Z0292212VSGR3796 [ZILOG]

Transaction Processing Modem Data Pump with Integrated AFE; 事务处理调制解调器数据泵与集成AFE
Z0292212VSGR3796
型号: Z0292212VSGR3796
厂家: ZILOG, INC.    ZILOG, INC.
描述:

Transaction Processing Modem Data Pump with Integrated AFE
事务处理调制解调器数据泵与集成AFE

调制解调器 泵
文件: 总49页 (文件大小:969K)
中文:  中文翻译
下载:  下载PDF数据表文档文件
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGO  
&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
2TQFWEVꢁ5RGEKHKECVKQP  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<Kꢀ1)ꢁ9QTNFYKFGꢁ*GCFSWCTVGTUꢁ ꢁꢂꢃꢄꢁ'ꢅꢁ*COKNVQPꢁ#XGPWGꢁ ꢁ%CORDGNNꢆꢁ%#ꢁꢂꢇꢄꢄꢈ  
6GNGRJQPGꢉꢁꢊꢄꢈꢅꢇꢇꢈꢅꢈꢇꢄꢄꢁ ꢁ(CZꢉꢁꢊꢄꢈꢅꢇꢇꢈꢅꢈꢋꢄꢄꢁ ꢁ+PVGTPGVꢉꢁJVVRꢉꢌꢌYYYꢅ<Kꢀ1)ꢅEQO  
‹ꢀꢁꢁꢂꢃE\ꢃ=L/2*ꢃ,QFꢅꢃ$OOꢃULJKWVꢃUHVHUYHGꢅꢃ,QIRUPDWLRQꢃLQꢃWKLVꢃSXEOLFDWLRQꢃFRQFHUQLQJꢃWKHꢃGHYLFHVꢄꢃDSSOLFDWLRQVꢄꢃRUꢃWHFKꢆ  
QRORJ\ꢃGHVFULEHGꢃLVꢃLQWHQGHGꢃWRꢃVXJJHVWꢃSRVVLEOHꢃXVHVꢃDQGꢃPD\ꢃEHꢃVXSHUVHGHGꢅꢃ=L/2*ꢃ,1&ꢅꢃ'2(6ꢃ127ꢃ$6680(ꢃ  
/,$%,/,7<ꢃ)25ꢃ25ꢃ3529,'(ꢃ$ꢃ5(35(6(17$7,21ꢃ2)ꢃ$&&85$&<ꢃ2)ꢃ7+(ꢃ,1)250$7,21ꢄꢃ'(9,&(6ꢄꢃ25ꢃ  
7(&+12/2*<ꢃ'(6&5,%('ꢃ,1ꢃ7+,6ꢃ'2&80(17ꢃ=L/2*ꢃ$/62ꢃ'2(6ꢃ127ꢃ$6680(ꢃ/,$%,/,7<ꢃ)25ꢃ,17(//(&ꢆ  
78$/ꢃ3523(57<ꢃ,1)5,1*(0(17ꢃ5(/$7('ꢃ,1ꢃ$1<ꢃ0$11(5ꢃ72ꢃ86(ꢃ2)ꢃ,1)250$7,21ꢄꢃ'(9,&(6ꢄꢃ25ꢃ7(&+ꢆ  
12/2*<ꢃ'(6&5,%('ꢃ+(5(,1ꢃ25ꢃ27+(5:,6(ꢅꢃ'HYLFHVꢃVROGꢃE\ꢃ=L/2*ꢃ,QFꢅꢃDUHꢃFRYHUHGꢃE\ꢃZDUUDQW\ꢃDQGꢃ  
OLPLWDWLRQꢃRIꢃOLDELOLW\ꢃSURYLVLRQVꢃDSSHDULQJꢃLQꢃWKHꢃ=L/2*ꢃ,QFꢅꢃ7HUPVꢃDQGꢃ&RQGLWLRQVꢃRIꢃ6DOHꢅꢃꢃ=L/2*ꢃ,QFꢅꢃPDNHVꢃQRꢃZDUꢆ  
UDQW\ꢃRIꢃPHUFKDQWDELOLW\ꢃRUꢃILWQHVVꢃIRUꢃDQ\ꢃSXUSRVHꢃ([FHSWꢃZLWKꢃWKHꢃH[SUHVVꢃZULWWHQꢃDSSURYDOꢃRIꢃ=L/2*ꢃXVHꢃRIꢃLQIRUPDꢆ  
WLRQꢄꢃGHYLFHVꢄꢃRUꢃWHFKQRORJ\ꢃDVꢃFULWLFDOꢃFRPSRQHQWVꢃRIꢃOLIHꢃVXSSRUWꢃV\VWHPVꢃLVꢃQRWꢃDXWKRUL]HGꢅꢃ1RꢃOLFHQVHVꢃDUHꢃFRQYH\HGꢄꢃ  
LPSOLFLWO\ꢃRUꢃRWKHUZLVHꢄꢃE\ꢃWKLVꢃGRFXPHQWꢃXQGHUꢃDQ\ꢃLQWHOOHFWXDOꢃSURSHUW\ꢃULJKWV  
KK  
<ꢄꢏꢂꢏꢏ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
241&7%6ꢀ52'%+(+%#6+10  
<ꢁꢂꢃꢂꢂ  
64#05#%6+10ꢁ241%'55+0)ꢁ/1&'/  
&#6#ꢁ27/29+6*ꢁ+06')4#6'&ꢁ#('  
('#674'5  
3URJUDPPDEOHꢀ WUDQVPLWꢀ DWWHQXDWLRQꢀ DQGꢀ VHOHFWDEOHꢀ UHꢁ  
FHLYHꢀWKUHVKROG  
&GXKEG  
&CVCꢀ2WOR #('  
ꢃꢎꢍ$KV +PVGITCVGF  
5RGGFꢀꢅ/*\ꢆ  
ꢃꢏꢅꢏꢈꢈ  
<ꢄꢏꢂꢏꢏ  
)XOO\ꢀSURJUDPPDEOHꢀFDOOꢁSURJUHVVꢀGHWHFWRUVꢋꢀVLJQDOꢀTXDOꢁ  
LW\ꢀGHWHFWRUVꢋꢀWRQHꢀGHWHFWRUVꢋꢀWRQHꢀJHQHUDWRUVꢋꢀDQGꢀWUDQVꢁ  
PLWꢀ VLJQDOꢀ OHYHOVꢀ ZKLFKꢀ DLGꢀLQꢀ UDSLGꢀ FRXQWU\  
TXDOLILFDWLRQV  
&RPELQHGꢀGDWDꢀSXPSꢀDQGꢀ$QDORJꢀ)URQWꢁ(QGꢀꢂ$)(ꢃ  
+DOIꢁGXSOH[ꢀGDWDꢀPRGHPꢀWKURXJKSXWꢀWRꢀꢄꢅꢆꢆꢀESV  
±
±
,78ꢀ9ꢈꢄꢀDQGꢀ9ꢈꢄꢀ4XLFNꢀ&RQQHFWꢀ ꢀꢄꢅꢆꢆꢀESV  
,78ꢀ9ꢈꢄꢀDQGꢀ9ꢈꢄꢀ4XLFNꢀ&RQQHFWꢀ ꢀꢉꢈꢆꢆꢀESV  
+RVWꢀSRUWꢀDOORZVꢀGLUHFWꢀSDUDOOHOꢀLQWHUIDFHꢀWRꢀVWDQGDUGꢀꢑꢁELW  
PLFURSURFHVVRUV  
)XOOꢁGXSOH[ꢀGDWDꢀPRGHPꢀWKURXJKSXWꢀWRꢀꢈꢊꢆꢆꢀESV  
+'/&ꢀIUDPLQJꢀDWꢀDOOꢀVSHHGV  
2QꢁFKLSꢀSHULSKHUDOV  
±
±
,78ꢀ9ꢈꢈELVꢋꢀ9ꢈꢌꢋꢀ9ꢈꢈꢋꢀ9ꢈꢍ  
%HOOꢀꢈꢍꢈ$ꢀDQGꢀ%HOOꢀꢍꢆꢌ  
±
)XOOꢁ'XSOH[ꢀ YRLFHꢀ EDQGꢀ $)(ꢀ ZLWKꢀ ꢍꢈꢁ%LW  
UHVROXWLRQ  
)60ꢀꢂ9ꢇꢈꢌꢀꢍꢈꢆꢆꢎꢉꢏꢀESVꢋꢀ9ꢇꢈꢍꢎ%HOOꢀꢍꢆꢌꢀꢌꢆꢆꢀESVꢃꢋꢀ'360  
ꢂ9ꢇꢈꢈꢎ%HOOꢀꢈꢍꢈ$ꢀꢍꢈꢆꢆESVꢃꢋꢀRUꢀ4$ꢐꢀHQFRGLQJꢀꢂ9ꢇꢈꢈELV  
ꢈꢊꢆꢆESVꢃ  
±
±
6\QFKURQRXVꢀVHULDOꢀLQWHUIDFHꢀSRUW  
(\HꢀSDWWHUQꢀLQWHUIDFH  
9ꢇꢈꢄꢀ 4XLFNꢀ &RQQHFWꢀ KDQGVKDNHꢀ SHUIRUPVꢀ OLQHꢀ WXUQꢁ  
DURXQGꢀLQꢀOHVVꢀWKDQꢀꢏꢆꢀPLOOLVHFRQGV  
/RZꢀSRZHUꢀFRQVXPSWLRQꢒꢀꢏꢆꢀP$ꢀW\SLFDO  
ꢊꢊꢁ3LQꢀ3/&&ꢀSDFNDJH  
$XWRPDWLFꢀ KDQGVKDNHꢀ SOXVꢀ IXOOꢀ PDQXDOꢀ FRQWUROꢀ RYHU  
KDQGVKDNHꢀWLPLQJV  
6LQJOHꢀꢓꢏꢀ9'&ꢀSRZHUꢀVXSSO\  
6FUDPEOHUꢎGHVFUDPEOHUꢀIXQFWLRQVꢀSOXVꢀVHOHFWDEOHꢀFRQWURO  
RYHUꢀLQWHUQDOꢀGDWDꢀSXPSꢀIXQFWLRQV  
•ꢀWRꢀꢓꢉꢆ• &ꢀFRPPHUFLDOꢀWHPSHUDWXUHꢀUDQJH  
3URJUDPPDEOHꢀ%Lꢁ4XDGꢀWRQHꢀGHWHFWRUVꢀIRUꢀFDOOꢁSURJUHVV  
WRQHꢀGHWHFWLRQ  
0QVGꢄ ,QWHUQDWLRQDOꢀ7HOHFRPPXQLFDWLRQVꢀ8QLRQꢀꢂ,78ꢃꢋꢀIRUPHUꢁ  
$GDSWLYHꢀHTXDOL]DWLRQꢀWRꢀFRPSHQVDWHꢀIRUꢀDꢀZLGHꢀYDULHW\  
RIꢀOLQHꢀFRQGLWLRQV  
O\ꢀ&&,77ꢇ  
)'0'4#$ꢀ&'5%4+26+10  
7KHꢀ=ꢆꢈꢄꢈꢈꢀ7UDQV3UR ꢀLVꢀDꢀV\QFKURQRXVꢀVLQJOHꢁFKLSꢀPRꢁ  
GHPꢀVROXWLRQꢀWKDWꢀHQDEOHVꢀFRQVWUXFWLRQꢀRIꢀHLWKHUꢀDꢀ9ꢇꢈꢈELV  
PRGHPꢀFDSDEOHꢀRIꢀꢈꢊꢆꢆꢀESVꢀIXOOꢁGXSOH[ꢋꢀRUꢀDꢀꢄꢅꢆꢆꢀESVꢀKDOIꢁ  
GXSOH[ꢀRYHUꢀGLDOꢁXSꢀOLQHVꢇꢀ7KHꢀ=ꢆꢈꢄꢈꢈꢀLVꢀVSHFLILFDOO\ꢀGHꢁ  
VLJQHGꢀIRUꢀXVHꢀLQꢀHPEHGGHGꢀPRGHPꢀDSSOLFDWLRQVꢀZKHUH  
VSDFHꢋSHUIRUPDQFHꢋDQGORZSRZHUFRQVXPSWLRQDUHNH\UHꢁ  
TXLUHPHQWVꢇ  
7KHꢀ=ꢆꢈꢄꢈꢈꢀ7UDQV3URꢀLQFOXGHVꢀDꢀ4XLFNꢀ&RQQHFWꢀKDQGVKDNH  
RSWLRQꢀWKDWꢀDOORZVꢀWKHꢀXVHUꢀWRꢀPDNHꢀKDQGVKDNHVꢀLQꢀꢏꢆꢀPLOꢁ  
OLVHFRQGVꢀRUꢀOHVVꢇꢀ7KLVꢀIHDWXUHꢀLVꢀHVSHFLDOO\ꢀXVHIXOꢀLQꢀWUDQVꢁ  
DFWLRQꢀSURFHVVLQJꢀDSSOLFDWLRQVꢀVXFKꢀDVꢀFUHGLWꢀFDUGꢀWHUPLQDOV  
DQGꢀQHWZRUNꢀDFFHVVꢀFRQWUROOHUVꢋꢀZKHUHꢀDꢀVPDOOꢀDPRXQWꢀRI  
GDWDꢀLVꢀWUDQVPLWWHGꢇ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
2SHUDWLQJꢀRYHUꢀWKHꢀ3XEOLFꢀ6ZLWFKHGꢀ7HOHSKRQHꢀ1HWZRUN  
ꢂ3671ꢃꢋꢀWKHꢀ=ꢆꢈꢄꢈꢈꢀ7UDQV3UR ꢀPHHWVꢀWKHꢀPRGHPꢀVWDQꢁ  
GDUGVꢀIRUꢀ9ꢇꢈꢄꢋꢀ9ꢇꢈꢈELVꢋꢀ9ꢇꢈꢈꢋꢀ9ꢇꢈꢌꢋꢀ9ꢇꢈꢍꢋꢀ%HOOꢀꢈꢍꢈ$ꢋꢀDQG  
%HOOꢀꢍꢆꢌꢇ  
DOORZLQJꢀGLUHFWꢀDFFHVVꢀWRꢀHLJKWꢀ,ꢎ2ꢀUHJLVWHUVꢀDQGꢀLQGLUHFWꢀDFꢁ  
FHVVꢀWRꢀWKHꢀPRGHPꢀ5$ꢐꢇ  
7KHꢀ5$ꢐꢀDFFHVVꢀFDSDELOLW\ꢀDOORZVꢀWKHꢀ+RVWꢀWRꢀUHWULHYHꢀGLꢁ  
DJQRVWLFꢀGDWDꢋꢀPRGHPꢎOLQHꢀVWDWXVꢀDQGꢀFRQWUROꢀGDWDꢋꢀDQGꢀVHW  
SURJUDPPDEOHꢀFRHIILFLHQWVꢇꢀ7KHꢀVHULDOꢀLQWHUIDFHꢀLVꢀXVHGꢀIRU  
GDWDꢀWUDQVIHUꢇꢀ$OOꢀFRQWUROꢀDQGꢀVWDWXVꢀLQIRUPDWLRQꢀLVꢀWUDQVꢁ  
IHUUHGꢀE\ꢀPHDQVꢀRIꢀWKHꢀSDUDOOHOꢀLQWHUIDFHꢇ  
7KHꢀ=ꢆꢈꢄꢈꢈꢀLQFOXGHVꢀDXWRPDWLFꢀKDQGVKDNHVꢋꢀDQGꢀDOVR  
LQFOXGHVꢀPDQXDOꢀFRQWUROꢀRYHUꢀKDQGVKDNHꢀWLPLQJVꢇꢀꢐDQXDO  
KDQGVKDNHꢀFRQWUROꢀDOORZVꢀWKHꢀXVHUꢀWRꢀGHYHORSꢀKDQGVKDNHV  
IRUꢀVSHFLILFꢀUHTXLUHPHQWVꢋꢀVXFKꢀDVꢀIRUꢀVRPHꢀSRLQWꢀRIꢀVDOH  
HTXLSPHQWꢀWKDWꢀLQFOXGHVꢀFXVWRPꢀKDQGVKDNHVꢇ  
7KHꢀ=ꢆꢈꢄꢈꢈꢀWUDQVPLWꢀGULYHUVꢀDQGꢀUHFHLYHꢀDPSOLILHUVꢀFDQꢀEH  
FRQQHFWHGꢀGLUHFWO\ꢀWRꢀDꢀ'DWDꢀ$FFHVVꢀ$UUDQJHPHQWꢀꢂ'$$ꢃ  
E\ꢀPHDQVꢀRIꢀDꢀWUDQVIRUPHUꢇꢀ&RPSOHWLQJꢀWKLVꢀFRQQHFWLRQꢀUHꢁ  
GXFHVꢀWKHꢀH[WHUQDOꢀFLUFXLWVꢀWRꢀDꢀPLQLPXPꢇ  
$ꢀW\SLFDOꢀPRGHPꢀDSSOLFDWLRQꢀFDQꢀEHꢀFUHDWHGꢀE\ꢀVLPSO\ꢀDGGꢁ  
LQJꢀDꢀFRQWUROꢀPLFURSURFHVVRUꢀꢂ+RVWꢃꢋꢀSKRQHꢀOLQHꢀLQWHUIDFHꢋ  
DQGꢀ'7(ꢀLQWHUIDFHꢀꢂVHHꢀ)LJXUHꢀꢍꢃꢇ  
,QꢀDGGLWLRQꢋꢀWKHꢀ=ꢆꢈꢄꢈꢈꢀRIIHUVꢀIXUWKHUꢀV\VWHPꢀOHYHOꢀVDYLQJV  
E\SURYLGLQJEXLOWꢁLQILOWHUVꢀIRUꢀERWKꢀWKHꢀ7UDQVPLWWHUꢀ$QDORJ  
2XWSXWꢀDQGꢀWKHꢀ5HFHLYHUꢀ$QDORJꢀ,QSXWꢋꢀWKXVꢀHOLPLQDWLQJꢀWKH  
UHTXLUHPHQWꢀIRUꢀH[WHUQDOꢀILOWHULQJꢀFRPSRQHQWVꢇ  
7KHꢀ=ꢆꢈꢄꢈꢈꢀ7UDQV3URꢀSHUIRUPVꢀ+'/&ꢀIUDPLQJꢀDWꢀDOOꢀVSHHGVꢇ  
7KLVꢀFDSDELOLW\ꢀHOLPLQDWHVꢀWKHꢀUHTXLUHPHQWꢀIRUꢀDQꢀH[WHUQDOꢀ6Hꢁ  
ULDOꢀ,QSXWꢎ2XWSXWꢀꢂ6,2ꢃꢀGHYLFHꢀIRUꢀ'DWDꢀ7HUPLQDOꢀ(TXLSPHQW  
ꢂ'7(ꢃꢀLQꢀSURGXFWVꢀLQFRUSRUDWLQJꢀHUURUꢀFRQWUROꢇ  
7KH=ꢆꢈꢄꢈꢈGHYLFHRSHUDWHVRQDVLQJOH9'&SRZHUVXSꢁ  
SO\ꢇꢀ'XULQJꢀSHULRGVꢀRIꢀQRꢀWUDIILFꢋꢀWKHꢀ+RVWꢀFDQꢀSODFHꢀWKHꢀPRꢁ  
GHPLQWRꢀ5ꢀ''2ꢀPRGHꢋꢀUHGXFLQJꢀSRZHUꢀFRQVXPSWLRQꢀWRꢀOHVV  
WKDQꢀꢍꢀSHUFHQWꢀRIꢀIXOOꢀORDGꢀSRZHUꢇ  
$OOꢀPRGXODWLRQꢋꢀGHPRGXODWLRQꢋꢀILOWHULQJꢋꢀ$ꢎ'ꢀDQGꢀ'ꢎ$ꢀFRQꢁ  
YHUVLRQꢀIXQFWLRQVꢀIRUꢀWUDQVPLWꢀDQGꢀUHFHLYHꢀDUHꢀSURYLGHGꢀRQꢁ  
FKLSꢇꢀ$XWRPDWLFꢀDQGꢀVHOHFWDEOHꢀFRPSURPLVHꢀHTXDOL]HUVꢀDUHꢀLQꢁ  
FOXGHGꢀWRꢀRSWLPL]HꢀSHUIRUPDQFHꢀRYHUꢀDꢀZLGHꢀUDQJHꢀRIꢀOLQH  
W\SHVꢇ  
0QVGꢄ $OOꢀVLJQDOVꢀZLWKꢀDQꢀRYHUOLQHꢋꢀ³ ´ꢋꢀDUHꢀDFWLYHꢀ/RZꢇꢀ)RU  
H[DPSOHꢋꢀ%ꢎ:ꢋꢀLQꢀZKLFKꢀ:25'ꢀLVꢀDFWLYHꢀ/RZꢔꢀRUꢀ%ꢎ:ꢋ  
LQꢀZKLFKꢀ%<7(ꢀLVꢀDFWLYHꢀ/RZꢇ  
7KHꢀ=ꢆꢈꢄꢈꢈꢀGHYLFHꢀFRPSHQVDWHVꢀIRUꢀDꢀZLGHꢀYDULHW\ꢀRIꢀDGꢁ  
YHUVHꢀOLQHꢀFRQGLWLRQVꢀE\ꢀXVLQJꢀDꢀFRPELQDWLRQꢀRIꢀIL[HGꢀOLQNꢋ  
IL[HGꢀFDEOHꢋꢀDQGꢀDGDSWLYHꢀHTXDOL]HUVꢇꢀ  
3RZHUꢀFRQQHFWLRQVIROORZꢀFRQYHQWLRQDOGHVFULSWLRQVꢀEHORZꢒ  
7KHꢀ=ꢆꢈꢄꢈꢈꢀSURYLGHVꢀFRPSUHKHQVLYHꢀVHOHFWDEOHꢀDQGꢀSURꢁ  
JUDPPDEOHꢀWRQHꢀJHQHUDWLRQꢀDQGꢀGHWHFWLRQꢇ  
%QPPGEVKQP  
2QYGT  
%KTEWKV  
8
&GXKEG  
8
8
$OOꢀGLJLWDOꢀ,ꢎ2ꢀVLJQDOVꢀDUHꢀ77/ꢀFRPSDWLEOHꢇꢀ7KHꢀSDUDOOHOꢀLQꢁ  
WHUIDFHꢀLVꢀFRPSDWLEOHꢀZLWKꢀVWDQGDUGꢀꢑꢁELWꢀPLFURSURFHVVRUVꢋ  
)TQWPF  
)0&  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
(KIWTG ꢇꢈ ꢀ<ꢁꢂꢃꢂꢂꢀꢉNQEMꢀ&KCITCO  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
75'4ꢀ+0(14/#6+10  
7KHꢀ=L/2*ꢀ=ꢆꢈꢄꢈꢈꢀ7UDQV3URꢀGDWDꢀSXPSꢀFDQꢀEHꢀVHOHFWHG  
IRUꢀHLWKHUꢀSDUDOOHOꢀRUꢀVHULDOꢀV\QFKURQRXVꢀGDWDꢀWUDQVIHUꢀXQGHU  
VRIWZDUHꢀFRQWUROꢇꢀ)LJXUHꢀꢈꢀLVꢀDꢀEORFNꢀGLDJUDPꢀRIꢀWKHꢀJHQHUDO  
PRGHPꢀFKLSꢀLQWHUIDFHꢇꢀ7KHꢀKDUGZDUHꢀDQGꢀVRIWZDUHꢀFRQILJꢁ  
XUDWLRQVꢀFDQꢀEHꢀFXVWRPL]HGꢀIRUꢀDꢀSDUWLFXODUꢀPRGHPꢀDSSOLꢁ  
FDWLRQꢇꢀ7KHꢀSDUDOOHOꢀLQWHUIDFHꢀDOORZVꢀGLUHFWꢀDFFHVVꢀWRꢀꢉꢀ,ꢎ2  
UHJLVWHUVꢋꢀLQGLUHFWꢀDFFHVVꢀWRꢀWKHꢀPRGHPꢀ5$ꢐꢋꢀDQGꢀLVꢀFRPꢁ  
SDWLEOHꢀZLWKꢀWKHꢀ=ꢑꢋꢀ=ꢑꢆꢋꢀ=ꢍꢑ;ꢀIDPLO\ꢋꢀDQGꢀRWKHUꢀꢑꢁELWꢀPLꢁ  
FURSURFHVVRUVꢇꢀ7KHꢀVHULDOꢀLQWHUIDFHꢀLVꢀXVHGꢀIRUꢀGDWDꢀWUDQVIHUꢇ  
&RQWUROVꢀDQGꢀVWDWXVꢀLQIRUPDWLRQꢀDUHꢀWUDQVIHUUHGꢀYLDꢀWKHꢀSDUꢁ  
DOOHOꢀLQWHUIDFHꢇꢀ7KHꢀ5$ꢐꢀDFFHVVꢀFDSDELOLW\ꢀDOORZVꢀLQGLUHFW  
DFFHVVWRꢀGLDJQRVWLFꢀGDWDꢋꢀDGGLWLRQDOꢀVWDWXVꢀFRQWUROꢋꢀDQGꢀSURꢁ  
JUDPPDEOHꢀFRHIILFLHQWVꢇꢀ7KHꢀKDUGZDUHꢀDQGꢀVRIWZDUHꢀLQWHUꢁ  
IDFHVꢀDUHꢀSUHVHQWHGꢀLQꢀWKHꢀVXEVHTXHQWꢀVHFWLRQVꢇ  
2CTCNNGN  
ꢀKPGꢁ  
+PVGTHCEG  
&CVC  
#EEGUU  
#TTCPIGOGPV  
6GNGRJQPG  
ꢀKPG  
*QUVꢁ  
2TQEGUUQT  
<ꢄꢏꢂꢏꢏ  
&6'  
5GTKCN  
5RGCMGT  
ꢐ1RVKQPCNꢑ  
'[Gꢁ2CVVGTP  
+PVGTHCEG  
ꢐ1RVKQPCNꢑꢁ  
1UEKNNQUEQRG  
ꢐ1RVKQPCNꢑ  
(KIWTG ꢂꢈ <ꢁꢂꢃꢂꢂꢀ5[UVGOꢀꢉNQEMꢀ&KCITCO  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
2+0ꢀ&'5%4+26+10  
)LJXUHꢀꢌꢀLOOXVWUDWHVꢀWKHꢀ3LQꢀDVVLJQPHQWVꢀIRUꢀ=ꢆꢈꢄꢈꢈꢀꢊꢊꢁ/HDGꢀ3/&&ꢇꢀ7DEOHꢀꢍꢀGHVFULEHVꢀWKHꢀ3LQꢀQXPEHUꢋꢀLWVꢀV\PEROꢋꢀDQGꢀWKH  
,QSXWꢎ2XWSXWꢀGLUHFWLRQꢇ  
ꢊꢄ  
ꢋꢂ  
<ꢁꢂꢃꢂꢂꢀ2$%%  
ꢏꢈ  
ꢃꢈ  
(KIWTG ꢊꢈ <ꢁꢂꢃꢂꢂꢀꢋꢋꢌ$GCFꢀ2$%%ꢀ2KPꢀ#UUKIPOGPVU  
6CDNG ꢇꢈ <ꢁꢂꢃꢂꢂꢀ/QFGOꢀ2KPꢀ#UUKIPOGPVUꢀ  
6CDNG ꢇꢈ <ꢁꢂꢃꢂꢂꢀ/QFGOꢀ2KPꢀ#UUKIPOGPVUꢀꢅ%QPVKPWGFꢆ  
2KPꢀ0Qꢈ  
5[ODQN  
&KTGEVKQP  
2KPꢀ0Qꢈ  
5[ODQN  
&KTGEVKQP  
4'5'6  
)0&  
+PRWV  
)TQWPF  
ꢏꢋ  
ꢏꢊ  
*94  
8
+PRWV  
2QYGTꢁ%QPVTQN  
6'56ꢃ  
';'%ꢀ-  
';'176  
';'56$  
#8  
+PRWV  
ꢏꢇ  
ꢏꢎ  
ꢏꢒ  
ꢏꢈ  
ꢏꢂ  
ꢋꢄ  
ꢋꢃ  
ꢋꢏ  
ꢋꢋ  
ꢋꢊ  
ꢋꢇ  
ꢋꢎ  
ꢋꢒ  
ꢋꢈ  
ꢋꢂ  
ꢊꢄ  
ꢊꢃ  
ꢊꢏ  
ꢊꢋ  
ꢊꢊ  
*4&  
)0&  
+PRWV  
)TQWPFꢁ  
1WVRWV  
1WVRWV  
*&ꢄ  
+PRWVꢌ1WVRWV  
+PRWVꢌ1WVRWV  
+PRWVꢌ1WVRWV  
+PRWVꢌ1WVRWV  
+PRWVꢌ1WVRWV  
+PRWVꢌ1WVRWV  
+PRWVꢌ1WVRWV  
+PRWVꢌ1WVRWV  
1WVRWV  
1WVRWV  
*&ꢃ  
2QYGTꢁ%QPVTQN  
*&ꢏ  
6:ꢄꢓ  
6:ꢄ  
#
#PCNQIꢁ1WVRWV  
#PCNQIꢁ1WVRWV  
)TQWPF  
*&ꢋ  
*&ꢊ  
ꢃꢄ  
*&ꢇ  
ꢃꢃ  
ꢃꢏ  
8TGH  
#
#PCNQIꢁ1WVRWV  
)TQWPFꢁ  
*&ꢎ  
*&ꢒ  
4ꢀ5&  
4:&  
ꢃꢋ  
ꢃꢊ  
ꢃꢇ  
ꢃꢎ  
ꢃꢒ  
%(ꢃ  
%(ꢏ  
4:+  
#PCNQIꢁ+PRWV  
#PCNQIꢁ+PRWV  
#PCNQIꢁ+PRWV  
#PCNQIꢁ+PRWV  
2QYGTꢁ%QPVTQN  
1WVRWV  
6%ꢀ-  
6:&  
1WVRWV  
+PRWV  
4:+ꢓ  
#8  
1*  
1WVRWV  
465  
+PRWV  
ꢃꢈ  
ꢃꢂ  
ꢏꢄ  
ꢏꢃ  
ꢏꢏ  
+PRWV  
+PRWV  
*%5  
*#ꢄ  
*#ꢃ  
*#ꢏ  
*+43  
6'56ꢏꢌ4%ꢀ-  
:6#ꢀ  
':6#ꢀ  
8
+PRWVꢌ1WVRWV  
1WVRWV  
+PRWV  
+PRWV  
+PRWV  
2QYGTꢁ%QPVTQN  
1WVRWV  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
2+0ꢀ(70%6+105  
*&ꢍ *&ꢁ*QUV&CVC$WUꢉKFKTGEVKQPCNꢎ#EVKXG*KIJꢆꢈ  
+'ꢆ±+'ꢉꢀFRQVWLWXWHVꢀDQꢀꢑꢁELWꢀELGLUHFWLRQDOꢀGDWDꢀEXVꢀXVHG  
IRUꢀWKHꢀWUDQVIHUꢀRIꢀFRQWUROꢀDQGꢀVWDWXVꢀLQIRUPDWLRQꢇ  
ZKHQꢀWKHꢀGDWDꢀSXPSꢀLVꢀFRQILJXUHGꢀWRꢀWKHꢀVHULDOꢀWUDQVPLWꢀGDWD  
PRGHꢇꢀ7KHꢀVHULDOꢀWUDQVPLWꢀGDWDꢀPRGHꢀLVꢀVHOHFWHGꢀZKHQꢀWKH  
7'3ꢐꢀELWꢀꢂEꢊꢃꢀRIꢀWKHꢀ5$ꢐꢀFRQWUROꢎGDWDꢀSXPSꢀ6WDWXV  
UHJLVWHUꢀꢂUHJꢀꢅꢃꢀLVꢀUHVHWꢀWRꢀꢆꢇꢀ  
*%5ꢀ*QUVꢀ%JKRꢀ5GNGEVꢀꢅ+PRWVꢎꢀ#EVKXGꢀ$QYꢆꢈꢀ:KHQꢀ&6ꢀLV  
/2:ꢋꢀGDWDꢀWUDQVIHUꢀEHWZHHQꢀWKHꢀGDWDꢀSXPSꢀDQGꢀWKHꢀ+RVWꢀLV  
HQDEOHGꢇꢀ'DWDꢀWUDQVIHUVꢀWRꢀWKHꢀGDWDꢀSXPSꢀUHJLVWHUVꢀDUHꢀꢑꢀELWV  
ZLGHꢇ  
1*ꢀ1HHꢀ*QQMꢀ4GNC[ꢀ%QPVTQNꢀꢅ1WVRWVꢎꢀ#EVKXGꢀ$QYꢆꢈꢀ7KLV  
SLQꢀLVꢀDFWLYDWHGꢀWRꢀGULYHꢀDꢀUHOD\ꢀZKLFKꢀHQJDJHVꢀWKHꢀPRGHP  
ZLWKꢀWKHꢀSKRQHꢀOLQHꢇꢀꢂꢐRGHPꢀHTXLYDOHQWꢀRIꢀSLFNLQJꢀXSꢀWKH  
UHFHLYHUꢃꢇꢀ  
*94ꢀ *QUVꢀ 9TKVGꢀ 'PCDNGꢀ 5VTQDGꢀ ꢅ+PRWVꢎꢀ #EVKXGꢀ $QYꢆꢈ  
7KHꢀZULWHꢀHQDEOHꢀVWUREHꢀLVꢀDQꢀDFWLYHꢀ/2:ꢀVLJQDOꢀWKDWꢀLVꢀXVHG  
WRLQLWLDWHDZULWHꢀRSHUDWLRQꢀWRꢀWKHꢀGDWDꢀSXPSꢇꢀ'XULQJꢀDꢀZULWH  
RSHUDWLRQꢋꢀGDWDꢀLVꢀVHQWꢀWRꢀWKHꢀGDWDꢀSXPSꢀE\ꢀWKHꢀ+RVWꢀYLDꢀWKH  
+RVWꢀGDWDꢀEXVꢇ  
465ꢀ4GSWGUVꢀ6Qꢀ5GPFꢀꢅ+PRWVꢎꢀ#EVKXGꢀ$QYꢆꢈꢀ7KHꢀORJLFDO  
25ꢀRIꢀWKLVꢀSLQꢀDQGꢀWKHꢀ5763ꢀELWꢀꢂ5HJꢀꢊꢇꢌꢃꢋꢀGHWHUPLQHVꢀWKH  
GDWDꢀSXPSꢀPRGHꢀRIꢀRSHUDWLRQꢇꢀ:KHQꢀWKHꢀUHVXOWꢀRIꢀWKHꢀORJLFDO  
25ꢀRIꢀWKHVHꢀWZRꢀELWVꢀLVꢀORJLFꢀꢍꢋꢀWKHQꢀWKHꢀGDWDꢀSXPSꢀLVꢀLQ  
WUDQVPLWPRGHDWWKHVHOHFWHGVSHHGꢋWKHUHE\SODFLQJWKHGDWD  
SXPSꢀLQꢀUHFHLYHꢀPRGHꢇꢀ,QꢀVWDQGE\ꢀPRGHꢋꢀWKHꢀVWDWHꢀRIꢀWKLV  
SLQꢀLVꢀLQVLJQLILFDQWꢇ  
*4&ꢀ *QUVꢀ 4GCFꢀ 'PCDNGꢀ 5VTQDGꢀ ꢅ+PRWVꢎꢀ #EVKXGꢀ $QYꢆꢈ  
7KHꢀUHDGꢀHQDEOHꢀVWUREHꢀLVꢀDQꢀDFWLYHꢀ/2:ꢀVLJQDOꢀWKDWꢀLVꢀXVHG  
WRꢀLQLWLDWHꢀDꢀUHDGꢀRSHUDWLRQꢀIURPꢀWKHꢀGDWDꢀSXPSꢇꢀ'XULQJꢀD  
UHDGꢀRSHUDWLRQꢋꢀGDWDꢀLVꢀWUDQVIHUUHGꢀRXWꢀRIꢀWKHꢀGDWDꢀSXPSꢀE\  
WKHꢀ+RVWꢀYLDꢀWKHꢀ+RVWꢀGDWDꢀEXVꢇ  
';'%$-ꢀ'[Gꢀ2CVVGTPꢀ%NQEMꢀꢅ1WVRWVꢎꢀ#EVKXGꢀ*KIJꢆꢈꢀ'DWD  
LVꢀYDOLGꢀDWꢀWKHꢀULVLQJꢀHGJHꢀRIꢀWKHꢀFORFNꢇꢀ7KHꢀ(<(&/0ꢀFDQ  
EHꢀXVHGꢀWRꢀFORFNꢀDQꢀH[WHUQDOꢀ'ꢎ$ꢀFRQYHUWHUꢀVKLIWꢀUHJLVWHUꢀIRU  
H\HꢀSDWWHUQꢀGLVSOD\ꢇ  
*+43ꢀ *QUVꢀ +PVGTTWRVꢀ 4GSWGUVꢀ ꢅ1WVRWVꢎꢀ #EVKXGꢀ $QYꢆꢈ  
7KHꢀ+,54ꢀLVꢀDQꢀRSHQꢁGUDLQꢀRXWSXWꢀWKDWꢀFDQꢀEHꢀWLHGꢀWKURXJK  
';'176ꢀ'[Gꢀ2CVVGTPꢀ&CVCꢀꢅ1WVRWVꢎꢀ#EVKXGꢀ*KIJꢆꢈꢀ7KLV  
SLQꢀFRQWUROVꢀWKHꢀVHULDOꢀꢍꢅꢁELWꢀH\HꢀSDWWHUQꢀRXWSXWꢀGDWDꢇꢀ7KH  
ILUVWꢀꢑꢀELWVꢀLVꢀWKHꢀ(<(;ꢀGDWDꢋꢀDQGꢀWKHꢀQH[WꢀꢑꢁELWVꢀDUHꢀWKH  
(<(<ꢀGDWDꢇꢀ7KLVꢀGDWDꢀFDQꢀEHꢀXVHGꢀIRUꢀGLVSOD\ꢀRQꢀDQ  
RVFLOORVFRSHꢀ;ꢁꢀDQGꢀ<ꢁD[LVꢀIROORZLQJꢀ'ꢎ$ꢀFRQYHUVLRQꢇ  
DQH[WHUQDOSXOOꢁXSUHVLVWRUWRWKHGLJLWDOSRZHUVXSSO\9  
7KHꢀ+,54ꢀDFWLYHꢀ/2:ꢀGDWDꢀSXPSꢀRXWSXWꢀFDQꢀEHꢀDFWLYDWHG  
ZKHQꢀWKHꢀ+RVWꢀVHOHFWVꢀWKLVꢀRSWLRQꢀRUꢀUHTXHVWVꢀE\ꢀVHWWLQJꢀWKH  
5;,(ꢀRUꢀ7;,(ꢀELWVꢀLQꢀWKHꢀGDWDꢀSXPSꢀ+RVWꢀ5HJLVWHUꢇꢀ7KLVꢀSLQ  
FDQꢀEHꢀFRQQHFWHGꢀWRꢀWKHꢀ+RVWꢀLQWHUUXSWꢀUHTXHVWꢀSLQꢀWRꢀLQLWLDWH  
+RVWꢀVHUYLFHꢇ  
';'56ꢉꢀ 5GTKCNꢀ '[Gꢀ 2CVVGTPꢀ 5VTQDGꢀ ꢅ1WVRWVꢎꢀ #EVKXG  
*KIJꢆꢈꢀ7KLVꢀVLJQDOꢀFDQꢀEHꢀXVHGꢀIRUꢀORDGLQJꢀDQꢀH[WHUQDOꢀ'ꢎ$  
FRQYHUWHUꢇ  
4'5'6ꢀ4GUGVꢀꢅ+PRWVꢎꢀ#EVKXGꢀ$QYꢆꢈꢀ7KHꢀ5(6(7ꢀVLJQDO  
SODFHVꢀWKHꢀGHYLFHꢀLQWRꢀLWVꢀUHVHWꢀVWDWHꢇ  
6:1ꢏꢀ 6TCPUOKVꢀ &KHHGTGPVKCNꢀ #PCNQIꢀ 1WVRWVꢀ 2QUKVKXG  
ꢅ#PCNQIꢀ1WVRWVꢆꢈꢀ7KHꢀ7;2ꢓꢋꢀ7;2±ꢀLVꢀFDSDEOHꢀRIꢀGULYLQJ  
DꢀꢅꢆꢆꢁRKPꢀUHVLVWLYHꢀORDGꢀRYHUꢀDꢀOHDVHGꢀOLQHꢀRUꢀSXEOLF  
VZLWFKHGꢀ WHOHSKRQHꢀ QHWZRUNꢀ YLDꢀ Dꢀ 'DWDꢀ $FFHVV  
$UUDQJHPHQWꢀꢂ'$$ꢃꢇꢀ7KHꢀ7;2±ꢀDQGꢀ7;2ꢓꢀFDQꢀEH  
FRQILJXUHGꢀHLWKHUꢀDVꢀDꢀGLIIHUHQWLDOꢀRUꢀVLQJOHꢁHQGHGꢀRXWSXW  
GULYHUꢇ  
*#ꢂ *#ꢁꢀ*QUVꢀ#FFTGUUꢀꢅ+PRWVꢎꢀ#EVKXGꢀ*KIJꢆꢈꢀ 7KHVH  
WKUHHꢀUHJLVWHUꢀVHOHFWꢀOLQHVꢀꢂSLQVꢃꢀDUHꢀXVHGꢀIRUꢀDGGUHVVLQJꢀWKH  
FRQWUROOHUꢀDFFHVVLEOHꢀLQWHUQDOꢀUHJLVWHUVꢀRIꢀWKHꢀGDWDꢀSXPSꢇ  
:KHQꢀ+&6ꢀLVꢀDFWLYHꢋꢀWKHꢀVWDWHꢀRIꢀWKHꢀ+$ꢈ±+$ꢆꢀLVꢀXVHGꢀDV  
WKHLQWHUQDOGDWDSXPSLQWHUIDFHUHJLVWHUDGGUHVVꢇ+$ꢈꢀLVꢀWKH  
PRVWꢀVLJQLILFDQWꢀELWꢔꢀ+$ꢆꢀLVꢀWKHꢀOHDVWꢀVLJQLILFDQWꢀELWꢇꢀ  
4$5&ꢀ4GEGKXGꢀꢁKPGꢀ5KIPCNꢀ&GVGEVꢀꢅ1WVRWVꢎꢀ#EVKXGꢀ$QYꢆꢈ  
6:1 ꢀ 6TCPUOKVꢀ &KHHGTGPVKCNꢀ #PCNQIꢀ 1WVRWVꢀ 0GICVKXG  
ꢅ#PCNQIꢀ1WVRWVꢆꢈꢀ7KHꢀ7;2±ꢋꢀ7;2ꢓꢀLVꢀFDSDEOHꢀRIꢀGULYLQJ  
DꢀꢅꢆꢆꢁRKPꢀUHVLVWLYHꢀORDGꢀRYHUꢀDꢀOHDVHGꢀOLQHꢀRUꢀSXEOLF  
VZLWFKHGꢀ WHOHSKRQHꢀ QHWZRUNꢀ YLDꢀ Dꢀ 'DWDꢀ $FFHVV  
$UUDQJHPHQWꢀꢂ'$$ꢃꢇꢀ  
7KLVꢀSLQꢀLQGLFDWHVꢀZKHQꢀDQꢀLQSXWꢀVLJQDOꢀKDVꢀEHHQꢀGHWHFWHGꢇ  
4:&ꢀ4GEGKXGꢀ&CVCꢀꢅ1WVRWVꢆꢈꢀ7KHGDWDSXPSVHULDOUHFHLYH  
GDWDꢀLVꢀSUHVHQWHGꢀE\ꢀWKHꢀGDWDꢀSXPSꢀWRꢀWKHꢀORFDOꢀ'7(ꢀRQꢀWKH  
5;'ꢀRXWSXWꢇ  
6%$-ꢀ6TCPUOKVꢀ5GTKCNꢀ&CVCꢀ%NQEMꢀꢅ1WVRWVꢆꢈꢀ7KHꢀ VHULDO  
GDWDꢀRXWSXWꢀFORFNꢀLVꢀDꢀV\QFKURQRXVꢀGDWDꢀFORFNꢀXVHGꢀWR  
WUDQVIHUVHULDOGDWDꢀEHWZHHQWKHGDWDSXPSDQGWKH+RVWꢇ7KH  
FORFNꢀ IUHTXHQFLHVꢀ DUHꢀ ꢈꢊꢆꢆꢋꢀ ꢍꢈꢆꢆꢋꢀ DQGꢀ ꢌꢆꢆꢀ +]ꢋ  
FRUUHVSRQGLQJꢀWRꢀWKHꢀVXSSRUWHGꢀGDWDꢀELWꢀUDWHVꢇ  
4:+ ꢀ 4GEGKXGꢀ &KHHGTGPVKCNꢀ #PCNQIꢀ +PRWVꢀ 0GICVKXG  
ꢅ#PCNQIꢀ+PRWVꢆꢈꢀ  
4:+ꢏꢀ 4GEGKXGꢀ &KHHGTGPVKCNꢀ #PCNQIꢀ +PRWVꢀ 2QUKVKXG  
ꢅ#PCNQIꢀ+PRWVꢆꢈꢀ  
6:&ꢀ6TCPUOKVꢀ&CVCꢀꢅ+PRWVꢆꢈꢀ7KHꢀGDWDꢀSXPSꢀDFFHSWVꢀWKH  
VHULDOꢀWUDQVPLWꢀGDWDꢀIURPꢀWKHꢀORFDOꢀ'7(ꢀRQꢀWKHꢀ7;'ꢀLQSXW  
6'56ꢇꢀ6GUVꢀ2KPꢀꢂꢀꢅ+PRWVꢎꢀ#EVKXGꢀ*KIJꢆꢈꢀ7KLVꢀSLQꢀLVꢀDꢀWHVW  
SLQꢀDQGꢀPXVWꢀEHꢀWLHGꢀWRꢀGLJLWDOꢀJURXQGꢇ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6'56ꢂꢐ4%$-ꢀ6GUVꢀ2KPꢀꢃꢄꢀ4GEGKXGꢀ&CVCꢀ%NQEMꢀꢅ1WVRWVꢎ  
#EVKXGꢀ*KIJꢆꢈꢀ7KLVSLQLVDWHVWSLQDQGPXVWEHWLHGWRGLJLWDO  
JURXQGꢀWKURXJKꢀDꢀSXOOꢁGRZQꢀUHVLVWRUꢇꢀ7KHꢀUHVLVWRUꢀVKRXOGꢀEH  
/2:ꢀHQRXJKꢀWRꢀHQVXUHꢀWKLVꢀSLQꢀIORDWVꢀEHORZꢀꢆꢇꢑ9ꢀZKHQꢀWKH  
SDUWꢀLVꢀLQꢀWKHꢀ4'5'6ꢀVWDWHꢇꢀ$IWHUꢀ4'5'6ꢋꢀWKLVꢀSLQꢀEHFRPHV  
WKHꢀ5HFHLYHꢀ'DWDꢀ&ORFNꢀ2XWSXWꢇꢀ7KHꢀUHVLVWRUꢀPXVWꢀEHꢀKLJK  
HQRXJKꢀWRꢀGULYHꢀWKHꢀRXWSXWꢀWRꢀꢍꢇꢀ7KLVꢀSLQꢀLVꢀDꢀV\QFKURQRXV  
GDWDFORFNXVHGWRWUDQVIHUVHULDOGDWDEHWZHHQWKHGDWDSXPS  
DQGWKH+RVWꢇ7KHFORFNIUHTXHQFLHVDUHꢊꢆꢆꢋꢈꢆꢆꢋDQGꢆꢆ  
+]ꢀFRUUHVSRQGLQJꢀWRꢀWKHꢀVXSSRUWHGꢀGDWDꢀELWꢀUDWHVꢇ  
':6#$ꢀ 'ZVGTPCNꢀ %NQEMꢐ%T[UVCNꢀ ꢅ+PRWVꢎꢀ #EVKXGꢀ *KIJꢆꢈ  
&U\VWDOꢀRVFLOODWRUꢀFRQQHFWLRQꢇꢀ$QꢀH[WHUQDOꢀFORFNꢀFDQꢀEHꢀLQꢁ  
SXWꢀWRꢀWKHꢀ=ꢆꢈꢈꢑꢆꢀRQꢀWKLVꢀSLQꢀZKHQꢀDꢀFU\VWDOꢀLVꢀQRWꢀXVHGꢇꢀ7KH  
RVFLOODWRUꢀLQSXWꢀLVꢀQRWꢀDꢀ77/ꢁOHYHOꢀꢂUHIHUHQFHꢀ'&ꢀFKDUDFWHUꢁ  
LVWLFVꢃꢇ  
%(ꢇꢀCPFꢀ%(ꢂꢀ+PVGITCVKQPꢀ%CRCEKVQTꢀ2KPUꢀꢂꢀCPFꢀꢃꢀꢅ#PCNQI  
+PRWVꢆꢈꢀ&RQQHFWꢀDQꢀꢑꢈS)ꢀFDSDFLWRUꢀEHWZHHQꢀ&)ꢈꢀDQGꢀ&)ꢍ  
WRꢀFRPSOHWHꢀWKHꢀLQWHUQDOꢀIHHGEDFNꢀLQWHJUDWLRQꢀILOWHUꢀIRUꢀLPꢁ  
SURYHGꢀDQDORJꢀ$ꢎ'ꢀSHUIRUPDQFHꢇ  
8TGHꢀ4GHGTGPEGꢀ8QNVCIGꢀꢅ1WVRWVꢎꢀ#EVKXGꢀ*KIJꢈꢀ$QꢀLQWHUꢁ  
QDOO\ꢀJHQHUDWHGꢀUHIHUHQFHꢀYROWDJHꢇ  
)0&ꢀ&KIKVCNꢀITQWPF ꢄꢁ8QNVUꢈꢀ  
:6#$ꢀ%T[UVCNꢀꢅ1WVRWVꢎꢀ#EVKXGꢀ*KIJꢆꢈꢀ&U\VWDOꢀRVFLOODWRU  
FRQQHFWLRQꢇꢀ7KLVꢀSLQꢀPXVWꢀEHꢀOHIWꢀRSHQꢀLIꢀDQꢀH[WHUQDOꢀFORFN  
LVꢀXVHGꢀLQVWHDGꢀRIꢀDꢀFU\VWDOꢇꢀ7KHꢀGDWDꢀSXPSꢀFKLSꢀFDQꢀEH  
FRQQHFWHGWRDQH[WHUQDOFU\VWDOFLUFXLWFRQVLVWLQJRIꢊꢇꢏꢉꢅꢁ  
ꢐ+]ꢀꢂSDUDOOHOꢀUHVRQDQWꢃꢀFU\VWDOꢋꢀDꢀUHVLVWRUꢋꢀDQGꢀWZR  
FDSDFLWRUVꢇ  
8
&KIKVCNꢀ2QYGT ꢇꢁ8QNVUꢈꢀ  
#8 ꢀ#PCNQIꢀ2QYGT ꢇꢁ8QNVUꢈꢀ  
#)0&ꢀ#PCNQIꢀ)TQWPF ꢄꢁ8QNVUꢈꢀ  
#ꢉ51$76'ꢀ/#:+/7/ꢀ4#6+0)5  
9#40+0)ꢄ 6WUHVVHVꢃ JUHDWHUꢃ WKDQꢃ WKRVHꢃ OLVWHGꢃ XQGHU  
$EVROXWHꢃ 0D[LPXPꢃ 5DWLQJVꢃ PD\ꢃ FDXVHꢃ SHUPDQHQW  
GDPDJHꢃWRꢃWKHꢃGHYLFHꢅꢃ7KLVꢃUDWLQJꢃLVꢃDꢃVWUHVVꢃUDWLQJꢃRQO\ꢅ  
2SHUDWLRQꢃ RIꢃ WKHꢃ GHYLFHꢃ DWꢃ DQ\ꢃ FRQGLWLRQꢃ DERYHꢃ WKRVH  
LQGLFDWHGꢃ LQꢃ WKHꢃ RSHUDWLRQDOꢃ VHFWLRQVꢃ RIꢃ WKHVH  
VSHFLILFDWLRQVꢃ LVꢃ QRWꢃ LPSOLHGꢅꢃ ([SRVXUHꢃ WRꢃ DEVROXWH  
PD[LPXPꢃ UDWLQJꢃ FRQGLWLRQVꢃ IRUꢃ H[WHQGHGꢃ SHULRGVꢃ PD\  
DIIHFWꢃGHYLFHꢃUHOLDELOLW\ꢅ  
5[ODQN  
&GUETKRVKQP  
/KP /CZ 7PKVU  
ꢄꢅꢋ ꢁꢓꢒꢅꢄ  
ꢓꢒꢄ u%  
8
5WRRN[ꢁ8QNVCIG  
8
6
EQOꢑꢁ 1RGTCVKPIꢁ  
6GORGTCVWTG  
5VQTCIGꢁ6GORGTCVWTG  
6
ꢎꢇ ꢓꢃꢇꢄ •%  
56#0&#4&ꢀ6'56ꢀ%10&+6+105  
8QNVCIGꢀ5WRRN[ꢀ4CPIGꢄ  
7KHꢀ'&ꢀ3DUDPHWHUVꢀDUHꢀWHVWHGꢀDVꢀSHUꢀ7DEOHꢀꢊꢇꢀ7KHꢀ=ꢆꢈꢄꢈꢈ  
WHVWHUꢀKDVꢀDFWLYHꢀORDGVꢀZKLFKꢀDUHꢀXVHGꢀWRꢀWHVWꢀWKHꢀORDGLQJꢀIRU  
ꢓꢊꢅꢇꢁ8ꢁˆꢁ8 ˆꢁꢓꢁꢇꢅꢇꢁ8  
,
ꢀDQGꢀ,  
$OOꢀ$&ꢀSDUDPHWHUVꢀDVVXPHꢀDꢀORDGꢀFDSDFLWDQFHꢀRIꢀꢍꢆꢆꢀS)ꢇ  
$GGꢀꢍꢆꢀQVꢀGHOD\ꢀIRUꢀHDFKꢀꢏꢆꢀS)ꢀLQFUHDVHꢀLQꢀORDGꢀXSꢀWRꢀDꢀPD[ꢁ  
LPXPꢀRIꢀꢍꢏꢆꢀS)ꢀIRUꢀWKHꢀGDWDꢀEXVꢋꢀDQGꢀꢍꢆꢆꢀS)ꢀIRUꢀDGGUHVV  
DQGꢀFRQWUROꢀOLQHVꢇ  
$YDLODEOHRSHUDWLQJWHPSHUDWXUHUDQJHLVꢀDVꢀIROORZVꢋꢀZKHUHꢒ  
6ꢀ ꢀ6WDQGDUGꢀ7HPSHUDWXUHꢀ5DQJHꢒ  
5ꢁꢔꢁꢄ•%ꢁVQꢁꢓꢒꢄ•%  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
'08+410/'06#$ꢀ#0&ꢀ219'4ꢀ4'37+4'/'065  
6CDNG ꢊꢈ 5WIIGUVGFꢀ%T[UVCNꢀ5RGEKHKECVKQP  
ꢉCUGFꢀQPꢀ% ꢒ% ꢒꢂꢁR(ꢓꢎꢀ% ꢒꢂR(  
7KHꢀPRGHPꢀSRZHUꢀDQGꢀHQYLURQPHQWDOꢀUHTXLUHPHQWVꢀDUHꢀLQꢁ  
GLFDWHGꢀLQꢀ7DEOHꢀꢈꢀDQGꢀ7DEOHꢀꢌꢇꢀ  
2CTCOGVGT  
8CNWG  
%WTTGPVꢀ6[RKECNꢀ"ꢀ%WTTGPVꢀ/CZKOWOꢀ  
8QNVCIG  
ꢂꢑ•%  
"ꢀꢁ•%  
6GORGTCVWTGꢁ4CPIGꢁꢐ%QOOGTEKCNꢑ •%ꢁVQꢁꢓꢒꢄ•%  
0QOKPCNꢁ(TGSWGPE[ꢁ"ꢁꢏꢇ•%  
(TGSWGPE[ꢁ6QNGTCPEGꢁ"ꢁꢏꢇ•%  
ꢏꢊꢅꢇꢒꢎꢁ/*\ꢁ  
vꢏꢄꢁRROꢁ  
vꢏꢇꢁRROꢁ  
ꢓꢇꢁ8 ꢆꢁ  
1RGTCVKPI  
ꢓꢇꢁ8 ꢆꢁ5NGGR ꢏꢇꢁm#  
ꢇꢄꢁO#  
ꢕꢔꢃꢄꢄꢁO#  
ꢕꢔꢃꢏꢇꢁm#  
6GORGTCVWTGꢁ5VCDKNKV[  
"ꢁꢄ•%ꢁVQꢁꢒꢄ•%  
0QVGꢄ ꢁ#NNꢁXQNVCIGUꢁCTGꢁ–ꢇꢖꢁ&%ꢁCPFꢁOWUVꢁHGCVWTGꢁTKRRNGꢁNGUU  
VJCPꢁꢄꢅꢃ8ꢁRGCMꢁVQꢁRGCMꢅꢁ+HꢁUYKVEJKPIꢁUWRRN[ꢁKUꢁWUGFꢆꢁVJGꢁHTGꢍ  
SWGPE[ꢁ TCPIGUꢁ OC[ꢁ DGꢁ DGVYGGPꢁ ꢏꢄꢁ M*\ꢁ CPFꢁ ꢃꢇꢄM*\ꢅꢁ 0Q  
EQORQPGPVꢁQHꢁVJGꢁUYKVEJKPIꢁHTGSWGPE[ꢁUJQWNFꢁDGꢁRTGUGPVꢁQWVꢍ  
UKFGꢁQHꢁVJGꢁUWRRN[ꢁITGCVGTꢁVJCPꢁꢇꢄꢄꢁm8ꢁRGCMꢅ  
%CNKDTCVKQPꢁ/QFGꢁ  
5JWPVꢁ%CRCEKVCPEGꢁ  
ꢀQCFꢁ%CRCEKVCPEGꢁ  
&TKXGꢁꢀGXGNꢁ  
2CTCNNGNꢁ4GUQPCPVꢁ  
ꢊꢁR(ꢁOCZꢅꢁ  
ꢃꢇꢁR(ꢁ  
ꢃꢅꢇꢁO9ꢁOCZꢅꢁ  
vꢁꢇꢁRROꢁ  
6CDNG ꢂꢈ 'PXKTQPOGPVCNꢀ4GSWKTGOGPVU  
#IKPIꢆꢁRGTꢁ;GCTꢁ/CZꢅꢁ  
1UEKNNCVKQPꢁ/QFGꢁ  
5GTKGUꢁ4GUKUVCPEGꢁ  
3
(WPFCOGPVCNꢁ  
ꢏꢇꢁQJOUꢁOCZꢅꢁ  
ꢒꢄ  
2CTCOGVGT  
8CNWG  
#ODKGPVꢁ6GORGTCVWTGꢁ7PFGTꢁ$KCUꢁ •%ꢁVQꢁꢓꢒꢄ•%  
ꢐ%QOOGTEKCNꢁ6GORꢁ4CPIGꢑꢁ  
ꢗꢁKPENWFGUꢁRKPꢁRCTCUKVKEU  
5WIIGUVGFꢁTGCFKPIꢉ  
5VQTCIGꢁ6GORGTCVWTG  
ꢎꢇ•%ꢁVQꢁꢓꢃꢇꢄ•%  
8QNVCIGꢁQPꢁCP[ꢁRKPꢁVQꢁ8  
ꢄꢅꢋ8ꢁVQꢁꢓꢒ8  
+'''ꢁ,55%ꢁRꢏꢏꢏꢍꢏꢏꢈꢁ#RTKNꢁꢃꢂꢈꢄ  
+'''ꢁ,55%ꢁRꢒꢊꢊꢍꢒꢈꢋꢁ,WPGꢁꢃꢂꢈꢈ  
2QYGTꢁ&KUUKRCVKQP  
ꢏꢇꢄꢁO9  
5QNFGTKPIꢁ6GORGTCVWTGꢁꢄꢅꢇꢁUGE  
ꢓꢏꢋꢄ•%  
&%ꢀ%*#4#%6'4+56+%5  
7DEOHꢀꢊꢀGHVFULEHVꢀWKHꢀ7'&ꢀ3LQꢀ&KDUDFWHULVWLFVꢇ  
6CDNG ꢋꢈ 6&%ꢀ2KPꢀ%JCTCEVGTKUVKEU  
2CTCOGVGT  
&GUETKRVKQP  
/KPKOWO  
6[RKECN  
/CZKOWO  
7PKVU  
6GUVꢀ%QPFKVKQPU  
2KPꢀ6[RGUꢀ+ꢀCPFꢀ+ꢐ1ꢄꢀ+PRWVꢀCPFꢀ+PRWVꢌ1WVRWV  
8
8
+
+PRWVꢁ*KIJꢁ8QNVCIG  
+PRWVꢁꢀQYꢁ8QNVCIG  
+PRWVꢁꢀGCMCIGꢁ%WTTGPV  
8
ꢁꢓꢄꢅꢋ  
ꢄꢅꢈ  
8
8
ꢃꢄ  
ꢃꢄ  
m#  
)0&ꢁꢕ8ꢄꢕ8  
2KPꢀ6[RGUꢀ1ꢀCPFꢀ+1ꢄꢀ1WVRWVꢀCPFꢀ+PRWVꢌ1WVRWV  
8
8
+
1WVRWVꢁ*KIJꢁ8QNVCIG  
1WVRWVꢁꢀQYꢁ8QNVCIG  
6TKꢍUVCVGꢁꢀGCMCIGꢁ%WTTGPV  
ꢏꢅꢊ  
8
8
+
 ꢏꢄꢄꢁO#  
 ꢏꢅꢏꢁO#  
ꢄꢅꢊ  
ꢃꢄ  
+
ꢃꢄ  
m#  
)0&ꢕ8ꢄꢕ8  
2KPꢀ6[RGUꢀ+ꢌ27ꢀCPFꢀ+ꢌ2&ꢄꢀ+PRWVꢀYKVJꢀ+PVGTPCNꢀ2WNNꢌ7Rꢐ2WNNꢌ&QYPꢀ4GUKUVQT  
8
8
+
+PRWVꢁ*KIJꢁ8QNVCIG  
+PRWVꢁꢀQYꢁ8QNVCIG  
+PRWVꢁ%WTTGPV  
8
ꢓꢄꢅꢋ  
ꢄꢅꢈ  
8
8
ꢃꢄ  
ꢃꢄ  
m#  
)0&ꢁꢕ8ꢄꢕ8  
2KPꢀ6[RGꢀ:+ꢄꢀ%T[UVCNꢀ+PRWV  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢋꢈ 6&%ꢀ2KPꢀ%JCTCEVGTKUVKEU  
2CTCOGVGT  
&GUETKRVKQP  
/KPKOWO  
6[RKECN  
/CZKOWO  
7PKVU  
6GUVꢀ%QPFKVKQPU  
8
8
+PRWVꢁ*KIJꢁ8QNVCIG  
+PRWVꢁꢀQYꢁ8QNVCIG  
8
ꢁZꢄꢅꢈ  
8
8
2KPꢀ6[RGꢀ1ꢌ1&ꢄꢀ1WVRWVꢀYKVJꢀ1RGPꢌ&TCKP  
8
+
1WVRWVꢁꢀQYꢁ8QNVCIG  
ꢄꢅꢊ  
ꢃꢄ  
+
ꢔꢏꢅꢏꢁO#  
6TKꢍUVCVGꢁꢀGCMCIGꢁ%WTTGPV  
ꢃꢄ  
m#  
)0&ꢕ8ꢄꢕ8  
2KPꢀ6[RGꢀ:1ꢄꢀ%T[UVCNꢀ1WVRWV  
8
8
1WVRWVꢁ*KIJꢁ8QNVCIG  
1WVRWVꢁꢀQYꢁ8QNVCIG  
8
   
