Sie sind auf Seite 1von 43



+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\
'XHSPRQ0RQGD\2FWREHU
<RXZLOOUHFHLYHQRFUHGLWIRULWHPV\RXFRPSOHWHDIWHUWKHDVVLJQPHQWLVGXH*UDGLQJ3ROLF\

$PHVVDJHIURP\RXULQVWUXFWRU
%HFDXVHZHKDYHDPLGWHUPRQ7KXUVGD\HYHU\RQHKDVDQDXWRPDWLFH[WHQVLRQRQWKLVKRPHZRUNXQWLO0RQGD\2FW


:RUN(QHUJ\7KHRUHP5HYLHZHG
/HDUQLQJ*RDO
5HYLHZWKHZRUNHQHUJ\WKHRUHPDQGDSSO\LWWRDVLPSOHSUREOHP
,I\RXSXVKDSDUWLFOHRIPDVV LQWKHGLUHFWLRQLQZKLFKLWLVDOUHDG\PRYLQJ\RXH[SHFWWKHSDUWLFOH
VVSHHGWR
LQFUHDVH,I\RXSXVKZLWKDFRQVWDQWIRUFH WKHQWKHSDUWLFOHZLOODFFHOHUDWHZLWK
DFFHOHUDWLRQ
 IURP1HZWRQ
VQGODZ 

3DUW$
(QWHUDRQHRUWZRZRUGDQVZHUWKDWFRUUHFWO\FRPSOHWHVWKHIROORZLQJVWDWHPHQW
,IWKHFRQVWDQWIRUFHLVDSSOLHGIRUDIL[HGLQWHUYDORIWLPH WKHQWKHBBBBBRIWKHSDUWLFOHZLOOLQFUHDVHE\DQ
DPRXQW 

+LQW.LQHPDWLFHTXDWLRQVUHFDOOHG
5HFDOOWKHNLQHPDWLFHTXDWLRQV




$16:(5
YHORFLW\

&RUUHFW

3DUW%
(QWHUDRQHRUWZRZRUGDQVZHUWKDWFRUUHFWO\FRPSOHWHVWKHIROORZLQJVWDWHPHQW
,IWKHFRQVWDQWIRUFHLVDSSOLHGRYHUDJLYHQGLVWDQFH
SDUWLFOHZLOOLQFUHDVHE\


DORQJWKHSDWKRIWKHSDUWLFOHWKHQWKHBBBBBRIWKH

$16:(5
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

NLQHWLFHQHUJ\

&RUUHFW
7KHZRUN

GRQHRQWKHSDUWLFOHE\WKHIRUFH RYHUWKHGLVWDQFH

LV

3DUW&
,IWKHLQLWLDONLQHWLFHQHUJ\RIWKHSDUWLFOHLV
WKHZRUN

DQGLWVILQDONLQHWLFHQHUJ\LV

H[SUHVV

LQWHUPVRI

DQG

GRQHRQWKHSDUWLFOH

$16:(5


 

&RUUHFW
7KLVLVWKHZRUNHQHUJ\WKHRUHPRIWHQZULWWHQ

,WLVHVVHQWLDOO\DVWDWHPHQWRIHQHUJ\

FRQVHUYDWLRQWKDWGRHVQRWLQFOXGHSRWHQWLDOHQHUJ\H[SOLFLWO\$OOIRUFHVHYHQFRQVHUYDWLYHIRUFHVOLNHJUDYLW\
FRQWULEXWHWRWKHZRUN

3DUW'
,QJHQHUDOWKHZRUNGRQHE\DIRUFH

LVZULWWHQDV


1RZFRQVLGHUZKHWKHUWKHIROORZLQJVWDWHPHQWVDUHWUXHRUIDOVH
7KHGRWSURGXFWDVVXUHVWKDWWKHLQWHJUDQGLVDOZD\VQRQQHJDWLYH
7KHGRWSURGXFWLQGLFDWHVWKDWRQO\WKHFRPSRQHQWRIWKHIRUFHSHUSHQGLFXODUWRWKHSDWKFRQWULEXWHVWR
WKHLQWHJUDO
7KHGRWSURGXFWLQGLFDWHVWKDWRQO\WKHFRPSRQHQWRIWKHIRUFHSDUDOOHOWRWKHSDWKFRQWULEXWHVWRWKH
LQWHJUDO
(QWHUWIRUWUXHRUIIRUIDOVHIRUHDFKVWDWHPHQW6HSDUDWH\RXUUHVSRQVHVZLWKFRPPDV HJWIW 
$16:(5
IIW

&RUUHFW

3DUW(
$VVXPHWKDWWKHSDUWLFOHKDVLQLWLDOVSHHG

)LQGLWVILQDONLQHWLFHQHUJ\

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 

LQWHUPVRI



 DQG





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

+LQW)LQGWKHLQLWLDONLQHWLFHQHUJ\
([SUHVVWKHLQLWLDONLQHWLFHQHUJ\

LQWHUPVRIWKHSDUWLFOH
VLQLWLDOYHORFLW\

DQGLWVPDVV

$16:(5


 

$16:(5


 

&RUUHFW

3DUW)
:KDWLVWKHILQDOVSHHGRIWKHSDUWLFOH"
([SUHVV\RXUDQVZHULQWHUPVRI

DQG

$16:(5


 

&RUUHFW

6WUHWFKLQJD6SULQJ
$VLOOXVWUDWHGLQWKHILJXUHDVSULQJZLWKVSULQJFRQVWDQW LVVWUHWFKHGIURP
HTXLOLEULXPSRVLWLRQRIWKHVSULQJ

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 

WR

ZKHUH

LVWKH





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

3DUW$
'XULQJZKLFKLQWHUYDOLVWKHODUJHVWDPRXQWRIHQHUJ\UHTXLUHGWRVWUHWFKWKHVSULQJ"

+LQW+RZWRDSSURDFKWKHSUREOHP
7KHIRUFHH[HUWHGRQDVSULQJWRVWUHWFKRUFRPSUHVVLWIURPHTXLOLEULXPLVJLYHQE\+RRNH
VODZ

ZKHUH LVWKHGLVSODFHPHQWRIWKHVSULQJIURPHTXLOLEULXP1RWLFHWKDWWKLVIRUFHYDULHVLQPDJQLWXGHDV
LQFUHDVHVVRGRHVWKHPDJQLWXGHRIWKHIRUFH2QDJUDSKRIIRUFHDVDIXQFWLRQRISRVLWLRQWKHWRWDOZRUN
GRQHE\WKHIRUFHLVUHSUHVHQWHGE\WKHDUHDXQGHUWKHFXUYHEHWZHHQWKHLQLWLDODQGILQDOSRVLWLRQV3ORWD
JUDSKRIIRUFHYHUVXVGLVSODFHPHQWDQGFRPSDUHWKHDUHDVXQGHUWKHFXUYHIURP
WR

WR
DQG
WR


$16:(5
)URP

WR

)URP

WR

)URP

WR





7KHHQHUJ\UHTXLUHGLVWKHVDPHLQDOOWKUHHLQWHUYDOV

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

&RUUHFW
$JUDSKRIWKHIRUFHH[HUWHGRQWKHVSULQJYHUVXVWKHGLVSODFHPHQWRIWKHVSULQJLVVKRZQLQWKHILJXUH

5HFDOOWKDWRQDJUDSKRIIRUFHDVDIXQFWLRQRI
SRVLWLRQWKHZRUNGRQHE\WKHIRUFHLVUHSUHVHQWHGE\WKHDUHDXQGHUWKHFXUYH7KHZRUNGRQHE\WKHKDQGLQ
WKHILUVWVHJPHQWWRSXOOWKHVSULQJIURP
WR
LVUHSUHVHQWHGE\DVLQJOHWULDQJOH7KHDUHDXQGHUWKH
VHFRQGVHJPHQWIURP
WR
LVWKUHHWLPHVODUJHUWKDQWKHILUVWVHJPHQWDQGWKHDUHDXQGHUWKH
WKLUGVHJPHQWIURP
WR
LVILYHWLPHVODUJHUWKDQLQWKHILUVWVHJPHQW6RPRUHHQHUJ\LVUHTXLUHG
WRSXOOWKHVSULQJWKURXJKWKHWKLUGVHJPHQW

3DUW%
$VSULQJLVVWUHWFKHGIURP
FRPSUHVVHGIURP
WR
VSULQJ"

WR

ZKHUH
LVWKHHTXLOLEULXPSRVLWLRQRIWKHVSULQJ,WLVWKHQ
:KDWFDQEHVDLGDERXWWKHHQHUJ\UHTXLUHGWRVWUHWFKRUFRPSUHVVWKH

+LQW+RZWRDSSURDFKWKHSUREOHP
5HFDOOWKDWRQDJUDSKRIIRUFHDVDIXQFWLRQRISRVLWLRQWKHZRUNGRQHE\WKHIRUFHLVUHSUHVHQWHGE\WKH
DUHDXQGHUWKHFXUYHRUPRUHDFFXUDWHO\WKHDUHDEHWZHHQWKHFXUYHDQGWKHKRUL]RQWDOD[LV3ORWDJUDSK
RIIRUFHYHUVXVGLVSODFHPHQWDQGFRPSDUHWKHDUHDVXQGHUWKHFXUYHIURP
WR
DQG
WR


$16:(5
0RUHHQHUJ\LVUHTXLUHGWRVWUHWFKWKHVSULQJWKDQWRFRPSUHVVLW
7KHVDPHDPRXQWRIHQHUJ\LVUHTXLUHGWRHLWKHUVWUHWFKRUFRPSUHVVWKHVSULQJ
/HVVHQHUJ\LVUHTXLUHGWRVWUHWFKWKHVSULQJWKDQWRFRPSUHVVLW

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

&RUUHFW
7KHZRUNGRQHWRVWUHWFKRUFRPSUHVVDVSULQJIURPHTXLOLEULXPLVJLYHQE\

ZKHUH LVWKHGLVWDQFHDZD\IURPHTXLOLEULXPWKDWWKHVSULQJPRYHV6LQFH LVVTXDUHGLQWKHHTXDWLRQIRU
ZRUNVWUHWFKLQJ
RUFRPSUHVVLQJ
DVSULQJE\WKHVDPHGLVWDQFHUHTXLUHVWKHVDPHSRVLWLYH
DPRXQWRIZRUN

3DUW&
1RZFRQVLGHUWZRVSULQJV$DQG%WKDWDUHDWWDFKHGWRDZDOO6SULQJ$KDVDVSULQJFRQVWDQWWKDWLVIRXUWLPHVWKDW
RIWKHVSULQJFRQVWDQWRIVSULQJ%,IWKHVDPHDPRXQWRIHQHUJ\LVUHTXLUHGWRVWUHWFKERWKVSULQJVZKDWFDQEH
VDLGDERXWWKHGLVWDQFHHDFKVSULQJLVVWUHWFKHG"

+LQW+RZWRDSSURDFKWKLVSUREOHP
7KHZRUNGRQHWRVWUHWFKRUFRPSUHVVDVSULQJLVJLYHQE\

ZKHUH LVWKHGLVWDQFHDZD\IURPHTXLOLEULXPWKDWWKHVSULQJLVGLVSODFHG
8VHWKLVH[SUHVVLRQWRUHODWHWKHLQIRUPDWLRQSURYLGHGDERXWWKHZRUNGRQHRQHDFKVSULQJDQGWKHVSULQJ
FRQVWDQWVWRWKHGLVWDQFHHDFKVSULQJVWUHWFKHV

+LQW8VHSURSRUWLRQDOUHDVRQLQJWRILQGDUHODWLRQVKLSEHWZHHQWKHVSULQJV
)URPWKHSUREOHPVWDWHPHQW\RXNQRZWKDW

ZKHUH

DQG

8VHWKLVLQIRUPDWLRQWRILQGDQH[SUHVVLRQIRU

$16:(5


  

