You are on page 1of 8

9DFXXP&RPSDWLEOH6FUHZV

6RFNHW+HDG&DS6FUHZV

+H[+HDG6FUHZV

6RFNHW%XWWRQ+HDG6FUHZV

)ODW+HDG6FUHZV 8

6RFNHW6HW6FUHZV

$FFHVVRULHV
&RQWHQWV

,QWURGXFWLRQ 3DJH 8WR8

6WDQGDUG5DQJHVRI9DFXXP&RPSDWLEOH6FUHZV
6RFNHW+HDG&DS6FUHZ 3DJH 8
+H[+HDG6FUHZV 3DJH 8
6RFNHW)ODW+HDG6FUHZV 3DJH 8
)ODW+HDG6FUHZV 3DJH 8
6RFNHW6HW6FUHZV 3DJH 8
$FFHVVRULHV 3DJH 8

8 ZZZYDFRPYDFXXPFRP
,QWURGXFWLRQ

,QWURGXFWLRQ
,QYDFXXPWHFKQRORJ\\RXEDVLFDOO\KDYHWRGLIIHUHQWLDWHWZRILHOGVRIDSSOLFDWLRQRIIDVWHQLQJHOHPHQWVHJOLNHVFUHZV7KHFKDSWHU
9DFXXP&RPSDWLEOH6FUHZVFRQWDLQVFRQQHFWLQJFRPSRQHQWVDSSOLFDEOHLQDYDFXXPHQYLURQPHQW&RQQHFWLQJFRPSRQHQWVXVHGLQ
DWPRVSKHUHIRULQVWDQFHIRUIODQJHDVVHPEOLHVFDQEHIRXQGLQFKDSWHU6WDQGDUG&RPSRQHQWVRIWKLVFDWDORJ

&RQFHSWLQJ D YDFXXP HTXLSPHQW VWDJH \RX KDYH WR FRQVLGHU WKH VSHFLDO
FKDUDFWHULVWLFV RI YDFXXP WHFKQRORJ\ ZKHQ XVLQJ RIWHQ LQGLVSHQVDEOH VFUHZ
FRQQHFWLRQV+ROORZVSDFHVLQWKUHDGHGEOLQGKROHVEHWZHHQWKUHDGVDQGXQGHU
WKHVFUHZKHDGVDUHWUDSVIRUJDVLQVLGHWKHYDFXXPFKDPEHUZKLFKDUHRXWJDVVLQJ
JDVLQFOXVLRQV GXULQJ WKH SXPS GRZQ 7KHVH VR FDOOHG YLUWXDO OHDNV VLPXODWH WKH H[LVWHQFH RI
UHDOOHDNVDVH[WHQGHGSXPSGRZQWLPHVRFFXUDQGWKHGHVLUHGXOWLPDWHSUHVVXUH
FDQQRWEHDWWDLQHG

5LJRURXVUHTXLUHPHQWVWRWKHFOHDQOLQHVVRIYDFXXPFRPSRQHQWVIRUELGWROXEULFDWHEROWHGMRLQWV/XEULFDQWVDUHPRVWO\PDGHIURP
ORQJFKDLQRUJDQLFSRO\PHUV7KHRXWJDVVLQJRIWKHVHVXEVWDQFHVFDQFRQWDPLQDWHWKHZKROHYDFXXPFKDPEHU0DQ\SURFHVVHVFDQQRW
EHUXQXQGHUVXFKFLUFXPVWDQFHV(YHQZLWKDZHOOGHILQHGWLJKWHQLQJWRUTXHRQVFUHZVQRQJUHDVHGWKUHDGVZLOOFDXVHXQGHILQHG
SUHWHQVLRQ IRUFHV 6WDLQOHVV VWHHO VFUHZV FOHDQHG IRU XVH LQ YDFXXP DUH WRWDOO\ RLOIUHH ZKLFK ZLOO LQFUHDVH WKH GDQJHU RI JDOOLQJ
GUDPDWLFDOO\,QFRQVHTXHQFH\RXZLOOKDYHORQJGRZQWLPHVRI\RXUYDFXXPV\VWHPLQFDVHRIPRGLILFDWLRQRUPDLQWHQDQFH

