Download as pdf or txt
Download as pdf or txt
You are on page 1of 33

0DQDJHPHQWRI6QDNHELWHV

&/,1,&$/35$&7,&(
*8,'(/,1(6

0DQDJHPHQWRI
6QDNH%LWHV


&/,1,&$/35$&7,&(*8,'(/,1(6

/LVWRI&RQWULEXWRUV

Ċ 'U$ULDUDQHH*QDQDWKDVDQ
Ċ 'U.ROLWKD+6HOODKHZD
Ċ 3URI5H]YL6KHULII


0DQDJHPHQWRI6QDNHELWHV

7DEOHRIFRQWHQWV

  3DJH1R

 ,QWURGXFWLRQ 


2FFXSDWLRQDOFDWHJRULHVPRUHYXOQHUDEOH
 WRVQDNHELWHV 
 3UHYHQWLRQRIVQDNHELWHV 
 5HFRPPHQGDWLRQV 
6LJQVRIHQYHQRPLQJ 
&RQGLWLRQDOLGHQWLÀFDWLRQRIYHQRPRXVVQDNHV 
 2QHSLGHPLRORJLFDOIHDWXUHV 
 2QFOLQLFDOIHDWXUHV 
,GHQWLÀFDWLRQRIYHQRPRXVVQDNHV 
0DQDJHPHQWRIVQDNHELWHV 
 )LUVWDLG 
 $GPLVVLRQWRKRVSLWDO 
 &OLQLFDODVVHVVPHQW 
 $VVHVVPHQWIRUVLJQVRIHQYHQRPLQJ 
 ,QYHVWLJDWLRQVDQGODERUDWRU\WHVWV 
 ,GHQWLÀFDWLRQRIWKHVQDNH 
 $QWLYHQRPVHUXPDGPLQLVWUDWLRQ 
 7HWDQXVSURSK\OD[LV 
 0DQDJHPHQWRIVSHFLDOSUREOHPV 
 5HKDELOLWDWLRQ 
6HDVQDNHV 
 ,GHQWLÀFDWLRQ 
 6LJQVRIHQYHQRPLQJ 
 7UHDWPHQW 
$QQH[XUH 


&/,1,&$/35$&7,&(*8,'(/,1(6

,QWURGXFWLRQ

7KHUH LV H[WHQVLYH HYLGHQFH WKDW PDQDJHPHQW PDLQO\


WUHDWPHQW WR WDUJHW RI GLDEHWHV LPSURYHV LPPHGLDWH
6QDNH ELWH LV D FRPPRQ PHGLFDO SUREOHP LQ 6UL /DQND
+RVSLWDO DGPLVVLRQV GXH WR VQDNHELWH KDYH LQFUHDVHG
RYHU WKH \HDUV UHÁHFWLQJ WKH DFFHSWDQFH RI DOORSDWKLF
PDQDJHPHQWDQGWUHDWPHQWRIWKHVHELWHVDVDUHVXOWRI
HQHUJHWLFKHDOWKHGXFDWLRQDOSURJUDPPHV

+RZHYHUWKHODFNRIFRQVHQVXVRQPDQDJHPHQWLVVXHVLQD
KRVSLWDOVHWWLQJKDVEHHQDPDMRUFRQFHUQ7KHIHHGEDFN
DQGGLVFXVVLRQVZHKDGZLWKGRFWRUVGXULQJRXURXWUHDFK
VHPLQDUV FRQGXFWHG DFURVV WKH OHQJWK DQG EUHDGWK RI
WKLV FRXQWU\ RYHU WKH IHZ \HDUV KDYH FRQÀUPHG WKHVH
LPSUHVVLRQV

7KHQHHGIRUSUDFWLFDOJXLGHOLQHVWREHXVHGE\KRVSLWDO
GRFWRUV ZKR FRPPRQO\ HQFRXQWHU WKH SUREOHP RI
VQDNHELWHKDVEHHQDPSO\GHPRQVWUDWHG

&OLQLFLDQVKDYHEHHQJUDSSOLQJZLWKDPDMRUSUREOHPIRU
GHFDGHV+RZEHVWWRXVHDQWLYHQRPVHUXP $96 

7KHVH JXLGHOLQHV FRQWDLQ D VHFWLRQ RQ WKH VHOHFWLRQ RI


SDWLHQWV IRU $96 WKHUDS\ :H KRSH WKLV ZRXOG SUHYHQW
WKH LQMXGLFLRXV DQG LQDSSURSULDWH RYHUXVH RI$96 7KH
MXGLFLRXV XVH RI $96 ZLOO QRW RQO\ UHVXOW LQ HQRUPRXV
FRVWUHGXFWLRQRIWKHUDS\EXWZLOODOVRSUHYHQWH[SRVLQJ
SDWLHQWVWRWKHULVNVRI$96XVH:HKDYHDOVRKLJKOLJKWHG
VLPSOHSUDFWLFDOVWHSVGHVLJQHGWRLQFUHDVHWKHVDIHW\RI
WKHFXUUHQWO\DYDLODEOH$96WKDWFRXOGEHIROORZHGLQDQ\
KRVSLWDOVHWWLQJ

:HQRORQJHUDGYRFDWHWKHNLOOLQJRIVQDNHV

([SHULHQFHG SK\VLFLDQV DUH FDSDEOH RI WDNLQJ FUXFLDO


PDQDJHPHQWGHFLVLRQVHYHQZKHQWKHRIIHQGLQJVQDNHLV
QRWEURXJKWWRKRVSLWDO7KHLUH[SHULHQFHDQGNQRZOHGJH
LVHPERGLHGLQWKHVHJXLGHOLQHVIRULQWHOOLJHQWDSSOLFDWLRQ
QRW KDYLQJ WKH RIIHQGLQJ VQDNH DW KDQG ZKHWKHU GHDG
RU DOLYH LV QR ORQJHU D EDU WR UDWLRQDO PDQDJHPHQW RI
VQDNHELWH


0DQDJHPHQWRI6QDNHELWHV

2FFXSDWLRQDOFDWHJRULHVPRUHYXOQHUDEOHWRVQDNHELWHV

Ċ )DUPHUV
Ċ 3ODQWDWLRQZRUNHUV 5XEEHU&RIIHH
Ċ +HUGVPHQ
Ċ +XQWHUV
Ċ 6QDNH KDQGOHUV 6QDNH FKDUPHUV DQG VQDNH
UHVWDXUDQWVDQGWUDGLWLRQDO&KLQHVHSKDUPDFLHV
Ċ )LVKHUPHQDQGÀVKIDUPHUV
Ċ 6HDVQDNHFDWFKHUV IRUVHDVQDNHVNLQVOHDWKHU


&/,1,&$/35$&7,&(*8,'(/,1(6

3UHYHQWLRQRIVQDNHELWHV

6QDNHELWH LV DQ RFFXSDWLRQDO KD]DUG WKDW LV YHU\


GLIÀFXOWWRDYRLGFRPSOHWHO\+RZHYHUDWWHQWLRQWRWKH
IROORZLQJUHFRPPHQGDWLRQVPLJKWUHGXFHWKHQXPEHURI
DFFLGHQWV

5HFRPPHQGDWLRQV

(GXFDWLRQ.QRZ\RXUORFDOVQDNHVNQRZWKHVRUWRI
SODFHVZKHUHWKH\OLNHWROLYHDQGKLGHNQRZZKDW
WLPHRIWKH\HDUDWZKDWWLPHRIWKHGD\QLJKW
RULQZKDWNLQGRIZHDWKHUWKH\DUHPRVWOLNHO\WR
EHDFWLYH