8
8
8
+
ꢔꢃꢅꢄꢁO#  
+
 ꢃꢅꢄꢁO#  
2KPꢀ6[RGꢀ#+ꢄꢀ#PCNQIꢀ+PRWV  
8
+
+PRWVꢁ$KCUꢁ1HHUGV  
8
 ꢃꢇ  
ꢃꢄꢄ  
8
8
8
ꢁꢓꢃꢇ  
ꢃꢄꢄ  
O8  
m#  
+PRWVꢁ%WTTGPV  
%
4
+PRWVꢁ%CRCEKVCPEG  
+PRWVꢁ4GUKUVCPEG  
ꢃꢄ  
ꢏꢄ  
R(  
-QJO  
2KPꢀ6[RGꢀ#1ꢄꢀ#PCNQIꢀ1WVRWV  
8
8
4
%
<
#PCNQIꢁ1WVRWVꢁ8QNVCIG  
8
 ꢃꢅꢃꢎꢋ  
 ꢊꢄ  
8
8
ꢁꢓꢃꢅꢃꢎꢋ  
ꢁꢓꢊꢄ  
O8  
O8  
1WVRWVꢁ&%ꢁ1HHUGV  
1WVRWVꢁ4GUKUVCPEG  
1WVRWVꢁ%CRCEKVCPEG  
ꢀQCFꢁ+ORGFCPEG  
8
8
ꢄꢅꢈ  
ꢃꢄ  
ꢎꢄꢄ  
1JO  
R(  
ꢊꢄꢄ  
+PHKPKVG  
ꢇꢅꢏꢇ  
1JO  
2KPꢀ6[RGꢀ294ꢄꢀ2QYGTꢀCPFꢀ)TQWPF  
8
&KIKVCNꢁ5WRRN[ꢁ8QNVCIG  
ꢊꢅꢒꢇ  
8
8
8QNVCIG  
)0&  
#8  
&KIKVCNꢁ)TQWPF  
#PCNQIꢁ5WRRN[ꢁ8QNVCIG  
8
8
8
#)0&  
+
#PCNQIꢁ)TQWPF  
)0&  
)0&  
ꢊꢇ  
)0&  
ꢂꢄ  
8
&KIKVCNꢁ5WRRN[ꢁ%WTTGPV  
O#  
1RGTCVKPI  
1RGTCVKPI  
+
+
+
#PCNQIꢁ5WRRN[ꢁ%WTTGPV  
&KIKVCNꢁ5WRRN[ꢁ%WTTGPV  
#PCNQIꢁ5WRRN[ꢁ%WTTGPV  
ꢏꢄ  
ꢃꢄ  
ꢃꢄꢄ  
ꢏꢇ  
O#  
m#  
m#  
5NGGRꢁ/QFG  
5NGGRꢁ/QFG  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
#%ꢀ%*#4#%6'4+56+%5  
7LPLQJꢃ'LDJUDPV  
)LJXUHꢀꢊꢀLOOXVWUDWHVꢀWKHꢀPLFURSURFHVVRUꢀLQWHUIDFHꢀ5HDGꢎ:ULWHꢀ'LDJUDPꢇ  
%5  
ꢃꢄ  
45ꢄ   
8CNKFꢁ#FFTGUU  
8CNKFꢁ#FFTGUU  
4&  
4GCFꢁ&CVCꢁ8CNKF  
&ꢄ &ꢒ  
94  
ꢃꢃ  
(KIWTG ꢋꢈ /KETQRTQEGUUQTꢀ+PVGTHCEGꢀ4GCFꢐ9TKVGꢀ&KCITCO  
7DEOHꢀꢏꢀGHVFULEHVꢀWKHꢀPLFURSURFHVVRUꢀLQWHUIDFHꢀWLPLQJꢇꢀ  
6CDNG ꢑꢈ /KETQRTQEGUUQTꢀ+PVGTHCEGꢀ6KOKPI  
&GUETKRVKQPꢀ  
4GCFꢀ6KOKPI  
2CTCOGVGT  
/KPKOWO  
6[RKECN  
/CZKOWO  
7PKVU  
*#ꢄ ꢏꢁCPFꢁ*%5ꢁVQꢁ*4&ꢁ5GVWRꢁ6KOG  
*#ꢄ ꢏꢁVQꢁ*4&ꢁ5GVWRꢁ6KOG  
*4&ꢁVQꢁ&CVCꢁ#EEGUUꢁ6KOG  
*4&ꢁ&CVCꢁ*QNF  
PU  
PU  
PU  
PU  
PU  
ꢏꢇ  
ꢃꢄ  
ꢈꢇ  
*#ꢄ ꢏꢁCPFꢁ*%5ꢁ*QNFꢁ(TQOꢁ*4&  
9TKVGꢀ6KOKPI  
*#ꢄ ꢏꢁCPFꢁ*%5ꢁVQꢁ*94ꢁ5GVWRꢁ  
6KOG  
ꢒꢄ  
PU  
*%5ꢁVQꢁ*94ꢁ5GVWRꢁ6KOG  
&CVCꢁVQꢁ*94ꢁ5GVWRꢁ6KOG  
*94ꢁ&CVCꢁ*QNF  
ꢒꢄ  
PU  
PU  
PU  
PU  
PU  
ꢃꢄ  
ꢃꢄ  
ꢏꢇ  
*#ꢄ ꢏꢁCPFꢁ*%5ꢁ*QNFꢁHTQOꢁ*94  
*94ꢁ2WNUGꢁ9KFVJ  
ꢃꢄ  
ꢃꢃ  
4GUGVꢀ6KOKPI  
4GUGVꢁ2WNUGꢁ9KFVJꢁ  
4GUGVꢁ4KUGꢁ6KOGꢁ  
ꢃꢅꢄꢁ  
zU  
PU  
ꢃꢄꢄ  
)LJXUHꢀꢏꢀLOOXVWUDWHVꢀWKHꢀ6HULDOꢀ3RUWꢀ7LPLQJꢀ'LDJUDPꢀDQGꢀ7DEOHꢀꢅꢀGHVFULEHVꢀWKHꢀ6HULDOꢀ,QWHUIDFHꢀ7LPLQJꢇ  
ꢃꢄ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
&%ꢀ-  
6:&  
4:&  
(KIWTG ꢑꢈ 5GTKCNꢀ2QTVꢀ6KOKPIꢀ&KCITCO  
6CDNG ꢔꢈ 5GTKCNꢀ+PVGTHCEGꢀ6KOKPI  
&GUETKRVKQP  
2CTCOGVGT  
/KPKOWO  
6[RKECN  
ꢃꢏ  
/CZKOWO  
7PKVU  
4:&ꢁ&CVCꢁ8CNKFꢁ&GNC[ꢁ6KOG  
6:&ꢁ&CVCꢁ5GVWRꢁ6KOG  
6:&ꢁ&CVCꢁ*QNFꢁ6KOG  
PU  
PU  
PU  
ꢃꢄꢄ  
ꢃꢄꢄ  
6+/+0)ꢀ&+#)4#/5  
)LJXUHꢀꢅꢀLOOXVWUDWHVꢀWKHꢀ(\Hꢀ3DWWHUQꢀ3RUWꢀ7LPLQJꢀ'LDJUDPꢋꢀDQGꢀ7DEOHꢀꢉꢀGHVFULEHVꢀWKHꢀ=ꢆꢈꢄꢈꢈꢀ$QDORJꢀ&KDUDFWHULVWLFVꢇ  
';'%ꢀ-  
';'56$  
';'176  
&ꢄ  
ꢐꢀ5$ꢁ';';ꢑ  
&ꢃꢇ  
ꢐ/5$ꢁ';':ꢑ  
(KIWTG ꢔꢈ '[Gꢀ2CVVGTPꢀ2QTVꢀ6KOKPIꢀ&KCITCO  
6CDNG ꢍꢈ ꢀ#PCNQIꢀ%JCTCEVGTKUVKEUꢀ6CDNG  
&GUETKRVKQP  
2CTCOGVGT  
/KPKOWO  
6[RKECN  
/CZKOWO  
7PKVU  
+PRWVꢁKORGFCPEGꢁQHꢁ  
VTCPUHQTOGTꢁKPVGTHCEG  
ꢊꢄꢄ  
ꢃꢏꢄꢄ  
1JO  
ꢋꢁF$ꢁRQKPVꢁQHꢁKPVGTHCEG  
ꢏꢃ  
ꢒꢋ  
ꢏꢎꢅꢇ  
ꢈꢏ  
ꢋꢏꢅꢇ  
ꢂꢄ  
M*\  
R(  
'ZVGTPCNꢁKPVGITCVKQPꢁ  
ECRCEKVCPEGꢁ6[RGꢁ021ꢁꢐ%1)ꢑ  
ꢃꢃ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
#0#$1)ꢀ+02765ꢄꢀ6;2'ꢀ#ꢇ  
7KLVꢀVHFWLRQꢀGHVFULEHVꢀWKHꢀ=ꢆꢈꢄꢈꢈꢀ$QDORJꢀ,QSXWVꢀIRUꢀ7\SHꢀ$ꢍ,  
#%ꢀ%JCTCEVGTKUVKEU  
+PRWVꢁ+ORGFCPEGꢁꢐ&%ꢁVQꢁ8  
2QYGTꢁ5WRRN[ꢁ4GLGEVKQP  
+PRWVꢁ%WTTGPV  
5[O  
/KPKOWO  
ꢃꢇ-  
6[RKECN  
/CZKOWO  
7PKVU  
<
ꢏꢇ-  
W
F$  
2
ꢊꢄ  
K
N
ꢈꢄ  
ꢈꢄ  
ꢒꢏ  
m#  
+FNGꢁ%JCPPGNꢁ0QKUGꢁ  
+
F$O  
ꢐꢋꢂꢇꢄꢁ*\ꢁ$CPFYKFVJꢑ  
5KIPCNꢁVQꢁ&KUVQTVKQP  
5
ꢋꢄ  
F$  
7KHVHꢀFKDUDFWHULVWLFVꢀEHORZꢀDUHꢀSURYLGHGꢀIRUꢀLQIRUPDWLRQꢀRQO\ꢇꢀ7KH\ꢀDUHꢀQRWꢀWHVWHGꢀH[FHSWꢀLQꢀWKHꢀIXQFWLRQDOꢀWHVWꢀYHFWRUVꢇ  
%JCTCEVGTKUVKEU  
+PRWVꢁ%CRCEKVCPEG  
+PRWVꢁ$KCU  
5[O  
/KPKOWO  
6[RKECN  
ꢃꢄ  
/CZKOWO  
7PKVU  
R(  
%
8
ꢓꢏꢅꢇ  
8
#PCNQIꢁ+PRWVꢁ8QNVCIGꢁ  
ꢐRGCMꢁFKHHGTGPVKCNꢑꢆꢁꢐꢏꢋꢑ  
#PCNQIꢁ+PRWVꢁ8QNVCIGꢁ  
ꢐRGTꢁ4:+ꢓꢅꢁ4:+ꢍꢁRKPꢑ  
8
ꢏꢅꢋꢎꢏ  
ꢃꢅꢃꢈꢃ  
ꢓꢏꢅꢋꢎꢏ  
ꢓꢃꢅꢃꢈꢃ  
8
8
8
#0#$1)ꢀ1762765ꢄꢀ6;2'ꢀ#ꢁ  
7KLVꢀVHFWLRQꢀGHVFULEHVꢀWKHꢀ=ꢆꢈꢄꢈꢈꢀ$QDORJꢀ,QSXWVꢀIRUꢀ7\SHꢀ$ꢆ  
#%ꢀ%JCTCEVGTKUVKEU  
2QYGTꢁ5WRRN[ꢁ4GLGEVKQP  
5KIPCNꢁVQꢁ&KUVQTVKQP  
5[O  
/KPKOWO  
ꢊꢄ  
6[RKECN  
/CZKOWO  
7PKVU  
F$  
2
5
+
ꢋꢇ  
F$  
+FNGꢁ%JCPPGNꢁ0QKUGꢁ  
ꢒꢏ  
F$O  
ꢐꢋꢂꢇꢄꢁ*\ꢁ$CPFYKFVJꢑ  
1WVꢁQHꢁ$CPFꢁ0QKUG  
0
F$O  
 ꢈꢁM*\  
 ꢃꢏꢁM*\  
ꢃꢏꢁM*\ꢁCPFꢁCDQXGꢁ  
KPꢁꢊꢁM*\ꢁ$CPFYKFVJU  
ꢏꢄ  
ꢊꢄ  
ꢇꢇ  
F$O  
F$O  
F$O  
%JCTCEVGTKUVKEU  
5[O  
/KPKOWO  
6[RKECN  
/CZKOWO  
7PKVU  
1WVRWVꢁ+ORGFCPEG  
1WVRWVꢁ%CRCEKVCPEG  
#PCNQIꢁ1WVRWVꢁ8QNVCIGꢁ  
ꢐ2GCMꢁ&KHHGTGPVKCNꢑꢆꢁꢐꢏꢊꢑ  
<QWV  
%QWV  
ꢁ8RMQ  
ꢄꢅꢈꢄ  
ꢃꢄ  
W
R(  
8
ꢏꢅꢋꢒꢇ  
ꢊꢄꢄ  
ꢓꢏꢅꢋꢒꢇ  
ꢀQCFꢁ+ORGFCPEGꢁꢐꢏꢇꢑ  
<+  
ꢎꢄꢄ  
ꢃꢏ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
*#4&9#4'ꢀ+06'4(#%'ꢀ5+)0#$5  
7KHꢀ=ꢆꢈꢄꢈꢈꢀLQWHUIDFHꢀFRQVLVWVꢀRIꢀWKHꢀ6\QFKURQRXVꢀ6HULDOꢀ,QWHUIDFHꢀ3RUWꢋꢀꢑꢁELWꢀ+RVWꢀꢐLFURSURFHVVRUꢀ,QWHUIDFHꢋꢀ(\Hꢀ3DWWHUQ  
,QWHUIDFHꢋꢀ9RLFHꢀ%DQGꢀ$)(ꢋꢀ6\VWHPꢀ6LJQDOVꢋꢀDQGꢀ2YHUKHDGꢀ6LJQDOVꢇꢀ7KHꢀ=ꢆꢈꢄꢈꢈꢀIXQFWLRQDOꢀLQWHUFRQQHFWꢀGLDJUDPꢀLVꢀLQGLꢁ  
FDWHGꢀLQꢀ)LJXUHꢀꢉꢇꢀ$Q\ꢀVLJQDOꢀWKDWꢀLVꢀDFWLYHꢀLOWꢀLVꢀUHSUHVHQWHGꢀE\ꢀDꢀVODVKꢀEHIRUHꢀWKHꢀVLJQDOꢀQDPHꢇ  
%T[UVCN  
%T[UVCN  
1UEKNNCVQT  
1UEKNNCVQT  
4:+ꢓꢆꢁ4:+  
&ꢐꢄꢉꢒꢑ  
:6#ꢀꢃꢁ:6#ꢀꢏ  
&CVCꢁ#EEGUU  
#TTCPIGOGPV  
2560ꢁ  
45ꢐꢄꢉꢏꢑ  
6:1ꢓꢆ6:1  
';'ꢁ2KPUꢁꢐꢋꢑ  
1*  
%QPVTQN  
'[Gꢁ2CVVGTP  
+PVGTHCEG  
1UEKNNQUEQRG  
1RVKQPCN  
*QUV  
2TQEGUUQT  
&6'ꢁꢐ*QUVꢑ  
<ꢄꢏꢂꢏꢏ  
6TCPU2TQ  
&)0&ꢁꢐꢏꢑ  
5GTKCN  
1RVKQPCN  
+PVGTHCEG  
#)0&ꢁꢐꢏꢑ  
ꢓꢇ#8&&ꢁꢐꢏꢑ  
ꢓꢇ8&&ꢁꢐꢏꢑ  
4'5'6  
(KIWTG ꢍꢈ /QFGOꢀ(WPEVKQPCNꢀ+PVGTEQPPGEVꢀ&KCITCO  
7KH+RVWSDUDOOHOLQWHUIDFHDOORZVWKH+RVWWRDFFHVVWKHGDWD  
SXPS5$ꢐDGGUHVVDQGGDWDꢀELWVꢋWUDQVPLWDQGUHFHLYHGDWDꢋ  
FRQWUROꢀWKHꢀ5$ꢐꢀDQGꢀVWDWXVꢀELWVꢋꢀDQGꢀUHDGꢀGDWDꢀSXPSꢀVWDWXV  
ELWVꢇ7KH+RVWFDQDFFHVVH\HSDWWHUQIXQFWLRQVꢋWUDQVPLWDQG  
UHFHLYHꢀWRQHVꢋꢀDQGꢀDFFHVVꢀDGDSWLYHꢀHTXDOL]HUꢀFRHIILFLHQWVꢀLQ  
PRGHPꢁW\SHꢀDSSOLFDWLRQVꢇ  
5[PEJTQPQWUꢀ5GTKCNꢀ+PVGTHCEGꢀ2QTV  
7KHꢀ6\QFKURQRXV6HULDO,QWHUIDFH3RUWꢀSURYLGHVꢀQRꢀSDUDOOHOꢁ  
WRꢁVHULDOꢎVHULDOꢁWRꢁSDUDOOHOꢀFRQYHUVLRQꢀKDUGZDUHꢇꢀ7KH  
V\QFKURQRXVꢀVHULDOꢀLQWHUIDFHꢀSRUWꢀFRQVLVWVꢀRIꢀꢅꢀVLJQDOꢀSLQVꢒ  
2KP  
5KIPCNꢀ0COG  
7KHꢀ+RVWꢀSDUDOOHOꢀLQWHUIDFHꢀLVꢀFRPSDWLEOHꢀZLWKꢀVWDQGDUGꢀꢑꢁ  
ELWꢀPLFURSURFHVVRUVꢋꢀZKLFKꢀLQFOXGHꢀWKHꢀ=ꢑꢀDQGꢀ=ꢑꢆꢀEXVꢇ  
6Z&  
6TCPUOKVꢁ&CVC  
4Z&  
4GEGKXGꢁ&CVC  
465  
4GSWGUVꢁ6Qꢁ5GPF  
4GEGKXGꢁꢀKPGꢁ5KIPCNꢁ&GVGEV  
6TCPUOKVꢁ&CVCꢁ%NQEM  
4GEGKXGꢁ&CVCꢁ%NQEM  
'[Gꢀ2CVVGTPꢀ+PVGTHCEG  
4ꢀ5&  
6%ꢀ-  
4%ꢀ-  
7KHꢀH\HꢀSDWWHUQꢀLQWHUIDFHꢀFRQVLVWVꢀRIꢀWKUHHꢀSLQVꢒꢀ(\Hꢀ3DWWHUQ  
'DWDꢀꢂ(<(287ꢃꢋꢀ(\Hꢀ3DWWHUQꢀ&ORFNꢀꢂ(<(&/0ꢃꢋꢀDQGꢀ(\H  
3DWWHUQꢀ6WUREHꢀꢂ(<(67%ꢃꢇꢀ6L[WHHQꢀELWVꢀRIꢀGDWDꢀDUHꢀVHULDOO\  
WUDQVPLWWHGꢀYLDꢀ(<(287ꢋꢀXQGHUꢀFRQWUROꢀRIꢀ(<(67%ꢀDQG  
(<(&/0ꢇꢀ7KHꢀILUVWꢀE\WHꢀLVꢀWKHꢀ;ꢁFRRUGLQDWHꢀDQGꢀWKHꢀVHFRQG  
E\WHꢀLVꢀ<ꢁFRRUGLQDWHꢀRIꢀWKHꢀVDPSOHꢇꢀ7KHꢀOHDVWꢀVLJQLILFDQWꢀELW  
LVꢀSUHVHQWHGꢀILUVWꢀIRUꢀERWKꢀWKHꢀ;ꢀDQGꢀ<ꢀFRRUGLQDWHVꢇꢀ$  
VFKHPDWLFꢀRIꢀDQꢀH\HꢀSDWWHUQꢀFLUFXLWꢀLVꢀIRXQGꢀLQꢀ)LJXUHꢀꢍꢏꢀDW  
WKHꢀHQGꢀRIꢀWKLVꢀVSHFLILFDWLRQꢇ  
*QUVꢀ2QTVꢀ+PVGTHCEG  
7KHꢀ+RVWꢀSDUDOOHOꢀSRUWꢀLQWHUIDFHꢀFRQVLVWVꢀRIꢀꢍꢏꢀVLJQDOꢀSLQVꢒ  
ꢑꢁELWELGLUHFWLRQDOGDWDꢀEXVꢀSLQVꢀꢂ+'ꢉ±+'ꢆꢃꢋꢀꢌꢁELWꢀ$GGUHVV  
EXVꢀꢂ+$ꢈ±+$ꢆꢃꢋꢀꢊꢀFRQWUROꢀOLQHꢋꢀZKLFKꢀLQFOXGHꢀWKHꢀ+RVW  
5HDGꢀꢂ+5'ꢃꢋꢀ+RVWꢀ:ULWHꢀꢂ+:5ꢃꢋꢀ+RVWꢀ&KLSꢀ6HOHFWꢀꢂ+&6ꢃꢋ  
DQGꢀ+RVWꢀ,QWHUUXSWꢀ5HTXHVWꢀꢂ+,54ꢃꢇꢀꢐXOWLSOHꢀLQWHUUXSW  
VRXUFHVꢀDUHꢀSURYLGHGꢀLQꢀWKHꢀ=ꢆꢈꢄꢈꢈꢋꢀHDFKꢀRIꢀZKLFKꢀFDQꢀEH  
PDVNHGꢀXQGHUꢀ+RVWꢀFRQWUROꢇ  
7KHꢀ(\Hꢀ3DWWHUQꢀ'DWDꢋꢀ(<(287ꢋꢀRXWSXWVꢀDꢀVHULDOꢀELWꢀVWUHDP  
FRQWDLQLQJꢀGDWDꢀIRUꢀGLVSOD\ꢀRIꢀWKHꢀH\HꢀSDWWHUQꢀRQꢀDQ  
RVFLOORVFRSHꢀDIWHUꢀ'ꢎ$ꢀFRQYHUVLRQꢇꢀ(LJKWꢀELWVꢀRIꢀWKHꢀ;ꢁD[LV  
GDWDDQGHLJKWELWVRIWKH<ꢁD[LVDUHRXWSXWDVDVLQJOHVL[WHHQ  
ꢃꢋ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
ELWꢀGDWDꢀVWUHDPꢀZLWKꢀWKHꢀ;ꢁD[LVꢀGDWDꢀILUVWꢇꢀ(<(287ꢀLV  
V\QFKURQRXVꢀZLWKꢀWKHꢀULVLQJꢀHGJHꢀRIꢀ(<(&/0ꢇꢀ(<(287  
LVꢀYDOLGꢀRQO\ꢀZKLOHꢀWKHꢀ(<(67%ꢀLVꢀ/2:ꢇꢀ'DWDꢀLVꢀVKLIWHG  
RXWꢀꢐ6%ꢀILUVWꢇ  
'DWDꢀRQꢀH\HRXWꢀLVꢀVKLIWHGꢀRXWꢀRQꢀHDFKꢀULVLQJꢀHGJHꢀRIꢀWKH  
ꢍꢇꢏꢌꢅꢐ+]ꢀ(<(&/0ꢇꢀ(<(287ꢀGDWDꢀLVꢀYDOLGꢀRQꢀWKH  
IROORZLQJꢀHGJHꢀRIꢀWKHꢀ(\Hꢀ3DWWHUQꢀ&ORFNꢋꢀ(<(&/0ꢇꢀ  
7KHꢀ(<(287ꢀGDWDꢀLVꢀYDOLGꢀZKHQꢀWKHꢀ(\Hꢀ3DWWHUQꢀ6WUREHꢋ  
(<(67%ꢋꢀLVꢀ/2:ꢇꢀ(<(67%ꢀFKDQJHVꢀVWDWHꢀRQꢀWKHꢀULVLQJ  
HGJHꢀRIꢀ(<(&/0ꢇ  
6'%*0+%#$ꢀ52'%+(+%#6+105  
%QPHKIWTCVKQPUꢀCPFꢀ&CVCꢀ4CVGU  
WRQHVꢀIRUꢀ3671ꢀDXWRꢀGLDOLQJꢋꢀDQGꢀWKHꢀVXSHUYLVRU\ꢀWRQHVꢀIRU  
FDOOꢀHVWDEOLVKPHQWꢇꢀ7KHꢀWRQHꢀGHWHFWLRQꢀSURYLGHVꢀVXSSRUWꢀIRU  
FDOOꢁSURJUHVVPRQLWRULQJꢇ7KHGHWHFWRUFDQDOVREHXVHUꢁSURꢁ  
JUDPPHGꢀWRꢀUHFRJQL]HꢀXSꢀWRꢀꢍꢅꢀWRQHVꢇ  
7DEOHꢀꢑꢀSURYLGHVꢀWKHꢀVHOHFWDEOHꢀRSWLRQVꢋꢀVXSSRUWHGꢀGDWDꢀUDWHꢋ  
EDXGꢀUDWHꢋꢀDQGꢀWKHꢀPRGXODWLRQꢀPHWKRGꢇ  
6QPGꢀ)GPGTCVKQPꢀCPFꢀ6QPGꢀ&GVGEVKQP  
&CVCꢀ'PEQFKPI  
7KH=ꢆꢈꢄꢈꢈSURYLGHVFRPSUHKHQVLYHDQGIOH[LEOHWRQHJHQꢁ  
HUDWLRQꢀDQGꢀGHWHFWLRQꢋꢀLQFOXGLQJꢀDOOꢀWRQHVꢀUHTXLUHGꢀWRꢀHVWDEꢁ  
OLVKꢀDꢀFLUFXLWꢀFRQQHFWLRQꢀDQGꢀWRꢀVHWXSꢀDQGꢀFRQWUROꢀDꢀFRPPXꢁ  
QLFDWLRQꢀVHVVLRQꢇꢀ7KHꢀWRQHꢀJHQHUDWLRQꢀIXUQLVKHVꢀWKHꢀ'7ꢐ)  
7KHꢀGDWDꢀHQFRGLQJꢀIRUꢀWKHꢀ=ꢆꢈꢄꢈꢈꢀPHHWVꢀERWKꢀ,78±7ꢀUHFꢁ  
RPPHQGDWLRQVꢀDQGꢀ%HOOꢀVWDQGDUGVꢇ  
6CDNG ꢕꢈ 5GNGEVCDNGꢀ%QPHKIWTCVKQPU  
&CVCꢀ4CVGꢀ 5[ODQNꢀ4CVGꢀ ꢉKVUꢀRGTꢀ %QPUVGNNCVKQPꢀ  
%QPHKIWTCVKQP  
/QFWNCVKQP  
%CTTKGTꢀ(TGSWGPE[  
ꢅDRUꢆ  
ꢅDCWFꢆ  
5[ODQN  
2QKPVU  
8ꢅꢏꢂꢁꢂꢎꢄꢄ  
8ꢅꢏꢂꢁꢒꢏꢄꢄ  
8ꢅꢏꢏꢁDKUꢁꢏꢊꢄꢄ  
8ꢅꢏꢏꢁDKUꢁꢃꢏꢄꢄ  
8ꢅꢏꢏꢁꢃꢏꢄꢄ  
8ꢅꢏꢋꢁꢃꢏꢄꢄꢌꢒꢇ  
8ꢅꢏꢃ  
3#/  
&25-  
3#/  
&25-  
&25-  
(5-  
ꢃꢒꢄꢄ  
ꢂꢎꢄꢄ  
ꢒꢏꢄꢄ  
ꢏꢊꢄꢄ  
ꢃꢏꢄꢄ  
ꢃꢏꢄꢄ  
ꢃꢏꢄꢄꢌꢒꢇ  
ꢋꢄꢄ  
ꢏꢊꢄꢄ  
ꢏꢊꢄꢄ  
ꢎꢄꢄ  
ꢃꢎ  
ꢃꢒꢄꢄ  
ꢃꢏꢄꢄꢌꢏꢊꢄꢄ  
ꢃꢏꢄꢄꢌꢏꢊꢄꢄ  
ꢃꢏꢄꢄꢌꢏꢊꢄꢄ  
ꢃꢒꢄꢄꢌꢊꢏꢄ  
ꢃꢄꢈꢄꢌꢃꢒꢇꢄ  
ꢃꢏꢄꢄꢌꢏꢊꢄꢄ  
ꢃꢃꢒꢄꢌꢏꢃꢏꢇ  
ꢃꢎ  
ꢎꢄꢄ  
ꢎꢄꢄ  
ꢃꢏꢄꢄꢌꢒꢇ  
ꢋꢄꢄ  
(5-  
$GNNꢁꢏꢃꢏ#  
&25-  
(5-  
ꢃꢏꢄꢄ  
ꢋꢄꢄ  
ꢎꢄꢄ  
$GNNꢁꢃꢄꢋ  
ꢋꢄꢄ  
0QVGUꢄꢀ  
ꢃꢅ %QPHKIWTCVKQPꢁKUꢁUGNGEVGFꢁVJTQWIJꢁVJGꢁ4#/ꢁNQECVKQPꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑ  
ꢏꢅ 3#/ꢔ3WCFTCVWTGꢁ#ORNKVWFGꢁ/QFWNCVKQPꢆꢁ(5-ꢔ(TGSWGPE[ꢁ5JKHVꢁ-G[KPIꢆꢁ&25-ꢔ&WCNꢁ2JCUGꢁ5JKHVꢁ-G[KPI  
64#05/+66'&ꢀ&#6#ꢀ52'%647/  
7KHꢀWUDQVPLWWHGꢀGDWDꢀVSHFWUXPꢋꢀZLWKꢀFRPSURPLVHꢀHTXDOL]DWLRQꢀGLVDEOHGꢋꢀLVꢀVKDSHGꢀLQꢀWKHꢀEDVHEDQGꢀE\ꢀWKHꢀILQLWHꢀLPSXOVH  
UHVSRQVHꢀꢂ),5ꢃꢀILOWHUꢇꢀ7DEOHꢀꢄꢀGHVFULEHVꢀWKHꢀVSHFWUXPꢀFKDUDFWHULVWLFVꢇꢀ  
6CDNG ꢃꢈ 5RGEVTCNꢀ5JCRKPI  
/QFG  
%CTTKGTꢀ(TGSWGPE[  
5RGEVTCNꢀ2QYGTꢀ5JCRKPIꢀ(WPEVKQP  
8ꢅꢏꢏ  
ꢃꢏꢄꢄ  
ꢏꢊꢄꢄ  
USTVꢁꢒꢇꢖꢁ4CKUGFꢁ%QUKPGꢁCVꢁꢎꢄꢄꢁDCWF  
USTVꢁꢒꢇꢖꢁ4CKUGFꢁ%QUKPGꢁCVꢁꢎꢄꢄꢁDCWF  
8ꢅꢏꢏDKU  
0QVGꢄ 6JGꢁECTTKGTꢁCPFꢁVJGꢁURGEVTCNꢁUJCRKPIꢁCTGꢁUGNGEVGFꢁCWVQOCVKECNN[ꢁCEEQTFKPIꢁVQꢁVJGꢁEQPHKIWTCVKQPꢅ  
ꢃꢊ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
64#05/+6ꢀ$'8'$5  
7KHꢀWUDQVPLWꢀRXWSXWꢀOHYHOꢀRIꢀWKHꢀ=ꢆꢈꢄꢈꢈꢀLVꢀSURJUDPPDEOH  
LQꢀꢍꢀG%PꢀGHFUHPHQWVꢀIURPꢀ±ꢅꢀG%PꢀWRꢀ±ꢊꢌꢀG%Pꢇꢀ:LWKꢀDꢀGHꢁ  
IDXOWꢀYDOXHꢀRIꢀ±ꢍꢆꢀG%PꢋꢀWKHꢀ=ꢆꢈꢄꢈꢈꢀLVꢀPHDVXUHGꢀGLIIHUHQꢁ  
WLDOO\ꢀDFURVVꢀSLQVꢀ7;ꢆꢓꢀDQGꢀ7;ꢆ±ꢀZLWKꢀDꢀVLQXVRLGDOꢀZDYHꢁ  
IRUPꢇ  
0QVGꢄ 7RꢀDYRLGꢀVDWXUDWLRQꢋꢀWKHꢀ7[ꢀOHYHOꢀVKRXOGꢀEHꢀVHWꢀWRꢀ±ꢅꢀG%P  
RUꢀORZHUꢀE\ꢀWKHꢀ+RVWꢇꢀ,IꢀDꢀKLJKHUꢀWUDQVPLWꢀOHYHOꢀLVꢀUHꢁ  
TXLUHGꢋꢀLWꢀFDQꢀEHꢀDFFRPSOLVKHGꢀXVLQJꢀH[WHUQDOꢀRSꢀDPSVꢇ  
4'%'+8'4ꢀ$'8'$5  
7KHꢀWLPLQJꢀUHFRYHU\ꢀFLUFXLWꢀFDQꢀWUDFNꢀDꢀ–ꢆꢇꢆꢍꢕꢀꢂꢍꢆꢆꢀSSPꢃ  
IUHTXHQF\ꢀHUURUꢀLQꢀWKHꢀDVVRFLDWHGꢀWUDQVPLWꢀWLPLQJꢀVRXUFH  
ZLWKꢀOHVVꢀWKDQꢀꢍꢇꢆꢀG%ꢀGHJUDGDWLRQꢀLQꢀSHUIRUPDQFHꢇ  
%NCORKPI  
5HFHLYHGꢀ'DWDꢀꢂ5['ꢃꢀLVꢀFODPSHGꢀWRꢀDꢀFRQVWDQWꢀPDUNꢀZKHQꢁ  
HYHUꢀ5/6'ꢀLVꢀRIIꢇ  
2#4#$$'$ꢀ+06'4(#%'ꢀ4')+56'45  
7KHꢀ+RVWꢀPLFURSURFHVVRUꢀFRPPXQLFDWHVꢀZLWKꢀWKHꢀ=ꢆꢈꢄꢈꢈ  
YLDWKHꢀSDUDOOHOꢀPLFURSURFHVVRUꢀEXVꢀLQWHUIDFHꢇꢀ$FFHVVLVSURꢁ  
YLGHGꢀWRꢀDꢀVHWꢀRIꢀVHYHQꢀꢑꢁELWꢀ,QWHUIDFHꢀ5HJLVWHUVꢋꢀDQGꢀWKURXJK  
WKHVHUHJLVWHUVꢋWR=ꢆꢈꢄꢈꢈ5$ꢐPHPRU\ORFDWLRQVꢇꢀ7KLVLQꢁ  
WHUIDFHDOORZVWKH+RVWWRUHTXHVWPRGHPVWDWXVLQIRUPDWLRQ  
DQGꢀUHFHLYHꢀGDWDꢋꢀFRQWUROꢀWKHꢀFRQILJXUDWLRQꢋꢀDQGꢀORDGꢀGDWD  
IRUꢀWUDQVPLWꢇꢀ7DEOHꢀꢍꢆꢀLVꢀWKHꢀ3DUDOOHOꢀ,QWHUIDFHꢀ5HJLVWHUꢀꢐDS  
6XPPDU\ꢇ  
0QVGꢄ 7KLVꢀVHFWLRQꢀUHIHUVꢀWRꢀWKHꢀ9HUVLRQꢀꢁ[ꢂꢃꢀRIꢀWKHꢀGDWDSXPS  
ILUPZDUHꢇꢀ)RUꢀYDULRXVꢀYHUVLRQVꢀRIꢀWKHꢀGDWDSXPSꢀDQGꢀWKHLU  
GLIIHUHQFHVꢀUHIHUꢀWRꢀWKHꢀDGGHQGXPꢀRIꢀWKHꢀSURGXFWꢀVSHFLILꢁ  
FDWLRQꢇ  
6CDNG ꢇꢁꢈ 2CTCNNGNꢀ+PVGTHCEGꢀ4GIKUVGTꢀ/CR  
/5ꢉ  
4GIKUVGT 45ꢂ ꢁ  
0WODGT DꢂDꢇDꢁ ꢉKVꢀꢍ  
$5ꢉ  
ꢉKVꢀꢁ /GVJQF  
#EEGUU  
4GIKUVGTꢀ0COG  
ꢉKVꢀꢔ  
ꢉKVꢀꢑ  
ꢉKVꢀꢋ  
ꢉKVꢀꢊ  
ꢉKVꢀꢂ  
ꢉKVꢀꢇ  
4#/ꢁ#EEGUUꢁꢀ19  
4#/ꢁ#EEGUUꢁ*+)*  
ꢄꢄꢄ  
ꢄꢄꢃ  
ꢄꢃꢄ  
4#/&ꢀ  
4#/&*  
4#/#ꢀ  
4ꢌ9  
4ꢌ9  
9
4#/ꢁ#EEGUUꢁ  
#FFTGUU  
2CTCNNGNꢁ&CVC  
ꢄꢃꢃ  
ꢃꢄꢄ  
&#6#2  
4ꢌ9  
4#/ꢁ%QPVTQNꢁꢘꢁ  
5VCVWU  
6:N'  
4:N'  
4#/N' 62&/  
4652  
4#/49 4#/43 4#/#* 4ꢌ9  
/QFGOꢁ5VCVWU  
ꢁꢐ*&ꢀ%ꢑ  
ꢃꢄꢃ  
ꢃꢃꢃ  
6:+  
4:+  
4#/N &2$75; 4GUGTXGF 4640& %&'6  
6'0& 4:'44  
4'5  
'1(  
4
4ꢌ9  
4GIꢂꢀ 4#/#$ &#6#ꢀ 27/2ꢀ 4#/ꢀ &#6#ꢀ #&&4'55ꢈ  
:KHQꢀDꢀGDWDꢀSXPSꢀ5$ꢐꢀUHDGꢀRUꢀZULWHꢀRSHUDWLRQꢀLVꢀVWDUWHGꢋ  
WKLVꢀE\WHꢀFRQWDLQVWKHORZHUꢀꢑꢀELWVꢀRIꢀWKHꢀ5$ꢐꢀDGGUHVVꢇꢀ5HJꢁ  
LVWHUꢀꢊꢀꢂVHHꢀ7DEOHꢀꢍꢍꢃꢀꢂ5HJꢊꢇ5$ꢐ$+ꢃꢀLVꢀWKHꢀ+,*+ꢀELWꢀRI  
WKHꢀ5$ꢐꢀDGGUHVVꢇ  
/KETQRTQEGUUQTꢀ+PVGTHCEGꢀ4GIKUVGTꢀCPFꢀꢉKV  
&GHKPKVKQPUꢄ  
4GIꢁꢎꢀ 4GIꢇꢀ 4#/&$ꢎꢀ 4#/&* &#6#ꢀ 27/2ꢀ 4#/  
&#6#ꢀ4')+56'45ꢈꢀꢀ5$ꢐ'/ꢀLVꢀWKHꢀOHDVWꢀVLJQLILFDQWꢀE\WHꢋ  
DQG5$ꢐ'+LVWKHPRVWVLJQLILFDQWE\WHꢇ$IWHUDGDWDSXPS  
5$ꢐꢀUHDGꢀRSHUDWLRQꢀKDVꢀFRPSOHWHGꢋꢀWKHVHꢀUHJLVWHUVꢀFRQWDLQ  
WKHUHTXHVWHGGDWDꢇ:KHQDGDWDSXPS5$ꢐZULWHRSHUDWLRQ  
LVꢀVWDUWHGꢋꢀWKHVHꢀUHJLVWHUVꢀFRQWDLQꢀWKHꢀGDWDꢀZULWWHQꢀWRꢀGDWD  
SXPSꢀ5$ꢐꢇ  
4GIꢊꢀ&#6#2 &#6#ꢀ27/2ꢀ2#4#$$'$ꢀ&#6#ꢈꢀ7KLV  
UHJLVWHUꢀFRQWDLQVꢀGDWDꢀWUDQVIHUUHGꢀWRꢀRUꢀIURPꢀWKHꢀUHPRWHꢀPRꢁ  
GHPꢀGXULQJꢀWKHꢀSDUDOOHOꢀPRGHPꢀꢂVHHꢀUHJLVWHUꢀ5HJꢊꢇ73'ꢐꢃꢇ  
DWꢀDQ\ꢀUHVHWꢋꢀZKHQꢀ&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅꢁꢆ  
ꢃꢇ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
ꢂꢐ2'(ꢃ 0ꢀꢂVWDQGE\ꢃꢋꢀWKHꢀGDWDꢀSXPSꢀSODFHVꢀLWVꢀILUPZDUH  
YHUVLRQꢀQXPEHUꢀLQꢀUHJLVWHUꢀ'$7$3ꢇ  
$KV  
6:+'  
4#/+'  
4:+'  
62&/  
4652 4#/49 4#/43 4#/#*  
6CDNG ꢇꢇꢈ 4')ꢋꢄꢀ4#/ꢀ%QPVTQNꢀ4GIKUVGT  
5;/ꢉ1$ 215+6+10 0#/'ꢀ#0&ꢀ&'5%4+26+10  
4#/#*  
4#/ꢀ#FFTGUUꢀ*KIJꢀ$KVꢁꢁ6JGꢁOQUVꢁUKIPKHKECPVꢁDKVꢁQHꢁVJGꢁFCVCꢁRWORꢁ4#/ꢁCFFTGUUꢅꢁ6JKUꢁDKVꢁ  
UJQWNFꢁDGꢁUGVꢁVQꢁꢃꢁYJGPꢁCEEGUUKPIꢁCꢁFCVCꢁRWORꢁ4#/ꢁCFFTGUUꢁVJCVꢁKUꢁITGCVGTꢁVJCPꢁꢏꢇꢇꢆꢁQTꢁ  
UGVꢁVQꢁꢄꢁHQTꢁCP[ꢁXCNWGꢁDGNQYꢁꢏꢇꢇꢅ  
4#/43  
4#/49  
4652  
&CVCꢀ2WORꢀ4#/ꢀ#EEGUUꢀ4GSWGUVꢀ$KVꢁꢁ5GVꢁVJKUꢁDKVꢁVQꢁꢃꢁVQꢁTGSWGUVꢁCꢁTGCFꢁQTꢁYTKVGꢁQHꢁVJGꢁFCVCꢁ  
RWORꢁ4#/ꢅꢁ6JGꢁFCVCꢁRWORꢁUGVUꢁVJKUꢁDKVꢁVQꢁꢄꢁYJGPꢁVJGꢁTGSWGUVꢁJCUꢁDGGPꢁHWNHKNNGFꢅꢁ  
&CVCꢀ2WORꢀ4#/ꢀ4GCFꢂ9TKVGꢀ$KVꢁꢁ5GVꢁVJKUꢁDKVꢁVQꢁꢄꢁVQꢁTGSWGUVꢁCꢁTGCFꢁQHꢁVJGꢁFCVCꢁRWORꢁ4#/ꢁQTꢁ  
CꢁꢃꢁVQꢁTGSWGUVꢁCꢁYTKVGꢁQHꢁFCVCꢁRWORꢁ4#/ꢅ  
4GIKUVGTꢀ4GSWGUVꢀVQꢀ5GPFꢀ$KVꢁꢁ#Pꢁ14ꢁKPUVTWEVKQPꢁKUꢁRGTHQTOGFꢁQPꢁVJKUꢁDKVꢁYKVJꢁVJGꢁJCTFYCTGꢁ  
465ꢁUKIPCNꢁTGEGKXGFꢁD[ꢁVJGꢁFCVCꢁRWORꢁQPꢁVJGꢁ465ꢁRKPꢅꢁ6JGꢁ*QUVꢁWUGUꢁGKVJGTꢁ465ꢁQTꢁ4652ꢆꢁ  
UGVꢁVQꢁꢃꢆꢁVQꢁKPHQTOꢁVJGꢁFCVCꢁRWORꢁVJGꢁ*QUVꢁKUꢁVTCPUOKVVKPIꢁFCVCꢅꢁ6QꢁEQPVTQNꢁVJGꢁFCVCꢁRWORꢁ  
WUKPIꢁVJGꢁ465ꢁUKIPCNꢆꢁUGVꢁ4652ꢁVQꢁꢄꢅꢁ6QꢁEQPVTQNꢁVJGꢁFCVCꢁRWORꢁWUKPIꢁ4652ꢆꢁJQNFꢁ465ꢁ*+)*ꢅ  
62&/  
4#/N'  
4:N'  
5GNGEVꢀ2CTCNNGNꢀ&CVCꢀ/QFGꢁꢁ5GVVKPIꢁVJKUꢁDKVꢁUGNGEVUꢁVJGꢁRCTCNNGNꢁFCVCꢁOQFGꢅꢁ4GUGVVKPIꢁKVꢁUGNGEVUꢁ  
VJGꢁUGTKCNꢁFCVCꢁOQFGꢅ  
4#/ꢀ+PVGTTWRVꢀ'PCDNGꢀ$KVꢁꢁ5GVVKPIꢁVJKUꢁDKVꢁCNNQYUꢁVJGꢁFCVCꢁRWORꢁVQꢁKPVGTTWRVꢁVJGꢁ*QUVꢁYJGPꢁCꢁ  
4#/ꢁTGCFꢌYTKVGꢁTGSWGUVꢁJCUꢁDGGPꢁEQORNGVGFꢅ  
4GEGKXGꢀ&CVCꢀ+PVGTTWRVꢀ'PCDNGꢀ$KVꢃꢀ2CTCNNGNꢀ&CVCꢀ/QFGꢀ1PN[ꢁꢁ6JKUꢁDKVꢆꢁYJGPꢁUGVꢆꢁECWUGUꢁVJGꢁ  
FCVCꢁRWORꢁVQꢁIGPGTCVGꢁCPꢁKPVGTTWRVꢁYJGPGXGTꢁVJGꢁ4:+ꢁDKVꢁKUꢁUGVꢅ  
6:N'  
6TCPUOKVꢀ&CVCꢀ+PVGTTWRVꢀ'PCDNGꢀ$KVꢃꢀ2CTCNNGNꢀ&CVCꢀ/QFGꢀ1PN[ꢁꢁ6JKUꢁDKVꢆꢁYJGPꢁUGVꢆꢁECWUGUꢁVJGꢁ  
FCVCꢁRWORꢁVQꢁIGPGTCVGꢁCPꢁKPVGTTWRVꢁYJGPGXGTꢁVJGꢁ6:+ꢁDKVꢁKUꢁUGVꢅ  
0QVGꢄ #NNꢁVJGꢁDKVUꢁKPꢁVJKUꢁTGIKUVGTꢁꢐ4')ꢁꢊꢑꢁFGHCWNVꢁVQꢁꢄꢁCVꢁRQYGTꢍWRꢁQTꢁYJGPꢁTGUGVꢁUGSWGPEGUꢁCTGꢁEQORNGVGFꢅ  
ꢃꢎ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
7DEOHꢀꢍꢈꢀGHVFULEHVꢀWKHꢀ'DWDꢀ3XPSꢀ6WDWXVꢀ5HJLVWHUꢀIRUꢀ5(*ꢀꢏꢇꢀ7DEOHꢀꢍꢌꢀGHVFULEHVꢀWKHꢀ5(*ꢉꢒ+'/&ꢀ5HJLVWHUꢇ  
$KV  
6:+  
4:+  
4#/+ &2$75; 4GUGTXGF 4640& %&'6  
4'5  
6CDNG ꢇꢂꢈ 4')ꢑꢄꢀ&CVCꢀ2WORꢀ5VCVWUꢀ4GIKUVGT  
5;/ꢉ1$ 215+6+10 0#/'ꢀ#0&ꢀ&'5%4+26+10  
4'5  
&CVCꢀ2WORꢀKPꢀ4'5'6ꢀ/QFGꢁꢁ6JKUꢁDKVꢁKUꢁUGVꢁYJGPGXGTꢁVJGꢁFCVCꢁRWORꢁKUꢁKPꢁ4'5'6ꢁOQFGꢁFWGꢁVQꢁ  
CꢁJCTFYCTGꢁTGUGVꢁQTꢁRQYGTꢍQPꢅꢁ6JGꢁFCVCꢁRWORꢁUGVUꢁ4'5ꢁVQꢁꢄꢁYJGPꢁKVꢁEQORNGVGUꢁTGUGVꢅ  
%&'6  
%CTTKGTꢀ&GVGEVꢁꢁ6JGꢁFCVCꢁRWORꢁUGVUꢁ%&'6ꢁVQꢁꢃꢁYJGPꢁKVꢁGPVGTUꢁCP[ꢁFCVCꢁOQFGꢁCPFꢁKUꢁTGCF[ꢁVQꢁ  
VTCPUOKVꢁFCVCꢅꢁ+Pꢁ8ꢅꢏꢂꢁTGEGKXGꢆꢁVJGꢁFCVCꢁRWORꢁUGVUꢁ%&'6ꢁVQꢁꢃꢁYJGPꢁKVꢁGPVGTUꢁ8ꢅꢏꢂꢁFCVCꢁ  
OQFGꢁCPFꢁKUꢁTGCF[ꢁVQꢁTGEGKXGꢁFCVCꢅꢁ6JGꢁFCVCꢁRWORꢁUGVUꢁ%&'6ꢁVQꢁꢄꢁFWTKPIꢁTGVTCKPUꢁꢐUGGꢁ4GIꢇꢆꢁ  
DKVꢁꢏꢁ4640&ꢑꢆꢁCPFꢁYJGPꢁPQꢁUKIPCNꢁKUꢁFGVGEVGFꢁHTQOꢁVJGꢁTGOQVGꢁOQFGOꢅꢁ5GGꢁNQECVKQPUꢁ  
4ꢀ5&1P6JTGUJꢁCPFꢁ4ꢀ5&1HH6JTGUJꢁHQTꢁOQTGꢁKPHQTOCVKQPꢅꢁ%&'6ꢁKUꢁKPXGTVGFꢁCPFꢁTGHNGEVGFꢁQPꢁ  
VJGꢁFCVCꢁRWOR Uꢁ4ꢀ5&ꢁRKPꢅꢁ+Hꢁ%&'6ꢁKUꢁꢃꢆꢁ4ꢀ5&ꢁKUꢁꢀ19ꢁꢐCUUGTVGFꢑꢅꢁ#VꢁCP[ꢁTGUGVꢆꢁQTꢁYJGPꢁ  
VJGꢁ*QUVꢁUGVUꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁDKVꢁꢎ ꢄꢁꢐ/1&'ꢑꢁVQꢁꢄꢁꢐ56#0&$;ꢑꢆꢁVJGꢁ  
FCVCꢁRWORꢁUGVUꢁ%&'6ꢁVQꢁꢄꢅ  
4640&  
4GVTCKPꢀ&GVGEVꢃꢀꢄꢅꢆꢆꢀDRUꢀꢇ8ꢁꢄꢄDKUꢀFCVCꢀOQFGꢀQPN[ꢈꢁ4GVTCKPꢁUGSWGPEGꢁKUꢁFGVGEVGFꢁYJGPꢁVJKUꢁ  
DKVꢁKUꢁUGVꢅꢁ6JGꢁFCVCꢁRWORꢁJCUꢁFGVGEVGFꢁCꢁTGVTCKPꢁTGSWGUVꢁUGSWGPEGꢁHTQOꢁVJGꢁTGOQVGꢁOQFGOꢅ  
4GUGTXGF  
&2$75;  
4GUGTXGFꢁDKVꢁNQECVKQPꢅ  
&CVCꢀ2WORꢀ$WU[ꢁꢁ6JKUꢁDKVꢁKUꢁUGVꢁYJGPGXGTꢁVJGꢁFCVCꢁRWORꢁUVCTVUꢁVTCPUOKVVKPIꢁFCVCꢁCPFꢁ4652ꢁ  
KUꢁꢃꢅꢁ9JGPꢁVJGꢁNKPMꢁKUꢁVQꢁDGꢁVGTOKPCVGFꢆꢁUGVVKPIꢁ4652ꢁVQꢁꢄꢁECWUGUꢁVJKUꢁDKVꢁVQꢁDGꢁTGUGVꢁCHVGTꢁ  
VJGꢁFCVCꢁRWORꢁJCUꢁHKPKUJGFꢁVTCPUOKVVKPIꢁVJGꢁOQUVꢁTGEGPVꢁFCVCꢁKPꢁKVUꢁKPVGTPCNꢁDWHHGTUꢅꢁ9JGPꢁ  
VJKUꢁDKVꢁJCUꢁDGGPꢁTGUGVꢆꢁKVꢁKUꢁUCHGꢁVQꢁUGVꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁDKVꢁꢎ ꢄꢁ  
ꢐ/1&'ꢑꢁVQꢁUVCPFD[ꢁOQFGꢁꢐꢄꢑꢁCPFꢁJCPIꢁWRꢁVJGꢁVGNGRJQPGꢆꢁVJWUꢁVGTOKPCVKPIꢁVJGꢁEQPPGEVKQPꢅꢁ  
6JKUꢁDKVꢁCNUQꢁKPFKECVGUꢁYJGPꢁFKIKVUꢁCTGꢁDGKPIꢁFKCNGFꢁFWTKPIꢁVKOGFꢁFKCNKPIꢁQRGTCVKQPꢅꢁ#VꢁCP[ꢁ  
TGUGVꢆꢁQTꢁYJGPꢁVJGꢁ*QUVꢁUGVUꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁDKVꢁꢎ ꢄꢁꢐ/1&'ꢑꢁVQꢁꢄꢁ  
ꢐ56#0&$;ꢑꢁVJGꢁFCVCꢁRWORꢁUGVUꢁ&2$75;ꢁVQꢁꢄꢅꢁ6JKUꢁDKVꢁKUꢁPQVꢁXCNKFꢁFWTKPIꢁ*&ꢀ%ꢁQRGTCVKQPꢅ  
4#/N  
4:N  
&CVCꢀ2WORꢀ4#/ꢀ+PVGTTWRVꢀ5VCVWUꢁꢁ6JKUꢁDKVꢁKUꢁUGVꢁYJGPꢁVJGꢁFCVCꢁRWORꢁJCUꢁRTQEGUUGFꢁCꢁ4#/ꢁ  
TGCFꢌYTKVGꢁTGSWGUVꢅ  
4GEGKXGꢀ+PVGTTWRVꢀ5VCVWUꢁꢁ6JKUꢁDKVꢁKUꢁUGVꢁYJGPꢁVJGꢁFCVCꢁRWORꢁKUꢁKPꢁRCTCNNGNꢁFCVCꢁVTCPUHGTꢁOQFGꢁ  
ꢐ62&/ꢁKUꢁꢃꢑꢁCPFꢁVJGꢁFCVCꢁRWORꢁJCUꢁYTKVVGPꢁCꢁPGYꢁQEVGVꢁVQꢁVJGꢁ&#6#2ꢁTGIKUVGTꢅꢁ#ꢁTGCFꢁHTQOꢁ  
VJGꢁ&#6#2ꢁTGIKUVGTꢁENGCTUꢁVJKUꢁDKVꢅ  
6:N  
6TCPUOKVꢀ+PVGTTWRVꢀ5VCVWUꢁꢁ6JKUꢁDKVꢁKUꢁUGVꢁYJGPꢁVJGꢁFCVCꢁRWORꢁKUꢁKPꢁRCTCNNGNꢁFCVCꢁVTCPUHGTꢁ  
OQFGꢁꢐ62&/ꢁKUꢁꢃꢑꢁCPFꢁVJGꢁFCVCꢁRWORꢁJCUꢁTGCFꢁVJGꢁ&#6#2ꢁTGIKUVGTꢅꢁ#ꢁYTKVGꢁVQꢁVJGꢁ&#6#2ꢁ  
TGIKUVGTꢁENGCTUꢁVJKUꢁDKVꢅ  
0QVGꢄ 6JGꢁ4:+ꢁDKVꢁKUꢁUGVꢁVQꢁNQIKEꢁꢃꢁCHVGTꢁVJGꢁTGUGVꢁUGSWGPEGUꢅꢁ#NNꢁQVJGTꢁDKVUꢁKPꢁVJKUꢁTGIKUVGTꢁꢐ4')ꢁꢇꢑꢁFGHCWNVꢁVQꢁꢄꢁCVꢁRQYGTꢁWRꢁQT  
YJGPꢁTGUGVꢁUGSWGPEGUꢁCTGꢁEQORNGVGFꢅ  
ꢃꢒ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
$KV  
ꢁꢁꢁꢄ  
ꢁꢄ  
ꢁꢄ  
ꢁ6'0&  
4:'44  
'1(  
6CDNG ꢇꢊꢈ 4')ꢍꢄꢀ*&$%ꢀ4GIKUVGT  
215+6+10 0#/'ꢀ#0&ꢀ&'5%4+26+10  
5;/ꢉ1$  
'1(  
4GEGKXGꢀ'PFꢀQHꢀ(TCOGꢁꢁ6JGꢁFCVCꢁRWORꢁUGVUꢁ'1(ꢁVQꢁꢃꢁYJGPꢁCPꢁ*&ꢀ%ꢁHTCOGꢁJCUꢁDGGPꢁ  
EQORNGVGN[ꢁTGEGKXGFꢁꢐVJCVꢁKUꢆꢁYJGPꢁHTCOGꢁFCVCꢁJCUꢁDGGPꢁTGEGKXGFꢁCPFꢁCꢁENQUKPIꢁ*&ꢀ%ꢁ  
HNCIꢁQTꢁ*&ꢀ%ꢁ#DQTVꢁEQPFKVKQPꢁKUꢁTGEGKXGFꢑꢅꢁ+HꢁVJGꢁHTCOGꢁYCUꢁEQTTGEVN[ꢁTGEGKXGFꢆꢁVJGꢁ  
FCVCꢁRWORꢁCNUQꢁUGVUꢁ4:'4414ꢁVQꢁꢄꢆꢁ4GIꢇꢆꢁDKVꢁꢎꢁꢐ4:+ꢑꢁVQꢁꢃꢆꢁCPFꢁ&#6#2ꢁVQꢁꢒ'*ꢅꢁ5GGꢁ  
4:'4414ꢁHQTꢁCꢁFGUETKRVKQPꢁQHꢁ%4%ꢁGTTQTUꢁCPFꢁ*&ꢀ%ꢁ#DQTVUꢅꢁ'1(ꢁTGHNGEVUꢁYJGVJGTꢁVJGꢁ  
EWTTGPVꢁTGIKUVGTꢁ&#6#2ꢁXCNWGꢁKPFKECVGUꢁVJGꢁGPFꢁQHꢁTGEGKRVꢁQHꢁCPꢁ*&ꢀ%ꢁHTCOGꢅꢁ9JGPꢁ  
VJGꢁHKTUVꢁFCVCꢁD[VGꢁQHꢁVJGꢁPGZVꢁ*&ꢀ%ꢁHTCOGꢁKUꢁTGEGKXGFꢆꢁQTꢁKHꢁCPꢁ*&ꢀ%ꢁ#DQTVꢁEQPFKVKQPꢁ  
KUꢁTGEGKXGFꢁYJGPꢁPQꢁ*&ꢀ%ꢁHTCOGꢁFCVCꢁYCUꢁDGKPIꢁTGEGKXGFꢆꢁVJGꢁFCVCꢁRWORꢁUGVUꢁ'1(ꢁVQꢁ  
ꢄꢅꢁ6JKUꢁEQPFKVKQPꢁOC[ꢁQEEWTꢁQPN[ꢁꢈꢁDKVꢁVKOGUꢁCHVGTꢁVJGꢁFCVCꢁRWORꢁUGVUꢁ'1(ꢁVQꢁꢃꢅ  
4:'44  
6'0&  
4GEGKXGꢀ'TTQTꢁꢁ+HꢁCPꢁ*&ꢀ%ꢁHTCOGꢁEQPVCKPUꢁCꢁ%4%ꢁGTTQTꢆꢁQTꢁCPꢁ*&ꢀ%ꢁ#DQTVꢁEQPFKVKQPꢁKUꢁ  
TGEGKXGFꢆꢁVJGꢁFCVCꢁRWORꢁUGVUꢁ4:'4414ꢁVQꢁꢃꢆꢁ4GIꢇꢆꢁDKVꢁꢎꢁꢐ4:+ꢑꢁVQꢁꢃꢆꢁCPFꢁ&#6#2ꢁVQꢁ  
ꢒ'*ꢁQTꢁ((*ꢅꢁ+HꢁVJGꢁHTCOGꢁEQPVCKPUꢁCꢁ%4%ꢁGTTQTꢆꢁ&#6#2ꢁKUꢁUGVꢁVQꢁꢒ'*ꢅꢁ+HꢁCPꢁ*&ꢀ%ꢁ  
#DQTVꢁEQPFKVKQPꢁYCUꢁTGEGKXGFꢆꢁ&#6#2ꢁKUꢁUGVꢁVQꢁ((*ꢅꢁ4:'4414ꢁTGHNGEVUꢁYJGVJGTꢁVJGꢁ  
EWTTGPVꢁTGIKUVGTꢁ&CVC2ꢁEQPVGPVUꢁKPFKECVGꢁCPꢁGTTQTꢅꢁ9JGPꢁVJGꢁHKTUVꢁFCVCꢁD[VGꢁQHꢁVJGꢁPGZVꢁ  
*&ꢀ%ꢁHTCOGꢁKUꢁTGEGKXGFꢆꢁVJGꢁFCVCꢁRWORꢁUGVUꢁ4:'4414ꢁVQꢁꢄꢅꢁ6JKUꢁEQPFKVKQPꢁOC[ꢁ  
QEEWTꢁQPN[ꢁꢈꢁDKVꢁVKOGUꢁCHVGTꢁVJGꢁFCVCꢁRWORꢁUGVꢁ4:'4414ꢁVQꢁꢃꢅ  
6TCPUOKVꢀ'PFꢀQHꢀ(TCOGꢁꢁ6JGꢁFCVCꢁRWORꢁUGVUꢁ6'0&ꢁVQꢁꢃꢁYJGPꢁKVꢁENQUGUꢁCPꢁ*&ꢀ%ꢁ  
HTCOGꢁDGKPIꢁVTCPUOKVVGFꢅꢁ6JGꢁFCVCꢁRWORꢁUGVUꢁ6'0&ꢁVQꢁꢄꢁCHVGTꢁVTCPUOKVVKPIꢁVJGꢁ%4%ꢁ  
D[VGUꢁYJGPꢁKVꢁUVCTVUꢁVTCPUOKVVKPIꢁVJGꢁENQUKPIꢁHNCIꢁQHꢁVJGꢁ*&ꢀ%ꢁHTCOGꢅꢁ6JGꢁFCVCꢁRWORꢁ  
ENQUGUꢁCPꢁ*&ꢀ%ꢁHTCOGꢁYJGPꢁVJGꢁ*QUVꢁFQGUꢁPQVꢁRTQXKFGꢁFCVCꢁVQꢁVTCPUOKVꢁꢐUGGꢁ&#6#2ꢑꢁ  
KPꢁVKOGꢁVQꢁDGꢁKPENWFGFꢁKPꢁVJGꢁ*&ꢀ%ꢁHTCOGꢅ  
   
