*
*
: *: * ,
>
5
,
+
2
, ,
* 5 2 ,
,, ,
, :,5 2;
,
,
:
+
+ ,
,
,
,++
* ,,
,,
* 4
,
;
+ ++
, 2,
, + , , ;
+
,
,*,
&KHFN\RXU3URJUHVV
<C@
* 2
,
2
C4* 22
,,
, +,
@,,,
+,) *+
K
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
"
&2*1,7,9('20$,1%6%ORRP
'
,
+
:,
+,
2,
,
,
,
,
2<
,
,
+
+
,
*
+
,
,
2,
,
2
,5 2
:,
5
,
)+
,
,
,;
,
+)
*+
5+
)
0 2LL4,
LL1
LL1 *
LL.* ,
LL7
D .QRZOHGJH ,
, 2 *
+
*
5 2+
*:
+
:+:, :+
:
E &RPSUHKHQVLRQ , ) ,
, *
,
+
+
:
:
,
;
+:
;
)
+
+
::
F $SSOLFDWLRQ , ,
, *
+
+ 2
:
+ 2 ,
:
:
,
+ ,
:
G $QDO\VLV,
*
,
>
+
*>
>
+*
+2,::
H 6\QWKHVLV
)
* ,
, +
,
,
*+
, +
+
2, 2
,
*
2 ,
I (YDOXDWLRQ ,
, ,
, +
,
)
* 2,
,
,
:,:
,,
2,+
I ,;
;
1,
,
*)
,*
,
, ; + ,
) *1
+5 2
2
,,
#
&KHFN\RXU3URJUHVV
<C@
* 2
,
2
C4* 22
,,
, +,
,2+
JJJJJJJ
,,
,+
,
JJJJJJJ
$))(&7,9('20$,1.UDWKZRKO
,
,
+ , 2,
,
+
:
:
:
,++
+
+
2,
, ,
,
,,,
2,
,,
>
+ * +,+
,
+2<
C 5HFHLYLQJ,2*
,
+ (2
*,B
C
*:BC,2
*,
::
C 5HVSRQGLQJ,
+
,
,
>
* BC
+
25 BC *
BC
BC,2
,B+C *
,
,::
C 9DOXLQJ ,
+ , 2, , :
, 25 *+ B
C
+
+ BC
+ , +
, * BC ,2
+,2++,BC
::
C 2UJDQL]DWLRQ,
*
2
,
,
++ :
+
2 , +
*
* ,
*
,
> * B
C
>
, +
BC
*+2 ,
BC
, 25 ::
&KDUDFWHUL]DWLRQ E\ D YDOXH RU YDOXH FRPSOH[ , +
* ,
+,
3
+*(2
,
* , ,
, ,
,
> *
++
:
* +
:
%
&KHFN\RXU3URJUHVV
<C@
* 2
,
2
C4* 22
,,
, +,
"M
,+++
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
36<&+202725'20$,1'DYH
8
+ *
+
,
,
:,
:*
,
,
+
2
, 5
+
, *,
8
,
,
,
+
, +5
,PLWDWLRQ
, 2 +
*
*2
2
,,
*,+
0DQLSXODWLRQ
++
,
3UHFLVLRQ
+ + 2
, +
+
2
, : *:
)
+
$UWLFXODWLRQ,
2
, *
,
*
1DWXUDOL]DWLRQ+
+
,+
*,5
+
:
+
*+*,
B5
C,
*
> *
8
* ,,
,
+
*
: +
: 2
, + 2, +
,
+
,
&KHFN\RXU3URJUHVV
<C@
* 2
,
2
C4* 22
,,
, +,
#@,,5
+*,
K
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
&
02'(//(66213/$1
+,,
<9.
.
+,.,<1N'F..,
.<1 *
<4,'5
.O.<PE E
< 4,5
< . ,</.
<"
,QVWUXFWLRQDO2EMHFWLYHV
,
x ;
5 2 ,5:
,
x , ,
: ,
, +
,5
x
,
5 2
, : :
,5
x 5
2
, ,5 * *
2,5
6SHFLILFDWLRQV<
,
-
6WHSV 6SHFLILFDWLRQ /HDUQLQJ([SHULHQFH (YDOXDWLRQ 5HPDUNV
027,9$7,21 ,
, @, ,
9 ,
5
+
+,5
++
+ , 5
5
, 5
+ ,
,5 ,
+
5K
+,5 5
4, 5
, +
,
: *
,
,
35(6(17$7,21
+
,, ,
2 ,
)
, 2* + +
,5 *
2
+,
, 5 , ,
+2
;
: 5
,
@,
,
,
K @,
,
,
*
K
F2 * ,:
,
,
,5K
9 +
, '5
F2 *
,
+
)
, 2* + ,
,,5 , ,
, , 5 + ,5K
* , Q
* ,
,
2
,
B9
C
+ * ,
*
,
, 2
,
B* C
4 , , , )
@, ,
,
+ 2 * +
, 5 2
,
5
K
, 2
, , , + ,
5 . 2 ,2*+
* +
:
,
/
6WHSV 6SHFLILFDWLRQ /HDUQLQJ([SHULHQFH (YDOXDWLRQ 5HPDUNV
7)
, , )
2
, , , +
)
,:
,
++ *
, +
2,
2,
M
)
2
7)
,
+ ,
K
,
+ , ,
2
, ,
) +
, 5<
4,
7)
, 4,
@,
4,
, )
, ,
*
,
,
2
,
+ , ,
2
, 4,
)
,
2* +
,
,
,+
.
2
,
+
*
6WHSV 6SHFLILFDWLRQ /HDUQLQJ([SHULHQFH (YDOXDWLRQ 5HPDUNV
4
++
, , )
M
)
, +, +
, ,
, ,
2
, )
1
++
,
+ ,
,2
++,
,
,
+
, 8
* , ,
+
2
, ,
, ,
,
+,,
5 5 2
,
, :
,2
2
,
,
+
+ ,
,5
5HYLHZ
,,5,+2
;
6LJQDWXUHRIWKH7HDFKHU7UDLQHH 6LJQDWXUHRIWKH*XLGH7HDFKHU
LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL
6800$5<
,
:2
,
+
: :
+
*
,
* , ,:
,
*,,,
,
2*+,,,
*: ,2 , , ,
*
*,M +
,,,* ,
8
,
,,:,* ,
,
*
,,,
,2
,
+
, 5 + ,
' 2
+ ,
*,
,
2, ,
:
, ,
;
,
,,
,
2
. ,
,
,
+ , :
8,+
+,
,
:,,+2
:,
+ * 2
* + , +
+ ,
LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL
.(<7(506
?
!
$
'() *
++
,
LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL
$16:(5672¶&+(&.<285352*5(66·
!
*
,+,*,
,
+2,
*
+
+,*
2
,+
)
,
, ,
+
,,
,
*+,* ,
,
,:
,
> ,, ,
, +
,* , +
+
"
#7
%,
,,,:
+
+ :
+ :,
*+,,, , :
+
, 5
,
++
*
, ,
,
, )
++
*
&,
+,
:
,,,, ,
+
5 2 + ,
,
: 2,
, ,
, ) , , , ,
* *
+ ,
5
:
:
*
* ,
+
,
++ + , , ;
,
+: ,
,
-!:
,
,,(
>
+,)
$
,
,
222,
,*
,
: ,* B
C
B
C ++
B
C*,
0 2
7
"9
:9
:N
:
>
4,
>
#
:6
:
:1
LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL
48(67,216$1'(;(5&,6(6
* +,,
, * **
F2,
,+, *,K
G
,,,
,,
H
2
,
+,
"@,
* K@,,
+ K
#.,
5
+
%@
+,
3' 5
H,, +,
, *
,
&.,
+
+,
-@
,) *+
LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL
)857+(55($',1*
.9B//C:,
+4:1
:$:2 ,
.,,
, ., B//C< , 7
,
:
0
,5
,
:2 ,
.
0: $ 7 0:B//C<4 7
6,* + ,
1 *
:4
*:4
.
,9B//"CA,
+4:.*
:6
.
:F. .,
IB
-&-C<
+.,.:479
:2 ,
"
!"
#
$ "! %
$&%
'(
$ &%
)
"
$ &%
&
" *
$# &%
+,!
$$ &%
-
+,"!
$. &%
/ %/
$0 &%
1
2
.&!'
1
3
0
%
41
!"
41
4
52
""
6&
!
""
1 "
""
&""
73"
#'8 9:%; 1 <
$2
+,
.=)
! ""
!
!
" % 8
3
"!
%
8
%"
"
3
!
!"
"
"
!
"
8 3 "
!
!
3
>
!
>
8
!
"
!
?
"!
%
! "
,
!
'
9 +,!
!" "
9 &
"
"
9 (
!
!!
"
%
9 &
"
9 (
%
8
9 & "!
%
9 +,!
"
%!
9 -
! %
9 +,!
?
?
?
""
9 &
!
""
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
B
8
5.0
%
B
8 8
C(
:!
9
3
/
3
D500E
3
"! , %
"!
!
%
B
! "
,!
" ?
%
+
%
3
%
B
!
>
!
3 "!
""
?!
"
"
"!
%
"
""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!
!!
%
"
!
8
% %
"
8
F
8F
8
"
! $ 6!!
