352)(66,21$/(;$0,1$7,21%2$5'

$107UDLQLQJ6HOHFWLRQ7HVW
WK-DQ$0
7RSLF*HQHUDO.QRZOHGJH


4XHVWLRQ6WLPXOXV

7KHZDUWKDWEURXJKWHUVWZKLOHVWDWHVOLNH,QGRUH1DJSXUDQG5HZDXQGHU

WKH%ULWLVKZDVWKHBB  
 




,,,%DWWOHRI3DQLSHW

%DWWOHRI&KDXVD

 
,,,$QJOR0DUDWKDZDU

,,%DWWOHRI.KDQZD 

 
&RUUHFW$QVZHU,,,$QJOR0DUDWKDZDU

4XHVWLRQ6WLPXOXV

7KHWKUHHUHJLRQVWKDWZHUHPHUJHGDV0DGK\D3UDGHVKZHUHB
 
 

B

7KH&HQWUDO3URYLQFHV%HUDUDQG&HQWUDO,QGLD 

 

7KH.DLPXU6DWSXUDDQG9LQGK\DQ3ODWHDX





7KH0DOZD6DWSXUDDQGWKH9LQGK\D3ODWHDX


7KH0DGK\D%KDUDWK9LQGK\D3UDGHVKDQG%KRSDO 



&RUUHFW$QVZHU7KH0DGK\D%KDUDWK9LQGK\D3UDGHVKDQG%KRSDO
 



4XHVWLRQ6WLPXOXV

7RWDOSRSXODWLRQRI0DGK\D3UDGHVKLQZDVDERXWB 


 B

&URUHV

&URUHV

&URUHV

&URUHV

&RUUHFW$QVZHU&URUHV

4XHVWLRQ6WLPXOXV

7KHWZRPRVWLPSRUWDQWPLQHUDOVRI0DGK\D3UDGHVKDUHB 



B

&RSSHUDQG,URQRUH 

,URQ2UHDQG&RDO 

=LQFDQG0DQJDQHVH 

*ROGDQG'LDPRQG

&RUUHFW$QVZHU,URQ2UHDQG&RDO 

4XHVWLRQ6WLPXOXV

*ROGHQWULDQJOHRI0DGK\D3UDGHVKDUHWKHUHJLRQVRIB 





'KDU6LQJXUDOLDQG&KKLQGZDUD


6LQJXUDOL9LGLVKDDQG5HZD

*ZDOLRU-KDQVLDQG.KDMXUDKR 


 *ZDOLRU-KDQVLDQG.KDMXUDKR 


9LGLVKD*ZDOLRUDQG8MMDLQ 

&RUUHFW$QVZHU*ZDOLRU-KDQVLDQG.KDMXUDKR 



4XHVWLRQ6WLPXOXV

BBBBBBBLQ0DGK\D3UDGHVKLVIDPRXVIRULWVWLJHUV




 

&KLWUDNRRW

-DEDOSXU

'DWLD

%DQGKDYJDUK


&RUUHFW$QVZHU%DQGKDYJDUK

4XHVWLRQ6WLPXOXV

:KDWLVFRPPRQDPRQJWKHIROORZLQJ"%DGKDL6DLUD-DZDUD.DOVD

 
"

$OODUHQDPHVRIFURSVJURZQLQ0DGK\D3UDGHVK






$OODUHW\SHVRIGDQFHIRUPVLQ0DGK\D3UDGHVK
  




$OODUHIRRGW\SHVWKDWLVFRPPRQLQ0DGK\D3UDGHVK
  
 


$OODUHGLIIHUHQWIHVWLYDOVFHOHEUDWHGLQ0DGK\D3UDGHVK
 


 


&RUUHFW$QVZHU$OODUHW\SHVRIGDQFHIRUPVLQ0DGK\D3UDGHVK
  





4XHVWLRQ6WLPXOXV

7KH6DQFWXDU\WKDWLVORFDWHGLQ%KLQGLVWKHB  



%KLQG6DQFWXDU\ 

.DQKD6DQFWXDU\ 


&KDPEDO*KDULDO6DQFWXDU\


6KLYSXUL6DQFWXDU\


&RUUHFW$QVZHU&KDPEDO*KDULDO6DQFWXDU\ 

4XHVWLRQ6WLPXOXV

B
7KH'LQGRULGLVWULFWLVDSDUWRIB 



6DWSXUD6DQFWXDU\

.DQKD1DWLRQDOSDUN  

%RUL6DQFWXDU\


6DQMD\'XEUL6DQFWXDU\

&RUUHFW$QVZHU.DQKD1DWLRQDOSDUN   



4XHVWLRQ6WLPXOXV

0RVWRI0DGK\D3UDGHVKKDV6DODQG7HDNWUHHV:KLFKDPRQJWKH
IROORZLQJDUHWKHFORVHVWIHDWXUHVH[KLELWHGE\WKHVHWUHHV"  
 
 




"

7KH\KDYHEURDG/HDYHV
 




7KH\DUHYHU\WDOOWUHHV
 





7KH\KDYH&RQHVKDSHGOHDYHV






 7KH\KDYH&RQHVKDSHGOHDYHV








7KH\KDYHEUHDWKLQJURRWV 




&RUUHFW$QVZHU7KH\KDYHEURDG/HDYHV
 






4XHVWLRQ6WLPXOXV


1DXUHQGKLVDQFWXDU\FRYHUVWKHGLVWULFWVRIB 




6DJDU'DPRK1DUDVLQJKSXUDQG5DLVHQ


5DWODP'KDUDQG6LGGKL

2QO\6DJDU



5DLVHQDQG5DWODP

&RUUHFW$QVZHU6DJDU'DPRK1DUDVLQJKSXUDQG5DLVHQ






4XHVWLRQ6WLPXOXV

,QWKHFRQWH[WRIIDXQDWKHDEEUHYLDWLRQ&=$UHIHUVWRB 



 
"

&KLHI=RQLQJ$XWKRULW\ 


&KLHI=RR$XWKRULW\ 

&HQWUDO=RQLQJ$XWKRULW\ 


&KLHI=RQLQJ$JHQF\ 


&RUUHFW$QVZHU&KLHI=RR$XWKRULW\  



4XHVWLRQ6WLPXOXV
:KLFKRIWKHIROORZLQJZDVNQRZQDVWKHVXPPHUFDSLWDORI6FLQGLDUXOHUV
 
RI*ZDOLRU"  
  

"