4GUGTXGFꢅꢁ/WUVꢁDGꢁꢄꢅ  
0QVGUꢄꢀ  
ꢃꢅ #NNꢁVJGꢁDKVUꢁKPꢁVJKUꢁTGIKUVGTꢁꢐ4')ꢁꢒꢑꢁFGHCWNVꢁVQꢁNQIKEꢁꢄꢁCVꢁRQYGTꢁWRꢁQTꢁCHVGTꢁTGUGV  
ꢏꢅ #NNꢁWPFGHKPGFꢁDKVUꢁQHꢁVJKUꢁTGIKUVGTꢁCTGꢁTGUGTXGFꢅꢁ6JGꢁ*QUVꢁYTKVGUꢁCꢁꢄꢁVQꢁCNNꢁTGUGTXGFꢁDKVꢁRQUKVKQPUꢁYJGPꢁYTKVKPIꢁVJKUꢁTGIKUVGTꢅ  
6JGꢁ*QUVꢁKIPQTGUꢁVJGꢁTGUGTXGFꢁDKVUꢁYJGPꢁTGCFKPIꢁVJKUꢁTGIKUVGTꢅ  
4GIꢍꢀ&CVCꢀ2WORꢀ4GIKUVGTꢀꢍꢈꢀ7KHVHꢀELWVꢀUHSUHVHQWꢀWKH  
VWDWHꢀRIꢀ+'/&ꢀIUDPHVꢀZKHQꢀWKHꢀGDWDꢀSXPSꢀLVꢀLQꢀWKHꢀ+'/&  
IUDPLQJꢀPRGHꢇꢀ7KHVHꢀELWVꢀDUHꢀYDOLGꢀRQO\ꢀLIꢀ%XIFWUOꢇꢀELWꢀꢉ  
HDLCꢃꢀLVꢀ1ꢇꢀ7KHꢀ+RVWꢀPXVWꢀUHIUDLQꢀIURPꢀZULWLQJꢀ5HJꢉꢀWR  
DYRLGꢀFKDQJLQJꢀWKHꢀYDOXHVꢀRIꢀELWꢀILHOGVꢀVHWꢀE\ꢀWKHꢀGDWDꢀSXPSꢇ  
%LWVꢀQRWꢀGHILQHGꢀDERYHꢀDUHꢀUHVHUYHGꢀRUꢀQRWꢀDYDLODEOHꢀIRUꢀXVHꢇ  
7KHꢀ+RVWꢀUHDGVꢀUHJLVWHUꢀWKHꢀ+'/&ꢀUHJLVWHUꢀLPPHGLDWHO\ꢀEHꢁ  
IRUHꢀ'$7$3ꢇꢀ7KHꢀWZRꢀ&5&ꢀFKHFNVXPꢀE\WHVꢀLQꢀUHFHLYHG  
+'/&ꢀIUDPHVꢀDUHꢀSURYLGHGꢀWRꢀWKHꢀ+RVWꢇ  
$WꢀDQ\ꢀUHVHWꢋꢀRUꢀZKHQꢀWKHꢀ+RVWꢀVHWVꢀ&RQILJXUDWLRQꢀUHJLVWHU  
ELWVꢀꢅꢁꢆꢀꢂꢐ2'(ꢃꢀELWVꢀꢅ±ꢆꢀꢂMODEꢃꢀLVꢀ0ꢀꢂ56#0&$;ꢃꢀWKHꢀGDWD  
SXPSꢀVHWVꢀTENDꢀWRꢀ0ꢋꢀRXERRORꢀWRꢀ0ꢋꢀDQGꢀ(2)ꢀWRꢀ0  
ꢃꢈ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
4#/+ꢎꢀ4:+ꢎꢀ#0&ꢀ6:+ꢀ+06'447265  
7KHꢀWKUHHPRVWVLJQLILFDQWELWVLQWKH5$ꢐꢀ&RQWUROꢀDQGꢀGDWD  
SXPSꢀ6WDWXVꢀ5HJLVWHUVꢀGHILQHꢀWKHꢀLQWHUUXSWꢀPDVNVꢀIRUꢀRAMI  
RXIꢋꢀDQGꢀTXIꢇꢀ7KHꢀRAMIEꢋꢀRXIEꢋꢀDQGꢀTXIEꢀHQDEOHꢀELWVꢀLQ  
WKHꢀ5$ꢐꢀ&RQWUROꢀ5HJLVWHUꢀKDYHꢀDQꢀ#0&LQVWUXFWLRQ  
SHUIRUPHGꢀE\ꢀLWVꢀFRUUHVSRQGLQJꢀLQWHUUXSWꢀELWVꢀLQꢀWKHꢀGDWD  
SXPSꢀ6WDWXVꢀ5HJLVWHUꢇꢀ7KHꢀRXWSXWVꢀWKHQꢀKDYHꢀDQꢀ14  
LQVWUXFWLRQꢀSHUIRUPHGꢀRQꢀWKHPꢋꢀGULYLQJꢀWKHꢀ+,54ꢀSLQꢋꢀDQG  
SURYLGLQJꢀDQꢀLQWHUUXSWꢀWRꢀWKHꢀ+RVWꢀLQWHUUXSWꢀꢂ6HHꢀ)LJXUHꢀꢑꢃꢇ  
4#/+'  
4#/+  
4:+'  
*+43  
4:+  
6:+'  
6:+  
(KIWTG ꢕꢈ *QUVꢀ+PVGTTWRVꢀ%KTEWKVꢀ&KCITCO  
+06'4(#%'ꢀ4#/  
7KHLQWHUIDFH5$ꢐLVDOVRXVHGE\WKHGDWDSXPSIRUQRUPDO  
RSHUDWLRQVꢇꢀ$OOꢀZULWHVꢀWRꢀWKHꢀLQWHUIDFHꢀ5$ꢐꢀPXVWꢀEHꢀ5HDGꢁ  
ꢐRGLI\ꢁ:ULWHꢋꢀZKHUHꢀRQO\ꢀWKHꢀELWVꢀWKDWꢀPXVWꢀEHꢀFKDQJHGꢀDUH  
DIIHFWHGꢇꢀ$OOꢀXQGRFXPHQWHGꢀELWVꢀDUHꢀUHVHUYHGꢀDQGꢀVKRXOGꢀEH  
OHIWꢀLQWDFWꢇ  
:ULWLQJꢀ5HJꢊꢋꢀWKHꢀ5DPꢀ&RQWUROꢀDQGꢀ6WDWXVꢀUHJLVWHUꢋꢀIRUꢀH[ꢁ  
DPSOHꢋꢀWRꢀVHWꢀ5HJꢊꢋꢀELWꢀꢅꢀꢂTXIEꢃꢀWRꢀ0ꢀLQꢀDQꢀLQWHUUXSWꢀKDQGOHU  
ZKLOHꢀZDLWLQJꢀIRUꢀWKHꢀGDWDꢀSXPSꢀWRꢀVHWꢀ5HJꢊꢋꢀELWꢀꢍꢀꢂRAMRQ  
WRꢀ0ꢀLQꢀWKHꢀEDFNJURXQGꢋꢀPD\ꢀFDXVHꢀXQUHOLDEOHꢀSHUIRUPDQFHꢇ  
6HWWLQJꢀ5HJꢊꢋꢀELWꢀꢍꢀꢂRAMRQꢃꢀWRꢀ1ꢀPD\ꢀFDXVHꢀWKHꢀGDWDꢀSXPS  
WRꢀUHSHDWꢀWKHꢀUHDGꢎZULWHꢀUHTXHVWꢀLIꢀWKHꢀGDWDꢀSXPSꢀKDGꢀMXVWꢀVHW  
5HJꢊꢋELWRAMRQWR0KRZHYHUꢋVHWWLQJ5HJꢊꢋELWRAM-  
RQꢃꢀWRꢀ0ꢀPD\ꢀDERUWꢀWKHꢀ5$ꢐꢀUHDGꢎZULWHꢀUHTXHVWꢇ  
'DWDꢀSXPSꢀ5$ꢐꢀZULWHVꢀWDNHꢀHIIHFWꢀDWꢀGLIIHUHQWꢀWLPHVꢋꢀGHꢁ  
SHQGLQJꢀRQꢀWKHꢀORFDWLRQꢀEHLQJꢀZULWWHQꢀWRꢇꢀ'XULQJꢀGDWD  
PRGHVꢋꢀZULWHVꢀW\SLFDOO\ꢀWDNHꢀHIIHFWꢀDWꢀWKHꢀHQGꢀRIꢀWKHꢀQH[W  
EDXGꢀSHULRGꢇꢀ'XULQJꢀRWKHUꢀPRGHVꢀRIꢀRSHUDWLRQꢋꢀZULWHVꢀWDNH  
HIIHFWꢀLQꢀꢆꢇꢍꢀPVHFꢇ  
&#6#ꢀ27/2ꢀ+06'4(#%'ꢀ4#/ꢀ#%%'55ꢀ/'6*1&  
7RꢀZULWHꢀWRꢀWKHꢀGDWDꢀSXPSꢀ5$ꢐꢒ  
7RꢀUHDGꢀIURPꢀGDWDꢀSXPSꢀ5$ꢐꢒ  
ꢍꢇ :ULWHꢀGDWDꢀWRꢀRAMDLꢀDQGꢀRAMDH  
ꢍꢇ :ULWHꢀWKHꢀORZHUꢀꢑꢀELWVꢀRIꢀWKHꢀDGGUHVVꢀRIꢀWKHꢀGDWDꢀSXPS  
5$ꢐꢀORFDWLRQꢀWRꢀUHJLVWHUꢀRamAL  
ꢈꢇ :ULWHꢀWKHꢀORZHUꢀꢑꢀELWVꢀRIꢀWKHꢀDGGUHVVꢀRIꢀWKHꢀGDWDꢀSXPS  
5$ꢐꢀORFDWLRQꢀWRꢀUHJLVWHUꢀRamAL  
ꢈꢇ :LWKꢀRQHꢀZULWHꢀRSHUDWLRQꢀWRꢀUHJLVWHUꢀ5ꢊꢋꢀVHWꢀWKHꢀ+LJKꢀELW  
RIꢀWKHꢀGDWDꢀSXPSꢀ5$ꢐꢀDGGUHVVꢀLQꢀ5ꢊꢋꢀELWꢀꢆꢀꢂRAMAHꢃꢋꢀVHW  
5ꢊꢋꢀELWꢀꢈꢀꢂRAMRWꢃꢀWRꢀ0ꢋꢀDQGꢀVHWꢀ5ꢊꢋꢀELWꢀꢍꢀꢂRAMRQꢃꢀWRꢀ1  
ꢌꢇ :LWKꢀRQHꢀZULWHꢀRSHUDWLRQꢀWRꢀUHJLVWHUꢀ5ꢊꢋꢀVHWꢀWKHꢀ+LJKꢀELW  
RIꢀWKHꢀGDWDꢀSXPSꢀ5$ꢐꢀDGGUHVVꢀLQꢀ5ꢊꢋꢀELWꢀꢆꢀꢂRAMAHꢃꢋꢀVHW  
5ꢊꢋꢀELWꢀꢈꢀꢂRAMRWꢃꢀWRꢀ1ꢋꢀDQGꢀVHWꢀ5ꢊꢋꢀELWꢀꢍꢀꢂRAMRQꢃꢀWRꢀ1  
ꢌꢇ :DLWꢀXQWLOꢀRAMRQꢀLVꢀUHVHWꢀWRꢀꢆꢀE\ꢀWKHꢀGDWDꢀSXPSꢀRUꢀXQWLO  
RAMIꢀLVꢀ1  
ꢊꢇ :DLWꢀXQWLOꢀWKHꢀGDWDꢀSXPSꢀVHWVꢀ5ꢊꢋꢀELWꢀꢍꢀꢂRAMRQꢃꢀWRꢀ0  
ꢊꢇ 5HDGꢀGDWDꢀIURPꢀRAMDLꢀDQGꢀRAMDH  
5HDGVꢀDQGꢀZULWHVꢀWRꢀWKHꢀGDWDꢀSXPSꢀ5$ꢐꢀPD\ꢀWDNHꢀDVꢀPXFK  
DVꢀꢍꢆꢏꢀmVꢀWRꢀFRPSOHWHꢇ  
ꢃꢂ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
/1&'/ꢀ&#6#ꢀ27/2ꢀ4#/ꢀ/#2  
7DEOHꢀꢍꢊꢀVXPPDUL]HVꢀWKHꢀꢐRGHPꢀ'DWDꢀ3XPSꢀ5$ꢐꢀ5HJLVWHUVꢇ  
6CDNG ꢇꢋꢈ /QFGOꢀ&CVCꢀ2WORꢀ4#/ꢀ/CR  
/PGOQPKE  
#FFTGUUꢀꢅ*GZꢆꢀ  
#EEGUUꢀ/QFG  
&GUETKRVKQP  
%QPHKI  
ꢄꢃ((  
ꢄꢃ('  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
4ꢌ9  
&CVCꢁ2WORꢁ%QPHKIWTCVKQPꢁ  
6TCKPKPIꢁ%QPVTQN  
6TPEVTN  
$WHEVTN  
ꢄꢃ(&  
ꢄꢃ(%  
ꢄꢃ(#  
ꢄꢃ(ꢒ  
$WHHGTꢁ%QPVTQN  
6QPG5VCVWU  
&REVTN  
&6/(ꢁCPFꢁ6QPGꢁ%QPVTQNꢁ5VCVWU  
&CVCꢁ2WORꢁ/KUEGNNCPGQWUꢁ%QPVTQNU  
/QFGOꢁ%QPVTQNꢁCPFꢁ5VCVWU  
/5'ꢁ/CZKOWOꢁ6JTGUJQNF  
4ꢀ5&ꢁ1HHꢁ6JTGUJQNF  
/5VCVWU  
'3//CZ6JTGUJ  
4ꢀ5&1HH6JTGUJ  
4ꢀ5&1P6JTGUJ  
%100A/QFG  
&6/(JANGX  
&6/(NANGX  
6QPG)GP#  
6QPG)GP$  
6ZꢀGXGN  
ꢄꢃ(ꢎ  
ꢄꢃ(ꢇ  
ꢄꢃ(ꢊ  
4ꢀ5&ꢁ1Pꢁ6JTGUJQNF  
ꢄꢃ(ꢄ  
%QPPGEVKQPꢁ5RGGFꢁ#HVGTꢁ*CPFUJCMGꢁKUꢁ%QORNGVG  
&6/(ꢁ*KIJꢁ$CPFꢁ6TCPUOKVꢁꢀGXGN  
&6/(ꢁꢀQYꢁ$CPFꢁ6TCPUOKVꢁꢀGXGN  
6QPGꢁ)GPGTCVQTꢁ#  
ꢄꢃ#ꢃ  
ꢄꢃ#ꢄ  
ꢄꢃꢂꢃ  
ꢄꢃꢂꢎ  
ꢄꢃꢈꢇ  
ꢃꢈ'  
6QPGꢁ)GPGTCVQTꢁ$  
/QFGOꢁ6TCPUOKVꢁꢀGXGN  
5GSꢋ%QWPV  
5GSꢏ%QWPV  
5GSꢃ%QWPV  
$KSWCF#  
&KCNꢁ6KOGTꢁ+PVGTꢍ2WNUGꢁ%QWPV  
&KCNꢁ6KOGTꢁ1HHꢁ%QWPV  
ꢃꢈ&  
ꢃꢈ%  
&KCNꢁ6KOGTꢁ1Pꢁ%QWPV  
ꢄꢃꢇꢇ ꢄꢃꢇ'  
ꢄꢃꢇ( ꢄꢃꢎꢈ  
ꢄꢃꢊꢇ ꢄꢃꢇꢊ  
ꢄꢂꢏ  
$KSWCFꢁ#ꢁ%QGHHKEKGPV  
$KSWCF$  
$KSWCFꢁ$ꢁ%QGHHKEKGPV  
&6&ꢄ &6&ꢃꢇ  
'3/NGX  
6QPGꢁ&GVGEVQTꢁ%QGHHKEKGPVU  
'[Gꢁ3WCNKV[ꢁ/QPKVQTꢁꢀGXGN  
$KSWCFꢁ&GVGEVQTUꢁ1HHꢁ2QKPVꢁ  
$KSWCFꢁ&GVGEVQTUꢁ1Pꢁ2QKPVꢁ  
6QPGꢁ&GVGEVQTꢁꢀGXGNU  
$K3WCF1HH6JTGUJ  
$K3WCF1P6JTGUJ  
&6&ꢄꢀGX &6&ꢃꢇꢀGX  
&6&6JTGUJ  
&6&5VCVWU  
ꢄꢇꢏ  
ꢄꢇꢃ  
ꢄꢏꢎ ꢄꢋꢇ  
ꢄꢋ  
6QPGꢁ&GVGEVQTꢁ6JTGUJQNF  
&KUETGVGꢁ6QPGꢁ&GVGEVQTꢁ5VCVWU  
ꢄꢄ  
ꢏꢄ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
+06'4(#%'ꢀ4#/ꢀ&'(+0+6+105  
7DEOHꢀꢍꢏꢀGHVFULEHVꢀWKHꢀPRGHPꢀSXPSꢀZRUGꢀGHILQLWLRQVꢇ  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
%QPHKIꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢄꢃ((  
ꢄ*  
ꢃꢇ  
ꢃꢊ  
&CVCꢀ2WORꢀ%QPHKIWTCVKQPꢀ4GIKUVGT  
4GUGTXGFꢅꢁ6JKUꢁDKVꢁOWUVꢁDGꢁꢄꢅ  
14)ꢁꢐ5GVꢁ1TKIKPCVGꢁ/QFGꢉꢁ#NNꢁ/QFGUꢑ  
+Hꢁ14)ꢁKUꢁꢃꢆꢁVJGPꢁVJGꢁOQFGOꢁKUꢁKPꢁ1TKIKPCVGꢁOQFGꢅꢁ1VJGTYKUGꢆꢁKVꢁKUꢁKPꢁ  
#PUYGTꢁOQFGꢅꢁ5GVꢁ14)ꢁDGHQTGꢁQTꢁEQPEWTTGPVN[ꢁYKVJꢁ%QPHKIꢆꢁDKVUꢁꢎ ꢄꢁ  
ꢐ/1&'ꢑꢆꢁPQVꢁCHVGTYCTFUꢅ  
ꢃꢋ  
ꢃꢏ  
'4414ꢁꢐ&CVCꢁ2WORꢁ'TTQTꢉꢁ#NNꢁ/QFGUꢑ  
6JKUꢁDKVꢁKUꢁUGVꢁVQꢁꢃꢁYJGPꢁVJGꢁFCVCꢁRWORꢁFGVGEVUꢁCPꢁKPVGTPCNꢁGTTQTꢁEQPFKVKQPꢁ  
UWEJꢁCUꢁCPꢁKPXCNKFꢁ%QPHKIꢁEQFGꢅꢁ6JGꢁ*QUVꢁOWUVꢁTGUGVꢁVJGꢁFCVCꢁRWORꢅ  
'%*1246'0ꢀꢐ'EJQꢁ2TQVGEVꢁ6QPGꢁ'PCDNGꢉꢁ8ꢅꢏꢂꢑ  
6JKUꢁDKVꢁEQPVTQNUꢁVJGꢁVTCPUOKUUKQPꢁQHꢁVJGꢁ'EJQꢁ2TQVGEVꢁ6QPGꢁꢐ'26ꢑꢁFWTKPIꢁCꢁ  
8ꢅꢏꢂꢁVTCPUOKVꢁJCPFUJCMGꢅꢁ'26ꢁKUꢁCPꢁWPOQFWNCVGFꢁECTTKGTꢁUGVꢁCVꢁ ꢈꢁF$Oꢁ  
TGNCVKXGꢁVQꢁVJGꢁVTCPUOKVꢁNGXGNꢁꢐUGG6TCPUOKVꢁꢀGXGNU ꢁQPꢁRCIG ꢃꢍꢃꢇꢑꢅꢁ+HꢁUGVꢆꢁ  
VJGꢁFCVCꢁRWORꢁVTCPUOKVUꢁCPꢁ'26ꢁDGHQTGꢁVTCPUOKVVKPIꢁVJGꢁECTTKGTꢅ  
'%*1246$'0ꢁꢐ'EJQꢁ2TQVGEVꢁ6QPGꢁꢀGPIVJꢉꢁ8ꢅꢏꢂꢑ  
6JKUꢁDKVꢁEQPVTQNUꢁVJGꢁNGPIVJꢁQHꢁVJGꢁ'26ꢁVQPGꢅꢁꢄꢁꢐFGHCWNVꢑꢁUGNGEVUꢁCꢁꢋꢄꢁOUꢁ  
'26ꢙꢁꢃꢁUGNGEVUꢁCꢁꢃꢈꢇꢁOUꢁ'26ꢅ  
/%7%64$ꢁꢐ/CPWCNꢁ*CPFUJCMGꢉꢁ8ꢅꢏꢏꢌ8ꢅꢏꢏDKUꢌ$ꢏꢃꢏ#ꢑ  
6JKUꢁDKVꢁCNNQYUꢁVJGꢁ*QUVꢁVQꢁEQPVTQNꢁVJGꢁJCPFUJCMGꢁRTQEGUUꢁKPꢁ8ꢅꢏꢏDKUꢅꢁꢐ5GGꢁ  
/CPWCNꢁ*CPFUJCMGꢁ2TQEGFWTGU ꢁQPꢁRCIG ꢃꢍꢋꢎꢁHQTꢁOQTGꢁKPHQTOCVKQPꢑꢅ  
':653$%*ꢁꢐ'ZVGPFGFꢁ5SWGNEJꢉꢁ8ꢅꢏꢂꢑ  
ꢃꢃ  
ꢃꢄ  
5GVꢁVJKUꢁDKVꢁVQꢁGZVGPFꢁUGIOGPVꢁꢃꢁꢐVTCPUOKVVGTꢁUSWGNEJꢁQTꢁUKNGPEGꢑꢁKPꢁVJGꢁ  
8ꢅꢏꢂꢁVTCKPKPIꢁUGSWGPEGꢁHTQOꢁꢏꢄꢁOUꢁVQꢁꢃꢊꢄꢁOUꢅ  
54'5'6ꢁꢐ5QHVꢁ4GUGVꢉꢁ#NNꢁ/QFGUꢑ  
5GVꢁVJKUꢁDKVꢁVQꢁUQHVꢁTGUGVꢁVJGꢁFCVCꢁRWORꢅꢁ6JGꢁFCVCꢁRWORꢁUGVUꢁ54'5'6ꢁVQꢁꢄꢁ  
YJGPꢁVJGꢁUQHVYCTGꢁTGUGVꢁEQORNGVGUꢅ  
4GUGTXGFꢅꢁ6JKUꢁDKVꢁOWUVꢁDGꢁꢄꢅ  
ꢏꢃ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
%QPHKIꢀꢅEQPVKPWGFꢆ  
   
