Beruflich Dokumente
Kultur Dokumente
&5(',7:+(5(,76'8(
E\6-RKQ5RVV
*UROIQDU9
9DLQVVRQWWKH9
9LNLQJ
'HVFULSWLRQ 7DOO EORQG DQG
JULQQLQJ/LNHVWRGULQNDQGILJKW
DQG GUL QN DQG FK DVH 9 LNL QJ
ZRPHQDQGILJKWDQGVDLOWKHKLJK
VHDV DQG UDLG :DQWV WR ZULWH
JUHDWVDJDVDERXWKLPVHOI
&OLFKHV 9LNLQJ:RPDQL]HU
* DPEOHU3RHW
70
,QVSLUDWLRQ IRU WKH QDWXUH RI WKLV JDPH FRPHV ODUJHO\ IURP WKH
VDGO\RXWRISULQWFODVVLF*KRVWEXVWHUVIURP:HVW(QG*DPHV
VSDUNHG DJDLQVW DQ LGHD &OLFKpV IURP '& +HURHV 7KH ILQDO
VKDSHDQGIRUPRIWKHJDPHZDVLQVSLUHGE\2YHUWKH(GJHIURP
$WODV *DPHV 2WKHU 53*V PRVW QRWDEO\ *8536 )8'*( DQG
7XQQHOV DQG 7UROOV KDYH DOVR SURYLGHG YDOXDEOH LQVSLUDWLRQ
0DQ\ IULHQGV IHOORZ JDPHUV WRWDO VWUDQJHUV RQ WKH VWUHHW DQG
RWKHUVKDYHSURYLGHGXVHIXOFRPPHQWDU\DVWKHJDPHKDVGHYHO
RSHGLQFOXGLQJ'DQ0RRVH-DVPDQ)UDQN-3HUULFRQH-DVRQ
3XFNHWW'DYLG3XOYHU6HDQ'U.URPP3XQFKDQGWKHJDPHUV
RQWKH5LVXVLQWHUQHWPDLOLQJOLVW
7+(**$0(66<67(0
&+$5$&7(5&&5($7,21
:KHQHYHUDQ\ERG\ZDQWVWRGRVRPHWKLQJDQGQRERG\LVDFWLYHO\
WU\LQJWRVWRSKLP$1'WKH*0GRHVQWWKLQNWKDWVXFFHVVZRXOGEH
DXWRPDWLFWKHSOD\HUUROOVGLFH,IWKHWRWDOUROOHGEHDWVHTXDOVRU
H[FHHGVWKH7DUJHW1XPEHUWKH*0VHWVVXFFHVV,IQRWIDLOXUH
&KDUDFWHUVDUHGHILQHGE\&OLFKpVVRPHWLPHVVHYHUDORIWKHP
&OLFKpVDUHDVKRUWKDQGZKLFKGHVFULEHZKDWDFKDUDFWHUNQRZV
KRZ WR GR 7KH CCFKDUDFWHU FODVVHV RI WKH 1HROLWKLF 3HULRG RI
53*VZHUH&OLFKpV)LJKWHUDQG0DJLF8VHU6SDFH0DULQHDQG
6WDU0HUFKDQW<RXFDQWDNH&OLFKpVOLNHWKDWRUFKRRVHDPRUH
FRQWHPSRUDU\ RQH VXFK DV %LNHU 6S\ &RPSXWHU 1HUG
6XSHUPRGHO RU :LOOLDP 6KDWQHU IRUPHUO\ DQ DFWRU QRZ MXVW D
&OLFKp:KLFK&OLFKpVDUHSHUPLWWHGDUHXSWRWKH*0
7KLVFDQEHVXEMHFWLYHDQGDQ\ERG\FDQWU\ DQ\WKLQJ&URVVLQJD
FKDVPE\VZLQJLQJRQDURSHYLQHRUVRPHWKLQJVLPLODUZRXOGEH
FKLOGVSOD\DXWRPDWLFVXFFHVVIRUD6ZDVKEXFNOHURUD/RUGRI
WKH-XQJOHHDV\'LIILFXOW\IRUD3XOS$UFKDHRORJLVWDQGFKDO
OHQJLQJ EXW GHILQLWHO\ GRDEOH 'LIILFXOW\ IRU D *\PQDVW
%DUEDULDQRU7KLHI(YHQD:KHHOFKDLU%RXQG(FFHQWULF2FFXOWLVW
FRXOGWU\LW'LIILFXOW\EXWWKHZKHHOFKDLULVORVWXQOHVVWKHUROO
EHDWVD
&OLFKpVDUHGHILQHGLQWHUPVRI'LFHE\ZKLFKZHPHDQWKHRUGL
QDU\VL[VLGHGNLQG\RXFDQVFDYHQJHIURP\RXUROG<DKW]HH VHW
7KLVLVWKHQXPEHURIGLFHWKDW\RXUROOZKHQHYHU\RXUVNLOODVD
)LJKWHU 6XSHUPRGHO RU :LOOLDP 6KDWQHU IRU LQVWDQFH LV FKDO
OHQJHG6HHCC*DPH6\VWHPEHORZ7KUHHGLFHLVSURIHVVLRQDO
6L[GLFHLVPDVWHU\2QHGLHLVDSXW]
&KDUDFWHUVDUHFUHDWHGE\QDPLQJDQGGHVFULELQJWKHPDQGOLVW
