spm trial 2010 bi q&a (sbp)
Embed Size (px)
TRANSCRIPT
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
1/36
%$+$*,$13(1*8586$1
6(.2/$+%(5$65$0$3(18+'$16(.2/$+./867(5
.(0(17(5,$13(/$-$5$10$/$
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
2/36
6HFWLRQ$'LUHFWHG:ULWLQJ
PDUNV
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
3/36
6HFWLRQ%&RQWLQXRXV:ULWLQJ
PDUNV
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
4/36
%$+$*,$13(1*8586$1
6(.2/$+%(5$65$0$3(18+'$16(.2/$+./867(5
.(0(17(5,$13(/$-$5$10$/$PDUNV@
)RU([DPLQHUV8VH
6HFWLRQ 7RWDO 0DUNV
$
%
&
'
7RWDO
1R.DG3HQJHQDODQ$QJND*LOLUDQ
+DN&LSWD%DKDJLDQ3HQJXUXVDQ6HNRODK%HUDVUDPD3HQXKGDQ
6HNRODK.OXVWHU.HPHQWHULDQ3HODMDUDQ0DOD\VLD
68/,7
%DKDVD
,QJJHULV
.HUWDV
2JRV
MDP
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
5/36
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
6/36
7KHPDQLQWKHFDUWRRQVWULSLVDVNLQJSHRSOHWR
$ KHOSQDWXUHE\KHDWLQJZDWHU
% KHOSUHGXFHJOREDOZDUPLQJ
& XVHDVPXFKIXHODVQHHGHG
' IROORZDOOWKDWVKHGRHV
7KHPDLQSRLQWRIWKHDERYHH[WUDFWLV
$ H[SHUWVRIORQJDJRNQHZZKDWWKH\ZHUHWDONLQJDERXW
% DOLJKWDWWLWXGHWROLIHKHOSVSHRSOHWRHQMR\DEHWWHUOLIH
& DOOWKRVHZKRODXJKGHILQLWHO\KDYHDEHWWHUKHDOWK
' SHRSOHZKRZRUU\KDYHDEHWWHUWLPH
,QHYHUGULQNKRWGULQNVDVWKHIXHO
QHHGHGWRKHDWWKHZDWHUFRQWULEXWHV
WRJOREDOZDUQLQJ'RWU\VRPHRI
P\PHWKRGVWRKHOSQDWXUH
'R\RXODXJKRIWHQ"
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
7/36
$FFRUGLQJWRWKHLQYLWDWLRQDERYHZKRLV'U0RKG
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
8/36
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HVFX5HVFX5HVFX5HVFX
2LWD+RQVKX$PDQZKRZ
2LWDDIWHU IDOOLQJ DQG VWUXJJOLXVHGVDZVWRGLVPDQWOHDZDOO
WREHUHPRYHGYLDWKHIURQWGR
)URPWKHQHZVSDSHUUHSRUW$EHLQJWRRIDW%OLYLQJLQDQROGKRXVH&QRWNQRZLQJKRZWRXVH'IRUJHWWLQJWRORFNKLVIURQ
7KHURDGVLJQLVDW\SHRI
$ FDXWLRQDU\VLJQ
% PDQGDWRU\VLJQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
UVEUHDNZDOOWRVDYHNJPDQUVEUHDNZDOOWRVDYHNJPDQUVEUHDNZDOOWRVDYHNJPDQUVEUHDNZDOOWRVDYHNJPDQ
LJKVDQHVWLPDWHGNJZDVUHVFXHG
JDORQH IRU WZR GD\V WR WHOHSKRQH IRURI6DWR7DNHVKLVKRPHWRH[WUDFWKLPDV
U$3
HNQRZWKDW6DWR7DNHVKLVSUREOHPZDVPDLQ
VDZWGRRU
& H[SODQDWRU\VLJQ
' LQIRUPDWLRQDOVLJQ
12+21.,1*
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
IURPKLVKRPHLQ
KHOS$XWKRULWLHVKHZDVWRRODUJH
O\GXHWRKLP
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
9/36
4XHVWLRQVDUHEDVHGRQWKHIROORZLQJSDVVDJH
,ZRXOGOLNHWRRSHQP\RZQVKRSRQHGD\SHUKDSVKDYHP\RZQIUDJUDQFHDQGFRVPHWLFOLQH7KHUHBBBBBBPDQ\WKLQJV,KDYHQWGRQH,ZRXOGORYHWRGRFORWKHVIRUPHQWKHUHVDPDUNHWIRUBBBBBBBPHQZKROLNHWRGUHVVXS$QG,BBBBBBDODZGHJUHH\RXNQRZEHKLQGDOOWKLV