/1&'ꢁꢐ&CVCꢁ/QFGꢁ%QPHKIWTCVKQPꢉꢁUGNGEVUꢁCꢁOQFGꢑ  
5GNGEVUꢁVJGꢁFCVCꢁRWORꢁQRGTCVKQPꢁOQFGꢅꢁ#NNꢁOQFGUꢁWPNKUVGFꢁDGNQYꢁCTGꢁ  
EQPUKFGTGFꢁ4GUGTXGFꢅꢁ6JGꢁ*QUVꢁOWUVꢁTGCFꢁDKVUꢁꢎ ꢄꢁꢐ/1&'ꢑꢆꢁQPGꢁVKOGꢁCHVGTꢁ  
YTKVKPIꢁKVꢆꢁVQꢁCNNQYꢁVJGꢁFCVCꢁRWORꢁGPQWIJꢁVKOGꢁVQꢁDGIKPꢁQRGTCVKQPꢁKPꢁVJGꢁ  
PGYꢁOQFGꢅꢁ5GVVKPIꢁ/1&'ꢁVQꢁꢄꢁꢐ56#0&$;ꢑꢁUVCTVUꢁVJGꢁKFNGꢁOQFGꢁQHꢁ  
QRGTCVKQPꢆꢁPQVꢁVJGꢁRQYGTꢍUCXKPIꢁ5ꢀ''2ꢁOQFGꢅꢁ6JGꢁOQFGꢁKUꢁURGEKHKGFꢁD[ꢁ  
VJGꢁXCNWGꢁCUUKIPGFꢁVQꢁVJGUGꢁDKVUꢆꢁCUꢁHQNNQYUꢉ  
&CVCꢀ/QFGꢀ5RGEKHKGF  
5VCPFD[  
6TCPUOKVꢁVQPGUꢁWUKPIꢁDQVJꢁIGPGTCVQTUꢁUKOWNVCPGQWUN[  
&GVGEVꢁVQPGUꢌ$K3WCFUꢁWUKPIꢁCNNꢁFKUETGVGꢁVQPGꢁFGVGEVQTUꢁCPFꢁ  
DKSWCFꢁVQPGꢁFGVGEVQTUꢁUKOWNVCPGQWUN[  
&KCN  
5KOWNVCPGQWUꢁVTCPUOKUUKQPꢁQHꢁVQPGUꢁꢐOQFGꢁꢄ:ꢄꢃꢑꢁCPFꢁ  
FGVGEVKQPꢁQHꢁVQPGUꢁꢐOQFGꢁꢄZꢄꢏꢑ  
5ꢀ''2ꢁOQFG  
8ꢅꢏꢏDKUꢁꢏꢊꢄꢄꢁDRUꢌꢃꢏꢄꢄꢁDRUꢁOQFG  
8ꢅꢏꢏꢁꢃꢏꢄꢄꢁDRUꢁOQFG  
$
$GNNꢁꢏꢃꢏ#ꢁꢃꢏꢄꢄꢁDRUꢁOQFG  
ꢃꢄ  
ꢃꢃ  
ꢃꢋ  
ꢃꢊ  
ꢏꢄ  
ꢏꢃ  
8ꢅꢏꢃꢁꢋꢄꢄꢁDRUꢁOQFG  
$GNNꢁꢃꢄꢋꢁꢋꢄꢄꢁDRUꢁOQFG  
8ꢅꢏꢋꢁꢃꢏꢄꢄꢁDRUꢁ6ZꢌꢒꢇꢁDRUꢁ4ZꢁOQFG  
8ꢅꢏꢋꢁꢒꢇꢁDRUꢁ6ZꢌꢃꢏꢄꢄꢁDRUꢁ4ZꢁOQFG  
8ꢅꢏꢂꢁCPFꢁ8ꢅꢏꢂꢁ3WKEMꢁ%QPPGEVꢁꢂꢎꢄꢄꢁDRUꢁ&CVCꢁ/QFG  
8ꢅꢏꢂꢁCPFꢁ8ꢅꢏꢂꢁ3WKEMꢁ%QPPGEVꢁꢒꢏꢄꢄꢁDRUꢁ&CVCꢁ/QFG  
ꢏꢏ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
6TPEVTNꢁꢁꢁꢁꢁꢁꢁꢁꢄꢃ('  
ꢄ*  
6TCKPKPIꢀ%QPVTQNꢀ4GIKUVGT  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJKUꢁNQECVKQPꢁVQꢁKVUꢁFGHCWNVꢁXCNWGꢁCVꢁCP[ꢁTGUGVꢁCPFꢁYJGPꢁ  
VJGꢁ*QUVꢁUGVUꢁ%QPHKIꢆꢁDKVUꢁꢎ ꢄꢁꢐ/1&'ꢑꢁVQꢁꢄꢁQTꢁVQꢁCP[ꢁFCVCꢁOQFGꢅꢁ6JKUꢁ  
4#/ꢁNQECVKQPꢁEQPVTQNUꢁVJGꢁJCPFUJCMGꢁRTQEGUUꢁFWTKPIꢁCꢁOCPWCNꢁVTCKPKPIꢁ  
RTQEGUUꢁꢐUGGꢁ /CPWCNꢁ*CPFUJCMGꢁ2TQEGFWTGU ꢁQPꢁRCIG ꢃꢍꢋꢎꢁHQTꢁCPꢁ  
GZCORNGꢁQPꢁVJGꢁWUGꢁQHꢁVJKUꢁKPVGTHCEGꢑꢅꢁ6JKUꢁ4#/ꢁNQECVKQPꢁJCUꢁPQꢁGHHGEVꢁ  
YJGPꢁFCVCꢁOQFGꢁKUꢁGPVGTGFꢁꢐ6TPEVTNꢁKUꢁꢇꢁQTꢁꢎꢑꢅ  
5$ꢉ&'6ꢅꢁ5ETCODNGFꢁ$KPCT[ꢁꢃꢁ&GVGEVGFꢁꢐꢃꢏꢄꢄ DRUꢁQTꢁ  
ꢏꢊꢄꢄ DRUꢑꢅꢁ&GDQWPEGFꢁVJTQWIJꢁꢋꢄꢁOUꢅ  
5ꢉ&'6ꢅꢁ5ꢃꢁ&GVGEVGFꢅꢁ&GDQWPEGFꢁVJTQWIJꢁꢏꢒꢁOU  
75$ꢉ&'6ꢅꢁ7PUETCODNGFꢁ/CTMUꢁ&GVGEVGFꢁꢐꢃꢏꢄꢄꢁDRUꢑ  
5$ꢆ&'6ꢅꢁ5ETCODNGFꢁ$KPCT[ꢁꢄꢁ&GVGEVGFꢁꢐꢃꢏꢄꢄ DRUꢁQTꢁ  
ꢏꢊꢄꢄ DRUꢑ  
8ꢄꢄ$+5ꢁ(QTEGꢁꢃꢎꢁ9C[ꢁ&GEKUKQPUꢅ  
   
6:%643ꢁ6TCPUOKVVGTꢁ%QPVTQNꢅꢁ5GVꢁ6:%64ꢀꢁVQꢁEQPVTQNꢁVJGꢁ  
QWVRWVꢁQHꢁVJGꢁFCVCꢁRWORꢆꢁWUKPIꢁVJGꢁVCDNGꢁDGNQYꢁCUꢁCꢁIWKFGꢅꢁ  
6JGꢁFGHCWNVꢁHTGSWGPE[ꢁHQTꢁVJGꢁVTCPUOKVVGFꢁVQPGꢁꢐ6:%64ꢀꢁKUꢁ  
ꢒꢑꢁKUꢁꢏꢏꢏꢇꢁ*\ꢅꢁ6JGꢁHTGSWGPE[ꢁOC[ꢁDGꢁEJCPIGFꢁCHVGTꢁ  
UGVVKPIꢁVJGUGꢁDKVUꢁD[ꢁEJCPIKPIꢁ6QPG)GP#ꢁCRRTQRTKCVGN[ꢅꢁ  
6JGꢁVQPGꢁNGXGNꢁKUꢁEQPVTQNNGFꢁD[ꢁ/QFGOꢁ6TCPUOKVꢁꢀGXGNꢁ  
TGIKUVGTꢅ  
8ꢈꢂꢂꢐꢉGNNꢀꢂꢇꢂ#ꢐ8ꢈꢂꢂDKUꢀ  
5GSWGPEGꢀ6TCPUOKVVGF  
8CNWG  
5KNGPEGꢉꢁ5SWGNEJꢁ6TCPUOKVVGT  
6TCPUOKVꢁ7PUETCODNGFꢁ$KPCT[ꢁꢃꢁCVꢁꢃꢏꢄꢄꢁ  
DRU  
6TCPUOKVꢁ5ꢃꢁ5KIPCN  
6TCPUOKVꢁ5ETCODNGFꢁ$KPCT[ꢁꢃꢁCVꢁꢃꢏꢄꢄꢁDRU  
6TCPUOKVꢁ5ETCODNGFꢁ$KPCT[ꢁꢃꢁCVꢁꢏꢊꢄꢄꢁDRU  
$GIKPꢁ8ꢅꢏꢏꢆꢁQTꢁ$GNNꢏꢃꢏ#ꢆꢁꢃꢏꢄꢄꢁDRUꢁ&CVCꢁ  
/QFG  
$GIKPꢁ8ꢅꢏꢏDKUꢁꢏꢊꢄꢄꢁDRUꢁ&CVCꢁ/QFG  
6TCPUOKVꢁ6QPGꢅꢁ6JGꢁFGHCWNVꢁHTGSWGPE[ꢁHQTꢁ  
VJGꢁVTCPUOKVVGFꢁVQPGꢁKUꢁꢏꢏꢏꢇꢁ*\ꢅꢁ6JGꢁ  
HTGSWGPE[ꢁOC[ꢁDGꢁEJCPIGFꢁCHVGTꢁUGVVKPIꢁ  
6:%64ꢀꢁꢔꢁꢒꢁD[ꢁEJCPIKPIꢁVJGꢁ6QPGꢁ  
)GPGTCVQTꢁ#ꢁTGIKUVGTꢁꢐ6QPG)GP#ꢑꢅꢁ6JGꢁVQPGꢁ  
NGXGNꢁKUꢁEQPVTQNNGFꢁD[ꢁ/QFGOꢁ6TCPUOKVꢁꢀGXGNꢁ  
TGIKUVGTꢅ  
(5-ꢀꢅ8ꢈꢂꢇꢐꢀꢉGNNꢀꢇꢁꢊꢐꢀ8ꢈꢂꢊꢆꢀ5GSWGPEGꢀ  
6TCPUOKVVGF  
8CNWG  
5KNGPEGꢉꢁ5SWGNEJꢁ6TCPUOKVVGT  
6TCPUOKVꢁ/CTMUꢁꢐDKPCT[ꢁꢃꢑ  
6TCPUOKVꢁ5RCEGUꢁꢐDKPCT[ꢁꢄꢑ  
$GIKPꢁ(5-ꢁ&CVCꢁ/QFG  
6TCPUOKVꢁ6QPGꢅꢁ5GVꢁVJGꢁHTGSWGPE[ꢁVQꢁDGꢁ  
VTCPUOKVVGFꢁD[ꢁEJCPIKPIꢁVJGꢁ6QPGꢁ  
)GPGTCVQTꢁ#ꢁTGIKUVGTꢁꢐ7RQH*HQ$ꢇꢁCHVGTꢁ  
UGVVKPIꢁ7;&75/ꢁVQꢁꢒꢅꢁ6JGꢁVQPGꢁNGXGNꢁKUꢁ  
EQPVTQNNGFꢁD[ꢁWKHꢃ0RGHPꢃ7UDQVPLWꢃ/HYHOꢃ  
UHJLVWHUꢅ  
ꢏꢋ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
ꢉWHEVTNꢁꢁꢁꢁꢁꢁꢁꢁꢄꢃ(&  
ꢄ*  
ꢉWHHGTꢀ%QPVTQNꢀ4GIKUVGT  
ꢃꢇ   
5GVꢁVJGUGꢁDKVUꢁVQꢁꢄꢁYJGPꢁUGVVKPIꢁ$WHEVTNꢅDKVꢁꢒꢁꢐ*&ꢀ%ꢑꢁVQꢁꢃꢅ  
*&3%ꢁꢐ5GVꢁ*&ꢀ%ꢁ/QFGꢉꢁ#NNꢁ&CVCꢁ/QFGUꢑ  
9JGPꢁRCTCNNGNꢁFCVCꢁVTCPUHGTꢁOQFGꢁKUꢁUGNGEVGFꢁꢐ62&/ꢁKUꢁꢃꢑꢁ  
CPFꢁ*&ꢀ%ꢁKUꢁUGVꢆꢁVJGꢁFCVCꢁRWORꢁVTCPUHGTUꢁFCVCꢁWUKPIꢁVJGꢁ  
U[PEJTQPQWUꢁ*&ꢀ%ꢁOQFGꢅꢁ+PꢁUGTKCNꢁOQFGꢁꢐ62&/ꢁKUꢁꢄꢑꢆꢁVJKUꢁ  
DKVꢁJCUꢁPQꢁGHHGEVꢅꢁ  
6JGꢁ*QUVꢁUGVUꢁDKVUꢁꢈ ꢃꢇꢁVQꢁꢄꢁYJGPꢁKVꢁUGVUꢁVJKUꢁDKVꢁVQꢁꢃꢅ  
5%4&+5ꢁꢐ5ETCODNGTꢁ&KUCDNGꢉꢁ8ꢅꢏꢏꢆꢁ8ꢅꢏꢏDKUꢆꢁ$GNNꢁ  
ꢏꢃꢏ#ꢆ8ꢅꢏꢂꢑ  
5GVꢁVJKUꢁDKVꢁVQꢁFKUCDNGꢁVJGꢁVTCPUOKVVGTꢁUETCODNGTꢅꢁ6JKUꢁ  
CEVKQPꢁVCMGUꢁRTGEGFGPEGꢁQXGTꢁ640%64ꢀꢌ6:%64ꢀꢅ  
6:/*3&ꢁꢐ*QNFꢁ6Zꢁ1WVRWVꢁVQꢁ/CTMUꢉꢁCNNꢁOQFGUꢑ  
5GVꢁVJKUꢁDKVꢁVQꢁHQTEGꢁVJGꢁFCVCꢁRWORꢁVQꢁVTCPUOKVꢁQPN[ꢁOCTMUꢁ  
VQꢁVJGꢁTGOQVGꢁOQFGOꢆꢁFKUTGICTFKPIꢁFCVCꢁTGEGKXGFꢁHTQOꢁVJGꢁ  
*QUVꢅ  
&5%4&+5ꢁꢐ&GUETCODNGTꢁ&KUCDNGꢉꢁ8ꢅꢏꢏꢆꢁ8ꢅꢏꢏDKUꢆꢁ$GNNꢁ  
ꢏꢃꢏ#ꢆꢁ8ꢅꢏꢂꢑꢅꢁ5GVꢁVJKUꢁDKVꢁVQꢁFKUCDNGꢁVJGꢁTGEGKXGTꢁ  
FGUETCODNGTꢅ  
4:/*3&ꢁꢐ*QNFꢁ4Zꢁ1WVRWVꢁVQꢁ/CTMUꢉꢁCNNꢁOQFGUꢑ  
5GVꢁ4:/*ꢀ&ꢔꢃꢁVQꢁECWUGꢁVJGꢁFCVCꢁRWORꢁVQꢁVTCPUOKVꢁQPN[ꢁ  
OCTMUꢁVQꢁVJGꢁ*QUVꢆꢁFKUTGICTFKPIꢁFCVCꢁTGEGKXGFꢁHTQOꢁVJGꢁ  
TGOQVGꢁOQFGOꢅ  
ꢏꢊ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
6QPG5VCVWUꢁꢁꢁꢁꢄꢃ(%  
ꢄꢈꢄ*  
ꢉKSWCFꢀ6QPGꢀ&GVGEVQTꢀ%QPVTQNꢀCPFꢀ5VCVWUꢎꢀ&KCNꢀ%QPVTQNꢀ  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJKUꢁNQECVKQPꢁVQꢁKVUꢁFGHCWNVꢁXCNWGꢁCVꢁCP[ꢁTGUGVꢈꢀ  
ꢃꢇ  
ꢃꢊ  
ꢃꢋ  
610'#ꢁꢐ6QPGꢁ#ꢁ&GVGEVGFꢑꢅ  
6JGꢁVQPGꢁHTGSWGPE[ꢁRTQITCOOGFꢁKPꢁDKSWCFꢁFGVGEVQTꢁ#ꢁJCUꢁ  
DGGPꢁFGVGEVGFꢁKHꢁVJKUꢁDKVꢁKUꢁꢃꢅ  
610'$ꢁ6QPGꢁ$ꢁ&GVGEVGF  
6JGꢁVQPGꢁHTGSWGPE[ꢁRTQITCOOGFꢁKPꢁDKSWCFꢁFGVGEVQTꢁ$ꢁJCUꢁ  
DGGPꢁFGVGEVGFꢁKHꢁVJKUꢁDKVꢁKUꢁꢃꢅ  
%CUECFGꢀ$KSWCFꢁ6QPGꢁ&GVGEVQTUꢁ#ꢁꢘꢁ$  
6JGꢁVYQꢁꢊVJꢁQTFGTꢁDKSWCFꢁVQPGꢁFGVGEVQTUꢁECPꢁDGꢁECUECFGFꢁ  
VQꢁHQTOꢁCꢁUKPINGꢁꢈVJꢁQTFGTꢁDKSWCFꢁVQPGꢁFGVGEVQTꢁKHꢁVJKUꢁDKVꢁKUꢁ  
UGVꢁD[ꢁVJGꢁ*QUVꢅꢁ6JGꢁTGUWNVꢁQHꢁVJGꢁECUECFGFꢁDKSWCFꢁVQPGꢁ  
FGVGEVQTꢁKUꢁCXCKNCDNGꢁKPꢁ6QPG5VCVWUꢅ610'#ꢅ  
610'&+#3ꢁ7UGꢁ&6/(ꢁVQꢁ&KCN  
6JKUꢁDKVꢁECWUGUꢁVJGꢁFCVCꢁRWORꢁVQꢁWUGꢁ&6/(ꢁVQPGꢁFKCNKPIꢁ  
YJGPꢁKPꢁFKCNKPIꢁOQFGꢁꢐ%QPHKIꢆꢁDKVUꢁꢎ ꢄꢁꢐ/1&'ꢑꢁKUꢁꢋꢑꢅ  
5ꢊ4&+5ꢁ5SWCTGTꢁ&KUCDNG  
5GVꢁ534&+5ꢁVQꢁꢃꢁVQꢁECWUGꢁVJGꢁFCVCꢁRWORꢁVQꢁRTQXKFGꢁVJGꢁ  
QWVRWVꢁQHꢁDKSWCFꢁFGVGEVQTꢁ#ꢁFKTGEVN[ꢁVQꢁVJGꢁKPRWVꢁQHꢁDKSWCFꢁ  
FGVGEVQTꢁ$ꢆꢁYKVJQWVꢁHKTUVꢁUSWCTKPIꢁKVꢅꢁ534&+5ꢁKUꢁXCNKFꢁQPN[ꢁ  
YJGPꢁVJGꢁDKSWCFꢁVQPGꢁFGVGEVQTUꢁCTGꢁECUECFGFꢁꢐUGGꢁ  
6QPG5VCVWUꢆꢁDKVꢁꢃꢋꢁꢐ%#5%#&'ꢑꢅ  
6+/'&+#3ꢁ6KOGFꢁ&KCNKPIꢅ  
5GVꢁ6+/'&+#ꢀꢁVQꢁꢃꢁVQꢁECWUGꢁVJGꢁFCVCꢁRWORꢁVQꢁIGPGTCVGꢁ  
VKOGFꢁ&6/(ꢁVQPGUꢁQTꢁRWNUGꢁFKCNKPIꢅꢁ+Hꢁ6+/'&+#ꢀꢁKUꢁꢄꢆꢁ  
EQPVKPWQWUꢁFKCNKPIꢁQEEWTUꢅ  
   
