3UDFWLFH4XHVWLRQV
%LRJHRFKHPLFDO4XHVWLRQV
+XPDQDFWLYLWLHVKDYHGUDPDWLFDOO\FKDQJHGWKHZDWHU
F\FOHE\
7KHSULPDU\HQYLURQPHQWDODELRWLFFDUERQVRXUFHIRU
WKHFDUERQF\FOHLV
$
%
&
'
(
,LQFUHDVLQJLQILOWUDWLRQ
,,LQFUHDVLQJVXUIDFHUXQRII
,,,LQFUHDVLQJFRQGHQVDWLRQ
$ ,RQO\
& ,,,RQO\
( ,,DQG,,,RQO\
% ,,RQO\
' ,DQG,,RQO\
$ EXUQLQJIRVVLOIXHOV % GHFRPSRVLWLRQ
& UHVSLUDWLRQ
' DVVLPLODWLRQ
( DFLGUDLQ
$ FKORURSODVWV
& KHWHURF\VWV
( QLWURO\VRVRPHV
,LVFRQGHQVHGWRIRUPOLPHVWRQH
,,LVIRXQGLQVKHOOVDQGVNHOHWRQVRIPDULQH
RUJDQLVPV
,,,LVXVHGIRUSODQWVDVDPDMRUVRXUFHRIQXWULWLRQ
,,VSRZHUHGE\HQHUJ\IURPWKHVXQ
DQGJUDYLW\
,,,QYROYHVRQO\OLTXLGDQGJDVHRXV
SKDVHV
,,,,VH[SHFWHGWRFHDVHGXHWRJOREDO
ZDUPLQJ
$ ,RQO\
& ,DQG,,RQO\
( ,,,DQG,,,
$ WKH\GRQ
WKDYHDJDVHRXVSKDVH
% WKH\DUHQ
WDVHDVLO\DVVLPLODWHGDVQLWUDWHVDUHE\
SODQWV
& WKH\RIWHQIRUPLQVROXEOHFRPSRXQGV
' WKH\KDYHQRDQWKURSRJHQLFVRXUFH
( WKH\DUHUHODWLYHO\XQVWDEOHPROHFXOHV
% ERQHV
' VKHOOV
1LWURJHQIL[LQJEDFWHULDZRXOGPRVWOLNHO\EHIRXQGLQ
QRGXOHVRQWKHURRWVRI
7KHPDMRUUHVHUYRLUVRISKRVSKRUXVDQGFDUERQLQWKH
OLWKRVSKHUHH[LVWLQZKDWIRUPVUHVSHFWLYHO\"
$ $WPRVSKHUHURFNV % 5RFNVYHJHWDWLRQ
& 5RFNVDWPRVSKHUH ' $QLPDOVURFNV
( $QLPDOVDQLPDOV
$ 2SSRUWXQLVWLFSODQWV % 3LQHWUHHV
& 6KUXEV
' *UDVV
( /HJXPHV
,QWKHQLWURJHQF\FOHWKHSULPDU\DELRWLFQLWURJHQ
VRXUFHLVDUH
7KHDPRXQWRIDWPRVSKHULFFDUERQFRQVXPHGLQ
SKRWRV\QWKHVLVLV
%
&
'
(
:KDWSHUFHQWDJHRIWKHZDWHURQ(DUWKLVXQVXLWDEOH
IRUKXPDQXVH"
$
%
&
'
% ,,RQO\
' ,DQG,,,RQO\
3KRVSKDWHVDUHRIWHQWKHOLPLWLQJIDFWRUIRUDTXDWLF
HFRV\VWHPVEHFDXVH
% ,,RQO\
' ,DQG,,RQO\
3KRVSKRURXVLVIRXQGLQDOORIWKHIROORZLQJH[FHSW
$
% ULERVRPHV
' QLWURF\VWV
&D&2 LVWKHFRPSRXQGRIFDUERQWKDW
7KHZDWHUF\FOH
$ DWPRVSKHUH
& FHOOPHPEUDQHV
( WHUUHVWULDOURFNV
WKHFDUERQGLR[LGHLQWKHZDWHU