$16:(5

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

6SULQJ$PXVWVWUHWFKWLPHVDVIDUDVVSULQJ%
6SULQJ$PXVWVWUHWFKWLPHVDVIDUDVVSULQJ%
6SULQJ$PXVWVWUHWFKWKHVDPHGLVWDQFHDVVSULQJ%
6SULQJ$PXVWVWUHWFKKDOIWKHGLVWDQFHVSULQJ%VWUHWFKHV
6SULQJ$PXVWVWUHWFKRQHTXDUWHURIWKHGLVWDQFHVSULQJ%VWUHWFKHV

&RUUHFW
7KHHQHUJ\UHTXLUHGWRVWUHWFKDVSULQJLVSURSRUWLRQDOWR DQGWR
WKDWRI

,I

LVIRXUWLPHV



PXVWEHKDOI

VRWKHHQHUJ\UHTXLUHGLVWKHVDPHIRUERWKVSULQJV

3DUW'
7ZRLGHQWLFDOVSULQJVDUHDWWDFKHGWRWZRGLIIHUHQWPDVVHV

DQG

ZKHUH

LVJUHDWHUWKDQ

7KH

PDVVHVOLHRQDIULFWLRQOHVVVXUIDFH%RWKVSULQJVDUHFRPSUHVVHGWKHVDPHGLVWDQFH DVVKRZQLQWKHILJXUH
:KLFKRIWKHIROORZLQJVWDWHPHQWVGHVFLEHVWKHHQHUJ\UHTXLUHGWRFRPSUHVVVSULQJ$DQGVSULQJ%"

$16:(5
6SULQJ$UHTXLUHVPRUHHQHUJ\WKDQVSULQJ%
6SULQJ$UHTXLUHVWKHVDPHDPRXQWRIHQHUJ\DVVSULQJ%
6SULQJ$UHTXLUHVOHVVHQHUJ\WKDQVSULQJ%
1RWHQRXJKLQIRUPDWLRQLVSURYLGHGWRDQVZHUWKHTXHVWLRQ

&RUUHFW
*RRGMRE\RXKDYHUHDOL]HGDQLPSRUWDQWIDFW7KHZRUNGRQHRQDVSULQJWRFRPSUHVVLWDGLVWDQFH LVJLYHQ
E\

7KHDPRXQWRIPDVVDWWDFKHGWRWKHVSULQJGRHVQRWDIIHFWWKHZRUNUHTXLUHGWRVWUHWFKRU

FRPSUHVVWKHVSULQJ

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

)XQZLWKD6SULQJ*XQ
$VSULQJORDGHGWR\JXQLVXVHGWRVKRRWDEDOORIPDVV
VSULQJKDVVSULQJFRQVWDQW
,IWKHVSULQJLV
FRPSUHVVHGDGLVWDQFHRIFHQWLPHWHUVIURPLWV
HTXLOLEULXPSRVLWLRQ
DQGWKHQUHOHDVHGWKHEDOOUHDFKHV
DPD[LPXPKHLJKW
 PHDVXUHGIURPWKHHTXLOLEULXP
SRVLWLRQRIWKHVSULQJ 7KHUHLVQRDLUUHVLVWDQFHDQGWKHEDOO
QHYHUWRXFKHVWKHLQVLGHRIWKHJXQ$VVXPHWKDWDOO
PRYHPHQWRFFXUVLQDVWUDLJKWOLQHXSDQGGRZQDORQJWKH\
D[LV

VWUDLJKWXSLQWKHDLUDVVKRZQLQWKHILJXUH7KH

3DUW$
:KLFKRIWKHIROORZLQJVWDWHPHQWVDUHWUXH"
&KHFNDOOWKDWDSSO\

+LQW1RQFRQVHUYDWLYHIRUFHV
'LVVLSDWLYHRUQRQFRQVHUYDWLYHIRUFHVDUHWKRVHWKDWDOZD\VRSSRVHWKHPRWLRQRIWKHREMHFWRQZKLFKWKH\
DFW)RUFHVVXFKDVIULFWLRQDQGGUDJDUHGLVVLSDWLYHIRUFHV

+LQW)RUFHVDFWLQJRQWKHEDOO
7KHEDOOLVDFWHGRQE\WKHVSULQJIRUFHRQO\ZKHQWKHWZRDUHLQFRQWDFW7KHIRUFHRIWHQVLRQLQWKHVSULQJ
LVDFRQVHUYDWLYHIRUFH$OVRWKHEDOOLVDOZD\VDFWHGRQE\JUDYLW\ZKLFKLVDOVRDFRQVHUYDWLYHRU
QRQGLVVLSDWLYHIRUFH
$16:(5
0HFKDQLFDOHQHUJ\LVFRQVHUYHGEHFDXVHQRGLVVLSDWLYHIRUFHVSHUIRUPZRUNRQWKHEDOO
7KHIRUFHVRIJUDYLW\DQGWKHVSULQJKDYHSRWHQWLDOHQHUJLHVDVVRFLDWHGZLWKWKHP
1RFRQVHUYDWLYHIRUFHVDFWLQWKLVSUREOHPDIWHUWKHEDOOLVUHOHDVHGIURPWKHVSULQJJXQ

&RUUHFW

3DUW%
)LQG

WKHPX]]OHYHORFLW\RIWKHEDOO LHWKHYHORFLW\RIWKHEDOODWWKHVSULQJ
VHTXLOLEULXPSRVLWLRQ

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 






+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

+LQW'HWHUPLQHKRZWRDSSURDFKWKHSUREOHP
:KDWSK\VLFDOUHODWLRQVKLSFDQ\RXXVHWRVROYHWKLVSUREOHP"&KRRVHWKHEHVWDQVZHU
$16:(5
NLQHPDWLFVHTXDWLRQV
1HZWRQ
VVHFRQGODZ
ODZRIFRQVHUYDWLRQRIHQHUJ\
FRQVHUYDWLRQRIPRPHQWXP

+LQW(QHUJ\HTXDWLRQV
5HFDOOWKDWNLQHWLFHQHUJ\LVJLYHQE\WKHHTXDWLRQ

ZKHUH LVWKHVSHHGRIWKHREMHFWDQG

LVWKHREMHFW
VPDVV

*UDYLWDWLRQDOSRWHQWLDOHQHUJ\LVJLYHQE\

ZKHUH LVWKHREMHFW
VKHLJKWPHDVXUHGIURP

7KHHODVWLFSRWHQWLDOHQHUJ\RIDVSULQJLVJLYHQE\

ZKHUH LVWKHVSULQJFRQVWDQWDQG LVWKHVSULQJ
VGLVSODFHPHQWIURPHTXLOLEULXP

+LQW'HWHUPLQHZKLFKWZRORFDWLRQV\RXVKRXOGH[DPLQH
3LFNWKHWZRSRLQWVDORQJWKHEDOO
VSDWKWKDWZRXOGEHPRVWXVHIXOWRFRPSDUHLQRUGHUWRILQGWKHVROXWLRQWR
WKLVSUREOHP&KRRVHIURPDPRQJWKHIROORZLQJWKUHHSRLQWV
&KHFNDOOWKDWDSSO\
$16:(5
WKHORFDWLRQRIWKHEDOOZKHQWKHVSULQJLVFRPSUHVVHG
WKHHTXLOLEULXPSRVLWLRQRIWKHVSULQJ
WKHPD[LPXPKHLJKWWKDWWKHEDOOUHDFKHVDERYHWKHSRLQW

+LQW)LQGWKHLQLWLDOHQHUJ\RIWKHV\VWHP
$XVHIXOVWDWHPHQWRIPHFKDQLFDOHQHUJ\FRQVHUYDWLRQUHODWLQJWKHLQLWLDODQGILQDONLQHWLF
HQHUJLHVLV

DQGSRWHQWLDO


,QWKLVVLWXDWLRQWKHLQLWLDOSRVLWLRQLV

DQGWKHILQDOSRVLWLRQLV

ZKLFKLVWKH

HTXLOLEULXPSRVLWLRQRIWKHVSULQJ:KDWNLQG V RIHQHUJ\GRHVWKHV\VWHPVSULQJEDOOKDYHDWWKHLQLWLDO
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

SRVLWLRQ"
$16:(5
NLQHWLFRQO\
HODVWLFSRWHQWLDORQO\
JUDYLWDWLRQDOSRWHQWLDORQO\
NLQHWLFDQGJUDYLWDWLRQDOSRWHQWLDO
NLQHWLFDQGHODVWLFSRWHQWLDO
HODVWLFDQGJUDYLWDWLRQDOSRWHQWLDOV

+LQW'HWHUPLQHWKHILQDOHQHUJ\
$XVHIXOVWDWHPHQWRIPHFKDQLFDOHQHUJ\FRQVHUYDWLRQUHODWLQJWKHLQLWLDODQGILQDONLQHWLF
HQHUJLHVLV

DQGSRWHQWLDO


,QWKLVVLWXDWLRQWKHLQLWLDOSRVLWLRQLV

DQGWKHILQDOSRVLWLRQLV

ZKLFKLVWKH

HTXLOLEULXPSRVLWLRQRIWKHVSULQJ:KDWNLQG V RIHQHUJ\GRHVWKHV\VWHPVSULQJEDOOKDYHDWWKHILQDO
SRVLWLRQ"
$16:(5
NLQHWLFRQO\
HODVWLFSRWHQWLDORQO\
JUDYLWDWLRQDOSRWHQWLDORQO\
NLQHWLFDQGJUDYLWDWLRQDOSRWHQWLDO
NLQHWLFDQGHODVWLFSRWHQWLDO
HODVWLFDQGJUDYLWDWLRQDOSRWHQWLDOV

+LQW&UHDWLQJDQHTXDWLRQ
)URPWKHKLQWV\RXQRZNQRZZKDWNLQGVRIHQHUJ\DUHSUHVHQWDWWKHLQLWLDODQGILQDOSRVLWLRQVFKRVHQIRU
WKHEDOOLQWKLVSDUWRIWKHSUREOHP<RXDOVRNQRZWKDW

,WKDVEHHQGHWHUPLQHGWKDW

LV]HURDQG

DQGHODVWLFSRWHQWLDOHQHUJ\,QDGGLWLRQ

FRQVLVWVRIWZRWHUPVJUDYLWDWLRQDOSRWHQWLDOHQHUJ\

LV]HUR

$16:(5


   



&RUUHFW

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

3DUW&
)LQGWKHPD[LPXPKHLJKW

RIWKHEDOO

([SUHVV\RXUDQVZHUQXPHULFDOO\LQPHWHUV

+LQW&KRRVHWZRORFDWLRQVWRH[DPLQH
3LFNWKHWZRSRLQWVDORQJWKHEDOO
VPRYHPHQWWKDWZRXOGEHPRVWXVHIXOWRFRPSDUHLQRUGHUWRILQGD
VROXWLRQWRWKLVSUREOHP&KRRVHIURPDPRQJWKHIROORZLQJWKUHHSRLQWV
&KHFNDOOWKDWDSSO\
$16:(5
WKHORFDWLRQRIWKHEDOOZKHQWKHVSULQJLVFRPSUHVVHG
WKHHTXLOLEULXPSRVLWLRQRIWKHVSULQJ
WKHPD[LPXPKHLJKWWKDWWKHEDOOUHDFKHVPHDVXUHGIURP

