Loading documents preview...
7KH4XLFNDQGWKH'LUW\ $QFLHQWV5XOHVIRUWKH3DUDJUDSK&KDOOHQJHG
7XUQ6HTXHQFH
0RYHPHQW
)LULQJ
,QIDQWU\ ,QFROXPQ ,QIDQWU\ ,Q/LQH &DYDOU\ ,QFROXPQ &DYDOU\ ,Q/LQH $UWLOOHU\ *HQHUDO 6WDII 0RGLILHUV $GGWRFROXPQVPRYLQJRQGU\URDGV ,QEDGJRLQJKDOYHPRYHGLVWDQFH H[FHSWIRUVNLUPLVKHUV 2EVWDFOHVUHGXFHPRYHE\ 7XUQLQJ $OOWXUQVDUHE\ZKHHOLQJH[FHSWWXUQVDERXW 7XUQVDERXWPD\RQO\WDNHSODFHDWWKH EHJLQQLQJRIPRYHPHQW &KDUJLQJ $XQLWWKDWKDVPRYHGPRUHWKDQKDOILWVPRYH SULRUWRFRQWDFWLQJWKHHQHP\KDVFKDUJHG
)LULQJ 0RYHPHQWRU &KDQJH)RUPDWLRQ 5DOO\
$OOPRYHPHQWLVVLPXOWDQHRXV :KHUHRSSRVLQJXQLWVDUHZLWKLQUHDFKRIHDFK RWKHUWKHQGLFHIRUSUHFHGHQFH 0RYH'LVWDQFHV +HDY\ 0HGLXP
5ROO'SHUHOHPHQWLQILUVWWZRUDQNV+LWRQD (OLWH 6HDVRQHG8QLWVUHUROODQ\ V 5DZXQLWVUROO'OHVVPLQ 6DYLQJWKURZV5ROO'SHUKLW 8QDUPRXUHGXQLWVVDYHRQD /LJKWO\DUPRXUHGXQLWVVDYHRQD 0HGLXPDUPRXUHGXQLWVVDYHRQDRU 6NLUPLVKHUV KHDYLO\DUPRXUHGXQLWVVDYHRQDRU 8QLWVLQEDGJRLQJDGGWRWKHUROO 8QLWVLQIRUWLILFDWLRQVDGGWRWKHUROO )RUHDFKXQVDYHGKLWUHPRYHDQHOHPHQW DGGD'PDUNHU $UWLOOHU\ORVHWKHLUOLPEHUVILUVWWKHQWKHLUFUHZ 5DQJHV %RZ /RQJ%RZ 6OLQJ /LJKW$UWLOOHU\ +HDY\$UWLOOHU\
&KDQJH)RUPDWLRQ
0HOHH
$XQLWPD\FRPSOHWHRQHRIWKHVH &ROXPQWR/LQH/LQHWR&ROXPQ /LQHWR6NLUPLVKHUVDQGEDFN /D\DUWLOOHU\RQQHZWDUJHW
5ROO'SHUHOHPHQWLQILUVWWZRUDQNV+LWRQDRU (OLWHXQLWVUHUROO V V6HDVRQHG V 5DZGHGXFW' 3LNH6SHDUXQLWVLQ&ROXPQUROODQH[WUD' 6NLUPLVKHUVUROO'OHVVPLQ
7HUUDLQ 'HSOR\PHQW
,I*HQHUDOZLWKXQLWDGG' &KDUJLQJXQLWVDGGWRHDFKGLHUROO 6DYLQJWKURZV5ROO'SHUKLW 8QDUPRXUHGXQLWVVDYHRQD /LJKWO\DUPRXUHGXQLWVVDYHRQD 0HGLXPDUPRXUHGXQLWVVDYHRQDRU +HDYLO\DUPRXUHGXQLWVVDYHRQDRU 8QLWVLQIRUWLILFDWLRQVDGGWRWKHUROO )RUHDFKXQVDYHGKLWUHPRYHDQHOHPHQW DGGD'PDUNHU
2QHSOD\HUVHWVXSWHUUDLQZKLFKPXVWLQFOXGHDW OHDVWLWHPVRIZKLFKPXVWEH %DG*RLQJ 7KHRWKHUSOD\HUGHFLGHVZKLFKHGJHWRGHSOR\RQ 7KHILUVWSOD\HUGHSOR\VRSSRVLWH %DG*RLQJLQFOXGHV %XLOWXSDUHDV 6ZDPS :RRGV 5RFN\6WHHS+LOOV 5LYHUV )RUWLILFDWLRQV 2EVWDFOHVLQFOXGH
'LVRUGHU' 0DUNHUV
)HQFHV 'LWFKHV +HGJHV
8QLWVJDLQDGLVRUGHUPDUNHUIRU (DFKXQVDYHGKLW (DFKPRYHLQEDGJRLQJ
*URXQGVFDOH
&KDQJLQJIRUPDWLRQ *HQHUDOGLHVZLWKLQ (IIHFWRIDFFXPXODWLQJ'PDUNHUV 'PDUNHUV 1RIRUPDWLRQFKDQJHV 'PDUNHUV 1RDGYDQFLQJLQWRFRQWDFW
6XQNHQ5RDGV %DUULFDGHV )LHOGZDOOV
$OOGLVWDQFHVDUHIRUPPPP ILJXUHV )RUPPDGGWRDOOUDQJHV PRYHPHQW )RUPPPPKDOYHWKHP
*HQHUDOV
