请登录

免费注册
全部商品
电子元器件
方案中心
工业品
PDF资料
购物车 0
上传BOM

产品分类

找货询价

一对一服务 找料无忧

专属客服

服务时间

周一 - 周六 9:00-18:00

QQ咨询

一对一服务 找料无忧

专属客服

服务时间

周一 - 周六 9:00-18:00

会员中心
购物车
技术支持

一对一服务 找料无忧

专属客服

服务时间

周一 - 周六 9:00-18:00

售后咨询

一对一服务 找料无忧

专属客服

服务时间

周一 - 周六 9:00-18:00

QT9701B2-IS

型号：

QT9701B2-IS

描述：

电荷转移电容SENCOR IC[ CHARGE-TRANSFER CAPACITANCE SENCOR IC ]

品牌：

QUANTUM[ QUANTUM RESEARCH GROUP ]

页数：

30 页

PDF大小：

707 K

下载PDF手册
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
                
                
                                                                         
                                                                         
                                                                                                                                
                                                                                                                                
                
                
                                                                         
                                                                         
                                                                                                                                
                                                                                                                                
                
                
                                                                         
                                                                         
                                                                                                                                
                                                                                                                                
A@b_hbꢀ47ꢁꢂꢃꢄ%ꢅ  
&+$5*(ꢆ75$16)(5ꢀ&$3$&,7$1&(ꢀ6(1625ꢀ,&  
z $XWRꢀꢁDOLEUDWLRQꢀRQꢀGHPDQG  
z 0XOWLVWDJHꢀLQWHUQDOꢀGLJLWDOꢀILOWHULQJꢀLQꢁOXGLQJꢀPHGLDQꢀILOWHU  
z ꢂꢃꢃ—VꢀPLQLPXPꢀUHVSRQVHꢀWLPH  
z ꢂꢃꢃQVꢀWRꢀꢄꢅꢆ—VꢀVHOHꢁWDEOHꢀGULYHꢀSXOVHꢀZLGWK  
z ꢆꢇVWDJHꢀꢁKDUJHꢀꢁDQꢁHOODWLRQꢀIRUꢀODUJHꢀORDGꢀꢁDSDꢁLW\  
z 3VXHGRUDQGRPꢀEXUVWꢀPRGHV  
z 3URJUDPPDEOHꢀVHQVLWLYLW\!ꢀK\VWHUHVLV!ꢀUHVSRQVHꢀWLPH!ꢀGLJLWDO  
ILOWHULQJ!ꢀGHWHꢁWLRQꢀPRGH!ꢀGULIWꢀꢁRPSHQVDWLRQ  
z ([WHQVLYHꢀSRVWꢇGHWHꢁWLRQꢀSURꢁHVVLQJ  
z $QDORJꢀVDPSOHꢀJDWHꢀꢁRQWUROꢀOLQH  
z /('ꢀVWDWXVꢀLQGLꢁDWLRQ  
z 6KRUWHGꢀHOHꢁWURGHꢀGHWHꢁWLRQ  
ꢁꢇ  
ꢁꢆ  
ꢁꢅ  
ꢁꢄ  
ꢁꢃ  
ꢁꢂ  
ꢁꢁ  
ꢁꢀ  
ꢁꢉ  
ꢀꢈ  
ꢀꢇ  
ꢀꢆ  
ꢀꢅ  
ꢀꢄ  
9''  
$,1  
ꢀ
ꢁ
ꢂ
ꢃ
ꢄ
ꢅ
ꢆ
ꢇ
603  
=ꢆ  
287  
=ꢄ  
67$7ꢀ&&6  
%*  
=ꢂ  
=ꢁ  
2%-ꢀ&6(  
(&6  
&65  
;)5  
966  
&+*  
9''  
;7ꢁ  
ꢈ
;7ꢂ  
966  
ꢀꢉ  
ꢀꢀ  
ꢀꢁ  
ꢀꢂ  
ꢀꢃ  
z 8VHVꢀꢁORQHGꢀHHSURPꢀVHWXSVꢀIURPꢀ(ꢂ65ꢀERDUG  
z 63,ꢀDQGꢀ8$57ꢀVHULDOꢀLQWHUIDꢁHVꢀWRꢀꢈ0+]ꢀGDWDꢀUDWH  
z $'ꢉꢊꢃꢊꢀ63,ꢀ'$&ꢀGULYHꢀVXSSRUWꢀIRUꢀDQDORJꢀRXWSXW  
z ꢈꢀYROWꢀVLQJOHꢀVXSSO\ꢀRSHUDWLRQ  
'$ꢃꢀ(&.  
'$ꢁꢀ(',  
'$ꢂꢀ('2  
'$ꢄꢀ6&.  
'$ꢈꢀ5&9  
'$ꢇꢀ7;  
'$ꢅꢀ6'$  
'$ꢆꢀ&6  
$33/,&$7,216  
Š )OXLGꢀOHYHOꢀVHQVLQJ  
Š 6HꢁXULW\ꢀVHQVLQJ  
Š 0RLVWXUHꢀGHWHꢁWLRQ  
Š 6ZLWꢁKꢀUHSODꢁHPHQW  
Š 'LVWDQꢁHꢀJDXJLQJ  
Š 0DWHULDOꢀSURSHUWLHVꢀDQDO\VLV  
Š +XPDQꢀSUHVHQꢁHꢀGHWHꢁWLRQ  
Š &ROOLVLRQꢀDYRLGDQꢁH  
Š 7UDQVGXꢁHUꢀGULYHUV  
'(6&5,37,21  
7KHꢀ 47ꢁꢂꢃꢄ%ꢅꢀ LVꢀ DQꢀ HQKDQꢆHGꢀ YHUVLRQꢀ RIꢀ WKHꢀ 47ꢁꢂꢃꢄ%ꢇꢀ ,Wꢀ LVꢀ ERWKꢀ IXQꢆWLRQDOO\ꢀ DQGꢀ SLQꢀ ꢆRPSDWLEOHꢀ ZLWKꢀ WKDWꢀ GHYLꢆHꢈꢀ WKH  
DGGLWLRQDOꢀIHDWXUHVꢀRIꢀWKHꢀ!%ꢅ!ꢀDUHꢀIXOO\ꢀWUDQVSDUHQWꢀZKHQꢀWKHꢀGHYLꢆHꢀLVꢀXVHGꢀLQꢀDꢀ!%!ꢀꢆLUꢆXLWꢇꢀ2SHUDWLRQꢀLQꢀWKHꢀ!%!ꢀPRGHꢀLVꢀUHIHUUHG  
WRꢀDVꢀ!0RGHꢀꢄ!ꢈꢀHQKDQꢆHGꢀ%ꢅꢀIXQꢆWLRQVꢀDUHꢀUHIHUUHGꢀWRꢀDVꢀ!0RGHꢀꢅ!ꢇ  
(QKDQꢆHPHQWVꢀRYHUꢀWKHꢀ47ꢁꢂꢃꢄ%ꢀLQꢆOXGHꢀDQꢀDGGLWLRQDOꢀPHGLDQꢀILOWHULQJꢀRSWLRQ&ꢀDꢀꢉ0+]ꢀ63,ꢀVHULDOꢀSRUWꢀRXWSXW&ꢀDꢀELGLUHꢆWLRQDO  
8$57ꢀVHULDOꢀSRUW&ꢀV\QWKHWLꢆꢀDQDORJꢀRXWSXWꢀꢆDSDELOLW\&ꢀ6HWXSVꢀꢆORQLQJꢀꢆDSDELOLW\ꢀ/ERWKꢀLQꢀDQGꢀRXWꢊ&ꢀDQGꢀUHYHUVLEOHꢀRXWSXWꢀDQG  
WUDQVIHUꢋVZLWꢆKꢀGULYHVꢇꢀ'DWDꢀWUDQVPLWWHGꢀꢆDQꢀLQꢆOXGHꢀUDZꢀRUꢀILOWHUHGꢀDQDORJ&ꢀꢆRQGLWLRQꢀꢆRGHV&ꢀUHIHUHQꢆHꢀOHYHO&ꢀRUꢀWKHꢀGHWHꢆWLRQ  
LQWHJUDWRUꢀꢆRXQWꢇꢀ7KHꢀ8$57ꢀVHULDOꢀSRUWꢀDOORZVꢀDOOꢀWKHꢀ6HWXSVꢀRIꢀWKHꢀGHYLꢆHꢀWRꢀEHꢀꢆRPSOHWHO\ꢀUHSURJUDPPHGꢀIURPꢀDQꢀ0ꢌ8ꢇꢀ7KH  
VHULDOꢀ SURWRꢆROꢀ LVꢀ WKHꢀ VDPHꢀ DVꢀ WKDWꢀ XVHGꢀ LQꢀ WKHꢀ (ꢅ65ꢀ ERDUG&ꢀ DQGꢀ WKHꢀ GHYLꢆHꢀ LVꢀ IXOO\ꢀ ꢆRPSDWLEOHꢀ ZLWKꢀ 47:LQ9LHZŒꢀ 3ꢌ  
VRIWZDUHꢇ  
7KHꢀ47ꢁꢂꢃꢄ%ꢅꢀLQꢆOXGHVꢀDꢀIDVWꢀRQERDUGꢀ$'ꢌꢀIRUꢀVLJQDOꢀDꢆTXLVLWLRQꢀDQGꢀLQꢆRUSRUDWHVꢀKLJKꢀVSHHGꢀGLJLWDOꢀVLJQDOꢀSURꢆHVVLQJꢀWR  
GHOLYHUꢀXSꢀWRꢀꢅꢃꢃ—VꢀUHVSRQVHꢀWLPHVꢇꢀ9LUWXDOO\ꢀDOOꢀLQWHUQDOꢀSURꢆHVVLQJꢀIXQꢆWLRQꢀꢆDQꢀEHꢀHQDEOHG&ꢀGLVDEOHG&ꢀRUꢀDOWHUHGꢀWRꢀVXLWꢀD  
VSHꢆLILꢆꢀDSSOLꢆDWLRQꢀE\ꢀWKHꢀVLPSOHꢀDGGLWLRQꢀRIꢀDQꢀLQH[SHQVLYHꢀꢍꢋSLQꢀVHULDOꢀHꢀSURPꢇ  
7KHꢀ47ꢁꢂꢃꢄ%ꢅꢀꢆDQꢀSHUIRUPꢀDꢀ!OHDUQꢀE\ꢀH[DPSOH!ꢀDXWRꢆDOLEUDWLRQ&ꢀZKHUHꢀWKHꢀREMHꢆWꢀWRꢀEHꢀVHQVHGꢀLVꢀSUHVHQWHGꢀDQGꢀµOHDUQHG¶ꢀWR  
ꢆUHDWHꢀWKHꢀSURSHUꢀWKUHVKROGꢀSRLQWꢇꢀ,WꢀLVꢀDOVRꢀSRVVLEOHꢀWRꢀUHꢆDOLEUDWHꢀWKHꢀGHYLꢆHꢀUHPRWHO\ꢀRQꢀGHPDQGꢀYLDꢀDQꢀH[WHUQDOꢀꢆRQWUROꢀOLQH  
RUꢀ RYHUꢀ WKHꢀ VHULDOꢀ SRUWꢇꢀ 7KHꢀ QXPHURXVꢀ DXWRꢆDOꢀ PHWKRGVꢀ HOLPLQDWHꢀ WKHꢀ QHHGꢀ IRUꢀ SRWHQWLRPHWHUꢀ DGMXVWPHQWVꢇꢀ 6RSKLVWLꢆDWHG  
WKUHVKROGꢀRSWLRQVꢀDOORZꢀGHWHꢆWLRQꢀRQꢀSRVLWLYHꢀRUꢀQHJDWLYHꢀVLJQDOꢀVZLQJV&ꢀRUꢀERWK&ꢀDQGꢀꢆDQꢀLQꢆRUSRUDWHꢀSUHVHWꢀWLPHꢀGHOD\VꢀEHIRUH  
ILQDOꢀGHWHꢆWLRQꢀꢆRQILUPDWLRQꢇ  
$SSOLꢆDWLRQVꢀ LQꢆOXGHꢀ QRQLQYDVLYHꢀ ꢆRQWLQXRXVꢀ OHYHOꢀ VHQVLQJ&ꢀ GLVSODꢆHPHQWꢀ PHDVXUHPHQW&ꢀ KXPDQꢀ SUR[LPLW\&ꢀ PRLVWXUH  
PHDVXUHPHQW&ꢀ5RERWLꢆꢀVHQVRUV&ꢀWUDQVGXꢆHUꢀLQWHUIDꢆHV&ꢀDQGꢀVZLWꢆKꢀUHSODꢆHPHQWꢇ  
7KHꢀGHYLꢆHꢀUHTXLUHVꢀRQO\ꢀDꢀVLQJOHꢀ>ꢉꢀYROWꢀUHJXODWHGꢀVXSSO\&ꢀIRUꢀH[DPSOHꢀIURPꢀDꢀꢆRPPRQꢀꢂꢍꢎꢃꢉꢀꢏꢋWHUPLQDOꢀUHJXODWRUꢇ  
$9$,/$%/(ꢀ237,216  
7ꢀ  
62,&ꢀꢁ6ꢂ  
47ꢀꢁꢂꢃ%ꢄꢅ6  
47ꢀꢁꢂꢃ%ꢄꢅ,6  
47ꢀꢁꢂꢃ%ꢄꢅ(6  
ꢂꢀ&ꢇWRꢇꢈꢁꢂꢀ&  
ꢅꢆꢂꢀ&ꢇWRꢇꢈꢊꢉꢀ&  
ꢅꢆꢂꢀ&ꢇWRꢇꢈꢃꢄꢉꢀ&  
4XDQWXPꢀ5HVHDUꢁKꢀ*URXSꢀ/WGꢂ  
&RS\ULJKWꢀ‹ꢀꢁꢂꢂꢃꢄꢂꢂꢀ4XDQWXPꢀ5HVHDUꢅKꢀ*URXSꢀ/WG  
5ꢁꢆꢇꢃꢈꢃꢆꢇꢇ  
RIꢀ VXꢅKꢀ ORDGLQJꢎꢀ IRUꢀ H[DPSOHꢀ WKHꢀ HOHꢅWURGHꢀ LWVHOIꢎꢀ ZKLꢅKꢀ PD\ꢀ EHꢀ LQ  
ꢅORVHꢀSUR[LPLW\ꢀZLWKꢀDQRWKHUꢀVXUIDꢅHꢆꢀ,QꢀPRVWꢀꢅDVHVꢀEDꢅNJURXQGꢀµ&[¶  
LVꢀ YDVWO\ꢀ JUHDWHUꢀ WKDQꢀ WKHꢀ VLJQDOꢀ WRꢀEHꢀ REVHUYHGꢎꢀ DQGꢀ ZLWKRXWꢀ VRPH  
ꢅRPSHQVDWLQJꢀPHꢅKDQLVPꢀꢅDQꢀVZDPSꢀWKHꢀVHQVRUꢆ  
ꢀꢁꢂꢁ29(59,(:  
7KHꢀ47ꢂꢃꢇꢁ%ꢉꢀLVꢀDꢀVXSHUVHWꢀRIꢀWKHꢀSRSXODUꢀ47ꢂꢃꢇꢁ%ꢀ43UR[ꢀVHQVRU  
,&ꢆꢀ ,Wꢀ DGGVꢀ HQKDQꢅHGꢀ ILOWHULQJꢀ DQGꢀ ,ꢈ2ꢀ ꢅDSDELOLWLHVꢀ ZKLOHꢀ UHPDLQLQJ  
ꢁꢇꢇꢊꢀEDꢅNZDUGVꢀꢅRPSDWLEOHꢀZLWKꢀWKHꢀ47ꢂꢃꢇꢁ%ꢆ  
7KHꢀ47ꢂꢃꢇꢁ%ꢉꢀHPSOR\VꢀWZRꢀVWUDWHJLHVꢀIRUꢀVXSSUHVVLQJꢀEDꢅNJURXQG  
&[ꢆ  
7KHꢀ 47ꢂꢃꢇꢁ%ꢉꢀ LPSOHPHQWVꢀ DOOꢀ ꢅKDUJHꢄWUDQVIHUꢀ ꢋ47-ꢀ ꢅRQWUROꢀ DQG  
VLJQDOꢀ SURꢅHVVLQJꢀ IXQꢅWLRQVꢀ QHꢅHVVDU\ꢀ WRꢀ PDNHꢀ Dꢀ KLJKO\ꢀ VHQVLWLYH  
DQGꢀ VWDEOHꢀ ꢅDSDꢅLWDQꢅHꢀ VHQVRUꢆꢀ 2QO\ꢀ Dꢀ IHZꢀ ORZꢀ ꢅRVWꢀ H[WHUQDOꢀ SDUWV  
DUHꢀ UHTXLUHGꢀ WRꢀ PDNHꢀ WKHꢀ XQLWꢀ IXOO\ꢀ IXQꢅWLRQDOꢌꢀ WKHVHꢀ ꢅDQꢀ EHꢀ UHDGLO\  
VHOHꢅWHGꢀIRUꢀDꢀVSHꢅLILꢅꢀUDQJHꢀRIꢀꢅDSDꢅLWDQꢅHꢀGHWHꢅWLRQꢆ  
ꢃꢄꢅꢄꢃꢀ&]ꢀ&KDUJHꢀ&DQꢆHOODWLRQ  
7KHꢀILUVWꢀPHWKRGꢀRIꢀꢅKDUJHꢀꢅDQꢅHOODWLRQꢀLQYROYHVꢀWKHꢀXVHꢀRIꢀH[WHUQDO  
ꢅDSDꢅLWRUVꢀ&]ꢁꢀWKURXJKꢀ&]ꢍꢎꢀDQGꢀꢅRUUHVSRQGLQJꢀ,&ꢀSLQVꢀ=ꢁꢀWKURXJK  
=ꢍꢆꢀ 1RUPDOO\ꢀ =ꢁꢆꢆꢆ=ꢍꢀ DUHꢀ KHOGꢀ WRꢀ 9ꢅꢅꢀ ZKLOHꢀ &65ꢀ ꢅODPSVꢀ &Vꢀ WR  
$ꢀEORꢅNꢀGLDJUDPꢀRIꢀWKHꢀGHYLꢅHꢀLVꢀVKRZQꢀLQꢀ)LJXUHꢀꢁꢄꢁꢆꢀ)LJXUHꢀꢁꢇꢄꢍ  
VKRZVꢀDꢀW\SLꢅDOꢀVHQVRUꢀꢅLUꢅXLWꢀXVLQJꢀWKHꢀGHYLꢅHꢆ  
),*85(ꢂꢀꢄꢀꢂ%/2&.ꢂ',$*5$0  
ꢀꢁꢀꢂ%$6,&ꢂ23(5$7,21  
9''  
7KHꢀ 47ꢂꢃꢇꢁ%ꢉꢀ LVꢀ Dꢀ EXUVWꢀ PRGHꢀ 47ꢀ ꢅRQWUROOHUꢆꢀ 47ꢀ ꢅ\ꢅOHVꢀ DUH  
H[HꢅXWHGꢀ YLDꢀ EXUVWVꢀ RIꢀ SXOVHVꢀ RQꢀ ꢅRQWUROꢀ OLQHVꢀ &+*ꢀ DQGꢀ ;)5ꢆ  
&65ꢀLVꢀSURYLGHGꢀWRꢀUHVHWꢀWKHꢀꢅKDUJHꢀGHWHꢅWLRQꢀꢅDSDꢅLWRUꢀ&VꢎꢀDQG  
OLQHꢀ 603ꢀ LVꢀ SURYLGHGꢀ WRꢀ SHUPLWꢀ DQDORJꢀ VDPSOLQJꢀ RIꢀ WKHꢀ DPSOLILHU  
VLJQDOꢎꢀWRꢀꢅUHDWHꢀDꢀGLUHꢅWꢀDQDORJꢀRXWSXWꢀLIꢀGHVLUHGꢆꢀ7KHꢀQXPEHUꢀRI  
SXOVHVꢀ SHUꢀ EXUVWꢀ LVꢀ ꢅRQWUROOHGꢀ YLDꢀ DQꢀ H[WHUQDOꢀ HꢀSURPꢎꢀ RUꢀ LQꢀ WKH  
DEVHQꢅHꢀRIꢀDQꢀHꢀSURPꢎꢀLWꢀLVꢀVHWꢀWRꢀꢏꢍꢀꢈꢀEXUVWꢆꢀ7LPLQJꢀLQIRUPDWLRQꢀLV  
IRXQGꢀLQꢀ)LJXUHꢀꢁꢁꢄꢁꢆ  
ꢆKDUJH  
 :95:9  
&+*  
;)5  
&65  
WUDQVIHU  
$9,9:8  
%*  
,ꢀ2  
'5,9(56  
&VꢁUHVHW  
47ꢁ'5,9(  
6(48(1&(5  
EXꢆNꢁꢂ  
EXꢆNꢁꢃ  
=ꢂ  
=ꢃ  
=ꢄ  
=ꢅ  
2%-  
6,*1$/  
EXꢆNꢁꢄ  
EXꢆNꢁꢅ  
352&(6625  
VDPSOH  
603  
:LWKꢀ HDꢅKꢀ ;)5ꢀ ꢅRQWUROꢀ SXOVHꢎꢀ ꢅKDUJHꢀ DꢅꢅXPXODWHVꢀ RQꢀ ꢅDSꢀ &Vꢆ  
7KHꢀPRUHꢀWUDQVIHUꢀSXOVHVꢀZLWKLQꢀDꢀEXUVWꢎꢀWKHꢀKLJKHUꢀWKHꢀJDLQꢎꢀEXW  
DOVRꢀWKHꢀKLJKHUꢀWKHꢀDꢅꢅXPXODWLRQꢀRIꢀꢅKDUJHꢀGXHꢀWRꢀVWUD\ꢀ&[ꢆꢀ0RUH  
WUDQVIHUꢀSXOVHVꢀDOVRꢀSURGXꢅHꢀDQꢀDYHUDJLQJꢀHIIHꢅWꢎꢀZLWKꢀ&VꢀDꢅWLQJ  
DVꢀDQꢀLQWHJUDWRUꢀWRꢀSURGXꢅHꢀDQꢀDYHUDJHꢀRIꢀDOOꢀꢅKDUJHꢀDꢅꢅXPXODWHG  
ZLWKLQꢀDꢀEXUVWꢆꢀ7KHꢀYROWDJHꢀRQꢀ&VꢀPD\ꢀEHꢅRPHꢀODUJHꢀHQRXJKꢀWR  
SURGXꢅHꢀ Dꢀ VLJQLILꢅDQWO\ꢀ QRQOLQHDUꢀ UHVSRQVHꢌꢀ ꢅKDUJHꢀ ꢅDQꢅHOODWLRQ  
PHWKRGVꢀ DUHꢀ XVHGꢀ WRꢀ µEXꢅN¶ꢀ WKHꢀ DꢅꢅXPXODWLRQꢀ RIꢀ ꢅKDUJHꢀ DV  
GHVꢅULEHGꢀEHORZꢆ  
'$ꢈ  
;7ꢁ  
;7ꢀ  
%8))(56  
26&,//$725  
'$ꢇ  
6(5,$/  
((3520  
,17(5)$&(  
$'&  
$Wꢀ WKHꢀ HQGꢀ RIꢀ HDꢅKꢀ EXUVWꢎꢀ WKHꢀ DPSOLILHGꢀ VLJQDOꢀ IURPꢀ &Vꢀ LV  
ꢅRQYHUWHGꢀWRꢀGLJLWDOꢀLQꢀWKHꢀGHYLꢅHꢀDQGꢀIXUWKHUꢀSURꢅHVVHGꢆꢀ,QWHUQDOO\  
WKHꢀ GHYLꢅHꢀ ꢅRQWDLQVꢀ VHYHUDOꢀ VHOHꢅWDEOHꢀ SURꢅHVVLQJꢀ SDWKVꢀ ZKLꢅK  
PD\ꢀEHꢀHPSOR\HGꢀWRꢀILOWHUꢀQRLVHꢎꢀꢅRPSHQVDWHꢀIRUꢀVLJQDOꢀGULIWꢎꢀDQG  
ꢅUHDWHꢀGLIIHUHQWꢀVHQVLQJꢀHIIHꢅWVꢆ  
(&6  
$,1  
63,  
,17(5)$&(  
7KHꢀVHQVRUꢀDOVRꢀSURYLGHVꢀDꢀ67$7ꢀSLQꢀZKLꢅKꢀDꢅWVꢀWRꢀLQGLꢅDWHꢀWKH  
ꢅXUUHQWꢀVWDWHꢀRIꢀWKHꢀVHQVRUꢎꢀDQGꢀDQꢀ287ꢀSLQꢀZKLꢅKꢀSURYLGHVꢀWKH  
SULPDU\ꢀ RXWSXWꢀ ZKHQꢀ WKHꢀ VLJQDOꢀ UHDꢅKHVꢀ Dꢀ SUHGHILQHGꢀ ꢅULWHULD  
VXꢅKꢀ DVꢀ H[ꢅHHGLQJꢀ Dꢀ VSHꢅLILHGꢀ VLJQDOꢀ OHYHOꢆꢀ 7KHꢀ GHYLꢅHꢀ DOVR  
IHDWXUHVꢀ Dꢀ ELGLUHꢅWLRQDOꢀ 8$57ꢀ EDVHGꢀ LQWHUIDꢅHꢀ ZKLꢅKꢀ ꢅDQꢀ ERWK  
SURJUDPꢀ WKHꢀ HꢀSURPꢀ DQGꢀ GRZQORDGꢀ GDWDꢀ DQGꢀ VWDWXVꢀ IURPꢀ WKH  
GHYLꢅHꢀ LQꢀ UHDOꢀ WLPHꢆꢀ ,Wꢀ DOVRꢀ KDVꢀ Dꢀ V\QꢅKURQRXVꢀ 63,ꢀ LQWHUIDꢅHꢎ  
UXQQLQJꢀDWꢀDꢀꢐ0+]ꢀWUDQVIHUꢀUDWHꢀWKDWꢀꢅDQꢀEHꢀXVHGꢀWRꢀRIIꢄORDGꢀGDWDꢆ  
8$57  
,17(5)$&(  
JURXQGꢆꢀ'XULQJꢀWKHꢀꢅRXUVHꢀRIꢀDꢀEXUVWꢎꢀ&65ꢀLVꢀUHOHDVHGꢎꢀDQGꢀRQHꢀRU  
PRUHꢀ RIꢀ OLQHVꢀ =ꢁꢆꢆ=ꢍꢀ PD\ꢀ EHꢀ GULYHQꢀ WRꢀ JURXQGꢀ LQꢀ VHTXHQꢅHꢆꢀ (DꢅK  
EXUVWꢀLVꢀꢅRPSRVHGꢀRIꢀꢍꢀµVXEꢄEXUVWV¶ꢀDVꢀVKRZQꢀLQꢀ)LJXUHꢀꢁꢄꢉꢌꢀLIꢀWKH  
ꢅKDUJHꢀWKDWꢀDꢅꢅXPXODWHVꢀRQꢀ&VꢀLVꢀODUJHUꢀWKDQꢀDERXWꢀꢇꢆꢑꢀYROWVꢎꢀRQHꢀRI  
WKHꢀ=ꢁꢆꢆ=ꢍꢀOLQHVꢀZLOOꢀWUDQVLWLRQꢀGRZQꢀWRꢀSURYLGHꢀDꢀꢅKDUJHꢀꢅDQꢅHOODWLRQ  
HIIHꢅWꢎꢀ E\ꢀ ꢅUHDWLQJꢀ Dꢀ QHJDWLYHꢄJRLQJꢀ VWHSꢀ RQꢀ 9ꢅVꢆꢀ 7KHꢀ DPRXQWꢀ RI  
ꢅKDUJHꢀ VRꢀꢅDQꢅHOHGꢀ VKRXOGꢀQRWꢀ SURGXꢅHꢀ DꢀGRZQZDUGꢀ VWHSꢀ RIꢀPRUH  
WKDQꢀꢇꢆꢉꢐꢀYROWVꢀE\ꢀGHVLJQꢎꢀRWKHUZLVHꢀLW  
ꢀꢁꢃꢂ%$&.*5281'ꢂ&;ꢂ68335(66,21  
6WUD\ꢀ EDꢅNJURXQGꢀ µ&[¶ꢀ LVꢀ DQꢀ H[WUHPHO\ꢀ LPSRUWDQWꢀ IDꢅWRUꢀ LQꢀ PDQ\  
VHQVRUꢀV\VWHPVꢆꢀ)RUꢀH[DPSOHꢎꢀDQꢀDWWHPSWꢀWRꢀꢅRQYH\ꢀWKHꢀꢅDSDꢅLWDQꢅH  
HIIHꢅWꢀ WRꢀ DꢀUHPRWHꢀ REMHꢅWꢀ RIWHQꢀ UHTXLUHVꢀ Dꢀ VKLHOGHGꢀꢅDEOHꢀ ZKLꢅKꢀ ZLOO  
DGGꢀ DQꢀ RIIVHWꢀ ꢅDSDꢅLWDQꢅHꢆꢀ 7KHUHꢀDUHꢀ PDQ\ꢀ RWKHUꢀ SRVVLEOHꢀ VRXUꢅHV  
LVꢀ SRVVLEOHꢀ WRꢀ LQDGYHUWHQWO\ꢀ ꢅUHDWH  
&+*  
;)5  
IORDWLQJ  
QRQꢄDꢅTXLUHDEOHꢀ JDSVꢀ LQꢀ WKHꢀ VHQVLQJ  
UDQJHꢌꢀ WKHꢀ $'&ꢀ ꢅDQQRWꢀ VHQVH  
QHJDWLYHꢀ YROWDJHVꢎꢀ DQGꢀ WRRꢀ ODUJHꢀ D  
EXꢅNLQJꢀVWHSꢀZLOOꢀ SRWHQWLDOO\ꢀSODꢅHꢀWKH  
UHVXOWDQWꢀ ILQDOꢀ VLJQDOꢀ LQWRꢀ QHJDWLYH  
WHUULWRU\ꢆꢀ )LJXUHꢀ ꢁꢄꢉꢀ VKRZVꢀ Dꢀ EXUVW  
KDYLQJꢀ ꢁꢏꢀ SXOVHVꢀ ꢅRQWDLQHGꢀ LQꢀ ꢍ  
VXEꢄEXUVWVꢀ RIꢀ ꢍꢀ SXOVHVꢀ HDꢅKꢌꢀ DVꢀ WKH  
QXPEHUꢀRIꢀSXOVHVꢀSHUꢀEXUVWꢀꢅKDQJHVꢎ  
WKHꢀ QXPEHUꢀ RIꢀ VXEꢄEXUVWVꢀ UHPDLQV  
ꢅRQVWDQWꢎꢀZKLOHꢀ WKHꢀQXPEHUꢀ RIꢀSXOVHV  
ZLWKLQꢀHDꢅKꢀVXEꢄEXUVWꢀLVꢀDOWHUHGꢆ  
ꢇODPSHG  
&65  
IORDWLQJ  
=ꢀ  
=ꢁ  
=ꢂ  
=ꢃ  
DOO#]HUR  
'$ꢄꢅꢅ'$ꢆ  
GDꢇ#RXWSXW  
603  
9ꢇV  
ꢇODPSHG  
7KHꢀ DPRXQWꢀ RIꢀ HDꢅKꢀ EXꢅNLQJꢀ VWHSꢀ LV  
HDVLO\ꢀ ꢅRPSXWHGꢀ E\ꢀ WKHꢀ UDWLRꢀ RIꢀ WKH  
YDOXHVꢀRIꢀ&]ꢀWRꢀWRWDOꢀꢅDSDꢅLWDQꢅHꢒ  
),*85(ꢂꢀꢄꢃꢂ%8567ꢂ:$9()2506  
ꢃ
−9ꢀꢀ ꢀ &=  
&6 + ꢀ&=  
ꢁꢇꢄꢍꢀ IRUꢀ Dꢀ VꢅKHPDWLꢅꢀ RIꢀ WKHꢀ (ꢂꢃ6ꢀ HYDOꢀ ERDUGꢀ ZKLꢅKꢀ XVHVꢀ WKH  
HQKDQꢅHGꢀKDUGZDUHꢀIHDWXUHVꢆ  
>ꢁ@ꢀꢀ  
'= =  
ZKHUHꢀDOOꢀ&]¶VꢀDUHꢀHTXDOꢆ  
ꢅꢄꢅꢄꢃꢀ'$&ꢀ2IIVHWꢀ&LUꢆXLW  
7KHꢀ 0RGHꢀ ꢉꢀ '$&ꢀ PXVWꢀ EHꢀ DQꢀ $'ꢃꢑꢇꢑꢀ GXDOꢀ ꢔꢄELWꢀ $'&ꢎꢀ RUꢀ Dꢀ VKLIW  
UHJLVWHUꢀ ꢅRQQHꢅWHGꢀ WRꢀ Dꢀ SDUDOOHOꢀ '$&ꢀ IRUꢀ SURSHUꢀ RSHUDWLRQꢆꢀ 5HIHUꢀ WR  
)LJXUHꢀꢐꢄꢁꢆꢀ7KHꢀVKLIWꢀꢅORꢅNꢀ6&.ꢀLVꢀIRXQGꢀRQꢀSLQꢀꢁꢍꢎꢀGDWDꢀ6'$ꢀRQꢀꢁꢏꢎ  
DQGꢀ V\Qꢅꢀ IUDPHꢀ &6ꢀRQꢀ ꢁꢐꢆꢀ 7KHꢀ GDWDꢀ LVꢀ VKLIWHGꢀRXWꢀ XVLQJꢀ VWDQGDUG  
63,ꢀSURWRꢅROꢎꢀDQGꢀꢅORꢅNHGꢀLQWRꢀ'$&B$ꢀRIꢀWKHꢀ$'ꢃꢑꢇꢑꢀRQꢀWKHꢀULVLQJ  
HGJHꢀRIꢀ6&.ꢆꢀ7ZRꢀE\WHVꢀDUHꢀWUDQVPLWWHGꢀWRꢀJHQHUDWHꢀWKHꢀꢅRQWUROꢀDQG  
GDWDꢀELWVWUHDPꢀUHTXLUHGꢀE\ꢀWKHꢀ$'ꢃꢑꢇꢑꢆ  
)RXUꢀ &]¶Vꢀ DUHꢀ QRWꢀ DOZD\Vꢀ UHTXLUHGꢎꢀ DQGꢀ LQꢀ OLJKWO\ꢀ ORDGHGꢀ V\VWHPV  
QRQHꢀ DWꢀDOOꢀ PD\ꢀ EHꢀ QHHGHGꢆꢀ,Qꢀ ꢅHUWDLQꢀ DSSOLꢅDWLRQVꢀWKHꢀ EDꢅNJURXQG  
ORDGꢀPD\ꢀEHꢀTXLWHꢀSUHGLꢅWDEOHꢀRUꢀOLPLWHGꢀWRꢀDꢀPD[LPXPꢀYDOXHꢎꢀDQGꢀVR  
WKHꢀQXPEHUꢀRIꢀ&]ꢀꢅDSVꢀꢅDQꢀEHꢀKHOGꢀWRꢀDꢀPLQLPXPꢆꢀ$GGLQJꢀ&]ꢀꢅDSV  
UHGXꢅHVꢀV\VWHPꢀJDLQꢀXQOHVVꢀ&VꢀLVꢀUHGXꢅHGꢀWRꢀꢅRPSHQVDWHꢆ  
ꢃꢄꢅꢄꢅꢀ'$&ꢀ&KDUJHꢀ2IIVHWꢀ&LUꢆXLW  
7KHꢀVHꢅRQGꢀZD\ꢀEDꢅNJURXQGꢀ&[ꢀLVꢀDꢅꢅRPPRGDWHGꢀLQYROYHVꢀDQꢀ5ꢉ5  
ODGGHUꢀ '$&ꢀ GULYHQꢀ YLDꢀ SLQVꢀ '$ꢇꢀ ꢄꢀ '$ꢃꢀ ꢋLQ  
0RGHꢀ ꢁꢀ RSHUDWLRQ-ꢀ RUꢀ DQꢀ $'ꢃꢑꢇꢑꢀ VHULDOꢀ '$&  
ꢋ0RGHꢀ ꢉ-ꢆꢀ $IWHUꢀ Dꢀ EXUVWꢀ KDVꢀ ꢅRPSOHWHGꢎꢀ EXW  
EHIRUHꢀ WKHꢀ$'&ꢀ ꢅRQYHUVLRQꢀEHJLQVꢎꢀ WKLVꢀ'$&  
LVꢀ GULYHQꢀ WRꢀ Dꢀ OHYHOꢀ ꢅDOꢅXODWHGꢀ WRꢀ EULQJꢀ WKH  
7$%/(ꢀꢁꢂꢁꢀ3,1ꢀ'(6&5,37,216  
#)XQꢆWLRQVꢀDYDLODEOHꢀRQO\ꢀLQꢀ0RGHꢀꢅ  
DPSOLILHGꢀVLJQDOꢀ WRꢀZLWKLQꢀ DꢀVXLWDEOHꢀ SRUWLRQꢀRI 3,16  
WKHꢀ$'&¶VꢀUDQJHꢆꢀ7KHꢀ '$&ꢀYDOXHꢀUHTXLUHGꢀWR  
1$0(  
9GG  
7<3( '(6&5,37,21  
3ZU  
ꢃAꢇꢄꢂ  
3RZHUꢇSLQꢇWRꢇꢈꢌꢇWRꢇꢈꢉꢇYROWVꢇUHJXODWHGꢒ  
GRꢀ WKLVꢀ LVꢀ LWHUDWLYHO\ꢀ GHWHUPLQHGꢀ GXULQJꢀ WKH  
VHOIꢄꢅDOꢀSURꢅHVVꢆ  
ꢄ
$,1  
,
$QDORJꢇLQSXWꢇIURPꢇRSDPSAꢇUDQJHꢇ9VVꢇWRꢇ9GGꢒ  
ꢌ
287  
2
'HWHꢋWLRQꢇOLQHꢇRXWSXWꢒꢇꢇꢍ$ꢋWLYHꢇKLJKꢇRUꢇORZꢇGHSHQGLQJꢇRQ  
6HWXSꢇ>-@ꢒ  
'XULQJꢀWKHꢀVHOIꢄꢅDOLEUDWLRQꢀSURꢅHVVꢎꢀWKHꢀGHYLꢅH  
DꢅWVꢀ WRꢀ ILQGꢀ WKHꢀ RSWLPXPꢀ ꢅRPELQDWLRQꢀ RIꢀ &]  
ꢅKDUJHꢀꢅDQꢅHOODWLRQꢀDQGꢀ'$&ꢀRIIVHWꢆꢀ,WꢀGRHVꢀVR  
E\ꢀILUVWꢀVHWWLQJꢀWKHꢀ'$&ꢀRIIVHWꢀWRꢀDꢀKLJKꢀYDOXH  
DQGꢀ WKHQꢀ DSSO\LQJꢀ LQꢅUHDVLQJꢀ DPRXQWVꢀ RIꢀ &]  
ꢅDQꢅHOODWLRQꢀ LQꢀ VXꢅꢅHVVLYHꢀ VWHSVꢀ XQWLOꢀ WKH  
VLJQDOꢀ LVꢀ EHORZꢀꢇꢆꢑꢀ YROWVꢀ RIꢀ 9ꢅVꢎꢀDVꢀ UHTXLUHGꢆ  
ꢆ
67$7ꢏꢍ&&6  
2
6WDWXVꢇOLQHAꢇLQWHQGHGꢇSULPDULO\ꢇIRUꢇGULYLQJꢇDQꢇ/('ꢇWRꢇJLYHꢇD  
YLVXDOꢇLQGLꢋDWLRQꢇRIꢇVHQVRUꢇKHDOWKꢇDQGꢇVWDWHꢒ  
ꢍ$GGLWLRQDOꢇ0RGHꢇꢄꢇIXQꢋWLRQꢎꢇ6HꢋRQGDU\ꢇIXQꢋWLRQꢇLVꢇDVꢇDQ  
HQDEOHꢅKLJKꢇOLQHꢇWRꢇDꢇꢓꢋORQHꢇLQꢓꢇHHSURPꢇWHPSRUDULO\  
ꢋRQQHꢋWHGꢇWRꢇWKHꢇꢋLUꢋXLWꢒ  
7KHQꢎꢀWKHꢀYDOXHꢀRIꢀWKHꢀ'$&ꢀRIIVHWꢀLVꢀILQHꢀWXQHG  
WRꢀ EULQJꢀ WKHꢀ DQDORJꢀ VLJQDOꢀ LQWRꢀ WKHꢀ GHVLUHG  
UDQJHꢀ VSHꢅLILHGꢀ E\ꢀ WKHꢀ 5HIHUHQꢅHꢀ 2IIVHW  
VHWWLQJꢀꢋ6HWXSꢀ>ꢉ@ꢀꢄꢀVHHꢀ7DEOHꢀꢃꢄꢁ-ꢆ  
ꢉ
ꢑ
%*  
,
%DꢋNJURXQGꢇꢋDOLEUDWLRQꢇLQSXWꢇOLQHAꢇDꢋWLYHꢇORZꢒ  
2EMHꢋWꢇꢋDOLEUDWLRQꢇLQSXWꢇOLQHAꢇDꢋWLYHꢇORZꢒ  
2%-ꢏꢍ&6(  
,ꢏ2  
ꢍ$GGLWLRQDOꢇ0RGHꢇꢄꢇIXQꢋWLRQꢎꢇ*HQHUDWHVꢇDꢇQHJDWLYHꢇIUDPLQJ  
SXOVHꢇIRUꢇDQꢇH[WHUQDOꢇ63,ꢇGHYLꢋHꢇWRꢇUHꢋHLYHꢇGDWDꢇIURPꢇWKH  
ꢀꢁꢂꢃ%ꢄAꢇRIꢇꢊꢇRUꢇꢃꢑꢇELWVꢇOHQJWKꢒ  
&]ꢀ ꢅDQꢅHOODWLRQꢀ DQGꢀ WKHꢀ '$&ꢀ RIIVHWꢀ DUHꢀ IL[HG  
ZKLOHꢀ WKHꢀ VHQVRUꢀ UXQVꢆꢀ ,Iꢀ DQꢀ HꢀSURPꢀ LV  
LQVWDOOHGꢎꢀ WKHVHꢀ YDOXHVꢀ RIꢀ ꢅDQꢅHOODWLRQꢀ DQG  
RIIVHWꢀ ꢅDQꢀ EHꢀ VWRUHGꢀ IRUꢀ UHXVHꢀ RQꢀ VXꢅꢅHVVLYH  
SRZHUꢄXSVꢎꢀ RWKHUZLVHꢀ Dꢀ UHꢅDOLEUDWLRQꢀ RQꢀ HDꢅK  
SRZHUꢀXSꢀZLOOꢀEHꢀSHUIRUPHGꢆ  
ꢁ
(&6  
2
(HSURPꢇHQDEOHꢇOLQHꢒꢇ7RꢇSUHYHQWꢇVWDUWXSꢇWUDQVLHQWVꢇIURP  
DIIHꢋWLQJꢇWKHꢇH[WHUQDOꢇHHSURPꢇLWꢇLVꢇDGYLVHGꢇWRꢇXVHꢇD  
SXOOꢅGRZQꢇUHVLVWRUꢇRIꢇꢃꢂ.ꢇWRꢇꢄꢂ.ꢇRKPVꢒꢇ$OVRꢇLVVXHVꢇD  
SRVLWLYHꢇꢃXVꢇSXOVHꢇSULRUꢇWRꢇHDꢋKꢇEXUVWꢇIRUꢇGLDJQRVWLꢋꢇXVHꢒ  
ꢊAꢇꢃꢀ  
ꢀ
9VV  
;7ꢃ  
3ZU  
,
,&ꢇQHJDWLYHꢇVXSSO\ꢇꢐJURXQG:ꢒ  
&U\VWDOꢇRUꢇUHVRQDWRUꢇLQSXWꢇSLQꢒꢇ,IꢇGHVLUHGꢇWKLVꢇSLQꢇꢋDQꢇEH  
GULYHQꢇIURPꢇDQꢇH[WHUQDOꢇVRXUꢋHAꢇVDYLQJꢇDꢇSDUWꢒꢇ,IꢇDꢇꢋU\VWDOꢇRU  
UHVRQDWRUꢇLVꢇXVHGꢇRQꢇ;7ꢃꢇꢏꢇ;7ꢄAꢇWKHꢇSLQꢇVKRXOGꢇEHꢇORDGHG  
ZLWKꢇDꢇꢄꢂSIꢇWRꢇꢄꢁSIꢇꢋDSDꢋLWRUꢇWRꢇ9VVꢒ  
ꢃꢁꢂꢁ23(5$7,1*ꢁ02'(6  
ꢃꢁꢀꢂ02'(ꢂꢀ  
0RGHꢀꢁꢀLVꢀWKHꢀ47ꢂꢃꢇꢁ%ꢀꢄꢀꢅRPSDWLEOHꢀPRGHꢌꢀLW  
LVꢀ HQJDJHGꢀ HLWKHUꢀ E\ꢀ RSHUDWLQJꢀ WKHꢀ GHYLꢅH  
ZLWKRXWꢀ DQꢀ H[WHUQDOꢀ HꢀSURPꢎꢀ RUꢀ E\ꢀ KDYLQJꢀ DQ  
HꢀSURPꢀ ZKRVHꢀ VHWWLQJꢀ >8@ꢀ LVꢀ VHWꢀ WRꢀ ꢓꢇꢓꢀ ꢋVHH  
7DEOHꢀꢃꢄꢁ-ꢆꢀ$OOꢀGDWDꢀDQGꢀRSHUDWLRQꢀSHUWDLQLQJꢀWR  
WKHꢀ47ꢂꢃꢇꢁ%ꢉꢀLQꢀ0RGHꢀꢁꢀꢅDQꢀEHꢀIRXQGꢀLQꢀWKH  
47ꢂꢃꢇꢁ%ꢀGDWDꢀVKHHWꢆ  
ꢃꢂ  
;7ꢄ  
2
2
&U\VWDOꢇRUꢇUHVRQDWRUꢇRXWSXWꢇSLQꢒꢇ,IꢇGHVLUHGꢇWKLVꢇSLQꢇꢋDQꢇDOVR  
GULYHꢇDQRWKHUꢇGHYLꢋHꢇLIꢇOLJKWO\ꢇORDGHGꢇRUꢇEXIIHUHGꢒꢇ,IꢇDꢇꢋU\VWDO  
RUꢇUHVRQDWRUꢇLVꢇXVHGAꢇWKHꢇSLQꢇVKRXOGꢇEHꢇORDGHGꢇZLWKꢇDꢇꢄꢂSI  
WRꢇꢄꢁSIꢇꢋDSDꢋLWRUꢇWRꢇ9VVꢒ  
ꢃꢃꢅꢃꢊ  
'$ꢂꢅ'$ꢁ  
2XWSXWVꢇWKHꢇ'$&ꢇYDOXHꢇIRUꢇDQꢇH[WHUQDOꢇ5ꢄ5ꢇODGGHUꢇQHWZRUN  
WRꢇꢋUHDWHꢇDQꢇRIIVHWꢇIRUꢇWKHꢇH[WHUQDOꢇDPSOLILHUꢇꢋKDLQꢒꢇ1RWH  
DGGLWLRQDOꢇDOWHUQDWHꢇIXQꢋWLRQVꢇEHORZꢒ  
7KHꢀ GHYLꢅHꢀ RIIHUVꢀ WKUHHꢀ HQKDQꢅHPHQWVꢀ RYHU  
WKHꢀ 47ꢂꢃꢇꢁ%ꢀ LQꢀ 0RGHꢀ ꢁꢒꢀ ꢁ-ꢀ $Qꢀ DGGLWLRQDO  
0HGLDQꢀ ILOWHUꢀ RIꢀ OHQJWKꢀ ꢂꢌꢀ ꢉ-ꢀ 6HOHꢅWDEOHꢀ 287  
DQGꢀ ;)5ꢀ SRODULWLHVꢌꢀ ꢑ-ꢀ $ELOLW\ꢀ WRꢀ IRUꢅHꢀ GHIDXOW  
VHWWLQJVꢀ LQWRꢀ WKHꢀ HꢀSURPꢀ RQꢀ Dꢀ ꢅROGꢀ UHVWDUWꢀ LI  
GHVLUHGꢆ  
ꢃꢃ  
ꢃꢄ  
ꢃꢌ  
ꢃꢆ  
ꢃꢉ  
ꢃꢑ  
(&.  
(',  
2
2
,
&ORꢋNꢇRXWSXWꢇWRꢇWKHꢇVHULDOꢇHHSURPꢒ  
6HULDOꢇGDWDꢇRXWSXWꢇOLQHꢇWRꢇVHULDOꢇHHSURP  
6HULDOꢇGDWDꢇLQSXWꢇOLQHꢇIURPꢇVHULDOꢇHHSURP  
ꢍ0RGHꢇꢄꢎꢇ6HULDOꢇ63,ꢇꢋORꢋN  
('2  
ꢍ6&.  
ꢍ&6  
2
2
2
ꢍ0RGHꢇꢄꢎꢇ&KLSꢇVHOHꢋWꢇOLQHꢇWRꢇ$'ꢁꢌꢂꢌꢇ'$&  
ꢃꢁꢃꢂ02'(ꢂꢃ  
ꢍ6'$  
ꢍ0RGHꢇꢄꢎꢇ63,ꢇGDWDꢇRXWSXWꢇOLQHꢇWRꢇ$'ꢁꢌꢂꢌꢇꢏꢇRWKHUꢇ63,  
GHYLꢋHꢐV:  
0RGHꢀꢉꢀLVꢀWKHꢀHQKDQꢅHGꢀRSHUDWLQJꢀPRGHꢎꢀDQG  
LVꢀHQWHUHGꢀE\ꢀVHWWLQJꢀ VHWXSꢀ>8@ꢀWRꢀꢁꢀRUꢀKLJKHU  
ꢋVHHꢀ 7DEOHꢀ ꢃꢄꢁ-ꢆꢀ 7KHꢀ 5ꢉ5ꢀ ODGGHUꢀ '$&ꢀ PXVW  
EHꢀ UHSODꢅHGꢀ E\ꢀ DQꢀ $QDORJꢀ 'HYLꢅHVꢀ $'ꢃꢑꢇꢑ  
GXDOꢀ ꢔꢄELWꢀ '$&ꢀ IRUꢀ SURSHUꢀ RSHUDWLRQꢀ RUꢀ DQ  
H[WHUQDOꢀ &026ꢀ VKLIWꢀ UHJLVWHUꢀ DQGꢀ DQꢀ 5ꢉ5  
ODGGHUꢆꢀ 1RꢀRWKHUꢀ ꢅLUꢅXLWꢀ ꢅKDQJHVꢀDUHꢀ UHTXLUHG  
IRUꢀ 0RGHꢀ ꢉꢎꢀ DOWKRXJKꢀ RWKHUꢀ ꢅLUꢅXLW  
HQKDQꢅHPHQWVꢀDUHꢀVXSSRUWHGꢆꢀ5HIHUꢀWRꢀ)LJXUH  
ꢃꢁ  
ꢃꢊ  
ꢍ7;  
ꢍ5&9  
&+*  
;)5  
2
,
ꢍ0RGHꢇꢄꢎꢇ7UDQVPLWꢇXDUWꢇGDWDꢇIURPꢇWKHꢇGHYLꢋH  
ꢍ0RGHꢇꢄꢎꢇ5HꢋHLYHꢇXDUWꢇGDWDꢇWRꢇWKHꢇGHYLꢋH  
ꢄꢃ  
2
2
2
2
2
&KDUJHꢇOLQHꢇWRꢇGULYHꢇDꢇVHQVRUꢇHOHꢋWURGH  
ꢄꢄ  
&RQWUROꢇOLQHꢇWRꢇGULYHꢇDQꢇH[WHUQDOꢇWUDQVIHUꢇIHW  
&RQWUROꢇOLQHꢇWRꢇUHVHWꢇWKHꢇ&VꢇꢋDSDꢋLWRUꢇEHWZHHQꢇEXUVWV  
&KDUJHꢇꢋDQꢋHOODWLRQꢇꢋRQWUROꢇOLQHVꢇWRꢇGULYHꢇ&]ꢃꢇꢅꢇ&]ꢆ  
6DPSOHUꢇꢋRQWUROꢇOLQHꢇWRꢇVDPSOHꢇH[WHUQDOꢇDQDORJꢇVLJQDO  
ꢄꢌ  
&65  
=ꢃꢅ=ꢆ  
603  
ꢄꢆꢅꢄꢁ  
ꢄꢊ  
ꢅ
7KLVꢀꢅLUꢅXLWꢀꢅDQꢀEHꢀGLVDEOHGꢀE\ꢀUHPRYLQJꢀ5WꢎꢀZKLOHꢀMXPSHULQJꢀ&WꢀWR  
JURXQGꢆꢀ :KHQꢀ XVLQJꢀ WKLVꢀ ꢅLUꢅXLWꢀ LWꢀ LVꢀ LPSRUWDQWꢀ WRꢀ NHHSꢀ WKHꢀ ZLGWK  
6HWXSVꢀDWꢀꢉꢇꢇQVꢀꢋꢀ>ꢍꢆꢇ@ꢀ-ꢆ  
ꢅꢄꢅꢄꢅꢀ6\QWKHWLꢆꢀ$QDORJꢀ2XWSXW  
6\QWKHWLꢅꢀ DQDORJꢎꢀ RIꢀ Dꢀ W\SHꢀ GHWHUPLQHGꢀ E\ꢀ 6HWXSꢀ >8@ꢎꢀ LVꢀ RXWSXWꢀ RQ  
$'ꢃꢑꢇꢑꢀ'$&B%ꢀRQꢅHꢀVKRUWO\ꢀDIWHUꢀHDꢅKꢀEXUVWꢆꢀ7KHꢀGDWDꢀLVꢀVHQWꢀWR  
WKHꢀ'$&ꢀXVLQJꢀWKHꢀ63,ꢀSURWRꢅROꢀDQGꢀWLPLQJVꢀVKRZQꢀLQꢀ)LJXUHꢀꢐꢄꢉꢀRU  
)LJXUHꢀꢐꢄꢑꢎꢀDVꢀIUDPHGꢀE\ꢀWKHꢀ&6ꢀOLQHꢆ  
7UDQVIHUꢀVZLWꢅKꢀꢅORVXUHꢀWLPHꢀVKRXOGꢀEHꢀORQJꢀHQRXJKꢀVRꢀWKDWꢀWUDQVIHU  
HIILꢅLHQꢅ\ꢀ GRHVꢀ QRWꢀ VXIIHUꢆꢀ 9HU\ꢀ VKRUWꢀ WUDQVIHUꢀ WLPHVꢀ ꢋꢖꢁꢇꢇQV-ꢀ ꢅDQ  
SURGXꢅHꢀ XQSUHGLꢅWDEOHꢀ UHVXOWVꢀ LIꢀ VLJQLILꢅDQWꢀ JURXQGꢀ DQGꢀ VLJQDOꢀ OHDG  
LQGXꢅWDQꢅHVꢀDUHꢀSUHVHQWꢎꢀRUꢀLIꢀWKHꢀPDWWHUꢀWRꢀEHꢀVHQVHGꢀLVꢀRIꢀYDU\LQJ  
HOHꢅWULꢅDOꢀꢅRQGXꢅWLYLW\ꢆꢀ,QꢀJHQHUDOꢎꢀVLJQDOꢀOHYHOVꢀDQGꢀJDLQꢀZLOOꢀDSSHDU  
WRꢀGURSꢀZLWKꢀVKRUWHUꢀWUDQVIHUꢀWLPHVꢀGXHꢀWRꢀWKHꢀLQꢅUHDVLQJꢀLQDELOLW\ꢀRI  
WKHꢀILHOGꢀꢅXUUHQWVꢀWRꢀVHWWOHꢀEHIRUHꢀWKHꢀHQGꢀRIꢀWKHꢀWUDQVIHUꢀSHULRGꢆ  
ꢅꢄꢅꢄꢇꢀ([WHUQDOꢀ'DWDꢀ63,ꢀ3RUW  
7KHꢀVDPHꢀSRUWꢀXVHGꢀWRꢀGULYHꢀWKHꢀ$'ꢃꢑꢇꢑꢀꢅDQꢀDOVRꢀEHꢀXVHGꢀWRꢀVHQG  
GDWDꢀWRꢀDQꢀH[WHUQDOꢀꢅLUꢅXLWꢆꢀ$IWHUꢀHDꢅKꢀEXUVWꢎꢀGDWDꢀLVꢀWUDQVPLWWHGꢀRYHU  
