Escolar Documentos
Profissional Documentos
Cultura Documentos
Title
Address
City, State, Country, Postal Code
Telephone
Fax
Email
Date Purchased
Dealer
Model
Serial #
Model
Serial #
123267$*(
1(&(66$5<
,)0$,/('
,17+(
81,7('67$7(6
%86,1(665(3/<0$,/
),567&/$660$,/3(50,7126$17$&/$5$&$
3267$*(:,//%(3$,'%<7+($''5(66((
Magellan Corporation
Ashtech Precision Products Customer Support
471 El Camino Real
Santa Clara, CA 95050-9974
/RFXV3URFHVVRU
8VHUV*XLGH
0DJHOODQ&RUSRUDWLRQ
(O&DPLQR5HDO
6DQWD&ODUD&D
3KRQHDQG)D[1XPEHUV
0DLQ
9RLFH
)D[
6DOHV
86
)D[
(XURSH
9RLFH
)D[
6XSSRUW
86
)D[
,QWHUQHW
VXSSRUW#DVKWHFKFRP
KWWSZZZDVKWHFKFRP
VXSSRUW#DVKWHFKFRXN
&RS\ULJKW1RWLFH
7KHHTXLSPHQWGHVFULEHGLQWKLVPDQXDOKDVEHHQWHVWHGSXUVXDQWWR3DUWRI
WKH)&&5XOHVDQGIRXQGWRFRPSO\ZLWKWKHOLPLWVIRUD&ODVV$GLJLWDOGHYLFH
IRUXVHLQFRPPHUFLDOEXVLQHVVDQGLQGXVWULDOHQYLURQPHQWV2SHUDWLRQLVVXE
MHFWWRWKHIROORZLQJWZRFRQGLWLRQVWKLVGHYLFHPD\QRWFDXVHKDUPIXOLQ
WHUIHUHQFHDQGWKLVGHYLFHPXVWDFFHSWDQ\LQWHUIHUHQFHUHFHLYHGLQFOXGLQJ
LQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHGRSHUDWLRQ7KHVHOLPLWVDUHGHVLJQHGWR
SURYLGHUHDVRQDEOHSURWHFWLRQDJDLQVWKDUPIXOLQWHUIHUHQFHZKHQWKHHTXLS
PHQWLVRSHUDWHGLQDFRPPHUFLDOHQYLURQPHQW7KHHTXLSPHQWJHQHUDWHVXV
HVDQGFDQUDGLDWHUDGLRIUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQ
DFFRUGDQFHZLWKWKHLQVWUXFWLRQPDQXDOPD\FDXVHKDUPIXOLQWHUIHUHQFHWRUD
GLRDQGWHOHYLVLRQUHFHSWLRQ2SHUDWLRQRIWKLVHTXLSPHQWLQDUHVLGHQWLDODUHD
LVOLNHO\WRFDXVHKDUPIXOLQWHUIHUHQFHLQZKLFKFDVHWKHXVHUZLOOEHUHTXLUHG
WRFRUUHFWWKHLQWHUIHUHQFHDWKLVRZQH[SHQVH
,IWKLVHTXLSPHQWGRHVFDXVHLQWHUIHUHQFHWRUDGLRRUWHOHYLVLRQUHFHSWLRQ
ZKLFKFDQEHGHWHUPLQHGE\WXUQLQJWKHHTXLSPHQWRIIDQGRQ\RXFDQWU\WR
FRUUHFWWKHLQWHUIHUHQFHE\RQHRUPRUHRIWKHIROORZLQJPHDVXUHV
LL
/RFXV3URFHVVRU8VHUV*XLGH
5HRULHQWWKHUHFHLYLQJDQWHQQD
5HORFDWHWKHUHFHLYHUUHODWLYHWRWKHHTXLSPHQWZKLFKLWLQWHUIHUHV
3RZHUWKHHTXLSPHQWIURPDGLIIHUHQW$&UHFHSWDFOHVRWKDWWKLV
HTXLSPHQWDQGWKHLQWHUIHUHGHTXLSPHQWDUHRQGLIIHUHQWEUDQFKFLUFXLWV
,IQHFHVVDU\FRQWDFWWKH$VKWHFKFXVWRPHUVHUYLFHGHSDUWPHQWRUDQ
DXWKRUL]HGUHSUHVHQWDWLYHIRUDGGLWLRQDODGYLFH
LLL
/,0,7('(48,30(17:$55$17<
$VKWHFK,QFZDUUDQWVWRWKHRULJLQDOEX\HURQO\WKDWWKHHTXLSPHQWKHUHLQ3URGXFWSXU
FKDVHGE\WKHEX\HUDFRQIRUPVWR$VKWHFKVSXEOLVKHGVSHFLILFDWLRQVIRUWKHPRGHOSXUFKDVHG
DQGELVIUHHIURPGHIHFWVLQPDWHULDORUZRUNPDQVKLS7KHGXUDWLRQRIWKLVZDUUDQW\LVRQH
\HDUIURPGDWHRIGHOLYHU\DQGDQ\FODLPIRUEUHDFKRIZDUUDQW\PXVWEHEURXJKWWR$VKWHFKV
DWWHQWLRQZLWKLQVXFKRQH\HDUSHULRGDQGDQ\DFWLRQRQDQ\VXFKFODLPPXVWEHEURXJKWZLWKLQ
PRQWKVIURPWKHGDWHRIGHOLYHU\:LWKLQDUHDVRQDEOHSHULRGRIWLPHDIWHUDFODLP$VKWHFK
ZLOOFRUUHFWDQ\IDLOXUHRIWKH3URGXFWWRFRQIRUPWRVSHFLILFDWLRQVRUDQ\GHIHFWLQPDWHULDOVRU
ZRUNPDQVKLS,I$VKWHFKLVXQDEOHWRUHSDLUWKH3URGXFWWRFRQIRUPWRWKHZDUUDQW\DIWHUDUHD
VRQDEOHQXPEHURIDWWHPSWV$VKWHFKZLOOSURYLGHDWLWVRSWLRQRQHRIWKHIROORZLQJDDUH
SODFHPHQW3URGXFWRUEIXOOUHIXQGRIWKHSXUFKDVHSULFH$UHSDLUHGRUUHSODFHGSURGXFWLV
ZDUUDQWHGIRUGD\VIURPWKHGDWHRIUHWXUQVKLSPHQWRUIRUWKHEDODQFHRIWKHRULJLQDOZDU
UDQW\SHULRGZKLFKHYHULVORQJHU7KHVHUHPHGLHVDUHWKHEX\HUVH[FOXVLYHUHPHGLHVIRUEUHDFK
RIZDUUDQW\
7RREWDLQZDUUDQW\VHUYLFHWKHEX\HUPXVWUHWXUQWKH3URGXFWSRVWDJHSDLGZLWKSURRIRIWKH
GDWHRIRULJLQDOSXUFKDVHDQGWKHEX\HU
VUHWXUQDGGUHVVWR$VKWHFK,QFRUDQDXWKRUL]HGVHUYLFH
FHQWHU$VKWHFK,QFZLOOQRWEHUHVSRQVLEOHIRUDQ\ORVVRUGDPDJHWRWKHSURGXFWLQFXUUHGZKLOH
LWLVLQWUDQVLWRULVEHLQJVKLSSHGIRUUHSDLU,WLVWKHEX\HU
VUHVSRQVLELOLW\WRDUUDQJHIRULQVXU
DQFHLIWKHEX\HUVRGHVLUHV
$VKWHFKGRHVQRWZDUUDQWDDQ\SURGXFWFRPSRQHQWVRUSDUWVQRWPDQXIDFWXUHGE\$VKWHFK
EGHIHFWVFDXVHGE\IDLOXUHWRSURYLGHDVXLWDEOHLQVWDOODWLRQHQYLURQPHQWIRUWKH3URGXFWF
GDPDJHFDXVHGE\GLVDVWHUVVXFKDVILUHIORRGZLQGDQGOLJKWQLQJHGDPDJHFDXVHGE\XQDX
WKRUL]HGDWWDFKPHQWVRUPRGLILFDWLRQIGDPDJHGXULQJVKLSPHQWJDQ\RWKHUDEXVHRUPLVXVH
E\WKHEX\HUKWKDWWKH3URGXFWZLOOEHIUHHIURPDQ\FODLPIRULQIULQJHPHQWRIDQ\SDWHQW
WUDGHPDUNFRS\ULJKWRURWKHUSURSULHWDU\ULJKWLQFOXGLQJWUDGHVHFUHWVLDQ\IDLOXUHRIWKH
3URGXFWWRFRQIRUPWRSXEOLVKHGVSHFLILFDWLRQVDULVLQJGLUHFWO\RULQGLUHFWO\RXWRIWKH*RYHUQ
PHQWVFKDQJHVWRRIFRQWURORYHUWKH*36RU*/21$66V\VWHPMGDPDJHFDXVHGE\IDLOXUHV
RULQDFFXUDFLHVRIWKH*36RU*/21$66V\VWHPRULWVVDWHOOLWHV
7+()25(*2,1*:$55$17,(6$5(,1/,(82)$//27+(5:$55$17,(6(;
35(6625,03/,(',1&/8',1*%87127/,0,7('727+(,03/,(':$55$1
7,(62)0(5&+$17$%,/,7<$1'),71(66)25$3$57,&8/$5385326($1',)
$33/,&$%/(,03/,(':$55$17,(681'(5$57,&/(2)7+(81,7('1$
7,216&219(17,2121&2175$&76)257+(,17(51$7,21$/6$/(2)*22'6
,QQRFDVHVKDOO$VKWHFKEHOLDEOHIRUDQ\VSHFLDOLQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVDULVLQJ
GLUHFWO\RULQGLUHFWO\RXWRIWKHRZQHUVKLSXVHRURSHUDWLRQRIWKH3URGXFWUHJDUGOHVVRIZKHWKHU
VXFKGDPDJHVDUHSUHGLFDWHGRUEDVHGXSRQEUHDFKRIZDUUDQW\EUHDFKRIFRQWUDFWQHJOLJHQFH
VWULFWWRUWRUDQ\RWKHUOHJDOWKHRU\6XFKGDPDJHVLQFOXGHEXWDUHQRWOLPLWHGWRORVVRISURILWV
ORVVRIVDYLQJVRUUHYHQXHORVVRIXVHRIWKH3URGXFWRUDQ\DVVRFLDWHGHTXLSPHQWFRVWRIFDSLWDO
FRVWRIDQ\VXEVWLWXWHHTXLSPHQWIDFLOLWLHVRUVHUYLFHVWKHFODLPVRIWKLUGSDUWLHVLQFOXGLQJFXV
WRPHUVDQGLQMXU\WRSURSHUW\7KLVOLPLWDWLRQGRHVQRWDSSO\WRFODLPVIRUSHUVRQDOLQMXU\6RPH
VWDWHVGRQRWDOORZOLPLWVRQZDUUDQWLHVRURQUHPHGLHVIRUEUHDFKLQFHUWDLQWUDQVDFWLRQV,Q
VXFKVWDWHVWKHOLPLWVLQWKLVSDUDJUDSKDQGWKHSUHFHGLQJSDUDJUDSKPD\QRWDSSO\
8QOHVVPRGLILHGLQZULWLQJDQGVLJQHGE\ERWKSDUWLHVWKLVZDUUDQW\LVXQGHUVWRRG
WREHWKHFRPSOHWHDQGH[FOXVLYHDJUHHPHQWEHWZHHQWKHSDUWLHVVXSHUVHGLQJDOOSUL
LY
/RFXV3URFHVVRU8VHUV*XLGH
RUDJUHHPHQWVRUDORUZULWWHQDQGDOORWKHUFRPPXQLFDWLRQVEHWZHHQWKHSDUWLHVUH
ODWLQJWRDZDUUDQW\RIWKH3URGXFW1RHPSOR\HHRI$VKWHFKRUDQ\RWKHUSDUW\LV
DXWKRUL]HGWRPDNHDQ\ZDUUDQW\LQDGGLWLRQWRWKRVHPDGHLQWKLVGRFXPHQW7KLV
ZDUUDQW\DOORFDWHVWKHULVNVRISURGXFWIDLOXUHEHWZHHQ$VKWHFKDQGWKHEX\HU7KLV
DOORFDWLRQLVUHFRJQL]HGE\ERWKSDUWLHVDQGLVUHIOHFWHGLQWKHSULFHRIWKHJRRGV7KH
EX\HUDFNQRZOHGJHVWKDWLWKDVUHDGWKLVZDUUDQW\XQGHUVWDQGVLWDQGLVERXQGE\
LWVWHUPV
7KLVOLPLWHGZDUUDQW\LVJRYHUQHGE\WKHODZVRIWKH6WDWHRI&DOLIRUQLDZLWKRXWUHI
HUHQFHWRLWVFRQIOLFWRIODZSURYLVLRQVRUWKH81&RQYHQWLRQRQ&RQWUDFWVIRUWKH
,QWHUQDWLRQDO6DOHRI*RRGV
Y
62)7:$5(/,&(16($*5((0(17
,03257$17%<23(1,1*7+(6($/('',6.3$&.$*(&217$,1,1*7+(62)7
:$5(0(',$<28$5($*5((,1*72%(%281'%<7+(7(506$1'&21',
7,2162)7+(/,&(16($*5((0(17$*5((0(177+,6$*5((0(17
&2167,787(67+(&203/(7($*5((0(17%(7:((1<28/,&(16(($1'
$6+7(&+,1&/,&(1625&$5()8//<5($'7+($*5((0(17$1',)<28
'2127$*5((:,7+7+(7(5065(78517+,68123(1('',6.3$&.$*($1'
7+($&&203$1<,1*,7(06727+(3/$&(:+(5(<282%7$,1('7+(0)25
$)8//5()81'
/,&(16(/,&(1625JUDQWVWR\RXDOLPLWHGQRQH[FOXVLYHQRQWUDQVIHUDEOHSHUVRQDOOL
FHQVH/LFHQVHWRLLQVWDOODQGRSHUDWHWKHFRS\RIWKHFRPSXWHUSURJUDPFRQWDLQHGLQWKLV
SDFNDJH3URJUDPLQPDFKLQHDFFHSWDEOHIRUPRQO\RQDVLQJOHFRPSXWHURQHFHQWUDO
SURFHVVLQJXQLWDQGDVVRFLDWHGPRQLWRUDQGNH\ERDUGDQGLLPDNHRQHDUFKLYDOFRS\RIWKH
3URJUDPIRUXVHZLWKWKHVDPHFRPSXWHU/,&(1625DQGLWVWKLUGSDUW\VXSSOLHUVUHWDLQDOO
ULJKWVWRWKH3URJUDPQRWH[SUHVVO\JUDQWHGLQWKLV$JUHHPHQW
2:1(56+,32)352*5$06$1'&23,(67KLV/LFHQVHLVQRWDVDOHRIWKHRULJLQDO
3URJUDPRUDQ\FRSLHV/,&(1625DQGLWVWKLUGSDUW\VXSSOLHUVUHWDLQWKHRZQHUVKLSRIWKH
3URJUDPDQGDOOFRS\ULJKWVDQGRWKHUSURSULHWDU\ULJKWVWKHUHLQDQGDOOVXEVHTXHQWFRSLHVRIWKH
3URJUDPPDGHE\\RXUHJDUGOHVVRIWKHIRUPLQZKLFKWKHFRSLHVPD\H[LVW7KH3URJUDPDQG
WKHDFFRPSDQ\LQJPDQXDOV'RFXPHQWDWLRQDUHFRS\ULJKWHGZRUNVRIDXWKRUVKLSDQGFRQWDLQ
YDOXDEOHWUDGHVHFUHWDQGFRQILGHQWLDOLQIRUPDWLRQSURSULHWDU\WR/,&(1625DQGLWVWKLUGSDUW\
VXSSOLHUV<RXDJUHHWRH[HUFLVHUHDVRQDEOHHIIRUWVWRSURWHFWWKHSURSULHWDU\LQWHUHVWVRI
/,&(1625DQGLWVWKLUGSDUW\VXSSOLHUVLQWKH3URJUDPDQG'RFXPHQWDWLRQDQGPDLQWDLQWKHP
LQVWULFWFRQILGHQFH
86(55(675,&7,2167KH3URJUDPLVSURYLGHGIRUXVHLQ\RXULQWHUQDOFRPPHUFLDOEXVLQHVV
RSHUDWLRQVDQGPXVWUHPDLQDWDOOWLPHVXSRQDVLQJOHFRPSXWHURZQHGRUOHDVHGE\\RX<RX
PD\SK\VLFDOO\WUDQVIHUWKH3URJUDPIURPRQHFRPSXWHUWRDQRWKHUSURYLGHGWKDWWKH3URJUDPLV
RSHUDWHGRQO\RQRQHFRPSXWHUDWDWLPH<RXPD\QRWRSHUDWHWKH3URJUDPLQDWLPHVKDULQJRU
VHUYLFHEXUHDXRSHUDWLRQRUUHQWOHDVHVXEOHDVHVHOODVVLJQSOHGJHWUDQVIHUWUDQVPLW
HOHFWURQLFDOO\RURWKHUZLVHGLVSRVHRIWKH3URJUDPRU'RFXPHQWDWLRQRQDWHPSRUDU\RU
SHUPDQHQWEDVLVZLWKRXWWKHSULRUZULWWHQFRQVHQWRI/,&(1625<RXDJUHHQRWWRWUDQVODWH
PRGLI\DGDSWGLVDVVHPEOHGHFRPSLOHRUUHYHUVHHQJLQHHUWKH3URJUDPRUFUHDWHGHULYDWLYH
ZRUNVRIWKH3URJUDPRU'RFXPHQWDWLRQRUDQ\SRUWLRQWKHUHRI
7(50,1$7,217KH/LFHQVHLVHIIHFWLYHXQWLOWHUPLQDWHG7KH/LFHQVHZLOOWHUPLQDWHZLWKRXW
QRWLFHIURP/,&(1625LI\RXIDLOWRFRPSO\ZLWKDQ\SURYLVLRQVRIWKLV$JUHHPHQW8SRQ
WHUPLQDWLRQ\RXPXVWFHDVHDOOXVHRIWKH3URJUDPDQG'RFXPHQWDWLRQDQGUHWXUQWHPDQGDQ\
FRSLHVWKHUHRIWR/,&(1625
*(1(5$/7KLV$JUHHPHQWVKDOOEHJRYHUQHGE\DQGFRQVWUXHGLQDFFRUGDQFHZLWKWKH/DZV
RIWKH6WDWHRI&DOLIRUQLDDQGWKH8QLWHG6WDWHVZLWKRXWUHJDUGWRFRQIOLFWRIODZVSURYLVLRQV
WKHUHRIDQGZLWKRXWUHJDUGWRWKH8QLWHG1DWLRQV&RQYHQWLRQRQ&RQWUDFWVIRUWKH,QWHUQDWLRQDO
6DOHRI*RRGV
YL
/RFXV3URFHVVRU8VHUV*XLGH
',6&/$,0(52):$55$17,(6$1'/,0,7$7,212)
/,$%,/,7<
/,&(1625$1',767+,5'3$57<6833/,(560$.(12:$55$17,(625
5(35(6(17$7,216(;35(6625,03/,('5(*$5',1*7+(352*5$00(',$
'2&80(17$7,215(68/7625$&&85$&<2)'$7$$1'+(5(%<(;35(66/<
',6&/$,0$1<:$55$17,(62)0(5&+$17$%,/,7<$1'),71(66)25$
3$57,&8/$5385326($1'121)5,1*(0(17/,&(1625$1',767+,5'
3$57<6833/,(56'2127:$55$177+(352*5$0:,//0((7<285
5(48,5(0(176257+$7,7623(5$7,21:,//%(81,17(55837('25(5525
)5((
/,&(1625LWVWKLUGSDUW\VXSSOLHUVRUDQ\RQHLQYROYHGLQWKHFUHDWLRQRUGHOLYHURIWKH
3URJUDPRU'RFXPHQWDWLRQWR\RXVKDOOKDYHQROLDELOLW\WR\RXRUDQ\WKLUGSDUW\IRUVSHFLDO
LQFLGHQWDOLQGLUHFWRUFRQVHTXHQWLDOGDPDJHVLQFOXGLQJEXWQRWOLPLWHGWRORVVRISURILWVRU
VDYLQJVGRZQWLPHGDPDJHWRRUUHSODFHPHQWRIHTXLSPHQWRUSURSHUW\RUUHFRYHURU
UHSODFHPHQWRISURJUDPVRUGDWDDULVLQJIURPFODLPVEDVHGLQZDUUDQW\FRQWUDFWWRUWLQFOXGLQJ
QHJOLJHQFHVWULFWOLDELOLW\RURWKHUZLVHHYHQLI/,&(1625RULWVWKLUGSDUW\VXSSOLHUVKDYH
EHHQDGYLVHGRIWKHSRVVLELOLW\RIVXFKFODLPRUGDPDJHV7KHOLDELOLW\RI/,&(1625DQGLWV
WKLUGSDUW\VXSSOLHUVIRUGLUHFWGDPDJHVVKDOOQRWH[FHHGWKHDFWXDODPRXQWSDLGIRUWKLV3URJUDP
/LFHQVH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRIOLPLWDWLRQRILPSOLHGZDUUDQWLHVRUOLDELOLW\IRU
LQFLGHQWDORUFRQVHTXHQWLDOGDPDJHVVRWKHDERYHOLPLWDWLRQVRUH[FOXVLRQVPD\QRWDSSO\WR
\RX
86*29(510(175(675,&7('5,*+76
7KH3URJUDPDQG'RFXPHQWDWLRQDUHSURYLGHGZLWK5(675,&7,9(5,*+768VHGXSOLFDWLRQ
RUGLVFORVXUHE\WKH*RYHUQPHQWLVVXEMHFWWRUHVWULFWLRQVDVVHWIRUWKLQVXEGLYLVLRQFLLRI
WKH5LJKWVLQ7HFKQLFDO'DWDDQG&RPSXWHU6RIWZDUHFODXVHDW')$56RU
VXEGLYLVLRQ&DQGRIWKH&RPPHUFLDO&RPSXWHU6RIWZDUH5HVWULFWHG5LJKWV&)5
DVDSSOLFDEOH
6KRXOG\RXKDYHDQ\TXHVWLRQVFRQFHUQLQJWKH/LFHQVH$JUHHPHQWRUWKH/LPLWHG
:DUUDQWLHVDQG/LPLWDWLRQRI/LDELOLW\SOHDVHFRQWDFWLQZUUWLQJ0DJHOODQ
&RUSRUDWLRQ(O&DPLQR5HDO6DQWD&ODUD&$
YLL
YLLL
/RFXV3URFHVVRU8VHUV*XLGH
7DEOHRI&RQWHQWV
&KDSWHU ,QWURGXFWLRQ
:KDWLVWKH/RFXV3URFHVVRU
5ROHRIWKH/RFXV3URFHVVRULQ3HUIRUPLQJD*366XUYH\
:KHUHWR)LQG,QIRUPDWLRQ
+RZWR8VH7KLV0DQXDO&RQYHQWLRQV
6\VWHP5HTXLUHPHQWV
6RIWZDUH,QVWDOODWLRQ
:KDW'R,'R)LUVW"
5
H
O
L
D
Q
F
H
)
X
Q
G
D
P
H
Q
W
D
O
V
6WDUWLQJ/RFXV3URFHVVRU
4XLWWLQJ/RFXV3URFHVVRU
1DYLJDWLQJWKURXJKWKH6RIWZDUH
8VLQJWKH7LPH9LHZ:LQGRZ
=RRPLQJ
7DVNVLQWKH7LPH9LHZ:LQGRZ
8VLQJWKH0DS9LHZ:LQGRZ
/HJHQG&RORUVDQG6\PEROV
(UURU'LVSOD\V
=RRPLQJ
7DVNVLQWKH0DS9LHZ:LQGRZ
8VLQJWKH:RUNERRN:LQGRZ
7KH/RFXV3URFHVVRU7RROEDU
&KDSWHU 3URMHFWV
,QWURGXFWLRQ
&UHDWLQJD3URMHFW
2SHQLQJDQ([LVWLQJ3URMHFW
6DYLQJD3URMHFW
3URMHFW6HWWLQJV
5HPRYLQJ'DWD)URPD3URMHFW
&KDSWHU $GGLQJ'DWD)LOHV
,QWURGXFWLRQ
$GG'DWD)URPD5HFHLYHURU'LVN
$GGLQJ'DWD)URPD5HFHLYHU
&RQQHFWLQJD5HFHLYHU
8VLQJ/RFXV'RZQORDG
7DEOHRI&RQWHQWV
L[
6ZLWFK'DWD6RXUFH
'RZQORDGLQJ'DWD)URPD+DQGKHOG
(QGLQJWKH'RZQORDG3URFHVV
$GGLQJ'DWDIURP'LVN
$GG3URFHVVHG9HFWRUV
5HPRYLQJ'DWD)URPD3URMHFW
6HW5HFRUGLQJ,QWHUYDO .LQHPDWLF:DUQLQJ)ODJ
&KDSWHU 'DWD3URFHVVLQJ
,QWURGXFWLRQ
3UHSURFHVV'DWD$QDO\VLV
)LOWHULQJ'DWD
(GLWLQJ'DWD
9LHZLQJ2FFXSDWLRQ3URSHUWLHV
9LHZLQJ6LWH3URSHUWLHV
8VLQJ6LWHVLQ3URFHVVLQJ
8VLQJ2FFXSDWLRQVLQ3URFHVVLQJ
6HWD&RQWURO6LWH
(GLWLQJ6LWH,'
.LQHPDWLF,QLWLDOL]DWLRQ6LWH
(GLWLQJ$QWHQQD3DUDPHWHUV
7ULPPLQJ2FFXSDWLRQ'DWD
3URFHVVLQJ'DWD
3URFHVV$OO
3URFHVV8QSURFHVVHG
3RVWSURFHVV'DWD$QDO\VLV
*UDSKLFDO5HYLHZ
:RUNERRN5HYLHZ
&RQFOXVLRQ
&KDSWHU $GMXVWPHQW
,QWURGXFWLRQ
7DVNV
0LQLPDOO\&RQVWUDLQHG$GMXVWPHQW
&RQVWUDLQHG$GMXVWPHQW
&KDSWHU 5HSRUWV
,QWURGXFWLRQ
6HWWLQJWKH5HSRUW9LHZHU3URJUDP
*HQHUDWLQJD5HSRUW
3ULQWLQJ9LHZVDQGWKH:RUNERRN:LQGRZ
3ULQWLQJ0DS9LHZRU7LPH'LDJUDP:LQGRZV
3ULQWLQJWKH:RUNERRN:LQGRZ
[
/RFXV3URFHVVRU8VHUV*XLGH
[L
$
,QWURGXFWLRQ $
$OPDQDF)LOHV $
:KHQWRXVH0LVVLRQ3ODQQLQJ $
6WDUWLQJ0LVVLRQ3ODQQLQJ $
/RDGLQJDQ$OPDQDF)LOH $
&UHDWLQJD1HZ3URMHFW $
2SHQLQJD([LVWLQJ3URMHFW $
6DYLQJD3URMHFW $
$GGLQJD6LWHWRWKH3URMHFW $
8VLQJWKH'233ORWDQG6N\3ORW $
&KDQJLQJWKH&XW2II$QJOH $
2EVWUXFWLRQ(GLWRU $
$SSHQGL[%5,1(;&RQYHUWHU
%
,QWURGXFWLRQ %
3UHOLPLQDU\2SHUDWLRQV %
6WDUWLQJ5LQH[&RQYHUWHU %
&RQYHUWLQJ5,1(;WR$VKWHFK)RUPDW %
&RQYHUWLQJ$VKWHFK)LOHVWR5,1(;)RUPDW %
&RQYHUWLQJ0RUHWKDQ2QH)LOHDWD7LPH%DWFK3URFHVVLQJ %
$SSHQGL[&3RVW$GMXVWPHQW$QDO\VLV
&
,QWURGXFWLRQ &
%OXQGHU'HWHFWLRQ7RROV &
1HWZRUN&RQQHFWLYLW\7HVW &
9DULDQFHRI8QLW:HLJKW &
&KL6TXDUH7HVW &
2EVHUYDWLRQ5HVLGXDOV &
7DX7HVW &
/RRS&ORVXUH$QDO\VLV &
5HSHDW9HFWRU$QDO\VLV &
&RQWURO7LH$QDO\VLV &
4XDOLW\$QDO\VLV7RROV &
5HODWLYH(UURU &
5HODWLYH$FFXUDF\ &
[LL
/RFXV3URFHVVRU8VHUV*XLGH
6LWH3DLU4$7HVW&
8QFHUWDLQWLHV&
$SSHQGL['*OREDO3URGXFW6XSSRUW
'
7DEOHRI&RQWHQWV
[LLL
[LY
/RFXV3URFHVVRU8VHUV*XLGH
/LVWRI)LJXUHV
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
/LVWRI)LJXUHV
:HOFRPHWR/RFXV'LDORJ%R[
7LPH9LHZ:LQGRZ
0DS9LHZ:LQGRZ
0DS9LHZ:LQGRZ/HJHQG
(UURULQWKH0DS9LHZ:LQGRZ
:RUNERRN:LQGRZ)LOHV7DE
:HOFRPHWR/RFXV'LDORJ
1HZ3URMHFWGLDORJ
1HZ3URMHFW'LDORJ%R[&RRUGLQDWH6\VWHP7DE
1HZ3URMHFW'LDORJ%R[0LVFHOODQHRXV7DE
2IIVHWIURP87&
$GG)LOHV'LDORJ%R[
:HOFRPHWR/RFXV'LDORJ%R[
2SHQGLDORJ:LWK3URMHFW6HOHFWHG
7\SLFDO3URMHFW
3URMHFW6HWWLQJV'LDORJ%R[
'HOHWLQJD'DWD)LOH
/RFXV5HFHLYHU&RPPXQLFDWLQJYLD,5'HYLFH
'RZQORDG0DLQ:LQGRZ
&RQQHFWYLD,5'LDORJ%R[
6HWWLQJ7DE
/RFXV'RZQORDG6FUHHQ
6HWXSIRU7UDQVIHUULQJKDQGKHOG')LOHV
$GG)LOHV'LDORJ%R[
$GG9HFWRUV'LDORJ%R[
5HFHLYHU6HWXS'LDORJ
$GG)LOHV'LDORJ
3URMHFW0DQDJHU0DLQ9LHZ
)LOWHU'LDORJ
2FFXSDWLRQ3URSHUWLHV'LDORJ
2FFXSDWLRQ3DUDPHWHUV'LDORJ*HQHUDO7DE
6LWH3URSHUWLHV'LDORJ3RVLWLRQ7DE
6LWH3URSHUWLHV'LDORJ&RQWURO7DE
2FFXSDWLRQ7ULP%HIRUH
0DS9LHZZLWK6LWH""""XSGDWHG
2FFXSDWLRQ
2FFXSDWLRQ7ULP$IWHU
0DS9LHZZLWK6LWH""""XSGDWHG
5
H
O
L
D
Q
F
H
)
X
Q
G
D
P
H
Q
W
D
O
V
[Y
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
[YL
2FFXSDWLRQ
0DS9LHZ3URFHVV
0DS9LHZ8QSURFHVVHG'DWD
$GMXVWPHQW)ORZFKDUW
3URJUDP6HWXS'LDORJ
6HOHFW5HSRUW(GLWRU'LDORJ
3URMHFW5HSRUW'LDORJ
7\SLFDO6LWH3RVLWLRQV5HSRUW
7\SLFDO1HWZRUN5HODWLYH$FFXUDF\5HSRUW
3ULQW6HWXS'LDORJ
3ULQW6HWXS'LDORJ
([SRUW'DWD'LDORJ
8VHU$6&,,7HPSODWH'LDORJ
1HZ7HPSODWH1DPHGLDORJ
8VHU'HILQHG)RUPDWGLDORJZLWK6LWH'DWD
8VHU'HILQHG)RUPDWGLDORJZLWK9HFWRU'DWD
8VHU'HILQHG)RUPDWGLDORJZLWK3UHYLHZ
'DWXP'HILQLWLRQGLDORJER[
(OOLSVRLG'HILQLWLRQGLDORJER[
'DWD7UDQVIRUPDWLRQ3DUDPHWHU(VWLPDWLRQ
'DWD7UDQVIRUPDWLRQZLWK(VWLPDWHG3DUDPHWHUV
1HZ*ULG6\VWHP
*ULG6\VWHP'HILQLWLRQ
=RQH'HILQLWLRQ
3URMHFW6HWWLQJV1HZ/RFDO*ULG6\VWHP
1HZ/RFDO*ULG'HILQLWLRQ
1HZ/RFDO*ULG'HILQLWLRQZLWK7UDQVIRUPDWLRQ3DUDPHWHUV
(VWLPDWLQJ/RFDO*ULG7UDQVIRUPDWLRQ
/RFDO*ULG7UDQVIRUPDWLRQ3DUDPHWHU(VWLPDWLRQ
/RFDO*ULG7UDQVIRUPDWLRQ:LWK(VWLPDWHG3DUDPHWHUV
)LOH2SHQ'LDORJ
6HOHFWLQJD6LWHV)LOH'LDORJ
6LWH(GLWRU'LDORJ%R[
'233ORW'LVSOD\
=RRPLQJLQRQWKH'233ORW
6N\3ORW'LVSOD\
2EVWUXFWLRQ(GLWRU
2EVWUXFWLRQLQ3ODFH
6N\3ORW$IWHU(QWHULQJDQ2EVWUXFWLRQ
'233ORW=RQHDIWHU2EVWUXFWLRQ
+RXU9LHZ
/RFXV,QWUR6FUHHQ
/RFXV3URFHVVRU8VHUV*XLGH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
/LVWRI)LJXUHV
1HZ3URMHFW*HQHUDO7DE
1HZ3URMHFW&RRUGLQDWH6\VWHP7DE
1HZ3URMHFW0LVFHOODQHRXV7DE
$GG)LOHV'LDORJ
&RQQHFW9LD,5'LDORJ6HOHFW3RUW
&RQQHFW9LD,5'LDORJ6HWWLQJV
5HFHLYHU)LOHV/LVWLQJ
'UDJJLQJDQG'URSSLQJD)LOH
'RZQORDG5HVXOWV
6ZLWFK'DWD6RXUFH0HVVDJH
'UDJJLQJD/RFXV+DQGKHOG')LOH
'RZQORDGHG)LOHV3RSXODWH3URJUDP0DQDJHU
:HOFRPHWR/RFXV'LDORJER[
1HZ3URMHFW*HQHUDO7DE
1HZ3URMHFW&RRUGLQDWH6\VWHP7DE
1HZ3URMHFW0LVFHOODQHRXV7DE
$GG)LOHV3URPSW
$GG)LOHV'LDORJ
3URMHFW0DQDJHU6WDWLF'DWD
6HOHFWD&RQWURO6LWH
&RQWURO6LWH&RRUGLQDWHV
3URFHVVHG'DWD
$GGLWLRQDO'DWD$GGHG
7KUHH&RQWURO6LWHV
)UHH$GMXVWPHQW5HVXOWV
&KDQJLQJWKH3URMHFW6HWWLQJ
6FDOHG$GMXVWPHQW5HVXOWV
1HWZRUN5HODWLYH$FFXUDF\
)L[LQJ$GGLWLRQDO&RQWURO6LWHV
&RQVWUDLQHG$GMXVWPHQW$QDO\VLV
$GMXVWHG6LWH&RRUGLQDWHV
(UURU
([SRUW'DWD8WLOLW\
$6&,,7HPSODWH'LDORJ
1HZ7HPSODWH'LDORJ
3RSXODWLQJWKH7HPSODWH
$GGLQJ&RRUGLQDWH,QIRUPDWLRQ
$GGLQJ+HLJKW,QIRUPDWLRQ
&RPSOHWHG$6&,,7HPSODWH
6DYLQJWKH$6&,,ILOH
3URMHFW5HSRUW'LDORJ
$GGLQJ$OO5HSRUW,WHPV
[YLL
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
[YLLL
/RFXV3URFHVVRU8VHUV*XLGH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH$
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
)LJXUH%
/LVWRI)LJXUHV
6HOHFWLQJ2QH9HFWRUIURPD5HSHDW6LWH
9LHZLQJWKH/RRS0LVFORVXUH
$GMXVWHG'DWXP%LDV3DUDPHWHUV
&RQWURO7LH$QDO\VLV7DE
3URMHFW2FFXSDWLRQV7DE
0DS9LHZ
9HFWRUV7DE
$GMXVWPHQW$QDO\VLV7DE
&KDQJLQJWKH'HVLUHG$FFXUDF\
,QWURGXFLQJDQ(UURU
5HSURFHVVHG9HFWRUV
/RRS&ORVXUH5HVXOWV
1HZ$GMXVWPHQW2XWSXW
5HRUGHUHG%DVHOLQHV
0LVVLRQ3ODQQLQJ0DLQ:LQGRZ $
7LPH6FDOH $
6DWHOOLWH&RQILJXUDWLRQGLDORJER[ $
6LWH(GLWRU'LDORJ%R[ $
2SHQ6FUHHQ $
6LWH(GLWRU'LDORJ%R[ $
6LWH(GLWRU'LDORJ%R[ $
6LWH/RFDWLRQRQ0DS'LDORJ%R[ $
'233ORW $
6N\3ORW $
6DWHOOLWH&RQILJXUDWLRQ'LDORJ $
2EVWUXFWLRQ(GLWRU'LDORJ%R[ $
'UDZLQJWKH2EVWUXFWLRQ $
5,1(;WR$VKWHFK'LDORJ %
6HW,QSXW'LUHFWRU\'LDORJ%
5LQH[WR$VKWHFK'LDORJZLWK6XJJHVWHG2XWSXW)LOH1DPHV %
6HW2XWSXW'LUHFWRU\'LDORJ %
&RQYHUVLRQ6WDWXV'LDORJ %
$VKWHFKWR5LQH['LDORJ%
6HW,QSXW'LUHFWRU\'LDORJ%
$VKWHFK)LOHVLQ6HOHFWHG$VKWHFK,QSXW'LUHFWRU\ %
6HW2XWSXW'LUHFWRU\'LDORJ %
$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ2%67DE %
$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ1$97DE%
$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ0(77DE%
(GLW'LDORJ %
&RQYHUVLRQ6WDWXV'LDORJ %
[L[
[[
/RFXV3URFHVVRU8VHUV*XLGH
/LVWRI7DEOHV
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH
7DEOH$
7DEOH%
7DEOH%
7DEOH%
7DEOH%
7DEOH%
7DEOH%
7DEOH'
7DEOH*ORVV
/LVWRI7DEOHV
2IILFH3&6\VWHP5HTXLUHPHQWV
6LWH6\PEROV
9HFWRU&RORUV
:RUNERRN:LQGRZ7DEV
7KH/RFXV7RROEDU
0LVFHOODQHRXV'LDORJ%R['HVFULSWLRQ
7RROEDU%XWWRQ'HVFULSWLRQV
2FFXSDWLRQ3URSHUWLHV6KHHW
6LWH3URSHUWLHV'LDORJ*HQHUDO7DE3DUDPHWHUV
6LWH3URSHUWLHV'LDORJ3RVLWLRQ7DE3DUDPHWHUV
6LWH3URSHUWLHV'LDORJ&RQWURO7DE3DUDPHWHUV
$GMXVWPHQW$QDO\VLV7DE'HVFULSWLRQ
1HWZRUN5HODWLYH$FFXUDF\7DE
([SRUW'DWD'LDORJ
8VHU$6&,,7HPSODWH'LDORJ
8VHU'HILQHG)RUPDWGLDORJ
8VHU'HILQHG)RUPDW)LHOG/LVW
7LPH=RQH7DEOH $
5,1(;WR$VKWHFK'LDORJ3DUDPHWHUV %
$VKWHFKWR5,1(;'LDORJ)LHOGV %
$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ2%67DE %
$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ1$97DE%
$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ0(77DE%
(GLW'LDORJ3DUDPHWHUV %
*36*,63URGXFW,QIRUPDWLRQ '
'237HUPV *ORVV
5
H
O
L
D
Q
F
H
)
X
Q
G
D
P
H
Q
W
D
O
V
[[L
[[LL
/RFXV3URFHVVRU8VHUV*XLGH
,QWURGXFWLRQ
:KDWLVWKH/RFXV3URFHVVRU
7KH/RFXV3URFHVVRULVDQHZVWDWHRIWKHDUWDXWRPDWLFSRVWSURFHVVLQJVRIWZDUH
SDFNDJH,WLVH[WUHPHO\XVHUIULHQGO\VLPSOLI\LQJPDQ\RIWKHRIILFHWDVNVDIDFWZKLFK
ZLOOEHDSSUHFLDWHGE\QRYLFHDQGH[SHULHQFHGXVHUVDOLNH7KH/RFXV3URFHVVRUUXQVRQ
WKH:LQGRZVDQG17RSHUDWLQJV\VWHPV
7KLVSRZHUIXOSDFNDJHLQFOXGHVFRPSRQHQWVGHVLJQHGWRDVVLVW\RXLQDOOVWDJHVRI
SODQQLQJDQGSRVWSURFHVVLQJD*36VXUYH\LQFOXGLQJ
0LVVLRQSODQQLQJ
5HFHLYHUVHWXS
'DWDWUDQVIHU
9HFWRUSURFHVVLQJ
1HWZRUNDGMXVWPHQW
4XDOLW\DQDO\VLV
&RRUGLQDWHWUDQVIRUPDWLRQ
5HSRUWJHQHUDWLRQ
([SRUWLQJ
7KH/RFXV3URFHVVRULQWHJUDWHVRQHRIWKHIDVWHVWSRVWSURFHVVLQJHQJLQHVDYDLODEOHDV
ZHOODVVXSHULRUEOXQGHUGHWHFWLRQWRHQVXUHSURSHUSURFHVVLQJWKHILUVWWLPH$VWKH
SURFHVVLQJWDNHVSODFH/RFXV3URFHVVRUFRQWLQXRXVO\XSGDWHVDJUDSKLFDOGLVSOD\WR
SURYLGHDDWUXHUHSUHVHQWDWLRQRI\RXUILHOGZRUN
5ROHRIWKH/RFXV3URFHVVRULQ3HUIRUPLQJD*366XUYH\
2QFH\RXKDYHFRQGXFWHG\RXUVXUYH\XVLQJWKH/RFXVUHFHLYHUWKH/RFXV3URFHVVRU
SURYLGHVWKHDELOLW\WRDFFXUDWHO\GHWHUPLQHVLWHORFDWLRQVZLWKLQWKHSDUDPHWHUV\RX
HVWDEOLVK:LWKWKHSRVWSURFHVVLQJFRPSOHWHG/RFXV3URFHVVRUDOORZV\RXWRSHUIRUP
EOXQGHUGHWHFWLRQDGMXVW\RXUQHWZRUNDQGUHYLHZTXDOLW\PHWULFV
2QFHWKHDXWRPDWLFSURFHVVLQJLVFRPSOHWH/RFXV3URFHVVRUWUDQVIRUPV\RXUUDZGDWDLQWR
DSROLVKHGILQDOUHSRUWWKDWFDQEHSURGXFHGLQDYDULHW\RIIRUPDWVWRVXLWHYHU\FOLHQWV
QHHGV
,QWURGXFWLRQ
,
Q
WU
R
G
X
F
WL
R
Q
:KHUHWR)LQG,QIRUPDWLRQ
<RXFDQILQGLQIRUPDWLRQDERXW/RFXVDVIROORZV
/RFXV3URFHVVRUWKLVPDQXDO
/RFXV5HFHLYHUDQG2SWLRQDO+DQGKHOG/RFXV6\VWHP0DQXDO
7XWRULDO
2QOLQHKHOS
+RZWR8VH7KLV0DQXDO&RQYHQWLRQV
7KLVPDQXDODVVXPHVDEDVLFIDPLOLDULW\ZLWKVWDQGDUG:LQGRZVRSHUDWLQJ
SURFHGXUHV,I\RXDUHQHZWR:LQGRZVSOHDVHUHIHUWRWKH0LFURVRIW:LQGRZV
OLWHUDWXUHIRULQIRUPDWLRQRQVHWXSDQGJHWWLQJVWDUWHG
6\VWHP5HTXLUHPHQWV
7DEOHGHILQHVWKHUHTXLUHPHQWVIRU\RXURIILFHSHUVRQDOFRPSXWHU3&
7DEOH2IILFH3&6\VWHP5HTXLUHPHQWV
3DUDPHWHU
&38
5HTXLUHPHQW
3HQWLXP0+]RUIDVWHU/RFXV3URFHVVRUUXQVRQDVORZHU3HQWLXPRUDQ
ROGHUEXWSURGXFWLYLW\ZLOOEHLPSDLUHG
2SHUDWLQJV\VWHP
:LQGRZVRU17
+DUGGLVN
0%IRULQVWDOODWLRQRI/RFXV3URFHVVRUVRIWZDUH
5$0
0%PLQLPXP
5HPRYDEOHGLVN
&'520GULYH
6HULDOSRUW
6SDUHVHULDOSRUWIRUGDWDWUDQVIHUEHWZHHQ3&DQGUHFHLYHUKDQGKHOG
3RLQWLQJGHYLFH
&RPSDWLEOHSRLQWLQJGHYLFH
6RIWZDUH,QVWDOODWLRQ
,QVWDOOWKH/RFXVVRIWZDUHDVIROORZV
6WDUW:LQGRZVRULI:LQGRZVLVDOUHDG\UXQQLQJFORVHDOODSSOLFDWLRQV
,QVHUWWKH/RFXV&'LQWKH&'520GULYH
/RFXV3URFHVVRU8VHUV*XLGH
2QPRVWFRPSXWHUVWKHDXWRUXQXWLOLW\VWDUWVDXWRPDWLFDOO\7KH6HWXSXWLOLW\
DOORZV\RXWRLQVWDOO/RFXV3URFHVVRULQVWDOO$GREH$FUREDWRUH[SORUH
WKH&'ZLWKRXWLQVWDOOLQJ7RLQVWDOO/RFXVFOLFNRQ,QVWDOO/RFXV
3URFHVVRU7KLVVWDUWVWKHLQVWDOODWLRQZL]DUGZKLFKJXLGHV\RXWKURXJKWKH
UHVWRIWKHSURFHVV
,IWKH6HWXSGRHVQRWVWDUWDXWRPDWLFDOO\ZKHQLQVHUWLQJWKH&'5RPVHOHFW
5XQIURPWKH6WDUWPHQX
7\SH[?VHWXSDQGSUHVV(QWHUZKHUH[LVWKHOHWWHUGHVLJQDWLRQIRUWKH&'
5RPGULYH7KH/RFXVVRIWZDUHLQVWDOOVLWVHOIDIWHUDJUHHLQJWRWKHWHUPVRI
WKHVRIWZDUHOLFHQVH
,
Q
WU
R
G
X
F
WL
R
Q
:KDW'R,'R)LUVW"
,I\RXDUHWUDQVLWLRQLQJIURPVWDQGDUGVXUYH\LQJWHFKQLTXHVWR*36\RXPD\ILQG
*36WHFKQRORJ\EDIIOLQJRUHYHQLQWLPLGDWLQJ+RZHYHURQFH\RXEHFRPHIDPLOLDU
ZLWKWKHEDVLFWHFKQLTXHV\RXZLOOILQGWKDW*36LVDSRZHUIXOSURGXFWLYLW\WRRO7KH
IROORZLQJVFHQDULRLVUHFRPPHQGHGIRUXVHUVQHZWR*36
6NLPWKURXJKDOOWKH/RFXVGRFXPHQWDWLRQWRIDPLOLDUL]H\RXUVHOIZLWK
FRQWHQWDQGRUJDQL]DWLRQ
)ROORZLQJWKHLQVWUXFWLRQVLQWKH/RFXV6\VWHP2SHUDWLRQ0DQXDOXVHWKH
/RFXVUHFHLYHUWRGRDQDFWXDOPLQLDWXUHVXUYH\VXFKDVDSDUNLQJORWRU
SDUN
25
,QWURGXFWLRQ
6SHQGVRPHVHULRXVWLPHZRUNLQJWKURXJKWKHH[DPSOHVLQWKHWXWRULDOVR
WKDW\RXZLOOXQGHUVWDQGWKHUHDVRQLQJDQGWHUPLQRORJ\XQGHUO\LQJWKH
/RFXVVRIWZDUH
7UDQVIHU\RXUGDWDWR\RXU3&DQGUXQWKH3URFHVVRUVRIWZDUHDVLQVWUXFWHG
LQWKH/RFXV3URFHVVRUPDQXDO
3ULQWRXW\RXUGDWDLQWKHIRUPDWWKDW\RXZDQW
/RFXV3URFHVVRU8VHUV*XLGH
*HWWLQJ6WDUWHG
7KLVFKDSWHUGHVFULEHVWKHIXQGDPHQWDOVRIWKH/RFXV3URFHVVRULQFOXGLQJVWDUWLQJWKH
VRIWZDUHQDYLJDWLQJWKURXJKWKHVRIWZDUHDQGXVLQJWKHGLIIHUHQWZLQGRZV
6WDUWLQJ/RFXV3URFHVVRU
*
H
W
W
L
Q
J
6
W
D
U
W
H
G
7RODXQFK/RFXV3URFHVVRUIURP\RXU:LQGRZVRU:LQGRZV17GHVNWRS
)URPWKH6WDUWPHQX3URJUDPVIROGHUVHOHFW3URMHFW0DQDJHUIURPWKH/RFXV
3URFHVVRUIROGHU
$IWHUWKH/RFXV3URFHVVRU6SODVKVFUHHQGLVSOD\VWKH:HOFRPHWR/RFXVGLDORJER[
RSHQV)LJXUH
)LJXUH:HOFRPHWR/RFXV'LDORJ%R[
8VHWKLVGLDORJER[WRRSHQDQH[LVWLQJSURMHFWFUHDWHDQHZSURMHFWRSHQWKHODVWSURMHFW
\RXZRUNHGRQRUUXQ/RFXV3URFHVVRUZLWKRXWDSURMHFW
&OLFNWKHFKHFNER[WRGLVDEOH:HOFRPHWR/RFXVGLDORJER[ZKHQVWDUWLQJ/RFXV
3URFHVVRU
4XLWWLQJ/RFXV3URFHVVRU
<RXFDQWHUPLQDWH/RFXV3URFHVVRUDWDQ\WLPHE\VHOHFWLQJ([LWIURPWKH3URMHFWPHQX
,IWKHSURMHFW\RXDUHZRUNLQJRQUHTXLUHVVDYLQJUHFHQWFKDQJHVDGLDORJER[DSSHDUV
SURPSWLQJ\RXWRVDYHWKHSURMHFW
*HWWLQJ6WDUWHG
1DYLJDWLQJWKURXJKWKH6RIWZDUH
7KH/RFXV3URFHVVRUPDLQZLQGRZKDVWKUHHZLQGRZVWRYLHZDQGZRUNZLWK\RXU
GDWDWKH7LPH9LHZZLQGRZWKH0DS9LHZZLQGRZDQGWKH:RUNERRNZLQGRZ
$OOWDVNVQHFHVVDU\WRVXFFHVVIXOO\SURFHVVDQGDGMXVW\RXUGDWDFDQEHDFFRPSOLVKHG
ZLWKLQWKHVHZLQGRZV
8VLQJWKH7LPH9LHZ:LQGRZ
7KH7LPH9LHZZLQGRZ)LJXUHGLVSOD\VWKHRFFXSDWLRQVIRUHDFKUHFHLYHURU
ILOHORDGHGLQWRWKHSURMHFW7KLVJUDSKLFDOGLVSOD\SURYLGHVDTXLFNDQGHDV\ORRNDW
WKHRFFXSDWLRQWLPHIRUHDFKVLWH
)LJXUH7LPH9LHZ:LQGRZ
7KH7LWOH%DUVKRZVWKHGDWHRIGDWDFROOHFWLRQDQGLQGLFDWHVLIWKHGDWDKDVEHHQ
ILOWHUHG)RUPRUHLQIRUPDWLRQRQGDWDILOWHULQJVHH&KDSWHU'DWD3URFHVVLQJ
:KHQIXOO\]RRPHGRXW7LPH9LHZGLVSOD\VRQHGD\RIGDWDDWDWLPH7KH7LWOH%DU
DOVRVKRZVZKLFKVHTXHQWLDOGD\\RXDUHYLHZLQJ
7KHOHIWSDQHRIWKH7LPH9LHZZLQGRZOLVWVHDFKUHFHLYHUE\VHULDOQXPEHUDQGWKH
ULJKWSDQHGLVSOD\VHDFKRFFXSDWLRQ'RXEOHFOLFNDUHFHLYHUWRYLHZLQIRUPDWLRQ
DERXWWKHUHFHLYHU,I\RXGLGQRWFROOHFWGDWDZLWKWKHKDQGKHOGRSWLRQWKHILOHQDPHV
ZLOODSSHDULQWKHOHIWSDQHLQVWHDGDQGWKHRFFXSDWLRQVZLOOKDYHVLWHQDPHVRI"""
/RFXV3URFHVVRUDXWRPDWLFDOO\XVHVGLIIHUHQWFRORUVIRUHDFKVLWHLQWKHSURMHFWDQG
HYHU\RFFXSDWLRQIRUDVLWHDSSHDUVLQWKHVDPHFRORUIRUHDV\UHIHUHQFH$ERYHWKH
ULJKWSDQHLVWKHGDWHDQGWLPHVFDOHWRYLHZZKHQGDWDFROOHFWLRQIRUWKHRFFXSDWLRQ
RFFXUUHG
/RFXV3URFHVVRU8VHUV*XLGH
=RRPLQJ
6KRXOG\RXQHHGWRYLHZDVHJPHQWRIRFFXSDWLRQGDWDPRUHFORVHO\\RXFDQHDVLO\
]RRPLQRQVPDOOVHJPHQWVLQWKH7LPH9LHZZLQGRZ
7R]RRPLQFOLFNLQWKH7LPH9LHZZLQGRZQHDUWKHRFFXSDWLRQ\RXZDQWWR]RRPLQ
RQDQGGUDJWKHUXEEHUEDQGWRGHILQHWKHDUHDWR]RRPLQ8SRQUHOHDVLQJWKHPRXVH
NH\WKH7LPH9LHZZLQGRZ]RRPVLQWRWKHQHZDUHD
7R]RRPRXWXVHWKH(VFNH\RUWKH=RRP2XWEXWWRQRQWKH7RROEDUWR]RRPRXW
RQHOHYHO$VHFRQGFOLFNRQWKH=RRP2XWEXWWRQH[SDQGVWKHYLHZWRLWVPD[LPXP
*
H
W
W
L
Q
J
6
W
D
U
W
H
G
7DVNVLQWKH7LPH9LHZ:LQGRZ
,QWKH7LPH9LHZZLQGRZ\RXFDQFRPSOHWHWKHIROORZLQJWDVNV
9LHZUHFHLYHULQIRUPDWLRQ
9LHZ5DZ'DWD)LOHLQIRUPDWLRQ
9LHZDQGVHWRFFXSDWLRQLQIRUPDWLRQ
,QFOXGHRUH[FOXGHDQRFFXSDWLRQLQSURFHVVLQJ
3ULQWWKH7LPH9LHZ
7ULPGDWDIURPDQRFFXSDWLRQ
8VLQJWKH0DS9LHZ:LQGRZ
7KH0DS9LHZZLQGRZ)LJXUHGLVSOD\VVLWHVLQWKHSURMHFWDQGKDVVHYHUDO
PRGHVWRKLJKOLJKWLPSRUWDQWDWWULEXWHV
)LJXUH0DS9LHZ:LQGRZ
*HWWLQJ6WDUWHG
1RUPDOGLVSOD\VVLWHVDQGYHFWRUVZLWKRXWDQ\VSHFLDOPRGHRI4$
ILOWHULQJ
3URFHVVGLVSOD\VVLWHVDQGYHFWRUFRRUGLQDWHVIURPSURFHVVHGGDWD'HIDXOW
DIWHUSURFHVVLQJ)DLOHGYHFWRUVDUHVKRZQLQUHG
$GMXVWPHQWGLVSOD\VDGMXVWHGVLWHVDQGYHFWRUV'HIDXOWDIWHUQHWZRUN
DGMXVWPHQW9HFWRUVWKDWIDLO7DXWHVWDUHVKRZQLQUHG
5HSHDW9HFWRUGLVSOD\VUHSHDWHGYHFWRUVWKDWIDLO4$WHVWVLQUHG
&RQWURO7LHGLVSOD\VFRQWUROVLWHFRRUGLQDWHVDQGPLVFORVXUHV6LWHVWKDW
IDLO&RQWURO7LH4$WHVWDUHVKRZQLQUHG
/RRS&ORVXUH\RXFDQVHOHFWYHFWRUVIRUORRSFORVXUHWHVWV/RRSVWKDWIDLO
/RRS&ORVXUH4$WHVWDUHVKRZQLQUHG
1HWZRUN3UHFLVLRQGLVSOD\VHUURUUHJLRQVEHWZHHQDGMXVWHGVLWHSDLUV6LWH
SDLUVWKDWIDLO1HWZRUN3UHFLVLRQ4$WHVWDUHVKRZQLQUHG$OO4$
WKUHVKROGVH[FHSWWKHSURFHVVLQJ4$WHVWDUHXVHUGHILQHG
8VHWKHULJKWFOLFNPHQXWRVZLWFKEHWZHHQYLHZV7KHYLVLEOHWDELQWKH:RUNERRN
ZLQGRZFRUUHVSRQGVWRWKHPDSYLHZ
/HJHQG&RORUVDQG6\PEROV
8VHWKHULJKWFOLFNPHQXLQWKH0DS9LHZWRGLVSOD\D/HJHQG)LJXUH
)LJXUH0DS9LHZ:LQGRZ/HJHQG
*HQHUDOFRORUVFKHPH
7KHJHQHUDOFRORUVFKHPHIRUDOOPDSYLHZV
*UHHQ,WHPVZKLFKSDVVWKH4$FKHFN
5HG,WHPVZKLFKIDLOWKH4$FKHFN
/RFXV3URFHVVRU8VHUV*XLGH
6LWH6\PEROVDQG&RORUV
7DEOHRXWOLQHVWKHVFKHPHIRUVLWHV\PEROVLQDOOPDSYLHZV
7DEOH6LWH6\PEROV
6LWH7\SH
6\PERO
8QSURFHVVHG6LWH
ZKLWH
6HOHFWHG6LWH
*
H
W
W
L
Q
J
6
W
D
U
W
H
G
\HOORZ
3URFHVVHG6LWH
EOXH
$GMXVWHG6LWH
JUHHQ
%DG6LWH
UHG
)L[HGKRUL]RQWDOFRQWUROVLWH
)L[HGYHUWLFDOFRQWUROVLWH
)L[HGKRUL]RQWDODQGYHUWLFDOFRQWUROVLWH
9HFWRU&RORUV
7DEOHRXWOLQHVWKHYHFWRUV\PEROVWLHGWRDVSHFLILFPDSYLHZ
7DEOH9HFWRU&RORUV
0DS9LHZ
1RUPDO
3URFHVVHG
9HFWRU&RORUV
8QSURFHVVHGYHFWRUVDVGDVKHGOLQHVRWKHUVDVVROLGEODFN
5HG3URFHVVLQJ4$IDLO
*UHHQ3URFHVVLQJ4$SDVV
$GMXVWHG
5HG$GMXVWPHQW4$IDLO
*UHHQ$GMXVWPHQW4$SDVV
%ODFN1RWDGMXVWHG
&RQWURO
%ODFN
5HSHDW9HFWRU
5HG5HSHDWYHFWRUDQDO\VLV4$IDLO
*UHHQ5HSHDWYHFWRUDQDO\VLV4$SDVV
%ODFN1RWDUHSHDWHGYHFWRU
/RRS&ORVXUH
5HG/RRSFORVHGDQGORRSFORVXUH4$IDLO
*UHHQ/RRSFORVHGDQGORRSFORVXUH4$SDVV
%ODFN9HFWRUQRWLQFOXGHGLQORRS
*HWWLQJ6WDUWHG
6HOHFWHGLQDQ\PDS
'DVKHGDQG\HOORZ
([FOXGHG
*UD\
(UURU'LVSOD\V
$IWHUDGMXVWLQJWKHQHWZRUNWKHYHUWLFDODQGKRUL]RQWDOHUURULVGLVSOD\HGIRUHDFK
SRLQW)LJXUH+RUL]RQWDOHUURULVUHSUHVHQWHGDVDQHOOLSWLFDOUHJLRQDURXQGWKH
VLWHDQGHVWLPDWHVUHDOHUURURQWKHJURXQG9HUWLFDOHUURULVUHSUHVHQWHGDVDEROG
EODFNOLQHWKHORQJHUWKHOLQHWKHJUHDWHUWKHHUURU:KHQWKH0DS9LHZOHJHQGLV
GLVSOD\HGWKHVL]HVRIWKHVHHUURUVFDQEHUHDGLO\HVWLPDWHG
)LJXUH(UURULQWKH0DS9LHZ:LQGRZ
=RRPLQJ
7KH=RRPIHDWXUHDOORZV\RXWRYLHZWKHPDSDUHDLQJUHDWHUGHWDLO
7R]RRPLQ&OLFNDQGGUDJWKHUXEEHUEDQGWRGHILQHWKHDUHDWR]RRPLQ:KHQ\RX
UHOHDVHWKHPRXVHNH\WKH0DS9LHZZLQGRZ]RRPVLQWRWKHQHZDUHD
7R]RRPRXW8VHWKH(VFNH\RUWKH=RRP2XWEXWWRQRQWKHWRROEDUWR]RRPRXW
RQHOHYHO
7DVNVLQWKH0DS9LHZ:LQGRZ
8VHWKH0DS9LHZULJKWPRXVHFOLFNWRFRPSOHWHWKHIROORZLQJWDVNV
9LHZDYHFWRUVSURSHUWLHV
,QFOXGHH[FOXGHDYHFWRULQDGMXVWPHQW
9LHZDVLWHVSURSHUWLHV
(QWHURUHGLWDVLWHQDPH
6HWDFRQWUROVLWHWRKROGIL[HGIRUSURFHVVLQJRUDGMXVWPHQWDQGHGLWLWVFRRUGLQDWHV
3HUIRUPD/RRS&ORVXUHWHVW
3ULQWD0DS9LHZ
9LHZ4$WHVWUHVXOWV
/RFXV3URFHVVRU8VHUV*XLGH
8VLQJWKH:RUNERRN:LQGRZ
7KH:RUNERRNZLQGRZ)LJXUHKDVVHYHUDOWDEVWRGLVSOD\PDQ\GLIIHUHQWNLQGV
RILQIRUPDWLRQIURPFRRUGLQDWHVWRQHWZRUNSUHFLVLRQVWDWLVWLFV6HYHUDOWDEVKDYH
HGLWDEOHILHOGV
*
H
W
W
L
Q
J
6
W
D
U
W
H
G
)LJXUH:RUNERRN:LQGRZ)LOHV7DE
6ZLWFKEHWZHHQGLVSOD\VE\FOLFNLQJDGLIIHUHQWWDE
&OLFNRQDQ\FROXPQKHDGHUWRVRUWWKHGDWDLQDVFHQGLQJRUGHVFHQGLQJRUGHU
7DEOHGHVFULEHVHDFKWDEDQGWKLQJVWRGRLQWKHWDE
7DEOH:RUNERRN:LQGRZ7DEV
7DE1DPH
)LOHV
'HVFULSWLRQ
,QIRUPDWLRQRQWKHUDZGDWDILOHVORDGHGLQWRWKHFXUUHQW
7KLQJVWRGRLQ7DE
'HOHWHILOHIURPSURMHFW
SURMHFW
2FFXSDWLRQV
,QIRUPDWLRQRQHDFKRFFXSDWLRQLQWKHFXUUHQWSURMHFW
(GLWVLWH,'
(GLWDQWHQQDKHLJKW
(GLWDQWHQQDUDGLXV
(GLWDQWHQQDYHUWLFDORIIVHW
9LHZRFFXSDWLRQSURSHUW\
VKHHW
6LWHV
,QIRUPDWLRQRQDOOVLWHVLQFOXGLQJSRVLWLRQXQFHUWDLQWLHV
(GLWVLWH,'
DQGZKHWKHUWKHSRLQWLVKHOGIL[HG
(QWHURUHGLWVLWHQDPH
'HOHWHDVLWH
9LHZVLWHSURSHUW\VKHHW
*HWWLQJ6WDUWHG
7DEOH:RUNERRN:LQGRZ7DEVFRQWLQXHG
7DE1DPH
&RQWURO6LWHV
'HVFULSWLRQ
7KLQJVWRGRLQ7DE
,QIRUPDWLRQRQFRQWUROVLWHVZLWKSRVLWLRQXQFHUWDLQWLHV
6HOHFWDFRQWUROVLWH
DQGZKHWKHUWKHSRLQWLVKHOGIL[HG
(GLWFRQWUROVLWHFRRUGL
QDWHV
'HOHWHFRQWUROVLWH
6HWFRQWUROW\SH
6HWFRQWUROVWDWXV
9HFWRUV
5HSHDW9HFWRUV
,QIRUPDWLRQRQWKHPRVWUHFHQWO\FRPSXWHGYDOXHVIRUDOO
([FOXGH
YHFWRUVDIWHUYHFWRUSURFHVVLQJ
9LHZYHFWRUSURSHUWLHV
,QIRUPDWLRQRQDQ\YHFWRUVZLWKPRUHWKDQSHULRGRI
9LHZRQO\
GDWD
/RRS&ORVXUH
,QIRUPDWLRQRQORRSVGHILQHGLQWKHSURMHFW
9LHZORRSV
'HOHWHDORRS
&RQWURO7LH
,QIRUPDWLRQWRFRPSDUHNQRZQFRRUGLQDWHVRIFRQWURO
9LHZRQO\
VLWHVZLWKDGMXVWHGFRRUGLQDWHVIRUWKHVDPHVLWHV
$GMXVWPHQW
,QIRUPDWLRQRQWKHPRVWUHFHQWO\FRPSXWHGYDOXHVIRUDOO
$QDO\VLV
YHFWRUVDIWHUQHWZRUNDGMXVWPHQW
1HWZRUN5HO
,QIRUPDWLRQRQWKHPRVWUHFHQWO\FRPSXWHGSUHFLVLRQ
$FFXUDF\
YDOXHVIRUDOOYHFWRUVDIWHUQHWZRUNDGMXVWPHQW
9LHZRQO\
9LHZRQO\
1RWHWKDWLQDOOWDEVWKHULJKWPRXVHEXWWRQEULQJVXSDPHQXRIDFWLRQVLQDWOHDVWRQH
FROXPQ
0HVVDJH:LQGRZ
%HORZWKHWDEVLVWKH0HVVDJH:LQGRZZKLFKGLVSOD\VVXPPDU\LQIRUPDWLRQ
DFWLYLW\ORJLQIRUPDWLRQDQGZDUQLQJV$OWKRXJKWKHWH[WLVQRWHGLWDEOH\RXFDQ
VHOHFWWH[WDQGFRS\WRWKHFOLSERDUGRURWKHUDSSOLFDWLRQVYLDWKHULJKWPRXVHEXWWRQ
PHQX
/RFXV3URFHVVRU8VHUV*XLGH
7KH/RFXV3URFHVVRU7RROEDU
7KH7RROEDUSURYLGHVHDV\DFFHVVWRIUHTXHQWO\XVHGFRPPDQGVLQ/RFXV3URFHVVRU
7RGLVSOD\WKH7RROEDUVHOHFW7RROEDUIURPWKH9LHZPHQX
7RFKRRVHDFRPPDQGIURPWKH7RROEDUFOLFNWKHEXWWRQ
7DEOHGHVFULEHVHDFKEXWWRQRQWKH7RROEDU
*
H
W
W
L
Q
J
6
W
D
U
W
H
G
7DEOH7KH/RFXV7RROEDU
%XWWRQ
'HVFULSWLRQ
1HZ%XWWRQ&OLFNWKLVEXWWRQWRFUHDWHDQHZSURMHFWILOH
2SHQ%XWWRQ&OLFNWKLVEXWWRQWRRSHQDQH[LVWLQJSURMHFWILOH
6DYH%XWWRQ&OLFNWKLVEXWWRQWRVDYHWKHSURMHFW
)LOHVIURP5HFHLYHU%XWWRQ&OLFNWKLVEXWWRQWRDGGGDWDILOHVWRWKHSURMHFWGLUHFWO\
IURPDUHFHLYHU
)LOHVIURP'LVN%XWWRQ&OLFNWKLVEXWWRQWRDGGGDWDILOHVWRWKHSURMHFWIURPDKDUGRU
QHWZRUNGULYH
3URFHVV1HZ%XWWRQ&OLFNWKLVEXWWRQWRSURFHVVRQO\WKRVHVLWHVDQGYHFWRUVZKLFK
KDYHQRWEHHQSURFHVVHG
$GMXVWPHQW%XWWRQ&OLFNWKLVEXWWRQWRDGMXVWWKHQHWZRUN
:RUNERRN%XWWRQ&OLFNWKLVEXWWRQWRRSHQRUVZLWFKWRWKH)LOHVWDERIWKH:RUNERRN
ZLQGRZ
7LPH9LHZ%XWWRQ&OLFNWKLVEXWWRQWRRSHQRUVZLWFKWRWKH7LPH9LHZZLQGRZ
0DS9LHZ%XWWRQ&OLFNWKLVEXWWRQWRRSHQRUVZLWFKWRWKH0DS9LHZZLQGRZ
=RRP2XW%XWWRQ&OLFNWKLVEXWWRQWR]RRPRXWWRWKHPRVWUHFHQW]RRPLQWKHDFWLYH
ZLQGRZ
)LOWHU%XWWRQ&OLFNWKLVEXWWRQWRRSHQWKH)LOWHU'LDORJER[DQGVHOHFWWKHGD\VRIGDWD
\RXZLVKWRYLHZLQWKHSURMHFW
3URMHFW6HWWLQJV%XWWRQ&OLFNWKLVEXWWRQWRRSHQWKH3URMHFW6HWWLQJV'LDORJER[
*HWWLQJ6WDUWHG
7DEOH7KH/RFXV7RROEDUFRQWLQXHG
%XWWRQ
'HVFULSWLRQ
5HSRUW%XWWRQ&OLFNWKLVEXWWRQWRJHQHUDWHDUHSRUWRISURMHFWGDWD
([SRUW%XWWRQ&OLFNWKLVEXWWRQWRH[SRUWSURMHFWGDWDWRDILOH
/RFXV3URFHVVRU8VHUV*XLGH
3URMHFWV
,QWURGXFWLRQ
/RFXV3URFHVVRUXVHVD3URMHFWWRPDQLSXODWHGDWDILOHVDQGIRUSURFHVVLQJVLWHORFDWLRQV
7KLVFKDSWHUGHVFULEHVWKHFUHDWLRQPRGLILFDWLRQDQGPDQLSXODWLRQRIDSURMHFWRQFH\RX
KDYHFROOHFWHGVXUYH\GDWDZLWKD*36UHFHLYHU
$SURMHFWW\SLFDOO\FRQWDLQVUDZGDWDILOHVUHFHLYHGIURP*36UHFHLYHUVDQGVLWH
LQIRUPDWLRQVLWH,'VVLWHQDPHVDQGDQWHQQDKHLJKWVUHFRUGHGPDQXDOO\LQDORJERRNRU
LQWKHKDQGKHOG
&UHDWLQJD3URMHFW
3
UR
MH
FW
V
<RXPD\FUHDWHDSURMHFWDQ\WLPHZKLOHWKHVRIWZDUHLVUXQQLQJRUDWVWDUWXS
7RFUHDWHDSURMHFWZLWK/RFXV3URFHVVRUUXQQLQJ
7\SH&WUO1RU
&OLFNWKH1HZEXWWRQRQWKHWRROEDURU
6HOHFW1HZIURPWKH3URMHFWPHQX
7KHSURMHFWFXUUHQWO\RSHQLVFORVHGDQGWKHQHZSURMHFWRSHQV5HIHUWRSDJHIRU
SURMHFWVHWXS
7RFUHDWHDSURMHFWDWVWDUWXS
3URMHFWV
6WDUW/RFXV3URFHVVRU$VSODVKVFUHHQDSSHDUVIRUDIHZVHFRQGVIROORZHGE\WKH
:HOFRPHWR/RFXVGLDORJ)LJXUH&KHFNWKHFKHFNER[LI\RXGRQRWZDQW
WKLVGLDORJGLVSOD\HGGXULQJVWDUWXS
)LJXUH:HOFRPHWR/RFXV'LDORJ
&OLFNRQ&UHDWHDQHZSURMHFW7KH1HZ3URMHFWGLDORJER[RSHQVDV
VKRZQLQ)LJXUH
)LJXUH1HZ3URMHFWGLDORJ
7KH*HQHUDOWDEDOORZV\RXWRHQWHUSURMHFWVHWWLQJVDQGDGPLQLVWUDWLYHGDWD0DNHWKH
IROORZLQJHQWULHV
3URMHFW1DPH7\SHDQDPHIRUWKHQHZSURMHFWHJ6PLWK6XUYH\
<RXVKRXOGHQWHUWKHSURMHFWQDPHLQWKLVILHOGSULRUWRHQWHULQJDORFDWLRQEHFDXVH/RFXV3URFHVVRU
DXWRPDWLFDOO\FUHDWHVDGLUHFWRU\EDVHGRQWKHSURMHFWQDPH
/RFDWLRQ7KLVLVWKHGLUHFWRU\ZKHUHWKHQHZSURMHFWILOHZLOOEH
VWRUHG,IWKHGLUHFWRU\VKRZQRQWKHVFUHHQLVQRWWKHGLUHFWRU\\RXZDQW
WRXVHXVHWKHPRXVHWRPRYHWKHLQVHUWLRQSRLQWWRWKHILUVWOHWWHULQWKH
/RFXV3URFHVVRU8VHUV*XLGH
FXUUHQWGLUHFWRU\XVHWKH'HONH\WRGHOHWHWKHFXUUHQWGLUHFWRU\DQG
WKHQW\SHLQWKHQHZGLUHFWRU\DIWHUHQWHULQJWKHSURMHFWQDPH<RXPD\
DOVRXVHWKH%URZVHEXWWRQWRVHOHFWDGLUHFWRU\
7\SHLQDSSOLFDEOHDGPLQLVWUDWLYHGDWDLQWKHUHPDLQLQJILHOGV
&OLFNRQ&RRUGLQDWH6\VWHPWRVZLWFKWRWKH&RRUGLQDWH6\VWHPWDE)LJXUH
3
UR
MH
FW
V
)LJXUH1HZ3URMHFW'LDORJ%R[&RRUGLQDWH6\VWHP7DE
7KLVWDEOHWV\RXGHILQH\RXUFRRUGLQDWHV\VWHP7KHGHIDXOWVDUH:*6
*HRGHWLF6\VWHPDQGHOOLSVRLGDOKHLJKW7KHVHSDUDPHWHUVDSSHDUWKHILUVW
WLPH\RXXVHWKHVRIWZDUH<RXFDQFKDQJHWKHVHSDUDPHWHUVWR\RXU
SUHIHUUHGVHWWLQJVDIWHUZKLFK\RXUSUHIHUUHGVHWWLQJVEHFRPHWKHQHZ
GHIDXOWV5HIHUWR&KDSWHU&RRUGLQDWH7UDQVIRUPDWLRQVIRUPRUH
LQIRUPDWLRQDERXWFRRUGLQDWHVHWWLQJV
3URMHFWV
&OLFN0LVFHOODQHRXVWRVZLWFKWRWKH0LVFHOODQHRXVWDE)LJXUH
)LJXUH1HZ3URMHFW'LDORJ%R[0LVFHOODQHRXV7DE
6HWSURMHFWSDUDPHWHUVWRWKHYDOXHV\RXZDQWWRXVH7DEOHGHVFULEHVWKH
FRPSRQHQWVRIWKLVGLDORJER[
7DEOH0LVFHOODQHRXV'LDORJ%R['HVFULSWLRQ
&RPSRQHQW
'HVLUHG3URMHFW$FFXUDF\
'HVFULSWLRQ
+RUL]RQWDODQGYHUWLFDO
GHIDXOWKRUL]RQWDOPSSP
GHIDXOWKRUL]RQWDOPSSP
&RQILGHQFH/HYHO
HUURURU6WDQGDUG(UURU
/LQHDU8QLWV
0HWHUV86IHHWRU,QWHUQDWLRQDO)HHW
%OXQGHU'HWHFWLRQ
0LQLPXPYHFWRUWLPHVSDQWKHUHPXVWEHDWOHDVWWKLVPXFK
FRPPRQGDWDEHWZHHQWZRVLWHVIRU/RFXVWRSURFHVVWKH
EDVHOLQHEHWZHHQWKHPDQGYDOLGDQWHQQDKHLJKWUDQJH
7LPH
87&RU/RFDO
3URFHVVHG9HFWRUHUURU
$IDFWRUE\ZKLFKWKHXQFHUWDLQWLHVRIWKHSURFHVVHGYHFWRUV
VFDOLQJIDFWRU
DUHVFDOHGSULRUWRDGMXVWPHQW7KLVLVGHVFULEHGLQPRUHGHWDLO
3RVW$GMXVWPHQW$QDO\VLV
LQ$SSHQGL[&
/RFXV3URFHVVRU8VHUV*XLGH
,QWKH7LPHEORFNVHOHFWWKHWLPHV\VWHP\RXDUHXVLQJ87&RU/RFDO,I
\RXVHOHFW/RFDOWLPHW\SHLQWKHRIIVHW7KLVRIIVHWLVWKHGLIIHUHQFHLQKRXUV
EHWZHHQ\RXUORFDOWLPHDQG87&DVVKRZQLQ)LJXUH
3
UR
MH
FW
V
)LJXUH2IIVHWIURP87&
)RUGD\OLJKWVDYLQJVWLPHPRYHRQHWLPH]RQHWRWKHHDVW
2QFH\RXKDYHILQLVKHGVHWWLQJXSWKHSURMHFWFOLFN2.7KH$GG)LOHV
GLDORJER[RSHQV)LJXUH)RULQIRUPDWLRQRQKRZWRDGGILOHVWR\RXU
SURMHFWUHIHUWR&KDSWHU$GGLQJ'DWD)LOHV
)LJXUH$GG)LOHV'LDORJ%R[
3URMHFWV
2SHQLQJDQ([LVWLQJ3URMHFW
7RRSHQDSUHYLRXVO\FUHDWHGSURMHFW
,QWKH:HOFRPHWR/RFXVGLDORJER[FOLFNRQ2SHQDQ([LVWLQJ3URMHFW
)LJXUH
)LJXUH:HOFRPHWR/RFXV'LDORJ%R[
25
7\SH&WUO2RU
&OLFNWKH2SHQEXWWRQRQWKHWRROEDURU
6HOHFW2SHQIURPWKH3URMHFWPHQX
)LJXUH2SHQGLDORJ:LWK3URMHFW6HOHFWHG
/RFXV3URFHVVRU8VHUV*XLGH
'RXEOHFOLFNWKHILOHQDPHRUKLJKOLJKWWKHILOHQDPHDQGFOLFN2SHQ(DFK
SURMHFWILOHKDVWKHH[WHQVLRQVSU
7KHSURMHFWRSHQVZLWKWKH7LPH9LHZ0DS9LHZDQG:RUNERRN
ZLQGRZVRSHQ/RFXV3URFHVVRUGLVSOD\VWKHSURMHFWQDPHLQWKHWLWOHEDUDV
VKRZQLQ)LJXUH
3
UR
MH
FW
V
)LJXUH7\SLFDO3URMHFW
2QFH\RXKDYHRSHQHGWKHSURMHFW\RXPD\QHHGWRDGGGDWDILOHV7RDGG
ILOHVUHIHUWR&KDSWHU$GGLQJ'DWD)LOHV
6DYLQJD3URMHFW
<RXFDQVDYHDQRSHQSURMHFWDWDQ\WLPHE\SHUIRUPLQJRQHRIWKHIROORZLQJ
7\SH&WUO6
&OLFNWKH6DYHEXWWRQRQWKHWRROEDU
6HOHFW6DYHIURPWKH3URMHFWPHQX
<RXPD\DOVRVDYHWKHFXUUHQWSURMHFWXQGHUDQRWKHUQDPH7RVDYHWKHSURMHFWXQGHU
DQRWKHUQDPHFOLFN6DYH$VIURPWKH3URMHFWPHQX
3URMHFWV
3URMHFW6HWWLQJV
7KHFXUUHQWSURMHFWVHWWLQJVDUHHLWKHUWKHVRIWZDUHGHIDXOWRUWKHHQWULHVPDGHZKHQ
WKHSURMHFWZDVFUHDWHG7RYLHZSURMHFWVHWWLQJVVHOHFW6HWWLQJVIURPWKH3URMHFW
PHQXRUFOLFNWKH3URMHFW6HWWLQJVEXWWRQRQWKHWRROEDU
)LJXUH3URMHFW6HWWLQJV'LDORJ%R[
7KLVGLDORJER[LVWKHVDPHDVWKH1HZ3URMHFWGLDORJ<RXPD\HGLWDQ\RIWKH
SDUDPHWHUVZLWKLQWKH*HQHUDO&RRUGLQDWH6\VWHPRU0LVFHOODQHRXVWDEV2QFH
\RXKDYHPRGLILHGWKHSDUDPHWHUVFOLFN2.DQG/RFXV3URFHVVRUXSGDWHVWKHSURMHFW
VHWWLQJV
5HPRYLQJ'DWD)URPD3URMHFW
2QFHGDWDILOHVKDYHEHHQDGGHGWRDSURMHFW\RXPD\ZLVKWRUHPRYHVSHFLILFILOHV
7RUHPRYHGDWDILOHV
6ZLWFKWRWKH)LOHVWDELQWKH:RUNERRNZLQGRZ
6HOHFWWKHILOHQDPHRIWKHILOHV\RXZLVKWRGHOHWH
/RFXV3URFHVVRU8VHUV*XLGH
3UHVVWKH'HOHWHNH\RUULJKWFOLFNWKHPRXVHDQGVHOHFW'HOHWH
)LJXUH'HOHWLQJD'DWD)LOH
2QFH\RXGHOHWHDGDWDILOH\RXPXVWDGGWKHGDWDILOHWRWKHSURMHFWDJDLQLQRUGHUWRXVHLW
3URMHFWV
3
UR
MH
FW
V
/RFXV3URFHVVRU8VHUV*XLGH
$GGLQJ'DWD)LOHV
,QWURGXFWLRQ
7KLVFKDSWHUGHVFULEHVWKHWDVNVQHFHVVDU\WRDGGGDWDILOHVWRDSURMHFW7KLVSURFHVVXVHV
WKH/RFXV'RZQORDGPRGXOHRI/RFXV3URFHVVRU7KHIROORZLQJWDVNVDUHGHVFULEHG
$GGUDZGDWDILOHVIURPUHFHLYHU
$GGUDZGDWDILOHVIURPGLVN
$GGVLWHGHVFULSWLRQGDWDIURPKDQGKHOG
$GGSURFHVVHGYHFWRUVZKLFKKDYHEHHQSURGXFHGE\DQRWKHUSURFHVVLQJSDFNDJH
5HPRYHGDWDIURPSURMHFW
6HWUHFHLYHUSDUDPHWHUV
$GG'DWD)URPD5HFHLYHURU'LVN
<RXPD\DGGGDWDILOHVWR\RXUSURMHFWZKHQ\RXILUVWFUHDWHWKHSURMHFWRUODWHUZKHQ
QHHGHG'DWDILOHVFDQEHORFDWHGRQDKDUGGULYHLISUHYLRXVO\GRZQORDGHGIURPWKH
UHFHLYHURUUHVLGHZLWKLQDUHFHLYHU
$
G
G
L
Q
J
'
D
W
D
)
L
O
H
V
,IDSURMHFWKDVDOUHDG\EHHQFUHDWHGDQG\RXZLVKWRDGGGDWDILOHVFKRRVHRQHRIWKH
IROORZLQJ
$GGLQJ'DWD)LOHV
&OLFN)RUVHOHFW)URP5HFHLYHUIURPWKH3URMHFWPHQX
&OLFN)RUVHOHFW)URP'LVNIURPWKH3URMHFWPHQX
$GGLQJ'DWD)URPD5HFHLYHU
&RQQHFWLQJD5HFHLYHU
$VGHPRQVWUDWHGLQ)LJXUHSODFHWKH/RFXVUHFHLYHUZLWKLQLQFKHVRI
WKH,5GHYLFHDQGSRVLWLRQERWKXQLWVVRWKDWWKH,5SRUWVIDFHHDFKRWKHU7KH
,5GHYLFHVKRXOGQRWEHFORVHUWKDQQLQHLQFKHVZKHQERWKWKH,5GHYLFHDQG
UHFHLYHUOLHIODWRQDWDEOHVXUIDFH,IWKH,5SRUWVDUHDOLJQHGDWWKHVDPH
KHLJKWWKH\FDQEHDVFORVHDVRQHKDOILQFK
)LJXUH/RFXV5HFHLYHU&RPPXQLFDWLQJYLD,5'HYLFH
7XUQRQWKH/RFXVUHFHLYHU,I\RXDUHGRZQORDGLQJPRUHWKDQRQH/RFXV
UHFHLYHUWXUQRQRQO\RQHUHFHLYHUDWDWLPHWRDYRLGGDWDWUDQVIHUPLVKDSV
8VLQJ/RFXV'RZQORDG
&OLFN$GGUDZGDWDILOHVIURPUHFHLYHU7KH/RFXV'RZQORDGPDLQ
ZLQGRZRSHQV)LJXUH
)LJXUH'RZQORDG0DLQ:LQGRZ
/RFXV3URFHVVRU8VHUV*XLGH
7KHFRPPDQGVDYDLODEOHWKURXJKWKHWRROEDUDUHGHVFULEHGLQ7DEOH
7DEOH7RROEDU%XWWRQ'HVFULSWLRQV
7RROEDU
'HVFULSWLRQ
%XWWRQV
&RQQHFW%XWWRQ&OLFNWKLVEXWWRQWRRSHQWKH&RQQHFWWR5HFHLYHUGLDORJER[DQG
FRQQHFWWRDUHFHLYHU
6ZLWFK3DQH%XWWRQ&OLFNWKLVEXWWRQWRFKDQJHWKHDFWLYHSDQH
6HOHFW)LOHV%XWWRQ&OLFNWKLVEXWWRQWRVHOHFWILOHVEDVHGRQDILOHPDVN7KH6HOHFW
)LOHVGLDORJER[RSHQVWRHQWHUDILOHPDVNIRUILOHVVHOHFWLRQ
&RS\7R%XWWRQ&OLFNWKLVEXWWRQWRFRS\WKHVHOHFWHGILOHVWRWKHFXUUHQWGLUHFWRU\
RQWKH3&
0RYH7R%XWWRQ&OLFNWKLVEXWWRQWRPRYHWKHVHOHFWHGILOHVWRWKHFXUUHQWGLUHFWRU\
$
G
G
L
Q
J
'
D
W
D
)
L
O
H
V
RQWKH3&
'HOHWH%XWWRQ&OLFNWKLVEXWWRQWRGHOHWHWKHVHOHFWHGILOHV
&UHDWH1HZ'LUHFWRU\%XWWRQ&OLFNWKLVEXWWRQWRFUHDWHDQHZGLUHFWRU\LQWKHFXU
UHQW3&GLUHFWRU\
)UHH6SDFH%XWWRQ&OLFNWKLVEXWWRQWRFKHFNWKHDYDLODEOHGLVNVSDFHIRUWKHFXUUHQW
GULYHRUUHFHLYHU
%ULHI)LOH,QIR%XWWRQ&OLFNWKLVEXWWRQWRGLVSOD\RQO\WKHQDPHVRIWKHILOHV
'HWDLOHG)LOH,QIR%XWWRQ&OLFNWKLVEXWWRQWRGLVSOD\WKHQDPHVL]HGDWHDQGWLPH
RIODVWPRGLILFDWLRQIRUHDFKILOHDQGGLUHFWRU\LQWKHFXUUHQWGLUHFWRU\
+HOS%XWWRQ&OLFNWKLVEXWWRQWRDFFHVVWKHKHOSV\VWHP
:KDWV7KLV+HOS%XWWRQ&OLFNWKLVEXWWRQDQGDQ\ZKHUHHOVHLQWKHZLQGRZRU
PHQXV\VWHPIRUTXLFNKHOSRQWKHIHDWXUH
$GGLQJ'DWD)LOHV
6HOHFW&RQQHFWIURPWKH)LOHPHQX7KH&RQQHFWYLD,5GLDORJER[RSHQV
)LJXUH
)LJXUH&RQQHFWYLD,5'LDORJ%R[
,QWKH6HOHFW3RUWWDEVHOHFWWKH&20SRUWZKLFKKDVWKHDWWDFKHG,5GHYLFH
6ZLWFKWRWKH6HWWLQJWDE)LJXUH
)LJXUH6HWWLQJ7DE
&KDQJHWKHEDXGUDWHWRZKLFKLVWKHIDVWHVWUDWHWKH/RFXVUHFHLYHU
FDQVXSSRUW
9HULI\WKH/RFXVUHFHLYHULVWXUQHGRQWKH,5SRUWVDOLJQHGDQGFOLFN2.WR
FRQQHFWWRWKHUHFHLYHU'RZQORDGZLOOFRQQHFWDQGGLVSOD\WKHFRQWHQWVRI
WKHUHFHLYHUPHPRU\
/RFXV3URFHVVRU8VHUV*XLGH
)LJXUH/RFXV'RZQORDG6FUHHQ
7KHH[DPSOHLQ)LJXUHVKRZV
DUDZ*36GDWDILOHZLWKDVWKHUHFHLYHUVHULDO
QXPEHUDDVWKHVHVVLRQDVWKH\HDUDQGDVWKHGD\RIWKH
\HDURWKHUGDWDILOHVPD\EHOLVWHG
DOPDQDF*36VDWHOOLWHLQIRUPDWLRQILOHZKLFKVKRXOGEHXVHGZLWK
0LVVLRQ3ODQQLQJUHIHUWR$SSHQGL[$
LRQRFRUUHFWLRQV*36VDWHOOLWHLRQRVSKHUHFRUUHFWLRQVILOH
$
G
G
L
Q
J
'
D
W
D
)
L
O
H
V
7KHDOPDQDFDQGLRQRFRUUHFWLRQILOHVZLOORQO\FRQWDLQFRPSOHWHLQIRUPDWLRQDIWHUWKHUHFHLYHUKDV
WUDFNHGVDWHOOLWHVIRUPRUHWKDQPLQXWHV
9HULI\WKHGHVWLQDWLRQGLUHFWRU\LQWKH3&SDQHLVWKHSURMHFWGLUHFWRU\RUWKH
GLUHFWRU\ZKHUH\RXZDQWWKHGDWDILOHVVWRUHG,I\RXZDQWWRFUHDWHDQHZ
GLUHFWRU\FOLFNDQ\ZKHUHRQWKH3&SDQHWKHQFOLFNWKH1HZ'LUHFWRU\
EXWWRQDQGW\SHDQDPHIRUWKHGLUHFWRU\
%HVXUHWRXVHORJLFDODQGFRQVLVWHQWSDWKDQGILOHQDPLQJFRQYHQWLRQVWKDW
DUHHDV\WRUHFRJQL]H8VXDOO\LWLVEHVWWRSXWWKHGDWDILOHVLQWKHSURMHFW
GLUHFWRU\
1RZFOLFNDQ\ZKHUHRQWKH5HFHLYHUSDQHWRDFWLYDWHWKHSDQH
8VLQJWKHPRXVHVHOHFWWKHILOHVWKDW\RXZDQWWRFRS\DQGGUDJWKHPWR
WKH3&SDQH
7RVHOHFWDJURXSRIFRQWLJXRXVILOHVKROGWKH6KLIWNH\ZKLOHVHOHFWLQJ7R
VHOHFWPRUHWKDQRQHILOHKROGGRZQWKH&WUONH\ZKLOHVHOHFWLQJILOHV
/RFXV'RZQORDGFRSLHVWKHVHOHFWHGILOHVWRWKH3&$SURJUHVVGLDORJ
DSSHDUVVKRZLQJWKHVWDWXVRIWKHGRZQORDG
$GGLQJ'DWD)LOHV
,IWKHUHFHLYHUPHPRU\LVIXOOWKHGRZQORDGZLOOWDNHDERXWPLQXWHV
$OWKRXJKWKHGDWDILOHVKDYHEHHQGRZQORDGHGIURPWKHUHFHLYHUWKH\KDYHQRWEHHQ
GHOHWHGIURPWKHUHFHLYHUVPHPRU\7RGHOHWHUHFHLYHUGDWDILOHVVHOHFWWKHGHVLUHG
ILOHVDQGFOLFNWKHGHOHWHEXWWRQRQWKHWRROEDU<RXFDQDOVRXVHWKH0RYHIXQFWLRQ
ZKLFKFRSLHVDQGWKHQGHOHWHVWKHILOHV
,WLVJRRGSUDFWLFHWRGHOHWHWKHGDWDILOHVLQWKHUHFHLYHUDIWHU\RXKDYHYHULILHGWKDW
WKHILOHVKDYHGRZQORDGHGSURSHUO\2WKHUZLVHWKHPHPRU\PD\ILOOXSGXULQJWKH
QH[WGDWDFROOHFWLRQVHVVLRQUHVXOWLQJLQWKHLQDELOLW\WRFRPSOHWHWKHVXUYH\
6ZLWFK'DWD6RXUFH
,I\RXKDYHDQRWKHUUHFHLYHUWRGRZQORDGGDWDSHUIRUPWKHIROORZLQJVWHSV
6HOHFW6ZLWFK'DWD6RXUFHIURPWKH)LOHPHQX/RFXV'RZQORDGWXUQVRII
WKHFXUUHQWUHFHLYHUDQGSURPSWV\RXWRDOLJQDGLIIHUHQWGHYLFH
7XUQRQWKHQH[WUHFHLYHUDQGDOLJQWKH,5SRUWV
&OLFN2.