+LQW)LQGWKHLQLWLDOHQHUJ\
$XVHIXOVWDWHPHQWRIPHFKDQLFDOHQHUJ\FRQVHUYDWLRQLV

5HFDOOWKDWLQWKHSUREOHPVWDWHPHQW

LVVHWWRFRUUHVSRQGWRWKHHTXLOLEULXPSRVLWLRQRIWKHVSULQJ

7KHUHIRUHLQWKLVVLWXDWLRQWKHLQLWLDOORFDWLRQLVDW

DQGWKHILQDOSRVLWLRQVKRXOGEHWDNHQDV


:KDWNLQG V RIHQHUJ\GRHVWKHEDOOKDYHDWWKHLQLWLDOORFDWLRQ"
$16:(5
NLQHWLFRQO\
HODVWLFSRWHQWLDORQO\
JUDYLWDWLRQDOSRWHQWLDORQO\
NLQHWLFDQGJUDYLWDWLRQDOSRWHQWLDO
NLQHWLFDQGHODVWLFSRWHQWLDO
HODVWLFDQGJUDYLWDWLRQDOSRWHQWLDOV

+LQW'HWHUPLQHWKHILQDOHQHUJ\
$XVHIXOVWDWHPHQWRIPHFKDQLFDOHQHUJ\FRQVHUYDWLRQLV

,QWKLVVLWXDWLRQWKHLQLWLDOORFDWLRQLVDW
:KDWNLQG V RIHQHUJ\GRHVWKHEDOOKDYHDW

DQGWKHILQDOSRVLWLRQVKRXOGEHWDNHQDV

"

+LQW)LQGWKHVSHHGRIWKHEDOODWWKHWRSRILWVWUDMHFWRU\
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

:KDWLVWKHVSHHG

RIWKHEDOODWWKHWRSRILWVWUDMHFWRU\"

([SUHVV\RXUDQVZHUQXPHULFDOO\LQPHWHUVSHUVHFRQG

+LQW0RWLRQLQWKHYHUWLFDOGLUHFWLRQ
5HFDOOIURPNLQHPDWLFVWKDWDEDOOWUDYHOVXSZDUGXQWLOLWVVSHHGGHFUHDVHVWR]HURDWZKLFK
SRLQWLWVWDUWVIDOOLQJEDFNWR(DUWK
$16:(5


   



$16:(5
NLQHWLFRQO\
HODVWLFSRWHQWLDORQO\
JUDYLWDWLRQDOSRWHQWLDORQO\
NLQHWLFDQGJUDYLWDWLRQDOSRWHQWLDO
NLQHWLFDQGHODVWLFSRWHQWLDO
HODVWLFDQGJUDYLWDWLRQDOSRWHQWLDOV

+LQW&UHDWLQJDQHTXDWLRQ
)URPWKHDERYHKLQWV\RXQRZNQRZZKDWNLQGRIHQHUJ\LVSUHVHQWDWWKHLQLWDODQGILQDOSRVLWLRQVFKRVHQ
IRUWKHEDOOLQWKLVSDUWRIWKHSUREOHP<RXNQRZWKDW

,WZDVGHWHUPLQHGWKDW

LV]HURDQGWKDW

DQGHODVWLFSRWHQWLDOHQHUJ\,QDGGLWLRQ

FRQVLVWVRIWZRWHUPVJUDYLWDWLRQDOSRWHQWLDOHQHUJ\

LV]HUR

$16:(5


   



&RUUHFW
,QWKLVSUREOHP\RXSUDFWLFHGDSSO\LQJWKHODZRIFRQVHUYDWLRQRIPHFKDQLFDOHQHUJ\WRDSK\VLFDOVLWXDWLRQWR
ILQGWKHPX]]OHYHORFLW\DQGWKHPD[LPXPKHLJKWUHDFKHGE\WKHEDOO

3DUW'
:KLFKRIWKHIROORZLQJDFWLRQVLIGRQHLQGHSHQGHQWO\ZRXOGLQFUHDVHWKHPD[LPXPKHLJKWUHDFKHGE\WKHEDOO"
&KHFNDOOWKDWDSSO\
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

$16:(5
UHGXFLQJWKHVSULQJFRQVWDQW
LQFUHDVLQJWKHVSULQJFRQVWDQW
GHFUHDVLQJWKHGLVWDQFHWKHVSULQJLVFRPSUHVVHG
LQFUHDVLQJWKHGLVWDQFHWKHVSULQJLVFRPSUHVVHG
GHFUHDVLQJWKHPDVVRIWKHEDOO
LQFUHDVLQJWKHPDVVRIWKHEDOO
WLOWLQJWKHVSULQJJXQVRWKDWLWLVDWDQDQJOH

GHJUHHVIURPWKHKRUL]RQWDO

&RUUHFW

&LUFOLQJ%DOO
$EDOORIPDVV LVDWWDFKHGWRDVWULQJRIOHQJWK ,WLVEHLQJVZXQJLQDYHUWLFDOFLUFOHZLWKHQRXJKVSHHGVRWKDWWKH
VWULQJUHPDLQVWDXWWKURXJKRXWWKHEDOO
VPRWLRQ$VVXPHWKDW
WKHEDOOWUDYHOVIUHHO\LQWKLVYHUWLFDOFLUFOHZLWKQHJOLJLEOHORVV
RIWRWDOPHFKDQLFDOHQHUJ\$WWKHWRSDQGERWWRPRIWKH
YHUWLFDOFLUFOHWKHEDOO
VVSHHGVDUH DQG DQGWKH
FRUUHVSRQGLQJWHQVLRQVLQWKHVWULQJDUH
KDYHPDJQLWXGHV

DQG

DQG



DQG

3DUW$
)LQG

WKHGLIIHUHQFHEHWZHHQWKHPDJQLWXGHRIWKHWHQVLRQLQWKHVWULQJDWWKHERWWRPUHODWLYHWRWKDWDWWKH

WRSRIWKHFLUFOH
([SUHVVWKHGLIIHUHQFHLQWHQVLRQLQWHUPVRI

DQG 7KHTXDQWLWLHV

DQG

VKRXOGQRWDSSHDULQ\RXU

ILQDODQVZHU

+LQW+RZWRDSSURDFKWKLVSUREOHP
,GHQWLI\WKHIRUFHVWKDWDFWRQWKHEDOODVLWPRYHVDORQJWKHFLUFXODUSDWK7KHQZULWHHTXDWLRQVIRUWKHVXP
RIWKHIRUFHVRQWKHEDOODWWKHWRSDQGWKHERWWRPRIWKHSDWK1H[WXVH1HZWRQ
VVHFRQGODZWRUHODWHWKHVH
QHWIRUFHVWRWKHDFFHOHUDWLRQRIWKHEDOO1RWLFHWKDWWKHEDOOGRHVQRWPRYHZLWKXQLIRUPVSHHGVRWKH
DFFHOHUDWLRQRIWKHEDOODWWKHWRSRIWKHFLUFOHLVGLIIHUHQWIURPWKHDFFHOHUDWLRQDWWKHERWWRPRIWKHFLUFOH
7RILQLVKWKHSUREOHP\RXPD\ZDQWWRXVHHQHUJ\FRQVHUYDWLRQWRUHODWHWKHVSHHGRIWKHEDOODWWKHERWWRP
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

RIWKHFLUFOHWRWKHVSHHGDWWKHWRS

+LQW)LQGWKHVXPRIIRUFHVDWWKHERWWRPRIWKHFLUFOH
:KDWLVWKHPDJQLWXGHRIWKHQHWIRUFHLQWKH\GLUHFWLRQDFWLQJRQWKHEDOODWWKHERWWRPRIWKHFLUFOH"
([SUHVV\RXUDQVZHULQWHUPVRIWKHYDULDEOHVJLYHQLQWKHSUREOHP<RXPD\XVH WRUHSUHVHQWWKH
DFFHOHUDWLRQRIJUDYLW\

$16:(5


 

+LQW)LQGWKHDFFHOHUDWLRQDWWKHERWWRPRIWKHFLUFOH
)LQG

WKHPDJQLWXGHRIWKHYHUWLFDODFFHOHUDWLRQRIWKHEDOODWWKHERWWRPRILWVFLUFOH

([SUHVV\RXUDQVZHULQWHUPVRI

DQGSRVVLEO\RWKHUJLYHQTXDQWLWLHV

$16:(5


 

+LQW)LQGWKHWHQVLRQDWWKHERWWRPRIWKHFLUFOH
)LQGWKHPDJQLWXGHRIWKHWHQVLRQ

LQWKHVWULQJZKHQWKHEDOOLVDWWKHERWWRPRIWKHFLUFOH

([SUHVV\RXUDQVZHULQWHUPVRI

  DQGWKHVSHHG

RIWKHEDOODWWKHERWWRPRIWKHFLUFOH

+LQW:KDWSK\VLFDOSULQFLSOHWRXVH
$SSO\1HZWRQ
VQGODZLQWKH\GLUHFWLRQWRREWDLQ

$16:(5



 

+LQW)LQGWKHVXPRIIRUFHVDWWKHWRSRIWKHFLUFOH
:KDWLVWKHPDJQLWXGHRIWKHQHWIRUFHLQWKH\GLUHFWLRQDFWLQJRQWKHEDOODWWKHWRSRILWVFLUFOH"
([SUHVV\RXUDQVZHULQWHUPVRIWKHYDULDEOHVJLYHQLQWKHSUREOHP<RXPD\XVH WRUHSUHVHQWWKH
DFFHOHUDWLRQRIJUDYLW\

$16:(5


 

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

+LQW)LQGWKHDFFHOHUDWLRQDWWKHWRSRIWKHFLUFOH
)LQG

WKHPDJQLWXGHRIWKHYHUWLFDODFFHOHUDWLRQRIWKHEDOODWWKHWRSRILWVFLUFOH

([SUHVV\RXUDQVZHULQWHUPVRI

DQGSRVVLEO\RWKHUJLYHQTXDQWLWLHV

$16:(5


 

+LQW)LQGWKHWHQVLRQDWWKHWRSRIWKHFLUFOH
)LQGWKHPDJQLWXGHRIWKHWHQVLRQ
([SUHVV\RXUDQVZHULQWHUPVRI

LQWKHVWULQJZKHQWKHEDOOLVDWWKHWRSRIWKHFLUFOH
  DQGWKHVSHHG

RIWKHEDOODWWKHWRSRIWKHFLUFOH

+LQW5HODWLRQVKLSWRVROXWLRQIRU
)ROORZWKHVDPHVWHSV\RXXVHGWRILQG

 VHH+LQW QRWLQJFDUHIXOO\ZKHUHYDULRXVGLUHFWLRQV

VLJQV DUHUHYHUVHG
$16:(5



 

+LQW)LQGWKHUHODWLRQVKLSEHWZHHQ

DQG

7KHWRWDOPHFKDQLFDOHQHUJ\RIWKHV\VWHPLVWKHVDPHZKHQWKHEDOOLVDWWKHWRSDQGERWWRPRIWKHYHUWLFDO
FLUFOH8VHFRQVHUYDWLRQRIHQHUJ\WRZULWHDQH[SUHVVLRQIRU LQWHUPVRI 
<RXUDQVZHUPD\DOVRLQFOXGH

 DQG 

$16:(5


 

$16:(5


 

&RUUHFW
7KHPHWKRGRXWOLQHGLQWKHKLQWVLVUHDOO\WKHRQO\SUDFWLFDOZD\WRGRWKLVSUREOHP,IGRQHSURSHUO\ILQGLQJWKH
GLIIHUHQFHEHWZHHQWKHWHQVLRQV
FDQEHDFFRPSOLVKHGIDLUO\VLPSO\DQGHOHJDQWO\
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

(QHUJ\5HTXLUHGWR/LIWD+HDY\%R[
$V\RXDUHWU\LQJWRPRYHDKHDY\ER[RIPDVV \RXUHDOL]HWKDWLWLVWRRKHDY\IRU\RXWROLIWE\\RXUVHOI7KHUHLVQR
RQHDURXQGWRKHOSVR\RXDWWDFKDQLGHDOSXOOH\WRWKHER[DQGDPDVVOHVVURSHWRWKHFHLOLQJZKLFK\RXZUDSDURXQG
WKHSXOOH\<RXSXOOXSRQWKHURSHWROLIWWKHER[
8VH IRUWKHPDJQLWXGHRIWKHDFFHOHUDWLRQGXHWRJUDYLW\DQG
QHJOHFWIULFWLRQIRUFHV