6'$ꢎꢀꢅORꢅNHGꢀE\ꢀ6&.ꢎꢀDQGꢀIUDPHGꢀE\ꢀDꢀQHJDWLYHꢀSXOVHꢀRQꢀWKHꢀ2%ꢕ  
OLQHꢆꢀ 2%ꢕꢀ LVꢀRSHQꢄGUDLQꢎꢀ DQGꢀ PXVWꢀ EHꢀSXOOHGꢀ KLJKꢀ E\ꢀ Dꢀ ꢉ.ꢀWRꢀ ꢉꢆꢉ.  
UHVLVWRUꢀ WRꢀ ꢅUHDWHꢀ WKHꢀ IUDPLQJꢀ SXOVHꢆꢀ 2%ꢕꢀ IXQꢅWLRQꢀ LVꢀ QRW  
ꢅRPSURPLVHGꢀ E\ꢀ WKLVꢀ GXDOꢄXVDJHꢀ RIꢀ SLQꢀ ꢏꢆꢀ $Qꢀ H[WHUQDOꢀ LQWHUIDꢅHꢀ WR  
2%ꢕꢀ VKRXOGꢀ XVHꢀ DQꢀ RSHQꢄGUDLQꢀ ꢋRUꢀ RSHQꢄꢅROOHꢅWRU-ꢀ GULYHꢀ WRꢀ SUHYHQW  
LQWHUIHUHQꢅHꢀZLWKꢀIUDPLQJꢀSXOVHꢆꢀ%RWKꢀꢔꢄELWꢀDQGꢀꢁꢏꢀELWꢀWUDQVPLVVLRQV  
DUHꢀ SRVVLEOHꢌꢀ LQꢀ Dꢀ ꢁꢏꢀ ELWꢀ WUDQVPLVVLRQꢀ WKHꢀ VHꢅRQGꢀ E\WHꢀ IUDPHGꢀ E\  
2%ꢕꢀꢋWKHꢀWKLUGꢀDꢅWXDOꢀE\WHꢀLQꢀWKHꢀVHTXHQꢅH-ꢀLVꢀDꢀ6WDWXVꢀꢅRGHVꢀE\WHꢆ  
)LJXUHVꢀ ꢐꢄꢉꢀ DQGꢀ ꢐꢄꢑꢀ VKRZꢀ WKHꢀ ZDYHIRUPVꢀ DVVRꢅLDWHGꢀ ZLWKꢀ WKHVH  
WUDQVPLVVLRQVꢆ  
ꢅꢁꢃꢂ'$&ꢂ5(48,5(0(176  
$Qꢀ ꢔꢄELWꢀ '$&ꢀ LVꢀ UHTXLUHGꢀ LQꢀ PRVWꢀ LPSOHPHQWDWLRQVꢀ WRꢀ SURYLGHꢀ D  
VXEUDQJLQJꢀ $'&ꢀ V\VWHPꢆꢀ 7KHꢀ '$&ꢀ LVꢀ XVHGꢀ WRꢀ ꢓVHUYRꢓꢀ WKHꢀ DQDORJ  
VLJQDOꢀWRꢀDꢀUDQJHꢀZLWKLQꢀWKHꢀLQSXWꢀOLPLWVꢀRIꢀWKHꢀRQꢄERDUGꢀꢔꢄELWꢀ$'&ꢆ  
,Qꢀ 0RGHꢀ ꢁꢂꢀ $Qꢀ LQH[SHQVLYHꢀ ꢔꢄELWꢀ 5ꢉ5ꢀ ODGGHUꢀ '$&ꢀ LVꢀ XVHGꢆꢀ 7KH  
&026ꢀGULYHꢀRIꢀWKHꢀGHYLꢅHꢀIXQꢅWLRQVꢀWRꢀGULYHꢀWKLVꢀ5ꢉ5ꢀ'$&ꢎꢀZLWKꢀQR  
IXUWKHUꢀEXIIHULQJꢀUHTXLUHGꢆꢀ7KHꢀ5ꢉ5ꢀVKRXOGꢀEHꢀꢐꢇ.ꢀRKPVꢀRUꢀKLJKHU  
LQꢀYDOXHꢆꢀ&76ꢓVꢀSꢈQꢀꢃꢐꢇꢄꢁꢇꢃ5ꢁꢇꢇ.ꢀꢋ6,3-ꢀLVꢀVXLWDEOHꢀIRUꢀWKLVꢀIXQꢅWLRQꢆ  
ꢅꢄꢅꢄꢈꢀ8$57ꢀ&LUꢆXLW  
$QꢀLQWHUIDꢅHꢀWRꢀDQꢀH[WHUQDOꢀKRVWꢀ038ꢀLVꢀSRVVLEOHꢀXVLQJꢀDꢀIXOOꢄGXSOH[  
VHULDOꢀ SRUWꢀ UXQQLQJꢀ IURPꢀ ꢂꢏꢇꢇꢀ WRꢀ ꢁꢁꢐꢆꢉNEDXGꢆꢀ 7KHꢀ SURWRꢅROꢀ LVꢀ WKH  
VDPHꢀDVꢀWKDWꢀGHVꢅULEHGꢀLQꢀWKHꢀ(ꢉ65ꢀPDQXDOꢎꢀDQGꢀWKHꢀ47ꢂꢃꢇꢁ%ꢉꢀLV  
IXOO\ꢀ ꢅRPSDWLEOHꢀ ZLWKꢀ 47:LQ9LHZꢀ VRIWZDUHꢆꢀ 7KHUHꢀ LVꢀ QRꢀ KDUGZDUH  
KDQGVKDNLQJꢆꢀ %RWKꢀ YHUERVHꢀ DQGꢀ SROOHGꢀ ꢅRPPXQLꢅDWLRQVꢀ DUH  
SRVVLEOHꢌꢀ WKHꢀEDXGꢀ UDWHꢀDQGꢀ ꢅRPPXQLꢅDWLRQVꢀPRGHꢀ DUHꢀGHWHUPLQHG  
E\ꢀ VHWXSꢀ >*@ꢆꢀ $ꢀ 0$;ꢉꢑꢉꢄW\SHꢀ LQWHUIDꢅHꢀ GULYHUꢀ ꢅLUꢅXLWꢀ LVꢀ DOOꢀ WKDWꢀ LV  
UHTXLUHGꢀ WRꢀ LPSOHPHQWꢀ WUXHꢀ 56ꢉꢑꢉꢀ ꢅRPPXQLꢅDWLRQVꢆꢀ :KHQ  
LQWHUIDꢅLQJꢀGLUHꢅWO\ꢀWRꢀDꢀKRVWꢀ0&8ꢎꢀWKHꢀ0$;ꢉꢑꢉꢀLVꢀQRWꢀQHHGHGꢆ  
,Qꢀ0RGHꢀꢃꢂꢀ$Qꢀ$QDORJꢀ'HYLꢅHVꢀ$'ꢃꢑꢇꢑꢀGXDOꢀ63,ꢀ'$&ꢀꢅDQꢀEHꢀXVHGꢆ  
7KHꢀVHꢅRQGꢀKDOIꢀRIꢀWKLVꢀ'$&ꢀꢅDQꢀDOVRꢀEHꢀGULYHQꢀE\ꢀWKHꢀ47ꢂꢃꢇꢁ%ꢉꢀWR  
ꢅUHDWHꢀDꢀV\QWKHWLꢅꢀꢋVLJQDOꢀSURꢅHVVHG-ꢀDQDORJꢀRXWSXWꢆꢀ$OWHUQDWLYHO\ꢎꢀDQ  
ꢔꢄELWꢀ&026ꢀVKLIWꢀUHJLVWHUꢀꢅDQꢀEHꢀꢅRXSOHGꢀWRꢀWKHꢀ63,ꢀSRUWꢀDQGꢀXVHG  
WRꢀGULYHꢀDQꢀ5ꢉ5ꢀODGGHUꢀRIꢀWKHꢀW\SHꢀGHVꢅULEHGꢀDERYHꢆ  
ꢅꢁꢅꢂ$03/,),(5ꢂ5(48,5(0(176  
7KHꢀH[WHUQDOꢀDPSOLILHUꢀꢅDQꢀEHꢀDOPRVWꢀDQ\ꢀPRGHUDWHꢀVSHHGꢀUDLOꢄWRꢄUDLO  
RXWSXWꢀ DQGꢀ JURXQGꢄVHQVLQJꢀ LQSXWꢀ &026ꢀ RUꢀ ꢕ)(7ꢀ LQSXWꢀ GHYLꢅH  
KDYLQJꢀ Dꢀ ꢉ0+]ꢀ *%:ꢀ RUꢀ EHWWHUꢆꢀ %LSRODUꢀ LQSXWꢀ RSDPSVꢀ DUHꢀ WRꢀ EH  
DYRLGHGꢀ GXHꢀ WRꢀ WKHLUꢀ KLJKHUꢀ LQSXWꢀ ꢅXUUHQWVꢆꢀ $PSOLILHUVꢀ LQꢀ WKHꢀ VDPH  
ꢅODVVꢀDVꢀWKHꢀ7,ꢀ7/&ꢉꢉꢃꢉꢀDQGꢀ%XUUꢀ%URZQꢀ23$ꢉꢑꢍꢇꢀDUHꢀDꢅꢅHSWDEOHꢆ  
7ZRꢀ JDLQꢀ VWDJHVꢀ VKRXOGꢀ EHꢀ ꢅDVꢅDGHGꢀ IRUꢀ LIꢀ GHVLUHGꢀ WRWDOꢀ JDLQꢀ LV  
DERYHꢀ ꢉꢐꢌꢀ DWWHPSWLQJꢀ WRꢀDꢅKLHYHꢀ Dꢀ YHU\ꢀ KLJKꢀ JDLQꢀ LQꢀRQHꢀ VWDJHꢀ ꢅDQ  
UHVXOWꢀ LQꢀ VHWWOLQJꢀ WLPHꢀ SUREOHPVꢆꢀ ,Wꢀ LVꢀ DGYLVDEOHꢀ WRꢀ XVHꢀ RSDPS  
IHHGEDꢅNꢀ UHVLVWRUꢀ YDOXHVꢀ RIꢀ XQGHUꢀ ꢉꢇꢇ.ꢀ RKPVꢀ WRꢀ VSHHGꢀ VHWWOLQJ  
WLPHVꢎꢀ WKHVHꢀ VKRXOGꢀ EHꢀ SODꢅHGꢀ YHU\ꢀ ꢅORVHꢀ WRꢀ WKHꢀ RSDPSꢀ SLQVꢀ WR  
UHGXꢅHꢀSDUDVLWLꢅꢀꢅDSDꢅLWDQꢅHVꢆ  
7KHꢀ 56ꢉꢑꢉꢀ LQWHUIDꢅHꢀ VKRXOGꢀ KDYHꢀ LWVꢀ RZQꢀ YROWDJHꢀ UHJXODWRUꢎꢀ VLQꢅH  
WKHVHꢀ GHYLꢅHVꢀ JHQHUDWHꢀ ꢅRQVLGHUDEOHꢀ VZLWꢅKLQJꢀ QRLVHꢀ RQꢀ 9ꢅꢅꢀ IURP  
WKHLUꢀ LQWHUQDOꢀ ꢅKDUJHꢀ SXPSVꢀ DQGꢀ IURPꢀ WKHꢀ ꢅXUUHQWꢀ WUDQVLHQWV  
JHQHUDWHGꢀIURPꢀGULYLQJꢀWKHꢀꢅDSDꢅLWDQꢅHꢀRIꢀORQJꢀꢅDEOHVꢆ  
ꢄꢁꢂꢁ&,5&8,7ꢁ23(5$7,21  
ꢅꢁꢀꢂ47ꢂ'5,9(ꢂ&,5&8,75<  
7KHꢀ47ꢂꢃꢇꢁ%ꢉꢀDOORZVꢀIRUꢀLQYHUWHGꢀWUDQVIHUꢀVZLWꢅKꢀGULYHꢒꢀWKLVꢀDOORZV  
XVHꢀZLWKꢀꢅHUWDLQꢀW\SHVꢀRIꢀQꢄꢅKDQQHOꢀEXVꢄVZLWꢅKHVꢀNQRZQꢀIRUꢀKDYLQJ  
SDUWLꢅXODUO\ꢀ ORZꢀ UHVLVWDQꢅHꢀ DQGꢀ ORZꢀꢅKDUJHꢀ LQMHꢅWLRQꢆꢀ 7KHꢀ SRODULW\ꢀ RI  
WKHꢀWUDQVIHUꢀVZLWꢅKꢀGULYHꢀLVꢀGHWHUPLQHGꢀYLDꢀVHWXSꢀ>ꢕ@ꢆ  
7KHUHꢀLVꢀJHQHUDOO\ꢀQRꢀSUREOHPꢀLQꢀXVLQJꢀWKHꢀVDPHꢀ9ꢅꢅꢀVXSSO\ꢀIRUꢀWKH  
RSDPSꢀDVꢀIRUꢀWKHꢀ47ꢂꢃꢇꢁ%ꢉꢎꢀSURYLGHGꢀQRUPDOꢀVXSSO\ꢀE\SDVVLQJꢀLV  
SHUIRUPHGꢆ  
ꢅꢁꢆꢂ(;7(51$/ꢂ((3520ꢇꢂ&/21,1*  
ꢇꢄꢃꢄꢃꢀ8VLQJꢀDꢀ0RVIHWꢀ7UDQVIHUꢀ6ZLWꢆK  
7KHꢀ H[WHUQDOꢀ ꢂꢑ/&ꢍꢏ$ꢀ ꢋ0LꢅURꢅKLS-ꢀ HꢀSURPꢀ VKRXOGꢀ EHꢀ XVHGꢌꢀ LWV  
ꢅRQWHQWVꢀꢅDQꢀEHꢀꢅORQHGꢀLQꢀIURPꢀDQꢀH[WHUQDOꢀVRXUꢅHꢀꢋ6HꢅWLRQꢀꢑꢆꢍ-ꢆ  
,Iꢀ XVLQJꢀ Dꢀ PRVIHWꢀ WUDQVIHUꢀ VZLWꢅKꢎꢀ LWꢀ VKRXOGꢀ EHꢀ DQꢀ QꢄꢅKDQQHO  
HQKDQꢅHPHQWꢀ GHYLꢅHꢆꢀ 7KHꢀ 3KLOLSVꢀ %61ꢉꢇꢀ ꢋVPW-ꢀ LVꢀ UHDVRQDEOHꢀ IRU  
JHQHUDOꢀ SXUSRVHꢀ XVHꢆꢀ /DWHUDOꢀ '026ꢀ GHYLꢅHVꢀ OLNHꢀ WKHꢀ &DORJLꢅ  
667ꢉꢁꢁꢀ ꢋVPW-ꢀ DUHꢀ EHWWHUꢀ SDUWVꢀ LQꢀ JHQHUDOꢌꢀ WKH\ꢀ KDYHꢀ YHU\ꢀ ORZ  
DPRXQWVꢀ RIꢀ ꢅKDUJHꢀ LQMHꢅWLRQꢎꢀ DOWKRXJKꢀ WKHLUꢀ KLJKHUꢀ RQꢄUHVLVWDQꢅH  
ZKLꢅKꢀPD\ꢀOLPLWꢀWKHLUꢀXVHꢀZLWKꢀVKRUWꢀSXOVHZLGWKVꢀLQꢀVRPHꢀꢅDVHVꢆ  
6XEVWLWXWHꢀ GHYLꢅHVꢀ VKRXOGꢀ KDYHꢀ ERWKꢀ E\WHꢄDꢅꢅHVVꢀ DQG  
VWUHDPLQJꢄDꢅꢅHVVꢀ PRGHVꢆꢀ 0DQ\ꢀ YDULDQWVꢀ RIꢀ WKHꢀ ꢂꢑ/&ꢍꢏ$ꢀ DUHꢀ RQO\  
ZRUGꢀ DꢅꢅHVVꢀ RUꢀ QRQꢄVWUHDPLQJꢀ DQGꢀ ZLOOꢀ QRWꢀ IXQꢅWLRQꢆꢀ 7KHꢀ HꢀSURPꢓV  
ꢅRQWHQWVꢀDUHꢀGHVꢅULEHGꢀIXOO\ꢀLQꢀ6HꢅWLRQꢀꢁꢉꢆꢀ$ꢀSODLQꢀEODQNꢀHꢀSURPꢀZLOO  
EHꢀLJQRUHGꢆꢀ 5HIHUꢀWRꢀ 7DEOHꢀꢃꢄꢁꢀ IRUꢀWKHꢀ6HWXSꢀ PRGHVꢀZKLꢅKꢀ ꢅDQꢀEH  
HQDEOHGꢀDQGꢀDOWHUHGꢀXVLQJꢀWKHꢀH[WHUQDOꢀHꢀSURPꢆ  
ꢇꢄꢃꢄꢅꢀ8VLQJꢀDꢀꢉ%XVꢀ6ZLWꢆKꢉꢀ7UDQVIHUꢀ6ZLWꢆK  
7KHꢀ ꢂꢃꢇꢁ%ꢉꢀ LVꢀ DOVRꢀ ꢅDSDEOHꢀ RIꢀ GULYLQJꢀ VLQJOHꢄJDWHꢀ ꢓEXVꢄVZLWꢅKꢓ  
PRVIHWVꢎꢀ OLNHꢀ WKHꢀ 7H[DVꢀ ,QVWUXPHQWVꢀ 61ꢃꢍ&%7ꢁ*ꢁꢉꢐꢀ ꢋVLQJOHꢎ  
627ꢉꢑꢄꢐ-ꢀRUꢀ4XDOLW\ꢀ6HPLꢅRQGXꢅWRUꢀ46ꢑꢁꢉꢐꢀꢋTXDGꢎꢀ62ꢁꢍ-ꢆꢀ7KHVH  
DUHꢀORZꢀꢅRVWꢀGHYLꢅHVꢀZLWKꢀORZꢀꢅKDUJHꢀLQMHꢅWLRQꢀDQGꢀH[ꢅHOOHQWꢀWKHUPDO  
VWDELOLW\ꢆꢀ7KH\ꢀDUHꢀDꢅWLYHꢄORZꢀHQDEOHꢎꢀWKXVꢀWKHꢀSRODULW\ꢀRIꢀWKHꢀWUDQVIHU  
GULYHꢀPXVWꢀEHꢀVHOHꢅWHGꢀDVꢀꢓ/2:ꢓꢀLQꢀ6HWXSVꢀ>ꢕ@ꢀꢆ  
)LJXUHꢂꢅꢄꢀꢂꢂ&LUꢈXLWꢂIRUꢂ6KRUWꢂ7UDQVIHUꢂ7LPHV  
ꢇꢄꢃꢄꢇꢀ6KRUWHQLQJꢀ73:ꢀ)XUWKHU  
ꢀꢁ  
,Qꢀ VRPHꢀ ꢅDVHVꢀ LWꢀ LVꢀ KLJKO\ꢀ GHVLUDEOHꢀ WRꢀ VXSSUHVVꢀ WKHꢀ HIIHꢅWVꢀ RI  
PRLVWXUHꢀLQꢀDQGꢀDURXQGꢀWKHꢀHOHꢅWURGHꢎꢀRUꢀWRꢀKHOSꢀDVꢅHUWDLQꢀWKHꢀEXON  
SURSHUWLHVꢀ RIꢀ Dꢀ VXEVWDQꢅHꢀ ZLWKRXWꢀ UHDꢅWLQJꢀ PXꢅKꢀ WRꢀ PRLVWXUH  
ꢅRQWHQWꢆꢀ 7KHUHꢀ DUHꢀ DOVRꢀ WLPHVꢀ ZKHQꢀ H[WHUQDOꢀ LQWHUIHUHQꢅHꢀ PXVWꢀ EH  
VXSSUHVVHGꢀ IXUWKHUꢀ WKDQꢀ VLPSOHꢀ VLJQDOꢀ SURꢅHVVLQJꢀ ꢅDQꢀ DꢅKLHYHꢆ  
6KRUWHQLQJꢀWKHꢀWUDQVIHUꢀWLPHꢀWRꢀEHORZꢀꢉꢇꢇQVꢀLVꢀSRVVLEOHꢀZLWKꢀWKHꢀDLG  
RIꢀ VRPHꢀ H[WHUQDOꢀ ꢅLUꢅXLWU\ꢀ ꢋ)LJXUHꢀ ꢑꢄꢁ-ꢆꢀ 7KLVꢀ ꢅLUꢅXLWꢀ ZLOOꢀ JHQHUDWH  
DOPRVWꢀ DUELWUDULO\ꢀ VKRUWꢀ WUDQVIHUꢀ WLPHVꢎꢀ WRꢀ WKHꢀ OLPLWVꢀ RIꢀ WKHꢀ JDWHꢀ DQG  
VZLWꢅKꢀ SURSDJDWLRQꢀ GHOD\Vꢆꢀ 5Wꢀ DQGꢀ &Wꢀ ꢅDQꢀ EHꢀ DGMXVWHGꢀ XVLQJꢀ DQ  
RVꢅLOORVꢅRSHꢌꢀDꢀWULPSRWꢀꢅDQꢀEHꢀXVHGꢀIRUꢀ5WꢀLIꢀGHVLUHGꢆ  
&+*  
$0380  
ꢀꢀ  
;)5  
4ꢂ  
47ꢀꢁꢂꢃ  
5W  
&ꢀ  
7Rꢂ&VꢂHWꢃꢄ  
ꢆ
2Qꢀ Dꢀ ꢄDOLEUDWLRQꢀ HUURUꢂꢀ 67$7ꢀ ZLOOꢀ RXWSXWꢀ Dꢀ UHSHDWLQJꢀ HUURUꢀ ꢅRGHꢎ  
SURYLGHGꢀWKDWꢀ2XWSXWꢀ(UURUꢀ&RGHꢀ>(ꢆD@ꢀLVꢀµRQ¶ꢒ  
ꢇꢄꢈꢄꢃꢀ&ORQLQJꢊ,QꢀRIꢀ6HWXSV  
&ORQLQJꢀ LQꢀ IURPꢀ DQꢀ H[WHUQDOꢀ HꢀSURPꢀ UHTXLUHVꢀ WKDWꢀ WKHꢀ H[WHUQDO  
HꢀSURPꢓVꢀ,2ꢀSLQVꢀEHꢀIUHHꢆꢀ$Qꢀ(ꢉ65ꢀERDUGꢀUXQQLQJꢀLQꢀLWVꢀ6HWXSꢀPRGH  
GRHVꢀWKLVꢎꢀIRUꢀH[DPSOHꢆꢀ7KHꢀ67$7ꢀOLQHꢀLVꢀXVHGꢀWRꢀHQDEOHꢀWKHꢀH[WHUQDO  
HꢀSURPꢀEHLQJꢀDꢅꢅHVVHGꢆꢀ$OVRꢎꢀDIWHUꢀDꢀVXꢅꢅHVVIXOꢀꢅORQHꢄLQꢀWKHꢀ67$7  
OLQHꢀZLOOꢀIODVKꢀꢐꢀWLPHVꢀLQꢀTXLꢅNꢀVXꢅꢅHVVLRQꢆ  
6LQJOHꢀUHSHDWLQJꢀSXOVHꢂ &+*ꢀVKRUWHGꢀWRꢀJURXQG  
'RXEOHꢀUHSHDWLQJꢀSXOVHꢂ ([ꢄHVVꢀꢄDSDꢄLWLYHꢀORDG  
7ULSOHꢀUHSHDWLQJꢀSXOVHꢂ 8QVWDEOHꢀVLJQDO.ꢀꢄDQQRWꢀꢄDOLEUDWH  
7KHꢀ GHYLꢅHꢀ ZLOOꢀ UHSHDWHGO\ꢀ WU\ꢀ WRꢀ UHꢅDOLEUDWHꢀ EHWZHHQꢀ HDꢅKꢀ VHWꢀ RI  
µ0RUVHꢀꢅRGH¶ꢀRXWSXWVꢆꢀ,Iꢀ>(ꢆD@ꢀLVꢀRIIꢎꢀWKHꢀUHꢅDOLEUDWLRQꢀDWWHPSWVꢀZLOOꢀEH  
PXꢅKꢀTXLꢅNHUꢎꢀVLQꢅHꢀWKHꢀ67$7ꢀꢅRGHVꢀDUHꢀQRWꢀRXWSXWꢆꢀ  
7KHꢀ 47ꢂꢃꢇꢁ%ꢉꢀ ꢅKHꢅNVꢀ IRUꢀ WKHꢀ SUHVHQꢅHꢀ RIꢀ DQꢀ H[WHUQDOꢀ ꢅORQLQJ  
HꢀSURPꢀ VRXUꢅHꢀGXULQJꢀ SRZHUXSꢎꢀDQGꢀ DOVRꢀMXVWꢀ DIWHUꢀWKHꢀ 2%ꢕꢀ OLQHꢀLV  
DVVHUWHGꢀORZꢀPRPHQWDULO\ꢀDQGꢀWKHQꢀUHOHDVHGꢌꢀLIꢀDQꢀH[WHUQDOꢀHꢀSURPꢀLV  
IRXQGꢀLWꢀZLOOꢀEHꢀUHDGꢀDQGꢀꢅRSLHGꢀLQꢀWRꢀWKHꢀRQERDUGꢀHꢀSURPꢆꢀ7KHꢀꢅORQH  
VRXUꢅHꢀVKRXOGꢀEHꢀUHPRYHGꢀLPPHGLDWHO\ꢀDIWHUꢀWKHꢀ67$7ꢀꢅRQILUPDWLRQ  
SDWWHUQꢀEHJLQVꢆ  
7KHꢀ UHSHDWLQJꢀ 67$7ꢀ ꢅRGHꢀ SXOVHVꢀ DUHꢀ ꢉꢐꢇPVꢀ LQꢀ GXUDWLRQꢀ ZLWKꢀ D  
ꢉꢐꢇPVꢀ GHDGꢀ WLPHꢀ EHWZHHQꢀ SXOVHVꢌꢀ EHWZHHQꢀ ꢅRGHGꢀ SXOVHꢀ JURXSV  
WKHUHꢀLVꢀDꢀPLQLPXPꢀꢃꢐꢇPVꢀGHDGꢀWLPH  
,WꢀLVꢀDOVRꢀSRVVLEOHꢀWRꢀIRUꢅHꢀDꢀꢅORQHꢀIXQꢅWLRQꢀYLDꢀWKHꢀVHULDOꢀSRUWꢎꢀXVLQJꢀD  
)RUꢅHGꢀ 5HVHWꢀ ꢋ6HꢅWLRQꢀ ꢍꢆꢍꢆꢏ-ꢀ WRꢀ ꢅDXVHꢀ WKHꢀ GHYLꢅHꢀ WRꢀ VꢅDQꢀ IRUꢀ DQ  
H[WHUQDOꢀHꢀSURPꢆ  
ꢅꢁꢋꢂ603ꢂ/,1(  
7KHꢀ 603ꢀ OLQHꢀ LVꢀ DQꢀ DꢅWLYHꢄKLJKꢀ VDPSOHꢀ JDWHꢀ WKDWꢀ ꢅDQꢀ ꢅORVHꢀ D  
ꢃꢍ+&ꢍꢇꢏꢏꢄW\SHꢀ DQDORJꢀ VZLWꢅKꢀ EULHIO\ꢀ DWꢀ WKHꢀ HQGꢀ RIꢀ HDꢅKꢀ EXUVWꢀ WR  
VDPSOHꢄDQGꢄKROGꢀWKHꢀUHVXOWLQJꢀUDZꢀVLJQDOꢆꢀ7KHꢀSXOVHꢀLVꢀꢍꢆꢉXVꢀZLGHꢆ  
ꢇꢄꢈꢄꢅꢀ&ORQLQJꢊ2XWꢀRIꢀ6HWXSV  
&ORQLQJꢀ RXWꢀ WRꢀ DQRWKHUꢀ 43UR[ꢀ SURGXꢅWꢀ UHTXLUHVꢀ WKDWꢀ WKHꢀ ꢂꢑ/&ꢍꢏ$  
ꢅRQQHꢅWHGꢀ WRꢀ WKHꢀ 47ꢂꢃꢇꢁ%ꢉꢀ KDYHꢀ LWVꢀ ꢅRQWUROꢀ OLQHVꢀ IORDWLQJꢆꢀ 7KLV  
RꢅꢅXUVꢀRQO\ꢀZKLOHꢀWKHꢀ2%ꢕꢀOLQHꢀLVꢀKHOGꢀORZꢆꢀ,WꢀLVꢀSRVVLEOHꢀWRꢀꢅORQHꢀWR  
DQRWKHUꢀ 47ꢂꢃꢇꢁ%ꢉꢀ ꢅLUꢅXLWꢎꢀ IRUꢀ H[DPSOHꢎꢀ WKXVꢀ ꢅUHDWHGꢀ Dꢀ ORZꢄꢅRVW  
HꢀSURPꢀGXSOLꢅDWRUꢀIRUꢀPRGHUDWHꢀYROXPHꢀSURGXꢅWLRQꢀXVHꢆ  
ꢅꢁꢌꢂ%*ꢂꢍꢂ2%-ꢂ,13876  
7KHVHꢀꢅRQWUROꢀORJLꢅꢀLQSXWVꢀDUHꢀDꢅWLYHꢀORZꢎꢀDQGꢀWRꢀXVHꢀWKHPꢀVKRXOGꢀEH  
SXOVHGꢀORZꢀPRPHQWDULO\ꢀIRUꢀDWꢀOHDVWꢀWKHꢀEXUVWꢀVSDꢅLQJꢀGXUDWLRQꢌꢀWKXVꢎ  
LIꢀ WKHꢀEXUVWꢀ VSDꢅLQJꢀLVꢀ ꢁPVꢎꢀWKHꢀ OLQHꢀVKRXOGꢀ EHꢀKHOGꢀ ORZꢀIRUꢀ DWꢀOHDVW  
ꢁPVꢆꢀ 7Rꢀ HQJDJHꢀWKHꢀ %*ꢀ RUꢀ2%ꢕꢀ ³PRGHꢀ RYHUULGH´ꢀ IXQꢅWLRQVꢀWKHꢀ OLQH  
VKRXOGꢀEHꢀHYRNHGꢀIRUꢀ!ꢁꢆꢏꢀVHꢅRQGVꢀSULRUꢀWRꢀUHOHDVHꢆꢀ1RWHꢀWKDWꢀLIꢀRQO\  
DꢀVLPSOHꢀ%*ꢀRUꢀ2%ꢕꢀUHꢅDOꢀIXQꢅWLRQꢀLVꢀGHVLUHGꢎꢀLWꢀLVꢀLPSRUWDQWꢀWRꢀQRW  
KROGꢀWKHꢀOLQHꢀORZꢀVRꢀORQJꢀWKDWꢀWKLVꢀRYHUULGHꢀIHDWXUHꢀLVꢀHQJDJHGꢆꢀ5HIHU  
WRꢀ6HꢅWLRQꢀꢑꢆꢁꢐꢀIRUꢀPRUHꢀLQIRUPDWLRQꢀDERXWꢀWKHꢀ%*ꢀDQGꢀ2%ꢕꢀPRGHVꢆ  
ꢇꢄꢈꢄꢇꢀ(&6ꢀ/LQH  
7KHꢀ(&6ꢀOLQHꢀꢋSLQꢀꢃ-ꢀHQDEOHVꢀWKHꢀHꢀSURPꢀIRUꢀUHDGLQJꢀDQGꢀZULWLQJꢌꢀLWꢀLV  
DꢅWLYHꢄKLJKꢆꢀ,WꢀDOVRꢀSURGXꢅHVꢀDꢀꢁXVꢀSRVLWLYHꢀSXOVHꢀMXVWꢀSULRUꢀWRꢀHDꢅK  
EXUVWꢀIRUꢀGLDJQRVWLꢅVꢌꢀWKLVꢀSXOVHꢀGRHVꢀQRWꢀLQWHUIHUHꢀZLWKꢀWKHꢀRSHUDWLRQ  
RIꢀWKHꢀHꢀSURPꢆꢀ7KHꢀ(&6ꢀOLQHꢀVKRXOGꢀEHꢀSXOOHGꢀORZꢀZLWKꢀDꢀꢁꢇ.ꢀWRꢀꢉꢇ.  
UHVLVWRUꢀWRꢀSUHYHQWꢀSRZHUꢄXSꢀWUDQVLHQWVꢀIURPꢀꢅDXVLQJꢀIDOVHꢄZULWHVꢀWR  
WKHꢀHꢀSURPꢆ  
ꢅꢁꢎꢂ26&,//$725  
$OPRVWꢀDQ\ꢀꢉꢇ0+]ꢀꢅHUDPLꢅꢀUHVRQDWRUꢀZLOOꢀZRUNꢆꢀ$ꢀTXDUW]ꢀꢅU\VWDOꢀZLOO  
DOVRꢀIXQꢅWLRQꢎꢀEXWꢀDVLGHꢀIURPꢀDꢀVOLJKWꢀERRVWꢀLQꢀDꢅꢅXUDꢅ\ꢎꢀDQGꢀORQJHU  
VWDUWXSꢀWLPHꢆꢀ7KHꢀUHVRQDWRUꢀVKRXOGꢀKDYHꢀWZRꢀꢅDSDꢅLWRUVꢀWRꢀJURXQGꢀRQ  
HLWKHUꢀVLGHꢎꢀRIꢀꢁꢐS)ꢀWRꢀꢉꢃS)ꢆꢀꢑꢄSLQꢀGHYLꢅHVꢀKDYLQJꢀLQWHUQDOꢀꢅDSDꢅLWRUV  
DUHꢀDYDLODEOHꢎꢀVDYLQJꢀꢅRQVLGHUDEOHꢀERDUGꢀVSDꢅHꢀDQGꢀꢅRVWꢆ  
ꢅꢁꢉꢂ287ꢂ3,1  
7KHꢀ287ꢀSLQꢀꢅDQꢀEHꢀPDGHꢀDꢅWLYHꢀKLJKꢀRUꢀDꢅWLYHꢀORZꢆꢀ7KHꢀSRODULW\ꢀRI  
2XWꢀLVꢀGHWHUPLQHGꢀE\ꢀ6HWXSꢀ>ꢕ@ꢆ  
$QꢀH[WHUQDOꢀRVꢅLOODWRUꢀKDYLQJꢀ&026ꢀGULYHꢀOHYHOVꢀPD\ꢀDOVRꢀEHꢀXVHGꢎ  
E\ꢀ ꢅRQQHꢅWLQJꢀ WKHꢀ RVꢅLOODWRUꢀWRꢀ SLQꢀ ꢂꢀ DQGꢀ OHDYLQJꢀ SLQꢀꢁꢇꢀ RSHQꢆꢀ 7KH  
RVꢅLOODWRUꢀVKRXOGꢀKDYHꢀDꢀꢍꢐꢊꢀWRꢀꢐꢐꢊꢀGXW\ꢀꢅ\ꢅOHꢆ  
287ꢀEHꢅRPHVꢀDꢅWLYHꢀLIꢀWKHꢀVLJQDOꢀKDVꢀꢅURVVHGꢀDꢀWKUHVKROGꢀGHWHꢅWLRQ  
OHYHOꢀDQGꢀ WKHꢀDSSURSULDWHꢀ6HWXSVꢀDUHꢀ HQJDJHGꢀWRꢀDOORZꢀ 287ꢀOLQHꢀWR  
LQGLꢅDWHꢀ GHWHꢅWLRQVꢆꢀ 6HWXSꢀ IXQꢅWLRQVꢀ DUHꢀ GHVꢅULEHGꢀ LQꢀ GHWDLOꢀ LQ  
6HꢅWLRQVꢀꢃꢀDQGꢀꢔꢆ  
/RZHUꢀ IUHTXHQꢅLHVꢀ PD\ꢀ EHꢀ XVHGꢀ LIꢀ GHVLUHGꢀ IRUꢀ UHGXꢅHGꢀ SRZHU  
ꢅRQVXPSWLRQꢎꢀKRZHYHUꢀDOOꢀWLPLQJꢀIXQꢅWLRQVꢀDUHꢀVODYHGꢀWRꢀWKHꢀRVꢅLOODWRU  
DQGꢀZLOOꢀWKXVꢀVORZꢀGRZQꢀDVꢀZHOOꢆ  
287ꢀꢅDQꢀDOVRꢀEHꢅRPHꢀDꢅWLYHꢀLIꢀ WKHꢀ&+*ꢀSLQꢀGHWHꢅWVꢀDꢀVKRUWꢀꢅLUꢅXLW  
WRꢀJURXQGꢆ  
ꢅꢁꢀꢏꢂ,1387ꢂ3527(&7,21  
ꢅꢁꢊꢂ67$7ꢂ3,1  
7KHꢀ&+*ꢀGULYHꢀDQGꢀ%*ꢀDQGꢀ2%ꢕꢀOLQHVꢀDUHꢀLQWHUQDOO\ꢀSURWHꢅWHGꢀIURP  
(6'ꢀE\ꢀꢅODPSꢀGLRGHVꢎꢀKRZHYHUꢎꢀWKLVꢀVKRXOGꢀQRWꢀEHꢀUHOLHGꢀXSRQꢀDVꢀD  
SULPDU\ꢀPHDQVꢀRIꢀSURWHꢅWLRQꢆꢀ,WꢀLVꢀKLJKO\ꢀUHꢅRPPHQGHGꢀWKDWꢀDQ\ꢀSLQV  
H[SRVHGꢀ WRꢀ WKHꢀ RXWVLGHꢀ ZRUOGꢎꢀ LQꢅOXGLQJꢀ &+*ꢎꢀ EHꢀ ꢅODPSHGꢀ YLDꢀ WZR  
KLJKꢀ VSHHGꢎꢀ KLJKꢀ ꢅRQGXꢅWDQꢅHꢎꢀ ORZꢄ&ꢀ VLOLꢅRQꢀ GLRGHVꢀ OLNHꢀ W\SH  
ꢁ1ꢍꢁꢐꢇꢀRUꢀ%$9ꢂꢂꢀꢋVPW-ꢎꢀRQHꢀIURPꢀJURXQGꢀWRꢀWKHꢀSLQꢎꢀDQGꢀWKHꢀRWKHU  
IURPꢀWKHꢀSLQꢀWRꢀ9ꢅꢅꢀRUꢀWRꢀDꢀ]HQHUꢀGLRGHꢀELDVHGꢀXSꢀWRꢀDWꢀOHDVWꢀWKHꢀOHYHO  
RIꢀ 9ꢅꢅꢎꢀDQGꢀ WKDWꢀDꢀ UHVLVWRUꢀEHꢀ SODꢅHGꢀEHWZHHQꢀ WKHVHꢀ ꢅODPSꢀGLRGHV  
DQGꢀWKHꢀ&+*ꢀSLQꢀWRꢀIXUWKHUꢀOLPLWꢀSLQꢀꢅXUUHQWVꢆꢀ6HHꢀ)LJXUHꢀꢁꢍꢄꢁꢆꢀ  
67$7ꢀRSHUDWHVꢀWKHꢀVDPHꢀDVꢀLQꢀWKHꢀ47ꢂꢃꢇꢁ%ꢎꢀEXWꢀLQꢀWKHꢀ%ꢉꢀLWꢀLVꢀDOVR  
XVHGꢀ WRꢀ LQGLꢅDWHꢀ WKHꢀ VXꢅꢅHVVꢀ RIꢀ Dꢀ ꢅORQHꢄLQꢀ RSHUDWLRQꢆꢀ $IWHUꢀ D  
VXꢅꢅHVVIXOꢀꢅORQHꢄLQꢀLWꢀZLOOꢀIODVKꢀꢐꢀWLPHVꢀLQꢀTXLꢅNꢀVXꢅꢅHVVLRQꢆꢀ7KHUHꢀLV  
QRꢀLQGLꢅDWLRQꢀIRUꢀꢅORQHꢄRXWꢆ  
7KHꢀ 67$7ꢀ OLQHꢀ DꢅWVꢀ DVꢀ DꢀPXOWLSXUSRVHꢀ LQGLꢅDWRUꢀ WKDWꢀ VKRZVꢀ RXWSXW  
VWDWHꢎꢀHUURUꢀꢅRQGLWLRQVꢎꢀDQGꢀLQSXWꢀIHHGEDꢅNꢆꢀ,WꢀLVꢀGHVLJQHGꢀWRꢀGULYHꢀDQ  
/('ꢀIRUꢀPHDQLQJIXOꢀRSHUDWRUꢀIHHGEDꢅNꢆꢀ67$7ꢀZLOOꢀRXWSXWꢀDVꢀIROORZV  
GHSHQGLQJꢀRQꢀVHQVRUꢀVWDWHꢒ  
5XQQLQJꢀ DQGꢀ QRWꢀ GHWHꢄWLQJꢂꢀ67$7ꢀ RXWSXWVꢀDꢀSRVLWLYHꢀꢁꢇPVꢀSXOVH  
DWꢀ Dꢀ ꢁꢇ+]ꢀ UDWHꢀ ꢋꢁꢇꢊꢀ GXW\ꢀ ꢅ\ꢅOH-ꢌꢀ RQꢀ DQꢀ /('ꢀ WKLVꢀ JHQHUDWHVꢀ Dꢀ ORZꢎ  
YHU\ꢀQRWLꢅHDEOHꢀIOLꢅNHUꢆ  
1RWHꢀ WKDWꢀWKHꢀ47ꢂꢃꢇꢁ%ꢉꢀ IRUꢅHVꢀWKHꢀ ;)5ꢀOLQHꢀ KLJKꢀDQGꢀ ꢅODPSVꢀWKH  
&65ꢀ OLQHꢀ ORZꢀ EHWZHHQꢀ EXUVWVꢀ WRꢀ VHOIꢄꢅODPSꢀ DQGꢀ GLVVLSDWHꢀ (6'  
ꢅXUUHQWVꢆ  
5XQQLQJꢀDQGꢀ GHWHꢄWLQJꢂꢀ67$7ꢀRXWSXWVꢀDꢀSRVLWLYHꢀꢂꢇPVꢀSXOVHꢀDWꢀD  
ꢁꢇ+]ꢀUDWHꢀꢋꢂꢇꢊꢀGXW\ꢀꢅ\ꢅOH-ꢌꢀRQꢀDQꢀ/('ꢀWKLVꢀJHQHUDWHVꢀDꢀEULJKWꢀEXW  
IOLꢅNHULQJꢀRXWSXWꢆ  
ꢅꢁꢀꢀꢂ&+*ꢂ6+257ꢂ&,5&8,7ꢂ'(7(&7,21  
7KHꢀ47ꢂꢃꢇꢁ%ꢉꢀꢅDQꢀVHQVHꢀVKRUWVꢀWRꢀJURXQGꢀRQꢀ&+*ꢆꢀ:KHQꢀDꢀVKRUW  
LVꢀ GHWHꢅWHGꢎꢀ WKHꢀ 287ꢀ DQGꢀ 67$7ꢀ OLQHVꢀ DUHꢀ IRUꢅHGꢀ DꢅWLYHꢀ IRUꢀ WKH  
GXUDWLRQꢀRIꢀWKHꢀVKRUWꢆꢀ6KRUWꢀGHWHꢅWLRQꢀRSHUDWHVꢀE\ꢀPRQLWRULQJꢀRXWSXW  
ꢅXUUHQWꢀ WKURXJKꢀWKHꢀ LQWHUQDOꢀ SꢄPRVIHWꢀGHYLꢅHꢌꢀ H[WHUQDOꢀ (6'ꢀꢅLUꢅXLWV  
WKDWꢀLQꢅOXGHꢀDꢀVHULHVꢀUHVLVWDQꢅHꢀꢅDQꢀOLPLWꢀWKLVꢀꢅXUUHQWꢀDUWLILꢅLDOO\ꢎꢀWKXV  
UHQGHULQJꢀ WKHꢀ VKRUWꢀ GHWHꢅWLRQꢀ V\VWHPꢀ LQHIIHꢅWLYHꢆꢀ 2SHUDWLRQꢀ RIꢀ WKH  
VKRUWꢀ GHWHꢅWLRQꢀ ꢅLUꢅXLWꢀ LVꢀ WKXVꢀ QRWꢀ JXDUDQWHHGꢀ XQGHUꢀ DOOꢀ ꢅRQGLWLRQV  
DQGꢀVKRXOGꢀRQO\ꢀEHꢀUHOLHGꢀXSRQꢀDVꢀDꢀEDꢅNXSꢀGHWHꢅWLRQꢀPHWKRGꢆꢀ$OVRꢎ  
QRWHꢀWKDWꢀWKHꢀGHYLꢅHꢀꢅDQQRWꢀGHWHUPLQHꢀRSHQꢀHOHꢅWURGHꢀꢅRQGLWLRQVꢆ  
:KHQꢀDQꢀLQSXWꢀOLQHꢀꢅ%*ꢀRUꢀ2%-ꢆꢀLVꢀHYRNHGꢂꢀ67$7ꢀLVꢀIRUꢅHGꢀORZꢀIRU  
WKHꢀGXUDWLRQꢀWKHꢀLQSXWꢀOLQHꢀLVꢀKHOGꢀORZꢆ  
,Iꢀ %*ꢀ RUꢀ 2%-ꢀ DUHꢀ HYRNHGꢀIRUꢀ !ꢃVHꢄVꢂꢀ $IWHUꢀ LQSXWꢀ UHOHDVHꢎꢀ 67$7  
ZLOOꢀJRꢀ³VROLGꢀKLJK´ꢀIRUꢀôꢀVHꢅRQGꢀEHIRUHꢀLWꢀHQWHUVꢀWKHꢀQHZꢀPRGHꢆ  
:KLOHꢀꢄDOLEUDWLQJꢂꢀ67$7ꢀZLOOꢀEHꢀIRUꢅHGꢀ³VROLGꢀORZ´ꢌꢀWKLVꢀXVXDOO\ꢀWDNHV  
ZHOOꢀXQGHUꢀDꢀVHꢅRQGꢆ  
,Iꢀ &+*ꢀLVꢀ VKRUWHGꢀ WRꢀ JURXQGꢀZKLOHꢀ QRUPDOO\ꢀ UXQQLQJꢂꢀ 67$7ꢀZLOO  
JRꢀ³VROLGꢀKLJK´ꢀIRUꢀWKHꢀGXUDWLRQꢀRIꢀWKHꢀVKRUWꢆ  
ꢉ
96 ꢁ (ꢂQ − ꢃ)  
ꢅꢁꢀꢃꢂ32:(5ꢂ6833/<ꢂ$1'ꢂ3&%ꢂ/$<287  
7KHꢀ GHYLꢅHꢀ UHTXLUHVꢀ Dꢀ VWDEOHꢎꢀ QRLVHꢄIUHHꢀ SRZHUꢀ VXSSO\ꢆꢀ $ꢀ ORZꢀ ꢅRVW  
ꢃꢔ/ꢇꢐꢀꢅODVVꢀUHJXODWRUꢀZLOOꢀZRUNꢀILQHꢀIRUꢀYLUWXDOO\ꢀDOOꢀDSSOLꢅDWLRQVꢎꢀEXWꢀLW  
VKRXOGꢀ QRWꢀ EHꢀ VKDUHGꢀ ZLWKꢀ GHYLꢅHVꢀ WKDWꢀ ꢅDQꢀ SURGXꢅHꢀ WUDQVLHQWVꢀ RU  
HUUDWLꢅꢀ ORDGLQJꢆꢀ 'HVLJQVꢀ VKRXOGꢀ XVHꢀ Dꢀ UHJXODWRUꢀ VSHꢅLILꢅDOO\ꢀ IRUꢀ WKH  
47ꢂꢃꢇꢁ%ꢉꢀ LIꢀ SRVVLEOHꢌꢀWHVWLQJꢀ ꢅDQꢀ GHWHUPLQHꢀ LIꢀWKHꢀ UHJXODWRUꢀ ꢅRXOG  
EHꢀVKDUHGꢀZLWKꢀRWKHUꢀꢅLUꢅXLWU\ꢆ  
ꢀ
 ꢀꢀ 1 96 $9 ꢁ &7  
&
7
 ꢀꢀ 1 $9 (ꢂQ − ꢃ) ꢀꢀ^&[ꢀSHUꢀ$'&ꢀOHYHO`  
*LYHQꢒ &Wꢀ ꢀꢇꢆꢇꢐꢏꢀ—)ꢀꢗꢀꢍꢀ[ꢀꢇꢆꢇꢇꢍꢃꢀ—)ꢀ ꢀꢇꢆꢇꢃꢍꢔꢀ—)  
1ꢀ ꢀꢏꢍꢎꢀ $Yꢀ ꢀꢉꢔꢍꢎꢀQꢀ ꢀꢔꢀELWV  
7KHꢀꢃꢔ/ꢇꢐꢀVKRXOGꢀEHꢀSURSHUO\ꢀE\SDVVHGꢀRQꢀLWVꢀLQSXWꢀDQGꢀRXWSXWꢆꢀ,WV  
LQSXWꢀVXSSO\ꢀVKRXOGꢀDOVRꢀEHꢀUHODWLYHO\ꢀVWDEOHꢀDQGꢀQRLVHꢄIUHHꢀVRꢀDVꢀWR  
PLQLPL]Hꢀ IHHGWKURXJKꢀ QRLVHꢀ ꢅRPSRQHQWVꢀ YLDꢀ LWVꢀ SDVVꢀ WUDQVLVWRUꢆꢀ $  
ꢉꢉ—)ꢀ WDQWDOXPꢀ RUꢀ ꢁꢇꢇꢀ —)ꢀ ORZꢄ=ꢀ DOXPLQXPꢀ ꢅDSDꢅLWRUꢀ LV  
UHꢅRPPHQGHGꢀRQꢀWKHꢀRXWSXWꢀRIꢀWKHꢀꢃꢔ/ꢇꢐꢆ  
7KHQꢀWKHꢀRYHUDOOꢀVHQVLWLYLW\ꢀLVꢀDERXWꢀꢁꢏꢀIHPWRIDUDGVꢀSHUꢀ$'&ꢀOHYHOꢆ  
7KLVꢀꢅDQꢀHDVLO\ꢀEHꢀDGMXVWHGꢀE\ꢀDOWHULQJꢀDQ\ꢀRIꢀWKUHHꢀSDUDPHWHUVꢒꢀ1ꢎ  
ZKLꢅKꢀꢅDQꢀEHꢀDOWHUHGꢀLQꢀWKHꢀHꢀSURPꢀVHWXSVꢎꢀDPSꢀJDLQꢀ$YꢎꢀDQGꢀWRWDO  
VDPSOHUꢀꢅDSDꢅLWDQꢅHꢀ&Wꢆ  
1RWHꢀWKDWꢀVXSSO\ꢀYROWDJHꢀ9VꢀꢅRQYHQLHQWO\ꢀGURSVꢀRXWꢀRIꢀWKHꢀHTXDWLRQꢀꢄ  
WKXVꢎꢀ WKHꢀ VHQVRUꢀ LVꢀ ODUJHO\ꢀ LPPXQHꢀ WRꢀ VORZꢀ ꢅKDQJHVꢀ LQꢀ VXSSO\  
YROWDJHꢎꢀDOWKRXJKꢀLWꢀꢅDQꢀEHꢀVHQVLWLYHꢀWRꢀWUDQVLHQWꢀVXSSO\ꢀH[ꢅXUVLRQV  
ZKLꢅKꢀGRꢀQRWꢀHTXDOO\ꢀDIIHꢅWꢀDOOꢀDVSHꢅWVꢀRIꢀWKHꢀDꢅTXLVLWLRQꢀSURꢅHVVꢆ  
$ꢀ3&%ꢀ JURXQGꢀSODQHꢀ RUꢀꢅRSSHUꢀ SRXUꢀDUHDꢀ WKURXJKRXWꢀWKHꢀ ꢅLUꢅXLWꢀLV  
KLJKO\ꢀ UHꢅRPPHQGHGꢆꢀ 2WKHUꢀ ꢅLUꢅXLWVꢎꢀ LQꢅOXGLQJꢀ DQ\ꢀ RXWSXWꢀ GULYHU  
WUDQVLVWRUVꢎꢀ VKRXOGꢀ QRWꢀ DOORZꢀ WKHLUꢀ ꢅXUUHQWVꢀ WRꢀ IORZꢀ WKURXJKꢀ WKH  
VHQVRU¶Vꢀ ꢅLUꢅXLWꢀ DUHDꢌꢀ JURXQGVꢀ VKRXOGꢀ DOZD\Vꢀ EHꢀ OHGꢀ EDꢅNꢀ WRꢀ D  
ꢅRPPRQꢀWLHꢀSRLQWꢀDWꢀWKHꢀSRLQWꢀQHDUꢀWKHꢀHQWU\ꢀRIꢀWKHꢀVXSSO\ꢀRQWRꢀWKH  
3&%ꢀLQꢀDꢅꢅRUGDQꢅHꢀZLWKꢀꢅXVWRPDU\ꢀ³VHQVLWLYHꢀDQDORJ´ꢀSUDꢅWLꢅHꢆ  
ꢅꢁꢀꢉꢂ%*ꢐꢂ%*ꢍ2%-ꢐꢂ$1'ꢂ2%-ꢂ02'(6  
7KHꢀ47ꢂꢃꢇꢁ%ꢉꢀRSHUDWHVꢀLQꢀHLWKHUꢀRIꢀWZRꢀSULPDU\ꢀꢅDOLEUDWLRQꢀPRGHVꢒ  
6HQVHꢀOHDGꢀꢅODPSꢀGLRGHVꢀVKRXOGꢀVKXQWꢀ(6'ꢀꢅXUUHQWVꢀEDꢅNꢀWRꢀHDUWK  
YLDꢀWKHꢀPRVWꢀGLUHꢅWꢀURXWHꢀSRVVLEOHꢎꢀZLWKRXWꢀWUDYHUVLQJꢀWKHꢀDUHDꢀRIꢀWKH  
ꢅLUꢅXLWU\ꢌꢀ (6'ꢀ UHWXUQꢀ ꢅXUUHQWVꢀ VKRXOGꢀ DOVRꢀ QRWꢀ VKDUHꢀ Dꢀ ꢅRPPRQ  
JURXQGꢀ SDWKꢀ ZLWKꢀ WKHꢀ VHQVRUꢀ ꢅLUꢅXLWU\ꢆꢀ 7KHVHꢀ ꢅODPSꢀ GLRGHVꢀ VKRXOG  
VKXQWꢀDVꢀGLUHꢅWO\ꢀWRꢀDꢀERDUGꢀPRXQWLQJꢀKROHꢀꢋRUꢀRWKHUꢀPDMRUꢀJURXQGꢀWLH  
SRLQW-ꢀ DVꢀ SRVVLEOHꢆꢀ 3RVLWLYHꢀ ꢅODPSHGꢀ (6'ꢀ ꢅXUUHQWVꢀ DUHꢀ RIWHQ  
QHJOHꢅWHGꢀLQꢀGHVLJQVꢌꢀWKH\ꢀVKRXOGꢀEHꢀVKXQWHGꢀYLDꢀDꢀKLJKꢀTXDOLW\ꢀORZ  
LQGXꢅWDQꢅHꢀE\SDVVꢀꢅDSDꢅLWRUꢀDQGꢈRUꢀ]HQHUꢀEDꢅNꢀWRꢀWKHꢀVDPHꢀJURXQG  
WLHꢀSRLQWꢆ  
ꢁꢆ µ1RUPDO¶ꢀPRGHꢂꢀVHQVRUꢀPDNHVꢀXVHꢀRIꢀWKHꢀVHWWLQJꢀRIꢀ'HWHꢅW  
7KUHVKROGꢆꢀ7KLVꢀPRGHꢀLVꢀWKHꢀIDꢅWRU\ꢀGHIDXOWꢀVHWWLQJꢆꢀ(YRNLQJꢀ%*  
LQꢀµQRUPDO¶ꢀPRGHꢀVLPSO\ꢀꢅDXVHVꢀDꢀUHꢅDOLEUDWLRQꢀWRꢀRꢅꢅXUꢎꢀWKDWꢀLVꢎ  
WKHꢀUHIHUHQꢅHꢀSRLQWꢀLVꢀUHꢅHQWHUHGꢀDQGꢀZLWKꢀLWꢀWKHꢀWKUHVKROG  
OHYHOꢋV-ꢆꢀµ1RUPDO¶ꢀPRGHꢀLVꢀ%*ꢀPRGHꢀDQGꢀLVꢀUHIHUUHGꢀWRꢀDVꢀ%*  
PRGHꢆ  
ꢉꢆ µ/HDUQ¶ꢀPRGHꢂꢀ7KHꢀVHQVRUꢀLJQRUHVꢀ'HWHꢅWꢀ7KUHVKROGꢎꢀDQG  
µOHDUQVꢀE\ꢀH[DPSOH¶ꢆꢀ7KHUHꢀDUHꢀWZRꢀYDULDWLRQVꢀRIꢀµ/HDUQ¶ꢀPRGHꢒ  
%*ꢈ2%ꢕꢎꢀDQGꢀ2%ꢕꢆ  
&RPSRQHQWꢀ ORꢅDWLRQꢀ LVꢀ UHODWLYHO\ꢀ XQLPSRUWDQWꢀ DQGꢀ QRQꢄꢅULWLꢅDOꢎꢀ ZLWK  
WKHꢀ DERYHꢀ QRWHGꢀ H[ꢅHSWLRQVꢎꢀ DQGꢀ WKHꢀ ꢅLUꢅXLWꢀ ꢅDQꢀ HDVLO\ꢀ EH  
LPSOHPHQWHGꢀRQꢀDꢀꢉꢄOD\HUꢀ3&%ꢆ  
6ZLWꢄKLQJꢀPRGHVꢂꢀ7KHVHꢀPRGHVꢀꢅDQꢀEHꢀHQWHUHGꢀLQWRꢀDWꢀZLOOꢀE\ꢀWKH  
XVHꢀRIꢀWKHꢀ%*ꢀDQGꢀ2%ꢕꢀꢅRQWUROꢀOLQHVꢀDVꢀH[SODLQHGꢀEHORZꢆ  
ꢅꢁꢀꢅꢂ$1$/2*ꢂ287387ꢂ9,$ꢂ603ꢂ/,1(  
0DNLQJꢀWKHꢀPRGHꢀSHUPDQHQWꢂꢀ 7KHꢀVHOHꢅWHGꢀ%*ꢎꢀ%*ꢈ2%ꢕꢀRUꢀ2%ꢕ  
$Qꢀ DQDORJꢀ RXWSXWꢀ PD\ꢀ RSWLRQDOO\ꢀ EHꢀ REWDLQHGꢀ XVLQJꢀ Dꢀ VDPSOHꢀ DQG PRGHꢀ ꢅDQꢀ EHꢀ VWRUHGꢀ ³SHUPDQHQWO\´ꢀ LQWRꢀ WKHꢀ H[WHUQDOꢀ HꢀSURPꢀ LI  
KROGꢀꢅLUꢅXLWꢆꢀ7KHꢀ47ꢂꢃꢇꢁ%ꢉꢀSURYLGHVꢀDꢀVDPSOHꢀSXOVHꢀꢋ603-ꢀZKLꢅK SUHVHQWꢎꢀ EXWꢀ RQO\ꢀ LIꢀ 'DWDꢀ /RꢅNLQJꢀ >)ꢆE@ꢀ LVꢀ RQꢆꢀ 7KHꢀ PRGHꢀ ꢅDQꢀ EH  
LVꢀDꢀSRVLWLYHꢄGULYHꢀSXOVHꢀWLPHGꢀWRꢀꢅRLQꢅLGHꢀZLWKꢀDꢀVWDEOHꢀSRUWLRQꢀRIꢀWKH ꢅKDQJHGꢀ DWꢀ DQ\ꢀ WLPHꢀ DQGꢀ LVꢀ DXWRPDWLꢅDOO\ꢀ VWRUHGꢀ DJDLQꢀ LQWRꢀ WKH  
RXWSXWꢀRIꢀWKHꢀVLJQDOꢀDPSOLILHUꢀꢅKDLQꢆ  
HꢀSURPꢎꢀRYHUZULWLQJꢀWKHꢀSULRUꢀPRGHꢆꢀ,Iꢀ'DWDꢀ/RꢅNLQJꢀLVꢀVHWꢀWRꢀꢇꢀRUꢀꢂꢎ  
RUꢀLIꢀWKHꢀHꢀSURPꢀLVꢀDEVHQWꢎꢀWKHꢀXQLWꢀZLOOꢀDOZD\VꢀSRZHUꢀXSꢀLQꢀ%*ꢀPRGH  
DQGꢀLPPHGLDWHO\ꢀSHUIRUPꢀDꢀIXOOꢀꢅDOLEUDWLRQꢀDIWHUꢀVWDUWXSꢆ  
7KHꢀVDPSOHꢀDQGꢀKROGꢀꢅDQꢀEHꢀPDGHꢀRIꢀDꢀꢃꢍ+&ꢍꢇꢏꢏꢀW\SHꢀVZLWꢅKꢀDQG  
DꢀꢁQ)ꢀꢅHUDPLꢅꢀꢅDSDꢅLWRUꢎꢀIROORZHGꢀE\ꢀDꢀ&026ꢀEXIIHUꢀDPSOLILHUꢆꢀ  
0RGHꢀ PDQLSXODWLRQꢀ RYHUꢀ WKHꢀ 8$57ꢀ SRUWꢂꢀ 7KHꢀ %*ꢎꢀ 2%ꢕꢎꢀ DQG  
%*ꢈ2%ꢕꢀ PRGHVꢀ ꢅDQꢀ EHꢀ PRGLILHGꢀ DWꢀ ZLOOꢀ YLDꢀ VHULDOꢀ ꢋ8$57-  
ꢅRPPDQGVꢆꢀ $ꢀ VHULDOꢀ ꢅRPPDQGꢀ RSHUDWHVꢀ H[DꢅWO\ꢀ OLNHꢀ Dꢀ SRUWꢀ SLQ  
DVVHUWLRQꢎꢀZLWKꢀWKHꢀH[ꢅHSWLRQꢀWKDWꢀDꢀꢓORQJꢓꢀDVVHUWLRQꢀLVꢀUHSODꢅHGꢀE\ꢀD  
ꢅDSLWDOꢀOHWWHUꢀꢅRPPDQGꢆꢀ)RUꢀH[DPSOHꢎꢀ7RꢀDVVHUWꢀDꢀ%*ꢀꢅRPPDQGꢎꢀWKH  
ORZHUꢅDVHꢀ OHWWHUꢀ ꢓEꢓꢀ LVꢀ VHQWꢀ WRꢀ WKHꢀ GHYLꢅHꢆꢀ 7Rꢀ DVVHUWꢀ Dꢀ %*ꢀ RYHUULGH  
ꢅRPPDQGꢎꢀWKHꢀOHWWHUꢀꢓ%ꢓꢀLVꢀVHQWꢆꢀ7KHꢀ2%ꢕꢀꢅRPPDQGꢀLVꢀDꢅꢅRPSOLVKHG  
YLDꢀ WKHꢀ OHWWHUVꢀ ꢓRꢓꢀ DQGꢀ ꢓ2ꢓꢆꢀ 5HIHUꢀ WRꢀ 6HꢅWLRQꢀ ꢍꢀ DQGꢀ 7DEOHꢀ ꢍꢄꢁꢀ IRU  
GHWDLOVꢆ  
