5HY#414#1RYHPEHU#4<<;
0&4788:9
)OH[LEOH#,6'1#174
7KLV#GRFXPHQW#FRQWDLQV#LQIRUPDWLRQ#RQ#D#QHZ#SURGXFW1#6SHFLILFDWLRQV#
DQG#LQIRUPDWLRQ#KHUHLQ#DUH#VXEMHFW#WR#FKDQJH#ZLWKRXW#QRWLFH1
0RWRUROD#UHVHUYHV#WKH#ULJKW#WR#PDNH#FKDQJHV#ZLWKRXW#IXUWKHU#QRWLFH#WR#DQ\#SURGXFWV#KHUHLQ1#0RWRUROD#PDNHV#QR#ZDUUDQW\/#UHSUHVHQWDWLRQ#RU#JXDUDQWHH#
UHJDUGLQJ#WKH#VXLWDELOLW\#RI#LWV#SURGXFWV#IRU#DQ\#SDUWLFXODU#SXUSRVH/#QRU#GRHV#0RWRUROD#DVVXPH#DQ\#OLDELOLW\#DULVLQJ#RXW#RI#WKH#DSSOLFDWLRQ#RU#XVH#RI#DQ\#SURG0
XFW#RU#FLUFXLW/#DQG#VSHFLILFDOO\#GLVFODLPV#DQ\#DQG#DOO#OLDELOLW\/#LQFOXGLQJ#ZLWKRXW#OLPLWDWLRQ#FRQVHTXHQWLDO#RU#LQFLGHQWDO#GDPDJHV1#³7\SLFDO´#SDUDPHWHUV#FDQ#
DQG#GR#YDU\#LQ#GLIIHUHQW#DSSOLFDWLRQV#DQG#DFWXDO#SHUIRUPDQFH#PD\#YDU\#RYHU#WLPH1#$OO#RSHUDWLQJ#SDUDPHWHUV/#LQFOXGLQJ#³7\SLFDOV´/#PXVW#EH#YDOLGDWHG#IRU#
HDFK#FXVWRPHU#DSSOLFDWLRQ#E\#FXVWRPHU¶V#WHFKQLFDO#H[SHUWV1#0RWRUROD#GRHV#QRW#FRQYH\#DQ\#OLFHQVH#XQGHU#LWV#SDWHQW#ULJKWV#QRU#WKH#ULJKWV#RI#RWKHUV1#0RWRU0
ROD#SURGXFWV#DUH#QRW#GHVLJQHG/#LQWHQGHG/#RU#DXWKRUL]HG#IRU#XVH#DV#FRPSRQHQWV#LQ#V\VWHPV#LQWHQGHG#IRU#VXUJLFDO#LPSODQW#LQWR#WKH#ERG\/#RU#RWKHU#DSSOLFD0
WLRQV#LQWHQGHG#WR#VXSSRUW#RU#VXVWDLQ#OLIH/#RU#IRU#DQ\#RWKHU#DSSOLFDWLRQ#LQ#ZKLFK#WKH#IDLOXUH#RI#WKH#0RWRUROD#SURGXFW#FRXOG#FUHDWH#D#VLWXDWLRQ#ZKHUH#SHUVRQDO#
LQMXU\#RU#GHDWK#PD\#RFFXU1#6KRXOG#%X\HU#SXUFKDVH#RU#XVH#0RWRUROD#SURGXFWV#IRU#DQ\#VXFK#XQLQWHQGHG#RU#XQDXWKRUL]HG#DSSOLFDWLRQ/#%X\HU#VKDOO#LQGHPQLI\#
DQG#KROG#0RWRUROD#DQG#LWV#RIILFHUV/#HPSOR\HHV/#VXEVLGLDULHV/#DIILOLDWHV/#DQG#GLVWULEXWRUV#KDUPOHVV#DJDLQVW#DOO#FODLPV/#FRVWV/#GDPDJHV/#DQG#H[SHQVHV/#DQG#
UHDVRQDEOH#DWWRUQH\#IHHV#DULVLQJ#RXW#RI/#GLUHFWO\#RU#LQGLUHFWO\/#DQ\#FODLP#RI#SHUVRQDO#LQMXU\#RU#GHDWK#DVVRFLDWHG#ZLWK#VXFK#XQLQWHQGHG#RU#XQDXWKRUL]HG#XVH/#
HYHQ#LI#VXFK#FODLP#DOOHJHV#WKDW#0RWRUROD#ZDV#QHJOLJHQW#UHJDUGLQJ#WKH#GHVLJQ#RU#PDQXIDFWXUH#RI#WKH#SDUW1#0RWRUROD#DQG#DUH#UHJLVWHUHG#WUDGHPDUNV#RI#
0RWRUROD/#,QF1#0RWRUROD/#,QF1#LV#DQ#(TXDO#2SSRUWXQLW\2$IILUPDWLYH#$FWLRQ#(PSOR\HU1
‹#0RWRUROD#,QF1#4<<;
027252/$ 0&4788:9#8VHU¶V#0DQXDO LLL
7DEOH#RI#&RQWHQWV
6HFWLRQ#4
6HFWLRQ#46HFWLRQ#4
6HFWLRQ#4
,QWURGXFWLRQ
,QWURGXFWLRQ,QWURGXFWLRQ
,QWURGXFWLRQ
414# %DFNJURXQG##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 404
415# )HDWXUHV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 405
416# %ORFN#'LDJUDP# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 406
417# 174#)XQFWLRQDO#2YHUYLHZ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 406
418# 0DQXDO#2UJDQL]DWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 407
419# 1RWDWLRQ#&RQYHQWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 407
6HFWLRQ#5
6HFWLRQ#56HFWLRQ#5
6HFWLRQ#5
,6'1#%DVLF#$FFHVV#6\VWHP#2YHUYLHZ
,6'1#%DVLF#$FFHVV#6\VWHP#2YHUYLHZ,6'1#%DVLF#$FFHVV#6\VWHP#2YHUYLHZ
,6'1#%DVLF#$FFHVV#6\VWHP#2YHUYLHZ
514# ,6'1#5HIHUHQFH#0RGHO#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 504
515# ,6'1#$SSOLFDWLRQV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 505
6HFWLRQ#6
6HFWLRQ#66HFWLRQ#6
6HFWLRQ#6
6LJQDO#'HVFULSWLRQV
6LJQDO#'HVFULSWLRQV6LJQDO#'HVFULSWLRQV
6LJQDO#'HVFULSWLRQV
614# ,QWURGXFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 604
615# 6LJQDO#'HVFULSWLRQV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 605
61514# 3RZHU#6XSSO\# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 605
61515# 3KDVH#/RFN#/RRS#DQG#&ORFN#3LQV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 607
61516# 0RGH#6HOHFWLRQ#3LQV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 607
61517# 7LPH#'LYLVLRQ#0XOWLSOH[#'DWD#,QWHUIDFH#3LQV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 609
61518# 'LJLWDO#'DWD#,QWHUIDFH#3LQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 60:
61519# /LQH#,QWHUIDFH#3LQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 6047
6HFWLRQ#7
6HFWLRQ#76HFWLRQ#7
6HFWLRQ#7
0RGHV#RI#2SHUDWLRQ
0RGHV#RI#2SHUDWLRQ0RGHV#RI#2SHUDWLRQ
0RGHV#RI#2SHUDWLRQ
714# ,QWURGXFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 704
715# 6WDQGDUG#174#2SHUDWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 704
716# 6PDUW#174#ZLWK#3276#,QWHUIDFH#+174.,##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 705
71614# $UFKLWHFWXUH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 705
71615# &RQILJXUDWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 706
717# 0,1,#3$%;# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 707
7DEOH#RI#&RQWHQWV
LY 0&4788:9#8VHU¶V#0DQXDO 027252/$
71714# $UFKLWHFWXUH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 707
71715# &RQILJXUDWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 707
718# 80,QWHUIDFH#7HUPLQDO#$GDSWRU# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 708
71814# $UFKLWHFWXUH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 708
71815# &RQILJXUDWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 709
6HFWLRQ#8
6HFWLRQ#86HFWLRQ#8
6HFWLRQ#8
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
814# ,QWURGXFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 804
815# 5HJLVWHUV#'HVFULSWLRQ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 804
816# 80,QWHUIDFH#5HJLVWHUV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805
81614# 8#1LEEOH#5HJLVWHUV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805
8161414#80,QWHUIDFH#153#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806
8161415#80,QWHUIDFH#154#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807
8161416#80,QWHUIDFH#155#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 808
8161417#80,QWHUIDFH#156#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 809
8161418#80,QWHUIDFH#157#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 80:
8161419#80,QWHUIDFH#158#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 80:
81615# 80,QWHUIDFH#59#5HJLVWHU# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 80;
81616# 8#%\WH#5HJLVWHUV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8043
8161614#80,QWHUIDFH#%53# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8044
8161615#80,QWHUIDFH#%54# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8045
8161616#80,QWHUIDFH#%55# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8045
8161617#80,QWHUIDFH#%56# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8046
8161618#80,QWHUIDFH#%57# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8047
8161619#80,QWHUIDFH#%58# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8048
816161:#80,QWHUIDFH#%59# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8049
816161;#80,QWHUIDFH#%5:# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 804;
816161<#80,QWHUIDFH#%5;# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8053
81616143#80,QWHUIDFH#%5<# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8055
81616144#80,QWHUIDFH#%543# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805:
81616145#80,QWHUIDFH#%544# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805;
81616146#80,QWHUIDFH#%545# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805<
81616147#80,QWHUIDFH#%546# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8063
81616148#80,QWHUIDFH#%547# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8064
81616149#80,QWHUIDFH#%548# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8064
81617# 8#2YHUOD\#5HJLVWHUV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8065
8161714#80,QWHUIDFH#253#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8066
8161715#80,QWHUIDFH#254#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8066
8161716#80,QWHUIDFH#255#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8066
8161717#80,QWHUIDFH#256#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8067
8161718#80,QWHUIDFH#257#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8067
8161719#80,QWHUIDFH#258#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8067
816171:#80,QWHUIDFH#259#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8068
7DEOH#RI#&RQWHQWV
027252/$ 0&4788:9#8VHU¶V#0DQXDO Y
816171;#80,QWHUIDFH#25:#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8069
816171<#80,QWHUIDFH#25;#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806:
81617143#80,QWHUIDFH#25<#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806:
81617144#80,QWHUIDFH#2545#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806;
81617145#80,QWHUIDFH#2546#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806;
817# 6270,QWHUIDFH#5HJLVWHUV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806<
81714# 627#1LEEOH#5HJLVWHUV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806<
8171414#6270,QWHUIDFH#153#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8073
8171415#6270,QWHUIDFH#154#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8073
8171416#6270,QWHUIDFH#155#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8074
8171417#6270,QWHUIDFH#156#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8075
8171418#6270,QWHUIDFH#157#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8076
8171419#6270,QWHUIDFH#158#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8077
817141:#6270,QWHUIDFH#159#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8078
81715# 627#%\WH#5HJLVWHUV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8079
8171514#6270,QWHUIDFH#%55##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807:
8171515#6270,QWHUIDFH#%56##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807;
8171516#6270,QWHUIDFH#%57##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807<
8171517#6270,QWHUIDFH#%58##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807<
8171518#6270,QWHUIDFH#%59##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8083
8171519#6270,QWHUIDFH#%5:##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8084
817151:#6270,QWHUIDFH#%5;##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8086
817151;#6270,QWHUIDFH#%5<##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8087
817151<#6270,QWHUIDFH#%543##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8088
81715143#6270,QWHUIDFH#%544##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8089
81715144#6270,QWHUIDFH#%545##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 808;
81716# 627#2YHUOD\#5HJLVWHUV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 808<
8171614#6270,QWHUIDFH#253#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8093
8171615#6270,QWHUIDFH#254#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8093
8171616#6270,QWHUIDFH#255#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8093
8171617#6270,QWHUIDFH#256#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8094
8171618#6270,QWHUIDFH#257#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8094
8171619#6270,QWHUIDFH#258#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8094
817161:#6270,QWHUIDFH#259#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8095
817161;#6270,QWHUIDFH#25:#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8096
6HFWLRQ#9
6HFWLRQ#96HFWLRQ#9
6HFWLRQ#9
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
914# ,QWURGXFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 904
915# 6HULDO#&RQWURO#3RUW#0RGH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 905
91514# 1LEEOH#5HJLVWHU#2SHUDWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 905
91515# 59#5HJLVWHU#2SHUDWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 907
91516# %\WH#5HJLVWHU#2SHUDWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 909
916# 6LJQDO#'HVFULSWLRQV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 90<
7DEOH#RI#&RQWHQWV
YL 0&4788:9#8VHU¶V#0DQXDO 027252/$
91614# 6&3#7[#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 9043
91615# 6&3#5[# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 9043
91616# 6&3&/.##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 9044
91617# 6&3(108##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 9044
91618# 6&3(107#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 9044
91619# ,54# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 9044
917# 6&3#,QGHSHQGHQFH#IURP#&U\VWDO#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 9044
918# 6&3#6ODYH#0RGH# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 9045
6HFWLRQ#:
6HFWLRQ#:6HFWLRQ#:
6HFWLRQ#:
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
:14# ,QWURGXFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :04
:15# 6LJQDO#'HVFULSWLRQ#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :04
:16# ,'/#7HUPLQDO#0RGH# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :05
:1614# $FFHVVLQJ#WKH#&KDQQHOV#LQ#7HUPLQDO#0RGH#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :06
:1615# 6270,QWHUIDFH#DQG#7HUPLQDO#0RGH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :07
:1616# 7HUPLQDO#0RGH#,'/#,QWHUIDFH#7LPLQJ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :07
:17# 7'0#0RGH#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :08
:18# 76$##0RGH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :0:
:1814# 76$#0RGH#,'/#,QWHUIDFH#7LPLQJ#DQG#3URJUDPPLQJ#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :0;
:1815# 76$#0RGH#([DPSOH##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :0;
:19# 17#7UDQVPLW#6LJQDO2)6KDVH#5HODWLRQVKLS# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :043
6HFWLRQ#;
6HFWLRQ#;6HFWLRQ#;
6HFWLRQ#;
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
;14# ,QWURGXFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;04
;15# 6LJQDO#'HVFULSWLRQ#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;04
;16# *&,#)UDPH#6WUXFWXUH#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;05
;1614# 0RQLWRU#&KDQQHO#2SHUDWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;06
;1615# 0RQLWRU#&KDQQHO#0HVVDJHV#DQG#&RPPDQGV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;08
;161514#0RQLWRU#&KDQQHO#&RPPDQGV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;09
;161515#0RQLWRU#&KDQQHO#5HVSRQVH#0HVVDJHV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;09
;161516#0RQLWRU#&KDQQHO#,QWHUUXSW#,QGLFDWLRQ#0HVVDJHV#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;0:
;17# 7HUPLQDO#0RGH# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;0;
;1714# %#&KDQQHOV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;0;
;1715# '#&KDQQHO# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;0;
;1716# &2,#&KDQQHO#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;043
;18# 0XOWLSOH[#0RGH#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;045
7DEOH#RI#&RQWHQWV
027252/$ 0&4788:9#8VHU¶V#0DQXDO YLL
6HFWLRQ#<
6HFWLRQ#<6HFWLRQ#<
6HFWLRQ#<
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<14# ,QWURGXFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <04
<15# ,'/26&3#0RGH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <04
<1514# 80,QWHUIDFH#2SHUDWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <04
<151414#$FWLYDWLRQ#6LJQDOV#IRU#17#PRGH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <06
<151415#$FWLYDWLRQ#,QLWLDWLRQ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <07
<151416#$FWLYDWLRQ#,QGLFDWLRQ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <07
<151417#17#'HDFWLYDWLRQ#3URFHGXUHV#DQG#:DUP#6WDUW# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <08
<151418#,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <08
<151419#$GGLWLRQDO#1RWHV³0DLQWHQDQFH#&KDQQHO#%LWV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <08
<1515# 6270,QWHUIDFH#2SHUDWLRQV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <09
<151514#7UDQVPLVVLRQ#6WDWHV#IRU#0&4788:9#6270,QWHUIDFH##1#1#1#1#1#1#1#1#1#1#1#1#1# <09
<151515#$FWLYDWLRQ#RI#627#/RRS#E\#7(#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <09
<151516#$FWLYDWLRQ#3URFHGXUHV#,JQRUHG#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <09
<151517#)UDPH#6\QF217#0RGH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <0:
<151518#$FWLYDWLRQ#,QGLFDWLRQ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <0:
<151519#6270154+E5,#(UURU#,QGLFDWLRQ#+(,,# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <0:
<15151:#'HDFWLYDWLRQ#3URFHGXUHV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <0:
<15151;#,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <0:
<15151<#$GGLWLRQDO#1RWHV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <0;
<16# *&,#$FWLYDWLRQ2'HDFWLYDWLRQ#7LPH#'LDJUDPV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <0<
<1614# ,QWURGXFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <0<
<1615# /7#,QLWLDWHG#$FWLYDWLRQ1# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <043
<1616# 7(#,QLWLDWHG#$FWLYDWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <047
<1617# 7HUPLQDO#,QLWLDWHG#$FWLYDWLRQ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <049
<1618# /7#,QLWLDWHG#'HDFWLYDWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <04;
<1619# 80,QWHUIDFH#2QO\#$FWLYDWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <053
6HFWLRQ#43
6HFWLRQ#436HFWLRQ#43
6HFWLRQ#43
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
4314# 627#,QWHUIDFH# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4304
431414# 627#7UDQVPLW#/LQH#,QWHUIDFH#&LUFXLWU\# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4304
431415# 627#5HFHLYH#/LQH#,QWHUIDFH#&LUFXLWU\# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4305
43141514#7HUPLQDWLRQ#5HVLVWRUV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4306
43141515#3URWHFWLRQ#'LRGHV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4306
4315# 80,QWHUIDFH#5%44#/LQH#&RQQHFWLRQ#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4307
7DEOH#RI#&RQWHQWV
YLLL 0&4788:9#8VHU¶V#0DQXDO 027252/$
6HFWLRQ#44
6HFWLRQ#446HFWLRQ#44
6HFWLRQ#44
3URGXFW#6SHFLILFDWLRQV
3URGXFW#6SHFLILFDWLRQV3URGXFW#6SHFLILFDWLRQV
3URGXFW#6SHFLILFDWLRQV
4414# $EVROXWH#0D[LPXP#5DWLQJV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4404
4415# 5HFRPPHQGHG#2SHUDWLQJ#&RQGLWLRQV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4404
4416# 3RZHU#&RQVXPSWLRQ#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4405
4417# 80,QWHUIDFH#3HUIRUPDQFH# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4405
4418# '&#(OHFWULFDO#&KDUDFWHULVWLFV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4406
4419# 5%44#,QWHUIDFH#(OHFWULFDO#&KDUDFWHULVWLFV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4407
441:# 6270,QWHUIDFH#$QDORJ#&KDUDFWHULVWLFV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4407
441;# ,'/#7LPLQJ#&KDUDFWHULVWLFV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4408
441<# *&,#7LPLQJ#&KDUDFWHULVWLFV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 440:
44143# 6&3#7LPLQJ#&KDUDFWHULVWLFV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 440<
44144# '#&KDQQHO#7LPLQJ#&KDUDFWHULVWLFV#+,'/#0RGH,##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 44044
6HFWLRQ#45
6HFWLRQ#456HFWLRQ#45
6HFWLRQ#45
0HFKDQLFDO#'DWD
0HFKDQLFDO#'DWD0HFKDQLFDO#'DWD
0HFKDQLFDO#'DWD
4514# 3LQ#$VVLJQPHQWV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4504
4515# 3DFNDJH#'HVFULSWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4505
$SSHQGL[#$
$SSHQGL[#$$SSHQGL[#$
$SSHQGL[#$
0&4788:9#(YDOXDWLRQ#%RDUG
0&4788:9#(YDOXDWLRQ#%RDUG0&4788:9#(YDOXDWLRQ#%RDUG
0&4788:9#(YDOXDWLRQ#%RDUG
$14# ,QWURGXFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 $04
$15# 0&4788:9(9.#LQ#174#0RGH# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 $04
$16# 0&4788:9(9.#LQ#6PDUW#174#0RGH#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 $05
$17# 0&4788:9'59#)HDWXUHV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 $05
$SSHQGL[#%
$SSHQGL[#%$SSHQGL[#%
$SSHQGL[#%
&RPSRQHQW#6RXUFLQJ
&RPSRQHQW#6RXUFLQJ&RPSRQHQW#6RXUFLQJ
&RPSRQHQW#6RXUFLQJ
%14# 2YHUYLHZ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#%04
%15# 0&4788:9#7UDQVIRUPHUV#7KLUG#3DUW\#6RXUFHV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#%05
%1514# &U\VWDO#6SHFLILFDWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#%05
%1515# ,6'1#&DOO#&RQWURO#6RXUFH#&RGH##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#%06
7DEOH#RI#&RQWHQWV
027252/$ 0&4788:9#8VHU¶V#0DQXDO L[
$SSHQGL[#&
$SSHQGL[#&$SSHQGL[#&
$SSHQGL[#&
3ULQWHG#&LUFXLW#%RDUG#/D\RXW
3ULQWHG#&LUFXLW#%RDUG#/D\RXW3ULQWHG#&LUFXLW#%RDUG#/D\RXW
3ULQWHG#&LUFXLW#%RDUG#/D\RXW
&14# 2YHUYLHZ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 &04
&15# 3ULQWHG#&LUFXLW#%RDUG#0RXQWLQJ#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 &04
&16# 3RZHU/#*URXQG/#DQG#1RLVH#&RQVLGHUDWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 &05
&17# 2VFLOODWRU#/D\RXW#*XLGHOLQHV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 &06
&18# 5%44#,QWHUIDFH#*XLGHOLQHV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 &06
$SSHQGL[#'
$SSHQGL[#'$SSHQGL[#'
$SSHQGL[#'
/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV
/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV
/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV
'14# 2YHUYLHZ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '04
'15# 80,QWHUIDFH#5%44#/LQH#&RQQHFWLRQ#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '04
'1514# 7UDQVPLW#6HULHV#5HVLVWRUV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '05
'1515# 7UDQVPLW#1RLVH#)LOWHU#&DSDFLWRU##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '08
$SSHQGL[#(
$SSHQGL[#($SSHQGL[#(
$SSHQGL[#(
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
$SSHQGL[#)
$SSHQGL[#)$SSHQGL[#)
$SSHQGL[#)
6WDQGDUGV#%RGLHV
6WDQGDUGV#%RGLHV6WDQGDUGV#%RGLHV
6WDQGDUGV#%RGLHV
/LVW#RI#)LJXUHV
[0&4788:9#8VHU¶V#0DQXDO 027252/$
/LVW#RI#)LJXUHV
404 0&4788:9#%ORFN#'LDJUDP# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 406
504 #,6'1#5HIHUHQFH#0RGHO##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 504
505 7\SLFDO#,6'1#$SSOLFDWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 505
604 0&4788:9#3LQRXW#'UDZLQJ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 604
605 6LJQDOV#,GHQWLILHG#E\#)XQFWLRQDO#*URXS# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 605
704 6WDQGDUG#174#%ORFN#'LDJUDP# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 704
705 ,'/26&3#EDVHG#6PDUW#17#%ORFN#'LDJUDP##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 705
706 *&,#EDVHG#6PDUW#17#%ORFN#'LDJUDP# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 706
707 0LQL#3$%;#%ORFN#'LDJUDP# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 707
708 #,'/26&30EDVHG#7HUPLQDO#8#%ORFN#'LDJUDP##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 708
709 *&,0EDVHG#7HUPLQDO#8#%ORFN#'LDJUDP# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 708
804 80,QWHUIDFH#1LEEOH#5HJLVWHU#0DS##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805
805 80,QWHUIDFH#153#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806
806 80,QWHUIDFH#154#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807
807 80,QWHUIDFH#155#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 808
808 80,QWHUIDFH#156#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 809
809 80,QWHUIDFH#157#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 80:
80: 80,QWHUIDFH#158#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 80:
80; 80,QWHUIDFH#59#5HJLVWHU#%LW#'HILQLWLRQV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 80;
80< 5HJLVWHU#%LW#/RFDWLRQV#:LWKLQ#WKH#6XSHUIUDPH#/7#→ 17##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 80;
8043 5HJLVWHU#%LW#/RFDWLRQV#:LWKLQ#WKH#6XSHUIUDPH#17#→ /7##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 80<
8044 80,QWHUIDFH#%\WH#5HJLVWHU#0DS# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8043
8045 80,QWHUIDFH#%53#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8044
8046 80,QWHUIDFH#%54#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8045
8047 80,QWHUIDFH#%55#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8045
8048 80,QWHUIDFH#%56#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8046
8049 80,QWHUIDFH#%57#%LW#'HILQLWLRQV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8047
804: 80,QWHUIDFH#%58#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8048
804; 80,QWHUIDFH#%59#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8049
804< ,'/2*&,#,QWHUIDFH#/RRSEDFN#&RQWURO#%LWV#+80,QWHUIDFH,# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 804:
8053 ,'/2*&,#,QWHUIDFH#/RRSEDFN#/RJLF#'LDJUDP#+80,QWHUIDFH,# 1#1#1#1#1#1#1#1#1#1#1#1#1# 804:
8054 80,QWHUIDFH#%5:#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 804;
8055 #,'/#,QWHUIDFH#7LPLQJ#LQ#;0%LW#0DVWHU#0RGH#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 804<
8056 ,'/#,QWHUIDFH#7LPLQJ#LQ#430%LW#0DVWHU#0RGH##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 804<
8057 80,QWHUIDFH#%5;#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8053
8058 80,QWHUIDFH#%5<#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8055
8059 80,QWHUIDFH#%543#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805:
805: 80,QWHUIDFH#%544#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805;
805; 80,QWHUIDFH#%545#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805<
805< 80,QWHUIDFH#%546#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8063
/LVW#RI#)LJXUHV
027252/$ 0&4788:9#8VHU¶V#0DQXDO [L
8063 80,QWHUIDFH#%547#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8064
8064 80,QWHUIDFH#%548#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8064
8065 80,QWHUIDFH#2YHUOD\#5HJLVWHU#0DS##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8065
8066 ',1#DQG#'287#,QWHUQDO#5RXWLQJ#LQ#7LPHVORW#$VVLJQHU#0RGH##1#1#1#1#1#1#1#1#1#1# 8065
8067 80,QWHUIDFH#253#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8066
8068 80,QWHUIDFH#254#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8066
8069 80,QWHUIDFH#255#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8066
806: 80,QWHUIDFH#256#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8067
806; 80,QWHUIDFH#257#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8067
806< 80,QWHUIDFH#258#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8067
8073 80,QWHUIDFH#259#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8068
8074 80,QWHUIDFH#25:#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8069
8075 80,QWHUIDFH#25;#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806:
8076 80,QWHUIDFH#25<#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806:
8077 80,QWHUIDFH#2545#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806;
8078 80,QWHUIDFH#2546#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806;
8079 6270,QWHUIDFH#1LEEOH#5HJLVWHU#0DS# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 806<
807: 6270,QWHUIDFH#153#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8073
807; 6270,QWHUIDFH#154#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8073
807< 6270,QWHUIDFH#155#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8074
8083 6270,QWHUIDFH#156#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8075
