*'93=:
*'93=:*
*'93&(
*'93&(*
6(59,&($'-8670(176
35,257267$57,1*$'-8670(17
&RQILUPWKHSURSHU$&SRZHUYROWDJHLVEHLQJVXSSOLHG
6XSSO\SRZHUWRWKHVHWDQGPHDVXULQJLQVWUXPHQWVDQGDOORZWR
ZDUPXSIRUDWOHDVWPLQXWHV
8VHFDUHQRWGLVWXUEFRQWUROVDQGVZLWFKHVQRWPHQWLRQHGLQWKH
DGMXVWPHQWVLWHPV
5HIHUWRDGMXVWPHQWVVHWWLQJDQGVHWXVHURSHUDWHGFRQWUROV
%5,*+7&2175$673+$6(7,17HWFWRWKHLQGLFDWHGSRVLWLRQV
+RZWRHQWHUWKH6(59,&(0(18
7KHVWHSVKRZWRHQWHUWKH6(59,&(0(18DUHVKRZQEHORZ 7KH
VWHSVDUHFRPPRQWRWKH79VHWDQGUHPRWHFRQWUROOHU
3UHVV 0(18 .(<DQG Ç .(<VLPXOWDQHRXVO\
7KHV\PERO ZLOOEHGLVSOD\HGRQWKHVFUHHQFHQWHU
:KLOH LVRQWKHVFUHHQSUHVV 0(18 .(<DQG 92/ Ù
.(<VLPXOWDQHRXVO\
7KH ZRUGV è 3OHDVH GRQ¶W WRXFK ê ZLOO EH GLVSOD\HG RQ WKH
VFUHHQFHQWHU
:KLOH WKH ZRUGV RI è 3OHDVH GRQ¶W WRXFK ê DUH RQ GLVSOD\
SUHVV È .(<
7KH6(59,&(0(18ZLOOEHGLVSOD\HG
7KHILUVWOHWWHUVRIWKH6(59,&(0(18FRUUHVSRQGWRWKHIROORZLQJ
EORFNVUHVSHFWLYHO\
ÿÿõóúíø îøûï÷
ôõ ñ îíøíúïñ îøûï÷
ðÿõñÛüûÿõ õûú îøûï÷
ññúôíúïñþ îøûï÷
ïïü îøûï÷
ÝÚ3RZHUYROWDJH
3UHSDUDWLRQEHIRUH
$GMXVWPHQWV
0HDVXULQJLQVWUXPHQWV
&RQQHFWWKHSUREHRIWKHGLJLWDOYROWDJHPHWHUWRWKHWHVWSRLQW 9 *1'RIWKHSRZHU3%DVV¶\
5HDGWKH 9V YDOXH EHKLQG WKH SDQHO DQG DGMXVW WKH 95 VR WKDW WKH SRZHU YROWDJH IDOOV ZLWKLQ WKH YDOXH 7ROHUDQFH r 9 RI WKH
GLVSOD\HGYDOXH Õ
&RQQHFWWKHSUREHRIWKHGLJLWDOYROWDJHPHWHUWRWKHWHVWSRLQW 9 *1'RIWKHSRZHU3%DVV¶\
5HDGWKH 9G YDOXH EHKLQG WKH SDQHO DQG DGMXVW WKH 95 VR WKDW WKH SRZHUYROWDJH IDOOV ZLWKLQ WKH YDOXH 7ROHUDQFH r 9 RI WKH
GLVSOD\HGYDOXH Õ
Ö ,QVWHDGRIWKHWHVWSRLQWVWKHIROORZLQJFRQQHFWRUV
IRU73FDQDOVREHXVHG
0DNHVXUHWKDW126<1&
LVGLVSOD\HGZKHQWKHSRZHULVWXUQHG21
,WLVQHFHVVDU\WRZDLWIRUPRUHWKDQPLQXWHV
'LJLWDO9ROWDJHPHWHU
ü
ÝØ9G
ÞØ*1'
ßØ1&
àØ9V
6,*1$/%/2&.
:+,7(%$/$1&(%/2&.
6,=(326,7,21%/2&.
(1+$1&(5%/2&.
&38%/2&.
/,1('28%/(5%/2&.
35,0,1*&2',1*%/2&.
'(9,&(,1,7,$/%/2&.
9VYDOXH
9GYDOXH
1R
6(59,&(0(18
6(59,&(0(18
',$*126,6%/2&.
,1,7,$/$,=(((3520
83'$7(&38352*5$0
+2850(7(5%/2&.