:KHQꢀXVLQJꢀDꢀ6ꢈ+ꢀꢅLUꢅXLWꢀWRꢀREWDLQꢀDQꢀDQDORJꢀRXWSXWꢎꢀDYRLGꢀXVLQJꢀD  
TXDGꢀRSDPSꢀVKDUHGꢀ DOVRꢀDVꢀWKHꢀPDLQꢀJDLQꢀ DPSOLILHUꢎꢀLQVWHDGꢀRIꢀWZR  
VHSDUDWHꢀSDꢅNDJHVꢆꢀ7KHꢀVOHZꢀUDWHꢀDQGꢀORDGLQJꢀRIꢀWKHꢀ6ꢈ+ꢀEXIIHUꢀꢅDQ  
SURGXꢅHꢀPDMRUꢀGLVWXUEDQꢅHVꢀLQꢀRWKHUꢀRSDPSVꢀRQꢀWKHꢀVDPHꢀGLHꢆ  
7KHꢀ603ꢀOLQHꢀVKRXOGꢀQHYHUꢀEHꢀURXWHGꢀQHDUꢀWKHꢀ&VꢀVDPSOHꢀꢅDSꢀRUꢀWKH  
DPSOLILHUꢀ RSDPSꢀ ꢅKDLQꢎꢀ DVꢀ WKLVꢀ SXOVHꢀ ꢅDQꢀ HDVLO\ꢀ VXSHULPSRVHꢀ D  
VHYHUHꢀWUDQVLHQWꢀRQꢀWKHꢀVLJQDOꢀDWꢀWKHꢀH[DꢅWꢀPRPHQWꢀZKHUHꢀLWꢀVKRXOG  
EHꢀVWDEOHꢆ  
ꢇꢄꢃꢋꢄꢃꢀ:KHQꢀWRꢀ8VHꢀ(DꢆKꢀ0RGH  
0RGHꢀVHOHꢅWLRQꢀGHSHQGVꢀRQꢀWKHꢀVHQVLQJꢀHIIHꢅWꢀGHVLUHGꢆ  
ꢅꢁꢀꢆꢂꢄꢂ6(1625ꢂ5(62/87,21  
7KHꢀ VHQVRU¶Vꢀ RYHUDOOꢀ VHQVLWLYLW\ꢀ LVꢀ Dꢀ IXQꢅWLRQꢀ RIꢀ VHYHUDOꢀ IDꢅWRUVꢎ  
LQꢅOXGLQJꢒ  
%*ꢂꢀ%*ꢀPRGHꢀLVꢀGHVLJQHGꢀWRꢀDOORZꢀDGYDQꢅHGꢀSURꢅHVVLQJꢀIXQꢅWLRQV  
OLNHꢀ ³SUR[ꢀ WUDS´ꢀ ZKLOHꢀ DOVRꢀ SHUPLWWLQJꢀ GULIWꢀ ꢅRPSHQVDWLRQꢆꢀ %*ꢀ RQO\  
UHTXLUHVꢀDꢀVLQJOHꢀꢅRPPDQGꢀWRꢀꢅDOLEUDWHꢀWRꢀWKHꢀEDꢅNJURXQGꢀOHYHOꢎꢀEXW  
WKHꢀ WKUHVKROGꢀ OHYHOꢀ PXVWꢀ EHꢀ VHWꢀ YLDꢀ WKHꢀ HꢀSURPꢀ DQGꢀ ꢅDQQRWꢀ EH  
µOHDUQHG¶ꢆꢀ%*ꢀZLOOꢀDOVRꢀSHUPLWꢀPD[LPL]HGꢀVHQVLWLYLW\ꢀZLWKꢀEDꢅNJURXQG  
UHIHUHQꢅHꢀ GULIWꢀ WUDꢅNLQJꢀ DWꢀ DOOꢀ WLPHVꢆꢀ ,Wꢀ ZLOOꢀ DOVRꢀ SHUPLWꢀ µPRWLRQ¶  
GHWHꢅWLRQꢀ SURꢅHVVLQJꢎꢀ ZKHUHꢀ PRWLRQꢀ LQꢀ HLWKHUꢀ GLUHꢅWLRQꢀ ZLOOꢀ ꢅDXVHꢀ D  
GHWHꢅWLRQꢆꢀ2%ꢕꢀDQGꢀ%*ꢈ2%ꢕꢀꢅDQQRWꢀSURYLGHꢀWKHVHꢀIXQꢅWLRQVꢆ  
ꢁꢆ 7RWDOꢀVDPSOHUꢀꢅDSDꢅLWDQꢅHꢎꢀ&Vꢀꢗꢀꢋ&]ꢁꢀꢆꢆꢆꢀ&]ꢍ-ꢀ ꢀ&7  
ꢉꢆ %XUVWꢀOHQJWKꢎꢀ1  
ꢑꢆ 7RWDOꢀDPSOLILHUꢀJDLQꢎꢀ$Y  
ꢍꢆ $'&ꢀUHVROXWLRQꢎꢀELWVꢎꢀQ  
ꢐꢆ 3RZHUꢀVXSSO\ꢀYROWDJHꢎꢀ9V  
'LIIHUHQWLDOꢀ JDLQꢀ DWꢀ WKHꢀ RXWSXWꢀ RIꢀ WKHꢀ RSHUDWLRQDOꢀ DPSOLILHUꢀ LV  
GHWHUPLQHGꢀE\ꢒ  
2%-ꢂꢀ 8VHꢀ IRUꢀ GHWHꢅWLQJꢀ REMHꢅWVꢀ WKDWꢀ JHQHUDWHꢀ ODUJHꢀ VLJQDOVꢎꢀ ZKHUH  
OLWWOHꢀSURꢅHVVLQJꢀILQHVVHꢀLVꢀUHTXLUHGꢆꢀ(YRNLQJꢀ2%ꢕꢀZLOOꢀWULJJHUꢀDꢀ³OHDUQ  
E\ꢀ H[DPSOH´ꢀ DQGꢀ VHWꢀ WKHꢀ WKUHVKROGꢀ DXWRPDWLꢅDOO\ꢎꢀ DQGꢀ VWRUHꢀ WKDW  
VHWWLQJꢀLQWRꢀWKHꢀHꢀSURPꢀLIꢀSUHVHQWꢆꢀ,IꢀQRꢀHꢀSURPꢀLVꢀSUHVHQWꢎꢀWKLVꢀPRGH  
PXVWꢀ EHꢀ HQWHUHGꢀ DQGꢀ UHꢅDOLEUDWHGꢀ DIWHUꢀ HDꢅKꢀ SRZHUꢀ XSꢀ E\ꢀ HYRNLQJ  
2%ꢕꢆꢀ7KLVꢀLVꢀDꢀVLPSOHꢀIL[HGꢀWKUHVKROGꢀSRLQWꢀZLWKRXWꢀNQRZOHGJHꢀRIꢀWKH  
EDꢅNJURXQGꢀUHIHUHQꢅHꢀOHYHOꢆ  
1 9V $9  
>ꢉ@  
ꢀ
ꢀꢀꢀ^YROWVꢀꢈꢀ&[`  
&
7
7KHꢀ$'&ꢀUHVROXWLRQꢀLVꢀGHILQHGꢀLQꢀWHUPVꢀRIꢀYROWVꢀSHUꢀOHYHOꢎꢀUHVXOWLQJꢀLQ  
WKHꢀIROORZLQJꢀRYHUDOOꢀVHQVLWLYLW\ꢀHTXDWLRQꢒ  
$'& UHVROXWLRQ  
GLIIHUHQWLDO JDLQ  
>ꢑ@  
6HQVLWLYLW\ꢀ ꢀ  
ꢀ
ꢊ
%*ꢇ2%-ꢂꢀ )RUꢀ ³OHDUQꢀ E\ꢀ H[DPSOH´ꢀ ꢅDOLEUDWLRQꢀ ZLWKꢀ ꢅRQWLQXRXV ,IꢀGHYLꢄHꢀDOUHDG\ꢀLQꢀ³SXUHꢀ2%-´ꢀPRGHꢂꢀ(YRNLQJꢀ2%ꢕꢀꢋRUꢀVHQGLQJ  
EDꢅNJURXQGꢀGULIWꢀꢅRPSHQVDWLRQꢆꢀ 7KLVꢀPRGHꢀꢅDQꢀEHꢀWKRXJKWꢀ RIꢀDVꢀD WKHꢀOHWWHUꢀꢓRꢓꢀ RUꢀꢓ2ꢓꢀYLDꢀ8$57-ꢀZLOOꢀꢅDXVHꢀ DꢀQHZꢀGHWHꢅWLRQꢀWKUHVKROG  
K\EULGꢀEHWZHHQꢀWKHꢀµSXUH¶ꢀ%*ꢀDQGꢀ2%ꢕꢀPRGHVꢆꢀ,WꢀUHTXLUHVꢀWZRꢀLQSXW SRLQWꢀWRꢀEHꢀ OHDUQHGꢀDWꢀWKHꢀꢅXUUHQWꢀVLJQDOꢀOHYHOꢌꢀ XQLWꢀUHPDLQVꢀLQꢀ2%ꢕ  
ꢅRPPDQGVꢎꢀRQHꢀILUVWꢀRQꢀWKHꢀ%*ꢀOLQHꢎꢀWKHQꢀRQHꢀRQꢀ2%ꢕꢆꢀ,IꢀQRꢀHꢀSURP PRGHꢆ  
LVꢀ SUHVHQWꢎꢀ %*ꢈ2%ꢕꢀ PXVWꢀ EHꢀ HQWHUHGꢀ DQGꢀ UHꢅDOLEUDWHGꢀ DIWHUꢀ HDꢅK  
,Iꢀ LQꢀ GRXEWꢎꢀ HYRNHꢀ 2%ꢕꢀ IRUꢀ !ꢁꢆꢏꢀ VHꢅRQGVꢀ ꢋRUꢀ VHQGꢀ WKHꢀ OHWWHUꢀ ꢓ2ꢓꢀ YLD  
SRZHUꢀXSꢆ  
8$57-ꢆꢀ7KHꢀ67$7ꢀOLQHꢀZLOOꢀJRꢀ³VROLGꢀKLJK´ꢀIRUꢀDERXWꢀôꢀVHꢅRQGꢀDQG  
7KHꢀ %*ꢀ LQSXWꢀ LVꢀ ILUVWꢀ XVHGꢀ WRꢀ VHWꢀ WKHꢀ EDꢅNJURXQGꢀ UHIHUHQꢅHꢀ VLJQDO WKHQꢀ WKHꢀGHYLꢅHꢀ ZLOOꢀ UHꢅDOꢀLQꢀ SXUHꢄ2%ꢕꢀ PRGHꢆꢀ,Iꢀ 67$7ꢀ GRHVꢀQRWꢀ JR  
ꢅDOLEUDWLRQꢀ SRLQWꢌꢀ WKHQꢎꢀWKHꢀ REMHꢅWꢀ WRꢀ EHꢀ VHQVHGꢀ LVꢀLQWURGXꢅHGꢀ WRꢀ WKH ³VROLGꢀKLJK´ꢎꢀWKHꢀOLQHꢀZDVꢀQRWꢀHYRNHGꢀORQJꢀHQRXJKꢆ  
VHQVHꢀILHOGꢎꢀDQGꢀWKHꢀ2%ꢕꢀOLQHꢀLVꢀWRJJOHGꢆꢀ7KHꢀVHQVRUꢀWKHQꢀꢓOHDUQVꢓꢀWKH  
+\VWHUHVLVꢀLQꢀ2%-ꢀ0RGHꢂꢀ ꢀ7KHꢀK\VWHUHVLVꢀ YDOXHꢀLVꢀWDNHQꢀ IURPꢀWKH  
VLJQDOꢀ IURPꢀ WKHꢀ REMHꢅWꢀ WRꢀ ꢅUHDWHꢀ Dꢀ WKUHVKROGꢀ SRLQWꢎꢀ EXWꢀ LWꢀ DOVRꢀ VWLOO  
YDOXHꢀ RIꢀ WKHꢀ 'HWHꢅWꢀ 7KUHVKROGꢀ VHWXSꢎꢀ RUꢀ ꢅDQꢀ EHꢀ IRUꢅHGꢀ WRꢀ ]HUR  
ꢓNQRZVꢓꢀWKHꢀEDꢅNJURXQGꢀUHIHUHQꢅHꢀOHYHOꢀꢋKHQꢅHꢎꢀꢓ%*ꢈ2%ꢕꢓ-ꢆꢀ:LWKꢀWKH  
K\VWHUHVLVꢀLIꢀ +\VWHUHVLVꢀVHWWLQJꢀ>ꢁ@ꢀLVꢀ VHWꢀWRꢀ>ꢁꢆꢑ@ꢀ ꢋꢇꢀK\VWHUHVLV-ꢀYLD  
NQRZOHGJHꢀRIꢀWKHꢀEDꢅNJURXQGꢀOHYHOꢎꢀWKHꢀVHQVRUꢀꢅDQꢀꢅRPSHQVDWHꢀIRU  
WKHꢀHꢀSURPꢆꢀ,IꢀWKHꢀHꢀSURPꢀLVꢀDEVHQWꢎꢀWKHꢀK\VWHUHVLVꢀLVꢀVHWꢀWRꢀꢔꢀꢅRXQWV  
GULIWꢀZKHQꢀWKHꢀREMHꢅWꢀLVꢀDEVHQWꢆ  
RIꢀ VLJQDOꢀ E\ꢀ GHIDXOWꢆꢀ )RUꢀ H[DPSOHꢎꢀ LIꢀ WKHꢀ 'HWHꢅWꢀ 7KUHVKROGꢀ LVꢀ VHWꢀ WR  
>ꢇꢆꢏ@ꢎꢀDQGꢀ+\VWHUVLVꢀLVꢀVHWꢀWRꢀ>ꢁꢆꢁ@ꢎꢀWKHꢀDꢅWXDOꢀK\VWHUHVLVꢀXVHGꢀLQꢀ2%ꢕ  
PRGHꢀLVꢀIL[HGꢀDWꢀꢁꢁꢀꢅRXQWVꢀRIꢀVLJQDOꢆꢀ  
ꢇꢄꢃꢋꢄꢅꢀ%*ꢀ0RGHꢀ'HWDLOV  
,Qꢀ%*ꢀPRGHꢀWKHꢀWKUHVKROGꢀOHYHOꢋV-ꢀDUHꢀWDNHQꢀIURPꢀ'HWHꢅWꢀ7KUHVKROG  
>ꢇ@ꢎꢀ ZKLOHꢀ K\VWHUHVLVꢀ LVꢀ GHILQHGꢀ E\ꢀ >ꢁ@ꢆꢀ 7KHUHꢀ DUHꢀ DOVRꢀ VRPHꢀ IXUWKHU  
LVVXHVꢀUHODWHGꢀWRꢀ'DWDꢀ/RꢅNLQJꢒ  
,Iꢀ WKHꢀ K\VWHUHVLVꢀLVꢀ WRRꢀ ODUJHꢀ IRUꢀ WKHꢀ VLJQDOVꢀHQꢅRXQWHUHGꢎꢀ µVWLꢅNLQJ¶  
ꢅDQꢀRꢅꢅXUꢌꢀWKHꢀVHQVRUꢀZLOOꢀGHWHꢅWꢀDQꢀREMHꢅWꢀꢋXVXDOO\ꢀLPPHGLDWHO\ꢀDIWHU  
HYRNLQJꢀ 2%ꢕ-ꢀ DQGꢀ QRWꢀ UHOHDVHꢆꢀ ,Iꢀ H[SHꢅWHGꢀ VLJQDOꢀ OHYHOVꢀ DUHꢀ VPDOOꢎ  
%*ꢈ2%ꢕꢀ PRGHꢀLVꢀ DꢀEHWWHUꢀ RSWLRQꢀ WKDQꢀSXUHꢀ 2%ꢕꢀ EHꢅDXVHꢀ%*ꢈ2%ꢕ  
ZLOOꢀVHWꢀDQꢀDPRXQWꢀRIꢀK\VWHUHVLVꢀSURSRUWLRQDWHꢀWRꢀWKHꢀVLJQDOꢀOHYHOꢆ  
,Iꢀ'DWDꢀ/RꢄNLQJꢀ>)ꢈE@ꢀLVꢀRIIꢀRUꢀHꢀSURPꢀDEVHQWꢎꢀWKHꢀXQLWꢀZLOOꢀSRZHUꢀXS  
DQGꢀSHUIRUPꢀDꢀEDꢅNJURXQGꢀꢅDOLEUDWLRQꢀWRꢀVHWꢀLWVꢀLQLWLDOꢀUHIHUHQꢅHꢀSRLQWꢌ  
WKHꢀXQLWꢀZLOOꢀDOZD\VꢀVWDUWꢀRXWꢀLQꢀ%*ꢀPRGHꢀLIꢀ'DWDꢀ/RꢅNLQJꢀLVꢀRIIꢀRUꢀWKH  
HꢀSURPꢀLVꢀDEVHQWꢆ  
2%ꢕꢀPRGHꢀKDVꢀQRꢀNQRZOHGJHꢀRIꢀWKHꢀEDꢅNJURXQGꢀUHIHUHQꢅHꢀOHYHOꢎꢀDQG  
VRꢀꢅDQQRWꢀGULIWꢀꢅRPSHQVDWHꢀIRUꢀEDꢅNJURXQGꢀOHYHOꢀꢅKDQJHVꢆꢀ2%ꢕꢀVHWV  
DꢀULJLGO\ꢀIL[HGꢀWULSꢀSRLQWꢀDWꢀDQꢀDEVROXWHꢀVLJQDOꢀOHYHOꢆ  
,Iꢀ'DWDꢀ/RꢄNLQJꢀ>)ꢈE@ꢀLVꢀRQꢎꢀXQLWꢀZLOOꢀXVHꢀVWRUHGꢀHꢀSURPꢀꢅDOꢀVHWWLQJV  
RQꢀ SRZHUXSꢀ DQGꢀ QRWꢀ SHUIRUPꢀ Dꢀ %*ꢀ ꢅDOꢆꢀ ,Iꢀ WKHꢀ %*ꢀ ꢅDOꢀ SRLQWꢀ KDV  
ꢅKDQJHGꢎꢀLWꢀZLOOꢀEHꢀQHꢅHVVDU\ꢀWRꢀHYRNHꢀWKHꢀ%*ꢀOLQHꢀWRꢀUHꢅDOLEUDWHꢎꢀRU  
ZDLWꢀXQWLOꢀDꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀH[SLUHVꢀꢋLIꢀHQDEOHGꢀDQGꢀLIꢀDꢀGHWHꢅWLRQꢀLV  
LQꢀSURJUHVV-ꢎꢀRUꢀZDLWꢀXQWLOꢀGULIWꢀꢅRPSHQVDWLRQꢀꢅDWꢅKHVꢀXSꢀWRꢀWKHꢀHUURU  
ꢋLIꢀHQDEOHG-ꢆ  
2%ꢕꢀZLOOꢀRQO\ꢀZRUNꢀZLWKꢀ'HWHꢅWLRQꢀ0RGHꢀ>'@ꢀVHWꢀWRꢀ>'ꢆꢇ@ꢀRUꢀ>'ꢆꢔ@ꢆꢀ$OO  
RWKHUꢀ VHWWLQJVꢀ RIꢀ >'@ꢀ DUHꢀ µWUXQꢅDWHG¶ꢀ WRꢀ >'ꢆꢇ@ꢀ RUꢀ >'ꢆꢔ@ꢎꢀ ZKLꢅKHYHUꢀ LV  
ꢅORVHVWꢀLQꢀ7DEOHꢀꢃꢄꢁꢆꢀ6HWWLQJꢀ>'ꢆꢔ@ꢀꢅDQꢀPDNHꢀWKHꢀVHQVRUꢀUHVSRQGꢀWR  
GHSDUWLQJꢀREMHꢅWVꢀꢋDQꢀ³DEVHQꢅHꢀGHWHꢅWRU´-ꢆ  
(YRNLQJꢀ %*ꢀ ꢋRUꢀ VHQGLQJꢀ WKHꢀ OHWWHUꢀ ꢓEꢓꢀ RUꢀ ꢓ%ꢓꢀ YLDꢀ 8$57-ꢀ LIꢀ DOUHDG\ꢀ LQ  
%*ꢀPRGHꢀꢅDXVHVꢀDꢀIXOOꢀEDꢅNJURXQGꢀUHꢅDOLEUDWLRQꢌꢀWKHꢀXQLWꢀZLOOꢀUHPDLQ  
LQꢀ %*ꢀ PRGHꢆꢀ ,Iꢀ 'DWDꢀ /RꢅNLQJꢀ LVꢀ RQꢎꢀ HYRNLQJꢀ %*ꢀ ZLOOꢀ ꢅDXVHꢀ WKH  
UHVXOWLQJꢀꢅDOꢀGDWDꢀWRꢀEHꢀVWRUHGꢀIRUꢀUHXVHꢀRQꢀQH[WꢀSRZHUXSꢆ  
,Iꢀ'DWDꢀ/RꢅNLQJꢀLVꢀHQDEOHGꢎꢀWKHꢀUHVXOWLQJꢀ2%ꢕꢀVHWWLQJꢀDQGꢀWULSꢀSRLQW  
ZLOOꢀ EHꢀ VWRUHGꢀ LQꢀ WKHꢀ HꢀSURPꢀ IRUꢀ UHWULHYDOꢀ RQꢀ VXEVHTXHQWꢀ SRZHUXSꢆ  
7KHQꢎꢀZKHQꢀWKHꢀXQLWꢀSRZHUVꢀXSꢀLWꢀZLOOꢀXVHꢀWKHꢀVWRUHGꢀHꢀSURPꢀVHWWLQJV  
DQGꢀLPPHGLDWHO\ꢀUXQꢀZLWKRXWꢀUHꢅDOLEUDWLQJꢆ  
(YRNLQJꢀ %*ꢀ ꢋRUꢀ VHQGLQJꢀ WKHꢀ ORZHUꢅDVHꢀ OHWWHUꢀ ꢓEꢓꢀ YLDꢀ 8$57-ꢀ LIꢀ LQ  
%*ꢈ2%ꢕꢀ PRGHꢀ ꢅDXVHVꢀ Dꢀ EDꢅNJURXQGꢀ UHIHUHQꢅHꢀ SRLQWꢀ UHꢅDOLEUDWLRQꢎ  
EXWꢀWKHꢀSULRUꢀOHDUQHGꢀWKUHVKROGꢀOHYHOVꢀZLOOꢀQRWꢀEHꢀDOWHUHGꢀDQGꢀ%*ꢈ2%ꢕ  
PRGHꢀZLOOꢀUHPDLQꢀLQꢀIRUꢅHꢆꢀ6HHꢀ³%*ꢈ2%ꢕꢀ0RGHꢀ'HWDLOV´ꢎꢀEHORZꢆ  
(YRNLQJꢀ 2%ꢕꢀ PRGHꢀZLWKꢀ RQO\ꢀ Dꢀ EDꢅNJURXQGꢀ OHYHOꢀ RIꢀVLJQDOꢀ SUHVHQW  
ZLOOꢀXVXDOO\ꢀꢅDXVHꢀWKHꢀVHQVRUꢀWRꢀVWLꢅNꢀµRQ¶ꢎꢀDQGꢀLVꢀQRWꢀDGYLVHGꢆ  
ꢇꢄꢃꢋꢄꢈꢀ%*ꢌ2%-ꢀ0RGHꢀ'HWDLOV  
7RꢀHQWHUꢀ%*ꢈ2%ꢕꢀPRGHꢒ  
,Iꢀ'DWDꢀ/RꢅNLQJꢀLVꢀRQꢎꢀWKHꢀꢅDOLEUDWLRQꢀVHWWLQJVꢀUHVXOWLQJꢀIURPꢀDꢀSULRU  
%*ꢀ HYRNHꢀ ZLOOꢀ EHꢀ VWRUHGꢀ LQꢀ WKHꢀ HꢀSURPꢀ IRUꢀ UHWULHYDOꢀ RQꢀ DQ\  
VXEVHTXHQWꢀSRZHUXSꢆ  
ꢁꢆ )ROORZLQJꢀDꢀSRZHUXSꢎꢀHYRNHꢀ%*ꢀꢋRUꢀVHQGꢀWKHꢀORZHUꢅDVHꢀOHWWHUꢀꢓEꢓ  
YLDꢀ8$57-ꢀZKHQꢀWKHꢀNQRZQꢀEDꢅNJURXQGꢀVLJQDOꢀOHYHOꢀLVꢀSUHVHQW  
ꢋREMHꢅWꢀWRꢀEHꢀGHWHꢅWHGꢀLVꢀDEVHQW-ꢆꢀ(YRNLQJꢀ%*ꢀZLOOꢀPDNHꢀWKH  
GHYLꢅHꢀUHꢅDOLEUDWHꢀDQGꢀILQGVꢀLWVꢀQHZꢀEDꢅNJURXQGꢀUHIHUHQꢅHꢀOHYHOꢆ  
)RUꢄLQJꢀ WRꢀ %*ꢀ PRGHꢀ IURPꢀ 2%-ꢀ PRGHꢂꢀ (YRNLQJꢀ %*ꢀ ꢋRUꢀ VHQGLQJ  
WKHꢀOHWWHUꢀꢓEꢓꢀRUꢀꢓ%ꢓꢀYLDꢀ8$57-ꢀLIꢀWKHꢀGHYLꢅHꢀLVꢀLQꢀ2%ꢕꢀPRGHꢀZLOOꢀWDNH  
WKHꢀGHYLꢅHꢀRXWꢀRIꢀ2%ꢕꢀPRGHꢀDQGꢀSXWꢀLWꢀLQWRꢀSXUHꢀ%*ꢀPRGHꢎꢀWULJJHULQJ  
Dꢀ%*ꢀUHꢅDOꢀDVꢀZHOOꢆ  
ꢉꢆ 7KHQꢎꢀZLWKꢀDꢀWDUJHWꢀVLJQDOꢀSUHVHQWꢀꢋWDUJHWꢀREMHꢅWꢀSODꢅHGꢀDWꢀWKH  
IXUWKHVWꢀGLVWDQꢅHꢀRIꢀGHVLUHGꢀGHWHꢅWLRQ-ꢀHYRNHꢀ2%ꢕꢀꢋRUꢀVHQGꢀWKH  
ORZHUꢅDVHꢀOHWWHUꢀꢓRꢓꢀYLDꢀ8$57-ꢆꢀ8QLWꢀWKHQꢀOHDUQVꢀWKHꢀꢅRUUHꢅW  
WKUHVKROGꢀDQGꢀVHWVꢀWKHꢀꢅRUUHꢅWꢀK\VWHUHVLVꢀOHYHOVꢆ  
)RUꢄLQJꢀWRꢀ%*ꢀPRGHꢀIURPꢀ%*ꢇ2%-ꢀPRGHꢂꢀ,IꢀGHYLꢅHꢀLVꢀLQꢀ%*ꢈ2%ꢕ  
PRGHꢀ DQGꢀ LWꢀ LVꢀ GHVLUHGꢀ WRꢀ ꢅKDQJHꢀ WKHꢀ PRGHꢀ WRꢀ ³SXUHꢀ %*´ꢀ PRGHꢎ  
HYRNHꢀWKHꢀ%*ꢀOLQHꢀIRUꢀ!ꢁꢆꢏꢀVHꢅRQGVꢀꢋRUꢀVHQGꢀWKHꢀXSSHUꢅDVHꢀOHWWHUꢀꢓ%ꢓ  
YLDꢀ8$57-ꢆꢀ$IWHUꢀWKHꢀ%*ꢀOLQHꢀLVꢀUHOHDVHGꢀKLJKꢎꢀWKHꢀ67$7ꢀOLQHꢀZLOOꢀJR  
³VROLGꢀKLJK´ꢀIRUꢀôꢀVHꢅRQGꢀDQGꢀWKHꢀGHYLꢅHꢀZLOOꢀWKHQꢀUHꢅDOꢆꢀ$WꢀWKLVꢀSRLQW  
LWꢀZLOOꢀEHꢀLQꢀ³SXUHꢀ%*´ꢀPRGHꢆꢀ ,Iꢀ67$7ꢀGRHVꢀQRWꢀJRꢀ³VROLGꢀKLJK´ꢎꢀWKH  
OLQHꢀZDVꢀQRWꢀHYRNHGꢀORQJꢀHQRXJKꢆ  
,Iꢀ'DWDꢀ/RꢅNLQJꢀLVꢀRQꢀꢋDQGꢀHꢀSURPꢀLVꢀSUHVHQW-ꢎꢀWKHꢀUHVXOWLQJꢀꢅDOꢀGDWD  
ZLOOꢀEHꢀVWRUHGꢀIRUꢀUHWULHYDOꢀRQꢀDQ\ꢀVXEVHTXHQWꢀSRZHUXSꢆꢀ7KHQꢎꢀZKHQ  
WKHꢀ GHYLꢅHꢀ VXEVHTXHQWO\ꢀ SRZHUVꢀ XSꢀ DJDLQꢀ LWꢀ ZLOOꢀ XVHꢀ WKHꢀ VWRUHG  
HꢀSURPꢀVHWWLQJVꢀDQGꢀLPPHGLDWHO\ꢀUXQꢀZLWKꢀWKHPꢎꢀZLWKRXWꢀSHUIRUPLQJꢀD  
UHꢅDOLEUDWLRQꢀRIꢀDQ\ꢀVRUWꢆ  
,IꢀWKHꢀGHYLꢅHꢀLVꢀDOUHDG\ꢀLQꢀ%*ꢈ2%ꢕꢀPRGHꢎꢀVWHSꢀꢁꢀZLOOꢀQRWꢀWDNHꢀWKHꢀXQLW  
RXWꢀRIꢀ%*ꢈ2%ꢕꢀPRGHꢌꢀLQVWHDGꢎꢀVWHSꢀꢁꢀZLOOꢀVLPSO\ꢀꢅDXVHꢀDꢀUHꢅDOꢀRIꢀWKH  
UHIHUHQꢅHꢀ SRLQWꢎꢀ OHDYLQJꢀ WKHꢀ GLIIHUHQWLDOꢀ WKUHVKROGꢀ YDOXHꢀ IURPꢀ Dꢀ SULRU  
VWHSꢀ ꢉꢀ DORQHꢆꢀ $ꢀ VXEVHTXHQWꢀ VWHSꢀ ꢉꢀ ꢅDQꢀ WKHQꢀ VHWꢀ Dꢀ QHZꢀ WKUHVKROG  
OHYHOꢀLIꢀGHVLUHGꢆ  
ꢇꢄꢃꢋꢄꢇꢀ2%-ꢀ0RGHꢀ'HWDLOV  
2%ꢕꢀPRGHꢀLVꢀHQWHUHGꢀE\ꢀWKHꢀIROORZLQJꢀSURꢅHVVꢒ  
'HYLꢄHꢀKDVꢀMXVWꢀSRZHUHGꢀXSꢀDQGꢀLVꢀQRWꢀLQꢀ%*ꢇ2%-ꢀPRGHꢂꢀ:LWKꢀD  
WDUJHWꢀVLJQDOꢀSUHVHQWꢀꢋWDUJHWꢀSODꢅHGꢀDWꢀWKHꢀSRLQWꢀRIꢀGHVLUHGꢀGHWHꢅWLRQ-  
HYRNHꢀ2%ꢕꢀꢋRUꢀVHQGLQJꢀWKHꢀOHWWHUꢀꢓRꢓꢀRUꢀꢓ2ꢓꢀYLDꢀ8$57-ꢆꢀ8QLWꢀOHDUQVꢀWKH  
ꢅRUUHꢅWꢀ WKUHVKROGꢀ IURPꢀ WKHꢀ ꢅXUUHQWꢀ VLJQDOꢀ OHYHOꢀ DQGꢀ HQWHUVꢀ 2%ꢕ  
PRGHꢆ  
,Iꢀ WKHꢀ GHYLꢅHꢀ LVꢀ DOUHDG\ꢀ LQꢀ %*ꢈ2%ꢕꢀ PRGHꢎꢀ HYRNLQJꢀ 2%ꢕꢀ WKHUHDIWHU  
ꢋUHSHDWLQJꢀ VWHSꢀ ꢉ-ꢀ ZLOOꢀ ꢅDXVHꢀ WKHꢀ XQLWꢀ WRꢀ HVWDEOLVKꢀ Dꢀ QHZꢀ µOHDUQꢀ E\  
H[DPSOH¶ꢀ%*ꢈ2%ꢕꢀWKUHVKROGꢎꢀOHDYLQJꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢀDORQHꢆꢀ7KXVꢎ  
RQꢅHꢀ%*ꢈ2%ꢕꢀPRGHꢀLVꢀHQWHUHGꢀYLDꢀWKHꢀDERYHꢀꢉꢄVWHSꢀSURꢅHVVꢎꢀ\RXꢀGR  
QRWꢀQHꢅHVVDULO\ꢀKDYHꢀWRꢀUHSHDWꢀVWHSꢀꢁꢀWRꢀGRꢀDꢀWKUHVKROGꢀUHꢅDOLEUDWLRQꢌ  
DIWHUꢀ HYRNLQJꢀ 2%ꢕꢀ DJDLQꢀ LWꢀ ZLOOꢀ UHPDLQꢀ LQꢀ %*ꢈ2%ꢕꢀ PRGHꢀ DQGꢀ MXVW  
SURSHUO\ꢀUHꢅDOLEUDWHꢀLWVꢀWKUHVKROGꢀOHYHOꢆ  
,Iꢀ GHYLꢄHꢀ DOUHDG\ꢀ LQꢀ %*ꢀ RUꢀ %*ꢇ2%-ꢀ PRGHꢂꢀ :LWKꢀ Dꢀ WDUJHWꢀ VLJQDO  
SUHVHQWꢀ DWꢀ WKHꢀ HGJHꢀ RIꢀ WKHꢀ GHVLUHGꢀ UDQJHꢎꢀ HYRNHꢀ 2%ꢕꢀ IRUꢀ !ꢁꢆꢏ  
VHꢅRQGVꢀWRꢀꢅOHDUꢀRXWꢀWKHꢀ%*ꢀPRGHꢀDQGꢀDOVRꢀWRꢀSUHYHQWꢀWKHꢀ%*ꢈ2%ꢕ  
PRGHꢀ IURPꢀ EHLQJꢀ HQWHUHGꢀ ꢋRUꢀ VHQGꢀ WKHꢀ XSSHUꢅDVHꢀ OHWWHUꢀ ꢓ2ꢓꢀ YLD  
8$57-ꢆꢀ 8QLWꢀ HQWHUVꢀ 2%ꢕꢀ PRGHꢀ DQGꢀ OHDUQVꢀ WKHꢀ ꢅRUUHꢅWꢀ WKUHVKROG  
OHYHOꢆ  
,Iꢀ WKHꢀ GHYLꢅHꢀ LVꢀ LQꢀ 2%ꢕꢀ PRGHꢎꢀ LWꢀ LVꢀ ꢅOHDUHGꢀ LQꢀ VWHSꢀ ꢁꢌꢀ HYRNLQJꢀ %*  
ZKHQꢀLQꢀSXUHꢀ2%ꢕꢀPRGHꢀZLOOꢀDOZD\VꢀSXWꢀXQLWꢀLQWRꢀ³SXUHꢀ%*´ꢀPRGHꢆ  
ꢋ
7$%/(ꢂꢆꢄꢀꢂꢄꢂ32//('ꢂ02'(ꢂ$6&,,ꢂ&200$1'ꢂ6(7  
$6&,,ꢀ&RGH  
+H[ꢀ&RGH  
$ꢁWLRQ  
ꢗ
ꢂ[ꢌꢋ  
5HGXꢋHVꢇ3XOVHꢇꢕLGWKꢇE\ꢇRQHꢇ6HWWLQJꢇWRꢇDꢇOLPLWꢇRIꢇꢄꢂꢂQVꢒꢇ7KHꢇQHZꢇVHWWLQJꢇLVꢇZULWWHQꢇWRꢇHꢁSURPAꢇEXWꢇXQLW  
GRHVꢇQRWꢇUHꢋDOLEUDWHꢇWKXVꢇDOORZLQJꢇꢋRPSDUDWLYHꢇVLJQDOꢇVWUHQJWKꢇDQDO\VLVꢒ  
!
ꢂ[ꢌH  
ꢂ[ꢆꢄ  
,QꢋUHDVHVꢇ3XOVHꢇꢕLGWKꢇE\ꢇRQHꢇ6HWWLQJꢇWRꢇDꢇOLPLWꢇRIꢇꢃꢆꢂꢂQVꢒꢇ7KHꢇQHZꢇVHWWLQJꢇLVꢇZULWWHQꢇWRꢇHꢁSURPꢒꢇ7KH  
QHZꢇVHWWLQJꢇLVꢇZULWWHQꢇWRꢇHꢁSURPAꢇEXWꢇXQLWꢇGRHVꢇQRWꢇUHꢋDOLEUDWHꢒ  
%
3HUIRUPVꢇWKHꢇ%*ꢇIXQꢋWLRQꢇꢐLGHQWLꢋDOꢇWRꢇDVVHUWLQJꢇ%*ꢇOLQHAꢇORQJ:ꢇDQGꢇRYHUULGHVꢇDQ\ꢇ%*ꢏ2%-ꢇRUꢇ2%-  
PRGHꢒ  
E
ꢂ[ꢑꢄ  
ꢂ[ꢑꢊ  
3HUIRUPVꢇWKHꢇ%*ꢇIXQꢋWLRQꢇꢐLGHQWLꢋDOꢇWRꢇDVVHUWLQJꢇ%*ꢇOLQHAꢇVKRUW:ꢒ  
5HWXUQVꢇK\VWHUHVLVꢇYDOXHꢇꢐELQDU\ꢇYDOXHAꢇUDQJHꢇꢂꢒꢒꢄꢉꢉ:ꢒ  
K
OꢇꢐORZHUꢇꢋDVHꢇ/:  
ꢂ[ꢑꢋ  
5HWXUQVꢇODVWꢇUHꢋHLYHGꢇꢋKDUDꢋWHU  
2ꢇꢐꢋDSLWDOꢇ2:  
ꢂ[ꢆI  
3HUIRUPVꢇ2%-ꢇIXQꢋWLRQꢇꢐLGHQWLꢋDOꢇWRꢇDVVHUWLQJꢇ2%-ꢇOLQHAꢇORQJ:ꢖꢇRYHUULGHVꢇDQ\ꢇ%*ꢇRUꢇ%*ꢏ2%-ꢇPRGHꢒ  
3HUIRUPVꢇWKHꢇ2%-ꢇIXQꢋWLRQꢇꢐLGHQWLꢋDOꢇWRꢇDVVHUWLQJꢇ2%-ꢇOLQHAꢇVKRUW:ꢒ  
3XWVꢇGHYLꢋHꢇLQWRꢇµSXUH¶ꢇ3ROOHGꢇPRGHꢒꢇ6HHꢇꢓYꢓꢇEHORZꢇDQGꢇ6HꢋWLRQVꢇꢆꢒꢌAꢇꢆꢒꢆꢒ  
5HVHWVꢇWKHꢇVHQVRUꢒꢇ7KHꢇꢋRPPDQGꢇPXVWꢇEHꢇUHSHDWHGꢇZLWKLQꢇꢀꢂPVꢒꢇ6HHꢇ6HꢋWLRQꢇꢆꢒꢆꢒꢑꢒ  
3ODꢋHVꢇXQLWꢇLQWRꢇ6HWXSVꢇPRGHAꢇDQGꢇKDOWVꢇVHQVLQJꢒꢇ6HHꢇꢓZꢓꢇEHORZAꢇDQGꢇ6HꢋWLRQꢇꢆꢒꢆꢒꢃꢒ  
5HWXUQVꢇVLJQDOꢇWKUHVKROGꢇYDOXHꢇꢐELQDU\ꢇYDOXHAꢇUDQJHꢇꢂꢒꢒꢄꢉꢉ:ꢒ  
RꢇꢐORZHUꢇꢋDVHꢇ2:  
ꢂ[ꢑI  
S
ꢂ[ꢁꢂ  
U
ꢂ[ꢁꢄ  
V
ꢂ[ꢁꢌ  
W
Y
ꢂ[ꢁꢆ  
ꢂ[ꢁꢑ  
3XWVꢇLQWRꢇ(QKDQꢋHGꢇ9HUERVHꢇPRGHꢒꢇ6HHꢇꢓSꢓꢇDERYHꢇDQGꢇ6HꢋWLRQVꢇꢆꢒꢌAꢇꢆꢒꢆꢒ  
5HWXUQVꢇSDUWꢇYHUVLRQꢒꢇ7KHꢇUHWXUQHGꢇE\WHꢇLVꢇꢂ[ꢄꢃꢒ  
9
ꢂ[ꢉꢑ  
Z
ꢂ[ꢁꢁ  
ꢕULWHꢇHꢁSURPꢇZLWKꢇQHZꢇ6HWXSVꢖꢇµV¶ꢇVWULQJꢇPXVWꢇHQGꢇLQꢇµZ¶ꢒꢇ6HHꢇꢓVꢓꢇDERYHAꢇDQGꢇ6HꢋWLRQꢇꢆꢒꢆꢒꢃꢒ  
ꢂ«ꢊ  
ꢔD«ꢔZ  
ꢂ[ꢌꢂꢅꢂ[ꢌꢊ  
ꢂ[ꢂꢃꢅꢂ[ꢃꢁ  
5HWXUQVꢇELQDU\ꢇGDWDꢇSHUꢇ'DWDꢇ(YRNHꢇ&RGHꢇꢐ7DEOHꢇꢆꢅꢄ:ꢒꢇ6HHꢇ6HꢋWLRQꢇꢆꢒꢆꢒꢌꢒ  
5HWXUQVꢇꢋXUUHQWꢇ6HWXSVꢇYDOXHꢇLQꢇUDQJHꢇꢂ«ꢀꢇꢐꢂ[ꢌꢂ«ꢂ[ꢌꢀ:ꢇRIꢇWKHꢇ6HOHꢋWꢇLWHPꢇꢋKRVHQꢇꢐꢔDꢇꢋRUUHVSRQGV  
WRꢇ6HOHꢋWꢇ>ꢂ@AꢇꢔZꢇꢋRUUHVSRQGVꢇWRꢇ6HOHꢋWꢇ>8@AꢇZKHUHꢇꢔDꢇPHDQVꢇꢓ$OWꢅDꢓꢇRQꢇDꢇ3&ꢇNH\ERDUG:ꢒ  
%*ꢈ2%ꢕꢀ PRGHꢀ ꢅDQꢀ EHꢀ XVHGꢀ RQO\ꢀ ZLWKꢀ VHWWLQJVꢀ ꢇꢎꢀ ꢁꢎꢀ ꢔꢎꢀ RUꢀ ꢂꢀ RI  
'HWHꢅWLRQꢀ 0RGHꢀ >'@ꢆꢀ ,Iꢀ VHWWLQJVꢀ RWKHUꢀ WKDQꢀ WKHVHꢀ DUHꢀ SURJUDPPHG  
LQWRꢀ WKHꢀ HꢀSURPꢀ LQꢀ HUURUꢎꢀ WKHꢀ HUURQHRXVꢀ VHWWLQJVꢀ ZLOOꢀ EHꢀ µPRYHG¶ꢀ WR  
RQHꢀRIꢀWKHVHꢀOHJDOꢀQXPEHUVꢀZKHQꢀWKHꢀ%*ꢈ2%ꢕꢀPRGHꢀLVꢀHQWHUHGꢆ  
ꢅꢁꢂꢁ8$57ꢁ23(5$7,21  
7KHUHꢀ DUHꢀ WZRꢀ VHULDOꢀ SRUWꢀ GDWDꢀ RXWSXWꢀ RSWLRQVꢀ DYDLODEOHꢀ RQꢀ WKH  
47ꢂꢃꢇꢁ%ꢉꢒꢀ 8$57ꢀ DQGꢀ 63,ꢆꢀ 6HYHUDOꢀ YDULDWLRQVꢀ RIꢀ HDꢅKꢀ ꢅDQꢀ EH  
VHOHꢅWHGꢀVXꢅKꢀDVꢀEDXGꢀUDWHꢀDQGꢀGDWDꢀW\SHꢆꢀ6HꢅWLRQꢀꢐꢀGHDOVꢀZLWKꢀ63,  
RSHUDWLRQꢆ  
ꢇꢄꢃꢋꢄꢋꢀ'DWDꢀ/RꢆNLQJꢀꢍꢀ'ULIWꢀ6WRUH  
'DWDꢀ ORꢅNLQJꢀ DOORZVꢀ WKHꢀ VHQVRUꢀ WRꢀ VWRUHꢀ UHIHUHQꢅHꢀ ꢅDOLEUDWLRQꢀ DQG  
WKUHVKROGꢀ VHWWLQJVꢎꢀ DVꢀ ZHOOꢀ DVꢀ %*ꢈ2%ꢕꢀ DQGꢀ 2%ꢕꢀ PRGHꢀ VHWWLQJVꢆꢀ ,I  
'DWDꢀ/RꢅNLQJꢀLVꢀRIIꢀꢋRUꢀWKHꢀHꢀSURPꢀLVꢀDEVHQW-ꢎꢀWKHꢀGHYLꢅHꢀZLOOꢀIRUJHW  
LWVꢀSULRUꢀVHWWLQJVꢀZKHQꢀSRZHUꢀLVꢀLQWHUUXSWHGꢎꢀLQꢅOXGLQJꢀWKHꢀIDꢅWꢀWKDWꢀLW  
PLJKWꢀ KDYHꢀ EHHQꢀ LQꢀ Dꢀ %*ꢈ2%ꢕꢀ RUꢀ 2%ꢕꢀ PRGHꢆꢀ %*ꢈ2%ꢕꢀ DQGꢀ 2%ꢕ  
PRGHVꢀ UHTXLUHꢀ WKDWꢀ IL[HGꢀ LQIRUPDWLRQꢀ EHꢀ VDYHGꢀ WRꢀ RSHUDWHꢎꢀ DQGꢀ VR  
QHHGꢀ WRꢀ EHꢀ PDQXDOO\ꢀ UHVWRUHGꢀ DIWHUꢀ HDꢅKꢀ SRZHUXSꢀ LIꢀ 'DWDꢀ /RꢅNLQJ  
ZDVꢀQRWꢀHQDEOHGꢆ  
7KHꢀ8$57ꢀVHULDOꢀPRGHVꢀH[LVWꢀSULPDULO\ꢀWRꢀWUDQVPLWꢀVLJQDOꢀGDWDꢀWRꢀD  
GHVWLQDWLRQꢀVXꢅKꢀDVꢀDꢀKRVWꢀꢅRQWUROOHUꢆꢀ$OOꢀGDWDꢀLVꢀRXWSXWꢀDVꢀꢔꢀELWVꢀRI  
ELQDU\ꢆ  
,QVWHDGꢀRIꢀVLJQDOꢀGDWDꢎꢀWKHꢀ47ꢂꢃꢇꢁ%ꢉꢀꢅDQꢀDOVRꢀEHꢀPDGHꢀWRꢀRXWSXWꢀD  
VWDWXVꢀ E\WHꢎꢀ WKHꢀ GHWHꢅWLRQꢀ LQWHJUDWRUꢀ ꢅRXQWHUꢎꢀ RUꢀ WKHꢀ LQWHUQDO  
UHIHUHQꢅHꢀ OHYHOꢆꢀ 7KHꢀ UHIHUHQꢅHꢀ OHYHOꢀ LVꢀ XVHIXOꢀ DVꢀ DQꢀ DOWHUQDWLYH  
UHSUHVHQWDWLRQꢀ RIꢀ WKHꢀ VLJQDOꢎꢀ DVꢀ LWꢀ UHIOHꢅWVꢀ WKHꢀ ORQJꢄWHUPꢀ DYHUDJHꢀ RI  
WKHꢀ VLJQDOꢀ OHYHOꢎꢀ DQGꢀ ꢅDQꢀ EHꢀ PDGHꢀ WRꢀ ꢅKDQJHꢀ YHU\ꢀ VORZO\ꢀ YLDꢀ WKH  
DGMXVWDEOHꢀGULIWꢀꢅRPSHQVDWLRQꢀPHꢅKDQLVPꢀ>ꢔ@ꢆ  
'DWDꢀ ORꢅNLQJꢀ RSHUDWHVꢀ VHDPOHVVO\ꢀ ZLWKꢀ %*ꢎꢀ %*ꢈ2%ꢕꢎꢀ DQGꢀ 2%ꢕ  
PRGHVꢌꢀ RQꢅHꢀ 'DWDꢀ /RꢅNLQJꢀ LVꢀ VSHꢅLILHGꢀ YLDꢀ WKHꢀ HꢀSURPꢀ VHWXSV  
QRWKLQJꢀHOVHꢀQHHGVꢀWRꢀEHꢀGRQHꢆꢀ7KHꢀXQLWꢀZLOOꢀVDYHꢀDOOꢀꢅDOLEUDWLRQꢀGDWD  
ZKHQHYHUꢀ %*ꢀ RUꢀ 2%ꢕꢀ DUHꢀ HYRNHGꢀ RUꢀ ZKHQHYHUꢀ DQꢀ DXWRPDWLꢅ  
UHꢅDOLEUDWLRQꢀ ꢋGXHꢀ WRꢀ Dꢀ 0D[ꢀ 2QꢄGXUDWLRQꢀ WLPHRXWꢎꢀ IRUꢀ H[DPSOH-  
RꢅꢅXUVꢆ  
ꢆꢁꢀꢂ+$5':$5(ꢂ$1'ꢂ'$7$ꢂ5$7(6  
7KHꢀ 8$57ꢀ HPSOR\Vꢀ VWDQGDUGꢀ 15=ꢀ ꢅRGLQJꢀ ZLWKꢀ QRꢀ RUꢀ VRIWZDUH  
KDQGVKDNLQJꢀGHSHQGLQJꢀRQꢀWKHꢀVHOHꢅWHGꢀPRGHꢀRIꢀ>*@ꢆꢀ%XIIHULQJꢀZLWK  
DQꢀLQWHUIDꢅHꢀGHYLꢅHꢀVXꢅKꢀDVꢀDꢀ0$;ꢉꢑꢉꢀLVꢀUHTXLUHGꢀIRUꢀRSHUDWLRQꢀZLWK  
VWDQGDUGꢀ56ꢉꢑꢉꢀSRUWVꢆꢀ'LUHꢅWꢀꢅRQQHꢅWLRQꢀWRꢀDꢀKRVWꢀGHYLꢅHꢎꢀVXꢅKꢀDV  
DQꢀ0&8ꢎꢀLVꢀSRVVLEOHꢀZLWKRXWꢀEXIIHULQJꢆ  
'ULIWꢀ 6WRUHꢀ PRGHꢀ PDNHVꢀ WKHꢀ 47ꢂꢃꢇꢁ%ꢀ SHULRGLꢅDOO\ꢀ VDYHꢀ WRꢀ HꢀSURP  
WKHꢀ GULIWꢀ ꢅRPSHQVDWHGꢀ UHIHUHQꢅHꢀ OHYHOꢎꢀ VRꢀ WKDWꢀ LIꢀ WKHꢀ XQLWꢀ LV  
XQSRZHUHGꢀ LWꢀ ZLOOꢀ UHPHPEHUꢀ LWVꢀ ODVWꢀ NQRZQꢀ UHIHUHQꢅHꢀ ZKHQꢀ QH[W  
SRZHUHGꢀ XSꢆꢀ 7KHꢀ 'ULIWꢀ 6WRUHꢀ VDYHꢀ RSHUDWLRQꢀ ꢅDQꢀ EHꢀ VSHꢅLILHGꢀ WR  
RꢅꢅXUꢀSHULRGLꢅDOO\ꢎꢀIURPꢀRQHꢀPLQXWHꢀWRꢀꢁꢇꢀPLQXWHVꢀRIꢀVSDꢅLQJꢆꢀ1RWH  
WKDWꢀHꢀSURPVꢀKDYHꢀ DꢀOLPLWHGꢀꢅ\ꢅOHꢀOLIHꢌꢀWKLVꢀPD\ꢀ KDYHꢀDQꢀLPSDꢅWꢀRQ  
VHOHꢅWLRQꢀRIꢀWKHꢀHꢀSURPꢀXSGDWHꢀUDWHꢆ  
8$57ꢀPRGHVꢀDUHꢀ VSHꢅLILHGꢀE\ꢀ6HWXSꢀ>*@ꢀLQꢀ 7DEOHꢀꢃꢄꢁꢆꢀ8$57ꢀGDWD  
KDVꢀWKHꢀIROORZLQJꢀIRUPDWꢒ  
%DXGꢀUDWHꢂ  
/HQJWKꢂ  
ꢂꢏꢇꢇꢎꢀꢁꢂꢆꢉ.ꢎꢀꢐꢃꢆꢏ.ꢎꢀRUꢀꢁꢁꢐꢆꢉ.  
ꢔꢀELWV  
ꢁ
1RQH  
6WRSꢀ%LWVꢂ  
3DULW\ꢂ  
7KHꢀ 'ULIWꢀ 6WRUHꢀ RSHUDWLRQꢀ WDNHVꢀ ꢐꢀ PLOOLVHꢅRQGVꢀ WRꢀ H[HꢅXWHꢀ DQG  
LQWHUUXSWVꢀVHQVLQJꢎꢀEXWꢀGRHVꢀQRWꢀRꢅꢅXUꢀDWꢀDOOꢀLIꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢀKDV  
QRWꢀꢅKDQJHGꢆꢀ7KXVꢎꢀHYHQꢀZLWKꢀWKLVꢀPRGHꢀHQDEOHGꢎꢀLQꢀ2%ꢕꢀPRGHꢀRUꢀLI  
'ULIWꢀ5DWHꢀLVꢀVHWꢀWRꢀ³RII´ꢎꢀQRꢀHꢀSURPꢀVDYHꢀZLOOꢀHYHUꢀRꢅꢅXUꢆ  
,Qꢀ DGGLWLRQꢎꢀ Dꢀ VSHꢅLDOꢀ ꢓVORZꢀ PRGHꢓꢀ LVꢀ DYDLODEOHꢀ DWꢀ ꢂꢏꢇꢇꢀ EDXGꢎꢀ ZLWK  
WUDQVPLVVLRQVꢀ VSDꢅHGꢀ ꢁꢇꢇPVꢀ DSDUWꢀ WRꢀ DOORZꢀ XVHꢀ ZLWKꢀ VORZꢀ KRVW  
HTXLSPHQWꢀ>*ꢆꢏ@ꢆ  
6HWWLQJꢀ WRꢀ >)ꢆꢁ@ꢀ DOORZVꢀ 'DWDꢀ /RꢅNLQJꢀ EXWꢀ SUHYHQWVꢀ 'ULIWꢀ 6WRUHꢀ IURP  
RꢅꢅXUULQJꢀRQꢀDꢀWLPHGꢀEDVLVꢆ  
ꢆꢁꢃꢂꢑ1$7,9(ꢑꢂ9(5%26(ꢂ6(5,$/ꢂ02'(  
ꢓ1DWLYHꢓꢀ9HUERVHꢀ VHULDOꢀPRGHꢀ LVꢀVSHꢅLILHGꢀE\ꢀ VHWWLQJꢀ>*@ꢀWRꢀ >*ꢆꢐ@ꢀRU  
KLJKHUꢆ  
0RWLRQꢀ PRGHꢀ GLVDEOHVꢀ ERWKꢀ 'DWDꢀ /RꢅNLQJꢀ DQGꢀ WLPHGꢀ 'ULIWꢀ 6WRUHꢆ  
0RWLRQꢀPRGHꢀLVꢀDꢀSXUHO\ꢀWUDQVLHQWꢀPRGHꢆ  
ꢌ
,QꢀWKLVꢀPRGHꢀWKHꢀGHYLꢅHꢀWUDQVPLWVꢀGDWDꢀꢅRQWLQXRXVO\ꢆꢀ7KHꢀGDWDꢀLWHP 9HUERVHꢀPRGHꢀEHJLQVꢀLPPHGLDWHO\ꢀXSRQꢀSRZHUꢀXSꢀLIꢀVHWXSꢀ>*@ꢀLVꢀVHW  
WRꢀ>*ꢆꢐ@ꢀRUꢀKLJKHUꢆ  
VHQWꢀIURPꢀWKHꢀ8$57ꢀLVꢀVHOHꢅWHGꢀE\ꢀ6HWXSꢀ>+@ꢎꢀ9HUERVHꢀ'DWDꢆꢀ  
1DWLYHꢀ9HUERVHꢀPRGHꢀLVꢀXVHIXOꢀWRꢀVHQGꢀWRꢀWKHꢀKRVWꢀDꢀꢅRQWLQXRXVꢀGDWD  
VWUHDPꢀ RIꢀ RQHꢀ LWHPꢎꢀ ZLWKRXWꢀ WKHꢀ ꢅRPSOH[LW\ꢀ RIꢀ Dꢀ ELGLUHꢅWLRQDOꢀ OLQNꢆ  
:LWKꢀ WKLVꢀ PRGHꢀ WKHꢀ VHOHꢅWHGꢀ GDWDꢀ LVꢀ WUDQVPLWWHGꢀ RQꢀ Dꢀ ꢅRQWLQXRXV  
EDVLVꢀIURPꢀWKHꢀPRPHQWꢀWKHꢀXQLWꢀSRZHUVꢀXSꢆꢀ  
ꢆꢁꢅꢂ8$57ꢂ'$7$ꢂ,1ꢂ9(5%26(ꢂ02'(  
,Qꢀ9HUERVHꢀPRGHꢀꢋHLWKHUꢀꢓ1DWLYHꢀ9HUERVHꢓꢀPRGHꢎꢀVHWꢀE\ꢀ>*ꢆꢐ@ꢀDQGꢀXS-  
RUꢀꢓ(QKDQꢅHGꢀ9HUERVHꢓꢀPRGHꢀꢋSROOHGꢀPRGHꢀLQꢀZKLꢅKꢀWKHꢀOHWWHUꢀꢓYꢓꢀKDV  
EHHQꢀVHQWꢀWRꢀWKHꢀꢂꢃꢇꢁ%ꢉ-ꢀWKHꢀGHYLꢅHꢀZLOOꢀWUDQVPLWꢀEDꢅNꢀDꢀꢅRQWLQXRXV  
VWUHDPꢀ RIꢀ GDWDꢆꢀ ,Qꢀ 1DWLYHꢀ 9HUERVHꢀ PRGHꢀ WKHꢀ GDWDꢀ VHQWꢀ LVꢀ WKDW  
VSHꢅLILHGꢀ E\ꢀ >+@ꢆꢀ 7KHVHꢀ GDWDꢀ W\SHVꢀ UHIOHꢅWꢀ WKDWꢀ IRXQGꢀ LQꢀ WKHꢀ (ꢉ65  
ERDUGꢎꢀ WKXVꢀ PDLQWDLQLQJꢀ ꢅRPSDWLELOLW\ꢎꢀ DQGꢀ ꢅDQꢀ EHꢀ VXPPDUL]HGꢀ DV  
IROORZVꢀꢋVHHꢀDOVRꢀVXPPDU\ꢀ7DEOHꢀꢍꢄꢉ-ꢒ  
9HUERVHꢀGDWDꢀLVꢀLQꢀWKHꢀIRUPꢀRIꢀUDZꢀKH[ꢀꢅRGHꢆꢀ7KHUHꢀDUHꢀQRꢀKHDGHUV  
RUꢀGDWDꢀEORꢅNVꢌꢀGDWDꢀLVꢀPHUHO\ꢀDꢀꢅRQWLQXRXVꢀVWUHDPꢀRIꢀꢔꢄELWꢀKH[ꢀꢅRGH  
RIꢀ WKHꢀ LQWHUQDOꢀ 43UR[ꢀ GDWDꢆꢀ +RVWꢀ UHꢅHLYHꢀ SURWRꢅROꢀ QHHGꢀ QRWꢀ LQꢅOXGH  
DQ\WKLQJꢀIRUꢀGDWDꢀV\QꢅKURQL]DWLRQꢌꢀHYHU\ꢀꢅKDUDꢅWHUꢀUHꢅHLYHGꢀZLOOꢀEHꢀD  
VHOIꢄꢅRQWDLQHGꢀ GDWDꢀ SRLQWꢆꢀ 1Rꢀ &5ꢀ RUꢀ /)ꢀ ꢅRGHVꢀ DUHꢀ VHQWꢆꢀ 1DWLYH  
ꢉꢈꢀ6\QWKꢀRXWSXWVꢀILOWHUHGꢀꢋV\QWKHWLꢅ-ꢀGDWDꢎꢀDWꢀWKHꢀHQGꢀRIꢀDOO  
HQDEOHGꢀILOWHUꢀVWDJHVꢆꢀ,WꢀLVꢀDQꢀXQVLJQHGꢀꢔꢄELWꢀVLJQDOꢀYDOXHꢆ  
7$%/(ꢂꢆꢄꢃꢂꢄꢂ(92.(ꢂ&2'(ꢂ5(63216(6  
ꢁꢈꢀ6\QWKꢀꢊꢀ5HIꢀUHWXUQVꢀWKHꢀGLIIHUHQꢅHꢀEHWZHHQꢀWKHꢀILOWHUHGꢀVLJQDO  
DQGꢀWKHꢀꢅXUUHQWꢀUHIHUHQꢅHꢆꢀ7KHꢀGDWDꢀLVꢀꢉꢓVꢀꢅRPSOHPHQW  
ELQDU\ꢒꢀ,IꢀWKHꢀVLJQDOꢀGLSVꢀEHORZꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢎꢀWKHꢀGDWD  
EHꢅRPHVꢀQHJDWLYHꢆ  
(92.( (92.(  
ꢂ$6&,,ꢃ  
ꢂ+(;ꢃ  
ꢇ[ꢑꢇ  
ꢇ[ꢑꢁ  
ꢇ[ꢑꢉ  
ꢇ[ꢑꢑ  
ꢇ[ꢑꢍ  
ꢇ[ꢑꢐ  
ꢇ[ꢑꢏ  
ꢇ[ꢑꢃ  
ꢇ[ꢑꢔ  
'$7$ꢀ75$160,77('  
6LJQDOꢀꢋꢇꢆꢆꢉꢐꢐ-  
ꢉ
ꢁ
ꢃ
ꢋ
ꢌ
ꢍ
ꢎ
ꢏ
ꢐ
ꢃꢈꢀ5HIꢀUHWXUQVꢀWKHꢀꢅXUUHQWꢀVLJQDOꢀUHIHUHQꢅHꢀOHYHOꢆ  
6LJQDOꢀꢄꢀ5HIHUHQꢅHꢀꢋꢇꢆꢆꢉꢐꢐ-  
5HIHUHQꢅHꢀꢋꢇꢆꢆꢉꢐꢐ-  
ꢋꢈꢀ2IIVHWꢀUHWXUQVꢀWKHꢀꢅXUUHQWꢀ'$&ꢀRIIVHWꢀYDOXHꢀEHLQJꢀIHGꢀWRꢀWKH  