8084 6270,QWHUIDFH#157#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8076
8085 6270,QWHUIDFH#158#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8077
8086 6270,QWHUIDFH#159#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8078
8087 6270,QWHUIDFH#%55#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807:
8088 6270,QWHUIDFH#%56#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807;
8089 6270,QWHUIDFH#%57#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807<
808: 6270,QWHUIDFH#%58#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 807<
808; 6270,QWHUIDFH#%59#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8083
808< 6270,QWHUIDFH#%5:#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8084
8093 6270,QWHUIDFH#%5;#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8086
8094 6270,QWHUIDFH#%5<#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8087
8095 6270,QWHUIDFH#%543#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8088
8096 6270,QWHUIDFH#%544#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8089
8097 6270,QWHUIDFH#%545#%LW#'HILQLWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 808;
8098 627#2YHUOD\#5HJLVWHU#0DS#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 808<
8099 ',1#DQG#'287#,QWHUQDO#5RXWLQJ#LQ#7LPHVORW#$VVLJQHU#0RGH##1#1#1#1#1#1#1#1#1#1# 808<
809: 6270,QWHUIDFH#253#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8093
809; 6270,QWHUIDFH#254#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8093
809< 6270,QWHUIDFH#255#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8093
80:3 6270,QWHUIDFH#256#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8094
80:4 6270,QWHUIDFH#257#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8094
80:5 6270,QWHUIDFH#258#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8094
80:6 6270,QWHUIDFH#259#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8095
80:7 6270,QWHUIDFH#25:#%LW#'HILQLWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8096
904 6&3#80153²8#RU#6270153²9³:ULWH#2SHUDWLRQ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 905
/LVW#RI#)LJXUHV
[LL 0&4788:9#8VHU¶V#0DQXDO 027252/$
905 6&3#80153²8#RU#6270153²9³5HDG#2SHUDWLRQ#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 906
906 6&3#(2HJLVWHU#59#:ULWH#2SHUDWLRQ#8VLQJ#'RXEOH#;0%LW#7UDQVIHU#1#1#1#1#1#1# 907
907 6&3#(2HJLVWHU#59#5HDG#2SHUDWLRQ#8VLQJ#'RXEOH#;0%LW#7UDQVIHU##1#1#1#1#1#1# 907
908 6&3#(2HJLVWHU#59#:ULWH#2SHUDWLRQ#8VLQJ#6LQJOH#490%LW#7UDQVIHU# 1#1#1#1#1#1# 908
909 6&3#(2HJLVWHU#59#5HDG#2SHUDWLRQ#8VLQJ#6LQJOH#490%LW#7UDQVIHU##1#1#1#1#1#1# 908
90: 6&3#%\WH#5HJLVWHU#:ULWH#2SHUDWLRQ#8VLQJ#'RXEOH#;0%LW#7UDQVIHU# 1#1#1#1#1#1#1#1#1# 909
90; 6&3#%\WH#5HJLVWHU#5HDG#2SHUDWLRQ#8VLQJ#'RXEOH#;0%LW#7UDQVIHU# #1#1#1#1#1#1#1#1#1# 909
90< 6&3#%\WH#5HJLVWHU#:ULWH#2SHUDWLRQ#8VLQJ#6LQJOH#490%LW#7UDQVIHU# 1#1#1#1#1#1#1#1#1# 90:
9043 6&3#%\WH#5HJLVWHU#5HDG#2SHUDWLRQ#8VLQJ#6LQJOH#490%LW#7UDQVIHU# #1#1#1#1#1#1#1#1#1# 90:
:04 &RQFHSWXDO#'LDJUDP#RI#7HUPLQDO#'DWD#)ORZ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :06
:05 17#7HUPLQDO#,'/#430%LW#0RGH# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :07
:06 17#7HUPLQDO#,'/#;0%LW#0RGH# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :08
:07 7'0#'DWD#)ORZ#&RQFHSWXDO#'LDJUDP#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :08
:08 7'0#,'/#430%LW#0RGH##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :09
:09 7'0#,'/#;0%LW#0RGH##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :09
:0: 76$#'DWD#)ORZ#&RQFHSWXDO#'LDJUDP#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :0:
:0; 0LQL03$%;#%ORFN#'LDJUDP##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :0;
:0< 7LPHVORWV#&RQILJXUDWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :0;
:043 3KDVH#5HODWLRQVKLS#RI#WKH#17#7UDQVPLW#6LJQDO#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :043
;04 *&,#)UDPH#6WUXFWXUH#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;05
;05 0RQLWRU#&KDQQHO#$FFHVV#3URWRFRO# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;06
;06 0RQLWRU#&KDQQHO#3URWRFRO#ZLWK#'HOD\#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;07
;07 0RQLWRU#&KDQQHO#5HJLVWHU#:ULWH#6HTXHQFH#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;07
;08 0RQLWRU#&KDQQHO#5HJLVWHU#5HDG#6HTXHQFH##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;07
;09 0RQLWRU#&KDQQHO#0XOWLSOH#,QWHUUXSW#,QGLFDWLRQV#6HTXHQFH# 1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;08
;0: *&,#'DWD#)ORZ#&RQFHSWXDO#'LDJUDP# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;0<
;0; *&,#'DWD#)ORZ#&RQFHSWXDO#'LDJUDP# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;045
;0< 0XOWLSOH[#*&,#7LPLQJ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;046
<04 0&4788:9#80,QWHUIDFH#$FWLYDWLRQ#6WDWH#'LDJUDP# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <06
<05 7LPH#'LDJUDP#IRU#7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#WKH#/7#ZLWK#7HUPLQDO0RQO\#
&RQQHFWLRQ#<043
<06 7LPH#'LDJUDP#IRU#7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#WKH#/7#ZLWK#7(0RQO\#
&RQQHFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <044
<07 7LPH#'LDJUDP#IRU#7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#WKH#/7#ZLWK#1R#7(#RU#7HUPLQDO#
&RQQHFWHG# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <045
<08 7LPH#'LDJUDP#IRU#7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#WKH#/7#ZLWK#%RWK#7(#DQG#
7HUPLQDO#&RQQHFWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <046
<09 7LPH#'LDJUDP#IRU#7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#WKH#7HUPLQDO#(TXLSPHQW#ZLWK#
1R#7HUPLQDO#&RQQHFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <047
<0: 7LPH#'LDJUDP#IRU#7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#WKH#7HUPLQDO#(TXLSPHQW#ZLWK#
7HUPLQDO#&RQQHFWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <048
<0; 7LPH#'LDJUDP#IRU#7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#WKH#7HUPLQDO#ZLWK#1R#7(#
&RQQHFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <049
<0< 7LPH#'LDJUDP#IRU#7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#WKH#7HUPLQDO#ZLWK#7(#
&RQQHFWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <04:
/LVW#RI#)LJXUHV
027252/$ 0&4788:9#8VHU¶V#0DQXDO [LLL
<043 7LPH#'LDJUDP#IRU#'HDFWLYDWLRQ#ZLWK#7(#&RQQHFWLRQ#+$OZD\V#,QLWLDWHG#E\#WKH#
/7,# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <04;
<044 7LPH#'LDJUDP#IRU#'HDFWLYDWLRQ#ZLWK#7HUPLQDO0RQO\#&RQQHFWLRQ#+$OZD\V#
,QLWLDWHG#E\#WKH#/7,# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <04;
<045 7LPH#'LDJUDP#IRU#'HDFWLYDWLRQ#ZLWK#%RWK#7(#DQG#7HUPLQDO#&RQQHFWLRQV#
+$OZD\V#,QLWLDWHG#E\#WKH#/7,# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <04<
<046 7LPH#'LDJUDP#RI#D#802QO\#$FWLYDWLRQ#+$OZD\V#,QLWLDWHG#E\#WKH#/7,# 1#1#1#1#1# <053
<047 7LPH#'LDJUDP#IRU#D#7UDQVLWLRQ#IURP#'6/02QO\#$FWLYDWLRQ#WR#7RWDO#$FWLYDWLRQ#
,QLWLDWHG#E\#WKH#/7#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <053
<048 7LPH#'LDJUDP#IRU#D#7UDQVLWLRQ#IURP#'6/02QO\#$FWLYDWLRQ#WR#7RWDO#$FWLYDWLRQ#
,QLWLDWHG#E\#WKH#7(#:LWK#7HUPLQDO#&RQQHFWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <054
<049 7LPH#'LDJUDP#IRU#D#7UDQVLWLRQ#IURP#'6/02QO\#$FWLYDWLRQ#WR#7RWDO#$FWLYDWLRQ#
,QLWLDWHG#E\#WKH#7HUPLQDO#:LWK#7(#&RQQHFWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <054
<04: 7LPH#'LDJUDP#IRU#D#7UDQVLWLRQ#IURP#7RWDO#$FWLYDWLRQ#WR#'6/02QO\#$FWLYDWLRQ#
+$OZD\V#,QLWLDWHG#E\#WKH#/7,# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <055
4304 627#7UDQVPLW#/LQH#,QWHUIDFH#&LUFXLW#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4305
4305 627#5HFHLYH#/LQH#,QWHUIDFH#&LUFXLW# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4306
4306 5HFRPPHQGHG#5%44#8#,QWHUIDFH#&RQQHFWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4307
4307 6FKHPDWLF#5HIHUHQFH#IRU#80,QWHUIDFH#7UDQVIRUPHU# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4308
4404 ,'/#7LPLQJ/#;2430%LW#)RUPDWV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4409
4405 *&,#0DVWHU#7LPLQJ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 440;
4406 6HULDO#&RQWURO#3RUW#+6&3,#,QWHUIDFH#7LPLQJ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 44043
4407 '5(48(67#7LPLQJ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 44044
4408 '*5$17#7LPLQJ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 44044
4504 0&4788:9#3LQRXW#'UDZLQJ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4504
4505 0&4788:9#770SLQ#74)3#3DFNDJH#'UDZLQJ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4505
$04 0&4788:9(9.#%ORFN#'LDJUDP# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 $04
$05 6PDUW#174#&RQILJXUDWLRQ#ZLWK#0&4788:9(9.#DQG#0&4788:9'59# 1#1#1#1#1#1 $05
'04 5HFRPPHQGHG#5%44#8#,QWHUIDFH#&RQQHFWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '04
'05 /LQH#,QWHUIDFH#&LUFXLW#0RGHO# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '05
'06 7UDQVPLW#&LUFXLW#0RGHO##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '06
'07 7UDQVIRUPHU#0RGHO#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '06
'08 &DOFXODWHG#/LQH#,QWHUIDFH#&LUFXLW##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '08
/LVW#RI#7DEOHV
[LY 0&4788:9#8VHU¶V#0DQXDO 027252/$
/LVW#RI#7DEOHV
604 0&4788:9#)XQFWLRQDO#6LJQDO#*URXSLQJV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 605
605 3RZHU#6XSSO\#3LQV# ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 606
606 3KDVH#/RFN#/RRS#DQG#&ORFN#3LQV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 607
607 0RGH#6HOHFWLRQ#3LQV# ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 607
608 7LPH#'LYLVLRQ#0XOWLSOH[#,QWHUIDFH#3LQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 609
609 'LJLWDO#'DWD#,QWHUIDFH#3LQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 60:
60: &/.287#9DOXHV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 6046
60; 7HVW#3XOVHV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 6046
60< /('#&RQWURO#&RPELQDWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 6047
6043 /LQH#,QWHUIDFH#3LQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 6047
804 %LW#5HDG2:ULWH#,QGLFDWRU# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 805
805 07#%LW#'HILQLWLRQV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8044
806 6XSHUIUDPH#)UDPH#6WHHULQJ#0RGHV#RI#2SHUDWLRQ# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8053
807 (2&#&RQWURO#0RGHV# # 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8055
808 $XWRPDWLF#(2URFHVVRU#)XQFWLRQV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8056
809 07#&RQWURO#0RGHV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8057
80: 07#'XDO#&RQVHFXWLYH#0RGHV#([DPSOH##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8058
80; 08209#&RQWURO#0RGHV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8059
80< 627#%\WH#5HJLVWHU#0DS#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8079
8043 5[#,1)2#6WDWH#&RGHV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 8089
8044 7[#,1)2#6WDWH#&RGHV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 808:
904 80,QWHUIDFH#6&3#1LEEOH#2SHUDWLRQV# # 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 906
905 6270,QWHUIDFH#6&3#1LEEOH#2SHUDWLRQV# ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 906
906 80,QWHUIDFH#6&3#59#2SHUDWLRQV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 908
907 6&3#80,QWHUIDFH#%\WH#2SHUDWLRQV# ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 90:
908 6&3#6270,QWHUIDFH#%\WH#2SHUDWLRQV# ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 90;
:04 &KDQJHG#5HJLVWHUV2%LWV#LQ#76$#0RGH#E\#&RQILJXUDWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# :0<
;04 0XOWLSOH[HG#*&,#)UDPH#&RQILJXUDWLRQ# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;05
;05 0RQLWRU#&KDQQHO#&RPPDQGV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;09
;06 0RQLWRU#&KDQQHO#5HVSRQVH#0HVVDJHV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;0:
;07 0RQLWRU#&KDQQHO#,QWHUUXSW#,QGLFDWLRQ#0HVVDJHV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;0:
;08 *&,#7HUPLQDO#0RGH#&2,#&KDQQHO#&RPPDQG#DQG#,QGLFDWLRQ#&RGHV# ##1#1#1#1# ;043
;09 0XOWLSOH[#0RGH#&2,#&KDQQHO#&RGH#'HILQLWLRQV# # #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# ;046
<04 17#0RGH#$FWLYDWLRQ#6LJQDOV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <05
<05 /7#0RGH#$FWLYDWLRQ#6LJQDOV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <05
<06 17#0RGH#7UDQVPLVVLRQ#6WDWHV# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# <09
4304 5%44#/LQH#,QWHUIDFH#&RPSRQHQWV#9DOXHV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4307
4305 80,QWHUIDFH#7UDQVIRUPHU#6SHFLILFDWLRQV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4309
4404 $EVROXWH#0D[LPXP#5DWLQJV##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4404
4405 5HFRPPHQGHG#2SHUDWLQJ#&RQGLWLRQV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4404
4406 3RZHU#&RQVXPSWLRQ#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4405
4407 80,QWHUIDFH#3HUIRUPDQFH# #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4405
/LVW#RI#7DEOHV
027252/$ 0&4788:9#8VHU¶V#0DQXDO [Y
4408 '&#(OHFWULFDO#&KDUDFWHULVWLFV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4406
4409 3LQV#7[3#DQG#7[1#+5/# #93#Ω#IURP#7[3#WR#7[1,##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4407
440: 3LQV#5[3#DQG#5[1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4407
440; 6270,QWHUIDFH#$QDORJ#&KDUDFWHULVWLFV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4407
440< ,'/#7LPLQJ#&KDUDFWHULVWLFV# ##1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 4408
44043 *&,#7LPLQJ#&KDUDFWHULVWLFV# # 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 440:
44044 6&3#7LPLQJ#&KDUDFWHULVWLFV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 440<
44045 '#&KDQQHO#7LPLQJ#&KDUDFWHULVWLFV# 1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1# 44044
%04 0&4788:9#/LQH#,QWHUIDFH#&LUFXLW#7UDQVIRUPHU#0DQXIDFWXUHUV# 1#1#1#1#1#1#1#1#1#1#1#%05
%05 &U\VWDO#6SHFLILFDWLRQV #1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#%05
%06 &U\VWDO#9HQGRUV#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#%06
%07 ,6'1#&DOO#&RQWURO#6RXUFH#&RGH#6XSSOLHUV1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#%06
'04 5%44#/LQH#,QWHUIDFH#&RPSRQHQWV#9DOXHV1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1#1 '05
/LVW#RI#7DEOHV
[YL 0&4788:9#8VHU¶V#0DQXDO 027252/$
027252/$ 0&4788:9#'DWD#6KHHW 404
4
,QWURGXFWLRQ
414 %DFNJURXQG
6LQFH#WKH#GHYHORSPHQW#RI#WKH#FRPSXWHU/#WKHUH#KDV#EHHQ#SUHVVXUH#WR#XVH#WKH#H[LVWLQJ#
WHOHSKRQH#QHWZRUN#LQIUDVWUXFWXUH#WR#VHQG#GLJLWDO#GDWD#WUDQVPLVVLRQV1#7KH#H[SORVLYH#
HYROXWLRQ#RI#GLJLWDO#WHFKQRORJ\#QRW#RQO\#FRQYHUWHG#WKH#WHOHSKRQH#V\VWHP#LWVHOI#WR#D#GLJLWDO#
VZLWFKLQJ#V\VWHP#+VWDUWLQJ#LQ#WKH#4<93V,/#EXW#DOVR#HQFRXUDJHG#WKH#GHYHORSPHQW#RI#WKH#
PRGHP#DQG#UHODWHG#WHFKQRORJ\#WKDW#KDV#LQ#WXUQ/#DORQJ#ZLWK#WKH#LQIRUPDWLRQ#UHYROXWLRQ#
DQG#WKH#LQWHUQHW/#FUHDWHG#D#UDYHQRXV#GHPDQG#IRU#DFFHVV1#$QWLFLSDWLQJ#WKH#LQGXVWU\#
JURZWK#DQG#GHPDQGV#E\#SULYDWH#DQG#SXEOLF#XVHUV/#WKH#,QWHUQDWLRQDO#7HOHFRPPXQLFDWLRQV#
8QLRQ#+,78,/#XQGHU#LWV#IRUPHU#8QLWHG#1DWLRQV#WLWOH#&&,77/#LQLWLDWHG#D#UHFRPPHQGDWLRQ#
IRU#WKH#GHYHORSPHQW#RI#LQWHUQDWLRQDO#VWDQGDUGV#IRU#DQ#,QWHJUDWHG#6HUYLFHV#'LJLWDO#
1HWZRUN#+,6'1,#LQ#4<;71#,Q#WKH#8QLWHG#6WDWHV/#KRZHYHU/#FRPSHWLQJ#LQWHUHVWV#VORZHG#WKH#
DFFHSWDQFH#DQG#GHYHORSPHQW#RI#VXFK#D#V\VWHP#GXH#WR#GLIIHUHQW#LPSOHPHQWDWLRQ#
VWDQGDUGV1#)LQDOO\/#LQ#WKH#4<<3·V/#8161#PDQXIDFWXUHUV#DJUHHG#XSRQ#D#QDWLRQDO#,6'1#
VWDQGDUG#1,41#7KLV#KDV#UHFHQWO\#EHHQ#UHSODFHG#ZLWK#WKH#PRUH#FRPSUHKHQVLYH#1,5#
VWDQGDUG1
$#VLQJOH#,6'1#FRQQHFWLRQ#XVHV#D#50ZLUH#8VHU0LQWHUIDFH#+80LQWHUIDFH,#IURP#WKH#LQFRPLQJ#
WHOHSKRQH#V\VWHP#VZLWFK1#7KH#,6'1#OLQH#PXVW#EH#FRQQHFWHG#WKURXJK#D#GHYLFH#FDOOHG#D#
1HWZRUN#7HUPLQDWLRQ#4#+174,#WKDW#FRQYHUWV#WKH#80LQWHUIDFH#VLJQDO#LQWR#D#70ZLUH#627#
VLJQDO#WKDW#FRQQHFWV#WR#DQ#,6'1#7HUPLQDO#(TXLSPHQW#4#+7(4,#GHYLFH1#7KLV#LV#GLIIHUHQW#
IURP#D#VWDQGDUG#WHOHSKRQH#ZKLFK#LV#FODVVLILHG#DV#D#7HUPLQDO#(TXLSPHQW#5#+7(5,#GHYLFH1#$#
7HUPLQDO#$GDSWHU#+7$,#LV#UHTXLUHG#WR#FRQYHUW#WKH#627#VLJQDO#WR#DQ#5#VLJQDO#WR#FRQQHFW#WR#D#
VWDQGDUG#WHOHSKRQH#GHYLFH#+L1H1/#D#7(5,1#
$Q#HDUOLHU#0RWRUROD#VROXWLRQ#IRU#WKH#174#LQWHUIDFH#XVHG#D#FKLS0VHW#ZLWK#DQ#0&4788:7#+IRU#
WKH#6270,QWHUIDFH,#DQG#DQ#0&4788:5#+IRU#WKH#80,QWHUIDFH,1#7KH#0RWRUROD#0&4788:9#LV#D#
VLQJOH0FKLS#,QWHJUDWHG#,6'1#174#WKDW#RIIHUV#D#ORZ#FRVW/#KLJKO\#LQWHJUDWHG#VROXWLRQ#IRU#WKH#
GHVLJQ#RI#D#1HWZRUN#7HUPLQDWLRQ#(TXLSPHQW1#:LWK#D#IOH[LEOH#LQWHUIDFH#FRPSDWLEOH#ZLWK#
RWKHU#0RWRUROD#,6'1#FRPSRQHQWV/#WKH#0&4788:9/#ZKHQ#FRPELQHG#ZLWK#0RWRUROD·V#
FRQWUROOHU#IDPLO\/#EHFRPHV#WKH#KHDUW#RI#D#SRZHUIXO#DQG#FRVW0HIIHFWLYH#6PDUW#174#VROXWLRQ1
,QWURGXFWLRQ
405 0&4788:9#'DWD#6KHHW 027252/$
415 )HDWXUHV
.H\#IHDWXUHV#RI#WKH#0&4788:9#WUDQVFHLYHU#LQFOXGH#=
‡)XOO#FRPSOLDQFH#ZLWK#DSSURSULDWH#86$#DQG#(XURSHDQ#UHFRPPHQGDWLRQV/#
LQFOXGLQJ=
³80,QWHUIDFH#+$16,#74193404<<5/#(76,#(75#3;3/#)7#&66544,#LQ#17#PRGH#XVLQJ#
5%44#OLQH#FRGLQJ
³6270,QWHUIDFH#+,78#1763/#(76,#(76#633345#DQG#$16,#741938,#LQ#17#PRGH
‡0&4788:5#DQG#0&4788:7#+8#DQG#6270,QWHUIDFHV,#FRQIRUPDQW/#PHHWLQJ#DQG#
H[FHHGLQJ#DOO#ORRS#SHUIRUPDQFH#UHTXLUHPHQWV#DFFRUGLQJ#WR#86#DQG#(XURSHDQ#
VWDQGDUGV
‡ 6XSSRUWV#0LFUR0OLQHEUHDNV#DFFRUGLQJ#WR#(76,#(75#3;3#
‡ :DUP#VWDUW#FDSDELOLW\
‡ )XOO\#DXWRPDWLF#DFWLYDWLRQ#LQ#*&,#PRGH
‡$XWRPDWLF#KDQGOLQJ#RI#EDVLF#PDLQWHQDQFH#IXQFWLRQV
‡$XWRPDWLF#,QWHUQDO#&RPSOLDQFH#ZLWK#WKH#(PEHGGHG#2SHUDWLRQV#&KDQQHO#+(2&,#
3URWRFRO#DV#VSHFLILHG#LQ#$16,#DQG#(76,#VWDQGDUGV
‡)OH[LEOH#V\VWHP#LQWHUIDFH/#SLQ#VHOHFWDEOH#+,'/.6&3,#RU#*&,#LQWHUIDFH
‡17#7HUPLQDO#,QWHUIDFH
‡ 'HGLFDWHG#SLQV#IRU#3XOVH#WHVW#VLJQDO#JHQHUDWLRQ/#3RZHU#0RGHV#VHOHFW#36425/#)L[HG2
$GDSWLYH#WLPLQJ#VHOHFWLRQ#IRU#6#EXV/#/RRSEDFN#DFWLYH#DQG#/('#DFWLYDWLRQ#SLQV#LQ#
*&,#PRGH
‡&RPSOHWH#VHW##RI#ORRSEDFNV#
‡17#V\QFKURQL]HV#WR#DQG#RSHUDWHV#ZLWK#;3#N+]#“#65#SSP#UHFHLYHG#VLJQDO#IURP#/7
‡/RZ#SRZHU#FRQVXPSWLRQ#+583#P:#W\SLFDO,
‡6#DQG#4#PXOWLIUDPH#FDSDELOLW\#YLD#H[WHUQDO#PLFUR0FRQWUROOHU#FRQQHFWLRQ
‡+LJK#3HUIRUPDQFH#&026#3URFHVV#7HFKQRORJ\
‡&RPSDWLEOH#ZLWK#6#9#GHYLFHV
‡6LQJOH#8#9#SRZHU#VXSSO\
‡*&,#DQG#,'/26&3#LQWHUIDFHV/#DOORZLQJ#IRU#FRPSDWLELOLW\#ZLWK#SUHYLRXV#GHVLJQV#
EDVHG#RQ#0&4788:7#+6270,QWHUIDFH,#DQG#0&4788:5#+80,QWHUIDFH,#FKLS0VHW1#7KH#6&3#
VHULDO#LQWHUIDFH#DOORZV#FRQQHFWLRQ#WR#WKH#H[WHQVLYH#IDPLO\#RI#0RWRUROD#FRQWUROOHUV1
‡:KHQ#FRPELQHG#ZLWK#D#PHPEHU#RI#WKH#0&9;635#IDPLO\#RI#PXOWLSURWRFRO#
FRQWUROOHUV/##D#0&4787;7#3&0#FRGHF/#DQG#DQ#DQDORJ#OLQH#LQWHUIDFH#+6/,&,/#SURYLGHV#
DQ#RSWLPDO#6PDUW#174#RU#6PDUW#7HUPLQDO#$GDSWRU#+80,QWHUIDFH#EDVHG#7$#ZLWK#D#62
7#EXV#DFFHVV,1#7KH#VDPH#DUFKLWHFWXUH#FDQ#EH#XVHG#ZLWK#D#VHFRQG#FRGHF##DQG#6/,&#WR#
DOORZ#IRU#D#GXDO#DQDORJ#LQWHUIDFH#GHVLJQ1
,QWURGXFWLRQ
027252/$ 0&4788:9#'DWD#6KHHW 406
416 %ORFN#'LDJUDP
$V#VKRZQ#LQ#)LJXUHýìðì/#WKH#0&4788:9#GXDO#WUDQVFHLYHU#RIIHUV#D#VLQJOH#FKLS#1704#
VROXWLRQ#E\#FRPELQLQJ#VXSSRUW#IRU#D#WZR0ZLUH#8#LQWHUIDFH#FRQQHFWHG#WKURXJK#WKH#FKLS#WR#
D#IRXU0ZLUH#627#LQWHUIDFH1#7KLV#FDQ#RIIHU#D#FRVW#UHGXFWLRQ#IRU#GHVLJQV#ZLWK#D#WZR0FKLS#
LPSOHPHQWDWLRQ#+RQH#IRU#WKH#8#LQWHUIDFH#DQG#RQH#IRU#WKH#627#LQWHUIDFH,1#7KH#6HULDO#
&RQWURO#3RUW#+6&3,#DOORZV#FRQILJXUDWLRQ#DQG#FRQWURO#RI#ERWK#H[WHUQDO#LQWHUIDFHV1#7KH#
0&4788:9#FDQ#EH#FRQILJXUHG#IRU#0RWRUROD#,QWHUFKLS#'LJLWDO#/LQN#+,'/,#RU#*HQHUDO#
&LUFXLW#,QWHUIDFH#+*&,,#RSHUDWLRQ1
417 174#)XQFWLRQDO#2YHUYLHZ
:KHQ#FRPELQHG#ZLWK#D#PLFURFRQWUROOHU/#VXFK#DV#WKH#0RWRUROD#0&9;/&635/#WKH#
0&4788:9#FDQ#EH#XVHG#WR#SURYLGH#D#FRPSOHWH#6PDUW#1704#VROXWLRQ#WKDW#LQFRUSRUDWHV#D#
7HUPLQDO#$GDSWHU#+7$,#WR#LQWHUIDFH#EHWZHHQ#WKH#3ODLQ#2OG#7HOHSKRQH#6\VWHP#+3276,#5#
LQWHUIDFH#DQG#WKH#627#LQWHUIDFH1#7KH#PLFURFRQWUROOHU#SURYLGHV#WZR#VHULDO#FRPPXQLFDWLRQ#
FRQWUROOHUV#WKDW#FDQ#VXSSRUW#DV\QFKURQRXV#RU#V\QFKURQRXV#FRPPXQLFDWLRQ#WKDW#DUH#XVHG#
WR#FRQQHFW#WR#WKH#0&4788:9#,'/#RU#*&,#VHULDO#LQWHUIDFHV1#$#V\VWHP#W\SLFDOO\#XVHV#WKH#,'/#
PRGH#RU#WKH#*&,#PRGH1
)LJXUH#4041#0&4788:9#%ORFN#'LDJUDP
70ZLUH#627#/RRS 6270LQWHUIDFH
6&3#LQWHUIDFH
80LQWHUIDFH
70ZLUH#EXVHV
*&,
,QWHUIDFH
,'/
,QWHUIDFH
6&3
,QWHUIDFH
50ZLUH#8#/RRS
,QWURGXFWLRQ
407 0&4788:9#'DWD#6KHHW 027252/$
418 0DQXDO#2UJDQL]DWLRQ
7KLV#PDQXDO#XVHV#WKH#IROORZLQJ#RUJDQL]DWLRQDO#VWUXFWXUH=
‡6HFWLRQ#4#,QWURGXFWLRQ
‡6HFWLRQ#5#,6'1#%DVLF#$FFHVV#6\VWHP#2YHUYLHZ
‡6HFWLRQ#6#6LJQDO#'HVFULSWLRQV
‡6HFWLRQ#7#0RGHV#RI#2SHUDWLRQ
‡6HFWLRQ#8#5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
‡6HFWLRQ#9#6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
‡6HFWLRQ#:#,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
‡6HFWLRQ#;#*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
‡6HFWLRQ#<#$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
‡6HFWLRQ#43#7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
‡6HFWLRQ#44#3URGXFW#6SHFLILFDWLRQV
‡6HFWLRQ#45#0HFKDQLFDO#'DWD
‡ $SSHQGL[#$#0&4788:9#(YDOXDWLRQ#%RDUG
‡ $SSHQGL[#%#&RPSRQHQW#6RXUFLQJ#
‡ $SSHQGL[#ULQWHG#&LUFXLW#%RDUG#/D\RXW
‡ $SSHQGL[#'#/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV
‡ $SSHQGL[#(#*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
‡ $SSHQGL[#)#6WDQGDUGV#%RGLHV
‡,QGH[#+QRW#LQFOXGHG#LQ#WKLV#UHOHDVH,
419 1RWDWLRQ#&RQYHQWLRQV
7KH#IROORZLQJ#QRWDWLRQ#FRQYHQWLRQV#DUH#XVHG#LQ#WKLV#GRFXPHQW=
‡6LJQDO#UHSUHVHQWDWLRQV=
³$FWLYH#KLJK#VLJQDOV#+/RJLF#2QH,#XVH#WKH#VLJQDO#QDPH#+H1J1/#$3,1#
³$FWLYH#ORZ#VLJQDOV#+/RJLF#=HUR,#XVH#WKH#VLJQDO#QDPH#ZLWK#DQ#RYHUEDU#+H1J1/#:(#
RU#2(,1
‡1XPHULF#UHSUHVHQWDWLRQV=
³ +H[DGHFLPDO#YDOXHV#VWDUW#ZLWK#D#´'µ#VLJQ#+H1J1/#'3))3#RU#';3,1#
³'HFLPDO#YDOXHV#KDYH#QR#V\PERO#DWWDFKHG#WR#WKH#QXPEHU#+H1J1/#43#RU#67,1#
³ %LQDU\#YDOXHV#VWDUW#ZLWK#WKH#OHWWHU#´Eµ#+H1J1/#E4343#RU#E3344,1#
‡5HJLVWHU2ELW#GHVLJQDWRUV=
³155+E6,#UHIHUV#WR#1LEEOH#5HJLVWHU#5/#%LW#61
³%55+E9,#UHIHUV#WR#%\WH#5HJLVWHU#5/#%LW#91
³254+E4,#UHIHUV#WR#2YHUOD\#5HJLVWHU#4/#%LW#41
027252/$ 0&4788:9#'DWD#6KHHW 504
5
,6'1#%DVLF#$FFHVV#6\VWHP#2YHUYLHZ
514 ,6'1#5HIHUHQFH#0RGHO
7KH#,6'1#UHIHUHQFH#PRGHO#LV#VKRZQ#LQ#)LJXUH#5041#7KLV#LV#D#JHQHUDO#PRGHO#WKDW#FDQ#EH#
DGDSWHG#WR#PDQ\#GLIIHUHQW#LPSOHPHQWDWLRQV#RI#WKH#,6'11#7KH#GLDJUDP#LQGLFDWHV#WKH#
SRVLWLRQ#RI#WKH#80UHIHUHQFH#SRLQW#EHWZHHQ#WKH#/7#DQG#WKH#1HWZRUN#7HUPLQDWLRQ#4#+174,#
EORFNV#DQG#WKH#70UHIHUHQFH#SRLQW#EHWZHHQ#WKH#175#DQG#WKH#174#LQ#WKH#PRGHO1
7KH#80LQWHUIDFH#LV#WKH#SK\VLFDO#DFFHVV#SRLQW#WR#WKH#,6'1#DW#WKH#80UHIHUHQFH#SRLQW1#7KLV#
LQWHUIDFH#LV#D#VLQJOH#WZLVWHG#ZLUH#SDLU#VXSSRUWLQJ#IXOO0GXSOH[#WUDQVPLVVLRQ#RI#GLJLWDO#
LQIRUPDWLRQ#DW#D#UDWH#RI#493#NESV1#7KH#WZLVWHG#ZLUH#SDLU#FDQ#H[WHQG#XS#WR#4;/333#IHHW#DQG#
PD\#LQFOXGH#EULGJH#WDSV1#7KLV#LQWHUIDFH#LV#RIWHQ#UHIHUUHG#WR#DV#D#'LJLWDO#6XEVFULEHU#/LQH1
7KH#60LQWHUIDFH#DQG#70LQWHUIDFH#DUH#WKH#SK\VLFDO#DFFHVV#SRLQWV#DW#WKH#60#DQG#70UHIHUHQFH#
SRLQWV/#UHVSHFWLYHO\1#7KH#LQWHUIDFH#VXSSRUWV#IXOO#GXSOH[#FRPPXQLFDWLRQV#EHWZHHQ#SULQWHG#
FLUFXLW#ERDUG#LQWHJUDWHG#FLUFXLWV#+,&V,#XVLQJ#WZR#97#NESV#%#FKDQQHOV#DQG#RQH#49#NESV#'#
FKDQQHO1#7KH#FKLS#LV#SURJUDPPDEOH#WR#VXSSRUW#VHYHUDO#IRXU0ZLUH#FRPPXQLFDWLRQ#
SURWRFROV#GHVFULEHG#LQ#GHWDLO#LQ#6HFWLRQVýç¥åï
)LJXUH#5041##,6'1#5HIHUHQFH#0RGHO
5HIHUHQFH#3RLQWV=
56789
7(5
175(7
.H\=
&&61²&RPPRQ#&KDQQHO#6LJQDOOLQJ#1HWZRUN 175²1HWZRUN#7H U P L Q D W LR Q #5#+26,#/D\HUV#5#DQG#6,
&61²&LUFXLW#6ZLWFKHG#1HWZRUN 361²3DFNHW#6ZLWFKHG#1HWZRUN
(7²([FKDQJH#7HUPLQDWLRQ#+&121#6ZLWFK,7$²7HUPLQDO#$GDSWHU
/7²/LQH#7HUPLQDWLRQ#+/LQH#&DUG,7(4²7HUPLQDO#(TXLSPHQW#4#+,6'1#7H U P L Q D O ,
174²1HWZRUN#7H U P L QD W L R Q #4#+26,#/D\HU#4#2QO\,7(5²7HUPLQDO#(TXLSPHQW#5#+1RQ0,6'1#7HUPLQ D O,
&61
361
&&61
7(4
7$
174/7
,6'1#%DVLF#$FFHVV#6\VWHP#2YHUYLHZ
505 0&4788:9#'DWD#6KHHW 027252/$
515 ,6'1#$SSOLFDWLRQV
)LJXUHýëðë#VKRZV#D#W\SLFDO#,6'1#DSSOLFDWLRQ#XVLQJ#0RWRUROD#VHPLFRQGXFWRU#VROXWLRQV1#
7KH#174#FRQYHUWV#WKH#50ZLUH#80LQWHUIDFH#WR#WKH#70ZLUH#6270LQWHUIDFH#DV#VKRZQ#E\#XVLQJ#
DQ#0&4788:91#$OVR#VKRZQ#LV#D#KLJKO\#LQWHJUDWHG#80LQWHUIDFH#,6'1#WHUPLQDO/#GHVLJQDWHG#
17427(4/#ZKLFK#LPSOHPHQWV#D#FRPSOHWH#YRLFH#DQG#GDWD#WHUPLQDO#ZLWK#D#80LQWHUIDFH#IRU#
LPPHGLDWH#DQG#FRVW#HIIHFWLYH#DFFHVV#WR#WKH#,6'11#7KH#0&4788:5#LV#VKRZQ#LQWHUIDFHG#WR#
WKH#09;333#FRUH0EDVHG#0&9;635#,QWHJUDWHG#0XOWLSURWRFRO#3URFHVVRU#+,03,/#ZKLFK#
KDQGOHV#OD\HUV#5²:#RI#WKH#26,#UHIHUHQFH#PRGHO1#9R LFH#LV#VXSSRUWHG#ZLWK#D#FRQYHQWLRQDO#
FRGHF0ILOWHU#GHYLFH/#VXFK#DV#WKH#0&47/&87;31#7KH#QHWZRUN#LV#FRPSOHWHG#ZLWK#D#7$#DQG#
DQ#6270LQWHUIDFH#,6'1#WHUPLQDO#+7(4,1#7ZR#GLIIHUHQW#DUFKLWHFWXUHV#DUH#VKRZQ=#WKH#7$#LV#
LPSOHPHQWHG#ZLWK#WKH#0&9;/&635#,03/#DQG#WKH#7(4#LV#VKRZQ#LPSOHPHQWHG#ZLWK#WKH#
0&9;4+635#,031#
Y
)LJXUH#5051#7\SLFDO#,6'1#$SSOLFDWLRQ
7$ 174/7
17427(4
7(4/7
0&4788:9
6270
,QWHUIDFH
80
,QWHUIDFH
8
8
6ZLWFKLQJ#(TXLSPHQW
0&9;635 0&4788:5
0&47/&87;3
5$02
520
0&47/&87;3
5$02
520
0&9;4+635 0&4788:7
0&4788:7
0&9;/&635
0&4788:5
0&4788:5
0&47/&87;3
,03 8
&KLS
8
&KLS
8
&KLS
627
&KLS
627
&KLS
,03
,03
6&3
,'/
6&3
,'/
6&3
,'/
6&3
,'/
6&3
,'/
+RVW#%XV
&RGHF
&RGHF &RGHF
560565
5$02
520
027252/$ 0&4788:9#8VHU¶V#0DQXDO 604
6
6LJQDO#'HVFULSWLRQV
614 ,QWURGXFWLRQ
7KH#0RWRUROD#0&4788:9#,6'1#6LQJOH#&KLS#174#7UDQVFHLYHU#LV#DYDLODEOH#LQ#D#770SLQ#
74)3#SDFNDJH#+VHH#)LJXUHýêðì,1
)LJXUH#6041#0&4788:9#3LQRXW#'UDZLQJ
0&4788:93%
7703LQ#74)3
+7RS#9LHZ,
6&3#5[238/6(5
6&3#7[2/%$
6&3&/.238/6(4
6&3(1082364
6&3(1072365
966#,22
9''#,22
&/.287
'*5$1728'&/.
'5(48(672$58
)6&
4
5
6
7
8
9
:
;
<
43
44
5;108
5[308
966#5[08
9''#5[B8
966
9''#69
9''
,'/2*&,
5[307
5[107
,6(7
',1
'287
'&/
;7$/RXW
;7$/LQ
&/$66
),;
9''07
7[107
7[307
96607
')6&27'&/.2/('5
,542/('4
(12
&/.B6(/
5(6(7
7[108
9''#7[08
966#7[08
7[308
9UHI3
9UHI1
66
65
64
63
5<
5;
5:
59
58
57
56
45 46 47 48 49 4: 4; 4< 53 54 55
77 76 75 74 73 6< 6; 6: 69 68 67
UHYLVHG#;25;24<<;
6LJQDO#'HVFULSWLRQV
605 0&4788:9#8VHU¶V#0DQXDO 027252/$
615 6LJQDO#'HVFULSWLRQV
7KH#FRQQHFWLRQV#WR#WKH#0&4788:9#DUH#RUJDQL]HG#LQWR#VL[#IXQFWLRQDO#JURXSLQJV/#DV#VKRZQ#
LQ#7DEOHýêðì#DQG#LOOXVWUDWHG#LQ#)LJXUHýêðë1
61514
6151461514
61514 3RZHU#6XSSO\
3RZHU#6XSSO\3RZHU#6XSSO\
3RZHU#6XSSO\
7KH#0&4788:9#KDV#ILYH#SDLUV#RI#9''#DQG#966#SRZHU#VXSSO\#SLQV1#(DFK#SDLU#SURYLGHV#
SRZHU#WR#D#VSHFLILF#SRUWLRQ#RI#WKH#LQWHJUDWHG#FLUFXLW#WR#PLQLPL]H#LQWHUDFWLRQ#EHWZHHQ#WKH#
YDULRXV#KLJK#SHUIRUPDQFH#VXEV\VWHPV#RQ#WKH#GHYLFH1#$OO#RI#WKH#QHJDWLYH#SRZHU#VXSSO\#
SLQV#VKRXOG#EH#FRQQHFWHG#WR#WKH#VDPH#JURXQG#UHIHUHQFH#SRLQW#DQG#DOO#RI#WKH#SRVLWLYH#
SRZHU#VXSSO\#SLQV#VKRXOG#EH#FRQQHFWHG#WR#WKH#VDPH#.8#9#SRZHU#VXSSO\#VRXUFH1#7KH#
0&4788:9#DOVR#SURYLGHV#D#6#9#RXWSXW#9''#JHQHUDWHG#E\#DQ#LQWHUQDO#YROWDJH#UHJXODWRU1
7DEOH#6041##0&4788:9#)XQFWLRQDO#6LJQDO#*URXSLQJV
)XQFWLRQDO#*URXS 1R1#RI#6LJQDOV 5HIHUHQFH#7DEOH
3RZHU#6XSSO\ 44 7DEOHýêðë
3KDVH#/RFN#/RRS#+3//,#DQG#&ORFN 57DEOHýêðê
0RGH#6HOHFW 87DEOHýêðé
7LPH#'LYLVLRQ#0XOWLSOH[#+7'0,#'DWD#,QWHUIDFH 77DEOHýêðè
'LJLWDO#'DWD#,QWHUIDFH#44
7DEOHýêðç
/LQH#,QWHUIDFH#44
7DEOHýêðìí
)LJXUH#6051#6LJQDOV#,GHQWLILHG#E\#)XQFWLRQDO#*URXS
9''
9''69
966
5(6(7
&/.B6(/
(12
,'/2*&,
),;
)6&
'&/
'287
',1
;7$/LQ
;7$/RXW
0&4788:9
3RZHU
6XSSO\
3//2
&ORFN
0RGH
6HOHFWLRQ
7'0
'DWD
,QWHUIDFH
6&3(1082364
6&3(1072365
6&3&/.238/6(4
6&35[238/6(5
6&37[2/%$
,542/('4
')6&27'&/.2/('5
&/.287
'*5$1728'&/.
