Download as pdf or txt
Download as pdf or txt
You are on page 1of 75

MOHAMAD SHALEHUDIN BIN MOHAMAD NODIN



35,17 *2
Drills Training For
Goalkeeping Techniques Preparation
Improving Goalkeeping Skills
35$&7,&(3/$16 '5,//6

*2$/.((3,1*
,QWHUPHGLDWH 8S
7$%/(2)&217(176

$FNQRZOHGJHPHQW      
,QWURGXFWLRQ       
2XU3KLORVRSK\       
8VDJH5HFRPPHQGDWLRQV     
3UDFWLFHV6XPPDU\0DWUL[     
6HDVRQ3UDFWLFH6HTXHQFHV     
3ULQW *R3UDFWLFHV      
x &DWFKLQJ'LYLQJ%UHDNDZD\V'LVWULEXWLRQ 
x 5HDFWLRQ)OH[LELOLW\'LYLQJ:DOO   
x 'LYLQJ-XPSLQJ&RUQHUVY   
x -XPSLQJ'LYLQJ$EGRPLQDOV3DVV%DFNV  
x 6WUHQJWK+LJK%DOOV*RDO.LFNV5HDGLQJ3OD\ 
x %DOO+DQGOLQJ/HJ6WUHQJWK'LYHV&URVVHV 
x 5HÀH['LYHV/HJ6WUHQJWK'LVWULEXWLRQ  
x $JLOLW\&KDQJHRI'LUHFWLRQ'LYHV3HQDOWLHV 
x &RQWLQXRXV'LYLQJUHDFWLRQ2UJDQL]LQJ3OD\ 
x &DWFKLQJ%DFN'LYHV$QJOHV/RQJ%DOOV  
:DUP8SV        
x &DWFKLQJ'LYLQJ      
x )OH[LELOLW\&RRUGLQDWLRQ    
x &RRUGLQDWLRQ&DWFKLQJ     
x -XPSLQJ$EGRPLQDO6WUHQJWK    
x -XPSLQJ)OH[LELOLW\     
x %DOO+DQGOLQJ5HDFWLRQ     
x /HJ6WUHQJWK&DWFKLQJ     
x $JLOLW\&DWFKLQJ5HFRYHU\    
x &DWFKLQJ-XPSLQJ'LYLQJ    
x &DWFKLQJ5XQQLQJ3DVVLQJ    
7HFKQLTXH'ULOOV       
x 'LYLQJ'LVWULEXWLRQ     
x 5HDFWLRQ'LYHV      
x -XPSLQJ'LYLQJ      
x %DFNZDUG'LYHV      
x 'LYLQJDIWHU0RWLRQ     
x 7XUQ GLYH%RXQFLQJ%DOOV    
x 5HÀH['LYHV      
x &KDQJH'LUHFWLRQ 'LYH    
x &RQWLQXRXVVDYHV      
x 'LDJRQDO%DFNZDUG'LYHV    
7$%/(2)&217(176

)LWQHVV'ULOOV       
x 'LYLQJ5HFRYHULQJ     
x &LUFOH'LYHV      
x -XPSIURPO\LQJSRVLWLRQ    
x -XPSLQJDQG'LYLQJ     
x 5XQ-XPS&URXFK7KURZ    
x 6LGHZD\V+RSVDQG'LYH    
x 6SULQW-XPS'LYH     
x %DODQFH6SULQW'LYH     
x 7ULSOH'LYH5HFRYHU\'LYH    
x 5DSLG)LUH       
7DFWLFDO'ULOOV       
x %UDNDZD\V       
x 6HWWLQJ8SD:DOO      
x &RUQHU.LFNV      
x 3DVV%DFNV       
x *RDO.LFNV       
x &URVVHV       
x :LGH'LVWULEXWLRQ7KURZV    
x 3HQDOW\.LFNV      
x 2UJDQL]LQJ3OD\      
x /RQJ%DOOV,QFRPLQJ     
6FULPPDJHV       
x  YIURPWZRVLGHVRIJRDO   
x  YLQSHQDOW\DUHD    
x  YRUY      
x  YRQWZRJRDOV     
x  YZLWKEDOOV     
x  FURVVLQJDQGYLQSHQDOW\ER[  
x  [YLQSHQDOW\ER[    
x  *.LQY      
x  Y       
x  YLQSHQDOW\ER[    
$&.12:/('*(0(176

7KLVERRNLVGHGLFDWHGWRDOOFRDFKHVSOD\HUVSDUHQWVDQGRI¿FLDOVZLWKRXWZKRVHSDVVLRQIRUVRFFHUWKHJUHDWHVW
JDPHLQWKHZRUOGFRXOGQRWH[LVW

:HWKDQNDOOWKHWHDPVJRDONHHSHUVSOD\HUVDQGFRDFKHVWKDWKDYHSDUWLFLSDWHGLQGHYHORSLQJWKHSUDFWLFH
VHVVLRQVDQGXVHGWKHPRQWKH¿HOGWRPDNHVXUHWKH\ZRUN

Last but not least, to my brilliant and beautiful wife without whom I would
be nothing. She always comforts and consoles, never complains or
interferes, asks nothing, and endures all. She also writes my dedications.
,QWURGXFWLRQ

7KHLGHDIRU3ULQW *RSUDFWLFHVFDPHIURPDUHFRJQLWLRQWKDWVRPHWKLQJZDVPLVVLQJIRUVRFFHUFRDFKHV
DPRQJVWDOOWKHWUDLQLQJPDWHULDOVDQGUHVRXUFHVDYDLODEOH

<RXSUREDEO\KDYHERRNVDQGYLGHRVIXOORIVRFFHUGULOOVDQGSUDFWLFHLGHDV

%XWZKDWDERXWVRFFHUJRDONHHSLQJGULOOVDQGSUDFWLFHSODQV"0RVWFRDFKHVKDYHSOD\HGWKHJDPHDQGFDQSXOO
VRPHWKLQJWRJHWKHUIRUDUHJXODUWHDPSUDFWLFH+RZHYHUIHZFRDFKHVKDYHEHHQJRDONHHSHUV4XLWHRIWHQ
GXULQJWHDPSUDFWLFHVJRDONHHSHUVDUHOHIWWRWKHPVHOYHVKDYHVRPHRQHWDNHVKRWVRUWKH\SDUWLFLSDWHLQUHJXODU
GULOOV5DUHO\GRWHDPVKDYHVSHFLDOL]HGJRDONHHSHUFRDFKHV:KHWKHU\RXGRRUQRWZHWKRXJKWWRKHOS\RXRXW
E\GHYHORSLQJFRPSOHWHSUDFWLFHSODQVIRU\RXUJRDONHHSHU

:HKDYHSXOOHGWRJHWKHUDVHULHVRIGULOOVFRYHULQJDOODVSHFWVRIVRFFHUJRDONHHSLQJDQGFRPELQHGWKHPLQWR
FKDOOHQJLQJDQGH[FLWLQJSUDFWLFHVHVVLRQV7KHGULOOVDUHH[SODLQHGLQDZD\WKDW\RXGRQRWQHHGWREHD
JRDONHHSHUWRUXQWKHP+RZHYHULI\RXKDYHJRDONHHSLQJH[SHULHQFH\RXZLOOEHDEOHWRDGGWRWKHSUDFWLFH
XVLQJ\RXUVNLOOV

7KHUHDUHVHYHUDODGYDQWDJHVWRXVLQJVSHFLDOJRDONHHSHUSUDFWLFHVGXULQJ\RXUWHDPSUDFWLFHRURQVHSDUDWH
RFFDVLRQV

³ <RXUJRDONHHSHUVZLOOJHWEHWWHUZLWKRXWDGRXEW2XUSUDFWLFHVDUHGHVLJQHGWRGHYHORSDOOSK\VLFDO
 VNLOOWDFWLFDODQGPHQWDODVSHFWVRIJRDONHHSLQJ
³ <RXUJRDONHHSHUVZLOOIHHOVSHFLDOEHFDXVHVRPHRQHLVDFWXDOO\UHFRJQL]LQJWKHPDVDGLVWLQFW\HW
 LPSRUWDQWFRQWULEXWRUWRWKHWHDP
³ <RXUJRDONHHSHUZLOOJDLQFRQ¿GHQFH
³ <RXUWHDPZLOOJDLQFRQ¿GHQFH
³ <RXUJRDOVDJDLQVWZLOOJRGRZQDQG\RXUVXFFHVVZLOOLQFUHDVH

2XU DQGQRZ\RXU SUDFWLFHVDUHGHVLJQHGIRUJRDONHHSHUVZKRKDYHVRPHEDVLFXQGHUVWDQGLQJRIWKHSRVLWLRQ


DQGZKRDUHLQWHUHVWHGWRLPSURYHWKHLUVNLOO

7KLVERRNLVQRWDERXWWHDFKLQJWKHYHU\EDVLFVVXFKDVKDQGSRVLWLRQ³UHDG\SRVLWLRQ´DQGSUHFLVHGLYLQJ
WHFKQLTXH7KHUHDUHUHVRXUFHVIRUWKDWVXFKDVJRDONHHSLQJFOLQLFVZHEVLWHVDQGERRNV7KLVERRNLVDERXW
KDYLQJWKHGULOOVDQGSUDFWLFHVWRWDNH\RXUJRDONHHSHUWRWKHQH[WOHYHO

2YHUWLPHZHZLOODXJPHQWWKHSULQWHGPDWHULDOLQWKLVERRNE\SLFWXUHVRIVWUHWFKHVDQGEDVLFWHFKQLTXHVRQ
RXUZHEVLWHZZZVRFFHUSUDFWLFHERRNVFRP

:HUHFRPPHQGWKLVERRNIRUDJHVDQGXSLQFOXGLQJ+LJK6FKRRODQG&ROOHJHWHDPV

7KHVHSUDFWLFHVDQGGULOOVKDYHEHHQUXQZLWK\HDUROGER\V¶WHDPV\HDUROGJLUOV¶WHDPVDQG
&ROOHJHWHDPV:HKRSH\RXZLOOHQMR\\RXUVHDVRQ
2XU3KLORVRSK\

3UDFWLFHVQHHGWREHIXQIRUSOD\HUVDQGFRDFKHV'ULOOVPXVWEHLQWHUHVWLQJDQGYDU\DFURVVVNLOOVWDFWLFV
VWUDWHJLHVPHQWDODQGSK\VLFDO¿WQHVVDQGWHDPEXLOGLQJ

.HHSHUVQHHGWREHEXV\ZLWKDEDOODWDOOWLPHVWRPD[LPL]HWKHQXPEHURIWRXFKHVWKH\JHWZLWKWKHEDOO

3UDFWLFHVPXVWÀRZDQGWLPHPXVWQRWEHZDVWHGE\WKHFRDFKVHWWLQJXSRUWKLQNLQJDERXWGULOOV

3UDFWLFHVDQGGULOOVPXVWKDYHDSXUSRVH

*RDONHHSHUVUHTXLUHVRPHZKDWVSHFLDODWWHQWLRQDVWKHLUMRELVGLI¿FXOWDQGFDQEHWKDQNOHVV$JRDONHHSLQJ
PLVWDNHFDQFRVWWKHWHDPDJDPHZKLOHHYHU\RWKHUSOD\HU¶VPLVWDNHZLOOOLNHO\QHYHUEHUHPHPEHUHG7KLV
UHVSRQVLELOLW\SXWVVSHFLDOSUHVVXUHRQWKHNHHSHUDQGUHTXLUHVDSDUWLFXODUIRFXVDQGPHQWDOWRXJKQHVVZKLOHDW
WKHVDPHWLPHEHLQJFDOPDQGUHOD[HGWRGHDOZLWKJDPHVLWXDWLRQV

:HVXJJHVW\RXGHGLFDWHDQDVVLVWDQWFRDFKRUDYROXQWHHUSDUHQWRUIULHQGWRZRUNZLWK\RXUJRDONHHSHU V 
GXULQJUHJXODUSUDFWLFH7KLVDOORZV\RXWRFRRUGLQDWHWKHNHHSHUGULOOVZLWKWKRVHRIWHDPVLQFHVRPHRIWKH
JRDONHHSHUH[HUFLVHVUHTXLUHRWKHUSOD\HUV<RXFDQDOVRPRGLI\WKHVFULPPDJHGULOOVWR¿WLQZLWKWKHGULOOV\RX
DUHUXQQLQJIRUWKHWHDP$OWHUQDWLYHO\\RXFDQLQVHUW\RXUJRDONHHSHUVLQWRVXLWDEOHGULOOVEHLQJFDUHIXOWKDW
WKH\UHFHLYHWKHVDPHOHYHORIVSHFL¿FLQVWUXFWLRQDVGRHVWKHWHDP,GHDOO\\RXZRXOGKDYHDJRDONHHSHUFRDFK
ZKRFDQQRWRQO\ZRUNZLWKWKHNHHSHUEXWZKRZLOOEXLOGWKHHYHULPSRUWDQWUHODWLRQVKLSZLWKWKHJRDONHHSHU
DQGZKRFDQIRFXVRQGHYHORSLQJWKH³ULJKWPLQGVHW´IRU\RXUNHHSHU

<RXFDQDOVRVFKHGXOHVHSDUDWHJRDONHHSHUSUDFWLFHV%HDZDUHRIWKHGULOOVWKDWUHTXLUH¿HOGSOD\HUVDQGHLWKHU
PRGLI\WKHPRUUHFUXLWYROXQWHHUVWRSOD\WKHVHUROHV<RXFDQDOVRPL[DQGPDWFKWKHGULOOVWRVXLWWKHQXPEHU
RIVXSSRUWSOD\HUV\RXZLOOKDYHDYDLODEOH

:HVXJJHVWWKDWHDFKSUDFWLFHVWDUWVZLWKDEULHIPHHWLQJEHWZHHQFRDFKDQGNHHSHU V LQZKLFKWKHWKHPHRI
WKHSUDFWLFHLVFRPPXQLFDWHG

7KHQVWDUWZLWKDZDUPXS<RXZLOOQRWLFHWKDWRXUZDUPXSVDOUHDG\LQFRUSRUDWHWKHWKHPHRIWKHSUDFWLFH
ORWVRIEDOOZRUN¿WQHVVDQGWKLQNLQJH[HUFLVHVLQDSXUHO\JRDONHHSLQJZD\1RUHSHWLWLYHUXQQLQJQRWPDQ\
H[HUFLVHVZLWKRXWDEDOODQGLIVRWKHQWKH\DUHIXQDQGFKDOOHQJLQJ
:HKDYHFXVKLRQHGWKH¿WQHVVVHFWLRQEHWZHHQWHFKQLFDODQGWDFWLFDOGULOOV7KHUHDVRQLVWKDWZHZDQWNHHSHUV
WREHSURSHUO\ZDUPHGXSIRUVNLOOZRUNEXWWKHQFKDOOHQJHWKHLUVWDPLQDDQGPLQGE\UHTXLULQJWHFKQLFDO
VNLOOVDIWHU¿WQHVVZRUN

(QGZLWKDVFULPPDJHDQGIHHOIUHHWRDGDSWWKHPRUFKDQJHWKHPWR¿WLQZLWK\RXUWHDP¶VQHHGV

$IWHUWKHSUDFWLFHKDYHDTXLFNPHHWLQJDJDLQIRUJRLQJRYHUWKHSUDFWLFHEULHÀ\LQYLWHFRPPHQWVIURPWKH
NHHSHU V FRQJUDWXODWHWKHPRQWKHLUHIIRUWDQGLPSURYHPHQWDQGJLYHWKHPHQFRXUDJHPHQWDQGDVSHFL¿F
IRFXVIRUWKHQH[WJDPH

'XULQJWKHGULOOVEHSDWLHQW2EVHUYHDQGLQWHUYHQHRQO\ZKHQQHHGHG.HHS\RXUFRPPHQWVSRVLWLYHWRWKH
SRLQWDQGEULHI6SHDNORXGO\DQGFOHDUO\,WLVEHWWHUWRGHPRQVWUDWHDGULOORUDFRQFHSWWKDQWRJLYHDVSHHFK
1HYHU\HOODWDSOD\HURUXVHGHURJDWRU\ODQJXDJH,I\RXDUHQRWDJRDONHHSLQJH[SHUWORRNDWWKHUHVXOWVDQG
GLVFXVVZLWKWKHJRDONHHSHUKRZKHVKHZRXOGLPSURYHSHUIRUPDQFH&KDQFHVDUHWKH\NQRZ,IWKH\GRQ¶W
UHFUXLWVRPHRQH\RXNQRZDQGZKRNQRZVJRDONHHSLQJIRULQSXW
8VDJH5HFRPPHQGDWLRQV

