hvletudes

7/30/2019 hvletudes

1/18

9,//$/2%26 *8,7$5 086,& $OWHUQDWLYH 6RXUFHV DQG ,PSOLFDWLRQVIRU3HUIRUPDQFH

6WDQOH\

7/30/2019 hvletudes

2/18

9LOOD/RERV*XLWDU0XVLF$OWHUQDWH6RXUFHVDQG,PSOLFDWLRQVIRU3HUIRUPDQFH3DJH

7KH0DQXVFULSWRIWKH7ZHOYH(WXGHV7KHPDQXVFULSWRIWKH7ZHOYH(WXGHV LVDQH[FHSWLRQDOO\FOHDUDFFXUDWHDQGFRQVLVWHQWO\ZULWWHQ

GRFXPHQW9LOOD/RERVIDVWLGLRXVQHVVH[WHQGVHYHQWRZULWLQJRXWDOOGDFDSR VHFWLRQVLQIXOO2QHH[DPSOHRIWKLVQRWDWLRQDOPHWLFXORXVQHVVOLHVLQWKHXVHRIGLIIHULQJVL]HGQRWHKHDGVWRFODULI\WKH

PXVLFDO VWUXFWXUHWKHPDWLF DQG VWUXFWXUDO OLQHV LQ ERWK XSSHU DQG ORZHU UHJLVWHUV DUH JLYHQ IXOOVL]HQRWHKHDGV ZKLOH VXSSRUWLQJ DQG DFFRPSDQLPHQWDO SDUWV DUH FRQVLVWHQWO\ QRWDWHG ZLWK VPDOOHU RQHV

3URYLGLQJDQH[FHSWLRQDOO\FOHDUUHSUHVHQWDWLRQRIWKHPXVLFDOWH[WXUHWKLVQRWDWLRQVRPHWLPHVWUDQVFHQGVWKHREYLRXVDVLQWKHIROORZLQJH[DPSOHZKHUHLGHQWLFDOFKRUGVDUHLQGLFDWHGDOWHUQDWHO\DV VWUXFWXUDORUDFFRPSDQLPHQWDOILJ

)LJXUH(WXGHPP

7KHWHFKQLFDOVXEWLWOHVGHDUSqJHHWFDWWDFKHGWRPDQ\RIWKH(WXGHVLQWKHSXEOLVKHGVFRUHGRQRWDSSHDULQWKHPDQXVFULSW7KHILUVW(WXGHKRZHYHUGRHVEHDUWKHSURYRFDWLYHVXEWLWOH3UHOXGHLWLVWHPSWLQJWKRXJKSHUKDSVVRPHZKDWIDQFLIXOWRLPDJLQHWKLVSLHFHWREHWKHORVWVL[WKSUHOXGHIURPWKHVHWRI

,WLVDOVRQRWHZRUWK\LV WKDWWKLVILUVWVWXG\DORQJZLWKQXPEHUVDQGLVZULWWHQZLWKRXWWKHUHSHDWPDUNLQJVIRXQGLQWKHSXEOLVKHGVFRUH

6ROXWLRQVWR$PELJXRXV3DVVDJHV$VDOUHDG\PHQWLRQHGQRRWKHUFRS\RIWKH(WXGHVFRQWDLQVDQ\WKLQJOLNHWKHDPRXQWRIILQJHULQJDQG

H[SUHVVLRQPDUNLQJVIRXQGLQWKHPDQXVFULSW7KHGHWDLOIRXQGDORQJZLWKWKHVKHHUDFFXUDF\RIWKHPDQXVFULSW SURYLGHV OLNHO\ VROXWLRQV WR PDQ\ RI WKH DPELJXLWLHV IRXQG LQ WKH SXEOLVKHG YHUVLRQV RI WKHPXVLFWKHHQGLQJVRIWKHILUVWWKUHH(WXGHVIRUH[DPSOHDUHQRWDWHGZLWKFRQVLGHUDEOHFODULW\

$WWKHHQGRI(WXGHDQRSHQVWULQJLVXVHGLQVWHDGRIDKDUPRQLFLQPEHDWDQGLQPPWKHQRWDWLRQFRQILUPVWKHXVHRIKDUPRQLFVRQWKHHDQGEVWULQJVILJ

)LJXUH(WXGHPP

$OWKRXJK WKH LQWHQGHG H[HFXWLRQ RI WKH HQGLQJRI (WXGH KDV OHG WR VRPH FRQWURYHUV\ WKH PDQXVFULSWDSSHDUVWRVXSSRUWWKHH[SODQDWLRQIRXQGLQWKH&DUOHYDURPDQXVFULSW,QWKLVODWWHUVRXUFHWKHIROORZLQJ3RUWXJXHVHDQQRWDWLRQDSSHDUVDWWKHSRLQWLQGLFDWHGLQILJXUH3L]] WRV VLPXOWDQHRV GD PiRGLUHLWD H Pi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

7/30/2019 hvletudes

3/18


LQWHQWLRQWKHQOLNHO\ZDVWRIUHWDQGSOXFNWKHXSSHUQRWHVDVZULWWHQDQGVLPXOWDQHRXVO\SOXFNEHKLQGHDFKIUHWWHG QRWH ZLWK DQRWKHU OHIWKDQG ILQJHUSL]] PJ LH LQ )UHQFK SOXFN ZLWK WKH OHIW KDQGD

SRWHQWLDOO\ZLWW\FRQFOXVLRQWRDYLUWXRVLFVWXG\ILJ

)LJXUH(WXGHPP

7KHHQGLQJWR(WXGHLVDQRWKHUQRWRULRXVO\DPELJXRXVVSRW7KHPDQXVFULSWKRZHYHUFOHDUO\LQGLFDWHVWKDWLQP WKH ORZHUSLWFKLVQRW DKDUPRQLF EXW DQRUPDOQRWH)ROORZLQJ 9LOOD/RERV XVXDO

