Professional Documents
Culture Documents
MS Prj2013 Plain and Simple
MS Prj2013 Plain and Simple
&RQWHQWV &RQWHQWV
UhDWLQj DQG PRGLI LQj WDVNV VVLjQLQj DQG PDQDjLQj UhVRxUfhV
8QGHUVWDQGLQJ DQG VHWWLQJ WKH VFKHG OH PRGH &UHDWLQJ ZRUN UHVR UFHV T LFNO LQ WKH DQWW &KDUW YLHZ
(QWHULQJ WDVNV &UHDWLQJ UHVR UFHV VLQJ WKH 5HVR UFH 6KHHW
,QGHQWLQJ WDVNV 0RGLI LQJ UHVR UFHV
2 WGHQWLQJ WDVNV &KDQJLQJ WKH PD[LP P QLWV IRU D UHVR UFH
,QVHUWLQJ QHZ WDVNV LQWR WKH VFKHG OH &KDQJLQJ D UHVR UFH V ZRUNLQJ GD
0RYLQJ WDVNV DUR QG WKH VFKHG OH (QWHULQJ UHVR UFH KROLGD V
0RYLQJ V PPDU WDVNV DUR QG WKH VFKHG OH $VVLJQLQJ D VLQJOH ZRUN UHVR UFH WR D WDVN
HOHWLQJ WDVNV $VVLJQLQJ P OWLSOH ZRUN UHVR UFHV WR D WDVN
$GM VWLQJ WKH ZRUN G UDWLRQ DQG DVVLJQPHQW QLWV IRU D WDVN
$VVLJQLQJ PDWHULDO UHVR UFHV WR D WDVN
6hWWLQj hVWLPDWhV
$VVLJQLQJ FRVW UHVR UFHV WR D WDVN
(QWHULQJ G UDWLRQ HVWLPDWHV IRU GHWDLO WDVNV
5HVROYLQJ RYHUDOORFDWHG UHVR UFHV VLQJ WKH 7DVN ,QVSHFWRU
(QWHULQJ G UDWLRQ HVWLPDWHV IRU V PPDU WDVNV
5HVROYLQJ RYHUDOORFDWHG UHVR UFHV VLQJ WKH 7HDP 3ODQQHU
(QWHULQJ ZRUN HVWLPDWHV
HOHWLQJ UHVR UFHV
0DUNLQJ WDVNV WKDW QHHG DQ HVWLPDWLRQ UHYLHZ
&RQWHQWV &RQWHQWV
Updating %Work Complete for speci c tasks
RPPxQLfDWLQj Wkh SoDQ
6HWWLQJ DQG GLVSOD LQJ WKH 6WDW V DWH
)RUPDWWLQJ WKH WDEOH DUHD 8SGDWLQJ &RPSOHWH IRU WKH HQWLUH SURMHFW DW RQFH
)RUPDWWLQJ LQGLYLG DO EDUV RU D VHOHFWLRQ RI EDUV 8SGDWLQJ WDVNV ZLWK $FW DO 6WDUW $FW DO UDWLRQ
)RUPDWWLQJ DOO WKH EDUV DW RQFH DQG 5HPDLQLQJ UDWLRQ
9LHZLQJ WKH 7DVN 3DWK 8SGDWLQJ WDVNV ZLWK DFW DO ZRUN GRQH SHU SHULRG DQG UHPDLQLQJ ZRUN
LVSOD LQJ WKH FULWLFDO SDWK 5HVFKHG OLQJ QFRPSOHWHG ZRUN WR D I W UH GDWH
6KRZLQJ DQG KLGLQJ GHSHQGHQF OLQNV 0RYLQJ WDVNV IRUZDUG RU EDFNZDUG LQ WKH VFKHG OH
9LHZLQJ DQG SULQWLQJ WKH 3URMHFW 2YHUYLHZ UHSRUW $PHQGLQJ UHPDLQLQJ G UDWLRQ DQG ZRUN HVWLPDWHV
9LHZLQJ DQG FRS LQJ E UQGRZQ UHSRUWV
3ULQWLQJ WKH SURMHFW VFKHG OH
oRVLQj Wkh SURMhfW
8VLQJ 9LV DO 5HSRUWV
6HWWLQJ DQ UHPDLQLQJ G UDWLRQ RU ZRUN WR ]HUR
8VLQJ WKH 7LPHOLQH YLHZ
6HWWLQJ PLOHVWRQHV WR FRPSOHWH
)RUPDWWLQJ WKH 7LPHOLQH YLHZ
,QDFWLYDWLQJ QQHFHVVDU WDVNV
&RS LQJ WKH 7LPHOLQH YLHZ WR RWKHU DSSOLFDWLRQV
Comparing the nal schedule to the baseline
3ULQWLQJ WKH 7LPHOLQH YLHZ
&RPSDULQJ GLIIHUHQW SURMHFW YHUVLRQV
6KDULQJ WKH SODQ VLQJ 6KDUH3RLQW
6DYLQJ D SODQ DV D WHPSODWH
6 QFKURQL]LQJ ZLWK D 6KDUH3RLQW WDVN OLVW
(PDLOLQJ WKH SURMHFW VFKHG OH
,QGH[
&RQWHQWV &RQWHQWV
N R G P
0DQ WKDQNV WR .HQ RQ %URZQ IRU JLYLQJ PH WKH RSSRUW QLW
WR ZULWH WKLV ERRN 0HODQLH <DUEUR JK IRU J LGLQJ WKH ERRN
WKUR JK SURG FWLRQ DQG FRS HGLWRU &KULV 1RUWRQ DQG PDQ
RWKHUV LQ WKH H[WHQGHG 2 5HLOO WHDP IRU WKHLU DELOLW WR W UQ P
M PEOH RI ZRUGV LQWR VRPHWKLQJ ZRUWK RI S EOLVKLQJ )LQDOO
D ELJ WKDQNV JRHV WR (OOHQ /HKQHUW IRU KHU H[FHOOHQW WHFKQLFDO
UHYLHZ
$FNQRZOHGJPHQWV
%287 7 ,6 %22
R L RRN
1R fRPSxWhUhVh :KHQ VWDUWLQJ WR VH 3URMHFW LW FDQ DSSHDU WR EH D FRPSOH[ DQG
GD QWLQJ WRRO :KHQ ZULWLQJ WKH ERRN DQG WDNLQJ WKH VFUHHQ
7KLV LV D ERRN DER W 3URMHFW DQG KRZ WR EHJLQ WR JHW WKH PRVW VKRWV , VHG DOO RI WKH GHID OW VHWWLQJV VR ZKDW R VHH LQ WKH
R W RI LW 1R WDVN LQ WKLV ERRN PDNHV R UHDG PRUH WKDQ WZR VFUHHQ VKRWV DQG WKH VWHSV , GHVFULEH ZLOO EH WKH RQHV WKDW R
SDJHV WR ILQG DQ DQVZHU WR R U T HVWLRQ /RRN S ZKDW R ZLOO SHUIRUP WR DFKLHYH WKH VDPH JRDO 7KH VFUHHQ VKRWV ZHUH
QHHG WR GR LQ WKH WDEOH RI FRQWHQWV RU LQGH[ IROORZ WKH VWHSV LQ WDNHQ DW D UHVRO WLRQ RI VR EHFD VH 3URMHFW ZLOO
WKH WDVN DQG R UH GRQH ,I WKHUH DUH VHYHUDO ZD V WR DFKLHYH UHVL]H WKH LFRQV RQ WKH ULEERQ IRU GLIIHUHQW VFUHHQ UHVRO WLRQV
WKH VDPH JRDO DQG RIWHQ WKHUH DUH LQ 3URMHFW , OO WU WR OLVW WKHP R U ULEERQ PLJKW EH VOLJKWO GLIIHUHQW
DQG WKHQ VKRZ R VWHS E VWHS KRZ WR DFKLHYH WKH JRDO VLQJ
RQH RI WKH PHWKRGV OLVWHG 2IWHQ WKHUH LVQ W DOZD V D ULJKW ZD :LWK WKLV UHOHDVH RI 3URMHFW WKHUH DUH QRZ WKUHH GLIIHUHQW YHU
RU D ZURQJ ZD RI DFKLHYLQJ D WDVN DQG RQH RI P FRQWLQ DO VLRQV RI 3URMHFW 3U MHF 6 U DQG 3U MHF 3U IH L O DUH
,Q WkLV VhfWLRQ GHOLJKWV RI 3URMHFW LV ILQGLQJ D GLIIHUHQW ZD WR DFKLHYH WKH VDPH WKH WZR EDVH YHUVLRQV DQG GLIIHU VOLJKWO LQ VRPH DGGLWLRQDO
R WFRPH I QFWLRQDOLW WKHVH GLIIHUHQFHV DUH QRWHG LQ WKH ERRN ZKHUH
I R YH RSHQHG WKLV ERRN DQG KDYH VWDUWHG UHDGLQ WKLV SDUD UDSK ■ 1R FRPS WHUHVH DSSOLFDEOH 3U MHF 3U I U 2IILFH LV WKH VDPH VRIWZDUH DV
FKDQFHV DUH WKDW R UH U QQLQ D SURMHFW RU R KDYH RQH WR U Q DQG $ ODUJH SDUW RI WKH V FFHVV RI ZRUNLQJ ZLWK 3URMHFW OLHV LQ VHW 3URMHFW 3URIHVVLRQDO LW LV M VW OLFHQVHG DQG GLVWULE WHG YLD D
■ $ T LFN RYHUYLH
R UH LQWHUHVWHG LQ OHDUQLQ KR WR VH 0LFURVRIW 3URMHFW WR KHOS WLQJ S WKH ULJKW YLHZ RI WKH GDWD DW WKH ULJKW WLPH LQ RUGHU WR V EVFULSWLRQ VHUYLFH <R FDQ ILQG R U YHUVLRQ E DFFHVVLQJ WKH
R PDQD H LW R PL KW DOUHDG KDYH KDG VRPH H[SHULHQFH VLQ 3URM ■ $ IH DVV PSWLRQV FRPSOHWH R U WDVN %HFD VH WKLV LV D UHF UULQJ WKHPH , YDU WKH $FFR QW WDE ZLWKLQ WKH %DFNVWDJH DUHD
HFW HLWKHU WKLV YHUVLRQ RU DQ HDUOLHU RQH RU R PL KW KDYH VHG D WRRO VWHSV VHG WR VHW S WKH YLHZ , ZDQW WR HQV UH WKDW R DUH QRW
■ :KDW V QH LQ 3URMHFW
V FK DV 0LFURVRIW ([FHO WR FUHDWH D WDVN OLVW DQG SURG FH D DQWW FKDUW DQG DIUDLG WR H[SORUH DQG VH 3URMHFW WR LWV I OO SRWHQWLDO 7KLV ERRN LV EDVHG RQ 0LFURVRIW 3URMHFW 3URIHVVLRQDO
■ 8VLQ D WR FK HQDEOHG V VWHP LQVWDOOHG RQ WKH 0LFURVRIW :LQGRZV RSHUDWLQJ V VWHP E W LI
WKLV LV R U ILUVW H[SHULHQFH RI 3URMHFW ,W FR OG EH WKDW R YH VHHQ RWKHU
/LNH PDQ RU DOO 0LFURVRIW SURG FWV 3URMHFW FRPHV ZLWK LWV R DUH VLQJ :LQGRZV R OO ILQG WKDW HYHU WKLQJ ZRUNV M VW
SHRSOH VLQ 3URMHFW LQ D D WKDW KDV VDYHG WKHP WLPH DOOR HG WKHP WR ■ $ ILQDO IH RUGV
RZQ VHW RI WHUPV DQG FRQFHSWV ,Q VHYHUDO VHFWLRQV , YH WDNHQ WKH WKH VDPH
DFF UDWHO WUDFN WKHLU SURMHFWV DQG HQDEOHG WKHP WR SURG FH SURIHVVLRQDO RSSRUW QLW WR H[SDQG RQ DQG H[SODLQ WKH WHUPV DQG FRQFHSWV
ORRNLQ UHSRUWV ZKHUH UHOHYDQW LQ RUGHU WR KHOS R JHW WKH PRVW R W RI 3URMHFW , YH WULHG WR FUHDWH DV PDQ 7LSV DV SRVVLEOH VLPSO EHFD VH
WKH PRUH R NQRZ DER W D WRRO WKH T LFNHU R EHFRPH WKH
:KDWHYHU KDV GUD Q R WR WKLV ERRN 0 U W 3U M W 3 $ SURMHFW SODQ RU VFKHG OH LV M VW D PRGHO RU UHSUHVHQWDWLRQ RI PDVWHU RI LW , YH DOVR DGGHG LQ D IHZ &D WLRQV WR NHHS R RQ
PS , YH ULWWHQ LW LQ D D WKDW H[SODLQV KR WR VHW S WUDFN DQG WKH DFW DO SURMHFW R DUH JRLQJ WR U Q 3URMHFWV YDU LQ OHQJWK WKH ULJKW WUDFN DQG WKH RFFDVLRQDO 6HH $OVR
UHSRUW RQ D SURMHFW DOOR LQ R WR HW WR RUN LPPHGLDWHO 0 RDO IURP GD V WR HDUV IURP WKH VLPSOH WR WKH FRPSOH[ :KDW R
LQ ULWLQ WKLV ERRN DV W R IROG )LUVW IRU VHUV KR KDYH QHYHU VHG GHFLGH WR E LOG VLQJ 3URMHFW GHSHQGV YHU P FK RQ H[DFWO
3URMHFW EHIRUH , DQWHG WR SURYLGH D FRQFLVH DQG VLPSOH D WR E LOG D ZKDW LQIRUPDWLRQ R QHHG WR WUDFN DQG PDQDJH )RU WKLV ERRN
SURMHFW VFKHG OH WKDW S WV WKHP LQ FRQWURO 6HFRQG IRU VHUV KR KDYH , E LOG D SURMHFW SODQ IRU FUHDWLQJ D QHZ SURG FW DQG WKH VDPH
VHG 3URMHFW EHIRUH , DQWHG WR QUDYHO VRPH RI WKH FRPSOH[LWLHV DVVRFL SODQ JHWV DGGHG WR G ULQJ HDFK VHFWLRQ 7KH SODQ LV EDVHG SRQ
DWHG LWK VLQ LW E SURYLGLQ FOHDU DQG FRQFLVH LQVWU FWLRQV WR SHUIRUP D UHDO SURMHFW VR R FDQ EH V UH WKDW HYHU WKLQJ R VHH LQ WKLV
ERRN LV WULHG DQG WHVWHG LQ UHDO OLIH
VSHFLILF WDVNV
1R FRPS WHUHVH
%287 7 ,6 %22 %287 7 ,6 %22
TxLfN RYhUYLh 6HFWLRQ &UHDWLQJ DQG PRGLI LQJ WDVNV WHDFKHV R KRZ WR 6HFWLRQ /LQNLQJ WKH WDVNV KHOSV R QGHUVWDQG KRZ WR OLQN
FUHDWH DQG E LOG D FRPSOHWH :RUN %UHDNGRZQ 6WU FW UH I OO WDVNV WRJHWKHU VR WKDW R FDQ VHW WKH FRUUHFW RUGHU LQ ZKLFK
7KH VHFWLRQV LQ WKLV ERRN DUH RUJDQL]HG ORJLFDOO IRU WKH W SHV RI UHSUHVHQWLQJ DOO RI WKH WDVNV R QHHG WR SHUIRUP LQ RUGHU WR WKH WDVNV QHHG WR EH FRPSOHWHG 2QFH WDVNV DUH VHT HQFHG
WDVNV R OO ZDQW WR DFKLHYH RU SHUIRUP VLQJ 3URMHFW ,I R DUH FRPSOHWH WKH SURMHFW WRJHWKHU LW V SRVVLEOH WR YLHZ WKH WDVN SDWK DQG GHWHUPLQH KRZ
QHZ WR 3URMHFW R FDQ VWDUW DW WKH EHJLQQLQJ DQG ZRUN R U ORQJ WKH ZKROH SURMHFW ZLOO WDNH
ZD WKUR JK WKH UHOHYDQW VHFWLRQV IRU R U SURMHFW ,I R YH
VHG 3URMHFW EHIRUH E W M VW ZDQW WR EU VK S RQ VRPH WHFK
QLT HV RU ILQG WKH HDVLHVW ZD WR DFFRPSOLVK VRPHWKLQJ WKHQ
M VW EURZVH WKH UHOHYDQW VHFWLRQ RU WDVN DQG JHW VWDUWHG
L U G
8QGhUVWDQGLQj 3URMhfW WhUPLQRoRj
,I R DUH QHZ WR 3URMHFW , P DIUDLG R DUH JRLQJ WR QHHG DFKLHYHG 6R D WDVN UHSUHVHQWV D VLQJOH WKLQJ WR FRPSOHWH
WR OHDUQ VRPH QHZ WHUPLQRORJ DQG , P VRUU WR VD WKDW DQG WKH OLVW RI WDVNV UHSUHVHQWV WKH I OO OLVW RI WKLQJV WR GR
L 3UR
WKHUH UHDOO LV QR JHWWLQJ DZD IURP LW 7KH JRRG QHZV LV WKDW
RQFH R KDYH OHDUQHG WKLV WHUPLQRORJ LW ZLOO HQKDQFH R U ,Q RUGHU WR FRPSOHWH WKH WDVNV R ZLOO QHHG RQH RU PRUH
QGHUVWDQGLQJ ZKHQ R UHDG WKLV ERRN DQG LW ZLOO HQKDQFH UHVR UFHV )URP D 3URMHFW SHUVSHFWLYH D UHVR UFH LV VRPH
R U VH RI 3URMHFW WKLQJ R VH WR JHW WDVNV GRQH VR UHVR UFHV FDQ EH SHRSOH
PDFKLQHU PDWHULDOV RU PRQH
7KH WHUPV , ZDQW WR LQWURG FH R WR ILUVW DUH SURMHFW WDVN
UHVR UFH DQG DVVLJQPHQW ,I WKH WDVN OLVW GHILQHV ZKDW LV WR EH GRQH DQG WKH UHVR UFH
,Q WkLV VhfWLRQ OLVW GHILQHV WKH UHVR UFHV R KDYH DW R U GLVSRVDO WKHQ DQ
$ SURMHFW LV D WHPSRUDU JUR S DFWLYLW GHVLJQHG WR SURG FH DVVLJQPHQW LV WKH DOORFDWLRQ RI D UHVR UFH WR D WDVN )URP D
W LV YHU HDV WR FUHDWH D UHDW ORRNLQ DQWW FKDUW LWK 0LFURVRIW 3URMHFW ■ 8QGHUVWDQGLQ 3URMHFW WHUPLQROR D QLT H SURG FW VHUYLFH RU UHV OW WKH R WFRPH )URP D 3URMHFW SHUVSHFWLYH WKLV ZR OG EH WHUPHG UHVR UFH DVVLJQ
E W LQ RUGHU WR UHDOO WLOL]H WKH SR HU RI 3URMHFW R VKR OG 3URMHFW SHUVSHFWLYH D SURMHFW LV WKH SODQ WKDW R FUHDWH PHQW DQG DQ H[DPSOH ZR OG EH DVVLJQLQJ WKH 3URMHFW
■ 8QGHUVWDQGLQ KR WDVNV DQG UHVR UFHV
VSHQG VRPH WLPH HWWLQ IDPLOLDU LWK WKH VHU LQWHUIDFH WKH GLIIHUHQW ZKLFK GHWDLOV KRZ R RU R U RUJDQL]DWLRQ ZLOO JR DER W 0DQDJHU WR WKH WDVN HILQH % VLQHVV &DVH
UHODWH
YLH V WKDW 3URMHFW VHV WR GLVSOD LQIRUPDWLRQ DQG WKH GLIIHUHQFH EHW HHQ FUHDWLQJ WKH GHVLUHG R WFRPH
SURMHFW WDVN UHVR UFH DQG DVVL QPHQW LQIRUPDWLRQ ■ 1DYL DWLQ 0LFURVRIW 3URMHFW
7KH SURMHFW SODQ LV FRPSULVHG RI D VHW RI WDVNV $ VLQJOH WDVN
■ 8QGHUVWDQGLQ WKH %DFNVWD H YLH
UHSUHVHQWV D VLQJOH WKLQJ WKDW QHHGV WR EH FRPSOHWHG WKH
■ &ROODSVLQ SLQQLQ DQG DGGLQ FRPSOHWH OLVW RI WDVNV FRPSOHWHO GHILQHV ZKDW QHHGV WR EH
FRPPDQGV WR WKH ULEERQ GRQH LQ RUGHU WR DFKLHYH WKH R WFRPH 7KHUHIRUH LI DOO WKH
WDVNV DUH FRPSOHWHG V FFHVVI OO WKH SURMHFW R WFRPH ZLOO EH
■ 0RYLQ DQG F VWRPL]LQ WKH 4 LFN
$FFHVV 7RROEDU
■ &KDQ LQ YLH V WDEOHV ILOWHUV DQG
UR SV
■ ,QVHUWLQ KLGLQ PRYLQ DQG UHVL]LQ
D FRO PQ
■ 6DYLQ D PRGLILHG YLH
■ LVSOD LQ WKH 6 PPDU 7DVN
6 62 )RU PRUH GHILQLWLRQV R WKH 3URMHFW 0DQD HPHQW
,QVWLW WH 30, HEVLWH DW WWS SP U W
W : W 3U M W 0 P W S
8QGhUVWDQGLQj kR WDVNV DQG UhVRxUfhV 1DYLjDWLQj 0LfURVRIW 3URMhfW 4 LFN $FFHVV WRROEDU
+RUL]RQWDO VSOLWWHU EDU 7LPHVFDOH
UhoDWh WR hDfk RWkhU :KHQ R VWDUW 3URMHFW R DUH SURPSWHG WR RSHQ DQ H[LVW 5RZ KHDGHU
5LEERQ 7LPHOLQH
:LQGRZV
E WWRQV
$ 0LFURVRIW 3URMHFW 3ODQ ILOH PSS LV UHDOO M VW D GDWDEDVH 8QGHUVWDQGLQJ WKH GLIIHUHQW HQWLWLHV DQG WKH UHODWLRQVKLSV LQJ SURMHFW RU D QHZ SURMHFW ,I R RSHQ D SUHYLR VO VDYHG
LW V DFW DOO SRVVLEOH WR RSHQ S WKH PSS ILOH LQ 0LFUR EHWZHHQ WKHP ZLOO KHOS R VH WKH FRUUHFW YLHZ ZKHQ ORRN SURMHFW WKH SURMHFW LV RSHQHG LQ WKH VDPH YLHZ WKDW ZDV
VRIW $FFHVV 3URMHFW FRQWDLQV IR U HQWLWLHV 3URMHFW 7DVN LQJ DW SURMHFW GDWD IRU H[DPSOH LI R ZDQWHG WR ORRN DW GLVSOD HG ZKHQ R VDYHG LW
5HVR UFH DQG $VVLJQPHQWV VR DOWKR JK R GR QRW QHHG WR WDVN LQIRUPDWLRQ R ZR OG QHHG WR FKRRVH D WDVN FHQWULF
QGHUVWDQG WKH UHODWLRQVKLSV EHWZHHQ WKH HQWLWLHV LQ GHSWK YLHZ RU WDEOH DQWW &KDUW 7UDFNLQJ DQWW DQG VR RQ 7KH 3URMHFW VFUHHQ LV VSOLW LQWR VHYHUDO DUHDV DQG LW V LPSRU
R VKR OG DWWHPSW WR QGHUVWDQG WKH IROORZLQJ KLJK OHYHO 5HVR UFH LQIRUPDWLRQ LV VKRZQ VLQJ D YLHZ RU WDEOH V FK DV WDQW WR EH DEOH WR UHFRJQL]H WKH DUHDV LQ RUGHU WR V FFHVVI OO
GLDJUDP WKH 5HVR UFH 6KHHW RU WKH 5HVR UFH UDSK $VVLJQPHQW LQIRU QDYLJDWH DUR QG WKH 3URMHFW LQWHUIDFH $V R VH 3URMHFW
PDWLRQ LV VKRZQ E VHOHFWLQJ WKH 5HVR UFH 8VDJH YLHZ RU WKH R OO ILQG WKDW QRW DOO YLHZV VH DOO DUHDV 7KH GHID OW YLHZ
7DVN 8VDJH YLHZ LV WKH DQWW :LWK 7LPHOLQH YLHZ VR , ZLOO VH WKLV YLHZ WR 7DEOH DUHD &KDUW DUHD
GHVFULEH WKH VFUHHQ
3URMHFW OHYHO LQIRUPDWLRQ LV LQIRUPDWLRQ WKDW DSSOLHV WR WKH
HQWLUH SURMHFW V FK DV WKH 3URMHFW 6WDUW DWH DQG WKH 3URM ■ 7KH 4 LFN $FFHVV 7RROEDU DQG 5LEERQ
HFW &DOHQGDU V 7KLV LQIRUPDWLRQ LV YLHZHG LQ GLIIHUHQW DUHDV ■ 7KH 7LPHOLQH
GHSHQGLQJ SRQ WKH W SH RI GDWD KHOG 3URMHFW OHYHO LQIRUPD
WLRQ LV DYDLODEOH LQ WKH 3URMHFW ,QIRUPDWLRQ DUHD RQ WKH %DFN ■ 7KH 7DEOH $UHD
VWDJH GRQ W ZRUU , H[SODLQ ZKDW WKH %DFNVWDJH LV ODWHU LQ WKLV ■ 7KH &KDUW $UHD
VHFWLRQ DQG ZLWKLQ WKDW WKH 3URMHFW 6WDWLVWLFV DQG $GYDQFHG
3URSHUWLHV ZLQGRZV ,QIRUPDWLRQ V FK DV WKH SURMHFW V 6WDUW ■ 7KH 6WDW V %DU 7DEOH FRO PQ 6WDW V EDU &KDUW 9LHZ =RRP
VFUROO EDU VFUROO VKRUWF WV VOLGHU
DWH UDWLRQ DQG RWKHU VFKHG OH UHODWHG LQIRUPDWLRQ LV 7KH ULEERQ DQG WKH 4 LFN $FFHVV 7RROEDU SURYLGH DFFHVV WR 9LHZ EDU 5RZ
DYDLODEOH LQ WKH 3URMHFW 6 PPDU 7DVN DJDLQ GRQ W ZRUU , WKH PDLQ I QFWLRQV DQG IHDW UHV RI 3URMHFW UHSODFLQJ WKH QDPH 9HUWLFDO VSOLWWHU EDU VFUROO
H[SODLQ ZKDW WKH 3URMHFW 6 PPDU 7DVN LV ODWHU LQ WKLV VHFWLRQ EDU
PHQ VWU FW UH WKDW H[LVWHG SULRU WR 3URMHFW
7KH ULEERQ LV FRPSRVHG RI VHYHQ WDEV )LOH 7DVN 5HVR UFH
7KH 4 LFN $FFHVV 7RROEDU DSSHDUV DW WKH WRS RI WKH VFUHHQ 5HSRUW 3URMHFW 9LHZ DQG )RUPDW DQG HDFK WDE FRQWDLQV D
DQG LW SURYLGHV VLQJOH FOLFN DFFHVV WR R U IDYRULWH FRPPDQGV VHW RI E WWRQV DQG FRPPDQGV WKDW DUH UHOHYDQW WR WKH WDE
<R FDQ F VWRPL]H WKH 7RROEDU E VHOHFWLQJ WKH GURS GRZQ IRU H[DPSOH DOO RI WKH )LOH E WWRQV DQG FRPPDQGV H[LVW RQ
PHQ WR WKH ULJKW RI WKH 7RROEDU ZKLFK WKHQ DOORZV R WR WKH )LOH WDE (DFK VHW RI FRPPDQGV RQ WKH ULEERQ LV JUR SHG
DGG RU UHPRYH FRPPDQGV 7KH PHQ DOVR DOORZV R WR WRJHWKHU IRU H[DPSOH DOO RI WKH E WWRQV UHT LUHG WR FUHDWH
SODFH WKH 7RROEDU EHORZ WKH ULEERQ QHZ WDVNV DUH ZLWKLQ WKH ,QVHUW JUR S RQ WKH 7DVNV WDE <R
FDQ F VWRPL]H WKH ULEERQ E ULJKW FOLFNLQJ LW DQG VHOHFWLQJ
& VWRPL]H 7KH 5LEERQ RU R FDQ KLGH LW E VHOHFWLQJ &RO
ODSVH 7KH 5LEERQ
8QGHUVWDQGLQJ KRZ WDVNV DQG UHVR UFHV UHODWH WR HDFK RWKHU 1DYLJDWLQJ 0LFURVRIW 3URMHFW
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
7KH 7LPHOLQH VKRZV D ELUG V H H YLHZ RI WKH NH VWDJHV 7KH &KDUW DUHD LV VKRZQ WR WKH ULJKW RI WKH WDEOH DQG GLVSOD V 8QGhUVWDQGLQj Wkh %DfNVWDjh YLh
DQG WDVNV RI WKH SURMHFW SODQ ZKLFK FDQ WKHQ EH VKDUHG IRU HDFK WDVN D EDU UHSUHVHQWLQJ WKH G UDWLRQ RI HDFK WDVN
WKUR JK RWKHU RIILFH DSSOLFDWLRQV V FK DV 0LFURVRIW 2 WORRN EDVHG SRQ WKH VWDUW DQG ILQLVK GDWHV RI WKH WDVN 7KH EDUV 7KH ULEERQ FRQWDLQV WKH VHW RI FRPPDQGV IRU ZRUNLQJ RQ D WKH GHID OW YLHZ DQG PRUH 7KH FRPPDQGV ZLWKLQ WKH %DFN
RU 0LFURVRIW 3RZHU3RLQW $V D VHU R GHFLGH ZKLFK WDVNV ZLWKLQ WKH &KDUW DUHD FDQ GLVSOD RWKHU LQIRUPDWLRQ V FK DV SURMHFW VFKHG OH ZKLOH WKH %DFNVWDJH YLHZ FRQWDLQV WKH VHW RI VWDJH YLHZ DUH VKRZQ DV D PHQ VWU FW UH DQG FOLFNLQJ RQ D
DSSHDU RQ WKH 7LPHOLQH DQG DV WKH SURMHFW VFKHG OH FKDQJHV 3HUFHQW &RPSOHWH RU 5HVR UFH 1DPHV 9HUWLFDO OLQHV PDUN WKH FRPPDQGV R VH WR GR WKLQJV WR D SURMHFW VFKHG OH FRPPDQG GLVSOD V I UWKHU RSWLRQV ZLWKLQ WKH PDLQ ERG RI WKH
WKH GDWHV IRU WKH WDVNV RQ WKH 7LPHOLQH FKDQJH D WRPDWLFDOO F UUHQW GDWH SURMHFW VWDUW GDWH DQG SURMHFW ILQLVK GDWH 7KH YLHZ IRU H[DPSOH FKRRVLQJ WKH 3ULQW RSWLRQ SURYLGHV DFFHVV WR
7KH 7LPHOLQH KDV P OWLSOH IRUPDW RSWLRQV WR HQDEOH R WR WLPHVFDOH LQGLFDWHV WKH F UUHQW WLPHIUDPH VKRZQ LQ WKH &KDUW 7R DFFHVV WKH %DFNVWDJH YLHZ FOLFN WKH )LOH WDE 7KH %DFNVWDJH SULQWHU VHWWLQJV DQG VKRZV D SULQW SUHYLHZ
VHOHFW WKH IRQWV IRQW VL]HV FRORUV DQG VR RQ DQG WDVNV FDQ DUHD E GHID OW WKLV LV VHW WR GD V YLHZ LV ZKHUH R PDQDJH R U SURMHFWV DQG UHODWHG GDWD DER W
EH UHDUUDQJHG RQ WKH 7LPHOLQH WR HQV UH WKDW WKH DUH HDV WKHP FUHDWH VDYH DQG VKDUH GRF PHQWV SULQW WKHP YLHZ WKH 7R UHW UQ WR R U SURMHFW IURP WKH %DFNVWDJH YLHZ FOLFN WKH
WR YLHZ )LQDOO ZKHQ WKH 7LPHOLQH LV SDVWHG LQWR DQRWKHU 7KH 6WDW V EDU DSSHDUV DW WKH ERWWRP RI WKH ZLQGRZ DQG SURMHFW SURSHUWLHV DQG DFFR QW LQIRUPDWLRQ VHW RSWLRQV V FK DV ODUJH EDFN DUURZ E WWRQ
DSSOLFDWLRQ WKH FRPSRQHQWV RI WKH 7LPHOLQH DUH SDVWHG DV GLVSOD V WKH WDVN PRGH IRU 1HZ 7DVNV 0DQ DOO 6FKHG OHG RU
LQGLYLG DO 2IILFH $UW 6KDSHV HQDEOLQJ I UWKHU IRUPDWWLQJ 7KH $ WR 6FKHG OHG VKRUWF WV WR GLIIHUHQW YLHZV DQG WKH =RRP
7LPHOLQH LV VHSDUDWHG IURP WKH PDLQ YLHZ E WKH KRUL]RQWDO 6OLGHU 7KH =RRP 6OLGHU DOWHUV WKH 7LPHVFDOH
ffhVV Wkh %DfNVWDjh YLh
VSOLWWHU EDU &OLFN WKH )LOH WDE
7KH 7DEOH DUHD DQG &KDUW DUHD DUH GLYLGHG E WKH YHUWLFDO
5HYLHZ WKH 2SWLRQV ZLWKLQ WKH %DFNVWDJH YLHZ
7KH 7DEOH DUHD LV VSOLW LQWR URZV DQG FRO PQV OLNH D ZRUN VSOLWWHU EDU 7KLV EDU FDQ EH PRYHG WR WKH OHIW RU ULJKW WR GLV
VKHHW :LWKLQ WKH DQWW &KDUW YLHZ HDFK URZ FRQWDLQV D SOD PRUH RI WKH WDEOH RU FKDUW DUHD DV GHVLUHG 7R H[LW WKH %DFNVWDJH YLHZ FOLFN WKH EDFN DUURZ
WDVN DQG HDFK FRO PQ FRQWDLQV D VSHFLILF SLHFH RI LQIRUPD
WLRQ DER W WKH WDVN 7DVN FRO PQV FDQ EH KLGGHQ E W QRW
GHOHWHG DQG DGGLWLRQDO WDVN FRO PQV FDQ EH LQVHUWHG 8VH
WKH VFUROO EDUV KRUL]RQWDO DQG YHUWLFDO WR QDYLJDWH S DQG
GRZQ WKH WDVN OLVW RU OHIW DQG ULJKW ZLWKLQ WKH 7DEOH DUHD WR
VHH DGGLWLRQDO FRO PQV
1DYLJDWLQJ 0LFURVRIW 3URMHFW 8QGHUVWDQGLQ WKH %DFNVWD H YLH $FFHVV WKH %DFNVWDJH YLHZ
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
GG D fRPPDQG RooDSVLQj DQG SLQQLQj Wkh ULEERQ RooDSVh Wkh ULEERQ 3LQ Wkh ULEERQ
6HOHFW 1HZ UR S & VWRP DQG FOLFN 5HQDPH 7KH ULEERQ FDQ EH FROODSVHG ZKLFK SURYLGHV PRUH URRP IRU &OLFN WKH &ROODSVH 7KH 5LEERQ &OLFN WKH 3LQ 7KH 5LEERQ LFRQ
5HQDPH WKH F VWRP JUR S E RYHUW SLQJ R U FKRVHQ JUR S QDPH
YLHZLQJ WKH SURMHFW :KHQ WKH ULEERQ LV FROODSVHG WKH WDEV LFRQ
DQG FOLFN 2. UHPDLQ GLVSOD HG FOLFNLQJ RQ D WDE WHPSRUDULO GLVSOD V WKH
ULEERQ HQDEOLQJ R WR VHOHFW WKH FRPPDQGV 3LQQLQJ WKH 5LJKW FOLFN WKH ULEERQ DQG VHOHFW 5LJKW FOLFN WKH ULEERQ DQG FOHDU
8VH WKH &KRRVH FRPPDQGV IURP WKH RSWLRQ OLVW WR VHOHFW R U FDW ULEERQ EDFN SURYLGHV LPPHGLDWH DQG I OO DFFHVV WR WKH E WWRQV &ROODSVH WKH 5LEERQ &ROODSVH WKH 5LEERQ
HJRU RI FRPPDQGV DQG FRPPDQGV
3UHVV &WUO ) 3UHVV &WUO )
6HOHFW WKH FRPPDQG WR DGG WR WKH ULEERQ
7KHUH DUH IR U ZD V WR FROODSVH WKH ULEERQ DQG HDFK PHWKRG R EOH FOLFN D WDE R EOH FOLFN D WDE
&OLFN $GG
KDV D FRUUHVSRQGLQJ PHWKRG WR SLQ LW EDFN
&OLFN 2.
