Hotpoint RGB508PPHWH Bedienungsanleitung

Hotpoint Ofen RGB508PPHWH

Lesen Sie kostenlos die πŸ“– deutsche Bedienungsanleitung fΓΌr Hotpoint RGB508PPHWH (44 Seiten) in der Kategorie Ofen. Dieser Bedienungsanleitung war fΓΌr 15 Personen hilfreich und wurde von 2 Benutzern mit durchschnittlich 4.5 Sternen bewertet

Seite 1/44
Safety Instructions.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘2–5
Operating Instructions
Aluminum.Foil.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ 10,.11
Clock.and.Timer.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ 8
Oven.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘9-12
. Baking.and.Roasting.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘10
. Broiling.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ 11,.12
. Broiling.Guide .ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘12
. Oven.Control.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ 9
. Power.Outage.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘10
. Preheating.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘10
Surface.Cooking .ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘6,.7
Thermostat.Adjustment.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘13
Care and Cleaning
Air.Vents.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘19
Broiler.Pan.and.Grid.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘19
Burner.Assemblies.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ 14,.15
Burner.Caps.and.Heads.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘16
Burner.Grates.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘15
Control.Panel.and.Knobs.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘19
Cooktop.Surface.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘17
Drip.Pans .ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘14
Lift-Off.Oven.Door.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘18
Lift-Up.Cooktop.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘17
Oven.Bottom.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘18
Oven.Interior.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘21
Removable.Broiler.Drawer.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘19
Racks.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘20
Stainless.Steel.Surfaces.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘17
Installation
Instructions.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘22–35
Anti-Tip.Device.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘35
Connect.the.Range..
to.Gas.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ 26–29
Convert.to.LP.Gas.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘25
Dimensions.and..
Clearances.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘24
Electrical.Connections .ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ 30,.34
Level.the.Range.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘34
Light.the.Pilots.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ 30-33
Troubleshooting Tips.ξ˜‘ 36–38
Accessories .ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘41
Consumer Support
Consumer..
Support.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘Back.Cover
Ownership.Registration..
for.Customers.in.Canada..
only.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ 39,.40
Warranty.for.Customers..
in.Canada.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘43
Warranty.for.Customers..
in.the.Uξ˜‘Sξ˜‘Aξ˜‘.ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘ ξ˜‘42
Ranges
49-85199...05-11.JR....
Owner’s Manual
& Installation
Instructions
GEAppliances.com
Write the model and serial
numbers here:
Model # _____________________
Serial # ______________________
You.can.find.them.on.a.label.on.the.
front.of.the.range.behind.the.kick.
panel.or.broiler.drawerξ˜‘
Standard-Clean
Models:
RGB508
RGB524
RGB528
RGB530
RGB533
RGB540
RGB526
Non-Self-Cleaning.Gas
In Canada, contact us at:
www.GEAppliances.ca
,03257$17ξ˜ƒ6$)(7<ξ˜ƒ,1)250$7,21ξ˜‘
5($'ξ˜ƒ$//ξ˜ƒ,16758&7,216ξ˜ƒ%()25(ξ˜ƒ86,1*ξ˜‘
ξ˜•6$9(ξ˜ƒ7+(6(ξ˜ƒ,16758&7,216
ξ˜ƒ,03257$17ξ˜ƒ6$)(7<ξ˜ƒ127,&(
7KHξ˜ƒ&DOLIRUQLDξ˜ƒ6DIHξ˜ƒ'ULQNLQJξ˜ƒ:DWHUξ˜ƒDQGξ˜ƒ7R[LFξ˜ƒ(QIRUFHPHQWξ˜ƒ$FWξ˜ƒUHTXLUHVξ˜ƒWKHξ˜ƒ*RYHUQRUξ˜ƒRIξ˜ƒ&DOLIRUQLDξ˜ƒWRξ˜ƒSXEOLVKξ˜ƒDξ˜ƒOLVWξ˜ƒRIξ˜ƒ
VXEVWDQFHVξ˜ƒNQRZQξ˜ƒWRξ˜ƒWKHξ˜ƒVWDWHξ˜ƒWRξ˜ƒFDXVHξ˜ƒFDQFHUξ˜ξ˜ƒELUWKξ˜ƒGHIHFWVξ˜ƒRUξ˜ƒRWKHUξ˜ƒUHSURGXFWLYHξ˜ƒKDUPξ˜ξ˜ƒDQGξ˜ƒUHTXLUHVξ˜ƒEXVLQHVVHVξ˜ƒWRξ˜ƒ
ZDUQξ˜ƒFXVWRPHUVξ˜ƒRIξ˜ƒSRWHQWLDOξ˜ƒH[SRVXUHξ˜ƒWRξ˜ƒVXFKξ˜ƒVXEVWDQFHVξ˜‘
7KHξ˜ƒILEHUJODVVξ˜ƒLQVXODWLRQξ˜ƒLQξ˜ƒVHOIFOHDQξ˜ƒRYHQVξ˜ƒJLYHVξ˜ƒRIIξ˜ƒDξ˜ƒYHU\ξ˜ƒVPDOOξ˜ƒDPRXQWξ˜ƒRIξ˜ƒFDUERQξ˜ƒPRQR[LGHξ˜ƒGXULQJξ˜ƒWKHξ˜ƒFOHDQLQJξ˜ƒF\FOHξ˜‘ξ˜ƒ
([SRVXUHξ˜ƒFDQξ˜ƒEHξ˜ƒPLQLPL]HGξ˜ƒE\ξ˜ƒYHQWLQJξ˜ƒZLWKξ˜ƒDQξ˜ƒRSHQξ˜ƒZLQGRZξ˜ƒRUξ˜ƒXVLQJξ˜ƒDξ˜ƒYHQWLODWLRQξ˜ƒIDQξ˜ƒRUξ˜ƒKRRGξ˜‘
:$51,1*
ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒVWRUHξ˜ƒRUξ˜ƒXVHξ˜ƒJDVROLQHξ˜ƒRUξ˜ƒRWKHUξ˜ƒIODPPDEOHξ˜ƒYDSRUVξ˜ƒDQGξ˜ƒOLTXLGVξ˜ƒLQξ˜ƒWKHξ˜ƒYLFLQLW\ξ˜ƒRIξ˜ƒWKLVξ˜ƒRUξ˜ƒDQ\ξ˜ƒRWKHUξ˜ƒDSSOLDQFHξ˜‘
ξ˜ξ˜ƒ:+$7ξ˜ƒ72ξ˜ƒ'2ξ˜ƒ,)ξ˜ƒ<28ξ˜ƒ60(//ξ˜ƒ*$6
β–  'Rξ˜ƒQRWξ˜ƒWU\ξ˜ƒWRξ˜ƒOLJKWξ˜ƒDQ\ξ˜ƒDSSOLDQFHξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒWRXFKξ˜ƒDQ\ξ˜ƒHOHFWULFDOξ˜ƒVZLWFKξ˜žξ˜ƒGRξ˜ƒQRWξ˜ƒXVHξ˜ƒDQ\ξ˜ƒSKRQHξ˜ƒLQξ˜ƒ\RXUξ˜ƒEXLOGLQJξ˜‘
β–  ,PPHGLDWHO\ξ˜ƒFDOOξ˜ƒ\RXUξ˜ƒJDVξ˜ƒVXSSOLHUξ˜ƒIURPξ˜ƒDξ˜ƒQHLJKERUΒ·Vξ˜ƒSKRQHξ˜‘ξ˜ƒ)ROORZξ˜ƒWKHξ˜ƒJDVξ˜ƒVXSSOLHUΒ·Vξ˜ƒLQVWUXFWLRQVξ˜‘
β–  ,Iξ˜ƒ\RXξ˜ƒFDQQRWξ˜ƒUHDFKξ˜ƒ\RXUξ˜ƒJDVξ˜ƒVXSSOLHUξ˜ξ˜ƒFDOOξ˜ƒWKHξ˜ƒILUHξ˜ƒGHSDUWPHQWξ˜‘
ξ˜ξ˜ƒ,QVWDOODWLRQξ˜ƒDQGξ˜ƒVHUYLFHξ˜ƒPXVWξ˜ƒEHξ˜ƒSHUIRUPHGξ˜ƒE\ξ˜ƒDξ˜ƒTXDOLILHGξ˜ƒLQVWDOOHUξ˜ξ˜ƒVHUYLFHξ˜ƒDJHQF\ξ˜ƒRUξ˜ƒWKHξ˜ƒJDVξ˜ƒVXSSOLHUξ˜‘
:$51,1* ξ˜ƒξ˜ƒξ˜ƒ,Iξ˜ƒWKHξ˜ƒLQIRUPDWLRQξ˜ƒLQξ˜ƒWKLVξ˜ƒPDQXDOξ˜ƒLVξ˜ƒQRWξ˜ƒIROORZHGξ˜ƒH[DFWO\ξ˜ξ˜ƒDξ˜ƒILUHξ˜ƒRUξ˜ƒH[SORVLRQξ˜ƒPD\ξ˜ƒ
UHVXOWξ˜ξ˜ƒFDXVLQJξ˜ƒSURSHUW\ξ˜ƒGDPDJHξ˜ξ˜ƒSHUVRQDOξ˜ƒLQMXU\ξ˜ƒξ˜ƒRUξ˜ƒGHDWKξ˜‘
β– ξ˜ƒξ˜ƒ$OOξ˜ƒUDQJHVξ˜ƒFDQξ˜ƒWLSξ˜‘
β–  %8516ξ˜ƒRUξ˜ƒRWKHUξ˜ƒ6(5,286ξ˜ƒ,1-85,(6ξ˜ƒFDQξ˜ƒUHVXOWξ˜‘
β–  ,167$//ξ˜ƒDQGξ˜ƒ&+(&.ξ˜ƒWKHξ˜ƒDQWLWLSξ˜ƒEUDFNHWξ˜ƒIROORZLQJξ˜ƒWKHξ˜ƒLQVWUXFWLRQVξ˜ƒVXSSOLHGξ˜ƒZLWKξ˜ƒWKHξ˜ƒEUDFNHWξ˜‘
7Rξ˜ƒUHGXFHξ˜ƒWKHξ˜ƒULVNξ˜ƒRIξ˜ƒWLSSLQJξ˜ƒWKHξ˜ƒUDQJHξ˜ξ˜ƒWKHξ˜ƒUDQJHξ˜ƒPXVWξ˜ƒEHξ˜ƒVHFXUHGξ˜ƒE\ξ˜ƒDξ˜ƒSURSHUO\ξ˜ƒLQVWDOOHGξ˜ƒDQWLWLSξ˜ƒ
EUDFNHWξ˜‘ξ˜ƒ6HHξ˜ƒLQVWDOODWLRQξ˜ƒLQVWUXFWLRQVξ˜ƒVKLSSHGξ˜ƒZLWKξ˜ƒWKHξ˜ƒEUDFNHWξ˜ƒIRUξ˜ƒFRPSOHWHξ˜ƒGHWDLOVξ˜ƒEHIRUHξ˜ƒDWWHPSWLQJξ˜ƒ
WRξ˜ƒLQVWDOOξ˜‘
7Rξ˜ƒFKHFNξ˜ƒLIξ˜ƒWKHξ˜ƒEUDFNHWξ˜ƒLVξ˜ƒLQVWDOOHGξ˜ƒDQGξ˜ƒHQJDJHGξ˜ƒSURSHUO\ξ˜ξ˜ƒORRNξ˜ƒXQGHUQHDWKξ˜ƒWKHξ˜ƒUDQJHξ˜ƒWRξ˜ƒVHHξ˜ƒWKDWξ˜ƒWKHξ˜ƒ
UHDUξ˜ƒOHYHOLQJξ˜ƒOHJξ˜ƒLVξ˜ƒHQJDJHGξ˜ƒLQξ˜ƒWKHξ˜ƒEUDFNHWξ˜‘ξ˜ƒ2Qξ˜ƒVRPHξ˜ƒPRGHOVξ˜ξ˜ƒWKHξ˜ƒVWRUDJHξ˜ƒGUDZHUξ˜ƒRUξ˜ƒNLFNξ˜ƒSDQHOξ˜ƒFDQξ˜ƒEHξ˜ƒ
UHPRYHGξ˜ƒIRUξ˜ƒHDV\ξ˜ƒLQVSHFWLRQξ˜‘ξ˜ƒ,Iξ˜ƒYLVXDOξ˜ƒLQVSHFWLRQξ˜ƒLVξ˜ƒQRWξ˜ƒSRVVLEOHξ˜ξ˜ƒVOLGHξ˜ƒWKHξ˜ƒUDQJHξ˜ƒIRUZDUGξ˜ξ˜ƒFRQILUPξ˜ƒWKHξ˜ƒ
DQWLWLSξ˜ƒEUDFNHWξ˜ƒLVξ˜ƒVHFXUHO\ξ˜ƒDWWDFKHGξ˜ƒWRξ˜ƒWKHξ˜ƒIORRUξ˜ƒRUξ˜ƒZDOOξ˜ξ˜ƒDQGξ˜ƒVOLGHξ˜ƒWKHξ˜ƒUDQJHξ˜ƒEDFNξ˜ƒVRξ˜ƒWKHξ˜ƒUHDUξ˜ƒOHYHOLQJξ˜ƒOHJξ˜ƒLVξ˜ƒXQGHUξ˜ƒWKHξ˜ƒ
DQWLWLSξ˜ƒEUDFNHWξ˜‘
,Iξ˜ƒWKHξ˜ƒUDQJHξ˜ƒLVξ˜ƒSXOOHGξ˜ƒIURPξ˜ƒWKHξ˜ƒZDOOξ˜ƒIRUξ˜ƒDQ\ξ˜ƒUHDVRQξ˜ξ˜ƒDOZD\Vξ˜ƒUHSHDWξ˜ƒWKLVξ˜ƒSURFHGXUHξ˜ƒWRξ˜ƒYHULI\ξ˜ƒWKHξ˜ƒUDQJHξ˜ƒLVξ˜ƒSURSHUO\ξ˜ƒVHFXUHGξ˜ƒ
E\ξ˜ƒWKHξ˜ƒDQWLWLSξ˜ƒEUDFNHWξ˜‘ξ˜ƒ
1HYHUξ˜ƒFRPSOHWHO\ξ˜ƒUHPRYHξ˜ƒWKHξ˜ƒOHYHOLQJξ˜ƒOHJVξ˜ƒRUξ˜ƒWKHξ˜ƒUDQJHξ˜ƒZLOOξ˜ƒQRWξ˜ƒEHξ˜ƒVHFXUHGξ˜ƒWRξ˜ƒWKHξ˜ƒDQWLWLSξ˜ƒGHYLFHξ˜ƒSURSHUO\ξ˜‘ξ˜ƒ
,Iξ˜ƒ\RXξ˜ƒGLGξ˜ƒQRWξ˜ƒUHFHLYHξ˜ƒDQξ˜ƒDQWLWLSξ˜ƒEUDFNHWξ˜ƒZLWKξ˜ƒ\RXUξ˜ƒSXUFKDVHξ˜ξ˜ƒFDOOξ˜ƒξ˜”ξ˜‘ξ˜›ξ˜“ξ˜“ξ˜‘ξ˜™ξ˜•ξ˜™ξ˜‘ξ˜›ξ˜šξ˜šξ˜—ξ˜ƒWRξ˜ƒUHFHLYHξ˜ƒRQHξ˜ƒDWξ˜ƒQRξ˜ƒFRVWξ˜ƒξ˜‹LQξ˜ƒ&DQDGDξ˜ξ˜ƒ
FDOOξ˜ƒξ˜”ξ˜‘ξ˜›ξ˜“ξ˜“ξ˜‘ξ˜˜ξ˜™ξ˜”ξ˜‘ξ˜–ξ˜–ξ˜—ξ˜—ξ˜Œξ˜‘ξ˜ƒ)RUξ˜ƒLQVWDOODWLRQξ˜ƒLQVWUXFWLRQVξ˜ƒRIξ˜ƒWKHξ˜ƒEUDFNHWξ˜ξ˜ƒYLVLWξ˜ƒ*($SSOLDQFHVξ˜‘FRPξ˜ƒξ˜‹LQξ˜ƒ&DQDGDξ˜ξ˜ƒ*($SSOLDQFHVξ˜‘FDξ˜Œξ˜‘
:$51,1*
ξ˜–
ξ˜ƒ*($SSOLDQFHVξ˜‘FRP
6$9(ξ˜ƒ7+(6(ξ˜ƒ,16758&7,216
:$51,1*ξ˜ƒ
1(9(5ξ˜ƒXVHξ˜ƒWKLVξ˜ƒDSSOLDQFHξ˜ƒDVξ˜ƒDξ˜ƒVSDFHξ˜ƒKHDWHUξ˜ƒWRξ˜ƒKHDWξ˜ƒ
RUξ˜ƒZDUPξ˜ƒWKHξ˜ƒURRPξ˜‘ξ˜ƒ'RLQJξ˜ƒVRξ˜ƒPD\ξ˜ƒUHVXOWξ˜ƒLQξ˜ƒFDUERQξ˜ƒ
PRQR[LGHξ˜ƒSRLVRQLQJξ˜ƒDQGξ˜ƒRYHUKHDWLQJξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜‘
β– ξ˜ƒξ˜ƒ8VHξ˜ƒWKLVξ˜ƒDSSOLDQFHξ˜ƒIRUξ˜ƒLWVξ˜ƒLQWHQGHGξ˜ƒSXUSRVHξ˜ƒDVξ˜ƒGHVFULEHGξ˜ƒ
LQξ˜ƒWKLVξ˜ƒRZQHUΒ·Vξ˜ƒPDQXDOξ˜‘
β– ξ˜ƒξ˜ƒ+DYHξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒLQVWDOOHGξ˜ƒDQGξ˜ƒSURSHUO\ξ˜ƒJURXQGHGξ˜ƒE\ξ˜ƒ
Dξ˜ƒTXDOLILHGξ˜ƒLQVWDOOHUξ˜ƒLQξ˜ƒDFFRUGDQFHξ˜ƒZLWKξ˜ƒWKHξ˜ƒSURYLGHGξ˜ƒ
LQVWDOODWLRQξ˜ƒLQVWUXFWLRQVξ˜‘ξ˜ƒ$Q\ξ˜ƒDGMXVWPHQWξ˜ƒDQGξ˜ƒVHUYLFHξ˜ƒ
VKRXOGξ˜ƒEHξ˜ƒSHUIRUPHGξ˜ƒRQO\ξ˜ƒE\ξ˜ƒDξ˜ƒTXDOLILHGξ˜ƒJDVξ˜ƒUDQJHξ˜ƒ
LQVWDOOHUVξ˜ƒRUξ˜ƒVHUYLFHξ˜ƒWHFKQLFLDQVξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒDWWHPSWξ˜ƒWRξ˜ƒUHSDLUξ˜ƒ
RUξ˜ƒUHSODFHξ˜ƒDQ\ξ˜ƒSDUWξ˜ƒRIξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒXQOHVVξ˜ƒLWξ˜ƒLVξ˜ƒVSHFLILFDOO\ξ˜ƒ
UHFRPPHQGHGξ˜ƒLQξ˜ƒWKLVξ˜ƒPDQXDOξ˜‘
β– ξ˜ƒξ˜ƒ<RXUξ˜ƒUDQJHξ˜ƒLVξ˜ƒVKLSSHGξ˜ƒIURPξ˜ƒWKHξ˜ƒIDFWRU\ξ˜ƒVHWξ˜ƒIRUξ˜ƒXVHξ˜ƒ
ZLWKξ˜ƒQDWXUDOξ˜ƒJDVξ˜‘ξ˜ƒ,Wξ˜ƒFDQξ˜ƒEHξ˜ƒFRQYHUWHGξ˜ƒIRUξ˜ƒXVHξ˜ƒZLWKξ˜ƒ/3ξ˜ƒ
JDVξ˜‘ξ˜ƒ,Iξ˜ƒUHTXLUHGξ˜ξ˜ƒWKVHξ˜ƒDGMXVWPHQWVξ˜ƒPXVWξ˜ƒEHξ˜ƒPDGHξ˜ƒE\ξ˜ƒDξ˜ƒ
TXDOLILHGξ˜ƒWHFKQLFLDQξ˜ƒLQξ˜ƒDFFRUGDQFHξ˜ƒZLWKξ˜ƒWKHξ˜ƒLQVWDOODWRLQξ˜ƒ
LQVWUXFWLRQVξ˜ƒDQGξ˜ƒORFDOξ˜ƒFRGHVξ˜‘ξ˜ƒ7KHξ˜ƒDJHQF\ξ˜ƒSHUIRUPLQJξ˜ƒWKLVξ˜ƒ
ZRUNξ˜ƒDVVXPHVξ˜ƒUHVSRQVLELOLW\ξ˜ƒIRUξ˜ƒWKHξ˜ƒFRQYHUVLRQξ˜‘
β– ξ˜ƒξ˜ƒ+DYHξ˜ƒWKHξ˜ƒLQVWDOOHUξ˜ƒVKRZξ˜ƒ\RXξ˜ƒWKHξ˜ƒORFDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜ƒ
JDVξ˜ƒVKXWRIIξ˜ƒYDOYHξ˜ƒDQGξ˜ƒKRZξ˜ƒWRξ˜ƒWXUQξ˜ƒLWξ˜ƒRIIξ˜ƒLIξ˜ƒQHFHVVDU\ξ˜‘
β– ξ˜ƒξ˜ƒ3OXJξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒLQWRξ˜ƒDξ˜ƒξ˜”ξ˜•ξ˜“ξ˜YROWξ˜ƒJURXQGHGξ˜ƒRXWOHWξ˜ƒRQO\ξ˜‘ξ˜ƒ'Rξ˜ƒ
QRWξ˜ƒUHPRYHξ˜ƒWKHξ˜ƒURXQGξ˜ƒJURXQGLQJξ˜ƒSURQJξ˜ƒIURPξ˜ƒWKHξ˜ƒSOXJξ˜‘ξ˜ƒ
,Iξ˜ƒLQξ˜ƒGRXEWξ˜ƒDERXWξ˜ƒWKHξ˜ƒJURXQGLQJξ˜ƒRIξ˜ƒWKHξ˜ƒKRPHξ˜ƒHOHFWULFDOξ˜ƒ
V\VWHPξ˜ξ˜ƒLWξ˜ƒLVξ˜ƒ\RXUξ˜ƒUHVSRQVLELOLW\ξ˜ƒDQGξ˜ƒREOLJDWLRQξ˜ƒWRξ˜ƒKDYHξ˜ƒDQξ˜ƒ
XQJURXQGHGξ˜ƒRXWOHWξ˜ƒUHSODFHGξ˜ƒZLWKξ˜ƒDξ˜ƒSURSHUO\ξ˜ƒJURXQGHGξ˜ξ˜ƒ
WKUHHξ˜ƒSURQJξ˜ƒRXWOHWξ˜ƒLQξ˜ƒDFFRUGDQFHξ˜ƒZLWKξ˜ƒWKHξ˜ƒ1DWLRQDOξ˜ƒ
(OHFWULFDOξ˜ƒ&RGHξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒRQξ˜ƒH[WHQVLRQξ˜ƒFRUGξ˜ƒZLWKξ˜ƒWKLVξ˜ƒ
DSSOLDQFHξ˜‘
β– ξ˜ƒξ˜ƒ%HIRUHξ˜ƒSHUIRUPLQJξ˜ƒDQ\ξ˜ƒVHUYLFHξ˜ξ˜ƒXQSOXJξ˜ƒWKHξ˜ƒUDQJHξ˜ƒ
RUξ˜ƒGLVFRQQHFWξ˜ƒWKHξ˜ƒSRZHUξ˜ƒVXSSO\ξ˜ƒDWξ˜ƒWKHξ˜ƒKRXVHKROGξ˜ƒ
GLVWULEXWLRQξ˜ƒSDQHOξ˜ƒE\ξ˜ƒUHPRYLQJξ˜ƒWKHξ˜ƒIXVHξ˜ƒRUξ˜ƒVZLWFKLQJξ˜ƒRIIξ˜ƒ
WKHξ˜ƒFLUFXLWξ˜ƒEUHDNHUξ˜‘
β– ξ˜ƒξ˜ƒ%Hξ˜ƒVXUHξ˜ƒDOOξ˜ƒSDFNLQJξ˜ƒPDWHULDOVξ˜ƒDUHξ˜ƒUHPRYHGξ˜ƒIURPξ˜ƒWKHξ˜ƒ
UDQJHξ˜ƒEHIRUHξ˜ƒRSHUDWLQJξ˜ƒWRξ˜ƒSUHYHQWξ˜ƒLJQLWLRQξ˜ƒRIξ˜ƒWKHVHξ˜ƒ
PDWHULDOVξ˜‘
β–  $YRLGξ˜ƒVFUDWFKLQJξ˜ƒRUξ˜ƒLPSDFWLQJξ˜ƒJODVVξ˜ƒGRRUVξ˜ξ˜ƒFRRNWRSVξ˜ƒRUξ˜ƒ
FRQWUROξ˜ƒSDQHOVξ˜‘ξ˜ƒ'RLQJξ˜ƒVRξ˜ƒPD\ξ˜ƒOHDGξ˜ƒWRξ˜ƒJODVVξ˜ƒEUHDNDJHξ˜‘ξ˜ƒ'Rξ˜ƒ
QRWξ˜ƒFRRNξ˜ƒRQξ˜ƒDξ˜ƒSURGXFWξ˜ƒZLWKξ˜ƒEURNHQξ˜ƒJODVVξ˜‘ξ˜ƒ6KRFNξ˜ξ˜ƒILUHξ˜ƒRUξ˜ƒ
FXWVξ˜ƒPD\ξ˜ƒRFFXUξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒOHDYHξ˜ƒFKLOGUHQξ˜ƒDORQHξ˜ƒRUξ˜ƒXQDWWHQGHGξ˜ƒLQξ˜ƒDQξ˜ƒ
DUHDξ˜ƒZKHUHξ˜ƒDQξ˜ƒDSSOLDQFHξ˜ƒLVξ˜ƒLQξ˜ƒXVHξ˜‘ξ˜ƒ7KH\ξ˜ƒVKRXOGξ˜ƒQHYHUξ˜ƒ
EHξ˜ƒDOORZHGξ˜ƒWRξ˜ƒFOLPEξ˜ξ˜ƒVLWξ˜ƒRUξ˜ƒVWDQGξ˜ƒRQξ˜ƒDQ\ξ˜ƒSDUWξ˜ƒRIξ˜ƒWKHξ˜ƒ
DSSOLDQFHξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒVWRUHξ˜ƒLWHPVξ˜ƒRIξ˜ƒLQWHUHVWξ˜ƒWRξ˜ƒFKLOGUHQξ˜ƒDERYHξ˜ƒDξ˜ƒUDQJHξ˜ƒ
RUξ˜ƒRQξ˜ƒWKHξ˜ƒEDFNJXDUGξ˜ƒRIξ˜ƒDξ˜ƒUDQJHΒ³FKLOGUHQξ˜ƒFOLPELQJξ˜ƒRQξ˜ƒ
WKHξ˜ƒUDQJHξ˜ƒWRξ˜ƒUHDFKξ˜ƒLWHPVξ˜ƒFRXOGξ˜ƒEHξ˜ƒVHULRXVO\ξ˜ƒLQMXUHGξ˜‘
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒDOORZξ˜ƒDQ\RQHξ˜ƒWRξ˜ƒFOLPEξ˜ξ˜ƒVWDQGξ˜ƒRUξ˜ƒKDQJξ˜ƒRQξ˜ƒWKHξ˜ƒ
RYHQξ˜ƒGRRUξ˜ξ˜ƒGUDZHUξ˜ƒRUξ˜ƒFRRNWRSξ˜‘ξ˜ƒ7KH\ξ˜ƒFRXOGξ˜ƒGDPDJHξ˜ƒWKHξ˜ƒ
UDQJHξ˜ƒRUξ˜ƒWLSξ˜ƒLWξ˜ƒRYHUξ˜ƒFDXVLQJξ˜ƒVHYHUHξ˜ƒLQMXU\ξ˜ƒRUξ˜ƒGHDWKξ˜‘
β– ξ˜ƒξ˜ƒ1HYHUξ˜ƒEORFNξ˜ƒWKHξ˜ƒYHQWVξ˜ƒξ˜‹DLUξ˜ƒRSHQLQJVξ˜Œξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ7KH\ξ˜ƒ
SURYLGHξ˜ƒWKHξ˜ƒDLUξ˜ƒLQOHWVξ˜ƒDQGξ˜ƒRXWOHWVξ˜ƒWKDWξ˜ƒDUHξ˜ƒQHFHVVDU\ξ˜ƒIRUξ˜ƒ
WKHξ˜ƒUDQJHξ˜ƒWRξ˜ƒRSHUDWHξ˜ƒSURSHUO\ξ˜ƒZLWKξ˜ƒFRUUHFWξ˜ƒFRPEXVWLRQξ˜‘ξ˜ƒ
$LUξ˜ƒRSHQLQJVξ˜ƒDUHξ˜ƒORFDWHGξ˜ƒDWξ˜ƒWKHξ˜ƒUHDUξ˜ƒRIξ˜ƒWKHξ˜ƒFRRNWRSξ˜ξ˜ƒ
DWξ˜ƒWKHξ˜ƒWRSξ˜ƒDQGξ˜ƒERWWRPξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ƒGRRUξ˜ξ˜ƒDQGξ˜ƒDWξ˜ƒWKHξ˜ƒ
ERWWRPRIξ˜ƒWKHξ˜ƒUDQJHξ˜ƒXQGHUξ˜ƒWKHξ˜ƒZDUPLQJξ˜ƒGUDZHUξ˜ξ˜ƒORZHUξ˜ƒ
RYHQξ˜ƒGUDZHUξ˜ƒRUξ˜ƒNLFNξ˜ƒSDQHOξ˜‘
β–  8VHξ˜ƒRQO\ξ˜ƒGU\ξ˜ƒSRWξ˜ƒKROGHUVΒ³PRLVWξ˜ƒRUξ˜ƒGDPSξ˜ƒSRWξ˜ƒKROGHUVξ˜ƒRQξ˜ƒ
KRWξ˜ƒVXUIDFHVξ˜ƒPD\ξ˜ƒUHVXOWξ˜ƒLQξ˜ƒEXUQVξ˜ƒIURPξ˜ƒVWHDPξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒOHWξ˜ƒ
SRWξ˜ƒKROGHUVξ˜ƒWRXFKξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜ξ˜ƒEXUQHUξ˜ƒJUDWHξ˜ξ˜ƒRUξ˜ƒRYHQξ˜ƒ
KHDWLQJξ˜ƒHOHPHQWξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒDξ˜ƒWRZHOξ˜ƒRUξ˜ƒRWKHUξ˜ƒEXON\ξ˜ƒFORWKξ˜ƒ
LQξ˜ƒSODFHξ˜ƒRIξ˜ƒSRWξ˜ƒKROGHUVξ˜‘
β– ξ˜ƒξ˜ƒ%Hξ˜ƒFDUHIXOξ˜ƒQRWξ˜ƒWRξ˜ƒWRXFKξ˜ƒKRWξ˜ƒVXUIDFHVξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ
3RWHQWLDOO\ξ˜ƒKRWξ˜ƒVXUIDFHVξ˜ƒLQFOXGHξ˜ƒEXUQHUVξ˜ξ˜ƒJUDWHVξ˜ξ˜ƒFRRNWRSξ˜ξ˜ƒ
EDFNJXDUGξ˜ξ˜ƒRYHQξ˜ƒDQGξ˜ƒGRRUξ˜ƒLQWHULRUξ˜ƒDQGξ˜ƒFUHYLFHVξ˜ƒDURXQGξ˜ƒ
WKHξ˜ƒRYHQξ˜ƒGRRUξ˜‘
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒKHDWξ˜ƒXQRSHQHGξ˜ƒIRRGξ˜ƒFRQWDLQHUVξ˜‘ξ˜ƒ3UHVVXUHξ˜ƒFRXOGξ˜ƒ
EXLOGξ˜ƒXSξ˜ƒDQGξ˜ƒWKHξ˜ƒFRQWDLQHUξ˜ƒFRXOGξ˜ƒEXUVWξ˜ξ˜ƒFDXVLQJξ˜ƒDQξ˜ƒ
LQMXU\ξ˜‘
β– ξ˜ƒξ˜ƒ&RRNξ˜ƒPHDWξ˜ƒDQGξ˜ƒSRXOWU\ξ˜ƒWKRURXJKO\Β³PHDWξ˜ƒWRξ˜ƒDWξ˜ƒOHDVWξ˜ƒDQξ˜ƒ
LQWHUQDOξ˜ƒWHPSHUDWXUHξ˜ƒRIξ˜ƒξ˜”ξ˜™ξ˜“ξšƒ)ξ˜ƒDQGξ˜ƒSRXOWU\ξ˜ƒWRξ˜ƒDWξ˜ƒOHDVWξ˜ƒ
DQξ˜ƒLQWHUQDOξ˜ƒWHPSHUDWXUHξ˜ƒRIξ˜ƒξ˜”ξ˜›ξ˜“ξšƒ)ξ˜‘ξ˜ƒ&RRNLQJξ˜ƒWRξ˜ƒWKHVHξ˜ƒ
WHPSHUDWXUHVξ˜ƒXVXDOO\ξ˜ƒSURWHFWVξ˜ƒDJDLQVWξ˜ƒIRRGERUQHξ˜ƒLOOQHVVξ˜‘
ξ˜ƒ*(1(5$/ξ˜ƒ6$)(7<ξ˜ƒ,16758&7,216
:$51,1*
ξ˜—
,03257$17ξ˜ƒ6$)(7<ξ˜ƒ,1)250$7,21ξ˜‘
5($'ξ˜ƒ$//ξ˜ƒ,16758&7,216ξ˜ƒ%()25(ξ˜ƒ86,1*ξ˜‘
6$9(ξ˜ƒ7+(6(ξ˜ƒ,16758&7,216
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒZDWHUξ˜ƒRQξ˜ƒJUHDVHξ˜ƒILUHVξ˜‘ξ˜ƒ1HYHUξ˜ƒSLFNξ˜ƒXSξ˜ƒ
Dξ˜ƒIODPLQJξ˜ƒSDQξ˜‘ξ˜ƒ7XUQξ˜ƒWKHξ˜ƒFRQWUROVξ˜ƒRIIξ˜‘ξ˜ƒ6PRWKHUξ˜ƒDξ˜ƒ
IODPLQJξ˜ƒSDQξ˜ƒRQξ˜ƒDξ˜ƒVXUIDFHξ˜ƒEXUQHUξ˜ƒE\ξ˜ƒFRYHULQJξ˜ƒWKHξ˜ƒSDQξ˜ƒ
FRPSOHWHO\ξ˜ƒZLWKξ˜ƒDξ˜ƒZHOOILWWLQJξ˜ƒOLGξ˜ξ˜ƒFRRNLHξ˜ƒVKHHWξ˜ƒRUξ˜ƒIODWξ˜ƒ
WUD\ξ˜‘ξ˜ƒ,Iξ˜ƒQHFHVVDU\ξ˜ξ˜ƒXVHξ˜ƒDξ˜ƒPXOWLSXUSRVHξ˜ƒGU\ξ˜ƒFKHPLFDOξ˜ƒRUξ˜ƒ
IRDPW\SHξ˜ƒILUHξ˜ƒH[WLQJXLVKHUξ˜‘
β– ξ˜ƒξ˜ƒ,Iξ˜ƒWKHUHξ˜ƒLVξ˜ƒDξ˜ƒILUHξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQξ˜ƒGXULQJξ˜ƒEDNLQJξ˜ξ˜ƒWXUQξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
RIIξ˜ƒDQGξ˜ƒNHHSξ˜ƒWKHξ˜ƒGRRUξ˜ƒFORVHGξ˜ƒXQWLOξ˜ƒWKHξ˜ƒILUHξ˜ƒJRHVξ˜ƒRXWξ˜‘ξ˜ƒ,Iξ˜ƒ
QHFHVVDU\ξ˜ξ˜ƒXVHξ˜ƒDξ˜ƒPXOWLSXUSRVHξ˜ƒGU\ξ˜ƒFKHPLFDOξ˜ƒRUξ˜ƒIRDPξ˜ƒ
W\SHξ˜ƒILUHξ˜ƒH[WLQJXLVKHUξ˜‘
β–  ,Iξ˜ƒWKHUHξ˜ƒLVξ˜ƒDξ˜ƒILUHξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQξ˜ƒGXULQJξ˜ƒVHOIFOHDQξ˜ξ˜ƒWXUQξ˜ƒWKHξ˜ƒ
RYHQξ˜ƒRIIξ˜ƒDQGξ˜ƒZDLWξ˜ƒIRUξ˜ƒWKHξ˜ƒILUHξ˜ƒWRξ˜ƒJRξ˜ƒRXWξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒIRUFHξ˜ƒ
WKHξ˜ƒGRRUξ˜ƒRSHQξ˜‘ξ˜ƒ,QWURGXFWLRQξ˜ƒRIξ˜ƒIUHVKξ˜ƒDLUξ˜ƒDWξ˜ƒVHOIFOHDQξ˜ƒ
WHPSHUDWXUHVξ˜ƒPD\ξ˜ƒOHDGξ˜ƒWRξ˜ƒDξ˜ƒEXUVWξ˜ƒRIξ˜ƒIODPHξ˜ƒIURPξ˜ƒWKHξ˜ƒ
RYHQξ˜‘ξ˜ƒ)DLOXUHξ˜ƒWRξ˜ƒIROORZξ˜ƒWKLVξ˜ƒLQVWUXFWLRQξ˜ƒPD\ξ˜ƒUHVXOWξ˜ƒLQξ˜ƒ
VHYHUHξ˜ƒEXUQVξ˜‘ξ˜ƒ
ξ˜ƒ,1ξ˜ƒ7+(ξ˜ƒ(9(17ξ˜ƒ2)ξ˜ƒ$ξ˜ƒ),5(ξ˜ξ˜ƒ7$.(ξ˜ƒ7+(ξ˜ƒ)2//2:,1*ξ˜ƒ67(36ξ˜ƒ
72ξ˜ƒ35(9(17ξ˜ƒ,1-85<ξ˜ƒ$1'ξ˜ƒ),5(ξ˜ƒ635($',1*
β– ξ˜ƒξ˜ƒ1HYHUξ˜ƒOHDYHξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜ƒXQDWWHQGHGξ˜ƒDWξ˜ƒPHGLXPξ˜ƒ
RUξ˜ƒKLJKξ˜ƒKHDWξ˜ƒVHWWLQJVξ˜‘ξ˜ƒ)RRGVξ˜ξ˜ƒHVSHFLDOO\ξ˜ƒRLO\ξ˜ƒIRRGVξ˜ξ˜ƒPD\ξ˜ƒ
LJQLWHξ˜ƒUHVXOWLQJξ˜ƒLQξ˜ƒILUHξ˜ƒWKDWξ˜ƒFRXOGξ˜ƒVSUHDGξ˜ƒWRξ˜ƒVXUURXQGLQJξ˜ƒ
FDELQHWVξ˜‘
β– ξ˜ƒξ˜ƒ1HYHUξ˜ƒOHDYHξ˜ƒRLOξ˜ƒXQDWWHQGHGξ˜ƒZKLOHξ˜ƒIU\LQJξ˜‘ξ˜ƒξ˜ƒ,Iξ˜ƒDOORZHGξ˜ƒWRξ˜ƒ
KHDWξ˜ƒEH\RQGξ˜ƒLWVξ˜ƒVPRNLQJξ˜ƒSRLQWξ˜ξ˜ƒRLOξ˜ƒPD\ξ˜ƒLJQLWHξ˜ƒUHVXOWLQJξ˜ƒ
LQξ˜ƒILUHξ˜ƒWKDWξ˜ƒPD\ξ˜ƒVSUHDGξ˜ƒWRξ˜ƒVXUURXQGLQJξ˜ƒFDELQHWVξ˜‘ξ˜ƒξ˜ƒ8VHξ˜ƒDξ˜ƒ
GHHSξ˜ƒIDWξ˜ƒWKHUPRPHWHUξ˜ƒZKHQHYHUξ˜ƒSRVVLEOHξ˜ƒWRξ˜ƒPRQLWRUξ˜ƒRLOξ˜ƒ
WHPSHUDWXUHξ˜‘ξ˜ƒ
β–  7Rξ˜ƒDYRLGξ˜ƒRLOξ˜ƒVSLOORYHUξ˜ƒDQGξ˜ƒILUHξ˜ξ˜ƒXVHξ˜ƒDξ˜ƒPLQLPXPξ˜ƒDPRXQWξ˜ƒRIξ˜ƒ
RLOξ˜ƒZKHQξ˜ƒVKDOORZξ˜ƒSDQIU\LQJξ˜ƒDQGξ˜ƒDYRLGξ˜ƒFRRNLQJξ˜ƒIUR]HQξ˜ƒ
IRRGVξ˜ƒZLWKξ˜ƒH[FHVVLYHξ˜ƒDPRXQWVξ˜ƒRIξ˜ƒLFHξ˜‘ξ˜ƒ
β–  8VHξ˜ƒSURSHUξ˜ƒSDQξ˜ƒVL]Hξ˜ƒDQGξ˜ƒDYRLGξ˜ƒSDQVξ˜ƒWKDWξ˜ƒDUHξ˜ƒXQVWDEOHξ˜ƒ
RUξ˜ƒHDVLO\ξ˜ƒWLSSHGξ˜‘ξ˜ƒ6HOHFWξ˜ƒFRRNZDUHξ˜ƒWKDWξ˜ƒLVξ˜ƒPDWFKHGξ˜ƒWRξ˜ƒWKHξ˜ƒ
VL]Hξ˜ƒRIξ˜ƒWKHξ˜ƒEXUQHUξ˜‘ξ˜ƒ%XUQHUξ˜ƒIODPHVξ˜ƒVKRXOGξ˜ƒEHξ˜ƒDGMXVWHGξ˜ƒVRξ˜ƒ
WKDWξ˜ƒWKH\ξ˜ƒGRξ˜ƒQRWξ˜ƒH[WHQGξ˜ƒEH\RQGξ˜ƒWKHξ˜ƒERWWRPξ˜ƒRIξ˜ƒWKHξ˜ƒSDQξ˜‘ξ˜ƒ
([FHVVLYHξ˜ƒIODPHξ˜ƒPD\ξ˜ƒEHξ˜ƒKD]DUGRXVξ˜‘
β– ξ˜ƒξ˜ƒ$OZD\Vξ˜ƒXVHξ˜ƒWKHξ˜ƒ/,7(ξ˜ƒSRVLWLRQξ˜ƒZKHQξ˜ƒLJQLWLQJξ˜ƒWKHξ˜ƒWRSξ˜ƒ
EXUQHUVξ˜ƒDQGξ˜ƒPDNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒEXUQHUVξ˜ƒKDYHξ˜ƒLJQLWHGξ˜‘
β–  :KHQξ˜ƒXVLQJξ˜ƒJODVVξ˜’FHUDPLFξ˜ƒFRRNZDUHξ˜ξ˜ƒPDNHξ˜ƒVXUHξ˜ƒLWξ˜ƒLVξ˜ƒ
VXLWDEOHξ˜ƒIRUξ˜ƒFRRNWRSξ˜ƒVHUYLFHξ˜žξ˜ƒRWKHUVξ˜ƒPD\ξ˜ƒEUHDNξ˜ƒEHFDXVHξ˜ƒ
RIξ˜ƒVXGGHQξ˜ƒFKDQJHξ˜ƒLQξ˜ƒWHPSHUDWXUHξ˜‘
β– ξ˜ƒξ˜ƒ7Rξ˜ƒPLQLPL]Hξ˜ƒWKHξ˜ƒSRVVLELOLW\ξ˜ƒRIξ˜ƒEXUQVξ˜ξ˜ƒLJQLWLRQξ˜ƒRIξ˜ƒ
IODPPDEOHξ˜ƒPDWHULDOVξ˜ƒDQGξ˜ƒVSLOODJHξ˜ξ˜ƒWKHξ˜ƒKDQGOHξ˜ƒRIξ˜ƒDξ˜ƒ
FRQWDLQHUξ˜ƒVKRXOGξ˜ƒEHξ˜ƒWXUQHGξ˜ƒWRZDUGξ˜ƒWKHξ˜ƒFHQWHUξ˜ƒRIξ˜ƒWKHξ˜ƒ
UDQJHξ˜ƒZLWKRXWξ˜ƒH[WHQGLQJξ˜ƒRYHUξ˜ƒQHDUE\ξ˜ƒEXUQHUVξ˜‘
β–  :KHQξ˜ƒSUHSDULQJξ˜ƒIODPLQJξ˜ƒIRRGVξ˜ƒXQGHUξ˜ƒDξ˜ƒKRRGξ˜ξ˜ƒWXUQξ˜ƒWKHξ˜ƒ
IDQξ˜ƒRQξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒDξ˜ƒZRNξ˜ƒZLWKξ˜ƒDξ˜ƒURXQGξ˜ƒPHWDOξ˜ƒVXSSRUWξ˜ƒULQJξ˜‘ξ˜ƒWKHξ˜ƒ
ULQJξ˜ƒPD\ξ˜ƒWUDSξ˜ƒKHDWξ˜ƒDQGξ˜ƒEORFNξ˜ƒDLUξ˜ƒWRξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒUHVXOWLQJξ˜ƒ
LQξ˜ƒDξ˜ƒFDUERQξ˜ƒPRQR[LGHξ˜ƒKD]DUGξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒDWWHPSWξ˜ƒWRξ˜ƒOLIWξ˜ƒWKHξ˜ƒFRRNWRSξ˜‘ξ˜ƒ'RLQJξ˜ƒVRξ˜ƒPD\ξ˜ƒ