" !
$ 6"
'8
B
G
H
3
8
>
"H
H
"
!
"%
!
!
!
H
#$%&'()%(*+%,-.
3 8
"
I
G
3
"
8
%
3 B
"
" %
8
" ! !!
3 "%
"
!
B
!
"
%
#3
",
""
8
"
"
"
+**%'%'()%(*+%,-.
3
"!
I
8
"! ,
"
$ 6
#
B $ 6"
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
/ 01
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
? 8
!
&
&'
5.
8
-'
B8 %
8 8
"
8
"
"!
? 8
' &
8
""
B
7
'
&
8
B!
!
%
+23((-''
C GE-
8
!
8
E: "! 88
!
!JJJ
8
JJJJJ
3
"
B
"
$ 6"
6 6"
6 .6"
6 6"
4
0
8 "! ,
" "
GB
"
"
!
C:+)3
"
!
!
"
&
"
"
."
3
GB
3
."
=
B%
."
)!
"
)
."
)
%
."
3 ."
%(5*+%,-36
W>Eϭ d,Ϯ
Z&<ϲ &<ϯ
Zd,ϱ
ZW>Eϰ
+23((-''
C GE-
8
!
8
E: "! 88
#
"
B
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
.K
"
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ
7
3 8
"! "
A
%
F
'89'++&'(*&1$55-
3
",
"
"% 8 % 8
! !A?
8
! ! !
8
"
3 ?
%
8
8
!
!! !
3
8
!
8"
"
'89'++&'(*1$55
&$)"5*)%$'&
"
!!
"
8
!
!!
+7&$)"5*)%$'&
) & '( ,)$% ")5 $+('&- B
"
!!
!
&
"
>
F
C
D 3
8
%E EE8 EE
EE !
E
C
D 3
E"!E
C
D 3
"
% E
% 8
E
G "
EE3
E
" & '( ,)$% '+4%")5 $+('&- B
A
A
" 3 ,"!
8
A 8
!!
!!
"!
8 %
*12'',&&
B FD-
8
!
8
D: "! 88
0& "!
%
"%
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
$ 1$55($85&)$)$'+
:
!
"
" " !
!
3
"
!
! " 3 %
"
"
"
!!
E
8
"
'89'++&'(*&1$55-
3 %
!
"
" "!
8
"!
F
!
<$= '%8+&-
! !
"
A
"
3
"% 8 A!
"
" "
!!
E
<$$=
&&-J A !
"
"3 "
8
!
,!
8
" "
+,
!
!
8
"
!
,"!
"!
<$$$= *)+, $+ %'$- 3
!
8
!! !
!
!
K
<$%= '&$+,-
!
!!
<
!
8
>
&
" %
8
"F
3 "
%E( %
EE
"!
E
3
3 "
<%= *)+, $+ $+)$'+ &25&- 3 ""
!
"
"
3 "
8F
"
<%$$=)54%$&)5&>$*$+,-3
"
"C
D "
C
D "
"
<%$$$= *2&$)5 $+%'5%8+ '( * &7+&- 3
! "
!
"
!!
& "
""
"
>
"
8
%
!
!
"
"
"
"
*12'',&&
B FD-
8
!
8
D: "! 88
4-%
%
"
L
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
$# 1$55(
:95)$+$+,
+,!
8
!! !
"3%
,!
"
!! !
"
"%
!!
! ! "
!
!
'89'++&'(*1$55
3 %
,!
! ! "
E 8 !
&$)"5*)%$'&-
C
D &$+, )99'9$) ",$++$+, )+7 '+57$+, &)8+&- /
"
!
"
8
,!
A
!!!!
"
,!
""
,!
""
>
8 ,!
C
D &$+, :95)$+$+, 5$+1&- +,!
%
" 8
!
"
"
,!
3
% 8
?
!
!!
8E
8
88
#
<$$$= '%$+, &&+$)5 9'$+&- 3 ,!
! !
!
"! !
"
!
C
D&$+,9$5&?+7&)+7$+,F3
%
!! !
?
8,!
+7&$)"5"*)%$'&
<$= &$+, $5%)+ &)8+&- 3
"
! !
!
,!
"
!
!!
!
!!
<$$= )1$+,'+$+$2$+&)8+&-3
"
%
%
?
"
,!
!
<$$$= )1$+, (5+2 - %
K" 8
8
!
F CD
!% CD
"! CD
"
K
"
"
8 "
C
D"
!! !
8
"
<$%= &$+,$+)99'9$)%')"5)2.%),>'7&)+79*)&&-3
8
!FA
% 8 !!
!! !
"
8
!M
%
"8
% 8 " ! !! "
D
,!
*12'',&&
B FD-
8
!
8
D: "! 88
5-
%
,!
L
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIII
$$1$55'(55&)$+,;$*
:)895&
3
%
" ,"! !! "%
!
!
!
'
,"! 8
!!
<
'89'++&'(*&1$55-
= "
"! ,"! H ,"! "
!
"
= "
,"! H,"!
"
= "
,"! H ,"!
#3 !! !
"
,"! H,"!
"
$
!! ,"! H) "
"
!
,"!
? ,"!
6@1$55(&$+,5)1')7
/ %
" 8
?
%
"
"! !
8
%
8"
!
'89'++&'(*&1$55
(
8
B
%
8 %
%
8 %
#'!! !
%
8 %
6A1$55('"$+,&$'+&
2
"
A
3 "% !!
%
" ?
1!
!
" 8
! 8 ! !
!
"! !
!
!
!
8
!" ?
E
=
>
"
! !!
! 8
! !
?
"
3"!
!
"
F: ? %
!
?
"
! "" "!
?
!
!!
! 8
8
!
'89'++&'(*&1$55-
3%
!
?
8
?F
<$= '89$+,-
"
!
! "!
?
"
!
!%
"
A
!
8 "
?
!!
!
"
% !
!
"! !
<$$=1$+, (* $+('8)$'+- !
"!
!
? %
"
!!
3
? %
"
"
?
*12'',&&
B FD-
8
!
8
D: "! 88
-
?
%
!
?
L
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3
" "
"! %
8
*1$55'( $+('8+
&$)"5*)%$'&
1
* )
1
B A )
F +,* )
+7&$)"5*)%$'&
# B
* )
$ B
B A )
. !! !
8
)
"
*1$55'($85&)$)$'+
1$55'( :95)$+$+,
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
A
(
%!
!
"
(
%!
"
%
!
"
:
"
6 "
" $
"
3
! 4 6 "
"
!
8
8 "
!
"
%
!
4
!
!
"!
8
!8"
"
!
8
%
""
"
%
%
8
"
8
3
" %
!
! 3
!
"
%
!!
!
""
3
%!
8"
!
! ""
*12'',&&
B FD-
8
!
8
D: "! 88
-
%!
L
L
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
C
1
/+
! "
"#$%&'(9&%$)$+$+,
C
! "" !
!
!
A ' 7%5'9 $$)5 *$+1$+,F 3
! ""
>
8!
?
C ' ) ) &+& '( "5'+,$+,+&&-
! "" !
!!
"
8
3
"
!
D ' 7)$'+)5 '+&$'+-
8
8
"
!
8
"
"
! "" !
!
"
"
8 % !"!
"
8 8 % !
"
! !
: ""
!" ?
%
" 8 % ! ""
1
: ,!
>
%
"
, %
!
8 "
! "
!!
3
1
8
3 !!
!
3 8 "" ! "" 8
8
"
1
!
3
"
!3""
! " !
! "
8 % 8
? 3 !
8
!
! ,!
""
!3
!!
"
!
1
x &
!
">
B:+)3
x 3
83*
x 3 !
!
""
x *
%"%
<
777777777777777777777777777777777777777777777777777777777777777777777777777777
*12'9',&&
B FD-
8
!
8
D: "! 88
-
"
?
?
""
L
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
#-!
""L
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIII
#
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D
= 8
"! ?
""
&
!
: ""
'
"
"" ?
"
8
3
"
% 8
"3
!
B 8
"
3
8 !!
8
"
"
!!
N"8 ?
!!
8
!
" % 8
: ""
'
"
!
>
!
", 8
!
!
!
/: "
: " 3"
""
?
3
% 8
8
?
"
""
!"
3
?
" " ""
!
3
!
" !
3 "" " !
% 8
!%
" ""
!
3
8 3
88
?
!
"
& "
"! 8N
x )
!
%:':-':&/
&+/
x J
K !
K!
"
x '
x !
,!
"
"!
)
"
"! " =
!
"
%
">
B" !
">
"! "
" "3
+ "
O : !
" '
O
%
=
!" )/ /
O
/%
!#
!
?
" ""
!
"!
>
?
8
!
= !!
8
"
!
"
!
!!
,
*2&$)5)&9&-
"!
"!
!
8
!8
"!
'! " ?
"!
F
,!
"
"
!
$"! ! %! F
"
"
"
&F
"!
"
"
!
# '"("F
!
""=
"%
$ )!F " ?
J
!
!
"
"
)&&$%$&-
3!
?
8
"%! 8
!!
3"
"!
D *3
"!
8
8
< !!
!
8
D #%!#+!"3
" "
>
!!
"!!
! "
D !#"%
!
"
8 %
D ,!3"
"
"
"
D * 3 " 8
8
"
-!3"
"
3
"%!
