5HY
$X[LOLDU\FRQWUROVRQ\RXU=RQHOLQH
86,1*7+(=21(/,1(
02'( $OO(HDW$=RQO\
7KLVHOHFWULFKHDWRSWLRQIXQFWLRQVRQO\RQWKH$=
PRGHO:KHQWKLVRSWLRQLV21³ ´KHDWSXPS
RSHUDWLRQLVORFNHGRXWFDXVLQJWKHXQLWWRSURYLGHRQO\
HOHFWULFUHVLVWDQFHKHDW
7RVHW
$OO(HDW
RSWLRQSUHVV02'(XQWLODQ
DSSHDUVLQWKHILUVWGLJLWRIWKHGLVSOD\3UHVVWKHRU
SDGWRVHWWKLVVZLWFKWR2))³ ³RU21³ ´7KLVLV
VKRZQLQWKHVHFRQGGLJLWRIWKHGLVSOD\
3UHVV
$8;6(7
WRORFNLQ\RXUVHOHFWLRQDQGH[LW
$8;
6(7
PRGHRUSUHVV
02'(
WRFRQWLQXHVHWWLQJRWKHU
IXQFWLRQV
7KHGHIDXOWVHWWLQJIRU0RGHLV2))
02'( +HDW%RRVW$=RQO\
:KHQ
+HDW%RRVW
LV21DQGRXWVLGHWHPSHUDWXUHVDUH
EHWZHHQ)DQG)VXSSOHPHQWDU\HOHFWULFKHDWWR
WKHKHDWSXPSRSHUDWLRQWRKHOSPDLQWDLQDFRQVLVWHQW
FRPIRUWDEOHURRPWHPSHUDWXUH
7RVHW+HDW%RRVWSUHVV
02'(
XQWLODDSSHDUVLQWKH
ILUVWGLJLWRIWKHGLVSOD\3UHVVWKHRUSDGWRVHWWKLV
VZLWFKWR2))³ ³RU21³ ´7KLVLVVKRZQLQWKH
VHFRQGGLJLWRIWKHGLVSOD\3UHVV
$8;6(7
WRORFNLQ
\RXUVHOHFWLRQDQGH[LW
$8;6(7
PRGH
7KHGHIDXOWVHWWLQJIRU0RGHLV2))
$OO
(OHFWULF
+HDW2))
$OO
(OHFWULF
+HDW21
+HDW%RRVW2))
+HDW%RRVW21
02'(
'LJLWDO0DNHXS$LU0RGXOH)DQ6SHHG
3UHVV
02'(
XQWLODDSSHDUVLQWKHILUVWGLJLWRIWKHGLVSOD\
IRUWKH'LJLWDO0DNHXS$LUPRGH7RWXUQRIIWKHPRGXOHRU
FKDQJHWKHIDQVSHHGVSUHVVWKHRUSDGLQGLFDWHV
WKHPRGXOHLVRII PRGXOHRQZLWKIDQVVHWDWFIP
PRGXOHRQZLWKIDQVVHWDWFIPHWF
7KHGHIDXOWVHWWLQJIRU0RGHLV21ZLWKDIDQVSHHGRI
FIP³ ³
02'((
'LJLWDO0DNHXS$LU0RGXOH2FFXSDQF\
7RHQDEOHRFFXSDQF\GHWHFWLRQSUHVV02'(XQWLODQ(
DSSHDUVLQWKHILUVWGLJLWRIWKHGLVSOD\3UHVVWKHRUSDG
WRVHWRFFXSDQF\GHWHFWLRQWR2))³ ´RU21³ ´
7KHGHIDXOWVHWWLQJIRU0RGH(LV2))³ ´
02'(3
(QJLQHHULQJ5HYLVLRQ6HWXS
7KLVVHWWLQJLVXVHGWRFRQILJXUHWKHXQLWZKHQWKHFLUFXLW
ERDUGLVUHSODFHG
7KHILUVWWLPHWKHXQLWLVSRZHUHGDIWHUDVHUYLFHERDUGLV
LQVWDOOHGWKHXQLWZLOODXWRPDWLFDOO\HQWHUWKLVPRGH7KH8,
ZLOOUHDG³3´3UHVVWKH³´SDGXQWLOWKHQXPEHUPDWFKHV
WKHHQJLQHHULQJUHYLVLRQDVVKRZQ7KHHQJLQHHULQJUHYLVLRQ
LVWKHODVWQXPEHULQWKHPRGHOQXPEHU3UHVV³$X[´WR
VDYHDQGH[LW
7KHHQJLQHHULQJUHYLVLRQPD\EHDGMXVWHGDIWHUWKHILUVW
SRZHUF\FOHXVLQJ$8;6(73UHVV02'(XQWLO³3´
DSSHDUVLQWKHILUVWGLJLWDQGIROORZWKHVWHSVGHVFULEHG
DERYH
1RPHQFODWXUH([DPSOH
AZ45E09DABW2
(QJLQHHULQJ5HYLVLRQ