GDPDJHξ˜ƒWKHξ˜ƒJDVξ˜ƒWXELQJξ˜ƒWRξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜ƒUHVXOWLQJξ˜ƒ
LQξ˜ƒDξ˜ƒJDVξ˜ƒOHDNξ˜ƒDQGξ˜ƒULVNξ˜ƒRIξ˜ƒILUHξ˜‘
β–  :KHQξ˜ƒGLVDEOLQJξ˜ƒ*DVξ˜’&RQWUROξ˜ƒ/RFNRXWξ˜ƒξ˜‹RQξ˜ƒVRPHξ˜ƒPRGHOVξ˜Œξ˜ξ˜ƒ
PDNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒFRQWUROVξ˜ƒDUHξ˜ƒVHWξ˜ƒWRξ˜ƒWKHξ˜ƒ2))ξ˜ƒ
SRVLWLRQξ˜‘ξ˜ƒ7KLVξ˜ƒZLOOξ˜ƒSUHYHQWξ˜ƒXQLQWHQGHGξ˜ƒJDVξ˜ƒIORZξ˜ƒIURPξ˜ƒWKHξ˜ƒ
EXUQHUVξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒDOXPLQXPξ˜ƒIRLOξ˜ƒWRξ˜ƒFRYHUξ˜ƒWKHξ˜ƒJUDWHVξ˜ƒRUξ˜ƒOLQHξ˜ƒ
DQ\ξ˜ƒSDUWξ˜ƒRIξ˜ƒWKHξ˜ƒFRRNWRSξ˜‘ξ˜ƒ'RLQJξ˜ƒVRξ˜ƒPD\ξ˜ƒUHVXOWξ˜ƒLQξ˜ƒFDUERQξ˜ƒ
PRQR[LGHξ˜ƒSRLVRQLQJξ˜ξ˜ƒRYHUKHDWLQJξ˜ƒRIξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒ
VXUIDFHVξ˜ξ˜ƒRUξ˜ƒDξ˜ƒSRWHQWLDOξ˜ƒILUHξ˜ƒKD]DUGξ˜‘
ξ˜ƒ&22.723ξ˜ƒ6$)(7<ξ˜ƒ,16758&7,216
:$51,1*
:$51,1*
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒVWRUHξ˜ƒRUξ˜ƒXVHξ˜ƒIODPPDEOHξ˜ƒPDWHULDOVξ˜ƒLQξ˜ƒDQξ˜ƒRYHQξ˜ƒRUξ˜ƒ
QHDUξ˜ƒWKHξ˜ƒFRRNWRSξ˜ξ˜ƒLQFOXGLQJξ˜ƒSDSHUξ˜ξ˜ƒSODVWLFξ˜ξ˜ƒSRWξ˜ƒKROGHUVξ˜ξ˜ƒ
OLQHQVξ˜ξ˜ƒZDOOξ˜ƒFRYHULQJVξ˜ξ˜ƒFXUWDLQVξ˜ξ˜ƒGUDSHVξ˜ƒDQGξ˜ƒJDVROLQHξ˜ƒRUξ˜ƒ
RWKHUξ˜ƒIODPPDEOHξ˜ƒYDSRUVξ˜ƒDQGξ˜ƒOLTXLGVξ˜‘
β– ξ˜ƒξ˜ƒ
1HYHUξ˜ƒZHDUξ˜ƒORRVHILWWLQJξ˜ƒRUξ˜ƒKDQJLQJξ˜ƒJDUPHQWVξ˜ƒZKLOHξ˜ƒ
XVLQJξ˜ƒWKHξ˜ƒDSSOLDQFHξ˜‘ξ˜ƒ$YRLGξ˜ƒVWRULQJξ˜ƒFRPPRQO\ξ˜ƒXVHGξ˜ƒLWHPVξ˜ƒ
LQξ˜ƒFDELQHWHVξ˜ƒDERYHξ˜ƒWKHξ˜ƒUDQJHξ˜ƒDQGξ˜ƒEHξ˜ƒFDUHIXOξ˜ƒZKHQξ˜ƒ
UHDFKLQJξ˜ƒRYHUξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ&ORWKLQJξ˜ƒLQξ˜ƒFORVHξ˜ƒSUR[LPLW\ξ˜ƒWRξ˜ƒ
EXUQHUVξ˜ƒRUξ˜ƒKRWξ˜ƒVXUIDFHVξ˜ƒPD\ξ˜ƒLJQLWHξ˜ƒFDXVLQJξ˜ƒVHYHUHξ˜ƒEXUQVξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒOHWξ˜ƒFRRNLQJξ˜ƒJUHDVHξ˜ƒRUξ˜ƒRWKHUξ˜ƒIODPPDEOHξ˜ƒPDWHULDOVξ˜ƒ
DFFXPXODWHξ˜ƒLQξ˜ƒRUξ˜ƒQHDUξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ*UHDVHξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQξ˜ƒRUξ˜ƒ
RQξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒPD\ξ˜ƒLJQLWHξ˜‘ξ˜ƒ
β–  &OHDQξ˜ƒYHQWLODWLQJξ˜ƒKRRGVξ˜ƒIUHTXHQWO\ξ˜‘ξ˜ƒ*UHDVHξ˜ƒVKRXOGξ˜ƒQRWξ˜ƒ
EHξ˜ƒDOORZHGξ˜ƒWRξ˜ƒDFFXPXODWHξ˜ƒRQξ˜ƒWKHξ˜ƒKRRGξ˜ƒRUξ˜ƒILOWHUξ˜‘
ξ˜ƒ
.((3ξ˜ƒ)/$00$%/(ξ˜ƒ0$7(5,$/6ξ˜ƒ$:$<ξ˜ƒ)520ξ˜ƒ7+(ξ˜ƒ5$1*(
:$51,1*
ξ˜ƒ*($SSOLDQFHVξ˜‘FRP

6$9(ξ˜ƒ7+(6(ξ˜ƒ,16758&7,216
:$51,1*ξ˜ƒξ˜ƒ1(9(5ξ˜ƒFRYHUξ˜ƒDQ\ξ˜ƒVORWVξ˜ξ˜ƒKROHVξ˜ξ˜ƒRUξ˜ƒ
SDVVDJHVξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒRUξ˜ƒFRYHUξ˜ƒDQξ˜ƒHQWLUHξ˜ƒUDFNξ˜ƒZLWKξ˜ƒ
PDWHULDOVξ˜ƒVXFKξ˜ƒDVξ˜ƒDOXPLQXPξ˜ƒIRLOξ˜‘ξ˜ƒ'RLQJξ˜ƒVRξ˜ƒEORFNVξ˜ƒDLUξ˜ƒIORZξ˜ƒ
WKURXJKξ˜ƒWKHξ˜ƒRYHQξ˜ƒDQGξ˜ƒPD\ξ˜ƒFDXVHξ˜ƒFDUERQξ˜ƒPRQL[LGHξ˜ƒ
SRLVRQLQJξ˜‘ξ˜ƒ$OXPLQXPξ˜ƒIRLOξ˜ƒOLQLQJVξ˜ƒPD\ξ˜ƒDOVRξ˜ƒWUDSξ˜ƒKHDWξ˜ξ˜ƒFDXVLQJξ˜ƒ
Dξ˜ƒILUHξ˜ƒKD]DUGξ˜‘
β– ξ˜ƒξ˜ƒ6WDQGξ˜ƒDZD\ξ˜ƒIURPξ˜ƒWKHξ˜ƒUDQJHξ˜ƒZKHQξ˜ƒRSHQLQJξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
GRRUξ˜‘ξ˜ƒ+RWξ˜ƒDLUξ˜ƒRUξ˜ƒVWHDPξ˜ƒZKLFKξ˜ƒHVFDSHVξ˜ƒFDQξ˜ƒFDXVHξ˜ƒEXUQVξ˜ƒ
WRξ˜ƒKDQGVξ˜ξ˜ƒIDFHξ˜ƒDQGξ˜’RUξ˜ƒH\HVξ˜‘
β–  .HHSξ˜ƒWKHξ˜ƒRYHQξ˜ƒIUHHξ˜ƒIURPξ˜ƒJUHDVHξ˜ƒEXLOGXSξ˜‘ξ˜ƒ*UHDVHξ˜ƒLQξ˜ƒWKHξ˜ƒ
RYHQξ˜ƒPD\ξ˜ƒLJQLWHξ˜‘ξ˜ƒ
β–  3ODFHξ˜ƒRYHQξ˜ƒUDFNVξ˜ƒLQξ˜ƒGHVLUHGξ˜ƒORFDWLRQξ˜ƒZKLOHξ˜ƒRYHQξ˜ƒLVξ˜ƒFRROξ˜‘ξ˜ƒ
,Iξ˜ƒUDFNξ˜ƒPXVWξ˜ƒEHξ˜ƒPRYHGξ˜ƒZKLOHξ˜ƒRYHQξ˜ƒLVξ˜ƒKRWξ˜ξ˜ƒEHξ˜ƒFDUHIXOξ˜ƒWRξ˜ƒ
DYRLGξ˜ƒWRXFKLQJξ˜ƒKRWξ˜ƒVXUIDFHVξ˜‘
β– ξ˜ƒξ˜ƒ3XOOξ˜ƒWKHξ˜ƒRYHQξ˜ƒUDFNξ˜ƒWRξ˜ƒWKHξ˜ƒVWRSORFNξ˜ƒSRVLWLRQξ˜ƒZKHQξ˜ƒ
ORDGLQJξ˜ƒDQGξ˜ƒXQORDGLQJξ˜ƒIRRGξ˜ƒIURPξ˜ƒWKHξ˜ƒRYHQξ˜‘ξ˜ƒ7KLVξ˜ƒKHOSVξ˜ƒ
SUHYHQWξ˜ƒEXUQVξ˜ƒIURPξ˜ƒWRXFKLQJξ˜ƒKRWξ˜ƒVXUIDFHVξ˜ƒRIξ˜ƒWKHξ˜ƒGRRUξ˜ƒ
DQGξ˜ƒRYHQξ˜ƒZDOOVξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒOHDYHξ˜ƒLWHPVξ˜ƒVXFKξ˜ƒDVξ˜ƒSDSHUξ˜ξ˜ƒFRRNLQJξ˜ƒXWHQVLOVξ˜ƒRUξ˜ƒ
IRRGξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQξ˜ƒZKHQξ˜ƒQRWξ˜ƒLQξ˜ƒXVHξ˜‘ξ˜ƒ,WHPVξ˜ƒVWRUHGξ˜ƒLQξ˜ƒDQξ˜ƒ
RYHQξ˜ƒFDQξ˜ƒLJQLWHξ˜‘
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒOHDYHξ˜ƒLWHPVξ˜ƒRQξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒQHDUξ˜ƒWKHξ˜ƒRYHQξ˜ƒYHQWξ˜ƒ
ZKLFKξ˜ƒLVξ˜ƒLQξ˜ƒWKHξ˜ƒFHQWHUξ˜ƒRIξ˜ƒWKHξ˜ƒEDFNJXDUGξ˜‘ξ˜ƒ,WHPVξ˜ƒPD\ξ˜ƒ
RYHUKHDWξ˜ƒUHVXOWLQJξ˜ƒLQξ˜ƒDξ˜ƒULVNξ˜ƒRIξ˜ƒILUHξ˜ƒRUξ˜ƒEXUQVξ˜‘
β– ξ˜ƒξ˜ƒ:KHQξ˜ƒXVLQJξ˜ƒFRRNLQJξ˜ƒRUξ˜ƒURDVWLQJξ˜ƒEDJVξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQξ˜ξ˜ƒIROORZξ˜ƒ
WKHξ˜ƒPDQXIDFWXUHUΒ·Vξ˜ƒGLUHFWLRQVξ˜‘
β– ξ˜ƒξ˜ƒ1HYHUξ˜ƒEURLOξ˜ƒZLWKξ˜ƒGRRUξ˜ƒRSHQξ˜‘ξ˜ƒ2SHQGRRUξ˜ƒEURLOLQJξ˜ƒLVξ˜ƒQRWξ˜ƒ
SHUPLWWHGξ˜ƒGXHξ˜ƒWRξ˜ƒRYHUKHDWLQJξ˜ƒRIξ˜ƒFRQWUROξ˜ƒNQREVξ˜‘
ξ˜ƒ29(1ξ˜ƒ6$)(7<ξ˜ƒ,16758&7,216
:$51,1*
7KHξ˜ƒVHOIFOHDQLQJξ˜ƒIHDWXUHξ˜ƒRSHUDWHVξ˜ƒWKHξ˜ƒRYHQξ˜ƒDWξ˜ƒWHPSHUDWXUHVξ˜ƒKLJKξ˜ƒHQRXJKξ˜ƒWRξ˜ƒEXUQξ˜ƒDZD\ξ˜ƒIRRGξ˜ƒVRLOVξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQξ˜‘ξ˜ƒ
)ROORZξ˜ƒWKHVHξ˜ƒLQVWUXFWLRQVξ˜ƒIRUξ˜ƒVDIHξ˜ƒRSHUDWLRQξ˜‘
β– ξ˜ƒξ˜ƒ%HIRUHξ˜ƒRSHUDWLQJξ˜ƒWKHξ˜ƒVHOIFOHDQξ˜ƒF\FOHξ˜ξ˜ƒUHPRYHξ˜ƒSDQVξ˜ξ˜ƒ
VKLQ\ξ˜ƒPHWDOξ˜ƒRYHQξ˜ƒUDFNVξ˜ƒDQGξ˜ƒRWKHUξ˜ƒXWHQVLOVξ˜ƒIURPξ˜ƒWKHξ˜ƒ
RYHQξ˜‘ξ˜ƒ2QO\ξ˜ƒSRUFHODLQFRDWHGξ˜ƒRYHQξ˜ƒUDFNVξ˜ƒPD\ξ˜ƒEHξ˜ƒOHIWξ˜ƒLQξ˜ƒ
WKHξ˜ƒRYHQξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒVHOIFOHDQξ˜ƒWRξ˜ƒFOHDQξ˜ƒRWKHUξ˜ƒSDUWVξ˜ξ˜ƒ
VXFKξ˜ƒDVξ˜ƒJUDWHVξ˜‘
β– ξ˜ƒξ˜ƒ%HIRUHξ˜ƒRSHUDWLQJξ˜ƒWKHξ˜ƒVHOIFOHDQξ˜ƒF\FOHξ˜ξ˜ƒZLSHξ˜ƒJUHDVHξ˜ƒDQGξ˜ƒ
IRRGξ˜ƒVRLOVξ˜ƒIURPξ˜ƒWKHξ˜ƒRYHQξ˜‘ξ˜ƒ([FHVVLYHξ˜ƒDPRXQWξ˜ƒRIξ˜ƒJUHDVHξ˜ƒ
PD\ξ˜ƒLJQLWHξ˜ƒOHDGLQJξ˜ƒWRξ˜ƒVPRNHξ˜ƒGDPDJHξ˜ƒWRξ˜ƒ\RXUξ˜ƒKRPHξ˜‘
β–  ,Iξ˜ƒWKHξ˜ƒVHOIFOHDQLQJξ˜ƒPRGHξ˜ƒPDOIXQFWLRQVξ˜ξ˜ƒWXUQξ˜ƒWKHξ˜ƒRYHQξ˜ƒRIIξ˜ƒ
DQGξ˜ƒGLVFRQQHFWξ˜ƒWKHξ˜ƒSRZHUξ˜ƒVXSSO\ξ˜‘ξ˜ƒ+DYHξ˜ƒLWξ˜ƒVHUYLFHGξ˜ƒE\ξ˜ƒDξ˜ƒ
TXDOLILHGξ˜ƒWHFKQLFLDQξ˜‘ξ˜ƒ
β–  'Rξ˜ƒQRWξ˜ƒFOHDQξ˜ƒWKHξ˜ƒGRRUξ˜ƒJDVNHWξ˜‘ξ˜ƒ7KHξ˜ƒGRRUξ˜ƒJDVNHWξ˜ƒLVξ˜ƒ
HVVHQWLDOξ˜ƒIRUξ˜ƒDξ˜ƒJRRGξ˜ƒVHDOξ˜‘ξ˜ƒ&DUHξ˜ƒVKRXOGξ˜ƒEHξ˜ƒWDNHQξ˜ƒQRWξ˜ƒWRξ˜ƒ
UXEξ˜ξ˜ƒGDPDJHξ˜ƒRUξ˜ƒPRYHξ˜ƒWKHξ˜ƒJDVNHWξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒRYHQξ˜ƒFOHDQHUVξ˜‘ξ˜ƒ1Rξ˜ƒFRPPHUFLDOξ˜ƒRYHQξ˜ƒFOHDQHUξ˜ƒ
RUξ˜ƒRYHQξ˜ƒOLQHUξ˜ƒSURWHFWLYHξ˜ƒFRDWLQJξ˜ƒRIξ˜ƒDQ\ξ˜ƒNLQGξ˜ƒVKRXOGξ˜ƒEHξ˜ƒ
XVHGξ˜ƒLQξ˜ƒRUξ˜ƒDURXQGξ˜ƒDQ\ξ˜ƒSDUWξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜‘
ξ˜ƒ6(/)&/($1,1*ξ˜ƒ29(1ξ˜ƒ6$)(7<ξ˜ƒ,16758&7,216ξ˜ƒ
:$51,1*
β– ξ˜ƒξ˜ƒ7KHξ˜ƒSXUSRVHξ˜ƒRIξ˜ƒWKHξ˜ƒZDUPLQJξ˜ƒGUDZHUξ˜ƒLVξ˜ƒWRξ˜ƒKROGξ˜ƒKRWξ˜ƒ
FRRNHGξ˜ƒIRRGVξ˜ƒDWξ˜ƒVHUYLQJξ˜ƒWHPSHUDWXUHξ˜‘ξ˜ƒ%DFWHULDξ˜ƒZLOOξ˜ƒJURZξ˜ƒ
LQξ˜ƒIRRGξ˜ƒZKLOHξ˜ƒLWξ˜ƒLVξ˜ƒEHORZξ˜ƒξ˜”ξ˜—ξ˜“ξšƒ)ξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒSXWξ˜ƒFROGξ˜ƒIRRGξ˜ƒLQξ˜ƒ
ZDUPLQJξ˜ƒGUDZHUξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒKHDWξ˜ƒIRRGξ˜ƒIRUξ˜ƒPRUHξ˜ƒWKDQξ˜ƒξ˜ƒ
ξ˜•ξ˜ƒKRXUVξ˜‘ξ˜ƒ)DLOXUHξ˜ƒWRξ˜ƒIROORZξ˜ƒWKHVHξ˜ƒLQVWUXFWLRQVξ˜ƒPD\ξ˜ƒUHVXOWξ˜ƒLQξ˜ƒ
IRRGERUQHξ˜ƒLOOQHVVξ˜‘
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒOHDYHξ˜ƒSDSHUξ˜ƒSURGXFWVξ˜ξ˜ƒSODVWLFVξ˜ξ˜ƒFDQQHGξ˜ƒIRRGξ˜ƒRUξ˜ƒ
FRPEXVWLEOHξ˜ƒPDWHULDOVξ˜ƒLQξ˜ƒWKHξ˜ƒGUDZHUξ˜‘ξ˜ƒ7KH\ξ˜ƒPD\ξ˜ƒLJQLWHξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒWRXFKξ˜ƒWKHξ˜ƒKHDWLQJξ˜ƒHOHPHQWξ˜ƒRUξ˜ƒWKHξ˜ƒLQWHULRUξ˜ƒVXUIDFHξ˜ƒ
RIξ˜ƒWKHξ˜ƒGUDZHUξ˜‘ξ˜ƒ7KHVHξ˜ƒVXUIDFHVξ˜ƒPD\ξ˜ƒEHξ˜ƒKRWξ˜ƒHQRXJKξ˜ƒWRξ˜ƒ
FDXVHξ˜ƒEXUQVξ˜‘ξ˜ƒ
β–  8VHξ˜ƒFDUHξ˜ƒZKHQξ˜ƒRSHQLQJξ˜ƒWKHξ˜ƒGUDZHUξ˜‘ξ˜ƒ2SHQξ˜ƒWKHξ˜ƒGUDZHUξ˜ƒDξ˜ƒ
FUDFNξ˜ƒDQGξ˜ƒOHWξ˜ƒKRWξ˜ƒDLUξ˜ƒRUξ˜ƒVWHDPξ˜ƒHVFDSHξ˜ƒEHIRUHξ˜ƒUHPRYLQJξ˜ƒ
RUξ˜ƒUHSODFLQJξ˜ƒIRRGξ˜‘ξ˜ƒ+RWξ˜ƒDLUξ˜ƒRUξ˜ƒVWHDPξ˜ƒWKDWξ˜ƒHVFDSHVξ˜ƒFDQξ˜ƒ
FDXVHξ˜ƒEXUQVξ˜ƒWRξ˜ƒKDQGVξ˜ξ˜ƒIDFHξ˜ƒDQGξ˜’RUξ˜ƒH\HVξ˜‘
β–  'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒDOXPLQXPξ˜ƒIRLOξ˜ƒWRξ˜ƒOLQHξ˜ƒWKHξ˜ƒZDUPLQJξ˜ƒGUDZHUξ˜‘ξ˜ƒ
)RLOξ˜ƒLVξ˜ƒDQξ˜ƒH[FHOOHQWξ˜ƒKHDWξ˜ƒLQVXODWRUξ˜ƒDQGξ˜ƒZLOOξ˜ƒWUDSξ˜ƒKHDWξ˜ƒ
EHQHDWKξ˜ƒLWξ˜‘ξ˜ƒ7KLVξ˜ƒZLOOξ˜ƒXSVHWξ˜ƒWKHξ˜ƒSHUIRUPDQFHξ˜ƒRIξ˜ƒWKHξ˜ƒ
GUDZHUξ˜ƒDQGξ˜ƒSRWHQWLDOO\ξ˜ƒFDXVHξ˜ƒDξ˜ƒILUHξ˜ƒKD]DUGξ˜‘
ξ˜ƒ:$50,1*ξ˜ƒ'5$:(5ξ˜’/2:(5ξ˜ƒ29(1ξ˜ƒ'5$:(5ξ˜ƒ6$)(7<ξ˜ƒ
ξ˜ƒ,16758&7,216ξ˜ƒξ˜‹6RPHξ˜ƒPRGHOV
:$51,1*
ξ˜™
8VLQJξ˜ƒWKHξ˜ƒJDVξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜‘ξ˜ƒ
2Qξ˜ƒ5DQJHVξ˜ƒZLWKξ˜ƒ6HDOHGξ˜ƒ*DVξ˜ƒ%XUQHUV
7KHξ˜ƒVPDOOHVWξ˜ƒEXUQHUξ˜ƒLQξ˜ƒWKHξ˜ƒULJKWξ˜ƒUHDUξ˜ƒSRVLWLRQξ˜ƒLVξ˜ƒ
WKHξ˜ƒVLPPHUξ˜ƒEXUQHUξ˜‘ξ˜ƒ7KLVξ˜ƒEXUQHUξ˜ƒFDQξ˜ƒEHξ˜ƒWXUQHGξ˜ƒ
GRZQξ˜ƒWRξ˜ƒDξ˜ƒYHU\ξ˜ƒORZξ˜ƒVLPPHUξ˜ƒVHWWLQJξ˜‘ξ˜ƒ,Wξ˜ƒSURYLGHVξ˜ƒ
SUHFLVHξ˜ƒFRRNLQJξ˜ƒSHUIRUPDQFHξ˜ƒIRUξ˜ƒGHOLFDWHξ˜ƒIRRGVξ˜ƒ
VXFKξ˜ƒDVξ˜ƒVDXFHVξ˜ƒRUξ˜ƒIRRGVξ˜ƒWKDWξ˜ƒUHTXLUHξ˜ƒORZξ˜ƒKHDWξ˜ƒ
IRUξ˜ƒDξ˜ƒORQJξ˜ƒFRRNLQJξ˜ƒWLPHξ˜‘
7KHξ˜ƒPHGLXPξ˜ƒξ˜‹OHIWξ˜ƒUHDUξ˜ƒDQGξ˜ƒOHIWξ˜ƒIURQWξ˜Œξ˜ƒDQGξ˜ƒWKHξ˜ƒ
ODUJHξ˜ƒξ˜‹ULJKWξ˜ƒIURQWξ˜Œξ˜ƒEXUQHUVξ˜ƒDUHξ˜ƒWKHξ˜ƒSULPDU\ξ˜ƒ
EXUQHUVξ˜ƒIRUξ˜ƒPRVWξ˜ƒFRRNLQJξ˜‘ξ˜ƒ7KHVHξ˜ƒJHQHUDO
SXUSRVHξ˜ƒEXUQHUVξ˜ƒFDQξ˜ƒEHξ˜ƒWXUQHGξ˜ƒGRZQξ˜ƒIURPξ˜ƒ+,ξ˜ƒ
WRξ˜ƒ ξ˜ƒWRξ˜ƒVXLWξ˜ƒDξ˜ƒZLGHξ˜ƒUDQJHξ˜ƒRIξ˜ƒFRRNLQJξ˜ƒQHHGVξ˜‘/2
127(ξ˜ξ˜ƒ2Qξ˜ƒVRPHξ˜ƒPRGHOVξ˜ξ˜ƒWKHξ˜ƒEXUQHUVξ˜ƒDUHξ˜ƒDOOξ˜ƒWKHξ˜ƒ
VDPHξ˜ƒVL]Hξ˜ƒDQGξ˜ƒSRZHUξ˜‘
2Qξ˜ƒVRPHξ˜ƒPRGHOVξ˜ξ˜ƒWKHξ˜ƒEXUQHUVξ˜ƒDUHξ˜ƒ
DOOξ˜ƒWKHξ˜ƒVDPHξ˜ƒVL]Hξ˜ƒDQGξ˜ƒSRZHUξ˜‘
0HGLXP 6PDOO
0HGLXP /DUJH
2Qξ˜ƒVRPHξ˜ƒPRGHOV
7KURXJKRXWξ˜ƒWKLVξ˜ƒPDQXDOξ˜ξ˜ƒIHDWXUHVξ˜ƒDQGξ˜ƒDSSHDUDQFHξ˜ƒPD\ξ˜ƒYDU\ξ˜ƒIURPξ˜ƒ\RXUξ˜ƒPRGHOξ˜‘
+RZξ˜ƒWRξ˜ƒ/LJKWξ˜ƒDξ˜ƒ*DVξ˜ƒ6XUIDFHξ˜ƒ%XUQHU
ξ˜ƒ:$51,1*ξ˜ƒξ˜ƒ
%XUQHUξ˜ƒIODPHVξ˜ƒWKDWξ˜ƒ
DUHξ˜ƒQRWξ˜ƒFRYHUHGξ˜ƒE\ξ˜ƒFRRNZDUHξ˜ƒPD\ξ˜ƒSUHVHQWξ˜ƒDξ˜ƒULVNξ˜ƒ
RIξ˜ƒILUHξ˜ƒRUξ˜ƒFORWKLQJξ˜ƒLJQLWLRQξ˜‘ξ˜ƒ7KHξ˜ƒJULGGOHξ˜ƒEXUQHUξ˜ƒ
VKRXOGξ˜ƒRQO\ξ˜ƒEHξ˜ƒXVHGξ˜ƒZLWKξ˜ƒWKHξ˜ƒJULGGOHξ˜ƒLQξ˜ƒSODFHξ˜‘ξ˜ƒ
)DLOXUHξ˜ƒWRξ˜ƒGRξ˜ƒVRξ˜ƒPD\ξ˜ƒUHVXOWξ˜ƒLQξ˜ƒVHULRXVξ˜ƒLQMXU\ξ˜‘
0DNHξ˜ƒVXUHξ˜ƒDOOξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜ƒDUHξ˜ƒSODFHGξ˜ƒLQξ˜ƒ
WKHLUξ˜ƒUHVSHFWLYHξ˜ƒSRVLWLRQVξ˜‘
3XVKξ˜ƒWKHξ˜ƒFRQWUROξ˜ƒNQREξ˜ƒLQξ˜ƒDQGξ˜ƒWXUQξ˜ƒLWξ˜ƒWRξ˜ƒWKHξ˜ƒ/,7(ξ˜ƒ
SRVLWLRQξ˜‘
<RXξ˜ƒZLOOξ˜ƒKHDUξ˜ƒDξ˜ƒOLWWOHξ˜ƒ ξ˜ƒQRLVHΒ³WKHξ˜ƒVRXQGξ˜ƒFOLFNLQJ
RIξ˜ƒWKHξ˜ƒHOHFWULFξ˜ƒVSDUNξ˜ƒLJQLWLQJξ˜ƒWKHξ˜ƒEXUQHUξ˜‘
7XUQξ˜ƒWKHξ˜ƒNQREξ˜ƒWRξ˜ƒDGMXVWξ˜ƒWKHξ˜ƒIODPHξ˜ƒVL]Hξ˜‘ξ˜ƒ,Iξ˜ƒWKHξ˜ƒ
NQREξ˜ƒVWD\Vξ˜ƒDWξ˜ƒ/,7(ξ˜ξ˜ƒLWξ˜ƒZLOOξ˜ƒFRQWLQXHξ˜ƒWRξ˜ƒFOLFNξ˜‘
:KHQξ˜ƒRQHξ˜ƒEXUQHUξ˜ƒLVξ˜ƒWXUQHGξ˜ƒWRξ˜ƒ/,7(ξ˜ξ˜ƒ DOOξ˜ƒWKHξ˜ƒ
EXUQHUVξ˜ƒVSDUNξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒDWWHPSWξ˜ƒWRξ˜ƒGLVDVVHPEOHξ˜ƒ
RUξ˜ƒFOHDQξ˜ƒDURXQGξ˜ƒDQ\ξ˜ƒEXUQHUξ˜ƒZKLOHξ˜ƒDQRWKHUξ˜ƒ
EXUQHUξ˜ƒLVξ˜ƒRQξ˜‘ξ˜ƒ$Qξ˜ƒHOHFWULFξ˜ƒVKRFNξ˜ƒPD\ξ˜ƒUHVXOWξ˜ξ˜ƒZKLFKξ˜ƒ
FRXOGξ˜ƒFDXVHξ˜ƒ\RXξ˜ƒWRξ˜ƒNQRFNξ˜ƒRYHUξ˜ƒKRWξ˜ƒFRRNZDUHξ˜‘
3XVKξ˜ƒWKHξ˜ƒFRQWUROξ˜ƒNQREξ˜ƒLQξ˜ƒDQGξ˜ƒWXUQξ˜ƒ
LWξ˜ƒWRξ˜ƒWKHξ˜ƒ ξ˜ƒSRVLWLRQξ˜‘/,7(
%HIRUHξ˜ƒ/LJKWLQJξ˜ƒDξ˜ƒ*DVξ˜ƒ%XUQHU
ξš„ξ˜ƒξ˜ƒ0DNHξ˜ƒVXUHξ˜ƒDOOξ˜ƒEXUQHUVξ˜ƒDUHξ˜ƒLQξ˜ƒSODFHξ˜‘
ξš„ξ˜ƒξ˜ƒ0DNHξ˜ƒVXUHξ˜ƒDOOξ˜ƒJUDWHVξ˜ƒRQξ˜ƒWKHξ˜ƒUDQJHξ˜ƒDUHξ˜ƒ
SURSHUO\ξ˜ƒSODFHGξ˜ƒEHIRUHξ˜ƒXVLQJξ˜ƒDQ\ξ˜ƒEXUQHUξ˜‘
ξš„ξ˜ƒξ˜ƒ,Iξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒKDVξ˜ƒWKHξ˜ƒ*DVξ˜’&RQWUROξ˜ƒ/RFNRXWξ˜ƒ
IHDWXUHξ˜ξ˜ƒPDNHξ˜ƒVXUHξ˜ƒLWξ˜ƒLVξ˜ƒGLVDEOHGξ˜ƒEHIRUHξ˜ƒ
DWWHPSWLQJξ˜ƒWRξ˜ƒOLJKWξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜‘
$IWHUξ˜ƒ/LJKWLQJξ˜ƒDξ˜ƒ*DVξ˜ƒ%XUQHU
ξš„ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒRSHUDWHξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒIRUξ˜ƒDQξ˜ƒH[WHQGHGξ˜ƒ
SHULRGξ˜ƒRIξ˜ƒWLPHξ˜ƒZLWKRXWξ˜ƒFRRNZDUHξ˜ƒRQξ˜ƒWKHξ˜ƒ
JUDWHξ˜‘ξ˜ƒ7KHξ˜ƒILQLVKξ˜ƒRQξ˜ƒWKHξ˜ƒJUDWHξ˜ƒPD\ξ˜ƒFKLSξ˜ƒ
ZLWKRXWξ˜ƒFRRNZDUHξ˜ƒWRξ˜ƒDEVRUEξ˜ƒWKHξ˜ƒKHDWξ˜‘
ξš„ξ˜ƒξ˜ƒ%Hξ˜ƒVXUHξ˜ƒWKHξ˜ƒEXUQHUVξ˜ƒDQGξ˜ƒJUDWHVξ˜ƒDUHξ˜ƒFRROξ˜ƒ
EHIRUHξ˜ƒ\RXξ˜ƒSODFHξ˜ƒ\RXUξ˜ƒKDQGξ˜ξ˜ƒDξ˜ƒSRWξ˜ƒKROGHUξ˜ξ˜ƒ
FOHDQLQJξ˜ƒFORWKVξ˜ƒRUξ˜ƒRWKHUξ˜ƒPDWHULDOVξ˜ƒRQξ˜ƒWKHPξ˜‘

ξ˜ƒ*($SSOLDQFHVξ˜‘FRP
+RZξ˜ƒWRξ˜ƒ6HOHFWξ˜ƒ)ODPHξ˜ƒ6L]H
)RUξ˜ƒVDIHξ˜ƒKDQGOLQJξ˜ƒRIξ˜ƒFRRNZDUHξ˜ξ˜ƒQHYHUξ˜ƒOHWξ˜ƒWKHξ˜ƒ
IODPHVξ˜ƒH[WHQGξ˜ƒXSξ˜ƒWKHξ˜ƒVLGHVξ˜ƒRIξ˜ƒWKHξ˜ƒFRRNZDUHξ˜‘ξ˜ƒ
:DWFKξ˜ƒWKHξ˜ƒIODPHξ˜ξ˜ƒQRWξ˜ƒWKHξ˜ƒNQREξ˜ξ˜ƒDVξ˜ƒ\RXξ˜ƒUHGXFHξ˜ƒ
KHDWξ˜‘ξ˜ƒ:KHQξ˜ƒIDVWξ˜ƒKHDWLQJξ˜ƒLVξ˜ƒGHVLUHGξ˜ξ˜ƒWKHξ˜ƒIODPHξ˜ƒ
VL]Hξ˜ƒRQξ˜ƒDξ˜ƒJDVξ˜ƒEXUQHUξ˜ƒVKRXOGξ˜ƒPDWFKξ˜ƒWKHξ˜ƒ
FRRNZDUHξ˜ƒ\RXξ˜ƒDUHξ˜ƒXVLQJξ˜‘
)ODPHVξ˜ƒODUJHUξ˜ƒWKDQξ˜ƒWKHξ˜ƒERWWRPξ˜ƒRIξ˜ƒWKHξ˜ƒFRRNZDUHξ˜ƒ
ZLOOξ˜ƒQRWξ˜ƒUHVXOWξ˜ƒLQξ˜ƒIDVWHUξ˜ƒKHDWLQJξ˜ƒRIξ˜ƒWKHξ˜ƒFRRNZDUHξ˜ƒ
DQGξ˜ƒFRXOGξ˜ƒEHξ˜ƒKD]DUGRXVξ˜‘
6WRYHξ˜ƒ7RSξ˜ƒ*ULOOVξ˜ƒξ˜‹RQξ˜ƒPRGHOVξ˜ƒZLWKξ˜ƒVHDOHGξ˜ƒEXUQHUV
'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒVWRYHξ˜ƒWRSξ˜ƒJULOOVξ˜ƒRQξ˜ƒ\RXUξ˜ƒVHDOHGξ˜ƒJDVξ˜ƒ
EXUQHUVξ˜‘ξ˜ƒ,Iξ˜ƒ\RXξ˜ƒXVHξ˜ƒWKHξ˜ƒVWRYHξ˜ƒWRSξ˜ƒJULOOξ˜ƒRQξ˜ƒWKHξ˜ƒ
VHDOHGξ˜ƒJDVξ˜ƒEXUQHUξ˜ξ˜ƒLWξ˜ƒZLOOξ˜ƒFDXVHξ˜ƒLQFRPSOHWHξ˜ƒ
FRPEXVWLRQξ˜ƒDQGξ˜ƒFDQξ˜ƒUHVXOWξ˜ƒLQξ˜ƒH[SRVXUHξ˜ƒWRξ˜ƒ
FDUERQξ˜ƒPRQR[LGHξ˜ƒOHYHOVξ˜ƒDERYHξ˜ƒDOORZDEOHξ˜ƒ
VWDQGDUGVξ˜‘
7KLVξ˜ƒFDQξ˜ƒEHξ˜ƒKD]DUGRXVξ˜ƒWRξ˜ƒ\RXUξ˜ƒKHDOWKξ˜‘
8VHξ˜ƒDξ˜ƒIODWERWWRPHGξ˜ƒZRNξ˜‘
:RNξ˜ƒ7KLVξ˜ƒ:D\ξ˜ƒξ˜‹RQξ˜ƒPRGHOVξ˜ƒZLWKξ˜ƒVHDOHGξ˜ƒEXUQHUV
:Hξ˜ƒUHFRPPHQGξ˜ƒWKDWξ˜ƒ\RXξ˜ƒXVHξ˜ƒDξ˜ƒξ˜”ξ˜— ξ˜ƒRUξ˜ƒVPDOOHUξ˜ƒs
IODWERWWRPHGξ˜ƒZRNξ˜‘ξ˜ƒ0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒZRNξ˜ƒERWWRPξ˜ƒ
VLWVξ˜ƒIODWξ˜ƒRQξ˜ƒWKHξ˜ƒJUDWHξ˜‘ξ˜ƒ7KH\ξ˜ƒDUHξ˜ƒDYDLODEOHξ˜ƒDWξ˜ƒ\RXUξ˜ƒ
ORFDOξ˜ƒUHWDLOξ˜ƒVWRUHξ˜‘
2QO\ξ˜ƒDξ˜ƒIODWERWWRPHGξ˜ƒZRNξ˜ƒVKRXOGξ˜ƒEHξ˜ƒXVHGξ˜‘
'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒDξ˜ƒIODWERWWRPHGξ˜ƒZRNξ˜ƒRQξ˜ƒDξ˜ƒVXSSRUWξ˜ƒ
ULQJξ˜‘ξ˜ƒ3ODFLQJξ˜ƒWKHξ˜ƒULQJξ˜ƒRYHUξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒRUξ˜ƒJUDWHξ˜ƒ
PD\ξ˜ƒFDXVHξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒWRξ˜ƒZRUNξ˜ƒLPSURSHUO\ξ˜ξ˜ƒ
UHVXOWLQJξ˜ƒLQξ˜ƒFDUERQξ˜ƒPRQR[LGHξ˜ƒOHYHOVξ˜ƒDERYHξ˜ƒ
DOORZDEOHξ˜ƒVWDQGDUGVξ˜‘ξ˜ƒ7KLVξ˜ƒFRXOGξ˜ƒEHξ˜ƒGDQJHURXVξ˜ƒ
WRξ˜ƒ\RXUξ˜ƒKHDOWKξ˜‘ξ˜ƒ
,Qξ˜ƒ&DVHξ˜ƒRIξ˜ƒ3RZHUξ˜ƒ)DLOXUHξ˜ƒξ˜‹HOHFWULFξ˜ƒLJQLWLRQξ˜ƒPRGHOV
,Qξ˜ƒFDVHξ˜ƒRIξ˜ƒDξ˜ƒSRZHUξ˜ƒIDLOXUHξ˜ξ˜ƒ\RXξ˜ƒFDQξ˜ƒOLJKWξ˜ƒWKHξ˜ƒJDVξ˜ƒ
VXUIDFHξ˜ƒEXUQHUVξ˜ƒRQξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒZLWKξ˜ƒDξ˜ƒPDWFKξ˜‘ξ˜ƒ
+ROGξ˜ƒDξ˜ƒOLWξ˜ƒPDWFKξ˜ƒWRξ˜ƒWKHξ˜ƒEXUQHUξ˜ξ˜ƒWKHQξ˜ƒSXVKξ˜ƒLQξ˜ƒDQGξ˜ƒ
WXUQξ˜ƒWKHξ˜ƒFRQWUROξ˜ƒNQREξ˜ƒWRξ˜ƒWKHξ˜ƒ ξ˜ƒSRVLWLRQξ˜‘ξ˜ƒ8VHξ˜ƒ/,7(
H[WUHPHξ˜ƒFDXWLRQξ˜ƒZKHQξ˜ƒOLJKWLQJξ˜ƒEXUQHUVξ˜ƒWKLVξ˜ƒZD\ξ˜‘
6XUIDFHξ˜ƒEXUQHUVξ˜ƒLQξ˜ƒXVHξ˜ƒZKHQξ˜ƒDQξ˜ƒHOHFWULFDOξ˜ƒ
SRZHUξ˜ƒIDLOXUHξ˜ƒRFFXUVξ˜ƒZLOOξ˜ƒFRQWLQXHξ˜ƒWRξ˜ƒRSHUDWHξ˜ƒ
QRUPDOO\ξ˜‘
7RSRI5DQJHξ˜ƒ&RRNZDUH
$OXPLQXPξ˜ξ˜ƒ 0HGLXPZHLJKWξ˜ƒFRRNZDUHξ˜ƒLVξ˜ƒ
UHFRPPHQGHGξ˜ƒEHFDXVHξ˜ƒLWξ˜ƒKHDWVξ˜ƒTXLFNO\ξ˜ƒ
DQGξ˜ƒHYHQO\ξ˜‘ξ˜ƒ0RVWξ˜ƒIRRGVξ˜ƒEURZQξ˜ƒHYHQO\ξ˜ƒLQξ˜ƒDQξ˜ƒ
DOXPLQXPξ˜ƒVNLOOHWξ˜‘ξ˜ƒ8VHξ˜ƒVDXFHSDQVξ˜ƒZLWKξ˜ƒWLJKW
ILWWLQJξ˜ƒOLGVξ˜ƒZKHQξ˜ƒFRRNLQJξ˜ƒZLWKξ˜ƒPLQLPXPξ˜ƒ
DPRXQWVξ˜ƒRIξ˜ƒZDWHUξ˜‘
&DVW,URQξ˜ξ˜ƒ,Iξ˜ƒKHDWHGξ˜ƒVORZO\ξ˜ξ˜ƒPRVWξ˜ƒVNLOOHWVξ˜ƒZLOOξ˜ƒ
JLYHξ˜ƒVDWLVIDFWRU\ξ˜ƒUHVXOWVξ˜‘
(QDPHOZDUHξ˜ξ˜ƒ 8QGHUξ˜ƒVRPHξ˜ƒFRQGLWLRQVξ˜ξ˜ƒWKHξ˜ƒ
HQDPHOξ˜ƒRIξ˜ƒVRPHξ˜ƒFRRNZDUHξ˜ƒPD\ξ˜ƒPHOWξ˜‘ξ˜ƒ)ROORZξ˜ƒ
FRRNZDUHξ˜ƒPDQXIDFWXUHUΒ·Vξ˜ƒUHFRPPHQGDWLRQVξ˜ƒ
IRUξ˜ƒFRRNLQJξ˜ƒPHWKRGVξ˜‘
*ODVVξ˜ξ˜ƒ 7KHUHξ˜ƒDUHξ˜ƒWZRξ˜ƒW\SHVξ˜ƒRIξ˜ƒJODVVξ˜ƒFRRNZDUHΒ³
WKRVHξ˜ƒIRUξ˜ƒRYHQξ˜ƒXVHξ˜ƒRQO\ξ˜ƒDQGξ˜ƒWKRVHξ˜ƒIRUξ˜ƒWRSRI
UDQJHξ˜ƒFRRNLQJξ˜ƒξ˜‹VDXFHSDQVξ˜ξ˜ƒFRIIHHξ˜ƒDQGξ˜ƒWHDSRWVξ˜Œξ˜‘ξ˜ƒ
*ODVVξ˜ƒFRQGXFWVξ˜ƒKHDWξ˜ƒYHU\ξ˜ƒVORZO\ξ˜‘
+HDWSURRIξ˜ƒ*ODVVξ˜ƒ&HUDPLFξ˜ξ˜ƒ &DQξ˜ƒEHξ˜ƒXVHGξ˜ƒIRUξ˜ƒ
HLWKHUξ˜ƒVXUIDFHξ˜ƒRUξ˜ƒRYHQξ˜ƒFRRNLQJξ˜‘ξ˜ƒ,Wξ˜ƒFRQGXFWVξ˜ƒ
KHDWξ˜ƒYHU\ξ˜ƒVORZO\ξ˜ƒDQGξ˜ƒFRROVξ˜ƒYHU\ξ˜ƒVORZO\ξ˜‘ξ˜ƒ&KHFNξ˜ƒ
FRRNZDUHξ˜ƒPDQXIDFWXUHUΒ·Vξ˜ƒGLUHFWLRQVξ˜ƒWRξ˜ƒEHξ˜ƒVXUHξ˜ƒ
LWξ˜ƒFDQξ˜ƒEHξ˜ƒXVHGξ˜ƒRQξ˜ƒJDVξ˜ƒUDQJHVξ˜‘
6WDLQOHVVξ˜ƒ6WHHOξ˜ξ˜ƒ 7KLVξ˜ƒPHWDOξ˜ƒDORQHξ˜ƒKDVξ˜ƒSRRUξ˜ƒ
KHDWLQJξ˜ƒSURSHUWLHVξ˜ƒDQGξ˜ƒLVξ˜ƒXVXDOO\ξ˜ƒFRPELQHGξ˜ƒ
ZLWKξ˜ƒFRSSHUξ˜ξ˜ƒDOXPLQXPξ˜ƒRUξ˜ƒRWKHUξ˜ƒPHWDOVξ˜ƒIRUξ˜ƒ
LPSURYHGξ˜ƒKHDWξ˜ƒGLVWULEXWLRQξ˜‘ξ˜ƒ&RPELQDWLRQξ˜ƒPHWDOξ˜ƒ
VNLOOHWVξ˜ƒXVXDOO\ξ˜ƒZRUNξ˜ƒVDWLVIDFWRULO\ξ˜ƒLIξ˜ƒWKH\ξ˜ƒDUHξ˜ƒ
XVHGξ˜ƒZLWKξ˜ƒPHGLXPξ˜ƒKHDWξ˜ƒDVξ˜ƒWKHξ˜ƒPDQXIDFWXUHUξ˜ƒ
UHFRPPHQGVξ˜‘
ξ˜›
7KURXJKRXWξ˜ƒWKLVξ˜ƒPDQXDOξ˜ξ˜ƒIHDWXUHVξ˜ƒDQGξ˜ƒDSSHDUDQFHξ˜ƒPD\ξ˜ƒYDU\ξ˜ƒIURPξ˜ƒ\RXUξ˜ƒPRGHOξ˜‘
<RXξ˜ƒKDYHξ˜ƒWKHξ˜ƒFKRLFHξ˜ƒRIξ˜ƒKDYLQJξ˜ƒWKHξ˜ƒWLPHUξ˜ƒVKRZξ˜ƒWKHξ˜ƒWLPHξ˜ƒFRXQWLQJξ˜ƒ
GRZQξ˜ƒRUξ˜ƒWKHξ˜ƒWLPHξ˜ƒRIξ˜ƒGD\ξ˜‘ξ˜ƒ,Qξ˜ƒHLWKHUξ˜ƒFDVHξ˜ξ˜ƒWKHξ˜ƒWLPHUξ˜ƒZLOOξ˜ƒVLJQDOξ˜ƒDWξ˜ƒWKHξ˜ƒ
HQGξ˜ƒRIξ˜ƒWKHξ˜ƒWLPHUξ˜ƒSHULRGξ˜ƒWRξ˜ƒDOHUWξ˜ƒ\RXξ˜ƒWKDWξ˜ƒWKHξ˜ƒWLPHξ˜ƒLVξ˜ƒXSξ˜‘
8VLQJξ˜ƒWKHξ˜ƒFORFNξ˜ƒDQGξ˜ƒWLPHUξ˜‘ξ˜ƒ
7Rξ˜ƒ6HWξ˜ƒWKHξ˜ƒ&ORFN
127(ξ˜ξ˜ƒ:KHQξ˜ƒ\RXξ˜ƒILUVWξ˜ƒSOXJξ˜ƒLQξ˜ƒWKHξ˜ƒUDQJHξ˜ƒRUξ˜ƒDIWHUξ˜ƒ
Dξ˜ƒ
SRZHUξ˜ƒIDLOXUHξ˜ξ˜ƒWKHξ˜ƒHQWLUHξ˜ƒ&ORFNξ˜’7LPHUξ˜ƒGLVSOD\ξ˜ƒZLOOξ˜ƒ
OLJKWξ˜ƒXSξ˜‘
ξ˜ƒ3UHVVξ˜ƒWKHξ˜ƒ&/2&.ξ˜ƒSDGξ˜‘
ξ˜ƒ3UHVVξ˜ƒDQGξ˜ƒKROGξ˜ƒWKHξ˜ƒξ˜Žξ˜ƒRUξ˜ƒΒ²ξ˜ƒSDGξ˜ƒDQGξ˜ƒWKHξ˜ƒWLPHξ˜ƒ
RIξ˜ƒGD\ξ˜ƒZLOOξ˜ƒFKDQJHξ˜ƒξ˜”ξ˜“ξ˜ƒPLQXWHVξ˜ƒDWξ˜ƒDξ˜ƒWLPHξ˜‘ξ˜ƒ7Rξ˜ƒ
FKDQJHξ˜ƒWKHξ˜ƒWLPHξ˜ƒE\ξ˜ƒVLQJOHξ˜ƒPLQXWHVξ˜ξ˜ƒJLYHξ˜ƒWKHξ˜ƒ
SDGVξ˜ƒVKRUWξ˜ƒWDSVξ˜‘
ξ˜ƒ3UHVVξ˜ƒWKHξ˜ƒ&/2&.ξ˜ƒSDGξ˜ƒWRξ˜ƒVWDUWξ˜ƒWKHξ˜ƒFORFNξ˜‘
7Rξ˜ƒ6HWξ˜ƒWKHξ˜ƒ.LWFKHQξ˜ƒ7LPHU
ξ˜ƒ3UHVVξ˜ƒWKHξ˜ƒ.,7&+(1ξ˜ƒ7,0(5ξ˜ƒ21ξ˜’2))ξ˜ƒSDGξ˜‘ξ˜ƒ
ξ˜ƒ8VHξ˜ƒWKHξ˜ƒξ˜Žξ˜ƒDQGξ˜ƒΒ²ξ˜ƒSDGVξ˜ƒWRξ˜ƒVHWξ˜ƒWKHξ˜ƒWLPHUξ˜‘ξ˜ƒ6KRUWξ˜ƒ
WDSVξ˜ƒRQξ˜ƒWKHξ˜ƒξ˜Žξ˜ƒRUξ˜ƒΒ²ξ˜ƒSDGξ˜ƒFKDQJHξ˜ƒWKHξ˜ƒWLPHUΒ·Vξ˜ƒ
VHWWLQJξ˜ƒRQHξ˜ƒPLQXWHξ˜ƒDWξ˜ƒDξ˜ƒWLPHξ˜‘ξ˜ƒ3UHVVLQJξ˜ƒDQGξ˜ƒ
FRQWLQXLQJξ˜ƒWRξ˜ƒKROGξ˜ƒWKHξ˜ƒξ˜Žξ˜ƒSDGξ˜ƒLQFUHDVHVξ˜ƒWKHξ˜ƒ
VHWWLQJξ˜ƒξ˜”ξ˜“ξ˜ƒPLQXWHVξ˜ƒDWξ˜ƒDξ˜ƒWLPHξ˜‘
ξ˜ƒ2QFHξ˜ƒ\RXξ˜ƒKDYHξ˜ƒVHWξ˜ƒ\RXUξ˜ƒWLPHUξ˜ξ˜ƒSUHVVξ˜ƒWKHξ˜ƒ
.,7&+(1ξ˜ƒ7,0(5ξ˜ƒ21ξ˜’2))ξ˜ƒSDGξ˜ƒWRξ˜ƒVWDUWξ˜ƒ
WLPLQJξ˜‘
$Vξ˜ƒWKHξ˜ƒWLPHUξ˜ƒFRXQWVξ˜ƒGRZQξ˜ξ˜ƒDξ˜ƒVLJQDOξ˜ƒZLOOξ˜ƒLQGLFDWHξ˜ƒ
ZKHQξ˜ƒRQHξ˜ƒPLQXWHξ˜ƒLVξ˜ƒOHIWξ˜‘ξ˜ƒ$IWHUξ˜ƒWKLVξ˜ƒVLJQDOξ˜ξ˜ƒWKHξ˜ƒ
GLVSOD\ξ˜ƒZLOOξ˜ƒFRXQWξ˜ƒGRZQξ˜ƒLQξ˜ƒVHFRQGVξ˜‘ξ˜ƒ:KHQξ˜ƒWLPHξ˜ƒ
UXQVξ˜ƒRXWξ˜ξ˜ƒDξ˜ƒILQDOξ˜ƒVLJQDOξ˜ƒZLOOξ˜ƒVRXQGξ˜‘ξ˜ƒ3UHVVξ˜ƒWKHξ˜ƒ
.,7&+(1ξ˜ƒ7,0(5ξ˜ƒ21ξ˜’2))ξ˜ƒSDGξ˜ƒWRξ˜ƒVWRSξ˜ƒWKHξ˜ƒVLJQDOξ˜‘
7Rξ˜ƒ&KDQJHξ˜ƒRUξ˜ƒ&DQFHOξ˜ƒWKHξ˜ƒ
.LWFKHQξ˜ƒ7LPHU
ξ˜ƒ6HWWLQJ
:KHQξ˜ƒWKHξ˜ƒWLPHUξ˜ƒLVξ˜ƒFRXQWLQJξ˜ƒGRZQξ˜ξ˜ƒXVHξ˜ƒWKHξ˜ƒξ˜Žξ˜ƒDQGξ˜ƒ
Β²ξ˜ƒSDGξ˜ƒWRξ˜ƒFKDQJHξ˜ƒWKHξ˜ƒUHPDLQLQJξ˜ƒWLPHξ˜ξ˜ƒRUξ˜ƒSUHVVξ˜ƒ
WKHξ˜ƒ ξ˜ƒSDGξ˜ƒWRξ˜ƒVWRSξ˜ƒWKHξ˜ƒ.,7&+(1ξ˜ƒ7,0(5ξ˜ƒ21ξ˜’2))
WLPHUξ˜‘ξ˜ƒ7KHξ˜ƒWLPHUξ˜ƒFDQQRWξ˜ƒEHξ˜ƒFDQFHOOHGξ˜ƒXQOHVVξ˜ƒ\RXξ˜ƒ
KDYHξ˜ƒIXOO\ξ˜ƒFRPSOHWHGξ˜ƒΒ΄VHWξ˜ƒWLPHUΒ΅ξ˜ƒLQVWUXFWLRQVξ˜ƒ
DERYHξ˜‘
'LVSOD\ξ˜ƒ&ORFNξ˜ƒ:KLOHξ˜ƒ
.LWFKHQξ˜ƒ7LPHU
ξ˜ƒ,Vξ˜ƒ2SHUDWLQJ
3UHVVLQJξ˜ƒWKHξ˜ƒ ξ˜ƒSDGξ˜ƒZKLOHξ˜ƒWKHξ˜ƒWLPHUξ˜ƒLVξ˜ƒ&/2&.