'5(48(672$58
&/$66
7[308
7[108
5[308
5[108
9UHI3
9UHI1
7[307
7[107
5[307
5[107
,6(7
'LJLWDO#
'DWD
,QWHUIDFH
/LQH
,QWHUIDFH
8
8
6LJQDO#'HVFULSWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 606
7DEOH#6051##3RZHU#6XSSO\#3LQV#
6LJQDO#1DPH 3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
9'' 5: 3RVLWLYHý3RZHUý6XSSO\ýõQRPLQDOO\ýòèý9ô³&RQQHFW#9''#WR#.8#91#
9''#SURYLGHV#SRZHU#WR#WKH#LQWHUQDO#GLJLWDO#FLUFXLWV#RI#WKH#GHYLFH1#
'HFRXSOH#9''#ZLWK#D#314#—)#FHUDPLF#FDSDFLWRU#WR#9661
966 5< 1HJDWLYHý3RZHUý6XSSO\ýõQRPLQDOO\ýíý9ô³&RQQHFW#966#WR#JURXQG1#
966#SURYLGHV#D#JURXQG#UHIHUHQFH#IRU#WKH#LQWHUQDO#GLJLWDO#FLUFXLWV#RI#
WKH#GHYLFH1#'HFRXSOH#ZLWK#VHSDUDWH#314#—)#FHUDPLF#FDSDFLWRUV#
FRQQHFWHG#WR#9''1
9''#5[08/#
9''#7[08
63/#6; 3RVLWLYHý3RZHUý6XSSO\ýIRUý8ð,QWHUIDFHý$QDORJý&LUFXLWVý
õQRPLQDOO\ýòèý9ô³&RQQHFW#9''#5[08#DQG#9''#7[08#WR#.8#91#
7KHVH#SLQV#SURYLGH#SRZHU#WR#WKH#DQDORJ#80,QWHUIDFH#UHFHLYH#DQG#
WUDQVPLW#VXEV\VWHPV#LQ#WKH#0&4788:91#'HFRXSOH#HDFK#ZLWK#
VHSDUDWH#314#—)#FHUDPLF#FDSDFLWRUV#FRQQHFWHG#WR#966#5[08#DQG#966#
7[08/#UHVSHFWLYHO\1#7KHVH#WZR#SLQV#DUH#QRW#WLHG#WRJHWKHU#LQWHUQDOO\1
966#5[08/#
966#
7[08
64/#6: 1HJDWLYHý3RZHUý6XSSO\ýIRUý8ð,QWHUIDFHý$QDORJý&LUFXLWVý
õQRPLQDOO\ýíý9ô³&RQQHFW#966#5[08#DQG#9''#7[08#WR#JURXQG1#
7KHVH#SLQV#SURYLGH#D#JURXQG#UHIHUHQFH#WR#WKH#80,QWHUIDFH#DQDORJ#
UHFHLYH#DQG#WUDQVPLW#VXEV\VWHPV1#'HFRXSOH#HDFK#ZLWK#VHSDUDWH#
314#—)#FHUDPLF#FDSDFLWRUV#WR#9''#5[08#DQG#9''#7[08/#UHVSHFWLYHO\1
9''074< 3RVLWLYHý3RZHUý6XSSO\ýIRUýWKHý6î7ð,QWHUIDFHý$QDORJý&LUFXLWVý
õQRPLQDOO\ýòèý9ô³&RQQHFW#9''07#WR#.8#91#7KLV#SLQ#SURYLGHV#
SRZHU#WR#WKH#6270,QWHUIDFH#DQDORJ#VXEV\VWHP#LQ#WKH#0&4788:91#
'HFRXSOH#9''07#ZLWK#VHSDUDWH#314#—)#FHUDPLF#FDSDFLWRUV#WR#966071#
9660755 1HJDWLYHý3RZHUý6XSSO\ýIRUýWKHý6î7ð,QWHUIDFHý$QDORJý&LUFXLWVý
õQRPLQDOO\ýíý9ô³&RQQHFW#96607#WR#JURXQG1#7KLV#SLQ#SURYLGHV#D#
JURXQG#UHIHUHQFH#WR#WKH#6270,QWHUIDFH#DQDORJ#VXEV\VWHP1#'HFRXSOH#
ZLWK#VHSDUDWH#314#—)#FHUDPLF#FDSDFLWRUV#FRQQHFWHG#WR#9''071
9''#,22:3RVLWLYHý3RZHUý6XSSO\ýIRUý,QSXWýDQGý2XWSXWý&LUFXLWVýõQRPLQDOO\ý
òèý9ô³&RQQHFW#9''##,22#WR#.8#9#RU#.6#9#+IRU#69#,22#LQWHUIDFH#
FRPSDWLELOLW\,1#7KLV#SLQ#SURYLGHV#SRZHU#WR#WKH#GLJLWDO#LQSXW#DQG#
RXWSXW#FLUFXLWV#RI#WKH#GHYLFH1#'HFRXSOH#ZLWK#D#314#—)#FHUDPLF#
FDSDFLWRU#FRQQHFWHG#WR#966#,221#
966#,2291HJDWLYHý3RZHUý6XSSO\ýIRUý,QSXWýDQGý2XWSXWý&LUFXLWVñý
õQRPLQDOO\ýíý9ô³&RQQHFW#966#,22#WR#JURXQG1#7KLV#SLQ#SURYLGHV#D#
JURXQG#UHIHUHQFH#WR#WKH#GLJLWDO#LQSXW#DQG#RXWSXW##FLUFXLWV#RI#WKH#
GHYLFH1#'HFRXSOH#ZLWK#VHSDUDWH#314#—)#FHUDPLF#FDSDFLWRUV#
FRQQHFWHG#WR#9''#,221
9''695; 2XWSXWýIURPýWKHý,QWHUQDOýêý9ý5HJXODWRU³9''69#LV#WKH#6#9#
UHJXODWHG#VXSSO\#RXWSXW#XVHG#WR#SRZHU#WKH#LQWHUQDO#GLJLWDO#
FLUFXLWU\1#&RQQHFW#DQ#H[WHUQDO#413#—)#GHFRXSOLQJ#FDSDFLWRU#EHWZHHQ#
WKLV#SLQ#DQG#JURXQG1#
&$87,21ã 'R#127#FRQQHFW#9''69#WR#9''#,22#IRU#6#9#LQWHUIDFH#
FRPSDWLELOLW\1
6LJQDO#'HVFULSWLRQV
607 0&4788:9#8VHU¶V#0DQXDO 027252/$
61515
6151561515
61515 3KDVH#/RFN#/RRS#DQG#&ORFN#3LQV
3KDVH#/RFN#/RRS#DQG#&ORFN#3LQV3KDVH#/RFN#/RRS#DQG#&ORFN#3LQV
3KDVH#/RFN#/RRS#DQG#&ORFN#3LQV
$#5317;#0+]#SXOODEOH#FU\VWDO#LV#FRQQHFWHG#EHWZHHQ#;7$/LQ#DQG#;7$/RXW#WR#IRUP#D#
YROWDJH²FRQWUROOHG#FU\VWDO#RVFLOODWRU1#1R#RWKHU#H[WHUQDO#FRPSRQHQWV#DUH#UHTXLUHG1
61516
6151661516
61516 0RGH#6HOHFWLRQ#3LQV
0RGH#6HOHFWLRQ#3LQV0RGH#6HOHFWLRQ#3LQV
0RGH#6HOHFWLRQ#3LQV
7KHVH#LQSXWV#GHILQH#WKH#PRGH#RI#RSHUDWLRQ#IRU#WKH#0&4788:91#
7DEOH#6061##3KDVH#/RFN#/RRS#DQG#&ORFN#3LQV
3LQ#1DPH 3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
;7$/LQ/#;7$/RXW 49/#48 &U\VWDOý,QSXWî2XWSXW³,QSXW#DQG#RXWSXW#VLJQDOV#RI#WKH#5317;#
0+]#FU\VWDO#RVFLOODWRU#DPSOLILHU1#'HWDLOHG#VSHFLILFDWLRQV#IRU#WKH#
FU\VWDO#DUH#OLVWHG#LQ#$SSHQGL[ý%ïëïì1
7DEOH#6071##0RGH#6HOHFWLRQ#3LQV#
6LJQDO#1DPH 3LQ#1R1
74)3 3LQ#'HVFULSWLRQ
5(6(7 73 +DUGZDUHý5HVHW³$#ORJLF#3#DSSOLHG#WR#WKLV#6FKPLWW#WULJJHU#
LQSXW#SLQ#KROGV#WKH#GHYLFH#LQ#D#KDUGZDUH#UHVHW#FRQGLWLRQ1#$#
ORJLF#4#SXWV#WKH#GHYLFH#LQWR#WKH#QRUPDO#RSHUDWLQJ#VWDWH1#5HJLVWHU#
153+6,#SURYLGHV#D#VLPLODU#VRIWZDUH#UHVHW#IXQFWLRQ/#WKHUHE\#
DOORZLQJ#FRQWURO#RI#WKLV#PRGH#IURP#WKH#H[WHUQDO#
PLFURFRQWUROOHU1#
1RWHã $#5317;#0+]#FORFN#PXVW#EH#DSSOLHG#WR#WKH#0&4788:9#
ZKHQ#5(6(7#LV#DVVHUWHG1
'XULQJ#D#KDUGZDUH#UHVHW#FRQGLWLRQ/#DOO#6HULDO#&RQWURO#3RUW#
5HJLVWHUV#DUH#UHVHW#WR#WKHLU#GHIDXOW#VWDWH/#DQG#WKH#VLJQDOV#RXWSXW#
IURP#WKH#'&/#DQG#)6&#SLQV#DUH#KDOWHG1#,Q#DGGLWLRQ/#WKH#7[#
'ULYHU#LV#SXW#LQWR#D#ORZ#LPSHGDQFH#VWDWH#WR#WHUPLQDWH#WKH#8²
,QWHUIDFH#SDUW#DQG#WKH#5%44#UHFHLYHU#LV#XQDEOH#WR#GHWHFW#WKH#
DFWLYDWLRQ#ZDNH²XS#WRQH1#5(6(7#PXVW#EH#DVVHUWHG#ORZ#IRU#DW#
OHDVW#VL[#5317;#0+]#FORFN#SHULRGV1
&/.B6(/ 74 '&/ý,QSXWý6HOHFW³7KLV#SLQ#LV#XVHG#WR#VHOHFW#WKH#FORFN#
IUHTXHQF\#RI#WKH#,'/2*&,#,QWHUIDFH#RI#WKH#0&4788:91#3XOOLQJ#
WKH#VLJQDO#KLJK#VHOHFWV#5137;#0+]#FORFN#IUHTXHQF\>#SXOOLQJ#LW#
ORZ#VHOHFWV#845#N+]1
1RWHã :KHQ#(12# #4/#WKLV#LQSXW#LV#GLVDEOHG#DQG#FDQ#EH#OHIW#
XQFRQQHFWHG1
6LJQDO#'HVFULSWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 608
(12 75 (QDEOHý'LJLWDOý2XWSXWV³$#ORJLF#ORZ#RQ#WKLV#SLQ#HQDEOHV#DOO#
WKH#GLJLWDO##LQSXWV#DQG#RXWSXWV1#,Q#D#VLPSOH#174#DSSOLFDWLRQ#
ZKHUH#QR#WHUPLQDO#LQWHUIDFH#LV#UHTXLUHG#DQG#ZKHUH#WKH#
PLQLPXP#SRVVLEOH#SRZHU#FRQVXPSWLRQ#LV#GHVLUHG/#D#ORJLF#KLJK#
RQ#WKLV#SLQ#GLVDEOHV#FHUWDLQ#VSHFLILHG#GLJLWDO#RXWSXWV/#SODFLQJ#
WKHP#LQ#D#+LJK0,PSHGDQFH#VWDWH#DQG#DOVR#GLVDEOHV#FHUWDLQ#
GLJLWDO#LQSXWV#ZKLFK#FDQ#EH#OHIW#XQFRQQHFWHG#+L1H1/#IORDWLQJ,/#DV#
IROORZV=
‡ &/.B6(//#&/.287/#'*5$17/#*&,B/%$/#'5(48(672
$508/#)6&/#',1/#'287/#'&//#DQG#&/$66#DUH#GLVDEOHG1
‡*&,B38/6(4/#*&,B38/6(5/#*&,B364/#*&,B365/#
*&,B/('4/#*&,B/('5/#),;/#DQG#,'/2*&,#UHPDLQ#DFWLYH1
,'/2*&, 59 ,'/î6&3ýYHUVXVý*&,ý0RGHý6HOHFW³7KLV#SLQ#FRQWUROV#WKH#
PRGH#RI#RSHUDWLRQ#RI#WKH#6\VWHP#,QWHUIDFH1#$#ORJLF#KLJK#DSSOLHG#
WR#WKLV#SLQ#VHOHFWV#WKH#+,'/.6&3,#PRGH#RI#RSHUDWLRQ1#3XOOLQJ#WKH#
VLJQDO#ORZ#VHOHFWV#WKH#*&,#WLPH#GLYLVLRQ#EXV#PRGH1#,Q#*&,#
PRGH##5%.'#GDWD#DQG#FRQWURO2VWDWXV#LQIRUPDWLRQ#LV#LQWHUIDFHG#
WR#WKH#0&4788:9#E\#D#VLQJOH#IRXU#VLJQDO#WLPH#GLYLVLRQ#
PXOWLSOH[HG#EXV1#7KH#6&3#LQWHUIDFH#LV#QRW#XVHG#DQG#WKRVH#SLQV#
DUH#UHGHILQHG1
1RWHã :KHQ#(12# #4/#WKLV#LQSXW#UHPDLQV#DFWLYH1
),; 4; )L[HGý7LPLQJý6HOHFW³7KLV#LQSXW#VLJQDO#DOORZV#WKH#VHOHFWLRQ#RI#
WKH#IL[HG#+SXOOHG#KLJK,#RU#DGDSWLYH#WLPLQJ#+SXOOHG#ORZ,#PRGH#
XVHG#E\#WKH#6270,QWHUIDFH#FLUFXLWU\#DV#WKH#WLPLQJ#UHFRYHU\#
PHWKRG#XVHG#E\#WKH#WUDQVFHLYHU·V#GHPRGXODWRU#WR#VDPSOH#WKH#
LQFRPLQJ#WUDQVPLVVLRQ#IURP#WKH#7(27(V1#
‡,Q#DGDSWLYH#WLPLQJ#PRGH/#D#'LJLWDO#3KDVH#/RFN#/RRS#+'3//,#
LV#XVHG#WR#SRVLWLRQ#WKH#GHPRGXODWRU#FORFN#RSWLPDOO\#UHODWLYH#
WR#WKH#LQFRPLQJ#EDXG#IURP##WKH#6270,QWHUIDFH#SDUW1#
‡,Q#IL[HG#WLPLQJ#PRGH/#WKH#GHPRGXODWRU#FORFN#LV#PDLQWDLQHG#
DW#D#IL[HG#SRVLWLRQ#UHODWLYH#WR#WKH#WUDQVPLWWHG#EDXG#IURP#WKH#
0&4788:91#
1RWHã :KHQ#(12## #4/#WKLV#LQSXW#UHPDLQV#DFWLYH1
7DEOH#6071##0RGH#6HOHFWLRQ#3LQV##+&RQWLQXHG,
6LJQDO#1DPH 3LQ#1R1
74)3 3LQ#'HVFULSWLRQ
6LJQDO#'HVFULSWLRQV
609 0&4788:9#8VHU¶V#0DQXDO 027252/$
61517
6151761517
61517 7LPH#'LYLVLRQ#0XOWLSOH[#'DWD#,QWHUIDFH#3LQV
7LPH#'LYLVLRQ#0XOWLSOH[#'DWD#,QWHUIDFH#3LQV7LPH#'LYLVLRQ#0XOWLSOH[#'DWD#,QWHUIDFH#3LQV
7LPH#'LYLVLRQ#0XOWLSOH[#'DWD#,QWHUIDFH#3LQV
7KLV#VHFWLRQ#GHVFULEHV#WKH#7LPH#'LYLVLRQ#0XOWLSOH[#+7'0,#GDWD#LQWHUIDFH#SLQV1
7DEOHýêðèïýý7LPH#'LYLVLRQ#0XOWLSOH[#,QWHUIDFH#3LQV#
6LJQDO#1DPH#+E\#PRGH,
3LQ#
1R1#
74)3
3LQ#'HVFULSWLRQ
,'/2#
*&,#7'0#2#
08/7,3/(;
76$
)6& )6& 44 )UDPHý6\QFKURQL]DWLRQ³)6&#LV#WKH#;#N+]#IUDPH#V\QF#
RXWSXW#IRU#WKH#7'0#LQWHUIDFH#GDWD#WUDQVIHUV1#7KH#VLJQDO#LV#
SKDVH0ORFNHG#WR#WKH#VLJQDO#UHFHLYHG#E\#WKH#8²,QWHUIDFH#SDUW#RI#
WKH#0&4788:91#
‡,Q#,'/#PRGH/#WKH#VLJQDO#DW#WKLV#SLQ#LV#KLJK#IRU#RQH#F\FOH#RI#
WKH#'&/#VLJQDO#DQG#LV#ULVLQJ#HGJH#DOLJQHG#ZLWK#WKH#ULVLQJ#
HGJH#RI#WKH#'&/#VLJQDO1#
‡,Q#*&,#PRGH/#WKH#VLJQDO#LV#KLJK#IRU#WZR#F\FOHV#RI#WKH#'&/#
VLJQDO#DQG#WKH#ULVLQJ#HGJH#LV#DOLJQHG#ZLWK#WKH#ULVLQJ#HGJH#
RI#WKH#'&/#VLJQDO1#)6&#LQGLFDWHV#D#VXSHUIUDPH#ERXQGDU\#
E\#JRLQJ#KLJK#IRU#RQH#'&/#FORFN1#7KLV#KDSSHQV#RQFH#
HYHU\#45#PV1
1RWHã :KHQ#(12# #4/#WKLV#RXWSXW#LV#LQ#+LJK#LPSHGDQFH#
VWDWH1
'&/ '&/ 47 'DWDý&ORFNý2XWSXW³'&/#LV#WKH#RXWSXW#ELW#FORFN#IRU#WKH#,'/#
LQWHUIDFH#RU#5#WLPHV#ELW#FORFN#IRU#WKH#*&,#,QWHUIDFH1#7KH#VLJQDO#
SURYLGHV#RQH#RI#WZR#FORFN#RXWSXWV#+L1H1/#5137;#0+]#RU#845#
N+],/#VHOHFWHG#E\#&/.B6(/1#5HFRYHUHG#WLPLQJ#LV#FRQYH\HG#
E\##DGMXVWLQJ#WKH#ZLGWK#RI#WKH#FORFN1#7KH#DGMXVWPHQW#LV#PDGH#
E\#WKH#LQWHUQDO#GLJLWDO#3//#DQG#RFFXUV#GXULQJ#WZR#
FRQVHFXWLYH#;#N+]#IUDPHV#RQFH#SHU#80,QWHUIDFH#EDVLF#IUDPH1#
7KH#DGMXVWPHQW#FRQVLVWV#RI#DGGLQJ#RU#VXEWUDFWLQJ#D#VLQJOH#
5317;#0+]#FORFN#SHULRG#GXULQJ#WKH#KLJK#WLPH#RI#'&/1#6LQFH#
WKLV#RFFXUV#GXULQJ#WZR#FRQVHFXWLYH#;#N+]#IUDPHV/#WKH#WRWDO#
DGMXVWPHQW#LV#“#<:#QV#RQFH#HYHU\#EDVLF#IUDPH1#6HH#HOHFWULFDO#
VSHFLILFDWLRQV#IRU#WKH#ORFDWLRQV#RI#WKH#WLPLQJ#DGMXVWPHQW1
1RWHã :KHQ#(12# #4/#WKLV#RXWSXW#LV#LQ#+LJK#LPSHGDQFH#
VWDWH1
'287 '287 46 6HULDOý'DWDý2XWýõ,'/î*&,ô³7KH#IRUPDWWLQJ#RI#WKH#GDWD#LV#
PRGH#GHSHQGHQW1#5HIHU#WR#6HFWLRQýé#IRU#PRUH#LQIRUPDWLRQ1#,Q#
*&,#PRGH/#'287#LV#DQ#RSHQ#GUDLQ#RXWSXW#DQG#PXVW#EH#
FRQQHFWHG#WR#9''#,22#WKURXJK#D#8#NΩ SXOOXS#UHVLVWRU1
1RWHã :KHQ#(12# #4/#WKLV#RXWSXW#LV#LQ#+LJK#LPSHGDQFH#
VWDWH1
6LJQDO#'HVFULSWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 60:
61518
6151861518
61518 'LJLWDO#'DWD#,QWHUIDFH#3LQV
'LJLWDO#'DWD#,QWHUIDFH#3LQV'LJLWDO#'DWD#,QWHUIDFH#3LQV
'LJLWDO#'DWD#,QWHUIDFH#3LQV
7KHVH#SLQV#SURYLGH#D#GLJLWDO#WUDQVIHU#LQWHUIDFH#IRU#WKH#0&4788:9#ZKHQ#FRQILJXUHG#IRU#
0&8#PRGH1#,Q#*&,#PRGH/#FRQWURO#DQG#VWDWXV#LQIRUPDWLRQ#LV#SURYLGHG#RYHU#WKH#*&,#
LQWHUIDFH1
',1 ',1 45 6HULDOý'DWDý,Qýõ,'/î*&,ô³7KH#IRUPDWWLQJ#RI#WKH#GDWD#LV#
PRGH#GHSHQGHQW1#5HIHU#WR#6HFWLRQýé#IRU#PRUH#LQIRUPDWLRQ1#,Q#
*&,#PRGH/#',1#PXVW#EH#FRQQHFWHG#WR#9''#,22#WKURXJK#D#
SXOOXS#UHVLVWRU1
1RWHã :KHQ#(12# #4/#WKLV#LQSXW##LV#GLVDEOHG#DQG#FDQ#EH#OHIW#
IORDWLQJ1
7DEOH#6091##'LJLWDO#'DWD#,QWHUIDFH#3LQV#
6LJQDO#1DPH#+E\#PRGH,3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
,'/26&3 *&,
6&3(108#
+17#7HUPL QDO/#
7'0/#76$,
364#
+17#7HUPLQDO/#
08;,
76HULDOý&RQWUROý3RUWý(QDEOHýIRUý8ð,QWHUIDFH³,Q#
,'/#PRGH/#ZKHQ#6&3(108#LV#KHOG#ORZ/#WKLV#
LQSXW#VHOHFWV#WKH#6HULDO#&RQWURO#3RUW#+6&3,#IRU#
WUDQVIHUULQJ#FRQWURO/#VWDWXV/#DQG#0#FKDQQHO#GDWD#
LQIRUPDWLRQ#LQWR#DQG#RXW#RI#WKH#8²,QWHUIDFH#
7UDQVFHLYHU1#6&3(108#VKRXOG#EH#KHOG#ORZ#IRU#;#
RU#49#SHULRGV#RI#WKH#6&3&/.#VLJQDO#WR#WUDQVIHU#
LQIRUPDWLRQ#LQWR#RU#RXW#RI#WKH#0&4788:91#7KH#
6&3#,QWHUIDFH#GLVUHJDUGV#DQ\#RSHUDWLRQ#WKDW#LV#
QRW#H[DFWO\#;#RU#49#6&3&/.#FORFN#SXOVHV#ORQJ1#,I#
WKH#0&4788:9#LV#WKH#RQO\#6&3#GHYLFH#LQ#WKH#
V\VWHP/#WKLV#SLQ#FDQ#EH#WLHG#ORZ#DQG#EXUVWHG#6&3#
&/.V#FDQ#EH#XVHG#WR#DFFHVV#WKH#UHJLVWHU1#
36ì³,Q#IXOO#*&,#PRGH/#GHILQHG#ZKHQ#,'/2*&,#
#3/#WKLV#LV#DQ#LQSXW#SLQ1#364#LV#WUDQVPLWWHG#LQ#WKH#
07#PDLQWHQDQFH#ELWV1
1RWHã :KHQ#(12# #4/#WKLV#LQSXW#UHPDLQV#
DFWLYH1
7DEOHýêðèïýý7LPH#'LYLVLRQ#0XOWLSOH[#,QWHUIDFH#3LQV##+&RQWLQXHG,
6LJQDO#1DPH#+E\#PRGH,
3LQ#
1R1#
74)3
3LQ#'HVFULSWLRQ
,'/2#
*&,#7'0#2#
08/7,3/(;
76$
6LJQDO#'HVFULSWLRQV
60; 0&4788:9#8VHU¶V#0DQXDO 027252/$
6&3(107#
+17#7HUPL QDO/#
7'0/#76$,
365#
+17#7HUPLQDO/#
08;,
86HULDOý&RQWUROý3RUWý(QDEOHýIRUý6î7ð,QWHUIDFH³
,Q#,'/#PRGH/#ZKHQ#6&3(107#LV#KHOG#ORZ/#WKLV#
LQSXW#VHOHFWV#WKH#6HULDO#&RQWURO#3RUW#+6&3,#IRU#
WUDQVIHUULQJ#FRQWURO/#VWDWXV/#DQG#0#FKDQQHO#GDWD#
LQIRUPDWLRQ#LQWR#DQG#RXW#RI#WKH#
627²,QWHUIDFH#7UDQVFHLYHU1#6&3(107#VKRXOG#EH#
KHOG#ORZ#IRU#;#RU#49#SHULRGV#RI#WKH#6&3&/.#
VLJQDO#WR#WUDQVIHU#LQIRUPDWLRQ#LQWR#RU#RXW#RI#WKH#
0&4788:91#7KH#6&3#,QWHUIDFH#GLVUHJDUGV#DQ\#
RSHUDWLRQ#WKDW#LV#QRW#H[DFWO\#;#RU#49#6&3&/.#
FORFN#SXOVHV#ORQJ1#,I#WKH#0&4788:9#LV#WKH#RQO\#
6&3#GHYLFH#LQ#WKH#V\VWHP/#WKLV#SLQ#FDQ#EH#WLHG#
ORZ#DQG#EXUVWHG#6&3#&/.V#FDQ#EH#XVHG#WR#DFFHVV#
WKH#UHJLVWHU1
36ë³,Q#IXOO#*&,#PRGH/#GHILQHG#ZKHQ#,'/2*&,#
#3/#WKLV#LV#DQ#LQSXW#SLQ1#365#LV#WUDQVPLWWHG#LQ#WKH#
07#PDLQWHQDQFH#ELWV1
1RWHã :KHQ#(12# #4/#WKLV#LQSXW#UHPDLQV#
DFWLYH1
6&3&/.#
+17#7HUPL QDO/#
7'0/#76$,
38/6(4#
+17#7HUPLQDO/#
08;,
66HULDOý&RQWUROý3RUWý&ORFNý,QSXW³,Q#,'/#PRGH/#
WKLV#LQSXW#LV#6&3#,QWHUIDFH#FORFN1#'DWD#LV#FORFNHG#
LQWR#WKH#0&4788:9#IURP#6&3#5[#RQ#ULVLQJ#HGJHV#
RI#6&3&/.1#'DWD#LV#VKLIWHG#RXW#RI#WKH#0&4788:9#
6&3#7[#SLQ#RQ#IDOOLQJ#HGJHV#RI#6&3&/.1#
6&3&/.#FDQ#EH#DQ\#IUHTXHQF\#IURP#3#XS#WR#
713<9#0+]1#$Q#6&3#WUDQVDFWLRQ#WDNHV#SODFH#
ZKHQ#6&3(1#LV#EURXJKW#ORZ1#
7HVWý3XOVHýì³,Q#IXOO#*&,#PRGH/#GHILQHG#ZKHQ#
,'/2*&,# #3/#38/6(4#DQG#38/6(5#FRQWURO#WKH#
WHVW#SXOVHV#WUDQVPLWWHG#E\#WKH#8#DQG#6270
,QWHUIDFHV1#6HH#7DEOHýêðå#IRU#PRUH#LQIRUPDWLRQ1
1RWHã :KHQ#(12# #4/#WKLV#RXWSXW#UHPDLQV#
DFWLYH1
7DEOH#6091##'LJLWDO#'DWD#,QWHUIDFH#3LQV##+&RQWLQXHG,
6LJQDO#1DPH#+E\#PRGH,3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
,'/26&3 *&,
6LJQDO#'HVFULSWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 60<
6&3#5[#
+17#7HUPL QDO/#
7'0/#76$,
38/6(5#
+17#7HUPLQDO/#
08;,
46HULDOý&RQWUROý3RUWý5HFHLYHý,QSXW³,Q#,'/#
PRGH/#6&3#5[#LV#XVHG#WR#LQSXW#FRQWURO/#VWDWXV/#
DQG#0²FKDQQHO#GDWD#LQIRUPDWLRQ#WR#WKH#GHYLFH1#
'DWD#LV#VKLIWHG#LQWR#WKH#0&4788:9#RQ#ULVLQJ#
HGJHV#RI#6&3&/.1#6&3#5[#LV#LJQRUHG#ZKHQ#GDWD#
LV#EHLQJ#VKLIWHG#RXW#RI#6&3#7[#RU#ZKHQ#6&3(1#LV#
KLJK1
7HVWý3XOVHýë³,Q#IXOO#*&,#PRGH/#GHILQHG#ZKHQ#
,'/2*&,# #3/#38/6(4#DQG#38/6(5#FRQWURO#WKH#
WHVW#SXOVHV#WUDQVPLWWHG#E\#WKH#8#DQG#6270
,QWHUIDFHV1#6HH#7DEOHýêðå#IRU#PRUH#LQIRUPDWLRQ1
1RWHã :KHQ#(12# #4/#WKLV#RXWSXW#UHPDLQV#
DFWLYH1
6&3#7[#
+17#7HUPL QDO/#
7'0/#76$,
/%$#
+17#7HUPLQDO/#
08;,
56HULDOý&RQWUROý3RUWý7UDQVPLWý2XWSXW³,Q#,'/#
PRGH/#6&3#7[#LV#XVHG#WR#RXWSXW#FRQWURO/#VWDWXV/#
DQG#0#FKDQQHO#GDWD#LQIRUPDWLRQ#IURP#WKH#
0&4788:91#'DWD#LV#VKLIWHG#RXW#RI#6&3#7[#RQ#WKH#
IDOOLQJ#HGJH#RI#6&3&/./#PRVW#VLJQLILFDQW#ELW#
ILUVW1#
/RRSEDFNý$FWLYH³,Q#IXOO#*&,#PRGH/#GHILQHG#
ZKHQ#,'/2*&,# #3/#WKLV#SLQ#LV#WKH#/RRS%DFN#
$FWLYH#+/%$,#VLJQDO#DQG#GULYHV#WKH#RXWSXW#KLJK#
ZKHQ#D#5%.'#/RRSEDFN#5#+'HILQLWLRQ#IURP#
&&,77#,1936,#KDV#EHHQ#DFWLYDWHG#DW#WKH#6270
,QWHUIDFH1
1RWHã :KHQ#(12# #4/#WKLV#RXWSXW#LV#LQ#+LJK#
LPSHGDQFH#VWDWH1
7DEOH#6091##'LJLWDO#'DWD#,QWHUIDFH#3LQV##+&RQWLQXHG,
6LJQDO#1DPH#+E\#PRGH,3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
,'/26&3 *&,
6LJQDO#'HVFULSWLRQV
6043 0&4788:9#8VHU¶V#0DQXDO 027252/$
,54#
+17#7HUPL QDO/#
7'0/#76$,
/('4#
+17#7HUPLQDO/#
08;,
76 ,QWHUUXSWý5HTXHVWý2XWSXW³,Q#,'/#PRGH/#,54#
LV#DQ#DFWLYH#ORZ/#RSHQ#GUDLQ#RXWSXW#XVHG#WR#
VLJQDO#DQ#H[WHUQDO#PLFURFRQWUROOHU#WKDW#DQ#
LQWHUUXSW#FRQGLWLRQ#H[LVWV#LQ#WKH#0&4788:91#
:KHQ#WKLV#SLQ#WUDQVLWLRQV#ORZ/#WKH#PLFUR0
FRQWUROOHU#VKRXOG#SROO#WKH#VWDWXV#UHJLVWHUV#RI#WKH#
8#DQG#6270,QWHUIDFHV#WR#GHWHUPLQH#WKH#UHDVRQ#
IRU#WKH#LQWHUUXSW1#8SRQ#FOHDULQJ#WKH#LQWHUUXSW#
FRQGLWLRQ/#WKH#SLQ#LV#UHWXUQHG#WR#WKH#KLJK²
LPSHGDQFH#VWDWH1#6HH#WKH#GHVFULSWLRQ#IRU#8#156#
+6HFWLRQýèïêïìïé,#DQG#627#156#+6HFWLRQýèïéïìïé,#
IRU#GHVFULSWLRQV#RI#WKH#VRXUFHV#RI#LQWHUUXSW#
FRQGLWLRQV1#
/('ý&RQWUROýì³,Q#IXOO#*&,#PRGH/#GHILQHG#
ZKHQ#,'/2*&,# #3/##WKLV#SLQ#LV#DQ#RSHQ#GUDLQ#
DFWLYH#ORZ#RXWSXW#WKDW#LV#XVHG#WR#FRQWURO#DQ#/('#
WKDW#LQGLFDWHV#WKH#VWDWXV#RI#WKH#6&1741#5HIHU#WR#
7DEOHýêðä#IRU#D#VXPPDU\#RI#WKH#/('#FRQWURO#
YDOXHV1
1RWHã :KHQ#(12# #4/#WKLV#RXWSXW#UHPDLQV#
DFWLYH1
7DEOH#6091##'LJLWDO#'DWD#,QWHUIDFH#3LQV##+&RQWLQXHG,
6LJQDO#1DPH#+E\#PRGH,3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
,'/26&3 *&,
6LJQDO#'HVFULSWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 6044
')6&#+7'0,
'&/.#+17#
7HUPLQDO,
7'&/.#+76$,
/('5#
+17#7HUPLQDO/#
08;,
77 'DWDý)UDPHý6\QFKURQL]DWLRQ³,Q#,'/2*&,#
7'0208/7,3/(;#PRGH/#WKLV#SLQ#LV#DQ#RXWSXW#
IUDPH#V\QF#VLJQDO#WKDW#LQGLFDWHV#WKH#VWDUW##RI#WKH#
GDWD#IUDPH#IRU#WKH#6270,QWHUIDFH#SDUW#RI#WKH#
0&4788:91#5HIHU#WR#6HFWLRQýé#IRU#PRUH#
LQIRUPDWLRQ1#
'ð&KDQQHOý&ORFNýõJDWHGô³,Q#,'/#17#7HUPLQDO#
PRGH/#WKLV#SLQ#LV#WKH#RXWSXW#IRU#WKH#'0&KDQQHO#
FORFN1
6î7ð,QWHUIDFHý'ð&KDQQHOý&ORFNýõJDWHGô³,Q#
7LPH#6ORW#$VVLJQHU#0RGH#+HQDEOHG#ZKHQ#WKH#
IROORZLQJ#UHJLVWHU#SURJUDPPLQJ#RI#WKH#6270
,QWHUIDFH#LV#SHUIRUPHG#=#%545# #'<3#DQG#259# #
'43,/##WKLV#SLQ#LV#WKH#RXWSXW#IRU#WKH##6270,QWHUIDFH#
'0FKDQQHO#FORFN1#7KLV#FORFN#LV#JDWHG#+L1H1/#
DYDLODEOH#RQO\#ZKHQ#WKH#'0FKDQQHO#LV#DYDLODEOH,1#
5HIHU#WR#6HFWLRQýæïè#IRU#PRUH#LQIRUPDWLRQ#RQ#WKH#
76$#0RGH1
/('ý&RQWUROýë³,Q#IXOO#*&,#PRGH/#GHILQHG#
ZKHQ#,'/2*&,# #3/##WKLV#SLQ#LV#DQ#RSHQ#GUDLQ#
DFWLYH#ORZ#RXWSXW#WKDW#LV#XVHG#WR#FRQWURO#DQ#/('#
ZKLFK#LQGLFDWHV#WKH#VWDWXV#RI#WKH#0&4788:91#
5HIHU#WR#7DEOHýêðä#IRU#D#VXPPDU\#RI#WKH#/('#
FRQWURO#YDOXHV1
1RWHã :KHQ#(12# #4/#WKLV#RXWSXW#UHPDLQV#
DFWLYH1
&/.287#
+17#7HUPL QDO/#
7'0/#76$,
&/.287#
+17#7HUPLQDO/#
08;,
;&ORFNý2XWSXW³7KLV#VLJQDO#LV#D#SURJUDPPDEOH#
FORFN#RXWSXW#WKDW#FDQ#EH#XVHG#DV#D#
PLFURSURFHVVRU#FORFN#VRXUFH1#7KH#GHIDXOW#FORFN#
IUHTXHQF\#LV#5317;#0+]1#7KH#FORFN#IUHTXHQF\#LV#
UHJLVWHU#SURJUDPPDEOH#YLD#WKH#6&3#RU#*&,#
0RQLWRU#FKDQQHO#WR#SURYLGH#43157#0+]/#8145#
0+]#RU#GLVDEOHG#IROORZLQJ#+VHH#7DEOHýêðæ#IRU#
SURJUDPPLQJ#RI#627#%5;+E9,#DQG#%5;+E8,#
YDOXHV,1#&/.287#LV#DOVR#XQGHU#FRQWURO#RI#WKH#
(12#VLJQDO1#
1RWHVã ìï :KHQ#(12# #4/#WKLV#RXWSXW#LV#LQ#
+LJK#LPSHGDQFH#VWDWH1
ëï 'XULQJ#D#KDUGZDUH#UHVHW#+L1H1/#
5(6(7#LV#ORZ,/#&/.287#
RXWSXWV#D#5317;#0+]#FORFN1
7DEOH#6091##'LJLWDO#'DWD#,QWHUIDFH#3LQV##+&RQWLQXHG,
6LJQDO#1DPH#+E\#PRGH,3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
,'/26&3 *&,
6LJQDO#'HVFULSWLRQV
6045 0&4788:9#8VHU¶V#0DQXDO 027252/$
'*5$17#
+17#7HUPL QDO,
8'&/.