9HQWHG6FUHZVIRU8VHLQ+LJKDQG8OWUDKLJK9DFXXP&RQGLWLRQV
7KHDSSHDUDQFHRIJDVWUDSVLQDYDFXXPLQVWDOODWLRQFDQEHSUHYHQWHGE\DYDFXXPVXLWDEOHGHVLJQRIWKHXVHGFRQVWUXFWLRQSDUWV
,QPRVWFDVHVWKLVIDFWOHDGVWRDQLQFUHDVHGSURGXFWLRQHIIRUWZKLFKLVUHIOHFWHGLQWKHFRVWVRIWKHFRQVWUXFWLRQSDUWV$UHDVRQDEOH
DOWHUQDWLYHDUHYHQWHGIDVWHQHUV

:HRIIHUVFUHZVZLWKFHQWULFYHQWKROHVE\GHIDXOW:DVKHUVZLWKYHQWJURRYHVRUORFNZDVKHUVHQVXUHWKHYHQWLQJRIWKHFDYLW\XQGHU
WKHVFUHZKHDG$OWHUQDWLYHO\VFUHZVZLWKDODWHUDOORQJLWXGLQDOVORWFDQEHRIIHUHG7KLVDOORZVWKHYHQWLQJRIWKHFDYLW\XQGHUWKHVFUHZ
KHDGZLWKRXWXVLQJDJURRYHGZDVKHU

ORFNZDVKHU
8

FHQWULFKROH
ODWHUDOORQJLWXGLQDOVORW

:KHQWLJWKHQLQJVFUHZVZLWKFHQWULFYHQWKROHVWKHPD[LPDOUHFRPPHQGHGWLJKWHQLQJWRUTXHVVWDWHGLQWKHWDEOHEHORZVKRXOGEHXVHG
FRQVLGHULQJWKHUHGXFHGSURILOHRIWKHVHVFUHZV6FUHZVZLWKYHQWLQJVORWFDQEHWLJKWHQHGZLWKWKHIXOOSHUPLVVLEOHWRUTXH01%:H
UHFRPPHQGWRRUGHUWKHVHVFUHZVZLWKHOHFWURSROLVKHGVXUIDFHGXHWRWKHHGJHVDULVLQJDWWKHWKUHDG

6L]H 0 0 0 0 0 0 0 0 0 0 0


01%>1P@           
0%>1P@           
‘ >PP@           

VXSSRVHGIULFWLRQDOFRHI¿FLHQWRI
01%PD[LPXPWLJKWHQLQJWRUTXHIRUQRQYHQWHGVFUHZVUHVSHFWLYHO\IRUVFUHZVZLWKODWHUDOO\PLOOHGVORW
0%PD[LPXPWLJKWHQLQJWRUTXHIRUKROHYHQWHGVFUHZV
‘GLDPHWHURIWKHYHQWKROH

ZZZYDFRPYDFXXPFRP 8
,QWURGXFWLRQ

6XUIDFH0RGLILHG6FUHZV
7RDYRLGJDOOLQJRIDQXQOXEULFDWHGVWDLQOHVVVWHHOFRQQHFWLRQLWLVUHFRPPHQGHGWRXVHVSHFLDOSURFHVVHGIDVWHQHUVLQYDFXXPHQYLURQ
PHQW:HRIIHUYHQWHGDQGQRQYHQWHGVFUHZVLQYDULRXVVXUIDFHPRGLILFDWLRQV

(OHFWURSROLVKHGIDVWHQHUVIHDWXUHDUHGXFHGVXUIDFHURXJKQHVV%XUUVIRUPHGGXULQJWKHPDFKLQLQJRIWKHWKUHDGDUHUHOLDEO\UHPRYHG
E\WKHSROLVKLQJSURFHVVDQGWKHHIIHFWLYHVXUIDFHZLOOEHGUDVWLFDOO\UHGXFHG7KHUHE\VXUIDFHGHVRUSWLRQDQGSURSHQVLW\IRUJDOOLQJ
DUHREYLRXVO\GHFUHDVHG

