<RXWK&RPSHWLWLRQ7LPHV

6&,(1&(
3+<6,&6


&+(0,675<
)2508/$&$368/(
8VHIXO)RU7*73*7/7*UDGH*,&*'&'LHW$VKUDP3DGGKDWL
$VVLVWDQW3URIHVVRU'666%196.9617$&6,51(7-5)6(7


&KLHI(GLWRU
$.0DKDMDQ


(GLWRU
$GYRFDWH$EKLVKHN6LQJK
:ULWHUV
$QDQG6RQL(QJ5DYL3UDNDVK9LVKZDNDUDPD

&RPSXWHU*UDSKLFV%\
%DONULVKQD&KDUDQ6LQJK9LQD\6DKX


(GLWRULDO2IILFH
<RXWK&RPSHWLWLRQ7LPHV
&KXUFK/DQH3UD\DJUDM
0RE
(PDLO\FWDS#JPDLOFRP

ZHEVLWHZZZ\FWERRNVFRP



3XEOLVKHU'HFODUDWLRQ 
(GLWHGDQG3XEOLVKHGE\$.0DKDMDQSULQWHGE\SULQWLQJSUHVV5$6HFXULW\3ULQWHUV3UD\DJUDM
<RXWK&RPSHWLWLRQ7LPHV&KXUFK/DQH3UD\DJUDM
,QRUGHUWRSXEOLVKWKHERRNIXOOFDUHKDVEHHQWDNHQE\WKHHGLWRUDQGWKHSXEOLVKHU
\HWLWLVQHFHVVDU\WRSUHVHQW\RXUFRRSHUDWLRQDQGVXJJHVWLRQVIRUDQ\HUURUV
,Q7KHHYHQRIDQ\'LVSXWH7KH-XGLFLDODUHDZLOOEH3UD\DJUDM 5V


 ,1'(;
3+<6,&6)2508/$6

„3+<6,&6)2508/$6
‡ 3+<6,&$/&2167$176
‡ *(1(5$/3+<6,&6 0(&+$1,&6 
‡ +($7$1'7+(502'<1$0,&6
‡ :$9( 26&,//$7,216
‡ 237,&6
‡ (/(&75,&,7< 0$*1(7,60
‡ 02'(513+<6,&6

&+(0,675<)2508/$6
„3+<6,&$/&+(0,675<
‡ $720,&6758&785(
‡ *$6(28667$7(
‡ 7+(502'<1$0,&6
‡ &+(0,&$/(48,/,%5,80
‡ ,21,&(48,/,%5,80
‡ 62/,'67$7(
‡ &+(0,&$/.,1(7,&6 5(',2$&7,9,7<

„,125*$1,&&+(0,675<
‡ 3(5,2',&7$%/( 3(5,2',&,7<
‡ 02'(513(5,2',&/$: 026(/(< 63(5,2',&/$: 
‡ &+(0,&$/%21',1*
‡ &225',1$7,21&203281'6
‡ V%/2&.(/(0(176 7+(,5&203281'6
‡ *5283(/(0(176$/.$/,1(($57+0(7$/6
‡ S%/2&.(/(0(176 7+(,5&203281'6
‡ 75(1'6,13523(57,(62)S%/2&.(/(0(176
‡ $ *5283(/(0(1767+(%2521)$0,/<
‡ % *5283(/(0(1767+(&$5%21)$0,/<
‡ & *5283(/(0(1767+(1,752*(1)$0,/<
‡ ' *5283(/(0(1767+(2;<*(1)$0,/<
‡ ( *5283(/(0(1767+(+$/2*(1)$0,/<
‡ ) *5283(/(0(176 7+(=(52*5283)$0,/< 
‡ G%/2&.(/(0(176 7+(,5&203281'6
‡ 48$/,7$7,9($1$/<6,6

