)XQFWLRQV
7KLVFRQWUROOHUKDVVL[W\SHVRIWHPSHUDWXUHFRQWUROIXQFWLRQ6HOHFWDFFRUGLQJWRW\SHDQGXVH
&DXWLRQ
7KHUDPSVRDNIXQFWLRQ
SDJHDQG69VHOHFWLRQIXQFWLRQ
SDJHFDQQRW
EHFRPELQHG
Ɣ7HPSHUDWXUH&RQWURO)XQFWLRQV
212))SRVLWLRQ
FRQWURO
7XUQVWKHFRQWURORXWSXW212))DFFRUGLQJWRWKHVL]HUHODWLRQVKLSRI39
DQG69&DQEXLOGDFRQWUROV\VWHPRXWRIVLPSOHHOHPHQWVVXFKDV665
6XLWDEOHZKHQDFFXUDF\LVQRWUHTXHVWHG
SDJH
3,'&RQWUROV
3,'FDOFXODWLRQDQGFRQWUROVSURFHHGDFFRUGLQJWRWKHSUHYLRXVO\VHW3,'
SDUDPHWHUV
3,'SDUDPHWHUVFDQEHVHWPDQXDOO\RUWKURXJKDXWRWXQLQJ$7
,WLVWKHPRVWEDVLFFRQWUROLQWKLVHTXLSPHQW
SDJH
)X]]\3,'&RQWURO
3,'FRQWUROZLWKIXQFWLRQWKDWUHGXFHVWKHDPRXQWRIRYHUVKRRWGXULQJ
FRQWURO,WLVHIIHFWLYHZKHQ\RXZDQWWRVXSSUHVVRYHUVKRRWZKHQ69LV
FKDQJHGHYHQLI\RXPD\WDNHDORQJWLPHWRUHDFKWKHWDUJHWYDOXH
SDJH
6HOIWXQLQJ&RQWURO
$XWRPDWLFDOO\FDOFXODWLQJ3,'FRQWURODFFRUGLQJWRWKHFRQWUROWDUJHWRU69
FKDQJH,WLVHIIHFWLYHZKHQWKHFRQWUROFRQGLWLRQVFKDQJHIUHTXHQWO\
SDJH
3,'&RQWURO
,QFDVHZKLFKWKHSRZHUVXSSO\RIWKHFRQWUROWDUJHWJRHV21ĺ2))ĺ
21WKLV3,'FRQWUROFDQVXSSUHVVWKHDPRXQWRIRYHUVKRRWGXULQJFRQWURO
WDUJHWWXUQV2))ĺ21
SDJH
GHJUHHVRIIUHHGRP
FRQWURO
6XSSUHVVHVWKHDPRXQWRIRYHUVKRRWGXULQJ3,'FRQWURO,WXVHV69¿OWHU
ZKLFKLVHIIHFWLYHLQUHGXFLQJRYHUVKRRWDIWHUD69FKDQJHRUDWVWDUWXS
SDJH
212))SRVLWLRQ&RQWURO
$FWVDVDQ212))FRQWUROZKHQ
212)) FRQWURO VZLWFKHV WKH FRQWURO RXWSXW WR 21 RU 2)) DFFRUGLQJ WR WKH VL]H
UHODWLRQVKLSRI39DQG697KHRXWSXWK\VWHUHVLVFDQEHVHWXQGHUWKHSDUDPHWHU
5HYHUVH2SHUDWLRQKHDWFRQWURO
0HWKRGXVHGWRFRQWUROWKHHOHFWULFDOKHDWLQJIXUQDFH6HWWKHK<6WRDQDSSURSULDWHYDOXHDFFRUGLQJ
WRWKHFRQWUROWDUJHW
3DUDPHWHU
6HWYDOXH
R1R)
UY
DUELWUDU\IDFWRU\VHWWLQJ&
1RUPDO2SHUDWLRQFRROLQJFRQWURO
0HWKRGXVHGWRFRQWUROWKHFRROLQJPDFKLQH
3DUDPHWHU
6HWYDOXH
R1R)
QR
DUELWUDU\IDFWRU\VHWWLQJ&
)X]]\3,'&RQWURO
5HODWHGWRQRUPDO3,'FRQWUROVIX]]\3,'FRQWURODFWVZLWKVPDOORYHUVKRRW
<RXZLOOQHHGWRUXQDXWRWXQLQJWRVHWWKH3,'SDUDPHWHUZKHQXVLQJIX]]\FRQWURO
6HWWLQJIX]]\3,'FRQWURO
'LVSOD\WKHV\VWHPPHQX
'LVSOD\WKHFRQWUROSDUDPHWHU
DQGFKRRVHIX]]\
3UHVVWKH
NH\WRVHWWKHYDOXH
5HIHUWR
)RUPRUHGHWDLOVRQDXWRWXQLQJVHH$XWRWXQLQJSDJH
6HOIWXQLQJ&RQWURO
6HOIWXQLQJ&RQWUROLVDFRQWUROZKLFKDXWRPDWLFDOO\FDOFXODWHVWKHYDOXHRI3,'XQGHUWKHFRQGLWLRQ
WKDWWKHFRQWUROWDUJHWRUVHWYDOXH69FKDQJHV
6HOIWXQLQJLVHVSHFLDOO\HIIHFWLYHIRUVLWXDWLRQVZKHQDKLJKOHYHORIFRQWUROLVQRWQHHGHGEXWDXWR