"
.!%%/ 3 " !
"
!! 3
!
!
"
!(%3"
! !
! 3
!
!?
8
8%
:$%"$5$$&-
+,
8
3
' -$F3"
"
8
!!
/ 0!! " %
"
!
"
8
: !1!#$((F3"
!
!
""
"
!
."2"1!#F3"
>
! !
!
8 %
+ ! 1!#F 1
>
"
"
0(!#3"8 %
%
8 %
!
8
"! ?
*)5$$&-
?
N
''7*))
!
"
8
"!
" "
8
"
3 8
!
B
!
"
"
,"!
!
"
!
9$7$+*E)*$+,9'(&&$'+E-
!
!
"! "
!
"
!"
!
!
"
%
3
""
P3 "
! 8
8
8 %3
%!
8 %
Q 3 : ""
<
8
!
8"!
''7+)7.*)992)+7>55)7#&7
3*'',*$+*$&&"#-
3: ""
!
"
!
% 8
%
!
"
6&)%)$2'((($%)*$+,5)+$+,9'7&
@)$+7"2&$+,%)$'&*+$F&-
3 : ""
? ""
8 %F ?
8
"
!
"!
!
8
!
!
! ""
8
! %
%
!"
!
""
A"5'7%5'9)+7&$+&$'+)58)$)5&-
3 ""
A
"
"%
"
"
8
8
8
!!
",
"",
!!
"!
,!
"
"%
"
C,)+$G&"#8)('$+&$'+)599'&&
D99$)*%)5'(5)+$+,
!
! 8
!
! "" ""
!
%
8
8
!! "
"
!!
!
! % 8
%
8
<
B&%)$2'(8*'7&'%)5)99$5E&9',&&
3 ""
"
"
< ! 3
"
! % 8
8
!!
"
"!
"
% 8
8
>
"
%
!" !
%
! "
&)99'9$)F$98+)+78)*$+&
3: ""
!
"
N!
"
8
'! "
"
8
%
""
!
'+7$+,)$,$7)+9',)88&-
3 ""
"!
"" ! ""
!
!F !!
"
"
"" ! ""F
"
"
F
! "
! "
! ""
,)+$G)+7&9%$&*'$5))$%$$&-
3: ""
>
"!
A
! ""
%
>
"
""
!
!
"
!
,
"
*12'',&&
B FD-
8
!
8
D: "! 88
$(
,
""
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
B
/
3 8
!
""F
y :
!"
y +
y '
y : """
y +
!!
! "
y :
"
!"
"! "
y !
"
""
!
y 3
y 1
8
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
/
8
(% ! !
F A
"
" "%
"
"
"
?
% "" :3*A*
"
A?
!!
"
%
!
(% !
,!
"
3 C D
!A A
8
+A
%!
! 8
" 8
: ""
%
F A!!
! 8
,!
(
% "" %
!
!
"" "
" "
"!
"
/
-
!" "
A
!
! "
!
"
"
"
' ?
!
?
!
3
!
! %
8
%
"
8 ,
"
"
!
!
A
"3 ! "
!
"
!
8 8
"
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
/
"! %
&!'
1
3
1
8
1
! ""
2
?
""
)!
""
1 "
""
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3;
H
/
E
3
%
&
$ 6"
# '
1
"
? 8
?
!!
!
!
%
" "
!!
"
$
A
%
!
%
!
"
"
"
%
!!
"
"
!
%
!
% ) !
)
!
A
%
%
. 3
"
. "
=
A%
."
!
"
)
. "
%
."
R."
0 3 "! %
" 8 " ! "
8F
'
/
1
* )
1
B )
+,* )
/
/
B
* )
B
B A )
!! !
8 )
4 C
D " C
D J C
D :
C
D =
CD :
C
D 1
C
D ' A
8
C
D 1
"
5 3 %
,!
"
!! !
" "%
!!
!
! " !
!
6 3 %
,!
8 !
>
3%
!
?
8
?F
C
D1 "!
C
D&%
"
C
D)
C
D)
C
D
8
(
% !
!
"
(
% !
"
%
!
"
"!
8
!8"
"
!
;
8
%
""
"
%
&
%!
!
"
" %
! "8
: "/+
"
!
?
?
""
#3!
?
" ""
)
!
%:':-':&/
&+/
'
)
"
"! "
!
8 =
!
"
%
">
3
8
$ 3 +,
& :
& )
F
'
!
)
>
'
'
.3!
" !
!!
,
03 ""
! ?
%
!
<
!
<
!!
8
!
?
!
!
"
>"
!!
"
!!
<!
!! !
?
!"
"
! ""
!
6
I
! "
A
+,!
"
!
"
A
"
#&
"
A
$+,!
"
%
8
,"! " ""
. +,!
"
!
?
?
""
0-!
""L
4&
"!
""
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@
'8 O:C55.D *
%1
1(
FB8
/ " /"
& C5$.D ! " #$%
&$
'(
)*"
%: FB8; %
1
O9C54$D"
1
9F
&"&1C66D "+ + 9
%1
FB8
&
9( +9C66D "+
,:
F:
&
)1C66$D &1
F
&
&&
O1C545D- $%
..$%B:+)3
1
FB8
"
!
!
""
#$" %
"
&$
'(
)$"
*+",
-(. /012 3
4
56
708
9999999999999999999999999999999999999999999999999999999999999999999999999999999
&% 0$
"5
8 :0 %
1
.
0 0 0
0
:
:
:
1 .
0 0
5
,0 "
1
0
0
: 0"
,0
%
,0
0 %
0
% 0
,0
%
0
. % 0
" 0
:
%
%
% 0
:
% 0
%
)1,&&2%%
G ;H@
" .
0
.
H " ..
00
0
%0
F%
0
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
E
0
%
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
0
,
0
0
$
0
0
6
0
06
B
%
6
0
0
%
6
% :
1
06
:
B
%0
6
B
%
6
%
0
"
B
%0
0
A
6
0
0
%
0
9999999999999999999999999999999999999999999999999999999999999999999999999999999
355
+758
"!9
;#* ."!"2&(% &"" &'
(: !&*%
=
0
& -
%" "
= + . 0 C F%
%
C
%
% ,
=
"=
= F
0
%
"
D
%,
= (" 0
%% &0 %
" % 0
%
J,
.0
," %
0
%
.0
$
= + . 0
" $
0
%
.
E$
0 $
"0
=
0
," % A $ -
A
%
%
$
F$ F
=
0
$ K
K
%
%
F
0
0 K
=F%
= + . 0 D
0
%% % D
"
0
8
"
= ,
=
0
0
@=
% ,0
: @ 1
=
1
:
=
0
,
= -
%
,
=G
,
"
F
=
0 F
%%.
D ,
% 7
,
= F
00 ,"7
,
=
:56 :
= + .0
%
:56 L
=
0
D
%
(
(
56 ,
6
(
, =
0
%
%, ,
= ("0
%
% ,
= + .0
7
%
%
,
= 56
0
" ," %,
%, A
=
=
0
=."
%
:,:
."
$0
:1:
.."
1
K
= 56
0
%
KK
(
0
=1=
1
(
K
F
, K."
K
."
#
K
L
# =
0
#G
% -
@0
%.0
.0
#
%
= + .0%
% .0
.0
.0
= F
00 #7
%
:
.0
.0 #+
%.0
= + .0
H
.0 H
0
%0 H&
#@0
K
K.0
.
06
": 1
%
6+758
"!9 &'
;#* ."!"2&(% &""
(: !&*%
=
0
(
% & 1K & 1K+
+
: (
%
( " (
=
0 ( "K
0
.
& 1K+
: 8
0
"
.( ":
(
(
& 1
=
%
0 % K+
(
%
#(
"
=
0 ' F
&0 . & 1 K
%(
+
=
0
(
) %
(
(
=
0
%
0
%
%
( *(
%
-7
=
0 -
)
(
% 7
-,
(
( -7 %
,
(
- %
LA
(
-7 % %
LA (
-#&$0
-'7 %&
$0
-)(
-*A
-- F
. ,
&
&$0
@0
0 6 1:
" :
:
%
%0
%00.0
,6
1
"
0
%" 0 6
% 0
,0" %
"
% "0 %
+758
;#*
"!9 &'
."!"2 &""
(: !&*%
&(%
0
%
-
%
%
," %
$
(" 0
%%
0
%
" %
D
%
"
$
0
F%
-
$
% %$
% %
%$
: F
%$
$
"
(
0 # 8 %
0
%
: 0
"
'
(" 0
%
0
0
F%
-
%
% $
% %0
0
$
.
F
%%
0
.
0
F
%
0
: 0
," %0
(
0 #+
%
% ' 8
0
%
0
:
) 6
8
0 0
"
% *0
F
%%
: -8
%%
F
%0
F 1
:
("0 %
)5
0 )50
=
-
0
% F%
50
: )F
.
0
%
0
% )G
0
%
0
5
%0 )," %5
" )7
%5
)#@
)'8 %5
5
F
( "
% 0
" % 0
%
1 (:
(:@(:&(:(2
0
0%
:
.
0 6
": 1
%
6+758
(
#
' F.
) A
*
-F
&
F
% &
F %F
% F
F
% F
F
0
:F%
F%
G
0
% %F
F
0
%F
$
0A
0
@
F .N
0
F
.