QRWDWLRQDOSUDFWLFHHYHU\WKLQJWKHQPDNHVSHUIHFWVHQVHGRQWKHDVWULQJLVSOD\HGZLWKWKHWKLUGILQJHUDQGWKHKDUPRQLFDWWKHILIWKIUHWRIWKHGVWULQJLVSOD\HGZLWKWKHIRXUWKILQJHUDQGVRXQGV DWWKHSLWFKLQGLFDWHGDERYHLWILJ

)LJXUH(WXGHP

)LQJHULQJV$OWKRXJK WKH PDQXVFULSW FRQWDLQV FRQVLGHUDEO\ PRUH ILQJHULQJ LQGLFDWLRQV WKDQ GRHV WKH

SXEOLVKHGVFRUH LWLVE\ QRPHDQVFRPSOHWHO\ ILQJHUHG1HYHUWKHOHVV LW LVVWLOOSRVVLEOH WRGHULYHYDOXDEOHPXVLFDODQGWHFKQLFDOLQVLJKWIURPWKHPDUNLQJVSUHVHQW

,QJHQHUDO9LOOD/RERVILQJHULQJVIRUWKHOHIWKDQGVKRZFRQFHUQIRUOHJDWRFRQQHFWLRQDQGFODULW\RIYRLFHOHDGLQJDVZHOODVVSHFLILFHIIHFWVRISKUDVLQJ)RUH[DPSOHDZRQGHUIXOHIIHFWLVSURGXFHGLQWKHRSHQLQJVHFWLRQRI(WXGHWKURXJKDILQJHULQJWKDWFRPELQHVJOLVVDQGRDQGOLJDGRILJ

)LJXUH(WXGHPP

$ WHFKQLFDO DVSHFW RI 9LOOD/RERV ILQJHULQJV IRU WKH OHIW KDQG LV D WHQGHQF\ WR FRQQHFW GLVWDQWSRVLWLRQVE\VKLIWLQJUDSLGO\DORQJDVLQJOHVWULQJWUHDWLQJWKHUHODWLYHVWUHQJWKVRI WKHILQJHUVZLWKDSSDUHQWLPSXQLW\ILJ

7/30/2019 hvletudes

4/18


)LJXUH(WXGHPP

,QFKRUGDOSDVVDJHV9LOOD/RERVVRPHWLPHVXVHVDQXQFRQYHQWLRQDOVHFRQGRUIRXUWKILQJHUEDUUpDOWKRXJKDWKLUGILQJHUEDUUpLVQRWHPSOR\HGIRUWKHQXPHURXVKDOIGLPLQLVKHGFKRUGVVXFKDVWKRVHIRXQGLQPPRI(WXGHILJDQGILJEHORZ

)LJXUH(WXGHPPDQG

:KHQ SUHVHQW 9LOOD/RERV ILQJHULQJ LQGLFDWLRQV IRU WKH ULJKW KDQG JHQHUDOO\ DUH RUWKRGR[ LPDOWHUQDWLRQ LVXVHGIRU VFDOHSDVVDJHV LPDDUH RWKHUZLVH DVVLJQHGWR WKH WKH WUHEOHVWULQJV,Q ILYHQRWHFKRUGVWKHWKXPESOXFNVWZRDGMDFHQWEDVVVWULQJVVLPXOWDQHRXVO\ZKHQPRUHGHILQLWLRQEHWZHHQWKHORZHUYRLFHVLVUHTXLUHGRUZKHQWKHEDVVHVDUHQRWDGMDFHQWWKHORZHVWQRWHLVSHUIRUPHGDVDJUDFHQRWHDVLQ(WXGHPPDQG

+RZHYHU9LOOD/RERVDOVRHPSOR\VVHYHUDOOHVVRUWKRGR[ULJKWKDQGWHFKQLTXHV,QWKHFHQWUDOVHFWLRQRI(WXGHIRUH[DPSOHKHFDOOVIRUWKHLQGH[DQGPLGGOHILQJHUVWRSOXFNWZRVWULQJVVLPXOWDQHRXVO\ILJ

)LJXUH(WXGHPP

0RUHLQWHUHVWLQJDUHWKHULJKWKDQGLQGLFDWLRQVWKDW9LOOD/RERVSURYLGHVLQFRQMXQFWLRQZLWKVOXUPDUNLQJV(WXGHVDQGERWKFRQWDLQSDVVDJHVZKLFKLQYROYHDVLQJOHILQJHURU WKHWKXPESOD\LQJDFURVVRQHRUPRUHDGMDFHQWVWULQJVQRWLQJWKDW9LOOD/RERVDOZD\VXVHVDVOXUWRLQGLFDWHWKLVWHFKQLTXH,QWKHSDVVDJH

VKRZQ LQILJXUH WKH WKXPESOD\VDFURVV WKH ORZHUWZRVWULQJVDQG WKH LQGH[ILQJHUDFURVVWKHWRS IRXUVWULQJVERWKDUHLQGLFDWHGZLWKDVOXUILJ

)LJXUH(WXGHPP

,Q WKH IROORZLQJ H[DPSOH WKH LQGH[ ILQJHU SOD\V DFURVV WKH WRS ILYH VWULQJV DV LQGLFDWHG WKH IRXUQRWHDVFHQGLQJJURXSDOPRVWFHUWDLQO\LVLQWHQGHGWREHSOD\HGZLWKWKHWKXPEILJ