WKHFDUERQPRQR[LGHLQWKHDLU
WKHFDUERQPRQR[LGHLQWKHZDWHU
WKHFDUERQGLR[LGHLQSODQWV
1LWURJHQIL[DWLRQE\F\DQREDFWHULDRFFXUVZLWKLQWKHLU
&DUERQLVUHOHDVHGEDFNLQWRWKHHQYLURQPHQWE\DOORI
WKHIROORZLQJSURFHVVHV(;&(37
$ ,RQO\
& ,,,RQO\
( ,,,DQG,,,
WKHFDUERQGLR[LGHLQWKHDLU
(
3DJH
$ WKHDWPRVSKHUH
& WKHVRLO
( SODQWV
% WKHRFHDQ
' QXWULHQWV
:KLFKRIWKHIROORZLQJLVWUXHRIDQDUWHVLDQDTXLIHU"
$ ,WLVIRXQGXQGHUOD\HUVRISRURXVURFN
% ,WVZDWHULVFRQVLGHUHGDUHQHZDEOHUHVRXUFH
& ,WLVUHSOHQLVKHGE\VXUIDFHZDWHUSHUFRODWLQJDWD
,QRUGHUWRFODVVLI\JURXQGZDWHUDVDUHQHZDEOH
UHVRXUFHZKLFKRIWKHIROORZLQJPXVWEHWUXH"
$ 7KHUDWHRISUHFLSLWDWLRQPXVWEHJUHDWHUWKDQRU
HTXDOWRWKHUDWHRIWUDQVSLUDWLRQ
% 7KHUDWHRILQILOWUDWLRQPXVWEHJUHDWHUWKDQRU
HTXDOWRWKHUDWHRISHUFRODWLRQ
& 7KHUDWHRILQILOWUDWLRQPXVWEHJUHDWHUWKDQRU
GLVWDQWVLWH
' 7KHZDWHUWDEOHLVWKHDTXLIHU
VKLJKHVWOLPLW
( 7KHDTXLIHULVQDWXUDOO\UHSOHQLVKHGZLWKLQILYH
\HDUV
HTXDOWRWKHUDWHRIXVH
' 7KHUDWHRIDGYHFWLRQPXVWEHJUHDWHUWKDQRU
HTXDOWRWKHUDWHRIVXEOLPDWLRQ
( 7KHUDWHRIVXEOLPDWLRQPXVWEHJUHDWHUWKDQRU
HTXDOWRWKHUDWHRIFRQGHQVDWLRQ
+XPDQGLVUXSWLRQRIWHQSUHYHQWVSKRVSKDWHVDEVRUEHG
E\SODQWVIURPUHWXUQLQJWRWKHLURULJLQDOVRLO,QVWHDG
WKHVHSKRVSKDWHVWHQGWRDFFXPXODWHLQ
$ LQGXVWULDOZDVWH
& QXFOHDUZDVWH
( XQFXOWLYDWHGODQG
% KXPDQVHZDJH
' URFNV
7KHJUHDWHVWVRXUFHRIVXOIXUUHOHDVHLQWRWKH
HQYLURQPHQWLVDUH
$
%
&
'
(
+XPDQVFRQWULEXWHWRWKHLQFUHDVHGVXOIXULQWKH
DWPRVSKHUHE\
$ DGGLQJK\GURJHQVXOILGHLQWRFRPPHUFLDO
IHUWLOL]HUV
% EXUQLQJFRDODQGRLOWRSURGXFHHOHFWULFSRZHU
& FXWWLQJGRZQWUHHVDQGLQFUHDVLQJHURVLRQRI
VHGLPHQWVFRQWDLQLQJVXOIXU
' SURGXFLQJGLPHWK\OVXOILGHDVDFRPPHUFLDO
IHUWLOL]HU
( EHLQJGHFD\HGE\DHURELFGHFRPSRVHUVDVGHDG
PDWWHUDQGUHOHDVLQJK\GURJHQVXOILGH
$
%
&
'
(
% +\GURJHQ
' &DUERQ
$
%
&
'
(
%RQH9DOOH\)ORULGD
:HOFK3LW0LQQHVRWD