FUHDWLYLW\WKHUHLVDEUDLQ,DPLQWHOOLJHQW,ORYHGLDPRQGVSHDUOVDQGMHZHOOHU\7KLVKDVDOVREHHQDJRRGEXVLQHVVRSSRUWXQLW\DV,PDQDJHGWRBBBBBBXSZLWKWKHRZQHUVRIMHZHOOHU\DQGSHDUOFHQWUH5DIIOHVLD,OOEHZRUNLQJRQDSURMHFWBBBBBBP\QHZOLQHRIDFFHVVRULHVBBBBFROODERUDWLRQZLWKWKHP,SODQWRFRPHEDFNODWHUWKLV\HDUWRIHDWXUHDQH[FOXVLYHOLQHRI0DOD\VLDQLQVSLUHGFRXWXUHJRZQVZLWKSHDUOVDQGHPEURLGHU\DQGVKRHVVSHFLDOO\BBBBE\-LPP\&KRR$GDSWHGIURP7KH6WDU WK$SULO
$ LV $ LQYROYLQJ
% DUH % UHJDUGLQJ
& ZDV & PDQDJLQJ
' ZHUH ' VSHFLDOLVLQJ
$ VLPSOH $ LQ
% PRGHUQ % RQ
& JODPRURXV & DW
' ZRQGHUIXO ' RI
$ KDV $ PDGH
% KDG % FUDIWHG
& KDYH & GHVLJQHG
' ' LQYHQWHG
$ VHH
% ORRN
& PHHW
' FRQWDFW
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
10/36
6HFWLRQ%
PDUNV
4XHVWLRQV
6WXG\WKHPRYLHUHYLHZE\6HWR.LW
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
11/36
4XHVWLRQV
8VLQJWKHLQIRUPDWLRQIURPWKHPRYLHUHYLHZZULWHVKRUWDQVZHUVLQWKHVSDFHVSURYLGHG
7LWOH
3URGXFHU
)LQDQFLHUV
0RYLHJHQUH
4XHVWLRQV
%DVHGRQWKHLQIRUPDWLRQJLYHQJLYHVKRUWDQVZHUVWRWKHIROORZLQJTXHVWLRQV
:KDWLQVSLUHG.HOYLQ7RQJWRSURGXFHWKHPRYLH"
:KRZDVNLGQDSSHGLQWKHPRYLH"
+RZORQJZDVWKHWD[LGULYHUJLYHQWRUDLVHWKHPRQH\"
:KDWZDVWKHUHODWLRQVKLSEHWZHHQ+XDQG0UV1J"
:KDWDUHWKHDWWUDFWLRQVRIWKHPRYLHV"
PDUNV
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
12/36
6HFWLRQ&
>PDUNV@
4XHVWLRQVDUHEDVHGRQWKHIROORZLQJSDVVDJH
7KHSDVVDJHEHORZGHVFULEHVKRZWKHWVXQDPLFKDQJHG-HW/LVOLIHIRUHYHUDQGKRZKHZDQWVWRFKDQJHWKHZRUOGQRZ5HDGWKHSDVVDJHFDUHIXOO\DQGDQVZHUWKHTXHVWLRQVWKDWIROORZ
$V KH VWUXJJOHG WR NHHS KLV IRXU\HDUROG GDXJKWHU -DQH DERYH WKH VXUJLQJZDWHU -HW/L VKRXWHG IRU VRPHRQH WRKHOSKLV QDQQ\ZKRZDV KROGLQJKLV RQH\HDUROGGDXJKWHU-DGD7KLVZDVQRDFWLRQPRYLH/LNHPDQ\SHRSOHDFURVV$VLD/LZDVFDXJKWXSLQWKHUHDOOLIHKRUURURIWKHGHYDVWDWLQJWVXQDPLWKDWKLWXVRQ'HFHPEHU
,WDOOEHJDQZKHQ WKH&KLQHVHNXQJIXPRYLHVWDUFDPHWRWKH0DOGLYHVIRUDKROLGD\ZLWK KLVZLIH1LQD WZR \RXQJGDXJKWHUV DQGQDQQ\ -XVW DIWHU WHQ WKDW
6XQGD\PRUQLQJ KHKDG EHHQVWDQGLQJ E\ WKH SRRO DW WKH )RXU 6HDVRQV +RWHOUHDG\WRWDNHKLVWZRH[FLWHGOLWWOHJLUOVLQWRWKHVHD
7KHQKHQRWLFHGWKHZDWHUULVLQJZLWKWHUULI\LQJVSHHG%\WKHWLPHKHDQGWKHQDQQ\KDGSLFNHGXS-DQHDQG-DGDDQGWXUQHGWRKHDGEDFNWRWKHKRWHOWKHZDWHUKDG UHDFKHG WKHLU IHHW:LWKLQ VHFRQGVLW URVH WRKLVZDLVW WKHQKLV FKLQ ,Q WKHHQVXLQJFKDRV/LJUDEEHG-DQHEXW ORVWKLVJULSRQ-DGDDQG WKHQDQQ\$VWKH\ZHUHDOO VZHSWWRZDUGVWKHKRWHO KHFULHGRXWIRU KHOS)RXUE\VWDQGHUV MXPSHGLQWRWKHZDWHUDQGVDYHGWKHOLWWOHJLUODQGWKHQDQQ\
:KHQLWZDVDOORYHUKLVIDPLO\DQGRWKHUKRWHOJXHVWVZHUHIRUFHGWRVOHHSLQWKHOREE\GXHWRHOHFWULFLW\IDLOXUH,WZDVWKHQWKDW/LVDWXSDQGUHIOHFWHGRQZKDW
KDGKDSSHQHG8SWRWKHQ,KDGVSHQWWKHILUVW\HDUVRIP\OLIHWKLQNLQJRI-HW/L-HW/LQXPEHURQH%XWQRZ,WKRXJKWKRZHYHUSRZHUIXOKRZHYHUIDPRXVLQWKDWPRPHQWLWFDQQRWKHOS\RX,WKRXJKWDERXWP\OLIHDQGZKDW,ZDQWHGWRGR