DPSOLILHUꢀꢅKDLQꢀꢋ2XWB$ꢀRIꢀWKHꢀ$'ꢃꢑꢇꢑ-ꢆ  
$PSOLILHUꢀ2IIVHWꢀꢋꢇꢆꢆꢉꢐꢐ-  
&KDUJHꢀ&DQꢅHOODWLRQꢀꢋꢇꢆꢆꢍ-  
'HWHꢅWꢀ,QWHJUDWRUꢀ&RXQWVꢀꢋꢇꢆꢆꢉꢇꢇ-  
$Q\ꢀLWHPꢀVHOHꢅWHGꢀE\ꢀ6HWXSꢀ>8@  
6WDWXVꢀELWVꢀꢄꢀVHHꢀ7DEOHꢀꢍꢄꢑ  
(UURUꢀ&RGHꢒꢀ6HHꢀ6HꢅWLRQꢀꢍꢆꢐ  
ꢌꢈꢀ&DQꢄHOODWLRQꢀUHWXUQVꢀWKHꢀꢅXUUHQWꢀꢅKDUJHꢀꢅDQꢅHOODWLRQꢀYDOXHꢎ  
IURPꢀꢇꢀWRꢀꢍꢎꢀUHSUHVHQWLQJꢀWKHꢀQXPEHUꢀRIꢀ&]ꢀꢅDSDꢅLWRUVꢀEHLQJ  
XVHGꢀWRꢀSURYLGHꢀꢅKDUJHꢀꢅDQꢅHOODWLRQꢆ  
ꢍꢈꢀ',ꢀUHWXUQVꢀWKHꢀꢅXUUHQWꢀYDOXHꢀRIꢀWKHꢀ'HWHꢅWꢀ,QWHJUDWRUꢀꢋVHHꢀQRWHV  
UHODWHGꢀWRꢀ>%@ꢀLQꢀWKHꢀ47ꢂꢃꢇꢁ%ꢀGDWDꢀVKHHW-ꢆ  
ꢎꢈꢀ)URPꢀ8ꢀUHWXUQVꢀWKHꢀYDOXHꢀVSHꢅLILHGꢀE\ꢀWKHꢀꢅXUUHQWꢀVHWWLQJꢀRI  
6HOHꢅWꢀ>8@ꢆ  
ꢏꢈꢀ6WDWXVꢀUHWXUQVꢀWKHꢀꢅXUUHQWꢀ6WDWXVꢀ%\WHꢀDꢅꢅRUGLQJꢀWRꢀ7DEOHꢀꢍꢄꢑꢆ  
1RWHꢀWKDWꢀWKHꢀ6WDWXVꢀ%\WHꢀRIꢀ>8ꢆꢔ@ꢀLVꢀQRWꢀWKHꢀVDPHꢆ  
7$%/(ꢂꢆꢄꢅꢂꢄꢂ67$786ꢂ%<7(ꢂꢒ+ꢁꢋꢓ  
6HHꢀ6HꢅWLRQꢀꢍꢆꢑ  
ꢐꢈꢀ(UUꢀ&RGHꢀUHWXUQVꢀWKHꢀꢅXUUHQWꢀHUURUꢀꢅRGHꢀꢋVHHꢀ6HꢅWLRQꢀꢍꢆꢐ-ꢆ  
%,76  
0($1,1*  
,Qꢀ ꢓ(QKDQꢅHGꢀ 9HUERVHꢓꢀ PRGHꢎꢀ DQ\ꢀ RIꢀ WKHꢀ DERYHꢀ LWHPVꢀ ꢅDQꢀ EH  
VHOHꢅWHGꢀ ꢓRQꢀ WKHꢀ IO\ꢓꢀ E\ꢀ VHQGLQJꢀ DQ\ꢀ RQHꢀ RIꢀ $6&,,ꢀ ꢅKDUDꢅWHUVꢀ ꢓꢇꢓ  
WKURXJKꢀ ꢓꢔꢓꢀ ꢅRUUHVSRQGLQJꢀ WRꢀ RQHꢀ RIꢀ WKHꢀ DERYHꢀ GDWDꢀ LWHPVꢆꢀ 7KH  
UHVXOWLQJꢀꢅRQWLQXRXVꢀGDWDVWUHDPꢀZLOOꢀSHUVLVWꢀXQWLOꢀDꢀGLIIHULQJꢀꢅKDUDꢅWHU  
LVꢀVHQWꢀWRꢀWKHꢀꢂꢃꢇꢁ%ꢉꢆ  
ꢄꢀ ꢀQHJDWLYHꢀGHWHꢆWLRQ  
ꢄꢀ ꢀSRVLWLYHꢀGHWHꢆWLRQ  
ꢄꢀ ꢀXQLWꢀLVꢀEXV\ꢀ/LQꢀꢆDOLEUDWLRQꢀRUꢀVWDUWXSꢊ  
ꢄꢀ ꢀDQꢀHUURUꢀKDVꢀRꢆꢆXUUHG  
ꢄꢀ ꢀ%*ꢀLQSXWꢀGHWHꢆWHG  
ꢄꢀ ꢀ2%-ꢀLQSXWꢀGHWHꢆWHG  
XQXVHG  
ꢐ
ꢃ
ꢅ
ꢇ
ꢈ
ꢆꢁꢆꢂ32//('ꢂ8$57ꢂ02'(  
3ROOHGꢀ8$57ꢀPRGHꢀLVꢀVSHꢅLILHGꢀE\ꢀVHWWLQJꢀ>*@ꢀWRꢀDꢀVHWWLQJꢀEHWZHHQ  
>*ꢆꢁ@ꢀWRꢀ>*ꢆꢍ@ꢆ  
ꢋ
ꢎ;ꢀꢏ  
,Qꢀ WKLVꢀ PRGHꢀ WKHꢀ GHYLꢅHꢀ ZDLWVꢀ IRUꢀ DQꢀ $6&,,ꢀ µ(YRNHꢀ &RGH¶ꢀ IURPꢀ WKH  
KRVWꢀEHIRUHꢀVHQGLQJꢀGDWDꢀEDꢅNꢆꢀ,QꢀWKLVꢀPRGHꢀWKHꢀGHYLꢅHꢀꢅDQꢀDOVRꢀEH  
SXWꢀ LQWRꢀ DQꢀ ³(QKDQꢅHGꢀ 9HUERVH¶ꢀ PRGHꢀ WHPSRUDULO\ꢆꢀ 7KHꢀ GDWD  
ꢅKDUDꢅWHUꢀ VHQWꢀEDꢅNꢀ WRꢀWKHꢀ KRVWꢀLVꢀ VHQWꢀLPPHGLDWHO\ꢀ DIWHUꢀ UHꢅHLSWꢀRI  
WKHꢀ(YRNHꢀ&RGHꢆꢀ,Qꢀ(QKDQꢅHGꢀ9HUERVHꢀPRGHꢎꢀWKHꢀGDWDꢀLVꢀLGHQWLꢅDOꢀWR  
UHJXODUꢀ9HUERVHꢀPRGHꢎꢀKRZHYHUꢀWKHꢀGDWDꢀVWUHDPꢀꢅDQꢀEHꢀDOWHUHGꢀµRQ  
WKHꢀ IO\¶ꢀ UHSHDWHGO\ꢀ WRꢀ GLIIHUHQWꢀ SDUDPHWHUVꢀ E\ꢀ VHQGLQJꢀ QHZꢀ (YRNH  
&RGHVꢀLQꢀWKHꢀUDQJHꢀꢇꢆꢆꢔꢆ  
7$%/(ꢂꢆꢄꢆꢂꢄꢂ67$786ꢂ%<7(ꢂꢒ8ꢁꢌꢓ  
6HHꢀ6HꢅWLRQꢀꢐꢆꢉ  
%,76  
0($1,1*  
(UURUꢀꢆRGH&ꢀYDOXHꢀUDQJHꢀꢃꢇꢇꢏꢀ/VHHꢀ7DEOHꢀꢐꢋꢉꢊ  
ꢄꢀ ꢀQHJDWLYHꢀGHWHꢆWLRQ  
ꢐ;ꢀꢃ  
ꢅ
ꢄꢀ ꢀSRVLWLYHꢀGHWHꢆWLRQ  
ꢇ
3ROOHGꢀ PRGHꢀ DOORZVꢀ 9HUERVHꢀ PRGHꢀ WRRꢎꢀ SOXVꢀ Dꢀ QXPEHUꢀ RIꢀ DGGHG  
IHDWXUHVꢀ LQꢅOXGLQJꢀ UHPRWHꢀ 6HWXSVꢀ SURJUDPPLQJꢎꢀ IRUꢅHGꢀ ꢅDOLEUDWLRQ  
ꢋLQꢅOXGLQJꢀ ERWKꢀ %*ꢀ DQGꢀ 2%ꢕ-ꢎꢀ DQGꢀ 47ꢀ ZLGWKꢀ ꢅKDQJLQJꢀ RQꢀ WKHꢀ IO\ꢆ  
3ROOHGꢀPRGHꢀDOVRꢀOHWVꢀ\RXꢀH[DPLQHꢀWKHꢀꢅXUUHQWꢀ6HWXSVꢆ  
ꢄꢀ ꢀ287ꢀSLQꢀLVꢀDꢆWLYH  
ꢈ
ꢄꢀ ꢀXQLWꢀLVꢀEXV\ꢀ/LQꢀꢆDOLEUDWLRQꢀRUꢀVWDUWXSꢊ  
ꢄꢀ ꢀ2%-ꢀLQSXWꢀGHWHꢆWHG  
ꢋ
ꢎ
ꢄꢀ ꢀ%*ꢀLQSXWꢀGHWHꢆWHG  
ꢏ
7DEOHꢀꢍꢄꢁꢀVKRZVꢀWKHꢀSROOHGꢄPRGHꢀ$6&,,ꢀꢅRPPDQGꢀVHWꢆꢀ(YRNHꢀꢅRGHV  
ꢇꢆꢆꢔꢀUHWXUQꢀGDWDꢀDꢅꢅRUGLQJꢀWRꢀ7DEOHꢀꢍꢄꢉꢆꢀ(UURUꢀꢅRGHVꢀDUHꢀGHVꢅULEHGꢀLQ  
7DEOHꢀꢍꢄꢐꢆ  
7$%/(ꢂꢆꢄꢉꢂꢄꢂ(5525ꢂ&2'(ꢂꢒ+ꢁꢌꢓ  
6HHꢀ6HꢅWLRQꢀꢍꢆꢐ  
9$/8(  
0($1,1*  
1RꢀHUURU  
ꢐ
ꢃ
ꢅ
ꢇ
6KRUWꢀꢆLUꢆXLWꢀVXVSHꢆWHG  
([ꢆHVVꢀꢆDSDꢆLWLYHꢀORDG  
8QVWDEOHꢀUHDGLQJV&ꢀꢆDQQRWꢀꢆDOLEUDWH  
ꢎ
(QKDQꢅHGꢀ9HUERVHꢀPRGHꢀDQGꢀWKHQꢀVHQGVꢀDꢀVWUHDPꢀRIꢀGDWDꢀLWHPꢀµꢁ¶  
ꢋVLJQDOꢀꢄꢀUHIHUHQꢅH-ꢎꢀIROORZLQJꢀWKHꢀꢁꢀYꢀVHTXHQꢅHꢆ  
ꢈꢄꢈꢄꢃꢀ3URJUDPPLQJꢀ6HWXSVꢀWRꢀ1HZꢀ9DOXHV  
7KHꢀꢂꢃꢇꢁ%ꢉꢀꢅDQꢀKDYHꢀLWVꢀ6HWXSVꢀUHSURJUDPPHGꢀE\ꢀDꢀKRVWꢀGHYLꢅHꢆ  
7KLVꢀ UHSURJUDPPLQJꢀ PRGHꢀ LVꢀ LQLWLDWHGꢀ E\ꢀ VHQGLQJꢀ WKHꢀ ORZHUꢅDVH  
ꢅKDUDꢅWHUꢀ µV¶ꢎꢀ ZKLꢅKꢀ KDOWVꢀ VHQVRUꢀ RSHUDWLRQꢀ DQGꢀ SODꢅHVꢀ WKHꢀ GHYLꢅH  
LQWRꢀ LWVꢀ SURJUDPPLQJꢀ PRGHꢌꢀ WKHꢀ GHYLꢅHꢀ WKHQꢀ UHꢅHLYHVꢀ SURJUDP  
LQIRUPDWLRQꢀDVꢀSDLUVꢀRIꢀDGGUHVVꢀDQGꢀGDWDꢀꢅRGHVꢆꢀ$Q\ꢀꢅRPELQDWLRQꢀRI  
7DEOHꢀꢍꢄꢏꢀVKRZVꢀWKHꢀHTXLYDOHQꢅHꢀEHWZHHQꢀWKHꢀµV¶ꢀ6HWXSVꢀꢅRGHVꢀDQG  
)XQꢅWLRQꢀ6HWXSꢀ7DEOHꢀꢃꢄꢁꢆ  
ꢈꢄꢈꢄꢅꢀ5HꢆDOLEUDWLRQꢀDIWHUꢀ5HPRWHꢀ6HWXSV  
WKHꢀ 6HWXSVꢀ GXULQJꢀ WKHꢀ ꢅRXUVHꢀ RIꢀ DQꢀ µV¶ꢀ VHVVLRQꢀ ꢅDQꢀ EHꢀ UHPRWHO\ 5HPRWHꢀ 6HWXSꢀ GRHVꢀ QRWꢀ ꢅDXVHꢀ WKHꢀ 47ꢂꢃꢇꢁ%ꢉꢀ WRꢀ UHꢅDOLEUDWHꢆꢀ 7KLV  
SURJUDPPHGꢀWKLVꢀZD\ꢆꢀ7KHUHꢀLVꢀQRꢀWLPHꢀOLPLWꢀGXULQJꢀZKLꢅKꢀWKLVꢀKDVꢀWR SHUPLWVꢀ DOWHUDWLRQꢀ RIꢀ ꢅULWLꢅDOꢀ SDUDPHWHUVꢀ ZLWKRXWꢀ GLVWXUELQJꢀ WKH  
EHꢀ SHUIRUPHGꢎꢀ VRꢀ ORQJꢀ DVꢀ WKHꢀ GHYLꢅHꢀ LVꢀ SRZHUHGꢀ WKURXJKRXWꢆꢀ 7KH VHQVLQJꢀ IXQꢅWLRQꢎꢀ DOORZLQJꢀ G\QDPLꢅꢀ DOWHUDWLRQꢀ RIꢀ EDVLꢅꢀ RSHUDWLQJ  
VHTXHQꢅHꢀPXVWꢀWHUPLQDWHꢀLQꢀWKHꢀORZHUꢅDVHꢀOHWWHUꢀꢓZꢓꢀZKLꢅKꢀZULWHVꢀWKH SDUDPHWHUVꢀ ꢓRQꢀ WKHꢀ IO\ꢓꢀ ZLWKRXWꢀ GLVWXUELQJꢀ WKHꢀ GDWDꢀ VWUHDPꢀ RU  
QHZꢀ6HWXSVꢀWRꢀHꢀSURPꢀDQGꢀꢅDXVHVꢀWKHꢀGHYLꢅHꢀWRꢀVHQVHꢀDJDLQꢆ  
ꢅDOLEUDWLRQꢀSRLQWꢆ  
$IWHUꢀ WKHꢀ ꢓZꢓꢀ LVꢀ VHQWꢀ WRꢀ WKHꢀ GHYLꢅHꢎꢀ DQGꢀ DIWHUꢀ WKHꢀ HꢀSURPꢀ LV ,Iꢀ UHꢅDOLEUDWLRQꢀ LVꢀ GHVLUHGꢀ DIWHUꢀ Dꢀ 5HPRWHꢀ 6HWXSVꢀ VHTXHQꢅHꢎꢀ IRU  
VXꢅꢅHVVIXOO\ꢀUHSURJUDPPHGꢎꢀWKHꢀSDUWꢀZLOOꢀWUDQVPLWꢀEDꢅNꢀWRꢀWKHꢀKRVW H[DPSOHꢀDIWHUꢀDOWHULQJꢀWKHꢀGHYLꢅHꢓVꢀ%XUVWꢀ/HQJWKꢎꢀDQ\ꢀRIꢀWKHꢀꢓ%ꢓꢎꢀꢓEꢓꢎ  
DQꢀXSSHUꢅDVHꢀꢓ$ꢓꢀꢋKH[ꢀꢇ[ꢍꢁ-ꢀDVꢀDꢀPHDQVꢀRIꢀꢅRQILUPDWLRQꢆ  
ꢓ2ꢓꢎꢀRUꢀꢓRꢓꢀꢅRPPDQGVꢀꢅDQꢀEHꢀVHQWꢀDIWHUZDUGVꢀWRꢀLQGXꢅHꢀWKHꢀGHVLUHG  
UHꢅDOLEUDWLRQꢆ  
)ROORZLQJꢀWKHꢀWUDQVPLVVLRQꢀRIꢀWKHꢀLQLWLDWLQJꢀµV¶ꢎꢀWZRꢄE\WHꢀ6HWXSꢀ3DLUV  
RIꢀꢅRGHVꢀPXVWꢀEHꢀVHQWꢒ  
ꢈꢄꢈꢄꢇꢀ8$57ꢀ(YRNHꢀ'DWDꢀLQꢀ3ROOHGꢀ0RGH  
,QꢀSROOHGꢀPRGHꢀWKHꢀ47ꢂꢃꢇꢁ%ꢉꢀZLOOꢀUHWXUQꢀDQ\ꢀGDWDꢀLWHPꢀGHVꢅULEHGꢀIRU  
9HUERVHꢀ0RGHꢀLQꢀ6HꢅWLRQꢀꢍꢆꢉꢆꢀ7KHꢀKRVWꢀGHYLꢅHꢀPXVWꢀVHQGꢀDQꢀHYRNH  
ꢅKDUDꢅWHUꢀIURPꢀ$6&,,ꢀꢓꢇꢓꢀWKURXJKꢀꢓꢔꢓꢀWRꢀꢅDXVHꢀWKHꢀGHYLꢅHꢀWRꢀUHVSRQG  
ZLWKꢀWKHꢀꢅRUUHVSRQGLQJꢀGDWDꢀLWHPꢀꢋVHHꢀDOVRꢀ7DEOHꢀꢍꢄꢉ-ꢆꢀ2QO\ꢀRQHꢀE\WH  
LVꢀUHWXUQHGꢀDIWHUꢀHDꢅKꢀHYRNHꢀꢅRGHꢎꢀZLWKꢀQRꢀWHUPLQDWLQJꢀ&5ꢀRUꢀ&5ꢈ/)ꢆ  
ꢋꢁ-ꢀ$ꢀ6HOHꢅWꢀꢅRGHꢎꢀIURPꢀKH[ꢀꢇ[ꢇꢁꢀꢋꢁꢀGHꢅLPDO-ꢀWRꢀꢇ[ꢁꢃꢀꢋꢉꢑꢀGHꢅLPDO-  
ZKLꢅKꢀꢅRUUHVSRQGVꢀWRꢀWKHꢀNH\ERDUGꢀꢅRQWUROꢀꢅKDUDꢅWHUVꢀADꢀWKURXJK  
AZꢀ ꢋꢅRQWUROꢄDꢀ ꢆꢆꢆꢀ ꢅRQWUROꢄZ-ꢆꢀ ꢇ[ꢇꢁꢀ ꢅRUUHVSRQGVꢀ WRꢀ 6HOHꢅWꢀ ,WHPꢀ ꢇꢌ  
ꢇ[ꢁꢃꢀꢅRUUHVSRQGVꢀWRꢀ6HOHꢅWꢀ,WHPꢀµ8¶ꢆꢀ6HHꢀ7DEOHꢀꢍꢄꢏꢆꢀ7KLVꢀDꢅWVꢀDV  
DQꢀDGGUHVVꢀLQWRꢀWKHꢀHꢀSURPꢀORꢅDWLRQVꢆ  
ꢈꢄꢈꢄꢈꢀ/DVWꢊ&RPPDQGꢀ(YRNH  
ꢋꢉ-ꢀDꢀ6HWWLQJꢀꢅRGHꢀIURPꢀDVꢅLLꢀµꢇ¶ꢀWKURXJKꢀµꢂ¶ꢀꢋKH[ꢀꢇ[ꢑꢇꢀꢆꢆꢆꢀꢇ[ꢑꢂ-ꢆ  
,QꢀSROOHGꢀPRGHꢎꢀWKHꢀKRVWꢀꢅDQꢀLQWHUURJDWHꢀWKHꢀGHYLꢅHꢀWRꢀVHHꢀLIꢀWKHꢀODVW  
ꢅRPPDQGꢀVHQWꢀZDVꢀSURSHUO\ꢀUHꢅHLYHGꢀXVLQJꢀWKHꢀꢅKDUDꢅWHUꢀꢓOꢓꢀꢋ/RZHU  
ꢅDVHꢀ/ꢎꢀ$6&,,ꢀꢅRGHꢀꢇ[ꢏꢅ-ꢆꢀ7KLVꢀLVꢀXVHIXOꢀWRꢀREWDLQꢀSRVLWLYHꢀIHHGEDꢅN  
WKDWꢀDꢀꢅRPPDQGꢀZDVꢀUHꢅHLYHGꢀIURPꢀWKHꢀKRVWꢆ  
(DꢅKꢀ SDLUꢀ ZLOOꢀ DOWHUꢀ WKHꢀ ꢅRUUHVSRQGLQJꢀ 6HOHꢅWꢀ LWHPꢀ WRꢀ EHꢀ WKHꢀ QHZ  
6HWWLQJꢀꢅRGHꢎꢀIURPꢀꢇꢀWKURXJKꢀꢂꢆ  
$VꢀPDQ\ꢀSDLUVꢀDVꢀUHTXLUHGꢀPD\ꢀEHꢀVHQWꢎꢀHYHQꢀWRꢀRYHUZULWHꢀSULRUꢀSDLUV  
VHQWꢀLQꢀWKHꢀVDPHꢀVHVVLRQꢀLIꢀDꢀPLVWDNHꢀLVꢀPDGHꢆꢀ12ꢀ&5ꢈ/)ꢀ&2'(6  
VKRXOGꢀ LQDGYHUWHQWO\ꢀ EHꢀ VHQWꢀ DIWHUꢀ SDLUꢀ ꢅKDUDꢅWHUVꢎꢀ RUꢀ DWꢀ DQ\ꢀ WLPHꢆ  
&5ꢈ/)ꢀꢅRGHVꢀꢅRUUHVSRQGꢀWRꢀꢅRGHVꢀꢇ[ꢇGꢀDQGꢀꢇ[ꢇDꢎꢀZKLꢅKꢀDUHꢀYDOLG  
6HOHꢅWꢀꢅRGHVꢀGXULQJꢀ5HPRWHꢀ6HWXSVꢆꢀꢋ&5ꢀ ꢀ&DUULDJHꢀ5HWXUQꢎꢀ/)ꢀ  
/LQHꢀ )HHGꢌꢀ WKHVHꢀ DUHꢀ RIWHQꢀ DꢅꢅRPSDQLHGꢀ DXWRPDWLꢅDOO\ꢀ E\ꢀ PDQ\  
SURJUDPVꢀ ZKHQꢀ GDWDꢀ LVꢀ VHQWꢎꢀ DQGꢀ DVꢀ VXꢅKꢀ VKRXOGꢀ $/:$<6ꢀ EH  
VXSSUHVVHGꢀLQꢀDQ\ꢀLQWHUDꢅWLRQꢀZLWKꢀWKHꢀꢂꢃꢇꢁ%ꢉ-ꢆ  
,QꢀꢅDVHVꢀZKHUHꢀDꢀVHTXHQꢅHꢀRIꢀLGHQWLꢅDOꢀꢅRPPDQGVꢀDUHꢀLVVXHGꢎꢀVXꢅK  
DVꢀDꢀVWULQJꢀRIꢀꢓEꢓꢀꢅRPPDQGVꢎꢀDꢀQRQIXQꢅWLRQDOꢀGXPP\ꢀꢅKDUDꢅWHUꢀꢅDQ  
EHꢀVHQWꢀWRꢀWKHꢀGHYLꢅHꢀꢋVXꢅKꢀꢅKDUDꢅWHUVꢀDUHꢀDOVRꢀPLUURUHGꢀEDꢅNꢀWRꢀWKH  
KRVWꢌꢀ 6HHꢀ ꢍꢆꢍꢆꢃꢀ EHORZ-ꢀ WRꢀ DꢅWꢀ DVꢀ Dꢀ VHSDUDWRUꢎꢀ HQVXULQJꢀ WKDWꢀ WKH  
/DVWꢄ&RPPDQGꢀE\WHꢀUHWXUQHGꢀLQꢀIDꢅWꢀUHODWHVꢀWRꢀWKHꢀLPPHGLDWHO\ꢀSULRU  
E\WHꢀVHQWꢀWRꢀWKHꢀGHYLꢅHꢎꢀDQGꢀQRWꢀDꢀE\WHꢀVHQWꢀHDUOLHUꢀLQꢀWKHꢀVHTXHQꢅHꢆ  
$Q\ꢀ$6&,,ꢀꢅRGHꢀQRWꢀVKRZQꢀLQꢀ7DEOHꢀꢍꢄꢁꢀZLOOꢀZRUNꢀDVꢀDꢀVHSDUDWRUꢆ  
$ꢀW\SLꢅDOꢀ 5HPRWHꢀ6HWXSꢀVHVVLRQꢀ PLJKWꢀORRNꢀ OLNHꢀꢋXQLWꢀDOUHDG\ꢀ VHWꢀWR  
3ROOHGꢀ0RGH-ꢒ  
ꢈꢄꢈꢄꢋꢀ5HPRWHꢀ6HWXSꢀRIꢀ6HULDOꢀ0RGHꢀꢌꢀ%DXGꢀ5DWH  
3URJUDPPLQJꢀYLDꢀ5HPRWHꢀ6HWXSꢀRIꢀ>*@ꢀLVꢀWUHDWHGꢀDVꢀDꢀVSHꢅLDOꢀꢅDVHꢆ  
7Rꢀ IDꢅLOLWDWHꢀ ꢅRQWLQXHGꢀ ꢅRPPXQLꢅDWLRQꢀ DIWHUꢀ Dꢀ EDXGꢀ UDWHꢀ RUꢀ VHULDO  
PRGHꢀꢅKDQJHꢎꢀWKHꢀGHYLꢅHꢀZLOOꢀRQO\ꢀEHJLQꢀWKHꢀQHZꢀVHULDOꢀVHWWLQJꢀDIWHUꢀLW  
LVꢀUHVHWꢆꢀ7KLVꢀꢅDQꢀEHꢀDꢅꢅRPSOLVKHGꢀE\ꢀXQSRZHULQJꢀWKHꢀGHYLꢅHꢎꢀRUꢀE\  
H[HꢅXWLQJꢀDꢀ5HVHWꢀꢅRPPDQGꢀꢓUꢓꢀꢋVHHꢀEHORZ-ꢆ  
VꢀADꢀꢑꢀALꢀꢁꢀAGꢀꢍꢀAVꢀꢁꢀADꢀꢐꢀZ  
ꢒSDXVHꢀZKLOHꢀXQLWꢀUHꢄDOLEUDWHV.ꢀWKHQꢈꢈꢈ!ꢀꢁꢀY  
1RWHꢀWKDWꢀAVꢀꢋꢅRQWUROꢄµV¶ꢎꢀVDPHꢀDVꢀ6HOHꢅWꢀLWHPꢀµꢕ¶-ꢀLVꢀRIWHQꢀLQWHUꢅHSWHG  
E\ꢀ WHUPLQDOꢀ SURJUDPVꢀ DQGꢀ PD\ꢀ QRWꢀ DꢅWXDOO\ꢀ EHꢀ VHQWꢀ IURPꢀ WKHꢀ KRVW  
ZKHQꢀVRꢀGHVLUHGꢆꢀ7KHUHꢀDUHꢀXVXDOO\ꢀZD\VꢀDURXQGꢀWKLVꢆꢀµZ¶ꢀSURJUDPV  
WKHꢀ HꢀSURPꢀ DQGꢀ UHꢅDOLEUDWHVꢀ WKHꢀ VHQVRUꢀ EHIRUHꢀ UXQQLQJꢀ ꢋXQOHVVꢀ LQ  
,QVWDQWꢀ6WDUWꢀPRGHꢎꢀLQꢀZKLꢅKꢀꢅDVHꢀWKHꢀVHQVRUꢀMXVWꢀUXQVꢀDJDLQ-ꢆꢀ1RWH  
DOVRꢀ WKDWꢀ WKHꢀ VHꢅRQGꢀ ADꢀ SDLUꢀ ꢋADꢀ ꢔ-ꢀ RYHUULGHVꢀ WKHꢀ ILUVWꢀ RQHꢌꢀ WKXVꢎ  
'HWHꢅWꢀ7KUHVKROGꢀLVꢀVHWꢀWRꢀµꢔ¶ꢀꢋꢏꢀꢅRXQWVꢀRIꢀWKUHVKROGꢀOHYHOꢀDVꢀVKRZQ  
LQꢀ 7DEOHꢀ ꢃꢄꢁ-ꢆꢀ $IWHUꢀ WKHꢀ UHꢅDOLEUDWLRQꢎꢀ WKHꢀ XQLWꢀ LVꢀ SODꢅHGꢀ EDꢅNꢀ LQWR  
ꢈꢄꢈꢄꢎꢀ)RUꢆHGꢀ5HVHWꢀ&RPPDQG  
7KHꢀ47ꢂꢃꢇꢁ%ꢉꢀꢅDQꢀEHꢀIRUꢅLEO\ꢀUHVHWꢀE\ꢀVHQGLQJꢀLWꢀWKHꢀ$6&,,ꢀOHWWHUꢀꢓUꢓ  
ꢋORZHUꢀꢅDVHꢀ5-ꢀWZLꢅHꢀLQꢀVXꢅꢅHVVLRQꢆꢀ$IWHUꢀWKHꢀILUVWꢀꢓUꢓꢀLVꢀUHꢅHLYHGꢎꢀWKH  
GHYLꢅHꢀZLOOꢀPLUURUꢀEDꢅNꢀWKHꢀOHWWHUꢀꢓUꢓꢀRYHUꢀWKHꢀVHULDOꢀSRUWꢆꢀ$IWHUꢀLWꢀKDV  
UHꢅHLYHGꢀWKHꢀVHꢅRQGꢀꢓUꢓꢎꢀLWꢀZLOOꢀWUDQVPLWꢀWKHꢀOHWWHUꢀꢓ5ꢓꢀꢋꢅDSLWDOꢀ5-ꢆꢀ7KH  
WZRꢀ)RUꢅHGꢀ5HVHWꢀꢅRPPDQGꢀꢅKDUDꢅWHUVꢀPXVWꢀEHꢀVHQWꢀZLWKLQꢀDꢀꢂꢇPV  
WLPHVSDQꢀRWKHUZLVHꢀWKHꢀꢅRPPDQGꢀLVꢀꢅDQꢅHOHGꢆꢀ$OVRꢎꢀWKHꢀKRVWꢀVKRXOG  
7$%/(ꢂꢆꢄꢊꢂꢄꢂ5(027(ꢂ6(783ꢂ&2'(6ꢀꢀꢀꢀꢁUHIHUꢀDOVRꢀWRꢀ7DEOHꢀꢏꢊꢃꢂ  
6HOHꢆW  
'HVꢆULSWLRQ  
$6&,,  
+H[  
6HOHꢆW  
'HVꢆULSWLRQ  
$6&,,ꢀ  
+H[  
ꢉ
ꢈ
ꢇ
ꢆ
ꢅ
ꢄ
ꢃ
ꢂ
ꢁ
ꢀ
$
%
'HWHꢋWꢇ7KUHVKROG  
+\VWHUHVLV  
ꢔD  
ꢔE  
ꢔꢋ  
ꢔG  
ꢔH  
ꢔI  
ꢂ[ꢂꢃ  
ꢂ[ꢂꢄ  
ꢂ[ꢂꢌ  
ꢂ[ꢂꢆ  
ꢂ[ꢂꢉ  
ꢂ[ꢂꢑ  
ꢂ[ꢂꢁ  
ꢂ[ꢂꢊ  
ꢂ[ꢂꢀ  
ꢂ[ꢂ$  
ꢂ[ꢂ%  
ꢂ[ꢂ&  
&
'
(
)
0D[ꢇ2Qꢅ'XUDWLRQ  
'HWHꢋWLRQꢇ0RGH  
&DOLEUDWLRQꢇ&RQWURO  
'ULIWꢇ6WRUHAꢇ'DWDꢇ/RꢋNLQJ  
6HULDOꢇ0RGHV  
ꢔP  
ꢔQ  
ꢔR  
ꢔS  
ꢔT  
ꢔU  
ꢂ[ꢂ'  
ꢂ[ꢂ(  
ꢂ[ꢂ)  
ꢂ[ꢃꢂ  
ꢂ[ꢃꢃ  
ꢂ[ꢃꢄ  
ꢂ[ꢃꢌ  
ꢂ[ꢃꢆ  
ꢂ[ꢃꢉ  
ꢂ[ꢃꢑ  
ꢂ[ꢃꢁ  
5HIHUHQꢋHꢇ2IIVHW  
XQXVHG  
ꢕLGWKꢇ3RWV  
*
+
-
%XUVWꢇ/HQJWK  
%XUVWꢇ6SDꢋLQJ  
5DQGRPL]H  
9HUERVHꢇ'DWD  
3RODULWLHV  
ꢔJ  
ꢔK  
ꢔL  
ꢔV  
ꢔW  
/
2XWSXWꢇ6WUHWꢋK  
XQXVHG  
'ULIWꢇ5DWH  
1
3
8
ꢔX  
ꢔY  
ꢔZ  
XQXVHG  
0HGLDQꢇ)LOWHU  
%R[ꢋDUꢇ$YHUDJH  
'HWHꢋWꢇ,QWHJUDWRU  
ꢔM  
ꢔN  
ꢔO  
0RGHꢇꢏꢇ63,ꢇ'DWDꢇ2XWSXW  
ꢀꢏ  
UHꢅHLYHꢀ WKHꢀ ILUVWꢀ UHWXUQHGꢀ ꢓUꢓꢀ EDꢅNꢀ EHIRUHꢀ VHQGLQJꢀ WKHꢀ VHꢅRQGꢀ ꢓUꢓꢀ WR 7KHVHꢀ ꢅRGHVꢀ DUHꢀ UHSRUWHGꢀ DIWHUꢀ HDꢅKꢀ ꢅDOLEUDWLRQꢀ DWWHPSWꢎꢀ H[ꢅHSW  
SUHYHQWꢀ WKHꢀ SRVVLELOLW\ꢀ RIꢀ Dꢀ ꢅRPPꢀ RYHUUXQꢀ LQꢀ WKHꢀ ꢂꢃꢇꢁ%ꢉꢆꢀ ,Iꢀ IXOO 9DOXHꢀꢁꢀZKLꢅKꢀꢅDQꢀEHꢀGHWHꢅWHGꢀDWꢀDQ\ꢀWLPHꢀLIꢀDꢀVKRUWꢀꢅLUꢅXLWꢀWRꢀJURXQG  
GXSOH[ꢀꢅRPPXQLꢅDWLRQVꢀDUHꢀQRWꢀSRVVLEOHꢎꢀDꢀꢓVDIHW\ꢓꢀGHOD\ꢀRIꢀDWꢀOHDVW RꢅꢅXUVꢀ RQꢀ WKHꢀ &+*ꢀ SLQꢆꢀ 1RWHꢀ WKDWꢀ WKHꢀ GHYLꢅHꢀ ZLOOꢀ DWWHPSWꢀ WR  
ꢉꢇPVꢀEXWꢀOHVVꢀWKDQꢀꢂꢇPVꢀꢅDQꢀEHꢀXVHGꢀWRꢀHQVXUHꢀWKDWꢀWKHꢀVHꢅRQGꢀꢓUꢓ UHꢅDOLEUDWHꢀ LQꢀ Dꢀ PDQQHUꢀ GHSHQGHQWꢀ RQꢀ 6HWXSꢀ >(@ꢀ LIꢀ WKHꢀ HUURUꢀ ZDV  
LVꢀSURSHUO\ꢀUHꢅHLYHGꢆ  
IRXQGꢀ GXULQJꢀDꢀ UHꢅDOLEUDWLRQꢀ SURꢅHVVꢌꢀ LIꢀDꢀ VKRUWꢀ ZDVꢀVHQVHGꢀ GXULQJ  
QRUPDOꢀ UXQQLQJꢎꢀ WKHꢀ GHYLꢅHꢀ WDNHVꢀ QRꢀ IXUWKHUꢀ DꢅWLRQꢆꢀ 5HIHUꢀ WRꢀ WKH  
47ꢂꢃꢇꢁ%ꢀGDWDVKHHWꢀIRUꢀIXUWKHUꢀGHWDLOVꢀRQꢀ>(@ꢆ  
ꢈꢄꢈꢄꢏꢀ8QNQRZQꢀ&KDUDꢆWHUꢀ0LUURULQJ  
,IꢀWKHꢀ47ꢂꢃꢇꢁ%ꢉꢀUHꢅHLYHVꢀDꢀꢅKDUDꢅWHUꢀLWꢀGRHVꢀQRWꢀUHꢅRJQL]HꢀDVꢀYDOLGꢎ  
LWꢀ ZLOOꢀ WUDQVPLWꢀ WKDWꢀ ꢅKDUDꢅWHUꢀ EDꢅNꢀ WRꢀ WKHꢀ KRVWꢀ LPPHGLDWHO\ꢆ  
ꢆꢁ63,ꢁ23(5$7,21  
ꢉꢁꢀꢂ63,ꢂ&/2&.,1*ꢂ$1'ꢂ)5$0,1*  
),*85(ꢀꢄꢅꢆꢀꢅꢀ63,ꢀ2))6(7ꢀ7,0,1*ꢀ72ꢀ'$&ꢀ$  
7KHꢀ63,ꢀ SRUWꢀXVHVꢀDQꢀꢔꢀRUꢀ ꢁꢏꢀELWꢀꢅORꢅNLQJꢀVꢅKHPHꢌꢀ GDWDꢀLVꢀꢅORꢅNHG  
RXWꢀRQꢀWKHꢀIDOOLQJꢀHGJHꢀRIꢀWKHꢀ6&.ꢀVLJQDOꢌꢀWKHꢀUHꢅHLYLQJꢀGHYLꢅHꢀPXVW  
EHꢀ ꢅRQILJXUHGꢀ WRꢀ DꢅꢅHSWꢀ GDWDꢀ RQꢀ WKHꢀ ULVLQJꢀ HGJHꢀ RIꢀ 6&.ꢆꢆꢀ 7KHUHꢀ LV  
RQO\ꢀ RQHꢀ 63,ꢀ SRUWꢀ WKDWꢀ LVꢀ VKDUHGꢀ E\ꢀ ERWKꢀ WKHꢀ $'ꢃꢑꢇꢑꢀ DQGꢀ WKH  
H[WHUQDOꢀZRUOGꢎꢀEXWꢀWKHꢀSRUWꢀLVꢀIUDPHGꢀE\ꢀWZRꢀGLIIHUHQWꢀOLQHVꢀVRꢀDVꢀWR  
VHSDUDWHꢀ WKHꢀ GDWDꢀ VWUHDPVꢀ IRUꢀ WKHLUꢀ UHVSHꢅWLYHꢀ GHVWLQDWLRQVꢆꢀ 7KH  
$'ꢃꢑꢇꢑꢀ ꢅRQWDLQVꢀ WZRꢀ LQGHSHQGHQWꢀ ꢔꢄELWꢀ '$&Vꢀ ꢅDOOHGꢀ '$&ꢀ $ꢀ DQG  
'$&ꢀ %ꢆꢀ '$&ꢀ $ꢀ LVꢀ XVHGꢀ WRꢀ JHQHUDWHꢀ WKHꢀ RIIVHWꢀ YROWDJHꢀ IRUꢀ WKH  
DPSOLILHUꢀꢅKDLQꢎꢀDQGꢀ'$&ꢀ%ꢀLVꢀXVHGꢀWRꢀꢅUHDWHꢀDꢀSURꢅHVVHGꢀꢓV\QWKHWLꢅꢓ  
DQDORJꢀRXWSXWꢆ  
&6  
6&.  
6'$  
'$&ꢀ$ꢀ&RQWUROꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ2IIVHWꢀ9DO  
7KHꢀGDWDꢀUDWHꢀLVꢀꢐ0+]ꢀꢋꢉꢇꢇQVꢀꢅORꢅNLQJ-ꢆꢀ63,ꢀIUDPLQJꢀLVꢀSURYLGHGꢀE\  
WZRꢀVRXUꢅHVꢒ  
),*85(ꢀꢄꢅꢇꢀꢅꢀ63,ꢀ'$7$ꢀ287ꢈꢀꢉꢅ%,7ꢀ02'(  
ꢋꢄꢃꢄꢃꢀ&6ꢀ)UDPLQJꢀWRꢀWKHꢀ'XDOꢀ'$&  
&6  
&6ꢀꢋSLQꢀꢁꢐ-ꢀSURYLGHVꢀQHJDWLYHꢄJRLQJꢀIUDPHꢀSXOVHVꢀIRUꢀVKLIWVꢀRIꢀGDWD  
WRꢀSDUWVꢀꢓ$ꢓꢀDQGꢀꢓ%ꢓꢀRIꢀDQꢀ$'ꢃꢑꢇꢑꢀGXDOꢀ'$&ꢆꢀ7ZRꢀVKLIWVꢀRIꢀGDWDꢀRꢅꢅXU  
GXULQJꢀHDꢅKꢀEXUVWꢀꢅ\ꢅOHꢆꢀ,QꢀERWKꢀꢅDVHVꢀWKHꢀILUVWꢀE\WHꢀVHQWꢀLVꢀDꢀꢅRQWURO  
E\WHꢀIRUꢀWKHꢀ$'ꢃꢑꢇꢑꢀXVHGꢀWRꢀGLUHꢅWꢀWKHꢀGDWDꢀE\WHꢀWRꢀLWVꢀLQWHUQDOꢀSDUWꢀ$  
RUꢀ%ꢀ'$&ꢎꢀDQGꢀLVꢀRIꢀQRꢀSDUWLꢅXODUꢀYDOXHꢀWRꢀWKHꢀH[WHUQDOꢀZRUOGꢆꢀ,QꢀERWK  
ꢅDVHVꢀWKHꢀVHꢅRQGꢀE\WHꢀꢅRQWDLQVꢀWKHꢀDꢅWXDOꢀGDWDꢀRIꢀLQWHUHVWꢆꢀ  
2%-  
6&.  
)LJXUHꢀꢐꢄꢁꢀVKRZVꢀWLPLQJꢀZDYHIRUPVꢀRIꢀWKHꢀGDWDꢀVKLIWVꢀWRꢀSDUWꢀ$ꢀXVHG  
WRꢀ GULYHꢀ WKHꢀ RIIVHWꢀ QRGHꢀ RIꢀ WKHꢀ H[WHUQDOꢀ DPSOLILHUꢀ ꢅKDLQꢌꢀ WKLV  
WUDQVPLVVLRQꢀRꢅꢅXUVꢀMXVWꢀSULRUꢀWRꢀHDꢅKꢀEXUVWꢆꢀ  
6'$  
'$&ꢀ%ꢀ&RQWUROꢀꢀꢀꢀꢀꢀꢀ'DWDꢀ>8ꢁ[@  
)LJXUHꢀꢐꢄꢉꢀVKRZVꢀWKHꢀWLPLQJꢀZDYHIRUPVꢀRIꢀGDWDꢀVKLIWVꢀWRꢀSDUWꢀ%ꢀRIꢀWKH  
$'ꢃꢑꢇꢑꢌꢀ WKLVꢀ LVꢀ ꢅRPPRQO\ꢀ XVHGꢀ WRꢀ VXSSO\ꢀDQꢀ DQDORJꢀ RXWSXWꢀ ZKLꢅK  
ꢅDQꢀEHꢀRQHꢀRIꢀVHYHUDOꢀGLIIHUHQWꢀW\SHVꢎꢀGHSHQGLQJꢀRQꢀ6HWXSꢀ>8@ꢆꢀ7KH  
ꢓ%ꢓꢀWUDQVPLVVLRQꢀ RꢅꢅXUVꢀMXVWꢀDIWHUꢀ DOOꢀLQWHUQDOꢀVLJQDOꢀ SURꢅHVVLQJꢀKDV  
ꢅRPSOHWHGꢎꢀ EHWZHHQꢀ EXUVWVꢆꢀ 7KHꢀ SRVLWLRQꢀ RIꢀ WKLVꢀ VKLIWꢀ ZLOOꢀ YDU\  
GHSHQGLQJꢀRQꢀWKHꢀDPRXQWꢀRIꢀVLJQDOꢀSURꢅHVVLQJꢀEHLQJꢀSHUIRUPHGꢆ  
2WKHUZLVHꢀ WKHꢀ GHYLꢅHꢀ ZLOOꢀ EHꢀ VLOHQWꢀ RUꢀ ZLOOꢀ UHSRUWꢀ EDꢅNꢀ ZLWKꢀ WKH  
VHOHꢅWHGꢀSROOHGꢀGDWDꢀLWHPꢆ  
ꢆꢁꢉꢂ(5525ꢂ&2'(ꢂ5(3257,1*  
7KHꢀ (UURUꢀ ꢅRGHꢀ UHSRUWHGꢀ E\ꢀ (YRNHꢀ &RGHꢀ ꢓꢔꢓꢎꢀ RUꢀ YLDꢀ >+ꢆꢔ@ꢀ LQꢀ HLWKHU  
9HUERVHꢀPRGHꢎꢀLVꢀVKRZQꢀLQꢀ7DEOHꢀꢍꢄꢐꢆꢀ7KHUHꢀDUHꢀꢍꢀSRVVLEOHꢀYDOXHV  
ZLWKꢀWKHꢀPHDQLQJVꢀVKRZQꢆꢀ  
7KHUHꢀꢅDQꢀDOVRꢀEHꢀDꢀWKLUGꢀE\WHꢀWUDQVPLWWHGꢀDVꢀSDUWꢀRIꢀWKHꢀ'$&ꢀ%ꢀVKLIW  
SURꢅHVVꢀLIꢀ>3ꢆꢁ@ꢀLVꢀVHOHꢅWHGꢎꢀEXWꢀWKLVꢀWKLUGꢀE\WHꢀLVꢀQRWꢀIUDPHGꢀE\ꢀ&6  
DQGꢀLVꢀWKXVꢀDOZD\VꢀLJQRUHGꢀE\ꢀWKHꢀ$'ꢃꢑꢇꢑꢀꢋ)LJXUHꢀꢐꢄꢑ-ꢆ  
9DOXHꢀ ꢀꢁꢀLQGLꢅDWHVꢀDꢀYHU\ꢀORZꢀVLJQDOꢎꢀSRVVLEO\ꢀGXHꢀWRꢀDꢀVKRUWꢀꢅLUꢅXLW  
RUꢀDꢀIDLOHGꢀWUDQVIHUꢀPRVIHWꢀRUꢀRWKHUꢀꢅLUꢅXLWꢀIDXOWꢆꢀ  
ꢋꢄꢃꢄꢅꢀ2%-ꢀ)UDPLQJꢀWRꢀDQꢀ([WHUQDOꢀ'HYLꢆH  
2%ꢕꢀꢋSLQꢀꢏ-ꢀIUDPHVꢀ63,ꢀGDWDꢀWRꢀWKHꢀH[WHUQDOꢀZRUOGꢎꢀVHSDUDWHꢀIURPꢀWKH  
'$&ꢀIUDPLQJꢀSURYLGHGꢀE\ꢀ&6ꢆꢀ,WꢀHQꢅRPSDVVHVꢀWKHꢀVHꢅRQGꢀRUꢀVHꢅRQG  
DQGꢀWKLUGꢀE\WHVꢀVHQWꢀDVꢀSDUWꢀRIꢀWKHꢀ'$&ꢀ%ꢀVHQGꢀWRꢀWKHꢀ$'ꢃꢑꢇꢑꢆꢀ$Q  
H[WHUQDOꢀ UHꢅHLYHUꢀ RIꢀ GDWDꢀ IURPꢀ WKHꢀ GHYLꢅHꢀ ZLOOꢀ WKXVꢀ QRWꢀ UHꢅHLYHꢀ WKH  
'$&ꢀ ꢅRQWUROꢀ E\WHꢀ SRUWLRQꢀ RIꢀ WKHꢀ WUDQVPLVVLRQꢀ EXWꢀ ZLOOꢀ UHꢅHLYHꢀ WKH  
UHOHYDQWꢀ GDWDꢀ VSHꢅLILHGꢀ E\ꢀ >8ꢆ[@ꢆꢀ 6LQꢅHꢀ WKHꢀ WUDQVPLVVLRQꢀ LVꢀ SDUWO\  
9DOXHꢀ ꢀꢉꢀLQGLꢅDWHVꢀH[ꢅHVVLYHꢀVLJQDOꢎꢀPRUHꢀWKDQꢀꢅDQꢀEHꢀꢅDOLEUDWHG  
DJDLQVWꢌꢀLWꢀꢅDQꢀDOVRꢀLQGLꢅDWHꢀWKDWꢀWKHꢀPRVIHWꢀLVꢀGHIHꢅWLYHꢎꢀIRU  
H[DPSOHꢀGXHꢀWRꢀKHDY\ꢀLQWHUQDOꢀOHDNDJHꢆꢀ  
9DOXHꢀ ꢀꢑꢀXVXDOO\ꢀLQGLꢅDWHVꢀDꢀYHU\ꢀXQVWDEOHꢀVLJQDOꢀGXHꢀWRꢀVXEVWDQWLDO  
DPRXQWVꢀRIꢀQRLVHꢀRUꢀYLROHQWꢀVLJQDOꢀVZLQJVꢆꢀ  
),*85(ꢂꢉꢄꢅꢂꢄꢂ63,ꢂ'$7$ꢂ287ꢐꢂꢀꢊꢄ%,7ꢂ02'(  
&6  
2%-  
6&.  
6'$  
'$&ꢀ%ꢀ&RQWUROꢀꢀꢀꢀꢀꢀꢀ'DWDꢀ>8ꢁ[@ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ6WDWXVꢀ>8ꢁꢂ@  
ꢀꢀ  
VKDUHGꢀZLWKꢀ'$&ꢀ%ꢀLWꢀLVꢀQRWꢀSRVVLEOHꢀWRꢀVHQGꢀVHSDUDWHꢀGDWDꢀWRꢀ'$&  
%ꢀDQGꢀDQꢀH[WHUQDOꢀGHYLꢅHꢆ  
>8ꢈꢃ@ꢀ6\QWKꢀRXWSXWVꢀILOWHUHGꢀꢋV\QWKHWLꢅ-ꢀGDWDꢎꢀDWꢀWKHꢀHQGꢀRIꢀDOO  
HQDEOHGꢀILOWHUꢀVWDJHVꢆ  
,Iꢀ >3ꢆꢇ@ꢀ LVꢀ VHOHꢅWHGꢀ ꢋꢔꢄELWꢀ GDWDꢀ PRGH-ꢎꢀ 2%ꢕꢀ IUDPHVꢀ MXVWꢀ WKHꢀ VLQJOH  
ꢔꢄELWꢀGDWDꢀHOHPHQWꢀꢅKRVHQꢀE\ꢀ6HWXSVꢀ>8ꢆ[@ꢀꢋ)LJXUHꢀꢐꢄꢉ-ꢆ  
>8ꢈꢋ@ꢀꢓ6\QWKꢀUHWXUQVꢀWKHꢀSRVLWLYHꢀGLIIHUHQꢅHꢀEHWZHHQꢀWKHꢀꢅXUUHQW  
ILOWHUHGꢀVLJQDOꢀDQGꢀWKHꢀꢅXUUHQWꢀUHIHUHQꢅHꢆꢀ,IꢀWKHꢀVLJQDOꢀGLSV  
EHORZꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢎꢀWKHꢀGDWDꢀLVꢀWUXQꢅDWHGꢀWRꢀ]HURꢆ  
,Iꢀ>3ꢆꢁ@ꢀLVꢀVHOHꢅWHGꢀꢋꢁꢏꢄELWꢀGDWDꢀPRGHꢎꢀ)LJXUHꢀꢐꢄꢑ-ꢎꢀ2%ꢕꢀIUDPHVꢀILUVW  
WKHꢀ GDWDꢀ HOHPHQWꢀ VSHꢅLILHGꢀ E\ꢀ >8ꢆ[@ꢀ DQGꢀ DOVRꢀ VHꢅRQGO\ꢀ Dꢀ E\WH  
ꢅRQWDLQLQJꢀWKHꢀ6WDWXVꢀELWVꢀGHVꢅULEHGꢀLQꢀ7DEOHꢀꢍꢄꢍꢆꢀ1RWHꢀWKDWꢀRQO\ꢀWKH  
ODVWꢀWZRꢀDUHꢀ IUDPHGꢀE\ꢀ2%ꢕꢌꢀWKHꢀ$'ꢃꢑꢇꢑꢀ UHꢅHLYHVꢀGDWDꢀIUDPHGꢀE\  
WKHꢀ&6ꢀOLQHꢎꢀQDPHO\ꢀRQO\ꢀWKHꢀILUVWꢀWZRꢀE\WHVꢀRIꢀWKHꢀVHTXHQꢅHꢆꢀ  
>8ꢈꢌ@ꢀꢊ6\QWKꢀUHWXUQVꢀWKHꢀQHJDWLYHꢀGLIIHUHQꢅHꢀEHWZHHQꢀWKHꢀꢅXUUHQW  
ILOWHUHGꢀVLJQDOꢀDQGꢀWKHꢀꢅXUUHQWꢀUHIHUHQꢅHꢆꢀ,IꢀWKHꢀVLJQDOꢀULVHV  
DERYHꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢎꢀWKHꢀGDWDꢀLVꢀWUXQꢅDWHGꢀWRꢀ]HURꢆꢀ7KH  
YDOXHꢀUHWXUQHGꢀLVꢀWKHꢀDEVROXWHꢀYDOXHꢀRIꢀWKHꢀGLIIHUHQꢅHꢆ  
7KHꢀ2%ꢕꢀOLQHꢀPXVWꢀEHꢀSXOOHGꢀKLJKꢀ ZLWKꢀDꢀUHVLVWRUꢎꢀHꢆJꢆꢀꢉꢆꢉ.ꢀꢐꢊꢀWR  
RSHUDWHꢀSURSHUO\ꢎꢀDQGꢀVKRXOGꢀQRWꢀEHꢀORDGHGꢀZLWKꢀH[WHUQDOꢀꢅDSDꢅLWDQꢅH  
WRꢀ HQVXUHꢀ Dꢀ ꢅULVSꢀ ULVHWLPHꢆꢀ 7KHꢀGXDOꢄXVHꢀ RIꢀ 2%ꢕꢀ GRHVꢀ QRWꢀ LQWHUIHUH  
ZLWKꢀ WKHꢀ QRUPDOꢀ IXQꢅWLRQLQJꢀ RIꢀ WKHꢀ 2%ꢕꢀ LQSXWꢀ OLQHꢎꢀ EXWꢀ DQꢀ H[WHUQDO  
ꢅRQWDꢅWꢀꢅORVXUHꢀIURPꢀ2%ꢕꢀWRꢀJURXQGꢀ PD\ꢀSUHYHQWꢀDꢀVODYHꢀ63,ꢀSRUW  
IURPꢀUHꢅHLYLQJꢀWKHꢀꢅRUUHꢅWꢀGDWDꢆ  
>8ꢈꢍ@ꢀ_6\QWK_ꢀUHWXUQVꢀWKHꢀDEVROXWHꢀYDOXHꢀRIꢀWKHꢀGLIIHUHQꢅHꢀEHWZHHQ  
WKHꢀꢅXUUHQWꢀILOWHUHGꢀVLJQDOꢀDQGꢀWKHꢀꢅXUUHQWꢀUHIHUHQꢅHꢎꢀZKHWKHU  
DERYHꢀRUꢀEHORZꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢆ  
>8ꢈꢎ@ꢀ5HIHUHQꢄHꢀUHWXUQVꢀWKHꢀꢅXUUHQWꢀLQWHUQDOꢀUHIHUHQꢅHꢀYDOXHꢆꢀ7KLV  
PD\ꢀEHꢀRIꢀYDOXHꢀDVꢀDꢀIRUPꢀRIꢀXOWUDꢄVORZꢀILOWHUHGꢀVLJQDOꢆ  
>8ꢈꢏ@ꢀ',ꢀUHWXUQVꢀWKHꢀYDOXHꢀRIꢀWKHꢀ'HWHꢅWLRQꢀ,QWHJUDWRUꢆ  
ꢉꢁꢃꢂ63,ꢂ'$7$ꢂ02'(6ꢂ>8@  
>8ꢈꢐ@ꢀ6WDWXVꢀUHWXUQVꢀDꢀVWDWXVꢀE\WHꢀꢅRPSRVHGꢀRIꢀELWVꢀZLWKꢀPHDQLQJV  
DVꢀVKRZQꢀLQꢀ7DEOHꢀꢍꢄꢍꢆ  
6HWXSꢀ>8ꢆ[@ꢀVSHꢅLILHVꢀWKHꢀW\SHꢀRIꢀGDWDꢀEHLQJꢀRXWSXWꢀE\ꢀWKHꢀ63,ꢀSRUWꢀLQ  
0RGHꢀꢉꢆꢀ$OOꢀGDWDꢀUHWXUQHGꢀLVꢀXQVLJQHGꢀꢔꢀELWVꢎꢀXQOHVVꢀPRGHꢀ>3ꢆꢁ@ꢀLV  
VHOHꢅWHGꢀLQꢀZKLꢅKꢀꢅDVHꢀꢁꢏꢀELWVꢀDUHꢀWUDQVPLWWHGꢎꢀWKHꢀODVWꢀꢔꢀRIꢀZKLꢅK  
DUHꢀ6WDWXVꢀ>8ꢆꢔ@ꢀꢋVHHꢀ6HꢅWLRQꢀꢐꢆꢁꢀDQGꢀ7DEOHꢀꢍꢄꢍ-ꢆ  
6HULDOꢀ 63,ꢀGDWDꢀ LVꢀ XSGDWHGꢀDIWHUꢀ HDꢅKꢀ EXUVWꢆꢀ'DWDꢀ LVꢀ RXWSXWꢀDIWHUꢀ D  
EXUVWꢀ DQGꢀ DIWHUꢀ WKHꢀ EXUVWꢀ GDWDꢀ LVꢀ IXOO\ꢀ ILOWHUHGꢀ ꢋLIꢀ DQ\ꢀ ILOWHULQJꢀ LV  
HQDEOHG-ꢆ  
>8ꢈꢁ@ꢀ5DZꢀRXWSXWVꢀGLUHꢅWO\ꢀDꢅTXLUHGꢎꢀXQILOWHUHGꢀGDWDꢎꢀUHJDUGOHVVꢀRI  
DQ\ꢀLQWHUQDOꢀILOWHULQJꢀWKDWꢀPLJKWꢀEHꢀHQDEOHGꢆ  
ꢀꢃ  
7$%/(ꢁꢇꢂꢀꢁꢂꢁ47ꢈꢇꢉꢀ%ꢃꢁ6(7836ꢀꢀꢀꢀ%2/'ꢀ%2;(6ꢀ'(127(ꢀ'()$8/7ꢀ6(77,1*6ꢀ,)ꢀ%/$1.ꢀ25ꢀ12ꢀ((3520ꢀ)281'  
6(77,1*  
6(/(&7  
'(6&5,37,21  
ꢏ
ꢆ
ꢇ
ꢎ
ꢍ
ꢄ
ꢌ
ꢋ
ꢉ
ꢊ
ꢇ
'HWHꢄWꢀ7KUHVKROG.ꢀꢄRXQWV  
ꢏꢉ  
ꢐꢇ  
ꢍꢇ  
ꢃꢍꢔ  
ꢑꢉ  
ꢉꢐ  
ꢇ
ꢁꢂ  
ꢁꢍ  
ꢁꢁ  
ꢐꢔ  
ꢏ
ꢍ
ꢁ
+\VWHUHVLV.ꢀꢕꢀRIꢀ7KUHVKROG  
5HIHUHQꢄHꢀ2IIVHWꢀꢅKH[ꢀꢇꢀGHꢄLPDOꢆ  
XQXVHG  
ꢁꢉꢆꢐ  
ꢇ[ꢉꢇꢀꢈꢀꢑꢉ  
ꢉ
ꢇ[ꢁꢇꢀꢈꢀꢁꢏ  
ꢇ[ꢍꢇꢀꢈꢀꢏꢍ  
ꢇ[ꢏꢇꢀꢈꢀꢂꢏ  
ꢇ[ꢔꢇꢀꢈꢀꢁꢉꢔ ꢇ[$ꢇꢀꢈꢀꢁꢏꢇ ꢇ[&ꢇꢀꢈꢀꢁꢂꢉ ꢇ[(ꢇꢀꢈꢀꢉꢉꢍ ꢇ[)ꢇꢀꢈꢀꢉꢍꢇ  
ꢉ[ꢏꢉꢀꢇꢀꢁꢁꢃꢔ  
ꢑ
ꢍ
3XOVHꢀ:LGWKꢀꢊꢀQV  
ꢉꢇꢇ  
ꢍ
ꢍꢇꢇ  
ꢔ
ꢔꢇꢇ  
ꢉꢍ  
ꢁ.ꢉꢉꢉꢔ  
ꢑꢉ  
ꢁꢎꢉꢇꢇ  
ꢍꢇ  
ꢁꢎꢍꢇꢇ  
ꢍꢔ  
ꢏꢇꢇ  
ꢁꢏ  
ꢁPV  
ꢉꢐꢊ  
ꢐꢇ  
ꢂ
ꢐ
%XUVWꢀ/HQJWK.ꢀSXOVHV  
%XUVWꢀ6SDꢄLQJ  
ꢐꢏ  
Á
Á
ꢎꢌꢔ  
ꢏ
ꢉꢇꢇ—V  
RIIꢔ  
RII  
ꢐꢇꢇ—V  
ꢁꢉꢆꢐꢊ  
ꢁꢇꢇ  
ꢍꢔ  
ꢐPV  
Á
ꢁꢇPV  
ꢉꢇPV  
ꢐꢇPV  
ꢁꢇꢇPV  
ꢃPVꢔ  
ꢐꢇꢊ  
ꢉꢇ  
ꢃ
5DQGRPL]Hꢀ%XUVWV.ꢀꢕ  
'ULIWꢀ5DWH.ꢀVHꢄRQGVꢇELW  
0HGLDQꢀ)LOWHU.ꢀOHQJWK  
%R[ꢄDUꢀ$YHUDJH.ꢀOHQJWK  
'HWHꢄWꢀ,QWHJUDWRU.ꢀꢄRXQWV  
0D[ꢀ2Qꢊ'XUDWLRQ.ꢀVHꢄRQGV  
'HWHꢄWLRQꢀ0RGH  
ꢔ
ꢁꢇ  
ꢉ
ꢁ
ꢇꢆꢐ  
ꢇꢆꢉ  
ꢍ
ꢂ
RII  
$
RII  
ꢉ
ꢍ
ꢔ
ꢐ
ꢁꢏ  
ꢁꢉꢔ  
ꢁꢇ  
ꢏꢍ  
ꢐꢇ  
ꢉ
Á
ꢁꢇꢇ  
ꢁ
ꢋꢃꢔ  
ꢉꢇ  
ꢐ
%
RII  
ꢁ
ꢉ
ꢉꢇꢇ  
ꢇꢆꢐ  
Á
&
LQILQLWH  
ꢁꢇꢇ  
ꢐꢇ  
ꢇꢆꢉ  
ꢃꢉꢔ  
'
'ꢒD  
'ꢒE  
'ꢒꢋ  
'ꢒG  
2XWSXWꢇRQꢇSRVLWLYHꢇVLJQDOV  
;ꢔ  
ꢓꢔ  
;
;
;
;
;
;
;
2XWSXWꢇRQꢇQHJDWLYHꢇVLJQDOV  
0D[ꢇ2Qꢅ'XUDWLRQꢇHQJDJHVꢇRQꢇꢈꢏꢅꢇꢋURVVLQJ  
'ULIWꢇꢋRPSHQVDWLRQꢇGXULQJꢇGHWHꢋW  
;
;
ꢗꢈꢄ  
;
;
ꢄ
;
ꢄ
ꢗ
ꢗꢈꢄ  
ꢗꢈꢄ  
;
ꢗꢈꢄ  
ꢗꢈꢄ  
;
ꢗꢈꢄ  
;
;
(
&DOLEUDWLRQꢀꢄRQWURO  