:KLWH)DOOV,QGLDQD
&UDWHU/DNH2UHJRQ
*UHDW*XOFK3DVV$UL]RQD
3UHFLSLWDWLRQDQGFURSKDUYHVWLQJ
&URSKDUYHVWLQJUHVSLUDWLRQ
3UHFLSLWDWLRQZHDWKHULQJRIURFNV
:HDWKHULQJRIURFNVUHVSLUDWLRQ
6RLOHURVLRQOHDFKLQJ
6XOIXUPD\EHUHOHDVHGLQWRWKHHQYLURQPHQWDV
$
%
&
'
(
([FHVVQLWURJHQDGGHGLQWRWKHQLWURJHQF\FOHE\
KXPDQSURGXFHGIHUWLOL]HUVFDXVHV
$ JURXQGZDWHUFRQWDPLQDWLRQ
% KLJKFRQFHQWUDWLRQRIQLWURJHQRQO\LQIHUWLOL]HG
DUHDV
& LQFUHDVHGVRLOS+
' RYHUSRSXODWLRQE\ILVKLQODNHVDQGULYHUV
( SRLVRQLQJRIDOJDHSRSXODWLRQVLQODNHV
YROFDQLFHUXSWLRQV
1XWULHQWVFDQHQWHUDQGOHDYHWKHHFRV\VWHP
UHVSHFWLYHO\WKURXJKZKLFKWZRZD\V"
% GD\V
' PRQWKV
:KLFKRIWKHIROORZLQJHOHPHQWVLVPRVWDEXQGDQWLQ
WKHWURSRVSKHUH"
$ 1LWURJHQ
& 2[\JHQ
( +HOLXP
IRVVLOIXHOFRPEXVWLRQ
0RUHWKDQWKUHHIRXUWKVRI86SKRVSKDWHSURGXFWLRQ
LVSURYLGHGE\
$WPRVSKHULFZDWHULVQRUPDOO\UHF\FOHGHYHU\
$ GD\V
& GD\V
( \HDUV
DQLPDODQGSODQWELRPDVVGHFRPSRVLWLRQ
GHHSVHDYHQWV
HURVLRQ
7KHSHUFHQWDJHRIWKHDWPRVSKHUHWKDWLVFRPSRVHGRI
QLWURJHQJDVLVFORVHVWWR
$
3DJH
%
&
'
(
7KHDPRXQWRIFDUERQLQWKHDWPRVSKHUHDQG
SDUWLFLSDWLQJLQWKHFDUERQF\FOHLVOLPLWHGE\FDUERQ
VLQNVWKHODUJHVWRIZKLFKLV
$
%
&
'
(
,LQWKHJDVHRXVSKDVH
,,LQDQR[LGL]HGVWDWH
,,,LQFRPSRXQGVZLWKPHWDOV
GLVVROYHGFDUERQGLR[LGHLQWKHRFHDQ
IRVVLOIXHO
RUJDQLFPDWWHULQVRLO
$ ,RQO\
& ,,,RQO\
( ,,DQG,,,RQO\
ORQJOLYHGWUHHV
VHGLPHQWDU\URFN
9ROFDQRHVDQGJH\VHUVHUXSWLRQV
:HDWKHULQJRIURFNVDQGPLQHUDOV
%XUQLQJRIIRVVLOIXHOV
$ WKHFRQFHQWUDWLRQVRIZDWHULQWKHDWPRVSKHUHLQ
WKHRFHDQVHWFDUHFRQVWDQWO\DQGGUDPDWLFDOO\
FKDQJLQJ
% WKHUDWHRIHYDSRUDWLRQHTXDOVWKHUDWHRI
6XOIXUWULR[LGHUHDFWLRQZLWKZDWHUGURSOHWV
$QLPDOH[FUHWLRQ
FRQGHQVDWLRQ
& WKHFRQFHQWUDWLRQRIZDWHULQWKHDWPRVSKHUHLV
DOZD\VHTXDOWRWKHFRQFHQWUDWLRQRIZDWHURQWKH
VXUIDFHRIWKH(DUWKDQGXQGHUJURXQG
' WKHFRQFHQWUDWLRQRIZDWHUYDSRULQWKH