5DQLNKHW

6KLYSXUL

-DEDOSXU

&KLWUDNRRW


&RUUHFW$QVZHU6KLYSXUL



4XHVWLRQ6WLPXOXV


6DUGDUSXU6DQFWXDU\LVPDQDJHGIRUSURWHFWLRQRIB

 
BB 

.KDUPRU

&KDXVLQJKD

1LOJDL

*KDULDO

&RUUHFW$QVZHU.KDUPRU



4XHVWLRQ6WLPXOXV

%LQD5HILQHU\LVORFDWHGLQB B 


&KDQGHUL

6DJDU

6DWQD

8MMDLQ

&RUUHFW$QVZHU6DJDU



4XHVWLRQ6WLPXOXV

7UDGLWLRQDOERXQGDU\RI1RUWKDQG6RXWK,QGLDZDVULYHUB 
 B


6RQ

1DUPDGD

,QGXV

*DQJD

&RUUHFW$QVZHU1DUPDGD



4XHVWLRQ6WLPXOXV

5LYHU%DQDVLVDWULEXWDU\RIB
B

&KDPEDO

1DUPDGD

7DSWL

%HWZD


&RUUHFW$QVZHU&KDPEDO



4XHVWLRQ6WLPXOXV

:KHQ\RXYLVLWWKH$MDLJDUKIRUWWKHULYHUWKDW\RXFDQVHHLVWKHB

B
 


7DSWLDQG1DUPDGD 

<DPXQD
 .HQ

.KXGGDU

&RUUHFW$QVZHU.HQ




4XHVWLRQ6WLPXOXV

.ZDULULYHUIORZVWKURXJKWKHGLVWULFWRIB B


0RUHQD

*ZDOLRU

5HZD

,QGRUH

&RUUHFW$QVZHU0RUHQD



4XHVWLRQ6WLPXOXV


6XQDULVDWULEXWDU\RIB B

1DUPDGD

&KDPEDO

6RQ

7DSWL

&RUUHFW$QVZHU1DUPDGD



4XHVWLRQ6WLPXOXV

,GHQWLI\WKHUHJLRQDQGFKRRVHWKHFRUUHFWDQVZHU 

 7KH.DSLOGKDUDZDWHUIDOO

.HQULYHU



0DUEOHURFNV


5LYHU&KDPEDO

 
&RUUHFW$QVZHU0DUEOHURFNV



4XHVWLRQ6WLPXOXV

,QZKLFKRIWKHIROORZLQJGLVWULFWVLVPDQJDQHVHIRXQGLQDEXQGDQFH



 

%DODJKDWDQG&KKLQGZDUD

$QXSSXUDQG%KLQG 

6HKRUHDQG9LGLVKD

+DUGDDQG*ZDOLRU


&RUUHFW$QVZHU%DODJKDWDQG&KKLQGZDUD



4XHVWLRQ6WLPXOXV

:LOGOLIHPDQDJHPHQWXVXDOO\LQFOXGHVB 


%XLOGLQJRIVDQFWXDULHVDQGQDWLRQDOSDUNV




3UHYHQWLQJSRDFKLQJDQGWDNLQJFHQVXVFRXQWRIDQLPDOV



$XJPHQWLQJDQGXVLQJVXVWDLQDEOHZDWHUUHVRXUFHV 





$OOWKHDERYH 

&RUUHFW$QVZHU$OOWKHDERYH 



4XHVWLRQ6WLPXOXV


7KHIXOOIRUPRI%'$LVB 
B

%KRSDO'HYHORSPHQW$XWKRULW\


%KDUDWK'DWD$JHQF\


%LRVSKHUH'HYHORSPHQW$JHQF\


%LRPH'HYHORSPHQW$VVRFLDWLRQ

&RUUHFW$QVZHU%KRSDO'HYHORSPHQW$XWKRULW\ 



4XHVWLRQ6WLPXOXV


7KHIXOOIRUPRI19'&LVB19'& 
B

1DUPDGD9DOOH\'HYHORSPHQW&RUSRUDWLRQ

1HZ9DOOH\'HYHORSPHQW&HQWUH

1DUPDGD9DOOH\'HSDUWPHQW&HQWUH

1DWLRQDO9DOOH\'HYHORSPHQW&HQWUH 

&RUUHFW$QVZHU1DUPDGD9DOOH\'HYHORSPHQW&RUSRUDWLRQ




4XHVWLRQ6WLPXOXV

 B 
:HOVSXQ6RODU3URMHFWLVORFDWHGLQB

9LGLVKD

6LGGKL

1HHPXFK

'KDU

&RUUHFW$QVZHU1HHPXFK



4XHVWLRQ6WLPXOXV

3UL\DGKDUVKLQL3DUNLVORFDWHGLQB B 

%KRSDO

,QGRUH

*ZDOLRU

8MMDLQ

&RUUHFW$QVZHU%KRSDO



4XHVWLRQ6WLPXOXV


)UHVKZDWHUUHVHUYRLURQ6DQNULYHUQHDU*ZDOLRULVWKHB
  


7LJUD'DP

%DQVDJDU'DP

%DUJL'DP


'KXW\'DP


&RUUHFW$QVZHU7LJUD'DP



4XHVWLRQ6WLPXOXV


6DQMD\6DJDULUULJDWLRQSURMHFWLVEHQHILWVWKHGLVWULFWRIB
 
B

*ZDOLRU

5DWODP

,QGRUH

9LGLVKD

&RUUHFW$QVZHU9LGLVKD



4XHVWLRQ6WLPXOXV


'KXW\GDPLVORFDWHGRYHUWKHB B
 

:DLQJDQJD

%DUQD

&KDPEDO

6RQ

&RUUHFW$QVZHU:DLQJDQJD 



4XHVWLRQ6WLPXOXV

0DGLNKHGDGDPLVEXLOWRYHUB 
B
 

 
6LQGKULYHU


<DPXQDULYHU

.HQ5LYHU



&KDPEDO5LYHU


&RUUHFW$QVZHU6LQGKULYHU



4XHVWLRQ6WLPXOXV

7KHHDUOLHVWWUDFHVRIKXPDQOLIHLQ,QGLDLVH[KLELWHGLQB
 
B 


%KLPEHWNDFDYHV


.KDMXUDKRWHPSOHV


*ZDOLRU)RUW 

5HZD0DKDUDMD)RUW



&RUUHFW$QVZHU%KLPEHWNDFDYHV




4XHVWLRQ6WLPXOXV

$SVDUDIDOOVLQ3DFKPDUKLLVDOVRFDOOHGWKHB  B


)DLU\)DOOV

.DEQL)DOOV

6LOYHU)DOOV

.DSLOZDWHUIDOO

&RUUHFW$QVZHU)DLU\)DOOV 


4XHVWLRQ6WLPXOXV

7KHPRVWLPSUHVVLYHDQGODUJHVWJURXSRIWHPSOHVLQ.KDMXUDKRLVWKHB

   
 

B

1RUWKHUQJURXS 

6RXWKHUQJURXS 

:HVWHUQJURXS 


(DVWHUQJURXS

&RUUHFW$QVZHU:HVWHUQJURXS 




4XHVWLRQ6WLPXOXV

5RRSQDWKLVRQHRIWKHB B




7HPSOHVLQ2PNDUHVKZDU

9LVKQXWHPSOHVLQ8MMDLQ




-DLQWHPSOHVLQ.KDMXUDKR 

-\RWKLUOLQJDPV

&RUUHFW$QVZHU-\RWKLUOLQJDPV 



4XHVWLRQ6WLPXOXV

:KLFKIRUWLVNQRZQDVWKH3HDUODPRQJIRUWVLQ,QGLD"

 
 
"


,QGRUH)RUW

*ZDOLRU)RUW 

0DKDUDMD)RUW



5DQD6DQJD)RUW
&RUUHFW$QVZHU*ZDOLRU)RUW 



4XHVWLRQ6WLPXOXV

,GHQWLI\WKHSLFWXUHDQGFKRRVHWKHFRUUHFWDQVZHU7KLVLVWKHB 
 
B

6KLYDWHPSOHDW8MMDLQ



6KLYDWHPSOHDW%KRMSXU


-DLQWHPSOHLQ.KDMXUDKR 


5RFNFXWWHPSOHVDW%KLPEHWND


&RUUHFW$QVZHU6KLYDWHPSOHDW%KRMSXU 



4XHVWLRQ6WLPXOXV

.XPEK0HODLVFHOHEUDWHGRQFHLQB


B

<HDUV

<HDUV

<HDUV

<HDUV

&RUUHFW$QVZHU<HDUV


4XHVWLRQ6WLPXOXV

7KH*HRJUDSKLFDOFHQWUHRI,QGLDLVWKHYLOODJHRIB 


BBBBB


.DURQGLQHDU-DEDOSXU 


%DJOLLQ'HZDV

$PODLQ%HWXO

6KDKSXULQ%HWXO


&RUUHFW$QVZHU.DURQGLQHDU-DEDOSXU 



4XHVWLRQ6WLPXOXV

3LFNWKH&255(&7SDLU

8GD\DJLULFDYHV%KRMSXU 




%KDUWULKDULFDYHV9LGLVKD



3DQGDYFDYHV3DFKPDUKL



%KLPEHWNDFDYHV8MMDLQ



&RUUHFW$QVZHU3DQGDYFDYHV3DFKPDUKL




4XHVWLRQ6WLPXOXV

7KHSODFHGLVWULFWLQ0DGK\D3UDGHVKZKHUH.ULVKQDDQG%DODUDPDLVVDLG

WRKDYHUHFHLYHGWKHLUHGXFDWLRQ
  


  

