Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
Skip to contentAll 2022 papers 
View all
%20June%202025%20%20Possible%20Asnwers--4ebc816c-e285-4ea9-908e-0168044732f4/v1-46f460592da3f68239bc/card.webp)
Business Studies Grade 12 Paper 2 Limpopo Mock 2022 Memo
Grade 12 Business Studies Paper 2 memorandum from the Limpopo Mock Exam 2022, 36 pages. Read online or download the free PDF.
Business Studies · Grade 12 · Limpopo Mock Exam · 2022. Memorandum, 36 pages. Read online or download the PDF.
- Subject
- Business Studies
- Grade
- Grade 12
- Document type
- Memorandum
- Year
- 2022
- Exam period
- Limpopo Mock Exam
- Paper
- 2
- Curriculum
- CAPS
- Pages
- 36
- File size
- 1.8 MB
Free to read online, no sign-up needed
Loading document…
Loading document…
1 of 36
This exam
Document textSearch extracted text and jump to a page.
Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
s.co
m
si c
st
an
mor
ep
hy
om
fr
oa
de
d
do
wn
l
Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
s.co
m
si c
st
an
mor
ep
hy
om
fr
oa
de
d
do
wn
l
Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
Downloaded from hlayiso.com
Downloaded f rom St anmorephysics. com
'(3$570(172)('8&$7,21
1$7,21$/
6(1,25&(57,),&$7(
*5$'(
%86,1(66678',(63
6(37(0%(5
0$5.,1**8,'(/,1(
0$5.6
7KLVPDUNLQJJXLGHOLQHFRQVLVWVRISDJHV
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
127(6720$5.(56
35($0%/(
7KHQRWHVWRPDUNHUVDUHSURYLGHGIRUTXDOLW\DVVXUDQFHSXUSRVHVWRHQVXUHWKH
IROORZLQJ
D )DLUQHVVFRQVLVWHQF\DQGUHOLDELOLW\LQWKHVWDQGDUGRIPDUNLQJ
E )DFLOLWDWHWKHPRGHUDWLRQRIFDQGLGDWHV VFULSWVDWGLIIHUHQWOHYHOV
F 6WUHDPOLQHWKHPDUNLQJSURFHVVFRQVLGHULQJWKHEURDGVSHFWUXPRIPDUNHUV
DFURVVWKHFRXQWU\
G ,PSOHPHQWDSSURSULDWHPHDVXUHVLQWKHWHDFKLQJOHDUQLQJDQGDVVHVVPHQWRI
WKHVXEMHFWDWVFKRROVLQVWLWXWLRQVRIOHDUQLQJ
&DQGLGDWHV¶UHVSRQVHVPXVWEHLQIXOOVHQWHQFHVIRU6(&7,216%DQG&
+RZHYHUWKLVZRXOGGHSHQGRQWKHQDWXUHRIWKHTXHVWLRQ
$FRPSUHKHQVLYHPDUNLQJJXLGHOLQHKDVEHHQSURYLGHGEXWWKLVLVE\QRPHDQV
H[KDXVWLYH'XHFRQVLGHUDWLRQVKRXOGEHJLYHQWRDQDQVZHUWKDWLVFRUUHFWEXW
x 8VHVDGLIIHUHQWH[SUHVVLRQIURPWKDWZKLFKDSSHDUVLQWKHPDUNLQJJXLGHOLQHV
x &RPHVIURPDQRWKHUFUHGLEOHVRXUFH
x 2ULJLQDO
x $GLIIHUHQWDSSURDFKLVXVHG
127( 7KHUHLVRQO\21(FRUUHFWDQVZHULQ6(&7,21$
7DNHQRWHRIRWKHUUHOHYDQWDQVZHUVSURYLGHGE\FDQGLGDWHVDQGDOORFDWHPDUNV
DFFRUGLQJO\ ,Q FDVHV ZKHUH WKH DQVZHU LV XQFOHDU RU LQGLFDWHV VRPH
XQGHUVWDQGLQJSDUWPDUNVVKRXOGEHDZDUGHGIRUH[DPSOHRQHPDUNLQVWHDGRI
WKHPD[LPXPRIWZRPDUNV
7KHZRUGµ6XEPD[¶LVXVHGWRIDFLOLWDWHWKHDOORFDWLRQRIPDUNVZLWKLQDTXHVWLRQ
RUVXETXHVWLRQ
7KHSXUSRVHRIFLUFOLQJPDUNV JXLGHGE\µPD[¶LQWKHEUHDNGRZQRIPDUNV RQWKH
ULJKWKDQGVLGHLVWRHQVXUHFRQVLVWHQF\DQGDFFXUDF\LQWKHPDUNLQJRIVFULSWVDV
ZHOODVIRUFDOFXODWLRQDQGPRGHUDWLRQSXUSRVHV
6XEWRWDOVWRTXHVWLRQVPXVWEHZULWWHQLQWKHULJKWKDQGPDUJLQ&LUFOHWKHVXEWRWDOV
DVLQGLFDWHGE\WKHDOORFDWLRQRIPDUNV7KLVPXVWEHJXLGHGE\µPD[¶LQWKHPDUNLQJ
JXLGHOLQH2QO\WKHWRWDOIRUHDFKTXHVWLRQVKRXOGDSSHDULQWKHOHIWKDQGPDUJLQ
QH[WWRWKHDSSURSULDWHTXHVWLRQQXPEHU
,QDQLQGLUHFWTXHVWLRQWKHWKHRU\DVZHOODVWKHUHVSRQVHPXVWEHUHOHYDQWDQG
UHODWHGWRWKHTXHVWLRQ
&RUUHFWQXPEHULQJRIUHVSRQVHVWRTXHVWLRQVLVUHFRPPHQGHGLQ6(&7,21$DQG
%+RZHYHULIWKHQXPEHULQJLVLQFRUUHFWIROORZWKHVHTXHQFHRIWKHFDQGLGDWH¶V
UHVSRQVHV&DQGLGDWHVZLOOEHSHQDOLVHGLIWKHODWWHULVQRWFOHDU
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
1RDGGLWLRQDOFUHGLWPXVWEHJLYHQIRUUHSHWLWLRQRIIDFWV,QGLFDWHZLWKDQµ5¶
7KHGLIIHUHQWLDWLRQEHWZHHQ HYDOXDWH DQG FULWLFDOO\HYDOXDWH FDQEH
H[SODLQHGDVIROORZV
:KHQ HYDOXDWH LVXVHGFDQGLGDWHVDUHH[SHFWHGWRUHVSRQGLQHLWKHUD
SRVLWLYHQHJDWLYHPDQQHURUWDNHDQHXWUDO SRVLWLYHDQGQHJDWLYH VWDQFH
HJ3RVLWLYH &2,'$HOLPLQDWHVWLPHDQGFRVWVVSHQW¥RQOHQJWK\FLYLO
FRXUWSURFHHGLQJV ¥
:KHQ FULWLFDOO\HYDOXDWH LVXVHGFDQGLGDWHVDUHH[SHFWHGWRUHVSRQGLQ
HLWKHU D SRVLWLYHQHJDWLYH PDQQHU RU WDNH D QHXWUDO SRVLWLYH DQG
QHJDWLYH VWDQFH ,Q WKLV LQVWDQFH FDQGLGDWHV DUH DOVR H[SHFWHG WR
VXSSRUW WKHLU UHVSRQVHV ZLWK PRUH GHSWK HJ &2,'$ HOLPLQDWHV WLPH
DQG FRVWV VSHQW¥ RQ OHQJWK\ FLYLO FRXUW SURFHHGLQJV¥ EHFDXVH WKH
HPSOR\HUZLOOQRWEHOLDEOHIRUFRPSHQVDWLRQWRWKHHPSOR\HHIRULQMXULHV
VXVWDLQHG GXULQJ ZRUNLQJ KRXUV DV ORQJ DV LW FDQ EH SURYHG WKDW WKH
EXVLQHVVZDVQRWQHJOLJHQW ¥
127( 7KHDERYHFRXOGDSSO\WR DQDO\VH DVZHOO
1RWHWKHSODFLQJRIWKHWLFN ¥ LQWKHDOORFDWLRQRIPDUNV
7KHDOORFDWLRQRIPDUNVPXVWEHLQIRUPHGE\WKHQDWXUHRIWKHTXHVWLRQFRJQLWLYH
YHUE XVHG PDUN DOORFDWLRQ LQ WKH PDUNLQJ JXLGHOLQHV DQG WKH FRQWH[W RI HDFK
TXHVWLRQ
&RJQLWLYHYHUEVVXFKDV
$GYLVH QDPH VWDWH RXWOLQH PRWLYDWH UHFRPPHQG VXJJHVW OLVW QRW
H[KDXVWLYH GR QRW XVXDOO\ UHTXLUH PXFK GHSWK LQ FDQGLGDWHV
UHVSRQVHV 7KHUHIRUH WKH PDUN DOORFDWLRQ IRU HDFK VWDWHPHQWDQVZHU
DSSHDUVDWWKHHQG
'HILQH GHVFULEH H[SODLQ GLVFXVV HODERUDWH FRPSDUH GLVWLQJXLVK
FRPSDUHWDEXODWHGLIIHUHQWLDWHDQDO\VHHYDOXDWHFULWLFDOO\HYDOXDWH OLVW
QRWH[KDXVWLYH UHTXLUHDJUHDWHUGHSWKRIXQGHUVWDQGLQJDSSOLFDWLRQDQG
UHDVRQLQJ 7KHUHIRUH WKH PDUNV PXVW EH DOORFDWHG PRUH REMHFWLYHO\ WR
HQVXUH WKDWDVVHVVLQJ LV FRQGXFWHGDFFRUGLQJ WR HVWDEOLVKHGQRUPV VR
WKDWXQLIRUPLW\FRQVLVWHQF\DQGIDLUQHVVDUHDFKLHYHG
0DUNRQO\WKH),567DQVZHUZKHUHFDQGLGDWHVRIIHUPRUHWKDQRQHDQVZHUIRU
6(&7,21%DQG&TXHVWLRQVWKDWUHTXLUHRQHDQVZHU
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
6(&7,21%
,IIRUH[DPSOH),9(IDFWVDUHUHTXLUHGPDUNWKHFDQGLGDWH¶V),567
),9(UHVSRQVHVDQGLJQRUHWKHUHVWRIWKHUHVSRQVHV,QGLFDWHE\
GUDZLQJDOLQHDFURVVWKHXQPDUNHGSRUWLRQ
127( 7KLVDSSOLHVRQO\WRTXHVWLRQVZKHUHWKHQXPEHURIIDFWVLV
VSHFLILHG
7KHDERYHDOVRDSSOLHVWRUHVSRQVHVLQ6(&7,21& ZKHUH
DSSOLFDEOH
,IWZRIDFWVDUHZULWWHQLQRQHVHQWHQFHDZDUGWKHFDQGLGDWH)8//FUHGLW
3RLQWDERYHVWLOODSSOLHV
,IFDQGLGDWHVDUHUHTXLUHGWRSURYLGHWKHLURZQH[DPSOHVYLHZV
EUDLQVWRUPWKLVWRFRPHXSZLWKDOWHUQDWLYHDQVZHUV
8VHRIWKHFRJQLWLYHYHUEVDQGDOORFDWLRQRIPDUNV
,IWKHQXPEHURIIDFWVLVVSHFLILHGTXHVWLRQVWKDWUHTXLUH
FDQGLGDWHVWR GHVFULEHGLVFXVVH[SODLQ PD\EHPDUNHGDVIROORZV
x )DFWPDUNV RUDVLQGLFDWHGLQWKHPDUNLQJJXLGHOLQH
x ([SODQDWLRQPDUN WZRPDUNVZLOOEHDOORFDWHGLQ6HFWLRQ&
7KH IDFW DQG H[SODQDWLRQ DUHJLYHQVHSDUDWHO\LQWKHPDUNLQJ
