&XVWRPHUFDUHDQGZDUUDQW\
1RWH
$UHGRUEOXHEULJKWGRWPXVWEHPRUHWKDQ
SHUFHQWEULJKWHUWKDQQHLJKERULQJGRWVZKLOH
DJUHHQEULJKWGRWLVSHUFHQWEULJKWHUWKDQ
QHLJKERULQJGRWV
%ODFN'RW'HIHFWV
%ODFNGRWGHIHFWVDSSHDUDVSL[HOVRUVXESL[HOV
WKDWDUHDOZD\VGDUNRUjRIIj7KDWLVDGDUNGRWLV
DVXESL[HOWKDWVWDQGVRXWRQWKHVFUHHQZKHQ
WKHPRQLWRUGLVSOD\VDOLJKWSDWWHUQ7KHVHDUH
WKHW\SHVRIEODFNGRWGHIHFWV
3UR[LPLW\RI3L[HO'HIHFWV
%HFDXVHSL[HODQGVXESL[HOVGHIHFWVRIWKH
VDPHW\SHWKDWDUHQHDUWRRQHDQRWKHUPD\EH
PRUHQRWLFHDEOH3KLOLSVDOVRVSHFLILHVWROHUDQFHV
IRUWKHSUR[LPLW\RISL[HOGHIHFWV
3L[HO'HIHFW7ROHUDQFHV
,QRUGHUWRTXDOLI\IRUUHSDLURUUHSODFHPHQW
GXHWRSL[HOGHIHFWVGXULQJWKHZDUUDQW\SHULRG
D7)70RQLWRUSDQHOLQD3KLOLSVIODWSDQHO
PRQLWRUPXVWKDYHSL[HORUVXESL[HOGHIHFWV
H[FHHGLQJWKHWROHUDQFHVOLVWHGLQWKHIROORZLQJ
WDEOHV
%5,*+7'27'()(&76
$&&(37$%/(/(9(/
OLWVXESL[HO
DGMDFHQWOLWVXESL[HOV
DGMDFHQWOLWVXESL[HOVRQHZKLWHSL[HO
'LVWDQFHEHWZHHQWZREULJKWGRWGHIHFWV
!PP
7RWDOEULJKWGRWGHIHFWVRIDOOW\SHV
%/$&.'27'()(&76
$&&(37$%/(/(9(/
GDUNVXESL[HO
RUIHZHU
DGMDFHQWGDUNVXESL[HOV
RUIHZHU
DGMDFHQWGDUNVXESL[HOV
'LVWDQFHEHWZHHQWZREODFNGRWGHIHFWV
!PP
7RWDOEODFNGRWGHIHFWVRIDOOW\SHV
RUIHZHU
727$/'27'()(&76
$&&(37$%/(/(9(/
7RWDOEULJKWRUEODFNGRWGHIHFWVRIDOOW\SHV
RUIHZHU
1RWH
RUDGMDFHQWVXESL[HOGHIHFWV GRWGHIHFW
7KLVPRQLWRULV,62FRPSOLDQW,62(UJRQRPLFUHTXLUHPHQWDQDO\VLVDQG
FRPSOLDQFHWHVWPHWKRGVIRUHOHFWURQLFYLVXDOGLVSOD\V