:HKDYHGHYHORSHGDPDWUL[IRUWKHVHVVLRQVVKRZLQJWKHIRFXVRIWKHSUDFWLFHDQGRIHDFKRIWKHGULOOVLQWKH
SUDFWLFH3OHDVHVWXG\WKHPDWUL[WREHFRPHIDPLOLDUZLWKWKHFRQWHQWRIHDFKVHVVLRQDQGGULOO

7KHUHLVDSDJHVXJJHVWLQJYDULRXVZD\VWRVHTXHQFHWKHVHVHVVLRQV&KRVHWKHHPSKDVLVIRU\RXUQH[W
SUDFWLFHV ZKLFKFRXOGEHDVHDVRQRUSUHVHDVRQ DQGVWXG\WKHVHTXHQFHVXJJHVWHG2IFRXUVH\RXDUHIUHHWR
GHYHORS\RXURZQVHTXHQFH5HIHUWRWKHLQGLYLGXDOSUDFWLFHVKHHWVRUWKHLQGLYLGXDO3UDFWLFH%XLOGHUGULOOVKHHWV
IRUDEHWWHUXQGHUVWDQGLQJ:ULWHFRPPHQWVRQWKHGULOOVKHHWV

:HVXJJHVW\RXYLVXDOL]HWKHGULOOVWRPDNHVXUH\RXXQGHUVWDQGKRZWKH\ZLOOÀRZ,IQHFHVVDU\VHWWKHPXS
LQ\RXUOLYLQJURRPDQGZDONWKURXJKWKHP

.HHSDFOHDQFRS\RIWKHERRNDWKRPHDQGSXWWKHSDJHV\RXWDNHWRWKHSUDFWLFHZLWK\RXLQFOHDUSODVWLFVKHHW
SURWHFWRUVWRSURWHFWWKHPIURPZDWHURURWKHUGLVWXUEDQFHV \RXNQRZZKDWFDQKDSSHQWRSDSHUV 

<RXFDQGHVLJQ\RXURZQSUDFWLFHV,I\RXUNHHSHUQHHGVWHFKQLFDOVHVVLRQVDQGQRWDFWLFDOZRUNJRIRULW

)HHGEDFN

:HDOZD\VORRNIRUZD\VWRLPSURYH6RDQ\VXJJHVWLRQVDUHZHOFRPH3OHDVH(PDLOWKHPWR
DGPLQ#VRFFHUSUDFWLFHERRNVFRP
3UDFWLFH 3UDFWLFH)RFXV :DUP8S)RFXV 7HFKQLFDO'ULOO )LWQHVV)RFXV 7DFWLFDO'ULOO 6FULPPDJH)RFXV
&DWFKLQJ &DWFKLQJ 'LYLQJ 'LYLQJ %UHDNDZD\V YIURPWZRVLGHV
Diving Diving Distribution Recovering of goal
Breakaways
Distribution
2Reaction Flexibility Reaction Dives Circle Dives Setting up a Wall 4v2 in penalty area
Flexibility Coordination
Diving
Wall
3Diving Coordination Jumping Jump from lying Corner Kicks 4v2 or 1v1
Jumping Catching Diving position
Corners
1v1
4Jumping Jumping Backward Dives Jumping & diving Pass Backs 3v3 on 2 goals
Diving Abdominals
Abdominals
Pass Backs
5Strength Jumping Diving after Motion Run-Jump- Goal Kicks 3v3 with 2 balls
High Balls Flexibility Crouch-Throw
Goal Kicks
Reading Play
6Ball Handling Ball Handling Turn & Dive Sideway Hops & Dive Crosses Crossing and
Leg Strength Reaction Bouncing Balls 4v2 in penalty box
Dives
Crosses
7Re ex Dives Leg Strength Re ex Dives Sprint-Jump-Dive Wide Distribution 4 times 1v1
Leg Strength Catching Throws in penalty box
Distribution

8Agility Agility Change Direction & Balance-Sprint-Dive Penalty Kicks GK in 1v1


Change of Direction Catching Dive
Dives Recovery
Penalty Kicks
9Continuous Diving Catching Continuous Saves Triple Dive-Recovery- Organizing Play 4v6
Reaction Jumping Dive
Organizing Play Diving

10Catching Catching Diagonal Backward Rapid Fire Long Balls 2v5 in penalty box
Backward Dives Running Dives
Angles Passing
Long Balls
3UDFWLFHVHTXHQFH6XJJHVWLRQV

&RDFKLQJ(PSKDVLV 3UDFWLFH6HTXHQFH

&DWFKLQJ 
Diving 7-8-9-6-1-4-2-5-10-3
Recovering 1-7-9-10-8-5-4-2-3-6
Jumping 3-5-6-4-2-1-7-8-9-10
Reaction & Re ex 9-8-7-5-10-4-2-6-1-3
Distribution 10-9-7-1-3-4-5-8-2-6
Leg Strength 5-4-6-3-2-9-1-7-8-10
Angles 2-3-1-4-5-7-10-6-9-8
Agility 3-2-8-1-10-4-5-6-7-9
*RDONHHSLQJ

3ULQW *R

3UDFWLFHV
*2$/.((3,1*  
3UDFWLFH)RFXV&DWFKLQJ'LYLQJ%UHDNDZD\V'LVWULEXWLRQ 

:DUP8S &DWFKLQJ 'LYLQJ 6WUHWFK8SSHU%RG\


*. VWDQGV OHJV VKRXOGHU ZLGWK DSDUW DQG
6KXWWOH5XQ6WUHWFK 6LWDQG&DWFK6WUHWFK KROGV EDOO LQ KDQGV DUPV VWUDLJKW DQG
H[WHQGHG EDFN RYHU KHDG KROGV  VHFV

*.
6
*.

 6  KROGV VWUDLJKW RXW  VHFV


P
 KROGV VWUDLJKW EDFN WKURXJK WKH OHJV  VHFV
 *. VLWV ZLWK OHJV DSDUW 6 WKURZV EDOO DW  UHSHDW WZR PRUH WLPHV
 
*. FKDQJLQJ SDFH RI WKURZV *. FDWFKHV
6WUHWFK+DPVWULQJV
UHFRYHUV WR VLWWLQJ SRVLWLRQ DQG WKURZV EDOO EDFN
P *. VLWV ZLWK OHJV DSDUW
([WHQG *. WR IDOO EDFNZDUGV DQG VLGHZD\V
KROGLQJ EDOO ([WHQGV KDQGV
 ZKLOH *. 6 VLGHVWHSDFURVV JRDO .QHHODQG&DWFK6WUHWFK RYHU ULJKW IRRW DQG KROGV  VHFV
6 WKURZV EDOO GLDJRQDOO\ DW *. $OWHUQDWHV WKUHH WLPHV RQ HDFK VLGH
*.

KLJK FKHVW KLJK RU RQ JURXQG 6 6WUHWFK6KRXOGHUV


P
 *. FDWFKHV RU SLFNV XS EDOO DQG *. VWDQGV  VWHSV IURP JRDOSRVW
*. RQ NQHHV 6 WKURZV EDOO DW *. H[WHQGV DUP RYHU KHDG DQG OHDQV ZLWK
WKURZV LW VWUDLJKW EDFN WR 6
FKDQJLQJ SDFH RI WKURZV *. FDWFKHV VDPH DUP DJDLQVW SRVW /HWV ERG\ ZHLJKW
 VKXWWOH EDFN DQG IRUWK DFURVV JRDO UHFRYHUV DQG WKURZV EDOO EDFN ([WHQG *.
 WLPHV GURS RQWR DUP +ROG HDFK VLGH [ IRU  VHFV
7HFKQLTXH 'LYLQJ 'LVWULEXWLRQ $
'LYH 'LVWULEXWH

&URXFK 'LYH
 6 WKURZV ORZ EDOO WR *. ULJKW
 *. GLYHV VDYHV UHFRYHUV DQG 
*.

6
P WKURZV EDOO WR$ *. UHWXUQV WR

*.
6 
FHQWHU RI JRDO
*. LV LQ FURXFKLQJ SRVLWLRQ  6 WKURZV KLJK EDOO WR *. OHIW
6 WKURZV KLJK EDOOV OHIW DQG ULJKW  *. GLYHV VDYHV  UHFRYHUV DQG

*. GLYHV DQG FDWFKHV WKURZV EDOO WR %
,QFUHDVH GLIILFXOW\ DV DSSURSULDWH 5HSHDW % P

)LWQHVV 'LYLQJ 5HFRYHULQJ *. $

7ZR *. ZRUN WRJHWKHU $ 


 *. $ UROOV EDOO WR OHIW RI *. % P
 *. % GLYHV FDWFKHV EDOO JHWV XS DQG
 
 WKURZV WR *. $
 ZKR KDV PRYHG VWUDLJKW DFURVV *. %
*. %

5HSHDW DFURVV WKH ZLGWK RI WKH ILHOG


&RPLQJ EDFN *. % UROOV DQG *. $GLYHV % 
5HSHDW WZLFH IRU HDFK *. PDNLQJ VXUH WKH\ GLYH
WR WKHLU OHIW DQG WKHLU ULJKW VLGH
7DFWLFDO %UHDNDZD\V 6FULPPDJH Y IURP WZR VLGHV RI JRDO
$ % & WDNH WXUQV GULEEOLQJ RQ JRDO
; SOD\ Y DJDLQVW 2
*. VWDUWLQJ SRVLWLRQ LV P RII
7HDPV FDQ VFRUH IURP ; ;
JRDO OLQH *. ZDLWV XQWLO DWWDFNHUV $ HLWKHU VLGH RI JRDO
DUH DW WRS RI SHQDOW\ ER[ 2
(PSKDVL]H TXLFN SDVVLQJ
*. WKHQ FRPHV RXW LQ D FURXFKLQJ
*.

%
P

DQG VKRWV DV ZHOO DV TXLFN ; 2


P

SRVLWLRQ FXWWLQJ DWWDFNHUV DQJOH WR JRDO


*.

VZLWFKHV WR RWKHU VLGH RI


*. NHHSV H\HV RQ EDOO DQG JHWV LQ
JRDO IRUFLQJ *. WR WXUQ
VHW SRVLWLRQ EHWZHHQ WKH \G ER[ DQG
DURXQG TXLFNO\ DQG JHW ; 2
SHQDOW\ VSRW & 2
VHW IRU QHZ VKRW IURP
*. ZDLWV IRU PRYH DQG GLYHV DW EDOO DW
QHZ DQJOH
DWWDFNHUV IHHW RU VDYHV D VKRW
P

&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP


*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*2$/.((3,1*  
3UDFWLFH)RFXV5HDFWLRQ)OH[LELOLW\'LYLQJ:DOO 

:DUP8S )OH[LELOLW\ &RRUGLQDWLRQ

 *. VLWV ZLWK OHJV DSDUW KROGLQJ EDOO LQ IURQW *. WRVVHV EDOO VWUDLJKW XS OLIWV ERWK OHJV PRYHV KDQGV XQGHU OHJV DQG
FDWFKHV EDOO 5HSHDW DQG FKDOOHQJH *. E\ UHGXFLQJ KHLJKW RI WRVV
 8SSHU %RG\ 6WUHWFK
 *. ZDONV ZKLOH KROGLQJ EDOO VWUDLJKW RXW $OWHUQDWHO\ PRYH ULJKW IRRW DQG OHIW IRRW XS WR EDOO WRXFKLQJ EDOO ZLWK ODFHV
:DON IURP JRDO OLQH WR WRS RI SHQDOW\ ER[ DQG EDFN WKUHH WLPHV
 +DPVWULQJ 6WUHWFK

 5HSHDW H[HUFLVH   ZKLOH MRJJLQJ VORZO\

 6KRXOGHU 6WUHWFK
 &RDFK UROOV EDOO WKURZV ORZ NQHH KHLJKW  PHGLXP VWRPDFK KHLJKW  KLJK FKHVW WR KHDG  DQG RYHU KHDG *. FDWFKHV DQG WKURZV EDOO EDFN
&RDFK VWDUWV DW SHQDOW\ VSRW DQG YDULHV GLVWDQFH DQJOH DQG SDFH RI WKURZ 3ODFH HPSKDVLV RQ *. EHLQJ LQ SURSHU UHDG\ SRVLWLRQ

7HFKQLTXH 5HDFWLRQ 'LYHV *. IDFHV $ZLWK OHJV DSDUW LQ FURXFKLQJ UHDG\ SRVLWLRQ

$ UROOV EDOO WKURXJK *. OHJV


P P
 *. WXUQV DQG GLYHV WR VDYH WKHQ JHWV XS DV
TXLFNO\ DV SRVVLEOH
  :KLOH *. LV UHFRYHULQJ % WKURZV D KLJK EDOO IRU
D GLYLQJ VDYH E\ *.
*.

$ %
,W LV YHU\ LPSRUWDQW IRU $DQG % WR WLPHWKHLU WKURZV DOORZLQJ *. HQRXJK WLPH \HW
  IRUFLQJ *. WR UHDFW TXLFNO\<RX FDQ VWDUW VORZ DQG SURJUHVV WR KLJKHU SDFH

)LWQHVV &LUFOH 'LYHV ,W LV LPSRUWDQW WKDW WKH *. WRXFKHV


WKH EDOO $Q H[SHULHQFHG *. FDQ
WDNH RQH VWHS WR SXVK RII WKH IRRW
*. LV LQ WKH FHQWHU RI D FLUFOH PDGH ZLWK  EDOOV GLYH DQG UHDFK WKH EDOO <RXQJHU *.
(DFK EDOO LV P DZD\ IURP *.  PD\ QHHG WR WDNH D FRXSOH RI VWHSV
*.

*. GLYHV WR HDFK EDOO WRXFKLQJ LW ZLWK WKH OHDGLQJ KDQG &KDOOHQJH \RXU *.
LH *. VWDUWV ZLWK D GLYH WR OHIW OHIW KDQG WRXFKHV EDOO   P
*. UHFRYHUV WR FHQWHU DQG GLYHV WR HDFK EDOO LQ VHTXHQFH ,W LV LPSRUWDQW WR GR WKLV RQ JUDVV RU
$IWHU RQH WXUQ *. JRHV DURXQG WKH RWKHU ZD\ GLYLQJ WRZDUG DQRWKHU VRIW VXUIDFH *. QHHGV SDGGHG
RWKHU VLGH VKLUW

7DFWLFDO 6HWWLQJ XS D :DOO ([DPSOH 6FULPPDJH Y LQ 3HQDOW\$UHD


 *. VWDQGV DW QHDU SRVW DQG ORRNV KDYH EDOOV UHDG\ IRU *. WR
LQ D VWUDLJKW OLQH DW EDOO *. GLUHFWV [[  UHVWDUW SOD\ DIWHU JRDO RU
ZDOO VXFK WKDW WKH RXWVLGH SOD\HU LV PLVV
LQ OLQH ZLWK EDOO EORFNLQJ *. YLHZ RI EDOO 4XLFN VKRWV IURP PDQ\
*.

[ [ [ DQJOHV RU DIWHU TXLFN



 *. WKHQ PRYHV WRZDUGV IDU SRVW XQWLO R SDVVHV
*.