6LOYHUDQGJROGFRDWLQJVKDYHWKHSXUSRVHWRUHGXFHWKHIULFWLRQYDOXHEHWZHHQWKHWKUHDGV7KXVUHSURGXFLEOHSUHORDGIRUFHVFDQ
EHUHDFKHGE\XVLQJDZHOOGHILQHGWRUTXH7KHFRPPRQO\DSSOLHGSODWLQJVRIWKHVFUHZVSUHYHQWJDOOLQJ7KHOD\HURIQREOHPHWDOV
LQFUHDVHVWKHFKHPLFDOUHVLVWDQFHHYHQLQDKDUVKHQYLURQPHQWVRWKDWWKHFRUURVLRQRIWKHFRQQHFWLQJHOHPHQWVLVSUHYHQWHGDVZHOO

)DVWHQHUVFRDWHGZLWKWXQJVWHQVXOILGH:6RUPRO\EGHQXPVXOILGH0R6DUHSUHGHVWLQDWHGIRUWKHXVHLQDYDFXXPHQYLURQPHQWXQGHU
KLJKWHPSHUDWXUHV7KHWKHUPDOVWDELOLW\LQYDFXXPLVDWPRUHWKDQƒ& ƒ) IRUHDFK%RWKFRPSRXQGVDUHHVWDEOLVKHGDV
ZHDUUHGXFLQJVROLGOXEULFDQWVLQPHFKDQLFDOHQJLQHHULQJDQGFRQVWUXFWLRQIRUPDQ\\HDUV7KH\JXDUDQWHHDYDFXXPFRPSOLDQWWKUHDG
OXEULFDWLRQHYHQIRUUHSHDWHGXVH VHHWKHLQIRER[EHORZ 

1LFNHO SODWHG IDVWHQHUV UHDFK H[FHOOHQW FRUURVLRQ SURWHFWLRQ GXH WR WKH VXSHULRU FKHPLFDO UHVLVWDQFH RI QLFNHO7KLV FRDWLQJ UHOLDEO\
SUHYHQWVIURPJDOOLQJRIWKHVWDLQOHVVVWHHOWKUHDGVZKLOHUHGXFLQJWKHIULFWLRQYDOXHDWWKHVDPHWLPH

6FUHZPDWHULDOV

$OOFRQQHFWLQJHOHPHQWVSURYLGHGIURPXVIRUXVHLQYDFXXPHQYLURQPHQWDUHPDGHRIVWDLQOHVVVWHHO$VWUHQJWKFODVVE\GHIDXOW
7KH\DUH8+9FRPSDWLEOHFOHDQHGDQGSDFNHGLQDFODVV ,62 FOHDQURRPHQYLURQPHQW)XUWKHUPRUHFOHDQURRPFRPSDWLEOH
GRXEOHSDFNDJLQJLVDYDLODEOHRQUHTXHVW,QDGGLWLRQWRRXUFDWDORJDVVRUWPHQWZHFDQPHHWPDQ\PRUHUHTXLUHPHQWVIRUVWDQGDUG
SDUWVZKHWKHUWKH\DUHYHQWHGRUQRQYHQWHGSODWHGRUQRWSODWHG3OHDVHUHTXHVWDQLQGLYLGXDOTXRWH
'LIIHULQJPDWHULDOVVXFKDVVWDLQOHVVVWHHO$WLWDQLXPDOXPLQXPHWFHWHUDFDQEHOLNHZLVHUHTXHVWHG:HJODGO\DGYLVH\RXDERXWWKH
VXLWDELOLW\RIWKHGLIIHUHQWPDWHULDOVIRU\RXULQGLYLGXDODSSOLFDWLRQ:HFDQDOVRSURYLGHFXVWRPL]HGFRQQHFWLQJHOHPHQWVZLWKRUZLWKRXW
FRDWLQJ3OHDVHGRQRWKHVLWDWHWRFRQWDFWXV