„25*$1,&&+(0,675<
‡ 32,176725(0(0%(5,1120(1&/$785(
‡ 32,176725(0(0%(5,1*(1(5$/25*$1,&&+(0,675<
‡ 32,176725(0(0%(5,1$/.$1(
‡ 32,176725(0(0%(5,1$/.(1( $/.<1(
‡ 32,176725(0(0%(5,1$/.</+$/,'(
‡ 32,176725(0(0%(5,1$/&2+2/

 
 3+<6,&6)2508/$6
 3K\VLFV IRUPXODV IURP 0HFKDQLFV :DYHV 2SWLFV +HDW DQG 7KHUPRG\QDPLFV
(OHFWULFLW\ DQG 0DJQHWLVP DQG 0RGHUQ 3K\VLFV $OVR LQFOXGHV WKH YDOXH RI 3K\VLFDO
&RQVWDQWV+HOSVLQTXLFNUHYLVLRQIRUYDULRXVFRPSHWLWLYH([DPV

3+<6,&$/&2167$176

Ŷ 6SHHGRIOLJKW F uPV Ŷ 0DVV RI PH u±NJ

HOHFWURQ
Ŷ 3ODQFN K u±-V
FRQVWDQW Ŷ 0DVV RI PS u±NJ
SURWRQ
 KF H9QP
Ŷ 0DVV RI PQ u±NJ
Ŷ *UDYLWDWLRQ * u±PNJ± V±

QHXWURQ
FRQVWDQW 

±
Ŷ $WRPLF PDVV X u±NJ
Ŷ %ROW]PDQQ N u -.
XQLW
FRQVWDQW
Ŷ $WRPLF PDVV X 0H9F
Ŷ 0RODU JDV 5 - PRO. 
XQLW
FRQVWDQW
Ŷ 6WHIDQ V u±: P. 
Ŷ $YRJDGUR V 1 $ uPRO± %ROW]PDQQ
QXPEHU
FRQVWDQW
Ŷ &KDUJH RI H u±& 5f 
Ŷ 5\GEHUJ  î P 
HOHFWURQ FRQVWDQW

Ŷ 3HUPHDELOLW\ P Su±1$ Ŷ %RKU P%   u   -  7 

RIYDFXXP PDJQHWRQ

Ŷ 3HUPHDELOLW\  u±)P Ŷ %RKUUDGLXV D   u   P 

RIYDFXXP
Ŷ 6WDQGDUG DWP   u  3D 
  
Ŷ &RXORPE  u 1P &  DWPRVSKHUH

FRQVWDQW S 
Ŷ :LHQ E  u   P. 
Ŷ )DUDGD\ ) &PRO GLVSODFHPHQW
FRQVWDQW FRQVWDQW

)RUPXODV  <&7
 *(1(5$/3+<6,&6 0(&+$1,&6  Y Y P  WDQ T
Ŷ %DQNLQJDQJOH WDQ T  
UJ UJ   P WDQ T
G
Ŷ 1RWDWLRQ D D [ L  D \ M  D ] N  
PY  Y
Ŷ &HQWULSHWDOIRUFH )F  DF  
G U U
Ŷ 0DJQLWXGHD  D D [  D \  D ]  
JGG G G PY 
Ŷ 'RWSURGXFW DE D [ E[  D \ E\  D ] E] DE FRV T   Ŷ 3VHXGRIRUFH )SVHXGR  PD   )FHQWULIXJDO   
U

Ŷ 0LQLPXPVSHHGWRFRPSOHWHYHUWLFDOFLUFOH

Ŷ &URVVSURGXFW  Y PLQ JO Y PLQWRS JO  

ERWWRP
G G
DuE D \ E ]  D ] E \ L  D ] E [  D [ E ] M  D [ E \  D \ E [ N 
 G G
DuE DEVLQ T 
OFRVT
Ŷ $YHUDJHDQG,QVWDQWDQHRXV9HODQG$FFHO Ŷ &RQLFDO3HQGXOXP 7 S  
G G G G J
 YDY ' U  'W YLQVW G U  GW 
G G G G
³
G G G G Ŷ :RUN:  ) ˜ 6 )6FRV T : ) ˜ G6  
 D DY ' Y  'W D LQVW GY  GW 
Ŷ 0RWLRQLQDVWUDLJKWOLQHZLWKFRQVWDQWD
 S
 Ŷ .LQHWLFHQHUJ\ . PY   
 Y X  DW V XW  DW   Y  X  DV    P