LQJ WKHLU &OLFKpV :KHQ GHVLJQLQJ \RXU FKDUDFWHU \RX KDYH
GLFHZLWKZKLFKWRGHILQHKLV&OLFKpVD1RUPDO6FKPRHZRXOGEH
EXLOW RQ DQ\ZKHUH IURP WR GLFH $ VWUDLJKWIRUZDUG PHGLHYDO
ILJKWHUFKDUDFWHUPLJKWORRNOLNH*UROIQDUWKH9LNLQJER[DERYH
3DJH
7DUJHW1XPEHUV)ROORZ7KLV6FDOH
M
KJ
N
620(6$03/(&/,&+6$1':+$77+(<
5(*22')25
$VWURQDXW 3LORWLQJVSDFHVKLSVQRWSXNLQJLQ]HURJHH
%DUEDULDQ %HDWLQJWKLQJVXSGULQNLQJZKRULQJJUXQWLQJVZHDWLQJ
%LNHU 5LGLQJ+DUOH\EUDZOLQJEHLQJ,QYLVLEOHWRRWKHUPRWRULVWV
%LPER$YDLODEOHLQERWKJHQGHUV'LVWUDFWLQJWHDVLQJQRWWHDVLQJ
&RPSXWHU*HHN +DFNLQJSURJUDPPLQJIXPEOLQJRYHULQWURGXFWLRQV
&RQ$UWLVW &RQYLQFLQJRWKHUSHRSOHWRJLYH\RXPRQH\HYDGLQJFRSV
&RZER\5LGLQ
URSLQ
EUDQGLQ
VSLWWLQ
DQGVKRRWLQ
)LJKWHU3LORW 'RJILJKWLQJQRWEODFNLQJRXWDWKLJK*VEUDJJLQJ
*DGJHWHHU%XLOGLQJDUDGDURXWRIDEHQWIRUNDQGVRPHJXP
*DPEOHU %HWWLQJFKHDWLQJZLQQLQJUXQQLQJYHU\IDVW
*DQJVWHU 6KRRWLQJVSHDNLQJZLWKDQDFFHQWLQWLPLGDWLRQ
*HH]HU:KHH]LQ
FXUVLQ
ELWWHUUHPLQLVFLQ
IDLOLQ
WRXQGHUVWDQGNLGV
+DLUGUHVVHU 'UHVVLQJKDLU,IDQ\WKLQJ
.LG%HLQJDVLGHNLFNWRKHURHVPDNLQJIULHQGVZLWK*LDQW0RQVWHUV
.QLJKW 5LGLQJODQFLQJVZRUGVZLQJLQJKHUDOGU\EHLQJFKDVWH
/DWLQ/RYHU6HGXFLQJORYLQJUXQQLQJIURPLUDWHKXVEDQGV
0DG6FLHQWLVW 5DYLQJZRUOGGRPLQDWLRQWU\LQJWRSOD\*RGFDFNOLQJ
0DUWLDO$UWLVW )DQF\KDQGWRKDQGFRPEDWRXWRIV\QFKVSHHFK
0DJLFLDQ3DOPLQJWKLQJVVDZLQJODGLHVLQKDOISXEOLFVSHDNLQJ
6RUFHUHU6SHOOFDVWLQJGHPRQVXPPRQLQJVSHDNLQJLQJLEEHULVK
1RYHOLVW 'ULQNLQJEUDZOLQJFXWUDWHZRUOGWUDYHOLQJLQWURVSHFWLRQ
2O\PSLF$WKOHWH 5XQQLQJVZLPPLQJMXPSLQJVNLLQJMDYHOLQWRVVLQJ
2XWGRRUVPDQ)ROORZLQJWUDFNVEXLOGLQJVKHOWHUVILQGLQJZLOGIRRG
3ROLFHPDQ (DWLQJGRQXWVZULWLQJWLFNHWVVKRRWLQJFLYLOLDQV
3ROWHUJHLVW%HLQJGHDGWKURZLQJWKLQJVVFDULQJSHRSOH
6ROGLHU 6KRRWLQJKLGLQJSDUW\LQJFDWFKLQJYHQHUHDOGLVHDVHV
6SHFLDO)RUFHV )ROORZLQJRUGHUVORRNLQJVWHUQIROORZLQJRUGHUV
6ZDVKEXFNOHU 6WDEELQJWKLQJVVZLQJLQJIURPURSHVVDLOLQJURPDQFH
7KLHI6QHDNLQ
DURXQGJDLQLQJDFFHVVDQGREMHFWVWKH\VKRXOGQ
WKDYH
9DPSLUH &KDUPLQJSHRSOHVXFNLQJEORRGWXUQLQJLQWRPLVWRUEDWV
2WKHU.LQGRI9DPSLUH 6HOISLW\HURWLFEORRGSRHWU\ZHDULQJEODFN
3523(57722/6
7+(&&20%$766<67(0
(YHU\FKDUDFWHULVDVVXPHGWREHHTXLSSHGZLWKWKH7RROVRI+LV
7UDGHDWOHDVWWKHSRUWDEOHRQHV:DUULRUVDUHZHDULQJDUPRUDQG
ZLHOGLQJ JRRG ZHDSRQV &RZER\V KDYH OHDWKHU FKDSV ODVRR D
FRXSOH RI SHDUOKDQGOHG VL[JXQV DQG VRPH FKDZ 1HWUXQQHUV
KDYHDQH[SHQVLYHMDFNLQODSWRSDQGIXQQ\FORWKHV