6FUHZIRUPV VSHFLILHGGLPHQVLRQVVHHIROORZLQJWDEOH

9)&6RFNHWKHDGFDSVFUHZ 9))$6RFNHWGULYHÀDWKHDGVFUHZ
,QIRER[
,62',1 ,62 ',1

6FUHZPDWHULDOV

7KH VWDQGDUG PDWHULDO RI RXU VFUHZV LV


8 VWDLQOHVVVWHHO$WKHFODVVLF³$,6,
9)++H[KHDGVFUHZ 9))3KLOOLSVGULYHÀDWKHDGVFUHZ )RU HVSHFLDOO\ FRUURVLYH PHGLDV RU LQ
,62',1 ,62 ',1 FDVH RI QHHGLQJ D ORZHU PDJQHWL]DELOLW\
WKH VWDLQOHVV VWHHO $ $,6,   FDQ
EH XVHG 7LWDQLXP DQG DOXPLQXP FDQ
EH DSSOLHG ZKHUH IDVWHQHUV VKRXOG
EH QRQPDJQHWL]DEOH 7KHUHE\ WKH
UHGXFHG VWUHQJWK RI DOXPLQXP KDV WR EH
9)%86RFNHWGULYHEXWWRQKHDGVFUHZ 9)76RFNHWGULYHVHWVFUHZZLWK
,62 FXSSRLQW,62',1 FRQVLGHUHG

0XOWLSOHXVHRIVFUHZV

 KH UHSHDWHG XVH RI VFUHZV FDQ OHDG WR


7
PDOIXQFWLRQLQGHSHQGHQWRIWKHLUFRDWLQJ
$GGLWLRQ &RDWLQJVRQVFUHZVFDQJHQHUDWHSDUWLF
OHVDIWHUPXOWLSOHDSSOLFDWLRQ7KDWLVZK\
1 QRQYHQWHG
69 VORWYHQWHG ZHJHQHUDOO\VXJJHVWWRUHSODFHWKHIDVWH
(3 HOHFWURSROLVKHG QHUVDIWHUDRQHWLPHXVDJH,I\RXKDYH
$ VLOYHUSODWHG TXHVWLRQVDERXWWKHPXOWLSOHXVHRIIDVWH
$8 JROGSODWHG QHUVZHOLNHWRSURYLGHRXUDGYLFH
& 0R6FRDWHG
: :6FRDWHG
. QLFNHOSODWHG

8 ZZZYDFRPYDFXXPFRP
,QWURGXFWLRQ

6RFNHWGULYH
6RFNHWKHDGFDS 6RFNHWGULYHIODW 3KLOOLSVGULYHIODW
6L]H EXWWRQKHDG +H[KHDGVFUHZV
VFUHZV KHDGVFUHZV KHDGVFUHZV
VFUHZV
9)& 9)%8 9)+ 9))$ 9))
' + ' + ' + ) ' + ' +
0           
0           
0           
0           
0           
0           
0           
0           
0           

2UGHULQJ,QIRUPDWLRQ)DVWHQHUV

3OHDVHXVHWKHIROORZLQJSURGXFWNH\WRRUGHUYDFXXPFRPSDWLEOHVFUHZV

6FUHZIRUP 

6L]H

/HQJWK

$GGLWLRQ

4XDQWLW\RISDFNLQJXQLW
3OHDVHDVNIRURWKHUSDFNLQJXQLWV

([DPSOH

9)& 9)&69(3 8
6RFNHWKHDGFDSVFUHZ 6RFNHWKHDGFDSVFUHZ
,62',1 ,62',1
6L]H0[PP 6L]H0[PP
FHQWHUYHQWHG VORWYHQWHGHOHFWURSROLVKHG
SDFNLQJXQLWRISLHFHV SDFNLQJXQLWRISLHFHV

9))$(3  9)7
6RFNHWGULYHIODWKHDGVFUHZ 6RFNHWGULYHVHWVFUHZZLWKFXSSRLQW
,62 ',1 ,62',1
6L]H0[PP 6L]H0[PP
FHQWHUYHQWHGHOHFWURSROLVKHG FHQWHUYHQWHG
SDFNLQJXQLWRISLHFHV SDFNLQJXQLWRISLHFHV