'PDUNHUV 1RDGYDQFLQJWRZDUGVHQHP\ 'PDUNHUV 8QLWURXWVLPPHGLDWHO\ 5RXWLQJXQLWVPRYHGLUHFWO\IURPHQHP\DQGWKURXJKDQ\JDS RIDWOHDVWRQHHOHPHQWZLGH,IURXWPRYHLVEORFNHGE\HQHP\ WKHXQLWVXUUHQGHUV
&RS\ULJKW&UDLJ&DUWPHOO
/LJKW
(DFKGLYLVLRQKDVD*HQHUDODVGRHVHDFKDUP\ *HQHUDOVDGGLQJWKHLUERQXVWRDXQLWULVNEHLQJ KLWLIWKHXQLWLVKLW7KH*HQHUDOKDVDLQ FKDQFHRILQMXU\SHUXQVDYHGKLWRQWKDWEULJDGH +LW*HQHUDOVDUHORVWIRUWKHEDWWOH 5HY
-XO\
7KH4XLFNDQGWKH'LUW\ $QFLHQWV5XOHVIRUWKH3DUDJUDSK&KDOOHQJHG ,IERWKSOD\HUVDJUHHFHUWDLQQDPHG*HQHUDOVVXFK DV$OH[DQGHU PD\JHWIXUWKHUERQXVHV
5DOO\LQJ
8QLWVPD\UHPRYHD'PDUNHUIRUHDFKWKH\UROORQ' $GGWRWKHUROOLIXQLWLVPRUHWKDQIURPQHDUHVWHQHP\ $GGWRWKHUROOLID*HQHUDOLVZLWKXQLW (OLWHXQLWVUROO' 6HDVRQHGXQLWVUROO' ([SHULHQFHGXQLWVUROO' 5DZXQLWVUROO'
7URRS([SHULHQFH
8QLWVRIWURRSVDUHGHILQHGDVEHLQJ 0DFHGRQLDQ&RPSDQLRQV.QLJKWVHWF (OLWH 6HDVRQHG 5RPDQ/HJLRQDULHV+RSLWHV+XVFDUOVHWF 9LNLQJ:DUULRUV5RPDQ$X[LOLDHWF 7UDLQHG 6DVVDQLGOHYLHV 5DZ
7URRS$UPRXU\
8QLWVRIWURRSV DUPRXULVGHILQHGDVIROORZV 5RPDQ/HJLRQDULHV.QLJKWV&DWDSKUDFWV +HDY\ 9LNLQJ:DUULRUV6DPXUDL+RSOLWHV 0HGLXP 6D[RQ)\UG&HOWLF:DUULRUV&DYDOU\ /LJKW 8QDUPRXUHG &UHWDQVOLQJHUV6DVVDQLGOHYLHV
3RLQWV0HWKRG
)RUWKRVHZKROLNHWKHP« ,QIDQWU\(OHPHQWEDVHFRVW ,IYHWHUDQ ,IUDZ $UPHGZLWKULIOHGPXVNHW &DYDOU\(OHPHQWEDVHFRVW ,IYHWHUDQ ,IUDZ $UPHGZLWKUHSHDWLQJFDUELQH $UWLOOHU\EDWWHU\EDVHFRVW $UPHGZLWKULIOHGFDQQRQ +RUVH$UWLOOHU\ *HQHUDO 'LYLVLRQDO &RUSV $UP\ 3RLQWV )LJXUHV
([DPSOH $OO$UPV 'LYLVLRQFLUFD 'LYLVLRQDO*HQHUDO 9HWHUDQ,QIDQWU\%ULJDGHZLWK6PRRWKERUH0XVNHWVRI(OHPHQWV ([SHULHQFHG,QIDQWU\XQLWVZLWK5LIOHG0XVNHWVRI(OHPHQWV 5DZ,QIDQWU\%ULJDGHZLWK6PRRWKERUH0XVNHWVRI(OHPHQWV ([SHULHQFHG&DYDOU\%ULJDGHZLWK&DUELQHVRI(OHPHQWV $UWLOOHU\%DWWHU\ZLWK6PRRWKERUH&DQQRQ
1RWHV
$JRRGUXOHRIWKXPELVWRDOORZSRLQWVIRUDVWURQJ&RUSVIRUDQDYHUDJH&RUSVRUIRUDZHDNRQH ,I\RXXVHWKHSRLQWVPHWKRGWKHQ\RXGRQRWQHHGWRXVHWKHUDQGRPWDEOHVIRUH[SHULHQFHDQGDUPV
:KHUHYHUSRVVLEOHWU\WRNHHSWKHDUP\PDNHXSLQVLPLODUSURSRUWLRQVWRWKRVHVKRZQE\WKHUDQGRPWDEOHV 7KXV\RXDUHXQOLNHO\WRILHOGD&RUSVRIYHWHUDQLQIDQWU\LQ
8VHVSDUH'WRWUDFNLQGLYLGXDOXQLWVIOXFWXDWLQJ'PDUNHUV,WVPXFKHDVLHUWKDQGRLQJLWRQSDSHU
(DFK%ULJDGHVKRXOGKDYHDQHOHPHQWZLWKRIILFHUVVWDQGDUGVDQGGUXPVHWF7KLVLVPRUHIRUYLVXDOHIIHFWWKDQSOD\
)RUDQ\VLWXDWLRQQRWFRYHUHGE\WKHUXOHVDJUHHDGLFHUROOIOLSRIWKHFRLQRUZKDWHYHUVHHPVUHDVRQDEOH
&RS\ULJKW&UDLJ&DUWPHOO
5HY
-XO\