/RFXV'RZQORDGFRQQHFWVWRWKHQHZUHFHLYHU
'RZQORDGLQJ'DWD)URPD+DQGKHOG
,I\RXKDYHDKDQGKHOGZKLFKZDVXVHGWRFROOHFWVLWHLQIRUPDWLRQSHUIRUPWKH
IROORZLQJDGGLWLRQDOVWHSV
6HOHFW6ZLWFK'DWD6RXUFHIURPWKH)LOHPHQX$GLDORJER[DSSHDUV
DVNLQJ\RXWRFKDQJHWKHGHYLFH
7XUQRQWKHKDQGKHOGDQGVWDUWLWVGRZQORDGSURJUDP7KHQSODFHLWV,5SRUW
ZLWKLQWZRLQFKHVRIWKH3&,5GHYLFHDQGFOLFN2.)LJXUH
,WLVFULWLFDOWKDWWKHKDQGKHOGEHZLWKLQLQFKHVRIWKH,5GHYLFHIRUGRZQORDG$OVRWDNHJUHDWFDUH
WRHQVXUHWKDWWKH,5GHYLFHDQGWKH,5SRUWRQWKHKDQGKHOGDUHDOLJQHGKRUL]RQWDOO\DQGYHUWLFDOO\
6LQFHWKH,5GHYLFHDQGWKH,5SRUWRIWKHKDQGKHOGPXVWEHYHU\FORVHWRHDFKRWKHUWKHKRUL]RQWDO
DQGYHUWLFDODOLJQPHQWDUHFULWLFDO
/RFXV3URFHVVRU8VHUV*XLGH
)LJXUH6HWXSIRU7UDQVIHUULQJKDQGKHOG')LOHV
'RZQORDGDXWRPDWLFDOO\VZLWFKHVWKHEDXGUDWHWRWKHRQO\EDXGUDWH
VXSSRUWHGE\WKHKDQGKHOGFRQQHFWVWRWKHKDQGKHOGDQGOLVWVWKHRQHILOHLQ
WKHKDQGKHOGSDQHFDOOHGD'ILOH
6HOHFWWKH'ILOHDQGGUDJLWWRWKH3&SDQHWRFRS\WKHILOHWRWKH3&
$OZD\VWUDQVIHUWKH'ILOHWRWKHVDPHGLUHFWRU\DVWKHUDZ*36GDWDILOHVIRUDSURMHFW
$
G
G
L
Q
J
'
D
W
D
)
L
O
H
V
7KHSURJUHVVGLDORJER[LQGLFDWHVVWDWXVRIWKHGRZQORDG8SRQFRPSOHWLRQ
WKH'ILOHLVVKRZQLQWKH3&SDQHDQGWKHKDQGKHOGDXWRPDWLFDOO\
GLVFRQQHFWVIURPWKH3&
$IWHUGRZQORDGLWLVJRRGSUDFWLFHWRGHOHWHWKH'ILOHIURPWKHKDQGKHOG
(QGLQJWKH'RZQORDG3URFHVV
:KHQ\RXDUHILQLVKHGWUDQVIHUULQJDOOWKHGDWDILOHVIURPWKHUHFHLYHUVDQG
KDQGKHOGVH[LW/RFXV'RZQORDGE\VHOHFWLQJ([LWLQWKH)LOHPHQX
9LHZWKH:RUNERRNZLQGRZWRYHULI\WKDWDOOILOHVKDYHEHHQDGGHGWRWKH
SURMHFW
7KHUHFHLYHUDQGKDQGKHOGPXVWEHGRZQORDGHGLQWKHVDPHGRZQORDGVHVVLRQIRUWKHUHFHLYHUDQG
KDQGKHOGGDWDWREHORDGHGFRUUHFWO\LQWRWKHSURMHFW,IUHFHLYHUILOHVDUHGRZQORDGHGVHSDUDWHO\
IURPWKHKDQGKHOGILOHVWKHKDQGKHOGGDWDZLOOQRWEHDVVRFLDWHGZLWKWKHUHFHLYHUILOHV,IWKLV
KDSSHQVGHOHWHWKHGDWDILOHVIRUWKHSURMHFWDQGORDGWKHPDJDLQXVLQJ$GG5DZ'DWD)LOHV)URP
'LVN
$GGLQJ'DWD)LOHV
$GGLQJ'DWDIURP'LVN
<RXPD\DGGGDWDILOHVUHVLGLQJRQ\RXUKDUGGULYHWRWKHSURMHFW7RGRWKLV
(LWKHU&OLFN$GGGDWDIURPGLVNRUFOLFN)7KH$GG)LOHVGLDORJRSHQV
)LJXUH
)LJXUH$GG)LOHV'LDORJ%R[
,QWKH)LOHVRIW\SHGURSGRZQOLVWFKRRVHRQHRIWKHIROORZLQJ
5DZ'DWD)LOHVERWK$VKWHFKDQG5,1(;IRUPDW
$VKWHFK5DZ)LOHV/RFXV5HFHLYHUJHQHUDWHGILOHV%
5,1(;2EVHUYDWLRQ)LOHV6WDQGDUG5,1(;IRUPDWWHGILOHV
2
$OO)LOHV
1DYLJDWHWRWKHGDWDILOHV\RXZLVKWRDGGWRWKHSURMHFW
6HOHFWDQGKLJKOLJKWDOOWKHGDWDILOHV\RXZLVKWRDGGWRWKHSURMHFW
(DFKKLJKOLJKWHGILOHQDPHDSSHDUVLQWKH)LOH1DPHILHOG
&OLFN2SHQ/RFXVDGGVWKHILOHVWRWKHSURMHFW
7KH)LOHVWDELQWKH:RUNERRNZLQGRZOLVWVDOOVHOHFWHGGDWDILOHVDGGHGWR
WKHSURMHFW
2SHQDVVRFLDWHG'DQG(ILOHVDUHORDGHGDV
2QO\%ILOHVDUHVKRZQLQWKHGLDORJ8SRQFKRRVLQJ
ZHOO
/RFXV3URFHVVRU8VHUV*XLGH
$GG3URFHVVHG9HFWRUV
7KH/RFXV3URFHVVRUSURYLGHVWKHDELOLW\WRDGGSUHYLRXVO\SURFHVVHGYHFWRUVLQ
$VKWHFK2ILOHVWR\RXUSURMHFW
7KHVHILOHVPD\KDYHEHHQFUHDWHGE\RWKHU$VKWHFKVRIWZDUHSDFNDJHVRUPD\KDYH
EHHQH[SRUWHGE\RWKHU/RFXVSURMHFWV
6HOHFW$GG3URFHVVHG9HFWRUVIURPWKH3URMHFWPHQX7KH$GG9HFWRUV
GLDORJRSHQV)LJXUH
)LJXUH$GG9HFWRUV'LDORJ%R[
1DYLJDWHWRWKHGLUHFWRU\ZKHUHWKHYHFWRUILOHVDUHVWRUHG/RFXVFDQLPSRUW
VWDQGDUG$VKWHFKELQDU\2ILOHVFRQWDLQLQJYHFWRULQIRUPDWLRQ
6HOHFWWKHSURFHVVHGYHFWRU\RXZLVKWRDGGWR\RXUSURMHFWDQGFOLFN2.
8VHWKH9HFWRUVWDELQWKH:RUNERRNZLQGRZWRYHULI\WKDWWKHYHFWRUVKDYH
EHHQDGGHGWRWKHSURMHFW
$
G
G
L
Q
J
'
D
W
D
)
L
O
H
V
5HPRYLQJ'DWD)URPD3URMHFW
2QFHGDWDILOHVKDYHEHHQDGGHGWRDSURMHFW\RXPD\ZLVKWRUHPRYHVSHFLILFILOHV
7RUHPRYHGDWDILOHV
6ZLWFKWRWKH)LOHVWDELQWKH:RUNERRNZLQGRZ
6HOHFWWKHILOHQDPHRIWKHILOHV\RXZLVKWRGHOHWH
3UHVVWKH'HOHWHNH\RUULJKWFOLFNWKHPRXVHDQGVHOHFW'HOHWH
2QFH\RXGHOHWHDGDWDILOH\RXPXVWDGGWKHGDWDILOHWRWKHSURMHFWDJDLQLQRUGHUWRXVHLW
$GGLQJ'DWD)LOHV
6HW5HFRUGLQJ,QWHUYDO .LQHPDWLF:DUQLQJ)ODJ
8VH/RFXV'RZQORDGWRVHWWKHUHFHLYHUUHFRUGLQJLQWHUYDODQGWXUQRQRURIIWKH
NLQHPDWLFZDUQLQJIODJ
9HULI\/RFXV'RZQORDGLVFRQQHFWHGWRDUHFHLYHU
6HOHFW5HFHLYHU3DUDPHWHUVIURPWKH5HFHLYHUPHQX7KH5HFHLYHU6HWXS
GLDORJRSHQV)LJXUH
)LJXUH5HFHLYHU6HWXS'LDORJ
7KHGHIDXOWUHFHLYHUUHFRUGLQJLQWHUYDOLVVHFRQGV7KLVLQWHUYDOLVJRRGIRUVWDWLFVXUYH\V
,QFUHDVLQJWKHLQWHUYDOVD\ZLOODOORZIRUJUHDWHURFFXSDWLRQWLPHEHIRUHWKHUHFHLYHUPHPRU\LV
IXOO/RZHULQJWKHLQWHUYDOZLOOFDXVHWKHPHPRU\WRILOOPRUHTXLFNO\EXWLVGHVLUDEOHZKHQ
FRQGXFWLQJNLQHPDWLFVXUYH\V
(QWHUWKHUHFRUGLQJLQWHUYDOLQVHFRQGVWKHUDQJHRIYDOXHVLV
6HOHFW21WRDFWLYDWHWKHNLQHPDWLFZDUQLQJIODJRU2))WRGHDFWLYDWHWKLV
IODJ
&OLFN2.WRVHQGWKHSDUDPHWHUVWRWKHUHFHLYHUDQGFORVHWKH5HFHLYHU
6HWXSGLDORJER[
/RFXV3URFHVVRU8VHUV*XLGH
'DWD3URFHVVLQJ
,QWURGXFWLRQ
5DZGDWDFROOHFWHGE\D/RFXV5HFHLYHUPXVWEHSURFHVVHGWRGHWHUPLQHWKHGLIIHUHQWLDO
UHODWLRQVKLSEHWZHHQWKHVLWHVRFFXSLHGGXULQJGDWDFROOHFWLRQ7KHUHVXOWRISURFHVVLQJ
*36UDZGDWDLVDYHFWRUGHILQLQJWKLVUHODWLRQVKLS&RPSXWDWLRQRIWKHVHYHFWRUVLVWKH
UROHRIWKHGDWDSURFHVVLQJPRGXOHZLWKLQ/RFXV3URFHVVRU
7KHGDWDSURFHVVLQJPRGXOHLVDVRSKLVWLFDWHGHQJLQHZKLFKDXWRPDWLFDOO\DQDO\]HVWKH
TXDOLW\RIWKHUDZGDWDILOHVDQGDGMXVWVSURFHVVLQJSDUDPHWHUVWRSURGXFHWKHEHVWYHFWRU
SRVVLEOHWUDQVIHUULQJPRVWRIWKHSURFHVVLQJHIIRUWIURPWKHXVHUWRWKHSURFHVVLQJ
VRIWZDUH,Q/RFXVWKHDFWXDOSURFHVVLQJRI\RXUGDWDLVOLPLWHGWRDVLPSOHSUHVVRIWKH
3URFHVVEXWWRQVDIHLQWKHNQRZOHGJHWKDW\RXZLOOJHWWKHEHVWDQVZHU
3URFHVVLQJRI*36GDWDLVSHUIRUPHGLQWKUHHEDVLFVWHSV
3UHSURFHVVGDWDDQDO\VLV
6LWHDQGRFFXSDWLRQSURSHUWLHVVXFKDVVLWH,'VDQWHQQDKHLJKWSDUDPHWHUVDQG
FRQWUROVLWHLQIRUPDWLRQDUHYHULILHGDQGRUHQWHUHG
3URFHVVLQJ
$SXVKRIDEXWWRQLQYRNHVWKHSURFHVVLQJHQJLQHWRSURGXFH*36YHFWRUVIURP
UDZGDWD
3RVWSURFHVVGDWDDQDO\VLV
3URFHVVHG*36YHFWRUVDUHDQDO\]HGXVLQJVXSSOLHGDQDO\VLVWRROVWRGHWHUPLQH
WKHTXDOLW\RISURFHVVHGGDWD
7KLVFKDSWHURXWOLQHVWKHVWHSVIRUSURFHVVLQJ\RXUUDZ*36GDWD
3UHSURFHVV'DWD$QDO\VLV
7KHSURFHVVLQJRI*36YHFWRUVUHOLHVRQWZRVRXUFHVRIGDWDUDZ*36GDWDFROOHFWHGE\
WKH/RFXV5HFHLYHUDQGRFFXSDWLRQDQGVLWHVSHFLILFGDWDSURYLGHGE\WKHXVHU:KHQ
XVLQJD/RFXV+DQGKHOGPXFKRIWKHXVHUVXSSOLHGGDWDFDQEHHQWHUHGLQWKHILHOGGXULQJ
GDWDFROOHFWLRQ,QWKLVFDVHWKHGDWDVKRXOGEHYHULILHGSULRUWRSURFHVVLQJ,IDKDQGKHOG
ZDVQRWXVHGWKLVGDWDZLOOQHHGWREHHQWHUHGPDQXDOO\
9HULILFDWLRQDQGHGLWLQJRIXVHUVXSSOLHGRFFXSDWLRQDQGVLWHGDWDFDQEHSHUIRUPHGLQ
PRUHWKDQRQHORFDWLRQZLWKLQ/RFXV3URFHVVRU3ULPDULO\WKH2FFXSDWLRQSURSHUW\VKHHWV
ZLOOEHXVHGIRUWKLVWDVN7DEOH RQSDJH RXWOLQHVWKHXVHUVXSSOLHGGDWDWKDWFDQEH
'DWD3URFHVVLQJ
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
YLHZHGDQGHGLWHGIURPHDFKRIWKHVHVKHHWV7KHUHPDLQGHURIWKLVVHFWLRQSUHVHQWV
KRZWRXWLOL]HWKHSURSHUW\VKHHWVWRDQDO\]HWKHXVHUVXSSOLHGRFFXSDWLRQDQGVLWH
GDWD
%HIRUH\RXSURFHVV\RXUGDWDZHVXJJHVW\RXDQDO\]HWKHP3UHSURFHVVLQJGDWD
KHOSV\RXWKURXJKWKHSUHSDUDWLRQRIGDWDIRUEDVHOLQHSURFHVVLQJ<RXZLOODOVREH
DEOHWRLGHQWLI\DQGFRUUHFWFRPPRQSUREOHPV
7REHJLQWKHSUHSURFHVVDQDO\VLV
,I\RXKDYHQRWGRQHVRDOUHDG\ORDGDOOWKHGDWDILOHVIRU\RXUSURMHFWE\
VHOHFWLQJ$GG*365DZ'DWDIURPWKH3URMHFWPHQX<RXPD\DGGILOHV
GLUHFWO\IURPWKHUHFHLYHUVRUIURP\RXUKDUGGULYH
1DYLJDWHWRWKHGLUHFWRU\ZKHUHWKHGDWDILOHVDUHVWRUHGLQWKH$GGILOHV
SURSHUW\VKHHW)LJXUH6HOHFWDOOWKHILOHVE\FOLFNLQJRQWKHILUVW
ILOHQDPHDQGWKHQKROGLQJWKH6KLIW!NH\GRZQDQGFOLFNLQJRQWKHODVW
ILOHQDPH
)LJXUH$GG)LOHV'LDORJ
&OLFN2SHQWRDGGWKHILOHVWRWKHSURMHFW
7KH7LPH9LHZZLQGRZDQGWKH:RUNERRNZLQGRZZLWKWKH2FFXSDWLRQV
WDERSHQV,QWKHGLDJUDPWKHKRUL]RQWDOEDQGVRIFRORUDUHDVVRFLDWHGZLWK
GLIIHUHQWVLWH,'V$OORFFXSDWLRQVRIDVLWHDUHLQWKHVDPHFRORULHHDFK
RFFXSDWLRQRIVLWH""""LVGLVSOD\HGLQJUHHQ7KH2FFXSDWLRQVWDEOLVWVWKH
DVVRFLDWHGDQWHQQDKHLJKWVVWDUWDQGVWRSWLPHVDQGILOHQDPHIRUHDFK
RFFXSDWLRQ
/RFXV3URFHVVRU8VHUV*XLGH
,I\RXORDGHGVWDWLFGDWDIURPUHFHLYHUVZLWKRXWXVLQJDKDQGKHOGWKHVLWH,'VDSSHDUDV""""DQG
\RXPXVWUHQDPHHDFKRFFXSDWLRQZLWKWKHFRUUHFW6LWH,'<RXZLOODOVRQHHGWRHQWHUFRUUHFW
DQWHQQDKHLJKWV
)LJXUH3URMHFW0DQDJHU0DLQ9LHZ
)LOWHULQJ'DWD
7KHUHDUHWLPHVGXULQJGDWDSURFHVVLQJDQGDGMXVWPHQWZKHQLWLVEHQHILFLDOWRLVRODWH
DVHJPHQWRIGDWDIRULQGLYLGXDODWWHQWLRQ7KLVFDQEHDFFRPSOLVKHGZLWKWKH)LOWHU
IXQFWLRQRI/RFXV3URFHVVRU'DWDFDQEHILOWHUHGEDVHGRQWKHGD\WKHGDWDZHUH
FROOHFWHG)RUH[DPSOHLIWKUHHGD\VRIUDZGDWDZHUHLPSRUWHGLQWRDSURMHFWDQG\RX
ZLVKWRZRUNZLWKRQO\WKHGDWDIURPRQHRIWKHVHGD\VWKHRWKHUWZRGD\VRIGDWDFDQ
EHILOWHUHGRXW2QFH\RXILOWHUGDWDDOOVXEVHTXHQWDFWLRQVLQFOXGLQJSURFHVVLQJDQG
DGMXVWPHQWDUHSHUIRUPHGRQO\RQWKHGDWDVHOHFWHGLQWKH)LOWHUGLDORJ'DWDWKDW
KDYHEHHQILOWHUHGRXWLVQRWYLVLEOHDQGQRDFWLRQLVWDNHQRQLW
'DWD3URFHVVLQJ
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
7RILOWHUGDWD
6HOHFW)LOWHUIURPWKH(GLWPHQX
)LJXUH)LOWHU'LDORJ
,QWKH)LOWHUGLDORJVHOHFWWKHGDWHVIRUWKHGDWD\RXZLVKWRYLHZ
2WKHUGD\VRIGDWDZKLFK\RXKDYHQRWVHOHFWHGUHPDLQLQWKHSURMHFWEXWDUH
QRWYLVLEOH
&OLFN2.WRFORVHWKH)LOWHUGLDORJDQGILOWHUWKHGDWDWRWKHVHOHFWHGGDWHV
$QRWKHUZD\RIVHOHFWLYHO\YLHZLQJGDWDH[LVWVLQ7LPH9LHZ7KLVYLHZVKRZVRQH
GD\RIGDWDDWDQ\RQHWLPHEXW\RXPD\HDVLO\VZLWFKWRDGLIIHUHQWGD\E\FOLFNLQJ
RQWKHGURSGRZQOLVWER[LQWKHWRSOHIWRIWKHZLQGRZDQGVHOHFWLQJWKHGHVLUHGGDWH
7KH7LPH9LHZZLOOWKHQEHXSGDWHG1RWHWKDWWKLVRQO\DIIHFWVZKDWLVYLVLEOHLQWKLV
YLHZDQGGRHVQRWDIIHFWDQ\RWKHUYLHZVRUDFWLRQVZKLFK\RXPD\SHUIRUPLQ/RFXV
(GLWLQJ'DWD
,I\RXZHUHXVLQJWKHKDQGKHOGXQLWLQWKHILHOGDQGKDYHFRQILUPHGWKDWVLWH,'V
RFFXSDWLRQWLPHDQGDQWHQQDKHLJKWVDUHFRUUHFWWKHQ\RXPD\VNLSWKHIROORZLQJ
VWHSVIRUHGLWLQJDQGSURFHHGGLUHFWO\WRWKH3URFHVVLQJ'DWDRQSDJH
:KHQYLHZLQJWKHGDWDGXULQJWKHSUHSURFHVVDQDO\VLV\RXPD\ILQGWKDW\RXQHHGWR
FKDQJHVRPHYDOXHV)RUH[DPSOHLI\RXFRQGXFWHGDVWDWLFVXUYH\ZLWKRXWXVLQJD
KDQGKHOG\RXQHHGWRVHWWKHVLWH,'VDQGDQWHQQDKHLJKWVIRUHYHU\RFFXSDWLRQ
9LHZLQJ2FFXSDWLRQ3URSHUWLHV
8VHUVXSSOLHGRFFXSDWLRQGDWDFRQVLVWVRIWKHRFFXSDWLRQVLWH,'DQGDQWHQQDKHLJKW
SDUDPHWHUV$VVWDWHGHDUOLHUWKHXVHRID/RFXV+DQGKHOGGXULQJGDWDFROOHFWLRQZLOO
HOLPLQDWHWKHQHHGWRPDQXDOO\HQWHUWKLVLQIRUPDWLRQ7KHRQO\WDVNZRXOGEHWR
YHULI\WKDWWKHVLWH,'DQGDQWHQQDKHLJKWSDUDPHWHUVZHUHHQWHUHGFRUUHFWO\2QWKH
RWKHUKDQGLIDKDQGKHOGZDVQRWXVHGWKLVGDWDZLOOQHHGWREHPDQXDOO\HQWHUHG
SULRUWRSURFHVVLQJ
2FFDVLRQDOO\RFFXSDWLRQVWDUWDQGVWRSWLPHVPD\QHHGWREHDGMXVWHG)RUH[DPSOH
GXULQJGDWDFROOHFWLRQRIDNLQHPDWLFVXUYH\DXVHUPD\DFFLGHQWDOO\PRYHIURPDVLWH
/RFXV3URFHVVRU8VHUV*XLGH
ZKLOHGDWDZDVVWLOOEHLQJFROOHFWHGIRUWKLVVLWH7KHHQGWLPHRIWKHVLWHRFFXSDWLRQ
ZRXOGQHHGWREHPRGLILHGWRQRWLQFOXGHWKHWLPHZKHQWKHUHFHLYHUZDVPRYHGRII
WKHVLWH
<RXFDQYLHZWKHSURSHUWLHVRIHDFKRFFXSDWLRQE\GRXEOHFOLFNLQJRQWKHWLPHEDUIRU
DQRFFXSDWLRQRUE\VHOHFWLQJ3URSHUWLHVIURPWKHULJKWPRXVHFOLFNPHQXRIDQ
RFFXSDWLRQLQWKH7LPH9LHZZLQGRZ,QWKH2FFXSDWLRQ3URSHUWLHVGLDORJ)LJXUH
\RXFDQFKDQJHWKH6LWH,'DQGDQWHQQDSDUDPHWHUV
)LJXUH2FFXSDWLRQ3URSHUWLHV'LDORJ
7DEOHGHVFULEHVWKHFRPSRQHQWVRIWKH2FFXSDWLRQ3URSHUWLHVVKHHW
7DEOH2FFXSDWLRQ3URSHUWLHV6KHHW
3DUDPHWHU
6LWH,'
'HVFULSWLRQ
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
$IRXUFKDUDFWHUDOSKDQXPHULFLGHQWLILHUIRUWKHVXUYH\SRLQW
(DFKVXUYH\SRLQWPXVWKDYHDXQLTXHVLWH,'2WKHUZLVHWKH
SURFHVVRUKDVSUREOHPVGHWHUPLQLQJZKLFKVLWHHDFKRFFXSDWLRQ
EHORQJVWRFDXVLQJLQDFFXUDWHSRVLWLRQV
5DZ'DWD)LOH1DPH
'DWD3URFHVVLQJ
7DEOH2FFXSDWLRQ3URSHUWLHV6KHHW
3DUDPHWHU
'HVFULSWLRQ
$QWHQQD3DUDPHWHUV
6ODQW
7KHGLVWDQFHIURPWKHVXUYH\PDUNHUWRWKHRXWVLGHHGJHRI
WKHDQWHQQDRUIRU/RFXVUHFHLYHUVWKHDQWHQQDULQJ
DWWDFKPHQW3URFHVVLQJXVHVWKHDQWHQQDKHLJKWWRGHWHUPLQH
WKHORFDWLRQRIWKHVXUYH\PDUNHURQWKHJURXQG/RFXV
3URFHVVRUXVHVWKHDQWHQQDVODQWKHLJKWDQGUDGLXVWRFRPSXWH
WKHWUXHYHUWLFDODQWHQQDKHLJKW<RXFDQVHWWKHVODQW
PHDVXUHPHQWIRUWKLVRFFXSDWLRQWKLVILOHRUWKLVUHFHLYHU
5DGLXV
7KHKRUL]RQWDOGLVWDQFHIURPWKHJHRPHWULFFHQWHURIWKH
DQWHQQDWRWKHRXWHUHGJH/RFXV3URFHVVRUXVHVWKHDQWHQQD
VODQWKHLJKWDQGUDGLXVWRFRPSXWHWKHDQWHQQDKHLJKW<RX
9HUW2IIVHW
,I\RXNQRZWKHWUXHYHUWLFDOKHLJKWRIWKHDQWHQQD\RXPD\
HQWHULWKHUH7KLVLVXVHIXOZKHQXVLQJDIL[HGKHLJKWSROH
:KHQFRPSXWLQJWKHWUXHYHUWLFDOEHVXUHWRDFFRXQWIRUWKH
PHWHUSKDVHFHQWHURIIVHWFUHDWHGE\/RFXVLWVHOI
2FFXSDWLRQ7LPHV
6WDUW7LPH
7KHWLPHGDWDVWDUWHGUHFRUGLQJIRUWKHRFFXSDWLRQLQHLWKHU
/RFDO7LPHRU87&7LPH7KH7LPH)UDPHLVVSHFLILHGLQWKH
0LVFHOODQHRXV7DERIWKH3URMHFW6HWWLQJVSURSHUW\VKHHW
6WRS7LPH
7KHWLPHGDWDVWRSSHGUHFRUGLQJIRUWKHRFFXSDWLRQLQHLWKHU
/RFDO7LPHRU87&7LPH7KH7LPH)UDPHLVVSHFLILHGLQWKH
0LVFHOODQHRXV7DERIWKH3URMHFW6HWWLQJVSURSHUW\VKHHW
%XWWRQV
2.
$FFHSWVSDUDPHWHUVDQGFORVHVGLDORJ
&DQFHO
'RHVQRWDFFHSWSDUDPHWHUVDQGFORVHVGLDORJ
$SSO\
1RWXVHG
+HOS
'LVSOD\VKHOSWRSLFIRUWKLVGLDORJ
<RXPD\HGLWDQ\RIWKHVHSDUDPHWHUVH[FHSWIRUWKH5DZ'DWD)LOH1DPH<RXPD\
HGLWWKHVWDUWDQGVWRSWLPHVRIDQRFFXSDWLRQ+RZHYHUWKHUHLVRQHH[FHSWLRQWRWKLV
LIWKHVWDUWRUVWRSWLPHRIWKHRFFXSDWLRQFRLQFLGHVZLWKWKHWKHEHJLQQLQJRUHQGRID
GDWDILOH\RXZLOOQRWEHDEOHWRHGLWWKDWWLPH,QVWHDG\RXVKRXOGLQVHUWDQHZ
RFFXSDWLRQVHH7ULPPLQJ2FFXSDWLRQGDWDODWHULQWKLVFKDSWHUDQGWKHQHGLWWKH
WLPHV
9LHZLQJ6LWH3URSHUWLHV
8VHUVXSSOLHGVLWHGDWDFRQVLVWVRIVLWH,'VLWHQDPHDQGLIDYDLODEOHNQRZQVLWH
FRRUGLQDWHV,IDQ\VLWHVRFFXSLHGGXULQJGDWDFROOHFWLRQKDYHNQRZQFRRUGLQDWHV
WKHVHVKRXOGEHHQWHUHGDVFRQWUROVLWHVIRUSURFHVVLQJ,WLVUHFRPPHQGHGWKDW
SURFHVVLQJEHJLQZLWKNQRZQFRRUGLQDWHVDWDPLQLPXPRIRQHVLWH7KLVLVUHIHUUHGWR
DVWKHVHHGFRRUGLQDWHVIRUSURFHVVLQJ/RFXV3URFHVVRUFDQSURFHVVUDZGDWDZLWKRXW
VHHGFRRUGLQDWHV,QVXFKDFDVH/RFXV3URFHVVRUZLOOVHOHFWRQHVLWHWRXVHDVWKH
FRQWUROIRUSURFHVVLQJ7KHFRRUGLQDWHVHVWLPDWHGIRUWKLVVLWHIURPWKHUDZGDWDZLOO
/RFXV3URFHVVRU8VHUV*XLGH
EHXVHGDVWKHVHHGFRRUGLQDWHV,QVRPHFDVHVWKLVPD\LQWURGXFHHUURULQWKH
SURFHVVHGYHFWRUVLQWKHDPRXQWRIDSSUR[LPDWHO\SSPRIYHFWRUOHQJWK,IWKLV
OHYHORIHUURULVVLJQLILFDQWWR\RXUVXUYH\DFRQWUROVLWHPXVWEHXVHGWRSURFHVVWKH
GDWD
3URFHVVLQJRINLQHPDWLFGDWDQHHGVVSHFLDODWWHQWLRQZKHQSUHSDULQJWKHGDWDIRU
SURFHVVLQJ,IWKHNLQHPDWLFVXUYH\ZDVLQLWLDOL]HGRQDNQRZQYHFWRULHWZRNQRZQ
VLWHVWKHFRRUGLQDWHVIRUWKHVLWHVRQHDFKHQGRIWKLVYHFWRUPXVWEHHQWHUHGDVFRQWURO
VLWHV,ILQLWLDOL]DWLRQZDVSHUIRUPHGXVLQJWKH.LQHPDWLF,QLWLDOL]DWLRQEDUWKHEDVH
VLWHVKRXOGEHLGHQWLILHGDVDFRQWUROVLWH,IWKLVVLWHGRHVQRWKDYHNQRZQFRRUGLQDWHV
XVHWKRVHFRPSXWHGE\/RFXV3URFHVVRU
(DFKVLWHKDVD6LWH3URSHUWLHVGLDORJZLWKWKUHHWDEVZKLFKDOORZ\RXWRYLHZDQGVHW
VLWHGDWD<RXFDQYLHZWKH6LWH3URSHUWLHVGLDORJRIHDFKVLWHE\GRXEOHFOLFNLQJRQ
VLWHRUOHIWFOLFNLQJRQDVLWHLQWKH0DS9LHZRU6LWHV7DEDQGVHOHFWLQJ3URSHUWLHV
*(1(5$/
7KH*HQHUDOWDEOLVWVWKHVLWHQDPHVLWH,'VROXWLRQW\SHDQGZKHWKHULWLVDFRQWURO
VLWHDQGKHOGIL[HG<RXFDQHGLWWKH6LWH,'RU6LWH1DPH
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
)LJXUH2FFXSDWLRQ3DUDPHWHUV'LDORJ*HQHUDO7DE
'DWD3URFHVVLQJ
7DEOHGHVFULEHVWKHFRPSRQHQWVRIWKLVGLDORJ
7DEOH6LWH3URSHUWLHV'LDORJ*HQHUDO7DE3DUDPHWHUV
3DUDPHWHU
6LWH,'
'HVFULSWLRQ
$IRXUFKDUDFWHUDOSKDQXPHULFLGHQWLILHUIRUDVXUYH\SRLQW(DFK
VXUYH\SRLQWPXVWKDYHDXQLTXHVLWH,'2WKHUZLVHWKHSURFHVVLQJZLOO
KDYHSUREOHPVGHWHUPLQLQJZKLFKSRLQWFHUWDLQREVHUYDWLRQVEHORQJWR
6LWHQDPHFKDQJHVZLOOPRGLI\DQ\DVVRFLDWHGRFFXSDWLRQVVLWHQDPH
6LWH1DPH
&KDUDFWHUDOSKDQXPHULFQDPHRUGHVFULSWLRQIRUWKH6LWH,'WRKHOS
\RXLGHQWLI\WKLVVLWH
6ROXWLRQ7\SH
5DZLQLWLDOSRLQWSRVLWLRQGHWHUPLQHGE\WKHUHFHLYHU
3URFHVVHGDWOHDVWRQHYHFWRULQFOXGLQJWKLVVLWHKDVEHHQSURFHVVHG
$GMXVWHGVLWHKDVEHHQDGMXVWHGXVLQJSURFHVVHGYHFWRUV
&RQWURO7\SH
,QGLFDWHVLIWKHVLWHLVDFRQWUROVLWHIRUWKHSURMHFW
)L[6WDWXV
,QGLFDWHVLIWKHSRVLWLRQLVIL[HGYHUWLFDOO\RUKRUL]RQWDOO\
7KLVLVDSRLQWRQWKHHGJHRI
)ODJLQGLFDWLQJWKLVVLWHLVWKH5RYHULQLWLDOL]HGVLWHRQWKH.LQHPDWLF
NLQHPDWLFLQLWLDOL]DWLRQEDU
,QLWLDOL]DWLRQEDU
326,7,21
7KH3RVLWLRQWDE)LJXUHOLVWVWKHSRVLWLRQFRRUGLQDWHVDQGSRVLWLRQXQFHUWDLQW\
IRUWKHVLWH7RYLHZWKHVLWHFRRUGLQDWHVLQDGLIIHUHQWFRRUGLQDWHV\VWHPFOLFNWKH
DUURZWRWKHULJKWRIWKH6\VWHPILHOGDQGVHOHFWDFRRUGLQDWHV\VWHPIURPWKHOLVW
SUHVHQWHG
/RFXV3URFHVVRU8VHUV*XLGH
$VGLVFXVVHGLQ&KDSWHURQO\WKHV\VWHPW\SHVHOHFWHGLQWKH&RRUGLQDWH6\VWHPWDEDQGWKHW\SHV
EHORZLWZLOOEHDYDLODEOH
)LJXUH6LWH3URSHUWLHV'LDORJ3RVLWLRQ7DE
7DEOHGHVFULEHVWKHFRPSRQHQWVRIWKLVGLDORJ
7DEOH6LWH3URSHUWLHV'LDORJ3RVLWLRQ7DE3DUDPHWHUV
3DUDPHWHU
6\VWHP
'HVFULSWLRQ
*HRGHWLF*ULG/RFDO*ULG6HOHFWLRQDYDLODEOHGHSHQGVRQWKH
V\VWHPW\SHFKRVHQLQWKH&RRUGLQDWH6\VWHP7DERISURMHFW
VHWWLQJV
/DWLWXGH(DVWLQJ
7KHODWLWXGHRUWKHHDVWLQJ[RIWKHSRLQW
/RQJLWXGH1RUWKLQJ
7KHORQJLWXGHRUWKHQRUWKLQJ\RIWKHSRLQW
(OOLSV+HLJKW
7KHHOOLSVRLGDOKHLJKWRIWKHSRLQWLIDYDLODEOH
2UWKRPHWULF+HLJKW
7KHRUWKRPHWULFKHLJKWRIWKHSRLQWLIDYDLODEOH
&RQI/HYHO
7KLVLVWKHVWDWLVLFDOO\GHULYHGFRQILGHQFHOHYHORIHDFKFRPSRQHQW
&RQYHUJHQFH
,IXVLQJDJULGV\VWHPWKLVLVWKHDQJOHEHWZHHQWKHGLUHFWLRQRI
6FDOH)DFWRU
,IXVLQJDJULGV\VWHPWKLVLVWKHIDFWRUXVHGWRFRQYHUWHOOLSVRLGDO
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
RIWKHSRVLWLRQ
JULGQRUWKDQGWKHPHULGLDQSDVVLQJWKURXJKWKHSRLQW
GLVWDQFHVWRJULGGLVWDQFHV,WYDULHVIURPSRLQWWRSRLQWRYHUWKH
SURMHFWLRQDUHD
'DWD3URFHVVLQJ
7DEOH6LWH3URSHUWLHV'LDORJ3RVLWLRQ7DE3DUDPHWHUVFRQWLQXHG
3DUDPHWHU
(OHYDWLRQ)DFWRU
'HVFULSWLRQ
(OHYDWLRQIDFWRULVDVFDOHDGMXVWPHQWDSSOLHGWRGLVWDQFH
PHDVXUHPHQWVLQRUGHUWRUHGXFHWKHGLVWDQFHVWRWKHHOOLSVRLG
VXUIDFH7KLVLVWKHILUVWVWHSWRFRQYHUWLQJPHDVXUHGGLVWDQFHVWR
JULGGLVWDQFHV$IWHUWKHPHDVXUHGGLVWDQFHLVUHGXFHGWRDQ
HOOLSVRLGDOGLVWDQFHLWLVVFDOHGDJDLQE\WKHVFDOHIDFWRUWR
SURGXFHDJULGGLVWDQFH
&21752/
7KH&RQWUROWDE)LJXUHLVXVHGWRVHWWKHVLWHDVDFRQWUROSRLQWKROGWKHVLWH
IL[HGDQGHQWHUWKHFRQWUROVLWHFRRUGLQDWHV
)LJXUH6LWH3URSHUWLHV'LDORJ&RQWURO7DE
7DEOHGHVFULEHVWKHFRPSRQHQWVRIWKLVGLDORJ
7DEOH6LWH3URSHUWLHV'LDORJ&RQWURO7DE3DUDPHWHUV
3DUDPHWHU
6\VWHP
'HVFULSWLRQ
*HRGHWLF*ULG/RFDO*ULG6HOHFWLRQDYDLODEOHGHSHQGVRQWKH
V\VWHPW\SHFKRVHQLQWKH&RRUGLQDWH6\VWHP7DERISURMHFW
VHWWLQJV
/DWLWXGH(DVWLQJ
7KHODWLWXGHRUWKHHDVWLQJ[RIWKHSRLQW
/RQJLWXGH1RUWKLQJ
7KHORQJLWXGHRUWKHQRUWKLQJ\RIWKHSRLQW
(OOLSV+HLJKW
7KHHOOLSVRLGDOKHLJKWRIWKHSRLQWLIDYDLODEOH
/RFXV3URFHVVRU8VHUV*XLGH
'HVFULSWLRQ
2UWKRPHWULF+HLJKW
7KHRUWKRPHWULFKHLJKWRIWKHSRLQWLIDYDLODEOH
&RQI/HYHO
7KLVLVWKHVWDWLVWLFDOO\GHULYHGFRQILGHQFHOHYHORIHDFK
FRPSRQHQW
&RQWURO7\SH
$OORZVHGLWLQJRIERWKWKHKRUL]RQWDODQGYHUWLFDOFRQWUROV,I
QHLWKHUER[LVFKHFNPDUNHGQRQHRIWKHILHOGVLQ&RRUGLQDWH
8QFHUWDLQW\RU)L[6WDWXVDUHDFFHVVLEOH
+RUL]RQWDO
&OLFNWKLVFKHFNER[WRVHWWKHVLWHDVDKRUL]RQWDOFRQWUROVLWH
9HUWLFDO
&OLFNWKLVFKHFNER[WRVHWWKHVLWHDVDYHUWLFDOFRQWUROVLWHWKHQ
WKHQHQWHUWKHFRQWUROFRRUGLQDWHVIRUWKHVLWH
HQWHUWKHFRQWUROFRRUGLQDWHVIRUWKHVLWH
)L[6WDWXV
&KHFNWKHVHER[HVWRLQGLFDWHWKDWWKHSRVLWLRQLVIL[HGYHUWLFDOO\
RUKRUL]RQWDOO\
8VLQJ6LWHVLQ3URFHVVLQJ
,1&/8',1*
$OOVLWHVDUHDXWRPDWLFDOO\LQFOXGHGZKHQ\RXSURFHVVWKHGDWD
5(029,1*
7RUHPRYHDVLWHIURPSURFHVVLQJ\RXPXVWGHOHWHLW7RGHOHWHDVLWHVHOHFWWKHVLWHLQ
WKH0DS9LHZZLQGRZDQGVHOHFW'HOHWHIURPWKHULJKWFOLFNPHQXWRFRPSOHWHO\
UHPRYHWKHVLWHIURPWKHSURMHFWILOH
'HOHWLQJDVLWHRQO\GHOHWHVWKHSRLQWREMHFW7KHUDZGDWDDVVRFLDWHGZLWKWKHVLWHUHPDLQVLQWKH
SURMHFWDQGWKHVLWH,'LVFKDQJHGWR""""7RUHHVWDEOLVKWKHVLWHVLPSO\HGLWWKHRFFXSDWLRQVLWH,'V
WRWKHROG,'
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
8VLQJ2FFXSDWLRQVLQ3URFHVVLQJ
,1&/8',1*
$OORFFXSDWLRQVZLWKRXWWKH6LWH,'RI""""DUHDXWRPDWLFDOO\LQFOXGHGZKHQ\RX
SURFHVVWKHGDWD
5(029,1*
<RXPD\ZDQWWRUHPRYHDQRFFXSDWLRQIURPSURFHVVLQJEHFDXVH\RXNQRZWKH
RFFXSDWLRQZDVFRQGXFWHGDWWKHZURQJVXUYH\SRLQWWKHGDWDZDVEDGRUWKHUHFHLYHU
ORVWORFNWRWKHVDWHOOLWHV/RFXVZLOOQRWSURFHVVWKHYHFWRUVDVVRFLDWHGZLWKDQ
H[FOXGHGRFFXSDWLRQ
'DWD3URFHVVLQJ
7RUHPRYHDQRFFXSDWLRQUHQDPHWKH6LWH,'WR""""5HIHUWR(GLWLQJ6LWH,'RQ
SDJH
6HWD&RQWURO6LWH
:KHQSURFHVVLQJ*36UDZGDWDFROOHFWHGVLPXOWDQHRXVO\ZLWKLQDQHWZRUN
FRRUGLQDWHVRIRQHRUPRUHSRLQWVVKRXOGEHKHOGIL[HG1RUPDOO\WKHVHDUHWKH
NQRZQFRRUGLQDWHVIRURQHRIWKHSRLQWV7KHVHFRRUGLQDWHVDUHUHIHUUHGWRDVVHHG
FRRUGLQDWHVDQGWKHVLWHLVUHIHUUHGWRDVDFRQWUROVLWH<RXVKRXOGDOZD\VFKRRVHD
VLWHZLWKNQRZQFRRUGLQDWHVDV\RXUFRQWUROVLWH,I\RXDUHQRWFRQFHUQHGDERXWWKH
FRQWUROVLWH/RFXVDXWRPDWLFDOO\FKRRVHVDVLWHDQGVHWVLWDVWKHFRQWUROVLWH
7RVHWDFRQWUROVLWH
&OLFNRQWKH&RQWURO6LWHVWDERIWKH:RUNERRNZLQGRZ
&OLFNRQWKHDUURZRQWKHULJKWVLGHRIWKH6LWH,'ER[DQGVHOHFWDFRQWURO
VLWH
(QWHUWKHNQRZQ(DVWLQJ/DWLWXGH1RUWKLQJ/RQJLWXGHDQG2UWKRPHWULF
(OOLSVRLGDO+HLJKWFRRUGLQDWHVIRUWKHFRQWUROVLWHXQOHVV\RXZLVKWRXVHWKH
UDZGDWDFRRUGLQDWHV1$9SRVLWLRQ
7KHUHPD\QRWEHDQ\FRQWUROVLWHVOLVWHG\HWLQWKLVWDE
/RFXVDXWRPDWLFDOO\VHWVWKHVLWHDVDYHUWLFDODQGKRUL]RQWDOIL[HGFRQWURO
VLWH
,I\RXZLVKWKHSRLQWWREHKHOGIL[HGLQHLWKHUWKHYHUWLFDORUKRUL]RQWDO
GLUHFWLRQEXWQRWERWKFOLFNWKHDUURZLQWKH)L[HGILHOGDQGVHOHFWWKHW\SH
RIIL[IRUWKHSRLQW
8QOHVVNQRZQVHWWKH6WG(UURIHDFKYDOXHWR]HUR
2QFHDFRQWUROVLWHLVVHWIRUSURFHVVLQJWKHV\PEROIRUWKDWVLWHLQWKH0DS
9LHZZLQGRZEHFRPHVDFLUFOHZLWKLQDWULDQJOHLQVLGHLW
(GLWLQJ6LWH,'
7KHUHPD\EHWLPHVZKHQ\RXZDQWWRFKDQJHWKH6LWH,'VXFKDVZKHQ\RXZDQWWR
UHPRYHRFFXSDWLRQVIURPEHLQJSURFHVVHGUHQDPHD6LWH,'IURP""""RUPRGLI\DQ
LQFRUUHFW6LWH,'
/RFXV3URFHVVRU8VHUV*XLGH
<RXFDQHGLWDVLWH,'LQDQXPEHURIGLIIHUHQWZD\V
&OLFNRQWKH6LWHVWDELQWKH:RUNERRNZLQGRZDQGGRXEOHFOLFNRUULJKW
FOLFNRQWKH6LWH,'DQGPRGLI\WKHQDPH
'RXEOHFOLFNRUULJKWFOLFNRQWKHRFFXSDWLRQEDURIDVLWHLQWKH7LPH
9LHZZLQGRZWRRSHQWKH2FFXSDWLRQ3DUDPHWHUVGLDORJDQGGRXEOHFOLFN
RUULJKWFOLFNRQWKH6LWH,'DQGPRGLI\WKHQDPH
'RXEOHFOLFNRUULJKWFOLFNRQWKHVLWHZLWKLQWKH0DS9LHZZLQGRZWR
RSHQWKH6LWH3URSHUWLHVZLQGRZDQGGRXEOHFOLFNRUULJKWFOLFNRQWKH
6LWH,'DQGPRGLI\WKHQDPH
&KDQJLQJWKH6LWH,'LQWKH6LWH3URSHUWLHVVKHHWKDVDVOLJKWO\GLIIHUHQWHIIHFWWKDQ
FKDQJLQJLWLQWKH2FFXSDWLRQ3URSHUWLHVVKHHW,QWKH6LWH3URSHUWLHVVKHHWD
FKDQJHLQWKH6LWH,'ZLOOFKDQJHDOORFFXSDWLRQVFRQWDLQLQJWKLVVLWH,'WRWKHQHZ
YDOXH,QWKH2FFXSDWLRQ3URSHUWLHVVKHHWDFKDQJHRIWKHVLWH,'RQO\DIIHFWVWKDW
SDUWLFXODURFFXSDWLRQ
.LQHPDWLF,QLWLDOL]DWLRQ6LWH
:KHQDNLQHPDWLFVXUYH\LVLQLWLDOL]HGXVLQJWKH.LQHPDWLF,QLWLDOL]DWLRQEDU/RFXV
3URFHVVRUPXVWEHPDGHDZDUHRIZKLFKVLWHLVWKHURYHULQLWLDOL]DWLRQVLWHRQWKHHQG
RIWKHEDU.LQHPDWLFGDWDFROOHFWLRQFDQRQO\EHSHUIRUPHGXVLQJD/RFXV+DQGKHOG
'XULQJFROOHFWLRQWKHKDQGKHOGZLOOLGHQWLI\WKHURYHULQLWLDOL]DWLRQVLWH7KLVZLOO
UHVXOWLQWKHVLWHEHLQJLGHQWLILHGDXWRPDWLFDOO\LQ/RFXV3URFHVVRULHWKLVIODJZLOO
EHVHW,IWKHURYHULQLWLDOL]DWLRQVLWH,'LVFKDQJHGWKHQHZVLWH,'ZLOOQHHGWREH
LGHQWLILHGDVWKHURYHULQLWLDOL]DWLRQVLWHE\VHWWLQJWKLVIODJ
(GLWLQJ$QWHQQD3DUDPHWHUV
,QYDOLGDQWHQQDSDUDPHWHUVDUHDPDMRUFDXVHRIEOXQGHUVGXULQJSURFHVVLQJLQFOXGLQJ
EXWQRWOLPLWHGWRWUDQVSRVLQJQXPEHUVZKHQZULWLQJGRZQWKH+,UHDGLQJWKH+,
LQFRUUHFWO\RURFFXS\LQJWKHZURQJSRLQW
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
7RYHULI\WKHDQWHQQDSDUDPHWHUV
'DWD3URFHVVLQJ
'RXEOHFOLFNRQWKHRFFXSDWLRQEDULQWKH7LPH9LHZZLQGRZWRRSHQWKH
2FFXSDWLRQ3DUDPHWHUVGLDORJ
,IWKH$QWHQQD3DUDPHWHUVDUHPLVVLQJRULQFRUUHFWHQWHUWKHFRUUHFWDQWHQQD
SDUDPHWHUVDQGLQGLFDWHLIWKHYDOXHVKRXOGEHXVHGRQO\IRUWKHVHOHFWHG
RFFXSDWLRQDOORFFXSDWLRQVIRUWKHILOHRUDOORFFXSDWLRQVIRUWKHUHFHLYHU
<RXPD\DOVRHGLWDQWHQQDSDUDPHWHUVE\FOLFNLQJRQWKH2FFXSDWLRQWDERIWKH:RUNERRNZLQGRZ
7ULPPLQJ2FFXSDWLRQ'DWD
7RFKDQJHDVWDUWWLPHRUVWRSWLPHRIDQRFFXSDWLRQWKDWFRLQFLGHVZLWKWKHVWDUWRU
VWRSWLPHRIDGDWDILOHWKH7ULP'DWDIHDWXUHPXVWEHXVHG7ULP'DWDDOORZV\RXWR
LQVHUWDQRFFXSDWLRQDWWKHVWDUWRUHQGRIWKHGDWDILOH7KLVRFFXSDWLRQZLOOILOOWKH
VSDFHOHIWRSHQE\WKHHGLWLQJRIWKHVWDUWRUVWRSWLPHRIWKHRFFXSDWLRQWKDWSUHYLRXV
RFFXSLHGWKLVWLPHSHULRG/HWVORRNDWDQH[DPSOH$VVXPH\RXKDYHDQRFFXSDWLRQ
DWWKHHQGRIDGDWDILOHZKLFKHQGVDW)RUVRPHUHDVRQ\RXZDQWWRVWRSWKLV
RFFXSDWLRQDW6LQFHWKLVRFFXSDWLRQFRQWLQXHVWRWKHHQGRIWKHGDWDILOH\RX
ZLOOQRWEHDEOHWRHGLWWKHHQGWLPHXQOHVV\RXLQVHUWDILOOHURFFXSDWLRQLQLWVSODFH
8VLQJWKH7ULP'DWDIHDWXUHDQRFFXSDWLRQFDQEHLQVHUWHGDWWKHHQGRIWKHILOHWKDW
EHJLQVDWDQGHQGVDW7KLVRFFXSDWLRQZRXOGPRVWOLNHO\EHJLYHQ
DVLWH,'RI""""VLWHV
%()25(
7ULP%HIRUHUHQDPHVWKHILUVWSDUWRIDQRFFXSDWLRQ
5LJKWFOLFNDQRFFXSDWLRQLQWKH7LPH9LHZZLQGRZDQGVHOHFW7ULP
%HIRUH
7KH2FFXSDWLRQ3URSHUWLHVGLDORJRSHQVZLWK""""IRUWKH6LWH,'ZLWKQR
YDOXHVIRUWKH6ODQW5DGLXVDQG9HUW2IIVHWSDUDPHWHUV)LJXUH7KH
/RFXV3URFHVVRU8VHUV*XLGH
2FFXSDWLRQ7LPHZLOOEHWKHVWDUWWLPHRIWKHRFFXSDWLRQ\RXKDGVHOHFWHG
7KHUDZGDWDILOHQDPHLVVWLOOWKHVDPH
)LJXUH2FFXSDWLRQ7ULP%HIRUH
1RWLFHWKDWWKHVWDUWWLPHIRUWKH2FFXSDWLRQ'DWHDQG7LPHLVJUD\HGRXW
7KLVPHDQV\RXDUHLQVHUWLQJDQRFFXSDWLRQDWWKHVWDUWRIDGDWDILOHDQG
WKHUHIRUHFDQQRWFKDQJHWKHWLPHWREHIRUHWKHILOHVWDUWHG
(QWHUDGLIIHUHQWHQGWLPHIRUWKHRFFXSDWLRQLQWKLVFDVHZHFKRRVH
DQGFOLFN2NWRVDYHFKDQJHV
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
'DWD3URFHVVLQJ
7KH7LPH9LHZZLQGRZQRZGLVSOD\VWKHRFFXSDWLRQWKDWZDVIRUPHUO\6LWH
,'ZLWK""""DQGUHSODFHGWKHFRORU
)LJXUH0DS9LHZZLWK6LWH""""XSGDWHG
/RFXV3URFHVVRU8VHUV*XLGH
%\GRXEOHFOLFNLQJRQWKH""""EDU/RFXVGLVSOD\VWKH2FFXSDWLRQ
3URSHUWLHVGLDORJZLWKWKHXSGDWHGGDWD
)LJXUH2FFXSDWLRQ
1RWLFHWKH2FFXSDWLRQ6WDUW7LPHDQG(QG7LPHFRUUHVSRQGWRZKHQWKH
RFFXSDWLRQEHJDQDQGWKHWLPH\RXHQWHUHGLWWRHQGUHVSHFWLYHO\:LWKWKH
6LWH,'DV""""/RFXVZLOOQRWXVHWKH2FFXSDWLRQGXULQJSURFHVVLQJ
7RFKDQJHWKH6LWH,'EDFNWRFOLFNWKHGRZQEXWWRQLQWKH6LWH,'
VHOHFWLRQER[DQGVHOHFW2QFH\RXFOLFN2./RFXVZLOOXSGDWHWKH
7LPH9LHZZLQGRZ
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
$ )7(5
5LJKWFOLFNDQRFFXSDWLRQLQWKH7LPH9LHZZLQGRZDQGVHOHFW7ULP$IWHU
7KH2FFXSDWLRQ3URSHUWLHVGLDORJRSHQVZLWK""""DVWKH6LWH,'7KHUHZLOO
EHQRYDOXHVIRUWKH6ODQW5DGLXVDQG9HUW2IIVHWSDUDPHWHUV7KH
'DWD3URFHVVLQJ
2FFXSDWLRQ7LPHZLOOEHWKHHQGWLPHRIWKHRFFXSDWLRQ\RXKDGVHOHFWHG
7KHUDZGDWDILOHQDPHLVVWLOOWKHVDPH
)LJXUH2FFXSDWLRQ7ULP$IWHU
(QWHUDGLIIHUHQWVWDUWWLPHIRUWKHRFFXSDWLRQLQWKLVFDVHZHFKRRVH
DQGFOLFN2NWRVDYHFKDQJHV
7KH7LPH9LHZZLQGRZQRZGLVSOD\VWKHRFFXSDWLRQWKDWZDVIRUPHUO\6LWH
,'ZLWK""""DQGUHSODFHGWKHFRORU
)LJXUH0DS9LHZZLWK6LWH""""XSGDWHG
/RFXV3URFHVVRU8VHUV*XLGH
