2SHUDWLRQVHOHFWLRQIXQFWLRQ3UWR3U
2SHUDWLRQVHOHFWLRQIXQFWLRQ3UWR3U2SHUDWLRQVHOHFWLRQIXQFWLRQ3UWR3U
2SHUDWLRQVHOHFWLRQIXQFWLRQ3UWR3U
3
33
3$
$$
$5
55
5$
$$
$0
00
0(
((
(7
77
7(
((
(5
55
56
66
6
D :KHQ3UVSHHGVHWWLQJVLJQDOYDOXHLV
7KHYROWDJHDFURVVWHUPLQDOVLVDGGHGWRWKHYROWDJHVLJQDOSRVLWLYHDFURVVWHUPLQDOV,IWKHUHVXOWRI
DGGLWLRQLVQHJDWLYHLWLVUHJDUGHGDVDQGWKHPRWRUFRPHVWRDVWRS
E :KHQ3UVSHHGVHWWLQJVLJQDOYDOXHLV
7KHSRODULW\UHYHUVLEOHRSHUDWLRQIXQFWLRQLVVHOHFWHG
7KHYROWDJHVLJQDODFURVVWHUPLQDOVLVDGGHGWRWKHYROWDJHVLJQDOSRVLWLYHDFURVVWHUPLQDOV$SRVLWLYH
DGGLWLRQUHVXOWWXUQVWKHPRWRULQWKHIRUZDUGURWDWLRQGLUHFWLRQZKHQWKH67)WHUPLQDOWXUQVRQRUDQHJDWLYH
UHVXOWWXUQVLWLQWKHUHYHUVHURWDWLRQGLUHFWLRQZKHQWKH67)WHUPLQDOWXUQVRQ7KHFRPSHQVDWLRQVLJQDORI
WHUPLQDOFDQDOVREHDGGHGWRWKHPXOWLVSHHGVHWWLQJ
$X[LOLDU\,QSXW&KDUDFWHULVWLFV
$X[LOLDU\,QSXW&KDUDFWHULVWLFV$X[LOLDU\,QSXW&KDUDFWHULVWLFV
$X[LOLDU\,QSXW&KDUDFWHULVWLFV
0XOWLVSHHGLQSXWFRPSHQVDWLRQ
%\VHWWLQJLQ3UPXOWLVSHHGLQSXWFRPSHQVDWLRQVHOHFWLRQIDFWRU\VHWWLQJWKHVSHHGIURPWKHDX[LO
LDU\LQSXWWHUPLQDOLVDGGHGZKHQPXOWLVSHHGRSHUDWLRQLVSHUIRUPHG5HIHUWRSDJH
,QYHUWHU2XWSXW$FFRUGLQJWR6WDUW6LJQDODQG$X[LOLDU\,QSXW7HUPLQDO3RODULW\
,QYHUWHU2XWSXW$FFRUGLQJWR6WDUW6LJQDODQG$X[LOLDU\,QSXW7HUPLQDO3RODULW\,QYHUWHU2XWSXW$FFRUGLQJWR6WDUW6LJQDODQG$X[LOLDU\,QSXW7HUPLQDO3RODULW\
,QYHUWHU2XWSXW$FFRUGLQJWR6WDUW6LJQDODQG$X[LOLDU\,QSXW7HUPLQDO3RODULW\
3U6HWWLQJ
3U6HWWLQJ3U6HWWLQJ
3U6HWWLQJ
$GGHG&RPPDQG
$GGHG&RPPDQG$GGHG&RPPDQG
$GGHG&RPPDQG
9ROWDJH
9ROWDJH9ROWDJH
9ROWDJH
6WDUW6LJQDO,QSXW
6WDUW6LJQDO,QSXW6WDUW6LJQDO,QSXW
6WDUW6LJQDO,QSXW
67)6'
67)6'67)6'
67)6' 6756'
6756'6756'
6756'
+
)RUZDUGURWDWLRQ 5HYHUVHURWDWLRQ
−
6WRS 6WRS
+
)RUZDUGURWDWLRQ 5HYHUVHURWDWLRQ
−
5HYHUVHURWDWLRQ )RUZDUGURWDWLRQ
2YHUULGH
)RUWKHDERYHFRPSHQVDWLRQLQSXWWKHIL[HGFRPSHQ
VDWLRQDPRXQWLVDSSOLHGWRHDFKVSHHG
8VLQJWKHRYHUULGHIXQFWLRQ HDVLO\YDULHVHDFKVSHHG
HTXDOO\
%\VHWWLQJHLWKHURULQ3URYHUULGHDOORZVWKH
SDUDPHWHUVHW PXOWLSOH VSHHGV DQG DQDORJ LQSXW
DFURVV WHUPLQDOV WR EH YDULHG HTXDOO\ ZLWKLQ WKH
UDQJHWR7KHUDQJHFDQEHLQFUHDVHGZLWK
3UDQG3UE\WKHDQDORJVLJQDOLQSXWDFURVV
WHUPLQDOV
+RZWRILQGHDFKVSHHG1
2YHUULGH6HWWLQJ6LJQDOYV&RPSHQVDWLRQ$PRXQW
2YHUULGH6HWWLQJ6LJQDOYV&RPSHQVDWLRQ$PRXQW2YHUULGH6HWWLQJ6LJQDOYV&RPSHQVDWLRQ$PRXQW
2YHUULGH6HWWLQJ6LJQDOYV&RPSHQVDWLRQ$PRXQW
0XOWLVSHHG2YHUULGH2SHUDWLRQ
0XOWLVSHHG2YHUULGH2SHUDWLRQ0XOWLVSHHG2YHUULGH2SHUDWLRQ
0XOWLVSHHG2YHUULGH2SHUDWLRQ
2XWSXWVSHHG
:KHQYROWDJH
DFURVVWHUPLQDOV
LV9
:KHQYROWDJH
DFURVVWHUPLQDOV
LV9
9
7HUPLQDO
99
)RUZDUG
URWDWLRQ
)RUZDUG
URWDWLRQ
D:KHQ3UVHWWLQJLV
9
9
99
:KHQ
67)6'
LVRQ
E:KHQ3UVHWWLQ
LV
5HYHUVH
URWDWLRQ
9
7HUPLQDO
:KHQYROWDJH
DFURVVWHUPLQDOV
LV9
:KHQYROWDJH
DFURVVWHUPLQDOV
LV9
2XWSXWVSHHG
KHQ
67)6'
LVRQ
5HYHUVH
URWDWLRQ
)RUZDUG
URWDWLRQ
)RUZDUG
URWDWLRQ
1 1
SU
1SU6SHHGVHWWLQJ>UPLQ@
>UPLQ@
0XOWLSOHVSHHGV
$QDORJLQSXWDFURVVWHUPLQDOV
2YHUULGHFRPSHQVDWLRQDPRXQW>@
$QDOR
LQ
XWDFURVVWHUPLQDOV
9
&RPSHQVDWLRQDPRXQW
7HUPLQDO
+LJK
VSHHG
0LGGOH
VSHHG
/RZ
VSHHG
&RPSHQVDWLRQUDQJH
E\RYHUULGH
7LPH
2XWSXW
VSHHG
UPLQ