+76$,
1RWHã 1RW#XVHG#
IRU#7'01
'*5$17#
+17#7HUPLQDO,
1RWHã 1RW#XVHG#
IRU#08;1
<'ðFKDQQHOý$FFHVVý*UDQWHG³,Q#17#7HUPLQDO#
PRGH/#'*5$17#LQGLFDWHV#WKDW#DFFHVV#WR#'0
&KDQQHO#KDV#EHHQ#JUDQWHG1#5HIHU#WR#6HFWLRQýé#IRU#
PRUH#LQIRUPDWLRQ1#
8ð,QWHUIDFHý'ðFKDQQHOý&ORFNýõJDWHGô³,Q#7LPH#
6ORW#$VVLJQHU#0RGH#+HQDEOHG#ZKHQ#WKH#
IROORZLQJ#UHJLVWHU#FRQILJXUDWLRQ#RI#WKH#6270
,QWHUIDFH#LV#HQDEOHG#=#%545# #'<3#DQG#259# #'43,/##
WKLV#SLQ#LV#WKH#RXWSXW#IRU#WKH#80,QWHUIDFH#'0
FKDQQHO#FORFN1#8'&/.#LV#JDWHG#+L1H1/#DYDLODEOH#
RQO\#ZKHQ#WKH#'0FKDQQHO#LV#DYDLODEOH,1
1RWHã :KHQ#(12 #4/#WKLV#RXWSXW#LV#LQ#+LJK#
LPSHGDQFH#VWDWH1
'5(48(672
$58
+17#7HUPL QDO,
$58#
+7'0/#76$,
'5(48(672
$58#
+17#7HUPLQDO,
$58#+08;,
43 'ð&KDQQHOý$FFHVVý5HTXHVW³,Q#17#7HUPLQDO#
PRGH/#D#ORJLF#KLJK#RQ#WKLV#SLQ#DOORZV#WKH#
0&4788:9#WR#DWWHPSW#WR#JDLQ#'0&KDQQHO#DFFHVV#
IRU#WKH#17#WHUPLQDO1#
8ð,QWHUIDFHý$FWLYDWHý5HTXHVW³:KHQ#WKH#
0&4788:9#LV#GHDFWLYDWHG/#D#ORJLF#KLJK#RQ#$58#
FDXVHV#WKH#80,QWHUIDFH#WR#WUDQVPLW#D#712614#
DFWLYDWLRQ#VLJQDO#WR#WKH#/7#+$508#$FWLYDWH#
5HTXHVW,1#7KH#/7#WKHQ#UHVSRQGV#WR#WKLV#UHTXHVW#
DQG#IXOO\#DFWLYDWHV#WKH#0&4788:91#7KH#$58#
RSHUDWLRQ#FDQ#EH#GLVDEOHG#E\#ZULWLQJ#D#4#WR#6270
,QWHUIDFH#%545#+E8,1#
1RWHã :KHQ#(12# #4/#WKLV#RXWSXW#LV#GLVDEOHG#
DQG#FDQ#EH#OHIW#IORDWLQJ1
7DEOH#6091##'LJLWDO#'DWD#,QWHUIDFH#3LQV##+&RQWLQXHG,
6LJQDO#1DPH#+E\#PRGH,3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
,'/26&3 *&,
6LJQDO#'HVFULSWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 6046
1
&/$66#
+17#7HUPL QDO,
1RWHã 1RW#XVHG#
IRU#7'0#
RU#76$1
&/$66#
+17#7HUPLQDO,
1RWHã 1RW#XVHG#
IRU#08;1
4: 0HVVDJHý3ULRULW\ý&ODVV³,Q#17#7HUPLQDO#PRGH#
RI#RSHUDWLRQ/#WKH#&/$66#LQSXW#DOORZV#WKH#
VHOHFWLRQ#RI#WKH#PHVVDJH#SULRULW\#FODVV#E\#
ORJLFDOO\#25LQJ#LW#LQWHUQDOO\#ZLWK#627#5HJLVWHU#
155+E#3,1#7KH#RXWSXW#RI#WKLV#LQWHUQDO#25#JDWH#
GHWHUPLQHV#WKH#FODVV#RI#WKH#WUDQVFHLYHU#IRU#'#
FKDQQHO#RSHUDWLRQ1#,I#&/$66#LV#KHOG#ORZ/#WKH#
FODVV#VHOHFWLRQ#LV#GHWHUPLQHG#E\#WKH#YDOXH#RI#
155+E3,1#,I#DQ#DSSOLFDWLRQ#QHHGV#WR#FKDQJH#WKH#
FODVV#RI#WKH#0&4788:9#ZLWKRXW#D#UHJLVWHU#DFFHVV/#
WKHQ#155+E3,#VKRXOG#EH#3#WR#DOORZ#WKH#FODVV#WR#EH#
VHOHFWHG#YLD#WKH#&/$66#SLQ1#:KHQ#WKH#RXWSXW#RI#
WKH#LQWHUQDO#25#JDWH#LV#3/#WKH#SULRULW\#FODVV#IRU#'#
FKDQQHO#PHVVDJHV#VHQW#E\#WKH#GHYLFH#LV#VHW#WR#WKH#
VLJQDOOLQJ#RU#KLJKHVW#SULRULW\#FODVV#+L1H1/#&ODVV#4#
RSHUDWLRQ,1#:KHQ#WKH#RXWSXW#RI#WKH#LQWHUQDO#25#
JDWH#LV#4/#&ODVV#5#RSHUDWLRQ#LV#VHOHFWHG1#7KH#
GHILQLWLRQ#DQG#IXQFWLRQDOLW\#RI#WKH#FODVV#
FRQILJXUDWLRQ#RI#WKH#0&4788:9#LV#IXOO\#
FRPSOLDQW#ZLWK#&&,77#,1763#DQG#$16,#7419381#
1RWHã :KHQ#(12 #4/#WKLV#RXWSXW#LV#GLVDEOHG#
DQG#FDQ#EH#OHIW#IORDWLQJ1
7DEOH#60:1##&/.287#9DOXHV
627#%5;+E9, 627#%5;+E8, &/.287
33 5317;#0+]
34 43157#0+]
43 8145#0+]
44 3#0+]
7DEOH#60;1##7H V W #3XOVHV
38/6(438/6(56270,QWHUIDFH 80,QWHUIDFH
441RUPDO#0RGH 1RUPDO#0RGH
346LQJOH#3XOVH 6LQJOH#3XOVH
4 3 <9#N+]#WRQH )RUFH#IUHH#UXQQLQJ#615
335HVHUYHG )RUFH#613
7DEOH#6091##'LJLWDO#'DWD#,QWHUIDFH#3LQV##+&RQWLQXHG,
6LJQDO#1DPH#+E\#PRGH,3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
,'/26&3 *&,
6LJQDO#'HVFULSWLRQV
6047 0&4788:9#8VHU¶V#0DQXDO 027252/$
61519
6151961519
61519 /LQH#,QWHUIDFH#3LQV
/LQH#,QWHUIDFH#3LQV/LQH#,QWHUIDFH#3LQV
/LQH#,QWHUIDFH#3LQV
7KHVH#SLQV#IRUP#WKH#/LQH#,QWHUIDFH#RI#WKH#0&4788:9#7UDQVFHLYHU/#LQFOXGLQJ#WKH#5%44#SDUW#
DV#ZHOO#DV#OLQH#LQWHUIDFH#ZLWK#WKH#7(27(V1#5HIHU#WR#6HFWLRQýéïë#IRU#DGGLWLRQDO#LQIRUPDWLRQ#
RQ#WKH#OLQH#LQWHUIDFH1
7DEOH#60<1##/('#&RQWURO#&RPELQDWLRQV#
*&,B/('4*&,B/('5,QGLFDWLRQ
2II 2II 'HDFWLYDWHG
)ODVK#+4#+],2II $FWLYDWLRQ#LQ#SURJUHVV#RU#80RQO\#DFWLYDWLRQ
2Q )ODVK#+4#+],80,QWHUIDFH#DFWLYH/#6270,QWHUIDFH#QRW#DFWLYH#+LQ#SURJUHVV#RU#
WKHUH#LV#D#SUREOHP#DFWLYDWLQJ#WKH#6270,QWHUIDFH,
2Q#2II )XOO\#$FWLYH#+627#DQG#8,
2II 2Q#(UURU#,QGLFDWLRQ#+VHH#QRWH,
2Q 2Q#3XOVH#7HVW#0RGH
)ODVK#+4#+],)ODVK#+4#+],5%.'#/RRSEDFN
1RWHã 7KLV#VWDWH#LV#LQGLFDWHG#IRU#4#V#EHIRUH#WKH#0&4788:9#JRHV#LQWR#DQ#DXWRPDWLF#UHVHW1
7DEOH#60431##/LQH#,QWHUIDFH#3LQV#
3LQ#1DPH 3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
7[308/#7[10869/#< 7UDQVPLWý3RVLWLYHýDQGý7UDQVPLWý1HJDWLYHý2XWSXWVýRIý8ð,QWHUIDFH³
7KHVH#VLJQDOV#DUH#WKH#SRVLWLYH#DQG#QHJDWLYH#RXWSXWV#RI#WKH#GLIIHUHQWLDO#
WUDQVPLW#GULYHU#RI#WKH#807UDQVFHLYHU#+5%44#LQWHUIDFH,1
5[308/#5[10865/#66 5HFHLYHý3RVLWLYHýDQGý5HFHLYHý1HJDWLYHý,QSXWVýRIý8ð,QWHUIDFH³7KHVH#
VLJQDOV#DUH#WKH#SRVLWLYH#DQG#QHJDWLYH#LQSXWV#WR#WKH#GLIIHUHQWLDO#UHFHLYH#
FLUFXLW#RI#WKH#807UDQVFHLYHU#+5%44#LQWHUIDFH,1
9UHI#3/#9UHI#168/#67 5HIHUHQFHý9ROWDJHý3RVLWLYHýDQGý5HIHUHQFHý9ROWDJHý1HJDWLYH³7KHVH#
SRVLWLYH#DQG#QHJDWLYH#VLJQDOV#DUH#XVHG#IRU#LQWHUQDO#YROWDJH#UHIHUHQFH1#
&RQQHFW#D#314#—)#FHUDPLF#FDSDFLWRU#EHWZHHQ#9UHI3####DQG#9UHI11
7[307/#7[10754/#53 7UDQVPLWý3RVLWLYHýDQGý7UDQVPLWý1HJDWLYHý2XWSXWVýRIý6î7ð,QWHUIDFH³
7KHVH#VLJQDOV#DUH#WKH#GLIIHUHQWLDO#DQDORJ#RXWSXWV#WR#WKH#627#WUDQVPLW#OLQH#
GULYHU1
5[307/#5[10758/#57 5HFHLYHý3RVLWLYHýDQGý5HFHLYHý1HJDWLYHý,QSXWVýRIý6î7ð,QWHUIDFH³7KHVH#
VLJQDOV#DUH#WKH#GLIIHUHQWLDO#DQDORJ#LQSXWV#WR#WKH#627#UHFHLYHU1
6LJQDO#'HVFULSWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 6048
,6(7 56 ,6(7³7KLV#SLQ#SHUIRUPV#WKH#,6(7#IXQFWLRQ#DQG#VKRXOG#KDYH#DQ#H[WHUQDO#
UHVLVWRU#FRQQHFWHG#WR#JURXQG1#$#FXUUHQW#SURJUDPPLQJ#UHIHUHQFH#UHVLVWRU#
RI#YDOXH#63#NΩ#DFFXUDWH#WR#8(#VKRXOG#EH#FRQQHFWHG#EHWZHHQ#,6(7#DQG#
966#071#7KLV#UHVLVWRU#SURYLGHV#ELDVLQJ#DQG#SURJUDPV#WKH#FXUUHQW#OLPLW#IRU#
WKH#7[307#DQG#7[107#GULYHU#FLUFXLWV1
1RWHã 7KLV#UHVLVWRU#LV#QRW#XVHU#SURJUDPPDEOH#DQG#PXVW#EH#
63#NΩ#IRU#&&,77#,1763#DQG#$16,#741938#FRPSDWLELOLW\1
7DEOH#60431##/LQH#,QWHUIDFH#3LQV##+&RQWLQXHG,
3LQ#1DPH 3LQ#1R1#
74)3 3LQ#'HVFULSWLRQ
6LJQDO#'HVFULSWLRQV
6049 0&4788:9#8VHU¶V#0DQXDO 027252/$
027252/$ 0&4788:9#'DWD#6KHHW 704
7
0RGHV#RI#2SHUDWLRQ
714 ,QWURGXFWLRQ
'LIIHUHQW#W\SHV#RI#FRQILJXUDWLRQV#DQG#GLJLWDO#DFFHVVHV#DOORZ#WKH#0&4788:9#WR#EH#XVHG#LQ#
YDULRXV#DSSOLFDWLRQV1
715 6WDQGDUG#174#2SHUDWLRQ
:KHQ#FRQILJXUHG#LQ#*&,#PRGH#+,'/2*&,#SXOOHG#ORZ,#DQG#GLJLWDO#DFFHVV#GLVDEOHG#
+(12#SXOOHG#KLJK,/#WKH#0&4788:9#RSHUDWHV#DV#D#VWDQGDORQH#174#+VHH#)LJXUHýéðì,1#
6HYHUDO#SLQV#DUH#VWLOO#DYDLODEOH#WR#SURYLGH=
‡ ,QGLFDWLRQ#RI#WKH#0&4788:9#VWDWH#+/('4#DQG#/('5,
‡ &RQILJXUDWLRQ#RI#WKH#627#EXV#+),;,
‡ *HQHUDWLRQ#RI#WHVW#SXOVHV#+38/6(4#DQG#38/6(5,
‡ ,QGLFDWLRQ#RI#WKH#H[WHUQDO#SRZHU#VXSSOLHV#VWDWXV#+364#DQG#365,
7R#UHGXFH#(0&#JHQHUDWLRQ/#DOO#WKH#RWKHU#GLJLWDO#SLQV#DUH#GLVDEOHG1
)LJXUH#7041#6WDQGDUG#174#%ORFN#'LDJUDP
6270,QWHUIDFH 80,QWHUIDFH
364365
*&,
8939
/('4/('5(12 ,'/2*&, 38/6(4#38/6(5
39#RU#89
),; 8
/7
627
7(V
0&4788:9
174#0RGH
0RGHV#RI#2SHUDWLRQ
705 0&4788:9#'DWD#6KHHW 027252/$
716 6PDUW#174#ZLWK#3276#,QWHUIDFH#+174.,
7KH#ELJJHVW#DGYDQWDJH#RI#WKH#6PDUW#17#DUFKLWHFWXUH#LV#LWV#PRGXODULW\1#'HSHQGLQJ#RQ#
ZKLFK#9;635#PLFURSURFHVVRU#LV#XVHG/#WKH#6PDUW#17#FDQ#DGGUHVV#RQH#RI#WKH#IROORZLQJ#
GLIIHUHQW#VSHFLILFDWLRQV=
‡6LPSOHý6PDUWý17ýEDVHGýRQýWKHýçå/&êíë³2QH#+'/&#FRQWUROOHU#LV#XVHG#IRU#WKH#'#
FKDQQHO#DQG#WKHUH#LV#DQ#RSWLRQDO#560565#LQWHUIDFH#FDSDELOLW\1#7KH#DGGLWLRQ#RI#D#
VLPSOH#)3*$#SURYLGHV#YRLFH#FDSDELOLW\#IURP#WKH#SURFHVVRU#WR#WKH#32761
‡6PDUWý17ýZLWKýVLPSOHý7$ýFDSDELOLW\ýEDVHGýRQýçåêíëýõRUýçå30êíëô³7ZR#+'/&#
FRQWUROOHUV#DUH#XVHG#IRU#WKH#'#FKDQQHO#DQG#RQH#%#FKDQQHO/#DQG#WKHUH#LV#DQ#560565#
LQWHUIDFH#FDSDELOLW\1#7KLV#DOORZV#97#.E2V#GDWD#WUDQVIHU1
‡6PDUWý17ýZLWKýIXOOý7$ýFDSDELOLW\ýEDVHGýRQýçå4+êíë³7KUHH#+'/&#FRQWUROOHUV#
XVHG#IRU#WKH#'#FKDQQHO#DQG#WKH#WZR#%#FKDQQHOV/#DQG#WKHUH#LV#DQ#560565#LQWHUIDFH#
FDSDELOLW\1#7KLV#DOORZV#XS#WR#45;#.E2V#GDWD#WUDQVIHU1
%HFDXVH#WKH#0&4788:9#FDQ#EH#FRQILJXUHG#IRU#6#9#GLJLWDO#VLJQDOV/#SRZHU#FRQVXPSWLRQ#RI#
WKH#6PDUW#17#FDQ#EH#GHFUHDVHG#E\#XVLQJ#6#9#SDUWV#+SURFHVVRU/#FRGHFV/#HWF1,1
71614
7161471614
71614 $UFKLWHFWXUH
$UFKLWHFWXUH$UFKLWHFWXUH
$UFKLWHFWXUH
&RPELQLQJ#WKH#0&4788:9#ZLWK#D#PXOWLSURWRFRO#FRQWUROOHU#RI#WKH#0&9;635#IDPLO\/#RQH#RU#
WZR#0&4787;7#3&0#FRGHFV#DQG#RQH#RU#WZR#DQDORJ#OLQH#LQWHUIDFHV#+6/,&,/#SURYLGHV#DQ#
RSWLPDO#6PDUW#174#DUFKLWHFWXUH1#7KLV#DUFKLWHFWXUH#FDQ#XVH#HLWKHU#WKH#,'/26&3#+)LJXUHýéð
ë,#RU#*&,#+)LJXUHýéðê,#GLJLWDO#EXV1#0RWRUROD#UHFRPPHQGV#WKH#XVH#RI#WKH#,'/26&3#PRGH#
RI#LQWHUFRQQHFWLRQ#EHWZHHQ#DOO#WKH#SDUWV/#EHFDXVH#LW#SURYLGHV#EHWWHU#IOH[LELOLW\#IRU#WKH#
DUFKLWHFWXUH#LPSURYHPHQWV1
)LJXUH#7051#,'/26&3#EDVHG#6PDUW#17#%ORFN#'LDJUDP
6270,QWHUIDFH 80,QWHUIDFH
,'/
),; 8
/7
627
7(V
0&4788:9
60$57#17#0RGH#LQ#,'/26&3
'#&KDQQHO
&RQWHQWLRQ
6&3
,'/,'/
'*5$17
'5(48(67
9;635
—3
63, 0&4787;7
&RGHF
0&4787;7
&RGHF
,'/ 6/,&
6/,&
3276
3276
0RGHV#RI#2SHUDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW 706
71615
7161571615
71615 &RQILJXUDWLRQ
&RQILJXUDWLRQ&RQILJXUDWLRQ
&RQILJXUDWLRQ
,Q#6PDUW#17#PRGH#RI#RSHUDWLRQ/#FRQILJXUH#WKH#0&4788:9#LQ#17#7HUPLQDO#PRGH1#7KLV#
PRGH#SURYLGHV#WKH#'#FKDQQHO#FRQWHQWLRQ#FDSDELOLW\#EHWZHHQ#WKH#'#FKDQQHO#FRPLQJ#IURP#
WKH#SURFHVVRU#DQG#WKH#'#FKDQQHO#FRPLQJ#IURP#WKH#7(V1
)RU#PRUH#GHWDLOV#RQ#WKLV#FRQILJXUDWLRQ/#UHIHU#WR#6HFWLRQýæ#+,'/#PRGH,#RU#6HFWLRQýå#+*&,#
PRGH,1
)LJXUH#7061#*&,#EDVHG#6PDUW#17#%ORFN#'LDJUDP
6270,QWHUIDFH 80,QWHUIDFH
*&,
),; 8
/7
627
7(V
0&4788:9
60$57#17#0RGH#LQ#*&,
'#&KDQQHO
&RQWHQWLRQ
*&,*&,
'*5$17
9;635
—3
0&4787;7
&RGHF
0&4787;7
&RGHF
*&, 6/,&
6/,&
3276
3276
0RGHV#RI#2SHUDWLRQ
707 0&4788:9#'DWD#6KHHW 027252/$
717 0,1,#3$%;
7KH#6PDUW#17#DUFKLWHFWXUH#FDQ#EH#HDVLO\#DGDSWHG#WR#D#0LQL#3$%;#DUFKLWHFWXUH1#7KLV#
DOORZV#LQWHUQDO#FDOOV#+7(#WR#7(/#7(#WR#327V#RU#3276#WR#3276,#ZLWKRXW#JRLQJ#WKURXJK#WKH#
/LQH#&DUG#+L1H1/#WKHUH#LV#QR#QHHG#WR#DFWLYDWH#WKH#8#ORRS,1
71714
7171471714
71714 $UFKLWHFWXUH
$UFKLWHFWXUH$UFKLWHFWXUH
$UFKLWHFWXUH
)RU#WKLV#DSSOLFDWLRQ/#WKH#0&4788:9#SURYLGHV#D#GLJLWDO#VZLWFK#WKDW#URXWHV#WKH#%#DQG#'#
FKDQQHOV#EHWZHHQ#WKH#3276/#WKH#627#SDUW/#DQG#WKH#8#SDUW#RI#WKH#0&4788:9#+)LJXUHýéðé,1
7ZR#+'/&#FRQWUROOHUV#DUH#UHTXLUHG#WR#SURFHVV#WKH#'#FKDQQHO#FRPLQJ#IURP#WKH#7(V#DQG#
WKH#'#FKDQQHO#FRPLQJ#IURP#WKH#&HQWUDO#2IILFH#+WKH#'#FKDQQHO#FRQWHQWLRQ#FLUFXLWU\#LV#
GLVDEOHG,1#7KH#0LQL#3$%;#FDQ#KDQGOH#XS#WR#IRXU#VLPXOWDQHRXV#FDOOV#ZLWK#D#PD[LPXP#RI#
WZR#H[WHUQDO#FDOOV#+L1H1/#FDOOV#WKURXJK#WKH#&HQWUDO#2IILFH,1
71715
7171571715
71715 &RQILJXUDWLRQ
&RQILJXUDWLRQ&RQILJXUDWLRQ
&RQILJXUDWLRQ
,Q#0LQL#3$%;#PRGH#RI#RSHUDWLRQ/#FRQILJXUH#WKH#0&4788:9#LQ#,'/#7LPH#6ORW#$VVLJQHU#
PRGH1#7KLV#PRGH#SURYLGHV#WKH#VZLWFKLQJ#FDSDELOLW\#UHTXLUHG#IRU#FRPPXQLFDWLRQ#
EHWZHHQ#DOO#WKH#FRQQHFWLRQV#RI#WKH#ERDUG#+L1H1/#7(V/#3276/#DQG#&HQWUDO#2IILFH,1
)RU#PRUH#GHWDLOV#RQ#WKLV#FRQILJXUDWLRQ/#UHIHU#WR#6HFWLRQýæý+,'/#PRGH,1
)LJXUH#7071#0LQL#3$%;#%ORFN#'LDJUDP
6270,QWHUIDFH 80,QWHUIDFH
,'/
),; 8
/7
627
7(V
0&4788:9
0LQL#3%;#0RGH#LQ#,'/26&3
'LJLWDO
6ZLWFK
6&3
9;635
—3
63, 0&4787;7
&RGHF
0&4787;7
&RGHF
,'/ 6/,&
6/,&
3276
3276
0&4787;7
&RGHF
0&4787;7
&RGHF
6/,&
6/,&
3276
3276
0RGHV#RI#2SHUDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW 708
718 80,QWHUIDFH#7HUPLQDO#$GDSWRU
)RU#7HUPLQDO#FRQQHFWLRQ#WR#WKH#80LQWHUIDFH/#WKH#627#SDUW#RI#WKH#0&4788:9#FDQ#EH#
FRQILJXUHG#LQ#$EVROXWH#3RZHU#'RZQ#PRGH1#7KLV#DOORZV#WKH#SURFHVVRU#GLUHFW#DFFHVV#WR#WKH#
80LQWHUIDFH1
71814
7181471814
71814 $UFKLWHFWXUH
$UFKLWHFWXUH$UFKLWHFWXUH
$UFKLWHFWXUH
7KLV#DUFKLWHFWXUH#FDQ#XVH#WKH#,'/26&3#+)LJXUHýéðè,#RU#*&,#+)LJXUHýéðç,#GLJLWDO#EXV1
)LJXUH#7081##,'/26&30EDVHG#7H U P LQ D O #8#%ORFN#'LDJUDP
)LJXUH#7091#*&,0EDVHG#7H U P LQ D O #8#%ORFN#'LDJUDP
6270,QWHUIDFH 80,QWHUIDFH
8
/7
627
7(V
0&4788:9
8#WHUPLQDO#0RGH#LQ#,'/26&3
6&3
,'/
9;635
—3
63, 0&4787;7
&RGHF
0&4787;7
&RGHF
,'/ 6/,&
6/,&
3276
3276
6270,QWHUIDFH 80,QWHUIDFH
8
/7
627
7(V
0&4788:9
8#WHUPLQDO#0RGH#LQ#*&,
*&,
9;635
—3
63, 0&4787;7
&RGHF
0&4787;7
&RGHF
*&, 6/,&
6/,&
3276
3276
0RGHV#RI#2SHUDWLRQ
709 0&4788:9#'DWD#6KHHW 027252/$
,I#WKH#6270LQWHUIDFH#LV#UHTXLUHG/#WKHQ#WKH#0&4788:9#FDQ#EH#UHFRQILJXUHG#WR#RSHUDWH#LQ#
6PDUW#17#PRGH1#&RQQHFWLRQV#EHWZHHQ#WKH#0&4788:9#DQG#WKH#SURFHVVRU#DUH#LGHQWLFDO#LQ#
6PDUW#17#PRGH#DQG#LQ#8#7HUPLQDO#PRGH1
71815
7181571815
71815 &RQILJXUDWLRQ
&RQILJXUDWLRQ&RQILJXUDWLRQ
&RQILJXUDWLRQ
,Q#8#7HUPLQDO#PRGH#RI#RSHUDWLRQ/#FRQILJXUH#WKH#0&4788:9#LQ#7'0#PRGH1#,Q#WKLV#PRGH/#
WKH#627#DQG#WKH#8#SDUW#RI#WKH#0&4788:9#DUH#FRPSOHWO\#VHSDUDWHG#+QR#GLUHFW#5%.'#GDWD#
FRQQHFWLRQ,1#6R/#WKH#627#SDUW#FDQ#EH#VZLWFKHG#LQWR#$EVROXWH#3RZHU#'RZQ#PRGH#ZLWKRXW#
DIIHFWLQJ#WKH#8#SDUW1
)RU#PRUH#GHWDLOV#RQ#WKLV#FRQILJXUDWLRQ/#UHIHU#WR#6HFWLRQýæ#+,'/#PRGH,#RU#6HFWLRQýå#+*&,#
PRGH,1
027252/$ 0&4788:9#8VHU¶V#0DQXDO 804
8
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
814 ,QWURGXFWLRQ
7KLV#VHFWLRQ#GHVFULEHV#WKH#0&4788:9#LQWHUQDO#UHJLVWHUV1
815 5HJLVWHUV#'HVFULSWLRQ
7KH#0&4788:9#UHJLVWHUV#DUH#GLYLGHG#LQWR#WZR#EDVLF#JURXSV/#HDFK#RI#ZKLFK#VXSSRUW#WKHLU#
UHVSHFWLYH#LQWHUIDFH#+8#RU#627,1#7KH#UHJLVWHU#JURXSV#DUH=
‡8#,QWHUIDFH#5HJLVWHUV=
³8#1LEEOH#5HJLVWHUV
³8#59#5HJLVWHU
³8#%\WH#5HJLVWHUV
³8#2YHUOD\#5HJLVWHUV
‡627#,QWHUIDFH#5HJLVWHUV=
³627#1LEEOH#5HJLVWHUV
³627#%\WH#5HJLVWHUV
³627#2YHUOD\#5HJLVWHUV
7KH#0&4788:9#UHJLVWHUV#DUH#DFFHVVLEOH#H[WHUQDOO\#WKURXJK#WKH#6&3#EXV#LQ#,'/26&3#PRGH#
RI#RSHUDWLRQ#RU#WKURXJK#WKH#0RQLWRU#&KDQQHO#LQ#*&,#PRGH#RI#RSHUDWLRQ1#0RVW#UHJLVWHU#
IXQFWLRQV#DUH#DYDLODEOH#LQ#ERWK#PRGHV#RI#RSHUDWLRQ/#EXW#IRU#WKRVH#ZKLFK#DUH#QRW/#WKH#
UHJLVWHU#IXQFWLRQ#LV#LQGLFDWHG#DV#IROORZV=
‡5HJLVWHU#IXQFWLRQV#DYDLODEOH#LQ#6&32,'/#PRGH#RQO\#DUH#VKRZQ#LQ#LWDOLF#+H1J1/#
6RIWZDUHý5HVHWô
‡5HJLVWHU#IXQFWLRQV#DYDLODEOH#LQ#*&,#RQO\#DUH#VKRZQ#LQ#EROG#+H1J1/#6WRSî*Rý
'LVDEOHG,
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
805 0&4788:9#8VHU¶V#0DQXDO 027252/$
(DFK#ELW#GHVFULEHG#LQ#WKH#IROORZLQJ#VHFWLRQV#LV#LGHQWLILHG#ZLWK#D#UHDG2ZULWH#LQGLFDWRU/#
VKRZQ#LQ#WKH#ORZHU#ULJKW#FRUQHU#RI#WKH#HDFK#ELW#QDPH#FHOO#LQ#WKH#UHJLVWHU#OD\RXW#GLDJUDP1
816 80,QWHUIDFH#5HJLVWHUV
7KHVH#UHJLVWHUV#DUH#VLWXDWHG#LQ#WKH#80,QWHUIDFH#SRUWLRQ#RI#WKH#0&4788:9#DQG#DUH#DOPRVW#
H[FOXVLYHO\#UHOHYDQW#WR#WKH#RSHUDWLRQ#RI#WKH#80,QWHUIDFH1
81614
8161481614
81614 8#1LEEOH#5HJLVWHUV
8#1LEEOH#5HJLVWHUV8#1LEEOH#5HJLVWHUV
8#1LEEOH#5HJLVWHUV
7KH#8#1LEEOH#5HJLVWHUV#DUH#D#VHW#RI#VL[#70ELW#FRQWURO#DQG#VWDWXV#UHJLVWHUV#XVHG#ZLWK#WKH#80#
,QWHUIDFH1#)LJXUHýèðì#OLVWV#WKH#UHJLVWHUV#DORQJ#ZLWK#ELW#QDPHV#DQG#GHIDXOW#VHWWLQJV#DIWHU#
UHVHW1
7DEOH#8041##%LW#5HDG2:ULWH#,QGLFDWRU
,QGLFDWRU 7\SH 'HVFULSWLRQ
UZ 5HDG2:ULWH 7KH#H[WHUQDO#PLFURFRQWUROOHU#FDQ#ZULWH#WR#D#5HDG2:ULWH#ELW#DQG#
UHDG#EDFN#WKH#ZULWWHQ#GDWD1
UR 5HDG#2QO\ 7KH#H[WHUQDO#PLFURFRQWUROOHU#PD\#RQO\#UHDG#D#5HDG#2QO\#ELW1#
:ULWLQJ#WR#LW#KDV#QR#HIIHFW#XQOHVV#VSHFLILHG#GLIIHUHQWO\#LQ#WKH#ELW#
GHVFULSWLRQ1#6HWWLQJ#RU#FOHDULQJ#D#5HDG#2QO\#ELW#LV#DQ#LQWHUQDO#
RSHUDWLRQ1
UR2ZR 5HDG#2QO\2
:ULWH#2QO\
7KH#H[WHUQDO#PLFURFRQWUROOHU#PD\#ZULWH#WR#D#5HDG#2QO\2:ULWH#
2QO\#ELW/#EXW#WKH#YDOXH#WKH#PLFURFRQWUROOHU#UHDGV#EDFN#LV#QRW#
QHFHVVDULO\#WKH#YDOXH#LW#ZURWH1#7KLV#W\SH#RI#ELW#LV#VHW#DQG#FOHDUHG#E\#
VRPH#LQWHUQDO#RSHUDWLRQV1
5HJLVWHU E6E5E4E3
9DOXH#
DIWHU#
5HVHW
1536RIWZDUH#5HVHW 3RZHU#'RZQ#HQDEOH 5HVHUYHG 5HWXUQ#WR#1RUPDO '3
154/LQNXS (UURU#,QGLFDWLRQ#+(,,6XSHUIUDPH#6\QF
7UDQVSDUHQW2
$FWLYDWLRQ#LQ#
SURJUHVV
'3
155$FWLYDWLRQ#5HTXHVW#
+$5,
'HDFWLYDWLRQ#5HTXHVW#
+'5,
6XSHUIUDPH#
8SGDWH#'LVDEOH &XVWRPHU#'3
156,546,545,544,543'3
157,546#(QDEOH ,545#(QDEOH ,544#(QDEOH ,543#(QDEOH '3
1585HVHUYHG %ORFN#%4%ORFN#%56ZDS#%42%5'3
)LJXUH#8041#80,QWHUIDFH#1LEEOH#5HJLVWHU#0DS
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 806
8161414##80,QWHUIDFH#153
8161414##80,QWHUIDFH#1538161414##80,QWHUIDFH#153
8161414##80,QWHUIDFH#153
)LJXUHýèðë#QDPHV#WKH#ELW#ILHOGV#LQ#1531#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡6RIWZDUHý5HVHWýõEêô³7KLV#ELW#IRUFHV#WKH#80,QWHUIDFH#WUDQVFHLYHU#LQWR#D#UHVHW#VWDWH1#
6HWWLQJ#WKLV#ELW#WR#4#FDXVHV#D#VRIWZDUH#UHVHW1#7R#DOORZ#WKH#WUDQVFHLYHU#WR#UHVXPH#
RSHUDWLRQ/#WKLV#ELW#PXVW#EH#FOHDUHG#E\#HLWKHU#ZULWLQJ#D#3#WR#LW#RU#DVVHUWLQJ#KDUGZDUH#
UHVHW1#5HVHW#PXVW#EH#DVVHUWHG#IRU#DW#OHDVW#VL[#5317;#0+]#FORFN#SHULRGV1#7KHUH#PXVW#
EH#D#5317;#0+]#FORFN#DW#;7$/LQ#IRU#WKH#0&4788:9#WR#UHVHW#FRUUHFWO\1#7KLV#ELW#KDV#QR#
HIIHFW#RQ#WKH#FRQWHQWV#RI#153#DQG#%5431
‡3RZHUð'RZQý(QDEOHýõEëô³:KHQ#WKLV#ELW# #4#DQG#WKH#80,QWHUIDFH#WUDQVFHLYHU#LV#
VHDUFKLQJ#IRU#D#ZDNH0XS#WRQH#IURP#WKH#IDU0HQG#WUDQFHLYHU/#WKH#0&4788:9#HQWHUV#WKH#
3RZHU0'RZQ#PRGH1#,Q#3RZHU0'RZQ#PRGH/#WKH#0&4788:9#WUDQVPLW#GULYHUV#DQG#
WKH#WLPH#GLYLVLRQ#PXOWLSOH[#LQWHUIDFH#FLUFXLWU\#IRU#ERWK#,'/2*&,#DQG#*&,#
RSHUDWLRQ#DUH#WXUQHG#RII1#7KLV#ELW#PXVW#EH#FOHDUHG#WR#3#EHIRUH#HQDEOLQJ#WKH#
0&4788:9#WR#SHUIRUP#DQ\#QRQ0DFWLYDWLRQ#UHODWHG#IXQFWLRQV#RWKHU#WKDQ#ZDLWLQJ#IRU#
D#ZDNHXS#WRQH1#7KH#0&4788:9#DXWRPDWLFDOO\#H[LWV#IURP#3RZHU0'RZQ#PRGH#RQ#
RQH#RI#WKUHH#FRQGLWLRQV=
³41 $#ZDNHXS#WRQH#LV#GHWHFWHG#RQ#WKH#80,QWHUIDFH1
³51 7KH#H[WHUQDO#PLFURFRQWUROOHU#VHWV#WKH#$FWLYDWLRQ#5HTXHVW#ELW/#+155+E6,,1