7/30/2019 hvletudes

5/18


)LJXUH(WXGHP

7DNHDORRNQRZDWWKHSDVVDJHIURP(WXGHVKRZQLQILJDQGEHDULQPLQGWKDWWKHPDQXVFULSWGRHVFRQILUPWKHULJKWKDQGILQJHULQJWKDWDSSHDUVDWWKHEHJLQQLQJRIWKHSLHFHLQWKHSXEOLVKHGVFRUH'RWKHILQJHULQJVVXJJHVWWKDWLQPWKHLQGH[ILQJHUSOD\VDFURVVWKHVHFRQGDQGWKLUGVWULQJV"ILJ

)LJXUH(WXGHPP

,ILQWHQGHGWKLVWHFKQLTXHPD\KHOSH[SODLQVRPHRIWKHDPELJXRXVVOXUULQJIRXQGLQERWKWKHPDQXVFULSWDQGWKHSXEOLVKHGVFRUHDVGLVFXVVHGEHORZ

6OXU0DUNLQJV7KHPRVWSUREOHPDWLFDVSHFWRI9LOOD/RERVQRWDWLRQOLHVLQKLVDPELJXRXVXVHRIWKHVOXUPDUNLQJ

ZKLFKLVDSSOLHGLQDWOHDVWIRXUFRQWH[WVQRWHJURXSLQJLQGHWHUPLQDWHQRWHSURORQJDWLRQWKHXVXDOOHIW

KDQGOLJDGRDQGDVZHKDYHMXVWVHHQLQFRQMXQFWLRQZLWKULJKWKDQGJOLVVDQGL,QPDQ\FDVHVWKHLQWHQGHGIXQFWLRQRIWKHVOXULVREYLRXVWKHJURXSLQJVOXUVLQPPRI(WXGH

IRUH[DPSOHZKLFKVHUYHWRGLYLGHWKHSKUDVHLQWRWKHWZRSDUWVLPSOLFLWLQLWVFRQVWUXFWLRQILJ

)LJXUH(WXGHPP

$OVRREYLRXVLQWKLVH[DPSOHLVWKDWWKHILUVWSKUDVHLVWREHSHUIRUPHGOLJDGR$QDORJRXVSDVVDJHVRQHVLQZKLFKDODUJHJURXSLQJVOXUHQFORVHVVHYHUDOLQWHUQDOOLJDGRVPD\DOVREHIRXQGDWPPRI(WXGHDQGPPDQGRI(WXGH%XWZKDWDUHZHWRPDNHRIWKHVOXUULQJIRXQGLQWKHIROORZLQJH[DPSOH"ILJ

)LJXUH(WXGHPP

7/30/2019 hvletudes

6/18


,QPHDVXUHVRIWKLV(WXGHDVFHQGLQJVOXUVDUHLQGHSHQGHQWO\PDUNHGZLWKLQWKHODUJHUJURXSLQJVOXUFOHDUO\DVKRUWDVFHQGLQJVOXUVKRXOGDOVREHSUHVHQWDWPP&RPSDULQJWKHVHVFDOHSDVVDJHVZLWKWKHDUWLFXODWHG VFDOH WKDW DSSHDUV DW P WKHUH LV WKH LPSOLFDWLRQ WKDW WKH QRWHV IDOOLQJ XQGHU WKH ODUJH VOXUVKRXOGEHSHUIRUPHGDVOLJDGRV+RZHYHUDVKRUWDVFHQGLQJOLJDGRIROORZHGE\DQDUWLFXODWHGVFDOHVHHPV

WKHPRUHOLNHO\LQWHUSUHWDWLRQWKHVFDOHDWPEHLQJDUWLFXODWHGPHWULFDOO\WKRVHXQGHUVOXUVDVDVLQJOHJHVWXUH

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

SRVVLELOLW\WKDWWKHVOXUVGHILQHPHORGLFJURXSLQJWKDWLVWKHQRWHVXQGHU WKHVOXUVKRXOGQRWULQJRYHURQHDQRWKHU $QG SHUKDSV VRPH DUH RYHUVLJKWV LQDGYHUWHQWO\ DGGHG XQGHU WKH PRPHQWXP RI WKH VOXUULQJ LQ

SUHFHGLQJPHDVXUHV

)LJXUH(WXGHPPDQG

$OWKRXJK FRQVLVWHQWO\ PDUNHG WKH VOXUV LQ (WXGH DUH DOVR DPELJXRXV ,Q WKH PDQXVFULSWPPDUHVOXUUHGDVVKRZQLQILJXUHWKHVOXUULQJVKRZQLQPDSSHDUVWRFRPELQHDJURXSLQJVOXUZLWKDUHDUWLFXODWHGGHVFHQGLQJOLJDGRZKLOHWKDWDWPLQGLFDWHVWKHDUWLFXODWLRQRIUHSHDWHGQRWHVRQWKHVHFRQG VWULQJ ,Q WKH ILUVW FDVH WKH ORZHU VOXU VXJJHVWV SHUIRUPDQFH DV D VLQJOH JHVWXUH WKDW FRPELQHVDUSHJJLR DQG OLJDGR DV W\SLFDOO\ SHUIRUPHG +RZHYHU WKH WHPSR LQGLFDWLRQ0RLQVDVZHOODVDVORZHULQLWLDOWHPSR8QSHXDQLPpPD\ZHOOLQGLFDWHDOLWHUDOUHDOL]DWLRQRIWKHILJXUH

)LJXUH(WXGHPPDQG

$WDEOHRIGLYHUJHQWVOXUPDUNLQJVKDVEHHQSURYLGHGDWWKHHQGRIWKLVDUWLFOH

'LYHUJHQW3LWFKHVDQG5K\WKPV7KH PDQXVFULSW FRQWDLQV D QXPEHU RI GLYHUJHQW SLWFKHV DQG UK\WKPV VRPH RI ZKLFK DOPRVW

FHUWDLQO\UHIOHFWHUURUVLQWKHSXEOLVKHGYHUVLRQV)RUH[DPSOHLQ(WXGHPPDQGWKHQDWXUDOVLJQRQWKHVHFRQGEHDWKDVEHHQGLVSODFHGGRZQZDUGVLQWKHSXEOLVKHGVFRUHDOVRQRWHWKHQRWDWLRQRIRYHUODSSLQJ