5DWODP

$YDQWL

8MMDLQ

 8MMDLQ

0DQGX

&RUUHFW$QVZHU8MMDLQ




4XHVWLRQ6WLPXOXV

:KLFKRIWKHIROORZLQJFDOOHGWKHWRZQRI*ZDOLRUWKH.H\WR+LQGXVWDQ"

  

 
"


:DUUHQ+DVWLQJV

/RUG0RXQWEDWWHQ

:HOOHVOH\

&RUQZDOOLV

 
&RUUHFW$QVZHU:DUUHQ+DVWLQJV



4XHVWLRQ6WLPXOXV

.KDMXUDKRZDVPHQWLRQHGDVWKHFDSLWDOGXULQJ0RKDPPDG*KD]QLVUDLG
DQGFRQTXHVWE\B 
B
   


 

)D+LHQ

7DQVHQ

3XVK\DPLWUD

$OELUXQL

&RUUHFW$QVZHU$OELUXQL 



4XHVWLRQ6WLPXOXV
0DOZDZDVFRQTXHUHGLQWKHQGFHQWXU\E\BB
 



3XVK\DPLWUD6XQJD 

*DXWDPDSXWUD6DWDNDUDQL 

%DQDEDWWD

5DVKWUDNXWWDV

&RUUHFW$QVZHU*DXWDPDSXWUD6DWDNDUDQL 





4XHVWLRQ6WLPXOXV


0DQZKRZDVFDOOHGWKH/LRQRI&KDPEDOLVB 

'DNX0DQ6LQJK


'DVK0RKDPPDG.KDQ 

7RPDU0RKDPPDG

$OL$NEDU7RPDU

&RUUHFW$QVZHU'DNX0DQ6LQJK 




4XHVWLRQ6WLPXOXV

0RURFFDQWUDYHOHUZKRPHQWLRQVWKH.KDMXUDKRWHPSOHLQKLVZRUNVRQ
,QGLDLVWKHB  










$OELUXQL

)D+LHQ

,EQ%DWWXWWD 


6KHU6KDK6XUL
 
&RUUHFW$QVZHU,EQ%DWWXWWD 



4XHVWLRQ6WLPXOXV

$MDLJDUKZDVIRXQGHGE\BB
  

0DQ6LQJK


*XPDQ6LQJK

0LVUD6LQJK 


'HYLODO*DXU


&RUUHFW$QVZHU*XPDQ6LQJK 



4XHVWLRQ6WLPXOXV

B 
'HZDVZDVIRXQGE\B


7XNRML5DRDQG-LYDML5DR

3UDVDG0LVUDDQG$ML0LVUD  

7KH3DUDPDUDV

6FLQGLD


&RUUHFW$QVZHU7XNRML5DRDQG-LYDML5DR



4XHVWLRQ6WLPXOXV

:KRDPRQJWKHIROORZLQJZDVDZDUGHGWKHILUVW6DKLW\D$FDGHP\$ZDUG
LQIRUKLVFRQWULEXWLRQWR+LQGL/LWHUDWXUH" 




  
 

"

0DNKDQODO&KDWXUYHGL


0DKDGHYL9HUPD
 
0DKDGHYL9HUPD


5DJKXYHHU6DKD\

9LVKQX3UDEKDNDU



&RUUHFW$QVZHU0DNKDQODO&KDWXUYHGL



4XHVWLRQ6WLPXOXV

%KDGUXGGLQ-DPDOXGGLQ.D]LWKHIDPRXVILOPFRPHGLDQZDVPRUH
SRSXODUO\NQRZQDVB    

B 


'HYDQ9HUPD

.HVWR0XNKHUMHH

-RKQ\/HYHU

-RKQ\:DONHU

&RUUHFW$QVZHU-RKQ\:DONHU

7RSLF6FLHQFH


4XHVWLRQ6WLPXOXV


7KHIXHORIWKHVWDUZKHQLWLVLQWKH5HG*LDQWSKDVHLV 


 

+\GURJHQ

+HOLXP

&DUERQ

1LWURJHQ

&RUUHFW$QVZHU+HOLXP


4XHVWLRQ6WLPXOXV

&RPPXQLFDWLRQIURPVDWHOOLWHVZRUNVWKURXJK 



"

5HFHLYHU

5DGDU

7UDQVSRQGHU

7UDQVPLWWHU

&RUUHFW$QVZHU7UDQVSRQGHU



4XHVWLRQ6WLPXOXV

$6DWHOOLWHUHTXLUHVFHQWULSHWDOIRUFHWRPRYHLQFLUFXODURUELWVZKLFKLV
SURYLGHGE\  

 





(OHFWULFDOIRUFH


0DJQHWLFIRUFH

1XFOHDUIRUFH

*UDYLWDWLRQDOIRUFH 

&RUUHFW$QVZHU*UDYLWDWLRQDOIRUFH  

4XHVWLRQ6WLPXOXV

7KHUDLQIDOODQGVQRZIDOODUHSULPDULO\GXHWR



$WPRVSKHULFHIIHFWRIWKHHDUWK 
 

*UDYLWDWLRQDOHIIHFWRIPDUVRQWKHHDUWK 


 *UDYLWDWLRQDOHIIHFWRIPRRQRQWKHHDUWK 


$WPRVSKHULFHIIHFWRIWKHPRRQRQWKHHDUWK 




&RUUHFW$QVZHU*UDYLWDWLRQDOHIIHFWRIPRRQRQWKHHDUWK 
 

4XHVWLRQ6WLPXOXV

7KHV\PEROXVHGIRUDQJVWURPXQLWLV   


"

$

$8

&RUUHFW$QVZHU$

4XHVWLRQ6WLPXOXV

8QLWRIOHQJWKLQ)36V\VWHPLV  

)RRW

3RXQG

0HWHU

1RQHRIWKHDERYH 


&RUUHFW$QVZHU)RRW


4XHVWLRQ6WLPXOXV
7KHWLPHWDNHQE\WKHHDUWKWRFRPSOHWHRQHUHYROXWLRQLV 


"

GD\V

GD\V

KRXUV

GD\V

&RUUHFW$QVZHUGD\V

4XHVWLRQ6WLPXOXV

7KHWHPSHUDWXUHRIDERG\LV&,WVYDOXHLQ6,XQLWLV



6,

.

.

.

.

&RUUHFW$QVZHU.