3DUW$
:KDWLVWKHPDJQLWXGH RIWKHXSZDUGIRUFH\RXPXVWDSSO\WRWKHURSHWRVWDUWUDLVLQJWKHER[ZLWKFRQVWDQW
YHORFLW\"
([SUHVVWKHPDJQLWXGHRIWKHIRUFHLQWHUPVRI

WKHPDVVRIWKHER[

+LQW:KDWIRUFHPXVWEHDSSOLHGWRWKHER[WRNHHSLWPRYLQJDWDFRQVWDQWVSHHG"
:KDWLVWKHPDJQLWXGHRIWKHIRUFHWKDWWKHSXOOH\PXVWH[HUWRQWKHER[VRWKDWLWPRYHVDWDFRQVWDQW
VSHHG"
([SUHVV\RXUDQVZHULQWHUPVRIWKHPDVVRIWKHER[
$16:(5


 

+LQW:KDWIRUFHGRHVWKHSXOOH\H[HUWRQWKHER["
,I\RXWDNHWKHWHQVLRQLQWKHURSHWREH ZKDWLV

WKHPDJQLWXGHRIWKHQHWXSZDUGIRUFHWKDWWKHSXOOH\

H[HUWVRQWKHER["
([SUHVV\RXUDQVZHULQWHUPVRI 
$16:(5


 

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

+LQW)LQGWKHWHQVLRQLQWKHURSH
)LQGWKHWHQVLRQLQWKHURSHLQWHUPVRI WKHIRUFHZLWKZKLFK\RXDUHSXOOLQJXSZDUG
$16:(5
  

+LQW3XWWLQJLWDOOWRJHWKHU
2Q\RXURZQRUXVLQJWKHSUHYLRXVKLQWV\RXVKRXOGKDYHIRXQGHTXDWLRQVIRUKHIROORZLQJ
 WKHIRUFHQHHGHGWROLIWWKHER[LQWHUPVRILWVPDVV
 WKHUHODWLRQVKLSEHWZHHQWKHIRUFHRQWKHER[GXHWRWKHSXOOH\DQGWKHWHQVLRQLQWKHURSHDQG
 WKHUHODWLRQVKLSEHWZHHQWKHIRUFHDSSOLHGWRWKHURSHDQGWKHWHQVLRQLQWKHURSH
8VHWZRRIWKHVHHTXDWLRQVWRHOLPLQDWHWKHIRUFHDSSOLHGE\WKHSXOOH\DQGWKHWHQVLRQLQWKHURSH<RX
VKRXOGWKHQEHDEOHWRH[SUHVVWKHIRUFHDSSOLHGRQWKHURSHLQWHUPVRIWKHPDVVRIWKHER[
$16:(5
  

&RUUHFW

3DUW%
&RQVLGHUOLIWLQJDER[RIPDVV WRDKHLJKW XVLQJWZRGLIIHUHQWPHWKRGVOLIWLQJWKHER[GLUHFWO\RUOLIWLQJWKHER[
XVLQJDSXOOH\ DVLQWKHSUHYLRXVSDUW 
:KDWLV

WKHUDWLRRIWKHZRUNGRQHOLIWLQJWKHER[GLUHFWO\WRWKHZRUNGRQHOLIWLQJWKHER[ZLWKDSXOOH\"

([SUHVVWKHUDWLRQXPHULFDOO\

+LQW'HILQLWLRQRIZRUN
,QHDFKFDVHWKHDPRXQWRIZRUN
ZKLFK\RXDSSO\WKHIRUFH

\RXGRLVHTXDOWRWKHIRUFH \RXDSSO\WLPHVWKHGLVWDQFH RYHU




+LQW5DWLRRIWKHIRUFHV
:KDWLVWKHUDWLRRIWKHIRUFHQHHGHGWROLIWWKHER[GLUHFWO\WRWKHIRUFHQHHGHGWROLIWWKHER[XVLQJWKH
SXOOH\"
([SUHVV\RXUDQVZHUQXPHULFDOO\
$16:(5

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\



 

+LQW5DWLRRIWKHGLVWDQFHV
:KDWLVWKHUDWLRRIWKHGLVWDQFHRYHUZKLFKIRUFHLVDSSOLHGZKHQOLIWLQJWKHER[GLUHFWO\WRWKHGLVWDQFHRYHU
ZKLFKIRUFHLVDSSOLHGZKHQOLIWLQJWKHER[ZLWKWKHSXOOH\"
([SUHVVWKHUDWLRRIGLVWDQFHVQXPHULFDOO\

+LQW)LQGWKHGLVWDQFHZKHQXVLQJWKHSXOOH\
)LQG

WKHGLVWDQFHRYHUZKLFK\RXPXVWDSSO\IRUFHZKHQOLIWLQJWKHER[XVLQJWKHSXOOH\

([SUHVV\RXUDQVZHULQWHUPVRI WKHWRWDOKHLJKWWKDWWKHER[LVOLIWHG

+LQW3XOOLQJWKHURSHDVKRUWGLVWDQFH
8VLQJWKHSXOO\LPDJLQHWKDW\RXSXOOWKHHQGRIWKHURSHDVKRUWGLVWDQFH XSZDUG7KHER[
ZLOODFWXDOO\ULVHDGLVWDQFH
 'UDZDSLFWXUHLI\RXKDYHWURXEOHYLVXDOL]LQJWKLV

$16:(5


 

+LQW)LQGWKHGLVWDQFHZKHQOLIWLQJGLUHFWO\
:KHQOLIWLQJWKHER[GLUHFWO\WKHGLVWDQFHRYHUZKLFKIRUFHLVDSSOLHG

LVHTXDOWRWKHYHUWLFDO

GLVWDQFH WKDWWKHER[LVUDLVHG

$16:(5


  

$16:(5


 

&RUUHFW
1RPDWWHUZKLFKPHWKRG\RXXVHWROLIWWKHER[LWVJUDYLWDWLRQDOSRWHQWLDOHQHUJ\ZLOOLQFUHDVHE\
QHJOHFWLQJIULFWLRQ\RXZLOODOZD\VQHHGWRGRDQDPRXQWRIZRUNHTXDOWR

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 

6R

WROLIWLW





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

:RUN5DLVLQJDQ(OHYDWRU
/RRNDWWKLVDSSOHW,WVKRZVDQHOHYDWRUZLWKDVPDOOLQLWLDOXSZDUGYHORFLW\EHLQJUDLVHGE\DFDEOH7KHWHQVLRQLQWKH
FDEOHLVFRQVWDQW7KHHQHUJ\EDUJUDSKVDUHPDUNHGLQLQWHUYDOVRI 

3DUW$
:KDWLVWKHPDVV

RIWKHHOHYDWRU"8VH

IRUWKHPDJQLWXGHRIWKHDFFHOHUDWLRQRIJUDYLW\

([SUHVV\RXUDQVZHULQNLORJUDPVWRWZRVLJQLILFDQWILJXUHV

+LQW8VLQJWKHJUDSKV
7KLQNDERXWZKLFKJUDSK V VKRZHQHUJLHVWKDWDUHGLUHFWO\UHODWHGWRWKHPDVVRIWKHHOHYDWRU7KHUHPD\EH
PRUHWKDQRQH<RXZRXOGOLNHWRJHWWKHPRVWDFFXUDWHQXPEHU\RXFDQVRFKRRVHWKHJUDSKWKDW\RXFDQ
UHDGPRVWDFFXUDWHO\

+LQW1HHGHGIRUPXOD
5HFDOOWKDWWKHJUDYLWDWLRQDOSRWHQWLDOHQHUJ\

QHDUWKHHDUWK
VVXUIDFHLVJLYHQE\

ZKHUH

LV

WKHPDVVRIWKHREMHFW LVWKHPDJQLWXGHRIWKHJUDYLWDWLRQDODFFHOHUDWLRQDQG LVWKHKHLJKWDERYHWKH


JURXQG
$16:(5


   



&RUUHFW

3DUW%
)LQGWKHPDJQLWXGHRIWKHWHQVLRQ LQWKHFDEOH%HFHUWDLQWKDWWKHPHWKRG\RXDUHXVLQJZLOOEHDFFXUDWHWRWZR
VLJQLILFDQWILJXUHV
([SUHVV\RXUDQVZHULQQHZWRQVWRWZRVLJQLILFDQWILJXUHV

+LQW+RZWRDSSURDFKWKHSUREOHP
,QWKHSUHYLRXVSDUW\RXFRXOGXVHWKHJUDSKRISRWHQWLDOHQHUJ\WRGHWHUPLQHWKHPDVVWRWZRVLJQLILFDQW
ILJXUHVEHFDXVHZKHQWKHHOHYDWRUVWRSSHGWKHWRSRIWKHSRWHQWLDOHQHUJ\EDUOD\ULJKWRQRQHRIWKHJULG
OLQHV,QWKLVSUREOHP\RXFRXOGXVHWKHJUDSKRIZRUNWRILQGWKHWHQVLRQEXWVLQFHLWOLHVVRPHZKHUH
EHWZHHQWKHJULGOLQHVLWLVXQOLNHO\WKDW\RXFRXOGGHWHUPLQHWKHWHQVLRQWRWKHQHFHVVDU\DFFXUDF\
+RZHYHULWLVDJRRGZD\WRJHWDQHVWLPDWHZLWKZKLFKWRFKHFN\RXUDQVZHU
7KHQXPHULFDOGDWDJLYHQLQWKHZLQGRZEHQHDWKWKHJUDSKVGRKDYHWZRVLJQLILFDQWILJXUHVRIDFFXUDF\DQG
WKXVWKH\FRXOGEHXVHGLQFRPELQDWLRQZLWKWKHGDWDLQWKHJUDSKRIWKHILQDOHQHUJ\WRJHWDPRUHDFFXUDWH
YDOXHIRUWKHZRUNGRQHRQWKHHOHYDWRU5HFDOOLQIDFWWKDWWKHZRUNGRQHRQWKHHOHYDWRUE\WKHWHQVLRQ
PXVWHTXDOWKHFKDQJHLQPHFKDQLFDOHQHUJ\RIWKHV\VWHP

+LQW)LQGWKHFKDQJHLQPHFKDQLFDOHQHUJ\
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

)URPWKHLQIRUPDWLRQJLYHQLQWKHDSSOHWDQGWKHLQIRUPDWLRQIRXQGLQ3DUW$GHWHUPLQHWKHFKDQJHLQWKH
WRWDOPHFKDQLFDOHQHUJ\RIWKHV\VWHP

([SUHVV\RXUDQVZHULQMRXOHVWRWZRVLJQLILFDQWILJXUHV

+LQW)LQGWKHLQLWLDOPHFKDQLFDOHQHUJ\
$VVXPLQJWKDWWKHSRWHQWLDOHQHUJ\RIWKHHOHYDWRUDWWKHLQVWDQWZKHQ\RXUXQWKHVLPXODWLRQLV]HUR
ZKDWLVWKHLQLWLDOPHFKDQLFDOHQHUJ\
RIWKHV\VWHP"
([SUHVV\RXUDQVZHULQMRXOHVWRWZRVLJQLILFDQWILJXUHV

+LQW'HILQLWLRQRIPHFKDQLFDOHQHUJ\
5HFDOOWKDWWKHPHFKDQLFDOHQHUJ\RIDV\VWHPLVGHILQHGDVWKHVXPRINLQHWLFHQHUJ\DQG
SRWHQWLDOHQHUJ\