RSHUDWLQJξ˜ƒZLOOξ˜ƒQRWξ˜ƒLQWHUIHUHξ˜ƒZLWKξ˜ƒWKHξ˜ƒWLPHUΒ·Vξ˜ƒ
RSHUDWLRQξ˜žξ˜ƒWKHξ˜ƒGLVSOD\ξ˜ƒZLOOξ˜ƒFKDQJHξ˜ƒWRξ˜ƒVKRZξ˜ƒWKHξ˜ƒ
FORFNξ˜ξ˜ƒEXWξ˜ƒWKHξ˜ƒWLPHUξ˜ƒZLOOξ˜ƒFRQWLQXHξ˜ƒWRξ˜ƒFRXQWξ˜ƒGRZQξ˜ƒ
DQGξ˜ƒZLOOξ˜ƒVWLOOξ˜ƒVLJQDOξ˜ƒZKHQξ˜ƒWLPHξ˜ƒLVξ˜ƒXSξ˜‘ξ˜ƒ3UHVVξ˜ƒWKHξ˜ƒ
.,7&+(1ξ˜ƒ7,0(5ξ˜ƒ21ξ˜’2))ξ˜ƒSDGξ˜ƒDJDLQξ˜ƒWRξ˜ƒFKDQJHξ˜ƒ
WKHξ˜ƒGLVSOD\ξ˜ƒEDFNξ˜ƒWRξ˜ƒVKRZξ˜ƒWKHξ˜ƒWLPHUξ˜‘

2YHQξ˜ƒ&RQWURO
<RXUξ˜ƒRYHQξ˜ƒLVξ˜ƒFRQWUROOHGξ˜ƒE\ξ˜ƒDξ˜ƒVLQJOHξ˜ƒ29(1ξ˜ƒ
&21752/ξ˜ƒNQREξ˜‘
,Wξ˜ƒZLOOξ˜ƒQRUPDOO\ξ˜ƒWDNHξ˜ƒξ˜–ξ˜“Β²ξ˜œξ˜“ξ˜ƒVHFRQGVξ˜ƒEHIRUHξ˜ƒWKHξ˜ƒ
IODPHξ˜ƒFRPHVξ˜ƒRQξ˜‘ξ˜ƒ$IWHUξ˜ƒWKHξ˜ƒRYHQξ˜ƒUHDFKHVξ˜ƒWKHξ˜ƒ
VHOHFWHGξ˜ƒWHPSHUDWXUHξ˜ξ˜ƒWKHξ˜ƒRYHQξ˜ƒEXUQHUξ˜ƒF\FOHVΒ³
RIIξ˜ƒFRPSOHWHO\ξ˜ξ˜ƒWKHQξ˜ƒRQξ˜ƒZLWKξ˜ƒDξ˜ƒIXOOξ˜ƒIODPHΒ³WRξ˜ƒ
PDLQWDLQξ˜ƒWKHξ˜ƒVHOHFWHGξ˜ƒWHPSHUDWXUHξ˜‘
8VLQJξ˜ƒWKHξ˜ƒRYHQξ˜‘ξ˜ƒ*($SSOLDQFHVξ˜‘FRP
2YHQξ˜ƒ/LJKWξ˜ƒξ˜‹RQξ˜ƒVRPHξ˜ƒPRGHOV
8VHξ˜ƒWKHξ˜ƒVZLWFKξ˜ƒRQξ˜ƒWKHξ˜ƒORZHUξ˜ƒFRQWUROξ˜ƒSDQHOξ˜ƒWRξ˜ƒ
WXUQξ˜ƒWKHξ˜ƒOLJKWξ˜ƒRQξ˜ƒRUξ˜ƒRIIξ˜‘
7Rξ˜ƒDYRLGξ˜ƒSRVVLEOHξ˜ƒEXUQVξ˜ξ˜ƒSODFHξ˜ƒWKHξ˜ƒVKHOYHVξ˜ƒLQξ˜ƒWKHξ˜ƒGHVLUHGξ˜ƒSRVLWLRQξ˜ƒEHIRUHξ˜ƒ\RXξ˜ƒWXUQξ˜ƒWKHξ˜ƒRYHQξ˜ƒRQξ˜‘
%HIRUHξ˜ƒ\RXξ˜ƒEHJLQΒ«
7KHξ˜ƒVKHOYHVξ˜ƒKDYHξ˜ƒVWRSORFNVξ˜ξ˜ƒVRξ˜ƒWKDWξ˜ƒZKHQξ˜ƒ
SODFHGξ˜ƒFRUUHFWO\ξ˜ƒRQξ˜ƒWKHξ˜ƒVKHOIξ˜ƒVXSSRUWVξ˜ƒξ˜‹$ξ˜ƒ
WKURXJKξ˜ƒ(ξ˜Œξ˜ξ˜ƒWKH\ξ˜ƒZLOOξ˜ƒVWRSξ˜ƒEHIRUHξ˜ƒFRPLQJξ˜ƒ
FRPSOHWHO\ξ˜ƒRXWξ˜ξ˜ƒDQGξ˜ƒZLOOξ˜ƒQRWξ˜ƒWLOWξ˜‘
:KHQξ˜ƒSODFLQJξ˜ƒDQGξ˜ƒUHPRYLQJξ˜ƒFRRNZDUHξ˜ξ˜ƒSXOOξ˜ƒWKHξ˜ƒ
VKHOIξ˜ƒRXWξ˜ƒWRξ˜ƒWKHξ˜ƒEXPSξ˜ƒRQξ˜ƒWKHξ˜ƒVKHOIξ˜ƒVXSSRUWξ˜‘
ξ˜ƒ&$87,21ξ˜ƒξ˜ƒξ˜ƒ:KHQξ˜ƒ\RXξ˜ƒDUHξ˜ƒ
XVLQJξ˜ƒDξ˜ƒUDFNξ˜ƒLQξ˜ƒWKHξ˜ƒORZHVWξ˜ƒSRVLWLRQξ˜ƒξ˜‹5ξ˜Œξ˜ξ˜ƒ\RXξ˜ƒ
ZLOOξ˜ƒQHHGξ˜ƒWRξ˜ƒXVHξ˜ƒFDXWLRQξ˜ƒZKHQξ˜ƒSXOOLQJξ˜ƒWKHξ˜ƒ
UDFNξ˜ƒRXWξ˜‘ξ˜ƒ:Hξ˜ƒUHFRPPHQGξ˜ƒWKDWξ˜ƒ\RXξ˜ƒSXOOξ˜ƒWKHξ˜ƒ
UDFNξ˜ƒRXWξ˜ƒVHYHUDOξ˜ƒLQFKHVξ˜ƒDQGξ˜ƒWKHQξ˜ξ˜ƒXVLQJξ˜ƒWZRξ˜ƒ
SRWξ˜ƒKROGHUVξ˜ξ˜ƒSXOOξ˜ƒWKHξ˜ƒUDFNξ˜ƒRXWξ˜ƒE\ξ˜ƒKROGLQJξ˜ƒWKHξ˜ƒ
VLGHVξ˜ƒRIξ˜ƒLWξ˜‘ξ˜ƒ7KHξ˜ƒUDFNξ˜ƒLVξ˜ƒORZξ˜ƒDQGξ˜ƒ\RXξ˜ƒFDQξ˜ƒEHξ˜ƒ
EXUQHGξ˜ƒLIξ˜ƒ\RXξ˜ƒSXWξ˜ƒ\RXUξ˜ƒKDQGξ˜ƒLQξ˜ƒWKHξ˜ƒPLGGOHξ˜ƒRIξ˜ƒ
WKHξ˜ƒUDFNξ˜ƒDQGξ˜ƒSXOOξ˜ƒDOOξ˜ƒWKHξ˜ƒZD\ξ˜ƒRXWξ˜‘ξ˜ƒ
7Rξ˜ƒUHPRYHξ˜ƒDξ˜ƒVKHOIξ˜ξ˜ƒSXOOξ˜ƒLWξ˜ƒWRZDUGξ˜ƒ\RXξ˜ξ˜ƒWLOWξ˜ƒWKHξ˜ƒ
IURQWξ˜ƒHQGξ˜ƒXSξ˜ƒDQGξ˜ƒSXOOξ˜ƒLWξ˜ƒRXWξ˜‘
7Rξ˜ƒUHSODFHξ˜ξ˜ƒSODFHξ˜ƒWKHξ˜ƒHQGξ˜ƒRIξ˜ƒWKHξ˜ƒVKHOIξ˜ƒξ˜‹VWRS
ORFNVξ˜Œξ˜ƒRQξ˜ƒWKHξ˜ƒVXSSRUWξ˜ξ˜ƒWLOWξ˜ƒXSξ˜ƒWKHξ˜ƒIURQWξ˜ƒDQGξ˜ƒSXVKξ˜ƒ
WKHξ˜ƒVKHOIξ˜ƒLQξ˜‘
127(ξ˜ξ˜ƒ7KHξ˜ƒVKHOIξ˜ƒLVξ˜ƒQRWξ˜ƒGHVLJQHGξ˜ƒWRξ˜ƒVOLGHξ˜ƒRXWξ˜ƒDWξ˜ƒ
WKHξ˜ƒVSHFLDOξ˜ƒORZξ˜ƒVKHOIξ˜ƒξ˜‹5ξ˜Œξ˜ƒSRVLWLRQξ˜‘
7KHξ˜ƒRYHQξ˜ƒKDVξ˜ƒξ˜˜ξ˜ƒVKHOIξ˜ƒSRVLWLRQVξ˜‘ξ˜ƒ
,Wξ˜ƒDOVRξ˜ƒKDVξ˜ƒDξ˜ƒVSHFLDOξ˜ƒORZξ˜ƒVKHOIξ˜ƒ
SRVLWLRQξ˜ƒξ˜‹5ξ˜Œξ˜ƒIRUξ˜ƒH[WUDξ˜ƒODUJHξ˜ƒLWHPVξ˜ξ˜ƒ
VXFKξ˜ƒDVξ˜ƒDξ˜ƒODUJHξ˜ƒWXUNH\ξ˜‘
8SSHUξ˜ƒ2YHQξ˜ƒ9HQW
<RXUξ˜ƒRYHQξ˜ƒLVξ˜ƒYHQWHGξ˜ƒWKURXJKξ˜ƒGXFWVξ˜ƒDWξ˜ƒWKHξ˜ƒUHDUξ˜ƒ
RIξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒEORFNξ˜ƒWKHVHξ˜ƒGXFWVξ˜ƒZKHQξ˜ƒ
FRRNLQJξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQΒ³LWξ˜ƒLVξ˜ƒLPSRUWDQWξ˜ƒWKDWξ˜ƒWKHξ˜ƒ
IORZξ˜ƒRIξ˜ƒKRWξ˜ƒDLUξ˜ƒIURPξ˜ƒWKHξ˜ƒRYHQξ˜ƒDQGξ˜ƒIUHVKξ˜ƒDLUξ˜ƒ
WRξ˜ƒWKHξ˜ƒRYHQξ˜ƒEXUQHUξ˜ƒEHξ˜ƒXQLQWHUUXSWHGξ˜‘ξ˜ƒ$YRLGξ˜ƒ
WRXFKLQJξ˜ƒWKHξ˜ƒYHQWξ˜ƒRSHQLQJVξ˜ƒRUξ˜ƒQHDUE\ξ˜ƒVXUIDFHVξ˜ƒ
GXULQJξ˜ƒRYHQξ˜ƒRUξ˜ƒEURLOHUξ˜ƒRSHUDWLRQΒ³WKH\ξ˜ƒPD\ξ˜ƒ
EHFRPHξ˜ƒKRWξ˜‘
ξš„ξ˜ƒξ˜ƒ+DQGOHVξ˜ƒRIξ˜ƒSRWVξ˜ƒDQGξ˜ƒSDQVξ˜ƒRQξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒ
PD\ξ˜ƒEHFRPHξ˜ƒKRWξ˜ƒLIξ˜ƒOHIWξ˜ƒWRRξ˜ƒFORVHξ˜ƒWRξ˜ƒWKHξ˜ƒYHQWξ˜‘
ξš„ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒOHDYHξ˜ƒSODVWLFξ˜ƒRUξ˜ƒIODPPDEOHξ˜ƒLWHPVξ˜ƒRQξ˜ƒ
WKHξ˜ƒFRRNWRSΒ³WKH\ξ˜ƒPD\ξ˜ƒPHOWξ˜ƒRUξ˜ƒLJQLWHξ˜ƒLIξ˜ƒOHIWξ˜ƒ
WRRξ˜ƒFORVHξ˜ƒWRξ˜ƒWKHξ˜ƒYHQWξ˜‘
ξš„ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒOHDYHξ˜ƒFORVHGξ˜ƒFRQWDLQHUVξ˜ƒRQξ˜ƒWKHξ˜ƒ
FRRNWRSξ˜‘ξ˜ƒ7KHξ˜ƒSUHVVXUHξ˜ƒLQξ˜ƒFORVHGξ˜ƒFRQWDLQHUVξ˜ƒ
PD\ξ˜ƒLQFUHDVHξ˜ξ˜ƒZKLFKξ˜ƒPD\ξ˜ƒFDXVHξ˜ƒWKHPξ˜ƒξ˜ƒ
WRξ˜ƒEXUVWξ˜‘
ξš„ξ˜ƒξ˜ƒ0HWDOξ˜ƒLWHPVξ˜ƒZLOOξ˜ƒEHFRPHξ˜ƒYHU\ξ˜ƒKRWξ˜ƒLIξ˜ƒWKH\ξ˜ƒDUHξ˜ƒ
OHIWξ˜ƒRQξ˜ƒWKHξ˜ƒFRRNWRSξ˜ξ˜ƒDQGξ˜ƒFRXOGξ˜ƒFDXVHξ˜ƒEXUQVξ˜‘
3ODVWLFξ˜ƒLWHPVξ˜ƒRQξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒPD\ξ˜ƒ
PHOWξ˜ƒLIξ˜ƒOHIWξ˜ƒWRRξ˜ƒFORVHξ˜ƒWRξ˜ƒWKHξ˜ƒYHQWξ˜‘
9HQWξ˜ƒDSSHDUDQFHξ˜ƒDQGξ˜ƒORFDWLRQξ˜ƒYDU\ξ˜‘
7KHξ˜ƒRYHQξ˜ƒKDVξ˜ƒDξ˜ƒVSHFLDOξ˜ƒORZξ˜ƒUDFNξ˜ƒ
ξ˜‹5ξ˜Œξ˜ƒSRVLWLRQξ˜ƒMXVWξ˜ƒDERYHξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
ERWWRPξ˜‘ξ˜ƒ8VHξ˜ƒLWξ˜ƒZKHQξ˜ƒH[WUDξ˜ƒFRRNLQJξ˜ƒ
VSDFHξ˜ƒLVξ˜ƒQHHGHGξ˜ξ˜ƒIRUξ˜ƒH[DPSOHξ˜ξ˜ƒZKHQξ˜ƒ
FRRNLQJξ˜ƒDξ˜ƒODUJHξ˜ƒWXUNH\ξ˜‘ξ˜ƒ7KHξ˜ƒUDFNξ˜ƒ
LVξ˜ƒQRWξ˜ƒGHVLJQHGξ˜ƒWRξ˜ƒVOLGHξ˜ƒRXWξ˜ƒDWξ˜ƒWKLVξ˜ƒ
SRVLWLRQξ˜‘
ξ˜”ξ˜“
8VLQJξ˜ƒWKHξ˜ƒRYHQξ˜‘
+RZξ˜ƒWRξ˜ƒ6HWξ˜ƒWKHξ˜ƒ2YHQξ˜ƒIRUξ˜ƒ%DNLQJξ˜ƒRUξ˜ƒ5RDVWLQJ
<RXUξ˜ƒRYHQξ˜ƒLVξ˜ƒQRWξ˜ƒGHVLJQHGξ˜ƒIRUξ˜ƒRSHQGRRUξ˜ƒ
FRRNLQJξ˜‘
ξ˜ƒ&ORVHξ˜ƒWKHξ˜ƒRYHQξ˜ƒGRRUξ˜‘ξ˜ƒ7XUQξ˜ƒWKHξ˜ƒ29(1ξ˜ƒ
&21752/ξ˜ƒNQREξ˜ƒWRξ˜ƒWKHξ˜ƒGHVLUHGξ˜ƒ
WHPSHUDWXUHξ˜‘
ξ˜ƒ&KHFNξ˜ƒIRRGξ˜ƒIRUξ˜ƒGRQHQHVVξ˜ƒDWξ˜ƒPLQLPXPξ˜ƒWLPHξ˜ƒ
RQξ˜ƒUHFLSHξ˜‘ξ˜ƒ&RRNξ˜ƒORQJHUξ˜ƒLIξ˜ƒQHFHVVDU\ξ˜‘
ξ˜ƒ7XUQξ˜ƒWKHξ˜ƒ ξ˜ƒNQREξ˜ƒWRξ˜ƒ29(1ξ˜ƒ&21752/ 2))ξ˜ƒ
ZKHQξ˜ƒEDNLQJξ˜ƒLVξ˜ƒILQLVKHGξ˜ƒDQGξ˜ƒWKHQξ˜ƒUHPRYHξ˜ƒ
WKHξ˜ƒIRRGξ˜ƒIURPξ˜ƒWKHξ˜ƒRYHQξ˜‘
ξ˜ƒ 7\SHξ˜ƒRIξ˜ƒ)RRGξ˜ƒ 5DFNξ˜ƒ3RVLWLRQ
ξ˜ƒ )UR]HQξ˜ƒSLHVξ˜ƒξ˜‹RQξ˜ƒFRRNLHξ˜ƒVKHHWξ˜Œξ˜ƒ %ξ˜ƒRUξ˜ƒ&
ξ˜ƒ $QJHOξ˜ƒIRRGξ˜ƒFDNHξ˜ξ˜ƒ %ξ˜ƒ
ξ˜ƒ EXQGWξ˜ƒRUξ˜ƒSRXQGξ˜ƒFDNHV
ξ˜ƒ %LVFXLWVξ˜ξ˜ƒPXIILQVξ˜ξ˜ƒEURZQLHVξ˜ξ˜ƒ &ξ˜ƒ
ξ˜ƒ FRRNLHVξ˜ξ˜ƒFXSFDNHVξ˜ξ˜ƒξ˜ƒ
ξ˜ƒ OD\HUξ˜ƒFDNHVξ˜ξ˜ƒSLHV
ξ˜ƒ &DVVHUROHVξ˜ƒ %ξ˜ƒRUξ˜ƒ&
ξ˜ƒ 5RDVWLQJξ˜ƒ 5ξ˜ƒRUξ˜ƒ$
3UHKHDWLQJξ˜ƒDQGξ˜ƒ3DQξ˜ƒ3ODFHPHQW
3UHKHDWξ˜ƒWKHξ˜ƒRYHQξ˜ƒLIξ˜ƒWKHξ˜ƒUHFLSHξ˜ƒFDOOVξ˜ƒIRUξ˜ƒLWξ˜‘ξ˜ƒ
7Rξ˜ƒSUHKHDWξ˜ξ˜ƒVHWξ˜ƒWKHξ˜ƒRYHQξ˜ƒDWξ˜ƒWKHξ˜ƒFRUUHFWξ˜ƒ
WHPSHUDWXUHξ˜‘ξ˜ƒ3UHKHDWLQJξ˜ƒLVξ˜ƒQHFHVVDU\ξ˜ƒIRUξ˜ƒJRRGξ˜ƒ
UHVXOWVξ˜ƒZKHQξ˜ƒEDNLQJξ˜ƒFDNHVξ˜ξ˜ƒFRRNLHVξ˜ξ˜ƒSDVWU\ξ˜ƒDQGξ˜ƒ
EUHDGVξ˜‘ξ˜ƒ
)RUξ˜ƒRYHQVξ˜ƒZLWKRXWξ˜ƒDξ˜ƒSUHKHDWξ˜ƒLQGLFDWRUξ˜ƒOLJKWξ˜ƒRUξ˜ƒ
WRQHξ˜ξ˜ƒSUHKHDWξ˜ƒξ˜”ξ˜“ξ˜ƒPLQXWHVξ˜‘
%DNLQJξ˜ƒUHVXOWVξ˜ƒZLOOξ˜ƒEHξ˜ƒEHWWHUξ˜ƒLIξ˜ƒEDNLQJξ˜ƒSDQVξ˜ƒDUHξ˜ƒ
FHQWHUHGξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQξ˜ƒDVξ˜ƒPXFKξ˜ƒDVξ˜ƒSRVVLEOHξ˜‘ξ˜ƒ3DQVξ˜ƒ
VKRXOGξ˜ƒQRWξ˜ƒWRXFKξ˜ƒHDFKξ˜ƒRWKHUξ˜ƒRUξ˜ƒWKHξ˜ƒZDOOVξ˜ƒRIξ˜ƒWKHξ˜ƒ
RYHQξ˜‘ξ˜ƒ,Iξ˜ƒ\RXξ˜ƒQHHGξ˜ƒWRξ˜ƒXVHξ˜ƒWZRξ˜ƒUDFNVξ˜ξ˜ƒVWDJJHUξ˜ƒWKHξ˜ƒ
SDQVξ˜ƒVRξ˜ƒRQHξ˜ƒLVξ˜ƒQRWξ˜ƒGLUHFWO\ξ˜ƒDERYHξ˜ƒWKHξ˜ƒRWKHUξ˜ξ˜ƒDQGξ˜ƒ
OHDYHξ˜ƒDSSUR[LPDWHO\ξ˜ƒξ˜”ξ˜”ΓΈξ˜•sξ˜ƒEHWZHHQξ˜ƒSDQVξ˜ξ˜ƒIURPξ˜ƒ
WKHξ˜ƒIURQWξ˜ξ˜ƒEDFNξ˜ƒDQGξ˜ƒVLGHVξ˜ƒRIξ˜ƒWKHξ˜ƒZDOOξ˜‘
3RZHUξ˜ƒ2XWDJH
7KHξ˜ƒRYHQξ˜ƒRUξ˜ƒEURLOHUξ˜ƒFDQQRWξ˜ƒEHξ˜ƒOLWξ˜ƒGXULQJξ˜ƒDξ˜ƒSRZHUξ˜ƒ
IDLOXUHξ˜‘ξ˜ƒ*DVξ˜ƒZLOOξ˜ƒQRWξ˜ƒIORZξ˜ƒXQOHVVξ˜ƒWKHξ˜ƒJORZξ˜ƒEDUξ˜ƒLVξ˜ƒ
KRWξ˜‘
,Iξ˜ƒWKHξ˜ƒRYHQξ˜ƒLVξ˜ƒLQξ˜ƒXVHξ˜ƒZKHQξ˜ƒDξ˜ƒSRZHUξ˜ƒIDLOXUHξ˜ƒ
RFFXUVξ˜ξ˜ƒWKHξ˜ƒRYHQξ˜ƒEXUQHUξ˜ƒVKXWVξ˜ƒRIIξ˜ƒDQGξ˜ƒFDQQRWξ˜ƒ
EHξ˜ƒUHOLWξ˜ƒXQWLOξ˜ƒSRZHUξ˜ƒLVξ˜ƒUHVWRUHGξ˜‘ξ˜ƒ7KLVξ˜ƒLVξ˜ƒEHFDXVHξ˜ƒ
WKHξ˜ƒIORZξ˜ƒRIξ˜ƒJDVξ˜ƒLVξ˜ƒDXWRPDWLFDOO\ξ˜ƒVWRSSHGξ˜ƒ
DQGξ˜ƒZLOOξ˜ƒQRWξ˜ƒUHVXPHξ˜ƒZKHQξ˜ƒSRZHUξ˜ƒLVξ˜ƒUHVWRUHGξ˜ƒ
XQWLOξ˜ƒWKHξ˜ƒJORZξ˜ƒEDUξ˜ƒKDVξ˜ƒUHDFKHGξ˜ƒRSHUDWLQJξ˜ƒ
WHPSHUDWXUHξ˜‘
2YHQξ˜ƒ0RLVWXUH
$Vξ˜ƒ\RXUξ˜ƒRYHQξ˜ƒKHDWVξ˜ƒXSξ˜ξ˜ƒWKHξ˜ƒWHPSHUDWXUHξ˜ƒFKDQJHξ˜ƒ
RIξ˜ƒWKHξ˜ƒDLUξ˜ƒLQξ˜ƒWKHξ˜ƒRYHQξ˜ƒPD\ξ˜ƒFDXVHξ˜ƒZDWHUξ˜ƒGURSOHWVξ˜ƒ
WRξ˜ƒIRUPξ˜ƒRQξ˜ƒWKHξ˜ƒGRRUξ˜ƒJODVVξ˜‘ξ˜ƒ7KHVHξ˜ƒGURSOHWVξ˜ƒ
DUHξ˜ƒKDUPOHVVξ˜ƒDQGξ˜ƒZLOOξ˜ƒHYDSRUDWHξ˜ƒDVξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
FRQWLQXHVξ˜ƒWRξ˜ƒKHDWξ˜ƒXSξ˜‘
$OXPLQXPξ˜ƒ)RLO
'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒDOXPLQXPξ˜ƒIRLOξ˜ƒWRξ˜ƒOLQHξ˜ƒRYHQξ˜ƒERWWRPVξ˜‘ξ˜ƒ
7KHξ˜ƒIRLOξ˜ƒZLOOξ˜ƒWUDSξ˜ƒKHDWξ˜ƒEHORZξ˜ƒDQGξ˜ƒXSVHWξ˜ƒWKHξ˜ƒ
SHUIRUPDQFHξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜‘ξ˜ƒ)RLOξ˜ƒFDQξ˜ƒPHOWξ˜ƒDQGξ˜ƒ
SHUPDQHQWO\ξ˜ƒGDPDJHξ˜ƒWKHξ˜ƒRYHQξ˜ƒERWWRPξ˜‘ξ˜ƒ
'DPDJHξ˜ƒIURPξ˜ƒLPSURSHUξ˜ƒXVHξ˜ƒRIξ˜ƒDOXPLQXPξ˜ƒIRLOξ˜ƒLVξ˜ƒ
QRWξ˜ƒFRYHUHGξ˜ƒE\ξ˜ƒWKHξ˜ƒSURGXFWξ˜ƒZDUUDQW\ξ˜‘ξ˜ƒ
)RLOξ˜ƒPD\ξ˜ƒEHξ˜ƒXVHGξ˜ƒWRξ˜ƒFDWFKξ˜ƒVSLOOVξ˜ƒE\ξ˜ƒSODFLQJξ˜ƒDξ˜ƒ
VKHHWξ˜ƒRQξ˜ƒDξ˜ƒORZHUξ˜ƒUDFNξ˜ξ˜ƒVHYHUDOξ˜ƒLQFKHVξ˜ƒEHORZξ˜ƒ
WKHξ˜ƒIRRGξ˜ƒξ˜‘'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒPRUHξ˜ƒIRLOξ˜ƒWKDQξ˜ƒQHFHVVDU\ξ˜ƒ
DQGξ˜ƒQHYHUξ˜ƒHQWLUHO\ξ˜ƒFRYHUξ˜ƒDQξ˜ƒRYHQξ˜ƒUDFNξ˜ƒZLWKξ˜ƒ
DOXPLQXPξ˜ƒIRLOξ˜ƒξ˜‘ξ˜ƒ.HHSξ˜ƒIRLOξ˜ƒDWξ˜ƒOHDVWξ˜ƒξ˜”ξ˜ξ˜”ξ˜’ξ˜•Β΅ξ˜ƒIURPξ˜ƒ
RYHQξ˜ƒZDOOVξ˜ƒWRξ˜ƒSUHYHQWξ˜ƒSRRUξ˜ƒKHDWξ˜ƒFLUFXODWLRQξ˜‘
ξ˜”ξ˜”
$OXPLQXPξ˜ƒ)RLO
<RXξ˜ƒFDQξ˜ƒXVHξ˜ƒDOXPLQXPξ˜ƒIRLOξ˜ƒWRξ˜ƒOLQHξ˜ƒ\RXUξ˜ƒEURLOHUξ˜ƒ
SDQξ˜ƒDQGξ˜ƒEURLOHUξ˜ƒJULGξ˜‘ξ˜ƒ+RZHYHUξ˜ξ˜ƒ\RXξ˜ƒPXVWξ˜ƒPROGξ˜ƒ
WKHξ˜ƒIRLOξ˜ƒWLJKWO\ξ˜ƒWRξ˜ƒWKHξ˜ƒJULGξ˜ƒDQGξ˜ƒFXWξ˜ƒVOLWVξ˜ƒLQξ˜ƒLWξ˜ƒMXVWξ˜ƒ
OLNHξ˜ƒWKHξ˜ƒJULGξ˜‘
ξ˜ƒ*($SSOLDQFHVξ˜‘FRP
+RZξ˜ƒWRξ˜ƒ6HWξ˜ƒWKHξ˜ƒ2YHQξ˜ƒIRUξ˜ƒ%URLOLQJ
%URLOLQJξ˜ƒLVξ˜ƒFRRNLQJξ˜ƒIRRGξ˜ƒE\ξ˜ƒGLUHFWξ˜ƒKHDWξ˜ƒIURPξ˜ƒ
DERYHξ˜ƒWKHξ˜ƒIRRGξ˜‘ξ˜ƒ0RVWξ˜ƒILVKξ˜ƒDQGξ˜ƒWHQGHUξ˜ƒFXWVξ˜ƒRIξ˜ƒ
PHDWξ˜ƒFDQξ˜ƒEHξ˜ƒEURLOHGξ˜‘ξ˜ƒ)ROORZξ˜ƒWKHVHξ˜ƒGLUHFWLRQVξ˜ƒWRξ˜ƒ
NHHSξ˜ƒVSDWWHULQJξ˜ƒDQGξ˜ƒVPRNLQJξ˜ƒWRξ˜ƒDξ˜ƒPLQLPXPξ˜‘ξ˜ƒ
<RXUξ˜ƒUDQJHξ˜ƒKDVξ˜ƒDξ˜ƒFRPSDUWPHQWξ˜ƒEHORZξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
IRUξ˜ƒEURLOLQJξ˜‘
%RWKξ˜ƒWKHξ˜ƒRYHQξ˜ƒDQGξ˜ƒEURLOHUξ˜ƒFRPSDUWPHQWξ˜ƒGRRUVξ˜ƒ
PXVWξ˜ƒEHξ˜ƒFORVHGξ˜ƒGXULQJξ˜ƒEURLOLQJξ˜‘
7XUQξ˜ƒPRVWξ˜ƒIRRGVξ˜ƒRQFHξ˜ƒGXULQJξ˜ƒFRRNLQJξ˜ƒξ˜‹WKHξ˜ƒ
H[FHSWLRQξ˜ƒLVξ˜ƒWKLQξ˜ƒILOOHWVξ˜ƒRIξ˜ƒILVKξ˜žξ˜ƒRLOξ˜ƒRQHξ˜ƒVLGHξ˜ξ˜ƒSODFHξ˜ƒ
WKDWξ˜ƒVLGHξ˜ƒGRZQξ˜ƒRQξ˜ƒEURLOHUξ˜ƒJULGξ˜ƒDQGξ˜ƒFRRNξ˜ƒZLWKRXWξ˜ƒ
WXUQLQJξ˜ƒXQWLOξ˜ƒGRQHξ˜Œξ˜‘ξ˜ƒ7LPHξ˜ƒIRRGVξ˜ƒIRUξ˜ƒDERXWξ˜ƒ
RQHKDOIξ˜ƒWKHξ˜ƒWRWDOξ˜ƒFRRNLQJξ˜ƒWLPHξ˜ξ˜ƒWXUQξ˜ƒIRRGξ˜ξ˜ƒWKHQξ˜ƒ
FRQWLQXHξ˜ƒWRξ˜ƒFRRNξ˜ƒWRξ˜ƒSUHIHUUHGξ˜ƒGRQHQHVVξ˜‘
ξ˜ƒ<RXξ˜ƒFDQξ˜ƒFKDQJHξ˜ƒWKHξ˜ƒGLVWDQFHξ˜ƒRIξ˜ƒWKHξ˜ƒIRRGξ˜ƒ
IURPξ˜ƒWKHξ˜ƒKHDWξ˜ƒVRXUFHξ˜ƒE\ξ˜ƒSRVLWLRQLQJξ˜ƒWKHξ˜ƒ
EURLOHUξ˜ƒSDQξ˜ƒDQGξ˜ƒJULGξ˜ƒRQξ˜ƒRQHξ˜ƒRIξ˜ƒWKUHHξ˜ƒUDFNξ˜ƒ
SRVLWLRQVξ˜ƒLQξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒFRPSDUWPHQWΒ³$ξ˜ƒ
ξ˜‹ERWWRPξ˜ƒRIξ˜ƒEURLOHUξ˜ƒFRPSDUWPHQWξ˜Œξ˜ξ˜ƒ%ξ˜ƒξ˜‹PLGGOHξ˜Œξ˜ƒ
DQGξ˜ƒ&ξ˜ƒξ˜‹WRSξ˜Œξ˜‘
ξ˜ƒ3UHKHDWLQJξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒRUξ˜ƒRYHQξ˜ƒLVξ˜ƒQRWξ˜ƒ
QHFHVVDU\ξ˜ƒDQGξ˜ƒFDQξ˜ƒSURGXFHξ˜ƒSRRUξ˜ƒUHVXOWVξ˜‘
ξ˜ƒ,Iξ˜ƒPHDWξ˜ƒKDVξ˜ƒIDWξ˜ƒRUξ˜ƒJULVWOHξ˜ƒDURXQGξ˜ƒWKHξ˜ƒHGJHξ˜ξ˜ƒ
FXWξ˜ƒYHUWLFDOξ˜ƒVODVKHVξ˜ƒWKURXJKξ˜ƒERWKξ˜ƒDERXWξ˜ƒξ˜•sξ˜ƒ
DSDUWξ˜‘ξ˜ƒ,Iξ˜ƒGHVLUHGξ˜ξ˜ƒWKHξ˜ƒIDWξ˜ƒPD\ξ˜ƒEHξ˜ƒWULPPHGξ˜ξ˜ƒ
OHDYLQJξ˜ƒDξ˜ƒOD\HUξ˜ƒDERXWξ˜ƒξ˜”ξ˜’ξ˜›sξ˜ƒWKLFNξ˜‘
ξ˜ƒ$UUDQJHξ˜ƒWKHξ˜ƒIRRGξ˜ƒRQξ˜ƒWKHξ˜ƒJULGξ˜ƒDQGξ˜ƒSRVLWLRQξ˜ƒ
WKHξ˜ƒEURLOHUξ˜ƒSDQξ˜ƒRQξ˜ƒWKHξ˜ƒDSSURSULDWHξ˜ƒUDFNξ˜ƒLQξ˜ƒ
WKHξ˜ƒRYHQξ˜ƒRUξ˜ƒEURLOLQJξ˜ƒFRPSDUWPHQWξ˜‘ξ˜ƒ3ODFLQJξ˜ƒ
IRRGξ˜ƒFORVHUξ˜ƒWRξ˜ƒWKHξ˜ƒIODPHξ˜ƒLQFUHDVHVξ˜ƒH[WHULRUξ˜ƒ
EURZQLQJξ˜ƒRIξ˜ƒWKHξ˜ƒIRRGξ˜ξ˜ƒEXWξ˜ƒDOVRξ˜ƒLQFUHDVHVξ˜ƒ
VSDWWHULQJξ˜ƒDQGξ˜ƒWKHξ˜ƒSRVVLELOLW\ξ˜ƒRIξ˜ƒIDWVξ˜ƒDQGξ˜ƒ
PHDWξ˜ƒMXLFHVξ˜ƒLJQLWLQJξ˜‘
ξ˜ƒ&ORVHξ˜ƒWKHξ˜ƒRYHQξ˜ƒDQGξ˜ƒEURLOHUξ˜ƒFRPSDUWPHQWξ˜ƒ
GRRUξ˜‘
ξ˜ƒ7XUQξ˜ƒWKHξ˜ƒ ξ˜ƒNQREξ˜ƒWRξ˜ƒ29(1ξ˜ƒ&21752/ %52,/ξ˜‘
ξ˜ƒ:KHQξ˜ƒEURLOLQJξ˜ƒLVξ˜ƒILQLVKHGξ˜ξ˜ƒWXUQξ˜ƒWKHξ˜ƒ29(1ξ˜ƒ
&21752/ξ˜ƒNQREξ˜ƒWRξ˜ƒ ξ˜‘ξ˜ƒ5HPRYHξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒ2))
SDQξ˜ƒIURPξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒFRPSDUWPHQWξ˜ƒDQGξ˜ƒ
VHUYHξ˜ƒWKHξ˜ƒIRRGξ˜ƒLPPHGLDWHO\ξ˜‘ξ˜ƒ/HDYHξ˜ƒWKHξ˜ƒSDQξ˜ƒ
RXWVLGHξ˜ƒWKHξ˜ƒUDQJHξ˜ƒWRξ˜ƒFRROξ˜‘
&XWξ˜ƒVOLWVξ˜ƒLQξ˜ƒWKHξ˜ƒIRLOξ˜ƒMXVWξ˜ƒOLNHξ˜ƒWKHξ˜ƒJULGξ˜‘
%URLOLQJξ˜ƒ*XLGHξ˜ƒ6XJJHVWLRQV
%RWKξ˜ƒWKHξ˜ƒRYHQξ˜ƒDQGξ˜ƒEURLOHUξ˜ƒFRPSDUWPHQWξ˜ƒGRRUVξ˜ƒ
PXVWξ˜ƒEHξ˜ƒFORVHGξ˜ƒGXULQJξ˜ƒEURLOLQJξ˜‘
β– ξ˜ƒξ˜ƒ$OZD\Vξ˜ƒXVHξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒSDQξ˜ƒDQGξ˜ƒJULGξ˜ƒWKDWξ˜ƒ
FRPHVξ˜ƒZLWKξ˜ƒ\RXUξ˜ƒUDQJHξ˜‘ξ˜ƒ,Wξ˜ƒLVξ˜ƒGHVLJQHGξ˜ƒWRξ˜ƒ
PLQLPL]Hξ˜ƒVPRNLQJξ˜ƒDQGξ˜ƒVSDWWHULQJξ˜ƒE\ξ˜ƒWUDSSLQJξ˜ƒ
MXLFHVξ˜ƒLQξ˜ƒWKHξ˜ƒVKLHOGHGξ˜ƒORZHUξ˜ƒSDUWξ˜ƒRIξ˜ƒWKHξ˜ƒSDQξ˜‘
β– ξ˜ƒξ˜ƒ)RUξ˜ƒVWHDNVξ˜ƒDQGξ˜ƒFKRSVξ˜ξ˜ƒVODVKξ˜ƒIDWξ˜ƒHYHQO\ξ˜ƒDURXQGξ˜ƒ
WKHξ˜ƒRXWVLGHξ˜ƒHGJHVξ˜ƒRIξ˜ƒWKHξ˜ƒPHDWξ˜‘ξ˜ƒ7Rξ˜ƒVODVKξ˜ξ˜ƒFXWξ˜ƒ
FURVVZLVHξ˜ƒWKURXJKξ˜ƒWKHξ˜ƒRXWHUξ˜ƒIDWξ˜ƒVXUIDFHξ˜ƒMXVWξ˜ƒ
WRξ˜ƒWKHξ˜ƒHGJHξ˜ƒRIξ˜ƒWKHξ˜ƒPHDWξ˜‘ξ˜ƒ8VHξ˜ƒWRQJVξ˜ƒWRξ˜ƒWXUQξ˜ƒ
WKHξ˜ƒPHDWξ˜ƒRYHUξ˜ƒWRξ˜ƒSUHYHQWξ˜ƒSLHUFLQJξ˜ƒWKHξ˜ƒPHDWξ˜ƒ
DQGξ˜ƒORVLQJξ˜ƒMXLFHVξ˜‘
β– ξ˜ƒξ˜ƒ,Iξ˜ƒGHVLUHGξ˜ξ˜ƒPDULQDWHξ˜ƒPHDWVξ˜ƒRUξ˜ƒFKLFNHQξ˜ƒEHIRUHξ˜ƒ
EURLOLQJξ˜‘ξ˜ƒ2Uξ˜ƒEUXVKξ˜ƒZLWKξ˜ƒEDUEHFXHξ˜ƒVDXFHξ˜ƒODVWξ˜ƒ
ξ˜˜Β²ξ˜”ξ˜“ξ˜ƒPLQXWHVξ˜ƒRQO\ξ˜‘
β– ξ˜ƒξ˜ƒ:KHQξ˜ƒDUUDQJLQJξ˜ƒWKHξ˜ƒIRRGξ˜ƒRQξ˜ƒWKHξ˜ƒSDQξ˜ξ˜ƒGRξ˜ƒQRWξ˜ƒ
OHWξ˜ƒIDWW\ξ˜ƒHGJHVξ˜ƒKDQJξ˜ƒRYHUξ˜ƒWKHξ˜ƒVLGHVξ˜ƒEHFDXVHξ˜ƒ
GULSSLQJξ˜ƒIDWξ˜ƒFRXOGξ˜ƒVRLOξ˜ƒWKHξ˜ƒRYHQξ˜‘
β– ξ˜ƒξ˜ƒ7KHξ˜ƒEURLOHUξ˜ƒFRPSDUWPHQWξ˜ƒGRHVξ˜ƒQRWξ˜ƒQHHGξ˜ƒWRξ˜ƒEHξ˜ƒ
SUHKHDWHGξ˜‘ξ˜ƒ+RZHYHUξ˜ξ˜ƒIRUξ˜ƒYHU\ξ˜ƒWKLQξ˜ƒIRRGVξ˜ξ˜ƒRUξ˜ƒWRξ˜ƒ
LQFUHDVHξ˜ƒEURZQLQJξ˜ξ˜ƒSUHKHDWξ˜ƒLIξ˜ƒGHVLUHGξ˜‘
β– ξ˜ƒξ˜ƒ)UR]HQξ˜ƒVWHDNVξ˜ƒFDQξ˜ƒEHξ˜ƒEURLOHGξ˜ƒE\ξ˜ƒSRVLWLRQLQJξ˜ƒ
WKHξ˜ƒUDFNξ˜ƒDWξ˜ƒWKHξ˜ƒQH[Wξ˜ƒORZHVWξ˜ƒUDFNξ˜ƒSRVLWLRQξ˜ƒDQGξ˜ƒ
LQFUHDVLQJξ˜ƒWKHξ˜ƒFRRNLQJξ˜ƒWLPHξ˜ƒJLYHQξ˜ƒLQξ˜ƒWKLVξ˜ƒJXLGHξ˜ƒ
ξ˜”ξ˜”ΓΈξ˜•ξ˜ƒWLPHVξ˜ƒSHUξ˜ƒVLGHξ˜‘
ξ˜”ξ˜•
8VLQJξ˜ƒWKHξ˜ƒRYHQξ˜‘
7KHξ˜ƒVL]Hξ˜ξ˜ƒZHLJKWξ˜ξ˜ƒWKLFNQHVVξ˜ξ˜ƒ
VWDUWLQJξ˜ƒWHPSHUDWXUHξ˜ƒDQGξ˜ƒ
\RXUξ˜ƒSUHIHUHQFHξ˜ƒRIξ˜ƒGRQHQHVVξ˜ƒ
ZLOOξ˜ƒDIIHFWξ˜ƒEURLOLQJξ˜ƒWLPHVξ˜‘ξ˜ƒ7KLVξ˜ƒ
JXLGHξ˜ƒLVξ˜ƒEDVHGξ˜ƒRQξ˜ƒPHDWVξ˜ƒDWξ˜ƒ
UHIULJHUDWRUξ˜ƒWHPSHUDWXUHξ˜‘
ξš‚7KHξ˜ƒ8ξ˜‘6ξ˜‘ξ˜ƒ'HSDUWPHQWξ˜ƒRIξ˜ƒ
$JULFXOWXUHξ˜ƒVD\Vξ˜ƒΒ΄5DUHξ˜ƒEHHIξ˜ƒLVξ˜ƒ
SRSXODUξ˜ξ˜ƒEXWξ˜ƒ\RXξ˜ƒVKRXOGξ˜ƒNQRZξ˜ƒWKDWξ˜ƒ
FRRNLQJξ˜ƒLWξ˜ƒWRξ˜ƒRQO\ξ˜ƒξ˜”ξ˜—ξ˜“ξšƒ)ξ˜‘ξ˜ƒPHDQVξ˜ƒ
VRPHξ˜ƒIRRGξ˜ƒSRLVRQLQJξ˜ƒRUJDQLVPVξ˜ƒ
PD\ξ˜ƒVXUYLYHξ˜‘Β΅ξ˜ƒξ˜‹6RXUFHξ˜ξ˜ƒ6DIHξ˜ƒ)RRGξ˜ƒ
%RRNξ˜ξ˜ƒ<RXUξ˜ƒ.LWFKHQξ˜ƒ*XLGHξ˜ξ˜ƒ86'$ξ˜ƒ
5HYξ˜‘ξ˜ƒ-XQHξ˜ƒξ˜”ξ˜œξ˜›ξ˜˜ξ˜‘ξ˜Œ
7KHξ˜ƒRYHQξ˜ƒKDVξ˜ƒξ˜˜ξ˜ƒVKHOIξ˜ƒSRVLWLRQVξ˜‘
%URLOLQJξ˜ƒ*XLGH
'XHξ˜ƒWRξ˜ƒWKHξ˜ƒYDULHW\ξ˜ƒRIξ˜ƒPHDWVξ˜ƒDQGξ˜ƒFXWVξ˜ƒDYDLODEOHξ˜ξ˜ƒ\RXξ˜ƒPD\ξ˜ƒVHOHFWξ˜ƒDOWHUQDWHξ˜ƒUDFNξ˜ƒSRVLWLRQVξ˜ƒEDVHGξ˜ƒRQξ˜ƒSHUVRQDOξ˜ƒSUHIHUHQFHξ˜ƒ
RIξ˜ƒGRQHQHVVξ˜ƒDQGξ˜ƒH[WHUQDOξ˜ƒVHDULQJξ˜‘ξ˜ƒ6HHξ˜ƒLOOXVWUDWLRQξ˜ƒIRUξ˜ƒGHVFULSWLRQξ˜ƒRIξ˜ƒUDFNξ˜ƒSRVLWLRQVξ˜‘
)RRG 'RQHQHVV 7\SHξ˜ƒRUξ˜ƒξ˜ƒ
7KLFNQHVV
%URLOξ˜ƒξ˜ƒ
6HWWLQJ
5DFNξ˜ƒ
3RVLWLRQ &RPPHQWV
%HHI 5DUHξ˜ƒξ˜ξ˜ƒ0HGLXPξ˜ƒ
5DUH
ξ˜‹ξ˜”ξ˜—ξ˜“ξšƒ)ξ˜ξ˜”ξ˜˜ξ˜“ξšƒ)
6WHDNV
ξ˜”Β΅ξ˜ƒWKLFN
+L ( 6WHDNVξ˜ƒOHVVξ˜ƒWKDQξ˜ƒ
ξ˜”Β΅ξ˜ƒWKLFNξ˜ƒDUHξ˜ƒGLI
ILFXOWξ˜ƒWRξ˜ƒFRRNξ˜ƒUDUHξ˜‘ξ˜ƒ
7KH\ξ˜ƒPD\ξ˜ƒFRRNξ˜ƒ
WKURXJKξ˜ƒEHIRUHξ˜ƒ
EURZQLQJξ˜‘
7Rξ˜ƒDYRLGξ˜ƒFXUOLQJξ˜ξ˜ƒ
VODVKξ˜ƒIDWξ˜ƒDWξ˜ƒξ˜”Β΅ξ˜ƒ
LQWHUYDOVξ˜‘
0HGLXPξ˜ƒξ˜‹ξ˜”ξ˜™ξ˜“ξšƒ) 6WHDNV
ξ˜–ξ˜’ξ˜—Β΅ξ˜ƒWRξ˜ƒξ˜”Β΅ξ˜ƒWKLFN
