Download as pdf or txt
Download as pdf or txt
You are on page 1of 5

$&87($67+0$

$/LWWOH,QIOXHQ]DD%LJ$VWKPD$WWDFN/HYHO,
5HEHFFD63HWWLW3KDUP'0%$%&36%&336

/($51,1*2%-(&7,9(6
$IWHUFRPSOHWLQJWKLVFDVHVWXG\WKHUHDGHUVKRXOGEHDEOHWR

ߧ5HFRJQL]HWKHVLJQVDQGV\PSWRPVRIDQDFXWHDVWKPDH[DFHUEDWLRQ
ߧ)RUPXODWHWKHUDSHXWLFHQGSRLQWVEDVHGRQWKHLQLWLDWLRQRIDSKDUPDFRWKHUDS\SODQXVHGWRWUHDWWKH
DFXWHDVWKPDV\PSWRPV
ߧ,GHQWLI\DSSURSULDWHGRVDJHIRUPVHOHFWLRQEDVHGRQWKHSDWLHQWߞVDJHDELOLW\WRWDNHPHGLFDWLRQRU
DGKHUHQFHWRWHFKQLTXH
ߧ'HWHUPLQHDQDSSURSULDWHKRPHSKDUPDFRWKHUDS\SODQLQFOXGLQJGLVFKDUJHFRXQVHOLQJDVWKHSDWLHQW
QHDUVGLVFKDUJHIURPDKRVSLWDOVHWWLQJ

3$7,(1735(6(17$7,21

&KLHI&RPSODLQW
ߡ0\GDXJKWHUKDVKDGDEDGIHYHUDQGQRZVKHLVKDYLQJWURXEOHEUHDWKLQJDQGDOEXWHUROGRHVQߞWKHOSߢ

+3,
7HUUL&ROOLQVLVDQ\HDUROG$IULFDQ$PHULFDQJLUOZKRSUHVHQWVWRWKH('ZLWKDGD\KLVWRU\RI
IHYHUVPDODLVHDQGQRQSURGXFWLYHFRXJK7KHPRWKHUJDYHDFHWDPLQRSKHQDQGLEXSURIHQWRKHOSFRQWURO
WKHIHYHU0RWKHUVWDWHGWKDWߡDORWRIRWKHUNLGVLQKHUFODVVKDYHEHHQVLFNWKLVIDOOWRRߢ7HUULVWDUWHG
KDYLQJWURXEOHEUHDWKLQJWKHPRUQLQJRIDGPLVVLRQDQGWKHPRWKHUJDYHKHUDOEXWHUROPJYLD
QHEXOL]DWLRQWZLFHZLWKLQDQKRXU7HUULVWLOOVRXQGHGZKHH]\WRWKHPRWKHUDIWHUWKHDOEXWHURODQG7HUUL
VWDWHGLWZDVߡKDUGWREUHDWKߢ7HUULZDVSUHYLRXVO\ZHOOFRQWUROOHGUHJDUGLQJDVWKPDV\PSWRPV3UHYLRXV
FOLQLFQRWHVUHSRUWHGV\PSWRPVGXULQJWKHGD\RQO\ZLWKDFWLYHSOD\DWVFKRRORUDWKRPHDQGUDUH
QLJKWWLPHV\PSWRPV6KHXVHV351DOEXWHUROWRKHOSZLWKV\PSWRPVDIWHUSOD\LQJ+HUDVVHVVPHQWLQWKH
HPHUJHQF\GHSDUWPHQWUHYHDOHG7HUULWRKDYHODERUHGEUHDWKLQJVXFKWKDWVKHFRXOGRQO\FRPSOHWHIRXU
WRILYHZRUGVHQWHQFHV6KHKDGVXEFRVWDOUHWUDFWLRQVWUDFKHDOWXJJLQJZLWKWDFK\SQHDDWEUHDWKVPLQ
+HURWKHUYLWDOVLJQVZHUHDKHDUWUDWHRIESPEORRGSUHVVXUHRIWHPSHUDWXUHRIp&DQG
DZHLJKWRINJ7KHLQLWLDOR[\JHQVDWXUDWLRQZDVDQGVKHZDVVWDUWHGRQR[\JHQDW/PLQYLD
QDVDOFDQQXOD%LODWHUDOH[SLUDWRU\DQGLQVSLUDWRU\ZKHH]HVZHUHQRWHGRQH[DPLQDWLRQ$FKHVW[UD\
UHYHDOHGDULJKWORZHUOREHFRQVROLGDWLRQFRQVLVWHQWZLWKSQHXPRQLDDQGSRVVLEOHHIIXVLRQ$IWHU
UHFHLYLQJWKUHHDOEXWHUROLSUDWURSLXPQHEXOL]DWLRQVKHUEUHDWKVRXQGVDQGR[\JHQDWLRQGLGQRWLPSURYH
VRVKHZDVVWDUWHGRQDOEXWHUROYLDFRQWLQXRXVQHEXOL]DWLRQDWPJKRXUDQGKHUR[\JHQZDVWLWUDWHGWR
/PLQ6KHZDVDOVRJLYHQDGRVHRIPJ,9PHWK\OSUHGQLVRORQHDQGDGRVHRIPJ,9PDJQHVLXP
VXOIDWH7HUULZDVWKHQWUDQVIHUUHGWRWKH3,&8IRUIXUWKHUWUHDWPHQWDQGPRQLWRULQJ