G G G Ŷ 3RWHQWLDOHQHUJ\
Ŷ 5HODWLYH9HORFLW\ Y$  % Y$  Y% 
 ) w8  w[ IRU FRQVHUYDWLYH IRUFHV 

 
 8 JUDYLWDWLRQDO PJK 8VSULQJ N[  

Ŷ 3URMHFWLOH0RWLRQ
   Ŷ :RUN GRQH E\ FRQVHUYDWLYH IRUFHV LV SDWK
LQGHSHQGHQW DQG GHSHQGV RQO\ RQ LQLWLDO DQG ILQDO

 [ XW FRV T \ XW VLQ T  JW  
 SRLQWV
J G G
 \ [ WDQ T 
X  FRV T
[   v³ )FRQVHUYDWLYH ˜ GU   

X VLQ T X  VLQ T X  VLQ  T Ŷ :RUNHQHUJ\WKHRUHP: '. 

 7  5  + 
J J J
G Ŷ 0HFKDQLFDOHQHUJ\( 8.&RQVHUYHGLIIRUFHV
G
Ŷ /LQHDUPRPHQWXP S PY  
DUHFRQVHUYDWLYHLQQDWXUH 
Ŷ 1HZWRQ VILUVWODZLQHUWLDOIUDPH 
': G G
G GSG G G Ŷ 3RZHU 3DY  3LQVW )˜Y  
Ŷ 1HZWRQ VVHFRQGODZ )  ) PD   'W
GW

¦[ P  ³ [GP 
G G
Ŷ 1HZWRQ VWKLUGODZ )$% )%$   L L
Ŷ &HQWUHRIPDVV [ FP [ FP 
Ŷ )ULFWLRQDOIRUFH IVWDWLF PD[ PV 1 I NLQHWLF PN 1  
¦P L
³ GP
)RUPXODV  <&7
Ŷ &0RIIHZXVHIXOFRQILJXUDWLRQV  ,IY DQG P  P  WKHQ Y   Y  

 ,IY DQG P  P  WKHQ Y  Y 

PPVHSDUDWHGE\U  (ODVWLFFROOLVLRQZLWK P P  Y  Y  DQG Y  Y 

   'T GT G G G
Ŷ $QJXODUYHORFLW\ ZDY  Z  Y Zu U  
'W GW
K 'Z GZ G G G
 7ULDQJOH &0{&HQWURLG  \F  Ŷ $QJXODU$FFHO D DY  D  D Du U  
 'W GW
Ŷ 5RWDWLRQDERXWDQD[LVZLWKFRQVWDQWD
U
 6HPLFLUFXODUULQJ \F  
S 
 Z Z  DW T ZW  DW   Z  Z DT  

U
 6HPLFLUFXODUGLVF \F
S
  Ŷ 0RPHQWRI,QHUWLD , ¦ P U  , ³ U GP 
L L L
 

U
 +HPLVSKHULFDOVKHOO \F  


 
U
 6ROLG+HPLVSKHUH \F  
 Ŷ 7KHRUHPRI3DUDOOHO$[HV ,& ,FP  PG  
  &RQH  WKH KHLJKW RI &0 IURP WKH EDVH LV K IRU 
WKHVROLGFRQHDQGKIRUWKHKROORZFRQH