JXLGHOLQHVWRIDFLOLWDWHPDUNDOORFDWLRQ
,IWKHQXPEHURIIDFWVUHTXLUHGLVQRWVSHFLILHGWKHDOORFDWLRQRI
PDUNVPXVWEHLQIRUPHGE\WKHQDWXUHRIWKHTXHVWLRQDQGWKH
PD[LPXPPDUNDOORFDWHGLQWKHPDUNLQJJXLGHOLQHV
21( PDUN PD\ EH DZDUGHG IRU DQVZHUV WKDW DUH HDV\ WR UHFDOO
UHTXLUHVRQHZRUGDQVZHUVRULVTXRWHGGLUHFWO\IURPDVFHQDULRFDVH
VWXG\ 7KLV DSSOLHV WR 6(&7,216 % DQG & LQ SDUWLFXODU ZKHUH
DSSOLFDEOH
6(&7,21&
7KHEUHDNGRZQRIWKHPDUNDOORFDWLRQIRUWKHHVVD\VLVDVIROORZV
,QWURGXFWLRQ
0D[LPXP
&RQWHQW
&RQFOXVLRQ
,QVLJKW
727$/
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
,QVLJKWFRQVLVWVRIWKHIROORZLQJFRPSRQHQWV
/D\RXW6WUXFWXUH ,VWKHUHDQLQWURGXFWLRQSDUDJUDSKVDQGDFRQFOXVLRQ"
$QDO\VLVDQG ,VWKHFDQGLGDWHDEOHWREUHDNGRZQWKHTXHVWLRQLQWR
LQWHUSUHWDWLRQ KHDGLQJVVXEKHDGLQJVLQWHUSUHWLWFRUUHFWO\WRVKRZ
XQGHUVWDQGLQJRIZKDWLVEHLQJDVNHG"
0DUNVWREHDOORFDWHGXVLQJWKLVJXLGH
$OOKHDGLQJVDGGUHVVHG 2QH $
,QWHUSUHWDWLRQ WRPDUNV 2QH $
6\QWKHVLV $UHWKHUHUHOHYDQWGHFLVLRQVIDFWVUHVSRQVHVPDGH
EDVHGRQWKHTXHVWLRQV"
0DUNVWREHDOORFDWHGXVLQJWKLVJXLGH
1RUHOHYDQWIDFWV 7ZR 6
6RPHUHOHYDQWIDFWV 2QH 6
2QO\UHOHYDQWIDFWV 1R 6
2SWLRQ 2QO\UHOHYDQWIDFWV PDUNV 1R 6
:KHUHDFDQGLGDWHDQVZHUVRUPRUH WZR
WRIRXUVXETXHVWLRQV RIWKHTXHVWLRQZLWKRQO\
UHOHYDQWIDFWV QR 6 DSSHDUVLQWKHOHIWPDUJLQ
$ZDUG WKH PD[LPXP RI 7:2 PDUNV IRU
V\QWKHVLV
2SWLRQ 6RPHUHOHYDQWIDFWV PDUN 2QH 6
:KHUH D FDQGLGDWH DQVZHUV OHVV WKDQ
RQO\ RQH VXETXHVWLRQ RI WKH TXHVWLRQ ZLWK
RQO\25VRPHUHOHYDQWIDFWV RQH 6 DSSHDUV
LQWKHOHIWPDUJLQ$ZDUGDPD[LPXPRI21(
PDUNIRUV\QWKHVLV
2SWLRQ 6RPHUHOHYDQWIDFWV PDUN 2QH 6
:KHUH D FDQGLGDWH DQVZHUV )285 VXE
TXHVWLRQV EXW RQHWZRWKUHH VXETXHVWLRQV
ZLWK QR UHOHYDQW IDFWV RQH 6 DSSHDUV LQ WKH
OHIWPDUJLQ$ZDUGDPD[LPXPRI21( PDUN
IRUV\QWKHVLV
2SWLRQ 1RUHOHYDQWIDFWV PDUN 7ZR 6
:KHUH D FDQGLGDWH DQVZHUV OHVV WKDQ
RQO\RQHVXETXHVWLRQ RIWKHTXHVWLRQVZLWKQR
UHOHYDQW IDFWV WZR 6 DSSHDUV LQ WKH OHIW
PDUJLQ$ZDUGD=(52PDUNV\QWKHVLV
2ULJLQDOLW\ ,VWKHUHHYLGHQFHRIRQHH[DPSOHSHUWRSLFVXEWRSLFEDVHG
RQUHFHQWLQIRUPDWLRQFXUUHQWWUHQGVDQGGHYHORSPHQWV"
727$/)25,16,*+7
727$/0$5.6)25)$&76
727$/0$5.6)25(66$<
127( 1RPDUNVZLOOEHDZDUGHGIRUFRQWHQWVUHSHDWHGIURPWKHLQWURGXFWLRQ
DQGFRQFOXVLRQ
7KHFDQGLGDWHIRUIHLWVPDUNVIRUOD\RXWLIWKHZRUGV,1752'8&7,21
DQG&21&/86,21DUHQRWVWDWHG
1RPDUNVZLOOEHDOORFDWHGIRUOD\RXWLIWKHKHDGLQJVµ,1752'8&7,21
DQG&21&/86,21DUHQRWVXSSRUWHGE\DQH[SODQDWLRQ
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
,QGLFDWHLQVLJKWLQWKHOHIWKDQGPDUJLQZLWKDV\PEROHJ µ/$6
DQGRU2¶
7KHEUHDNGRZQRIPDUNVLVLQGLFDWHGDWWKHHQGRIWKHVXJJHVWHG
DQVZHUPDUNLQJJXLGHOLQHVWRHDFKTXHVWLRQ
0DUNDOOUHOHYDQWIDFWVXQWLOWKH68%0$;0$;PDUNLQDVXEVHFWLRQKDV
EHHQ DWWDLQHG:ULWH 68%0$;0$;DIWHU PD[LPXPPDUNV KDYH EHHQ
REWDLQHGEXWFRQWLQXHUHDGLQJIRURULJLQDOLW\³2´
$W WKH HQG RI HDFK HVVD\ LQGLFDWH WKH DOORFDWLRQRI PDUNV IRU IDFWV DQG
PDUNVIRULQVLJKWDVIROORZV /±/D\RXW$±$QDO\VLV6±6\QWKHVLV2±
2ULJLQDOLW\ DVLQWKHWDEOHEHORZ
&217(17 0$5.6
)DFW PD[
V
/
$
6
2
727$/
:KHQDZDUGLQJPDUNVIRUIDFWVWDNHQRWHRIWKHVXEPD[LPDLQGLFDWHG
HVSHFLDOO\ LI FDQGLGDWHV GR QRW PDNH XVH RI WKH VDPH VXEKHDGLQJV
5HPHPEHUKHDGLQJVDQGVXEKHDGLQJVDUHHQFRXUDJHGDQGFRQWULEXWHWR
LQVLJKW VWUXFWXULQJORJLFDOIORZVHTXHQFLQJ DQGLQGLFDWHFODULW\RIWKRXJKW
6HH0$5.6%5($.'2:1DWWKHHQGRIHDFKTXHVWLRQ
,IWKHFDQGLGDWHLGHQWLILHVLQWHUSUHWVWKHTXHVWLRQ,1&255(&7/<WKHQ
KHVKHPD\VWLOOREWDLQPDUNVIRUOD\RXW
,IDGLIIHUHQWDSSURDFKLVXVHGE\FDQGLGDWHVHQVXUHWKDWWKHDQVZHUV
DUH DVVHVVHG DFFRUGLQJ WR WKH PDUN DOORFDWLRQVXEKHDGLQJV DV
LQGLFDWHGLQWKHPDUNLQJJXLGHOLQH
$ZDUG7:2PDUNVIRUFRPSOHWHVHQWHQFHV$ZDUG21(PDUN
IRUSKUDVHVLQFRPSOHWHVHQWHQFHVDQGYDJXHDQVZHUV
:LWKHIIHFWIURP1RYHPEHUWKH7:2PDUNVZLOOQRW
QHFHVVDULO\DSSHDUDWWKHHQGRIHDFKFRPSOHWHGVHQWHQFH7KH
WLFNV 3 ZLOOEHVHSDUDWHGDQGLQGLFDWHGQH[WWRHDFKIDFWHJ
µ3URGXFWGHYHORSPHQWLVDJURZWKVWUDWHJ\¥ZKHUHEXVLQHVVDLP
WRLQWURGXFHQHZSURGXFWV¥LQWRH[LVWLQJPDUNHWV¶3
7KLV ZLOO EH LQIRUPHG E\ WKH QDWXUH DQG FRQWH[W RI WKH
TXHVWLRQDVZHOODVWKHFRJQLWLYHYHUEXVHG
:LWKHIIHFWIURP1RYHPEHUWKHPD[LPXPRI7:2 PDUNVIRU
IDFWVVKRZQDVKHDGLQJVLQWKHPHPRZLOOQRWQHFHVVDULO\DSSO\WRHDFK
TXHVWLRQ7KLVZRXOGDOVRGHSHQGRQWKHQDWXUHRIWKHTXHVWLRQ
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
6(&7,21$
48(67,21
%33
$33
&33
$33
&33
[
PDQDJHPHQW33
JUDSK33
VKRUWWHUP33
VRFLDO33
JULHYDQFH33
[
*33
(33
,33
+33
-33
[
727$/6(&7,21$
%5($.'2:12)0$5.6
48(67,21 0$5.6
727$/
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
6(&7,21%
0DUNRQO\WKH),5677:2DQVZHUVRQO\
48(67,21 %86,1(669(1785(6
([DPSOHVRIQRQLQVXUDEOHULVNV
1XFOHDUZHDSRQVZDUSROLWLFDOGLVWXUEDQFHV3
&KDQJHVLQIDVKLRQ3
,PSURYHPHQW&KDQJHVLQWHFKQRORJ\3
,UUHFRYHUDEOHGHEWV3
)LQDQFLDOORVVGXHWREDGPDQDJHPHQW3
3RVVLEOHIDLOXUHRIDEXVLQHVV3
6KRSOLIWLQJGXULQJEXVLQHVVKRXUV3
/RVVRILQFRPHLIVWRFNLVQRWUHFHLYHGLQWLPH7LPHWKDWHODSVHVEHWZHHQ
WKHSODFLQJRIRUGHUVDQGGHOLYHU\3
/RVVHVFDXVHGE\WKHPDUNHWLQJPDOSUDFWLFHVRIWKHEXVLQHVV3
&KDQJHVLQSULFHOHYHOVIURPRQHSODFHWRDQRWKHU'LIIHUHQWSULFHVLQ
GLIIHUHQWSODFHV3
$Q\RWKHUUHOHYDQWH[DPSOHVRIQRQLQVXUDEOHULVNV
127( 0DUNWKHILUVW7+5(( RQO\
[
5LJKWVRISUHIHUHQFHVKDUHKROGHUV
5HFHLYHGLYLGHQGVUHJDUGOHVVRIKRZPXFKSURILWVDUHPDGH33
5HFHLYHDIL[HGUDWHRIUHWXUQGLYLGHQG33
7KH\DUHSDLGILUVWHQMR\SUHIHUHQWLDOULJKWVWRGLYLGHQGV33
7KH\KDYHDSUHIHUUHGFODLPRQFRPSDQ\DVVHWVLQWKHHYHQWRIEDQNUXSWF\
OLTXLGDWLRQRIWKHFRPSDQ\33
5HFHLYHLQWHULPDQGDQQXDOUHSRUWV33
7KH\RQO\KDYHYRWLQJULJKWVDWWKH$*0XQGHUSDUWLFXODUFLUFXPVWDQFHVIRU
FHUWDLQUHVROXWLRQV33
&XPXODWLYHVKDUHKROGHUVPXVWUHFHLYHRXWVWDQGLQJDFFUXHGGLYLGHQGVIURP
SUHYLRXV\HDUV33
3DUWLFLSDWLQJSUHIHUHQFHVKDUHKROGHUVKDYHWKHULJKWWRVKDUHLQVXUSOXV
SURILWV33
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHULJKWVRISUHIHUHQFHVKDUHKROGHUV
0D[
/HDGHUVKLS
/HDGHUVKLSVW\OHIURPWKHVFHQDULR
7UDQVDFWLRQDOOHDGHUVKLSVW\OH33
0RWLYDWLRQ
0DQDJHPHQWPRWLYDWHVWKHLUHPSOR\HHVE\UHZDUGLQJWKHPIRUPHHWLQJ
GHDGOLQHVRQWLPH3
127( 'RQRWDZDUGPDUNVIRUWKHPRWLYDWLRQLIWKHOHDGHUVKLSVW\OHZDV
LQFRUUHFWO\LGHQWLILHG
0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
5ROHRISHUVRQDODWWLWXGHLQVXFFHVVIXOOHDGHUVKLS
3RVLWLYHDWWLWXGHUHOHDVHV3OHDGHUVKLSSRWHQWLDO3
$OHDGHU VJRRGEDGDWWLWXGHFDQLQIOXHQFH3WKHVXFFHVVIDLOXUHRIWKH
