.5$0(5(/(&7521,&6/7'
DXGLRGLVSOD\7KH$8',2DQG7$.(EXWWRQVEOLQNDVZHOOZKLFKPHDQVWKDWWKHDXGLRFRQ LJXUDWLRQ
ZLOOEHPRGL LHG RU$)9RSHUDWLRQ3UHVVWKH7$.(EXWWRQWRFRQ LUPWKHPRGL LFDWLRQ
6WRULQJD&RQILJXUDWLRQ
7RVWRUH D FRQ LJXUDWLRQ SUHVVWKH 672EXWWRQ ROORZHGE\ RQH R WKHLQSXWEXWWRQV WRPDUNWKH
VHWXSQXPEHU)RUH[DPSOHSUHVV 672 ROORZHGE\,1387EXWWRQWRVWRUHWKHFXUUHQWFRQ LJXUDWLRQ
LQ6 WXSLQWKHLQWHUQDOQRQYRODWLOHPHPRU\R WKHVZLWFKHU7RDERUWDQRSHUDWLRQR WKH 672EXWWRQ
RQFHLWZDVSUHVVHGSUHVVLWDJDLQ
5 FDOOLQJD&RQILJXUDWLRQ
7RUHFDOODFRQ LJXUDWLRQSUHVVWKH 5&/EXWWRQ ROORZHGE\RQHR WKHLQSXWEXWWRQV PDUNLQJWKH
VHWXS QXPEHU )RU H[DPSOH SUHVV 5&/ ROORZHG E\ ,1387 EXWWRQWR UHFDOO 6 WXS URPWKH
LQWHUQDO QRQYRODWLOH PHPRU\ R WKH VZLWFKHU 7R DERUW DQ RSHUDWLRQ R WKH 5&/ EXWWRQ RQFH LW ZDV
SUHVVHGSUHVVLWDJDLQ
' O WLQJD6 WXS
7RGHOHWHDVHWXSSUHVVERWKWKH 672DQGWKH5&/EXWWRQV ROORZHGE\WKHLQSXWEXWWRQFRUUHVSRQGLQJ
WRWKHVHWXSQXPEHUZKLFKLVWREHGHOHWHG
8VLQJWK 7DN )XQFWLRQ
7R DFWLYDWH WKH 7DN )XQFWLRQ SUHVV WKH 7$.( EXWWRQ WKH7$.(
EXWWRQ LOOXPLQDWHV $ WHU HDFK
SUHVVLQJR WKHDERYHPHQWLRQHGEXWWRQVWKH7$.(EXWWRQEOLQNVWRJHWKHUZLWKWKHUHOHYDQWQXPEHUVLQ
WKH67$786GLVSOD\&RQ LUPDWLRQ R WKHDFWLRQ LV LPSOHPHQWHGE\SUHVVLQJ WKH 7$.(EXWWRQDJDLQ
WKH7$.(EXWWRQWKHQVWRSVEOLQNLQJ, WKH 67$786GLVSOD\NHHSVRQEOLQNLQJ RURQHPLQXWHQR
EXWWRQLVSUHVVHGWKH XQFWLRQZLOOEHDERUWHG7RDERUWLPSOHPHQWLQJDQRSHUDWLRQLQ³ 7DN ´PRGH
SUHVVWKDWEXWWRQZKLFKRULJLQDOO\FDXVHGWKHGLVSOD\WREOLQN
5 V WWLQJWK 0DFKLQ
:KHQ WKH PDFKLQH LV LUVW WXUQHG RQ WKH VHYHQ VHJPHQW /(' GLVSOD\ ZLOO VKRZ WKH PDFKLQH W\SH ±
GLVSOD\LQJ³´DQGWKHWZRULJKWGLJLWVZLOOGLVSOD\WKHVR WZDUHYHUVLRQ)RUH[DPSOHZKHQWKHWZR
ULJKWGLJLWVZLOOGLVSOD\DWWXUQRQWKHGLJLWVLWLQGLFDWHVWKDWWKHVR WZDUHYHUVLRQ LUPZDUHEXLOWLQ
WKH PDFKLQH LV YHUVLRQ 7R UHVHW WKH PDFKLQH SUHVV ,13876 EXWWRQV ³´ ³´ DQG ³´
VLPXOWDQHRXVO\7KHPDFKLQHUHVHWVLWVHO DQGWKHYLGHRDQGDXGLR VHJPHQWGLVSOD\ZLOOGLVSOD\ RUD
HZVHFRQGVWKHDERYHPHQWLRQHGVHWR QXPEHUVDVRQ LUVWWXUQ RQ
8VLQJWK %DFN3DQ O&RQWUROV
7KHVZLWFKHU,'QXPEHUVDQGWKH56 56VHWWLQJVDUHDOOFRQ LJXUHGRQWKHEDFNSDQHOR WKH
PDFKLQHDVZLOOEHH[SODLQHGODWHU
6 WWLQJWK &RQILJXUDWLRQ6ZLWFK V
6HWWLQJWKHFRQ LJXUDWLRQVZLWFKHVLVDFFRPSOLVKHGWKURXJKDEDQNR ',3VZLWFKHVORFDWHGRQWKHEDFN
SDQHO R HDFK PDWUL[ VZLWFKHU 7DEOH GHVFULEHV WKH VHWWLQJV DQG FRQ LJXUDWLRQV RU HDFK R WKH ',3
VZLWFKHV7RVHWWKHFRQ LJXUDWLRQVZLWFKHVFRQ LUPWKDWSRZHUWRWKHPDWUL[VZLWFKHULV2))DQGZLWK
DVPDOO ODWKHDGVFUHZGULYHUPRYHWKH',3VZLWFKHVWRWKH 21RU2))SRVLWLRQDVVKRZQLQ7DEOH
DQG )LJXUH 0DVWHU6ODYH ',3VZLWFKHV FRQ LJXUH WKH PDWUL[ VZLWFKHU RU RSHUDWLR Q LQ D PXOWLSOH
VZLWFKHUFRQ LJXUDWLRQ, DPDWUL[VZLWFKHULVRSHUDWLQJDQGEHLQJFRQWUROOHGLQGHSHQGHQWO\LWVKRXOGEH
DVVXPHGWKDWLWLVRSHUDWLQJLQWKH³0DVWHU´FRQ LJXUDWLRQ
8S WR PDWUL[ VZLWFKHUV PD\ EH FDVFDGHG RU FRQWURO YLD D VLQJOH SRUW E\ FRQ LJXULQJ RQH PDWUL[
VZLWFKHUDVDPDVWHURU,'QXPEHU ZKLOHDOOWKHRWKHUVDUHDVVLJQHGDVVODYHPDWUL[VZLWFKHUVRU
DQ,' RWKHU WKDQ :KHQ 56FRQQHFWLRQ LV LPSOHPHQWHG',3VZLWFK DOORZV \RX WR HQDEOH
56 FRPPXQLFDWLRQ EHWZHHQ WKH PDWUL[ VZLWFKHU DQG WKH 3& 7KLV LV GHVLUDEOH VR WKDW WKH
FRQWUROOLQJ GHYLFH ³NQRZV´ WKDW WKH FRQWUROOHG GHYLFH KDV FDUULHG RXW LWV LQVWUXFWLRQV :KHQ 56
FRQQHFWLRQLVXVHG RUFRPPXQLFDWLRQEHWZHHQWKHPDWUL[VZLWFKHUDQGWKH3& ',3VZLWFKVKRXOG