DWPRVSKHUHLVFRQVWDQWO\DQGVWHDGLO\FKDQJLQJ
( QRQHRIWKHDERYH
%DVH\RXUDQVZHUWRWKHIROORZLQJTXHVWLRQRQWKH
IROORZLQJSURFHVVHV
$'HFRPSRVLWLRQ
%$VVLPLODWLRQ
&'HQLWULILFDWLRQ
'7UDQVSLUDWLRQ
(3KRWRV\QWKHVLV
$IWHUWKLVSURFHVVRFFXUVRQO\GHFRPSRVLWLRQFDQ
UHWXUQQLWURJHQWRWKHVRLO
$ $
% %
& &
' '
7KHDELOLW\RIDTXDWLFRUJDQLVPVWRVXUYLYHZKHQ
WHPSHUDWXUHVFDXVHZDWHUIUHH]HFDQEHDWWULEXWHGWR
$
%
&
'
(
( (
7KHSURFHVVPRVWUHVSRQVLEOHIRUFRQWLQXRXV
SKRVSKRUXVUHOHDVHIURPURFNVLV
$ DFLGUDLQ
& HURVLRQ
( YROFDQLFHUXSWLRQ
% HDUWKTXDNHV
' HYDSRUDWLRQ
GHQVLW\RILFH
SRODULW\RIZDWHUPROHFXOHV
SRODULW\RIZDWHUPROHFXOHV
WKHUPDOHQHUJ\UHOHDVHGE\K\GURJHQERQGV
,,QWUXVLRQRIRFHDQVDOWZDWHULQWRJURXQGZDWHU
,,*URXQGZDWHUGHSOHWLRQ
,,,$OWHUDWLRQRIZDWHUTXDOLW\DQGFRQVHTXHQWO\
FKDQJLQJHFRORJLFDOSURFHVVHV
WKHH[FUHPHQWRIRFHDQIHHGLQJELUGV
WKHGHFRPSRVLWLRQRIGHWULWXVIHHGHUV
PROGVDQGIXQJLIURPWHUUHVWULDOELRPHV
PDWFDSWXUHGSODQNWRQLQWKH5HG6HD
DOJDOFKORURSK\OO
&DUERQLVUHVWRUHGWRWKHHQYLURQPHQWE\DOORIWKH
IROORZLQJ(;&(37
DGKHVLRQRIZDWHUPROHFXOHV
:LWKGUDZDORIIUHVKZDWHUIURPVWUHDPVODNHVDQG
XQGHUJURXQGVRXUFHVKDVUHVXOWHGLQZKLFKRIWKH
IROORZLQJ"
$ODUJHSRUWLRQRIWKHSKRVSKRUXVXVHGLQIHUWLOL]HULV
GHULYHGIURP
$
%
&
'
(
% ,,RQO\
' ,DQG,,,RQO\
7KHK\GURORJLFF\FOHKROGVWKH(DUWK
VZDWHUV\VWHPLQ
G\QDPLFHTXLOLEULXP7KLVPHDQVWKDW
+RZGRHVVXOIXULFDFLGHQWHUWKHDWPRVSKHUH"
$
%
&
'
(
3KRVSKRUXVFRPPRQO\RFFXUV
$ ,RQO\
& ,DQG,,RQO\
( ,,,DQG,,,
% ,,RQO\
' ,,DQG,,,RQO\
7KHODUJHVWDELRWLFVWRUDJHUHVHUYRLUIRUFDUERQLV
$ FRDO
& WKHRFHDQ
( DQLPDOV
$ FHOOXODUUHVSLUDWLRQ % HDUWKTXDNHV
& IRUHVWILUHV
' SUHFLSLWDWLRQ
( YROFDQLFHUXSWLRQ
3DJH
% QDWXUDORLO
' OLPHVWRQH
3KRVSKRUXVH[LVWVLQWKHDWPRVSKHUHDVD
7KHKLJKKHDWFDSDFLW\RIZDWHUDOORZV
$
%
&
'
(
,*DV
,,6XOIDWH
,,,)LQHGXVW
$ ,RQO\