*. VHHV EDOO DURXQG LQVLGH SOD\HU RI ZDOO [ R ,W


V D *. GULOO QRW D GULOO WR
VHW XS SHUIHFW VKRW
7KH QXPEHU RI SOD\HUV LQ ZDOO LV WKH FRDFK
V GHFLVLRQ EDVHG *. *. PXVW PRYH ZLWK SOD\
RQ SRVLWLRQ RI EDOO *. PXVW NQRZ FRDFK
V VWUDWHJ\ WR VHW XS DQG SOD\ DQJOHV
WKH ULJKW QXPEHU RI SOD\HUV
&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP
*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*2$/.((3,1*  
3UDFWLFH)RFXV'LYLQJ-XPSLQJ&RUQHUVY 

:DUP8S &RRUGLQDWLRQ &DWFKLQJ

 *. UXQV IURP JRDO OLQH WR WKH WRS RI WKH SHQDOW\ DUHD DQG EDFN :KLOH UXQQLQJ *. WRVVHV EDOO ZLWK ULJKW KDQG RYHU KHDG DQG FDWFKHV ZLWK
OHIW KDQG 7KHQ WKURZV ZLWK OHIW KDQG RYHU KHDG DQG FDWFKHV ZLWK ULJKW 5HSHDW WZLFH IURP JRDO OLQH WR WRS RI ER[ DQG EDFN
 8SSHU %RG\ 6WUHWFK
 *. VWDQGV ZLWK OHJV DSDUW NQHHV VOLJKWO\ EHQW DQG KROGV EDOO EHKLQG KHDG *. GURSV EDOO DQG EHQGV IRUZDUG WR FDWFK LW PRYLQJ KDQGV
WKURXJK OHJV
 +DPVWULQJ 6WUHWFK

 *. OLHV RQ VWRPDFK KROGLQJ EDOO LQ KDQGV ZLWK DUPV H[WHQGHG VWUDLJKW DKHDG *. WKURZV EDOO VWUDLJKW XS WXUQV RQ EDFN DQG FDWFKHV EDOO

 6KRXOGHU 6WUHWFK

 *. LV  VWHSV RII WKH OLQH &RDFK WKURZV EDOO IURP SHQDOW\ VSRW RYHU *. KHDG *. MXPSV DQG WLSV EDOO ZLWK ILQJHU WLSV RYHU FURVV EDU

7HFKQLTXH -XPSLQJ 'LYLQJ

'LYLQJ -XPSLQJ
 *. VWDQGV ZLWK OHJV VSUHDG DQG KROGV EDOO DW  *. VWDQGV  VWHS RII JRDO &
ULJKW IRRW OLQH LQ FURXFK SRVLWLRQ
 *. UROOV EDOO WKURXJK OHJV WXUQV DQG GLYHV WR  &RDFK & WKURZV KLJK EDOO
KROG RQ WR EDOO RYHU *. KHDG
$OWHUQDWH ULJKW DQG OHIW DQG YDU\ SDFH RI EDOO  *. MXPSV XS DQG GHIOHFWV EDOO *.
WR LQFUHDVH UHIOH[ VSHHG RI WXUQGLYH RYHU FURVV EDU RU FDWFKHV LW

)LWQHVV -XPS IURP O\LQJ SRVLWLRQ


*. OLHV RQ VWRPDFK IDFLQJ JRDO

&RDFK & WKURZV EDOO KLJK RYHU FURVV EDU


*.

&
*. MXPSV XS DQG FDWFKHV EDOO DW KLJKHVW SRLQW
P
:KLOH VWLOO LQ DLU *. WKURZV EDOO EDFN RYHU FURVV EDU WR FRDFK

)LUVW JHW *. WR FDWFK EDOO DW KLJK SRLQW WKHQ DWWHPSW WR WKURZ EDOO EDFN LQ VDPH PRWLRQ
7DFWLFDO &RUQHU .LFNV 6FULPPDJH Y RU Y
*. VWDQGV  VWHSV RII OLQH
' Y JDPH RXWVLGH SHQDOW\ DUHD %
' ;
*. SRVLWLRQ LV EHWZHHQ PLGGOH $ ;
RI JRDO DQG  ZD\ WR IDU SRVW $ ;
V VHW XS IRU VKRW IURP RXWVLGH 2
' SHQDOW\ DUHD RU ;
*. SRVLWLRQV GHIHQGHUV $
2
*.

,I *. KDV FOHDU SDWK WR LQFRPLQJ EDOO


$ ' % VHQG LQ D SOD\HU IRU Y RQ *.
*.

*. JRHV RXW MXPSV DQG FDWFKHV $


'
ZLWK RQH NQHH XS $ ' ,PSRUWDQW WR HQFRXUDJH TXLFN VKRWV ;
LW
V D *. GULOO
,I *. FDQ
W JR DQG UHDFK EDOO SOD\ '
DQJOHV WR EDOO WR PDNH VDYH
 P
&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP
*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*2$/.((3,1*  
3UDFWLFH)RFXV-XPSLQJ'LYLQJ$EGRPLQDOV3DVV%DFNV 

:DUP8S -XPSLQJ$EGRPLQDOV

-XPSLQJ +DPVWULQJ6WUHWFK
D *. IDFHV KXUGOHV RU D ODUJH EDJ *.
E *. MXPSV RYHU EDJ DQG PDNHV  WXUQ $EGRPLQDO6WUHQJWK
7ZR *. ZRUN DV SDUWQHUV *.  VWDQGV DQG KROGV EDOO QH[W WR ULJKW KLS
LQ WKH DLU
*.  OLHV RQ KLVKHU VLGH ZLWK IHHW ORFNHG EHWZHHQ SDUWQHUV IHHW
F *. ODQGV IDFLQJ EDJ *.
WR SUHYHQW VOLGLQJ *.  QRZ OLIWV XSSHU ERG\ DQG WRXFKHV EDOO
G UHSHDW
KHOG E\ *.  ZLWK ERWK KDQGV
'R  VHWV RI  IRU HDFK *. DOWHUQDWLQJ VLGH *. OLHV RQ
8SSHU%RG\6WUHWFK
6KRXOGHU6WUHWFK
$EGRPLQDO6WUHQJWK
*. OLHV RQ EDFN EDOO LQ KDQGV DQG DUPV VWUHWFKHG 5DSLG6KRRWLQJ
EHKLQG KHDG *. UROOV RQH FRPSOHWH WXUQ DQG ZKHQ  SOD\HUV OLQH XS DW W\RS RI ER[ DQG VKRRW JLYLQJ *. HQRXJK WLPH WR UHFRYHU
O\LQJ RQ EDFN DJDLQ EULQJV EDOO WR ODFHV ZKLOH SXOOLQJ DIWHU D GLYLQJ VDYH
NQHHV WRZDUGV FKHVW

7HFKQLTXH %DFNZDUG 'LYHV

&RDFK VWDQGV LQVLGH SRVW ZLWK EDOO


*. VWDQGV ZLWK EDFN WR JRDO  P
LQ IURQW RI JRDO & 
 &RDFK WKURZV EDOO LQ D KLJK DUF DFURVV JRDO OLQH

 P
JLYLQJ YHUEDO VLJQDO WR *. ZKHQ EDOO LV WKURZQ 
*.
 *. ORRNV RYHU VKRXOGHU DQG GLYHV EDFNZDUGV WR
FDWFK EDOO

)LWQHVV -XPSLQJ 'LYLQJ


 *. UXQV DFURVV KXUGOHV DQG
DGLYHV RYHU ODVW KXUGOH
E MXPSVRYHU ODVW KXUGOH DQG WKHQ GLYHV
F MXPSV RYHU ODVW KXUGOH WKHQ MXPSV EDFNZDUGV RYHU ODVW KXUGOH WKHQ GLYHV
WR
*.

 FDWFK KLJK EDOO WKURZQ E\ FRDFK



5HSHDW HDFK GLIIHUHQW PRYH  WLPHV &RDFK DQG *. PXVW PDNH VXUH WLPLQJ RI

WKURZV DOORZV *. WR PDNH VXFFHVVIXO GLYLQJ FDWFK 6SHHG RI UXQ DQG WKURZ FDQ EH YDULHG &
7DFWLFDO 3DVV %DFNV 6FULPPDJH Y RQ  JRDOV
 )URP FHQWHU RI ILHOG ' SOD\V
 6HW GULOO XS LQ D P [ P JULG  P
EDOO WR *. VWURQJHU IRRW ULJKW LV VKRZQ
*.

LQ FRUQHU RI SHQDOW\ ER[ WR XVH


WR VLGH RI JRDO
 2QFH *. NQRZV ZKHUH EDOO LV JRLQJ WKH SDLQWHG OLQHV RI ILHOG P
 ,Q FRUQHU PDNH  P ZLGH JRDOV
*. TXLFNO\ PRYHV WR UHFHLYH EDOO
 7ZR WHDPV SOD\ Y DQG WKH\
*.

 :LWKRXW SUHVVXUH *. FDQ SOD\ '


*.

EDOO ORQJ RU SDVV LW RQ QG RU UG FDQ VFRUH RQ HLWKHU JRDO 2 2 ;


WRXFK *. WKHQ UHWXUQV WR FHQWHU RI JRDO ; 2
,PSRUWDQW IRU *N WR UHDG SOD\
DQG EH LQ FRUUHFW SRVLWLRQ DQJOH ;
,I ' KDV EDOO RQ HLWKHU VLGH RI ILHOG WKHQ '
IRU VKRWV
SOD\V LW VWUDLJKW EDFN WR VDPH VLGH RI JRDO
&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP
*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*2$/.((3,1*  
3UDFWLFH)RFXV6WUHQJWK+LJK%DOOV*RDO.LFNV5HDGLQJ3OD\ 

:DUP8S -XPSLQJ )OH[LELOLW\


+DPVWULQJ6WUHWFK
-XPSLQJ
D 7KURZ EDOO KLJK RYHU JRDONHHSHU
V KHDG
)OH[LELOLW\
E *RDOLH MXPSV WLPLQJ FDWFK RI EDOO DW LW
V
KLJKHVW SRLQW

*.

*.
F :KLOH UHDFKLQJ IRU EDOO JRDOLH SXOOV RQH
NQHH XS WR FKHVW
D WZR *. OLH RQ VWRPDFK IDFLQJ HDFK RWKHU
E D KXUGOH RU RWKHU REVWDFOH J\P EDJ WDOO FRQHV HWF LV EHWZHHQ WKHP
8SSHU%RG\6WUHWFK
F *.V WKURZ EDOO WR HDFK RWKHU RYHU WRS RI WKH REVWDFOH
&DWFKLQJ G *. FDWFKHV EDOO ZLWK WZR KDQGV UDLVLQJ XSSHU ERG\ RII WKH JURXQG
D 7KURZ EDOO IURP  P DZD\ DW *. FKHVW
KLJK 6KRXOGHU6WUHWFK
E *. MXPSV MXVW HQRXJK VR WKDW EDOO PHHWV &DWFKLQJ8QGHU3UHVVXUH
ERG\ DW WKH SHFWRULDO PXVFOHV FRDFK WKURZV KLJK EDOO DW JRDO IURP WRS RI SHQDOW\ ER[ 2QH IRUZDUG MXPSV IRU
F *. EHQGV DUPV DQG FUDGOHV EDOO LQWR FKHVW KHDGHU *RDOLH JRHV WR FDWFK EDOO KLJK NQHH XS

7HFKQLTXH 'LYLQJ DIWHU 0RWLRQ


'RXEOH-XPS'LYHV 6RPHUVDXOW 'LYH
 
&  *. VWDUWV RQ JRDO OLQH DQG PDNHV D
*.

 VRPHUVDXOW UROO IRUZDUG &

*.
$V *. FRPHV EDFN XS KDYLQJ FRPSOHWHG
P 
 *. MXPSV EDFN DQG IRUWK RYHU KXUGOH VRPHUVDXOW &RDFK VKRRWV IURP WRS RI
$V *. ODQGV DIWHU MXPSLQJ EDFNZDUGV RYHU SHQDOW\ ER[ *. GLYHV DQG VDYHV VKRW
KXUGOH FRDFK & WKURZV EDOO WR VLGH RI *.
IRU D GLYLQJ VDYH$OWHUQDWH VLGHV RI WKURZ
)LWQHVV 5XQ-XPS&URXFK7KURZ
 &RDFK WKURZV EDOO LQ D KLJK DUF IURP EHKLQG WKH QHW RYHU WRS RI FURVV EDU
7KH EDOO VKRXOG EH DLPHG WR FRPH GRZQ EHWZHHQ WKH  \G ER[ DQG WKH SHQDOW\ VSRW 
 7KH *. ZDLWV IRU WKH WKURZ DW WKH WRS RI WKH  \G ER[ :KHQ WKH EDOO LV
*.

&
*.

WKURZQ *. UXQV WRZDUGV LW DQG MXPSV KLJK WR FDWFK EDOO DW LW


V KLJKHVW SRLQW RQH NQHH XS  

$IWHU *. FDWFKHV EDOO *. LQ RQH FRQWLQXRXV PRWLRQ JRHV GRZQ WR D FURXFKLQJ SRVLWLRQ
WKHQ MXPSV XS DQG WKURZV EDOO EDFN RYHU FURVV EDU WR FRDFK

7DFWLFDO *RDO .LFNV ' 6FULPPDJH Y ZLWK  EDOOV


*RDO NLFNV FDQ EH WDNHQ IURP DQ\ VSRW RQ WKH
WRS RI WKH  \G ER[ UHJDUGOHVV RQ ZKLFK VLGH RI 3OD\ D Y LQ SHQDOW\ ER[ ZLWK WZR EDOOV
WKH JRDO WKH EDOO ZHQW RXW LH EDOO JRHV RXW %RWK ;
V DQG 2
V FDQ VFRUH RQ JRDO ;
*.

RQ WKH ULJKW RI *. NLFN FDQ EH WDNHQ RQ OHIW 7KLV *. ZLOO EH FKDOOHQJHG WR GHFLGH ZKLFK RI
LV DQ LPSRUWDQW WDFWLFDO RSSRUWXQLW\ WR TXLFNO\ FKDQJH WKH WZR EDOOV LV LQ D PRUH GDQJHURXV SRVLWLRQ ; 2
*.

WKH SRLQW RI DWWDFN WR XQFURZGHG VLGH RI ILHOG *. JHWV UHDG\ WR SOD\ DQJOHV IRU PRUH GDQJHURXV
'HFLGH RQ WDNLQJ D VKRUW NLFN IRU EXLOGXS SOD\ RU D ORQJ VKRW 7KLV FDQ FKDQJH TXLFNO\ EDVHG RQ WKH SOD\ 2
NLFN IRU IDVW DWWDFN 3ODFH EDOO RQ D IOXII\ SDUW RI JUDVV GHYHORSHG E\ WKH WZR WHDPV
WR JHW IRRW XQGHUQHDWK EDOO IRU D VWURQJHU NLFN 7KHUHIRUH *. LV FRQVWDQWO\ REVHUYLQJ  GHFLGLQJ  ; 2
,I *. KDV SRRU NLFN XVH D GHIHQGHU ,I GHIHQGHU VKLIWLQJ  JHWWLQJ UHDG\  VDYLQJ
WDNHV NLFN WKH RSSRQHQW ZLOO QRW EH RIIVLGH RQ D TXLFN FRXQWHUDWWDFN
&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP
*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*2$/.((3,1*  
3UDFWLFH)RFXV%DOO+DQGOLQJ/HJ6WUHQJWK'LYHV&URVVHV 

:DUP8S %DOO +DQGOLQJ 5HDFWLRQ


 *RDONHHSHU VWDQGV ZLWK OHJV DSDUW  +DPVWULQJ 6WUHWFK
 KROGV EDOO VWUDLJKW XS RYHU KHDG
 EHQGV GRZQV SODFLQJ EDOO LQ IURQW RI  )URP SHQDOW\ VSRW FRDFK UROOV EDOOV VWUDLJKW DW JRDONHHSHU
ULJKW IRRW *RDONHHSHU FRPHV IRUZDUG DQG GURSV WR RQH RU ERWK
 EULQJV EDOO EDFN XS RYHUKHDG DQG NQHHV WR VDIHO\ SLFN XS EDOO DQG SXOOV LW WR FKHVW
EHQGV SODFLQJ LW LQ IURQW RI OHIW IRRW
5HSHDWV DOWHUQDWLQJ IHHW  6KRXOGHU 6WUHWFK

 8SSHU %RG\ 6WUHWFK  6KRRWLQJ %


$DQG % SDVV EDOO EDFN DQG
 &RDFK WKURZV EDOOV IURP WRS RI  \G ER[ IRUWK WR HDFK RWKHU XQWLO HLWKHU

*.
VRIWO\ DERXW P WR VLGH RI JRDONHHSHU GHFLGHV WR WDNH D VKRW $
*RDONHHSHU WDNHV WZR TXLFN VWHSV DQG *. LV  P RII JRDO OLQH IROORZV
FDWFKHV EDOO $OWHUQDWH VLGHV DQG YDU\ KHLJKW EDOO DQG SOD\V DQJOHV P
RI WKURZ IURP VWRPDFK OHYHO WR RYHUKHDG *. VDYHV VKRW

7HFKQLTXH7XUQ 'LYH %RXQFLQJ %DOOV


-XPS7XUQ'LYH 6DYH%RXQFLQJ%DOO

 *. VWDQGV VLGHZD\V WR KXUGOHV RU


*. VLWV ZLWK EDFN WR KXUGOHV  
RWKHU REVWDFOH IDFLQJ FRDFK &
&
*.