Ŷ 0RWLRQRIWKH&00  ¦P L  Ŷ 7KHRUHPRI3HUS$[HV , ] ,[  , \ 

¦ P Y  SG
G G
G L L G G )H[W
 YFP FP 0YFP  D FP   Ŷ 5DGLXVRI*\UDWLRQN  ,  P  
0 0
G G G G G
G G G Ŷ $QJXODU0RPHQWXP / U u S / ,Z  
Ŷ ,PSXOVH - ³ )GW 'S  
G
G G G G G/
Ŷ 7RUTXH W U u ) W  W ,D  
GW
Ŷ &ROOLVLRQ G G G
 Ŷ &RQVHUYDWLRQRI /  WH[W Ÿ/ FRQVW  
G G G G
 0RPHQWXP FRQVHUYDWLRQ  PY  PY  PY   
PY 
Ŷ (TXLOLEULXPFRQGLWLRQ ¦)  ¦W  

 
 (ODVWLF &ROOLVLRQ  Ŷ .LQHWLF(QHUJ\ . URW ,Z  

   
PY  P  Y  PY   P  Y   Ŷ '\QDPLFV
   
G G G G G G
 &RHIILFLHQWRIUHVWLWXWLRQ  WFP ,FP D )H[W PD FP  SFP PYFP 
 YY  ­ FRPSOHWHO\ HODVWLF   G G G
  H ®   . PYFP   ,FP Z  / ,FP Z  UFP u PYFP  
Y  Y ¯ FRPSOHWHO\ LQ  HODVWLF  

)RUPXODV  <&7
 PP  Ŷ 0RGXOXVRIULJLGLW\
Ŷ *UDYLWDWLRQDOIRUFH)  * 
U ) $ '3 )
 <  % 9  K  
'A  A '9 $T
  G9
Ŷ &RPSUHVVLELOLW\ .   
% 9 G3
 ODWHUDO VWUDLQ ''  '
Ŷ 3RLVVRQ VUDWLR V  
ORQJLWXGLQDO VWUDLQ 'A  A

*0P 
Ŷ 3RWHQWLDOHQHUJ\8     Ŷ (ODVWLFHQHUJ\ 8 VWUHVV u VWUDLQ u YROXPH  
U 
Ŷ 6XUIDFHWHQVLRQ6 )O 
*0
Ŷ *UDYLWDWLRQDODFFHOHUDWLRQJ    Ŷ 6XUIDFHHQHUJ\8 6$ 
5
Ŷ ([FHVVSUHVVXUHLQEXEEOH
§ K· 'SDLU 6 5 'SVRDS 6 5 
Ŷ 9DULDWLRQRIJZLWKGHSWK J LQVLGH | J ¨  ¸    
© 5¹
6FRV T
Ŷ &DSLOODU\ULVH K  
§ K · UUJ
Ŷ 9DULDWLRQRIJZLWKKHLJKW J RXWVLGH | J ¨  ¸ 
© 5 ¹ Ŷ +\GURVWDWLFSUHVVXUH S UJK  