&+#3ꢀ&+)+6ꢈꢀ  
6JGꢁ&6/(ꢁFKIKVꢁVQꢁDGꢁFKCNGFꢁKUꢁUGVꢁJGTGꢁDGHQTGꢁ%QPHKIꢁKUꢁ  
UGVꢁHQTꢁ&6/(ꢁVTCPUOKVꢅꢁ5GGꢁVJGꢁVCDNGꢁDGNQYꢁVQꢁFGVGTOKPGꢁ  
JQYꢁVQꢁUGVꢁVJKUꢁRCTCOGVGTꢅꢁ(QTꢁRWNUGꢁFKCNKPIꢆꢁQPN[ꢁFKIKVUꢁꢄꢁ  
VJTQWIJꢁꢂꢁCTGꢁXCNKFꢉ  
&KIKV  
8CNWG  
#
$
%
&
ꢃꢄ  
ꢃꢃ  
ꢃꢏ  
ꢃꢋ  
ꢃꢊ  
ꢃꢇ  
ꢏꢇ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
&REVTNꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢄꢃ(#  
ꢄ*  
&CVCꢀ2WORꢀ/KUEGNNCPGQWUꢀ%QPVTQNUꢀ  
&QꢁPQVꢁOQFKH[ꢁVJKUꢁNQECVKQPꢁFWTKPIꢁCWVQOCVKEꢁJCPFUJCMGꢁQTꢁTGVTCKPꢅꢁ  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJKUꢁNQECVKQPꢁVQꢁKVUꢁFGHCWNVꢁXCNWGꢁCVꢁCP[ꢁTGUGVꢈꢀ  
ꢃꢇ  
ꢃꢊ  
6:5ꢊ3%*ꢁꢐ5SWGNEJꢁ6TCPUOKVVGTꢉꢁ#NNꢁ/QFGUꢑ  
#)%(4<ꢁꢐ(TGG\Gꢁ#WVQICKPꢁ%QPVTQNꢉꢁ8ꢅꢏꢏꢌ8ꢅꢏꢏDKUꢌ$GNNꢁ  
ꢏꢃꢏ#ꢑ  
5GVꢁVQꢁꢃꢁVQꢁHTGG\Gꢁ#)%ꢁCFCRVCVKQPꢅ  
ꢃꢋ  
ꢃꢏ  
6:5640ꢁꢐ5GVꢁ8ꢅꢏꢂꢁ6TCPUOKVꢁ5JQTVꢁ6TCKPꢑ  
5GVꢁVQꢁꢃꢁVQꢁGPCDNGꢁ8ꢅꢏꢂꢁUJQTVꢁVTCKPꢁVTCPUOKVVGTꢁJCPFUJCMGꢁ  
UGSWGPEGꢅꢁ6JGꢁTGOQVGꢁTGEGKXGTꢁOWUVꢁCNUQꢁDGꢁUGVꢁHQTꢁUJQTVꢁ  
VTCKPꢅ  
4:5640ꢁꢐ5GVꢁ8ꢅꢏꢂꢁ4GEGKXGꢁ5JQTVꢁ6TCKPꢑ  
5GVꢁVQꢁꢃꢁVQꢁGPCDNGꢁ8ꢅꢏꢂꢁUJQTVꢁVTCKPꢁTGEGKXGTꢁJCPFUJCMGꢁ  
UGSWGPEGꢅꢁ6JGꢁTGOQVGꢁVTCPUOKVVGTꢁOWUVꢁCNUQꢁDGꢁUGVꢁHQTꢁ  
UJQTVꢁVTCKPꢅ  
ꢃꢄ ꢃꢃ  
3'ꢊ6;2'ꢁꢐꢀKPMꢁ'SWCNK\GTꢁ6[RGꢑꢁ  
5GVꢁꢀ'36;2'ꢁVQꢁꢄꢁHQTꢁCꢁHNCVꢁNKPGꢁGSWCNK\GTꢆꢁQTꢁꢀ'36;2'ꢁVQꢁ  
ꢃꢁHQTꢁCꢁꢋꢄꢄꢏꢁNKPGꢁGSWCNK\GTꢅ  
)6'0ꢁꢐ)WCTFꢁ6QPGꢁ'PCDNGꢉꢁ8ꢅꢏꢏꢌ8ꢅꢏꢏDKUꢌ$GNNꢁꢏꢃꢏ#ꢑ  
6JKUꢁDKVꢁEQPVTQNUꢁYJGVJGTꢁCꢁ8ꢅꢏꢏꢌ8ꢅꢏꢏDKUꢌ$GNNꢁꢏꢃꢏ#ꢁNKPMꢁKUꢁ  
OCFGꢁYKVJꢁCꢁIWCTFꢁVQPGꢁQTꢁPQVꢅꢁ+HꢁKVꢁKUꢁUGVꢆꢁCꢁIWCTFꢁVQPGꢁKUꢁ  
VTCPUOKVVGFꢁCNQPIꢁYKVJꢁVJGꢁECTTKGTꢅꢁ6JKUꢁDKVꢁOWUVꢁPQVꢁDGꢁ  
GPCDNGFꢁKPꢁOQFGUꢁQVJGTꢁVJCPꢁ8ꢅꢏꢏꢆꢁ8ꢅꢏꢏDKUꢆꢁCPFꢁ$GNNꢁ  
ꢏꢃꢏ#ꢛꢁ6JKUꢁDKVꢁOWUVꢁDGꢁUGVꢁRTKQTꢁVQꢁUGNGEVKPIꢁVJGꢁOQFGꢁKPꢁ  
VJGꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢅ  
)65'3ꢁꢐ)WCTFꢁ6QPGꢁ5GNGEVꢉꢁ8ꢅꢏꢏꢌ8ꢅꢏꢏDKUꢌ$GNNꢏꢃꢏ#ꢑ  
6JKUꢁDKVꢁUGNGEVUꢁVJGꢁIWCTFꢁVQPGꢁHTGSWGPE[ꢉꢁꢄꢁHQTꢁꢇꢇꢄꢁ*\ꢆꢁ  
CPFꢁꢃꢁHQTꢁꢃꢈꢄꢄꢁ*\ꢅꢁ6JKUꢁDKVꢁOWUVꢁDGꢁUGVꢁRTKQTꢁVQꢁUGNGEVKPIꢁ  
VJGꢁOQFGꢁKPꢁVJGꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢅ  
'ꢊ'ꢁꢐ'3/NGXꢁ ꢁ'3//CZ6JTGUJꢉꢁ8ꢅꢏꢏꢆꢁ8ꢅꢏꢏDKUꢆꢁ8ꢅꢏꢂꢆꢁ  
$'ꢀꢀꢁꢏꢃꢏ#ꢑ  
6JGꢁFCVCꢁRWORꢁUGVUꢁ'3'ꢁVQꢁꢃꢁYJGPꢁ'3/NGXꢁGZEGGFUꢁVJGꢁ  
VJTGUJQNFꢁUGVꢁKPꢁ'3//CZ6JTGUJꢅ  
'ꢊ(4<ꢁꢐ(TGG\Gꢁ'SWCNK\GTꢉꢁ#NNꢁ/QFGUꢑ  
5GVꢁVQꢁꢃꢁVQꢁHTGG\GꢁCFCRVKXGꢁGSWCNK\GTꢁꢐ#'3ꢑꢁCFCRVCVKQPꢅꢁ  
#'3ꢁEQGHHKEKGPVUꢁCTGꢁNQUVꢁYJGPꢁCꢁOQFGꢁEJCPIGꢁꢐKPꢁ%QPHKIꢑꢁ  
QEEWTUꢅ  
652#%'ꢁꢐ5GNGEVꢁ6ꢍURCEGFꢁXUꢅꢁ6ꢌꢏꢍURCEGFꢁ'SWCNK\GTꢉꢁ8ꢅꢏꢂꢑ  
6JKUꢁDKVꢆꢁYJGPꢁUGVꢁVQꢁꢃꢆꢁUGNGEVUꢁCꢁ6ꢍURCEGFꢁ#'3ꢅꢁ9JGPꢁ  
TGUGVꢁVQꢁꢄꢆꢁKVꢁUGNGEVUꢁCꢁ6ꢌꢏꢁURCEGFꢁ#'3ꢅꢁ8ꢅꢏꢏꢌ8ꢅꢏꢏDKUꢌ$GNNꢁ  
ꢏꢃꢏ#ꢁOQFGUꢁCNYC[UꢁWUGꢁCꢁ6ꢌꢏꢍURCEGFꢁGSWCNK\GTꢅ  
ꢏꢎ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
/5VCVWU  
ꢄꢃ(ꢒ  
ꢄ*  
/QFGOꢀ%QPVTQNꢀCPFꢀ5VCVWU  
ꢃꢃ  
4'64#+0ꢁꢐ(QTEGꢁCꢁ4GVTCKPꢉꢁ8ꢅꢏꢏDKUꢑ  
9JGPꢁUGVꢆꢁVJKUꢁDKVꢁHQTEGUꢁCꢁTGVTCKPꢁKHꢁVJGꢁFCVCꢁRWORꢁJCUꢁC  
8ꢅꢏꢏDKUꢁEQPPGEVKQPꢅꢁ6JGꢁ%&'6ꢁꢐ4GIKUVGTꢁꢇꢁDKVꢁꢃꢑꢁDKVꢁKUꢁUGV  
VQꢁꢄꢁYJGPꢁVJGꢁTGVTCKPꢁJCUꢁDGIWPꢅꢁ6JGꢁ%&'6ꢁDKVꢁKUꢁUGVꢁVQꢁꢃ  
YJGPꢁVJGꢁTGVTCKPꢁJCUꢁDGGPꢁEQORNGVGFꢅꢁ6JGꢁFCVCꢁRWORꢁUGVU  
4'64#+0ꢁVQꢁꢄꢁYJGPꢁTGVTCKPꢁDGIKPUꢁCPFꢁYJGPꢁVJGꢁ*QUVꢁUGVU  
%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁVQꢁCP[ꢁFCVCꢁOQFGꢅ  
1((*11-ꢁꢐ'PCDNGꢁ1HHꢍ*QQMꢁ4GNC[ꢑ  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJGꢁ1*ꢁUKIPCNꢁVQꢁVJGꢁKPXGTVGFꢁXCNWGꢁQH  
VJKUꢁDKVꢅꢁ(QTꢁGZCORNGꢆꢁYJGPꢁ1((*11-ꢁKUꢁꢃꢆꢁVJGꢁFCVCꢁRWOR  
UGVUꢁ1*ꢁꢀ19ꢅꢁ9JGPꢁ1*ꢁKUꢁꢀ19ꢆꢁVJGꢁQHHꢍJQQMꢁTGNC[ꢁUJQWNF  
DGꢁENQUGFꢁKPꢁQTFGTꢁHQTꢁVJGꢁUKIPCNꢁHTQOꢁVJGꢁVGNGRJQPGꢁNKPGꢁVQ  
DGꢁRTGUGPVGFꢁVQꢁVJGꢁFCVCꢁRWORꢅ  
6JGFCVCRWORUGVU1((*11-VQYJGPVJG*QUVUGVU%QPꢍ  
HKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁDKVUꢁꢎ ꢄꢁꢐ/1&'ꢑꢁVQꢁꢋ  
ꢐ&+#ꢀꢑꢆQTVQCP[FCVCOQFGꢅ6JGFCVCRWORUGVU1((*11-  
VQꢁꢄꢁCVꢁCP[ꢁTGUGVꢅ  
/QFKH[ꢁ1((*11-ꢁQPN[ꢁYJGPꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍ  
ꢄꢁꢐ/1&'ꢑꢁDKVUꢁꢎ ꢄꢁꢐ/1&'ꢑꢁVQꢁꢄꢁꢐ56#0&$;ꢑꢁVQꢁCXQKFꢁKPVGTꢍ  
HGTGPEGꢁYKVJꢁVJGꢁFCVCꢁRWOR UꢁWUGꢁQHꢁVJKUꢁDKVꢅ  
'3/ꢀ/CZ6JTGUJꢁꢄꢃ(ꢎ  
ꢊꢄꢄ*  
'ꢊ/ꢀ/CZKOWOꢀ6JTGUJQNF  
6JGꢁWRRGTꢁCEEGRVCDNGꢁNKOKVꢁHQTꢁVJGꢁ'[Gꢁ3WCNKV[ꢁ/QPKVQTꢁꢐ'3/ꢑꢅꢁ&WTKPIꢁ8ꢅꢏꢏꢆ  
8ꢅꢏꢏDKUꢁQTꢁ$GNNꢁꢏꢃꢏ#ꢁFCVCꢁOQFGꢆꢁVJGꢁ'3/NGXꢁGZEGGFUꢁ'3//CZ6JTGUJꢆꢁCPF  
VJGꢁFCVCꢁRWORꢁUGVUꢁ&CVCꢁ2WORꢁ/KUEGNNCPGQWUꢁ%QPVTQNUꢁTGIKUVGTꢁDKVꢁꢊꢁꢐ'3'ꢑ  
VQ6JGFCVCRWORUGVUVJKUNQECVKQPVQKVUFGHCWNVXCNWGCVCP[TGUGVꢅ%JCPIꢍ  
GUꢁKPꢁXCNWGꢁVCMGꢁGHHGEVꢁCVꢁVJGꢁGPFꢁQHꢁVJGꢁPGZVꢁDCWFꢁRGTKQFꢅ  
4$5&1HH6JTGUJꢁꢁꢁꢄꢃ(ꢇ  
4$5&1P6JTGUJꢁꢁꢁꢁꢄꢃ(ꢊ  
ꢊꢈꢁF$O 4GEGKXGFꢀ3KPGꢀ5KIPCNꢀ&GVGEVꢀ1((ꢀ6JTGUJQNF  
ꢊꢋꢁF$O 4GEGKXGFꢀ3KPGꢀ5KIPCNꢀ&GVGEVꢀ10ꢀ6JTGUJQNF  
6JKUꢁTGIKUVGTꢁTGRTGUGPVUꢁVJGꢁWRRGTꢁCPFꢁNQYGTꢁVJTGUJQNFUꢁQHꢁVJGꢁTGEGKXGFꢁVGNGꢍ  
RJQPGꢁNKPGꢁGPGTI[ꢅꢁ+Hꢁ/QFGOꢁ5VCVWUꢁTGIKUVGTꢁDKVꢁꢃꢁꢐ%&'6ꢑꢁKUꢁꢃꢆꢁCPFꢁVJGꢁVGNGꢍ  
RJQPGꢁNKPGꢁGPGTI[ꢁHCNNUꢁDGNQYꢁ4ꢀ5&1HH6JTGUJꢆꢁVJGPꢁVJGꢁFCVCꢁRWORꢁUGVUꢁ/Qꢍ  
FGOꢁ5VCVWUꢁTGIKUVGTꢁDKVꢁꢃꢁꢐ%&'6ꢑꢁKUꢁꢄꢅꢁ+Hꢁ/QFGOꢁ5VCVWUꢁTGIKUVGTꢁDKVꢁꢃꢁꢐ%&'6ꢑ  
KUꢁꢃꢁCPFꢁVJGꢁVGNGRJQPGꢁNKPGꢁGPGTI[ꢁTKUGUꢁCDQXGꢁ4ꢀ5&1P6JTGUJꢁVJGPꢁVJGꢁFCVC  
RWORꢁUGVUꢁ/QFGOꢁ5VCVWUꢁTGIKUVGTꢁDKVꢁꢃꢁꢐ%&'6ꢑꢁVQꢁꢃꢅꢁ6JGUGꢁVJTGUJQNFUꢁUVCꢍ  
DKNK\G/QFGO5VCVWUTGIKUVGTDKV%&'6ꢑD[J[UVGTGUKUYJGP4ꢀ5&1HH6JTGUJ  
KUUGVVQCNQYGTXCNWGVJCP4ꢀ5&1P6JTGUJꢅ7UGVJGHQNNQYKPIHQTOWNCYJGTG  
VJTGUJꢁKUꢁURGEKHKGFꢁKPꢁF$OꢁCPFꢁKUꢁNGUUꢁQTꢁGSWCNꢁVQꢁꢄꢅ  
5/6'YDO   ꢍꢆ(SRZHU) ‰ ꢈꢆ ¼ ꢌꢈꢉꢅꢉ  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJKUꢁNQECVKQPꢁVQꢁKVUꢁFGHCWNVꢁXCNWGꢁCVꢁCP[ꢁTGUGVꢅꢁ%JCPIGU  
KPꢁXCNWGꢁVCMGꢁGHHGEVꢁCHVGTꢁVJGꢁPGZVꢁDCWFꢁRGTKQFꢅ  
ꢏꢒ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
%100A/QFG  
ꢄꢃ(ꢄ  
%QPPGEVKQPꢀ/QFGꢀ4GIKUVGT  
6JKUꢁ4#/ꢁNQECVKQPꢁTGRQTVUꢁVJGꢁEQPPGEVKQPꢁV[RGꢁCPFꢁURGGFꢁGUVCDNKUJGFꢁCHVGTꢁ  
JCPFUJCMGꢁKUꢁEQORNGVGFꢅꢁ6JGꢁXCNWGUꢁHQTꢁVJKUꢁNQECVKQPꢁCTGꢁVJGꢁUCOGꢁCUꢁ  
VJQUGꢁHQTꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢉ  
8CNWG  
ꢄꢈ  
&CVCꢀOQFGꢀURGEKHKGF  
8ꢅꢏꢏDKUꢁꢏꢊꢄꢄꢁDRUꢁOQFG  
ꢄꢂ  
8ꢅꢏꢏꢁꢃꢏꢄꢄꢁDRUꢁOQFG  
ꢄ$  
ꢃꢄ  
$GNNꢁꢏꢃꢏ#ꢁꢃꢏꢄꢄꢁDRUꢁOQFG  
8ꢅꢏꢃꢁꢋꢄꢄꢁDRUꢁOQFG  
ꢃꢃ  
$GNNꢁꢃꢄꢋꢁꢋꢄꢄꢁDRUꢁOQFG  
ꢃꢋ  
ꢃꢊ  
ꢏꢄ  
ꢏꢃ  
8ꢅꢏꢋꢁꢃꢏꢄꢄꢁDRUꢁ6ZꢌꢒꢇꢁDRUꢁ4ZꢁOQFGꢁ  
8ꢅꢏꢋꢁꢒꢇꢁDRUꢁ6ZꢌꢃꢏꢄꢄꢁDRUꢁ4ZꢁOQFGꢁ  
8ꢅꢏꢂꢁ3WKEMꢁ%QPPGEVꢁꢂꢎꢄꢄꢁDRUꢁOQFG  
8ꢅꢏꢂꢁ3WKEMꢁ%QPPGEVꢁꢒꢏꢄꢄꢁDRUꢁOQFG  
&6/(JANGXꢁꢁꢁꢁꢁꢁꢁꢄꢃ#ꢃ  
&6/(NANGXꢁꢁꢁꢁꢁꢁꢁꢄꢃ#ꢄ  
ꢎꢁF$O &6/(ꢀ6TCPUOKVꢀ3GXGNꢀ ꢀ*KIJꢀ$CPF  
ꢂꢁF$O &6/(ꢀ6TCPUOKVꢀ3GXGNꢀ ꢀ3QYꢀ$CPF  
6JGUGCTGꢁVJGꢁVTCPUOKVꢁNGXGNUꢁHQTꢁVJGꢁ&6/(ꢁNQYꢁDCPFꢁꢐ&6/(NANGXꢑꢁCPFꢁ&6/(  
JKIJꢁDCPFꢁꢐ&6/(JANGXꢑꢁHTGSWGPEKGUꢅꢁ6JGꢁNGXGNUꢁCTGꢁUGVꢁD[ꢁVJGꢁHQNNQYKPIꢁHQTꢍ  
OWNCꢁYJGTGꢁNGXꢁKUꢁURGEKHKGFꢁKPꢁF$OꢁCPFꢁNGUUꢁQTꢁGSWCNꢁVQꢁꢄꢅꢁ  
'7ꢐ)OHY   ꢍꢆ(OHY) ‰ ꢈꢆ ¼ ꢌꢈꢉꢅꢉ  
%JCPIGKPXCNWGVCMGUGHHGEVKPꢅꢃOUGEꢅ6JGFCVCRWORUGVUVJGUGNQECVKQPU  
VQꢁVJGKTꢁFGHCWNVꢁXCNWGUꢁCVꢁCP[ꢁTGUGVꢅ  
ꢏꢈ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
6QPG)GP#ꢀꢀꢀꢀꢀꢀꢄꢃꢂꢃ  
6QPG)GPꢉꢁꢁꢁꢁꢁꢁꢄꢃꢂꢎ  
6QPGꢀ)GPGTCVQTꢀ#  
6QPGꢀ)GPGTCVQTꢀ$  
6JGꢁFCVCꢁRWORꢁJCUꢁVYQꢁKPFGRGPFGPVꢁVQPGꢁIGPGTCVQTUꢆꢁGCEJꢁUKOWNVCPGQWUN[  
IGPGTCVKPIꢁCꢁRWTGꢁVQPGꢁYKVJꢁKVUꢁQYPꢁVTCPUOKVꢁNGXGNꢁYJGPꢁ%QPHKIWTCVKQPꢁTGIꢍ  
KUVGTDKVUꢍꢄ/1&'ꢑꢔꢃVTCPUOKVVQPGUꢑꢅ6JGQWVRWVUQHVJGVQPGIGPGTCVQTU  
CTGOKZGFVQIGVJGTꢅ6JGIGPGTCVGFHTGSWGPEKGUCTGUGVD[YTKVKPICEQGHHKEKGPV  
VQꢁVJGꢁ6QPGꢁ)GPGTCVQTꢁ#ꢁꢐ6QPG)GP#ꢑꢁQTꢁVJGꢁ6QPGꢁ)GPGTCVQTꢁ$ꢁꢐ6QPG)GP$ꢑ  
TGIKUVGTUꢅꢁ6JGꢁEQGHHKEKGPVꢁKUꢁFGHKPGFꢁCUꢉꢁYJGTGꢁHꢁKUꢁVJGꢁHTGSWGPE[ꢁQHꢁVJGꢁVQPG  
VQꢁDGꢁIGPGTCVGFꢅ  
p ¼ I  
ꢄꢅꢆꢆ  
ꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁ  
¼ ꢊꢆꢄꢅ  
FRHII  
 