EXVLQHVV3
/HDGHUVPXVWNQRZWKHLUVWUHQJWKVDQGZHDNQHVVHV3WRDSSO\WKHLU
OHDGHUVKLSVW\OHVHIIHFWLYHO\3
*UHDWOHDGHUVXQGHUVWDQGWKDWWKHULJKWDWWLWXGH3ZLOOVHWWKHULJKW
DWPRVSKHUH3
/HDGHUV DWWLWXGHPD\LQIOXHQFH3HPSOR\HHV WHDPVWKRXJKWVEHKDYLRXU3
/HDGHUVVKRXOGPRGHOWKHEHKDYLRXU3WKDWWKH\ZDQWWRVHHLQWHDP
PHPEHUV3
6XFFHVVIXOOHDGHUVFRQVLGHUWKHDELOLWLHVVNLOOVRIWHDPPHPEHUV3WR
DOORFDWHWDVNVUROHVHIIHFWLYHO\3
(QWKXVLDVPSURGXFHV3FRQILGHQFHLQDOHDGHU3
$SRVLWLYHDWWLWXGHLVFULWLFDOIRUJRRGOHDGHUVKLS3EHFDXVHJRRGOHDGHUVZLOO
VWD\ZLWKWKHWDVNUHJDUGOHVVRIGLIILFXOWLHVFKDOOHQJHV3
6XFFHVVIXOHPSOR\HHVDQGOHDGHUVKDYHDFRQVWDQWGHVLUHWRZRUN3DQG
DFKLHYHSHUVRQDOSURIHVVLRQDOVXFFHVV3
/HDGHUVZLWKDSRVLWLYHDWWLWXGHNQRZ3WKDWWKHUHLVDOZD\VPRUHWR
OHDUQVSDFHWRJURZ3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHUROHRISHUVRQDODWWLWXGHLQ
VXFFHVVIXOOHDGHUVKLS
0D[
'LIIHUHQFHEHWZHHQLQVXUDQFHDQGDVVXUDQFH
,1685$1&( $6685$1&(
%DVHGRQWKHSULQFLSOH3RI %DVHGRQWKHSULQFLSOH3RI
LQGHPQLW\3 VHFXULW\FHUWDLQW\3
7KHLQVXUHGWUDQVIHUVWKHFRVWRI 7KHLQVXUHUXQGHUWDNHVWRSD\DQ
SRWHQWLDOORVV3WRWKHLQVXUHUDWD DJUHHGVXPRIPRQH\DIWHUD
SUHPLXP3 FHUWDLQSHULRG3KDVH[SLUHGRQ
WKHGHDWKRIWKHLQVXUHGSHUVRQ
ZKLFKHYHURFFXUUHGILUVW3
,WFRYHUVDVSHFLILHGHYHQW3WKDW 6SHFLILHGHYHQWLVFHUWDLQW\3EXW
PD\RFFXU3 WKHWLPHRIWKHHYHQWLVXQFHUWDLQ3
$SSOLFDEOHWRVKRUWWHUP $SSOLFDEOHWRORQJWHUP
LQVXUDQFH3 LQVXUDQFH3
([DPSOHV ([DPSOHV
3URSHUW\LQVXUDQFHPRQH\LQ /LIHLQVXUDQFHHQGRZPHQW
WUDQVLWWKHIWEXUJODU\ILUH3 SROLFLHVUHWLUHPHQWDQQXLWLHV3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHG $Q\RWKHUUHOHYDQWDQVZHUUHODWHG
WRLQVXUDQFH WRDVVXUDQFH
6XEPD[ 6XEPD[
127( 7KHDQVZHUGRHVQRWKDYHWREHLQWDEXODUIRUPDW
'LIIHUHQFHGRHVQRWKDYHWROLQNEXWPXVWEHFOHDU
$ZDUGDPD[LPXPRI7:2 PDUNVLIWKHGLIIHUHQFHLVQRW
FOHDU0DUNHLWKHULQVXUDQFHRUDVVXUDQFHRQO\
0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
)RUPVRIRZQHUVKLS
)RUPVRIRZQHUVKLSIURPWKHVFHQDULR
1RQSURILWFRPSDQ\33
$GYDQWDJHVRIDQRQSURILWFRPSDQ\
3URFHHGVVXUSOXVIXQGVDUHXVHGVROHO\3IRUWKHSULPDU\REMHFWLYHRIWKH
RUJDQL]DWLRQIXUWKHUWKHJRDOVRIWKHEXVLQHVV3
7KH\SURYLGHVRFLDOVHUYLFHV3WRYDULRXVFRPPXQLWLHV3
'RQRUVUHFHLYHWD[GHGXFWLRQV3ZKLFKPRWLYDWHVWKHPWRLQYHVWLQDQRQ
SURILWFRPSDQ\3
7KHUHLVDIL[HG3PDQDJHPHQWVWUXFWXUH3
7KHOLDELOLW\RIWKHPHPEHUV3LVOLPLWHG3
7KHQRQSURILWFRPSDQ\KDVFRQWLQXLW\3RIH[LVWHQFH3
0RVWRIWKHLQFRPHRIDQRQSURILWFRPSDQ\3LVIUHHIURPLQFRPHWD[HV3
&DQUHFHLYHJRYHUQPHQWIXQGLQJJUDQWVDLG3WRUHQGHUWKHLUVHUYLFHV3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRDGYDQWDJHVRIDQRQSURILWFRPSDQ\
127( $FFHSWUHOHYDQWIDFWVLIWKHIRUPRIRZQHUVKLSZDVLQFRUUHFWO\
LGHQWLILHGDVDQDQVZHULQ48(67,21
0D[
)DFWRUVWKDWFRXOGFRQWULEXWHWRWKHVXFFHVVDQGRUIDLOXUHRIDSDUWQHUVKLS
68&&(66 $1'25 )$,/85(
3DUWQHUV DUH DFWLYHO\ 'HFLVLRQ PDNLQJ FDQ EH
LQYROYHG LQ PDQDJHPHQW3 WLPHFRQVXPLQJ3 DV DOO
DQG PD\ XVH WKH LGHDV RI SDUWQHUV KDYH WR EH LQ
RWKHU SDUWQHUV3 DJUHHPHQW3
1RW DOO SDUWQHUV QHHG WR EH 6RPHPDQDJHPHQW WDVNVPD\
DFWLYHO\ LQYROYHG LQ EHQHJOHFWHG3 DVRQHSDUWQHU
PDQDJHPHQW3 DQG ZRXOG P D\ OHDYH LW WR RWKHUV WR
UDWKHU DSSRLQW FRPSHWHQW FRPSOHWH3
PDQDJHUV3
3DUWQHUV KDYH DFFHVV WR 3DUWQHUVPD\GLVDJUHHRQKRZ
0DQDJHPHQW
H[SHUWLVH RI RWKHU SDUWQHUV3 WR UXQ WKH EXVLQHVV3 ZKLFK
ZKHQ GLIILFXOW GHFLVLRQV KDYH PD\ OHDG WR WHQVLRQ EHWZHHQ
WREHPDGH3 WKHP3
3DUWQHUV DUH DJHQWV RI WKH
SDUWQHUVKLS3 DQG EDG
PDQDJHPHQW GHFLVLRQV PD\
EH IRUFHG RQWR RWKHU
SDUWQHUV3
'LIIHUHQWSHUVRQDOLWLHV
RSLQLRQV3 FRXOG OHDG WR
FRQIOLFWGLVDJUHHPHQWV3
$Q\ RWKHU UHOHYDQW DQVZHU $Q\ RWKHU UHOHYDQW DQVZHU
UHODWHG WR KRZ PDQDJHPHQW UHODWHG WR KRZ PDQDJHPHQW
FRXOG FRQWULEXWH WR WKH FRXOGFRQWULEXWHWRWKHIDLOXUH
VXFFHVVRIDSDUWQHUVKLS RIDSDUWQHUVKLS
0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
68&&(66 $1'25 )$,/85(
&DSLWDOFDQEHFDUHIXOO\ 3DUWQHUV PD\ QRWDOOKDYH
VSHQW3 DQGPDQDJHG3 FDSLWDO3WRSXWLQWREXVLQHVV
ZKHQ QHHGHG3
0RUHWKDQRQHSDUWQHU3 8QHTXDO LQSXWV3 DVVRPH
&DSLWDO
FRQWULEXWLQJWRFDSLWDO3 SDUWQHUV SXWLQH[SHUWLVH
LQVWHDGRIFDVK3
$Q\ RWKHU UHOHYDQW DQVZHU $Q\RWKHUUHOHYDQWDQVZHU
UHODWHG WR KRZ FDSLWDO FRXOG UHODWHGWRKRZFDSLWDOFRXOG
FRQWULEXWHWRWKHVXFFHVVRID FRQWULEXWHWRWKHIDLOXUHRID
SDUWQHUVKLS SDUWQHUVKLS
0D[
127( 7KHDQVZHUVGRQRWKDYHWREHLQWDEXODUIRUPDW
0DUNHLWKHUWKHVXFFHVVDQGRUIDLOXUHRI($&+IDFWRU
$UHDVRILPSURYHPHQWIRUWKHQH[WSUHVHQWDWLRQ
7KHSUHVHQWHUVKRXOGUHYLVHREMHFWLYHVWKDWZHUHQRWDFKLHYHG33
8VHKXPRXUDSSURSULDWHO\33
$OZD\VEHSUHSDUHGWRXSGDWHNHHSWKHLQIRUPDWLRQUHOHYDQW33
5HIOHFWRQDQ\SUREOHPFULWLFLVPDQGDYRLGLWLQIXWXUHSUHVHQWDWLRQ33
5HIOHFWRQWKHWLPHOHQJWKRIWKHSUHVHQWDWLRQWRDGGUHPRYHFRQWHQW33
5HIOHFWRQWKHORJLFDOIORZRIWKHIRUPDWVOLGHVDSSOLFDWLRQRIYLVXDODLGV33
,QFUHDVH'HFUHDVHWKHXVHRIYLVXDODLGVUHSODFHRUUHPRYHDLGVWKDWGRQRW
ZRUN33
,QIRUPDWLRQWKDWWKHSUHVHQWHUUHFHLYHVDVIHHGEDFNIURPDSUHVHQWDWLRQ
VKRXOGEHDQDO\VHGDQGZKHUHUHOHYDQWLQFRUSRUDWHGXVHGWRXSGDWHDPHQG
KLVKHUSUHVHQWDWLRQ33
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRKRZSUHVHQWHUVVKRXOGLPSURYHLQWKH
QH[WSUHVHQWDWLRQ
0D[
>@
%5($.'2:12)0$5.6
48(67,21 0$5.6
727$/
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
48(67,21 %86,1(6652/(6
&RPSRQHQWVRIFRUSRUDWHVRFLDOUHVSRQVLELOLW\&65
(QYLURQPHQW3
(WKLFDOFRUSRUDWHVRFLDOLQYHVWPHQW3
+HDOWKDQGVDIHW\3
&RUSRUDWHJRYHUQDQFH3
%XVLQHVVHWKLFV3
(PSOR\PHQWHTXLW\3
6XSSO\FKDLQ'LVWULEXWLRQFKDQQHO3
(PSOR\HHVDQGFXVWRPHUV3
&RPPXQLW\3
127( 0DUNWKHILUVW7+5(( RQO\
[
5ROHVRIKHDOWKDQGVDIHW\UHSUHVHQWDWLYHVLQSURWHFWLQJWKHZRUNSODFH
HQYLURQPHQW
(QVXUHWKDWSURWHFWLYHFORWKLQJLVSURYLGHGDYDLODEOHWRDOOZRUNHUV33
,GHQWLI\SRWHQWLDOGDQJHUVLQWKHZRUNSODFH33
,QYHVWLJDWLQJZRUNHUV¶FRPSODLQWV33
3URPRWHVDIHW\WUDLQLQJVRWKDWHPSOR\HHVPD\DYRLGSRWHQWLDOGDQJHUVDFW
SURDFWLYHO\33
,QLWLDWH3URPRWH0DLQWDLQ5HYLHZPHDVXUHVWRHQVXUHWKHKHDOWKDQGVDIHW\
RIZRUNHUV33
&KHFN0RQLWRUWKHHIIHFWLYHQHVVRIKHDOWKDQGVDIHW\PHDVXUHVZLWK
PDQDJHPHQW33
(QVXUHWKDWDOOHTXLSPHQWWKDWLVQHFHVVDU\WRSHUIRUPZRUNDUHSURYLGHG
PDLQWDLQHGUHJXODUO\33
3URPRWHVDIHW\WUDLQLQJVRWKDWHPSOR\HHVPD\DYRLGSRWHQWLDOGDQJHUVDFW
SURDFWLYHO\33
(QVXUHWKDWGDQJHURXVHTXLSPHQWLVXVHGXQGHUWKHVXSHUYLVLRQRI
WUDLQHGTXDOLILHGZRUNHUV33