WXQLQJFDQQRWEHUXQGXHWRIUHTXHQWFKDQJHVLQWKHFRQWUROWDUJHWFRQGLWLRQV
3RLQW
:KHQDKLJKOHYHORIFRQWUROLVUHTXLUHGFKRRVH3,'FRQWUROIX]]\3,'FRQWURORU3,'
FRQWURO
&RQGLWLRQVZKHUHVHOIWXQLQJFDQEHXVHG
6HOIWXQLQJLVXVHGLQWKHIROORZLQJVLWXDWLRQV
Ɣ:KHQWHPSHUDWXUHULVHVZKHQWKHSRZHULVWXUQHGRQ
Ɣ:KHQWHPSHUDWXUHULVHVZKHQ69FKDQJHVRUZKHQWKHFRQWUROOHUGHFLGHVLWLVQHFHVVDU\
Ɣ:KHQWKHFRQWUROOHUGHFLGHVLWLVQHFHVVDU\EHFDXVHWKHFRQWUROVKDYHEHFRPHXQVWDEOH
&RQGLWLRQVZKHUHVHOIWXQLQJFDQQRWEHXVHG
6HOIWXQLQJFDQQRWEHXVHGLQWKHIROORZLQJVLWXDWLRQV
Ɣ'XULQJFRQWUROVWDQGE\
Ɣ'XULQJDXWRWXQLQJ
Ɣ'XULQJUDPSVRDNSURJUHVV
Ɣ:KHQWKHUHLVHUURULQSXW
Ɣ:KHQVHWIRUGXDORXWSXW
Ɣ:KHQDQ\RIWKH3,'$USDUDPHWHUVDUHVHWWRPDQXDO
Ɣ'XULQJPDQXDOPRGH
Ɣ'XULQJVRIWVWDUWSURJUHVV
&RQGLWLRQVWRKDOWVHOIWXQLQJ
+DOWVHOIWXQLQJLQWKHIROORZLQJVLWXDWLRQV
Ɣ:KHQWKHUHLVDFKDQJHLQ697KLVLQFOXGHVWKHFDVHZKHUH69FKDQJHVEHFDXVHRIWKHUDPS
VRDNIXQFWLRQUHPRWH69IXQFWLRQRUUDPS69
Ɣ:KHQVHOIWXQLQJKDVQRW¿QLVKHGDIWHUUXQQLQJIRUQLQHRUPRUHKRXUV
6HWWLQJVHOIWXQLQJ
7XUQRQSRZHURIWKHFRQWUROOHUDQGVHWWKH69
'LVSOD\WKHV\VWHPPHQX
'LVSOD\WKHFRQWUROOHUSDUDPHWHU
DQGFKRRVHVHOIWXQLQJ
3UHVVWKH
NH\WRVHWWKHYDOXH
7XUQRIISRZHURIWKHFRQWUROOHU
7XUQRQSRZHURIWKHFRQWUROWDUJHWHTXLSPHQWDQGWKHFRQWUROOHU7XUQRQSRZHURIWKHFRQWURO
HTXLSPHQW¿UVW6HOIWXQLQJZLOOEHJLQ
GHDGWLPH
W
SURFHVVYDOXH
WXQLQJ
69
ODJWLPH
3RLQW
Ɣ 7KHHTXLSPHQWZLOOQRWWXQHFRUUHFWO\LISRZHURIWKHFRQWUROOHULVWXUQHGRQILUVW
Ɣ 7RUHVHWVHOIWXQLQJVHWWKHFRQWUROPHWKRGWR3,'
RQFHEHIRUHFKDQJLQJEDFNWR
VHOIWXQLQJ
39
21
2))
FRQWURORXWSXW
W
69
SURFHVVYDOXH
3969
39!69
+<6
3969
39!69
39
21
2))
FRQWURORXWSXW
W
69
SURFHVVYDOXH
+<6
3RLQW
Ɣ 'XULQJ212))FRQWUROWKH3,DQG'VHWWLQJVGRQRWDIIHFWFRQWURO
Ɣ 7KHPDQXDORSHUDWLRQGXULQJ212))FRQWUROZLOOEHFRPH09 ZKHQWKH
NH\LVSUHVVHGDQG09 ZKHQWKH NH\LVSUHVVHG
Ɣ ,I WKH K\VWHUHVLV ZLGWK LV QDUURZ DQG 39 DQG 69 DUH QHDUO\ HTXDO WKH RXWSXW PD\
IUHTXHQWO\VZLWFK21DQG2))1RWHWKDWLWPD\DIIHFWWKHRSHUDWLRQOLIHRIWKHFRQWDFW
RXWSXW
3,'&RQWUROV
3,' FRQWUROV UXQ DV ORQJ DV WKH SDUDPHWHU LV VHW WR
7KH 3,' FRQWUROV
FDOFXODWH3,'EDVHGRQWKHVHWYDOXHVIRUSDUDPHWHUV DQG
DQGRXWSXWWKHFDOFXODWHG
UHVXOWWR
(DFKSDUDPHWHUFDQEHVHWHLWKHUE\PDQXDOO\WXQLQJWKHYDOXHVRUE\UXQQLQJDXWRWXQLQJ$7WR
DXWRPDWLFDOO\VHWWKHYDOXHV
5HIHUWR
)RUPRUHGHWDLOVRQDXWRWXQLQJVHH$XWRWXQLQJSDJH
'LVSOD\WKHV\VWHPPHQX
'LVSOD\WKHFRQWUROSDUDPHWHU
DQGFKRRVH3,'FRQWUROV
3UHVVWKH
NH\WRVHWWKHYDOXH