1RWHWKDWDWWKHLQVWDQWZKHQ\RXUXQWKHVLPXODWLRQWKHSRWHQWLDOHQHUJ\ RIWKHHOHYDWRULV
]HUR7KXVWKHWRWDOLQLWLDOPHFKDQLFDOHQHUJ\RIWKHV\VWHPLVVLPSO\JLYHQE\WKHLQLWLDO
NLQHWLFHQHUJ\RIWKHHOHYDWRU
ZKLFKFDQEHHYDOXDWHGIURPWKHLQIRUPDWLRQ
DERXWWKHPDVVRIWKHHOHYDWRUIRXQGLQ3DUW$DQGWKHLQIRUPDWLRQDERXWWKHLQLWLDOVSHHGRI
WKHHOHYDWRUJLYHQLQWKHZLQGRZEHQHDWKWKHEDUJUDSKVLQWKHDSSOHW
$16:(5


    

$16:(5


    

$16:(5
     

&RUUHFW

:RUNRQD6OLGLQJ%R[
$ER[RIPDVV

LVVOLGLQJDORQJDKRUL]RQWDOVXUIDFH

3DUW$
7KHER[OHDYHVSRVLWLRQ

ZLWKVSHHG

7KHER[LVVORZHGE\DFRQVWDQWIULFWLRQDOIRUFHXQWLOLWFRPHVWRUHVW

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

DWSRVLWLRQ
)LQG

WKHPDJQLWXGHRIWKHDYHUDJHIULFWLRQDOIRUFHWKDWDFWVRQWKHER[ 6LQFH\RXGRQ
WNQRZWKHFRHIILFLHQWRI

IULFWLRQGRQ
WLQFOXGHLWLQ\RXUDQVZHU
([SUHVVWKHIULFWLRQDOIRUFHLQWHUPVRI



DQG

+LQW+RZWRDSSURDFKWKHSUREOHP
8VHWKHZRUNHQHUJ\WKHRUHP$VDSSOLHGWRWKLVSDUWWKHWKHRUHPVWDWHVWKDWWKHZRUNGRQHE\IULFWLRQLV
HTXDOWRWKHFKDQJHLQNLQHWLFHQHUJ\RIWKHER[

)LQG



DQG

 ZKLFKZLOOGHSHQGRQ

WKHQVROYHIRU

+LQW)LQGWKHLQLWLDONLQHWLFHQHUJ\
:KDWLV

WKHNLQHWLFHQHUJ\RIWKHER[DWSRVLWLRQ

"

$16:(5


 

+LQW)LQGWKHILQDONLQHWLFHQHUJ\
:KDWLV

WKHNLQHWLFHQHUJ\RIWKHER[ZKHQLWUHDFKHVSRVLWLRQ

"

$16:(5


 

+LQW)LQGWKHZRUNGRQHE\IULFWLRQ
)LQG

WKHZRUNGRQHE\IULFWLRQRQWKHER[1RWHWKDWWKHZRUNGRQHE\IULFWLRQLVDOZD\VQHJDWLYH LH

IULFWLRQDOZD\VGLVVLSDWHVHQHUJ\ 
([SUHVV\RXUDQVZHULQWHUPVRI

DQGRWKHUJLYHQYDULDEOHV

$16:(5


 

$16:(5


 

&RUUHFW
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

3DUW%
$IWHUWKHER[FRPHVWRUHVWDWSRVLWLRQ
:KHQWKHER[UHDFKHVSRVLWLRQ
$VVXPHWKDWWKHER[UHDFKHV
([SUHVVWKHZRUNLQWHUPVRI

DSHUVRQVWDUWVSXVKLQJWKHER[JLYLQJLWDVSHHG

 ZKHUH

KRZPXFKZRUN

KDVWKHSHUVRQGRQHRQWKHER["

DIWHUWKHSHUVRQKDVDFFHOHUDWHGLWIURPUHVWWRVSHHG






DQG

+LQW+RZWRDSSURDFKWKHSUREOHP
$JDLQXVHWKHZRUNHQHUJ\WKHRUHP,QWKLVSDUWRIWKHSUREOHPERWKWKHSHUVRQDQGIULFWLRQDUHGRLQJZRUN
RQWKHER[


+LQW)LQGWKHZRUNGRQHE\IULFWLRQ
:KDWLV

WKHWRWDOZRUNGRQHE\IULFWLRQRQWKHER[DVWKHSHUVRQSXVKHVLWIURPSRVLWLRQ

WRSRVLWLRQ

"
$QVZHULQWHUPVRIJLYHQYDULDEOHV <RXUDQVZHUVKRXOGQRWLQFOXGH

+LQW)LQGLQJWKHIRUFHRIIULFWLRQ
7KHQRUPDOIRUFHRQWKHER[LVXQFKDQJHGIURPSDUW$7KHUHIRUHWKHIRUFHRIIULFWLRQLVWKHVDPHLQ
WKLVSDUWDVLQSDUW$
$16:(5


 

+LQW)LQGWKHFKDQJHLQNLQHWLFHQHUJ\
:KDWLV

WKHFKDQJHLQNLQHWLFHQHUJ\RIWKHER[IURPWKHPRPHQWLWLVDWSRVLWLRQ

LVDWSRVLWLRQ

WRWKHPRPHQWLW

"

$16:(5


 

$16:(5


 

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

&RUUHFW

$0DVV6SULQJ6\VWHPZLWK5HFRLODQG)ULFWLRQ
$QREMHFWRIPDVV LVWUDYHOLQJRQDKRUL]RQWDOVXUIDFH7KHUHLVDFRHIILFLHQWRINLQHWLFIULFWLRQ EHWZHHQWKHREMHFW
DQGWKHVXUIDFH7KHREMHFWKDVVSHHG ZKHQLWUHDFKHV
DQGHQFRXQWHUVDVSULQJ7KHREMHFWFRPSUHVVHVWKH
VSULQJVWRSVDQGWKHQUHFRLOVDQGWUDYHOVLQWKHRSSRVLWHGLUHFWLRQ:KHQWKHREMHFWUHDFKHV
RQLWVUHWXUQWULSLW
VWRSV

3DUW$
)LQG WKHVSULQJFRQVWDQW
([SUHVV LQWHUPVRI 

 DQG 

+LQW:K\GRHVWKHREMHFWVWRS"
:K\GRHVWKHREMHFWFRPHWRUHVWZKHQLWUHWXUQVWR

"

$OWKRXJKPRUHWKDQRQHDQVZHUPD\EHWUXHRIWKHV\VWHP\RXPXVWFKRRVHWKHDQVZHUWKDW
H[SODLQVZK\WKHREMHFWXOWLPDWHO\FRPHVWRDVWRS
$16:(5
:KHQWKHREMHFWUHDFKHV
WKHVHFRQGWLPHDOORILWVLQLWLDOHQHUJ\KDVJRQHLQWRWKH
FRPSUHVVLRQDQGH[WHQVLRQRIWKHVSULQJ
:KHQWKHREMHFWUHDFKHV
IULFWLRQ

WKHVHFRQGWLPHDOORILWVLQLWLDOHQHUJ\KDVEHHQGLVVLSDWHGE\

LVDQHTXLOLEULXPSRVLWLRQDQGDWWKLVSRLQWWKHVSULQJH[HUWVQRIRUFHRQWKHREMHFW
$W

WKHIRUFHRIIULFWLRQH[DFWO\EDODQFHVWKHIRUFHH[HUWHGE\WKHVSULQJRQWKHREMHFW

+LQW+RZGRHVIULFWLRQDIIHFWWKHV\VWHP"
,QGLFDWHZKLFKRIWKHIROORZLQJVWDWHPHQWVUHJDUGLQJIULFWLRQLVDUHWUXH
&KHFNDOOWKDWDSSO\
$16:(5
:RUNGRQHE\IULFWLRQLVHTXDOWR
ZKHUH LVWKHPDVVRIDQREMHFW LVWKHPDJQLWXGH
RIWKHDFFHOHUDWLRQGXHWRJUDYLW\ LVWKHFRHIILFLHQWRINLQHWLFIULFWLRQDQG LVWKHGLVWDQFHWKH
REMHFWKDVWUDYHOHG
(QHUJ\GLVVLSDWHGE\IULFWLRQLVHTXDOWR
ZKHUH LVWKHFRHIILFLHQWRIIULFWLRQ LV
WKHDFFHOHUDWLRQGXHWRJUDYLW\ LVWKHPDVVRIWKHREMHFWDQG LVWKHDPRXQWRIWLPH VLQFH
HQFRXQWHULQJWKHVSULQJ WKHREMHFWKDVEHHQPRYLQJ
)ULFWLRQLVDFRQVHUYDWLYHIRUFH
:RUNGRQHE\IULFWLRQLVH[DFWO\HTXDOWRWKHQHJDWLYHRIWKHHQHUJ\GLVVLSDWHGE\IULFWLRQ

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

+LQW(QHUJ\VWRUHGLQDVSULQJ
7KHSRWHQWLDOHQHUJ\VWRUHGLQDVSULQJKDYLQJFRQVWDQW WKDWLVFRPSUHVVHGDGLVWDQFH LV


+LQW&RPSXWHWKHFRPSUHVVLRQRIWKHVSULQJ
%\ZKDWGLVWDQFH GRHVWKHREMHFWFRPSUHVVWKHVSULQJ"
/RRNDWWKHLQLWLDOFRQGLWLRQZKHQWKHREMHFWRULJLQDOO\KLWVWKHVSULQJDQGWKHILQDOFRQGLWLRQZKHQWKHREMHFW
UHWXUQVWR

([SUHVV LQWHUPVRI  DQG 

+LQW+RZWRDSSURDFKWKLVTXHVWLRQ
8VHWKHIDFWWKDW
WRVROYHIRUWKHGLVWDQFHWKHVSULQJZDVFRPSUHVVHG

+LQW7KHYDOXHRI
,QLWVILQDOSRVLWLRQWKHREMHFWLVQRWPRYLQJ$OVRWKHVSULQJLVQRWFRPSUHVVHG7KHUHIRUH


+LQW)LQG
:KDWLVWKHYDOXHRI

"

([SUHVV\RXUDQVZHULQWHUPVRIVRPHRUDOORIWKHYDULDEOHV

  DQG DQG WKH

DFFHOHUDWLRQGXHWRJUDYLW\

+LQW+RZWRDSSURDFKWKLVSDUW
,QLWLDOO\WKHVSULQJLVXQFRPSUHVVHGVRWKHRQO\FRQWULEXWLRQWRWKHV\VWHP
VHQHUJ\FRPHV
IURPWKHNLQHWLFHQHUJ\RIWKHREMHFW
$16:(5


 

+LQW)LQG
:KDWLVWKHYDOXHRI

"

([SUHVV\RXUDQVZHULQWHUPVRIVRPHRUDOORIWKHYDULDEOHV

  DQG DQG WKH

DFFHOHUDWLRQGXHWRJUDYLW\

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

+LQW+RZWRDSSURDFKWKLVSDUW
7KHRQO\QRQFRQVHUYDWLYHIRUFHLQWKHV\VWHPLVWKHIULFWLRQDOIRUFHEHWZHHQWKHREMHFWDQGWKH
VXUIDFHLW
VRQ,IWKHREMHFWPRYHVWKURXJKDGLVWDQFH WKHZRUNGRQHE\IULFWLRQ
LV

$16:(5


 

$16:(5
  

+LQW3XWWLQJLWDOOWRJHWKHU
,QWKHSUHYLRXVSDUWDWWKHWZRHQGVRIWKHPRWLRQFRQVLGHUHGWKHVSULQJKDGQRHQHUJ\VR ZDVQRWSDUW
RIWKHHTXDWLRQ+RZHYHU\RXZHUHDEOHWRILQGDUHODWLRQIRU LQWHUPVRIWKHNQRZQTXDQWLWLHV7RREWDLQDQ
HTXDWLRQLQYROYLQJ XVHFRQVHUYDWLRQRIHQHUJ\DJDLQ