%HHVSHFLDOO\YLJLODQWDERXWVQDNHELWHVDIWHUUDLQV
GXULQJÁRRGLQJKDUYHVWWLPHDQGQLJKW

 7U\ WR ZHDU SURSHU VKRHV RU ERRWV DQG ORQJ
WURXVHUVHVSHFLDOO\ZKHQZDONLQJLQWKHGDUNRULQ
XQGHUJURZWK

8VHDOLJKW WRUFKÁDVKOLJKWRUODPS ZKHQZDONLQJ


DWQLJKW

$YRLG VQDNHV DV IDU DV SRVVLEOH LQFOXGLQJ VQDNHV


SHUIRUPLQJ IRU VQDNH FKDUPHUV 1HYHU KDQGOH
WKUHDWHQRUDWWDFNDVQDNHDQGQHYHULQWHQWLRQDOO\
WUDSRUFRUQHUDVQDNHLQDQHQFORVHGVSDFH

 ,I DW DOO SRVVLEOH WU\ WR DYRLG VOHHSLQJ RQ WKH
JURXQG

.HHS\RXQJFKLOGUHQDZD\IURPDUHDVNQRZQWREH
VQDNHLQIHVWHG

$YRLGRUWDNHJUHDWFDUHKDQGOLQJGHDGVQDNHVRU
VQDNHVWKDWDSSHDUWREHGHDG

 $YRLG KDYLQJ UXEEOH UXEELVK WHUPLWH PRXQGV RU


GRPHVWLFDQLPDOVFORVHWRKXPDQGZHOOLQJVDVDOO
RIWKHVHDWWUDFWVQDNHV


0DQDJHPHQWRI6QDNHELWHV

)UHTXHQWO\FKHFNKRXVHVIRUVQDNHVDQGLISRVVLEOH
DYRLGW\SHVRIKRXVHFRQVWUXFWLRQWKDWZLOOSURYLGH
VQDNHV ZLWK KLGLQJ SODFHV HJ WKDWFKHG URRIV
ZLWKRSHQHDYHVPXGDQGVWUDZZDOOVZLWKODUJH
FUDFNVDQGFDYLWLHVODUJHXQVHDOHGVSDFHVEHQHDWK
ÁRRUERDUGV

7RSUHYHQWVHDVQDNHELWHVÀVKHUPHQVKRXOGDYRLG
WRXFKLQJ VHD VQDNHV FDXJKW LQ QHWV DQG RQ OLQHV
7KHKHDGDQGWDLOVDUHQRWHDVLO\GLVWLQJXLVKDEOH
7KHUHLVDULVNRIELWHVWREDWKHUVDQGWKRVHZDVKLQJ
FORWKHVLQPXGG\ZDWHURIHVWXDULHVULYHUPRXWKV
DQGFRDVWOLQHV


&/,1,&$/35$&7,&(*8,'(/,1(6

6LJQVRIHQYHQRPLQJ

(QYHQRPLQJ

/RFDO 6\VWHPLF
Ċ )DQJPDUNV
6SHFLÀF
Ċ /RFDOSDLQ
Ċ /RFDOEOHHGLQJ
‡&DUGLRYDVFXODUVLJQV
Ċ %UXLVLQJ
 DQGV\PSWRPV
Ċ /\PSKDQJLWLV
‡%OHHGLQJDQG
Ċ /\PSKQRGH 
 FORWWLQJGLVRUGHUV
 HQODUJHPHQW
‡1HXURWR[LFLW\
Ċ ,QÁDPPDWLRQ
‡5KDEGRP\RO\VLVZLWK
 VZHOOLQJUHGQHVV
 P\RJORELQXULD
 KHDW
‡5HQDO
Ċ %OLVWHULQJ
Ċ /RFDOLQIHFWLRQ
 DEVFHVVIRUPDWLRQ
Ċ 1HFURVLV
1RQVSHFLÀF

‡1DXVHD
‡9RPLWLQJ
‡0DODLVH
‡$EGRPLQDOSDLQ
‡?:HDNQHVV
‡'URZVLQHVV
‡3URVWUDWLRQ


0DQDJHPHQWRI6QDNHELWHV

&RQGLWLRQDOLGHQWLÀFDWLRQRIYHQRPRXVVQDNHV

2QHSLGHPLRORJLFDOIHDWXUHV
6LWHRIELWH

Ċ )LQJHUV KDQGDQNOH IRRW6DZVFDOHG KXPS
QRVHGYLSHUV
Ċ (OERZ EHORZNQHH EHORZ&REUD5XVVHOO·VYLSHU
Ċ +HDGWRWRH.UDLW

7LPHRIELWH
Ċ 0RVW.UDLWELWHVKDSSHQEHWZHHQSPDQGDP
ZKLOHVOHHSLQJLQGRRU

6HDVRQRIELWH
Ċ .UDLWELWHV/RZLQFLGHQFHLQ'HFHPEHUWR$SULO
+LJKLQFLGHQFHLQ0D\WR1RYHPEHU

&LUFXPVWDQFHVRIELWH
Ċ 3DGG\ ÀHOGV URDGV IRRWSDWKV DW GDZQ DQG GXVN
5XVVHOO·VYLSHU
Ċ 9LFWLPVVOHHSLQJRQWKHÁRRUDWQLJKW.UDLW
Ċ 1HDUERGLHVRIZDWHURULQVLGHGZHOOLQJV&REUD

2QFOLQLFDOIHDWXUHV

5XVVHOO·V9LSHU
Ċ /RFDOVZHOOLQJ
Ċ 1HXURWR[LFLW\ SWRVLVH[WHUQDORSKWKDOPRSOHJLD
Ċ &RDJXORSDWK\ GDUNXULQHSURORQJHGFORWWLQJWLPH
LQFRDJXODEOHEORRG
Ċ 0\RWR[LFLW\  P\DOJLD WHQGHU PXVFOHV
UKDEGRP\RO\VLV
Ċ $FXWHUHQDOIDLOXUH

&REUD
Ċ /RFDOVZHOOLQJWLVVXHQHFURVLV
Ċ 1HXURWR[LFLW\ SWRVLV H[WHUQDO RSKWKDOPRSOHJLD
UHVSLUDWRU\SDUDO\VLVOLPESDUDO\VLVFRPD
Ċ 1RFRDJXORSDWK\


&/,1,&$/35$&7,&(*8,'(/,1(6

.UDLW
Ċ 1HXURWR[LFLW\ SWRVLV H[WHUQDO RSKWKDOPRSOHJLD
UHVSLUDWRU\SDUDO\VLVOLPESDUDO\VLVFRPD
Ċ 1RORFDOHIIHFWV
Ċ 1RFRDJXORSDWK\

+XPSQRVHGYLSHU
Ċ /RFDOVZHOOLQJKDHPRUUKDJLFEOLVWHUV
Ċ &RDJXORSDWK\ UHG XULQH VSRQWDQHRXV EOHHGLQJ
LQFRDJXODEOHEORRGRQ:%&7
Ċ $FXWHUHQDOIDLOXUH