³61 7KLV#ELW#LV#UHVHW#WR#31
127(ã :KHQ#WKLV#ELW#LV#3/#WKH#80,QWHUIDFH#WUDQVFHLYHU#LV#QRW#SHUPLWWHG#WR#HQWHU#
SRZHU0GRZQ#PRGH1#7KH#80,QWHUIDFH#WUDQVFHLYHU#KDV#ZDUP#VWDUW#FDSDELOLW\#
UHJDUGOHVV#RI#WKH#VWDWH#RI#WKLV#ELW1
‡5HWXUQýWRý1RUPDOýõEíô³7KLV#ELW#LV#XVHG#WR#UHWXUQ#PDLQWHQDQFH#IXQFWLRQV#WR#WKHLU#
QRUPDO#RSHUDWLQJ#VWDWH1#:KHQ#VHW#WR#4/#WKH#&5&#&RUUXSW#ELW#+%5;+E6,,#DQG#DOO#RI#WKH#
ORRSEDFN#FRQWURO#ELWV#LQ#%59#DUH#FOHDUHG1
127(ã 1HYHU#PRGLI\#153#ZKLOH#WKH#GHYLFH#LV#LQ#*&,#PRGH1#(QVXUH#WKDW#UHVHUYHG#
ELW#E4#LV#3#DW#DOO#WLPHV#WR#PDLQWDLQ#IXWXUH#FRPSDWLELOLW\1
E6E5E4E3
6RIWZDUH#5HVHW
UZ
3RZHU#'RZQ#HQDEOH
UZ UHVHUYHG 5HWXUQ#WR#1RUPDO
UZ
)LJXUH#8051#80,QWHUIDFH#153#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
807 0&4788:9#8VHU¶V#0DQXDO 027252/$
8161415##80,QWHUIDFH#154
8161415##80,QWHUIDFH#1548161415##80,QWHUIDFH#154
8161415##80,QWHUIDFH#154
)LJXUHýèðê#QDPHV#WKH#ELW#ILHOGV#LQ#1541#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡/LQNXSýõEêô³7KLV#ELW#LV#VHW#ZKHQ#WKH#80,QWHUIDFH#WUDQVFHLYHU#FRPSOHWHV#DQ#
DFWLYDWLRQ#XS#WR#WKH#SRLQW#ZKHUH#IXOO0GXSOH[#RSHUDWLRQ#RI#WKH#80,QWHUIDFH#LV#
HVWDEOLVKHG1#)RU#WKH#$16,#74193404<<5#GHILQHG#DFWLYDWLRQ#WR#EH#FRPSOHWHG/#WKH#$&7#
ELW#LQ#WKH#07#PDLQWHQDQFH#ELWV#PXVW#VWLOO#EH#H[FKDQJHG1#+RZHYHU/#IURP#SXUHO\#D#
WUDQVPLW2UHFHLYH#SRLQW#RI#YLHZ/#WKH#80,QWHUIDFH#LV#RSHUDWLRQDO#ZKHQ#/LQNXS#LV#41#
/LQNXS#UHPDLQV#VHW#XQWLO#RQH#RI#WKUHH#WKLQJV#KDSSHQV=
³41 5HFHLYH#IUDPLQJ#LV#ORVW#RU#VHYHUHO\#LQ#HUURU/#DQG#UHPDLQV#VR/#IRU#7;3#PV1
³51 5HFHLYH#IUDPLQJ#LV#ORVW#DIWHU#'HDFWLYDWH#5HTXHVW#LV#VHW#LQ#155+E5,/#RU#
9HULILHG#'($#+%56+E4,,#EHFRPHV#D#4#GXULQJ#07#&RQWURO#PRGH#3/3#+%5<+E8²E7,,1
³61 $#KDUGZDUH#RU#VRIWZDUH#UHVHW#RFFXUV1
‡(UURUý,QGLFDWLRQýõEëô³7KLV#ELW# #4#ZKHQ#D#WLPHU#H[SLUHV1#(UURU#,QGLFDWLRQ#LV#DOZD\V#
DXWRPDWLFDOO\#UHVHW#SULRU#WR#WKH#QH[W#,5461#7KLV#LV#WKH#UHVXOW#RI#HLWKHU#VHWWLQJ#WKH#
$FWLYDWH#5HTXHVW#ELW#LQ#155+E6,#RU#UHFHLYLQJ#D#ZDNHXS#WRQH1#(UURU#,QGLFDWLRQ#LV#QRW#
FOHDUHG#E\#UHDGLQJ#1541#7LPH0RXW#VRXUFHV#DUH=
³480VHFRQG#$FWLYDWLRQ#7LPHU#+%544+E3,,1
³7;30PV#ORVV#RI#IUDPH2VLJQDO1
‡6XSHUIUDPHý6\QFýõEìô³7KLV#ELW#LV#D#4#ZKHQ#WKH#UHFHLYHG#VXSHUIUDPH#LV#EHLQJ#
UHOLDEO\#GHWHFWHG1#,W#WUDQVLWLRQV#IURP#3#WR#4#FRLQFLGHQW#ZLWK#/LQNXS#EHLQJ#VHW1#
6XEVHTXHQWO\/#LI#WKH#VXSHUIUDPH#LV#ORVW/#6XSHUIUDPH#6\QF#UHWXUQV#WR#3/#DQG#LI#
6XSHUIUDPH#6\QF#UHPDLQV#3#IRU#7;3#PV/#WKH#80,QWHUIDFH#WUDQVFHLYHU#GHDFWLYDWHV1#
:KLOH#6XSHUIUDPH#6\QF#LV#3/#WKH#UHFHLYHG#PDLQWHQDQFH#ELWV#DUH#XQNQRZQ1#,545/#
,544/#DQG#,543#DUH#QRW#JHQHUDWHG#ZKLOH#6XSHUIUDPH#6\QF#LV#31#7KH#5%.'#GDWD#LV#
EORFNHG#+IRUFHG#WR#DOO#4V,#ZKHQ#6XSHUIUDPH#6\QF#LV#31
‡7UDQVSDUHQWî$FWLYDWLRQýLQý3URJUHVVýõEíô³7KLV#ELW#KDV#D#GXDO#SXUSRVH1#:KHQ#WKH#
WUDQVFHLYHU#LV#GHDFWLYDWHG/#WKLV#ELW#LV#31#:KHQHYHU#DQ#DFWLYDWLRQ#EHJLQV/#WKLV#ELW#LV#
LQWHUQDOO\#VHW#WR#D#4#DQG#DQ#,546#LV#JHQHUDWHG1#:KHQ#WKH#DFWLYDWLRQ#SURFHVV#LV#
FRPSOHWHG/#/LQNXS# #4#LQGLFDWLQJ#VXFFHVV/#DQG#WKLV#ELW#UHPDLQV#VHW#WR#4/#LQGLFDWLQJ#
WKDW#WKH#UHFHLYHU#DQG#6XSHUIUDPH#'HIUDPHU#DUH#UHDG\#WR#SDVV#GDWD#WUDQVSDUHQWO\#
IURP#WKH#80,QWHUIDFH#WR#WKH#,'/2*&,#LQWHUIDFH1#,I#WKH#DFWLYDWLRQ#SURFHVV#IDLOV/#WKLV#
ELW#LV#FOHDUHG#DQG#(UURU#,QGLFDWLRQ# #41#:KHQHYHU#/LQNXS#LV#4/#WKLV#ELW#PD\#EH#
FOHDUHG/#LQGLFDWLQJ#WKDW#WKH#UHFHLYHU#GHWHFWHG#D#KLJK#HUURU#RQ#WKH#80,QWHUIDFH1#8QGHU#
WKLV#FRQGLWLRQ/#WKH#UHFHLYHU#EORFNV#UHFHLYHG#GDWD#+IRUFLQJ#WKH#5%.'#GDWD#WR#DOO#4V,#
XQWLO#WKH#HUURU#UHWXUQV#WR#QRUPDO1#7KH#UHFHLYHG#GDWD#LV#QRW#WUDQVPLWWHG#RQ#WKH#,'/2
*&,#LQWHUIDFH#XQWLO#/LQNXS#LV#4/#6XSHUIUDPH#6\QF#LV#4/#7UDQVSDUHQW2$FWLYDWLRQ#LQ#
3URJUHVV#LV#4/#DQG#HLWKHU#&XVWRPHU#(QDEOH#+VHH#155+E3,,#RU#9H ULILH G#$&7#+VHH#
%56+E5,,#LV#41
E6E5E4E3
/LQNXS
UR
(UURU#,QG#+(,,
UR
6XSHUIUDPH#6\QF
UR
7UDQVSDUHQW2#$FWLYDWLRQ#LQ#SURJUHVV
UR
)LJXUH#8061#80,QWHUIDFH#154#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 808
127(ã :KHQ#DFFHVV#WR#WKH#'#FKDQQHO#YLD#UHJLVWHU#2545#LV#HQDEOHG#E\#VHWWLQJ#
%543+E4,/#WKH#RSHUDWLRQ#RI#WKH#154#VWDWXV#ELWV#LV#PRGLILHG1#154#LQGLFDWHV#D#
'#FKDQQHO#LQWHUUXSW#E\#VHWWLQJ#DOO#IRXU#VWDWXV#ELWV#WR#4V1#5HDGLQJ#2545#
FOHDUV#WKH#VSHFLDO#FRGH#+4444,#IURP#154#EXW#GRHV#QRW#DIIHFW#DQ\#XSGDWHV#LQ#
DFWLYDWLRQ#VWDWXV1#6R/#LI#WKHUH#KDV#EHHQ#D#FKDQJH#LQ#DFWLYDWLRQ#VWDWXV/#DQ#
LQWHUUXSW#LV#VWLOO#TXHXHG#XS#HYHQ#WKRXJK#WKH#'#FKDQQHO#LQWHUUXSW#KDV#EHHQ#
FOHDUHG1#
8161416##80,QWHUIDFH#155
8161416##80,QWHUIDFH#1558161416##80,QWHUIDFH#155
8161416##80,QWHUIDFH#155
)LJXUHýèðé#QDPHV#WKH#ELW#ILHOGV#LQ#1551#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡$FWLYDWLRQý5HTXHVWýõEêô³:KHQ#WKLV#ELW# #4#DQG#WKH#80,QWHUIDFH#LV#LQ#$16,#7419340
4<<5#GHILQHG#)XOO#5HVHW/#WKH#WUDQVFHLYHU#EHJLQV#DQ#DFWLYDWLRQ1#7KH#H[WHUQDO#
PLFURFRQWUROOHU#QHYHU#QHHGV#WR#VHW#WKLV#ELW#WR#31#7KH#ELW#LV#LQWHUQDOO\#VHW#WR#3#
ZKHQHYHU#7UDQVSDUHQW2$FWLYDWLRQ#LQ#3URJUHVV#+154+E3,,# #4#RU#RQ#KDUGZDUH#RU#
VRIWZDUH#UHVHW1#,I#WKH#DFWLYDWLRQ#IDLOV#IRU#DQ\#UHDVRQ/#WKH#$FWLYDWLRQ#5HTXHVW#ELW#PXVW#
EH#VHW#WR#4#RQFH#DJDLQ#WR#LQLWLDWH#DQRWKHU#DFWLYDWLRQ#DWWHPSW1#7KH#WUDQVFHLYHU#VHOI0
DFWLYDWHV#LI#DQ#LQFRPLQJ#WRQH#LV#GHWHFWHG1#2QFH#DFWLYDWLRQ#VWDUWV/#WKH#0&4788:9#
DXWRPDWLFDOO\#FOHDUV#WKLV#ELW1#'R#QRW#FRQWLQXRXVO\#UHDVVHUW#WKLV#ELW1#,W#RQO\#QHHGV#WR#
EH#VHW#RQFH#SHU#DFWLYDWLRQ#DWWHPSW1
‡'HDFWLYDWLRQý5HTXHVWýõEëô³7KH#'HDFWLYDWH#5HTXHVW#ELW#LV#VHW#WR#4#E\#WKH#H[WHUQDO#
PLFURFRQWUROOHU#LQ#UHVSRQVH#WR#D#UHFHLYHG#'($#ELW#RQ#WKH#07#FKDQQHO/#ZKLFK#
LQGLFDWHV#WR#WKH#80,QWHUIDFH#WKDW#WKLV#LV#D#QRUPDO#GHDFWLYDWLRQ#DWWHPSW1#,Q#WKLV#FDVH/#
WKH#0&4788:9#UHDFWLYDWHV#LQ#WKH#ZDUP#VWDUW#PRGH1#7KH#0&4788:9#DXWRPDWLFDOO\#
FOHDUV#WKLV#ELW#XSRQ#GHDFWLYDWLRQ1
‡6XSHUIUDPHý8SGDWHý'LVDEOHýõEìô³7KLV#ELW#WHOOV#WKH#6XSHUIUDPH#)UDPHU#ZKHWKHU#
RU#QRW#WR#XSGDWH#WKH#PDLQWHQDQFH#ELWV#073²07:/#083/#084/#DQG#093/#ZKLFK#DUH#
EHLQJ#WUDQVPLWWHG#ZLWK#WKH#QHZ#ELWV#WKDW#KDYH#EHHQ#ORDGHG#LQ#WKH#FRQWURO#UHJLVWHUV1#
,Q#QRUPDO#RSHUDWLRQ/#WKLV#ELW#LV#DOZD\V#VHW#WR#3/#DOORZLQJ#WKH#WUDQVPLWWHG#ELWV#WR#EH#
XSGDWHG#DW#WKH#WUDQVPLW#VXSHUIUDPH#ERXQGDU\#ZLWK#WKH#PDLQWHQDQFH#FKDQQHO#GDWD#
LQ#UHJLVWHUV#%53#DQG#%55+E:²E7,1#7KH#WUDQVFHLYHU#FDQ#EH#IRUFHG#WR#VHQG#H[DFWO\#
WKUHH#VXSHUIUDPHV#RI#XSGDWHG#07#FKDQQHO#GDWD#EHIRUH#LW#GHDFWLYDWHV1#,Q#WKDW#
VHTXHQFH#RI#RSHUDWLRQV/#WKH#6XSHUIUDPH#8SGDWH#'LVDEOH#ELW#LV#ILUVW#VHW#WR#41#7KH#07#
PDLQWHQDQFH#ELWV#DUH#WKHQ#ZULWWHQ#E\#WKH#H[WHUQDO#PLFURFRQWUROOHU#WR#WKH#SURSHU#
VHWWLQJ#IRU#GHDFWLYDWLRQ1#7KH#6XSHUIUDPH#8SGDWH#'LVDEOH#ELW# #3#DQG#WKH#'HDFWLYDWH#
5HTXHVW#ELW#LQ#155+E5,# #41#7KLV#JXDUDQWHHV#WKDW#WKH#80,QWHUIDFH#VHQGV#H[DFWO\#WKUHH#
VXSHUIUDPHV#RI#XSGDWHG#07#GDWD#EHIRUH#WKH#DFWLYDWLRQ#VWDWH#FRQWUROOHU#VKXWV#
HYHU\WKLQJ#GRZQ1#6XSHUIUDPH#8SGDWH#'LVDEOH#GRHV#QRW#DIIHFW#WKH#WUDQVPLWWHG#
(2&/#)(%(/#RU#&5&#PDLQWHQDQFH#ELWV1
E6E5E4E3
$FWLYDWLRQ#5HTXHVW#+$5,
UZ
'HDFWLYDWLRQ#5HTXHVW#+'5,
UZ
6XSHUIUDPH#8SGDWH#'LVDEOH
UZ
&XVWRPHU#(QDEOH
UZ
)LJXUH#8071#80,QWHUIDFH#155#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
809 0&4788:9#8VHU¶V#0DQXDO 027252/$
‡&XVWRPHUý(QDEOHýõEíô³:KHQ#WKLV#ELW# #4/#LW#SHUPLWV#WKH#80,QWHUIDFH#WR#SDVV#5%.'#
GDWD#WUDQVSDUHQWO\1#'XULQJ#WKH#DFWLYDWLRQ#SURFHGXUH/#WKH#&XVWRPHU#(QDEOH#ELW#
QRUPDOO\# #31#2QO\#DIWHU#WKH#80,QWHUIDFH#KDV#UHDFKHG#IXOO0GXSOH[#RSHUDWLRQ#DQG#WKH#
$&7#ELWV#RI#WKH#07#PDLQWHQDQFH#FKDQQHO#KDYH#EHHQ#SURSHUO\#H[FKDQJHG/#VKRXOG#
WKH#&XVWRPHU#(QDEOH#ELW#EH#VHW#WR#D#41#6HH#%5<+E8²E7,/#07#&RQWURO#%LWV/#IRU#DQRWKHU#
ZD\#WR#DFKLHYH#5%.'#GDWD#WUDQVSDUHQF\1
127(ã 7KRXJK#155#LV#QRW#QRUPDOO\#ZULWWHQ#WR#LQ#*&,#PRGH/#LI#DQ#DSSOLFDWLRQ#
UHTXLUHV#LW/#HQVXUH#WKDW#ELWV#E6#DQG#E5#DUH#DOZD\V#ZULWWHQ#DV#3#ZKLOH#WKH#
GHYLFH#LV#LQ#*&,#PRGH1
8161417##80,QWHUIDFH#156
8161417##80,QWHUIDFH#1568161417##80,QWHUIDFH#156
8161417##80,QWHUIDFH#156
)LJXUHýèðè#QDPHV#WKH#ELW#ILHOGV#LQ#1561#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡,54êýõEêô³7KLV#LQWHUUXSW#LV#VHW#E\#D#VWDWH#FKDQJH#LQ#154#DQG#LV#FOHDUHG#E\#UHDGLQJ#
1541#,I#WKLV#ELW#LV#VHW#E\#WKH#'#FKDQQHO#UHJLVWHU#LQWHUUXSW/#LW#LV#FOHDUHG#RQFH#2545#KDV#
EHHQ#UHDG/#XQOHVV#WKHUH#KDV#EHHQ#D#FKDQJH#LQ#DFWLYDWLRQ#VWDWXV1
‡,54ëýõEëô³7KLV#LQWHUUXSW#LV#GHGLFDWHG#WR#WKH#(2&1#8SGDWLQJ#RI#WKH#(2&#EXIIHU#59#
E\#WKH#6XSHUIUDPH#'HIUDPHU#VHWV#WKLV#ELW1#7KH#ORDGLQJ#RI#WKH#(2&#EXIIHU#GHSHQGV#
RQ#LWV#PRGH#RI#RSHUDWLRQ1#6HH#%5<+E:²E9,#IRU#GHWDLOV#DERXW#ZKHQ#WKH#EXIIHU#LV#
ORDGHG1#7R#FOHDU#WKH#LQWHUUXSW/#LW#LV#QHFHVVDU\#WR#UHDG#591#,545#LV#DVVHUWHG#DW#WKH#HQG#
RI#WKH#IRXUWK#DQG#HLJKWK#EDVLF#IUDPH#RI#D#VXSHUIUDPH1
‡,54ìýõEìô³7KLV#LQWHUUXSW#LV#GHGLFDWHG#WR#WKH#UHFHLYHG#07#PDLQWHQDQFH#ELWV1#7KLV#
ELW#LV#VHW#ZKHQHYHU#WKH#07#EXIIHU#+%54,#LV#XSGDWHG1#8SGDWLQJ#RI#WKH#07#EXIIHU#
GHSHQGV#RQ#LWV#PRGH#RI#RSHUDWLRQ1#6HH#%5<+E8²E7,#IRU#GHWDLOV#RI#EXIIHU#XSGDWLQJ1#
7R#FOHDU#WKH#LQWHUUXSW/#LW#LV#QHFHVVDU\#WR#UHDG#%541#,544#LV#DVVHUWHG#DW#WKH#HQG#RI#
HYHU\#VXSHUIUDPH1
‡,54íýõEíô³7KLV#LQWHUUXSW#LV#GHGLFDWHG#WR#WKH#UHFHLYHG#083/#084/#DQG#093#ELWV#
IURP#EDVLF#IUDPHV#4#DQG#5#EXIIHUHG#LQ#%561#:KHQHYHU#WKHVH#ELWV#LQ#%56#DUH#
XSGDWHG/#WKLV#LQWHUUXSW#ELW#LV#VHW1#7KH#XSGDWLQJ#RI#%56#LV#GHSHQGHQW#RQ#LWV#PRGH#RI#
RSHUDWLRQ1#6HH#%5<+E6²E5,#IRU#GHWDLOV#RI#ZKHQ#WKH#EXIIHU#LV#XSGDWHG1#7R#FOHDU#WKH#
LQWHUUXSW/#LW#LV#QHFHVVDU\#WR#UHDG#%561#,543#LV#DVVHUWHG#DW#WKH#HQG#RI#WKH#IRXUWK#
UHFHLYHG#EDVLF#IUDPH#RI#D#VXSHUIUDPH1
E6E5E4E3
,546#
UR
,545#
UR
,544#
UR
,543#
UR
)LJXUH#8081#80,QWHUIDFH#156#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 80:
8161418##80,QWHUIDFH#157
8161418##80,QWHUIDFH#1578161418##80,QWHUIDFH#157
8161418##80,QWHUIDFH#157
)LJXUHýèðç#QDPHV#WKH#ELW#ILHOGV#LQ#1571#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡,54êý(QDEOHýõEêô³$#4#LQ#WKLV#ILHOG#HQDEOHV#,5461#$#3#GLVDEOHV#WKH#LQWHUUXSW1
‡,54ëý(QDEOHýõEëô³$#4#LQ#WKLV#ILHOG#HQDEOHV#,5451#$#3#GLVDEOHV#WKH#LQWHUUXSW1
‡,54ìý(QDEOHýõEìô³$#4#LQ#WKLV#ILHOG#HQDEOHV#,5441#$#3#GLVDEOHV#WKH#LQWHUUXSW1
‡,54íý(QDEOHýõEíô³$#4#LQ#WKLV#ILHOG#HQDEOHV#,5431#$#3#GLVDEOHV#WKH#LQWHUUXSW1
8161419##80,QWHUIDFH#158
8161419##80,QWHUIDFH#1588161419##80,QWHUIDFH#158
8161419##80,QWHUIDFH#158
)LJXUHýèðæ#QDPHV#WKH#ELW#ILHOGV#LQ#1581#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡%ORFNý%ìýõEëô³:KHQ#WKLV#ELW#LV#4#DQG#WKH#,'/2*&,#,QYHUW#+%5:+E7,,#LV#3/#WKH#%4#
FKDQQHO#LV#IRUFHG#WR#WUDQVPLW#4V#RQ#WKH#,'/2*&,#LQWHUIDFH1#:KHQ#,'/2*&,#,QYHUW#
+%5:+E7,,#LV#4/#3V#DUH#WUDQVPLWWHG#LQ#WKH#%4#WLPHVORW1#'DWD#UHFHLYHG#RQ#WKH#%4#FKDQQHO#
IURP#WKH#,'/2*&,#LQWHUIDFH#LV#VWLOO#WUDQVPLWWHG#QRUPDOO\#WKURXJK#WKH#80,QWHUIDFH1#
7KH#%4#GHVLJQDWRU#RQ#WKLV#ELW#DOZD\V#UHIHUV#WR#WKH#,'/2*&,#LQWHUIDFH1#7KHUHIRUH/#
HYHQ#LI#ELW#6ZDS#%42%5#+158+E3,,#LV#4/#GDWD#LQ#WKH#ILUVW#%#FKDQQHO#WLPHVORW#RQ#WKH#
,'/2*&,#LQWHUIDFH#LV#WKH#GDWD#WKDW#LV#EORFNHG1
‡%ORFNý%ëýõEìô³:KHQ#WKLV#ELW#LV#4#DQG#WKH#,'/2*&,#,QYHUW#+%5:+E7,,#LV#3/#WKH#%4#
FKDQQHO#LV#IRUFHG#WR#WUDQVPLW#4V#RQ#WKH#,'/2*&,#LQWHUIDFH1#:KHQ#,'/2*&,#,QYHUW#
+%5:+E7,,#LV#4/#3V#DUH#WUDQVPLWWHG#LQ#WKH#%5#WLPHVORW1#'DWD#UHFHLYHG#RQ#WKH#%5#FKDQQHO#
IURP#WKH#,'/2*&,#LQWHUIDFH#LV#VWLOO#WUDQVPLWWHG#QRUPDOO\#RXW#RI#WKH#80,QWHUIDFH1#7KH#
%5#GHVLJQDWRU#RQ#WKLV#ELW#DOZD\V#UHIHUV#WR#WKH#,'/2*&,#LQWHUIDFH1#7KHUHIRUH/#HYHQ#LI#
ELW#6ZDS#%42%5#+158+E3,,#LV#4/#GDWD#LQ#WKH#VHFRQG#%#FKDQQHO#WLPHVORW#RQ#WKH#,'/2
*&,#LQWHUIDFH#LV#WKH#GDWD#WKDW#LV#EORFNHG1
‡6ZDSý%ìî%ëýõEíô³:KHQ#WKLV#ELW#LV#4/#WKH#,'/2*&,#LQWHUIDFH#SHUIRUPV#D#VZDS#RI#
WKH#%#FKDQQHOV#IURP#WKH#80,QWHUIDFH#WR#WKH#,'/2*&,#LQWHUIDFH#DQG#IURP#WKH#,'/2
*&,#LQWHUIDFH#WR#WKH#80,QWHUIDFH1
127(ã (QVXUH#WKDW#UHVHUYHG#ELW#E6#LV#3#DW#DOO#WLPHV#WR#PDLQWDLQ#IXWXUH#FRPSDWLELOLW\1
E6E5E4E3
,546#(QDEOH
UZ
,545#(QDEOH
UZ
,544#(QDEOH
UZ
,543#(QDEOH
UZ
)LJXUH#8091#80,QWHUIDFH#157#%LW#'HILQLWLRQV
E6E5E4E3
5HVHUYHG %ORFN#%4
UZ
%ORFN#%5#
UZ
6ZDS#%42%5#
UZ
)LJXUH#80:1#80,QWHUIDFH#158#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
80; 0&4788:9#8VHU¶V#0DQXDO 027252/$
81615
8161581615
81615 80,QWHUIDFH#59#5
80,QWHUIDFH#59#580,QWHUIDFH#59#5
80,QWHUIDFH#59#5HJLVWHU
HJLVWHUHJLVWHU
HJLVWHU
$V#VKRZQ#LQ#)LJXUHýèðå/#WKLV#UHJLVWHU#LV#45#ELWV#ORQJ#WR#PDWFK#WKH#OHQJWK#RI#WKH#(2&#
PHVVDJH1#7KLV#UHJLVWHU#LV#GRXEOH#EXIIHUHG#IRU#UHDG#DQG#ZULWH#RSHUDWLRQV1#5HIHU#WR#)LJXUHý
èðä#DQG#)LJXUHýèðìí#WR#VHH#KRZ#WKH#(2&#ELWV#LQ#WKLV#UHJLVWHU#PDS#WR#WKH#VXSHUIUDPH1#
2SHUDWLRQ#RI#59#GHSHQGV#RQ#WKH#VHWWLQJ#RI#WKH#(2&#FRQWURO#ELWV#LQ#%5<+E:²E9,#DQG#
%547+E9,1
‡%5ìéõEçôý ýíýõ'HIDXOWýPRGHô³59#SHUIRUPV#DV#D#UHDG0RQO\2ZULWH0RQO\#UHJLVWHU1#
'DWD#UHDG#IURP#59#E\#WKH#H[WHUQDO#PLFURFRQWUROOHU#LV#WKH#(2&#PHVVDJH#WKDW#WKH#
6XSHUIUDPH#'HIUDPHU#VWRUHV#DFFRUGLQJ#WR#WKH#(2&#&RQWURO#UHJLVWHU#+%5<+E:²E9,,1#
'DWD#ZULWWHQ#WR#59#LV#VWRUHG#LQ#D#ODWFK#FRQWDLQHG#LQ#WKH#6XSHUIUDPH#)UDPHU#DQG#LV#
VXEVHTXHQWO\#WUDQVPLWWHG#EHJLQQLQJ#RQ#WKH#QH[W#WUDQVPLW#(2&#IUDPH#ERXQGDU\1#
7KH#6XSHUIUDPH#)UDPHU#ODWFKHV#DUH#VHW#WR#4V#RQ#KDUGZDUH#RU#VRIWZDUH#UHVHWV1#7KH#
6XSHUIUDPH#8SGDWH#'LVDEOH#UHJLVWHU/#155+E4,/#KDV#QR#HIIHFW#RQ#WKLV#UHJLVWHU1
‡%5ìéõEçôý ýì³7KH#6XSHUIUDPH#)UDPHU#UHJLVWHU#WKDW#FRQWDLQV#WKH#WUDQVPLW#(2&#
PHVVDJH#ELWV#EHFRPHV#D#UHDG2ZULWH#UHJLVWHU1#7KHUHIRUH/#WKH#GDWD#WKDW#LV#ZULWWHQ#WR#
WKH#6XSHUIUDPH#)UDPHU#PD\#EH#UHDG#EDFN#WKURXJK#591#,Q#WKLV#PRGH/#WKH#UHFHLYHG#
(2&#PHVVDJH#LV#QRW#DYDLODEOH1
E44 E43 E<E;E:E9E8E7E6E5E4E3
(2&#D4
UR2ZR
(2&#D5
UR2ZR
(2&#D6
UR2ZR
(2&#GP
UR2ZR
(2&#L4
UR2ZR
(2&#L5
UR2ZR
(2&#L6
UR2ZR
(2&#L7
UR2ZR
(2&#L8
UR2ZR
(2&#L9
UR2ZR
(2&#L:
UR2ZR
(2&#L;
UR2ZR
)LJXUH#80;1#80,QWHUIDFH#59#5HJLVWHU#%LW#'HILQLWLRQV
)UDPLQJ 5%.'2YHUKHDG#%LWV#+04±09,
48$7#3RVLWLRQV 4±<43±44: 44;V44;P44<V44<P453V453P
%LW#3RVLWLRQV 4±4; 4<±567 568 569 56: 56; 56< 573
%DVLF#)UDPH#& 6\QF#:RUG 5%.'040506070809
4,6: 45#[#5%.'(2&#D4(2&#D5(2&#D6$&7 44
56: 45#[#5%.'(2&#GP (2&#L4(2&#L5'($ 4)(%(
66: 45#[#5%.'(2&#L6(2&#L7(2&#L86&2 &5&4&5&5
76: 45#[#5%.'(2&#L9(2&#L:(2&#L;4 &5&6&5&7
86: 45#[#5%.'(2&#D4(2&#D5(2&#D64 &5&8&5&9
96: 45#[#5%.'(2&#GP (2&#L4(2&#L54 &5&:&5&;
:6: 45#[#5%.'(2&#L6(2&#L7(2&#L882$ &5&<&5&43
;6: 45#[#5%.'(2&#L9(2&#L:(2&#L;$,% &5&44 &5&45
$&7# VWDUW#XS#ELW#+3#GXULQJ#VWDUW#XS,(2&# HPEHGGHG#RSHUDWLRQV#FKDQQHO
$,%# $ODUP#,QGLFDWLRQ#%LW#+3#LQGLFDWHV#LQWHUUXSWLRQ,D# DGGUHVV#ELW
&5&# &\FOLF#5HGXQGDQF\#&KHFN=#FRYHUV#5%"."'#.#07GP# GDWD2PHVVDJH#LQGLFDWRU#+3# #GDWD/#4# #PHVVDJH,
'($# WXUQ#RII#ELW#+3#LQGLFDWHV#WXUQ#RII,)(%(# )DU0(QG#%ORFN#(UURU
6&2# 3#VWDUW#RQ#FRPPDQG#RQO\ 82$# 80RQO\0DFWLYDWLRQ
4# UHVHUYHG#ELW#IRU#IXWXUH#VWDQGDUG
)LJXUH#80<1#5HJLVWHU#%LW#/RFDWLRQV#:LWKLQ#WKH#6XSHUIUDPH#/7#→ 17
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 80<
)UDPLQJ 5%.'2YHUKHDG#%LWV#+04±09,
48$7#3RVLWLRQV 4±<43±44: 44;V44;P44<V44<P453V453P
%LW#3RVLWLRQV 4±4; 4<±567 568 569 56: 56; 56< 573
%DVLF#)UDPH#& 6\QF#:RUG 5%.'040506070809
4,6: 45#[#5%.'(2&#D4(2&#D5(2&#D6$&7 44
56: 45#[#5%.'(2&#GP (2&#L4(2&#L53644)(%(
66: 45#[#5%.'(2&#L6(2&#L7(2&#L8365&5&4&5&5
76: 45#[#5%.'(2&#L9(2&#L:(2&#L;170 &5&6&5&7
86: 45#[#5%.'(2&#D4(2&#D5(2&#D6&62 &5&8&5&9
96: 45#[#5%.'(2&#GP (2&#L4(2&#L54 &5&:&5&;
:6: 45#[#5%.'(2&#L6(2&#L7(2&#L86$, &5&<&5&43
;6: 45#[#5%.'(2&#L9(2&#L:(2&#L;1,% &5&44 &5&45
$&7# VWDUW#XS#ELW#+3#GXULQJ#VWDUW#XS,)(%(# )DU0(QG#%ORFN#(UURU
&5&# F\FOLF#UHGXQGDQF\#FKHFN=#FRYHUV#5%.'#.#07170# 17#LQ#7H V W #0RGH#ELW#+VHW# #3#WR#LQGLFDWH#WHVW#PRGH,
&62# &ROG#6WDUW#2QO\#+4#IRU#FROG#VWDUW#RQO\,364/#365# SRZHU#VWDWXV#ELWV/#+VHW# #3#WR#LQGLFDWH#SRZHU#SUREOHPV,
(2&# HPEHGGHG#RSHUDWLRQV#FKDQQHO 6$,# 60DFWLYDWLRQ#LQGLFDWRU#ELW#+RSWLRQDO/#4#IRU#627#DFWLYLW\,
D# $GGUHVV#ELW 1,%# 1HWZRUN#,QGLFDWRU#%LW
GP# GDWD2PHVVDJH#LQGLFDWRU#+3# #GDWD/#4# #PHVVDJH,4# UHVHUYHG#ELW#IRU#IXWXUH#VWDQGDUG
)LJXUH#80431#5HJLVWHU#%LW#/RFDWLRQV#:LWKLQ#WKH#6XSHUIUDPH#17#→ /7
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8043 0&4788:9#8VHU¶V#0DQXDO 027252/$
81616
8161681616
81616 8#%\WH#5HJLVWHUV
8#%\WH#5HJLVWHUV8#%\WH#5HJLVWHUV
8#%\WH#5HJLVWHUV
7KH#8#%\WH#5HJLVWHUV#DUH#D#VHW#RI#VL[WHHQ#;0ELW#UHJLVWHUV#XVHG#ZLWK#WKH#8#,QWHUIDFH1#
7DEOHýèðìì#OLVWV#WKH#UHJLVWHUV#DORQJ#ZLWK#ELW#QDPHV#DQG#GHIDXOW#VHWWLQJV#DIWHU#UHVHW1
5HJ1E:E9E8E7E6E5E4E3
9DOXH#DIWHU#
5HVHW
,'/2
6&3 *&,
%53073 074 075 076 077 078 079 07: ')) '):
%54073 074 075 076 077 078 079 07: '6)'))
%55083 093 084 )(%(#LQSXW UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG ')) '))
%56083 093 084 UHFHLYHG#
)(%(#
FRPSXWHG#
)(%( YHULILHG#$&7 YHULILHG#'($ VXSHUIUDPH#
GHWHFW '(3')3
%57)(%(#
FRXQWHU#:
)(%(#
FRXQWHU#9
)(%(#
FRXQWHU#8
)(%(#
FRXQWHU#7
)(%(#
FRXQWHU#6
)(%(#
FRXQWHU#5
)(%(#
FRXQWHU#4
)(%(#
FRXQWHU#3 ')) '))
%581(%(#
FRXQWHU#:
1(%(#
FRXQWHU#9
1(%(#
FRXQWHU#8
1(%(#
FRXQWHU#7
1(%(#
FRXQWHU#6
1(%(#
FRXQWHU#5
1(%(#
FRXQWHU#4
1(%(#
FRXQWHU#3 '&' '6&#
%5980ORRS#%480ORRS#%580ORRS#5%.'80ORRS#
WUDQVSDUHQW
,'/2*&,#
/RRS#%4
,'/2*&,#
/RRS#%5
,'/2*&,#
/RRS#5%.'