,QWKHWLPHEHWZHHQWKHWVXQDPLDQGWKH6LFKXDQHDUWKTXDNHEDFNLQ&KLQD-HW/L WUDQVIRUPHG KLV OLIH GHGLFDWLQJ PXFK RI KLV WLPH WR KHOSLQJ WKH YLFWLPV RIGLVDVWHUDQGWKHOHVVIRUWXQDWH5DWKHUWKDQMXVWGRQDWHPRQH\KHVHWRXWWRFUHDWHDQRUJDQLVDWLRQWKDWZRXOGPDNHDJHQXLQHGLIIHUHQFHDQGGUDZXSRQWKHSRZHURILQGLYLGXDOVDURXQGWKHZRUOG
)ROORZLQJKLV RUGHDO LQ WKH0DOGLYHV /L UHWXUQHGKRPH WR+RQJ.RQJ DQG
VZXQJLQWRDFWLRQ$IWHUWKHWVXQDPL/LWROGKLVZLIH,KDYHWRGRVRPHWKLQJULJKWDZD\7KDWVKRZWKH2QH)RXQGDWLRQZDVERUQKHVDLG,Q-DQXDU\KH GRQDWHG D ODUJH DPRXQW RI PRQH\ WR WKH YLFWLPV RI WKH WVXQDPL DQG XVHGDQRWKHUODUJHVXPWRVWDUWDIRXQGDWLRQ
'XULQJKLVIUHHWLPHKHVSRNHZLWKDFDGHPLFVDURXQGWKHZRUOGDQGVSHQWWLPHDWSKLODQWKURSLFRUJDQLVDWLRQVVXFKDVWKH5RFNHIHOOHU)RXQGDWLRQWROHDUQZKDWPDNHVDVXFFHVVIXOQRQJRYHUQPHQWRUJDQLVDWLRQ1*2
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
13/36
7KH LGHD EHKLQG 2QH )RXQGDWLRQ LV VLPSOH WKLQN ELJ E\ WKLQNLQJ VPDOO6WDUWLQJLQ&KLQD/LKDVVHWRXWWRUDLVHRQH\XDQFHQWVIURPHYHU\SHUVRQHDFKPRQWK+HOLNHQVLWWRRQHELJIDPLO\KHOSLQJHDFKRWKHURXW+HVDLG,EHOLHYH KHOSLQJ HDFK RWKHU VWDUWV ZLWK WKH LQGLYLGXDOV ,W LV HYHU\ERG\V
UHVSRQVLELOLW\WRJLYH,IHYHU\RQHJLYHVRQH\XDQHYHU\PRQWKLWZLOODGGXSWRELOOLRQVRIGROODUV7RPDNHWKDWLGHDDUHDOLW\2QH)RXQGDWLRQKDVDOVRWHDPHGXSZLWKWKHFRUSRUDWHVHFWRU
,Q MXVW PRQWKV WKH IRXQGDWLRQ KDVUDLVHGQHDUO\PLOOLRQSURYLQJ WKHSRZHU RI /LV VLPSOH LGHD ,W KDV KHOSHG D QXPEHU RI GLVDVWHU UHOLHI HIIRUWVLQFOXGLQJWKH
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
14/36
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
15/36
%DVHGRQWKHSDVVDJHJLYHQZULWHDVXPPDU\RQ
x ZKDW-HW/LKDVGRQHWRKHOSYLFWLPVRIGLVDVWHUDQG
x WKHRUJDQLVDWLRQRI2QH)RXQGDWLRQKHKDVVHWXS
&UHGLWZLOOEHJLYHQIRUXVHRIRZQZRUGVEXWFDUHPXVWEHWDNHQQRWWRFKDQJHWKHRULJLQDOPHDQLQJ
PDUNV@
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
16/36
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
17/36
6HFWLRQ'
>0DUNV@
4XHVWLRQ5HDGWKHIROORZLQJVWDQ]DVRI6RQQHWDQGDQVZHUWKHTXHVWLRQVWKDWIROORZ
6211(76KDOO,FRPSDUHWKHHWRDVXPPHUVVGD\"7KRXDUWPRUHORYHO\PRUHWHPSHUDWH5RXJKZLQGVGRVKDNHWKHGDUOLQJEXGVRI0D\$QGVXPPHUVOHDVHKDWKDOOWRRVKRUWDGDWH6RPHWLPHWRRKRWWKHH\HRIKHDYHQVKLQHV$QGRIWHQLVKLVJROGFRPSOH[LRQGLPPG$QGHYHU\IDLUIURPIDLUVRPHWLPHVGHFOLQHV%\FKDQFHRUQDWXUHVFKDQJLQJFRXUVHXQWULPPG
%XWWK\HWHUQDOVXPPHUVKDOOQRWIDGH1RUORVHSRVVHVVLRQRIWKDWIDLUWKRXRZVW1RUVKDOO'HDWKEUDJWKRXZDQGUHVWLQKLVVKDGH:KHQLQHWHUQDOOLQHVWRWLPHWKRXJURZVW6RORQJDVPHQFDQEUHDWKHRUH\HVFDQVHH6RORQJOLYHVWKLVDQGWKLVJLYHVOLIHWRWKHH
:LOOLDP6KDNHVSHDUH
D6WDWHWZRFKDUDFWHULVWLFVRIWKHH\HRIKHDYHQ
L >PDUN@
LL >PDUN@
E :KDWGRHVHWHUQDOOLQHVUHIHUWR"
>PDUN@
F ,I\RXZHUHWKHSHUVRQDZRXOG\RXFRPSDUH\RXUEHORYHGWRVXPPHU":K\"
>PDUNV@
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
18/36
5HDGWKHH[WUDFWIURPWKHVKRUWVWRU\7KH1HFNODFHEHORZDQGDQVZHUWKHIROORZLQJTXHVWLRQV
D :KDWGRHVLWLQWKHDERYHH[FHUSWUHIHUWR"