EXWWKLVWLPHWDNHWKHLQLWLDOFRQGLWLRQWREHWKHPRPHQWZKHQWKHVSULQJLVDWLWVPD[LPXPFRPSUHVVLRQDQG
WKHILQDOFRQGLWLRQWREHWKHPRPHQWZKHQWKHVSULQJUHWXUQVWR
6RQRZ
FDQEHZULWWHQLQ
WHUPVRI DQGRWKHUYDULDEOHV

+LQW7KHYDOXHRI
7KHYDOXHRI

LVDJDLQ]HUR

+LQW)LQG
:KDWLVWKHYDOXHRI

IRUWKLVSDUWRIWKHPRWLRQ
IRUWKLVSDUWRIWKHPRWLRQ"

([SUHVV\RXUDQVZHULQWHUPVRI DQG WKHVSULQJFRQVWDQWVRWKDW\RXHQGXSZLWKDQHTXDWLRQ


FRQWDLQLQJ 

+LQW+RZWRDSSURDFKWKLVSDUW
6LQFHWKHVSULQJLVDWLWVPD[LPXPFRPSUHVVLRQWKHREMHFWPXVWEHPRPHQWDULO\DWUHVW6RWKHRQO\
FRQWULEXWLRQWRWKHHQHUJ\LVIURPWKHSRWHQWLDOHQHUJ\RIWKHVSULQJ
$16:(5


 

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

+LQW)LQG

IRUWKLVSDUWRIWKHPRWLRQ

:KDWLVWKHYDOXHRI
([SUHVV\RXUDQVZHULQWHUPVRI

IRUWKLVSDUWRIWKHPRWLRQ"
  DQG WKHDFFHOHUDWLRQGXHWRJUDYLW\

+LQW+RZWRDSSURDFKWKLVSDUW
7KHRQO\QRQFRQVHUYDWLYHIRUFHLQWKHV\VWHPLVWKHIULFWLRQDOIRUFHEHWZHHQWKHREMHFWDQGWKH
VXUIDFHLW
VRQ,IWKHREMHFWPRYHVWKURXJKDGLVWDQFH WKHZRUNGRQHE\IULFWLRQ
LV


$16:(5


 

$16:(5
  

&RUUHFW

:RUN(QHUJ\6FDOLQJ
$SDUWLFOHRIPDVV PRYHVDORQJDVWUDLJKWOLQHZLWKLQLWLDOVSHHG
GLVWDQFH DORQJWKHGLUHFWLRQRILWVPRWLRQ

$IRUFHRIPDJQLWXGH SXVKHVWKHSDUWLFOHD

3DUW$
)LQG

WKHILQDOVSHHGRIWKHSDUWLFOHDIWHULWKDVWUDYHOHGDGLVWDQFH

([SUHVVWKHILQDOVSHHGLQWHUPVRI



 DQG

+LQW)LQGWKHILQDONLQHWLFHQHUJ\
)LQG

WKHILQDONLQHWLFHQHUJ\RIWKHSDUWLFOHDIWHULWKDVEHHQSXVKHGDGLVWDQFH

([SUHVVWKHILQDONLQHWLFHQHUJ\LQWHUPVRI



 DQG

+LQW)LQGWKHILQDONLQHWLFHQHUJ\LQWHUPVRIWKHZRUNGRQH
$VVXPHWKDWWKHZRUNGRQHE\WKHSXVKLQJIRUFHLV
SDUWLFOHDIWHULWKDVEHHQSXVKHGDGLVWDQFH
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 

)LQGWKHILQDONLQHWLFHQHUJ\

RIWKH






+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

([SUHVV\RXUDQVZHULQWHUPVRIWKHSDUWLFOH
VLQLWLDONLQHWLFHQHUJ\

DQG

$16:(5


 

+LQW)LQGWKHZRUNGRQH
)LQG

WKHZRUNGRQHE\WKHIRUFH 

([SUHVV\RXUDQVZHULQWHUPVRI DQG

$16:(5


 

$16:(5


 

$16:(5


 

&RUUHFW

,QFUHDVHLQPDVV
)RUWKHQH[WWZRSDUWVDVVXPHWKDWWKHSDUWLFOH
VPDVVLVLQFUHDVHGWR
LQWURGXFWLRQUHPDLQWKHVDPH

ZKLOHDOORWKHUSDUDPHWHUVLQWKHSUREOHP

3DUW%
%\ZKDWPXOWLSOLFDWLYHIDFWRU

GRHVWKHLQLWLDONLQHWLFHQHUJ\LQFUHDVHDQGE\ZKDWPXOWLSOLFDWLYHIDFWRU

GRHVWKHZRUNGRQHE\WKHIRUFHLQFUHDVH ZLWKUHVSHFWWRWKHFDVHZKHQWKHSDUWLFOHKDGDPDVV

"

,IRQHRIWKHTXDQWLWLHVGRXEOHVIRULQVWDQFHLWZRXOGLQFUHDVHE\DIDFWRURI,IDTXDQWLW\VWD\VWKHVDPHWKHQ
WKHPXOWLSOLFDWLYHIDFWRUZRXOGEH
<RXVKRXOGHQWHUWKHWZRIDFWRUVVHSDUDWHGE\DFRPPD

+LQW)LQGWKHZRUNGRQH
)LQG

WKHZRUNGRQHE\WKHIRUFH 

([SUHVV

LQWHUPVRIVRPHRUDOORIWKHYDULDEOHV

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 



 DQG






+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

$16:(5


 

$16:(5




  

&RUUHFW

3DUW&
7KHSDUWLFOH
VFKDQJHLQVSHHGRYHUWKHGLVWDQFH
WR 

ZLOOEHBBBBBBWKHFKDQJHLQVSHHGZKHQLWKDGDPDVVHTXDO

$16:(5
JUHDWHUWKDQ
HTXDOWR
OHVVWKDQ

&RUUHFW

,QFUHDVHLQLQLWLDOYHORFLW\
)RUWKHILQDOWZRSDUWVDVVXPHWKDWWKHLQLWLDOVSHHGRIWKHSDUWLFOHLVLQFUHDVHGWR
DJDLQHTXDOWR 

ZLWKWKHSDUWLFOH
VPDVVRQFH

3DUW'
%\ZKDWIDFWRU
VSHHG

GRHVWKHLQLWLDONLQHWLFHQHUJ\LQFUHDVH ZLWKUHVSHFWWRWKHILUVWVLWXDWLRQZLWKPDVV

DQGE\ZKDWIDFWRU

DQG

GRHVWKHZRUNGRQHE\WKHIRUFHLQFUHDVH"

$JDLQHQWHUWKHWZRIDFWRUVVHSDUDWHGE\DFRPPD
$16:(5




  

&RUUHFW

3DUW(
7KHSDUWLFOH
VFKDQJHLQVSHHGRYHUWKHGLVWDQFH

ZLOOEHBBBBBBWKHFKDQJHLQVSHHGZKHQLWKDGDQLQLWLDO

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

YHORFLW\HTXDOWR

+LQW6RPHPDWKKHOS
8VLQJWKHDQVZHUWRWKHSUHYLRXVSDUWDQGDOLWWOHELWRIDOJHEUD WU\LW \RXFDQVKRZWKDW


ZKHUH

8VLQJWKLVIRUPXODFRPSXWHZKHWKHU

LVJUHDWHUWKDQOHVVWKDQRUHTXDOWR

$16:(5
JUHDWHUWKDQ
HTXDOWR
OHVVWKDQ

&RUUHFW
0DNHVXUH\RXXQGHUVWDQGWKLVUHVXOW
7KHDPRXQWRIHQHUJ\QHHGHGWRLQFUHDVHDQREMHFW
VYHORFLW\E\DFHUWDLQIL[HGDPRXQWLQFUHDVHVWKHIDVWHU
WKHREMHFWLVDOUHDG\PRYLQJ$QHOHJDQWZD\WRVHHWKLVLVWRWDNHWKHGHULYDWLYHRINLQHWLFHQHUJ\ZLWKUHVSHFW
WRYHORFLW\

RU

7KLVVD\VWKDWZKHQWKHYHORFLW\RIDQREMHFWLQFUHDVHVE\DQDPRXQW LWVNLQHWLFHQHUJ\LQFUHDVHVE\
VRLI\RXKDYHDYHU\IDVWPRYLQJREMHFW ODUJH LWWDNHVDODUJHDPRXQWRIZRUNRUHQHUJ\WR
LQFUHDVHLWVYHORFLW\HYHQMXVWDOLWWOHELW

:RUNDQG.LQHWLF(QHUJ\
7ZREORFNVRILFHRQHIRXUWLPHVDVKHDY\DVWKHRWKHUDUHDWUHVWRQDIUR]HQODNH$SHUVRQSXVKHVHDFKEORFNWKH
VDPHGLVWDQFH ,JQRUHIULFWLRQDQGDVVXPHWKDWDQHTXDOIRUFH

LVH[HUWHGRQHDFKEORFN

3DUW$
:KLFKRIWKHIROORZLQJVWDWHPHQWVLVWUXHDERXWWKHNLQHWLFHQHUJ\RIWKHKHDYLHUEORFNDIWHUWKHSXVK"

+LQW+RZWRDSSURDFKWKHSUREOHP
7KHZRUNHQHUJ\WKHRUHPVWDWHVWKDWWKHFKDQJHLQNLQHWLFHQHUJ\RIDQREMHFWHTXDOVWKHQHWZRUNGRQHRQ
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

WKDWREMHFW

7KHZRUNGRQHRQDQREMHFWFDQDOVREHUHODWHGWRWKHGLVWDQFH WKDWWKHREMHFWPRYHVZKLOHEHLQJDFWHGRQ
E\DIRUFH




ZKHUH

LVWKHFRPSRQHQWRI

SDUDOOHOWRWKHGLUHFWLRQRIGLVSODFHPHQW

+LQW)LQGWKHZRUNGRQHRQHDFKEORFN
:KDWFDQEHVDLGDERXWWKHQHWZRUNGRQHRQWKHKHDYLHUEORFN"
$16:(5
,WLVJUHDWHUWKDQWKHZRUNGRQHRQWKHOLJKWHUEORFN
,WLVHTXDOWRWKHZRUNGRQHRQWKHOLJKWHUEORFN
,WLVOHVVWKDQWKHZRUNGRQHRQWKHOLJKWHUEORFN

$16:(5
,WLVVPDOOHUWKDQWKHNLQHWLFHQHUJ\RIWKHOLJKWHUEORFN
,WLVHTXDOWRWKHNLQHWLFHQHUJ\RIWKHOLJKWHUEORFN
,WLVODUJHUWKDQWKHNLQHWLFHQHUJ\RIWKHOLJKWHUEORFN
,WFDQQRWEHGHWHUPLQHGZLWKRXWNQRZLQJWKHIRUFHDQGWKHPDVVRIHDFKEORFN

&RUUHFW
7KHZRUNHQHUJ\WKHRUHPVWDWHVWKDWWKHFKDQJHLQNLQHWLFHQHUJ\RIDQREMHFWHTXDOVWKHQHWZRUNGRQHRQ
WKDWREMHFW7KHRQO\IRUFHGRLQJZRUNRQWKHEORFNVLVWKHIRUFHIURPWKHSHUVRQZKLFKLVWKHVDPHLQERWK
FDVHV6LQFHWKHLQLWLDONLQHWLFHQHUJ\RIHDFKEORFNLV]HURERWKEORFNVKDYHWKHVDPHILQDONLQHWLFHQHUJ\

3DUW%
&RPSDUHGWRWKHVSHHGRIWKHKHDYLHUEORFNZKDWLVWKHVSHHGRIWKHOLJKWEORFNDIWHUERWKEORFNVPRYHWKHVDPH
GLVWDQFH "