(QVXUHWKDWZRUNHUV¶KHDOWKDQGVDIHW\LVQRWHQGDQJHUHGE\KD]DUGV
UHVXOWLQJIURPSURGXFWLRQSURFHVVLQJVWRUDJHWUDQVSRUWDWLRQRI
PDWHULDOHTXLSPHQW33
:RUNWRJHWKHUZLWKWKHHPSOR\HUWRLQYHVWLJDWHDQ\DFFLGHQWVFRPSODLQWV
IURPWKHZRUNHUVFRQFHUQLQJKHDOWKDQGVDIHW\LQWKHZRUNSODFH33
(QVXUHWKDWHPSOR\HUVFRPSO\ZLWK&2,'$33
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRUROHVRIKHDOWKDQGVDIHW\
UHSUHVHQWDWLYHVLQSURWHFWLQJWKHZRUNSODFHHQYLURQPHQW
0D[
'LYHUVLW\
'LYHUVLW\LVVXHIURPWKHVFHQDULR
'LVDELOLW\33
0RWLYDWLRQ
-& WUDLQHG WKHLU SK\VLFDOO\ FKDOOHQJHG HPSOR\HHV RQ KRZ WR RSHUDWH WKHLU QHZ
DXWRPDWHGPDFKLQHU\3
127( 'RQRWDZDUGPDUNVIRUWKHPRWLYDWLRQLIWKHGLYHUVLW\LVVXHZDV
LQFRUUHFWO\LGHQWLILHG
0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
%HQHILWVRIGLYHUVLW\LQWKHZRUNSODFH
:RUNIRUFHGLYHUVLW\LPSURYHVWKHDELOLW\RIDEXVLQHVV3WRVROYHSUREOHPV
LQQRYDWHFXOWLYDWHGLYHUVHPDUNHWV3
(PSOR\HHVYDOXHHDFKRWKHU VGLYHUVLW\3DQGOHDUQWRFRQQHFWFRPPXQLFDWH
DFURVVOLQHVRIGLIIHUHQFH3
'LYHUVLW\LQWKHZRUNIRUFH3LPSURYHVPRUDOHPRWLYDWLRQ3
(PSOR\HHVGHPRQVWUDWHJUHDWHUOR\DOW\WRWKHEXVLQHVV3EHFDXVHWKH\IHHO
UHVSHFWHGDFFHSWHGXQGHUVWRRG3
'LYHUVLILHGZRUNIRUFHFDQJLYHEXVLQHVVHVDFRPSHWLWLYHDGYDQWDJH3DV
WKH\FDQUHQGHUEHWWHUVHUYLFHV3
%HLQJUHVSHFWIXORIGLIIHUHQFHVGHPRQVWUDWLQJGLYHUVLW\3PDNHVJRRG
EXVLQHVVVHQVHLPSURYHVSURILWDELOLW\3
'LYHUVHEXVLQHVVHVHQVXUHWKDWLWVSROLFLHVSUDFWLFHV3HPSRZHUHYHU\
HPSOR\HHWRSHUIRUPDWKLVKHUIXOOSRWHQWLDO3
6WDNHKROGHUVLQFUHDVLQJO\HYDOXDWHEXVLQHVVHV3RQKRZWKH\PDQDJH
GLYHUVLW\LQWKHZRUNSODFH3
(PSOR\HHVIURPGLIIHUHQWEDFNJURXQGV3FDQEULQJGLIIHUHQWSHUVSHFWLYHVWR
WKHEXVLQHVV3
$GLYHUVLILHGZRUNIRUFHVWLPXODWHVGHEDWH3RQQHZLPSURYHGZD\VRI
JHWWLQJWKLQJVGRQH3
(PSOR\HHVUHSUHVHQWYDULRXVJURXSV3DQGDUHWKHUHIRUHEHWWHUDEOHWR
UHFRJQL]HFXVWRPHUQHHGVDQGVDWLVI\FRQVXPHUV3
%XVLQHVVHVZLWKDGLYHUVHZRUNIRUFH3DUHPRUHOLNHO\WRKDYHDJRRGSXEOLF
LPDJHDQGDWWUDFWPRUHFXVWRPHUV3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHEHQHILWVRIGLYHUVLW\LQWKH
ZRUNSODFH
0D[
6WDJHVRIWHDPGHYHORSPHQW
)RUPLQJVWDJH33
,QGLYLGXDOVJDWKHULQIRUPDWLRQDQGLPSUHVVLRQVDERXWHDFKRWKHUDQGWKH
VFRSHRIWKHWDVNDQGKRZWRDSSURDFKLW3
7HDPVDUHFRPIRUWDEOHDQGSROLWHZLWKHDFKRWKHUGXULQJWKLVVWDJH3
3HRSOHIRFXVRQEHLQJEXV\ZLWKURXWLQHVVXFKDVWHDPRUJDQL]DWLRQHJ
ZKRGRHVZKDWZKHQWRPHHWHDFKRWKHUHWF3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRIRUPLQJDVDVWDJHRIWHDP
GHYHORSPHQW
6WDJH
'LVFXVVLRQ
6XEPD[
6WRUPLQJ33
7HDPVJRWKURXJKDSHULRGRIXQHDVHFRQIOLFWDIWHUIRUPDWLRQ3
'LIIHUHQWLGHDVIURPWHDPPHPEHUVZLOOFRPSHWHIRUFRQVLGHUDWLRQ3
7HDPPHPEHUVRSHQXSWRHDFKRWKHUDQGFRQIURQWHDFKRWKHU VLGHDV
SHUVSHFWLYHV3
7HQVLRQVWUXJJOHDUJXPHQWVRFFXUDQGXSVHWWKHWHDPPHPEHUVWKHUHPD\
EHSRZHUVWUXJJOHVIRUWKHSRVLWLRQRIWHDPOHDGHU3
,QVRPHLQVWDQFHVVWRUPLQJFDQEHUHVROYHGTXLFNO\ LQRWKHUVWKHWHDP
QHYHUOHDYHVWKLVVWDJH3
0DQ\WHDPVIDLOGXULQJWKLVVWDJHDVWKH\DUHQRWIRFXVHGRQWKHLUWDVN3
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
7KLVSKDVHFDQEHFRPHGHVWUXFWLYHIRUWKHWHDPZLOOQHJDWLYHO\LPSDFWRQ
WHDPSHUIRUPDQFHLIDOORZHGWRJHWRXWRIFRQWURO3
7KLVVWDJHLVQHFHVVDU\LPSRUWDQWIRUWKHJURZWKRIWKHWHDP3
6RPHWHDPPHPEHUVWROHUDWHHDFKRWKHUWRVXUYLYHWKLVVWDJH3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRVWRUPLQJDVDVWDJHRIWHDP
GHYHORSPHQW
6WDJH
'LVFXVVLRQ
6XEPD[
1RUPLQJ6HWWOLQJ5HFRQFLOLDWLRQ33
7HDPPHPEHUVFRPHWRDQDJUHHPHQWDQGUHDFKFRQVHQVXV3
5ROHVDQGUHVSRQVLELOLWLHVDUHFOHDUDQGDFFHSWHG3
3URFHVVHVZRUNLQJVW\OHDQGUHVSHFWGHYHORSDPRQJVWPHPEHUV3
7HDPPHPEHUVKDYHWKHDPELWLRQWRZRUNIRUWKHVXFFHVVRIWKHWHDP3
&RQIOLFWPD\RFFXUEXWFRPPLWPHQWDQGXQLW\DUHVWURQJ3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRQRUPLQJDVDVWDJHRIWHDP
GHYHORSPHQW
6WDJH
'LVFXVVLRQ
6XEPD[
3HUIRUPLQJVWDJH:RUNLQJDVDWHDPWRZDUGVDJRDO33
7HDPPHPEHUVDUHDZDUHRIVWUDWHJLHVDQGDLPVRIWKHWHDP3
7KH\KDYHGLUHFWLRQZLWKRXWLQWHUIHUHQFHIURPWKHOHDGHU3
3URFHVVHVDQGVWUXFWXUHVDUHVHW3
/HDGHUVGHOHJDWHDQGRYHUVHHWKHSURFHVVHVDQGSURFHGXUHV3
$OOPHPEHUVDUHQRZFRPSHWHQWDXWRQRPRXVDQGDEOHWRKDQGOHWKH
GHFLVLRQPDNLQJSURFHVVZLWKRXWVXSHUYLVLRQ3
'LIIHUHQFHVDPRQJPHPEHUVDUHDSSUHFLDWHGDQGXVHGWRHQKDQFHWKH
WHDP VSHUIRUPDQFH3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRSHUIRUPLQJDVDVWDJHRIWHDP
GHYHORSPHQW
6WDJH
'LVFXVVLRQ
6XEPD[
$GMRXUQLQJ0RXUQLQJVWDJH33
7KHIRFXVLVRQWKHFRPSOHWLRQRIWKHWDVNHQGLQJWKHSURMHFW3
%UHDNLQJXSWKHWHDPPD\EHWUDXPDWLFDVWHDPPHPEHUVPD\ILQGLW
GLIILFXOWWRSHUIRUPDVLQGLYLGXDOVRQFHDJDLQ3
$OOWDVNVQHHGWREHFRPSOHWHGEHIRUHWKHWHDPILQDOO\GLVVROYHV3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRDGMRXUQLQJPRXUQLQJDVDVWDJHRI
WHDPGHYHORSPHQW
6WDJH
'LVFXVVLRQ
6XEPD[
127( 0DUNWKHILUVW7:2 RQO\
0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
1RPLQDOJURXSWHFKQLTXH
3UREOHPVROYLQJWHFKQLTXHIURPWKHVFHQDULR
1RPLQDOJURXSWHFKQLTXH33
$GYDQWDJHVRIWKHQRPLQDOJURXSWHFKQLTXH
,WSURYLGHVWLPHWRWKLQNDERXWWKHTXHVWLRQLQVLOHQFH3EHIRUHUHVSRQGLQJ3
(DFKWHDPPHPEHUGLUHFWRUKDVDFKDQFHWRSDUWLFLSDWH3ZLWKRXW
LQWHUIHUHQFHIURPRWKHUWHDPPHPEHUV3
9RWLQJRQWKHLGHDVLVDQRQ\PRXV3DQGPD\EHPRUHUHOLDEOHKRQHVW3
(YHU\RQHLQWKHJURXSLVJLYHQDQRSSRUWXQLW\WRFRQWULEXWHWRWKH
GLVFXVVLRQ3ZKLOHDYRLGLQJWKHOLNHOLKRRGRIRQHSHUVRQGRPLQDWLQJWKH
JURXSSURFHVV3
(QDEOHVWKHJURXSWRJHQHUDWHDQGFODULILHVDODUJHDPRXQWRILGHDV
TXLFNO\3DQGGHPRFUDWLFDOO\SULRULWL]HVWKHP3
,WHQFRXUDJHVSDUWLFLSDQWVWRFRQIURQWLVVXHV3WKURXJKFRQVWUXFWLYHSUREOHP
VROYLQJ3
6WURQJWHFKQLTXHIRUSUHYHQWLQJFRQIRUPLW\3WRJURXSSUHVVXUH3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHDGYDQWDJHVRIWKHQRPLQDOJURXS
WHFKQLTXHDVDSUREOHPVROYLQJWHFKQLTXH
127( $FFHSWUHOHYDQWIDFWVLIWKHSUREOHPVROYLQJWHFKQLTXHZDVLQFRUUHFWO\
LGHQWLILHGDVDQDQVZHULQ48(67,21
0D[
&KDOOHQJHVSRVHGE\DEXVHRIZRUNWLPH
,WPD\UHVXOWLQPDQ\HPSOR\HHV3RIWHQDEXVLQJZRNWLPH3
$EXVHRIZRUNWLPHFRXOGUHVXOWLQORVLQJFXVWRPHUV3RUQRWPHHWLQJWKH
GHDGOLQHVFRQIOLFWDPRQJVWZRUNHUV3
:DVWLQJWLPHFRVWVWKHEXVLQHVVPRQH\3DQGDIIHFWVSURGXFWLYLW\3
$EXVHRIZRUNWLPHUHVXOWVLQDGHFOLQHLQSURILWV3ZKLFKFRXOGGDPDJHWKH
ILQDQFLDOZHDOWKRIWKHEXVLQHVV3
(IIHFWLYHFXVWRPHUVHUYLFHVPD\QRWEHUHQGHUHG3UHVXOWLQJLQWKHQHJDWLYH
LPDJHRIWKHEXVLQHVV3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRKRZDEXVHRIZRUNWLPHSRVHV
FKDOOHQJHVWREXVLQHVVHV 0D[