SLWFKHVLQWKHEDVVDQGWUHEOHILJ

)LJXUH(WXGHPP

7/30/2019 hvletudes

7/18


$WDEOHRIGLYHUJHQWSLWFKHVDQGUK\WKPVPD\EHIRXQGDWWKHHQGWKLVDUWLFOHDORQJZLWKDQRSLQLRQLQHDFK FDVH DV WR WKH OHJLWLPDF\ RI DPHQGLQJ WKH SXEOLVKHG VFRUH $PRQJ WKH QXPHURXV LQFRQFOXVLYHGLYHUJHQWSLWFKHVDQGUK\WKPVOLVWHGWKHUH,ILQGWKHH[DPSOHVWKDWIROORZSDUWLFXODUO\LQWHUHVWLQJ

,Q(WXGHILJ LQPWKHPHORG\QRWHI VHHPV WRILWZHOOZLWK WKHFLUFROR FKDUDFWHURIWKHPHORG\WKXVIDUDWPWKHRVWLQDWRUHTXLUHVWKHSLWFKEEXWHKDVEHHQVXEVWLWXWHGSHUKDSVWRUHOLHYHWKH GLVVRQDQFH RWKHUZLVH SURGXFHG DW P DJDLQ E LV WKH UHTXLUHG QRWH IRU WKH RVWLQDWR EXW

E!EPFTSURYLGH PRUH PRYHPHQW RYHU WKH EDUOLQH LQ PP WKH DGGLWLRQDO ILUVWVWULQJ H UHVXOWV IURP DGRXEOHOLJDGRLQZKLFKWKHILUVWILQJHURIWKHOHIWKDQGSOXFNVERWKILUVWDQGVHFRQGVWULQJVDQGLQPH! GRHVVHHPWREHWKHFRUUHFWQRWHKDUPRQLFDOO\ZLWKRUZLWKRXWDGGLWLRQDOEDVVHV

)LJXUH(WXGHPPDQG

,Q(WXGHIQDWXUDOLVLQGLFDWHGLQPPDQGEHDWDQGDWPPDQGDOWKRXJKQRWDWPPDQGDQG9LOOD/RERVRULJLQDOO\KDGDGLIIHUHQWWH[WXUHLQPLQGIRUPPERWKILIWKDQGVL[WKVWULQJV

SUREDEO\WREHSOD\HGZLWKWKHWKXPEILJ

)LJXUH(WXGHPP

,Q(WXGH WKH VRPHZKDWHOXVLYHFKDUDFWHURI WKH SXEOLVKHG RSHQLQJ VHFWLRQ LVWUDQVIRUPHGE\ WKHFRQVLVWHQWJOLVVVDQGL DQGWULSOHWUK\WKPVHPSOR\HGLQWKHPDQXVFULSWWKHHIIHFWLVDOPRVWMD]]OLNHDQGLQPPDVLPSOHUKDUPRQLFWH[WXUHGRHVQRWLQFRUSRUDWHWKHDSSRJJLDWXUDVRIODWHUYHUVLRQVILJ

7/30/2019 hvletudes

8/18


)LJXUH(WXGHPPDQG

,Q(WXGHPPWKHVL[WHHQWKQRWHILJXUHVVXEVWLWXWHWKHRSHQHVWULQJ$JDLQWKHFKDUDFWHURIWKHSDVVDJHLVDOWHUHGE\WKHPRUHUHOD[HGHIIHFWILJ

)LJXUH(WXGHPP

7HPSR,QGLFDWLRQVDQG([SUHVVLRQ0DUNLQJV$OPRVWDOOWHPSRDQGH[SUHVVLRQZRUGVIRXQGLQWKHPDQXVFULSWDUHZULWWHQLQ)UHQFKWKHVHERWK

VXSSOHPHQW DQG VRPHWLPHV VXEWOHW\ FRQWUDGLFW WKRVH IRXQG LQ ODWHU YHUVLRQV ZKHUH PDQ\ KDYH EHHQUHSODFHGZLWK,WDOLDQH[SUHVVLRQZRUGV6RPHWLPHVWKHVHWUDQVODWLRQVDUHTXLWHOLWHUDOIRUH[DPSOH3RFRDOOHJUR LQVWHDG RI 8Q SHX DQLPp 7KLV LV QRW DOZD\V WKH FDVH KRZHYHU DQG DV WKH IROORZLQJ OLVWGHPRQVWUDWHVVXEWOHWHPSRGLIIHUHQFHVDUHIRXQGIRU(WXGHVDQG