RU EDJ RU RWKHU REVWDFOH  & WKURZV ERXQFLQJ EDOO WR


 2Q FRPPDQG JR FRDFK P VLGH RI REVWDFOH &

*.
& WKURZV EDOO WRZDUGV *.  *. GLYHV DQG VDYHV P
 *. MXPSV XS WXUQV DQG *. QRZ VWDQGV RQ RWKHU VLGH RI
GLYHV RYHU REVWDFOH WR PDNH VDYH REVWDFOH DQG VDYHV QH[W ERXQFLQJ EDOO

)LWQHVV 6LGHZD\V +RS 'LYH &

*. VWDQGV VLGHZD\V WR D VHULHV RI KXUGOHVREVWDFOHV


IDFLQJ FRDFK & 
 *. KRSV VLGHZD\V ZLWK ERWK IHHW XS RYHU REVWDFOHV DQG
P

 GLYHV RYHU ODVW REVWDFOH WR VDYH EDOO WKURZQ E\ FRDFK 


*. JHWV XS VKDNHV RXW OHJV DQG KRSV LQ UHYHUVH GLUHFWLRQ
.HHS DOWHUQDWLQJ GLUHFWLRQ *. *.
0DNH VXUH *. KDV WLPH WR VWUHWFKUHOD[VKDNH OHJV EHWZHHQ KRSV
&RDFK PXVW WLPH WKURZ VR WKDW *. KDV FKDQFH RI PDNLQJ VDYH 

7DFWLFDO &URVVHV $ 6FULPPDJH &URVVLQJ Y LQ %R[ ;



*. QHHGV WR FKDQJH SRVLWLRQ UHODWLYH WR ZKHUH ; GULEEOHV EDOO WRZDUGV JRDO ;
EDOO LV EHLQJ FURVVHG IURP $
 OLQH DQG FURVVHV LW LQWR ER[
7KH FORVHU WKH EDOO LV WR JRDO WKH FORVHU
; WKHQ MRLQV WKUHH RWKHU ;
*. KDV WR EH WR QHDU SRVW
DQG SOD\V Y RQ JRDO

*.

7KH IXUWKHU WKH EDOO LV IURP JRDO  *. GHFLGHV WR FDWFK


WKH PRUH *. FDQ PRYH RII JRDO OLQH ;
FURVVHG EDOO RU VWD\ LQ ;
*.

2
 JRDO :KHQ SOD\ LV
,Q VLWXDWLRQ  VKRZQ *. PXVW SOD\ DQJOH IRU VKRW WR ; 2
QHDU SRVW DQG EH UHDG\ IRU FURVV GRQH ; FURVVHV DQG *.
,Q VLWXDWLRQ  *. SOD\V RII OLQH WR FRPH RXW DQG FDWFK ; WDNHV VSRW RI ;
FURVVHG EDOO QR WKUHDW RI GLUHFW VKRW IURP WKDW SRVLWLRQ ;
V YDU\ IURP ZKHUH WKH\ FURVV EDOO

&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP


*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*2$/.((3,1*  
3UDFWLFH)RFXV5HIOH['LYHV/HJ6WUHQJWK'LVWULEXWLRQ 

:DUP8S /HJ 6WUHQJWK &DWFKLQJ


P 
 *. MRJV IURP JRDO OLQH WR WRS RI SHQDOW\ ER[  -XPSLQJ LQ DQG RXW RI VTXDUH
DQG EDFN UDLVLQJ NQHHV WRZDUGV FKHVW ZKLOH
MRJJLQJ 'R WKUHH VHWV *. LV LQ VTXDUH DQG MXPSV RXW
&

*.
 VLGHZD\V ZLWK IHHW WRJHWKHU DQG FDWFKHV EDOO
WKURZQ E\ FRDFK & ZKLOH LQ DLU $IWHU ODQGLQJ *.  
 8SSHU %RG\ 6WUHWFK
KRSV EDFN LQWR VTXDUH 
 *. LV LQ FURXFK SRVLWLRQ P RII JRDO OLQH  5HSHDW MXPSLQJ IRUZDUG WR *. ULJKW DQG EDFNZDUG
&RDFK WKURZV EDOO RYHU KHDG DQG *. MXPSV &RDFK PXVW WLPH WKURZV WR DOORZ *. WR FDWFK ZKLOH RII WKH JURXQG
XS WR FDWFK EDOO &
 6KRXOGHU 6WUHWFK
 +DPVWULQJ 6WUHWFK
 2YHUKHDG WKURZV
&RDFK WKURZV EDOO RYHU *. WRZDUGV IDU SRVW *.
*. EDFN WUDFNV DQG FDWFKHV EDOO RU GLYHV DQG
SXVKHV LW SDVW SRVW
7HFKQLTXH 5HIOH[ 'LYHV
P  *. UXQV IURP FHQWHU RI JRDO WR JRDO SRVW DQG
*. LV RQ JRDO OLQH IDFLQJ
EHQGV GRZQ WRXFKLQJ WKH ERWWRP RI WKH SRVW
WKH EDFN RI WKH JRDO *.
 &RDFK & WKURZV EDOO WR FHQWHU RI  
KDV OHJV VSUHDG DQG
JRDO DV *. FRPHV EDFN XS IURP
 UROOV EDOO WKURXJK OHJV  WRXFKLQJ ERWWRP RI SRVW
P
*.

WR FRDFK *. WXUQV & &

*.
$IWHU WRXFKLQJ SRVW *. JHWV EDFN 
TXLFNO\ DQG VDYHV
XS TXLFNO\ DQG GLYHV WR VDYH EDOO WKURZQ E\ FRDFK
 VKRW E\ FRDFK

7LPH SDFH RI EDOO IURP *. WR FRDFK
7LPH UXQV DQG WKURZ VR WKDW *. LV DEOH WR GLYH DQG PDNH VDYH
VXFK WKDW VKRW IURP FRDFK FRPHV TXLFNO\
)LWQHVV 6SULQW-XPS'LYH
P 
P 
&

*.
*.

P
*.

&
*.

P
 

 *. MXPSV RYHU FRQHV ERWK IHHW XS$IWHU WKH ODVW FRQH
*. UXQV TXLFNO\ WKURXJK FRQHV $IWHU WKH ODVW FRQH *. IDFHV FRDFK &  *. FUDZOV XQGHU KXUGOH JHWV XS DQG
JHWV LQ UHDG\ SRVLWLRQ DQG  GLYHV WR VDYH EDOO WKURZQ E\ FRDFK
 GLYHV WR VDYH EDOO WKURZQ E\ FRDFK  *. JHWV XS DQG VSULQWV EDFN WR ILUVW FRQH 5HSHDW  WLPHV
 *. JHWV XS DQG VSULQWV EDFN WR ILUVW FRQH 5HSHDW  WLPHV
7DFWLFDO :LGH 'LVWULEXWLRQ 7KURZV 6FULPPDJH  [ Y LQ 3HQDOW\ %R[

$WWDFNHUV $ SOD\ Y DJDLQVW GHIHQGHUV ' '  PLQL JDPHV LQ WKH SHQDOW\ ER[ DW WKH VDPH WLPH
$ NLFNV ORQJ EDOO LQWR SHQDOW\ ER[ $ ;
; SOD\V JDPH DJDLQVW 2 ; Y 2 HWF
$
 *. FRPHV RXW DQG FDWFKHV EDOO UXQV IRUZDUG '$  2
DQG WKURZV ZLGH WRZDUGV RU WKURXJK *. VHWV XS WR VDYH DJDLQVW WKH PRVW GDQJHURXV
; 2
WKH VPDOO JRDOV PDGH E\ FRQHV RQ $ ' DWWDFNHU DW DQ\ SRLQW LQ WLPH 7KLV UHTXLUHV *.
*.
*.

HLWKHU VLGH RI ILHOG  ' WR ORRN DURXQG DQG EH DZDUH RI DOO  JDPHV 2
 3OD\HU IURP GHIHQGLQJ WHDP UXQV ZLGH $ ;
WR UHFHLYH EDOO ' (YHU\  PLQXWHV FKDQJH SOD\HUV ; DQG 2 WR
2
$GMXVW SRVLWLRQ RI ZLGH WDUJHW JRDOV WR PDWFK FUHDWH QHZ SDLUV .HHS WUDFN RI ZKLFK SOD\HU ZLQV ;
DJH DQG VWUHQJWK RI SOD\HUV '$ WKH PRVW PLQL JDPHV

&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP

*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*2$/.((3,1*  
3UDFWLFH)RFXV$JLOLW\&KDQJHRI'LUHFWLRQ'LYHV3HQDOW\.LFNV 

:DUP8S$JLOLW\ &DWFKLQJ 5HFRYHU\


 *RDONHHSHU VLWV RQ JURXQG OHJV DSDUW KROGLQJ  +DPVWULQJ 6WUHWFK
EDOO RXW LQ IURQW RI ERG\
*. WRVVHV EDOO VWUDLJKW XS OLIWV OHJV PRYHV KDQGV  *. VWDQGV ZLWK OHJV DSDUW EDOO LQ KDQGV DQG
XQGHU DQG WKURXJK OHJV DQG FDWFKHV EDOO EHIRUH LW EHQGV IRUZDUG KROGLQJ EDOO RQ JURXQG EHWZHHQ OHJV
KLWV WKH JURXQG .QHHV DUH VOLJKWO\ EHQW *. UROOV EDOO WKURXJK OHJV EHKLQG KLPKHU
DQG TXLFNO\ WXUQV DQG GLYHV WR JHW EDOO
 8SSHU %RG\ 6WUHWFK *. QHHGV WR FRRUGLQDWH SDFH DQG GLUHFWLRQ RI EDOO WR SURYLGH YDULRXV
VSHHGV DQG DQJOHV IRU WKH GLYH
 &DWFK DQG 5ROO
; *. ;  6KRXOGHU 6WUHWFK
 
P P  &RDFK KDV WKUHH EDOOV DQG VWDQGV DW SHQDOW\ VSRW
*. LV WKUHH VWHSV RII WKH JRDO OLQH &RDFK WKURZV EDOO KLJK WR WKH VLGH RI
 ; WKURZV EDOO WR *. *. FDWFKHV DQG UROOV
*. IRUFLQJ D GLYLQJ VDYH$V VRRQ DV *. JHWV XS DQG UHFRYHUV FRDFK
EDOO RQ JURXQG EDFN WR ; *. WXUQV DQG
WKURZV VHFRQG EDOO WKHQ DIWHU VDYH DQG UHFRYHU\ WKURZV WKLUG EDOO 5HSHDW
 UHSHDWV ZLWK ;
7HFKQLTXH &KDQJH 'LUHFWLRQ 'LYH

7XUQDQG'LYH 5HYHUVH6WHSDQG'LYH
 *. VWDQGV RQH VWHS DZD\ IURP EDOO 
*. VWDQGV ZLWK EDOO LQ KDQG

*.
*. VWHSV OHIW WR EDOO EHQGV GRZQ
*. WRVVHV EDOO EDFNZDUGV RYHU KHDG DQG WRXFKHV EDOO $V *. JHWV EDFN XS &  
*. WXUQV DQG GLYHV WR FDWFK EDOO  &RDFK & WKURZV EDOO WR *. ULJKW
 *. GLYHV WR FDWFK EDOO
$LP WR KDYH WKH EDOO FRPH GRZQ  P EHKLQG *. $OWHUQDWH VLGHV DQG NHHS UHSHDWLQJ

)LWQHVV %DODQFH6SULQW'LYH

&
 *. VWDUWV DW SHQDOW\ VSRW ZLWK EDFN WR JRDO
*. UXQV EDFNZDUGV WR JRDO OLQH WRXFKHV JURXQG DQG 
*.
 VSULQWV WR WRS RI  \G ER[ DQG JHWV VHW WR VDYH D
 
 VKRW IURP WRS RI SHQDOW\ ER[ WDNHQ E\ FRDFK & 

7DFWLFDO 3HQDOW\ .LFNV 6FULPPDJH *. LQ Y


7KHUH DUH WZR PDLQ WKHRULHV DERXW VDYLQJ SHQDOW\ NLFNV P
$SOD\V Y DJDLQVW *. LQ P [ P JULG
 *XHVV ZKHUH WKH EDOO LV JRLQJ DQG GLYH EHIRUH WKH EDOO LV NLFNHG
 5HDFW WR WKH NLFN DQG GLYH DIWHU WKH EDOO LV VWUXFN E\ WKH NLFNHU $ VFRUHV SRLQWV E\ GULEEOLQJ EDOO
:H VXEVFULEH WR WKH UHDFWLRQ WKHRU\ DQG VXJJHVW RYHU DQ\ VLGH OLQH
*.

D NHHS \RXU H\H RQ WKH EDOO QRW WKH NLFNHU


*. VFRUHV SRLQW E\ WDNLQJ EDOO DZD\ $
E ZKHQ WKH SODQWLQJ QRQNLFNLQJ IRRW LV SODFHG ORRN DW ZKHUH
LW LV SRLQWLQJ 7KDW LV PRVW OLNHO\ JRLQJ WR EH WKH GLUHFWLRQ RI WKH NLFN IURP $ LQVLGH WKH JULG GLYLQJ RQ EDOO JDLQLQJ
FRQWURO RI LW ZLWK KDQGV
F DV VRRQ DV WKH EDOO LV VWUXFN UHDFW WR LW
V GLUHFWLRQ DQG GLYH
*. UHDG\ SRVLWLRQ LV D YHU\ ORZ FURXFK WR JHW LQWR WKH GLYH LPPHGLDWHO\
$IWHU D SRLQW LV VFRUHG JDPH UHVWDUWV
7KLV QHHGV ORWV RI SUDFWLFH WR UHGXFH UHDFWLRQ WLPH
ZLWK$ LQ FHQWHU RI JULG
7DNH  VHWV RI  SHQDOW\ NLFNV DW WKH HQG RI HDFK WHDP SUDFWLFH
&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP
*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*2$/.((3,1*  
3UDFWLFH)RFXV&RQWLQXRXV'LYLQJ5HDFWLRQ2UJDQL]LQJ3OD\ 

:DUP8S &DWFKLQJ -XPSLQJ 'LYLQJ +DPVWULQJ6WUHWFK


+LJK&DWFKHV .QHHOLQJ5HDFWLRQ'LYHV
*. LV RQ JRDO OLQH &RDFK WKURZV KLJK EDOOV ZKLFK &
FRPH GRZQ DURXQG WKH  \G ER[ *. FRPHV RXW DQG *.
FDWFKHV EDOO DW KLJKHVW SRLQW RQH NQHH XS$IWHU FDWFK
*. NQHHOV LQ IURQW RI FRDFK &RDFK KROGV D EDOO LQ HDFK KDQG
*. UROOV EDOO RQ JURXQG WR FRDFK ZKR KDV PRYHG SRVLWLRQ
DUPV H[WHQGHG VLGHZD\V &RDFK GURSV RQH RI WKH EDOOV DQG *.
*. JRHV EDFN WR JRDO OLQH DQG FRDFK WKURZV IURP QHZ DQJOH
GLYHV GLDJRQDOO\ IRUZDUG WR FDWFK EDOO EHIRUH LW KLWV JURXQG &RDFK
8SSHU%RG\6WUHWFK UDQGRPO\ VHOHFWV ZKLFK EDOO WR GURS VR WKDW *. QHHGV WR UHDFW

/HJ6WUHQJWK 6KRXOGHU6WUHWFK

*. 6KRRWLQJ
&RDFK VHWV XS VKRRWLQJ GULOO WR FRDFK
V VSHFLILFDWLRQV
*. MXPSV EDFN DQG IRUWK RYHU EDOO IHHW WRJHWKHU
)LYH VHWV RI  MXPSV  MXPS EDFN IRUWK

7HFKQLTXH &RQWLQXRXV 6DYHV 6KRWVRQWKUHHJRDOV $


 IXOO VL]H JRDOV DUH VHW XS

P
6KRWVIURPERWKVLGHVRIJRDO
*. VWDUWV DW RQH SRVW RI UHJXODU LQ D WULDQJOH
P ZLGWK JRDO IDFLQJ $ $ VKRRWV DQG *. VDYHV  *.
$ WKURZV KLJK EDOO WR *. ZKR $IWHU VDYH *. WXUQV
 FDWFKHV EDOO DQG WKURZV EDFN WR$ DQG IDFHV % 
&
%

 $IWHU WKURZ *. SLYRWV TXLFNO\ DQG $IWHU % VKRRWV 


 GLYHV WR VDYH ORZ VKRW IURP % %
DQG *. VDYHV *. IDFHV &
*.

