5HVWVWURNH*\SV\-D]]*XLWDU:LNL

KWWSJXLWDUHMD]]PDQRXFKHFRPHQBZLNLLQGH[SKS5HVWVWURNH

*XLWDUH-D]]0DQRXFKHFRP$FFXHLO*ULOOHV$FFRUGV)RUXP:LNL/H[LTXH/LHQV

5HVWVWURNH)URP*\SV\-D]]*XLWDU:LNL

5HVWVWURNHLVWKHPRVWLPSRUWDQWW\SLFDOO\0DQRXFKHSLFNLQJWHFKQLTXHXVHGIRUFKRUXVHVDQGVRORV2QHVWULQJLVSOXFNHGGRZQZDUGVDQGWKHSLFNHQGVLWVUXQRQWKHQH[WVWULQJH[FHSWHGLQWKHFDVHZKHQWKHXSSHU(VWULQJLVSOD\HG7KLVPRYHPHQWLVDWWKHYHU\EDVHRI0DQRXFKHVRXQGDQGLWWKHUHIRUHKDVWREHZRUNHGRXWDQGEHSOD\HGHIIRUWOHVVO\WKRXJKLWPD\ORRNVLPSOHDWILUVWJODQFH

&RQWHQWV

5HVWVWURNHH[DPSOHV5HVWVWURNHH[HUFLVHV

5HVWVWURNHWLPHVLQDURZRQHDFKRSHQVWULQJ9A9RQHDFKRSHQVWULQJXSZDUGVWKHQGRZQZDUGV6FDOHSOD\HGVROHO\LQUHVWVWURNHV

5HVW6WURNHLQYY$YYH[HUFLVH$QRWKHUYYH[HUFLVHYYYRQWKUHHVWULQJVXSZDUGV

5HVWVWURNHH[DPSOHV

7ZRGLIIHUHQWYLHZSRLQWVDQGDQRWKHUH[DPSOHSOD\LQJZLWKYROXPHVRIUHVWVWURNH

5HVWVWURNH*\SV\-D]]*XLWDU:LNL

KWWSJXLWDUHMD]]PDQRXFKHFRPHQBZLNLLQGH[SKS5HVWVWURNH

5HVWVWURNHH[HUFLVHV

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

5HVWVWURNHWLPHVLQDURZRQHDFKRSHQVWULQJ

'RZQZDUGVDQGXSZDUGV+HUHWKHULJKWDUPLVQRWWRRPXFKLQYROYHGLQWKHUHVWVWURNHLWRQO\PRYHVWRSRVLWLRQWKHKDQGZKLOHFKDQJLQJVWULQJWKLVLV6WRFKHORVWHFKQLTXHWKHVWUHQJWKDQGWKHVSHHGRIWKHUHVWVWURNHFRPHIURPWKHZULVW'RWKLVH[HUFLVHDVIDVWDVSRVVLEOHZLWKRXWVORZLQJGRZQDQGZLWKRXWORVLQJDFFXUDF\

9A9RQHDFKRSHQVWULQJXSZDUGVWKHQGRZQZDUGV

7KLVH[DPSOHGHSLFWVWKHGLIIHUHQFHLQGRLQJWKHUHVWVWURNHZKLOHFKDQJLQJVWULQJXSZDUGVZULVWPRYHPHQWRUGRZQZDUGVDUPZHLJKW

6FDOHSOD\HGVROHO\LQUHVWVWURNHV

'RWKLVH[HUFLVHRQDQ\VFDOH\RXOLNHVWLOODVIDVWDVSRVVLEOHZLWKRXWVORZLQJGRZQQRUJOLWFKHV7KHJHVWXUHPXVWEHUHJXODUDFFXUDWHDQGDVORXGDVSRVVLEOH

5HVWVWURNH*\SV\-D]]*XLWDU:LNL

KWWSJXLWDUHMD]]PDQRXFKHFRPHQBZLNLLQGH[SKS5HVWVWURNH

5HVW6WURNHLQYY

$YYH[HUFLVH

2QMXVWRQHVWULQJ7KHUHWXUQRQWKH$VWULQJLVGRQHE\ERXQFLQJRQWKHKLJK(VWULQJ

$QRWKHUYYH[HUFLVH

RQWZRDGMDFHQWVWULQJVWKDWLOOXVWUDWHVWKHGLIILFXOW\WRRYHUFRPHZKHQFKDQJLQJVWULQJV+HUHWKHUHWXUQRQWKH$VWULQJIURPWKHKLJK(VWULQJFDQQRWEHQHILWIURPWKHERXQFHHIIHFWVLQFHWKHUHLVQRVWULQJXQGHUWKHKLJK(GXK7KHUHWXUQLVRQO\GRQHRXWRIWKHZULVWPXVFOHVDQGWRQLFLW\7KHDUPGRHVQRWPRYHH[FHSWHGWRFKDQJHVWULQJ1RWHWKDWFKDQJLQJVWULQJIURP$WRKLJK(GRZQZDUGVLVGRQHZLWKWKHZHLJKWRIWKHDUPDVVWDWHGSUHYLRXVO\:LWKWLPHDQGSUDFWLFH\RXVKRXOGEHDEOHWRGRWKLVH[HUFLVHZLWKWKHIRUHDUPFRPSOHWHO\UHOD[HGWKLVLVWKHWDUJHWWRUHDFK

5HVWVWURNH*\SV\-D]]*XLWDU:LNL

KWWSJXLWDUHMD]]PDQRXFKHFRPHQBZLNLLQGH[SKS5HVWVWURNH

RQHDFKRSHQVWULQJDQGGRZQZDUGV

YYYRQWKUHHVWULQJVXSZDUGV

7KDWVWKHEHVWSDUWRIWKLVSDJH6WLOOSOD\HGZLWKUHVWVWURNHVWKUHHWLPHVLQDURZZKLOHFKDQJLQJVWULQJXSZDUGV7KLVLVSUREDEO\RQHRIWKHWRXJKHVWPRYHPHQWVDQGKDUGHVWWRSOD\IDVW+HUHWKHQRWHVDUHWKHIROORZLQJ

5HWULHYHGIURPKWWSJXLWDUHMD]]PDQRXFKHFRPHQBZLNLLQGH[SKS5HVWVWURNH&DWHJRU\5LJKWKDQGWHFKQLTXHV

7KLVSDJHZDVODVWPRGLILHGRQ'HFHPEHUDW&RQWHQWLVDYDLODEOHXQGHU3XEOLF'RPDLQ

5HVWVWURNH*\SV\-D]]*XLWDU:LNL

KWWSJXLWDUHMD]]PDQRXFKHFRPHQBZLNLLQGH[SKS5HVWVWURNH

3DUWDJHU

6XLYUH

/HVSOXVYXHV0pWKRGHGH-D]]0DQRXFKH*ULOOHGH0LQRU6ZLQJ*ULOOHGHV