You are on page 1of 8

7HFKQLFDOGDWDVKHHW±)RUJHZHOGHGJUDWLQJV

)DEULFDWLRQZLGWKV

)DEULFDWLRQZLGWKV63JUDWLQJVDWEHDULQJEDUWKLFNQHVVPP
3LWFKRIEHDULQJEDUV
SDQHOZLGWK QRPLQDOVL]HPP
1XPEHU *UDWLQJ 1XPEHU *UDWLQJ 1XPEHU *UDWLQJ
RIEDUV ZLGWK RIEDUV ZLGWK RIEDUV ZLGWK
 PP  PP  PP
 PP  PP  PP
 PP  PP  PP
 PP  PP  PP
 PP  PP  PP
 PP  PP  PP
 PP  PP  PP
 PP  PP  PP
 PP  PP  PP
 PP  PP
$OOPHQWLRQHGGLPHQVLRQVDUHWKHRUHWLFDODQGLQFOXGHQRUPDOSURGXFWLRQ
WROHUDQFHV

7\SHVRIIRUJHZHOGHGJUDWLQJV

7\SHVRIIRUJHZHOGHGJUDWLQJV
([DPSOH63
)RUJHZHOGHGJUDWLQJ 63
%HDULQJEDU¡[PP 
3LWFK[PP 
%DQGLQJ¡[PP 
7\SH 63   
7\SHDVDERYHEXW
3LWFK[PP    
7\SH 63   
6HUUDWHGW\SHQRDQG

1/8
)RUJHZHOGHGJUDWLQJV±+HDY\GXW\JUDWLQJV

',1$

([WUDFWIURP',1$
)RUNOLIW±VWDQGDUGYHKLFOH
$OORZDEOH 1RPLQDO 6WDWLFD[LDO &HQWUDO *HVDPW 7RWDO 8QLIRUPO\
WRWDOZHLJKW ORDG ORDG WUDFHZLGWK EUHLWH ZLGWK GLVWULEXWHG
FDSDFLW\ VWDQGDUG   7UDIILFORDG
ORDG 3 D E O VWDQGDUGORDG
N1 N1 N1 P P P N1Pð
      
      
      
      

',1

([WUDFWIURP',1
2VFLOODWLRQYDOXH %ULGJHFODVV ï :KHHOORDG /RDGDUHDð

,IWUDIILFODQHFRQWDLQVFRQVWUXFWLRQ  N1 [PP


SDUWVWKDWDUHSDUWLFXODUO\VXVFHSWLEOH  N1 [PP
WRORFDOLVHGEUDNHORDGLQJ HJSDUWV
RIWUDIILFODQHFURVVLQJVJUDWLQJV  N1 [PP
HWF ZKHHOORDGVKRXOGEHPXOWLSOLHG  N1 [PP
E\WRGHWHUPLQHEUDNHORDGLQJ  N1 [PP
RFFXUULQJRQVLQJOHSDUWV  N1 [PP
 N1 [PP
 N1 [PP
 N1 [PP
ï%ULGJHFODVV WRWDOZHLJKWRIWKHYHKLFOHð/RDGDUHD /RDGFRQWDFWDUHD

2/8
)RUJHZHOGHGJUDWLQJVVHUUDWHG

5HPDUNVFRQFHUQLQJVHUUDWLRQ

5HGXFWLRQRIORDGEHDULQJFDSDFLW\RQJUDWLQJV
,QRUGHUWRLQFUHDVHOHYHOVRIVOLSUHVLVWDQFHEDUVDUHVHUUDWHGE\SXQFKLQJRXW
PDWHULDOIURPZDONLQJVXUIDFH'XHWRWKLVUHGXFWLRQLQPDWHULDOWKHORDGYDOXHV
VWDWHGLQWKHORDGWDEOHVIRUQRQVHUUDWHGZDONLQJVXUIDFHVQHHGWREHUHGXFHG
SURSRUWLRQDWHO\7KHORDGEHDULQJFDSDFLW\RIVHUUDWHGJUDWLQJW\SHVQRQRXQG
QRLVUHGXFHGE\DSSUR[IRUIRUJHZHOGHGJUDWLQJVDQGSUHVVXUHORFNHG
JUDWLQJVKDYLQJ[PPEHDULQJEDUVDQGE\DSSUR[IRU[PPEHDULQJ
EDUV$WWKHUHGXFHGORDGLQJRQ[PPEHDULQJEDUVWKHGHIOHFWLRQLVDSSUR[
JUHDWHUDQGRQ[PPEHDULQJEDUVLWLVDSSUR[JUHDWHU