>PDUN@
E :K\ZDV0DGDPH)RUHVWLHUVXUSULVHGWKDW0DWKLOGHERXJKWDQHZQHFNODFHWRUHSODFHKHUV"
>PDUN@
F+RZGLG0DGDPH)RUHVWLHUIHHOZKHQVKHWRRN0DWKLOGHVKDQGV"
>PDUN@
G,I\RXZHUH0DWKLOGHKRZZRXOG\RXIHHOZKHQ\RXIRXQGRXWWKHWUXWKIURP0DGDPH)RUHVWLHU"
*LYHDUHDVRQIRU\RXUDQVZHU
>PDUNV@
,EURXJKW\RXEDFNDQRWKHUH[DFWO\OLNH LW$QGLWKDVWDNHQXVWHQ\HDUVWRSD\IRULW
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
19/36
7KHIROORZLQJDUHWKHQRYHOVVWXGLHGLQWKHOLWHUDWXUHFRPSRQHQWLQ(QJOLVK/DQJXDJH
-XQJOHRI+RSH .HULV0DV
7KH3HDUO -RKQ6WHLQEHFN
7KH5HWXUQ .60DQLDP
&KRRVHDQ\RQHRIWKHQRYHOVDERYHDQGDQVZHUWKHTXHVWLRQEHORZ
+DUGVKLSLVDSDUWRIOLIH
,GHQWLI\ D FKDUDFWHU LQ WKH QRYHO WKDW KDV H[SHULHQFHG JUHDW KDUGVKLSV +RZ KDYH WKH KDUGVKLSV
H[SHULHQFHGLQWKHVWRU\FKDQJHGWKHFKDUDFWHU"
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
20/36
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
21/36
.(57$662$/$17$0$7
$16:(56+((7
)256(&7,21$
$ % & ' $ % & '
$ % & ' $ % & '
$ % & ' $ % & '
$ % & ' $ % & '
$ % & ' $ % & '
$ % & ' $ % & '
$ % & ' $ % & '
$ % & '
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
22/36
%$+$*,$13(1*8586$16(.2/$+%(5$65$0$3(18+'$16(.2/$+./867(5
.(0(17(5,$13(/$-$5$10$/$
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
23/36
0$5.,1*6&+(0(
6(.2/$+%(5$65$0$3(18+
63075,$/(;$0,1$7,21
(1*/,6+
6HFWLRQ$',5(&7(':5,7,1*
7KLVTXHVWLRQLVDVVHVVHGDVIROORZV$OORFDWLRQRI0DUNV
)250$7 PDUNV
&217(17 PDUNV
/$1*8$*(PDUNV
727$/ PDUNV
)250$7&217(170$5.6
)250$7
0$5.6
L)*UHHWLQJ
LL)3XUSRVHRIVSHHFKLLL)&ORVLQJ
6XEWRWDO
&217(17$OONH\ZRUGVPXVWEHPHQWLRQHGRUSDUDSKUDVHGEHIRUHDQ\FRQWHQWSRLQWFDQEHDZDUGHG,IDQ\LGHDLVLQFRPSOHWHFRQWHQWSRLQWFDQQRWEHDZDUGHG
& )DVWDQGUHOLDEOH
& &KHDS
& 9DVWLQIRUPDWLRQ
& )UHHHQWHUWDLQPHQW
& 3D\LQJELOOVRQOLQH
& 6KRSSLQJIURPKRPH
& 7KHIWRISHUVRQDOLQIRUPDWLRQ
& 9LUXVWKUHDWV
& 8QZDQWHGHPDLOV & 3RUQRJUDSK\
& 1RVRFLDOOLIH
& 8QKHDOWK\QRSK\VLFDOH[HUFLVH
6XEWRWDO
*UDQG7RWDO
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
24/36
0$5.,1*6&+(0(
',5(&7(':5,7,1*/$1*8$*(
0DUN5DQJH 'HVFULSWLRQRI&ULWHULD
$
x /DQJXDJHDFFXUDWHZLWKRFFDVLRQDOILUVWGUDIWVOLSV
x 6HQWHQFHVWUXFWXUHVYDULHGDQGVRSKLVWLFDWHG
x 6HQWHQFHOHQJWKDQGW\SHHPSOR\HGWRDFKLHYHLQWHQGHGHIIHFW
x 9RFDEXODU\ZLGHVRSKLVWLFDWHGDQGXVHGZLWKSUHFLVLRQ
x 3XQFWXDWLRQDFFXUDWHDQGKHOSIXO
x 6SHOOLQJDFFXUDWH
x 3DUDJUDSKVXQLILHGDQGZHOOOLQNHG
x 7RSLFFRQVLVWHQWDQGUHOHYDQW
x 6W\OHIRUPDOLQIRUPDWLYHDQGFRQFLVH
x 7RQHDOZD\VDSSURSULDWHIRUDVSHHFK
%
x /DQJXDJHDFFXUDWHZLWKPLQRURUILUVWGUDIWHUURUV
x 6HQWHQFHVYDULHGLQOHQJWKDQGW\SH
x &RPSOH[VWUXFWXUHVFRQILGHQWO\XVHG
x 9RFDEXODU\ ZLGH FRQYH\LQJ LQWHQGHG VKDGHVRIPHDQLQJZLWKVRPHSUHFLVLRQ
x 3XQFWXDWLRQDQGVSHOOLQJDOPRVWDOZD\VDFFXUDWH
x 6W\OHDQGWRQHDSSURSULDWHIRUDVSHHFK
x :ULWLQJUHOHYDQWDQGLQWHUHVWLVVXVWDLQHGWKURXJKRXWWKHVSHHFK
