,1(5,6'5&(&27&7LQ'5GRF 6XSSOHPHQWWRWKHPHWKRGRORJ\IRUULVNHYDOXDWLRQRIELRFLGHV (PLVVLRQVFHQDULRGRFXPHQWIRUELRFLGHVXVHGDVSUHVHUYDWLYHVLQWKH OHDWKHULQGXVWU\ SURGXFWW\SH &KU\VWqOH 7LVVLHU0D[LPH&KHVQDLV ( 8%( ( 6 0D\ 7KLVUHSRUWKDVEHHQGHYHORSHGLQWKHFRQWH[WRIWKH(8 SURMHFWHQWLWOHG*DWKHULQJUHYLHZDQGGHYHORSPHQWRI HQYLURQPHQWDOHPLVVLRQVFHQDULRVIRUELRFLGHV (8%((6 7KHFRQWHQWVKDYHEHHQGLVFXVVHGDQGDJUHHGE\WKH (8%((6ZRUNLQJJURXSFRQVLVWLQJRIUHSUHVHQWDWLYHVRI VRPH0HPEHU6WDWHV&(),&DQG&RPPLVVLRQ7KH &RPPLVVLRQVILQDQFLDOVXSSRUWRIWKHSURMHFWLVJUDWHIXOO\ DFNQRZOHGJHG*UDQW68%9 ,1(5,6±%3Q±9HUQHXLOHQ+DODWWH±)UDQFH±7pO±)D[ ,1(5,6'5&(&27&7LQ'5GRF &217(176 ,1752'8&7,21 0$,1352&(66(6 &XULQJ %HDPKRXVH 7DQ\DUGRSHUDWLRQV 3RVWWDQQLQJRUILQLVKLQJRSHUDWLRQV %,2&,'(6 5(/($6((67,0$7,21 3URGXFWLRQHVWLPDWLRQDQGZDWHUFRQVXPSWLRQ 3URGXFWLRQHVWLPDWLRQ :DWHUFRQVXPSWLRQ 5HOHDVHV 5HOHDVHVGXULQJFXULQJ 5HOHDVHVGXULQJILQLVKLQJ 5HOHDVHVGXULQJRWKHUWDQQLQJVWHSV 5HOHDVHVGXULQJRWKHUOLIHF\FOHVWDJHV :DVWHZDWHUWUHDWPHQW 5HOHDVHHVWLPDWLRQ ([DPSOHRIFDOFXODWLRQ 5()(5(1&(6 */266$5< ,1(5,6'5&(&27&7LQ'5GRF ,1752'8&7,21 7KH SXUSRVHRIWKLVGRFXPHQWLVWRSURYLGHUHDOLVWLFVFHQDULRVIRUWKHHQYLURQPHQWDOUHOHDVHV RI ELRFLGHVXVHGLQWKHOHDWKHULQGXVWU\ /HDWKHUWDQQLQJLVDJHQHUDOWHUPIRUWKHQXPHURXVSURFHVVLQJVWHSVLQYROYHGLQFRQYHUWLQJ DQLPDO KLGHVRU VNLQV LQWR ILQLVKHG OHDWKHU /HDWKHU LV SURGXFHG IURP VNLQV RI IRXU GLIIHUHQW W\SHV RI ZLOG DQG GRPHVWLF DQLPDOV FDWWOH VKHHS DQG ODPE JRDW DQG UHSWLOHV RWKHUV 7KH VWUXFWXUHRIWKHVNLQLVEDVHGRQLQWHUODFHGEXQGOHVRIPLFHOOHVDQGILEULOVWKHFROODJHQ 5HVSHFWLYHO\ WKUHH SHSWLGH FKDLQV IRUP D WULSOH DOSKDKHOL[ VWUXFWXUH )LYH RI WKHP IRUP PLFURILEULOXQLWVZKLFKLQWXUQIRUPKLJKHUILEULIRUPVWUXFWXUHV7KHVHVWUXFWXUHVDUHVWDELOLVHG LQWHUQDOO\DQGODWHUDOO\FURVVOLQNHGE\+ERQGVEHWZHHQWKHSHSWLGHJURXSVRIDPLQRDFLGV (8 7DQQLQJLVWKHSURFHVVE\ZKLFKDQLPDOKLGHVVNLQRIODUJHDQLPDOVVXFKDVFDWWOHDQGVNLQV VPDOO DQLPDOV VXFK DV VKHHS JRDW HWF DUH FRQYHUWHG LQWR OHDWKHU ,Q WKLV SURFHVV WKH + ERQGV