0
0
@
F .0
#
0 #
(
: #F%
% #7
0
F%
#3
(
7
=
%
#7
6
7
( #7
#F
.
7
6
7
#
## F.
#'0
%N
%
E
.
#)7 %%
0
%E
.
'
0 '
(
'
%G.
%
0
%
%
8
0
. '8
%(
7
K A
(
',% %
%
A
',% %(
8
'#, %E
.
''8
0
%
.
0 % 0 %
6 &" 0
0
: 0
00.
0
" %0
" %
%
0 " "
%%
"
"
" 0 0
,0
%
% 0
" %
".
5
0.0
=,!''"!.&%:-" ."*.,$$.:%
@0
0&$5" %%
%
0
:0"
%
( 0
%%
0.
0:0%
000
$
%0&$50
%0$0" %0&$5.
0 0
0
%% 0:0
.
"
% 0,0
.
0 %0
$ "
.
%%
%
0 " %
0E 0
,
0
0 0 "
:
"
, B
.
0 0 0
%
%
:
0
%
%
,
0
%
.
00
".
0
0
, 0
" 0
%
%
%
%
, B
0
.
0
%
1 .
%
=:
0
%% "
, B
0
.
0
%
0
% %%
% %%
""
. 1
%%
,
1 .
% 0
%
%
"
0
%
=
,
. %
0
B %
.
000 %
6 , 0
" %
0%
1
, 1
0
% %
:
,
1
1
,
%
%
%
0 0" "
0 .
0 .
1
, 1
:
%
0 .
0" %
: 0
"
0
,
0
,
"
0
,
0
% 0
%
"
0
,
1 .
6 ,
0
.
0 1
%
0"00
0
%%
"
1 .
0
B % "
0
6 ,
0
.
0 0 6
0 0
0
% 0 .
"
%%
6
, 0
1
%
%%
0
00"" B
0.
0
%0
%%
6
,
%
:
?
,0
% 0
0
0
%
"
" % 0 1 .
1
6
:.0
0
0
0" 6
< 0
0 0 0< 0
<0 1:
:
:
:
<
0 ::
0 0
(
03
: % 6: .
0
%
: :
:
0
@
6
(
%
.0
0 0
0
%%
%
0 % 0
": 0 6
" % 0
% %6
0
K
: %%
"
%
":
:
:
% 0
B
%
,0 .0
% % 0 0 0
,0
%
"
0
" % 0
,0
%
0
"
0 1 .
: 1
:
:
0
% 0
0 ,0
0
%
,0
0
0 0
$
: D $
$0
O M*)*H;
% $0 $:
G58,
:G.F0
6WUXFWXUH
,QWURGXFWLRQ
8QLW2EMHFWLYHV
/HFWXUHPHWKRG
'HPRQVWUDWLRQPHWKRG
7HDPWHDFKLQJPHWKRG
3UREOHPVROYLQJPHWKRG
,QGXFWLYHDQGGHGXFWLYHPHWKRG
3URMHFWPHWKRG
'LVFXVVLRQPHWKRGDQGLWVYDULRXVIRUPV
6XUYH\VDQGPDUNHWVWXGLHV
6XPPDU\
.H\7HUPV
$QVZHUVWR¶&KHFN<RXU3URJUHVV·
4XHVWLRQVDQG([HUFLVHV
)XUWKHU5HDGLQJ
,1752'8&7,21
7HDFKLQJ RI &RPPHUFH DQG $FFRXQWDQF\ LQYROYHV HIIHFWLYH RUJDQLVDWLRQ RI OHDUQLQJ
DFWLYLWLHVWRVWXGHQWV7KHRUJDQLVDWLRQLVQRWPHUHSUHVHQWDWLRQRIWH[WERRNPDWHULDO
7KH OHDUQLQJ DFWLYLWLHV PXVW EH RUJDQLVHG LQ VXFK D ZD\ WKDW LW ZLOO JLYH VFRSH IRU
HVWLPDWLQJ WKH H[WHQW RI UHDOL]DWLRQ RI REMHFWLYHV 7KLV XQLW GHDOV ZLWK WKH OHFWXUH
PHWKRG GHVFULSWLYH PHWKRG REMHFWLYH EDVHG PHWKRG GHPRQVWUDWLRQ OHFWXUH FXP
GHPRQVWUDWLRQ PHWKRG SUREOHP VROYLQJ PHWKRG SURMHFW PHWKRG LQFOXGHV LQGXFWLYH
DQGGHGXFWLYHPHWKRGVRIWHDFKLQJDQGFDVHVWXG\'LVFXVVLRQPHWKRGVOLNHVHPLQDU
V\PSRVLXPZRUNVKRSSDQHOGLVFXVVLRQEUDLQVWRUPLQJKHXULVWLFPHWKRGVLPXODWLRQ
DQGUROHSOD\LQJDUHGLVFXVVHGKHUH
81,72%-(&7,9(6
$IWHUJRLQJWKURXJKWKLVXQLW\RXZLOOEHDEOHWR
([SODLQWKHOHFWXUHPHWKRGDQGLWVDGYDQWDJHVDQGGLVDGYDQWDJHV
8QGHUVWDQGWKHOHFWXUHPHWKRGKRZWRPDNHLWHIIHFWLYH
([SODLQWKHGHVFULSWLYHPHWKRG
8QGHUVWDQGDERXWREMHFWLYHEDVHGPHWKRG
([SODLQGHPRQVWUDWLRQPHWKRGOHFWXUHFXPGHPRQVWUDWLRQPHWKRG
6WXG\WKHLPSRUWDQFHRISUREOHPVROYLQJPHWKRGDQGLWVQHHG
8QGHUVWDQGDERXWGLVFXVVLRQPHWKRGV
/HFWXUH PHWKRG FDQ EH FRQVLGHUHG DV WKH ROGHVW WHDFKLQJ PHWKRG ,W LV EDVHG RQ WKH
SKLORVRSK\ RI LGHDOLVP /HFWXUH LV JHQHUDOO\ GHVFULEHG DV D WHDFKHU FHQWUHG WHDFKLQJ
PHWKRGLQYROYLQJRQHZD\FRPPXQLFDWLRQPRVWO\E\ZD\RIYHUEDOH[SRVLWLRQ,QWKH
ILHOGRIDQ\WKHRU\VXEMHFWLWKDVJUHDWVLJQLILFDQFH1RZDGD\VLQ &ROOHJHVDQGKLJKHU
HGXFDWLRQ LQVWLWXWLRQV PRVW RI WKH WHDFKHUV DUH XVLQJ OHFWXUH PHWKRG +RZHYHU DOO
OHFWXUHVDUHQRWHIIHFWLYHDQGLQWHUHVWLQJDQGDQXPEHURIGUDZEDFNVKDYHEHHQSRLQWHG
RXWE\HGXFDWRUV%XWOHFWXUHFRQWLQXHVWREHRQHRIWKHFRPPRQPHWKRGVRIWHDFKLQJDV
LWKDVFHUWDLQFRQYHQLHQFHV7KHVWXGHQWWHDFKHUUDWLRFDQEHODUJHZKLFKLQWXUQKHOSWR
UHGXFH ILQDQFLDO FRPPLWPHQW RI DQ LQVWLWXWLRQ ,W LV D IOH[LEOH PHWKRG DV WHDFKHUV FDQ
DGRSWWKHPVHOYHVWRWKHVXEMHFWPDWWHUDFKLHYHPHQWOHYHORIVWXGHQWVWLPHOLPLWHWF$
FRPSHWHQW WHDFKHU FDQ PDNH WKH OHFWXUH PHDQLQJIXO DQG LQWHUHVWLQJ E\ SRVLQJ
SUREOHPDWLFVLWXDWLRQVDQGE\XVLQJLQWHUHVWLQJDQGLOOXVWUDWLYHPHGLDWRUV
3V\FKRORJLFDOSULQFLSOHVOHDGLQJWRHIIHFWLYHOHFWXULQJ
L7KHGHOLYHULQJRIOHFWXUHVKRXOGEHLQDQDFWLYHPRGH
LL $ OHFWXUHU VKRXOG WKLQN IURP SRLQW RI YLHZ WKH VWXGHQWV ,W VKRXOG QRW EH D
PHUHH[SRVLWLRQRIKLVVXEMHFWPDVWHU\
LLL 7KH OHFWXUHU VKRXOG SUHVHQW WKH VXEMHFW PDWWHU LQ D V\VWHPDWLF ZD\ $OO WKH
FRQFHSWVVKRXOGEHVHTXHQWLDOO\DUUDQJHGDQGFOHDUO\H[SODLQHG
LY7KHOHFWXUHUVKRXOGXVHWKHODQJXDJHZKLFKLVHDVLO\XQGHUVWDQGDEOHWRHDFK
VWXGHQW,WVKRXOGEHVLPSOHXQDPELJXRXVDQGOXFLG
Y 7KH OHFWXUHU VKRXOG VXVWDLQ LQWHUHVW DQG DWWHQWLRQ E\ SRVLQJ FKDOOHQJLQJ
VLWXDWLRQV DQG E\ LQWHUVSHUVLQJ WKH OHFWXUH ZLWK PHGLDWRUV OLNH LQWHUHVWLQJ
H[DPSOHVDQHFGRWHVHWF
+RZWRSUHSDUHDQGGHOLYHUPRUHHIIHFWLYHOHFWXUHV"
L 'RQ
WEHVRULJLGZLWKWKHSODQRIWKHWDON&KDQJHVVKRXOGEHPDGHDFFRUGLQJ
WR WKH QDWXUH RI WKH OHDUQHUV )RU H[DPSOH LQ D KLJKHU VHFRQGDU\ FODVV WKH
OHDUQHUV JHQHUDOO\ IRXQG WR H[SHULHQFH WHQVLRQ 7KLV WHQVLRQ VKRXOG EH
UHOHDVHGDQGDUHFHSWLYHPRRGFUHDWHGEHIRUHVWDUWLQJWKHDFWXDOWDON
LL ,WLVSUREDEO\EHWWHUWRRXWOLQHWKHOHFWXUHQRWHVWKDQWRZULWHHYHU\WKLQJWREH
H[SRVHG LQ IXOO 8VLQJ D SURSHUO\ SUHSDUHG RXWOLQH IRU H[SRVLWLRQ ZLOO DYRLG
WKHWHQGHQF\WRUHDGRXWWKHOHFWXUHZKLFKPLJKWOHDGWRPRQRWRQ\
LLL 'LVWULEXWH DPRQJ WKH DXGLHQFH DSSURSULDWH UHDGLQJ PDWHULDOV SULRU WR WKH
SUHVHQWDWLRQ7KLVHQFRXUDJHVSXSLOVWRWKLQNLQDGYDQFHDERXWWKHFRQWHQWWR
EHFRYHUHG
7LSVIRUGHOLYHULQJDJRRGOHFWXUH
!