Ŷ (IIHFWRIQRQVSKHULFDOHDUWKVKDSHRQJ Ŷ %XR\DQW IRUFH )%  U9J :HLJKW RI GLVSODFHG

OLTXLG 
 J DW SROH ! J DW HTXDWRU ' 5 H  5 S |  NP  Ŷ (TXDWLRQRIFRQWLQXLW\ $Y $  Y  

Ŷ (IIHFWRIHDUWKURWDWLRQRQDSSDUHQWZHLJKW
  


Ŷ %HUQRXOOL VHTXDWLRQ 3  UY   UJK FRQVWDQW  


Ŷ 7RUULFHOOL VWKHRUHPYHIIOX[ JK  

 PJ T PJ  PZ 5 FRV  T  
GY
Ŷ 9LVFRXVIRUFH ) K$  
G[
*0
Ŷ 2UELWDOYHORFLW\RIVDWHOOLWH Y  
5

*0
Ŷ (VFDSHYHORFLW\ YH   Ŷ 6WRNH VIRUFH) SKUY  
5

9ROXPH IORZ SSU 

Ŷ .HSOHU VODZV Ŷ 3RLVHXLOOL VHTXDWLRQ
WLPH KO 
 )LUVW(OOLSWLFDORUELWZLWKVXQDWRQHRIWKHIRFXV

G
 6HFRQG$UHDOYHORFLW\LVFRQVWDQW ' G/  GW  
  

U U  V J
S   Ŷ 7HUPLQDOYHORFLW\ Y W  
 7KLUG 7  v D   ,QFLUFXODURUELW 7  D   K
*0

)RUPXODV  <&7
 '4
+($7$1'7+(502'<1$0,&6 Ŷ 6SHFLILFKHDWDWFRQVWDQWYROXPH &Y  
Q'7 Y


Ŷ 7HPSVFDOHV )   & . &     Ŷ 6SHFLILFKHDWDWFRQVWDQWSUHVVXUH&S '4
 
 Q'7 S
Ŷ ,GHDOJDVHTXDWLRQ S9 Q57 QQXPEHURIPROHV Ŷ 5HODWLRQEHWZHHQ& DQG& & ±&  5 
S Y S Y

§ D · Ŷ 5DWLRRIVSHFLILFKHDW J &S  & Y  

Ŷ YDQGHU:DDOVHTXDWLRQ ¨ S   ¸ 9  E Q57  
© 9 ¹
Ŷ 5HODWLRQEHWZHHQ8DQG&Y '8 Q&Y '7  
Ŷ 7KHUPDOH[SDQVLRQ / /   D'7  
Ŷ 6SHFLILFKHDWRIJDVPL[WXUH
 $ $    E'7  9 9   J'7   J E D   Q&Y   Q  &Y  Q&S   Q  &S 
 &Y   J  
Q  Q  Q&Y   Q  &Y 
) 'O
Ŷ 7KHUPDOVWUHVVRIDPDWHULDO <  
$ O I
Ŷ 0RODULQWHUQDOHQHUJ\RIDQLGHDOJDV8  57 
Ŷ *HQHUDO0 P1$N 51$  
Ŷ 0D[ZHOOGLVWULEXWLRQRIVSHHG  I IRUPRQDWRPLFDQGI IRUGLDWRPLFJDV 
Ŷ )LUVWODZRIWKHUPRG\QDPLFV '4 '8  ':  
Ŷ :RUNGRQHE\WKHJDV
Y
 ': 3'9 : ³Y
3G9 

  §9 ·
 :LVRWKHUPDO Q57 ,Q ¨  ¸ 
N7 57 © 9 ¹
Ŷ 506VSHHG YUPV  
P 0  :LVREDULF 3 9  9 
N7 57 39  3 9
Ŷ $YHUDJHVSHHG Y    :DGLDEDWLF 
SP S0 J 

N7  :LVRFKRULF  

Ŷ 0RVW3UREDEOHVSHHG YS  
P

 
Ŷ 3UHVVXUH S UY UPV   Ŷ (IILFLHQF\RIWKHKHDWHQJLQH  


Ŷ (TXLSDUWLWLRQRIHQHUJ\.  N7 IRUHDFKGHJUHH
 ZRUN GRQH E\ WKH HQJLQH 4  4 
 K 
I KHDW VXSSOLHG WR LW 4
RI IUHHGRP 7KXV .  N7 IRU PROHFXOH KDYLQJ I

4 7
GHJUHHVRIIUHHGRPV   KFDUQRW   
4 7
Ŷ ,QWHUQDO HQHUJ\ RQ Q PROHV RI DQ LGHDO JDV LV 8  Ŷ &RHIIRISHUIRUPDQFHRIUHIULJHUDWRU
I
Q57  