+L '(
:HOOξ˜ƒ'RQHξ˜ƒ
ξ˜‹ξ˜”ξ˜šξ˜“ξšƒ)
6WHDNV
ξ˜–ξ˜’ξ˜—Β΅ξ˜ƒWRξ˜ƒξ˜”Β΅ξ˜ƒWKLFN
+L '
0HGLXPξ˜ƒξ˜‹ξ˜”ξ˜™ξ˜“ξšƒ) *URXQGξ˜ƒ%HHIξ˜ƒξ˜ƒ
3DWWLHVξ˜ƒξ˜
ξ˜”ξ˜’ξ˜•Β΅ξ˜ƒWRξ˜ƒξ˜–ξ˜’ξ˜—Β΅ξ˜ƒWKLFN
+L '(
:HOOξ˜ƒ'RQHξ˜ƒ
ξ˜‹ξ˜”ξ˜šξ˜“ξšƒ)
*URXQGξ˜ƒ%HHIξ˜ƒξ˜ƒ
3DWWLHVξ˜ƒξ˜
ξ˜”ξ˜’ξ˜•Β΅ξ˜ƒWRξ˜ƒξ˜–ξ˜’ξ˜—Β΅ξ˜ƒWKLFN
+L '
&KLFNHQ %UHDVWξ˜ξ˜ƒERQHOHVV +L & %URLOξ˜ƒVNLQξ˜ƒVLGHξ˜ƒ
GRZQξ˜ƒILUVWξ˜‘
%UHDVWξ˜ξ˜ƒERQHLQ +L &
)LVKξ˜ƒILOOHWV ξ˜”ξ˜’ξ˜•Β΅ξ˜ƒWRξ˜ƒξ˜”Β΅ξ˜ƒWKLFN +L ' +DQGOHξ˜ƒDQGξ˜ƒWXUQξ˜ƒ
YHU\ξ˜ƒFDUHIXOO\
/R '
3RUNξ˜ƒ
&KRSV
:HOOξ˜ƒ'RQH
ξ˜‹ξ˜”ξ˜šξ˜“ξšƒ)
ξ˜–ξ˜’ξ˜—Β΅ξ˜ƒWKLFN +L ' 7Rξ˜ƒDYRLGξ˜ƒFXUOLQJξ˜ξ˜ƒ
VODVKξ˜ƒIDWξ˜ƒDWξ˜ƒξ˜”Β΅ξ˜ƒ
LQWHUYDOVξ˜‘
ξ˜‹$SSHDUDQFHξ˜ƒPD\ξ˜ƒYDU\
<RXξ˜ƒPD\ξ˜ƒILQGξ˜ƒWKDWξ˜ƒ\RXUξ˜ƒQHZξ˜ƒRYHQξ˜ƒFRRNVξ˜ƒGLIIHUHQWO\ξ˜ƒWKDQξ˜ƒWKHξ˜ƒRQHξ˜ƒLWξ˜ƒUHSODFHGξ˜‘ξ˜ƒ8VHξ˜ƒ\RXUξ˜ƒQHZξ˜ƒRYHQξ˜ƒIRUξ˜ƒDξ˜ƒIHZξ˜ƒZHHNVξ˜ƒWRξ˜ƒEHFRPHξ˜ƒ
PRUHξ˜ƒIDPLOLDUξ˜ƒZLWKξ˜ƒLWξ˜‘ξ˜ƒ,Iξ˜ƒ\RXξ˜ƒVWLOOξ˜ƒWKLQNξ˜ƒ\RXUξ˜ƒQHZξ˜ƒRYHQξ˜ƒLVξ˜ƒWRRξ˜ƒKRWξ˜ƒRUξ˜ƒWRRξ˜ƒFROGξ˜ξ˜ƒ\RXξ˜ƒFDQξ˜ƒDGMXVWξ˜ƒWKHξ˜ƒWKHUPRVWDWξ˜ƒ\RXUVHOIξ˜‘ξ˜ƒ
'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒWKHUPRPHWHUVξ˜ξ˜ƒVXFKξ˜ƒDVξ˜ƒWKRVHξ˜ƒIRXQGξ˜ƒLQξ˜ƒJURFHU\ξ˜ƒVWRUHVξ˜ξ˜ƒWRξ˜ƒFKHFNξ˜ƒWKHξ˜ƒWHPSHUDWXUHξ˜ƒVHWWLQJξ˜ƒRIξ˜ƒ\RXUξ˜ƒRYHQξ˜‘ξ˜ƒξ˜ƒ
7KHVHξ˜ƒWKHUPRPHWHUVξ˜ƒPD\ξ˜ƒYDU\ξ˜ƒξ˜•ξ˜“Β²ξ˜—ξ˜“ξ˜ƒGHJUHHVξ˜‘
127(ξ˜ξ˜ƒ7KLVξ˜ƒDGMXVWPHQWξ˜ƒZLOOξ˜ƒQRWξ˜ƒDIIHFWξ˜ƒWKHξ˜ƒEURLOLQJξ˜ƒWHPSHUDWXUHVξ˜‘
$GMXVWξ˜ƒWKHξ˜ƒRYHQξ˜ƒWKHUPRVWDWΒ³'Rξ˜ƒLWξ˜ƒ\RXUVHOIξ˜„ξ˜ƒ *($SSOLDQFHVξ˜‘FRP
7Rξ˜ƒ$GMXVWξ˜ƒWKHξ˜ƒ7KHUPRVWDW
ξ˜ƒ3XOOξ˜ƒWKHξ˜ƒ NQREξ˜ƒRIIξ˜ƒWKHξ˜ƒUDQJHξ˜ƒ29(1ξ˜ƒ&21752/ξ˜ƒ
DQGξ˜ƒORRNξ˜ƒDWξ˜ƒWKHξ˜ƒEDFNξ˜ƒVLGHξ˜‘ξ˜ƒ7Rξ˜ƒPDNHξ˜ƒDQξ˜ƒ
DGMXVWPHQWξ˜ξ˜ƒORRVHQξ˜ƒξ˜‹DSSUR[LPDWHO\ξ˜ƒRQHξ˜ƒ
WXUQξ˜Œξ˜ξ˜ƒEXWξ˜ƒGRξ˜ƒQRWξ˜ƒFRPSOHWHO\ξ˜ƒUHPRYHξ˜ξ˜ƒWKHξ˜ƒ
WZRξ˜ƒVFUHZVξ˜ƒRQξ˜ƒWKHξ˜ƒEDFNξ˜ƒRIξ˜ƒWKHξ˜ƒNQREξ˜‘
ξ˜ƒ:LWKξ˜ƒWKHξ˜ƒEDFNξ˜ƒRIξ˜ƒWKHξ˜ƒNQREξ˜ƒIDFLQJξ˜ƒ\RXξ˜ξ˜ƒKROGξ˜ƒ
WKHξ˜ƒRXWHUξ˜ƒHGJHξ˜ƒRIξ˜ƒWKHξ˜ƒNQREξ˜ƒZLWKξ˜ƒRQHξ˜ƒKDQGξ˜ƒ
DQGξ˜ƒWXUQξ˜ƒWKHξ˜ƒIURQWξ˜ƒRIξ˜ƒWKHξ˜ƒNQREξ˜ƒZLWKξ˜ƒWKHξ˜ƒ
RWKHUξ˜ƒKDQGξ˜‘
7Rξ˜ƒUDLVHξ˜ƒWKHξ˜ƒRYHQξ˜ƒWHPSHUDWXUHξ˜ξ˜ƒPRYHξ˜ƒWKHξ˜ƒ
WRSξ˜ƒVFUHZξ˜ƒWRZDUGξ˜ƒWKHξ˜ƒULJKWξ˜‘ξ˜ƒ<RXΒ·OOξ˜ƒKHDUξ˜ƒDξ˜ƒ
FOLFNξ˜ƒIRUξ˜ƒHDFKξ˜ƒQRWFKξ˜ƒ\RXξ˜ƒPRYHξ˜ƒWKHξ˜ƒNQREξ˜‘
7Rξ˜ƒORZHUξ˜ƒWKHξ˜ƒWHPSHUDWXUHξ˜ξ˜ƒPRYHξ˜ƒWKHξ˜ƒWRSξ˜ƒ
VFUHZξ˜ƒWRZDUGξ˜ƒWKHξ˜ƒOHIWξ˜‘
(DFKξ˜ƒFOLFNξ˜ƒZLOOξ˜ƒFKDQJHξ˜ƒWKHξ˜ƒRYHQξ˜ƒWHPSHUDWXUHξ˜ƒ
DSSUR[LPDWHO\ξ˜ƒξ˜”ξ˜“ξšƒ)ξ˜‘ξ˜ƒξ˜‹5DQJHξ˜ƒLVξ˜ƒrξ˜ƒξ˜™ξ˜“ξšƒ)ξ˜‘ξ˜ƒIURPξ˜ƒ
WKHξ˜ƒDUURZξ˜‘ξ˜Œξ˜ƒ:Hξ˜ƒVXJJHVWξ˜ƒWKDWξ˜ƒ\RXξ˜ƒPDNHξ˜ƒWKHξ˜ƒ
DGMXVWPHQWξ˜ƒRQHξ˜ƒFOLFNξ˜ƒIURPξ˜ƒWKHξ˜ƒRULJLQDOξ˜ƒVHWWLQJξ˜ƒ
DQGξ˜ƒFKHFNξ˜ƒRYHQξ˜ƒSHUIRUPDQFHξ˜ƒEHIRUHξ˜ƒPDNLQJξ˜ƒ
DQ\ξ˜ƒDGGLWLRQDOξ˜ƒDGMXVWPHQWVξ˜‘
ξ˜ƒ$IWHUξ˜ƒWKHξ˜ƒDGMXVWPHQWξ˜ƒLVξ˜ƒPDGHξ˜ξ˜ƒUHWLJKWHQξ˜ƒ
VFUHZVξ˜ƒVRξ˜ƒWKH\ξ˜ƒDUHξ˜ƒVQXJξ˜ξ˜ƒEXWξ˜ƒEHξ˜ƒFDUHIXOξ˜ƒQRWξ˜ƒ
WRξ˜ƒRYHUWLJKWHQξ˜‘
ξ˜ƒξ˜ƒ5HLQVWDOOξ˜ƒNQREξ˜ƒRQξ˜ƒUDQJHξ˜ƒDQGξ˜ƒFKHFNξ˜ƒ
SHUIRUPDQFHξ˜‘
ξ˜”ξ˜–
0RVWξ˜ƒUHFLSHVξ˜ƒIRUξ˜ƒEDNLQJξ˜ƒKDYHξ˜ƒEHHQξ˜ƒGHYHORSHGξ˜ƒXVLQJξ˜ƒKLJKξ˜ƒIDWξ˜ƒSURGXFWVξ˜ƒVXFKξ˜ƒDVξ˜ƒEXWWHUξ˜ƒRUξ˜ƒPDUJDULQHξ˜ƒξ˜‹ξ˜›ξ˜“ξ˜ˆξ˜ƒIDWξ˜Œξ˜‘ξ˜ƒ,Iξ˜ƒ\RXξ˜ƒ
GHFUHDVHξ˜ƒWKHξ˜ƒIDWξ˜ξ˜ƒWKHξ˜ƒUHFLSHξ˜ƒPD\ξ˜ƒQRWξ˜ƒJLYHξ˜ƒWKHξ˜ƒVDPHξ˜ƒUHVXOWVξ˜ƒDVξ˜ƒZLWKξ˜ƒDξ˜ƒKLJKHUξ˜ƒIDWξ˜ƒSURGXFWξ˜‘
5HFLSHξ˜ƒIDLOXUHξ˜ƒFDQξ˜ƒUHVXOWξ˜ƒLIξ˜ƒFDNHVξ˜ξ˜ƒSLHVξ˜ξ˜ƒSDVWULHVξ˜ξ˜ƒFRRNLHVξ˜ƒRUξ˜ƒFDQGLHVξ˜ƒDUHξ˜ƒPDGHξ˜ƒZLWKξ˜ƒORZξ˜ƒIDWξ˜ƒVSUHDGVξ˜‘ξ˜ƒ7KHξ˜ƒORZHUξ˜ƒWKHξ˜ƒIDWξ˜ƒFRQWHQWξ˜ƒ
RIξ˜ƒDξ˜ƒVSUHDGξ˜ƒSURGXFWξ˜ξ˜ƒWKHξ˜ƒPRUHξ˜ƒQRWLFHDEOHξ˜ƒWKHVHξ˜ƒGLIIHUHQFHVξ˜ƒEHFRPHξ˜‘ξ˜ƒ
)HGHUDOξ˜ƒVWDQGDUGVξ˜ƒUHTXLUHξ˜ƒSURGXFWVξ˜ƒODEHOHGξ˜ƒΒ΄PDUJDULQHΒ΅ξ˜ƒWRξ˜ƒFRQWDLQξ˜ƒDWξ˜ƒOHDVWξ˜ƒξ˜›ξ˜“ξ˜ˆξ˜ƒIDWξ˜ƒE\ξ˜ƒZHLJKWξ˜‘ξ˜ƒ/RZξ˜ƒIDWξ˜ƒVSUHDGVξ˜ξ˜ƒRQξ˜ƒWKHξ˜ƒRWKHUξ˜ƒKDQGξ˜ξ˜ƒ
FRQWDLQξ˜ƒOHVVξ˜ƒIDWξ˜ƒDQGξ˜ƒPRUHξ˜ƒZDWHUξ˜‘ξ˜ƒ7KHξ˜ƒKLJKξ˜ƒPRLVWXUHξ˜ƒFRQWHQWξ˜ƒRIξ˜ƒWKHVHξ˜ƒVSUHDGVξ˜ƒDIIHFWVξ˜ƒWKHξ˜ƒWH[WXUHξ˜ƒDQGξ˜ƒIODYRUξ˜ƒRIξ˜ƒEDNHGξ˜ƒJRRGVξ˜‘ξ˜ƒ)RUξ˜ƒEHVWξ˜ƒ
UHVXOWVξ˜ƒZLWKξ˜ƒ\RXUξ˜ƒROGξ˜ƒIDYRULWHξ˜ƒUHFLSHVξ˜ξ˜ƒXVHξ˜ƒPDUJDULQHξ˜ξ˜ƒEXWWHUξ˜ƒRUξ˜ƒVWLFNξ˜ƒVSUHDGVξ˜ƒFRQWDLQLQJξ˜ƒDWξ˜ƒOHDVWξ˜ƒξ˜šξ˜“ξ˜ˆξ˜ƒYHJHWDEOHξ˜ƒRLOξ˜‘
7KHξ˜ƒW\SHξ˜ƒRIξ˜ƒPDUJDULQHξ˜ƒZLOOξ˜ƒDIIHFWξ˜ƒEDNLQJξ˜ƒSHUIRUPDQFHξ˜„
ξ˜”ξ˜—
&DUHξ˜ƒDQGξ˜ƒFOHDQLQJξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ
6WDQGDUGξ˜ƒ7ZLQξ˜ƒ%XUQHUξ˜ƒ$VVHPEOLHVξ˜ƒξ˜‹RQξ˜ƒVRPHξ˜ƒPRGHOV
2Qξ˜ƒPRGHOVξ˜ƒZLWKξ˜ƒVWDQGDUGξ˜ƒWZLQξ˜ƒEXUQHUVξ˜ξ˜ƒWKHξ˜ƒ
FRRNWRSξ˜ƒOLIWVξ˜ƒXSξ˜ƒIRUξ˜ƒHDV\ξ˜ƒDFFHVVξ˜‘
7XUQξ˜ƒDOOξ˜ƒFRQWUROVξ˜ƒ2))ξ˜ƒ EHIRUHξ˜ƒUHPRYLQJξ˜ƒEXUQHUξ˜ƒ
SDUWVξ˜ƒDQGξ˜ƒGULSξ˜ƒSDQVξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒHTXLSSHGξ˜Œξ˜‘
7KHξ˜ƒEXUQHUξ˜ƒJUDWHVξ˜ƒDQGξ˜ƒGULSξ˜ƒSDQVξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒHTXLSSHGξ˜Œξ˜ƒ
FDQξ˜ƒEHξ˜ƒOLIWHGξ˜ƒRIIξ˜ξ˜ƒPDNLQJξ˜ƒWKHPξ˜ƒHDV\ξ˜ƒWRξ˜ƒFOHDQξ˜‘
7KHξ˜ƒKROHVξ˜ƒLQξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜ƒRIξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒ
PXVWξ˜ƒEHξ˜ƒNHSWξ˜ƒFOHDQξ˜ƒDWξ˜ƒDOOξ˜ƒWLPHVξ˜ƒIRUξ˜ƒSURSHUξ˜ƒ
LJQLWLRQξ˜ƒDQGξ˜ƒDQξ˜ƒHYHQξ˜ξ˜ƒXQKDPSHUHGξ˜ƒIODPHξ˜‘
<RXξ˜ƒVKRXOGξ˜ƒFOHDQξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜ƒURXWLQHO\ξ˜ξ˜ƒ
HVSHFLDOO\ξ˜ƒDIWHUξ˜ƒEDGξ˜ƒVSLOORYHUVξ˜ξ˜ƒZKLFKξ˜ƒFRXOGξ˜ƒFORJξ˜ƒ
WKHVHξ˜ƒKROHVξ˜‘ξ˜ƒ
:LSHξ˜ƒRIIξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜‘ξ˜ƒ,Iξ˜ƒKHDY\ξ˜ƒVSLOORYHUξ˜ƒ
RFFXUVξ˜ξ˜ƒUHPRYHξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜ƒIURPξ˜ƒWKHξ˜ƒ
UDQJHξ˜‘ξ˜ƒ%XUQHUVξ˜ƒOLIWξ˜ƒRXWξ˜ƒIRUξ˜ƒFOHDQLQJξ˜‘ξ˜ƒ/LIWξ˜ƒXSξ˜ƒWKHξ˜ƒ
FRRNWRSξ˜ƒDQGξ˜ƒWKHQξ˜ƒOLIWξ˜ƒRXWξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUVξ˜‘
7Rξ˜ƒUHPRYHξ˜ƒEXUQHGRQξ˜ƒIRRGξ˜ξ˜ƒVRDNξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒ
EXUQHUξ˜ƒLQξ˜ƒDξ˜ƒVROXWLRQξ˜ƒRIξ˜ƒPLOGξ˜ƒOLTXLGξ˜ƒGHWHUJHQWξ˜ƒDQGξ˜ƒ
KRWξ˜ƒZDWHUξ˜‘ξ˜ƒ6RDNξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUξ˜ƒIRUξ˜ƒξ˜•ξ˜“Β²ξ˜–ξ˜“ξ˜ƒ
PLQXWHVξ˜‘ξ˜ƒ
)RUξ˜ƒPRUHξ˜ƒVWXEERUQξ˜ƒVWDLQVξ˜ξ˜ƒXVHξ˜ƒDξ˜ƒFOHDQVHUξ˜ƒOLNHξ˜ƒ
6RIWξ˜ƒ6FUXEξšŠξ˜ƒEUDQGξ˜ƒRUξ˜ƒ%RQξ˜ƒ$PLξšŠξ˜ƒEUDQGξ˜‘ξ˜ƒ5LQVHξ˜ƒZHOOξ˜ƒ
WRξ˜ƒUHPRYHξ˜ƒDQ\ξ˜ƒWUDFHVξ˜ƒRIξ˜ƒWKHξ˜ƒFOHDQVHUξ˜ƒWKDWξ˜ƒPLJKWξ˜ƒ
FORJξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUξ˜ƒRSHQLQJVξ˜‘ξ˜ƒ
'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒVWHHOξ˜ƒZRROξ˜ƒEHFDXVHξ˜ƒLWξ˜ƒZLOOξ˜ƒFORJξ˜ƒWKHξ˜ƒ
VXUIDFHξ˜ƒEXUQHUξ˜ƒRSHQLQJVξ˜ƒDQGξ˜ƒVFUDWFKξ˜ƒWKHξ˜ƒ
VXUIDFHξ˜ƒEXUQHUVξ˜‘ξ˜ƒ,Iξ˜ƒWKHξ˜ƒKROHVξ˜ƒEHFRPHξ˜ƒFORJJHGξ˜ξ˜ƒ
FOHDQξ˜ƒWKHPξ˜ƒZLWKξ˜ƒDξ˜ƒVHZLQJξ˜ƒQHHGOHξ˜ƒRUξ˜ƒWZLVWWLHξ˜‘
%HIRUHξ˜ƒSXWWLQJξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒEXUQHUξ˜ƒEDFNξ˜ξ˜ƒVKDNHξ˜ƒ
RXWξ˜ƒH[FHVVξ˜ƒZDWHUξ˜ƒDQGξ˜ƒWKHQξ˜ƒGU\ξ˜ƒLWξ˜ƒWKRURXJKO\ξ˜ƒE\ξ˜ƒ
VHWWLQJξ˜ƒLWξ˜ƒLQξ˜ƒDξ˜ƒZDUPξ˜ƒRYHQξ˜ƒIRUξ˜ƒξ˜–ξ˜“ξ˜ƒPLQXWHVξ˜‘ξ˜ƒ7KHQξ˜ƒ
SODFHξ˜ƒLWξ˜ƒEDFNξ˜ƒLQξ˜ƒWKHξ˜ƒUDQJHξ˜ξ˜ƒPDNLQJξ˜ƒVXUHξ˜ƒLWξ˜ƒLVξ˜ƒ
SURSHUO\ξ˜ƒVHDWHGξ˜ƒDQGξ˜ƒOHYHOξ˜‘
&KHFNξ˜ƒWKHξ˜ƒIODPHξ˜ƒSDWWHUQξ˜ƒRIξ˜ƒHDFKξ˜ƒEXUQHUξ˜‘ξ˜ƒ,Iξ˜ƒWKHξ˜ƒ
IODPHVξ˜ƒDUHξ˜ƒΒ΄MXPS\Β΅ξ˜ƒξ˜‹QRWξ˜ƒVWHDG\ξ˜Œξ˜ξ˜ƒFOHDQξ˜ƒWKHξ˜ƒKROHVξ˜ƒ
DJDLQξ˜ƒZLWKξ˜ƒDξ˜ƒVHZLQJξ˜ƒQHHGOHξ˜ƒRUξ˜ƒWZLVWWLHξ˜‘
*UDWH
'ULSξ˜ƒSDQξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒHTXLSSHG
6XUIDFHξ˜ƒEXUQHU
&$87,21ξ˜ξ˜ƒ
'Rξ˜ƒQRWξ˜ƒRSHUDWHξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒZLWKRXWξ˜ƒ
DOOξ˜ƒEXUQHUξ˜ƒSDUWVξ˜ξ˜ƒGULSξ˜ƒSDQVξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒ
HTXLSSHGξ˜Œξ˜ƒDQGξ˜ƒJUDWHVξ˜ƒLQξ˜ƒSODFHξ˜‘
&OHDQξ˜ƒWKHVHξ˜ƒKROHVξ˜ƒWKRURXJKO\ξ˜ƒRQξ˜ƒ
HDFKξ˜ƒEXUQHUξ˜‘
'ULSξ˜ƒ3DQVξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒHTXLSSHG
5HPRYHξ˜ƒWKHξ˜ƒJUDWHVξ˜ƒDQGξ˜ƒOLIWξ˜ƒRXWξ˜ƒWKHξ˜ƒGULSξ˜ƒSDQVξ˜‘ξ˜ƒ
'ULSξ˜ƒSDQVξ˜ƒFDQξ˜ƒEHξ˜ƒFOHDQHGξ˜ƒLQξ˜ƒDξ˜ƒGLVKZDVKHUξ˜ƒRUξ˜ƒE\ξ˜ƒ
KDQGξ˜‘
:KHQξ˜ƒUHSODFLQJξ˜ƒWKHξ˜ƒGULSξ˜ƒSDQVξ˜ξ˜ƒPDNHξ˜ƒVXUHξ˜ƒWKH\ξ˜ƒ
DUHξ˜ƒLQξ˜ƒWKHξ˜ƒFRUUHFWξ˜ƒSRVLWLRQξ˜‘
7Rξ˜ƒJHWξ˜ƒULGξ˜ƒRIξ˜ƒEXUQHGRQξ˜ƒIRRGξ˜ξ˜ƒSODFHξ˜ƒWKHPξ˜ƒLQξ˜ƒDξ˜ƒ
FRYHUHGξ˜ƒFRQWDLQHUξ˜ƒξ˜‹RUξ˜ƒSODVWLFξ˜ƒEDJξ˜Œξ˜ƒZLWKξ˜ƒξ˜”ξ˜’ξ˜—ξ˜ƒFXSξ˜ƒ
DPPRQLDξ˜ƒWRξ˜ƒORRVHQξ˜ƒWKHξ˜ƒVRLOξ˜‘ξ˜ƒ7KHQξ˜ƒVFUXEξ˜ƒZLWKξ˜ƒDξ˜ƒ
VRDSILOOHGξ˜ƒVFRXULQJξ˜ƒSDGξ˜ƒLIξ˜ƒQHFHVVDU\ξ˜‘
&$87,21ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒFOHDQξ˜ƒWKHξ˜ƒGULSξ˜ƒ
SDQVξ˜ƒLQξ˜ƒDξ˜ƒVHOIFOHDQLQJξ˜ƒRYHQξ˜‘
)RUξ˜ƒFOHDQLQJξ˜ƒLQIRUPDWLRQξ˜ƒRQξ˜ƒVHDOHGξ˜ƒ
EXUQHUVξ˜ξ˜ƒVHHξ˜ƒQH[Wξ˜ƒVHFWLRQξ˜‘ξ˜ƒ6HDOHGξ˜ƒEXUQHUξ˜ƒ
FRRNWRSVξ˜ƒGRξ˜ƒQRWξ˜ƒOLIWξ˜ƒXSξ˜‘
%Hξ˜ƒVXUHξ˜ƒHOHFWULFDOξ˜ƒSRZHUξ˜ƒLVξ˜ƒRIIξ˜ƒDQGξ˜ƒDOOξ˜ƒVXUIDFHVξ˜ƒDUHξ˜ƒFRROξ˜ƒEHIRUHξ˜ƒFOHDQLQJξ˜ƒDQ\ξ˜ƒSDUWξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘
ξ˜ƒ:$51,1*ξ˜ƒξ˜ƒ,Iξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒLVξ˜ƒUHPRYHGξ˜ƒIRUξ˜ƒFOHDQLQJξ˜ξ˜ƒVHUYLFLQJξ˜ƒRUξ˜ƒDQ\ξ˜ƒUHDVRQξ˜ξ˜ƒEHξ˜ƒ
VXUHξ˜ƒWKHξ˜ƒDQWLWLSξ˜ƒGHYLFHξ˜ƒLVξ˜ƒUHHQJDJHGξ˜ƒSURSHUO\ξ˜ƒZKHQξ˜ƒWKHξ˜ƒUDQJHξ˜ƒLVξ˜ƒUHSODFHGξ˜‘ξ˜ƒ)DLOXUHξ˜ƒWRξ˜ƒWDNHξ˜ƒ
WKLVξ˜ƒSUHFDXWLRQξ˜ƒFRXOGξ˜ƒUHVXOWξ˜ƒLQξ˜ƒWLSSLQJξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜ƒDQGξ˜ƒFDXVHξ˜ƒLQMXU\ξ˜‘
7Rξ˜ƒFKHFNξ˜ƒLIξ˜ƒWKHξ˜ƒEUDFNHWξ˜ƒLVξ˜ƒLQVWDOOHGξ˜ƒDQGξ˜ƒHQJDJHGξ˜ƒSURSHUO\ξ˜ξ˜ƒFDUHIXOO\ξ˜ƒWLSξ˜ƒWKHξ˜ƒUDQJHξ˜ƒIRUZDUGξ˜‘ξ˜ƒ7KHξ˜ƒ
EUDFNHWξ˜ƒVKRXOGξ˜ƒVWRSξ˜ƒWKHξ˜ƒUDQJHξ˜ƒZLWKLQξ˜ƒξ˜—ξ˜ƒLQFKHVξ˜‘ξ˜ƒ,Iξ˜ƒLWξ˜ƒGRHVξ˜ƒQRWξ˜ξ˜ƒWKHξ˜ƒEUDFNHWξ˜ƒPXVWξ˜ƒEHξ˜ƒUHLQVWDOOHGξ˜‘
,Iξ˜ƒWKHξ˜ƒUDQJHξ˜ƒLVξ˜ƒSXOOHGξ˜ƒIURPξ˜ƒWKHξ˜ƒZDOOξ˜ƒIRUξ˜ƒDQ\ξ˜ƒUHDVRQξ˜ξ˜ƒDOZD\Vξ˜ƒUHSHDWξ˜ƒWKLVξ˜ƒSURFHGXUHξ˜ƒWRξ˜ƒYHULI\ξ˜ƒWKHξ˜ƒ
UDQJHξ˜ƒLVξ˜ƒSURSHUO\ξ˜ƒVHFXUHGξ˜ƒE\ξ˜ƒWKHξ˜ƒDQWLWLSξ˜ƒEUDFNHWξ˜‘
,Iξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒKDVξ˜ƒQRξ˜ƒDQWLWLSξ˜ƒEUDFNHWξ˜ξ˜ƒFDOOξ˜ƒξ˜”ξ˜‘ξ˜›ξ˜“ξ˜“ξ˜‘ξ˜™ξ˜•ξ˜™ξ˜‘ξ˜›ξ˜šξ˜šξ˜—ξ˜ƒWRξ˜ƒUHFHLYHξ˜ƒRQHξ˜ƒDWξ˜ƒQRξ˜ƒFRVWξ˜‘
ξ˜”ξ˜˜
*UDWH
%XUQHUξ˜ƒKHDG
%XUQHUξ˜ƒFDS
&RRNWRS
'ULSξ˜ƒSDQξ˜ƒξ˜‹LIξ˜ƒξ˜ƒ
VRξ˜ƒHTXLSSHG
(OHFWURGH
%XUQHUξ˜ƒ*UDWHV
/LIWξ˜ƒRXWξ˜ƒZKHQξ˜ƒFRROξ˜‘ξ˜ƒ*UDWHVξ˜ƒVKRXOGξ˜ƒEHξ˜ƒZDVKHGξ˜ƒ
UHJXODUO\ξ˜ƒDQGξ˜ξ˜ƒRIξ˜ƒFRXUVHξ˜ξ˜ƒDIWHUξ˜ƒVSLOORYHUVξ˜‘ξ˜ƒ:DVKξ˜ƒ
WKHPξ˜ƒLQξ˜ƒKRWξ˜ξ˜ƒVRDS\ξ˜ƒZDWHUξ˜ƒDQGξ˜ƒULQVHξ˜ƒZLWKξ˜ƒFOHDQξ˜ƒ
ZDWHUξ˜‘ξ˜ƒ$IWHUξ˜ƒFOHDQLQJξ˜ξ˜ƒGU\ξ˜ƒWKHPξ˜ƒWKRURXJKO\ξ˜ƒE\ξ˜ƒ
SXWWLQJξ˜ƒWKHPξ˜ƒLQξ˜ƒDξ˜ƒZDUPξ˜ƒRYHQξ˜ƒIRUξ˜ƒDξ˜ƒIHZξ˜ƒPLQXWHVξ˜‘ξ˜ƒ
'RQΒ·Wξ˜ƒSXWξ˜ƒWKHξ˜ƒJUDWHVξ˜ƒEDFNξ˜ƒRQξ˜ƒWKHξ˜ƒUDQJHξ˜ƒZKLOHξ˜ƒ
WKH\ξ˜ƒDUHξ˜ƒZHWξ˜‘ξ˜ƒ:KHQξ˜ƒUHSODFLQJξ˜ƒWKHξ˜ƒJUDWHVξ˜ξ˜ƒEHξ˜ƒ
VXUHξ˜ƒWKH\ξ˜ƒDUHξ˜ƒSRVLWLRQHGξ˜ƒVHFXUHO\ξ˜ƒRYHUξ˜ƒWKHξ˜ƒ
EXUQHUVξ˜‘
'Rξ˜ƒQRWξ˜ƒRSHUDWHξ˜ƒDξ˜ƒEXUQHUξ˜ƒIRUξ˜ƒDQξ˜ƒH[WHQGHGξ˜ƒSHULRGξ˜ƒ
RIξ˜ƒWLPHξ˜ƒZLWKRXWξ˜ƒFRRNZDUHξ˜ƒRQξ˜ƒWKHξ˜ƒJUDWHξ˜‘ξ˜ƒ7KHξ˜ƒ
ILQLVKξ˜ƒRQξ˜ƒWKHξ˜ƒJUDWHξ˜ƒPD\ξ˜ƒFKLSξ˜ƒZLWKRXWξ˜ƒFRRNZDUHξ˜ƒ
WRξ˜ƒDEVRUEξ˜ƒWKHξ˜ƒKHDWξ˜‘
7Rξ˜ƒJHWξ˜ƒULGξ˜ƒRIξ˜ƒEXUQHGRQξ˜ƒIRRGξ˜ξ˜ƒSODFHξ˜ƒWKHξ˜ƒJUDWHVξ˜ƒLQξ˜ƒ
Dξ˜ƒFRYHUHGξ˜ƒFRQWDLQHUξ˜‘ξ˜ƒ$GGξ˜ƒξ˜”ξ˜’ξ˜—ξ˜ƒFXSξ˜ƒDPPRQLDξ˜ƒDQGξ˜ƒ
OHWξ˜ƒWKHPξ˜ƒVRDNξ˜ƒVHYHUDOξ˜ƒKRXUVξ˜ƒRUξ˜ƒRYHUQLJKWξ˜‘ξ˜ƒ:DVKξ˜ξ˜ƒ
ULQVHξ˜ƒZHOOξ˜ƒDQGξ˜ƒGU\ξ˜‘ξ˜ƒ
$OWKRXJKξ˜ƒWKH\ξ˜ƒDUHξ˜ƒGXUDEOHξ˜ξ˜ƒWKHξ˜ƒJUDWHVξ˜ƒZLOOξ˜ƒ
JUDGXDOO\ξ˜ƒORVHξ˜ƒWKHLUξ˜ƒVKLQHξ˜ξ˜ƒUHJDUGOHVVξ˜ƒRIξ˜ƒWKHξ˜ƒ
EHVWξ˜ƒFDUHξ˜ƒ\RXξ˜ƒFDQξ˜ƒJLYHξ˜ƒWKHPξ˜‘ξ˜ƒ7KLVξ˜ƒLVξ˜ƒGXHξ˜ƒWRξ˜ƒWKHLUξ˜ƒ
FRQWLQXDOξ˜ƒH[SRVXUHξ˜ƒWRξ˜ƒKLJKξ˜ƒWHPSHUDWXUHVξ˜‘ξ˜ƒ<RXξ˜ƒ
ZLOOξ˜ƒQRWLFHξ˜ƒWKLVξ˜ƒVRRQHUξ˜ƒZLWKξ˜ƒOLJKWHUξ˜ƒFRORUξ˜ƒJUDWHVξ˜‘
127(ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒFOHDQξ˜ƒWKHξ˜ƒJUDWHVξ˜ƒLQξ˜ƒDξ˜ƒVHOIFOHDQLQJξ˜ƒ
RYHQξ˜‘
ξ˜ƒ*($SSOLDQFHVξ˜‘FRP
6HDOHGξ˜ƒ%XUQHUξ˜ƒ$VVHPEOLHVξ˜ƒξ˜‹RQξ˜ƒVRPHξ˜ƒPRGHOV
7XUQξ˜ƒDOOξ˜ƒFRQWUROVξ˜ƒ2))ξ˜ƒ EHIRUHξ˜ƒUHPRYLQJξ˜ƒWKHξ˜ƒ
EXUQHUξ˜ƒSDUWVξ˜ƒDQGξ˜ƒGULSξ˜ƒSDQVξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒHTXLSSHGξ˜Œξ˜‘
7KHξ˜ƒEXUQHUξ˜ƒJUDWHVξ˜ξ˜ƒFDSVξ˜ξ˜ƒEXUQHUξ˜ƒKHDGVξ˜ƒDQGξ˜ƒGULSξ˜ƒ
SDQVξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒHTXLSSHGξ˜Œξ˜ƒFDQξ˜ƒEHξ˜ƒOLIWHGξ˜ƒRIIξ˜ξ˜ƒPDNLQJξ˜ƒ
WKHPξ˜ƒHDV\ξ˜ƒWRξ˜ƒFOHDQξ˜‘ξ˜ƒ7KHξ˜ƒHOHFWURGHVξ˜ƒDUHξ˜ƒQRWξ˜ƒ
UHPRYDEOHξ˜‘
127(ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒVWHHOξ˜ƒZRROξ˜ƒRUξ˜ƒVFRXULQJξ˜ƒ
SRZGHUVξ˜ƒWRξ˜ƒFOHDQξ˜ƒWKHξ˜ƒEXUQHUVξ˜‘
&$87,21ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒRSHUDWHξ˜ƒWKHξ˜ƒ
FRRNWRSξ˜ƒZLWKRXWξ˜ƒDOOξ˜ƒEXUQHUξ˜ƒSDUWVξ˜ξ˜ƒGULSξ˜ƒSDQVξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒ
HTXLSSHGξ˜Œξ˜ƒDQGξ˜ƒJUDWHVξ˜ƒLQξ˜ƒSODFHξ˜‘
127(ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒOLIWξ˜ƒWKHξ˜ƒFRRNWRSξ˜‘ξ˜ƒ/LIWLQJξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒ
RQξ˜ƒVHDOHGξ˜ƒEXUQHUξ˜ƒPRGHOVξ˜ƒFDQξ˜ƒOHDGξ˜ƒWRξ˜ƒGDPDJHξ˜ƒ
DQGξ˜ƒLPSURSHUξ˜ƒRSHUDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘
7KHξ˜ƒHOHFWURGHξ˜ƒRIξ˜ƒWKHξ˜ƒVSDUNξ˜ƒLJQLWHUξ˜ƒLVξ˜ƒ
H[SRVHGξ˜ƒZKHQξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒKHDGξ˜ƒLVξ˜ƒ
UHPRYHGξ˜‘ξ˜ƒ:KHQξ˜ƒRQHξ˜ƒEXUQHUξ˜ƒLVξ˜ƒWXUQHGξ˜ƒ
WRξ˜ƒ/,7(ξ˜ξ˜ƒ DOOξ˜ƒWKHξ˜ƒEXUQHUVξ˜ƒVSDUNξ˜‘ξ˜ƒ'Rξ˜ƒ
QRWξ˜ƒDWWHPSWξ˜ƒWRξ˜ƒGLVDVVHPEOHξ˜ƒRUξ˜ƒFOHDQξ˜ƒ
DURXQGξ˜ƒDQ\ξ˜ƒEXUQHUξ˜ƒZKLOHξ˜ƒDQRWKHUξ˜ƒ
EXUQHUξ˜ƒLVξ˜ƒRQξ˜‘ξ˜ƒ$Qξ˜ƒHOHFWULFξ˜ƒVKRFNξ˜ƒPD\ξ˜ƒ
UHVXOWξ˜ξ˜ƒZKLFKξ˜ƒFRXOGξ˜ƒFDXVHξ˜ƒ\RXξ˜ƒWRξ˜ƒNQRFNξ˜ƒ
RYHUξ˜ƒKRWξ˜ƒFRRNZDUHξ˜‘
(OHFWURGH
ξ˜”ξ˜™
&DUHξ˜ƒDQGξ˜ƒFOHDQLQJξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ
%XUQHUξ˜ƒ&DSVξ˜ƒDQGξ˜ƒ+HDGVξ˜ƒξ˜‹RQξ˜ƒVHDOHGξ˜ƒEXUQHUVξ˜ƒRQO\
127(ξ˜ξ˜ƒ%HIRUHξ˜ƒUHPRYLQJξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒFDSVξ˜ƒ
DQGξ˜ƒKHDGVξ˜ξ˜ƒUHPHPEHUξ˜ƒWKHLUξ˜ƒVL]Hξ˜ƒDQGξ˜ƒ
ORFDWLRQξ˜‘ξ˜ƒ5HSODFHξ˜ƒWKHPξ˜ƒLQξ˜ƒWKHξ˜ƒVDPHξ˜ƒ
ORFDWLRQξ˜ƒDIWHUξ˜ƒFOHDQLQJξ˜‘
%XUQHUξ˜ƒFDSV
/LIWξ˜ƒRIIξ˜ƒZKHQξ˜ƒFRROξ˜‘ξ˜ƒ:DVKξ˜ƒEXUQHUξ˜ƒFDSVξ˜ƒLQξ˜ƒKRWξ˜ξ˜ƒ
VRDS\ξ˜ƒZDWHUξ˜ƒDQGξ˜ƒULQVHξ˜ƒZLWKξ˜ƒFOHDQξ˜ƒZDWHUξ˜‘ξ˜ƒ<RXξ˜ƒ
PD\ξ˜ƒVFRXUξ˜ƒZLWKξ˜ƒDξ˜ƒSODVWLFξ˜ƒVFRXULQJξ˜ƒSDGξ˜ƒWRξ˜ƒ
UHPRYHξ˜ƒEXUQHGRQξ˜ƒIRRGξ˜ƒSDUWLFOHVξ˜‘
%XUQHUξ˜ƒKHDGV
)RUξ˜ƒSURSHUξ˜ƒLJQLWLRQξ˜ξ˜ƒPDNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒVPDOOξ˜ƒKROHξ˜ƒLQξ˜ƒ
WKHξ˜ƒVHFWLRQξ˜ƒWKDWξ˜ƒILWVξ˜ƒRYHUξ˜ƒWKHξ˜ƒHOHFWURGHξ˜ƒLVξ˜ƒNHSWξ˜ƒ
RSHQξ˜‘ξ˜ƒ$ξ˜ƒVHZLQJξ˜ƒQHHGOHξ˜ƒRUξ˜ƒZLUHξ˜ƒWZLVWWLHξ˜ƒZRUNVξ˜ƒ
ZHOOξ˜ƒWRξ˜ƒXQFORJξ˜ƒLWξ˜‘
7KHξ˜ƒVOLWVξ˜ƒLQξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒKHDGVξ˜ƒPXVWξ˜ƒEHξ˜ƒNHSWξ˜ƒFOHDQξ˜ƒξ˜ƒ
DWξ˜ƒDOOξ˜ƒWLPHVξ˜ƒIRUξ˜ƒDQξ˜ƒHYHQξ˜ξ˜ƒXQKDPSHUHGξ˜ƒIODPHξ˜‘
&ORJJHGξ˜ƒRUξ˜ƒGLUW\ξ˜ƒEXUQHUξ˜ƒSRUWVξ˜ƒRUξ˜ƒHOHFWURGHVξ˜ƒZLOOξ˜ƒ
QRWξ˜ƒDOORZξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒWRξ˜ƒRSHUDWHξ˜ƒSURSHUO\ξ˜‘
$Q\ξ˜ƒVSLOOξ˜ƒRQξ˜ƒRUξ˜ƒDURXQGξ˜ƒDQξ˜ƒHOHFWURGHξ˜ƒPXVWξ˜ƒ
EHξ˜ƒFDUHIXOO\ξ˜ƒFOHDQHGξ˜‘ξ˜ƒ7DNHξ˜ƒFDUHξ˜ƒWRξ˜ƒQRWξ˜ƒKLWξ˜ƒDQξ˜ƒ