30+
$VWKPDODVWKRVSLWDOL]DWLRQ\HDUVDJRDQGKDVKDGWZRFRXUVHVRIRUDOFRUWLFRVWHURLGVLQWKHSDVW\HDU

)+
$VWKPDRQIDWKHUߞVVLGHRIWKHIDPLO\

6+
/LYHVZLWKPRWKHUIDWKHUDQGWZRVLEOLQJVERWKRIZKRPKDYHDVWKPD7KHUHDUHWZRFDWVDQGDGRJLQ
WKHKRPH)DWKHULVDVPRNHUEXWVWDWHVWKDWKHWULHVWRVPRNHRXWVLGHDQGQRWDURXQGWKHNLGV6KHLVLQWKH
VHFRQGJUDGHDQGLVYHU\DFWLYHRQWKHSOD\JURXQG

0HGV
$OEXWHUROPJQHEXOL]HG4ߙ+351ZKHH]LQJ
)OXWLFDVRQHSURSLRQDWHPFJ0',WZRSXIIV%,'
$FHWDPLQRSKHQPJP/ߚP/4+351IHYHU
,EXSURIHQPJP/ߚP/4+351IHYHU

$OO
1.$

526
 )HYHUFRXJKLQFUHDVHGZRUNRIEUHDWKLQJ

3K\VLFDO([DPLQDWLRQ
*HQ
$OHUWDQGRULHQWHGEXWLQPLOGGLVWUHVVZLWKGLIILFXOW\EUHDWKLQJ

96
%337p&552VDWRQ/PLQQDVDOFDQQXOD

6NLQ
1RUDVKHVQREUXLVHV

+((17
1&$73(55/$

1HFN/1
6RIWVXSSOHQRFHUYLFDOO\PSKDGHQRSDWK\

&KHVW
:KHH]HVWKURXJKRXWDOOOXQJILHOGVVWLOOZLWKVXEFRVWDOUHWUDFWLRQV

&9
555QRPUJ

$EG
6RIW171'
([W
1RFOXEELQJRUF\DQRVLV

1HXUR
$ 2QRIRFDOGHILFLWV

/DEV

5HVSLUDWRU\YLUDOSDQHOQDVDOVZDESRVLWLYHIRULQIOXHQ]D$ SUREDEO\+1VWUDLQ

&KHVW;5D\
5//FRQVROLGDWLRQ

$VVHVVPHQW
$VWKPDH[DFHUEDWLRQZLWKYLUDOSQHXPRQLD

48(67,216

3UREOHP,GHQWLILFDWLRQ
D&UHDWHDOLVWRIWKHSDWLHQWߞVGUXJUHODWHGSUREOHPV
E:KDWLQIRUPDWLRQ VLJQVV\PSWRPVODERUDWRU\YDOXHV LQGLFDWHVWKHVHYHULW\RIWKHDFXWHDVWKPD
DWWDFN"

'HVLUHG2XWFRPH
:KDWDUHWKHDFXWHJRDOVRISKDUPDFRWKHUDS\LQWKLVFDVH"

7KHUDSHXWLF$OWHUQDWLYHV
D:KDWQRQGUXJWKHUDSLHVPLJKWEHXVHIXOIRUWKLVSDWLHQW"
E:KDWIHDVLEOHSKDUPDFRWKHUDSHXWLFDOWHUQDWLYHVDUHDYDLODEOHIRUWKHWUHDWPHQWRIDFXWHDVWKPD"