(ꢒD  
(ꢒE  
RXWSXWꢇHUURUꢇꢋRGHꢇLIꢇꢋDOꢇHUURU  
UHꢋDOꢇLIꢇUHIꢇGULIWVꢇLQWRꢇERXQGDU\  
RII  
RQ  
RQꢘ  
RQꢘ  
RII  
RII  
RQ  
RII  
)
'ULIWꢀ6WRUHꢀꢇꢀ'DWDꢀ/RꢄNLQJꢀꢇꢀ0RWLRQ  
)ꢒD  
)ꢒE  
'ULIWꢇVWRUHꢇLQWHUYDOAꢇPLQXWHVꢇEHWZHHQꢇVDYHV  
'DWDꢇORꢋNLQJ  
RIIꢔ  
RIIꢔ  
RII  
RQ  
ꢁ
RQ  
ꢉ
ꢐ
RQ  
ꢁꢇ  
RQ  
ꢁꢐ  
RQ  
ꢑꢇ  
RQ  
ꢏꢇ  
RQ  
PRWLRQ  
RII  
RQ  
ꢑꢈꢎ3ꢔ  
V\QWKꢄUHI  
ꢁꢂꢆꢉ3  
UHI  
ꢐꢃꢆꢏ3  
RIIVHW  
ꢁꢁꢐ3  
ꢅDQꢅHOWQ  
ꢂꢆꢏ9  
',  
ꢂꢆꢏ96  
IURPꢀ8  
ꢁꢂꢆꢉ9  
VWDWXV  
ꢐꢃꢆꢏ9  
HUUꢀꢅRGH  
ꢁꢁꢐ9  
*
+
ꢕ
6HULDOꢀ0RGHVꢀꢇꢀ8$57ꢀ5DWH  
9HUERVHꢀ'DWD  
2IIꢔ  
V\QWK  
3RODULWLHV  
/RZ  
+LJK  
/RZ  
/RZ  
/RZ  
287ꢇSLQꢎꢇ$ꢋWLYHꢇ  
;)5ꢇSLQꢎꢇ'ULYHꢇ  
+LJKꢔ  
+LJKꢔ  
ꢉ
+LJK  
/
1
3
8
2XWSXWꢀ6WUHWꢄK.ꢀVHꢄRQGV  
XQXVHG  
ꢇꢆꢁ  
ꢇꢆꢉ  
ꢇꢆꢐ  
ꢁ
ꢉ
ꢑ
ꢐ
ꢃ
ꢁꢇ  
ꢁꢏꢀELWV  
5DZ  
63,ꢀ)RUPDW  
ꢐꢀELWV  
6\QWKꢔ  
ꢗ6\QWK  
ꢄ6\QWK  
_6\QWK_  
5HI  
',  
6WDWXV  
0RGHꢀꢇꢀ63,ꢀ'DWDꢀ2XWSXW  
0RGHBꢁꢔ  
ꢔꢀ6HWWLQJVꢀZKHQꢀꢖIRUꢄHGꢀGHIDXOWVꢖꢀDUHꢀHQJDJHGꢈꢀ6HWXSVꢀ*ꢀDQGꢀ8ꢀDUHꢀDXWRGHWHꢄWHGꢀGHSHQGLQJꢀRQꢀꢄLUꢄXLWꢀꢄRQILJXUDWLRQꢈꢀ5HIHUꢀWRꢀ6HꢄWLRQꢀꢏꢈꢁꢈꢀ  
ꢇꢁꢂꢁ6(783ꢁ7$%/(ꢁ127(6  
ꢋꢁꢀꢂ)25&('ꢂ6(783  
7KHꢀ GHYLꢅHꢀ ꢅDQꢀ EHꢀ PDGHꢀ WRꢀ UHYHUWꢀ WRꢀ GHIDXOWꢀ VHWWLQJVꢀ DVꢀ VKRZQꢀ E\ꢀ WKHꢀ RXWOLQHGꢀ ER[HVꢀ LQꢀ 7DEOHꢀ ꢃꢄꢁꢆꢀ )RUꢅHGꢀ 6HWXSꢀ LVꢀ DꢅꢅRPSOLVKHGꢀ E\  
VLPXOWDQHRXVO\ꢀKROGLQJꢀWKHꢀ%*ꢀDQGꢀ2%ꢕꢀOLQHVꢀORZꢀEHIRUHꢀDQGꢀGXULQJꢀSRZHUXSꢎꢀDQGꢀNHHSLQJꢀWKHPꢀKHOGꢀORZꢀIRUꢀDWꢀOHDVWꢀꢐꢇꢇPVꢀDIWHUꢀSRZHUꢀKDV  
EHHQꢀDSSOLHGꢎꢀWKHQꢀUHOHDVLQJꢀWKHPꢀKLJKꢆꢀ$IWHUꢀWKLVꢎꢀWKHꢀGHYLꢅHꢀZLOOꢀRSHUDWHꢀQRUPDOO\ꢀZLWKꢀWKHꢀGHIDXOWꢀVHWWLQJVꢎꢀEXWꢀPD\ꢀUHTXLUHꢀUHꢅDOLEUDWLRQ  
XVLQJꢀ%*ꢀDQGꢈRUꢀ2%ꢕꢀGHSHQGLQJꢀRQꢀKRZꢀWKHꢀ6HWXSVꢀKDYHꢀꢅKDQJHGꢆ  
0RGHꢀꢁꢀGHIDXOWVꢂꢀ:LWKꢀDQꢀ5ꢉ5ꢀODGGHUꢀLQVWDOOHGꢎꢀWKHꢀGHYLꢅHꢀZLOOꢀDXWRGHWHꢅWꢀDQGꢀVHOHꢅWꢀ*ꢆꢇꢀDQGꢀ8ꢆꢇꢀIRUꢀLWVꢀ6HULDOꢀDQGꢀ0RGHꢀGHIDXOWVꢆ  
0RGHꢀꢃꢀGHIDXOWVꢂꢀ:LWKRXWꢀDQꢀ5ꢉ5ꢀODGGHUꢀLQVWDOOHGꢎꢀWKHꢀGHYLꢅHꢀZLOOꢀDXWRGHWHꢅWꢀDQGꢀVHOHꢅWꢀ*ꢆꢁꢀDQGꢀ8ꢆꢉꢀIRUꢀLWVꢀ6HULDOꢀDQGꢀ0RGHꢀGHIDXOWVꢆꢀ  
7KHꢀ )RUꢅHGꢀ 6HWXSVꢀ IHDWXUHꢀ DOORZVꢀ Dꢀ EODQNꢀ HꢀSURPꢀ WRꢀ EHꢀ SURJUDPPHGꢀ ZLWKꢀ VHWWLQJVꢀ VXLWDEOHꢀ IRUꢀ EDVLꢅꢀ ꢅRPPXQLꢅDWLRQVꢀ RYHUꢀ WKHꢀ 8$57  
ꢅKDQQHOꢀ LQꢀ 0RGHꢀ ꢉꢎꢀ WKURXJKꢀ ZKLꢅKꢀ DGGLWLRQDOꢀ ꢅKDQJHVꢀ ꢅDQꢀ WKHUHDIWHUꢀ EHꢀ SURJUDPPHGꢆꢀ 7KHꢀ VHULDOꢀ PRGHꢎꢀ 3ROOHGꢀ ꢈꢀ ꢂꢏꢇꢇꢀ %DXGꢎꢀ LVꢀ DOVRꢀ WKH  
GHIDXOWꢀPRGHꢀIRUꢀ47:LQ9LHZꢀVRIWZDUHꢆ  
ꢋꢁꢃꢂ'()$8/7ꢂ6(77,1*6  
,IꢀQRꢀHꢀSURPꢀLVꢀIRXQGꢎꢀWKHꢀGHYLꢅHꢀZLOOꢀXVHꢀWKHꢀGHIDXOWꢀ0RGHꢀꢁꢀSDUDPHWHUVꢀVKRZQꢀLQꢀ7DEOHꢀꢃꢄꢁꢀLQꢀRXWOLQHꢎꢀXVLQJꢀ*ꢆꢇꢀDQGꢀ8ꢆꢇꢆꢀ7KXVꢎꢀIRUꢀ0RGHꢀꢉ  
RSHUDWLRQꢀDQꢀHꢀSURPꢀPXVWꢀEHꢀLQVWDOOHGꢆ  
,IꢀDꢀEODQNꢀHꢀSURPꢀLVꢀIRXQGꢀDQGꢀ)RUꢅHGꢀ6HWXSVꢀDUHꢀQRWꢀHPSOR\HGꢀWRꢀLQLWLDOL]HꢀLWꢎꢀWKHꢀHꢀSURPꢀZLOOꢀEHꢀSURJUDPPHGꢀWRꢀꢅRQWDLQꢀWKHꢀGHIDXOWꢀ0RGHꢀꢁ  
VHWWLQJVꢆꢀ,IꢀDꢀ0RGHꢀꢉꢀꢅLUꢅXLWꢀLVꢀXVHGꢎꢀIROORZꢀWKHꢀSURꢅHGXUHꢀLQꢀ6HꢅWLRQꢀꢃꢆꢁꢀWRꢀLQLWLDOL]HꢀWKHꢀHꢀSURPꢀWRꢀ0RGHꢀꢉꢆ  
ꢋꢁꢅꢂ7,0,1*ꢂ/,0,7$7,216  
7KHꢀ 47ꢂꢃꢇꢁ%ꢉꢀ GRHVꢀ QRWꢀ SHUIRUPꢀ OLPLWꢀꢅKHꢅNVꢀ RQꢀ WKHꢀ WLPLQJꢀ ꢅRPSDWLELOLW\ꢀ RIꢀ WKHꢀ 6HWXSVꢆꢀ &HUWDLQꢀ ꢅRPELQDWLRQVꢀRIꢀ 47ꢀ SXOVHZLGWKVꢎꢀ EXUVW  
OHQJWKꢎꢀ ILOWHULQJꢎꢀDQGꢀ SRVWꢄSURꢅHVVLQJꢀUHTXLUHꢀ PRUHꢀWLPHꢀ WRꢀ H[HꢅXWHꢀWKDQꢀ DOORZDEOHꢀE\ꢀ DꢀꢅKRVHQꢀ %XUVWꢀ 6SDꢅLQJꢀ>ꢏ@ꢆꢀ ,WꢀLVꢀ XSꢀWRꢀ WKHꢀ XVHUꢀWR  
SUHYHQWꢀWKHVHꢀꢅRPELQDWLRQVꢀRIꢀ6HWXSVꢀIURPꢀEHLQJꢀꢅKRVHQꢆꢀ7KHꢀIROORZLQJꢀWDEOHꢀVKRZVꢀWKHꢀEDVLꢅꢀWLPLQJVꢀUHTXLUHGꢀIRUꢀJLYHQꢀEXUVWꢀOHQJWKVꢀDQG  
SXOVHꢀZLGWKVꢒ  
7$%/(ꢂꢋꢄꢃꢂꢄꢂ%$6,&ꢂ47ꢂ%8567ꢂ7,0,1*6  
7DEOHꢀHQWULHVꢀVKRZQꢀLQꢀPLꢁURVHꢁRQGVꢂꢀ1RꢀILOWHULQJꢀRUꢀGHWHꢁWLRQꢀRSWLRQVꢀHQDEOHGꢂ  
&KDUJHꢀꢌꢀ7UDQVIHUꢀ:LGWKꢀ>ꢈꢄꢒ@  
>ꢈꢄꢐ@  
ꢅꢐꢐQV  
ꢁꢃꢇ  
>ꢈꢄꢃ@  
ꢈꢐꢐQV  
ꢁꢃꢁ  
>ꢈꢄꢅ@  
ꢎꢐꢐQV  
ꢁꢃꢉ  
>ꢈꢄꢇ@  
ꢑꢐꢐQV  
ꢁꢃꢉ  
>ꢈꢄꢈ@  
ꢃꢐꢐꢐQV  
ꢁꢃꢑ  
>ꢈꢄꢋ@  
ꢃꢅꢐꢐQV  
ꢁꢃꢐ  
>ꢈꢄꢎ@  
ꢃꢈꢐꢐQV  
ꢁꢔꢂ  
ꢑꢉꢇꢃ@ꢀꢐ  
ꢁꢃꢔ  
ꢁꢃꢔ  
ꢁꢔꢇ  
ꢁꢃꢂ  
ꢁꢔꢉ  
ꢁꢔꢐ  
ꢉꢇꢁ  
ꢑꢉꢇꢄ@ꢀꢍ  
ꢁꢂꢍ  
ꢁꢂꢉ  
ꢁꢂꢏ  
ꢁꢂꢍ  
ꢁꢂꢂ  
ꢉꢇꢏ  
ꢉꢉꢐ  
ꢑꢉꢇꢅ@ꢀꢄꢒ  
ꢑꢉꢇꢏ@ꢀꢅꢐ  
ꢑꢉꢇꢐ@ꢀꢏꢅ  
ꢑꢉꢇꢒ@ꢀꢐꢃ  
ꢑꢉꢇꢂ@ꢀꢐꢍ  
ꢑꢉꢇꢍ@ꢀꢉꢒ  
ꢑꢉꢇꢁ@ꢀꢒꢐ  
ꢉꢁꢇ  
ꢉꢇꢃ  
ꢉꢁꢉ  
ꢉꢇꢔ  
ꢉꢁꢃ  
ꢉꢉꢃ  
ꢉꢍꢂ  
ꢉꢉꢏ  
ꢉꢉꢁ  
ꢉꢉꢔ  
ꢉꢉꢉ  
ꢉꢑꢐ  
ꢉꢍꢔ  
ꢉꢃꢑ  
ꢉꢍꢉ  
ꢉꢑꢏ  
ꢉꢍꢍ  
ꢉꢑꢃ  
ꢉꢐꢉ  
ꢉꢏꢔ  
ꢉꢂꢃ  
ꢉꢐꢔ  
ꢉꢐꢇ  
ꢉꢏꢇ  
ꢉꢐꢁ  
ꢉꢃꢇ  
ꢉꢔꢂ  
ꢑꢉꢁ  
ꢉꢃꢍ  
ꢉꢏꢍ  
ꢉꢃꢏ  
ꢉꢏꢏ  
ꢉꢔꢔ  
ꢑꢁꢇ  
ꢑꢍꢐ  
ꢉꢂꢇ  
ꢉꢃꢂ  
ꢉꢂꢉ  
ꢉꢔꢇ  
ꢑꢇꢐ  
ꢑꢑꢁ  
ꢑꢏꢂ  
,IꢀDꢀ VHOHꢅWHGꢀꢅRPELQDWLRQꢀRIꢀ>ꢍ@ꢀ DQGꢀ>ꢐ@ꢀUHVXOWVꢀLQꢀ DꢀWDEOHꢀHQWU\ꢀ JUHDWHUꢀWKDQꢀWKHꢀVHOHꢅWHGꢀ %XUVWꢀ6SDꢅLQJꢀ>ꢏ@ꢎꢀWKHQꢀ WKHꢀGHYLꢅHꢀ ZLOOꢀIDOOꢀRXWꢀRI  
VSHꢅLILꢅDWLRQꢀDVꢀWRꢀLWVꢀEXUVWꢀWLPLQJꢆꢀ)RUꢀH[DPSOHꢎꢀLIꢀWKHꢀ%XUVWꢀ6SDꢅLQJꢀLVꢀVHWꢀWRꢀ>ꢏꢆꢇ@ꢎꢀꢋꢉꢇꢇXV-ꢎꢀDQGꢀWKHꢀ:LGWKꢀLVꢀVHWꢀWRꢀ>ꢍꢆꢑ@ꢀꢋꢔꢇꢇQV-ꢎꢀDQGꢀWKH  
%XUVWꢀ/HQJWKꢀLVꢀVHWꢀWRꢀ>ꢐꢆꢍ@ꢎꢀWKHꢀWRWDOꢀWLPLQJꢀUHTXLUHGꢀZLOOꢀEHꢀꢉꢉꢉXVꢎꢀZKLꢅKꢀLVꢀJUHDWHUꢀWKDQꢀWKHꢀꢅKRVHQꢀ%XUVWꢀ6SDꢅLQJꢆꢀ+RZHYHUꢎꢀWKHꢀGHYLꢅHꢀZLOO  
IXQꢅWLRQꢀILQHꢀLIꢀWKHꢀ%XUVWꢀ6SDꢅLQJꢀLVꢀVHWꢀWRꢀꢐꢇꢇXVꢀLQVWHDGꢀRIꢀꢉꢇꢇXVꢆꢀꢀ$GGLWLRQDOꢀIHDWXUHVꢀWKDWꢀDUHꢀHQDEOHGꢀDGGꢀWLPHꢀWRꢀWKHꢀEDVLꢅꢀEXUVWꢀꢅ\ꢅOH  
WLPLQJꢀDVꢀIROORZVꢒ  
7$%/(ꢂꢋꢄꢅꢂꢄꢂ%8567ꢂ7,0,1*ꢂ$''(56  
$GGꢀWKHVHꢀWLPLQJVꢀWRꢀWKHꢀEDVLꢁꢀWLPLQJVꢀRIꢀ7DEOHꢀꢃꢄꢅꢀLIꢀHQDEOHGꢂ  
ꢄꢄꢄ\LHOGV  
DGGLWLRQDO  
7KLVꢀ6HWXSꢄꢄꢄ  
ꢄꢄꢄLIꢀVHWꢀWR  
UHTXLUHGꢀWLPH  
ꢒꢄXV  
ꢑꢁ@ꢀ0HGLDQꢀ)LOWHU  
ꢉ
ꢁ
ꢄꢅꢅXV  
ꢑ$@ꢀ%R[ꢆDUꢀ$YHUDJHU  
ꢑ%@ꢀ'HWHꢆWꢀ,QWHJUDWRU  
ꢄꢇꢇꢒ  
ꢄꢇꢇꢍ  
ꢅꢄXV  
ꢄꢒXV  
$WꢀDꢀEXUVWꢀVSDꢅLQJꢀRIꢀꢐꢇꢇXVꢎꢀDOOꢀIXQꢅWLRQVꢀꢅDQꢀEHꢀHQDEOHGꢀDWꢀRQꢅHꢀH[ꢅHSWꢀDWꢀEXUVWꢀOHQJWKVꢀDERYHꢀꢍꢔꢀZLWKꢀDꢀ47ꢀWUDQVIHUꢀWLPHꢀRIꢀꢁꢆꢍXVꢆꢀ%XUVW  
5DQGRPL]DWLRQꢀ >ꢃ@ꢎꢀ LIꢀ HQDEOHGꢎꢀ DOVRꢀ UHTXLUHVꢀ DGGLWLRQDOꢀ LQWHUꢄEXUVWꢀ VSDꢅLQJꢀ WLPHꢆꢀ 5DQGRPL]DWLRQꢀ DOWHUVꢀ WKHꢀ VSDꢅLQJꢀ EHWZHHQꢀ EXUVWVꢀ E\ꢀ D  
SVXHGRꢄUDQGRPꢀDPRXQWꢀ WKDWꢀLVꢀPRUHꢀ RUꢀOHVVꢀWKDQꢀWKHꢀ QRPLQDOꢀVHWWLQJꢀRIꢀ %XUVWꢀ6SDꢅLQJꢀ>ꢏ@ꢆꢀ ,QꢀHIIHꢅWꢎꢀUDQGRPL]DWLRQꢀ UHTXLUHVꢀDQꢀHIIHꢅWLYH  
DGGHUꢀIRUꢀLQWHUꢄEXUVWꢀWLPLQJꢆꢀ7KHꢀHIIHꢅWLYHꢀDGGHUꢀVKRXOGꢀEHꢀDGGHGꢀWRꢀWKHꢀWLPLQJVꢀRIꢀ7DEOHꢀꢃꢄꢉꢆ  
ꢀꢆ  
7$%/(ꢂꢋꢄꢆꢂꢄꢂ%8567ꢂ5$1'20,=$7,21ꢂ7,0,1*ꢂ$''(56  
$GGꢀWKHVHꢀWLPLQJVꢀWRꢀWKHꢀEDVLꢁꢀWLPLQJVꢀRIꢀ7DEOHꢀꢃꢄꢅꢀLIꢀHQDEOHGꢂ  
%XUVWꢀ6SDꢁLQJꢀ>ꢌ@  
ꢅꢐꢐXV ꢋꢐꢐXV  
ꢃPV  
ꢅPV  
ꢋPV  
ꢃꢐPV ꢅꢐPV ꢋꢐPV ꢃꢐꢐPV  
ꢂ
ꢂ
ꢂ
^ꢄ`  
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
RII  
ꢃꢅꢄꢋꢓ  
ꢅꢋꢓ  
^ꢃ`  
^ꢃ`  
^ꢃ`  
ꢑꢌXV  
ꢃꢄꢉXV  
ꢄꢉꢂXV  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
^ꢄ`  
ꢉꢂꢂXV  
ꢋꢐꢓ  
^ꢃ`ꢇ'RꢇQRWꢇXVHꢇWKHVHꢇVHWWLQJV  
^ꢄ`ꢇ5DQGRPL]DWLRQꢇꢋDQꢇEHꢇIUHHO\ꢇXVHGꢇRQꢇWKHVHꢇVHWWLQJVꢇUHJDUGOHVVꢇRIꢇRWKHUꢇ6HWXSV  
ꢊꢁꢂꢁ)81&7,21ꢁ'(6&5,37,216  
7KHꢀIROORZLQJꢀGHVꢆULEHVꢀSURꢆHVVLQJꢀIXQꢆWLRQꢀHQKDQꢆHPHQWVꢀDQGꢀꢆKDQJHVꢀRYHUꢀDQGꢀDERYHꢀWKHꢀ47ꢁꢂꢃꢄ%ꢀSDUWꢇ  
7KLVꢀLVꢀRQHꢀRIꢀꢍꢀLWHPVꢀWKDWꢀꢅDQꢀDIIHꢅWꢀVHQVLWLYLW\ꢀꢋRWKHUVꢀDUHꢀ%XUVWꢀ/HQJWKꢎꢀDPSOLILHUꢀJDLQꢎꢀDQGꢀXQGHUꢀꢅHUWDLQ  
ꢅRQGLWLRQVꢀ'ULIWꢀ5DWH-ꢆꢀ7KUHVKROGꢀHVWDEOLVKHVꢀWKHꢀµWULSꢀSRLQW¶ꢀDERYHꢀꢋRUꢀEHORZꢎꢀLQꢀWKHꢀꢅDVHꢀRIꢀQHJDWLYH  
WKUHVKROGV-ꢀZKLꢅKꢀDꢀGHWHꢅWLRQꢀLVꢀGHWHUPLQHGꢆꢀ'XULQJꢀꢅDOLEUDWLRQꢀWKHꢀXQLWꢀHVWDEOLVKHVꢀDꢀUHIHUHQꢅHꢀOHYHOꢌ  
GHYLDWLRQVꢀIURPꢀWKLVꢀUHIHUHQꢅHꢀDUHꢀꢅRPSDUHGꢀDJDLQVWꢀDꢀOHYHOꢀEDVHGꢀRQꢀWKHꢀUHIHUHQꢅHꢀSOXVꢀꢋDQGꢈRUꢀPLQXV-  
>ꢏ@  
'(7(&7  
7+5(6+2/'  
'HWHꢅWꢀ7KUHVKROGꢆꢀ6HWWLQJꢀꢂꢀUHSUHVHQWVꢀWKHꢀKLJKHVWꢀVHQVLWLYLW\ꢀVLQꢅHꢀRQO\ꢀꢍꢀꢅRXQWVꢀRIꢀVLJQDOꢀGHYLDWLRQꢀDUHꢀWKHQ  
UHTXLUHGꢀWRꢀWULSꢆꢀ,IꢀQHJDWLYHꢀVLJQDOꢀGHWHꢅWLRQꢀLVꢀLQꢀHIIHꢅWꢀꢋVHHꢀ'HWHꢅWLRQꢀ0RGH-ꢎꢀWKHꢀQHJDWLYHꢀWKUHVKROGꢀLVꢀWKH  
PLUURUꢀLPDJHꢀRIꢀWKHꢀSRVLWLYHꢀRQHꢀꢋHꢆJꢆꢀDꢀVHWWLQJꢀRIꢀµꢏ¶ꢎꢀYDOXHꢀµꢁꢁ¶ꢎꢀꢅDQꢀꢅUHDWHꢀDꢀSRVLWLYHꢀWKUHVKROGꢀDWꢀꢗꢁꢁꢀDQG  
DQRWKHUꢀDWꢀꢄꢁꢁꢀIURPꢀWKHꢀUHIHUHQꢅH-ꢆ  
,Qꢀ 2%ꢕꢀ PRGHꢎꢀ WKHꢀ 'HWHꢅWꢀ 7KUHVKROGꢀ YDOXHꢀ PD\ꢀ EHꢀ XVHGꢀ LQVWHDGꢀ WRꢀ ꢅUHDWHꢀ K\VWHUHVLVꢎꢀ DQGꢀ LVꢀ QRWꢀ XVHGꢀ IRU  
WKUHVKROGꢀ SXUSRVHVꢌꢀ ,Qꢀ 2%ꢕꢀ PRGHꢎꢀ WKHꢀ WKUHVKROGꢀ LVꢀ GHWHUPLQHGꢀ DWꢀ WKHꢀ WLPHꢀ RIꢀ WKHꢀ EXWWRQꢀ SXVKꢀ DQGꢀ LVꢀ DQ  
DUELWUDU\ꢀYDOXHꢀꢅRUUHVSRQGLQJꢀWRꢀWKHꢀꢅXUUHQWꢀVLJQDOꢀOHYHOꢀDWꢀWKHꢀWLPHꢀ2%ꢕꢀLVꢀHYRNHGꢆꢀ6HHꢀ2%ꢕꢀ0RGHꢀꢋ6HꢅWLRQ  
ꢑꢆꢁꢐꢆꢑ-ꢀIRUꢀGHWDLOVꢆ  
7KHꢀVHQVRUꢀKDVꢀVHYHUDOꢀK\VWHUHVLVꢀRSWLRQVꢆꢀ,QꢀꢅRQYHQWLRQDOꢀVLJQDOꢀGHWHꢅWLRQꢀPRGHꢎꢀDꢀK\VWHUHVLVꢀRIꢀꢐꢇꢎꢀꢉꢐꢎꢀRU  
ꢁꢉꢆꢐꢊꢀRIꢀWKUHVKROGꢀYDOXHꢀꢅDQꢀEHꢀVHOHꢅWHGꢎꢀZKLꢅKꢀDSSOLHVꢀWRꢀSRVLWLYHꢀDQGꢀQHJDWLYHꢀWKUHVKROGVꢀDOLNHꢀꢋGHSHQGLQJ  
RQꢀZKLꢅKꢀDUHꢀDꢅWLYHꢒꢀVHHꢀ>'@ꢎꢀ'HWHꢅWLRQꢀ0RGH-ꢆꢀ7KXVꢀLIꢀ+\VWHUHVLVꢀLVꢀVHWꢀWRꢀꢉꢐꢊꢎꢀDꢀGHWHꢅWLRQꢀDWꢀDꢀVLJQDO  
>ꢀ@  
+<67(5(6,6  
GHYLDWLRQꢀRIꢀꢗꢔꢀZLOOꢀEHꢀUHOHDVHGꢀRQO\ꢀZKHQꢀWKHꢀVLJQDOꢀIDOOVꢀEHORZꢀꢗꢏꢆꢀ+\VWHUHVLVꢀLVꢀRQO\ꢀDSSOLHGꢀDIWHUꢀWKH  
'HWHꢅWLRQꢀ,QWHJUDWRUꢀKDVꢀꢅRQꢅOXGHGꢀWKHUHꢀLVꢀDꢀYDOLGꢀGHWHꢅWLRQꢆꢀ,IꢀWKHꢀ'HWHꢅWLRQꢀ,QWHJUDWRUꢀIXQꢅWLRQꢀLVꢀVZLWꢅKHG  
RIIꢎꢀQRꢀGHWHꢅWLRQꢀZLOOꢀEHꢀSHUIRUPHGꢀDQGꢀWKHꢀ+\VWHUHVLVꢀVHWWLQJꢀEHꢅRPHVꢀLUUHOHYDQWꢆ  
,Qꢀ2%ꢕꢀPRGHꢀWKHꢀ+\VWHUHVLVꢀVHWWLQJꢀLVꢀLJQRUHGꢎꢀXQOHVVꢀVHWꢀWRꢀµꢑ¶ꢀꢋꢇꢀK\VWHUHVLV-ꢌꢀDIWHUꢀWKHꢀ2%ꢕꢀEXWWRQꢀSXVKꢀWKH  
K\VWHUHVLVꢀLVꢀWDNHQꢀIURPꢀWKHꢀWDEOHꢀYDOXHꢀRIꢀ'HWHꢅWꢀ7KUHVKROGꢎꢀDQGꢀWKHꢀVLJQDOꢀWKUHVKROGꢀLVꢀREWDLQHGꢀIURPꢀWKH  
UHꢅRUGLQJꢀRIꢀWKHꢀDꢅWXDOꢀVLJQDOꢀOHYHOꢀDWꢀWKDWꢀWLPHꢆꢀ6HHꢀ2%ꢕꢀ0RGHꢀꢋ6HꢅWLRQꢀꢑꢆꢁꢐꢆꢑ-ꢀIRUꢀGHWDLOVꢆꢀ  
5HIHUHQꢅHꢀ2IIVHWꢀGHWHUPLQHVꢀZKHUHꢀWKHꢀVHQVRUꢀHVWDEOLVKHVꢀDꢀꢅDOLEUDWLRQꢀSRLQWꢆꢀ7KHꢀRIIVHWꢀQXPEHUVꢀDUHꢀJLYHQ  
LQꢀ7DEOHꢀꢃꢄꢁꢀERWKꢀDVꢀKH[DGHꢅLPDOꢀꢋꢙꢇ[ꢉꢇꢙ-ꢀDQGꢀGHꢅLPDOꢀꢋꢙꢑꢉꢙ-ꢆꢀ1RUPDOO\ꢎꢀꢅHQWHULQJꢀWKHꢀUHIHUHQꢅHꢀDWꢀPLGꢄVꢅDOH  
RIꢀWKHꢀꢔꢄELWꢀꢋꢇꢀꢄꢀꢉꢐꢐ-ꢀ$'&ꢀUDQJHꢀLVꢀDꢀUHDVRQDEOHꢀORꢅDWLRQꢀWRꢀꢅDOLEUDWHꢎꢀDVꢀWKLVꢀZLOOꢀDOORZꢀDQꢀHTXDOꢀDPRXQWꢀRI  
KHDGURRPꢀERWKꢀDERYHꢀDQGꢀEHORZꢀWKHꢀUHIHUHQꢅHꢀWRꢀDꢅꢅRPPRGDWHꢀORQJꢀWHUPꢀGULIWꢀDQGꢀVLJQDOꢀVZLQJVꢆꢀ+RZHYHUꢎ  
>ꢃ@  
5()(5(1&(  
2))6(7  
LQꢀPDQ\ꢀVLWXDWLRQVꢀVLJQDOꢀDQGꢈRUꢀGULIWꢀVZLQJVꢀDUHꢀODUJHO\ꢀXQLODWHUDOꢎꢀHꢆJꢆꢀSRVLWLYHꢎꢀDQGꢀVRꢀPD[LPXPꢀKHDGURRPꢀLQ  
WKHꢀSRVLWLYHꢀGLUHꢅWLRQꢀLVꢀGHVLUHGꢆꢀ,QꢀWKLVꢀꢅDVHꢎꢀ5HIHUHQꢅHꢀ2IIVHWꢀPLJKWꢀEHꢀVHWꢀWRꢀDꢀORZꢀQXPEHUꢎꢀOLNHꢀꢇ[ꢁꢇꢀRU  
ꢇ[ꢉꢇꢆꢀ&RQYHUVHO\ꢎꢀODUJHO\ꢀQHJDWLYHꢀH[ꢅXUVLRQVꢀZRXOGꢀLQGLꢅDWHꢀDꢀQHHGꢀIRUꢀDꢀKLJKꢀYDOXHꢀRIꢀ2IIVHWꢎꢀIRUꢀH[DPSOH  
ZKHQꢀµPLVVLQJꢀPDVV¶ꢀLVꢀEHLQJꢀGHWHꢅWHGꢀꢋH[DPSOHꢒꢀGHWHꢅWLQJꢀJDVꢀEXEEOHVꢀRUꢀYRLGVꢀLQꢀDꢀIOXLGꢀZLWKLQꢀDꢀWXEHꢀRU  
SLSHꢎꢀWKHIWꢀGHWHꢅWLRQꢎꢀRUꢀDVꢀDꢀZHEꢀEUHDNꢀGHWHꢅWRU-ꢆ  
,Qꢀ2%ꢕꢀPRGHꢀWKHꢀUHIHUHQꢅHꢀRIIVHWꢀZLOOꢀEHꢀIRUꢅHGꢀWRꢀꢇ[ꢃꢇꢀꢋVHWWLQJꢀꢍ-ꢀZKHQꢀWKHꢀ2%ꢕꢀEXWWRQꢀLVꢀSXVKHGꢆ  
7KHVHꢀVHWWLQJVꢀDUHꢀGLJLWDOO\ꢀV\QWKHVL]HGꢀDQGꢀꢅDQꢀEHꢀVHOHꢅWHGꢀDVꢀVKRZQꢆꢀ3XOVHꢀ:LGWKꢀDSSOLHVꢀHTXDOO\ꢀWRꢀERWK  
WKHꢀꢅKDUJHꢀDQGꢀWUDQVIHUꢀWLPHVꢆꢀ$OWHUQDWHꢀSXOVHꢀZLGWKVꢀꢋIRUꢀH[DPSOHꢎꢀEHORZꢀꢉꢇꢇQV-ꢀꢅDQꢀEHꢀJHQHUDWHGꢀZLWK  
H[WHUQDOꢀWLPLQJꢀꢅLUꢅXLWU\ꢀꢋ6HꢅWLRQꢀꢑꢆꢁꢆꢑ-ꢆꢀ:KHQꢀXVLQJꢀVKRUWꢀSXOVHꢀZLGWKVꢎꢀEHꢀꢅDUHIXOꢀRIꢀLQGXꢅWLYHꢀVLJQDOꢀOHDG  
DQGꢀJURXQGꢀULQJLQJꢀHIIHꢅWVꢀZKLꢅKꢀꢅDQꢀꢅDXVHꢀDQRPDORXVꢀEHKDYLRUꢆ  
>ꢆ@  
38/6(ꢂ:,'7+  
ꢀꢉ  
$IIHꢅWVꢀ WKHꢀQXPEHUꢀ RIꢀ 47ꢀꢅ\ꢅOHVꢀ ZLWKLQꢀDꢀ EXUVWꢀꢋ6HꢅWLRQꢀ ꢁꢆꢁ-ꢆꢀ %XUVWVꢀRꢅꢅXUꢀ DWꢀDꢀ UDWHꢀGHWHUPLQHGꢀ E\ꢀ %XUVW  
6SDꢅLQJꢆꢀ%XUVWꢀOHQJWKꢀꢅDQꢀEHꢀVHWꢀIURPꢀꢍꢀWRꢀꢏꢍꢀSXOVHVꢀSHUꢀEXUVWꢌꢀWKHꢀODUJHUꢀEXUVWꢀOHQJWKꢀLVꢀWKHꢀPRUHꢀVHQVLWLYH  
WKHꢀVHQVRUꢀEHꢅRPHVꢎꢀLQꢀGLUHꢅWꢀSURSRUWLRQꢎꢀEXWꢀWKHꢀOHVVꢀLWVꢀDELOLW\ꢀWRꢀꢅRPSHQVDWHꢀIRUꢀDQGꢀVXSSUHVVꢀEDꢅNJURXQG  
ꢅDSDꢅLWDQꢅHꢀ ORDGLQJꢆꢀ +LJKHUꢀ %XUVWꢀ /HQJWKVꢀ SURGXꢅHꢀ PRUHꢀ LQWULQVLꢅꢀ DYHUDJLQJꢀ IRUꢀ Dꢀ JLYHQꢀ GHVLUHGꢀ VHQVLWLYLW\  
OHYHOꢎꢀ DQGꢀ WKXVꢀ ꢅDQꢀ KHOSꢀ VXSSUHVVꢀ HOHꢅWULꢅDOꢀ QRLVHꢀ HIIHꢅWVꢎꢀ SURYLGHGꢀ WKHꢀ 7KUHVKROGꢀ YDOXHꢀ LVꢀ GHVHQVLWL]HG  
SURSRUWLRQDWHO\ꢀWRꢀꢅRPSHQVDWHꢀIRUꢀWKHꢀLQꢅUHDVHGꢀJDLQꢆ  
>ꢉ@  
%8567ꢂ/(1*7+  
$Wꢀꢉꢇꢇ—VꢀDQGꢀꢐꢇꢇ—VꢀEXUVWꢀVSDꢅLQJVꢀWKLVꢀVHWWLQJꢀPD\ꢀQHHGꢀWRꢀEHꢀUHGXꢅHGꢌꢀVHHꢀ6HꢅWLRQꢀꢃꢆꢑꢆꢀ1RꢀꢅRQIOLꢅW  
UHVROXWLRQꢀLVꢀSHUIRUPHGꢀLQWHUQDOO\ꢎꢀVRꢀHUURQHRXVꢀRSHUDWLRQꢀLQꢀWKHꢀIRUPꢀRIꢀWLPLQJꢀHUURUVꢀZLOOꢀRꢅꢅXUꢀLIꢀWKH  
OLPLWDWLRQVꢀGHVꢅULEHGꢀLQꢀ6HꢅWLRQꢀꢃꢆꢑꢀDUHꢀYLRODWHGꢆ  
$IIHꢅWVꢀWKHꢀWLPLQJꢀEHWZHHQꢀVXꢅꢅHVVLYHꢀEXUVWVꢆꢀ/RQJHUꢀWLPHꢀHTXDWHVꢀWRꢀORZHUꢀVDPSOHꢀUDWHVꢎꢀDQGꢀKHQꢅHꢀVORZHU  
UHVSRQVHꢀWLPHꢆꢀ$WꢀVKRUWꢀVSDꢅLQJVꢀꢋꢉꢇꢇ—VꢀDQGꢀꢐꢇꢇ—V-ꢀWKHꢀEXUVWꢀOHQJWKꢀPD\ꢀQHHGꢀWRꢀEHꢀUHGXꢅHGꢌꢀVHHꢀ7DEOHV  
ꢃꢄꢉꢀWKURXJKꢀꢃꢄꢍꢀLQꢀ6HWXSꢀ1RWHVꢎꢀDQGꢀꢅRPPHQWVꢀLQꢀ>ꢐ@ꢀDERYHꢆꢀ/RQJHUꢀEXUVWꢀVSDꢅLQJVꢀDUHꢀXVHIXOꢀLQꢀWKH  
SUHVHQꢅHꢀRIꢀVWURQJꢀDOWHUQDWLQJꢀHOHꢅWULꢅꢀILHOGVꢎꢀIRUꢀH[DPSOHꢀSRZHUꢀOLQHꢀLQWHUIHUHQꢅHꢎꢀHVSHꢅLDOO\ꢀLQꢀꢅRQMXQꢅWLRQ  
ZLWKꢀ0HGLDQꢀILOWHULQJꢀ>ꢂ@ꢀDQGꢀ$YHUDJLQJꢀ>$@ꢀLQꢀRUGHUꢀWRꢀVXSSUHVVꢀWKHꢀLQWHUIHUHQꢅHꢆꢀ/RQJHUꢀEXUVWꢀVSDꢅLQJVꢀDOVR  
UHGXꢅHꢀDYHUDJHꢀHPLWWHGꢀ5),ꢀDQGꢀꢅDQꢀKHOSꢀZLWKꢀHPLVVLRQVꢀLVVXHVꢎꢀHVSHꢅLDOO\ꢀZKHQꢀODUJHꢀIUHHꢄVSDꢅHꢀHOHꢅWURGHV  
DUHꢀXVHGꢆ  
>ꢊ@  
%8567ꢂ63$&,1*  
%XUVWꢀ6SDꢅLQJꢀꢅDQꢀDOVRꢀEHꢀUDQGRPL]HGꢀWRꢀVNLSꢀDURXQGꢀLQWHUIHULQJꢀQRLVHꢀLPSXOVHVꢆꢀ6HHꢀ>ꢃ@ꢀEHORZꢀIRUꢀPRUH  
LQIRUPDWLRQꢀRQꢀWKLVꢀIHDWXUHꢆ  
6HWVꢀWKHꢀGHJUHHꢀWRꢀZKLꢅKꢀWKHꢀ%XUVWꢀ6SDꢅLQJꢀLVꢀUDQGRPL]HGꢆꢀ3HUꢅHQWDJHVꢀVKRZQꢀLQꢀWKHꢀWDEOHꢀDUHꢀSHUꢅHQWVꢀRI  
EXUVWꢀVSDꢅLQJꢀWLPHꢌꢀWKXVꢎꢀUDQGRPL]DWLRQꢀRIꢀꢉꢐꢊꢀDWꢀDꢀEXUVWꢀVSDꢅLQJꢀRIꢀꢁPVꢀZLOOꢀꢅDXVHꢀEXUVWVꢀWRꢀEHꢀVSDꢅHG  
DQ\ZKHUHꢀIURPꢀꢃꢐꢇ—VꢀWRꢀꢁꢆꢉꢐPVꢀDSDUWꢆꢀ%XUVWVꢀDUHꢀUDQGRPL]HGꢀXVLQJꢀDꢀSVXHGRꢄUDQGRPꢀQXPEHUꢀJHQHUDWRUꢆ  
5DQGRPQHVVꢀKHOSVꢀWRꢀVSHꢅWUDOO\ꢀVSUHDGꢀ5)ꢀHPLVVLRQVꢎꢀDQGꢀUHGXꢅHVꢀWKHꢀꢅKDQꢅHꢀRIꢀIDOVHꢀGHWHꢅWLRQVꢀGXHꢀWR  
ꢅRUUHODWHGꢀHOHꢅWULꢅDOꢀQRLVHꢆꢀ5DQGRPL]DWLRQꢀOLWHUDOO\ꢀꢓVNLSVꢀDURXQGꢓꢀUHSHWLWLYHꢀQRLVHꢀDQGꢀJUHDWO\ꢀUHGXꢅHVꢀWKHꢀRGGV  
WKDWꢀDꢀORQJꢀVWULQJꢀRIꢀDꢅTXLVLWLRQꢀEXUVWVꢀZLOOꢀVDPSOHꢀUHSHDWHGO\ꢀRQꢀUHSHWLWLYHꢀQRLVHꢀSXOVHVꢆꢀ7KHꢀXVHꢀRIꢀ0HGLDQ  
ILOWHULQJꢀ>ꢂ@ꢀDQGꢀ$YHUDJLQJꢀ>$@ꢀZLOOꢀDꢅWꢀWRꢀVXSSUHVVꢀWKHꢀHIIHꢅWVꢀRIꢀDQ\ꢀUHPDLQLQJꢀꢅRUUXSWHGꢀEXUVWVꢆ  
>ꢋ@  
5$1'20,=(  
1RWHꢀWKHꢀOLPLWDWLRQVꢀRQꢀ5DQGRPL]HꢀGHVꢅULEHGꢀLQꢀ6HꢅWLRQꢀꢃꢆꢑꢌꢀUDQGRPL]DWLRQꢀLVꢀQRWꢀSRVVLEOHꢀDWꢀDOOꢀꢅRPELQDWLRQV  
RIꢀEXUVWꢀVSDꢅLQJꢎꢀEXUVWꢀOHQJWKꢎꢀDQGꢀSXOVHꢀZLGWKꢆ  
'ULIWꢀ5DWHꢎꢀRUꢀSHUKDSVꢀPRUHꢀDꢅꢅXUDWHO\ꢀ'ULIWꢀ&RPSHQVDWLRQꢀ5DWHꢎꢀVHWVꢀWKHꢀUDWHꢀDWꢀZKLꢅKꢀWKHꢀVHQVRU¶VꢀEDVHOLQH  
UHIHUHQꢅHꢀSRLQWꢀꢅDQꢀWUDꢅNꢀVORZꢀDPELHQWꢀꢅKDQJHVꢀꢋGULIW-ꢀLQꢀVLJQDOꢀOHYHOꢆꢀ,QꢀPDQ\ꢀVHQVLQJꢀHQYLURQPHQWVꢀWKH  
VLJQDOꢀZLOOꢀIOXꢅWXDWHꢀGXHꢀWRꢀYDU\LQJꢀPRLVWXUHꢀOHYHOVꢎꢀWHPSHUDWXUHꢎꢀGLUWꢀDꢅꢅXPXODWLRQꢎꢀRUꢀRWKHUꢀXQꢅRQWUROODEOH  
YDULDEOHVꢆꢀ6XꢅKꢀIOXꢅWXDWLRQVꢀꢅDQꢀRUGLQDULO\ꢀꢅDXVHꢀWKHꢀVHQVRUꢀWRꢀORVHꢀLWVꢀꢅDOLEUDWLRQꢀSRLQWꢎꢀUHVXOWLQJꢀLQꢀWKHꢀVHQVRU  
DSSHDULQJꢀWRꢀJDLQꢀRUꢀORVHꢀVHQVLWLYLW\ꢎꢀRUꢀꢅDXVHꢀIDOVHꢀGHWHꢅWLRQVꢆꢀ7KHꢀGULIWꢀꢅRPSHQVDWLRQꢀSURꢅHVVꢀRSHUDWHVꢀE\  
SHUPLWWLQJꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢀWRꢀLQꢅUHPHQWꢀRUꢀGHꢅUHPHQWꢀE\ꢀꢁꢀVLJQDOꢀꢅRXQWꢀHYHU\ꢀꢓ;ꢓꢀVHꢅRQGVꢀLQꢀWKHꢀGLUHꢅWLRQ  
RIꢀWKHꢀVLJQDOꢀGHYLDWLRQꢌꢀµ;¶ꢀLVꢀWKHꢀVHWWLQJꢀRIꢀ'ULIWꢀ5DWHꢀVKRZQꢀLQꢀ7DEOHꢀꢃꢄꢁꢆ  
>ꢌ@  
'5,)7ꢂ5$7(  
'ULIWꢀ5DWHꢀVKRXOGꢀEHꢀVHWꢀWRꢀDVꢀVORZꢀꢋOHIWZDUGVꢀLQꢀ7DEOHꢀꢃꢄꢁ-ꢀDꢀUDWHꢀDVꢀSRVVLEOHꢌꢀIDVWꢀGULIWꢀꢅRPSHQVDWLRQꢀPD\  
ꢅDXVHꢀWKHꢀVHQVRUꢀWRꢀWUDꢅNꢀUHDOꢀREMHꢅWVꢀDQGꢀWKXVꢀDSSHDUꢀWRꢀORVHꢀVHQVLWLYLW\ꢆ  
$VꢀDꢀUXOHꢎꢀGULIWꢀꢅRPSHQVDWLRQꢀVKRXOGꢀRꢅꢅXUꢀRQO\ꢀZKHQꢀDꢀGHWHꢅWLRQꢀLVꢀQRWꢀEHLQJꢀPDGHꢎꢀLꢆHꢆꢀZKHQꢀWKHꢀ287ꢀOLQHꢀLV  
LQDꢅWLYHꢌꢀGULIWꢀꢅRPSHQVDWLRQꢀVKRXOGꢀRꢅꢅXUꢀRQO\ꢀZKHQꢀQRWꢀGHWHꢅWLQJꢎꢀRWKHUZLVHꢀWKHꢀEDVHOLQHꢀUHIHUHQꢅHꢀZLOO  
DꢅꢅXPXODWHꢀDQꢀHUURUꢀZKLꢅKꢀꢅDQꢀꢅDXVHꢀSUREOHPVꢀZLWKꢀIXWXUHꢀREMHꢅWꢀGHWHꢅWLRQVꢆꢀ+RZHYHUꢎꢀ'HWHꢅWLRQꢀ0RGHꢀ>'@  
ꢅDQꢀDOVRꢀEHꢀVHWꢀWRꢀSHUPLWꢀGULIWꢀꢅRPSHQVDWLRQꢀGXULQJꢀGHWHꢅWLRQVꢎꢀVRꢀWKHꢀXVHUꢀꢅDQꢀLIꢀUHTXLUHGꢀEUHDNꢀWKLVꢀꢓUXOHꢓꢆ  
'ULIWꢀꢅRPSHQVDWLRQꢀLVꢀQRWꢀSHUPLWWHGꢀDWꢀDOOꢀLQꢀ2%ꢕꢀPRGHꢀDQGꢀZLOOꢀEHꢀGLVDEOHGꢀZKHQꢀWKHꢀ2%ꢕꢀEXWWRQꢀLVꢀSXVKHGꢌ  
VHHꢀ6HꢅWLRQꢀꢑꢆꢁꢐꢆꢑꢎꢀ2%ꢕꢀ0RGHꢀ'HWDLOVꢀIRUꢀIXUWKHUꢀLQIRUPDWLRQꢆ  
,IꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢀGULIWVꢀWRZDUGVꢀWKHꢀERXQGDU\ꢀRIꢀWKHꢀꢔꢄELWꢀVLJQDOꢀZLQGRZꢀVRꢀWKDW  
>UHIHUHQꢅHꢀꢗꢀWKUHVKROG@ꢀH[ꢅHHGVꢀWKHꢀYDOLGꢀVLJQDOꢀUDQJHꢎꢀRQHꢀRIꢀWZRꢀWKLQJVꢀꢅDQꢀKDSSHQꢒ  
ꢁꢆꢀ'ULIWꢀꢅHDVHVꢎꢀLIꢀ³UHꢀDOLEUDWHꢁLIꢁUHIHUHQꢀHꢁGULIWVꢁLQWRꢁERXQGDU\´ꢀꢋVHHꢀ>(ꢆE@ꢀ-ꢀLVꢀRIIꢆ  
ꢉꢆꢀ7KHꢀXQLWꢀSHUIRUPVꢀDꢀUHꢅDOLEUDWLRQꢀWRꢀUHVHWꢀWKHꢀVLJQDOꢀ³ZLQGRZ³ꢎꢀLIꢀ³UHꢀDOLEUDWHꢁLIꢁUHIHUHQꢀHꢁGULIWVꢁLQWR  
ERXQGDU\´ꢀ>(ꢆE@ꢀLVꢀRQꢆꢀ7KLVꢀDXWRPDWLꢅꢀUHꢅDOLEUDWLRQꢀZLOOꢀDWWHPSWꢀWRꢀUHVHWꢀWKHꢀVLJQDO¶VꢀUHIHUHQꢅHꢀSRLQWꢀVR  
WKDWꢀLWꢀꢅRQIRUPVꢀWRꢀWKHꢀVHWWLQJꢀRIꢀ>ꢉ@ꢎꢀ5HIHUHQꢅHꢀ2IIVHWꢆ  
$QDORJꢀ2XWSXWꢀDQGꢀ'ULIWꢀ&RPSHQVDWLRQꢂꢀ6LQꢅHꢀWKHꢀSXUHꢀDQDORJꢀRXWSXWꢀꢋLIꢀLPSOHPHQWHG-ꢀLVꢀVSOLWꢀIURPꢀWKH  
VHQVRUꢀSULRUꢀWRꢀVLJQDOꢀSURꢅHVVLQJꢎꢀGULIWꢀꢅRPSHQVDWLRQꢀꢅDQQRWꢀEHꢀPDGHꢀWRꢀDSSO\ꢀWRꢀLWꢆꢀ+RZHYHUꢀWKHꢀV\QWKHVL]HG  
DQDORJꢀRXWSXWꢀꢅDQꢀEHꢀPDGHꢀWRꢀGULIWꢀꢅRPSHQVDWHꢀLIꢀVHWꢀWRꢀDQ\ꢀ'HOWDꢀPRGHꢀꢋꢗV\QWKꢎꢀꢄV\QWKꢎꢀ_V\QWK_ꢀ-ꢆ  
ꢀꢊ  
7KLVꢀILOWHUꢀVWURQJO\ꢀUHGXꢅHVꢀHOHꢅWULꢅDOꢀLPSXOVHꢀQRLVHꢀHUURUVꢆꢀ$ꢀPHGLDQꢀILOWHUꢀVHOHꢅWVꢀWKHꢀPHGLDQꢎꢀRUꢀꢅHQWHUꢀYDOXH  
RIꢀDQꢀRGGꢀJURXSꢀRIꢀVDPSOHꢀGDWDꢆꢀ7KHꢀ47ꢂꢃꢇꢁ%ꢉꢓVꢀPHGLDQꢀILOWHUꢀXVHVꢀHLWKHUꢀꢐꢀRUꢀꢂꢀSLSHOLQHGꢀVLJQDOꢀVDPSOHVꢆ  
%HꢅDXVHꢀLWꢀWDNHVꢀWKHꢀꢅHQWHUꢀYDOXHꢎꢀLPSXOVHꢀLQGXꢅHGꢀVSXULRXVꢀVLJQDOVꢀDUHꢀHOLPLQDWHGꢀIURPꢀIXUWKHUꢀSURꢅHVVLQJ  
ZLWKLQꢀWKHꢀVLJQDOꢀSDWKꢎꢀQRꢀPDWWHUꢀKRZꢀHUURQHRXVꢆꢀ,IꢀHQDEOHGꢎꢀWKLVꢀILOWHUꢀLVꢀWKHꢀILUVWꢀGLJLWDOꢀILOWHUꢀLQꢀWKHꢀVLJQDOꢀSDWKꢆ  
>ꢎ@  
0(',$1ꢂ),/7(5  
0HGLDQꢀILOWHULQJꢀLVꢀEHVWꢀH[SODLQHGꢀE\ꢀVKRZLQJꢀLWVꢀHIIHꢅWVꢀRQꢀDꢀGDWDꢀVWUHDPꢆꢀ*LYHQꢀWKHꢀGDWDꢀVHWꢒ  
ꢁꢇꢐꢎꢀꢁꢇꢁꢎꢀꢂꢑꢎꢀꢂꢂꢎꢀꢉꢉꢑꢀꢀꢋZKHUHꢀWKHꢀµUHDO¶ꢀVLJQDOꢀ ꢀꢁꢇꢇ-  
7KHꢀDYHUDJHꢀLIꢀWKHꢀDERYHꢀVHWꢀLVꢀꢋꢁꢇꢐꢗꢁꢇꢁꢗꢂꢑꢗꢂꢂꢗꢉꢉꢑ-ꢀꢈꢀꢐꢀ ꢀꢁꢉꢍꢆꢉꢆꢀ7KHꢀPHGLDQꢀLVꢀWKHꢀꢅHQWHUꢀYDOXHꢀRIꢀWKHꢀVHWꢎ  
RUꢀꢁꢇꢁꢎꢀZKLꢅKꢀLVꢀDꢀPXꢅKꢀPRUHꢀDꢅꢅXUDWHꢀUHSUHVHQWDWLRQꢀRIꢀWKHꢀµUHDO¶ꢀVLJQDOꢆꢀ%HꢅDXVHꢀWKH\ꢀꢅDQꢀEHꢀYHU\ꢀHIIHꢅWLYH  
RQꢀVKRUWꢀGDWDꢀVHWVꢀDQGꢀDꢅWꢀDVꢀKDUGꢄOLPLWHUVꢎꢀPHGLDQꢀILOWHUVꢀDUHꢀPRUHꢀHIILꢅLHQWꢀWKDQꢀOLQHDUꢀILOWHUVꢆ  
7KHꢀPHGLDQꢀILOWHUꢀLVꢀEDVHGꢀRQꢀDꢀSLSHOLQHꢀRIꢀGDWDꢀOHQJWKꢀꢐꢀRUꢀꢂꢌꢀDIWHUꢀHYHU\ꢀEXUVWꢀQHZꢀGDWDꢀLVꢀVKLIWHGꢀLQꢎꢀWKH  
ROGHVWꢀLVꢀGLVꢅDUGHGꢎꢀDQGꢀWKHꢀPHGLDQꢀRIꢀWKHꢀUHVXOWLQJꢀSLSHꢀRIꢀGDWDꢀLVꢀWDNHQꢌꢀWKLVꢀHQVXUHVꢀWKHꢀIDVWHVWꢀXSGDWHꢀUDWH  
SRVVLEOHꢎꢀLꢆHꢆꢀRQHꢀXSGDWHꢀDIWHUꢀHYHU\ꢀ47ꢀEXUVWꢆꢀ6HꢅWLRQꢀꢃꢆꢑꢀGHVꢅULEHVꢀWLPLQJꢀOLPLWDWLRQVꢀRQꢀ0HGLDQꢀILOWHULQJ  
ZKHQꢀXVHGꢀZLWKꢀYDULRXVꢀꢅRPELQDWLRQVꢀRIꢀSXOVHꢀZLGWKꢎꢀEXUVWꢀOHQJWKꢎꢀDQGꢀEXUVWꢀVSDꢅLQJꢆ  
7KLVꢀLVꢀDꢀVLPSOHꢀOLQHDUꢀGLJLWDOꢀ),5ꢀꢋILQLWHꢀLPSXOVHꢀUHVSRQVH-ꢀILOWHUꢀZKLꢅKꢀIROORZVꢀWKHꢀPHGLDQꢀILOWHUꢆꢀ,WꢀSHUIRUPVꢀD  
ER[ꢅDUꢀDYHUDJHꢀRIꢀOHQJWKꢀµQ¶ꢆꢀ,QꢀJHQHUDOꢀIRUꢀHYHU\ꢀGRXEOLQJꢀRIꢀOHQJWKꢎꢀQRLVHꢀLVꢀVXSSUHVVHGꢀE\ꢀꢑG%ꢀRUꢀE\ꢀꢇꢆꢃꢁꢀLQ  
DPSOLWXGHꢆꢀ7KXVꢀDꢀER[ꢅDUꢀDYHUDJHUꢀRIꢀOHQJWKꢀꢁꢏꢀVKRZVꢀDꢀQRLVHꢀLPSURYHPHQWꢀRIꢀDERXWꢀꢁꢉG%ꢀRUꢀDꢀUHGXꢅWLRQꢀWR  
ꢇꢆꢉꢐꢀLQꢀDPSOLWXGHꢀRYHUꢀQRꢀILOWHULQJꢆꢀ$YHUDJLQJ¶VꢀGRZQVLGHꢀLVꢀDꢀVORZGRZQꢀLQꢀUHVSRQVHꢀWLPHꢎꢀZKLꢅKꢀLVꢀPRUH  
HYLGHQWꢀZLWKꢀORQJꢀꢋVORZ-ꢀ%XUVWꢀ6SDꢅLQJVꢆꢀ$YHUDJLQJꢀꢅRPSRXQGVꢀZLWKꢀWKHꢀLQWULQVLꢅꢀVDPSOHꢀDYHUDJLQJꢀZKLꢅK  
RꢅꢅXUVꢀQDWXUDOO\ꢀLQꢀWKHꢀVDPSOHꢀSURꢅHVVꢎꢀDVꢀVHWꢀE\ꢀ%XUVWꢀ/HQJWKꢆꢀ$YHUDJLQJꢀꢅDQꢀEHꢀXVHGꢀDORQHꢀRUꢀIROORZLQJꢀWKH  
0HGLDQꢀ)LOWHUꢎꢀLQꢀZKLꢅKꢀꢅDVHꢀLWꢀDꢅWVꢀWRꢀꢅOHDQꢀXSꢀUHVLGXDOꢀORZꢀOHYHOꢀQRLVHꢆ  
>$@  
%2;&$5  
$9(5$*,1*  
7KHꢀER[ꢅDUꢀDYHUDJHUꢀLVꢀEDVHGꢀRQꢀDꢀSLSHOLQHꢀRIꢀOHQJWKꢀµQ¶ꢀꢋZKHUHꢀꢓQ¶ꢀLVꢀIURPꢀꢉꢀWRꢀꢏꢍ-ꢌꢀDIWHUꢀHYHU\ꢀEXUVWꢀQHZꢀGDWD  
LVꢀVKLIWHGꢀLQꢎꢀWKHꢀROGHVWꢀLVꢀGLVꢅDUGHGꢎꢀDQGꢀWKHꢀDYHUDJHꢀRIꢀWKHꢀUHVXOWLQJꢀSLSHꢀRIꢀGDWDꢀLVꢀWDNHQꢌꢀWKLVꢀHQVXUHVꢀWKH  
IDVWHVWꢀXSGDWHꢀUDWHꢀSRVVLEOHꢎꢀLꢆHꢆꢀDQꢀRQHꢀUHVXOWꢀDIWHUꢀHYHU\ꢀ47ꢀEXUVWꢆ  
7KLVꢀSRVWꢄGHWHꢅWLRQꢀILOWHUꢀDꢅWVꢀWRꢀLQWHJUDWHꢀRUꢀꢅRXQWꢀWKHꢀGXUDWLRQꢀRIꢀDꢀGHWHꢅWLRQꢀHYHQWꢀSULRUꢀWRꢀDQꢀDꢅWXDOꢀRXWSXWꢆ  
7KLVꢀDOORZVꢀWKHꢀVHQVRUꢀWRꢀVXSSUHVVꢀODUJHꢀWUDQVLHQWꢀHYHQWVꢀꢅDXVHGꢀE\ꢀUHDOꢀREMHꢅWVꢎꢀDVꢀZHOOꢀDVꢀQRLVHꢀLQGXꢅHG  
WUDQVLHQWVꢌꢀWKXVꢎꢀLWꢀꢅDQꢀDOVRꢀEHꢀXVHGꢀWRꢀVXSSOHPHQWꢀWKHꢀDꢅWLRQVꢀRIꢀWKHꢀ0HGLDQꢀDQGꢀ%R[ꢅDUꢀILOWHUVꢆ  
>%@  
'(7(&7,21  
,17(*5$725  
7KHꢀ',ꢀLVꢀLPSOHPHQWHGꢀDVꢀDQꢀXSꢈGRZQꢀꢅRXQWHUꢀꢅRQWUROOHGꢀE\ꢀWKHꢀWKUHVKROGꢀꢅRPSDUDWRUꢆꢀ,IꢀDꢀGHWHꢅWLRQꢀLVꢀLQ  
SURJUHVVꢎꢀWKHꢀ',ꢀZLOOꢀꢅRXQWꢀXSꢀRQꢅHꢀDIWHUꢀHYHU\ꢀEXUVWꢀLQꢀZKLꢅKꢀDQꢀHYHQWꢀKDVꢀEHHQꢀGHWHꢅWHGꢆꢀ:KHQꢀQRꢀGHWHꢅWLRQ  
HYHQWꢀLVꢀLQꢀSURJUHVVꢎꢀWKHꢀ',ꢀꢅRXQWVꢀGRZQꢀDJDLQꢆꢀ,IꢀWKHꢀ',ꢀUHDꢅKHVꢀWKHꢀSUHVꢅULEHGꢀꢅRXQWꢀOHYHOꢀDVꢀGHILQHGꢀLQꢀWKH  
6HWXSVꢎꢀDꢀꢓUHDOꢓꢀGHWHꢅWLRQꢀLVꢀILQDOO\ꢀDVVXPHGꢀDQGꢀWKHꢀ2XWꢀOLQHꢀLVꢀDꢅWLYDWHGꢆ  
,PSRUWDQWꢁ1RWHꢂꢁ,IꢀWKHꢀ',ꢀLVꢀVHWꢀWRꢀ]HURꢎꢀLWꢀLVꢀGLVDEOHGꢀDQGꢀ2XWꢀꢅDQQRWꢀWXUQꢀRQꢎꢀDQGꢀ>&@ꢎꢀ>'@ꢎꢀDQGꢀ>/@ꢀKDYHꢀQR  