HOHFWURGHξ˜ƒZLWKξ˜ƒDQ\WKLQJξ˜ƒKDUGξ˜ƒRUξ˜ƒLWξ˜ƒFRXOGξ˜ƒEHξ˜ƒ
GDPDJHGξ˜‘
<RXξ˜ƒVKRXOGξ˜ƒFOHDQξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒFDSVξ˜ƒDQGξ˜ƒEXUQHUξ˜ƒ
KHDGVξ˜ƒURXWLQHO\ξ˜ξ˜ƒHVSHFLDOO\ξ˜ƒDIWHUξ˜ƒEDGξ˜ƒVSLOORYHUVξ˜ξ˜ƒ
ZKLFKξ˜ƒFRXOGξ˜ƒFORJξ˜ƒWKHξ˜ƒRSHQLQJVξ˜ƒLQξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒ
KHDGVξ˜‘ξ˜ƒ/LIWξ˜ƒRIIξ˜ƒZKHQξ˜ƒFRROξ˜‘
7Rξ˜ƒUHPRYHξ˜ƒEXUQHGRQξ˜ƒIRRGξ˜ξ˜ƒVRDNξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒ
KHDGVξ˜ƒLQξ˜ƒDξ˜ƒVROXWLRQξ˜ƒRIξ˜ƒPLOGξ˜ƒOLTXLGξ˜ƒGHWHUJHQWξ˜ƒ
DQGξ˜ƒKRWξ˜ƒZDWHUξ˜ƒIRUξ˜ƒξ˜•ξ˜“Β²ξ˜–ξ˜“ξ˜ƒPLQXWHVξ˜‘ξ˜ƒ)RUξ˜ƒPRUHξ˜ƒ
VWXEERUQξ˜ƒVWDLQVξ˜ξ˜ƒXVHξ˜ƒDξ˜ƒWRRWKEUXVKξ˜‘
$IWHUξ˜ƒFOHDQLQJ
%HIRUHξ˜ƒSXWWLQJξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒFDSVξ˜ƒDQGξ˜ƒKHDGVξ˜ƒEDFNξ˜ξ˜ƒ
VKDNHξ˜ƒRXWξ˜ƒH[FHVVξ˜ƒZDWHUξ˜ƒDQGξ˜ƒWKHQξ˜ƒGU\ξ˜ƒWKHPξ˜ƒ
WKRURXJKO\ξ˜ƒE\ξ˜ƒVHWWLQJξ˜ƒLQξ˜ƒDξ˜ƒZDUPξ˜ƒRYHQξ˜ƒIRUξ˜ƒξ˜–ξ˜“ξ˜ƒ
PLQXWHVξ˜‘
127(ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒVWHHOξ˜ƒZRROξ˜ƒRUξ˜ƒVFRXULQJξ˜ƒ
SRZGHUVξ˜ƒWRξ˜ƒFOHDQξ˜ƒWKHξ˜ƒEXUQHUVξ˜‘
5HSODFHPHQW
5HSODFHξ˜ƒEXUQHUξ˜ƒKHDGVξ˜ƒRYHUξ˜ƒWKHξ˜ƒHOHFWURGHVξ˜ƒRQξ˜ƒ
WKHξ˜ƒFRRNWRSξ˜ξ˜ƒLQξ˜ƒWKHξ˜ƒFRUUHFWξ˜ƒORFDWLRQVξ˜ƒDFFRUGLQJξ˜ƒ
WRξ˜ƒWKHLUξ˜ƒVL]Hξ˜‘
0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒVORWξ˜ƒLQξ˜ƒWKHξ˜ƒEXUQHUξ˜ƒKHDGξ˜ƒLVξ˜ƒ
SRVLWLRQHGξ˜ƒRYHUξ˜ƒWKHξ˜ƒHOHFWURGHξ˜‘
5HSODFHξ˜ƒWKHξ˜ƒPDWFKLQJξ˜ƒVL]Hξ˜ƒFDSVξ˜ƒRQWRξ˜ƒWKHξ˜ƒKHDGVξ˜‘ξ˜ƒ
7KHUHξ˜ƒLVξ˜ƒRQHξ˜ƒVPDOOξ˜ξ˜ƒWZRξ˜ƒPHGLXPξ˜ƒDQGξ˜ƒRQHξ˜ƒODUJHξ˜ƒ
FDSξ˜‘ξ˜ƒ6L]HVξ˜ƒDUHξ˜ƒVWDPSHGξ˜ƒLQWRξ˜ƒWKHξ˜ƒERWWRPξ˜ƒRIξ˜ƒWKHξ˜ƒ
FDSVξ˜‘
0DNHξ˜ƒVXUHξ˜ƒWKDWξ˜ƒWKHξ˜ƒKHDGVξ˜ƒDQGξ˜ƒFDSVξ˜ƒDUHξ˜ƒ
UHSODFHGξ˜ƒLQξ˜ƒWKHξ˜ƒFRUUHFWξ˜ƒORFDWLRQVξ˜‘
127(ξ˜ξ˜ƒ2Qξ˜ƒVRPHξ˜ƒPRGHOVξ˜ξ˜ƒWKHξ˜ƒEXUQHUVξ˜ƒDUHξ˜ƒDOOξ˜ƒWKHξ˜ƒ
VDPHξ˜ƒVL]Hξ˜ƒDQGξ˜ƒSRZHUξ˜‘
8VHξ˜ƒDξ˜ƒVHZLQJξ˜ƒQHHGOHξ˜ƒRUξ˜ƒWZLVWWLHξ˜ƒξ˜ƒ
WRξ˜ƒXQFORJξ˜ƒWKHξ˜ƒVPDOOξ˜ƒKROHξ˜ƒLQξ˜ƒWKHξ˜ƒ
EXUQHUξ˜ƒKHDGξ˜‘
0HGLXPξ˜ƒKHDG
)URQWξ˜ƒRIξ˜ƒUDQJH
0HGLXPξ˜ƒKHDG
6PDOOξ˜ƒ
KHDG
/DUJHξ˜ƒKHDG
0HGLXPξ˜ƒFDS
)URQWξ˜ƒRIξ˜ƒUDQJH
0HGLXPξ˜ƒFDS
6PDOOξ˜ƒFDS
/DUJHξ˜ƒFDS
ξ˜”ξ˜š
ξ˜ƒ*($SSOLDQFHVξ˜‘FRP
&RRNWRSξ˜ƒ6XUIDFH
7Rξ˜ƒDYRLGξ˜ƒGDPDJLQJξ˜ƒWKHξ˜ƒSRUFHODLQξ˜ƒHQDPHOξ˜ƒ
VXUIDFHξ˜ƒRIξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒDQGξ˜ƒWRξ˜ƒSUHYHQWξ˜ƒLWξ˜ƒIURPξ˜ƒ
EHFRPLQJξ˜ƒGXOOξ˜ξ˜ƒFOHDQξ˜ƒXSξ˜ƒVSLOOVξ˜ƒULJKWξ˜ƒDZD\ξ˜‘ξ˜ƒ)RRGVξ˜ƒ
ZLWKξ˜ƒDξ˜ƒORWξ˜ƒRIξ˜ƒDFLGξ˜ƒξ˜‹WRPDWRHVξ˜ξ˜ƒVDXHUNUDXWξ˜ξ˜ƒIUXLWξ˜ƒ
MXLFHVξ˜ξ˜ƒHWFξ˜‘ξ˜Œξ˜ƒRUξ˜ƒIRRGVξ˜ƒZLWKξ˜ƒKLJKξ˜ƒVXJDUξ˜ƒFRQWHQWξ˜ƒ
FRXOGξ˜ƒFDXVHξ˜ƒDξ˜ƒGXOOξ˜ƒVSRWξ˜ƒξ˜ƒ
LIξ˜ƒDOORZHGξ˜ƒWRξ˜ƒVHWξ˜‘
:KHQξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒKDVξ˜ƒFRROHGξ˜ξ˜ƒZDVKξ˜ƒDQGξ˜ƒULQVHξ˜‘ξ˜ƒ
)RUξ˜ƒRWKHUξ˜ƒVSLOOVξ˜ƒVXFKξ˜ƒDVξ˜ƒIDWξ˜ƒVSDWWHULQJVξ˜ξ˜ƒHWFξ˜‘ξ˜ξ˜ƒ
ZDVKξ˜ƒZLWKξ˜ƒVRDSξ˜ƒDQGξ˜ƒZDWHUξ˜ƒRQFHξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒ
KDVξ˜ƒFRROHGξ˜‘ξ˜ƒ7KHQξ˜ƒULQVHξ˜ƒDQGξ˜ƒSROLVKξ˜ƒZLWKξ˜ƒDξ˜ƒGU\ξ˜ƒ
FORWKξ˜‘
%Hξ˜ƒFDUHIXOξ˜ƒZKHQξ˜ƒ\RXξ˜ƒFOHDQξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒEHFDXVHξ˜ƒ
WKHξ˜ƒDUHDξ˜ƒRYHUξ˜ƒWKHξ˜ƒSLORWξ˜ƒZLOOξ˜ƒEHξ˜ƒKRWξ˜ƒξ˜‹RQξ˜ƒPRGHOVξ˜ƒ
ZLWKξ˜ƒVWDQGLQJξ˜ƒSLORWVξ˜Œξ˜‘
127(ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒVWRUHξ˜ƒIODPPDEOHξ˜ƒPDWHULDOVξ˜ƒLQξ˜ƒ
DQξ˜ƒRYHQξ˜ƒRUξ˜ƒQHDUξ˜ƒWKHξ˜ƒFRRNWRSξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒVWRUHξ˜ƒRUξ˜ƒ
XVHξ˜ƒFRPEXVWLEOHξ˜ƒPDWHULDOVξ˜ξ˜ƒJDVROLQHξ˜ƒRUξ˜ƒRWKHUξ˜ƒ
IODPPDEOHξ˜ƒYDSRUVξ˜ƒDQGξ˜ƒOLTXLGVξ˜ƒLQξ˜ƒWKHξ˜ƒYLFLQLW\ξ˜ƒRIξ˜ƒ
WKLVξ˜ƒRUξ˜ƒDQ\ξ˜ƒRWKHUξ˜ƒDSSOLDQFHξ˜‘
127(ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒOLIWξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒRQξ˜ƒVHDOHGξ˜ƒEXUQHUξ˜ƒ
PRGHOVξ˜‘ξ˜ƒ/LIWLQJξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒFDQξ˜ƒOHDGξ˜ƒWRξ˜ƒGDPDJHξ˜ƒξ˜ƒ
DQGξ˜ƒLPSURSHUξ˜ƒRSHUDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘
/LIW8Sξ˜ƒ&RRNWRSξ˜ƒξ˜‹RQξ˜ƒPRGHOVξ˜ƒZLWKξ˜ƒVWDQGDUGξ˜ƒWZLQξ˜ƒEXUQHUV
&OHDQξ˜ƒWKHξ˜ƒDUHDξ˜ƒXQGHUξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒRIWHQξ˜‘ξ˜ƒ
%XLOWXSξ˜ƒVRLOξ˜ξ˜ƒHVSHFLDOO\ξ˜ƒJUHDVHξ˜ξ˜ƒPD\ξ˜ƒFDWFKξ˜ƒRQξ˜ƒ
ILUHξ˜‘ξ˜ƒ
7Rξ˜ƒPDNHξ˜ƒFOHDQLQJξ˜ƒHDVLHUξ˜ξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒPD\ξ˜ƒEHξ˜ƒ
OLIWHGξ˜ƒXSξ˜‘
127(ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒOLIWξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒRQξ˜ƒVHDOHGξ˜ƒEXUQHUξ˜ƒ
PRGHOVξ˜‘ξ˜ƒ/LIWLQJξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒFDQξ˜ƒOHDGξ˜ƒWRξ˜ƒGDPDJHξ˜ƒ
DQGξ˜ƒLPSURSHUξ˜ƒRSHUDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘
7Rξ˜ƒUDLVHξ˜ƒWKHξ˜ƒFRRNWRS
ξ˜ƒ%Hξ˜ƒVXUHξ˜ƒWKHξ˜ƒEXUQHUVξ˜ƒDUHξ˜ƒWXUQHGξ˜ƒRIIξ˜‘
ξ˜ƒ5HPRYHξ˜ƒWKHξ˜ƒJUDWHVξ˜ƒDQGξ˜ƒGULSξ˜ƒSDQVξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒ
HTXLSSHGξ˜Œξ˜‘
ξ˜ƒ*UDVSξ˜ƒWKHξ˜ƒWZRξ˜ƒIURQWξ˜ƒEXUQHUξ˜ƒZHOOVξ˜ƒDQGξ˜ƒOLIWξ˜ƒXSξ˜‘
&OHDQξ˜ƒXQGHUξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒZLWKξ˜ƒKRWξ˜ξ˜ƒVRDS\ξ˜ƒZDWHUξ˜ƒ
DQGξ˜ƒDξ˜ƒFOHDQξ˜ƒFORWKξ˜‘ξ˜ƒ,Iξ˜ƒ\RXξ˜ƒUHPRYHGξ˜ƒ\RXUξ˜ƒVXUIDFHξ˜ƒ
EXUQHUVξ˜ƒZKLOHξ˜ƒFOHDQLQJξ˜ξ˜ƒPDNHξ˜ƒVXUHξ˜ƒWKH\ξ˜ƒDUHξ˜ƒ
SURSHUO\ξ˜ƒVHDWHGξ˜ƒZKHQξ˜ƒUHSODFLQJξ˜ƒWKHPξ˜‘
$IWHUξ˜ƒFOHDQLQJξ˜ξ˜ƒORZHUξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒξ˜‹EHξ˜ƒFDUHIXOξ˜ƒQRWξ˜ƒ
WRξ˜ƒSLQFKξ˜ƒ\RXUξ˜ƒILQJHUVξ˜Œξ˜‘ξ˜ƒ/RZHUξ˜ƒFRRNWRSξ˜ƒJHQWO\ξ˜ƒWRξ˜ƒ
DYRLGξ˜ƒEORZLQJξ˜ƒRXWξ˜ƒSLORWξ˜ƒIODPHVξ˜ƒξ˜‹RQξ˜ƒVWDQGLQJξ˜ƒSLORWξ˜ƒ
PRGHOVξ˜Œξ˜‘
5HSODFHξ˜ƒGULSξ˜ƒSDQVξ˜ƒξ˜‹LIξ˜ƒVRξ˜ƒHTXLSSHGξ˜Œξ˜ƒDQGξ˜ƒJUDWHVξ˜‘
6RPHξ˜ƒPRGHOVξ˜ƒKDYHξ˜ƒGXDOξ˜ƒVXSSRUWξ˜ƒ
URGVξ˜ƒWKDWξ˜ƒZLOOξ˜ƒKROGξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒXSξ˜ƒ
ZKLOHξ˜ƒ\RXξ˜ƒFOHDQξ˜ƒXQGHUQHDWKξ˜ƒLWξ˜‘
6WDLQOHVVξ˜ƒ6WHHOξ˜ƒ6XUIDFHVξ˜ƒξ˜‹RQξ˜ƒVRPHξ˜ƒPRGHOV
'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒDξ˜ƒVWHHOξ˜ƒZRROξ˜ƒSDGξ˜žξ˜ƒLWξ˜ƒZLOOξ˜ƒVFUDWFKξ˜ƒξ˜ƒ
WKHξ˜ƒVXUIDFHξ˜‘
7Rξ˜ƒFOHDQξ˜ƒWKHξ˜ƒVWDLQOHVVξ˜ƒVWHHOξ˜ƒVXUIDFHξ˜ξ˜ƒXVHξ˜ƒZDUPξ˜ƒ
VXGV\ξ˜ƒZDWHUξ˜ƒRUξ˜ƒDξ˜ƒVWDLQOHVVξ˜ƒVWHHOξ˜ƒFOHDQHUξ˜ƒRUξ˜ƒ
SROLVKξ˜‘ξ˜ƒ$OZD\Vξ˜ƒZLSHξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒLQξ˜ƒWKHξ˜ƒGLUHFWLRQξ˜ƒ
RIξ˜ƒWKHξ˜ƒJUDLQξ˜‘ξ˜ƒ)ROORZξ˜ƒWKHξ˜ƒFOHDQHUξ˜ƒLQVWUXFWLRQVξ˜ƒIRUξ˜ƒ
FOHDQLQJξ˜ƒWKHξ˜ƒVWDLQOHVVξ˜ƒVWHHOξ˜ƒVXUIDFHξ˜‘
7Rξ˜ƒLQTXLUHξ˜ƒDERXWξ˜ƒSXUFKDVLQJξ˜ƒVWDLQOHVVξ˜ƒVWHHOξ˜ƒ
DSSOLDQFHξ˜ƒFOHDQHUξ˜ƒRUξ˜ƒSROLVKξ˜ξ˜ƒRUξ˜ƒWRξ˜ƒILQGξ˜ƒWKHξ˜ƒ
ORFDWLRQξ˜ƒRIξ˜ƒDξ˜ƒGHDOHUξ˜ƒQHDUHVWξ˜ƒ\RXξ˜ξ˜ƒSOHDVHξ˜ƒFDOOξ˜ƒRXUξ˜ƒ
WROOIUHHξ˜ƒQXPEHU
1DWLRQDOξ˜ƒ3DUWVξ˜ƒ&HQWHUξ˜ƒξ˜›ξ˜“ξ˜“ξ˜‘ξ˜™ξ˜•ξ˜™ξ˜‘ξ˜•ξ˜“ξ˜“ξ˜•ξ˜ƒξ˜‹8ξ˜‘6ξ˜‘ξ˜Œ
ξ˜ƒ ξ˜›ξ˜“ξ˜“ξ˜‘ξ˜™ξ˜™ξ˜”ξ˜‘ξ˜”ξ˜™ξ˜”ξ˜™ξ˜ƒξ˜‹&DQDGD
*($SSOLDQFHVξ˜‘FRPξ˜ƒξ˜‹8ξ˜‘6ξ˜‘ξ˜Œ
ZZZξ˜‘*($SSOLDQFHVξ˜‘FDξ˜ƒξ˜‹&DQDGD
ξ˜”ξ˜›
2YHQξ˜ƒ%RWWRP
7KHξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒKDVξ˜ƒDξ˜ƒSRUFHODLQξ˜ƒHQDPHOξ˜ƒILQLVKξ˜‘ξ˜ƒ
7Rξ˜ƒPDNHξ˜ƒFOHDQLQJξ˜ƒHDVLHUξ˜ξ˜ƒSURWHFWξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
ERWWRPξ˜ƒIURPξ˜ƒH[FHVVLYHξ˜ƒVSLOORYHUVξ˜ƒE\ξ˜ƒSODFLQJξ˜ƒDξ˜ƒ
FRRNLHξ˜ƒVKHHWξ˜ƒRQξ˜ƒWKHξ˜ƒUDFNξ˜ƒEHORZξ˜ƒWKHξ˜ƒUDFNξ˜ƒ\RXξ˜ƒDUHξ˜ƒ
FRRNLQJξ˜ƒRQξ˜‘ξ˜ƒ7KLVξ˜ƒLVξ˜ƒSDUWLFXODUO\ξ˜ƒLPSRUWDQWξ˜ƒZKHQξ˜ƒ
EDNLQJξ˜ƒDξ˜ƒIUXLWξ˜ƒSLHξ˜ƒRUξ˜ƒRWKHUξ˜ƒIRRGVξ˜ƒZLWKξ˜ƒDξ˜ƒKLJKξ˜ƒDFLGξ˜ƒ
FRQWHQWξ˜‘ξ˜ƒ+RWξ˜ƒIUXLWξ˜ƒILOOLQJVξ˜ƒRUξ˜ƒRWKHUξ˜ƒIRRGVξ˜ƒWKDWξ˜ƒDUHξ˜ƒ
KLJKO\ξ˜ƒDFLGLFξ˜ƒξ˜‹VXFKξ˜ƒDVξ˜ƒWRPDWRHVξ˜ξ˜ƒVDXHUNUDXWξ˜ξ˜ƒDQGξ˜ƒ
VDXFHVξ˜ƒZLWKξ˜ƒYLQHJDUξ˜ƒRUξ˜ƒOHPRQξ˜ƒMXLFHξ˜Œξ˜ƒPD\ξ˜ƒFDXVHξ˜ƒ
SLWWLQJξ˜ƒDQGξ˜ƒGDPDJHξ˜ƒWRξ˜ƒWKHξ˜ƒSRUFHODLQξ˜ƒHQDPHOξ˜ƒ
VXUIDFHξ˜ƒDQGξ˜ƒVKRXOGξ˜ƒEHξ˜ƒZLSHGξ˜ƒXSξ˜ƒLPPHGLDWHO\ξ˜‘ξ˜ƒ
:Hξ˜ƒGRQΒ·Wξ˜ƒUHFRPPHQGξ˜ƒXVLQJξ˜ƒDOXPLQXPξ˜ƒIRLOξ˜ƒRQξ˜ƒ
WKHξ˜ƒRYHQξ˜ƒERWWRPξ˜‘ξ˜ƒ,Wξ˜ƒFDQξ˜ƒDIIHFWξ˜ƒDLUξ˜ƒIORZξ˜ƒLIξ˜ƒWKHξ˜ƒ
KROHVξ˜ƒDUHξ˜ƒEORFNHGξ˜ƒDQGξ˜ƒLWξ˜ƒFDQξ˜ƒFRQFHQWUDWHξ˜ƒKHDWξ˜ƒ
DWξ˜ƒWKHξ˜ƒERWWRPξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ξ˜ƒUHVXOWLQJξ˜ƒLQξ˜ƒSRRUξ˜ƒ
EDNLQJξ˜ƒSHUIRUPDQFHξ˜‘
7Rξ˜ƒFOHDQξ˜ƒXSξ˜ƒVSLOORYHUVξ˜ξ˜ƒXVHξ˜ƒVRDSξ˜ƒDQGξ˜ƒZDWHUξ˜ξ˜ƒDQξ˜ƒ
DEUDVLYHξ˜ƒFOHDQHUξ˜ƒRUξ˜ƒVRDSILOOHGξ˜ƒVFRXULQJξ˜ƒSDGξ˜‘ξ˜ƒ
5HPRYHξ˜ƒWKHξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒIRUξ˜ƒHDVLHUξ˜ƒFOHDQXSξ˜ƒ
DQGξ˜ƒWRξ˜ƒSUHYHQWξ˜ƒGDPDJHξ˜ƒWRξ˜ƒWKHξ˜ƒFRQWLQXRXVξ˜ƒ
FOHDQLQJξ˜ƒRYHQξ˜ƒFRDWLQJξ˜ƒξ˜‹RQξ˜ƒVRPHξ˜ƒPRGHOVξ˜Œξ˜‘
&DUHξ˜ƒDQGξ˜ƒFOHDQLQJξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ
/LIW2IIξ˜ƒ2YHQξ˜ƒ'RRU
7KHξ˜ƒRYHQξ˜ƒGRRUξ˜ƒLVξ˜ƒUHPRYDEOHξ˜ξ˜ƒEXWξ˜ƒLWξ˜ƒLVξ˜ƒKHDY\ξ˜‘ξ˜ƒ<RXξ˜ƒ
PD\ξ˜ƒQHHGξ˜ƒKHOSξ˜ƒUHPRYLQJξ˜ƒDQGξ˜ƒUHSODFLQJξ˜ƒWKHξ˜ƒ
GRRUξ˜‘ξ˜ƒ
7Rξ˜ƒUHPRYHξ˜ƒWKHξ˜ƒGRRUξ˜ξ˜ƒ RSHQξ˜ƒLWξ˜ƒDξ˜ƒIHZξ˜ƒLQFKHVξ˜ƒWRξ˜ƒ
WKHξ˜ƒVSHFLDOξ˜ƒVWRSξ˜ƒSRVLWLRQξ˜ƒWKDWξ˜ƒZLOOξ˜ƒKROGξ˜ƒWKHξ˜ƒGRRUξ˜ƒ
RSHQξ˜‘ξ˜ƒ*UDVSξ˜ƒILUPO\ξ˜ƒRQξ˜ƒHDFKξ˜ƒVLGHξ˜ƒDQGξ˜ƒOLIWξ˜ƒWKHξ˜ƒGRRUξ˜ƒ
VWUDLJKWξ˜ƒXSξ˜ƒDQGξ˜ƒRIIξ˜ƒWKHξ˜ƒKLQJHVξ˜‘
127(ξ˜ξ˜ƒ%Hξ˜ƒFDUHIXOξ˜ƒQRWξ˜ƒWRξ˜ƒSODFHξ˜ƒKDQGVξ˜ƒEHWZHHQξ˜ƒ
WKHξ˜ƒKLQJHξ˜ƒDQGξ˜ƒWKHξ˜ƒRYHQξ˜ƒGRRUξ˜ƒIUDPHξ˜ƒDVξ˜ƒWKHξ˜ƒKLQJHξ˜ƒ
FRXOGξ˜ƒVQDSξ˜ƒEDFNξ˜ƒDQGξ˜ƒSLQFKξ˜ƒILQJHUVξ˜‘
7Rξ˜ƒUHSODFHξ˜ƒWKHξ˜ƒGRRUξ˜ξ˜ƒPDNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒKLQJHVξ˜ƒDUHξ˜ƒ
LQξ˜ƒWKHξ˜ƒVSHFLDOξ˜ƒVWRSξ˜ƒSRVLWLRQξ˜‘ξ˜ƒ3RVLWLRQξ˜ƒWKHξ˜ƒVORWVξ˜ƒ
LQξ˜ƒWKHξ˜ƒERWWRPξ˜ƒRIξ˜ƒWKHξ˜ƒGRRUξ˜ƒVTXDUHO\ξ˜ƒRYHUξ˜ƒWKHξ˜ƒ
KLQJHVξ˜‘ξ˜ƒ7KHQξ˜ƒORZHUξ˜ƒWKHξ˜ƒGRRUξ˜ƒVORZO\ξ˜ƒDQGξ˜ƒHYHQO\ξ˜ƒ
RYHUξ˜ƒERWKξ˜ƒKLQJHVξ˜ƒDWξ˜ƒWKHξ˜ƒVDPHξ˜ƒWLPHξ˜‘ξ˜ƒ,Iξ˜ƒWKHξ˜ƒKLQJHVξ˜ƒ
VQDSξ˜ƒEDFNξ˜ƒDJDLQVWξ˜ƒWKHξ˜ƒRYHQξ˜ƒIUDPHξ˜ξ˜ƒSXOOξ˜ƒWKHPξ˜ƒ
EDFNξ˜ƒRXWξ˜‘
7Rξ˜ƒFOHDQξ˜ƒWKHξ˜ƒLQVLGHξ˜ƒRIξ˜ƒWKHξ˜ƒGRRU
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒDOORZξ˜ƒH[FHVVξ˜ƒZDWHUξ˜ƒWRξ˜ƒUXQξ˜ƒLQWRξ˜ƒDQ\ξ˜ƒ
KROHVξ˜ƒRUξ˜ƒVORWVξ˜ƒLQξ˜ƒWKHξ˜ƒGRRUξ˜ƒξ˜‘
β– ξ˜ƒξ˜ƒ%HFDXVHξ˜ƒWKHξ˜ƒDUHDξ˜ƒLQVLGHξ˜ƒWKHξ˜ƒJDVNHWξ˜ƒLVξ˜ƒFOHDQHGξ˜ƒ
GXULQJξ˜ƒWKHξ˜ƒVHOIξ˜ƒFOHDQξ˜ƒF\FOHξ˜ξ˜ƒ\RXξ˜ƒGRξ˜ƒQRWξ˜ƒQHHGξ˜ƒ
WRξ˜ƒFOHDQξ˜ƒWKLVξ˜ƒE\ξ˜ƒKDQGξ˜‘ξ˜ƒ$Q\ξ˜ƒVRDSξ˜ƒOHIWξ˜ƒRQξ˜ƒWKHξ˜ƒ
OLQHUξ˜ƒFDXVHVξ˜ƒDGGLWLRQDOξ˜ƒVWDLQVξ˜ƒZKHQξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
LVξ˜ƒKHDWHGξ˜‘
β– ξ˜ƒξ˜ƒ7KHξ˜ƒDUHDξ˜ƒRXWVLGHξ˜ƒWKHξ˜ƒJDVNHWξ˜ƒFDQξ˜ƒEHξ˜ƒFOHDQHGξ˜ƒ
ZLWKξ˜ƒDξ˜ƒVRDSILOOHGξ˜ƒVWHHOξ˜ƒZRROξ˜ƒRUξ˜ƒSODVWLFξ˜ƒSDGξ˜‘
7Rξ˜ƒFOHDQξ˜ƒWKHξ˜ƒRXWVLGHξ˜ƒRIξ˜ƒWKHξ˜ƒGRRU
β– ξ˜ƒξ˜ƒ8VHξ˜ƒVRDSξ˜ƒDQGξ˜ƒZDWHUξ˜ƒWRξ˜ƒWKRURXJKO\ξ˜ƒFOHDQξ˜ƒWKHξ˜ƒ
WRSξ˜ξ˜ƒVLGHVξ˜ƒDQGξ˜ƒIURQWξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ƒGRRUξ˜‘ξ˜ƒ5LQVHξ˜ƒ
ZHOOξ˜‘ξ˜ƒ<RXξ˜ƒPD\ξ˜ƒDOVRξ˜ƒXVHξ˜ƒDξ˜ƒJODVVξ˜ƒFOHDQHUξ˜ƒWRξ˜ƒ
FOHDQξ˜ƒWKHξ˜ƒJODVVξ˜ƒRQξ˜ƒWKHξ˜ƒRXWVLGHξ˜ƒRIξ˜ƒWKHξ˜ƒGRRUξ˜‘
β– ξ˜ƒξ˜ƒ6SLOODJHξ˜ƒRIξ˜ƒPDULQDGHVξ˜ξ˜ƒIUXLWξ˜ƒMXLFHVξ˜ξ˜ƒWRPDWRξ˜ƒ
VDXFHVξ˜ƒDQGξ˜ƒEDVWLQJξ˜ƒPDWHULDOVξ˜ƒFRQWDLQLQJξ˜ƒ
DFLGVξ˜ƒPD\ξ˜ƒFDXVHξ˜ƒGLVFRORUDWLRQξ˜ƒDQGξ˜ƒVKRXOGξ˜ƒEHξ˜ƒ
ZLSHGξ˜ƒXSξ˜ƒLPPHGLDWHO\ξ˜‘ξ˜ƒ:KHQξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒLVξ˜ƒ
FRROξ˜ξ˜ƒFOHDQξ˜ƒDQGξ˜ƒULQVHξ˜‘
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒRYHQξ˜ƒFOHDQHUVξ˜ξ˜ƒFOHDQVLQJξ˜ƒSRZGHUVξ˜ƒ
RUξ˜ƒKDUVKξ˜ƒDEUDVLYHVξ˜ƒRQξ˜ƒWKHξ˜ƒRXWVLGHξ˜ƒRIξ˜ƒWKHξ˜ƒGRRUξ˜‘
/LIWξ˜ƒWKHξ˜ƒGRRUξ˜ƒVWUDLJKWξ˜ƒXSξ˜ƒDQGξ˜ƒRIIξ˜ƒξ˜ƒ
WKHξ˜ƒKLQJHVξ˜‘
7KHξ˜ƒJDVNHWξ˜ƒLVξ˜ƒGHVLJQHGξ˜ƒZLWKξ˜ƒDξ˜ƒJDSξ˜ƒξ˜ƒ
DWξ˜ƒWKHξ˜ƒERWWRPξ˜ƒWRξ˜ƒDOORZξ˜ƒIRUξ˜ƒSURSHUξ˜ƒξ˜ƒ
DLUξ˜ƒFLUFXODWLRQξ˜‘
'Rξ˜ƒQRWξ˜ƒUXEξ˜ƒRUξ˜ƒFOHDQξ˜ƒWKHξ˜ƒGRRUξ˜ƒ
JDVNHWΒ³ξ˜ƒLWξ˜ƒKDVξ˜ƒDQξ˜ƒH[WUHPHO\ξ˜ƒORZξ˜ƒ
UHVLVWDQFHξ˜ƒWRξ˜ƒDEUDVLRQξ˜‘ξ˜ƒ
,Iξ˜ƒ\RXξ˜ƒQRWLFHξ˜ƒWKHξ˜ƒJDVNHWξ˜ƒEHFRPLQJξ˜ƒ
ZRUQξ˜ξ˜ƒIUD\HGξ˜ƒRUξ˜ƒGDPDJHGξ˜ƒLQξ˜ƒDQ\ξ˜ƒ
ZD\ξ˜ƒRUξ˜ƒLIξ˜ƒLWξ˜ƒKDVξ˜ƒEHFRPHξ˜ƒGLVSODFHGξ˜ƒ
RQξ˜ƒWKHξ˜ƒGRRUξ˜ξ˜ƒ\RXξ˜ƒVKRXOGξ˜ƒKDYHξ˜ƒLWξ˜ƒ
UHSODFHGξ˜‘
ξ˜”ξ˜œ
5HPRYDEOHξ˜ƒ%URLOHUξ˜ƒ'UDZHUξ˜ƒ
ξ˜‹RQξ˜ƒVRPHξ˜ƒPRGHOV
7Rξ˜ƒUHPRYH
ξ˜ƒ:KHQξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒLVξ˜ƒFRROξ˜ξ˜ƒUHPRYHξ˜ƒWKHξ˜ƒJULGξ˜ƒ
DQGξ˜ƒSDQξ˜‘
ξ˜ƒ3XOOξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒGUDZHUξ˜ƒRXWξ˜ƒXQWLOξ˜ƒLWξ˜ƒVWRSVξ˜ξ˜ƒ
WKHQξ˜ƒSXVKξ˜ƒLWξ˜ƒEDFNξ˜ƒLQξ˜ƒDERXWξ˜ƒRQHξ˜ƒLQFKξ˜‘
ξ˜ƒ*UDVSξ˜ƒWKHξ˜ƒKDQGOHξ˜ξ˜ƒOLIWξ˜ƒDQGξ˜ƒSXOOξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒ
GUDZHUξ˜ƒRXWξ˜‘ξ˜ƒ&OHDQξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒGUDZHUξ˜ƒZLWKξ˜ƒ
KRWξ˜ƒVRDS\ξ˜ƒZDWHUξ˜‘
7Rξ˜ƒUHSODFH
+ROGξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒGUDZHUξ˜ƒLQξ˜ƒWKHξ˜ƒUDLVHGξ˜ƒSRVLWLRQξ˜ƒDVξ˜ƒ
\RXξ˜ƒVOLGHξ˜ƒLWξ˜ƒSDUWZD\ξ˜ƒLQWRξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ7KHQξ˜ƒORZHUξ˜ƒ
WKHξ˜ƒGUDZHUξ˜ƒDQGξ˜ƒSXVKξ˜ƒLWξ˜ƒFRPSOHWHO\ξ˜ƒFORVHGξ˜‘
ξ˜ƒ*($SSOLDQFHVξ˜‘FRP
%URLOHUξ˜ƒ3DQξ˜ƒDQGξ˜ƒ*ULG
$IWHUξ˜ƒEURLOLQJξ˜ξ˜ƒUHPRYHξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒSDQξ˜ƒIURPξ˜ƒWKHξ˜ƒ
RYHQξ˜‘ξ˜ƒ5HPRYHξ˜ƒWKHξ˜ƒJULGξ˜ƒIURPξ˜ƒWKHξ˜ƒSDQξ˜‘ξ˜ƒ&DUHIXOO\ξ˜ƒ
SRXUξ˜ƒRXWξ˜ƒJUHDVHξ˜ƒIURPξ˜ƒWKHξ˜ƒSDQξ˜ƒLQWRξ˜ƒDξ˜ƒSURSHUξ˜ƒ
FRQWDLQHUξ˜‘ξ˜ƒ:DVKξ˜ƒDQGξ˜ƒULQVHξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒSDQξ˜ƒDQGξ˜ƒ
JULGξ˜ƒLQξ˜ƒKRWξ˜ƒZDWHUξ˜ƒZLWKξ˜ƒDξ˜ƒVRDSILOOHGξ˜ƒRUξ˜ƒSODVWLFξ˜ƒ
VFRXULQJξ˜ƒSDGξ˜‘
,Iξ˜ƒIRRGξ˜ƒKDVξ˜ƒEXUQHGξ˜ƒRQξ˜ξ˜ƒVSULQNOHξ˜ƒWKHξ˜ƒJULGξ˜ƒZLWKξ˜ƒ
GHWHUJHQWξ˜ƒZKLOHξ˜ƒKRWξ˜ƒDQGξ˜ƒFRYHUξ˜ƒZLWKξ˜ƒZHWξ˜ƒSDSHUξ˜ƒ
WRZHOVξ˜ƒRUξ˜ƒDξ˜ƒGLVKFORWKξ˜‘ξ˜ƒ6RDNLQJξ˜ƒWKHξ˜ƒSDQξ˜ƒZLOOξ˜ƒ
UHPRYHξ˜ƒEXUQHGRQξ˜ƒIRRGVξ˜‘
7KHξ˜ƒEURLOHUξ˜ƒSDQξ˜ƒDQGξ˜ƒJULGξ˜ƒPD\ξ˜ƒEHξ˜ƒFOHDQHGξ˜ƒZLWKξ˜ƒDξ˜ƒ
FRPPHUFLDOξ˜ƒRYHQξ˜ƒFOHDQHUξ˜‘ξ˜ƒ
%RWKξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒSDQξ˜ƒDQGξ˜ƒJULGξ˜ƒFDQξ˜ƒDOVRξ˜ƒEHξ˜ƒ
FOHDQHGξ˜ƒLQξ˜ƒDξ˜ƒGLVKZDVKHUξ˜‘
'Rξ˜ƒQRWξ˜ƒVWRUHξ˜ƒDξ˜ƒVRLOHGξ˜ƒEURLOHUξ˜ƒSDQξ˜ƒDQGξ˜ƒJULGξ˜ƒ
DQ\ZKHUHξ˜ƒLQξ˜ƒWKHξ˜ƒUDQJHξ˜‘
&$87,21ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒFOHDQξ˜ƒWKHξ˜ƒEURLOHUξ˜ƒ
SDQξ˜ƒRUξ˜ƒJULGξ˜ƒLQξ˜ƒDξ˜ƒVHOIFOHDQLQJξ˜ƒRYHQξ˜‘
*ULG
3DQ
9HQWξ˜ƒDSSHDUDQFHξ˜ƒDQGξ˜ƒORFDWLRQξ˜ƒYDU\ξ˜‘
3XOOξ˜ƒWKHξ˜ƒNQREξ˜ƒVWUDLJKWξ˜ƒRIIξ˜ƒWKHξ˜ƒVWHPξ˜‘
2YHQξ˜ƒ$LUξ˜ƒ9HQWV
1HYHUξ˜ƒEORFNξ˜ƒWKHξ˜ƒYHQWVξ˜ƒξ˜‹DLUξ˜ƒRSHQLQJVξ˜Œξ˜ƒRIξ˜ƒWKHξ˜ƒ
UDQJHξ˜‘ξ˜ƒ7KH\ξ˜ƒSURYLGHξ˜ƒWKHξ˜ƒDLUξ˜ƒLQOHWξ˜ƒDQGξ˜ƒRXWOHWξ˜ƒWKDWξ˜ƒ
DUHξ˜ƒQHFHVVDU\ξ˜ƒIRUξ˜ƒWKHξ˜ƒUDQJHξ˜ƒWRξ˜ƒRSHUDWHξ˜ƒSURSHUO\ξ˜ƒ
ZLWKξ˜ƒFRUUHFWξ˜ƒFRPEXVWLRQξ˜‘
$LUξ˜ƒRSHQLQJVξ˜ƒDUHξ˜ƒORFDWHGξ˜ƒDWξ˜ƒWKHξ˜ƒUHDUξ˜ƒRIξ˜ƒξ˜ƒ
WKHξ˜ƒFRRNWRSξ˜ξ˜ƒDWξ˜ƒWKHξ˜ƒWRSξ˜ƒDQGξ˜ƒERWWRPξ˜ƒRIξ˜ƒWKHξ˜ƒξ˜ƒ
RYHQξ˜ƒGRRUξ˜ξ˜ƒDQGξ˜ƒDWξ˜ƒWKHξ˜ƒERWWRPξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜ξ˜ƒξ˜ƒ
XQGHUξ˜ƒWKHξ˜ƒNLFNξ˜ƒSDQHOξ˜ƒRUξ˜ƒEURLOHUξ˜ƒGUDZHUξ˜ƒ
ξ˜‹GHSHQGLQJξ˜ƒRQξ˜ƒWKHξ˜ƒPRGHOξ˜Œξ˜‘
/RZHUξ˜ƒ&RQWUROξ˜ƒ3DQHOξ˜ƒξ˜‹)URQWξ˜ƒ0DQLIROGξ˜ƒ3DQHOξ˜Œξ˜ƒDQGξ˜ƒ.QREV