7KH FRPPDQG QRZ DSSHDUV RQ WKH ULEERQ
$GGLQ FRPPDQGV WR WKH ULEERQ $GG D FRPPDQG &ROODSVLQ DQG SLQQLQ WKH ULEERQ &ROODSVH DQG SLQ WKH ULEERQ
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
RooDSVh DQG SLQ Wkh ULEERQ xVWRPL LQj Wkh 4xLfN ffhVV 7RRoEDU
7KH ULEERQ LV KLGGHQ DQG WKH WDE QDPHV DUH GLVSOD HG 7KH 4 LFN $FFHVV 7RROEDU SURYLGHV VLQJOH FOLFN DFFHVV WR FRP WKH ULEERQ DQG R FDQ F VWRPL]H LW E DGGLQJ RU UHPRYLQJ
R EOH FOLFN WKH 7DVN WDE WR SLQ WKH ULEERQ
PRQO VHG FRPPDQGV DQG E GHID OW VKRZV WKH 6DYH 8QGR FRPPDQGV IURP LW
DQG 5HGR E WWRQV <R FDQ SRVLWLRQ WKH WRROEDU DERYH RU EHORZ
7KH ULEERQ LV GLVSOD HG
7,3 $GG WKH FRPPRQ FRPPDQGV R VH WR WKH 4 LFN $FFHVV 7,3 &ROODSVH WKH ULEERQ KHQ R DQW WR GLVSOD PRUH RI WKH
7RROEDU WKDW D WKRVH FRPPDQGV DUH UHDGLO DYDLODEOH HYHQ FKDUW DUHD RI WKH SURMHFW WKLV LV HVSHFLDOO VHI O KHQ RUNLQ 75 7 ,6 $GG WKH 3ULQW 3UHYLH 6FUROO WR 7DVN &OHDU )LOWHU
KHQ WKH ULEERQ LV FROODSVHG RQ D VPDOO FRPS WHU VFUHHQ DQG &ORVH FRPPDQGV WR WKH WRROEDU
&ROODSVLQ DQG SLQQLQ WKH ULEERQ &ROODSVH DQG SLQ WKH ULEERQ & VWRPL]LQ WKH 4 LFN $FFHVV 7RROEDU $GG D FRPPDQG WR WKH 4 LFN $FFHVV 7RROEDU
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
0RYh Wkh SRVLWLRQ RI Wkh 4xLfN ffhVV 8QGhUVWDQGLQj YLh V WDEohV ILoWhUV DQG jURxSV
7RRoEDU 3URMHFW SURYLGHV PDQ ZD V WR ORRN DW WKH VFKHG OH WKHVH $VVLJQPHQW EDVHG YLHZV GLVSOD LQIRUPDWLRQ WKDW LV UHODWLYH
&OLFN WKH GURS GRZQ PHQ OLVW DW WKH ULJKW RI WKH 4 LFN $FFHVV E LOW LQ ZD V DUH FDOOHG YLHZV DQG HDFK YLHZ FRQFHQWUDWHV RQ WR WKH DVVLJQPHQW V FK DV WKH WDVN QDPH WDVN VWDUW GDWH WDVN
7RROEDU D GLIIHUHQW DVSHFW RI WKH VFKHG OH <R VH GLIIHUHQW YLHZV ILQLVK GDWH UHVR UFH QDPH DVVLJQPHQW VWDUW GDWH DVVLJQPHQW
WDEOHV ILOWHUV DQG JUR SV D YLHZ LV D FRPELQDWLRQ RI D WDEOH ILQLVK GDWH DQG VR RQ $GGLWLRQDOO DVVLJQPHQW EDVHG YLHZV
&KRRVH 6KRZ %HORZ 7KH 5LEERQ IURP WKH PHQ
ILOWHU DQG JUR S WR FKDQJH WKH ZD 3URMHFW SUHVHQWV WKH GDWD SURYLGH D WLPHSKDVHG YLHZ RI WKH VFKHG OHG ZRUN
WR R $W GLIIHUHQW VWDJHV RI D SURMHFW R ZLOO QHHG WR VH
GLIIHUHQW YLHZV LQ RUGHU WR PDQDJH WKH SURMHFW IRU H[DPSOH (DFK YLHZ FRPSULVHV RQH RU PRUH RI WKH IROORZLQJ HOHPHQWV
WKH LQIRUPDWLRQ R ZDQW WR SUHVHQW WR WHDP PHPEHUV
UHJDUGLQJ WKHLU WDVNV ZLOO EH YHU GLIIHUHQW IURP WKH LQIRU ■ $ WDEOH
PDWLRQ R ZDQW WR SUHVHQW WR D F VWRPHU DW WKH HQG RI D ■ $ JUR S
SURMHFW
■ $ ILOWHU
<R DFFHVV WKH YLHZV IURP WKH 7DVN 5HVR UFH DQG 9LHZ WDEV
$ WDEOH DSSHDUV WR WKH OHIW KDQG VLGH RI WKH YHUWLFDO VSOLWWHU
DQG EHFD VH DFFHVVLQJ GLIIHUHQW YLHZV LV VRPHWKLQJ WKDW LV
EDU DQG LV FRPSULVHG RI D VHW RI FRO PQV UHODWLQJ WR WKH HQWLW
GRQH IUHT HQWO WKH DSSHDU DV ODUJH E WWRQV DW WKH OHIW
WDVN UHVR UFH RU DVVLJQPHQW 7KH WDEOH GHILQHV WKH FRO PQV
KDQG VLGH RI WKH ULEERQ
GLVSOD HG WKH FRO PQ RUGHU WKH FRO PQ ZLGWK WKH FHOO DOLJQ
PHQW DQG VR RQ 3URMHFW KDV PDQ WDEOHV
7KHUH DUH WKUHH EDVLF FDWHJRULHV RI YLHZV
$ JUR S RU JUR SLQJ LV VHG WR FRPELQH RU UHDUUDQJH WDVNV
■ 7DVN
RU UHVR UFHV DFFRUGLQJ WR VSHFLILF FULWHULD IRU H[DPSOH
■ 5HVR UFH DFWLYH YHUV V LQDFWLYH WDVNV WDVN G UDWLRQ DQG VR RQ
■ $VVLJQPHQW
$ ILOWHU LV VHG WR VSHFLI ZKLFK WDVNV RU UHVR UFHV VKR OG
7DVN EDVHG YLHZV GLVSOD LQIRUPDWLRQ WKDW LV UHODWLYH WR WDVNV EH GLVSOD HG RU KLJKOLJKWHG ZLWKLQ D YLHZ IRU H[DPSOH WKH
V FK DV WKH WDVN QDPH G UDWLRQ VWDUW GDWH ILQLVK GDWH DQG &ULWLFDO ILOWHU GLVSOD V WDVNV WKDW DUH RQ WKH FULWLFDO SDWK
VR RQ $GGLWLRQDOO WDVN EDVHG YLHZV IUHT HQWO SURYLGH D
JUDSKLFDO UHSUHVHQWDWLRQ RI WKH WDVNV V FK DV D DQWW FKDUW 3URMHFW FRQWDLQV PDQ YLHZV WDEOHV JUR SV DQG ILOWHUV DQG
7,3 :KHQ WKH 4 LFN $FFHVV 7RROEDU LV GLVSOD HG DERYH WKH DQ RQH FDQ EH PRGLILHG ,I R U PRGLILFDWLRQV DUH YHU F V
ULEERQ WKH Q PEHU RI LWHPV WKDW FDQ EH VKR Q RQ WKH WRROEDU LV 5HVR UFH EDVHG YLHZV GLVSOD LQIRUPDWLRQ WKDW LV UHODWLYH WRPL]HG RU VSHFLILF R PLJKW ZDQW WR FUHDWH QHZ RQHV 1RWH
OLPLWHG G H WR WKH UHG FHG DYDLODELOLW RI IUHH KRUL]RQWDO VFUHHQ WR UHVR UFHV V FK DV WKH UHVR UFH QDPH WKH UHVR UFH W SH WKDW QRW DOO RI WKH YLHZV FRQWDLQ D WDEOH RU D JUR S 3URMHFW
VSDFH DW WKH YHU WRS RI WKH LQGR ,I R DQW WR SODFH PDQ LWHPV VWDQGDUG UDWH DQG VR RQ KDV VHYHUDO E LOW LQ YLHZV WKDW FRQVLVW RI D SUHGHILQHG IRUP
RQ WKH WRROEDU GLVSOD LW EHOR WKH ULEERQ KHUH WKHUH LV QR V FK 7,3 ,I WKH 4 LFN $FFHVV 0HQ KDV DOUHDG EHHQ PRYHG WKH ZKHUH D WDEOH LV QRW YDOLG
OLPLWDWLRQ PHQ RSWLRQ LOO UHDG 6KR $ERYH 7KH 5LEERQ
& VWRPL]LQ WKH 4 LFN $FFHVV 7RROEDU 0RYH WKH SRVLWLRQ RI WKH 4 LFN $FFHVV 7RROEDU 8QGHUVWDQGLQJ WKH ULEERQ
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
7KH IROORZLQJ WDEOH GHVFULEHV WKH PRUH FRPPRQ YLHZV 6hohfWLQj D GLIIhUhQW YLh
LIIHUHQW YLHZV DOORZ R WR YLHZ GLIIHUHQW W SHV RI LQIRUPDWLRQ SURYLGHV HDV DFFHVV WR GLIIHUHQW YLHZV E W DOVR SURYLGHV DFFHVV
9Lh 7 Sh 9Lh 1DPh hVfULSWLRQ 8VDjh V FK DV WDVN LQIRUPDWLRQ UHVR UFH LQIRUPDWLRQ RU DVVLJQPHQW WR RWKHU FRPPDQGV DQG E WWRQV WKDW DOORZ R WR T LFNO
LQIRUPDWLRQ 6ZLWFKLQJ EHWZHHQ YLHZV LV VR FRPPRQ LQ 3URMHFW FKDQJH KRZ R SUHVHQW WKH LQIRUPDWLRQ ZLWKLQ D YLHZ
7DVN DQWW &KDUW LVSOD V FRPPRQ WDVN FRO PQV DQG WKH DQWW 8VHG WR HQWHU WDVNV WKDW 0LFURVRIW FUHDWHG D GHGLFDWHG 9LHZ WDE ZKLFK QRW RQO
FKDUW
DQWW ZLWK 7LPHOLQH LVSOD V WKH 7LPHOLQH LQ WKH SSHU SRUWLRQ RI 8VHG WR SODFH WDVNV RQ WKH 7LPHOLQH 7KH 6hohfW D GLIIhUhQW YLh
WKH VFUHHQ DQG WKH DQWW &KDUW YLHZ LQ WKH 7LPHOLQH YLHZ FDQ EH FRSLHG LQWR RWKHU
ORZHU SRUWLRQ DSSOLFDWLRQV WR KHOS FRPP QLFDWH WKH SODQ &OLFN WKH 9LHZ WDE
&OLFN WKH 5HVR UFH 6KHHW E WWRQ
7UDFNLQJ DQWW LVSOD V FRPPRQ WDVN FRO PQV DQG WKH DQWW 8VHG ZKHQ WKH SURMHFW LV LQ SURJUHVV DQG
FKDUW WKH DQWW FKDUW LV IRUPDWWHG WR GLVSOD GLVSOD V WKH YDULDQFH EHWZHHQ WKH EDVHOLQH 1RWH WKDW WKH YLHZ KDV FKDQJHG DV VKRZQ E WKH YLHZ QDPH
&ULWLFDO 7DVNV WKH %DVHOLQH DQG SURJUHVV DQG WKH DFW DO DQG SODQQHG G UDWLRQ
5HVR UFH 5HVR UFH 6KHHW LVSOD V FRPPRQ UHVR UFH FRO PQV 8VHG WR HQWHU UHVR UFHV
7HDP 3ODQQHU LVSOD V HDFK UHVR UFH DQG WKH WDVNV WKDW WKH 8VHG WR FUHDWH DQG UHYLHZ DVVLJQPHQWV
UHVR UFH LV DVVLJQHG WR 2SWLRQDOO VHG WR UHVFKHG OH WDVNV
$VVLJQPHQW 7DVN 8VDJH LVSOD V HDFK WDVN DQG WKH UHVR UFHV DVVLJQHG 8VHG IRU LQ GHSWK UHYLHZ RI DVVLJQPHQWV
WR WKDW WDVN ,Q WKH ULJKW KDQG SRUWLRQ RI WKH ZKHUH WKH IRF V LV SULPDULO WDVN EDVHG
VFUHHQ WKH ZRUN YDO HV DUH GLVSOD HG
5HVR UFH 8VDJH LVSOD V HDFK UHVR UFH DQG WKH WDVNV DVVLJQHG 8VHG IRU LQ GHSWK UHYLHZ RI DVVLJQPHQWV
WR WKDW UHVR UFH ,Q WKH ULJKW KDQG SRUWLRQ RI ZKHUH WKH IRF V LV SULPDULO UHVR UFH EDVHG
WKH VFUHHQ WKH ZRUN YDO HV DUH GLVSOD HG
6HOHFWLQ D GLIIHUHQW YLH 6HOHFW D GLIIHUHQW YLHZ LVSOD LQ WKH 9LH %DU LVSOD WKH 9LHZ %DU DQG FKRRVH DQRWKHU YLHZ
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
LVSOD LQ WKH 9LH %DU +LGH WKH 9LHZ %DU LVSOD LQ D GLIIHUHQW WDEOH LVSOD D GLIIHUHQW WDEOH
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
6HOHFWLQ D GLIIHUHQW ILOWHU 6HOHFW WKH ,QFRPSOHWH 7DVNV ILOWHU 6HOHFWLQ D GLIIHUHQW UR S 6HOHFW D GLIIHUHQW JUR S
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
,QVhUWLQj D fRoxPQ
:LWKLQ WKH WDEOH FOLFN WKH FRO PQ WR WKH ULJKW RI ZKHUH R ZDQW
WKH LQVHUWHG FRO PQ WR EH SODFHG
&OLFN WKH )RUPDW WDE
&OLFN WKH ,QVHUW &RO PQ E WWRQ
6HOHFWLQ D GLIIHUHQW UR S 6HOHFW D GLIIHUHQW JUR S :RUNLQ LWK DQG LQVHUWLQ FRO PQV LQ D WDEOH ,QVHUWLQJ D FRO PQ
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
LGh D fRoxPQ
5LJKW FOLFN WKH FRO PQ KHDGLQJ WKDW R ZDQW WR KLGH
&KRRVH +LGH &RO PQ IURP WKH PHQ
7,3 ,I WKH FRO PQ LGWK LV QRW FRUUHFW PRYH WKH F UVRU WR WKH 7,3 R FDQ T LFNO KLGH FRO PQV E SUHVVLQ WKH HOHWH NH
UL KW KDQG VLGH RI WKH FRO PQ ER QGDU QWLO WKH F UVRU DIWHU WKH KDYH EHHQ VHOHFWHG 3OHDVH EH DVV UHG WKDW WKH GDWD LQ
FKDQ HV WR WKH 5HVL]H &RO PQ F UVRU 7KHQ GUD WKH FRO PQ OHIW WKH FRO PQ LV QRW UHPRYHG LI R VH WKH HOHWH NH 7KH HOHWH NH LV
RU UL KW WR UHVL]H LW RQO D VKRUWF W IRU KLGLQ WKH FRO PQ
7,3 7 SLQ LQ WKH ILUVW IH OHWWHUV RI WKH FRO PQ QDPH LOO 7,3 8QOLNH LQ ([FHO WKHUH LV QR QKLGH D FRO PQ 7R UHGLVSOD
T LFNO UHG FH WKH Q PEHU RI LWHPV LWKLQ WKH OLVW D FRO PQ LW P VW EH LQVHUWHG LQWR WKH WDEOH D DLQ
:RUNLQ LWK DQG LQVHUWLQ FRO PQV LQ D WDEOH ,QVHUWLQJ D FRO PQ +LGLQ D FRO PQ +LGH D FRO PQ
77,1 67 57 :,7 352- 7 77,1 67 57 :,7 352- 7
5hVL h D fRoxPQ
0RYh D fRoxPQ 0RYH WKH F UVRU WR WKH ULJKW KDQG FRO PQ ERUGHU VR WKH F UVRU
/HIW FOLFN WKH FRO PQ KHDGLQJ WR KLJKOLJKW WKH FRO PQ 7KH 0RYH FKDQJHV WR D YHUWLFDO EDU ZLWK WZLQ DUURZV WKH FRO PQ UHVL]H
& UVRU LFRQ LV GLVSOD HG F UVRU /HIW FOLFN DQG GUDJ WR UHVL]H
/HIW FOLFN DJDLQ RQ WKH KLJKOLJKWHG FRO PQ DQG GUDJ WKH FRO PQ
WR WKH GHVLUHG ORFDWLRQ WKH ORFDWLRQ LV VKRZQ VLQJ WKH JUD 7
LQGLFDWRU
URS WKH FRO PQ ZKHQ LW LV DW WKH GHVLUHG ORFDWLRQ
75 7 ,6 6HOHFW WKH HQWU WDEOH DQG PRYH WKH 3UHGHFHVVRUV 7,3 R FDQ D WRVL]H FRO PQV E GR EOH FOLFNLQ WKH FRO PQ
FRO PQ WR WKH OHIW RI WKH WDVN QDPH 7KLV PDNHV PDQ DOO UHVL]H F UVRU 7KH FRO PQ LOO EH D WRVL]HG WR WKH LGWK RI WKH
HQWHULQ SUHGHFHVVRU WDVN Q PEHUV P FK HDVLHU KHQ R VHW S FRO PQ WLWOH RU WR WKH LGWK RI WKH GDWD LQ WKH FRO PQ KLFKHYHU LV
GHSHQGHQFLHV EHW HHQ WDVNV ODU HU 7KLV LV D T LFN DQG HIIHFWLYH D WR DGM VW FRO PQ VL]HV
6DYLQ D PRGLILHG YLH 6DYH D PRGLILHG YLHZ LVSOD LQ WKH 3URMHFW 6 PPDU 7DVN LVSOD WKH 3URMHFW 6 PPDU 7DVN
77,1 7 352- 7 % 6, 6 5, 7
L 3UR
6hWWLQj xS Wkh 3URMhfW DohQGDU
$ NH GHFLVLRQ ULJKW DW WKH EHJLQQLQJ RI WKH SURMHFW EHIRUH 6WDQGDUG 1LjkW 6kLIW RxUV
DQ WDVNV DUH HQWHUHG LV WR GHILQH WKH VWDQGDUG ZRUNLQJ fDohQGDU fDohQGDU fDohQGDU
L UL
KR UV DQG ZRUNLQJ GD V IRU WKH SURMHFW DQG WKH GHILQLWLRQ RI
D GD $GGLWLRQDOO VRPH WDVNV RQ WKH SURMHFW PLJKW KDYH WR HILQLWLRQ :RUNLQJ WLPH LV :RUNLQJ WLPH LV (YHU GD
EH SHUIRUPHG R WVLGH RI WKH VWDQGDUG ZRUNLQJ GD SHUKDSV VHW DV 0RQGD VHW DV 0RQGD LV VHW DV D
DW QLJKW RU RQ D ZHHNHQG 2I FR UVH WKH PDMRULW RI SURMHFWV WKUR JK )ULGD WKUR JK 6 QGD ZRUNLQJ
DUH U Q G ULQJ E VLQHVV KR UV E W PDQ DUH U Q R WVLGH FRUH GD (DFK
(DFK GD VWDUWV 7KH ILUVW VKLIW RI
E VLQHVV KR UV DQG VRPH U Q KR UV D GD GD LV VHW
DW DQG WKH ZHHN VWDUWV RQ
ZLWK
ILQLVKHV DW 0RQGD HYHQLQJ
,Q WkLV VhfWLRQ 3URMHFW LQVWDOOV WKUHH EDVLF FDOHQGDUV ,W V SRVVLEOH WR PRGLI ZLWK D EUHDN DW DQG
KR UV DYDLO
WKHVH DQG FUHDWH QHZ RQHV VR UHJDUGOHVV RI R U SDUWLF ODU DEOH IRU
EHWZHHQ ILQLVKHV DW
KH WLPH R VSHQG RQ HWWLQ WKH EDVLFV UL KW LOO EH SDLG EDFN LQ $VVL QLQ D GLIIHUHQW FDOHQGDU DV WKH ZRUNLQJ SDWWHUQ R VKR OG EH LQ D SRVLWLRQ WR FRUUHFWO ZRUNLQJ
■ DQG ZLWK D EUHDN
VSDGHV G ULQ WKH SURMHFW ,W V DW WKLV VWD H DW WKH VWDUW RI WKH SODQQLQ 3URMHFW &DOHQGDU PRGHO R U RUJDQL]DWLRQ V ZRUNLQJ KR UV 7KH WKUHH EDVLF EHWZHHQ
FDOHQGDUV LQ 3URMHFW DUH QDPHG 6WDQGDUG 1LJKW 6KLIW DQG 7KLV JLYHV D WRWDO
SKDVH RI D SURMHFW WKDW R DUH OLNHO WR KDYH WKH WLPH WR SODQ FRUUHFWO ■ 6HWWLQ WKH FDOHQGDU V RUNLQ HHN DQG
+R UV ZRUNLQJ WLPH RI
HILQLQ S EOLF DQG RU DQL]DWLRQDO KR UV SHU GD 7KLV JLYHV D WRWDO
1RW RQO LV LW LPSRUWDQW WR VSHQG VRPH WLPH GHILQLQ DQG WKLQNLQ DER W ■
KROLGD V $V R FDQ VHH IURP WKH WDEOH WKH 3URMHFW &DOHQGDU GHILQHV KR UV SHU ZHHN ZRUNLQJ WLPH RI
R U SODQ E W DOVR LW V YLWDOO LPSRUWDQW WKDW 0LFURVRIW 3URMHFW LV VHW S KR UV SHU VKLIW
FRUUHFWO 5HPHPEHU WKDW 3URMHFW LV D KL KO VRSKLVWLFDWHG WRRO GHVL QHG ZKLFK GD V SHU ZHHN R U RUJDQL]DWLRQ ZRUNV DQG WKH ZRUN
■ HILQLQ WKH FDOHQGDU RSWLRQV KR UV SHU ZHHN
LQJ WLPHV ZLWKLQ WKRVH GD V % GHID OW D QHZ SURMHFW VHV
WR KHOS SURMHFW PDQD HUV SODQ WUDFN DQG PDQD H SURMHFWV $V LWK DQ
■ (QWHULQ WKH SURMHFW VWDUW GDWH WKH 6WDQGDUG FDOHQGDU DV WKH 3URMHFW &DOHQGDU 8VH :KHQ WKH SURMHFW :KHQ WKH SURM :KHQ WKH
VRSKLVWLFDWHG WRRO VHWWLQ LW S FRUUHFWO WR RUN LWKLQ WKH ER QGDULHV
6HWWLQ WKH SURMHFW SURSHUWLHV DQG EDVLF ZLOO EH U Q G ULQJ HFW ZLOO EH U Q SURMHFW ZLOO
DQG FRQVWUDLQWV WKDW DUH SODFHG RQ WKH SURMHFW LOO PDNH VLQ WKH WRRO D ■
,I R U SURMHFW ZLOO EH U Q PRVWO G ULQJ E VLQHVV KR UV R
RSWLRQV E VLQHVV KR UV RYHUQLJKW U Q
P FK HDVLHU DQG PRUH VDWLVI LQ H[SHULHQFH FDQ FRQWLQ H WR VH WKH 6WDQGDUG FDOHQGDU ,I R U SURMHFW LV
■ 6HWWLQ WKH SURMHFW F UUHQF U Q R WVLGH RI E VLQHVV KR UV R ZLOO QHHG WR FKDQJH WKH
:KHQ WKH EDVLF SURMHFW VHWWLQ V KDYH EHHQ GHILQHG WKH SURMHFW FDQ EH SURMHFW FDOHQGDU WR DQRWKHU FDOHQGDU 1LJKW 6KLIW +R UV
VDYHG VHWWLQ WKH EDVLFV RQ W WDNH WRR ORQ DQG UHPHPEHU LW V WLPH HOO
■ &KDQ LQ WKH GHID OW YLH DQG GDWH ,I R U RUJDQL]DWLRQ ZRUNV HLJKW KR UV SHU GD ILYH GD V SHU
RU HYHQ D QHZ RQH $Q FDOHQGDU PD EH VHG DV D SURMHFW
IRUPDW ZHHN 0RQGD WR )ULGD DQG FDUHV RQO WKDW WDVNV VWDUW DQG
VSHQW $V HOO DV VDYLQ WKH SURMHFW WR R U ORFDO VWRUD H GHYLFH 0LFURVRIW FDOHQGDU UHVR UFH FDOHQGDU RU WDVN FDOHQGDU +DYLQJ VHOHFWHG
DOOR V R WR VKDUH WKH SURMHFW LWK R U FROOHD HV E OHWWLQ R VDYH ■ 6DYLQ WKH SURMHFW WR D ORFDO GULYH WKH FDOHQGDU R PLJKW QHHG WR DPHQG LW WR PDWFK WKH ZRUN ILQLVK RQ D FHUWDLQ GD UDWKHU WKDQ DW D FHUWDLQ WLPH RQ WKDW
LW WR R U 6N ULYH V QFKURQL]H WKH WDVNV WR D 0LFURVRIW 6KDUH3RLQW 6N ULYH 6KDUH3RLQW RU 3URMHFW 6HUYHU LQJ SHULRGV IRU R U SURMHFW GD R GR QRW QHHG WR FKDQJH WKH 6WDQGDUG FDOHQGDU
VLWH RU VDYH WKH SODQ WR D 0LFURVRIW 3URMHFW 6HUYHU LQVWDOODWLRQ WKH
ODWWHU W R RSWLRQV DUH DYDLODEOH RQO LWK 3URMHFW 3URIHVVLRQDO $Q DGGLWLRQDO QRQZRUNLQJ WLPHV V FK DV RUJDQL]DWLRQDO DQG
S EOLF KROLGD V DUH DOVR KHOG LQ WKH SURMHFW FDOHQGDU DQG DUH
GHILQHG DV ([FHSWLRQV
VVLjQLQj D GLIIhUhQW fDohQGDU DV Wkh 3URMhfW DohQGDU 6hWWLQj Wkh fDohQGDU V RUNLQj hhN
7KH 3URMHFW &DOHQGDU GHILQHV WKH GHID OW ZRUNLQJ GDWHV DQG SHUIRUP ZKHQ FUHDWLQJ D QHZ SURMHFW 0LFURVRIW WULHV WR KHOS 7KH ZRUNLQJ ZHHN ZLWKLQ D FDOHQGDU GHILQHV WKH ZRUNLQJ GD V ZRUNLQJ WLPH HDFK GD DQG WKHUHIRUH KR UV SHU ZHHN ,I
WLPHV ZLWKLQ WKH SURMHFW (QV ULQJ WKDW WKH ULJKW FDOHQGDU LV R W DQG E GHID OW DVVLJQV WKH 6WDQGDUG FDOHQGDU DV WKH 3URMHFW DQG WKH VWDUW DQG ILQLVK WLPH IRU HDFK GD 7KH GHID OW 6WDQ R U RUJDQL]DWLRQ ZRUNV HLJKW KR UV SHU GD ILYH GD V SHU ZHHN
DVVRFLDWHG ZLWK WKH SURMHFW LV RQH RI WKH ILUVW WDVNV R QHHG WR &DOHQGDU GDUG FDOHQGDU LV D ILYH GD ZRUNLQJ ZHHN FDOHQGDU 0RQGD 0RQGD WR )ULGD DQG FDUHV RQO WKDW WDVNV VWDUW DQG ILQLVK
WR )ULGD ZKHUH WKH ZRUNLQJ WLPH IRU HDFK GD LV GHILQHG DV RQ D FHUWDLQ GD UDWKHU WKDQ DW D FHUWDLQ WLPH RQ WKDW GD R
DQG WKHQ 7KLV SURYLGHV IRU KR UV GRQ W QHHG WR FKDQJH WKH 6WDQGDUG FDOHQGDU
VVLjQ D GLIIhUhQW fDohQGDU DV Wkh 3URMhfW
DohQGDU
6hW Wkh fDohQGDU V RUNLQj hhN
,Q WKH 3URMHFW WDE FOLFN WKH 3URMHFW ,QIRUPDWLRQ E WWRQ
,Q WKH 3URMHFW WDE FOLFN WKH &KDQJH :RUNLQJ 7LPH E WWRQ
&KRRVH WKH FDOHQGDU IURP WKH GURS GRZQ PHQ
&OLFN 2.