PV (VFKLJSXEOLFDWLRQ PV (VFKLJSXEOLFDWLRQ(WXGH $QLPp $OOHJURPDQRQWURSSR (WXGH 7UqVDQLPp VDPH

(WXGH 7UqVDQLPp $OOHJUR (WXGH 0RGpUp QRPP VDPH

(WXGH 8QSHXDQLPp $OOHJURPRGHUDWR (WXGH 8QSHXDQLPp 7UHVSHXDQLPp(WXGH 8QSHXPRGpUp VDPH (WXGH $QLPp 7UHVDQLPp

(WXGH $QGDQWLQR VDPH (WXGH /HQW VDPH

(WXGH 8QSHXDQLPp 3RFR$OOHJUR (WXGH 8QSHXDQLPp $QLPp

7/30/2019 hvletudes

9/18


7KHPDQXVFULSWDOVRVKRZVGLIIHUHQFHVIRULQWHUQDOWHPSRFKDQJHVLQVHYHUDORIWKH(WXGHV

(WXGH P 0HQR QRWSUHVHQWDOWKRXJKPLV

PDUNHGDWHPSRD

(WXGH P 0RGpUp LQVWHDGRI0RLQV

P 8QSHXPRLQV P /HQW

(WXGH P DWHPSRD P 0RGpUp(WXGH P 0RLQVWUpVHQHUJLTXH P 3LPRVVR QRWSUHVHQW

P 0HQR QRWSUHVHQW (WXGH P 0RLQV

P 8QSHXPRLQVWUHVHQHUJLTXHLQVWHDGRIDWHPSRD

(WXGH P 7UHVDQLPp LQVWHDGRI8QSHXDQLPp

P DWHPSR LQVWHDGRI0HQR P 7UHYLI

(WXGH P 3RFRPHQR QRWSUHVHQW

([SUHVVLRQPDUNLQJVG\QDPLFVIOXFWXDWLRQVRIWHPSRDQGDUWLFXODWLRQDUHPRUHGHWDLOHGLQWKHPDQXVFULSW WKDQ LQ WKH SXEOLVKHG VFRUH DQG RIWHQ FODULI\ IRUP SKUDVH VWUXFWXUH WH[WXUH DQG PRWLYLFFKDUDFWHU$JRRGH[DPSOHLVWKHRSHQLQJVHFWLRQRI(WXGHZKLFKLVGHYRLGRIG\QDPLFPDUNLQJVLQWKH

SXEOLFDWLRQV DVFDQEHVHHQLQILJXUH WKHXSSHU DQG ORZHUSDUWV DUH JLYHQLQGHSHQGHQW G\QDPLFDQGDUWLFXODWLRQPDUNLQJVZULWWHQGHFUHVFHQGRVVKDSHWKHRSHQLQJJOLVVDQGRPRWLYHLQPPDVZHOODVLWVH[SDQGHG YHUVLRQ WKDW IROORZV WKURXJK P WKH ORZHU YRLFH LVLQGHSHQGHQWO\VKDSHGVIS DQGVI]PI LQPPDQGWKHVXEWOHFRQWUDVWEHWZHHQ UDOOHQWDQGR DQGULWDUGDQGRLVH[SORLWHGLQPP

)LJXUH(WXGHPP

,QDGGLWLRQ WREHLQJ PRUHGHWDLOHG WKH PDUNLQJV LQWKH PDQXVFULSW DUHRIWHQPRUHH[SUHVVLYH WKDQWKRVHIRXQGLQWKHSXEOLVKHGVFRUHUDOOHQWDQGL DQGFUHVFHQGL DUHDSSOLHGRYHUORQJHUVSDQVDQGDJUHDWHUQXPEHURI G\QDPLF FRQWUDVWVDUHDSSOLHG $OWKRXJK LW LV QRW SRVVLEOH WR OLVWHYHU\ GLYHUJHQW H[SUHVVLRQPDUNLQJ IRXQG LQWKH PDQXVFULSW WKH\VLPSO\DUHWRR QXPHURXV D WDEOH IRXQGDWWKH HQG RI WKLVDUWLFOHOLVWVWKHPRUHSHUWLQHQWRQHV

8QLTXH0DWHULDO

,QWKHPDQXVFULSW WZR RIWKH(WXGHV FRQWDLQDGGLWLRQDOPDWHULDOQRWWR EHIRXQGLQ DQ\ RWKHUVRXUFH,Q(WXGHQLQHWHHQQHZPHDVXUHVRISUHOXGHOLNHPDWHULDODUHLQVHUWHGDIWHUPIROORZHGE\IXUWKHUPHDVXUHVGHULYHGIURPPHDVXUHVILJ

7/30/2019 hvletudes

10/18


)LJXUH(WXGHQHZPDWHULDO>PP@

4XLWH FRQVLGHUDEOH UHGLVWULEXWLRQ RI PDWHULDO LV DOVR IRXQG WKURXJK PHDVXUHV RI (WXGH DQGLQFOXGHVVRPHPDWHULDOWKDWZDVQRWUHWDLQHGLQODWHUYHUVLRQVILJ

$OWKRXJKWKHRPLVVLRQRIWKLVH[WUDPDWHULDOLQDOORWKHUVRXUFHVGRHVVHUYHWRLQFUHDVHWKHFRQFLVLRQRIWKH(WXGHVLQTXHVWLRQWKHPDWHULDOLVRIVXFKLQWHUHVWWKDWUHLQWURGXFWLRQVHHPVDMXVWLILDEOHRSWLRQ

)LJXUH(WXGHQHZPDWHULDOLQVHUWHGDWPPDQG

,Q (WXGH RQH PHDVXUH LV DGGHGPHDVXUH LV LQVHUWHG EHIRUH PHDVXUH DJUHHLQJ ZLWK WKHRSHQLQJVHFWLRQ

0DQXVFULSWVRIWKH)LYH3UHOXGHV)DLUFRSLHVLHFRPSOHWHILQLVKHGYHUVLRQVRIWKH3UHOXGHVUHYHDOIHZVLJQLILFDQWGLIIHUHQFHVIURPWKH

SXEOLVKHGHGLWLRQV2QHUHPDUNDEOHGLIIHUHQFHKRZHYHUPD\EH IRXQGLQ3UHOXGH 1RZKHUHDWPHDVXUH D VKDUS LVSUHVHQW RQ WKH VHFRQG ORZ H ILJ , VXJJHVW SOD\HUV ZDVWH QR WLPH LQ DPHQGLQJ WKHLUVFRUHV

)LJXUH3UHOXGLR1RSDUD9LROmR PP

7/30/2019 hvletudes

11/18


,QWKHIDLUFRS\RI3UHOXGH1RWKHSDVVDJHDWPPDQGKDVDKDUPRQLFQRWDWLRQIRUWKHWRSWKUHHVWULQJVRQO\WKHVHFRQGWLPHLWDSSHDUVLHLQP+RZHYHULQWKHILUVWDSSHDUDQFHRIWKH

