?
127(6?
?
?
D∞ϒ″?°↓≥×←∞≥?M∞↑′∞″Κ? ? ? σ♦♥≥? ϖ∞⁄⁄♥→♣? γϒ→⁄′↓↓↔? ♥≥? °″↓∂♥⁄∞⁄? ×↓? ϒ→≥•∞″? ↑ϒ→≠? ↓ƒ? ≠↓∝″? ♥→♥×♥ϒ←? ±∝∞≥×♥↓→≥? ″∞♣ϒ″⁄♥→♣? ♦ϒ∂♥→♣? ϒ? •∞⁄⁄♥→♣? ϒ×? σ♦∞? β♦∝″≤♦? ↓ƒ? σ♦∞? °↓≥×←∞≥Μ??σ♦↓≥∞?♥→∂↓←∂∞⁄?•♥←←?↑ϒ↔∞?∞∂∞″≠?∞ƒƒ↓″×?×↓?↑ϒ↔∞?×♦♥≥?≠↓∝″?↑↓≥×? ≥°∞≤♥ϒ←?⁄ϒ≠Μ? ? ? ο←∞ϒ≥∞? ″∞ϒ⁄? ×♦♥≥? ♥→ƒ↓″↑ϒ×♥↓→? ≤ϒ″∞ƒ∝←←≠Μ? ? η→? ↓″⁄∞″? ×↓? ♦ϒ∂∞? ×♦∞? •∞⁄⁄♥→♣? ≠↓∝? ⁄∞≥♥″∞Κ? ≠↓∝? ϒ→⁄? ×♦↓≥∞? ♥→∂↓←∂∞⁄? •♥×♦? ≠↓∝″? •∞⁄⁄♥→♣? •♥←←? ′∞→∞ƒ♥×?♣″∞ϒ×←≠?′≠?ƒ↓←←↓•♥→♣?×♦∞≥∞?♣∝♥⁄∞←♥→∞≥Μ??ν∝″?↑ϒ♥→?♣↓ϒ←?♥≥?×↓?↑ϒ↔∞? ×♦♥≥?⁄ϒ≠?∂∞″≠?≥°∞≤♥ϒ←?ƒ↓″?≠↓∝?ϒ→⁄?ϒ←←?×♦↓≥∞?•♦↓?ϒ″∞?♥→∂↓←∂∞⁄Μ??γ↓•∞∂∞″Κ? ♥×? ♥≥? ϒ←≥↓? ↓∝″? ♣↓ϒ←? ×↓? ↑ϒ♥→×ϒ♥→? ×♦∞? ≥ϒ≤″∞⁄→∞≥≥? ↓ƒ? ×♦∞? ≤∞″∞↑↓→≠? ϒ→⁄? ×↓? °″↓×∞≤×?≤♦∝″≤♦?°″↓°∞″×≠Μ? ? 2QFH \RX KDYH UHYLHZHG WKH ´:HGGLQJ +DQGERRN µ SOHDVH ≤↓→×ϒ≤×? ×♦∞? β↓→♣″∞♣ϒ×♥↓→ϒ←? βϒ″∞? D∞°ϒ″×↑∞→×? ×↓? ≥≤♦∞⁄∝←∞? ϒ→? ♥→♥×♥ϒ←??? ♥→×∞″∂♥∞•?•♥×♦?ϒ?↑♥→♥≥×∞″?ϒ→⁄?×↓?↑ϒ↔∞?×∞→×ϒ×♥∂∞?″∞≥∞″∂ϒ×♥↓→≥?ƒ↓″?≠↓∝″? •∞⁄⁄♥→♣?⁄ϒ×∞?↓→?×♦∞?≤♦∝″≤♦?≤ϒ←∞→⁄ϒ″Μ?
?
?