6 %!' %!
! ,9B
'!
!
? %
%
!!
'6)
!
!8!
66 6
6
!86
8
)!8,
!!
2
( 8
@
. 6!!,
!
$GYDQWDJHVRIWKHOHFWXUHPHWKRG
(% 66
3
%
!
36
(%%
!((
8
%
!36
6
66
(% !
%
%
6
7
,
6
6! %
!
6( ! (
!6%!
, 6
! 6
!
%!
6
66
% !
'LVDGYDQWDJHVRIWKHOHFWXUHPHWKRG
(!
!(!
66
!
( ! !
3!(
6
!!(6
6
( ! %
36
!%
!
6
(
7($07($&+,1*0(7+2'
2ULJLQDQGJURZWKRIWHDPWHDFKLQJ'+
6! %
$8
,
=
(
! ,
3
$#
4
. %
( % .
H (
68
%
.
% 36
!
( 6 6!
(
!
'+
$#&@8! !!
'+
,(
< ,!
, !
) %
6
?!
( %
! 6
8
!6 %!
0HDQLQJRI7HDP7HDFKLQJ
%
%
! 6
!
,
,
6 %
6
%
(36
%
%%
!
6
B!
6
!
&DUORREVRQ I
!
, ,
6
6!
(
)
!! B 6
!( 6!
6!
%
6! 6 %
%!3
!
!
6
? 6
!
I
'DYLG :DUZLFN8 J+
% %
8
,
!
6 ! 8
36
8
6! %, )
!
%
66
!
%
!
%
!I
&KDUDFWHULVWLFVRIWHDPWHDFKLQJ
!
!
(,
!!% 6
6
%
%
3
%6 !
%36
%36
8
8
) ,!
)
!!
!
!
, )
!
%,,
)
%
!
6 %!
*XLGLQJSULQFLSOHVRI7HDPWHDFKLQJ
+!!
%
%
8?!
%
6 !
(
A)
(
7 % 6
66 %
+!! %
6 %
"
66 6
!
()
%
! (8
!
(8, ) 6
"
66 6
!
!,
6
23
6
% 6
# -6
!! %
66 6
!! %!
$GYDQWDJHVRIWHDPWHDFKLQJ
!
,
!(6
!
% 6 %
+ %
!
6
!
(
! 6
? 66
% %36
!
!!L
,( 36!
6 ! !
8 IMB , !
6!
B66!3
!!
) !
% !!
6 !6 !%
3
%
! 6 @ %
)
I +
E8 I 6 ! 3
%
!,
%
! (
6,
!
(
!!I
" ! !
!(
%
%
%
,(
!,
( %6 !
= ,8
6 % 6 ! !
! !
4 !! ,
!% %6 !9
6 ! !
%!8
, ,
!%
!
!
!
,
!
%
!
!
,
%6
!
!
%!
%
!
6 )
%6 !,
(
6 ! !
!!(
%
# !
% 6 ! !
%
(
!
, )
6
%
67(36,1352%/(062/9,1*
6 %6 ! !
! ,
K
% 6 ! !
( !
( ! %!
( % %
!
% 6 !
,
!!
% !! , 6 %
!
(
, 66
6
%
(
6 6
!!(
!% %
!
!%
!86
!!(
% 36!
% , %
!
!,( ,
!
, ) ,!
!
%
?
%1
0 ?
352-(&70(7+2'
%H ,(06
6
! 6(
) ,!
?
!( (
) (
!(66
6!
(!!%
66 %
!
6 !
!
%
1
(
08 1
(
!
08 0" !
0
1, )
!
0 %
!
6
6! %
6WHSVLQWKHSURMHFWPHWKRG
"
.
66
"!
23
6
2!
6
5
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
',6&866,210(7+2'$1',769$5,286)2506
+ 6
3 %
6
(
!
8,
!! % 66
6
%
6
( 6
A>(
=
%
6
8I B 6
!
% 6 ! ( 6
)
% % B
6
%!
I
6
6 %
!!
!( ) , 6 !
!
6
6
% 6
!!
%
! % !
%
6
6
6
6
2EMHFWLYHVRIJURXSGLVFXVVLRQ
!%!
)
6
) ,!
36
! 6
!
!
(6
6
6
6
? % B 6
)
! 6
% 6, )
3ULQFLSOHVRIJURXSGLVFXVVLRQ
2( 6
!
66
6
!
!
%
6
6
'
!
%%
)
%
) ,!
6
! !
,
?6
!
6!
!
)
6 6 %
, !
+%
3
! !
,6%
# !
6
6
%
6XJJHVWLRQVWRPDNHJURXSDGLVFXVVLRQHIIHFWLYH
'
( ) 6%!
'!66 %
,!!
M
6
!!(
!(
236!
6
%
!
2 6
6
(!!
2EMHFWLYHVRIVHPLQDUWHFKQLTXH
!6
B
6
( %
! 6
% !
B 6
!6
6 ! %%
!6
! 6
!
(% )
6
%%
!(
!6
?
6 6,( %
?
,
?
% %%
!(
$GYDQWDJHV
!
!6
! 6!(
!
!
)
6
,
6
)
!!
6
(
,(
! 6!%B!
!%B %
!
! 6
!
( 6
(!
! 6
!
(
!
6
B6
?
'LVDGYDQWDJHV
) %66
6 %666(
%66 %
% ! %
6
6% )
?
,
%
%!!(
6
!
( % 6 ,
6
6
=
!
(,
!!( %
ͳ
7\SHVRIVHPLQDU
%!! %
7
8(6 %
(9
A
+
6
!
) ,
A
+
,
6! !!
! !!
) ,
'P<
!P
!
+
P
!P
! K <2'.D
!!
6
!!
%&
'(6
(
%% 6) 6
6
%%6'!
6)666
6E!!(8
6)
6 %
!!
6
! 6 6) !
6
6
B
%% 6
! % 6) (
3
%
3!
(!
6
68
6)
6 6
! ?
!
6
6
6 (6
%%
!(% 6!
>(
6
6
!
(6
:KHQVKRXOGDV\PSRVLXPEHXVHG"
(6
66 6
% (
6
66 %
6!
% ?
66 !%
!
! !
(
!,
6
(6
!
6
6) 6
! % 6
,
!
,( (
!
%
6 % 6
) ,!
%
%
!
,
66 !(
66
6)!
!!( 6
%
! , ,
%
!P B
! 6 % (
8
!
,
!!
2( %% !
(6
, !
! 6
6
$GYDQWDJHVRIWKHV\PSRVLXP
'(6
) ,!
!6), 6
( %
6
6
6 !36!
?
!(((6
%
%
%%6
%
,
!!
!
/LPLWDWLRQVRIV\PSRVLXP
% !
6 6
(
!
! 6%
6
6
'
(6
%
! ) 6,
6
,
!
6
%
%
8 %
%
6
%%
! %
66) 6
?!(
'(
, ) 6 ,
% @
@, ) 66
6
) 6
!
!
+RZWRRUJDQLVHDZRUNVKRS"
%, ) 6
!% !! ,
6WDJH3UHVHQWDWLRQRIWKHWKHPH
=8 6 6 % , ) 6 6
6
< !!(8 (
%
,
!!
!
6
6
, ) 6 ,!! ?
66
! 6
%
, ) 6
, )
,
6
6)
?
!
6WDJH²3UDFWLFDO6HVVLRQV
+% !
8 6
6 36
! 6
!
, ) =
!! 6
6
%
6
) !
M
68 6
6
36
, )
!!(
6
!(
6WDJH²'LVFXVVLRQ6HVVLRQV
+
8!! 6
!6!