CC&RPEDWLQWKLVJDPHLVGHILQHGDVDQ\FRQWHVWLQZKLFKRSSR
QHQWVMRFNH\IRUSRVLWLRQXWLOL]HDWWDFNVEULQJGHIHQVHVWREHDU
DQGWU\WRZHDUGRZQWKHLUIRHVWRDFKLHYHYLFWRU\(LWKHUOLWHUDOO\
RUPHWDSKRULFDOO\6RPHH[DPSOHVRIFRPEDWLQFOXGH
,IWKURXJKWKHFRXUVHRIDQDGYHQWXUHDFKDUDFWHU/26(6DQ\RI
WKHVHYLWDOWRWHPVKLV&OLFKpRSHUDWHVRQKDOIWKHQRUPDOQXPEHU
RI GLFH RU QRW DW DOO LI WKH *0 UXOHV WKDW WKH HTXLSPHQW ZDV
5(48,5('XQWLOWKH\DUHUHSODFHG
$ %DUEDULDQ IRU LQVWDQFH FDQ ILJKW ZLWKRXW KLV VZRUG DV D
%DUEDULDQ EXW D 1HWUXQQHU FDQW UXQ WKH QHW ZLWKRXW KLV
F\EHUGHFN,IWKH1HWUXQQHUPDQDJHVWRILQGDQRWKHUFRPSXWHUWR
SOD\ZLWKEHVLGHVWKHNLQGKHVXVHGWRKHFDQRSHUDWHDWKDOIGLFH
6RPH VSHFLDO WRROV PDJLF ZDQGV KRWRIIWKHOLQH PLOLWDU\
F\EHUGHFNVDQGVRRQPD\JLYHERQXVGLFHWR\RXU&OLFKpVZKHQ
XVHG &KDUDFWHUV QHYHU EHJLQ WKH JDPH ZLWK ERQXVGLFH JHDU
WKH\PXVWEHDFTXLUHGLQDGYHQWXUHV
3DJH
'8(/,1*%$1-26 %DQMRSOD\HUVXVLQJVWUDQJHPHORGLHV
DQGWU\LQJWRRXWGRWKHRWKHU
&28575220 $17,&6
3URVHFXWLRQ YV 'HIHQVH
7KH JRDO LV YLFWRU\ -XVWLFH LV
LQFLGHQWDO
7KH *0 GHFLGHV ZKHQ D FRPEDW KDV EHJXQ $W WKDW SRLQW JR
DURXQG WKH WDEOH LQ URXQGV DQG OHW HDFK FRPEDWDQW PDNH DQ
DWWDFNLQWXUQ:KDWFRQVWLWXWHVDQCCDWWDFNGHSHQGVRQWKHVRUW
RI FRPEDW EXW LW VKRXOG $/:$<6 EH UROHSOD\HG LI GLDORJXH LV
LQYROYHGRUGHVFULEHGLQHQWHUWDLQLQJGHWDLOLILWVSK\VLFDODQGRU
GDQJHURXVDQGRUQRUPDOO\UHTXLUHVFRQWUDFHSWLYHV
,1$335235,$7(&&/,&+6
$V VWDWHG DERYH WKH *0 GHWHUPLQHV ZKDW VRUW RI &OLFKpV DUH
DSSURSULDWHIRUDQ\JLYHQFRPEDW$Q,1$335235,$7(&OLFKpLV
DQ\WKLQJWKDWVOHIW,QDSK\VLFDOILJKW+DLUGUHVVHULVLQDSSUR
SULDWH,QD:L]DUGVGXHO%DUEDULDQLVLQDSSURSULDWH
,QDSSURSULDWH&OLFKpVPD\EHXVHGWRPDNHDWWDFNV3529,'('
7+(3/$<(552/(3/$<625'(6&5,%(6,7,1$5($//<
5($//<5($//<(17(57$,1,1*0$11(5)XUWKHUPRUHWKH
CCDWWDFNPXVWEHSODXVLEOHZLWKLQWKHFRQWH[WRIWKHFRPEDWDQG
WKHJHQUHDQGWRQHWKDWWKH*0KDVVHWIRUWKHJDPH7KLVRSWLRQ
LVPRUHYDOXDEOHLQVLOO\JDPHVWKDQLQGHDGVHULRXVRQHV
$OO FRPEDW UXOHV DSSO\ QRUPDOO\ ZLWK RQH H[FHSWLRQ ,I DQ LQDS
SURSULDWH&OLFKpZLQVDFRPEDWURXQGYHUVXVDQDSSURSULDWHRQH
WKHCCDSSURSULDWHSOD\HUORVHV7+5((GLFHUDWKHUWKDQRQHIURP
KLV &OLFKp 7KH CCLQDSSURSULDWH SOD\HU WDNHV QR VXFK ULVN DQG
ORVHVRQO\WKHQRUPDORQHGLHLIKHORVHVWKHURXQG
7KXV D VNLOOHG KDLUGUHVVHU LV GDQJHURXV ZKHQ FRUQHUHG DQG
DWWDFNHGXQIDLUO\%HZDUH
$WWDFNVUHTXLUHUROOVDJDLQVWFKDUDFWHU&OLFKpV7KH*0PXVWDW
WKHRXWVHWRIFRPEDWGHWHUPLQHZKDW7<3(RI&OLFKpVDUHDSSUR