4
Ŷ 6SHFLILFKHDWV    4 4
P'7  &23 
: 4  4 
Ŷ /DWHQWKHDW / 4P   
)RUPXODV  <&7
 '4 I '4
Ŷ (QWURS\ '6
7
 6I  6L ³ L 7

 
Ŷ 3RWHQWLDOHQHUJ\ 8 N[  

4 7
 &RQVW 7  '6  9DU\LQJ7 '6 PF ,Q I  
7 7L
 
J
Ŷ .LQHWLFHQHUJ\ . PY  
Ŷ $GLDEDWLF3URFHVV '4  S9 FRQVWDQW   

'4 '7 
Ŷ &RQGXFWLQJ .$   Ŷ 7RWDOHQHUJ\ ( 8. PZ $  
'W [ 

[
Ŷ 7KHUPDOUHVLVWDQFH5  
.$
O
 § [ [  · Ŷ 6LPSOHSHQGXOXP 7 S 
 5 VHULHV 5  5  ¨  ¸   J
$ © . .  ¹ 

   
  .$  .  $   ,
5 SDUDOOHO 5 5  [ Ŷ 3K\VLFDO3HQGXOXP 7 S  
PJ/

Ŷ .LUFKKRII V/DZ

HPLVVLYH SRZHU ( ERG\

( EODFNERG\  
DEVRUSWLYH SRZHU D ERG\

,
Ŷ :LHQ VGLVSODFHPHQWODZ O P 7 E  Ŷ 7RUVLRQDO3HQGXOXP7  S 
N

 
'4 
Ŷ 6WHIDQ%ROW]PDQQODZ VH$7  
'W   
Ŷ 6SULQJVLQVHULHV   
N HT N N 
G7
Ŷ 1HZWRQ VODZRIFRROLQJ E$ 7  7 
GW

:$9( 26&,//$7,216 Ŷ 6SULQJVLQ3DUDOOHO N HT N  N   

Ŷ +RRNH VODZ) ±N[ IRUVPDOOHORQJDWLRQ[  

Ŷ 6XSHUSRVLWLRQRIWZR6+0 V
G[ N  
Ŷ $FFHOHUDWLRQ D  [ Z [  
GW  P
 [ $ VLQ ZW [  $  VLQ ZW  G 
S P
Ŷ 7LPHSHULRG 7 S    [ [[ $VLQ ZW 
Z N

Ŷ 'LVSODFHPHQW [ $VLQ ZW  I    $ $  $   $$  FRV G 

$  VLQG
Ŷ 9HORFLW\ Y $Z FRV ZW  I rZ $   [     WDQ  
$  $  FRV G

)RUPXODV  <&7
 w\  w\ ­§ ·O
Ŷ *HQHUDOHTXDWLRQRIZDYH   °°¨ Q   ¸   QRGHV Q  
w[  Y  wW  © ¹
 [ ® 
Ŷ 1RWDWLRQ$PSOLWXGH$)UHTXHQF\Y:DYHOHQJWKO °Q O
DQWLQRGHV Q  
°̄ 
3HULRG7$QJXODU)UHTXHQF\Z:DYH1XPEHUN

 S S
 7  Y YO  N  
Y Z O
Ŷ 6WULQJIL[HGDWERWKHQGV 
Ŷ 3URJUHVVLYHZDYHWUDYHOOLQJZLWKVSHHGY

 \ I W  [  Y  է[ \ I W  [  Y  է±[   %RXQGDU\FRQGLWLRQV\ DW[ DQGDW[ /

O Q 7
 $OORZHG)UHT/ Q Y  Q   
 / P

 7
 )XQGDPHQWDOVWKDUPRQLFVY  
/ P

 7
Ŷ 3URJUHVVLYHVLQHZDYH  VWRYHUWRQHQGKDUPRQLFVY  
/ P
 \ $ VLQ N[  ZW $ VLQ S [  O  W  7 
 7
 QGRYHUWRQHUGKDUPRQLFVY 
Ŷ 6SHHG RI ZDYHV RQ D VWULQJ ZLWK PDVV SHU XQLW / P

OHQJWKPDQGWHQVLRQ7Y  7  P    $OOKDUPRQLFVDUHSUHVHQWV

Ŷ 7UDQVPLWWHGSRZHU3DY  SPY$  Y   
Ŷ 6WULQJIL[HGDWRQHHQG 
Ŷ ,QWHUIHUHQFH

 \ $ VLQ N[  ZW  \  $  VLQ N[  ZW  G 
 %RXQGDU\FRQGLWLRQV\ DW[ 
 \ \  \  $ VLQ N[  ZW  H  O
 $OORZHG)UHT/  Q 

 $ $  $   $$  FRV G 
Q   7
 Y   Q   
$  VLQ G / P
 WDQ H 
$  $  FRV G  7
 )XQGDPHQWDOVWKDUPRQLFV Y 
/ P 
­°QS FRQVWUXFWLYH
 G ®  
°̄ Q   S GHVWUXFWLYH VWRYHUWRQHUGKDUPRQLFV Y
 7
 