,WΒ·Vξ˜ƒDξ˜ƒJRRGξ˜ƒLGHDξ˜ƒWRξ˜ƒZLSHξ˜ƒWKHξ˜ƒFRQWUROξ˜ƒSDQHOξ˜ƒDIWHUξ˜ƒ
HDFKξ˜ƒXVHξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜‘ξ˜ƒ8VHξ˜ƒDξ˜ƒGDPSξ˜ƒFORWKξ˜ƒWRξ˜ƒ
FOHDQξ˜ƒRUξ˜ƒULQVHξ˜‘ξ˜ƒ)RUξ˜ƒFOHDQLQJξ˜ξ˜ƒXVHξ˜ƒPLOGξ˜ƒVRDSξ˜ƒDQGξ˜ƒ
ZDWHUξ˜ƒRUξ˜ƒDξ˜ƒξ˜˜ξ˜“ξ˜’ξ˜˜ξ˜“ξ˜ƒVROXWLRQξ˜ƒRIξ˜ƒYLQHJDUξ˜ƒDQGξ˜ƒZDWHUξ˜‘ξ˜ƒ
)RUξ˜ƒULQVLQJξ˜ξ˜ƒXVHξ˜ƒFOHDQξ˜ƒZDWHUξ˜‘ξ˜ƒ3ROLVKξ˜ƒGU\ξ˜ƒZLWKξ˜ƒDξ˜ƒ
VRIWξ˜ƒFORWKξ˜‘
'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒDEUDVLYHξ˜ƒFOHDQVHUVξ˜ξ˜ƒVWURQJξ˜ƒOLTXLGξ˜ƒ
FOHDQHUVξ˜ξ˜ƒSODVWLFξ˜ƒVFRXULQJξ˜ƒSDGVξ˜ƒRUξ˜ƒRYHQξ˜ƒFOHDQHUVξ˜ƒ
RQξ˜ƒWKHξ˜ƒFRQWUROξ˜ƒSDQHOΒ³WKH\ξ˜ƒZLOOξ˜ƒGDPDJHξ˜ƒWKHξ˜ƒ
ILQLVKξ˜‘
'Rξ˜ƒQRWξ˜ƒEHQGξ˜ƒNQREVξ˜ƒE\ξ˜ƒSXOOLQJξ˜ƒWKHPξ˜ƒXSξ˜ƒRUξ˜ƒGRZQξ˜ƒ
RUξ˜ƒE\ξ˜ƒKDQJLQJξ˜ƒDξ˜ƒWRZHOξ˜ƒRUξ˜ƒRWKHUξ˜ƒVXFKξ˜ƒORDGVξ˜‘ξ˜ƒ7KLVξ˜ƒ
FDQξ˜ƒGDPDJHξ˜ƒWKHξ˜ƒJDVξ˜ƒYDOYHξ˜ƒVKDIWξ˜‘
7KHξ˜ƒFRQWUROξ˜ƒNQREVξ˜ƒPD\ξ˜ƒEHξ˜ƒUHPRYHGξ˜ƒIRUξ˜ƒHDVLHUξ˜ƒ
FOHDQLQJξ˜‘
0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒNQREVξ˜ƒDUHξ˜ƒLQξ˜ƒWKHξ˜ƒ ξ˜ƒSRVLWLRQVξ˜ƒ2))
DQGξ˜ƒSXOOξ˜ƒWKHPξ˜ƒVWUDLJKWξ˜ƒRIIξ˜ƒWKHξ˜ƒVWHPVξ˜ƒIRUξ˜ƒ
FOHDQLQJξ˜‘
7KHξ˜ƒNQREVξ˜ƒFDQξ˜ƒEHξ˜ƒFOHDQHGξ˜ƒLQξ˜ƒDξ˜ƒGLVKZDVKHUξ˜ƒRUξ˜ƒ
WKH\ξ˜ƒPD\ξ˜ƒDOVRξ˜ƒEHξ˜ƒZDVKHGξ˜ƒZLWKξ˜ƒVRDSξ˜ƒDQGξ˜ƒZDWHUξ˜‘ξ˜ƒ
0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒLQVLGHVξ˜ƒRIξ˜ƒWKHξ˜ƒNQREVξ˜ƒDUHξ˜ƒGU\ξ˜ƒ
EHIRUHξ˜ƒUHSODFLQJξ˜‘
5HSODFHξ˜ƒWKHξ˜ƒNQREVξ˜ƒLQξ˜ƒWKHξ˜ƒ ξ˜ƒSRVLWLRQξ˜ƒWRξ˜ƒHQVXUHξ˜ƒ2))
SURSHUξ˜ƒSODFHPHQWξ˜‘
0HWDOξ˜ƒSDUWVξ˜ƒFDQξ˜ƒEHξ˜ƒFOHDQHGξ˜ƒZLWKξ˜ƒVRDSξ˜ƒDQGξ˜ƒ
ZDWHUξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒVWHHOξ˜ƒZRROξ˜ξ˜ƒDEUDVLYHVξ˜ξ˜ƒ
DPPRQLDξ˜ξ˜ƒDFLGVξ˜ƒRUξ˜ƒFRPPHUFLDOξ˜ƒRYHQξ˜ƒFOHDQHUVξ˜‘ξ˜ƒ
'U\ξ˜ƒZLWKξ˜ƒDξ˜ƒVRIWξ˜ƒFORWKξ˜‘
ξ˜•ξ˜“
3RUFHODLQξ˜ƒ2YHQξ˜ƒ,QWHULRUξ˜ƒ
ξ˜‹RQξ˜ƒDOOξ˜ƒPRGHOVξ˜ƒH[FHSWξ˜ƒFRQWLQXRXVFOHDQLQJξ˜ƒPRGHOV
:LWKξ˜ƒSURSHUξ˜ƒFDUHξ˜ξ˜ƒWKHξ˜ƒSRUFHODLQξ˜ƒHQDPHOξ˜ƒLQWHULRUξ˜ƒ
ZLOOξ˜ƒUHWDLQξ˜ƒLWVξ˜ƒDWWUDFWLYHξ˜ƒILQLVKξ˜ƒIRUξ˜ƒPDQ\ξ˜ƒ\HDUVξ˜‘
6RDSξ˜ƒDQGξ˜ƒZDWHUξ˜ƒZLOOξ˜ƒQRUPDOO\ξ˜ƒGRξ˜ƒWKHξ˜ƒMREξ˜‘ξ˜ƒ+HDY\ξ˜ƒ
VSDWWHULQJξ˜ƒRUξ˜ƒVSLOORYHUVξ˜ƒPD\ξ˜ƒUHTXLUHξ˜ƒFOHDQLQJξ˜ƒ
ZLWKξ˜ƒDξ˜ƒPLOGξ˜ƒDEUDVLYHξ˜ƒFOHDQVHUξ˜‘ξ˜ƒ6RDSILOOHGξ˜ƒ
VFRXULQJξ˜ƒSDGVξ˜ƒPD\ξ˜ƒDOVRξ˜ƒEHξ˜ƒXVHGξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒDOORZξ˜ƒ
IRRGξ˜ƒVSLOOVξ˜ƒZLWKξ˜ƒDξ˜ƒKLJKξ˜ƒVXJDUξ˜ƒRUξ˜ƒDFLGξ˜ƒFRQWHQWξ˜ƒ
ξ˜‹VXFKξ˜ƒDVξ˜ƒWRPDWRHVξ˜ξ˜ƒVDXHUNUDXWξ˜ξ˜ƒIUXLWξ˜ƒMXLFHVξ˜ƒRUξ˜ƒ
SLHξ˜ƒILOOLQJξ˜Œξ˜ƒWRξ˜ƒUHPDLQξ˜ƒRQξ˜ƒWKHξ˜ƒVXUIDFHξ˜‘ξ˜ƒ7KH\ξ˜ƒPD\ξ˜ƒ
FDXVHξ˜ƒGXOOξ˜ƒVSRWVξ˜ƒHYHQξ˜ƒDIWHUξ˜ƒFOHDQLQJξ˜‘
+RXVHKROGξ˜ƒDPPRQLDξ˜ƒPD\ξ˜ƒPDNHξ˜ƒWKHξ˜ƒFOHDQLQJξ˜ƒ
MREξ˜ƒHDVLHUξ˜‘ξ˜ƒ3ODFHξ˜ƒξ˜”ξ˜’ξ˜•ξ˜ƒFXSξ˜ƒDPPRQLDξ˜ƒLQξ˜ƒDξ˜ƒVKDOORZξ˜ƒ
JODVVξ˜ƒSDQξ˜ƒDQGξ˜ƒOHDYHξ˜ƒLQξ˜ƒDξ˜ƒFROGξ˜ƒRYHQξ˜ƒRYHUQLJKWξ˜‘ξ˜ƒ
7KHξ˜ƒDPPRQLDξ˜ƒIXPHVξ˜ƒZLOOξ˜ƒKHOSξ˜ƒORRVHQξ˜ƒWKHξ˜ƒ
EXUQHGRQξ˜ƒJUHDVHξ˜ƒDQGξ˜ƒIRRGξ˜‘
:KHQξ˜ƒQHFHVVDU\ξ˜ξ˜ƒ\RXξ˜ƒPD\ξ˜ƒXVHξ˜ƒDξ˜ƒFRPPHUFLDOξ˜ƒ
RYHQξ˜ƒFOHDQHUξ˜‘ξ˜ƒ)ROORZξ˜ƒWKHξ˜ƒSDFNDJHξ˜ƒGLUHFWLRQVξ˜‘
ξ˜ƒ
&$87,216ξ˜ƒDERXWξ˜ƒ
XVLQJξ˜ƒVSUD\RQξ˜ƒξ˜ƒ
RYHQξ˜ƒFOHDQHUV
β– ξ˜ƒξ˜ƒ%Hξ˜ƒFDUHIXOξ˜ƒZKHUHξ˜ƒWKHξ˜ƒRYHQξ˜ƒFOHDQHUξ˜ƒLVξ˜ƒ
VSUD\HGξ˜‘
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒVSUD\ξ˜ƒRYHQξ˜ƒFOHDQHUξ˜ƒRQξ˜ƒWKHξ˜ƒHOHFWULFDOξ˜ƒ
FRQWUROVξ˜ƒDQGξ˜ƒVZLWFKHVξ˜ƒξ˜‹RQξ˜ƒVRPHξ˜ƒPRGHOVξ˜Œξ˜ƒ
EHFDXVHξ˜ƒLWξ˜ƒFRXOGξ˜ƒFDXVHξ˜ƒDξ˜ƒVKRUWξ˜ƒFLUFXLWξ˜ƒDQGξ˜ƒ
UHVXOWξ˜ƒLQξ˜ƒVSDUNLQJξ˜ƒRUξ˜ƒILUHξ˜‘
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒDOORZξ˜ƒDξ˜ƒILOPξ˜ƒIURPξ˜ƒWKHξ˜ƒFOHDQHUξ˜ƒWRξ˜ƒ
UHPDLQξ˜ƒRQξ˜ƒWKHξ˜ƒWHPSHUDWXUHξ˜ƒVHQVLQJξ˜ƒEXOEΒ³LWξ˜ƒ
FRXOGξ˜ƒFDXVHξ˜ƒWKHξ˜ƒRYHQξ˜ƒWRξ˜ƒKHDWξ˜ƒLPSURSHUO\ξ˜‘ξ˜ƒ
ξ˜‹7KHξ˜ƒEXOEξ˜ƒLVξ˜ƒORFDWHGξ˜ƒDWξ˜ƒWKHξ˜ƒUHDUξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜‘ξ˜Œξ˜ƒ
&DUHIXOO\ξ˜ƒZLSHξ˜ƒWKHξ˜ƒEXOEξ˜ƒFOHDQξ˜ƒDIWHUξ˜ƒHDFKξ˜ƒ
RYHQξ˜ƒFOHDQLQJξ˜ξ˜ƒEHLQJξ˜ƒFDUHIXOξ˜ƒQRWξ˜ƒWRξ˜ƒPRYHξ˜ƒWKHξ˜ƒ
EXOEξ˜ƒDVξ˜ƒDξ˜ƒFKDQJHξ˜ƒLQξ˜ƒLWVξ˜ƒSRVLWLRQξ˜ƒFRXOGξ˜ƒDIIHFWξ˜ƒ
KRZξ˜ƒWKHξ˜ƒRYHQξ˜ƒEDNHVξ˜‘
β– ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒVSUD\ξ˜ƒDQ\ξ˜ƒRYHQξ˜ƒFOHDQHUξ˜ƒRQξ˜ƒWKHξ˜ƒ
RXWVLGHξ˜ƒRYHQξ˜ƒGRRUξ˜ξ˜ƒKDQGOHVξ˜ƒRUξ˜ƒDQ\ξ˜ƒH[WHULRUξ˜ƒ
VXUIDFHξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ξ˜ƒFDELQHWξ˜ƒRUξ˜ƒSDLQWHGξ˜ƒ
VXUIDFHVξ˜‘ξ˜ƒ7KHξ˜ƒFOHDQHUξ˜ƒFDQξ˜ƒGDPDJHξ˜ƒWKHVHξ˜ƒ
VXUIDFHVξ˜‘
&DUHξ˜ƒDQGξ˜ƒFOHDQLQJξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ
2YHQξ˜ƒ5DFNV
&OHDQξ˜ƒWKHξ˜ƒUDFNVξ˜ƒZLWKξ˜ƒDQξ˜ƒDEUDVLYHξ˜ƒFOHDQVHUξ˜ƒRUξ˜ƒ
VFRXULQJξ˜ƒSDGξ˜‘ξ˜ƒ$IWHUξ˜ƒFOHDQLQJξ˜ξ˜ƒULQVHξ˜ƒWKHξ˜ƒUDFNVξ˜ƒ
ZLWKξ˜ƒFOHDQξ˜ƒZDWHUξ˜ƒDQGξ˜ƒGU\ξ˜ƒZLWKξ˜ƒDξ˜ƒFOHDQξ˜ƒFORWKξ˜‘
ξ˜•ξ˜”
ξ˜ƒ*($SSOLDQFHVξ˜‘FRP
6SHFLDOξ˜ƒ&DUHξ˜ƒRIξ˜ƒ
&RQWLQXRXV&OHDQLQJξ˜ƒ
2YHQξ˜ƒ,QWHULRUξ˜ƒ
ξ˜‹RQξ˜ƒVRPHξ˜ƒPRGHOV
7KHξ˜ƒVSHFLDOξ˜ƒFRDWLQJξ˜ƒLVξ˜ƒDξ˜ƒSRURXVξ˜ƒFHUDPLFξ˜ƒ
PDWHULDOξ˜ξ˜ƒZKLFKξ˜ƒLVξ˜ƒGDUNξ˜ƒLQξ˜ƒFRORUξ˜ƒDQGξ˜ƒIHHOVξ˜ƒ
VOLJKWO\ξ˜ƒURXJKξ˜ƒWRξ˜ƒWKHξ˜ƒWRXFKξ˜‘ξ˜ƒ
7KHξ˜ƒ&RQWLQXRXV&OHDQLQJξ˜ƒ2YHQξ˜ƒFOHDQVξ˜ƒLWVHOIξ˜ƒ
ZKLOHξ˜ƒFRRNLQJξ˜‘ξ˜ƒ7KHξ˜ƒRYHQξ˜ƒZDOOVξ˜ƒDUHξ˜ƒILQLVKHGξ˜ƒZLWKξ˜ƒ
Dξ˜ƒVSHFLDOξ˜ƒFRDWLQJξ˜ƒWKDWξ˜ƒFDQQRWξ˜ƒEHξ˜ƒFOHDQHGξ˜ƒLQξ˜ƒ
WKHξ˜ƒXVXDOξ˜ƒPDQQHUξ˜ƒZLWKξ˜ƒVRDSξ˜ξ˜ƒGHWHUJHQWVξ˜ξ˜ƒVWHHOξ˜ƒ
ZRROξ˜ƒSDGVξ˜ξ˜ƒFRPPHUFLDOξ˜ƒRYHQξ˜ƒFOHDQHUVξ˜ξ˜ƒFRDUVHξ˜ƒ
DEUDVLYHξ˜ƒSDGVξ˜ƒRUξ˜ƒFRDUVHξ˜ƒEUXVKHVξ˜‘ξ˜ƒ8VHξ˜ƒRIξ˜ƒVXFKξ˜ƒ
FOHDQVHUVξ˜ƒDQGξ˜’RUξ˜ƒWKHξ˜ƒXVHξ˜ƒRIξ˜ƒRYHQξ˜ƒVSUD\Vξ˜ƒZLOOξ˜ƒ
FDXVHξ˜ƒSHUPDQHQWξ˜ƒGDPDJHξ˜‘
,Iξ˜ƒPDJQLILHGξ˜ξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒZRXOGξ˜ƒDSSHDUξ˜ƒDVξ˜ƒ
SHDNVξ˜ξ˜ƒYDOOH\Vξ˜ƒDQGξ˜ƒVXEVXUIDFHξ˜ƒΒΆΒΆWXQQHOVξ˜‘Β·Β·ξ˜ƒ7KLVξ˜ƒ
URXJKξ˜ƒILQLVKξ˜ƒWHQGVξ˜ƒWRξ˜ƒSUHYHQWξ˜ƒJUHDVHξ˜ƒVSDWWHUVξ˜ƒ
IURPξ˜ƒIRUPLQJξ˜ƒOLWWOHξ˜ƒEHDGVξ˜ƒRUξ˜ƒGURSOHWVξ˜ƒWKDWξ˜ƒUXQξ˜ƒ
GRZQξ˜ƒWKHξ˜ƒVLGHξ˜ƒZDOOVξ˜ƒRIξ˜ƒDξ˜ƒKDUGVXUIDFHξ˜ƒRYHQξ˜ƒ
OLQHUξ˜ξ˜ƒOHDYLQJξ˜ƒXQVLJKWO\ξ˜ƒVWUHDNVξ˜ƒWKDWξ˜ƒUHTXLUHξ˜ƒKDQGξ˜ƒ
FOHDQLQJξ˜‘ξ˜ƒ,QVWHDGξ˜ξ˜ƒZKHQξ˜ƒVSDWWHUξ˜ƒKLWVξ˜ƒWKHξ˜ƒSRURXVξ˜ƒ
ILQLVKξ˜ξ˜ƒLWξ˜ƒLVξ˜ƒGLVSHUVHGξ˜ƒDQGξ˜ƒSDUWLDOO\ξ˜ƒDEVRUEHGξ˜‘ξ˜ƒ
7KLVξ˜ƒVSUHDGLQJξ˜ƒDFWLRQξ˜ƒLQFUHDVHVξ˜ƒWKHξ˜ƒH[SRVXUHξ˜ƒRIξ˜ƒ
RYHQξ˜ƒVRLOξ˜ƒWRξ˜ƒKHDWHGξ˜ƒDLUξ˜ƒDQGξ˜ƒPDNHVξ˜ƒLWξ˜ƒVRPHZKDWξ˜ƒ
OHVVξ˜ƒQRWLFHDEOHξ˜‘
6RLOξ˜ƒPD\ξ˜ƒQRWξ˜ƒGLVDSSHDUξ˜ƒFRPSOHWHO\ξ˜ƒDQGξ˜ƒDWξ˜ƒ
VRPHξ˜ƒWLPHξ˜ƒDIWHUξ˜ƒH[WHQGHGξ˜ƒXVDJHξ˜ξ˜ƒVWDLQVξ˜ƒPD\ξ˜ƒ
DSSHDUξ˜ƒWKDWξ˜ƒFDQQRWξ˜ƒEHξ˜ƒUHPRYHGξ˜‘
7KHξ˜ƒVSHFLDOξ˜ƒFRDWLQJξ˜ƒZRUNVξ˜ƒEHVWξ˜ƒRQξ˜ƒVPDOOξ˜ƒ
DPRXQWVξ˜ƒRIξ˜ƒVSDWWHUξ˜‘ξ˜ƒ,Wξ˜ƒGRHVξ˜ƒQRWξ˜ƒZRUNξ˜ƒZHOOξ˜ƒZLWKξ˜ƒ
ODUJHUξ˜ƒVSLOOVξ˜ξ˜ƒHVSHFLDOO\ξ˜ƒVXJDUVξ˜ξ˜ƒHJJξ˜ƒRUξ˜ƒGDLU\ξ˜ƒ
PL[WXUHVξ˜‘ξ˜ƒ7KHξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒGRHVξ˜ƒQRWξ˜ƒKDYHξ˜ƒWKHξ˜ƒ
FRQWLQXRXVξ˜ƒFOHDQLQJξ˜ƒRYHQξ˜ƒFRDWLQJξ˜ƒDQGξ˜ƒFDQξ˜ƒEHξ˜ƒ
UHPRYHGξ˜ƒDQGξ˜ƒFOHDQHGξ˜ƒZLWKξ˜ƒDξ˜ƒFRPPHUFLDOξ˜ƒRYHQξ˜ƒ
FOHDQHUξ˜‘
7KLVξ˜ƒVSHFLDOξ˜ƒFRDWLQJξ˜ƒLVξ˜ƒQRWξ˜ƒXVHGξ˜ƒRQξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
UDFNVξ˜ξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒRUξ˜ƒWKHξ˜ƒLQVLGHξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
GRRUξ˜‘ξ˜ƒ5HPRYHξ˜ƒWKHVHξ˜ƒWRξ˜ƒFOHDQξ˜ƒZLWKξ˜ƒDξ˜ƒFRPPHUFLDOξ˜ƒ
RYHQξ˜ƒFOHDQHUξ˜ƒWRξ˜ƒSUHYHQWξ˜ƒGDPDJLQJξ˜ƒWKHξ˜ƒ
&RQWLQXRXV&OHDQLQJξ˜ƒ2YHQξ˜ƒFRDWLQJξ˜‘
0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒLVξ˜ƒLQξ˜ƒSODFHξ˜ƒEHIRUHξ˜ƒ
\RXξ˜ƒWXUQξ˜ƒWKHξ˜ƒRYHQξ˜ƒRQξ˜ƒIRUξ˜ƒDQ\ξ˜ƒUHDVRQξ˜‘
8VHξ˜ƒFDUHξ˜ƒLQξ˜ƒUHPRYLQJξ˜ƒDQGξ˜ƒUHSODFLQJξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
ERWWRPξ˜ƒDQGξ˜ƒUDFNVξ˜ƒDQGξ˜ƒLQξ˜ƒSODFLQJξ˜ƒDQGξ˜ƒUHPRYLQJξ˜ƒ
GLVKHVξ˜ƒDQGξ˜ƒIRRGξ˜ƒWRξ˜ƒDYRLGξ˜ƒVFUDWFKLQJξ˜ξ˜ƒUXEELQJξ˜ƒRUξ˜ƒ
RWKHUZLVHξ˜ƒGDPDJLQJξ˜ƒWKHξ˜ƒSRURXVξ˜ƒILQLVKξ˜ƒRQξ˜ƒWKHξ˜ƒ
RYHQξ˜ƒZDOOVξ˜‘
7Rξ˜ƒ&OHDQξ˜ƒWKHξ˜ƒ&RQWLQXRXV&OHDQLQJξ˜ƒ2YHQ
ξ˜ƒ/HWξ˜ƒUDQJHξ˜ƒSDUWVξ˜ƒFRROξ˜ƒEHIRUHξ˜ƒKDQGOLQJξ˜‘ξ˜ƒ:Hξ˜ƒ
UHFRPPHQGξ˜ƒUXEEHUξ˜ƒJORYHVξ˜ƒEHξ˜ƒZRUQξ˜ƒZKHQξ˜ƒ
FOHDQLQJξ˜‘
ξ˜ƒ5HPRYHξ˜ƒUDFNVξ˜ƒDQGξ˜ƒFRRNZDUHξ˜‘
ξ˜ƒ6RLOξ˜ƒYLVLELOLW\ξ˜ƒPD\ξ˜ƒEHξ˜ƒUHGXFHGξ˜ƒE\ξ˜ƒRSHUDWLQJξ˜ƒ
WKHξ˜ƒRYHQξ˜ƒDWξ˜ƒξ˜—ξ˜“ξ˜“ξšƒ)ξ˜‘ξ˜ƒ&ORVHξ˜ƒWKHξ˜ƒGRRUξ˜ƒDQGξ˜ƒWXUQξ˜ƒ
WKHξ˜ƒ ξ˜ƒNQREξ˜ƒWRξ˜ƒξ˜—ξ˜“ξ˜“ξšƒ)ξ˜‘ξ˜ƒ7LPHξ˜ƒ29(1ξ˜ƒ&21752/
IRUξ˜ƒDWξ˜ƒOHDVWξ˜ƒIRXUξ˜ƒKRXUVξ˜‘ξ˜ƒ5HSHDWHGξ˜ƒF\FOHVξ˜ƒ
PD\ξ˜ƒEHξ˜ƒQHFHVVDU\ξ˜ƒEHIRUHξ˜ƒLPSURYHPHQWξ˜ƒLQξ˜ƒ
DSSHDUDQFHξ˜ƒLVξ˜ƒDSSDUHQWξ˜‘
5(0(0%(5ξ˜ξ˜ƒ'XULQJξ˜ƒWKHξ˜ƒRSHUDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ξ˜ƒ
WKHξ˜ƒGRRUξ˜ƒDQGξ˜ƒRWKHUξ˜ƒUDQJHξ˜ƒVXUIDFHVξ˜ƒZLOOξ˜ƒJHWξ˜ƒKRWξ˜ƒ
HQRXJKξ˜ƒWRξ˜ƒFDXVHξ˜ƒEXUQVξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒWRXFKξ˜‘ξ˜ƒ/HWξ˜ƒWKHξ˜ƒ
UDQJHξ˜ƒFRROξ˜ƒEHIRUHξ˜ƒUHSODFLQJξ˜ƒWKHξ˜ƒRYHQξ˜ƒUDFNVξ˜‘
ξ˜ƒξ˜ƒ,Iξ˜ƒDξ˜ƒVSLOORYHUξ˜ƒRUξ˜ƒKHDY\ξ˜ƒVRLOLQJξ˜ƒRFFXUVξ˜ƒRQξ˜ƒWKHξ˜ƒ
SRURXVξ˜ƒVXUIDFHξ˜ξ˜ƒDVξ˜ƒVRRQξ˜ƒDVξ˜ƒWKHξ˜ƒRYHQξ˜ƒKDVξ˜ƒ
FRROHGξ˜ξ˜ƒUHPRYHξ˜ƒDVξ˜ƒPXFKξ˜ƒRIξ˜ƒWKHξ˜ƒVRLOξ˜ƒDVξ˜ƒ
SRVVLEOHξ˜ƒXVLQJξ˜ƒDξ˜ƒVPDOOξ˜ƒDPRXQWξ˜ƒRIξ˜ƒZDWHUξ˜ƒ
DQGξ˜ƒDξ˜ƒVWLIIEULVWOHξ˜ƒQ\ORQξ˜ƒEUXVKξ˜‘ξ˜ƒ8VHξ˜ƒZDWHUξ˜ƒ
VSDULQJO\ξ˜ƒDQGξ˜ƒFKDQJHξ˜ƒLWξ˜ƒIUHTXHQWO\ξ˜ξ˜ƒNHHSLQJξ˜ƒ
LWξ˜ƒDVξ˜ƒFOHDQξ˜ƒDVξ˜ƒSRVVLEOHξ˜ξ˜ƒDQGξ˜ƒEHξ˜ƒVXUHξ˜ƒWRξ˜ƒEORWξ˜ƒLWξ˜ƒ
XSξ˜ƒZLWKξ˜ƒSDSHUξ˜ƒWRZHOVξ˜ξ˜ƒFORWKVξ˜ƒRUξ˜ƒVSRQJHVξ˜‘ξ˜ƒ'Rξ˜ƒ
QRWξ˜ƒUXEξ˜ƒRUξ˜ƒVFUXEξ˜ƒZLWKξ˜ƒSDSHUξ˜ƒWRZHOVξ˜ξ˜ƒFORWKVξ˜ƒ
RUξ˜ƒVSRQJHVξ˜ξ˜ƒVLQFHξ˜ƒWKH\ξ˜ƒZLOOξ˜ƒOHDYHξ˜ƒXQVLJKWO\ξ˜ƒ
OLQWξ˜ƒRQξ˜ƒWKHξ˜ƒRYHQξ˜ƒILQLVKξ˜‘ξ˜ƒ,Iξ˜ƒZDWHUξ˜ƒOHDYHVξ˜ƒDξ˜ƒ
ZKLWHξ˜ƒULQJξ˜ƒRQξ˜ƒWKHξ˜ƒILQLVKξ˜ƒDVξ˜ƒLWξ˜ƒGULHVξ˜ξ˜ƒDSSO\ξ˜ƒ
ZDWHUξ˜ƒDJDLQξ˜ƒDQGξ˜ƒEORWξ˜ƒLWξ˜ƒZLWKξ˜ƒDξ˜ƒFOHDQξ˜ƒ
VSRQJHξ˜ξ˜ƒVWDUWLQJξ˜ƒDWξ˜ƒWKHξ˜ƒHGJHξ˜ƒRIξ˜ƒWKHξ˜ƒULQJξ˜ƒDQGξ˜ƒ
ZRUNLQJξ˜ƒWRZDUGξ˜ƒWKHξ˜ƒFHQWHUξ˜‘
7KHξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒKDVξ˜ƒDξ˜ƒSRUFHODLQξ˜ƒHQDPHOξ˜ƒ
ILQLVKξ˜‘ξ˜ƒ7KHξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒFRPHVξ˜ƒRXWξ˜ƒIRUξ˜ƒFOHDQLQJξ˜ƒ
DZD\ξ˜ƒIURPξ˜ƒWKHξ˜ƒ&RQWLQXRXV&OHDQLQJξ˜ƒ2YHQξ˜‘
7KHξ˜ƒLQVLGHξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ƒGRRUξ˜ƒKDVξ˜ƒDξ˜ƒSRUFHODLQξ˜ƒ
HQDPHOξ˜ƒILQLVKξ˜‘ξ˜ƒ7KHξ˜ƒRYHQξ˜ƒGRRUξ˜ƒOLIWVξ˜ƒRIIξ˜ƒIRUξ˜ƒ
FOHDQLQJξ˜ƒDZD\ξ˜ƒIURPξ˜ƒWKHξ˜ƒ&RQWLQXRXV&OHDQLQJξ˜ƒ
2YHQξ˜‘ξ˜ƒ)RUξ˜ƒLQVWUXFWLRQVξ˜ƒRQξ˜ƒKRZξ˜ƒWRξ˜ƒFOHDQξ˜ƒWKHξ˜ƒ
LQVLGHξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ƒGRRUξ˜ƒUHIHUξ˜ƒWRξ˜ƒWKHξ˜ƒ/LIW2IIξ˜ƒ2YHQξ˜ƒ
'RRUξ˜ƒVHFWLRQξ˜‘
'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒVRDSξ˜ξ˜ƒGHWHUJHQWξ˜ξ˜ƒVWHHOξ˜ƒZRROξ˜ƒ
SDGVξ˜ξ˜ƒFRPPHUFLDOξ˜ƒRYHQξ˜ƒFOHDQHUξ˜ξ˜ƒVLOLFRQHξ˜ƒ
RYHQξ˜ƒVSUD\Vξ˜ξ˜ƒFRDUVHξ˜ƒSDGVξ˜ƒRUξ˜ƒFRDUVHξ˜ƒ
EUXVKHVξ˜ƒRQξ˜ƒWKHξ˜ƒSRURXVξ˜ƒVXUIDFHξ˜‘ξ˜ƒ7KHVHξ˜ƒ
SURGXFWVξ˜ƒZLOOξ˜ƒVSRWξ˜ξ˜ƒFORJξ˜ƒDQGξ˜ƒGDPDJHξ˜ƒWKHξ˜ƒ
SRURXVξ˜ƒVXUIDFHξ˜ƒDQGξ˜ƒUHGXFHξ˜ƒLWVξ˜ƒDELOLW\ξ˜ƒWRξ˜ƒ
ZRUNξ˜‘
'Rξ˜ƒQRWξ˜ƒVFUDSHξ˜ƒWKHξ˜ƒSRURXVξ˜ƒVXUIDFHξ˜ƒZLWKξ˜ƒDξ˜ƒ
NQLIHξ˜ƒRUξ˜ƒVSDWXODΒ³
WKH\ξ˜ƒFRXOGξ˜ƒSHUPDQHQWO\ξ˜ƒ
GDPDJHξ˜ƒWKHξ˜ƒILQLVKξ˜‘
ξ˜ƒξ˜•ξ˜•
%()25(ξ˜ƒ<28ξ˜ƒ%(*,1
5HDGξ˜ƒWKHVHξ˜ƒLQVWUXFWLRQVξ˜ƒFRPSOHWHO\ξ˜ƒDQGξ˜ƒFDUHIXOO\ξ˜‘
,QVWDOODWLRQξ˜ƒRIξ˜ƒWKLVξ˜ƒUDQJHξ˜ƒPXVWξ˜ƒFRQIRUPξ˜ƒZLWKξ˜ƒORFDOξ˜ƒ
FRGHVξ˜ξ˜ƒRUξ˜ƒLQξ˜ƒWKHξ˜ƒDEVHQFHξ˜ƒRIξ˜ƒORFDOξ˜ƒFRGHVξ˜ξ˜ƒZLWKξ˜ƒWKHξ˜ƒ
1DWLRQDOξ˜ƒ)XHOξ˜ƒ*DVξ˜ƒ&RGHξ˜ξ˜ƒ$16,ξ˜ƒ=ξ˜•ξ˜•ξ˜–ξ˜‘ξ˜”ξ˜’1)3$ξ˜‘ξ˜˜ξ˜—ξ˜ξ˜ƒODWHVWξ˜ƒ
HGLWLRQξ˜‘ξ˜ƒ,Qξ˜ƒ&DQDGDξ˜ξ˜ƒLQVWDOODWLRQξ˜ƒPXVWξ˜ƒFRQIRUPξ˜ƒZLWKξ˜ƒ
WKHξ˜ƒFXUUHQWξ˜ƒ1DWXUDOξ˜ƒ*DVξ˜ƒ,QVWDOODWLRQξ˜ƒ&RGHξ˜ξ˜ƒ&$1ξ˜’
&*$%ξ˜”ξ˜—ξ˜œξ˜‘ξ˜”ξ˜ƒRUξ˜ƒWKHξ˜ƒFXUUHQWξ˜ƒ3URSDQHξ˜ƒ,QVWDOODWLRQξ˜ƒ
&RGHξ˜ξ˜ƒ&$1ξ˜’&*$%ξ˜”ξ˜—ξ˜œξ˜‘ξ˜•ξ˜ξ˜ƒDQGξ˜ƒZLWKξ˜ƒORFDOξ˜ƒFRGHVξ˜ƒZKHUHξ˜ƒ
DSSOLFDEOHξ˜‘ξ˜ƒ7KLVξ˜ƒUDQJHξ˜ƒKDVξ˜ƒEHHQξ˜ƒGHVLJQFHUWLILHGξ˜ƒE\ξ˜ƒ
&6$ξ˜ƒ,QWHUQDWLRQDOξ˜ƒDFFRUGLQJξ˜ƒWRξ˜ƒ$16,ξ˜ƒ=ξ˜•ξ˜”ξ˜‘ξ˜”ξ˜ξ˜ƒODWHVWξ˜ƒ
HGLWLRQξ˜ƒDQGξ˜ƒ&DQDGLDQξ˜ƒ*DVξ˜ƒ$VVRFLDWLRQξ˜ƒDFFRUGLQJξ˜ƒWRξ˜ƒ
&$1ξ˜’&*$ξ˜ξ˜”ξ˜‘ξ˜”ξ˜ƒODWHVWξ˜ƒHGLWLRQξ˜‘
$Vξ˜ƒZLWKξ˜ƒDQ\ξ˜ƒDSSOLDQFHξ˜ƒXVLQJξ˜ƒJDVξ˜ƒDQGξ˜ƒJHQHUDWLQJξ˜ƒKHDWξ˜ξ˜ƒ
WKHUHξ˜ƒDUHξ˜ƒFHUWDLQξ˜ƒVDIHW\ξ˜ƒSUHFDXWLRQVξ˜ƒ\RXξ˜ƒVKRXOGξ˜ƒIROORZξ˜‘ξ˜ƒ
<RXξ˜ƒZLOOξ˜ƒILQGξ˜ƒWKHVHξ˜ƒSUHFDXWLRQVξ˜ƒLQξ˜ƒWKHξ˜ƒ,PSRUWDQWξ˜ƒ6DIHW\ξ˜ƒ
,QIRUPDWLRQξ˜ƒVHFWLRQξ˜ƒLQξ˜ƒWKHξ˜ƒIURQWξ˜ƒRIξ˜ƒWKLVξ˜ƒPDQXDOξ˜‘ξ˜ƒ5HDGξ˜ƒ
WKHPξ˜ƒFDUHIXOO\ξ˜‘
ξš‡ξ˜ƒ ξ˜ƒ,03257$17ξ˜ƒΒ²6DYHξ˜ƒWKHVHξ˜ƒLQVWUXFWLRQVξ˜ƒIRUξ˜ƒ
ORFDOξ˜ƒHOHFWULFDOξ˜ƒLQVSHFWRUΒ·Vξ˜ƒXVHξ˜‘
ξš‡ξ˜ƒ ξ˜ƒ,03257$17ξ˜ƒΒ²2EVHUYHξ˜ƒDOOξ˜ƒJRYHUQLQJξ˜ƒ
FRGHVξ˜ƒDQGξ˜ƒRUGLQDQFHVξ˜‘
ξš‡ξ˜ƒ 1RWHξ˜ƒWRξ˜ƒ,QVWDOOHUξ˜ƒΒ²ξ˜ƒ/HDYHξ˜ƒWKHVHξ˜ƒLQVWUXFWLRQVξ˜ƒZLWKξ˜ƒ
WKHξ˜ƒDSSOLDQFHξ˜ƒDIWHUξ˜ƒLQVWDOODWLRQξ˜ƒLVξ˜ƒFRPSOHWHGξ˜‘
ξš‡ξ˜ƒ 1RWHξ˜ƒWRξ˜ƒ&RQVXPHUξ˜ƒΒ²ξ˜ƒ.HHSξ˜ƒWKLVξ˜ƒ2ZQHUΒ·Vξ˜ƒ0DQXDOξ˜ƒ
DQGξ˜ƒ,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQVξ˜ƒIRUξ˜ƒIXWXUHξ˜ƒUHIHUHQFHξ˜‘
ξš‡ξ˜ƒ 1RWHξ˜ƒΒ²ξ˜ƒ7KLVξ˜ƒDSSOLDQFHξ˜ƒPXVWξ˜ƒEHξ˜ƒSURSHUO\ξ˜ƒJURXQGHGξ˜‘
ξš‡ξ˜ƒ 6HUYLFHUξ˜ƒΒ²ξ˜ƒ7KHξ˜ƒHOHFWULFDOξ˜ƒGLDJUDPξ˜ƒLVξ˜ƒLQξ˜ƒDQξ˜ƒHQYHORSHξ˜ƒ
DWWDFKHGξ˜ƒWRξ˜ƒWKHξ˜ƒEDFNξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ
ξš‡ξ˜ƒ 3URSHUξ˜ƒLQVWDOODWLRQξ˜ƒLVξ˜ƒWKHξ˜ƒUHVSRQVLELOLW\ξ˜ƒRIξ˜ƒWKHξ˜ƒLQVWDOOHUξ˜‘ξ˜ƒ
ξš‡ξ˜ƒ 3URGXFWξ˜ƒIDLOXUHξ˜ƒGXHξ˜ƒWRξ˜ƒLPSURSHUξ˜ƒLQVWDOODWLRQξ˜ƒLVξ˜ƒQRWξ˜ƒ
FRYHUHGξ˜ƒXQGHUξ˜ƒWKHξ˜ƒ:DUUDQW\ξ˜‘
0RELOHξ˜ƒ+RPHξ˜ƒξ˜ξ˜ƒ$GGLWLRQDOξ˜ƒ,QVWDOODWLRQξ˜ƒ5HTXLUHPHQWV
7KHξ˜ƒLQVWDOODWLRQξ˜ƒRIξ˜ƒWKLVξ˜ƒUDQJHξ˜ƒPXVWξ˜ƒFRQIRUPξ˜ƒWRξ˜ƒWKHξ˜ƒ
0DQXIDFWXUHGξ˜ƒ+RPHξ˜ƒ&RQVWUXFWLRQξ˜ƒDQGξ˜ƒ6DIHW\ξ˜ƒ6WDQGDUGξ˜ξ˜ƒ
7LWOHξ˜ƒξ˜•ξ˜—ξ˜ƒ&)5ξ˜ξ˜ƒ3DUWξ˜ƒξ˜–ξ˜•ξ˜›ξ˜“ξ˜ƒξ˜‹IRUPHUO\ξ˜ƒWKHξ˜ƒ)HGHUDOξ˜ƒ6WDQGDUGξ˜ƒ
IRUξ˜ƒ0RELOHξ˜ƒ+RPHξ˜ƒ&RQVWUXFWLRQξ˜ξ˜ƒXVHξ˜ƒWKHξ˜ƒ6WDQGDUGξ˜ƒIRUξ˜ƒ
0DQXIDFWXUHGξ˜ƒ+RPHξ˜ƒ,QVWDOODWLRQVξ˜ξ˜ƒ$16,ξ˜ƒ$ξ˜•ξ˜•ξ˜˜ξ˜ξ˜ƒξ˜”ξ˜’1)3$ξ˜ƒ
ξ˜˜ξ˜“ξ˜”$ξ˜ƒRUξ˜ƒZLWKξ˜ƒORFDOξ˜ƒFRGHVξ˜‘
0RELOHξ˜ƒKRPHξ˜ƒLQVWDOODWLRQVξ˜ƒUHTXLUH
ξš‡ξ˜ƒξ˜ƒ:KHQξ˜ƒWKLVξ˜ƒUDQJHξ˜ƒLVξ˜ƒLQVWDOOHGξ˜ƒLQξ˜ƒDξ˜ƒPRELOHξ˜ƒKRPHξ˜ξ˜ƒLWξ˜ƒPXVWξ˜ƒ
EHξ˜ƒVHFXUHGξ˜ƒWRξ˜ƒWKHξ˜ƒIORRUξ˜ƒGXULQJξ˜ƒWUDQVLWξ˜‘ξ˜ƒ$Q\ξ˜ƒPHWKRGξ˜ƒRIξ˜ƒ
VHFXULQJξ˜ƒWKHξ˜ƒUDQJHξ˜ƒLVξ˜ƒDGHTXDWHξ˜ƒDVξ˜ƒORQJξ˜ƒDVξ˜ƒLWξ˜ƒFRQIRUPVξ˜ƒWRξ˜ƒ
WKHξ˜ƒVWDQGDUGVξ˜ƒOLVWHGξ˜ƒDERYHξ˜‘
ξ˜ƒ,QVWDOODWLRQξ˜ƒξ˜ƒ
5DQJH
ξ˜ƒ
ξ˜ƒ
ξ˜ƒξ˜ƒ
ξ˜ƒ,QVWUXFWLRQVξ˜ƒξ˜ƒ ξ˜ƒ
'Rξ˜ƒQRWξ˜ƒVWRUHξ˜ƒRUξ˜ƒXVHξ˜ƒFRPEXVWLEOHξ˜ƒPDWHULDOVξ˜ξ˜ƒJDVROLQHξ˜ƒξ˜ƒ
RUξ˜ƒRWKHUξ˜ƒIODPPDEOHξ˜ƒYDSRUVξ˜ƒDQGξ˜ƒOLTXLGVξ˜ƒLQξ˜ƒWKHξ˜ƒYLFLQLW\ξ˜ƒξ˜ƒ
RIξ˜ƒWKLVξ˜ƒRUξ˜ƒDQ\ξ˜ƒRWKHUξ˜ƒDSSOLDQFHξ˜‘
,Iξ˜ƒ\RXξ˜ƒVPHOOξ˜ƒJDV
2SHQξ˜ƒZLQGRZVξ˜‘
'RQΒ·Wξ˜ƒWRXFKξ˜ƒHOHFWULFDOξ˜ƒVZLWFKHVξ˜‘
([WLQJXLVKξ˜ƒDQ\ξ˜ƒRSHQξ˜ƒIODPHξ˜‘
,PPHGLDWHO\ξ˜ƒFDOOξ˜ƒ\RXUξ˜ƒJDVξ˜ƒVXSSOLHUξ˜‘
)25ξ˜ƒ<285ξ˜ƒ6$)(7<
,Qξ˜ƒWKHξ˜ƒ&RPPRQZHDOWKξ˜ƒRIξ˜ƒ0DVVDFKXVHWWV
ξš‡ξ˜ƒ ξ˜ƒ7KLVξ˜ƒSURGXFWξ˜ƒPXVWξ˜ƒEHξ˜ƒLQVWDOOHGξ˜ƒE\ξ˜ƒDξ˜ƒOLFHQVHGξ˜ƒSOXPEHUξ˜ƒRUξ˜ƒ
JDVξ˜ƒILWWHUξ˜‘
ξš‡ξ˜ƒ ξ˜ƒ:KHQξ˜ƒXVLQJξ˜ƒEDOOξ˜ƒW\SHξ˜ƒJDVξ˜ƒVKXWRIIξ˜ƒYDOYHVξ˜ξ˜ƒWKH\ξ˜ƒVKDOOξ˜ƒEHξ˜ƒ