Mϒ↔♥→♣?ο←ϒ→≥?ƒ↓″?ξ↓∝″?ϖ∞⁄⁄♥→♣? ? 6R \RX¶UH JHWWLQJ PDUULHG &RQJUDWXODWLRQV :H DW 7KH &KXUFK RI 7KH $SRVWOHV DUH GHOLJKWHG WR EH D SDUW RI WKLV MR\RXV RFFDVLRQ 0DUULDJH LV D *RGΛ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³)RU WKLV UHDVRQ D PDQ VKDOO OHDYH KLV IDWKHU DQG PRWKHU DQG EH MRLQHG WR KLV ZLIH DQG WKH WZR VKDOO EHFRPH RQH IOHVK´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
βâ&#x2122;¦â&#x2C6;&#x17E;â&#x2030;¤â&#x2020;&#x201D;?κâ&#x2122;¥â&#x2030;¥Ã&#x2014;? BBBBBB
&DOO &RQJUHJDWLRQDO &DUH RIILFH
BBBBBB
&RQWDFW &RQJUHJDWLRQDO &DUH 'HSDUWPHQW IRU D ZHGGLQJ SDFNHW DQG WR SODFH WHQWDWLYH GDWHV RQ WKH FKXUFK FDOHQGDU
BBBBBB
&KRRVH PLQLVWHU DQG PHHW ZLWK KLP WR UHYLHZ FRPSOHWHG DSSOLFDWLRQV DQG GHWHUPLQH HOLJLELOLW\ IRU PDUULDJH DW 7KH &KXUFK RI 7KH $SRVWOHV
BBBBBB
6FKHGXOH SUHPDULWDO FRXQVHOLQJ ZLWK WKH &RQJUHJDWLRQDO &DUH 'HSDUWPHQW
BBBBBB
7DON ZLWK \RXU ZHGGLQJ FRRUGLQDWRU V WR GLVFXVV ZHGGLQJ SODQV DQG IDFLOLWLHV QHHGV
BBBBBB
$SSO\ IRU \RXU PDUULDJH OLFHQVH
BBBBBB
+DYH D FRQIHUHQFH ZLWK WKH PLQLVWHU WR ILQDOL]H WKH FHUHPRQ\
BBBBBB
+DYH D FRQIHUHQFH ZLWK WKH 'LUHFWRU RI 0XVLF IRU DSSURYDO RI DOO PXVLF IRU WKH ZHGGLQJ DQG WKH UHFHSWLRQ LI KHOG DW WKH FKXUFK
BBBBBB
6HQG SROLFLHV WR SKRWRJUDSKHU DQG YLGHRJUDSKHU
BBBBBB
6HQG SROLFLHV WR IORULVW
BBBBBB
$VVLJQ VRPHRQH WR EH UHVSRQVLEOH IRU JDWKHULQJ XS DOO SHUVRQDO LWHPV IURP WKH %ULGDO 5RRP
BBBBBB
+DYH IHHV UHDG\ DW WKH UHKHDUVDO WR JLYH WR WKH PXVLFLDQV IRU WKHLU VHUYLFHV
BBBBBB
%ULQJ WKH PDUULDJH OLFHQVH WR WKH UHKHDUVDO DQG JLYH WR WKH PLQLVWHU
5HYLVHG -XQH
ϖ∞⁄⁄♥→♣?ε∞∞≥ $ VHFXULW\ GHSRVLW PXVW EH SDLG DW WKH WLPH RI ERRNLQJ WR FRQILUP \RXU ZHGGLQJ GDWH RQ WKH FKXUFK FDOHQGDU $VVXPLQJ WKDW DOO RI WKH WHUPV KDYH EHHQ PHW DQG WKH URRP V DUH OHIW LQ VDWLVIDFWRU\ FRQGLWLRQ WKH GHSRVLW V ZLOO EH UHWXUQHG ZLWKLQ WHQ ZRUNLQJ GD\V
'HSRVLWV 6DQFWXDU\ &KDSHO &RPPRQV
$ IDFLOLW\ IHH VHSDUDWH IURP WKH GHSRVLW ZLOO EH FKDUJHG WR FRYHU WKH FRVW RI PDLQWHQDQFH KRXVHNHHSLQJ VHW XS UHVHW VHFXULW\ DQG XWLOLWLHV 7KLV IHH DOVR FRYHUV WKH FRVW RI WZR ZHGGLQJ FRRUGLQDWRUV 7KLV IHH PXVW EH SDLG LQ IXOO DW OHDVW GD\V SULRU WR WKH ZHGGLQJ GD\
)DFLOLW\ )HH 6DQFWXDU\ &KDSHO &RPPRQV
,I \RXU ZHGGLQJ DQG RU UHFHSWLRQ H[FHHGV WKH DOORWWHG WLPH WKHUH ZLOO EH D IHH RI SHU KRXU RU DQ\ SDUW WKHUHRI ,I \RX DQWLFLSDWH QHHGLQJ PRUH WLPH WKDQ DOORWWHG DQG LW LV DSSURYHG SULRU WR WKH GD\ RI WKH HYHQW WKH IHH LV SHU KRXU