4XHVWLRQ6WLPXOXV

+XPDQERG\WHPSHUDWXUHLV&,WVFRUUHVSRQGLQJYDOXHLQ)DKUHQKHLWLV

 
 

)

)

)

)
&RUUHFW$QVZHU)



4XHVWLRQ6WLPXOXV

$VLPSOHSHQGXOXPFRPSOHWHVRVFLOODWLRQVLQDPLQXWH)LQGLWV

IUHTXHQF\ 
 

V 



V 



V 



1RQHRIWKHDERYH



&RUUHFW$QVZHUV 





4XHVWLRQ6WLPXOXV

$QRQPHWDOOLFHOHPHQWRIJURXSDQH[WUHPHO\KDUGEODFNVROLGLVXVHG
LQPDNLQJEXOOHWSURRIYHVWV,GHQWLI\WKHHOHPHQW 

 










6LOLFRQ

&DUERQ

$OXPLQLXP

%RURQ

&RUUHFW$QVZHU%RURQ



4XHVWLRQ6WLPXOXV

$OOHOHFWURFKHPLFDOUHDFWLRQVDUH5HDFWLRQV


 'HFRPSRVLWLRQ

3UHFLSLWDWLRQ

&RPELQDWLRQ

5HGR[

&RUUHFW$QVZHU5HGR[ 



4XHVWLRQ6WLPXOXV

6XEVWDQFHVOLNHRQLRQVPHOOGLIIHUHQWO\LQDFLGLFDQGEDVLFPHGLXPV7KH\
DUHFODVVLILHGDV      






1HXWUDOLVDWLRQ,QGLFDWRUV

2OIDFWRU\LQGLFDWRUV 

$FLGEDVH,QGLFDWRUV  

1DWXUDO,QGLFDWRUV


&RUUHFW$QVZHU2OIDFWRU\LQGLFDWRUV 




4XHVWLRQ6WLPXOXV

,QZKLFKFURSVDJURQRPLFFKDUDFWHULVWLFRIWDOOQHVVDQGSURIXVHEUDQFKLQJ
 
DUHGHVLUDEOHWUDLWV" 

 


 

&HUHDOV

3XOVHV


2LOVHHGV

)RGGHU

&RUUHFW$QVZHU)RGGHU


4XHVWLRQ6WLPXOXV

:KLFKSURSHUW\RIZDWHULVUHVSRQVLEOHIRUWKHVSKHULFDOVKDSHRIZDWHU

GURSV"


 
 "

(YDSRUDWLRQ


9LVFRVLW\

&RQGHQVDWLRQ

6XUIDFH7HQVLRQ

&RUUHFW$QVZHU6XUIDFH7HQVLRQ



4XHVWLRQ6WLPXOXV


7KHFRPELQDWLRQQRWJHQHUDOO\XVHGIRUPL[HGFURSSLQJ
  "


:KHDWPXVWDUG 



*URXQGQXWVXQIORZHU


:KHDWJUDP 

:KHDWPDL]H 


&RUUHFW$QVZHU:KHDWPDL]H 




4XHVWLRQ6WLPXOXV

+RZPDQ\JUDPVRI1D2+LVUHTXLUHGWRFRPSOHWHO\QHXWUDOL]HJPV
RI+&O"   

 

 "




 



&RUUHFW$QVZHU



4XHVWLRQ6WLPXOXV

 
$PRQJWKHIROORZLQJZKLFKLV127DGLVHDVHDPRQJFDWWOH"



"


)RRWDQG0RXWKGLVHDVH


&RZSR[

$SKLGV


$QWKUD[ 

&RUUHFW$QVZHU$SKLGV



4XHVWLRQ6WLPXOXV

:KLOHVWRULQJJUDLQVWREHXVHGDVVHHGVWKH\DUH127VXEMHFWHGWRWKLV

SUDFWLFH   


 
 

"


'U\LQJLQWKHVXQ  

6SUD\LQJRISHVWLFLGH

%RLOLQJLQZDWHU

7UHDWPHQWZLWKIXQJLFLGHV


&RUUHFW$QVZHU%RLOLQJLQZDWHU



4XHVWLRQ6WLPXOXV


,FHIORDWVRQZDWHUEHFDXVH 



7KHWHWUDKHGUDOVWUXFWXUHRIWKHLFHFU\VWDOPDNHVLWVYROXPH
KLJK 



,FHFU\VWDOVDUHIRUPHGWKURXJKLRQLFERQGLQJ 

 



&RYDOHQWERQGLQJLQLFHFU\VWDOVLVGLUHFWLRQDOLQQDWXUH

 



,FHLVGHQVHUWKDQZDWHU 


&RUUHFW$QVZHU7KHWHWUDKHGUDOVWUXFWXUHRIWKHLFHFU\VWDOPDNHVLWV
YROXPHKLJK 


 




4XHVWLRQ6WLPXOXV

%2'PHDQV


%LRFKHPLFDOR[\JHQGHPDQG 


&KHPLFDOR[\JHQGHPDQG




%LRSK\VLFDOR[\JHQGHPDQG 


$OORIWKHDERYH



&RUUHFW$QVZHU%LRFKHPLFDOR[\JHQGHPDQG 




4XHVWLRQ6WLPXOXV

,QDFFRUGDQFHZLWKWKHODZRIFRQVHUYDWLRQRIPDVVWKHFRHIILFLHQWRI2
LQWKHHTXDWLRQ&+2&2+2  
 
 
 

&+2&2+2


 

&RUUHFW$QVZHU



4XHVWLRQ6WLPXOXV

(DUWKGD\LVFHOHEUDWHGRQ



"

2FWWK


-XQHWK

$SULOQG

'HFUG

&RUUHFW$QVZHU$SULOQG




4XHVWLRQ6WLPXOXV

)RRGFKDLQLVGLYLGHGLQWRBBBBBBBEDVLFFDWHJRULHV




"

)RXU

7KUHH

)LYH

6HYHQ

&RUUHFW$QVZHU7KUHH



4XHVWLRQ6WLPXOXV


7KHSURSHUPHWKRGRIWHVWLQJWKHRGRXURIWKHJLYHQVXEVWDQFHLV



 ,,

,9

,,,

&RUUHFW$QVZHU,,



4XHVWLRQ6WLPXOXV


5HVSLUDWLRQDQGSKRWRV\QWKHVLVDUHWKHNH\ZRUGVUHODWHGWR




 


"

1LWURJHQF\FOH


6XOSKXUF\FOH

&DUERQF\FOH

+\GURORJLFDOF\FOH

&RUUHFW$QVZHU&DUERQF\FOH 



4XHVWLRQ6WLPXOXV

%)LVDQHOHFWURQGHILFLHQWFRPSRXQG7KHUHIRUHLWDFWVDVD%)



 
"


/HZLV$FLG


/HZLV%DVH
 6DOW

$FLG%DVH,QGLFDWRU  


&RUUHFW$QVZHU/HZLV$FLG 



4XHVWLRQ6WLPXOXV

7KHYLWDPLQZKLFKDLGVLQWKHDEVRUSWLRQRILURQVWUHQJWKHQEORRGYHVVHOV
LV   
 




9LWDPLQ$

9LWDPLQ%

9LWDPLQ&

9LWDPLQ'

&RUUHFW$QVZHU9LWDPLQ&



4XHVWLRQ6WLPXOXV

%RWKSRZHUDQGPDQXUHLVSURYLGHGE\ 
  

"

1XFOHDUSODQWV


7KHUPDOSODQWV

%LRJDVSODQWV 



+\GURHOHFWULFSODQWV

&RUUHFW$QVZHU%LRJDVSODQWV 




4XHVWLRQ6WLPXOXV
1DPHWKHWZRDQWLR[LGDQWYLWDPLQ"  


9LWDPLQ$DQG%$%

9LWDPLQ&DQG'&'