& ,,,RQO\
( ,DQG,,,RQO\
% ,,RQO\
' ,DQG,,RQO\
DEVRUSWLRQRIPLQHUDOV
GLVVROXWLRQRIDWPRVSKHULFJDVHV
ORZWHPSHUDWXUHHYDSRUDWLRQ
VXEOLPDWLRQ
WHPSHUDWXUHPRGHUDWLRQDORQJFRDVWOLQHV
&DUERQIL[DWLRQE\SODQWVFRQYHUWVDWPRVSKHULFFDUERQ
LQWR
%DVH\RXUDQVZHUVWRTXHVWLRQVDQGRQWKH
GLDJUDPEHORZ
$ &+
& &+2
( &+2
% &2
' &+ 2
:KLFKRIWKHIROORZLQJVWDWHPHQWVFRQFHUQLQJWKH
SKRVSKRUXVF\FOHDUHFRUUHFW"
,7KHSKRVSKRUXVF\FOHLVSULPDULO\D
JDVHRXVF\FOH
,,3KRVSKRUXVLVDFRQVWLWXHQWRIJXDQR
,,,3KRVSKRUXVLVIRXQGSULPDULO\LQLWV
HOHPHQWDOIRUP
$ ,,RQO\
& ,DQG,,RQO\
( ,,,DQG,,,
7KHUHJLRQODEHOHG%UHIHUVWR
$
%
&
'
(
7KHZRUOG
VODUJHVWZDWHUVKHGLVQDPHG
DPPRQLXP1+
$ WKH$PD]RQ
& WKH0LVVLVVLSSL
( WKH<DQJW]H
QLWUDWH12
QLWULWH12
QLWURJHQJDV1
QLWURJHQIL[DWLRQE\PRQHUDQV
$
%
&
'
(
WKHDFWLRQRIGHQLWULI\LQJEDFWHULD
WKHDFWLRQRIQLWURJHQIL[LQJEDFWHULD
WKHSURFHVVRIDPPRQLILFDWLRQ
SKRWRV\QWKHVLV
WUDQVSLUDWLRQ
7KHSURFHVVLQZKLFK5KL]RELXPEDFWHULDLQWKHURRW
V\VWHPVRIOHJXPHVFRQYHUWVQLWURJHQLQWRDPPRQLDLV
$ DVVLPLODWLRQ
& QLWULILFDWLRQ
( QLWURJHQIL[DWLRQ
% WKH&RQJR
' WKH1LOH
&OHDULQJRIYHJHWDWLRQIURPODQGPLQLQJDQGURDG
EXLOGLQJGRHV127OHDGWRZKLFKRIWKHIROORZLQJ"
7KHUHJLRQODEHOHG$UHIHUVWR
$
%
&
'
(
% ,,,RQO\
' ,,DQG,,,RQO\
,QFUHDVHLQUXQRII
5HGXFHGLQILOWUDWLRQWKDWUHSOHQLVKHVJURXQGZDWHU
,QFUHDVHGIORRGLQJ
$FFHOHUDWHGVRLOHURVLRQDQGODQGVOLGHV
,QWUXVLRQRIRFHDQZDWHULQWRXQGHUJURXQGZDWHU
VXSSOLHV
7HUUHVWULDOSURGXFHUVBBBBB&2IURPWKHDWPRVSKHUH
DTXDWLFSURGXFHUVBBBBB&2 IURPWKHZDWHUDQG
FRQVXPHUVBBBBB&2IURPWKHDWPRVSKHUH
$
%
&
'
(
% DPPRQLILFDWLRQ
' GHQLWULILFDWLRQ
3DJH
UHPRYHUHPRYHUHPRYH
UHPRYHUHPRYHUHSOHQLVK
UHPRYHUHSOHQLVKUHSOHQLVK
UHSOHQLVKUHPRYHUHSOHQLVK
UHSOHQLVKUHSOHQLVKUHSOHQLVK
:KLFKRIWKHIROORZLQJLVDUHVXOWRIKXPDQ
LQWHUIHUHQFHLQWKHFDUERQF\FOH"