+LQW+RZWRDSSURDFKWKHSUREOHP
,Q3DUW$\RXGHWHUPLQHGWKDWWKHNLQHWLFHQHUJ\RIWKHKHDYLHUEORFNZDVWKHVDPHDVWKDWRIWKHOLJKWHU
EORFN5HODWHWKLVWRWKHVSHHGRIWKHEORFNV

+LQW3URSRUWLRQDOUHDVRQLQJ
3URSRUWLRQDOUHDVRQLQJEHFRPHVHDVLHUZLWKSUDFWLFH)LUVWUHODWHWKHNLQHWLFHQHUJLHVRIWKHEORFNVWRHDFK
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

RWKHU7RDFFRPSOLVKWKLVOHWWKHVXEVFULSW UHIHUWRWKHKHDYLHUEORFNDQGWKHVXEVFULSW WRWKHOLJKWHU


EORFN1RZ

FDQEHZULWWHQDV

7KHSUREOHPVWDWHVWKDWWKHKHDYLHUEORFNLVIRXUWLPHDVPDVVLYHDVWKHOLJKWHUEORFN7KLVFDQEH
UHSUHVHQWHGE\WKHH[SUHVVLRQ

6XEVWLWXWLQJWKLVH[SUHVVLRQLQWRWKHH[SUHVVLRQIRUNLQHWLFHQHUJ\\LHOGV

+RZPDQ\WLPHVODUJHUWKDQ

LV

"

$16:(5


   



$16:(5
RQHTXDUWHUDVIDVW
KDOIDVIDVW
WKHVDPHVSHHG
WZLFHDVIDVW
IRXUWLPHVDVIDVW

&RUUHFW
6LQFHWKHNLQHWLFHQHUJ\RIWKHOLJKWHUEORFNLVHTXDOWRWKHNLQHWLFHQHUJ\RIWKHKHDYLHUEORFNWKHOLJKWHUEORFN
PXVWEHPRYLQJIDVWHUWKDQWKHKHDYLHUEORFN

3DUW&
1RZDVVXPHWKDWERWKEORFNVKDYHWKHVDPHVSHHGDIWHUEHLQJSXVKHGZLWKWKHVDPHIRUFH
DERXWWKHGLVWDQFHVWKHWZREORFNVDUHSXVKHG"

:KDWFDQEHVDLG

+LQW+RZWRDSSURDFKWKHSUREOHP
7KHZRUNHQHUJ\WKHRUHPVWDWHVWKDWWKHFKDQJHLQNLQHWLFHQHUJ\RIDQREMHFWHTXDOVWKHQHWZRUNGRQHRQ
WKDWREMHFW


VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

7KHZRUNGRQHRQDQREMHFWFDQDOVREHUHODWHGWRWKHGLVWDQFH WKDWWKHREMHFWPRYHVZKLOHEHLQJDFWHGRQ
E\DIRUFH




ZKHUH

LVWKHFRPSRQHQWRI

SDUDOOHOWRWKHGLUHFWLRQRIGLVSODFHPHQW

+LQW5HODWHWKHNLQHWLFHQHUJLHVRIWKHEORFNV
/HWWKHVXEVFULSW UHIHUWRWKHKHDYLHUEORFNDQGWKHVXEVFULSW WRWKHOLJKWHUEORFN:KDWLVWKHUDWLR
"

+LQW7KHNLQHWLFHQHUJLHV
7RUHODWHWKHNLQHWLFHQHUJLHVRIWKHEORFNVWRHDFKRWKHUUHFDOOWKDW

DQG


$16:(5


 

+LQW&RPSDUHWKHDPRXQWRIZRUNGRQHRQHDFKEORFN
,QWKHSUHYLRXVKLQW\RXIRXQGWKDW

:KDWLVWKHUDWLRRIWKHZRUNGRQHRQWKHKHDY\EORFNWR

WKHZRUNGRQHRQWKHOLJKWHUEORFN
"
$16:(5




$16:(5

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

7KHKHDY\EORFNPXVWEHSXVKHGWLPHVIDUWKHUWKDQWKHOLJKWEORFN
7KHKHDY\EORFNPXVWEHSXVKHGWLPHVIDUWKHUWKDQWKHOLJKWEORFN
7KHKHDY\EORFNPXVWEHSXVKHGWLPHVIDUWKHUWKDQWKHOLJKWEORFN
7KHKHDY\EORFNPXVWEHSXVKHGWKHVDPHGLVWDQFHDVWKHOLJKWEORFN
7KHKHDY\EORFNPXVWEHSXVKHGKDOIDVIDUDVWKHOLJKWEORFN

&RUUHFW
%HFDXVHWKHKHDYLHUEORFNKDVIRXUWLPHVWKHPDVVRIWKHOLJKWHUEORFNZKHQWKHWZREORFNVWUDYHOZLWKWKH
VDPHVSHHGWKHKHDYLHUEORFNZLOOKDYHIRXUWLPHVDVPXFKNLQHWLFHQHUJ\7KHZRUNHQHUJ\WKHRUHPLPSOLHV
WKDWIRXUWLPHVPRUHZRUNPXVWEHGRQHRQWKHKHDYLHUEORFNWKDQRQWKHOLJKWHUEORFN6LQFHWKHVDPHIRUFHLV
DSSOLHGWRERWKEORFNVWKHKHDYLHUEORFNPXVWEHSXVKHGWKURXJKIRXUWLPHVWKHGLVWDQFHDVWKHOLJKWHUEORFN

$PHVVDJHIURP\RXULQVWUXFWRU
7KHIROORZLQJSUREOHPVDUHIRUSUDFWLFHRQO\7KH\ZLOO127EHLQFOXGHGLQ\RXUJUDGH

'HOLYHULQJ5HVFXH6XSSOLHV
<RXDUHDPHPEHURIDQDOSLQHUHVFXHWHDPDQGPXVWSURMHFWDER[RIVXSSOLHVZLWKPDVV XSDQLQFOLQHRIFRQVWDQW
VORSHDQJOH VRWKDWLWUHDFKHVDVWUDQGHGVNLHUZKRLVDYHUWLFDOGLVWDQFH DERYHWKHERWWRPRIWKHLQFOLQH7KH
LQFOLQHLVVOLSSHU\EXWWKHUHLVVRPHIULFWLRQSUHVHQWZLWKNLQHWLFIULFWLRQFRHIILFLHQW 

3DUW$
8VHWKHZRUNHQHUJ\WKHRUHPWRFDOFXODWHWKHPLQLPXPVSHHG WKDW\RXPXVWJLYHWKHER[DWWKHERWWRPRIWKH
LQFOLQHVRWKDWLWZLOOUHDFKWKHVNLHU
([SUHVV\RXUDQVZHULQWHUPVRIVRPHRUDOORIWKHYDULDEOHV

  

DQG 

<RXGLGQRWRSHQKLQWVIRUWKLVSDUW
$16:(5
  

:KHUH
VWKH(QHUJ\"
/HDUQLQJ*RDO
7RXQGHUVWDQGKRZWRDSSO\WKHODZRIFRQVHUYDWLRQRIHQHUJ\WRVLWXDWLRQVZLWKDQGZLWKRXWQRQFRQVHUYDWLYHIRUFHV
DFWLQJ
7KHODZRIFRQVHUYDWLRQRIHQHUJ\VWDWHVWKHIROORZLQJ
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

,QDQLVRODWHGV\VWHPWKHWRWDOHQHUJ\UHPDLQVFRQVWDQW
,IWKHREMHFWVZLWKLQWKHV\VWHPLQWHUDFWWKURXJKJUDYLWDWLRQDODQGHODVWLFIRUFHVRQO\WKHQWKHWRWDOPHFKDQLFDOHQHUJ\LV
FRQVHUYHG
7KHPHFKDQLFDOHQHUJ\RIDV\VWHPLVGHILQHGDVWKHVXPRINLQHWLFHQHUJ\ DQGSRWHQWLDOHQHUJ\ )RUVXFK
V\VWHPVZKHUHQRIRUFHVRWKHUWKDQWKHJUDYLWDWLRQDODQGHODVWLFIRUFHVGRZRUNWKHODZRIFRQVHUYDWLRQRIHQHUJ\FDQ
EHZULWWHQDV

ZKHUHWKHTXDQWLWLHVZLWKVXEVFULSWLUHIHUWRWKHLQLWLDOPRPHQWDQGWKRVHZLWKVXEVFULSWIUHIHUWRWKHILQDOPRPHQW
$ZLVHFKRLFHRILQLWLDODQGILQDOPRPHQWVZKLFKLVQRWDOZD\VREYLRXVPD\VLJQLILFDQWO\VLPSOLI\WKHVROXWLRQ
7KHNLQHWLFHQHUJ\RIDQREMHFWWKDWKDVPDVV

DQGYHORFLW\ LVJLYHQE\


3RWHQWLDOHQHUJ\LQVWHDGKDVPDQ\IRUPV7KHWZRIRUPVWKDW\RXZLOOEHGHDOLQJZLWKPRVWRIWHQLQWKLVFKDSWHUDUHWKH
JUDYLWDWLRQDODQGHODVWLFSRWHQWLDOHQHUJ\*UDYLWDWLRQDOSRWHQWLDOHQHUJ\LVWKHHQHUJ\SRVVHVVHGE\HOHYDWHGREMHFWV
)RUVPDOOKHLJKWVLWFDQEHIRXQGDV

ZKHUH LVWKHPDVVRIWKHREMHFW LVWKHDFFHOHUDWLRQGXHWRJUDYLW\DQG LVWKHHOHYDWLRQRIWKHREMHFWDERYHWKH
]HUROHYHO7KH]HUROHYHOLVWKHHOHYDWLRQDWZKLFKWKHJUDYLWDWLRQDOSRWHQWLDOHQHUJ\LVDVVXPHGWREH \RXJXHVVHGLW
]HUR7KHFKRLFHRIWKH]HUROHYHOLVGLFWDWHGE\FRQYHQLHQFHW\SLFDOO\ EXWQRWQHFHVVDULO\ LWLVVHOHFWHGWRFRLQFLGH
ZLWKWKHORZHVWSRVLWLRQRIWKHREMHFWGXULQJWKHPRWLRQH[SORUHGLQWKHSUREOHP
(ODVWLFSRWHQWLDOHQHUJ\LVDVVRFLDWHGZLWKVWUHWFKHGRUFRPSUHVVHGHODVWLFREMHFWVVXFKDVVSULQJV)RUDVSULQJZLWKD
IRUFHFRQVWDQW VWUHWFKHGRUFRPSUHVVHGDGLVWDQFH WKHDVVRFLDWHGHODVWLFSRWHQWLDOHQHUJ\LV

:KHQDOOWKUHHW\SHVRIHQHUJ\FKDQJHWKHODZRIFRQVHUYDWLRQRIHQHUJ\IRUDQREMHFWRIPDVV

FDQEHZULWWHQDV


7KHJUDYLWDWLRQDOIRUFHDQGWKHHODVWLFIRUFHDUHWZRH[DPSOHVRIFRQVHUYDWLYHIRUFHV:KDWLIQRQFRQVHUYDWLYHIRUFHV
VXFKDVIULFWLRQDOVRDFWZLWKLQWKHV\VWHP",QWKDWFDVHWKHWRWDOPHFKDQLFDOHQHUJ\ZRXOGFKDQJH7KHODZRI
FRQVHUYDWLRQRIHQHUJ\LVWKHQZULWWHQDV

ZKHUH
UHSUHVHQWVWKHZRUNGRQHE\WKHQRQFRQVHUYDWLYHIRUFHVDFWLQJRQWKHREMHFWEHWZHHQWKHLQLWLDODQGWKHILQDO
PRPHQWV7KHZRUN
LVXVXDOO\QHJDWLYHWKDWLVWKHQRQFRQVHUYDWLYHIRUFHVWHQGWRGHFUHDVHRUGLVVLSDWHWKH
PHFKDQLFDOHQHUJ\RIWKHV\VWHP