&
x /DQJXDJHODUJHO\DFFXUDWH
x 6LPSOHVWUXFWXUHVQRHUURUVPLVWDNHVLQPRUHVRSKLVWLFDWHGVWUXFWXUHVWHQGHQF\WRXVHRQHW\SHRIVWUXFWXUH
x 9RFDEXODU\DGHTXDWHWRFRQYH\PHDQLQJEXWQRWSUHFLVH
x 6HQWHQFHVVRPHYDULHW\RIOHQJWKDQGW\SH
x 3XQFWXDWLRQDQGVSHOOLQJJHQHUDOO\DFFXUDWH
x 3DUDJUDSKVVRPHXQLW\EXWZLWKLQDSSURSULDWHOLQNDJH
x
:ULWLQJ UHOHYDQW EXW LQWHUHVW LV QRW VXVWDLQHG WKURXJKRXW WKHVSHHFK
x 6W\OHDQGWRQHDSSURSULDWHIRUDVSHHFK
'
x /DQJXDJHVXIILFLHQWO\DFFXUDWH
x 3DWFKHVRIFODULW\
x 6HQWHQFHOHQJWKDQGW\SHOLPLWHG
x 6HQWHQFHVWUXFWXUHVPLVWDNHVZLWKPRUHFRPSOH[VHQWHQFHV
x 9RFDEXODU\DGHTXDWHEXWODFNVSUHFLVLRQ
x 6SHOOLQJ VLPSOH ZRUGV DUH VSHOW FRUUHFWO\ HUURUV LQXQIDPLOLDUZRUGV
x 3XQFWXDWLRQJHQHUDOO\FRUUHFW
x
6W\OHDQGWRQHDSSURSULDWHIRUDVSHHFKx 3DUDJUDSKVODFNVXQLW\
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
25/36
0$5.,1*6&+(0(
(
x 0HDQLQJQHYHULQGRXEW
x 6LQJOH:RUG(UURUV6:(VIUHTXHQWDQGKDPSHUVUHDGLQJ
x 6HQWHQFHVWUXFWXUHVVLPSOHDFFXUDWHEXWQRWVXVWDLQHG
x 9RFDEXODU\OLPLWHG
x 6SHOOLQJVLPSOHZRUGVDUHDFFXUDWHHUURUVLQPRUHGLIILFXOWZRUGV
x 3XQFWXDWLRQIUHTXHQWHUURUV
x
6W\OHDQGWRQHDWWLPHVLQDSSURSULDWHIRUDVSHHFKx 3DUDJUDSKVODFNVXQLW\
8L
x 0HDQLQJIDLUO\FOHDU
x 6LQJOH:RUG(UURUV6:(VIUHTXHQWDQGLPSHGHVUHDGLQJ
x 6HQWHQFHVDIHZDFFXUDWHVWUXFWXUHV
x 6SHOOLQJDQG3XQFWXDWLRQQXPHURXVHUURUV
x 3DUDJUDSKVVRPHWLPHVXVHGFRUUHFWO\
x 6W\OHDQGWRQHRIWHQLQDSSURSULDWHIRUDVSHHFK
8LL
x 0XOWLSOH:RUG(UURUV0:(VUHTXLUHVUHUHDGLQJDQGUHRUJDQLVLQJEHIRUHPHDQLQJEHFRPHVFOHDU
x
6HQVHGHFLSKHUDEOH x 6HQWHQFHVRQHRUWZRDFFXUDWHVLPSOH VHQWHQFHV
x &RQWHQWFRPSUHKHQVLEOH
x 6W\OHDQGWRQHKLGGHQE\GHQVLW\RIHUURUV
8LLL
x $OPRVWHQWLUHO\LPSRVVLEOHWRUHFRJQLVHDV(QJOLVK
x :KROHVHFWLRQVGRQRWPDNHVHQVHRUFRSLHGIURPWH[W
x PDUN DZDUGHG LI ZULWLQJ PDNHV QR VHQVH DW DOO IURP
EHJLQQLQJWRHQG
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
26/36
0$5.,1*6&+(0(
0$5.,1*6&+(0()25&217,18286:5,7,1*
6(&7,21%
7KHFDQGLGDWHVUHVSRQVHZLOOEHDVVHVVHG EDVHGRQLPSUHVVLRQ7KHH[DPLQHUVKDOOUHDGDQGUHUHDGWKHUHVSRQVHFDUHIXOO\DQGDWWKHVDPHWLPHXQGHUOLQHIRUJURVVRUPLQRUHUURUVRUSXWLQLQVHUWLRQPDUNVAZKHUHVXFKHUURUVRFFXU7KHH[DPLQHUVKRXOGDOVRPDUNIRUJRRGYRFDEXODU\RUH[SUHVVLRQVE\SXWWLQJDPHULWWLFNDWWKHHQGRIVXFKPHULWV
7KHH[DPLQHUVKDOOILWWKHFDQGLGDWHVUHVSRQVHDJDLQVWWKHPRVWDSSURSULDWHEDQGKDYLQJPRVWRIWKHFULWHULDDVIRXQGLQWKHEDQG7KHH[DPLQHUPD\KDYHWRUHIHUWRXSSHURUORZHUEDQGVWRWKHEDQGDOUHDG\FKRVHQWR%(67),7WKHVWXGHQWVUHVSRQVHWRWKHPRVWDSSURSULDWHEDQG7KHPDUNVIURPWKHEDQGGHFLGHGRQIRUWKHVFULSWDOVRGHSHQGRQWKHQXPEHURIFULWHULDWKDWDUHIRXQGLQWKHVFULSW-XVWLI\WKHEDQGDQGPDUNVJLYHQLIQHFHVVDU\E\FRPPHQWLQJRQWKHVWUHQJWKVDQGZHDNQHVVHVRIWKHFDQGLGDWHVUHVSRQVHXVLQJWKH
FULWHULDIRXQGLQWKHEDQG
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
27/36
0$5.,1*6&+(0(
&217,18286:5,7,1*
0$5.