SDVVDJHLQWKHFRPSRVLWLRQDOVNHWFKKDUPRQLFVDUHSUHVHQWDQGDUH IROORZHGE\DQ LQGLFDWLRQWRSOD\LQWKHWKSRVLWLRQ

)LJXUH3UHOXGLR1RSDUD9LROmR FRPSRVLWLRQDOVNHWFKP

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

)LJXUH3UHOXGLRFRPSRVLWLRQDOVNHWFKPPDQG>@

$ORQJZLWKDIDLUFRS\PDQXVFULSWRI3UHOXGH1RGDWHG6HSWHPEHUZKLFKDJUHHVZLWKWKH(VFKLJSXEOLFDWLRQLQYLUWXDOO\DOOPDWWHUVZLWKWKHH[FHSWLRQWKDWLWLVZULWWHQZLWKRXWH[SUHVVLRQPDUNLQJVLVDQRWKHUIDLUFRS\ ZKLFK UHYHDOV DQHDUOLHUFRPSOHWHGYHUVLRQRI WKH SLHFH,Q DGGLWLRQ WRVHYHUDOVPDOOFKDQJHVLQWKHILUVWWZRVHFWLRQVILJWKHWKLUGVHFWLRQHPSOR\VDQHQWLUHO\SRSXODUVRXQGLQJKDUPRQLFVW\OHILJ

)LJXUH3UHOXGLR1R FRPSRVLWLRQDOVNHWFKPPDQG

7/30/2019 hvletudes

12/18


)LJXUH3UHOXGLR1R FRPSRVLWLRQDOVNHWFKPP

$)LQDO7KRXJKW

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

SHUIRUPDQFHDSSOLHVWRPXVLFPXFKFORVHUWRRXURZQWLPHWKDQRQHZRXOGSHUKDSVWKLQN$QGLQHYLWDEO\WKHDQVZHUOLHVZLWKHDFKSHUIRUPHU

7DEOH'LYHUJHQW3LWFKHVDQG5K\WKPVIRXQGLQWKH0DQXVFULSWRIWKH7ZHOYH(WXGHV DORQJZLWKDQRSLQLRQDVWRWKHOHJLWLPDF\RIDPHQGLQJWKHSXEOLVKHGVFRUH

DOPRVWFHUWDLQXQFHUWDLQ(WXGH P E HQRUPDOQRWHKHDG

P E ILUVWVWULQJHKDUPRQLF

P E VHFRQGVWULQJEKDUPRQLF

(WXGH P J LQVWHDGRII

P J

P G GLDPRQGQRWHKHDG

G GLDPRQGQRWHKHDG

(WXGH P TXDUWHUQRWHUHVWLQZULWWHQRXWGDFDSR

P RSHQHLQVWHDGRII

P GLQVWHDGRIHGILWVWKHLQGLFDWHGSRVLWLRQ,,,DOWKRXJKHLVDEHWWHUILWKDUPRQLFDOO\

P EDVVGLVDUHJXODUQRWHKHDG

(WXGH P J DQGH! LHSDUDOOHOWRP

7/30/2019 hvletudes

13/18


H DQGI LHSDUDOOHOWRP

P FKRUGZULWWHQLQIRXUUHSHDWHGWKQRWHV

P H DQGG! WKH LVGLVSODFHGRQHQRWHXSZDUGVLQWKHSXEOLVKHGVFRUH P ILIWKVWULQJDKDOIQRWHWLHGRYHUIURPSUHYLRXVPHDVXUH

I LQVWHDGRIJ

P HEDVVJUDFHQRWHDGGHG

P VL[WKVWULQJHI EDVVLQVWHDGRIILIWKVWULQJD

P ILIWKVWULQJEWLHGRYHUIURPEHDW

(WXGH P PHORG\ILQVWHDGRIJIGRHVILWWKHFLUFROR FKDUDFWHURIWKHPHORG\

P VHFRQGVWULQJHLQVWHDGRIEHVRXQGVEHWWHUKRZHYHUEILWVWKHRVWLQDWR

P ILIWKVWULQJE! E! LVLQWHUHVWLQJDJDLQE ILWVWKHRVWLQDWR

PP DQRSHQILUVWVWULQJHLVDGGHGEXWQRWDWP

P KDOIQRWHEDVVE! ZLWKJUDFHQRWHDGGHGERWKQRWHVVWDFFDWRDQGDGGLWLRQDOILUVWVWULQJJKDOIQRWH

VHFRQGVWULQJH!