6DZ²6FDOHGYLSHU
Ċ /RFDOVZHOOLQJ
Ċ &RDJXORSDWK\ LQFRDJXODEOHEORRGRQ:%&7

6HH WKH DOJRULWKP RQ &OLQLFDO 6\QGURPLF DSSURDFK


DQQH[XUH


0DQDJHPHQWRI6QDNHELWHV

,GHQWLÀFDWLRQRIYHQRPRXVVQDNHV

'RQRWKDQGOHOLYHVQDNHV+DQGOH¶GHDG·VQDNHVZLWK
FDUHDVWKH\PD\QRWEHGHDGDQGHYHQLIGHDGWKH\
DUHFDSDEOHRILQÁLFWLQJDUHÁH[ELWH

D7DLOÁDWWHQHGSDGGOHOLNHWLSURXQGHG

6HDVQDNHV

E7DLOFRQLFDOURXQGLQVHFWLRQWLSSRLQWHG

 /DQG6QDNHV

D9HQWUDOVFDOHVGRQRWH[WHQGWKHIXOOZLGWKRIWKHERG\

 1RQYHQRPRXVVQDNHV

E9HQWUDOVFDOHVH[WHQGWKHIXOOZLGWKRIWKHERG\

 9HQRPRXVDQG
 QRQYHQRPRXVVQDNHV


&/,1,&$/35$&7,&(*8,'(/,1(6

D+HDGWULDQJXODUQHFNZHOOGHÀQHG««*RWREHORZ

 9LSHUV DQGFDWVQDNHV

E+HDGRYDWHQHFNQRWZHOOGHÀQHG«*RWREHORZ

 &REUDNUDLWV DQGRWKHUV

D%ULJKWJUHHQZLWKEODFNPDUNLQJVKHDGVFDOHVVPDOO
VLPLODUWRERG\

6FDOHVDSLWSUHVHQWEHWZHHQWKHH\HDQGWKHQRVWULO ORUHDO
SLW 

 *UHHQSLWYLSHU

E6KDGHVRIEURZQYDULRXVSDWWHUQVKHDGVFDOHVVPDOORU
ODUJH«««*RWR

D  6FDOHV RQ KHDG ODUJH VQRXW XSWXUQHG D ORUHDO SLW


SUHVHQW

 +XPSQRVHGYLSHU

E6FDOHVRQKHDGVPDOOVLPLODUWRERG\VFDOHV«*RWR


D(GJHVRIERG\VFDOHVVDZWRRWKHGOLJKWEURZQZLWK
ZKLWHGDJJHUPDUNRQKHDGDQGZKLWHZDY\OLQHVRQVLGHV
RIERG\

 6DZVFDOHGYLSHU


0DQDJHPHQWRI6QDNHELWHV

E  (GJHV RI ERG\ VFDOHV QRW VDZWRRWKHG WKUHH


ORQJLWXGLQDOURZVRIFKRFRODWHEURZQRYDOSDWFKHVDORQJ
WKHERG\HDFKRXWOLQHGZLWKEODFNDQG\HOORZ(GJHVRI
ERG\VFDOHVDUHQRWVDZWRRWKHG

 5XVVHOO·VYLSHU

D  9HUWHEUDO VFDOH URZ PLGEDFN  HQODUJHG DQG


SRO\JRQDOVXEFDXGDOVFDOHVDUH WKRVHSRVWHULRUWRWKH
YHQW  XQGLYLGHG JORVV\ EODFN RU EURZQLVKEODFN ZLWK
ZKLWHFURVVEDUV

 .UDLWV



E9HUWHEUDOVFDOHURZQRWHQODUJHGVXEFDXGDOVGLYLGHG
JROGHQEURZQZLWKZKLWHVSHFNOHVQHFNH[SDQVLEOHLQWR
DKRRG

 &REUD


&/,1,&$/35$&7,&(*8,'(/,1(6

0DQDJHPHQWRIVQDNHELWHV

0DQDJHPHQWSODQ

Ċ )LUVWDLG
Ċ $GPLWDQG5HDVVXUH
Ċ 5DSLG FOLQLFDO DVVHVVPHQW DQG LI QHFHVVDU\
UHVXVFLWDWH
Ċ $VVHVV IRU VLJQV RI HQYHQRPLQJ DQG GR GHWDLOHG
FOLQLFDODVVHVVPHQW
Ċ ,QYHVWLJDWLRQVDQGODERUDWRU\WHVWV
Ċ ,GHQWLI\ WKH VQDNH ,W ZLOO KHOS ZLWK GHFLVLRQV
UHJDUGLQJ $96 DGPLQLVWUDWLRQ DQG YLJLODQFH DQG
SUHSDUHGQHVVUHJDUGLQJFRPSOLFDWLRQV
Ċ &RPPHQFHWHWDQXVSURSK\OD[LV
Ċ &RPPHQFH $QWL YHQRP VHUXP DGPLQLVWUDWLRQ DQG
PRQLWRUWKHUHVSRQVH
Ċ 0DQDJHPHQWRIVSHFLDOSUREOHPV
Ċ 7UHDWPHQWRIWKHELWWHQSDUW

0RQLWRULQJ

/HYHORIFRQVFLRXVQHVV
3XOVHUDWH
%ORRGSUHVVXUH
5HVSLUDWRU\UDWH WLGDOYROXPH
7HPSHUDWXUH
8ULQHRXWSXWDQGÁXLGEDODQFH

$YRLG :KHQHYHUSRVVLEOH

Ċ 16$,'VLQFOXGLQJDVSLULQ
Ċ ,QWUDPXVFXODU LQMHFWLRQV LQFOXGLQJ SHQLFLOOLQ
WHWDQXVERRVWHURQDGPLVVLRQ
Ċ &RQFXUUHQWDGPLQLVWUDWLRQRIVHUDRWKHUWKDQDQWL
YHQRPVHUXPWKDWPD\SURGXFHDQDSK\OD[LV
Ċ 1DUFRWLFVDQGRWKHUUHVSLUDWRU\GHSUHVVDQWV


0DQDJHPHQWRI6QDNHELWHV

3DWLHQWZLWKDVXVSHFWHGVQDNHELWH

,IHQYHQRPHG ,IQRWHQYHQRPHG

%XW D GHÀQLWH KLVWRU\ RI


ELWH E\ D YHQRPRXV VQDNH
DQGRUIDQJPDUNV

6\VWHPLF /RFDO
HQYHQRPLQJ HQYHQRPLQJRQO\

2EVHUYHIRUDWOHDVWKRXUV
$QWLYHQRP
:DWFKIRUVLJQVRIV\VWHPLF
VHUXPWKHUDS\
HQYHQRPLQJ

‡ ,IQRVLJQVRIV\VWHPLFHQYHQRPLQJGHYHORSGLVFKDUJH
WKHSDWLHQW
‡ ,IVLJQVRIV\VWHPLFHQYHQRPLQJGHYHORSWUHDWZLWK
$96


&/,1,&$/35$&7,&(*8,'(/,1(6

)LUVWDLG

)LUVW DLG LV FDUULHG RXW LPPHGLDWHO\ RU YHU\ VRRQ DIWHU
WKH ELWH ,W FDQ EH SHUIRUPHG E\ WKH VQDNH ELWH YLFWLP
KLPVHOIKHUVHOIRUE\DQ\RQHHOVHZKRLVSUHVHQW

$LPVRIÀUVWDLG
 $WWHPSWWRUHWDUGV\VWHPLFDEVRUSWLRQRIYHQRP
 3UHVHUYH OLIH DQG SUHYHQW FRPSOLFDWLRQV EHIRUH WKH
SDWLHQWFDQUHFHLYHPHGLFDOFDUH
 &RQWUROGLVWUHVVLQJDQGGDQJHURXVHDUO\V\PSWRPVRI
HQYHQRPLQJ
 $UUDQJH WUDQVSRUW RI WKH SDWLHQW WR D SODFH ZKHUH
PHGLFDOFDUHLVDYDLODEOH

 $%29($//'212+$50
0RVW WUDGLWLRQDO ÀUVW DLG PHWKRGV VKRXOG EH
GLVFRXUDJHGWKH\GRPRUHKDUPWKDQJRRG

5HFRPPHQGHGÀUVWDLGPHWKRGV
Ċ 5HDVVXUHWKHYLFWLPZKRPD\EHYHU\DQ[LRXV
Ċ ,PPRELOL]HWKHELWWHQOLPEZLWKDVSOLQWRUVOLQJDV
DQ\ PRYHPHQW RU PXVFXODU FRQWUDFWLRQ LQFUHDVHV
DEVRUSWLRQ RI YHQRP LQWR WKH EORRG VWUHDP DQG
O\PSKDWLFV\VWHP
Ċ &RQVLGHU SUHVVXUH LPPRELOL]DWLRQ IRU VRPH HODSLG
ELWHV
Ċ $YRLGDQ\LQWHUIHUHQFHZLWKWKHELWHZRXQGDVWKLV
PD\LQWURGXFHLQIHFWLRQLQFUHDVHDEVRUSWLRQRIWKH
YHQRPDQGLQFUHDVHORFDOEOHHGLQJ