9LWDPLQ&DQG%&%

(
9LWDPLQ&DQG(&

(
&RUUHFW$QVZHU9LWDPLQ&DQG(&



4XHVWLRQ6WLPXOXV


)L[DWLRQRIQLWURJHQLVGRQHE\  
"

/LJKWHQLQJ 


)L[LQJEDFWHULD 

)HUWLOL]HUIDFWRU\


$OORIWKHDERYH


&RUUHFW$QVZHU$OORIWKHDERYH




4XHVWLRQ6WLPXOXV

7KHYLWDPLQZKLFKLVDQDQWLR[LGDQWDQGKHOSVIRUPDWLRQRI5%&
UHSURGXFWLRQDQGSUHYHQWEORRGFORWLV 


  


9LWDPLQ((

9LWDPLQ''

9LWDPLQ%%

9LWDPLQ$$

&RUUHFW$QVZHU9LWDPLQ((


4XHVWLRQ6WLPXOXV

7KHYLWDPLQVXSSRUWLQJWKHKHDOWKRIWKHEUDLQQHUYHVDQGEORRGFHOOVLV


 




9LWDPLQ%%

9LWDPLQ''

9LWDPLQ&&

1RQHRIWKHDERYH



&RUUHFW$QVZHU9LWDPLQ%%



4XHVWLRQ6WLPXOXV

6\PSWRPVOLNHGLDUUKHDLQIODPHGPXFXVPHPEUDQHVVFDO\VRUHVRQWKH
VNLQDUHVHHQDVDUHVXOWRIDFRQGLWLRQ 

     

 



3HOODJUD

%HULEHUL


6FXUY\

5LFNHWV


&RUUHFW$QVZHU3HOODJUD



4XHVWLRQ6WLPXOXV

7RUHGXFHZDWHUSROOXWLRQWKHJUHHQFKHPLVWVKDYHDGYLVHGXVHRIZKLFK
FKHPLFDOIRUEOHDFKLQJRIFORWKDQGSDSHU"  






 


 
"

&KORULQHJDV


 &KORULQHJDV



6XOSKXUGLR[LGH 

+\GURJHQSHUR[LGH 

/LTXLG&2 &2

&RUUHFW$QVZHU+\GURJHQSHUR[LGH 



4XHVWLRQ6WLPXOXV

5LFNHWVDQGRVWHRSRURVLVLVFDXVHGGXHWRLQVXIILFLHQWLQWDNHRI

  





(JJPLONILVKOLYHURLOV 






*UHHQOHDI\YHJHWDEOHVFLWUXVIUXLWV 



1XWVGU\IUXLWVZKROHJUDLQV




)LVKPHDWHJJ 
 

&RUUHFW$QVZHU(JJPLONILVKOLYHURLOV 








4XHVWLRQ6WLPXOXV

'LDUUKHDGHUPDWLWLVDQGGHPHQWLDDUHV\PSWRPVRIZKLFKGLVHDVH

 
 


3HOODJUD

 
6FXUY\

%HULEHUL

1RQHRIWKHDERYH




&RUUHFW$QVZHU3HOODJUD


4XHVWLRQ6WLPXOXV

$OFRKROLFVERG\LVSRRUDWDEVRUELQJYLWDPLQ%VRWKH\DUHOLNHO\WRVXIIHU
IURP %



 


%HULEHUL

$QDHPLD


6FXUY\

*RLWHU

&RUUHFW$QVZHU%HULEHUL 



4XHVWLRQ6WLPXOXV


7KHWKUHHFRPSRQHQWVKDPPHUDQYLODQGVWLUUXSDUH 



"

7RROVXVHGE\FDUSHQWHU  


3DUWVRIWKH+XPDQH\H



3DUWVRIWKH+XPDQHDU


&RQVWLWXHQWVRIRXUEORRG 
 


&RUUHFW$QVZHU3DUWVRIWKH+XPDQHDU





4XHVWLRQ6WLPXOXV

7KHSURFHVVRIFKHZLQJIRRGGXULQJZKLFKLWPL[HVZHOOZLWKVDOLYDLV

NQRZQDV 
 
  





1XWULWLRQ

0DVWLFDWLRQ
 'LJHVWLRQ


3HULVWDOVLV

&RUUHFW$QVZHU0DVWLFDWLRQ



4XHVWLRQ6WLPXOXV


$PRHEDIHHGVZLWKLWV "

7HHWK

0RXWK

)DOVHIHHW



7HQWDFOHV

&RUUHFW$QVZHU)DOVHIHHW





4XHVWLRQ6WLPXOXV


,QWDNHRIIRRGLVDOVRNQRZQDV

,QJHVWLRQ

'LJHVWLRQ

(JHVWLRQ

$VVLPLODWLRQ


&RUUHFW$QVZHU,QJHVWLRQ



4XHVWLRQ6WLPXOXV

7HHWKZKLFKDUHSRLQWHGDQGXVHGIRUSLHUFLQJDQGWHDULQJSLHFHVRIDUH
NQRZQDV




 





 
" 
 ,QFLVRU


&DQLQHV

3UHPRODUV

0RODUV

&RUUHFW$QVZHU&DQLQHV



4XHVWLRQ6WLPXOXV


:KLFKRIWKHIROORZLQJLVQRWUHTXLUHGIRUSKRWRV\QWKHVLV" 

   "


6XQOLJKW

2[\JHQ

:DWHU

&KORURSK\OO

&RUUHFW$QVZHU2[\JHQ 



4XHVWLRQ6WLPXOXV

0\FRSODVPDVDUHLQFOXGHGLQWKHNLQJGRP 

"

3URWLVWD


0RQHUD

)XQJL

$QLPDOLD


&RUUHFW$QVZHU0RQHUD


4XHVWLRQ6WLPXOXV


:KLFKLV127DYHVWLJLDORUJDQ" 



1LFWDWLQJPHPEUDQH 

7DLOYHUWHEUDH 

9HUPLIRUPDSSHQGL[


1DLOV


&RUUHFW$QVZHU1DLOV



4XHVWLRQ6WLPXOXV

,IOLQNDJHZDVNQRZQDWWKHWLPHRI0HQGHOWKHQZKLFKRIWKHIROORZLQJ
ODZVKHZRXOGQRWKDYHEHHQWRH[SODLQ"   







"

/DZRIGRPLQDQFH 


/DZRIVHJUHJDWLRQ

/DZRILQGHSHQGHQWDVVRUWPHQW 


/DZRISXULW\RIJHQHV

&RUUHFW$QVZHU/DZRILQGHSHQGHQWDVVRUWPHQW 




4XHVWLRQ6WLPXOXV

,WLVHDVLHUWRVZLPLQVHDZDWHUWKDQLQULYHUZDWHUEHFDXVH


 
 



6HDLVZLGHUWKDQULYHU 


6HDLVGHHSHUWKDQULYHU 


'HQVLW\RIVHDLVJUHDWHUWKDQULYHU 



6HDLVVDOW\
 
6HDLVVDOW\


&RUUHFW$QVZHU'HQVLW\RIVHDLVJUHDWHUWKDQULYHU 





4XHVWLRQ6WLPXOXV

$QXQEDODQFHGIRUFHDFWVRQDERG\WKHERG\PXVW







5HPDLQDWUHVW 


0RYHZLWKXQLIRUPYHORFLW\ 


%HDFFHOHUDWHG 

0RYHDORQJDFLUFOH


&RUUHFW$QVZHU%HDFFHOHUDWHG 



4XHVWLRQ6WLPXOXV

621$56WDQGVIRU6RXQG1DYLJDWLRQDQG5DQJLQJDQGZRUNVRQWKH
SULQFLSOHRIUHIOHFWLRQRIVRXQGZDYHV,WLVXVHG621$5 









7RORFDWHWXPRXUVLQKXPDQERG\



7RGHWHFWEORFNVLQDUWHULHVDQGYHLQV




7RORFDWHVXQNHQVKLSV

 