&RQWULEXWLRQRIWLPHDQGHIIRUWLQLPSURYLQJWKHZHOOEHLQJRIFRPPXQLWLHV
%XVLQHVVVKRXOGLPSURYHWKHJHQHUDOTXDOLW\RIOLIHRIWKHLUFRPPXQLW\VXFK
DVLQYHVWLQHGXFDWLRQ33
(QVXUHWKDWWKHSURGXFWWKH\VXSSO\GRQRWKDUPFRQVXPHUVWKHHQYLURQPHQW33
5HIUDLQIURPHQJDJLQJLQLOOHJDOKDUPIXOSUDFWLFHVVXFKDVHPSOR\LQJ
FKLOGUHQXQGHUWKHOHJDODJHVHOOLQJLOOHJDOVXEVWDQFHVHWF33
0DNHHWKLFDOO\FRUUHFWEXVLQHVVGHFLVLRQVHJQRWHQJDJHLQ
XQIDLUPLVOHDGLQJDGYHUWLVLQJHWF33
'RQDWHPRQH\WRDFRPPXQLW\SURMHFWUXQDSURMHFWWRXSOLIWWKHFRPPXQLW\33
3URYLGHUHFUHDWLRQDOVSRUWIDFLOLWLHVWRSURPRWHVRFLDOFRKHVLRQKHDOWK\
DFWLYLWLHV33
3DUWLFLSDWHLQFRPPXQLW\SURMHFWVLQYROYLQJ+,9$LGVHGXFDWLRQFRXQVHOOLQJ
RWKHUPHDQLQJIXOFDXVHV33
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRZD\VLQZKLFKEXVLQHVVHVFDQ
FRQWULEXWHWLPHDQGHIIRUWLQLPSURYLQJWKHZHOOEHLQJRIFRPPXQLWLHV
0D[
>@
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
%5($.'2:12)0$5.6
48(67,21 0$5.6
727$/
48(67,21 0,6&(//$1(286723,&6
%86,1(669(1785(6
/HDGHUVKLSWKHRULHV
/HDGHUVDQGIROORZHUV3
6LWXDWLRQDOOHDGHUVKLS3
7UDQVIRUPDWLRQDOOHDGHUVKLS7UDQVLWLRQDOOHDGHUVKLS3
127( 0DUNWKHILUVW7:2 RQO\
[
)XQFWLRQVRIWKH-RKDQQHVEXUJ6HFXULWLHV([FKDQJH-6(
*LYHVRSSRUWXQLWLHVWRILQDQFLDOLQVWLWXWLRQVHJLQVXUDQFHFRPSDQLHVLQYHVW
WKHLUVXUSOXVIXQGVLQVKDUHV33
6HUYHVDVDEDURPHWHULQGLFDWRURIHFRQRPLFFRQGLWLRQVLQ6RXWK$IULFD33
.HHSVLQYHVWRUVLQIRUPHGE\SXEOLVKLQJVKDUHSULFHVGDLO\33
$FWVDVDOLQNEHWZHHQLQYHVWRUVDQGSXEOLFFRPSDQLHV33
6KDUHVDUHYDOXHGDQGDVVHVVHGE\H[SHUWV33
6PDOOLQYHVWRUVDUHLQYLWHGWRWDNHSDUWLQWKHHFRQRP\RIWKHFRXQWU\
WKURXJKWKHEX\LQJVHOOLQJRIVKDUHV33
9HQWXUHFDSLWDOPDUNHWLVPDGHSRVVLEOHRQWKHRSHQPDUNHW33
6WULFWLQYHVWPHQWUXOHVHQVXUHDGLVFLSOLQHGRUGHUO\PDUNHWIRUVHFXULWLHV33
5DLVHVSULPDU\FDSLWDOE\HQFRXUDJLQJQHZLQYHVWPHQWVLQOLVWHG
FRPSDQLHV33
0RELOL]HVWKHIXQGVRILQVXUDQFHFRPSDQLHVDQGRWKHULQVWLWXWLRQV33
5HJXODWHVWKHPDUNHWIRUWUDGLQJLQVKDUHV33
3ODQVUHVHDUFKHVDQGDGYLVHVRQLQYHVWPHQWSRVVLELOLWLHV33
(QVXUHVWKDWWKHPDUNHWRSHUDWHVLQDWUDQVSDUHQWPDQQHU33
3URYLGHVSURWHFWLRQIRULQYHVWRUVWKURXJKVWULFWUXOHVOHJLVODWLRQ33
(QFRXUDJHVVKRUWWHUPLQYHVWPHQWDVVKDUHVFDQEHVROGDWDQ\WLPH33
)DFLOLWDWHVHOHFWURQLFWUDGLQJRIVKDUHV675$7(&KDQQHOVILQDQFLDO
UHVRXUFHVDQGIDFLOLWDWHVWUDGLQJ33
(QKDQFHVMREFUHDWLRQDQGLQFUHDVHVHFRQRPLFJURZWKGHYHORSPHQW¥¥
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHIXQFWLRQVRIWKH-RKDQQHVEXUJ
6HFXULWLHV([FKDQJH-6(
0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
&DOFXODWLRQRIFRPSRXQGLQWHUHVW
2SWLRQ
<HDU 5[ 53
<HDU 5[ 53
<HDU 5[ 53
7RWDOLQWHUHVW 53
25
2SWLRQ
)2508/$ 3[ U Q3
5[ 3
5[ 53
7RWDOLQWHUHVW 5±53
53
127( $ZDUGIXOOPDUNV LIWKHFRUUHFWDQVZHULVFRUUHFWDQGQR
ZRUNLQJDUHVKRZQ
,IIRUPXODDQGZRUNLQJZHUHVKRZQFRUUHFWO\EXWWKHILQDO
DQVZHULVZURQJDZDUGDPD[LPXPRI7+5(( PDUNV
,IWKHZRUNLQJVDQGWKHDQVZHUDUHLQFRUUHFWDZDUGDPD[LPXP
RI21(PDUNIRUWKHFRUUHFWIRUPXOD
0D[
$GYDQWDJHVRILQVXUDQFHIRUEXVLQHVVHV
7UDQVIHUVWKHULVNIURPWKHEXVLQHVVLQVXUHG3WRDQLQVXUDQFH
FRPSDQ\LQVXUHU3
7UDQVIHURIULVNLVVXEMHFWWRWKHWHUPVDQGFRQGLWLRQV3RIWKHLQVXUDQFH
FRQWUDFW3
3URWHFWVEXVLQHVVHVDJDLQVWWKHIWORVVRIVWRFNDQGRUGDPDJHV3FDXVHGE\
QDWXUDOGLVDVWHUVVXFKDVIORRGVVWRUPGDPDJH3
%XVLQHVVHVZLOOEHFRPSHQVDWHGIRULQVXUDEOHORVVHV3VXFKDVWKH
GHVWUXFWLRQRISURSHUW\WKURXJKILUH3
%XVLQHVV DVVHWVVXFKDVYHKLFOHVHTXLSPHQWEXLOGLQJVQHHGWREHLQVXUHG3
DJDLQVWGDPDJHDQGRUWKHIW3
%XVLQHVVHVDUHSURWHFWHGDJDLQVWWKHORVVRIHDUQLQJV3VXFKDVVWULNHVE\
HPSOR\HHVZKLFKPD\UHVXOWLQORVVHVZRUWKPLOOLRQV3
3URWHFWVEXVLQHVVHV3DJDLQVWGLVKRQHVWHPSOR\HHV3
/LIHLQVXUDQFHFDQEHWDNHQRQWKHOLIHRISDUWQHUVLQDSDUWQHUVKLS3WR
SUHYHQWXQH[SHFWHGORVVRIFDSLWDO3
6KRXOGWKHVHUYLFHVRINH\SHUVRQQHOEHORVWGXHWRDFFLGHQWVGHDWK3WKH
SURFHHGVRIDQLQVXUDQFHSROLF\FDQEHSDLGRXWWRWKHEXVLQHVV
EHQHILFLDULHV3
5HSODFHPHQWFRVWVIRUGDPDJHGPDFKLQHU\HTXLSPHQWDUHYHU\KLJK3
WKHUHIRUHLQVXUDQFHFDQUHGXFHFRYHUVXFKFRVWV3
3URWHFWVEXVLQHVVHVIURPFODLPVPDGHE\PHPEHUVRIWKHSXEOLF3IRU
GDPDJHVWKDWEXVLQHVVHVDUHUHVSRQVLEOHIRU3
3URWHFWVEXVLQHVVHVDJDLQVWORVVHV3GXHWRGHDWKRIDGHEWRU3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHDGYDQWDJHVRILQVXUDQFHIRU
EXVLQHVVHV
0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
6LWXDWLRQVLQZKLFKWKHGHPRFUDWLFOHDGHUVKLSVW\OHFDQEHDSSOLHGLQWKH
ZRUNSODFH
7KLVOHDGHUVKLSVW\OHFDQEHXVHGZKHQ
*URXSPHPEHUVDUHVNLOOHGDQGHDJHUWRVKDUHWKHLULGHDV33
7KHOHDGHUGRHVQRWKDYHDOOWKHLQIRUPDWLRQQHHGHGWRPDNHDGHFLVLRQ
DQGHPSOR\HHVKDYHYDOXDEOHLQIRUPDWLRQWRFRQWULEXWH33
&RRSHUDWLRQLVQHHGHGEHWZHHQDOHDGHUDQGDWHDP33
'HFLVLRQVQHHGWREHORRNHGDWIURPVHYHUDOSHUVSHFWLYHV33
6PDOOG\QDPLFFRPSDQLHVUHO\RQLQQRYDWLYHDQGFUHDWLYHLGHDV33
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRVLWXDWLRQVLQZKLFKWKHGHPRFUDWLF
OHDGHUVKLSVW\OHFDQEHDSSOLHGLQWKHZRUNSODFH 0D[
%86,1(6652/(6
.LQJ&RGHSULQFLSOHVIRUJRRGFRUSRUDWHJRYHUQDQFH
7UDQVSDUHQF\3
$FFRXQWDELOLW\3
5HVSRQVLELOLW\3
127( 0DUNWKHILUVW7:2 RQO\ [
7\SHVRIXQHWKLFDOEXVLQHVVSUDFWLFHVIURPVWDWHPHQWV
7D[7D[HYDVLRQ33
8QIDLUDGYHUWLVLQJ33
$GYDQWDJHVRIFUHDWLYHWKLQNLQJLQWKHZRUNSODFH
%HWWHU8QLTXH8QFRQYHQWLRQDOLGHDV3VROXWLRQVDUHJHQHUDWHG3
0D\JLYHWKHEXVLQHVVDFRPSHWLWLYHDGYDQWDJH3LIXQXVXDOXQLTXHVROXWLRQV
LGHDVVWUDWHJLHVDUHLPSOHPHQWHG3
&RPSOH[EXVLQHVVSUREOHPV3PD\EHVROYHG3
3URGXFWLYLW\LQFUHDVHVDVPDQDJHPHQWHPSOR\HHVPD\TXLFNO\JHQHUDWH
PXOWLSOHLGHDV3ZKLFKXWLOL]HVWLPHDQGPRQH\PRUHHIIHFWLYHO\3
0DQDJHUV(PSOR\HHVKDYHPRUHFRQILGHQFH3DVWKH\FDQOLYHXSWRWKHLUIXOO
SRWHQWLDO3
0DQDJHUVZLOOEHEHWWHUOHDGHUV3DVWKH\ZLOOEHDEOHWRKDQGOHPDQDJH
FKDQJH V SRVLWLYHO\DQGFUHDWLYHO\3
0DQDJHUV(PSOR\HHVFDQGHYHORSDFRPSOHWHO\QHZRXWORRN3ZKLFKPD\EH
DSSOLHGWRDQ\WDVN V WKH\PD\GR3
/HDGVWRPRUHSRVLWLYHDWWLWXGHV3DVPDQDJHUVHPSOR\HHVIHHOWKDWWKH\KDYH
FRQWULEXWHGWRZDUGVSUREOHPVROYLQJ3
,PSURYHVPRWLYDWLRQ3DPRQJVWVWDIIPHPEHUV3
0DQDJHUV(PSOR\HHVKDYHDIHHOLQJRIJUHDWDFFRPSOLVKPHQW3DQGWKH\ZLOO
QRWUHVLVWREVWUXFWWKHSURFHVVRQFHWKH\VROYHGDSUREOHPFRQWULEXWHGWRZDUGV
WKHVXFFHVVRIWKHEXVLQHVV3
0DQDJHPHQWHPSOR\HHVPD\NHHSXSZLWKIDVWFKDQJLQJWHFKQRORJ\3ZKLFK
PD\OHDGWRDQLQFUHDVHGPDUNHWVKDUH3
6WLPXODWHVLQLWLDWLYHIURPHPSOR\HHVPDQDJHUVDVWKH\DUHFRQWLQXRXVO\3
SXVKHGRXWRIWKHLUFRPIRUW]RQH3
&UHDWLYLW\PD\OHDGWRQHZLQYHQWLRQV3ZKLFKLPSURYHVWKHJHQHUDOVWDQGDUGRI