%\GRXEOHFOLFNLQJRQWKH""""EDU/RFXVXSGDWHVWKH2FFXSDWLRQ
3URSHUWLHVGLDORJ
)LJXUH2FFXSDWLRQ
1RWLFHWKH2FFXSDWLRQ6WDUW7LPHDQG(QG7LPHFRUUHVSRQGWRWKHWLPHV\RX
HQWHUHGIRULWWREHJLQDQGWRHQG:LWKWKH6LWH,'DV""""/RFXVZLOOQRW
XVHWKH2FFXSDWLRQGXULQJSURFHVVLQJ
7RFKDQJHWKH6LWH,'EDFNWRFOLFNWKHGRZQEXWWRQLQWKH6LWH,'
VHOHFWLRQER[DQGVHOHFW2QFH\RXFOLFN2./RFXVZLOOXSGDWHWKH
7LPH9LHZZLQGRZ
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
3URFHVVLQJ'DWD
3URFHVVLQJGDWDLVVLPSOH2QFH\RXVHOHFWHLWKHU3URFHVV$OORU3URFHVV
8QSURFHVVHGWKHSURJUDPEHJLQVSURFHVVLQJDQGFRQWLQXHVXQWLOLWLVGRQHDOOWKH
ZKLOHXSGDWLQJWKH7LPH9LHZ0DS9LHZDQG:RUNERRNZLQGRZVZLWKSURFHVVHG
GDWDLQIRUPDWLRQ3URFHVVLQJLQYROYHVWKHIROORZLQJVWHSV
3ULRUWREHJLQQLQJWKHDFWXDOSURFHVVLQJ/RFXVFKHFNVWRVHHLI\RXVHOHFWHG
DVHHGVLWH,I\RXKDYHQRW/RFXVGLVSOD\VDPHVVDJHVLPLODUWRWKHRQH
EHORZ
:$51,1*6HHGVLWHPLVVLQJ1RIL[HGVLWHVHOHFWHGWRVHHGSURFHVVLQJ6LWH
KDVEHHQFKRVHQE\GHIDXOW&RQWLQXH"
'DWD3URFHVVLQJ
,I\RXZLVKWRVHOHFW\RXURZQVHHGVLWHFOLFN1RDQGJRWRVWHS
,IWKHVSHFLILHGVLWHLVDFFHSWDEOHFOLFN<HVDQG/RFXVZLOOSURFHVVWKHGDWD
XVLQJWKHVSHFLILHGVHHGVLWH
&OLFNRQWKH&RQWURO6LWHVWDELQWKH:RUNERRNZLQGRZ
&OLFNRQWKH6LWH,'ILHOGWRVHOHFWDVLWHDVDVHHGVLWH
6HOHFW3URFHVV$OORU3URFHVV8QSURFHVVHGIURPWKH5XQGURSGRZQPHQX
/RFXVEHJLQVWRSURFHVVWKHUDZ*36GDWD
3URFHVV$OO
7RSURFHVVDOOGDWDZLWKLQWKHSURMHFWVHOHFW3URFHVVLQJ$OOIURPWKH5XQGURSGRZQ
PHQX
,IDQ\YHFWRUVDOUHDG\H[LVWWKHXVHULVZDUQHGWKDWWKH\ZLOOEHRYHUZULWWHQ)URPWKHZDUQLQJWKH
XVHUFDQFDQFHOWKHRSHUDWLRQRUSURFHHG
3URFHVV8QSURFHVVHG
7RSURFHVVRQO\GDWDWKDWKDYHQRWEHHQSUHYLRXVO\SURFHVVHGRUKDYHFKDQJHGVHOHFW
8QSURFHVVHGIURPWKH5XQGURSGRZQPHQXRUFOLFNRQ3URFHVV1HZEXWWRQ
3RVWSURFHVV'DWD$QDO\VLV
7KHSULPDU\SURGXFWRISURFHVVLQJ*36UDZGDWDEHWZHHQWZRVLWHVLVDYHFWRU
GHILQLQJWKHUHODWLRQVKLSEHWZHHQWKHVHVLWHV$E\SURGXFWRIWKHSURFHVVHGYHFWRU
DUHVLWHFRRUGLQDWHV:KHQSURFHVVLQJDYHFWRUWKHFRRUGLQDWHVRIRQHVLWHDUHDOZD\V
KHOGIL[HG)URPWKHSURFHVVHGYHFWRUFRRUGLQDWHVDUHGHWHUPLQHGIRUWKHXQNQRZQ
VLWH3ULRUWRDGMXVWPHQWWKHVLWHFRRUGLQDWHVDUHGHULYHGH[FOXVLYHO\IURPWKH
SURFHVVHGYHFWRUVWRWKLVVLWH)RUVLWHVZLWKPXOWLSOHYHFWRUVWRWKHPWKHSUHVHQWHG
FRRUGLQDWHVZLOOEHGHULYHGIURPWKHODVWYHFWRUSURFHVVHG$GMXVWPHQWRIWKHGDWD
ZLOOUHVXOWLQPRUHDFFXUDWHDQGUHOLDEOHVLWHFRRUGLQDWHV
/RFXV3URFHVVRUVXSSOLHV\RXZLWKLQGLFDWRUVWRKHOSGHWHUPLQHWKHTXDOLW\RI
SURFHVVHGYHFWRUVDQGFRPSXWHGVLWHFRRUGLQDWHV7KHTXDOLW\LQGLFDWRUVIRUSURFHVVHG
YHFWRUVLQFOXGHVDSURFHVV4$IODJDQGYHFWRUXQFHUWDLQWLHV4XDOLW\LQGLFDWRUVIRU
FRPSXWHGVLWHFRRUGLQDWHVDUHVLWHSRVLWLRQXQFHUWDLQWLHVDQGDSRVLWLRQVWDWXVIODJ
7KHYHFWRUXQFHUWDLQWLHVVXSSO\\RXZLWKDQHVWLPDWHRIWKHTXDOLW\RIWKHSURFHVVHG
YHFWRU([SHULHQFHZLOOKHOS\RXWRGHWHUPLQHZKDWOHYHORIXQFHUWDLQWLHVFDQEH
H[SHFWHGIRUYDU\LQJYHFWRUOHQJWKV,QJHQHUDOWKHXQFHUWDLQWLHVVKRXOGEHVLPLODUWR
WKHPHDVXUHPHQWDFFXUDF\VSHFLILFDWLRQVRIWKH/RFXV6\VWHP$OVRYHFWRUVRI
VLPLODUOHQJWKVVKRXOGKDYHVLPLODUXQFHUWDLQW\YDOXHV
/RFXV3URFHVVRU8VHUV*XLGH
7KHSURFHVV4$IODJH[DPLQHVWKHPDJQLWXGHRIWKHYHFWRUXQFHUWDLQWLHVWRGHWHUPLQH
WKHTXDOLW\RIWKHSURFHVVHGYHFWRU7KHPDJQLWXGHRIWKHYHFWRUXQFHUWDLQWLHVLV
FRPSDUHGWRDWKUHVKROGYDOXH,IWKHXQFHUWDLQWLHVDUHJUHDWHUWKDQWKHWKUHVKROGWKH
SURFHVV4$WHVWIDLOVDQGWKHYHFWRULVIODJJHG7KHWKUHVKROGYDOXHKDVEHHQVHOHFWHG
EDVHGRQWKHH[SHFWHGDFFXUDF\IRUYHFWRUVFROOHFWHGDQGSURFHVVHGLQWKH/RFXV
6\VWHP,WLVLPSRUWDQWWRUHPHPEHUWKDWDIODJJHGYHFWRUGRHVQRWLQGLFDWH
FRQFOXVLYHO\WKDWWKHYHFWRULVEDG7KH4$WHVWLVGHVLJQHGWRVLPSO\ZDUQRI
SRWHQWLDOSUREOHPVZLWKDYHFWRU,IDQDGMXVWPHQWLVWREHSHUIRUPHGLQFOXGHIODJJHG
YHFWRUV7KHDQDO\VLVWRROVLQWKHDGMXVWPHQWZLOOJLYHPRUHDPPXQLWLRQWRGHWHUPLQH
LIWKHYHFWRULVLQGHHGSUREOHPDWLF,IVRLWFDQEHHOLPLQDWHG
7KHVLWHXQFHUWDLQWLHVVXSSO\\RXZLWKDQHVWLPDWHRIWKHTXDOLW\RIWKHFRPSXWHGVLWH
SRVLWLRQ7KHVHXQFHUWDLQWLHVDUHGHULYHGGLUHFWO\IURPWKHYHFWRUXQFHUWDLQWLHVIRUWKLV
VLWH,IPXOWLSOHYHFWRUVH[LVWIRUWKLVVLWHWKHVLWHZLOODGRSWWKHXQFHUWDLQWLHVIURPWKH
ODVWYHFWRUSURFHVVHG3HUIRUPLQJDQDGMXVWPHQWRQWKHGDWDZLOOLPSURYHWKHVLWH
FRRUGLQDWHVDQGXQFHUWDLQWLHV
7KHSRVLWLRQVWDWXVIODJVLPSO\JLYHVDQLQGLFDWLRQRIKRZWKHFRRUGLQDWHVIRUWKHVLWH
KDYHEHHQGHULYHG)ODJVHWWLQJVDUH5DZ3URFHVVHGDQG$GMXVWHG(DFKUHSUHVHQWD
GLIIHUHQWOHYHORIUHOLDELOLW\DQGDFFXUDF\ZLWK5DZEHLQJWKHOHDVWUHOLDEOHDQG
DFFXUDWHDQG$GMXVWHGEHLQJWKHPRVW
7KHTXDOLW\LQGLFDWRUVGLVFXVVHGDERYHDUHSUHVHQWHGLQGLIIHUHQWZD\VZLWKLQ/RFXV
3URFHVVRUGHSHQGLQJRQZKLFKYLHZLVEHLQJXVHGIRUDQDO\VLV7KHUHPDLQGHURIWKLV
VHFWLRQSUHVHQWVKRZWRDQDO\]HWKHVHLQGLFDWRUVLQJUDSKLFDODQGWDEXODUIRUP
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
'DWD3URFHVVLQJ
*UDSKLFDO5HYLHZ
2QFH/RFXVKDVSURFHVVHGWKHUDZ*36GDWDWKH0DS9LHZZLQGRZFKDQJHVIURP
1RUPDOWR3URFHVV)LJXUHVKRZVWKHFRPSRQHQWVRIWKLVZLQGRZ
)LJXUH0DS9LHZ3URFHVV
)LJXUHLVDVRPHZKDWGLIIHUHQWYLHZRIWKHVDPHGDWDEXWXQSURFHVVHG
)LJXUH0DS9LHZ8QSURFHVVHG'DWD
/RFXV3URFHVVRU8VHUV*XLGH
,Q)LJXUHWKHVLWHVIURPWKHUDZGDWDKDYHEHHQSURFHVVHGDQGYDULRXVYLVXDO
LQIRUPDWLRQLVGLVSOD\HG
+RUL]RQWDO&RQWURODWULDQJOHLVSODFHGRYHUHDFKVLWHZKLFKKDV
KRUL]RQWDOFRQWURO
9HUWLFDO&RQWURODFLUFOHLVSODFHGRYHUHDFKYHFWRUZKLFKKDVYHUWLFDO
FRQWURO
+RUL]RQWDODQG9HUWLFDO&RQWUROWKH$6+VLWHKDVDWULDQJOHDQGDFLUFOH
LQGLFDWLQJLWKDVKRUL]RQWDODQGYHUWLFDOFRQWURO
1HZ6LWHVQHZVLWHVDUHUHSUHVHQWHGE\EOXHVTXDUHV
(UURU5HJLRQVJUDSKLFDOUHSUHVHQWDWLRQRIWKHKRUL]RQWDOXQFHUWDLQWLHVRI
WKHYHFWRUV
9HUWLFDO(UURU%DUJUDSKLFDOUHSUHVHQWDWLRQRIWKHYHUWLFDOXQFHUWDLQWLHV
RIWKHYHFWRUV
9HFWRUVDVROLGOLQHLVGUDZQUHSUHVHQWLQJHDFKYHFWRUSURFHVVHG,IWKH
YHFWRUSDVVHVWKH4$WHVWWKHOLQHZLOOEHJUHHQ,IWKHYHFWRUIDLOVWKHWHVW
WKHYHFWRUZLOOEHUHG
,I/RFXVHQFRXQWHUHGHUURUVGXULQJSURFHVVLQJWKH0DS9LHZZLQGRZZRXOGGLVSOD\
WKHVHHUURUV
:RUNERRN5HYLHZ
7RUHYLHZWKHGDWDLQWKH:RUNERRNZLQGRZ
9HFWRUV
&OLFNWKH9HFWRUVWDELQWKH:RUNERRNZLQGRZ
)RUHDFKYHFWRUYLHZWKH4$FROXPQ
,IHDFKSURFHVVHGYHFWRUSDVVHVWKHSUHVHW4$WKUHVKROGWKHILHOGLVEODQN
,IDSURFHVVHGYHFWRUGRHVQRWSDVVWKH4$WKUHVKROGWKHILHOGKDVWKHZRUG
)DLOHG
'
D
W
D
3
U
R
F
H
V
V
L
Q
J
'HOWD(18DUHDOZD\VORFDOWRSRFHQWULFYDOXHVHYHQZKHQDJULGRUORFDOJULGV\VWHPLVFXUUHQW
6LWHV
'DWD3URFHVVLQJ
&OLFNWKH6LWHVWDELQWKH:RUNERRNZLQGRZ
)RUHDFKVLWHYLHZWKH6WDWXVFROXPQ
,I/RFXVZDVDEOHWRSURFHVVDQ\YHFWRUVWRDVLWHWKHILHOGKDVWKHZRUG
3URFHVVHG
,I/RFXVZDVQRWDEOHWRSURFHVVDQ\YHFWRUVWRDVLWHWKHILHOGFRQWDLQVWKH
ZRUG5DZ
0HVVDJH:LQGRZ
,ISURFHVVLQJZDVFRQGXFWHGVXFFHVVIXOO\WKHIROORZLQJPHVVDJHVDUH
GLVSOD\HG
3URFHVVLQJVWDUWHG
3URFHVVLQJ6XPPDU\
1XPEHURIYHFWRUSURFHVVHGRI
$QWLFLSDWHWKDWWKHQXPEHURIYHFWRUVSURFHVVHGLVHTXDOWRWKHQXPEHU\RX
H[SHFWHGWRSURFHVV,QWKHDERYHH[DPSOHLIRQO\RIYHFWRUVSURFHVVHG
\RXNQRZWKDWDSUREOHPH[LVWV
7KHSURFHVVLQJHQJLQHKDVGRQHWKHEHVWSRVVLEOHMRERILQWHUSUHWLQJWKHGDWDEXWSUREOHPVVWLOOH[LVW
7U\DGMXVWLQJWKHGDWDDQGLIWKHUHLVVWLOODSUREOHPLWPD\EHQHFHVVDU\WRUHREVHUYHWKHYHFWRU
&RQFOXVLRQ
2QFH\RXKDYHSHUIRUPHG
SUHSURFHVVDQDO\VLV
SURFHVVLQJ
SRVWSURFHVVDQDO\VLV
DQGDUHVDWLVILHGWKHSURFHVVHGGDWDKDYHQRREVHUYDEOHHUURUV\RXFDQDGMXVWWKHGDWD
/RFXV3URFHVVRU8VHUV*XLGH
$GMXVWPHQW
,QWURGXFWLRQ
$GMXVWLQJ\RXUVXUYH\REVHUYDWLRQVLVRQHRIWKHPRVWLPSRUWDQWWDVNVWRHQVXUHDFFXUDWH
UHOLDEOHUHVXOWV$QHWZRUNDGMXVWPHQWLVSHUIRUPHGWRDFFRPSOLVKWZRUHVXOWVWRWHVWIRU
EOXQGHUVDQGHUURUVLQWKHREVHUYDWLRQVYHFWRUVEHWZHHQSRLQWVLQRXUFDVHDQGWR
FRPSXWHILQDOFRRUGLQDWHVIRU\RXUVXUYH\SRLQWVZKLFKDUHFRQVLVWHQWZLWKWKHH[LVWLQJ
FRQWUROSRLQWVWKDW\RXXVHG
$GMXVWPHQWWDNHVSODFHDIWHU\RXKDYHSURFHVVHGWKHUDZGDWDDQGDUHVDWLVILHGWKDWWKHUH
DUHQRXQDFFRXQWDEOHHUURUVLQWKHSURFHVVHGUHVXOWV7KHUHDUHW\SLFDOO\WZRVWDJHVLQWKH
DGMXVWPHQW7KHILUVWWKHPLQLPDOO\FRQVWUDLQHGDGMXVWPHQWLVXVHGWRGHWHFWSUREOHPVLQ
WKHREVHUYDWLRQVDQGFRQWUROFRRUGLQDWHV<RXPD\KDYHWRLWHUDWHWKURXJKWKLVVWDJH
VHYHUDOWLPHVXVLQJDQXPEHURIGLIIHUHQWWRROVWRFKHFNIRUEOXQGHUV2QFH\RXDUH
FRQILGHQWWKDWQREOXQGHUVUHPDLQ\RXFDQSURFHHGWRWKHVHFRQGVWDJHWKHFRQVWUDLQHG
DGMXVWPHQW7KLVLVZKHUH\RXKROGIL[HGDOOWKHFRQWUROSRLQWVDQGUHDGMXVWWRREWDLQILQDO
VLWHSRVLWLRQVDQGDFFXUDFLHV7KHILQDOVLWHSDLUUHODWLYHDFFXUDFLHVDUHFRPSDUHGZLWKWKH
DFFXUDF\VSHFLILFDWLRQLQWKH0LVFHOODQHRXVWDERIWKH3URMHFW6HWWLQJVGLDORJ
7KLVFKDSWHUWDNHVDVWHSE\VWHSDSSURDFKWKURXJKWKHDGMXVWPHQWSURFHGXUHDQG
KLJKOLJKWVZKDWWRROV\RXVKRXOGXVHDQGZKHQWRXVHWKHP6LQFHLWLVWDVNRULHQWHGLW
GRHVQRWGHDOZLWKWKHWKHRU\RIDGMXVWPHQWVLQDQ\GHSWK,QVWHDGWKHUHDGHULV
HQFRXUDJHGWRUHDGWKHDSSHQGL[RQ3RVW$GMXVWPHQW$QDO\VLV<RXZLOOILQGLWKHOSIXOWR
UHYLHZWKLVDSSHQGL[EHIRUHDFWXDOO\SHUIRUPLQJDQDGMXVWPHQW
7DVNV
0LQLPDOO\&RQVWUDLQHG$GMXVWPHQW
7KHILUVWVWDJHRIDGMXVWLQJ\RXUGDWDVHWLVWRSHUIRUPDPLQLPDOO\FRQVWUDLQHGDGMXVWPHQW
WKHILQDOSURGXFWRIWKLVVWDJHZLOOEHDEOXQGHUIUHHDGMXVWPHQW
:LWKDQRSHQSURMHFWFRQWDLQLQJDSURFHVVHGGDWDVHWFOLFNRQWKH$GMXVWPHQW
$QDO\VLVWDE
1RWLFHDOOWKHILHOGVDUHEODQN1RGDWDLVDYDLODEOHXQWLO\RXSHUIRUPDQ
DGMXVWPHQWRQWKHGDWDVHW
<RXPD\FKRRVHWRKROGRQHVLWHIL[HGDWWKLVSRLQW+RZHYHULI\RXGRQRWWKHVRIWZDUHZLOODXWRPDWLFDOO\
XVHWKHVLWHZLWKWKHORZHVWXQFHUWDLQW\,WLVLPSRUWDQWWKDW\RXGRQRWKROGPRUHWKDQRQHVLWHIL[HG
$GMXVWPHQW
$G
MX
VWP
HQ
W
3UHVV)WRSHUIRUPDQDGMXVWPHQWRUFOLFNWKHDGMXVWPHQWEXWWRQRQWKH
WRROEDU
<RXZLOOVHHDSURJUHVVGLDORJDVWKHDGMXVWPHQWSURJUHVVHV\RXPD\FDQFHO
WKHDGMXVWPHQWDWDQ\WLPH5HOHYDQWPHVVDJHVDUHGLVSOD\HGLQWKHPHVVDJH
ZLQGRZRIWKH:RUNERRN
2QFH/RFXV3URFHVVRUKDVSHUIRUPHGDQDGMXVWPHQWWRWKHGDWDVHWGDWDLV
GLVSOD\HGLQWKH$GMXVWPHQW$QDO\VLVWDEDQGWKH1HWZRUN5HO$FFXUDF\
WDE
7DEOHUHSUHVHQWVWKH$GMXVWPHQW$QDO\VLVWDE
7DEOH$GMXVWPHQW$QDO\VLV7DE'HVFULSWLRQ
&RPSRQHQW
)URP7R
'HVFULSWLRQ
9HFWRULGHQWLILHU)RUPDWLV[[[[\\\\ZKHUH[[[[DQG\\\\DUH6LWH
,'V
2EVHUYHG
7KHPRQWKGD\DQGWLPHIRUWKHYHFWRU
7DX7HVW
'LVSOD\V)$,/LIDQ\UHVLGXDOFRPSRQHQWRIWKHYHFWRUGRHVQRWSDVVWKH
3RVW$GMXVWPHQW$QDO\VLVRWKHU
7DXWHVWUHIHUWR$SSHQGL[&
ZLVHEODQN
'HOWD;'HOWD(DVWLQJ
7KHYHFWRUFRPSRQHQWLQWKH[RUHDVWLQJGLUHFWLRQ
5HV;
7KHUHVLGXDORIWKHDGMXVWHGYHFWRUFRPSRQHQW
'HOWD<'HOWD1RUWKLQJ
7KHYHFWRUFRPSRQHQWLQWKH\RUQRUWKLQJGLUHFWLRQ
5HV<
7KHUHVLGXDORIWKHDGMXVWHGYHFWRUFRPSRQHQW
'HOWD='HOWD(OHYDWLRQ
7KHYHFWRUFRPSRQHQWLQWKH]RUYHUWLFDOGLUHFWLRQ
5HV=
7KHUHVLGXDORIWKHDGMXVWHGYHFWRUFRPSRQHQW
/HQJWK
7KH'VSDWLDOGLVWDQFHRIWKHYHFWRULQWKHOLQHDUXQLWV\VWHPVHOHFWHGLQ
WKH3URMHFW6HWXS
5DGLDO5HV
7KHUDGLDOUHVLGXDORIWKHDGMXVWHGYHFWRU
7KHILUVWWHVW/RFXV3URFHVVRUSHUIRUPVLVWKH1HWZRUN&RQQHFWLYLW\WHVW
7KLVWHVWHQVXUHVWKDWWKHQHWZRUNGRHVQRWFRQWDLQDQ\VXEQHWZRUNVWKDWDUH
QRWFRQQHFWHG5HIHUWR$SSHQGL[&3RVW$GMXVWPHQW$QDO\VLVIRUPRUH
LQIRUPDWLRQ<RXZLOOVHHWH[WVLPLODUWRWKHIROORZLQJLQWKHPHVVDJH
ZLQGRZ
1HWZRUNFRQQHFWLYLW\WHVWSDVVHG
1XPEHURIVWDWLRQV
1XPEHURIYHFWRUV
/RFXV3URFHVVRU8VHUV*XLGH
,IWKLVWHVWIDLOVWKHUHDUHDFWXDOO\WZRRUPRUHXQFRQQHFWHGQHWZRUNVLQWKH
SURMHFW<RXPXVWHLWKHUREVHUYHPRUHYHFWRUVWRFRQQHFWWKHQHWZRUNV
H[FOXGHWKHYHFWRUVIRUDOOEXWRQHRIWKHQHWZRUNVRUFUHDWHDQHZSURMHFW
IRUHDFKQHWZRUN
/RFXV3URFHVVRUWKHQSHUIRUPVD&KLVTXDUHWHVW
)RUPRUHLQIRUPDWLRQDERXWWKH&KLVTXDUHWHVWUHIHUWR$SSHQGL[&3RVW
$GMXVWPHQW$QDO\VLV<RXZLOOVHHWKHIROORZLQJWH[WLQWKHPHVVDJH
ZLQGRZ
&KLVTXDUHWHVWSDVVHG
/RZHUOLPLW
8SSHUOLPLW
&KLVTXDUH
$FWXDOPHDVXUHPHQWVPD\GLIIHULQWKHDGMXVWPHQWRI\RXUGDWDILOHV
,IWKHFKLVTXDUHWHVWIDLOV\RXVKRXOGFKHFNWKHYDOXHIRUWKHYDULDQFHRIXQLW
ZHLJKWZKLFKDSSHDUVLQWKH0HVVDJH:LQGRZDIWHUWKHFKLVTXDUHWHVW,I
WKHYDOXHLVPXFKOHVVWKDQRQH\RXPLJKWQHHGWRUHVFDOHWKHYHFWRU
XQFHUWDLQWLHVE\LQFUHDVLQJWKH3URFHVVHGYHFWRUHUURUVFDOLQJIDFWRULQWKH
0LVFHOODQHRXVWDERIWKH3URMHFW6HWWLQJGLDORJ,ILWLVPXFKJUHDWHUWKDQ
RQHFKHFNLIVRPHRIWKHUHVLGXDOVDUHODUJHUWKDQWKHRWKHUVDQGDUHIODJJHG
DVIDLOLQJWKHWDXWHVW,IVRLWLVSRVVLEOH\RXUGDWDFRQWDLQVEOXQGHUV,IQRW
WKHQDJDLQ\RXPLJKWQHHGWRUHVFDOHWKHYHFWRUXQFHUWDLQWLHV)RUWKH
UHDVRQLQJEHKLQGWKLVSOHDVHUHIHUWR$SSHQGL[&3RVW$GMXVWPHQW
$QDO\VLV
,IWKH&KLVTXDUHWHVWSDVVHVIRUHDFKYHFWRU/RFXV3URFHVVRUWKHQSHUIRUPV
D7DXWHVW
$7DXWHVWLVSHUIRUPHGRQWKHUHVLGXDOVRIHDFKYHFWRUDVDWHVWIRUEOXQGHUV
7KH7DXWHVWUHVXOWIRUHDFKYHFWRULVGLVSOD\HGLQWKH$GMXVWPHQW$QDO\VLV
WDERIWKH:RUNERRNZLQGRZ2QO\WKRVHYHFWRUVWKDWIDLOWKHWHVWZLOOEH
LQGLFDWHG)RUPRUHGHWDLOVRQWKHEDFNJURXQGRIWKH7DXWHVWUHIHUWR
$SSHQGL[&3RVW$GMXVWPHQW$QDO\VLV
,WLVLPSRUWDQWWRQRWHWKDWHYHQLIVRPHYHFWRUVDUHIODJJHGDVIDLOLQJWKH7DX
WHVWLIWKHUHVLGXDOVRIWKHYHFWRUVDUHQRWVLJQLILFDQWO\ODUJHUWKDQWKRVHIRU
RWKHUYHFWRUVLWLVSUREDEO\2.WRLJQRUHWKHUHVXOWVRIWKHWHVW
$G
MX
VWP
HQ
W
2WKHUWHVWVWKDWDUHXVHIXOLQGHWHFWLQJEOXQGHUVHVSHFLDOO\LQODUJHU
QHWZRUNVDUHWKH5HSHDW9HFWRUWHVWDQGWKH/RRS&ORVXUHWHVW%RWKRIWKHVH
FDQEHXVHGWRLGHQWLI\SUREOHPYHFWRUV\RXFDQFDQH[FOXGHWKHPIURP
IXUWKHUDGMXVWPHQWLIQHHGVEH$SSHQGL[&3RVW$GMXVWPHQW$QDO\VLV
GHVFULEHVWKHVHWHVWVLQGHWDLO
$GMXVWPHQW
,IQRUHVLGXDOVDUHIODJJHG\RXVKRXOGQRZKDYHDEOXQGHUIUHHDGMXVWPHQW
2QFH/RFXV3URFHVVRUGHWHUPLQHVWKDWLWKDVSHUIRUPHGDEOXQGHUIUHH
DGMXVWPHQWLWFKHFNVWRGHWHUPLQHLIHDFKSDLURISRLQWVPHHWVWKHUHODWLYH
DFFXUDF\VSHFLILFDWLRQNQRZQDVD6LWH3DLU4$7HVW7KHORZHVWUHODWLYH
DFFXUDF\LVWKHDWWDLQHGDFFXUDF\RIWKHVXUYH\ZKLOHXQFHUWDLQWLHVSUHVHQW
HVWLPDWHGDFFXUDF\RIDGMXVWHGSRLQWV
,IDQ\YHFWRUVIDLOWKH4$WHVW\RXVKRXOGLQYHVWLJDWHWRGHWHUPLQHZK\WKLV
LVEHIRUHSURFHHGLQJWRWKHQH[WVWDJHRIWKHDGMXVWPHQW3OHDVHUHIHUWR
$SSHQGL[&3RVW$GMXVWPHQW$QDO\VLVIRUGHWDLOV
&RQVWUDLQHG$GMXVWPHQW
7KHSXUSRVHRIWKLVILQDOVWDJHLVWRDGMXVW\RXUQHWZRUNKROGLQJDOO\RXUFRQWUROVLWHV
IL[HGWRREWDLQILQDOSRVLWLRQVWKDWDUHFRQVLVWHQWZLWKWKHHVWDEOLVKHGFRQWURO,QRUGHU
WRGRWKLV
*RWRWKH&RQWURO6LWHVWDERIWKH:RUNERRNZLQGRZ
&KDQJHWKHWKHIL[HGVWDWXVIRUHDFKSRLQWDVDSSURSULDWH
<RXFDQKDYHSRLQWVZKLFKDUHKRUL]RQWDOFRQWURORQO\SRLQWVWKDWDUH
YHUWLFDOFRQWURORQO\DQGSRLQWVZKLFKDUHERWK
&OLFN)WRSHUIRUPWKHDGMXVWPHQWDJDLQ<RXVKRXOGVHHWH[WLQWKH
PHVVDJHZLQGRZVLPLODUWRWKHIROORZLQJ
$GMXVWPHQWW\SH2YHUFRQVWUDLQHG
&RQWUROVWDWLRQV&RQVWUDLQWV
/DWLWXGH/RQJLWXGH(OHYDWLRQ
B$6+/DWLWXGH/RQJLWXGH(OHYDWLRQ
$WWKLVVWDJH\RXFDQLQVSHFWWKH1HWZRUN5HO$FFXUDF\WDERIWKH
ZRUNERRNZLQGRZ
/RFXV3URFHVVRU8VHUV*XLGH
7KLVZLOOSURYLGHWKHUHODWLYHDFFXUDF\YDOXHVRIDOOWKHVLWHSDLUV7KH
UHODWLYHDFFXUDF\RI\RXUVXUYH\LVWKHORZHVWUHODWLYHDFFXUDF\LQWKH
QHWZRUN7DEOHGHVFULEHVWKLVWDE
7KHDFFXUDF\PD\IDOOEHORZ\RXUDFFXUDF\VSHFLILFDWLRQLI\RXKDYHKHOGDEDGFRQWUROSRLQWV
IL[HG
7DEOH1HWZRUN5HODWLYH$FFXUDF\7DE
&RPSRQHQW
'HVFULSWLRQ
6LWH3DLU
9HFWRULGHQWLILHU)RUPDWLV[[[[\\\\ZKHUH[[[[DQG\\\\DUH6LWH,GV
4$
'LVSOD\V)$,/LIHLWKHUWKHKRUL]RQWDOUHODWLYHDFFXUDF\RUYHUWLFDOUHODWLYH
DFFXUDF\H[FHHGVWKHQHWZRUNVSHFLILFDWLRQV
+RUL]RQWDO5HODWLYH(UURU
+RUL]RQWDOUHODWLYHHUURURIWKHYHFWRU
9HUWLFDO5HODWLYH(UURU
9HUWLFDOUHODWLYHHUURURIWKHYHFWRU
+RUL]RQWDO5HODWLYH$FFXUDF\
7KHSUHFLVLRQFDOFXODWHGXVLQJWKHKRUL]RQWDOUHODWLYHHUURUDQGWKHYHFWRU
OHQJWK
9HUWLFDO5HODWLYH$FFXUDF\
7KHSUHFLVLRQFDOFXODWHGXVLQJWKHYHUWLFDOHUURUHVWLPDWHDQGWKHYHFWRU
OHQJWK
'LVWDQFH
7KH'VSDWLDOGLVWDQFHRIWKHYHFWRULQWKHOLQHDUXQLWV\VWHPVHOHFWHGLQWKH
3URMHFW6HWXS
$Q\VLWHSDLUZKLFKIDLOVWKHDFFXUDF\VSHFLILFDWLRQZLOOEHIODJJHGDVD
)$,/LQWKH4$FROXPQ
6KRUWYHFWRUVPD\EHIODJJHGDVIDLOXUHVEHFDXVHWKHFRQVWDQWSDUWRIWKH
DFFXUDF\VSHFLILFDWLRQKDVVXFKDKLJKLQIOXHQFHRYHUVKRUWGLVWDQFHV
,I\RXORRNDWWKH0DS9LHZZLQGRZ\RXZLOOQRWLFHWKDWWKHGLVSOD\KDV
FKDQJHGWRVKRZWKHUHODWLYHDFFXUDFLHVEHWZHHQWKHVLWHSDLUVDVHUURU
UHJLRQV7KLVLVDJRRGJUDSKLFDOWRROWRTXLFNO\GHWHUPLQHLIWKHUHDUH
REYLRXVSUREOHPVLQ\RXUQHWZRUN
,IWKLVWHVWSDVVHV\RXKDYHDFRQVWUDLQHGDGMXVWPHQW
8QFHUWDLQWLHVSUHVHQWHVWLPDWHGDFFXUDF\RIDGMXVWHGSRLQWV7KHORZHVW
UHODWLYHDFFXUDF\GLFWDWHVWKHUHODWLYHDFFXUDF\RIVXUYH\5HODWLYHDFFXUDF\
ZLOOEHOHVVWKDQWKDWRIPLQLPDOO\FRQVWUDLQHGDGMXVWPHQWGXHWRDGGHG
FRQVWUDLQWV5HODWLYHDFFXUDF\PD\IDOOEHORZWKHDFFXUDF\VSHFLILFDWLRQLI
SUREOHPFRQWUROSRLQWVDUHKHOGIL[HG
$GMXVWPHQW
$G
MX
VWP
HQ
W
)LJXUHFRQWDLQVDJUDSKLFDOUHSUHVHQWDWLRQRIWKHWDVNVOLVWHGLQWKLV
FKDSWHU
)LJXUH$GMXVWPHQW)ORZFKDUW
/RFXV3URFHVVRU8VHUV*XLGH
5HSRUWV
,QWURGXFWLRQ
7KLVFKDSWHUFRYHUVWKHSURFHGXUHVIRUSURGXFLQJDSULQWHGFRS\RI\RXUSURMHFWGDWD7KH
UHSRUWVRIWZDUHOHWV\RXVHOHFWWKHLQIRUPDWLRQ\RXZDQWWRSULQWDQGWKHQDXWRPDWLFDOO\
LQVHUWVWKHVHOHFWHGSDUDPHWHUVLQWRDVWDQGDUG57)IRUPDWWHGUHSRUWWKDWFDQEHHGLWHGDQG
SULQWHGE\DQ\VWDQGDUGZRUGSURFHVVLQJSURJUDP,WLVDVVXPHGWKDW\RXKDYHFUHDWHGD
SURMHFWDQGFRPSOHWHGWKHSURFHVVLQJGHVFULEHGLQWKHSUHFHGLQJFKDSWHUVDQG\RXQRZ
ZDQWWRFRPSLOHWKHUHVXOWV
6HWWLQJWKH5HSRUW9LHZHU3URJUDP
$OWKRXJKDUHSRUWHGLWRUSURJUDPVXFKDV:RUG3DGRU06:RUGZDVVHOHFWHGGXULQJWKH
LQVWDOODWLRQRI/RFXV\RXFDQFKDQJHWKH5HSRUW(GLWRUSURJUDPDWDQ\WLPHLQWKH
3URJUDP6HWXSGLDORJER[
$SSOLFDWLRQV/RFXVVXSSRUWVDVDUHSRUWHGLWRULQFOXGH
6HOHFW3URJUDP6HWXSIURPWKH7RROVPHQXWRRSHQWKH3URJUDP6HWXSGLDORJ
)LJXUH
)LJXUH3URJUDP6HWXS'LDORJ
7KH3UHIHUUHG5HSRUW(GLWRUILHOGOLVWVWKHIXOOSDWKIRUWKHVHOHFWHGZRUG
SURFHVVRUDSSOLFDWLRQ
5HSRUWV
5H
SR
UW
V
$Q\SUHYLRXVO\VSHFLILHGZRUGSURFHVVRUVFDQEHVHOHFWHGE\FOLFNLQJWKH
DUURZWRWKHULJKWRIWKH3UHIHUUHG5HSRUW(GLWRUILHOGDQGVHOHFWLQJIURP
WKHOLVWSUHVHQWHG
7RVSHFLI\DQGVHOHFWDQHZZRUGSURFHVVRUFOLFNWKH%URZVHEXWWRQ
QDYLJDWHWRDQGVHOHFWWKHDSSOLFDWLRQLQWKH6HOHFW5HSRUW(GLWRUGLDORJ
)LJXUHDQGFOLFN6HOHFW
)LJXUH6HOHFW5HSRUW(GLWRU'LDORJ
&OLFN2.LQWKH3URJUDP6HWXSGLDORJWRDFFHSWWKHFKDQJHVDQGFORVHWKH
GLDORJ
*HQHUDWLQJD5HSRUW
/RFXV3URFHVVRUKDVSUHVSHFLILHGUHSRUWVWKDQFDQHDVLO\EHJHQHUDWHGWRYLHZVLWH
SRVLWLRQVSURMHFWVXPPDULHVDGMXVWHGPHDVXUHPHQWVSURFHVVHGYHFWRUVFRQWUROWLH
DQDO\VLVRFFXSDWLRQLQIRUPDWLRQHWF,I\RXZDQWDVSHFLDOL]HGIRUPDWIRU\RXU
UHSRUW\RXFDQFUHDWHRQHXVLQJWKHH[SRUWIXQFWLRQVGHVFULEHGLQWKH([SRUWFKDSWHU
6HOHFW5HSRUWIURPWKH3URMHFWPHQXWRRSHQWKH3URMHFW5HSRUWGLDORJ
)LJXUH
/RFXV3URFHVVRU8VHUV*XLGH
5H
SR
UW
V
)LJXUH3URMHFW5HSRUW'LDORJ
8VHWKH3URMHFW5HSRUWGLDORJWRVHOHFWWKHFRQWHQWRI\RXUUHSRUW<RXFDQ
FOLFNWKHVLJQQH[WWRWKH$GMXVWPHQW5HVXOWVRU0LVFHOODQHRXVIROGHUVWR
H[SDQGWKHPZLWKIXUWKHUWRSLFV
6HOHFWWKHLWHPVLQWKH$YDLODEOH,WHPVOLVWER[\RXZLVKWRLQFOXGHLQWKH
UHSRUWDQGFOLFN$GG
<RXPXVWVHOHFWDQGDGGRQHLWHPDWDWLPH\RXFDQQRWVHOHFWVHYHUDOLWHPV
DQGDGGVLPXOWDQHRXVO\DVDJURXS8VHWKH$GG$OOEXWWRQWRDGGHYHU\
UHSRUWWRSLFLQWKH$YDLODEOH,WHPVOLVWER[WRWKHUHSRUWRUXVHWKH5HPRYH
$OOEXWWRQWRUHPRYHHYHU\UHSRUWWRSLFIURPWKHUHSRUW
5HSRUWV
&OLFN2.WRFORVHWKH3URMHFW5HSRUWGLDORJDQGJHQHUDWHWKHUHSRUWLQWKH
VSHFLILHGZRUGSURFHVVLQJDSSOLFDWLRQ$VHSDUDWHUHSRUWDQGSDJHJHQHUDWHV
IRUHDFKVHOHFWHGWRSLF
8VHWKHIHDWXUHVRIWKHZRUGSURFHVVLQJDSSOLFDWLRQWRHGLWVDYHDQGSULQWDV
QHHGHG)LJXUHDQG)LJXUHUHSUHVHQWW\SLFDOUHSRUWIRUPDWV
)LJXUH7\SLFDO6LWH3RVLWLRQV5HSRUW
1HWZRUN5HODWLYH$FFXUDF\
UHSRUW
'HVLUHG+RUL]RQWDO$FFXUDF\PSSP'DWH
'HVLUHG9HUWLFDO$FFXUDF\PSSP3URMHFWILOHUHSRUWVSU
&RQILGHQFH/HYHO6WG(UU
/LQHDU8QLWVRI0HDVXUH0HWHUV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6LWH5HODWLYH$OORZ+RUL]RQWDO9HUWLFDO6LWH
3DLU(UURUP(UURUP5HODWLYH$FF5HODWLYH$FF'LVWDQFH3DLU4$
/DW
',6&/QJ
(OY
/DW
(8&/QJ
(OY
/DW
0,66/QJ
(OY
(8&/DW
',6&/QJ
(OY
',6&/DW
0,66/QJ
(OY
)LJXUH7\SLFDO1HWZRUN5HODWLYH$FFXUDF\5HSRUW
/RFXV3URFHVVRU8VHUV*XLGH
3ULQWLQJ9LHZVDQGWKH:RUNERRN:LQGRZ
5H
SR
UW
V
7KH0DS9LHZZLQGRZ7LPH'LDJUDPZLQGRZRUDQLQGLYLGXDO:RUNERRNWDERU
FRPPRQLQIRUPDWLRQVWRUHGLQWKH:RUNERRNWDEFDQEHSULQWHGLQUHSRUWIRUPDW
3ULQWLQJ0DS9LHZRU7LPH'LDJUDP:LQGRZV
9HULI\WKDWWKHZLQGRZLVDFWLYHWKDW\RXZLVKWRSULQW
6HOHFW3ULQWIURPWKH3URMHFWPHQX
7KH3ULQW6HWXSGLDORJRSHQV)LJXUH
)LJXUH3ULQW6HWXS'LDORJ
6HWWKHSULQWHURSWLRQVDVQHFHVVDU\DQGFOLFN2.
/RFXV3URFHVVRUVHQGVDQLPDJHRIWKHDFWLYHZLQGRZWRWKHSULQWHU
3ULQWLQJWKH:RUNERRN:LQGRZ
5HSRUWV
9HULI\WKDWWKHWDEZLWKLQIRUPDWLRQ\RXZDQWSULQWHGLVDFWLYHLQWKH
:RUNERRNZLQGRZ6HOHFWWKHDSSURSULDWHWDEIRUWKHLQIRUPDWLRQWKDW\RX
ZDQWWRSULQW
6HOHFW3ULQWIURPWKH3URMHFWPHQX
7KH3ULQW6HWXSGLDORJRSHQV)LJXUH
)LJXUH3ULQW6HWXS'LDORJ
6HWWKHSULQWHURSWLRQVDVQHFHVVDU\DQGFOLFN2.
/RFXV3URFHVVRUVHQGVWKHLQIRUPDWLRQIURPWKHFXUUHQWWDEWRWKHSULQWHU
<RXPD\DOVRVHHD3ULQW5HYLHZRIWKHVHOHFWHG:LQGRZE\VHOHFWLQJ3ULQW
3UHYLHZXQGHUWKH3URMHFW0HQX
/RFXV3URFHVVRU8VHUV*XLGH
([SRUWLQJ'DWD
,QWURGXFWLRQ
/RFXVDOORZV\RXWRFUHDWHFXVWRPL]HG$6&,,H[SRUWIRUPDWVFRQWDLQLQJDZLGHUDQJHRI
LQIRUPDWLRQIURP\RXUSURMHFW<RXPD\VDYHWKHIRUPDWV\RXFUHDWHIRUFRQYHQLHQWUHXVH
DQGXVHIRUPDWVWKDWRWKHUVKDYHFUHDWHGRQGLIIHUHQWPDFKLQHV$GGLWLRQDOO\\RXPD\
H[SRUWYHFWRULQIRUPDWLRQLQWKHIRUPRI$VKWHFK2ILOHVZKLFKFDQEHLPSRUWHGE\
VHSDUDWHQHWZRUNDGMXVWPHQWSDFNDJHV
([SRUWLQJ'DWD
7KH([SRUW'DWDGLDORJLVWKHVWDQGDUG)LOH6DYH$VGLDORJER[VKRZQLQ)LJXUH,W
DOORZV\RXWRH[SRUWYHFWRUGDWDLQWRIRUPDWVLQWRDVSHFLILHGGLUHFWRU\
)LJXUH([SRUW'DWD'LDORJ
7DEOHH[SODLQVWKHYDULRXVFRPSRQHQWVRIWKLVGLDORJ
7DEOH([SRUW'DWD'LDORJ
1DPH
6DYH,Q
)LOH1DPH
)XQFWLRQ
'HWHUPLQHVZKLFKGULYHDQGGLUHFWRU\WKHH[SRUWHGILOHZLOOEHVDYHG
(QWHUWKHQDPHRIWKHH[SRUWILOH7KHSURJUDPZLOOFUHDWHILOHQDPHVZLWK
FHUWDLQH[WHQVLRQVUHTXLUHGE\IRUPDWVSHFLILFDWLRQ
([SRUWLQJ'DWD
(
[
S
R
U
W
L
Q
J
'
D
W
D
7DEOH([SRUW'DWD'LDORJFRQWLQXHG
1DPH
6DYHDVW\SHOLVWER[
)XQFWLRQ
$OLVWRIH[SRUWIRUPDWVDYDLODEOH
%XWWRQV
6DYH
6HOHFW6DYHWRUHWULHYHWKHVHOHFWHGH[SRUWILOHQDPHEHJLQWKHH[SRUW
SURFHVVDQGH[LWWKH([SRUW'DWDGLDORJ,IWKHVHOHFWHGILOHDOUHDG\
H[LVWVWKHSURJUDPZLOOGLVSOD\DQRYHUZULWHPHVVDJH
&DQFHO
6HOHFW&DQFHOWRFDQFHOWKHH[SRUWSURFHVVDQGH[LWWKH([SRUW'DWD
+HOS
3URYLGHVKHOSRQWKH([SRUW'DWDGLDORJ
&XVWRPL]H
'LVSOD\VWKH8VHU$6&,,7HPSODWHGLDORJ7KLVEXWWRQLVRQO\
GLDORJ
DYDLODEOHLI8VHU'HILQHG$6&,,LVVHOHFWHGLQWKH6DYHDVW\SH
OLVWER[
$YDLODEOH([SRUW)RUPDWV
7KHIROORZLQJLVDOLVWRIWKHDYDLODEOHH[SRUWIRUPDWVWKDWPD\EHVHOHFWHGLQWKH6DYH
)LOH$V7\SHOLVWER[
8VHU'HILQHG$6&,,7KHILOHH[WHQVLRQLVXVHUGHILQHGEXWWKHGHIDXOWLVUDA
$VKWHFK2)LOH7KLVILOHLVWKHVWDQGDUG$VKWHFKELQDU\2ILOH<RXPD\FUHDWH
RQHILOHFRQWDLQLQJDOOYHFWRUVRURQHILOHIRUHDFKYHFWRULQWKHSURMHFW
([SRUW)LOH)RUPDW'HVFULSWLRQV
7KLVVHFWLRQGHVFULEHVHDFKRIWKH([SRUW)LOH)RUPDWV
8VHU'HILQHG$6&,,)LOHV
/RFXVSURYLGHVWKHXVHUWKHDELOLW\WRFXVWRPL]H$6&,,H[SRUWILOHV7KHVHILOHV
DVVHPEOHSURMHFWGDWDLQWRDQ$6&,,ILOHFRQILJXUHGWR\RXUSUHIHUHQFHV<RXFDQ
FUHDWHDQH[SRUWWHPSODWHWKDWVSHFLILHVH[WHQVLRQGHOLPLWHUDQGW\SHDUUDQJHPHQWRI
GDWDZLWKLQWKHILOH7KLV$6&,,ILOHDOORZV\RXWRH[SRUWGDWDLQDIRUPDWWKDWFDQEH
XVHGE\RWKHUVRIWZDUHSDFNDJHV
7KHIROORZLQJSURFHGXUHGHVFULEHVKRZWRFXVWRPL]HDQ$6&,,H[SRUWILOH
&XVWRPL]LQJDQ$6&,,([SRUW)LOH
2QFHWKHSURMHFWILOHLVRSHQFOLFNWKH([SRUWEXWWRQRU)
7KH([SRUW'DWDGLDORJDSSHDUVUHIHUWR)LJXUH
/RFXV3URFHVVRU8VHUV*XLGH
&OLFN&XVWRPL]HWRRSHQWKH8VHU$6&,,7HPSODWH
(
[
S
R
U
W
L
Q
J
'
D
W
D
)LJXUH8VHU$6&,,7HPSODWH'LDORJ
7DEOHGHVFULEHVWKHFRPSRQHQWVRIWKLVGLDORJ
7DEOH8VHU$6&,,7HPSODWH'LDORJ
&RPSRQHQW
7HPSODWH/LVWER[
'HVFULSWLRQ
3URYLGHVDOLVWRIDOOGHIDXOWDQGSUHYLRXVO\VDYHG$6&,,H[SRUW
ILOHWHPSODWHV
7HPSODWH/LVW%XWWRQV
1HZ
&UHDWHVDQHZWHPSODWHZLWKDQDPHDQGRSHQVWKH8VHU
'HOHWH
'HOHWHVWKHVHOHFWHGWHPSODWH
0RGLI\
2SHQVWKH1HZ7HPSODWH1DPHGLDORJIRUWKHVHOHFWHG
'HILQHG)RUPDWGLDORJ
WHPSODWH(QWHUDXQLTXHQDPHDQGVHOHFWHLWKHU6LWHRU9HFWRU
'DWDRXWSXW
3URPRWH
2SHQVWKH3URPRWH$'DWD7\SH%DVHGRQ[[WSO7KLV
GLDORJDOORZV\RXWRHQWHUDGHVFULSWLRQDQGH[WHQVLRQIRUWKH
W\SHRIWHPSODWH\RXDUHJHQHUDWLQJ
'DWD6HOHFWLRQ
6LWH'DWD
([SRUWRI3URMHFWVLWHLQIRUPDWLRQ
9HFWRU'DWD
([SRUWRI3URMHFWEDVHOLQHLQIRUPDWLRQ
2XWSXW([W
$OORZVXVHUWRGHILQHH[WHQVLRQRIRXWSXWILOHGHIDXOWLVXGD
7HPSODWH9LHZLQJ
3URYLGHVOLVWRIILHOGVIRUVHOHFWHGWHPSODWHLQ7HPSODWHOLVWER[
%XWWRQV
2.
8VHVWKHWHPSODWHVHOHFWHGE\XVHUIRUH[SRUWILOHIRUPDWDQG
&DQFHO
'RHVQRWXVHVHOHFWHGWHPSODWHDQGFORVHVGLDORJ
+HOS
2SHQVWKHKHOSGLDORJIRUWKH8VHU$6&,,7HPSODWHGLDORJ
FORVHVGLDORJ
([SRUWLQJ'DWD
&UHDWHDQHZRUPRGLI\DQH[LVWLQJ$6&,,WHPSODWHZLWKWKHDSSURSULDWH
2XWSXW)LOHRSWLRQ
8VHU'HILQHG)RUPDW
,I\RXFOLFN1HZRU0RGLI\LQWKH8VHU$6&,,7HPSODWHGLDORJ/RFXVGLVSOD\VWKH
1HZ7HPSODWH1DPHGLDORJ
&OLFNLQJ1HZDOORZV\RXWRQDPHDQHZWHPSODWHZKLOHFOLFNLQJ0RGLI\DOORZV\RXWRPRGLI\DQ
H[LVWLQJWHPSODWHOLVWHGLQWKH7HPSODWHV/LVW
)LJXUH1HZ7HPSODWH1DPHGLDORJ
7KLVGLDORJDOORZV\RXWRDVVLJQDQDPHDQGVHOHFWHLWKHU6LWHRU9HFWRUDVWKHRXWSXW
GDWD<RXPD\QRWH[SRUWERWKVLWHDQGYHFWRUGDWDLQWKHVDPHWHPSODWH
2QFH\RXHQWHUDQDPHDQGFOLFN2N/RFXVGLVSOD\VWKH8VHU'HILQHG)RUPDW
GLDORJ7KLVGLDORJZLOOFRQWDLQ6LWH'DWDRU9HFWRU'DWDLQWKH)LHOG6HOHFWLRQ
GHSHQGLQJRQZKHWKHU\RXVHOHFW6LWHRU9HFWRURXWSXWGDWDLQWKH1HZ7HPSODWH
1DPHGLDORJ
/RFXV3URFHVVRU8VHUV*XLGH
(
[
S
R
U
W
L
Q
J
'
D
W
D
)LJXUH8VHU'HILQHG)RUPDWGLDORJZLWK6LWH'DWD
)LJXUH8VHU'HILQHG)RUPDWGLDORJZLWK9HFWRU'DWD
([SRUWLQJ'DWD
7KLVGLDORJLVXVHGWRGHILQHWKHILHOGVDQGVWUXFWXUHRIWKH$6&,,H[SRUWILOH7DEOH
GHVFULEHVWKHFRPSRQHQWVRIWKLVGLDORJ
7DEOH8VHU'HILQHG)RUPDWGLDORJ
&RPSRQHQW
'HVFULSWLRQ
)LHOG6HOHFWLRQ
)LHOG6HOHFWLRQ
3URYLGHVDOLVWRIDYDLODEOHILHOGVUHIHUWR7DEOHIRUDGHVFULSWLRQRIWKH
/LVW
DYDLODEOHILHOGQDPHV
)LHOG:LGWK
6SHFLILHGPD[LPXPOHQJWKRIWKHILHOG
$OLJQPHQW
/HIWMXVWLILHGRUULJKWDOLJQPHQWRIWH[W
'HFPO3ODFH
4XDGUDQW
,QGLFDWHVHLWKHU16DQG(:RU$YDLODEOHRQO\IRU/DWLWXGHDQG/RQJLWXGH
ILHOGV
)RUPDW
3URYLGHVIRUPDWIRUGDWHDQGWLPHILHOG$YDLODEOHIRUPDWVDUHLQGLFDWHGLQ
OLVWER[
8VHU7H[W
$YDLODEOHRQO\IRU7H[WILHOG/LPLWHGWRFKDUDFWHUV
([SRUW)LOH7HPSODWH
%XWWRQV
(QWHU
(QWHUVKLJKOLJKWHGILHOGIURP)LHOG6HOHFWLRQDQGSODFHVLQWHPSODWHDW
'HOHWH
'HOHWHVKLJKOLJKWHGILHOGVLQWHPSODWH
&OHDU$OO
'HOHWHVDOOILHOGVLQWHPSODWH
FXUUHQWFXUVRUSRVLWLRQ'RXEOHFOLFNRQDILHOGWRKLJKOLJKWLW
)LHOG6WUXFWXUH
3URYLGHVDUHDOWLPHVWUXFWXUHRIWKH$6&,,WHPSODWHZKLFKZLOOUHIOHFW
PRGLILFDWLRQVWKURXJKWKHXVHRIWKH(QWHU'HOHWHDQG&OHDU$OOEXWWRQV
)LHOG'HOLPLWHUV
)LHOG
,QGLFDWHVFKRLFHRIGHOLPLWHUVEHWZHHQHDFKILHOGFRPPDVHPLFRORQRU
YHUWLFDOEDU
7H[W
,QGLFDWHVFKRLFHRIGHOLPLWHUVEHWZHHQWH[WVLQJOHTXRWHVGRXEOHTXRWHVRU
QRQH
%XWWRQV
2.