7RWDUJHWHQHP\DLUFUDIWV 
 

&RUUHFW$QVZHU7RORFDWHVXQNHQVKLSV

 






4XHVWLRQ6WLPXOXV

)RUWUHDWPHQWRIEORRGOHVVEUDLQVXUJHU\ZHXVH 




 


8OWUDVRQRJUDSK\ 

(FKRFDUGLRJUDSK\


6XUJLFDO

7KHUDSHXWLF

&RUUHFW$QVZHU8OWUDVRQRJUDSK\  



4XHVWLRQ6WLPXOXV

 
:KLFKSDUWRIVXQOLJKWLVXVHGLQPDNLQJD6RODUFHOO"


 
"

,5UD\V


89UD\V

9LVLEOHUD\V


5DGLRIUHTXHQF\UD\V 


&RUUHFW$QVZHU9LVLEOHUD\V
 



4XHVWLRQ6WLPXOXV

6FKRROEDJVDUHSURYLGHGZLWKZLGHVWUDSVWR






,QFUHDVHSUHVVXUHRQWKHVKRXOGHU




'HFUHDVSUHVVXUHRQWKHVKRXOGHU




/RRNVDWWUDFWLYH


,WLVFRQYHQLHQW
 
,WLVFRQYHQLHQW

&RUUHFW$QVZHU'HFUHDVSUHVVXUHRQWKHVKRXOGHU






4XHVWLRQ6WLPXOXV

6FLHQFHLVGHILQHGDVWKHV\VWHPDWLFVWXG\RIWKHVWUXFWXUHDQGEHKDYLRXU
RIWKHSK\VLFDODQGQDWXUDOZRUOGWKURXJKREVHUYDWLRQDQGH[SHULPHQW
:KLFKDPRQJWKHIROORZLQJGRHVVFLHQFHQRWGHDOZLWK" 
 
 

  
 




 

 "

6XSHUVWLWLRQVDQG:LWFKFUDIW 


/LJKWDQG6RXQG 


0DJQHWLVPDQG(OHFWULFLW\ 


(DUWKTXDNHVDQG7VXQDPL

&RUUHFW$QVZHU6XSHUVWLWLRQVDQG:LWFKFUDIW 




4XHVWLRQ6WLPXOXV

7KHYROXPH9 GHQVLW\GRIDERG\LVLPPHUVHGLQZDWHURIGHQVLW\7KH
XSWKUXVWRQWKHERG\LV9G  




 

9GJ

9J

9GJ

9GJ

&RUUHFW$QVZHU9J



4XHVWLRQ6WLPXOXV
:KHQDIRUFHRI1LVDSSOLHGRQDQDUHDRIPWKHQWKHSUHVVXUHLV
P  



1P 


1P 


1P 


1P 


&RUUHFW$QVZHU1P 




4XHVWLRQ6WLPXOXV

 
2QFRORJ\GHDOVZLWK 

"

6WXG\RIFDQFHUDQGLWVWUHDWPHQW



6WXG\RI$LGVDQGLWVWUHDWPHQW 


6WXG\RI7%DQGLWVWUHDWPHQW


6WXG\RIWURSLFDOGLVHDVHV

&RUUHFW$QVZHU6WXG\RIFDQFHUDQGLWVWUHDWPHQW





4XHVWLRQ6WLPXOXV

7KHSRWHQWLDOHQHUJ\RIDVSULQJLVPLQLPXP 






ZKHQLWLVFRPSUHVVHG 



:KHQLWLVVWUHWFKHG 


:KHQLWLVDWLWVQDWXUDOOHQJWK 

 


:KHQLWLVSODFHGDWDKHLJKW 



&RUUHFW$QVZHU:KHQLWLVVWUHWFKHG 



4XHVWLRQ6WLPXOXV


.LOR:DWWKRXUHTXDOV

[-RXOHV[


[-RXOHV[


[-RXOHV[


[-RXOHV[


&RUUHFW$QVZHU[-RXOHV[





4XHVWLRQ6WLPXOXV

$IRUFHRI1PRYHVDERG\E\PLQLWVGLUHFWLRQ7KHZRUNGRQHLV






-

-

-

-


&RUUHFW$QVZHU-



4XHVWLRQ6WLPXOXV


%UDNHVSURYLGHGLQYHKLFOHV 


&DQZRUNZLWKRXWIULFWLRQ 

 &DQZRUNZLWKRXWIULFWLRQ 


&DQQRWZRUNZLWKRXWIULFWLRQ 



7RRYHUFRPHIULFWLRQ UHGXFHHIILFLHQF\ 

 



6ORZGRZQIULFWLRQ 

&RUUHFW$QVZHU&DQQRWZRUNZLWKRXWIULFWLRQ




4XHVWLRQ6WLPXOXV

:KLFKW\SHRIWKHUPRPHWHUFDQEHXVHGWRPHDVXUHWHPSHUDWXUHUDQJLQJ
EHWZHHQ&"  


 
 
"


&OLQLFDOWKHUPRPHWHU

/DERUDWRU\WKHUPRPHWHU 

3\URPHWHU


*DVWKHUPRPHWHU

&RUUHFW$QVZHU3\URPHWHU



4XHVWLRQ6WLPXOXV


/DQGEUHH]HLQYROYHV 



&RRODLUUXVKLQJIURPVHDWRODQG 






+RWDLUPRYLQJIURPODQGWRVHD 




&RRODLUUXVKLQJIURPODQGWRVHD 





1RQHRIWKHDERYH


 1RQHRIWKHDERYH




&RUUHFW$QVZHU&RRODLUUXVKLQJIURPODQGWRVHD 







4XHVWLRQ6WLPXOXV

$ZRRGHQVSRRQLVGLSSHGLQDFXSRILFHFUHDP,WVRWKHUHQG

  
 


EHFRPHVFROGE\WKHSURFHVVRIFRQGXFWLRQ






EHFRPHVFROGE\WKHSURFHVVRIFRQYHFWLRQ 




EHFRPHVFROGE\WKHSURFHVVRIUDGLDWLRQ






GRHVQRWEHFRPHFROG


&RUUHFW$QVZHUGRHVQRWEHFRPHFROG



4XHVWLRQ6WLPXOXV


7KHGHQVLW\RIZDWHUGHFUHDVHVDW


$$ERYH&&


%%HORZ&&

&$W&&

'%RWK$DQG%

&RUUHFW$QVZHU'%RWK$DQG%




4XHVWLRQ6WLPXOXV
:KLFKRIWKHIROORZLQJSDUDPHWHUVGRHVQRWFKDUDFWHUL]HWKH
WKHUPRG\QDPLFVWDWHRIPDWWHU"

  



 "

7HPSHUDWXUH

3UHVVXUH

:RUN

9ROXPH

&RUUHFW$QVZHU:RUN



4XHVWLRQ6WLPXOXV

(WKDQROIRULQGXVWULDOXVHPDGHXQILWIRUGULQNLQJE\DGGLWLRQRISRLVRQRXV
&RSSHUVXOSKDWHLVNQRZQDV  


 
  
 


$EVROXWHDOFRKRO 



0HWK\ODWHGVSLULW

'HQDWXUHGDOFRKRO



5HFWLILHGVSLULW 

&RUUHFW$QVZHU'HQDWXUHGDOFRKRO

 