SULDWH IRU WKH ILJKW ,Q D SK\VLFDO ILJKW &OLFKpV OLNH 9LNLQJ
%DUEDULDQ 6ROGLHU 6ZDVKEXFNOHU DQG 1RYHOLVW DUH DSSURSULDWH
&OLFKpVOLNH+DLUGUHVVHUDQG/DWLQ/RYHUDUHQRWEXWPD\VWLOOEH
XVHGVHHQH[WVHFWLRQ
:KHQLQGRXEWDVVXPHWKDWWKHDJJUHVVRUGHWHUPLQHVWKHW\SHRI
FRPEDW ,I D ZL]DUG DWWDFNV D EDUEDULDQ ZLWK PDJLF WKHQ LWV D
:L]DUGVGXHO,IWKHEDUEDULDQDWWDFNVWKHPDJHZLWKKLVVZRUG
WKHQLWV3K\VLFDO&RPEDW,IWKHGHIHQGHUFDQFRPHXSZLWKDQ
HQWHUWDLQLQJXVHRIKLVVNLOOVWKHQKHOOKDYHWKHHGJH,WSD\VLQ
PDQ\JHQUHVWREHWKHGHIHQGHU
$Q DWWDFN PXVW EH GLUHFWHG DW D IRH %RWK SDUWLHV LQ WKH DWWDFN
DWWDFNHUDQGGHIHQGHUUROODJDLQVWWKHLUFKRVHQ&OLFKp/RZUROO
ORVHV6SHFLILFDOO\WKHORZUROOHUORVHVRQHRIKLV&OLFKpGLFHIRU
WKHUHPDLQGHURIWKHILJKWKHVEHHQZHDNHQHGZRUQGRZQRU
RWKHUZLVHSXVKHGRQHVWHSWRZDUGVGHIHDW,QIXWXUHURXQGVKHOO
EHUROOLQJORZHUQXPEHUV
1RWH ,I WKH ZL]DUG DQG EDUEDULDQ ERWK REYLRXVO\ ZDQW WR ILJKW
WKHQERWKDUHDJJUHVVRUVDQGLWV)DQWDV\&RPEDWZKHUHERWK
VZRUGVDQGVRUFHU\KDYHHTXDOIRRWLQJ
(YHQWXDOO\RQHVLGHZLOOEHOHIWVWDQGLQJDQGDQRWKHUZLOOEHOHIW
ZLWKRXWGLFH$WWKLVSRLQWWKHZLQQHUVXVXDOO\GHFLGHWKHIDWHRI
WKHORVHUV,QDSK\VLFDOILJKWRUPDJL
FDO GXHO WKH ORVHUV PLJKW EH
NLOOHG RU PHUFLIXOO\ VSDUHG ,Q
&RXUWURRP $QWLFV WKH ORVHU
JHWV VHQWHQFHG E\ WKH MXGJH
RU IDLOV WR SURVHFXWH ,Q D
6HGXFWLRQWKHORVHUJHWVHLWKHUD
FROGVKRZHURUDZDUPHYHQLQJGHSHQGLQJRQZKR
ZLQV
7ZRRUPRUHFKDUDFWHUVPD\GHFLGHWRIRUPD7($0LQFRPEDW
)RUWKHGXUDWLRQRIWKHWHDPXVXDOO\WKHHQWLUHFRPEDWWKH\ILJKW
DVDVLQJOHXQLWDQGDUHDWWDFNHGDVDVLQJOHIRH7KHUHDUHWZR
NLQGV RI WHDPV 3OD\HU&KDUDFWHU WHDPV DQG 13& WHDPV
*UXQW6TXDGV
<RXQHHGQWXVHWKHVDPH&OLFKpHYHU\URXQG
,ID9LNLQJ6ZDVKEXFNOHUZDQWVWRORSKHDGV
RQHURXQGDQGVZLQJRQFKDQGHOLHUVWKHQH[W
WKDWVJURRY\WRR+RZHYHUDQ\WLPHDFKDUDFWHU
KDVD&OLFKpZRUQGRZQWR]HURGLFHLQFRPEDWKHKDV
ORVWHYHQLIKHKDVRWKHUDSSURSULDWH&OLFKpVOHIWWRSOD\ZLWK
'LFH ORVW LQ FRPEDW DUH UHJDLQHG ZKHQ WKH FRPEDW HQGV DW D
KHDOLQJUDWHGHWHUPLQHGE\WKH*0,IWKHFRPEDWZDVLQYHKL
FOHVVSDFHILJKWHUVPHFKDZRRGHQVDLOLQJVKLSVWKHQWKHYHKL
FOHVWKHPVHOYHVDUHOLNHO\GDPDJHGWRRDQGPXVWEHUHSDLUHG
7($0,1*883
3DJH
WULEXWHWKHLUVLQJOHKLJKHVWGLHUROODERYHVL[RUWKHLUVL[HVWKHLU
FKRLFH 7HDP PHPEHUV ZKR UROO QRWKLQJ DERYH ILYH GRQW FRQ
WULEXWHDQ\WKLQJWRWKH7HDP/HDGHUVWRWDOIRUWKDWUROO
6XFKCCVLQJOHDFWLRQFRQIOLFWVDUHVHWWOHGZLWKDVLQJOHUROODJDLQVW
DSSURSULDWH&OLFKpVRULQDSSURSULDWH&OLFKpVZLWKJRRGUROHSOD\
LQJ+LJKUROOZLQV