$VVL QLQ D GLIIHUHQW FDOHQGDU DV WKH 3URMHFW &DOHQGDU $VVLJQ D GLIIHUHQW FDOHQGDU DV WKH 3URMHFW &DOHQGDU 6HWWLQ WKH FDOHQGDU V RUNLQ HHN 6HW WKH FDOHQGDU V ZRUNLQJ ZHHN
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
6hW Wkh fDohQGDU V RUNLQj hhN hILQLQj SxEoLf DQG RUjDQL DWLRQDo kRoLGD V
6HOHFW WKH FDOHQGDU WR FKDQJH IURP WKH GURS GRZQ OLVW ([FHSWLRQV WR WKH VWDQGDUG ZRUNLQJ GD V V FK DV S EOLF DQG VFKHG OHG E GHID OW G ULQJ WKHVH KROLGD V DOWKR JK RI FR UVH
&OLFN WKH :RUN :HHNV WDE WR FKDQJH WKH > HID OW@ ZRUN ZHHN RUJDQL]DWLRQDO KROLGD V VKR OG EH GHILQHG LQ WKH 3URMHFW R FDQ RYHUULGH WKLV DW D ODWHU GDWH LI R GHFLGH WKDW ZRUN GRHV
&DOHQGDU HILQLQJ WKHVH H[FHSWLRQV HQV UHV WKDW QR ZRUN LV QHHG WR RFF U RQ D S EOLF RU RUJDQL]DWLRQDO KROLGD
&OLFN WKH HWDLOV E WWRQ
6HOHFW WKH GD V WR PRGLI
hILQh SxEoLf DQG RUjDQL DWLRQDo kRoLGD V
&KRRVH WKH DSSURSULDWH RSWLRQ E WWRQ DQG HQWHU WKH FRUUHFW ZRUN
LQJ WLPH IRU WKH FKRVHQ GD V ,Q WKH 3URMHFW WDE FOLFN WKH &KDQJH :RUNLQJ 7LPH E WWRQ
&OLFN 2.
6HWWLQ WKH FDOHQGDU V RUNLQ HHN 6HW WKH FDOHQGDU V ZRUNLQJ ZHHN HILQLQ S EOLF DQG RU DQL]DWLRQDO KROLGD V HILQH S EOLF DQG RUJDQL]DWLRQDO KROLGD V
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
hILQh SxEoLf DQG RUjDQL DWLRQDo kRoLGD V hILQLQj Wkh fDohQGDU RSWLRQV
,Q DGGLWLRQ WR WKH 3URMHFW &DOHQGDU 3URMHFW QHHGV WR EH WROG WKH G UDWLRQ RI D WDVN DV WZR ZHHNV 3URMHFW QHHGV WR FDOF ODWH WKH
6HOHFW WKH FDOHQGDU WR FKDQJH IURP WKH GURS GRZQ OLVW GHID OW VWDUW DQG HQG WLPHV IRU WDVNV DQG KRZ PDQ ZRUNLQJ Q PEHU RI ZRUNLQJ KR UV WKDW WKH WZR ZHHNV UHSUHVHQWV DQG
KR UV DUH LQ D GD DQG LQ D ZHHN DORQJ ZLWK DQ DSSUR[LPDWLRQ VHV WKH YDO H GHILQHG E +R UV SHU ZHHN % GHID OW 3URMHFW
,Q WKH &KDQJH :RUNLQJ 7LPH GLDORJ ER[ FOLFN WKH ([FHSWLRQV WDE RI KRZ PDQ ZRUNLQJ GD V WKHUH DUH LQ D PRQWK LV VHW S ZLWK KR UV SHU GD KR UV SHU ZHHN DQG GD V
(QWHU WKH QDPH VWDUW GDWH DQG ILQLVK GDWH RI WKH H[FHSWLRQ SHU PRQWK ,W V LPSRUWDQW WKDW WKH +R UV SHU GD DQG +R UV SHU
&OLFN 2.
3URMHFW VHV WKH GHID OW VWDUW DQG HQG WLPHV DQG DVVLJQV WKHP WR ZHHN YDO HV PDWFK WKRVH GHILQHG LQ WKH 3URMHFW &DOHQGDU
WDVNV ZKHQ D WDVN VWDUW RU ILQLVK GDWH LV HQWHUHG ZLWKR W D WLPH
EHLQJ VSHFLILHG DQG LW V LPSRUWDQW WKDW WKH GHID OW VWDUW DQG HQG 1RWH WKDW LI R U RUJDQL]DWLRQ ZRUNV HLJKW KR UV SHU GD ILYH
WLPHV PDWFK WKH ZRUNLQJ WLPH DV VHW LQ WKH FDOHQGDU ,I WKH WLPHV GD V SHU ZHHN 0RQGD WR )ULGD DQG FDUHV RQO WKDW WDVNV VWDUW
GRQ W PDWFK R ZLOO QHHG WR H[SOLFLWO HQWHU ERWK WKH GDWH DQG DQG ILQLVK RQ D FHUWDLQ GD UDWKHU WKDQ DW D FHUWDLQ WLPH RQ WKDW
WKH WLPH ZKHQ R HQWHU D WDVN GDWH % GHID OW 3URMHFW VHV D GD R GR QRW QHHG WR FKDQJH DQ RI WKH GHID OW YDO HV ,I
VWDUW WLPH RI DQG DQ HQG WLPH RI R DUH VFKHG OLQJ VWDUW RU ILQLVK WLPHV IRU WDVNV RU R GR QRW
ZRUN HLJKW KR UV SHU GD R ZLOO QHHG WR DPHQG WKH ZRUNLQJ
3URMHFW VHV WKH Q PEHU RI KR UV LQ D ZRUNLQJ GD WKH Q PEHU KR UV SHU GD DQG DVVRFLDWHG YDO HV 7KHVH YDO HV DUH VWRUHG DV
RI KR UV LQ D ZRUNLQJ ZHHN DQG WKH Q PEHU RI ZRUNLQJ GD V FDOHQGDU RSWLRQV IRU WKH SURMHFW
SHU PRQWK WR FDOF ODWH GDWD LQS W )RU H[DPSOH LI R HQWHU WKH
7,3 R FDQ PDNH 3URMHFW HQWHU WKH H[FHSWLRQ 6WDUW DQG )LQLVK
GDWHV IRU R 7R GR WKLV VHOHFW WKH GDWHV LQ WKH FDOHQGDU DUHD 7,3 ,I WKH H[FHSWLRQ RFF UV UH ODUO VH WKH HWDLOV E WWRQ LQ
DQG WKHQ W SH LQ WKH QDPH RI WKH H[FHSWLRQ 7KLV LV D T LFN DQG WKH ([FHSWLRQ WDE WR VHW WKH UHF UUHQFH SDWWHUQ 7KH PD[LP P 7,3 5HPHPEHU LI R U VWDQGDUG RUNLQ GD LV HL KW KR UV
HIIHFWLYH D RI HQWHULQ QRQUHF UULQ LWHPV V FK DV FRPSDQ Q PEHU RI UHRFF UUHQFHV IRU DQ VLQ OH H[FHSWLRQ LV DQG WKH ODVW DQG R DUH QRW FRQFHUQHG DER W SUR UDPPLQ WKH H[DFW WLPH
KROLGD V UHF UUHQFH GDWH FDQQRW EH EH RQG WKDW D WDVN VWDUWV RU ILQLVKHV R FDQ OHDYH WKHVH VHWWLQ V QFKDQ HG
HILQLQ S EOLF DQG RU DQL]DWLRQDO KROLGD V HILQH S EOLF DQG RUJDQL]DWLRQDO KROLGD V HILQLQ WKH FDOHQGDU RSWLRQV HILQH WKH FDOHQGDU RSWLRQV IRU WKH SURMHFW
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
hILQh Wkh fDohQGDU RSWLRQV IRU Wkh SURMhfW QWhULQj Wkh SURMhfW VWDUW GDWh
(QWHULQJ WKH SURMHFW VWDUW GDWH PLJKW QRW VHHP WR EH WKH PRVW SURMHFW VWDUW GDWH DOVR PRYHV WKH WLPHVFDOH ZLWKLQ WKH DQWW
,Q WKH %DFNVWDJH YLHZ FKRRVH WKH 2SWLRQV FRPPDQG LQW LWLYH SODFH WR VWDUW HVSHFLDOO ZKHQ WKHUH V DQ LPSRUWDQW FKDUW DQG WKH GDWHV ZLWKLQ WKH 7LPHOLQH WR UHIOHFW WKH VWDUW GDWH
SURMHFW WR U Q ULJKW :URQJ 7KH SURMHFW VWDUW GDWH GHILQHV WKH ,W PDNHV OLWWOH VHQVH WR SODQ WR VWDUW D SURMHFW LQ - QH DQG KDYH
:LWKLQ WKH 3URMHFW 2SWLRQV ZLQGRZ VHOHFW WKH 6FKHG OH FDWHJRU GDWH RQ ZKLFK DOO QHZ $ WR 6FKHG OHG WDVNV VWDUW 6HWWLQJ WKH WKH WLPHVFDOH GLVSOD LQJ GDWHV IRU $SULO
$PHQG WKH WLPHV DQG KR UV WR PDWFK R U RUJDQL]DWLRQ V
UHT LUHPHQWV
&OLFN 2.
QWhU Wkh VWDUW GDWh
,Q WKH 3URMHFW WDE FOLFN WKH 3URMHFW ,QIRUPDWLRQ E WWRQ
(QWHU WKH 6WDUW GDWH IRU WKH SURMHFW
&OLFN 2.
HILQLQ WKH FDOHQGDU RSWLRQV HILQH WKH FDOHQGDU RSWLRQV IRU WKH SURMHFW (QWHULQ WKH SURMHFW VWDUW GDWH (QWHU WKH VWDUW GDWH
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
QWhU Wkh VWDUW GDWh 6hWWLQj Wkh SURMhfW SURShUWLhV DQG EDVLf RSWLRQV
7KH WLPHVFDOH ZLWK WKH DQWW FKDUW PRYHV WR LQFO GH WKH SURMHFW 7KH 3URMHFW 3URSHUWLHV FRQWDLQ LWHPV V FK WKH SURMHFW 7LWOH 3URMHFW FRQWDLQV PDQ RSWLRQV WKDW FDQ DIIHFW WKH ORRN DQG
6WDUW GDWH DQG D YHUWLFDO GRWWHG OLQH LV GLVSOD HG WR UHSUHVHQW WKH 6 EMHFW DQG $ WKRU ,W V D JUHDW LGHD WR FRPSOHWH WKHVH ILHOGV IHHO RI 3URMHFW DQG WKH ZD WKDW LW SHUIRUPV LWV VFKHG OLQJ ,W V
GDWH EHFD VH WKH FDQ EH VHG LQ KHDGHUV DQG IRRWHUV ZLWKLQ UHSRUWV LPSRUWDQW WR QRWH WKDW WKHVH RSWLRQV DUH VRPHWLPHV VHW SHU
DQG WKH FDQ SURYLGH DGGLWLRQDO LQIRUPDWLRQ IRU RWKHU VHUV ZKR VFKHG OH DQG VRPH DUH V VWHP ZLGH
YLHZ WKH SURMHFW
7,3 R FDQ FKHFN WKDW WKH FRUUHFW 6WDUW GDWH KDV EHHQ VHW E
FKHFNLQ WKDW WKH WLPHVFDOH LWKLQ WKH DQWW FKDUW KDV PRYHG
DQG UHIOHFWV WKH QH 6WDUW GDWH
(QWHULQ WKH SURMHFW VWDUW GDWH (QWHU WKH VWDUW GDWH 6HWWLQ WKH SURMHFW SURSHUWLHV DQG EDVLF RSWLRQV 6HW WKH SURMHFW SURSHUWLHV
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
6HWWLQ WKH SURMHFW SURSHUWLHV DQG EDVLF RSWLRQV 6HW WKH SURMHFW SURSHUWLHV 6HWWLQ WKH SURMHFW F UUHQF 6HW WKH SURMHFW F UUHQF
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
6hW Wkh SURMhfW fxUUhQf kDQjLQj Wkh GhIDxoW YLh DQG GDWh IRUPDW
6HOHFW WKH LVSOD FDWHJRU :KHQ R FUHDWH D QHZ EODQN SURMHFW 3URMHFW GLVSOD V WKH QHZ GHID OW WKLV LV WKH SODFH WR FKDQJH LW ,Q DGGLWLRQ WR VHWWLQJ WKH
SURMHFW VLQJ WKH DQWW :LWK 7LPHOLQH YLHZ EHFD VH WKLV LV VHW GHID OW YLHZ R FDQ DOVR VHW WKH SUHIHUUHG GDWH IRUPDW WKH
(QWHU R U F UUHQF RSWLRQV IRU WKH SURMHFW DV WKH GHID OW YLHZ ,I R ZR OG SUHIHU D GLIIHUHQW YLHZ DV WKH IRUPDW LV LQIO HQFHG E WKH UHJLRQDO VHWWLQJV RI R U FRPS WHU
&OLFN 2.
6HWWLQ WKH SURMHFW F UUHQF 6HW WKH SURMHFW F UUHQF &KDQ LQ WKH GHID OW YLH DQG GDWH IRUPDW &KDQJH WKH GHID OW YLHZ DQG GDWH IRUPDW
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
6DYLQJ SURMHFWV 6DYLQ WKH SURMHFW WR D ORFDO GULYH 6DYH WR D ORFDO GULYH
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
6DYh WR 6N ULYh
2Q WKH 4 LFN $FFHVV 7RROEDU FKRRVH WKH 6DYH LFRQ
:LWKLQ WKH 6DYH $V RSWLRQ FKRRVH WKH DSSURSULDWH FOR G VHUYLFH
DQG LI SURPSWHG VLJQ LQ
:LWKLQ WKH VHUYLFH FOLFN %URZVH
6DYLQ WKH SURMHFW WR D ORFDO GULYH 6DYH WR D ORFDO GULYH 6DYLQ WKH SURMHFW WR 6N ULYH 6DYH WR 6N ULYH
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
6DYLQ WKH SURMHFW WR 6N ULYH 6DYH WR 6N ULYH 6DYLQ WKH SURMHFW WR 3URMHFW 6HUYHU RU 3URMHFW 2QOLQH 6DYH WR 3URMHFW 6HUYHU RU 3URMHFW 2QOLQH
77,1 7 352- 7 % 6, 6 5, 7 77,1 7 352- 7 % 6, 6 5, 7
6DYh WR 3URMhfW 6hUYhU RU 3URMhfW 2QoLQh 6DYLQj DQG V QfkURQL LQj Wkh SURMhfW WR 6kDUh3RLQW
(QWHU WKH QDPH RI WKH SURMHFW 6KDUH3RLQW LV 0LFURVRIW V SUHPLHU FROODERUDWLRQ DSSOLFDWLRQ WKH WDVN GLUHFWO LQ 6KDUH3RLQW 3URMHFW 0DQDJHUV FDQ WKHQ V Q
3URMHFW SODQV FDQ EH VDYHG DQG WKH WDVNV FDQ EH V QFKURQL]HG FKURQL]H WKH WDVN SGDWHV IURP 6KDUH3RLQW EDFN LQWR WKH SODQ
&OLFN 6DYH
ZLWK D 6KDUH3RLQW VLWH DQG WDVN OLVW DOORZLQJ VHUV ZKR DUH 7KLV UHDOO LV D YHU VPDUW ZD WR DLG WKH FROODERUDWLRQ ZLWK WKH
UHVSRQVLEOH IRU FRPSOHWLQJ WKH WDVNV WR SGDWH WKH VWDW V RI SURMHFW WHDP
7,3 6DYLQ WR 3URMHFW 6HUYHU UHT LUHV 3URMHFW 3URIHVVLRQDO 7,3 7KH 6 QF LWK 6KDUH3RLQW RSWLRQ LV DYDLODEOH RQO LWK
6KDUH3RLQW VHUYHUV DQG UHT LUHV 3URMHFW 3URIHVVLRQDO
6DYLQ WKH SURMHFW WR 3URMHFW 6HUYHU RU 3URMHFW 2QOLQH 6DYH WR 3URMHFW 6HUYHU RU 3URMHFW 2QOLQH 6DYLQ DQG V QFKURQL]LQ WKH SURMHFW WR 6KDUH3RLQW 6DYH DQG V QFKURQL]H ZLWK D 6KDUH3RLQW WDVN OLVW
5 7,1 1 02 , ,1 7 6 6
U L G
8QGhUVWDQGLQj DQG VhWWLQj Wkh VfkhGxoh WDVNV ZLOO EH UHVFKHG OHG WR UHIOHFW WKHVH FKDQJHV $ WR 6FKHG
OLQJ PRGH LV WKH VFKHG OLQJ PRGH WKDW ZDV VHG LQ HDUOLHU
PRGh YHUVLRQV RI 3URMHFW ,W DOORZV IRU ERWWRP S SODQQLQJ ZKHUH WKH
7R FUHDWH D SURMHFW VFKHG OH R HQWHU WDVNV DQG FUHDWH UHOD GHWDLO WDVNV DUH SODQQHG DQG 3URMHFW DFF P ODWHV ZRUN DQG FRVW
PRGLI L N
WLRQVKLSV RU GHSHQGHQFLHV EHWZHHQ WKH WDVNV 7KH WDVN G UDWLRQV GDWD LQWR WKH V PPDU WDVNV
OHQJWK RI WLPH DORQJ ZLWK WKHLU UHODWLRQVKLSV WR RWKHU WDVNV
HVWDEOLVK WKH WLPHOLQH IRU D VFKHG OH 7KH VFKHG OH PRGH DOVR <R FDQ FKDQJH WKH VFKHG OLQJ PRGH IRU DQ WDVN DW DQ WLPH
NQRZQ DV WKH WDVN PRGH GHILQHV KRZ WKH VFKHG OLQJ HQJLQH LQ DQG WKH PRGH LV QLT H SHU WDVN 5HPHPEHU WKDW PDQ DOO
0LFURVRIW 3URMHFW ZLOO VFKHG OH WKH WDVN )RU DQ LQGLYLG DO VFKHG OHG WDVNV FDQ KDYH LQFRPSOHWH LQIRUPDWLRQ LQ WKH VWDUW
WDVN WKH VFKHG OLQJ PRGH FDQ EH HLWKHU RI WKH IROORZLQJ ILQLVK RU G UDWLRQ YDO HV ,I WKH VFKHG OH PRGH RI V FK D WDVN LV
FKDQJHG IURP 0DQ DOO 6FKHG OHG WR $ WR 6FKHG OHG 3URMHFW
,Q WkLV VhfWLRQ ■ 0DQ DOO 6FKHG OHG ZLOO FRPSOHWH WKHVH ILHOGV %RWK VFKHG OH PRGHV PD EH VHG
ZLWKLQ WKH VDPH SURMHFW SODQ
NH SDUW RI PDQD LQ DQ SURMHFW LV GHILQLQ WKH WDVNV WKDW QHHG FRP ■ 8QGHUVWDQGLQ DQG VHWWLQ WKH ■ $ WR 6FKHG OHG
SOHWLQ ,Q SURMHFW PDQD HPHQW WHUPV WKLV OLVW RI WDVNV LV FDOOHG D :RUN VFKHG OH PRGH 7KH IROORZLQJ LFRQV DUH VHG WR YLV DOO UHSUHVHQW D WDVN V WDVN
%UHDNGR Q 6WU FW UH RU :%6 :LWKLQ WKH :%6 WDVNV VKR OG EH UR SHG PRGH ZLWKLQ 3URMHFW
WR HWKHU VR WKDW WKH FRPSOHWLRQ RI D UR S RI WDVNV FRPSULVHV WKH FRPSOH
■ (QWHULQ LQGHQWLQ DQG R WGHQWLQ 0DQxDoo VfkhGxohG WDVNV
WDVNV
WLRQ RI D VL QLILFDQW SLHFH RI RUN 7DVNV DUH UR SHG WR HWKHU EHQHDWK :KHQ D WDVN LV PDQ DOO VFKHG OHG WKLV LV WKH GHID OW VHWWLQJ
,QVHUWLQ QH WDVNV LQWR WKH VFKHG OH 0RGh ,fRQ RPPhQW
D V PPDU WDVN WKDW LOO V PPDUL]H G UDWLRQ FRVW DQG RUN WRWDOV IRU D
■ R DUH LQ FRPSOHWH FRQWURO RI WKH WDVN G UDWLRQ VWDUW GDWH DQG
VHFWLRQ RU GHOLYHUDEOH LWHP RI RUN (DFK UR S RI WDVNV VKR OG DOVR KDYH D ■ 0RYLQ WDVNV DUR QG WKH VFKHG OH ILQLVK GDWH ULQJ WKH SODQQLQJ SKDVH RI D SURMHFW WKH G UDWLRQ 0DQ DOO 6 IILFLHQW GDWD LV LQ WKH UDWLRQ 6WDUW
PLOHVWRQH WDVN DVVRFLDWHG LWK LW $ PLOHVWRQH WDVN LV DQ LQGLFDWRU RI D RDO VWDUW GDWH DQG ILQLVK GDWHV FDQ DOO EH EODQN RU PD FRQWDLQ WH[ 6FKHG OHG DQG )LQLVK ILHOGV WR I OO QGHUVWDQG
■ 0RYLQ V PPDU WDVNV DUR QG WKH W DO LQIRUPDWLRQ $V WDVN G UDWLRQV VWDUW GDWHV DQG ILQLVK GDWHV ZKHQ WKLV WDVN ZLOO VWDUW DQG ILQLVK
GDWH E KLFK WKH VHFWLRQ RI RUN LOO EH FRPSOHWHG VFKHG OH FKDQJH RQ SUHGHFHVVRU WDVNV PDQ DOO VFKHG OHG WDVNV ZLOO
QRW EH UHVFKHG OHG LQ OLJKW RI WKHVH FKDQJHV <R FDQ VH WKH 0DQ DOO 2QH RU PRUH RI WKH UDWLRQ 6WDUW RU
■ HOHWLQ WDVNV
0DQ DOO 6FKHG OHG WDVN PRGH IRU SUHSODQQLQJ D SURMHFW DQG 6FKHG OHG )LQLVK ILHOGV QHHGV DGGLWLRQDO LQIRUPD
LW JLYHV R WKH DELOLW WR GHYHORS D VFKHG OH VLQJ WRS GRZQ WLRQ LQ RUGHU WR NQRZ ZKHQ WKH WDVN
VFKHG OLQJ ZKHUH HDFK VLJQLILFDQW SLHFH RI ZRUN RU V PPDU ZLOO VWDUW DQG ILQLVK
WDVN LV WKHQ V EGLYLGHG LQWR PRUH GHWDLOHG SLHFHV RI ZRUN $ WRPDWLFDOO 7KH UDWLRQ 6WDUW DQG )LQLVK ILHOGV
6FKHG OHG DOZD V FRQWDLQ V IILFLHQW GDWD WR NQRZ
ZKHQ WKH WDVN ZLOO VWDUW DQG ILQLVK
xWR VfkhGxohG WDVNV
7DVNV WKDW DUH D WR VFKHG OHG ZLOO DOZD V KDYH D G UDWLRQ VWDUW 87,21 &KDQ LQ WDVN PRGHV IURP 0DQ DOO 6FKHG OHG WR
GDWH DQG ILQLVK GDWH DQG EHFD VH WDVN G UDWLRQV VWDUW GDWHV $ WR 6FKHG OHG FDQ FKDQ H WKH GDWHV IRU WKH WDVN DQG FDQ KDYH
DQG ILQLVK GDWHV FKDQJH RQ SUHGHFHVVRU WDVNV D WR VFKHG OHG FRQVHT HQFHV IRU RWKHU WDVNV LQ WKH SODQ
8QGHUVWDQGLQ DQG VHWWLQ WKH VFKHG OH PRGH 0DQ DOO VFKHG OHG WDVNV
5 7,1 1 02 , ,1 7 6 6 5 7,1 1 02 , ,1 7 6 6
hILQh Wkh GhIDxoW VfkhGxoh PRGh IRU D 7DVNV DQG Wkh :RUN %UhDNGR Q 6WUxfWxUh
SURMhfW 7KH VHW RI WDVNV UHT LUHG WR FRPSOHWH D SURMHFW LV NQRZQ JUR SHG WRJHWKHU /RJLFDO JUR SV RI WDVNV DUH FDOOHG 6 P
,Q WKH 7DVN WDE FOLFN WKH 0RGH GURS GRZQ OLVW DV WKH :RUN %UHDNGRZQ 6WU FW UH :%6 7KH :%6 SODFHV PDU 7DVNV
WKH WDVNV LQ D KLHUDUFK DQG DOORZV WKH WDVNV WR EH ORJLFDOO
6HOHFW WKH VFKHG OH PRGH IRU QHZ WDVNV
7,3 R FDQ VHW WKH GHID OW VFKHG OH PRGH IRU DOO QH SURMHFWV
LWKLQ WKH VFKHG OLQ RSWLRQV 7R DFFHVV WKH VFKHG OH RSWLRQV
FOLFN )LOH 2SWLRQV 6FKHG OH R LOO ILQG WKHP LQ WKH VFKHG OLQ
RSWLRQV IRU WKLV SURMHFW VHFWLRQ
8QGHUVWDQGLQ DQG VHWWLQ WKH VFKHG OH PRGH 7RJJOH WKH WDVN PRGH IRU DQ LQGLYLG DO WDVN 7DVNV DQG WKH :RUN %UHDNGRZQ 6WU FW UH
5 7,1 1 02 , ,1 7 6 6 5 7,1 1 02 , ,1 7 6 6
7DVNV DQG WKH :RUN %UHDNGRZQ 6WU FW UH (QWHULQ WDVNV (QWHU D GHWDLO WDVN
5 7,1 1 02 , ,1 7 6 6 5 7,1 1 02 , ,1 7 6 6
0DQ DOO 6FKHG OHG 7KH WDVN EHFRPHV D V PPDU WDVN DQG
WDVN ZLWK D G UDWLRQ UHPDLQV PDQ DOO VFKHG OHG ,I VWDUW DQG
ILQLVK GDWHV H[LVW WKH DUH QRW FKDQJHG ,I
WKH ZHUH EODQN WKHQ WKH DUH FDOF ODWHG
IURP WKH SURMHFW VWDUW GDWH
7,3 7R VHH WKH R WOLQH OHYHO RI WKH WDVNV LQVHUW WKH 2 WOLQH
/HYHO FRO PQ LQWR WKH WDEOH DUHD 7KH KL KHVW OHYHO LV UHSUH
VHQWLQ WKH 3URMHFW 6 PPDU 7DVN DQG WKH Q PEHU RI OHYHOV LV YLUW DOO
QOLPLWHG 7KH PRUH OHYHOV WKDW DUH FUHDWHG WKH PRUH FRPSOH[ WKH :%6
PL KW EHFRPH
75 7 ,6 8VH WKH VKRUWF W NH RI $OW 6KLIW 5L KW WR T LFNO 75 7 ,6 8VH WKH VKRUWF W NH RI $OW 6KLIW /HIW WR T LFNO
LQGHQW D WDVN R WGHQW D WDVN
,QVhUWLQj Qh WDVNV LQWR Wkh VfkhGxoh 0RYLQj WDVNV DURxQG Wkh VfkhGxoh
,QVHUWLQJ QHZ WDVNV LQWR WKH VFKHG OH LV D YHU FRPPRQ SURFHVV DW WKH VDPH R WOLQH OHYHO DV WKH WDVN DERYH WKH LQVHUWLRQ SRLQW :KHQ R LQLWLDOO FUHDWH WKH VFKHG OH WDVNV RU JUR SV RI WDVNV :KHQ D WDVN LV PRYHG ZLWKLQ D VFKHG OH LWV R WOLQH OHYHO ZLOO EH
HVSHFLDOO G ULQJ WKH SODQQLQJ SKDVH ZKHQ R DUH IRF VLQJ RQ 7KHUHIRUH R PLJKW QHHG WR LQGHQW RU R WGHQW WKH QHZ WDVN WR PLJKW QRW EH GLVSOD HG LQ WKH FRUUHFW RUGHU DQG PLJKW QHHG WR FKDQJHG WR HT DO WKH R WOLQH OHYHO RI WKH WDVN WKDW LV QRZ LPPH
HQV ULQJ WKDW R U :%6 LV FRPSOHWH 7DVNV DUH DOZD V LQVHUWHG DGM VW LW WR WKH UHT LUHG R WOLQH OHYHO EH PRYHG S RU GRZQ WKH WDVN OLVW ,W V SRVVLEOH WR PRYH LQGLYLG GLDWHO DERYH LW &RQVHT HQWO PRYLQJ WDVNV DQG LQGHQWLQJ DQG
DO WDVNV D VHOHFWLRQ RI WDVNV RU D V PPDU WDVN ZKLFK PRYHV R WGHQWLQJ WDVNV JR KDQG LQ KDQG
DOO WKH WDVNV ZLWKLQ LWV KLHUDUFK <R FDQ PRYH D VHOHFWLRQ RI
,QVhUW D WDVN WDVNV RQO LI WKH DUH QH[W WR HDFK RWKHU
,Q WKH 7DVN WDE FOLFN WKH DQWW &KDUW E WWRQ WR VHOHFW WKH DQWW
&KDUW YLHZ RU DQ WDVN UHODWHG YLHZ
0RYh D VLQjoh WDVN
6HOHFW WKH WDVN EHORZ ZKHUH R ZDQW WKH GHWDLO WDVN LQVHUWHG
,Q WKH 7DVN WDE FOLFN WKH DQWW &KDUW E WWRQ WR VHOHFW WKH DQWW
&OLFN WKH 7DVN E WWRQ &KDUW YLHZ RU DQ WDVN UHODWHG YLHZ
&KDQJH WKH QDPH RI WKH WDVN LQ WKH WDEOH 6HOHFW WKH WDVN E FOLFNLQJ RQ WKH WDVN URZ KHDGHU
0RYH WKH F UVRU RYHU WKH WDVN URZ QWLO WKH IR U DUURZ F UVRU WKH
PRYH F UVRU DSSHDUV