[
6JGVTCPUOKVNGXGNUHQTVQPGIGPGTCVQTU#CPF$CTGUGVKPNQECVKQPUVJG&6/(  
ꢀQYꢁ$CPFꢁ6TCPUOKVꢁTGIKUVGTꢁꢐ&6/(NANGXꢑꢁCPFꢁVJGꢁ&6/(ꢁ*KIJꢁ$CPFꢁ6TCPUOKV  
ꢀGXGNꢁꢐ&6/(JANGXꢑꢁTGIKUVGTUꢆꢁTGURGEVKXGN[ꢅꢁ5GGꢁ 6TCPUOKVVKPIꢁ6QPGU ꢁQP  
RCIG ꢃꢍꢋꢏꢁHQTꢁOQTGꢁKPHQTOCVKQPꢁKPENWFKPIꢁCꢁFGUETKRVKQPꢁQHꢁUGVVKPIꢁVJGꢁVQPG  
VTCPUOKUUKQPꢁNGXGNUꢅ  
6Z$GXGNꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢄꢃꢈꢇ  
ꢃꢄꢁF$O 6TCPUOKVꢀ2QYGTꢀ3GXGN  
6QꢁUGVUꢁVJGꢁVTCPUOKVꢁRQYGTꢁNGXGNꢆꢁWUGꢁVJGꢁHQTOWNCꢁYJGTGꢁRQYGTꢁKUꢁURGEKHKGF  
KPꢁF$OꢁCPFꢁNGUUꢁVJCPꢁQTꢁGSWCNꢁVQꢁ ꢎꢅ  
7[/HYHO   ꢍꢆ(SRZHU) ‰ ꢈꢆ ¼ ꢈꢆꢊꢑ  
%JCPIGꢁKPꢁXCNWGꢁVCMGUꢁGHHGEVꢁCVꢁVJGꢁGPFꢁQHꢁVJGꢁDCWFꢁRGTKQFꢅ  
5GSꢊ%QWPV  
5GSꢂ%QWPV  
5GSꢇ%QWPV  
ꢃꢈ'  
0QPG  
&KCNꢀ6KOGTꢀ+PVGTꢋ2WNUGꢀ%QWPVꢁꢁꢁ5GG ꢁ5GSꢃ%QWPV  
ꢃꢈ& ꢂꢇꢁOUGE &KCNꢀ6KOGTꢀ1((ꢀ%QWPVꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ5GGꢁ 5GSꢃ%QWPV  
ꢃꢈ% ꢂꢇꢁOUGE &KCNꢀ6KOGTꢀ10ꢀ%QWPV  
5GSꢃ%QWPVꢆꢁ5GSꢏ%QWPVꢆꢁCPFꢁ5GSꢋ%QWPVꢁCTGꢁVKOGTꢁEQWPVUꢁKPꢁWPKVUꢁQHꢁ  
ꢃꢌꢂꢎꢄꢄꢁQHꢁCꢁUGEQPFꢆꢁHQTꢁ&6/(ꢁCPFꢁRWNUGꢁFKCNKPIꢅꢁ  
(QTꢁ&6/(ꢁFKCNKPIꢆꢁ5GSꢃ%QWPVꢁKUꢁVJGꢁNGPIVJꢁQHꢁVJGꢁFKIKVꢁQPꢍVKOGꢙꢁCPFꢁ  
5GSꢏ%QWPVꢁKUꢁVJGꢁNGPIVJꢁQHꢁVJGꢁFKIKVꢁ1((ꢍVKOGꢅꢁ  
(QTꢁRWNUGꢁFKCNKPIꢆꢁ5GSꢃ%QWPVꢁKUꢁVJGꢁNGPIVJꢁQHꢁVJGꢁDTGCMꢁRGTKQFꢙꢁ5GSꢏ%QWPVꢁ  
KUꢁVJGꢁNGPIVJꢁQHꢁVJGꢁOCMGꢁRGTKQFꢙꢁCPFꢁ5GSꢋ%QWPVꢁKUꢁVJGꢁNGPIVJꢁQHꢁVJGꢁRCWUGꢁ  
CHVGTꢁFKCNKPIꢁCꢁFKIKVꢅꢁ  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJGUGꢁNQECVKQPUꢁVQꢁVJGKTꢁFGHCWNVꢁXCNWGUꢁYJGPꢁVJGꢁ*QUVꢁ  
UGVUꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁKUꢁꢋꢁꢐ&+#ꢀꢑꢅꢁ  
ꢏꢂ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
ꢉKSWCFꢀ #ꢀ %QGHHKEKGPVU  
ꢃꢇ   
$KSWCFꢀ#ꢀCPFꢀ$ꢀ%QGHHKEKGPVU  
ꢄꢃꢇꢇ ꢄꢃꢇ'  
ꢉKSWCFꢀ ꢉꢀ %QGHHKEKGPVU  
ꢄꢃꢇ( ꢄꢃꢎꢈ  
6JGUGꢁNQECVKQPUꢁRTQITCOꢁVJGꢁHTGSWGPE[ꢁTCPIGꢁHQTꢁVJGꢁDKSWCFꢁVQPGꢁ  
FGVGEVQTUꢅꢁ6JGꢁEQGHHKEKGPVUꢁCTGꢁKPꢁVJGꢁHQNNQYKPIꢁQTFGTꢉꢁ  
DꢏꢆꢁDꢃꢆꢁCꢋꢆꢁCꢏꢆꢁCꢃꢆꢁ$ꢏꢆꢁ$ꢃꢆꢁ#ꢋꢆꢁ#ꢏꢆꢁ#ꢃꢅꢁ  
5GGꢁVJGꢁUGEVKQPꢁQPꢁ%CNNꢋ2TQITGUUꢀ/QPKVQTKPIꢀ7UKPIꢀ$KꢊWCFꢀ6QPGꢀ&GVGEVQTU  
HQTꢁOQTGꢁKPHQTOCVKQPꢅ  
&6&ꢁ &6&ꢇꢑ  
ꢃꢇ   
6QPGꢀ&GVGEVQTꢀ%QGHHKEKGPVU  
ꢄꢃꢊꢇ ꢄꢃꢇꢊ  
6JGUGꢁNQECVKQPUꢁUGVꢁVJGꢁVQPGꢁFGVGEVQTꢁEQGHHKEKGPVUꢁHQTꢁVJGꢁꢃꢎꢁFGVGEVQTUꢁKPꢁ  
VJGꢁU[UVGOꢅꢁ6JGꢁEQGHHKEKGPVUꢁCTGꢁUGVꢁD[ꢁWUKPIꢁVJGꢁHQNNQYKPIꢁHQTOWNCꢉ  
p ¼ I  
WRQH  
Ë
Í
Û
Ý
ꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁ  
FRHII  
  FRV  
¼ ꢌꢈꢉꢅꢉ  
WRQH  
ꢄꢅꢆꢆ  
YJGTGꢁꢐꢏꢁRKꢁZꢁHVQPGꢌꢂꢎꢄꢄꢑꢁKUꢁOGCUWTGFꢁKPꢁTCFKCPUꢅꢁ5GGꢁVJGꢁUGEVKQPꢁQPꢁ  
6QPGꢁ&GVGEVQTU ꢁQPꢁRCIG ꢃꢍꢋꢏꢁHQTꢁOQTGꢁKPHQTOCVKQPꢅ  
'3/NGXꢀꢀꢀꢁꢁꢁꢁꢁꢁꢄꢂꢏ  
ꢃꢇ   
'[GꢀꢊWCNKV[ꢀ/QPKVQTꢀꢇ'ꢊ/ꢈ  
6JKUꢁTGIKUVGTꢁRTQXKFGUꢁCꢁOGCUWTGꢁQHꢁNKPGꢁSWCNKV[ꢁFWTKPIꢁ8ꢅꢏꢏꢆꢁ8ꢅꢏꢏDKUꢆꢁQTꢁ$GNN  
ꢏꢃꢏ#ꢆꢁYJKNGꢁEQORWVKPIꢁCꢁTWPPKPIꢁCXGTCIGꢁQHꢁVJGꢁOGCPꢁUSWCTGꢁGTTQTꢁꢐ/5'ꢑ  
QHꢁ VJGꢁ TGEGKXGFꢁ RQKPVꢁ CPFꢁ FGEKUKQPꢁ RQKPVꢅꢁ 9JGPꢁ '3/NGXꢁ GZEGGFUꢁ '3/ꢍ  
/CZ6JTGUJꢆꢁ&CVCꢁ2WORꢁ/KUEGNNCPGQWUꢁ%QPVTQNUꢁTGIKUVGTꢁDKVꢁꢊꢁꢐ&REVTNꢅ'3'ꢑ  
KUꢁUGVꢁVQꢁꢃꢙꢁQVJGTYKUGꢆꢁKVꢁKUꢁUGVꢁVQꢁꢄꢅ  
ꢋꢄ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
ꢉK3WCF1HH6JTGUJꢁꢄꢇꢏ  
ꢊꢏꢁF$O $KSWCFꢀ6QPGꢀ&GVGEVQTUꢀ1((ꢀ2QKPVꢀ  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJKUꢁNQECVKQPꢁVQꢁKVUꢁFGHCWNVꢁXCNWGꢁYJGPꢁ%QPHKIWTCVKQPꢁ  
TGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁKUꢁUGVꢁVQꢁꢏꢁD[ꢁVJGꢁ*QUVꢅꢁ  
6JKUꢁNQECVKQPꢁECPꢁDGꢁWUGFꢁVQꢁUGVꢁVJGꢁQHHꢁRQKPVꢁHQTꢁVJGꢁ$KSWCFꢁVQPGꢁFGVGEVQTUꢅ  
+HꢁVJGꢁRQYGTꢁNGXGNꢁKUꢁDGNQYꢁVJKUꢁXCNWGꢆꢁVJGꢁFGVGEVQTꢁVWTPUꢁQHHꢁVJGꢁFGVGEVKQP  
UVCVWUꢁDKVꢅꢁ  
7UGꢁVJGꢁHQNNQYKPIꢁHQTOWNCꢁVQꢁUGVꢁVJGꢁVJTGUJQNFꢁYJGTGꢁVJGꢁNGXGNꢁKUꢁKPꢁF$Oꢉ  
7KUHVKROG   ꢍꢆ(OHYHO) ‰ ꢈꢆ ¼ ꢌꢈꢉꢅꢉ  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJKUꢁNQECVKQPꢁVQꢁKVUꢁFGHCWNVꢁXCNWGꢁYJGPꢁVJGꢁ*QUVꢁUGVU  
%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁVQꢁꢏꢁꢐ&'6'%6ꢁ610'5ꢑꢅ  
ꢋꢇꢁF$O $KSWCFꢀ6QPGꢀ&GVGEVQTUꢀ10ꢀ2QKPVꢀ  
ꢉK3WCF1P6JTGUJꢀꢄꢇꢃ  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJKUꢁNQECVKQPꢁVQꢁKVUꢁFGHCWNVꢁXCNWGꢁYJGPꢁ%QPHKIWTCVKQPꢁ  
TGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁKUꢁUGVꢁVQꢁꢏꢁD[ꢁVJGꢁ*QUVꢅꢁ  
6JKUNQECVKQPECPDGWUGFVQUGVVJGꢁ QP RQKPVHQTVJG$KSWCFVQPGFGVGEVQTUꢅ  
+HꢁVJGꢁRQYGTꢁNGXGNꢁKUꢁCDQXGꢁVJKUꢁXCNWGꢆꢁVJGꢁFGVGEVQTꢁVWTPUꢁQPꢁVJGꢁFGVGEVKQP  
UVCVWUꢁDKVꢅ  
7UGꢁVJGꢁHQNNQYKPIꢁHQTOWNCꢁVQꢁUGVꢁVJGꢁVJTGUJQNFꢁYJGTGꢁNGXGNꢁKUꢁKPꢁF$Oꢉ  
7KUHVKROG   ꢍꢆ(OHYHO) ‰ ꢈꢆ ¼ ꢌꢈꢉꢅꢉ  
6JGꢁFCVCꢁRWORꢁUGVUꢁVJKUꢁNQECVKQPꢁVQꢁKVUꢁFGHCWNVꢁXCNWGꢁYJGPꢁVJGꢁ*QUVꢁUGVU  
%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁVQꢁꢏꢁꢐ&'6'%6ꢁ610'5ꢑꢅ  
&KUETGVGꢀ6QPGꢀ&GVGEVQTꢀ3GXGNU  
&6&ꢁ$GX ꢀꢀꢀꢀꢀꢀꢏꢎ ꢋꢇ  
ꢀ&6&ꢇꢑ$GXꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
6JGUGꢁNQECVKQPUꢁTGRTGUGPVꢁVJGꢁVQPGꢁFGVGEVQTꢁNGXGNUꢁYJGPꢁKPꢁVJGꢁ6QPGꢁ  
&GVGEVꢁOQFGꢁꢐ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁKUꢁꢄꢏ*ꢑꢅꢁ6JGUGꢁCTGCUꢁ  
OC[ꢁDGꢁWUGFꢁD[ꢁVJGꢁ*QUVꢁVQꢁFGVGTOKPGꢁYJKEJꢁVQPGꢁKUꢁFQOKPCPVꢁKHꢁOWNVKRNGꢁ  
VQPGUꢁCTGꢁFGVGEVGFꢅꢁ6JGTGꢁKUꢁPQꢁFGHCWNVꢁKPꢁVJGUGꢁNQECVKQPUꢅ  
ꢏꢊꢁF$O &KUETGVGꢀ6QPGꢀ&GVGEVQTꢀ6JTGUJQNF  
&6&6JTGUJꢁꢁꢁꢁꢁꢁꢁꢁꢄꢋ  
6JKUꢁNQECVKQPꢁRTQITCOUꢁVJGꢁVJTGUJQNFꢁHQTꢁCNNꢁFKUETGVGꢁVQPGꢁFGVGEVQTUꢅꢁ#P[ꢁ  
UKIPCNꢁYJQUGꢁUKIPCNꢁUVTGPIVJꢁKUꢁCDQXGꢁVJKUꢁVJTGUJQNFꢁVWTPUꢁQPꢁVJGꢁFGVGEVKQPꢁ  
DKVꢁHQTꢁVJCVꢁVQPGꢅꢁ#P[ꢁUKIPCNꢁDGNQYꢁVJKUꢁVJTGUJQNFꢁVWTPUꢁQHHꢁVJGꢁFGVGEVKQPꢁDKVꢁ  
HQTꢁVJCVꢁVQPGꢅꢁ6JKUꢁNQECVKQPꢁECPꢁDGꢁRTQITCOOGFꢁWUKPIꢁVJGꢁHQNNQYKPIꢁ  
HQTOWNCꢉ  
7KUHVKROG   ꢍꢆ(OHYHO) ‰ ꢈꢆ ¼ ꢌꢈꢉꢅꢉ  
6JKUꢁNQECVKQPꢁOWUVꢁDGꢁRTQITCOOGFꢁCHVGTꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁ  
ꢐ/1&'ꢑꢁKUꢁUGVꢁVQꢁFGVGEVꢁVQPGꢁꢐꢄꢏ*ꢑꢆꢁDGECWUGꢁVJGꢁFCVCꢁRWORꢁTGUGVUꢁVJKUꢁ  
NQECVKQPꢁVQꢁKVUꢁFGHCWNVꢁYJGPꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁKUꢁUGVꢁ  
VQꢁVQPGꢁ&'6'%6ꢁOQFGꢅꢁ5GGꢁ 6QPGꢁ&GVGEVQTU ꢁHQTꢁOQTGꢁKPHQTOCVKQPꢅ  
ꢋꢃ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6CDNG ꢇꢑꢈ /QFGOꢀ&CVCꢀ2WORꢀ9QTFꢀ&GHKPKVKQPU ꢅ%QPVKPWGFꢆ  
&GHCWNVꢀ  
4GIKUVGTꢀꢖꢀ#FFTGUUꢀꢅJGZꢆ 8CNWGꢐꢉKV (WPEVKQPꢀCPFꢀ'ZRNCPCVKQP  
&6&5VCVWUꢁꢁꢁꢁꢁꢁꢁꢁꢄꢄ  
&KUETGVGꢀ6QPGꢀ&GVGEVQTꢀ5VCVWU  
6JKUꢁNQECVKQPꢁKPFKECVGUꢁVJGꢁUVCVWUꢁQHꢁVJGꢁVQPGꢁFGVGEVQTUꢁYJGPꢁKPꢁ610'ꢁ  
&'6'%6ꢁOQFGꢁꢐ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁKUꢁꢄꢏ*ꢑꢅꢁ$KVꢁꢄꢁ  
KPFKECVGUꢁVJGꢁUVCVWUꢁQHꢁFGVGEVQTꢁꢄꢆꢁDKVꢁꢃꢁꢐVJGꢁUVCVWUꢁQHꢁFGVGEVQTꢁꢃꢑꢆꢁCPFꢁUQꢁ  
QPꢅꢁ6JKUꢁNQECVKQPꢁKUꢁQPN[ꢁXCNKFꢁYJGPꢁKPꢁ610'ꢁ&'6'%6ꢁOQFGꢅ  
6JGꢁTGURQPUGꢁVKOGꢁQHꢁVJGꢁVQPGꢁFGVGEVQTUꢁKUꢁFGRGPFGPVꢁCVꢁVJGꢁHTGSWGPE[ꢁQHꢁ  
VJGꢁVQPGꢁDGKPIꢁFGVGEVGFꢁCPFꢁUCORNKPIꢁTCVGꢁQHꢁVJGꢁFCVCꢁRWORꢅꢁ  
9JGPꢁVJGꢁ*QUVꢁUGVUꢁ%QPHKIWTCVKQPꢁTGIKUVGTꢁDKVUꢁꢎꢍꢄꢁꢐ/1&'ꢑꢁKUꢁꢄꢁ  
ꢐ56#0&$;ꢑꢆꢁQTꢁTGUGVUꢁVJGꢁFCVCꢁRWORꢆꢁVJGꢁFCVCꢁRWORꢁYTKVGUꢁKVUꢁRCTVꢁ  
PWODGTꢁKPVQꢁVJKUꢁNQECVKQPꢅꢁ  
64#05/+66+0)ꢀ610'5  
7KHꢀGDWDꢀSXPSꢀKDVꢀWZRꢀWRQHꢀJHQHUDWRUVꢋꢀHDFKꢀZLWKꢀWKHLUꢀRZQ  
WUDQVPLWꢀOHYHOꢀꢂVHHꢀ)LJXUHꢀꢄꢃꢇꢀ7KHꢀRXWSXWVꢀDUHꢀPL[HGꢀWRJHWKꢁ  
HUꢇꢀ7KHꢀIUHTXHQF\ꢀRIꢀWKHꢀWRQHVꢀDUHꢀSURJUDPPHGꢀE\ꢀZULWLQJ  
FRHIILFLHQWVꢀWRꢀORFDWLRQVꢀ7RQH*HQ$ꢀDQGꢀ7RQH*HQ%ꢇꢀ7KH  
WUDQVPLWꢀOHYHOVꢀDUHꢀSURJUDPPHGꢀE\ꢀZULWLQJꢀYDOXHVꢀWRꢀWKH  
'7ꢐ)ꢀ/RZꢀ%DQGꢀ7UDQVPLWꢀ/HYHOꢀꢂ'7ꢐ)OBOHYꢃꢀDQGꢀWKH  
'7ꢐ)ꢀ+LJKꢀ%DQGꢀ7UDQVPLWꢀ/HYHOꢀꢂ'7ꢐ)KBOHYꢃꢇꢀ,IꢀRQO\  
RQHꢀWRQHꢀLVꢀWRꢀEHꢀWUDQVPLWWHGꢋꢀWKHꢀRWKHUꢀWRQHꢀJHQHUDWRU¶V  
WUDQVPLWꢀOHYHOꢀLVꢀVHWꢀWRꢀ0ꢀWRꢀGLVDEOHꢀLWꢇ  
)RUꢀH[DPSOHꢋꢀWRꢀJHQHUDWHꢀDꢀꢈꢍꢆꢆꢁ+]ꢀ$QVZHUꢀ7RQHꢀIRUꢀꢌꢇꢌ  
VHFRQGVꢀDWꢀ±ꢍꢆG%Pꢒ  
ꢍꢇ 6HWꢀWKHꢀ7RQH*HQ$ꢀUHJLVWHUꢀWRꢀ015FEH  
ꢈꢇ 6HWꢀWKHꢀ'7ꢐ)OBOHYꢀUHJLVWHUꢀWRꢀ0287H  
ꢌꢇ 6HWꢀ WKHꢀ '7ꢐ)KBOHYꢀ UHJLVWHUꢀ WRꢀ 0ꢋꢀ GLVDEOLQJꢀ 7RQH  
*HQHUDWRUꢀ%ꢇ  
ꢊꢇ 6HWꢀ &RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ ꢂꢐ2'(ꢃꢀ WRꢀ 1  
64#05/+6ꢁ610'ꢃꢇ  
ꢏꢇ :DLWꢀꢌꢇꢌꢀVHFRQGVꢋꢀWKHQꢀVHWꢀ&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅꢁꢆ  
ꢂꢐ2'(ꢃꢀWRꢀ0ꢀꢂ56#0&$;ꢃꢇ  
(KIWTG ꢃꢈ 6TCPUOKVVKPIꢀ6QPGU  
610'ꢀ&'6'%6145  
7KHUHꢀDUHꢀꢍꢅꢀWRQHꢀGHWHFWRUVꢀLQꢀWKHꢀGDWDꢀSXPSꢇꢀ7KH\ꢀDUHꢀSURꢁ  
JUDPPHGꢀE\ꢀVHWWLQJꢀXSꢀRQHꢀZRUGꢀIRUꢀHDFKꢀWRQHꢀGHWHFWRUꢇ  
7KHUHꢀLVꢀRQHꢀJOREDOꢀWKUHVKROGꢀVHWWLQJꢀIRUꢀDOOꢀꢍꢅꢀWRQHꢀGHWHFꢁ  
WRUVꢇꢀ7KHꢀDGGUHVVHVꢀIRUꢀWKHꢀWRQHꢀGHWHFWRUVꢀDUHꢀDVꢀIROORZVꢒ  
7RQHꢀ'HWHFWRUꢀ&RHIILFLHQWV²0145±0154H  
Tone0–Tone15  
7RQHꢀ'HWHFWRUꢀ5HFHLYHꢀ/HYHOV²026H–035H  
DTD0lev–DTD15lev  
7RQHꢀ'HWHFWRUꢀ7KUHVKROG±03H  
7RQHꢀ'HWHFWRUꢀ6WDWXV±00H  
ꢋꢏ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
7KHꢀWRQHꢀFRHIILFLHQWVꢀDUHꢀFDOFXODWHGꢀDVꢀIROORZVꢒ  
7KHꢀ'HWHFWRUVꢀDUHꢀVHWꢀXSꢀDVꢀLOOXVWUDWHGꢀLQꢀ)LJXUHꢀꢍꢆꢒ  
p ¼ IWRQH  
ꢄꢅꢆꢆ  
Ë
Í
Û
Ý
ꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁ  
FRHIIWRQH   FRV  
¼ ꢌꢈꢉꢅꢉ  
7KHꢀGHIDXOWꢀYDOXHVꢀRQꢀUHVHWꢀDUHꢀUHSUHVHQWHGꢀLQꢀ7DEOHꢀꢍꢅꢒ  
6CDNG ꢇꢔꢈ 6QPGꢀ&GVGEVQTꢀ&GHCWNVꢀ8CNWGU  
6QPGꢀ&GVGEVQT  
(TGSWGPE[ꢀ&GVGEVGFꢀꢅ*\ꢆ  
ꢎꢂꢒ  
ꢒꢒꢄ  
ꢈꢇꢏ  
ꢂꢊꢃ  
ꢃꢄ  
ꢃꢃ  
ꢃꢏ  
ꢃꢋ  
ꢃꢊ  
ꢃꢇ  
ꢃꢏꢄꢂ  
ꢃꢋꢋꢎ  
ꢃꢊꢒꢒ  
ꢃꢎꢋꢋ  
ꢃꢒꢇꢄ  
ꢃꢈꢄꢄ  
ꢃꢎꢇꢄ  
ꢏꢏꢏꢇ  
ꢏꢏꢇꢄ  
ꢃꢋꢄꢄ  
ꢏꢃꢄꢄ  
ꢎꢄꢄ  
7KHꢀWKUHVKROGꢀLVꢀFDOFXODWHGꢀDVꢀIROORZV ZKHUHꢀOHYHOꢀLVꢀLQ  
G%Pꢒ  
(KIWTG ꢇꢁꢈ 6QPGꢀ&GVGEVQTU  
7KUHVKROG   ꢍꢆ(OHYHO) ‰ ꢈꢆ ¼ ꢌꢈꢉꢅꢉ  
0QVGꢄ 7RQHꢀGHWHFWꢀPRGHꢀLVꢀWKHꢀVDPHꢀPRGHꢀXVHGꢀIRUꢀ%LTXDG  
WRQHꢀGHWHFWRUVꢋꢀEHFDXVHꢀERWKꢀ%LTXDGꢀWRQHꢀGHWHFWRUVꢀDQG  
WRQHꢀGHWHFWRUVꢀUXQꢀFRQFXUUHQWO\ꢇꢀ$VꢀDꢀUHVXOWꢋꢀWKHꢀ+RVWꢀLV  
DOORZHGꢀWRꢀORRNꢀIRUꢀLQGLYLGXDOꢀDQVZHUꢀWRQHVꢀDVꢀZHOOꢀDV  
FDOOꢁSURJUHVVꢀWRQHVꢇ  
7KHꢀGHIDXOWꢀYDOXHꢀIRUꢀWKHꢀWKUHVKROGꢀLVꢀ±ꢈꢊꢀG%Pꢇꢀ7KLVꢀYDOXH  
LVꢀVHWꢀHYHU\ꢀWLPHꢀ&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅꢁꢆꢀꢂꢐ2'(ꢃ  
LVVHWXSWRGHWHFWWRQHVꢇ,IWKHXVHUꢀUHTXLUHVꢀDGLIIHUHQWYDOXHꢋ  
LWꢀPXVWꢀEHꢀUHORDGHGꢀDIWHUꢀ&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅꢁꢆ  
ꢂꢐ2'(ꢃꢀLVꢀVHWꢀWRꢀGHWHFWꢀWRQHVꢇꢀ  
7RꢀXVHꢀWKHꢀWRQHꢀGHWHFWRUVꢋꢀSHUIRUPꢀWKHꢀIROORZLQJꢀVWHSVꢒ  
ꢍꢇ :ULWHꢀWKHꢀWRQHꢀGHWHFWRUꢀFRHIILFLHQWVꢀ('7'ꢆꢀDQGꢀ'7'ꢍ  
UHJLVWHUVꢋꢀ01450154Hꢃꢇ  
ꢈꢇ 6HWꢀ&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅꢁꢆꢀꢂꢐ2'(ꢃꢀWRꢀ610'  
&'6'%6ꢁPRGHꢀꢂꢆꢈ+ꢃꢇꢀ  
ꢌꢇ 6HWꢀXSꢀWKHꢀWRQHꢀGHWHFWRUꢀWKUHVKROGꢀ'7'7KUHVKꢇ  
ꢊꢇ ,QVSHFWꢀWKHꢀWRQHꢀGHWHFWRUꢀVWDWXVꢇ  
ꢏꢇ :KHQꢀ WKHꢀ GHWHFWLRQꢀ SKDVHꢀ LVꢀ FRPSOHWHꢋꢀ VHW  
&RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ ꢂꢐ2'(ꢃꢀ WRꢀ VWDQGE\  
ꢂꢆꢆ+ꢃꢇ  
ꢋꢋ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
%#$$ꢌ241)4'55ꢀ/10+614+0)ꢀ75+0)ꢀꢉ+37#&ꢀ610'ꢀ&'6'%6145  
7KHꢀGDWDꢀSXPSꢀFRQWDLQVꢀWZRꢀELTXDGꢀWRQHꢀGHWHFWRUVꢀWKDWꢀDUH  
FDSDEOHꢀRIꢀGHWHFWLQJꢀHQHUJ\ꢀLQꢀDꢀIUHTXHQF\ꢀEDQGꢇꢀ7KHVHꢀGHꢁ  
WHFWRUVꢀDUHꢀXVHIXOꢀIRUꢀFDOOꢁSURJUHVVꢀPRQLWRULQJꢋꢀZKHUHꢀWKH  
H[DFWꢀIUHTXHQF\ꢀRIꢀWKHꢀLQFRPLQJꢀVLJQDOꢀLVꢀQRWꢀNQRZQꢇꢀ(DFK  
ELTXDGꢀWRQHꢀGHWHFWRUꢀLVꢀFRPSRVHGꢀRIꢀWZRꢀFDVFDGHGꢋꢀLQGHꢁ  
SHQGHQWO\ꢀSURJUDPPDEOHꢋꢀELTXDGꢀVHFWLRQVꢇꢀ7KHꢀRUGHUꢀRIꢀELꢁ  
TXDGꢀFRHIILFLHQWVꢀLQꢀ5$ꢐꢀLVꢒ  
VHWVWKHELTXDGWRQHGHWHFWRUFRHIILFLHQWVWRWKHLUGHIDXOWVHWꢁ  
WLQJVꢀDWꢀDQ\ꢀUHVHWꢇ  
6CDNG ꢇꢍꢈ ꢉKSWCFꢀ5GEVKQPꢀꢇꢀ%QGHHKEKGPVUꢀꢅ*GZꢆ  
ꢉCPFꢀꢅ*\ꢆ  
Dꢂ  
Dꢇ  
Cꢊ  
Cꢂ  
Cꢇ  
ꢄꢅꢌ ꢍꢌꢆ %ꢒꢒꢊ  
ꢒꢎꢄꢃ  
ꢄꢒꢃꢎ  
((ꢇ%  
(ꢇ($  
ꢄꢄꢄꢄ  
ꢄꢒꢃꢎ  
ꢄꢄ#ꢊ  
ꢎꢍꢆ ꢅꢅꢆ %ꢃꢊꢈ ꢒ#ꢎꢎ  
EꢈꢋꢀEꢍꢋꢀDꢌꢋꢀDꢈꢋꢀDꢍꢋꢀ%ꢈꢋꢀ%ꢍꢋꢀ$ꢌꢋꢀ$ꢈꢋꢀ$ꢍ  
7KHꢀDGGUHVVHVꢀIRUꢀWKHꢀFRHIILFLHQWVꢀIRUꢀWKHꢀWZRꢀVHFWLRQVꢀVWDUW  
DWꢀ0155H (610'#)ꢀDQGꢀ015FH (610'$)ꢇꢀ7KHꢀVDPSOH  
UDWHꢀLVꢀꢄꢅꢆꢆꢀ+]ꢇ  
6CDNG ꢇꢕꢈ ꢉKSWCFꢀ5GEVKQPꢀꢂꢀ%QGHHKEKGPVUꢀꢅ*GZꢆ  
ꢉCPFꢀꢅ*\ꢆ  
ꢉꢂ  
ꢉꢇ  
#ꢊ  
#ꢂ  
#ꢇ  
7KHWUDQVIHUHTXDWLRQꢀIRUꢀHDFKꢀVHFWLRQRIWKHꢀELTXDGꢀWRQHꢀGHꢁ  
WHFWRUꢀLVꢀRIꢀWKHꢀIRUPꢒ  
ꢄꢅꢌ ꢍꢌꢆ %ꢎꢋ'  
ꢎ('ꢃ  
(ꢈ'#  
ꢄꢄꢄꢄ  
ꢄꢒꢃꢎ  
ꢎꢍꢆ ꢅꢅꢆ %ꢒ%& ꢒꢊꢋꢈꢉꢄ ꢄꢃ## ('$% ꢄꢃ##  
(D  D=  D=)  
+Q   ꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁ  
( ꢈE= ꢈE=)  
7RꢀXVHꢀWKHꢀ%LTXDGꢀWRQHꢀGHWHFWRUVꢀWRꢀSHUIRUPꢀ&DOOꢁ3URJUHVV  
ꢐRQLWRULQJꢋꢀH[HFXWHꢀWKHꢀIROORZLQJꢒ  
7KHUHꢀDUHꢀWZRꢀWKUHVKROGꢀVHWWLQJVꢀDIIHFWLQJꢀERWKꢀELTXDGꢀWRQH  
GHWHFWRUVꢇꢀ7KHꢀORFDWLRQVꢀ%L4XDG2II7KUHVKꢀDQGꢀ%L4XDꢁ  
G2Q7KUHVKꢀGHILQHꢀWKHꢀRQꢀDQGꢀRIIꢀK\VWHUHVLVꢀSRLQWVꢒ  
ꢍꢇ 6HWꢀ WKHꢀ FRHIILFLHQWVꢇꢀ &RHIILFLHQWVꢀ WKDWꢀ DUHꢀ FKDQJHG  
UHPDLQꢀYDOLGꢀXQWLOꢀWKHꢀQH[WꢀUHVHWꢇ  
ꢍꢇ %L4XDG2II7KUHVK±ꢆꢏꢈ+±2))ꢀSRLQWꢇ  
ꢈꢇ %L4XDG2Q7KUHVK±ꢆꢏꢍ+±21ꢀSRLQWꢇ  
ꢈꢇ 6HWꢀ &RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ ꢂꢐ2'(ꢃꢀ WRꢀ   
&'6'%6ꢁ610'5ꢃꢇꢀ7KHꢀELTXDGꢀWRQHꢀGHWHFWRUVꢀDQGꢀWKH  
GLVFUHWHꢀWRQHꢀGHWHFWRUVꢀRSHUDWHꢀVLPXOWDQHRXVO\ꢀWRꢀDOORZ  
WKHꢀ+RVWꢀWRꢀORRNꢀIRUꢀFDOOꢁSURJUHVVꢀWRQHVꢀDQGꢀLQGLYLGXDO  
DQVZHUꢀWRQHVꢀDWꢀWKHꢀVDPHꢀWLPHꢇ  
8VHꢀWKHꢀIROORZLQJꢀIRUPXODꢀWRꢀVHWꢀWKHꢀWKUHVKROGVꢀZKHUHꢀOHYHO  
LVꢀLQꢀG%Pꢒ  
7KUHVKROG   ꢍꢆ(OHYHO) ‰ ꢈꢆ ¼ ꢌꢈꢉꢅꢉ  
ꢌꢇ 6HWꢀ WKHꢀ %LTXDG2Q7KUHVKꢀ DQGꢀ %LTXDG2II7KUHVK  
YDOXHVꢇ  
7KHꢀGHIDXOWꢀYDOXHVꢀDUHꢀ±ꢌꢏꢀG%Pꢀꢂ%L4XDG2Q7KUHVKꢃꢀDQG  
±ꢊꢈG%Pꢀꢂ%L4XDG2II7KUHVKꢃꢇ  
ꢊꢇ ,IꢀWKHꢀWZRꢀELTXDGꢀWRQHꢀGHWHFWRUVꢀDUHꢀWRꢀEHꢀFDVFDGHGꢋ  
VHWꢀWKHꢀ7RQH6WDWXVꢀUHJLVWHUꢀELWꢀꢍꢌꢀꢂ%#5%#&'ꢃꢀWRꢀꢍꢇ  
,IꢀUHTXLUHGꢋꢀVHWꢀ7RQH6WDWXVꢀUHJLVWHUꢀELWꢀꢏꢀꢂ534&+5ꢃꢀWR  
ꢍꢀWRꢀGLVDEOHꢀWKHꢀVTXDUHUꢀZKHQꢀWKHꢀWRQHꢀGHWHFWRUVꢀDUH  
FDVFDGHGꢇ  
7KHꢀELTXDGꢀWRQHꢀGHWHFWRUꢀVWDWXVꢀLVꢀFRQWDLQHGꢀLQꢀWKHꢀ7RQH6WDꢁ  
WXVꢀUHJLVWHUꢀELWꢀꢍꢏꢀꢂ610'#ꢃꢀDQGꢀ7RQH6WDWXVꢀUHJLVWHUꢀELWꢀꢍꢊ  
610'$ꢃꢇꢀ7KHꢀUHVSRQVHꢀWLPHꢀRIꢀWKHꢀELTXDGꢀWRQHꢀGHWHFWRUV  
GHSHQGVꢀRQꢀWKHꢀFRHIILFLHQWVꢀDQGꢀWKHꢀLQSXWꢀVLJQDOꢀIUHTXHQF\ꢇꢀ  
ꢏꢇ ,QVSHFWꢀ 7RQH6WDWXVꢀ UHJLVWHUꢀ ELWꢀ ꢍꢏꢀ 610'#ꢃꢀ DQG  
7RQH6WDWXVꢀ UHJLVWHUꢀ ELWꢀ ꢍꢊꢀ 610'$ꢃꢀ IRUꢀ WKHꢀ GHWHFWLRQ  
VWDWXVꢇꢀ ,I7RQH6WDWXVꢀ UHJLVWHUELWꢀ ꢍꢌꢀ %#5%#&'ꢃꢀ LVꢀ ꢍꢋ  
RQO\ꢀLQVSHFWꢀ7RQH6WDWXVꢀUHJLVWHUꢀELWꢀꢍꢏꢀꢂ610'#ꢇꢃꢇ  
7KHꢀELTXDGꢀWRQHꢀGHWHFWRUVꢀFDQꢀEHꢀFDVFDGHGꢀWRꢀIRUPꢀRQHꢀWRQH  
GHWHFWRUꢀZLWKꢀꢊꢀELTXDGꢀVHFWLRQVꢀꢂDQꢀꢑWKꢀRUGHUꢀ,,5ꢀILOWHUꢃꢀE\  
VHWWLQJꢀ7RQH6WDWXVꢀUHJLVWHUꢀELWꢀꢍꢌꢀꢂ%#5%#&'ꢃꢇꢀ,QꢀWKLVꢀFDVHꢋ  
7RQH6WDWXVꢀUHJLVWHUꢀELWꢀꢍꢏꢀꢂ610'#ꢃꢀFRQWDLQVꢀWKHꢀVWDWXVꢀRI  
WKHꢀFDVFDGHGꢀWRQHꢀGHWHFWRUꢋꢀDQGꢀ7RQH6WDWXVꢀUHJLVWHUꢀELWꢀꢏ  
534&+5ꢃꢀFRQWUROVꢀZKHWKHUꢀWKHꢀRXWSXWꢀRIꢀELTXDGꢀWRQH  
GHWHFWRUꢀ%ꢀLVꢀVTXDUHGꢀEHIRUHꢀEHLQJꢀLQSXWꢀWRꢀELTXDGꢀWRQH  
GHWHFWRUꢀ$ꢇ  
ꢅꢇ 7LPHꢀWKHꢀ21ꢀWLPHꢀDQGꢀWKHꢀ2))ꢀWLPHꢀRIꢀWKHꢀWRQHꢀꢂVꢃꢀWR  
SURYLGHꢀWKHꢀFDGHQFHꢋꢀZKLFKꢀLVꢀXVHGꢀWRꢀLGHQWLI\ꢀWKHꢀW\SH  
RIꢀ FDOOꢁSURJUHVVꢀ WRQHꢀ GHWHFWHGꢇꢀ )RUꢀ H[DPSOHꢋꢀ ꢆꢇꢏ  
VHFRQGꢀRQꢋꢀꢆꢇꢏꢀVHFRQGꢀRIIꢀLVꢀXVXDOO\ꢀDꢀ%86<ꢀWRQHꢇ  
ꢉꢇ $IWHUꢀ FDOOꢁSURJUHVVꢀ PRQLWRULQJꢀ LVꢀ FRPSOHWHꢋꢀ VHW  
&RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ /1&'ꢃꢀ WRꢀ   
56#0&$;  
7KHGHIDXOWVHWWLQJVIRUWKHELTXDGWRQHGHWHFWRUFRHIILFLHQWV  
DUHꢀLQGLFDWHGꢀLQꢀ7DEOHꢀꢍꢉꢀDQGꢀ7DEOHꢀꢍꢑꢋꢀZKHUHꢀWKHꢀILUVWꢀURZ  
LVꢀ721($ꢀDQGꢀWKHꢀVHFRQGꢀURZꢀLVꢀ721(%ꢇꢀ7KHꢀGDWDꢀSXPS  
ꢋꢊ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
&+#$+0)ꢀ  
7KHꢀGDWDꢀSXPSꢀPD\ꢀEHꢀSURJUDPPHGꢀWRꢀGLDOꢀXVLQJꢀHLWKHU  
'7ꢐ)ꢀWRQHVꢋꢀRUꢀPDNHꢎEUHDNꢀSXOVHVꢇꢀ%\ꢀGHIDXOWꢋꢀWKHꢀGDWD  
SXPSꢀLVꢀFRQILJXUHGꢀIRUꢀWRQHꢀꢂ'7ꢐ)ꢃꢀGLDOLQJꢇꢀ  
ꢊꢇ )RUꢀFRQWLQXRXVꢀRSHUDWLRQꢋꢀVHWꢀ5$ꢐꢀ&RQWUROꢀDQGꢀ6WDWXV  
UHJLVWHUꢀ ELWꢀ ꢌꢀ ꢂ5763ꢃꢀ WRꢀ 1 WRꢀ VWDUWꢀ WUDQVPLWWLQJꢀ WKH  
'7ꢐ)ꢀWRQHꢋꢀDQGꢀWRꢀ0ꢀWRꢀVWRSꢇꢀ  
ꢏꢇ )RUꢀ WLPHGꢀ RSHUDWLRQꢋꢀ VHWꢀ 5$ꢐꢀ &RQWUROꢀ DQGꢀ 6WDWXV  
UHJLVWHUELW4652WRWRGLDOWKHGLJLWꢇ7KHGDWD  
SXPSꢀVHWVꢀꢐRGHPꢀ6WDWXVꢀUHJLVWHUꢀELWꢀꢊꢀꢂ&2$75;ꢃꢀWRꢀ1  
ZKLOHLWꢀGLDOVꢀWKHꢀGLJLWꢇꢀ6HWꢀ5$ꢐꢀ&RQWUROꢀDQGꢀ6WDWXV  
UHJLVWHUꢀ ELWꢀ ꢌꢀ 4652ꢃꢀ WRꢀ 0 DIWHUꢀ WKHꢀ GLJLWꢀ KDVꢀ EHHQ  
GLDOHGꢇꢀ7KHꢀGDWDꢀSXPSꢀVHWVꢀꢐRGHPꢀ6WDWXVꢀUHJLVWHUꢀELW  
ꢊꢀꢂ&2$75;ꢃꢀWRꢀ0ꢀZKHQꢀWKHꢀGLDOꢀVHTXHQFHꢀLVꢀFRPSOHWHGꢇꢀ  
6QPGꢀ&KCNKPI  
7RQHGLDOLQJPD\EHHLWKHUFRQWLQXRXVRUWLPHGꢇ&RQWLQXRXV  
GLDOLQJꢀJHQHUDWHVꢀWKHꢀUHTXLUHGꢀWRQHꢀXQWLOꢀWKHꢀ+RVWꢀVSHFLILꢁ  
FDOO\ꢀVKXWVꢀLWꢀRIIꢇꢀ7LPHGꢀGLDOLQJꢀDOORZVꢀWKHꢀ+RVWꢀWRꢀVSHFLI\  
WKHꢀRQꢎRIIꢀWLPLQJꢀRIꢀWKHꢀGLJLWꢀGLDOHGꢇꢀ  
ꢅꢇ 7RꢀGLDOꢀDGGLWLRQDOꢀGLJLWVꢋꢀUHSHDWꢀWKHꢀSURFHGXUHꢀVWDUWLQJ  
DWꢀVWHSꢀꢌꢇꢀ  
7KHꢀIROORZLQJꢀH[DPSOHꢀDVVXPHVꢀWKHꢀ+RVWꢀFRQWUROVꢀWKHꢀGDWD  
SXPS¶Vꢀ576ꢀWKURXJKꢀ5$ꢐꢀ&RQWUROꢀDQGꢀ6WDWXVꢀUHJLVWHUꢀELW  
ꢌꢀꢂ4652ꢃꢇꢀ7RꢀHQDEOHꢀWRQHꢀGLDOLQJꢋꢀSHUIRUPꢀWKHꢀIROORZLQJ  
SURFHGXUHꢒꢀ  
ꢉꢇ :KHQGLDOLQJLVFRPSOHWHꢋꢀVHWꢀ&RQILJXUDWLRQꢀUHJLVWHU  
ELWVꢀꢅꢁꢆꢀꢂ/1&'ꢃꢀWRꢀ0ꢀꢂ56#0&$;ꢃꢇꢀ  
7KHꢀ=ꢆꢈꢄꢈꢈꢀGDWDꢀSXPSꢀH[KLELWVꢀOLPLWHGꢀPD[LPXPꢀRXWSXW  
SRZHUꢇꢀ7KLVꢀIHDWXUHꢀDSSOLHVꢀQRWꢀRQO\ꢀWRꢀWKHꢀGDWDꢀPRGHꢋꢀEXW  
DOVRꢀWRꢀ'7ꢐ)ꢀDQGꢀRWKHUꢀWRQHꢀJHQHUDWLRQꢇꢀ'XULQJꢀ'7ꢐ)ꢀRU  
WRQHꢀJHQHUDWLRQꢋꢀLIꢀWKHꢀVXPꢀRIꢀWKHꢀWUDQVPLWꢀOHYHOVꢀSURꢁ  
JUDPPHGLQWRꢀ'7ꢐ)KBOHYꢀDQGꢀ'7ꢐ)OBOHYꢀH[FHHGVꢀꢌꢆꢉꢈꢆ  
0x7800ꢃꢀWKHꢀGDWDꢀSXPSꢀPD\ꢀQRWꢀWUDQVPLWꢀWKHꢀWRQHVꢇ  
ꢍꢇ 6HWꢀ5$ꢐꢀ&RQWUROꢀDQGꢀ6WDWXVꢀUHJLVWHUꢀELWꢀꢌꢀꢂ4652ꢃꢀWRꢀꢆꢋ  
%L4XDGꢀ 7RQHꢀ 6HFWRUꢀ &RQWUROꢀ 6WDWXVꢀ UHJLVWHUꢀ ELWꢀ   
6+/'&+#ꢀꢃꢀ WRꢀ ꢍꢀ IRUꢀ WLPHGꢀ GLDOLQJꢋꢀ RUꢀ WRꢀ ꢆꢀ IRU  
FRQWLQXRXVꢀ GLDOLQJꢇꢀ 7KHQꢋꢀ VHWꢀ &RQILJXUDWLRQꢀ UHJLVWHU  
ELWVꢀ ꢅꢁꢆꢀ /1&'ꢃꢀ WRꢀ 3 &+#ꢀꢃꢇꢀ ,Iꢀ WLPHGꢀ GLDOLQJꢀ LV  
UHTXLUHGꢋꢀ VHWꢀ WKHꢀ WLPHUꢀ ORFDWLRQVꢀ 6HTꢍ&RXQWꢀ DQG  
6HTꢈ&RXQWꢇꢀ  
:KHQꢀWUDQVPLWWLQJꢀ'7ꢐ)ꢀZLWKꢀDꢀUHTXLUHGꢀWZLVWꢀꢂWKHꢀSRZHU  
GLIIHUHQFHꢀEHWZHHQꢀKLJKꢀDQGꢀORZꢀEDQGVꢃꢋꢀXVHꢀWKLVꢀIRUPXOD  
WRꢀGHWHUPLQHꢀWKHꢀPD[LPXPꢀ'7ꢐ)ꢀWUDQVPLWꢀOHYHOVꢀZKHUHꢀx  
LVꢀWKHꢀ'7ꢐ)ꢀORZꢀEDQGꢀꢂ'70)OBOHYꢃꢀWUDQVPLWꢀOHYHOꢀLQꢀG%Pꢋ  
DQGx+bLVWKH'7ꢐ)KLJKEDQGꢀꢂ'70)KBOHYWUDQVPLWOHYꢁ  
HOꢀLQꢀG%PꢀꢂEꢀLVꢀWKHꢀWZLVWꢀLQꢀG%Pꢃꢒ  
ꢈꢇ &RQWUROꢀ WKHꢀ WZLVWꢀ E\ꢀ VHWWLQJꢀ WKHꢀ '7ꢐ)KBOHYꢀ DQG  
'7ꢐ)OBOHYꢀUHJLVWHUVꢀWRꢀVSHFLI\ꢀWKHꢀWUDQVPLWꢀOHYHOVꢀRI  
WKHꢀ+LJKꢀWRQHꢀDQGꢀWKHꢀ/RZꢀWRQHꢋꢀUHVSHFWLYHO\ꢇꢀ  
ꢌꢇ 6HWXSWKHGLJLWWREHGLDOHGLQ7RQH6WDWXVELWV±ꢆ  
10^(x/20) + 10^((x+b)/20) ¨ 30720/32768  
&+)+6ꢃꢀDFFRUGLQJꢀWRꢀ7DEOHꢀꢍꢄꢒꢀ  
7KHꢀYDOXHVꢀIRUꢀPD[LPXPꢀWUDQVPLWꢀOHYHOVꢀꢂ'70)OBOHYꢀꢁ  
'70)KBOHYꢀ ꢀ30720ꢃꢀDWꢀFRPPRQꢀWZLVWꢀYDOXHVꢀDSSHDUꢀLQ  
WKHꢀIROORZLQJꢀWDEOHꢒ  
6CDNG ꢇꢃꢈ 6QPGꢀ&KCNKPI  
&KIKV  
8CNWG  
&6/(NANGX  
&6/(JANGX  
Z
ZꢏD  
D
#
$
%
&
ꢃꢊꢆꢊꢒꢒꢁ  
ꢃꢋꢆꢇꢂꢂꢁ  
ꢃꢏꢆꢒꢋꢋꢁ  
ꢃꢎꢆꢏꢊꢋꢁ  
ꢃꢒꢆꢃꢏꢃꢁ  
ꢃꢒꢆꢂꢈꢒꢁ  
ꢍꢒꢅꢃꢄꢁ  
ꢍꢒꢅꢎꢊꢁ  
ꢍꢈꢅꢏꢃꢁ  
ꢍꢎꢅꢃꢄꢁ  
ꢍꢇꢅꢎꢊꢁ  
ꢍꢇꢅꢏꢃꢁ  
2WNUGꢀ&KCNKPI  
3XOVHGLDOLQJLVVLPLODUWRWLPHGGLDOLQJꢋZLWKWKLVH[FHSWLRQꢔ  
WKHꢀWRQHꢀJHQHUDWHGꢀLVꢀDꢀFDGHQFHꢀRIꢀSXOVHVꢀRXWSXWꢀRQꢀWKHꢀ2+  
SLQDQGPLUURUHGLQ5$ꢐORFDWLRQ6WDWXVꢇ2))+220ꢇ7R  
LPSOHPHQWꢀSXOVHꢀGLDOLQJꢋꢀIROORZꢀWKHꢀLQVWUXFWLRQVꢀIRUꢀWLPHG  
WRQHꢀGLDOLQJꢋꢀH[FHSWꢒꢀ  
ꢃꢄ  
ꢃꢃ  
ꢃꢏ  
ꢃꢋ  
ꢃꢊ  
ꢃꢇ  
ꢍꢇ 6HOHFWꢀ27ꢀ5'ꢀLQVWHDGꢀRIꢀ610'ꢁ&+#ꢀꢀPRGHꢀE\ꢀVHWWLQJ  
WKHꢀ7RQH6WDWXVꢀUHJLVWHUꢀELWꢀꢊꢀꢂ610'&+#ꢀꢃꢀWRꢀ0ꢇꢀ6HWWLQJ  
ELWꢀꢊꢀWRꢀ1ꢀKDVꢀQRꢀHIIHFWꢇꢀ3XOVHꢀGLDOLQJꢀLVꢀDOZD\VꢀWLPHGꢇꢀ  
ꢈꢇ $IWHUꢀVHWWLQJꢀ&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅꢁꢆꢀꢂ/1&'  
WRꢀ 3 &+#ꢀꢃꢋꢀ VHWꢀ 6HTꢍ&RXQWꢋꢀ 6HTꢈ&RXQWꢋꢀ DQG  
ꢋꢇ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6HTꢌ&RXQWꢀ WRꢀ WKHꢀ UHTXLUHGꢀ PDNHꢀ DQGꢀ EUHDNꢀ WLPHVꢋ  
SDXVLQJꢀDIWHUꢀHDFKꢀGLJLWꢀLVꢀGLDOHGꢇꢀ)RUꢀ1RUWKꢀ$PHULFDQ  
DSSOLFDWLRQVꢀ UHTXLULQJꢀ Dꢀ ꢍꢆꢆꢀ PVHFꢀ FDGHQFHꢋꢀ D  
ꢌꢄꢕꢎꢅꢍꢕꢀPDNHꢎEUHDNꢀUDWLRꢋꢀDQGꢀDꢀꢆꢇꢉꢏꢀVHFRQGꢀSDXVHꢋ  
VHWꢀ ORFDWLRQVꢀ 6HTꢍ&RXQWꢀ WRꢀ 024AHꢋꢀ 6HTꢈ&RXQWꢀ WR  
0176HꢋꢀDQGꢀ6HTꢌ&RXQWꢀWRꢀ01C20Hꢇꢀ  
/#07#$ꢀ*#0&5*#-'ꢀ241%'&74'5  
7KHꢀ9ꢇꢈꢈELVꢀGDWDꢀSXPSꢀVRIWZDUHꢀDOORZVꢀWKHꢀ+RVWꢀWRꢀFRQWURO  
HYHU\DVSHFWRIWKHKDQGVKDNHSURFHGXUHꢇ7KH+RVWLQVWUXFWV  
WKHꢀGDWDꢀSXPSꢀZKLFKꢀVLJQDOꢀWRꢀVHQGꢀDWꢀZKLFKꢀWLPHꢇꢀ7KHꢀGDWD  
SXPSꢀVHWVꢀVWDWXVꢀELWVꢀZKHQꢀLWꢀUHFHLYHVꢀVLJQDOVꢀIURPꢀWKHꢀUHꢁ  
PRWHꢀPRGHPꢇ  
ꢌꢇ $Wꢀ UHFHLYLQJꢀ WKHꢀ ꢈꢍꢆꢆꢀ +]ꢀ DQVZHUꢀ WRQHꢋꢀ VHW  
&RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ /1&'ꢃꢀ WRꢀ 4409H  
ꢂ9ꢇꢈꢈꢋꢀ9ꢇꢈꢈELVꢀRULJLQDWHꢋꢀPDQXDOꢀKDQGVKDNHꢃꢇ  
ꢊꢇ :DLWꢀIRUꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWꢀꢏꢀꢂ75$ꢃ&'6ꢃꢀWR  
EHFRPHꢀ1ꢀꢂ86%ꢍꢀGHWHFWHGꢃꢀFRQWLQXRXVO\ꢀIRUꢀꢍꢏꢏꢀPVHFꢇ  
7KHꢀ+RVWꢀEHJLQVꢀDꢀPDQXDOꢀKDQGVKDNHꢀE\ꢀVHWWLQJꢀ&RQILJXꢁ  
UDWLRQꢀUHJLVWHUꢀELWꢀꢍꢆꢀꢂ/%7%64ꢀꢃꢀWRꢀ1ꢀWRꢀSUHYHQWꢀWKHꢀGDWD  
SXPSꢀIURPꢀWUDQVPLWWLQJꢀLWVꢀRZQꢀKDQGVKDNHꢀVLJQDOVꢇ  
ꢏꢇ :DLWꢀIRUꢀꢊꢏꢅꢀPVHFꢇ  
ꢅꢇ 6HWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈꢁꢆꢀꢂ6:%64ꢀꢃꢀWRꢀ2  
ꢂWUDQVPLWꢀ6ꢍꢀVLJQDOꢃꢀIRUꢀꢍꢆꢆꢀPVHFꢇ  
7KHꢀ+RVWꢀPRQLWRUVꢀWKHꢀUHFHLYHꢀVLJQDOꢀVWDWXVꢀELWVꢀLQꢀORFDWLRQ  
7UQFWUOꢀDQGꢀWUDQVPLWVꢀLWVꢀRZQꢀUHVSRQGLQJꢀVLJQDOVꢀE\ꢀVHWWLQJ  
7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈꢁꢆꢀꢂ7;&75/ꢃꢀWUDQVPLWVꢀWKH  
YDOXHVꢀGHVFULEHGꢀLQꢀ7DEOHꢀꢈꢆꢇ  
ꢉꢇ 6HWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈꢁꢆꢀꢂ6:%64ꢀꢃꢀWRꢀ3  
ꢂWUDQVPLWꢀ6%ꢍꢃꢋꢀDQGꢀLQVSHFWꢀ7UQFWUOꢁ$+6ꢁꢎꢁꢐ5ꢃ&'6ꢃꢀDQG  
7UQFWUOELWꢀꢉꢁꢐ5$ꢃ&'6ꢃꢀUHSHDWHGO\ꢀIRUꢀHLWKHUꢀDꢀUHFHLYHG  
6ꢍVLJQDORU6%ꢍꢇ,I6%ꢍLVUHFHLYHGIRUꢉꢆPVHFꢋ  
SURFHHGꢀWRꢀVWHSꢀꢍꢍꢇꢀ,Iꢀ6ꢍꢀLVꢀUHFHLYHGꢋꢀZDLWꢀIRUꢀWKHꢀ6ꢍꢀWR  
HQGꢇꢀ3URFHHGꢀWRꢀZDLWꢀIRUꢀDQꢀDGGLWLRQDOꢀꢊꢏꢆꢀPVHFꢇ  
6CDNG ꢂꢁꢈ 5KIPCNꢀ6TCPUOKVꢀ8CNWGU  
ꢀ6TPEVTNꢀ8CNWG  
5KIPCNꢀ6TCPUOKVVGF  
ꢑꢇ 6HWꢀ7UQFWUOꢀELWꢀꢌꢀꢂ8ꢏꢏ$+5ꢃꢀWRꢀꢀꢂIRUFHꢀDꢀꢍꢅꢁZD\ꢀUHFHLYH  
ꢁꢄ  
ꢁꢃ  
ꢁꢏ  
ꢁꢋ  
ꢁꢊ  
ꢁꢇ  
ꢁꢎ  
ꢁꢒ  
5KNGPEG  
GHFLVLRQꢃꢇꢀ:DLWꢀIRUꢀꢍꢏꢆꢀPVHFꢇ  
ꢃꢏꢄꢄꢁDRUꢁ7PUETCODNGFꢁ$KPCT[ꢁꢃ  
5ꢃ  
ꢄꢇ 6HWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈꢁꢆꢀꢂ6:%64ꢀꢃꢀWRꢀꢊ  
ꢂWUDQVPLWꢀ6%ꢍꢀDWꢀꢈꢊꢆꢆꢀESVꢃꢇꢀ:DLWꢀIRUꢀꢈꢆꢆꢀPVHFꢇ  
ꢃꢏꢄꢄꢁDRUꢁ5ETCODNGFꢁ$KPCT[ꢁꢃ  
ꢏꢊꢄꢄꢁDRUꢁ5ETCODNGFꢁ$KPCT[ꢁꢃ  
ꢃꢏꢄꢄꢁDRUꢁFCVCꢁOQFGꢁQTꢁ(5-  
ꢏꢊꢄꢄꢁDRUꢁFCVCꢁOQFG  
ꢏꢏꢏꢇꢁ*\ꢁVQPG  
ꢍꢆꢇ 6HWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈꢁꢆꢀꢂ6:%64ꢀꢃꢀWRꢀꢅ  
ꢂꢈꢊꢆꢆꢀ ESVGDWDꢀ PRGHꢃꢇꢀ 'DWDꢀ LVQRZꢀ WUDQVPLWWHGDQG  
UHFHLYHGꢀDWꢀꢈꢊꢆꢆꢀESVꢇ  
ꢍꢍꢇ ,QꢀVWHSꢀꢉꢋꢀLIꢀ6%ꢍꢀLVꢀGHWHFWHGꢀLQVWHDGꢀRIꢀWKHꢀ6ꢍꢀVLJQDOꢋꢀZDLW  
IRUꢀꢉꢅꢏꢀPVHFꢇꢀ3URFHHGꢀWRꢀVHWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHU  
ELWVꢀ ꢈꢁꢆ6:%64ꢀꢃ ꢏꢀ ꢂꢍꢈꢆꢆꢀ ESVꢀ GDWDꢀ PRGHꢃꢇꢀ 'DWDꢀ LV  
QRZꢀEHLQJꢀWUDQVPLWWHGꢀDQGꢀUHFHLYHGꢀDWꢀꢍꢈꢆꢆꢀESVꢇ  
,Q7DEOHꢍꢋFHUWDLQDFURQ\PVDUHXVHGꢀWRꢀGHQRWHꢀWKHꢀYDULRXV  
9ꢇꢈꢈELVꢀKDQGVKDNHꢀVLJQDOVꢇꢀ7KHVHꢀDUHꢒ  
#PUYGTKPIꢀ/QFGO  
6CDNG ꢂꢇꢈ *CPFUJCMGꢀ#ETQP[OU  
ꢍꢇ $WꢀDꢀULQJꢀVLJQDOꢀRUꢀDꢀFRPPDQGꢀIURPꢀWKHꢀ+RVWꢋꢀWDNHꢀWKH  
SKRQHꢀ RIIꢁKRRNꢀ DQGꢀ WUDQVPLWꢀ VLOHQFHꢀ IRUꢀ ꢍꢇꢑꢀ WRꢀ ꢈꢇꢏ  
VHFRQGVꢇ  
0COG  
/GCPKPI  
75$ꢃ  
5$ꢃ  
5ꢃ  
7PUETCODNGFꢁ$KPCT[ꢁꢃ  
5ETCODNGFꢁ$KPCT[ꢁꢃ  
5ꢃꢁ5KIPCN  
ꢈꢇ ,IꢀUHTXLUHGꢋꢀXVHꢀWKHꢀWRQHꢀJHQHUDWRUVꢀWRꢀWUDQVPLWꢀDꢀꢈꢍꢆꢆ  
+]WRQHIRUꢇꢅWRVHFRQGVꢇ7KLVWRQHLVWKH9ꢇꢈꢏ  
DQVZHUꢀWRQHꢇ  
ꢌꢇ 6HWꢀ &RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ /1&'ꢃꢀ WRꢀ 0  
56#0&$;ꢃꢀDQGꢀWUDQVPLWꢀVLOHQFHꢀIRUꢀꢉꢏꢀPVHFꢇ  
1TKIKPCVKPIꢀ/QFGO  
ꢊꢇ 6HWꢀ &RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ /1&'ꢃꢀ WRꢀ 8  
ꢂDQVZHUꢀ PRGHꢋꢀ PDQXDOꢀ KDQGVKDNHꢃꢇꢀ $IWHUꢀ VHWWLQJ  
&RQILJꢋWKH+RVWVKRXOGEHSUHSDUHGWRUHFHLYHGDWD  
IURPꢀ WKHꢀ UHPRWHꢀ PRGHPꢇꢀ 7KHꢀ GDWDꢀ SXPSꢀ KROGVꢀ WKH  
UHFHLYHGꢀGDWDꢀWRꢀPDUNVꢀꢂWKDWꢀLVꢋꢀUHFHLYHVꢀQRWKLQJꢃꢀXQWLO  
WKHꢀ PRGHPꢀ LVꢀ DEOHꢀ WRꢀ UHFHLYHꢀ GDWDꢀ IURPꢀ WKHꢀ UHPRWH  
PRGHPꢇ  
ꢍꢇ 7DNHꢀWKHꢀWHOHSKRQHꢀOLQHꢀRIIꢁKRRNꢀDQGꢀGLDOꢇ  
ꢈꢇ 3URJUDPꢀ WKHꢀ GLVFUHWHꢀ WRQHꢀ GHWHFWRUVꢀ DQGꢀ WKHꢀ ELTXDG  
WRQHGHWHFWRUVIRUDQVZHUWRQHV2100HzDQGFDOOꢁ  
SURJUHVVꢀ WRQHVꢀ 200600 Hzꢃꢇꢀ /RRNꢀ IRUꢀ ERWKꢀ WKH  
DQVZHUꢀ WRQHꢀ DQGꢀ FDOOꢁSURJUHVVꢀ WRQHVꢀ ꢂVXFKꢀ DVꢀ EXV\  
WRQHVꢋꢀULQJꢀEDFNꢀDQGꢀVRꢀRQꢃꢇ  
ꢋꢎ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
ꢏꢇ 6HWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈ±ꢆꢀꢂ6:%64ꢀꢃꢀWRꢀ1  
ꢄꢇ 6HWꢀ7UQFWUOꢀELWꢀꢌꢀꢂ8ꢏꢏ$+5ꢃꢀWRꢀ1ꢀꢂIRUFHꢀꢍꢅꢁZD\ꢀUHFHLYH  
GHFLVLRQVꢃꢋꢀDQGꢀZDLWꢀIRUꢀꢍꢏꢆꢀPVHFꢇ  
ꢂWUDQVPLWꢀ86%ꢍꢃꢇ  
ꢍꢆꢇ 6HWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈ"ꢆꢀꢂ6:%64ꢀꢑꢀWRꢀ4  
ꢅꢇ ,QVSHFWꢀ7UQFWUOꢀELWꢀꢅꢀꢂ5ꢃ&'6ꢃꢀDQGꢀ7UQFWUOꢀELWꢀꢉꢀꢂ5$ꢃ&'6  
UHSHDWHGO\ꢀIRUꢀHLWKHUꢀDꢀUHFHLYHGꢀ6ꢍꢀVLJQDOꢀRUꢀ6%ꢍꢇꢀ,Iꢀ6%ꢍꢀLV  
UHFHLYHGꢀFRQWLQXRXVO\ꢀIRUꢀꢈꢉꢆꢀPVHFꢋꢀSURFHHGꢀWRꢀVWHSꢀꢍꢈꢇꢀ,I  
DQꢀ6ꢍꢀVLJQDOꢀLVꢀUHFHLYHGꢀꢂ7UQFWUOꢀELWꢀꢉꢀꢂ5ꢃ&'6ꢃꢀWRꢀꢍꢃꢀZDLW  
IRUꢀWKHꢀ6ꢍꢀWRꢀHQGꢇ  
ꢂWUDQVPLWꢀ6%ꢍꢀDWꢀꢈꢊꢆꢆꢀESVꢃꢋꢀDQGꢀZDLWꢀIRUꢀꢈꢆꢆꢀPVHFꢇ  
ꢍꢍꢇ 6HWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈ±ꢆꢀꢂ6:%64ꢀꢃꢀWRꢀꢅ  
ꢂꢈꢊꢆꢆꢀESVꢀGDWDꢀPRGHꢃꢇꢀ'DWDꢀLVꢀQRZꢀEHLQJꢀWUDQVPLWWHG  
DQGꢀUHFHLYHGꢀDWꢀꢈꢊꢆꢆꢀESVꢇ  