&KHFNVWHPSODWHWRHQVXUHSRVLWLRQW\SHPDWFKHV0DS6\VWHPVHWWLQJV
2QFHLWGHWHUPLQHVWKHWHPSODWHLV2.VDYHVWHPSODWHVHWWLQJVDQGFORVHV
GLDORJ
&DQFHO
&ORVHVGLDORJZLWKRXWVDYLQJWHPSODWHPRGLILFDWLRQV
6DYH$V
&KHFNVWHPSODWHWRHQVXUHSRVLWLRQW\SHPDWFKHV0DS6\VWHPVHWWLQJV
2QFHLWGHWHUPLQHVWKHWHPSODWHLV2.VDYHVWHPSODWHPRGLILFDWLRQVWR
DQRWKHUWHPSODWHQDPH
3UHYLHZ
6KRZVDSUHYLHZRIWKHILHOGVWUXFWXUHIRUWKHVHOHFWHGWHPSODWHZLWK
+HOS
'LVSOD\VKHOSIRU8VHU'HILQHG)RUPDWGLDORJ
VLPXODWHGGDWDUHIHUWR)LJXUH
/RFXV3URFHVVRU8VHUV*XLGH
7DEOH8VHU'HILQHG)RUPDW)LHOG/LVW
)LHOG1DPH
'HVFULSWLRQ
,QIRUPDWLRQLQ)LOH+HDGHU
>)LOH+HDGHU6WDUW@
6WDUWRIWKHILOHKHDGHUILHOGVEHWZHHQWKLVDQGDQHQGILHOGZLOO
RQO\GLVSOD\RQFHDWWKHEHJLQQLQJRIRXWSXWILOH
>)LOH+HDGHU(QG@
7KHHQGRIWKHKHDGHUIRUWKHILOH
>3URMHFW1DPH@
1DPHRIWKHSURMHFW
>3URMHFW)LOH1DPH@
1DPHRIWKHSURMHFWILOH
>'DWH7LPH@
'DWH&DQEHLQDQ\RQHRIWKHIRUPDWVHOHFWHGLQ)RUPDW&KRLFH
>/LQHDU8QLWV@
1DPHRIWKHVHOHFWHGOLQHDUXQLW
>&RQILGHQFH/HYHO@
7KHXQFHUWDLQW\OHYHOWKHXVHUVHOHFWHG(UURURU6WG
(
[
S
R
U
W
L
Q
J
'
D
W
D
(UURU
>'HVLUHG+RU$FFXUDF\@
+RUL]RQWDODFFXUDF\VSHFLILHGE\WKHXVHU
>'HVLUHG9HUW$FFXUDF\@
9HUWLFDODFFXUDF\VSHFLILHGE\WKHXVHU
>+HLJKW6\VWHP@
+HLJKWV\VWHPXVHG(LWKHU2UWKRPHWULFRU(OOLSVRLGDO
>&RRUGLQDWH6\VWHP@
7KHQDPHRIWKHFRRUGLQDWHV\VWHPXVHG
,QIRUPDWLRQLQ%RG\RI5HSRUW
9HFWRUV2QO\
>)URP6LWH,'@
7KHVLWH,'RIWKHIL[HGSRLQW
>7R6LWH,'@
7KHVLWH,'RIWKHXQNQRZQSRLQW
>'DWHDQG7LPH@
7KHGDWHDQGWLPHRIWKHVWDUWRIWKHFRPPRQGDWDIRUWKHYHFWRU
>3URFHVVHG9HFWRU/HQJWK@
/HQJWKRIWKHSURFHVVHGYHFWRU
>3URF9HFWRUOHQJWKHUURU@
7KHXQFHUWDLQW\RIWKHOHQJWKDWWKHFKRVHQFRQILGHQFHOHYHO
>3URF;FRPSRQHQW@
;FRPSRQHQWRIYHFWRU
>3URF<FRPSRQHQW@
<FRPSRQHQWRIYHFWRU
>3URF=FRPSRQHQW@
=FRPSRQHQWRIYHFWRU
>3URF;FRPSHUURU@
(UURULQ;FRPSRQHQWRIYHFWRU
>3URF<FRPSHUURU@
(UURULQ<FRPSRQHQWRIYHFWRU
>3URF=FRPSHUURU@
(UURULQ=FRPSRQHQWRIYHFWRU
>3URF;;&RUU@
7KH;<FRUUHODWLRQRIWKHSURFHVVHGYHFWRU
>3URF;=&RUU@
7KH;=FRUUHODWLRQRIWKHSURFHVVHGYHFWRU
>3URF<=&RUU@
7KH<=FRUUHODWLRQRIWKHSURFHVVHGYHFWRU
>6LWH3DLU'LVWDQFH@
'LVWDQFHEHWZHHQVLWHV
>6LWH3DLU+RU]5HODWLYH
7KHUHODWLYHXQFHUWDLQW\EHWZHHQWKHWZRVLWHV
(UURU@
([SRUWLQJ'DWD
>$GM;FRPSRQHQW@
$GMXVWHG;FRPSRQHQWRIYHFWRU
>$GM<FRPSRQHQW@
$GMXVWHG<FRPSRQHQWRIYHFWRU
7DEOH8VHU'HILQHG)RUPDW)LHOG/LVWFRQWLQXHG
)LHOG1DPH
'HVFULSWLRQ
>$GM=FRPSRQHQW@
$GMXVWHG=FRPSRQHQWRIYHFWRU
>$GM;FRPSHUURU@
(UURULQDGMXVWHG;FRPSRQHQWRIYHFWRU
>$GM<FRPSHUURU@
(UURULQDGMXVWHG<FRPSRQHQWRIYHFWRU
>$GM=FRPSHUURU@
(UURULQDGMXVWHG=FRPSRQHQWRIYHFWRU
6LWHV2QO\
>6LWH,'@
7KH,'RIWKHVLWH
>6LWH1DPH@
7KHVLWHQDPH
>/DWLWXGH@
/DWLWXGH
>/RQJLWXGH@
/RQJLWXGH
>*ULG1RUWKLQJ@
1RUWKLQJLQJULGV\VWHP
>*ULG(DVWLQJ@
(DVWLQJLQJULGV\VWHP
>/RFDO*ULG1RUWKLQJ@
1RUWKLQJLQORFDOJULGV\VWHP
>/RFDO*ULG(DVWLQJ@
(DVWLQJLQORFDOJULGV\VWHP
>(OOLSVRLGDO+HLJKW@
(OOLSVRLGDOKHLJKW
>2UWKRPHWULF+HLJKW@
2UWKRPHWULFKHLJKW
>/DWLWXGH(UURU@
8QFHUWDLQW\LQODWLWXGH
>/RQJLWXGH(UURU@
8QFHUWDLQW\LQORQJLWXGH
>(OOLSVRLG+HLJKW(UURU@
8QFHUWDLQW\LQ(OOLSVRLGKHLJKW
>+RU)L[6WDWXV@
+RUL]RQWDOIL[VWDWXV)L[HGRUHPSW\
>9HUW)L[6WDWXV@
9HUWLFDOIL[VWDWXV)L[HGRUHPSW\
>&RQYHUJHQFH@
7KHJULGFRQYHUJHQFHDQJOHDWWKHVLWH
>6FDOH)DFWRU@
7KHJULGVFDOHIDFWRUDWWKHVLWH
>(OHYDWLRQIDFWRU@
7KHHOHYDWLRQIDFWRUDWWKHVLWH
>&RQWURO7\SH@
+RUIRUKRUL]RQWDORQO\9HUIRUYHUWLFDORQO\DQG+RU
>3RVLWLRQ6WDWXV@
5DZ3URFHVVHGRU$GMXVWHGGHSHQGLQJRQVWDWXVRI
9HUIRUERWK
SRVLWLRQ
/RFXV3URFHVVRU8VHUV*XLGH
)LJXUHVKRZVWKH8VHU'HILQHG)RUPDWGLDORJZLWKDSUHYLHZRIWKH$6&,,H[SRUW
ILOHFRQWDLQLQJVLPXODWHGGDWD
(
[
S
R
U
W
L
Q
J
'
D
W
D
)LJXUH8VHU'HILQHG)RUPDWGLDORJZLWK3UHYLHZ
0RGLI\WKHILHOGVHOHFWLRQILHOGWHPSODWHVWUXFWXUHDQGILHOGGHOLPLWHUVRI
WKH8VHU'HILQHG$6&,,H[SRUWILOH
&OLFN6DYH$VLQWKH8VHU'HILQHG)RUPDWGLDORJWRVDYHWKHWHPSODWH
&OLFN2.LQWKH8VHU$6&,,7HPSODWHGLDORJWRXVHVHOHFWHGWHPSODWHDQG
FORVHGLDORJ
&OLFN6DYHLQ([SRUW'DWDGLDORJWRH[SRUWGDWDLQ8VHU'HILQHG$6&,,
H[SRUWILOH
3URPRWLQJD'DWD7\SH
%\FOLFNLQJ3URPRWH\RXZLOOLQFOXGHWKHVHOHFWHGWHPSODWHLQWKH6DYHDVW\SH
GURSGRZQVHOHFWLRQLQWKH([SRUWGLDORJ7KHSURPRWHGWHPSODWHZLOOEHDYDLODEOH
WKHQH[WWLPH\RXH[SRUWD8VHU'HILQHG$6,,ILOH
$VKWHFK2)LOH)RUPDW
7KH2ILOHLVDELQDU\UHSRUWRIWKHYHFWRURQO\GDWDLQWKHSURMHFW2QFH\RXVHOHFW2
ILOHLQWKH([SRUW'DWDGLDORJ/RFXVH[SRUWVDQ$VKWHFKSURSULHWDU\VWDQGDUGILOH
FRQWDLQLQJSURFHVVHGDQGRUDGMXVWHGYHFWRULQIRUPDWLRQ/RFXVDXWRPDWLFDOO\DVVLJQV
WKHSURMHFWGD\DVWKHH[WHQVLRQRIWKHILOH7KLVILOHFDQEHLPSRUWHGLQWRRWKHU
$VKWHFKDQGWKLUGSDUW\VRIWZDUHSDFNDJHV
([SRUWLQJ'DWD
7KH(IIHFWVRI)LOWHULQJ
5HPHPEHUWKDWILOWHUHGGDWDZLOOQRWH[SRUWUHIHUWR&KDSWHU'DWD3URFHVVLQJ
([SRUWLQJ3URFHVVHG9HUVXV8QSURFHVVHG
'DWD
/RFXVGRHVQRWUHTXLUHSURFHVVLQJSULRUWRH[SRUWLQJ<RXFDQFUHDWHDQH[SRUW
WHPSODWHZKLFKFRQWDLQVYHFWRUGDWDZLWK)URP6LWH,'7R6LWH,'DQG'DWH
DQG7LPHILHOGVDOWKRXJKQRSURFHVVHGRUDGMXVWHGYHFWRULQIRUPDWLRQLVLQFOXGHG
8VLQJ([SRUWHG'DWD
8VLQJ8VHU'HILQHG$6&,,)LOHV
8VHUGHILQHG$6&,,ILOHVDUHFUHDWHGVRWKDW\RXFDQFXVWRPL]HWKHWDEOHRI
LQIRUPDWLRQWKDW\RXZDQWWRLPSRUWLQWRDWKLUGSDUW\VRIWZDUHSDFNDJH
7KHILOHFDQHYHQEHORDGHGLQWR0LFURVRIW([FHO
VRWKDWIXUWKHUPRGLILFDWLRQVDQGGDWDDQDO\VLV
FDQEHGRQH
8VLQJ$VKWHFK2)LOHV
2ILOHVFRQWDLQLQJELQDU\SURFHVVHGYHFWRULQIRUPDWLRQFDQEHLPSRUWHGLQWRYDULRXV
$VKWHFKDQGWKLUGSDUW\VRIWZDUHSDFNDJHV
/RFXV3URFHVVRU8VHUV*XLGH
&RRUGLQDWH7UDQVIRUPDWLRQV
,QWURGXFWLRQ
2QHRIWKHSULPDU\DGYDQWDJHVRIXVLQJWKH/RFXVSURFHVVRUSDFNDJHLVWKHDELOLW\WRZRUN
ZLWKLQ\RXURZQFRRUGLQDWHV\VWHPIURPWKHYHU\VWDUWRI\RXUSURMHFW\RXQRORQJHU
QHHGWREHFRQFHUQHGZLWKWUDQVIRUPLQJWRDQGIURPWKH:*6GDWXPZKLFKLVZKDWDOO
*36GDWDDUHUHIHUHQFHGWR7KH/RFXVSURFHVVRUJLYHV\RXWKHRSWLRQRIZRUNLQJLQWKUHH
W\SHVRIKRUL]RQWDOFRRUGLQDWHV\VWHPV/RFDO*ULG*ULG6\VWHPRU*HRGHWLF,QDGGLWLRQ
\RXPD\FKRRVHWRXVHHLWKHUHOOLSVRLGDOKHLJKWVRURUWKRPHWULFKHLJKWV$OWKRXJK/RFXV
LQFOXGHVPDQ\SUHGHILQHGJULGV\VWHPVDQGJHRGHWLFGDWXPVLWLVHDV\WRFUHDWH\RXURZQ
FXVWRPFRRUGLQDWHV\VWHP
7KHWKUHHW\SHVRIFRRUGLQDWHV\VWHPVFDQEHVHHQWREXLOGRQRQHDQRWKHU$WWKHKHDUWRI
DQ\V\VWHPOLHVWKHJHRGHWLFGDWXPZLWKDNQRZQUHODWLRQVKLSWR:*6UHSUHVHQWHGE\
WKH*HRGHWLFV\VWHPW\SH2QWRSRIWKDWPLJKWH[LVWD*ULG6\VWHPFRQVLVWLQJRIRQHRU
PRUH]RQHVHDFKXWLOL]LQJRQHRIWKHVHYHUDOSURMHFWLRQW\SHVDYDLODEOHLQ/RFXV)LQDOO\D
/RFDO*ULGFDQEHVXSHULPSRVHGRYHUD*ULG6\VWHP
<RXZLOOW\SLFDOO\VHOHFWRUGHILQHWKHFRRUGLQDWHV\VWHP\RXZLVKWRZRUNLQZKHQ\RX
FUHDWHDQHZSURMHFW)URPWKDWSRLQWRQDOOFRRUGLQDWHVZLOOEHSUHVHQWHGWR\RXLQWKDW
V\VWHP+RZHYHULWLVSRVVLEOHDWDQ\SRLQWGXULQJWKHSURMHFWWRFKDQJHWRDGLIIHUHQW
V\VWHPDQGDOO\RXUFRRUGLQDWHVZLOOEHDXWRPDWLFDOO\WUDQVIRUPHGWRLW
%DVHGRQRXUH[SHULHQFHIURPFXVWRPHUIHHGEDFNLWLVFRPPRQIRURXUXVHUVWRGRPDQ\
SURMHFWVLQWKHVDPHFRRUGLQDWHV\VWHPIRU\RXUFRQYHQLHQFHWKHFRRUGLQDWHV\VWHPLQD
QHZSURMHFWLVDXWRPDWLFDOO\VHWWRWKHV\VWHPWKDWZDVODVWFKRVHQ
6HOHFWLQJD3UHGHILQHG&RRUGLQDWH6\VWHP
7RVHOHFWDSUHGHILQHGFRRUGLQDWHV\VWHP
)URPWKH&RRUGLQDWH6\VWHP7DERIWKH3URMHFW6HWWLQJVGLDORJER[VHOHFW
V\VWHPW\SH/RFDO*ULG*ULGRU*HRGHWLF
:KHQ\RXVHOHFWDFHUWDLQFRRUGLQDWHV\VWHPW\SHLWDFWLYDWHVWKHDVVRFLDWHG
OLVWER[ZKLFKOLVWVDOOWKHDYDLODEOHFKRLFHV
6HOHFWWKHDSSURSULDWHFKRLFHDQGFOLFN2N
&OLFN&DQFHOLI\RXGRQRWZLVKWRVHOHFWDFKRLFH
&RRUGLQDWH7UDQVIRUPDWLRQV
&
R
R
U
G
L
Q
D
W
H
7
U
D
Q
V
I
R
U
P
D
'HILQLQJD1HZ*HRGHWLF'DWXP
:KHQFUHDWLQJDFXVWRP*HRGHWLF'DWXP\RXPXVWWLHWKHQHZV\VWHPWRWKH:*6
GDWXP<RXPXVWKDYHWKHIROORZLQJLQIRUPDWLRQWRSURGXFHDFFXUDWHSRVW
SURFHVVHG*36GDWDXVLQJDFXVWRPGDWXP
6KLIWVDQGURWDWLRQVLQ[\DQG]D[HV
6FDOHGLIIHUHQFH
25DVHWRIWKUHHRUPRUHSRLQWVZLWKFRRUGLQDWHVIRUERWKWKH:*6
DQGFXVWRPGDWXP$PLQLPXPRIIRXUFRRUGLQDWHSDLUVDUH
UHFRPPHQGHGDQGUHTXLUHGWRSURGXFHPHDQLQJIXOVWDWLVWLFVIURPWKH
HVWLPDWLRQ
)URPWKH&RRUGLQDWH6\VWHP7DERIWKH3URMHFW6HWWLQJVGLDORJER[VHOHFW
*HRGHWLFDVWKHV\VWHPW\SH
6HOHFW1(:DVWKH*HRGHWLF'DWXPDQGFOLFNWKH'HILQHEXWWRQ
,QWKH'DWXP'HILQLWLRQGLDORJER[HQWHUWKHQDPHIRUWKHQHZGDWXP
)LJXUH'DWXP'HILQLWLRQGLDORJER[
6HOHFWWKHHOOLSVRLGZKLFKWKHQHZGDWXPXVHVUHIHUWR'HILQLQJDQ
(OOLSVRLGRQSDJH
(QWHUWKHVKLIWVDQGURWDWLRQVLQWKH[\DQG]GLUHFWLRQVDQGWKHVFDOH
GLIIHUHQFH
7RHVWLPDWHWKHWUDQVIRUPDWLRQSDUDPHWHUVXVLQJDVHWRISRLQWVUHIHUWR
(VWLPDWLQJ'DWXP7UDQVIRUPDWLRQ3DUDPHWHUVRQSDJH
&OLFN2.WRZULWHWKHSDUDPHWHUVWRWKHGDWXPDQGFORVHWKH'DWXP
'HILQLWLRQGLDORJER[
/RFXV3URFHVVRU8VHUV*XLGH
'HILQLQJDQ(OOLSVRLG
<RXFDQDOVRGHILQHDFXVWRPHOOLSVRLGIRUDFXVWRPGDWXP,QRUGHUWRGHILQHDQHZ
HOOLSVRLG\RXPXVWKDYHWKHIROORZLQJ
6HPLPDMRUD[LVYDOXH
,QYHUVHIODWWHQLQJYDOXH
,QWKH'DWXP'HILQLWLRQGLDORJER[VHOHFW1(:DVWKH(OOLSVRLGDQGFOLFN
WKH'HILQHEXWWRQ
,QWKH(OOLSVRLG'HILQLWLRQGLDORJER[HQWHUWKHQDPHIRUWKHQHZHOOLSVRLG
WKHVHPLPDMRUD[LVDQGWKHLQYHUVHIODWWHQLQJ
&
R
R
U
G
L
Q
D
W
H
7
U
D
Q
V
I
R
U
P
D
)LJXUH(OOLSVRLG'HILQLWLRQGLDORJER[
&OLFN2.WRVDYHWKHQHZHOOLSVRLGDQGFORVHWKH(OOLSVRLG'HILQLWLRQGLDORJ
ER[
(VWLPDWLQJ'DWXP7UDQVIRUPDWLRQ3DUDPHWHUV
,I\RXGRQRWNQRZWKHWUDQVIRUPDWLRQSDUDPHWHUVIRUDFXVWRPJHRGHWLFGDWXPEXW
NQRZWKHFRRUGLQDWHVLQERWKWKHORFDODQG:*6GDWXPVIRUDFRPPRQVHWRI
SRLQWV\RXFDQHVWLPDWHWKHWUDQVIRUPDWLRQSDUDPHWHUV/RFXV3URFHVVRUXVHV
LQGXVWU\VWDQGDUGHTXDWLRQVWRFDOFXODWHWUDQVIRUPDWLRQSDUDPHWHUVSDUDPHWHU
VLPLODULW\WUDQVIRUPDWLRQ
$OWKRXJK\RXFDQFDOFXODWHWUDQVIRUPDWLRQSDUDPHWHUVZLWKRQO\WKUHHGDWDSRLQWVDW
OHDVWIRXUDUHUHTXLUHGWRFRPSXWHUHVLGXDOGDWDDQGDWOHDVWILYHZHOOGLVWULEXWHG
SRLQWVVKRXOGEHXVHGWRHQVXUHDOOSRLQWVDUHYDOLGSRLQWV
,I\RXKDYHORDGHGGDWDLQWRWKHSURMHFWWKHVLWHVFDQEHXVHGLQWKHWUDQVIRUPDWLRQ
FDOFXODWLRQ$IWHUVHOHFWLQJDVLWHERWK:*6DQGORFDOFRRUGLQDWHVDUHGLVSOD\HG
7KHFRRUGLQDWHVFDQEHHGLWHGDQGDQ\FKDQJHVPDGHDUHVDYHGWRWKHGDWDVHWIRU
WKRVHSRLQWVDFWXDOO\XVHGLQWKHHVWLPDWLRQ
&RRUGLQDWH7UDQVIRUPDWLRQV
)URPWKH'DWXPGHILQLWLRQGLDORJER[FOLFNRQWKH(VWLPDWHEXWWRQWR
EULQJXSWKH'DWXP7UDQVIRUPDWLRQGLDORJER[
(QWHUWKHSRLQWV6LWH,'RULI\RXKDYHORDGHGGDWDLQWRWKHSURMHFWVHOHFWD
VLWHE\FOLFNLQJWKHDUURZDWWKHULJKWRIWKH6LWH,'ER[DQGVHOHFWLQJDVLWH
:LWKWKH'DWXP7UDQVIRUPDWLRQ3DUDPHWHU(VWLPDWLRQGLDORJER[RSHQ
FOLFNWKH2QFKHFNER[IRUWKHILUVWSRLQW
,I\RXVHOHFWHGDVLWHERWKWKH:*6DQGORFDOGDWXPFRRUGLQDWHVDUH
OLVWHG
(GLWWKHODWLWXGHORQJLWXGHDQGHOHYDWLRQIRUERWKWKHORFDODQG:*6
V\VWHPVLIQHFHVVDU\
5HSHDWIRUDOOSRLQWV
)LJXUH'DWD7UDQVIRUPDWLRQ3DUDPHWHU(VWLPDWLRQ
/RFXV3URFHVVRU8VHUV*XLGH
$IWHUHQWHULQJDOOSRLQWVFOLFN&DOFXODWHWRFDOFXODWHWKHWUDQVIRUPDWLRQ
SDUDPHWHUV7KH(VWLPDWHG3DUDPHWHUVER[DWWKHERWWRPRIWKHGLDORJER[
OLVWVWKHFRPSXWHGWUDQVIRUPDWLRQSDUDPHWHUV
&
R
R
U
G
L
Q
D
W
H
7
U
D
Q
V
I
R
U
P
D
)LJXUH'DWD7UDQVIRUPDWLRQZLWK(VWLPDWHG3DUDPHWHUV
,I\RXHQWHUHGPRUHWKDQWKUHHGDWDSRLQWVWRFDOFXODWHWKHWUDQVIRUPDWLRQ
SDUDPHWHUV/RFXV3URFHVVRUDOVRFRPSXWHVUHVLGXDOVIRUHDFKSRLQW<RX
FDQXVHWKHUHVLGXDOVWRGHWHUPLQHLIDQ\SRLQWLVLQFRQVLVWHQWZLWKWKHRWKHUV
,IDSRLQWKDVUHVLGXDOVPXFKJUHDWHUWKDQWKHRWKHUSRLQWV\RXPD\ZDQWWR
UHFDOFXODWHWKHWUDQVIRUPDWLRQSDUDPHWHUVH[FOXGLQJWKDWSRLQW7RH[FOXGHD
SRLQWXQFKHFNWKH2QFKHFNER[DQGFOLFN&DOFXODWHWRUHFRPSXWHWKH
WUDQVIRUPDWLRQSDUDPHWHUV
&RRUGLQDWH7UDQVIRUPDWLRQV
'HILQLQJD1HZ*ULG6\VWHP
:KHQFUHDWLQJDFXVWRP*ULG6\VWHP\RXPXVWWLHWKHV\VWHPWRDGDWXPDQGGHILQH
]RQHVIRULW<RXPXVWKDYHWKHIROORZLQJLQIRUPDWLRQWRSURGXFHDFFXUDWHSRVW
SURFHVVHG*36GDWDXVLQJDFXVWRPJULG
5HIHUHQFHJHRGHWLFGDWXP
3URMHFWLRQW\SH
3URMHFWLRQSDUDPHWHUVIRUWKH]RQHV\RXGHILQH
)URPWKH&RRUGLQDWH6\VWHP7DERIWKH3URMHFW6HWWLQJVGLDORJER[VHOHFW
*ULGDVWKHV\VWHPW\SH
6HOHFW1(:DVWKH*ULG6\VWHPDQGFOLFNWKH'HILQHEXWWRQ
)LJXUH1HZ*ULG6\VWHP
/RFXV3URFHVVRU8VHUV*XLGH
,QWKH*ULG6\VWHP'HILQLWLRQGLDORJER[HQWHUWKHQDPHIRUWKH*ULG
6\VWHP
)LJXUH*ULG6\VWHP'HILQLWLRQ
&OLFNWKH'HILQHEXWWRQWRRSHQWKH=RQH'HILQLWLRQGLDORJER[DQGFUHDWH
WKH]RQHIRUWKHJULGV\VWHP
&
R
R
U
G
L
Q
D
W
H
7
U
D
Q
V
I
R
U
P
D
)LJXUH=RQH'HILQLWLRQ
(QWHUWKHQDPHRIWKH]RQHLQWKH1DPHILHOG
6HOHFWWKH*HRGHWLF'DWXPRQZKLFKWKH]RQHLVEDVHG
6HOHFWWKHPDSSURMHFWLRQW\SH\RXZLVKWRXVHIRUWKHSURMHFWDQG]RQH
(QWHUWKHSURMHFWLRQSDUDPHWHUVIRUWKH]RQH
&OLFN2.WRVDYHWKH]RQHDQGFORVHWKH=RQH'HILQLWLRQGLDORJER[
&OLFN2.LQWKH*ULG'HILQLWLRQGLDORJER[WRFORVHLWDQGUHWXUQWRWKH
&RRUGLQDWH6\VWHPGLDORJER[
&RRUGLQDWH7UDQVIRUPDWLRQV
'HILQLQJD1HZ/RFDO*ULG6\VWHP
:KHQFUHDWLQJDFXVWRP/RFDO*ULG6\VWHP\RXPXVWWLHWKHFXVWRPV\VWHPWRDQ
H[LVWLQJ*ULG6\VWHP%DVH*ULGDQG=RQH%DVH=RQH<RXFDQXVHFRPSXWHG
WUDQVIRUPDWLRQSDUDPHWHUVWRFRQYHUWWRWKHFXVWRPJULGV\VWHPRUHQWHUWKHORFDODQG
EDVHJULGFRRUGLQDWHVIRUDPLQLPXPRIWZRSRLQWVDQGKDYH/RFXV3URFHVVRU
HVWLPDWHWKHWUDQVIRUPDWLRQSDUDPHWHUV
<RXPXVWKDYHRQHRIWKHIROORZLQJWRSURGXFHDFFXUDWHSRVWSURFHVVHG*36GDWD
XVLQJDFXVWRPORFDOJULG
7RGHILQHDQHZORFDOJULGV\VWHP
)URPWKH&RRUGLQDWH6\VWHP7DERIWKH3URMHFW6HWWLQJVGLDORJER[VHOHFW
/RFDO*ULGDVWKHV\VWHPW\SH
6HOHFW1(:DVWKH/RFDO*ULG6\VWHPDQGFOLFNWKH'HILQHEXWWRQ
)LJXUH3URMHFW6HWWLQJV1HZ/RFDO*ULG6\VWHP
/RFXV3URFHVVRU8VHUV*XLGH
,QWKH/RFDO*ULG6\VWHP'HILQLWLRQGLDORJER[W\SHWKHQDPHIRUWKHORFDO
V\VWHP
&
R
R
U
G
L
Q
D
W
H
7
U
D
Q
V
I
R
U
P
)LJXUH1HZ/RFDO*ULG'HILQLWLRQ
6HOHFWD%DVH*ULG6\VWHPDQG%DVH=RQH<RXFDQGHILQH\RXURZQJULGE\
FOLFNLQJWKH'HILQHEXWWRQ
,I\RXNQRZWKHWUDQVIRUPDWLRQSDUDPHWHUVHQWHUWKH(DVWLQJ6KLIW1RUWKLQJ
6KLIW=5RWDWLRQURWDWLRQDERXWDYHUWLFDOD[LVDQG6FDOH'LIIHUHQFHWR
FRQYHUWWKHVHOHFWHGEDVHJULGWRWKHORFDOJULGV\VWHP2WKHUZLVH\RXQHHGWR
FDOFXODWHWKHSDUDPHWHUVUHIHUWR(VWLPDWLQJ/RFDO*ULG7UDQVIRUPDWLRQ
3DUDPHWHUVRQSDJH
D
)LJXUH1HZ/RFDO*ULG'HILQLWLRQZLWK7UDQVIRUPDWLRQ3DUDPHWHUV
1RWHWKHGLUHFWLRQRIWKHSDUDPHWHUVLVIURPWKHEDVHJULGWRWKHORFDOJULG
DQGWKDWURWDWLRQLVSRVLWLYHLQDFRXQWHUFORFNZLVHGLUHFWLRQ&OLFNRQ2.WR
VDYHWKHSDUDPHWHUVWRWKHGDWDEDVH
&RRUGLQDWH7UDQVIRUPDWLRQV
(VWLPDWLQJ/RFDO*ULG7UDQVIRUPDWLRQ
3DUDPHWHUV
7KH/RFDO*ULG7UDQVIRUPDWLRQ3DUDPHWHU(VWLPDWLRQGLDORJER[LVXVHGWRHQWHUJULG
FRRUGLQDWHVRIVXUYH\SRLQWVDQGFDOFXODWHWUDQVIRUPDWLRQSDUDPHWHUVLI\RXGRQRW
NQRZWKHWUDQVIRUPDWLRQSDUDPHWHUV/RFXV3URFHVVRUXVHVLQGXVWU\VWDQGDUG
HTXDWLRQVWRFDOFXODWHWUDQVIRUPDWLRQSDUDPHWHUV
$OWKRXJK\RXFDQFDOFXODWHWUDQVIRUPDWLRQSDUDPHWHUVZLWKRQO\WZRGDWDSRLQWVDW
OHDVWWKUHHDUHUHTXLUHGWRFRPSXWHUHVLGXDOGDWDDQGDWOHDVWIRXUVKRXOGEHXVHGWR
HQVXUHDOOSRLQWVDUHYDOLGSRLQWV
,I\RXKDYHORDGHGGDWDLQWRWKHSURMHFWWKHVLWHVDUHDYDLODEOHWRXVHIRUWKH
WUDQVIRUPDWLRQFDOFXODWLRQ$IWHUVHOHFWLQJDVLWHERWKEDVHDQGORFDOFRRUGLQDWHVDUH
SUHVHQWHG7KHEDVHFRRUGLQDWHVFDQEHHGLWHGDQGDQ\FKDQJHVPDGHDUHVDYHGWRWKH
GDWDVHW
)URPWKH/RFDO*ULG6\VWHP'HILQLWLRQGLDORJFOLFNRQ(VWLPDWH
:LWKWKH/RFDO*ULG7UDQVIRUPDWLRQ3DUDPHWHU(VWLPDWLRQGLDORJER[
RSHQHQWHUWKHSRLQWV6LWH,'RULI\RXKDYHORDGHGGDWDLQWRWKHSURMHFW
FOLFNWKHDUURZDWWKHULJKWRIWKH6LWH,'ER[DQGVHOHFWDVLWH
/RFXV3URFHVVRU8VHUV*XLGH
&
R
R
U
G
L
Q
D
W
H
7
U
D
Q
V
I
R
U
P
D
)LJXUH(VWLPDWLQJ/RFDO*ULG7UDQVIRUPDWLRQ
(GLWWKHQRUWKLQJDQGHDVWLQJJULGFRRUGLQDWHVIRUERWKWKHORFDODQGEDVH
JULGV\VWHPVLIQHFHVVDU\
$IWHUHQWHULQJDOOSRLQWVFOLFN&DOFXODWHWRFDOFXODWHWKHWUDQVIRUPDWLRQ
SDUDPHWHUV7KH(VWLPDWHG3DUDPHWHUVER[DWWKHERWWRPRIWKHGLDORJER[
OLVWVWKHFRPSXWHGWUDQVIRUPDWLRQSDUDPHWHUV
,I\RXHQWHUHGPRUHWKDQWZRGDWDSRLQWVWRFDOFXODWHWKHWUDQVIRUPDWLRQ
SDUDPHWHUV/RFXV3URFHVVRUDOVRFRPSXWHVUHVLGXDOVIRUHDFKSRLQW<RX
FDQXVHWKHUHVLGXDOVWRGHWHUPLQHLIDQ\SRLQWLVLQFRQVLVWHQWZLWKWKHRWKHUV
,IDSRLQWKDVUHVLGXDOVPXFKJUHDWHUWKDQWKHRWKHUSRLQWVWKHGDWDSRLQWPD\
EHVXVSHFWRULQFRUUHFWO\HQWHUHG)RUH[DPSOHLQ)LJXUH\RXFDQVHH
WKDW3RLQW-KDVWKHODUJHVWUHVLGXDO7KLVPD\LQGLFDWHWKDWWKHFRRUGLQDWH
LVZURQJ
&RRUGLQDWH7UDQVIRUPDWLRQV
)LJXUH/RFDO*ULG7UDQVIRUPDWLRQ3DUDPHWHU(VWLPDWLRQ
7KHODVWFROXPQLQWKHGLDORJJLYHV\RXDTXLFNLQGLFDWLRQRIWKHUHODWLYH
VL]HVRIWKHUHVLGXDOV9HULI\WKHFRRUGLQDWHVDQGUHFDOFXODWHRUUHFDOFXODWH
WKHWUDQVIRUPDWLRQSDUDPHWHUVH[FOXGLQJWKHSRLQWV7RH[FOXGHDSRLQW
XQFKHFNWKH2QFKHFNER[DQGFOLFN&DOFXODWHWRUHFRPSXWHWKH
WUDQVIRUPDWLRQSDUDPHWHUV1RZWKHUHVLGXDOVIRUDOOFKHFNHGSRLQWVDUH
LQGLFDWLQJWKDWWKH\DUHFRQVLVWHQW
/RFXV3URFHVVRU8VHUV*XLGH
&
R
R
U
G
L
Q
D
W
H
7
U
D
Q
V
I
R
U
P
D
>
)LJXUH/RFDO*ULG7UDQVIRUPDWLRQ:LWK(VWLPDWHG3DUDPHWHUV
&OLFN2.WRZULWHWKHSDUDPHWHUVWRWKHORFDOJULGGHILQLWLRQDQGFORVHWKH
/RFDO*ULG7UDQVIRUPDWLRQ3DUDPHWHUV(VWLPDWLRQGLDORJER[
7KHSRLQWVXVHGWRFDOFXODWHWKHWUDQVIRUPDWLRQSDUDPHWHUVDUHVDYHGLQWKH
/RFDO*ULG7UDQVIRUPDWLRQ3DUDPHWHU(VWLPDWLRQGLDORJER[
<RXPD\SURGXFHDILQDOUHSRUWRI\RXUSDUDPHWHUHVWLPDWLRQE\FOLFNLQJ
5HSRUW7KLVZLOOGLVSOD\DSUHGHILQHGUHSRUWIRUPDWVKRZLQJWKHSRLQWVXVHG
LQWKHHVWLPDWLRQQHZSDUDPHWHUVDQGWKHUHVLGXDOV
+HLJKW6\VWHPV
7KH/RFXVSURFHVVRUJLYHV\RXWKHDELOLW\WRZRUNZLWKHLWKHURUWKRPHWULFKHLJKWV
KHLJKWVDERYHWKHJHRLGRUDSSUR[LPDWHPHDQVHDOHYHORUHOOLSVRLGDOKHLJKWV
KHLJKWVDERYHWKHVDPHGDWXPXVHGIRU\RXUKRUL]RQWDOFRRUGLQDWHV,WLVLPSRUWDQW
WRNQRZZKDWKHLJKWV\VWHP\RXUFRQWUROFRRUGLQDWHVDUHLQVR\RXFDQVHOHFWLWGXULQJ
SURMHFWFUHDWLRQ
&RRUGLQDWH7UDQVIRUPDWLRQV
,QWKH&RRUGLQDWH6\VWHPWDERIWKH3URMHFW6HWWLQJVGLDORJ\RXFDQVHHWKDWWKHUHLVD
VLPSOHVHOHFWLRQEHWZHHQHOOLSVRLGDODQGRUWKRPHWULFV\VWHPV,I\RXFKRRVH
RUWKRPHWULF\RXPXVWFKRRVHDJHRLGPRGHODVZHOO7KHJHRLGPRGHOLVXVHGWR
GHILQHWKHUHODWLRQVKLSEHWZHHQWKHRUWKRPHWULFKHLJKWV\RXZLOOEHXVLQJDQGWKH
HOOLSVRLGDOKHLJKWVWKDWWKH/RFXVSURFHVVRUXVHVWRSURFHVVDQGDGMXVW\RXUVXUYH\
GDWD:HKDYHSURYLGHGVHYHUDOJHRLGPRGHOVLQ/RFXVLQFOXGLQJ*HRLGIRUWKH
86*6'IRU&DQDGDDQG(*0ZRUOGZLGHFRYHUDJH'HSHQGLQJRQWKH
GDWXP\RXVHOHFW\RXPD\KDYHWKHRSWLRQWRFKRRVHEHWZHHQVHYHUDOUHJLRQDO
PRGHOVRU\RXPD\EHUHVWULFWHGWRWKHJOREDOPRGHO7KLVLVEHFDXVHHDFKUHJLRQDO
PRGHOLVUHIHUHQFHGWRDVSHFLILFGDWXP,I\RXKDYHPRUHWKDQRQHRSWLRQZH
UHFRPPHQGWKDW\RXVHOHFWDUHJLRQDOPRGHOVLQFHWKLVZLOOEHPRUHDFFXUDWHIRU\RXU
DUHD
7KHKHLJKWGLVSOD\HGWKURXJKRXW/RFXVGHSHQGVRQWKHV\VWHP\RXVHOHFWKHUH
7KHXVHRIORFDOKHLJKWV\VWHPVZKLFKYDU\FRQVLGHUDEO\IURP06/IRURUWKRPHWULFKHLJKWVPD\
DGYHUVHO\DIIHFW\RXUUHVXOWV
$1RWH&RQFHUQLQJ1$'&21
,I\RXVHOHFWDGDWXPZKLFKXVHVWKH1$'&21WUDQVIRUPDWLRQ\RXZLOOEHIRUFHGWR
XVHRUWKRPHWULFKHLJKWV7KLVLVEHFDXVH1$'&21LVD'WUDQVIRUPDWLRQDQG
HOOLSVRLGKHLJKWVDUHWKHUHIRUHPHDQLQJOHVV
,WLVYHU\LPSRUWDQWWKDWDOOYHUWLFDOFRQWUROKHLJKWVDUHEDVHGRQWKHVDPHYHUWLFDOGDWXPHJ
1$9'0L[LQJKHLJKWVIURPGLIIHUHQWYHUWLFDOGDWXPVZLOOFDXVHXQSUHGLFWDEOHDQGHUURQHRXV
UHVXOWV
/RFXV3URFHVVRU8VHUV*XLGH
7XWRULDO8VLQJWKH/RFXV3ODQQLQJ
0RGXOH
3ODQQLQJLVLPSRUWDQWIRUWKHVXFFHVVRID*36SURMHFW3ODQQLQJLQYROYHVVHOHFWLQJ\RXU
FRQWUROVWDWLRQVYHULI\LQJWKDWWKH\DUHXVDEOHIRU*36REVHUYDWLRQVVHWWLQJQHZVWDWLRQV
LQXVDEOHVLWHVDQGHVWDEOLVKLQJDSODQIRURFFXS\LQJWKHVHVWDWLRQV$VPXFKDVSRVVLEOH
ZHZDQWWRFRQVLGHURXUVXUYH\VDVQHWZRUNVVRWKDWZHFDQXVHWKHEHQHILWVRIWKHOHDVW
VTXDUHVDGMXVWPHQWURXWLQHDQGSODQDFFRUGLQJO\$QLPSRUWDQWSDUWRIWKH3ODQQLQJ
SURFHVVLVWKHVFKHGXOLQJRIWKHREVHUYDWLRQVDQGWKH/RFXVSODQQLQJPRGXOH:LWKWKHVH
URXWLQHVZHFDQGHWHUPLQHWKHEHVWWLPHVIRURXUREVHUYDWLRQVDQGLIZHKDYHREVWUXFWHG
VLWHVZHFDQHQWHULQWKRVHREVWUXFWLRQVJUDSKLFDOO\DQGVHHWKHLUHIIHFWVRQWKHVDWHOOLWH
JHRPHWU\
6WDUWWKHSURJUDP)URPWKH:LQGRZVRU17WDVNEDUVHOHFWLQRUGHU6WDUW
_3URJUDPV_/RFXV3URFHVVRU_0LVVLRQ3ODQQLQJ7KH0LVVLRQ3ODQQLQJVSODVK
VFUHHQGLVSOD\VIRUDPRPHQWDQGWKHQWKHPDLQSODQQLQJZLQGRZZLOODSSHDU
<RXFDQDOVRVWDUWWKHSURJUDPIURPZLWKLQWKH/RFXV3URMHFW0DQDJHUE\VHOHFWLQJ7RROVIURPWKH
3ODQQLQJPHQX
$QLQIRUPDWLRQER[PD\EHHQFRXQWHUHG:$51,1*7KHDOPDQDFILOHLVRYHU
GD\VROG
:HOOXVHWKLVDOPDQDFDQ\ZD\IRUFRQVLVWHQF\LQWKHWXWRULDO)RU\RXURZQ
ZRUNGRZQORDGDPRUHUHFHQWDOPDQDFIURP/RFXV
7KHDOPDQDFILOHXVHGLQWKLVWXWRULDOLVFDOOHG$/0DQGLVLQVWDOOHGDXWRPDWLFDOO\
7XWRULDO
)URPWKHSODQQLQJPHQXEDUVHOHFW2SHQIURPWKH6LWH/LVWPHQX
7
X
W
R
U
L
D
O
)URPWKHILOHVHOHFWLRQER[VHOHFWWKHELQIROGHUWKH/RFXVIROGHUE\GRXEOH
FOLFNLQJRQLW
)LJXUH)LOH2SHQ'LDORJ
6HOHFWWKHXVDVLWHVVSOILOHE\GRXEOHFOLFNLQJRQLWRUE\VLQJOHFOLFNLQJRQ
LWDQGWKHQFOLFNLQJWKH2SHQEXWWRQ
)LJXUH6HOHFWLQJD6LWHV)LOH'LDORJ
7KH6LWH(GLWRUGLDORJER[RSHQVOLVWLQJ86FLWLHVZLWK$VKWHFKDVWKH
FXUUHQWORFDWLRQ<RXFDQVHOHFWDQ\FLW\RUFUHDWHDQHZVLWHEXWIRUWKH
/RFXV3URFHVVRU7XWRULDO
WXWRULDOXVHWKH$VKWHFK,QFVLPSO\FOLFNRQWKH6HOHFWER[LQWKHORZHU
ULJKWSRUWLRQRIWKH6LWH(GLWRUGLDORJER[
)LJXUH6LWH(GLWRU'LDORJ%R[
0DNHVXUHWKDWWKH/RFDO7LPH*07RIIVHWLVFRUUHFWIRU\RXUWLPH]RQHDQGWKHWLPHRIWKH\HDU
7KHH[DPSOHVKRZQLVKRXUVIRU3DFLILF7LPHLQWKHZLQWHU)RU'D\OLJKW6DYLQJV7LPHLQWKH
VXPPHUWKLVYDOXHVKRXOGEHKRXUV
7
X
W
R
U
L
D
O
&OLFNRQWKH'233ORWEXWWRQ
$KRXUSORWGLVSOD\VWKHQXPEHURIVDWHOOLWHVDYDLODEOHDQGWKHDVVRFLDWHG
3RVLWLRQ'LOXWLRQRI3UHFLVLRQ3'23YDOXHV7KLVLVWKHVLQJOHPRVW
LPSRUWDQWSORWIRUSODQQLQJRXUREVHUYDWLRQV:HVHHERWKWKHQXPEHURI
VDWHOOLWHVDYDLODEOHDWDQ\WLPHDQGZHDOVRVHHWKHFRUUHVSRQGLQJVWUHQJWKRI
WKHVDWHOOLWHJHRPHWU\)RUVWDWLFVXUYH\VZHDNJHRPHWU\UHTXLUHVORQJHU
REVHUYDWLRQ)RUG\QDPLFVXUYH\VZHZDQWWRKDYHDPLQLPXPRI
7XWRULDO
VDWHOOLWHVDYDLODEOHVRWKDWZHFDQUHDVRQDEO\FRXQWRQKDYLQJWKHDEVROXWH
PLQLPXPRIDQGVWLOODOORZIRUWKHRFFDVLRQDOREVWUXFWLRQRIDVDWHOOLWH
)LJXUH'233ORW'LVSOD\
%\GHIDXOWWKHGDWHLVVHWWRWKHFXUUHQWGDWH)RUWKLVWXWRULDOFKDQJHWKH
GDWHWR
7KHVPDOOHUWKH3'23YDOXHWKHVWURQJHUWKHVDWHOOLWHJHRPHWU\WKHUHIRUHDFKLHYLQJDFFXUDWH*36
PHDVXUHPHQWV
,QRXUH[DPSOHZHVHHWKDWWKHUHDUHWZRSHULRGVZKHUHWKH3'23LVRU
KLJKHU/HWV]RRPLQWRWKHKRXUSHULRGRIWR7RGRWKLVPRYH
!DQGDUURZEXWWRQVDERYHWKH7LPH%DUVRWKDWRQO\WKHVSDQEHWZHHQ
/RFXV3URFHVVRU7XWRULDO
DQGLVUHG6LQJOHFOLFNLQWKHGLVSOD\ZLQGRZWRGLVSOD\)LJXUH
)LJXUH=RRPLQJLQRQWKH'233ORW
1RZOHWVVHHZKDWWKHVN\SORWORRNVOLNHIRUWKLVSHULRGRIWLPH6LPSO\
FOLFNRQWKH6N\3ORWEXWWRQLQWKHWRROEDUWRRSHQWKH6N\3ORW
7
X
W
R
U
L
D
O
)LJXUH6N\3ORW'LVSOD\
7XWRULDO
<RXFDQVHHWKDWZHKDYHORVWWZRORZVDWHOOLWHV:HRQO\KDYHILYH
UHPDLQLQJ)RXURIWKHILYHDUHOLQHGXSVRWKDWWKHJHRPHWU\LVZHDN7KLVLV
QRWDJRRGWLPHIRUG\QDPLFVXUYH\LQJDQGLWVKRXOGEHDYRLGHG,IZHDUH
JRLQJWREHGRLQJVWDWLFREVHUYDWLRQVGXULQJWKLVWLPHZHVKRXOGVFKHGXOH
WKHVHVVLRQWRVWDUWDQGHQGZLWKJRRGJHRPHWU\RQHLWKHUVLGHRIWKHZHDN
SHULRGRUVFKHGXOHWKHVHVVLRQVWRDYRLGWKHZHDNSHULRG
9DOXHVRI3'23RYHUXVXDOO\IODJWLPHSHULRGVWKDWDUHPDUJLQDOIRU*36VXUYH\LQJ
6XSSRVHWKHUHLVDODUJHEXLOGLQJWRWKHQRUWKHDVWRIWKHVXUYH\VWDWLRQ/HWV
HQWHUWKHREVWUXFWLRQDQGVHHLWVHIIHFWRQRXUJHRPHWU\&OLFNWKH
2EVWUXFWLRQVEXWWRQRQWKH7RROEDUWRRSHQWKH2EVWUXFWLRQ(GLWRU
)LJXUH2EVWUXFWLRQ(GLWRU
(QWHUWKHREVWUXFWLRQ
0RYHWKHPRXVHWRDERXWGHJUHHVRID]LPXWKDQGGHJUHHVRIHOHYDWLRQ
DQGFOLFN
0RYHWKHPRXVHWRDERXWGHJUHHVRID]LPXWKDQGGHJUHHVRIHOHYDWLRQ
DQGFOLFN<RXVKRXOGVHHDOLQHEHWZHHQWKHWZRSRLQWV,IQRW\RXPD\QRW
KDYHVHOHFWHGWKHILUVWSRLQWFRUUHFWO\WU\DJDLQ
0RYHWKHPRXVHWRDERXWGHJUHHVRID]LPXWKDQGGHJUHHVRIHOHYDWLRQ
DQGFOLFN
1H[WPRYHWKHPRXVHWRGHJUHHVRID]LPXWKDQGGHJUHHVRIHOHYDWLRQ
DQGFOLFN
/RFXV3URFHVVRU7XWRULDO
)LQDOO\FOLFNWKH)LQLVK2EVWUXFWLRQEXWWRQWRFRPSOHWHWKHREVWUXFWLRQDQG
GLVSOD\LWDVDKDWFKPDUNDUHD)LJXUH
)LJXUH2EVWUXFWLRQLQ3ODFH
&OLFNRQWKH2.EXWWRQWRGLVSOD\WKH6N\SORWZLWKWKHREVWUXFWLRQLQYLHZ
7
X
W
R
U
L
D
O
)LJXUH6N\3ORW$IWHU(QWHULQJDQ2EVWUXFWLRQ
7XWRULDO
7RVHHWKHHIIHFWRIWKHREVWUXFWLRQRQWKH3'23FOLFNWKH3'233ORWEXWWRQ1RWLFH
WKDWWKH'23OLQHGLVDSSHDUVWKH'23YDOXHJRHVDERYHRXUVFDOHDQGWKDWWKH
QXPEHURIVDWHOOLWHVGURSWRIRUWKHHQWLUHVHVVLRQ7KLVLVQRWDJRRGWLPHWRRFFXS\
WKLVVWDWLRQ
)LJXUH'233ORW=RQHDIWHU2EVWUXFWLRQ
/RFXV3URFHVVRU7XWRULDO
7RJHWDKRXUYLHZRIWKH'233ORWDQGVHOHFWDEHWWHUREVHUYDWLRQWLPHFOLFNWKH
+RXUEXWWRQ
)LJXUH+RXU9LHZ
:LWKWKHH[LVWHQFHRIWKHREVWUXFWLRQWKHUHDUHSHULRGVRISRRUJHRPHWU\DURXQG
7
X
W
R
U
L
D
O
DQG,WZRXOGEHEHWWHUWRREVHUYHWKLVVWDWLRQVRPHWLPHEHWZHHQDQG
RUSHUKDSVEHWZHHQDQG
3ULQWWKHJUDSKE\VHOHFWLQJIURPWKH6LWH/LVWPHQX
6DYHWKHSORWE\VHOHFWLQJIURPWKH6LWH/LVWPHQX
([LWWKHSURJUDPE\VHOHFWLQJ([LWIURPWKH6LWH/LVWPHQX
5HIHUWRWKH$SSHQGL[$0LVVLRQ3ODQQLQJIRUIXUWKHUGHWDLOV
7XWRULDO
/RFXV3URFHVVRU7XWRULDO
7XWRULDO'RZQORDGLQJ
/RFXV5HFHLYHUVDQG+DQGKHOG5HFHLYHUV
<RXUUHFHLYHUZLOOQRWFRPHIURPWKHIDFWRU\ZLWKDQ\GDWDILOHV,QRUGHUWRIROORZDORQJZLWKWKH
GRZQORDGVWHSV\RXZLOOKDYHWRKDYHFROOHFWHGDWOHDVWRQHGDWDILOHLQ\RXUUHFHLYHU
:HZLOOGRZQORDGGDWDLQWRDQHZSURMHFWDOWKRXJK\RXPD\DOVRXVH/RFXV'RZQORDG
ZLWKRXWDSURMHFW
6WDUW/RFXV3URFHVVRU3URMHFW0DQDJHUIURPWKH6WDUWPHQXLQ:LQGRZV
)URPWKH/RFXVPHQXOLQHVHOHFW1HZIURPWKH3URMHFWPHQXRULI\RXDUHMXVW
VWDUWLQJWKHSURJUDPVHOHFW&UHDWHDQHZSURMHFWIURPWKHVWDUWXSVFUHHQDQG
WKHSURJUDPZLOOSUHVHQW\RXZLWKWKH1HZ3URMHFWZLQGRZ&KRRVHWRFUHDWHD
)LJXUH/RFXV,QWUR6FUHHQ
7
X
W
R
U
L
D
O
QHZSURMHFW
7XWRULDO
(QWHUWKHQDPHRI\RXUSURMHFW:HZLOOXVHWKHSURMHFWQDPH'RZQORDGIRU
WKHWXWRULDOVRZHGRQWRYHUZULWHDQ\H[LVWLQJILOHVRUSURMHFWV
)LJXUH1HZ3URMHFW*HQHUDO7DE
6HOHFWWKH&RRUGLQDWHV6\VWHPWDEWRVHWXSWKHSURMHFWVFRRUGLQDWHV\VWHP
$VDQH[DPSOHZHDUHJRLQJWRXVH&DOLIRUQLD=RQH6WDWH3ODQH
FRRUGLQDWHVDQGRUWKRPHWULFKHLJKWV2XUJHRLGPRGHOZLOOEHWKH1*6
*HRLGPRGHO)RU\RXUGDWD\RXVKRXOGXVHWKHDSSURSULDWH6\VWHPIRU
\RXUDUHD
)LJXUH1HZ3URMHFW&RRUGLQDWH6\VWHP7DE
/RFXV3URFHVVRU7XWRULDO
1H[WVZLWFKWRWKH0LVFHOODQHRXVWDEWRVHWWKHSURMHFWVXQLWVDQGDFFXUDF\
WKUHVKROGV7KHVFUHHQEHORZVKRZVVRPHH[DPSOHYDOXHV
)LJXUH1HZ3URMHFW0LVFHOODQHRXV7DE
:KHQ\RXFOLFN2.\RXZLOOEHSURPSWHGIRU\RXUGDWDVRXUFH
6HOHFW$GGUDZGDWDILOHVIURPUHFHLYHU
7
X
W
R
U
L
D
O
)LJXUH$GG)LOHV'LDORJ
7KHSURJUDPZLOOWKHQGLVSOD\WKH/RFXV'RZQORDGZLQGRZVKRZLQJWKHILOHVLQWKH
FXUUHQWSURMHFWGLUHFWRU\RQWKHULJKWVLGH,IWKHGLVSOD\HGGLUHFWRU\LVQRWZKHUH\RX
ZDQWWKHILOHVWRJRFKDQJHLWE\GRXEOHFOLFNLQJWKHXSDUURZ
LFRQLQWKH
GLUHFWRU\OLVWDQGWKHSXOOGRZQOLVWER[DERYHLWLIQHFHVVDU\
&RQQHFWWKH,5GHYLFHWRDQ\DYDLODEOHVHULDOSRUW
7XUQRQWKH/RFXVUHFHLYHURQDQGSRVLWLRQLWZLWKLQVL[WRWZHQW\IRXU
LQFKHVRIWKH,5GHYLFHZKLFKVKRXOGEHSRLQWHGDWWKHUHFHLYHUV,5ZLQGRZ
)RUEHVWUHVXOWVSD\DWWHQWLRQWRWKHDOLJQPHQWRIWKH,5GHYLFHV5HIHUWR&KDSWHU$GGLQJ'DWD
)LOHV
7XWRULDO
6WHSVZLWKLQWKH'RZQORDG3URJUDP
)URPWKHSXOOGRZQPHQXVHOHFW&RQQHFWIURPWKH)LOHPHQX
6HOHFWWKHFRPSRUWWKDW\RXKDYHFRQQHFWHGWKH/RFXV,5GHYLFHWR
)LJXUH&RQQHFW9LD,5'LDORJ6HOHFW3RUW
&OLFNRQWKH6HWWLQJVWDEDQGVHOHFWDEDXGUDWHRI
)LJXUH&RQQHFW9LD,5'LDORJ6HWWLQJV
&OLFNWKH2.EXWWRQ
7KHSURJUDPVHDUFKHVIRUWKHUHFHLYHURQWKHFRPSRUWDQGVHWWKHEDXGWR
\RXUVHOHFWHGUDWH<RXZLOOVHHDFRXSOHRIDQLPDWHGLFRQVDIODVKOLJKW
VHDUFKLQJDQGDPDJQLI\LQJJODVVH[DPLQLQJDILOHIROGHUDVWKHVRIWZDUH
/RFXV3URFHVVRU7XWRULDO
LQVSHFWVWKHUHFHLYHUPHPRU\DQGWKHQ\RXZLOOVHHDOLVWRIWKHILOHVRQWKH
UHFHLYHU7KHILOHVPD\EHGLIIHUHQWWKDQVKRZQ
)LJXUH5HFHLYHU)LOHV/LVWLQJ
+LJKOLJKWWKHILOHV\RXZLVKWRGRZQORDGWKHQGUDJDQGGURSWKHPWRWKH3&
3DQH
7
X
W
R
U
L
D
O
7XWRULDO
7RKLJKOLJKWPXOWLSOHILOHVXVHWKH&WUO!RU6KLIW!NH\VZKLOHFOLFNLQJZLWKWKHPRXVH
)LJXUH'UDJJLQJDQG'URSSLQJD)LOH
$FRS\LQJER[VKRZVWKHSHUFHQWDJHRIHDFKILOHFRPSOHWHG:KHQWKH
GRZQORDGLVFRPSOHWHWKHQHZ%DQG(ILOHVDUHOLVWHGRQWKHULJKWVLGHRI
WKHVFUHHQ
(DFKGDWDILOHLQWKHUHFHLYHUZLOOKDYHDFRUUHVSRQGLQJ%DQG(ILOH<RX
VKRXOGDOVRGRZQORDGWKHDOPDQDFILOHLI\RXUVLVRXWGDWHGPRUHWKDQ
/RFXV3URFHVVRU7XWRULDO
GD\VROGDQGSODFHLWLQWKH/RFXV?%,1GLUHFWRU\IRUWKHPLVVLRQSODQQLQJ
VRIWZDUHWRXVH
)LJXUH'RZQORDG5HVXOWV
,I\RXKDYHRQO\RQHUHFHLYHUDQGKDYHQRWXVHGDKDQGKHOGWKHQMXPSDKHDG
WRVWHS
6HOHFW6ZLWFK'DWD6RXUFHIURPWKH)LOHVPHQX
7
X
W
R
U
L
D
O
)LJXUH6ZLWFK'DWD6RXUFH0HVVDJH
7XUQRQWKH/RFXVKDQGKHOGDQGPDNHVXUHWKH+3/RFXVSURJUDPLVUXQQLQJ)RU
PRUHLQIRUPDWLRQRQVWDUWLQJWKH/RFXVSURJUDPUHIHUWRWKH/RFXV6\VWHP2SHUDWLRQ
0DQXDO
7XWRULDO
3UHVVWKH(.H\>'1/'@RQWKH+DQGKHOI
3RLQWWKH+3DWWKH,5GHYLFHDQGSUHVVWKH%.H\>6757@
1RZDFWLYDWHWKHFRQQHFWLRQE\FKRRVLQJ2.IURPWKH6ZLWFK'DWD6RXUFH
0HVVDJH
7KH3&GRZQORDGSURJUDPZLOOVHDUFKIRUWKHQHZGHYLFHDQGFKDQJHWKHEDXGUDWHLI
QHFHVVDU\:KHQWKHQHZGHYLFHLVFRQQHFWHGWKHILOHVLWFRQWDLQVZLOOEHGLVSOD\HGLQ
WKHOHIWKDOIRIWKHGRZQORDGZLQGRZ'UDJDQGGURSWKHDSSURSULDWHILOHVWRWKHULJKW
VLGHRIWKHVFUHHQ7KHKDQGKHOGZLOODOZD\VKDYHRQO\DVLQJOHILOH
)LJXUH'UDJJLQJD/RFXV+DQGKHOG')LOH
7KHFRS\LQJER[ZLOODSSHDUDQGVKRZWKHSURJUHVVRIWKHFRS\
:KHQWKHFRS\LVILQLVKHGUHSHDWWKHDERYHVWHSVXVLQJ6ZLWFK'DWD6RXUFHXQWLODOO
WKHGHYLFHVKDYHGRZQORDGHG
7KHKDQGKHOGZLOOGLVFRQQHFWDIWHUHDFKGRZQORDG7RUHHVWDEOLVKDFRQQHFWLRQFKRRVH)LOH
&RQQHFWZKHQWKHQH[WGHYLFHLVLQSODFHDQGVZLWFKHGRQ
,QWKLVH[DPSOHZHKDYHGRZQORDGHGRQHUHFHLYHUDQGRQHKDQGKHOG,WZRXOGSUREDEO\EHPRUH
HIILFLHQWWRGRZQORDGDOOWKHUHFHLYHUVDQGWKHQGRZQORDGDOOWKH+3VLIDQ\7KHUHZRXOGEH
OHVVVZLWFKLQJRIEDXGUDWHVDQGWKHSURFHVVVKRXOGSURFHHGDOLWWOHIDVWHU
:KHQDOOGHYLFHVKDYHEHHQGRZQORDGHGVHOHFW([LWIURPWKH)LOHVPHQX
/RFXV3URFHVVRU7XWRULDO
7KHGDWDLVWKHQORDGHGLQWRWKHSURMHFWGDWDEDVHDQGGLVSOD\HGLQERWKDWLPHOLQHYLHZ
DQGDZRUNERRNYLHZDVVKRZQEHORZ
)LJXUH'RZQORDGHG)LOHV3RSXODWH3URJUDP0DQDJHU
,IZHKDYHGRZQORDGHGDOOWKHUHFHLYHUVDQGDQ\+3VZHVKRXOGEHUHDG\WR
SURFHVV:KHQDOOWKHUHFHLYHUVDQGWKHKDQGKHOGVKDYHEHHQGRZQORDGHG\RXDUH
UHDG\WREHJLQSURFHVVLQJ
7
X
W
R
U
L
D
O
7XWRULDO
/RFXV3URFHVVRU7XWRULDO
7XWRULDO/RFXV3URFHVVLQJ
$GMXVWLQJ([SRUWLQJDQG5HSRUWLQJ
$WWKLVSRLQWWKHGDWDKDYHEHHQGRZQORDGHGIURPWKHUHFHLYHULQWRDSURMHFWGLUHFWRU\DQG
ZHDUHUHDG\WRSURFHVVWKHP,IDSURMHFWILOHKDGEHHQRSHQHGEHIRUHGRZQORDGLQJWKH
UHFHLYHUVWKHGDWDZRXOGKDYHEHHQDXWRPDWLFDOO\LPSRUWHGLQWRWKHSURMHFWGDWDEDVHDQG
ZHFRXOGVNLSWRVWHS+RZHYHUZHDUHJRLQJWRXVHGDWDWKDWKDYHDOUHDG\EHHQ
GRZQORDGHGVHSDUDWHO\VRZHZLOOFUHDWHDQHZSURMHFWDQGLPSRUWWKHGDWDIURPWKHGLVN
UDWKHUWKDQIURPWKHUHFHLYHU
)URPWKH:HOFRPHWR/RFXVGLDORJER[VHOHFW&UHDWHDQHZSURMHFW
)LJXUH:HOFRPHWR/RFXV'LDORJER[
7KLVRSHQVWKHQHZSURMHFWZLQGRZ
(QWHU7XWRU6WDWLFLQWKH3URMHFW1DPHILHOG&RPPHQWV&RPSDQ\DQG
&OLHQWPD\DOVREHHQWHUHGDWWKLVWLPHEXWDUHQRWQHFHVVDU\<RXPD\HQWHU
WKHPDWDQ\WLPH
)RUWKHEHVWRXWFRPHXVHWKHQDPHRIWKHGLUHFWRU\LQZKLFK\RXSODFHG\RXUGDWDDVWKHSURMHFWQDPH
7
X
W
R
U
L
D
O
7XWRULDO
)LJXUH1HZ3URMHFW*HQHUDO7DE
&OLFNRQWKH&RRUGLQDWH6\VWHPWDE
6HOHFW*ULGDVWKH6\VWHP7\SH
6HOHFWWKH6WDWH3ODQH&RRUGLQDWHRSWLRQLQWKH*ULG6\VWHPOLVWER[
&OLFNWKHUDGLREXWWRQQH[WWR2UWKRPHWULF(OHYDWLRQVXQGHU+HLJKW
6\VWHP
/RFXV3URFHVVRU7XWRULDO
6HOHFWWKH*HRLGPRGHOIRUWKH86IURPWKH*HRLG0RGHOOLVWER[
)LJXUH1HZ3URMHFW&RRUGLQDWH6\VWHP7DE
&OLFNRQWKH0LVFHOODQHRXVWDE
6HWWKHPLVFHOODQHRXVVHWWLQJVDVVKRZQLQ)LJXUH
7
X
W
R
U
L
D
O
)LJXUH1HZ3URMHFW0LVFHOODQHRXV7DE
7XWRULDO
&OLFNRQWKH2.EXWWRQDQG\RXZLOOEHDVNHGIRUWKHORFDWLRQRI\RXUGDWD
)LJXUH$GG)LOHV3URPSW
&OLFNRQWKH$GGUDZGDWDILOHVIURPGLVNEXWWRQDQGWKH$GG)LOHVGLDORJ
ER[DSSHDUV
8VLQJWKHGURSGRZQOLVWER[ILQGWKHGDWDILOHVLQWKH7XWRU6WD?'D\
GLUHFWRU\$OLVWRIWKHILOHVLQWKHSURMHFWGLUHFWRU\VKRXOGDSSHDU
6HOHFWDOOWKHILOHVE\FOLFNLQJRQWKHILUVWILOHQDPHDQGWKHQKROGLQJWKH
6KLIW!NH\GRZQDQGFOLFNLQJRQWKHODVWILOHQDPHRUVHOHFWDOOWKHILOHVE\
SUHVVLQJWKH&WUO!$!NH\V
)LJXUH$GG)LOHV'LDORJ
&OLFNWKH2SHQEXWWRQDQGWKH7LPH9LHZ'LDJUDPZLQGRZDQGWKH
:RUNERRN3URMHFWZLQGRZDSSHDUZLWKWKH2FFXSDWLRQVWDEDFWLYH,QWKH
7LPH9LHZ'LDJUDP\RXVHHKRUL]RQWDOEDQGVRIFRORUDVVRFLDWHGZLWKWKH
GLIIHUHQWVLWH,'V$OORFFXSDWLRQVRIDVLWHDUHLQWKHVDPHFRORULHHDFK
RFFXSDWLRQRIVLWH',6&LVVKRZQLQJUHHQ7KHDFWXDOFRORUPD\GLIIHU
VOLJKWO\RQ\RXUPDFKLQHGXHWRV\VWHPVHWWLQJV,QWKH2FFXSDWLRQVWDEWKH
DVVRFLDWHGDQWHQQDKHLJKWVVWDUWDQGVWRSWLPHVDQGILOHQDPHVIRUHDFK
RFFXSDWLRQDUHOLVWHG
/RFXV3URFHVVRU7XWRULDO
7KLVRFFXSDWLRQLQIRUPDWLRQVKRXOGEHYHULILHGZLWKWKHRSHUDWRUVILHOGORJVKRZHYHUIRUWKLV
WXWRULDOZHZLOODVVXPHWKDWWKHJLYHQLQIRUPDWLRQLVFRUUHFW7LPH9LHZDVVLJQVFRORUVWRVLWHVDVWKH\
DUHHQFRXQWHUHGVR\RXUGLVSOD\PD\QRWH[DFWO\PDWFKWKHH[DPSOH
)LJXUH3URMHFW0DQDJHU6WDWLF'DWD
)RUWKHEHVWSRVVLEOHUHVXOWVZHZLOOVHOHFWDNQRZQVWDWLRQWRVWDUWRXU
SURFHVVLQJ&OLFNRQWKH&RQWURO6LWHVWDEDQGWKHQFOLFNRQWKHVPDOOGRZQ
DUURZWRWKHULJKWRIWKH6LWH,'LQSXWER[
7
X
W
R
U
L
D
O
7XWRULDO
)LJXUH6HOHFWD&RQWURO6LWH
6HOHFWVLWH0,66IURPWKHOLVWE\FOLFNLQJRQLWXVHWKHVFUROOEDULI0,66LV
QRWYLVLEOHLQGURSPHQX
)LJXUH&RQWURO6LWH&RRUGLQDWHV
/RFXV3URFHVVRU7XWRULDO
(GLWDQ\FRRUGLQDWHYDOXHVE\GRXEOHFOLFNLQJLQWKHHGLWER[WRKLJKOLJKWWKH
YDOXHDQGWKHQHQWHULQJLQWKHFRUUHFWYDOXHJLYHQKHUHLQPHWHUV
(DVWLQJ
1RUWKLQJ
2UWKR+W
0DNHVXUHWKHODVWILHOGFKDQJHGLVQRWLQDFWLYHHGLWPRGHKLJKOLJKWHG
3URFHVVLQJWKH/RFXV'DWD
6HOHFW$OOIURPWKH3URFHVVLQJPHQXRIWKH5XQPHQX
7KH0DS9LHZRSHQVDQG/RFXV3URFHVVRUSURFHVVHVWKHGDWDYHFWRUE\
YHFWRU,WSURYLGHVXVZLWKWKHVL[YHFWRUVPHDVXUHGEHWZHHQRXUVWDWLRQV
GXULQJWKHWZRRFFXSDWLRQVHVVLRQV,QWKH:RUNERRNZLQGRZWKH9HFWRUV
WDELVRQWRS1RWLFHWKDWWKH4$ILHOGVDUHEODQNIRUDOOVL[YHFWRUVLQGLFDWLQJ
WKDWWKHVWDQGDUGHUURUVDUHEHORZWKHWKUHVKROG4$YDOXHVDQGEHOLHYHGWR
KDYHFRUUHFWO\IL[HGLQWHJHUDPELJXLWLHV
$IWHUSURFHVVLQJLQVSHFWWKHYHFWRUVWDEDQG0DS9LHZ
+LJKHUWKDQH[SHFWHGVWDQGDUGHUURUHVWLPDWHVDQGIDLOHG4$WHVWVPD\LQGLFDWHWKHVROXWLRQLVIORDW
7
X
W
R
U
L
D
O
)LJXUH3URFHVVHG'DWD
7XWRULDO
:HQRZZDQWWRDGGPRUHUDZGDWDIURPDQRWKHUGD\6HOHFW)URP'LVN
IURPWKH$GG*365DZ'DWDPHQXLQWKH3URMHFWPHQX
6HOHFWDOOWKHILOHVLQWKH7XWRU6WDWLF?'D\GLUHFWRU\
6HOHFW8QSURFHVVHGIURPWKH3URFHVVLQJPHQXLQWKH5XQPHQXWRSURFHVV
RQO\WKHQHZYHFWRUV$IWHUWKHSURFHVVLQJLVFRPSOHWHIRUWKHWHQQHZ
YHFWRUVWKHVFUHHQVKRXOGDSSHDUVLPLODUWRWKHRQHEHORZ
)LJXUH$GGLWLRQDO'DWD$GGHG
&OLFNRQWKH&RQWURO6LWHVWDEDGGVLWHV3$/2DQG-WRWKHFRQWUROOLVW
DQGHGLWWKHFRRUGLQDWHVWRWKHIROORZLQJYDOXHV
/RFXV3URFHVVRU7XWRULDO
3$/2
-
(DVWLQJ
1RUWKLQJ
2UWKR+W
(DVWLQJ
1RUWKLQJ
2UWKR+W
8VLQJWKHULJKWVFUROOEDUDUURZRQWKHERWWRPULJKWVLGHRIWKH:RUNERRN
ZLQGRZVFUROOWRWKHULJKWDQGWKHQFKDQJHWKH)L[HGYDOXHVWR1RQHIRU
3$/2DQG-
$WWKLVVWDJHZHRQO\ZDQWWRKDYHRQHVWDWLRQIL[HGVRWKDWZHFDQSHUIRUPDIUHHDGMXVWPHQWRIWKH
GDWDWRYHULI\WKHTXDOLW\RIWKHYHFWRUVZLWKRXWDQ\LQIOXHQFHIURPWKHFRQWUROSRVLWLRQV
)LJXUH7KUHH&RQWURO6LWHV
7XWRULDO
7
X
W
R
U
L
D
O
6HOHFW$GMXVWPHQWIURPWKH5XQPHQXWRUXQDIUHHDGMXVWPHQWRIRXU
SURFHVVHGYHFWRUV7KLVLVDJRRGFKHFNWRVHHLIWKHUHDUHDQ\REYLRXV
EOXQGHUV
0D[LPL]HWKH:RUNERRNZLQGRZE\FOLFNLQJRQWKHEXWWRQZLWKWKHVTXDUH
LQWKHXSSHUULJKWFRUQHURIWKHZLQGRZ
3XWWKHFXUVRURYHUWKHOLQHEHWZHHQWKH:RUNERRNWDEVDQGWKHPHVVDJH
ZLQGRZDQGGUDJLWGRZQVRWKDW\RXVHHDOOYHFWRUV
&OLFNRQWKHXSDUURZRIWKHPHVVDJHZLQGRZVFUROOEDUWRWKHULJKWRIWKH
PHVVDJHZLQGRZDWWKHERWWRPRIWKHVFUHHQWREULQJWKH6WDQGDUG(UURURI
8QLW:HLJKWLQWRYLHZ<RXUVFUHHQVKRXOGDSSHDUVLPLODUWR)LJXUH
)LJXUH)UHH$GMXVWPHQW5HVXOWV
(YHQWKRXJKZHKDYHWZRYHFWRUVWKDWKDYHIDLOHGWKHWDXWHVWWKHLUUHVLGXDOVDUHQRWODUJHDQGRXU
6WDQGDUG(UURURI8QLW:HLJKWLVIDLUO\FORVHWRRQHVRZHKDYHQRREYLRXVEOXQGHUVLQRXUGDWD
$OVR\RXFDQVHHWKDWDOOWKHYHFWRUVPHHWRXUDFFXUDF\VSHFLILFDWLRQVLQWKH1HWZRUN5HO$FFXUDF\
WDEKRZHYHUWKHFKLVTXDUHWHVWKDVIDLOHG7KLVFRXOGLQGLFDWHWKDWRXUYHFWRUHUURUHVWLPDWHVDUHD
OLWWOHWRRRSWLPLVWLF:HFDQXVHWKH6WDQGDUG(UURURI8QLW:HLJKW6(DVDQLQLWLDOJXHVVWRVFDOH
RXUYHFWRUXQFHUWDLQWLHV
6HOHFW6HWWLQJVIURPWKH3URMHFWPHQX
6ZLWFKWRWKH0LVFHOODQHRXVWDE
6HWWKH3URFHVVHGYHFWRUHUURUVFDOLQJIDFWRUWR)LJXUH
/RFXV3URFHVVRU7XWRULDO
)LJXUH&KDQJLQJWKH3URMHFW6HWWLQJ
&OLFNRQWKH2.EXWWRQ
:KHQFKDQJHVDUHPDGHWRLWHPVWKDWZRXOGDIIHFWWKHDGMXVWPHQWRXWFRPHWKH$GMXVWPHQW$QDO\VLV
DQG1HWZRUN5HO$FFXUDF\WDEVDUHFOHDUHG
6HOHFW$GMXVWPHQWIURPWKH5XQPHQXWRUHUXQWKHDGMXVWPHQWZLWKWKH
VFDOHGHUURUHVWLPDWHV
7
X
W
R
U
L
D
O
)LJXUH6FDOHG$GMXVWPHQW5HVXOWV
7XWRULDO
7KH&KLVTXDUHWHVWKDVQRZEHHQSDVVHG7ZRYHFWRUVVWLOODUHVKRZQDVIDLOLQJWKHWDXWHVWEXWWKHLU
UHVLGXDOVDUHYHU\VPDOODQGWKHIDLOXUHLVGXHPDLQO\WRWKHVKRUWOHQJWKRIWKHOLQHVRZHZLOOOHDYH
WKHPEH
&OLFNRQWKH1HWZRUN5HO$FFXUDF\WDE
)LJXUH1HWZRUN5HODWLYH$FFXUDF\
$VVHHQLQWKH4$ILHOGQRIDLOXUHVDUHOLVWHGWKXVDOOVLWHSDLUVKDYHSDVVHGWKHDFFXUDF\
VSHFLILFDWLRQVVHWLQWKH3URMHFW6HWWLQJV2XUDGMXVWPHQWVKRXOGEHFRQVLGHUHGJRRG
1RZZHQHHGWRFRQVWUDLQRXUDGMXVWPHQWWRWKHFRQWURO,IWKHUHDUH
SUREOHPVDWWKLVVWDJHLWLQGLFDWHVDSUREOHPZLWKWKHFRQWUROQRWWKH*36
YHFWRUV
&OLFNRQWKH&RQWURO6LWHVWDEDQGIL[WKHWZRUHPDLQLQJFRQWUROVWDWLRQVLQ
ERWKKRUL]RQWDODQGYHUWLFDO)LJXUH
/RFXV3URFHVVRU7XWRULDO
)LJXUH)L[LQJ$GGLWLRQDO&RQWURO6LWHV
6HOHFW$GMXVWPHQWIURPWKH5XQPHQXWRUXQDFRQVWUDLQHGDGMXVWPHQW
XVLQJWKHWKUHHKRUL]RQWDODQGYHUWLFDOFRQWUROSRLQWVZHKDYHHQWHUHG
7
X
W
R
U
L
D
O
)LJXUH&RQVWUDLQHG$GMXVWPHQW$QDO\VLV
7XWRULDO
&OLFNRQWKH6LWHVWDEWRVHHWKHDGMXVWHGSRVLWLRQVRIWKHSURMHFW
)LJXUH$GMXVWHG6LWH&RRUGLQDWHV
7RVHHWKHRUVLJPDSRVLWLRQDOXQFHUWDLQWLHVULJKWFOLFNRQRQHRIWKH
6WG(UUFROXPQVDQGVHOHFW)LJXUH
)LJXUH(UURU
/RFXV3URFHVVRU7XWRULDO
:HKDYHQRZILQLVKHGRXUDGMXVWPHQWDQGZLOOSUREDEO\ZDQWWRH[SRUWWKHSURMHFW
FRRUGLQDWHVWRDFRRUGLQDWHJHRPHWU\SDFNDJH8VLQJWKHH[SRUWURXWLQH\RXVKRXOG
EHDEOHWRH[SRUW\RXUGDWDLQDIRUPDWDFFHSWDEOHWRDQ\FRRUGLQDWHJHRPHWU\RU&$'
SDFNDJH
([SRUWLQJ/RFXV'DWD
6HOHFW([SRUWIURPWKH3URMHFWPHQXIURPWKHPDLQPHQXOLQH
,QWKH6DYH$VW\SHILHOGVHOHFW8VHU'HILQHG$6&,,
WKHQFOLFNWKH
&XVWRPL]HEXWWRQLQWKH([SRUW'DWDGLDORJER[
)LJXUH([SRUW'DWD8WLOLW\
&OLFNWKH1HZEXWWRQLQWKH8VHU$6&,,7HPSODWHGLDORJER[
7
X
W
R
U
L
D
O
)LJXUH$6&,,7HPSODWH'LDORJ
7XWRULDO
&OLFNWKHUDGLREXWWRQQH[WWR6LWH'DWDDQGHQWHULQSQHXDVWKHWHPSODWH
QDPH
)LJXUH1HZ7HPSODWH'LDORJ
&OLFNWKH2.EXWWRQ
&OLFNRQWKHSOXVVLJQWRWKHOHIWRI6LWH'DWDDQGWKHQGRXEOHFOLFNRQ6LWH
,'WRSXWWKHVLWH,'ILHOGLQWKHWHPSODWHOLVW
)LJXUH3RSXODWLQJWKH7HPSODWH
&OLFNRQWKHSOXVVLJQQH[WWR*ULG&RRUG6\V
/RFXV3URFHVVRU7XWRULDO
'RXEOHFOLFNRQ*ULG1RUWKLQJWRDGGLWWRWKHWHPSODWHOLVW
)LJXUH$GGLQJ&RRUGLQDWH,QIRUPDWLRQ
'RXEOHFOLFNRQ*ULG(DVWLQJWRDGGLWWRWKHWHPSODWH
7
X
W
R
U
L
D
O
7XWRULDO
6FUROOGRZQXVLQJWKHVFUROOEDUWRWKHULJKWRIWKHHOHPHQWOLVWDQGGRXEOH
FOLFNRQ2UWKRPHWULF+HLJKWWRDGGWKHHOHYDWLRQWRRXUWHPSODWH
)LJXUH$GGLQJ+HLJKW,QIRUPDWLRQ
2XUWHPSODWHLVQRZFRPSOHWH&OLFNRQWKH2.EXWWRQLQWKH8VHU'HILQHG
)RUPDWGLDORJER[7KH8VHU$6&,,7HPSODWHGLDORJER[UHDSSHDUVZLWK
RXUQHZWHPSODWHILOHQDPHKLJKOLJKWHGDQGLWVHOHPHQWVOLVWHGLQWKH
7HPSODWH9LHZLQJOLVWER[
)LJXUH&RPSOHWHG$6&,,7HPSODWH
&OLFN2.WRVHOHFWRXUQHZWHPSODWH
/RFXV3URFHVVRU7XWRULDO
(QWHUDQDPHIRU\RXURXWSXWSRLQWVILOH)RURXUH[DPSOHXVH6WDWSQWV
8VLQJWKHEURZVLQJWRROVQH[WWRWKH6DYHLQILHOGVHOHFWRXU6WDWLFSURMHFW
GLUHFWRU\WRVDYHWKHH[SRUWHGSRLQWOLVW
)LJXUH6DYLQJWKH$6&,,ILOH
&OLFNWKH6DYHEXWWRQWRVDYH6WDWSQWVLQWKHSURMHFWGLUHFWRU\
8VLQJDWH[WHGLWRURUDZRUGSURFHVVRULQWH[WPRGHUHDGLQDQGSULQWRXWWKHVWDWSQWVXGDILOHWKDW
ZHMXVWFUHDWHG:HZLOOXVHWKHVHFRRUGLQDWHYDOXHVLQRXUIROORZLQJNLQHPDWLFWXWRULDO
6HOHFW6DYHIURPWKH3URMHFWPHQXWRVDYHWKHSURMHFW
7KHQH[WWDVNWKDWZHPLJKWZDQWWRGRLVFUHDWHDUHSRUWIRURXUFOLHQW7KHIROORZLQJVWHSV
DFFRPSOLVKWKLV
6HOHFW5HSRUWIURPWKH3URMHFWPHQX
7
X
W
R
U
L
D
O
7XWRULDO
7RVHHDOOWKHVHFWLRQVDYDLODEOHIRUWKHUHSRUWFOLFNRQWKHSOXVVLJQWRWKH
OHIWRI$GMXVWPHQW5HVXOWVDQGWKHQWRWKHOHIWRI0LVFHOODQHRXV
)LJXUH3URMHFW5HSRUW'LDORJ
7RDGGDQ\VSHFLILFHOHPHQWWR\RXUUHSRUWFOLFNRQWKHHOHPHQWLQWKH$YDLODEOH,WHPVOLVWVWR
KLJKOLJKWLW7KHQFOLFNRQWKH$GG!EXWWRQDQGLWZLOOEHPRYHGLQWRWKH,WHPVWR5HSRUWOLVW
:HDUHJRLQJWRSXWDOOWKHLWHPVLQWRWKHUHSRUWVRFOLFNRQWKH$GG$OO!!