.HHS UHSHDWLQJ LQFUHDVLQJGHFUHDVLQJ 1H[W URXQG JR LQ UHYHUVH RUGHU  &%$


$

 FKDOOHQJH WR *.  IXOO VHWV  JLYH *. WLPH WR JHW VHW IRU QH[W VKRW

)LWQHVV 7ULSOH 'LYH5HFRYHU\'LYH *. LV RQ JRDO OLQH RQ NQHHV IDFLQJ FRDFK &



P &RDFK UROOV EDOO WR ULJKW RI *. ZKR GLYHV JUDEV EDOO DQG WKURZV
EDFN WR FRDFK$V VRRQ DV *. KDV UHFRYHUHG WR NQHHOLQJ SRVLWLRQ
 WKH VHFRQG EDOO LV RQ LW
V ZD\ IRU JRDOLH WR VDYH *. VDYHV UHFRYHUV
& DQG FRDFK UROOV WKLUG EDOO $IWHU *. UHFRYHUV IURP WKLUG GLYH
*.

 
FRDFK WKURZV KLJK EDOO WR OHIW RI *. *. TXLFNO\ MXPSV XS IURP
NQHHOLQJ SRVLWLRQ WR VDYH KLJK EDOO
5HSHDW  WLPHV DOWHUQDWLQJ VLGHV

7DFWLFDO 2UJDQL]LQJ 3OD\ 6FULPPDJH  Y 


*. QHHGV WR YRFDOO\ RUJDQL]H GHIHQGHUV DQG RWKHU GHIHQVLYH SOD\HUV
0DNH D ILHOG WZLFH WKH VL]H RI
3OD\ D KDOI ILHOG VFULPPDJH ZLWK $ $
SHQDOW\ ER[$ SOD\ Y DJDLQVW ' $
ZLWK  GHIHQGHUV  *. DJDLQVW
$ $
V WU\ WR VFRUH$IWHU ' JDLQV SRVVHVVLRQ ' '
VL[ DWWDFNHUV *. PXVW WHOO
WKH\ PXVW SDVV EDOO RXWVLGH ILHOG WR $
GHIHQGHUV ZKR WR FKDOOHQJH $ $ '
' DQRWKHU SOD\HU ' ZKR PDGH D UXQ 
*.

DQG ZKR WR PDUN &RDFK VWRSV SOD\


$ $ 3OD\ WKHQ UHVWDUWV ZLWK$ *. PXVW '
UDQGRPO\ DURXQG SHQDOW\ ER[ IRU IUHH ' ' $
$ RUJDQL]H GHIHQGHUV DQG SURYLGH FOHDU
NLFNV *. VHWV XS ZDOO ' LQVWUXFWLRQ RQ FKDOOHQJLQJPDUNLQJ $
3OD\ DOZD\V UHVWDUWV ZLWK DWWDFNHUV
UXQQLQJ RXWVLGH ILHOG DQG SDVVLQJ
*.
DW FHQWHU ILHOG

&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP


*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*2$/.((3,1*  
3UDFWLFH)RFXV&DWFKLQJ%DFN'LYHV$QJOHV/RQJ%DOOV 

:DUP8S &DWFKLQJ 5XQQLQJ 3DVVLQJ


 +DPVWULQJ 6WUHWFK 
 *. VWDUWV DW WRS RI \G ER[ 
&RDFK LV DW SHQDOW\ VSRW  3DVVLQJ
*. UXQV EDFNZDUGV WRZDUGV JRDO OLQH 
DQG FDWFKHV EDOO WKURZQ E\ FRDFK KLJK  &RDFK SDVVHV EDOO WR VLGH RI JRDO &

*.
DQG RYHU *. KHDG  *. VSULQWV WR EDOO FRQWUROV LW DQG
 PDNHV SUHFLVH SDVV EDFN WR FRDFK
 8SSHU %RG\ 6WUHWFK
*. JRHV EDFN WR VWDUWLQJ SRVLWLRQ
&RDFK UDQGRPO\ FKDQJHV WKH VLGH RI P
 6KXWWOH 5XQ
JRDO WKH EDOO LV SDVVHG WR
*.
 6KRXOGHU 6WUHWFK
*. UXQV IURP SRVW WR SRVW WRXFKLQJ WKH ERWWRP
 6FULPPDJH Y LQ SHQDOW\ ER[ :KHQ GHIHQGHUV KDYH EDOO WKH\ PXVW SDVV EDFN WR *.
RI HDFK SRVW  WLPHV EDFN DQG IRUWK
*. NLFNV EDOO RXW RI SHQDOW\ ER[ 3OD\ UHVWDUWV ZLWK DWWDFNHUV

7HFKQLTXH 'LDJRQDO %DFNZDUG 'LYHV

*. LV LQ QRUPDO SRVLWLRQ DV LI &RDFK & ZRXOG WDNH D VKRW


LH *. FRYHUV QHDU SRVW *.
&RDFK WKURZV EDOO LQ DQ DUF RYHU *. KHDG WRZDUGV IDU SRVW
*. WDNHV WZR  WKUHH TXLFN VKXWWOH VWHSV EDFNZDUGV WRZDUGV IDU SRVW &
DQG RQ VHFRQG RU WKLUG VWHS SXVKHV RII ZLWK OHIW IRRW WR GLYH GLDJRQDOO\  P
EDFNZDUGV ,Q WKH H[DPSOH VKRZQ *. GLYHV WR OHIW DQG ZRXOG VWUHWFK
LQ WKH DLU WR SXVK EDOO SDVW SRVW ZLWK OHIW KDQG
&DXWLRQ 7KLV H[HUFLVH UHTXLUHV FRXUDJH E\ WKH *. ,I *. GRHV QRW GLYH LQLWLDOO\ PDNH WKH WKURZV HDVLHU DQG NHHS HQFRXUDJLQJ *. WR WU\

)LWQHVV 5DSLG )LUH P

&RDFK KDV ILYH EDOOV DQG WKURZV WKHP IURP SRVLWLRQ  


*. SOD\V SURSHU DQJOH DQG GLVWDQFH DQG VDYHV EDOO  &
$V VRRQ DV *. KDV UHFRYHUHG IURP VDYH WKH QH[W EDOO
*.

LV RQ LW
V ZD\ JLYLQJ *. YHU\ OLWWOH WLPH WR VHW XS  &
$IWHU ILYH EDOOV UHSHDW IURP SRVLWLRQV  DQG  
 &
&KDOOHQJH *. WR UHFRYHU YHU\ TXLFNO\ DQG WR LQVWLQFWLYHO\ JHW LQWR SRVLWLRQ IRU QH[W WKURZ
&RUUHFW DQ\ HUURUV EHWZHHQ HDFK VHW RI ILYH WKURZV

7DFWLFDO /RQJ %DOOV 6FULPPDJH  Y  LQ SHQDOW\ ER[


$
$ SOD\V ORQJ EDOO LQ WRZDUGV JRDO '$ $'
)LYH DWWDFNHUV Y WZR GHIHQGHUV
3DLUV RI DWWDFNHU $ DQG GHIHQGHU ' SOD\ IUHHO\ LQ SHQDOW\ ER[ $
FKDVH EDOO *. VWDUWV QHDU WRS RI ER[ 7KLV VKRXOG DOORZ IRU PDQ\ VKRWV IURP
,I *. GHFLGHV WR SOD\ EDOO *. VSULQWV $ '
GLIIHUHQW SRVLWLRQV IRUFLQJ *. WR IROORZ
*.

RXW DQG FOHDUV LW DV IDU DV SRVVLEOH SOD\ TXLFNO\ DGDSW WR QHZ SRVLWLRQV
,I *. GHFLGHV RQH RI WKH SDLUV ZLOO &RDFK FDQ LQWHUUXSW SOD\ WR FRUUHFW *. $ '
UHDFK EDOO ILUVW *. EDFN WUDFNV WR *. DQJOH WR EDOO DQG GLVWDQFH IURP EDOO
WRS RI  \G ER[ DQG SOD\V DQJOH WR +DYH VXIILFLHQW EDOOV UHDG\ WR NHHS SOD\ $
$
WKH SDLU QRZ SOD\LQJ Y PRYLQJ DIWHU EDOO JRHV RXW RI ERXQGV
$ YDULHV GLUHFWLRQ DQG GLVWDQFH RI EDOO LQ WR IRUFH GHFLVLRQ PDNLQJ E\ *.
&RS\ULJKW  E\ 6DXGHU &RQVXOWLQJ ,QF ZZZVRFFHUSUDFWLFHERRNVFRP
*2$/.((3,1*$*(672$'8/7 3ULQWDQG*R3UDFWLFHV3DJH
*RDONHHSLQJ

3UDFWLFH
%XLOGHU
:DUP8SV
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8SFDWFKLQJGLYLQJ
 6KXWWOH 5XQ6WUHWFK   6LW DQG &DWFK6WUHWFK   .QHHO DQG &DWFK6WUHWFK 
*.

*.

6 6
*.

 6 P P

 
 *. VLWV ZLWK OHJV DSDUW *. RQ NQHHV 6 WKURZV EDOO DW *.
6 WKURZV EDOO DW *. FKDQJLQJ SDFH FKDQJLQJ SDFH RI WKURZV *. FDWFKHV
P RI WKURZV UHFRYHUV DQG WKURZV EDOO EDFN
*. FDWFKHV UHFRYHUV WR VLWWLQJ SRVLWLRQ ([WHQG *.
 ZKLOH *. 6 VLGHVWHSDFURVV JRDO DQG WKURZV EDOO EDFN
6 WKURZV EDOO GLDJRQDOO\ DW *. ([WHQG *. WR IDOO EDFNZDUGV
KLJK FKHVW KLJK RU RQ JURXQG DQG VLGHZD\V
 *. FDWFKHV RU SLFNV XS EDOO DQG
WKURZV LW VWUDLJKW EDFN WR 6
 VKXWWOH EDFN DQG IRUWK DFURVV JRDO
 WLPHV
6WUHWFK   8SSHU %RG\ 6WUHWFK   +DPVWULQJ 6WUHWFK   6KRXOGHUV
*. VWDQGV OHJV VKRXOGHU ZLGWK DSDUW DQG *. VLWV ZLWK OHJV DSDUW *. VWDQGV  VWHSV IURP JRDOSRVW
 KROGV EDOO LQ KDQGV DUPV VWUDLJKW DQG KROGLQJ EDOO ([WHQGV KDQGV H[WHQGV DUP RYHU KHDG DQG OHDQV ZLWK
H[WHQGHG EDFN RYHU KHDG KROGV  VHFV RYHU ULJKW IRRW DQG KROGV  VHFV VDPH DUP DJDLQVW SRVW /HWV ERG\ ZHLJKW
 KROGV VWUDLJKW RXW  VHFV $OWHUQDWHV WKUHH WLPHV RQ HDFK VLGH GURS RQWR DUP +ROG HDFK VLGH [ IRU  VHFV
 KROGV VWUDLJKW EDFN WKURXJK WKH OHJV  VHFV
 UHSHDW WZR PRUH WLPHV
*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8SIOH[LELOLW\FRRUGLQDWLRQ

 *. VLWV ZLWK OHJV DSDUW KROGLQJ EDOO LQ IURQW *. WRVVHV EDOO VWUDLJKW XS OLIWV ERWK OHJV PRYHV KDQGV XQGHU OHJV DQG
FDWFKHV EDOO 5HSHDW DQG FKDOOHQJH *. E\ UHGXFLQJ KHLJKW RI WRVV
 8SSHU %RG\ 6WUHWFK
 *. ZDONV ZKLOH KROGLQJ EDOO VWUDLJKW RXW $OWHUQDWHO\ PRYH ULJKW IRRW DQG OHIW IRRW XS WR EDOO WRXFKLQJ EDOO ZLWK ODFHV
:DON IURP JRDO OLQH WR WRS RI SHQDOW\ ER[ DQG EDFN WKUHH WLPHV
 +DPVWULQJ 6WUHWFK

 5HSHDW H[HUFLVH   ZKLOH MRJJLQJ VORZO\

 6KRXOGHU 6WUHWFK
 &RDFK UROOV EDOO WKURZV ORZ NQHH KHLJKW  PHGLXP VWRPDFK KHLJKW  KLJK FKHVW WR KHDG  DQG RYHU KHDG *. FDWFKHV DQG WKURZV EDOO EDFN
&RDFK VWDUWV DW SHQDOW\ VSRW DQG YDULHV GLVWDQFH DQJOH DQG SDFH RI WKURZ 3ODFH HPSKDVLV RQ *. EHLQJ LQ SURSHU UHDG\ SRVLWLRQ

*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8SFRRUGLQDWLRQFDWFKLQJ

 *. UXQV IURP JRDO OLQH WR WKH WRS RI WKH SHQDOW\ DUHD DQG EDFN :KLOH UXQQLQJ *. WRVVHV EDOO ZLWK ULJKW KDQG
RYHU KHDG DQG FDWFKHV ZLWK OHIW KDQG 7KHQ WKURZV ZLWK OHIW KDQG RYHU KHDG DQG FDWFKHV ZLWK ULJKW
5HSHDW WZLFH IURP JRDO OLQH WR WRS RI ER[ DQG EDFN

 8SSHU %RG\ 6WUHWFK

 *. VWDQGV ZLWK OHJV DSDUW NQHHV VOLJKWO\ EHQW DQG KROGV EDOO EHKLQG KHDG *. GURSV EDOO DQG
EHQGV IRUZDUG WR FDWFK LW PRYLQJ KDQGV WKURXJK OHJV

 +DPVWULQJ 6WUHWFK

 *. OLHV RQ VWRPDFK KROGLQJ EDOO LQ KDQGV ZLWK DUPV H[WHQGHG VWUDLJKW DKHDG
*. WKURZV EDOO VWUDLJKW XS WXUQV RQ EDFN DQG FDWFKHV EDOO

 6KRXOGHU 6WUHWFK

 *. LV  VWHSV RII WKH OLQH &RDFK WKURZV EDOO IURP SHQDOW\ VSRW RYHU *. KHDG
*. MXPSV DQG WLSV EDOO ZLWK ILQJHU WLSV RYHU FURVV EDU

*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8SMXPSLQJDEGRPLQDOV

 -XPSLQJ  +DPVWULQJ 6WUHWFK


 $EGRPLQDO 6WUHQJWK
D *. IDFHV KXUGOHV RU D ODUJH EDJ
E *. MXPSV RYHU EDJ DQG PDNHV  WXUQ 7ZR *. ZRUN DV SDUWQHUV *.  KROGV EDOO QH[W WR ULJKW KLS
LQ WKH DLU *.  OLHV RQ WKHLU VLGH ZLWK IHHW ORFNHG EHWZHHQ SDUWQHUV IHHW
F *. ODQGV IDFLQJ EDJ WR SUHYHQW VOLGLQJ *.  QRZ OLIWV XSSHU ERG\ DQG WRXFKHV EDOO
G UHSHDW KHOG E\ *.  ZLWK ERWK KDQGV
'R  VHWV RI  IRU HDFK *. DOWHUQDWLQJ VLGH *. OLHV RQ
*.

*.

 6KRXOGHU 6WUHWFK
 5DSLG 6KRRWLQJ
 8SSHU %RG\ 6WUHWFK
 SOD\HUV OLQH XS DW W\RS RI ER[ DQG VKRRW JLYLQJ
*. HQRXJK WLPH WR UHFRYHU DIWHU D GLYLQJ VDYH
 $EGRPLQDO 6WUHQJWK
*. OLHV RQ EDFN EDOO LQ KDQGV DQG DUPV VWUHWFKHG
EHKLQG KHDG *. UROOV RQH FRPSOHWH WXUQ DQG ZKHQ
RQ EDFN DJDLQ EULQJV EDOO WR ODFHV ZKLOH SXOOLQJ
NQHHV WRZDUGV FKHVW

*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8S  MXPSLQJ IOH[LELOLW\

 -XPSLQJ  +DPVWULQJ 6WUHWFK


D 7KURZ EDOO KLJK RYHU JRDONHHSHU
V KHDG
E *RDOLH MXPSV WLPLQJ FDWFK RI EDOO DW LW
V  )OH[LELOLW\
KLJKHVW SRLQW
*.