66
,
( !
!
6
% %
6
6WDJH)LQLVKLQJ6HVVLRQ
>
8 6
6
%(
, ) %
, ) !
$GYDQWDJHVRIZRUNVKRSWHFKQLTXH
!
6(
!6
! 6 6
!
!
) ,!
6
!
"
#
$%&
' ()
$')&
*+ #
,-
#
.
/
0%
/
%
1+
")/ 2'34 5
6
7
*89
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
#
+ $+&
(/ 3
( (
#
# 9(
(
(
#
+
' ( /
7(
(
)
(7 (
/
#; (
+(
/
<
= #
#
(
' (
/
; ##
7
<
/
/
)
(
(# #
/
(
##
# ;
/
'
7(
#
#
#
; /
/
#
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
; (
(( / 3
;
#
;
;
/ (
# / (
/
##
7(
# #!8%3
%3
5 #2 (
5
# (
+ (
#
( D
x )
/
(
/
#
(
x )( /
x )
/
# / (
/
(
( /
# +
3 / %9
(
#
(
(
# (
# # #
"#$#%&'()%(*+,,-&+$#$*.
"#$#%& () ,+&& %'
/ 7(
##
#
(
(E/
3
(;
3
(
;(
/
# #
(
#
(
? # (
(
; (
(
#
3
## 7(
/
+
#
/
7(
+ #
7(
(
(
#(
# + ( # /
(
(
( ;I(
7(
( J
(
7
(
(
; I (
#
;# ;
(
#'()&#$+"(*+,,#$*
3 /
#
7
+ ##
? /
#
#
#
9(
(
#( (
I7(
K
#,#+#($'()&#$+"(*+,,#$*.
(
;
( =
#
# /
$&%
3
(
;
$&9(
=
;
$&+
(
=
/
+ #
(
(
(
(
#
#
;
(
"
(
(
( / #
+
( # /
/ (
1;
/
(
+ /
(
#
(
J /;7
#7
/
/
(
7( # #
/
/
A
Q)
/
(
;
Q% /(
/ 4 (
#
QF
/
?
#
'&
+
( # (
#
+
/
/
/
##
@
P+
+ 3
P-
#
#
/ # /
((
P)
(
(
=
%
/
=
( #
(( #
!
=
(
<
# /@
x !
@+ /
3 ( ( (; ( ; E-E -'E (
/
x
@ +
(
#
+
3
(
/
(
,.*#*)&'( %*&&''+
@ ;
#
#
8 ;
/
/
(
( %
73 /
(
+
# 3 + 3 (
8 /
/
# # ;
(#
(
( ( #
;
3 +
((
(
!
;
(( # + ;
# /
;
/
(
; /
;
;
;
+
(
;'E;
/;
/
# 3
F (
#
@#
/
#
;
##
#
#
) ;
##
# 7(
(
(
/ / +
3
( (
#
/;
#
;
D
+
(
/
(/
+
# ;
(
@+ (
/
##
+
3
3 3
+=
(( D
;
(
+
# /
# /
%
##
##
(
@ # /
3
;
#
(% #
+
3
/
#
;
# !
+ #
3
# +
#
F
#(3
#( +
/
3
@
#
+
" % ;
#
"
!
@
D
# ;#/
/
3 # =
+@
+
7(
)
##
/
##
#
% # 3 ' =; # #
#=
(+
# #
/
3 ) ( ##
7(
#
!
@) #
+
#
+
##
+
#
+
# ( (
/
#
(#
@
3
;
=
( (
+
/
#
#
(
#
/
/
%
; (
!3
/
#
#
(+ /
J
J
(
+ (
/
(;
7(
##
(
( / (
(
/
(
D"
(
(
(
3 #
;
#/ /(
#
+
/
A
B
;
(
7(
;/
/
#
3(3 #
//
/+
(
##
#
/
8
;
=
<< #
A#
3B
=
;(
=
<<
(
+
=
<; (/
# =
<;
3
"
=
< D #
; (
/
/
/
;(
#
3 =
;
3 + (
# /
3 7
#
;3
3
=
<
(
/
E /
3
/
+ #
=
<<
(
=
# =
( ; /
(
+
#/"
#
#
!3
5
5
/
(
8
;
( /
; 7
3;
7(
=
3; ; #
( # ; =
<< N ;
#
;
%
;
/
((
( #
/"
(
# /3;
# ) (
(
((
#
#
=
3
(# +
(
;
7 #/
; ;
( # +
(
/
7 ; /
%
"; #
;
(( ) ;
"
(
#
(
3
=
A
( 7B %
((
( 7
)
#
((
/ (3
( /
((
(
/
((
( #
(
)
#
((
#
##
((
#
# ;
/
/"
D"
(
)
/ ( 3 /"
= ##
)
(
# /"
(
#
(
(
8
7(;/
<
7(((
(
# /
3
:2
;
# #
#
(
/(( /
#/"
)
# ;/
((
(
+
< # #
((
=
)
/
#
/"
#
((
=
(
/ #
( /
;
(
3
3;#
( ( #
;
(#(((
/"
;
(
/ 3/
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
%
/ 3
#
(
( ( /
I /;
/ 3 7
/
/
#( (
(
;
3
# / 3
#
(
;
;
"
+/ 3
;
/
/
#
/ # / 3
( # +
#
/
#
/ 3 8 3 $8 3 &
+/
$+/
&
G%( $( &
"/ 3
G%(
(
8 3 (
# +
# /
<
#
/
/ ; #
#
# ( /
( #
;
/
/ 3
#
/
##
/
( "
#((
#; /
6WUXFWXUH
,QWURGXFWLRQ
8QLW2EMHFWLYHV
&RPPHUFHGHSDUWPHQW
/LEUDU\
5HFRUGVDQGUHJLVWHUVWREHPDLQWDLQHG
(TXLSPHQW
(VVHQWLDOVDQGGHVLUDEOH
&RPPHUFHFOXE
&RPPXQLW\UHVRXUFHV
8VHVLQWHDFKLQJDQGOHDUQLQJLQFRPPHUFH
(VWDEOLVKLQJOLQNDPRQJVFKRROUHVRXUFHVDQGFRPPXQLW\
,QYLWLQJJXHVWVSHDNHUV
)LHOGWULSV
9LVLWVWREDQNVDQGILQDQFLDOLQVWLWXWLRQV
([FXUVLRQV
9LVLWWRLQGXVWULHV
6XPPDU\
.H\7HUPV
$QVZHUVWR¶&KHFN<RXU3URJUHVV·
4XHVWLRQVDQG([HUFLVHV
)XUWKHU5HDGLQJ
,1752'8&7,21
7KH0XGDOLDU&RPPLVVLRQ5HSRUWNQRZQDV6HFRQGDU\(GXFDWLRQ&RPPLVVLRQ5HSRUW
VWDWHG DV IROORZV ´$ VFKRRO LV QRW PHUHO\ D SODFH RI IRUPDO OHDUQLQJ ZKRVH PDLQ
FRQFHUQLVQRWWRFRPPXQLFDWHDSUHVFULEHGTXDQWXPRINQRZOHGJHZKLFKLVSULPDULO\
LQWHUHVWHGLQWUDLQLQJLWVSXSLOVLQWKHJUDFLRXVDUHRIOLYLQJµ&RPPHUFHWHDFKHUVKRXOG
LQFXOFDWHLQWHUHVWDPRQJWKHVWXGHQWVLQYDULRXVDFWLYLWLHVUHODWHVWRWKHFRPPXQLW\DQG
RWKHU DOOLHG DUHDV WR XVH LW DV D PHWKRG RI WHDFKLQJ WKH VXEMHFW 7KHUHIRUH LQ RUGHU WR
SURYLGH D WKURXJK XQGHUVWDQGLQJ LQ WKLV DUHD WKLV XQLW DLPV DW GHDOLQJ ZLWK YDULRXV
FRPPXQLW\ OLQNHG DFWLYLWLHV KRZ WKHVH DFWLYLWLHV DUH PRUH XVHIXO WR WKH VWXGHQWV DIWHU
FRPSOHWLRQRIWKHVFKRROWKHDGYDQWDJHVRIWKHDFWLYLWLHVHWFDUHGLVFXVVHG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
81,72%-(&7,9(6
$IWHUJRLQJWKURXJKWKHXQLWVKRXOGEHDEOHWR
9 ([SODLQWKHDYDLODEOHYDULRXVDFWLYLWLHVRIFRPPHUFHHGXFDWLRQ
9 6WDWHWKHIXQFWLRQVRIWKHFRPPHUFHDVVRFLDWLRQDQGFOXE
9 /LVWRXWWKHRWKHUFRPPXQLW\UHVRXUFHVDYDLODEOHIRUFRPPHUFHVWXGHQWV
9 /LVWRXWWKHDGYDQWDJHVRIUHVRXUFHVDYDLODEOHIRUWHDFKLQJFRPPHUFH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5(&25'6$1'5(*,67(5672%(0$,17$,1('
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0DLQWHQDQFH RI UHJLVWHUV DQG UHFRUGV LV RQH RI WKH LPSRUWDQW GXWLHV RI WKH FRPPHUFH
DQG DFFRXQWDQF\ WHDFKHU 7KH WHDFKHU KDV WR PDLQWDLQ VR PDQ\ UHFRUGV $ EULHI