&OLFKpVMRLQHGLQDWHDPQHHGQRWEHLGHQWLFDOEXWWKH\DOOPXVW
EHHTXDOO\DSSURSULDWHRULQDSSURSULDWH7KLVPHDQVILYH9LNLQJV
FRXOG EDQG WRJHWKHU LQ SK\VLFDO ILJKW ZLWK QR SUREOHP ,W DOVR
PHDQV WKDW D +DLUGUHVVHU D 3DUDNHHW 7UDLQHU DQG D &DUHHU
&RXQVHORUFRXOGWHDPXSLQDSK\VLFDOILJKWLIWKH\KDYHD5($/
/<JRRGGHVFULSWLRQRIKRZWKH\OOXVHWKHLUVNLOOVLQFRQFHUWWRWDNH
RXWWKH9LNLQJV
:+(16620(%2'<
&$1h733$57,&,3$7(
,WZLOORIWHQRFFXUWKDWFKDUDFWHUVZLOOILQGWKHPVHOYHVLQYROYHGLQD
&RPEDWRUTXLFNHUFRQIOLFWZKHUHWKH\VLPSO\KDYHQRDSSOLFDEOH
&OLFKpVHYHQE\VWUHWFKLQJWKHLPDJLQDWLRQ2UPD\EH21(FKDU
DFWHUZLOOKDYHDQDSSURSULDWH&OLFKpZKLOHWKHRWKHUVIHHOOHIWRXW
$Q H[DPSOH PLJKW EH D SLHHDWLQJ FRQWHVW 2QH FKDUDFWHU ZDV
ZLVH RU IRROLVK HQRXJK WR WDNH CC'LVJXVWLQJ *OXWWRQ DV D
&OLFKp 7KH RWKHU FKDUDFWHUV DUH DVWURQDXWV RU
DFFRXQWDQWVQHLWKHURIZKLFKWUDGL
WLRQDOO\HQJRUJHWKHPVHOYHVRQSLH
:KHQHYHUDWHDPORVHVDURXQGRIFRPEDWDVLQJOHWHDPPHP
EHUVGLFHLVUHGXFHGE\RQHRUWKUHHDVSHUWKHQRUPDOFRPEDW
UXOHV$Q\WHDPPHPEHUPD\VWHSIRUZDUGDQGYROXQWDULO\WDNH
WKLVSHUVRQDOGDPDJHWRKLV
GLFH ,I WKLV KDSSHQV WKH
QREOHYROXQWHHULVUHGXFHGE\
WZLFH WKH QRUPDO DPRXQW
HLWKHUWZRGLFHRUVL[DQG
,Q VLWXDWLRQV OLNH WKLV JLYH HYHU\
1RVWDQGDUGWLPH
WKH WHDP OHDGHU JHWV WR UROO
ERG\ WZR IUHH GLFH WR SOD\ ZLWK IRU
RUGLVWDQFHVFDOH
LVSURYLGHGIRU5
GHSHQGV RQZKD
WZLFH DV PDQ\ GLFH RQ KLV
WKH GXUDWLRQ RI WKH FRQIOLFW 7KLV
LVXVLWUHDOO\
WNLQG RIDFWLRQ LV
KD
SSHQLQJ+RZHY
VK
RXOGWU\WRVWD\FR
QH[W DWWDFN D WHPSRUDU\
,1&/8'(6 FKDUDFWHUV ZKR DOUHDG\
HUWKH*0
QVLVWHQWZLWKLQDV
LQJOHFRQIOLFW,QD
ILJKWHDFK URXQG
ERRVWDVWKHWHDPDYHQJHV
+$9( DSSURSULDWH &OLFKpV ,Q WKH
SK\VLFDO
UHSUHVHQWVDIHZ
VH
FR
EH
QGV,QDORQJWH
WZ
HHQDPDUULHGFR
WKHLU KHURLF FRPUDGH ,I QR
H[DPSOH
DERYH WKH DVWURQDXWV DQG
UP
ILJKW
XSOHHDFKURXQG
'D\ 'D\ RQH
PLJKWUHSUHVHQWD
YROXQWHHU VWHSV IRUZDUG
DFFRXQWDQWV
ZRXOG JHW 3LH(DWLQJ
+XVEDQG CCDFFLG
Q
HQ
WLUH
HQWDOO\ EXUQV ZL
GUHVVLQWKHRYHQ
WKHQ HDFK PHPEHU PXVW
ZKLOHWKH'LVJXVWLQJ*OXWWRQZRXOGEH
IHV IDYRULWH
:LIHCCDFFLGHQWD
OO\IHHGV'UDQRWR
SUL]HJROGILVKDQG
UROO DJDLQVW WKH &OLFKp
WHPSRUDULO\ LQFUHDVHG WR 'LVJXVWLQJ
+XVEDQGV
VRRQXQWLOWKHUH
LVDYLFWRU
WKH\UHXVLQJDVSDUWRIWKH
*OXWWRQ 7KH *OXWWRQ QDWXUDOO\ VWLOO
WHDP/RZUROOWDNHVWKHXQGRX
KDVWKHZLQQLQJHGJHEXWDQ\RQHFDQ
EOHGKLWDQGWKHUHLVQRYHQJHDQFHERQXV
75<WRHDWORWVRISLH7KLVCCWHPSRUDU\
SURPRWLRQ DSSOLHV RQO\ LQ RSSRVHG FRQIOLFWV QRW LQ FKDOOHQJHV