:DONZD\V¶KDYLQJLQFOLQHVEHWZHHQƒDQGƒ
7KHVXSSO\RIVWDQGDUGJUDWLQJVLVUHFRPPHQGHGIRUZDONZD\VWRFRQYH\RUVRU
VLPLODULQVWDOODWLRQVZKHQWKH\DUHLQFOLQHGXSWRƒ:DONZD\VLQFOLQHGIURPƒWRƒ
VKRXOGEHSURYLGHGZLWKVHUUDWHGJUDWLQJV$WDQDQJOHRILQFOLQDWLRQEHWZHHQƒDQG
ƒPHWDOJUDWLQJVVKRXOGEHVXSSOLHGZLWKDQDQWLVOLSPHWDOVWULSVHFXUHO\IL[HGWR
WKHWRSVXUIDFHRYHUWKHZKROHOHQJWKRIWKHJUDWLQJ)RUDQJOHVRILQFOLQHLQH[FHVVRI
ƒVWDLUVVKRXOGEHXVHG7KHSLWFKRIDQWLVOLSVWULSVLVWREHGHWHUPLQHGIURPWKH
IRUPXODXVHGIRUVWDLUGHVLJQZKLFKLV”JK”ZKHUHJ WKHVWDLUWUHDG
µJRLQJ¶DQGK WKHKHLJKWGHWHUPLQHGIURPWKHDQJOHRILQFOLQH


7HVWUHVXOWVRIVHUUDWLRQ
*UDWLQJVDQGSHUIRUDWHGPHWDOSODQNVXVHGDVVHOIVXSSRUWLQJIORRUFRYHULQJV

%DVLVRIWKHWHVWV,QVWUXFWLRQVKHHW=+IRUIORRULQJLQZRUNLQJURRPVDQG
ZRUNLQJDUHDVZKHUHWKHUHLVDSRWHQWLDOVOLSSLQJKD]DUG7HVWVKDYHEHHQGRQHE\
WKH³%HUXIVJHQRVVHQVFKDIWOLFKHV,QVWLWXWIU$UEHLWVVFKXW]±%,$6W$XJXVWLQ

7KHIROORZLQJWDEOHVKRZVWKHWHVWUHVXOWVRI/LFKWJLWWHUSURGXFWV

7\SH 6HUUDWLRQ 6XUIDFH 3LWFK PP 6HUUDWLRQ 'LVSODFHPHQW


1R WUHDWPHQW FODVV
*UDWLQJVRXWRIVWHHO6-5
63  JDOYDQL]HG [PP 5 9
3  JDOYDQL]HG [PP 5 9
3  JDOYDQL]HG [PP 5 9

;63  JDOYDQL]HG [PP 5 9


;63  JDOYDQL]HG [PP 5 9

;3  JDOYDQL]HG [PP 5 9


;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9

;3  JDOYDQL]HG [PP 5 9


;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9

;3  JDOYDQL]HG [PP 5 9


;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9
;3  JDOYDQL]HG [PP 5 9

;3  JDOYDQL]HG [PP 5 9


;3  JDOYDQL]HG [PP 5 9

*UDWLQJVRXWRIVWDLQOHVVVWHHO
;3  SLFNOHG [PP 5 9
;3  SLFNOHG [PP 5 9
;3  SLFNOHG [PP 5 9
;3  SLFNOHG [PP 5 9
;3  SLFNOHG [PP 5 9
;3  SLFNOHG [PP 5 9

;3  SLFNOHG [PP 5 9

*UDWLQJVRXWRI$OXPLQLXP$O0J*
;3  SLFNOHG [PP 5 9
;3  SLFNOHG [PP 5 9

;3  SLFNOHG [PP 5 9

3HUIRUDWHGPHWDOSODQNVRXWRIVWHHO6-5
%5 JDOYDQL]HG UKRPELF 5 9
%3 JDOYDQL]HG SDUDOOHO 5 9
%3h JDOYDQL]HG SDUDOOHO 5 9
UDLVHG
%1* JDOYDQL]HG FORVHG 5

%12 JDOYDQL]HG RSHQ 5 9
%= JDOYDQL]HG WRRWK 5 9
%3 VHHEHORZ SDUDOOHO 5 9
%= VHHEHORZ WRRWK 5 9
%1* VHHEHORZ FORVHG 5
%12 VHHEHORZ RSHQ 5 9
%1* JDOYDQL]HG FORVHG 5
VDQGHGZLWK
TXDUW]
&RQWLQXRXVO\KRWGLSSHGPDWHULDOTXDOLW\';'=0$&DFFWR',1(1