EXWWRQ
)LJXUH$GGLQJ$OO5HSRUW,WHPV
,I\RXZLVKWRUHPRYHRQHRUWZRLWHPVKLJKOLJKWWKHPLQWKH,WHPVWR5HSRUWOLVWDQGFOLFNRQWKH
5HPRYHEXWWRQ
&OLFNRQWKH2.EXWWRQDQGWKHSURJUDPZLOOVKHOORXWWRWKHZRUG
SURFHVVLQJSURJUDP\RXVSHFLILHGLQ6HWXSGLDORJER[
/RFXV3URFHVVRU7XWRULDO
7KHGHIDXOWZRUGSURFHVVRULVWKHRQHDVVRFLDWHGZLWKWKH57)ILOHW\SHRQ\RXUV\VWHP,I\RXDUH
XVLQJDGLIIHUHQWZRUGSURFHVVRU\RXVKRXOGHQWHULWVSDWKLQWKH3URJUDP6HWXSGLDORJER[7KH
HDVLHVWZD\LVWKHXVHWKHHOOLSVHVEXWWRQDQGEURZVHWR\RXUSURJUDPH[HFXWDEOHILOH7KH
SURJUDP\RXVHOHFWPXVWEHDEOHWRUHDG5LFK7H[W)RUPDW57)ILOHVHJ:LQGRZV:RUGSDG
)LJXUH3URJUDP6HWXS'LDORJ
)LJXUH9LHZLQJD5HSRUW
7
X
W
R
U
L
D
O
3ULQW\RXUUHSRUWDVLVHGLWLWLI\RXZRXOGOLNHDQGWKHQVDYHLWLQ\RXUZRUG
SURFHVVRUVIRUPDW
([LWRXWRIWKHZRUGSURFHVVLQJSURJUDP
7XWRULDO
2)LOH([SRUW
$VSHFLDOYHFWRUELQDU\ILOHFDQEHH[SRUWHG7KLVIRUPDWFDOOHGDQ2ILOHFDQEH
XVHGE\/RFXV3URFHVVRUDQGRWKHUVRIWZDUHSDFNDJHVWKDWKDQGOH$VKWHFKGDWD7KH
ODVWSDUWRIWKHWXWRULDOLVWRH[SRUWDQ2ILOHWREHXVHGLQDQRWKHUSURMHFWODWHULQWKLV
WXWRULDOVHTXHQFH
6HOHFW([SRUWIURPWKH3URMHFWPHQX
6HOHFWWKHSURMHFWGLUHFWRU\6WDWLFDVWKH6DYHLQGLUHFWRU\DQGVHOHFW
$VKWHFK2ILOH2QHILOHSHU352-(&72
LQWKH6DYHDVW\SHILHOG
DVVHHQEHORZ
)LJXUH([SRUW'DWD'LDORJ
&OLFNWKH6DYHEXWWRQDQGWKH2ILOHZKLFKLQFOXGHVWKHEDVHOLQHVZLOOEH
ZULWWHQWRWKH6WDWLFGLUHFWRU\/RFXV3URFHVVRUDXWRPDWLFDOO\JHQHUDWHVDQ
2ILOHQDPH
6HOHFW([LWIURPWKH3URMHFWPHQX:HDUHGRQH
:HVDYHGWKHSURMHFWMXVWEHIRUHFUHDWLQJRXUUHSRUW1RWKLQJKDVFKDQJHGVRZHGLGQRWVDYHWKH
SURMHFWDJDLQ
/RFXV3URFHVVRU7XWRULDO
7XWRULDO.LQHPDWLF3URFHVVLQJ
)URPWKH:HOFRPHWR/RFXVGLDORJER[VHOHFW&UHDWHDQHZSURMHFW
)LJXUH:HOFRPHWR/RFXV'LDORJER[
(QWHU7XWRU6WRS JRLQWKH3URMHFW1DPHILHOG&RPPHQWV&RPSDQ\DQG
&OLHQWPD\DOVREHHQWHUHGDWWKLVWLPHEXWDUHQRWQHFHVVDU\
8VHDYDOLGILOHRUGLUHFWRU\QDPHDV\RXUSURMHFWQDPH
)LJXUH1HZ3URMHFW*HQHUDO7DE
7XWRULDO
6ZLWFKWRWKH&RRUGLQDWH6\VWHPWDE
7
X
W
R
U
L
D
O
,I\RXKDYHDOUHDG\GRQHWKH6WDWLFWXWRULDOWKHYDOXHVVKRXOGDSSHDUDVVKRZQEHORZDQG\RXFDQ
VNLSWRVWHS,I\RXDUHSHUIRUPLQJWKLVWXWRULDOVHSDUDWHO\SHUIRUPVWHSV
6HOHFW*ULGDVWKH6\VWHP7\SH)RURXUWXWRULDOOHWVXVH*ULG
6HOHFWWKH6WDWH3ODQH&RRUGLQDWHRSWLRQLQWKH*ULG6\VWHPOLVWER[
&OLFNWKHUDGLREXWWRQQH[WWR2UWKRPHWULF(OHYDWLRQVXQGHU+HLJKW
6\VWHP
6HOHFWWKH*HRLGPRGHOIRUWKH86IURPWKH*HRLG0RGHOOLVWER[
)LJXUH1HZ3URMHFW&RRUGLQDWH6\VWHP7DE
6ZLWFKWRWKH0LVFHOODQHRXVWDE
,I\RXKDYHDOUHDG\GRQHWKH6WDWLFWXWRULDOWKHYDOXHVVKRXOGDSSHDUDVVKRZQEHORZDQG\RXFDQ
VNLSWRVWHS,I\RXDUHSHUIRUPLQJWKLVWXWRULDOVHSDUDWHO\VHWWKHYDOXHVDVVKRZQLQVWHS
/RFXV3URFHVVRU7XWRULDO
6HWWKHPLVFHOODQHRXVVHWWLQJVDVVKRZQEHORZ
7
X
W
R
U
L
D
O
)LJXUH1HZ3URMHFW0LVFHOODQHRXV7DE
&OLFNRQWKH2.EXWWRQDQG\RXZLOOEHDVNHGIRUWKHORFDWLRQRI\RXUGDWD
)LJXUH$GG)LOHV'DWD
&OLFNRQWKH$GGUDZGDWDILOHVIURPGLVNEXWWRQDQGWKH$GG)LOHVGLDORJ
ER[DSSHDUV
8VLQJWKHGURSGRZQOLVWER[VHOHFWHGWKHGDWDILOHVLQWKH?7XWRUNLQ
GLUHFWRU\E\FOLFNLQJRQWKHILUVWILOHQDPHDQGWKHQKROGLQJWKH6KLIW!NH\
7XWRULDO
GRZQDQGFOLFNLQJRQWKHODVWILOHQDPHRUVHOHFWDOOWKHILOHVE\SUHVVLQJWKH
&WUO!$!NH\V
)LJXUH$GG)LOHV'LDORJ
&OLFNWKH2SHQEXWWRQWKH7LPH9LHZ'LDJUDPZLQGRZRSHQV7KHORZHU
KDOIRIWKHZLQGRZVKRZVWKH:RUNERRN3URMHFWZLQGRZZLWKWKHDFWLYH
2FFXSDWLRQVWDE7KH7LPH9LHZ'LDJUDPVKRZVKRUL]RQWDOEDQGVRI
FRORUDVVRFLDWHGZLWKWKHGLIIHUHQW6LWH,'V,QWKH2FFXSDWLRQVWDE\RXZLOO
VHHWKHDVVRFLDWHGDQWHQQDKHLJKWVVWDUWDQGVWRSWLPHVDQGILOHQDPHVIRU
HDFKRFFXSDWLRQ
7KHRFFXSDWLRQLQIRUPDWLRQVKRXOGEHYHULILHGZLWKWKHRSHUDWRUVILHOGORJVKRZHYHUIRUWKLV
WXWRULDOZHZLOODVVXPHWKDWWKHJLYHQLQIRUPDWLRQLVFRUUHFW
/RFXV3URFHVVRU7XWRULDO
7
X
W
R
U
L
D
O
)LJXUH3URMHFW0DQDJHU.LQHPDWLF'DWD
7KLVNLQHPDWLFVXUYH\ZDVLQLWLDOL]HGXVLQJWKHLQLWLDOL]HUEDU7KHRFFXSDWLRQRIWKH
URYHUUHFHLYHURQWKHLQLWLDOL]HUEDULVODEHOHG,1,77KHEDVHVWDWLRQZKHUHWKH
LQLWLDOL]HUEDUZDVORFDWHGDWLV(8&$NLQHPDWLFVXUYH\PXVWEHLQLWLDOL]HGHLWKHU
E\DILYHPLQXWHRFFXSDWLRQRIWKHURYHURQWKHLQLWLDOL]HUEDURUE\DRQHPLQXWH
RFFXSDWLRQRIWKHURYHURQDNQRZQSRLQWUHODWLYHWRWKHEDVHVWDWLRQDNQRZQ
EDVHOLQH
:HPXVWLQGLFDWHWKHEDVHVWDWLRQDQGWKHURYHUVNQRZQFRQWUROSRLQW&OLFN
WKH&RQWURO6LWHVWDEDQGWKHQFOLFNRQWKHVPDOOGRZQDUURZWRWKHULJKWRI
WKH6LWH,'LQSXWER[
7XWRULDO
)LJXUH6HOHFWLQJD&RQWURO6LWH
6HOHFWVLWH(8&IURPWKHOLVWE\FOLFNLQJRQLW
(GLWWKHFRRUGLQDWHYDOXHVRI(8&E\GRXEOHFOLFNLQJLQWKHHGLWER[HVWR
KLJKOLJKWWKHYDOXHDQGWKHQHQWHULQJLQWKHFRUUHFWYDOXHVJLYHQKHUHLQ
PHWHUV
7KHVHYDOXHVDUHIURPWKHVWDWSQWVXGDILOHFUHDWHGLQRXUVWDWLFSURFHVVLQJWXWRULDO
(DVWLQJ
1RUWKLQJ
2UWKR+W
,IZHZHUHLQLWLDOL]LQJRQDNQRZQEDVHOLQHZHZRXOGDOVRKDYHWRLQGLFDWHWKHRWKHU
VWDWLRQGHILQLQJWKLVEDVHOLQHDVDFRQWUROVLWH%XWZKHQXVLQJWKHLQLWLDOL]HUEDUZH
QHHGWRRQO\LQGLFDWHWKHEDVHVWDWLRQDVDFRQWUROVLWH7KHUHLVDVLWHIODJWKDWLVVHWE\
WKH/RFXV+DQGKHOGZKLFKLQGLFDWHVWKHRFFXSDWLRQRQWKHLQLWLDOL]HUEDU:HVKRXOG
FKHFNWRPDNHVXUHWKDWWKLVIODJLVVHWDQGLIQRWVHWLWLQWKHVLWHSURSHUWLHVGLDORJ
&OLFNRQWKH6LWHVWDE
5LJKWFOLFNRQVLWH,1,7DQGVHOHFW3URSHUWLHV
/RFXV3URFHVVRU7XWRULDO
7
X
W
R
U
L
D
O
)LJXUH6HOHFWLQJ,QLWLDOL]DWLRQ3RLQW3URSHUWLHV
9HULI\WKDWWKHUHLVDFKHFNPDUNLQWKHER[WRWKHOHIWRI.LQHPDWLF
,QLWLDOL]DWLRQSRLQWXVLQJ,QLWLDOL]HU%DUDVVKRZQEHORZ
)LJXUH9LHZLQJ,QLWLDOL]DWLRQ3RLQW3URSHUWLHV
&OLFNWKH2.EXWWRQWRFOHDUWKHGLDORJER[
6HOHFW$OOIURPWKH3URFHVVLQJPHQXLQWKH5XQPHQX:KHQWKHSURFHVVLQJ
LVFRPSOHWHZHVKRXOGKDYHQLQHYHFWRUV)LJXUH
7XWRULDO
)LJXUH3URFHVVHG.LQHPDWLF'DWD
:LWKDNLQHPDWLFVXUYH\OLNHWKLVWKHUHLVQRUHGXQGDQF\DQGWKXVQRWKLQJWRDGMXVW,W
LVDUDGLDOVXUYH\RIVLGHVKRWV+RZHYHULIZHSHUIRUPDIUHHDGMXVWPHQWWKHYDOXHV
XQGHUWKH1HWZRUN5HO$FFXUDF\VKRZWKDWWKHYHFWRUEHWZHHQ(8&DQG
GRHVQRWPHHWWKHDFFXUDF\VSHFLILFDWLRQVVHWLQWKH3URMHFW6HWWLQJVGLDORJER[
([SRUWWKHVHYHFWRUVVRWKDWZHFDQXVHWKHPODWHULQDFRPELQHGSURMHFWDQGDGMXVW
WKHPLQDPRUHPHDQLQJIXOVLWXDWLRQ
6HOHFW([SRUWIURPWKH3URMHFWPHQX
,QWKH([SRUW'DWDGLDORJER[VHOHFWWKH6DYHDVW\SHWREH$VKWHFK2
ILOH2QHILOHSHU352-(&72
DVVKRZQEHORZ
/RFXV3URFHVVRU7XWRULDO
6HWWKH6DYHLQILHOGWRWKHGLUHFWRU\\RXZDQWWRVDYHWKHILOH)RUWKH
H[DPSOHZHZLOOXVHRXU6WRS JRSURMHFWGLUHFWRU\
7
X
W
R
U
L
D
O
)LJXUH([SRUW'DWD'LDORJ
&OLFNWKH6DYHEXWWRQDQGWKHILOHZLOOEHZULWWHQWRWKHVHOHFWHGGLUHFWRU\,Q
RXUH[DPSOHWKHILOH26WRS J$LVZULWWHQWRWKH6WRS JRGLUHFWRU\
6HOHFW([LWIURPWKH3URMHFWPHQX
7XWRULDO
/RFXV3URFHVVRU7XWRULDO
7XWRULDO(GLWLQJ'DWDDQG
7URXEOHVKRRWLQJ7RROV
7KLVWXWRULDOFKDSWHUPDNHVXVHRIGDWDJHQHUDWHGLQSUHYLRXVWXWRULDOFKDSWHUV<RXPD\QRWEHDEOHWRGR
DOOH[HUFLVHVXQWLO&KDSWHUVDQGKDYHEHHQFRPSOHWHG
7
X
W
R
U
L
D
O
6LWH'DWD(GLWLQJDQG&RPELQLQJ3URMHFWV
5DGLDOVXUYH\LQJGRHVQWSURYLGHWKHDELOLW\WRFKHFNRXURFFXSDWLRQVRWKHUWKDQWRUH
RFFXS\WKHP7KLVWXWRULDOZLOOGHPRQVWUDWHWKHEHVWZD\WRSHUIRUPDUDGLDOVXUYH\DQG
KDYHVRPHGHJUHHRIFRQILGHQFHLQWKHUHVXOWV7KHGDWDZDVJDWKHUHGLQWKHILHOGZLWKD
VWDWLFEDVHVWDWLRQVHWRQDQXQNQRZQQHZSRLQWFDOOHG3(5,7KHURYHUSURFHHGHGWR
RFFXS\IRXUH[LVWLQJFRQWUROVLWHVDQGWZRQHZVLWHVHDFKIRUWRPLQXWHRFFXSDWLRQV
LQQRSDUWLFXODURUGHU0XOWLSOHURYHUVFRXOGKDYHEHHQHPSOR\HGEXWZHUHQRW7KH
REVHUYDWLRQVZLOOEHDGMXVWHGWRILWWRWKHH[LVWLQJSRLQWV7KHVLGHVKRWVWRWKHQHZSRLQWV
ZLOOEHURWDWHGWRILWWKHQHZV\VWHPDVZHOO7KHDGMXVWPHQWVWDWLVWLFVVKRXOGJLYHXVD
VPDOOGHJUHHRIFRQILGHQFHLQRXUQHZVWDWLRQVZKLFKDUHODFNLQJDQ\UHGXQGDQW
REVHUYDWLRQVRUUHSHDWRFFXSDWLRQV
$WWKLVSRLQWWKHGDWDKDYHEHHQGRZQORDGHGIURPWKHUHFHLYHULQWRDSURMHFWGLUHFWRU\DQG
ZHDUHUHDG\WRSURFHVVWKHP:HZLOOWKHUHIRUHRSHQDQHZSURMHFWDQGLPSRUWWKHGDWD
IURPWKHGLVNUDWKHUWKDQIURPWKHUHFHLYHU
7XWRULDO
&UHDWHDQHZSURMHFWFDOOHG5DGLDOIROORZLQJWKHVWHSVLQWKHSUHYLRXV
FKDSWHURQNLQHPDWLFSURFHVVLQJ8VHWKHGDWDLQWKH7XWRUUDGGLUHFWRU\
)LJXUH'DWD1HHGLQJ5HSDLU
7KHJDSLQWKHEDVHUHFHLYHUZDVFDXVHGZKHQWKHUHFHLYHU6LWH3(5,ZDVEORZQ
RYHUEHFDXVH,KDGIRUJRWWHQWRWLJKWHQWKHWKLUGOHJRIDIL[HGKHLJKW*36SROH:KHQ
,QRWLFHGLW,VHWLWXSDJDLQWXUQHGLWEDFNRQDSSDUHQWO\LWKDGWXUQHGRIIZKHQLWKLW
WKHJURXQGDQGZHQWEDFNWRZRUN,WVDOZD\VDJRRGLGHDWRFKHFN\RXUEDVHVWDWLRQ
IURPWLPHWRWLPH
7KHPHVVDJHLQWKH2XWSXWZLQGRZLVWHOOLQJXVWKDWWKHUHLVDSRVVLEOHDQWHQQDKHLJKW
EOXQGHUDW(8&:HVHWWKHDQWHQQDKHLJKWOLPLWVDWDQGPHWHUVLQWKHSURMHFW
PLVFHOODQHRXVVHWWLQJVDQGWKHDQWHQQDKHLJKWHQWHUHGIRU(8&ZDV,I
ZHUHDFRUUHFWKHLJKWZHZRXOGVLPSO\OHDYHLW,QRXUFDVHWKHDQWHQQDKHLJKW
VKRXOGKDYHEHHQDQGZHZLOOQHHGWRFKDQJHLW,QDUHDOVLWXDWLRQWKHDQWHQQD
KHLJKWVKRXOGEHYHULILHGE\WKHRSHUDWRUVILHOGORJ
/RFXV3URFHVVRU7XWRULDO
5LJKWFOLFNRQWKHDUHDODEHOHG(8&LQWKH7LPH9LHZZLQGRZDQGVHOHFW
3URSHUWLHV
7
X
W
R
U
L
D
O
)LJXUH6HOHFWLQJ2FFXSDWLRQ3URSHUWLHV
)LJXUH9LHZLQJ2FFXSDWLRQ3URSHUWLHV
7XWRULDO
&KDQJHWKH9HUWLFDO2IIVHWYDOXHWR
)LJXUH(GLWLQJDQ$QWHQQD+HLJKW%OXQGHU
7KHUHDUHWKUHHYDOXHVWKDWFDQEHHQWHUHGWRSURGXFHDQDQWHQQDKHLJKW6ODQW5DGLXVDQG9HUW
2IIVHW,QRXUFRQYHQWLRQWKHYHUWLFDORIIVHWLVXVHGWRUHSUHVHQWDSROHKHLJKWIL[HGKHLJKW$Q\
DGGLWLRQDOWUXHYHUWLFDORIIVHWFDQEHDGGHGWRWKLVYDOXH,IWKHPHDVXUHPHQWLVVODQWWKHGHIDXOW
YDOXHRIPLVDSSOLHGLQWKH/RFXVKDQGKHOGVRIWZDUHDQGUHFRUGHGLQWKH'ILOH,IDQRWKHU
UHFHLYHUW\SHZDVXVHGWKLVUDGLXVILHOGVKRXOGEHFKDQJHGDFFRUGLQJO\,IDVODQWDQGUDGLXVLV
HQWHUHGWKHSURJUDPXVHVWKH3\WKDJRUHDQ7KHRUHPWRUHGXFHWKHVODQWWRDYHUWLFDOYDOXH
&OLFNRQWKH2.EXWWRQWRDFFHSWWKHFKDQJH
<RXFDQDOVRFKDQJHYDOXHVE\VLPSO\GRXEOHFOLFNLQJLQWKHILHOGLQWKH:RUNERRNZLQGRZ
FRQWDLQLQJWKHYDOXH\RXZLVKWRFKDQJHDQGW\SLQJLQWKHFRUUHFWYDOXH
/RRNLQJDWWKH7LPH9LHZZHVHHWZRRFFXSDWLRQVRI,WZDVVXSSRVHGWRKDYH
EHHQRQO\RFFXSLHGRQFH/RRNLQJDWWKHILHOGORJVRUWDONLQJZLWKWKHRSHUDWRUZH
KDYHGHWHUPLQHGWKDWWKHVHFRQGRFFXSDWLRQRIVKRXOGUHDOO\EHVLWH:H
QHHGWRFKDQJHLW
/RFXV3URFHVVRU7XWRULDO
,QWKH2FFXSDWLRQVWDERIWKH:RUNERRNZLQGRZGRXEOHFOLFNRQWKH
VHFRQGRFFXSDWLRQRIDWDQGFKDQJHLWWR
7
X
W
R
U
L
D
O
)LJXUH&KDQJLQJD6LWH1DPH%OXQGHU
:KHQ\RXKLWWKHHQWHUNH\RUFOLFNRXWVLGHWKHILHOGWKH7LPH9LHZDUHDZLOOFKDQJHFRORUDQG
FRQWDLQWKHQHZVLWH,'DVVHHQDERYH
,WLVUHFRPPHQGHGWRVWDUWWKHSURFHVVLQJIURPDNQRZQVWDWLRQVRFOLFNRQ
WKH&RQWURO6LWHVWDEDQGWKHQFOLFNRQWKHVPDOOGRZQDUURZWRWKHULJKWRI
WKH6LWH,'LQSXWER[6HOHFWVLWHIURPWKHOLVWE\FOLFNLQJRQLW
)LJXUH6HOHFWLQJD&RQWURO6LWH
7XWRULDO
(GLWWKHFRRUGLQDWHYDOXHVE\GRXEOHFOLFNLQJLQWKHHGLWER[HVDQGWKHQ
HQWHULQJLQWKHFRUUHFWYDOXHVJLYHQKHUHLQPHWHUV
(DVWLQJ
1RUWKLQJ
2UWKR+W
6HOHFW$OOIURPWKH3URFHVVLQJPHQXLQWKH5XQPHQX
$WWKLVWLPHWKH/RFXV3URFHVVRUGLVSOD\VDPDSYLHZDQGSURFHVVWKHGDWDYHFWRUE\
YHFWRU,WSURYLGHVXVZLWKWKHVL[YHFWRUVPHDVXUHGEHWZHHQRXUEDVHDQGWKHVL[
UDGLDOVWDWLRQV1RWLFHWKDWWKH4$ILHOGVDUHEODQNIRUDOOVL[YHFWRUVLQGLFDWLQJWKH\
DUHEHORZWKH4$WKUHVKROGYDOXHVDQGVKRXOGEHJRRGVROXWLRQV
)LJXUH3URFHVVHG5DGLDO'DWD
5LJKWFOLFNWKHPRXVHEXWWRQZLWKLQWKH0DS9LHZZLOOEULQJXSDPHQXER[6HOHFW
/HJHQGWRVHHWKHHUURUHOOLSVHVFDOHDQGRWKHULWHPVDVVKRZQEHORZ7KLVZLOOVKRZ
\RXWKHVFDOHRIWKHHUURUUHJLRQV7RUHPRYHWKHOHJHQGFOLFNRQWKH[LQWKHXSSHU
ULJKWFRUQHURIWKHOHJHQGZLQGRZ
$IUHHDGMXVWPHQWRIDUDGLDOVXUYH\LVQRWYHU\PHDQLQJIXOVRDWWKLVWLPHZHZLOO
LPSRUWWKHRILOHVWKDWZHVDYHGIURPWKHVWDWLFDQGNLQHPDWLFSURFHVVLQJVHVVLRQVDQG
SRSXODWHRXUSURMHFWZLWKPRUHYHFWRUV
6HOHFW$GG3URFHVVHG9HFWRUVIURPWKH3URMHFWPHQX
/RFXV3URFHVVRU7XWRULDO
7
X
W
R
U
L
D
O
)LJXUH6HOHFWLQJDQ2)LOH
&OLFNWKH2SHQEXWWRQDQGWKHVWDWLFYHFWRUVZLOOEHDGGHGWRWKHSURMHFW
)LJXUH9LHZLQJWKH,PSRUWHG'DWD
7XWRULDO
6HOHFW$GG3URFHVVHG9HFWRUVIURPWKH3URMHFWPHQXEXWWKLVWLPH
QDYLJDWHWRWKH6WRS JRSURMHFWGLUHFWRU\DQGVHOHFWWKHRQH2ILOHWKHUH
7KHRQH2ILOHZLOOFRQWDLQDOORIWKHNLQHPDWLFYHFWRUV
)LJXUH6HOHFWLQJ$QRWKHU2)LOH
&OLFNWKH2SHQEXWWRQWRDGGWKH2ILOHNLQHPDWLFYHFWRUVWRWKHSURMHFW
)LJXUH9LHZLQJWKH$GGLWLRQDO,PSRUWHG'DWD
<RXZLOOQHHGWRVHOHFWIURPWKHSXOOGRZQOLVWLQWKHXSSHUOHIWFRUQHURIWKH7LPH9LHZ
ZLQGRZWRVHHWKHNLQHPDWLFYHFWRUVDVVKRZQDERYH1RWLFHKRZPXFKVKRUWHUWKHWLPHVSDQLVIRU
WKHVHYHFWRUV
/RFXV3URFHVVRU7XWRULDO
/HWVORRNDWRXUYHFWRUVLQWKH0DS9LHZZLQGRZ,IQHFHVVDU\VHOHFW
1RUPDOIURPWKHULJKWFOLFNPHQXLQ0DS9LHZ
7
X
W
R
U
L
D
O
)LJXUH7KH0DS1RUPDO9LHZ
=RRPLQE\FOLFNLQJDQGGUDJJLQJDZLQGRZDURXQGWKHSRLQWVLQWKHFHQWHU
RIWKHQHWZRUNVRWKDWWKHYLHZLVVLPLODUWRWKDWVKRZQEHORZ
7XWRULDO
<RXZLOOSUREDEO\KDYHWR]RRPLQDFRXSOHRIWLPHV
)LJXUH=RRP,QRQWKH0DS9LHZ
<RXFDQVHHWKDWZHKDYHVRPHNLQHPDWLFSRLQWVZKLFKKDYHQRUHGXQGDQF\7KH\DUH
DQG7KHVHZLOOVKRZXSLQWKHDGMXVWPHQWZLWK]HUR
UHVLGXDOV
&OLFNRQWKH&RQWURO6LWHVWDE
5LJKWFOLFNRQWKHVLWH,'IRUDQGFOLFNRQ'HOHWH
:HXVHGWRVHHGRXUUDGLDOSURFHVVLQJEXWZHGRQRWZDQWWRXVHLWIRURXUILQDOSURMHFWFRQWURO
6HOHFW0,663$/2DQG-DVRXUFRQWUROVLWHVDQGHGLWWKHPVRWKH\
FRQWDLQWKHLUSXEOLVKHGYDOXHVJLYHQEHORZDQGVRWKDWRQO\3$/2LVKHOG
IL[HG+RU9HU%RWK0,66DQG-VKRXOGEHVHWWR1RQH
/RFXV3URFHVVRU7XWRULDO
3$/2
-
0,66
(DVWLQJ
1RUWKLQJ
2UWKR+W
(DVWLQJ
1RUWKLQJ
2UWKR+W
(DVWLQJ
1RUWKLQJ
2UWKR+W
7
X
W
R
U
L
D
O
)LJXUH&KDQJLQJWKH&RQWURO6LWHV
<RXSUREDEO\ZLOOQRWQHHGWRHGLWWKHFRRUGLQDWHYDOXHV7KH\ZHUHHQWHUHGFRUUHFWO\LQWKH6WDWLF
WXWRULDODQGKDYHEHHQLPSRUWHGZLWKWKHYHFWRUV
'RDIUHHDGMXVWPHQWZLWKRQO\RQHSRLQWIL[HG6HOHFW$GMXVWPHQWIURPWKH
5XQPHQX
7XWRULDO
0D[LPL]HWKH:RUNERRNZLQGRZDQGFOLFNRQWKH7DX7HVWKHDGLQJER[WR
VRUWWKHIDLOHGYHFWRUVWRWKHWRS7KHQVL]HWKH0HVVDJHER[DQGVFUROOWKH
PHVVDJHVVRWKH\DSSHDUVLPLODUWRWKHILJXUHEHORZ
)LJXUH7KH)UHH$GMXVWPHQW5HVXOW
6HOHFW6HWWLQJVIURPWKH3URMHFWPHQXDQGVZLWFKWRWKH0LVFHOODQHRXVWDE
(QWHUDVWKH3URFHVVHGYHFWRUHUURUVFDOLQJIDFWRU
7KH6WDQGDUG(UURURI8QLW:HLJKW6(LVRXUJXLGHWRRXUVFDOLQJIDFWRU7KH6(JLYHVXVD
JHQHUDOLQGLFDWLRQRIWKHDJUHHPHQWRIRXUQHWZRUNGDWDZLWKRXUHVWLPDWHVRIHUURU7KHVHHVWLPDWHV
KDYHEHHQJHQHUDWHGE\WKHSURFHVVLQJVRIWZDUHDQGPD\EHRSWLPLVWLFDVWKH\GRQRLQFOXGHUHDO
ZRUOGFRQGLWLRQV7KHH[DPSOHDERYHVKRZVDQ6(RIVRZHKDYHVHOHFWHGWRVFDOHRXUHUURU
HVWLPDWHVE\
/RFXV3URFHVVRU7XWRULDO
7
X
W
R
U
L
D
O
)LJXUH6HWWLQJWKH6FDOH)DFWRU
&OLFNWKH2.EXWWRQ
(QWHUWKH)NH\WRUHDGMXVWWKHGDWD
)LJXUH9LHZLQJ5HDGMXVWHG5HVXOWV
7KHFKLVTXDUHWHVWKDVSDVVHGRXU6WDQGDUG(UURURI8QLW:HLJKWLVYHU\FORVHWR
RQHDQGZHKDYHRQHYHFWRUIDLOLQJWKHWDXWHVWVRZHKDYHDYHU\JRRGIUHH
DGMXVWPHQW
7XWRULDO
&OLFNRQWKH1HWZRUN5HO$FFXUDF\WDE
)LJXUH9LHZLQJWKH1HWZRUN5HODWLYH$FFXUDF\7DE
:HKDYHYHFWRUVWKDWGRQRWPHHWRXUDFFXUDF\VSHFLILFDWLRQVVHWLQWKHSURMHFW
VHWWLQJV7KRVHVSHFLILFDWLRQVZHUHFHQWLPHWHUSOXVSDUWSHUPLOOLRQRIWKH
EDVHOLQHOHQJWKIRUKRUL]RQWDODQGFHQWLPHWHUVSOXVSDUWSHUPLOOLRQIRUYHUWLFDO
0D\EHRXUDFFXUDF\VSHFLILFDWLRQVDUHWRRRSWLPLVWLFIRURXUSURFHGXUHV,QFUHDVHWKH
UHTXLUHPHQWVWRFHQWLPHWHUVKRUL]RQWDODQGFHQWLPHWHUVYHUWLFDO
6HOHFW6HWWLQJVIURPWKH3URMHFWPHQXDQGVZLWFKWRWKH0LVFHOODQHRXVWDE
/RFXV3URFHVVRU7XWRULDO
,QFUHDVHWKHKRUL]RQWDOWRDQGWKHYHUWLFDOWR
7
X
W
R
U
L
D
O
)LJXUH&KDQJLQJWKH'HVLUHG3URMHFW$FFXUDF\
&OLFNWKH2.EXWWRQ
)LJXUH7KH1HZ1HWZRUN5HODWLYH$FFXUDF\7DE
1RZWKHUHLVMXVWRQHYHFWRUWKDWGRHVQWPHHWRXUDFFXUDF\VSHFLILFDWLRQV,ILWZRQW
ZHDNHQWKHQHWZRUNLWFDQEHH[FOXGHGIURPWKHQHWZRUNDQGWKHQHWZRUNUHDGMXVW
7XWRULDO
/HWVH[FOXGHWKHIDLOLQJYHFWRU6ZLWFKWRRQWKH9HFWRUVWDERIWKH
:RUNERRNZLQGRZ
&OLFNRQWKH)URP7RKHDGHUER[WRVRUWWKHYHFWRUVE\VWDWLRQDQGWKHQ
ULJKWFOLFNRQ(8&DQGFKRRVH([FOXGH
)LJXUH6HOHFWLQJD9HFWRUWR([FOXGH
/RFXV3URFHVVRU7XWRULDO
&OLFN<HVLQUHVSRQVHWRWKHTXHVWLRQWRUHDGMXVW
7
X
W
R
U
L
D
O
)LJXUH5HDGMXVWPHQW$IWHU([FOXVLRQ
(YHU\WKLQJKDVQRZSDVVHGWKH4$WHVW7KHUHODWLYHDFFXUDF\RIVRPHRIWKHOLQHVDUH
ORZEXWWKDWLVEHFDXVHWKH\DUHYHU\VKRUW5LJKWFOLFNLQJLQDQ\RIWKHUHODWLYH
DFFXUDF\ILHOGVZLOOJLYHWKHFKRLFHWRGLVSOD\WKHDFFXUDF\LQHLWKHUSSPRUDVD
UDWLR5HODWLYHDFFXUDFLHVRQVKRUWOLQHVDUHQRWYHU\PHDQLQJIXO7KDWLVZK\PRVW
VSHFLILFDWLRQVDUHPRYLQJWRDSRVLWLRQDOWROHUDQFHGHILQLWLRQRIDFFXUDF\
7XWRULDO
7RVHHWKHSRVLWLRQDOWROHUDQFHVRIRXUSRLQWVFOLFNRQWKH6LWHVWDE
)LJXUH6LWH&RRUGLQDWHV
:KHQZHKDYHFRQILGHQFHLQWKHDFFXUDF\RIRXUGDWDWKHIUHHDGMXVWPHQWLV
FRPSOHWH1RZZHQHHGWRFRQVWUDLQWKHRFFXSLHGFRQWUROVLWHVWRILWWKHGDWD
LQWRWKHH[LVWLQJFRQWUROQHWZRUN
/RFXV3URFHVVRU7XWRULDO
&OLFNRQWKH&RQWURO6LWHVWDEDQGPDNHVXUHDOOWKUHHFRQWUROSRLQWVDUH
IL[HGKRUL]RQWDOO\DQGYHUWLFDOO\
7
X
W
R
U
L
D
O
)LJXUH)L[LQJ&RQWURO6LWHV
+LWWKH)NH\WRSHUIRUPWKHFRQVWUDLQHGDGMXVWPHQW
7XWRULDO
&OLFNRQWKH1HWZRUN5HO$FFXUDF\WDE
)LJXUH7KH&RQVWUDLQHG$GMXVWPHQW5HVXOWV
7KHDGMXVWPHQWVWDWLVWLFVDUHJRRG,IVRPHYHFWRUVWKDWGLGQWTXLWHPHHWWKHSURMHFWVHWWLQJV
DFFXUDF\VSHFLILFDWLRQVWKHSUREOHPPD\OLNHO\EHGXHWRWKHHIIHFWVRIWKHFRQWURO
,IVDWLVILHGWKDWWKHQHZVWDWLRQVPHHWWKHSURMHFWUHTXLUHPHQWVZHKDYHFRPSOHWHG
WKHDGMXVWPHQWSURFHVVDQGFDQXVHWKHILQDOFRRUGLQDWHVDQGWKHLUXQFHUWDLQWLHVIRU
WKHLULQWHQGHGSXUSRVH,IZHEHOLHYHWKHFRQWUROLVVXVSHFWWKH&RQWURO7LHDQDO\VLV
FDQEHXVHGWRKHOSLVRODWHWKHSUREOHP$QH[DPSOHXVLQJWKH&RQWURO7LHDQDO\VLVLV
JLYHQLQWKHQH[WVHFWLRQ<RXFDQDOVRUHIHUWRWKHPDQXDOIRUDGGLWLRQDOLQIRUPDWLRQ
DERXWXVLQJWKLVWRRO
/RFXV3URFHVVRU7XWRULDO
7URXEOH6KRRWLQJ7LSV
/RRS&ORVXUHV
6HOHFW/RRS&ORVXUH0RGHIURPWKH0DS9LHZPHQXLQWKH9LHZPHQX
7
X
W
R
U
L
D
O
P
)LJXUH6HOHFWLQJ/RRS&ORVXUH0RGH
7XWRULDO
0D[LPL]HWKH0DS9LHZZLQGRZDQG]RRPLQDURXQGWKHFHQWHUSDUWDV
VKRZQEHORZ
)LJXUH=RRP,QRQ0DS9LHZ
7KHWLWOHEDUDWWKHYHU\WRSRIWKHVFUHHQLQGLFDWHVORRSFORVXUHPRGH
0RYHWKHFURVVKDLURYHUWKHYHFWRUEHWZHHQ3$5.DQG',6&&OLFNDQGWKH
YHFWRUZLOOEHFRPHGDVKHG
0RYHWKHFURVVKDLURYHUWKHYHFWRUEHWZHHQ',6&DQG-DQGFOLFN-
LVRIIWKHHGJHRI)LJXUH
0RYHWKHFURVVKDLURYHUWKHYHFWRUEHWZHHQ3$5.DQG-DQGFOLFNDQG
DYHFWRUVHOHFWLRQER[DSSHDUVEHFDXVHWKHUHDUHWZRREVHUYDWLRQVRIWKLV
YHFWRU
/RFXV3URFHVVRU7XWRULDO
7
X
W
R
U
L
D
O
)LJXUH6HOHFWLQJ2QH9HFWRUIURPD5HSHDW6LWH
7XWRULDO
6HOHFWWKHREVHUYDWLRQE\FOLFNLQJRQLW
6HOHFW/RRS&ORVXUHIURPWKH:RUNERRNPHQXLQWKH9LHZPHQXWR
GLVSOD\WKHFORVXUHLQIRUPDWLRQ
)LJXUH9LHZLQJWKH/RRS0LVFORVXUH
5LJKWFOLFNLQJRQRQHRIWKHPLVFORVXUHVZLOOGLVSOD\HLWKHU;<=RU(18
PLVFORVXUHV7KHVHPLVFORVXUHVFDQEHGLVSOD\HGDVWKHDFWXDOOLQHDUGLVWDQFHVDVD
SDUWSHUPLOOLRQHUURUUHSUHVHQWDWLRQRUDVDUDWLR
&RQWURO7LHV
2QFH\RXKDYHSHUIRUPHGDQDGMXVWPHQW\RXFDQFKHFNKRZWKHFRQWUROPDWFKHVWKH
GDWD,QWKLVH[DPSOHZHKDYHXVHGWKUHHFRQWUROVWDWLRQVIRUERWKKRUL]RQWDODQG
YHUWLFDOFRQWURO7KLVJLYHVDVOLJKWUHGXQGDQF\IRUWKHVROXWLRQRIWKHURWDWLRQDQG
VFDOHSDUDPHWHUVEXWWKHUHLVQRUHGXQGDQF\IRUWKHYHUWLFDOURWDWLRQVLQWKHQRUWKDQG
HDVWGLUHFWLRQV$Q\HUURUVLQWKHYHUWLFDOFRQWUROZLOOGLVDSSHDULQWKHURWDWLRQ
SDUDPHWHUV1RWLFHLQWKHSUHYLRXVDGMXVWPHQWH[DPSOHWKHFRQVWUDLQHGDGMXVWPHQW
VKRZVWKDWWKHYHUWLFDOURWDWLRQSDUDPHWHUVDUHIDLUO\KLJK1RUWKLQJDQG(DVWLQJ
/RFXV3URFHVVRU7XWRULDO
7
X
W
R
U
L
D
O
)LJXUH$GMXVWHG'DWXP%LDV3DUDPHWHUV
7RFKHFNRXUFRQWUROWLHVZHQHHGWRXQIL[DOOEXWRQHRIWKHVWDWLRQV
7XWRULDO
&OLFNRQWKH&RQWURO6LWHVWDE
6HWWKH)L[HGYDOXHVRI0,66DQG-WR1RQH
+LWWKH)NH\WRSHUIRUPDQRWKHUIUHHDGMXVWPHQW
&OLFNRQWKH&RQWURO7LHWDE
)LJXUH&RQWURO7LH$QDO\VLV7DE
7KHYHUWLFDOGLIIHUHQFHDW-WKHPRVWHDVWHUQSRLQWLVPHWHUV7KLVLVPRUH
WKDQWKHXQGXODWLRQRIWKHJHRLGPRGHOVXSSRUWVVRWKHUHLVDSUREOHPVRPHZKHUH
7KHUHLVQWHQRXJKYHUWLFDOFRQWURORUHQRXJKUHGXQGDQF\LQWKHPHDVXUHPHQWVWRVHH
WKLVLQWKHDGMXVWPHQWVWDWLVWLFVH[FHSWIRUWKHURWDWLRQSDUDPHWHUVLQWKHFRQVWUDLQHG
DGMXVWPHQW7KHSUREOHPFRXOGEHDQDQWHQQDKHLJKWPHDVXUHPHQWDSXEOLVKHG
HOHYDWLRQDGDWDHQWU\PLVWDNHZLWKVRPHLQYHVWLJDWLRQWKHKHLJKWKHOGIL[HGIRU
0,66LVRQO\OLVWHGDVWKRUGHU&ODVV,,7KLVXQFHUWDLQW\PDNHVWKHKHLJKWDJRRG
VXVSHFWIRUSRWHQWLDOO\KLJKGLVWRUWLRQV,IDGGLWLRQDOYHUWLFDOFRQWUROLVDYDLODEOHWKH
SUREOHPFDQEHPRUHHDVLO\LVRODWHGDQGHOLPLQDWHG
)UHH$GMXVWPHQW([DPSOHV
7KHQH[WH[DPSOHVDVVXPHWKDW\RXDUHIDPLOLDUZLWKVWDUWLQJDSURMHFWDQGQDYLJDWLQJZLWKLQWKH
VRIWZDUH,I\RXKDYHSUREOHPVLWPD\PHDQWKDW\RXQHHGWRZRUNRQWKHHDUOLHUWXWRULDOVDOLWWOH
PRUH
/RFXV3URFHVVRU7XWRULDO
/HWVWU\DFRXSOHRIDGMXVWPHQWVWRJHWDFTXDLQWHGZLWKVRPHRIWKHVWDWLVWLFDORXWSXWV
DQGXQLTXHDQDO\VLVWRROVDYDLODEOHLQWKH/RFXVVRIWZDUH7KHILUVWH[DPSOHXVHVD
SDUWRIWKH7872567$SURMHFW
6WDUWDQHZSURMHFWQDPHG$GMXVWPHQWDQGLPSRUWWKHUDZGDWDIURP
?782567$?'$<DQG?'$<7KHSURMHFWVKRXOGEHVHWXSIRU
&DOLIRUQLD=RQH6WDWH3ODQH&RRUGLQDWHDQGWKHOLQHDUXQLWVVKRXOGEHPHWHUV
2QWKH6,7(6WDEXVHWKHULJKWPRXVHFOLFNWRGHOHWHDOORIWKHVLWHVH[FHSW3$/2
',6&0,66DQG-
7KH3URMHFWRFFXSDWLRQVWDEVKRXOGORRNVLPLODUWR)LJXUH
7
X
W
R
U
L
D
O
)LJXUH3URMHFW2FFXSDWLRQV7DE
7KH0DS9LHZVKRXOGORRNVLPLODUWR)LJXUH
)LJXUH0DS9LHZ
7XWRULDO
6HW',6&WREHKHOGIL[HGDVWKHFRQWUROVLWHDQGSURFHVVWKHGDWD8VHWKHIROORZLQJ
FRRUGLQDWHIRU',6&
(DVWLQJ
1RUWKLQJ
2UWKR+W
7KHYHFWRUVWDEZLOOORRNOLNH)LJXUH
)LJXUH9HFWRUV7DE
$GMXVWWKHGDWDKROGLQJ',6&IL[HG
)LJXUH$GMXVWPHQW$QDO\VLV7DE
)LQGLQJDQ$QWHQQD+HLJKW%OXQGHU
7KLVQHWZRUNLVGHVLJQHGWRPLQLPL]HWKHRFFXSDWLRQV)URPWKH9HFWRULQIRRU7LPH
9LHZZHFDQVHHWKDW6WDWLRQV',6&DQG0,66DUHRFFXSLHGPRUHWKDQRQFH7KLVLVD
UHTXLUHPHQWIRUEOXQGHUGHWHFWLRQXQOHVVWKHVWDWLRQFRRUGLQDWHVDUHNQRZQ&RQWURO
3RLQWV$OVRLPSRUWDQWIRUVHHLQJEOXQGHUVLVWRDSSO\DSSURSULDWHDFFXUDF\
H[SHFWDWLRQV)RUWKLVH[DPSOHOHWVDSSO\DKRUL]RQWDODFFXUDF\RIPSSPDQG
DYHUWLFDODFFXUDF\RIPSSPLQWKH0LVFHOODQHRXVWDERIWKH3URMHFW6HWWLQJV
GLDORJER[
/RFXV3URFHVVRU7XWRULDO
7
X
W
R
U
L
D
O
)LJXUH&KDQJLQJWKH'HVLUHG$FFXUDF\
7KHUHDUHWZRSUREOHPVZKLFKDUHYHU\FRPPRQLQ*36QHWZRUNVDQGWKDWFDQEH
XVHGWRLOOXVWUDWHKRZWKH$GMXVWPHQW$QDO\VLV7DELVXVHGWRGHWHFWWKHP2QHRIWKH
PRVWFRPPRQSUREOHPVLVDQLQFRUUHFW+,7KHUHDUHPDQ\SODFHVZKHUHWKH+,
YDOXHVFDQEHFRUUXSWHG7\SLFDOSUREOHPDUHDVZRXOGEHZKHQWKHLQIRUPDWLRQLV
PHDVXUHGDQGUHFRUGHGLQWKHILHOGDQGZKHQHQWHUHGLQWKHRIILFH$VHFRQGFRPPRQ
SUREOHPLVZKHQDEDVHOLQHVLPSO\GRHVQWILW7KLVFDQEHFDXVHGE\WKLQJVOLNHXVLQJ
DQLQFRUUHFWVHHGSRVLWLRQLQFRUUHFWO\GHWHUPLQHGLQWHJHUDPELJXLWLHVXVHRIIORDW
SRVLWLRQVHWF
/HWVWDNHDORRNDWWKHILUVWFDVH6LQFHWKLVLVWKHPRVWFRPPRQRIDOOHUURUVRXUFHV
/2&86ZDVGHVLJQHGWRDVVLVWLQGHWHFWLRQLQLWV)LHOG/RJGHVLJQ3UH3URFHVVLQJ
$QDO\VLVDQGDXWRPDWLFEOXQGHUGHWHFWLRQ$OVRDYDLODEOHIRUGHWHFWLRQXQGHUJLYHQ
FRQGLWLRQVDUHWKH5HSHDW%DVHOLQH$QDO\VLVDQG/RRS&ORVXUH7HVWLQJ(YHQZLWKDOO
WKHVHWRROZHZLOOILQGWKHFDVHZKHUHWKH+,HUURULVSUHVHQWLQWKHQHWZRUN
/HWVFUHDWHDH[DPSOH5HPHPEHUWKDWDUHTXLUHPHQWIRUGHWHFWLQJHUURUVLQWKH
$GMXVWPHQW$QDO\VLVLVWKDWWKHVWDWLRQLVREVHUYHGWZLFH2QO\WZRVWDWLRQVLQRXU
H[DPSOHQHWZRUNPHHWWKLVFRQGLWLRQV0,66 ',6&1RWHWKDWQHLWKHURIWKHVH
VWDWLRQVZHUHXVHGLQUHSHDWEDVHOLQHVVRRQHRIRXUHUURUFKHFNLQJWRROVLVQRW
DSSOLFDEOH5HYLHZRIWKHFXUUHQWYHFWRUXQFHUWDLQWLHVVKRZVWKDWDOOEDVHOLQHVZHUH
SURFHVVHGDQGDFFHSWLQJWKHVPDOO6WDQGDUG(UURUVDUHEHOLHYHGWRKDYHFRUUHFW
DPELJXLW\UHVROXWLRQV1HWZRUNUHVLGXDOVDUHVPDOOLQGLFDWLQJLQWHUQDOFRQIRUPLW\
:HZLOOUHIHUWRWKLVDVWKHQHWZRUNEDVHVWDWH
7XWRULDO
7KHHDVLHVWZD\WRLQGXFHD+,HUURULVLQWKH2FFXSDWLRQV7DE$IWHUHQWHULQJWKLV
WDE,HQWHUHGDQLQFRUUHFW9HUWLFDO$QWHQQD2IIVHWRIPIRUWKHVHFRQG
RFFXSDWLRQRIVWDWLRQ0,66
)LJXUH,QWURGXFLQJDQ(UURU
7KLVFKDQJHDIIHFWVWKHFRPSXWHG9HFWRUVZKLFKDUH*URXQGWR*URXQG7KHVLWH
SRVLWLRQLVOLNHZLVHFKDQJHGDQGWKHQHWZRUNDGMXVWPHQWLVYRLG7KHVHFKDQJHVFDQ
EHVHHQLQWKHUHVSHFWLYHZRUNERRNWDEV$IWHUWKH+,FKDQJHLWLVQHFHVVDU\WR
UHSURFHVVWKHFRUUHVSRQGLQJYHFWRUV7KHRSWLRQ3URFHVV1HZFDQEHXVHGWR
UHSURFHVVWKHFKDQJHGEDVHOLQHV7KHQHZYHFWRUVDUHOLVWHGLQWKHIROORZLQJWDEOH
)LJXUH5HSURFHVVHG9HFWRUV
5HYLHZRIWKHYHFWRUVWDWLVWLFVDJDLQGHPRQVWUDWHVWKDWWKHEDVHOLQHVZHUHUHVROYHGWR
WKHH[SHFWHGSUHFLVLRQ
2QHRIWKHWRROVDYDLODEOHIRUUHYLHZLQJXQDGMXVWHGYHFWRUVLVWKH/RRS&ORVXUHV7DE
7KHUHDUHWKUHHVPDOOORRSVZKLFKLQFOXGHVWDWLRQV0,667KHIROORZLQJWDEOHOLVWVWKH
UHVXOWVIURPWKHORRSWHVWV
/RFXV3URFHVVRU7XWRULDO
7
X
W
R
U
L
D
O
)LJXUH/RRS&ORVXUH5HVXOWV
)URPWKHVHZHFDQVHHWKDWWZRRIWKHWHVWVVKRZDSUREOHP8QOHVVDOOORRSVDUH
FKHFNHGDGDXQWLQJWDVNIRUODUJHQHWZRUNVLWFDQEHVHHQWKDWDQDQWHQQDUHODWHG
SUREOHPFDQHDVLO\EHSURSDJDWHGLQWRDQHWZRUN
1RZUHDGMXVWWKHQHWZRUNKROGLQJ',6&IL[HGDVEHIRUH$IWHUWKHUHDGMXVWPHQWVHW
WKH$GMXVWPHQW$QDO\VLVWRGLVSOD\(18ZLWKVWDQGDUGUHVLGXDOV$OVRVRUWWKH
YHFWRUVXVLQJWKH/HQJWK6WG5HV&ROXPQ7KLVDOORZVXVWRYLHZWKHZRUVWILWWLQJ
YHFWRUVILUVW1RWHWKDWDOORIWKHVHEDVHOLQHVDUHQRWRIFRPSDUDWLYHOHQJWK7KH
QRUPDOL]HGUHVLGXDOVZKLFKFDQWDNHLQWRDFFRXQWWKHYDU\LQJGLVWDQFHVFDQEHDYHU\
XVHIXOWRROIRUDQDO\VLVRIODUJHQHWZRUNVEXWEHFDUHIXOVRPHWLPHVDYDOXHRIRU
PRUHFDQWUDQVODWHWRFHQWLPHWHUVRUPLOOLPHWHUVZKLFKPD\EHSHUIHFWO\DFFHSWDEOH
IRU\RXUSURMHFW7KHIROORZLQJWDEOHOLVWVWKHDGMXVWPHQWRXWSXW
)LJXUH1HZ$GMXVWPHQW2XWSXW
7KHKLJKHVWUHVLGXDORFFXUVLQWKHEDVHOLQHEHWZHHQVWDWLRQV3$/2 0,661RWH
DOVRWKDWWKH8SFRPSRQHQWFRQWDLQVDPDMRULW\RIWKHGLVWDQFHHUURUPHWHUV
6XVSHFWLQJDQ+,HUURUPD\EHSUHVHQWVRUWWKHDGMXVWPHQWRQWKH8SUHVLGXDO
)LJXUHVKRZVWKHUHRUGHUHGEDVHOLQHV
7XWRULDO
)LJXUH5HRUGHUHG%DVHOLQHV
:HFDQVHHWKDWWKHILUVWWZREDVHOLQHVZLWKWKHODUJHVW8SFRPSRQHQWUHVLGXDOV
LQFOXGHWKHVWDWLRQ0,667KLVLVDVWURQJSRLQWHUWKDWWKLVVWDWLRQLVVXVSHFW$QRWKHU
FOXHLVWKHWLPHDVVRFLDWHGZLWKWKHKLJKHVW8SUHVLGXDO7KLVSRLQWVWRWKHVHFRQG
RFFXSDWLRQ+RSHIXOO\DFDUHIXOH[DPLQDWLRQRIILHOGORJV'ILOHVDQGDQ\RWKHU
DYDLODEOHLQIRUPDWLRQZLOOUHVXOWLQILQGLQJWKHEOXQGHU,IQRWWKHQH[WRSWLRQLVWR
UHPRYHWKHVXVSHFWYHFWRUV
8VLQJWKHULJKWPRXVHFOLFNLQWKH$GMXVWPHQW$QDO\VLVWDEEHJLQE\H[FOXGLQJWKH
VXVSHFWEDVHOLQH7KHVRIWZDUHZLOODXWRPDWLFDOO\UHDGMXVWWKHQHWZRUNDQGRXWSXW
QHZVWDWLVWLFV%RWKWKH7DX7HVWVDQGWKH9DULDQFHRI8QLW:HLJKWLQGLFDWRUVIDLO
DJDLQ7KHQH[WKLJKHVWYHFWRULVWKHQH[FOXGHGDQGWKHQHWZRUNUHDGMXVWV7KHUHVXOWV
RIWKLVDGMXVWPHQWDUHERWKSDVVLQJRIWKH7DX7HVWVIRUDOOEDVHOLQHVDQGDUHDVRQDEOH
9DULDQFHRI8QLW:HLJKWFORVHUWR7KLVLQGLFDWHVWKDWWKHSUREOHPKDVEHHQ
HOLPLQDWHG7KHQH[WVWHSLVWREHJLQUHLQFOXGLQJEDVHOLQHVRQHDWDWLPHDQG
HYDOXDWLQJWKHLUHIIHFW5HLQFOXGLQJHLWKHURIRXUH[FOXGHGEDVHOLQHVUHVXOWVLQKLJK
VWDWLVWLFDOIDLOXUHVWKXVWKHQHWZRUNPXVWEHHYDOXDWHGIRUDFFHSWDQFHZLWKRXWWKH
H[FOXGHGYHFWRUV5HYLHZLQJP\VLWHPDS,VHHWKDWZLWKRXWWKHVHRFFXSDWLRQVDOO
VWDWLRQVKDYHRQO\DVLQJOHRFFXSDWLRQWKXVKDYLQJQRUHGXQGDQWFKHFNV,WLV
DGYLVDEOHWRUHLQIRUFHWKHQHWZRUNZLWKPRUHILHOGREVHUYDWLRQVRUXVHH[LVWLQJGDWD
IURPDQRWKHUSURMHFWLISRVVLEOH
<RXFDQVHHIURPWKLVH[DPSOHWKDWWKH$GMXVWPHQW$QDO\VLVWRROLVDQHIIHFWLYHZD\
WRWURXEOHVKRRWDQHWZRUN,EHOLHYHWKDWIRUODUJHUSURMHFWVLWPD\EHPXFKHDVLHUWR
XVHWKDQWKH/RRS&ORVXUHWHVWLQJ,UHFRPPHQGWKDW\RXH[SHULPHQWZLWKWKHYDULRXV
GLVSOD\RSWLRQVDVHDFKPD\EHPRUHXVHIXOXQGHUDJLYHQVHWRIFRQGLWLRQV<RX
VKRXOGDOVRUHYLHZWKHDGMXVWPHQWVWDWLVWLFVSUHVHQWHGLQWKHPHVVDJHZLQGRZQDPHO\
WKH9DULDQFHRI8QLW:HLJKWDQG&KL6TXDUHWHVW7KHVHYDOXHVEHFRPHPRUHXVHIXO
ZKHQDQDO\]LQJODUJHUQHWZRUNV)RUDEHWWHUXQGHUVWDQGLQJRIZKDWWKHVHYDOXHV
UHSUHVHQWORRNLQWKHKHOSVHFWLRQDQGH[SHULPHQWZLWKZKDWKDSSHQVZKHQ\RX
LQWURGXFHHUURUVLQWRRXUH[DPSOHQHWZRUNV
/RFXV3URFHVVRU7XWRULDO
/HWVPRYHRQWRWKHVHFRQGH[DPSOH5HPRYHWKH+,HUURULQGXFHGLQWKHSUHFHGLQJ
H[DPSOHLQFOXGHWKHH[FOXGHGYHFWRUVUHFRPSXWHWKHEDVHOLQHVDQGUHDGMXVWWKH
QHWZRUN7KLVVKRXOGEULQJRXUSURMHFWEDFNWRWKHEDVHVWDWH
7
X
W
R
U
L
D
O
7XWRULDO
/RFXV3URFHVVRU7XWRULDO
0LVVLRQ3ODQQLQJ
$
,QWURGXFWLRQ
7KLVFKDSWHUGHVFULEHVWKHSODQQLQJRSHUDWLRQVWRSHUIRUPLQWKHRIILFHSULRUWRFROOHFWLQJ
GDWDLQWKHILHOG(IILFLHQWILHOGRSHUDWLRQVUHTXLUHSULRUNQRZOHGJHRIVDWHOOLWHDYDLODELOLW\
DQGFRQILJXUDWLRQWKDWLVDFFXUDWHGDWDLVREWDLQHGPRUHTXLFNO\ZKHQPRUHVDWHOOLWHVDUH
ZLGHO\GLVSHUVHGDFURVVWKHVN\DWKLJKHUHOHYDWLRQV
)RUH[DPSOHWKHUHPD\EHWLPHVZKHQIHZHUWKDQIRXUVDWHOOLWHVDUHDYDLODEOHRUDOOWKH
DYDLODEOHVDWHOOLWHVPD\EHFOXVWHUHGLQRQHVPDOODUHDRIWKHVN\LHSRRUJHRPHWU\RU
VRPHVLWHVPD\EHQHDUEXLOGLQJVRUVWUXFWXUHVWKDWREVWUXFWVDWHOOLWHYLVLELOLW\
0LVVLRQ3ODQQLQJOHWV\RXGHWHUPLQHRSWLPXPWLPHVIRUGDWDFROOHFWLRQDQGVHWXSYDULRXV
SDUDPHWHUVDQGFRQVWUDLQWV
,GHDOO\\RXVKRXOGSODQ\RXUSURMHFWVR\RXKDYHDWOHDVWIRXUVDWHOOLWHVZLGHO\GLVSHUVHG
DFURVVWKHVN\WKURXJKRXWWKHGDWDFROOHFWLRQSHULRG,I\RXDUHGRLQJDNLQHPDWLFVXUYH\
ILYHVDWHOOLWHVPXVWEHYLVLEOHDWDOOWLPHVGXULQJWKHVXUYH\
$OPDQDF)LOHV
$FXUUHQWDOPDQDFLVLPSRUWDQWIRUDFFXUDWHSODQQLQJ0LVVLRQ3ODQQLQJZDUQVWKHXVHU
ZKHQDQDOPDQDFILOHLVROGHUWKDQGD\VIURPWKHSODQQLQJGDWH$OWKRXJK\RXFDQXVH
0LVVLRQ3ODQQLQJZLWKDQDOPDQDFILOHROGHUWKDQGD\VEHDZDUHWKHDOPDQDF
LQIRUPDWLRQZLOOQRWEHFXUUHQWWKXVVDWHOOLWHRUELWVDQGKHDOWKPD\EHLQFRUUHFW
7KH*36UHFHLYHUFRQWLQXRXVO\XSGDWHVLWVLQWHUQDODOPDQDFILOHDVLWFROOHFWVGDWD<RX
FDQREWDLQDFXUUHQWDOPDQDFILOHE\FROOHFWLQJGDWDIRUDWOHDVWPLQXWHVWKHQ
GRZQORDGLQJWKHDOPDQDFILOHIURPWKHUHFHLYHU%\GHIDXOW0LVVLRQ3ODQQLQJXVHVWKH
ODWHVWDOPDQDFILOHDYDLODEOHLQWKH/RFXVELQIROGHUXQOHVV\RXFKDQJHWKHIROGHURU
DOPDQDFILOHXVLQJWKH6DWHOOLWH&RQILJXUDWLRQGLDORJER[
%HDZDUHWKDWWKHDOPDQDFFKDQJHVFRQVWDQWO\DQGDJLYHQDOPDQDFEHFRPHVLQYDOLGRYHU
WLPH<RXFDQWHOOWKHGDWHRIWKHDOPDQDFIURPWKHILOHQDPH)RUH[DPSOHDW\SLFDO
DOPDQDFILOHPLJKWEHQDPHGDOPZKHUHDOPLQGLFDWHVWKHILOHLVDQDOPDQDF
LQGLFDWHVWKH\HDUDQGLVWKHGD\RIWKH\HDU
0LVVLRQ3ODQQLQJ
$
0
L
V
V
L
R
Q
3
O
D
Q
Q
L
Q
J
,QDFWXDOSUDFWLFH\RXZRXOGDOZD\VXVHDFXUUHQWDOPDQDFZKLFK\RXFDQREWDLQLQ
HLWKHURIWZRZD\V
&DOO&XVWRPHU6XSSRUW&XVWRPHU6XSSRUWZLOOVHQG\RXDFXUUHQW
DOPDQDFYLDHPDLO
6HWXS\RXU*36UHFHLYHUDQGFROOHFWGDWDIRUDERXWPLQXWHV7KH
UHFHLYHUDXWRPDWLFDOO\JHQHUDWHVDFXUUHQWDOPDQDFXVLQJGDWDUHFHLYHG
IURPWKHVDWHOOLWHV<RXFDQWKHQGRZQORDGWKLVDOPDQDFWR\RXU3&DV
GHVFULEHGHOVHZKHUHLQWKLVPDQXDO
:KHQWRXVH0LVVLRQ3ODQQLQJ
7KHXVDJHRI0LVVLRQ3ODQQLQJGHSHQGVRQWKHW\SHRIVXUYH\DQGREVWUXFWLRQVWKDW
PD\H[LVWDWDQ\RIWKHVLWHVLQWKHSURMHFW
7KHUHDUHVRPHORFDWLRQVDQGSHULRGVZKHQVDWHOOLWHDYDLODELOLW\DQGJHRPHWU\DUH
SRRUKRZHYHUWKHORFDWLRQVDUHJHQHUDOO\ORFDOL]HGDQGWKHWLPHSHULRGVODVWD
FRXSOHRIKRXUVDWPRVW:KHQGDWDFROOHFWLRQSHULRGVDUHORQJPLQXWHVRUPRUH
WKHVHVKRUWSHULRGVRISRRUDYDLODELOLW\DQGSRRUJHRPHWU\QRUPDOO\KDYHOLWWOHHIIHFW
RQDFFXUDF\%XWZKHQGDWDFROOHFWLRQSHULRGVDUHVKRUWPLQXWHVRUOHVVSRRU
DYDLODELOLW\DQGJHRPHWU\FDQJUHDWO\DIIHFWDFFXUDF\HVSHFLDOO\LQNLQHPDWLFGDWD
FROOHFWLRQ,QNLQHPDWLFPRGHLWLVFRPPRQWRFROOHFWVHFRQGVRUOHVVRIGDWDRQD
SRLQW,ID'23VSLNHVKRUWSHULRGRIWLPHZLWKDYHU\KLJK'23YDOXHRFFXUVGXULQJ
WKDWWLPHSHULRGWKHDFFXUDF\IRUWKLVSRLQWGHJUDGHV7KHDFFXUDF\RIRWKHUSRLQWVLQ
WKHVDPHNLQHPDWLFVHVVLRQFRXOGEHYHU\JRRG7KHUHIRUH0LVVLRQ3ODQQLQJSOD\VD
FULWLFDOUROHZKHQSHUIRUPLQJVXUYH\VZLWKVKRUWRFFXSDWLRQWLPHV
2EVWUXFWLRQVDWDVLWHDGYHUVHO\DIIHFWVDWHOOLWHDYDLODELOLW\DQGJHRPHWU\IRUWKDWVLWH
2EVWUXFWLRQVFDQEHVRVHYHUHWKDWWKHVLWHPD\QRWEHVXLWDEOHIRU*36REVHUYDWLRQ
7KHRQO\ZD\WRGHWHUPLQHWKHLPSDFWRIREVWUXFWLRQVLVWRH[DPLQHWKHHIIHFWRIWKH
REVWUXFWLRQVRQVDWHOOLWHDYDLODELOLW\DQGJHRPHWU\DWDQ\REVWUXFWHGVLWH0LVVLRQ
3ODQQLQJOHWV\RXGHILQHREVWUXFWLRQLQIRUPDWLRQIRUHDFKVLWHLQDVXUYH\:LWKWKH
REVWUXFWLRQVGHILQHGVDWHOOLWHDYDLODELOLW\DQGJHRPHWU\DUHDQDO\]HGWRGHWHUPLQH
ZKLFKVLWHVDUHVXLWDEOHIRU*36REVHUYDWLRQDQGWKHEHVWWLPHWRFROOHFWGDWDDWHDFK
REVWUXFWHGVLWH
,IWKHUHDUHQRREVWUXFWLRQVHQWHURQHVLWHLQWR0LVVLRQ3ODQQLQJQHDUWKHFHQWHURIWKH
VXUYH\DUHDWRH[DPLQHVDWHOOLWHDYDLODELOLW\DQGJHRPHWU\IRUWKHHQWLUHVXUYH\
$
/RFXV3URFHVVRU8VHUV*XLGH
6WDUWLQJ0LVVLRQ3ODQQLQJ
)URPWKH:LQGRZVRU:LQGRZV17GHVNWRSIURPWKH6WDUWPHQX
3URJUDPVIROGHUVHOHFW0LVVLRQ3ODQQLQJIURPWKH/RFXV3URFHVVRUPHQX
7KH0LVVLRQ3ODQQLQJPDLQZLQGRZRSHQV)LJXUH$
<RXFDQDFFHVV0LVVLRQ3ODQQLQJIURP/RFXV3URFHVVRUE\VHOHFWLQJ0LVVLRQ3ODQQLQJIURPWKH7RROV
PHQX
0
L
V
V
L
R
Q
3
O
D
Q
Q
L
Q
J
)LJXUH$0LVVLRQ3ODQQLQJ0DLQ:LQGRZ
0LVVLRQ3ODQQLQJ
$
/HIWVOLGHUVHWV
EHJLQQLQJWLPH
5LJKWVOLGHUVHWV
HQGWLPH
)LJXUH$7LPH6FDOH
/RDGLQJDQ$OPDQDF)LOH
$QDOPDQDFILOHLVDILOHGRZQORDGHGIURPWKHUHFHLYHUFRQWDLQLQJVDWHOOLWHORFDWLRQ
LQIRUPDWLRQDQGLWLVLPSRUWDQWWKDWWKHDOPDQDFILOHEHDVFXUUHQWDVSRVVLEOH%\
GHIDXOW0LVVLRQ3ODQQLQJXVHVWKHPRVWUHFHQWDOPDQDFILOHLQWKH/RFXVELQIROGHU
7KHUHIRUHFRS\WKHDOPDQDFILOH\RXGRZQORDGHGIURP\RXUUHFHLYHUWRWKLVIROGHU
<RXFDQFKDQJHWKHDOPDQDFILOHVHOHFWHGIROGHUVKRXOG\RXZLVKWRVWRUHWKHDOPDQDF
ILOHVZLWK\RXUSURMHFWGDWD
6HOHFW2SWLRQVIURPWKH6HWXSPHQX
)LJXUH$6DWHOOLWH&RQILJXUDWLRQGLDORJER[
$
1DYLJDWHWRDQGVHOHFWWKHDOPDQDFILOHLQWKH&KDQJH$OPDQDF'LUHFWRU\
GLDORJER[DQGFOLFN2SHQ
&OLFN2.LQWKH2SWLRQVGLDORJER[WRVDYHWKHFKDQJHVDQGFORVHWKH
2SWLRQVGLDORJER[
/RFXV3URFHVVRU8VHUV*XLGH
&UHDWLQJD1HZ3URMHFW
0LVVLRQ3ODQQLQJ3URMHFWVDUHXVHGWRVWRUHVLWHVEXWDUHLQGHSHQGHQWRI/RFXV
3URFHVVRUSURMHFWV,QWKH/RFXVSURFHVVRUELQILOHVLVDVDPSOH0LVVLRQ3ODQQLQJ
SURMHFWZLWKPDQ\8QLWHG6WDWHVFLWLHVOLVWHG
6HOHFW1HZIURPWKH6LWH/LVWPHQX
0
L
V
V
L
R
Q
3
O
D