'LVEDQGLQJ $WHDPPD\YROXQWDULO\GLVEDQGDWDQ\WLPHEHWZHHQ
EDVHGRQ7DUJHW1XPEHUV
GLHUROOV7KLVUHGXFHVWKH&OLFKpHDFKWHDPPHPEHUZDVXVLQJLQ
WKHWHDPE\RQHLQVWDQWO\QRWDSHUPDQHQWUHGXFWLRQWUHDWLWMXVW
OLNHGDPDJHWDNHQIURPORVLQJDURXQGRIFRPEDW'LVEDQGHG
WHDPPHPEHUV PD\ IUHHO\ IRUP QHZ WHDPV SURYLGHG WKH GLV
EDQGLQJGDPDJHGRHVQWWDNHWKHPRXWRIWKHILJKW,QGLYLGXDOV
$W WKH HQG RI HDFK DGYHQWXUH HDFK SOD\HU VKRXOG UROO DJDLQVW
PD\DOVRGURSRXWRIDWHDPEXWWKLVUHGXFHVWKHPWR]HURGLFH
HYHU\&OLFKpWKDWZDVXVHGVLJQLILFDQWO\GXULQJWKHJDPHXVLQJ
LPPHGLDWHO\DVWKH\VFDPSHUIRUWKHUHDU7KHLUIDWHVUHVWRQWKH
WKHLUFXUUHQWQXPEHURIGLFH,IWKHGLFHODQGVKRZLQJRQO\HYHQ
PHUF\RIZKRHYHUZLQVWKHILJKW
QXPEHUV WKLV LQGLFDWHV DQ LQFUHDVH E\ RQH GLH IRU WKDW &OLFKp
$:25'257:2$%2
876&$/(
&+$5$&7(5$$'9$1&(0(17
/RVW/HDGHU ,IWKHWHDPOHDGHUHYHUOHDYHVWKHWHDPIRUDQ\UHD
VRQHLWKHUE\GURSSLQJRXWRUE\KDYLQJKLVSHUVRQDOGLFHUHGXFHG
WR]HURHYHU\PHPEHURIWKHWHDPLPPHGLDWHO\WDNHVRQHGLHRI
GDPDJHDVLIWKHWHDPKDGGLVEDQGHGVLQFHZLWKRXWDOHDGHU
WKH\YHGRQHH[DFWO\WKDW7KH\PD\LPPHGLDWHO\RSWWRUHIRUPDV
DQHZWHDPZLWKDQHZOHDGHUKRZHYHUDQGLIWKHROGOHDGHUZDV
UHPRYHG E\ YROXQWHHULQJ IRU SHUVRQDO GDPDJH WKH QHZ WHDP
OHDGHUJHWVWKHGRXEOHUROOYHQJHDQFHERQXVWRDYHQJHKLVSUHG
HFHVVRU
&21)/,&7677+$7$$5(1h7&&20%$7
0DQ\FRQIOLFWVWKDWDULVHLQWKHJDPHFDQQRWEHGHILQHGDVCCFRP
EDWWKH\UHRYHUWRRTXLFNO\GHILQHGE\DVLQJOHDFWLRQ$FODVVLF
SLVWROGXHOLVQWFRPEDWWKHWZRGXHOLVWVVLPSO\WXUQDQGILUHDQG
WKHQLWVDOORYHU7ZRFKDUDFWHUVGLYLQJWRJUDEWKHVDPHJXQIURP
WKHIORRULVQWFRPEDW7ZRFRRNVSUHSDULQJFKLOLIRUDFRRNRIILVQW
FRPEDWWKHUHVQRCCZHDULQJGRZQRIWKHIRHDQGQRMRFNH\LQJIRU
SRVLWLRQ
7KXV DGYDQFHPHQW VORZV GRZQ DV \RX JR 1R &OLFKp PD\ JR
KLJKHUWKDQ&OLFKpDOWKRXJKLI3XPSLQJLVDOORZHGVHHEHORZ
WKH\FDQEHSXPSHGSDVW
$Q\WLPH\RXGRVRPHWKLQJUHDOO\UHDOO\UHDOO\VSHFWDFXODUO\HQWHU
WDLQLQJWKDWZRZVWKHZKROHWDEOHWKH*0PD\UXOHWKDW\RXPD\
UROO LQVWDQWO\ LQ WKH PLGGOH RI WKH JDPH IRU SRVVLEOH LPSURYH
PHQWLQDGGLWLRQWRWKHUROODWWKHHQGRIWKHDGYHQWXUH
$GGLQJ1HZ&OLFKpV7KHUHPD\FRPHDWLPHZKHQDFKDUDFWHU
KDVJURZQDQGPDWXUHGHQRXJKWRMXVWLI\DGGLQJDQHQWLUHO\QHZ
&OLFKpWRKLVFKDUDFWHUVKHHW,IWKHSOD\HUDQG*0DJUHHWKLVLV
WKHFDVHDQGDJUHHRQZKDWWKHQHZ&OLFKpLVWKHSOD\HUUROOVIRU
&KDUDFWHU$GYDQFHPHQWDVXVXDOEXWDQ\
RI WKH QHZ GLFH HDUQHG PD\ EH SXW
WRZDUGWKHQHZ&OLFKpLQVWHDGRIWKH
RQHV WKDW HDUQHG WKHP 7KLV FDQ
DOVR EH DSSOLHG WR LQJDPH
LPSURYHPHQWVLIWKHVLWXDWLRQ
ZDUUDQWVLW