+XPDQEHLQJVKDYHDOWHUHGRUFRQWULEXWHGWRWKHVXOIXU
F\OFHE\
$ &DUERQJDLQHGE\WKHRFHDQLVWUDQVPLWWHGWRWKH
DWPRVSKHUHDVFDUERQPRQR[LGH
% 7KHDWPRVSKHUHLVJDLQLQJJLJDWRQV\HDURI
FDUERQ
& 7KHODQGLVDEVRUELQJJLJDWRQV\HDURIFDUERQ
' 7KHRFHDQLVJDLQLQJJLJDWRQV\HDURIFDUERQ
( 9HU\OLWWOHRIWKHFDUERQJDLQHGE\WKHDWPRVSKHUH
LVLQWKHIRUPRIJUHHQKRXVHJDVHV
:KLOHPRVWRIWKHHDUWK
VVXOIXULVIRXQGLQ
XQGHUJURXQGURFNVDQGRFHDQLFGHSRVLWVLWLVPDLQO\
DEVRUEHGE\SODQWVLQWKHIRUPRI
$ 6XOIXUGLR[LGH
& +\GURJHQVXOILGH
( (OHPHQWDOVXOIXU
% 6XOIDWHV
' 6XOILWHV
,EXUQLQJFRDODQGRLO
,,VPHOWLQJRUH
,,,SURGXFLQJKDORFDUERQV
$ ,RQO\
& ,,,RQO\
( ,DQG,,,RQO\
:KLFKF\FOHGRHVWKHPRVWLQVKDSLQJWKHHDUWK
V
ODQGVFDSH"
$ 1LWURJHQF\FOH
& 6XOIXUF\FOH
( 3KRVSKRUXVF\FOH
,3ODQWVOHDFKRXWWKHFDUERQLQOLPHVWRQHDQG
FRQVHTXHQWO\UHOHDVH&2DIWHUWKH\DUH
GHFRPSRVHG
,,*HRORJLFSURFHVVHVEULQJWKHVHGLPHQWVWRWKH
VXUIDFHZKHUHWKH\DUHDWWDFNHGE\2,,,$FLG
UDLQGLVVROYHVOLPHVWRQH
% ,,RQO\
' ,,DQG,,,RQO\
$
%
&
'
(
% &D&2
' &2
$
%
&
'
(
6PHOWLQJRIPHWDORUH
%XUQLQJVXOIXUFRQWDLQLQJFRDODQGRLO
6XOIXULFDFLGSURGXFWLRQ
3URGXFWLRQRIVXOIDWHDHURVROV
3ROOXWLRQIURPDXWRPRELOHV
$ DWPRVSKHUH
& K\GURVSKHUH
( WURSRVSKHUH
% ELRVSKHUH
' OLWKRVSKHUH
6XOIXULVIRXQGLQDOORIWKHIROORZLQJH[FHSW
$ VKHOOV
& RFHDQGHSRVLWV
( YROFDQLFHUXSWLRQV
3KRVSKRUXVFDQEHIRXQGLQJUHDWTXDQWLWLHVLQ
$ 7KHDWPRVSKHUH
& 6HDIORRUYHQWV
( $OORIWKHDERYH
LQFUHDVHGZDWHUOHYHOV
,QWKHFDUERQF\FOHWKHSULPDU\VRXUFHRIFDUERQIRU
WHUUHVWULDOFRQVXPHUVLVWKH
:KLFKRIWKHIROORZLQJSURFHVVHVLQWKHK\GURORJLF
F\FOHGRHVQRWUHSUHVHQWDSKDVHWUDQVLWLRQ"
$ &RQGHQVDWLRQ
% 3UHFLSLWDWLRQ
& (YDSRWUDQVSLUDWLRQ ' 5XQRII
( 1RQHRIWKHDERYH
DGGLQJQXWULHQWVWKURXJKDJULFXOWXUDOUXQRII
LQFUHDVHGULVNRIIORRGV
LQFUHDVHGULVNRIODQGVOLGHV
VDOWZDWHULQWUXVLRQ
:KLFKRIWKHIROORZLQJSURFHVVHVUHOHDVHVWZLFHDV