OLYLQJDWWUDFWQHZLQYHVWRUV3
%XVLQHVVHVFDQFRQWLQXRXVO\LPSURYHRQSURGXFWGHYHORSPHQW3E\H[SORULQJ
QHZZD\VZKLFKPD\HQKDQFHJURZWK3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHDGYDQWDJHVRIFUHDWLYHWKLQNLQJLQWKH
ZRUNSODFH 0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
/LQNEHWZHHQVRFLDOUHVSRQVLELOLW\DQGWULSOHERWWRPOLQH
(OHPHQWRIWULSOHERWWRPOLQHIURPWKHVFHQDULR
3ODQHW(QYLURQPHQW33
5HODWLRQVKLSEHWZHHQVRFLDOUHVSRQVLELOLW\DQGRWKHUWZRHOHPHQWVRI
WULSOHERWWRPOLQH
3URILW(FRQRPLF33
7ULSOH%RWWRPOLQHPHDQVWKDWEXVLQHVVHVVKRXOGQRWRQO\IRFXVRQ
SURILWFKDUJHKLJKSULFHVEXWVKRXOGDOVRLQYHVWLQ&6,SURMHFWV3
%XVLQHVVHVVKRXOGQRWPDNHDSURILWDWWKHH[SHQVHRILWVFRPPXQLW\3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHUHODWLRQVKLSEHWZHHQVRFLDO
UHVSRQVLELOLW\DQGSURILWHFRQRPLFDVDWULSOHERWWRPOLQHHOHPHQW
(OHPHQW
'LVFXVVLRQ
6XEPD[
3HRSOH6RFLDO33
%XVLQHVVRSHUDWLRQVVKRXOGQRWKDYHDQHJDWLYHLPSDFWRQH[SORLWSHRSOH
HPSOR\HHVFXVWRPHUVFRPPXQLW\3
%XVLQHVVHVVKRXOGHQJDJHLQYHVWLQVXVWDLQDEOHFRPPXQLW\SURJUDPPHV
SURMHFWVWKDWZLOOEHQHILWXSOLIWFRPPXQLWLHV3
,PSURYHWKHOLIHVW\OHTXDOLW\RIOLIHRIWKHLUKXPDQUHVRXUFHVHPSOR\HHV3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHUHODWLRQVKLSEHWZHHQVRFLDO
UHVSRQVLELOLW\DQGSHRSOHVRFLDODVDWULSOHERWWRPOLQHHOHPHQW
(OHPHQW
'LVFXVVLRQ
6XEPD[
127( 0DUNWKHILUVW7:2 RQO\
'RQRWDZDUGPDUNVIRUSODQHWHQYLURQPHQWDVDWULSOHERWWRP
OLQHHOHPHQW
0D[
>@
%5($.'2:12)0$5.6
48(67,21 0$5.6
727$/
727$/6(&7,21%
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
6(&7,21&
0DUNWKH),567TXHVWLRQRQO\
48(67,21 %86,1(669(1785(6 35(6(17$7,21$1''$7$5(63216(
,QWURGXFWLRQ
$PXOWLPHGLDSUHVHQWDWLRQSURYLGHVJXLGHOLQHVRQKRZWRSUHSDUHDTXDOLW\
DQGPHPRUDEOHSUHVHQWDWLRQ3
3RZHU3RLQWVDQGKDQGRXWVFDQKHOSWRFRQYH\DODUJHQXPEHURIIDFWVLQD
VKRUWWLPH3
&KRRVLQJWKHPRVWHIIHFWLYHYLVXDODLGVVKRXOGFDSWXUHWKHDWWHQWLRQRIWKH
DXGLHQFHDQGVXSSRUWWKHORJLFDOIORZRIWKHSUHVHQWDWLRQ3
7KHSUHVHQWHUDQGWKHDXGLHQFHH[FKDQJHLQIRUPDWLRQGXULQJD
SUHVHQWDWLRQ3
3UHVHQWHUVVKRXOGSUHHPSWTXHVWLRQVWKDWWKH\PLJKWEHDVNHGDIWHUWKH
SUHVHQWDWLRQWRUHVSRQGWRTXHVWLRQDERXWKLVSUHVHQWDWLRQLQDSURIHVVLRQDO
PDQQHU3
$Q\RWKHUUHOHYDQWLQWURGXFWLRQUHODWHGWRDVSHFWVWRFRQVLGHUZKHQ
GHVLJQLQJDPXOWLPHGLDSUHVHQWDWLRQWKHLPSDFWRISRZHUSRLQWVDQG
KDQGRXWVDVW\SHVRIYLVXDODLGVIDFWRUVFRQVLGHUHGE\WKHSUHVHQWHUZKLOH
SUHVHQWLQJKDQGOLQJIHHGEDFNDIWHUDSUHVHQWDWLRQ
$Q\ [
$VSHFWVWRFRQVLGHUZKHQGHVLJQLQJDPXOWLPHGLDSUHVHQWDWLRQ
6WDUWZLWKWKHWH[WKHDGLQJVZKLFKIRUPVWKHEDVLVRIWKHSUHVHQWDWLRQ33
6HOHFWWKHEDFNJURXQGWRFRPSOHPHQWHQKDQFHWKHWH[W33
&KRRVHLPDJHVWKDWPD\KHOSWRFRPPXQLFDWHWKHPHVVDJH33
,QFOXGH&UHDWHJUDSKLFVWRDVVLVWWKHLQIRUPDWLRQZKLFKLVFRQYH\HG33
$GGVSHFLDOHIIHFWVVRXQGSLFWXUHVDQLPDWLRQWRPDNHLWLQWHUHVWLQJIRUWKH
DXGLHQFH33
&UHDWHK\SHUOLQNVWRDOORZTXLFNDFFHVVWRRWKHUILOHVGRFXPHQWVYLGHRFOLSV33
8VHOHJLEOHIRQWDQGIRQWVL]HVRWKDWLWLVHDV\WRVHHUHDG33
.HHSVOLGHVLPDJHVJUDSKVIRQWVLPSOHE\QRWPL[LQJGLIIHUHQW
VW\OHVFRORXUV33
0DNHVXUHWKHUHDUHQRODQJXDJHDQGVSHOOLQJHUURUV33
8VHEULJKWFRORXUVWRLQFUHDVHYLVLELOLW\33
6WUXFWXUHLQIRUPDWLRQLQDORJLFDOVHTXHQFHVRWKDWWKHDXGLHQFHFDQHDVLO\
IROORZWKHFRQWHQWRIWKHSUHVHQWDWLRQ33
/LPLWWKHLQIRUPDWLRQRQHDFKVOLGHE\XVLQJNH\ZRUGVDQGQRWIXOO
VHQWHQFHV33
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRDVSHFWVWRFRQVLGHUZKHQGHVLJQLQJD
PXOWLPHGLDSUHVHQWDWLRQ
0D[
,PSDFWRIYLVXDODLGV
3RZHU3RLQW'DWDSURMHFWRU
3RVLWLYHV$GYDQWDJHV
*UDSKLFSURJUDPPHVKDYHWKHFDSDFLW\WRFRQYH\LGHDV3DQGVXSSRUWZKDW
WKHSUHVHQWHUVD\V3
(DV\WRFRPELQH3ZLWKVRXQGYLGHRFOLSV3
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
6LPSOH/HVVFOXWWHUHGVOLGHV3PD\FDSWXUHWKHLQWHUHVWRIWKHDXGLHQFH3
9LGHRFOLSVFDQSURYLGHYDULHW\3DQGFDSWXUHWKHDWWHQWLRQRIWKHDXGLHQFH3
9DULDWLRQRIFRORXUEDFNJURXQGVRXQGLPPHGLDWHO\FDSWXUHVWKHDWWHQWLRQRI
WKHDXGLHQFH3DQGUHWDLQVWKHLULQWHUHVWWKURXJKRXWWKHSUHVHQWDWLRQ3
6OLGHVVKRXOGRQO\EHXVHG3ZKHUHWKH\FDQHQKDQFHWKHIDFWVRU
VXPPDUL]HLQIRUPDWLRQ3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHSRVLWLYHLPSDFWDGYDQWDJHVRI
3RZHU3RLQWGDWDSURMHFWRUDVDYLVXDODLG
$1'25
1HJDWLYHV'LVDGYDQWDJHV
8QSURIHVVLRQDOKDQGOLQJ3RIWKHGDWDSURMHFWRU3RZHU3RLQWSUHVHQWDWLRQ
PDWHULDO3PD\OHDGWRLUULWDWLRQ3PD\UHVXOWLQWKHDXGLHQFHORVLQJLQWHUHVW3
/HVVHIIHFWLYHWRSHRSOHZLWKYLVXDOLPSDLUPHQWV3
6LPSO\UHDGLQJRIIWKHVOLGHV3PDNHVDSUHVHQWDWLRQERULQJPHDQLQJOHVV3
8QDEOHWRVKRZVOLGHV3ZLWKRXWHOHFWULFLW\GDWDSURMHFWRU3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHQHJDWLYHLPSDFWGLVDGYDQWDJHVRI
3RZHU3RLQWGDWDSURMHFWRUDVDYLVXDODLG
6XEPD[
+DQGRXWV
3RVLWLYHV$GYDQWDJHV
0HDQLQJIXOKDQGRXWVPD\EHKDQGHGRXWDWWKHVWDUWRIWKHSUHVHQWDWLRQ3
WRDWWUDFWDWWHQWLRQHQFRXUDJHSDUWLFLSDWLRQ3
1RWHV+DUGFRSLHVRIWKHVOLGHSUHVHQWDWLRQFDQEHGLVWULEXWHGDWWKHHQGRI
WKHSUHVHQWDWLRQ3DVDUHPLQGHURIWKHNH\IDFWVRIWKHSUHVHQWDWLRQ3
,WLVHDV\WRXSGDWHKDQGRXWV3ZLWKUHFHQWLQIRUPDWLRQRUGHYHORSPHQWV3
1RWHVPD\EHFRPSDUHGZLWKHOHFWURQLFVOLGHV3WRYDOLGDWHWKHDFFXUDF\RI
LQIRUPDWLRQ3
([WUDLQIRUPDWLRQHJFRQWDFWGHWDLOVSULFHOLVWVPD\EHKDQGHGRXW3WR
SURPRWHWKHVHUYLFHVRIWKHEXVLQHVV3
8VHIXOLQIRUPDWLRQIRULPSURYLQJWKHQH[WSUHVHQWDWLRQPD\EHREWDLQHG3
ZKHQWKHDXGLHQFHFRPSOHWHVIHHGEDFNTXHVWLRQQDLUHVDIWHUWKH
SUHVHQWDWLRQ3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHSRVLWLYHLPSDFWDGYDQWDJHVRI
KDQGRXWVDVDYLVXDODLG
$1'25
1HJDWLYHV'LVDGYDQWDJHV
+DQGLQJRXWPDWHULDODWWKHVWDUWRIWKHSUHVHQWDWLRQ3PD\GLVWUDFWORVH
DXGLHQFHDWWHQWLRQ3
$VLWRQO\VXPPDUL]HVNH\LQIRUPDWLRQ3VRPHGHWDLOVPLJKWEHORVWRPLWWHG3
3ULQWHGPDWHULDOLVH[SHQVLYH3DQGLWLVHDV\WRORVHKDUGFRSLHV3
,QFUHDVHVWKHULVNRIXQDXWKRUL]HGGXSOLFDWLRQ3XVHRIFRQILGHQWLDO
LQIRUPDWLRQ3
+DQGRXWVFDQQRWEHFRPELQHGZLWKDXGLRPDWHULDO3VRLWRQO\IRFXVHVRQ
WKHYLVXDODVSHFWVRIWKHVXSSRUWPDWHULDO3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRWKHQHJDWLYHLPSDFWGLVDGYDQWDJHVRI
KDQGRXWVDVDYLVXDODLG
6XEPD[
0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
)DFWRUVWKDWVKRXOGEHFRQVLGHUHGE\WKHSUHVHQWHUZKLOHSUHVHQWLQJ
(VWDEOLVKFUHGLELOLW\E\LQWURGXFLQJ\RXUVHOI3DVWKHSUHVHQWHUDWWKHVWDUW3
6KRZWKHPRVWLPSRUWDQW3LQIRUPDWLRQILUVW3
0DNHWKHSXUSRVHPDLQSRLQWVRIWKHSUHVHQWDWLRQFOHDU3DWWKHVWDUWRIWKH
SUHVHQWDWLRQ3
8VHVXLWDEOH3VHFWLRQWLWOHVKHDGLQJVVXEKHDGLQJVEXOOHWV3
6WDQGLQDJRRGSRVLWLRQXSULJKW3ZKHUHWKHDXGLHQFHFDQFOHDUO\VHHWKH
SUHVHQWHUSUHVHQWDWLRQ3
$YRLGKLGLQJ3EHKLQGHTXLSPHQW3
'RQRWUDPEOHRQDWWKHVWDUW3WRDYRLGORVLQJWKHDXGLHQFHWKHLULQWHUHVW3
&DSWXUHOLVWHQHUV DWWHQWLRQ,QYROYHWKHDXGLHQFHZLWKDYDULHW\RIPHWKRGV3
VXFKDVVKRUWYLGHRFOLSVVRXQGHIIHFWVKXPRXU3
0DLQWDLQH\HFRQWDFW3ZLWKWKHDXGLHQFH3
%HDXGLEOHORXG3DQGFOHDUWRDOOOLVWHQHUVDXGLHQFH3
9DU\WKHWRQHRIYRLFHWHPSR3ZLWKLQFHUWDLQVHFWLRQVWRSUHYHQWPRQRWRQ\3
0DNHWKHSUHVHQWDWLRQLQWHUHVWLQJ3ZLWKYLVXDODLGVDQHFGRWHVH[DPSOHV
XVHYLVXDODLGVHIIHFWLYHO\3
8VHDSSURSULDWHJHVWXUHVERG\ODQJXDJH3WRHPSKDVL]HFHUWDLQSRLQWV3
6SHDNZLWKHQHUJ\3DQGHQWKXVLDVP3
3DFH\RXUVHOI'RQRWUXVK3RUWDONWRRVORZO\3
.HHSWKHSUHVHQWDWLRQVKRUW3DQGVLPSOH3
6XPPDULVHWKHPDLQSRLQWVRIWKHSUHVHQWDWLRQ3WRFRQFOXGHWKH
SUHVHQWDWLRQ3
&RQFOXGH(QGZLWKDVWURQJVWULNLQJHQGLQJ3WKDWZLOOEHUHPHPEHUHG3
(QVXUHWKDWWKHDXGLHQFHZLOOOHDYHZLWKWDNHDZD\3VSHFLILF
LQIRUPDWLRQEHQHILWV3
0DQDJHWLPHHIIHFWLYHO\3WRDOORZWLPHIRUTXHVWLRQV3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRIDFWRUVWKDWVKRXOGEHFRQVLGHUHGE\
WKHSUHVHQWHUZKLOHSUHVHQWLQJ
0D[
+DQGOLQJIHHGEDFNDIWHUDSUHVHQWDWLRQLQDQRQDJJUHVVLYHDQG
SURIHVVLRQDOPDQQHU
7KHSUHVHQWHUVKRXOGVWDQGWKURXJKRXWWKHIHHGEDFNVHVVLRQ33
%HSROLWHFRQILGHQWFRXUWHRXVZKHQUHVSRQGLQJWRTXHVWLRQV33
(QVXUHWKDWHDFKTXHVWLRQFRPPHQWLVFOHDUO\XQGHUVWRRGEHIRUH
UHVSRQGLQJUHSKUDVHTXHVWLRQVLIXQFHUWDLQ33
7KHSUHVHQWHUVKRXOGILUVWOLVWHQDQGWKHQUHVSRQG33
3URYLGHIHHGEDFNDVVRRQDVSRVVLEOHDIWHUWKHTXHVWLRQZDVDVNHGRUDIWHU
WKHVHVVLRQ33
%HGLUHFWKRQHVWVLQFHUHZKHQUHVSRQGLQJWRTXHVWLRQV33
8VHVLPSOHODQJXDJHWRVXSSRUWWKHH[DPSOHVXVHGLQWKHSUHVHQWDWLRQ33
.HHSDQVZHUVVKRUWDQGWRWKHSRLQW33
$SRORJL]HDFNQRZOHGJHKLVHUURUVPLVWDNHVLISRLQWHGRXWE\WKHDXGLHQFH33
(QFRXUDJHTXHVWLRQVIURPWKHDXGLHQFHLQYHVWRUV33
$OZD\VDGGUHVVWKHTXHVWLRQVDQGQRWWKHSHUVRQ33
$FNQRZOHGJHJRRGTXHVWLRQVWRPRWLYDWHDXGLHQFHWRDVNPRUHTXHVWLRQV33
7KHSUHVHQWHUVKRXOGQRWLQYROYHKLPVHOILQDGHEDWHZKHQUHVSRQGLQJWR
TXHVWLRQV33
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
7KHSUHVHQWHUVKRXOGQRWDYRLGWKHTXHVWLRQVLIKHVKHGRHVQRWNQRZWKH
DQVZHUEXWUDWKHUSURPLVHIHHGEDFNRQLW33
$GGUHVVWKHIXOODXGLHQFHLQYHVWRUVDQGQRWRQO\WKHSHUVRQZKRSRVHGWKH
TXHVWLRQ33
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRKRZWKHSUHVHQWHUVKRXOGKDQGOH
IHHGEDFNDIWHUDSUHVHQWDWLRQLQDQRQDJJUHVVLYHDQGSURIHVVLRQDOPDQQHU
0D[
&RQFOXVLRQ
7KHPXOWLPHGLDSUHVHQWDWLRQPXVWEHZHOOGHVLJQHGWRUHWDLQWKHDWWHQWLRQRI
WKHDXGLHQFH33
3RZHU3RLQWVDOORZVWKHSUHVHQWHUWRXVHLPDJHVDQGDXGLRYLGHRWRKDYHD
JUHDWHUYLVXDOLPSDFW33
+DQGRXWVHQDEOHWKHDXGLHQFHWRIRFXVRQWKHSUHVHQWDWLRQZLWKRXWKDYLQJ
WRWDNHQRWHV33
$ZHOOSUHVHQWHGSUHVHQWDWLRQFUHDWHVDJRRGLPSUHVVLRQDQGZLOODWWUDFW
SRWHQWLDOLQYHVWRUV33
5HVSRQGLQJWRTXHVWLRQVLQDQRQDJJUHVVLYHDQGSURIHVVLRQDOPDQQHU
GLVSOD\VWKHOHYHORIH[SHULHQFHDQGPDWXULW\RIWKHSUHVHQWHU33
$Q\RWKHUFRQFOXVLRQUHODWHGWRDVSHFWVWRFRQVLGHUZKHQGHVLJQLQJD
PXOWLPHGLDSUHVHQWDWLRQWKHLPSDFWRISRZHUSRLQWVDQGKDQGRXWVDVW\SHV
RIYLVXDODLGVIDFWRUVFRQVLGHUHGE\WKHSUHVHQWHUZKLOHSUHVHQWLQJKDQGOLQJ
IHHGEDFNDIWHUDSUHVHQWDWLRQ
$Q\ [
48(67,21 %5($.'2:12)0$5.$//2&$7,21
'(7$,/6 0$;,080 727$/
,QWURGXFWLRQ
$VSHFWVWRFRQVLGHUZKHQGHVLJQLQJD
PXOWLPHGLDSUHVHQWDWLRQ
,PSDFWRIWKHIROORZLQJYLVXDODLGV
R 3RZHU3RLQW'DWDSURMHFWRU
0D[
R +DQGRXW
)DFWRUVFRQVLGHUHGE\WKHSUHVHQWHU
ZKLOHSUHVHQWLQJ
+DQGOLQJIHHGEDFNLQDQRQDJJUHVVLYH
DQGSURIHVVLRQDOPDQQHU
&RQFOXVLRQ
,16,*7
/D\RXW
$QDO\VLV
6\QWKHVLV
2ULJLQDOLW\
727$/0$5.6
/$62±)RUHDFKFRPSRQHQW
$OORFDWHPDUNVLIDOOUHTXLUHPHQWVDUHPHW
$OORFDWHPDUNLIRQO\VRPHRIWKHUHTXLUHPHQWVDUHPHW
$OORFDWHPDUNVZKHUHUHTXLUHPHQWVDUHQRWPHWDWDOO
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
48(67,21 %86,1(6652/(6 7($03(5)250$1&($1'&21)/,&7
0$1$*(0(17
,QWURGXFWLRQ
7KHFKDUDFWHULVWLFVRIVXFFHVVIXOWHDPSHUIRUPDQFHFDQEHXVHGDV
JXLGHOLQHVIRUWHDPVWRPD[LPL]HWHDPSHUIRUPDQFH3
&RQIOLFWLVLQHYLWDEOHZKHQHPSOR\HHVRIYDULRXVEDFNJURXQGVDUHEURXJKW
WRJHWKHUIRUDVKDUHGEXVLQHVVSXUSRVH3
%XVLQHVVHVVKRXOGGHDOZLWKFRQIOLFWDVVRRQLWDULVHVWRDYRLGKDYLQJDQ
HVFDODWLRQRILVVXHVEHWZHHQHPSOR\HHV3
7KHEXVLQHVVHVHQYLURQPHQWFDQEHPDGHXQEHDUDEOHZKHQGLIILFXOW
HPSOR\HHVDUHQRWGHDOWZLWK3
$Q\RWKHUUHOHYDQWLQWURGXFWLRQWKDWUHODWHVWRWKHFKDUDFWHULVWLFVRI
VXFFHVVIXOWHDPSHUIRUPDQFHFDXVHVRIFRQIOLFWLQWKHZRUNSODFHKDQGOLQJ
FRQIOLFWLQWKHZRUNSODFHGHDOLQJZLWKGLIILFXOWHPSOR\HHVLQWKHZRUNSODFH
$Q\ [
&KDUDFWHULVWLFVRIVXFFHVVIXOWHDPSHUIRUPDQFH
6XFFHVVIXOWHDPVVKDUHDFRPPRQJRDODVWHDPPHPEHUVDUHSDUWRIWKH
SURFHVVRIVHWWLQJJRDOVIRUWKHJURXS33
7KHUHLVDFOLPDWHRIUHVSHFWWUXVWDQGKRQHVW\33
6KDUHDVHWRIWHDPYDOXHVDQGLPSOHPHQWJURXSGHFLVLRQV33
6XFFHVVIXOWHDPVKDYHVRXQGLQWUDWHDPUHODWLRQV33
7HDPVYDOXHWKHFRQWULEXWLRQVRILQGLYLGXDOPHPEHUVDQGUHDFKFRQVHQVXV
RQGLIIHUHQFHV33
7HDPPHPEHUVHQMR\RSHQFRPPXQLFDWLRQDQGGHDOZLWKLWHPVRIFRQIOLFW
LPPHGLDWHO\33
7HDPVDUHDFFRXQWDEOHDQGPHPEHUVNQRZWKHWLPHIUDPHIRUDFKLHYLQJ
WKHLUJRDOV33
7HDPVSD\DWWHQWLRQWRWKHQHHGVRIWKHLQGLYLGXDOWHDPPHPEHUV33
&UHDWHVDQHQYLURQPHQWZKHUHWHDPPHPEHUVDUHJLYHQRSSRUWXQLWLHVWR
GHYHORSVRWKDWWHDPPHPEHUVJURZDQGOHDUQIURPWKHH[SHULHQFHRI
ZRUNLQJLQDWHDP33
5HJXODUUHYLHZVRIWHDPSURFHVVHVDQGSURJUHVVPD\GHWHFWVROYH
SUREOHPVVRRQHU33
%DODQFHWKHQHFHVVDU\VNLOOVNQRZOHGJHH[SHULHQFHH[SHUWLVHWRDFKLHYHWKH
REMHFWLYHV33
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRFKDUDFWHULVWLFVRIVXFFHVVIXOWHDP
SHUIRUPDQFH
0D[
&DXVHVRIFRQIOLFWLQWKHZRUNSODFH
/DFNRISURSHUFRPPXQLFDWLRQ3EHWZHHQPDQDJHPHQWDQGZRUNHUV3
,JQRULQJUXOHVSURFHGXUHVPD\UHVXOW3LQGLVDJUHHPHQWVDQGFRQIOLFW3
0DQDJHPHQWDQGRUZRUNHUVPD\KDYHGLIIHUHQW3
SHUVRQDOLWLHVEDFNJURXQGV3
'LIIHUHQWYDOXHVOHYHOVRINQRZOHGJHVNLOOVH[SHULHQFH3RI
PDQDJHUVZRUNHUV3
/LWWOHQRFRRSHUDWLRQ3EHWZHHQLQWHUQDODQGRUH[WHUQDOSDUWLHV
VWDNHKROGHUV3
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
/DFNRIUHFRJQLWLRQIRUJRRGZRUN3HJDPDQDJHUPD\QRWVKRZ
DSSUHFLDWLRQIRUH[WUDKRXUVZRUNHGWRPHHWGHDGOLQHV3
/DFNRIHPSOR\HHGHYHORSPHQW3PD\LQFUHDVHIUXVWUDWLRQOHYHOVDVZRUNHUV
PD\UHSHDWHUURUVGXHWRDODFNRINQRZOHGJHVNLOOV3
8QIDLUGLVFLSOLQDU\SURFHGXUHV3VXFKDVIDYRXULWLVPQHSRWLVP3
/LWWOHQRVXSSRUWIURPPDQDJHPHQW3ZLWKUHJDUGVWRVXSSO\LQJWKH
QHFHVVDU\UHVRXUFHVDQGSURYLGLQJJXLGHOLQHV3