DUHUHSODFHGE\VXEVWDQFHVOLNHFKURPLXPVXOSKDWHDOXPRUYHJHWDEOHWDQQLQJDJHQWVWR VWDELOL]HWKHPDWHULDODJDLQVWPLFURELDOSURWHRO\WLFHQ]\PHVLQZHWHQYLURQPHQWSUHYHQWLRQRI IUDFWXULQJLQGU\HQYLURQPHQWDQGRIJOXLQJLQKRWVXUURXQGLQJ8%$ %LRFLGHV DUH DSSOLHG WR SUHYHQW KLGHV DQG VNLQV IURP GHWHULRUDWLRQ GXULQJ WUDQVSRUW VWRUDJH DQG WUHDWPHQWSURFHVVHV 7KHUHDUHDERXWWDQQHULHVLQ(XURSH5H\PRQGRQHW$OR\7KHPRVWLPSRUWDQW SURGXFHUDQGWUDQVIRUPHULQ(XURSHLV,WDO\RIDOOFRPSDQLHVIROORZHGE\6SDLQ6L]H GLVWULEXWLRQRIWDQQHULHVLQ(XURSHDQG)UDQFHLVVKRZQEHORZWDEOH 7DEOH 6L]H RI WDQQHULHV LQ (XURSH DQG )UDQFH &RWDQFH 6\QGLFDW GH OD 7DQQHULH )UDQo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³ZHWEOXH´ )LQLVKLQJ 6(59,&(/,)( %LRFLGHDSSOLFDWLRQ )LQLVKHGOHDWKHU %LRFLGHV %LRFLGHV %LRFLGHVUHOHDVH )LJXUH0DLQSURFHVVHVDQGUHOHDVHVRIWKH³OHDWKHUWDQQLQJ´ 1RW DOO SURFHVV VWHSV DUH SHUIRUPHG LQ HYHU\ WDQQHU\ DQG WKHLU VHTXHQFH PD\ FKDQJH GHSHQGLQJRQWKHKLGHVDVVKRZQLQWDEOH ,1(5,6'5&(&27&7LQ'5GRF 7DEOH6HTXHQFHRISURFHVVHVDFFRUGLQJWRGLIIHUHQWKLGHV&(& +,'(6 &RZKLGHV 6KHHSVNLQ 3LJVNLQ 352&(66 VRDNLQJ XQKDLULQJ OLPLQJ GHOLPLQJ EDWLQJ SLFNOLQJ VRDNLQJ IOHVKLQJ GHZRROLQJ VRDNLQJ XQKDLULQJ OLPLQJ GHOLPLQJ EDWLQJ SLFNOLQJ WDQQLQJ VSOLWWLQJ VKDYLQJ UHWDQQLQJ G\HLQJ IDWOLTXRULQJ GU\LQJ EXIILQJ ILQLVKLQJ SODWLQJ SLFNOLQJ ZDVKLQJ GHJUHDVLQJ WDQQLQJ UHWDQQLQJ G\HLQJ IDWOLTXRULQJ GU\LQJ ILQLVKLQJ LURQLQJ GHJUHDVLQJ WDQQLQJ VSOLWWLQJ VKDYLQJ UHWDQQLQJ G\HLQJ IDWOLTXRULQJ GU\LQJ EXIILQJ ILQLVKLQJ SODWLQJ VSHFLILFWRWKHVNLQSURFHVV &XULQJ &XULQJ SUHYHQWVGHWHULRUDWLRQRIWKHIUHVKVNLQRUKLGHGXULQJVWRUDJHDQGWUDQVSRUW,WFDQEH SHUIRUPHGDFFRUGLQJWRWKUHHPHWKRGV 'U\LQJ ZKLFKLVXVHGPDLQO\LQZDUPFRXQWULHVZKHUHVDOWLVQRWDYDLODEOH'U\VNLQV FDQEHNHSWLQGHILQLWHO\ 6DOWLQJ WKH DGGLWLRQ RI VDOWV KHOSV WKH VNLQ WR GU\ PRUH TXLFNO\ DQG ZHW EDFN PRUH HDVLO\6DOWLQJFDQEHZHWVDOWLQJOHVVSUDFWLFDOEULQLQJ86$RUGU\VDOWLQJ &KLOOLQJLWUHSUHVHQWVRQO\RIWKHWUHDWHGKLGHVDQGFRQVLVWVRIDSSO\LQJFRRODLURU LFH >- &@ IRUDPD[LPXPVWRUDJHRIZHHNV 8VXDOO\WKHVNLQLVSUHVHUYHGE\VDOWLQJ$OWKRXJKVDOWLVDQH[FHOOHQWSUHVHUYDWLYHKDORSKLOLF