4XHVWLRQ6WLPXOXV


'XULQJFUDFNLQJRI3HWUROHXPWKHSURGXFWVREWDLQHGDUH
 





6DWXUDWHGK\GURFDUERQV


8QVDWXUDWHGK\GURFDUERQV


 
$URPDWLFDQG&\FOLFFRPSRXQGV

$PL[WXUHRI6DWXUDWHGDQG8QVDWXUDWHGK\GURFDUERQV





&RUUHFW$QVZHU$PL[WXUHRI6DWXUDWHGDQG8QVDWXUDWHGK\GURFDUERQV




 



4XHVWLRQ6WLPXOXV

7KHRQO\DOORWURSHRI&DUERQZKLFKFRQGXFWVHOHFWULFLW\LV


&RNH

)XOOHUHQH

/DPSEODFN

*UDSKLWH

&RUUHFW$QVZHU*UDSKLWH




4XHVWLRQ6WLPXOXV

:KLFKRIWKHEHORZPHQWLRQHGVXEVWDQFHVZLOO127FRQGXFWHOHFWULFLW\"



 


"

1D&OVROXWLRQ


)XVHG6RGLXP


*UDSKLWH

&DUERQ7HWUDFKORULGH 

&RUUHFW$QVZHU&DUERQ7HWUDFKORULGH 



4XHVWLRQ6WLPXOXV

:KLFKRIWKHIROORZLQJOLTXLGVLVQRWXVHGLQSUHSDUDWLRQRIVWDLQHG


WHPSRUDU\PRXQWRISODQWPDWHULDO"  


WHPSRUDU\PRXQWRISODQWPDWHULDO" 
 





 
"

:DWHU

*O\FHULQH 

6DIUDQLQ

0HWK\OHQHEOXH

&RUUHFW$QVZHU0HWK\OHQHEOXH



4XHVWLRQ6WLPXOXV

7KHJDVHYROYHGZKHQ(WKDQRLFDFLGUHDFWVZLWK6RGLXP+\GURJHQ

&DUERQDWHLV 

 



"

&2&DUERQGLR[LGH



+\GURJHQ

+\GURJHQDQG&DUERQGLR[LGH



1RJDVHVDUHHYROYHG 


&RUUHFW$QVZHU&2&DUERQGLR[LGH





4XHVWLRQ6WLPXOXV

7KHIXHOXVHGLQVSLULWODPSVIRUEXUQLQJLV 


 





$EVROXWHDOFRKRO 


0HWKDQRO

5HFWLILHGVSLULW 

0HWK\ODWHGVSLULW 

&RUUHFW$QVZHU0HWK\ODWHGVSLULW  



4XHVWLRQ6WLPXOXV

+XPDQFKHHNFHOOVVWDLQHGLQPHWK\OHQHEOXHDQGPRXQWHGLQJO\FHULQH
ZHUHREVHUYHGZLWKWKHKHOSRIFRPSRXQGPLFURVFRSH7KHFRPSRQHQWVRI
WKHFHOOVZKLFKZRXOGEHVHHQDUH
  





 



&HOOZDOO&\WRSODVPQXFOHXV  


 
&HOOPHPEUDQH&\WRSODVPQXFOHXV



3ODVPDPHPEUDQH&\WRSODVPQXFOHXVJROJLERGLHVDQG
 
O\VRVRPHV 


3ODVPPHPEUDQH&\WRSODVPQXFOHXVDQGPLWRFKRQGULD

 
 


&RUUHFW$QVZHU&HOOPHPEUDQH&\WRSODVPQXFOHXV
 
 



4XHVWLRQ6WLPXOXV

 
7KHFOHDQVLQJDFWLRQRIVRDSLVGXHWR 

,WVDONDOLQHQDWXUH 

,WVVROXELOLW\LQZDWHU

,WVSURSHUW\RIPDNLQJZDWHUVRIW


,WVSURSHUW\RIKHOSLQJZDWHUWRIRUPDQHPXOVLRQZLWKRLO\

GLUWSDUWLFOHV  
 
 

&RUUHFW$QVZHU,WVSURSHUW\RIKHOSLQJZDWHUWRIRUPDQHPXOVLRQZLWK

RLO\GLUWSDUWLFOHV  
 



4XHVWLRQ6WLPXOXV

6KHHODREVHUYHGHPSW\VSDFHVLQVOLGHRIVFOUHQFK\PDWLVVXHLWLPSOLHV
BBBBBBBBBBB  





3URWRSODVPLVGHDGDWPDWXULW\





7KH\DUHLQWHUFHOOXODUVSDFHVRQO\



&\WRSODVPLVWKLQ


$OORIWKHVH


&RUUHFW$QVZHU3URWRSODVPLVGHDGDWPDWXULW\








4XHVWLRQ6WLPXOXV


:HFDQVHHPRYLQJSLFWXUHVRQDFLQHPDVFUHHQGXHWR 
 



"

$FFRPPRGDWLRQ

3HUVLVWHQFHRIYLVLRQ 


/HDVWGLVWDQFHRIGLVWLQFWYLVLRQ


%LIRFDOOHQV 



&RUUHFW$QVZHU3HUVLVWHQFHRIYLVLRQ 




4XHVWLRQ6WLPXOXV

5DGLDWLRQVDEVRUEHGE\ZDWHUDQGFDUERQGLR[LGHLV
 


8OWUDYLROHWUD\V
 9LVLEOHOLJKW


;UD\V


,QIUDUHGUD\V


&RUUHFW$QVZHU,QIUDUHGUD\V




4XHVWLRQ6WLPXOXV


1RLVHOHYHOVDUHPHDVXUHGLQ 

+HUW]

.LORKHUW]

0HJDKHUW]

'HFLEHOV


&RUUHFW$QVZHU'HFLEHOV



4XHVWLRQ6WLPXOXV

:KDWLVWUXHDERXW6FLHQWLILFDSSURDFKDPRQJWKHIROORZLQJ" 

   L
 "

5HILQHPHQWRIWKHSURFHVVRIWKLQNLQJWKDWFRPHVQDWXUDOO\WR
HYHU\KXPDQEHLQJ   







,WLVRQO\WKHSURFHVVRIH[SHULPHQWDWLRQLQWKHODERUDWRULHV
   




,WGRHVQRWLQIOXHQFHRXUGD\WRGD\OLIHVLWXDWLRQV

  


,WLVRQO\DVXEMHFWWREHVWXGLHGWRJHWDMRE



&RUUHFW$QVZHU5HILQHPHQWRIWKHSURFHVVRIWKLQNLQJWKDWFRPHV
QDWXUDOO\WRHYHU\KXPDQEHLQJ 
 








4XHVWLRQ6WLPXOXV

,IWKHUHLVQRDWPRVSKHUHRQWKHHDUWKWKHFRORXURIWKHVN\ZRXOGEH








'DUNEOXH

%ODFN

5HG

:KLWH

&RUUHFW$QVZHU%ODFN



4XHVWLRQ6WLPXOXV

 
3LFNWKHRGGRQHRXWRIWKHIROORZLQJ 


&HOOERG\

$[RQ



6WULDWLRQV

'HQGULWHV


&RUUHFW$QVZHU6WULDWLRQV



4XHVWLRQ6WLPXOXV

$UD\RIOLJKWIDOOVRQDSODQHPLUURUPDNLQJDQDQJOHRIZLWKWKH
PLUURU2QUHIOHFWLRQWKHUD\GHYLDWHVWKURXJKDQDQJOHRI 
  
 

 
"
 