*.

F :KLOH UHDFKLQJ IRU EDOO JRDOLH SXOOV RQH


NQHH XS WR FKHVW D WZR *. OLH RQ VWRPDFK IDFLQJ HDFK RWKHU
E D KXUGOH RU RWKHU REVWDFOH J\P EDJ WDOO FRQHV HWF
 8SSHU %RG\ 6WUHWFK LV EHWZHHQ WKHP
F *.V WKURZ EDOO WR HDFK RWKHU RYHU WRS RI WKH REVWDFOH
 &DWFKLQJ G *. FDWFKHV EDOO ZLWK WZR KDQGV UDLVLQJ XSSHU ERG\
D 7KURZ EDOO IURP  P DZD\ DW *. FKHVW RII WKH JURXQG
KLJK
E *. MXPSV MXVW HQRXJK VR WKDW EDOO PHHWV  6KRXOGHU 6WUHWFK
ERG\ DW WKH SHFWRULDO PXVFOHV
F *. EHQGV DUPV DQG FUDGOHV EDOO LQWR FKHVW  &DWFKLQJ 8QGHU 3UHVVXUH
FRDFK WKURZV KLJK EDOO DW JRDO IURP WRS RI SHQDOW\ ER[
2QH IRUZDUG MXPSV IRU KHDGHU
*RDOLH JRHV WR FDWFK EDOO KLJK NQHH XS

*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8SEDOOKDQGOLQJUHDFWLRQ  )URP SHQDOW\ VSRW FRDFK UROOV EDOOV VWUDLJKW DW


 *RDONHHSHU VWDQGV ZLWK OHJV DSDUW JRDONHHSHU *RDONHHSHU FRPHV IRUZDUG DQG
 KROGV EDOO VWUDLJKW XS RYHU KHDG GURSV WR RQH RU ERWK NQHHV WR VDIHO\ SLFN XS
 EHQGV GRZQV SODFLQJ EDOO LQ IURQW RI EDOO DQG SXOOV LW WR FKHVW
ULJKW IRRW
 EULQJV EDOO EDFN XS RYHUKHDG DQG  6KRXOGHU 6WUHWFK
EHQGV SODFLQJ LW LQ IURQW RI OHIW IRRW
5HSHDWV DOWHUQDWLQJ IHHW  6KRRWLQJ
$DQG % SDVV EDOO EDFN DQG IRUWK WR HDFK RWKHU
 8SSHU %RG\ 6WUHWFK XQWLO HLWKHU GHFLGHV WR WDNH D VKRW
*. LV  P RII JRDO OLQH IROORZV EDOO DQG SOD\V
 &RDFK WKURZV EDOOV IURP WRS RI  \G ER[ DQJOHV *. VDYHV VKRW
VRIWO\ DERXW P WR VLGH RI JRDONHHSHU
*RDONHHSHU WDNHV WZR TXLFN VWHSV DQG
FDWFKHV EDOO$OWHUQDWH VLGHV DQG YDU\ KHLJKW %
RI WKURZ IURP VWRPDFK OHYHO WR RYHUKHDG
*.

 +DPVWULQJ 6WUHWFK
$

P

*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8SUHIOH[GLYHV
 *. MRJV IURP JRDO OLQH WR WRS RI SHQDOW\ ER[ DQG EDFN UDLVLQJ NQHHV WRZDUGV FKHVW ZKLOH MRJJLQJ 'R WKUHH VHWV

 8SSHU %RG\ 6WUHWFK

 *. LV LQ FURXFK SRVLWLRQ P RII JRDO OLQH &RDFK WKURZV EDOO RYHU KHDG DQG *. MXPSV XS WR FDWFK EDOO

 +DPVWULQJ 6WUHWFK
P 
 -XPSLQJ LQ DQG RXW RI VTXDUH
*. LV LQ VTXDUH DQG MXPSV RXW
 VLGHZD\V ZLWK IHHW WRJHWKHU DQG FDWFKHV EDOO WKURZQ E\ FRDFK & ZKLOH LQ DLU
&
*.

$IWHU ODQGLQJ *. KRSV EDFN LQWR VTXDUH 


 5HSHDW MXPSLQJ IRUZDUG WR *. ULJKW DQG EDFNZDUG 
&RDFK PXVW WLPH WKURZV WR DOORZ *. WR FDWFK ZKLOH RII WKH JURXQG

 6KRXOGHU 6WUHWFK &

 2YHUKHDG WKURZV *.
&RDFK WKURZV EDOO RYHU *. WRZDUGV IDU SRVW*. EDFN WUDFNV DQG
FDWFKHV EDOO RU GLYHV DQG SXVKHV LW SDVW SRVW

*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8SDJLOLW\FDWFKLQJUHFRYHU\

 *RDONHHSHU VLWV RQ JURXQG OHJV DSDUW KROGLQJ  +DPVWULQJ 6WUHWFK


EDOO RXW LQ IURQW RI ERG\
*. WRVVHV EDOO VWUDLJKW XS OLIWV OHJV PRYHV KDQGV  *. VWDQGV ZLWK OHJV DSDUW EDOO LQ KDQGV DQG
XQGHU DQG WKURXJK OHJV DQG FDWFKHV EDOO EHIRUH LW EHQGV IRUZDUG KROGLQJ EDOO RQ JURXQG EHWZHHQ OHJV
KLWV WKH JURXQG .QHHV DUH VOLJKWO\ EHQW *. UROOV EDOO WKURXJK OHJV
EHKLQG KLPKHU DQG TXLFNO\ WXUQV DQG GLYHV WR JHW EDOO
 8SSHU %RG\ 6WUHWFK *. QHHGV WR FRRUGLQDWH SDFH DQG GLUHFWLRQ RI EDOO WR
SURYLGH YDULRXV VSHHGV DQG DQJOHV IRU WKH GLYH
 &DWFK DQG 5ROO
 6KRXOGHU 6WUHWFK
; *. ;
 
 &RDFK KDV WKUHH EDOOV DQG VWDQGV DW SHQDOW\ VSRW
P P
*. LV WKUHH VWHSV RII WKH JRDO OLQH &RDFK WKURZV EDOO
 ; WKURZV EDOO WR *. *. FDWFKHV DQG UROOV KLJK WR WKH VLGH RI *. IRUFLQJ D GLYLQJ VDYH $V VRRQ DV
EDOO RQ JURXQG EDFN WR ; *. WXUQV DQG *. JHWV XS DQG UHFRYHUV FRDFK WKURZV VHFRQG EDOO
 UHSHDWV ZLWK ; WKHQ DIWHU VDYH DQG UHFRYHU\ WKURZV WKLUG EDOO
5HSHDW

*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8SFDWFKLQJMXPSLQJGLYLQJ
+DPVWULQJ6WUHWFK

+LJK&DWFKHV .QHHOLQJ5HDFWLRQ'LYHV
&
*. LV RQ JRDO OLQH &RDFK WKURZV KLJK EDOOV ZKLFK *.
FRPH GRZQ DURXQG WKH  \G ER[ *. FRPHV RXW
DQG FDWFKHV EDOO DW KLJKHVW SRLQW RQH NQHH XS *. NQHHOV LQ IURQW RI FRDFK &RDFK KROGV D EDOO LQ
$IWHU FDWFK *. UROOV EDOO RQ JURXQG WR FRDFK ZKR HDFK KDQGDUPV H[WHQGHG VLGHZD\V
KDV PRYHG SRVLWLRQ *. JRHV EDFN WR JRDO OLQH &RDFK GURSV RQH RI WKH EDOOV DQG *. GLYHV GLDJRQDOO\
DQG FRDFK WKURZV IURP QHZ DQJOH IRUZDUG WR FDWFK EDOO EHIRUH LW KLWV JURXQG &RDFK
UDQGRPO\ VHOHFWV ZKLFK EDOO WR GURS VR WKDW
*. QHHGV WR UHDFW
8SSHU%RG\6WUHWFK
6KRXOGHU6WUHWFK
/HJ6WUHQJWK
*.
6KRRWLQJ
&RDFK VHWV XS VKRRWLQJ GULOO WR FRDFK
V VSHFLILFDWLRQV
*. MXPSV EDFN DQG IRUWK RYHU EDOO IHHW WRJHWKHU
)LYH VHWV RI  MXPSV  MXPS EDFN IRUWK

*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

7HDP 'DWH

:DUP8S 'ULOOV

7KLQJV WR REVHUYH

1RWHV

:DUP8SFDWFKLQJUXQQLQJSDVVLQJ
 3DVVLQJ
 &RDFK SDVVHV EDOO WR VLGH RI JRDO
 *. VWDUWV DW WRS RI \G ER[  *. VSULQWV WR EDOO FRQWUROV LW DQG
&RDFK LV DW SHQDOW\ VSRW  PDNHV SUHFLVH SDVV EDFN WR FRDFK
*. UXQV EDFNZDUGV WRZDUGV JRDO OLQH
DQG FDWFKHV EDOO WKURZQ E\ FRDFK KLJK *. JRHV EDFN WR VWDUWLQJ SRVLWLRQ &RDFK UDQGRPO\ FKDQJHV WKH
DQG RYHU *. KHDG VLGH RI JRDO WKH EDOO LV SDVVHG WR
 8SSHU %RG\ 6WUHWFK 

 6KXWWOH 5XQ

&
*.

*.

*. UXQV IURP SRVW WR SRVW WRXFKLQJ WKH ERWWRP P


RI HDFK SRVW  WLPHV EDFN DQG IRUWK
 6KRXOGHU 6WUHWFK
 6FULPPDJH Y LQ SHQDOW\ ER[ :KHQ GHIHQGHUV KDYH EDOO
 +DPVWULQJ 6WUHWFK
WKH\ PXVW SDVV EDFN WR *. *. NLFNV EDOO RXW RI SHQDOW\ ER[
3OD\ UHVWDUWV ZLWK DWWDFNHUV
*2$/.((3,1* 3UDFWLFH%XLOGHU:DUP8SV3DJH
*RDONHHSLQJ

3UDFWLFH
%XLOGHU
7HFKQLTXH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXH'LYLQJ'LVWULEXWLRQ

 &URXFK 'LYH

*. LV LQ FURXFKLQJ SRVLWLRQ
*.

6
6 WKURZV KLJK EDOOV OHIW DQG ULJKW P
*. GLYHV DQG FDWFKHV
,QFUHDVH GLIILFXOW\ DV DSSURSULDWH

 'LYH 'LVWULEXWH
$
 6 WKURZV ORZ EDOO WR *. ULJKW

 *. GLYHV VDYHV UHFRYHUV DQG
WKURZV EDOO WR$ *. UHWXUQV WR 
FHQWHU RI JRDO
*.

6 
 6 WKURZV KLJK EDOO WR *. OHIW
 *. GLYHV VDYHV  UHFRYHUV DQG
WKURZV EDOO WR % 
5HSHDW % P

*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXH5HDFWLRQ'LYHV
P P


*.

$ %

 

*. IDFHV $ZLWK OHJV DSDUW LQ FURXFKLQJ UHDG\ SRVLWLRQ

$ UROOV EDOO WKURXJK *. OHJV


 *. WXUQV DQG GLYHV WR VDYH WKHQ JHWV XS DV
TXLFNO\ DV SRVVLEOH
 :KLOH *. LV UHFRYHULQJ % WKURZV D KLJK EDOO IRU
D GLYLQJ VDYH E\ *.
,W LV YHU\ LPSRUWDQW IRU $DQG % WR WLPHWKHLU WKURZV DOORZLQJ *. HQRXJK WLPH \HW
IRUFLQJ *. WR UHDFW TXLFNO\<RX FDQ VWDUW VORZ DQG SURJUHVV WR KLJKHU SDFH

*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXH-XPSLQJ'LYLQJ

'LYLQJ
 *. VWDQGV ZLWK OHJV VSUHDG DQG KROGV EDOO DW
ULJKW IRRW
 *. UROOV EDOO WKURXJK OHJV WXUQV DQG GLYHV WR
KROG RQ WR EDOO
$OWHUQDWH ULJKW DQG OHIW DQG YDU\ SDFH RI EDOO
WR LQFUHDVH UHIOH[ VSHHG RI WXUQGLYH
*.
&

-XPSLQJ
 *. VWDQGV  VWHS RII JRDO
OLQH LQ FURXFK SRVLWLRQ
 &RDFK & WKURZV KLJK EDOO
RYHU *. KHDG
 *. MXPSV XS DQG GHIOHFWV EDOO
RYHU FURVV EDU RU FDWFKHV LW

*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXH%DFNZDUG'LYHV

&RDFK VWDQGV LQVLGH SRVW ZLWK EDOO

*. VWDQGV ZLWK EDFN WR JRDO  P LQ IURQW RI JRDO

 &RDFK WKURZV EDOO DFURVV JRDO OLQH JLYLQJ YHUEDO VLJQDO WR *.

 *. ORRNV RYHU VKRXOGHU DQG GLYHV EDFNZDUGV WR FDWFK EDOO

& 
 P


*.

*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXH  GLYLQJ DIWHU PRWLRQ

 'RXEOH -XPS 'LYHV

  *. MXPSV EDFN DQG IRUWK RYHU KXUGOH


&
*.

$V *. ODQGV DIWHU MXPSLQJ EDFNZDUGV RYHU


 KXUGOH FRDFK & WKURZV EDOO WR VLGH RI *.
P IRU D GLYLQJ VDYH $OWHUQDWH VLGHV RI WKURZ

 6RPHUVDXOW 'LYH
&

 *. VWDUWV RQ JRDO OLQH DQG PDNHV D


VRPHUVDXOW UROO IRUZDUG


$V *. FRPHV EDFN XS KDYLQJ FRPSOHWHG


VRPHUVDXOW &RDFK VKRRWV IURP WRS RI
SHQDOW\ ER[ *. GLYHV DQG VDYHV VKRW


*.

*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXHWXUQ GLYHERXQFLQJEDOOV

-XPS7XUQ'LYH
 
*. VLWV ZLWK EDFN WR KXUGOHV RU EDJ RU RWKHU REVWDFOH
&
*.

 2Q FRPPDQG JR FRDFK & WKURZV EDOO WRZDUGV *. P


 *. MXPSV XS WXUQV DQG GLYHV RYHU REVWDFOH WR PDNH VDYH

6DYH%RXQFLQJ%DOO

*. VWDQGV VLGHZD\V WR KXUGOHV RU RWKHU REVWDFOH IDFLQJ FRDFK &



 & WKURZV ERXQFLQJ EDOO WR VLGH RI REVWDFOH &
 *. GLYHV DQG VDYHV
*.

P

*. QRZ VWDQGV RQ RWKHU VLGH RI REVWDFOH DQG VDYHV QH[W ERXQFLQJ EDOO

*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXHUHIOH[GLYHV
P
*. LV RQ JRDO OLQH IDFLQJ WKH EDFN RI WKH JRDO

*. KDV OHJV VSUHDG DQG  *.


&
 UROOV EDOO WKURXJK OHJV WR FRDFK *. WXUQV TXLFNO\ DQG VDYHV
 VKRW E\ FRDFK 

7LPH SDFH RI EDOO IURP *. WR FRDFK VXFK WKDW VKRW IURP FRDFK FRPHV TXLFNO\

 *. UXQV IURP FHQWHU RI JRDO WR JRDO SRVW DQG EHQGV GRZQ


WRXFKLQJ WKH ERWWRP RI WKH SRVW  
 &RDFK & WKURZV EDOO WR FHQWHU RI JRDO DV *. FRPHV EDFN P
XS IURP WRXFKLQJ ERWWRP RI SRVW &
*.


$IWHU WRXFKLQJ SRVW *. JHWV EDFN XS TXLFNO\ DQG
GLYHV WR VDYH EDOO WKURZQ E\ FRDFK

7LPH UXQV DQG WKURZ VR WKDW *. LV DEOH WR GLYH DQG PDNH VDYH

*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXHFKDQJHGLUHFWLRQDQGGLYH

7XUQDQG'LYH

*. VWDQGV ZLWK EDOO LQ KDQG


*. WRVVHV EDOO EDFNZDUGV RYHU KHDG
*. WXUQV DQG GLYHV WR FDWFK EDOO

$LP WR KDYH WKH EDOO FRPH GRZQ  P EHKLQG *.