P KDOIQRWHEDVVHDGGHG

P WKLUGVWULQJFGLDPRQGQRWHKHDGKDUPRQLF

(WXGH P

IRXWKVWULQJI EXWQRWLQPP

P I KRZHYHUI LQWKHSDUDOOHOSDVVDJHDWP

P WH[WXUHDQGUK\WKPDVLQVXUURXQGLQJPHDVXUHV

P VDPHWH[WXUHDQGUK\WKPDVP

(WXGH P E D

P E D

P EDVVDZKROHQRWHEHDWDKDOIQRWHQRWSUHVHQW P ILIWKVWULQJPHORG\QRWHF LQVWHDGRID

VL[WKVWULQJQRWHI LQVWHDGRIG

P LQQHUFKRUGDOQRWHVI DF QRWSUHVHQW

P IRXUWKVWULQJHKDOIQRWHG QRWSUHVHQW

P J KDOIQRWHQRWSUHVHQW

(WXGH P EDVVJ UHVWUXFN

7/30/2019 hvletudes

14/18


PP WKUHVWXSSHUQRWHVHJF QRWSUHVHQW

P IRXUWKVWULQJDDGGHG

PP XSSHUQRWHI GRWWHGTXDUWHULQVWHDGRIJ I QRWSUHVHQW

P F GLDPRQGQRWHKHDGKDUPRQLF

(WXGH P ELQVWHDGRIF

P I EDVVLQVWHDGRIDKRZHYHUDDSSHDUVLQWKHSDUDOOHOSDVVDJHVDWPPDQGLQERWKWKHPDQXVFULSWDQGWKHSXEOLVKHGVFRUH

(WXGH PP WULDGUHVWUXFN

PP VL[WKVWULQJHKDOIQRWHDGGHGOLNHSXEOLVKHGPP

P J VHHQH[WHQWU\

PP RSHQJ DQGEFKRUGWRQHVLQSDUHQWKHVLV

P F

P E

PP EDVVDWLHGRYHUIURPSUHYLRXVPHDVXUH

PP HVL[WHHQWKQRWHLQVWHDGRIJ

P VDPHDFFLGHQWDOVDVSXEOLVKHGP

(WXGH P EDVVHWLHGRYHUIURPSUHYLRXVPHDVXUH

P ILIWKVWULQJHGRWWHGKDOIQRWHIROORZHGE\

VL[WKVWULQJE! TXDUWHUQRWH

(WXGH PP TXDGUXSOHWJURXSLQJOLNHPPDQG

P EDVVHLQVWHDGRIJWKURXJKRXWWKHPHDVXUH

7DEOH'LYHUJHQW([SUHVVLRQ0DUNLQJVIRXQGLQWKH0DQXVFULSWRIWKH7ZHOYH(WXGHV

ZKHQQRWLWDOLFL]HGWKHWHUPVFUHVFHQGRDQGGHFUHVFHQGRUHIHUWRG\QDPLFKDLUSLQV

(WXGH P PILQVWHDGRIS (WXGH P UDOO(WXGH P UDOO P UDOO WKURXJKHQGP

(WXGH P UDOO P UDOO WKURXJKHQGP

P DWHPSR P WKVWULQJELHQFKDQWp

P VWULQJHQGR P DOODUJDQGR WKURXJKP

7/30/2019 hvletudes

15/18


P DWHPSR P DWHPSRD

P DOODUJDQGR P DOODUJ

(WXGH P PILQVWHDGRIS (WXGH P P\VWHULHXV 7UqVOLHHWELHQFKDQWpORZHUYRLFHPIXSSHUYRLFHS

P IULW GLVSODFHGWREHDW P DOODQGQRWHILJXUHVLQXSSHUYRLFHGHFUHVFHQGR

P PIDWHPSR P PROWRVWULQJHQGR

P DVPP P FUHVFDQLPDQGR

P FUHVFHQGR (WXGH P UDOO

P II P ULW

P ORZHUSDUWVWDFFDWR P >DWHPSR@

P WRXMRXUVDWHPSR LQVWHDGRIDOODUJ

P DOODUJDQGR

(WXGH P ORZHUYRLFHI P SDWHPSR

P S P FUHVF

P FUHVFSRFRDSRFR P DOODUJDQGR

P I (WXGH P FUHVFSRFRDSRFR QRWSUHVHQW

P SS P VWULQJHQGR

P FUHVF P

FUHVFHQGR

P I P XSSHUYRLFHSSORZHUYRLFHI

P FUHVFHQGR P

EDVV(VS

P S P FUHVFHQGR

P GLPSRFRDSRFR P KDUPRQLF II

P DOODUJ P FUHVFHQGR

P PI P XSSHUYRLFHSORZHUYRLFHPI

(WXGH PP

VI]PI

PP

XSSHUYRLFHSSORZHUYRLFHI

P S VWULQJHQGR PP VI] QRWSUHVHQW

P DOODUJDQGR (WXGH P G\QDPLFVVDPHDVP

P II P G\QDPLFKDLUSLQVQRWSUHVHQW

7/30/2019 hvletudes

16/18


P UDOO QRWSUHVHQW P VI]S OLNHHDUOLHU

P UDOO P UDOO OLNHILUVWWLPH

P ULW (WXGH WKURXJKRXW DOOPPZLWKJOLVVFKRUGVDUHPDUNHGEFUHVFHQGREGHFUHVFHQGR

P PI P FUHVF

P VWULQJSRFRDSRFR P FUHVF

P FUHVF P XSSHUYRLFHPI

P DOODUJDQGR P PI

P I DWHPSR P G\QDPLFVVDPHDVP

P FUHVF P S LQVWHDGRIPIPI

LQVWHDGRIIP DOODUJ QRWSUHVHQW P FUHVF

P SRFRUDOO P FUHVF

P FUHVFWRXMRXUV WKURXJKHQGRIPHDVXUH

7DEOH'LYHUJHQW6OXU0DUNLQJVIRXQGLQWKH0DQXVFULSWRIWKH7ZHOYH(WXGHV(WXGH P I H (WXGH PP

IURPEHDWWREHDW

P EH P

XQGHUDJURXSLQJVOXU

P HJ P XQGHUDJURXSLQJVOXU

