+&;+&;
■
([SODQDWLRQRI7DFKRPHWHU)XQFWLRQ
7DFKRPHWHU2XWSXW0RGH/*/(
/*/(/*/(
/*/(6HWWLQJSRVVLEOHXVLQJ',3
VZLWFK
6HWWKHRXWSXWPHWKRGIRUFRQWURORXWSXWEDVHGRQWKH287
287VHWYDOXH8SSHUDQGORZHUOLPLW+,/2DUHD$5($
XSSHUOLPLW+,+,DQGORZHUOLPLW/2/2FDQEHVHW)RU
GHWDLOVRQWKHRSHUDWLRQRIWKHRXWSXWPRGHVUHIHUWR¦2XWSXW
0RGH6HWWLQJV§LQWKH,QVWDOODWLRQVHFWLRQ
&RXQWLQJ6SHHG)/.
)/.)/.
)/.6HWWLQJSRVVLEOHXVLQJ',3VZLWFK
6HWWKHPD[LPXPFRXQWLQJVSHHG +] N+]IRU&3LQSXW,I
FRQWDFWVDUHXVHGIRULQSXWVLJQDOVVHWWKHFRXQWLQJVSHHGWR
+]3URFHVVLQJWRHOLPLQDWHFKDWWHULQJLVSHUIRUPHGIRUWKLV
VHWWLQJ
'HFLPDO3RLQW3RVLWLRQ+
++
+
'HFLGHWKHGHFLPDOSRLQWSRVLWLRQIRUWKHPHDVXUHPHQWYDOXH
287VHWYDOXHDQG287VHWYDOXH
3UHVFDOH9DOXH+.'
+.'+.'
+.'
,WLVSRVVLEOHWRGLVSOD\WKHUDWHRIURWDWLRQRUWKHVSHHGRID
GHYLFHRUPDFKLQHWRZKLFKWKH+&;LVPRXQWHGE\FRQYHUWLQJ
LQSXWSXOVHVWRDGHVLUHGXQLW,IWKLVSUHVFDOLQJIXQFWLRQLVQRW
XVHGWKHLQSXWIUHTXHQF\+]ZLOOEHGLVSOD\HG
7KHUHODWLRQVKLSEHWZHHQGLVSOD\DQGLQSXWLVGHWHUPLQHGE\WKH
IROORZLQJHTXDWLRQ6HWWKHSUHVFDOHYDOXHDFFRUGLQJWRWKHXQLWWR
EHGLVSOD\HG
'LVSOD\HGYDOXH I×D
I ,QSXWSXOVHIUHTXHQF\QXPEHURISXOVHVLQVHFRQG
D 3UHVFDOHYDOXH
'LVSOD\LQJ5RWDWLRQ5DWH
11XPEHURISXOVHVSHUUHYROXWLRQ
([DPSOH ,QRUGHUWRGLVSOD\WKHUDWHRIURWDWLRQIRUDPDFKLQHWKDW
RXWSXWVSXOVHVSHUUHYROXWLRQLQWKHIRUP### USP
6HWWKHGHFLPDOSRLQWSRVLWLRQWRGHFLPDOSODFH
8VLQJWKHIRUPXODVHWWKHSUHVFDOHYDOXHWR1×
'LVSOD\LQJ6SHHG
1 1XPEHURISXOVHVSHUUHYROXWLRQ
G 'LDPHWHURIURWDWLQJERG\P
πG &LUFXPIHUHQFHP
$YHUDJH3URFHVVLQJ0"
0"0"
0"6HWWLQJSRVVLEOHXVLQJ',3VZLWFK
)OLFNHULQJGLVSOD\DQGRXWSXWFKDWWHULQJFDQEHSUHYHQWHGXVLQJ
DYHUDJHSURFHVVLQJVLPSOHDYHUDJLQJ$YHUDJHSURFHVVLQJFDQ
EHVHWWRRQHRIIRXUOHYHOVQRDYHUDJHSURFHVVLQJWLPHVLH
WKHDYHUDJHRIPHDVXUHPHQWYDOXHVWLPHVRUWLPHV7KH
PHDVXUHPHQWF\FOHZLOOEHHTXDOWRWKHVDPSOLQJF\FOH PV
PXOWLSOLHGE\WKHDYHUDJHSURFHVVLQJVHWWLQJLHWKHQXPEHURI
WLPHV$YHUDJHSURFHVVLQJHQDEOHVIOXFWXDWLQJLQSXWVLJQDOVWREH
GLVSOD\HGVWDEO\6HWWKHRSWLPXPQXPEHURIWLPHVIRUWKH
DSSOLFDWLRQ
$XWR]HUR7LPH0/
0/0/
0/