$FFHSWDQFH LQWR SUHPDULWDO FRXQVHOLQJ GRHV QRW ELQG D PLQLVWHU WR SHUIRUP \RXU ZHGGLQJ 7KH GHFLVLRQ WR SHUIRUP WKH ZHGGLQJ PD\ EH PDGH E\ WKH PLQLVWHU DW DQ\ SRLQW GXULQJ WKH FRXQVHOLQJ SURFHVV 7KHVH JXLGHOLQHV DUH LQ \RXU EHVW LQWHUHVW IRU WKH\ SURPRWH DQG SURWHFW WKH ELEOLFDO VDQFWLW\ RI PDUULDJH ,I \RX DUH LQWHUHVWHG LQ OHDUQLQJ PRUH DERXW *RG¶V GHVLJQ IRU PDUULDJH D PHPEHU RI WKH &RQJUHJDWLRQDO &DUH VWDII ZLOO EH KDSS\ WR WDON ZLWK \RX DERXW LW
ρ≤♦∞⁄∝←♥→♣? 3ODQQLQJ SODQQLQJ DQG PRUH SODQQLQJ²WKDW LV WKH VHFUHW WR D VXFFHVVIXO ZHGGLQJ %HJLQ \RXU ZHGGLQJ SODQV ZLWK SUD\HU 7KHQ FDOO RXU &RQJUHJDWLRQDO &DUH RIILFH DW Λ Λ 7KH\ ZLOO VHQG \RX D :HGGLQJ 3DFNHW DQG $SSOLFDWLRQV IRU 0DUULDJH DW 7KH &KXUFK RI 7KH $SRVWOHV 3OHDVH UHDG HYHU\WKLQJ FDUHIXOO\ DQG FRPSOHWH WKH EULGH¶V DQG JURRP¶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¶W JXDUDQWHH WKDW DQRWKHU ZHGGLQJ RU RWKHU FKXUFK DFWLYLW\ ZRQ¶W EH VFKHGXOHG IRU WKDW VDPH GD\ 'RQ¶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
MÏ&#x2019;â&#x20AC;³â&#x20AC;³â&#x2122;¥Ï&#x2019;â&#x2122;£â&#x2C6;&#x17E;?κâ&#x2122;¥â&#x2030;¤â&#x2C6;&#x17E;â&#x2020;&#x2019;â&#x2030;¥â&#x2C6;&#x17E;? ?
<RX FDQQRW JHW PDUULHG ZLWKRXW D OLFHQVH +RZ GR \RX JHW RQH" 7KLV LV DYDLODEOH WKURXJK \RXU FRXQW\ FRXUWKRXVH ,I HLWKHU RI \RX DUH IURP RXWÎ&#x203A;RIÎ&#x203A;VWDWH RU RXWÎ&#x203A;RIÎ&#x203A; FRXQWU\ \RX PXVW JHW \RXU OLFHQVH IURP WKH FRXQW\ ZKHUH \RX ZLOO EH PDUULHG <RX FDQ JHW \RXU PDUULDJH OLFHQVH DW WKH )XOWRQ FRXQW\ FRXUWKRXVH 3UREDWH -XGJH¶V RIILFH ? ? 5HPHPEHU WR EULQJ \RXU PDUULDJH OLFHQVH WR WKH UHKHDUVDO DQG JLYH LW WR WKH PLQLVWHU +H FDQQRW SHUIRUP WKH FHUHPRQ\ ZLWKRXW WKH OLFHQVH ? 1R H[FHSWLRQV ? ?
βâ&#x2020;&#x201C;â&#x2020;&#x2019;Æ&#x2019;â&#x2C6;&#x17E;â&#x20AC;³â&#x2C6;&#x17E;â&#x2020;&#x2019;â&#x2030;¤â&#x2C6;&#x17E;?â&#x20AC;¢â&#x2122;¥Ã&#x2014;â&#x2122;¦?Mâ&#x2122;¥â&#x2020;&#x2019;â&#x2122;¥â&#x2030;¥Ã&#x2014;â&#x2C6;&#x17E;â&#x20AC;³? ?
*HWWLQJ PDUULHG LV RQH RI WKH PRVW VHULRXV GHFLVLRQV \RX ZLOO HYHU PDNH <RX QHHG JRG O\ JXLGDQFH HYHU\ VWHS RI WKH ZD\ $ PLQLVWHU RQ WKH $SRVWOHV¶ VWDII PXVW SHUIRUP \RXU ZHGGLQJ FHUHPRQ\ ,I \RX ZDQW D VSHFLILF PLQLVWHU UHPHPEHU KLV DYDLODELOLW\ PD\ GHSHQG RQ WKH ZHGGLQJ GDWH \RX FKRRVH ? ? ?
φ∞→∞″ϒ←?