GHVFULSWLRQRIWKHLPSRUWDQWRQHVLVJLYHQEHORZ
.HHSLQJ DQG 0DLQWHQDQFH RI $WWHQGDQFH 5HJLVWHU $WWHQGDQFH UHJLVWHU LV D YHU\
UHOLDEOHSURRIRIDSXSLO·VSUHVHQFHLQWKHLQVWLWXWLRQ+HKLPVHOIVKRXOGSUHSDUHDQG
PDLQWDLQLPSRUWDQWEDVLFGRFXPHQW
5HFRUGLQJDQGNHHSLQJRI)HH5HJLVWHU:KHQSXSLOVSD\IHHGHWDLOVRIWKHSD\PHQW
DUHHQWHUHGLQDUHJLVWHUDQGDUHFHLSWLVVXHGWRWKDWHIIHFW7KHIHHVDUHKDQGHGRYHU
WRWKHRIILFHLQWLPH)HHFRQFHVVLRQVDQGVFKRODUVKLSVDUHDOVRVRPHWLPHVJUDQWHGWR
SXSLOV 5HFRUGV IRU DOO WKHVH KDYH WR EH FDUHIXOO\ SUHSDUHG DQG PDLQWDLQHG E\ WKH
WHDFKHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
),(/'75,36
(GXFDWLRQDOYLVLWVWREDQNVLQVXUDQFHRIILFHIDFWRULHVEXVLQHVVKRXVHVVWRFNH[FKDQJH
PDUNHWV VXSHU PDUNHWV SURGXFWLRQ FHQWUHV DQG H[KLELWLRQV KHOS VWXGHQWV WR H[SORUH
WKHLUHQYLURQPHQW,WKHOSVWKHWHDFKHUWRWHDFKOHVVRQVZLWKVXLWDEOHSUDFWLFDOH[DPSOHV
([SHULHQFHV JDLQHG E\ WKHVH YLVLWV DUH QRW HDVLO\ IRUJRWWHQ 6LQFH LW LV SUDFWLFDO
H[SHULHQFHLWSURYLGHVRSSRUWXQLW\WRDFTXLUHNQRZOHGJHDQGXQGHUVWDQGWKHVXEMHFW,W
OLQNV QRW RQO\ WKH FODVV URRP VXEMHFW EXW DOVR SURYLGHV JHQHUDO HGXFDWLRQ ,W SURYLGHV
XVHIXOFRQWDFWVZLWKWKHUHDOZRUOG
(YHU\YLVLWVKRXOGEHSUHFHGHGE\SUHSDUDWLRQLQWKHIRUPRIDVKRUWLQWURGXFWRU\WDON
H[SODLQLQJWKHQDWXUHDQGREMHFWRIWKHYLVLWDQGVXJJHVWLQJVSHFLDOSRLQWVRUIDFWRUVWR
EH ORRNHG IRU $W WKH WLPH RI WKH DFWXDO YLVLW WKH WHDFKHU VKRXOG FRUUHODWH WKH VXEMHFW
PDWWHU ZLWK WKH UHDO ILHOG ,W LV HTXDOO\ LPSRUWDQW WKDW WKH UHVXOW RI WKH YLVLW VKRXOG EH
FRQVROLGDWHGE\TXHVWLRQLQJDQGGLVFXVVLRQVRWKDWLWPD\IXOILOOWKHGHVLJQHGSXUSRVH
7KH WHDFKHU FDQ DVN WKH VWXGHQWV WR ZULWH RQH DVVLJQPHQW DERXW WKH ILHOG YLVLW 9LVLWV
ZLWKRXWWKHSUHSDUDWLRQDQGIROORZXSZLOOVHUYHRQO\WKHHQWHUWDLQPHQWSXUSRVH7KH
WHDFKHU PXVW DOVR UHDOLVH WKH UHVSRQVLELOLW\ DW WKH WLPH RI FRQGXFWLQJ ILHOG YLVLW +H
VKRXOG JHW WKH SDUHQWV FRQVHQW LQ WKH ZULWWHQ IRUP IRU SXSLOV WR WDNH SDUW LQ YLVLWV
RXWVLGH WKH VFKRRO +H VKRXOG DOVR JHW WKH RIILFLDO SHUPLVVLRQ IURP WKH KHDG RI WKH
LQVWLWXWLRQDQGIURPWKHKLJKHUDXWKRULW\RIWKHSODFHLQZKLFKKHLVJRLQJWRFRQGXFWD
ILHOGYLVLW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9,6,7672%$1.6$1'),1$1&,$/,167,787,216
9LVLWV WR WKH ORFDO EDQNV PD\ EH DUUDQJHG VR WKDW VWXGHQWV PD\ EH DEOH WR OHDUQ WKH
GLIIHUHQWDFWLYLWLHVRIWKHEDQN$VVRRQDVVWXGHQWVUHDFKWKHEDQNWKH\VKRXOGEHWDNHQ
WRWKHSDUWLFXODUSODFHDQGLQWURGXFHGWRSHUVRQRUDSHUVRQZKRKDVEHHQSURYLGHGE\
WKH EDQN WR H[SODLQ YDULRXV DFWLYLWLHV RI WKH EDQN RU LWV VHUYLFHV WR WKH SXEOLF ,I WKH
ZRUNRIWKHEDQNGRHVQRWVXIIHUWKH\PD\EHLQWURGXFHGWRWKHSHUVRQDWHDFKFRXQWHU
&KHFN\RXUSURJUHVV
1RWHVD:ULWH\RXUDQVZHULQWKHVSDFHJLYHQEHORZ
E&RPSDUH\RXUDQVZHUVZLWKWKRVHJLYHQDWWKHHQGRIWKHXQLW
:KDWLVWKHQHHGRIILHOGWULSLQWHDFKLQJRI&RPPHUFH"
«««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««
6WDWHWKHSXUSRVHRIDUUDQJLQJ0RFNLQWHUYLHZV
««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««
6FKRROEDQNLVYHU\XVHIXODFWLYLWLHVLQWKHVFKRROEHFDXVH
D LWJLYHVORDQWRWKHVWXGHQWV
E LWSURYLGHVSUDFWLFDOLGHDLQEDQNLQJVXEMHFW
F WKHVFKRROFDQWDNHPRQH\DWWKHWLPHRIQHHG
G LWLQFUHDVHWKHLQYHVWPHQWLQWKHQDWLRQ
:KDWLVWKHSXUSRVHRIYDULRXVYLVLWVE\WKHFRPPHUFHVWXGHQWV"
«««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««
9LVLWWREDQNLPSURYHVWKHVDYLQJKDELWVRIWKHVWXGHQW"'R\RXDJUHH"
«««««««««««««««««««««««««««««««««««
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(;&856,216
([FXUVLRQVWRLQGXVWULDO&HQWUHV
,WLVYHU\GLIILFXOWWRH[SODLQLQGHWDLOVDERXWWKHDFWXDOZRUNLQJRIYDULRXVLQGXVWULHVLQ
,QGLD :KDWHYHU H[SODQDWLRQV DUH JLYHQ E\ WKH WHDFKHUV DUH WKHRUHWLFDO LQ QDWXUH 7KH\
FDQQRW EHFRPH UHDO DQG ODVWLQJ XQOHVV WKH\ SHUVRQDOO\ VHH WKH SURSHU ZRUNLQJ RI
YDULRXV GHSDUWPHQWV RI WKH LQGXVWU\ 6WXGHQWV PD\ EH WDNHQ WR WKH SODFH ZKHUH UDZ
PDWHULDOV DUH NHSW 7KH\ PD\ EH VKRZQ WKH YDULRXV SURFHVVHV WKURXJK ZKLFK WKH UDZ
PDWHULDOSDVVHV8OWLPDWHO\WKH\VKRXOGEHVKRZQWKHILQLVKHGSURGXFWV,QWKHVH
SURFHVVHV VWXGHQWV ZLOO DFWXDOO\ REVHUYH WKH ZRUNLQJ RI HDFK VHFWLRQ 7KH ZRUNLQJ RI
HDFKVHFWLRQVKRXOGEHH[SODLQHGE\WKHSHUVRQLQFKDUJHRIWKHVHFWLRQ
7KHLPSRUWDQWUHDVRQZK\VWXGHQWVVKRXOGEHWDNHQWRWKHIDFWRULHVDQGRWKHULQGXVWULDO
FRQFHUQV LV WKDW WKH\ PD\ EH DEOH WR VHH WKH IDFWRULHV DQG DOVR VHH KRZ JRRGV DUH
SURGXFHGIURPUDZPDWHULDOV7KXVH[FXUVLRQVWRLQGXVWULDOFHQWUHVZLOOEHQHILWVWXGHQWV
DQGHQULFKWKHLUH[SHULHQFHVDERXWWKHZRUNLQJRIWKHLQGXVWULHVLQ,QGLD
([FXUVLRQVWRSODFHVRI*HRJUDSKLFDOLPSRUWDQFHVKRXOGEHDUUDQJHGWRH[SODLQWR
VWXGHQWVWKHQHHGDQGLPSRUWDQFHRIORFDOLW\DQGUHJLRQVRIWKHFRXQWU\DQGWKHLU