,QVHUWLQ QH WDVNV LQWR WKH VFKHG OH ,QVHUW D WDVN 0RYLQ WDVNV DUR QG WKH VFKHG OH 0RYH D VLQJOH WDVN
5 7,1 1 02 , ,1 7 6 6 5 7,1 1 02 , ,1 7 6 6
0RYLQ WDVNV DUR QG WKH VFKHG OH 0RYH D VLQJOH WDVN 0RYLQ V PPDU WDVNV DUR QG WKH VFKHG OH 0RYH D V PPDU WDVN
5 7,1 1 02 , ,1 7 6 6 5 7,1 1 02 , ,1 7 6 6
0RYLQ V PPDU WDVNV DUR QG WKH VFKHG OH 0RYH D V PPDU WDVN HOHWLQ WDVNV HOHWH D WDVN
6 77,1 67,0 7 6
L LP
QWhULQj GxUDWLRQ hVWLPDWhV IRU GhWDLo WDVNV
7KH G UDWLRQ HVWLPDWH LV DQ HVWLPDWH RI KRZ ORQJ EHWZHHQ )RU DOO WDVNV 0LFURVRIW 3URMHFW FDOF ODWHV WKH G UDWLRQ HQG GDWH
WKH VWDUW RI D WDVN DQG WKH ILQLVK RI WKH WDVN WKH WDVN ZLOO WDNH IRU WKH WDVN EDVHG SRQ WKH ZRUNLQJ WLPH DV GHILQHG LQ WKH
UDWLRQV DUH HQWHUHG E GHID OW LQ GD V E W WKH FDQ DOVR EH SURMHFW FDOHQGDU $ WZR GD G UDWLRQ WDVN WKDW VWDUWV RQ D )ULGD
HQWHUHG LQ PLQ WHV KR UV ZHHNV RU PRQWKV ,I D WDVN LV QRW ZLOO W SLFDOO HQG RQ WKH IROORZLQJ 0RQGD EHFD VH E GHID OW
GHSHQGHQW RQ WKH KR UV ZRUNHG SHU GD V FK DV F ULQJ FRQ 6DW UGD DQG 6 QGD DUH QRQZRUNLQJ GD V
FUHWH WKHQ WKH G UDWLRQ VKR OG EH HQWHUHG DV HODSVHG WLPH
HODSVHG WLPH LV FRQVLGHUHG ZDLWLQJ WLPH
QWhU hoDSVhG GxUDWLRQ hVWLPDWhV QWhULQj GxUDWLRQ hVWLPDWhV IRU VxPPDU WDVNV
,Q WKH 7DVN WDE FOLFN WKH DQWW &KDUW YLHZ <R FDQ HQWHU G UDWLRQ HVWLPDWHV DJDLQVW V PPDU WDVNV GRLQJ EHFRPHV WKH G UDWLRQ E GJHW IRU WKH WDVN DQG E PHDQV RI
(QWHU WKH G UDWLRQ ZLWK H LQ IURQW RI WKH QLWV IRU H[DPSOH HG VR ZLOO FKDQJH WKH V PPDU WDVN LQWR D PDQ DOO VFKHG OHG WDVN WKH DQWW FKDUW 3URMHFW GLVSOD V ZKHWKHU R DUH QGHU RU RYHU
LI LW LVQ W DOUHDG ,I R DUH GRLQJ WRS GRZQ SODQQLQJ RU KDYH WKLV G UDWLRQ E GJHW 7KLV LV D YHU VHI O IHDW UH ZKHQ R DUH
EHHQ JLYHQ D VSHFLILF G UDWLRQ G ULQJ ZKLFK R P VW FRPSOHWH GHFRPSRVLQJ D KLJK OHYHO V PPDU WDVN LQWR P OWLSOH GHWDLO
D SKDVH RU D VHW RI WDVNV WKHQ R PLJKW ZDQW WR HQWHU D G UD WDVNV
WLRQ DJDLQVW D V PPDU WDVN 7KH G UDWLRQ HQWHUHG HIIHFWLYHO
(QWHULQ G UDWLRQ HVWLPDWHV IRU GHWDLO WDVNV (QWHU HODSVHG G UDWLRQ HVWLPDWHV (QWHULQ G UDWLRQ HVWLPDWHV IRU V PPDU WDVNV (QWHU D G UDWLRQ HVWLPDWH IRU D V PPDU WDVN
6 77,1 67,0 7 6 6 77,1 67,0 7 6
(QWHULQ RUN HVWLPDWHV (QWHU WKH ZRUN HVWLPDWHV 0DUNLQ WDVNV WKDW QHHG DQ HVWLPDWLRQ UHYLH 0DUN D WDVN ZLWK DQ HVWLPDWHG G UDWLRQ
,1 ,1 7 7 6 6
L NL N hShQGhQf 7 Sh
)LQLVK WR 6WDUW )6
GHSHQGHQF
DPSoh hVfULSWLRQ
7KH GHID OW GHSHQGHQF W SH LV )LQLVK WR 6WDUW 7KH ILQLVK GDWH RI WKH SUHGHFHVVRU WDVN
GULYHV WKH VWDUW GDWH RI WKH V FFHVVRU WDVN )RU H[DPSOH LI R KDYH WZR WDVNV LJ
IR QGDWLRQ DQG 3R U FRQFUHWH WKH 3R U FRQFUHWH WDVN FDQQRW EHJLQ QWLO WKH LJ
IR QGDWLRQ WDVN LV FRPSOHWH
6WDUW WR 6WDUW 66 7KH VWDUW GDWH RI WKH SUHGHFHVVRU WDVN GULYHV WKH VWDUW GDWH RI WKH V FFHVVRU WDVN )RU
GHSHQGHQF H[DPSOH LI R KDYH WZR WDVNV 3R U FRQFUHWH DQG /HYHO FRQFUHWH WKH /HYHO FRQ
FUHWH WDVN FDQQRW EHJLQ QWLO WKH 3R U FRQFUHWH WDVN EHJLQV
,Q WkLV VhfWLRQ )LQLVK WR )LQLVK )) 7KH ILQLVK GDWH RI WKH SUHGHFHVVRU WDVN GULYHV WKH ILQLVK GDWH RI WKH V FFHVVRU WDVN )RU
GHSHQGHQF H[DPSOH LI R KDYH WZR WDVNV $GG ZLULQJ DQG ,QVSHFW HOHFWULFDO WKH ,QVSHFW HOHF
WULFDO WDVN FDQQRW EH FRPSOHWHG QWLO WKH $GG ZLULQJ LV FRPSOHWHG
DVNV LWKLQ D SURMHFW DUH RIWHQ GHSHQGHQW SRQ RQH DQRWKHU IRU ■ /LQNLQ GHSHQGHQW WDVNV
H[DPSOH WKH FRPSOHWLRQ GDWH RI RQH WDVN GHWHUPLQHV KHQ DQRWKHU 6WDUW WR )LQLVK 6) 7KH VWDUW GDWH RI WKH SUHGHFHVVRU WDVN GULYHV WKH ILQLVK GDWH RI WKH V FFHVVRU WDVN )RU
■ &KDQ LQ WKH GHSHQGHQF W SH
FDQ VWDUW 7DVNV OLQNHG E D GHSHQGHQF DUH FDOOHG HLWKHU D SUHGHFHVVRU GHSHQGHQF H[DPSOH LI R KDYH WZR WDVNV 6W G IRU H[DP DQG 6LW H[DP WKH 6W G IRU H[DP
WDVN WKH GULYLQ WDVN RU D V FFHVVRU WDVN WKH GULYHQ WDVN 7KHVH OLQNV ■ 8QOLQNLQ WDVNV WDVN ZLOO QRW ILQLVK QWLO WKH 6LW H[DP WDVN VWDUWV ,I WKH 6LW H[DP VWDUW GDWH PRYHV WKH
EHW HHQ WDVNV DUH FDOOHG GHSHQGHQFLHV DQG WKHUH DUH IR U W SHV )LQLVK WR ILQLVK GDWH IRU 6W G IRU H[DP DOVR PRYHV
■ $GGLQ D OD RU OHDG WLPH WR D
6WDUW 6WDUW WR 6WDUW )LQLVK WR )LQLVK DQG 6WDUW WR )LQLVK 7KH GHID OW GHSHQ GHSHQGHQF
GHQF W SH LV )LQLVK WR 6WDUW (DFK GHSHQGHQF FDQ KDYH D ODJ WLPH RU OHDG WLPH DVVRFLDWHG
■ LVSOD LQ WDVN SDWKV
ZLWK LW (QWHULQJ D ODJ WLPH ZLOO GHOD D WDVN HQWHULQJ D OHDG WLPH
ZLOO FD VH WDVNV WR RYHUODS
7KH HIIHFW RI OLQNLQJ WDVNV RQ VFKHG OH GDWD /LQNLQ GHSHQGHQW WDVNV /LQN GHSHQGHQW WDVNV
,1 ,1 7 7 6 6 ,1 ,1 7 7 6 6
/LQNLQ GHSHQGHQW WDVNV /LQN GHSHQGHQW WDVNV &KDQ LQ WKH GHSHQGHQF W SH &KDQJH D GHSHQGHQF W SH VLQJ WKH 3UHGHFHVVRU FRO PQ
,1 ,1 7 7 6 6 ,1 ,1 7 7 6 6
87,21 &KDQ LQ WKH GHSHQGHQF W SH FDQ FKDQ H WKH 87,21 8QOLQNLQ D WRPDWLFDOO VFKHG OHG WDVNV FKDQ HV
VFKHG OH OHQ WK WKH VWDUW GDWH RI WKH V FFHVVRU WDVN +R HYHU WKH VWDUW GDWH RI
PDQ DOO VFKHG OHG WDVNV GRHV QRW FKDQ H
&KDQ LQ WKH GHSHQGHQF W SH &KDQJH D GHSHQGHQF W SH VLQJ WKH 3UHGHFHVVRU FRO PQ 8QOLQNLQ WDVNV 8QOLQN D WDVN VLQJ WKH 7DVN HSHQGHQF GLDORJ ER[
,1 ,1 7 7 6 6 ,1 ,1 7 7 6 6
8QoLQN D WDVN xVLQj Wkh 7DVN hShQGhQf GGLQj D oDj RU ohDG WLPh WR D GhShQGhQf
GLDoRj ER ,Q D SURMHFW VRPHWLPHV ZH QHHG WR ZDLW EHWZHHQ WKH HQG RI ,Q 3URMHFW D OHDG WLPH LV HQWHUHG DV D QHJDWLYH Q PEHU RI
RQH WDVN DQG WKH VWDUW RI DQRWKHU ,Q 3URMHFW ZH FDQ HQWHU D GD V IRU H[DPSOH HQWHULQJ GHILQHV D OHDG WLPH RI WZR GD V
&OLFN WKH HOHWH E WWRQ
Q PEHU RI GD V WR UHSUHVHQW WKLV ZDLWLQJ SHULRG 7KLV LV FDOOHG HVVHQWLDOO D OHDG WLPH LV HQWHUHG DV D QHJDWLYH ODJ WLPH
5HYLHZ WKH UHV OW RI GHOHWLQJ WKH OLQN LQ WKH 3UHGHFHVVRUV FRO PQ D ODJ &RQYHUVHO ZH PLJKW EH DEOH VWDUW D WDVN HYHQ EHIRUH LWV
DQG WKH DQWW FKDUW SUHGHFHVVRU KDV ILQLVKHG 3URMHFW FDOOV WKLV OHDG WLPH DQG WKLV 7KH IROORZLQJ DUH ZD V WR DGG D ODJ RU OHDG WLPH
FDQ DOVR EH HQWHUHG DV D Q PEHU RI GD V $Q H[DPSOH RI D ODJ
ZR OG H[LVW LQ D FRQVWU FWLRQ SURMHFW ZKHUH ZH PLJKW QHHG WR ■ R EOH FOLFN WKH OLQN LQ WKH DQWW FKDUW DQG HQWHU WKH ODJ
ZDLW D ZHHN IRU SODVWHU WR GU EHIRUH LW FDQ EH SDLQWHG RU OHDG WLPH
■ (GLW WKH ODJ RU OHDG WLPH GLUHFWO LQ WKH 3UHGHFHVVRU
1RW RQO FDQ WKH ODJ DQG OHDG WLPHV EH H[SUHVVHG DV D G UDWLRQ
FRO PQ WKH 6 FFHVVRU FRO PQ RU ERWK
YDO H IRU H[DPSOH GD V E W WKH FDQ DOVR EH H[SUHVVHG DV D
SHUFHQWDJH RI WKH SUHGHFHVVRU V G UDWLRQ IRU H[DPSOH ■ 8VH WKH 3UHGHFHVVRU WDE LQ WKH 7DVN ,QIRUPDWLRQ GLDORJ
ER[ WR HQWHU WKH ODJ RU OHDG WLPH
8QOLQNLQ WDVNV 8QOLQN D WDVN VLQJ WKH 7DVN HSHQGHQF GLDORJ ER[ $GGLQ D OD RU OHDG WLPH WR D GHSHQGHQF $GG D ODJ WLPH E VLQJ WKH 7DVN ,QIRUPDWLRQ GLDORJ ER[
,1 ,1 7 7 6 6 ,1 ,1 7 7 6 6
GG D oDj WLPh E xVLQj Wkh 7DVN ,QIRUPDWLRQ LVSoD LQj WDVN SDWkV
GLDoRj ER 7U LQJ WR QUDYHO WKH FRPSOH[LW RI D ODUJH SURMHFW SODQ FDQ EH GHWHUPLQH RU GULYH ZKHQ WKH WDVN VWDUWV RU ILQLVKHV 6LPLODUO
&OLFN WKH 3UHGHFHVVRUV WDE T LWH GLIILF OW HVSHFLDOO ZLWK P OWLSOH OLQNV EHWZHHQ WDVNV DQG ZKHQ D WDVN KDV P OWLSOH V FFHVVRUV RQH RU PRUH RI WKH V FFHV
OLQNV WKDW PLJKW HYHQ GLVDSSHDU IURP WKH VFUHHQ 0LFURVRIW KDV VRUV VWDUW RU ILQLVK GDWHV ZLOO EH GLUHFWO DIIHFWHG RU GULYHQ E
6HOHFW WKH SUHGHFHVVRU WR PRGLI DQG W SH LQ WKH ODJ WLPH
FUHDWHG D QHZ IHDW UH FDOOHG WKH 7DVN 3DWK WKDW KLJKOLJKWV WKH WKH WDVN 7KHVH V FFHVVRUV DUH FDOOHG GULYHQ V FFHVVRUV EHFD VH
&OLFN 2. V FFHVVRUV DQG SUHGHFHVVRUV LQ WKH VFKHG OH 7KH KLJKOLJKWLQJ WKH VHOHFWHG WDVN GHWHUPLQHV H[DFWO ZKHQ WKH V FFHVVRU WDVN LV
5HYLHZ WKH UHV OW RI HQWHULQJ WKH ODJ WLPH LQ WKH 3UHGHFHVVRUV LV GLVSOD HG LQ WKH DQWW FKDUW DQG DV WKH VHU VFUROOV WKUR JK VFKHG OHG WR RFF U
FRO PQ DQG RQ WKH DQWW FKDUW WKH OLVW RI WDVNV WKH UHOHYDQW WDVN SDWKV DUH KLJKOLJKWHG LQ WKH
DQWW FKDUW DOORZLQJ R WR VHH KRZ WKH VHOHFWHG WDVN ILWV LQWR 7KH IROORZLQJ LWHPV FDQ EH KLJKOLJKWHG VLQJ WKH 7DVN 3DWK ,W V
WKH RYHUDOO VFKHG OH (YHQ PRUH LPSUHVVLYH 3URMHFW DOORZV R SRVVLEOH WR KDYH VHYHUDO LWHPV VHOHFWHG DW RQFH
WR VHOHFW P OWLSOH WDVNV WKHUHE KLJKOLJKWLQJ WKH WDVN SDWK IRU
VHYHUDO WDVNV DW RQFH ■ 3UHGHFHVVRUV
■ ULYLQJ SUHGHFHVVRUV
,I D WDVN KDV P OWLSOH SUHGHFHVVRUV RQH RU PRUH RI WKRVH SUH
GHFHVVRUV ZLOO GLUHFWO DIIHFW WKH VFKHG OLQJ RI WKDW WDVN WKHVH ■ 6 FFHVVRUV
SUHGHFHVVRUV DUH FDOOHG GULYLQJ SUHGHFHVVRUV EHFD VH WKH
■ ULYHQ V FFHVVRUV
$GGLQ D OD RU OHDG WLPH WR D GHSHQGHQF $GG D ODJ WLPH E VLQJ WKH 7DVN ,QIRUPDWLRQ GLDORJ ER[ LVSOD LQ WDVN SDWKV LVSOD WKH WDVN SDWK IRU ERWK SUHGHFHVVRUV DQG V FFHVVRUV
,1 ,1 7 7 6 6
LVSOD LQ WDVN SDWKV LVSOD WKH WDVN SDWK IRU ERWK SUHGHFHVVRUV DQG V FFHVVRUV
66, 1,1 1 0 1 ,1 5 6285 6
L L G
UhDWLQj RUN UhVRxUfhV TxLfNo LQ Wkh DQWW kDUW YLh
8VH WKLV RSWLRQ LI R DUH QRW FRQFHUQHG DER W WUDFNLQJ FRVWV GHID OW VWDQGDUG KR UO UDWH WR WKH UHVR UFH 8VLQJ WKLV PHWKRG
RU RWKHU UHVR UFH LQIRUPDWLRQ DQG R U JRDO LV WR T LFNO DVVLJQ WR FUHDWH UHVR UFHV DOVR FUHDWHV WKH DVVLJQPHQW EHWZHHQ WKH
P L
UHVR UFHV WR WDVNV DQG VHH WKHVH DVVLJQPHQWV LQ WKH DQWW &KDUW UHVR UFH DQG WKH WDVN DQG WKHUHIRUH D ZRUN YDO H IRU WKH WDVN LV
YLHZ <R PLJKW QRW EH LQWHUHVWHG LQ WKH ZRUNORDG WKDW WKH FDOF ODWHG EDVHG RQ WKH WDVN G UDWLRQ 2QO ZRUN UHVR UFHV FDQ
UHVR UFH KDV ,QVWHDG R DUH FRQFHUQHG ZLWK WKH UHVSRQVLELO EH FUHDWHG VLQJ WKLV PHWKRG EHFD VH WKH ZRUN UHVR UFH LV WKH
LW RU RZQHUVKLS RI WKH WDVN :KHQ UHVR UFHV DUH FUHDWHG LQ WKLV GHID OW UHVR UFH W SH 2QFH D UHVR UFH KDV EHHQ HQWHUHG WKH
U R U
PDQQHU 0LFURVRIW 3URMHFW ZLOO DVVLJQ WKH SURMHFW FDOHQGDU DQG VDPH UHVR UFH PD EH DVVLJQHG WR P OWLSOH WDVNV
1RW DOO SURMHFWV LOO UHT LUH UHVR UFHV RQ WKHP 6RPHWLPHV LW V V IILFLHQW
WR M VW GHILQH KDW QHHGV GRLQ KR ORQ LW LOO WDNH DQG LQ KDW RUGHU 87,21 R QRW DVVL Q UHVR UFHV WR V PPDU WDVNV GRLQ VR
WDVNV QHHG WR EH FRPSOHWHG ,I R U SURMHFW IDOOV LQWR WKLV FDWH RU R FDQ FD VHV 3URMHFW WR FDOF ODWH RUN YDO HV DW WKH V PPDU WDVN
OHYHO
VNLS WKLV VHFWLRQ
&UHDWLQ RUN UHVR UFHV T LFNO LQ WKH DQWW &KDUW YLH &UHDWH ZRUN UHVR UFHV T LFNO VLQJ WKH DQWW &KDUW YLHZ
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
kDQjLQj D UhVRxUfh V RUNLQj WLPh UhDWLQj UhVRxUfhV xVLQj Wkh 5hVRxUfh 6khhW
:KHQ D UHVR UFH LV FUHDWHG WKH UHVR UFH V FDOHQGDU LV FRSLHG 7KH DPR QW RI SURG FWLYH WLPH WKDW D UHVR UFH LV DYDLODEOH 7KH 5HVR UFH 6KHHW LV D YLHZ ZLWKLQ 3URMHFW WKDW DOORZV WKH VHU ■ &RVW UHVR UFHV V FK DV WUDYHO H[SHQVHV
IURP WKH SURMHFW FDOHQGDU 7KHUHIRUH WKH UHVR UFH V FDOHQGDU LV GHILQHG E WKH 0D[ 8QLWV YDO H IRU D UHVR UFH ,I LW V V I WR YLHZ FUHDWH DQG HGLW UHVR UFHV DQG UHVR UFH LQIRUPDWLRQ
:RUN UHVR UFHV ZLOO UHT LUH DW OHDVW D UHVR UFH QDPH DQG
FRQWDLQV WKH VDPH ZRUNLQJ DQG QRQZRUNLQJ GHWDLOV DV WKH ILFLHQW WKDW R U ZRUN HVWLPDWHV LQFO GH DGPLQ WLPH V FK DV <R FDQ DFFHVV WKH 5HVR UFH 6KHHW YLHZ IURP WKH 9LHZ WDE RU
RSWLRQDOO DGGLWLRQDO LQIRUPDWLRQ PD EH HQWHUHG V FK DV
SURMHFW V FDOHQGDU DQVZHULQJ SKRQHV DQG VR RQ R FDQ OHDYH WKH 0D[ 8QLWV IRU IURP WKH 6WDW V %DU LW V WKH IR UWK LFRQ LQ WKH 9LHZ 6KRUWF WV
UHVR UFH LQLWLDOV VWDQGDUG UDWHV GHSDUWPHQW DFFR QWLQJ FRGH
HDFK UHVR UFH DW SHUFHQW ,I KRZHYHU R ZDQW WR VHW D DUHD
DQG VR RQ 7KH GHID OW UHVR UFH W SH LV :RUN $ ZRUN UHVR UFH LV
,I D UHVR UFH ZRUNV D GLIIHUHQW Q PEHU RI KR UV RU HYHQ D UHVR UFH V SURG FWLYH WLPH WR EH OHVV WKDQ SHUFHQW R
JHQHUDOO WKR JKW RI DV D SHUVRQ VRPHWLPHV NQRZQ DV D QDPHG
GLIIHUHQW VKLIW SDWWHUQ IURP WKDW GHILQHG E WKH SURMHFW FDOHQ FDQ VHW WKH UHVR UFH V 0D[ 8QLWV WR WKH YDO H R FKRRVH ,GHDOO R VKR OG FUHDWH UHVR UFHV RQ WKH 5HVR UFH 6KHHW
UHVR UFH RU UROH E W WKH WHUP FDQ HT DOO DSSO WR HT LS
GDU WKHQ WKH UHVR UFH V FDOHQGDU PLJKW QHHG WR EH PRGLILHG EHIRUH DVVLJQLQJ WKHP WR WDVNV 7KLV PHWKRG LV PRUH IRUPDO
PHQW WKDW R U RUJDQL]DWLRQ KLUHV RU RZQV )RU H[DPSOH D ZRUN
WR UHIOHFW WKH UHVR UFH V ZRUNLQJ SDWWHUQ :KHWKHU R VH WKH FRQFHSW RI SURG FWLYH WLPH RU QRW RIWHQ WKDQ WKH DG KRF PHWKRG RI FUHDWLQJ UHVR UFHV E W SLQJ WKHLU
UHVR UFH FR OG EH D FHPHQW PL[HU
GHSHQGV RQ KRZ DFF UDWH R U ZRUN HVWLPDWHV QHHG WR EH QDPHV GLUHFWO LQWR WKH 5HVR UFH 1DPHV FRO PQ RQ WKH DQWW
2QFH ZH QGHUVWDQG HDFK UHVR UFH V ZRUNLQJ WLPH DQG &KDUW YLHZ DQG LW DOORZV IRU DGGLWLRQDO HQWU RI UHVR UFH
0DWHULDO UHVR UFHV UHT LUH D UHVR UFH QDPH DQG RSWLRQDOO D
KDYH VHW LW DFFRUGLQJO ZH QHHG WR GHILQH KRZ P FK RI WKH ,Q DGGLWLRQ WR WKH 0D[ 8QLWV VHWWLQJV R FKRRVH R PLJKW LQIRUPDWLRQ V FK DV UHVR UFH FDOHQGDUV UHVR UFH UDWHV HPDLO
PDWHULDO ODEHO V FK DV HDFK FRVW SHU QLW FRVW SHU VH YDO H
UHVR UFH V ZRUNLQJ GD FDQ EH FODVVLILHG DV SURG FWLYH WLPH DOVR ZDQW WR HQWHU ODUJHU SHULRGV RI QRQZRUNLQJ WLPH IRU DGGUHVVHV DQG VR RQ $GGLQJ UHVR UFHV WKUR JK WKH 5HVR UFH
DQG DFFR QWLQJ FRGH )RU H[DPSOH FRIIHH FDQ EH D PDWHULDO
3URG FWLYH WLPH LV WLPH WKDW FDQ EH VSHQW ZRUNLQJ VROHO RQ HDFK UHVR UFH IRU H[DPSOH KROLGD V RU WUDLQLQJ 7KHVH 6KHHW LPSOLHV D KLJKHU OHYHO RI SURMHFW PDQDJHPHQW IRUPDOLW
UHVR UFH %HFD VH LW LV SULFHG SHU SR QG FRIIHH ZR OG KDYH
D SURMHFW DQG QRQSURG FWLYH WLPH LV HYHU WKLQJ HOVH V FK DV SHULRGV DUH HQWHUHG DV FDOHQGDU H[FHSWLRQV IRU HDFK UHVR UFH DQG FRPSHWHQFH
D ODEHO RI SR QG DQG WKH FRVW ZR OG EH 7R FUHDWH D
FRPSDQ PHHWLQJV VWDII WUDLQLQJ DQG VR RQ 6RPH RUJDQL]D DQG 3URMHFW VHV WKHVH FDOHQGDU H[FHSWLRQV ZKHQ D UHVR UFH
PDWHULDO UHVR UFH VHW WKH W SH IRU WKH UHVR UFH WR 0DWHULDO
WLRQV LJQRUH QRQSURG FWLYH WLPH LI LW V OHVV WKDQ IR U KR UV LV DVVLJQHG WR D WDVN 7KH HIIHFW RI WKH H[FHSWLRQ ZLOO GHSHQG 7KUHH W SHV RI UHVR UFHV DUH DYDLODEOH LQ 3URMHFW
SHU ZHHN DQG WUDFN RQO VLJQLILFDQW SRUWLRQV RI QRQSURG F RQ WKH WDVN PRGH $ WR 6FKHG OHG YHUV V 0DQ DOO 6FKHG
&RVW UHVR UFHV UHT LUH RQO D QDPH DQG WKH UHVR UFH W SH VHW WR
WLYH WLPH V FK DV KROLGD V RU WUDLQLQJ FR UVHV 2WKHU RUJDQL OHG DQG LI $ WR 6FKHG OHG WKH WDVN W SH IL[HG QLWV ZRUN ■ :RUN UHVR UFHV WKDW DUH UHVR UFHV RU SLHFHV RI HT LSPHQW
&RVW )RU H[DPSOH D FRVW UHVR UFH FR OG EH DLUIDUH
]DWLRQV DVV PH WKDW UHVR UFHV DUH SURG FWLYH IRU SHUFHQW RU G UDWLRQ WKDW SHUIRUP ZRUN WR DFFRPSOLVK D WDVN
RI WKHLU ZRUNLQJ ZHHN VR D GD LV ORVW SHU ZHHN GRLQJ ■ 0DWHULDO UHVR UFHV WKDW DUH SURMHFW FRQV PDEOHV V FK DV
DGPLQ W SH WDVNV
SDLQW
&KDQJLQJ D UHVR UFH V ZRUNLQJ WLPH &UHDWLQ UHVR UFHV VLQ WKH 5HVR UFH 6KHHW &UHDWH D UHVR UFH VLQJ WKH 5HVR UFH 6KHHW
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
&UHDWLQ UHVR UFHV VLQ WKH 5HVR UFH 6KHHW &UHDWH D UHVR UFH VLQJ WKH 5HVR UFH 6KHHW 0RGLI LQ UHVR UFHV 0RGLI D UHVR UFH VLQJ WKH 5HVR UFH ,QIRUPDWLRQ GLDORJ ER[
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
0RGLI D UhVRxUfh xVLQj Wkh 5hVRxUfh kDQjLQj Wkh PD LPxP xQLWV IRU D UhVRxUfh
,QIRUPDWLRQ GLDoRj ER 7KH DPR QW RI SURG FWLYH WLPH WKDW D UHVR UFH LV DYDLODEOH LV UHVR UFH DW SHUFHQW ,I KRZHYHU R ZDQW WR VHW D UHVR UFH V
&KDQJH WKH GHVLUHG YDO HV DQG FOLFN 2. GHILQHG E WKH 0D[ 8QLWV YDO H IRU D UHVR UFH ,I LW V V IILFLHQW SURG FWLYH WLPH WR EH OHVV WKDQ SHUFHQW R FDQ VHW WKH
WKDW R U ZRUN HVWLPDWHV LQFO GH DGPLQ WLPH V FK DV DQVZHULQJ UHVR UFH V 0D[ 8QLWV WR WKH YDO H R FKRRVH
SKRQHV DQG VR RQ WKHQ R FDQ OHDYH WKH 0D[ 8QLWV IRU HDFK
7,3 R FDQ T LFNO RSHQ WKH 5HVR UFH ,QIRUPDWLRQ GLDOR ER[
E GR EOH FOLFNLQ WKH UHVR UFH , RU DQ SODFH LQ WKH UR IRU
WKH UHVR UFH
0RGLI LQ UHVR UFHV 0RGLI D UHVR UFH VLQJ WKH 5HVR UFH ,QIRUPDWLRQ GLDORJ ER[ &KDQ LQ WKH PD[LP P QLWV IRU D UHVR UFH &KDQJH WKH 0D[ 8QLWV IRU D UHVR UFH
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
,Q WKH 3URMHFW WDE FOLFN WKH &KDQJH :RUNLQJ 7LPH E WWRQ &KRRVH WKH 5HVR UFH ZKRVH KROLGD R ZLVK WR HQWHU
&KRRVH WKH UHVR UFH ZKRVH ZRUNLQJ GD R ZR OG OLNH WR FKDQJH (QWHU WKH KROLGD GHWDLOV RQ D QHZ OLQH LQ WKH ([FHSWLRQV WDE
&OLFN WKH :RUN :HHNV WDE DQG KLJKOLJKW WKH DSSURSULDWH ZHHN &OLFN 2.