 / P

 7
 QGRYHUWRQHWKKDUPRQLFV Y 
/ P 
Ŷ 6WDQGLQJ:DYHV  
2QO\RGGKDUPRQLFVDUHSUHVHQW
 \ $ VLQ N[  ZW  \  $  VLQ N[  ZW  
  Q 7
Ŷ 6RQRPHWHU Y v  Y v 7 Y v Y 
 \ \  \ $ FRV N[ VLQ ZW  / P / P

Ŷ 'LVSODFHPHQWZDYHV  V VLQ Z W  [  Y  
)RUPXODV  <&7
Ŷ 3UHVVXUHZDYH Y
 )XQGDPHQWDOVWKDUPRQLFV Y  
S S FRV Z W  [  Y  S %Z  Y V   /

Y
Ŷ 6SHHGRIVRXQGZDYHV  VWRYHUWRQHQGKDUPRQLFV Y Y 
/
% < J3
 YOLTXLG  YVROLG  Y JDV   Y
U U U  QGRYHUWRQHUGKDUPRQLFV Y Y
/ 

S %   S  Y S  $OOKDUPRQLFVDUHSUHVHQW
Ŷ ,QWHQVLW\ , V Y   
Y % SY

Ŷ 6WDQGLQJORQJLWXGLQDOZDYHV

 S S VLQ Z W  [  Y  S S VLQ Z W  [  Y 

 S S  S  S FRV N[ VLQ ZW  

Ŷ 5HVRQDQFHFROXPQ


O O
Ŷ &ORVHGRUJDQSLSH  O  G  O  G  Y  O  O Y
 

Ŷ %HDWV  WZR ZDYHV RI DOPRVW HTXDO IUHTXHQFLHV



Z | Z 
 %RXQGDU\FRQGLWLRQ\ DW[ 
O Y S VLQ Z W  [  Y  S  S VLQ Z W  [  Y 
 $OORZHGIUHT / Q    Y Q      S
 /
  Q    S S  S  S FRV 'Z W  [  Y VLQ Z W  [  Y 
Y
 )XQGDPHQWDOVWKDUPRQLFV Y 
/   Z Z  Z   'Z Z  Z  EHDWVIUHT  
Y
VWRYHUWRQHUGKDUPRQLFV Y Y Ŷ 'RSSOHU(IIHFW
 / 
Y Y  X
QGRYHUWRQHWKKDUPRQLFV Y Y  Y Y 
 / Y  XV
 2QO\RGGKDUPRQLFVDUHSUHVHQW 
 :KHUH Y LV WKH VSHHG RI VRXQG LQ WKH PHGLXP X LV

WKH VSHHG RI WKH REVHUYHU ZUW WKH PHGLXP
FRQVLGHUHGSRVLWLYHZKHQLWPRYHVWRZDUGVWKHVRXUFH
DQG QHJDWLYH ZKHQ LW PRYHV DZD\ IURP WKH VRXUFH
DQG XV LV WKH VSHHG RI WKH VRXUFH ZUW WKH PHGLXP
Ŷ 2SHQRUJDQSLSH  FRQVLGHUHG SRVLWLYH ZKHQ LW PRYHV WRZDUGV WKH
REVHUYHU DQG QHJDWLYH ZKHQ LW PRYHV DZD\ IURP WKH

 %RXQGDU\FRQGLWLRQ\ DW[  REVHUYHU 

O Y 237,&6
 $OORZHGIUHT / Q  Y Q Q 
 /

)RUPXODV  <&7