Q
Q
L
Q
J
)LJXUH$6LWH(GLWRU'LDORJ%R[
0LVVLRQ3ODQQLQJ
$
2SHQLQJD([LVWLQJ3URMHFW
6HOHFW2SHQIURPWKH6LWH/LVWPHQX7KH2SHQGLDORJER[RSHQV)LJXUH
$
)LJXUH$2SHQ6FUHHQ
7KH2SHQ'LDORJ%R[OLVWVWKHDYDLODEOHSURMHFWV
1DYLJDWHWRWKHGLUHFWRU\ZKHUHWKHSURMHFWILOHLVORFDWHGDQGVHOHFWWKH
SURMHFWRUQDYLJDWHWRWKHELQIROGHUDQGVHOHFWXVDFLWLHVVSO
&OLFN2SHQWRRSHQWKHSURMHFWDQGWKH6LWH(GLWRUGLDORJER[)LJXUH$
)LJXUH$6LWH(GLWRU'LDORJ%R[
$
/RFXV3URFHVVRU8VHUV*XLGH
7KH6LWH(GLWRU'LDORJ%R[GLVSOD\VWKHSRVLWLRQDQGDOWLWXGHGDWDIRUDVLWH7KH
/RFDO*07ILHOGLQWKHORZHUOHIWFRUQHULVLPSRUWDQWDQGGLVSOD\VWKHKRXUV
GLIIHUHQFHEHWZHHQWKHORFDOWLPHDQG*UHHQZLFK0HDQ7LPH
0DNHVXUHWKH/RFDO*07QXPEHULVFRUUHFWIRUWKHVLWHVWLPH]RQH7DEOH$
7DEOH$7LPH=RQH7DEOH
/RFDO7LPH=RQH
6WDQGDUG7LPH
'D\OLJKW7LPH
(DVWHUQ
3DFLILF
&HQWUDO
0RXQWDLQ
6DYLQJD3URMHFW
L
V
V
L
R
Q
3
O
D
Q
Q
L
Q
J
7RVDYHWKHSURMHFWZLWKDOOVLWHVDQGREVWUXFWLRQVVHOHFW6DYHIURPWKH6LWH/LVW
0HQX
$GGLQJD6LWHWRWKH3URMHFW
7KH'LOXWLRQRI3UHFLVLRQV'23VVDWHOOLWHJHRPHWU\DQGDYDLODELOLW\GHSHQGRQD
VLWHVORFDWLRQ7\SLFDOO\WKHVHYDOXHVUHPDLQIDLUO\FRQVLVWHQWRYHUGHJUHHVRI
ODWLWXGHRUORQJLWXGH7KHUHIRUHLIQRVLWHVLQWKHSURMHFWVKDYHREVWUXFWLRQVWKHQRQH
VLWHFDQEHXVHGIRUWKHHQWLUHSURMHFW6LWHVFDQEHFUHDWHGE\WZRPHWKRGVLQWKHVLWH
HGLWRUHQWHULQJDODWLWXGHDQGORQJLWXGHRUE\VHOHFWLQJDORFDWLRQRQDZRUOGPDS
0LVVLRQ3ODQQLQJ
$
)LJXUH$6LWH(GLWRU'LDORJ%R[
,IQHFHVVDU\HQWHUDEULHIGHVFULSWLRQRIWKHVLWHWRDVVLVW\RXLQUHIHUHQFLQJ
WKHVLWHLQWKH6LWH'HVFULSWLRQER[
(QWHUWKHVLWHVODWLWXGHDQGORQJLWXGHLQWKHFRUUHVSRQGLQJILHOGV
25
&OLFNWKH0DSEXWWRQWRRSHQWKH6LWH/RFDWLRQRQ0DSGLDORJER[)LJXUH
$DQGXVHWKHPRXVHWRFOLFNRQWKHDSSUR[LPDWHVLWHORFDWLRQ7KHQFOLFN
2.WRDFFHSWWKHVLWHDQGFORVHWKHGLDORJER[
)LJXUH$6LWH/RFDWLRQRQ0DS'LDORJ%R[
$
/RFXV3URFHVVRU8VHUV*XLGH
(QWHUWKHDSSUR[LPDWHDOWLWXGHRIWKHVLWHDERYHVHDOHYHO
0DNHVXUHWKH/RFDO*07QXPEHULVFRUUHFWIRUWKHVLWHVWLPH]RQH7DEOH
$
&OLFN$GGWRVDYHWKHVLWHWRWKHSURMHFW
&OLFN6HOHFWWRFORVHWKH6LWH(GLWRUGLDORJER[DQGXVHWKHVLWHZKHQ
YLHZLQJWKH'23DQG6N\3ORWV
7KH6WDWXVEDUOLVWVWKHVHOHFWHGVLWHQDPHDQGFRRUGLQDWHV
8VLQJWKH'233ORWDQG6N\3ORW
7KH'23SORWGLVSOD\VWKH'23FRPSRQHQWVDQGVDWHOOLWHDYDLODELOLW\IRUWKHVLWHRQ
WKHVSHFLILHGGD\DQGWLPH
:LWKDVLWHVHOHFWHGVHOHFW'233ORWLQWKH9LHZ0HQX
7KH'233ORWZLQGRZRSHQVIRUWKHVHOHFWHGVLWHWKHVHOHFWHGGDWHDQGWKH
VHOHFWHGWLPHZLQGRZ)LJXUH$
)LJXUH$'233ORW
7KH'23VFDOHRQWKHOHIWHGJHRIWKHGLVSOD\VKRZVWKH'23YDOXHVD'23
YDOXHRILVJHQHUDOO\FRQVLGHUHGWKHPD[LPXPDOORZDEOHIRUUHOLDEOHGDWD
FROOHFWLRQ7KHLOOXVWUDWLRQVKRZVWZRSHDNVLQWKH'23YDOXHRQHSHDNMXVW
EHIRUHKRXUVDQGDQRWKHUMXVWEHIRUHKRXUVWKXVLWZRXOGEH
EHVWQRWWRFROOHFWGDWDGXULQJWKHVHWZRSHDNVVSDQQLQJWR
KRXUVDQGWRKRXUV
7KHSORWQHDUWKHWRSRIWKHGLVSOD\VKRZVWKHQXPEHURIVDWHOOLWHVDYDLODEOH
DWDQ\WLPHGXULQJWKHVHOHFWHGWLPHLQWHUYDO1RWHWKDW'23SHDNVJHQHUDOO\
0LVVLRQ3ODQQLQJ
$
L
V
V
L
R
Q
3
O
D
Q
Q
L
Q
J
RFFXUZKHQWKHUHDUHIHZVDWHOOLWHVDYDLODEOHHJQHDUDQG
KRXUVEXWPD\DOVRRFFXUZKHQPRUHVDWHOOLWHVDUHDYDLODEOH\HWWKHVDWHOOLWH
JHRPHWU\LVSRRUHJQHDUKRXUV
&ORVHWKH'233ORWZLQGRZE\FOLFNLQJRQWKHFORVHER[
6KRXOG\RXZDQWWRH[DPLQHWKHVDWHOOLWHJHRPHWU\IRUWKHVXUYH\LQWHUYDOXVHWKH
6N\3ORWZLQGRZ
6HOHFW6N\3ORWIURPWKH9LHZPHQXWRRSHQWKH6N\3ORWZLQGRZ)LJXUH
$
)LJXUH$6N\3ORW
7KLVGLVSOD\LVDQXSSHUKHPLVKSHUHVKRZLQJWKHVDWHOOLWHVWDWXVGXULQJWKH
VSHFLILHGWLPHLQWHUYDOWKHVDWHOOLWHVDYDLODEOHDQGWKHLUWUDMHFWRULHVDFURVV
WKHVN\7KHQXPEHUVLQWKHFLUFOHVDUHWKHVDWHOOLWHGHVLJQDWLRQV7KHFURVV
KDWFKDQQXODUULQJLVWKHHOHYDWLRQPDVNLQWKLVFDVHGHJUHHVDVLQGLFDWHG
E\&XWLQWKH6WDWXV%DU
$
/RFXV3URFHVVRU8VHUV*XLGH
&KDQJLQJWKH&XW2II$QJOH
7KH&XWRII$QJOHRUHOHYDWLRQPDVNLVWKHPLQLPXPHOHYDWLRQDERYHWKHKRUL]RQ
WKDWGDWDZLOOEHFROOHFWHG%\GHIDXOWWKH&XW2IILVVHWWR
7RFKDQJHWKH&XW2II$QJOH
6HOHFW2SWLRQVIURPWKH6HWXS0HQX
7KH2SWLRQVGLDORJER[RSHQV)LJXUH$
0
L
V
V
L
R
Q
3
O
D
Q
Q
L
Q
J
)LJXUH$6DWHOOLWH&RQILJXUDWLRQ'LDORJ
0LVVLRQ3ODQQLQJ
(QWHUDQHZ&XW2II$QJOHDQGFOLFN2.7KH2SWLRQVGLDORJER[FORVHVDQG
WKH6N\3ORWDQG'233ORWZLQGRZVXSGDWHVDIWHUFOLFNLQJLQWKHP
$
2EVWUXFWLRQ(GLWRU
7KHREVWUXFWLRQHGLWRUOHWV\RXGHILQHREVWUXFWLRQVQHDUWKHDFWLYHVLWHREVWUXFWLRQV
VXFKDVODUJHEXLOGLQJVRUVWUXFWXUHVLPSDLUVDWHOOLWHYLVLELOLW\DQGLQFUHDVHWKH'23
YDOXH2QFHREVWUXFWLRQVKDYHEHHQGHILQHGIRUDVLWHWKH\DUHLQFRUSRUDWHGLQDQ\
IXWXUHFDOFXODWLRQVRIVDWHOOLWHDYDLODELOLW\DQGGLOXWLRQRISUHFLVLRQ'23IRUWKHVLWH
%HDZDUHWKDWKHDYLO\REVWUXFWHGVLWHVHJDVWUHHWEHWZHHQWDOOEXLOGLQJVPD\QRW
EHVXLWDEOHIRU*36REVHUYDWLRQV$IWHU\RXGHILQHWKHREVWUXFWLRQVIRUDVLWH\RXFDQ
H[DPLQHVDWHOOLWHDYDLODELOLW\DQG'23WRGHWHUPLQHLIHQRXJKGDWDFDQEHFROOHFWHGDW
WKHVLWHWRDFFXUDWHO\GHWHUPLQHLWVSRVLWLRQ
6HOHFW2EVWUXFWLRQIURPWKH6LWH/LVWPHQXRUFOLFN2EVWUXFWLQWKH6LWH
(GLWRUGLDORJER[WRRSHQWKH2EVWUXFWLRQ(GLWRUGLDORJER[)LJXUH
$
)LJXUH$2EVWUXFWLRQ(GLWRU'LDORJ%R[
8VHWKH2EVWUXFWLRQ(GLWRUGLDORJER[WRGHILQHREVWUXFWLRQVLIDQ\DWWKH
VHOHFWHGVLWH2EVWUXFWLRQVFDQDIIHFWWKH'23DQGFRXOGPDNHWKHFROOHFWHG
GDWDXQUHOLDEOH<RXPXVWWHOOWKHVRIWZDUHWKDWDQREVWUXFWLRQLVSUHVHQWDW
WKHVLWHNQRZLQJWKDWDQREVWUXFWLRQLVSUHVHQWWKHVRIWZDUHFDQFDOFXODWH
WKHHIIHFWRIWKHREVWUXFWLRQRQWKH'23WKHQGLVSOD\WKHDGMXVWHG'23LQ
WKH'23SORW
7KHFLUFOHLQWKH2EVWUXFWLRQ(GLWRUGLDORJER[UHSUHVHQWVWKHXSSHU
KHPLVSKHUHRIVN\YLHZDWWKHVLWH7KHUDGLDOOLQHVIURPWKHFHQWHUUHSUHVHQW
D]LPXWKDQGWKHFRQFHQWULFFLUFOHVUHSUHVHQWHOHYDWLRQIURPWRGHJUHHV
LQLQFUHPHQWVRIWHQGHJUHHV7RFUHDWHDQREVWUXFWLRQ\RXOLWHUDOO\GUDZ
WKHREVWUXFWLRQLQWHUPVRILWVD]LPXWKDQGHOHYDWLRQ
$
/RFXV3URFHVVRU8VHUV*XLGH
&OLFNZLWKLQWKHFLUFOHWRSODFHWKHILUVWSRLQWRIWKHREVWUXFWLRQ
&OLFNZLWKLQWKHFLUFOHDVHFRQGWLPHWRSODFHWKHVHFRQGSRLQWRIWKH
REVWUXFWLRQ
(DFKDGGLWLRQDOSRLQWVSHFLILHGLQWKHREVWUXFWLRQFRQQHFWVDOLQHWRWKH
SUHYLRXVSRLQW
&RQWLQXHVSHFLI\LQJSRLQWVXQWLOWKHREVWUXFWLRQVKDSHKDVEHHQGHILQHG
$IWHURXWOLQLQJWKHREVWUXFWLRQVKDSHFOLFN)LQLVK2EVWUXFWLRQWRFORVHWKH
REVWUXFWLRQVKDSHIURPWKHODVWSRLQWWRWKHILUVWSRLQW7KH2EVWUXFWLRQ
(GLWRUGLDORJER[FORVHVWKHREVWUXFWLRQVKDSHXVLQJWKHVKRUWHVWURXWH
0
L
V
V
L
R
Q
3
O
D
Q
Q
L
Q
J
)LJXUH$'UDZLQJWKH2EVWUXFWLRQ
0LVVLRQ3ODQQLQJ
8VHWKH5HPRYH/DVW/LQHEXWWRQWRGHOHWHWKHODVWOLQHGUDZQLQWKH
REVWUXFWLRQVKDSH<RXFDQUHSHDWWKLVIXQFWLRQIRUDOOOLQHVLQWKH
FXUUHQWREVWUXFWLRQVKDSH
&OLFNWKH5HPRYH2EVWUXFWLRQEXWWRQDQGWKHQDQREVWUXFWLRQOLQHWR
GHOHWHLW
8VHWKH5HPRYH$OOEXWWRQWRGHOHWHDOOREVWUXFWLRQVIRUWKHVLWH
&OLFNLQWKH'233ORWDQG6N\3ORWWRXSGDWHWKHZLQGRZV
$
$
/RFXV3URFHVVRU8VHUV*XLGH
5,1(;&RQYHUWHU
%
,QWURGXFWLRQ
5,1(;5HFHLYHU,1GHSHQGHQW(;FKDQJHLVDVWDQGDUGIRUPDWIRU*36*/21$66RU
*36*/21$66GDWDVXSSRUWHGWKURXJKRXWWKHLQGXVWU\
7KH5,1(;&RQYHUWHUXWLOLW\SURYLGHVDPHDQVWRWUDQVODWHVLQJOHRUPXOWLSOH5,1(;
IRUPDWWHGGDWDILOHVIURPDQ\UHFHLYHUWR$VKWHFKIRUPDWWHGILOHVDQGDOWHUQDWLYHO\
FRQYHUW$VKWHFKGDWDILOHVWR5,1(;IRUPDW5,1(;&RQYHUWHUVXSSRUWV5,1(;IRUPDW
YHUVLRQ
:KHQ5,1(;&RQYHUWHUFRQYHUWVD5,1(;ILOHWR$VKWHFKIRUPDWWKHFRQYHUVLRQFDQ
SURGXFHXSWRIRXUW\SHVRIGDWD
2EV
2EVHUYDWLRQGDWD
1DY
1DYLJDWLRQGDWD
1DY*
*/21$66QDYLJDWLRQGDWDLIDYDLODEOH
0HW
0HWHRURORJLFDOGDWDLIDYDLODEOH
5
,
1
(
;
&
,QDGGLWLRQWKHREVHUYDWLRQGDWDLVVHSDUDWHGLQWRWKUHHILOHV
%ILOH
*36PHDVXUHPHQWGDWD
(ILOH
6DWHOOLWHHSKHPHULVGDWD
6ILOH
6LWHLQIRUPDWLRQLIUHFRUGHGLQUHFHLYHUDWWLPHRIREVHUYDWLRQ
R
Q
Y
H
U
W
H
U
-ILOHVQRWFROOHFWHGE\/RFXV5HFHLYHU
3UHOLPLQDU\2SHUDWLRQV
%HIRUH\RXSHUIRUPDQ\FRQYHUVLRQV\RXPXVWFUHDWHIRXUGLUHFWRULHVDQGGRWKH
IROORZLQJSUHOLPLQDU\RSHUDWLRQVLQ\RXUFRPSXWHUWRDYRLGFRQIXVLRQ
5LQH[LQ&UHDWHWKLVGLUHFWRU\DQGORDG\RXU5,1(;ILOHVLQWRLW
5LQH[RXW&UHDWHWKLVGLUHFWRU\/DWHU\RXZLOOSXW\RXUFRQYHUWHG5LQH[
$VKWHFKILOHVLQWKLVGLUHFWRU\
$VKLQ&UHDWHWKLVGLUHFWRU\DQGORDG\RXU$VKWHFKILOHVLQWRLW
$VKRXW&UHDWHWKLVGLUHFWRU\/DWHU\RXZLOOSXW\RXUFRQYHUWHG$VKWHFK5LQH[
ILOHVLQWKLVGLUHFWRU\
7KHGLUHFWRU\QDPHVOLVWHGDERYHDUHVXJJHVWLRQV\RXFDQXVHZKDWHYHUGLUHFWRU\QDPHV
\RXSUHIHU
5,1(;&RQYHUWHU
%
6WDUWLQJ5LQH[&RQYHUWHU
6HOHFWWKH5LQH[&RQYHUWHUDSSOLFDWLRQLQWKH/RFXV3URFHVVRULQWKH
3URJUDPVPHQXIURPWKH6WDUW%DU
RU
6HOHFW5,1(;&RQYHUWHUIURPWKH7RROVPHQXLQ/RFXV3URFHVVRU
)LJXUH%5,1(;WR$VKWHFK'LDORJ
7KLVGLDORJOHWV\RXVHOHFWWKHILOHV\RXZDQWWRFRQYHUWDQGGHILQHVWKH
FRQYHUVLRQRSWLRQV7DEOH%GHVFULEHVWKHILHOGVLQWKH5,1(;WR$VKWHFK
GLDORJ
7DEOH%5,1(;WR$VKWHFK'LDORJ3DUDPHWHUV
,WHP
)LOHW\SHV
'HVFULSWLRQ
$YDLODEOHILOHV
7KHZKLWHDUHDEHORZ)LOH7\SHV/LVWRIILOHVLQFXUUHQWGLUHFWRU\7RVHOHFWDILOH
OLVW
FOLFNRQWKHILOH7RVHOHFWPXOWLSOHILOHVVHOHFWWKHILUVWILOHKROGGRZQWKH&WUONH\
DQGVHOHFWDGGLWLRQDOILOHVE\FOLFNLQJZLWKWKHFXUVRU
2EV
7KLVILHOGOLVWVWKHILOHQDPHRIWKHREVHUYDWLRQGDWDILOHFRUUHVSRQGLQJWRWKHVHOHFWHG
5,1(;GDWDILOHLQWKHDYDLODEOHILOHVOLVW
1DY
7KLVILHOGOLVWVWKHILOHQDPHRIWKH*36QDYLJDWLRQGDWDILOHFRUUHVSRQGLQJWRWKH
VHOHFWHG5,1(;GDWDILOHLQWKHDYDLODEOHILOHVOLVW
%
/RFXV3URFHVVRU8VHUV*XLGH
7DEOH%5,1(;WR$VKWHFK'LDORJ3DUDPHWHUVFRQWLQXHG
,WHP
1DYJ
'HVFULSWLRQ
7KLVILHOGOLVWVWKHILOHQDPHRIWKH*/21$66QDYLJDWLRQGDWDILOHFRUUHVSRQGLQJWR
WKHVHOHFWHG5,1(;GDWDILOHLQWKHDYDLODEOHILOHVOLVW7KHILHOGLVHPSW\LI
*/21$66GDWDZHUHQRWFROOHFWHG
0HW
7KLVILHOGOLVWVWKHILOHQDPHRIWKH0HWHRURORJLFDOGDWDILOHFRUUHVSRQGLQJWRWKH
VHOHFWHG5,1(;GDWDILOHLQWKHDYDLODEOHILOHVOLVW7KHILHOGLVHPSW\LI
PHWHRURORJLFDOGDWDZHUHQRWFROOHFWHG
%(*,1
&OLFNWKLVEXWWRQWREHJLQFRQYHUWLQJWKH5,1(;ILOHVWR$VKWHFKIRUPDW
%)LOH
7KLVILHOGOLVWVWKHVXJJHVWHGILOHQDPHIRUWKHRXWSXW%ILOHUDZPHDVXUHPHQWGDWD
()LOH
7KLVILHOGOLVWVWKHVXJJHVWHGILOHQDPHIRUWKHRXWSXW(ILOHHSKHPHULVGDWD
6)LOH
,QSXWGLU
&OLFNWKLVEXWWRQWRRSHQWKH6HWLQSXWGLUHFWRU\GLDORJ6HHQH[WHQWU\LQWKLVWDEOH
6HWLQSXW
7KLVGLDORJOHWV\RXVHOHFWWKHGLUHFWRU\ZKHUHWKH5,1(;ILOHVDUHVWRUHG
GLUHFWRU\
&OLFNWKLVEXWWRQWRVHWWKHRXWSXWGLUHFWRU\WKHVDPHDVWKHLQSXWGLUHFWRU\
2XWSXWGLU
&OLFNWKLVEXWWRQWRRSHQWKH6HWRXWSXWGLUHFWRU\6HHQH[WHQWU\LQWKLVWDEOH
6HWRXWSXW
7KLVGLDORJOHWV\RXVHOHFWWKHGLUHFWRU\ZKHUHFRQYHUWHGGDWDILOHVZLOOEHVWRUHG
5
,
1
(
;
&
R
Q
Y
H
U
W
H
U
GLUHFWRU\
2YHUZULWHILOHV
6HOHFWWKHRYHUZULWHRSWLRQV3URPSWIRU2YHUZULWH$OZD\VRYHUZULWHRU1HYHU
RYHUZULWH7RVHOHFWDQRYHUZULWHRSWLRQFOLFNWKHGRZQDUURZ'DWWKHULJKWHQGRI
WKHILHOGDQGVHOHFWDQRYHUZULWHRSWLRQIURPWKHOLVWSUHVHQWHG
*36
&OLFNWKLVER[LI*36GDWDZLOOEHXVHGLQFRQYHUVLRQ7KLVRSWLRQLVRQE\GHIDXOW
*/21$66
%)LOH
()LOH
6)LOH
)UHH6SDFH
7KLVILHOGGLVSOD\VWKHDYDLODEOHGLVNGULYHVSDFHIRUWKHVHOHFWHGRXWSXWGLUHFWRU\
([LW
&ORVHV5,1(;&RQYHUWHU
$ERXW
'LVSOD\VVRIWZDUHYHUVLRQQXPEHU
+HOS
2SHQVRQOLQHKHOSV\VWHP
5,1(;&RQYHUWHU
%
&RQYHUWLQJ5,1(;WR$VKWHFK)RUPDW
5LQH[ILOHVIURPDQ\*36UHFHLYHUFDQHDVLO\EHFRQYHUWHGWR$VKWHFKIRUPDWIRUSRVW
SURFHVVLQJ7KHIROORZLQJSURFHGXUHVSHFLILHVKRZWRFRQYHUW5,1(;GDWDILOHVWR
$VKWHFKIRUPDW
,QWKH5,1(;WR$VKWHFKGLDORJFOLFN,QSXWGLUWRRSHQWKH6HWLQSXW
GLUHFWRU\GLDORJVLPLODUWR)LJXUH%
)LJXUH%6HW,QSXW'LUHFWRU\'LDORJ
8VLQJVWDQGDUG:LQGRZVILOHQDYLJDWLRQSURFHGXUHQDYLJDWHWRWKHGLUHFWRU\
ZKHUHWKH5LQH[LQSXWILOHVDUHORFDWHGDQGWKHQFOLFN6DYH
,I\RXDUHFRQYHUWLQJ5,1(;ILOHVWUDQVODWHGIURPD5,1(;FRQYHUWHUWKDWGRHVQRWXVHWKHVWDQGDUG
5,1(;QDPLQJIRUPDWWKHREVHUYDWLRQILOHVPD\QRWKDYHWKHIRUPDW
2,IWKHILOHVDUHQRWOLVWHG
LQWKH$YDLODEOH)LOHVOLVWFKDQJHWKH)LOH7\SHVWR$OO)LOHVRQWKH5LQH[WR$VKWHFKWDEDQG$OO)LOHV
LQWKH,QSXW'LUHFWRU\
%
7KH6HW,QSXWGLUHFWRU\GLDORJFORVHV7KH,QSXW'LUHFWRU\OLVWOLVWVWKH
GLUHFWRU\SDWKDQGWKH$YDLODEOH)LOHVOLVWOLVWVWKH5LQH[ILOHVLQWKHLQSXW
GLUHFWRU\)LJXUH%
/RFXV3URFHVVRU8VHUV*XLGH
)LJXUH%5LQH[WR$VKWHFK'LDORJZLWK6XJJHVWHG2XWSXW)LOH1DPHV
5
,
1
(
;
&
&OLFN2XWSXWGLUWRRSHQWKH6HW2XWSXWGLUHFWRU\GLDORJ)LJXUH%
R
Q
Y
H
U
W
H
U
)LJXUH%6HW2XWSXW'LUHFWRU\'LDORJ
8VLQJVWDQGDUG:LQGRZVQDYLJDWLRQSURFHGXUHQDYLJDWHWRWKHGLUHFWRU\
ZKHUH\RXZDQWWRVWRUHWKHFRQYHUWHGILOHVDQGWKHQFOLFN6DYH
7RDYRLGFRQIXVLRQVDYHWKHFRQYHUWHG$VKWHFKILOHVWRDGLUHFWRU\GLIIHUHQWWKDQZKHUHWKH5,1(;
ILOHVDUHORFDWHG
7KH2XWSXW'LUHFWRU\OLVWOLVWVWKHGLUHFWRU\SDWK
5,1(;&RQYHUWHU
%
7RDYRLGFRQIXVLRQGRQRWFKDQJHWKHVXJJHVWHGILOHQDPHV7RUHVWRUHWKHRULJLQDOVXJJHVWHGRXWSXW
ILOHQDPHGRXEOHFOLFNWKHILOHQDPHLQWKHDYDLODEOHILOHVOLVW
6HOHFWWKH2YHUZULWHILOHVRSWLRQE\FOLFNLQJWKHDUURZWRWKHULJKWRIWKH
2YHUZULWHILOHVOLVWDQGVHOHFWLQJDQRSWLRQIURPWKHOLVWSUHVHQWHG7KHUH
DUHWKUHHRYHUZULWHRSWLRQV
%\GHIDXOW5,1(;&RQYHUWHUDVVXPHVWKDWWKH5,1(;ILOHVXVHERWK*36
DQG*/21$661DYJGDWDKRZHYHUWKHUHLVQR1DYJILOHXQOHVVD
*/21$66UHFHLYHUZDVXVHGWRFROOHFWGDWD
%\GHIDXOW5,1(;&RQYHUWHUFUHDWHVD%ILOH*36SRVLWLRQGDWDDQ()LOH
VDWHOOLWHHSKHPHULVDQGDQ6)LOHVLWHSDUDPHWHUVLIUHFRUGHGLQ$VKWHFK
IRUPDW,I\RXGRQRWZDQWRQHRUPRUHRIWKHVHILOHW\SHVFUHDWHGFOLFNWKH
FRUUHVSRQGLQJFKHFNER[HVWRUHPRYHWKHFKHFNPDUN%HDZDUHWKDWWKH6
ILOHZLOOQRWEHFUHDWHGXQOHVVWKHVLWHLQIRUPDWLRQLVUHFRUGHGLQWKHUHFHLYHU
ILOH
&OLFN%(*,1WRFRQYHUWWKHVHOHFWHG5,1(;ILOHVWR$VKWHFKIRUPDW7KH
&RQYHUVLRQVWDWXVGLDORJRSHQV)LJXUH%
)LJXUH%&RQYHUVLRQ6WDWXV'LDORJ
%
/RFXV3URFHVVRU8VHUV*XLGH
7KH&RQYHUVLRQVWDWXVGLDORJVKRZVWKHVWDWXVRIHDFKILOHDVLWFRQYHUWV
8SRQFRPSOHWLRQWKHGLVSOD\LQGLFDWHVIRUHDFKILOHRULIDILOHZHUH
QRWFRQYHUWHGIRUODFNRIGDWDHJ*/21$66GDWDDVQRWHGDERYH
&OLFN&DQFHOWRFDQFHOWKHFRQYHUVLRQWRWKHFXUUHQWILOHW\SHDQG
SURFHHGWRWKHQH[WILOHW\SH
&OLFN&DQFHO$OOWRFDQFHOWKHHQWLUHFRQYHUVLRQ
$
ORJILOHLVFUHDWHGLQWKHGLUHFWRU\FRQWDLQLQJDOOFRQYHUVLRQDFWLYLW\
:KHQUHVWDUWHG5,1(;FRQYHUWHURYHUZULWHVWKHH[LVWLQJORJILOH7RVDYH
WKHROGORJILOHUHQDPHRUPRYHWKHILOHEHIRUHUHVWDUWLQJ5,1(;&RQYHUWHU
7KHVHOHFWHG5,1(;ILOHVDUHQRZLQ$VKWHFKIRUPDWDQGFDQEHXVHGZLWKGDWDILOHV
IURP$VKWHFKUHFHLYHUVIRUSRVWSURFHVVLQJ
&RQYHUWLQJ$VKWHFK)LOHVWR5,1(;)RUPDW
5,1(;&RQYHUWHUFDQFRQYHUW$VKWHFKILOHVIURPDQ\*36RU*36*/21$66
UHFHLYHULQWR5,1(;IRUPDW7KHIROORZLQJSURFHGXUHGHVFULEHVKRZWRFRQYHUW
$VKWHFKILOHVWR5,1(;IRUPDW
&OLFNWKH$VKWHFKWR5,1(;WDEWRVZLWFKWRWKH$VKWHFKWR5LQH[WDE
)LJXUH%
5
,
1
(
;
&
R
Q
Y
H
U
W
H
U
)LJXUH%$VKWHFKWR5LQH['LDORJ
5,1(;&RQYHUWHU
%
7DEOH%GHVFULEHVWKHILHOGVLQWKH$VKWHFKWR5,1(;GLDORJ
7DEOH%$VKWHFKWR5,1(;'LDORJ)LHOGV
,WHP
)LOH7\SHV
'HVFULSWLRQ
/LVWVWKHILOHVW\SHV$VKWHFK%)LOHV%
$VKWHFK(ILOHV
(
$VKWHFK6ILOHV6
RU$OOILOHV
7RVHOHFWDILOH
W\SHFOLFNWKHDUURZWRWKHULJKWRIWKHILHOGDQGVHOHFWILOHW\SH
IURPWKHOLVWSUHVHQWHG
$YDLODEOHILOHVOLVW
7KLVLVWKHZKLWHDUHDEHORZ)LOH7\SHV/LVWVILOHVLQFXUUHQW
GLUHFWRU\7RVHOHFWDILOHFOLFNRQWKHILOH7RVHOHFWPXOWLSOHILOHV
VHOHFWWKHILUVWILOHDQGWKHQKROGWKH&WUONH\ZKLOHVHOHFWLQJ
DGGLWLRQDOILOHVZLWKWKHFXUVRU
%)LOH
7KLVILHOGOLVWVWKHILOHQDPHRIWKH%)LOHFRUUHVSRQGLQJWRWKH
VHOHFWHG$VKWHFKGDWDILOHLQWKHDYDLODEOHILOHVOLVW
()LOH
7KLVILHOGOLVWVWKHILOHQDPHRIWKH()LOHFRUUHVSRQGLQJWRWKH
VHOHFWHG$VKWHFKGDWDILOHLQWKHDYDLODEOHILOHVOLVW
6)LOH
7KLVILHOGOLVWVWKHILOHQDPHRIWKH6)LOHFRUUHVSRQGLQJWRWKH
VHOHFWHG$VKWHFKGDWDILOHLQWKHDYDLODEOHILOHVOLVW
%(*,1%XWWRQ
&OLFNWKLVEXWWRQWRRSHQWKH&RQYHUVLRQ6WDWXVGLDORJDQGEHJLQ
FRQYHUWLQJWKH$VKWHFKILOHVWR5,1(;ILOHIRUPDW
2EV
7KLVILHOGOLVWVWKHVXJJHVWHGILOHQDPHIRUWKHFRQYHUWHG
REVHUYDWLRQGDWDILOH
1DY
7KLVILHOGOLVWVWKHVXJJHVWHGILOHQDPHIRUWKHFRQYHUWHG
QDYLJDWLRQGDWDILOH
1DYJ
7KLVILHOGOLVWVWKHVXJJHVWHGILOHQDPHIRUWKHFRQYHUWHG
*/21$66QDYLJDWLRQGDWDILOH
0HW
7KLVILHOGOLVWVWKHVXJJHVWHGILOHQDPHIRUWKHFRQYHUWHG
PHWHRURORJLFDOGDWDILOH
,QSXWGLU
&OLFNWKLVEXWWRQWRRSHQWKH6HWLQSXWGLUHFWRU\GLDORJ6HHQH[W
HQWU\LQWKLVWDEOH
6HWLQSXWGLUHFWRU\
7KLVGLDORJOHWV\RXVHOHFWWKHGLUHFWRU\ZKHUHWKHFRQYHUWHGILOHV
ZLOOEHVWRUHG
&OLFNWKLVEXWWRQWRVHWWKHRXWSXWGLUHFWRU\WKHVDPHDVWKHLQSXW
GLUHFWRU\
2XWSXWGLU
&OLFNWKLVEXWWRQWRRSHQWKH6HWRXWSXWGLUHFWRU\GLDORJ6HH
QH[WHQWU\LQWKLVWDEOH
6HWRXWSXWGLUHFWRU\
7KLVGLDORJGLVSOD\VWKHGLUHFWRU\SDWKZKHUHFRQYHUWHG5,1(;
ILOHVDUHVWRUHG
%
/RFXV3URFHVVRU8VHUV*XLGH
7DEOH%$VKWHFKWR5,1(;'LDORJ)LHOGVFRQWLQXHG
,WHP
2YHUZULWHILOHV
'HVFULSWLRQ
6HOHFWWKHRYHUZULWHRSWLRQV3URPSWIRURYHUZULWH$OZD\V
RYHUZULWHRU1HYHURYHUZULWH7RVHOHFWDQRYHUZULWHRSWLRQFOLFN
WKHDUURZ'DWWKHULJKWHQGRIWKHILHOGDQGVHOHFWDQRYHUZULWH
RSWLRQIURPWKHOLVWSUHVHQWHG
*36
&OLFNWKLVER[LI*36GDWDZLOOEHXVHGLQFRQYHUVLRQ7KLVRSWLRQ
LVRQE\GHIDXOW
*/21$66
&OLFNWKLVER[LI*/21$66GDWDZLOOEHXVHGLQFRQYHUVLRQRQ
E\GHIDXOW7KHUHZLOOEHQR*/21$66GDWDXQOHVVD*/21$66
UHFHLYHUZDVXVHGWRFROOHFWGDWD
2EV
&OLFNWKLVER[WRFUHDWHDQREVHUYDWLRQILOHZKHQFRQYHUWLQJWR
5,1(;
1DY
&OLFNWKLVER[WRFUHDWHDQDYLJDWLRQILOHZKHQFRQYHUWLQJWR
5,1(;ILOHV
1DYJ
&OLFNWKLVER[WRFUHDWHD*/21$66QDYLJDWLRQILOHZKHQ
FRQYHUWLQJWR5,1(;
0HW
&OLFNWKLVER[WRFUHDWHDPHWHRURORJLFDOILOHZKHQFRQYHUWLQJWR
5
,
1
(
;
&
5,1(;:LOOEHFUHDWHGRQO\LIPHWHRURORJLFDOGDWDDYDLODEOH
)UHH6SDFH
7KLVILHOGGLVSOD\VWKHGLVNGULYHVSDFHDYDLODEOHIRUWKHVHOHFWHG
R
Q
Y
H
U
W
H
U
RXWSXWGLUHFWRU\
([LW
&ORVH5,1(;&RQYHUWHU
$ERXW
2SHQVWKHGLDORJZKLFKGLVSOD\VWKHVRIWZDUHYHUVLRQQXPEHU
+HOS
2SHQVWKHRQOLQHKHOSV\VWHP
5,1(;&RQYHUWHU
%
)LJXUH%6HW,QSXW'LUHFWRU\'LDORJ
8VLQJVWDQGDUG:LQGRZVQDYLJDWLRQSURFHGXUHQDYLJDWHWRWKHGLUHFWRU\WKDW
FRQWDLQVWKH$VKWHFKILOHV\RXZLVKWRFRQYHUW
&OLFN6DYHWRDFFHSWWKHGLUHFWRU\DQGFORVHWKH6HW,QSXW'LUHFWRU\GLDORJ
7KH,QSXW'LUHFWRU\OLVWVWKHGLUHFWRU\SDWKDQG$YDLODEOH)LOHVOLVWOLVWV
WKH5LQH[ILOHVLQWKHLQSXWGLUHFWRU\)LJXUH%
)LJXUH%$VKWHFK)LOHVLQ6HOHFWHG$VKWHFK,QSXW'LUHFWRU\
%
/RFXV3URFHVVRU8VHUV*XLGH
6HOHFWWKHILOHV\RXZLVKWRFRQYHUWWR5,1(;LQWKH$YDLODEOH)LOHVOLVW
<RXFDQVHOHFWPXOWLSOHILOHVE\KROGLQJGRZQWKH&WUONH\ZKLOHVHOHFWLQJ
ILOHVZLWKWKHFXUVRUDQGFOLFNLQJWKHPRXVHEXWWRQ
$IWHUVHOHFWLQJDILOHVWRFRQYHUWWKH%)LOH()LOH6)LOH2%61$9
1$9*DQG0(7ILHOGVDVDSSOLFDEOHWRWKHGDWDLQWKHILOHSRSXODWHZLWK
VXJJHVWHGILOHQDPHV,I\RXVHOHFWHGPXOWLSOHILOHVWKHILOHQDPHVOLVWHGDUH
DVVRFLDWHGZLWKWKHODVWILOHVHOHFWHG
7RDYRLGFRQIXVLRQGRQRWFKDQJHWKHILOHQDPHV
&OLFN2XWSXWGLUWRRSHQWKH6HWRXWSXWGLUHFWRU\GLDORJ)LJXUH%
5
,
1
(
;
&
R
Q
Y
H
U
W
H
U
)LJXUH%6HW2XWSXW'LUHFWRU\'LDORJ
8VLQJVWDQGDUG:LQGRZVQDYLJDWLRQSURFHGXUHQDYLJDWHWRWKHGLUHFWRU\
ZKHUH\RXZDQWWRVWRUHWKHFRQYHUWHGILOHV
7RDYRLGFRQIXVLRQVDYHWKHFRQYHUWHG$VKWHFKILOHVWRDGLIIHUHQWGLUHFWRU\WKDQZKHUHWKH5,1(;
ILOHVDUHORFDWHG
&OLFN6DYHWRDFFHSWWKHGLUHFWRU\DQGUHWXUQWRWKH6HWLQSXWGLUHFWRU\
GLDORJ
7KH2XWSXW'LUHFWRU\ILHOGOLVWVWKHGLUHFWRU\SDWK
5,1(;&RQYHUWHU
%
&OLFN$GGLWLRQDO,QIRWRRSHQWKH$GGLWLRQDOLQIRIRUVHOHFWHGILOHVGLDORJ
WRWKH2%67DE)LJXUH%
>
)LJXUH%$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ2%67DE
7KHLQIRUPDWLRQOLVWHGLQWKHVHWDEVDUHVWRUHGLQ5,1(;ILOHVWRJLYH\RX
UHIHUHQFHLQIRUPDWLRQDERXWWKHGDWD$OWKRXJKWKLVDGGLWLRQDOLQIRUPDWLRQLV
RSWLRQDOLWSURYLGHVDXVHIXOUHIHUHQFHIRUIXWXUHXVH
&RPSOHWHWKHILHOGVLQWKH2%67DE7KHLQIRUPDWLRQHQWHUHGLQWKH2%6
GLDORJLVVWRUHGLQWKHREVHUYDWLRQGDWDILOH7DEOH%GHVFULEHVHDFKILHOG
7DEOH%$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ2%67DE
)LHOG
'HVFULSWLRQ
67$7,21,1)250$7,21
6WDWLRQ1DPH
1DPHRIWKHVXUYH\SRLQWRUVWDWLRQZKHUHGDWDZDVFROOHFWHG
6WDWLRQ1XPEHU
1XPEHURIWKHVXUYH\SRLQWRUVWDWLRQZKHUHGDWDZDVFROOHFWHG
2EVHUYHU
1DPHRUFRGHRIWKHVXUYH\RUZKRFROOHFWHGWKHGDWD
$*(1&<2EVHUYLQJ
1DPHRIWKHFRPSDQ\RUDJHQF\ZKRFROOHFWHGWKHGDWD
$*(1&<&UHDWLQJ&XUUHQW)LOH
1DPHRIWKHFRPSDQ\RUDJHQF\ZKRFRQYHUWHGWKHGDWDWR5,1(;
&RPPHQWV
$Q\FRPPHQWVSHUWDLQLQJWRWKHVWDWLRQGDWDTXDOLW\FRYHU*36
*/21$66HWFFKDUDFWHUOHQJWKOLPLW
%
/RFXV3URFHVVRU8VHUV*XLGH
7DEOH%$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ2%67DEFRQWLQXHG
)LHOG
'HVFULSWLRQ
5(&(,9(5,1)250$7,21
5HFHLYHU6HULDO
$OO2SWLRQDO+HDGHUV
6HULDOQXPEHURIWKHUHFHLYHUWKDWFROOHFWHGWKHGDWD
&KHFNWKLVER[LI\RXZDQWDOOQRQPDQGDWRU\ILHOGVWREHILOOHGLQ
WKH5,1(;ILOHKHDGHU
$17(11$,1)250$7,21
2IIVHWVQRUWKP
+RUL]RQWDOGLVWDQFHLQPHWHUVWKDWWKHDQWHQQDLVRIIVHWIURPWKH
PDUNHULQWKHQRUWKVRXWKGLUHFWLRQLVQRUWKLVVRXWK
2IIVHWV(DVWP
+RUL]RQWDOGLVWDQFHLQPHWHUVWKDWWKHDQWHQQDLVRIIVHWIURPWKH
PDUNHULQWKHHDVWZHVWGLUHFWLRQLVHDVWLVZHVW
'HOWD9HUWLFDOP
7UXHYHUWLFDOGLVWDQFHLQPHWHUVEHWZHHQWKHERWWRPRIDQWHQQDDQG
WKHPDUNHU
5DGLXVP
6ODQW'LVWDQFHP
5DGLXVRIWKHDQWHQQDLQPHWHUV
0HDVXUHGGLVWDQFHLQPHWHUVIURPWKHHGJHRIWKHDQWHQQDWRWKH
PDUNHU,IDYDOXHIRUDQDQWHQQDDUHHQWHUHGLWRYHUZULWHVWKH
YDOXHVLQWKH6ILOH
7\SH
7\SHRIDQWHQQDXVHGLQGDWDFROOHFWLRQ
6HULDO
6HULDOQXPEHURIDQWHQQDXVHGIRUGDWDFROOHFWLRQ
5
,
1
(
;
&
R
Q
Y
H
U
W
H
U
&OLFN$SSO\WRVDYHWKHFKDQJHVPDGHWRWKH2%6WDEDQGFOLFN1DYWR
VZLWFKWRWKH1DYWDE)LJXUH%
<RXFDQHQWHULQIRUPDWLRQIRUDOOWKUHHWDEVDQGVDYHDOOWKHGDWDXVLQJWKH6DYHEXWWRQ7KHEHVW
SUDFWLFHKRZHYHULVWRVDYHWKHGDWDXVLQJWKH$SSO\EXWWRQIRUHDFKWDELPPHGLDWHO\DIWHUHQWHULQJ
WKHGDWDLQFDVHRIDFRPSXWHURUSRZHUIDLOXUH
5,1(;&RQYHUWHU
%
7KH6DYHEXWWRQVDYHVWKHGDWDHQWHUHGRQWKHDFWLYHWDERQO\DQGFORVHVWKH$GGLWLRQDOLQIRIRU
6HOHFWHG)LOHVGLDORJ
)LJXUH%$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ1$97DE
&RPSOHWHWKHILHOGVLQWKH1$9GLDORJ7KHLQIRUPDWLRQHQWHUHGLQWKH1$9
GLDORJLVVWRUHGLQWKHQDYLJDWLRQGDWDILOH7DEOH%GHVFULEHVHDFKILHOG
7DEOH%$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ1$97DE
)LHOG
$JHQF\&UHDWLQJ&XUUHQW)LOH
'HVFULSWLRQ
1DPHRIWKHFRPSDQ\RUDJHQF\ZKRFRQYHUWHGWKHGDWDWR
5,1(;
&RPPHQWV
$Q\FRPPHQWVSHUWDLQLQJWRWKHVWDWLRQGDWDTXDOLW\FRYHU
*36*/21$66HWFFKDUDFWHUVPD[LPXP
%
/RFXV3URFHVVRU8VHUV*XLGH
&OLFN$SSO\WRVDYHWKHFKDQJHVPDGHWRWKH1$9GLDORJDQGFOLFNRQWKH
0(7WDEWRVZLWFKWRWKH0(7WDE)LJXUH%
)LJXUH%$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ0(77DE
&RPSOHWHWKHILHOGVLQWKH0(7GLDORJ7KHLQIRUPDWLRQHQWHUHGLQWKH0(7
GLDORJLVVWRUHGLQWKHPHWHRURORJLFDOGDWDILOH7DEOH%GHVFULEHVHDFK
ILHOG
7DEOH%$GGLWLRQDO,QIRIRU6HOHFWHG)LOHV'LDORJ0(77DE
)LHOG
'HVFULSWLRQ
6WDWLRQ1DPH
1DPHRIWKHVXUYH\SRLQWRUVWDWLRQZKHUHGDWDZDVFROOHFWHG
$JHQF\&UHDWLQJ&XUUHQW)LOH
1DPHRIWKHFRPSDQ\RUDJHQF\WKDWFRQYHUWHGWKHGDWDWR5,1(;
&RPPHQWV
$Q\FRPPHQWVSHUWDLQLQJWRWKHVWDWLRQGDWDTXDOLW\FRYHU*36
*/21$66HWFFKDUDFWHUOLPLW
0HWHRURORJLFDO'DWD/LVW
'DWHDQGWLPHDWPRVSKHULFGDWDZDVFROOHFWHGDWPRVSKHULFSUHVVXUH
WHPSHUDWXUHUHODWLYHKXPLGLW\DQG=:(7=HQLWK:HW7URSRVSKHULF'HOD\
(GLW
&OLFNWKLVEXWWRQWRRSHQWKH(GLWGLDORJDQGHGLWWKHVHOHFWHG
PHWHRURORJLFDOGDWDOLQH
5,1(;&RQYHUWHU
%
5
,
1
(
;
&
R
Q
Y
H
U
W
H
U
&OLFN(GLWWRRSHQWKH(GLWGLDORJDQGLQVSHFWRUFKDQJHWKHPHWHRURORJLFDO
GDWD
)LJXUH%(GLW'LDORJ
(QWHUWKHPHWHRURORJLFDOGDWDWKHGDWHDQGWKH87&WLPHWKDWWKHGDWDZDV
WDNHQDQGFOLFN2.7DEOH%GHVFULEHVWKHILHOGVLQWKH(GLWGLDORJ
7DEOH%(GLW'LDORJ3DUDPHWHUV
)LHOG
'DWH
'HVFULSWLRQ
7KH\HDUPRQWKDQGGDWHWKDWWKHGDWDZDVUHFRUGHG'LVWKHGD\RIWKHPRQWKQRW
-XOLDQGD\WKHGDWDZDVUHFRUGHG
7LPH
7KHWLPHWKHGDWDZDVUHFRUGHG+LVWKHKRXURIWKHGD\WKHGDWDZDVUHFRUGHGLQ
87&WLPHKRXUWLPHVFDOH0LVWKHPLQXWHRIWKHKRXUWKHGDWDZDVUHFRUGHGLQ
87&WLPH6LVWKHVHFRQGRIWKHPLQXWHWKHGDWDZDVUHFRUGHGLQ87&WLPH
3UHVVXUHPEV
7KHUHFRUGHGEDURPHWULFSUHVVXUHRIWKHDWPRVSKHUHLQPLOOLEDUV
'U\7HPS&
7KHUHFRUGHGWHPSHUDWXUHRIWKHDLUQRWFRUUHFWHGIRUKXPLGLW\LQGHJUHHV&HOVLXV
5HO+XP
7KHUHFRUGHGUHODWLYHKXPLGLW\RIWKHDLULQSHUFHQW
=:(7PP
=HQLWK:HW7URSRVSKHULF'HOD\LQPLOOLPHWHUVGHIDXOW
&OLFN2.WRDFFHSWWKHPHWHRURORJLFDOGDWDDQGFORVHWKH(GLWGLDORJ
&OLFN6DYHWRVDYHWKHFKDQJHVPDGHWRWKH0HWWDEDQGFORVHWKH
$GGLWLRQDOLQIRIRUVHOHFWHGILOHVGLDORJ
7KH$SSO\EXWWRQVDYHVDQ\FKDQJHVPDGHWRWKHDFWLYHWDEDQGGRHV
QRWFORVHWKH$GGLWLRQDOLQIRIRUVHOHFWHGILOHVGLDORJ
7KH6DYHEXWWRQVDYHVDQ\FKDQJHVPDGHDQ\WDEDQGFORVHVWKH
$GGLWLRQDOLQIRIRUVHOHFWHGILOHVGLDORJ
&OLFN%HJLQWRFRQYHUWWKHVHOHFWHG$VKWHFKILOHVWR5,1(;IRUPDW7KH
&RQYHUVLRQ6WDWXVGLDORJRSHQV)LJXUH%VKRZLQJWKHVWDWXVRIWKH
%
/RFXV3URFHVVRU8VHUV*XLGH
FRQYHUVLRQSURFHVV8SRQFRPSOHWLRQWKHGLDORJLQGLFDWHVIRUHDFK
ILOH
)LJXUH%&RQYHUVLRQ6WDWXV'LDORJ
&OLFN2.
$
ORJILOHLVFUHDWHGLQWKHFRQYHUVLRQGLUHFWRU\:KHQVWDUWHG5,1(;
FRQYHUWHURYHUZULWHVWKHSUHYLRXV
ORJILOH7RVDYHWKHSUHYLRXV
ORJILOH
UHQDPHRUPRYHWKHILOHEHIRUHVWDUWLQJ5,1(;FRQYHUWHU
&RQYHUWLQJ0RUHWKDQ2QH)LOHDWD7LPH%DWFK
3URFHVVLQJ
7RFRQYHUWPRUHWKDQRQHILOHDWDWLPH
5,1(;&RQYHUWHU
,IWKHILOHVDUHFRQWLJXRXVKROGGRZQWKH6KLIWNH\VHOHFWILOHVZLWKWKH
FXUVRUDQGFOLFNHDFKILOH
,IWKHILOHVDUHVFDWWHUHGWKURXJKRXWWKHGLUHFWRU\KROGGRZQWKH&WUONH\
VHOHFWILOHVZLWKWKHFXUVRUDQGFOLFNHDFKILOH
%
5
,
1
(
;
&
R
Q
Y
H
U
W
H
U
%
/RFXV3URFHVVRU8VHUV*XLGH
3RVW$GMXVWPHQW$QDO\VLV
&
,QWURGXFWLRQ
3HUIRUPLQJDOHDVWVTXDUHVDGMXVWPHQWRIVXUYH\REVHUYDWLRQVLVRQHRIWKHPRVWLPSRUWDQW
VWHSVLQSHUIRUPLQJD*36VXUYH\7KHDFWXDOSHUIRUPDQFHRIDOHDVWVTXDUHVDGMXVWPHQWLV
YHU\HDV\LQ/RFXV3URFHVVRU7KHXVHUVLPSO\SXVKHVDEXWWRQDQGWKHDGMXVWPHQWLV
SHUIRUPHG7KHUHUHDOO\LVQ
WDQ\WKLQJFRPSOLFDWHGRUQHZLQWKLVSURFHVV0DQ\
DGMXVWPHQWSDFNDJHVH[LVWWRGD\WKDWVXSSRUWWKLVOHYHORIDGMXVWPHQW7KHDFWXDO
SHUIRUPDQFHRIWKHOHDVWVTXDUHVDGMXVWPHQWKDVQHYHUUHDOO\EHHQWULFN\7KHWULFN\SDUW
DQGZKHUHPRVWLPSURYHPHQWKDVEHHQQHHGHGKDVEHHQLQWKHDQDO\VLVRIWKHUHVXOWVRID
OHDVWVTXDUHVDGMXVWPHQW
$JUHDWGHDORIHIIRUWKDVJRQHLQWRWKHDGMXVWPHQWPRGXOHRI/RFXV3URFHVVRUWRVXSSO\
WKHXVHUZLWKWRROVWRDVVLVWLQWKHSURFHVVRIDQDO\]LQJWKHUHVXOWVRIDQDGMXVWPHQW6RPH
RIWKHWRROVDUHFODVVLFDOWRROVXVHGIRUVRPHWLPHIRUWKLVSXUSRVH2WKHUVDUHQHZDQG
LQQRYDWLYH
7KHDGMXVWPHQWDQDO\VLVWRROVIDOOLQWRWZRPDLQFDWHJRULHVEOXQGHUGHWHFWLRQWRROVDQG
TXDOLW\DQDO\VLVWRROV(DFKRIWKHVHWRROVLVH[SODLQHGLQGHWDLOEHORZ7KHH[SODQDWLRQ
LQFOXGHVKRZWKHWRROZRUNVWKHSXUSRVHRIHDFKWRRODQGZKHQWRXVHHDFKWRRO
$IWHUGLVFXVVLRQRIWKHDYDLODEOHDQDO\VLVWRROVWKHUHLVDVHFWLRQGHVFULELQJWKHSURFHVVRI
DQDO\]LQJDQDGMXVWPHQW)URPVWDUWWRILQLVKHDFKVWHSRIWKHDQDO\VLVSURFHVVLVOLVWHG
VKRZLQJWKHVHTXHQFHRIZKHQDQGKRZWRXVHWKHDQDO\VLVWRROV
%HIRUHSURFHHGLQJWKHUHDUHIHZWKLQJVWKHXVHUPXVWUHPHPEHUZKHQDQDO\]LQJDQ
DGMXVWPHQWZLWKWKLVWRROVHW
0DQ\RIWKHDQDO\VLVWRROVSUHVHQWHGE\/RFXV3URFHVVRUDUHVWDWLVWLFDOO\EDVHG
7KHVHVWDWLVWLFDOO\EDVHGWRROVXWLOL]HWKH*36YHFWRUXQFHUWDLQWLHVHUURU
HVWLPDWHVDVWKHEDVLVIRUWKHLUWHVWLQJ,WLVFULWLFDOWKHREVHUYDWLRQXQFHUWDLQWLHV
DUHUHDOLVWLFIRUWKHVWDWLVWLFDOO\EDVHGWRROVWRIXQFWLRQSURSHUO\8QUHDOLVWLF
XQFHUWDLQWLHVZLOOFDXVHWKHDQDO\VLVWRROVWRIXQFWLRQXQSUHGLFWDEO\DQGLQWKH
ZRUVWFDVHPD\PDNHDEDGDGMXVWPHQWORRNJRRG
7KHYHFWRUSURFHVVLQJPRGXOHRI/RFXV3URFHVVRULVUHVSRQVLEOHIRUDVVLJQLQJ
XQFHUWDLQWLHVWRWKHSURFHVVHG*36YHFWRUV$JUHDWGHDORIHIIRUWKDVJRQHLQWR
LQVXULQJWKDWUHDOLVWLFXQFHUWDLQWLHVDUHGHWHUPLQHG8QIRUWXQDWHO\WKLVLVQRW
DOZD\VDQHDV\WDVNDQGDWWLPHVWKHXQFHUWDLQWLHVPD\EHDOLWWOHRSWLPLVWLFWRR
VPDOORUSHVVLPLVWLFWRRODUJH5HFRJQL]LQJWKLVPHWKRGVZHUHGHYHORSHGWR
KHOSLGHQWLI\ZKHQXQFHUWDLQWLHVDUHXQUHDOLVWLFDQGWRKHOSUHFWLI\WKLVVLWXDWLRQ
7KHVHPHWKRGVDUHH[SODLQHGLQGHWDLOXQGHUWKHSHUWLQHQWWRROVEHORZ
3RVW$GMXVWPHQW$QDO\VLV
&
3
R
V
W
$
G
M
X
V
W
P
H
Q
W
$
Q
D
O
\
V
L
V
$GMXVWPHQWDQDO\VLVWRROVFDQQRWIXQFWLRQSURSHUO\ZLWKRXWUHGXQGDQF\LQ
WKHDGMXVWHGREVHUYDWLRQV,WLVLPSRVVLEOHWRGHWHFWDEOXQGHULQDQ
REVHUYDWLRQHVWDEOLVKLQJWKHSRVLWLRQRIDSRLQWLIWKHUHLVRQO\RQH
REVHUYDWLRQDWWKLVSRLQW:KHQGHVLJQLQJDVXUYH\QHWZRUNEHVXUHWR
LQFOXGHVXIILFLHQWUHGXQGDQF\LQWKHREVHUYDWLRQV7KHEHVWFDVHZRXOGEHWR
LQFOXGHPRUHWKDQRQHRFFXSDWLRQRIHDFKSRLQWEHLQJHVWDEOLVKHG
8QIRUWXQDWHO\WKLVLVQRWSUDFWLFDODQGUHDOO\QRWQHFHVVDU\6HOHFWDFHUWDLQ
SHUFHQWDJHRISRLQWVWRUHFHLYHPXOWLSOHRFFXSDWLRQV7KLUW\WRILIW\SHUFHQW
LVUHFRPPHQGHG7KLVUHGXQGDQF\ZLOOVLJQLILFDQWO\LQFUHDVHWKHOLNHOLKRRG
WKDWREVHUYDWLRQEOXQGHUVZLOOEHGHWHFWHGE\WKHDGMXVWPHQW
,QWKHGLVFXVVLRQRIWKHDQDO\VLVWRROVEHORZLWLVDVVXPHGWKDWVXIILFLHQW
UHGXQGDQF\H[LVWVLQWKHDGMXVWHGREVHUYDWLRQV
,WLVDOVRLPSRUWDQWWRUHPHPEHUWKDWQRDQDO\VLVWRROVXSSOLHGJLYHVD
GHILQLWLYHLQGLFDWLRQRIWKHH[LVWHQFHRIEOXQGHUVRUWKHTXDOLW\RIDQ
DGMXVWPHQW1RRQHWRROVKRXOGHYHUEHVROHO\UHOLHGXSRQ$OOWRROVPXVWEH
XVHGWRJHWKHUIRUDQHIIHFWLYHDQDO\VLVRIDQDGMXVWPHQW
%OXQGHUGHWHFWLRQVKRXOGDOZD\VEHSHUIRUPHGRQPLQLPDOO\FRQVWUDLQHG
DGMXVWPHQWV$WWHPSWLQJWRGHWHFWEOXQGHUVLQDFRQVWUDLQHGDGMXVWPHQWLV
YHU\GLIILFXOWVLQFHDGHWHFWHGSUREOHPFDQHLWKHUEHFDXVHGE\DEOXQGHURUD
HUURULQWKHFRQWUROSRVLWLRQIL[HGLQWKHDGMXVWPHQW7KHILUVWVWHSLQWKH
DGMXVWPHQWSURFHVVVKRXOGDOZD\VEHDPLQLPDOO\FRQVWUDLQHGDGMXVWPHQW
8VHWKLVDGMXVWPHQWWRGHWHFWDQGHOLPLQDWHEOXQGHUVIURPWKHGDWDVHWDQG
GHWHUPLQHWKHLQWHUQDOTXDOLW\RIWKHVXUYH\GDWD$IWHUWKHGDWDVHWLVFOHDQRI
EOXQGHUVDQGLWLVGHWHUPLQHGWKDWWKHVXUYH\PHHWVWKHUHODWLYHDFFXUDF\
VSHFLILFDWLRQDFRQVWUDLQHGDGMXVWPHQWFDQEHSHUIRUPHG
,QWKHGLVFXVVLRQRIEOXQGHUGHWHFWLRQWRROVEHORZLWLVDVVXPHGWKDWWKH
WRROVDUHEHLQJXVHGRQDPLQLPDOO\FRQVWUDLQHGDGMXVWPHQW
%OXQGHU'HWHFWLRQ7RROV
7KHEOXQGHUGHWHFWLRQWRROVVXSSOLHGLQWKHDGMXVWPHQWPRGXOHRI/RFXV3URFHVVRUDUH
GHVLJQHGWRDVVLVWWKHXVHULQGHWHFWLQJSUREOHPVZLWKDQDGMXVWPHQW7KHWRROVDVVLVW
LQGHWHUPLQLQJLIEOXQGHUVH[LVWLQDQ\RIWKHREVHUYDWLRQVXVHGLQWKHDGMXVWPHQWRULI
DQ\SUREOHPVH[LVWLQWKHQHWZRUNFRQVWUXFWLRQWKDWZRXOGKDPSHUWKHDELOLW\IRUDQ
DGMXVWPHQWWREHSHUIRUPHG(DFKWRROLVSUHVHQWHGLQGHWDLOEHORZ
1HWZRUN&RQQHFWLYLW\7HVW
,QRUGHUWRSURSHUO\DGMXVWDQHQWLUHGDWDVHWRIREVHUYDWLRQVWKHUHPXVWEHFRQQHFWLYLW\
EHWZHHQDOOVHFWLRQVRIWKHGDWDVHW)RUH[DPSOHOHW
VH[DPLQHDVXUYH\RIDSLSHOLQH
WKDWZLOOUHTXLUHPXOWLSOHGD\VRIZRUNWRFRPSOHWH7ZRVXUYH\FUHZVEHJLQZRUNRQ
&
/RFXV3URFHVVRU8VHUV*XLGH
WKHSURMHFWRQHRQWKHQRUWKHQGDQGRQHRQWKHVRXWKHQG$WWKHHQGRIGD\HDFK
FUHZZLOOKDYHDVXUYH\HGDQXPEHURISRLQWVDWHDFKHQGRIWKHSURMHFW7KHWZRGDWD
VHWVKDYHQRREVHUYDWLRQVEHWZHHQWKHP\HW7KHVHWZRGDWDVHWVFDQQRWEHDGMXVWHG
WRJHWKHUEHFDXVHWKH\DUHQRWFRQQHFWHG
7KHQHWZRUNFRQQHFWLYLW\WHVWH[DPLQHVWKHGDWDVHWSULRUWRDGMXVWPHQWWRGHWHUPLQH
LIWKHUHDUHVXEVHWVRIWKHGDWDVHWWKDWDUHQRWFRQQHFWHGE\REVHUYDWLRQV
9DULDQFHRI8QLW:HLJKW
,QOHDVWVTXDUHVDGMXVWPHQWVWKHUHDUHWZR9DULDQFHRI8QLW:HLJKWYDOXHV7KH\DUH
WHUPHG$SULRUL9DULDQFHRI8QLW:HLJKWDQG$SRVWHULRUL9DULDQFHRI8QLW:HLJKW
$SULRULPHDQVEHIRUHWKHDGMXVWPHQWDQGDSRVWHULRULPHDQVDIWHUWKHDGMXVWPHQW
7KHDSULRULYDULDQFHRIXQLWZHLJKWLVDQDVVLJQHGYDOXH7KHDSRVWHULRULYDULDQFHRI
XQLWZHLJKWLVDFDOFXODWHGYDOXH([DPLQLQJWKHPDWKHPDWLFVRIOHDVWVTXDUHVLWFDQ
EHSURYHQWKDWWKHH[SHFWHGYDOXHRIWKHFDOFXODWHGDSRVWHULRULYDULDQFHRIXQLW
ZHLJKWLVWKHDSULRULYDULDQFHRIXQLWZHLJKW
7KHDSRVWHULRULYDULDQFHRIXQLWZHLJKWFDQEHXVHGDVDWHVWRIWKHTXDOLW\RIDQ
DGMXVWPHQWVLQFHLW
VH[SHFWHGYDOXHLVNQRZQ/RFXV3URFHVVRURXWSXWVWKHD
SRVWHULRULYDULDQFHRIXQLWZHLJKWIRUWKLVSXUSRVH$QDO\VLVRIWKHDSRVWHULRUL
YDULDQFHRIXQLWZHLJKWZLOOUHYHDORQHRIWKUHHWKLQJV
$YDOXHFORVHRUHTXDOWRWKHH[SHFWHGYDOXHLVDJRRGLQGLFDWLRQWKDWWKH
DGMXVWPHQWFRQWDLQVQREOXQGHUVDQGWKHXQFHUWDLQWLHVDVVLJQHGWRWKH
REVHUYDWLRQVJRLQJLQWRWKHDGMXVWPHQWZHUHYDOLGQRWWRRRSWLPLVWLFRU
SHVVLPLVWLF8QIRUWXQDWHO\WKLVLVQRWDGHILQLWLYHLQGLFDWLRQRIDJRRG
DGMXVWPHQW0DQLSXODWLRQRIREVHUYDWLRQXQFHUWDLQWLHVFRXOGFDXVHWKLVWHVW
WREHIRROHG7KHUHIRUHWKLVWRROOLNHDOORWKHUVFDQQRWEHXVHGDORQH$OO
DQDO\VLVWRROVPXVWEHXVHGLQFRQMXQFWLRQZLWKHDFKRWKHUWRGHWHUPLQHWKH
TXDOLW\RIDQDGMXVWPHQW
$YDOXHVLJQLILFDQWO\ODUJHUWKDQWKHH[SHFWHGYDOXHLVDQLQGLFDWLRQWKDW
HLWKHUDEOXQGHURUEOXQGHUVH[LVWLQWKHGDWDDGMXVWHGRUWKHXQFHUWDLQWLHV
DVVLJQHGWRWKHREVHUYDWLRQVJRLQJLQWRWKHDGMXVWPHQWDUHWRRRSWLPLVWLFLH
VPDOOHUWKDQWKHWUXHXQFHUWDLQWLHV2WKHUDQDO\VLVWRROVPXVWEHXVHGWR
GHWHUPLQHZKLFKRIWKHVHFRQGLWLRQVH[LVW,IEOXQGHUVDUHIRXQGWKH\PXVW
EHUHPRYHGDQGWKHDGMXVWPHQWUXQDJDLQ,ILWLVIRXQGWKDWWKHXQFHUWDLQWLHV
DUHWRRRSWLPLVWLFWKH\PXVWEHVFDOHGXSWRPRUHUHDOLVWLFYDOXHVDQGWKH
DGMXVWPHQWUXQDJDLQ
$YDOXHVLJQLILFDQWO\VPDOOHUWKDQWKHH[SHFWHGYDOXHLVDQLQGLFDWLRQWKDWWKH
REVHUYDWLRQXQFHUWDLQWLHVDUHWRRSHVVLPLVWLFLHODUJHUWKDQWKHWUXH
XQFHUWDLQWLHV7KHUHVWLOOPD\EHEOXQGHUVLQWKHGDWDVHWEXWWKH\ZLOOEH
GLIILFXOWWRILQGXVLQJWKHVWDWLVWLFDODQDO\VLVWRROVGXHWRWKHSHVVLPLVWLF
XQFHUWDLQWLHV7KHXQFHUWDLQWLHVPXVWEHVFDOHGGRZQWRPRUHUHDOLVWLFYDOXHV
DQGWKHDGMXVWPHQWUXQDJDLQ7KHVFDOLQJSURFHVVRIXQFHUWDLQWLHVLV
3RVW$GMXVWPHQW$QDO\VLV
&
3
R
V
W
$
G
M
X
V
W
P
H
Q
W
$
Q
D
O
\
V
L
V
IDFLOLWDWHGE\DVFDOLQJWRRO:LWKWKHVFDOLQJWRROWKHXVHUFDQVFDOHDOO
REVHUYDWLRQXQFHUWDLQWLHVE\DVSHFLILHGDPRXQW7ULDODQGHUURUZLOOUHVXOWLQ
WKHDELOLW\WRVFDOHWKHXQFHUWDLQWLHVWRDOHYHOWKDWDUHPRUHUHDOLVWLF
$WWKHVWDUWRIDQ\DGMXVWPHQW/RFXV3URFHVVRUDXWRPDWLFDOO\DVVLJQVDYDOXHRIWR
WKHDSULRULYDULDQFHRIXQLWZHLJKW$WWKHHQGRIHDFKDGMXVWPHQWWKHDSRVWHULRUL