P HJ P FGH

P FD P XQGHUDJURXSLQJVOXU

I F P FGH

P ED HIJ

P JGI (WXGH P XQGHUDJURXSLQJVOXU

P I FH XQGHUDJURXSLQJVOXU

P FG P DOODVSXEOLVKHGPH[FHSW

(WXGH P QRVOXU P QRWHVOXURQHDFKEHDW

P QRVOXU P JURXSLQJVOXU

(WXGH P

IJD

(WXGH P DORQJJURXSLQJVOXU HQFORVHVWKHVPDOOHUJURXSVRIOLJDGRV

7/30/2019 hvletudes

17/18


P JDE P WKHVOXUH[WHQGVIRU IRXUQRWHVRQO\

P JDE (WXGH P VHHILJ

P I JD (WXGH P OLNHWKHSXEOLFDWLRQVOXUVDQGJOLVVDQGLDUHPLVVLQJDOWKRXJKWKH\DUHSUHVHQWLQWKHSDUDOOHOSDVVDJHVDWPPDQG

SUREDEO\DQRYHUVLJKW

P JDE

(1'127(6

7KH0XVHR9LOOD/RERVKROGVDSKRWRFRS\RIDDXWRJUDSKPDQXVFULSWWLWOHG(WXGHVSRXU OD*XLWDUUH PV3$HDFKSDJHVWDPSHGE\WKH)UHQFKSXEOLVKLQJFRPSDQ\0D[(VFKLJWKHKROGHUVRIWKHRULJLQDOPDQXVFULSW 7KH ODVW SDJHLV PDUNHG 3DULV +9/LQ WKH KDQG RIWKH FRPSRVHU 6HYHUDO PDQXVFULSWV DQGFRSLHVUHODWLQJWRWKH)LYH3UHOXGHVDUHDOVRKRXVHGDWWKHPXVHXP$PRQJWKHP3UHOXGLRV3DUD 9LROkRXQGDWHG

EXWDJDLQFRQWDLQLQJWKHVDPH(VFKLJVWDPS DQXQGDWHG FRPSRVLWLRQDO VNHWFK3UHXGLR 1R PV3DIDLUFRS\RI3UHOXGLR 1R >IRU@ 9LROk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

,QKLVDUWLFOH9LOOD/RERV1HZ0DQXVFULSWV*XLWDU5HYLHZ )DOO(GXDUGR)HUQDQGH]UHIHUVWR

DGGLWLRQDOPDQXVFULSWFRSLHVRIWKH(WXGHVKRXVHGDWWKH0XVHR9LOOD/RERVEXWGRHVQRWRIIHULQIRUPDWLRQUHODWLQJWRWKHLUFKURQRORJ\$PRQJWKHVHLVDVHWLQFOXGHGLQWKH*XLPDUmHVFROOHFWLRQDPDQXVFULSWFROOHFWLRQGRQDWHGWR WKHPXVHXP E\WKHIDPLO\RI 9LOOD/RERV ILUVWZLIH WKH 0XVHR 9LOOD/RERV KDV QRWEHHQDEOHWR VXSSO\PH ZLWK DQ\LQIRUPDWLRQ UHJDUGLQJWKH FKURQRORJ\ RI WKHVH VFRUHV $ QXPEHURI DGGLWLRQDOPDQXVFULSWV LQFOXGLQJ RQHLQ WKH

SRVVHVVLRQRI$EHO&DUOHYDURDQGD0XVHR9LOOD/RERVPDQXVFULSWRI(WXGH3GDWHGDSSHDUQRWWREH LQ WKHKDQG RI9LOOD/RERV 7KH/XEUDQR PDQXVFULSW RI(WXGH FLWHG LQ IRRWQRWH DERYH LV GDWHG DQGDOPRVWFHUWDLQO\LVDQDXWRJUDSK

+9LOOD/RERV'RX]HeWXGHVSUHIDFHE\$QGUpV6pJRYLD3DULVeGLWLRQV0D[(VFKLJ"$FFRUGLQJWR

0DWDQ\D2SKHHORFFLWIQSWKHILUVWHGLWLRQLVPDUNHG3DULV,PS028127-DQY$QHGLWLRQRIWKHFROOHFWHGVRORJXLWDUZRUNVRI9LOOD/RERVZLWKDFRUUHFWLRQRIREYLRXVW\SRJUDSKLFDOHUURUVZDVSXEOLVKHGDV+HLWRU9LOOD/RERV&ROOHFWHG:RUNVIRU6ROR*XLWDU1HZ

7/30/2019 hvletudes

18/18


7KHSDVVDJHLVUHSURGXFHGLQ$EHO&DUOHYDUR *XLWDU0DVWHU&ODVVYRO,,,+HLGHOEHUJ(GLWLRQV&KDQWHUHOOH

SEXWDOVRVHH0DWDQ\D2SKHHVDUWLFOHORFFLW,QWKHRSLQLRQRIWKHSUHVHQWZULWHUDQGMXGJLQJIURPWKHDYDLODEOHHYLGHQFHRIWKHPDQXVFULSWWKHFRQIXVLRQVXUURXQGLQJWKHHQGLQJRI(WXGHPRVWOLNHO\LVWKHUHVXOWRI

DUHYLVLRQLQWKHLQWHQWLRQKDGEHHQIRUDELWRQDOHQGLQJEXWZDVODWHUFKDQJHGWRKDUPRQLFV7KHFRQIXVLRQDULVHV IURPWKH XQIRUWXQDWH LQFOXVLRQ LQWKH SXEOLVKHG VFRUHRI ERWK WKH RULJLQDO LQGLFDWLRQSL]] PJ DQGWKH QHZLQGLFDWLRQKDUPGXSOHZKLFKLQFLGHQWDOO\LVVHWLQDGLIIHUHQWW\SHIDFH

,QWKH)HUQDQGH]DUWLFOHORFFLWWKHSRVLWLRQLQGLFDWLRQ9,,LVGLVSODFHGWZRQRWHVRYHUWRWKHULJKWRYHUWKH

ELQWKHPDQXVFULSWKRZHYHUWKHVLJQLVFOHDUO\SRVLWLRLQHGRYHUWKHJ

7KH PDQXVFULSW DJUHHV ZLWK WKH (VFKLJ SXEOLFDWLRQ DV WR WKH UK\WKP LQ PHDVXUHV DQG ZKLFK ZHUH

FRUUHFWHGLQWKH$PVFRSXEOLFDWLRQ

Documents

hvletudes