PXFKVXOIXUGLR[LGHLQWRWKHWURSRVSKHUHDVQDWXUDOO\
UHOHDVHG"
:KDWLVWKHPRVWLPSRUWDQWFRPSRXQGRIFDUERQLQWKH
FDUERQF\FOH"
$ &+2
& &2
( +&2
% +\GURORJLFDOF\FOH
' &DUERQF\FOH
+XPDQLPSDFWRQWKHZDWHUF\FOHLQYROYHVDOORIWKH
IROORZLQJH[FHSW
,QZKLFKZD\VLVWKHFDUERQLQOLPHVWRQHUHOHDVHGEDFN
LQWRWKHDWPRVSKHUH"
$ ,RQO\
& ,,,RQO\
( ,,,DQG,,,
% ,,RQO\
' ,DQG,,RQO\
% &\DQREDFWHULD
' *XDQR
3DJH
% XQGHUJURXQGURFNV
' DWPRVSKHUH
'HFRPSRVHUVKDYHDODUJHUROHLQVXSSO\LQJDOORIWKH
IROORZLQJWRWKHHQYLURQPHQW(;&(37
$ FDUERQ
& SKRVSKRUXV
( ZDWHU
&DUERQLVIRXQGLQ
,VKDOH
,,OLPHVWRQH
,,,QDWXUDOJDV
% QLWURJHQ
' VXOIXU
$ ,RQO\
& ,,,RQO\
( ,,,DQG,,,
+XPDQLQGXFHGGLVHTXLOLEULXPLQWKHBBBBF\FOHPD\
KDYHOHGWRJOREDOZDUPLQJ
$ SKRVSKRUXV
& QLWURJHQ
( K\GURORJLF
% VXOIXU
' FDUERQ
7KHPDMRUELRORJLFDOVRXUFHRIFDUERQGLR[LGHLQWKH
RFHDQFRPHVIURP
$
%
&
'
(
:K\LVJURXQGZDWHUVRPHWLPHVFRQVLGHUHGD
QRQUHQHZDEOHUHVRXUFH"
$
%
&
'
,WFDQQRWEHXVHGRQFHLWUHDFKHVDFHUWDLQGHSWK
,WLVRIWHQFRQWDPLQDWHGE\SROOXWDQWV
,WLVSDUWRIDFRQWLQXRXVF\FOH
,WLVUHPRYHGDWDUDWHIDVWHUWKDQLWFDQEH
UHSODFHG
( ,WLVQRWDQRQUHQHZDEOHUHVRXUFH
% ,,RQO\
' ,DQG,,,RQO\
GHFRPSRVLWLRQRIRUJDQLFGHWULWXV
SKRWRV\QWKHVLVE\SK\WRSODQNWRQ
UHVSLUDWLRQE\]RRSODQNWRQ
PHWDEROLFSURFHVVHVRIFRUDO
FKHPRV\QWKHVLVE\FKHPRDXWRWURSKV
D2XWOLQHWKHK\GURORJLFF\FOHXVLQJDGLDJUDP
E'HVFULEHRIWKHPDMRUSURFHVVHVLQGHWDLO
F:KDWWZRHQHUJ\VRXUFHVSRZHUWKHZDWHUF\FOH"
3DJH
$3(QYLURQPHQWDO6FLHQFH>%LRJHRFKHPLFDO&\FOHV:RUNVKHHW>@@(GXZDUH&ODVVLILFDWLRQ
,,17(5'(3(1'(1&(2)($57+
66<67(06
,7KH&\FOLQJRI0DWWHU
,$:DWHU
,%&DUERQ
,&0DMRU1XWULHQWV
,&GFFFLL3KRVSKRUXV
,&GFFFL1LWURJHQ
,&GFFFLLL6XOIXU
,''LIIHUHQFHVLQ&\FOLQJRI(OHPHQWV
7RWDO4XHVWLRQV
$QVZHU.H\
%LRJHRFKHPLFDO&\FOHV:RUNVKHHW
'
&
'
'
&
&
&
'
&
'
&
'
'
'
'
&
'
'
'
'
'
'
&
'
&
'
3DJH