&RUUHFW$QVZHU



4XHVWLRQ6WLPXOXV

:KHQERLOLQJSRLQWRIDOLTXLGLVGHWHUPLQHG 





7KHUPRPHWHUVKRXOGEHNHSWGLSSLQJLQWKHOLTXLG


7KHUPRPHWHUVKRXOGEHDWPRXWKRIWKHIODVN

 


7KHUPRPHWHUVKRXOGEHDERYHWKHOLTXLGEXWVXUURXQGHGE\
WKHYDSRXU  
 

 

7KHUPRPHWHUFDQDQ\ZKHUHDVLWGRHVQRWDIIHFWWKHERLOLQJ

SRLQW 





&RUUHFW$QVZHU7KHUPRPHWHUVKRXOGEHDERYHWKHOLTXLGEXWVXUURXQGHG
E\WKHYDSRXU  
 

 



4XHVWLRQ6WLPXOXV

$SRWHQWLDOGLIIHUHQFHRIYROWVLVDSSOLHGDFURVVDUHVLVWDQFHRI
RKPVLQDQHOHFWULFLURQ&DOFXODWHWKHKHDWSURGXFHGLQMRXOHVLQ
VHFRQG      
 






-

-

-

-


&RUUHFW$QVZHU-



4XHVWLRQ6WLPXOXV


7KHIUHTXHQF\RIGLUHFWFXUUHQWLV 

+]

+]

+]

+]

&RUUHFW$QVZHU+]



4XHVWLRQ6WLPXOXV

 
$WWKHWLPHRIVKRUWFLUFXLWWKHFXUUHQWLQWKHFLUFXLW 
 

5HGXFHVVXEVWDQWLDOO\ 

'RHVQRWFKDQJH 

,QFUHDVHVVXEVWDQWLDOO\ 

9DULHVFRQWLQXRXVO\ 

&RUUHFW$QVZHU,QFUHDVHVVXEVWDQWLDOO\ 




4XHVWLRQ6WLPXOXV

 
:KLFKRIWKHIROORZLQJLVDFRPSRXQG" 
"
 
6WHHO

,URQ

$LU


:DWHU9DSRXU

&RUUHFW$QVZHU$LU




4XHVWLRQ6WLPXOXV

2UGHURIUDWHGLIIXVLRQRIHWKDQROPLONKRQH\DQGJO\FHULQLQZDWHUZLOO

EH   

!!
0LON!KRQH\!JO\FHURO!HWKDQRO !

!
(WKDQRO!JO\FHURO!KRQH\!PLON !!

!
(WKDQRO!PLON!JO\FHURO!KRQH\ ! !

*O\FHURO!HWKDQRO!PLON!KRQH\ !
!
!

!
&RUUHFW$QVZHU(WKDQRO!PLON!JO\FHURO!KRQH\ ! !




4XHVWLRQ6WLPXOXV

:KLFKRIWKHIROORZLQJSURSHUW\SURSHUWLHVRIDSURWRQZLOOFKDQJHZKLOHLW
 
PRYHVIUHHO\LQDPDJQHWLFILHOG"   




 

 

"

0DVV


6SHHG


9HORFLW\DQGPRPHQWXP

0DVVDQGYHORFLW\



&RUUHFW$QVZHU9HORFLW\DQGPRPHQWXP



4XHVWLRQ6WLPXOXV

3LFNWKH,1&255(&7VWDWHPHQWDPRQJWKRVHJLYHQEHORZGHVFULELQJ
 
R[LGDWLRQ 

 


$GGLWLRQRI2[\JHQ





$GGLWLRQRIDQ\HOHFWURQHJDWLYHHOHPHQW 



,QFUHDVHLQYHFKDUJHRIWKHHOHPHQW  

$GGLWLRQRIHOHFWURQV

&RUUHFW$QVZHU$GGLWLRQRIHOHFWURQV




4XHVWLRQ6WLPXOXV

7KHPD[LPXPQXPEHURI:WXEHOLJKWVFRQQHFWHGLQSDUDOOHOZKLFKFDQ
VDIHO\EHUXQIURPD9VXSSO\ZLWK$IXVHLV   

  

  

 







&RUUHFW$QVZHU



4XHVWLRQ6WLPXOXV


'HIRUHVWDWLRQKDVDQDODUPLQJHIIHFWRQ  


"

,QFUHDVHLQJUD]LQJDUHD 

 :HHGFRQWURO


6RLOHURVLRQ

 
6XQOLJKW


&RUUHFW$QVZHU6RLOHURVLRQ



4XHVWLRQ6WLPXOXV

,QZKLFKIRUPRIHQHUJ\VXQLVQRWWKHXOWLPDWHVRXUFHRIHQHUJ\
 

 




+\GURHOHFWULFHQHUJ\

:LQGHQHUJ\

6RODUHQHUJ\


*HRWKHUPDOHQHUJ\


&RUUHFW$QVZHU*HRWKHUPDOHQHUJ\



4XHVWLRQ6WLPXOXV

:KLFKRIWKHIROORZLQJLV127DFRQVHTXHQFHRIK\GURHOHFWULFSRZHUSODQW"
 
 

  
 "


'LVSODFHPHQWRISHRSOH 

2FFXUUHQFHRIIORRG

3URGXFWLRQRIPHWKDQH



(FRORJLFDOLPEDODQFH 



&RUUHFW$QVZHU3URGXFWLRQRIPHWKDQH





4XHVWLRQ6WLPXOXV
:KLFKRIWKHIROORZLQJFRXQWU\LVDWILUVWSRVLWLRQLQKDUQHVVLQJZLQG


HQHUJ\IRUSURGXFWLRQRIHOHFWULFLW\"  





 

"

*HUPDQ\

'HQPDUN

,QGLD

&KLQD

&RUUHFW$QVZHU*HUPDQ\



4XHVWLRQ6WLPXOXV

7RPDNHVRODUFRRNHUPRUHHIILFLHQWWKHFRYHURIWKHFRRNHUER[VKRXOGEH
PDGHRI
 


"


7UDQVSDUHQWSODVWLFVKHHW  


6KLQLQJDOXPLQLXPVKHHW 


7UDQVSDUHQWJODVVVKHHW 

%XWWHUSDSHUVKHHW 


&RUUHFW$QVZHU7UDQVSDUHQWJODVVVKHHW 



4XHVWLRQ6WLPXOXV


)LVKSURYLGHVWKHPDMRULQJUHGLHQWVRIIRRG 






&DUERK\GUDWHVRQO\



3URWHLQVIDWVDQGYLWDPLQV 


3URWHLQVRQO\
 
 /LSLGVRQO\


&RUUHFW$QVZHU3URWHLQVIDWVDQGYLWDPLQV 




4XHVWLRQ6WLPXOXV

$SLDULHVDUHVHWXSIRUFXOWXUHRI 
 




%HHV




$SSOHV 


)LVK

)ORZHUV




&RUUHFW$QVZHU%HHV





4XHVWLRQ6WLPXOXV

)RRGS\UDPLGVKRZVWKHDUUDQJHPHQWRIIRRGLQJUHGLHQWV


 
  


,QWKHGHFUHDVLQJRUGHURISURGXFWLRQLQWKHFRXQWU\


  

,QWKHGHFUHDVLQJRUGHURIWKHLULPSRUWDQFHLQRXUGLHW
   


,QWKHLQFUHDVLQJRUGHURIWKHLUGHVLUDELOLW\LQRXUGLHW
 
  

,QWKHRUGHURIWKHLUSURSRUWLRQQHHGHGIRUDEDODQFHGGLHW

 

 

&RUUHFW$QVZHU,QWKHRUGHURIWKHLUSURSRUWLRQQHHGHGIRUDEDODQFHG

GLHW