3HUIRUDWHGPHWDOSODQNVRXWRIVWDLQOHVVVWHHO
%3 SLFNOHG SDUDOOHO 5 9
%12 SLFNOHG RSHQ 5 9
%= SLFNOHG WRRWK 5 9

3HUIRUDWHGPHWDOSODQNVRXWRI$OXPLQLXP$O0J*
%3 SLFNOHG SDUDOOHO 5 9
%12 SLFNOHG RSHQ 5 9
%= SLFNOHG WRRWK 5 9

*53JUDWLQJVRXURI83*)
*53. FRQFDYH 5 9
*53. FRQFDYH 5 9

*53JUDWLQJVRXWRI83*)ZLWKTXDUW]VDQGPP
*).. VDQGHG 5 9


)RUJHZHOGHGVWDLUWUHDGV

6WDQGDUGVWDLUWUHDGVDFFWR',1

6WDQGDUGVWDLUWUHDGVDFFWR',1
7\SH %HDULQJEDU 'LPHQVLRQ E F G H NJWUHDG
[PP     
63 [PP [PP     
1RPLQDOPHVK [PP     
DSSUR[
[PP [PP     
[PP     
[PP     

[PP     


[PP     
[PP     
[PP     
63 [PP [PP     
1RPLQDOPHVK
DSSUR[ [PP     
[PP [PP     

[PP     


[PP     
[PP     

/RDGLQVWUXFWLRQV

/RDGLQVWUXFWLRQVDFFWR',1(1,62

6WHSVVKDOOUHVLVWWKHIROORZLQJXQIDFWRUHGORDGLQJV
,IWKHZLGWK³Z´PPWKHQN1VKDOOEHGLVWULEXWHGRYHUDQDUHDRI[
PPZKHUHRQHERXQGDU\LVWKHOHDGLQJHGJHRIWKHQRVLQJDSSOLHGDWWKHPLGGOHRI
WKHVWDLUZLGWK,IWKHZLGWK³Z´•PPWKHQUHVSHFWLYHO\N1VKDOOEH
GLVWULEXWHGVLPXOWDQHRXVO\RYHUHDFKRIWKH[PPDUHDVDSSOLHGDWWKHPRVW
XQIDYRXUDEOHSRLQWVVSDFHGDWLQWHUYDOVRIPPZKHUHRQHERXQGDU\LVWKH
OHDGLQJHGJHRIWKHQRVLQJ

7KHGHIOHFWLRQRIWKHVXSSRUWLQJVWUXFWXUHDQGWKHVWDLUVGRHVQRWH[FHHGXQGHUORDG
RIWKHVSDQPD[LPXPPP

6/8
5HTXLUHPHQWV

5HTXLUHPHQWVIRUVWDLUVPDGHRXWRIVWHHO ',1(1,62

7KHULVH³K´DQGJRLQJ³J´VKDOOPHHWWKHIRUPXOD”JK”7KHRYHUODS

³U´RIVWHSRUODQGLQJVKDOOEH•PP7KHOHQJWKRIODQGLQJ³O´VKDOOEHDWOHDVW
PPDQGLQDQ\FDVH•WKHZLGWKRIWKHVWDLU³Z´
2QWKHVDPHIOLJKWWKHULVHVKDOOEHFRQVWDQWZKHUHYHUSRVVLEOH,QWKHFDVHZKHUHLW
LVQRWSRVVLEOHWRPDLQWDLQWKHKHLJKWRIWKHULVHEHWZHHQWKHOHYHORIGHSDUWXUHDQG
WKHORZHUVWHSLWPD\EHUHGXFHGE\DPD[LPXPRI

+ &OLPELQJKHLJKW U 2YHUODSJ*RLQJĮ $QJOHRISLWFKH +HDGURRPZ


:LGWKK 5LVHS 3LWFKOLQHO /HQJWKRIODQGLQJW +HLJKWRIVWHSF &OHDUDQFH

7/8
)RUJHZHOGHGJUDWLQJV
6XUIDFHWUHDWPHQW
6XUIDFHWUHDWPHQWIRUVWHHOJUDWLQJVDQGVWHHOIRUFRQVWUXFWLRQDSSOLFDWLRQVLQ
DFFRUGDQFHZLWKWR',1(1
*DOYDQL]LQJDFFWR',1(1,62 KRWGLSJDOYDQL]HG
*DOYDQL]HGIROORZHGE\ELWXPHQGLSSLQJ
3ODVWLFFRDWLQJ DOVRRQJDOYDQL]HGVXUIDFHV FRORXUVDFFRUGLQJWR5$/
%DNHGSDLQW DOVRRQJDOYDQL]HGVXUIDFHV FRORXUVDFFRUGLQJWR5$/