,WLVSRVVLEOHWRVHWWKH+&;VRWKDWLIWKHUHLVQRSXOVHIRUD
FHUWDLQWLPHWKHIUHTXHQF\LVPHDVXUHGDV7KLVWLPHLVFDOOHG
WKHDXWR]HURWLPH6HWWKHDXWR]HURWLPHWRDWLPHVOLJKWO\ORQJHU
WKDQWKHHVWLPDWHGLQWHUYDOEHWZHHQLQSXWSXOVHVDQGZLWKLQWKH
VHWWLQJUDQJHWRV,WZLOOQRWEHSRVVLEOHWRPDNH
DFFXUDWHPHDVXUHPHQWVLIWKHDXWR]HURWLPHLVVHWWRDWLPH
VKRUWHUWKDQWKHLQSXWSXOVHF\FOH6HWWLQJDWLPHWKDWLVWRRORQJ
PD\DOVRUHVXOWLQSUREOHPVVXFKDVDWLPHODJEHWZHHQURWDWLRQ
VWRSSLQJDQGWKHDODUPWXUQLQJ21
6WDUWXS7LPH./(-
./(-./(-
./(-
,QRUGHUWRSUHYHQWXQGHVLUHGRXWSXWUHVXOWLQJIURPXQVWDEOHLQSXW
LPPHGLDWHO\DIWHUWKHSRZHUVXSSO\LVWXUQHG21LWLVSRVVLEOHWR
SURKLELWPHDVXUHPHQWIRUDVHWWLPHWRVWKHVWDUWXS
WLPH,WFDQDOVREHXVHGWRVWRSPHDVXUHPHQWDQGGLVDEOHRXWSXW
XQWLOWKHURWDWLQJERG\UHDFKHVWKHQRUPDOUDWHRIURWDWLRQDIWHU
WKHSRZHUVXSSO\WRWKH+&;DQGURWDWLQJERG\DUHWXUQHG21DW
WKHVDPHWLPH
131313,QSXW0RGH$(*
$(*$(*
$(*
6HOHFWHLWKHU131LQSXWQRYROWDJHLQSXWRU313LQSXWYROWDJH
LQSXWDVWKHLQSXWIRUPDW7KHVDPHVHWWLQJLVXVHGIRUDOO
H[WHUQDOLQSXWV)RUGHWDLOVRQLQSXWFRQQHFWLRQVUHIHUWR,QSXW
&LUFXLWVLQWKH,QVWDOODWLRQVHFWLRQ
'LVSOD\&RORU*'-
*'-*'-
*'-
6HWWKHFRORUXVHGIRUWKHPHDVXUHPHQWYDOXH
1RWH ,IWKHWDFKRPHWHURXWSXWPRGHLVVHWWR$5($
KRZHYHUWKHPHDVXUHGYDOXHLVGLVSOD\HGLQUHGZKHQ
FRQWURORXWSXWLV2))DQGLQJUHHQZKHQFRQWURO
RXWSXWLV21
,IWKHWDFKRPHWHURXWSXWPRGHLVVHWWR$5($
KRZHYHUWKHPHDVXUHGYDOXHLVGLVSOD\HGLQJUHHQ
ZKHQFRQWURORXWSXWLV2))DQGLQUHGZKHQFRQWURO
RXWSXWLV21
'LVSOD\XQLW 3UHVFDOHYDOXHD
USP 1×
USV 1
'LVSOD\XQLW 3UHVFDOHYDOXHD
PPLQ πG×1×
PV πG×1
G 'LDPHWHURI
URWDWLQJERG\
6HWWLQJ &RQWURORXWSXW2)) &RQWURORXWSXW21
-
5HGIL[HG
"-)
*UHHQIL[HG
-"
6HH
QRWH
0HDVXUHGYDOXHGLV
SOD\HGLQUHGZKHQERWK
FRQWURORXWSXWVDQG
DUH2))
0HDVXUHGYDOXHGLV
SOD\HGLQJUHHQZKHQHL
WKHUFRQWURORXWSXWRU
FRQWURORXWSXWLV21
"-
6HH
QRWH
0HDVXUHGYDOXHGLV
SOD\HGLQJUHHQZKHQ
ERWKFRQWURORXWSXWV
DQGDUH2))
0HDVXUHGYDOXHGLV
SOD\HGLQUHGZKHQHLWKHU
FRQWURORXWSXWRUFRQWURO
RXWSXWLV21
6WDUWXSWLPH
'LVSOD\
&RPSDULVRQ
YDOXH
ORZHUOLPLW
3RZHUVXSSO\
2XWSXW
ORZHUOLPLW
7LPH