RU KDORWROHUDQW EDFWHULD PD\ JURZ RQ WKH FXUHG KLGHV FDXVLQJ UHG RU SXUSOH KHDW FKURPRJHQLFSLQNUHGRUYLROHWFRORXUHGEDFWHULD&KHPLFDOVDUHDGGHGWRWKHVDOWWRSUHYHQW UHG KHDW VXFK DV VRGLXP PHWDELVXOSKLWH ERULF DFLG DQG QDSKWDOHQH DW - RI WKH VDOW ZHLJKW)XUWKHUPRUHELRFLGHVDUHWHVWHGDVDQDOWHUQDWLYHIRUVDOW7KHVNLQFDQEHLPPHUVHG LQ DELRFLGHRUWKHELRFLGHFDQEHVSUD\HGRQWKHIOHVKVXUIDFHRIWKHKLGH%LRH[SR 7KH VDOWHGKLGHVDQGVNLQVDUHVWRUHGRQSDOOHWVLQDPELHQWDQGIUHVKFRQGLWLRQV&XULQJRIWHQ LQFRUSRUDWHVWUHDWPHQWZLWKLQVHFWLFLGHVHJS\UHWKUXPSHUPHWKULQSGLFKORUREHQ]HQHHWF WR GLVFRXUDJHDWWDFNVRIEHHWOHVRURWKHULQVHFWVGXULQJVWRUDJHDQGWUDQVSRUW ,1(5,6'5&(&27&7LQ'5GRF %HDPKRXVH 7KH KLGHLVSUHSDUHGIRUWDQQLQJWKURXJKVHYHUDOVWHSVRIFOHDQLQJUHPRYLQJWKHJUHDVHDQG KDLUV DQGE\HQVXULQJWKHFRUUHFWPRLVWXUHFRQWHQW 7\SLFDOVWHSVDUH :HWWLQJ DQG VRDNLQJ WKH LQLWLDO ZDWHU FRQWHQW RI WKH XQWDQQHG OHDWKHU LV DGMXVWHG PDLQO\E\WZRVWDJHFOHDQLQJRIWKHVNLQSUHOLPLQDU\DQGPDLQVRDNLQJ7KLVPD\EHFDUULHG RXW LQSLWVSDGGOHVRUGUXPVRUDFRPELQDWLRQRIWKHVH3DGGOHYDWVDUHVHPLRSHQV\VWHPV XVHGIRUVPDOOVNLQVRUGULHGKLGHVZKHUHDVGUXPVDSSDUHQWO\WKHPRVWFRPPRQWHFKQLTXH DUH FORVHGV\VWHPVXVHGIRUERYLQHKLGHV'UXPVFDQFRQWDLQXSWRWRQQHVRIKLGHV /LPLQJDQG8QKDLULQJUHPRYDORIWKHXSSHUHSLGHUPLVOD\HUVLQFOXGLQJKDLUVHWFLQ D EDWKRIOLPHFDOFLXPK\GUR[LGHDQGVRGLXPVXOSKLGH7KHGXUDWLRQRIWKLVVWHSPD\YDU\ IURP KRXUVGUXPVWRGD\VYDWV/LPHGKLGHVDUHIOHVKHGWRUHPRYHWKHH[FHVVWLVVXH WR LPSDUWXQLIRUPWKLFNQHVVDQGWRUHPRYHPXVFOHVRUIDWDGKHULQJWRWKHKLGH,QVRPHFDVHV IOHVKLQJ LVFDUULHGRXWMXVWDIWHUVRDNLQJJUHHQIOHVKLQJ8%$81(3,(2 7DQ\DUGRSHUDWLRQV 'HOLPLQJ WKH KLGHV DUH ZDVKHG DQG XQGHUJR D QHXWUDOLVLQJ WUHDWPHQW WR UHPRYH WKH OLPH7KLVUHPRYDOLVQHFHVVDU\WRPDNHWKHVNLQVUHFHSWLYHWRWKHVXEVHTXHQWWDQQLQJ %DWLQJLWLVDQHQ]\PDWLFSURFHVVSHUIRUPHGWRLPSDUWVRIWQHVVVWUHWFKDQGIOH[LELOLW\ WR WKHOHDWKHU7KLVVWHSFDQWDNHEHWZHHQPLQXWHVDQGKRXUV%DWLQJDQGGHOLPLQJDUH XVXDOO\SHUIRUPHGWRJHWKHUE\SODFLQJWKHKLGHVLQDQDTXHRXVVROXWLRQRIDPPRQLXPVDOWDQG SURWHRO\WLFHQ]\PHVDW&WR& 3LFNOLQJ D VROXWLRQ FRQWDLQLQJ DFLGV +&O + 62 RUJDQLF DFLGV 1D&O DQG VDOWV LV LQFRUSRUDWHGWRDGMXVWWKHS+DFFRUGLQJWRWKHWDQQLQJUHTXLUHPHQWVWDELOLVHVWKHVNLQVHQG WKH EDWLQJ DFWLRQ DQG LPSURYH WKH SHQHWUDWLRQ RI WKH VXEVHTXHQW WDQQLQJ VWHS 7KLV VWHS LV GRQH LQGUXPV)XQJLFLGHVVXFKDVWKLREHQ]RWKLD]ROPD\EHDGGHGGXULQJSLFNOLQJ 'HJUHDVLQJWKLVVWHSDOZD\VDIWHUSLFNOLQJLVUHTXLUHGIRUVKHHSDQGSLJVNLQVZKHUH ZRRO RU KDLU PD\ EH UHFRYHUHG )RU SLJVNLQV GHJUHDVLQJ FDQ EH LQLWLDWHG EHIRUH OLPLQJ 6ROYHQWVRUVXUIDFWDQWVFDQEHXVHGVXUIDFWDQWVHVSHFLDOO\LIWKHUHLVQRUHFRYHU\ 7DQQLQJLWLVWKHVWDELOLVDWLRQRIWKHFROODJHQ VWUXFWXUH RI WKH KLGH XVLQJ QDWXUDO RU V\QWKHWLF FKHPLFDOV 7KHUH DUH GLIIHUHQW WHFKQLTXHV RI WDQQLQJ FKURPH WDQQLQJ YHJHWDEOH WDQQLQJV\QWDQVDQGDOWHUQDWLYHWDQQLQJPDWHULDOVHJRLOWDQQLQJOLPLWHGWRFKDPRLV ,Q PRVW FDVHV FKURPLXP ,,, VDOWV DQG VRPHWLPHV DGGLWLRQDOO\ DOXPLQLXP DQG ]LUFRQLXP VDOWVDUHXVHGDVWDQQLQJDJHQWV/HDWKHUIRUFORWKLQJVKRHVDQGLQGXVWULDOSXUSRVHVLVFKURPH WDQQHGLQGUXPVIRUWRKRXUV 9HJHWDEOH WDQQLQJ LV WKH ROGHVW SURFHVV LQ XVH LQ WKH OHDWKHU WDQQLQJ LQGXVWU\ ,W LV VWLOO HPSOR\HGIRUVROHVDGGOHU\DQGVRPHVSHFLDOLW\OHDWKHUVKHDY\OHDWKHUV,WWDNHVRQHGD\LQ GUXP WRZHHNVLQSLWVIRUWKHWDQQLQJPDWHULDOEDUNRUZRRGWRSHQHWUDWHWKHKLGH8%$ 86(3$81(3,(2 ,1(5,6'5&(&27&7LQ'5GRF 6\QWDQV DUH V\QWKHWLF WDQQLQJ DJHQWV HJ VXOSKRQDWHG SURGXFWV RI SKHQRO FUHVRO DQG QDSKWDOHQH RU UHVLQV GHULYHG IURP SRO\XUHWKDQHV RU SRO\DFU\OLF DFLGV RQO\ XVHG IRU FHUWDLQ VSHFLDOLW\OHDWKHUVRULQDVVRFLDWLRQZLWKRWKHUWDQQLQJDJHQWV 2IWKHDOGHK\GHVJOXWDUDOGHK\GHLVE\IDUWKHPRVWHIILFLHQWFURVVOLQNLQJDJHQW7ULDOVFDUULHG RXW ZLWKJOXWDUDOGHK\GHKDYHVKRZQWKDWLWFDQEHXVHGDVDWDQQLQJPDWHULDOLQLWVHOIWRJLYHD ZDVKDEOH OHDWKHU ZKLFK LV YHU\ UHVLVWDQW WR SHUVSLUDWLRQ DQG ZKHQ XVHG LQ FRQMXQFWLRQ ZLWK FKURPLXPVDOWVJUHDWO\LPSURYHVWKHVWDELOLW\RIWKHUHVXOWLQJOHDWKHU%RZHV&DWHU $IWHUWKHWDQQLQJSURFHVVWKHOHDWKHULVFDOOHGZHWEOXHIRUFKURPHWDQQLQJRUZHWZKLWH LI RWKHUWDQQLQJDJHQWVDUHXVHG,WFDQEHVWRUHGDQGRUWUDQVSRUWHGLQWKLVFRQGLWLRQ6RPH IXQJLFLGHVPD\WKHQEHDGGHGIRUSUHVHUYDWLRQ81(3,(2 