5$1*(
'(6&5,37,212)&5,7(5,$
$
x
/DQJXDJHHQWLUHO\DFFXUDWHZLWKRFFDVLRQDOILUVWGUDIWVOLSV
x 6HQWHQFHVWUXFWXUHV YDULHGDQGVRSKLVWLFDWHG
x 9RFDEXODU\ZLGHDQGSUHFLVHZLWKVKDGHVRIPHDQLQJ
x 3XQFWXDWLRQDQGVSHOOLQJDFFXUDWHDQGKHOSIXO
x 3DUDJUDSKVZHOOSODQQHGXQLILHGDQGOLQNHG
x 7RSLFFRQVLVWHQWDQGUHOHYDQW
x 5HDGHUV,QWHUHVW DURXVHGDQGVXVWDLQHGWKURXJKRXWZULWLQJ
%
x /DQJXDJHDFFXUDWHZLWKRFFDVLRQDOPLQRUHUURUVRUILUVWGUDIWVOLSV
x 6HQWHQFHVYDULHGOHQJWKVDQGW\SHVVRPHFRPSOH[VWUXFWXUHV
x
9RFDEXODU\ZLGHDQGSUHFLVHZLWKVRPHVKDGHVRIPHDQLQJx 3XQFWXDWLRQDQGVSHOOLQJDOPRVWDOZD\VDFFXUDWH
x 3DUDJUDSKVHYLGHQFHRISODQQLQJDSSURSULDWHO\OLQNHG
x :ULWLQJUHOHYDQW
x 5HDGHUV,QWHUHVWPRVWO\DURXVHGDQGVXVWDLQHGWKURXJKRXW
&
x /DQJXDJHODUJHO\DFFXUDWH
x 6HQWHQFHVRPHYDULHW\LQOHQJWKDQGW\SH
x 6LPSOHVWUXFWXUHV HUURUIUHHHUURUVZLWKPRUHDPELWLRXVVWUXFWXUHV
x 9RFDEXODU\ZLGHHQRXJKWRFRQYH\PHDQLQJEXWODFNVSUHFLVLRQ
x 3XQFWXDWLRQDFFXUDWHLQVLPSOHVHQWHQFHVHUURUVLQPRUH
FRPSOH[XVHx 6SHOOLQJPLVWDNHVLQPRUHVRSKLVWLFDWHGZRUGV
x 3DUDJUDSKVVKRZXQLW\DWWLPHVLQDSSURSULDWHO\OLQNHG
x :ULWLQJUHOHYDQWODFNVRULJLQDOLW\
x 5HDGHUV,QWHUHVWDURXVHGEXWQRWVXVWDLQHG
'
x /DQJXDJHVXIILFLHQWO\DFFXUDWH
x 3DWFKHVRIFOHDUDFFXUDWHODQJXDJH
x 6HQWHQFHVVRPHYDULHW\LQW\SHDQGOHQJWK
x 9RFDEXODU\DGHTXDWHEXWQRWGHYHORSHGWRVKRZLQWHQGHGSUHFLVLRQ
x 3XQFWXDWLRQDQGVSHOOLQJJHQHUDOO\FRUUHFW
x
:ULWLQJUHOHYDQWEXWODFNVLQWHUHVW
(
x 0HDQLQJQHYHULQGRXEW
x 6LQJOH:RUG(UURUV6:(VIUHTXHQWDQGVHULRXVHQRXJKWRKDPSHUUHDGLQJ
x 6HQWHQFHVWUXFWXUHVDFFXUDWHEXWQRWVXVWDLQHGIRUORQJ
x 9RFDEXODU\OLPLWHGVLPSOHGLIILFXOWWRXQGHUVWDQGLQPRUHDPELWLRXVVWUXFWXUHV
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
28/36
0$5.,1*6&+(0(
x 6SHOOLQJVLPSOHZRUGVDUHVSHOWFRUUHFWO\
x 3DUDJUDSKVODFNXQLW\RUDUHKDSKD]DUGO\DUUDQJHG
x :ULWLQJVRPHUHOHYDQFHWRSLFLVSDUWLDOO\WUHDWHG
x +LJKLQFLGHQFHRIOLQJXLVWLFHUURUV
8L
x
0HDQLQJIDLUO\FOHDU
x 6LQJOH:RUG(UURUV6:(VYHU\IUHTXHQWDQGLPSHGHUHDGLQJFDXVHEOXUULQJ
x 9RFDEXODU\PDQ\VHULRXVHUURUVRIYDULRXVNLQGV
x 6HQWHQFHVRIWHQVLPSOHDQGUHSHWLWLYHYHU\IHZDFFXUDWHRQHV
x 3XQFWXDWLRQDQGVSHOOLQJVRPHWLPHVXVHGFRUUHFWO\x 3DUDJUDSKVODFNXQLW\RUQRSDUDJUDSKVDWDOO
8LL
x 6HQVHGHFLSKHUDEOH
x 0XOWLSOH:RUG(UURUV0:(VYHU\IUHTXHQWLPSHGHUHDGLQJFDXVHEOXUULQJVWUXFWXUHVUHTXLUHUHUHDGLQJEHIRUHEHLQJXQGHUVWRRG
x 6HQWHQFHVRQO\DIHZDFFXUDWHVHQWHQFHVPRVWO\VLPSOHRQHV
x /HQJWKVKRUW
8LLL
x :ULWLQJDOPRVWHQWLUHO\LPSRVVLEOHWRUHDGPDNHVOLWWOHRUQRVHQVHDWDOO
x 2FFDVLRQDOSDWFKHVRIFODULW\PDUNVFDQEHDZDUGHG
x 9RFDEXODU\VLPSOHZRUGVXVHG
x WRVFULSWVZLWKQRVHQVHIURPEHJLQQLQJWRHQG
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