$UWHULDOWRXUQLTXHWVDUHQRWUHFRPPHQGHG

7UDQVSRUWWRKRVSLWDO
3DWLHQW PXVW EH WUDQVSRUW WR D SODFH ZKHUH WKH\ FDQ
UHFHLYHPHGLFDOFDUH GLVSHQVDU\RUKRVSLWDO DVTXLFNO\
EXWVDIHO\DQGFRPIRUWDEO\DVSRVVLEOH$Q\PRYHPHQW
EXW HVSHFLDOO\ PRYHPHQW RI WKH ELWWHQ OLPE PXVW EH
UHGXFHGWRDQDEVROXWHPLQLPXPWRDYRLGLQFUHDVLQJWKH
V\VWHPLFDEVRUSWLRQRIYHQRP$Q\PXVFXODUFRQWUDFWLRQ
ZLOOLQFUHDVHWKLVVSUHDGRIYHQRPIURPWKHVLWHRIWKHELWH


0DQDJHPHQWRI6QDNHELWHV

$GPLWDQGUHDVVXUH

3DWLHQWVKRXOGEHVHHQDQGDVVHVVHGE\GRFWRUVDQG
QXUVHV DV VRRQ DV SRVVLEOH DQG SDWLHQW VKRXOG EH
UHDVVXUHGDVPRVWRIWKHSDWLHQWVDUHIULJKWHQHGDIWHU
DVQDNHELWH

 5DSLGFOLQLFDODVVHVVPHQWLIQHFHVVDU\UHVXVFLWDWHWKH
SDWLHQW

$LUZD\ 0DLQWDLQDQGFOHDUDLUZD\

%UHDWKLQJ $VVHVVDQGVXSSRUW
  9HQWLODWHZLWK$PEXEDJDQGPDVNRU
  HQGRWUDFKHDOWXEH

&LUFXODWLRQ$VVHVVDQGVXSSRUW
  (VWDEOLVK,9DFFHVV
  ,QIXVHQRUPDOVDOLQH PONJERG\
 ZHLJKW,9EROXV    
  &KHFNWKH%35HSHDWWKHVDPHRQFH

$VVHVVIRUVLJQVRIHQYHQRPLQJDQGGHWDLOHGFOLQLFDO
DVVHVVPHQW

 (DUO\FOXHVWKDWDSDWLHQWKDVVHYHUHHQYHQRPLQJ

‡ 6QDNHLGHQWLÀHGDVDYHU\GDQJHURXVRQH
‡ 5DSLG HDUO\ H[WHQVLRQ RI ORFDO VZHOOLQJ IURP WKH
VLWHRIELWH
‡ (DUO\WHQGHUHQODUJHPHQWRIORFDOO\PSKQRGHV
Ċ LQGLFDWLQJ VSUHDG RI YHQRP LQ WKH O\PSKDWLF
V\VWHP
‡ (DUO\V\VWHPLFV\PSWRPV
Ċ &ROODSVH K\SRWHQWLRQVKRFN QDXVHDYRPLWLQJ
Ċ 'LDUUKRHD VHYHUH KHDGDFKH ·KHDYLQHVV· RI H\H
OLGV ,QDSSURSULDWH SDWKRORJLFDO    GURZVLQHVV
(DUO\SWRVLVRSKWKDOPRSOHJLD
‡ (DUO\VSRQWDQHRXVV\VWHPLFEOHHGLQJ
‡ 3DVVDJHRIGDUNEURZQXULQH


&/,1,&$/35$&7,&(*8,'(/,1(6

([DPLQDWLRQRIWKHELWWHQSDUW

([WHQW RI VZHOOLQJ WHQGHUQHVV ORFDO O\PSK QRGH


HQODUJHPHQWEOLVWHULQJHWFVKRXOGEHQRWHG

*HQHUDOH[DPLQDWLRQ

3XOVH UDWH DQG EORRG SUHVVXUH ORRN IRU SRVWXUDO


GURS

6NLQ DQG PXFRXV PHPEUDQHV IRU HYLGHQFH RI


SHWHFKLDHSXUSXUDHFFK\PRVHV

$EGRPLQDOWHQGHUQHVVPD\EHGXHWRDEGRPLQDODQG
UHWURSHULWRQHDOEOHHGLQJ

/RLQSDLQDQGWHQGHUQHVVPD\EHGXHWRDFXWHUHQDO
LVFKHPLD 5XVVHOO·VYLSHUELWHV

1HXURWR[LFHQYHQRPLQJ

&KHFN H\H PRYHPHQWV ORRN IRU HDUO\ H[WHUQDO


RSKWKDOPRSOHJLD
3XSLOVL]HDQGUHDFWLRQ

2WKHUPRWRUFUDQLDOQHUYHH[DPLQDWLRQ  IDFLDO
PXVFOHVWRQJXHJDJUHÁH[
´%URNHQQHFNVLJQµ PXVFOHVÁH[LQJWKHQHFN
PD\EHSDUDO\]HG

%XOEDUDQGUHVSLUDWRU\SDUDO\VLV

&DQWKHSDWLHQWVZDOORZ"
3DUDGR[LFDOUHVSLUDWLRQ

0HDVXUHPHQWRIYHQWLODWRU\FDSDFLW\XVLQJ6SLURPHWHU
WRPHDVXUHYHQWLODWLRQ799&


0DQDJHPHQWRI6QDNHELWHV

*HQHUDOL]HGUKDEGRP\RO\VLV

2FFXUVGXHWR5XVVHOO·VYLSHUDQGVHDVQDNHELWHV,W
LVVXVSHFWHGE\PXVFOHWHQGHUQHVV7KHWHQGHUQHVVLV
VHHQRQDFWLYHDQGSDVVLYHPRYHPHQWVDQGODWHUWKH
OLPEPD\EHFRPHSDUDO\]HG

([DPLQDWLRQRIWKHSUHJQDQWZRPHQ

7KHUHZLOOEHFRQFHUQDERXWIHWDOGLVWUHVV UHYHDOHGE\
IHWDO EUDG\FDUGLD  YDJLQDO EOHHGLQJ DQG WKUHDWHQHG
DERUWLRQ0RQLWRULQJRIXWHULQHFRQWUDFWLRQVDQGIHWDO
KHDUWUDWHLVXVHIXO/DFWDWLQJZRPHQZKRKDYHEHHQ
ELWWHQ E\ VQDNHV VKRXOG EH HQFRXUDJHG WR FRQWLQXH
EUHDVWIHHGLQJ


&/,1,&$/35$&7,&(*8,'(/,1(6

,QYHVWLJDWLRQVDQGODERUDWRU\WHVWV

PLQXWHZKROHEORRGFORWWLQJWHVW :%&7

7KLVYHU\XVHIXODQGLQIRUPDWLYHEHGVLGHWHVWUHTXLUHV
YHU\OLWWOHVNLOODQGRQHSLHFHRIDSSDUDWXV$QHZ
FOHDQGU\JODVVYHVVHO

PLQXWHZKROHEORRGFORWWLQJWHVW :%&7

‡ 3ODFH D IHZ PLOOLOLWHUV RI IUHVKO\ VDPSOHG YHQRXV


EORRGLQDVPDOOJODVVYHVVHO

‡ /HDYH XQGLVWXUEHG IRU  PLQXWHV DW DPELHQW


WHPSHUDWXUH

‡ 7LSWKHYHVVHORQFH

‡ ,IWKHEORRGLVVWLOOOLTXLG XQFORWWHG DQGUXQVRXW


WKHSDWLHQWKDVK\SRÀEULQRJHQDHPLD ´LQFRDJXODEOH
EORRGµ DVDUHVXOWRIYHQRPLQGXFHGFRQVXPSWLRQ
FRDJXORSDWK\

‡ ,IWKHUHLVDQ\GRXEWUHSHDWWKHWHVWLQGXSOLFDWH
LQFOXGLQJD´FRQWUROµ EORRGIURPKHDOWK\SHUVRQ

‡ :DUQLQJ,IWKHYHVVHOXVHGIRUWKHWHVWLVQRWPDGH
RIRUGLQDU\JODVVRULILWKDVEHHQXVHGEHIRUHDQG
FOHDQHGZLWKGHWHUJHQWLWVZDOOPD\QRWVWLPXODWH
FORWWLQJ RI WKH EORRG VDPSOH LQ WKH XVXDO ZD\ DQG
WHVWZLOOEHLQYDOLG