2SWLPDO3ODQ
D:KDWGUXJGRVDJHIRUPGRVHVFKHGXOHDQGGXUDWLRQRIWKHUDS\DUHEHVWIRUWKLVSDWLHQWߞVDFXWH
DVWKPDH[DFHUEDWLRQ"
E:KDWRWKHUSKDUPDFRWKHUDS\ZRXOG\RXUHFRPPHQGLQWKHDFXWHWUHDWPHQWRIWKLVSDWLHQW"
&/,1,&$/&2856(
:LWKLQKRXUVRILQLWLDWLRQRIWKHWUHDWPHQWSODQIRUPDQDJHPHQWRIWKHDFXWHH[DFHUEDWLRQ7HUULZDV
VWDEOHHQRXJKWRWUDQVIHUWRWKHJHQHUDOSHGLDWULFIORRU+HUYLWDOVLJQVZHUH%33557
p&DQG2VDWRQ/PLQQDVDOFDQQXOD0RWKHUVWDWHVWKDWVKHLVDEOHWRVSHDNLQIXOOVHQWHQFHV
QRZDQGQRORQJHUVHHPVWRKDYHWURXEOHEUHDWKLQJ
F:KDWGUXJGRVDJHIRUPGRVHVFKHGXOHDQGGXUDWLRQRIWKHUDS\DUHEHVWIRUWKLVSDWLHQWߞVGLVFKDUJH
SODQ"

2XWFRPH(YDOXDWLRQ
D2QFHWKHSDWLHQWKDVWUDQVIHUUHGWRWKHJHQHUDOPHGLFDOIORRUDQGKHUYLWDOVKDYHLPSURYHG VHHWKH
VHFWLRQߡ&OLQLFDO&RXUVHߢ ZKDWFOLQLFDODQGODERUDWRU\SDUDPHWHUVDUHQHFHVVDU\WRHYDOXDWHWKH
WKHUDS\IRUDFKLHYHPHQWRIWKHGHVLUHGWKHUDSHXWLFRXWFRPHDQGWRGHWHFWRUSUHYHQWDGYHUVHHIIHFWV
DWWKDWSRLQWLQWKHSDWLHQWߞVFDUH"
E:KDWFOLQLFDOSDUDPHWHUVDUHQHFHVVDU\WRHYDOXDWHWKHHIILFDF\RIWKHSDWLHQWߞVDVWKPDWKHUDS\DIWHU
KRVSLWDOGLVFKDUJH"

3DWLHQW(GXFDWLRQ
D:KDWVKRXOGWKHIDPLO\PRQLWRUIRUUHJDUGLQJWKHSRWHQWLDODGYHUVHHIIHFWVIURPWKHGUXJWKHUDS\DQG
KRZVKRXOGWKH\EHFRXQVHOHGRQWKHXVHRIWKHDVWKPDPHGLFDWLRQVHVSHFLDOO\UHJDUGLQJWKH
GLIIHUHQFHVEHWZHHQTXLFNUHOLHIDQGFRQWUROOHUPHGLFDWLRQV"
E'HVFULEHWKHLQIRUPDWLRQWKDWVKRXOGEHSURYLGHGWRWKHIDPLO\UHJDUGLQJPHGLFDWLRQGHOLYHU\
WHFKQLTXHDQGSRVVLEOHDVWKPDWULJJHUV

)2//2:8348(67,216
6KRXOGDQ\FRXJKDQGFROGSURGXFWVEHXVHGIRUDVWKPDV\PSWRPV":K\RUZK\QRW"
:KDWLQIRUPDWLRQVKRXOGEHJLYHQWRSDWLHQWVIDPLOLHVUHJDUGLQJLQIOXHQ]D"
:KDWLQIRUPDWLRQFDQEHJLYHQWRIDPLOLHVZKRDUHFRQFHUQHGDERXWJLYLQJWKHLUFKLOGߡVWHURLGVߢIRU
DVWKPDWUHDWPHQW HLWKHULQDQDFXWHDVWKPDH[DFHUEDWLRQRUIRUFRQWUROOHUWKHUDS\ "

6(/)678'<$66,*10(176
5HVHDUFKWKHHIILFDF\RIV\VWHPLFFRUWLFRVWHURLGVIRUWUHDWPHQWRIDFXWHDVWKPDH[DFHUEDWLRQZKHQ
JLYHQLQWUDYHQRXVO\YHUVXVRUDOO\ HQWHUDOO\ 
'LVFXVVWKHGLIIHUHQFHVLQDFXWHDVWKPDH[DFHUEDWLRQV\PSWRPVLQDQDGXOWSDWLHQWYHUVXVDSHGLDWULF
SDWLHQWDQGGHVFULEHZKHQ\RXZRXOGUHIHUDSDWLHQW RUIDPLO\ WRWKHSK\VLFLDQRUHPHUJHQF\
GHSDUWPHQWEDVHGRQDQLQGLYLGXDOL]HGDVWKPDDFWLRQSODQ
'LVFXVVWKHDSSURSULDWHXVHRI,9PDJQHVLXPLQDQDFXWHDVWKPDH[DFHUEDWLRQ