YDOXDEOHFRQWULEXWLRQLQQDWLRQDODVZHOODVLQWHUQDWLRQDOLQWHUHVWVZLWKVSHFLDOUHIHUHQFH
WRLWVLPSDFWRQWUDGHFRPPHUFHDQGLQGXVWU\RIWKHFRXQWU\6WXGHQWVVKRXOGEHVKRZQ
WKHSODFHVZKLFKDUHWKHVRXUFHVRIVXSSO\RIUDZPDWHULDOVRIYDULRXVNLQGVWRODUJH
QXPEHURILQGXVWULHV6LGHE\VLGHVWXGHQWVVKRXOGDOVREHH[SODLQHGWKHVLJQLILFDQW
FRQWULEXWLRQDQGLPSDFWRIWKHJRRGVH[SRUWHGWRRWKHUFRXQWULHVRIWKHZRUOG2QO\E\
YLVLWLQJWKHSODFHVRIJHRJUDSKLFDOLPSRUWDQFHVWXGHQWVFDQKDYHSHUPDQHQWFRQWULYHG
UHDOH[SHULHQFHVEHFDXVHWKH\YLVXDOL]HWKHSUHVHQFHDQGDYDLODELOLW\RISOHQW\RIUDZ
PDWHULDOLQGLIIHUHQWSDUWVRIWKHFRXQWU\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
9,6,772,1'8675,(6
9LVLWV WR LPSRUWDQW LQGXVWULHV DQG ELJ EXVLQHVV KRXVHV PD\ EH DUUDQJHG DW UHJXODU
LQWHUYDOVWKHVWXGHQWVRIFRPPHUFHDUHDEOHWRJHWWKHUHDONQRZOHGJHDVWRNQRZKRZ
WKHEXVLQHVVZRUN7KH\PD\EHOHDGWRWKHGLIIHUHQWVHFWLRQVRIWKHEXVLQHVVDQGVKRXOG
DFWXDOO\ ZDWFK KRZ WKH SDSHUV RI EXVLQHVV WUDQVDFWLRQV DUH DFWXDOO\ SUHSDUHG )RU
H[DPSOH WKH\ PD\ VHH KRZ GHELW DQG FUHGLW QRWHV DUH SUHSDUHG KRZ WKH LQYRLFH
SUHSDUHGKRZWKHKXQGLDQGELOORIH[FKDQJHLVSUHSDUHGDQGKRZWKH\DUHHQWHUHGLQWR
VHYHUDOERRNVRIDFFRXQWVDQGKRZWKHDFFRXQWLQJERRNVRIPDLQWDLQHGLQWKDWILUP7KH
V\VWHPRIILOOLQJDQGWKHODERXUVDYLQJGHYLFHVPD\EHH[SODLQHGWRVWXGHQWV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6800$5<
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KH VFKRRO DFWLYLWLHV EH RUJDQL]HG SURSHUO\ LW LV KLJKO\ GHVLUDEOH WKDW WKH SURJUDPPH
VKRXOG EH SODQQHG DQG DQQRXQFHG ZHOO LQ DGYDQFH %\ GRLQJ VR VWXGHQWV ZLOO JHW
VXIILFLHQWWLPHWRSUHSDUHIRUDQGUHJXODUO\SDUWLFLSDWHLQWKHYDULRXVDFWLYLWLHV7KHVNLOO
LQ GLIIHUHQW DFWLYLWLHV FDQ EH DFTXLUHG E\ GRLQJ UHJXODU SUDFWLFH DQG DFTXLULQJ
H[SHULHQFHVLQYDULRXVDFWLYLWLHVFRQWLQXRXVO\)RUWKLVSXUSRVHDUHDVRQDEOHSRUWLRQRI
WKH WLPH VKRXOG EH UHJXODUO\ GHYRWHG WR WKH YDULRXV DFWLYLWLHV SODQQHG IRU FRPPHUFH
VWXGHQWV $V D FHQWUH RI HGXFDWLRQDO JURZWK DQG H[FHOOHQFH ELQGLQJ LW GR GHYHORS
VWXGHQW·VSHUVRQDOLW\DQGVKDSLQJXSRIWKHLUFKDUDFWHU7KHVHDLPVFDQQRWEHDFKLHYHG
LIWKH\DUHLQWHQGHGWREHDFKLHYHGZLWKLQWKHIRXUZDOOVRIFODVVURRPWHDFKLQJUDWKHULW
FDQ EH DFKLHYHG WKURXJK ZHOO SODQQHG DQG ZHOO RUJDQL]HG SURJUDPPH RI FRPPXQLW\
OLQNHGDFWLYLWLHVVXSSOHPHQWVWKHNQRZOHGJHJDLQHGWKURXJKWKHUHJXODUVFKRROFRXUVHV
LQWKHFODVV7KHUHIRUHXVLQJRIFRPPXQLW\UHVRXUFHVFRQVWLWXWHVDQLQWHJUDOSDUWRIWKH
VFKRRO RUJDQL]DWLRQ 7KH PDVV PHGLD WHFKQRORJ\ LV SURYLGLQJ SRZHUV ZKLFK FDQ
SRVVLEO\EHDWWULEXWHGWRDVXSHUPDQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$16:(5672¶&+(&.<285352*5(66·
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(GXFDWLRQDO YLVLWV WR EDQNV LQVXUDQFH RIILFH IDFWRULHV EXVLQHVV KRXVHV VWRFN
H[FKDQJH PDUNHWV VXSHU PDUNHWV SURGXFWLRQ FHQWUHV DQG H[KLELWLRQV KHOS
VWXGHQWVWRH[SORUHWKHLUHQYLURQPHQW,WKHOSVWKHWHDFKHUWRWHDFKOHVVRQVZLWK
VXLWDEOH SUDFWLFDO H[DPSOHV ([SHULHQFHV JDLQHG E\ WKHVH YLVLWV DUH QRW HDVLO\
IRUJRWWHQ 6LQFH LW LV SUDFWLFDO H[SHULHQFH LW SURYLGHV RSSRUWXQLW\ WR DFTXLUH
NQRZOHGJH DQG XQGHUVWDQG WKH VXEMHFW ,W OLQNV QRW RQO\ WKH FODVV URRP VXEMHFW
EXW DOVR SURYLGHV JHQHUDO HGXFDWLRQ ,W SURYLGHV XVHIXO FRQWDFWV ZLWK WKH UHDO
ZRUOG
<HV WKH FRPPHUFH VWXGHQWV DUH GLUHFWHG FRQQHFWHG ZLWK WKH FRPPXQLW\ LQ DOO
DVSHFWV OLNH PDUNHWLQJ LQVXUDQFH EDQNLQJ SURPRWLRQDO DFWLYLWLHV HWF LQ RUGHU
WR GHYHORS WKH WKRVH YDULRXV VNLOOV RI WKH FRPPHUFH VWXGHQW WKH\ QHHG IRU D
VHSDUDWH FRPPHUFH OLEUDU\ LQ WKHLU VFKRRO LW VKRXOG FRQWDLQ VXLWDEOH ERRNV RQ
FRPPHUFLDO WRSLFV WUDGH SHULRGLFDOV DQG JRYHUQPHQW SXEOLFDWLRQV 7KH\ DUH WR
KLPZKDWWKHHTXLSPHQWRIZRUNVKRSDQGODERUDWRU\LVWRWKHHQJLQHHUDQGWKH
VFLHQWLVW 7KH FRPPHUFH WHDFKHU FDQ DVN WKH VWXGHQWV WR ZULWH DVVLJQPHQWV E\
UHIHUULQJWKRVHERRNV
&RPPXQLW\ DV D 6RXUFH RI 6WXGHQW &XUULFXOXP %DVHG /HDUQLQJ ,QFRUSRUDWLQJ
/HDUQLQJLQWR6FKRRO&RQWULEXWLRQWR&RPPXQLWLHVDQG&RPPXQLW\,QYROYHPHQW
LQ WKH 6FKRRO DUH VRPH ZD\V WKURXJK ZKLFK FRPPXQLW\ FDQ HVWDEOLVK OLQN ZLWK
VFKRROV
$UUDQJLQJ WKH 0RFN LQWHUYLHZV RQ MRE DSSOLFDWLRQV LV WR NQRZ WKH SUDFWLFDO
DSSOLFDWLRQV RI WKHRUHWLFDO GHWDLOV IXUQLVKHG E\ WKH FRPPHUFH WHDFKHU DV KRZ WR
DSSO\IRUVRPHSRVWVDQGKRZWRIDFHLQWHUYLHZV7KLVDFWLYLW\PD\EHRUJDQLVHG
IRU VWXGHQWV LQ WKH IRUP RI GUDPD 6WXGHQWV VKRXOG DOVR EH WUDLQHG HIILFLHQWO\
KRZ WR UHSO\ WR GLIIHUHQW TXHVWLRQV SXW WR WKH FDQGLGDWHV LQ LQWHUYLHZ LQ
RUGHU WR PDNH WKH IXQFWLRQ PRUH DWWUDFWLYH UHDO DQG OLIH OLNH SURSHU GUHVV
IRU WKH VWXGHQWV SDUWLFLSDWLQJ LQ WKH DFWLYLW\ PD\ EH DUUDQJHG IURP WKH