2WKHUWHVWV

‡ +DHPRJORELQFRQFHQWUDWLRQDQGKDHPDWRFULW
‡ 3ODWHOHWFRXQW
‡ :KLWHEORRGFHOOFRXQW
‡ %ORRGÀOP
‡ %LRFKHPLFDOWHVWV PXVFOHHQ]\PHVOLYHUIXQFWLRQ
6HUXPFUHDWLQLQHEORRGXUHDVHUXPSRWDVVLXP
‡ 8ULQHH[DPLQDWLRQ UHGFHOOVSURWHQXULDHWF


0DQDJHPHQWRI6QDNHELWHV

,GHQWLI\WKHVQDNH

,I WKH GHDG VQDNH KDV EHHQ EURXJKW LW FDQ EH
LGHQWLÀHG 2WKHUZLVH WKH VSHFLHV UHVSRQVLEOH FDQ
EHLQIHUUHGLQGLUHFWO\IURPWKHSDWLHQW·VGHVFULSWLRQ
RIWKHVQDNHDQGWKHFOLQLFDOV\QGURPHRIVLJQVDQG
V\PSWRPV

6HHDERYH 

 &RPPHQFH $QWL YHQRP VHUXP DGPLQLVWUDWLRQ DQG


PRQLWRUWKHUHVSRQVH

$QWLYHQRPLVWKHRQO\VSHFLÀFDQWLGRWHWRVQDNHYHQRP
7KH PRVW LPSRUWDQW GHFLVLRQ LQ WKH PDQDJHPHQW RI D
VQDNHELWHYLFWLPLVZKHWKHURUQRWWRJLYHDQWLYHQRP

,)6<67(0,&(19(120,1*,635(6(17

 &RPPHQFH DQWLYHQRP VHUXP $96  WKHUDS\


LPPHGLDWHO\IRUWKHELWHVRI

5XVVHOO·VYLSHU
&REUD
&RPPRQ.UDLW 6UL/DQNDQNUDLW²FURVVUHDFWLYLW\
6DZVFDOHGYLSHU

1R$96WKHUDS\IRUELWHVRI

+XPSQRVHGYLSHU HYHQLIVHYHUHORFDOVZHOOLQJLV
SUHVHQW
*UHHQSLWYLSHU
6HDVQDNHV

,WLVQHYHUWRRODWHWRJLYH$96SURYLGHGWKHLQGLFDWLRQV
DUHSUHVHQW


&/,1,&$/35$&7,&(*8,'(/,1(6

*LYH LW RQO\ LI IHDWXUHV RI V\VWHPLF HQYHQRPLQJ DUH


SUHVHQWIRUELWHVRI
5XVVHOO·VYLSHU
&REUD
&RPPRQ.UDLW 6UL/DQNDQNUDLW²FURVVUHDFWLYLW\
6DZVFDOHGYLSHU

'RQRWJLYHIRUORFDOHQYHQRPLQJDORQH

'RQRWJLYHIRUELWHVRI
+XPSQRVHGYLSHU HYHQLIVHYHUHORFDOVZHOOLQJLV
SUHVHQW
*UHHQSLWYLSHU
6HDVQDNHV

$967+(5$3<

‡ &RPPHQFH$96DVVRRQDVV\VWHPLFHQYHQRPLQJKDV
EHHQGHWHFWHG

‡ 'RVH  PO  DPSRXOHV  RI ,QGLDQ SRO\VSHFLÀF


$96LQPORIQRUPDOVDOLQHLQIXVHGLQWUDYHQRXVO\
RYHURQHKRXU

‡ ,Q 9LSHU ELWHV $96 PD\ EH UHSHDWHG LQ  KRXUV LI
FRDJXORSDWK\SHUVLVWVRUEOHHGLQJ

‡ ,Q &REUD  .UDLW ELWHV ² 8VXDOO\ RQH GRVH RI $96


LV VXIÀFLHQW XQOHVV WKHUH LV FOLQLFDO HYLGHQFH RI
SURJUHVVLRQRIQHXURORJLFDOGHÀFLWVRUGHWHULRUDWLQJ
QHXURWR[LFLW\

‡ /RFDODGPLQLVWUDWLRQRIDQWLYHQRPDWVLWHRIELWHLV
QRWUHFRPPHQGHG


0DQDJHPHQWRI6QDNHELWHV

'LIIHUHQWURXWHVRIDGPLQLVWUDWLRQ

$QWLYHQRPVKRXOGQHYHUEHJLYHQLQWUDPXVFXODUO\LILW
FDQEHJLYHQLQWUDYHQRXVO\

2EVHUYDWLRQRIWKHUHVSRQVHWRDQWLYHQRP

,I DQ DGHTXDWH GRVH RI DSSURSULDWH DQWLYHQRP KDV


EHHQ DGPLQLVWHUHG WKH IROORZLQJ UHVSRQVHV PD\ EH
VHHQ

‡ *HQHUDOWKHSDWLHQWIHHOVEHWWHU1DXVHDKHDGDFKH
DQG JHQHUDOL]HG DFKHV DQG SDLQV PD\ GLVDSSHDU
YHU\TXLFNO\7KLVPD\EHSDUWO\DWWULEXWDEOHWRD
SODFHERHIIHFW

‡ 6SRQWDQHRXV V\VWHPLF EOHHGLQJ HJ IURP WKH


JXPV XVXDOO\VWRSVZLWKLQPLQXWHV

‡ %ORRG FRDJXODELOLW\ DV PHDVXUHG E\ :%&7  LV


XVXDOO\ UHVWRUHG LQ  KRXUV %OHHGLQJ IURP QHZ
DQG SDUWLDOO\ KHDOHG ZRXQGV XVXDOO\ VWRSV PXFK
VRRQHUWKDQWKLV

‡ ,QVKRFNHGSDWLHQWVEORRGSUHVVXUHPD\LQFUHDVH
ZLWKLQWKHÀUVWPLQXWHVDQGDUUK\WKPLDVVXFK
DVVLQXVEUDG\FDUGLDPD\UHVROYH

‡ 1HXURWR[LF HQYHQRPLQJ RI WKH SRVWV\QDSWLF W\SH


&REUDELWHV PD\EHJLQWRLPSURYHDVHDUO\DV
PLQXWHVDIWHUDQWLYHQRPEXWXVXDOO\WDNHVHYHUDO
KRXUV(QYHQRPLQJZLWKSUHV\QDSWLFWR[LQV .UDLWV
DQGVHDVQDNHV LVXQOLNHO\WRUHVSRQGLQWKLVZD\

‡ $FWLYH KDHPRO\VLV DQG UKDEGRP\RO\VLV PD\ FHDVH


ZLWKLQ D IHZ KRXUV DQG WKH XULQH UHWXUQV WR LWV
QRUPDOFRORXU


&/,1,&$/35$&7,&(*8,'(/,1(6

,Q 9LSHU ELWHV PRQLWRU WKH HIÀFDF\ RI $96 E\


UHSHDWHGO\ SHUIRUPLQJ WKH  PLQXWH ZKROH EORRG
FORWWLQJWHVW :%&7 DWWKHEHGVLGH

‡ ,QLWLDOO\DWWKHVWDUWRI$96WKHUDS\
‡ 5HSHDWLQKRXUVLIWKHEORRGGRHVQRWFORWLQ
PLQXWHVUHSHDW$96LQIXVLRQDQGSHUIRUP:%&7
KRXUVODWHU
‡ &RQWLQXHWKHF\FOHWLOOWKHEORRGFORWV