5HYHUVH6WHSDQG'LYH
 *. VWDQGV RQH VWHS DZD\ IURP EDOO
*. VWHSV OHIW WR EDOO EHQGV GRZQ DQG WRXFKHV EDOO
$V *. JHWV EDFN XS

 &RDFK & WKURZV EDOO WR *. ULJKW
*.

&  
 *. GLYHV WR FDWFK EDOO

$OWHUQDWH VLGHV DQG NHHS UHSHDWLQJ

*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXHFRQWLQXRXVVDYHV
6KRWVIURPERWKVLGHVRIJRDO

P *. VWDUWV DW RQH SRVW RI UHJXODU ZLGWK JRDO IDFLQJ $

 $ WKURZV KLJK EDOO WR *. ZKR FDWFKHV EDOO DQG WKURZV EDFN WR$
$IWHU WKURZ *. SLYRWV TXLFNO\ DQG
%


 GLYHV WR VDYH ORZ VKRW IURP %
*.

 .HHS UHSHDWLQJ LQFUHDVLQJGHFUHDVLQJ FKDOOHQJH WR *.

6KRWVRQWKUHHJRDOV
$
 IXOO VL]H JRDOV DUH VHW XS LQ D WULDQJOH
P

$ VKRRWV DQG *. VDYHV



$IWHU VDYH *. WXUQV DQG IDFHV % *.
$IWHU % VKRRWV DQG *. VDYHV *. IDFHV &

1H[W URXQG JR LQ UHYHUVH RUGHU  &%$
&  %
 IXOO VHWV  JLYH *. WLPH WR JHW VHW IRU QH[W VKRW
*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7HFKQLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7HFKQLTXHGLDJRQDOEDFNZDUGGLYHV

*. LV LQ QRUPDO SRVLWLRQ DV LI &RDFK & ZRXOG WDNH D VKRW LH *. FRYHUV QHDU SRVW

&RDFK WKURZV EDOO LQ DQ DUF RYHU *. KHDG WRZDUGV IDU SRVW


*. WDNHV WZR  WKUHH TXLFN VKXWWOH VWHSV EDFNZDUGV WRZDUGV IDU SRVW DQG RQ VHFRQG RU WKLUG VWHS SXVKHV RII
ZLWK OHIW IRRW WR GLYH GLDJRQDOO\ EDFNZDUGV

,Q WKH H[DPSOH VKRZQ *. GLYHV WR OHIW DQG ZRXOG VWUHWFK LQ WKH DLU WR SXVK EDOO SDVW SRVW ZLWK OHIW KDQG

&DXWLRQ 7KLV H[HUFLVH UHTXLUHV FRXUDJH E\ WKH *. ,I *. GRHV QRW GLYH LQLWLDOO\ PDNH WKH WKURZV HDVLHU
DQG NHHS HQFRXUDJLQJ *. WR WU\<RX PD\ ZDQW WR WU\ ORZ EDOOV WR JHW *. WR SUDFWLFH EDFNZDUG PRWLRQV

*.

&
 P

*2$/.((3,1* 3UDFWLFH%XLOGHU7HFKQLFDO6NLOOV3DJH
*RDONHHSLQJ

3UDFWLFH
%XLOGHU
)LWQHVV'ULOOV
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVV'LYLQJ5HFRYHULQJ

7ZR *. ZRUN WRJHWKHU


*. $

 *. $ UROOV EDOO WR OHIW RI *. % $ 


 *. % GLYHV FDWFKHV EDOO JHWV XS DQG
P

 WKURZV WR *. $
 ZKR KDV PRYHG VWUDLJKW DFURVV *. %  
*. %

5HSHDW DFURVV WKH ZLGWK RI WKH ILHOG


&RPLQJ EDFN *. % UROOV DQG *. $GLYHV
% 
5HSHDW WZLFH IRU HDFK *. PDNLQJ VXUH WKH\ GLYH
WR WKHLU OHIW DQG WKHLU ULJKW VLGH

*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVV&LUFOH'LYHV
*. LV LQ WKH FHQWHU RI D FLUFOH PDGH ZLWK  EDOOV

(DFK EDOO LV P DZD\ IURP *.

*. GLYHV WR HDFK EDOO WRXFKLQJ LW ZLWK WKH OHDGLQJ KDQG


LH *. VWDUWV ZLWK D GLYH WR OHIW OHIW KDQG WRXFKHV EDOO 

*.

*. UHFRYHUV WR FHQWHU DQG GLYHV WR HDFK EDOO LQ VHTXHQFH


 P
$IWHU RQH WXUQ *. JRHV DURXQG WKH RWKHU ZD\ GLYLQJ WRZDUG
RWKHU VLGH

,W LV LPSRUWDQW WKDW WKH *. WRXFKHV WKH EDOO $Q H[SHULHQFHG *. FDQ WDNH RQH VWHS WR SXVK RII WKH IRRW
GLYH DQG UHDFK WKH EDOO <RXQJHU *. PD\ QHHG WR WDNH D FRXSOH RI VWHSV &KDOOHQJH \RXU *.

,W LV LPSRUWDQW WR GR WKLV RQ JUDVV RU DQRWKHU VRIW VXUIDFH *. QHHGV SDGGHG VKLUW


*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVVMXPSIURPO\LQJSRVLWLRQ

*.
P

*. OLHV RQ VWRPDFK IDFLQJ JRDO

&RDFK & WKURZV EDOO KLJK RYHU FURVV EDU

*. MXPSV XS DQG FDWFKHV EDOO DW KLJKHVW SRLQW

:KLOH VWLOO LQ DLU *. WKURZV EDOO EDFN RYHU FURVV EDU WR FRDFK
&

)LUVW JHW *. WR FDWFK EDOO DW KLJK SRLQW WKHQ DWWHPSW WR WKURZ EDOO EDFN LQ VDPH PRWLRQ

*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVVMXPSLQJDQGGLYLQJ
 *. UXQV DFURVV KXUGOHV DQG
DGLYHV RYHU ODVW KXUGOH
E MXPSVRYHU ODVW KXUGOH DQG WKHQ GLYHV
F MXPSV RYHU ODVW KXUGOH WKHQ MXPSV EDFNZDUGV RYHU ODVW KXUGOH WKHQ GLYHV
WR
 FDWFK KLJK EDOO WKURZQ E\ FRDFK

5HSHDW HDFK GLIIHUHQW PRYH  WLPHV &RDFK DQG *. PXVW PDNH VXUH WLPLQJ RI
WKURZV DOORZV *. WR PDNH VXFFHVVIXO GLYLQJ FDWFK 6SHHG RI UXQ DQG WKURZ FDQ EH YDULHG
*.



&
*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVVUXQMXPSFURXFKWKURZ

 &RDFK WKURZV EDOO LQ D KLJK DUF IURP EHKLQG WKH QHW RYHU
WRS RI FURVV EDU 7KH EDOO VKRXOG EH DLPHG WR FRPH GRZQ
EHWZHHQ WKH  \G ER[ DQG WKH SHQDOW\ VSRW

 7KH *. ZDLWV IRU WKH WKURZ DW WKH WRS RI WKH  \G ER[


:KHQ WKH EDOO LV WKURZQ *. UXQV WRZDUGV LW DQG MXPSV
KLJK WR FDWFK EDOO DW LW
V KLJKHVW SRLQW RQH NQHH XS

$IWHU *. FDWFKHV EDOO *. LQ RQH FRQWLQXRXV PRWLRQ


JRHV GRZQ WR D FURXFKLQJ SRVLWLRQ WKHQ MXPSV XS 
DQG WKURZV EDOO EDFN RYHU FURVV EDU WR FRDFK
*.

&
*.

<RX PD\ QHHG WR DOORZ WKH *. WR UHOD[ WKH OHJ PXVFOHV  


DIWHU  UHSHWLWLRQV WKURXJK ZDONLQJ DQG VWUHWFKLQJ

*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVVVLGHZD\VKRS GLYH
*. VWDQGV VLGHZD\V WR D VHULHV RI KXUGOHVREVWDFOHV IDFLQJ FRDFK & 

 *. KRSV VLGHZD\V ZLWK ERWK IHHW XS RYHU REVWDFOHV DQG

 GLYHV RYHU ODVW REVWDFOH WR VDYH EDOO WKURZQ E\ FRDFK

*. JHWV XS VKDNHV RXW OHJV DQG KRSV LQ UHYHUVH GLUHFWLRQ


.HHS DOWHUQDWLQJ GLUHFWLRQ
0DNH VXUH *. KDV WLPH WR VWUHWFKUHOD[VKDNH OHJV EHWZHHQ KRSV
&RDFK PXVW WLPH WKURZ VR WKDW *. KDV FKDQFH RI PDNLQJ VDYH
&
P

*. *.


*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVVVSULQWMXPSGLYH

*. UXQV TXLFNO\ WKURXJK FRQHV $IWHU WKH ODVW FRQH P 


*. IDFHV FRDFK &  JHWV LQ UHDG\ SRVLWLRQ DQG

*.
&
*.

P

 GLYHV WR VDYH EDOO WKURZQ E\ FRDFK 

 *. JHWV XS DQG VSULQWV EDFN WR ILUVW FRQH

5HSHDW  WLPHV

*. MXPSV RYHU FRQHV ERWK IHHW XS$IWHU WKH ODVW FRQH
*. FUDZOV XQGHU KXUGOH JHWV XS DQG
P 
 GLYHV WR VDYH EDOO WKURZQ E\ FRDFK
&
*.
*.

P
 *. JHWV XS DQG VSULQWV EDFN WR ILUVW FRQH 


5HSHDW  WLPHV

*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVVEDODQFHVSULQWGLYH

 *. VWDUWV DW SHQDOW\ VSRW ZLWK EDFN WR JRDO


*. UXQV EDFNZDUGV WR JRDO OLQH WRXFKHV JURXQG DQG

 VSULQWV WR WRS RI  \G ER[ DQG JHWV VHW WR VDYH D

 VKRW IURP WRS RI SHQDOW\ ER[ WDNHQ E\ FRDFK & 

&


*.

 

*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVVWULSOHGLYHUHFRYHU\GLYH
*. LV RQ JRDO OLQH RQ NQHHV IDFLQJ FRDFK &

&RDFK UROOV EDOO WR ULJKW RI *. ZKR GLYHV JUDEV EDOO DQG WKURZV EDFN WR FRDFK$V VRRQ DV *. KDV UHFRYHUHG WR
NQHHOLQJ SRVLWLRQ WKH VHFRQG EDOO LV RQ LW
V ZD\ IRU JRDOLH WR VDYH
*. VDYHV UHFRYHUV DQG FRDFK UROOV WKLUG EDOO $IWHU *. UHFRYHUV IURP WKLUG GLYH


FRDFK WKURZV KLJK EDOO WR OHIW RI *. *. TXLFNO\ MXPSV XS IURP NQHHOLQJ SRVLWLRQ WR VDYH KLJK EDOO

5HSHDW  WLPHV DOWHUQDWLQJ VLGHV

P


&
*.

*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

)LWQHVV 'ULOO

7KLQJV WR REVHUYH

1RWHV

)LWQHVVUDSLGILUH
&RDFK KDV ILYH EDOOV DQG WKURZV WKHP IURP SRVLWLRQ  

*. SOD\V SURSHU DQJOH DQG GLVWDQFH DQG VDYHV EDOO

$V VRRQ DV *. KDV UHFRYHUHG IURP VDYH WKH QH[W EDOO LV RQ LW


V ZD\ JLYLQJ *. YHU\ OLWWOH WLPH WR VHW XS

$IWHU ILYH EDOOV UHSHDW IURP SRVLWLRQV  DQG  

&KDOOHQJH *. WR UHFRYHU YHU\ TXLFNO\ DQG WR LQVWLQFWLYHO\ JHW LQWR SRVLWLRQ IRU QH[W WKURZ

&RUUHFW DQ\ HUURUV EHWZHHQ HDFK VHW RI ILYH WKURZV


P

 &
*.

 &

 &

*2$/.((3,1* 3UDFWLFH%XLOGHU)LWQHVV)RFXV3DJH
*RDONHHSLQJ

3UDFWLFH
%XLOGHU
7DFWLFDO'ULOOV
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDO%UHDNDZD\V
$ % & WDNH WXUQV GULEEOLQJ RQ JRDO

*. VWDUWLQJ SRVLWLRQ LV P RII


$
JRDO OLQH
% *.

*. ZDLWV XQWLO DWWDFNHUV DUH DW WRS RI SHQDOW\ ER[

*. WKHQ FRPHV RXW LQ D FURXFKLQJ SRVLWLRQ FXWWLQJ


DWWDFNHUV DQJOH WR JRDO &

*. NHHSV H\HV RQ EDOO DQG JHWV LQ VHW SRVLWLRQ


EHWZHHQ WKH \G ER[ DQG SHQDOW\ VSRW

*. ZDLWV IRU PRYH DQG GLYHV DW EDOO DW


DWWDFNHUV IHHW RU VDYHV D VKRW

1RWH
GHIHQGLQJ EUHDNDZD\V FDQ EH D PDWWHU RI JRDONHHSHU RU FRDFK
V SUHIHUHQFH LQ WHUPV RI WLPLQJ RI PRYLQJ RXW RI
JRDO DQG ZKHUH WR PHHW WKH DWWDFNHU 6RPH OLNH WR FRPH RXW IDU DQG PHHW WKHP DW WRS RI ER[<RX FDQ YDU\
LQVWUXFWLRQV WR \RXU JRDOLH DFFRUGLQJ WR \RXU SUHIHUHQFH :H VXJJHVW D FRPPRQ DQG FRQVHUYDWLYH DSSURDFK

*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDO6HWWLQJ8SD:DOO
 *. VWDQGV DW QHDU SRVW DQG ORRNV
LQ D VWUDLJKW OLQH DW EDOO

[[  *. GLUHFWV ZDOO VXFK WKDW WKH RXWVLGH SOD\HU LV


LQ OLQH ZLWK EDOO EORFNLQJ *. YLHZ RI EDOO
*.

 *. WKHQ PRYHV WRZDUGV IDU SRVW XQWLO


*. VHHV EDOO DURXQG LQVLGH SOD\HU RI ZDOO

*.

7KH QXPEHU RI SOD\HUV LQ ZDOO LV WKH FRDFK


V GHFLVLRQ EDVHG RQ SRVLWLRQ RI EDOO
*. PXVW NQRZ FRDFK
V WUDWHJ\ WR VHW XS WKH ULJKW QXPEHU RI SOD\HUV

*. VKRXW LQVWUXFWLRQV DV ORXG DV QHFHVVDU\ IRU SOD\HUV WR KHDU ZKLFK ZD\ WKH\ QHHG WR PRYH
,W PD\ EH XVHIXO WR GLVFXVV ZLWK WKH ZDOO SOD\HUV KRZ WR FRPPXQLFDWH ZKDW WKH *.
V ZRUGV
PHDQ VXFK DV VWHS OHIW D ELW WR WKH ULJKW

*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDO&RUQHU.LFNV

*. VWDQGV  VWHSV RII OLQH '


'
*. SRVLWLRQ LV EHWZHHQ PLGGOH RI JRDO DQG  ZD\ WR IDU SRVW $
'
*. SRVLWLRQV GHIHQGHUV $
,I *. KDV FOHDU SDWK WR LQFRPLQJ EDOO *. JRHV RXW MXPSV DQG FDWFKHV $ '
*.