? ? :H ZDQW \RXU ZHGGLQJ WR EH HYHU\ ELW DV ZRQGHUIXO DV \RX KDYH DOZD\V GUHDPHG +RZHYHU ZH PXVW LQVLVW WKDW \RX DQG \RXU JXHVWV UHVSHFW RXU FKXUFK ?
?
12 602.,1* ZKDWVRHYHU LV SHUPLWWHG DQ\ZKHUH RQ WKH FKXUFK SUHPLVHV ? ?
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¶V DQG JURRP¶V URRPV :H WKDQN \RX IRU \RXU KHOS LQ PRQLWRULQJ WKLV ? ? 7KH ZHGGLQJ SDUW\ DVVXPHV WRWDO REOLJDWLRQ IRU GDPDJHV WR WKH EXLOGLQJ DQG RU SURSHUW\ ? ? 7KH EULGH DQG KHU IDPLO\ DUH UHVSRQVLEOH IRU DOO SHUVRQDO LWHPV RI WKH ZHGGLQJ SDUW\ EURXJKW WR WKH FKXUFK ,I UHQWHG RU ERUURZHG SURSHUW\ LV XVHG LW LV WKH VROH UHVSRQVLELOLW\ RI WKH EULGH¶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
?
%ULGH·V 5RRP? ? ?
7KH EULGH LV UHVSRQVLEOH IRU KDYLQJ D UHODWLYH RU FORVH IULHQG DW WKH FKXUFK WR UHFHLYH DQ\ GHOLYHULHV +DYH WKH GUHVVHV GHOLYHUHG WR WKH EULGH¶V URRP DQG UHPHPEHU WKH FKXUFK LV QHLWKHU UHVSRQVLEOH QRU OLDEOH IRU WKH ZHGGLQJ GUHVV RU DQ\ LWHPV GHOLYHUHG 7KH FKXUFK LV DOVR QRW OLDEOH IRU DQ\ LWHPV OHIW LQ WKH %ULGDO 5RRP EHIRUH GXULQJ RU DIWHU WKH FHUH PRQ\ %H VXUH WR DVN D UHOLDEOH IULHQG RU UHODWLYH WR JDWKHU DOO LWHPV SXUVHV PDNHΛXS FORWKLQJ HWF IURP WKH %ULGDO 5RRP EHIRUH WKH EULGDO SDUW\ OHDYHV WKH FKXUFK ?
?
σ♦∞?θ∞♦∞ϒ″≥ϒ←? ?
2QFH \RXU ZHGGLQJ GDWH LV FRQILUPHG RQ WKH FKXUFK FDOHQGDU ZH ZLOO VHOHFW D GDWH DQG WLPH IRU WKH UHKHDUVDO $ PD[LPXP RI RQH KRXU LV VFKHGXOHG DQG HQIRUFHG IRU WKH ? UHKHDUVDO 5HKHDUVDOV ZLOO EHJLQ DW RU 3 0 DQG HQG E\ 3 0 ,W LV WKH EULGH¶V UHVSRQVLELOLW\ WR HQVXUH WKDW DOO PHPEHUV RI WKH ZHGGLQJ SDUW\ DUH SUHVHQW RQ WLPH ? 6R DVN DOO \RXU DWWHQGDQWV WR DUULYH PLQXWHV DKHDG RI WLPH ? ?
$OO UHKHDUVDOV EHJLQ SURPSWO\ DW WKH WLPH VFKHGXOHG UHJDUGOHVV RI ZKHWKHU RU QRW DOO RI WKH ZHGGLQJ SDUW\ LV SUHVHQW 7KH EULGH EULGHJURRP EHVW PDQ PDLG RI KRQRU DWWHQGDQWV IORZHU JLUO ULQJ EHDUHU XVKHUV DQG SDUHQWV QHHG WR EH DW WKH UHKHDUVDO LQ SURSHU DWWLUH 7KH PLQLVWHU DQG ZHGGLQJ FRRUGLQDWRU DUH LQ FKDUJH RI WKH UHKHDUVDO ZKLFK PXVW SURFHHG LQ D TXLHW GLJQLILHG DQG UHYHUHQW PDQQHU ? ?
σ♦∞?θ∞≤∞°×♥↓→? ?
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ΛXS DQG QHHGV IRU WKH UHFHSWLRQ LQ WKH &RPPRQV VKRXOG EH VXEPLWWHG GD\V SULRU WR \RXU ZHGGLQJ GDWH? ?
?
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¶V SROLF\ WKDW QHLWKHU FRPPXQLRQ QRU WKH FRYHQDQW FXS FDQ EH VHUYHG GXULQJ D ZHGGLQJ FHUHPRQ\ ? ?