5HFXUUHQFHRIV\VWHPLFHQYHQRPLQJ

,Q SDWLHQWV HQYHQRPHG E\ 9LSHUV DIWHU DQ LQLWLDO


UHVSRQVH WR DQWLYHQRP FHVVDWLRQ RI EOHHGLQJ
UHVWRUDWLRQRIEORRGFRDJXODELOLW\ VLJQVRIV\VWHPLF
HQYHQRPLQJPD\UHFXUZLWKLQKRXUV

7KLVLVDWWULEXWDEOHWR
‡ &RQWLQXLQJDEVRUSWLRQRIYHQRPIURPWKH´GHSRWµ
DW WKH VLWH RI WKH ELWH SHUKDSV DVVLVWHG E\
LPSURYHG EORRG VXSSO\ IROORZLQJ FRUUHFWLRQ RI
VKRFN K\SRYRODHPLD HWF DIWHU HOLPLQDWLRQ RI
DQWLYHQRP UDQJHRIHOLPLQDWLRQKDOIOLYHV,J*
KRXUV) DE ·KRXUV)DEKRXUV 

‡ $ UHGLVWULEXWLRQ RI YHQRP IURP WKH WLVVXHV LQWR


WKH YDVFXODU VSDFH DV D UHVXOW RI DQWLYHQRP
WUHDWPHQW

5HFXUUHQWQHXURWR[LFHQYHQRPLQJDIWHUWUHDWPHQWRI
&REUDELWHVKDVDOVREHHQGHVFULEHG

,I WKH EORRG UHPDLQV LQFRDJXODEOH DV PHDVXUHG


E\ :%&7  VL[ KRXUV DIWHU WKH LQLWLDO GRVH RI
DQWLYHQRPWKHVDPHGRVHVKRXOGEHUHSHDWHG7KLV
LV EDVHG RQ WKH REVHUYDWLRQ WKDW LI D ODUJH GRVH
RI DQWLYHQRP PRUH WKDQ HQRXJK WR QHXWUDOL]H WKH
YHQRPSURFRDJXODQWHQ]\PHV LVJLYHQLQLWLDOO\WKH
WLPHWDNHQIRUWKHOLYHUWRUHVWRUHFRDJXODEOHOHYHOV
RIÀEULQRJHQDQGRWKHUFORWWLQJIDFWRUVLVKRXUV


0DQDJHPHQWRI6QDNHELWHV

,QSDWLHQWVZKRFRQWLQXHWREOHHGEULVNO\WKHGRVH
RIDQWLYHQRPVKRXOGEHUHSHDWHGZLWKLQKRXUV

,Q FDVH RI SHUVLVWHQW FDUGLRYDVFXODU VLJQV WKH


LQLWLDO GRVH RI DQWLYHQRP VKRXOG EH UHSHDWHG DIWHU
 KRXUV DQG IXOO VXSSRUWLYH WUHDWPHQW PXVW EH
FRQVLGHUHG

 &RQVHUYDWLYH WUHDWPHQW ZKHQ QR DQWLYHQRP LV


DYDLODEOH

7KHIROORZLQJFRQVHUYDWLYHPHDVXUHVDUHVXJJHVWHG

1HXURWR[LFHQYHQRPLQJZLWKUHVSLUDWRU\SDUDO\VLV
$VVLVWHG YHQWLODWLRQ 7KLV KDV SURYHG HIIHFWLYH
DQGKDVEHHQIROORZHGE\FRPSOHWHUHFRYHU\HYHQ
DIWHU EHLQJ PDLQWDLQHG IRU SHULRGV RI PRUH WKDQ
RQH PRQWK 0DQXDO YHQWLODWLRQ DQDHVWKHWLF EDJ 
E\ UHOD\V RI GRFWRUV PHGLFDO VWXGHQWV UHODWLYHV
DQGQXUVHVKDVEHHQHIIHFWLYHZKHUHQRPHFKDQLFDO
YHQWLODWRUZDVDYDLODEOH

+DHPRVWDWLF DEQRUPDOLWLHV 6WULFW EHG UHVW WR


DYRLG HYHQ PLQRU WUDXPD WUDQVIXVLRQ RI FORWWLQJ
IDFWRUVDQGSODWHOHWVLGHDOO\IUHVKIUR]HQSODVPD
DQG FU\RSUHFLSLWDWH ZLWK SODWHOHW FRQFHQWUDWHV
RU LI WKHVH DUH QRW DYDLODEOH IUHVK ZKROH EORRG
VKRXOGEHJLYHQ,QWUDPXVFXODULQMHFWLRQVVKRXOGEH
DYRLGHG

6KRFN P\RFDUGLDO GDPDJH +\SRYRODHPLD VKRXOG


EHFRUUHFWHGZLWKFROORLGFU\VWDOORLGVDQGFRQWUROOHG
E\ REVHUYDWLRQ RI WKH FHQWUDO YHQRXV SUHVVXUH
$QFLOODU\ SUHVVRU GUXJV GRSDPLQH RU HSLQHSKULQH
DGUHQDOLQH  PD\ DOVR EH QHHGHG 3DWLHQWV ZLWK
K\SRWHQVLRQDVVRFLDWHGZLWKEUDG\FDUGLDVKRXOGEH
WUHDWHGZLWKDWURSLQH

5HQDOIDLOXUHFRQVHUYDWLYHWUHDWPHQWRUGLDO\VLV


&/,1,&$/35$&7,&(*8,'(/,1(6

'DUN EURZQ XULQH P\RJORELQXULD RU


KDHPRJORELQXULD  FRUUHFW K\SRYRODHPLD DQG
DFLGRVLVDQGFRQVLGHUDVLQJOHLQIXVLRQRIPDQQLWRO
)RUFHG$ONDOLQHGLXUHVLV

6HYHUH ORFDO HQYHQRPLQJ ORFDO QHFURVLV


LQWUDFRPSDUWPHQWDOV\QGURPHVDQGHYHQWKURPERVLV
RIPDMRUYHVVHOVLVPRUHOLNHO\LQSDWLHQWVZKRFDQQRW
EH WUHDWHG ZLWK DQWLYHQRP 6XUJLFDO LQWHUYHQWLRQ
PD\EHQHHGHGEXWWKHULVNVRIVXUJHU\LQDSDWLHQW
ZLWKFRQVXPSWLRQFRDJXORSDWK\WKURPERF\WRSHQLD
DQG HQKDQFHG ÀEULQRO\VLV PXVW EH EDODQFHG
DJDLQVW WKH OLIHWKUHDWHQLQJ FRPSOLFDWLRQV RI
ORFDO HQYHQRPLQJ 3URSK\ODFWLF EURDG VSHFWUXP
DQWLPLFURELDOWUHDWPHQWLVMXVWLÀHG

(QGSRLQWRI$96WKHUDS\

,Q 9LSHU ELWHV WKH HQGSRLQW RI $96 WKHUDS\ LV UHYHUVDO
RIFRDJXORSDWK\DVGHWHUPLQHGE\VHULDOSHUIRUPDQFHRI
:%&7
'R QRW FRQWLQXH $96 DGPLQLVWUDWLRQ IRU SHUVLVWHQW
QHXURWR[LFLW\ SURYLGHG WKH FRDJXORSDWK\ KDV EHHQ
UHYHUVHG