7,3 ,I WKH UHVR UFH LV KL KOL KWHG LQ WKH 5HVR UFH 6KHHW KHQ
87,21 &KDQ LQ WKH VWDUW WLPH IRU D UHVR UFH D D IURP WKH &KDQ H :RUNLQ 7LPH E WWRQ LV VHOHFWHG WKH UHVR UFH LOO
WKH GHID OW $0 FDQ KDYH VFKHG OLQ FRQVHT HQFHV KHQ DOUHDG EH VHOHFWHG KHQ WKH &KDQ H :RUNLQ 7LPH GLDOR ER[ LV
P OWLSOH UHVR UFHV DUH DVVL QHG WR WKH VDPH WDVN GLVSOD HG
&KDQ LQ D UHVR UFH V RUNLQ GD &KDQJH D UHVR UFH V ZRUNLQJ GD (QWHULQ UHVR UFH KROLGD V (QWHU D UHVR UFH V KROLGD V
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
6HWWLQJ S D YLHZ WR DVVLJQ UHVR UFHV +RZ GRHV 3URMHFW DVVLJQ ZRUN
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
:H FDQ PDNH LW D OLWWOH PRUH FRPSOH[ E PRGLI LQJ HLWKHU ■ 7KH VHFRQG UHVR UFH ZRUNV DW WKH VDPH UDWH DV WKH ILUVW VVLjQLQj D VLQjoh RUN UhVRxUfh WR D WDVN
RI WKH ZRUN G UDWLRQ RU DVVLJQPHQW QLWV /HW V DVV PH ZH UHVR UFH WKDW LV SHUFHQW RYHU WKH VDPH G UDWLRQ
PRGLI WKH :RUN YDO H IURP KR UV WR KR UV 3URMHFW +HQFH WKH ZRUN YDO H GR EOHV G UDWLRQ GD V $VVLJQLQJ ZRUN UHVR UFHV WR D WDVN FUHDWHV ZRUN YDO HV IRU WKH ,I R KDYH DOUHDG FUHDWHG UHVR UFHV E W SLQJ WKHLU QDPHV
KDV WKH RSWLRQ WR GR RQH RI WZR WKLQJV ,W FDQ LQFUHDVH WKH ZRUN KR UV WDVN 7KH VLPSOHVW ZD WR DVVLJQ UHVR UFHV LV GLUHFWO ZLWKLQ WKH GLUHFWO LQWR WKH DQWW &KDUW YLHZ WKHQ R KDYH DOUHDG
QLWV IURP SHUFHQW WR SHUFHQW OHDYLQJ WKH G UDWLRQ DW DQWW &KDUW YLHZ 7KLV FUHDWHV D VLPSOH DVVLJQPHQW ZKHUH WKH DVVLJQHG R U UHVR UFHV WR WDVNV VLQJ WKH GHID OW DVVLJQPHQW
■ 7KH VHFRQG UHVR UFH ZRUNV DW WKH VDPH UDWH DV WKH ILUVW ZRUN YDO H LV FDOF ODWHG VLQJ WKH IROORZLQJ IRUP OD ZRUN
GD V KR UV RU LW FDQ LQFUHDVH WKH G UDWLRQ IURP
UHVR UFH WKDW LV SHUFHQW E W VKDUHV WKH ZRUNORDG QLWV G UDWLRQ :KHQ ZRUNLQJ ZLWK DVVLJQPHQWV LW V D EHVW SUDFWLFH WR KDYH
KR UV WR GD V KR UV OHDYLQJ WKH QLWV DW SHUFHQW
RI WKH ILUVW UHVR UFH 7KHUHIRUH WKH ZRUN YDO H VWD V ERWK WKH G UDWLRQ DQG ZRUN FRO PQ YLVLEOH LQ WKH HQWU WDEOH
WKH VDPH KR UV E W WKH G UDWLRQ GHFUHDVHV % GHID OW WKH QLWV IRU D VLQJOH UHVR UFH LV SHUFHQW DQG DQG , KDYH DOUHDG GRQH WKLV IRU WKH UHPDLQLQJ VFUHHQ VKRWV
([DFWO ZKDW 3URMHFW ZLOO GR GHSHQGV RQ VHYHUDO IDFWRUV )LUVW
GD V WKHUHIRUH WKH ZRUN FDOF ODWHG LV VLPSO WKH Q PEHU RI GD V LQ WKLV VHFWLRQ )RU LQIRUPDWLRQ RQ KRZ WR DGG FRO PQV LQWR D
LI WKH WDVN LV PDQ DOO VFKHG OHG WKH G UDWLRQ ZLOO QRW FKDQJH
DQG WKH QLWV ZLOO LQFUHDVH WR SHUFHQW ,I WKH WDVN LV D WR ■ 7KH G UDWLRQ DQG ZRUN YDO HV VWD WKH VDPH GD V G UDWLRQ P OWLSOLHG E WKH Q PEHU RI KR UV LQ D ZRUNLQJ WDEOH VHH 6HFWLRQ HWWLQJ VWDUWHG ZLWK 3URMHFW RU 6HF
VFKHG OHG 3URMHFW VHV D WDVN ILHOG FDOOHG 7 SH WR GHWHUPLQH G UDWLRQ DQG KR UV ZRUN E W WKH UHVR UFHV ZRUN GD E GHID OW HLJKW KR UV , FDOO WKLV WKH GHID OW DVVLJQ WLRQ HWWLQJ WKH 3URMHFW EDVLFV ULJKW
ZKLFK YDULDEOH WR IL[ DQG ZKLFK WR FKDQJH 7KH WKUHH DYDLO IHZHU KR UV SHU GD VR WKHLU QLWV DUH UHG FHG IURP PHQW ZKHUH QHLWKHU WKH ZRUN QRU DVVLJQPHQW QLWV KDYH EHHQ
DEOH YDO HV IRU WKH 7 SH ILHOG DUH )L[HG 8QLWV )L[HG :RUN SHUFHQW WR SHUFHQW PRGLILHG
DQG )L[HG UDWLRQ WKH GHID OW 3URMHFW IL[HV WKH YDULDEOH
)LQDOO WKHUH LV DQRWKHU ILHOG FDOOHG (IIRUW ULYHQ WKDW DIIHFWV
GHILQHG E WKH WDVN W SH DQG FKDQJHV WKH VHFRQG YDULDEOH
ZKHQ WKH WKLUG YDULDEOH LV PRGLILHG 7KHUHIRUH IRU DQ D WR
D WR VFKHG OHG WDVNV <R FDQ VHW WKLV ILHOG WR HLWKHU <HV RU VVLjQ D VLQjoh RUN UhVRxUfh WR D WDVN
1R WKH GHID OW LV 1R ,I WKH WDVN LV HIIRUW GULYHQ WKH YDO H
VFKHG OHG WDVN ZLWK WKH WDVN W SH VHW WR WKH GHID OW VHWWLQJ RI ,Q WKH 9LHZ WDE VHOHFW WKH DQWW &KDUW YLHZ
LV VHW WR <HV ZKHQ DQ DGGLWLRQDO UHVR UFH LV DVVLJQHG WR WKH
)L[HG 8QLWV LQFUHDVLQJ WKH ZRUN IURP KR UV WR KR UV
WDVN WKH ZRUN YDO H IRU WKH WDVN LV VSOLW HT DOO DFURVV WKH UDJ WKH YHUWLFDO VSOLWWHU EDU FOLFN DQG KROG WKH EDU WR WKH ULJKW WR
ZLOO LQFUHDVH WKH G UDWLRQ WR GD V OHDYLQJ WKH QLWV IL[HG
UHVR UFHV DVVLJQHG WR WKH WDVN 1RWH WKDW IL[HG ZRUN W SH UHYHDO WKH 5HVR UFH 1DPHV FRO PQ ZLWKLQ WKH HQWU WDEOH
DW SHUFHQW
WDVNV DUH GHHPHG WR EH HIIRUW GULYHQ E GHID OW
7DNLQJ WKH VFHQDULR D OLWWOH I UWKHU ZH PLJKW ZDQW WR DGG
$V R FDQ VHH JHWWLQJ WKH FRUUHFW YDO HV VHW IRU :RUN 8QLWV
DQ DGGLWLRQDO UHVR UFH WR WKH WDVN $VV PLQJ ZH KDYH WKH
DQG UDWLRQ IRU D WDVN LQYROYHV D OLWWOH WKR JKW DQG SUDFWLFH
IROORZLQJ WDVN ZKHUH WKHUH LV D VLQJOH UHVR UFH FRPSOHWLQJ
/ FNLO 3URMHFW DOORZV V WR VHW D YLHZ WKDW LQFO GHV DOO RI WKH
KR UV RI ZRUN LQ GD V G UDWLRQ WKH IROORZLQJ RSWLRQV
ILHOGV ZH QHHG WR VHH LQ RUGHU WR V FFHVVI OO PDQDJH WKH
FR OG RFF U ZKHQ DQRWKHU UHVR UFH LV DGGHG WR WKH WDVN
YDULDEOHV RI :RUN 8QLWV DQG UDWLRQ IRU HDFK DVVLJQPHQW
+RZ GRHV 3URMHFW DVVLJQ ZRUN $VVL QLQ D VLQ OH RUN UHVR UFH WR D WDVN $VVLJQ D VLQJOH ZRUN UHVR UFH WR D WDVN
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
VVLjQ D VLQjoh RUN UhVRxUfh WR D WDVN VVLjQLQj PxoWLSoh RUN UhVRxUfhV WR D WDVN
&OLFN LQ WKH 5HVR UFH 1DPHV FHOO IRU WKH GHVLUHG WDVN DQG VHOHFW WKH 0DNLQJ P OWLSOH DVVLJQPHQWV RQ RQH WDVN UDLVHV T HVWLRQV RI WKHUH DUH WKUHH )L[HG 8QLWV >WKH GHID OW@ )L[HG :RUN RU )L[HG
UHVR UFH VLQJ WKH GURS GRZQ PHQ KRZ WKH ZRUN VKR OG EH VSUHDG DPRQJ WKH UHVR UFHV IRU UDWLRQ DQG ZKHWKHU WKH WDVN LV HIIRUW GULYHQ GHILQLWLRQV RI
5HYLHZ WKH YDO H LQ WKH ZRUN FRO PQ WR HQV UH WKDW WKH FDOF ODWHG H[DPSOH LI D ILYH GD G UDWLRQ WDVN KDV D VLQJOH DVVLJQPHQW WKH WKHVH LWHPV DUH JLYHQ LQ WKH VLGHEDU +RZ GRHV 3URMHFW DVVLJQ
YDO H PDWFKHV R U H[SHFWDWLRQV
DVVLJQPHQW ZLOO WRWDO KR UV RI ZRUN IRU WKH DVVLJQHG UHVR UFH ZRUN RQ SDJH
WKLV LV WKH GHID OW DVVLJQPHQW ,I D VHFRQG UHVR UFH LV WKHQ
DVVLJQHG WR WKH WDVN 3URMHFW KDV WKUHH RSWLRQV WR FKRRVH IURP 5HYLHZLQJ DQG VHWWLQJ WKH WDVN PRGH DQG LI DSSOLFDEOH WKH WDVN
W SH SULRU WR DVVLJQLQJ WKH UHVR UFHV LV EHVW SUDFWLFH :LWK DOO
■ 6SUHDG WKH H[LVWLQJ ZRUN EHWZHHQ WKH WZR UHVR UFHV RI WKHVH VRSKLVWLFDWHG FRPSRQHQWV DW SOD LW V UHFRPPHQGHG
UHV OWLQJ LQ KR UV RI ZRUN HDFK UHG FH WKH G UDWLRQ WR NHHS D ZDWFKI O H H RQ ERWK WKH G UDWLRQ ZRUN DQG DVVLJQ
WR GD V OHDYLQJ WKH DVVLJQPHQW QLWV DW SHUFHQW PHQW QLW YDO HV IRU D WDVN ZKLOH PDNLQJ FKDQJHV / FNLO
3URMHFW PDNHV WKLV HDV E SURYLGLQJ WKH DELOLW WR LQVHUW WKH
■ 6SUHDG WKH H[LVWLQJ ZRUN EHWZHHQ WKH WZR UHVR UFHV
:RUN FRO PQ LQ WKH WDEOH DQG WR VSOLW WKH VFUHHQ KRUL]RQWDOO WR
UHV OWLQJ LQ KR UV ZRUN HDFK UHG FH WKH DVVLJQPHQW
GLVSOD PRUH GHWDLOHG WDVN LQIRUPDWLRQ )RU PRUH LQIRUPDWLRQ
QLW IRU HDFK UHVR UFH SHUFHQW OHDYLQJ WKH G UDWLRQ DW
RQ VHWWLQJ S D YLHZ WR FRQWDLQ DOO RI WKHVH HOHPHQWV VHH WKH
ILYH GD V
VLGHEDU 6HWWLQJ S D YLHZ WR DVVLJQ UHVR UFHV RQ SDJH
■ ,QFUHDVH WKH WRWDO ZRUN WR KR UV UHV OWLQJ LQ KR UV
ZRUN HDFK OHDYH WKH G UDWLRQ DW ILYH GD V DQG WKH DVVLJQ 5HPHPEHU 3URMHFW ZLOO VH WKH IRUP OD ZRUN QLWV G UDWLRQ
PHQW QLWV DW SHUFHQW WR FDOF ODWH WKH DPR QW RI ZRUN RQ DQ DVVLJQPHQW :KHUH WKHUH
DUH P OWLSOH DVVLJQPHQWV WKH ZRUN YDO HV IRU HDFK DVVLJQPHQW
7KH YDO H WKDW FKDQJHV GHSHQGV LQLWLDOO SRQ WKH WDVN PRGH
DUH UROOHG S DQG V PPDUL]HG IRU WKH WDVN
$ WR 6FKHG OHG YHUV V 0DQ DOO 6FKHG OHG DQG LI WKH WDVN LV
D WR VFKHG OHG LW ZLOO DOVR GHSHQG SRQ WKH WDVN W SH RI ZKLFK
$VVL QLQ D VLQ OH RUN UHVR UFH WR D WDVN $VVLJQ D VLQJOH ZRUN UHVR UFH WR D WDVN $VVL QLQ P OWLSOH RUN UHVR UFHV WR D WDVN $VVLJQ P OWLSOH ZRUN UHVR UFHV WR D WDVN
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
VVLjQ PxoWLSoh RUN UhVRxUfhV WR D WDVN GMxVWLQj Wkh RUN GxUDWLRQ DQG DVVLjQPhQW xQLWV IRU D WDVN
:KHQ R DUH DVVLJQLQJ P OWLSOH UHVR UFHV WR D VLQJOH WDVN 7KLV PLJKW EH DQ LWHUDWLYH SURFHVV VR GRQ W QHFHVVDULO H[SHFW WR
6HOHFW WKH URZ E FOLFNLQJ WKH WDVN , LQ WKH URZ KHDGHU
WKH ZD WKDW 3URMHFW GLVWULE WHV WKH ZRUN PLJKW QRW EH DV R JHW LW ULJKW WKH ILUVW WLPH 5HPHPEHU WKDW 3URMHFW KDV DQ 8QGR
H[SHFWHG RU ZDQWHG 7KH EHVW ZD WR PDNH DGM VWPHQWV LV WR FRPPDQG DYDLODEOH RQ WKH 4 LFN $FFHVV 7RROEDU RU SUHVV &WUO =
&OLFN WKH HWDLOV FKHFN ER[ DQG PDNH V UH WKH WDVN IRUP LV UHYLHZ WKH GDWD DYDLODEOH DQG WKHQ PDNH FKDQJHV DV QHFHVVDU WR QGR WKH ODVW FRPPDQG
GLVSOD HG
:LWKLQ WKH 7DVN )RUP ULJKW FOLFN WKH WDVN IRUP LQ WKH ORZHU SDQH
DQG VHOHFW WKH :RUN YLHZ LI LW V QRW DOUHDG VKRZQ GMxVW Wkh RUN GxUDWLRQ DQG DVVLjQPhQW
2Q WKH WDVN IRUP VHOHFW UHVR UFHV IURP WKH GURS GRZQ OLVW xQLWV IRU D WDVN
&OLFN 2. ,Q WKH 9LHZ WDE VHOHFW WKH DQWW &KDUW YLHZ
9HULI WKDW WKH ZRUN DQG QLWV YDO HV DUH DV R H[SHFWHG ERWK IRU 0RYH WKH YHUWLFDO VSOLWWHU EDU WR WKH ULJKW WR UHYHDO WKH 5HVR UFH
WKH UHVR UFHV DQG WKH WDVN 1DPHV FRO PQ LQ WKH HQWU WDEOH
6HOHFW WKH URZ E FOLFNLQJ WKH WDVN , LQ WKH URZ KHDGHU
&OLFN WKH HWDLOV FKHFN ER[ DQG PDNH V UH WKH WDVN IRUP LV
GLVSOD HG
:LWKLQ WKH WDVN IRUP ULJKW FOLFN WKH WDVN IRUP LQ WKH ORZHU SDQH
DQG VHOHFW WKH :RUN YLHZ LI QRW DOUHDG VKRZQ
$VVL QLQ P OWLSOH RUN UHVR UFHV WR D WDVN $VVLJQ P OWLSOH ZRUN UHVR UFHV WR D WDVN $GM VWLQ WKH RUN G UDWLRQ DQG DVVL QPHQW QLWV IRU D WDVN $GM VW WKH ZRUN G UDWLRQ DQG DVVLJQPHQW QLWV IRU D WDVN
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
GMxVW Wkh RUN GxUDWLRQ DQG DVVLjQPhQW VVLjQLQj PDWhULDo UhVRxUfhV WR D WDVN
xQLWV IRU D WDVN :KHQ D PDWHULDO UHVR UFH LV DVVLJQHG WR WKH WDVN WKH DVVLJQ UHVR UFHV DUH DVVLJQHG WKH DPR QW RI PDWHULDO UHT LUHG LV
$GM VW HLWKHU WKH WDVN ZRUN RU G UDWLRQ ILHOGV RU WKH UHVR UFH ZRUN PHQW GHILQHV WKH T DQWLW RI WKH PDWHULDO VHG DQG FRQVH HQWHUHG LQ WKH 8QLWV ILHOG )RU WKLV H[DPSOH ZH ZLOO VH WKH
RU QLWV ILHOGV ,I QHFHVVDU FOLFN 2. WR SGDWH WKH DVVLJQPHQW DIWHU T HQWO WKH FRVW RI WKDW PDWHULDO WRR 0DWHULDO UHVR UFHV FDQ W PDWHULDO UHVR UFH FRIIHH ZKLFK ZDV SUHYLR VO DGGHG WR WKH
WKH DPHQGPHQWV DQG YHULI WKDW WKH ZRUN QLWV DQG G UDWLRQ EH FUHDWHG RQ WKH IO LQ WKH VDPH ZD WKDW ZRUN UHVR UFHV FDQ 5HVR UFH 6KHHW DV D UHPLQGHU WKH ODEHO IRU FRIIHH LV SR QG DQG
YDO HV DUH DV R H[SHFW 5HSHDW DV UHT LUHG QWLO WKH YDO HV DUH 0DWHULDO UHVR UFHV DOZD V QHHG WR EH FUHDWHG LQ WKH 5HVR UFH WKH SULFH LV SHU SR QG
FRUUHFW 6KHHW EHIRUH WKH FDQ EH DVVLJQHG WR D WDVN :KHQ PDWHULDO
7,3 7KH LPSDFW RI WKH UHVR UFH DVVL QPHQWV DQG RUN YDO HV 7,3 ,W V SRVVLEOH WR P OWLVHOHFW VHYHUDO WDVNV DQG DVVL Q WKH
RQ WKH WDVN LV FDOF ODWHG RQO KHQ WKH 2. E WWRQ LV FOLFNHG UHVR UFHV WR WKRVH WDVNV DW RQFH
$GM VWLQ WKH RUN G UDWLRQ DQG DVVL QPHQW QLWV IRU D WDVN $GM VW WKH ZRUN G UDWLRQ DQG DVVLJQPHQW QLWV IRU D WDVN $VVL QLQ PDWHULDO UHVR UFHV WR D WDVN $VVLJQ D PDWHULDO UHVR UFH WR D WDVN
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
$VVL QLQ FRVW UHVR UFHV WR D WDVN $VVLJQ D FRVW UHVR UFH WR D WDVN :KDW LV DQ RYHUDOORFDWHG UHVR UFH
66, 1,1 1 0 1 ,1 5 6285 6 66, 1,1 1 0 1 ,1 5 6285 6
5hVRoYLQj RYhUDooRfDWhG UhVRxUfhV xVLQj Wkh 7DVN ,QVShfWRU 5hVRoYLQj RYhUDooRfDWhG UhVRxUfhV xVLQj Wkh 7hDP 3oDQQhU
7KH 7DVN ,QVSHFWRU E WWRQ VKRZV ERWK ZDUQLQJV DQG V JJHV RI LQIRUPDWLRQ IRU HDFK WDVN DQG LV KHOSI O ZKHQ WU LQJ WR 7KH 7HDP 3ODQQHU YLHZ LV DYDLODEOH LQ WKH 3URIHVVLRQDO YHUVLRQ GDWHV RQ ZKLFK WKH WDVNV DUH VFKHG OHG WR RFF U 7KLV LV SHUIHFWO
WLRQV IRU HDFK WDVN 7 UQLQJ LW RQ GLVSOD V DQ DGGLWLRQDO VHFWLRQ UHVROYH RYHUDOORFDWHG UHVR UFHV RI 3URMHFW DQG LW DOORZV R WR VHH DW D JODQFH ZKLFK WDVNV KDYH DFFHSWDEOH IRU D VLPSOH SODQ E W RQ D PRUH FRPSOH[ SODQ ZLWK
EHHQ DVVLJQHG WR UHVR UFHV % GUDJJLQJ WKH WDVNV EHWZHHQ PDQ GHSHQGHQFLHV DQG D WR VFKHG OHG WDVNV WKLV FDQ KDYH
UHVR UFHV R FDQ FKDQJH H[LVWLQJ DVVLJQPHQWV UHPRYH D PDMRU VFKHG OLQJ LPSOLFDWLRQV 7KH 7HDP 3ODQQHU LV EHVW V LWHG
5hVRoYh RYhUDooRfDWhG UhVRxUfhV xVLQj Wkh UHVR UFH IURP D WDVN RU DVVLJQ F UUHQWO QDVVLJQHG WDVNV WR WR YLHZLQJ DQG FKDQJLQJ DVVLJQPHQWV EHWZHHQ UHVR UFHV UDWKHU
7DVN ,QVShfWRU UHVR UFHV % GUDJJLQJ WKH WDVNV OHIW RU ULJKW R FDQ FKDQJH WKH WKDQ UHVFKHG OLQJ WKH VWDUW DQG ILQLVK GDWHV RI WDVNV
2Q WKH DQWW &KDUW YLHZ RU DQ WDVN EDVHG YLHZ VFDQ WKH VFUHHQ
IRU DQ WDVNV ZLWK WKH UHG PDQ LFRQ 5hVRoYh RYhUDooRfDWLRQV xVLQj Wkh 7hDP
+RYHU RYHU WKH UHG PDQ LFRQ DQG ULJKW FOLFN WR VKRZ WKH PHQ 3oDQQhU
RSWLRQV
,Q WKH 9LHZ WDE VHOHFW WKH 7HDP 3ODQQHU E WWRQ
6HOHFW )L[ ,Q 7DVN ,QVSHFWRU
UDJ WKH WDVN S RU GRZQ WR FKDQJH WKH UHVR UFH WKH WDVN LV
5HDG WKH VSHFLILF PHVVDJH UHJDUGLQJ WKH RYHUDOORFDWLRQ WKH RYHUDO DVVLJQHG WR
ORFDWHG UHVR UFHV DUH GLVSOD HG EHORZ WKH PHVVDJH
6HOHFW WKH DSSURSULDWH DFWLRQ WR UHVROYH WKH RYHUDOORFDWLRQ
5HVROYLQ RYHUDOORFDWHG UHVR UFHV VLQ WKH 7DVN ,QVSHFWRU 5HVROYH RYHUDOORFDWHG UHVR UFHV VLQJ WKH 7DVN ,QVSHFWRU 5HVROYLQ RYHUDOORFDWHG UHVR UFHV VLQ WKH 7HDP 3ODQQHU 5HVROYH RYHUDOORFDWLRQV VLQJ WKH 7HDP 3ODQQHU
66, 1,1 1 0 1 ,1 5 6285 6
hohWLQj UhVRxUfhV
6RPHWLPHV UHVR UFHV DUH FUHDWHG WKDW DUH QRW DFW DOO UHT LUHG
RU VHG <R VKR OG UHPRYH WKHVH UHVR UFHV IURP WKH SURMHFW
EHFD VH WKH DUH QRW QHFHVVDU
hohWh D UhVRxUfh
,Q WKH 9LHZ WDE FOLFN WKH 5HVR UFH 6KHHW E WWRQ
&OLFN WKH URZ KHDGLQJ WR VHOHFW WKH UHVR UFH
3UHVV WKH HOHWH NH WR UHPRYH WKH UHVR UFH
GGL U
GGLQj D GhDGoLQh WR D WDVN
$ GHDGOLQH LV D WDUJHW GDWH FUHDWHG E WKH SURMHFW PDQDJHU WKDW <R FDQ VH WKH IROORZLQJ PHWKRGV WR DGG D GHDGOLQH GDWH
LQGLFDWHV ZKHQ D WDVN QHHGV WR EH FRPSOHWHG UDWKHU WKDQ ZKHQ
G S G L G
LW V VFKHG OHG WR ILQLVK WKH ILQLVK GDWH ,I WKH WDVN LV VFKHG OHG WR ■ $GG WKH GHDGOLQH FRO PQ LQWR WKH WDEOH DQG GLUHFWO HQWHU