YDULDQFHRIXQLWZHLJKWLVFDOFXODWHGDQGRXWSXW$VVWDWHGHDUOLHUWKHH[SHFWHGYDOXH
RIWKHDSRVWHULRULYDULDQFHRIXQLWZHLJKWLVWKHDSULRULYDULDQFHRIXQLWZHLJKW7KLV
PHDQVWKDWWKHFDOFXODWHGDSRVWHULRULYDULDQFHRIXQLWZHLJKWVKRXOGHTXDO
,WLVVHOGRPWKDWWKHDSRVWHULRULYDULDQFHRIXQLWZHLJKWZLOOHTXDOH[DFWO\GXHWR
WKHIDFWWKDWLWLVVLPSO\DQHVWLPDWHRIWKHDSULRULYDULDQFHRIXQLWZHLJKWDQGWKLV
HVWLPDWHFRQWDLQVXQFHUWDLQW\'XHWRWKLVWKHFDOFXODWHGDSRVWHULRULYDULDQFHRIXQLW
ZHLJKWFRXOGGHYLDWHIURP\HWWKHDGMXVWPHQWFRXOGEHJRRG8QIRUWXQDWHO\LWLVQRW
SRVVLEOHWRVD\H[DFWO\ZKHUHWKHFXWRIILVIRUDJRRGRUEDGDGMXVWPHQW$YDOXHRI
PD\EHFDOFXODWHGIURPDJRRGDGMXVWPHQW$YDOXHRIPD\DOVREHFDOFXODWHG
IURPDJRRGDGMXVWPHQW8QIRUWXQDWHO\DWWLPHVDYDOXHRIRUPD\DOVREH
FDOFXODWHGIURPDQDGMXVWPHQWZLWKDSUREOHP/DUJHGHYLDWLRQVIURPWKRXJKDUH
YLUWXDOO\DOZD\VDQLQGLFDWLRQRIDSUREOHP
,QVXPPDU\XWLOL]HWKHDSRVWHULRULYDULDQFHRIXQLWZHLJKWVKRUWHQHGWRYDULDQFHRI
XQLWZHLJKWLQWKHVRIWZDUHDVDQLQGLFDWRURIWKHRYHUDOOTXDOLW\RIWKHOHDVWVTXDUHV
DGMXVWPHQW
,IWKHYDULDQFHRIXQLWZHLJKWLVFORVHWRFRQVLGHUWKLVDJRRGLQGLFDWLRQ
WKDWWKHDGMXVWPHQWLVJRRG/RRNDWRWKHUTXDOLW\WRROVWRFRQILUPWKLV
,IWKHYDULDQFHRIXQLWZHLJKWLVVLJQLILFDQWO\VPDOOHUWKDQWKLVLVDQ
LQGLFDWLRQWKDWWKHXQFHUWDLQWLHVRIWKHREVHUYDWLRQVDUHWRRODUJHDQGQHHGWR
EHVFDOHGGRZQDQGWKHDGMXVWPHQWUHUXQ
,IWKHYDULDQFHRIXQLWZHLJKWLVVLJQLILFDQWO\ODUJHUWKDQXVHRWKHUDQDO\VLV
WRROVWRGHWHUPLQHLIWKHFDXVHLVGXHWREOXQGHUVRUXQFHUWDLQWLHVWKDWDUHWRR
VPDOO(LWKHUUHPRYHWKHEOXQGHUVRUVFDOHWKHXQFHUWDLQWLHVXSDQGUHUXQWKH
DGMXVWPHQW
&KL6TXDUH7HVW
&RPSDULQJWKHHTXLYDOHQFHRIWKHDSRVWHULRULYDULDQFHRIXQLWZHLJKWDQGDSULRUL
YDULDQFHRIXQLWZHLJKWLVDJRRGLQGLFDWRURIWKHTXDOLW\RIDQDGMXVWPHQW,QWKH
VHFWLRQ9DULDQFHRI8QLW:HLJKWZHGLVFXVVKRZWKHWZRYDULDQFHIDFWRUVDUH
FRPSDUHGWRGHWHUPLQHLIWKH\DUHQXPHULFDOO\HTXLYDOHQW%XWDVGLVFXVVHGLQWKDW
VHFWLRQGXHWRWKHIDFWWKDWWKHDSRVWHULRULYDULDQFHRIXQLWZHLJKWLVDQHVWLPDWHRI
WKHDSULRULYDULDQFHRIXQLWZHLJKWDQGWKHHVWLPDWHFRQWDLQVXQFHUWDLQWLHVWKHWZR
YDOXHVGRQRWKDYHWREHQXPHULFDOO\HTXDOWRLQGLFDWHDJRRGDGMXVWPHQW7KHUHLVD
JUD\DUHDZKHUHVRPHWLPHVLWLVGLIILFXOWWRGHWHUPLQHLIWKHDSRVWHULRULYDULDQFH
IDFWRULVLQGLFDWLQJDJRRGRUEDGDGMXVWPHQW
&
/RFXV3URFHVVRU8VHUV*XLGH
7KH&KL6TXDUHWHVWH[DPLQHVWKHDSRVWHULRULYDULDQFHRIXQLWZHLJKWWRGHWHUPLQHLI
WKHFRPSXWHGYDOXHLVVWDWLVWLFDOO\HTXLYDOHQWWRWKHDSULRULYDULDQFHRIXQLWZHLJKW
6WDWLVWLFDOHTXLYDOHQFHWDNHVLQWRDFFRXQWWKDWWKHDSRVWHULRULYDULDQFHRIXQLWZHLJKW
LVDQHVWLPDWHDQGWKDWWKHHVWLPDWHKDVXQFHUWDLQW\7KHWHVWLVFRQGXFWHGE\
FRPSXWLQJDFKLVTXDUHWHVWYDOXHXVLQJWKHWZRYDULDQFHRIXQLWZHLJKWYDOXHV7KLV
WHVWYDOXHLVFRPSDUHGWRDUDQJHGHILQHGE\DORZHUOLPLWYDOXHDQGDQXSSHUOLPLW
YDOXH7KHUHDUHWZRSRVVLEOHRXWFRPHVWRWKHWHVW
,IWKHWHVWYDOXHIDOOVZLWKLQWKHUDQJHWKHFKLVTXDUHWHVWSDVVHVLQGLFDWLQJ
VWDWLVWLFDOHTXLYDOHQFHRIWKHWZRYDULDQFHRIXQLWZHLJKWYDOXHV$VVWDWHGLQ
WKHGHVFULSWLRQRI9DULDQFHRI8QLW:HLJKWHTXLYDOHQFHRIWKHWZRYDULDQFH
IDFWRUVLVDJRRGLQGLFDWRUWKDWWKHDGMXVWPHQWLVJRRG
,IWKHWHVWYDOXHIDOOVRXWVLGHRIWKHUDQJHWKHFKLVTXDUHWHVWIDLOVLQGLFDWLQJ
WKDWWKHWZRYDULDQFHRIXQLWZHLJKWYDOXHVDUHQRWVWDWLVWLFDOO\HTXLYDOHQW
7KLVQRQHTXLYDOHQWLVDJRRGLQGLFDWLRQRIWKHUHEHLQJDSUREOHPZLWKWKH
DGMXVWPHQW7KHDSRVWHULRULYDULDQFHRIXQLWZHLJKWVKRXOGEHH[DPLQHG,W
V
YDOXHVKRXOGJLYHDFOXHWRZKDWWKHSUREOHPPD\EHDVGLVFXVVHGLQWKH
GHVFULSWLRQRI9DULDQFHRI8QLW:HLJKW
7KHFKLVTXDUHWHVWLVDXWRPDWLFDOO\SHUIRUPHGE\WKHDGMXVWPHQWPRGXOHRI/RFXV
3URFHVVRU7KHUHVXOWVRIWKHWHVWDUHRXWSXWIRUWKHXVHUWRH[DPLQH/LNHWKHYDULDQFH
RIXQLWZHLJKWWKHFKLVTXDUHWHVWLVDQRYHUDOOTXDOLW\FKHFNRIWKHDGMXVWPHQW
,QVXPPDU\XWLOL]HWKHFKLVTXDUHWHVWWRKHOSGHWHUPLQHWKHRYHUDOOTXDOLW\RIWKH
OHDVWVTXDUHVDGMXVWPHQWE\WHVWLQJWKHVWDWLVWLFDOHTXLYDOHQWRIWKHWZRYDULDQFHRI
XQLWZHLJKWYDOXHV
,IWKHWHVWSDVVHVLWLVDJRRGLQGLFDWLRQWKDWWKHDGMXVWPHQWLVJRRG/RRNDW
RWKHUTXDOLW\WRROVWRFRQILUPWKLV
,IWKHWHVWIDLOVH[DPLQHWKHDSRVWHULRULYDULDQFHRIXQLWZHLJKW7KHYDOXH
VKRXOGJLYHFOXHVWRWKHFDXVHRIWKHIDLOXUHDVGLVFXVVHGLQWKHGHVFULSWLRQRI
9DULDQFHRI8QLW:HLJKW
2EVHUYDWLRQ5HVLGXDOV
,QDOHDVWVTXDUHVDGMXVWPHQWVPDOOFRUUHFWLRQVDUHDSSOLHGWRWKHREVHUYDWLRQVWR
REWDLQWKHEHVWILWRIDOOREVHUYDWLRQVSURGXFLQJRQHVROXWLRQIRUDOOSRLQWV7KHEHVWILW
LVWKHVROXWLRQWKDWSURGXFHVWKHOHDVWDPRXQWRIFRUUHFWLRQVWRWKHREVHUYDWLRQV7KHVH
VPDOOFRUUHFWLRQVDUHWHUPHGUHVLGXDOV(DFKREVHUYDWLRQZLOOKDYHRQHRUPRUH
UHVLGXDOV*36REVHUYDWLRQVKDYHWKUHHUHVLGXDOVRQHIRUHDFKFRPSRQHQWRIWKH*36
YHFWRU;<=RU1(8
7KHUHDVRQWKDWREVHUYDWLRQVKDYHWREHFRUUHFWHGDWDOOLQRUGHUWRSURGXFHDJRRGILW
LVGXHWRHUURUVLQWKHREVHUYDWLRQV,IREVHUYDWLRQVFRQWDLQHGQRHUURUVWKDQDQ
DGMXVWPHQWZRXOGQRWEHQHHGHG$OOREVHUYDWLRQVZRXOGILWWRJHWKHUSHUIHFWO\7ZR
W\SHVRIHUURUVFDQEHIRXQGLQVXUYH\REVHUYDWLRQVUDQGRPHUURUVDQGEOXQGHUV
3RVW$GMXVWPHQW$QDO\VLV
&
3
R
V
W
$
G
M
X
V
W
P
H
Q
W
$
Q
D
O
\
V
L
V
5DQGRPHUURUVZLOOFDXVHVPDOOFRUUHFWLRQVWREHQHHGHGLQREVHUYDWLRQVLQRUGHUWR
PDNHWKHPILWWRJHWKHUSURSHUO\,IRQO\UDQGRPHUURUVH[LVWLQWKHGDWDVHWDOO
UHVLGXDOVZLOOOLNHO\EHVPDOO2QWKHRWKHUKDQGLIODUJHEOXQGHUVH[LVWLQWKHGDWDVHW
ODUJHUHVLGXDOVZLOOOLNHO\EHSURGXFHG
([DPLQLQJWKHVL]HRIREVHUYDWLRQUHVLGXDOVFDQKHOSLQLGHQWLI\LQJEOXQGHUVLQWKH
REVHUYDWLRQVXVHGLQWKHDGMXVWPHQW/RFXV3URFHVVRUZLOOGLVSOD\DQGRXWSXWWKH
UHVLGXDOVIRUDOOREVHUYDWLRQV7KHVHUHVLGXDOVVKRXOGEHH[DPLQHGLQDQDWWHPSWWR
LGHQWLI\EOXQGHUV,IEOXQGHUVDUHLGHQWLILHGWKH\PXVWEHUHPRYHGIURPWKHGDWDVHW
DQGWKHDGMXVWPHQWUHUXQ,IWKHREVHUYDWLRQFRQWDLQLQJWKHEOXQGHULVDFULWLFDO
REVHUYDWLRQRIWKHGDWDVHWLWVKRXOGEHH[DPLQHGWRGHWHUPLQHWKHFDXVHRIWKH
EOXQGHU2QFHUHSDLUHGWKHREVHUYDWLRQFDQEHUHWXUQHGWRWKHDGMXVWPHQW,IWKH
REVHUYDWLRQLVFULWLFDOWRWKHVWUHQJWKRIWKHQHWZRUNDQGFDQQRWEHUHSDLUHGWKHGDWD
ZLOOQHHGWREHUHREVHUYHG
7KHUHDUHWZRPDLQGLIILFXOWLHVLQXVLQJUHVLGXDOVWRLGHQWLI\EOXQGHUVLQDGDWDVHW
%OXQGHUVLIODUJHHQRXJKZLOOSURGXFHODUJHUHVLGXDOVIRUWKHREVHUYDWLRQ
FRQWDLQLQJWKHEOXQGHU%XWODUJHUHVLGXDOVGRQRWDOZD\VLQGLFDWHDEOXQGHU
LQDQREVHUYDWLRQ,WLVSRVVLEOHIRUDJRRGREVHUYDWLRQWRKDYHODUJH
UHVLGXDOV7KLVREYLRXVO\FRPSOLFDWHVWKHXVHRIUHVLGXDOVWRILQGEOXQGHUV
EXWWKLVREVWDFOHFDQEHRYHUFRPHZLWKWKHXQGHUVWDQGLQJRIZK\DJRRG
REVHUYDWLRQZLOOSURGXFHODUJHUHVLGXDOV
$OHDVWVTXDUHVDGMXVWPHQWWHQGVWRGLVWULEXWHWKHHIIHFWVRIEOXQGHUV
WKURXJKRXWWKHHQWLUHQHWZRUN,QRWKHUZRUGVDEOXQGHULQRQHREVHUYDWLRQ
XVXDOO\DIIHFWVWKHUHVLGXDOVLQRWKHUREVHUYDWLRQV7KHDIIHFWLVJUHDWHURQ
REVHUYDWLRQVFORVHUWRWKHEOXQGHUDQGGLPLQLVKHVIXUWKHURXW7KHWULFNLVWR
ILQGWKHREVHUYDWLRQZLWKWKHEOXQGHUDPRQJDOOWKHREVHUYDWLRQVFRQWDLQLQJ
ODUJHUHVLGXDOVGXHWRWKHEOXQGHU
,QPRVWFDVHVWKHREVHUYDWLRQZLWKWKHODUJHVWUHVLGXDOVLVWKHREVHUYDWLRQ
FRQWDLQLQJWKHEOXQGHU5HPRYHWKLVREVHUYDWLRQDQGUHUXQWKHDGMXVWPHQW,I
DOOUHVLGXDOVORRNJRRGDWWKLVSRLQWWKHEOXQGHUZDVLGHQWLILHGDQGUHPRYHG
,IODUJHUHVLGXDOVVWLOOH[LVWDJDLQUHPRYHWKHREVHUYDWLRQZLWKWKHODUJHVW
UHVLGXDOVDQGUHUXQWKHDGMXVWPHQW'RWKLVXQWLOWKHDGMXVWPHQWORRNVJRRG
,WLVSRVVLEOHWKDWVRPHRIWKHREVHUYDWLRQVUHPRYHGGRQRWFRQWDLQEOXQGHUV
$WWKLVWLPHHDFKREVHUYDWLRQUHPRYHGVKRXOGEHDGGHGEDFNWRWKH
DGMXVWPHQWRQHDWDWLPHUHUXQQLQJWKHDGMXVWPHQWHDFKWLPHDQREVHUYDWLRQ
LVDGGHG,IWKHDGMXVWPHQWORRNVJRRGWKDWSDUWLFXODUREVHUYDWLRQGLGQRW
FRQWDLQDEOXQGHU,IWKHDGMXVWPHQWORRNVEDGDIWHUDGGLQJEDFNRQHRIWKH
REVHUYDWLRQVWKHFKDQFHVDUHYHU\JRRGWKDWWKHREVHUYDWLRQFRQWDLQVD
EOXQGHU
7KLVSURFHVVFDQEHFRPSOLFDWHGHYHQIXUWKHULIPXOWLSOHEOXQGHUVH[LVWLQWKH
GDWDVHW%XWV\VWHPDWLFUHPRYDODQGUHSODFHPHQWRIREVHUYDWLRQVZLOOUHVXOW
LQLGHQWLI\LQJWKHEOXQGHUV
&
/RFXV3URFHVVRU8VHUV*XLGH
7KURXJKRXWWKLVVHFWLRQZHKDYHWDONHGDERXWODUJHUHVLGXDOVDQGWKHLUUROO
LQLGHQWLI\LQJEOXQGHUV$QDWXUDOTXHVWLRQLV
:KDWLVDODUJHUHVLGXDO"
8QIRUWXQDWHO\WKHUHLVQRHDV\DQVZHUWRWKLVTXHVWLRQ)RU*36YHFWRUV
UDQGRPHUURUVLQWKHREVHUYDWLRQVLQFUHDVHDVWKHOHQJWKRIWKHYHFWRU
LQFUHDVHV7KHUHIRUHUHVLGXDOVZLOOLQFUHDVHZLWKEDVHOLQHOHQJWK$UHVLGXDO
RIPHWHUVRQDNLORPHWHUOLQHPD\VROHO\EHGXHWRUDQGRPHUURUVEXW
WKHVDPHUHVLGXDORQDNLORPHWHUOLQHDOPRVWVXUHO\LQGLFDWHVDEOXQGHU6R
DUHVLGXDOEHLQJODUJHRUVPDOOLVGHSHQGHQWRQWKH*36YHFWRUOHQJWK
7KHUHDUHDIHZJXLGHOLQHVWKDWFDQEHXVHGWRKHOSH[DPLQHUHVLGXDOV)LUVW
DOOYHFWRUVRIVLPLODUOHQJWKVKRXOGKDYHVLPLODUUHVLGXDOV6HFRQGUHVLGXDOV
VKRXOGQRWEHPXFKJUHDWHUWKDQWKHPHDVXUHPHQWDFFXUDF\RIWKH
HTXLSPHQW)RUH[DPSOHLIWKHHTXLSPHQWEHLQJXVHGLVFDSDEOHRIPDNLQJ
REVHUYDWLRQVDWDQDFFXUDF\OHYHORIPSSPWKHUHVLGXDOVIRUDQ
REVHUYDWLRQVVKRXOGQRWEHPXFKJUHDWHUWKDQWKLVFDSDELOLW\$QDFFXUDF\
VSHFLILFDWLRQRIPSSPDOORZVIRUDQHUURURIPRQD
NLORPHWHUEDVHOLQH$UHVLGXDOWLPHVODUJHUWKDQWKLVDOORZDEOHHUURULV
VXVSHFWDQGVKRXOGEHH[DPLQHGFORVHO\IRUWKHSRVVLEOHSUHVHQFHRID
EOXQGHU
6RPHWLPHVWKHVL]HRIDUHVLGXDOZLOOEHERUGHUOLQHDVWRZKHWKHURUQRWD
EOXQGHUH[LVWV,IWKLVLVWKHFDVHWKHREVHUYDWLRQVKRXOGEHLQVSHFWHGFORVHO\
WRVHHLIWKHFDXVHRIWKHEOXQGHUFDQEHGHWHUPLQHG,IQRWLWLVDMXGJHPHQW
FDOODVWRZKHWKHURUQRWWKHREVHUYDWLRQVKRXOGEHUHPRYHG,IWKH
REVHUYDWLRQLVQRWFULWLFDOWRWKHVWUHQJWKRIWKHQHWZRUNLWFDQEHUHPRYHG
ZLWKRXWLPSDFW,IWKHREVHUYDWLRQLVQHHGHGEXWGRHVQRWVHHPWRKDYHDQ
DGYHUVHDIIHFWRQWKHDFFXUDF\RIWKHDGMXVWHGSRLQWVLWFDQEHOHIWLQ
/RFXV3URFHVVRUSUHVHQWVUHVLGXDOVLQWZRIRUPV7KHXVHUFDQH[DPLQHWKHVL]HRIWKH
UHVLGXDOLQOLQHDUXQLWVPHWHUVRUIHHWDVGLVFXVVHGDERYHRUWKHXVHUFDQH[DPLQH
QRUPDOL]HGUHVLGXDOV1RUPDOL]HGUHVLGXDOVWDNHLQWRDFFRXQWWKDWUHVLGXDOVJHQHUDWHG
E\UDQGRPHUURUVDUHVRPHZKDWSUHGLFWDEOHVWDWLVWLFDOO\1RUPDOL]HGUHVLGXDOVDUH
XQLWOHVVVFDOHGYDOXHVRIWKHDFWXDOUHVLGXDO(YDOXDWLRQRIWKHQRUPDOL]HGUHVLGXDOV
ZLOOUHYHDORQHRIWKUHHWKLQJV
$YDOXHRILQGLFDWHVWKDWWKHUHVLGXDOLVDVODUJHDVH[SHFWHGEDVHGRQLWV
VWDQGDUGHUURU7KLVLVXVXDOO\DQLQGLFDWLRQWKDWWKHREVHUYDWLRQFRQWDLQVQR
EOXQGHUV
$YDOXHRIOHVVWKDQLQGLFDWHVWKDWWKHUHVLGXDOLVVPDOOHUWKDQH[SHFWHG
7KLVDOVRLVXVXDOO\DQLQGLFDWLRQWKDWWKHREVHUYDWLRQFRQWDLQVQREOXQGHUV
$YDOXHJUHDWHUWKDQLQGLFDWHVWKDWWKHUHVLGXDOLVODUJHUWKDQH[SHFWHG)RU
H[DPSOHDYDOXHRILQGLFDWHVWKHUHVLGXDOLVWLPHVODUJHUWKDQH[SHFWHG
DQGDYDOXHRILQGLFDWHVWKDWWKHUHVLGXDOLVWLPHVODUJHUWKDQH[SHFWHG
6LQFHUHVLGXDOVDUHH[SHFWHGWREHQRUPDOO\GLVWULEXWHGDSSUR[LPDWHO\
RIUHVLGXDOVFDXVHGE\UDQGRPHUURUVVKRXOGRQO\KDYHDQRUPDOL]HGYDOXHRI
3RVW$GMXVWPHQW$QDO\VLV
&
3
R
V
W
$
G
M
X
V
W
P
H
Q
W
$
Q
D
O
\
V
L
V
RUOHVVDSSUR[LPDWHO\VKRXOGEHRUOHVVDQGDSSUR[LPDWHO\
VKRXOGEHRUOHVV7KHUHIRUHDQRUPDOL]HGUHVLGXDOJUHDWHUWKDQLVHLWKHU
RQHRIWKHWKDWLVFDXVHGE\UDQGRPHUURUVJRRGUHVLGXDORUUHSUHVHQWV
DQREVHUYDWLRQFRQWDLQLQJDEOXQGHU
6LQFHWKHUHLVVXFKDVPDOOFKDQFHWKDWDQRUPDOL]HGUHVLGXDOJUHDWHUWKDQ
EHORQJVWRDJRRGREVHUYDWLRQDQ\QRUPDOL]HGUHVLGXDOJUHDWHUWKDQVKRXOG
EHVXVSHFWDQGH[DPLQHGDVEHLQJDSRWHQWLDOEOXQGHU
7KHQRUPDOL]HGUHVLGXDOLVDQDOWHUQDWLYHWRORRNLQJDWWKHVL]HRIWKHUHVLGXDOWR
GHWHUPLQHLIWKHUHVLGXDOEHORQJVWRDQREVHUYDWLRQWKDWFRQWDLQVDEOXQGHU,QVRPH
DVSHFWVWKHQRUPDOL]HGUHVLGXDOLVHDVLHUWRHYDOXDWHVLQFHYHFWRUOHQJWKLV
FRPSHQVDWHGLQWKHVFDOLQJRIWKHUHVLGXDO$YDOXHJUHDWHUWKDQVKRXOGEHVXVSHFW
LQGHSHQGHQWRQWKHOHQJWKRIWKHYHFWRU
,QVXPPDU\XVHREVHUYDWLRQUHVLGXDOVWRKHOSLGHQWLI\EOXQGHUVLQWKHDGMXVWPHQWGDWD
VHW
,IDOOUHVLGXDOVDUHVPDOORULIWKHQRUPDOL]HGUHVLGXDOLVOHVVWKDQWKLVLVD
JRRGLQGLFDWLRQWKDWQREOXQGHUVH[LVW
,IODUJHUHVLGXDOVDUHIRXQGRUQRUPDOL]HGUHVLGXDOVJUHDWHUWKDQEOXQGHUV
PD\H[LVWLQWKHGDWDVHW5HPRYHWKHREVHUYDWLRQZLWKWKHODUJHVWUHVLGXDOV
RUQRUPDOL]HGUHVLGXDOVDQGUHUXQWKHDGMXVWPHQW5HSHDWWKLVRQH
REVHUYDWLRQDWDWLPHXQWLOWKHUHVLGXDOVIRUWKHUHPDLQLQJREVHUYDWLRQVORRN
JRRG6LQFHJRRGREVHUYDWLRQVPD\KDYHEHHQUHPRYHGLQWKLVSURFHVVDGG
HDFKREVHUYDWLRQEDFNLQWRWKHQHWZRUNRQHDWDWLPHDQGH[DPLQHLWVDIIHFW
RQWKHDGMXVWPHQW7KRVHREVHUYDWLRQVUHWXUQHGWRWKHQHWZRUNWKDWGRQRW
DGYHUVHO\DIIHFWWKHDGMXVWPHQWVKRXOGEHOHIWLQ
&ORVHO\H[DPLQHDQ\REVHUYDWLRQWKDWKDVEHHQUHPRYHGWRGHWHUPLQHLIWKH
FDXVHRIWKHEOXQGHUFDQEHGHWHUPLQHG,I\HVIL[WKHEOXQGHUDQGUHWXUQWKH
REVHUYDWLRQWRWKHDGMXVWPHQW
%HDZDUHWKDWWKHVHDUHRQO\JXLGHOLQHVWRILQGLQJEOXQGHUV'RQRWUHPRYH
DQREVHUYDWLRQIURPWKHDGMXVWPHQWMXVWEHFDXVHWKHQRUPDOL]HGUHVLGXDOLV
RURUWKHUHVLGXDOVORRNODUJH7KLVFRXOGUHSUHVHQWDJRRGREVHUYDWLRQ
/RRNDWRWKHUTXDOLW\LQGLFDWRUVWRGHWHUPLQHLIWKHUHLVDSUREOHPLQWKH
DGMXVWPHQW5HPRYHWKHREVHUYDWLRQDQGVHHZKDWWKHHIIHFWLVRQWKH
DGMXVWPHQW,IWKHUHLVQRJUHDWDIIHFWRQRWKHUREVHUYDWLRQVRUSRVLWLRQ
HVWLPDWHVSXWWKHREVHUYDWLRQEDFN7KHPRUHJRRGREVHUYDWLRQVLQWKHGDWD
VHWWKHEHWWHUWKHILQDOVROXWLRQ
7DX7HVW
([DPLQLQJUHVLGXDOVLVDJRRGLQGLFDWRURIWKHTXDOLW\RILQGLYLGXDOREVHUYDWLRQV$V
VWDWHGHDUOLHUWKHH[SHFWHGYDOXHRIUHVLGXDOVQRUPDOL]HGUHVLGXDOVDUHSUHGLFWDEOH
VLQFHWKH\DUHH[SHFWHGWRIROORZDQRUPDOGLVWULEXWLRQ
&
/RFXV3URFHVVRU8VHUV*XLGH
7KHWDXWHVWXWLOL]HVWKLVSUHGLFWDELOLW\WRDXWRPDWLFDOO\WHVWWKHUHVLGXDOVRIDQ
REVHUYDWLRQWRGHWHUPLQHLIWKHUHVLGXDOVFRXOGUHSUHVHQWDQREVHUYDWLRQFRQWDLQLQJD
EOXQGHU7KHWDXWHVWXWLOL]HVWKHQRUPDOL]HGUHVLGXDOVIRUDQREVHUYDWLRQWRGHWHUPLQH
LIVWDWLVWLFDOO\WKHUHVLGXDOLVZLWKLQH[SHFWHGOLPLWV$WKUHVKROGYDOXHLVFRPSXWHGWR
WHVWHDFKQRUPDOL]HGUHVLGXDODJDLQVW(DFKQRUPDOL]HGUHVLGXDOLVWHVWHGZLWKWZR
SRVVLEOHRXWFRPHV
7KHWDXWHVWSDVVHVLQGLFDWLQJWKDWWKHPDJQLWXGHRIWKHQRUPDOL]HGUHVLGXDO
LVQRWJUHDWHUWKDQWKHH[SHFWHGOLPLWIRUWKHUHVLGXDO7KLVLVXVXDOO\DJRRG
LQGLFDWLRQWKDWWKHREVHUYDWLRQLVIUHHRIEOXQGHUV
7KHWDXWHVWIDLOVLQGLFDWLQJWKDWWKHPDJQLWXGHRIWKHQRUPDOL]HGUHVLGXDOLV
JUHDWHUWKDQH[SHFWHG7KHREVHUYDWLRQIDLOLQJWKHWHVWVKRXOGEHFKHFNHGIRU
EOXQGHUV
7KHWDXWHVWLVDXWRPDWLFDOO\SHUIRUPHGE\WKHDGMXVWPHQWPRGXOHRI/RFXV3URFHVVRU
(DFKUHVLGXDOLVWHVWHGDQGWKHRXWFRPHRIWKHWHVWLVSUHVHQWHGWRWKHXVHUDORQJZLWK
WKHUHVLGXDOVIRUHDFKREVHUYDWLRQ
,WLVLPSRUWDQWWRXQGHUVWDQGWKDWLIDUHVLGXDOGRHVQRWSDVVDVWDWLVWLFDOWHVWLWGRHV
QRWPHDQWKDWWKHUHLVDEOXQGHULQWKDWREVHUYDWLRQ7KHREVHUYDWLRQLVPHUHO\IODJJHG
VRWKDWLWFDQEHH[DPLQHGDQGDGHFLVLRQDERXWLWVUHWHQWLRQRUUHMHFWLRQFDQEHPDGH
%OLQGUHMHFWLRQLVQHYHUUHFRPPHQGHG$EOXQGHULQRQHREVHUYDWLRQXVXDOO\DIIHFWV
WKHUHVLGXDOVLQRWKHUREVHUYDWLRQV7KHUHIRUHWKHWHVWVZLOORIWHQIODJRWKHU
REVHUYDWLRQVLQDGGLWLRQWRWKHRQHVFRQWDLQLQJEOXQGHUV,IRQHRUPRUHREVHUYDWLRQV
DUHIODJJHGWKHVHDUFKEHJLQVWRGHWHUPLQHLIWKHUHLVDEOXQGHU
,QVXPPDU\WKHWDXWHVWH[DPLQHVREVHUYDWLRQUHVLGXDOVLQDQDWWHPSWWRORFDWH
REVHUYDWLRQVWKDWPD\FRQWDLQEOXQGHUV(DFKUHVLGXDOLVWHVWHGWRGHWHUPLQHLILW
SDVVHVRUIDLOVWKHWHVW
,IDUHVLGXDOSDVVHVWKHWDXWHVWWKLVLVDJRRGLQGLFDWRUWKDWWKHREVHUYDWLRQ
GRHVQRWFRQWDLQEOXQGHUV
,IWKHUHVLGXDOIDLOVWKHWDXWHVWWKHREVHUYDWLRQVKRXOGEHFORVHO\H[DPLQHG
WRGHWHUPLQHLILWFRQWDLQVDEOXQGHU
5HPHPEHUWKDWLIDUHVLGXDOIDLOVWKHWDXWHVWWKLVLVQRWDFHUWDLQLQGLFDWRU
WKDWDEOXQGHUH[LVWV6LPSO\UHPRYLQJREVHUYDWLRQVWKDWKDYHIDLOHGWKHWDX
WHVWLVQRWUHFRPPHQGHG7KHVHREVHUYDWLRQVPXVWEHH[DPLQHGFDUHIXOO\WR
GHWHUPLQHLIDEOXQGHUH[LVWV
3
R
V
W
$
G
M
X
V
W
P
H
Q
W
$
Q
D
O
\
V
L
V
/RRS&ORVXUH$QDO\VLV
,QDZHOOGHVLJQHGVXUYH\QHWZRUNDQXPEHURIFORVHGORRSVJHQHUDWHGE\*36
YHFWRUVZLOOH[LVW,IDOOREVHUYDWLRQVFRQWDLQHG]HURHUURUSHUIRUPLQJORRSFORVXUHV
ZLWKYDULRXVYHFWRUVWKURXJKRXWWKHQHWZRUNZRXOGUHVXOWLQORRSVZLWK]HUR
PLVFORVXUH6LQFHLQWKHUHDOZRUOGDEVROXWHO\SHUIHFWVXUYH\REVHUYDWLRQVDUH
LPSRVVLEOHORRSVZLOOJHQHUDWHVRPHOHYHORIPLVFORVXUH0LVFORVXUHVGXHWRUDQGRP
3RVW$GMXVWPHQW$QDO\VLV
&
HUURUVLQWKHREVHUYDWLRQVVKRXOGEHRISUHGLFWDEOHPDJQLWXGHLHDPDJQLWXGHVLPLODU
WRWKHPHDVXUHPHQWDFFXUDF\RIWKHLQVWUXPHQWXVHG0LVFORVXUHVGXHWREOXQGHUVDUH
XQSUHGLFWDEOHLQPDJQLWXGHUDQJLQJLQVL]HEDVHGRQWKHVL]HRIWKHEOXQGHU'XHWR
WKLVORRSFORVXUHVFDQEHDQHIIHFWLYHPHWKRGWRLVRODWHEOXQGHUVLQWKHGDWDVHW
:KHQDODUJHEOXQGHURUPXOWLSOHEOXQGHUVH[LVWLQDGDWDVHWLWLVVRPHWLPHVGLIILFXOW
WRILQGWKHEOXQGHUVIURPDQDO\VLVRIWKHDGMXVWPHQWRXWSXW7KLVLVGXHWRWKH
WHQGHQF\RIOHDVWVTXDUHVDGMXVWPHQWVWRGLVWULEXWHWKHHUURUIURPWKHVHEOXQGHUV
WKURXJKRXWWKHVXUYH\QHWZRUN,QVXFKFDVHVORRSFORVXUHVFDQEHDQHIIHFWLYHWRROWR
DVVLVWLQLVRODWLQJWKHEOXQGHUV%\SHUIRUPLQJPXOWLSOHORRSFORVXUHVLQWKHDUHD
ZKHUHDEOXQGHUVLVVXVSHFWHGWRH[LVWWKHYHFWRUVFDXVLQJWKHEOXQGHUVFDQ
QRUPDOO\EHLVRODWHG2QFHWKHSUREOHPYHFWRUVLVLVRODWHGLWFDQEHH[DPLQHGDQG
UHSDLUHGRUUHPRYHG
/RFXV3URFHVVRUVXSSOLHVWKHWRROVIRUWKHXVHUWRSHUIRUPDORRSFORVXUHDQDO\VLVRI
WKHVXUYH\QHWZRUNWRDVVLVWLQLVRODWLQJEOXQGHUV%\VHOHFWLQJYHFWRUVWKHXVHUFDQ
FUHDWHPXOWLSOHORRSVWKURXJKRXWWKHQHWZRUN7KHUHVXOWVRIHDFKORRSFORVXUHDUH
SUHVHQWHGIRUDQDO\VLV,QDGGLWLRQWKHUHVXOWLQJFORVXUHLVFRPSDUHGWRWKHXVHU
GHILQHGUHODWLYHDFFXUDF\VSHFLILFDWLRQDVDTXDOLW\WHVWRIWKHFORVXUH
,IWKHPLVFORVXUHLVVPDOOHUWKDQWKHDOORZDEOHHUURUGHWHUPLQHGIURPWKH
VSHFLILFDWLRQWKH4$WHVWSDVVHV7KLVPD\EHDQLQGLFDWLRQWKDWQREOXQGHUV
H[LVWLQWKHYHFWRUVXVHGLQWKHORRS7KLVZRXOGQRWEHWUXHLIWKHEOXQGHULV
WKHNLQGWKDWZRXOGQRWEHIRXQGEDVHGRQWKHYHFWRUVXVHGLQWKHWHVW)RU
H[DPSOHLIDEOXQGHURIPHWHUVH[LVWHGLQWKH+,PHDVXUHPHQWDWDSRLQW
DOOYHFWRUVREVHUYHGGXULQJWKDWVHVVLRQZRXOGFRQWDLQWKHEOXQGHU
7KHUHIRUHLIDORRSFORVXUHZHUHSHUIRUPHGXVLQJWKHVHYHFWRUVWKHEOXQGHU
ZRXOGQRWEHIRXQG2QWKHRWKHUKDQGVXSSRVHWKDWVDPHSRLQWZDV
REVHUYHGDWDQRWKHUWLPHSURGXFLQJDGLIIHUHQWVHWRIYHFWRUVJRLQJLQWRWKH
SRLQW,IDORRSZDVSHUIRUPHGXVLQJDFRPELQDWLRQRIWKHYHFWRUVIURPWKH
WZRREVHUYDWLRQSHULRGVWKLVEOXQGHUZRXOGEHGHWHFWHG
,IWKHPLVFORVXUHLVODUJHUWKDQWKHDOORZDEOHHUURUGHWHUPLQHGIURPWKH
VSHFLILFDWLRQWKHORRSIDLOVWKH4$WHVW)ODJJHGORRSVVKRXOGEHH[DPLQHG
FORVHO\WRGHWHUPLQHLIDEOXQGHUH[LVWVLQRQHRIWKHYHFWRUVXVHGLQWKHORRS
5HSHDW9HFWRU$QDO\VLV
:KHQSHUIRUPLQJD*36VXUYH\LWLVUHFRPPHQGHGWKDWDFHUWDLQSHUFHQWDJHRI
REVHUYHGYHFWRUVEHUHSHDWHGLHREVHUYHGPRUHWKDQRQFH7KHVHUHSHDWYHFWRUVFDQ
EHXVHGWRDQDO\]HWKHUHSHDWDELOLW\RIWKHREVHUYDWLRQVJLYLQJDFOXHWRWKHRYHUDOO
TXDOLW\RIWKHILQDOVXUYH\,QDGGLWLRQUHSHDWREVHUYDWLRQVFDQEHXVHIXOLQ
LGHQWLI\LQJEOXQGHUVLIDSUREOHPDULVHVZLWKRQHRIWKHUHSHDWHGREVHUYDWLRQV
/RFXV3URFHVVRUDXWRPDWLFDOO\SHUIRUPVDQDQDO\VLVRIDOOUHSHDWYHFWRUVLQWKH
QHWZRUN$OOUHSHDWYHFWRUVDUHFRPSDUHGWRHDFKRWKHUDQGGLIIHUHQFHVLQWKH
&
/RFXV3URFHVVRU8VHUV*XLGH
REVHUYDWLRQVDUHSUHVHQWHGIRUDQDO\VLV,QDGGLWLRQWKHUHVXOWLQJGLIIHUHQFHVEHWZHHQ
UHSHDWREVHUYDWLRQVDUHFRPSDUHGWRWKHXVHUGHILQHGUHODWLYHDFFXUDF\VSHFLILFDWLRQ
,IWKHGLIIHUHQFHEHWZHHQWKHUHSHDWREVHUYDWLRQVRIDYHFWRULVVPDOOHUWKDQ
WKHDOORZDEOHHUURUFRPSXWHGIURPWKHDFFXUDF\VSHFLILFDWLRQWKHUHSHDW
YHFWRUVSDVVWKH4$WHVW7KLVLVQRUPDOO\DJRRGLQGLFDWLRQWKDWQREOXQGHU
H[LVWVLQWKHYHFWRUVDQGWKDWWKHYHFWRUVDUHRIVXIILFLHQWTXDOLW\WRSURGXFH
DQHWZRUNWKDWZLOOPHHWWKHGHVLUHGUHODWLYHDFFXUDF\
,IWKHGLIIHUHQFHEHWZHHQWKHUHSHDWREVHUYDWLRQVRIDYHFWRULVODUJHUWKDQ
WKHDOORZDEOHHUURUFRPSXWHGIURPWKHDFFXUDF\VSHFLILFDWLRQWKHUHSHDW
YHFWRUVDUHIODJJHGDVKDYLQJIDLOHGWKH4$DQDO\VLVWHVW$Q\UHSHDW
REVHUYDWLRQVWKDWIDLOWKHWHVWVKRXOGEHH[DPLQHGFORVHO\WRGHWHUPLQHLID
EOXQGHUH[LVWV
&RQWURO7LH$QDO\VLV
)RUPDQ\VXUYH\VWKHUHLVDUHTXLUHPHQWWRWLHWKHVXUYH\LQWRDORFDOUHJLRQDORU
QDWLRQDOFRQWUROQHWZRUN0DQ\WLPHVWKHH[DFWFRQWUROSRLQWVWREHXVHGIRUWKLV
SXUSRVHZLOOEHVSHFLILHG7RPHHWWKLVUHTXLUHPHQWWKHVHFRQWUROSRLQWVZLOOQHHGWR
EHKHOGIL[HGLQWKHILQDOFRQVWUDLQHGDGMXVWPHQWWKHUHIRUHFRPSXWLQJSRVLWLRQVIRU
WKHQHZVXUYH\SRLQWVLQUHODWLRQWRWKHVSHFLILHGFRQWUROSRLQWV
,QDGGLWLRQWRWKHUHTXLUHPHQWIRUW\LQJLQWRDFRQWUROQHWZRUNPRVWVXUYH\VZLOODOVR
KDYHDUHODWLYHDFFXUDF\VSHFLILFDWLRQWKDWPXVWEHPHW8QGHUFHUWDLQFLUFXPVWDQFHV
WKHVHWZRUHTXLUHPHQWVPD\FRQIOLFWZLWKHDFKRWKHU,IWKHUHODWLYHDFFXUDF\RIWKH
FRQWUROSRLQWVKHOGIL[HGLQWKHFRQVWUDLQHGDGMXVWPHQWLVQRWJUHDWHUWKDQRUHTXDOWR
WKHUHODWLYHDFFXUDF\VSHFLILFDWLRQRIWKHVXUYH\WKHUHLVQRKRSHWRPHHWWKHUHODWLYH
DFFXUDF\VSHFLILFDWLRQE\KROGLQJWKHVHFRQWUROSRLQWVIL[HG7KHHUURULQWKH
UHODWLRQVKLSEHWZHHQWKHFRQWUROSRLQWVZLOOZKHQKHOGIL[HGLQWKHFRQVWUDLQHG
DGMXVWPHQWLQGXFHWKLVHUURULQWRWKHVXUYH\QHWZRUNEHLQJDGMXVWHGGHJUDGLQJWKH
DFFXUDF\RIWKHQHWZRUNWRWKHUHODWLYHDFFXUDF\RIWKHFRQWURO)RUH[DPSOHLIDIWHU
SHUIRUPLQJDPLQLPDOFRQVWUDLQWDGMXVWPHQWWKHUHODWLYHDFFXUDF\RIWKHVXUYH\LV
IRXQGWREHDQGLIDFRQVWUDLQHGDGMXVWPHQWLVSHUIRUPHGKROGLQJIL[HG
FRQWUROSRLQWVZLWKDUHODWLYHDFFXUDF\RIRQO\WKHKLJKHVWSRVVLEOHUHVXOWLQJ
QHWZRUNDFFXUDF\ZLOOEH,IWKHUHODWLYHDFFXUDF\VSHFLILFDWLRQIRUWKH
VXUYH\ZDVWKHVXUYH\QRORQJHUPHHWVWKHUHTXLUHPHQW7KLVRIFRXUVHLV
RIQRIDXOWRIWKHVXUYH\RU7KHVXUYH\RUGLGKLVKHUMREE\FRQGXFWLQJDVXUYH\WKDW
KDVDQLQWHUQDOUHODWLYHDFFXUDF\RI7KHFRQWUROSRLQWVVSHFLILHGLQWKH
UHTXLUHPHQWVDUHWKHFDXVHRIWKHGHJUDGDWLRQLQWKHDFFXUDF\$WWKLVSRLQWWKH
VXUYH\RUVKRXOGLQIRUPWKHFOLHQWRIWKHLVVXH,WWKHQEHFRPHVWKHFOLHQW
V
UHVSRQVLELOLW\WRGHWHUPLQHLIKHVKHVWLOOZDQWVWKHVHFRQWUROSRLQWVKHOGIL[HGDWWKH
FRVWRIWKHQHWZRUNUHODWLYHDFFXUDF\
,QDVLWXDWLRQZKHUHPXOWLSOHFRQWUROSRLQWVKDYHEHHQVSHFLILHGIRUXVHLQWKHVXUYH\
LWLVSRVVLEOHWKDWRQO\RQHRIWKHFRQWUROSRLQWVLVUHVSRQVLEOHIRUWKHGHJUDGDWLRQ,WLV
3RVW$GMXVWPHQW$QDO\VLV
&
3
R
V
W
$
G
M
X
V
W
P
H
Q
W
$
Q
D
O
\
V
L
V
SRVVLEOHWKDWRQO\RQHRIWKHFRQWUROSRLQWVKDVDUHODWLYHDFFXUDF\RI
FRPSDUHGWRWKHRWKHUSRLQWVDQGWKDWWKHRWKHUFRQWUROSRLQWVWLHWRDQDFFXUDF\WKDW
ZRXOGVXSSRUWWKHUHODWLYHDFFXUDF\VSHFLILFDWLRQ,QVXFKDFDVHLWZRXOGEHXVHIXOWR
NQRZZKLFKSRLQWLVFDXVLQJWKHSUREOHP7KLVZD\LIDOORZHGE\WKHFOLHQWWKLV
SRLQWFRXOGEHGLVUHJDUGHGDQGDILQDOFRQVWUDLQHGDGMXVWPHQWFRXOGEHSHUIRUPHG
XVLQJWKHUHPDLQLQJFRQWUROSRLQWV7RGRWKLVWKHXVHUZRXOGKDYHWRFRPSXWHWKH
UHODWLYHDFFXUDF\EHWZHHQDOOFRQWUROSRLQWVLQWKHVXUYH\
7KHFRQWUROWLHDQDO\VLVIHDWXUHRI/RFXV3URFHVVRUDXWRPDWLFDOO\FRPSXWHVWKH
UHODWLYHDFFXUDF\EHWZHHQFRQWUROSRLQWV7KLVLVDFFRPSOLVKHGE\KROGLQJRQHRIWKH
FRQWUROSRLQWVIL[HGLQWKHPLQLPDOO\FRQVWUDLQHGDGMXVWPHQWDQGFRPSDULQJWKH
DGMXVWHGSRVLWLRQRIWKHRWKHUFRQWUROSRLQWVWRWKHNQRZQFRQWUROSRVLWLRQ7KH
GLIIHUHQFHEHWZHHQWKHSRVLWLRQVLVFRPSXWHGDQGSUHVHQWHGDORQJZLWKWKHUHODWLYH
DFFXUDF\EDVHGRQWKHGLVWDQFHEHWZHHQWKHFRQWUROSRLQWVWHVWHG$WHVWWKHQ
FRPSDUHVWKHXVHUHQWHUHGUHODWLYHDFFXUDF\VSHFLILFDWLRQWRWKHFRPSXWHGUHODWLYH
DFFXUDF\IRUHDFKSDLURIFRQWUROSRLQWV
,IWKH4$WHVWSDVVHVWKHFRPSXWHGUHODWLYHDFFXUDF\RIWKHWHVWHGFRQWURO
SRLQWSDLUPHHWVRUH[FHHGVWKHUHODWLYHDFFXUDF\VSHFLILFDWLRQ7KLVLVDQ
LQGLFDWLRQWKDWKROGLQJWKLVSDLURIFRQWUROSRLQWVIL[HGZLOOQRWGHJUDGHWKH
UHODWLYHDFFXUDF\RIWKHQHWZRUNEHORZWKHUHTXLUHGUHODWLYHDFFXUDF\IRUWKH
VXUYH\
,IWKH4$WHVWIDLOVWKHFRPSXWHGUHODWLYHDFFXUDF\RIWKHFRQWUROSRLQWSDLU
LVRIORZHUDFFXUDF\WKDQWKHUHODWLYHDFFXUDF\VSHFLILFDWLRQ+ROGLQJWKHVH
WZRFRQWUROSRLQWVIL[HGLQDQDGMXVWPHQWZLOOFDXVHDGHJUDGDWLRQRIWKH
QHWZRUNDFFXUDF\EHORZWKHUHTXLUHGDFFXUDF\VSHFLILFDWLRQ,QVXFKDFDVH
WKHFRQWUROSRLQWVVKRXOGEHH[DPLQHGLQGHWDLOWRGHWHUPLQHLIDEOXQGHU
RFFXUUHGGXULQJHQWU\RIWKHFRQWUROYDOXHV,IQREOXQGHULVIRXQGDGHFLVLRQ
PXVWEHPDGHWRGHWHUPLQHLIWKHVHSRLQWVVKRXOGEHKHOGIL[HGLQWKHILQDO
FRQVWUDLQHGDGMXVWPHQWLHGRQRWKROGWKHSUREOHPFRQWUROSRLQWVIL[HGLQ
WKHILQDODGMXVWPHQWRUKROGWKHPIL[HGGHVSLWHWKHLUUHODWLYHDFFXUDF\7KLV
LVQRUPDOO\DGHFLVLRQPDGHE\WKHILQDOUHFLSLHQWRIWKHDGMXVWHGQHWZRUN
LHWKHFOLHQW
1RWHWKDWWKHFRQWUROWLHDQDO\VLVLVRQO\YDOLGRQDGMXVWPHQWVWKDWDUHIUHHRIEOXQGHUV,IEOXQGHUV
H[LVWLQWKHGDWDVHWWKHUHVXOWVRIWKHDGMXVWPHQWGRQRWUHSUHVHQWWKHWUXHUHODWLRQVKLSEHWZHHQWKH
FRQWUROSRLQWVDQGWKHUHIRUHFDQQRWEHXVHGLQDQDQDO\VLVRIWKHFRQWURO
4XDOLW\$QDO\VLV7RROV
7KHTXDOLW\DQDO\VLVWRROVLQWKHDGMXVWPHQWPRGXOHRI/RFXV3URFHVVRUDUHGHVLJQHG
WRDVVLVWWKHXVHULQGHWHUPLQLQJWKHRYHUDOOTXDOLW\RIDQDGMXVWPHQW7KHWRROVDVVLVW
&
/RFXV3URFHVVRU8VHUV*XLGH
LQTXDOLI\LQJWKHDWWDLQHGDFFXUDF\RIWKHVXUYH\QHWZRUN(DFKWRROLVSUHVHQWHGLQ
GHWDLOEHORZ
5HODWLYH(UURU
7KHPDLQSXUSRVHVIRUSHUIRUPLQJDOHDVWVTXDUHVDGMXVWPHQWDUHORFDWHEOXQGHUV
LQWKHGDWDVHWFRPSXWHWKHEHVWSRVLWLRQIRUDOOSRLQWVLQWKHVXUYH\DQG
GHWHUPLQHWKHDFFXUDF\RIWKHQHZO\HVWDEOLVKHGSRLQWV5HODWLYHHUURULVRQHRIWKH
FRPSRQHQWVXVHGLQGHWHUPLQLQJWKHVXUYH\
VSRVLWLRQLQJDFFXUDF\
5HODWLYHHUURUVXSSOLHVDQHVWLPDWHWRWKHXQFHUWDLQW\LQWKHUHODWLYHSRVLWLRQRIWZR
DGMXVWHGSRLQWVVLWHSDLUVERWKLQKRUL]RQWDODQGYHUWLFDOSRVLWLRQ7KHYHUWLFDO
UHODWLYHHUURURIDVLWHSDLULVRQHGLPHQVLRQDOWKHUHIRUHLWLVUHSUHVHQWHGE\RQH
QXPEHU7KHKRUL]RQWDOUHODWLYHHUURURIDVLWHSDLULVWZRGLPHQVLRQDODQGLV
UHSUHVHQWHGE\WZRQXPEHUVZKLFKGHILQHDUHJLRQLQWKHKRUL]RQWDOSODQH
([DPLQLQJUHODWLYHHUURUEHWZHHQSRLQWVJLYHVWKHXVHUDQLQGLFDWLRQDVWRWKHOHYHORI
XQFHUWDLQW\LQWKHUHODWLRQVKLSEHWZHHQWKHWZRSRLQWVHVWLPDWHGE\WKHDGMXVWPHQW
7KHDGMXVWPHQWPRGXOHRI/RFXV3URFHVVRUFRPSXWHVDQGSUHVHQWVWKHUHODWLYHHUURU
EHWZHHQDOOVLWHSDLUVOLQNHGWRJHWKHUE\DGLUHFWREVHUYDWLRQ*36YHFWRU([DPLQH
WKHKRUL]RQWDODQGYHUWLFDOUHODWLYHHUURUV/RRNDWWKHLUPDJQLWXGHVDQGHVSHFLDOO\
FRPSDUHUHODWLYHHUURUYDOXHVIRUVLWHSDLUVZKLFKKDYHVLPLODUGLVWDQFHVEHWZHHQ
WKHP6LWHSDLUVZLWKVLPLODUGLVWDQFHVVKRXOGKDYHVLPLODUUHODWLYHHUURUV,IRQHVLWH
SDLUKDVDUHODWLYHHUURUVLJQLILFDQWO\ODUJHUWKDQRWKHUVWKLVPD\LQGLFDWHDSUREOHP
ZLWKDQREVHUYDWLRQRIWKHVHSRLQWVRUDODFNRIVXIILFLHQWGDWDWRUHOLDEO\SRVLWLRQRQH
RIWKHSRLQWV
5HODWLYH$FFXUDF\
7KHPRVWFRPPRQPHWKRGRIVSHFLI\LQJWKHDFFXUDF\RIDVXUYH\LVLQUHODWLYHWHUPV
)RUH[DPSOHLIWKHDFFXUDF\VSHFLILFDWLRQIRUDVXUYH\LVRUP
SSPWKLVLVDUHODWLYHDFFXUDF\VSHFLILFDWLRQ,WLVFODVVLILHGDVUHODWLYHEHFDXVHLWLV
GLVWDQFHGHSHQGHQW7KHUHODWLYHDFFXUDF\VSHFLILFDWLRQUHIHUVWRWKHUHODWLYHDFFXUDF\
EHWZHHQQHZO\HVWDEOLVKHGSRLQWV,IWKHUHODWLYHDFFXUDFLHVEHWZHHQDOOSRLQWSDLUV
VLWHSDLUVDUHIRXQGWREHRUEHWWHUWKHHQWLUHVXUYH\LVVDLGWRPHHWWKH
DFFXUDF\VSHFLILFDWLRQ
7RDVVLVWLQGHWHUPLQLQJWKHDFKLHYHGUHODWLYHDFFXUDF\RIDVXUYH\WKHDGMXVWPHQW
PRGXOHRI/RFXV3URFHVVRUFRPSXWHVDQGSUHVHQWVWKHUHODWLYHDFFXUDF\EHWZHHQDOO
VLWHSDLUVOLQNHGWRJHWKHUE\DGLUHFWREVHUYDWLRQ*36YHFWRU&RPSDUHHDFKUHODWLYH
DFFXUDF\YDOXHWRWKHUHODWLYHDFFXUDF\VSHFLILFDWLRQRIWKHVXUYH\
,IDOOVLWHSDLUVKDYHDUHODWLYHDFFXUDF\WKDWH[FHHGVWKDWRIWKHVSHFLILFDWLRQ
WKHVXUYH\PHHWVWKHUHTXLUHGDFFXUDF\
,IDQ\VLWHSDLUKDVDUHODWLYHDFFXUDF\EHORZWKHUHTXLUHGDFFXUDF\
VSHFLILFDWLRQWKHREVHUYDWLRQEHWZHHQWKHVLWHSDLUQHHGVWREHH[DPLQHGWR
3RVW$GMXVWPHQW$QDO\VLV
&
3
R
V
W
$
G
M
X
V
W
P
H
Q
W
$
Q
D
O
\
V
L
V
GHWHUPLQHLIDQ\WKLQJFDQEHGRQHWRLPSURYHWKHUHODWLYHDFFXUDF\,I
QHHGHGPRUHREVHUYDWLRQVPD\QHHGWREHFROOHFWHGWRJHWWKHUHODWLYH
DFFXUDF\RIWKHVLWHSDLUDFKLHYHWKHUHTXLUHGDFFXUDF\VSHFLILFDWLRQ
:KHQDQDO\]LQJWKHUHODWLYHDFFXUDF\EHWZHHQVLWHSDLUVLWLVLPSRUWDQWWRNHHSLQ
PLQGWKHPHDVXUHPHQWFDSDELOLWLHVRIWKHHTXLSPHQWEHLQJXVHG7KLVLVHVSHFLDOO\
LPSRUWDQWIRUHTXLSPHQWWKDWKDVDPHDVXUHPHQWVSHFLILFDWLRQWKDWLQFOXGHVDEDVH
HUURU*36HTXLSPHQWIDOOVLQWRWKLVFDWHJRU\2QYHU\VKRUWEDVHOLQHVWKHEDVHHUURU
PD\OLPLWWKHDWWDLQDEOHUHODWLYHDFFXUDF\7KHIROORZLQJH[DPSOHZLOOLOOXVWUDWHWKLV
LVVXH
/HWXVDVVXPHWKDWWKHPHDVXUHPHQWDFFXUDF\IRUD*36V\VWHPLVVSHFLILHGDV
PSSP7KHEDVHHUURUKHUHLVP7KLVPHDQVWKDWWKHXVHUFDQH[SHFWWR
VHHDQHUURURIDWOHDVWPRQDOOPHDVXUHPHQWV7KHSSPSDUWRIWKH
VSHFLILFDWLRQLVGLVWDQFHGHSHQGHQW7KHORQJHUWKHOHQJWKRIWKHPHDVXUHPHQWWKH
JUHDWHUWKHHUURU8VLQJWKLVVSHFLILFDWLRQWKHH[SHFWHGHUURURQDNLORPHWHU
REVHUYDWLRQZRXOGEHPSSPRIPHWHUV7KLVUHVXOWVLQDQH[SHFWHG
HUURURIPPIRUDWRWDORIP$QHUURURIPRQDNLORPHWHU
REVHUYDWLRQJLYHVDUHODWLYHDFFXUDF\RI,ILQWKLVH[DPSOHWKHUHTXLUHG
UHODWLYHDFFXUDF\RIWKHPHDVXUHPHQWZDVWKHUHLVQRSUREOHP
1RZOHWXVORRNDWDVKRUWHUPHDVXUHPHQWOHQJWK8VLQJWKHVDPHPHDVXUHPHQW
DFFXUDF\RIPSSPOHW
VORRNDWDPXFKVKRUWHUPHDVXUHPHQW2QD
NLORPHWHUREVHUYDWLRQWKHH[SHFWHGHUURUZRXOGEHPSSPRIPHWHUV
7KLVUHVXOWVLQDQH[SHFWHGHUURURIPPIRUDWRWDORIP$QHUURURI
PRQDNLORPHWHUREVHUYDWLRQJLYHVDUHODWLYHDFFXUDF\RI,ILQWKLV
H[DPSOHWKHUHTXLUHGUHODWLYHDFFXUDF\RIWKHPHDVXUHPHQWZDVWKH
UHTXLUHGDFFXUDF\ZDVQRWPHWZLWKWKLVREVHUYDWLRQ<HWWKHREVHUYDWLRQPHHWVWKH
PHDVXUHPHQWDFFXUDF\RIWKHHTXLSPHQW1RWKLQJFDQEHGRQHWRLPSURYHRQWKLV
7KLVH[DPSOHVKRZVWKHSUREOHPHQFRXQWHUHGZKHQZRUNLQJZLWKUHODWLYHDFFXUDF\
VSHFLILFDWLRQVXVLQJRQO\DUHODWLYHWHUP$OOUHTXLUHGDFFXUDF\VSHFLILFDWLRQVVKRXOG
LQFOXGHDEDVHFRPSRQHQW,QWKHH[DPSOHDERYHLIWKHUHTXLUHGUHODWLYHDFFXUDF\
VSHFLILFDWLRQIRUWKHVXUYH\ZDVFKDQJHGIURPWRPWKH
NLORPHWHUREVHUYDWLRQZRXOGKDYHPHWWKHDFFXUDF\VSHFLILFDWLRQ7KHDOORZDEOHHUURU
ZRXOGKDYHLQFUHDVHGWRPRQDNLORPHWHUREVHUYDWLRQXVLQJWKLVQHZ
VSHFLILFDWLRQ
6LWH3DLU4$7HVW
6LWHSDLUVDUHXVHGWRGHWHUPLQHWKHUHODWLYHDFFXUDF\RIDVXUYH\7KHUHODWLYH
DFFXUDF\LVFRPSXWHGEHWZHHQHDFKVLWHSDLUOLQNHGWRJHWKHUE\DGLUHFWREVHUYDWLRQ
*36YHFWRU7KHUHODWLYHDFFXUDF\IRUHDFKVLWHSDLULVFRPSDUHGWRWKHGHVLUHG
UHODWLYHDFFXUDF\VSHFLILFDWLRQIRUWKHVXUYH\,IDOOVLWHSDLUUHODWLYHDFFXUDFLHVDUH
EHWWHUWKDQWKHUHTXLUHGDFFXUDF\WKHVXUYH\LVVDLGWRPHHWWKHDFFXUDF\
VSHFLILFDWLRQ
&
/RFXV3URFHVVRU8VHUV*XLGH
/RFXV3URFHVVRUDOORZVIRUWKHXVHUWRHQWHUWKHGHVLUHGUHODWLYHDFFXUDF\
VSHFLILFDWLRQIRUDVXUYH\)URPWKLVUHODWLYHDFFXUDF\VSHFLILFDWLRQDPD[LPXP
DOORZDEOHHUURULVFRPSXWHGIRUHDFKVLWHSDLUEDVHGRQWKHGLVWDQFHEHWZHHQWKHWZR
VLWHV7KLVPD[LPXPDOORZDEOHHUURULVWKHQFRPSDUHGWRWKHUHODWLYHHUURUFRPSXWHG
IRUWKHVLWHSDLU,IWKHUHODWLYHHUURULVVPDOOHUWKDQWKHDOORZDEOHHUURUWKHVLWHSDLU
PHHWVWKHUHODWLYHDFFXUDF\VSHFLILFDWLRQRIWKHVXUYH\
/RFXV3URFHVVRUDXWRPDWLFDOO\WHVWVHDFKVLWHSDLUWRGHWHUPLQHLIWKHUHODWLYHDFFXUDF\
RIWKHVLWHSDLUPHHWVWKHUHTXLUHGUHODWLYHDFFXUDF\RIWKHVXUYH\7KLVWHVWLVWHUPHG
WKH6LWH3DLU4$WHVW
,IWKHWHVWSDVVHVWKHUHODWLYHDFFXUDF\RIWKHVLWHSDLUWHVWHGPHHWVRU
H[FHHGVWKHUHODWLYHDFFXUDF\VSHFLILFDWLRQRIWKHVXUYH\,IDOOVLWHSDLUVSDVV
WKHWHVWWKHQWKHHQWLUHVXUYH\FDQEHVDLGWRPHHWWKHUHTXLUHGUHODWLYH
DFFXUDF\VSHFLILFDWLRQ
,IWKHWHVWIDLOVWKHUHODWLYHDFFXUDF\RIWKHVLWHSDLUWHVWHGGRHVQRWPHHWWKH
UHODWLYHDFFXUDF\VSHFLILFDWLRQRIWKHVXUYH\7KHREVHUYDWLRQEHWZHHQWKH
VLWHSDLUQHHGVWREHH[DPLQHGWRGHWHUPLQHLIDQ\WKLQJFDQEHGRQHWR
LPSURYHWKHUHODWLYHDFFXUDF\,IQHHGHGPRUHREVHUYDWLRQVPD\QHHGWREH
FROOHFWHGWRJHWWKHUHODWLYHDFFXUDF\RIWKHVLWHSDLUXSWRWKHUHTXLUHG
DFFXUDF\VSHFLILFDWLRQ
8QFHUWDLQWLHV
2QHRIWKHSURGXFWVRIDOHDVWVTXDUHVDGMXVWPHQWLVDQHVWLPDWLRQRIWKHHUURU
DVVRFLDWHGZLWKHDFKDGMXVWHGREVHUYDWLRQ*36YHFWRUDQGHDFKDGMXVWHGSDUDPHWHU
*36SRLQWV7KHVHXQFHUWDLQWLHVFDQEHH[DPLQHGWRGHWHUPLQHWKHTXDOLW\RIWKH
ILQDODGMXVWPHQWDQGDOVRWRLQGLFDWHSUREOHPDUHDVLQWKHDGMXVWPHQW
/RFXV3URFHVVRUFRPSXWHVDQGSUHVHQWVXQFHUWDLQWLHVIRUDOODGMXVWHGREVHUYDWLRQV
DQGSDUDPHWHUV7KHVHXQFHUWDLQWLHVFDQEHSUHVHQWHGDWWZRFRQILGHQFHOHYHOV
VWDQGDUGHUURUDQGHUURU6WDQGDUGHUURUGHILQHVDQHUURUUHJLRQZLWKLQZKLFK
WKHUHLVDFKDQFHWKDWWKHWUXHYDOXHRIWKHREVHUYDWLRQRUSDUDPHWHUOLHV
HUURUGHILQHVDQHUURUUHJLRQZLWKLQZKLFKWKHUHLVDFKDQFHWKDWWKHWUXHYDOXHRI
WKHREVHUYDWLRQRUSDUDPHWHUOLHV7KHXQFHUWDLQWLHVDUHSUHVHQWHGLQERWKWKH
KRUL]RQWDODQGYHUWLFDOIUDPHVRIUHIHUHQFH
$VSDUWRIWKHTXDOLW\DQDO\VLVRIDQDGMXVWPHQWWKHXQFHUWDLQWLHVIRUDGMXVWHGYHFWRUV
DQGSRLQWVVKRXOGEHH[DPLQHG9HFWRUVRIVLPLODUOHQJWKVKRXOGKDYHVLPLODU
XQFHUWDLQWLHVSRLQWVUHVXOWLQJIURPYHFWRUVRIVLPLODUOHQJWKVVKRXOGKDYHVLPLODU
XQFHUWDLQWLHV$Q\YHFWRURUSRLQWKDYLQJXQFHUWDLQWLHVWKDWVHHPWRRODUJHVKRXOGEH
H[DPLQHGFORVHO\WRGHWHUPLQHWKHFDXVH
7KHUHLVDPRYHLQVRPHDUHDVWRGRDZD\ZLWKUHODWLYHDFFXUDF\VSHFLILFDWLRQVDQG
DGRSWDEVROXWHDFFXUDF\VSHFLILFDWLRQV7KHDEVROXWHDFFXUDF\VSHFLILFDWLRQVZLOO
GHILQHDQDOORZDEOHHUURUIRUDGMXVWHGSRLQWVYVUHODWLYHDFFXUDF\VSHFLILFDWLRQV
ZKLFKGHILQHDQDOORZDEOHHUURUEHWZHHQSRLQWV7RGHWHUPLQHWKHDEVROXWHDFFXUDF\
3RVW$GMXVWPHQW$QDO\VLV
&
3
R
V
W
$
G
M
X
V
W
P
H
Q
W
$
Q
D
O
\
V
L
V
IRUDGMXVWHGSRLQWVWKHXQFHUWDLQWLHVIRUWKHVHSRLQWVZRXOGEHXVHG,IWKHSRLQW
XQFHUWDLQWLHVDUHVPDOOHUWKDQWKHDEVROXWHDFFXUDF\VSHFLILFDWLRQWKHQWKHSRLQWVDQG
WKHVXUYH\PHHWWKHVSHFLILFDWLRQ,IDQ\SRLQWXQFHUWDLQWLHVDUHJUHDWHUWKDQWKH
DEVROXWHDFFXUDF\VSHFLILFDWLRQWKHQWKHSRLQWDQGYHFWRUVOHDGLQJWRWKHSRLQWQHHGWR
EHH[DPLQHGWRGHWHUPLQHLIDQ\WKLQJFDQEHGRQHWRORZHUWKHXQFHUWDLQWLHV,QPD\
FDVHVWKLVPD\UHTXLUHDGGLWLRQDOREVHUYDWLRQVWRWKHSRLQW
&
/RFXV3URFHVVRU8VHUV*XLGH
*OREDO3URGXFW6XSSRUW
'
,I\RXKDYHDQ\SUREOHPVRUUHTXLUHIXUWKHUDVVLVWDQFH$VKWHFK3UHFLVLRQ3URGXFWV
&XVWRPHU6XSSRUWFDQEHUHDFKHGWKURXJKWKHIROORZLQJ
WHOHSKRQH
HPDLO
,QWHUQHW
3OHDVHUHIHUWRWKHGRFXPHQWDWLRQEHIRUHFRQWDFWLQJ&XVWRPHU6XSSRUW0DQ\FRPPRQ
SUREOHPVDUHLGHQWLILHGZLWKLQWKHGRFXPHQWDWLRQDQGVXJJHVWLRQVDUHRIIHUHGIRUVROYLQJ
WKHP
$VKWHFK3UHFLVLRQ3URGXFWV&XVWRPHU6XSSRUW
6XQQ\YDOH&DOLIRUQLD86$
1XPEHU
'LUHFW'LDO
/RFDO9RLFH/LQH
)D[/LQH
(PDLOVXSSRUW#DVKWHFKFRP
$VKWHFK(XURSH/WG2[IRUGVKLUH8.