,'/2*&,#ORRS#
WUDQVS '33 '33
%5:UHVHUYHG *&,B364#SLQ *&,B365#SLQ ,'/2*&,#8#
LQYHUW
,'/#IUHHUXQ#
GLVDEOH UHVHUYHG UHVHUYHG ,'/#;243 '33 '33
%5;
IUDPH#
VWHHULQJ
IUDPH#FRQWURO#
5
IUDPH#FRQWURO#
4
IUDPH#FRQWURO#
3&5&#FRUUXSW PDWFK#
VFUDPEOHU UHVHUYHG UHVHUYHG '34 '34
IUDPH#VWDWH#6 IUDPH#VWDWH#5 IUDPH#VWDWH#4 IUDPH#VWDWH#3 UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG '34 '34
%5<(2&#FRQWURO#
4
(2&#FRQWURO#
307#FRQWURO#4 07#FRQWURO#3 08209#
FRQWURO#4
08209#
FRQWURO#3
)(%(21(%(#
FRQWURO UHVHUYHG '33 '33
%543 UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG VHOHFW#'XPS#
DFFHVV
VHOHFW#'#
&KDQQHO#
DFFHVV
VHOHFW#
2YHUOD\#
UHJLVWHUV
%544
DFWLYDWLRQ#
FRQWURO#9
DFWLYDWLRQ#
FRQWURO#8
DFWLYDWLRQ#
FRQWURO#7
DFWLYDWLRQ#
FRQWURO#6
DFWLYDWLRQ#
FRQWURO#5
DFWLYDWLRQ#
FRQWURO#4
DFWLYDWLRQ#
FRQWURO#3
DFWLYDWLRQ#
WLPHU#GLV '3&'3&
DFWLYDWLRQ#
VWDWH#9
DFWLYDWLRQ#
VWDWH#8
DFWLYDWLRQ#
VWDWH#7
DFWLYDWLRQ#
VWDWH#6
DFWLYDWLRQ#
VWDWH#5
DFWLYDWLRQ#
VWDWH#4
DFWLYDWLRQ#
VWDWH#3
DFWLYDWLRQ#
WLPHU#H[S '3&'3&
%545
DFWLYDWLRQ#
FRQWURO#VWHHU UHVHUYHG
ORDG#
DFWLYDWLRQ#
VWDWH
VWHS#
DFWLYDWLRQ#
VWDWH
KROG#
DFWLYDWLRQ#
VWDWH
MXPS#VHOHFW UHVHUYHG IRUFH#OLQNXS '33 '33
(3,#4; (3,#4: (3,#49 (3,#48 (3,#47 (3,#46 (3,#45 (3,#44 '33 '33
%546
HQDEOH#0(&#
XSGDWHV
DFFXP#(&#
RXWSXW
HQDEOH#(&#
XSGDWHV IDVW#(&#EHWD DFFXP#')(#
RXWSXW
HQDEOH#')(#
RXWSXW
IDVW#')(2
$5&#EHWD
FOHDU#DOO#
FRHIILFLHQWV '33 '33
(3,43 (3,#< (3,#; (3,#: (3,#9 (3,#8 (3,#7 (3,#6 '33 '33
M%547 UHVHUYHG UR2ZR#WR#U2Z UHVHUYHG
)UDPHU#WR#
'HIUDPHU#
ORRS
“#4#WRQH UHVHUYHG UHVHUYHG UHVHUYHG '33 '33
%548 0DVN#: 0DVN#9 0DVN#8 0DVN#7 0DVN#6 0DVN#5 0DVN#4 0DVN#3
)LJXUH#80441#80,QWHUIDFH#%\WH#5HJLVWHU#0DS
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8044
8161614##80,QWHUIDFH#%53
8161614##80,QWHUIDFH#%538161614##80,QWHUIDFH#%53
8161614##80,QWHUIDFH#%53
%53#FRQWDLQV#WKH#07#ELWV#WKDW#DUH#IUDPHG#DQG#VHQW#E\#WKH#6XSHUIUDPH#)UDPHU1#%LWV#
ZULWWHQ#WR#WKLV#UHJLVWHU#DUH#VHQW#RXW#RQ#WKH#QH[W#WUDQVPLW#6XSHUIUDPH#ERXQGDU\#LI#
6XSHUIUDPH#8SGDWH#'LVDEOH#+155+E4,,#LV#FOHDUHG#+3,1#7KLV#UHJLVWHU#LV#GRXEOH#EXIIHUHG1#$OO#
ELWV#DUH#VHW#+4,#IROORZLQJ#D#KDUGZDUH#UHVHW#+5(6(7#SXOOHG#ORZ,#RU#VRIWZDUH#UHVHW#+153+E6,#
LV#VHW,1#7KLV#UHJLVWHU#LV#UHSODFHG#E\#253#ZKHQ#%543+E3,# #41
)LJXUHýèðìë#QDPHV#WKH#ELW#ILHOGV#LQ#%531#7DEOHýèðë#VKRZV#WKH#GHILQLWLRQV#RI#WKH#07#ELWV#DV#
GHILQHG#E\#$16,#74193404<<5#IRU#WKH#1HWZRUN#WR#17#FKDQQHO#DQG#WKH#17#WR#1HWZRUN#
FKDQQHO1
127(ã %53#VKRXOG#QRW#EH#PRGLILHG#ZKLOH#WKH#GHYLFH#LV#LQ#*&,#PRGH1#6HH#259+E7,1
E:E9E8E7E6E5E4E3
073
UZ
074
UZ
075
UZ
076
UZ
077
UZ
078
UZ
079
UZ
07:
UZ
)LJXUH#80451#80,QWHUIDFH#%53#%LW#'HILQLWLRQV
7DEOH#8051##07#%LW#'HILQLWLRQV
07#%LWV 1HWZRUN#WR#17 17#WR#1HWZRUN
073 $&7 $&7
074 '($ 364
075 6&24365
076 45170
077 45&62
078 4545
079 >82$@ >6$,@
07: >$,%@ 1,%4
1RWHV=41 7KHVH#ELWV#DUH#GHILQHG#LQ#%HOOFRUH#GRFXPHQW#7501:73336<:/#,VVXH#61#:KHQ#VHW#WR#3/#
WKH#/7#LQGLFDWHV#WR#WKH#17#WKDW#WKH#QHWZRUN#GHDFWLYDWHV#WKH#ORRS#EHWZHHQ#FDOOV1
51 7KHVH#ELWV#DUH#SUHVHQWO\#UHVHUYHG#E\#$16,#74193404<;;#DQG#VKRXOG#EH#VHW#WR#4V1
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8045 0&4788:9#8VHU¶V#0DQXDO 027252/$
8161615##80,QWHUIDFH
8161615##80,QWHUIDFH8161615##80,QWHUIDFH
8161615##80,QWHUIDFH#%54
%54%54
%54
%\#UHDGLQJ#WKLV#UHJLVWHU/#WKH#H[WHUQDO#PLFURFRQWUROOHU#REWDLQV#D#EXIIHUHG#FRS\#RI#WKH#07#
ELWV#EHLQJ#SDUVHG#IURP#WKH#UHFHLYHG#VXSHUIUDPH#E\#WKH#6XSHUIUDPH#'HIUDPHU1#7KH#YDOXHV#
LQ#WKH#UHJLVWHU#DUH#YDOLG#ZKHQ#6XSHUIUDPH#6\QF#+154+E4,,#LV#VHW#+4,1#6HH#6HFWLRQýèïêïêïìí#
IRU#D#GHVFULSWLRQ#RI#ZKHQ#WKH#´UHDGµ#LQIRUPDWLRQ#LV#XSGDWHG#DQG#ZKHQ#WR#ZULWH#WR#WKLV#
UHJLVWHU1#7KLV#UHJLVWHU#LV#GRXEOH#EXIIHUHG1#7KH#UHFHLYH#07#FKDQQHO#E\WH#FDQ#EH#UHDG#DW#DQ\#
WLPH#GXULQJ#WKH#VXSHUIUDPH#SULRU#WR#WKH#QH[W#XSGDWH1#,W#LV#UHFRPPHQGHG#WKDW#WKH#
PLFURFRQWUROOHU#UHDG#WKLV#UHJLVWHU#DV#VRRQ#DV#SRVVLEOH#DIWHU#DQ#LQWHUUXSW1#6HWWLQJ#25:+E,#WR#
4#VHOHFWV#WULQDO#FKHFNLQJ#RQ#07#$&7/#'($/#82$/#DQG#6$,#ELWV1#,I#WULQDO#FKHFNLQJ#RI#DOO#
ELWV#LV#GHVLUHG/#LW#PXVW#EH#GRQH#YLD#VRIWZDUH1#7KLV#UHJLVWHU#LV#UHSODFHG#E\#254#ZKHQ#
%543+E3,# #41#:KHQ#25:+E3,#LV#VHW#WR#4/#WKH#07#$&7/#'($/#82$/#DQG#6$,#ELWV#PXVW#EH#
WKH#VDPH#IRU#WKH#WKUHH#VXSHUIUDPHV#EHIRUH#WKH\#DUH#XSGDWHG#LQ#WKLV#UHJLVWHU1
127(ã 7KH#YDOXH#RI#%547+E9,#KDV#QR#HIIHFW#RQ#WKH#RSHUDWLRQ#RI#WKLV#UHJLVWHU1
)LJXUHýèðìê#QDPHV#WKH#ELW#ILHOGV#LQ#%541#7DEOHýèðë#VKRZV#WKH#GHILQLWLRQV#RI#WKH#07#ELWV#DV#
GHILQHG#E\#$16,#74193404<<5#IRU#WKH#1HWZRUN#WR#17#FKDQQHO#DQG#WKH#17#WR#1HWZRUN#
FKDQQHO1#
8161616##80,QWHUIDFH#%55
8161616##80,QWHUIDFH#%558161616##80,QWHUIDFH#%55
8161616##80,QWHUIDFH#%55
7KLV#UHJLVWHU#FRQWDLQV#WKH#UHVHUYHG#08#DQG#09#ELWV#WKDW#DUH#VHQW#E\#WKH#6XSHUIUDPH#
)UDPHU1#7KH#ELWV#ZULWWHQ#WR#WKH#UHJLVWHU#DUH#VHQW#RXW#RQ#WKH#QH[W#WUDQVPLW#6XSHUIUDPH#
ERXQGDU\#LI#6XSHUIUDPHU#8SGDWH#'LVDEOH#+155+E4,#LV#FOHDUHG#+3,1#$OO#ELWV#DUH#VHW#+4,#
IROORZLQJ#D#KDUGZDUH#UHVHW#+5(6(7#SXOOHG#ORZ,#RU#VRIWZDUH#UHVHW#+153+E6,#LV#VHW,1#6HH#
6HFWLRQýèïêïêïìí#IRU#GHWDLOV#FRQFHUQLQJ#WKH#XVH#RI#WKH#)(%(#LQSXW#+E7,1#%LWV#E:/#E9/#DQG#E8#
DUH#GRXEOH#EXIIHUHG1#:KHQ#%543+E3,# #4/#WKLV#UHJLVWHU#LV#UHSODFHG#E\#2551
)LJXUHýèðìé#QDPHV#WKH#ELW#ILHOGV#LQ#%551
‡)(%(ý,QSXWýõEéô³7KH#ELW#YDOXH#LV#HQDEOHG#DQG#WUDQVPLWWHG#DV#)(%(#LI#%5<+E4,# #41
127(ã $16,#74193404<<5#SUHVHQWO\#UHVHUYHV#ELWV#0èíýõEæô/#0çíýõEçô/#DQG#
0èìýõEèô1#7KHUHIRUH/#WKHVH#ELWV#VKRXOG#EH#VHW#WR#4V#IRU#,6'1#DSSOLFDWLRQV1
127(ã 5HVHUYHG#ELWV#E3/#E4/#E5/#DQG#E6#VKRXOG#EH#VHW#WR#3#DW#DOO#WLPHV#WR#PDLQWDLQ#
IXWXUH#FRPSDWLELOLW\1
E:E9E8E7E6E5E4E3
073
UR2ZR
074
UR2ZR
075
UR2ZR
076
UR2ZR
077
UR2ZR
078
UR2ZR
079
UR2ZR
07:
UR2ZR
)LJXUH#80461#80,QWHUIDFH#%54#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
083
UZ
093
UZ
084
UZ
)(%(#,QSXW
UZ 5HVHUYHG 5HVHUYHG 5HVHUYHG 5HVHUYHG
)LJXUH#80471#80,QWHUIDFH#%55#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8046
8161617##80,QWHUIDFH#%56
8161617##80,QWHUIDFH#%568161617##80,QWHUIDFH#%56
8161617##80,QWHUIDFH#%56
%56#FRQWDLQV#WKH#$16,#74193404<<5#UHVHUYHG#08#DQG#09#ELWV#RFFXUULQJ#LQ#EDVLF#IUDPHV#4#
DQG#5#RI#WKH#VXSHUIUDPH#WKDW#DUH#UHFHLYHG#E\#WKH#6XSHUIUDPH#'HIUDPHU#DQG#IRXU#RWKHU#
6XSHUIUDPH#'HIUDPHU#VWDWXV#ELWV1#7KH#08#DQG#09#YDOXHV#LQ#WKH#UHJLVWHU#DUH#YDOLG#ZKHQ#
WKH#6XSHUIUDPH#6\QF#ELW#+154+E4,,# #41#083/#084/#DQG#093#DUH#XSGDWHG#EDVHG#RQ#WKH#
PRGH#GHILQHG#E\#%5<+E6,#DQG#%5<+E5,1#
%LWV#E:/#E/#DQG#E8#DUH#GRXEOH#EXIIHUHG1#7KH\#FDQ#EH#UHDG#DW#DQ\#WLPH#GXULQJ#WKH#
VXSHUIUDPH#SULRU#WR#WKH#QH[W#XSGDWH1#,W#LV#UHFRPPHQGHG#WKDW#WKLV#UHJLVWHU#EH#UHDG#DV#VRRQ#
DV#SRVVLEOH#DIWHU#DQ#08209#FKDQQHO#LQWHUUXSW1#5HIHU#WR#6HFWLRQýèïêïêïìí#IRU#GHWDLOV#
FRQFHUQLQJ#WKH#RSHUDWLRQ#RI#WKHVH#WKUHH#ELWV1#:KHQ#%543+E3,# #4/#WKLV#UHJLVWHU#LV#UHSODFHG#
E\#2561
)LJXUHýèðìè#QDPHV#WKH#ELW#ILHOGV#LQ#%561#
127(ã $16,#74193404<<5#SUHVHQWO\#UHVHUYHV#ELWV#0èíýõEæô/#0çíýõEçô/#DQG#
0èìýõEèô1#7KHUHIRUH/#WKHVH#ELWV#VKRXOG#EH#VHW#WR#4V#IRU#,6'1#DSSOLFDWLRQV1
7KH#UHPDLQLQJ#ELWV#DUH=
‡5HFHLYHGý)(%(ýõEéô³7KLV#LV#WKH#VWDWH#RI#WKH#UHFHLYHG#)(%(#ELW#LQ#WKH#ODVW#FRPSOHWH#
UHFHLYHG#VXSHUIUDPH1#,W#LV#XSGDWHG#DW#WKH#HQG#RI#HDFK#UHFHLYHG#VXSHUIUDPH#ZKHQ#
6XSHUIUDPH#6\QF#+154+E4,,#DQG#/LQNXS#+154+E6,,#DUH#ERWK#4V1
‡&RPSXWHGý1(%(ýõEêô²7KLV#LV#WKH#VWDWH#RI#WKH#&\FOLF#5HGXQGDQF\#&KHFN#+&5&,#
IURP#WKH#ODVW#FRPSOHWH#UHFHLYHG#VXSHUIUDPH1#,W#LV#XSGDWHG#DW#WKH#HQG#RI#HDFK#
UHFHLYHG#VXSHUIUDPH1#7KLV#ELW#LV#3#ZKHQ#D#&5&#HUURU#LV#GHWHFWHG1#$OVR/#ZKHQ#HLWKHU#
6XSHUIUDPH#6\QF#+154+E4,,#RU#/LQNXS#+154+E6,,#LV#3/#WKLV#FRPSXWHG#QHDU0HQG#
EORFN#HUURU#+1(%(,#ELW#LV#IRUFHG#WR#31
‡9HULILHGý$&7ýõEëô²7KLV#LV#WKH#GXDO0FRQVHFXWLYHO\#FKHFNHG#VHWWLQJ#RI#WKH#$&7#ELW#
LQ#WKH#UHFHLYHG#VXSHUIUDPH1#'XDO0FRQVHFXWLYH#FKHFNLQJ#UHTXLUHV#WKDW#WKH#UHFHLYHG#
ELW#EH#LQ#WKH#VDPH#VWDWH#IRU#WZR#FRQVHFXWLYH#VXSHUIUDPHV1#:KHQHYHU#WKH#80,QWHUIDFH#
WUDQVFHLYHU#GHWHFWV#D#WUDQVLWLRQ#IURP#3#WR#4#RQ#6XSHUIUDPH#6\QF/#154+E4,/#9HULILHG#
$&7# #31#,W#UHPDLQV#LQ#LWV#FXUUHQW#VWDWH#XQWLO#ERWK#6XSHUIUDPH#6\QF#+154+E4,,#DQG#
/LQNXS#+154+E6,,#DUH#4V1#7KHQ/#LI#WKH#UHFHLYHG#$&7#ELW#LV#4#IRU#WZR#FRQVHFXWLYH#
VXSHUIUDPHV/#9HULILHG#$&7#EHFRPHV#D#41#$IWHU#9HULILHG#$&7#EHFRPHV#D#4/#LW#
FKDQJHV#WR#3#LI#WKH#UHFHLYHG#$&7#ELW#LV#UHFHLYHG#DV#D#3#IRU#WZR#FRQVHFXWLYH#
VXSHUIUDPHV1#7KLV#ELW#LV#XSGDWHG#DW#WKH#HQG#RI#WKH#ILUVW#IUDPH#RI#HDFK#VXSHUIUDPH#
DQG#LV#SURYLGHG#LQ#WKLV#UHJLVWHU#IRU#VWDWXV#RQO\1#6HH#%5<+E8²E7,#IRU#PRUH#
LQIRUPDWLRQ#UHJDUGLQJ#WKLV#ELW1#:KHQ#25:+E3,#LV#VHW/#WKH#07#$&7#DQG#'($#ELWV#
PXVW#EH#YDOLG#IRU#WKUHH#VXSHUIUDPHV#EHIRUH#9HULILHG#$&7#RU#9HULILHG#'($#DUH#
XSGDWHG1
E:E9E8E7E6E5E4E3
083
UR2ZR
093
UR2ZR
084
UR2ZR
5HFHLYHG#
)(%(
UR
&RPSXWHG#
)(%(
UR
9HULILHG#
$&7
UR
9HULILHG#
'($
UR
6XSHUIUDPH#
'HWHFW
UR
)LJXUH#80481#80,QWHUIDFH#%56#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8047 0&4788:9#8VHU¶V#0DQXDO 027252/$
‡9HULILHGý'($ýõEìô²7KLV#LV#WKH#GXDO0FRQVHFXWLYHO\#FKHFNHG/#LQYHUWHG#VHWWLQJ#RI#WKH#
'($#ELW/#LQ#WKH#UHFHLYHG#VXSHUIUDPH1#'XDO0FRQVHFXWLYH#FKHFNLQJ#UHTXLUHV#WKDW#WKH#
UHFHLYHG#ELW#LV#LQ#WKH#VDPH#VWDWH#IRU#WZR#FRQVHFXWLYH#VXSHUIUDPHV1#:KHQHYHU#WKH#80
,QWHUIDFH#WUDQVFHLYHU#GHWHFWV#D#WUDQVLWLRQ#IURP#3#WR#4#RQ#6XSHUIUDPH#6\QF#LQ#
154+E4,/#9HULILHG#'($# #31#,W#UHPDLQV#LQ#LWV#FXUUHQW#VWDWH#XQWLO#ERWK#6XSHUIUDPH#
6\QF#+154+E4,,#DQG#/LQNXS#+154+E6,,#DUH#4V1#7KHQ/#LI#WKH#UHFHLYHG#'($#ELW#LV#3#IRU#
WZR#FRQVHFXWLYH#VXSHUIUDPHV/#9HULILHG#'($# #41#$IWHU#9HULILHG#'($# #4/#LI#WKH#
UHFHLYHG#'($#ELW# #4#IRU#WZR#FRQVHFXWLYH#VXSHUIUDPHV/#WKHQ#9HULILHG#'($# #31#7KLV#
ELW#LV#XSGDWHG#DW#WKH#HQG#RI#WKH#VHFRQG#EDVLF#IUDPH#RI#HDFK#VXSHUIUDPH#DQG#LV#
SURYLGHG#LQ#WKLV#UHJLVWHU#IRU#VWDWXV#RQO\1#6HH#%5<+E8²E7,#IRU#PRUH#LQIRUPDWLRQ#
UHJDUGLQJ#WKLV#ELW1#:KHQ#25:+E3,#LV#VHW/#WKH#07#'($#ELW#PXVW#EH#YDOLG#IRU#WKUHH#
VXSHUIUDPHV#EHIRUH#9HULILHG#'($#LV#XSGDWHG1
‡6XSHUIUDPHý'HWHFWýõEíô³7KLV#LV#WKH#XQPRGLILHG#RXWSXW#RI#WKH#6XSHUIUDPH#
'HIUDPHU*V#GHWHFWLRQ#FLUFXLW1#,W#LV#SULPDULO\#LQWHQGHG#IRU#GLDJQRVWLF#SXUSRVHV1
8161618##80,QWHUIDFH#%57
8161618##80,QWHUIDFH#%578161618##80,QWHUIDFH#%57
8161618##80,QWHUIDFH#%57
7KLV#UHJLVWHU#FRQWDLQV#WKH#FXUUHQW#)(%(#FRXQW1#7KH#FRXQWHU#LV#QRW#FOHDUHG#E\#D#VRIWZDUH#RU#
KDUGZDUH#UHVHW1#7KH#UHJLVWHU#FDQ#EH#SUHVHW#WR#DQ\#YDOXH#E\#ZULWLQJ#WR#LW1#,I#WKH#)(%(#ELW#LV#
DFWLYH#LQ#D#VXSHUIUDPH/#WKH#FRXQWHU#LQFUHPHQWV#DW#WKH#HQG#RI#WKH#UHFHLYHG#VXSHUIUDPH1#7KH#
FRXQWHU#GRHV#QRW#LQFUHPHQW#XQOHVV#6XSHUIUDPH#6\QF#+154+E4,,#DQG#/LQNXS#+154+E6,,#DUH#
ERWK#4V1#,I#25:+E4,#LV#VHW/#WKHQ#WKH#)(%(#FRXQWHU#UROOV#RYHU#IURP#'))#WR#'331#8VHU#VRIWZDUH#
PXVW#DFFRXQW#IRU#WKH#SRVVLELOLW\#WKDW/#LI#25:+E4,#LV#VHW/#WKH#FRXQWHU#YDOXH#UHDG#IURP#%57#
PLJKW#EH#OHVV#WKDQ#WKH#SUHYLRXV#YDOXH/#LQGLFDWLQJ#WKDW#WKH#FRXQWHU#KDV#UROOHG#RYHU1#7KLV#
UHJLVWHU#LV#UHSODFHG#E\#5HJLVWHU#257#ZKHQ#%543+E3,# #41#:KHQ#25:+E4,#LV#FOHDUHG#
+GHIDXOW#DIWHU#UHVHW,/#%57#FRXQWV#WR#'))#DQG#GRHV#QRW#UROO#RYHU1
)LJXUHýèðìç#QDPHV#WKH#ELW#ILHOGV#LQ#%571#7KHVH#ELWV#DUH=
‡)(%(ý&RXQWHUýæ¥)(%(ý&RXQWHUýíýõEæ¥Eíô³7KHVH#ELWV#FRQVWLWXWH#WKH#)(%(#
&RXQWHU1
E:E9E8E7E6E5E4E3
)(%(#
&RXQWHU#:
UZ
)(%(#
&RXQWHU#9
UZ
)(%(#
&RXQWHU#8
UZ
)(%(#
&RXQWHU#7
UZ
)(%(#
&RXQWHU#6
UZ
)(%(#
&RXQWHU#5
UZ
)(%(#
&RXQWHU#4
UZ
)(%(#
&RXQWHU#3
UZ
)LJXUH#80491#80,QWHUIDFH#%57#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8048
8161619##80,QWHUIDFH#%58
8161619##80,QWHUIDFH#%588161619##80,QWHUIDFH#%58
8161619##80,QWHUIDFH#%58
7KLV#UHJLVWHU#FRQWDLQV#WKH#FXUUHQW#1(%(#FRXQW1#$#1(%(#RFFXUV#ZKHQHYHU#WKH#UHFHLYHG#
&5&#PHVVDJH#GRHV#QRW#PDWFK#WKH#FRPSXWHG#&5&#RU#ZKHQ#/LQNXS#+154+E6,,#LV#4#DQG#
6XSHUIUDPH#6\QF#+154+E4,,#LV#31#7KH#6XSHUIUDPH#)UDPHU#PDLQWDLQV#WKH#VXSHUIUDPH#
WLPLQJ#WR#LQFUHPHQW#WKH#1(%(#FRXQWHU#ZKHQ#6XSHUIUDPH#6\QF#LV#31#7KH#FRXQWHU#LV#QRW#
FOHDUHG#E\#D#VRIWZDUH#RU#KDUGZDUH#UHVHW1#7KH#UHJLVWHU#FDQ#EH#SUHVHW#WR#DQ\#YDOXH#E\#
ZULWLQJ#WR#LW1
:KHQ#WKH#6XSHUIUDPH#'HIUDPHU#GHWHFWV#D#&5&#HUURU#LQ#WKH#UHFHLYHG#VXSHUIUDPH/#WKH#
FRXQWHU#LV#LQFUHPHQWHG#DW#WKH#HQG#RI#WKDW#VXSHUIUDPH1#:KHQ#25:+E4,#LV#VHW/#WKHQ#WKH#
1(%(#FRXQWHU#UROOV#RYHU#IURP#'))#WR#'331#8VHU#VRIWZDUH#PXVW#DFFRXQW#IRU#WKH#SRVVLELOLW\#
WKDW/#LI#25:+E4,#LV#VHW/#WKH#FRXQWHU#YDOXH#UHDG#IURP#%58#PLJKW#EH#OHVV#WKDQ#WKH#SUHYLRXV#
YDOXH/#LQGLFDWLQJ#WKDW#WKH#FRXQWHU#KDV#UROOHG#RYHU1#:KHQ#%543+E3,# #4/#WKLV#UHJLVWHU#LV#
UHSODFHG#E\#5HJLVWHU#2581#:KHQ#25:+E4,#LV#FOHDUHG#+GHIDXOW#DIWHU#UHVHW,/#%58#FRXQWV#WR#
'))#DQG#GRHV#QRW#UROO#RYHU1#
)LJXUHýèðìæ#QDPHV#WKH#ELW#ILHOGV#LQ#%581#7KHVH#ELWV#DUH=
‡1(%(ý&RXQWHUýæ¥1(%(ý&RXQWHUýíýõEæ¥Eíô³7KHVH#ELWV#FRQVWLWXWH#WKH#1(%(#
&RXQWHU1
E:E9E8E7E6E5E4E3
1(%(#
&RXQWHU#:
UZ
1(%(#
&RXQWHU#9
UZ
1(%(#
&RXQWHU#8
UZ
1(%(#
&RXQWHU#7
UZ
1(%(#
&RXQWHU#6
UZ
1(%(#
&RXQWHU#5
UZ
1(%(#
&RXQWHU#4
UZ
1(%(#
&RXQWHU#3
UZ
)LJXUH#804:1#80,QWHUIDFH#%58#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8049 0&4788:9#8VHU¶V#0DQXDO 027252/$
816161:##80,QWHUIDFH#%59
816161:##80,QWHUIDFH#%59816161:##80,QWHUIDFH#%59
816161:##80,QWHUIDFH#%59
7KLV#UHJLVWHU#FRQWDLQV#WKH#ORRSEDFN#FRQWUROV1#)RU#QRUPDO#+QR#ORRSEDFN,#RSHUDWLRQ/#ELWV#
E:²E8#DQG#E6²E4#RI#%59#VKRXOG#EH#31#%59#LV#FOHDUHG#E\#D#VRIWZDUH#UHVHW#+153+E6,# #4,/#
KDUGZDUH#UHVHW#+5(6(7#LV#GULYHQ#ORZ,/#RU#ZKHQ#WKH#5HWXUQ#WR#1RUPDO#ELW#+153+E3,,#LV#VHW1#
:KHQ#D#ELW#LV#VHW#WR#4/#WKH#DSSURSULDWH#ORRSEDFN#LV#HQDEOHG1#7KLV#UHJLVWHU#LV#UHSODFHG#E\#
5HJLVWHU#259#ZKHQ#%543+E3,# #41#%LWV#E:²E7#DUH#QRW#VHW#ZKHQ#WKH#0&4788:9#LV#RSHUDWLQJ#
LQ#WKH#DXWRPDWLF#(2&#PRGH1
)LJXUHýèðìå#QDPHV#WKH#ELW#ILHOGV#LQ#%591#7KHVH#ELWV#DUH=
‡8ð/RRSý%ìýõEæô³7KLV#ELW#VHOHFWV#D#ORRSEDFN#RQ#WKH#%4#FKDQQHO#WRZDUG#WKH#80
,QWHUIDFH1
‡8ð/RRSý%ëýõEçô³7KLV#ELW#VHOHFWV#D#ORRSEDFN#RQ#WKH#%5#FKDQQHO#WRZDUG#WKH#80
,QWHUIDFH1
‡8ð/RRSýë%ò'ýõEèô³7KLV#ELW#VHOHFWV#D#ORRSEDFN#RQ#WKH#%4/#%5/#DQG#'#FKDQQHOV#
WRZDUG#WKH#80,QWHUIDFH1
‡8ð/RRSý7UDQVSDUHQWýõEéô³7KLV#ELW#VHOHFWV#ZKHWKHU#WKH#ORRSEDFN#WRZDUG#WKH#80
,QWHUIDFH#VKRXOG#EH#KDQGOHG#WUDQVSDUHQWO\#RU#QRW1#7KLV#WUDQVSDUHQF\#VHOHFWLRQ#
DSSOLHV#WR#DOO#FKDQQHOV#WKDW#DUH#VHOHFWHG#IRU#ORRSEDFN#WR#WKH#80,QWHUIDFH1
‡,'/î*&,ð/RRSý%ìýõEêô³7KLV#ELW#VHOHFWV#D#ORRSEDFN#RQ#WKH#%4#FKDQQHO#WRZDUG#WKH#
,'/2*&,#LQWHUIDFH1#7KLV#ELW#RSHUDWHV#LQ#DOO#,'/#DQG#*&,#PRGHV1
‡,'/î*&,ð/RRSý%ëýõEëô³7KLV#ELW#VHOHFWV#D#ORRSEDFN#RQ#WKH#%5#FKDQQHO#WRZDUG#WKH#
,'/2*&,#LQWHUIDFH1#7KLV#ELW#RSHUDWHV#LQ#DOO#,'/#DQG#*&,#PRGHV1
‡,'/î*&,ð/RRSýë%ò'ýõEìô³7KLV#ELW#VHOHFWV#D#ORRSEDFN#RQ#WKH#%4/#%5/#DQG#'#
FKDQQHOV#WRZDUG#WKH#,'/2*&,#LQWHUIDFH1#:KHQ#WKLV#ELW# #4/#WKH#,'/2*&,0ORRS#%4#
DQG#,'/2*&,0ORRS#%5#ELWV#DUH#LJQRUHG1#7KLV#ELW#RSHUDWHV#LQ#DOO#,'/#DQG#*&,#PRGHV1
‡,'/î*&,ð/RRSý7UDQVSDUHQWýõEíô³7KLV#ELW#VHOHFWV#ZKHWKHU#WKH#ORRSEDFN#WRZDUG#
WKH#,'/2*&,#LQWHUIDFH#LV#KDQGOHG#WUDQVSDUHQWO\#RU#QRW1#7KLV#WUDQVSDUHQF\#VHOHFWLRQ#
DSSOLHV#WR#DOO#FKDQQHOV#WKDW#DUH#VHOHFWHG#IRU#ORRSEDFN#WR#WKH#,'/2*&,#LQWHUIDFH1
)LJXUHýèðìä#DQG#)LJXUHýèðëí#PD\#EH#XVHG#WR#GHWHUPLQH#WKH#FRPELQHG#HIIHFW#RI#VHWWLQJ#
PRUH#WKDQ#RQH#ORRSEDFN#FRQWURO#LQ#%59/#DV#ZHOO#DV#WKH#ELWV#LQ#158#DQG#%5:1#2QO\#GHWDLOV#
IRU#WKH#%4#FKDQQHO#DUH#VKRZQ/#EXW#D#VLPLODU#VHW#RI#ORJLF#DSSOLHV#WR#ERWK#WKH#%5#DQG#'#
FKDQQHOV1#'287#DQG#',1#UHIHU#WR#WKH#WZR#H[WHUQDO#SLQV#RQ#WKH#GHYLFH1#7KHUH#DUH#WZR#
FRQWURO#VLJQDOV#VKRZQ#LQ#)LJXUHýèðëí#WKDW#GR#QRW#FRPH#IURP#0&4788:9#UHJLVWHUV1#/LQN#
$FWLYH#LV#DQ#LQWHUQDO#VLJQDO#WKDW#LV#DVVHUWHG#ZKHQ#WKH#$16,#74193404<<5#GHILQHG#
DFWLYDWLRQ#VHTXHQFH#UHDFKHV#61626/6#DQG#&XVWRPHU#(QDEOH#+155+E3,,#LV#VHW/#RU#9HUL ILHG #
$&7#+%56+E5,,#LV#VHW1#/LQN#*RRG#LV#DVVHUWHG#ZKHQHYHU#WKH#$16,#74193404<<5#GHILQHG#
DFWLYDWLRQ#VHTXHQFH#LV#FRPSOHWHG#VXFFHVVIXOO\#DQG#WKH#LQWHUQDOO\#PRQLWRUHG#UHFHLYH#HUURU#
UDWH#LV#DGHTXDWH#IRU#SDVVLQJ#GDWD1
E:E9E8E7E6E5E4E3
80/RRS#
%4
UZ
80/RRS#
%5
UZ
80/RRS#
5%.'