ILQLVK DIWHU WKH GHDGOLQH GDWH 3URMHFW GLVSOD V DQ LFRQ LQ WKH LQGL WKH GDWH
FDWRU FRO PQ WHOOLQJ V WKDW WKH GHDGOLQH KDV SDVVHG 7KH GHDG ■ (QWHU WKH GDWHV LQ WKH 7DVN ,QIRUPDWLRQ GLDORJ ER[
OLQH LQIRUPDWLRQ LV HQWHUHG DV SDUW RI WKH 7DVN ,QIRUPDWLRQ GLDORJ
G GL
ER[ DQG WKH GHDGOLQH LFRQ LV GLVSOD HG RQ WKH DQWW FKDUW
,Q WkLV VhfWLRQ
GG D GhDGoLQh WR D WDVN xVLQj Wkh GhDGoLQh
fRoxPQ
1 RERG HYHU U QV D SURMHFW LQ LVRODWLRQ 7KHUH DUH VLPSO WRR PDQ
RWKHU SHRSOH KR LOO KDYH VRPH VRUW RI LQYHVWPHQW HLWKHU ILQDQFLDO
RU HPRWLRQDO LQ R U SURMHFW )RU WKLV UHDVRQ FRPSDQ H[HF WLYHV VWDNH
■
■
$GGLQ D GHDGOLQH WR D WDVN
&KDQ LQ D VWDUW RU ILQLVK GDWH IRU ,Q WKH 9LHZ WDE FOLFN WKH DQWW &KDUW E WWRQ
PDQ DOO VFKHG OHG WDVNV 5LJKW FOLFN RQH RI WKH FRO PQ KHDGLQJV
KROGHUV DQG F VWRPHUV DUH OLNHO WR DQW WR LPSRVH GHDGOLQHV RQ FHUWDLQ
GHOLYHUDEOHV LQ WKH SURMHFW DQG PRUH LPSRUWDQW KROG R DFFR QWDEOH IRU ■ $GGLQ H[WHUQDO GHSHQGHQFLHV IRU D WR &KRRVH ,QVHUW &RO PQ IURP WKH PHQ
WKRVH GHOLYHUDEOHV 8QGHUVWDQGLQ DQG WUDFNLQ WKRVH GHDGOLQHV LV SDUW DQG VFKHG OHG WDVNV
SDUFHO RI EHLQ D SURMHFW PDQD HU ■ $GGLQ D VSHFLILF FDOHQGDU WR D WDVN
■ 3ODQQLQ IRU WDVNV WKDW PL KW QRW
,Q DGGLWLRQ WR WKH LQIO HQFHV R FDQ WU DQG PDQD H FRPSDQ H[HF
KDSSHQ
WLYHV VWDNHKROGHUV DQG F VWRPHUV WKHUH DUH FHUWDLQ H[WHUQDO LQIO HQFHV
WKDW R FDQ W FRQWURO DQG WKHVH LOO DIIHFW R U VFKHG OH IRU H[DPSOH D
SURG FW RU VHUYLFH R UHT LUH PL KW QRW EH DYDLODEOH QWLO D FHUWDLQ GDWH
7KHUH PL KW DOVR EH RFFDVLRQV KHQ FHUWDLQ WDVNV PL KW QHHG WR EH SHU
IRUPHG R WVLGH RI WKH VWDQGDUG RUNLQ HHN V FK DV RQ D HHNHQG
7R WUDFN GHDGOLQHV GDWHV IRU GHOLYHUDEOHV 0LFURVRIW 3URMHFW VHV WKH HDG
OLQH IHDW UH 7R VSHFLI WKDW D WDVN FDQ W KDSSHQ QWLO D FHUWDLQ GDWH 3URMHFW
FDQ FRQVWUDLQ WKH WDVN VR WKDW LW V WLHG WR WKDW GDWH DQG LI D WDVN QHHGV
WR EH SHUIRUPHG R WVLGH RI WKH VWDQGDUG SURMHFW FDOHQGDU WKHQ LW V SRV
VLEOH WR DVVL Q D GLIIHUHQW FDOHQGDU WR WKDW VSHFLILF WDVN DOOR LQ 3URMHFW WR
VFKHG OH WKH RUN FRUUHFWO
$GGLQ D GHDGOLQH WR D WDVN $GG D GHDGOLQH WR D WDVN VLQJ WKH GHDGOLQH FRO PQ
,1 7 51 3 1 1 , 6 1 ,1 6 ,1 7 51 3 1 1 , 6 1 ,1 6
GG D GhDGoLQh WR D WDVN xVLQj Wkh GhDGoLQh kDQjLQj D VWDUW RU ILQLVk GDWh IRU PDQxDoo VfkhGxohG WDVNV
fRoxPQ 0DQ DOO VFKHG OHG WDVNV RIIHU D VLPSOHU OHVV FRPSOH[ VFKHG O <R FDQ VH WKH IROORZLQJ PHWKRGV WR FKDQJH WKH GDWHV
LQJ H[SHULHQFH WKDQ D WR VFKHG OHG WDVNV DQG FKDQJLQJ WKH
6HOHFW WKH HDGOLQH FRO PQ IURP WKH OLVW
VWDUW RU ILQLVK GDWHV RQ D PDQ DOO VFKHG OHG WDVN WR UHIOHFW DQ ■ (QWHU WKH GDWHV GLUHFWO ZLWKLQ WKH WDEOH
(QWHU WKH GHDGOLQH GDWH IRU WKH FKRVHQ WDVNV H[WHUQDO HYHQW ZLOO KDYH OLPLWHG FRQVHT HQFHV IRU DQ OLQNHG ■ UDJ WKH WDVN EDU RQ WKH DQWW FKDUW
5HYLHZ WKH GHDGOLQH LQGLFDWRU RQ WKH DQWW FKDUW GHSHQGHQW WDVNV DQ OLQNHG PDQ DOO VFKHG OHG WDVNV ZLOO QRW
EH DIIHFWHG /LQNHG D WR VFKHG OHG WDVNV PLJKW EH DIIHFWHG ■ (QWHU WKH GDWHV LQ WKH 7DVN ,QIRUPDWLRQ GLDORJ ER[
GHSHQGLQJ RQ WKH H[DFW UHODWLRQVKLS ZLWK WKH PDQ DOO VFKHG
OHG WDVN DQG RWKHU WDVNV
7,3 ,I WKH WDVN ILQLVK GDWH LV ODWHU WKDQ WKH GHDGOLQH GDWH D
DUQLQ LQGLFDWRU LV VKR Q LQ WKH LQGLFDWRUV FRO PQ ,I R
KRYHU RYHU WKH LQGLFDWRU D WLS DSSHDUV WHOOLQ R WKDW WKH WDVN KDV
RQH EH RQG WKH GHDGOLQH HGDWH
$GGLQ D GHDGOLQH WR D WDVN $GG D GHDGOLQH WR D WDVN VLQJ WKH GHDGOLQH FRO PQ &KDQ LQ D VWDUW RU ILQLVK GDWH IRU PDQ DOO VFKHG OHG WDVNV &KDQJH WKH VWDUW RU ILQLVK GDWH IRU D PDQ DOO VFKHG OHG WDVN
,1 7 51 3 1 1 , 6 1 ,1 6 ,1 7 51 3 1 1 , 6 1 ,1 6
kDQjh Wkh VWDUW RU ILQLVk GDWh IRU D PDQxDoo QWhULQj VWDUW RU ILQLVk GDWhV IRU DxWR VfkhGxohG WDVNV
VfkhGxohG WDVN (QWHULQJ VWDUW RU ILQLVK GDWHV IRU DQ D WR VFKHG OHG WDVN ZLOO ,I WKH ILQLVK GDWH LV PRGLILHG WKHQ D )LQLVK 1R (DUOLHU 7KDQ
SODFH D FRQVWUDLQW RQ WKDW WDVN $ FRQVWUDLQW LV D GDWH WKDW FDQ )1(7 FRQVWUDLQW LV VHW 7KLV PRYHV WKH WDVN WR ILQLVK RQ WKH
5HYLHZ WKH FKDQJHV WR WKH VFKHG OH EH HQWHUHG DV D 6WDUW 1R (DUOLHU 7KDQ 6WDUW 1R /DWHU 7KDQ GDWH VSHFLILHG ,W DOVR DOORZV WKH WDVN WR EH PRYHG LQWR WKH
)LQLVK 1R (DUOLHU 7KDQ )LQLVK 1R /DWHU 7KDQ 0 VW 6WDUW 2Q I W UH DV D FRQVHT HQFH RI RWKHU VFKHG OLQJ FKDQJHV LQ WKH
RU 0 VW )LQLVK 2Q FRQVWUDLQW W SH YDO H 7KH FRQVWUDLQW PLJKW SURMHFW KRZHYHU 3URMHFW ZLOO QHYHU VFKHG OH WKH WDVN WR ILQLVK
DIIHFW WKH F UUHQW VFKHG OH DQG DQ I W UH VFKHG OH FKDQJHV HDUOLHU WKDQ WKH VSHFLILHG GDWH
IRU WKDW WDVN $Q D WR VFKHG OHG WDVNV WKDW DUH OLQNHG WR D
FRQVWUDLQHG WDVN PLJKW QRW UHVFKHG OH ZKHQ FKDQJHV DUH ,Q DGGLWLRQ WR FRQVWUDLQLQJ WDVNV E PRGLI LQJ WKH VWDUW DQG
PDGH WR WDVN G UDWLRQV EHFD VH WKH DUH GDWH FRQVWUDLQHG ILQLVK GDWHV R FDQ DGG FRQVWUDLQWV WR D WDVN E VLQJ WKH
6 FFHVVRU PDQ DOO VFKHG OHG WDVNV ZLOO QRW DGM VW DQ GDWH $GYDQFHG WDE LQ WKH 7DVN ,QIRUPDWLRQ GLDORJ ER[ 7KLV DOORZV
FKDQJHV WR SUHGHFHVVRU WDVNV WKH VHU WR FKRRVH RQH RI HLJKW FRQVWUDLQW W SHV
7KH FRQVWUDLQWV WKDW DUH VHW RQ D WDVN GHSHQG RQ ZKHWKHU WKH &RQVWUDLQWV LQFUHDVH WKH FRPSOH[LW RI R U VFKHG OH DQG
VWDUW RU ILQLVK GDWH LV PRGLILHG UHPHPEHU FRQVWUDLQWV DUH VHW UHG FH WKH IOH[LELOLW RI VFKHG OLQJ RSWLRQV %HFD VH RI WKLV
RQO IRU D WR VFKHG OHG WDVNV VH D GDWH FRQVWUDLQW RQO LI VWDUWLQJ RU ILQLVKLQJ D WDVN E D
VSHFLILF WLPH LV LPSRUWDQW WR WKH FRPSOHWLRQ RI WKH WDVN RU WKH
,I WKH VWDUW GDWH LV PRGLILHG WKHQ D 6WDUW 1R (DUOLHU 7KDQ R WFRPH RI WKH SURMHFW
61(7 FRQVWUDLQW LV VHW 7KLV PRYHV WKH WDVN WR VWDUW RQ WKH
GDWH VSHFLILHG ,W DOVR DOORZV WKH WDVN WR EH PRYHG LQWR WKH $OO WKH FRQVWUDLQWV H[FHSW $V 6RRQ $V 3RVVLEOH DQG $V /DWH $V
I W UH DV D FRQVHT HQFH RI RWKHU VFKHG OLQJ FKDQJHV LQ WKH 3RVVLEOH UHT LUH D GDWH WR EH HQWHUHG LQWR WKH &RQVWUDLQW DWH
SURMHFW KRZHYHU 3URMHFW ZLOO QHYHU VFKHG OH WKH WDVN WR VWDUW ILHOG ,I R PDQ DOO HQWHU D VWDUW GDWH RU D ILQLVK GDWH WKH
HDUOLHU WKDQ WKH VSHFLILHG FRQVWUDLQW GDWH &RQVWUDLQW DWH ILHOG LV D WRPDWLFDOO HQWHUHG IRU R
7,3 (QWHULQ VWDUW DQG ILQLVK GDWHV IRU D PDQ DOO VFKHG OHG
WDVN LOO QRW FKDQ H WKH VWDUW RU ILQLVK GDWHV RQ DQ OLQNHG
PDQ DOO VFKHG OHG WDVNV E W PL KW UHVFKHG OH DQ OLQNHG D WR
VFKHG OHG WDVNV
&KDQ LQ D VWDUW RU ILQLVK GDWH IRU PDQ DOO VFKHG OHG WDVNV &KDQJH WKH VWDUW RU ILQLVK GDWH IRU D PDQ DOO VFKHG OHG WDVN (QWHULQJ VWDUW RU ILQLVK GDWHV IRU D WR VFKHG OHG WDVNV
,1 7 51 3 1 1 , 6 1 ,1 6 ,1 7 51 3 1 1 , 6 1 ,1 6
7KH IROORZLQJ WDEOH GHILQHV WKH FRQVWUDLQW W SHV DYDLODEOH LQ 3URMHFW GGLQj h WhUQDo GhShQGhQfLhV IRU DxWR VfkhGxohG WDVNV
$ WR VFKHG OHG WDVNV RIIHU D YHU ULFK VFKHG OLQJ H[SHULHQFH <R FDQ VH WKH IROORZLQJ PHWKRGV WR HQWHU FRQVWUDLQW GDWHV
DQG H[WHUQDO GHSHQGHQFLHV FDQ EH UHSUHVHQWHG E HQWHULQJ D
RQVWUDLQW
FRQVWUDLQW W SH DQG FRQVWUDLQW GDWH DJDLQVW D WDVN ■ 0RGLI WKH VWDUW RU ILQLVK GDWHV GLUHFWO ZLWKLQ WKH HQWU
QDPh hVfULSWLRQ
WDEOH E GHID OW WKLV ZLOO FUHDWH D 6WDUW 1R (DUOLHU 7KDQ RU
$V /DWH $V $ I OO IOH[LEOH FRQVWUDLQW WKDW GRHV QRW VH D FRQVWUDLQW GDWH 3URMHFW VFKHG OHV WKH ODWHVW SRVVLEOH VWDUW DQG ILQLVK GDWHV 7KH FRQVHT HQFHV RI HQWHULQJ D FRQVWUDLQW IRU DQ D WR VFKHG )LQLVK 1R (DUOLHU 7KDQ FRQVWUDLQW
3RVVLEOH IRU WKH WDVN JLYHQ RWKHU VFKHG OLQJ SDUDPHWHUV 7KLV LV WKH GHID OW FRQVWUDLQW W SH LQ D SURMHFW VFKHG OHG IURP WKH ILQLVK OHG WDVN DUH SRWHQWLDOO YHU JUHDW DQG FDQ FKDQJH WKH G QDP ■ ,QVHUW WKH &RQVWUDLQW 7 SH DQG &RQVWUDLQW DWH FRO PQV LQ
GDWH LFV RI WKH ZKROH VFKHG OH %HIRUH HQWHULQJ FRQVWUDLQWV WU WR
WKH HQWU WDEOH
QGHUVWDQG WKH HIIHFW WKDW LW PLJKW KDYH RQ WKH VFKHG OH DQG
$V 6RRQ $V $ I OO IOH[LEOH FRQVWUDLQW WKDW GRHV QRW VH D FRQVWUDLQW GDWH 3URMHFW VFKHG OHV WKH HDUOLHVW SRVVLEOH VWDUW DQG ILQLVK GDWHV RQFH HQWHUHG UHYLHZ DQ FKDQJHV PDGH WR WKH VFKHG OH )LQDOO ■ (QWHU WKH FRQVWUDLQW W SH DQG FRQVWUDLQW GDWHV LQ WKH 7DVN
3RVVLEOH IRU WKH WDVN JLYHQ RWKHU VFKHG OLQJ SDUDPHWHUV 7KLV LV WKH GHID OW FRQVWUDLQW W SH LQ D SURMHFW VFKHG OHG IURP WKH VWDUW LW V EHVW SUDFWLFH WR DGG D QRWH WR HDFK FRQVWUDLQHG WDVN FRQ ,QIRUPDWLRQ GLDORJ ER[
GDWH ILUPLQJ ZK WKH FRQVWUDLQW LV QHFHVVDU
■ UDJ WKH WDVN EDU WR WKH OHIW RU ULJKW RQ WKH DQWW FKDUW
)LQLVK 1R $ VHPL IOH[LEOH FRQVWUDLQW 7KH FRQVWUDLQW GDWH LQGLFDWHV WKH HDUOLHVW SRVVLEOH GDWH WKDW WKLV WDVN FDQ EH FRPSOHWHG ,W FDQ W
(DUOLHU 7KDQ ILQLVK DQ WLPH EHIRUH WKH VSHFLILHG GDWH )RU SURMHFWV VFKHG OHG IURP WKH VWDUW GDWH WKLV FRQVWUDLQW LV DSSOLHG ZKHQ R
W SH D ILQLVK GDWH IRU D WDVN
)LQLVK 1R $ VHPL IOH[LEOH FRQVWUDLQW 7KH FRQVWUDLQW GDWH LQGLFDWHV WKH ODWHVW SRVVLEOH GDWH WKDW WKLV WDVN FDQ EH FRPSOHWHG ,W FDQ EH
/DWHU 7KDQ ILQLVKHG RQ RU EHIRUH WKH VSHFLILHG GDWH )RU SURMHFWV VFKHG OHG IURP WKH ILQLVK GDWH WKLV FRQVWUDLQW LV DSSOLHG ZKHQ R
W SH D ILQLVK GDWH IRU D WDVN
0 VW 6WDUW $Q LQIOH[LEOH FRQVWUDLQW 7KH GDWH LQGLFDWHV WKH H[DFW GDWH RQ ZKLFK D WDVN P VW EHJLQ
2Q
0 VW )LQLVK $Q LQIOH[LEOH FRQVWUDLQW 7KH GDWH LQGLFDWHV WKH H[DFW GDWH RQ ZKLFK D WDVN P VW ILQLVK
2Q
6WDUW 1R $ VHPL IOH[LEOH FRQVWUDLQW 7KH FRQVWUDLQW GDWH LQGLFDWHV WKH HDUOLHVW SRVVLEOH GDWH WKDW WKLV WDVN FDQ EHJLQ ,W FDQ W VWDUW
(DUOLHU 7KDQ DQ WLPH EHIRUH WKH VSHFLILHG GDWH )RU SURMHFWV VFKHG OHG IURP WKH VWDUW GDWH WKLV FRQVWUDLQW LV DSSOLHG ZKHQ R W SH D
VWDUW GDWD IRU D WDVN
6WDUW 1R $ VHPL IOH[LEOH FRQVWUDLQW 7KH FRQVWUDLQW GDWH LQGLFDWHV WKH ODWHVW SRVVLEOH GDWH WKDW WKLV WDVN FDQ EHJLQ ,W FDQ VWDUW RQ
/DWHU 7KDQ RU EHIRUH WKH VSHFLILHG GDWH )RU SURMHFWV VFKHG OHG IURP WKH ILQLVK GDWH WKLV FRQVWUDLQW LV DSSOLHG ZKHQ R W SH D VWDUW
GDWH IRU D WDVN
(QWHULQJ VWDUW RU ILQLVK GDWHV IRU D WR VFKHG OHG WDVNV $GGLQ H[WHUQDO GHSHQGHQFLHV IRU D WR VFKHG OHG WDVNV $GG DQ H[WHUQDO GHSHQGHQF IRU DQ D WR VFKHG OHG WDVN
,1 7 51 3 1 1 , 6 1 ,1 6 ,1 7 51 3 1 1 , 6 1 ,1 6
$GGLQ H[WHUQDO GHSHQGHQFLHV IRU D WR VFKHG OHG WDVNV $GG DQ H[WHUQDO GHSHQGHQF IRU DQ D WR VFKHG OHG WDVN $GGLQ D VSHFLILF FDOHQGDU WR D WDVN &UHDWH D QHZ FDOHQGDU DQG DGG D FDOHQGDU WR D WDVN
,1 7 51 3 1 1 , 6 1 ,1 6 ,1 7 51 3 1 1 , 6 1 ,1 6
UhDWh D Qh fDohQGDU DQG DGG D fDohQGDU WR D 3oDQQLQj IRU WDVNV WkDW PLjkW QRW kDSShQ
WDVN 6RPHWLPHV LW V QRW V IILFLHQW M VW WR SODQ IRU WDVNV WKDW R NQRZ :KHQ D WDVN LV PDUNHG DV LQDFWLYH WKH VFKHG OLQJ HQJLQH
0 OWLVHOHFW 0RQGD WKUR JK )ULGD DQG VHW WKH GD V WR QRQZRUNLQJ ZLOO KDSSHQ R PLJKW KDYH WR SODQ IRU WDVNV WKDW PLJKW QRW LJQRUHV WKH LQDFWLYH WDVN 7KHUHIRUH LQDFWLYH WDVNV PLJKW FKDQJH
WLPH KDSSHQ 7KHUH DUH VHYHUDO UHDVRQV ZK R PLJKW ZDQW WR GR WKH VFKHG OLQJ RI OLQNHG D WR VFKHG OHG WDVNV ,QDFWLYH WDVNV
WKLV UHPDLQ LQ WKH WDVN OLVW DQG LQ WKH DQWW FKDUW E W DUH GLPPHG WR
&OLFN 2. DQG WKHQ FOLFN 2. DJDLQ LQGLFDWH WKDW WKH QR ORQJHU DIIHFW WKH VFKHG OH
R EOH FOLFN WKH WDVN URZ KHDGHU WR GLVSOD WKH 7DVN ,QIRUPDWLRQ ■ 3ODQQLQJ PLWLJDWLRQ WDVNV IRU ULVNV
GLDORJ ER[ <R FDQ VH WKH IROORZLQJ PHWKRGV WR LQDFWLYDWH D WDVN
■ :KDW LI VFHQDULRV IRU SODQQLQJ GLIIHUHQW RSWLRQV ZLWKLQ WKH
&OLFN WKH $GYDQFHG WDE SURMHFW ■ 5LJKW FOLFN D WDVN DQG VHOHFW ,QDFWLYDWH 7DVN
6HOHFW WKH FDOHQGDU WR DSSO WR WKH WDVN ■ 8QGHUVWDQGLQJ WKH LPSOLFDWLRQV RI SRWHQWLDO FKDQJH ■ 6HOHFW WKH WDVN DQG FOLFN WKH ,QDFWLYDWH E WWRQ LQ WKH 7DVN
,I UHVR UFHV DUH DVVLJQHG WR WKH WDVN VHOHFW WKH 6FKHG OLQJ ,JQRUHV UHT HVWV
WDE
5HVR UFH &DOHQGDUV FKHFN ER[ 3URMHFW 3URIHVVLRQDO LQFO GHV D IHDW UH FDOOHG ,QDFWLYH 7DVNV
&OLFN 2.
7,3 &DOHQGDUV LOO FKDQ H WKH VFKHG OLQ RQO IRU D WRPDWL
FDOO VFKHG OHG WDVNV DQG PL KW FKDQ H WKH VWDUW RU ILQLVK
GDWHV RU ERWK GHSHQGLQ RQ WKH H[DFW RUNLQ WLPH IRU WKH FDOHQGDU
,I R DGG D HHNHQG RUNLQ FDOHQGDU WR D PDQ DOO VFKHG OHG WDVN
WKDW VSDQV D HHNHQG WKH G UDWLRQ LQFUHDVHV WR LQFO GH WKH HHNHQG
E W QR GDWHV FKDQ H
$GGLQ D VSHFLILF FDOHQGDU WR D WDVN &UHDWH D QHZ FDOHQGDU DQG DGG D FDOHQGDU WR D WDVN 3ODQQLQ IRU WDVNV WKDW PL KW QRW KDSSHQ 0DNLQJ D WDVN LQDFWLYH RU DFWLYH
,1 7 51 3 1 1 , 6 1 ,1 6
3ODQQLQ IRU WDVNV WKDW PL KW QRW KDSSHQ 0DNLQJ D WDVN LQDFWLYH RU DFWLYH
20081, 7,1 7 3 1
RPP L L
RUPDWWLQj Wkh WDEoh DUhD
3URMHFW DOORZV R WR FKDQJH WKH IRQW DQG FRORU RI WKH WH[W FR OG FKDQJH WKH EDFNJUR QG FHOO FRORU WR HOORZ 2U R FDQ
ZLWKLQ WKH WDEOH DUHDV WR HQDEOH VSHFLILF WDVNV RU W SHV RI WDVNV FKDQJH D UDQJH RI WDVNV EDVHG RQ DQ DWWULE WH WKDW PDWFKHV D
S
WR VWDQG R W 3URMHFW DOUHDG GRHV WKLV E D WRPDWLFDOO FKDQJ SDUWLF ODU FULWHULRQ )RU H[DPSOH R FR OG KLJKOLJKW DOO PLOH
LQJ WKH V PPDU WDVNV WR EH EROG :KHQ IRUPDWWLQJ WDVNV R VWRQH WDVNV E VHWWLQJ WKH IRQW WR EH LWDOLF DQG EO H
FDQ IRUPDW D VLQJOH FHOO RU D VHOHFWLRQ RI FHOOV IRU H[DPSOH R
)RUPDWWLQ WKH WDEOH DUHD )RUPDW DOO PLOHVWRQH WDVNV )RUPDWWLQ LQGLYLG DO EDUV RU D VHOHFWLRQ RI EDUV 6HOHFW DQG FKDQJH WKH IRUPDW RI P OWLSOH EDUV
20081, 7,1 7 3 1 20081, 7,1 7 3 1
6hohfW DQG fkDQjh Wkh IRUPDW RI PxoWLSoh EDUV RUPDWWLQj Doo Wkh EDUV DW RQfh
$OWKR JK WKH DQWW FKDUW LV D JUHDW ZD WR FRPP QLFDWH WKH WKH WH[W WKDW LV GLVSOD HG QH[W WR WKH EDU (DFK %DU 6W OH FDQ EH
,Q WKH %DU 7H[W WDE VHOHFW WKH WH[W WR GLVSOD IRU WKH EDUV SURMHFW VFKHG OH R PLJKW ZDQW WR FKDQJH WKH FRORU VFKHPH QLT H E W QRWH WKDW LI R DUH VLQJ D PL[W UH RI D WR VFKHG
IRU DOO RI WKH DQWW FKDUW RU FKDQJH WKH FRORU DQG WH[W RI DOO WKH OHG DQG PDQ DOO VFKHG OHG WDVNV WKHQ R PLJKW ZDQW WR VHW
&OLFN 2.