*UDWLQJVDQGSHUIRUDWHGPHWDOSODQNVPDGHRIVWDLQOHVVVWHHOPDWHULDODFFWR',1

3LFNOHG
(OHFWURFKHPLFDOO\SROLVKHG
*ODVVEHDGEODVWLQJ

*UDWLQJVDQGSHUIRUDWHGPHWDOSODQNVIURPDOXPLQLXPPDWHULDODFFWR',1(1DQG
',1(1
3LFNOHG
%DNHGSDLQW  FRORXUVDFFRUGLQJWR5$/
$QRGLVHG
3ODVWLFFRDWLQJ  FRORXUVDFFRUGLQJWR5$/

$FRDWLQJZLWKHSR[\UHVLQSRZGHUIRURXWVLGHDUHDVLVQRWUHFRPPHQGHG)RUWKHVH
DUHDVDSRO\HVWHUSRZGHUFRDWLQJVKRXOGEHXVHG

*UDWLQJVDQGSHUIRUDWHGPHWDOSODQNVUHFHLYHDVXUIDFHSURWHFWLRQWRDYRLGSRWHQWLDO
FRUURVLRQ
*UDWLQJVPDQXIDFWXUHGIURPVWDLQOHVVVWHHODQGDOXPLQLXPJHQHUDOO\GRQRWQHHGDFRUURVLRQ
SURWHFWLRQ$WOHDVWRQHDIWHUWUHDWPHQWE\SLFNOLQJRUDQRGLVLQJLVUHFRPPHQGHG

+RWGLSJDOYDQL]LQJ XVXDOFRUURVLRQSURWHFWLRQIRUJUDWLQJV
7KHWHUP³KRWGLSJDOYDQL]LQJ´PHDQVWKHDGGLQJRID]LQFILQLVKE\GLSSLQJWKHSUHWUHDWHG
SDUWVLQWRDPROWHQ]LQFGLS7KH]LQFFRDWDGKHUHVILUPO\WRVXUIDFHV,QFDVHRIQRUPDO
PHFKDQLFDOGHPDQGVVXFKDVWUDQVSRUWDWLRQSHGHVWULDQRUYHKLFOHWUDIILF]LQFGRHVQRWIODNH
RIIRUGHYHORSFUDFNV
7KHDYHUDJHZHLJKWRIWKH]LQFFRDWLQJLVDSSUR[LPDWHO\JSHUVTPRIWUHDWHGVXUIDFH
7KLVFRUUHVSRQGVWRDFRDWLQJWKLFNQHVVRIDSSUR[LPDWHO\—P7KHWKLFNQHVVRIWKH]LQF
FRDWLQJDOVRGHSHQGVRQWKHWKLFNQHVVRIWKHPDWHULDO%HIRUHJDOYDQL]LQJSDUWVDUHSUH
WUHDWHGWRSURYLGHDPHFKDQLFDOO\FOHDQVXUIDFHLQRUGHUWRDFKLHYHDIDXOWOHVVDGKHUHQFHRI
]LQF

%LWXPHQGLSSLQJLVRIWHQUHTXHVWHGDVDQDGGLWLRQDOWUHDWPHQWIRUJDOYDQL]HGJUDWLQJVDQG
JLYHVH[WUDVXUIDFHSURWHFWLRQ PDLQO\IRUFKHPLFDOXVH 

3ODVWLFFRDWLQJVDUHDFKLHYHGHJE\GLSSLQJRUHOHFWURVWDWLFSRZGHUFRDWLQJ7KHDEUDVLRQ
UHVLVWDQFHDQGWKLFNQHVVRIILQLVKUHTXLUHGGHSHQGVXSRQWKHDSSOLFDWLRQVRWKLVQHHGWREH
FRQVLGHUHGZKHQGHFLGLQJZKLFKSURFHGXUHDQGSODVWLFWRXVH

3DLQWLQJ
*UDWLQJVDQGSHUIRUDWHGPHWDOSODQNVFDQOLNHZLVHEHODFTXHUHGLQDGLSSLQJRUVSUD\LQJ
SURFHVVSUHIHUDEO\DIWHUJDOYDQL]LQJ

8/8

You might also like