ꢍꢈꢇ ,IꢀLQꢀVWHSꢀꢅꢋꢀ6%ꢍꢀLVꢀUHFHLYHGꢀLQVWHDGꢀRIꢀDQꢀ6ꢍꢀVLJQDOꢋꢀVHW  
7UDLQLQJꢀ &RQWUROꢀ UHJLVWHUꢀ ELWVꢀ ꢈ±ꢆꢀ 6:%64ꢀ WRꢀ 3  
ꢂWUDQVPLWꢀ 6%ꢍꢃꢀ IRUꢀ ꢉꢅꢏꢀ PVHFꢇꢀ 7KHQꢋꢀ VHWꢀ 7UDLQLQJ  
&RQWUROꢀ UHJLVWHUꢀ ELWVꢀ ꢈ±ꢆꢀ 6:%64ꢀꢃꢀ WRꢀ 5 ꢂꢍꢈꢆꢆꢀ ESV  
GDWDPRGHꢃꢇꢀ'DWDꢀLVꢀQRZꢀWUDQVPLWWHGꢀDQGꢀUHFHLYHGꢀDW  
ꢍꢈꢆꢆꢀESVꢇ  
ꢉꢇ 6HWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈ±ꢆꢀꢂ6:%64ꢀꢃꢀWRꢀ2  
ꢂWUDQVPLWꢀ6ꢍꢀVLJQDOꢃꢀIRUꢀꢍꢆꢆꢀPVHFꢇ  
ꢑꢇ 6HWꢀ7UDLQLQJꢀ&RQWUROꢀUHJLVWHUꢀELWVꢀꢈ±ꢆꢀꢂ6:%64ꢀꢃꢀWRꢀ3  
ꢂWUDQVPLWꢀ6%ꢍꢃꢀIRUꢀꢌꢏꢆꢀPVHFꢇ  
/#-+0)ꢀ#ꢀ8ꢈꢂꢂꢉ+5ꢀ%100'%6+10  
,QꢀWKHꢀIROORZLQJꢀH[DPSOHꢋꢀDOOꢀWLPLQJꢀLVꢀSHUIRUPHGꢀE\ꢀWKH  
+RVWꢇ  
ꢈꢇ ,IꢀUHTXLUHGꢋꢀXVHꢀWKHꢀWRQHꢀJHQHUDWRUVꢀWRꢀWUDQVPLWꢀDꢀꢈꢍꢆꢆ  
+]ꢀ WRQHꢀ IRUꢀ ꢈꢇꢅ±ꢊꢀ VHFRQGVꢇꢀ 7KLVꢀ WRQHꢀ LVꢀ WKHꢀ 9ꢇꢈꢏ  
DQVZHUꢀWRQHꢇ  
1TKIKPCVKPIꢀ/QFGO  
ꢌꢇ 6HWꢀ &RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ /1&'ꢃ ꢆ  
56#0&$;ꢃꢀDQGꢀWUDQVPLWꢀVLOHQFHꢀIRUꢀꢉꢏꢀPVHFꢇ  
ꢍꢇ 7DNHꢀWKHꢀWHOHSKRQHꢀOLQHꢀRIIꢁKRRNꢀDQGꢀGLDOꢇ  
ꢊꢇ 6HWꢀ &RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ /1&'ꢃꢀ WRꢀ 8  
ꢂ9ꢇꢈꢈELVꢀDQVZHUꢃꢇꢀ$IWHUꢀVHWWLQJꢀ&RQILJXUDWLRQꢀUHJLVWHU  
ELWVꢀꢅ±ꢆꢀꢂ/1&'ꢃꢋꢀWKHꢀ+RVWꢀLVꢀSUHSDUHGꢀWRꢀUHFHLYHꢀGDWD  
IURPꢀ WKHꢀ UHPRWHꢀ PRGHPꢇꢀ 7KHꢀ GDWDꢀ SXPSꢀ KROGVꢀ WKH  
UHFHLYHGꢀ GDWDꢀ WRꢀ PDUNVꢀ ꢂUHFHLYHVꢀ QRWKLQJꢃꢀ XQWLOꢀ WKH  
PRGHPꢀLVꢀDEOHꢀWRꢀUHFHLYHꢀGDWDꢀIURPꢀWKHꢀUHPRWHꢀPRGHPꢇ  
ꢈꢇ 3URJUDPꢀ WKHꢀ GLVFUHWHꢀ WRQHꢀ GHWHFWRUVꢀ DQGꢀ WKHꢀ ELTXDG  
WRQHGHWHFWRUVIRUDQVZHUWRQHV2100HzDQGFDOOꢁ  
SURJUHVVꢀ WRQHVꢀ 200±600 Hzꢃꢇꢀ /RRNꢀ IRUꢀ WKHꢀ DQVZHU  
WRQHꢀ DQGꢀ FDOOꢁSURJUHVVꢀ WRQHVꢀ ꢂEXV\ꢀ WRQHVꢀ DQGꢀ ULQJ  
EDFNꢃꢇ  
ꢌꢇ $Wꢀ UHFHLYLQJꢀ WKHꢀ ꢈꢍꢆꢆꢀ +]ꢀ DQVZHUꢀ WRQHꢋꢀ VHW  
&RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅ±ꢆꢀ /1&'ꢃꢀ WRꢀ 4008H  
ꢂ9ꢇꢈꢈELVꢀ RULJLQDWHꢃꢇꢀ $IWHUꢀ VHWWLQJꢀ &RQILJXUDWLRQ  
UHJLVWHUꢀELWVꢀꢅ±ꢆꢀꢂMODEꢃꢋꢀWKHꢀ+RVWꢀVKRXOGꢀEHꢀSUHSDUHG  
WRꢀ UHFHLYHꢀ GDWDꢀ IURPꢀ WKHꢀ UHPRWHꢀ PRGHPꢇꢀ 7KHꢀ GDWD  
SXPSꢀ KROGVꢀ WKHꢀ UHFHLYHGꢀ GDWDꢀ WRꢀ PDUNVꢀ ꢂUHFHLYHV  
QRWKLQJꢃꢀXQWLOꢀWKHꢀPRGHPꢀLVꢀDEOHꢀWRꢀUHFHLYHꢀGDWDꢀIURP  
WKHꢀUHPRWHꢀPRGHPꢇ  
ꢏꢇ :KHQꢀWKHꢀGDWDꢀSXPSꢀHVWDEOLVKHVꢀDꢀ9ꢇꢈꢈELVꢀFRQQHFWLRQꢋ  
DQGꢀLVꢀUHDG\ꢀWRꢀWUDQVPLWꢀGDWDꢀWRꢀWKHꢀUHPRWHꢀPRGHPꢋꢀLW  
VHWVꢀ 5HJꢏꢋꢀ ELWꢀ ꢍꢀ %&'6ꢃꢀ WRꢀ 1ꢇꢀ 'DWDꢀ PD\ꢀ QRZꢀ EH  
WUDQVPLWWHGꢀRUꢀUHFHLYHGꢀEHWZHHQꢀWKHꢀPRGHPVꢇ  
0QVGUꢄ  
ꢍꢇ 7KHꢀGDWDꢀSXPSꢀVHWVꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6ꢃꢀWRꢀ0ꢀGXULQJꢀFDUULHU  
GURSRXWVꢋꢀUHWUDLQVꢋꢀDQGꢀZKHQꢀWKHꢀUHPRWHꢀPRGHPꢀKDQJVꢀXS  
WKHꢀWHOHSKRQHꢀOLQHꢇꢀ'HSHQGLQJꢀRQꢀWKHꢀGDWDꢀPRGHꢋꢀWKHꢀ+RVW  
PD\ꢀXVHꢀ5HJꢏꢀELWꢀꢍꢀꢂ&'(7ꢃꢋꢀ5HJꢏꢀELWꢀꢈꢀꢂ5751'ꢃꢋꢀ'DWD  
3XPSꢀꢐLVFHOODQHRXVꢀ&RQWUROꢀUHJLVWHUꢀELWꢀꢊꢀꢂ(4(ꢃꢋꢀ(4ꢐOHY  
DQGꢀ(4ꢐꢐD[7KUHVKꢀWRꢀGHWHUPLQHꢀZKHQꢀWKHꢀUHPRWHꢀPRGHP  
KDVꢀLQLWLDWHGꢀDꢀUHWUDLQꢋꢀRUꢀKDVꢀKXQJꢀXSꢀWKHꢀWHOHSKRQHꢀOLQHꢇ  
ꢊꢇ :KHQꢀWKHꢀGDWDꢀSXPSꢀHVWDEOLVKHVꢀDꢀ9ꢇꢈꢈELVꢀFRQQHFWLRQꢋ  
DQGLVꢀUHDG\ꢀWRꢀWUDQVPLWꢀGDWDꢀWRꢀWKHꢀUHPRWHꢀPRGHPꢋꢀLW  
VHWVꢀ5HJꢏꢋꢀꢐRGHPꢀ6WDWXVꢀELWꢀꢍꢀꢂ&'(7ꢃꢀWRꢀ1ꢇꢀ'DWDꢀPD\  
QRZꢀEHꢀWUDQVPLWWHGꢀRUꢀUHFHLYHGꢀEHWZHHQꢀWKHꢀPRGHPVꢇ  
#PUYGTKPIꢀ/QFGO  
ꢈꢇ 'XULQJꢀꢈꢊꢆꢆꢀESVꢀ9ꢇꢈꢈELVꢀGDWDꢀPRGHꢋꢀWKHꢀ+RVWꢀPD\ꢀXVHꢀ'SFꢁ  
WUOꢇ(4(ꢀDQGꢀ(4ꢐꢐD[7KUHVKꢀRUꢀ(4ꢐOHYꢋꢀWRꢀGHWHUPLQH  
ZKHQꢀWRꢀLQLWLDWHꢀDꢀUHWUDLQꢀꢂVHHꢀꢐ6WDWXVꢀELWꢀꢍꢍꢀ5(75$,1ꢃꢀWR  
LPSURYHꢀWKHꢀTXDOLW\ꢀRIꢀWKHꢀFRQQHFWLRQꢇ  
ꢍꢇ $WꢀDꢀULQJꢀVLJQDOꢀRUꢀFRPPDQGꢀIURPꢀWKHꢀWHUPLQDOꢋꢀWDNH  
WKHSKRQHRIIꢁKRRNDQGWUDQVPLWVLOHQFHIRUꢇꢑ±ꢈꢇꢏ  
VHFRQGVꢇ  
ꢋꢒ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
75+0)ꢀ*&$%  
7KHꢀGDWDꢀSXPSꢀLQFOXGHVꢀ+'/&ꢀILUPZDUHꢀRSHUDWLQJꢀLQꢀDOO  
GDWDPRGHVꢇ7KH+'/&ILUPZDUHSHUIRUPVDOOWKHQHFHVVDU\  
RSHUDWLRQVꢀWRꢀIUDPHꢀ+RVWꢁVXSSOLHGꢀGDWDꢀLQWRꢀ+'/&ꢀIRUPDWꢋ  
LQFOXGLQJꢀDXWRPDWLFꢀRSHQLQJꢀDQGꢀFORVLQJꢀIODJꢀJHQHUDWLRQꢋ  
]HURꢀLQVHUWLRQꢀDQGꢀGHOHWLRQꢋꢀIODJꢀDQGꢀDERUWꢀGHWHFWLRQꢋꢀDQG  
&5&ꢀFKHFNVXPꢀFRPSXWDWLRQꢀDQGꢀFKHFNLQJꢇ  
GDWDꢀPRGHꢀRSHUDWLRQꢇꢀ7KHꢀ+RVWꢀUHDGVꢀUHJLVWHUꢀ'$7$3ꢀEHꢁ  
IRUHꢀVWDUWLQJꢀGDWDꢀPRGHꢀWRꢀFOHDUꢀ'$7$3ꢇ  
7KHVHꢀH[DPSOHVꢀGHPRQVWUDWHꢀWKHꢀXVHꢀRIꢀWKHꢀGDWDꢀSXPSꢀLQ  
SDUDOOHOꢀPRGHꢀWRꢀWUDQVPLWꢀDQGꢀUHFHLYHꢀ+'/&ꢀGDWDꢀIUDPHVꢇ  
7KHꢀH[DPSOHVꢀDVVXPHꢀWKDWꢀWKHꢀGDWDꢀSXPSꢀKDVꢀMXVWꢀEHHQꢀSXW  
LQꢀGDWDꢀPRGHꢀDQGꢀ+'/&ꢀRSHUDWLRQꢀLVꢀHQDEOHGꢇꢀ7KHꢀGDWDꢀWR  
EHꢀ VHQWꢀ RUꢀ UHFHLYHGꢀ LVꢀ WKHꢀ VHTXHQFHꢀ RIꢀ 1ꢀ E\WHV  
^%\WHꢍ±%\WH1`ꢋꢀZKHUHꢀ%\WHꢍꢀLVꢀVHQWꢀꢂRUꢀUHFHLYHGꢃꢀILUVWꢇꢀ  
*&$%ꢀ1RGTCVKQP  
'XULQJꢀ+'/&ꢀRSHUDWLRQꢋꢀWKHꢀGDWDꢀSXPSꢀIUDPHVꢀ+RVWꢁVXSꢁ  
SOLHGꢀDV\QFKURQRXVꢀGDWDꢀLQWRꢀDꢀV\QFKURQRXVꢀGDWDꢀVWUHDPꢀLQ  
WKHꢀWUDQVPLWWHUꢋꢀDQGꢀH[WUDFWVꢀWKHꢀVDPHꢀDV\QFKURQRXVꢀGDWD  
IURPꢀWKHꢀUHFHLYHGꢀV\QFKURQRXVꢀGDWDꢀVWUHDPꢀLQꢀWKHꢀUHFHLYHUꢇ  
7KHꢀLQFOXVLRQꢀRIꢀꢍꢅꢁELWꢀF\FOLFꢀUHGXQGDQF\ꢀFKHFNꢀꢂ&5&ꢃꢀLQꢁ  
IRUPDWLRQꢀLQꢀWKHꢀIUDPHVꢀDOORZVꢀWKHꢀUHFHLYLQJꢀ+RVWꢀWRꢀFKHFN  
ZKHWKHUꢀWKHꢀGDWDꢀKDVꢀEHHQꢀFRUUHFWO\ꢀUHFHLYHGꢇ  
6TCPUOKVVKPIꢀ  
ꢍꢇ :KHQꢀ5HJꢏꢀELWꢀꢏꢀꢂ6:+ꢃꢀLVꢀ1ꢋꢀZULWHꢀ%\WHꢍꢀWRꢀ'$7$3ꢇ  
5HSHDWꢀ WKLVꢀ VWHSꢀ IRUꢀ HDFKꢀ E\WHꢀ WRꢀ EHꢀ WUDQVPLWWHGꢇꢀ ,I  
5HJꢊELW6:+'LV1WKHGDWDSXPSJHQHUDWHVDQ  
LQWHUUXSWꢀZKHQꢀLWꢀLVꢀUHDG\ꢀWRꢀWUDQVPLWꢀWKHꢀQH[WꢀE\WHꢋꢀIRU  
H[DPSOHꢋꢀZKHQꢀWKHꢀE\WHꢀVHWVꢀ5HJꢏꢀELWꢀꢏꢀꢂ6:+ꢃꢀWRꢀ1  
+'/&ꢀGDWDꢀLVꢀVHQWꢀLQꢀIUDPHVꢇꢀ$ꢀIUDPHꢀFRQVLVWVꢀRIꢀDꢀQXPEHU  
RIꢀE\WHVꢋꢀHDFKꢀFRPSRVHGꢀRIꢀꢑꢀGDWDꢀELWVꢇꢀ$ꢀIUDPHꢀFRQWDLQV  
DQꢀRSHQLQJꢀIODJꢋꢀIUDPHꢀGDWDꢀE\WHVꢋꢀWZRꢀ&5&ꢀFKHFNVXP  
E\WHVꢋꢀDQGꢀDꢀFORVLQJꢀIODJꢋꢀUHVSHFWLYHO\ꢇꢀ2SHQLQJꢀIODJVꢀDQG  
FORVLQJꢀIODJVꢀLQGLFDWHꢀWKHꢀVWDUWꢀDQGꢀWKHꢀHQGꢀRIꢀDꢀIUDPHꢋꢀUHꢁ  
VSHFWLYHO\ꢇꢀ  
ꢈꢇ :KHQꢀWKHꢀODVWꢀE\WHꢋꢀ%\WH1ꢋꢀKDVꢀEHHQꢀVHQWꢋꢀZDLWꢀIRUꢀWKH  
GDWDꢀSXPSꢀWRꢀVHWꢀ5HJꢉꢀELWꢀꢈꢀꢂ6'0&ꢃꢀWRꢀ1ꢇꢀ7KLVꢀIXQFWLRQ  
LQGLFDWHVꢀ WKDWꢀ WKHꢀ GDWDꢀ SXPSꢀ KDVꢀ FORVHGꢀ WKHꢀ FXUUHQW  
IUDPHꢇꢀ7KHꢀGDWDꢀSXPSꢀQRZꢀFRPSXWHVꢀDQGꢀWUDQVPLWVꢀWKH  
&5&FKHFNVXPꢀ DQGFORVLQJꢀ IODJIRUWKHIUDPHꢇꢀ 7KH  
GDWDꢀSXPSꢀGRHVꢀQRWꢀVHWꢀ5HJꢉꢀELWꢀꢈꢀꢂ6'0&ꢃꢀWRꢀ1ꢀXQWLOꢀDW  
OHDVWꢀꢑꢀELWꢀWLPHVꢀDIWHUꢀLWꢀKDVꢀVHWꢀ5HJꢊꢀELWꢀꢅꢀꢂ6:+ꢃꢀWRꢀ1  
LQGLFDWLQJꢀWKHꢀGDWDꢀSXPSꢀLVꢀUHDG\ꢀWRꢀWUDQVPLWꢀDQRWKHU  
GDWDꢀE\WHꢇꢀ7RꢀWUDQVPLWꢀDQRWKHUꢀIUDPHꢋꢀUHSHDWꢀVWHSVꢀꢍ±ꢈꢇ  
$ꢀIODJꢋꢀE\WHꢀYDOXHꢀ07EHꢋꢀLVꢀRQHꢀRIꢀWZRꢀ+'/&ꢀFRQWUROꢀV\Pꢁ  
EROVꢇꢀ7KHꢀRWKHUꢀLVꢀDQꢀDERUWꢋꢀZKLFKꢀLVꢀDQ\ꢀVHTXHQFHꢀRIꢀFRQꢁ  
VHFXWLYHꢀELQDU\ꢀꢍVꢀPRUHꢀWKDQꢀVL[ꢀELWVꢀORQJꢇꢀ,IꢀWKHꢀIUDPHVꢀGR  
QRWꢀXVHꢀWKHꢀEDQGZLGWKꢀRIꢀWKHꢀGDWDꢀPRGHꢀꢂIRUꢀH[DPSOHꢋꢀZKHQ  
WKHUHꢀLVꢀQRꢀ+RVWꢀGDWDꢀWRꢀWUDQVPLWꢃꢋꢀWKHꢀPRGHPꢀILOOVꢀWKHꢀUHꢁ  
PDLQLQJꢀEDQGZLGWKꢀE\ꢀVHQGLQJꢀIODJVꢀEHWZHHQꢀIUDPHVꢇꢀ  
ꢌꢇ :KHQꢀ WKHꢀ GDWDꢀ SXPSꢀ EHJLQVꢀ VHQGLQJꢀ WKHꢀ IUDPHꢖV  
FORVLQJꢀ IODJꢋꢀ LWꢀ VHWVꢀ 5HJꢉꢀ ELWꢀ ꢈꢀ 6'0&ꢃꢀ WRꢀ 0  
7UDQVPLVVLRQꢀRIꢀWKHꢀIUDPHꢀLVꢀFRPSOHWHꢀꢑꢀELWꢀWLPHVꢀDIWHU  
WKHꢀGDWDꢀSXPSꢀVHWVꢀ5HJꢉꢀELWꢀꢈꢀꢂ6'0&ꢃꢀWRꢀ0  
)UDPHꢀGDWDꢀE\WHVꢀIRUꢀWUDQVPLVVLRQꢀDUHꢀVXSSOLHGꢀE\ꢀWKHꢀ+RVW  
WRꢀWKHꢀGDWDꢀSXPS¶Vꢀ'$7$3ꢀUHJLVWHUꢇꢀ7KHVHꢀE\WHVꢀDUHꢀPRGꢁ  
LILHGꢀE\ꢀWKHꢀGDWDꢀSXPSꢀWRꢀHQVXUHꢀWKDWꢀQRꢀPRUHꢀWKDQꢀILYHꢀFRQꢁ  
VHFXWLYHꢀELQDU\ꢀꢍꢀELWVꢀDUHꢀVHQWꢇꢀ7RꢀDFFRPSOLVKꢀWKLVꢀPRGLILꢁ  
FDWLRQꢋꢀWKHꢀWUDQVPLWWLQJꢀPRGHPꢀLQVHUWVꢀDꢀVLQJOHꢀ0ꢀELWꢀDIWHU  
HYHU\ILYHFRQVHFXWLYHELQDU\ꢀꢍꢀELWVꢀLQꢀWKHꢀ+RVWꢀVXSSOLHGꢀGDꢁ  
WDꢇꢀ7KLVꢀ]HURꢀLQVHUWLRQꢀSURFHVVꢀDOORZVꢀWKHꢀUHFHLYLQJꢀPRꢁ  
GHP¶VꢀGDWDꢀSXPSꢀWRꢀGLVWLQJXLVKꢀEHWZHHQꢀIUDPHꢀGDWDꢋꢀIODJVꢋ  
DQGꢀDERUWVꢇꢀ7KHꢀUHFHLYLQJꢀPRGHP¶VꢀGDWDꢀSXPSꢀXVHVꢀDꢀ]HUR  
GHOHWLRQꢀSURFHVVꢀWRꢀUHPRYHꢀHDFKꢀLQVHUWHGꢀ0ꢀELWꢀEHIRUHꢀUHꢁ  
WXUQLQJꢀWKHꢀGDWDꢀWRꢀWKHꢀUHFHLYLQJꢀPRGHPꢖVꢀ+RVWꢇꢀ  
4GEGKXKPIꢀ  
ꢍꢇ 3UHSDUHꢀWRꢀUHFHLYHꢀDꢀQHZꢀIUDPHꢇ  
ꢈꢇ :KHQꢀ 5HJꢏꢀ ELWꢀ ꢅꢀ 4:+ꢃꢀ LVꢀ 1ꢋꢀ WKHꢀ GDWDꢀ SXPSꢀ KDV  
UHFHLYHGꢀDꢀE\WHꢇꢀ)LUVWꢀUHDGꢀUHJLVWHUꢀ5HJꢉꢋꢀIROORZHGꢀE\  
'$7$3ꢇꢀ 5HJLVWHUꢀ ꢉꢀ LVꢀ UHDGꢀ ILUVWꢋꢀ EHFDXVHꢀ WKHꢀ GDWD  
SXPSꢀPD\ꢀFKDQJHꢀLWꢀDWꢀDQ\ꢀWLPHꢀDIWHUꢀ'$7$3ꢀLVꢀUHDGꢇ  
,Iꢀ5HJꢊꢀELWꢀꢅꢀꢂ4:+'ꢃꢀLVꢀ1ꢋꢀWKHꢀGDWDꢀSXPSꢀJHQHUDWHVꢀDQ  
LQWHUUXSWꢀZKHQꢀLWꢀVHWVꢀ5HJꢏꢀELWꢀꢅꢀꢂ4:+ꢃꢀWRꢀ1  
ꢌꢇ $FWꢀRQꢀWKHꢀYDOXHꢀRIꢀ5HJꢉꢀUHDGꢀLQꢀVWHSꢀꢈꢀDVꢀIROORZVꢒ  
:KHQꢀDꢀIUDPHꢀLVꢀWRꢀEHꢀFORVHGꢋꢀWKHꢀIUDPH¶VꢀWZRꢀ&5&ꢀFKHFNꢁ  
VXPꢀE\WHVꢀDUHꢀVHQWꢀLPPHGLDWHO\ꢀIROORZLQJꢀWKHꢀIUDPHꢀGDWDꢇ  
7KHꢀ&5&ꢀFKHFNVXPꢀLVꢀFRPSXWHGꢀZLWKRXWꢀWKHꢀLQVHUWHGꢀ0Vꢇ  
7KHꢀIUDPH¶VꢀFORVLQJꢀIODJꢀLVꢀWUDQVPLWWHGꢀIROORZLQJꢀWKHꢀ&5&ꢇ  
7KLVꢀIODJꢀPD\ꢀDOVRꢀVHUYHꢀDVꢀWKHꢀRSHQLQJꢀIODJꢀRIꢀWKHꢀQH[W  
IUDPHꢋꢀZKLFKꢀVDYHVꢀEDQGZLGWKꢇꢀ  
Dꢀ ,IꢁELWꢁꢂꢁꢃ4:'4414ꢄꢁLVꢁ0ꢁDQGꢁELWꢁꢅꢁꢃ'1(ꢄꢁLVꢁ0ꢆꢁWKHQ  
WKHꢁ'$7$3ꢁYDOXHꢁUHDGꢁLQꢁVWHSꢁꢇꢁLVꢁDQꢁ+'/&ꢁIUDPH  
E\WHꢀ5HSHDWVWHSWRUHFHLYHDOOUHPDLQLQJIUDPH  
E\WHVꢀ  
Eꢀ ,IꢁELWꢁꢂꢁꢃ4:'4414ꢄꢁLVꢁ0ꢁDQGꢁELWꢁꢅꢁꢃ'1(ꢄꢁLVꢁ1ꢆꢁWKHQ  
DQꢁ+'/&ꢁIUDPHꢁZLWKꢁDꢁFRUUHFWꢁFKHFNVXPꢁKDVꢁEHHQ  
UHFHLYHGꢀꢁ ,Iꢁ Byte1ByteN+3ꢁ ZHUHꢁ UHDGꢆꢁ ZLWK  
ByteN+3EHLQJꢁWKHꢁ'$7$3ꢁYDOXHꢁMXVWꢁUHDGꢆꢁWKHQ  
WKHWZRSUHYLRXVꢁE\WHVꢁꢃByteN+1ꢁDQGꢁByteN+2ꢄꢆ  
DUHꢁWKHꢁIUDPHꢁFKHFNVXPꢁE\WHVꢈꢁWKHꢁUHPDLQLQJꢁE\WHV  
Byte1ByteNꢄꢁDUHꢁWKHꢁIUDPHꢁGDWDꢁE\WHVꢀꢁ&RQWLQXH  
'PCDNKPIꢀ*&$%ꢀ1RGTCVKQPꢀ  
7KHꢀGDWDꢀSXPS¶Vꢀ+'/&ꢀILUPZDUHꢀLVꢀGLVDEOHGꢀDWꢀSRZHUꢁXS  
DQGꢀDQ\ꢀUHVHWꢋꢀDQGꢀFDQꢀEHꢀHQDEOHGꢀRQO\ꢀLQꢀSDUDOOHOꢀPRGH  
ꢂ5HJꢊꢀELWꢀꢊꢀ73'ꢐꢀWRꢀ1ꢃꢇꢀ7RꢀHQDEOHꢀ+'/&ꢋꢀVHWꢀ%XIFWUOꢀELW  
+'/&WR1DQGELWV±ꢍꢏRI%XIFWUOWR0SULRUWREHJLQQLQJ  
ꢋꢈ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
IURPꢁ VWHSꢁ ꢂꢁ WRꢁ UHFHLYHꢁ WKHꢁ QH[Wꢁ IUDPHꢀꢁ ,Iꢁ ELWꢁ ꢂ  
4:'4414ꢄꢁLVꢁ1ꢆꢁGLVFDUGꢁDQ\ꢁUHFHLYHGꢁIUDPHꢁE\WHV  
DQGꢁFRQWLQXHꢁIURPꢁVWHSꢁꢂꢁWRꢁUHFHLYHꢁWKHꢁQH[WꢁIUDPHꢀ  
Fꢀ ,Iꢁ'$7$3ꢁZDVꢁ0FFꢆꢁDQꢁ+'/&ꢁDERUWꢁVHTXHQFHꢁZDV  
UHFHLYHGꢀ,Iꢁ '$7$3ꢁ ZDVꢁ 07EHDQꢁ +'/&ꢁ IUDPH  
ZLWKꢁDQꢁLQFRUUHFWꢁFKHFNVXPꢁZDVꢁUHFHLYHGꢀ  
)'66+0)ꢀ6*'ꢀ&#6#ꢀ27/2ꢀ(+4/9#4'ꢀ8'45+10ꢀ07/ꢉ'4ꢀ#0&ꢀ2#46ꢀ07/ꢉ'4  
7KHꢀGDWDꢀSXPSꢀFRGHꢀYHUVLRQꢀFDQꢀEHꢀREWDLQHGꢀDQ\ꢀWLPHꢀWKH  
5$ꢐꢀORFDWLRQꢀ&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅ±ꢆꢀꢂ/1&'ꢃꢀLV  
VHWꢀWRꢀ0ꢇꢀ7KHꢀGDWDꢀSXPSꢀZULWHVꢀWKHꢀSDUWꢀQXPEHUꢀWRꢀGDWDꢀSXPS  
5$ꢐORFDWLRQDQGWKHFRGHYHUVLRQQXPEHUWRWKH'$7$3  
UHJLVWHUꢇ7RREWDLQWKHYHUVLRQDQGSDUWQXPEHUIURPWKHGDWD  
SXPSꢋꢀWKHꢀIROORZLQJꢀVWHSVꢀPXVWꢀEHꢀSHUIRUPHGꢒ  
ꢍꢇ 6HWꢀ &RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWVꢀ ꢅꢁꢆꢀ ꢂꢐ2'(ꢃꢀ WRꢀ 0  
ꢂVWDQGE\ꢃꢋꢀ WKHQꢀ UHDGꢀ ORFDWLRQꢀ &RQILJꢀ WRꢀ SURYLGHꢀ WKH  
GDWDꢀSXPSꢀHQRXJKꢀWLPHꢀWRꢀEHJLQꢀVWDQGE\ꢀRSHUDWLRQꢇ  
ꢈꢇ 5HDGꢀ WKHꢀ '$7$3ꢀ UHJLVWHUꢇꢀ 7KLVꢀ UHJLVWHUꢀ UHWXUQVꢀ WKH  
FRGHꢀ UHOHDVHꢀ YHUVLRQꢀ QXPEHUꢀ ꢂDQꢀ ꢑꢀ ELWꢀ YDOXHꢋꢀ IRU  
H[DPSOHꢋꢀ030HꢀLQGLFDWHVꢀYHUVLRQꢀꢌꢆꢃꢇ  
ꢌꢇ 5HDGꢀ5$ꢐꢀORFDWLRQꢀ0ꢇꢀ7KLVꢀORFDWLRQꢀUHWXUQVꢀWKHꢀSDUW  
QXPEHUꢀꢂIRUꢀH[DPSOHꢋꢀ02922HꢀIRUꢀDꢀ=ꢆꢈꢄꢈꢈꢀSDUWꢃꢇ  
5$''2ꢀ/1&'  
7KHGDWDSXPSLQFRUSRUDWHVDORZꢁSRZHUVOHHSPRGHꢇ,QWKLV  
PRGHꢋꢀWKHꢀGDWDꢀSXPSꢀFORFNꢀLVꢀVKXWꢀGRZQꢋꢀHIIHFWLYHO\ꢀVWRSꢁ  
SLQJꢀWKHꢀSDUWꢇꢀ7RꢀHQWHUꢀ5ꢀ''2ꢀPRGHꢋꢀWKHꢀFRQWUROOHUꢀFDQꢀVHW  
&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅ±ꢆꢀꢂ/1&'ꢃꢀWRꢀPRGHꢀꢉꢇꢀ7RꢀH[LW  
VOHHSPRGHꢋWKHFRQWUROOHUFDQHLWKHUUHVHWWKHGDWDSXPSDVꢁ  
VHUWLQJꢀWKHꢀRESETꢀVLJQDOꢃꢀRUꢀZULWHꢀDQ\ꢀYDOXHꢀWRꢀWKHꢀ'$7$3  
UHJLVWHUꢇꢀ7KHꢀ+RVWꢀVKRXOGꢀWKHQꢀZDLWꢀDWꢀOHDVWꢀꢈꢀPVHFꢀEHIRUH  
DFFHVVLQJꢀWKHꢀGDWDꢀSXPSꢀUHJLVWHUVꢇ  
8ꢈꢂꢃꢀ37+%-ꢀ%100'%6ꢀ*#0&5*#-'  
7KHꢀGDWDꢀSXPSꢀSURYLGHVꢀDꢀ9ꢇꢈꢄꢀ4XLFNꢀ&RQQHFWꢀPRGHꢇꢀ7KLV  
PRGHꢀLVꢀDꢀKDOIꢀGXSOH[ꢀV\QFKURQRXVꢀꢄꢅꢆꢆꢀESVꢀPRGXODWLRQ  
VFKHPHꢋꢀDOORZLQJꢀWKHꢀ+RVWꢀWRꢀFKDQJHꢀWKHꢀGLUHFWLRQꢀRIꢀWKH  
GDWDꢀIORZꢀTXLFNO\ꢇꢀ:KHQꢀXVHGꢀZLWKꢀDꢀVXLWDEOHꢀ+RVWꢀGDWD  
WUDQVIHUꢀSURWRFROꢋꢀLWꢀFDQꢀSURYLGHꢀDꢀIDVWꢀSVHXGRꢀIXOOꢀGXSOH[  
FKDQQHOꢇ  
WUDLQꢇꢀ)RUꢀVXEVHTXHQWꢀVKRUWꢀUHWUDLQVꢋꢀVHWꢀ'SFWUOꢀELWꢀꢍꢌ  
6:5640ꢃꢀWRꢀ17KHQVHWꢀ&RQILJXUDWLRQUHJLVWHUELWV  
ꢅ±ꢆꢀꢂ/1&'ꢃꢀWRꢀ020HꢀꢂꢄꢅꢆꢆꢀESVꢀ9ꢇꢈꢄꢃꢀRUꢀ021Hꢀꢂꢉꢈꢆꢆ  
ESVꢀ9ꢇꢈꢄꢃꢇꢀ7KHQꢀVHWꢀ5$ꢐꢀ&RQWUROꢀDQGꢀ6WDWXVꢀUHJLVWHU  
ELWꢀ ꢌꢀ 4652ꢃꢀ WRꢀ 1 WRꢀ FDXVHꢀ WKHꢀ GDWDꢀ SXPSꢀ WRꢀ EHJLQ  
WUDQVPLVVLRQꢇ  
ꢈꢇ 6HW&RQILJXUDWLRQUHJLVWHUELW'%*1246'0DQG  
&RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWꢀ ꢍꢈꢀ '%*1246ꢀ'0ꢃꢀ DWꢀ WKH  
VDPHꢀWLPHꢀDVꢀ&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅ±ꢆꢀꢂ/1&'ꢃꢋ  
WRꢀWUDQVPLWꢀDQꢀHFKRꢀSURWHFWꢀWRQHꢀLIꢀUHTXLUHGꢇ  
7KHꢀGDWDꢀSXPSꢀFKDUDFWHUL]HVꢀWKHꢀWHOHSKRQHꢀOLQHꢀFRQQHFWLRQ  
E\ꢀSHUIRUPLQJꢀDꢀORQJꢀWUDLQLQJꢀVHTXHQFHꢀEHIRUHꢀWKHꢀILUVWꢀH[ꢁ  
FKDQJHꢀRIꢀGDWDꢀLQꢀHDFKꢀGLUHFWLRQꢇꢀ6XEVHTXHQWꢀWUDLQLQJꢀVHꢁ  
TXHQFHVꢀDUHꢀTXLFNHUꢀEHFDXVHꢀWKH\ꢀPDNHꢀXVHꢀRIꢀFKDUDFWHULVꢁ  
WLFVꢀGHWHUPLQHGꢀGXULQJꢀWKHꢀSUHYLRXVꢀORQJꢀWUDLQLQJꢀVHTXHQFHꢇ  
ꢌꢇ ,QVSHFWꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6ꢃꢇꢀ:KHQꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6  
LVꢀ1ꢋꢀWKHꢀ+RVWꢀPD\ꢀEHJLQꢀWUDQVPLWWLQJꢀGDWDꢇꢀ,IꢀSDUDOOHO  
PRGHꢀWUDQVPLWꢀLQWHUUXSWVꢀDUHꢀUHTXLUHGꢋꢀVHWꢀ5HJꢏꢀELWꢀꢉ  
6:+'ꢃꢀWRꢀ1  
9ꢇꢈꢄꢀ4XLFNꢀ&RQQHFWꢀLVꢀDꢀKDOIꢀGXSOH[ꢀPRGHꢇꢀ2QO\ꢀRQHꢀPRꢁ  
GHPWUDQVPLWVDFDUULHUDWDQ\JLYHQWLPHꢇ:KHQHYHUWUDLQLQJ  
LVSHUIRUPHGꢋꢀERWKꢀPRGHPVꢀPXVWꢀEHꢀVHWꢀWRꢀSHUIRUPꢀWKHꢀVDPH  
W\SHꢀRIꢀWUDLQꢋꢀHLWKHUꢀORQJꢀRUꢀVKRUWꢇ  
ꢊꢇ :KHQꢀUHTXLUHGꢋꢀVHWꢀ5$ꢐꢀ&RQWUROꢀDQGꢀ6WDWXVꢀUHJLVWHU  
ELWꢀꢌꢀꢂ4652ꢃꢀWRꢀ0ꢀWRꢀHQGꢀWUDQVPLVVLRQꢇꢀ:DLWꢀIRUꢀꢐRGHP  
6WDWXVꢀUHJLVWHUꢀELWꢀꢊꢀꢂ&2$75;ꢃꢀWRꢀEHFRPHꢀ0ꢀWRꢀLQGLFDWH  
WKHꢀ GDWDꢀ SXPSꢀ KDVꢀ FRPSOHWHGꢀ WUDQVPLVVLRQꢀ EHIRUH  
EHJLQQLQJꢀUHFHLYLQJꢀRUꢀKDQJLQJꢀXSꢀWKHꢀWHOHSKRQHꢀOLQHꢇ  
7KLVH[DPSOHDVVXPHVꢀWKDWꢀDꢀWHOHSKRQHꢀFRQQHFWLRQꢀKDVꢀEHHQ  
HVWDEOLVKHGꢋꢀWKHꢀ+RVWꢀLVꢀXVLQJꢀSDUDOOHOꢀPRGHꢋꢀDQGꢀWKHꢀ+RVW  
FRQWUROVꢀWKHꢀGDWDꢀSXPS¶Vꢀ576ꢀWKURXJKꢀ5$ꢐꢀ&RQWUROꢀDQG  
6WDWXVꢀUHJLVWHUꢀELWꢀꢌꢀꢂ4652ꢃꢇꢀ7KHꢀGHVFULSWLRQꢀRIꢀUHJLVWHU  
5$ꢐꢀ&RQWUROꢀDQGꢀ6WDWXVꢀUHJLVWHUꢀELWꢀꢌꢀꢂ4652ꢃꢀH[SODLQVꢀWKH  
+RVW¶VꢀRSWLRQVꢀIRUꢀFRQWUROOLQJꢀWKHꢀGDWDꢀSXPS¶Vꢀ576ꢀVLJQDOꢇ  
6Qꢀ4GEGKXG  
ꢍꢇ %HIRUHUHFHLYLQJIRUWKHꢀILUVWꢀWLPHꢀLQꢀHDFKꢀGLUHFWLRQꢀꢂLQ  
HDFKꢀ PRGHPꢃꢀ DIWHUꢀ Dꢀ WHOHSKRQHꢀ FRQQHFWLRQꢀ KDVꢀ EHHQ  
HVWDEOLVKHGꢋꢀVHWꢀ'SFWUOꢀELWꢀꢍꢈꢀꢂ4:5640ꢃꢀWRꢀ0ꢇꢀ7KHQꢀVHW  
&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅ±ꢆꢀꢂ/1&'ꢃꢀWRꢀ020Hꢀꢂꢄꢅꢆꢆ  
ESVꢀ9ꢇꢈꢄꢃꢀRUꢀ021HꢀꢂꢉꢈꢆꢆꢀESVꢀ9ꢇꢈꢄꢃꢇꢀ6HWꢀ5$ꢐꢀ&RQWURO  
6Qꢀ6TCPUOKV  
ꢍꢇ %HIRUHꢀWUDQVPLWWLQJꢀIRUꢀWKHꢀILUVWꢀWLPHꢀLQꢀHDFKꢀGLUHFWLRQ  
ꢂLQꢀHDFKꢀPRGHPꢃꢀDIWHUꢀDꢀWHOHSKRQHꢀFRQQHFWLRQꢀKDVꢀEHHQ  
HVWDEOLVKHGꢋꢀVHWꢀ'SFWUOꢀELWꢀꢍꢌꢀꢂ6:5640ꢃꢀWRꢀ0 IRUꢀDꢀORQJ  
ꢋꢂ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
DQG6WDWXVUHJLVWHUELW4652WR0WRFDXVHWKHGDWD  
SXPSꢀWRꢀEHJLQꢀUHFHSWLRQꢇ  
'SFWUOꢀELWꢀꢍꢈꢀꢂ4:5640ꢃꢀWRꢀ0ꢀEHWZHHQꢀWUDLQVꢀRUꢀDQRWKHU  
ORQJꢀ WUDLQꢀ PXVWꢀ EHꢀ H[HFXWHGꢀ HYHQꢀ LIꢀ 'SFWUOꢀ ELWꢀ ꢍꢈ  
4:5640ꢃꢀLVꢀUHVWRUHGꢀWRꢀ1ꢀEHIRUHꢀWKHꢀQH[WꢀWUDLQꢇ  
ꢈꢇ ,QVSHFWꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6ꢃꢇꢀ:KHQꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6  
LVꢀ 1ꢋꢀ WKHꢀ +RVWꢀ PD\ꢀ EHJLQꢀ UHFHLYLQJꢀ GDWDꢇꢀ ,Iꢀ SDUDOOHO  
ꢊꢇ :KHQWKHꢀGDWDꢀSXPSꢀORVHVꢀFDUULHUꢋꢀLWꢀVHWVꢀ5HJꢏꢀELWꢀꢍ  
%&'6ꢃꢀWRꢀ0ꢇꢀ:DLWꢀIRUꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6ꢃꢀFRQWLQXRXVO\  
IRUꢀ DWꢀ OHDVWꢀ ꢏꢆꢀ PVHFꢀ EHIRUHꢀ DVVXPLQJꢀ UHFHSWLRQꢀ KDV  
HQGHGꢇꢀ$IWHUꢀUHFHSWLRQꢀKDVꢀHQGHGꢋꢀWKHꢀ+RVWꢀPD\ꢀVZLWFK  
WKHGDWDSXPSWREHJLQWUDQVPLWWLQJꢋRUKDQJXSWKH  
WHOHSKRQHꢀOLQHꢇ  
PRGHꢀWUDQVPLWꢀLQWHUUXSWVꢀDUHꢀUHTXLUHGꢋꢀVHWꢀ5HJꢏꢀELWꢀꢅ  
6:+'ꢃꢀWRꢀ1  
ꢌꢇ 5HFHLYHꢀGDWDꢀIRUꢀDWꢀOHDVWꢀꢏꢆꢀPVHFꢋꢀWKHQꢀVHWꢀ'SFWUOꢀELWꢀꢍꢈ  
4:5640ꢃꢀ WRꢀ 1WRFDXVHWKHGDWDSXPSꢀ WRꢀ UHFHLYHD  
VKRUWHQHGꢀ VXEVHTXHQWꢀ UHWUDLQꢀ VHTXHQFHVꢇꢀ 'Rꢀ QRWꢀ VHW  
8ꢈꢂꢃꢀ*#0&5*#-'  
7KHꢀGDWDꢀSXPSꢀDOVRꢀSURYLGHVꢀDꢀVWDQGDUGꢀ,78ꢀ9ꢇꢈꢄꢀPRGHꢇ  
7KLVꢀPRGHꢀLVꢀDꢀKDOIꢀGXSOH[ꢀV\QFKURQRXVꢀꢄꢅꢆꢆꢀESVꢎꢀꢉꢈꢆꢆꢀESV  
PRGXODWLRQꢀVFKHPHꢋꢀDOORZLQJꢀWKHꢀ+RVWꢀWRꢀFKDQJHꢀWKHꢀGLUHFꢁ  
WLRQRIWKHGDWDIORZTXLFNO\ꢇ:KHQXVHGZLWKDVXLWDEOH+RVW  
GDWDꢀWUDQVIHUꢀSURWRFROꢋꢀLWꢀFDQꢀSURYLGHꢀDꢀIDVWꢀSVHXGRꢀIXOOꢁGXꢁ  
SOH[ꢀFKDQQHOꢇ  
PRGHꢀWUDQVPLWꢀLQWHUUXSWVꢀDUHꢀUHTXLUHGꢋꢀVHWꢀ5HJꢏꢀELWꢀꢉ  
6:+'ꢃꢀWRꢀ1  
ꢊꢇ :KHQꢀUHTXLUHGꢋꢀVHWꢀ5$ꢐꢀ&RQWUROꢀDQGꢀ6WDWXVꢀUHJLVWHU  
ELWꢀꢌꢀꢂ4652ꢃꢀWRꢀ0ꢀWRꢀHQGꢀWUDQVPLVVLRQꢇꢀ:DLWꢀIRUꢀꢐRGHP  
6WDWXVꢀUHJLVWHUꢀELWꢀꢊꢀꢂ&2$75;ꢃꢀWRꢀ0ꢀWRꢀLQGLFDWHꢀWKHꢀGDWD  
SXPSꢀ KDVꢀ FRPSOHWHGꢀ WUDQVPLVVLRQꢀ EHIRUHꢀ EHJLQQLQJ  
UHFHLYLQJꢀRUꢀKDQJLQJꢀXSꢀWKHꢀWHOHSKRQHꢀOLQHꢇ  
7KLVH[DPSOHDVVXPHVꢀWKDWꢀDꢀWHOHSKRQHꢀFRQQHFWLRQꢀKDVꢀEHHQ  
HVWDEOLVKHGꢋꢀWKHꢀ+RVWꢀLVꢀXVLQJꢀSDUDOOHOꢀPRGHꢋꢀDQGꢀWKHꢀ+RVW  
FRQWUROVꢀWKHꢀGDWDꢀSXPS¶Vꢀ576ꢀWKURXJKꢀ5$ꢐꢀ&RQWUROꢀDQG  
6WDWXVꢀUHJLVWHUꢀELWꢀꢌꢀꢂ4652ꢃꢇꢀ7KHꢀGHVFULSWLRQꢀRIꢀUHJLVWHU  
5$ꢐꢀ&RQWUROꢀDQGꢀ6WDWXVꢀUHJLVWHUꢀELWꢀꢌꢀꢂ4652ꢃꢀH[SODLQVꢀWKH  
+RVW¶VꢀRSWLRQVꢀIRUꢀFRQWUROOLQJꢀWKHꢀGDWDꢀSXPS¶Vꢀ576ꢀVLJQDOꢇ  
6Qꢀ4GEGKXG  
ꢍꢇ $IWHUꢀ Dꢀ WHOHSKRQHFRQQHFWLRQꢀ KDVꢀ EHHQꢀ HVWDEOLVKHGꢋꢀ VHW  
'SFWUOꢀ ELWꢀ ꢍꢈꢀ 4:5640ꢃꢀ WRꢀ 0ꢇꢀ 3URFHHGꢀ WRꢀ VHW  
&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅ±ꢆꢀꢂ/1&'ꢃꢀWRꢀ020Hꢀꢂꢄꢅꢆꢆ  
ESVꢀ9ꢇꢈꢄꢃꢀRUꢀ021HꢀꢂꢉꢈꢆꢆꢀESVꢀ9ꢇꢈꢄꢃꢇꢀ6HWꢀ5$ꢐꢀ&RQWURO  
DQGꢀ6WDWXVꢀUHJLVWHUꢀELWꢀꢌꢀꢂ4652ꢃꢀWRꢀWRꢀFDXVHꢀWKHꢀGDWDꢀSXPS  
WRꢀEHJLQꢀUHFHSWLRQꢇ  
6Qꢀ6TCPUOKV  
ꢍꢇ $IWHUꢀDꢀWHOHSKRQHꢀFRQQHFWLRQꢀKDVꢀEHHQꢀHVWDEOLVKHGꢋꢀVHW  
'SFWUOꢀELWꢀꢍꢈꢀꢂ6:5640ꢃꢀWRꢀꢆꢇꢀ7KHQꢀVHWꢀ&RQILJXUDWLRQ  
UHJLVWHUꢀELWVꢀꢅ±ꢆꢀꢂ/1&'ꢑꢀWRꢀ020HꢀꢂꢄꢅꢆꢆꢀESVꢀ9ꢇꢈꢄꢃꢀRU  
021HꢉꢈꢆꢆESV9ꢇꢈꢄꢃꢇ7KHQVHW5$ꢐꢀ &RQWUROꢀ DQG  
6WDWXVꢀUHJLVWHUꢀELWꢀꢌꢀꢂ4652ꢃꢀWRꢀ1ꢀWRꢀFDXVHꢀWKHꢀGDWDꢀSXPS  
WRꢀEHJLQꢀWUDQVPLVVLRQꢇ  
ꢈꢇ ,QVSHFWꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6ꢃꢇꢀ:KHQꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6  
LVꢀ 1ꢋꢀ WKHꢀ +RVWꢀ PD\ꢀ EHJLQꢀ UHFHLYLQJꢀ GDWDꢇꢀ ,Iꢀ SDUDOOHO  
PRGHꢀWUDQVPLWꢀLQWHUUXSWVꢀDUHꢀUHTXLUHGꢋꢀVHWꢀ5HJꢏꢀELWꢀꢉ  
6:+'ꢃꢀWRꢀ1  
ꢈꢇ 6HWꢀ &RQILJXUDWLRQꢀ UHJLVWHUꢀ ELWꢀ ꢍꢈꢀ '%*1246'0ꢃꢀ DQG  
&RQILJXUDWLRQUHJLVWHUELW'%*1246'0DWWKHVDPH  
WLPHꢀDVꢀ&RQILJXUDWLRQꢀUHJLVWHUꢀELWVꢀꢅ±ꢆꢀꢂ/1&'ꢃꢋꢀWRꢀWUDQVPLW  
DQꢀHFKRꢀSURWHFWꢀWRQHꢀLIꢀUHTXLUHGꢇ  
ꢌꢇ :KHQWKHꢀGDWDꢀSXPSꢀORVHVꢀFDUULHUꢋꢀLWꢀVHWVꢀ5HJꢏꢀELWꢀꢍ  
%&'6ꢃꢀWRꢀ0ꢇꢀ:DLWꢀIRUꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6ꢃꢀFRQWLQXRXVO\  
IRUꢀ DWꢀ OHDVWꢀ ꢏꢆꢀ PVHFꢀ EHIRUHꢀ DVVXPLQJꢀ UHFHSWLRQꢀ KDV  
HQGHGꢇꢀ$IWHUꢀUHFHSWLRQꢀKDVꢀHQGHGꢋꢀWKHꢀ+RVWꢀPD\ꢀVZLWFK  
WKHGDWDSXPSWREHJLQWUDQVPLWWLQJꢋRUKDQJXSWKH  
WHOHSKRQHꢀOLQHꢇ  
ꢌꢇ ,QVSHFWꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6ꢃꢇꢀ:KHQꢀ5HJꢏꢀELWꢀꢍꢀꢂ%&'6  
LVꢀ1ꢋꢀWKHꢀ+RVWꢀPD\ꢀEHJLQꢀWUDQVPLWWLQJꢀGDWDꢇꢀ,IꢀSDUDOOHO  
ꢊꢄ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
6;2+%#$ꢀ2'4(14/#0%'ꢀ&#6#  
0QVGꢄ ꢐRGHPVꢀXVXDOO\ꢀH[KLELWꢀORZHUꢀELWꢀHUURUꢀUDWHVꢀUHFHLYLQJꢀLQ  
WKHꢀORZꢀEDQGꢀDVꢀRSSRVHGꢀWRꢀWKHꢀKLJKꢀEDQGꢇꢀ  
7KHꢀ%LWꢀ(UURUꢀ5DWHꢀꢂ%(5ꢃꢀDQGꢀ%ORFNꢀ(UURUꢀ5DWHꢀꢂ%/(5ꢃ  
FXUYHVꢀLQꢀ)LJXUHꢀꢍꢍꢀDQGꢀ)LJXUHꢀꢍꢈꢀUHSUHVHQWꢀW\SLFDOꢀSHUIRUꢁ  
PDQFHꢀRYHUꢀDꢀYDULHW\ꢀRIꢀVLJQDOꢀWRꢀQRLVHꢀFRQGLWLRQVꢀꢂ615ꢃꢇ  
:KHQDQDQDORJOLQNLVPDGHꢋWKH$GDSWLYH(TXDOL]HU$(4ꢃ  
LVꢀIUR]HQꢇꢀ7KHꢀQRLVHꢀOHYHOꢀLVꢀWKHQꢀLQFUHDVHGꢀZLWKRXWꢀPDNLQJ  
QHZꢀOLQNVꢇꢀ7KHVHꢀWHVWVꢀZHUHꢀFRQGXFWHGꢀXVLQJꢀDꢀ&RQVXOWURQꢁ  
LFV7&6ꢏꢆꢆ7HOHSKRQH/LQH6LPXODWRUꢋDQGD+HZOHWW3DFNꢁ  
DUGꢀꢊꢄꢏꢍ%ꢀSURWRFROꢀDQDO\]HUꢎ%(57ꢀWHVWHUꢀXQGHUꢀWKHꢀFRQGLꢁ  
WLRQVꢀGHVFULEHGꢀLQꢀ7DEOHꢀꢈꢈꢇ  
6CDNG ꢂꢂꢈ 2GTHQTOCPEGꢀ6GUVKPIꢀ%QPFKVKQPU  
ꢀKPGꢁ5KOWNCVKQP  
6TCPUOKVꢁꢀGXGN  
(NCV  
ꢃꢄꢁF$O  
4GEGKXGꢁꢀGXGN  
ꢃꢎꢅꢄꢁF$O  
&CVCꢁ6TCPUOKVVGF  
0WODGTꢁQHꢁ$KVUꢁ5GPV  
ꢇꢃꢃꢁ2UGWFQꢍ4CPFQOꢁ2CVVGTP  
ꢃꢆꢄꢄꢄꢆꢄꢄꢄ  
0WODGTꢁQHꢁ$NQEMUꢁ5GPV ꢃꢆꢄꢄꢄ  
$KVUꢁRGTꢁ$NQEM  
#'3  
ꢃꢆꢄꢄꢄ  
(TQ\GPꢁCHVGTꢁꢀKPMꢁ'UVCDNKUJGU  
%ꢍ/GUUCIG  
0QKUGꢁ%CNKDTCVKQP  
(KIWTG ꢇꢇꢈ 8ꢈꢂꢃꢀ6[RKECNꢀ2GTHQTOCPEGꢀ&CVC  
ꢊꢃ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢁꢂꢃꢂꢂ  
6TCPUCEVKQPꢀ2TQEGUUKPIꢀ/QFGOꢀ&CVCꢀ2WORꢀYKVJꢀ+PVGITCVGFꢀ#('  
=L/2*  
(KIWTG ꢇꢂꢈ 6[RKECNꢀ2GTHQTOCPEGꢀ&CVC  
ꢊꢏ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢀꢁꢂꢁꢁ  
6TCPUCEVKQPꢃ2TQEGUUKPIꢃ/QFGOꢃ&CVCꢃ2WORꢃYKVJꢃ+PVGITCVGFꢃ#('  
=L/2*  
=ꢃꢀꢄꢃꢂ  
9rp‚ˆƒyvtꢀ8hƒhpv‡‚ꢁ†  
=ꢀꢁꢂꢁꢁ  
9rp‚ˆƒyvtꢀ8hƒhpv‡‚ꢁ†  
(KIWTG ꢄꢅꢆ'ZCORNGꢃ/QFGOꢃ7UKPIꢃ<ꢀꢁꢂꢁꢁꢃCPFꢃCꢃ<ꢄꢇꢂꢃOKETQEQPVTQNNGT  
ꢊꢋ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢀꢁꢂꢁꢁ  
6TCPUCEVKQPꢃ2TQEGUUKPIꢃ/QFGOꢃ&CVCꢃ2WORꢃYKVJꢃ+PVGITCVGFꢃ#('  
=L/2*  
':#/2ꢈ'ꢃ&##  
)LJXUHꢀꢍꢊꢀLVꢀDQꢀH[DPSOHꢀ'$$ꢀFRQILJXUDWLRQꢀIRUꢀ1RUWK  
$PHULFDꢇꢀ,VRODWLRQꢀWUDQVIRUPHUꢋꢀ7ꢍꢋꢀFRXSOHVꢀWKHꢀSULPDU\  
ꢂOLQHꢃꢀDQGꢀVHFRQGDU\ꢀꢂPRGHPꢃꢀVLGHVꢋꢀZKLOHꢀSURYLGLQJꢀKLJKꢁ  
YROWDJHꢀLVRODWLRQꢇꢀ7KLVꢀZHWꢀWUDQVIRUPHUꢀꢂDOORZLQJꢀ'&ꢀFXUꢁ  
UHQWꢃꢀVLPSOLILHVꢀWKHꢀFLUFXLWꢋꢀZKLOHꢀUHGXFLQJꢀWKHꢀFRVWꢀRIꢀWKH  
'$$ꢇ  
2QꢀWKHꢀ3ULPDU\ꢀVLGHꢋꢀWKHꢀRIIꢁKRRNꢀUHOD\ꢀVZLWFKHVꢀWKHꢀSKRQH  
OLQHꢀEHWZHHQꢀDꢀORFDOꢀKDQGVHWꢀꢂ3+21(ꢃꢀRUꢀWKHꢀPRGHPꢇꢀ7KH  
ULQJꢀGHWHFWꢀFLUFXLWꢀFRQVLVWVꢀRIꢀ'&ꢀEORFNLQJꢀFDSDFLWRUꢀ&ꢊꢋ  
FXUUHQWOLPLWLQJUHVLVWRU5ꢈꢋ]HQHUGLRGHV&5ꢌDQG&5ꢊꢋRSꢁ  
WRFRXSOHUꢀ8ꢌꢋꢀDQGꢀLWVꢀUHYHUVHꢀSURWHFWLRQꢀGLRGHꢀ'ꢌꢇꢀ3URWHFꢁ  
WLRQꢀHOHPHQWVꢀ59ꢍꢋꢀ)ꢍꢋꢀ&ꢍꢋꢀDQGꢀ&ꢈꢀꢂDQGꢀWUDQVIRUPHUꢀ7ꢍ¶V  
LVRODWLRQꢃꢀSURYLGHꢀKLJKHUꢀYROWDJHꢀFDSDELOLW\ꢀIRUꢀDSSURYDOꢀLQ  
VRPHꢀIRUHLJQꢀPDUNHWVꢇꢀ&ꢍꢀDQGꢀ&ꢈꢋꢀIRUꢀH[DPSOHꢋꢀPD\ꢀPXVW  
EHꢀUHSODFHGꢀE\ꢀꢐHWDOꢀ2[LGHꢀ9DULVWRUVꢀꢂꢐ29¶VꢃꢀRUꢀ*DVꢀ'LVꢁ  
FKDUJH7XEHV*'7Vꢃꢇ7KHVKXQWUHOD\UHGXFHVWKH'$$LPꢁ  
SHGDQFHꢀGXULQJꢀSXOVHꢀGLDOLQJꢇꢀ7KLVꢀRSHUDWLRQꢀLVꢀUHTXLUHGꢀIRU  
FHUWDLQꢀFRXQWU\ꢀDSSURYDOVꢇ  
2QꢀWKHꢀ6HFRQGDU\ꢀVLGHꢋꢀWKHꢀWUDQVPLWꢀꢂ7[$ꢓꢀDQGꢀ7[$±ꢃꢀDQG  
UHFHLYHꢀꢂ5[$ꢓꢀDQGꢀ5[$±ꢃꢋꢀDUHꢀFRPELQHGꢀLQꢀWKHꢀꢊꢁZLUHꢀWR  
ꢈꢁZLUHꢀK\EULGꢀFLUFXLWꢇꢀ7KLVꢀK\EULGꢀFDQꢀEHꢀHLWKHUꢀSDVVLYHꢀRU  
DFWLYHꢇꢀ7KHꢀPRUHꢀFRPSOH[ꢀDFWLYHꢀK\EULGꢀDOORZVꢀRSHUDWLRQ  
WRꢀORZHUꢀVLJQDOꢀOHYHOVꢇꢀ,WꢀFDQFHOVꢀRXWꢀPRVWꢀRIꢀWKHꢀWUDQVPLW  
VLJQDOꢀIURPꢀWKHꢀUHFHLYHꢀVLJQDOꢇ  
(KIWTG ꢄꢉꢆ'ZCORNGꢃ&##ꢃ  
ꢊꢊ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢀꢁꢂꢁꢁ  
6TCPUCEVKQPꢃ2TQEGUUKPIꢃ/QFGOꢃ&CVCꢃ2WORꢃYKVJꢃ+PVGITCVGFꢃ#('  
=L/2*  
';'ꢃ2#66'40ꢃ%+4%7+6  
)LJXUHLVDW\SLFDOH\HꢀSDWWHUQꢀFLUFXLWꢀIRUꢀWKHꢀ=ꢆꢈꢄꢈꢈꢇꢀ7KH  
6WUREH';'56$ꢃꢒ7KLVVLJQDOLVDFWLYH/RZꢀZKHQꢀWKH  
=ꢆꢈꢄꢈꢈꢀ(\Hꢀ3DWWHUQꢀSRUWꢀFRQVLVWVꢀRIꢀꢌꢀVLJQDOVꢒꢀ  
GDWDꢀLVꢀYDOLGꢇꢀ  
'DWDꢀꢂ';'176ꢃꢒꢀ7KHꢀPRVWꢀVLJQLILFDQWꢀDQGꢀOHDVWꢀVLJQLILꢁ  
FDQWꢀE\WHVꢀRIꢀWKLVꢀꢍꢅꢁELWꢀZRUGꢀDUHꢀWKHꢀ;ꢀDQGꢀ<ꢀFRRUGLꢁ  
QDWHVꢀUHVSHFWLYHO\ꢀIRUꢀWKHꢀH\HꢀSDWWHUQꢀGLVSOD\ꢇꢀ(DFKꢀE\WH  
LVꢀPRVWꢀVLJQLILFDQWꢀELWꢀILUVWꢇꢀ  
'DWDꢀLVꢀVKLIWHGꢀWKURXJKꢀDꢀSDLUꢀRIꢀꢑꢀELWꢀVHULDOꢁLQꢀSDUDOOHOꢁRXW  
VKLIWꢀUHJLVWHUVꢀꢂ74HC594ꢃꢀLQꢀUHVSRQVHꢀWRꢀWKHꢀIDOOLQJꢀHGJHꢀRI  
';'%ꢀ-WKHQODWFKHGLQWRDSDLURIꢁELW'$&VRQWKHULVLQJ  
HGJHꢀRIꢀ';'56$ꢇꢀ7KHꢀRXWSXWꢀRIꢀWKHVHꢀ'$&VꢀFDQꢀEHꢀYLHZHG  
RQꢀDQꢀRVFLOORVFRSHꢀLQꢀ;±<ꢀPRGHꢀWRꢀVHHꢀWKHꢀUHFHLYHGꢀVLJQDO  
TXDOLW\ꢇꢀ  
&ORFNꢀꢂ';'%ꢀ-ꢃꢒ'DWDꢀLVꢀVHWꢀRQꢀWKHꢀULVLQJꢀHGJHꢀRIꢀWKH  
';'%ꢀ-ꢋꢀDQGꢀVKRXOGꢀEHꢀUHDGꢀRQꢀWKHꢀIDOOLQJꢀHGJHꢇꢀ  
(KIWTG ꢄꢊꢆ'[Gꢃ2CVVGTPꢃ%KTEWKV  
ꢊꢇ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢀꢁꢂꢁꢁ  
6TCPUCEVKQPꢃ2TQEGUUKPIꢃ/QFGOꢃ&CVCꢃ2WORꢃYKVJꢃ+PVGITCVGFꢃ#('  
=L/2*  
2#%-#)'ꢃ+0(14/#6+10  
(KIWTG ꢄꢋꢆꢉꢉꢌꢈGCFꢃ2ꢈ%%ꢃ2CEMCIGꢃ&KCITCO  
ꢊꢎ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  
<ꢀꢁꢂꢁꢁ  
6TCPUCEVKQPꢃ2TQEGUUKPIꢃ/QFGOꢃ&CVCꢃ2WORꢃYKVJꢃ+PVGITCVGFꢃ#('  
=L/2*  
14&'4+0)ꢃ+0(14/#6+10  
<ꢀꢁꢂꢁꢁ  
ꢄꢁꢆꢁꢇꢇꢃ/*\  
ꢉꢉꢌ2KPꢃ2ꢈ%%  
41/ꢃ%QFGꢃ8GTUKQPꢃꢀZꢉꢁꢃ  
<ꢀꢁꢂꢁꢁꢄꢁ85%4ꢅꢂꢄꢀ  
41/ꢃ%QFGꢃ8GTUKQPꢃꢀ:ꢅ#ꢃ <ꢀꢁꢂꢁꢁꢄꢁ85%4ꢅꢍꢂꢋ  
5HIHUꢁWRꢁWKHꢁ=ꢅꢇꢉꢇꢇꢁ3URGXFWꢁ8SGDWHꢁIRUꢁWKHꢁVRIWZDUHꢁGLIIHUHQFHVꢁEHWZHHQꢁWKHꢁWZRꢁ520ꢁFRGHVꢁYHUVLRQVꢀꢁ7KHꢁ3URGXFWꢁ8SGDWH  
DOVRꢁOLVWVꢁWKHꢁZRUNDURXQGVꢁIRUꢁ9HUꢀꢁꢅ[ꢊ$ꢁRIꢁWKHꢁ520ꢁ&RGHꢀꢁ  
)RUꢀIDVWꢀUHVXOWVꢋꢀFRQWDFWꢀ\RXUꢀORFDOꢀ=L/2*ꢀVDOHVꢀRIILFHꢀIRUꢀDVVLVWDQFHꢀLQꢀRUGHULQJꢀWKHꢀSDUWꢀUHTXLUHGꢇ  
%1&'5  
5RGGF  
ꢃꢏꢔꢃꢏꢅꢏꢈꢈꢁ/*\  
2CEMCIG  
8ꢔ2NCUVKEꢁꢀGCFGFꢁ%JKRꢁ%CTTKGT  
5ꢔꢄ•%ꢁVQꢁꢓꢒꢄ•%  
%ꢁꢔꢁ2NCUVKEꢁ5VCPFCTF  
4ꢋꢂꢃꢄꢁꢔꢁ41/ꢁEQFGꢁPWODGTꢁꢋꢂꢃꢄꢁꢐ41/ꢁEQFGꢁ8GTUKQPꢁꢄZꢊꢏꢑ  
4ꢋꢒꢂꢎꢁꢔꢁ41/ꢁEQFGꢁPWODGTꢁꢋꢒꢂꢎꢁꢐ41/ꢁEQFGꢁ8GTUKQPꢁꢄZꢋ#ꢑ  
6GORGTCVWTG  
'PXKTQPOGPVCN  
41/ꢁ%QFG  
([DPSOH  
ꢅ=ꢅꢀꢁꢂꢁꢁꢅꢄꢁꢅꢅꢅ9ꢅꢅꢅꢅꢅ6ꢅꢅꢅꢅ& ꢅ5ꢅꢆꢂꢄꢀ  
v†ꢀhꢀaꢂ!(!!ꢀv‡uꢀSPHꢀp‚qrꢀS"( ꢂꢃꢀ !ꢄ!''ꢀHC“ꢃꢀQG88ꢃꢀꢀꢀ  
•8ꢀ‡‚ꢀꢅ&ꢂ•8ꢃꢀQyh†‡vpꢀT‡hqhꢁqꢀAy‚ꢀ  
S‚€ꢀ8‚qrꢀIˆ€irꢁ  
S‚€ꢀ8‚qr  
@‰vꢁ‚€r‡hyꢀAy‚  
Ur€ƒrꢁh‡ˆꢁr  
Qhpxhtr  
Tƒrrq  
Qꢁ‚qˆp‡ꢀIˆ€irꢁꢀ  
avy‚tꢀQꢁrsv‘  
ꢊꢒ  
25ꢄꢄꢃꢃꢄꢃꢍꢄꢎꢄꢃ  

