:KLFKQXFOHDUHPLVVLRQKDVWKHJUHDWHVWPDVV" $ % & ' :KLFKJURXSRIQXFOHDUHPLVVLRQVLVOLVWHGLQRUGHURI LQFUHDVLQJFKDUJH" $ % & ' DOSKDSDUWLFOHEHWDSDUWLFOHJDPPDUDGLDWLRQ JDPPDUDGLDWLRQDOSKDSDUWLFOHEHWDSDUWLFOH SRVLWURQDOSKDSDUWLFOHQHXWURQ QHXWURQSRVLWURQDOSKDSDUWLFOH :KDWLVWKHPDVVQXPEHURIDQDOSKDSDUWLFOH" $ % & ' :KLFKOLVWRIQXFOHDUHPLVVLRQVLVDUUDQJHGLQRUGHUIURP WKHOHDVWSHQHWUDWLQJSRZHUWRWKHJUHDWHVWSHQHWUDWLQJ SRZHU" $ % & ' DOSKDSDUWLFOHEHWDSDUWLFOHJDPPDUD\ DOSKDSDUWLFOHJDPPDUD\EHWDSDUWLFOH JDPPDUD\EHWDSDUWLFOHDOSKDSDUWLFOH EHWDSDUWLFOHDOSKDSDUWLFOHJDPPDUD\ 7KHQXFOHXVRIDUDGLXPDWRPLVXQVWDEOHZKLFK FDXVHVWKHQXFOHXVWRVSRQWDQHRXVO\ $ DEVRUEHOHFWURQV & GHFD\ % DEVRUESURWRQV ' R[LGL]H :KLFKQXFOHDUHPLVVLRQKDVWKHJUHDWHVWPDVVDQGWKH OHDVWSHQHWUDWLQJSRZHU" $ DQDOSKDSDUWLFOH & DQHXWURQ % DEHWDSDUWLFOH ' DSRVLWURQ 3RVLWURQVDUHVSRQWDQHRXVO\HPLWWHGIURPWKHQXFOHLRI $ SRWDVVLXP & QLWURJHQ % UDGLXP ' WKRULXP :KLFKQRWDWLRQRIDUDGLRLVRWRSHLVFRUUHFWO\SDLUHGZLWK WKHQRWDWLRQRILWVHPLVVLRQSDUWLFOH" $ & &DDQG +H % 8DQGH ' +DQG±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î\HDUVJUDPVRIWKHRULJLQDO VDPSOHUHPDLQVXQFKDQJHG:KDWLVWKHKDOIOLIHRI ." $ î \ & î \ % î \ ' î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o %D.U;HQHUJ\ :KLFKSDUWLFOHLVUHSUHVHQWHGE\;" $ ±H + % & + ' Q :KDWLVRQHEHQHILWDVVRFLDWHGZLWKDQXFOHDUILVVLRQ UHDFWLRQ" $ % & ' 7KHSURGXFWVDUHQRWUDGLRDFWLYH 6WDEOHLVRWRSHVDUHXVHGDVUHDFWDQWV 7KHUHLVQRFKDQFHRIELRORJLFDOH[SRVXUH $ODUJHDPRXQWRIHQHUJ\LVSURGXFHG :KLFKEDODQFHGHTXDWLRQUHSUHVHQWVDIXVLRQUHDFWLRQ" $ % & ' 8 Q + + .U %D Q +HQ 1 +H 2+ 5D 5Q+H ,QWKHUHDFWLRQ 7KH;UHSUHVHQWV H % + & ±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o/L+H $ :KDWLVWKHFRUUHFWRUGHURIQXFOHDUGHFD\PRGHVIRUWKH FKDQJHIURP8WR8" % QHXWURQV ' EHWDSRVLWURQV $ % & ' IRUPKHDY\QXFOLGHVIURPOLJKWQXFOLGHV IRUPOLJKWQXFOLGHVIURPKHDY\QXFOLGHV UHOHDVHDODUJHDPRXQWRIHQHUJ\ DEVRUEDODUJHDPRXQWRIHQHUJ\ :KLFKUDGLRDFWLYHLVRWRSHLVXVHGLQJHRORJLFDOGDWLQJ" $ XUDQLXP & FREDOW % LRGLQH ' WHFKQHWLXP :KLFKHTXDWLRQUHSUHVHQWVWKHUDGLRDFWLYHGHFD\RI :KLFKLVRWRSLFUDWLRQHHGVWREHGHWHUPLQHGZKHQWKH 5D" DJHRIDQFLHQWZRRGHQREMHFWVLVLQYHVWLJDWHG" $ 5D 5Q+H $ XUDQLXPWRXUDQLXP % 5D $F±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o +H3E 'HWHUPLQHWKHRULJLQDOPDVVRIDVDPSOHRI3RLI PLOOLJUDPRIWKHVDPSOHUHPDLQVXQFKDQJHGDIWHU PLQXWHV %DVH\RXUDQVZHUVWRTXHVWLRQVWKURXJKRQLQWKHLQIRUPDWLRQEHORZ :KHQDXUDQLXPQXFOHXVDEVRUEVDVORZPRYLQJQHXWURQGLIIHUHQWQXFOHDUUHDFWLRQVPD\ RFFXU2QHRIWKHVHSRVVLEOHUHDFWLRQVLVUHSUHVHQWHGE\WKHFRPSOHWHEDODQFHGHTXDWLRQEHORZ (TXDWLRQ8Qo.U%DQHQHUJ\ )RUWKLVUHDFWLRQWKHVXPRIWKHPDVVHVRIWKHSURGXFWVLVVOLJKWO\OHVVWKDQWKHVXPRIWKH PDVVHVRIWKHUHDFWDQWV$QRWKHUSRVVLEOHUHDFWLRQRI8LVUHSUHVHQWHGE\WKHLQFRPSOHWH EDODQFHGHTXDWLRQEHORZ (TXDWLRQ8Qo6UBBBBQHQHUJ\ :ULWHDQRWDWLRQIRUWKHPLVVLQJSURGXFWLQHTXDWLRQ ,GHQWLI\WKHW\SHRIQXFOHDUUHDFWLRQUHSUHVHQWHGE\HTXDWLRQ 'HWHUPLQHWKHKDOIOLIHRINU\SWRQLIRQO\PLOOLJUDPVRIDQRULJLQDOPLOOLJUDPVDPSOHUHPDLQV XQFKDQJHGDIWHUVHFRQGV %DVH\RXUDQVZHUWRWKHIROORZLQJTXHVWLRQRQWKHLQIRUPDWLRQEHORZ $EDWWHU\RSHUDWHGVPRNHGHWHFWRUSURGXFHVDQDODUPLQJVRXQGZKHQLWVHOHFWULFDOVHQVRUGHWHFWV VPRNHSDUWLFOHV6RPHLRQL]LQJVPRNHGHWHFWRUVFRQWDLQWKHUDGLRLVRWRSHDPHULFLXPZKLFK XQGHUJRHVDOSKDGHFD\DQGKDVDKDOIOLIHRI\HDUV7KHHPLWWHGDOSKDSDUWLFOHVLRQL]HJDV PROHFXOHVLQWKHDLU$VDUHVXOWDQHOHFWULFFXUUHQWIORZVWKURXJKWKHGHWHFWRU:KHQVPRNHSDUWLFOHV HQWHUWKHGHWHFWRUWKHIORZRILRQVLVLQWHUUXSWHGFDXVLQJWKHDODUPWRVRXQG &RPSOHWHWKHQXFOHDUHTXDWLRQEHORZIRUWKHGHFD\RI$P<RXUUHVSRQVHPXVWLQFOXGHWKHV\PERO PDVVQXPEHUDQGDWRPLFQXPEHUIRUHDFKSURGXFW %DVH\RXUDQVZHUWRWKHIROORZLQJTXHVWLRQRQWKHLQIRUPDWLRQEHORZ 6RPHUDGLRLVRWRSHVXVHGDVWUDFHUVPDNHLWSRVVLEOHIRUGRFWRUVWRVHHWKHLPDJHVRILQWHUQDOERG\ SDUWVDQGREVHUYHWKHLUIXQFWLRQV7KHWDEOHEHORZOLVWVLQIRUPDWLRQDERXWWKUHHUDGLRLVRWRSHVDQGWKH ERG\SDUWHDFKUDGLRLVRWRSHLVXVHGWRVWXG\ :ULWHWKHHTXDWLRQIRUWKHQXFOHDUGHFD\RIWKHUDGLRLVRWRSHXVHGWRVWXG\UHGEORRGFHOOV,QFOXGHERWKWKH DWRPLFQXPEHUDQGWKHPDVVQXPEHUIRUHDFKPLVVLQJSDUWLFOH )H oBBBBBBBBHQHUJ\
© Copyright 2025 Paperzz