/HDGHUVKLSVW\OHVXVHG3HJDXWRFUDWLFPDQDJHUVPD\QRWFRQVLGHU
ZRUNHUVLQSXWV3
8QUHDOLVWLFGHDGOLQHV+HDY\ZRUNORDGV3OHDGWRVWUHVVUHVXOWLQJLQFRQIOLFW3
/DFNRIDJUHHPHQWRQPXWXDOPDWWHUV3VXFKDVUHPXQHUDWLRQZRUNLQJ
KRXUV3
8QKHDOWK\FRPSHWLWLRQ,QWHUWHDPULYDOU\3PD\FDXVHZRUNHUVWRORVHIRFXV
RQWHDPWDUJHWV3
/DFNRIFRPPLWPHQW'LVWUDFWHGE\SHUVRQDOREMHFWLYHV3ZKLFKPD\OHDGWR
DQLQDELOLW\WRPHHWSUHVHWWDUJHWV3
&RQVWDQWFKDQJHV3PD\FDXVHLQVWDELOLW\3
/DFNRIFODULW\3UHJDUGLQJHPSOR\HHV UROHVDQGUHVSRQVLELOLWLHV3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRFDXVHVRIFRQIOLFWLQWKHZRUNSODFH
0D[
+DQGOLQJFRQIOLFWLQWKHZRUNSODFH
$FNQRZOHGJHWKDWWKHUHLVFRQIOLFW3LQWKHZRUNSODFH3
,GHQWLI\WKHFDXVH3RIWKHFRQIOLFW3
$UUDQJHSUHQHJRWLDWLRQVZKHUHZRUNHUVFRPSODLQDQWV3ZLOOEHDOORZHGWR
VWDWHWKHLUFDVHYLHZVVHSDUDWHO\3
$UUDQJHDWLPHDQGSODFHIRUQHJRWLDWLRQV3ZKHUHDOOHPSOR\HHVLQYROYHG
DUHSUHVHQW3
$UUDQJHDPHHWLQJ3EHWZHHQFRQIOLFWLQJHPSOR\HUVHPSOR\HHV3
0DNHLQWHQWLRQVIRULQWHUYHQWLRQ3FOHDUVRWKDWSDUWLHVLQYROYHGPD\IHHODW
HDVH3
(DFKSDUW\KDVWKHRSSRUWXQLW\3WRH[SUHVVKLVKHURZQRSLQLRQVIHHOLQJV3
&RQIOLFWLQJSDUWLHVPD\UHFRJQL]H3WKDWWKHLUYLHZVDUHGLIIHUHQWGXULQJWKH
PHHWLQJ3
$QDO\]H(YDOXDWHWKHFDXVH V RIFRQIOLFWE\EUHDNLQJLWGRZQ3LQWRGLIIHUHQW
SDUWV3
%ODPHVKLIWLQJVKRXOGEHDYRLGHG3DQGDMRLQWHIIRUWVKRXOGEHPDGH3
'LUHFWFRQIOLFWLQJSDUWLHV3WRZDUGVILQGLQJIRFXVLQJRQVROXWLRQV3
'HYLVH%UDLQVWRUPSRVVLEOHZD\V3RIUHVROYLQJWKHFRQIOLFW3
&RQIOLFWLQJSDUWLHVDJUHHRQFULWHULD3WRHYDOXDWHWKHDOWHUQDWLYHV3
6HOHFWDQGLPSOHPHQW3WKHEHVWSRVVLEOHVROXWLRQ V 3
3URYLGHRSSRUWXQLWLHVIRUSDUWLHV3WRDJUHHRQWKHVROXWLRQ3
(YDOXDWH)ROORZXS3RQWKHLPSOHPHQWDWLRQRIWKHVROXWLRQ V 3
0RQLWRUSURJUHVVWRHQVXUH3WKDWWKHFRQIOLFWKDVEHHQUHVROYHG3
6RXUFHH[SHUWV3RQKDQGOLQJFRQIOLFWIURPRXWVLGHWKHEXVLQHVV3
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRKRZEXVLQHVVHVVKRXOGKDQGOHFRQIOLFW
LQWKHZRUNSODFH
0D[
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
'HDOLQJZLWKGLIILFXOWHPSOR\HHVLQWKHZRUNSODFH
*HWSHUVSHFWLYHIURPRWKHUVZKRKDYHH[SHULHQFHGWKHVDPHNLQGRI
VLWXDWLRQWREHDEOHWRXQGHUVWDQGGLIILFXOWHPSOR\HHV33
$FWSURDFWLYHO\LISRVVLEOHDVDVWDIISHUVRQQHOSUREOHPLVSDUWRID
PDQDJHU VUHVSRQVLELOLWLHV33
5HJXODUPHHWLQJVZLWKVXSHUYLVRUVGHSDUWPHQWDOKHDGVVKRXOGKHOSWR
LGHQWLI\GLIILFXOWSUREOHPEHKDYLRXU33
$VNVRPHRQHLQDXWKRULW\IRUWKHLULQSXWLQWRWKHVLWXDWLRQ33
,GHQWLI\WKHW\SHRISHUVRQDOLW\ZKLFKLVFUHDWLQJWKHSUREOHP33
0HHWSULYDWHO\ZLWKGLIILFXOWHPSOR\HHVVRWKDWWKHUHDUHQRGLVWUDFWLRQVIURP
RWKHUHPSOR\HHVLVVXHV33
0DNHLQWHQWLRQVDQGUHDVRQVIRUDFWLRQNQRZQVRWKDWGLIILFXOW
SHUVRQSHRSOHIHHODWHDVH33
(PSOR\HHVVKRXOGEHWROGZKDWVSHFLILFEHKDYLRXUVDUHDFFHSWDEOHE\
JLYLQJGHWDLOVDERXWZKDWLVZURQJXQDFFHSWDEOHDQRSSRUWXQLW\WRH[SODLQ
WKHLUEHKDYLRXU33
$GHDGOLQHVKRXOGEHVHWIRULPSURYLQJEDGGLIILFXOWEHKDYLRXU33
7KHGHDGOLQHGDWHVKRXOGEHGLVFXVVHGZLWKWKHGLIILFXOWHPSOR\HHDQG
KLVKHUSURJUHVVVKRXOGEHPRQLWRUHGDVVHVVHGSULRUWRWKHGHDGOLQH33
*XLGHOLQHVIRULPSURYHPHQWVKRXOGEHJLYHQ33
'RQRWMXGJHWKHSHUVRQEXWWU\WRXQGHUVWDQGKLPKHU8QGHUVWDQGKLVKHU
LQWHQWLRQVDQGZK\KHVKHUHDFWVLQDFHUWDLQZD\33
.HHSFRPPXQLFDWLRQFKDQQHOVRSHQHQFRXUDJHHPSOR\HHVWRFRPPXQLFDWH
WKHLUJULHYDQFHVWRPDQDJHPHQW33
%XLOGUDSSRUWVRXQGUHODWLRQVE\UHHVWDEOLVKLQJSHUVRQDOFRQQHFWLRQZLWK
FROOHDJXHV33
+HOSGLIILFXOWHPSOR\HHVWREHUHDOLVWLFDERXWWKHWDVNDWKDQG%HVXSSRUWLYH
RIWKHPDQGWKHLULVVXHV33
5HPDLQFDOPDQGLQFRQWURORIWKHVLWXDWLRQWRJHWWKHSHUVRQ V WR
FROODERUDWH'RQ¶WEHFRPHGLIILFXOW\RXUVHOI33
7UHDWSHRSOHZLWKUHVSHFWLUUHVSHFWLYHRIZKHWKHUWKH\DUH
FDSDEOHFRPSHWHQWRUQRW'RQ¶WWU\WRFKDQJHWKHPUDWKHUVHHZKHUH\RX
FDQXVHWKHPHIIHFWLYHO\33
6RPHWLPHVLWPD\EHQHFHVVDU\WRLJQRUHDQGRQO\PRQLWRUDGLIILFXOW
SHUVRQ7DNHDVWHSEDFNDQGDQDO\VHWKHVLWXDWLRQEHIRUH\RXUHVSRQG33
,GHQWLI\DQGSURYLGHDQDSSURSULDWHVXSSRUWSURJUDPPHWRDGGUHVVDUHDVRI
ZHDNQHVV33
$Q\RWKHUUHOHYDQWDQVZHUUHODWHGWRZD\VLQZKLFKEXVLQHVVHVFDQGHDO
ZLWKGLIILFXOWHPSOR\HHVLQWKHZRUNSODFH
0D[
&RQFOXVLRQ
0DQDJHUVVKRXOGVKDUHWKHFKDUDFWHULVWLFVRIVXFFHVVIXOWHDPSHUIRUPDQFH
ZLWKWKHHPSOR\HHVWRDOORZWKHWHDPWRWDNHIXOODGYDQWDJHRIHDFKWHDP
PHPEHUV¶DELOLWLHV33
%XVLQHVVHVWKDWDUHDZDUHRIGLIIHUHQWFDXVHVRIFRQIOLFWGHYHORSV\VWHPVWR
GHDOZLWKHDFKFDXVHRIFRQIOLFWLQWKHZRUNSODFH33
%XVLQHVVHVVKRXOGDFNQRZOHGJHHPSOR\HHV¶GLIIHUHQFHVDQGGHYHORS
VWUDWHJLHVWRGHDOZLWKWKHVHGLIIHUHQFHV33
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Downloaded from hlayiso.com
Downloaded
%XVLQHVV6WXGLHV3 f rom St anmorephysics.
com /LPSRSR'R(6HSWHPEHU
'HDOLQJZLWKGLIILFXOWSHUVRQDOLWLHVZLOOHQDEOHEXVLQHVVHVWRILQGEHWWHUZD\V
WRPDQDJHHPSOR\HHV33
$Q\RWKHUUHOHYDQWFRQFOXVLRQWKDWUHODWHVWRWKHFKDUDFWHULVWLFVRI
VXFFHVVIXOWHDPSHUIRUPDQFHFDXVHVRIFRQIOLFWLQWKHZRUNSODFHKDQGOLQJ
FRQIOLFWLQWKHZRUNSODFHGHDOLQJZLWKGLIILFXOWHPSOR\HHVLQWKHZRUNSODFH
$Q\ [
48(67,21 %5($.'2:12)0$5.$//2&$7,21
'(7$,/6 0$;,080 727$/
,QWURGXFWLRQ
&KDUDFWHULVWLFVRIVXFFHVVIXOWHDP
SHUIRUPDQFH
&DXVHVRIFRQIOLFWLQWKH 0D[
ZRUNSODFH
+DQGOLQJFRQIOLFWLQWKHZRUNSODFH
'HDOLQJZLWKGLIILFXOWHPSOR\HHVLQ
WKHZRUNSODFH
&RQFOXVLRQ
,16,*7
/D\RXW
$QDO\VLV
6\QWKHVLV
2ULJLQDOLW\
727$/0$5.6
/$62±)RUHDFKFRPSRQHQW
$OORFDWHPDUNVLIDOOUHTXLUHPHQWVDUHPHW
$OORFDWHPDUNLIRQO\VRPHRIWKHUHTXLUHPHQWVDUHPHW
$OORFDWHPDUNVZKHUHUHTXLUHPHQWVDUHQRWPHWDWDOO
727$/6(&7,21&
*5$1'727$/
&RS\ULJKWUHVHUYHG 3OHDVHWXUQRYHU
Study this subject
Recommended for this subject
Memorandum
Business Studies Grade 12 Paper 1 Limpopo Mock 2022 Memo
Memorandum
Business Studies Grade 12 Paper 2 KZN Prelim 2022 Memo
Memorandum
Business Studies Grade 12 Paper 2 MP Prelim 2022 Memo
Memorandum
Business Studies Grade 12 P2 Western Cape November 2022 Memo
Question paper
Business Studies Grade 12 P2 KZN June 2022 Question Paper
Question paper
Business Studies Grade 12 P2 KZN Prelim 2022 Question Paper
More from Grade 12 Business Studies
Question paper
Business Studies Grade 12 P1 Eastern Cape June 2025 QP (Eng)
Question paper
Business Studies Grade 12 P1 Free State Mock 2025 QP
Question paper
Business Studies Grade 12 P2 Gauteng June 2025 QP (Afr)
Memorandum
Business Studies Grade 12 Paper 2 North West Mock 2025 Memo
Question paper
Business Studies Grade 12 P1 NSC June 2025 QP (Eng)
Question paper