29/36
%$+$*,$13(1*8586$1
6(.2/$+%(5$65$0$3(18+'$16(.2/$+./867(5
.(0(17(5,$13(/$-$5$10$/$
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
30/36
6%375,$/(;$0,1$7,21
3$3(5
$16:(56&+(0(
6(&7,21$
&
%
%
%
$
'
$
$
%
&
$
&
'
&
%
6HFWLRQ%
.LGQDSSHU
.HOYLQ7RQJV%RNX)LOPV
0DOD\VLDV5$0(QWHUWDLQPHQW`QRDQGDUHLQWHUFKDQJDEOH
6LQJDSRUHV6FRUSLRV(DVW3LFWXUHV`
DFWLRQWKULOOHUVXVSHQVHWKULOOHU
WKLV PRYLH JHQUH KDV QRW EHHQ H[SORUHG LQ 6LQJDSRUH DQG 0DOD\VLD DIWHU VWXG\LQJ
QXPHURXV+ROO\ZRRGDQG+RQJ.RQJDFWLRQWKULOOHUV
:HL6LDQJ-HUDOG7DQ
KRXUVGD\V
)RUPHUEHVWIULHQGFODVVPDWH
7KULOOLQJVFHQHVKHDUWZDUPLQJHSLVRGHVDFWLRQVXVSHQVHDFFHSWDWOHDVWWZR
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
31/36
4XHVWLRQV
1R $QVZHUV $OORZHG/LIWLQJ 0DUNV
WKHGHYDVWDWLQJWVXQDPL /LQHV
D )RXU /LQHV
E ZLWKWHUULI\LQJVSHHG
25
:LWKLQVHFRQGV
/LQH
/LQH
D +HVDWXSDQGUHIOHFWHGRQZKDWKDGKDSSHQHG /LQHV
E L7RPDNHDJHQXLQHGLIIHUHQFH
LL7RGUDZXSRQWKHSRZHURILQGLYLGXDOVDURXQGWKHZRUOG
/LQHV
D $IWHUWKHWVXQDPLZKHQKHUHWXUQHGKRPHWR+RQJ.RQJ /LQHV
E %\JLYLQJRQH\XDQHYHU\PRQWKLWZLOODGGXSWRELOOLRQVRIGROODUV
/LQHV
3RVVLEOHDQVZHUV
GRQDWHPRQH\FORWKHVIRRGWRWKHYLFWLPV
GRQDWHEORRGWRKHOSWKHLQMXUHG
EHSDUWRIWKHUHVFXHWHDP
JHWLQYROYHGLQWKHYROXQWDU\VHUYLFHWRKHOSWKHYLFWLPV
RIIHUPHGLFDODLGDVVLVWDQFH
RUJDQLVHIXQGUDLVLQJDZDUHQHVVFDPSDLJQV
1RWH$FFHSWRWKHUUHOHYDQWDQVZHUV
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
32/36
4XHVWLRQ
&RQWHQW PDUNV
/DQJXDJH PDUNV
&217(1732,1760DUNXSWRRQO\
1R 3RLQWV /LQHV 7DVN
WRKHOSWKHYLFWLPV
:KDW-HW/LKDVGRQHWRKHOSYLFWLPVRIGLVDVWHU
GRQDWHGPRQH\
GRQDWHGPRQH\WRWKHYLFWLPVRIWVXQDPLLQ-DQXDU\
VHWRXWWRFUHDWHDQRUJDQLVDWLRQ
WRPDNHDJHQXLQHGLIIHUHQFH
WRGUDZXSRQWKHSRZHURILQGLYLGXDOVDURXQGWKHZRUOG
XVHGDODUJHVXPWRVWDUWDIRXQGDWLRQ
7KHRUJDQLVDWLRQRI2QH)RXQGDWLRQ-HW/LKDVVHWXS
VHWXS2QH)RXQGDWLRQ
LGHDLVWKLQNELJE\WKLQNLQJVPDOO
UDLVHRQH\XDQIURPHYHU\SHUVRQHDFKPRQWK
LWZLOODGGXSWRELOOLRQVRIGROODUV
WHDPHGXSZLWKWKHFRUSRUDWHVHFWRU
UDLVHGQHDUO\PLOOLRQLQPRQWKV
KDVKHOSHGGLVDVWHUUHOLHIHIIRUWV
LVLQYROYHGLQORQJWHUPSURMHFWV
SURJUDPPHWKDWSURPRWHVPHQWDOKHDOWKHGXFDWLRQDQGFRQVXOWDWLRQFHQWUHVLQ&KLQHVHVFKRROV
RUJDQLVHVVHPLQDUVDQGFRXUVHVLQXQLYHUVLWLHVDURXQG&KLQD
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
33/36
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
34/36
6(&7,21'
/,7(5$785(&20321(17$16:(56
D
LVXPPHULVWRRVKRUWODVWVIRUPRQWKV
LLLWJHWVWRRZLQG\LQVXPPHUWKDWIORZHUEXGVGURSRII
LLLVRPHWLPHVWKHVXQVKLQHVWRREULJKWO\LWJHWVWRRKRW
LYVRPHWLPHVLWJHWVWRRFORXG\VWRUP\
DFFHSWDQ\RIWKHDERYHPDUNV
E
7KHOLQHVRIWKHSRHPPDUN?