3DJH
$'9$1&('2237,21
+22.6DQG7$/(6
$ULVN\PDQHXYHUEXWZRUWKLW
3XPSHG &OLFKpV DUH OHJDO LQ DQ\ VLWXDWLRQ H[FHSW VLQJOH
DFWLRQFRQIOLFWV
$'9$1&('2237,21,,,,
'28%/(38036
$+RRNLVVRPHVLJQLILJDQWFKDUDFWHUIODZDQREVHVVLRQ
DZHDNQHVVDVZRUQYRZDSHUPDQHQWO\FULSSOLQJLQMXU\
WKDW WKH *0 DJUHHV LV VR MXLF\ WKDW KH FDQ XVH LW WR
PDNHWKHFKDUDFWHUVOLIHPRUHLQWHUHVWLQJZKLFKXVXDOO\
PHDQVOHVVSOHDVDQW$FKDUDFWHUZLWKD+RRNJHWVDQ
H[WUDGLHWRSOD\ZLWK
$7DOHLVDZULWWHQELRJUDSK\RIWKHFKDUDFWHUGHVFULELQJKLVOLIH
EHIRUH WKH HYHQWV RI WKH JDPH EHJLQ 7KH 7DOH QHHGQW EH ORQJ
WZR RU WKUHH SDJHV LV XVXDOO\ MXVW ILQH LW MXVW QHHGV WR WHOO WKH
UHDGHUZKHUHWKHFKDUDFWHULVFRPLQJIURPZKDWKHOLNHVDQGGLV
OLNHV KRZ KH EHFDPH ZKR KH LV ZKDW KLV PRWLYHV DUH 6RPH
7DOHV DUH EHVW ZULWWHQ IURP WKH SOD\HUV RPQLVFLHQW SHUVSHFWLYH
RWKHUVDUHPRUHIXQLIZULWWHQDVH[FHUSWVIURPWKHFKDUDFWHUVRZQ
GLDU\ $ FKDUDFWHU ZLWK D 7DOH SURYLGHG EHIRUH JDPHSOD\ EHJLQV
JHWVDQH[WUDGLHWRSOD\ZLWK
,IWKLVRSWLRQLVXVHGFKDUDFWHUVPD\EHFUHDWHGZLWKGRX
EOHSXPS&OLFKpV7KHVH&OLFKpVZKHQSXPSHGJLYH\RX
7:2GLFHLQWKHSXPSHGUROOIRUHYHU\GLH\RXOOORVHDWWKH
HQGRILW7KXVD6RUFHUHUFRXOGEHD6RUFHUHUIRUDVLQ
JOHFRPEDWURXQGDWDFRVWRIWKUHHGLFH7KLVRSWLRQLVDSSURSUL
DWHIRUDQ\&OLFKpVEDVHGRQVXSHUQDWXUDOSRZHUVVXFKDVZL]
DUGV WHOHSDWKV DQG KXPDQRLGWRUFK VW\OH VXSHUKHURHV 7KH\UH
DOVRDSSURSULDWHIRUDQ\RWKHU&OLFKpVWKH*0DSSURYHVWKHPIRU
6LQVLELOXVWWKH6
6RUFHUHU
'HVFULSWLRQ 7KLQVSLQGO\DQGP\VWH
ULRXVZLWKDWLUHGFDWRQKLVVKRXOGHU
/LNHV WR SRNH DURXQG ZKHUH 0DQ
2XJKW 1RW WXUQ SHRSOH LQ WR WRDGV
DQGWKHOLNH/LNHVWKHZRRGV
$'9$1&('2237,21,,,
3803,1*&/,&+6
,Q DQ HPHUJHQF\ DQ\ FKDUDFWHU PD\ SXPS KLV &OLFKpV ,I WKH
1LQMDFRPHVIDFHWRIDFHZLWKD0RQVWHULWPLJKWEHQHFHV
VDU\
:KHQD&OLFKpLVSXPSHGLWUHFHLYHVDWHPSRUDU\ERRVWLQGLFH
7KLVERRVWODVWVIRUDVLQJOHURXQGRIFRPEDWRUDVLQJOHVLJQLIL
FDQWUROORWKHUZLVH+RZHYHUDIWHUWKDWURXQGRUUROOLVUHVROYHG
WKHFKDUDFWHUORVHVDQXPEHURIGLFHHTXDOWRWKHQXPEHUKHJDYH
KLPVHOILQWKHSXPS7KLVLVWUHDWHGOLNHLQMXU\WRWKH&OLFKpVVXV
WDLQHGLQFRPEDWDQGPXVWKHDOLQWKHVDPHIDVKLRQ
([DPSOH 5XGROSK WKH 1LQMD KDV FRPH IDFH WR IDFH ZLWK D
0RQVWHUZKRDWWDFNVKLP5XG\GRHVQWKDYHPXFKRIDFKDQFH
DJDLQVWVXFKDSRZHUIXOIRHVRKHRSWVIRUDWULFN\WDFWLF6LQFH
WKH 0RQVWHU LV DWWDFNLQJ SK\VLFDOO\ 5XGROSK GHFLGHV KLV ILUVW
URXQGUHVSRQVHZLOOXVHKLVVNLOOVDVDVD&DMXQ&KHIDGHFLG
HGO\,QDSSURSULDWHFKRLFH+HDOVRRSWVWRSXPSLWE\WZRGLFHXS