3RVWWDQQLQJRUILQLVKLQJRSHUDWLRQV $IWHU VDPP\LQJ WKH KLGHV WR UHPRYH H[FHVV PRLVWXUH VSOLWWLQJ RU VKDYLQJ WR DGMXVW WKH OHDWKHUWKLFNQHVVWRWKHUHTXLUHGFKDUDFWHULVWLFVDQGWULPPLQJSRVWWDQQLQJRSHUDWLRQVVXFKDV G\HLQJIDWOLTXRULQJRUILQLVKLQJFDQSURFHHG '\HLQJDQGIDWOLTXRULQJIDWOLTXRULQJLVWKHSURFHVVRILQWURGXFLQJRLOLQDQHPXOVLRQ IRUP LQWR WKHVNLQEHIRUHWKHOHDWKHULVGULHGWR UHSODFH RLOV ORVW LQ EHDPKRXVH DQG WDQ\DUG SURFHVVHV)DWOLTXRULQJLVXVXDOO\SHUIRUPHGLQDGUXPXVLQJDQRLOHPXOVLRQDWWHPSHUDWXUHV RI DERXW&WR&IRUWRPLQXWHV )LQLVKLQJ7KHILQLVKLQJSURFHVVUHIHUVWRDOOWKHVWHSVWKDWDUHFDUULHGRXWDIWHUGU\LQJ /HDWKHUPD\EHILQLVKHGLQDYDULHW\RIZD\VEXIIHGZLWKILQHDEUDVLYHVWRSURGXFHDVXHGH ILQLVK ZD[HG VKHOODFNHG RU WUHDWHG ZLWK SLJPHQWV G\HV DQG UHVLQV WR DFKLHYH D VPRRWK SROLVKHG VXUIDFHDQGWKHGHVLUHGFRORXURUODFTXHUHGZLWKXUHWKDQHIRUDJORVV\SDWHQWOHDWKHU +DYLQJ EHHQ WDQQHG WKH ILQLVKHG OHDWKHU LV UHODWLYHO\ VDIH IURP GHVWUXFWLRQ E\ PLFUR RUJDQLVPV+RZHYHUDVLWFRQWDLQVRLOVDQGJUHDVHVDGGHGWRWKHOHDWKHULQWKHILQLVKLQJVWHSV LW LVVXVFHSWLEOHWRPRXOGV0LOGHZLVXQGHVLUHGIURPDQDHVWKHWLFSRLQWRIYLHZDQGFDQFDXVH VWLIIQHVVDQGFUDFNLQJRIWKHOHDWKHUGXHWRUHPRYDORIRLOVDQGJUHDVHVXVHGLQWKHILQLVKLQJ RSHUDWLRQV %LRH[SR %LRFLGHV FDQ EH DSSOLHG E\ SDGGLQJ VSUD\LQJ RU UROOLQJ 81(3,(2 5HPDUN /HDWKHU WKDWKDVEHHQSURFHVVHGWKURXJKVRDNLQJOLPLQJGHOLPLQJSLFNOLQJDQGWDQQLQJDQG WKDWLVVWRUHGIRUVRPHWLPHRUVROGWRDQRWKHUWDQQHU\LVGHVLJQDWHGDVZHWEOXHOHDWKHU &UXVW OHDWKHULVWKHOHDWKHUEHIRUHWKHILQLVKLQJVWHS %,2&,'(6 7KH DSSOLFDWLRQRIELRFLGHVLVLQGHSHQGHQWRIWKHW\SHRIKLGHVRUWDQQLQJWDEOH7KHPDLQ DSSOLFDWLRQ LV GXULQJ VWRUDJH EHIRUH WDQQLQJ RU ILQLVKLQJ VWHSV 7KXV VPDOO WDQQHULHV ZKLFK SURFHVV KLGHV DQG VNLQV ZLWKRXW LQWHUPHGLDWH VWRUDJH GRQ¶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± ±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± ± ± ±DQG±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± (ORFDO SLFNOLQJBZDWHU WDQQLQJBZDWHU ±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
© Copyright 2026 Paperzz