F
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
35/36
4XHVWLRQ
$:$5',1*&217(170$5.6
3OHDVHUHIHUWRWKHEDQGGHVFULSWRUVEHORZEHIRUHGHFLGLQJZKLFKEDQG%(67),76WKHPDUNIRU&217(17
6&25( %$1''(6&5,37256
7KHUHVSRQVHFRQWDLQVDPDMRULW\RIWKHIROORZLQJ
x 5HVSRQVHUHOHYDQWWRVSHFLILHGWDVN
x (YHQW FKRVHQ ZHOO VXSSRUWHG DQG OLQNHG ZLWK HYLGHQFH NQRZOHGJHIURPWH[W
x 0DLQDQGVXSSRUWLQJLGHDVUHOHYDQWWRVSHFLILHGWDVN
x 5HDVRQVFOHDUO\SUHVHQWHGZHOORUJDQLVHGDQGHDVLO\XQGHUVWRRG
7KHUHVSRQVHFRQWDLQVDPDMRULW\RIWKHIROORZLQJ
x 5HVSRQVHUHOHYDQWWRWKHWDVN
x (YHQW FKRVHQ XVXDOO\ VXSSRUWHG DQG OLQNHG ZLWK NQRZOHGJH HYLGHQFHIURPWH[W
x 0DLQVDQGVXSSRUWLQJLGHDVPRVWO\UHOHYDQWWRVSHFLILHGWDVN
x 5HDVRQVFOHDUDQGFDQEHXQGHUVWRRG
7KHUHVSRQVHFRQWDLQVDPDMRULW\RIWKHIROORZLQJ
x5HVSRQVHLQWHUPLWWHQWO\UHOHYDQWWRVSHFLILHGWDVN
x (YHQW FKRVHQ VXSSRUWHG DQG OLQNHG ZLWK VRPH NQRZOHGJH RUHYLGHQFHWRVSHFLILHGWDVN
x 6RPHLGHDVUHOHYDQWWRWKHVSHFLILHGWDVN
x 5HDVRQVJHQHUDOO\FOHDUFDQEHXQGHUVWRRGEXWODFNRUJDQLVDWLRQ
7KHUHVSRQVHFRQWDLQVDPDMRULW\RIWKHIROORZLQJ
x 5HVSRQVHEDUHO\UHOHYDQWWRVSHFLILHGWDVN
x (YHQW FKRVHQ XQOLNHO\ LGHQWLILHG RU HYHQ ZKHQ LGHQWLILHG QRWOLNHO\WREHOLQNHGWRWKHWH[W
x 5HDVRQV KDUGO\ UHOHYDQW WR VSHFLILHG WDVN DQG GLIILFXOW WRXQGHUVWDQG
x 1RXQGHUVWDQGLQJRIWDVNUHTXLUHPHQW
x 'LVRUJDQLVHGZULWLQJLQFRKHUHQW
x ,GHDVUHDVRQVLUUHOHYDQWWRWKHVSHFLILHGWDVN
x 5HVSRQVHRWKHUWKDQ(QJOLVK
x 5HVSRQVHQRWUHODWHGWRWKHQRYHO
x 1RUHVSRQVH
papercollection
-
8/8/2019 Spm Trial 2010 Bi Q&A (Sbp)
36/36
$:$5',1*/$1*8$*(0$5.6
3OHDVHUHIHUWRWKHEDQGGHVFULSWRUVEHORZEHIRUHGHFLGLQJZKLFKEDQG%(67),76WKHPDUNIRU
/$1*8$*(
0$5. 86(2)/$1*8$*(
x /DQJXDJHDFFXUDWHZLWKYHU\RFFDVLRQDOVOLSV
x 2FFDVLRQDOPLQRUHUURUVILUVWGUDIWVOLSV
x 6HQWHQFHVWUXFWXUHYDULHG
x 3XQFWXDWLRQDFFXUDWHDQGKHOSIXO
x
6SHOOLQJVHFXUHWKURXJKRXWUHVSRQVH
x /DQJXDJHDOPRVWDOZD\VDFFXUDWH
x 6HQWHQFHVVRPHYDULDWLRQ
x 3XQFWXDWLRQDFFXUDWHDQGJHQHUDOO\KHOSIXO
x 6SHOOLQJQHDUO\DOZD\VVHFXUH
x /DQJXDJHODUJHO\DFFXUDWH
x 6LPSOHVWUXFWXUHVGRPLQDWH
x 6HULRXVHUURUVQRWIUHTXHQWDOWKRXJKQRWLFHDEOH
x6HULRXVHUURUVZLWKVRSKLVWLFDWHGVWUXFWXUHV
x 3XQFWXDWLRQODUJHO\DFFXUDWH
x 6SHOOLQJPRVWO\VHFXUH
x 0HDQLQJQRWLQGRXEW
x 6HULRXVHUURUVPRUHIUHTXHQW
x 6LPSOHVWUXFWXUHVDFFXUDWHEXWQRWVXVWDLQHG
x 6LPSOHSXQFWXDWLRQXVXDOO\FRUUHFWZLWKRFFDVLRQDOVHSDUDWLRQHUURUV
x 6SHOOLQJ ODUJHO\ DFFXUDWH EXW PLVWDNHV ZLWK PRUH GLIILFXOW
ZRUGV
x 6HULRXVHUURUVKHDY\IUHTXHQF\LPSHGLQJUHDGLQJ
x )UDFWXUHGV\QWD[PRUHSURQRXQFHGZLWKSXQFWXDWLRQIDOWHULQJ
x 6HQWHQFHVHSDUDWLRQHUURUVIUHTXHQW
papercollection