UZ
80/RRS#
7UDQVSDUHQW
UZ
,'/2*&,0
/RRS#%4
UZ
,'/2*&,0
/RRS#%5
UZ
,'/2*&,0
/RRS#5%.'
UZ
,'/2*&,0/RRS#
7UDQVSDUHQW
UZ
)LJXUH#804;1#80,QWHUIDFH#%59#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 804:
)LJXUH#804<1#,'/2*&,#,QWHUIDFH#/RRSEDFN#&RQWURO#%LWV#+80,QWHUIDFH,
)LJXUH#80531#,'/2*&,#,QWHUIDFH#/RRSEDFN#/RJLF#'LDJUDP#+80,QWHUIDFH,
1RW#8VHU
%ORFN#%4
%ORFN#%5
6ZDS#%42%5
158E6E5E4E3
E6
E5E4E3E:E9E8E7
80/RRS#%4
80/RRS#%5
80/RRS#5%.'
80/RRS#7UDQVSDUHQW
,'/2*&,0ORRS#%4
,'/2*&,0/RRS#%5
,'/2*&,0/RRS#5%.G
,'/2*&,0/RRS#7UDQVSDUHQW
,'/2*&,#,QYHUW
,'/#)UHH#5XQ
UHVHUYHG
UHVHUYHG
,'/#;243
E6
E5E4E3E:E9E8E7
%59
%5:
80/RRS
7UDQVSDUHQW
80/RRS#%4
80/RRS#5%.'
%4#IURP#WKH
80,QWHUIDFH
%4#WR#WKH#
80,QWHUIDFH
D2E
80/RRS#%4
80/RRS#5%.'
E
D
8%4¶
8%5¶
8%4´
8%5´
D
E
'287
,'/2*&,#,QYHUW
%4¶
%5¶
%5´
%4´
/LQN#
$FWLYH
,'/2*&,0/RRS#7UDQVSDUHQW
,'/2*&,0/RRS#%4
,'/2*&,0/RRS#5%.'
,'/2*&,0/RRS#%4
,'/2*&,0/RRS#5%.'
6ZDS#%42%5
6ZDS#%42%5
%ORFN#%4
%4',1
,'/2*&,#,QYHUW
/LQN#*RRG
8'¶´
8%5¶´
D2E
8%4¶´
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
804; 0&4788:9#8VHU¶V#0DQXDO 027252/$
816161;##80,QWHUIDFH#%5:
816161;##80,QWHUIDFH#%5:816161;##80,QWHUIDFH#%5:
816161;##80,QWHUIDFH#%5:
)LJXUHýèðìå#QDPHV#WKH#ELW#ILHOGV#LQ#%591#7KH#IXQFWLRQ#RI#WKH#ELWV#GHSHQGV#RQ#WKH#VHOHFWHG#
,'/#RU#*&,#FRQWURO#PRGH1#7KHVH#ELWV#DUH=
‡*&,ý,1ëýõEçô³7KLV#LV#D#UHDG0RQO\#ELW1#:KHQ#UHDG#+SURYLGHG#WKH#0&4788:9#LV#LQ#
IXOO#*&,#PRGH,/#ELW#,15#UHIOHFWV#WKH#VWDWH#RI#D#*&,#PRGH#GHGLFDWHG#LQSXW#SLQ1#7KHVH#
SLQV#PD\#EH#XVHG#IRU#DQ\#SXUSRVH#LQ#D#*&,#DSSOLFDWLRQ1#
‡*&,ý,1ìýõEèô³7KLV#LV#D#UHDG0RQO\#ELW1#:KHQ#UHDG#+SURYLGHG#WKH#0&4788:9#LV#LQ#
IXOO#*&,#PRGH,/#ELW#,14#UHIOHFWV#WKH#VWDWH#RI#D#*&,#PRGH#GHGLFDWHG#LQSXW#SLQ1#7KHVH#
SLQV#PD\#EH#XVHG#IRU#DQ\#SXUSRVH#LQ#D#*&,#DSSOLFDWLRQ1
‡,'/î*&,ý,QYHUWýõEéô³:KHQ#VHW#WR#4/#WKLV#ELW#IRUFHV#WKH#,'/2*&,#LQWHUIDFH#WR#LQYHUW#
HYHU\#ELW#MXVW#EHIRUH#LW#LV#WUDQVPLWWHG#RQ#WKH#'287#SLQ#DQG#LQYHUW#HYHU\#ELW#UHFHLYHG#
RQ#',11
‡,'/ý)UHHý5XQýõEêô³:KHQ#VHW#WR#3/#WKLV#ELW#IRUFHV#WKH#'&/#DQG#)6&#RXWSXW#WR#UXQ#
FRQWLQXRXVO\#ZKHQ#LQ#WKH#,'/2*&,#0DVWHU#PRGH1#:KHQ#WKLV#ELW#LV#4/#WKH#'&/#DQG#
)6&#VWRS#ZKHQ#WKH#80,QWHUIDFH#WUDQVFHLYHU#LV#GHDFWLYDWHG1#'&/#DQG#)6&#VWDUW#
RSHUDWLQJ#ZKHQ#6XSHUIUDPH#6\QF#LQ#154+E4,#EHFRPHV#4#DQG#KDOW#ZKHQ#WKH#80
,QWHUIDFH#WUDQVFHLYHU#HQWHUV#WKH#$16,#741934#GHILQHG#7HDUý'RZQýVWDWH1
‡,'/ýåîìíýõEíô³7KLV#ELW#UHRUGHUV#WKH#VHTXHQFH#RI#5%.'#GDWD#SUHVHQWHG#LQ#WKH#,'/#
GDWD#WUDQVIHU1#7KH#WZR#SRVVLEOH#WUDQVIHU#VHTXHQFHV#DUH#VKRZQ#LQ#)LJXUHýèðëë#DQG#
)LJXUHýèðëê1#$#4#VHOHFWV#WKH#;0ELW#PRGH#DQG#D#3#VHOHFWV#WKH#430ELW#PRGH1#,Q#WKH#;0ELW#
PRGH/#WKH#WZR#%#FKDQQHOV#DUH#SURYLGHG#VHTXHQWLDOO\/#IROORZHG#E\#WKH#WZR#'#
FKDQQHO#ELWV1#,Q#WKH#430ELW#PRGH/#RQH#'#FKDQQHO#ELW#IROORZV#HDFK#%#FKDQQHO#E\WH1#7KH#
DELOLW\#WR#VZDS#WKH#%#FKDQQHOV/#+158+E3,,/#DSSOLHV#WR#ERWK#RI#WKHVH#PRGHV1#)RU#
IXUWKHU#LQIRUPDWLRQ#DERXW#WKH#,'/#LQWHUIDFH/#VHH#6HFWLRQýèïéï
127(ã ,I#WLPHVORW#DVVLJQPHQW#PRGH#LV#HQDEOHG#YLD#259+E:,/#259+E9,/#RU#259+E8,/#
WKHQ#WKH#,'/#;243#FRQWURO#ELW#LV#LJQRUHG#DQG#%#FKDQQHO#DQG#'#FKDQQHO#GDWD#
LV#SODFHG#DFFRUGLQJ#WR#253²2581#,I#*&,#HOHFWULFDO#PRGH#LV#VHOHFWHG#E\#
VHWWLQJ#259+E6,#WR#D#4/#WKH#,'/#LQWHUIDFH#WUDQVIHUV#RQO\#5%.'#GDWD#LQ#WKH#
*&,#WLPHVORW#ORFDWLRQV#DV#SURJUDPPHG#LQ#258+E5²E3,1
E:E9E8E7E6E5E4E3
UHVHUYHG *&,#,15#
UR
*&,#,14
UR
,'/2*&,#
,QYHUW
UZ
,'/#)UHH#
5XQ
UZ
UHVHUYHG UHVHUYHG ,'/#;243
UZ
)LJXUH#80541#80,QWHUIDFH#%5:#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 804<
)LJXUH#80551##,'/#,QWHUIDFH#7LPLQJ#LQ#;0%LW#0DVWHU#0RGH
)LJXUH#80561#,'/#,QWHUIDFH#7LPLQJ#LQ#430%LW#0DVWHU#0RGH
)6&
'&/
',1
'287
'RQ¶W#FDUH
+LJK#,PSHGDQFH
%4%4%4%4%4%4%4%4%5%5%5%5%5%5%5%5''
%4%4%4%4%4%4%4%4%5%5%5%5%5%5%5%5''
)6&
'&/
',1
'287
'RQ¶W#FDUH
+LJK#,PSHGDQFH
%4%4%4%4%4%4%4%4%5%5%5%5%5%5%5%5
''
%4%4%4%4%4%4%4%4%5%5%5%5%5%5%5%5''
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8053 0&4788:9#8VHU¶V#0DQXDO 027252/$
816161<##80,QWHUIDFH#%5;
816161<##80,QWHUIDFH#%5;816161<##80,QWHUIDFH#%5;
816161<##80,QWHUIDFH#%5;
)LJXUHýèðëé#QDPHV#WKH#ELW#ILHOGV#LQ#%5;1#7KH#FRQILJXUDWLRQ#RI#WKLV#UHJLVWHU#GHSHQGV#RQ#WKH#
YDOXH#RI#E:1#,I#E:# #4/#WKH#)UDPH#6WHHULQJ#PRGH#LV#VHOHFWHG#DQG#WKH#ELWV#DUH#GHILQHG#DV#
IROORZV=
‡)UDPHý6WHHULQJýõEæô³:KHQ#WKLV#ELW#LV#D#4/#WKH#)UDPH#&RQWURO#5²3#ELWV#WDNH#RYHU#
FRQWURO#RI#WKH#6XSHUIUDPH#)UDPHU*V#PRGH#RI#RSHUDWLRQ1
‡)UDPHý&RQWUROýë¥)UDPHý&RQWUROýíýõEç¥Eéô³7KHVH#ELWV#VHW#WKH#PRGH#RI#RSHUDWLRQ#
IRU#WKH#6XSHUIUDPH#)UDPHU#ZKHQ#WKH#)UDPH#6WHHULQJ#ELW#LV#41#7DEOHýèðê#VKRZV#WKH#
PRGH#WKH#6XSHUIUDPH#)UDPHU#HQWHUV/#EDVHG#RQ#WKH#WKUHH#)UDPH#&RQWURO#ELWV#DQG#WKH#
)UDPH#6WHHULQJ#ELW1
E:E9E8E7E6E5E4E3
)UDPH#
6WHHULQJ#
PRGH#+E: 4,
)UDPH#
6WHHULQJ#
ZR
)UDPH#
&RQWURO#5
ZR
)UDPH#
&RQWURO#4
ZR
)UDPH#
&RQWURO#3
ZR
&5&#
&RUUXSW
UZ
0DWFK#
6FUDPEOHU
UZ
UHVHUYHG UHVHUYHG
)UDPH#6WDWH#
PRGH#+E: 3,
)UDPH#
6WDWH#6
UR
)UDPH#
6WDWH#5
UR
)UDPH#
6WDWH#4
UR
)UDPH#
6WDWH#3
UR
UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG
)LJXUH#80571#80,QWHUIDFH#%5;#%LW#'HILQLWLRQV
7DEOH#8061##6XSHUIUDPH#)UDPH#6WHHULQJ#0RGHV#RI#2SHUDWLRQ
)UDPH#
6WHHULQJ )UDPH#&RQWURO#5=3 6XSHUIUDPH#)UDPHU#0RGH#RI#2SHUDWLRQ
E:E9E8E717 /7
4333 6136/3
43346L[#IUDPHV#RI#
43#.+]#WRQH#IROORZHG#
E\#614
6/4
4343 6156/5
4344 6166/6
4433 43#.+]#WRQH
4434 73#.+]#WRQH
4443*HQHUDWHV#D#VLQJOH#TXDW#HYHU\#EDVLF#IUDPH#ZKLFK#
DOWHUQDWHV#RYHU#DOO#IRXU#RI#WKH#5%44#V\PEROV1
44446XSHUIUDPH#)UDPHU#IUHH#UXQV#WKH#VFUDPEOHU#ZLWK#
QR#V\QFKURQL]DWLRQ#ZRUGV1
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8054
‡&5&ý&RUUXSWýõEêô³:KHQ#VHW#WR#4/#WKLV#ELW#IRUFHV#WKH#WUDQVPLWWHG#&5&#WR#EH#
LQYHUWHG1#,W#LV#XVHG#IRU#(2&#PDLQWHQDQFH#SURFHGXUHV#DQG#WR#IRUFH#DQ#RXWJRLQJ#
FRUUXSW#&5&#LQ#GLJLWDO#ORRS#FDUULHU#V\VWHPV1#$V#WKH#WUDQVPLW#IUDPHU#WUDQVPLWV#WKH#
&5&#DQG#WKLV#ELW#LV#VHW/#WKH#WUDQVPLWWHG#&5&#LV#LQYHUWHG1#7KLV#ELW#FDQ#EH#FOHDUHG#RU#
VHWDW#DQ\#WLPH#GXULQJ#WUDQVPLVVLRQ#RI#D#VXSHUIUDPH1#:KHQ#25:+E5,# #4/#WKH#
RSHUDWLRQ#RI#WKLV#ELW#LV#PRGLILHG#VR#WKDW#WKH#RXWJRLQJ#&5&#LV#RQO\#FRUUXSWHG#RQ#WKH#
FXUUHQW#VXSHUIUDPH1
‡0DWFKý6FUDPEOHUýõEëô³:KHQ#VHW#WR#4/#WKLV#ELW#IRUFHV#WKH#GHVFUDPEOHU#DQG#
VFUDPEOHU#SRO\QRPLDOV#WR#PDWFK1#7KLV#LV#XVHG#IRU#H[WHUQDO#DQDORJ#ORRSEDFN#DQG#
IUDPHU0WR0GHIUDPHU#ORRSEDFN1
,I#E: 3/#WKH#6XSHUIUDPH#)UDPHU#RXWSXW#LV#GHWHUPLQHG#E\#WKH#VWDWH#RI#WKH#$XWRPDWLF#
$FWLYDWLRQ#&RQWUROOHU/#WKH#1)UDPH#6WDWH#PRGH#LV#VHOHFWHG#DQG#WKH#ELWV#DUH#GHILQHG#DV#
IROORZV=
‡)UDPHý6WDWHýê¥)UDPHý6WDWHýíýõEæ¥Eéô³7KHVH#ELWV#SURYLGH#WKH#H[WHUQDO#
PLFURFRQWUROOHU#ZLWK#WKH#FXUUHQW#VWDWH#RI#WKH#80,QWHUIDFH#WUDQVFHLYHU*V#6XSHUIUDPH#
)UDPHU/#UHJDUGOHVV#RI#ZKHWKHU#WKH#6XSHUIUDPH#)UDPHU#LV#EHLQJ#FRQWUROOHG#E\#WKH#
H[WHUQDO#PLFURFRQWUROOHU#RU#LQWHUQDOO\#E\#WKH#$XWRPDWLF#$FWLYDWLRQ#&RQWUROOHU1#7KH#
PHDQLQJ#RI#)UDPH#6WDWH#5=3#PDSV#GLUHFWO\#RQWR#WKH#PHDQLQJ#RI#)UDPH#&RQWURO#5=31#
)UDPH#6WDWH#6#LV#3#DW#DOO#WLPHV/#H[FHSW#GXULQJ#71#RI#DQ#17#DFWLYDWLRQ#VHTXHQFH1#6WDWH#
WUDQVLWLRQV#DUH#DOZD\V#PDGH#RQ#IUDPH#RU#VXSHUIUDPH#ERXQGDULHV1
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8055 0&4788:9#8VHU¶V#0DQXDO 027252/$
81616143##80,QWHUIDFH#%5<
81616143##80,QWHUIDFH#%5<81616143##80,QWHUIDFH#%5<
81616143##80,QWHUIDFH#%5<
)LJXUHýèðëè#QDPHV#WKH#ELW#ILHOGV#LQ#%5<1#7KH#ELWV#DUH#GHILQHG#DV#IROORZV=
‡(2&ý&RQWUROýì¥íýõEæ¥Eçô³7KHVH#ELWV#FRQWURO#WKH#(2&#KDQGOLQJ#FDSDELOLW\#RI#WKH#
80,QWHUIDFH#WUDQVFHLYHU1#7DEOH#70<#JLYHV#D#EULHI#GHVFULSWLRQ#RI#HDFK#PRGH#VHOHFWHG#
E\#WKH#(2&#&RQWURO#ELWV1#7KH#(2ULQDO0&KHFN#PRGH#+E:/E9# #4/3,#DQG#WKH#
$XWRPDWLF#(2URFHVVRU#PRGH#+E:/E9# #3/#324,#DUH#GHVFULEHG#LQ#7DEOHýèðé1#7KH#
GHIDXOW#PRGH#VHWWLQJ#LV#3/3>#WKHUHE\#VHOHFWLQJ#WKH#$XWRPDWLF#(2URFHVVRU1#
5HJDUGOHVV#RI#WKH#RSHUDWLQJ#PRGH/#HYHU\#WLPH#59#LV#ORDGHG#E\#WKH#GHIUDPHU/#,545#
+156+E5,,# #41#8VH#WKH#XSGDWH#RQ#HYHU\#IUDPH#PRGH#+E:/E9# #4/4,#IRU#GLJLWDO#ORRS#
FDUULHU#RU#SURSULHWDU\#DSSOLFDWLRQV1
E:E9E8E7E6E5E4E3
(2&#
&RQWURO#4
UZ
(2&#
&RQWURO#3
UZ
07#
&RQWURO#4
UZ
07#
&RQWURO#3
UZ
08209#
&RQWURO#4
UZ
08209#
&RQWURO#3
UZ
)(%(21(%(#
&RQWURO
UZ
5HVHUYHG
)LJXUH#80581#80,QWHUIDFH#%5<#%LW#'HILQLWLRQV
7DEOH#8071##(2&#&RQWURO#0RGHV#
(2&#&RQWURO#4±3
)XQFWLRQ
E:E9
448SGDWH#(2&#UHJLVWHU#+59,#RQ#HYHU\#(2&#IUDPH#+WZLFH#GXULQJ#HDFK#VXSHUIUDPH,1#
5HFRPPHQGHG#IRU#'LJLWDO#/RRS#&DUULHU#DSSOLFDWLRQV1
43
8SGDWHý(2&ýUHJLVWHUýõ5çôýDIWHUýSDVVLQJýDýWULQDOðýFKHFNïý7KH#(2ULQDO0&KHFN#
RSHUDWLRQ#FKHFNV#IRU#WKUHH#LGHQWLFDO#FRQVHFXWLYH#(2&#PHVVDJHV#EHLQJ#UHFHLYHG#
EHIRUH#ORDGLQJ#WKH#(2&#PHVVDJH#LQWR#591#59#LV#DOZD\V#XSGDWHG#ZLWK#WKH#UHFHLYHG#
PHVVDJH#ZKHQ#WKH#WKLUG#LGHQWLFDO#FRQVHFXWLYH#PHVVDJH#LV#UHFHLYHG1
:KHQ#RSHUDWLQJ#DV#DQ#17#LQ#7ULQDO0&KHFN#PRGH/#UHFHLYHG#(2&#PHVVDJHV#DUH#
DXWRPDWLFDOO\#WUDQVPLWWHG#EDFN#E\#WKH#6XSHUIUDPH#)UDPHU#LI#WKH#DGGUHVV#LV#HLWKHU#
WKH#174#RU#EURDGFDVW#DGGUHVV1#7KLV#FRQWLQXHV#XQWLO#WKUHH#YDOLG#FRQVHFXWLYH#
LGHQWLFDO#PHVVDJHV#KDYH#EHHQ#UHFHLYHG1#,I#WKH#(2&#DGGUHVV#LQ#WKH#UHFHLYHG#(2&#
PHVVDJH#LV#QRW#3#RU#:/#WKH#+ROG#PHVVDJH#LV#VXEVWLWXWHG#DQG#DXWRPDWLFDOO\#
WUDQVPLWWHG#EDFN#WR#WKH#/71#2QFH#WKUHH#YDOLG#FRQVHFXWLYH#LGHQWLFDO#PHVVDJHV#KDYH#
EHHQ#UHFHLYHG/#WKH#GHIUDPHU#XSGDWHV#591#2QFH#59#KDV#EHHQ#XSGDWHG#ZLWK#WKH#
UHFHLYHG#PHVVDJH/#WKH#6XSHUIUDPH#)UDPHU*V#59#+ZULWWHQ#WR#E\#D#6&3#LQWHUIDFH#
RSHUDWLRQ,#LV#WUDQVPLWWHG1#,W#LV#XS#WR#WKH#PLFURFRQWUROOHU#ILUPZDUH#WR#KDQGOH#WKH#
(2&#PHVVDJH#DQG#SODFH#D#UHVSRQVH#LQWR#59#EHIRUH#WKH#80FKLS#VHQGV#WKH#QH[W#(2&#
IUDPH#RXW#WR#WKH#/7#+VHH#)LJXUHýèðëí,1#59#LV#UHSHDWHG#WKURXJKRXW#DOO#VXEVHTXHQW#
(2&#IUDPHV#XQWLO#LW#LV#DOWHUHG#E\#DQRWKHU#&3,#LQWHUIDFH#ZULWH#WR#LW/#RU#WKH#UHFHLYHG#
(2&#PHVVDJH#FKDQJHV1
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8056
33#RU#4 8SGDWHý(2&ýUHJLVWHUýõ5çôýDIWHUýSDVVLQJýDýWULQDOðFKHFNýDQGýDOVRýLQYRNHý
$XWRPDWLFý(2&ý3URFHVVRUýWRýRSHUDWHï#$Q#$XWRPDWLF#(2URFHVVRU#LV#SURYLGHG1#
7KLV#SURFHVVRU#RSHUDWHV#WKH#(2&#LQ#DFFRUGDQFH#ZLWK#$16,#74193404<<51#7KH#
SURFHVVRU#UHFRJQL]HV#(2&#PHVVDJHV#DGGUHVVHG#WR#HLWKHU#WKH#174#RU#WKH#EURDGFDVW#
DGGUHVV1#7KH#SURFHVVRU#GHFRGHV#WKH#PHVVDJHV#LQ#7DEOH#7043#DQG#WKHQ#WDNHV#WKH#
DFWLRQ#LQGLFDWHG1#,I#D#SURSHUO\#DGGUHVVHG#PHVVDJH#LV#UHFHLYHG#WKDW#LV#QRW#OLVWHG#LQ#
WKH#WDEOH/#WKH#´8QDEOH#WR#&RPSO\µ#PHVVDJH#LV#WUDQVPLWWHG#LQ#UHVSRQVH1#,I#DQ#
LPSURSHUO\#DGGUHVVHG#PHVVDJH#LV#UHFHLYHG/#WKH#´+ROG#6WDWHµ#PHVVDJH#LV#
WUDQVPLWWHG#ZLWK#WKH#174#DGGUHVV1#:KHQHYHU#RSHUDWLQJ#LQ#WKLV#PRGH/#WKH#(2&#
7ULQDO0&KHFN#RSHUDWLRQ#FRQWLQXHV#WR#IXQFWLRQ#DQG#59#LV#ORDGHG#ZLWK#WKH#(2&#
PHVVDJH#WKDW#WKH#$XWRPDWLF#(2URFHVVRU#GHFRGHV1#1RWH#WKDW#EHFDXVH#WKH#
$XWRPDWLF#(2URFHVVRU#LV#DQ#17#PRGH#RQO\#IXQFWLRQ/#VHOHFWLQJ#PRGH#3/3#LQ#WKH#
/7#PRGH#LV#HTXLYDOHQW#WR#PRGH#4/31#5HJDUGOHVV#RI#(2&#PRGH/#59#LV#QRW#DOWHUHG#
ZKLOH#6XSHUIUDPH#'HWHFW#+%56+E3,,#LV#D#31#:KHQ#WKH#DXWRPDWLF#(2&#PRGH#LV#
HQDEOHG/#ELWV#LQ#%59#DUH#QRW#VHW#ZKHQ#ORRSEDFN#PHVVDJHV#DUH#UHFHLYHG1
7DEOH#8081##$XWRPDWLF#(2URFHVVRU#)XQFWLRQV
(2�HVVDJH $XWRPDWLF#(2URFHVVRU#5HVSRQVH
2SHUDWH#5%.'#/RRSEDFN ,QYRNHV#D#ORRSEDFN#WR#WKH#80,QWHUIDFH#DW#WKH#,'/#LQWHUIDFH#RI#WKH#%4/#
%5/#DQG#'#FKDQQHOV1#7UDQVSDUHQF\#LV#GHWHUPLQHG#E\#VHWWLQJ#%59+E7,/#
80ORRS#WUDQVSDUHQW
2SHUDWH#%4#&KDQQHO#/RRSEDFN ,QYRNHV#D#ORRSEDFN#WR#WKH#80,QWHUIDFH#DW#WKH#,'/#LQWHUIDFH#RI#WKH#%4#
FKDQQHO1#7KH#ORRSEDFN#LV#WUDQVSDUHQW
2SHUDWH#%5#&KDQQHO#/RRSEDFN ,QYRNHV#D#ORRSEDFN#WR#WKH#80,QWHUIDFH#DW#WKH#,'/#LQWHUIDFH#RI#WKH#%5#
FKDQQHO1#7KH#ORRSEDFN#LV#WUDQVSDUHQW
5HTXHVW#&RUUXSWHG#&5& (TXLYDOHQW#WR#VHWWLQJ#%5;+E6,#WR#D#4
1RWLI\#RI#&RUUXSWHG#&5& 1RQH
5HWXUQ#WR#1RUPDO 5HVHWV#DOO#RI#WKH#SUHYLRXVO\#LQYRNHG#(2&#IXQFWLRQV
+ROG#6WDWH 0DLQWDLQV#SUHYLRXVO\#LQYRNHG#(2&#IXQFWLRQV
7DEOH#8071##(2&#&RQWURO#0RGHV##+&RQWLQXHG,
(2&#&RQWURO#4±3
)XQFWLRQ
E:E9
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8057 0&4788:9#8VHU¶V#0DQXDO 027252/$
‡0éý&RQWUROýì¥íýõEèñýEéô³7KHVH#ELWV#FRQWURO#WKH#07#KDQGOLQJ#FDSDELOLW\#RI#WKH#80
,QWHUIDFH#WUDQVFHLYHU1#7KH#GHIDXOW#PRGH#VHWWLQJ#LV#E8/#E7# #3/31#,Q#DOO#RI#WKH#PRGHV/#
%54#LV#QRW#ORDGHG#DQG#DQ#,544#+156+E4,,#LV#QRW#EH#LVVXHG#XQOHVV#ERWK#/LQNXS#
+154+E6,,#DQG#6XSHUIUDPH#6\QF#+154+E4,,#DUH#4V1#:KHQ#25:+E3,# #4>#82$/#$&7/#
6$,/#DQG#'($#ELWV#LQ#WKH#07#FKDQQHO#DUH#WULQDO0FKHFNHG1#6HH#7DEOHýèðç1
³0éý'XDOý&RQVHFXWLYHý0RGHVýõEèñýEéý ýíñíýRUýíñìô³7KH#07#'XDO#&RQVHFXWLYH#
PRGHV#SHUIRUP#D#VLPSOH#DOJRULWKP#RQ#WKH#UHFHLYHG#07#ELWV/#DQG#RQO\#LQWHUUXSW#
WKH#H[WHUQDO#PLFURFRQWUROOHU#ZKHQ#DQ#07#ELW#KDV#FKDQJHG#VWDWH#DQG#KDV#
UHPDLQHG#LQ#WKH#QHZ#VWDWH#IRU#WZR#FRQVHFXWLYH#VXSHUIUDPHV1#7KH#07#ELW#YDOXHV#
UHDG#IURP#%54#LQ#WKLV#PRGH#DUH#RQO\#WKH#PRVW#UHFHQW#YDOXHV#WKDW#KDYH#EHHQ#WKH#
VDPH#IRU#WZR#FRQVHFXWLYH#VXSHUIUDPHV1#5HIHUULQJ#WR#7DEOHýèðæ/#VXSSRVH/#IRU#
H[DPSOH/#WKDW#IRU#VHYHUDO#VXSHUIUDPHV#WKH#07#ELWV#KDYH#EHHQ#DOO#3V/#DV#VKRZQ#LQ#
WKH#FROXPQ#ODEHOHG#5HFHLYHGý0éý%\WH1#,I#WKH#H[WHUQDO#PLFURFRQWUROOHU#UHDG#%54/#
LW#ZRXOG#UHDG#DOO#3V#DV#VKRZQ#LQ#WKH#FROXPQ#ODEHOHG#%5ìý&RQWHQWV1#1RZ/#QRWLFH#
LQ#WKH#VXEVHTXHQW#VXSHUIUDPHV#5#DQG#6#WKDW#WKH#UHFHLYHG#07#ELWV#WKDW#GR#QRW#
KROG#WKHLU#VWDWH#IRU#DW#OHDVW#WZR#FRQVHFXWLYH#VXSHUIUDPHV/#GR#QRW#FDXVH#DQ#
LQWHUUXSW/#DQG#GR#QRW#VKRZ#XS#LQ#%541
$W#VWDUW0XS/#WKHUH#LV#QR#KLVWRU\#RI#ZKDW#KDV#EHHQ#UHFHLYHG#LQ#WKH#07#ELWV1#
7KHUHIRUH/#WKH#WHFKQLTXH#IRU#WKH#LQLWLDO#VHWWLQJ#IRU#%54#LV#DV#IROORZV=#D#KDUGZDUH#
RU#VRIWZDUH#UHVHW#VHWV#%54#WR#DOO#3V1#+RZHYHU/#DW#WKH#XVHU*V#GLVFUHWLRQ/#ZKLOH#
HLWKHU#/LQNXS#+154+E6,,#RU#6XSHUIUDPH#6\QF#+154+E4,,#LV#3/#WKH#XVHU#PD\#ZULWH#
WR#%54#DQG#VHW#WKH#LQLWLDO#YDOXH1#,Q#WKLV#ZD\/#WKH#H[WHUQDO#PLFURFRQWUROOHU#PD\#
DVVXPH#D#FXUUHQW#VWDWH#IRU#WKH#07#ELWV/#DQG#WKHQ#ZDLW#IRU#DQ#,544#WR#LQIRUP#LW#RI#
D#FKDQJH#LQ#VWDWH1#$OVR/#DQ\#WLPH#WKDW#6XSHUIUDPH#6\QF#LV#ORVW#DQG#WKHQ#UHJDLQHG/#
WKH#LQLWLDO#SURJUDPPHG#YDOXH#LV#UHORDGHG#LQWR#%541
7DEOH#8091##07#&RQWURO#0RGHV
25:
%5<#07#&RQWURO#4=3
'HVFULSWLRQ
E8E7
33307#'XDO#&RQVHFXWLYH#PRGH1#,Q#DGGLWLRQ/#WKH#
9HUL ILH G#$&7#+%56+E5,,#DQG#9HULI LHG #'($#
+%56+E4,,#RSHUDWLRQV#DUH#HQDEOHG#LQ#WKLV#PRGH#
RQO\1
3407#'XDO#&RQVHFXWLYH#PRGH1
43'HOWD#PRGH1
44(YHU\#PRGH1
432432407#FKDQQHO#ELWV#073#+$&7,/#074#+'($,/#DQG#
079#+82$/#6$,,#DUH#WULQDO0FKHFNHG1#5HPDLQLQJ#
ELWV#RSHUDWH#SHU#%5<+E8/E7,#VHWWLQJV1#9H ULI LHG #$&7#
DQG#9H U L IL H G #'($#DYDLODEOH#RQ#WULQDO0FKHFNHG#
$&7/#'($#ELWV#ZKHQ#E8²E7# #3/31
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8058
7KH#GHIDXOW#07#'XDO#&RQVHFXWLYH#PRGH#+E8/#E7# #3/3,#KDV#WKH#DGGLWLRQDO#IHDWXUH#
RI#SHUIRUPLQJ#DXWRPDWLF#GHWHFWLRQ#RI#WKH#$&7#DQG#'($#ELWV1#9HU LILHG #$&7#
+%56+E5,,#DQG#9HUL ILHG#'($#++%56+E4,,#DUH#GXDO#FRQVHFXWLYH#FKHFNHG#YDOXHV#RI#
073#DQG#0741#9HU LILHG #$&7#LV#YDOLG#IRU#ERWK#17#DQG#/7#PRGHV1#9HULILH G#'($#