HIIHꢅWꢆꢀ,IꢀVHWꢀWRꢀꢁꢀꢅRXQWꢎꢀ2XWꢀDꢅWLYDWLRQꢀRꢅꢅXUVꢀDIWHUꢀDꢀVLQJOHꢀWKUHVKROGꢀGHWHꢅWLRQꢆꢀ7KHꢀ',ꢀꢅDQꢀDOVRꢀEHꢀVHHQꢀDVꢀD  
ꢅRQWLQXRXVꢄWLPHꢀµPDMRULW\ꢀYRWH¶ꢀILOWHUꢎꢀVLQꢅHꢀRYHUꢀDꢀSHULRGꢀRIꢀWLPHꢀWKHUHꢀQHHGVꢀWRꢀEHꢀDꢀJUHDWHUꢀWKDQꢀꢐꢇꢊ  
GHWHꢅWLRQꢀµKLW¶ꢀUDWHꢀIRUꢀWKHꢀ',ꢀWRꢀUHDꢅKꢀLWVꢀꢅRXQWꢀOLPLWꢆ  
7XUQLQJꢀ>%@ꢀRIIꢀLVꢀXVHIXOꢀWRꢀVXSSUHVVꢀGHWHꢅWLRQVꢀIRUꢀWHVWꢀSXUSRVHVꢎꢀRUꢀLIꢀDQꢀDQDORJꢀRXWSXWꢀLVꢀDOOꢀWKDWꢀLVꢀUHTXLUHG  
RIꢀWKHꢀVHQVRUꢆ  
$IWHUꢀDQꢀLQWHUYDOꢀRIꢀꢅRQWLQXRXVꢀGHWHꢅWLRQꢎꢀWKHꢀGHYLꢅHꢀꢅDQꢀEHꢀPDGHꢀWRꢀSHUIRUPꢀDQꢀDXWRPDWLꢅꢀUHꢅDOLEUDWLRQꢆꢀ7KH  
LQWHUYDOꢀLVꢀSURJUDPPDEOHꢀLQꢀVHꢅRQGVꢎꢀDꢅꢅRUGLQJꢀWRꢀ>&@ꢆ  
>&@  
0$;  
21ꢄ'85$7,21  
7KHUHꢀDUHꢀWZRꢀUHꢅDOLEUDWLRQꢀPHWKRGVꢀZKLꢅKꢀꢅDQꢀEHꢀVHOHꢅWHGꢀYLDꢀ6HWXSꢀ>)@ꢒ  
ꢁ-ꢀ'HIDXOWꢀꢄꢀWKHꢀVHQVRUꢀSHUIRUPVꢀDꢀIXOOꢀUHꢅDOLEUDWLRQꢀLQYROYLQJꢀERWKꢀꢅRDUVHꢀDQGꢀILQHꢀRIIVHWVꢌ  
ꢉ-ꢀ0RWLRQꢀꢄꢀWKHꢀVHQVRUꢀNHHSVꢀꢅRDUVHꢀDQGꢀILQHꢀRIIVHWVꢀWKHꢀVDPHꢎꢀDQGꢀPHUHO\ꢀUHVHWVꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢀWR  
ZKDWHYHUꢀWKHꢀꢅXUUHQWꢀVLJQDOꢀVWUHQJWKꢀKDSSHQVꢀWRꢀEHꢀDWꢀWKDWꢀPRPHQWꢆ  
2SWLRQꢀꢉꢀLVꢀVHOHꢅWHGꢀE\ꢀVHWWLQJꢀ>)@ꢀWRꢀꢂꢀꢋꢓ0RWLRQꢓ-ꢆꢀ$OOꢀRWKHUꢀVHWWLQJVꢀRIꢀ>)@ꢀDUHꢀVORZHUꢀEXWꢀVDIHUꢀIURPꢀWKH  
VWDQGSRLQWꢀRIꢀHVWDEOLVKLQJꢀDꢀWUXHꢀUHIHUHQꢅHꢀOHYHOꢌꢀDOWKRXJKꢀIDVWHUꢀWRꢀUHVSRQGꢎꢀµ0RWLRQ¶ꢀ>)ꢆꢂ@ꢀꢅDQꢀORꢅNꢀXSꢀWKHꢀ2XW  
OLQHꢀIRUꢀWKHꢀGXUDWLRQꢀWKDWꢀWKHꢀVLJQDOꢀVWUHQJWKꢀIDOOVꢀRXWVLGHꢀWKHꢀ$'&¶VꢀꢔꢀELWꢀVLJQDOꢀUDQJHꢆ  
'HWHꢅWLRQꢀ0RGHꢀ>'@ꢀꢅDQꢀEHꢀVHWꢀWRꢀSHUPLWꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀWRꢀVWDUWꢀWLPLQJꢀWRZDUGVꢀUHꢅDOLEUDWLRQꢀHYHQꢀLIꢀ2XWꢀLV  
LQDꢅWLYHꢆꢀ7KLVꢀꢅDQꢀRꢅꢅXUꢀLIꢀDꢀWKUHVKROGꢀOHYHOꢀLVꢀꢅURVVHGꢀHYHQꢀLIꢀWKDWꢀWKUHVKROGꢀOHYHOꢀLVꢀVHWꢀWRꢀQRWꢀDꢅWLYDWHꢀ2XWꢆ  
([DPSOHꢒꢀLIꢀ>'@ꢀLVꢀVHWꢀWRꢀ>'ꢆꢉ@ꢎꢀDQꢀDꢅWLYHꢀ2XWꢀZLOOꢀRꢅꢅXUꢀLIꢀWKHꢀVLJQDOꢀH[ꢅHHGVꢀWKHꢀSRVLWLYHꢀWKUHVKROGꢌꢀKRZHYHUꢎ  
>'ꢆꢉ@ꢀDOVRꢀHVWDEOLVKHVꢀDꢀQHJDWLYHꢀWKUHVKROGꢀꢋV\PPHWULꢅDOO\ꢀVSDꢅHGꢀDꢅURVVꢀWKHꢀ5HIHUHQꢅHꢀOHYHOꢀIURPꢀWKH  
SRVLWLYHꢀRQH-ꢎꢀDQGꢀVLJQDOꢀH[ꢅXUVLRQVꢀEHORZꢀWKHꢀQHJDWLYHꢀWKUHVKROGꢀZLOOꢀQRWꢎꢀLQꢀWKHꢀꢅDVHꢀRIꢀ>'ꢆꢉ@ꢎꢀJHQHUDWHꢀDQ  
DꢅWLYHꢀ2XWꢎꢀKRZHYHUꢀVXꢅKꢀH[ꢅXUVLRQVꢀZLOOꢀꢅDXVHꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀWRꢀVWDUWꢀWRꢀUXQꢆꢀ7KLVꢀQHJDWLYHꢀWKUHVKROG  
DSSHDUVꢀWRꢀDꢅWꢀDVꢀDꢀµSKDQWRPꢀWKUHVKROG¶ꢎꢀDQGꢀZKHQꢀWKHꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀꢅRXQWHUꢀWLPHVꢀRXWꢎꢀDꢀUHꢅDOLEUDWLRQꢀZLOO  
EHꢀSHUIRUPHGꢀꢄꢀHYHQꢀWKRXJKꢀ2XWꢀKDVꢀEHHQꢀLQDꢅWLYHꢀWKHꢀHQWLUHꢀWLPHꢆ  
µ,QILQLWH¶ꢀVHWWLQJꢀGLVDEOHVꢀ0D[ꢀ2Qꢄ'XUDWLRQꢎꢀDQGꢀQRꢀWLPHRXWꢀZLOOꢀRꢅꢅXUꢆ  
ꢀꢋ  
7KHꢀGXUDWLRQꢀꢅRXQWHUꢀRIꢀ>&@ꢀLVꢀUHVHWꢀWRꢀ]HURꢀDQ\ꢀWLPHꢀDꢀGHWHꢅWLRQꢀꢅHDVHVꢎꢀRUꢀLIꢀWKHꢀVLJQDOꢀSRODULW\ꢀꢅKDQJHV  
ꢋꢅURVVHVꢀIURPꢀꢗꢀWRꢀꢄꢀRUꢀYLꢅHꢀYHUVDꢀHYHQꢀLIꢀDꢀGHWHꢅWLRQꢀDSSHDUVꢀWRꢀEHꢀꢅRQWLQXRXVꢎꢀIRUꢀH[DPSOHꢀLQꢀDꢀµZLQGRZ¶  
GHWHꢅWLRQꢀWKUHVKROGꢀPRGHꢎꢀHꢆJꢆꢀ>'ꢆꢍ@ꢀ-ꢆ  
,Qꢀ2%ꢕꢀPRGHꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀLVꢀHIIHꢅWLYHO\ꢀVZLWꢅKHGꢀWRꢀLQILQLWHꢌꢀWKHꢀDꢅWXDOꢀVHWWLQJꢀRIꢀ>&@ꢀLVꢀLJQRUHGꢆ  
0D[ꢀ2Qꢄ'XUDWLRQꢀLVꢀIXOO\ꢀRSHUDEOHꢀLQꢀ%*ꢈ2%ꢕꢀPRGHꢆ  
,Iꢀ>%@ꢎꢀWKHꢀ'HWHꢅWꢀ,QWHJUDWRUꢎꢀLVꢀVHWꢀWRꢀµRII¶ꢎꢀ>&@ꢀLVꢀLJQRUHGꢌꢀDOVRꢎꢀLIꢀ>%@ꢀLVꢀRIIꢎꢀGULIWꢀꢅRPSHQVDWLRQꢀZLOOꢀRꢅꢅXU  
ꢅRQWLQXRXVO\ꢀDWꢀWKHꢀUDWHꢀVSHꢅLILHGꢀE\ꢀ>ꢔ@ꢆ  
'HILQHVꢀZKDWꢀꢅRQVWLWXWHVꢀDꢀGHWHꢅWLRQꢎꢀDQGꢀGHWHUPLQHVꢀZKDWꢀKDSSHQVꢀWRꢀVRPHꢀRWKHUꢀIXQꢅWLRQVꢀGXULQJꢀD  
GHWHꢅWLRQꢆꢀ>'@ꢀꢅDQꢀDOORZꢀWKHꢀGHWHꢅWLRQꢀRIꢀVLJQDOVꢀWKDWꢀDUHꢀLQꢅUHDVLQJꢀDQGꢈRUꢀGHꢅUHDVLQJꢌꢀLWꢀꢅDQꢀDOVRꢀDOORZꢀ'ULIW  
&RPSHQVDWLRQꢀ>ꢔ@ꢀWRꢀRꢅꢅXUꢀGXULQJꢀDꢀGHWHꢅWLRQꢀHYHQWꢀRUꢀQRWꢎꢀDQGꢀꢅDQꢀSHUPLWꢀWKHꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀWLPHUꢀ>&@ꢀWR  
UXQꢀHYHQꢀLIꢀWKHꢀ2XWꢀSLQꢀLVꢀLQDꢅWLYHꢀEXWꢀDꢀµKLGGHQ¶ꢀWKUHVKROGꢀOHYHOꢀKDVꢀEHHQꢀꢅURVVHGꢆ  
>'@  
'(7(&7,21  
02'(  
,QꢀSDUWLꢅXODUꢀQRWHꢀWKHꢀLQWHUDꢅWLRQꢀZLWKꢀ'ULIWꢀ>ꢔ@ꢀDQGꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀ>&@ꢀIXQꢅWLRQVꢌꢀVHHꢀDOVRꢀWKHꢀH[SODQDWLRQVꢀRI  
WKHVHꢀLQWHUDꢅWLRQVꢀLQꢀQRWHVꢀIRUꢀWKHVHꢀIXQꢅWLRQVꢎꢀDERYHꢆ  
>'ꢀD@ꢁꢂ2XWSXWꢂRQꢂSRVLWLYHꢂVLJQDOVꢂꢄꢀ,Iꢀ>'ꢆD@ꢀLVꢀVHWꢀWRꢀDꢀVHWWLQJꢀZLWKꢀDQꢀꢓ;ꢓꢀLQꢀWKHꢀER[ꢎꢀWKHꢀVHQVRUꢀZLOOꢀJHQHUDWH  
DQꢀ2XWꢀDꢅWLYDWLRQꢀLIꢀWKHꢀILOWHUHGꢀVLJQDOꢀULVHVꢀDERYHꢀWKHꢀXSSHUꢀWKUHVKROGꢀOHYHOꢎꢀDQGꢀ>%@ꢀLVꢀVHWꢀWRꢀ>%ꢆꢁ@ꢀRUꢀKLJKHUꢆ  
>'ꢀE@ꢁꢂ2XWSXWꢂRQꢂQHJDWLYHꢂVLJQDOVꢂꢄꢀ,Iꢀ>'ꢆE@ꢀLVꢀVHWꢀWRꢀDꢀVHWWLQJꢀZLWKꢀDQꢀꢓ;ꢓꢀLQꢀWKHꢀER[ꢎꢀWKHꢀVHQVRUꢀZLOOꢀJHQHUDWH  
DQꢀ2XWꢀDꢅWLYDWLRQꢀLIꢀWKHꢀILOWHUHGꢀVLJQDOꢀIDOOVꢀEHORZꢀWKHꢀORZHUꢀWKUHVKROGꢀOHYHOꢎꢀDQGꢀ>%@ꢀLVꢀVHWꢀWRꢀ>%ꢆꢁ@ꢀRUꢀKLJKHUꢆ  
6HWWLQJꢀWRꢀ>'ꢆꢍ@ꢀRUꢀ>'ꢆꢐ@ꢀZLOOꢀꢅUHDWHꢀDꢀGHWHꢅWLRQꢀꢓZLQGRZꢓꢀWKDWꢀZLOOꢀDꢅWLYDWHꢀ2XWꢀLIꢀWKHꢀVLJQDOꢀGHYLDWHVꢀHQRXJKꢀIURP  
WKHꢀUHIHUHQꢅHꢀOHYHOꢀLQꢀHLWKHUꢀWKHꢀꢗꢀRUꢀꢄꢀGLUHꢅWLRQVꢆ  
>'ꢀꢃ@ꢁꢂ0D[ꢂ2Qꢄ'XUDWLRQꢂHQJDJHVꢂRQꢂꢅꢆꢄꢂVLJQDOꢂꢃURVVLQJꢂꢄꢀ6HHꢀ>&@ꢀIRUꢀIXUWKHUꢀLQIRUPDWLRQꢀRQꢀ0D[  
2Qꢄ'XUDWLRQꢆꢀ%R[HVꢀGHQRWHGꢀE\ꢀꢋꢗ-ꢀZLOOꢀꢅDXVHꢀWKHꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀWLPHUꢀWRꢀꢅRXQWꢀWRZDUGVꢀDꢀWLPHRXWꢀLIꢀWKH  
VLJQDOꢀULVHVꢀDERYHꢀWKHꢀSRVLWLYHꢀWKUHVKROGꢀOHYHOꢆꢀ%R[HVꢀGHQRWHGꢀE\ꢀꢋꢄ-ꢀZLOOꢀꢅDXVHꢀWKHꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀWLPHUꢀWR  
ꢅRXQWꢀWRZDUGVꢀDꢀWLPHRXWꢀLIꢀWKHꢀVLJQDOꢀIDOOVꢀEHORZꢀWKHꢀQHJDWLYHꢀWKUHVKROGꢀOHYHOꢆꢀ7KHꢀꢋꢗ-ꢀRUꢀꢋꢄ-ꢀWKUHVKROGꢀOHYHOVꢀGR  
QRWꢀQHꢅHVVDULO\ꢀQHHGꢀWRꢀJHQHUDWHꢀDQꢀDꢅWLYDWLRQꢀRIꢀ2XWꢎꢀDQGꢀꢅDQꢀLQVWHDGꢀEHꢀꢓSKDQWRPꢓꢀWKUHVKROGꢋV-ꢀZKRVHꢀRQO\  
SXUSRVHꢀLVꢀWRꢀWULJJHUꢀWKHꢀ>&@ꢀWLPHUꢆ  
>'ꢀG@ꢁꢂ'ULIWꢂꢃRPSHQVDWLRQꢂGXULQJꢂGHWHꢃWꢂꢄꢀ$Qꢀꢓ;ꢓꢀLQꢀWKHꢀVHOHꢅWHGꢀER[ꢀZLOOꢀꢅDXVHꢀWKHꢀGULIWꢀꢅRPSHQVDWLRQ  
PHꢅKDQLVPꢀRIꢀ>ꢔ@ꢀWRꢀRSHUDWHꢀHYHQꢀLIꢀDꢀGHWHꢅWLRQꢀLVꢀLQꢀSURꢅHVVꢆꢀ$ꢀGHWHꢅWLRQꢀLVꢀGHILQHGꢀDVꢀDꢀꢅURVVLQJꢀRIꢀWKHꢀꢋꢗ-ꢀRU  
ꢋꢄ-ꢀWKUHVKROGVꢎꢀDVꢀHQDEOHGꢀLQꢀ>'ꢆꢅ@ꢎꢀꢋQRWꢁ>'ꢆD@ꢀRUꢀ>'ꢆE@-ꢀSURYLGHGꢀDOVRꢀWKDWꢀWKHꢀ'HWHꢅWꢀ,QWHJUDWRUꢀ^%@ꢀLVꢀHQDEOHG  
ꢋVHWꢀWRꢀDWꢀOHDVWꢀ>%ꢆꢁ@-ꢆꢀ&RQYHUVHO\ꢎꢀLIꢀDQꢀꢓ;ꢓꢀLVꢀQRWꢀSUHVHQWꢀLQꢀWKHꢀVHOHꢅWHGꢀER[ꢎꢀ'ULIWꢀ&RPSHQVDWLRQꢀZLOOꢀEH  
GLVDEOHGꢀGXULQJꢀDꢀGHWHꢅWLRQꢀꢋXVXDOO\ꢀWKHꢀPRVWꢀGHVLUDEOHꢀPRGH-ꢆ  
>'ꢆꢇ@ꢀLVꢀWKHꢀPRVWꢀꢅRPPRQꢀPRGHꢀDVVRꢅLDWHGꢀZLWKꢀSUR[ꢀVHQVRUVꢆ  
>'ꢆꢍ@ꢀDQGꢀ>'ꢆꢐ@ꢀDUHꢀXVHIXOꢀIRUꢀꢅUHDWLQJꢀDꢀµSUR[ꢀWUDS¶ꢀZKHUHꢀDQꢀREMHꢅWꢀWKDWꢀLVꢀLQꢀWKHꢀVHQVHꢀILHOGꢀZKHQꢀWKHꢀXQLW  
ꢅDOLEUDWHVꢀZLOOꢀꢅUHDWHꢀDꢀGHWHꢅWLRQꢀQRꢀPDWWHUꢀZKHWKHUꢀLWꢀLVꢀPRYHGꢀꢅORVHUꢀRUꢀIXUWKHUꢀDZD\ꢆꢀ$ꢀGHPRQVWUDWLRQꢀRIꢀWKLV  
LVꢀWRꢀVHWꢀXSꢀWKHꢀVHQVHꢀHOHꢅWURGHꢀZLWKꢀDQꢀREMHꢅWꢀꢋOLNHꢀ\RXUꢀKDQG-ꢀꢅORVHꢀE\ꢎꢀWKHQꢀOHWꢀWKHꢀGHYLꢅHꢀꢅDOLEUDWHꢀRQꢀLWꢀYLD  
WKHꢀ%*ꢀSLQꢆꢀ$Q\ꢀPRYHPHQWꢀWRZDUGVꢀRUꢀDZD\ꢀIURPꢀWKHꢀHOHꢅWURGHꢀZLOOꢀꢅDXVHꢀDꢀGHWHꢅWLRQꢆꢀ7KHꢀZLGWKꢀRIꢀWKH  
GHWHꢅWLRQꢀZLQGRZꢀLVꢀJRYHUQHGꢀE\ꢀWKHꢀVHQVRU¶VꢀRYHUDOOꢀJDLQꢀꢋVHHꢀ%XUVWꢀ/HQJWKꢀ>ꢐ@-ꢀDQGꢀWKHꢀ'HWHꢅWꢀ7KUHVKROG  
VHWWLQJꢀ>ꢇ@-ꢆꢀ7KLVꢀW\SHꢀRIꢀGHWHꢅWLRQꢀZLOOꢀZRUNꢀLQꢀERWKꢀWKHꢀ%*ꢀRUꢀ%*ꢈ2%ꢕꢀPRGHVꢎꢀEXWꢀQRWꢀ2%ꢕꢀPRGHꢆ  
1RWHꢀWKDWꢀµKLGGHQ¶ꢀGHWHꢅWLRQVꢀꢅDQꢀEHꢀꢅUHDWHGꢀWKDWꢀZLOOꢀPDNHꢀWKHꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀꢅRXQWHUꢀUXQꢀWRZDUGVꢀDꢀ0D[  
2Qꢄ'XUDWLRQꢀUHꢅDOLEUDWLRQꢀWLPHRXWꢎꢀZLWKRXWꢀJHQHUDWLQJꢀDQꢀDꢅWXDOꢀDꢅWLYDWLRQꢀRIꢀWKHꢀ2XWꢀSLQꢆꢀ7KLVꢀLVꢀXVHIXOꢀLQ  
ꢅOHDULQJꢀDꢀ³VWXꢅNꢀVHQVRU´ꢀꢅRQGLWLRQꢀTXLꢅNO\ꢎꢀIRUꢀH[DPSOHꢀLIꢀDꢀVWDWLRQDU\ꢀꢓEDꢅNJURXQGꢓꢀREMHꢅWꢀQHDUꢀWKHꢀHOHꢅWURGH  
LVꢀUHPRYHGꢎꢀꢅUHDWLQJꢀDꢀODUJHꢎꢀIDVWꢎꢀDQGꢀXQGHVLUDEOHꢀQHJDWLYHꢀVLJQDOꢀVZLQJꢆꢀ,IꢀVHWꢀWRꢀ>'ꢆꢉ@ꢀDQGꢀWKHꢀGHYLꢅHꢀLVꢀLQ  
%*ꢀRUꢀ%*ꢈ2%ꢕꢀPRGHꢎꢀWKLVꢀQHJDWLYHꢀVZLQJꢀꢅDQꢀEHꢀPDGHꢀWRꢀWULJJHUꢀDꢀIXOOꢀUHꢅDOLEUDWLRQꢀDIWHUꢀWKHꢀ0D[  
2Qꢄ'XUDWLRQꢀSHULRGꢀKDVꢀWLPHGꢀRXWꢎꢀZLWKRXWꢀꢅDXVLQJꢀDQꢀDꢅWXDOꢀ2XWꢀDꢅWLYDWLRQꢆ  
,Qꢀ2%-ꢀPRGHꢂꢀ'HWHꢅWLRQꢀ0RGHVꢀRWKHUꢀWKDQꢀ>'ꢆꢇ@ꢀRUꢀ>'ꢆꢔ@ꢀDUHꢀLJQRUHGꢌꢀWKHꢀꢅORVHVWꢀVHWWLQJꢎꢀHLWKHUꢀ>'ꢆꢇ@ꢀRUꢀ>'ꢆꢔ@ꢎ  
LVꢀXVHGꢀLQVWHDGꢆ  
7KHUHꢀDUHꢀWZRꢀRSWLRQVꢀXQGHUꢀ&DOLEUDWLRQꢀ&RQWUROꢒ  
>(@  
&$/,%5$7,21  
&21752/  
>(ꢀD@ꢁꢂRXWSXWꢂHUURUꢂꢃRGHꢂLIꢂꢃDOLEUDWLRQꢂHUURUꢀꢊꢀ7KLVꢀꢅRQWUROVꢀZKHWKHUꢀWKHꢀ67$7ꢀOLQHꢀZLOOꢀRXWSXWꢀDQꢀHUURUꢀꢅRGH  
LIꢀGXULQJꢀDꢀꢅDOLEUDWLRQꢀWKHꢀVHQVRUꢀGHWHꢅWVꢀDQꢀHUURUꢆꢀ6LQꢅHꢀWKLVꢀµ0RUVHꢀꢅRGH¶ꢀWDNHVꢀWLPHꢀWRꢀRXWSXWꢀDQGꢀVORZVꢀXS  
WKHꢀ47ꢂꢃꢇꢁ%ꢉ¶VꢀDELOLW\ꢀWRꢀDXWRPDWLꢅDOO\ꢀWU\ꢀWRꢀUHꢅDOLEUDWHꢎꢀLWꢀPD\ꢀEHꢀGHVLUDEOHꢀWRꢀGLVDEOHꢀWKLVꢆ  
>(ꢀE@ꢁꢂUHꢃDOLEUDWHꢂLIꢂUHIHUHQꢃHꢂGULIWVꢂLQWRꢂERXQGDU\ꢀꢊꢀ&RQWUROVꢀZKDWꢀKDSSHQVꢀZKHQꢀVHQVRUꢀGULIW  
ꢅRPSHQVDWLRQꢀꢋVHHꢀ>ꢔ@-ꢀPRYHVꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢀHQRXJKꢀVRꢀWKDWꢀLWꢀUXQVꢀLQWRꢀWKHꢀHGJHꢀRIꢀWKHꢀDOORZDEOHꢀVLJQDO  
UDQJHꢆꢀ,IꢀWKLVꢀKDSSHQVꢎꢀLWꢀPD\ꢀEHꢀGHVLUDEOHꢀWRꢀUHꢅDOLEUDWHꢀWKHꢀVHQVRUꢀꢅRPSOHWHO\ꢀWRꢀDꢅKLHYHꢀDꢀEHWWHUꢀꢅHQWHULQJꢀRI  
WKHꢀVLJQDOVꢀZLWKLQꢀWKHꢀꢔꢄELWꢀVLJQDOꢀUDQJHꢆꢀ7XUQLQJꢀWKLVꢀµRQ¶ꢀDOORZVꢀWKLVꢀIRUPꢀRIꢀUHꢅDOLEUDWLRQꢆ  
ꢀꢌ  
7KHꢀDOORZDEOHꢀUHIHUHQꢅHꢀUDQJHꢀLVꢀWKDWꢀUHTXLUHGꢀWRꢀDꢅꢅRPPRGDWHꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢀSOXVꢀWKHꢀWKUHVKROGꢀOHYHOꢋV-ꢎ  
ꢋꢗ-ꢀDQGꢀꢋꢄ-ꢎꢀZLWKLQꢀWKHꢀꢔꢄELWꢀ$'&ꢀUDQJHꢆꢀ)RUꢀH[DPSOHꢎꢀLIꢀWKHꢀWKUHVKROGꢀLVꢀVHWꢀWRꢀꢁꢍꢀꢅRXQWVꢎꢀDQGꢀSRVLWLYH  
GHWHꢅWLRQꢀLVꢀHQDEOHGꢀYLDꢀ>'ꢆꢅ@ꢎꢀWKHQꢀWKHꢀVLJQDOꢀVSDꢅHꢀLVꢀOLPLWHGꢀRQꢀWKHꢀSRVLWLYHꢀVLGHꢀWRꢒ  
ꢉꢐꢐꢀꢄꢀꢁꢍꢀꢄꢀꢁꢀ ꢀꢉꢍꢇ  
7KHꢀꢓꢄꢁꢓꢀLVꢀUHTXLUHGꢀWRꢀDOORZꢀWKHꢀVLJQDOꢀWRꢀH[ꢅHHGꢀWKHꢀWKUHVKROGꢀE\ꢀRQHꢀꢅRXQWꢀIRUꢀGHWHꢅWLRQꢀSXUSRVHVꢆ  
>)@ꢀꢅRQWUROVꢀWKUHHꢀWKLQJVꢒ  
>)@  
'5,)7ꢂ6725(ꢂꢍ  
'$7$ꢂ/2&.,1*ꢂꢍ  
027,21ꢂ02'(  
ꢁꢆꢀ:KHWKHUꢀWKHꢀVHQVRUꢀZLOOꢀVWRUHꢀꢅDOLEUDWLRQꢀGDWDꢀLQꢀHꢀSURPꢀꢋLIꢀLQVWDOOHG-ꢀIRUꢀUHXVHꢀRQꢀVXEVHTXHQW  
SRZHUꢄXSVꢎꢀWKXVꢀSUHYHQWLQJꢀWKHꢀQHHGꢀIRUꢀDQRWKHUꢀUHꢅDOLEUDWLRQꢌ  
ꢉꢆꢀ:KHWKHUꢀWKHꢀVHQVRUꢀZLOOꢀDOVRꢀVWRUHꢀWKHꢀUHIHUHQꢅHꢀGULIWꢀGDWDꢀLIꢀ'ULIWꢀ5DWHꢀLVꢀHQDEOHGꢌ  
ꢑꢆꢀ:KHWKHUꢀWKHꢀVHQVRUꢀSURꢅHVVHVꢀLQꢀµPRWLRQ¶ꢀPRGHꢎꢀZKHUHE\ꢀUHꢅDOLEUDWLRQꢀRꢅꢅXUVꢀYHU\ꢀTXLꢅNO\ꢀEXWꢀGRHVꢀQRW  
LQYROYHꢀDOWHULQJꢀWKHꢀꢅKDUJHꢀꢅDQꢅHOODWLRQꢀDPRXQWꢀꢋYLDꢀ&]ꢓV-ꢀRUꢀWKHꢀ'$&ꢀRIIVHWꢀYDOXHꢆ  
>)ꢀD@ꢂ ꢂꢇꢀꢀꢀꢈꢁꢂ'ULIWꢂVWRUHꢂLQWHUYDOꢂꢄꢀꢀ,Iꢀ>)ꢆD@ꢀLVꢀVHWꢀLQꢀWKHꢀUDQJHꢀꢉꢆꢆꢆꢔꢎꢀUHIHUHQꢅHꢀGULIWꢀGDWDꢀZLOOꢀEHꢀVDYHGꢀWRꢀWKH  
HꢀSURPꢀDWꢀWKHꢀLQWHUYDOVꢀVKRZQꢀꢋLQꢀPLQXWHV-ꢆꢀ1RWHꢀWKDWꢀ>)ꢆD@ꢀLVꢀLUUHOHYDQWꢀLQꢀ2%ꢕꢀPRGHꢀRUꢀLIꢀ'ULIWꢀ5DWHꢀ>ꢔ@ꢀLVꢀRIIꢆ  
2%ꢕꢀGRHVꢀQRWꢀPDNHꢀXVHꢀRIꢀDꢀUHIHUHQꢅHꢀOHYHOꢎꢀDQGꢀVRꢀWKHUHꢀLVꢀQRWKLQJꢀWRꢀVWRUHꢆꢀ,IꢀVHWꢀWRꢀ0RWLRQꢀꢋ>)ꢆD@ꢀ ꢀꢂ-ꢀQR  
VWRUHꢀWRꢀHꢀSURPꢀLVꢀPDGHꢀVLQꢅHꢀ0RWLRQꢀPRGHꢀLVꢀWUDQVLHQWꢀLQꢀQDWXUHꢆ  
>)ꢀD@ꢂ ꢂꢉꢁꢂ0RWLRQꢂPRGHꢂꢄꢀ0RWLRQꢀPRGHꢀZLOOꢀUHꢅDOLEUDWHꢀYHU\ꢀTXLꢅNO\ꢎꢀLQꢀDꢀVLQJOHꢀEXUVWꢀLQWHUYDOꢎꢀDIWHUꢀDꢀGHWHꢅWLRQ  
LQWHUYDOꢀGHILQHGꢀE\ꢀ0D[ꢀ2Qꢄ'XUDWLRQꢀ>&@ꢀH[SLUHVꢆꢀ1RꢀVWRUDJHꢀRIꢀꢅDOꢀGDWDꢀRUꢀGULIWꢀꢅRPSHQVDWLRQꢀLQIRUPDWLRQ  
RꢅꢅXUVꢀLIꢀPRWLRQꢀPRGHꢀLVꢀHQDEOHGꢆꢀ0RWLRQꢀPRGHꢀUHꢅDOLEUDWLRQꢀRQO\ꢀRꢅꢅXUVꢀZLWKLQꢀWKHꢀERXQGDULHVꢀRIꢀWKHꢀꢅXUUHQW  
VLJQDOꢀZLQGRZꢀDVꢀGHILQHGꢀE\ꢀWKHꢀ&RDUVHꢀDQGꢀ2IIVHWꢀSDUDPHWHUVꢎꢀXQOHVVꢀ>(ꢆE@ꢀLVꢀVHWꢀꢓ2QꢓꢎꢀLQꢀZKLꢅKꢀꢅDVHꢀDꢀIXOO  
UHꢅDOLEUDWLRQꢀRꢅꢅXUVꢆꢀ,Iꢀ>(ꢆE@ꢀLVꢀ2IIꢎꢀWKHꢀ2XWꢀOLQHꢀZLOOꢀJRꢀDꢅWLYHꢀIRUꢀWKHꢀGXUDWLRQꢀRIꢀWKHꢀVLJQDOꢀH[ꢅXUVLRQꢀLIꢀ6HWXS  
>'@ꢀSHUPLWVꢀLWꢆ  
>)ꢀE@ꢁꢂ'DWDꢂ/RꢃNLQJꢂꢄꢀ>)ꢆE@ꢀLVꢀXVHIXOꢀLQꢀDOOꢀPRGHVꢀH[ꢅHSWꢀꢓPRWLRQꢓꢀPRGHꢆꢀ>)ꢆE@ꢀVWRUHVꢀWKHꢀꢅDOLEUDWLRQꢀGDWDꢀLQWR  
HꢀSURPꢀHYHU\ꢀWLPHꢀWKHUHꢀLVꢀDꢀIXOOꢀꢅDOLEUDWLRQꢆꢀ,Iꢀ>)ꢆD@ꢀLVꢀHQDEOHGꢀIURPꢀꢉꢆꢆꢆꢔꢎꢀWKHꢀꢅDOLEUDWLRQꢀGDWDꢀIURPꢀ>)ꢆE@ꢀZLOOꢀEH  
LQꢅUHPHQWDOO\ꢀXSGDWHGꢀLQWRꢀWKHꢀHꢀSURPꢀDWꢀWKHꢀLQGLꢅDWHGꢀLQWHUYDOVꢆ  
ꢂꢀVHWWLQJVꢀRIꢀEDXGꢀUDWHꢀDQGꢀꢅRPPXQLꢅDWLRQVꢀPRGHꢀKDYHꢀEHHQꢀDGGHGꢆꢀ7KHꢀILUVWꢀIRXUꢀVHWWLQJVꢀJRYHUQꢀWKHꢀꢓ3ROOHGꢓ  
PRGHꢀRIꢀRSHUDWLRQꢌꢀWKHꢀODVWꢀILYHꢀJRYHUQꢀꢓ9HUERVHꢓꢀRSHUDWLRQꢆꢀ3ROOHGꢀPRGHꢀUHTXLUHVꢀWKDWꢀWKHꢀKRVWꢀVHQGꢀDQ  
LQLWLDWLQJꢀꢅKDUDꢅWHUꢀWRꢀWKHꢀ47ꢂꢃꢇꢁ%ꢉꢀWRꢀHYRNHꢀDꢀUHVSRQVHꢆꢀ9HUERVHꢀPRGHꢀDOORZVꢀWKHꢀGHYLꢅHꢀWRꢀWUDQVPLWꢀD  
ꢅRQWLQXRXVꢀVWUHDPꢀRIꢀGDWDꢀZLWKRXWꢀLQWHUUXSWLRQꢆꢀ6HHꢀ6HꢅWLRQꢀꢍꢀIRUꢀꢅRPSOHWHꢀGHWDLOVꢆ  
>*@  
6(5,$/ꢂ02'(6  
6HWWLQJꢀ>*ꢆꢏ@ꢀDOORZVꢀDꢀVSHꢅLDOꢀVORZꢄPRGHꢀRIꢀ9HUERVHꢀRSHUDWLRQꢎꢀWRꢀDOORZꢀꢅRPSDWLELOLW\ꢀZLWKꢀVORZꢀKRVWꢀGHYLꢅHV  
XQDEOHꢀWRꢀDꢅꢅHSWꢀDꢀIDVWꢎꢀꢅRQWLQXRXVꢀVWUHDPꢀRIꢀYHUERVHꢀGDWDꢆꢀ7KHꢀGDWDꢀUDWHꢀLQꢀWKLVꢀVSHꢅLDOꢀꢂꢏꢇꢇ96ꢀPRGHꢀLV  
ꢁꢇꢇPVꢀVSDꢅLQJꢀEHWZHHQꢀWUDQVPLWVꢀDWꢀꢂꢏꢇꢇꢀEDXGꢆ  
$OOꢀGDWDꢀLVꢀVHQWꢀDVꢀꢔꢀELWVꢎꢀRQHꢀVWRSꢎꢀQRꢀSDULW\ꢆ  
7KHꢀ>+@ꢀ6HWXSꢀSHUPLWVꢀWKHꢀVHOHꢅWLRQꢀRIꢀRQHꢀRIꢀꢂꢀGLIIHUHQWꢀGDWDꢀVRXUꢅHVꢀIURPꢀZLWKLQꢀWKHꢀꢂꢃꢇꢁ%ꢉꢎꢀIRU  
WUDQVPLVVLRQꢀLQꢀHLWKHUꢀRIꢀWKHꢀQRUPDOꢀRUꢀHQKDQꢅHGꢀꢓ9HUERVHꢓꢀVHULDOꢀPRGHVꢆꢀ7KHꢀGDWDꢀW\SHVꢀDUHꢒ  
>+@  
9(5%26(ꢂ'$7$  
6\QWK 2XWSXWVꢇILOWHUHGꢇꢐV\QWKHWLꢋ:ꢇGDWDAꢇDWꢇWKHꢇHQGꢇRIꢇDOOꢇHQDEOHGꢇILOWHUꢇVWDJHVꢒꢇ,WꢇLVꢇDQꢇXQVLJQHG  
ꢊꢅELWꢇVLJQDOꢇYDOXHꢒ  
6\QWKꢊꢋꢊ5HI 5HWXUQVꢇWKHꢇGLIIHUHQꢋHꢇEHWZHHQꢇWKHꢇILOWHUHGꢇVLJQDOꢇDQGꢇWKHꢇꢋXUUHQWꢇUHIHUHQꢋHꢒꢇ7KHꢇGDWD  
LVꢇꢄꢓVꢇꢋRPSOHPHQWꢇELQDU\ꢎꢇ,IꢇWKHꢇVLJQDOꢇGLSVꢇEHORZꢇWKHꢇUHIHUHQꢋHꢇOHYHOAꢇWKHꢇGDWDꢇEHꢋRPHV  
QHJDWLYHꢒ  
5HI 5HWXUQVꢇWKHꢇꢋXUUHQWꢇVLJQDOꢇUHIHUHQꢋHꢇOHYHOꢒ  
2IIVHW 5HWXUQVꢇWKHꢇꢋXUUHQWꢇ'$&ꢇRIIVHWꢇYDOXHꢇEHLQJꢇIHGꢇWRꢇWKHꢇDPSOLILHUꢇꢋKDLQꢇꢐ2XWB$ꢇRIꢇWKH  
$'ꢁꢌꢂꢌ:ꢒ  
&DQꢌHOODWLRQꢀ 5HWXUQVꢇWKHꢇꢋXUUHQWꢇꢋKDUJHꢇꢋDQꢋHOODWLRQꢇYDOXHAꢇIURPꢇꢂꢇWRꢇꢆAꢇUHSUHVHQWLQJꢇWKHꢇQXPEHUꢇRI  
&]ꢇꢋDSDꢋLWRUVꢇEHLQJꢇXVHGꢇWRꢇSURYLGHꢇꢋKDUJHꢇꢋDQꢋHOODWLRQꢒꢀ  
', 5HWXUQVꢇWKHꢇꢋXUUHQWꢇYDOXHꢇRIꢇWKHꢇ'HWHꢋWꢇ,QWHJUDWRUꢇꢐVHHꢇQRWHVꢇUHODWHGꢇWRꢇ>%@ꢇLQꢇWKH  
47ꢀꢁꢂꢃ%ꢇGDWDꢇVKHHW:ꢒꢀ  
)URPꢊ8 5HWXUQVꢇWKHꢇYDOXHꢇVSHꢋLILHGꢇE\ꢇWKHꢇꢋXUUHQWꢇVHWWLQJꢇRIꢇ6HOHꢋWꢇ>8@AꢇWKXVꢇHIIHꢋWLYHO\  
H[SDQGLQJꢇWKHꢇQXPEHUꢇRIꢇDYDLODEOHꢇGDWDꢇRSWLRQVꢒꢀ  
6WDWXV 5HWXUQVꢇWKHꢇꢋXUUHQWꢇ6WDWXVꢇ%\WHꢇDꢋꢋRUGLQJꢇWRꢇ7DEOHꢇꢆꢅꢌꢒꢇ1RWHꢇWKDWꢇWKHꢇ6WDWXVꢇ%\WHꢇRI  
>8ꢒꢊ@ꢇLVꢇQRWꢇWKHꢇVDPHꢇDVꢇWKLVꢒ  
(UUꢊ&RGH 5HWXUQVꢇWKHꢇꢋXUUHQWꢇHUURUꢇꢋRGHꢇꢐVHHꢇ6HꢋWLRQꢇꢆꢒꢉ:ꢒ  
ꢀꢎ  
7KLVꢀLWHPꢀꢅRQWUROVꢀWKHꢀSRODULWLHVꢀRIꢀERWKꢀWKHꢀ287ꢀSLQꢀDQGꢀWKHꢀ;)5ꢀSLQꢌꢀDOOꢀIRXUꢀSRVVLEOHꢀꢅRPELQDWLRQVꢀDUH  
SRVVLEOHꢆꢀ,QYHUWHGꢀSRODULW\ꢀRIꢀWKHꢀ;)5ꢀSLQꢀLVꢀXVHIXOꢀZKHQꢀGULYLQJꢀEXVꢄVZLWꢅKꢀW\SHꢀPRVIHWVꢎꢀZKLꢅKꢀKDYHꢀLQWHUQDO  
ꢅKDUJHꢄLQMHꢅWLRQꢀꢅRPSHQVDWLQJꢀPHꢅKDQLVPVꢀEXLOWꢀLQꢀꢋH[DPSOHꢒꢀ4XDOLW\ꢀ6HPLꢀ46ꢑꢁꢉꢐꢀDQGꢀVLPLODUꢀGHYLꢅHVꢀIURP  
7,ꢀDQGꢀ3HULꢅRP-ꢆ  
>-@  
32/$5,7,(6  
7KHꢀ2XWꢀSLQꢀꢅDQꢀEHꢀPDGHꢀWRꢀµVWUHWꢅK¶ꢀZKHQꢀDꢅWLYHꢀORQJHUꢀWKDQꢀQRUPDOꢀXVLQJꢀ>/@ꢆꢀ$IWHUꢀDꢀVLJQDOꢀGHWHꢅWLRQ  
ꢅHDVHVꢎꢀWKHꢀRXWSXWꢀꢅDQꢀEHꢀSURORQJHGꢀE\ꢀWKHꢀQXPEHUꢀRIꢀVHꢅRQGVꢀLQGLꢅDWHGꢀLQꢀ7DEOHꢀꢃꢄꢁꢆꢀ6HWWLQJꢀWRꢀ]HUR  
SUHYHQWVꢀVWUHWꢅKꢀHQWLUHO\ꢀDQGꢀOHWVꢀWKHꢀRXWSXWꢀEHKDYHꢀQRUPDOO\ꢆꢀ1RWHꢀDOVRꢀWKDWꢀVHWWLQJVꢀRIꢀ'HWHꢅWLRQꢀ,QWHJUDWRU  
>%@ꢀꢅDQꢀDOVRꢀPDNHꢀRXWSXWVꢀDSSHDUꢀWRꢀVWUHWꢅKꢎꢀEXWꢀ>%@ꢀDOVRꢀꢅDXVHVꢀDꢀGHOD\ꢀLQꢀWKHꢀRQVHWꢀRIꢀRXWSXWꢀDꢅWLYDWLRQꢆ  
>/@  
287387  
675(7&+  
µ6WUHWꢅK¶ꢀKDVꢀQRꢀHIIHꢅWꢀRQꢀDꢅWLYDWLRQVꢀPDGHꢀGXHꢀWRꢀDꢀGHWHꢅWHGꢀVKRUWꢀꢅLUꢅXLWꢀRQꢀWKHꢀ&+*ꢀSLQꢆ  
&RQWUROVꢀWKHꢀOHQJWKꢀRIꢀWKHꢀ63,ꢀGDWDꢀWUDQVPLVVLRQꢀWRꢀDQꢀH[WHUQDOꢀGHYLꢅHꢎꢀDVꢀIUDPHGꢀE\ꢀWKHꢀ2%ꢕꢀOLQHꢆꢀ:KHQꢀVHW  
WRꢀ>3ꢆꢇ@ꢀWKHꢀGDWDꢀVHQWꢀLVꢀDꢀVLQJOHꢀꢔꢄELWꢀE\WHꢀꢅRQWDLQLQJꢀWKHꢀLWHPꢀVHOHꢅWHGꢀE\ꢀ>8@ꢆ  
>3@  
63,ꢂ)250$7  
:KHQꢀVHWꢀWRꢀ>3ꢆꢁ@ꢀWKHꢀGDWDꢀVHQWꢀLVꢀWZRꢀꢔꢄELWꢀE\WHVꢎꢀWKHꢀILUVWꢀRIꢀZKLꢅKꢀLVꢀWKHꢀGDWDꢀVHOHꢅWHGꢀE\ꢀ>8@ꢎꢀWKHꢀVHꢅRQG  
EHLQJꢀWKHꢀ6WDWXVꢀE\WHꢀQRWHGꢀLQꢀ7DEOHꢀꢍꢄꢍꢆꢀ,WꢀLVꢀSRVVLEOHꢀWRꢀVHQGꢀWKHꢀ6WDWXVꢀE\WHꢀWZLꢅHꢀLQꢀWKHꢀVDPHꢀWUDQVPLVVLRQ  
E\ꢀVHWWLQJꢀ>3ꢆꢁ@ꢀDQGꢀ>8ꢆꢔ@ꢎꢀDOWKRXJKꢀWKHUHꢀLVꢀQRꢀSDUWLꢅXODUꢀUHDVRQꢀWRꢀGRꢀWKLVꢆꢀ,Iꢀ>3ꢆꢁ@ꢀLVꢀVHOHꢅWHGꢎꢀWKHꢀ2%ꢕꢀOLQH  
ZLOOꢀIUDPHꢀERWKꢀE\WHVꢀWRJHWKHUꢀZLWKꢀDꢀVLQJOHꢀXQLQWHUUXSWHGꢀORJLꢅꢄORZꢀIUDPHꢀSXOVHꢎꢀWKXVꢀꢅUHDWLQJꢀDꢀXQLWDU\ꢀꢁꢏꢄELW  
WUDQVPLVVLRQꢆ  
,IꢀWKLVꢀ6HWXSꢀLVꢀVHWꢀWRꢀ>8ꢆꢁ@ꢀRUꢀKLJKHUꢎꢀWKHꢀGHYLꢅHꢀLVꢀIRUꢅHGꢀLQWRꢀ0RGHꢀꢉꢀRSHUDWLRQꢀZKLꢅKꢀLQꢅOXGHVꢀDOOꢀVHULDOꢀSRUW  
IXQꢅWLRQVꢀꢋ63,ꢀDQGꢀ8$57-ꢆꢀ2WKHUZLVHꢎꢀWKHꢀGHYLꢅHꢀGHIDXOWVꢀWRꢀ0RGHꢀꢁꢎꢀDQGꢀEHKDYHVꢀLGHQWLꢅDOO\ꢀLQꢄꢅLUꢅXLWꢀDVꢀD  
47ꢂꢃꢇꢁ%ꢀSDUWꢆꢀ>8ꢆꢁ@ꢀDQGꢀDERYHꢀVSHꢅLI\ꢀWKHꢀW\SHꢀRIꢀGDWDꢀEHLQJꢀRXWSXWꢀRYHUꢀWKHꢀ63,ꢀSRUWꢀWKDWꢀLVꢀIUDPHGꢀE\ꢀWKH  
2%ꢕꢀOLQHꢀꢋDQGꢀE\ꢀ&6ꢎꢀZKLꢅKꢀLVꢀIHGꢀQRUPDOO\ꢀWRꢀDQꢀ$QDORJꢀ'HYLꢅHVꢀ$'ꢃꢑꢇꢑ-ꢆꢀ  
>8@  
63,ꢂ'DWDꢂ2XWSXW  
$OOꢀGDWDꢀUHWXUQHGꢀLVꢀXQVLJQHGꢀSRVLWLYHꢄJRLQJꢀGDWDꢆꢀ5HIHUꢀWRꢀ7DEOHꢀꢃꢄꢁꢆ  
5DZ ZLOOꢀRXWSXWꢀGLUHꢅWO\ꢀDꢅTXLUHGꢎꢀXQILOWHUHGꢀGDWDꢎꢀUHJDUGOHVVꢀRIꢀDQ\ꢀLQWHUQDOꢀILOWHULQJꢀHQDEOHGꢆ  
6\QWK ZLOOꢀRXWSXWꢀILOWHUHGꢀV\QWKHWLꢅꢀGDWDꢎꢀDWꢀWKHꢀHQGꢀRIꢀERWKꢀILOWHUꢀVWDJHVꢀLIꢀERWKꢀDUHꢀHQDEOHGꢆꢀ7KH  
GDWDꢀRXWSXWꢀLQꢀꢓ6\QWKꢓꢀLVꢀVLPSO\ꢀWKHꢀVWUDLJKWꢀꢔꢄELWꢀVLJQDOꢀYDOXHꢆ  
ꢓ6\QWK UHWXUQVꢀWKHꢀSRVLWLYHꢀGLIIHUHQꢅHꢀEHWZHHQꢀWKHꢀꢅXUUHQWꢀILOWHUHGꢀVLJQDOꢀDQGꢀWKHꢀꢅXUUHQW  
UHIHUHQꢅHꢆꢀLIꢀWKHꢀVLJQDOꢀGLSVꢀEHORZꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢎꢀWKHꢀVLJQDOꢀLVꢀWUXQꢅDWHGꢀDWꢀ]HURꢆ  
ꢊ6\QWK UHWXUQVꢀWKHꢀQHJDWLYHꢀGLIIHUHQꢅHꢀEHWZHHQꢀWKHꢀꢅXUUHQWꢀILOWHUHGꢀVLJQDOꢀDQGꢀWKHꢀꢅXUUHQW  
UHIHUHQꢅHꢆꢀLIꢀWKHꢀVLJQDOꢀULVHVꢀDERYHꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢎꢀWKHꢀVLJQDOꢀLVꢀWUXQꢅDWHGꢀDW  
]HURꢆꢀ7KHꢀYDOXHꢀUHWXUQHGꢀLVꢀWKHꢀDEVROXWHꢀYDOXHꢀRIꢀWKHꢀGLIIHUHQꢅHꢆ  
_6\QWK_ UHWXUQVꢀWKHꢀDEVROXWHꢀYDOXHꢀRIꢀWKHꢀGLIIHUHQꢅHꢀEHWZHHQꢀWKHꢀꢅXUUHQWꢀILOWHUHGꢀVLJQDOꢀDQGꢀWKH  
ꢅXUUHQWꢀUHIHUHQꢅHꢆ  
5HIHUHQꢄH UHWXUQVꢀWKHꢀꢅXUUHQWꢀLQWHUQDOꢀUHIHUHQꢅHꢀYDOXHꢆꢀ7KLVꢀPD\ꢀEHꢀRIꢀXVHꢀDVꢀDꢀIRUPꢀRIꢀXOWUDꢄVORZ  
ILOWHUHGꢀV\QWKHWLꢅꢀGDWDꢆ  
', UHWXUQVꢀWKHꢀYDOXHꢀRIꢀWKHꢀ'HWHꢅWLRQꢀ,QWHJUDWRUꢆ  
6WDWXV UHWXUQVꢀDꢀVWDWXVꢀE\WHꢀꢅRPSRVHGꢀRIꢀELWVꢀZLWKꢀPHDQLQJVꢀDVꢀIROORZVꢒ  
%LWꢀꢇꢆꢆꢆꢁꢀꢋORZHVWꢀꢉꢀELWV-ꢀꢄꢀ&DOLEUDWLRQꢀHUURUꢀꢅRGHꢒ  
ꢇꢇꢀ ꢀQRꢀHUURU  
ꢇꢁꢀ ꢀQRꢀGHWHꢅWDEOHꢀVLJQDOꢀꢋPD\ꢀEHꢀDꢀVKRUWHGꢀHOHꢅWURGH-  
ꢁꢇꢀ ꢀVDWXUDWHGꢀVLJQDOꢎꢀꢅDQQRWꢀꢅDOLEUDWHꢀꢋWRRꢀPXꢅKꢀ&[-  
ꢁꢁꢀ ꢀXQVWDEOHꢀVLJQDOꢎꢀꢅDQQRWꢀꢅDOLEUDWHꢀꢋ&[ꢀYDU\LQJꢀWRRꢀPXꢅKꢀRYHUꢀWLPHꢎꢀRU  
LQWHUIHUHQꢅHꢎꢀRUꢀDꢀꢅLUꢅXLWꢀIDXOW-  
%LWꢀꢉꢀꢄꢀORZHUꢀGHWHꢅWꢀWKUHVKROGꢌ  
LIꢀꢁꢎꢀVLJQDOꢀKDVꢀGURSSHGꢀWKURXJKꢀWKHꢀORZHUꢀWKUHVKROG  
%LWꢀꢑꢀꢄꢀXSSHUꢀGHWHꢅWꢀWKUHVKROGꢌ  
LIꢀꢁꢎꢀVLJQDOꢀKDVꢀULVHQꢀDERYHꢀWKHꢀXSSHUꢀWKUHVKROG  
%LWꢀꢍꢀꢄꢀ287ꢀVWDWXVꢀꢄꢀLIꢀꢁꢎꢀWKHꢀ287ꢀSLQꢀLVꢀDꢅWLYHꢀꢋUHJDUGOHVVꢀRIꢀDꢅWLYHꢀKLJKꢀꢈꢀORZꢀVHWXSꢀLQ  
>ꢕ@ꢀꢄꢀLIꢀ>ꢕ@ꢀLVꢀVHWꢀWRꢀDꢅWLYHꢀORZꢎꢀ%LWꢀꢍꢀZLOOꢀVWLOOꢀJRꢀKLJKꢀZKHQꢀDꢅWLYH-  
%LWꢀꢐꢀꢄꢀ&DOLEUDWLRQꢀꢄꢀLIꢀꢁꢎꢀXQLWꢀLVꢀEXV\ꢀꢅDOLEUDWLQJ  
%LWꢀꢏꢀꢄꢀ2%ꢕꢀOLQHꢀKDVꢀEHHQꢀDVVHUWHGꢀORZꢌ  
QRWꢀUHVSRQVLYHꢀWRꢀWKHꢀ8$57ꢀꢅRPPDQGVꢀꢓRꢓꢀRUꢀꢓ2ꢓ  
%LWꢀꢃꢀꢄꢀ%*ꢀOLQHꢀKDVꢀEHHQꢀDVVHUWHGꢀORZꢌ  
QRWꢀUHVSRQVLYHꢀWRꢀWKHꢀ8$57ꢀꢅRPPDQGꢀꢓVꢓꢀRUꢀꢓ%ꢓ  
ꢃꢏ  
ꢅDXVHVꢀWKHꢀVLJQDOꢀWRꢀULVHꢀPXꢅKꢀIDVWHUꢀWKDQꢀꢅDQꢀEHꢀꢅRPSHQVDWHGꢀIRU  
E\ꢀµGULIWꢀꢅRPSHQVDWLRQ¶ꢌꢀDWꢀWLPHꢀWꢁꢀDꢀGHWHꢅWLRQꢀHYHQWꢀµ'¶ꢀRꢅꢅXUVꢆ  
ꢈꢁꢂꢁ'5,)7ꢁ&203(16$7,21ꢁ  
'(7(&7,21  
µ6¶ꢀIDOOVꢀDVꢀWKHꢀREMHꢅWꢀUHꢅHGHVꢎꢀDQGꢀWKHꢀVLJQDOꢀILQDOO\ꢀGURSVꢀWKURXJK  
WKHꢀ K\VWHUHVLVꢀ OHYHOꢀ µ+¶ꢀ DWꢀ WLPHꢀ Wꢀꢎꢀ ꢅDXVLQJꢀ µ'¶ꢀ WRꢀ ꢅHDVHꢆꢀ 7KH  
UHIHUHQꢅHꢀ OHYHOꢀ RQꢅHꢀ DJDLQꢀ WULHVꢀ WRꢀ NHHSꢀ XSꢀ ZLWKꢀ ꢅKDQJHVꢀ LQꢀ WKH  
VLJQDOꢎꢀ HYHQꢀ VSLNLQJꢀ XSZDUGVꢀ EULHIO\ꢀ ZKLOHꢀ WKHꢀ VLJQDOꢀ LVꢀ VWLOOꢀ KLJKHU  
WKDQꢀWKHꢀµUHDO¶ꢀEDꢅNJURXQGꢀOHYHOꢆ  
)LJXUHꢀꢂꢄꢁꢀVKRZVꢀKRZꢀWKHꢀUHIHUHQꢅHꢀOHYHOꢎꢀWKUHVKROGVꢀDQGꢀK\VWHUHVLV  
LQWHUDꢅWꢀZLWKꢀWKHꢀGULIWꢀꢅRPSHQVDWLRQꢀPHꢅKDQLVPꢆꢀ3ULRUꢀWRꢀWLPHꢀWꢅꢎꢀWKH  
VHQVRUꢀLVꢀVKRZQꢀDVꢀEHLQJꢀTXLHVꢅHQWꢌꢀ5HIHUHQꢅHꢀDQGꢀ6LJQDOꢀKDYHꢀWKH  
VDPHꢀ YDOXHꢆꢀ 'XULQJꢀ LQWHUYDOꢀ 3ꢁꢀ WKHꢀ VLJQDOꢀ EHJLQVꢀ WRꢀ ULVHꢀ VORZO\ꢎ  
SHUKDSVꢀ GXHꢀ WRꢀ HQYLURQPHQWDOꢀ IDꢅWRUVꢀ RUꢀ Dꢀ VORZꢀ PRYLQJꢀ LQERXQG  
REMHꢅWꢌꢀ WKHꢀ UHIHUHQꢅHꢀ OHYHOꢀ µGULIWꢀ ꢅRPSHQVDWHV¶ꢀ XSZDUGVꢀ DWꢀ WKH  
VHOHꢅWHGꢀUDWHꢀOLPLWꢀWRꢀWU\ꢀDQGꢀWUDꢅNꢀWKHꢀVORZꢀ6LJQDOꢀꢅKDQJHVꢆꢀ%HꢅDXVH  
WKUHVKROGꢀ µ7¶ꢀ LVꢀ WLHGꢀ WRꢀ µ5¶ꢎꢀ QRꢀ GHWHꢅWLRQꢀ RꢅꢅXUVꢀ \HWꢀ VLQꢅHꢀ µ7¶ꢀ DOVR  
ULVHVꢆꢀ7KHQꢎꢀGXULQJꢀLQWHUYDOꢀ3ꢀꢀDQꢀREMHꢅWꢀHQWHUVꢀWKHꢀILHOGꢀUDSLGO\ꢀDQG  
1HJDWLYHꢀ VLJQDOꢀ VZLQJVꢀ DQGꢀ QHJDWLYHꢀ WKUHVKROGꢀ ZRUNꢀ LQꢀ H[DꢅWO\ꢀ WKH  
VDPHꢀ PDQQHUꢀ DQGꢀ DUHꢀ VLPSO\ꢀ WKHꢀ PLUURUꢀ LPDJHꢀ RIꢀ WKHꢀ GLDJUDP  
VKRZQꢆ  
47:LQ9LHZꢀ VRIWZDUHꢀ LVꢀ DQꢀ H[ꢅHOOHQWꢀ WRROꢀ IRUꢀ REVHUYLQJꢀ WKH  
LQWHUDꢅWLRQVꢀRIꢀWKHVHꢀSDUDPHWHUVꢀZLWKꢀVLJQDOVꢀLQꢀUHDOꢀWLPHꢆꢀ  
)LJXUHꢂꢎꢄꢀꢂ'ULIWꢂ&RPSHQVDWLRQꢂDQGꢂ7KUHVKROGꢂ'HWHꢈWLRQ  
ꢃꢀ  
7KHꢀ8ꢔꢀꢅLUꢅXLWꢀSURYLGHVꢀDꢀVLPSOHꢀPHDQVꢀRIꢀꢅUHDWLQJꢀWUDQVIHUꢀWLPHVꢀRI  
OHVVꢀ WKDQꢀ ꢉꢇꢇQVꢀ LQꢀ KDUGZDUHꢆꢀ 5Wꢀ DQGꢀ &Wꢀ ꢅDQꢀ EHꢀ XVHGꢀ WRꢀ ꢅUHDWH  