WR ILYH +HV 5($//< SXWWLQJ KLV DOO LQWR KLV FRRNLQJ IRU WKLV
ILJKW
6RWKHILUVWURXQGKDSSHQV7KH0RQVWHUUROOVVL[GLFHDQGWKH
1LQMD TXLFNO\ ZKLSSLQJ XS D WHPSWLQJ *XPER VSLNHG ZLWK 1LQMD
VOHHSLQJGUXJDQGRIIHULQJLWWRWKHPRQVWHUUROOVILYHGLFH
,IWKH1LQMDORVHVWKHQKHLVLQVWDQWO\GHIHDWHG+LV&DMXQ&KHI
&OLFKpV GURSV E\ WZR WR &DMXQ &KHI MXVW IRU WKH SXPS SOXV
DQRWKHU GLH IRU ORVLQJ WKH URXQG 7KH 0RQVWHU GHFLGHV WR HDW
5XGROSKLQVWHDGRIWKH*XPER
,I WKH 1LQMD :,16 KRZHYHU WKH 0RQVWHU LV GURSSHG WR
0RQVWHU DQG KLV &DMXQ &KHI GURSV WR &DMXQ &KHI ,Q
'RXEOHSXPS &OLFKpV FRVW WZLFH DV PDQ\ VWDUWLQJ GLFH WR EX\
7KXV6LQVLELOXVDERYHZRXOGEHDOHJDOVWDUWLQJFKDUDFWHU7KH
KDUG>VTXDUHEUDFNHWV@LQGLFDWHDGRXEOHSXPS&OLFKpV6LQFHLW
FRVWVGRXEOH6LQVLELOXVLVHIIHFWLYHO\DGLFHFKDUDFWHU
,IWKH*0FRQVLGHUVDQ\FOLFKpVWREHWRRXQLYHUVDOO\SRZHUIXOKH
PD\5(48,5(WKDWLWEHSXUFKDVHGLQWKLVZD\WRLQVXUHVRPH
VRUW RI EDODQFH 2YHUDOO GRXEOHSXPS GLFH DUH OHVV XVHIXO WKDQ
RUGLQDU\GLFHDWWKHEHJLQQLQJEXWVLQFHWKH\LPSURYHDWWKHVDPH
UDWHDVRUGLQDU\GLFHWKH\DUHDJRRGLQYHVWPHQW'RXEOHSXPS
FOLFKpVPXVWEHSXUFKDVHGDWFKDUDFWHUFUHDWLRQ
C
'HDG*LDQW
3DJH
$OWDURI
(PRFK
%RWWRPOHVV
3LW
$'9$1&('2237,21,,9
)81.<',&(
2ND\WKLVLVWKH/$67DGYDQFHGRSWLRQ
%XUQLQJ5
5XEEHU
7KHVHGLFHDOORZ5LVXVWRUHSUHVHQWVD\
VXSHUKHURHVRUGHPLJRGVZLWKRXWUHVRUW
LQJWRODUJHQXPEHUVRIGLFH8QGHUWKLVV\VWHPFKDUDFWHUVDUH
JLYHQSRLQWVWRFUHDWHWKHLUFKDUDFWHUVZLWKDQGHDFKW\SHRIGLH
FRVWVSRLQWV6SHFLILFDOO\
GSRLQWVGSRLQWVGSRLQWV
GSRLQWVGSRLQWVGSRLQWV
7KRVHDUHWKHRQO\UXOHFKDQJHV'LFHDUH
VWLOO GLFH LI D 9LNLQJ ZLQV D FRPEDW URXQG DJDLQVW D
6ZDVKEXFNOHUG WKH 6ZDVKEXFNOHU ORVHV D ZKROH G
&RQYHUVHO\ DW WKH HQG RI WKH JDPH WKH 6ZDVKEXFNOHU KDV WKH
VDPH RGGV RI DGGLQJ D G WR KLV &OLFKpV DV WKH 9LNLQJ KDV RI
DGGLQJDGWRKLV
%XUQLQJ5XEEHUVHHER[DERYHLVDVDPSOHVXSHUKHUREXLOWRQ
SRLQWVZHUHOHIWRYHUDQGORVW
:KHQXVLQJWKLVRSWLRQDFKDUDFWHUZLWK&OLFKpPD\VWLOOUROOWR
LPSURYH,IWKHUROOLVVXFFHVVIXOKHGURSVWRGLFHEXWRIWKH
1(;7 +,*+(5 7<3( 6R \RXU $VWURQDXW EHFRPHV DQ
$VWURQDXWG
$Q([SDQGHG7DUJHW1XPEHU/LVW
IRUVXSHUKXPDQVFRPSDUHGWRIHDWVRISK\VLFDOVWUHQJWK
7KURZLQJDPRWRUF\FOH
7KURZLQJDWDQN
7KURZLQJDORDGHGWUDLQ
7KURZLQJDSLOHRIORDGHGWUDLQV
.LFNLQJWKH(DUWKILYHIHHWRXWRIRUELW
HHH
&OLF N
+(5(
1RWHWKHQRQOLQHDULW\7KLVDLQWURFNHWVFLHQFH
%(&20(221(22)88621(22)886221(22)886
,IWK
SULQ LVLVDK
WRXW
DUG
PXF GRQWH FRS\
KWR
[SHF
KD
W
ZKH
Q\R SSHQ
XGR
3DJH