WKHξ˜ƒ7KDQGOHξ˜ƒW\SHξ˜‘
ξš‡ξ˜ƒ
ξ˜ƒ$ξ˜ƒIOH[LEOHξ˜ƒJDVξ˜ƒFRQQHFWRUξ˜ξ˜ƒZKHQξ˜ƒXVHGξ˜ξ˜ƒPXVWξ˜ƒQRWξ˜ƒH[FHHGξ˜ƒξ˜–ξ˜ƒIHHWξ˜‘
722/6ξ˜ƒ<28ξ˜ƒ:,//ξ˜ƒ1(('
)ODWEODGHξ˜ƒVFUHZGULYHU
3LSHξ˜ƒZUHQFKHVξ˜ƒξ˜‹ξ˜•ξ˜Œ
ξ˜‹RQHξ˜ƒIRUξ˜ƒEDFNXS
3KLOOLSVξ˜ƒVFUHZGULYHU
2SHQHQGξ˜ƒRUξ˜ƒξ˜ƒ
DGMXVWDEOHξ˜ƒZUHQFK
3HQFLOξ˜ƒDQGξ˜ƒUXOHU
/HYHO
'ULOOξ˜ξ˜ƒDZOξ˜ƒRUξ˜ƒQDLO
0$7(5,$/6ξ˜ƒ<28ξ˜ƒ0$<ξ˜ƒ1(('
ξš‡ξ˜ƒξ˜ƒ*DVξ˜ƒOLQHξ˜ƒVKXWRIIξ˜ƒYDOYH
ξš‡ξ˜ƒξ˜ƒ3LSHξ˜ƒMRLQWξ˜ƒVHDODQWξ˜ƒRUξ˜ƒ8/DSSURYHGξ˜ƒSLSHξ˜ƒWKUHDGξ˜ƒWDSHξ˜ƒZLWKξ˜ƒ
7HIORQξ˜ξ˜ƒWKDWξ˜ƒUHVLVWVξ˜ƒDFWLRQξ˜ƒRIξ˜ƒQDWXUDOξ˜ƒDQGξ˜ƒ/3ξ˜ƒJDVHV
ξš‡ξ˜ƒξ˜ƒ)OH[LEOHξ˜ƒPHWDOξ˜ƒDSSOLDQFHξ˜ƒFRQQHFWRUξ˜ƒξ˜‹ξ˜”ξ˜’ξ˜•Β΄ξ˜ƒ,ξ˜‘'ξ˜‘ξ˜Œξ˜ƒ
$ξ˜ƒξ˜˜ξ˜IRRWξ˜ƒOHQJWKξ˜ƒLVξ˜ƒUHFRPPHQGHGξ˜ƒIRUξ˜ƒHDVHξ˜ƒRIξ˜ƒLQVWDOODWLRQξ˜ƒ
EXWξ˜ƒRWKHUξ˜ƒOHQJWKVξ˜ƒDUHξ˜ƒDFFHSWDEOHξ˜‘ξ˜ƒ1HYHUξ˜ƒXVHξ˜ƒDQξ˜ƒROGξ˜ƒ
FRQQHFWRUξ˜ƒZKHQξ˜ƒLQVWDOOLQJξ˜ƒDξ˜ƒQHZξ˜ƒUDQJHξ˜‘
ξš‡ξ˜ƒξ˜ƒ)ODUHξ˜ƒXQLRQξ˜ƒDGDSWHUξ˜ƒIRUξ˜ƒFRQQHFWLRQξ˜ƒWRξ˜ƒJDVξ˜ƒVXSSO\ξ˜ƒOLQHξ˜ƒ
ξ˜‹ξ˜–ξ˜’ξ˜—Β΄ξ˜ƒRUξ˜ƒξ˜”ξ˜’ξ˜•Β΄ξ˜ƒ137ξ˜ƒ[ξ˜ƒξ˜”ξ˜’ξ˜•Β΄ξ˜ƒ,ξ˜‘'ξ˜‘ξ˜Œ
ξš‡ξ˜ƒξ˜ƒ)ODUHξ˜ƒXQLRQξ˜ƒDGDSWHUξ˜ƒIRUξ˜ƒFRQQHFWLRQξ˜ƒWRξ˜ƒSUHVVXUHξ˜ƒUHJXODWRUξ˜ƒ
RQξ˜ƒUDQJHξ˜ƒξ˜‹ξ˜”ξ˜’ξ˜•Β΄ξ˜ƒ137ξ˜ƒ[ξ˜ƒξ˜”ξ˜’ξ˜•Β΄ξ˜ƒ,ξ˜‘'ξ˜‘ξ˜Œ
ξš‡ξ˜ƒξ˜ƒ/LTXLGξ˜ƒOHDNξ˜ƒGHWHFWRUξ˜ƒRUξ˜ƒVRDS\ξ˜ƒZDWHUξ˜‘
ξš‡ξ˜ƒξ˜ƒ/DJξ˜ƒEROWξ˜ƒRUξ˜ƒξ˜”ξ˜’ξ˜•Β΄ξ˜ƒ2ξ˜‘'ξ˜‘ξ˜ƒVOHHYHξ˜ƒDQFKRUξ˜ƒξ˜‹IRUξ˜ƒFRQFUHWHξ˜ƒ
IORRUVξ˜ƒRQO\ξ˜Œξ˜‘
7HIORQξ˜ξ˜ƒ5HJLVWHUHGξ˜ƒWUDGHPDUNξ˜ƒRIξ˜ƒ'X3RQW
,Iξ˜ƒ\RXξ˜ƒKDYHξ˜ƒTXHVWLRQVξ˜ξ˜ƒFDOOξ˜ƒξ˜”ξ˜‘ξ˜›ξ˜“ξ˜“ξ˜‘*(ξ˜‘&$5(6ξ˜ƒ *($SSOLDQFHVξ˜‘FRPRUξ˜ƒYLVLWξ˜ƒRXUξ˜ƒ:HEVLWHξ˜ƒDWξ˜ξ˜ƒ
ξ˜ƒξ˜•ξ˜–
,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQV
:$51,1*
,167$//$7,21ξ˜ƒ6$)(7<ξ˜ƒ
,16758&7,216
5HDGξ˜ƒWKHVHξ˜ƒLQVWUXFWLRQVξ˜ƒFRPSOHWHO\ξ˜ƒDQGξ˜ƒFDUHIXOO\ξ˜‘ξ˜ƒ
)DLOXUHξ˜ƒWRξ˜ƒIROORZξ˜ƒWKHVHξ˜ƒLQVWUXFWLRQVξ˜ƒFDQξ˜ƒUHVXOWξ˜ƒLQξ˜ƒ
HOHFWULFDOξ˜ƒVKRFNξ˜ξ˜ƒILUHξ˜ξ˜ƒVHULRXVξ˜ƒLQMXU\ξ˜ξ˜ƒRUξ˜ƒGHDWKξ˜‘
ξš„ξ˜ƒξ˜ƒ,PSURSHUξ˜ƒLQVWDOODWLRQξ˜ξ˜ƒDGMXVWPHQWξ˜ξ˜ƒDOWHUDWLRQξ˜ξ˜ƒVHUYLFHξ˜ƒ
RUξ˜ƒPDLQWHQDQFHξ˜ƒFDQξ˜ƒFDXVHξ˜ƒLQMXU\ξ˜ƒRUξ˜ƒSURSHUW\ξ˜ƒ
GDPDJHξ˜‘ξ˜ƒ5HIHUξ˜ƒWRξ˜ƒWKLVξ˜ƒPDQXDOξ˜‘ξ˜ƒ)RUξ˜ƒDVVLVWDQFHξ˜ƒRUξ˜ƒ
DGGLWLRQDOξ˜ƒLQIRUPDWLRQξ˜ξ˜ƒFRQVXOWξ˜ƒDξ˜ƒTXDOLILHGξ˜ƒLQVWDOOHUξ˜ξ˜ƒ
VHUYLFHξ˜ƒDJHQF\ξ˜ξ˜ƒPDQXIDFWXUHUξ˜ƒξ˜‹GHDOHUξ˜Œξ˜ƒRUξ˜ƒWKHξ˜ƒJDVξ˜ƒ
VXSSOLHUξ˜‘
ξš„ξ˜ƒξ˜ƒ1HYHUξ˜ƒUHXVHξ˜ƒROGξ˜ƒIOH[LEOHξ˜ƒFRQQHFWRUVξ˜‘ξ˜ƒ7KHξ˜ƒXVHξ˜ƒRIξ˜ƒROGξ˜ƒ
IOH[LEOHξ˜ƒFRQQHFWRUVξ˜ƒFDQξ˜ƒFDXVHξ˜ƒJDVξ˜ƒOHDNVξ˜ƒDQGξ˜ƒSHUVRQDOξ˜ƒ
LQMXU\ξ˜‘ξ˜ƒ$OZD\Vξ˜ƒXVHξ˜ƒ1(:ξ˜ƒIOH[LEOHξ˜ƒFRQQHFWRUVξ˜ƒZKHQξ˜ƒ
LQVWDOOLQJξ˜ƒDξ˜ƒJDVξ˜ƒDSSOLDQFHξ˜‘
ξš„ξ˜ƒξ˜ƒ/HDNξ˜ƒWHVWLQJξ˜ƒRIξ˜ƒWKHξ˜ƒDSSOLDQFHξ˜ƒVKDOOξ˜ƒEHξ˜ƒFRQGXFWHGξ˜ƒ
DFFRUGLQJξ˜ƒWRξ˜ƒWKHξ˜ƒPDQXIDFWXUHUξ˜ƒLQVWUXFWLRQVξ˜‘
ξš„ξ˜ƒξ˜ƒ5HPRYHξ˜ƒDOOξ˜ƒSDFNLQJξ˜ƒPDWHULDOξ˜ƒDQGξ˜ƒOLWHUDWXUHξ˜ƒIURPξ˜ƒRYHQξ˜ƒ
EHIRUHξ˜ƒFRQQHFWLQJξ˜ƒJDVξ˜ƒDQGξ˜ƒHOHFWULFDOξ˜ƒVXSSO\ξ˜ƒWRξ˜ƒUDQJHξ˜‘
ξš„ξ˜ƒξ˜ƒ'Rξ˜ƒQRWξ˜ƒDWWHPSWξ˜ƒWRξ˜ƒRSHUDWHξ˜ƒWKHξ˜ƒRYHQξ˜ƒRIξ˜ƒWKLVξ˜ƒUDQJHξ˜ƒ
GXULQJξ˜ƒDξ˜ƒSRZHUξ˜ƒIDLOXUHξ˜ƒξ˜‹(OHFWULFξ˜ƒ,JQLWLRQξ˜ƒPRGHOVξ˜ƒRQO\ξ˜Œξ˜‘
ξš„ξ˜ƒξ˜ƒ+DYHξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒLQVWDOOHGξ˜ƒE\ξ˜ƒDξ˜ƒTXDOLILHGξ˜ƒLQVWDOOHUξ˜‘
ξš„ξ˜ƒξ˜ƒ<RXUξ˜ƒUDQJHξ˜ƒPXVWξ˜ƒEHξ˜ƒHOHFWULFDOO\ξ˜ƒJURXQGHGξ˜ƒLQξ˜ƒ
DFFRUGDQFHξ˜ƒZLWKξ˜ƒORFDOξ˜ƒFRGHVξ˜ƒRUξ˜ξ˜ƒLQξ˜ƒWKHξ˜ƒDEVHQFHξ˜ƒRIξ˜ƒ
ORFDOξ˜ƒFRGHVξ˜ξ˜ƒLQξ˜ƒDFFRUGDQFHξ˜ƒZLWKξ˜ƒWKHξ˜ƒ1DWLRQDOξ˜ƒ(OHFWULFDOξ˜ƒ
&RGHξ˜ƒξ˜‹$16,ξ˜’1)3$ξ˜ƒξ˜šξ˜“ξ˜ξ˜ƒODWHVWξ˜ƒHGLWLRQξ˜Œξ˜‘ξ˜ƒ,Qξ˜ƒ&DQDGDξ˜ξ˜ƒ
HOHFWULFDOξ˜ƒJURXQGLQJξ˜ƒPXVWξ˜ƒEHξ˜ƒLQξ˜ƒDFFRUGDQFHξ˜ƒZLWKξ˜ƒWKHξ˜ƒ
FXUUHQWξ˜ƒ&6$ξ˜ƒ&ξ˜•ξ˜•ξ˜‘ξ˜”ξ˜ƒ&DQDGLDQξ˜ƒ(OHFWULFDOξ˜ƒ&RGHξ˜ƒ3DUWξ˜ƒξ˜”ξ˜ƒ
DQGξ˜’RUξ˜ƒORFDOξ˜ƒFRGHVξ˜‘ξ˜ƒ6HHξ˜ƒ(OHFWULFDOξ˜ƒ&RQQHFWLRQVξ˜ƒLQξ˜ƒWKLVξ˜ƒ
VHFWLRQξ˜‘
ξš„ξ˜ƒξ˜ƒ%HIRUHξ˜ƒLQVWDOOLQJξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒRQξ˜ƒOLQROHXPξ˜ƒRUξ˜ƒDQ\ξ˜ƒRWKHUξ˜ƒ
V\QWKHWLFξ˜ƒIORRUξ˜ƒFRYHULQJξ˜ξ˜ƒPDNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒIORRUξ˜ƒFRYHULQJξ˜ƒ
FDQξ˜ƒZLWKVWDQGξ˜ƒξ˜”ξ˜›ξ˜“ξšƒ)ξ˜ƒZLWKRXWξ˜ƒVKULQNLQJξ˜ξ˜ƒZDUSLQJξ˜ƒRUξ˜ƒ
GLVFRORULQJξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒLQVWDOOξ˜ƒWKHξ˜ƒUDQJHξ˜ƒRYHUξ˜ƒFDUSHWLQJξ˜ƒ
XQOHVVξ˜ƒDξ˜ƒVKHHWξ˜ƒRIξ˜ƒξ˜”ξ˜’ξ˜— ξ˜ƒWKLFNξ˜ƒSO\ZRRGξ˜ƒRUξ˜ƒVLPLODUξ˜ƒΒ΄
LQVXODWRUξ˜ƒLVξ˜ƒSODFHGξ˜ƒEHWZHHQξ˜ƒWKHξ˜ƒUDQJHξ˜ƒDQGξ˜ƒFDUSHWLQJξ˜‘
ξš„ξ˜ƒξ˜ƒ0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒZDOOξ˜ƒFRYHULQJVξ˜ƒDURXQGξ˜ƒWKHξ˜ƒUDQJHξ˜ƒFDQξ˜ƒ
ZLWKVWDQGξ˜ƒKHDWξ˜ƒJHQHUDWHGξ˜ƒE\ξ˜ƒWKHξ˜ƒUDQJHξ˜ƒXSξ˜ƒWRξ˜ƒξ˜•ξ˜“ξ˜“ξšƒ)ξ˜‘
ξš„ξ˜ƒξ˜ƒ$YRLGξ˜ƒSODFLQJξ˜ƒFDELQHWVξ˜ƒDERYHξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ7Rξ˜ƒUHGXFHξ˜ƒ
WKHξ˜ƒKD]DUGξ˜ƒFDXVHGξ˜ƒE\ξ˜ƒUHDFKLQJξ˜ƒRYHUξ˜ƒWKHξ˜ƒRSHQξ˜ƒIODPHVξ˜ƒ
RIξ˜ƒRSHUDWLQJξ˜ƒEXUQHUVξ˜ξ˜ƒLQVWDOOξ˜ƒDξ˜ƒYHQWLODWLRQξ˜ƒKRRGξ˜ƒRYHUξ˜ƒ
WKHξ˜ƒUDQJHξ˜ƒWKDWξ˜ƒSURMHFWVξ˜ƒIRUZDUGξ˜ƒDWξ˜ƒOHDVWξ˜ƒξ˜˜ ξ˜ƒEH\RQGξ˜ƒΒ΄
WKHξ˜ƒIURQWξ˜ƒRIξ˜ƒWKHξ˜ƒFDELQHWVξ˜‘
ξš„ξ˜ƒξ˜ƒ7KHξ˜ƒYHQWLODWLQJξ˜ƒKRRGξ˜ƒPXVWξ˜ƒEHξ˜ƒFRQVWUXFWHGξ˜ƒ
RIξ˜ƒVKHHWξ˜ƒPHWDOξ˜ƒQRWξ˜ƒOHVVξ˜ƒWKDQξ˜ƒξ˜“ξ˜‘ξ˜“ξ˜”ξ˜•ξ˜•Β΄ξ˜ƒWKLFNξ˜‘ξ˜ƒ
,QVWDOOξ˜ƒDERYHξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒZLWKξ˜ƒDξ˜ƒFOHDUDQFHξ˜ƒRIξ˜ƒQRWξ˜ƒ
OHVVξ˜ƒWKDQξ˜ƒξ˜”ξ˜’ξ˜—Β΄ξ˜ƒEHWZHHQξ˜ƒWKHξ˜ƒKRRGξ˜ƒDQGξ˜ƒWKHξ˜ƒXQGHUVLGHξ˜ƒ
RIξ˜ƒWKHξ˜ƒFRPEXVWLEOHξ˜ƒPDWHULDOξ˜ƒRUξ˜ƒPHWDOξ˜ƒFDELQHWξ˜‘ξ˜ƒ7KHξ˜ƒ
KRRGξ˜ƒPXVWξ˜ƒEHξ˜ƒDWξ˜ƒOHDVWξ˜ƒDVξ˜ƒZLGHξ˜ƒDVξ˜ƒWKHξ˜ƒDSSOLDQFHξ˜ƒDQGξ˜ƒ
FHQWHUHGξ˜ƒRYHUξ˜ƒWKHξ˜ƒDSSOLDQFHξ˜‘ξ˜ƒ&OHDUDQFHξ˜ƒEHWZHHQξ˜ƒWKHξ˜ƒ
FRRNLQJξ˜ƒVXUIDFHξ˜ƒDQGξ˜ƒWKHξ˜ƒYHQWLODWLRQξ˜ƒKRRGξ˜ƒVXUIDFHξ˜ƒ
0867ξ˜ƒ1(9(5ξ˜ƒ%(ξ˜ƒ/(66ξ˜ƒ7+$1ξ˜ƒξ˜•ξ˜—Β΄ξ˜‘
(;&(37,21ξ˜ξ˜ƒ,QVWDOODWLRQξ˜ƒRIξ˜ƒDξ˜ƒOLVWHGξ˜ƒPLFURZDYHξ˜ƒRYHQξ˜ƒRUξ˜ƒ
FRRNLQJξ˜ƒDSSOLDQFHξ˜ƒRYHUξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒVKDOOξ˜ƒFRQIRUPξ˜ƒWRξ˜ƒ
WKHξ˜ƒLQVWDOODWLRQξ˜ƒLQVWUXFWLRQVξ˜ƒSDFNHGξ˜ƒZLWKξ˜ƒWKDWξ˜ƒDSSOLDQFHξ˜‘
ξš„ξ˜ƒξ˜ƒ,Iξ˜ƒFDELQHWVξ˜ƒDUHξ˜ƒSODFHGξ˜ƒDERYHξ˜ƒWKHξ˜ƒUDQJHξ˜ξ˜ƒ
DOORZξ˜ƒDξ˜ƒPLQLPXPξ˜ƒFOHDUDQFHξ˜ƒRIξ˜ƒξ˜–ξ˜“ ξ˜ƒEHWZHHQξ˜ƒWKHξ˜ƒΒ΄
FRRNLQJξ˜ƒVXUIDFHξ˜ƒDQGξ˜ƒWKHξ˜ƒERWWRPξ˜ƒRIξ˜ƒXQSURWHFWHGξ˜ƒ
FDELQHWVξ˜‘
ξš„ξ˜ƒξ˜ƒ,Iξ˜ƒDξ˜ƒξ˜–ξ˜“Β΄ξ˜ƒFOHDUDQFHξ˜ƒEHWZHHQξ˜ƒFRRNLQJξ˜ƒVXUIDFHξ˜ƒDQGξ˜ƒ
RYHUKHDGξ˜ƒFRPEXVWLEOHξ˜ƒPDWHULDOξ˜ƒRUξ˜ƒPHWDOξ˜ƒFDELQHWVξ˜ƒ
FDQQRWξ˜ƒEHξ˜ƒPDLQWDLQHGξ˜ξ˜ƒSURWHFWξ˜ƒWKHξ˜ƒXQGHUVLGHξ˜ƒRIξ˜ƒWKHξ˜ƒ
FDELQHWVξ˜ƒDERYHξ˜ƒWKHξ˜ƒFRRNWRSξ˜ƒZLWKξ˜ƒQRWξ˜ƒOHVVξ˜ƒWKDQξ˜ƒξ˜”ξ˜’ξ˜—Β΄ξ˜ƒ
LQVXODWLQJξ˜ƒPLOOERDUGξ˜ƒFRYHUHGξ˜ƒZLWKξ˜ƒVKHHWξ˜ƒPHWDOξ˜ƒQRWξ˜ƒOHVVξ˜ƒ
WKDQξ˜ƒξ˜“ξ˜‘ξ˜“ξ˜”ξ˜•ξ˜• ξ˜ƒWKLFNξ˜‘ξ˜ƒ&OHDUDQFHξ˜ƒEHWZHHQξ˜ƒWKHξ˜ƒFRRNLQJξ˜ƒΒ΄
VXUIDFHξ˜ƒDQGξ˜ƒSURWHFWHGξ˜ƒFDELQHWVξ˜ƒ0867ξ˜ƒ1(9(5ξ˜ƒ%(ξ˜ƒ/(66ξ˜ƒ
7+$1ξ˜ƒξ˜•ξ˜—Β΄ξ˜‘
ξš„ξ˜ƒξ˜ƒ7KHξ˜ƒYHUWLFDOξ˜ƒGLVWDQFHξ˜ƒIURPξ˜ƒWKHξ˜ƒSODQHξ˜ƒRIξ˜ƒWKHξ˜ƒFRRNLQJξ˜ƒ
VXUIDFHξ˜ƒWRξ˜ƒWKHξ˜ƒERWWRPξ˜ƒRIξ˜ƒDGMDFHQWξ˜ƒRYHUKHDGξ˜ƒFDELQHWVξ˜ƒ
H[WHQGLQJξ˜ƒFORVHUξ˜ƒWKDQξ˜ƒξ˜” ξ˜ƒWRξ˜ƒWKHξ˜ƒSODQHξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜ƒΒ΄
VLGHVξ˜ƒPXVWξ˜ƒQRWξ˜ƒEHξ˜ƒOHVVξ˜ƒWKDQξ˜ƒξ˜”ξ˜› ξ˜‘ξ˜ƒξ˜‹6HHξ˜ƒWKHξ˜ƒ'LPHQVLRQVξ˜ƒΒ΄
DQGξ˜ƒ&OHDUDQFHVξ˜ƒ LOOXVWUDWLRQξ˜ƒLQξ˜ƒWKLVξ˜ƒVHFWLRQξ˜‘ξ˜Œ
&$87,21ξ˜ƒξ˜ξ˜ƒ2QO\ξ˜ƒWKHξ˜ƒ*(ξ˜ƒ&DIpξ˜ƒEUDQGHGξ˜ƒVHULHVξ˜ƒ
RIξ˜ƒ$GYDQWLXPξšŠξ˜ƒRUξ˜ƒPLFURZDYHξ˜ƒRYHUWKHUDQJHξ˜ƒRYHQVξ˜ƒDUHξ˜ƒ
GHVLJQHGξ˜ƒWRξ˜ƒEHξ˜ƒLQVWDOOHGξ˜ƒDERYHξ˜ƒWKHξ˜ƒ*(ξ˜ƒ&DIpξ˜ƒUDQJHξ˜‘ξ˜ƒ6XUIDFHVξ˜ƒ
DERYHξ˜ƒDξ˜ƒJDVξ˜ƒUDQJHξ˜ƒFDQξ˜ƒEHFRPHξ˜ƒKRWξ˜‘ξ˜ƒ,QVWDOODWLRQξ˜ƒRIξ˜ƒDQ\ξ˜ƒRWKHUξ˜ƒ
RYHUWKHUDQJHξ˜ƒRYHQξ˜ƒDERYHξ˜ƒDξ˜ƒ*(ξ˜ƒ&DIpξ˜ƒUDQJHξ˜ƒPD\ξ˜ƒUHVXOWξ˜ƒLQξ˜ƒ
VXUIDFHξ˜ƒWHPSHUDWXUHVξ˜ƒWKDWξ˜ƒFDQξ˜ƒFDXVHξ˜ƒEXUQVξ˜‘
ξ˜ƒξ˜•ξ˜—
,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQV
',0(16,216ξ˜ƒ$1'ξ˜ƒ&/($5$1&(6ξ˜ƒ
3URYLGHξ˜ƒDGHTXDWHξ˜ƒFOHDUDQFHVξ˜ƒEHWZHHQξ˜ƒWKHξ˜ƒUDQJHξ˜ƒDQGξ˜ƒDGMDFHQWξ˜ƒFRPEXVWLEOHξ˜ƒVXUIDFHVξ˜‘ξ˜ƒ7KHVHξ˜ƒGLPHQVLRQVξ˜ƒPXVWξ˜ƒ
EHξ˜ƒPHWξ˜ƒIRUξ˜ƒVDIHξ˜ƒXVHξ˜ƒRIξ˜ƒ\RXUξ˜ƒUDQJHξ˜‘ξ˜ƒ7KHξ˜ƒORFDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒHOHFWULFDOξ˜ƒRXWOHWξ˜ƒDQGξ˜ƒSLSHξ˜ƒRSHQLQJξ˜ƒξ˜‹VHHξ˜ƒ*DVξ˜ƒ3LSHξ˜ƒDQGξ˜ƒ
(OHFWULFξ˜ƒ2XWOHWξ˜ƒ/RFDWLRQVξ˜Œξ˜ƒPD\ξ˜ƒEHξ˜ƒDGMXVWHGξ˜ƒWRξ˜ƒPHHWξ˜ƒVSHFLILFξ˜ƒUHTXLUHPHQWVξ˜‘
7KHξ˜ƒUDQJHξ˜ƒPD\ξ˜ƒEHξ˜ƒSODFHGξ˜ƒZLWKξ˜ƒξ˜“sξ˜ƒFOHDUDQFHξ˜ƒξ˜‹IOXVKξ˜Œξ˜ƒDWξ˜ƒWKHξ˜ƒEDFNξ˜ƒZDOOξ˜‘
7Rξ˜ƒFDELQHWVξ˜ƒEHORZξ˜ƒ
FRRNWRSξ˜ƒDQGξ˜ƒDWξ˜ƒWKHξ˜ƒ
UDQJHξ˜ƒEDFN
ξ˜–ξ˜“s
ξ˜–ξ˜“s
ξ˜”s
ξ˜•s
0LQLPXP ξ˜”ξ˜–s
7Rξ˜ƒZDOOξ˜ƒRQξ˜ƒHLWKHUξ˜ƒVLGHξ˜ξ˜ƒ
VWDQGDUGξ˜ƒEXUQHUξ˜ƒPRGHOV
7Rξ˜ƒZDOOξ˜ƒRQξ˜ƒHLWKHUξ˜ƒVLGHξ˜ξ˜ƒ
VHDOHGξ˜ƒEXUQHUξ˜ƒPRGHOV
0D[LPXPξ˜ƒ
GHSWKξ˜ƒIRUξ˜ƒ
FDELQHWVξ˜ƒDERYHξ˜ƒ
FRXQWHUWRSV
)URQWξ˜ƒHGJHξ˜ƒξ˜ƒ
RIξ˜ƒWKHξ˜ƒUDQJHξ˜ƒ
VLGHξ˜ƒSDQHOξ˜ƒ
IRUZDUGξ˜ƒIURPξ˜ƒ
FDELQHW
ξ˜”ξ˜›s
ξ˜“sξ˜”ξ˜’ξ˜—s
0LQLPXPξ˜ƒWRξ˜ƒ
FDELQHWVξ˜ƒRQξ˜ƒ
HLWKHUξ˜ƒVLGHξ˜ƒRIξ˜ƒ
WKHξ˜ƒUDQJH
ξ˜–ξ˜™s
3URGXFWξ˜ƒ+HLJKW
ξ˜–ξ˜™sξ˜ƒ -*66ξ˜“ξ˜˜
ξ˜—ξ˜“sξ˜ƒ 5*%ξ˜˜ξ˜“ξ˜›
ξ˜—ξ˜˜ ξ˜”ΓΈξ˜•sξ˜ƒ -*%6ξ˜“ξ˜—ξ˜ƒ -*%6ξ˜“ξ˜šξ˜ƒ 5*%ξ˜˜ξ˜•ξ˜—
ξ˜—ξ˜š ξ˜–ΓΈξ˜›sξ˜ƒ -*%&ξ˜•ξ˜“ξ˜ƒ -*%6ξ˜•ξ˜”ξ˜ƒ 5*%ξ˜˜ξ˜•ξ˜™
ξ˜ƒ -*%6ξ˜”ξ˜šξ˜ƒ -*%6ξ˜•ξ˜•ξ˜ƒ 5*%ξ˜˜ξ˜•ξ˜›ξ˜ƒ
ξ˜ƒ -*%6ξ˜•ξ˜“ξ˜ƒ -*%6ξ˜•ξ˜–ξ˜ƒ 5*%ξ˜˜ξ˜–ξ˜“ξ˜ƒ
ξ˜ƒ ξ˜ƒ ξ˜ƒ 5*%ξ˜˜ξ˜–ξ˜–ξ˜ƒ
ξ˜ƒ ξ˜ƒ ξ˜ƒ 5*%ξ˜˜ξ˜—ξ˜“
ξ˜•ξ˜šξ˜–ΓΈξ˜—sξ˜ƒWRξ˜ƒξ˜•ξ˜›ξ˜”ΓΈξ˜•s
'HSWKξ˜ƒZLWKξ˜ƒGRRUξ˜ƒFORVHGξ˜ƒξ˜‹LQFOXGHVξ˜ƒGRRUξ˜ƒKDQGOH
'HSWKξ˜ƒYDULHVξ˜ƒGHSHQGLQJξ˜ƒRQξ˜ƒ
PRGHOξ˜‘ξ˜ƒ6HHξ˜ƒVSHFLILFDWLRQVξ˜ƒVKHHWξ˜ƒ
IRUξ˜ƒ\RXUξ˜ƒPRGHOξ˜‘
ξ˜–ξ˜“s
ξ˜–ξ˜™ξ˜”ΓΈξ˜—sξ˜ƒξš“ξ˜ƒξ˜”ξ˜’ξ˜—s
+HLJKW
'HSWKξ˜ƒZLWKξ˜ƒGRRUξ˜ƒRSHQ
ξ˜—ξ˜™ξ˜–ΓΈξ˜›sξ˜ƒξ˜‹JODVVξ˜ƒGRRU
ξ˜—ξ˜™ξ˜”ΓΈξ˜—sξ˜ƒξ˜‹SRUFHODLQξ˜ƒGRRU
ξ˜ƒξ˜•ξ˜˜
,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQV
/2&$7,21
'Rξ˜ƒQRWξ˜ƒORFDWHξ˜ƒWKHξ˜ƒUDQJHξ˜ƒZKHUHξ˜ƒLWξ˜ƒPD\ξ˜ƒEHξ˜ƒVXEMHFWξ˜ƒWRξ˜ƒ
VWURQJξ˜ƒGUDIWVξ˜‘ξ˜ƒ$Q\ξ˜ƒRSHQLQJVξ˜ƒLQξ˜ƒWKHξ˜ƒIORRUξ˜ƒRUξ˜ƒZDOOξ˜ƒEHKLQGξ˜ƒ
WKHξ˜ƒUDQJHξ˜ƒVKRXOGξ˜ƒEHξ˜ƒVHDOHGξ˜‘ξ˜ƒ0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒRSHQLQJVξ˜ƒ
DURXQGξ˜ƒWKHξ˜ƒEDVHξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜ƒWKDWξ˜ƒVXSSO\ξ˜ƒIUHVKξ˜ƒDLUξ˜ƒξ˜ƒ
IRUξ˜ƒFRPEXVWLRQξ˜ƒDQGξ˜ƒYHQWLODWLRQξ˜ƒDUHξ˜ƒQRWξ˜ƒREVWUXFWHGξ˜ƒξ˜ƒ
E\ξ˜ƒFDUSHWLQJξ˜ƒRUξ˜ƒZRRGZRUNξ˜‘
<RXUξ˜ƒUDQJHξ˜ξ˜ƒOLNHξ˜ƒPDQ\ξ˜ƒRWKHUξ˜ƒKRXVHKROGξ˜ƒLWHPVξ˜ξ˜ƒLVξ˜ƒξ˜ƒ
KHDY\ξ˜ƒDQGξ˜ƒFDQξ˜ƒVHWWOHξ˜ƒLQWRξ˜ƒVRIWξ˜ƒIORRUξ˜ƒFRYHULQJVξ˜ƒVXFKξ˜ƒDVξ˜ƒ
FXVKLRQHGξ˜ƒYLQ\Oξ˜ƒRUξ˜ƒFDUSHWLQJξ˜‘ξ˜ƒ8VHξ˜ƒFDUHξ˜ƒZKHQξ˜ƒPRYLQJξ˜ƒξ˜ƒ
WKHξ˜ƒUDQJHξ˜ƒRQξ˜ƒWKLVξ˜ƒW\SHξ˜ƒRIξ˜ƒIORRULQJξ˜‘ξ˜ƒ,Wξ˜ƒLVξ˜ƒUHFRPPHQGHGξ˜ƒ
WKDWξ˜ƒWKHξ˜ƒIROORZLQJξ˜ƒVLPSOHξ˜ƒDQGξ˜ƒLQH[SHQVLYHξ˜ƒLQVWUXFWLRQVξ˜ƒ
EHξ˜ƒIROORZHGξ˜ƒWRξ˜ƒSURWHFWξ˜ƒ\RXUξ˜ƒIORRUξ˜‘
7KHξ˜ƒUDQJHξ˜ƒVKRXOGξ˜ƒEHξ˜ƒLQVWDOOHGξ˜ƒRQξ˜ƒDξ˜ƒVKHHWξ˜ƒRIξ˜ƒSO\ZRRGξ˜ƒξ˜ƒ
ξ˜‹RUξ˜ƒVLPLODUξ˜ƒPDWHULDOξ˜Œξ˜‘ξ˜ƒ:KHQξ˜ƒWKHξ˜ƒIORRUξ˜ƒFRYHULQJξ˜ƒHQGVξ˜ƒDWξ˜ƒ
WKHξ˜ƒIURQWξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜ξ˜ƒWKHξ˜ƒDUHDξ˜ƒWKDWξ˜ƒWKHξ˜ƒUDQJHξ˜ƒZLOOξ˜ƒUHVWξ˜ƒ
RQξ˜ƒVKRXOGξ˜ƒEHξ˜ƒEXLOWξ˜ƒXSξ˜ƒZLWKξ˜ƒSO\ZRRGξ˜ƒWRξ˜ƒWKHξ˜ƒVDPHξ˜ƒOHYHOξ˜ƒRUξ˜ƒ
KLJKHUξ˜ƒWKDQξ˜ƒWKHξ˜ƒIORRUξ˜ƒFRYHULQJξ˜‘ξ˜ƒ
7KLVξ˜ƒZLOOξ˜ƒDOORZξ˜ƒWKHξ˜ƒUDQJHξ˜ƒWRξ˜ƒEHξ˜ƒPRYHGξ˜ƒIRUξ˜ƒFOHDQLQJξ˜ƒξ˜ƒ
RUξ˜ƒVHUYLFLQJξ˜‘ξ˜ƒ$OVRξ˜ξ˜ƒPDNHξ˜ƒVXUHξ˜ƒ\RXUξ˜ƒIORRUξ˜ƒFRYHULQJξ˜ƒZLOOξ˜ƒ
ZLWKVWDQGξ˜ƒξ˜”ξ˜›ξ˜“ξšƒ)ξ˜‘ξ˜ƒξ˜‹6HHξ˜ƒWKHξ˜ƒ,QVWDOODWLRQξ˜ƒ6DIHW\ξ˜ƒ,QVWUXFWLRQVξ˜ƒ
VHFWLRQξ˜‘ξ˜Œ
0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒZDOOξ˜ƒFRYHULQJVξ˜ƒDURXQGξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒFDQξ˜ƒ
ZLWKVWDQGξ˜ƒWKHξ˜ƒKHDWξ˜ƒJHQHUDWHGξ˜ƒξ˜‹XSξ˜ƒWRξ˜ƒξ˜•ξ˜“ξ˜“ξšƒ)ξ˜Œξ˜ƒE\ξ˜ƒWKHξ˜ƒ
UDQJHξ˜‘ξ˜ƒξ˜‹6HHξ˜ƒWKHξ˜ƒξ˜ƒ,QVWDOODWLRQξ˜ƒ6DIHW\ξ˜ƒ,QVWUXFWLRQVξ˜ƒ VHFWLRQξ˜‘ξ˜Œ
,03257$17ξ˜„
5HPRYHξ˜ƒDOOξ˜ƒWDSHξ˜ƒDQGξ˜ƒSDFNDJLQJξ˜‘ξ˜ƒ0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒEXUQHUVξ˜ƒ
DUHξ˜ƒSURSHUO\ξ˜ƒVHDWHGξ˜ƒDQGξ˜ƒOHYHOξ˜‘
7DNHξ˜ƒWKHξ˜ƒDFFHVVRU\ξ˜ƒSDFNξ˜ƒRXWξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ƒDQGξ˜’RUξ˜ƒGUDZHUξ˜‘
&KHFNξ˜ƒWRξ˜ƒEHξ˜ƒVXUHξ˜ƒWKDWξ˜ƒQRξ˜ƒUDQJHξ˜ƒSDUWVξ˜ƒKDYHξ˜ƒFRPHξ˜ƒORRVHξ˜ƒ
GXULQJξ˜ƒVKLSSLQJξ˜‘
&219(57,1*ξ˜ƒ72ξ˜ƒ/3ξ˜ƒ*$6ξ˜ƒ
ξ˜‹RUξ˜ƒFRQYHUWLQJξ˜ƒ
EDFNξ˜ƒWRξ˜ƒQDWXUDOξ˜ƒJDVξ˜ƒIURPξ˜ƒ/3
7KLVξ˜ƒUDQJHξ˜ƒOHDYHVξ˜ƒWKHξ˜ƒIDFWRU\ξ˜ƒVHWξ˜ƒIRUξ˜ƒXVHξ˜ƒZLWKξ˜ƒQDWXUDOξ˜ƒ
JDVξ˜‘ξ˜ƒ,Iξ˜ƒ\RXξ˜ƒZDQWξ˜ƒWRξ˜ƒFRQYHUWξ˜ƒWRξ˜ƒ/3ξ˜ƒJDVξ˜ξ˜ƒWKHξ˜ƒFRQYHUVLRQξ˜ƒ
PXVWξ˜ƒEHξ˜ƒSHUIRUPHGξ˜ƒE\ξ˜ƒDξ˜ƒTXDOLILHGξ˜ƒ/3ξ˜ƒJDVξ˜ƒLQVWDOOHUξ˜‘
7KHξ˜ƒFRQYHUVLRQξ˜ƒLQVWUXFWLRQVξ˜ƒDQGξ˜ƒ/3ξ˜ƒRULILFHVξ˜ƒFDQξ˜ƒEHξ˜ƒIRXQGξ˜ƒ
DWWDFKHGξ˜ƒWRξ˜ƒWKHξ˜ƒUDQJHξ˜ƒQH[Wξ˜ƒWRξ˜ƒWKHξ˜ƒSUHVVXUHξ˜ƒUHJXODWRUξ˜‘
.HHSξ˜ƒWKHVHξ˜ƒLQVWUXFWLRQVξ˜ƒDQGξ˜ƒWKHξ˜ƒRULILFHVξ˜ƒLQξ˜ƒFDVHξ˜ƒ\RXξ˜ƒZDQWξ˜ƒ
WRξ˜ƒFRQYHUWξ˜ƒEDFNξ˜ƒWRξ˜ƒQDWXUDOξ˜ƒJDVξ˜‘
ξ˜ƒξ˜•ξ˜™
,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQV
<RXUξ˜ƒUDQJHξ˜ƒLVξ˜ƒGHVLJQHGξ˜ƒWRξ˜ƒRSHUDWHξ˜ƒDWξ˜ƒDξ˜ƒSUHVVXUHξ˜ƒRIξ˜ƒξ˜˜Β΅ξ˜ƒ
RIξ˜ƒZDWHUξ˜ƒFROXPQξ˜ƒRQξ˜ƒQDWXUDOξ˜ƒJDVξ˜ƒRUξ˜ξ˜ƒLIξ˜ƒGHVLJQHGξ˜ƒIRUξ˜ƒ/3ξ˜ƒJDVξ˜ƒ
ξ˜‹SURSDQHξ˜ƒRUξ˜ƒEXWDQHξ˜Œξ˜ξ˜ƒξ˜”ξ˜“Β΅ξ˜ƒRIξ˜ƒZDWHUξ˜ƒFROXPQξ˜‘
0DNHξ˜ƒVXUHξ˜ƒ\RXξ˜ƒDUHξ˜ƒVXSSO\LQJξ˜ƒ\RXUξ˜ƒUDQJHξ˜ƒZLWKξ˜ƒWKHξ˜ƒW\SHξ˜ƒξ˜ƒ
RIξ˜ƒJDVξ˜ƒIRUξ˜ƒZKLFKξ˜ƒLWξ˜ƒLVξ˜ƒGHVLJQHGξ˜‘ξ˜ƒ
7KLVξ˜ƒUDQJHξ˜ƒLVξ˜ƒFRQYHUWLEOHξ˜ƒIRUξ˜ƒXVHξ˜ƒRQξ˜ƒQDWXUDOξ˜ƒRUξ˜ƒξ˜ƒ
SURSDQHξ˜ƒJDVξ˜‘ξ˜ƒ,Iξ˜ƒ\RXξ˜ƒGHFLGHξ˜ƒWRξ˜ƒXVHξ˜ƒWKLVξ˜ƒUDQJHξ˜ƒRQξ˜ƒ/3ξ˜ƒJDVξ˜ξ˜ƒ
FRQYHUVLRQξ˜ƒPXVWξ˜ƒEHξ˜ƒPDGHξ˜ƒE\ξ˜ƒDξ˜ƒTXDOLILHGξ˜ƒ/3ξ˜ƒLQVWDOOHUξ˜ƒ
EHIRUHξ˜ƒDWWHPSWLQJξ˜ƒWRξ˜ƒRSHUDWHξ˜ƒWKHξ˜ƒUDQJHξ˜ƒRQξ˜ƒWKDWξ˜ƒJDVξ˜‘
)RUξ˜ƒSURSHUξ˜ƒRSHUDWLRQξ˜ξ˜ƒWKHξ˜ƒSUHVVXUHξ˜ƒRIξ˜ƒQDWXUDOξ˜ƒJDVξ˜ƒVXSSOLHGξ˜ƒ
WRξ˜ƒWKHξ˜ƒUHJXODWRUξ˜ƒPXVWξ˜ƒEHξ˜ƒEHWZHHQξ˜ƒξ˜˜ ξ˜ƒDQGξ˜ƒξ˜”ξ˜–Β΄ Β΄ξ˜ƒRIξ˜ƒZDWHUξ˜ƒ
FROXPQξ˜‘ξ˜ƒ
)RUξ˜ƒ/3ξ˜ƒJDVξ˜ξ˜ƒWKHξ˜ƒSUHVVXUHξ˜ƒVXSSOLHGξ˜ƒPXVWξ˜ƒEHξ˜ƒEHWZHHQξ˜ƒξ˜”ξ˜“Β΄ξ˜ƒ
DQGξ˜ƒξ˜”ξ˜– ξ˜ƒRIξ˜ƒZDWHUξ˜ƒFROXPQξ˜‘ξ˜ƒΒ΄
:KHQξ˜ƒFKHFNLQJξ˜ƒIRUξ˜ƒSURSHUξ˜ƒRSHUDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒUHJXODWRUξ˜ξ˜ƒξ˜ƒ
WKHξ˜ƒLQOHWξ˜ƒSUHVVXUHξ˜ƒPXVWξ˜ƒEHξ˜ƒDWξ˜ƒOHDVWξ˜ƒξ˜”ξ˜…ξ˜ƒJUHDWHUξ˜ƒWKDQξ˜ƒWKHξ˜ƒ
RSHUDWLQJξ˜ƒξ˜‹PDQLIROGξ˜Œξ˜ƒSUHVVXUHξ˜ƒDVξ˜ƒJLYHQξ˜ƒDERYHξ˜‘ξ˜ƒ
7KHξ˜ƒSUHVVXUHξ˜ƒUHJXODWRUξ˜ƒORFDWHGξ˜ƒDWξ˜ƒWKHξ˜ƒLQOHWξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜ƒ
PDQLIROGξ˜ƒPXVWξ˜ƒUHPDLQξ˜ƒLQξ˜ƒWKHξ˜ƒVXSSO\ξ˜ƒOLQHξ˜ƒUHJDUGOHVVξ˜ƒRIξ˜ƒ
ZKHWKHUξ˜ƒQDWXUDOξ˜ƒRUξ˜ƒ/3ξ˜ƒJDVξ˜ƒLVξ˜ƒEHLQJξ˜ƒXVHGξ˜‘ξ˜ƒ
$ξ˜ƒIOH[LEOHξ˜ƒPHWDOξ˜ƒDSSOLDQFHξ˜ƒFRQQHFWRUξ˜ƒXVHGξ˜ƒWRξ˜ƒFRQQHFWξ˜ƒWKHξ˜ƒ
UDQJHξ˜ƒWRξ˜ƒWKHξ˜ƒJDVξ˜ƒVXSSO\ξ˜ƒOLQHξ˜ƒVKRXOGξ˜ƒKDYHξ˜ƒDQξ˜ƒ,ξ˜‘'ξ˜‘ξ˜ƒRIξ˜ƒξ˜”ξ˜’ξ˜• ξ˜ƒΒ΄
DQGξ˜ƒEHξ˜ƒξ˜˜ξ˜ƒIHHWξ˜ƒLQξ˜ƒOHQJWKξ˜ƒIRUξ˜ƒHDVHξ˜ƒRIξ˜ƒLQVWDOODWLRQξ˜‘ξ˜ƒ,Qξ˜ƒ&DQDGDξ˜ξ˜ƒ
IOH[LEOHξ˜ƒFRQQHFWRUVξ˜ƒPXVWξ˜ƒEHξ˜ƒVLQJOHξ˜ƒZDOOξ˜ƒPHWDOξ˜ƒFRQQHFWRUVξ˜ƒ
QRξ˜ƒORQJHUξ˜ƒWKDQξ˜ƒξ˜™ξ˜ƒIHHWξ˜ƒLQξ˜ƒOHQJWKξ˜‘