QDUURZꢀ WUDQVIHUꢀ VZLWꢅKLQJꢀ JDWHꢀ SXOVHVꢀ RQꢀ 4ꢑꢎꢀ SURYLGHGꢀ WKDWꢀ WKH  
:LGWKꢀVHWXSꢀLVꢀVHWꢀWRꢀ ꢍꢇꢇQVꢀRUꢀOHVVꢀWRꢀDOORZꢀHQRXJKꢀWLPHꢀEHWZHHQ  
SXOVHVꢀIRUꢀWKHꢀ5&ꢀQHWZRUNꢀWRꢀUHVWDELOL]Hꢆ  
ꢀꢉꢁꢂꢁ(ꢈꢇ6ꢁ%2$5'  
)LJXUHVꢀꢁꢇꢄꢁꢀWKURXJKꢀꢁꢇꢄꢍꢀVKRZꢀWKHꢀDUWZRUNꢀDQGꢀVꢅKHPDWLꢅꢀGLDJUDP  
RIꢀ WKHꢀ (ꢂꢃ6ꢀ HYDOꢀ ERDUGꢀ ZKLꢅKꢀ LQꢅRUSRUDWHVꢀ WKHꢀ 47ꢂꢃꢇꢁ%ꢉꢆꢀ 7KLV  
ERDUGꢀ LVꢀ GHVLJQHGꢀ WRꢀ SHUPLWꢀ DOOꢀ IRUPVꢀ RIꢀ RXWSXWꢎꢀ LQꢅOXGLQJꢀ 287ꢎ  
67$7ꢎꢀ 8$57ꢎꢀ 63,ꢎꢀ DQGꢀ ꢋZLWKꢀ DGGLWLRQDOꢀ XVHUꢄVXSSOLHGꢀ SDUWV-ꢀ UDZ  
VDPSOHGꢀDQDORJꢎꢀ DQGꢀLVꢀ DꢀꢅRQYHQLHQWꢀUHIHUHQꢅHꢀ GHVLJQꢀWKDWꢀ PD\ꢀEH  
ꢅRSLHGꢀIUHHO\ꢆ  
7KLVꢀꢅLUꢅXLWꢀꢅDQꢀEHꢀGLVDEOHGꢀLIꢀQRWꢀZDQWHGꢀE\ꢀVLPSO\ꢀMXPSHULQJꢀ&7ꢀWR  
JURXQGꢀDQGꢀUHPRYLQJꢀ57ꢌꢀGRLQJꢀVRꢀZLOOꢀꢅUHDWHꢀDꢀGLUHꢅWꢀORJLꢅDOꢀGULYH  
ꢅRQQHꢅWLRQꢀIURPꢀ ;)5ꢀWRꢀ WKHꢀWUDQVIHUꢀVZLWꢅKꢆꢀ ,QꢀDQꢀ2(0ꢀ SURGXꢅWꢎꢀLI  
WKHꢀꢅLUꢅXLWꢀLVꢀQRWꢀGHVLUHGꢀLWꢀVKRXOGꢀEHꢀHOLPLQDWHGꢀDQGꢀUHSODꢅHGꢀZLWKꢀD  
GLUHꢅWꢀ ꢅRQQHꢅWLRQꢀ IURPꢀ ;)5ꢀ WRꢀ WKHꢀ JDWHꢀ RIꢀ 4ꢑꢎꢀ ZLWKꢀ Dꢀ ꢍꢃS)ꢀ 132  
),*85(ꢂꢀꢏꢄꢀꢂ(ꢎꢋ6ꢂ6,/.ꢂ/$<(5  
),*85(ꢂꢀꢏꢄꢅꢂ(ꢎꢋ6ꢂ%27720ꢂ/$<(5  
),*85(ꢂꢀꢏꢄꢃꢂ(ꢎꢋ6ꢂ723ꢂ/$<(5  
ꢅDSDꢅLWRUꢀꢅRQQHꢅWHGꢀIURPꢀWKLVꢀVDPHꢀOLQHꢀWRꢀJURXQGꢆ  
7KHꢀPXOWLSOHꢀ&ꢁꢁꢀꢅDSDꢅLWRUVꢀDUHꢀSRVLWLRQVꢀSURYLGHGꢀRQꢀWKHꢀSꢅEꢎꢀERWK  
WRSꢀ DQGꢀ UHDUꢎꢀ WRꢀ DꢅꢅRPPRGDWHꢀ QXPHURXVꢀ W\SHVꢀ DQGꢀ VL]HVꢀ RIꢀ 607  
ꢅDSDꢅLWRUVꢆꢀ&DSDꢅLWRUVꢀ&ꢃꢀWKURXJKꢀ&ꢁꢇꢀDUHꢀꢅHUDPLꢅꢀ132ꢀW\SHVꢆ  
$PSꢀJDLQꢀꢅDQꢀEHꢀMXPSHUꢄVHOHꢅWHGꢀYLDꢀ+ꢉꢎꢀZKLꢅKꢀSURYLGHVꢀDꢀIDꢅWRUꢀRI  
ꢁꢏꢀVWHSꢀꢅKDQJHꢀLQꢀJDLQꢆ  
$OVRꢀSURYLGHGꢀDUHꢀSRUWꢀꢅRQQHꢅWRUVꢀIRUꢀꢅORQLQJꢀLQꢀꢋ3ꢁ-ꢀDQGꢀRXWꢀꢋ3ꢑ-ꢆ  
&ORQLQJꢀLVꢀGHVꢅULEHGꢀLQꢀPRUHꢀGHWDLOꢀLQꢀ6HꢅWLRQꢀꢑꢆꢍꢆ  
*:.ꢀIRUPDWꢀDUWZRUNꢀIRUꢀWKLVꢀERDUGꢀꢅDQꢀEHꢀIRXQGꢀRQꢀ4XDQWXPꢓVꢀZHE  
VLWHꢀ DWꢀ KWWSꢒꢈꢈZZZꢆTSUR[ꢆꢅRPꢀ DQGꢀ PD\ꢀ EHꢀ IUHHO\ꢀ XVHGꢀ WRꢀ ꢅUHDWH  
ꢅXVWRPL]HGꢀDUWZRUNꢆ  
ꢃꢃ  
),*85(ꢂꢀꢏꢄꢆꢂ(ꢎꢋ6ꢂ%2$5'ꢂ6&+(0$7,&  
E9701B2 dev board  
16 SEPT 1999  
E9701S.SO1  
LM78L05ACZA  
U1  
D1  
CONN2  
VUNREG  
2
1
C
E
VI  
VO  
G
P2  
1
1
1
1
CONN6M  
P5:1  
DL4002MSCT  
1
2
3
4
5
B
C1  
C2  
1 H1:1  
2 H1:2  
3 H1:3  
4 H1:4  
5 H1:5  
6 H1:6  
V++  
SDA  
GND  
STAT  
OUT  
BG  
P5:2  
VCC  
4.7uF/25V  
22uF/6.3V  
CS  
P5:3  
0.1uF  
0 8 0 5  
1
SCK  
OBJ  
VCC  
TP6 TP7 TP8  
BG  
K
A
C5  
P5:4  
OBJ  
OBJ  
CONN6M  
D2  
BAV99  
P5:5  
2
0
1
D3  
V
D
D
V
D
D
K
/
RS1  
2.2K  
VUNREG  
1
1
0805  
A
SIGNAL  
OUT  
R1  
R2  
22  
Q2  
21  
1
1
1
2
CHG  
0805  
0805  
TC7W02F  
22  
TP1  
3
U8:A  
RT  
OUT  
1
2
U8:B  
BSS138  
7
5
6
D
S
D4  
H3  
TP5  
Q3  
RS2  
2.2K  
22  
3
VUNREG  
1
1
XFR  
19  
8
SUB  
0805  
VSS  
VSS  
G
TP2  
STAT  
SST211  
CT  
OPA2340EA  
23  
5
6
+
CSR  
U3  
1
1
1
1
7
U2:B  
QT9701S  
4.7nF  
0 8 0 5  
24  
Z1  
1
1
1
1
-
C7  
C8  
VCC  
P4  
CONN3  
Q1  
BSS138  
ASIG  
SMP  
1
4.7nF  
0 8 0 5  
STAT  
4
25  
Z2  
2
3
STAT  
4.7nF  
0 8 0 5  
26  
Z3  
1
1
1
C9  
4.7nF  
0 8 0 5  
27  
Z4  
1
1
H2  
C10  
1
2
2
BG  
5
1
2
3
BG  
LO  
BG  
S1  
S2  
2
ASIG  
GAIN  
HI  
AIN  
1
4
OPA2340EA  
1
OBJ  
6
9
3
2
+
-
OBJ  
XT1  
XT2  
OBJ  
18  
DA7  
1
U4  
AD7303  
U2:A  
3
1
17  
X1  
R7  
DA6  
16 SDA  
15 CS  
14 SCK  
13  
12  
11  
6
5
7
1
R
E
F
DA5  
DA4  
DA3  
DA2  
DA1  
DAO  
DIN  
0805  
2
1
OUTA  
6.34K1%  
10  
100K 1%  
SCK  
0 8 0 5  
8
1
OUTB  
SYNC  
R6  
20.00MHz  
E
C
S
S
M
P
U7  
ANA_OUT  
C12  
7
2
R8  
VUNREG  
2
3
1
8
1
1
2
VI  
VO  
0805  
0805  
G
100  
1uF/16V  
P1:1  
P1:2  
U5  
ZMR500  
1
2
3
4
5
6
1
SMP  
EDOUT  
SDATA  
SCLK  
4
3
5
6
1
DOUT  
DIN  
SK  
GND  
6
C13  
1uF/16V  
C15  
1
1uF/16V  
ORG  
0 8 0 5  
1
1
3
4
5
2
6
V
C
C
CONN6M  
C1+  
C1-  
C2+  
C2-  
V+  
V-  
0805  
2
ECS  
1
2
3
4
5
6
P1:3  
0 8 0 5  
P3:1  
P3:2  
P3:3  
P3:4  
P3:5  
P3:6  
1
EDOUT  
SDATA  
SCLK  
1
ECS  
1
8
SCLK  
CONN1  
CS  
VCC  
1uF/16V  
08C05 14  
1
2
3
4
5
6
7
8
9
C16  
P1:4  
1uF/16V  
14  
11  
1
EDOUT  
SDATA  
TOUT1  
TOUT2  
RIN1  
TIN1  
TIN2  
93LC46A  
7
10  
12  
9
P1:5  
13  
ROUT1  
ROUT2  
P1:6  
8
STAT  
RIN2  
CONN6M  
DB9F  
MAX232  
U6  
ꢃꢅ  
ꢀꢀꢋꢀꢁ$%62/87(ꢁ0$;,080ꢁ63(&,),&$7,216  
2SHUDWLQJꢀWHPS ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ DVꢀGHVLJQDWHGꢀE\ꢀVXIIL[  
2
6WRUDJHꢀWHPS ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢂ ꢃꢃ &ꢀWRꢀ"ꢄꢅꢃ2&  
9'' ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢂꢆꢁꢃꢀWRꢀ"ꢇꢁꢃꢀ9  
0D[ꢀ)RQWLQXRXVꢀSLQꢀ)XUUHQW*ꢀDQ\ꢀ)RQWUROꢀRUꢀGULYHꢀSLQ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ “ꢅꢃP$  
6KRUWꢀ)LU)XLWꢀGXUDWLRQꢀWRꢀJURXQG*ꢀ&+ꢈꢀOLQH ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ LQILQLWH  
6KRUWꢀ)LU)XLWꢀGXUDWLRQꢀWRꢀ9''*ꢀ&+ꢈꢀOLQH ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ LQILQLWH  
6KRUWꢀ)LU)XLWꢀGXUDWLRQꢀWRꢀJURXQG*ꢀDQ\ꢀRWKHUꢀSLQ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢃꢀVH)V  
9ROWDJHꢀIRU)HGꢀRQWRꢀDQ\ꢀ)RQWUROꢀRUꢀGULYHꢀSLQ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢂꢆꢁꢉ9ꢀWRꢀ19GGꢀ"ꢀꢆꢁꢉꢊꢀ9ROWV  
ꢀꢀꢋꢃꢁ5(&200(1'('ꢁ23(5$7,1*ꢁ&21',7,216  
9'' ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢃꢁꢆꢀ“ꢆꢁꢅ9  
6XSSO\ꢀULSSOH"QRLVH ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢃP9ꢀSꢂS  
/RDGꢀ)DSD)LWDQ)H ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢆꢀWRꢀꢄ*ꢆꢆꢆSꢋ  
5ꢅ5ꢀGD)ꢀYDOXHꢀ10RGHꢀꢄꢊ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢄꢆꢆ.ꢀRKPV  
&]ꢀYDOXHV ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢌꢍꢀRIꢀ1&Vꢀ"ꢀ&]ꢊ*ꢀPD[*ꢀHD)Kꢀ&]*ꢀLIꢀXVHG  
&VꢀYDOXH ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢁ ꢄQꢋꢀWRꢀꢄꢆꢆQꢋ  
),*85(ꢁꢀꢀꢂꢀꢁ7,0,1*ꢁ',$*5$0ꢁꢂꢁ02'(ꢁꢃꢁꢀꢀꢀ6HHꢀQRWHꢀꢇ  
7EV  
7SZ  
WRꢅQH[WꢅEXUVWꢅVWDUW  
7V G  
7SJ  
IORDWLQJ  
7SZ  
;)5  
7V EJ  
7IG  
&65  
=ꢀ  
ꢄODPSHG  
IORDWLQJ  
=ꢁ  
=ꢂ  
=ꢃ  
7V P S  
603  
9ꢄV  
ꢄODPSHG  
ꢃꢆ  
7$%/(ꢁꢀꢀꢂꢀꢁ$&ꢁ63(&,),&$7,216ꢀ0RGHꢊꢇꢍꢊ)RVꢌꢊ ꢊꢇꢉ0+]ꢍꢊ9GGꢊ ꢊꢄꢎꢉꢍꢊ7Dꢊ ꢊUHꢌRPPHQGHGꢊRSHUDWLQJꢊUDQJH  
3DUDPHWHU  
'HVꢆULSWLRQ  
0LQ  
7\S  
0D[  
8QLWV  
1RWHV  
)26&  
)'87<  
73:  
2VꢋLOODWRUꢇIUHTXHQꢋ\  
2VꢋLOODWRUꢇGXW\ꢇꢋ\ꢋOH  
3XOVHꢇZLGWK  
ꢂ
ꢄꢂ  
ꢉꢉ  
0+]  
ꢘ
&U\VWDOAꢇUHVRQDWRUAꢇRUꢇH[WHUQDOꢇVRXUꢋH  
ꢆꢉ  
ꢄꢂꢂ  
ꢂꢒꢄ  
ꢄꢂꢂ  
ꢆꢒꢑ  
ꢌꢂ  
ꢃAꢆꢂꢂ  
ꢃꢂꢂ  
QV  
PV  
QV  
—V  
—V  
—V  
—V  
—V  
ꢘ
6HOHꢋWDEOHꢖꢇVHHꢇ7DEOHꢇꢁꢅꢃ  
7%6  
%XUVWꢇVSDꢋLQJꢇLQWHUYDO  
3XOVHꢇJDS  
6HOHꢋWDEOHꢖꢇVHHꢇ7DEOHꢇꢁꢅꢃ  
73*  
ꢃAꢑꢂꢂ  
ꢑꢒꢑ  
73:ꢇGHSHQGHQWꢖꢇVHHꢇ7DEOHꢇꢃꢃꢅꢆ  
73:ꢇGHSHQGHQWꢖꢇVHHꢇ7DEOHꢇꢃꢃꢅꢆ  
76%*  
76'  
6XEꢅEXUVWꢇLQWHUSXOVHꢇJDS  
%XUVWꢇHQGꢇWRꢇVDPSOHꢇGHOD\  
6DPSOHꢇSXOVHꢇZLGWK  
=[ꢇKROGꢇWLPH  
ꢌꢂꢒꢑ  
7603  
7=+  
ꢆꢒꢄ  
ꢃꢑꢒꢊ  
ꢃꢑꢒꢊ  
7)'  
&65ꢏ;)5ꢇIORDWꢇGHOD\  
%XUVWꢇUDQGRPL]DWLRQ  
%*ꢏ2%-ꢇHYRNHꢇGXUDWLRQ  
%*ꢏ2%-ꢇPRGHꢇꢋKDQJH  
%5  
“ꢇꢉꢂ  
ꢃꢒꢆ  
ꢘꢇRIꢇ7%6AꢇEXUVWꢇVSDꢋLQJꢇLQWHUYDO  
1RUPDOꢇUHꢋDOLEUDWLRQꢇIXQꢋWLRQꢇRQO\  
)RUꢋHGꢇPRGHꢇꢋKDQJH  
7(0,1  
7()25&(  
7%6  
ꢃꢒꢑ  
V
V
1RWHꢀꢁꢂ 7KHUHꢀDUHꢀDOZD\VꢀꢁꢀVXEꢂEXUVWVꢀZLWKLQꢀDꢀEXUVWꢃꢀDVꢀEXUVWꢀOHQJWKꢀLQꢄUHDVHVꢅꢀWKHꢀQXPEHUꢀRIꢀ47ꢀꢄ\ꢄOHVꢀLQꢀDOOꢀVXEꢂEXUVWVꢀLQꢄUHDVHVꢀHTXDOO\ꢆ  
1RWHꢀꢃꢂ &KDUJHꢀꢄDQꢄHOODWLRQꢀOLQHVꢀ=ꢇꢆꢆ=ꢁꢀDUHꢀVHTXHQꢄHGꢀDVꢀVKRZQꢀZKHQꢀDOOꢀIRXUꢀDUHꢀUHTXLUHGꢆꢀ:KHQꢀRQO\ꢀRQHꢀLVꢀUHTXLUHGꢅꢀRQO\ꢀ=ꢇꢀWUDQVLWLRQVꢃꢀZKHQꢀꢈꢀDUH  
UHTXLUHGꢅꢀ=ꢇꢀDQGꢀ=ꢈꢀWUDQVLWLRQꢃꢀZKHQꢀꢉꢀDUHꢀUHTXLUHGꢅꢀ=ꢇꢅꢀ=ꢈꢅꢀDQGꢀ=ꢉꢀWUDQVLWLRQꢆꢀ1RQꢂWUDQVLWLRQLQJꢀ=[ꢀOLQHVꢀDOZD\VꢀUHPDLQꢀKLJKꢆꢀ3RLQWVꢀRIꢀWUDQVLWLRQꢀIRUꢀHDꢄK  
=[ꢀOLQHꢀDUHꢀIL[HGꢀDVꢀVKRZQꢀLQꢀ)LJXUHꢀꢇꢇꢂꢇꢆ  
7$%/(ꢁꢀꢀꢂꢅꢁ%8567ꢁ7,0,1*ꢁ96ꢋꢁ7SZ  
73:  
3DUDPHWHU  
ꢅꢐꢐQV  
ꢈꢐꢐQV  
ꢎꢐꢐQV  
ꢑꢐꢐQV ꢃꢐꢐꢐQV ꢃꢅꢐꢐQV ꢃꢈꢐꢐQV  
8QLWV  
1RWHV  
73*  
76%*  
76%*  
ꢃꢑꢂꢂ  
ꢉꢒꢑ  
ꢃꢂꢂꢂ  
ꢉꢒꢆ  
ꢊꢂꢂ  
ꢉꢒꢄ  
ꢑꢒꢄ  
ꢄꢂꢂ  
ꢉꢒꢂ  
ꢑꢒꢂ  
ꢄꢂꢂ  
ꢉꢒꢂ  
ꢑꢒꢂ  
ꢄꢂꢂ  
ꢉꢒꢂ  
ꢑꢒꢂ  
ꢄꢂꢂ  
ꢆꢒꢑ  
ꢉꢒꢑ  
QV  
—V  
—V  
1Rꢇ&]ꢇꢋDSVꢇILULQJ  
ꢑꢒꢑ  
ꢑꢒꢆ  
&]ꢇꢋDSVꢇILULQJ  
7$%/(ꢁꢀꢀꢂꢆꢁ6,*1$/ꢁ352&(66,1*  
'HVꢆULSWLRQ  
0LQ  
0D[  
8QLWV  
1RWHV  
7KUHVKROGꢇGLIIHUHQWLDO  
ꢆ
ꢂ
ꢑꢄ  
ꢉꢂ  
ꢋRXQWV  
ꢘ
1RWHꢇꢃAꢇꢄ  
1RWHꢇꢃ  
+\VWHUHVLV  
0HGLDQꢇILOWHUꢇOHQJWK  
ꢉ
ꢀ
VDPSOHV  
VDPSOHV  
ꢘ
1RWHꢇꢌꢖꢇSLSHOLQHG  
%R[ꢋDUꢇILOWHUꢇOHQJWK  
ꢄ
ꢑꢆ  
1RWHꢇꢃAꢇꢌꢖꢇSLSHOLQHG  
%XUVWꢇUDQGRPL]DWLRQAꢇꢘꢇRIꢇEXUVWꢇVSDꢋLQJ  
'ULIWꢇꢋRPSHQVDWLRQꢇUDWH  
“ꢃꢄꢒꢉ  
ꢃꢂꢂ  
ꢃ
“ꢉꢂ  
ꢂꢒꢄ  
ꢄꢂꢂ  
ꢃꢂꢂ  
ꢃꢂ  
1RWHꢇꢃAꢇꢌꢖꢇ6HHꢇDOVRꢇ7DEOHVꢇꢁꢅꢄAꢇꢁꢅꢌAꢇꢁꢅꢆ  
VHꢋVꢏOHYHO  
ꢋRXQWV  
VHꢋV  
1RWHꢇꢃAꢇꢌ  
1RWHꢇꢃAꢇꢌ  
1RWHꢇꢃAꢇꢌ  
1RWHꢇꢃAꢇꢌ  
1RWHꢇꢃAꢇꢌ  
3RVWꢅGHWHꢋWLRQꢇLQWHJUDWRUꢇOHQJWK  
3RVWꢅGHWHꢋWLRQꢇUHꢋDOLEUDWLRQꢇWLPHUꢇGXUDWLRQ  
3XOVHꢇVWUHWꢋKꢇGXUDWLRQ  
ꢂꢒꢄ  
ꢂꢒꢃ  
ꢃ
VHꢋV  
'ULIWꢇꢋDOꢇVWRUHꢇWRꢇHHSURPꢇLQWHUYDO  
ꢑꢂ  
PLQV  
1RWHꢀꢁꢂꢀ)RUꢀSRVVLEOHꢀSUHVHWVꢀVHHꢀ7DEOHꢀꢊꢂꢇꢀ  
1RWHꢀꢃꢂꢀ9DOXHꢀꢄDQꢀEHꢀPDGHꢀDUELWUDU\ꢀLQꢀ%*ꢋ2%-ꢀRUꢀ2%-ꢀOHDUQꢀPRGHVꢆꢀ  
1RWHꢀꢄꢂꢀ7KLVꢀIHDWXUHꢀꢄDQꢀEHꢀGLVDEOHGꢆ  
ꢃꢉ  
7$%/(ꢁꢀꢀꢂꢌꢁ'&ꢁ63(&,),&$7,216ꢀꢀ  
ꢅꢐ0+];ꢀ9GGꢀ ꢀꢋ9;ꢀ7Dꢀ ꢀUHꢆRPPHQGHGꢀUDQJH;ꢀXQOHVVꢀRWKHUZLVHꢀQRWHGꢀ  
3DUDPHWHU  
'HVꢆULSWLRQ  
0LQ  
7\S  
0D[  
8QLWV  
1RWHV  
9GG  
,GG  
6XSSO\ꢇYROWDJH  
ꢆꢒꢉ  
ꢉ
ꢉꢒꢉ  
ꢄꢂ  
9
6XSSO\ꢇꢋXUUHQW  
ꢃꢂ  
P$  
9ꢏV  
9
9GGV  
9LO  
6XSSO\ꢇWXUQꢅRQꢇVORSH  
/RZꢇLQSXWꢇORJLꢋꢇOHYHO  
+LJKꢇLQSXWꢇORJLꢋꢇOHYHO  
/RZꢇRXWSXWꢇYROWDJH  
+LJKꢇRXWSXWꢇYROWDJH  
$,1ꢇLQSXWꢇUDQJH  
ꢁꢂ  
ꢆ
5HTXLUHGꢇIRUꢇSURSHUꢇVWDUWXS  
ꢂꢒꢊ  
%*Aꢇ2%-Aꢇ;7ꢃAꢇ'$ꢂAꢇ'$ꢃAꢇ'$ꢄ  
%*Aꢇ2%-Aꢇ;7ꢃAꢇ'$ꢂAꢇ'$ꢃAꢇ'$ꢄ  
287Aꢇ67$7Aꢇ(&6Aꢇ'$ꢂꢇꢅꢇ'$ꢁꢇꢐ1RWHꢇꢃ:  
287Aꢇ67$7Aꢇ(&6Aꢇ'$ꢂꢇꢅꢇ'$ꢁꢇꢐ1RWHꢇꢃ:  
9KO  
9
9RO  
ꢂꢒꢃꢉ  
9
9RK  
9DLQ  
,RXW  
,GDꢋ  
,LO  
9GGꢅꢂꢒꢃꢉ  
ꢂ
9
9GG  
ꢉꢂ  
9
287Aꢇ67$7ꢇSLQꢇꢋXUUHQW  
'$&ꢇSLQꢇꢋXUUHQWV  
—$  
5HꢋRPPHQGHGꢇOLPLWAꢇVRXUꢋHꢇRUꢇVLQN  
5HꢋRPPHQGHGꢇOLPLWAꢇVRXUꢋHꢇRUꢇVLQN  
ꢃꢂꢂ  
“ꢃ  
—$  
,QSXWꢇOHDNDJHꢇꢋXUUHQW  
&+*ꢇVRXUꢋHꢇUHVLVWDQꢋH  
&+*ꢇVKRUWꢇUHVLVWDQꢋH  
&+*ꢇOLPLWLQJꢇꢋXUUHQW  
/RDGꢇꢋDSDꢋLWDQꢋHꢇUDQJH  
/RDGꢇVKXQWꢇꢋRQGXꢋWDQꢋH  
&]ꢇOLPLW  
—$  
5ꢋKJ  
5ꢋV  
,ꢋKJ  
&[  
ꢑꢉ  
ꢌꢉ  
ꢌꢑ  
RKPV  
RKPV  
P$  
S)  
ꢂꢇ>ꢇ,ꢋKJꢇ>ꢇꢃꢂP$  
1RWHꢇꢄ  
ꢃꢉ  
9ꢋKJꢇ ꢇꢂ  
ꢂ
ꢂ
ꢃAꢂꢂꢂ  
ꢄꢉꢂ  
ꢂꢒꢂꢄ  
ꢂꢒꢄ  
ꢊ
,[  
—$  
&RQGXꢋWDQꢋHꢇDꢋURVVꢇ&[  
3HUꢇ&]  
&]PD[  
&VPD[  
$U  
—)  
&VꢇOLPLW  
—)  
$ꢋTXLVLWLRQꢇUHVROXWLRQ  
$ꢋTXLVLWLRQꢇOLQHDULW\  
$PSꢇJDLQAꢇUHꢋRPPHQGHG  
6HQVLWLYLW\ꢇꢅꢇGLJLWDOꢇSDWK  
6HQVLWLYLW\ꢇꢅꢇDQDORJꢇRXWSXW  
ELWV  
OVE  
9ꢏ9  
I)ꢏOVE  
I)ꢏP9  
$O  
“ꢃ  
$Y  
ꢄꢊꢆ  
ꢃꢑ  
1RWHꢇꢌ  
1RWHꢇꢌ  
1RWHꢇꢌ  
6>ꢃ@  
6>ꢄ@  
ꢂꢒꢊꢄ  
1RWHꢊꢈꢏ 6RXUꢋLQJꢇRUꢇVLQNLQJꢇꢃP$ꢇꢋXUUHQW  
1RWHꢊꢇꢏ 5HVLVWDQꢋHꢇWRꢇJURXQGꢇRQꢇ&+*ꢇWKDWꢇꢋDQꢇEHꢇDXWRPDWLꢋDOO\ꢇGHWHꢋWHGꢇDVꢇDꢇVKRUW  
1RWHꢊꢆꢏ 8VLQJꢇꢋLUꢋXLWꢇRIꢇ)LJXUHꢇꢃꢂꢅꢆ  
$OOꢀVSHꢁLILꢁDWLRQVꢀVXEMHꢁWꢀWRꢀLPSURYHPHQWꢂ  
7$%/(ꢁꢀꢀꢋꢇꢁꢁ*$,1ꢁ&+$57  
*DLQVꢀꢅRPSXWHGꢀDWꢀ9ꢅꢅꢀ ꢀꢐꢆꢇꢎꢀꢅLUꢅXLWꢀRIꢀ)LJXUHꢀꢁꢇꢄꢍꢀIRUꢀERWKꢀ+LJKꢀ$PSꢀ*DLQꢀDQGꢀ/RZꢀ$PSꢀ*DLQꢆꢀ$Qꢀ([ꢅHOꢀVSUHDGVKHHWꢀSURJUDPꢀZKLꢅK  
DOORZVꢀHDV\ꢀUHꢅDOꢅXODWLRQꢀRIꢀJDLQVꢀZLWKꢀꢅRPSRQHQWꢀꢅKDQJHVꢎꢀ*DLQꢅDOꢅꢆ[OVꢎꢀꢅDQꢀEHꢀIRXQGꢀRQꢀWKHꢀ4XDQWXPꢀZHEVLWHꢆ  
+,*+ꢀ$03ꢀ*$,1  
ꢈꢈꢈꢈꢈꢈꢈ,QꢈRUGHUꢈRIꢈGHVꢊHQGLQJꢈEXUVWꢈOHQJWK  
ꢂꢀ  
ꢀꢁ  
ꢁꢃ  
ꢁꢄ  
ꢅꢆ  
ꢆꢁ  
ꢇꢀ  
ꢃ
ꢁ
ꢀꢁꢂꢃꢄ  
ꢇꢁꢃꢃ  
ꢀꢁꢅꢆꢇ  
ꢇꢁꢀꢉ  
ꢇꢁꢀꢅꢈ  
ꢀꢁꢅꢇ  
ꢇꢁꢄꢇꢈ  
ꢀꢁꢈꢉ  
ꢇꢁꢉꢊ  
ꢀꢁꢉꢀꢂ  
ꢄꢃꢁꢄ  
ꢃꢁꢇꢅ  
ꢀꢁꢆꢊꢉ  
ꢆꢄꢁꢀ  
ꢄꢁꢃꢅ  
ꢀꢁꢄꢀꢆ  
ꢉꢆꢁꢉ  
ꢉꢁꢊꢂ  
ꢀꢁꢇꢊꢃ  
ꢇꢄꢁꢇꢈ  
ꢀꢁꢀꢈꢉ  
ꢃꢊꢂꢁꢃ  
ꢉꢁꢃꢊꢋ  
S)ꢈꢉꢈ9  
9ꢈꢉꢈS)  
ꢇꢉꢁꢇ  
ꢇꢂꢁꢆ  
ꢃꢇꢁꢊ  
ꢃꢊꢁꢂ  
ꢇꢃꢅꢁꢇ  
I)ꢈꢉꢈELW  
ꢇꢀꢀꢁꢀꢀꢋ  
ꢂꢈꢁꢊꢀꢋ  
ꢈꢊꢁꢀꢀꢋ  
ꢉꢃꢁꢊꢀꢋ  
ꢊꢀꢁꢀꢀꢋ  
ꢄꢈꢁꢊꢀꢋ  
ꢃꢊꢁꢀꢀꢋ  
ꢇꢃꢁꢊꢀꢋ  
ꢋꢈRIꢈ)XOOꢈ*DLQ  
/2:ꢀ$03ꢀ*$,1  
ꢈꢈꢈꢈꢈꢈꢈ,QꢈRUGHUꢈRIꢈGHVꢊHQGLQJꢈEXUVWꢈOHQJWK  
ꢀꢁ  
ꢂꢀ  
ꢁꢃ  
ꢁꢄ  
ꢅꢆ  
ꢆꢁ  
ꢇꢀ  
ꢃ
ꢁ
ꢇꢄꢁꢂꢀ  
ꢈꢃꢁꢆ  
ꢇꢊꢁꢈꢂ  
ꢉꢄꢁꢆ  
ꢇꢂꢁꢆꢇ  
ꢊꢆꢁꢄ  
ꢃꢃꢁꢀꢅ  
ꢆꢊꢁꢄ  
ꢃꢈꢁꢉꢇ  
ꢄꢉꢁꢃ  
ꢄꢉꢁꢂꢇ  
ꢃꢈꢁꢃ  
ꢊꢊꢁꢃꢃ  
ꢇꢂꢁꢇ  
ꢇꢇꢀꢁꢆꢆ  
ꢅꢁꢇ  
ꢃꢃꢀꢁꢅ  
ꢆꢁꢊ  
S)ꢈꢉꢈ9  
P9ꢈꢉꢈS)  
ꢃꢈꢇ  
ꢄꢀꢅ  
ꢄꢉꢇ  
ꢆꢄꢄ  
ꢊꢆꢇ  
ꢈꢃꢃ  
ꢇꢀꢂꢄ  
ꢇꢁꢆꢅꢋ  
ꢃꢇꢉꢊ  
ꢀꢁꢈꢊꢋ  
ꢆꢄꢄꢇ  
ꢀꢁꢄꢈꢋ  
I)ꢈꢉꢈELW  
ꢊꢁꢅꢉꢋ  
ꢊꢁꢃꢃꢋ  
ꢆꢁꢆꢈꢋ  
ꢄꢁꢈꢄꢋ  
ꢃꢁꢅꢂꢋ  
ꢃꢁꢃꢆꢋ  
ꢋꢈRIꢈ)XOOꢈ*DLQ  
ꢃꢊ  
ꢀꢃꢁꢂꢁꢈꢄ/&ꢅꢌ$ꢁ6(5,$/ꢁ(ꢀ3520ꢁ&217(176  
1RWHꢀWKDWꢀWKHꢀ0LꢅURꢅKLSꢀꢂꢑ/&ꢍꢏ$ꢀXVHVꢀE\WHꢄPRGHꢀERXQGDU\ꢀDGGUHVVLQJꢆꢀ6RPHꢀSURPꢀSURJUDPPHUVꢀPD\ꢀQRWꢀUHꢅRJQL]HꢀWKLVꢀVWUXꢅWXUHꢀRUꢀPD\  
GHIDXOWꢀWRꢀZRUGꢀꢋꢁꢏꢀELW-ꢀPRGHꢆꢀ&RQVXOWꢀ\RXUꢀSURPꢀSURJUDPPHUꢀPDQXIDꢅWXUHUꢀIRUꢀGHWDLOVꢀRUꢀXSJUDGHꢀUHTXLUHPHQWVꢆ  
6HOHꢄW  
9DOLGꢀUDQJH  
ꢅGHꢄLPDOꢆ  
ꢃꢇꢇꢁ  
$GGUHVV  
ꢃ
LWHP  
ꢃ
ꢄ
ꢅ
ꢏ
ꢐ
ꢉ
ꢒ
ꢂ
ꢍ
ꢁ
$
%
ꢌ
'
(
)
*
+
-
3DUDPHWHU  
VHQVLWLYLW\  
K\VWHUHVLV  
&RPPHQWV  
ꢄ
ꢃꢇꢇꢏ  
ꢃꢇꢇꢁ  
ꢅ
UHIHUHQꢆHꢀRIIVHW  
XQXVHG  
SXOVHꢀZLGWK  
ꢏ
ꢋ
ꢃꢇꢇꢍ  
ꢐ
ꢉ
EXUVWꢀOHQJWK  
ꢃꢇꢇꢍ  
ꢃꢇꢇꢍ  
ꢒ
EXUVWꢀVSDꢆLQJ  
UDQGRPL]DWLRQ  
GULIWꢀUDWH  
ꢂ
ꢃꢇꢇꢏ  
ꢃꢇꢇꢁ  
ꢍ
ꢁ
PHGLDQꢀILOWHU  
ER[ꢆDUꢀDYHUDJLQJ  
GHWHꢆWꢀLQWHJUDWRU  
PD[ꢀRQꢋGXUDWLRQ  
GHWHꢆWLRQꢀPRGH  
ꢆDOLEUDWLRQꢀꢆRQWURO  
GULIWꢀVWRUHꢀꢓꢀGDWDꢀORꢆNLQJ  
VHULDOꢀPRGHVꢀꢓꢀ8$57ꢀUDWH  
YHUERVHꢀGDWD  
SRODULWLHV  
ꢃꢇꢇꢄ  
ꢃꢇꢇꢒ  
ꢄꢃ  
ꢄꢄ  
ꢄꢅ  
ꢄꢏ  
ꢄꢐ  
ꢄꢉ  
ꢄꢒ  
ꢄꢂ  
ꢄꢍ  
ꢄꢁ  
ꢅꢃ  
ꢅꢄ  
ꢅꢅ  
ꢅꢏ  
ꢅꢐ  
ꢅꢉ  
ꢅꢒ  
ꢅꢂ  
ꢅꢍ  
ꢅꢁ  
ꢃꢇꢇꢍ  
ꢃꢇꢇꢁ  
ꢃꢇꢇꢁ  
ꢃꢇꢇꢏ  
ꢃꢇꢇꢁ  
ꢃꢇꢇꢁ  
ꢃꢇꢇꢍ  
ꢃꢇꢇꢏ  
ꢎ
1
3
8
ꢋ
RXWSXWꢀVWUHWꢆK  
XQXVHG  
63,ꢀIRUPDW  
ꢃꢇꢇꢁ  
ꢋ
ꢃꢇꢇꢄ  
PRGHꢀꢓꢀ63,ꢀGDWDꢀRXWSXW  
ꢌ]ꢀVWRUH  
RIIVHWꢀVWRUH  
ꢃꢇꢇꢍ  
ꢃꢇꢇꢐ  
ꢆDOꢀVWRUHꢀIRUꢀꢌ]ꢀꢆKDUJHꢀꢆDQꢆHOODWLRQꢀꢆDSDꢆLWRUV  
ꢆDOꢀVWRUHꢀIRUꢀ5ꢅ5ꢀ'$ꢌ  
ꢋ
ꢃꢇꢇꢅꢉꢉ  
ꢃꢇꢇꢅꢉꢉ  
ꢃꢇꢇꢅꢉꢉ  
ꢋ
ꢋ
UHIHUHQꢆHꢀVWRUH  
WKUHVKROGꢀVWRUH  
XQXVHG  
ꢆDOꢀVWRUHꢀIRUꢀUHIHUHQꢆH&ꢀLQꢆOꢇꢀSHULRGLꢆꢀꢑ)ꢇD@ꢀVWRUH  
IRUꢀ/>ꢊꢀWKUHVKROGꢀRQO\ꢈꢀ/ꢋꢊꢀWKUHVKROGꢀLVꢀDꢀORRNXS  
ꢋ
ꢋ
ꢋ
PRGHꢀIODJV  
ꢆKHꢆNꢀE\WH  
ꢃꢇꢇꢅꢉꢉ  
ꢍꢉꢇꢇꢍꢁ  
VHHꢀꢆKDUWꢀEHORZ  
PXVWꢀEHꢀꢍꢉꢀ/ꢃ[ꢉꢉꢀꢋꢀꢃ[ꢉꢁꢀKH[ꢊꢀIRUꢀHꢀSURPꢀWRꢀEH  
UHꢆRJQL]HG  
ꢋ
0RGHꢁ)ODJꢁ%LWV  
%LW  
ꢏ
ꢎ
ꢋ
ꢈ
ꢇ
ꢅ
ꢔEJ  
ꢃ
EJREM  
ꢐ
REM  
ꢔ
ꢋ
ꢔ
ꢔ
ꢔ
)XQꢆWLRQ  
ꢄꢀ8QXVHG  
ꢘꢀ%LWVꢀXVHGꢀIRUꢀLQWHUQDOꢀSURꢅHVVLQJꢌꢀWKHꢀVWDWHꢀRIꢀWKHVHꢀDUHꢀLJQRUHGꢎꢀHYHQꢀWKRXJKꢀZULWWHQ  
1RWHꢒꢀ$OOꢀSURꢅHVVꢀIODJVꢀDUHꢀDOOꢀLJQRUHGꢀRQꢀSRZHUXSꢀLIꢀꢓGDWDꢀORꢅNLQJꢓꢀ>)ꢆE@ꢀLVꢀRII  
(HSURPꢀLVꢀUHDGꢀRQO\ꢀRQꢅHꢀRQꢀSRZHUꢀXSꢌHꢀSURPꢀZLOOꢀEHꢀUHUHDGꢀDQGꢀDꢀUHꢅDOLEUDWLRQꢀLQGXꢅHGꢀLIꢀSLQꢀꢁꢀLVꢀKHOGꢀORZꢀIRUꢀꢁꢇXVꢀPLQLPXPꢆ  
)ODJꢀELWVꢒ REM  
ꢁꢀ ꢀXQLWꢀLQꢀꢓSXUHꢓꢀREMꢀPRGH  
EJREM  
EJ  
ꢁꢀ ꢀXQLWꢀLQꢀꢓEJREMꢓꢀPRGH  
ꢁꢀ ꢀXQLWꢀLQꢀEJꢀPRGHꢀꢋVWRUHGꢀWRꢀHꢀSURPꢀEXWꢀQRWꢀUHDGꢀEDꢅN-  
1RWHVꢒ ,IꢀREMꢀꢚꢀEJREMꢀDUHꢀERWKꢀꢇꢎꢀXQLWꢀLVꢀSUHVXPHGꢀWRꢀEHꢀLQꢀSXUHꢀꢓEJꢓꢀPRGH  
,IꢀDQ\ꢀHꢀSURPꢀORꢅDWLRQꢀEHWZHHQꢀDGGUHVVꢀꢇꢀDQGꢀꢉꢁꢀLVꢀRXWꢀRIꢀDꢀꢇꢆꢆꢂꢀERXQGꢎꢀRUꢀLIꢀWKHꢀꢅKHꢅNꢀE\WHꢀꢋDGGUHVVꢀꢉꢔ-ꢀLVꢀQRWꢀꢇ[ꢐꢐꢎꢀWKHꢀHꢀSURP  
LVꢀLJQRUHGꢀDQGꢀGHIDXOWꢀVHWWLQJVꢀDUHꢀXVHGꢀLQVWHDGꢆ  
ꢃꢋ  
ꢀꢄꢁꢂꢁ3$&.$*(ꢁ287/,1(ꢁꢂꢁ47ꢈꢇꢉꢀ%ꢃꢂ6  
/
'
‰îꢂꢃž  
ꢀD  
:
H
¡
(
0
%DVHꢁOHYHO  
6HDWLQJꢁOHYHO  
K
+
3DꢌNDJHꢊW\SHꢏꢊꢇꢁꢋSLQꢊ62,&  
1RWHV  
0LOOLPHWHUV  
0D[  
,QꢌKHV  
0D[  
6<0%2/  
0LQ  
0LQ  
1RWHV  
0
:
ꢈD  
+
K
ꢇꢊꢆꢊꢍꢉ  
ꢇꢍꢆꢍꢍꢊ  
ꢊꢆꢁꢇꢏ  
ꢈꢆꢉꢏꢈ  
ꢍꢆꢇꢍꢇ  
ꢇꢆꢈꢊꢍ  
ꢍꢆꢉꢎꢎ  
ꢍꢆꢁꢍꢏ  
ꢍꢆꢈꢁꢇ  
ꢍꢆꢉꢌꢇ  
ꢍž  
ꢇꢌꢆꢍꢌꢎ  
ꢇꢍꢆꢏꢁꢉ  
ꢊꢆꢎꢐꢎ  
ꢈꢆꢏꢁꢈ  
ꢍꢆꢉ  
ꢍꢆꢏꢐꢊ  
ꢍꢆꢉꢐꢁ  
ꢍꢆꢈꢐꢈ  
ꢍꢆꢍꢐꢉ  
ꢍꢆꢍꢍꢁ  
ꢍꢆꢍꢎꢍ  
ꢍꢆꢍꢇꢁ  
ꢍꢆꢍꢇꢏ  
ꢍꢆꢍꢍꢐ  
ꢍꢆꢍꢇꢎ  
ꢍž  
ꢍꢆꢊꢇꢈ  
ꢍꢆꢁꢇꢐ  
ꢍꢆꢈꢐꢐ  
ꢍꢆꢇꢍꢁ  
ꢍꢆꢍꢇꢈ  
ꢍꢆꢍꢎꢍ  
ꢍꢆꢍꢇꢐ  
ꢍꢆꢍꢁꢎ  
ꢍꢆꢍꢇꢉ  
ꢍꢆꢍꢉꢍ  
ꢌž  
'
/
ꢇꢆꢈꢊ  
%6&  
%6&  
ꢍꢆꢁꢌꢉ  
ꢇꢆꢇꢁꢉ  
ꢍꢆꢉꢇꢌ  
ꢍꢆꢊꢏꢈ  
ꢌž  
(
H
‰
‘ꢀ  
ꢀꢅꢁꢂꢁ(6'ꢁ1(7:25.  
7KHꢀ QHWZRUNꢀ RIꢀ )LJXUHꢀ ꢁꢍꢄꢁꢀ LVꢀ VXJJHVWHGꢀ WRꢀ VKXQWꢀ (6'ꢀ ꢅXUUHQWV  
ZLWKRXWꢀ VLJQLILꢅDQWO\ꢀ ORDGLQJꢀ WKHꢀ VHQVHꢀ OHDGꢀ ZLWKꢀ XQZDQWHGꢀ SDUDVLWLꢅ  
ꢅDSDꢅLWDQꢅHꢆꢀ &DUHꢀ VKRXOGꢀ EHꢀ WDNHQꢀ WKDWꢀ WKHꢀ VHQVHꢀ OHDGꢀ GRHVꢀ QRW  
RYHUVKRRWꢀRUꢀULQJꢀGXULQJꢀ 47ꢀSXOVHVꢎꢀꢅDXVLQJꢀꢅRQGXꢅWLRQꢀLQWRꢀRQHꢀRI  
WKHꢀ WZRꢀ ꢅODPSꢀ GLRGHVꢌꢀ VXꢅKꢀ ꢅRQGXꢅWLRQꢀ ꢅXUUHQWVꢀ ꢅDQꢀ OHDGꢀ WRꢀ D  
PDUNHGꢀ GURSꢀLQꢀ 47ꢀ HIILꢅLHQꢅ\ꢎꢀDQGꢀ ꢅDQꢀ DOVRꢀꢅDXVHꢀ Dꢀ VWURQJꢀWKHUPDO  
GHSHQGHQꢅ\ꢀ GXHꢀ WRꢀ WKHꢀ WKHUPDOꢀ ꢅRHIILꢅLHQWVꢀ RIꢀ WKHꢀ GLRGHVꢆꢀ 7KHVH  
HIIHꢅWVꢀDUHꢀPRVWꢀSURQRXQꢅHGꢀZKHQꢀWKHꢀULQJLQJꢀRꢅꢅXUVꢀDWꢀWKHꢀWUDQVIHU  
HGJHꢎꢀLꢆHꢆꢀZKHQꢀ4ꢑꢀWXUQVꢀRQꢀIURPꢀWKHꢀOHDGLQJꢀHGJHꢀRIꢀ;)5ꢆꢀ5DLVLQJ  
WKHꢀWZRꢀꢉꢉꢀRKPꢀUHVLVWRUVꢀZLOOꢀGDPSꢀUHVRQDQꢅHVꢀZKLOHꢀVLPXOWDQHRXVO\  
LQꢅUHDVLQJꢀ (6'ꢀ SURWHꢅWLRQꢆꢀ 5HVRQDQꢅHVꢀ ꢅDQꢀ DOVRꢀ EHꢀ UHGXꢅHGꢀ E\  
PDNLQJꢀWKHꢀVHQVHꢀZLUHꢀVKRUWꢎꢀUXQQLQJꢀWKHꢀVHQVHꢀZLUHꢀWKURXJKꢀꢅRD[LDO  
ꢅDEOHꢎꢀRUꢀUXQQLQJꢀWKHꢀVHQVHꢀZLUHꢀDORQJꢀDꢀJURXQGHGꢀPHWDOꢀSODQHꢀVXꢅK  
DVꢀDꢀSLHꢅHꢀRIꢀVKHHWꢀPHWDOꢆ  
),*85(ꢂꢀꢆꢄꢀꢂ5HꢈRPPHQGHGꢂ(6'ꢂ1HWZRUN  
9&&  
ꢄꢊꢅ9ꢋ=HQHU  
ꢁ1ꢃꢁꢄꢅꢆ[ꢀ  
5Vꢇ  
5V  
ꢀꢀ  
ꢀꢁ  
ꢀꢀ  
&+*  
;)5  
ꢀꢀ  
6HQVH  
4ꢂ  
&ꢁ  
47ꢀꢁꢂꢃ  
&V  
ꢀꢂ  
&65  
7KHꢀSUHVHQꢅHꢀRIꢀULQJLQJꢀꢅDQꢀEHꢀWHVWHGꢀIRUꢀZLWKRXWꢀDQꢀRVꢅLOORVꢅRSHꢀE\  
VOLJKWO\ꢀ KHDWLQJꢀ RQHꢀ RIꢀ WKHꢀ ꢅODPSꢀ GLRGHVꢀ DQGꢀ ZDWꢅKLQJꢀ WKHꢀ DQDORJ  
VLJQDOꢀOHYHOꢆꢀ,IꢀULQJLQJꢄLQGXꢅHGꢀGLRGHꢀꢅODPSLQJꢀLVꢀRꢅꢅXUULQJꢎꢀWKHꢀVLJQDO  
ZLOOꢀVXIIHUꢀVXEVWDQWLDOꢀGULIWꢆ  
7KHꢀ WZRꢀ GLRGHVꢀ DQGꢀ ]HQHUꢀ VKRXOGꢀ EHꢀ SODꢅHGꢀ YHU\ꢀ ꢅORVHꢀ WRꢀ WKHꢀ VHQVHꢀOHDGꢎꢀ DQGꢀ SK\VLꢅDOO\ꢀ ꢅRQILJXUHGꢀ VRꢀ WKDWꢀ WKHꢀ GLRGHꢀ ꢅODPSLQJꢀ ꢅXUUHQWV  
UHWXUQꢀWRꢀHDUWKꢀJURXQGꢀZLWKRXWꢀWUDYHUVLQJꢀWKHꢀUHPDLQLQJꢀSRUWLRQꢀRIꢀWKHꢀ3&%ꢆꢀ7KLVꢀꢅDOOVꢀIRUꢀDꢀUREXVWꢎꢀYHU\ꢀGLUHꢅWꢀꢅKDVVLVꢀJURXQGꢀꢅRQQHꢅWLRQ  
QHDUꢀWKHꢀVHQVHꢀOHDGꢀꢅRQQHꢅWLRQꢎꢀDQGꢀDOOꢀRWKHUꢀJURXQGꢄUHIHUHQꢅHGꢀꢅRQQHꢅWLRQVꢀLQꢅOXGLQJꢀSRZHUꢀDQGꢀꢅRQWUROꢀ,ꢈ2ꢀOLQHVꢀꢅRPLQJꢀIURPꢀWKHꢀVDPH  
VLGHꢀRIꢀWKHꢀ3&%ꢀDVꢀWKHꢀVHQVHꢀOHDGꢆꢀ:KHUHꢀWKLVꢀLVꢀQRWꢀSRVVLEOHꢎꢀWKHꢀUHWXUQꢀJURXQGꢀSDWKꢀIRUꢀ(6'ꢀꢅXUUHQWVꢀVKRXOGꢀEHꢀPDGHꢀYHU\ꢀKHDY\ꢀDQGꢀEH  
URXWHGꢀDZD\ꢀIURPꢀWKHꢀUHPDLQLQJꢀVHQVRUꢀꢅLUꢅXLWU\ꢀYLDꢀDQꢀLQGHSHQGHQWꢀSDWKꢀEDꢅNꢀWRꢀWKHꢀQHDUHVWꢀꢅKDVVLVꢀꢅRQQHꢅWLRQꢆ  
(6'ꢀꢅDQꢀDOVRꢀEHꢀꢅRQWUROOHGꢀE\ꢀOLPLWLQJꢀDꢅꢅHVVꢀWRꢀWKHꢀVHQVHꢀHOHꢅWURGHꢎꢀIRUꢀH[DPSOHꢀE\ꢀꢅRYHULQJꢀWKHꢀHOHꢅWURGHꢀZLWKꢀSODVWLꢅꢀRUꢀSODꢅLQJꢀLWꢀEHKLQGꢀD  
QRQꢅRQGXꢅWLYHꢀVXUIDꢅHꢆꢀ1RWHꢀWKDWꢀWKHꢀUHVLVWRUVꢀLQꢀWKHꢀ(6'ꢀꢅLUꢅXLWꢀꢅDQꢀDGYHUVHO\ꢀDIIHꢅWꢀWKHꢀ&+*ꢀVKRUWꢀꢅLUꢅXLWꢀGHWHꢅWLRQꢀIHDWXUHꢀ E\ꢀOLPLWLQJ  
ꢅXUUHQWꢀIORZꢀRXWꢀRIꢀ&+*ꢆ  
)RUꢀ607ꢀGHVLJQVꢂꢀ$ꢀ%$9ꢂꢂꢀGXDOꢀGLRGHꢀPDNHVꢀDQꢀDꢅꢅHSWDEOHꢀGLRGHꢀꢅODPSꢀLQꢀRQHꢀSDꢅNDJHꢆ  
7UDQVLHQWꢀYROWDJHꢀVXSSUHVVRUVꢀꢋ796-ꢀDUHꢀEDVLꢅDOO\ꢀꢓGLUW\ꢓꢎꢀKHDY\ꢄGXW\ꢀ]HQHUVꢀDQGꢀVKRXOGꢀQRWꢀEHꢀXVHGꢀGLUHꢅWO\ꢀRQꢀWKHꢀ&+*ꢀOLQHꢆꢀ796ꢀGLRGHV  
KDYHꢀH[WUHPHO\ꢀKLJKꢀOHYHOVꢀRIꢀQRQOLQHDUꢀMXQꢅWLRQꢀꢅDSDꢅLWDQꢅHꢀDQGꢀLQꢀPRVWꢀꢅDVHVꢀKLJKꢀOHDNDJHꢀꢅXUUHQWVꢀZKLꢅKꢀꢅDQꢀPDNHꢀWKHꢀVHQVRUꢀGULIWꢀSURQH  
DQGꢀVZDPSHGꢀZLWKꢀH[ꢅHVVꢀ&[ꢆ  
ꢃꢌ  
)HUULWHꢀEHDGVꢂꢀ)HUULWHꢀEHDGVꢀDQGꢀVLPLODUꢀORVV\ꢀLQGXꢅWRUVꢀꢅDQꢀVRPHWLPHVꢀEHꢀXVHGꢀWRꢀVORZꢀWKHꢀHGJHVꢀRIꢀWKHꢀ47ꢀSXOVHVꢀZKLOHꢀVLPXOWDQHRXVO\  
VORZLQJꢀ(6'ꢀWUDQVLHQWVꢆꢀ*UHDWꢀꢅDUHꢀVKRXOGꢀEHꢀWDNHQꢀWRꢀHQVXUHꢀWKDWꢀWKHꢀUHVXOWLQJꢀꢅLUꢅXLWꢀLVꢀSURSHUO\ꢀGDPSHGꢀWRꢀHOLPLQDWHꢀULQJLQJꢀIRUꢀWKHꢀDERYH  
PHQWLRQHGꢀUHDVRQVꢆꢀ$GGLWLRQDOꢀGDPSLQJꢀꢅDQꢀEHꢀKDGꢀE\ꢀIXUWKHUꢀLQꢅUHDVLQJꢀVHULHVꢀUHVLVWDQꢅHꢆ  
ꢀꢆꢁꢂꢁ&86720,=$7,21  
7KHꢀ47ꢂꢃꢇꢁ%ꢉꢀꢅDQꢀEHꢀPDVNꢄꢅXVWRPL]HGꢀIRUꢀYDULRXVꢀDSSOLꢅDWLRQVꢀWRꢀVXLWꢆꢀ)RUꢀH[DPSOHꢎꢀPRUHꢀVSHꢅLILꢅꢀWLPLQJꢀDQGꢀVLJQDOꢀSURꢅHVVLQJ  
SDUDPHWHUVꢀPD\ꢀEHꢀLQꢅRUSRUDWHGꢎꢀRUꢀWKHꢀGHIDXOWVꢀꢅDQꢀEHꢀDOWHUHGꢀVRꢀDVꢀWRꢀHOLPLQDWHꢀWKHꢀQHHGꢀIRUꢀDQꢀH[WHUQDOꢀHꢀSURPꢆꢀ,IꢀꢅXVWRPL]HGꢀGHIDXOWVꢀDUH  
XVHGꢎꢀWKH\ꢀꢅDQꢀVWLOOꢀEHꢀRYHUULGGHQꢀE\ꢀPHDQVꢀRIꢀDQꢀH[WHUQDOꢀHꢀSURPꢀLQꢀꢅDVHꢀUHTXLUHPHQWVꢀꢅKDQJHꢆ  
,WꢀLVꢀDOVRꢀSRVVLEOHꢀWRꢀLQꢅRUSRUDWHꢀHQWLUHO\ꢀQHZꢀIHDWXUHVꢀLQWRꢀWKHꢀGHYLꢅHꢀIRUꢀDꢀVSHꢅLILꢅꢀDSSOLꢅDWLRQꢆꢀ&RQVXOWꢀ4XDQWXPꢀIRUꢀIXUWKHUꢀGHWDLOVꢀRQ  
ꢅXVWRPL]DWLRQꢀRSWLRQVꢆ  
ꢃꢎ  
AE1>DE=ꢀBUcUQbSXꢀ7b_e`ꢀ<dTꢁ  
3DWHQWVꢀDQGꢀSDWHQWVꢀDSSOLHGꢀIRU  
‹ꢄꢎꢎꢌꢀ45ꢈꢀ/WGꢁ  
ꢋLUPZDUHꢀ)RS\ULJKWꢀ‹ꢀꢄꢎꢎꢌꢂꢄꢎꢎꢎꢀ45ꢈꢀ/WGꢁ  
ꢀꢁꢂꢃ+ROLGD\ꢃ'ULYHꢃ%OGJꢃꢁꢃꢄꢃꢅꢆꢆ  
3LWWVEXUJKꢇꢃ3$ꢃꢂꢁꢈꢈꢆꢃꢃ86$  
7HOꢉꢃꢊꢂꢈꢋꢅꢌꢂꢋꢍꢅꢀꢍꢃ)D[ꢉꢃꢊꢂꢈꢋꢈꢌꢂꢋꢂꢆꢂꢁ  
HPDLOꢉꢃDGPLQ#TSUR[ꢎ.RPꢁ  
KWWSꢍꢎꢎTSUR[ꢋꢏRP  
,QꢀWKHꢀ8QLWHGꢀ.LQJGRP  
&DSVWDQꢃ+RXVHꢇꢃ+LJKꢃ6WUHHWꢇꢃ+DPEOHꢇꢃ6RXWKDPSWRQꢇꢃ+DQWVꢃ62ꢅꢂꢃꢊ+$  
7HOꢉꢃ1ꢊꢊꢃꢏꢆꢐꢈꢅꢃꢑꢆꢊꢁꢃꢅꢌꢅꢊꢃ)D[ꢉꢃ1ꢊꢊꢃꢏꢆꢐꢈꢅꢃꢑꢆꢊꢁꢃꢅꢌꢅꢌ  
1RWLꢀHꢁꢂ7KLVꢂGHYLꢀHꢂLVꢂQRWꢂIRUꢂXVHꢂLQꢂDQ\ꢂPHGLꢀDOꢂRUꢂKXPDQꢂVDIHW\ꢂUHODWHGꢂDSSOLꢀDWLRQꢂZLWKRXWꢂWKHꢂH[SUHVVꢂZULWWHQꢂꢀRQVHQWꢂRIꢂDQꢂRIILꢀHUꢂRIꢂWKHꢂꢀRPSDQ\ꢃ  
厂商 型号 描述 页数 下载