&RQWUDLQGLFDWLRQVWR$QWLYHQRPWKHUDS\

7KHUHDUHQRDEVROXWHFRQWUDLQGLFDWLRQVEXWWKRVHZLWK
DWRSLFFRQGLWLRQVDQGWKRVHZKRKDYHUHDFWHGWRKRUVHRU
VKHHSVHUXPLQWKHSDVWVKRXOGEHJLYHQDQWLYHQRPRQO\
ZLWKVLJQVRIV\VWHPLFHQYHQRPLQJ

6QDNHV LQMHFW VDPH DPRXQW RI DQWLYHQRP WR ERWK


DGXOWVDQGFKLOGUHQ7KHUHIRUHFKLOGUHQPXVWEHJLYHQ
WKHVDPHGRVHDVDGXOWV


0DQDJHPHQWRI6QDNHELWHV

$QWLYHQRPUHDFWLRQV

7KLVFDQEHHDUO\ ZLWKLQDIHZKRXUV RUODWH GD\VRU


PRUH

(DUO\DQDSK\ODFWLFUHDFWLRQV

8VXDOO\VWDUWVZLWKLQKRXUVRIVWDUWLQJWUHDWPHQW7KH
SDWLHQWFDQGHYHORSXUWLFDULDGU\FRXJKIHYHUQDXVHD
YRPLWLQJDEGRPLQDOFROLFWDFK\FDUGLDDQGGLDUUKRHD

$PLQRULW\FDQGHYHORSOLIHWKUHDWHQLQJDQDSK\OD[LVZLWK
K\SRWHQVLRQDQJLRHGHPDDQGEURQFKRVSDVP

75($7$1$3+</$;,6,00(',$7(/<:,7+

‡ $GUHQDOLQHPORIVROXWLRQ

Ċ ,IWKHSDWLHQWLVLQVKRFNDQGFROODSVHGJLYH
E\LQMHFWLRQLQWUDOLQJXDOO\WKURXJKDJDXJH
QHHGOH WKURXJK WKH VLGH RU XQGHUVXUIDFH RI
WKHWRQJXH
Ċ ,I QRW LQ VKRFN DQG FROODSVHG JLYH E\
LQWUDPXVFXODULQMHFWLRQ

‡ &KORUSKHQLUDPLQH  PJ LQWUDYHQRXVO\


,I XQDYDLODEOH JLYH 3URPHWKD]LQH  PJ
LQWUDYHQRXVO\

‡ +\GURFRUWLVRQHPJLQWUDYHQRXVO\

3\URJHQLFUHDFWLRQV
8VXDOO\ GHYHORS  WR  KRXUV DIWHU WUHDWPHQW )HYHU
ZLWKFKLOOVYDVRGLODWDWLRQDQGK\SRWHQVLRQFDQEHVHHQ
&KLOGUHQPD\KDYHIHEULOHFRQYXOVLRQV

7UHDWPHQW3DWLHQWVKRXOGEHFRROHGSK\VLFDOO\DQGZLWK
DQWLS\UHWLFV&RUUHFWK\SRYRODHPLDZLWK,9ÁXLGV


&/,1,&$/35$&7,&(*8,'(/,1(6

/DWH 6HUXPVLFNQHVVW\SH UHDFWLRQV


'HYHORS  WR  GD\V DIWHU WUHDWPHQW &OLQLFDO IHDWXUHV
LQFOXGH IHYHU QDXVHD YRPLWLQJ GLDUUKRHD LWFKLQJ
UHFHQW XUWLFDULD DUWKUDOJLD P\DOJLD O\PSKDGHQRSDWK\
SHULDUWLFXODU VZHOOLQJV PRQRQHXULWLV PXOWLSOH[
SURWHLQXULD ZLWK LPPXQH FRPSOH[ QHSKULWLV DQG UDUHO\
HQFHSKDORSDWK\

7UHDWPHQW6HUXPVLFNQHVVXVXDOO\UHVSRQGVWRDÀYH
GD\FRXUVHRIRUDODQWLKLVWDPLQHV7KRVHZKRDUHQRW
UHVSRQGLQJLQKRXUVVKRXOGEHJLYHQDGD\FRXUVH
RISUHGQLVRORQH

7HWDQXV SURSK\OD[LVVKRXOGEHJLYHQEHIRUHGLVFKDUJLQJ
WKHSDWLHQW

0DQDJHPHQWRIVSHFLDOSUREOHPV

$FXWH5HQDO)DLOXUH

,WLVDPDMRUSUREOHPIROORZLQJ5XVVHOO·V9LSHUELWHV

&DQEHSUHYHQWHG
‡ E\HDUO\XVHRI$96
‡ E\HQVXULQJJRRGXULQHRXWSXWLQWKHÀUVWKRXUV
² JLYHDGHTXDWHLQWUDYHQRXVÁXLGV
² XVH LQWUDYHQRXV IXURVHPLGH DQG PDQQLWRO LI
QHFHVVDU\

$YRLG NLQJ FRFRQXW ZDWHU DQG IUXLW MXLFHV DQG 0DLQWDLQ


DFFXUDWHÁXLGEDODQFHFKDUWV

7UHDW ZLWK SHULWRQHDO GLDO\VLV RU KDHPRGLDO\VLV LI


DFXWHUHQDOIDLOXUHVHWVLQ


0DQDJHPHQWRI6QDNHELWHV

5HVSLUDWRU\)DLOXUH

$PDMRUSUREOHPIROORZLQJNUDLWELWHV&RQVLGHU

‡ $PEXEDJDQGPDVNYHQWLODWLRQ
‡ ,339YLDDQHQGRWUDFKHDOWXEHLQDQLQWHQVLYHFDUH
XQLW

8VHEDJDQGPDVNYHQWLODWLRQDVDQHPHUJHQF\PHDVXUH
7UDQVIHUWRDKRVSLWDOZLWKLQWHQVLYHFDUHIDFLOLWLHV
,ILQQHHGRISURORQJHGYHQWLODWLRQ

‡ ,QWXEDWH
‡ 9HQWLODWHZLWK$PEXEDJ
‡ $FFRPSDQ\WKHSDWLHQW

%DFWHULDOLQIHFWLRQV

,QIHFWLRQ DW WKH WLPH RI WKH ELWH ZLWK RUJDQLVPV IURP
WKH VQDNH·V YHQRP DQG EXFFDO FDYLW\ LV D SUREOHP ZLWK
VRPH VSHFLHV ,Q WKLV FDVH D SURSK\ODFWLF FRXUVH RI
SHQLFLOOLQ RU HU\WKURP\FLQ IRU SHQLFLOOLQK\SHUVHQVLWLYH
SDWLHQWV  DQG D VLQJOH GRVH RI JHQWDPLFLQ RU D FRXUVH
RI FKORUDPSKHQLFRO WRJHWKHU ZLWK D ERRVWHU GRVH RI
WHWDQXV WR[RLG LV UHFRPPHQGHG ,QWHUIHUHQFH ZLWK WKH
ZRXQG LQFLVLRQVPDGHZLWKDQXQVWHULOLVHGUD]RUEODGH
NQLIHHWF FUHDWHVDULVNRIVHFRQGDU\EDFWHULDOLQIHFWLRQ
DQGMXVWLÀHVWKHXVHRIEURDGVSHFWUXPDQWLELRWLFV HJ
DPR[\FLOOLQ RU D FHSKDORVSRULQ SOXV D VLQJOH GRVH RI
JHQWDPLFLQSOXVPHWURQLGD]ROH 