7HO
)D[
:KHQFRQWDFWLQJFXVWRPHUVXSSRUWSOHDVHHQVXUHWKHIROORZLQJLQIRUPDWLRQLVDYDLODEOH
7DEOH'*36*,63URGXFW,QIRUPDWLRQ
,QIRUPDWLRQ&DWHJRU\
<RXUDFWXDOQXPEHUV
5HFHLYHUVHULDO
*
O
R
E
D
O
3
6RIWZDUHYHUVLRQ
U
R
G
X
F
W
6
6RIWZDUHNH\VHULDO
X
S
S
R
U
W
*OREDO3URGXFW6XSSRUW
'
7DEOH'*36*,63URGXFW,QIRUPDWLRQFRQWLQXHG
,QIRUPDWLRQ&DWHJRU\
<RXUDFWXDOQXPEHUV
)LUPZDUHYHUVLRQ
$FOHDUFRQFLVH
GHVFULSWLRQRIWKH
SUREOHP
'
/RFXV3URFHVVRU8VHUV*XLGH
*ORVVDU\
'
7KUHHGLPHQVLRQDO
*
O
R
V
V
D
U
\
XQFHUWDLQWLHVWKDWFDQEHXVHGWRHVWLPDWHWKHILQDO
SUHFLVLRQRIWKHVXUYH\SHUIRUPHG
$OPDQDF
HUURU
'DWDWUDQVPLWWHGE\D*36VDWHOOLWHZKLFK
7KHJRDORIDQ\PHDVXUHPHQWLVWRILQGWKHWUXH
LQFOXGHVRUELWLQIRUPDWLRQRQDOOWKHVDWHOOLWHV
YDOXH6LQFHDOOPHDVXUHPHQWVFRQWDLQHUURUWKH
FORFNFRUUHFWLRQDQGDWPRVSKHULFGHOD\
WUXHYDOXHLVQHYHUREVHUYHG,QRUGHUWRTXDOLI\
SDUDPHWHUV7KHVHGDWDDUHXVHGWRIDFLOLWDWHUDSLG
PHDVXUHPHQWVDQHUURUHVWLPDWHLVVWDWLVWLFDOO\
VDWHOOLWHDFTXLVLWLRQ7KHRUELWLQIRUPDWLRQLVD
GHULYHGIRUHDFKPHDVXUHPHQW$HUURU
VXEVHWRIWKHHSKHPHULVGDWDZLWKUHGXFHG
HVWLPDWHLQGLFDWHVWKHUHLVDSUREDELOLW\
DFFXUDF\
WKDWWKHWUXHYDOXHRIDPHDVXUHPHQWIDOOVZLWKLQ
WKHUDQJHJHQHUDWHGE\VXEWUDFWLQJDQGDGGLQJ
$PELJ'23
WKHHUURUHVWLPDWHWRWKHPHDVXUHGYDOXH)RU
$FDOFXODWHGTXDQWLW\XVHGWRGHWHUPLQHWKHDELOLW\
H[DPSOHLIDPHDVXUHPHQWRIPHWHUVKDVD
RIWKHSRVWSURFHVVLQJVRIWZDUHWRFRPSXWH
HUURURIPHWHUVWKHQWKHUHLVD
LQWHJHUDPELJXLWLHV
SUREDELOLW\WKDWWKHWUXHYDOXHLVEHWZHHQ
$PELJXLW\
PHWHUV
7KHXQNQRZQLQWHJHUQXPEHURIF\FOHVRIWKH
UHFRQVWUXFWHGFDUULHUSKDVHFRQWDLQHGLQDQ
$
XQEURNHQVHWRIGDWDIURPDVLQJOHVDWHOOLWH
$FTXLVLWLRQ
FROOHFWHGE\DVLQJOHUHFHLYHU$OVRNQRZQDV
7KHSURFHVVD*36UHFHLYHUJRHVWKURXJKWRILQG
LQWHJHUDPELJXLW\DQGLQWHJHUELDV
DQGORFNRQWRD*36VDWHOOLWH2QFHD*36
UHFHLYHUKDVDFTXLUHGRUPRUHVDWHOOLWHVLWFDQ $QWHQQD
7KHDQWHQQDLVWKHFRPSRQHQWRID*36V\VWHP
EHJLQWRFRPSXWHSRVLWLRQV
WKDWFROOHFWVWKHDQDORJVLJQDOIURPWKH*36
$GMXVWHGSRVLWLRQ
VDWHOOLWHDQGVHQGVWKLVVLJQDOWRWKH*36UHFHLYHU
7KHILQDOSRVLWLRQRIDVXUYH\SRLQWGHULYHG
IRUSURFHVVLQJ7KHUHDUHDYDULHW\RI*36
IURPDOHDVWVTXDUHVDGMXVWPHQWRIWKH
DQWHQQDVUDQJLQJIURPVLPSOHUPLFURVWULSGHYLFHV
PHDVXUHPHQWVXVHGWRGHULYHWKHSRVLWLRQ
WRFRPSOH[FKRNHULQJDQWHQQDVWKDWPLWLJDWHWKH
HIIHFWVRIPXOWLSDWKVFDWWHULQJ
$GMXVWPHQW
7KHDGMXVWPHQWRIVXUYH\REVHUYDWLRQVLVWKH
SURFHVVRIFRUUHFWLQJREVHUYDWLRQVWRSURGXFH
WKHEHVWILQDOYDOXHVIRUWKHXQNQRZQV$Q
DGMXVWPHQWFDQQRWEHSHUIRUPHGXQOHVVWKHVHW
RIREVHUYDWLRQVEHLQJDGMXVWHGFRQWDLQV
UHGXQGDQF\7KHDGMXVWPHQWSURFHVVDOVR
DVVLVWVLQILQGLQJDQGHOLPLQDWLQJEOXQGHUVLQ
REVHUYDWLRQVDQGSURGXFHVVWDWLVWLFDO
*ORVVDU\
$6&,,
$PHULFDQ6WDQGDUG&RGHIRU,QIRUPDWLRQ
,QWHUFKDQJH$VHWRIFKDUDFWHUVOHWWHUVQXPEHUV
V\PEROVXVHGWRGLVSOD\DQGWUDQVIHUGLJLWDOGDWD
LQVWDQGDUG(QJOLVKIRUPDW
$XWRQRPRXVSRVLWLRQ
$OVRNQRZQDVDSRLQWSRVLWLRQRUUDZSRVLWLRQ
*ORVV
5
H
O
L
D
Q
F
H
)
X
Q
G
D
P
H
Q
W
D
O
V
7KHSRVLWLRQGHULYHGIURPDVLQJOHUHFHLYHU
ZLWKRXWXVLQJDQ\GLIIHUHQWLDOFRUUHFWLRQ7KLV
LVWKHOHDVWDFFXUDWHPHWKRGRISRVLWLRQLQJ
DWDFKLSSLQJUDWHRI0+]WKXVKDYLQJD
FRGHUHSHWLWLRQSHULRGRIRQHPLOOLVHFRQG7KLV
FRGHZDVVHOHFWHGWRSURYLGHJRRGDFTXLVLWLRQ
SURSHUWLHV
&DUULHUIUHTXHQF\
7KHKDUGZDUHLQDUHFHLYHUWKDWDOORZVWKHUHFHLYHU
%DVHOLQH
WRGHWHFWORFNRQDQGFRQWLQXRXVO\WUDFNWKH
7KHWKUHHGLPHQVLRQDOYHFWRUGLVWDQFHEHWZHHQ
VLJQDOIURPDVLQJOHVDWHOOLWH7KHPRUHUHFHLYHU
DSDLURIVWDWLRQVIRUZKLFKVLPXOWDQHRXV*36
FKDQQHOVDYDLODEOHWKHJUHDWHUQXPEHURIVDWHOOLWH
GDWDKDVEHHQFROOHFWHGDQGSURFHVVHGZLWK
VLJQDOVDUHFHLYHUFDQVLPXOWDQHRXVO\ORFNRQDQG
GLIIHUHQWLDOWHFKQLTXHV7KHPRVWDFFXUDWH*36
WUDFN
UHVXOW
&DUULHUSKDVH
%DVH6WDWLRQ
7KHSKDVHRIHLWKHUWKH/RU/FDUULHURID*36
,QGLIIHUHQWLDOSRVLWLRQLQJWKHHQGRIWKH
VLJQDOPHDVXUHGE\DUHFHLYHUZKLOHORFNHGRQWR
EDVHOLQHWKDWLVDVVXPHGNQRZQDQGLWVSRVLWLRQ
WKHVLJQDODOVRNQRZQDVLQWHJUDWHG'RSSOHU
IL[HG8VHGDVWKHEDVLVIRUGLIIHUHQWLDO
FRUUHFWLRQRIXQNQRZQSRLQWV
&DUWHVLDQFRRUGLQDWHV
9DOXHVUHSUHVHQWLQJWKHORFDWLRQRIDSRLQWLQD
%ILOH
SODQHLQUHODWLRQWRWKUHHPXWXDOO\SHUSHQGLFXODU
5DZGDWDELQDU\ILOHJHQHUDWHGE\WKHUHFHLYHU
FRRUGLQDWHD[HVZKLFKLQWHUVHFWDWDFRPPRQ
FRQWDLQLQJFDUULHUSKDVHFRGHSKDVHDQG
SRLQWRURULJLQ7KHSRLQWLVORFDWHGE\PHDVXULQJ
FRPSXWHGUHFHLYHUSRVLWLRQIRUHYHU\HSRFK
LWVGLVWDQFHIURPHDFKD[LVDORQJDSODQHSDUDOOHO
DORQJZLWKKHDOWKIODJVLQGLFDWLQJWKH
WRWKHD[LV
FRQILGHQFHRIWKHPHDVXUHPHQWV
&KDQQHO
%OXQGHU
7KHKDUGZDUHLQDUHFHLYHUWKDWDOORZVWKHUHFHLYHU
$PLVWDNHRUHUURUFDXVHGE\FRQIXVLRQ
WRGHWHFWORFNRQDQGFRQWLQXRXVO\WUDFNWKH
FDUHOHVVQHVVRULJQRUDQFHLQFOXGLQJEXWQRW
VLJQDOIURPDVLQJOHVDWHOOLWH7KHPRUHUHFHLYHU
OLPLWHGWRWUDQVSRVLQJQXPEHUVZKHQZULWLQJ
FKDQQHOVDYDLODEOHWKHJUHDWHUQXPEHURIVDWHOOLWH
GRZQWKH+,RUUHDGLQJWKH+,LQFRUUHFWO\
VLJQDOVDUHFHLYHUFDQVLPXOWDQHRXVO\ORFNRQDQG
RFFXS\LQJWKHZURQJSRLQW
WUDFN
%OXQGHUGHWHFWLRQ
$PHWKRGRUVHULHVRIPHWKRGVZKLFK
DXWRPDWLFDOO\GHWHFWEOXQGHUV
&RGHSKDVH
7HUPXVHGLQUHIHUHQFHWR&$RU3FRGHGDWD
&RQILGHQFHOHYHO
7KHJRDORIDQ\PHDVXUHPHQWLVWRILQGWKHWUXH
YDOXH6LQFHDOOPHDVXUHPHQWVFRQWDLQHUURUWKH
&
WUXHYDOXHLVQHYHUREVHUYHG,QRUGHUWRTXDOLI\
&$FRGH
PHDVXUHPHQWVDQHUURUHVWLPDWHLVVWDWLVWLFDOO\
7KH&RDUVH$FTXLVLWLRQRU&OHDU$FTXLVLWLRQ
GHULYHGIRUHDFKPHDVXUHPHQW$QHUURUHVWLPDWH
FRGHPRGXODWHGRQWRWKH*36/OVLJQDO7KLV
KDVDFRQILGHQFHOHYHODVVRFLDWHGZLWKLWZKLFK
FRGHLVDVHTXHQFHRISVHXGRUDQGRP
JLYHVWKHSUREDELOLW\WKDWWKHWUXHYDOXHRID
ELQDU\ELSKDVHPRGXODWLRQVRQWKH*36FDUULHU
*ORVV
/RFXV3URFHVVRU8VHUV*XLGH
SRLQWVVKRXOGEHFKHFNHGSULRUWRFRQVWUDLQLQJ
PHDVXUHPHQWIDOOVZLWKLQWKHUDQJHJHQHUDWHG
WKHPLQWKHDGMXVWPHQW$FRQWUROWLHLVWKHSURFHVV
E\VXEWUDFWLQJDQGDGGLQJWKHHUURUHVWLPDWHWR
XVHGWRFKHFNWKHUHODWLYHDFFXUDF\RIFRQWURO
WKHPHDVXUHGYDOXH)RUH[DPSOHLID
SRLQWV
PHDVXUHPHQWRIPHWHUVKDVDQHUURU
HVWLPDWHRIPHWHUVDWWKHFRQILGHQFH
&\FOHVOLS
OHYHOWKHQWKHUHLVDSUREDELOLW\WKDWWKH
$ORVVRIFRXQWRIFDUULHUF\FOHVDVWKH\DUHEHLQJ
WUXHYDOXHLVEHWZHHQPHWHUV
PHDVXUHGE\D*36UHFHLYHU/RVVRIVLJQDO
LRQRVSKHULFLQWHUIHUHQFHREVWUXFWLRQVDQGRWKHU
&RQVWHOODWLRQ
IRUPVRILQWHUIHUHQFHFDXVHF\FOHVOLSVWRRFFXU
7KHFROOHFWLRQRIRUELWLQJ*36VDWHOOLWHV7KH
VHHFDUULHUSKDVH7RSURSHUO\FRPSXWHDYHFWRU
*36FRQVWHOODWLRQFRQVLVWVRIVDWHOOLWHVLQ
EHWZHHQGDWDFROOHFWHGIURPWZR*36UHFHLYHUV
KRXUFLUFXODURUELWVDWDQDOWLWXGHRI
DOOF\FOHVOLSVPXVWEHFRUUHFWHG7KLVWDVNLV
NLORPHWHUV,QWKHQRPLQDOFRQVWHOODWLRQIRXU
QRUPDOO\SHUIRUPHGDXWRPDWLFDOO\E\WKH
VDWHOOLWHVDUHVSDFHGLQHDFKRIVL[RUELWDO
VRIWZDUH
SODQHV7KHFRQVWHOODWLRQGHVLJQZDVVHOHFWHGWR
SURYRNHDYHU\KLJKSUREDELOLW\RIVDWHOOLWH
FRYHUDJHHYHQLQWKHHYHQWRIVDWHOOLWHRXWDJHV
'
&RQVWUDLQWV
'DWXP
$OLPLWDWLRQSODFHGRQDSRVLWLRQLQDQ
6HH*HRGHWLFGDWXP
DGMXVWPHQW$QXQNQRZQPD\KDYHDFRQVWUDLQW
WKDWGRHVQRWDOORZLWVYDOXHWREHDGMXVWHG,I 'DWXPELDVSDUDPHWHUV
RQHRIWKHVXUYH\SRLQWVFRQWDLQHGLQWKHGDWDLV
7KHUHODWLRQVKLSEHWZHHQWZRGDWXPVLVGHILQHG
DFRQWUROSRLQWLWVFRRUGLQDWHVVKRXOGQRWEH
E\DVHWRIWUDQVIRUPDWLRQSDUDPHWHUV7KHVH
DGMXVWHGVLQFHWKH\DUHDOUHDG\NQRZQ,QRUGHU
SDUDPHWHUVGHILQHKRZWKHFRRUGLQDWHVRIDSRLQW
WRVWRSWKHDGMXVWPHQWIURPFRPSXWLQJQHZ
LQRQHGDWXPFKDQJHWRWKHFRRUGLQDWHVRIWKH
FRRUGLQDWHVIRUWKLVFRQWUROSRLQWWKH
VDPHSRLQWLQDQRWKHUGDWXP:KHQSHUIRUPLQJD
FRRUGLQDWHVDUHFRQVWUDLQHGRUIL[HGWRWKHLU
OHDVWVTXDUHVDGMXVWPHQWWKHVHSDUDPHWHUVFDQEH
NQRZQYDOXHV
HVWLPDWHGDVSDUWRIWKHDGMXVWPHQWSURFHVV7KLV
FRPHVLQWRSOD\LIWKHFRQWUROSRLQWVKHOGIL[HGLQ
&RQWUROWLH
WKHDGMXVWPHQWDUHRQDGLIIHUHQWGDWXPWKDQWKH
:KHQSHUIRUPLQJDVXUYH\ZKHUHWKHQHZO\
REVHUYDWLRQVEHLQJDGMXVWHG'DWXPELDV
HVWDEOLVKHGQHWZRUNRISRLQWVPXVWEHWLHGWRD
SDUDPHWHUVLVWKHWHUPXVXDOO\XVHGWRUHIHUWR
ORFDOUHJLRQDORUQDWLRQDOQHWZRUNFRQWURO
WUDQVIRUPDWLRQSDUDPHWHUVHVWLPDWHGWKURXJKD
SRLQWVIURPWKLVQHWZRUNPXVWEHLQFRUSRUDWHG
OHDVWVTXDUHVSURFHVV
LQWRWKHVXUYH\7KHJRDOLVWRFRQVWUDLQWKH
NQRZQFRRUGLQDWHVRIWKHVHFRQWUROSRLQWVLQWKH 'ILOH
DGMXVWPHQWLQRUGHUWRGHWHUPLQHWKHSRVLWLRQRI
$6&,,GHVFULSWRUILOHFRQWDLQLQJIHDWXUHDQG
WKHQHZSRLQWVLQUHIHUHQFHWRWKHFRQWURO
DWWULEXWHGDWDGRZQORDGHGIURPWKHUHFHLYHU7KLV
QHWZRUN,IIRUVRPHUHDVRQWKHFRRUGLQDWHVIRU
ILOHJLYHVWLPHLQVHFRQGVRIWKHZHHNPHDVXUHG
RQHRIWKHFRQWUROSRLQWVLVLQFRUUHFWEOXQGHULQ
IURPPLGQLJKW6DWXUGD\
HQWU\RUGLVWXUEHGPRQXPHQWWKHDGMXVWPHQW
ZLOOEHGLVWRUWHGE\FRQVWUDLQLQJWKLVSRLQW7R 'LIIHUHQWLDO*36'*36
$WHFKQLTXHZKHUHE\GDWDIURPDUHFHLYHUDWD
DYRLGWKLVWKHUHODWLYHDFFXUDF\RIFRQWURO
*ORVVDU\
*ORVV
*O
RV
VD
U\
UHIOHFWLQJWKHHIIHFWVRIVDWHOOLWH
'LIIHUHQWLDOSURFHVVLQJ
'LOXWLRQRI3UHFLVLRQ
JHRPHWU\RQSRVLWLRQDQGWLPH
*36PHDVXUHPHQWVFDQEHGLIIHUHQFHGEHWZHHQ
FRPSXWDWLRQV
UHFHLYHUVVDWHOOLWHVDQGHSRFKV$OWKRXJK
3'23
3'23UHIOHFWVWKHHIIHFWVRIVDWHOOLWH
PDQ\FRPELQDWLRQVDUHSRVVLEOHWKHSUHVHQW
JHRPHWU\RQ'SRVLWLRQ
3RVLWLRQ
FRQYHQWLRQIRUGLIIHUHQWLDOSURFHVVLQJRI*36
'LOXWLRQRI3UHFLVLRQ
FRPSXWDWLRQ
SKDVHPHDVXUHPHQWVLVWRVXEWUDFWGLIIHUHQFHV
+'23
+'23UHIOHFWVWKHHIIHFWVRIVDWHOOLWH
EHWZHHQUHFHLYHUVVLQJOHGLIIHUHQFHWKHQ
+RUL]RQWDO'LOXWLRQ
JHRPHWU\RQWKHKRUL]RQWDOFRPSRQHQW
EHWZHHQVDWHOOLWHVGRXEOHGLIIHUHQFHWKHQ
RI3UHFLVLRQ
RIWKHSRVLWLRQFRPSXWDWLRQ
EHWZHHQPHDVXUHPHQWHSRFKVWULSOH
9'23
9'23UHIOHFWVWKHHIIHFWVRIVDWHOOLWH
GLIIHUHQFH
9HUWLFDO
JHRPHWU\RQWKHYHUWLFDOFRPSRQHQWRI
$VLQJOHGLIIHUHQFHPHDVXUHPHQWEHWZHHQ
'LOXWLRQRI3UHFLVLRQ
WKHSRVLWLRQFRPSXWDWLRQ
UHFHLYHUVLVWKHLQVWDQWDQHRXVGLIIHUHQFHLQ
SKDVHRIWKHVLJQDOIURPWKHVDPHVDWHOOLWH
7'23
7'23UHIOHFWVWKHHIIHFWVRIVDWHOOLWH
7LPH
JHRPHWU\RQWKHWLPHFRPSXWDWLRQ
PHDVXUHGE\WZRUHFHLYHUVVLPXOWDQHRXVO\
$GRXEOHGLIIHUHQFHPHDVXUHPHQWLVREWDLQHG 'LOXWLRQRI3UHFLVLRQ
E\GLIIHUHQFLQJWKHVLQJOHGLIIHUHQFHIRURQH
VDWHOOLWHZLWKUHVSHFWWRWKHFRUUHVSRQGLQJ
(
VLQJOHGLIIHUHQFHIRUDFKRVHQUHIHUHQFH
(DUWKFHQWHUHGHDUWKIL[HG(&()
VDWHOOLWH
(&()5LJKWKDQGHGFDUWHVLDQFRRUGLQDWH
$WULSOHGLIIHUHQFHPHDVXUHPHQWLVWKH
V\VWHPZKHUHWKH;D[LVSDVVHVWKURXJKWKH
GLIIHUHQFHEHWZHHQDGRXEOHGLIIHUHQFHDWRQH
LQWHUVHFWLRQRIWKHSULPHPHULGLDQ*UHHQZLFK
HSRFKRIWLPHDQGWKHVDPHGRXEOHGLIIHUHQFHDW
ZLWKWKHHTXDWRUWKH=D[LVLVFRLQFLGHQWZLWKWKH
WKHSUHYLRXVHSRFKRIWLPH
PHDQSRVLWLRQRIWKHHDUWK
VURWDWLRQDOD[LVDQG
WKH<D[LVLVRUWKRJRQDOWRERWKWKH;DQG=D[HV
*ORVV
/RFXV3URFHVVRU8VHUV*XLGH
(OHYDWLRQPDVNDQJOH
(DVWLQJ
$QDGMXVWDEOHIHDWXUHRI*36UHFHLYHUVWKDW
7KHGLVWDQFHHDVWZDUGIURPWKHQRUWKVRXWKJULG
VSHFLILHVWKDWDVDWHOOLWHPXVWEHDWOHDVWDVSHFLILHG
OLQHWKDWSDVVHVWKURXJKWKHRULJLQRIDJULG
QXPEHURIGHJUHHVDERYHWKHKRUL]RQEHIRUHWKH
V\VWHP
VLJQDOVIURPWKHVDWHOOLWHDUHWREHXVHG6DWHOOLWHV
(FFHQWULFLW\
DWORZHOHYDWLRQDQJOHVILYHGHJUHHVRUOHVVKDYH
7KHUDWLRRIWKHGLVWDQFHIURPWKHFHQWHURIDQ
ORZHUVLJQDOVWUHQJWKVDQGDUHPRUHSURQHWRORVV
HOOLSVHWRLWVIRFXVWRWKHVHPLPDMRUD[LV
RIORFNWKXVFDXVLQJQRLV\VROXWLRQV
(ILOH
(OOLSVRLG
%LQDU\HSKHPHULVILOHGRZQORDGHGIURPD
,QJHRGHV\XQOHVVRWKHUZLVHVSHFLILHGD
UHFHLYHU8QOLNHDQDOPDQDFILOHZKLFKJLYHV
PDWKHPDWLFDOILJXUHIRUPHGE\UHYROYLQJDQ
LQIRUPDWLRQRQDOOVDWHOOLWHVDQHSKHPHULVILOH
HOOLSVHDERXWLWVPLQRUD[LV,WLVRIWHQXVHG
DSSOLHVRQO\WRWKHVDWHOOLWHZKLFKVHQW
LQWHUFKDQJHDEO\ZLWKVSKHURLG7ZRTXDQWLWLHV
HSKHPHULVGDWD7KHILOHLVDUHFRUGRIWKH
GHILQHDQHOOLSVRLGWKHVHDUHXVXDOO\JLYHQDVWKH
EURDGFDVWPHVVDJHFRPSULVLQJDFFXUDWHRUELW
OHQJWKRIWKHVHPLPDMRUD[LVDDQGWKH
SDUDPHWHUVDQGWLPHFRUUHFWLRQVIRUDOOWUDFNHG
IODWWHQLQJI DEDZKHUHELVWKHOHQJWKRIWKH
VDWHOOLWHVGXULQJWKHGDWDUHFRUGLQJSHULRG7KLV
VHPLPLQRUD[LV3URODWHDQGWULD[LDOHOOLSVRLGVDUH
LQIRUPDWLRQLVXVHGIRUFRPSXWLQJWKHVDWHOOLWH
LQYDULDEO\GHVFULEHGDVVXFK
SRVLWLRQ7KHHSKHPHULVGDWDDUHGHFLSKHUHG
(OOLSVRLGKHLJKWHOHYDWLRQ
DQGFRQILJXUHGLQWRDUHDGDEOHVWUXFWXUH
7KHYHUWLFDOGLVWDQFHDERYHDUHIHUHQFHHOOLSVRLG
(*0
IRUDVSHFLILFSRLQW*36UHFHLYHUVFRPSXWH
7KH(*0JHRLGPRGHOLVDJOREDOPRGHORQ
HOOLSVRLGKHLJKWVDERYHWKH:*6UHIHUHQFH
D[GHJUHHJULG,WZDVFUHDWHGIURP
HOOLSVRLG
WKH(*0VSKHULFDOKDUPRQLFPRGHO
(SKHPHULV
FRPSOHWHGWRGHJUHHDQGRUGHU
$OLVWRIDFFXUDWHSRVLWLRQVRUORFDWLRQVRID
(OHYDWLRQ
FHOHVWLDOREMHFWDVDIXQFWLRQRIWLPH$YDLODEOHDV
+HLJKWDERYHDUHIHUHQFHGDWXP7KHUHIHUHQFH
EURDGFDVWHSKHPHULVRUDVSRVWSURFHVVHG
GDWXPPD\EHDQHOOLSVRLGHOOLSVRLGDO
SUHFLVHHSKHPHULV
HOHYDWLRQDJHRLGRUWKRPHWULFHOHYDWLRQ
(SRFK
DERYHPHDQVHDOHYHORUDERYHDORFDOO\
7LPHVWDPSIRUDPHDVXUHPHQWLQWHUYDORUGDWD
GHILQHGUHIHUHQFHSODQH
IUHTXHQF\HJVHFRQGVVHFRQGV
(OHYDWLRQIDFWRUVHDOHYHOIDFWRU
(OHYDWLRQIDFWRULVDVFDOHDGMXVWPHQWDSSOLHGWR (TXDWRULDO0HUFDWRU
0DSSURMHFWLRQLQZKLFKPHULGLDQVDSSHDUDV
GLVWDQFHPHDVXUHPHQWVLQRUGHUWRUHGXFHWKH
HTXDOO\VSDFHGYHUWLFDOOLQHVDQGSDUDOOHOVDV
GLVWDQFHVWRWKHHOOLSVRLGVXUIDFH7KLVLVWKH
KRUL]RQWDOOLQHVGUDZQIDUWKHUDSDUWDVODWLWXGH
ILUVWVWHSWRFRQYHUWLQJPHDVXUHGGLVWDQFHVWR
LQFUHDVHVVXFKWKDWWKHFRUUHFWUHODWLRQVKLS
JULGGLVWDQFHV$IWHUWKHPHDVXUHGGLVWDQFHLV
EHWZHHQODWLWXGHDQGORQJLWXGHVFDOHVDWDQ\SRLQW
UHGXFHGWRDQHOOLSVRLGDOGLVWDQFHLWLVVFDOHG
LVPDLQWDLQHG7KH0HUFDWRUPDSLVZLGHO\XVHGLQ
DJDLQE\WKHJULGIDFWRUWRSURGXFHDJULG
QDYLJDWLRQVLQFHGLUHFWLRQVFDQEHHDVLO\
GLVWDQFH
PHDVXUHG
*ORVVDU\
*ORVV
*O
RV
VD
U\
VROXWLRQIRUDYHFWRULVPRVWRIWHQWKHEHVW
(UURUHOOLSVHDEVROXWHDQGUHODWLYH
VROXWLRQ,IIRUVRPHUHDVRQWKHDPELJXLWLHVFRXOG
$OOPHDVXUHPHQWVFRQWDLQHUURU7KHFRPSXWHG
QRWEHVROYHGWKHILQDOVROXWLRQIRUWKHYHFWRUZLOO
SRVLWLRQRIDSRLQWLVQHYHUWKHWUXHSRVLWLRQ
EHDIORDWVROXWLRQ
EHFDXVHWKHPHDVXUHPHQWVXVHGWRGHWHUPLQH
WKHSRVLWLRQFRQWDLQHUURU$QHUURUHOOLSVHLVD
)ODWWHQLQJ
VWDWLVWLFDOHVWLPDWHRIWKHSUHFLVLRQRIDSRLQW
7KHUDWLRRIWKHGLIIHUHQFHLQOHQJWKVRIWKHPDMRU
SRVLWLRQ0RUHVSHFLILFDOO\LWLVDQHOOLSWLFDO
DQGPLQRUD[HVUHVSHFWLYHO\RIDQHOOLSVHWRWKH
VKDSHGUHJLRQDURXQGDSRLQWUHSUHVHQWLQJWKH
OHQJWKRIWKHPDMRUD[LVRIWKHHOOLSVH
DUHDZLWKLQZKLFKWKHUHLVDFHUWDLQSUREDELOLW\
I DED H
WKDWWKHWUXHSRVLWLRQRIWKHSRLQWLVORFDWHG
D 6HPLPDMRUD[LV
E 6HPLPLQRUD[LV
(UURURIFORVXUHPLVFORVXUH
H (FFHQWULFLW\
:KHQHYHUFORVLQJDWUDYHUVHRUOHYHOORRSRQWR
WKHVWDUWLQJSRLQWHUURULQWKHREVHUYDWLRQVZLOO
DOZD\VSURGXFHWZRGLIIHUHQWSRVLWLRQVIRUWKDW
SRLQWWKHRULJLQDOSRVLWLRQDQGWKHSRVLWLRQ
FRPSXWHGXVLQJWKHPHDVXUHPHQWVIURPWKH
VXUYH\)RUH[DPSOHLIWKHHOHYDWLRQRIWKH
VWDUWLQJSRLQWIRUDOHYHOUXQLVPHWHUV
WKHHQGHOHYDWLRQRIWKHORRSVKRXOGEH
PHWHUVLIWKHORRSHQGVRQWKHVWDUWLQJSRLQW%XW
GXHWRPHDVXUHPHQWHUURUWKHILQDOHOHYDWLRQ
PD\EHPHWHUV7KHGLIIHUHQFHEHWZHHQ
WKHWZRHOHYDWLRQVLVWKHHUURURIFORVXUH7KLV )ORDWVROXWLRQ
HUURULVDOVRRIWHQUHIHUUHGWRDPLVFORVXUH
3URFHVVLQJRI*36YHFWRUVSURGXFHVPDQ\
)
)LUPZDUH
7KHHOHFWURQLFKHDUWRIDUHFHLYHUZKHUHFRGHG
LQVWUXFWLRQVUHODWLQJWRUHFHLYHUIXQFWLRQDQG
VRPHWLPHVGDWDSURFHVVLQJDOJRULWKPVDUH
HPEHGGHGDVLQWHJUDOSRUWLRQVRIWKHLQWHUQDO
FLUFXLWU\
)L[HGVROXWLRQ
3URFHVVLQJRI*36YHFWRUVSURGXFHVPDQ\
VROXWLRQVIRUWKHYHFWRUDWGLIIHUHQWVWDJHVRIWKH
SURFHVVLQJ2QHRIWKHSDUDPHWHUVEHLQJVROYHG
IRUGXULQJWKHSURFHVVLQJLVWKHLQWHJHU
DPELJXLW\$IL[HGVROXWLRQLVDYHFWRUVROXWLRQ
ZKHUHWKHLQWHJHUDPELJXLWLHVKDYHEHHQ
FRUUHFWO\GHWHUPLQHGDQGKHOGIL[7KHIL[HG
*ORVV
VROXWLRQVIRUWKHYHFWRUDWGLIIHUHQWVWDJHVRIWKH
SURFHVVLQJ2QHRIWKHSDUDPHWHUVEHLQJVROYHG
IRUGXULQJWKHSURFHVVLQJLVWKHLQWHJHU
DPELJXLWLHV$IORDWVROXWLRQLVDYHFWRUVROXWLRQ
ZKHUHWKHLQWHJHUYDOXHVIRUWKHDPELJXLWLHVFRXOG
QRWEHGHWHUPLQHGWKHUHIRUHWKH\DUHQRWIL[HGWR
DVSHFLILFLQWHJHUYDOXHOHIWWRIORDWDVDUHDO
QXPEHU
)XOO\FRQVWUDLQHGDGMXVWPHQW
$QDGMXVWPHQWLVIXOO\FRQVWUDLQHGZKHQ
VXIILFLHQWFRQWUROKDVEHHQFRQVWUDLQHGWRDOORZ
WKHVROYLQJRIDOOXQNQRZQSDUDPHWHUV,IDOOVHYHQ
GDWXPELDVSDUDPHWHUVDUHEHLQJVROYHG
KRUL]RQWDOFRQWUROSRLQWVDQGYHUWLFDOFRQWURO
SRLQWVDUHVXIILFLHQWWRSURGXFHDIXOO\FRQVWUDLQHG
DGMXVWPHQW
/RFXV3URFHVVRU8VHUV*XLGH
*
*HRFHQWULFFDUWHVLDQFRRUGLQDWHV
[\DQG]FRRUGLQDWHVWKDWGHILQHWKHSRVLWLRQ
RIDSRLQWZLWKUHVSHFWWRWKHFHQWHURIWKHHDUWK
*HRGHWLFFRRUGLQDWHV
$FRRUGLQDWHV\VWHPZKHUHWKHSRVLWLRQRID
SRLQWLVGHILQHGXVLQJWKHFRPSRQHQWVRI
ODWLWXGHORQJLWXGHDQGJHRGHWLFKHLJKW
*HRGHWLFGDWXP
$Q\QXPHULFDORUJHRPHWULFDOTXDQWLW\RUVHWRI
TXDQWLWLHVWKDWVHUYHVDVDUHIHUHQFHRUEDVHIRU
RWKHUTXDQWLWLHV,QVXUYH\LQJWZRW\SHVRI
GDWXPVDUHFRQVLGHUHGDKRUL]RQWDOGDWXP
ZKLFKIRUPVWKHEDVLVIRUWKHFRPSXWDWLRQVRI
KRUL]RQWDOSRVLWLRQVWKDWFRQVLGHUWKHFXUYDWXUH
RIWKHHDUWKDQGDYHUWLFDOGDWXPWRZKLFK
HOHYDWLRQVUHIHU+LVWRULFDOO\KRUL]RQWDOGDWXPV
ZHUHGHILQHGE\DQHOOLSVRLGDQGWKH
UHODWLRQVKLSEHWZHHQWKHHOOLSVRLGDQGDSRLQW
RQWKHWRSRJUDSKLFVXUIDFHHVWDEOLVKHGDVWKH
RULJLQRIGDWXP7KLVUHODWLRQVKLSFDQEH
GHILQHGE\VL[TXDQWLWLHVJHQHUDOO\EXWQRW
QHFHVVDULO\WKHJHRGHWLFODWLWXGHORQJLWXGH
DQGWKHKHLJKWRIWKHRULJLQWKHWZR
FRPSRQHQWVRIWKHGHIOHFWLRQRIWKHYHUWLFDODW
WKHRULJLQDQGWKHJHRGHWLFD]LPXWKRIDOLQH
IURPWKHRULJLQWRVRPHRWKHUSRLQW*36XVHV
:*6ZKLFKDVLQWKHQHZHUGDWXPVLV
HDUWKFHQWHUHGHDUWKIL[HG(&()
*HRGHWLFKHLJKWHOOLSVRLGDOKHLJKW
7KHKHLJKWRIDSRLQWDERYHDQHOOLSVRLGDO
VXUIDFH7KHGLIIHUHQFHEHWZHHQDSRLQW
V
JHRGHWLFKHLJKWDQGLWVRUWKRPHWULFKHLJKW
KHLJKWDERYHHOOLSVRLGHTXDOVWKHJHRLGDO
VHSDUDWLRQ
HDUWK,WVVXUIDFHLVDQHTXLSRWHQWLDOVXUIDFH
PHDQLQJWKDWDWDQ\SRLQWWKHJHRLGLV
SHUSHQGLFXODUWRWKHGLUHFWLRQRIJUDYLW\7KH
JHRLGFDQEHYLVXDOL]HGE\LPDJLQLQJWKDWWKH
HDUWKZHUHFRPSOHWHO\FRYHUHGE\ZDWHU7KLV
ZDWHUVXUIDFHLVDQHTXLSRWHQWLDOVXUIDFHVLQFHWKH
ZDWHUIORZVWRFRPSHQVDWHIRUDQ\KHLJKW
GLIIHUHQFHWKDWRFFXUV
*HRLGKHLJKW
6HH*HRLGDOVHSDUDWLRQ
*HRLGDOVHSDUDWLRQ
7KHKHLJKWGLIIHUHQFHEHWZHHQWKHHOOLSVRLGDO
KHLJKWDQGRUWKRPHWULFKHLJKWDWDQ\JLYHQSRLQW
RQWKHHDUWKVVXUIDFH:RUGHGGLIIHUHQWO\LWLVWKH
VHSDUDWLRQEHWZHHQWKHJHRLGVXUIDFHDQGHOOLSVRLG
VXUIDFHDWDJLYHQSRLQWRQWKHHDUWKVVXUIDFH
*HRLG
7KHFXUUHQWJHRLGPRGHOFRYHULQJWKH8QLWHG
6WDWHV3XHUWR5LFRDQGWKH9LUJLQ,VODQGV7KH
*(2,'PRGHOZDVFRPSXWHGLQ2FWREHU
XVLQJRYHUPLOOLRQWHUUHVWULDODQGPDULQH
JUDYLW\YDOXHV7KHUHVXOWLVDJUDYLPHWULFJHRLG
KHLJKWJULGZLWK[VSDFLQJLQODWLWXGHDQG
ORQJLWXGH7KH*(2,'PRGHOZDVGHYHORSHGWR
VXSSRUWGLUHFWFRQYHUVLRQEHWZHHQ1$'*36
HOOLSVRLGDOKHLJKWVDQG1$9'RUWKRPHWULF
KHLJKWV
*HRPHWULF'LOXWLRQRI3UHFLVLRQ*'23
6HH'LOXWLRQRI3UHFLVLRQ
*OREDO3RVLWLRQLQJ6\VWHP*36
3DVVLYHVDWHOOLWHEDVHGQDYLJDWLRQV\VWHP
RSHUDWHGE\WKH'HSDUWPHQWRI'HIHQVH,WV
SULPDU\PLVVLRQLVWRSURYLGHSDVVLYHJOREDO
SRVLWLRQLQJQDYLJDWLRQIRUODQGVHDDQGDLU
EDVHGRSHUDWLRQV
*HRLG
*36FRQVLVWVRI
$JUDYLW\EDVHGVXUIDFHXVHGWREHVWUHSUHVHQW
DVSDFHVHJPHQWXSWR1$967$5
WKHSK\VLFDOVXUIDFHRIWKHHDUWK7KHFHQWHURI
VDWHOOLWHVLQGLIIHUHQWRUELWV
WKHJHRLGFRLQFLGHVZLWKWKHWUXHFHQWHURIWKH
WKHFRQWUROVHJPHQWPRQLWRUVWDWLRQV
*ORVVDU\
*ORVV
*O
RV
VD
U\
PDVWHUFRQWUROVWDWLRQDQGXSORDG
VWDWLRQVWKHXVHUVHJPHQW*36UHFHLYHUV
+
1$967$5VDWHOOLWHVFDUU\H[WUHPHO\DFFXUDWH
+$51
DWRPLFFORFNVDQGEURDGFDVWFRKHUHQW
+LJK$FFXUDF\5HIHUHQFH1HWZRUN
VLPXOWDQHRXVVLJQDOV
*36WLPH
7KHWLPHV\VWHPXSRQZKLFK*36LVEDVHG
*36WLPHLVDQDWRPLFWLPHV\VWHPDQGLV
UHODWHGWR,QWHUQDWLRQDO$WRPLF7LPHLQWKH
IROORZLQJPDQQHU
,QWHUQDWLRQDO$WRPLF7LPH,$7 *36
VHF
+,
+HLJKWRI,QVWUXPHQW
+RUL]RQWDO'LOXWLRQRI3UHFLVLRQ+'23
6HH'LOXWLRQRI3UHFLVLRQ
+RUL]RQWDOUHODWLYHDFFXUDF\
7KHKRUL]RQWDOFRPSRQHQWRIWKHUHODWLYHDFFXUDF\
EHWZHHQWZRSRLQWV6HH5HODWLYH$FFXUDF\
*36ZHHN
*36WLPHVWDUWHGDW6DWXUGD\6XQGD\PLGQLJKW
,
-DQXDU\7KH*36ZHHNLVWKHQXPEHU
RIZKROHZHHNVVLQFH*36WLPH]HUR
,QWHJHU$PELJXLWLHV,QWHJHUELDV
6HH$PELJXLW\
*UHHQZLFKPHDQWLPH*07
7LPHEDVHGRQWKH*UHHQZLFK0HULGLDQDVD
UHIHUHQFH,QGLVWLQFWLRQIURPWLPHEDVHGRQD
ORFDOPHULGLDQRUWKHPHULGLDQRIDWLPH]RQH
,QWHJHU%LDV
6HH$PELJXLW\
,RQRVSKHUH
7KHOD\HUVRILRQL]HGDLULQWKHDWPRVSKHUH
H[WHQGLQJIURPNLORPHWHUVWRNLORPHWHUV
DQGKLJKHU'HSHQGLQJRQIUHTXHQF\WKH
LRQRVSKHUHFDQHLWKHUEORFNUDGLRVLJQDOV
FRPSOHWHO\RUFKDQJHWKHSURSDJDWLRQVSHHG*36
VLJQDOVSHQHWUDWHWKHLRQRVSKHUHEXWDUHGHOD\HG
*ULGV\VWHP
7KLVGHOD\LQGXFHVHUURULQWKH*36PHDVXUHPHQWV
$JULGV\VWHPLVDGHILQHGVHWRISDUDPHWHUV
WKDWFDQUHVXOWLQSRRUVXUYH\UHVXOWV0RVW*36
WKDWDORQJZLWKDPDSSURMHFWLRQDUHXVHGWR
UHFHLYHUVSURFHVVLQJVRIWZDUHPRGHOWKH
FRQYHUWJHRGHWLFFRRUGLQDWHVFXUYHGVXUIDFH
LRQRVSKHUHWRPLQLPL]HLWVDIIHFWV$OVRWKH
WRJULGFRRUGLQDWHVIODWVXUIDFH
HIIHFWVRILRQRVSKHUHFDQEHQHDUO\HOLPLQDWHGE\
*6'
XVLQJGXDOIUHTXHQF\UHFHLYHUVZKLFKFDQ
*6'LVWKHQHZHVW&DQDGLDQJHRLGPRGHO,W
FDOFXODWHWKHGHOD\GXHWRLRQRVSKHUH
LVDUHILQHPHQWWRWKHSUHYLRXVPRGHO*6'
,RQRVSKHULFGHOD\
EXWFRQWLQXHVWRXVHWKHVDPHIRUPDWJULG
$ZDYHSURSDJDWLQJWKURXJKWKHLRQRVSKHUH
VSDFLQJDQG*56UHIHUHQFHHOOLSVRLGDV
>ZKLFKLVDQRQKRPRJHQHRXVLQVSDFHDQGWLPH
XVHGWRGHILQHWKH1$'GDWXP7KH*6'
DQGGLVSHUVLYHPHGLXP@H[SHULHQFHVGHOD\3KDVH
PRGHOZDVGHYHORSWRVXSSRUWWKHGLUHFW
GHOD\GHSHQGVRQHOHFWURQFRQWHQWDQGDIIHFWV
FRQYHUVLRQEHWZHHQ1$'*36HOOLSVRLGDO
FDUULHUVLJQDOV*URXSGHOD\GHSHQGVRQ
KHLJKWVDQG&9'RUWKRPHWULFKHLJKWV
GLVSHUVLRQLQWKHLRQRVSKHUHDVZHOODQGDIIHFWV
*ULGFRRUGLQDWHV
&RRUGLQDWHVRIDSRLQWRQWKHSK\VLFDOHDUWK
EDVHGRQDGHILQHGWZRGLPHQVLRQDOJULG
V\VWHP7KHVHFRRUGLQDWHVDUHQRUPDOO\
UHIHUUHGWRDV(DVWLQJDQG1RUWKLQJ
*ORVV
/RFXV3URFHVVRU8VHUV*XLGH
-XOLDQGDWH
7KHQXPEHURIGD\VWKDWKDYHHODSVHGVLQFH
-DQXDU\%&LQWKH-XOLDQFDOHQGDU*36
WLPH]HURLVGHILQHGWREHPLGQLJKW87&
6DWXUGD\6XQGD\-DQXDU\DW
*UHHQZLFK7KH-XOLDQGDWHIRU*36WLPH]HUR
LV
EHDFRQLVPRGXODWHGZLWKWKH&$DQG3FRGHV
DQGZLWKWKH1$9PHVVDJH
/
7KHVHFRQGDU\/EDQGVLJQDOUDGLDWHGE\HDFK
1$967$5VDWHOOLWHDW0+]DQGLV
PRGXODWHGZLWKWKH3FRGHDQGWKH1$9PHVVDJH
/DPEHUW&RQIRUPDO&RQLF
$FRQIRUPDOFRQLFPDSSURMHFWLRQRQZKLFKDOO
PHULGLDQVDUHUHSUHVHQWHGE\HTXDOO\VSDFHG
VWUDLJKWOLQHVWKDWUDGLDWHIURPDFRPPRQSRLQW
RXWVLGHWKHPDSOLPLWVDQGWKHSDUDOOHOVDUH
UHSUHVHQWHGE\FLUFXODUDUFVZLWKWKLVFRPPRQ
SRLQWIRUDFHQWHUDQGLQWHUVHFWWKHPHULGLDQVDW
ULJKWDQJOHV6PDOOHVWGLVWRUWLRQIRUPLGGOH
.
ODWLWXGHV,QWKH8QLWHG6WDWHVWKH/DPEHUW
.LQHPDWLFLQLWLDOL]DWLRQEDU
&RQIRUPDO&RQLFSURMHFWLRQLVWKHEDVLVRI6WDWH
$PHWDODWWDFKPHQWRIIL[HGOHQJWKPHWHUV
3ODQH&RRUGLQDWH6\VWHP63&6IRUVWDWHVZLWK
XVHGWRH[SHGLWHWKHLQLWLDOL]DWLRQSURFHVVRID
SUHGRPLQDQWHDVWZHVWRULHQWDWLRQ
NLQHPDWLFVXUYH\7ZR/RFXVUHFHLYHUVDUH
DWWDFKHGWRWKHNLQHPDWLFLQLWLDOL]DWLRQEDURQH /DWLWXGH
$QJOHJHQHUDWHGE\WKHLQWHUVHFWLRQRIWKHVHPL
RYHUDNQRZQORFDWLRQ7KH\DFWDVDIL[HG
PDMRUD[LVRIWKHGDWXPUHIHUHQFHHOOLSVRLGDQG
EDVHOLQHDQGDOORZWKHUHFHLYHUVWRLQLWLDOL]H
WKHHOOLSVRLGQRUPDOOLQHUXQQLQJSHUSHQGLFXODU
DFFXUDWHSRVLWLRQDPELJXLW\UHVROXWLRQPRUH
WRWKHHOOLSVRLGVXUIDFHDWWKHSRLQWRILQWHUHVW
UDSLGO\WKDQLIWKHUHFHLYHUVZHUHWRLQLWLDOL]H
/DWLWXGHLVRQHRIWKHSRVLWLRQDOHOHPHQWVZKHQ
DFURVVDEDVHOLQHRIXQNQRZQOHQJWK
GHILQLQJWKHJHRGHWLFFRRUGLQDWHVRIDSRLQW
/RFDOJULGFRRUGLQDWHV
.LQHPDWLFVXUYH\LQJ
&RRUGLQDWHVRIDSRLQWRQWKHSK\VLFDOHDUWKEDVHG
$IRUPRIFRQWLQXRXVGLIIHUHQWLDOFDUULHUSKDVH
RQDQDUELWUDULO\GHILQHGWZRGLPHQVLRQDOJULG
VXUYH\LQJUHTXLULQJRQO\VKRUWSHULRGVRIGDWD
V\VWHP7KHVHFRRUGLQDWHVDUHQRUPDOO\UHIHUUHG
REVHUYDWLRQV2SHUDWLRQDOFRQVWUDLQWVLQFOXGH
WRDV(DVWLQJDQG1RUWKLQJ
VWDUWLQJIURPRUGHWHUPLQLQJDNQRZQEDVHOLQH
DQGWUDFNLQJDPLQLPXPRIIRXUVDWHOOLWHV2QH /RFDOJULGV\VWHP
UHFHLYHULVVWDWLFDOO\ORFDWHGDWDFRQWUROSRLQW
$ORFDOSODQHFRRUGLQDWHV\VWHPXVXDOO\GHILQHG
ZKLOHRWKHUVDUHPRYHGEHWZHHQSRLQWVWREH
IRUXVHRQDVPDOOVXUYH\SURMHFW7KHGHILQLQJ
PHDVXUHG
SDUDPHWHUVIRUWKHV\VWHPDUHXVXDOO\DQRULJLQ
ZLWKDUELWUDULO\GHWHUPLQHGKRUL]RQWDOFRRUGLQDWHV
/
VXFKDVRUDQGDQDUELWUDU\
GLUHFWLRQERXQGDU\OLQHRUEDFNVLJKWWRDQRWKHU
/
SRLQW7KHORFDOV\VWHPXVXDOO\VWDQGVRQLWV
7KHSULPDU\/EDQGVLJQDOUDGLDWHGE\HDFK
RZQZLWKQRNQRZQUHODWLRQVKLSZLWKDQ\RWKHU
1$967$5VDWHOOLWHDW0+]7KH/O
GHILQHGFRRUGLQDWHV\VWHP7KLVUHODWLRQPD\EH
*ORVVDU\
*ORVV
*O
RV
VD
U\
GHWHUPLQHGWKRXJKLIWKHFRRUGLQDWHVRID
VXIILFLHQWQXPEHURISRLQWVFDQEHGHWHUPLQHG
LQERWKFRRUGLQDWHVV\VWHPVEHWZHHQZKLFKD
UHODWLRQVKLSLVVRXJKW
/RQJLWXGH
7KHOHQJWKRIWKHDUFRUSRUWLRQRIWKH(DUWKV
HTXDWRUEHWZHHQWKHPHULGLDQRIDJLYHQSODFH
DQGWKHSULPHPHULGLDQH[SUHVVHGLQGHJUHHV
ZHVWRUHDVWRIWKHSULPHPHULGLDQWRD
PD[LPXPRIGHJUHHV
0
0DSSURMHFWLRQ
$Q\V\VWHPDWLFPHWKRGRIUHSUHVHQWLQJWKH
ZKROHRUDSDUWRIWKHFXUYHGVXUIDFHRIWKH
(DUWKXSRQDQRWKHUVXUIDFH
0XOWLSDWKHUURU
$*36SRVLWLRQLQJHUURUUHVXOWLQJIURPWKHXVHRI
UHIOHFWHGVDWHOOLWHVLJQDOVPXOWLSDWKLQWKH
SRVLWLRQFRPSXWDWLRQ
1
1$'
1RUWK$PHULFDQ'DWXP
1$'
1RUWK$PHULFDQ'DWXP
1DYVWDU
7KHQDPHRI*36VDWHOOLWHVEXLOWE\5RFNZHOO
,QWHUQDWLRQDOZKLFKLVDQDFURQ\PIRUPHGIURP
1DYLJDWLRQ6\VWHPZLWK7LPH$QG5DQJLQJ
1RUPDOL]HGUHVLGXDO6WDQGDUGL]HG5HVLGXDO
7KHUHVLGXDORIDQDGMXVWHG*36YHFWRUGLYLGHGE\
0LQLPDOO\FRQVWUDLQHGDGMXVWPHQW
LWVHVWLPDWHGHUURU%\QRUPDOL]LQJDUHVLGXDOLWV
:KHQSHUIRUPLQJDOHDVWVTXDUHVDGMXVWPHQWRQ
SRVLWLRQZLWKLQDQRUPDOGLVWULEXWLRQFDQEH
*36GDWDWKHPDWKHPDWLFVUHTXLUHWKDWWKH
GHWHUPLQHG$QRUPDOL]HGUHVLGXDORILQGLFDWHV
KRUL]RQWDOFRRUGLQDWHVRIDWOHDVWRQHSRLQWDQG
WKHUHVLGXDOIDOOVLQWKHPLGGOHRIWKHQRUPDO
WKHYHUWLFDOFRRUGLQDWHVRIDWOHDVWRQHSRLQW
GLVWULEXWLRQ$QRUPDOL]HGUHVLGXDORIRUJUHDWHU
PD\RUPD\QRWEHWKHVDPHSRLQWEHKHOG
LQGLFDWHVWKDWWKHUHVLGXDOIDOOVRXWDWWKHWDLORIWKH
IL[HGFRQVWUDLQHGWRNQRZQRUDUELWUDULO\
GLVWULEXWLRQ6LQFHRQO\DYHU\VPDOOSHUFHQWDJHRI
VHOHFWHGYDOXHV2QHKRUL]RQWDOSRVLWLRQDQG
UHVLGXDOVQRUPDOO\IDOORXWDWWKHWDLOVLWLVRIWHQ
RQHYHUWLFDOSRVLWLRQLVWKHPLQLPXPVHWRI
OLNHO\WKDWDQRUPDOL]HGUHVLGXDORIWKLVPDJQLWXGH
FRQVWUDLQWV$QDGMXVWPHQWSHUIRUPHGKROGLQJ
FRXOGEHORQJWRDPHDVXUHPHQWFRQWDLQLQJD
IL[HGWKHPLQLPXPVHWRIFRQVWUDLQWVLVUHIHUUHG
EOXQGHU
WRDVDPLQLPDOO\FRQVWUDLQHGDGMXVWPHQW
1RUWKLQJ
0LVFORVXUH
7KHGLVWDQFHQRUWKZDUGIURPDQHDVWZHVWOLQH
6HH(UURURI&ORVXUH
WKDWSDVVHVWKURXJKWKHRULJLQRIDJULG
0XOWLSDWK
7KHUHFHSWLRQRIDVDWHOOLWHVLJQDOERWKDORQJD
2
GLUHFWSDWKDQGDORQJRQHRUPRUHUHIOHFWHG
2EOLTXH0HUFDWRUYHULI\
SDWKV7KHUHIOHFWHGVLJQDOVDUHFDXVHGE\
UHIOHFWLQJVXUIDFHVQHDUWKH*36DQWHQQD7KH
UHVXOWLQJVLJQDOUHVXOWVLQDQLQFRUUHFW
2EOLTXH6WHUHRJUDSKLFYHULI\
SVHXGRUDQJHPHDVXUHPHQW7KHFODVVLFDO
H[DPSOHRIPXOWLSDWKLVWKHJKRVWLQJWKDW
DSSHDUVRQWHOHYLVLRQZKHQDQDLUSODQHSDVVHV 2EVHUYDEOH
,Q*36VXUYH\LQJWKHREVHUYDEOHLVDQRWKHUQDPH
RYHUKHDG
*ORVV
/RFXV3URFHVVRU8VHUV*XLGH
ZKDWLVUHTXLUHGIRUDPLQLPDOO\FRQVWUDLQHG
DGMXVWPHQWDQGOHVVWKDQZKDWLVQHHGHGIRUD
IXOO\FRQVWUDLQHGDGMXVWPHQW$QH[DPSOHZRXOG
EHDQHWZRUNFRQWDLQLQJWZRNQRZQKRUL]RQWDO
FRQWUROSRLQWVDQGRQO\RQHYHUWLFDOFRQWUROSRLQW
&RQVWUDLQLQJWKHVHSRLQWVZRXOGUHVXOWLQD
SDUWLDOO\FRQVWUDLQHGDGMXVWPHQWZKHUHWKHGDWXP
ELDVSDUDPHWHUVFRXOGQRWIXOO\EHGHWHUPLQHG
3&RGH
7KHSURWHFWHGRUSUHFLVHFRGHXVHGRQERWK/,(
DQG/*3,VEHDFRQV7KLVFRGHZLOOEHPDGH
DYDLODEOHE\WKH'2'RQO\WRDXWKRUL]HGXVHUV
7KH3FRGHLVDYHU\ORQJDERXWELWV
VHTXHQFHRISVHXGRUDQGRPELQDU\ELSKDVH
PRGXODWLRQVRQWKH*36FDUULHUDWDFKLSSLQJUDWH
RI0+]ZKLFKGRHVQRWUHSHDWLWVHOIIRU
DERXWZHHNV(DFKVDWHOOLWHXVHVDRQHZHHN
VHJPHQWRIWKLVFRGHZKLFKLVXQLTXHWRHDFK*36
VDWHOOLWHDQGLVUHVHWHDFKZHHN
2FFXSDWLRQ
7KHSHULRGRIUHFRUGHGGDWDIRUDVLWH)RU
H[DPSOHDKRXUSHULRGRIGDWDFROOHFWLRQRQD
3KDVHFHQWHU
VXUYH\SRLQWLVFRQVLGHUHGDQRFFXSDWLRQ
7KHSKDVHFHQWHURID*36DQWHQQDLVWKHSK\VLFDO
2FFXSDWLRQLVXVXDOO\LQWHUFKDQJHDEOHZLWKWKH
ORFDWLRQRQWKHDQWHQQDZKHUHWKHUDZ*36
WHUPREVHUYDWLRQ
VLJQDOVDUHREVHUYHG7KLVLVWKHSK\VLFDOORFDWLRQ
ZKHUHWKHFRPSXWHGSRVLWLRQZLOOEHGHWHUPLQHG
2UWKRPHWULFHOHYDWLRQRUWKRPHWULFKHLJKW
*36DQWHQQDVDUHPDQXIDFWXUHGWRSODFHWKHSKDVH
7KHKHLJKWRIDSRLQWDERYHWKHJHRLG
FHQWHUDVFORVHO\DVSRVVLEOHWRWKHSK\VLFDOFHQWHU
2UWKRPHWULFHOHYDWLRQLVRIWHQHTXDWHGZLWK
RIWKHDQWHQQDKRXVLQJ7RGHWHUPLQHWKHSRVLWLRQ
PHDQVHDOHYHOHOHYDWLRQ
RIDVXUYH\PDUNHURQWKHJURXQGWKH*36
268$
DQWHQQDDQGWKXVWKHSKDVHFHQWHULVFHQWHUHG
268$LVDJOREDOJHRLGPRGHO7HFKQLFDOO\
RYHUWKHPDUNHUDQGWKH+,LVPHDVXUHGWRWKH
LWLVDKLJKUHVROXWLRQVSKHULFDOKDUPRQLFPRGHO
VXUYH\PDUNHUIRUXVHGXULQJSURFHVVLQJ
GHJUHH7KHHUURUVLQWKHJHRLGGHILQHGE\
WKLVPRGHODUHHVWLPDWHGDWFP506RYHUWKH 3RLQWSRVLWLRQLQJ
6HH$XWRQRPRXVSRVLWLRQ
RFHDQVDQGFP506RYHUWKHFRQWLQHQWV
7KLVPRGHOZDVGHYHORSHGE\5LFKDUG5DSS
3RODU6WHUHRJUDSKLFYHULI\
DQGKLVFROOHDJXHVDW2KLR6WDWH8QLYHUVLW\
3URMHFWLRQRISRLQWVRQWKHVXUIDFHRIDVSKHUHWRD
SODQHWDQJHQWDWLWVSROH0RVWFRPPRQPDS
3
SURMHFWLRQXVHGIRUSRODUDUHDVRIWKHHDUWK
3DUWLDOO\FRQVWUDLQHGDGMXVWPHQW
,QDSDUWLDOO\FRQVWUDLQHGDGMXVWPHQWWKH
QXPEHURIFRQVWUDLQWVDSSOLHGDUHJUHDWHUWKDQ
*ORVVDU\
3RVLWLRQ'LOXWLRQRI3UHFLVLRQ3'23
6HH'LOXWLRQRI3UHFLVLRQ
*ORVV
*O
RV
VD
U\
3RVWSURFHVVHGSRVLWLRQ
5
7KHSRVLWLRQRIDVXUYH\SRLQWREWDLQHGIURPWKH
5DQGRPHUURUV
SURFHVVLQJRI*36UDZGDWDREVHUYHG
6PDOOXQSUHGLFWDEOHHUURUVFDXVHGE\
VLPXOWDQHRXVO\EHWZHHQWKLVSRLQWDQDQRWKHU
LPSHUIHFWLRQVLQWKHVXUYH\LQJHTXLSPHQWRU
SRLQWRINQRZQSRVLWLRQ
RSHUDWRUSURFHGXUHV
3RVWSURFHVVLQJ
7KHUHGXFWLRQDQGSURFHVVLQJRI*36GDWDDIWHU 5DZGDWD
*36GDWDZKLFKKDVQRWEHHQSURFHVVHGRU
WKHGDWDZHUHFROOHFWHGLQWKHILHOG
GLIIHUHQWLDOO\FRUUHFWHG
3RVWSURFHVVLQJLVXVXDOO\DFFRPSOLVKHGRQD
FRPSXWHULQDQRIILFHHQYLURQPHQWZKHUH
DSSURSULDWHVRIWZDUHLVHPSOR\HGWRDFKLHYH
RSWLPXPSRVLWLRQVROXWLRQV
330
3DUWSHUPLOOLRQ
351QXPEHU
6DWHOOLWHLGHQWLILFDWLRQQXPEHU
5HFRUGLQJLQWHUYDO
7KHWLPHLQWHUYDOEHWZHHQWKHUHFRUGLQJRI*36
UDZGDWDWRWKH*36UHFHLYHUPHPRU\)RU
H[DPSOHDUHFRUGLQJLQWHUYDORIVHFRQGV
LQGLFDWHVWKDW*36UDZGDWDZLOOEHVWRUHGWRWKH
*36UHFHLYHUPHPRU\RQFHHYHU\VHFRQGV
5HIHUHQFH6WDWLRQ
$SRLQWVLWHZKHUHFUXVWDOVWDELOLW\RUWLGDO
3VHXGRUDQJH
FXUUHQWFRQVWUDLQWVKDYHEHHQGHWHUPLQHGWKURXJK
$PHDVXUHRIWKHDSSDUHQWSURSDJDWLRQWLPH
DFFXUDWHREVHUYDWLRQVDQGZKLFKLVWKHQXVHGDVD
IURPWKHVDWHOOLWHWRWKHUHFHLYHUDQWHQQD
VWDQGDUGIRUWKHFRPSDULVRQRIVLPXOWDQHRXV
H[SUHVVHGDVDGLVWDQFH3VHXGRUDQJHLV
REVHUYDWLRQVDWRQHRUPRUHVXERUGLQDWHVWDWLRQV
REWDLQHGE\PXOWLSO\LQJWKHDSSDUHQWVLJQDO
&HUWDLQRIWKHVHDUHNQRZQDV&RQWLQXRXV
SURSDJDWLRQWLPHE\WKHVSHHGRIOLJKW
2SHUDWLQJ5HIHUHQFH6WDWLRQV&256DQG
3VHXGRUDQJHGLIIHUVIURPWKHDFWXDOUDQJHE\
WUDQVPLWUHIHUHQFHGDWDRQDKRXUEDVLV'DWD
WKHDPRXQWWKDWWKHVDWHOOLWHDQGXVHUFORFNVDUH
IURPWKHVHVLWHVDUHDYDLODEOHIRUSXEOLFXVHDQG
RIIVHWE\SURSDJDWLRQGHOD\VDQGRWKHUHUURUV
FDQEHUHWULHYHGLQRQHKRXULQFUHPHQWVIURPWKH
7KHDSSDUHQWSURSDJDWLRQWLPHLVGHWHUPLQHG
LQWHUQHWDWKWWSZZZQJVQRDDJRYFRUVFRUV
IURPWKHWLPHVKLIWUHTXLUHGWRDOLJQFRUUHODWH
GDWDKWPO
DUHSOLFDRIWKH*36FRGHJHQHUDWHGLQWKH
UHFHLYHUZLWKWKHUHFHLYHG*36FRGH7KHWLPH 5HODWLYHDFFXUDF\
(VWLPDWHGDFFXUDF\RIDSRLQWVSRVLWLRQLQ
VKLIWLVWKHGLIIHUHQFHEHWZHHQWKHWLPHRIVLJQDO
UHODWLRQWRDQRWKHUSRLQW7KHDFFXUDF\RIVXUYH\
UHFHSWLRQPHDVXUHGLQWKHUHFHLYHUWLPHIUDPH
PHDVXUHPHQWVLVRIWHQGHWHUPLQHGE\H[DPLQLQJ
DQGWKHWLPHRIHPLVVLRQPHDVXUHGLQWKH
WKHUHODWLYHDFFXUDF\RISRLQWVHVWDEOLVKHGE\WKH
VDWHOOLWHWLPHIUDPH
PHDVXUHPHQWV)RULQVWDQFHDQDFFXUDF\
VSHFLILFDWLRQRISDUWLQLVDUHODWLYH
4
DFFXUDF\VSHFLILFDWLRQ7KLVDFFXUDF\
VSHFLILFDWLRQGHILQHVWKHDOORZDEOHHUURUEHWZHHQ
4$
WZRSRLQWVEDVHGRQWKHGLVWDQFHEHWZHHQWKHP
4XDOLW\$VVXUDQFH*36SRVWSURFHVVLQJ
VRIWZDUHRIWHQKDVDQXPEHURIGLIIHUHQW4$
5HODWLYHSRVLWLRQLQJ
WHVWVWRHQVXUHTXDOLW\GDWDLVEHLQJXVHG
7KHSURFHVVRIGHWHUPLQLQJWKHUHODWLYHGLIIHUHQFH
*ORVV
/RFXV3URFHVVRU8VHUV*XLGH
GXULQJDNLQHPDWLFV*36VXUYH\
LQSRVLWLRQEHWZHHQWZRPDUNVZLWKJUHDWHU
SUHFLVLRQWKDQWKDWWRZKLFKWKHSRVLWLRQRID
VLQJOHSRLQWFDQEHGHWHUPLQHG+HUHDUHFHLYHU
6
DQWHQQDLVSODFHGRYHUHDFKVSRWDQG
PHDVXUHPHQWVDUHPDGHE\REVHUYLQJWKHVDPH 6FDOHIDFWRU
6FDOHIDFWRULVDVFDOHDGMXVWPHQWDSSOLHGWR
VDWHOOLWHDWWKHVDPHWLPH7KLVWHFKQLTXHDOORZV
HOOLSVRLGDOGLVWDQFHVLQRUGHUWRUHGXFHWKH
FDQFHOODWLRQGXULQJFRPSXWDWLRQVRIDOOHUURUV
GLVWDQFHVWRJULGGLVWDQFHV7KLVLVWKHVHFRQGDQG
ZKLFKDUHFRPPRQWRERWKREVHUYHUVVXFKDV
ODVWVWHSWRFRQYHUWLQJPHDVXUHGGLVWDQFHVWRJULG
VDWHOOLWHFORFNHUURUVSURSDJDWLRQGHOD\VHWF
GLVWDQFHV7KHILUVWVWHSLVWRUHGXFHPHDVXUHG
5HVLGXDO
GLVWDQFHVWRHOOLSVRLGDOGLVWDQFHVE\DSSO\LQJWKH
7KHGLIIHUHQFHEHWZHHQWKHREVHUYHGYDOXHDQG
HOHYDWLRQIDFWRU
WKHFRPSXWHGYDOXH,QDOHDVWVTXDUHV
DGMXVWPHQWRI*36GDWD*36YHFWRUVDUH
6HHGFRRUGLQDWH
DGMXVWHGLQRUGHUWRILQGWKHEHVWILWIRUDOO
:KHQSURFHVVLQJ*36UDZGDWDFROOHFWHG
YHFWRUV7KHDGMXVWPHQWRIHDFKYHFWRU
VLPXOWDQHRXVO\EHWZHHQWZRSRLQWVWKH
SURGXFHVDUHVLGXDOVIRUWKHYHFWRU7KH
SURFHVVLQJUHTXLUHVWKDWWKHFRRUGLQDWHVRIRQHRI
UHVLGXDOLVWKHDPRXQWWKHYHFWRUZDVDGMXVWHG
WKHWZRSRLQWVEHKHOGIL[HG1RUPDOO\WKHVHDUH
WRPDNHLWILWLQZLWKDOORWKHUYHFWRUV7KH
WKHNQRZQFRRUGLQDWHVIRURQHRIWKHSRLQWV7KHVH
UHVLGXDOYDOXHVDUHDQDO\]HGWRGHWHUPLQHLI
FRRUGLQDWHVDUHUHIHUUHGWRDVVHHGFRRUGLQDWHV
WKHUHLVDSRWHQWLDOSUREOHPZLWKDYHFWRUVLQ
WKHDGMXVWPHQW
6HOHFWLYH$YDLODELOLW\6$
$'HSDUWPHQWRI'HIHQVHSURJUDPWRFRQWUROWKH
5,1(;
DFFXUDF\RISVHXGRUDQJHPHDVXUHPHQWVZKHUHE\
5HFHLYHU,1GHSHQGHQW(;FKDQJHIRUPDW$VHW
WKHXVHUUHFHLYHVDIDOVHSVHXGRUDQJHZKLFKLVLQ
RIVWDQGDUGGHILQLWLRQVDQGIRUPDWVWRSURPRWH
HUURUE\DFRQWUROOHGDPRXQW'LIIHUHQWLDO*36
WKHIUHHH[FKDQJHRI*36GDWDDQGIDFLOLWDWHWKH
WHFKQLTXHVFDQUHGXFHWKHVHHIIHFWVIRUORFDO
XVHRIGDWDIURPDQ\*36UHFHLYHUZLWKDQ\
DSSOLFDWLRQV
VRIWZDUHSDFNDJH7KHIRUPDWLQFOXGHV
GHILQLWLRQVIRUWKUHHIXQGDPHQWDO*36
6HPLPDMRUD[LV
REVHUYDEOHVWLPHSKDVHDQGUDQJH$
2QHKDOIRIWKHPDMRUD[LVRIDQHOOLSVH
FRPSOHWHGHVFULSWLRQRIWKH5,1(;IRUPDWLV
IRXQGLQWKH&RPPLVVLRQ9,,,,QWHUQDWLRQDO
&RRUGLQDWLRQRI6SDFH7HFKQLTXHVIRU*HRGHV\
DQG*HRG\QDPLFV*36%8//(7,10D\
-XQH
5RRW0HDQ6TXDUH506
$VWDWLVWLFDOPHDVXUHRIWKHVFDWWHURIFRPSXWHG
SRVLWLRQVDERXWDEHVWILWSRVLWLRQVROXWLRQ
506FDQEHDSSOLHGWRDQ\UDQGRPYDULDEOH
5RYHU
7KH*36UHFHLYHUWKDWPRYHVIURPVLWHWRVLWH
*ORVVDU\
6HPLPLQRUD[LV
2QHKDOIWKHPLQRUD[LVRIDQHOOLSVH
*ORVV
*O
RV
VD
U\
DQDO\]LQJWKHTXDOLW\DQGDFFXUDF\RI
PHDVXUHPHQWVEHWZHHQVXUYH\SRLQWV
6ODQWKHLJKW
7KHGLVWDQFHIURPWKHVXUYH\PDUNHUWRWKHHGJH
RIWKHDQWHQQDJURXQGSODQH8VLQJWKHVODQW
KHLJKWDQGUDGLXVRIWKH*36DQWHQQDWKHWUXH
YHUWLFDOKHLJKWRU+,RIWKHDQWHQQDFDQEH
GHWHUPLQHG7KH+,LVXVHGLQWKHSURFHVVLQJWR
GHWHUPLQHWKHORFDWLRQRIWKHVXUYH\PDUNHURQWKH
JURXQG
6HVVLRQ
$VHVVLRQLVDJURXSRIVLPXOWDQHRXVO\FROOHFWHG
$GGSLFWXUH"
*36UDZGDWD)RUH[DPSOHLI*36UHFHLYHUV
FROOHFWHGGDWDVLPXOWDQHRXVO\RQSRLQWVWKH 6SKHURLG
HQWLUHGDWDVHWLVFRQVLGHUHGDVHVVLRQ:LWKLQD
6HHHOOLSVRLG
VHVVLRQ*36YHFWRUVFDQEHFRPSXWHGEHWZHHQ
6WDQGDUG(UURUVWDQGDUGGHYLDWLRQ
DOOSRLQWV
7KHJRDORIDQ\PHDVXUHPHQWLVWRILQGWKHWUXH
6LQJXODULW\
YDOXH6LQFHDOOPHDVXUHPHQWVFRQWDLQHUURUWKH
6LQJXODULW\LVDFRQGLWLRQWKDWFDXVHVWKHLQYHUVH
WUXHYDOXHLVQHYHUREVHUYHG,QRUGHUWRTXDOLI\
RSHUDWLRQRIDPDWUL[WRIDLO0DWUL[LQYHUVLRQLV
PHDVXUHPHQWVDQHUURUHVWLPDWHLVVWDWLVWLFDOO\
DQLPSRUWDQWRSHUDWLRQLQDOHDVWVTXDUHV
GHULYHGIRUHDFKPHDVXUHPHQW$VWDQGDUGHUURU
DGMXVWPHQW,IDPDWUL[LQYHUVLRQFDQQRWEH
HVWLPDWHLQGLFDWHVWKHUHLVDSUREDELOLW\WKDW
SHUIRUPHGGXHWRDVLQJXODULW\WKHUHZLOOEHQR
WKHWUXHYDOXHRIDPHDVXUHPHQWIDOOVZLWKLQWKH
DGMXVWPHQW2QHVLWXDWLRQWKDWZLOOFDXVHD
UDQJHJHQHUDWHGE\VXEWUDFWLQJDQGDGGLQJWKH
VLQJXODULW\LVDWWHPSWLQJWRDGMXVW*36YHFWRUV
HUURUHVWLPDWHWRWKHPHDVXUHGYDOXH)RU
LQDQHWZRUNLQZKLFKSDUWVRIWKHQHWZRUNDUH
H[DPSOHLIDPHDVXUHPHQWRIPHWHUVKDVD
QRWFRQQHFWHGWRRWKHUSDUWVLHWZRRUPRUH
HUURURIPHWHUVWKHQWKHUHLVD
VHWVRISRLQWVWKDWGRQRWKDYHFRQQHFWLYLW\WR
SUREDELOLW\WKDWWKHWUXHYDOXHLVEHWZHHQ
HDFKRWKHU
PHWHUV7KHYDOXHLVGHULYHGIURPD
QRUPDOGLVWULEXWLRQ)RUDQRUPDOO\GLVWULEXWHG
6LWH
YDULDEOHWKHVWDQGDUGHUURULVWKHERXQGZLWKLQ
$ORFDWLRQRUVXUYH\SRLQWZKHUH*36GDWDLV
ZKLFKRIWKHVDPSOHVRIWKHYDULDEOHIDOO
FROOHFWHG
6WDWLFVXUYH\LQJ
6LWH,'
$PHWKRGRI*36VXUYH\LQJWKDWLQYROYHV
$IRXUFKDUDFWHUDOSKDQXPHULFLGHQWLILHUIRUV
VLPXOWDQHRXVREVHUYDWLRQVEHWZHHQVWDWLRQDU\
VXUYH\SRLQW(DFKVXUYH\SRLQWPXVWKDYHD
UHFHLYHUV3RVWSURFHVVLQJFRPSXWHVWKHYHFWRU
XQLTXHVLWH,'2WKHUZLVHWKHSURFHVVLQJZLOO
EHWZHHQSRLQWV
KDYHSUREOHPVGHWHUPLQLQJZKLFKSRLQWFHUWDLQ
REVHUYDWLRQVEHORQJWR
69
6DWHOOLWHYHKLFOHRUVSDFHYHKLFOH
6LWHSDLU
7ZRVXUYH\SRLQWVEHWZHHQZKLFKH[LVWVD*36
YHFWRU7KHWHUPVLWHSDLUVLVXVHGZKHQ
7
*ORVV
/RFXV3URFHVVRU8VHUV*XLGH
7DXWHVW
7KH7DXWHVWLVDEOXQGHUGHWHFWLRQ4$WHVW
9
SHUIRUPHGRQDGMXVWHGVXUYH\PHDVXUHPHQWV
*36YHFWRUV7KHWHVWH[DPLQHVWKHVL]HRIWKH 9DULDQFHRIXQLWZHLJKW
$VWDWLVWLFDOTXDOLW\LQGLFDWRURIDOHDVWVTXDUHV
PHDVXUHPHQWUHVLGXDOVDQGFRPSDUHVLW
DGMXVWHGQHWZRUN7KHH[SHFWHGYDOXHRIWKH
VWDWLVWLFDOO\WRDQH[SHFWHGGLVWULEXWLRQ,IWKH
YDULDQFHRIXQLWZHLJKWLV$YDOXHEHORZLVDQ
UHVLGXDOLVODUJHUWKDQH[SHFWHGWKHREVHUYDWLRQ
LQGLFDWLRQWKDWWKHXQFHUWDLQWLHVDVVLJQHGWRWKH
LVIODJJHGDVDSRWHQWLDOEOXQGHU
PHDVXUHPHQWVDUHWRRRSWLPLVWLF$YDOXHJUHDWHU
WKDQLVDQLQGLFDWLRQWKDWWKHHLWKHUWKH
7LPH'LOXWLRQRI3UHFLVLRQ7'23
XQFHUWDLQWLHVDVVLJQHGWRWKHPHDVXUHPHQWVDUH
6HH'LOXWLRQRI3UHFLVLRQ
WRRSHVVLPLVWLFRUWKDWWKHUHLVRQHRUPRUH
EOXQGHUVLQWKHGDWDVHWDGMXVWHG
7UDQVYHUVH0HUFDWRU
9HFWRU
0HUFDWRUSURMHFWLRQWXUQHGRLQD]LPXWK7KH
7KHVSDWLDOOLQHGHVFULEHGE\'FRPSRQHQWV
FHQWUDOPHULGLDQLVUHSUHVHQWHGE\DVWUDLJKW
EHWZHHQWZRSRLQWV,Q*36VXUYH\LQJDYHFWRULV
OLQHFRUUHVSRQGLQJWRWKHOLQHZKLFKUHSUHVHQWV
WKHSURGXFWRISURFHVVLQJUDZGDWDFROOHFWHGRQ
WKHHTXDWRURQWKHUHJXODU0HUFDWRUPDS
WZRSRLQWVVLPXOWDQHRXVO\
SURMHFWLRQ,QWKH8QLWHG6WDWHVWKH7UDQVYHUVH
0HUFDWRULVWKHEDVHXVHGLQWKH6WDWH3ODQH
9HUWLFDO'LOXWLRQRI3UHFLVLRQ9'23
&RRUGLQDWH6\VWHP63&6IRUVWDWHVZLWK
6HH'LOXWLRQRI3UHFLVLRQ
SUHGRPLQDQWQRUWKVRXWKH[WHQW
9HUWLFDOUHODWLYHDFFXUDF\
8
7KHYHUWLFDOFRPSRQHQWRIWKHUHODWLYHDFFXUDF\
EHWZHHQWZRSRLQWV6HH5HODWLYH$FFXUDF\
87&
7LPHDVPDLQWDLQHGE\WKH861DYDO
2EVHUYDWRU\%HFDXVHRIYDULDWLRQVLQWKH
:
(DUWK
VURWDWLRQ87&LVVRPHWLPHVDGMXVWHGE\
DQLQWHJHUVHFRQG7KHDFFXPXODWLRQRIWKHVH :*6
:*6LVWKHGDWXPWKDW*36SRVLWLRQVDQG
DGMXVWPHQWVFRPSDUHGWR*36WLPHZKLFKUXQV
YHFWRUVDUHUHIHUHQFHGWR7KLVGDWXPLVEDVLFDOO\
FRQWLQXRXVO\KDVUHVXOWHGLQDQVHFRQG
HTXLYDOHQWWRWKH1$'GDWXPXVHGLQWKH
RIIVHWEHWZHHQ*36WLPHDQG87&DWWKHVWDUWRI
8QLWHG6WDWHV7KHGLIIHUHQFHLVWRRVPDOOWRKDYH
$IWHUDFFRXQWLQJIRUOHDSVHFRQGVDQG
DQ\LPSDFWRQ*36SRVLWLRQVDQGYHFWRUV
XVLQJDGMXVWPHQWVFRQWDLQHGLQWKHQDYLJDWLRQ
PHVVDJH*36WLPHFDQEHUHODWHGWR87&
ZLWKLQQDQRVHFRQGVRUEHWWHU
870
8QLYHUVDO7UDQVYHUVH0HUFDWRU0DS3URMHFWLRQ
$VSHFLDOFDVHRIWKH7UDQVYHUVH0HUFDWRU
SURMHFWLRQ$EEUHYLDWHGDVWKH870*ULGLW
FRQVLVWVRIQRUWKVRXWK]RQHVHDFKGHJUHHV
ZLGHLQORQJLWXGH
*ORVVDU\
*ORVV
*O
RV
VD
U\
*ORVV
/RFXV3URFHVVRU8VHUV*XLGH
,QGH[
'
,
Q
G
H
[
1XPHULFV
$
DEVROXWHDFFXUDF\&
DGGILOHVWRSURMHFW
DGGSUHYLRXVO\SURFHVVHGYHFWRUV
DGMXVWHGREVHUYDWLRQ&
DGMXVWHGVLWHSDLUV
DGMXVWLQJVWDUWDQGVWRSWLPHV
DOLJQPHQWKRUL]RQWDOYHUWLFDO
DOORZDEOHHUURU&&
DOPDQDF
DQWHQQDKHLJKW
DQWHQQDKHLJKWV
DQWHQQDSDUDPHWHU
$SRVWHULRUL9DULDQFH&
$SULRUL9DULDQFH&
$6&,,H[SRUWILOH
$6&,,H[SRUWIRUPDWV
$VKWHFKELQDU\2ILOH
$VKWHFKELQDU\2ILOHV
$VKWHFKIRUPDW
$VKWHFK2ILOHV
DWPRVSKHULFGDWD%
DWWDLQDEOHUHODWLYHDFFXUDF\&
EDVHFRPSRQHQW&
EDVHFRRUGLQDWHV
%DVH*ULG6\VWHP
%DVH=RQH
EDVHOLQHLQIRUPDWLRQ
EDVHOLQHOHQJWK&
EDVHOLQHSURFHVVLQJ
EDXGUDWH
%ILOH%
EOXQGHUGHWHFWLRQ&
,QGH[
EOXQGHUV&
&
FDXVHRIEOXQGHUV
&KL6TXDUH&
FRPSRQHQWV
FRPSXWHGWUDQVIRUPDWLRQSDUDPHWHUV
FRQILGHQFHOHYHO
FRQQHFWWRQHZUHFHLYHU
FRQVWUDLQHGDGMXVWPHQW&&
FRQWUROSRLQWV&
FRQWUROVLWH
&RQWURO7LH
&RQWURO7\SH
FRRUGLQDWHV\VWHP
FRUUHODWLRQ
FXVWRPFRRUGLQDWHV\VWHP
5
H
O
L
D
Q
F
H
)
X
Q
G
D
P
H
Q
W
D
O
V
'
GDWHDQGWLPH
GHIDXOWVHWWLQJV
GHILQHFRRUGLQDWHV\VWHP
GHOHWHDGDWDILOH
GHOHWHGDWDILOH
GHVLJQLQJDVXUYH\QHWZRUN&
GHVWLQDWLRQGLUHFWRU\
'ILOH
GLOXWLRQRISUHFLVLRQ$
GLUHFWREVHUYDWLRQ&&
(DVWLQJ
HDVWLQJ
(ILOH%
(*0
HOHYDWLRQIDFWRU
HOOLSVRLGKHLJKWV
(OOLSVRLGDO
HOOLSVRLGDOGLVWDQFHV
,QGH[
(OOLSVRLGDOKHLJKW
HOOLSVRLGDOKHLJKW
HOOLSVRLGDOKHLJKWV
HSKHPHULVGDWD%
(UURU5HJLRQV
HUURUUHJLRQV
HUURUV
HUURUVLQWKHREVHUYDWLRQV&
H[SHFWHGHUURU&
([SRUW
'DWD
IRUPDWV
H[WHQVLRQ
H[WHQVLRQVSU
ILQDOUHSRUW
ILQGLQJ&
)L[6WDWXV
IL[HGFRQWUROVLWH
IODJJHGYHFWRU
*HRGHWLF6\VWHP
JHRLGPRGHO
*HRLG
*/21$66GDWD%
*/21$66QDYLJDWLRQGDWD%
*ULG
JULG
JULGFRQYHUJHQFH
JULGGLVWDQFH
JULGVFDOHIDFWRU
*6'
+,&
KROGVLWHIL[HG
+RUL]RQWDODFFXUDF\
+RUL]RQWDO&RQWURO
+RUL]RQWDOHUURU
LQFOXGHH[FOXGH
,QGH[
,QYHUVHIODWWHQLQJ
LRQRVSKHUHFRUUHFWLRQV
,5GHYLFH
NLQHPDWLFVXUYH\$
.
/
ODWLWXGH
OHDVWVTXDUHVDGMXVWPHQW&&&
OHDVWVTXDUHVDGMXVWPHQWV&
/HQJWKRIWKHSURFHVVHGYHFWRU
OHYHORIUHOLDELOLW\
ORFDOJULGV\VWHP
/RFDOWLPH
ORJILOH%%
ORQJLWXGH
/RRS&ORVXUH
/RRS&ORVXUHWHVW
ORRSFORVXUHWHVWV
ORVVRIORFN
PDSSURMHFWLRQ
PHDVXUHPHQWDFFXUDF\&
PHDVXUHPHQWFDSDELOLWLHV&
0HWHRURORJLFDOGDWD%
0HWILOH%
PLVFORVXUH&
PXOWLSOHFRQWUROSRLQWV&
PXOWLSOHORRSFORVXUHV&
PXOWLSOHRFFXSDWLRQV&
1$'&21
1DYJILOH%
1$9SRVLWLRQ
1$9ILOH%
1DYLJDWLRQGDWD%
QRUPDOL]HGUHVLGXDOV&
1RUWKLQJ
QRUWKLQJ
/RFXV3URFHVVRU8VHUV*XLGH
2EVHUYDWLRQGDWD%
REVHUYDWLRQILOH%
REVWUXFWLRQV$
RFFXSDWLRQDQGVLWHVSHFLILFGDWD
RFFXSDWLRQLQIRUPDWLRQ
RFFXSDWLRQWLPH
RIIVHW
2ILOH
2UWKRPHWULF
2UWKRPHWULFKHLJKW
RUWKRPHWULFKHLJKW
RUWKRPHWULFKHLJKWV
RYHUZULWH%
SRRUDYDLODELOLW\$
SRRUJHRPHWU\$
SULQWHGFRS\
SULQWHURSWLRQV
SURFHVVHGYHFWRUV
SURMHFWGLUHFWRU\
SURMHFWILOH
SURMHFWQDPH
SURMHFWLRQSDUDPHWHUV
3URMHFWLRQW\SH
4$IODJ
4$WHVW&&&
TXDOLW\DQDO\VLV&
TXDOLW\LQGLFDWRUV&
UDZGDWD
UDZGDWDILOH
5DZ'DWD)LOHV
UDZGDWDILOHV
UDZ*36GDWD
UHFHLYHUPHPRU\
UHFHQWO\FRPSXWHGYHFWRUV
UHFRUGLQJLQWHUYDO
5HIHUHQFHJHRGHWLFGDWXP
,QGH[
UHJLRQDOPRGHO
UHODWLYHDFFXUDF\&
UHODWLYHXQFHUWDLQW\
UHPRYHVSHFLILFILOHV
5HSHDW9HFWRUV
UHSHDWYHFWRUV&
UHSHDWHGYHFWRUV
UHVLGXDOGDWD
UHVLGXDOV&
5,1(;IRUPDW
5,1(;2EVHUYDWLRQ)LOHV
URWDWLRQVLQ[\DQG]D[HV
URYHULQLWLDOL]DWLRQ
57)
,
Q
G
H
[
VDWHOOLWHVDYDLODEOH$
VFDOLQJWRRO&
VHHGFRRUGLQDWHV
VHHGVLWH
VHOHFWLQJDVLWH
VHW
RXWSXWGLUHFWRU\%
VHWVLWHRQFRQWUROSRLQW
6ILOH%
VLWHFRRUGLQDWHV
VLWHGDWD
6LWH,'
VLWH,'
VLWH,'RIWKHIL[HGSRLQW
VLWH,'RIWKHXQNQRZQSRLQW
VLWH,'V
VLWH,'V
VLWHLQIRUPDWLRQ%
6LWH1DPH
VLWHSURSHUWLHV
VLWHXQFHUWDLQWLHV
6ROXWLRQ7\SH
6WDQGDUGHUURU&
VWDUWDQGVWRSWLPHV
VWUHQJWKRIWKHQHWZRUN&
,QGH[
7DXWHVW
WDXWHVW&
WKLUGSDUW\VRIWZDUH
WLPHWKHGDWDZDVUHFRUGHG%
WUDQVIRUPDWLRQSDUDPHWHUV
W\SHVRIHUURUV&
8QFHUWDLQW\LQODWLWXGH
8QFHUWDLQW\LQORQJLWXGH
8QLW:HLJKW&
8VHU'HILQHG$6&,,)LOHV
87&
YHFWRU
YHFWRUGDWD
YHFWRUOHQJWK&
YHFWRUSURSHUWLHV
YHFWRUXQFHUWDLQWLHV&
YHULI\ILOHVDGGHG
9HUWLFDODFFXUDF\
9HUWLFDO&RQWURO
9HUWLFDOHUURU
9LHZ
9LHZ4$WHVWUHVXOWV
:*6
:*6
]RQHV
=:(7%
,QGH[
:
=
/RFXV3URFHVVRU8VHUV*XLGH