,QWKLVSUREOHPZHZLOOFRQVLGHUWKHIROORZLQJVLWXDWLRQDVGHSLFWHGLQWKHGLDJUDP$EORFNRIPDVV VOLGHVDWD
VSHHG DORQJDKRUL]RQWDOVPRRWKWDEOH,WQH[WVOLGHVGRZQDVPRRWKUDPSGHVFHQGLQJDKHLJKW DQGWKHQVOLGHV
DORQJDKRUL]RQWDOURXJKIORRUVWRSSLQJHYHQWXDOO\$VVXPHWKDWWKHEORFNVOLGHVVORZO\HQRXJKVRWKDWLWGRHVQRWORVH
FRQWDFWZLWKWKHVXSSRUWLQJVXUIDFHV WDEOHUDPSRUIORRU 
<RXZLOODQDO\]HWKHPRWLRQRIWKHEORFNDWGLIIHUHQWPRPHQWVXVLQJWKHODZRIFRQVHUYDWLRQRIHQHUJ\

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

3DUW$
:KLFKZRUGLQWKHVWDWHPHQWRIWKLVSUREOHPDOORZV\RXWRDVVXPHWKDWWKHWDEOHLVIULFWLRQOHVV"
$16:(5
VWUDLJKW
VPRRWK
KRUL]RQWDO

3DUW%
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW&
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW'
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW(
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

3DUW)
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW*
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW+
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW,
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW.
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

7KH:RUN(QHUJ\7KHRUHP
/HDUQLQJ*RDO
7RXQGHUVWDQGWKHPHDQLQJDQGSRVVLEOHDSSOLFDWLRQVRIWKHZRUNHQHUJ\WKHRUHP
,QWKLVSUREOHP\RXZLOOXVH\RXUSULRUNQRZOHGJHWRGHULYHRQHRIWKHPRVWLPSRUWDQWUHODWLRQVKLSVLQPHFKDQLFVWKH
ZRUNHQHUJ\WKHRUHP:HZLOOVWDUWZLWKDVSHFLDOFDVHDSDUWLFOHRIPDVV PRYLQJLQWKH[GLUHFWLRQDWFRQVWDQW
DFFHOHUDWLRQ 'XULQJDFHUWDLQLQWHUYDORIWLPHWKHSDUWLFOHDFFHOHUDWHVIURP
WR
XQGHUJRLQJGLVSODFHPHQW
JLYHQE\


VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

3DUW$
)LQGWKHDFFHOHUDWLRQ RIWKHSDUWLFOH
([SUHVVWKHDFFHOHUDWLRQLQWHUPVRI



DQG 

<RXGLGQRWRSHQKLQWVIRUWKLVSDUW
$16:(5
  

3DUW%
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW&
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW'
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW(
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

/HWXVQRZFRQVLGHUDVLWXDWLRQLQZKLFKWKHSDUWLFOHLVVWLOOPRYLQJDORQJWKH[D[LVEXWWKHQHWIRUFHZKLFKLVVWLOO
GLUHFWHGDORQJWKH[D[LVLVQRORQJHUFRQVWDQW/HW
VVHHKRZRXUHDUOLHUGHILQLWLRQRIZRUN

QHHGVWREHPRGLILHGE\EHLQJUHSODFHGE\DQLQWHJUDO,IWKHSDWKRIWKHSDUWLFOHLVGLYLGHGLQWRYHU\VPDOOGLVSODFHPHQWV
ZHFDQDVVXPHWKDWRYHUHDFKRIWKHVHVPDOOGLVSODFHPHQWLQWHUYDOVWKHQHWIRUFHUHPDLQVHVVHQWLDOO\FRQVWDQW
DQGWKHZRUN
GRQHWRPRYHWKHSDUWLFOHIURP WR
LV

ZKHUH LVWKH[FRPSRQHQWRIWKHQHWIRUFH ZKLFKUHPDLQVYLUWXDOO\FRQVWDQWIRUWKHVPDOOGLVSODFHPHQWIURP WR
7KHQHWZRUN GRQHRQWKHSDUWLFOHLVWKHQJLYHQE\

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\


1RZXVLQJ
DQG

LWFDQEHVKRZQWKDW


3DUW)
(YDOXDWHWKHLQWHJUDO

([SUHVV\RXUDQVZHULQWHUPVRI



DQG

<RXGLGQRWRSHQKLQWVIRUWKLVSDUW
$16:(5


 

3DUW*
$SDUWLFOHPRYLQJLQWKH[GLUHFWLRQLVEHLQJDFWHGXSRQE\DQHWIRUFH
SDUWLFOHPRYHVIURP

WR

:KDWLV

IRUVRPHFRQVWDQW 7KH

WKHFKDQJHLQNLQHWLFHQHUJ\RIWKHSDUWLFOHGXULQJ

WKDWWLPH"
([SUHVV\RXUDQVZHULQWHUPVRI DQG 

<RXGLGQRWRSHQKLQWVIRUWKLVSDUW
$16:(5


 

3K(77XWRULDO7KH5DPS
/HDUQLQJ*RDO
7RXQGHUVWDQGKRZWKHIRUFHVH[HUWHGRQDQREMHFWRQDQLQFOLQHGSODQHDIIHFWWKHREMHFWVPRWLRQ
)RUWKLVWXWRULDOXVHWKH3K(7VLPXODWLRQ7KH5DPS7KLVVLPXODWLRQDOORZV\RXWRSODFHDYDULHW\RIREMHFWVRQDQ
LQFOLQHGUDPSDQGORRNDWWKHUHVXOWLQJIRUFHVDQGPRWLRQ
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

6WDUWWKHVLPXODWLRQ:KHQ\RXFOLFNWKHVLPXODWLRQOLQN\RXPD\EHDVNHGZKHWKHUWRUXQRSHQRUVDYHWKHILOH
&KRRVHWRUXQRURSHQLW
6HOHFWDQREMHFWWRSODFHRQWKHUDPSE\FOLFNLQJRQDQ\REMHFWXQGHUWKH&KRRVH2EMHFWVHFWLRQRIWKHULJKWSDQHO7R
FKDQJHWKHUDPSDQJOH\RXFDQDGMXVWWKH5DPS$QJOHVOLGHUEDULQWKHULJKWSDQHORU\RXFDQFOLFNRQWKHUDPSDQG
GUDJLWXSRUGRZQ7RWXUQRIIIULFWLRQ\RXFDQFOLFNRQWKH)ULFWLRQOHVVRSWLRQWKDWLVDERYHWKH3RVLWLRQVHWWLQJ<RX
FDQKDYHWKHSHUVRQSXVKLQJRQWKHREMHFWE\VHWWLQJDQ$SSOLHG)RUFHWKDWLVQRQ]HUR \RXFDQW\SHLQDYDOXHLQWKH
$SSOLHG)RUFHER[RQWKHOHIWGUDJWKHELJYHUWLFDOVOLGHUEDUWRWKHOHIWRIWKHSDUDOOHOIRUFHJUDSKRU\RXFDQFOLFNDQG
GUDJRQWKHREMHFW :KLOHWKHVLPXODWLRQLVUXQQLQJDJUDSKVKRZVWKHSDUDOOHOIRUFHV LHWKHFRPSRQHQWVRIWKHIRUFHV
DORQJWKHUDPS DVDIXQFWLRQRIWLPH
)HHOIUHHWRSOD\DURXQGZLWKWKHVLPXODWLRQ:KHQ\RXDUHGRQHFOLFN5HVHWEHIRUHEHJLQQLQJ3DUW$

3DUW$
7KHILUVWWKLQJ\RXZLOOLQYHVWLJDWHLVVWDWLFIULFWLRQ7KHIRUFHRIVWDWLFIULFWLRQLVWKHSDUDOOHOIRUFHH[HUWHGRQD
VWDWLRQDU\REMHFWE\WKHUDPS7KLVIRUFHLVDOZD\VGLUHFWHGRSSRVLWHWKHGLUHFWLRQWKHREMHFWZRXOGVOLGHLIWKHUH
ZHUHQRIULFWLRQ
6HOHFWWKHFUDWHDVWKHREMHFWIRUWKHUDPS7KHQVORZO\LQFUHDVHWKHUDPSDQJOH7KHLQGLYLGXDOIRUFHVDFWLQJRQ
WKHFUDWHDUHVKRZQ7KH\OOORRNVRPHWKLQJOLNHWKLV

:DWFKZKDWKDSSHQVWRWKHIRUFHRIIULFWLRQ WKHUHGYHFWRULQWKHSLFWXUHRUWKHUHGSORWLQWKHJUDSK EHIRUHWKH


FUDWHVWDUWVWRVOLGHGRZQWKHUDPS
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

$VWKHUDPSDQJOHLQFUHDVHVWKHIRUFHRIVWDWLFIULFWLRQ
$16:(5
LQFUHDVHV
GHFUHDVHV
UHPDLQVWKHVDPH

3DUW%
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW&
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW'
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW(
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW)
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW*
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW+

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3K(7,QWHUDFWLYH6LPXODWLRQV
8QLYHUVLW\RI&RORUDGR
KWWSSKHWFRORUDGRHGX

8QGHUVWDQGLQJ:RUNDQG.LQHWLF(QHUJ\
/HDUQLQJ*RDO
7ROHDUQDERXWWKH:RUN(QHUJ\7KHRUHPDQGLWVEDVLFDSSOLFDWLRQV
,QWKLVSUREOHP\RXZLOOOHDUQDERXWWKHUHODWLRQVKLSEHWZHHQWKHZRUNGRQHRQDQREMHFWDQGWKHNLQHWLFHQHUJ\RIWKDW
REMHFW
7KHNLQHWLFHQHUJ\ RIDQREMHFWRIPDVV PRYLQJDWDVSHHG LVGHILQHGDV
,WVHHPV
UHDVRQDEOHWRVD\WKDWWKHVSHHGRIDQREMHFWDQGWKHUHIRUHLWVNLQHWLFHQHUJ\FDQEHFKDQJHGE\SHUIRUPLQJZRUNRQ
WKHREMHFW,QWKLVSUREOHPZHZLOOH[SORUHWKHPDWKHPDWLFDOUHODWLRQVKLSEHWZHHQWKHZRUNGRQHRQDQREMHFWDQGWKH
FKDQJHLQWKHNLQHWLFHQHUJ\RIWKDWREMHFW
)LUVWOHWXVFRQVLGHUDVOHGRIPDVV EHLQJSXOOHGE\DFRQVWDQWKRUL]RQWDOIRUFHRIPDJQLWXGH DORQJDURXJK
KRUL]RQWDOVXUIDFH7KHVOHGLVVSHHGLQJXS

3DUW$
+RZPDQ\IRUFHVDUHDFWLQJRQWKHVOHG"
$16:(5
RQH
WZR
WKUHH
IRXU

3DUW%
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW&
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

3DUW'
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW(
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW)
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW*
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW+
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW,
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

3DUW.
7KLVTXHVWLRQZLOOEHVKRZQDIWHU\RXFRPSOHWHSUHYLRXVTXHVWLRQ V 

6FRUH6XPPDU\
VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 





+:.LQHWLFHQHUJ\&RQVHUYDWLRQRIHQHUJ\

<RXUVFRUHRQWKLVDVVLJQPHQWLV
<RXUHFHLYHGRXWRIDSRVVLEOHWRWDORISRLQWV

VHVVLRQPDVWHULQJSK\VLFVFRPP\FWDVVLJQPHQW3ULQW9LHZ"DVVLJQPHQW,' 



Das könnte Ihnen auch gefallen