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3ODQQLQJ'LVN8QLW&RQILJXUDWLRQV 1-27
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PRGXOHVPXVWQRWEHFRQILJXUHGDVKRWVSDUHVEHFDXVHWKH\VWRUHWKHOLFHQVHGLQWHUQDO
PLFURFRGHRUVHUYHDVWKHGLVNDUUD\ªVFDFKHYDXOW
 0RGHO$%&$'(
+RW6SDUHIRUD0RGHO
,QWKLVH[DPSOHWKHPRGXOHVLQVORWV$%&'DQG(DUHD5$,'JURXS7KRVHLQ
VORWV$DQG%DUHD5$,'PLUURUHGSDLUDQGWKHPRGXOHLQ$LVDKRWVSDUHVHH)LJXUH
(YHQWXDOO\PRGXOH'IDLOV,PPHGLDWHO\WKH63EHJLQVUHEXLOGLQJWKH5$,'JURXS
XVLQJWKHKRWVSDUH:KHQLWILQLVKHVWKH5$,'JURXSFRQVLVWVRIGLVNPRGXOHV$%&
$DQG(1RKRWVSDUHLVQRZDYDLODEOH:KHQWKHIDLOHGPRGXOHLQ'LVUHSODFHGWKH63
VWDUWVFRS\LQJWKHVWUXFWXUHRQ$WR':KHQLWILQLVKHVWKH5$,'JURXSRQFHDJDLQ
FRQVLVWVRIPRGXOHV$%&'DQG(DQGWKHKRWVSDUHLQ$EHFRPHVDYDLODEOHIRU
XVHLIDQ\RWKHUPRGXOHIDLOV$VLPLODUVHTXHQFHZRXOGRFFXULIPRGXOH$LQWKHPLUURUHG
SDLUIDLOHG,QVXPPDU\
 7KH5$,'JURXSLV$%&'DQG(WKH5$,'PLUURUHGSDLULV$DQG%WKH
KRWVSDUHLV$
 'LVNPRGXOH'IDLOV
 7KH5$,'JURXSLV$%&$DQG(QRKRWVSDUHLVDYDLODEOH
 )DLOLQJGLVNPRGXOH'LVUHSODFHGZLWKZRUNLQJPRGXOH
 7KH5$,'JURXSLV$%&'DQG(WKHKRWVSDUHLV$