EDUV WKDW PDWFK D FHUWDLQ FULWHULRQ (DFK EDU KDV D VSHFLILF %DU WKH WH[W LWHPV IRU ERWK WDVN PRGHV WR EH WKH VDPH
5HYLHZ WKH FKDQJHG EDUV ZLWKLQ WKH DQWW FKDUW 6W OH WKDW GHILQHV WKH VKDSH SDWWHUQ DQG FRORU RI WKH EDU SO V
7,3 7KH VW OHV DUH VSOLW LQWR W R VHFWLRQV 6FKHG OLQ DQG
3UHVHQWDWLRQ 7KH VFKHG OLQ VW OHV KDYH GLIIHUHQW FRORUV IRU
D WR VFKHG OHG DQG PDQ DOO VFKHG OHG WDVNV 7KH SUHVHQWDWLRQ VW OHV 7,3 7R FKDQ H WKH FRORUV IRU DQ LQGLYLG DO EDU UL KW FOLFN WKH
VH WKH VDPH FRORU IRU ERWK WDVN PRGHV VSHFLILF EDU R R OG OLNH WR FKDQ H DQG FKRRVH WKH )RUPDW
75 7 ,6 R FDQ T LFNO FKDQ H WKH IRUPDW RI D EDU E %DU PHQ RSWLRQ &OLFN WKH %DU 6KDSH WDE LQ WKH )RUPDW %DU GLDOR ER[
UL KW FOLFNLQ RQ WKH EDU LQ WKH DQWW FKDUW DQG FKRRVLQ EDU WR FKDQ H WKH FRORU RQO RQ WKH VHOHFWHG DQWW EDU ,QGLYLG DO VHWWLQ V
IURP WKH PHQ 7R UHVHW DQ EDU EDFN WR WKH GHID OW IRUPDW FOLFN WKH 7,3 7R UHW UQ WR WKH GHID OW IRUPDWWLQ VHOHFW WKH ILUVW LFRQ PDGH LQ WKLV D LOO QRW EH RYHU ULWWHQ KHQ WKH EDU VW OHV DUH
5HVHW E WWRQ LQ WKH )RUPDW %DU GLDOR ER[ LWKLQ WKH VFKHG OLQ VW OHV DOOHU FKDQ HG DV D KROH
)RUPDWWLQ LQGLYLG DO EDUV RU D VHOHFWLRQ RI EDUV 6HOHFW DQG FKDQJH WKH IRUPDW RI P OWLSOH EDUV )RUPDWWLQ DOO WKH EDUV DW RQFH &KDQJH WKH FRORU VFKHPH IRU DOO RI WKH DQWW FKDUW
20081, 7,1 7 3 1 20081, 7,1 7 3 1
kDQjh Wkh EDU VW ohV RQ Wkh DQWW fkDUW 9Lh LQj Wkh 7DVN 3DWk
,Q WKH )RUPDW WDE FOLFN WKH )RUPDW E WWRQ % WKH WLPH DOO RI WKH SUHGHFHVVRU DQG V FFHVVRUV KDYH EHHQ FUH WKH FRORUV RI WKH EDUV $ 7DVN 3DWK VKRZV ZKLFK WDVNV DUH LQIO
)URP WKH PHQ FKRRVH %DU 6W OHV DWHG ZLWKLQ D VFKHG OH WKH DQWW FKDUW FDQ EHJLQ WR UHVHPEOH HQFLQJ WKH VFKHG OLQJ RI SUHGHFHVVRU DQG V FFHVVRU WDVNV ,I R
D VSLGHU V ZHE 5HYLHZLQJ WKH VFKHG OH DQG WUDFNLQJ WKH SDWKV ZHUH WR SULQW WKH DQWW FKDUW ZLWK WKH 7DVN 3DWK GLVSOD HG WKH
,Q WKH %DU 6W OHV GLDORJ ER[ VHOHFW WKH ILUVW URZ ZKHUH WKH URZ WKUR JK WKH DQWW FKDUW EHFRPHV VLPSOH WKDQNV WR WKH QHZ 7DVN IRUPDWWLQJ ZR OG EH SUHVHUYHG IRU WKH SULQW
QDPH LV 7DVN 3DWK IHDW UH ZKLFK KLJKOLJKWV WKH FKRVHQ 7DVN 3DWK E FKDQJLQJ
,Q WKH %DUV WDE DPHQG WKH 6KDSH 3DWWHUQ DQG &RORU IRU WKH $ WR
6FKHG OHG 7DVN
LVSoD Wkh 7DVN 3DWk
&OLFN WKH 7H[W WDE DQG VH WKH GURS GRZQ OLVW WR FKRRVH ZKLFK ILHOGV
WR GLVSOD IRU HDFK $ WR 6FKHG OHG WDVN ,Q WKH 9LHZ WDE VHOHFW WKH DQWW &KDUW YLHZ
&OLFN 2. 6HOHFW WKH WDVN ZKRVH 7DVN 3DWK R ZDQW WR KLJKOLJKW
5HYLHZ WKH DQWW FKDUW 7KH UHVR UFH V QDPHV KDYH EHHQ UHSODFHG &OLFN WKH )RUPDW WDE
E WKH &ULWLFDO ILHOG DQG WKH )LQLVK ILHOG D WR VFKHG OHG WDVNV &OLFN WKH 7DVN 3DWK E WWRQ
&KRRVH 3UHGHFHVVRUV IURP WKH PHQ
7,3 0DQ DOO VFKHG OHG DQG D WR VFKHG OHG KDYH VHSDUDWH
IRUPDWWLQ RSWLRQV $ WR VFKHG OHG WDVNV KDYH WKH QDPH 7DVN
LWKLQ WKH %DU 6W OHV GLDOR ER[ PDQ DOO VFKHG OHG WDVNV DUH PRUH
VHQVLEO QDPHG 0DQ DO 7DVN ,I R FKRRVH WR DPHQG D EDU VW OH
PDNH V UH WKDW R FKRRVH WKH UL KW RQH RU ERWK 7R FKDQ H WKH EDU
VW OH IRU DOO PDQ DOO VFKHG OHG WDVNV UHSHDW WKH DERYH SURFHG UH E W
VHOHFW 0DQ DO 7DVNV LQ WKH %DU 6W OHV GLDOR ER[
)RUPDWWLQ DOO WKH EDUV DW RQFH &KDQJH WKH EDU VW OHV RQ WKH DQWW FKDUW 9LH LQ WKH 7DVN 3DWK LVSOD WKH 7DVN 3DWK
20081, 7,1 7 3 1 20081, 7,1 7 3 1
9LH LQ WKH 7DVN 3DWK LVSOD WKH 7DVN 3DWK LVSOD LQ WKH FULWLFDO SDWK LVSOD WKH FULWLFDO SDWK LQ WKH DQWW FKDUW
20081, 7,1 7 3 1 20081, 7,1 7 3 1
LVSoD RQo Wkh WDVNV RQ Wkh fULWLfDo SDWk 6kR LQj DQG kLGLQj GhShQGhQf oLQNV
&OLFN WKH DQWW &KDUW VKRUWF W WR GLVSOD WKH DQWW FKDUW :KHQ WDVNV DUH OLQNHG WR FUHDWH D GHSHQGHQF QHWZRUN WKH 7 UQLQJ WKH GHSHQGHQF OLQNV RII QFO WWHUV WKH DQWW FKDUW
6HOHFW WKH &ULWLFDO )LOWHU LQ WKH 9LHZ WDE DQWW FKDUW GLVSOD V WKH OLQNV IRU HDFK WDVN :KHQ WKHUH DUH PDNLQJ LW HDVLHU WR UHDG
PDQ OLQNV WKH DQWW FKDUW FDQ EHFRPH YHU GLIILF OW WR UHDG
7,3 7KH FULWLFDO SDWK LV WKH ORQ HVW SDWK RI WDVNV WKUR K WKH
SURMHFW EDVHG RQ WDVN G UDWLRQ DQG UHODWLRQVKLSV DQG KHQFH LW
GHILQHV WKH VKRUWHVW G UDWLRQ LQ KLFK WKH SURMHFW FDQ EH FRPSOHWHG ,I
DQ WDVN RQ WKH FULWLFDO SDWK VOLSV RU PRYHV LW LOO DIIHFW WKH SURMHFW DV D
KROH WDVNV WKDW DUH QRW RQ WKH FULWLFDO SDWK PL KW VOLS RU PRYH
LWKR W DIIHFWLQ WKH VFKHG OH 7KH Q PEHU RI GD V WKDW D WDVN FDQ VOLS
E LV FDOOHG LWV WRWDO VODFN DQG WDVNV RQ WKH FULWLFDO SDWK KDYH D WRWDO
VODFN RI ]HUR GD V 6HYHUDO VFKHG OLQ IHDW UHV LQ 3URMHFW FDQ DIIHFW WKH
FULWLFDO SDWK FDOF ODWLRQ LQFO GLQ HDGOLQHV &RQVWUDLQWV DQG (ODSVHG
UDWLRQ ,I R KDYH VHG DQ RI WKHVH IHDW UHV R PL KW ILQG R U
FULWLFDO SDWK LV QRW FRPSOHWH
LVSOD LQ WKH FULWLFDO SDWK LVSOD RQO WKH WDVNV RQ WKH FULWLFDO SDWK 6KR LQ DQG KLGLQ GHSHQGHQF OLQNV 7RJJOH WKH GHSHQGHQF OLQNV RQ DQG RII
20081, 7,1 7 3 1 20081, 7,1 7 3 1
6KR LQ DQG KLGLQ GHSHQGHQF OLQNV 7RJJOH WKH GHSHQGHQF OLQNV RQ DQG RII 3URMHFW UHSRUWLQJ IHDW UHV
20081, 7,1 7 3 1 20081, 7,1 7 3 1
$FFHVV WR ERWK UHSRUW W SHV LV ORFDWHG LQ WKH 5HSRUW WDE F VWRPL]LQJ WKH ORRN DQG IHHO RI WKH DQWW EDUV DQG SULQWLQJ 9Lh LQj DQG SULQWLQj Wkh 3URMhfW 2YhUYLh UhSRUW
LW 7KLV LV D YHU VLPSOH DQG HIIHFWLYH ZD WR SURG FH D UHSRUW
$OO UHSRUWV FDQ HLWKHU EH SULQWHG RU FRSLHG LQ RUGHU WR SDVWH WKDW FRQFHQWUDWHV RQ D VSHFLILF DUHD IRU H[DPSOH D PLOH 3URMHFW SURYLGHV D FRPSHOOLQJ QHZ UHSRUWLQJ IHDW UH DQG FRPHV UHSRUWV DUH I OO F VWRPL]DEOH DOORZLQJ R WR PRGLI WKH H[LVW
WKHP LQWR DQRWKHU DSSOLFDWLRQ VWRQH UHSRUW SUHLQVWDOOHG ZLWK RYHU UHSRUWV QLFHO FDWHJRUL]HG IRU HDV LQJ UHSRUWV RU FUHDWH QHZ RQHV WR DGGUHVV R U RUJDQL]DWLRQ V
DFFHVV 7KLV QHZ UHSRUWLQJ FDSDELOLW DOORZV R WR FUHDWH V F VSHFLILF UHSRUWLQJ QHHGV 2QFH D UHSRUW KDV EHHQ SURG FHG LW
$ WKLUG OHVV IRUPDOL]HG UHSRUWLQJ RSWLRQ LV DYDLODEOH $V FLQFW YLEUDQW SURIHVVLRQDO UHSRUWV ULJKW LQ 3URMHFW VLQJ D FRP FDQ HLWKHU EH SULQWHG RU FRSLHG LQ RUGHU WR SDVWH LW LQWR DQRWKHU
R FDQ SULQW DQ YLHZ ZLWKLQ 3URMHFW R FDQ PHHW PDQ ELQDWLRQ RI FKDUWV WDEOHV JUDSKLFDO LPDJHV DQG P FK PRUH $OO DSSOLFDWLRQ
UHSRUWLQJ UHT LUHPHQWV E F VWRPL]LQJ D VSHFLILF YLHZ
RIWHQ WKLV LQYROYHV FKDQJLQJ WKH FRO PQV GLVSOD HG LQ WKH
WDEOH SHUKDSV DSSO LQJ D ILOWHU WR VSHFLI FHUWDLQ WDVNV DQG 9Lh DQG SULQW Wkh SURMhfW RYhUYLh UhSRUW
&OLFN WKH 5HSRUW WDE
&OLFN WKH DVKERDUGV E WWRQ DQG FKRRVH 3URMHFW 2YHUYLHZ IURP
WKH JDOOHU
5HYLHZ WKH GLIIHUHQW FRPSRQHQWV RQ WKH UHSRUW
3URMHFW UHSRUWLQJ IHDW UHV 9LH LQ DQG SULQWLQ WKH 3URMHFW 2YHUYLH UHSRUW 9LHZ DQG SULQW WKH SURMHFW RYHUYLHZ UHSRUW
20081, 7,1 7 3 1 20081, 7,1 7 3 1
9Lh DQG SULQW Wkh SURMhfW RYhUYLh UhSRUW 9Lh LQj DQG fRS LQj ExUQGR Q UhSRUWV
% UQGRZQ UHSRUWV DUH DQRWKHU JUHDW QHZ IHDW UH RI 3URMHFW KRZ PDQ WDVNV KDYH EHHQ FRPSOHWHG DQG KRZ PDQ DUH OHIW WR
&OLFN WKH )LOH WDE % UQGRZQ UHSRUWV ZLOO VKRZ JUDSKLFDOO KRZ P FK ZRUN EH FRPSOHWHG
6HOHFW WKH 3ULQW RSWLRQ
KDV EHHQ FRPSOHWHG KRZ P FK LV OHIW WR EH FRPSOHWHG DQG
9LH LQ DQG SULQWLQ WKH 3URMHFW 2YHUYLH UHSRUW 9LHZ DQG SULQW WKH SURMHFW RYHU YLHZ UHSRUW 9LH LQ DQG FRS LQ E UQGR Q UHSRUWV 9LHZ DQG FRS WKH E UQGRZQ FKDUW
20081, 7,1 7 3 1 20081, 7,1 7 3 1
9Lh DQG fRS Wkh ExUQGR Q fkDUW 3ULQWLQj Wkh SURMhfW VfkhGxoh
,Q WKH HVLJQ WDE FOLFN WKH &RS 5HSRUW E WWRQ 3ULQWLQJ LQ 3URMHFW LV YHU VLPLODU WR SULQWLQJ LQ RWKHU 0LFURVRIW ZLWKLQ D SODQ )RU H[DPSOH R PLJKW ZDQW WR GLVSOD RQO WKH
3DVWH WKH FRSLHG UHSRUW LQWR 0LFURVRIW :RUG DQG UHYLHZ LW
2IILFH DSSOLFDWLRQV +RZHYHU SULQWLQJ RQO WKH LQIRUPDWLRQ WKDW PLOHVWRQHV WKHLU V PPDU WDVNV DQG WKH VWDUW DQG ILQLVK GDWHV
R ZDQW WR VHH UHT LUHV VRPH SUHSDUDWLRQ RI WKH YLHZ EHIRUH 6HWWLQJ S WKLV YLHZ UHT LUHV PRGLI LQJ WKH WDEOH DSSO LQJ D
R VWDUW SULQWLQJ 7KH DELOLW WR UHYLHZ DOO WKH SDJHV EHIRUH WKH ILOWHU WR GLVSOD RQO WKH PLOHVWRQHV DQG HQV ULQJ WKDW DOO WKH
DUH SULQWHG HQDEOHV R WR HQV UH WKDW R U SULQW LV H[DFWO DV PLOHVWRQHV DUH YLVLEOH LQ WKH DQWW FKDUW
UHT LUHG
75 7 ,6 7R DGG R U RU DQL]DWLRQ V OR R WR WKH UHSRUW FOLFN 7,3 7R UHVHW WKH YLH EDFN WR LWV RUL LQDO VHWWLQ HQV UH WKDW
WKH ,PD HV E WWRQ LQ WKH HVL Q WDE 6HOHFW WKH LPD H WR SODFH WKH YLH LV GLVSOD HG DQG WKHQ FOLFN WKH 7DVN WDE DQG FKRRVH WKH
LQ WKH UHSRUW DQG UHVL]H DQG GUD LW DV GHVLUHG DOOHU RQ WKH DQWW &KDUW E WWRQ &KRRVH WKH RSWLRQ 5HVHW 7R HID OW
9LH LQ DQG FRS LQ E UQGR Q UHSRUWV 9LHZ DQG FRS WKH E UQGRZQ FKDUW 3ULQWLQ WKH SURMHFW VFKHG OH 3ULQW D PLOHVWRQH UHSRUW
20081, 7,1 7 3 1 20081, 7,1 7 3 1
3ULQWLQ WKH SURMHFW VFKHG OH 3ULQW D PLOHVWRQH UHSRUW 8VLQ 9LV DO 5HSRUWV &UHDWH D 9LV DO 5HSRUW LQ ([FHO
20081, 7,1 7 3 1 20081, 7,1 7 3 1
8VLQ 9LV DO 5HSRUWV &UHDWH D 9LV DO 5HSRUW LQ ([FHO 8VLQ WKH 7LPHOLQH YLH $GG D WDVN WR WKH 7LPHOLQH YLHZ
20081, 7,1 7 3 1 20081, 7,1 7 3 1
87,21 2QO WDVNV WKDW KDYH YDOLG VWDUW DQG ILQLVK GDWHV FDQ 7,3 8VH WKH 7H[W 6W OHV E WWRQ WR FKDQ H WKH VW OH IRU VSHFLILF
EH DGGHG WR WKH 7LPHOLQH 0DQ DOO VFKHG OHG WDVNV LWKR W LWHPV IRU H[DPSOH DOO PLOHVWRQH QDPHV FR OG EH VHW WR UHG
VWDUW DQG ILQLVK GDWHV FDQQRW EH DGGHG WR WKH 7LPHOLQH YLH LWDOLFV
8VLQ WKH 7LPHOLQH YLH $GG D WDVN WR WKH 7LPHOLQH YLHZ )RUPDWWLQ WKH 7LPHOLQH YLH )RUPDW WKH 7LPHOLQH YLHZ
20081, 7,1 7 3 1 20081, 7,1 7 3 1
RS LQj Wkh 7LPhoLQh YLh WR RWkhU DSSoLfDWLRQV 3ULQWLQj Wkh 7LPhoLQh YLh
<R FDQ FRS WKH 7LPHOLQH YLHZ WR DQRWKHU DSSOLFDWLRQ V FK FRQFLVH RYHUYLHZ RI WKH SURMHFW V WLPHVFDOHV DQG NH WDVNV ,Q WKH 7KH 7LPHOLQH YLHZ LV V FK D VHI O YLHZ WKDW QRW RQO ZLOO R QHHG WR YLHZ M VW WKH 7LPHOLQH YLHZ ZLWKR W RWKHU YLHZV RQ WKH
DV 3RZHU3RLQW :RUG RU 0LFURVRIW 2 WORRN 7KH 7LPHOLQH YLHZ IROORZLQJ V EWDVN ZH ZLOO FRS WKH 7LPHOLQH YLHZ WR 3RZHU3RLQW ZDQW WR S W LW LQWR R U 3RZHU3RLQW SUHVHQWDWLRQV E W DOVR R OO VFUHHQ
LV RIWHQ VHG DV SDUW RI D UHJ ODU VWDW V UHSRUW WR SURYLGH D ZDQW WR SULQW LW R W ,Q RUGHU WR SULQW WKH 7LPHOLQH YLHZ R ZLOO
&RS LQ WKH 7LPHOLQH YLH WR RWKHU DSSOLFDWLRQV &RS WKH 7LPHOLQH YLHZ WR 3RZHU3RLQW 3ULQWLQ WKH 7LPHOLQH YLH 3ULQW WKH 7LPHOLQH YLHZ
20081, 7,1 7 3 1 20081, 7,1 7 3 1
3ULQWLQ WKH 7LPHOLQH YLH 3ULQW WKH 7LPHOLQH YLHZ 6KDULQ WKH SODQ VLQ 6KDUH3RLQW 6DYH D SODQ WR 6KDUH3RLQW
20081, 7,1 7 3 1 20081, 7,1 7 3 1
6KDULQ WKH SODQ VLQ 6KDUH3RLQW 6DYH D SODQ WR 6KDUH3RLQW 6 QFKURQL]LQ LWK D 6KDUH3RLQW WDVN OLVW 6 QFKURQL]H ZLWK D 6KDUH3RLQW WDVN OLVW
20081, 7,1 7 3 1
SG L G
6hWWLQj D EDVhoLQh
$ EDVHOLQH VKR OG EH VHW ZKHQ DOO WKH SURMHFW WDVNV DQG HVWL R U SURMHFW VSRQVRU RU SURMHFW ERDUG %DVHOLQHV DUH VWRUHG
PDWHV DUH DJUHHG SRQ E W EHIRUH DQ DFW DO ZRUN KDV EHHQ IRU HDFK WDVN DOORZLQJ WKH EDVHOLQH WR EH VHW IRU VLQJOH WDVNV
U S L
UHFRUGHG RQ WKH SODQ ,GHDOO R U SODQ ZLOO EH VLJQHG RII E VHOHFWHG WDVNV RU PRUH FRPPRQO WKH HQWLUH VFKHG OH
7,3 $ORQ LWK YLH LQ WKH 7UDFNLQ DQWW FKDQ H WKH WDEOH
WR WKH %DVHOLQH WDEOH VLQ WKH 7DEOHV 0RUH 7DEOHV PHQ
VWU FW UH IURP WKH 9LH WDE
6HWWLQ D EDVHOLQH 6HW D EDVHOLQH IRU WKH HQWLUH VFKHG OH :KDW LV D EDVHOLQH
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
7,3 ,I R DQW WR NHHS D FRS RI D EDVHOLQH EHIRUH R FOHDU 7,3 ,I R DQW WR WDNH D FRS RI D EDVHOLQH EHIRUH R SGDWH
LW R FDQ VH WKH 6HW ,QWHULP 3ODQ E WWRQ LQ WKH 6HW %DVHOLQH LW R FDQ VH WKH 6HW ,QWHULP 3ODQ E WWRQ LQ WKH 6HW %DVHOLQH
GLDOR ER[ WR FRS YDO HV IURP RQH EDVHOLQH VHW LQWR DQRWKHU GLDOR ER[ WR FRS YDO HV IURP RQH EDVHOLQH VHW LQWR DQRWKHU
&OHDULQ D EDVHOLQH &OHDU D EDVHOLQH 8SGDWLQ DQ H[LVWLQ EDVHOLQH 8SGDWH WKH EDVHOLQH
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
6hWWLQj xS SURMhfW YLh V DQG WDEohV WR hQDEoh WUDfNLQj 8QGhUVWDQGLQj Wkh WUDfNLQj fRQfhSWV
:KHQ SGDWLQJ WKH SURMHFW SODQ LW V DGYLVDEOH WR KDYH D :KHQ SGDWLQJ :RUN &RPSOHWH IRU UHVR UFHV ZKHQ WZR RU :KHQ D VFKHG OH LV FUHDWHG LW V RULJLQDOO SODQQHG VLQJ VWDUW RQ IRU SURMHFW VWDW V <R PD FKRRVH IURP IR U PDLQ W SHV
YLHZ DQG WDEOH VHOHFWHG WKDW SURYLGH R ZLWK HDV DFFHVV PRUH UHVR UFHV DUH DVVLJQHG WR D VLQJOH WDVN RU WKH DPR QW ILHOGV ILQLVK ILHOGV G UDWLRQ ILHOGV ZRUN ILHOGV FRVW ILHOGV DQG RI SGDWH
WR WKH UHOHYDQW FRO PQV :KHQ SGDWLQJ WDVNV VLQJ HLWKHU RI :RUN RQH 3HU 3HULRG , VH WKH 7DVN RU 5HVR UFH 8VDJH VR RQ :KHQ D EDVHOLQH LV WDNHQ WKH HQWULHV LQ WKHVH ILHOGV DUH
&RPSOHWH :RUN &RPSOHWH IRU D WDVN RU $FW DO 6WDUW YLHZ FRSLHG LQWR WKH FRUUHVSRQGLQJ VHW RI EDVHOLQH ILHOGV %DVHOLQH ■ &RPSOHWH
DQG $FW DO UDWLRQ , UHFRPPHQG VLQJ WKH 7UDFNLQJ DQWW 6WDUW %DVHOLQH )LQLVK %DVHOLQH UDWLRQ DQG VR RQ :KHQ WKH ■ :RUN &RPSOHWH
FRPELQHG ZLWK WKH 7UDFNLQJ WDEOH 7KLV FRPELQDWLRQ SURYLGHV SODQ LV SGDWHG ZKLFK LV NQRZQ DV WUDFNLQJ RU VWDW VLQJ WKH
D FRPSUHKHQVLYH OLVW RI ILHOGV WR SGDWH DQG UHYLHZ SODQ DFW DO YDO HV ZLOO EH DGGHG WR WKH SODQ $FW DO 6WDUW ■ $FW DO 6WDUW DWH $FW DO UDWLRQ DQG 5HPDLQLQJ
$FW DO :RUN $FW DO &RVW DQG VR RQ DQG UHPDLQLQJ YDO HV UDWLRQ IRU D WDVN
DUH FDOF ODWHG 5HPDLQLQJ :RUN 5HPDLQLQJ UDWLRQ DQG VR
■ $PR QW RI ZRUN GRQH SHU SHULRG DQG HVWLPDWHG T DQ
RQ .HHSLQJ WKH DFW DO YDO HV SGDWHG KHOSV R QGHUVWDQG
WLW RI ZRUN UHT LUHG WR FRPSOHWH D WDVN
ZKDW KDV EHHQ GRQH RQ WKH SURMHFW DQG ZKDW UHPDLQV WR EH
GRQH IRU H[DPSOH $FW DO UDWLRQ DQG 5HPDLQLQJ UDWLRQ 1RWH WKDW WKH &RPSOHWH ILHOG LV EDVHG RQ WKH &RPSOHWH
&RPSDULQJ WKH YDO HV DJDLQVW ZKDW ZDV SODQQHG DOORZV R RI WKH G UDWLRQ RI D WDVN QRW WKH ZRUN HVWLPDWH ,I R ZDQW
WR VHH ZKHWKHU R DUH RQ WUDFN %DVHOLQH UDWLRQ YHUV V WR WUDFN WKH SHUFHQWDJH RI ZRUN FRPSOHWHG R VKR OG VH
UDWLRQ WKH :RUN &RPSOHWH ILHOG LQVWHDG
.HHSLQJ WKH SODQ SGDWHG LV HDV E W LW GRHV UHT LUH VRPH 2QO GHWDLO DQG PLOHVWRQH WDVNV VKR OG KDYH WKHLU VWDW V
SUHSDUDWLRQ DQG WKR JKW $ NH WDVN LV WR GHFLGH ZKDW OHYHO RI SGDWHG 6 PPDU WDVN YDO HV $FW DO 6WDUW $FW DO UDWLRQ
GHWDLO R QHHG LQ RUGHU WR SGDWH WKH SODQ WR R U VDWLVIDF DQG VR RQ DUH D WRPDWLFDOO FDOF ODWHG DQG SGDWHG ZKHQ
WLRQ DQG W SLFDOO R VKR OG VHOHFW WKH WUDFNLQJ PHWKRG WKHLU V EWDVNV GHWDLO DQG PLOHVWRQH DUH SGDWHG
EDVHG RQ WKH W SH RI GDWD R QHHG WR PDQDJH DQG UHSRUW
6HWWLQJ S SURMHFW YLHZV DQG WDEOHV WR HQDEOH WUDFNLQJ 8QGHUVWDQGLQJ WKH WUDFNLQJ FRQFHSWV
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
7UDfNLQj
(YHQ LI R FKRRVH WR WUDFN VLQJ &RPSOHWH RU :RUN &RP 5hVfkhGxoLQj Wkh hQWLUh SoDQ WR VWDUW RQ D Qh GDWh
SOHWH R PLJKW VWLOO ZDQW WR FDSW UH HVWLPDWHV WR FRPSOHWH IRU
0hWkRG RPPhQWV ,PDJLQH WKH VFHQDULR LQ ZKLFK R KDG SODQQHG IRU D SURMHFW PRQWKV / FNLO V FK D E WWRQ H[LVWV 7KH 0RYH 7DVN E WWRQ ZLOO
WKHVH WDVNV &KRRVLQJ RQH WUDFNLQJ PHWKRG GRHV SUHFO GH R
&RPSOHWH $GYDQWDJH 9HU T LFN IURP SGDWLQJ DQ RI WKH WDVN RU DVVLJQPHQW YDO HV WR VWDUW LQ - QH RQO WR EH WROG WKDW LW ZDV JRLQJ WR EH GHOD HG QRW RQO FKDQJH WKH VWDUW GDWH IRU WKH SURMHFW E W DOVR LW ZLOO
IRU WKUHH PRQWKV DQG ZR OG QRZ VWDUW LQ 6HSWHPEHU :KDW UHVHW WKH GHDGOLQH DQG FRQVWUDLQW GDWHV DFFRUGLQJO ,I R YH