ϖ∞⁄⁄♥→♣?D♥″∞≤×↓″?ϒ→⁄?β↓↓″⁄♥→ϒ×↓″≥? ?
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¶V VSHFLDO QHHGV DQG ZLVKHV ? ? 'LUHFW WKH UHKHDUVDO DQG ZHGGLQJ ? ? 6HUYH DV D OLDLVRQ EHWZHHQ \RX DQG WKH FKXUFK DQG KHOS ZLWK VHW XS? LQVWUXFWLRQV ? ? %H DYDLODEOH WR DQVZHU TXHVWLRQV SULRU WR \RXU ZHGGLQJ ? ? &RRUGLQDWH GHOLYHU\ WLPHV DQG HVWDEOLVK JXLGHOLQHV ZLWK \RXU YHQGRUV ? ? 2YHUVHH GHFRUDWLQJ DQG FDWHULQJ WR DGKHUH WR FKXUFK JXLGHOLQHV DQG WR SURWHFW FKXUFK SURSHUW\ ? ? 0HHW ZLWK \RX SULRU WR WKH ZHGGLQJ WR OHDUQ WKH GHWDLOV DV VWDWHG DERYH ? ? 'LUHFW DFWLYLWLHV LI \RX KDYH \RXU UHFHSWLRQ LQ WKH &RPPRQV ? ? 6KH ZLOO FRRUGLQDWH DQ\ VSHFLDO SUD\HU UHTXHVWV RU EOHVVLQJV VKH ZLOO GLUHFW WKH FXWWLQJ RI WKH FDNH LI \RX WKURZ \RXU JDUWHU RU ERXTXHW VKH ZLOO DUUDQJH WKH WLPLQJ RI WKLV DQG VKH ZLOO KHOS LQ VHQGLQJ RII WKH EULGH DQG JURRP DV WKH\ OHDYH WKH FKXUFK ? ? ? 3OHDVH EH DZDUH WKDW ZHGGLQJ FRRUGLQDWRUV GR QRW DVVLVW WKH IORULVW LQ VHWWLQJ XS RU UHPRYLQJ DUUDQJHPHQWV RU HTXLSPHQW ? ? ? ? ?
,I \RX FKRRVH WR KLUH DQ LQGHSHQGHQW ZHGGLQJ FRRUGLQDWRU SOHDVH PDNH VXUH WKH\ ? XQGHUVWDQG WKDW RQFH WKH\ HQWHU WKH FKXUFK WKH\ ZLOO ZRUN XQGHU WKH GLUHFWLRQ RI WKH FKXUFK¶V ZHGGLQJ FRRUGLQDWRU ? ?
? ϖ∞⁄⁄♥→♣?M∝≥♥≤? ?
0XVLF VSHDNV WR WKH KHDUW²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
∝⁄♥↓?σ∞≤♦→♥≤♥ϒ→Γ≥Η? ?
0RVW ZHGGLQJV UHTXLUH RQO\ RQH WHFKQLFLDQ KRZHYHU ODUJHU RU PRUH FRPSOH[ ? ZHGGLQJV PD\ UHTXLUH WZR RU WKUHH 7KH 'LUHFWRU RI 0HGLD ZLOO DUUDQJH IRU WKH ? WHFKQLFLDQ V WKDW \RX QHHG 7KH IHH IRU WKH WHFKQLFLDQ V VKRXOG EH SDLG GLUHFWO\ WR WKHP SULRU WR WKH ZHGGLQJ ? ?
D∞≤↓″ϒ×♥↓→≥?ϒ→⁄?ε←↓•∞″≥? ?
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
ο♦↓×↓♣″ϒ°♦∞″?ϒ→⁄?υ♥⁄∞↓♣″ϒ°♦∞″? ?
1DWXUDOO\ \RX ZDQW WR FDSWXUH WKLV PRPHQWRXV GD\ LQ SLFWXUHV %XW UHPHPEHU ILUVW DQG IRUHPRVW \RXU ZHGGLQJ LV D ZRUVKLS VHUYLFH <RXU SKRWRJUDSKHU PXVW UHVSHFW LWV VDQFWLW\ 7HOO KLP KHU DQG DQ\ RI \RXU JXHVWV ZKR SODQ WR WDNH SLFWXUHV WKDW WKH\ PD\ GR VR RQO\ IURP RQH RI WKH HQWUDQFHV LQ WKH EDFN RI WKH VDQFWXDU\ DQG WKH FKDSHO ZLWKRXW D IODVK 7KH\ FDQ¶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
?
? ?