9)+1$8 9)%8:
+H[KHDGVFUHZV 6RFNHWGULYHEXWWRQKHDGVFUHZV
,62',1 ,62
6L]H0[PP 6L]H0[PP
QRQYHQWHGJROGSODWHG FHQWHUYHQWHG:6FRDWHG
SDFNLQJXQLWRISLHFHV SDFNLQJXQLWRISLHFHV

6FUHZVRIRXUVWRFNDVVRUWPHQWFDQDOVREHRUGHUHGLQRXURQOLQHVKRSZZZYDFRPVKRSFRP

ZZZYDFRPYDFXXPFRP 8
6WDQGDUG$VVRUWPHQWVRI9DFXXP&RPSDWLEOH6FUHZV

6RFNHW+HDG&DS6FUHZV
9)&,62',1ZLWKKH[DJRQVRFNHWFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG

/HQJWK 0 0 0 0 0 0 0 0 0
 „ „ „ „
 zz „ „ „
 „ „ zz zz „
 „ „ zz zz „ „
 zz „ zz zz zz zz „
 „ „ zz zz zz zz „
 „ „ „ zz zz zz zz „
 „ „ zz zz zz „ „
 „ „ „ zz zz „ „
 „ „ „ zz zz „ „
 „ „ zz „ „ „
 „ „ „ „ „ „
 „ „ „ „ „ „
 „ „ „ „ „
 „ „ „

ƔƔ 6WRFNDVVRUWPHQWSDFNLQJXQLWRISLHFHV
Ŷ 6WDQGDUGDVVRUWPHQW

+H[+HDG6FUHZV
9)+,62',1ZLWKRXWVKDQNFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG

/HQJWK 0 0 0 0 0


 „
 „ „
8
 „ „ „ „
 „ „ „ „ „
 „ „ „ „ „
 „ „ „ „ „
 „ „ zz zz
 „ „ „ „
 „ „ „ „
 „ „ zz „
 zz

ƔƔ 6WRFNDVVRUWPHQWSDFNLQJXQLWRISLHFHV
Ŷ 6WDQGDUGDVVRUWPHQW

3OHDVHXVHSURGXFWNH\SDJHIRUUHTXHVWDQGRUGHUV
3OHDVHDVNIRUVL]HVGLIIHULQJIURPVWDQGDUGDVVRUWPHQW

8- ZZZYDFRPYDFXXPFRP
6WDQGDUG$VVRUWPHQWVRI9DFXXP&RPSDWLEOH6FUHZV

6RFNHW%XWWRQ+HDG6FUHZV
9)%8,62ZLWKKH[DJRQVRFNHWFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG

/HQJWK 0 0 0 0 0 0


 „ „
 „ „ „
 „ „ „ „
 „ „ „ „ „
 „ „ „ „ „ „
 „ „ „ „
 „ „ „ „
 „ „ „
 „ „ „
 „ „
Ŷ 6WDQGDUGDVVRUWPHQW

)ODW+HDG6FUHZV
9)),62 ',1 3KLOOLSVGULYHFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG

/HQJWK 0 0 0 0 0 0


 „ „
 „ „ „
 „ „ „ „
 „ „ „ „ „
 „ „ „ „ „ „
 „ „ „ „
 „ „ „ „
 „ „ „ „
 „ „ „
8
 „ „ „
Ŷ 6WDQGDUGDVVRUWPHQW

9))$,62 ',1 VRFNHWGULYHFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG

/HQJWK 0 0 0 0 0 0


 „ „
 „ „ „
 „ „ „ „
 „ „ „ „ „
 „ „ „ „ „ „
 „ „ „ „
 „ „ „
 „ „ „ „
 „ „ „
 „ „ „
Ŷ 6WDQGDUGDVVRUWPHQW

3OHDVHXVHSURGXFWNH\SDJHIRUUHTXHVWDQGRUGHUV
3OHDVHDVNIRUVL]HVGLIIHULQJIURPVWDQGDUGDVVRUWPHQW

ZZZYDFRPYDFXXPFRP 8
6WDQGDUG$VVRUWPHQWVRI9DFXXP&RPSDWLEOH6FUHZV

6HW6FUHZV
9)7,62',1VRFNHWGULYHFHQWHUYHQWHG8+9DQGFOHDQURRPFRPSDWLEOHFOHDQHG

/HQJWK 0 0 0 0 0 0


 „ „
 „ „ „
 „ „ „ „
 „ „ „ „ „
 „ „ „ „ „ „
 „ „ „ „
 „ „ „ „
 „ „ „
 „ „ „
 „ „
Ŷ 6WDQGDUGDVVRUWPHQW

3OHDVHXVHSURGXFWNH\SDJHIRUUHTXHVWDQGRUGHUV
3OHDVHDVNIRUVL]HVGLIIHULQJIURPVWDQGDUGDVVRUWPHQW

$FFHVVRLUHV
$VDVWDQGDUGZHSURYLGHDFFHVVRULHVIRUVFUHZFRQQHFWLRQVZLWKLQDYDFXXPLQVWDOODWLRQVXFKDVIODWZDVKHUVZLWKRUZLWKRXWYHQW
VORWV:DVKHUVDFFRUGLQJWR',1FDQEHDSSOLHGDVDUHDVRQDEO\SULFHGDOWHUQDWLYH+H[QXWVFRPSOHWHWKHUDQJHRIDFFHVVRULHV
$OOPHQWLRQHGDUWLFOHVFRQVLVWRIVWDLQOHVVVWHHO$DVVWDQGDUGDUHFOHDQHGIRUWKHXVHLQ8+9HQYLURQPHQWDQGSDFNHGLQDFOHDQURRP
FODVV,QDGLWLRQWKHVHFRQQHFWLQJHOHPHQWVFDQEHSURYLGHGLQRWKHUPDWHULDOVDQGLQYDULRXVVXUIDFHPRGLILFDWLRQVRQUHTXHVW

9)):9,62 ',1$ )ODWZDVKHUZLWKYHQWHGVORWFOHDQHGIRU8+9DSSOLFDWLRQ

9)): ,62 ',1$ )ODWZDVKHUZLWKRXWYHQWHGVORWFOHDQHGIRU8+9DSSOLFDWLRQ

9)/: ',1%/RFNZDVKHUVFOHDQHGIRU8+9DSSOLFDWLRQ

9)1 ,62 ',1 +H[QXWVFOHDQHGIRU8+9DSSOLFDWLRQ


8

6L]H 9)):9 9)): 9)/: 9)1


0 9)):9 ƔƔƔ 9)): ƔƔƔƔ 9)/: ƔƔƔƔ 9)1 ƔƔƔƔ
0 9)):9Ŷ 9)):Ŷ 9)/:Ŷ 9)1Ŷ
0 9)):9 ƔƔƔ 9)): ƔƔƔƔ 9)/: ƔƔƔƔ 9)1 ƔƔƔƔ
0 9)):9 ƔƔƔ 9)): ƔƔƔƔ 9)/: ƔƔƔƔ 9)1 ƔƔƔƔ
0 9)):9 ƔƔƔ 9)): ƔƔƔƔ 9)/: ƔƔƔƔ 9)1 ƔƔƔƔ
0 9)):9 ƔƔ 9)): ƔƔƔƔ 9)/: ƔƔƔƔ 9)1 ƔƔƔƔ
0 9)):9 ƔƔ 9)): ƔƔƔƔ 9)/: ƔƔƔƔ 9)1 ƔƔƔ
0 9)):9 Ŷ 9)): Ŷ 9)/: Ŷ 9)1 Ŷ
0 9)):9 Ŷ 9)): Ŷ 9)/: Ŷ 9)1 Ŷ
ƔƔƔƔ 6WRFNDVVRUWPHQWSDFNLQJXQLWRISLHFHV
ƔƔƔ 6WRFNDVVRUWPHQWSDFNLQJXQLWRISLHFHV
ƔƔ 6WRFNDVVRUWPHQWSDFNLQJXQLWRISLHFHV
Ŷ 6WDQGDUGDVVRUWPHQW

8 ZZZYDFRPYDFXXPFRP

You might also like