&/,1,&$/3($5/
)RUSURSHUWUHDWPHQWRIDQDFXWHDVWKPDH[DFHUEDWLRQWKHSDWLHQW RUIDPLO\ QHHGVWREHDZDUHRIWKHILUVW
V\PSWRPVRIDQH[DFHUEDWLRQDQGSRVVLEOHWULJJHUV$WWKLVSRLQWWKHSDWLHQW IDPLO\ VKRXOGLQLWLDWHKHU
DVWKPDDFWLRQSODQWRPLQLPL]HWKHV\PSWRPVGXUDWLRQRIGUXJWKHUDS\DQGVHYHULW\RIWKHH[DFHUEDWLRQ
7KLVLQWXUQVKRXOGGHFUHDVHWKHQXPEHURIVHYHUHH[DFHUEDWLRQVDQGKRVSLWDODGPLVVLRQV
$&.12:/('*0(17
6SHFLDOWKDQNVWR-HQQLIHU'RQDOGVRQ3KDUP'IRUKHUFRQWULEXWLRQLQWKHLQLWLDOGHYHORSPHQWRIWKLVFDVH

5()(5(1&(6
%DVQHW60DQGHU*$QGRK-HWDO6DIHW\HIILFDF\DQGWROHUDELOLW\RIHDUO\LQLWLDWLRQRIQRQLQYDVLYH
SRVLWLYHSUHVVXUHYHQWLODWLRQLQSHGLDWULFSDWLHQWVDGPLWWHGZLWKVWDWXVDVWKPDWLFXVDSLORWVWXG\
3HGLDWU&ULW&DUH0HGߙ
1DWLRQDO$VWKPD(GXFDWLRQDQG3UHYHQWLRQ3URJUDP([SHUW3DQHOUHSRUWJXLGHOLQHVIRUWKH
GLDJQRVLVDQGPDQDJHPHQWRIDVWKPD%HWKHVGD0'1DWLRQDO,QVWLWXWHVRI+HDOWK$YDLODEOHDW
KWWSZZZQKOELQLKJRYJXLGHOLQHVDVWKPDDVWKJGOQKWP$FFHVVHG0DUFK
$OGLQJWRQ6%HDVOH\5$VWKPDH[DFHUEDWLRQVDVVHVVPHQWDQGPDQDJHPHQWRIVHYHUHDVWKPDLQ
DGXOWVLQKRVSLWDO7KRUD[ߙ
$QGUHZ70F*LQWHH(0LWWDO0.HWDO+LJKGRVHFRQWLQXRXVQHEXOL]HGOHYDOEXWHUROIRUSHGLDWULF
VWDWXVDVWKPDWLFXVDUDQGRPL]HGWULDO-3HGLDWUߙ
9H]LQD.&KDXKDQ%)'XFKDUPH)0,QKDOHGDQWLFKROLQHUJLFVDQGVKRUWDFWLQJEHWD  DJRQLVWV
YHUVXVVKRUWDFWLQJEHWDDJRQLVWVDORQHIRUFKLOGUHQZLWKDFXWHDVWKPDLQKRVSLWDO&RFKUDQH
'DWDEDVH6\VW5HYߙ
5RZH%+&DPDUJR&$7KHUROHRIPDJQHVLXPVXOIDWHLQWKHDFXWHDQGFKURQLFPDQDJHPHQWRI
DVWKPD&XUU2SLQ3XOP0HGߙ
.RNRWDMOR6'HJQDQ/0H\HUV5HWDO8VHRILQWUDYHQRXVPDJQHVLXPVXOIDWHIRUWKHWUHDWPHQWRIDQ
DFXWHDVWKPDH[DFHUEDWLRQLQSHGLDWULFSDWLHQWV-3HGLDWU3KDUPDFRO7KHU  ߙ
/LQN+:3HGLDWULFDVWKPDLQDQXWVKHOO3HGLDWU5HY  ߙ
5DQN0$/L-7&OLQLFDOSHDUOVIRUSUHYHQWLQJGLDJQRVLQJDQGWUHDWLQJVHDVRQDODQG+1
LQIOXHQ]DLQIHFWLRQVLQSDWLHQWVZLWKDVWKPD-$OOHUJ\&OLQ,PPXQROߙ

You might also like