&RPSDUWPHQWV\QGURPHDQGIDVFLRWRP\

7KH DSSHDUDQFH RI DQ LPPRELOH WHQVHO\VZROOHQ FROG


DQGDSSDUHQWO\SXOVHOHVVVQDNHELWWHQOLPEPD\VXJJHVWWR
VXUJHRQVWKHSRVVLELOLW\RILQFUHDVHGLQWUDFRPSDUWPHQWDO
SUHVVXUHHVSHFLDOO\LIWKHGLJLWDOSXOSVSDFHVRUWKHDQWHULRU
WLELDOFRPSDUWPHQWDUHLQYROYHG6ZHOOLQJRIHQYHQRPHG
PXVFOH ZLWKLQ VXFK WLJKW IDVFLDO FRPSDUWPHQWV FRXOG
UHVXOWLQDQLQFUHDVHLQWLVVXHSUHVVXUHDERYHWKHYHQRXV
SUHVVXUH UHVXOWLQJ LQ LVFKDHPLD +RZHYHU WKH FODVVLFDO
VLJQV RI DQ LQWUDFRPSDUWPHQWDO SUHVVXUH V\QGURPH PD\
EHGLIÀFXOWWRDVVHVVLQVQDNHELWHYLFWLPV


&/,1,&$/35$&7,&(*8,'(/,1(6

&ULWHULDIRUIDVFLRWRP\LQVQDNHELWWHQOLPEV
‡ +DHPRVWDWLF DEQRUPDOLWLHV KDYH EHHQ FRUUHFWHG
DQWLYHQRPZLWKRUZLWKRXWFORWWLQJIDFWRUV
‡ &OLQLFDO HYLGHQFH RI DQ LQWUDFRPSDUWPHQWDO
V\QGURPH
‡ ,QWUDFRPSDUWPHQWDOSUHVVXUH!PP+J LQDGXOWV

5HKDELOLWDWLRQ

5HVWRUDWLRQRIQRUPDOIXQFWLRQLQWKHELWWHQSDUWDIWHU
WKH SDWLHQW KDV EHHQ GLVFKDUJHG IURP KRVSLWDO LV QRW
XVXDOO\ VXSHUYLVHG &RQYHQWLRQDO SK\VLRWKHUDS\ PD\
ZHOO DFFHOHUDWH WKLV SURFHVV ,Q SDWLHQWV ZLWK VHYHUH
ORFDO HQYHQRPLQJ WKH OLPE VKRXOG EH PDLQWDLQHG
LQ D IXQFWLRQDO SRVLWLRQ )RU H[DPSOH LQ WKH OHJ
HTXLQXVGHIRUPLW\RIWKHDQNOHVKRXOGEHSUHYHQWHGE\
DSSOLFDWLRQRIDEDFNVODE


0DQDJHPHQWRI6QDNHELWHV

6HDVQDNHV

,GHQWLÀFDWLRQ

7KHKHDGLVRIWHQVPDOOLQFRPSDULVRQWRWKHERG\ZLWK
D VOHQGHU QHFN DQG IRUHERG\ 7KH KLQGERG\ LV KHDY\
GHHS DQG ODWHUDOO\ FRPSUHVVHG7KH EHOO\ LV 9VKDSHG
DQG EHOO\ VFDOHV YHVWLJLDO RU DEVHQW 7DLO LV VKRUW
ODWHUDOO\FRPSUHVVHGDQGSDGGOHVKDSHGZLWKDURXQGHG
WLS0RVWDUHVLOYHU\LQFRORXUZLWKGDUNEDQGVDQGWKH
EDFN GDUNHU WKDQ WKH EHOO\ 7KH QRWDEOH H[FHSWLRQ LV
WKH\HOORZEHOOLHGVHDVQDNHZKLFKLVFKRFRODWHEURZQ
RUEODFNRQWKHEDFNZLWKDEULJKW\HOORZEHOO\WKHWDLO
LVSDWWHUQHGLQWKHVDPHFRORXUV

7KH\ PD\ EH FRQIXVHG ZLWK :DWHU VQDNHV ZDVKHG RXW


WR VHD IURP ULYHUV ,Q IUHVK ZDWHU VQDNHV WKH EHOO\ LV
URXQGHG DQG EHOO\ VFDOHV ODUJH H[FHSW$FURFKRUGXV 
7DLOLVQRWSDGGOHVKDSHGEXWXVXDOO\FRQLFDOWDSHULQJ
WRDSRLQW7KH\DUHQRQYHQRPRXVDQGFRPHLQYDULRXV
FRORXUVXVXDOO\QRQHVLOYHU\ZLWKEODFNEDQGV

0DULQH HHOV DUH W\SHV RI ÀVK SRVVHVVLQJ WZR SDLUV RI
QRVWULOV RQH SDLU EHLQJ WXEXODU$ JLOO RSHQV RQ HDFK
VLGHRIWKHQHFN0RVWKDYHSDLUHGSHFWRUDOÀQV6RPH
KDYH D GRUVDO ÀQ DQG DQ DQDO ÀQ FRQÁXHQW ZLWK WKH
FDXGDO WDLO ÀQ7KH\GRQ·WKDYHDQ\VFDOHV6RPHDUH
VLOYHU\ZLWKEODFNEDQGVUHVHPEOLQJVHDVQDNHV

%LWHV RI VHD VQDNHV DUH SDLQOHVV ZLWK QR ORFDO


LQÁDPPDWLRQ 3XQFWXUH PDUNV ZLWK UDSLG RQVHW RI
SDLQDQGLQÁDPPDWLRQFRXOGEHGXHWRDÀVKRUVHD
XUFKLQVWLQJ


&/,1,&$/35$&7,&(*8,'(/,1(6

6LJQVRIHQYHQRPLQJ

‡ 6WLIIQHVV
‡ $FKLQJDQGSDLQRQPRYHPHQWRIWKHMDZQHFNWUXQN
DQGOLPEV

,Q VHULRXV HQYHQRPLQJ SDLQ LQFUHDVHV UDSLGO\ ZLWK


PXVFOHPRYHPHQW5HOXFWDQFHWRPRYHEHFDXVHRISDLQ
LVIROORZHGE\WUXHSDUHVLV0\RJORELQXULDWXUQVWKHXULQH
UHGEURZQRUEODFNLQFRORXU

7UHDWPHQW

6SHFLÀF WKHUDS\ ZLWK VHD VQDNH DQWLYHQRP LV YHU\


HIIHFWLYHDQGLVLQGLFDWHGLQVHULRXVHQYHQRPLQJ

7KLVLV127$9$,/$%/(LQ6UL/DQND

$QWLYHQRPIRUODQGVQDNHVVKRXOG127EHXVHGIRUVHD
VQDNHHQYHQRPLQJ

7ULYLDOHQYHQRPLQJRIELWHYLFWLPV

3UHVHQWV ZLWK DFKLQJ VWLIIQHVV DQG PLOG SDLQ RQ


PXVFOHPRYHPHQWLQWKHQHFNWUXQNDQGOLPEV
1R WUHDWPHQW QHHGHG UHVROXWLRQ H[SHFWHG ZLWKLQ 
GD\V

6HULRXVHQYHQRPLQJRIELWHYLFWLPV

6XSSRUWLYHWUHDWPHQWIRU

5HVSLUDWRU\IDLOXUH
(OHFWURO\WHGLVWXUEDQFHVHVSHFLDOO\K\SHUNDODHPLD
5HQDOIDLOXUH


0DQDJHPHQWRI6QDNHELWHV

$QQH[XUH

3DWLHQWSUHVHQWVZLWKD+[RIVQDNHELWH%87QR
GHDGVQDNHDQGOLWWOHQRGHVFULSWLRQRIWKH

1HXURWR[LFLW\ 0DUNHGORFDO 1RQFORWWLQJEORRG


VSRQWDQHRXV
V\VWHPLFEOHHGLQJ

1HXURWR[LFLW\
1RQFORWWLQJEORRG
VSRQWDQHRXV
V\VWHPLFEOHHGLQJ

(DUO\EOLVWHULQJ $FXWH5HQDO $FXWH5HQDO


QHFURVLV

,QWKHODQG %LWHLQ
ZKLOHVOHHSLQJ WKH
LQVLGHWKH

&REUDELWH 5XVVHOO·V .UDLW 6HD6QDNH +XPS 6DZ6FDOHG


9LSHUELWH ELWH ELWH 1RVHG9LSHU 9LSHUELWH



You might also like