ξ˜ƒ3529,'(ξ˜ƒ$'(48$7(ξ˜ƒ*$6ξ˜ƒ6833/<
ξ˜”ξ˜ƒ&211(&7ξ˜ƒ7+(ξ˜ƒ5$1*(ξ˜ƒ72ξ˜ƒ*$6
ξ˜•
6KXWξ˜ƒRIIξ˜ƒWKHξ˜ƒPDLQξ˜ƒJDVξ˜ƒVXSSO\ξ˜ƒYDOYHξ˜ƒEHIRUHξ˜ƒGLVFRQQHFWLQJξ˜ƒ
WKHξ˜ƒROGξ˜ƒUDQJHξ˜ƒDQGξ˜ƒOHDYHξ˜ƒLWξ˜ƒRIIξ˜ƒXQWLOξ˜ƒWKHξ˜ƒQHZξ˜ƒKRRNXSξ˜ƒ
KDVξ˜ƒEHHQξ˜ƒFRPSOHWHGξ˜‘ξ˜ƒ'RQΒ·Wξ˜ƒIRUJHWξ˜ƒWRξ˜ƒUHOLJKWξ˜ƒWKHξ˜ƒSLORWξ˜ƒRQξ˜ƒ
RWKHUξ˜ƒJDVξ˜ƒDSSOLDQFHVξ˜ƒZKHQξ˜ƒ\RXξ˜ƒWXUQξ˜ƒWKHξ˜ƒJDVξ˜ƒEDFNξ˜ƒRQξ˜‘
%HFDXVHξ˜ƒKDUGξ˜ƒSLSLQJξ˜ƒUHVWULFWVξ˜ƒPRYHPHQWξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜ξ˜ƒξ˜ƒ
WKHξ˜ƒXVHξ˜ƒRIξ˜ƒDξ˜ƒ&6$ξ˜ƒ,QWHUQDWLRQDOFHUWLILHGξ˜ƒIOH[LEOHξ˜ƒPHWDOξ˜ƒ
DSSOLDQFHξ˜ƒFRQQHFWRUξ˜ƒLVξ˜ƒUHFRPPHQGHGξ˜ƒXQOHVVξ˜ƒORFDOξ˜ƒFRGHVξ˜ƒ
UHTXLUHξ˜ƒDξ˜ƒKDUGSLSHGξ˜ƒFRQQHFWLRQξ˜‘ξ˜ƒ
1HYHUξ˜ƒXVHξ˜ƒDQξ˜ƒROGξ˜ƒFRQQHFWRUξ˜ƒZKHQξ˜ƒLQVWDOOLQJξ˜ƒDξ˜ƒQHZξ˜ƒUDQJHξ˜‘ξ˜ƒ
,Iξ˜ƒWKHξ˜ƒKDUGξ˜ƒSLSLQJξ˜ƒPHWKRGξ˜ƒLVξ˜ƒXVHGξ˜ξ˜ƒ\RXξ˜ƒPXVWξ˜ƒFDUHIXOO\ξ˜ƒDOLJQξ˜ƒ
WKHξ˜ƒSLSHξ˜žξ˜ƒWKHξ˜ƒUDQJHξ˜ƒFDQQRWξ˜ƒEHξ˜ƒPRYHGξ˜ƒDIWHUξ˜ƒWKHξ˜ƒFRQQHFWLRQξ˜ƒ
LVξ˜ƒPDGHξ˜‘
7Rξ˜ƒSUHYHQWξ˜ƒJDVξ˜ƒOHDNVξ˜ξ˜ƒSXWξ˜ƒSLSHξ˜ƒMRLQWξ˜ƒFRPSRXQGξ˜ƒRQξ˜ξ˜ƒRUξ˜ƒZUDSξ˜ƒ
SLSHξ˜ƒWKUHDGξ˜ƒWDSHξ˜ƒZLWKξ˜ƒ7HIORQξ˜ξ˜ƒDURXQGξ˜ξ˜ƒDOOξ˜ƒPDOHξ˜ƒξ˜‹H[WHUQDOξ˜Œξ˜ƒ
SLSHξ˜ƒWKUHDGVξ˜‘
$ξ˜‘ξ˜ƒξ˜ƒ,QVWDOOξ˜ƒDξ˜ƒPDQXDOξ˜ƒJDVξ˜ƒOLQHξ˜ƒVKXWRIIξ˜ƒYDOYHξ˜ƒLQξ˜ƒWKHξ˜ƒJDVξ˜ƒOLQHξ˜ƒLQξ˜ƒ
DQξ˜ƒHDVLO\ξ˜ƒDFFHVVHGξ˜ƒORFDWLRQξ˜ƒRXWVLGHξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ0DNHξ˜ƒ
VXUHξ˜ƒHYHU\RQHξ˜ƒRSHUDWLQJξ˜ƒWKHξ˜ƒUDQJHξ˜ƒNQRZVξ˜ƒZKHUHξ˜ƒDQGξ˜ƒ
KRZξ˜ƒWRξ˜ƒVKXWξ˜ƒRIIξ˜ƒWKHξ˜ƒJDVξ˜ƒVXSSO\ξ˜ƒWRξ˜ƒWKHξ˜ƒUDQJHξ˜‘
%ξ˜‘ξ˜ƒξ˜ƒ,QVWDOOξ˜ƒPDOHξ˜ƒξ˜”ξ˜’ξ˜• ξ˜ƒIODUHξ˜ƒXQLRQξ˜ƒDGDSWHUξ˜ƒWRξ˜ƒWKHξ˜ƒξ˜”ξ˜’ξ˜•Β΄ Β΄ξ˜ƒ137ξ˜ƒ
LQWHUQDOξ˜ƒWKUHDGξ˜ƒDWξ˜ƒLQOHWξ˜ƒRIξ˜ƒUHJXODWRUξ˜‘ξ˜ƒ8VHξ˜ƒDξ˜ƒEDFNXSξ˜ƒ
ZUHQFKξ˜ƒRQξ˜ƒWKHξ˜ƒUHJXODWRUξ˜ƒILWWLQJξ˜ƒWRξ˜ƒDYRLGξ˜ƒGDPDJHξ˜‘
ξ˜ƒ ξ˜ƒ:KHQξ˜ƒLQVWDOOLQJξ˜ƒWKHξ˜ƒUDQJHξ˜ƒIURPξ˜ƒWKHξ˜ƒIURQWξ˜ξ˜ƒUHPRYHξ˜ƒξ˜ƒ
WKHξ˜ƒξ˜œξ˜“ξšƒξ˜ƒHOERZξ˜ƒIRUξ˜ƒHDVLHUξ˜ƒLQVWDOODWLRQξ˜‘
&ξ˜‘ξ˜ƒξ˜ƒ,QVWDOOξ˜ƒPDOHξ˜ƒξ˜”ξ˜’ξ˜•Β΄ξ˜ƒRUξ˜ƒξ˜–ξ˜’ξ˜—Β΄ξ˜ƒIODUHξ˜ƒXQLRQξ˜ƒDGDSWHUξ˜ƒWRξ˜ƒWKHξ˜ƒ
137ξ˜ƒLQWHUQDOξ˜ƒWKUHDGξ˜ƒRIξ˜ƒWKHξ˜ƒPDQXDOξ˜ƒVKXWRIIξ˜ƒYDOYHξ˜ξ˜ƒξ˜ƒ
WDNLQJξ˜ƒFDUHξ˜ƒWRξ˜ƒEDFNXSξ˜ƒWKHξ˜ƒVKXWRIIξ˜ƒYDOYHξ˜ƒWRξ˜ƒNHHSξ˜ƒLWξ˜ƒ
IURPξ˜ƒWXUQLQJξ˜‘
'ξ˜‘ξ˜ƒξ˜ƒ&RQQHFWξ˜ƒIOH[LEOHξ˜ƒPHWDOξ˜ƒDSSOLDQFHξ˜ƒFRQQHFWRUξ˜ƒWRξ˜ƒWKHξ˜ƒ
DGDSWHUξ˜ƒRQξ˜ƒWKHξ˜ƒUDQJHξ˜‘ξ˜ƒ3RVLWLRQξ˜ƒUDQJHξ˜ƒWRξ˜ƒSHUPLWξ˜ƒ
FRQQHFWLRQξ˜ƒDWξ˜ƒWKHξ˜ƒVKXWRIIξ˜ƒYDOYHξ˜‘
(ξ˜‘ξ˜ƒξ˜ƒ:KHQξ˜ƒDOOξ˜ƒFRQQHFWLRQVξ˜ƒKDYHξ˜ƒEHHQξ˜ƒPDGHξ˜ξ˜ƒPDNHξ˜ƒVXUHξ˜ƒξ˜ƒ
DOOξ˜ƒUDQJHξ˜ƒFRQWUROVξ˜ƒDUHξ˜ƒLQξ˜ƒWKHξ˜ƒRIIξ˜ƒSRVLWLRQξ˜ƒDQGξ˜ƒWXUQξ˜ƒRQξ˜ƒWKHξ˜ƒ
PDLQξ˜ƒJDVξ˜ƒVXSSO\ξ˜ƒYDOYHξ˜‘ξ˜ƒ8VHξ˜ƒDξ˜ƒOLTXLGξ˜ƒOHDNξ˜ƒGHWHFWRUξ˜ƒDWξ˜ƒDOOξ˜ƒ
MRLQWVξ˜ƒDQGξ˜ƒFRQQHFWLRQVξ˜ƒWRξ˜ƒFKHFNξ˜ƒIRUξ˜ƒOHDNVξ˜ƒLQξ˜ƒWKHξ˜ƒV\VWHPξ˜‘
ξ˜ƒ :$51,1*ξ˜ƒ)LUHξ˜ƒKD]DUGξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒXVHξ˜ƒ
Dξ˜ƒIODPHξ˜ƒWRξ˜ƒFKHFNξ˜ƒIRUξ˜ƒJDVξ˜ƒOHDNVξ˜‘
:KHQξ˜ƒXVLQJξ˜ƒWHVWξ˜ƒSUHVVXUHVξ˜ƒJUHDWHUξ˜ƒWKDQξ˜ƒξ˜”ξ˜’ξ˜•ξ˜ƒSVLJξ˜ƒWRξ˜ƒ
SUHVVXUHξ˜ƒWHVWξ˜ƒWKHξ˜ƒJDVξ˜ƒVXSSO\ξ˜ƒV\VWHPξ˜ƒRIξ˜ƒWKHξ˜ƒUHVLGHQFHξ˜ξ˜ƒ
GLVFRQQHFWξ˜ƒWKHξ˜ƒUDQJHξ˜ƒDQGξ˜ƒLQGLYLGXDOξ˜ƒVKXWRIIξ˜ƒYDOYHξ˜ƒIURPξ˜ƒ
WKHξ˜ƒJDVξ˜ƒVXSSO\ξ˜ƒSLSLQJξ˜‘ξ˜ƒ:KHQξ˜ƒXVLQJξ˜ƒWHVWξ˜ƒSUHVVXUHVξ˜ƒRIξ˜ƒξ˜”ξ˜’ξ˜•ξ˜ƒ
SVLJξ˜ƒRUξ˜ƒOHVVξ˜ƒWRξ˜ƒWHVWξ˜ƒWKHξ˜ƒJDVξ˜ƒVXSSO\ξ˜ƒV\VWHPξ˜ξ˜ƒVLPSO\ξ˜ƒLVRODWHξ˜ƒ
WKHξ˜ƒUDQJHξ˜ƒIURPξ˜ƒWKHξ˜ƒJDVξ˜ƒVXSSO\ξ˜ƒV\VWHPξ˜ƒE\ξ˜ƒFORVLQJξ˜ƒWKHξ˜ƒ
LQGLYLGXDOξ˜ƒVKXWRIIξ˜ƒYDOYHξ˜‘
7HIORQξ˜ξ˜ƒ5HJLVWHUHGξ˜ƒWUDGHPDUNξ˜ƒRIξ˜ƒ'X3RQW
ξ˜ƒξ˜•ξ˜š
,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQV
*$6ξ˜ƒ3,3(ξ˜ƒ$1'ξ˜ƒ(/(&75,&$/ξ˜ƒ287/(7ξ˜ƒ/2&$7,216ξ˜ƒξ˜ƒ
ξ˜‹IRUξ˜ƒPRGHOVξ˜ƒZLWKξ˜ƒ6HDOHGξ˜ƒ%XUQHUV
7KLVξ˜ƒDUHDξ˜ƒDOORZVξ˜ƒIRUξ˜ƒIOXVKξ˜ƒUDQJHξ˜ƒ
LQVWDOODWLRQξ˜ƒZLWKξ˜ƒWKURXJKWKH
ZDOOξ˜ƒFRQQHFWLRQξ˜ƒRIξ˜ƒSLSHξ˜ƒVWXEξ˜’
VKXWRIIξ˜ƒYDOYHξ˜ƒDQGξ˜ƒUHDUξ˜ƒZDOOξ˜ƒ
ξ˜”ξ˜•ξ˜“9ξ˜ƒRXWOHWξ˜‘
7KLVξ˜ƒDUHDξ˜ƒDOORZVξ˜ƒIRUξ˜ƒIOXVKξ˜ƒUDQJHξ˜ƒ
LQVWDOODWLRQξ˜ƒZLWKξ˜ƒWKURXJKWKH
IORRUξ˜ƒFRQQHFWLRQξ˜ƒRIξ˜ƒSLSHξ˜ƒVWXEξ˜’
VKXWRIIξ˜ƒYDOYHξ˜‘
6KRUWHVWξ˜ƒFRQQHFWLRQξ˜ƒIURPξ˜ƒ
KDUGξ˜ƒSLSHξ˜ƒVWXEξ˜ƒORFDWLRQξ˜ƒWRξ˜ƒ
UDQJHξ˜ƒKRRNXSξ˜‘
*$6ξ˜ƒ3,3(ξ˜ƒ$1'ξ˜ƒ(/(&75,&$/ξ˜ƒ287/(7ξ˜ƒ/2&$7,216ξ˜ƒξ˜ƒ
ξ˜‹IRUξ˜ƒPRGHOVξ˜ƒZLWKξ˜ƒ6WDQGDUGξ˜ƒ7ZLQξ˜ƒ%XUQHUV
7KLVξ˜ƒDUHDξ˜ƒDOORZVξ˜ƒIRUξ˜ƒIOXVKξ˜ƒUDQJHξ˜ƒ
LQVWDOODWLRQξ˜ƒZLWKξ˜ƒWKURXJKWKH
IORRUξ˜ƒFRQQHFWLRQξ˜ƒRIξ˜ƒSLSHξ˜ƒVWXEξ˜’
VKXWRIIξ˜ƒYDOYHξ˜‘
6KRUWHVWξ˜ƒFRQQHFWLRQξ˜ƒIURPξ˜ƒKDUGξ˜ƒ
SLSHξ˜ƒVWXEξ˜ƒORFDWLRQξ˜ƒWRξ˜ƒUDQJHξ˜ƒ
KRRNXSξ˜‘
7KLVξ˜ƒDUHDξ˜ƒDOORZVξ˜ƒIRUξ˜ƒIOXVKξ˜ƒUDQJHξ˜ƒ
LQVWDOODWLRQξ˜ƒZLWKξ˜ƒWKURXJKWKH
ZDOOξ˜ƒFRQQHFWLRQξ˜ƒRIξ˜ƒSLSHξ˜ƒVWXEξ˜’
VKXWRIIξ˜ƒYDOYHξ˜ƒDQGξ˜ƒUHDUξ˜ƒZDOOξ˜ƒξ˜”ξ˜•ξ˜“9ξ˜ƒ
RXWOHWξ˜‘
)/(;,%/(ξ˜ƒ&211(&725ξ˜ƒ+22.83ξ˜ƒξ˜‹IRUξ˜ƒPRGHOVξ˜ƒHTXLSSHGξ˜ƒZLWKξ˜ƒ6HDOHGξ˜ƒ%XUQHUV
,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQV
ξ˜ƒξ˜•ξ˜›
5,*,'ξ˜ƒ3,3(ξ˜ƒ+22.83ξ˜ƒ237,216ξ˜ƒξ˜‹IRUξ˜ƒPRGHOVξ˜ƒHTXLSSHGξ˜ƒZLWKξ˜ƒ6HDOHGξ˜ƒ%XUQHUV
3UHVVXUHξ˜ƒ
UHJXODWRU
*DVξ˜ƒ)ORZξ˜ƒLQWRξ˜ƒ5DQJH
)OH[ξ˜ƒFRQQHFWRUξ˜ƒ
ξ˜‹ξ˜™ξ˜ƒIHHWξ˜ƒPD[LPXP
$GDSWHU
,QVWDOOHUξ˜ξ˜ƒ,QIRUPξ˜ƒWKHξ˜ƒ
FRQVXPHUξ˜ƒRIξ˜ƒWKHξ˜ƒ
ORFDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒJDVξ˜ƒ
VKXWRIIξ˜ƒYDOYHξ˜‘
ξ˜”ξ˜’ξ˜•sξ˜ƒRUξ˜ƒξ˜–ξ˜’ξ˜—sξ˜ƒ
*DVξ˜ƒSLSH
$GDSWHU
*DVξ˜ƒVKXWRIIξ˜ƒ
YDOYH
3UHVVXUHξ˜ƒξ˜ƒ
UHJXODWRU
ξ˜—ξ˜˜ξšƒξ˜ƒ(OERZ
1LSSOH
8QLRQ
ξ˜œξ˜“ξšƒξ˜ƒ(OERZ
%ODFNξ˜ƒLURQξ˜ƒSLSH
8QLRQ
1LSSOH
,QVWDOOHUξ˜ξ˜ƒ,QIRUPξ˜ƒWKHξ˜ƒ
FRQVXPHUξ˜ƒRIξ˜ƒWKHξ˜ƒ
ORFDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒJDVξ˜ƒ
VKXWRIIξ˜ƒYDOYHξ˜‘
*DVξ˜ƒVKXWRIIξ˜ƒ
YDOYH
ξ˜”ξ˜’ξ˜•sξ˜ƒRUξ˜ƒξ˜–ξ˜’ξ˜—sξ˜ƒ
*DVξ˜ƒSLSH
*DVξ˜ƒ)ORZξ˜ƒLQWRξ˜ƒ5DQJH
*DVξ˜ƒVKXWRIIξ˜ƒ
YDOYH
ξ˜”ξ˜’ξ˜•sξ˜ƒRUξ˜ƒξ˜–ξ˜’ξ˜—sξ˜ƒ
*DVξ˜ƒSLSH
3UHVVXUHξ˜ƒξ˜ƒ
UHJXODWRU
1LSSOH
ξ˜œξ˜“ξšƒξ˜ƒ(OERZ
ξ˜œξ˜“ξšƒξ˜ƒ(OERZ $GDSWHU
$GDSWHU
ξ˜œξ˜“ξšƒξ˜ƒ(OERZ
4XLFNξ˜ƒFRQQHFWξ˜ƒξ˜ƒ
RUξ˜ƒXQLRQ
,QVWDOOHUξ˜ξ˜ƒ,QIRUPξ˜ƒWKHξ˜ƒ
FRQVXPHUξ˜ƒRIξ˜ƒWKHξ˜ƒ
ORFDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒJDVξ˜ƒ
VKXWRIIξ˜ƒYDOYHξ˜‘
$OWHUQDWHξ˜ƒ+RRNXS
1LSSOH
1LSSOH
ξ˜œξ˜“ξšƒξ˜ƒ(OERZ
*DVξ˜ƒ)ORZξ˜ƒLQWRξ˜ƒ5DQJH
ξ˜ƒξ˜•ξ˜œ
,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQV
5,*,'ξ˜ƒ3,3(ξ˜ƒ+22.83ξ˜ƒξ˜‹IRUξ˜ƒPRGHOVξ˜ƒHTXLSSHGξ˜ƒZLWKξ˜ƒ6WDQGDUGξ˜ƒ7ZLQξ˜ƒ%XUQHUV
)/(;,%/(ξ˜ƒ&211(&725ξ˜ƒ+22.83ξ˜ƒ
ξ˜‹IRUξ˜ƒPRGHOVξ˜ƒHTXLSSHGξ˜ƒZLWKξ˜ƒ6WDQGDUGξ˜ƒ7ZLQξ˜ƒ%XUQHUV
8QLRQ
1LSSOH
0DQLIROGξ˜ƒ
SLSH
1LSSOH
8QLRQ
%ODFNξ˜ƒLURQξ˜ƒSLSH
ξ˜œξ˜“ξšƒξ˜ƒ(OERZ
3UHVVXUHξ˜ƒ
UHJXODWRU
*DVξ˜ƒ)ORZξ˜ƒLQWRξ˜ƒ5DQJH
,QVWDOOHUξ˜ξ˜ƒ,QIRUPξ˜ƒWKHξ˜ƒ
FRQVXPHUξ˜ƒRIξ˜ƒWKHξ˜ƒ
ORFDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒJDVξ˜ƒ
VKXWRIIξ˜ƒYDOYHξ˜‘ ξ˜”ξ˜’ξ˜•sξ˜ƒRUξ˜ƒξ˜–ξ˜’ξ˜—sξ˜ƒ
*DVξ˜ƒSLSH
*DVξ˜ƒVKXWRIIξ˜ƒ
YDOYH
$GDSWHU
ξ˜”ξ˜’ξ˜•sξ˜ƒRUξ˜ƒξ˜–ξ˜’ξ˜—sξ˜ƒ
*DVξ˜ƒSLSH
$GDSWHU
)OH[ξ˜ƒFRQQHFWRUξ˜ƒ
ξ˜‹ξ˜™ξ˜ƒIHHWξ˜ƒPD[LPXP
0DQLIROGξ˜ƒ
SLSH
3UHVVXUHξ˜ƒ
UHJXODWRU
*DVξ˜ƒVKXWRIIξ˜ƒ
YDOYH
*DVξ˜ƒ)ORZξ˜ƒLQWRξ˜ƒ5DQJH
,QVWDOOHUξ˜ξ˜ƒ,QIRUPξ˜ƒWKHξ˜ƒ
FRQVXPHUξ˜ƒRIξ˜ƒWKHξ˜ƒ
ORFDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒJDVξ˜ƒ
VKXWRIIξ˜ƒYDOYHξ˜‘
ξ˜ƒξ˜–ξ˜“
,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQV
ξ˜ƒ(/(&75,&$/ξ˜ƒ&211(&7,216
(OHFWULFDOξ˜ƒ5HTXLUHPHQWV
ξ˜”ξ˜•ξ˜“ξ˜YROWξ˜ξ˜ƒξ˜™ξ˜“ξ˜ƒ+HUW]ξ˜ξ˜ƒSURSHUO\ξ˜ƒJURXQGHGξ˜ƒGHGLFDWHGξ˜ƒFLUFXLWξ˜ƒ
SURWHFWHGξ˜ƒE\ξ˜ƒDξ˜ƒξ˜”ξ˜˜ξ˜DPSξ˜ƒRUξ˜ƒξ˜•ξ˜“ξ˜DPSξ˜ƒFLUFXLWξ˜ƒEUHDNHUξ˜ƒRUξ˜ƒWLPHξ˜ƒ
GHOD\ξ˜ƒIXVHξ˜‘
1RWHξ˜ξ˜ƒ8VHξ˜ƒRIξ˜ƒDXWRPDWLFξ˜ξ˜ƒZLUHOHVVξ˜ξ˜ƒRUξ˜ƒZLUHGξ˜ƒH[WHUQDOξ˜ƒ
VZLWFKHVξ˜ƒWKDWξ˜ƒVKXWξ˜ƒRIIξ˜ƒSRZHUξ˜ƒWRξ˜ƒWKHξ˜ƒDSSOLDQFHξ˜ƒDUHξ˜ƒQRWξ˜ƒ
UHFRPPHQGHGξ˜ƒIRUξ˜ƒWKLVξ˜ƒSURGXFWξ˜‘
*URXQGLQJ
:$51,1*ξ˜ƒξ˜ƒξ˜ƒ6KRFNξ˜ƒ+D]DUGξ˜ξ˜ƒ7KLVξ˜ƒ
DSSOLDQFHξ˜ƒPXVWξ˜ƒEHξ˜ƒSURSHUO\ξ˜ƒJURXQGHGξ˜‘ξ˜ƒ)DLOXUHξ˜ƒ
WRξ˜ƒGRξ˜ƒVRξ˜ƒFDQξ˜ƒUHVXOWξ˜ƒLQξ˜ƒHOHFWULFξ˜ƒVKRFNξ˜‘
7KHξ˜ƒSRZHUξ˜ƒFRUGξ˜ƒRIξ˜ƒWKLVξ˜ƒDSSOLDQFHξ˜ƒLVξ˜ƒHTXLSSHGξ˜ƒZLWKξ˜ƒDξ˜ƒ
WKUHHSURQJξ˜ƒξ˜‹JURXQGLQJξ˜Œξ˜ƒSOXJξ˜ƒZKLFKξ˜ƒPDWHVξ˜ƒZLWKξ˜ƒDξ˜ƒVWDQGDUGξ˜ƒ
WKUHHSURQJξ˜ƒJURXQGLQJξ˜ƒZDOOξ˜ƒUHFHSWDFOHξ˜ƒWRξ˜ƒPLQLPL]Hξ˜ƒWKHξ˜ƒ
SRVVLELOLW\ξ˜ƒRIξ˜ƒHOHFWULFξ˜ƒVKRFNξ˜ƒKD]DUGξ˜ƒIURPξ˜ƒWKLVξ˜ƒDSSOLDQFHξ˜‘
7KHξ˜ƒFXVWRPHUξ˜ƒVKRXOGξ˜ƒKDYHξ˜ƒWKHξ˜ƒZDOOξ˜ƒUHFHSWDFOHξ˜ƒDQGξ˜ƒFLUFXLWξ˜ƒ
FKHFNHGξ˜ƒE\ξ˜ƒDξ˜ƒTXDOLILHGξ˜ƒHOHFWULFLDQξ˜ƒWRξ˜ƒPDNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒ
UHFHSWDFOHξ˜ƒLVξ˜ƒSURSHUO\ξ˜ƒJURXQGHGξ˜‘
:KHUHξ˜ƒDξ˜ƒVWDQGDUGξ˜ƒWZRSURQJξ˜ƒZDOOξ˜ƒUHFHSWDFOHξ˜ƒLVξ˜ƒ
HQFRXQWHUHGξ˜ξ˜ƒLWξ˜ƒLVξ˜ƒWKHξ˜ƒSHUVRQDOξ˜ƒUHVSRQVLELOLW\ξ˜ƒDQGξ˜ƒ
REOLJDWLRQξ˜ƒRIξ˜ƒWKHξ˜ƒFXVWRPHUξ˜ƒWRξ˜ƒKDYHξ˜ƒLWξ˜ƒUHSODFHGξ˜ƒZLWKξ˜ƒDξ˜ƒ
SURSHUO\ξ˜ƒJURXQGHGξ˜ƒWKUHHSURQJξ˜ƒZDOOξ˜ƒUHFHSWDFOHξ˜‘
'2ξ˜ƒ127ξ˜ξ˜ƒ81'(5ξ˜ƒ$1<ξ˜ƒ&,5&8067$1&(6ξ˜ξ˜ƒ&87ξ˜ƒ25ξ˜ƒ5(029(ξ˜ƒ
7+(ξ˜ƒ7+,5'ξ˜ƒξ˜‹*5281'ξ˜Œξ˜ƒ3521*ξ˜ƒ)520ξ˜ƒ7+(ξ˜ƒ32:(5ξ˜ƒ&25'ξ˜‘ξ˜ƒ
'2ξ˜ƒ127ξ˜ƒ86(ξ˜ƒ$1ξ˜ƒ$'$37(5ξ˜‘ξ˜ƒ'2ξ˜ƒ127ξ˜ƒ86(ξ˜ƒ$1ξ˜ƒ(;7(16,21ξ˜ƒ
&25'ξ˜‘
$ξ˜ƒZRUGξ˜ƒDERXWξ˜ƒ*)&,Β·Vξ˜ƒΒ²ξ˜ƒ*)&,Β·Vξ˜ƒDUHξ˜ƒQRWξ˜ƒUHTXLUHGξ˜ƒRUξ˜ƒ
UHFRPPHQGHGξ˜ƒIRUξ˜ƒJDVξ˜ƒUDQJHξ˜ƒUHFHSWDFOHVξ˜‘
*URXQGξ˜ƒ)DXOWξ˜ƒ&LUFXLWξ˜ƒ,QWHUUXSWHUVξ˜ƒξ˜‹*)&,Β·Vξ˜Œξ˜ƒDUHξ˜ƒGHYLFHVξ˜ƒWKDWξ˜ƒ
VHQVHξ˜ƒOHDNDJHξ˜ƒRIξ˜ƒFXUUHQWξ˜ƒLQξ˜ƒDξ˜ƒFLUFXLWξ˜ƒDQGξ˜ƒDXWRPDWLFDOO\ξ˜ƒ
VZLWFKξ˜ƒRIIξ˜ƒSRZHUξ˜ƒZKHQξ˜ƒDξ˜ƒWKUHVKROGξ˜ƒOHDNDJHξ˜ƒOHYHOξ˜ƒLVξ˜ƒ
GHWHFWHGξ˜‘ξ˜ƒ7KHVHξ˜ƒGHYLFHVξ˜ƒPXVWξ˜ƒEHξ˜ƒPDQXDOO\ξ˜ƒUHVHWξ˜ƒE\ξ˜ƒWKHξ˜ƒ
FRQVXPHUξ˜‘ξ˜ƒ7KHξ˜ƒ1DWLRQDOξ˜ƒ(OHFWULFDOξ˜ƒ&RGHξ˜ƒUHTXLUHVξ˜ƒWKHξ˜ƒXVHξ˜ƒRIξ˜ƒ
*)&,Β·Vξ˜ƒLQξ˜ƒNLWFKHQξ˜ƒUHFHSWDFOHVξ˜ƒLQVWDOOHGξ˜ƒWRξ˜ƒVHUYHξ˜ƒFRXQWHUWRSξ˜ƒ
VXUIDFHVξ˜‘ξ˜ƒ3HUIRUPDQFHξ˜ƒRIξ˜ƒWKHξ˜ƒUDQJHξ˜ƒZLOOξ˜ƒQRWξ˜ƒEHξ˜ƒDIIHFWHGξ˜ƒ
LIξ˜ƒRSHUDWHGξ˜ƒRQξ˜ƒDξ˜ƒ*)&,SURWHFWHGξ˜ƒFLUFXLWξ˜ƒEXWξ˜ƒRFFDVLRQDOξ˜ƒ
QXLVDQFHξ˜ƒWULSSLQJξ˜ƒRIξ˜ƒWKHξ˜ƒ*)&,ξ˜ƒEUHDNHUξ˜ƒLVξ˜ƒSRVVLEOHξ˜‘
ξ˜–
(QVXUHξ˜ƒSURSHUξ˜ƒJURXQGξ˜ƒ
H[LVWVξ˜ƒEHIRUHξ˜ƒXVH
ξ˜—ξ˜ƒ6($/ξ˜ƒ7+(ξ˜ƒ23(1,1*6
6HDOξ˜ƒDQ\ξ˜ƒRSHQLQJVξ˜ƒLQξ˜ƒWKHξ˜ƒZDOOξ˜ƒEHKLQGξ˜ƒWKHξ˜ƒ
UDQJHξ˜ƒDQGξ˜ƒLQξ˜ƒWKHξ˜ƒIORRUξ˜ƒXQGHUξ˜ƒWKHξ˜ƒUDQJHξ˜ƒZKHQξ˜ƒ
KRRNXSVξ˜ƒDUHξ˜ƒFRPSOHWHGξ˜‘
ξ˜˜ξ˜ƒ/,*+7ξ˜ƒ7+(ξ˜ƒ3,/276
ξ˜‹)RUξ˜ƒPRGHOVξ˜ƒHTXLSSHGξ˜ƒZLWKξ˜ƒVWDQGLQJξ˜ƒSLORWVξ˜‘ξ˜ƒ
,Iξ˜ƒWKHξ˜ƒUDQJHξ˜ƒLVξ˜ƒDQξ˜ƒHOHFWULFξ˜ƒLJQLWLRQξ˜ƒPRGHOξ˜ξ˜ƒWKHξ˜ƒ
EXUQHUVξ˜ƒDUHξ˜ƒLJQLWHGξ˜ƒE\ξ˜ƒHOHFWULFξ˜ƒLJQLWLRQξ˜ƒZKLFKξ˜ƒ
HOLPLQDWHVξ˜ƒWKHξ˜ƒQHHGξ˜ƒIRUξ˜ƒVWDQGLQJξ˜ƒSLORWξ˜ƒOLJKWVξ˜‘ξ˜Œ
7KHξ˜ƒUDQJHξ˜ƒVKRXOGξ˜ƒEHξ˜ƒLQVWDOOHGξ˜ƒLQξ˜ƒLWVξ˜ƒSHUPDQHQWξ˜ƒ
SRVLWLRQξ˜ƒEHIRUHξ˜ƒDQ\ξ˜ƒSLORWVξ˜ƒDUHξ˜ƒOLWξ˜ƒRUξ˜ƒDGMXVWHGξ˜‘
$ξ˜ƒξ˜ƒ/LJKWξ˜ƒWKHξ˜ƒ6XUIDFHξ˜ƒ%XUQHUξ˜ƒ3LORWV
ξ˜”ξ˜‘ξ˜ƒξ˜ƒ5DLVHξ˜ƒWKHξ˜ƒFRRNWRSξ˜‘
ξ˜•ξ˜‘ξ˜ƒξ˜ƒ/LJKWξ˜ƒERWKξ˜ƒSLORWVξ˜ƒZLWKξ˜ƒDξ˜ƒPDWFKξ˜‘
ξ˜–ξ˜‘ξ˜ƒξ˜ƒ7Rξ˜ƒDYRLGξ˜ƒSLORWξ˜ƒRXWDJHξ˜ξ˜ƒXVHξ˜ƒFDXWLRQξ˜ƒZKHQξ˜ƒ
FORVLQJξ˜ƒFRRNWRSξ˜ƒDIWHUξ˜ƒOLJKWLQJξ˜ƒSLORWVξ˜‘
127(ξ˜ξ˜ƒ'Rξ˜ƒQRWξ˜ƒOHDYHξ˜ƒVWDQGLQJξ˜ƒSLORWξ˜ƒOLWξ˜ƒLQξ˜ƒDξ˜ƒQHZO\ξ˜ƒ
FRQVWUXFWHGξ˜ƒRUξ˜ƒUHPRGHOHGξ˜ƒKRPHξ˜ƒRUξ˜ƒDSDUWPHQWξ˜ƒ
WKDWξ˜ƒZLOOξ˜ƒEHξ˜ƒXQRFFXSLHGξ˜ƒIRUξ˜ƒPRUHξ˜ƒWKDQξ˜ƒDξ˜ƒ
PRQWKξ˜‘
(DFKξ˜ƒSLORWξ˜ƒIODPHξ˜ƒZDVξ˜ƒDGMXVWHGξ˜ƒDWξ˜ƒWKHξ˜ƒIDFWRU\ξ˜ƒ
WRξ˜ƒEHξ˜ƒDSSUR[LPDWHO\ξ˜ƒξ˜˜ξ˜’ξ˜”ξ˜™sξ˜ƒWDOOξ˜‘ξ˜ƒ$ξ˜ƒWLQJHξ˜ƒRIξ˜ƒ
\HOORZξ˜ƒDSSHDULQJξ˜ƒDWξ˜ƒWKHξ˜ƒXSSHUξ˜ƒWLSξ˜ƒLVξ˜ƒQRUPDOξ˜‘ξ˜ƒ,Iξ˜ƒ
\RXξ˜ƒILQGξ˜ƒSLORWξ˜ƒDGMXVWPHQWξ˜ƒLVξ˜ƒQHFHVVDU\ξ˜ξ˜ƒIROORZξ˜ƒ
LQVWUXFWLRQVξ˜ƒLQξ˜ƒ6WHSξ˜ƒ%ξ˜‘
&$87,21ξ˜ƒΒ³ξ˜ƒ0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒ
EXUQHUξ˜ƒFRQWUROξ˜ƒNQREVξ˜ƒDUHξ˜ƒLQξ˜ƒWKHξ˜ƒ ξ˜ƒSRVLWLRQξ˜ƒEHIRUHξ˜ƒ2))
DWWHPSWLQJξ˜ƒWRξ˜ƒOLJKWξ˜ƒWKHξ˜ƒSLORWVξ˜‘
ξ˜˜ξ˜’ξ˜”ξ˜™s
ξ˜˜ξ˜ƒ/,*+7ξ˜ƒ7+(ξ˜ƒ3,/276ξ˜ƒξ˜‹FRQWξ˜‘ξ˜Œ
%ξ˜ƒ$GMXVWξ˜ƒWKHξ˜ƒ6XUIDFHξ˜ƒ%XUQHUξ˜ƒ3LORWVξ˜ƒLIξ˜ƒ1HFHVVDU\
ξ˜”ξ˜‘ξ˜ƒξ˜ƒ5DLVHξ˜ƒWKHξ˜ƒFRRNWRSξ˜‘
ξ˜•ξ˜‘ξ˜ƒξ˜ƒ/RFDWHξ˜ƒWKHξ˜ƒSLORWξ˜ƒDGMXVWPHQWξ˜ƒVFUHZξ˜‘ξ˜ƒ,Wξ˜ƒFDQξ˜ƒEHξ˜ƒ
DFFHVVHGξ˜ƒWKURXJKξ˜ƒWKHξ˜ƒVPDOOξ˜ƒKROHξ˜ƒQHDUξ˜ƒWKHξ˜ƒ
FHQWHUξ˜ƒRIξ˜ƒWKHξ˜ƒPDQLIROGξ˜ƒSDQHOξ˜‘
ξ˜–ξ˜‘ξ˜ƒξ˜ƒ7Rξ˜ƒDGMXVWξ˜ξ˜ƒXVHξ˜ƒDξ˜ƒEODGHW\SHξ˜ƒVFUHZGULYHUξ˜ƒ
ZLWKξ˜ƒDξ˜ƒVKDIWξ˜ƒGLDPHWHUξ˜ƒRIξ˜ƒOHVVξ˜ƒWKDQξ˜ƒRUξ˜ƒHTXDOξ˜ƒ
WRξ˜ƒξ˜–ξ˜’ξ˜”ξ˜™ ξ˜‘ξ˜ƒ7XUQξ˜ƒSLORWξ˜ƒDGMXVWPHQWξ˜ƒVFUHZξ˜ƒXQWLOξ˜ƒs
SLORWξ˜ƒIODPHξ˜ƒLVξ˜ƒξ˜˜ξ˜’ξ˜”ξ˜™ ξ˜ƒKLJKξ˜‘ξ˜ƒ'Rξ˜ƒQRWξ˜ƒUHGXFHξ˜ƒWKHξ˜ƒs
IODPHξ˜ƒWRξ˜ƒOHVVξ˜ƒWKDQξ˜ƒξ˜˜ξ˜’ξ˜”ξ˜™ ξ˜ƒRUξ˜ƒSLORWξ˜ƒRXWDJHξ˜ƒs
PD\ξ˜ƒRFFXUξ˜‘ξ˜ƒ$ξ˜ƒSLORWξ˜ƒIODPHξ˜ƒEXUQLQJξ˜ƒKLJKHUξ˜ƒWKDQξ˜ƒ
UHFRPPHQGHGξ˜ƒPD\ξ˜ƒJHQHUDWHξ˜ƒVRRWξ˜ƒξ˜‹FDUERQξ˜ƒ
EODFNξ˜Œξ˜ƒRQξ˜ƒWKHξ˜ƒERWWRPξ˜ƒRIξ˜ƒ\RXUξ˜ƒFRRNWRSξ˜‘
&ξ˜ƒ/LJKWξ˜ƒWKHξ˜ƒ2YHQξ˜ƒ3LORW
ξ˜”ξ˜‘ξ˜ƒξ˜ƒ(QVXUHξ˜ƒWKHξ˜ƒWRSξ˜ƒEXUQHUVξ˜ƒDUHξ˜ƒOLWξ˜ƒEHIRUHξ˜ƒ
DWWHPSWLQJξ˜ƒWRξ˜ƒOLJKWξ˜ƒWKHξ˜ƒRYHQξ˜ƒSLORWξ˜ƒξ˜‹WXUQξ˜ƒWKHPξ˜ƒ
RIIξ˜ƒDIWHUξ˜ƒ\RXξ˜ƒKDYHξ˜ƒOLWξ˜ƒWKHξ˜ƒRYHQξ˜ƒSLORWξ˜Œξ˜‘
ξ˜•ξ˜‘ξ˜ƒξ˜ƒ5HPRYHξ˜ƒWKHξ˜ƒRYHQξ˜ƒGRRUξ˜‘ξ˜ƒ6HHξ˜ƒ/LIW2IIξ˜ƒ2YHQξ˜ƒ
'RRUξ˜ƒLQξ˜ƒWKHξ˜ƒ&DUHξ˜ƒDQGξ˜ƒFOHDQLQJξ˜ƒRIξ˜ƒUDQJHξ˜ƒ
VHFWLRQξ˜‘
ξ˜–ξ˜‘ξ˜ƒξ˜ƒ5HPRYHξ˜ƒWKHξ˜ƒRYHQξ˜ƒUDFNVξ˜‘
&ξ˜ƒ/LJKWξ˜ƒWKHξ˜ƒ2YHQξ˜ƒ3LORWξ˜ƒξ˜‹FRQWξ˜‘ξ˜Œ
ξ˜—ξ˜‘ξ˜ƒξ˜ƒ5HPRYHξ˜ƒWKHξ˜ƒRYHQξ˜ƒERWWRPξ˜‘ξ˜ƒ7Rξ˜ƒUHPRYH
ξš‡ξ˜ƒ ξ˜ƒ5HPRYHξ˜ƒNQXUOHGξ˜ƒVFUHZVξ˜ƒKROGLQJξ˜ƒGRZQξ˜ƒ
UHDUξ˜ƒRIξ˜ƒRYHQξ˜ƒERWWRPξ˜‘
ξš‡ξ˜ƒ ξ˜ƒ*UDVSξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒDWξ˜ƒILQJHUξ˜ƒVORWVξ˜ƒRQξ˜ƒ
HDFKξ˜ƒVLGHξ˜‘
ξš‡ξ˜ƒ ξ˜ƒ/LIWξ˜ƒUHDUξ˜ƒRIξ˜ƒRYHQξ˜ƒERWWRPξ˜ƒHQRXJKξ˜ƒWRξ˜ƒFOHDUξ˜ƒ
WKHξ˜ƒOLSξ˜ƒRIξ˜ƒUDQJHξ˜ƒIUDPHξ˜ξ˜ƒWKHQξ˜ƒSXOOξ˜ƒRXWξ˜‘
ξ˜˜ξ˜‘ξ˜ƒξ˜ƒ/RFDWHξ˜ƒWKHξ˜ƒSLORWξ˜ƒLQξ˜ƒWKHξ˜ƒEDFNξ˜ƒRIξ˜ƒWKHξ˜ƒRYHQξ˜ƒ
ERWWRPξ˜‘ξ˜ƒ7KHξ˜ƒSLORWξ˜ƒLVξ˜ƒDWWDFKHGξ˜ƒWRξ˜ƒWKHξ˜ƒOHIWξ˜ƒVLGHξ˜ƒ
RIξ˜ƒWKHξ˜ƒRYHQξ˜ƒEXUQHUξ˜‘
ξ˜™ξ˜‘ξ˜ƒξ˜ƒ7Rξ˜ƒOLJKWξ˜ƒWKHξ˜ƒRYHQξ˜ƒSLORWξ˜ξ˜ƒSXVKξ˜ƒLQξ˜ƒDQGξ˜ƒKROGξ˜ƒWKHξ˜ƒ
RYHQξ˜ƒFRQWUROξ˜ƒNQREξ˜ƒZKLOHξ˜ƒOLJKWLQJξ˜ƒWKHξ˜ƒSLORWξ˜ƒ
ZLWKξ˜ƒDξ˜ƒORQJξ˜ƒPDWFKξ˜ƒRUξ˜ƒPDWFKξ˜ƒKROGHUξ˜‘ξ˜ƒ2QFHξ˜ƒ
WKHξ˜ƒRYHQξ˜ƒSLORWξ˜ƒLVξ˜ƒOLWξ˜ξ˜ƒFRQWLQXHξ˜ƒKROGLQJξ˜ƒWKHξ˜ƒ
RYHQξ˜ƒFRQWUROξ˜ƒNQREξ˜ƒIRUξ˜ƒRQHξ˜ƒPLQXWHξ˜ƒEHIRUHξ˜ƒ
UHOHDVLQJξ˜‘
1Rξ˜ƒDGMXVWPHQWVξ˜ƒDUHξ˜ƒUHTXLUHGξ˜ƒIRUξ˜ƒQDWXUDOξ˜ƒ
JDVξ˜‘ξ˜ƒ,Iξ˜ƒWKHξ˜ƒUDQJHξ˜ƒLVξ˜ƒFRQQHFWHGξ˜ƒWRξ˜ƒ/3ξ˜ƒJDVξ˜ξ˜ƒ
FRQWDFWξ˜ƒWKHξ˜ƒSHUVRQξ˜ƒZKRξ˜ƒLQVWDOOHGξ˜ƒ\RXUξ˜ƒ
UDQJHξ˜ƒRUξ˜ƒPDGHξ˜ƒWKHξ˜ƒFRQYHUVLRQξ˜‘ξ˜ƒ,Iξ˜ƒSLORWξ˜ƒIODPHξ˜ƒ
GRHVξ˜ƒQRWξ˜ƒVWD\ξ˜ƒOLWξ˜ξ˜ƒUHSHDWξ˜ƒWKLVξ˜ƒVWHSξ˜‘
3LORW
ξ˜ƒξ˜–ξ˜”
,QVWDOODWLRQξ˜ƒ,QVWUXFWLRQV
&$87,21ξ˜ƒΒ³ξ˜ƒ0DNHξ˜ƒVXUHξ˜ƒWKHξ˜ƒVXUIDFHξ˜ƒ
EXUQHUξ˜ƒFRQWUROξ˜ƒNQREVξ˜ƒDUHξ˜ƒLQξ˜ƒWKHξ˜ƒ ξ˜ƒSRVLWLRQξ˜ƒEHIRUHξ˜ƒ2))
DWWHPSWLQJξ˜ƒWRξ˜ƒDGMXVWξ˜ƒWKHξ˜ƒSLORWVξ˜‘
2YHQξ˜ƒ
ERWWRP
6KLHOGξ˜ƒξ˜ƒ
ξ˜‹RQξ˜ƒVRPHξ˜ƒ
PRGHOV


Produktspezifikationen

Marke: Hotpoint
Kategorie: Ofen
Modell: RGB508PPHWH

Brauchst du Hilfe?

Wenn Sie Hilfe mit Hotpoint RGB508PPHWH benΓΆtigen, stellen Sie unten eine Frage und andere Benutzer werden Ihnen antworten




Bedienungsanleitung Ofen Hotpoint

Bedienungsanleitung Ofen

Neueste Bedienungsanleitung fΓΌr -Kategorien-