LVDGYDQWDJH RHVQ W FDSW UH DQ HVWLPDWH R UHDOO QHHG LV D E WWRQ WKDW DOORZV R WR PRYH DOO WKH DOUHDG WDNHQ D EDVHOLQH UHPHPEHU WR WDNH D QHZ RQH WR UHIOHFW
IRU WKH UHPDLQLQJ ZRUN RU G UDWLRQ 8V DOO WDVNV DORQJ ZLWK WKHLU FRQVWUDLQWV DQG GHDGOLQHV IRUZDUG WKUHH WKH QHZ GDWHV
VHG ZKHQ WUDFNLQJ M VW WKH VFKHG OH DQG QRW
ZRUN RQ WDVNV RU FRVWV
8QGHUVWDQGLQJ WKH WUDFNLQJ FRQFHSWV 5HVFKHG OLQ WKH HQWLUH SODQ WR VWDUW RQ D QH GDWH 0RYH DOO WKH WDVNV RQ WKH SODQ WR D QHZ VWDUW GDWH
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
6kRxoG , fkDQjh Wkh VfkhGxoLQj PRGh IRU Wkh WDVNV 8SGDWLQj RPSohWh IRU LQGLYLGxDo WDVNV
0DQ RI WKH H[DPSOHV DQG VFUHHQ VKRWV VHG VR IDU LQ WKH IRU WKH PDMRULW LI QRW DOO RI R U WDVNV WR EH D WR VFKHG 7KH VLPSOHVW ZD WR SGDWH D SURMHFW LV WR SGDWH WKH &RP 5HPHPEHU WR SURYLGH VWDW V SGDWHV RQO IRU GHWDLO DQG PLOH
ERRN VH WKH GHID OW VHWWLQJV DQG WKH GHID OW VHWWLQJ IRU WKH OHG <R VKR OG GR WKLV DUR QG WKH WLPH WKDW R EDVHOLQH SOHWH ILHOG ZKLFK UHSUHVHQWV WKH SHUFHQWDJH RI WKH WDVN V G UD VWRQH WDVNV WKH SGDWHV WR WKHVH WDVNV DUH UROOHG S LQWR WKH
WDVN PRGH LV 0DQ DOO 6FKHG OHG :KHQ R EHJLQ WR WUDFN WKH SODQ E W GHILQLWHO EHIRUH R EHJLQ DQ ZRUN RQ WKH WLRQ WKDW KDV EHHQ FRPSOHWHG 7KLV LV D YHU VLPSOH E W HIIHFWLYH 6 PPDU 7DVNV
D SURMHFW WKH RQH WKLQJ , ZLOO J DUDQWHH LV WKDW ZKDW R SURMHFW :KHQ D WDVN LV D WR VFKHG OHG LWV GDWHV ZLOO FKDQJH WUDFNLQJ PHDV UH WKDW ZLOO EH V IILFLHQW IRU SURMHFWV ZKHUH R
SODQQHG ZLOO QRW KDSSHQ H[DFWO DV R SODQQHG LW 7KLV LV WR LI WKH GULYLQJ SUHGHFHVVRU WDVN V GDWHV FKDQJH DOORZLQJ R DUH WUDFNLQJ RQO WKH VFKHG OH IRU D SURMHFW DQG ZKHUH WKH ZRUN
EH H[SHFWHG DQG DV D FRQVHT HQFH VWDUW GDWHV ILQLVK GDWHV WR T LFNO DVVHVV WKH LPSDFW RI WKH FKDQJHV WR R U SODQ ,I FRPSOHWHG RQ D SURMHFW KDV D GLUHFW UHODWLRQVKLS ZLWK WKH G UD
DQG G UDWLRQV DPRQJ PDQ RWKHU YDO HV ZLOO FKDQJH ,Q R OHDYH DOO WKH WDVNV DV PDQ DOO VFKHG OHG WKH SODQ LV D WLRQ RI WKH WDVN
RUGHU WR PDNH WKH SGDWLQJ DQG UHSODQQLQJ RI WKH SURMHFW DV VWDWLF GRF PHQW DQG SGDWLQJ LW WR UHIOHFW WKH QHZ UHDOLW LV
HDV DQG G QDPLF DV SRVVLEOH FRQVLGHU VHWWLQJ WKH WDVN PRGH D WLPH FRQV PLQJ DQG ODERULR V MRE 8SGDWh LQGLYLGxDo WDVNV
&OLFN WKH 9LHZ WDE
6HOHFW WKH 7UDFNLQJ WDEOH IURP WKH GURS GRZQ OLVW RQ WKH 7DEOHV
E WWRQ
8SGDWH WKH &RPSOHWH ILHOG LQ WKH WDEOH IRU WKH WDVNV
6KR OG , FKDQJH WKH VFKHG OLQJ PRGH IRU WKH WDVNV 8SGDWLQ &RPSOHWH IRU LQGLYLG DO WDVNV 8SGDWH LQGLYLG DO WDVNV
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
8SGDWLQ &RPSOHWH IRU LQGLYLG DO WDVNV 8SGDWH LQGLYLG DO WDVNV 8SGDWLQ :RUN &RPSOHWH IRU VSHFLILF WDVNV 8SGDWH LQGLYLG DO WDVNV
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
8SGDWh LQGLYLGxDo WDVNV 6hWWLQj DQG GLVSoD LQj Wkh 6WDWxV DWh
8SGDWH WKH :RUN &RPSOHWH ILHOG LQ WKH WDEOH IRU WKH WDVNV 7KH 6WDW V DWH LV WKH GDWH WR ZKLFK R DUH SGDWLQJ R U SURM WKH I W UH ,I WKH 6WDW V DWH LV VHW WR 1$ ZKLFK LW LV E GHID OW
5HYLHZ WKH FKDQJHV WR WKH WDEOH IRU WKH WDVNV LQFO GLQJ 6 PPDU
HFW LW V VRPHWLPHV NQRZQ DV WKH DV LV GDWH )RU H[DPSOH R WKH F UUHQW GDWH LV VHG DV WKH 6WDW V DWH
7DVNV DQG WKH 7UDFNLQJ DQWW UHFHLYH VWDW V SGDWHV E HPDLO RQ )ULGD DIWHUQRRQ E W EHFD VH
RI ZRUN SUHVV UHV R GRQ W JHW DUR QG WR SGDWLQJ WKH SURMHFW 7KH 6WDW V DWH LV VHG ZKHQ R SGDWH WKH HQWLUH SURMHFW DW
QWLO 7 HVGD ,Q RUGHU WR FRUUHFWO DSSO WKH SGDWHV R QHHG RQFH DQG ZKHQ WKH WDVN 0DUN 2Q 7UDFN E WWRQ LV VHG :KHQ
WR VHW WKH 6WDW V DWH WR )ULGD VR HYHQ WKR JK LW V F UUHQWO SGDWLQJ D SURMHFW LW V D JRRG LGHD WR GLVSOD WKH 6WDW V DWH DV
7 HVGD R DUH DSSO LQJ WKH VWDW V DV RI WKH SUHYLR V )ULGD 7KH D OLQH RQ WKH FKDUW DUHD LW WKHQ DFWV DV D YLV DO UHPLQGHU ZKHQ
6WDW V DWH LV HIIHFWLYHO WKH GHPDUFDWLRQ EHWZHHQ WKH SDVW DQG R UHYLHZ WKH SURJUHVV RI WKH SURMHFW
8SGDWLQ :RUN &RPSOHWH IRU VSHFLILF WDVNV 8SGDWH LQGLYLG DO WDVNV 6HWWLQ DQG GLVSOD LQ WKH 6WDW V DWH 6HW DQG GLVSOD WKH 6WDW V DWH
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
6hW DQG GLVSoD Wkh 6WDWxV DWh 8SGDWLQj RPSohWh IRU Wkh hQWLUh SURMhfW DW RQfh
)URP WKH /LQH 7R &KDQJH OLVW VHOHFW 6WDW V DWH 7KLV IHDW UH LV YHU VHI O ZKHQ WKH PDMRULW RI WDVNV DUH U Q WKH PLQRULW RI WDVNV WKDW DUH QRW U QQLQJ DFFRUGLQJ WR SODQ ,W
6HW WKH OLQH 7 SH DQG &RORU
QLQJ WR SODQ EHFD VH LW SURYLGHV D YHU T LFN DQG HIIHFWLYH ZD GRHVQ W PDWWHU ZKLFK YLHZ LV GLVSOD HG E W LGHDOO R VKR OG
WR SGDWH WKH VWDW V RQ PDQ WDVNV DW RQFH 2QFH WKH PDMRULW EH DEOH WR VHH WKH 7UDFNLQJ WDEOH DQG 7UDFNLQJ DQWW
&OLFN 2. RI WDVNV DUH SGDWHG WKH SODQ FDQ EH ILQH W QHG E SGDWLQJ
5HYLHZ WKH 6WDW V DWH OLQH LQ WKH DQWW FKDUW
6HWWLQ DQG GLVSOD LQ WKH 6WDW V DWH 6HW DQG GLVSOD WKH 6WDW V DWH 8SGDWLQ &RPSOHWH IRU WKH HQWLUH SURMHFW DW RQFH 8SGDWH WKH HQWLUH SURMHFW DW RQFH
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
8SGDWh Wkh hQWLUh SURMhfW DW RQfh 8SGDWLQj WDVNV LWk fWxDo 6WDUW fWxDo xUDWLRQ DQG 5hPDLQLQj xUDWLRQ
(QWHU WKH GDWH WR SGDWH WKH ZRUN WR (QWHULQJ LQIRUPDWLRQ V FK DV $FW DO 6WDUW $FW DO )LQLVK $FW DO WKH 5HPDLQLQJ UDWLRQ EHFD VH WKH H[FHVV WLPH LV QRW QHHGHG
&KRRVH ZKHWKHU WR VHW DQ ZKHUH RU RU RQO
UDWLRQ DQG 5HPDLQLQJ UDWLRQ JLYHV D PRUH GHWDLOHG SGDWH IRU WKH WDVN ,I D WDVN QHHGV PRUH WLPH WR FRPSOHWH LQFUHDVH WKH
WKDQ M VW VLQJ &RPSOHWH RU :RUN &RPSOHWH :KHQ DQ 5HPDLQLQJ UDWLRQ
&KRRVH ZKHWKHU WR GR WKLV IRU WKH HQWLUH SURMHFW RU M VW WKH VHOHFWHG $FW DO )LQLVK GDWH LV HQWHUHG WKH WDVN ZLOO EH PDUNHG
WDVNV FRPSOHWHG DV RI WKH HQWHUHG GDWH ,I WKH ZRUN IRU D WDVN LV ,Q RUGHU WR SGDWH WKH SODQ VHOHFW WKH 7UDFNLQJ DQWW FRPELQHG
&OLFN 2. FRPSOHWHG DQG 5HPDLQLQJ UDWLRQ LV D YDOLG YDO H ]HUR R W ZLWK WKH 7UDFNLQJ WDEOH
5HYLHZ WKH FKDQJHV WR WKH SURMHFW VFKHG OH 7DVNV DUH QRZ FRP
SOHWHG WKUR JK
8SGDWh D WDVN LWk fWxDo 6WDUW fWxDo
xUDWLRQ DQG 5hPDLQLQj xUDWLRQ
(QV UH WKDW WKH 7UDFNLQJ DQWW DQG 7UDFNLQJ WDEOH DUH DSSOLHG
8SGDWH WKH $FW DO 6WDUW $FW DO )LQLVK $FW DO UDWLRQ DQG
5HPDLQLQJ UDWLRQ ILHOGV LQ WKH WDEOH IRU UHOHYDQW WDVNV
7,3 $Q FRO PQV WKDW DUH QRW VHG FDQ EH VDIHO KLGGHQ )RU
H[DPSOH SK VLFDO SHUFHQW FRPSOHWH LOO QRW EH VHG IRU WKH
WUDFNLQ FDOF ODWLRQV VR LW FDQ EH KLGGHQ LQ WKH YLH 7KH YDO HV V FK DV
&RPSOHWH DQG $FW DO )LQLVK GDWH LOO EH D WRPDWLFDOO FDOF ODWHG
8SGDWLQ &RPSOHWH IRU WKH HQWLUH SURMHFW DW RQFH 8SGDWH WKH HQWLUH SURMHFW DW RQFH 8SGDWLQ WDVNV LWK $FW DO 6WDUW $FW DO UDWLRQ DQG 5HPDLQLQ UDWLRQ
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
8SGDWh D WDVN LWk fWxDo 6WDUW fWxDo 8SGDWLQj WDVNV LWk DfWxDo RUN GRQh ShU ShULRG DQG UhPDLQLQj RUN
xUDWLRQ DQG 5hPDLQLQj xUDWLRQ (QWHULQJ DFW DO ZRUN FRPSOHWHG SHU SHULRG DQG UHPDLQLQJ 7R SGDWH WKH SODQ VLQJ DFW DO ZRUN KR UV VH WKH 7DVN 8VDJH
5HYLHZ WKH FKDQJHV WR WKH WDEOH DQG WKH 7UDFNLQJ DQWW ZRUN SURYLGHV D YHU GHWDLOHG DQDO VLV IRU WKH ZRUN SHUIRUPHG YLHZ RU WKH 5HVR UFH 8VDJH YLHZ DQG DGG WKH $FW DO :RUN YDO H
RQ D SURMHFW DQG LV VLPLODU WR WKH SURMHFW PDQDJHU HQWHULQJ KLV LQWR WKH GHWDLOV VHFWLRQ RI WKH YLHZ
UHVR UFHV WLPHVKHHWV LQWR WKH SURMHFW 7KLV PLJKW EH WRR P FK
ZRUN VR EHIRUH R VWDUW WKH SURFHVV HQV UH WKDW WKH WLPH VSHQW
FROOHFWLQJ DQG HQWHULQJ WKH GDWD M VWLILHV WKH ZD LQ ZKLFK R
SODQ WR VH WKH LQIRUPDWLRQ
7,3 ,I WKH WDVN VWDUWHG DV SODQQHG WKH $FW DO 6WDUW GRHV QRW
QHHG WR EH HQWHUHG ,QVWHDG WKH $FW DO 6WDUW GDWH LOO EH VHW WR
WKH SODQQHG VWDUW GDWH DV VRRQ DV WKH $FW DO UDWLRQ YDO H LV HQWHUHG
8SGDWLQ WDVNV LWK $FW DO 6WDUW $FW DO UDWLRQ DQG 5HPDLQLQ UDWLRQ 8SGDWLQ WDVNV LWK DFW DO RUN GRQH SHU SHULRG DQG UHPDLQLQ RUN 8SGDWH D WDVN ZLWK DFW DO ZRUN SHU WLPH SHULRG DQG UHPDLQLQJ ZRUN
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
8SGDWh D WDVN LWk DfWxDo RUN ShU WLPh 5hVfkhGxoLQj xQfRPSohWhG RUN WR D IxWxUh GDWh
ShULRG DQG UhPDLQLQj RUN $V R WUDFN WKH WDVNV LQ R U SURMHFW R PLJKW JHW WR D SRLQW FDQ EH VFKHG OHG 3URMHFW PDNHV WKLV YHU HDV IRU V DQG ZH
3UHVV WKH 5 NH DQG VHOHFW WKH ILHOG 5HPDLQLQJ :RUN ZKHUH D WDVN ZDV G H WR EH FRPSOHWHG E W UHPDLQV DW SHU FDQ FRPSOHWH WKLV WDVN VLQJ D IHZ NH VWURNHV $V LV RIWHQ WKH
FHQW FRPSOHWH ,Q RUGHU WR UHSUHVHQW ZKDW VKR OG KDSSHQ LQ FDVH LQ 3URMHFW VHWWLQJ S WKH ULJKW YLHZ SD V GLYLGHQGV VHWWLQJ
(QWHU WKH $FW DO :RUN YDO HV ZLWKLQ WKH GHWDLO SDQH IRU HDFK
UHDOLW WKH QFRPSOHWHG SRUWLRQ RI WKLV WDVN VKR OG EH PRYHG DQG GLVSOD LQJ WKH 6WDW V DWH JRHV D ORQJ ZD LQ KHOSLQJ R
UHVR UFH DQG WLPH SHULRG
LQWR WKH I W UH VR WKDW WKH UHPDLQLQJ SHUFHQW RI WKH ZRUN YLV DOL]H WKH UHV OW RI UHVFKHG OLQJ QFRPSOHWHG ZRUN
(QWHU WKH 5HPDLQLQJ :RUN YDO HV LQWR WKH HQWU WDEOH LI QHFHVVDU
5HYLHZ WKH FKDQJHV WR WKH SURMHFW SODQ
5hVfkhGxoh xQfRPSohWhG RUN WR D IxWxUh
GDWh
,Q WKH 3URMHFW WDE FOLFN WKH 8SGDWH 3URMHFW E WWRQ
&OLFN WKH RSWLRQ E WWRQ 5HVFKHG OH 8QFRPSOHWHG :RUN 7R 6WDUW
$IWHU
&OLFN 2.
5HYLHZ WKH FKDQJHV WR WKH SURMHFW VFKHG OH EHFD VH QFRPSOHWHG
ZRUN VFKHG OHG EHIRUH WKH 6WDW V DWH LV PRYHG WR WKH ULJKW RI LW
8SGDWLQ WDVNV LWK DFW DO RUN GRQH SHU SHULRG DQG UHPDLQLQ RUN 8SGDWH D WDVN ZLWK DFW DO ZRUN SHU WLPH SHULRG DQG UHPDLQLQJ ZRUN 5HVFKHG OLQ QFRPSOHWHG RUN WR D I W UH GDWH 5HVFKHG OH QFRPSOHWHG ZRUN WR D I W UH GDWH
83 7,1 1 5 3 11,1 83 7,1 1 5 3 11,1
0RYLQj WDVNV IRU DUG RU EDfN DUG LQ Wkh VfkhGxoh PhQGLQj UhPDLQLQj GxUDWLRQ DQG RUN hVWLPDWhV
ULQJ SDUW RI R U SODQQLQJ RU SURMHFW H[HF WLRQ R PLJKW ,W GRHVQ W PDNH WRR P FK GLIIHUHQFH ZKLFK YLHZ R VH ZKHQ 1RW RQO GR WDVNV VWDUW ODWH DQG JHW LQWHUU SWHG E W DOVR WKH ZRUN DQG UHPDLQLQJ G UDWLRQ IRU LQGLYLG DO WDVNV E W , ZDQWHG
ZDQW WR PRYH D VHOHFWLRQ RI WDVNV IRUZDUG RU EDFNZDUG LQ WLPH R PDNH WKHVH FKDQJHV KRZHYHU LW V EHVW SUDFWLFH WR VH WKH RULJLQDO G UDWLRQ DQG ZRUN HVWLPDWHV RIWHQ QHHG DPHQGLQJ (DU WR U Q WKUR JK WZR RWKHU RSWLRQV WR DPHQG WKHVH YDO HV
7KLV T LFNO DOORZV R WR FKDQJH SDUWV RI WKH VFKHG OH LQ 7UDFNLQJ DQWW WR UHYLHZ WKH FKDQJHV DJDLQVW WKH EDVHOLQH OLHU LQ WKLV VHFWLRQ WKH RSSRUW QLW DURVH WR VHW WKH UHPDLQLQJ
UHVSRQVH WR UHVR UFHV ZKR VD , OO VWDUW WKDW LQ WZR ZHHNV WLPH
7,3 ([WHQGLQ WKH G UDWLRQ LOO LQFUHDVH WKH RUN YDO H QOHVV
WKH WDVN W SH LV )L[HG :RUN
0RYLQ WDVNV IRU DUG RU EDFN DUG LQ WKH VFKHG OH 0RYH D WDVN $PHQGLQ UHPDLQLQ G UDWLRQ DQG RUN HVWLPDWHV ([WHQG WKH G UDWLRQ E GUDJJLQJ WKH DQWW %DU
83 7,1 1 5 3 11,1
7,3 ,QFUHDVLQ WKH RUN LOO LQFUHDVH WKH G UDWLRQ QOHVV WKH
WDVN W SH LV )L[HG UDWLRQ 7KH DGGLWLRQDO RUN LOO EH DVVL QHG
WR WKH UHVR UFHV DW WKH LQLWLDO UHVR UFH DOORFDWLRQ QLW YDO H
$PHQGLQ UHPDLQLQ G UDWLRQ DQG RUN HVWLPDWHV $PHQG WKH UHPDLQLQJ ZRUN LQ WKH ZRUN WDEOH
26,1 7 352- 7
RL SUR
6hWWLQj DQ UhPDLQLQj GxUDWLRQ RU RUN WR hUR
7KH UHPDLQLQJ G UDWLRQ DQG ZRUN IRU DOO WDVNV VKR OG EH ]HUR ,I :H ZLOO VH WKH ,QFRPSOHWH 7DVNV ILOWHU ZLWK WKH 7UDFNLQJ WDEOH WR
LW V QRW R FDQ W I OO VD WKDW SURMHFW LV FRPSOHWH 6HWWLQJ DQ YLHZ WKH WDVNV WKDW DUH QRW FRPSOHWH
UHPDLQLQJ G UDWLRQ DQG ZRUN WR ]HUR ZLOO DOVR VHW WKH &RP
SOHWH DQG :RUN &RPSOHWH WR
,Q WkLV VhfWLRQ
6hW UhPDLQLQj GxUDWLRQ WR hUR IRU LQfRPSohWh
SURMHFW VFKHG OH QHHGV WR EH SGDWHG G ULQ HDFK VWD H RI WKH OLIH ■ 6HWWLQ DQ UHPDLQLQ G UDWLRQ RU RUN WDVNV
F FOH DQG WKLV LV QR OHVV LPSRUWDQW DW WKH HQG RI WKH SURMHFW WKDQ LW WR ]HUR ,Q WKH 9LHZ WDE FOLFN WKH DQWW &KDUW E WWRQ WR VKRZ WKH DQWW
LV G ULQ WKH H[HF WLRQ SKDVH RI WKH SURMHFW ,W V LPSRUWDQW WR IRUPDOO ■ 6HWWLQ PLOHVWRQHV WR FRPSOHWH &KDUW YLHZ
FORVH WKH SURMHFW LQ RUGHU WR WLG S DQ ORRVH HQGV DQG WR UHYLH DQ 6HOHFW WKH 7UDFNLQJ WDEOH IURP WKH GURS GRZQ OLVW RQ WKH 7DEOHV
OHVVRQV OHDUQHG VR WKDW WKH FDQ EH DSSOLHG WR I W UH SURMHFWV 7LG LQ S ■ ,QDFWLYDWLQ QQHFHVVDU WDVNV
E WWRQ
ORRVH HQGV LQYROYHV PDNLQ V UH DQ WDVNV WKDW HUH RUNHG RQ KDYH ]HUR ■ &RPSDULQ WKH ILQDO VFKHG OH WR WKH
UHPDLQLQ RUN RU G UDWLRQ WKDW PLOHVWRQHV DUH VHW WR FRPSOHWH DVV PLQ EDVHOLQH
R DFKLHYHG WKHP DOO RI FR UVH DQG WKDW DQ WDVNV R SODQQHG WR GR ■ &RPSDULQ GLIIHUHQW SURMHFW YHUVLRQV
E W GLGQ W SHUKDSV G H WR D FKDQ H LQ VFRSH WKDW DV QHYHU I OO UHIOHFWHG
LQ WKH SODQ DUH GHDOW LWK ■ 6DYLQ D SODQ DV D WHPSODWH
LYHQ WKDW DW WKH HQG RI WKH SURMHFW R LOO KDYH VSHQW WLPH I OO SRS ODW
LQ R U :RUN %UHDNGR Q 6WU FW UH R PL KW DQW WR VDYH WKH SURMHFW DV
D WHPSODWH IRU I W UH VH
6HWWLQ DQ UHPDLQLQ G UDWLRQ RU RUN WR ]HUR 6HW UHPDLQLQJ G UDWLRQ WR ]HUR IRU LQFRPSOHWH WDVNV
26,1 7 352- 7 26,1 7 352- 7
6HWWLQ DQ UHPDLQLQ G UDWLRQ RU RUN WR ]HUR 6HW UHPDLQLQJ G UDWLRQ WR ]HUR IRU LQFRPSOHWH WDVNV 6HWWLQ PLOHVWRQHV WR FRPSOHWH 6HW D PLOHVWRQH WR FRPSOHWH
26,1 7 352- 7 26,1 7 352- 7
,QDfWLYDWh D WDVN
,Q WKH 9LHZ WDE FOLFN WKH DQWW &KDUW E WWRQ WR VKRZ WKH DQWW
&KDUW YLHZ
&KRRVH 0RUH )LOWHUV IURP WKH )LOWHU PHQ
6HWWLQ PLOHVWRQHV WR FRPSOHWH 6HW D PLOHVWRQH WR FRPSOHWH ,QDFWLYDWLQ QQHFHVVDU WDVNV ,QDFWLYDWH D WDVN
26,1 7 352- 7 26,1 7 352- 7
,I R VHW D EDVHOLQH DW WKH EHJLQQLQJ RI R U SURMHFW R ZLOO )LQLVK 9DULDQFH )LQLVK %DVHOLQH )LQLVK
EH DEOH WR FRPSDUH WKH F UUHQW SODQ WR WKH EDVHOLQH 3URMHFW KDV 8VHG WR VHH WKH YDULDQFH EHWZHHQ WKH
VHWV RI EDVHOLQH ILHOGV DOWKR JK D VLQJOH SURMHFW FDQ KDYH SODQQHG RU DFW DO ILQLVK GDWH DQG WKH EDVH
RQO RQH WU H EDVHOLQH 7KHVH VHWV RI EDVHOLQH GDWD DUH FDOOHG OLQH ILQLVK
%DVHOLQH %DVHOLQH %DVHOLQH DQG VR RQ WKUR JK WR %DVHOLQH
7KH YDULDQFH ILHOGV DOZD V FRPSDUH WKH F UUHQW ILHOGV ZLWK WKH :RUN 9DULDQFH :RUN %DVHOLQH :RUN
EDVHOLQH ILHOGV IRU H[DPSOH G UDWLRQ YDULDQFH LV WKH GLIIHUHQFH 8VHG WR VHH WKH YDULDQFH EHWZHHQ WKH
EHWZHHQ WKH EDVHOLQH G UDWLRQ DQG WKH G UDWLRQ 7KH YDULDQFH SODQQHG RU DFW DO ZRUN DQG WKH EDVHOLQH
ILHOGV DOORZ R WR HDVLO VHH KRZ WDVNV SHUIRUPHG LQ UHODWLRQ ZRUN
WR WKHLU HVWLPDWHV FRPPRQ YDULDQFHV VHG DUH UDWLRQ 9DUL
DQFH 6WDUW 9DULDQFH )LQLVK 9DULDQFH :RUN 9DULDQFH DQG &RVW &RVW 9DULDQFH &RVW %DVHOLQH &RVW
9DULDQFH
8VHG WR VHH WKH YDULDQFH EHWZHHQ WKH
SODQQHG RU DFW DO FRVW DQG WKH EDVHOLQH FRVW
87,21 7DVNV WKDW KDYH DFW DO YDO HV DVVRFLDWHG LWK WKHP 7R FRPSDUH WKH EDVHOLQH DJDLQVW WKH F UUHQW SODQ VH WKH 7UDFN
FDQ W EH LQDFWLYDWHG LQJ DQWW DQG WKH 9DULDQFH WDEOH
,QDFWLYDWLQ QQHFHVVDU WDVNV ,QDFWLYDWH D WDVN &RPSDULQ WKH ILQDO VFKHG OH WR WKH EDVHOLQH &RPSDUH WKH VFKHG OH WR WKH EDVHOLQH
26,1 7 352- 7 26,1 7 352- 7
7,3 0RYH WKH VSOLWWHU EDU WR WKH UL KW WR VHH DGGLWLRQDO 75 7 ,6 6DYH R U &RPSDULVRQ 5HSRUW DV D QRUPDO SODQ LQ 7,3 7KH &RPSDULVRQ 5HSRUW FDQ EH SULQWHG M VW OLNH DQ
FRO PQV RUGHU WR UHYLH LW DW D ODWHU GDWH VWDQGDUG SURMHFW VFKHG OH
&RPSDULQ WKH ILQDO VFKHG OH WR WKH EDVHOLQH &RPSDUH WKH VFKHG OH WR WKH EDVHOLQH &RPSDULQ GLIIHUHQW SURMHFW YHUVLRQV &RPSDUH WZR SURMHFWV