相关型号:

Z0292212VSGR3910

Transaction Processing Modem Data Pump with Integrated AFE
ZILOG

Z02FLL

Rectifier Diode, 1 Phase, 1 Element, 15A, 200V V(RRM), Silicon,
VMI

Z02ULL

Rectifier Diode, 1 Phase, 1 Element, 15A, 200V V(RRM), Silicon,
VMI

Z02W10

ZENER DIODE SILICON EPITAXIAL PLANAR DIODE (CONSTANT VOLTAGE REGULATION, REFERENCE VOLTAGE)
KEC

Z02W100V

ZENER DIODE SILICON EPITAXIAL PLANAR DIODE
KEC

Z02W10V

ZENER DIODE SILICON EPITAXIAL PLANAR DIODE (CONSTANT VOLTAGE REGULATION, REFERENCE VOLTAGE)
KEC

Z02W11V

ZENER DIODE SILICON EPITAXIAL PLANAR DIODE (CONSTANT VOLTAGE REGULATION, REFERENCE VOLTAGE)
KEC

Z02W12V

ZENER DIODE SILICON EPITAXIAL PLANAR DIODE (CONSTANT VOLTAGE REGULATION, REFERENCE VOLTAGE)
KEC

Z02W13V

ZENER DIODE SILICON EPITAXIAL PLANAR DIODE (CONSTANT VOLTAGE REGULATION, REFERENCE VOLTAGE)
KEC

Z02W15V

ZENER DIODE SILICON EPITAXIAL PLANAR DIODE (CONSTANT VOLTAGE REGULATION, REFERENCE VOLTAGE)
KEC

Z02W16V

ZENER DIODE SILICON EPITAXIAL PLANAR DIODE (CONSTANT VOLTAGE REGULATION, REFERENCE VOLTAGE)
KEC

Z02W18V

ZENER DIODE SILICON EPITAXIAL PLANAR DIODE (CONSTANT VOLTAGE REGULATION, REFERENCE VOLTAGE)
KEC