ZLWK RQH NQHH XS '


$ '
,I *. FDQ
W JR DQG UHDFK EDOO SOD\ DQJOHV WR EDOO WR PDNH VDYH
'

,W LV YHU\ LPSRUWDQW IRU WKH JRDONHHSHU WR FRPPXQLFDWH FOHDUO\ ZKHQ KH LV FRPLQJ RXW VXFK DV VKRXWLQJ .((3(5

7KH WHDP KDV WR NQRZ WKDW ZKHQ WKH JRDONHHSHU GRHVQ


W VKRXW WKH\ VKRXOG QRW UHO\ RQ KLPKHU EXW FOHDU WKH EDOO WKHPVHOYHV

7UDLQ \RXU NHHSHU RQ UHFRJQL]LQJ ZKHWKHU RU QRW WKHUH LV D FOHDU SDWK WR EDOO ,W LV FULWLFDO WKDW WKH NHHSHU DQWLFLSDWHV WKH IOLJKW
RI WKH EDOO DQG JHWV LQ SRVLWLRQ EHIRUH DWWDFNHUV UXQ LQ IRU KHDGHUV ,I WKH JRDOLH GHOD\V DQG FRPHV RXW DIWHU WKH DWWDFNHUV
KHVKH FDQ VWLOO MXPS RYHU WRS RI WKHP DQG SXQFK WKH EDOO RXW RI GDQJHU

*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDO3DVV%DFNV

 )URP FHQWHU RI ILHOG ' SOD\V EDOO WR *. VWURQJHU IRRW ULJKW IRRW LV VKRZQ LQ H[DPSOH
WR WKH VLGH RI JRDO

 2QFH *. NQRZV ZKHUH EDOO LV JRLQJ *. TXLFNO\ PRYHV WR UHFHLYH EDOO

 :LWKRXW SUHVVXUH *. FDQ SOD\ EDOO ORQJ RU SDVV LW RQ QG RU UG WRXFK
*. WKHQ UHWXUQV WR FHQWHU RI JRDO

,I ' KDV EDOO RQ HLWKHU VLGH RI ILHOG WKHQ ' SOD\V LW VWUDLJKW EDFN WR VDPH VLGH RI JRDO
'




*. *.

*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDO*RDO.LFNV

*RDO NLFNV FDQ EH WDNHQ IURP DQ\ VSRW RQ WKH WRS RI WKH  \G ER[
UHJDUGOHVV RQ ZKLFK VLGH RI WKH JRDO WKH EDOO ZHQW RXW LH EDOO JRHV RXW
RQ WKH ULJKW RI *. NLFN FDQ EH WDNHQ RQ OHIW '
7KLV LV DQ LPSRUWDQW WDFWLFDO RSSRUWXQLW\ WR TXLFNO\ FKDQJH
WKH SRLQW RI DWWDFN WR XQFURZGHG VLGH RI ILHOG
*.

'HFLGH RQ WDNLQJ D VKRUW NLFN IRU EXLOGXS SOD\ RU D ORQJ NLFN IRU IDVW DWWDFN

3ODFH EDOO RQ D IOXII\ SDUW RI JUDVV WR JHW IRRW XQGHUQHDWK EDOO IRU D VWURQJHU NLFN

,I *. KDV SRRU NLFN XVH D GHIHQGHU ,I GHIHQGHU


WDNHV NLFN WKH RSSRQHQW ZLOO QRW EH RIIVLGH RQ D TXLFN FRXQWHUDWWDFN

*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDO&URVVHV

$
*. QHHGV WR FKDQJH SRVLWLRQ UHODWLYH WR ZKHUH EDOO LV EHLQJ FURVVHG IURP 

7KH FORVHU WKH EDOO LV WR JRDO WKH FORVHU *. KDV WR EH WR QHDU SRVW $

7KH IXUWKHU WKH EDOO LV IURP JRDO  WKH PRUH *. FDQ PRYH RII JRDO OLQH

*.

,Q VLWXDWLRQ  VKRZQ *. PXVW SOD\ DQJOH IRU VKRW WR QHDU SRVW DQG EH UHDG\ IRU FURVV
*.

,I WKH EDOO LV FURVVHG *. SLYRWV DQG VKXWWOHV RYHU WR EH UHDG\ IRU VKRW IURP QHZ DQJOH 
,I WKH *. FDQ GLYH DQG FDWFK WKH FURVVHG EDOO WKDW ZRXOG EH HYHQ EHWWHU

,Q VLWXDWLRQ  *. SOD\V RII OLQH WR FRPH RXW DQG FDWFK FURVVHG EDOO
QR WKUHDW RI GLUHFW VKRW IURP WKDW SRVLWLRQ

*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDOZLGHGLVWULEXWLRQWKURZV
$WWDFNHUV $ SOD\ Y DJDLQVW GHIHQGHUV '

 $NLFNV ORQJ EDOO LQWR SHQDOW\ ER[

 *. FRPHV RXW DQG FDWFKHV EDOO UXQV IRUZDUG DQG WKURZV ZLGH WRZDUGV RU WKURXJK WKH VPDOO JRDOV PDGH E\
FRQHV RQ HLWKHU VLGH RI ILHOG

 3OD\HU IURP GHIHQGLQJ WHDP UXQV ZLGH WR UHFHLYH EDOO

$GMXVW SRVLWLRQ RI ZLGH WDUJHW JRDOV WR PDWFK DJH DQG VWUHQJWK RI SOD\HUV
$


'
'$


'$
'
'
$

$
'


*.

*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDO3HQDOW\.LFNV

7KHUH DUH WZR PDLQ WKHRULHV DERXW VDYLQJ SHQDOW\ NLFNV

 *XHVV ZKHUH WKH EDOO LV JRLQJ DQG GLYH EHIRUH WKH EDOO LV NLFNHG

 5HDFW WR WKH NLFN DQG GLYH DIWHU WKH EDOO LV VWUXFN E\ WKH NLFNHU

:H VXEVFULEH WR WKH UHDFWLRQ WKHRU\ DQG VXJJHVW

D NHHS \RXU H\H RQ WKH EDOO QRW WKH NLFNHU

E ZKHQ WKH SODQWLQJ QRQNLFNLQJ IRRW LV SODFHG ORRN DW ZKHUH LW LV SRLQWLQJ


7KDW LV PRVW OLNHO\ JRLQJ WR EH WKH GLUHFWLRQ RI WKH NLFN

F DV VRRQ DV WKH EDOO LV VWUXFN UHDFW WR LW


V GLUHFWLRQ DQG GLYH

*. UHDG\ SRVLWLRQ LV D YHU\ ORZ FURXFK WR JHW LQWR WKH GLYH LPPHGLDWHO\

7KLV QHHGV ORWV RI SUDFWLFH WR UHGXFH UHDFWLRQ WLPH


7DNH  VHWV RI  SHQDOW\ NLFNV DW WKH HQG RI HDFK WHDP SUDFWLFH
*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDO2UJDQL]LQJ3OD\
*. QHHGV WR YRFDOO\ RUJDQL]H GHIHQGHUV DQG RWKHU GHIHQVLYH SOD\HUV VXFK DV PLGILHOGHUV RU IRUZDUGV KDYLQJ FRPH EDFN

3OD\ D KDOI ILHOG VFULPPDJH ZLWK  GHIHQGHUV  *. DJDLQVW VL[ DWWDFNHUV

*. PXVW WHOO GHIHQGHUV ZKR WR FKDOOHQJH DQG ZKR WR PDUN

&RDFK VWRSV SOD\ UDQGRPO\ DURXQG SHQDOW\ ER[ IRU IUHH NLFNV *. VHWV XS ZDOO

3OD\ DOZD\V UHVWDUWV ZLWK DWWDFNHUV DW FHQWHU ILHOG

$
$ $
'
' $ $
' $
'
*.

*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

7HDP 'DWH

7DFWLFDO 'ULOO

7KLQJV WR REVHUYH

1RWHV

7DFWLFDO/RQJ%DOOV

$ SOD\V ORQJ EDOO LQ WRZDUGV JRDO


$
3DLUV RI DWWDFNHU $ DQG GHIHQGHU ' FKDVH EDOO
'$ $'
*. VWDUWV QHDU WRS RI ER[

,I *. GHFLGHV WR SOD\ EDOO *. VSULQWV RXW DQG FOHDUV LW DV IDU DV SRVVLEOH

,I *. GHFLGHV RQH RI WKH SDLUV ZLOO UHDFK EDOO ILUVW *. EDFN WUDFNV WR
WRS RI  \G ER[ DQG SOD\V DQJOH WR WKH SDLU QRZ SOD\LQJ Y *.

$ YDULHV GLUHFWLRQ DQG GLVWDQFH RI EDOO LQ WR IRUFH GHFLVLRQ PDNLQJ E\ *.

*2$/.((3,1* 3UDFWLFH%XLOGHU7DFWLFDO'ULOOV3DJH
*RDONHHSLQJ

3UDFWLFH
%XLOGHU
6FULPPDJH)RFXV
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJHYIURPWZRVLGHVRIJRDO

; SOD\ Y DJDLQVW 2

7HDPV FDQ VFRUH IURP HLWKHU VLGH RI JRDO


; ;
(PSKDVL]H TXLFN SDVVLQJ DQG VKRWV DV ZHOO DV 2
*.

TXLFN VZLWFKHV WR RWKHU VLGH RI JRDO IRUFLQJ ; 2


P

P

*. WR WXUQ DURXQG TXLFNO\ DQG JHW VHW IRU


QHZ VKRW IURP QHZ DQJOH

$IWHU D VDYH JRDOLH SXWV EDOO EDFN LQWR SOD\


; 2 2
,I EDOO JRHV RXW RI ERXQGV FRDFK VKRXOG EH UHDG\
P
WR VHUYH D QHZ EDOO LQ TXLFNO\ WR NHHS JDPH JRLQJ

5HPHPEHU WKLV GULOO LV IRU WKH JRDONHHSHU VR


HQFRXUDJH SOD\HUV WR WDNH ORWV RI VKRWV IURP DOO
DQJOHV

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJHYLQ3HQDOW\$UHD

KDYH EDOOV UHDG\ IRU *. WR UHVWDUW SOD\ DIWHU JRDO RU PLVV


[ [ [
R 4XLFN VKRWV IURP PDQ\ DQJOHV RU DIWHU TXLFN SDVVHV
[ R
,W
V D *. GULOO QRW D GULOO WR VHW XS SHUIHFW VKRW
*.
*. PXVW PRYH ZLWK SOD\ DQG SOD\ DQJOHV

,W LV LPSRUWDQW IRU WKH *. WR DOZD\V EH LQ WKH SURSHU UHDG\ SRVLWLRQ


7KH FORVHU WKH EDOO LV WR JRDO WKH ORZHU WKH *. PXVW FURXFK

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJHYRUY
%
;
Y JDPH RXWVLGH SHQDOW\ DUHD ;
2
$ ;
V VHW XS IRU VKRW IURP RXWVLGH
SHQDOW\ DUHD RU ;
2
*.

% VHQG LQ D SOD\HU IRU Y RQ *. $


,PSRUWDQW WR HQFRXUDJH TXLFN VKRWV
LW
V D *. GULOO ;

 P

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJHYRQJRDOV

6HW GULOO XS LQ D P [ P JULG LQ FRUQHU RI SHQDOW\ ER[ WR XVH  P


WKH SDLQWHG OLQHV RI ILHOG
P
,Q FRUQHU PDNH WZR P ZLGH DGMDFHQW JRDOV
*.

7ZR WHDPV SOD\ Y DQG WKH\ FDQ VFRUH RQ HLWKHU RI WKH WZR JRDOV 2 2 ;
; 2
,W LV LPSRUWDQW IRU *N WR UHDG SOD\ DQG WR EH LQ FRUUHFW SRVLWLRQ DQJOH
IRU VKRWV ;

$OZD\V KDYH EDOOV UHDG\ WR NHHS SOD\ PRYLQJ VR WKDW WKH *. JDWV ORWV RI DFWLRQ

(QFRXUDJH WHDPV WR VKRRW RIWHQ DQG UHPLQG WKHP WKDW WKH\ KDYH WZR JRDOV WR VKRRW DW

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJHYZLWKEDOOV

3OD\ D Y LQ SHQDOW\ ER[ ZLWK WZR EDOOV

%RWK ;
V DQG 2
V FDQ VFRUH RQ JRDO

*. ZLOO EH FKDOOHQJHG WR GHFLGH ZKLFK RI


WKH WZR EDOOV LV LQ D PRUH GDQJHURXV SRVLWLRQ

*. JHWV UHDG\ WR SOD\ DQJOHV IRU PRUH GDQJHURXV ;


VKRW 7KLV FDQ FKDQJH TXLFNO\ EDVHG RQ WKH SOD\
GHYHORSHG E\ WKH WZR WHDPV ; 2
*.

7KHUHIRUH *. LV FRQVWDQWO\ REVHUYLQJ  GHFLGLQJ 


VKLIWLQJ  JHWWLQJ UHDG\  VDYLQJ
2
; 2
2QFH D VKRW LV WDNHQ DQG *. PDNHV VDYH SOD\ JRHV RQ *. ZLOO KDYH WR UHFRYHU
DQG JHW UHDG\ IRU VHFRQG EDOO

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJHFURVVLQJ YLQSHQDOW\ER[

;
;

; GULEEOHV EDOO WRZDUGV JRDO OLQH DQG FURVVHV LW LQWR ER[

; WKHQ MRLQV WKUHH RWKHU ; DQG SOD\V Y RQ JRDO

; ;
*. GHFLGHV WR FDWFK FURVVHG EDOO RU VWD\ LQ JRDO
2
; 2
:KHQ SOD\ LV GRQH ; FURVVHV DQG ; WDNHV VSRW RI ; *.

;
V YDU\ IURP ZKHUH WKH\ FURVV EDOO

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJH[YLQSHQDOW\ER[

 PLQL JDPHV LQ WKH SHQDOW\ ER[ DW WKH VDPH WLPH


;
; SOD\V JDPH DJDLQVW 2 ; Y 2 HWF
2
*. VHWV XS WR VDYH DJDLQVW WKH PRVW GDQJHURXV DWWDFNHU DW DQ\ SRLQW LQ WLPH
; 2
*.

; 2
7KLV UHTXLUHV *. WR ORRN DURXQG DQG EH DZDUH RI DOO  JDPHV

(YHU\  PLQXWHV FKDQJH SOD\HUV ; DQG 2 WR FUHDWH QHZ SDLUV 2


;
.HHS WUDFN RI ZKLFK SOD\HU ZLQV WKH PRVW PLQL JDPHV

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJH*.LQY

$SOD\V Y DJDLQVW *. LQ P [ P JULG P

$ VFRUHV SRLQWV E\ GULEEOLQJ EDOO RYHU DQ\ VLGH OLQH


*.

*. VFRUHV SRLQW E\ WDNLQJ EDOO DZD\ IURP$ LQVLGH WKH JULG GLYLQJ RQ
$
EDOO DW $
V IHHW WR JDLQ FRQWURO ZLWK KDQGV

$IWHU D SRLQW LV VFRUHG JDPH UHVWDUWV ZLWK$ LQ FHQWHU RI JULG

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJHY
0DNH D ILHOG WZLFH WKH VL]H RI SHQDOW\ ER[

$SOD\ Y DJDLQVW '

$
V WU\ WR VFRUH $IWHU ' JDLQV SRVVHVVLRQ WKH\ PXVW SDVV EDOO RXWVLGH ILHOG WR DQRWKHU SOD\HU ' ZKR PDGH D UXQ 

3OD\ WKHQ UHVWDUWV ZLWK$ *. PXVW RUJDQL]H GHIHQGHUV DQG SURYLGH FOHDU LQVWUXFWLRQ RQ FKDOOHQJLQJPDUNLQJ
UXQQLQJ RXWVLGH ILHOG DQG SDVVLQJ

$ $
$
' '
$ '
*.

$ '

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH
*RDONHHSLQJ

7HDP 'DWH

6FULPPDJH

7KLQJV WR REVHUYH

1RWHV

6FULPPDJHYLQSHQDOW\ER[

)LYH DWWDFNHUV Y WZR GHIHQGHUV SOD\ IUHHO\ LQ SHQDOW\ ER[


$
7KLV VKRXOG DOORZ IRU PDQ\ VKRWV IURP GLIIHUHQW SRVLWLRQV
IRUFLQJ *. WR IROORZ SOD\ DQG WR TXLFNO\ DGDSW WR QHZ SRVLWLRQV $ '
*.

&RDFK FDQ LQWHUUXSW SOD\ WR FRUUHFW *. DQJOH WR EDOO DQG GLVWDQFH IURP EDOO $ '
+DYH VXIILFLHQW EDOOV UHDG\ WR NHHS SOD\ PRYLQJ DIWHU EDOO JRHV RXW RI ERXQGV $
$

*2$/.((3,1* 3UDFWLFH%XLOGHU6FULPPDJH)RFXV3DJH

You might also like