QUANTUM

 		QT9701B 电荷 - 传输电容传感器IC[ CHARGE - TRANSFER CAPACITANCE SENSOR IC ] 28 页

QUANTUM

 		QT9701B-D 电荷 - 传输电容传感器IC[ CHARGE - TRANSFER CAPACITANCE SENSOR IC ] 28 页

QUANTUM

 		QT9701B-ES 电荷 - 传输电容传感器IC[ CHARGE - TRANSFER CAPACITANCE SENSOR IC ] 28 页

QUANTUM

 		QT9701B-IS 电荷 - 传输电容传感器IC[ CHARGE - TRANSFER CAPACITANCE SENSOR IC ] 28 页

QUANTUM

 		QT9701B-S 电荷 - 传输电容传感器IC[ CHARGE - TRANSFER CAPACITANCE SENSOR IC ] 28 页

QUANTUM

 		QT9701B2 电荷转移电容SENCOR IC[ CHARGE-TRANSFER CAPACITANCE SENCOR IC ] 30 页

QUANTUM

 		QT9701B2-ES 电荷转移电容SENCOR IC[ CHARGE-TRANSFER CAPACITANCE SENCOR IC ] 30 页

QUANTUM

 		QT9701B2-S 电荷转移电容SENCOR IC[ CHARGE-TRANSFER CAPACITANCE SENCOR IC ] 30 页

购物指南

支付方式

配送服务

售后服务

发票须知

优惠券使用规则

特色服务

PCBA制造

国产品牌推荐

国产料号替代

质量保证

技术资料

行业资讯

关于我们

关于壹壹捌

联系我们

联系我们

服务热线：400-618-9990

企业邮箱：sales@ic118.com

服务时间：周一至周六 8:30-17:30

壹壹捌官方微信号

PDF索引：

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

0

1

2

3

4

5

6

7

8

9

IC型号索引：

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

0

1

2

3

4

5

6

7

8

9

Copyright 2024 gkzhan.com Al Rights Reserved 京ICP备06008810号-21 京

深圳网络警察报警平台
公共信息安全网络监察
经营性网站备案信息
不良信息举报中心
工商网监电子标识
全国公安机关备案
0.204059s