RSHUDWHV#LQ#WKH#17#PRGH#RQO\1#:KHQHYHU#WKHUH#LV#D#3#WR#4#WUDQVLWLRQ#RQ#
6XSHUIUDPH#6\QF#+154+E4,,/#9H ULILH G #$&7#DQG#9H UL ILHG #'($#DUH#UHVHW1#,I#073#LV#
UHFHLYHG#DV#4#IRU#WZR#FRQVHFXWLYH#VXSHUIUDPHV/#9HULIL HG#$&7# #41#6LPLODUO\/#LI#
073#LV#UHFHLYHG#DV#3#IRU#WZR#FRQVHFXWLYH#VXSHUIUDPHV/#9HU L ILHG#$&7# #31#:KHQ#
WKLV#PRGH#LV#VHOHFWHG/#WKH#ORJLFDO#25#RI#9HUL ILHG#$&7#DQG#WKH#&XVWRPHU#(QDEOH#
ELW#LQ#155+E3,#SHUPLWV#FXVWRPHU#GDWD#WUDQVSDUHQF\#ZLWKRXW#DQ\#DFWLRQ#WDNHQ#E\#
WKH#H[WHUQDO#PLFURFRQWUROOHU1#,Q#17#PRGH/#LI#074#LV#UHFHLYHG#IRU#WZR#FRQVHFXWLYH#
VXSHUIUDPHV#DV#3/#9HU L ILHG#'($# #41#6LPLODUO\/#LI#074#LV#UHFHLYHG#DV#4#IRU#WZR#
FRQVHFXWLYH#VXSHUIUDPHV/#9HU LILHG#'($#UHWXUQV#WR#31#:KHQ#WKLV#PRGH#LV#
VHOHFWHG/#WKH#ORJLFDO#25#RI#9HU LILHG#'($#DQG#WKH#'HDFWLYDWH#5HTXHVW#ELW#LQ#
155+E5,#DOORZV#WKH#80,QWHUIDFH#WUDQVFHLYHU#WR#UHVSRQG#WR#WKH#IDU0HQG#
WUDQVFHLYHU*V#LQWHQWLRQ#WR#GHDFWLYDWH#ZLWKRXW#UHTXLULQJ#DQ\#LQWHUDFWLRQ#E\#WKH#
H[WHUQDO#PLFURFRQWUROOHU1#1RWH#WKDW#WKH#VWDWH#RI#9HUL ILHG#$&7#DQG#9HULI L HG#'($#
PD\#EH#PRQLWRUHG#E\#WKH#H[WHUQDO#PLFURFRQWUROOHU#WKURXJK#%56+E5²E4,1
³0éý'HOWDý0RGHýõEèñýEéý ýìñíô³7KH#'HOWD#PRGH#FRPSDUHV#WKH#07#GDWD#IURP#WKH#
SUHYLRXV#VXSHUIUDPH#DJDLQVW#WKH#FXUUHQW#UHFHLYHG#VXSHUIUDPH#07#GDWD1#,I#WKHUH#
LV#D#GLIIHUHQFH#LQ#DW#OHDVW#RQH#ELW/#%54#LV#XSGDWHG#DQG#DQ#,544#LQWHUUXSW#LV#LVVXHG1#
1RWH#WKDW#LQ#WKLV#PRGH/#%54#DOZD\V#FRQWDLQV#D#FRS\#RI#WKH#ODWHVW#UHFHLYHG#07#
E\WH#IURP#WKH#SUHYLRXV#VXSHUIUDPH1
³0éý(YHU\ý0RGHýõEèñýEéý ýìñìô³7KH#(YHU\#PRGH#VWRUHV#HDFK#UHFHLYHG#VXSHUIUDPH#
RI#07#GDWD#LQ#%54#DQG#LVVXHV#DQ#LQWHUUXSW#DW#WKH#HQG#RI#HYHU\#UHFHLYHG#
VXSHUIUDPH1#
127(ã 5HJDUGOHVV#RI#WKH#PRGH#RI#RSHUDWLRQ/#%54#LV#QRW#DOWHUHG#ZKLOH#6XSHUIUDPH#
6\QF#+154+E4,,#LV#31
³0éý7ULQDOð&KHFNý0RGH³7KH#07#$&7/#'($/#6$,/#DQG#82$#ELWV#FDQ#EH#
FRQILJXUHG#IRU#WULQDO0FKHFN#RSHUDWLRQ#E\#VHWWLQJ#25:+E3,#WR#D#41#6HH#6HFWLRQý
éïèïå#IRU#PRUH#GHWDLO1
7DEOH#80:1##07#'XDO#&RQVHFXWLYH#0RGHV#([DPSOH
6XSHUIUDPH 5HFHLYHG#07#%\WH %54#&RQWHQWV $FWLRQ
4 3333#3333 3333#3333 ³
5 4333#3334 3333#3333 ³
6 3334#3334 3333#3334 ,544#LV#VHW
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8059 0&4788:9#8VHU¶V#0DQXDO 027252/$
‡0èî0çý&RQWUROýì¥íýõEêñýEëô³7KHVH#ELWV#FRQWURO#WKH#08209#KDQGOLQJ#FDSDELOLW\#
RI#WKH#80,QWHUIDFH#WUDQVFHLYHU1#7KH#GHIDXOW#PRGH#VHWWLQJ#LV#E6/#E5# #3/3/#ZKLFK#
VHOHFWV#WKH#'XDO#&RQVHFXWLYH#PRGH1#7KHVH#FRQWUROV#DUH#LGHQWLFDO#LQ#RSHUDWLRQ#WR#WKH#
07#PRGH#FRQWURO#IXQFWLRQV/#H[FHSW#WKDW#WKH\#DSSO\#WR#083/#084/#DQG#0931#5HIHU#WR#
WKH#07#&RQWURO#PRGH#SDUDJUDSKV#DERYH#IRU#D#GHVFULSWLRQ#RI#WKH#08209#&RQWURO#
PRGHV1#7KH#08209#LQWHUUXSW/#,543#+156+E3,,/#RFFXUV#LQ#WKH#PLGGOH#RI#WKH#
VXSHUIUDPH#ZKHQ#EDVLF#IUDPH#7#KDV#EHHQ#FRPSOHWHO\#UHFHLYHG1
‡)(%(î1(%(ý&RQWURO³7KLV#ELW#FRQWUROV#KRZ#WKH#WUDQVPLWWHG#)(%(#LV#FRPSXWHG1#,I#
WKLV#ELW#LV#3/#WKH#WUDQVPLWWHG#)(%(#LV#VHW#DFWLYH#LI#HLWKHU#WKH#&RPSXWHG#1(%(#
+%56+E6,,#LV#DFWLYH#RU#WKH#)(%(#LQSXW#+%55+E7,,#LV#VHW#DFWLYH1#,I#WKLV#FRQWURO#ELW# #4/#
WKH#WUDQVPLWWHG#)(%(# #ZKDWHYHU#LV#VHW#LQ#WKH#)(%(#LQSXW#+%55+E7,,1
127(ã )RU#)(%(#DQG#1(%(/#DFWLYH#PHDQV#VHW#WR#31
7DEOH#80;1##08209#&RQWURO#0RGHV
08209#&RQWURO#4=3
'HVFULSWLRQ
E6E5
332408209#'XDO#&RQVHFXWLYH#PRGH1
43'HOWD#PRGH1
44(YHU\#PRGH1
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 805:
81616144##80,QWHUIDFH#%543
81616144##80,QWHUIDFH#%54381616144##80,QWHUIDFH#%543
81616144##80,QWHUIDFH#%543
)LJXUHýèðëç#QDPHV#WKH#ELW#ILHOGV#LQ#%5431#7KH#ELWV#DUH#GHILQHG#DV#IROORZV=
‡6HOHFWý'XPSý$FFHVVýõEëô³7KLV#ELW#KLGHV#WKH#QRUPDO#E\WH#UHJLVWHU#%546/#DQG#WKH#
UHJLVWHU#EHFRPHV#D#E\WH0ZLGH#DFFHVV#SRUW/#2546/#WR#WKH#GXPS2UHVWRUH#PHFKDQLVP#
RI#WKH#80,QWHUIDFH1#7ZR#PRUH#ELWV#LQ#WKH#RYHUOD\#UHJLVWHUV#FRQWURO#WKH#RSHUDWLQJ#
PRGH#RI#WKH#GXPS2UHVWRUH#PHFKDQLVP1#6HH#6HFWLRQýèïêïéïä1#7KLV#ELW#LV#UHVHW#E\#ERWK#
KDUGZDUH#DQG#VRIWZDUH#UHVHWV1
‡6HOHFWý'&+ý$FFHVVýõEìô³7KLV#ELW#KLGHV#WKH#QRUPDO#E\WH#UHJLVWHU/#%545/#DQG#WKH#
UHJLVWHU#EHFRPHV#DQ#;0ELW#UHDG0RQO\2ZULWH0RQO\#UHJLVWHU/#2545/#DQG#SURYLGHV#
DFFHVV#WR#WKH#'#FKDQQHO1#:KHQ#WKLV#ELW#LV#DVVHUWHG/#'#FKDQQHO#LQSXW#GDWD#SUHVHQW#RQ#
WKH#SLQ#LQWHUIDFHV#LV#LJQRUHG#DQG#'287#LV#KLJK#LPSHGDQFH1#,QVWHDG/#WKH#'#FKDQQHO#
LV#VRXUFHG#VWULFWO\#IURP#WKLV#UHJLVWHU1#'#FKDQQHO#GDWD#UHFHLYHG#IURP#WKH#80,QWHUIDFH#
PDLQWDLQV#FRUUHFW#E\WH#DOLJQPHQW#UHODWLYH#WR#WKH#80,QWHUIDFH#EDVLF#IUDPH#ERXQGDU\#
RQ#WKH#SLQ#LQWHUIDFHV/#DQG#LV#UHDGDEOH#WKURXJK#2545/#HLJKW#ELWV#DW#D#WLPH1#,546#LV#
XVHG#WR#LQGLFDWH#ZKHQ#HYHU\#QHZ#HLJKW#ELWV#RI#GDWD#DUH#UHFHLYHG/#LQ#DGGLWLRQ#WR#
LQGLFDWLQJ#D#FKDQJH#LQ#UHFHLYH#VWDWXV1
$#VSHFLDO#FRGH#+4444,#LV#ORDGHG#LQ#1LEEOH#UHJLVWHU#154/#WR#LQGLFDWH#WKDW#WKH#VRXUFH#
RI#WKH#LQWHUUXSW#LV#WKH#'#FKDQQHO#DFFHVV#UHJLVWHU1#%RWK#WUDQVPLW#DQG#UHFHLYH#RI#WKH#'#
FKDQQHO#GDWD#LV#DOLJQHG#UHVSHFWLYH#WR#WKH#WUDQVPLW#DQG#UHFHLYH#VXSHUIUDPHV1#:KHQ#
VHOHFWHG/#WKH#'#FKDQQHO#DFFHVV#UHJLVWHU#KDV#WKH#KLJKHVW#SULRULW\#RYHU#RWKHU#SRVVLEOH#
URXWHV#+H1J1/#WKH#,'/2*&,#LQWHUIDFH#DQG#WKH#'#FKDQQHO#SRUW,/#IRU#WKH#'#FKDQQHO#GDWD1#
7KLV#ELW#LV#UHVHW#E\#ERWK#KDUGZDUH#DQG#VRIWZDUH#UHVHWV1#6RIWZDUH#VKRXOG#UHDG#DQG#
ZULWH#WKLV#UHJLVWHU#DW#WKH#WLPH#WKH#'#FKDQQHO#LQWHUUXSW#RFFXUV1
(QDEOLQJ#2545#DFFHVV/#HQDEOHV#WKH#'#FKDQQHO#LQWHUUXSW#RQWR#,5461#7KH#LQWHUUXSW#
PXVW#VWLOO#EH#HQDEOHG#YLD#,546#(QDEOH#LQ#157#IRU#WKH#,54#SLQ#WR#EHFRPH#DFWLYH1#
8SRQ#UHFHLSW#RI#WKH#LQWHUUXSW/#WKH#H[WHUQDO#FRQWUROOHU#PXVW#UHDG#WKH#LQWHUUXSW#VWDWXV#
LQ#156#WR#GHWHUPLQH#WKDW#LW#LV#DQ#,5461#7KH#FRQWUROOHU#PXVW#WKHQ#UHDG#154/#ZKHUH#
LW#ZRXOG#ILQG#WKH#FRGH#4444/#LQGLFDWLQJ#WKH#DFWXDO#VRXUFH#LV#D#'#FKDQQHO#LQWHUUXSW1
127(ã ,I#'&+#$FFHVV#PRGH#LV#XVHG#LQ#FRQMXQFWLRQ#ZLWK#WLPHVORW#DVVLJQPHQW/#WKH#
'#FKDQQHO#WLPHVORW#PXVW#QRW#EH#WLPHVORW#3#LQ#RUGHU#WR#PDLQWDLQ#
V\QFKURQL]DWLRQ#ZLWK#WKH#WUDQVPLW#VXSHUIUDPH1
‡6HOHFWý2YHUOD\ýõEíô³7KLV#ELW#KLGHV#WKH#QRUPDO#E\WH#UHJLVWHUV#%53²%5</#DQG#WKH#
UHJLVWHUV#EHFRPH#WKH#RYHUOD\#UHJLVWHUV#253²25<1#,Q#JHQHUDO/#WKH#RYHUOD\#UHJLVWHUV#
FRQWDLQ#GHYLFH#LQIRUPDWLRQ#WKDW#QHHGV#WR#EH#VHW#RQO\#RQFH#IROORZLQJ#UHVHW/#VXFK#DV#
WKH#WLPHVORW#LQIRUPDWLRQ#RU#GXULQJ#VRPH#WHVW#PRGH1#7KLV#ELW#LV#UHVHW#E\#ERWK#
KDUGZDUH#DQG#VRIWZDUH#UHVHWV1
E:E9E8E7E6E5E4E3
5HVHUYHG 5HVHUYHG 5HVHUYHG 5HVHUYHG 5HVHUYHG
6HOHFW#'XPS#
$FFHVV
UZ
6HOHFW#'&+#
$FFHVV
UZ
6HOHFW#
2YHUOD\
UZ
)LJXUH#80591#80,QWHUIDFH#%543#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
805; 0&4788:9#8VHU¶V#0DQXDO 027252/$
81616145##80,QWHUIDFH#%544
81616145##80,QWHUIDFH#%54481616145##80,QWHUIDFH#%544
81616145##80,QWHUIDFH#%544
)LJXUHýèðëæ#QDPHV#WKH#ELW#ILHOGV#LQ#%5441#7KH#IXQFWLRQ#RI#WKLV#UHJLVWHU#GHSHQGV#RQ#WKH#
YDOXHV#VHW#LQ#%5451#:KHQ#WKH#$FWLYDWLRQ#&RQWURO#6WHHU#ELW#+%545+E:,,# #3/#WKH#%544#ELWV#
DUH#GHILQHG#DV#IROORZV=
‡$FWLYDWLRQý&RQWUROýç¥íýõEæ¥Eìô³7KHVH#ZULWH0RQO\#ELWV#DOORZ#WKH#H[WHUQDO#
PLFURFRQWUROOHU#WR#VHW#D#QHZ#DFWLYDWLRQ#VWDWH#IRU#WKH#80,QWHUIDFH#WUDQVFHLYHU#WR#
H[HFXWH1#7KH#WUDQVLWLRQ#WR#WKLV#VWDWH#LV#FRQWUROOHG#E\#%5451#8VH#RI#WKLV#UHJLVWHU#LV#QRW#
UHTXLUHG#IRU#QRUPDO#RSHUDWLRQ1#
‡$FWLYDWLRQý7LPHUý'LVDEOHýõEíô³:KHQ#WKLV#ZULWH0RQO\#ELW#LV#3/#WKH#DFWLYDWLRQ#WLPHU#
RSHUDWHV#QRUPDOO\1#'XULQJ#DFWLYDWLRQ/#WKH#WLPHU#UXQV#IRU#DSSUR[LPDWHO\#48#
VHFRQGV/#DQG#WKHQ#WKH#$FWLYDWLRQ#7LPHU#([SLUH#ELW#EHFRPHV#4/#DQG#WKH#DFWLYDWLRQ#
VWDWH#PDFKLQH#UHDFWV#WR#WKH#WLPH0RXW1#:KHQ#WKLV#ELW# #4/#WKH#DFWLYDWLRQ#WLPHU#LV#
GLVDEOHG#DQG#WKH#$FWLYDWLRQ#7LPHU#([SLUH#DOZD\V#UHDGV#EDFN#DV#31#
:KHQ#WKH#$FWLYDWLRQ#&RQWURO#6WHHU#ELW#+%545+E:,,# #4/#WKH#%544#ELWV#DUH#GHILQHG#DV#
IROORZV=
‡$FWLYDWLRQý6WDWHýç¥íýõEæ¥Eìô³7KHVH#UHDG0RQO\#ELWV#FRQWDLQ#WKH#FXUUHQW#VWDWH#RI#WKH#
LQWHUQDO#DFWLYDWLRQ#FRQWUROOHU1#$FWLYDWLRQ#6WDWH#9/#%544+E:,#LQGLFDWHV#FROG#VWDUW#
PRGH#ZKHQ#LW#LV#3#DQG#LQGLFDWHV#ZDUP#VWDUW#PRGH#ZKHQ#LW#LV#41
‡$FWLYDWLRQý7LPHUý([SLUHýõEíô³7KLV#ELW#VKRZV#WKH#VWDWXV#RI#WKH#DFWLYDWLRQ#WLPHU1#$#
4#LQGLFDWHV#WKDW#WKH#DFWLYDWLRQ#WLPHU#KDV#H[SLUHG1
E:E9E8E7E6E5E4E3
&RQWURO#PRGH#
+%545+E:, #3,
$FWLYDWLRQ#
&RQWURO#9
ZR
$FWLYDWLRQ#
&RQWURO#8
ZR
$FWLYDWLRQ#
&RQWURO#7
ZR
$FWLYDWLRQ#
&RQWURO#6
ZR
$FWLYDWLRQ#
&RQWURO#5
ZR
$FWLYDWLRQ#
&RQWURO#4
ZR
$FWLYDWLRQ#
&RQWURO#3
ZR
$FWLYDWLRQ#
7LPHU#
'LVDEOH
ZR
#,QWHUSRODWH#
PRGH#
+%545+E:, 4,
$FWLYDWLRQ#
6WDWH#9
UR
$FWLYDWLRQ#
6WDWH#8
UR
$FWLYDWLRQ#
6WDWH#7
UR
$FWLYDWLRQ#
6WDWH#6
UR
$FWLYDWLRQ#
6WDWH#5
UR
$FWLYDWLRQ#
6WDWH#4
UR
$FWLYDWLRQ#
6WDWH#3
UR
$FWLYDWLRQ#
7LPHU#
([SLUH
UR
)LJXUH#805:1#80,QWHUIDFH#%544#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 805<
81616146##80,QWHUIDFH#%545
81616146##80,QWHUIDFH#%54581616146##80,QWHUIDFH#%545
81616146##80,QWHUIDFH#%545
)LJXUHýèðëå#QDPHV#WKH#ELW#ILHOGV#LQ#%5451#)RU#D#ZULWH#WR#WKLV#UHJLVWHU/#WKH#ELWV#DUH#GHILQHG#
DV#IROORZV=
‡$FWLYDWLRQý&RQWUROý6WHHUýõEæô³:KHQ#WKLV#ELW#LV#3/#WKH#LQWHUQDO#0&4788:9#&38#KDV#
WRWDO#FRQWURO#RI#LWV#SHULSKHUDOV/#DQG#KDV#WKHP#SHUIRUP#D#QRUPDO#DFWLYDWLRQ#
SURFHGXUH1#+RZHYHU/#ZKHQ#WKLV#ELW# #4/#WKH#LQWHUQDO#&38#DQG#LWV#SHULSKHUDOV#DUH#
GLUHFWHG#WR#XVH#WKH#FRQWURO#LQIRUPDWLRQ#SURYLGHG#LQ#%546/#%548$+E:,/#DQG#
%548$+E9,1
‡/RDGý$FWLYDWLRQý6WDWHýõEèô³:KHQ#WKLV#ELW# #4/#$FWLYDWLRQ#&RQWURO#9²3#LV#ORDGHG#
LQWR#WKH#DFWLYDWLRQ#FRQWUROOHU#DV#WKH#QHZ#VWDWH1#7KH#ORDG#LV#SHUIRUPHG#DW#D#WLPH#WKDW#
GRHV#QRW#DGYHUVHO\#DIIHFW#WKH#RSHUDWLRQ#RI#WKH#&38/#DQG#WDNHV#SODFH#ZLWKLQ#4#EDXG#
RI#VHWWLQJ#WKLV#ELW#WR#41#7R#ORDG#DQ#DFWLYDWLRQ#VWDWH/#WKLV#ELW#PXVW#LQLWLDOO\#EH#31#7KH#
GHVLUHG#VWDWH#LV#WKHQ#ORDGHG#LQWR#%544#DQG#WKLV#ELW#LV#VHW#WR#41#/RDGLQJ#RYHUULGHV#WKH#
VHWWLQJ#RI#WKH#+ROG#$FWLYDWLRQ#6WDWH#ELW#+E6,1
‡6WHSý$FWLYDWLRQý6WDWHýõEéô³:KHQ#WKLV#ELW# #4/#WKH#DFWLYDWLRQ#FRQWUROOHU#DGYDQFHV#
WR#LWV#QH[W#VWDWH#EDVHG#RQ#LWV#FXUUHQW#LQSXWV1#7KH#VWHS#LV#SHUIRUPHG#DW#D#WLPH#WKDW#
GRHV#QRW#DGYHUVHO\#DIIHFW#WKH#RSHUDWLRQ#RI#WKH#&381#7KLV#ELW#PXVW#EH#UHWXUQHG#WR#3#
IROORZLQJ#WKH#VWHS/#WR#SUHSDUH#IRU#VXEVHTXHQW#VWHSV1#6WHSSLQJ#RYHUULGHV#WKH#+ROG#
$FWLYDWLRQ#6WDWH#ELW#+E6,1#7KH#VWHS#GRHV#QRW#RFFXU#XQOHVV#WKH#&38#KDV#GHWHUPLQHG#
WKDW#D#FRQGLWLRQ#IRU#FRQWLQXLQJ#WR#WKH#QH[W#DFWLYDWLRQ#VWDWH#LV#VDWLVILHG1
‡+ROGý$FWLYDWLRQý6WDWHýõEêô³:KHQ#WKLV#ELW# #4/#WKH#DFWLYDWLRQ#FRQWUROOHU#UHPDLQV#LQ#
WKH#FXUUHQW#VWDWH#XQWLO#HLWKHU#D#/RDG#$FWLYDWLRQ#6WDWH#+E8,#RU#D#6WHS#$FWLYDWLRQ#6WDWH#
+E7,#LV#SHUIRUPHG1
‡%LJý-XPSý6HOHFWýõEëô³:KHQ#WKLV#ELW# #4/#WLPLQJ#SKDVH#MXPSV#DUH#PDGH#LQ#IRXU0XQLW#
LQFUHPHQWV1#:KHQ#WKLV#ELW# #3/#WLPLQJ#SKDVH#MXPSV#DUH#LQ#RQH0XQLW#LQFUHPHQWV1
127(ã (QVXUH#WKDW#UHVHUYHG#ELW#E4#LV#DOZD\V#3#WR#PDLQWDLQ#IXWXUH#FRPSDWLELOLW\1
‡)RUFHý/LQNXSýõEíô³:KHQ#WKLV#ELW# #4/#WKH#LQWHUQDO#VWDWXV#LV#IRUFHG#WR#EH#WKDW#RI#IXOO0
GXSOH[#RSHUDWLRQ/#EXW#WKH#&38#LV#VWLOO#RSHUDWLQJ#DFFRUGLQJ#WR#WKH#DFWLYDWLRQ#VWDWH#DV#
UHDG#LQ#%5441#+RZHYHU/#ORRSEDFNV#DQG#PDLQWHQDQFH#RSHUDWLRQV#PD\#EH#SHUIRUPHG#
DW#WKH#6XSHUIUDPH#)UDPHU2'HIUDPHU#OHYHO#ZLWK#IXOO#GDWD#WUDQVSDUHQF\1
7KLV#UHJLVWHU#DOVR#FRQVWLWXWHV#SDUW#RI#WKH#UHDG0RQO\#(3,#UHJLVWHU#DV#IROORZV=
‡(3,ýìå¥ììýõEæ¥Eíô³7KHVH#DUH#WKH#PRVW#VLJQLILFDQW#ELWV#RI#WKH#&38#(3,#UHJLVWHU1#7KH#
(3,#UHJLVWHU#LQ#WKH#&38#WDNHV#RQ#GLIIHUHQW#PHDQLQJV/#GHSHQGLQJ#RQ#WKH#FXUUHQW#
DFWLYDWLRQ#VWDWH1#7KLV#(3,#UHJLVWHU#LV#XSGDWHG#RQFH#SHU#IUDPH1#7KH#(3,#ELWV#43²6#DUH#
LQ#%5461#7KH#(3,#ELWV#5²3#DUH#QRW#DYDLODEOH#WR#WKH#H[WHUQDO#PLFURFRQWUROOHU1
E:E9E8E7E6E5E4E3
:ULWH0RQO\
$FWLYDWLRQ#
&RQWURO#
6WHHU
ZR
UHVHUYHG
/RDG#
$FWLYDWLRQ#
6WDWH
ZR
6WHS#
$FWLYDWLRQ#
6WDWH
ZR
+ROG#
$FWLYDWLRQ#
6WDWH
ZR
%LJ#-XPS#
6HOHFW
ZR
UHVHUYHG
)RUFH#
/LQNXS
ZR
#5HDG0RQO\ (3,#4;
UR
(3,#4:
UR
(3,#49
UR
(3,#48
UR
(3,#47
UR
(3,#46
UR
(3,#45
UR
(3,#44
UR
)LJXUH#805;1#80,QWHUIDFH#%545#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8063 0&4788:9#8VHU¶V#0DQXDO 027252/$
81616147##80,QWHUIDFH#%546
81616147##80,QWHUIDFH#%54681616147##80,QWHUIDFH#%546
81616147##80,QWHUIDFH#%546
)LJXUHýèðëä#QDPHV#WKH#ELW#ILHOGV#LQ#%5461#)RU#D#ZULWH#WR#WKH#UHJLVWHU/#WKH#ELWV#DUH#GHILQHG#DV#
IROORZV=
‡(QDEOHý0(&ý8SGDWHVýõEæô³:KHQ#VHW#WR#3/#WKLV#ELW#IUHH]HV#WKH#FXUUHQW#FRHIILFLHQWV#
RI#WKH#0HPRU\#(FKR#&DQFHOOHU#+0(&,1
‡$FFXPXODWHý(&ý2XWSXWýõEçô³:KHQ#WKLV#ELW# #4/#WKH#UHVXOWV#RI#DOO#WKUHH#HFKR#
FDQFHOOHUV#+0(&/#7UDQVYHUVDO#(FKR#&DQFHOOHU#+7(&,/#DQG#,QILQLWH#,PSXOVH#5HVSRQVH#
(FKR#&DQFHOOHU#+,,5(&,,#DUH#LQFOXGHG#LQ#WKH#SURFHVV#RI#UHFRYHULQJ#WKH#UHFHLYHG#
V\PERO1
‡(QDEOHý(&ý8SGDWHVýõEèô³:KHQ#VHW#WR#3/#WKLV#ELW#IUHH]HV#WKH#FXUUHQW#FRHIILFLHQWV#RI#
WKH#7(&#DQG#,,5(&#HFKR#FDQFHOOHUV1
‡)DVWý(&ý%HWDýõEéô³7KLV#ELW#FRQWUROV#WKH#HFKR#FDQFHOOHU#EHWD#FRQVWDQW1#$#4#LQVWUXFWV#
WKH#HFKR#FDQFHOOHU#WR#DGDSW#DW#LWV#IDVWHVW#UDWH1
‡$FFXPXODWHý')(ý2XWSXWýõEêô³:KHQ#3/#WKLV#ELW#IRUFHV#WKH#RXWSXW#IURP#WKH#
'HFLVLRQ#)HHGEDFN#(TXDOL]HU#+')(,#FRQYROXWLRQ#WR#3#DQG#WKH#V\PERO#VWRUDJH#
HOHPHQWV#RI#WKH#')(#DOWHUQDWH#“#41#:KHQ#WKLV#ELW#LV#4/#WKH#')(#FRQYROXWLRQ#LV#
LQFOXGHG#LQ#WKH#SURFHVV#RI#UHFRYHULQJ#WKH#UHFHLYHG#V\PERO1
‡(QDEOHý')(ý8SGDWHVýõEëô³:KHQ#VHW#WR#3/#WKLV#ELW#IUHH]HV#WKH#')(#FRHIILFLHQWV#DQG#
WKH#$GDSWLYH#5HIHUHQFH#&RQWURO#+$5&,#WDS1
‡)DVWý')(î$5&ý%HWDýõEìô³7KLV#ELW#FRQWUROV#WKH#EHWDV#IRU#WKH#')(#DQG#$5&1#:KHQ#
VHW#WR#4/#WKH#')(#DQG#$5&#DGDSW#DW#WKHLU#KLJKHVW#UDWH1
‡&OHDUý$OOý&RHIILFLHQWVýõEíô³:KHQ#VHW#WR#4/#WKH#FRHIILFLHQWV#LQ#WKH#')(/#$5&/#7(&/#
DQG#0(&#DUH#FOHDUHG#DQG#WKH#HODVWLF#EXIIHU#LV#UHVHW1#7KH#WLPLQJ#RIIVHW#EHWZHHQ#WKH#
UHFHLYH#DQG#WUDQVPLW#FORFNV#LV#QRW#DOWHUHG#E\#VHWWLQJ#WKLV#ELW1
7KLV#UHJLVWHU#DOVR#FRQVWLWXWHV#SDUW#RI#WKH#UHDG0RQO\#(3,#UHJLVWHU#DV#IROORZV=
‡(3,ýìí¥êýõEæ¥Eíô³7KHVH#DUH#WKH#OHDVW#VLJQLILFDQW#ELWV#RI#WKH#(3,#UHJLVWHU#ZLWKLQ#WKH#
&381#7KH#(3,#UHJLVWHU#LQ#WKH#&38#WDNHV#RQ#GLIIHUHQW#PHDQLQJV/#GHSHQGLQJ#RQ#WKH#
FXUUHQW#DFWLYDWLRQ#VWDWH1#7KLV#(3,#UHJLVWHU#LV#XSGDWHG#RQFH#SHU#IUDPH1#7KH#(3,#ELWV#
4;²44#DUH#LQ#%5451#(3,#ELWV#5²3#DUH#QRW#DYDLODEOH#WR#WKH#H[WHUQDO#PLFURFRQWUROOHU1
E:E9E8E7E6E5E4E3
:ULWH0
RQO\
(QDEOH#
0(&#
8SGDWHV
ZR
$FFXPXODWH#
(XWSXW
ZR
(QDEOH#(&#
8SGDWHV
ZR
)DVW#(&#
%HWD
ZR
$FFXPXODWH#
')(#2XWSXW
ZR
(QDEOH#')(#
8SGDWHV
ZR
)DVW#')(2
$5&#%HWD
ZR
&OHDU#$OO#
&RHIILFLHQWV
ZR
#5HDG0
RQO\
(3,#43
UR
(3,#<
UR
(3,#;
UR
(3,#:
UR
(3,#9
UR
(3,#8
UR
(3,#7
UR
(3,#6
UR
)LJXUH#805<1#80,QWHUIDFH#%546#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8064
81616148##80,QWHUIDFH#%547
81616148##80,QWHUIDFH#%54781616148##80,QWHUIDFH#%547
81616148##80,QWHUIDFH#%547
)LJXUHýèðêí#QDPHV#WKH#ELW#ILHOGV#LQ#%5471#7KH#ELWV#DUH#GHILQHG#DV#IROORZV=
‡52î:2ýWRý5î:ýõEçô³:KHQ#WKLV#ELW# #4/#DOO#RI#WKH#ZULWH0RQO\#UHJLVWHUV/#EHFRPH#
UHDG2ZULWH#UHJLVWHUV#IRU#GLDJQRVWLF#SXUSRVHV1#$#QRUPDOO\#UHDG0RQO\#ELW#LV#QRW#
DYDLODEOH#ZKHQ#WKLV#E9# #41#
‡)UDPHUðWRð'HIUDPHUý/RRSEDFNýõEéô³7KLV#ELW#HQDEOHV#WKH#6XSHUIUDPH#)UDPHU#WR#
6XSHUIUDPH#'HIUDPHU#/RRSEDFN#PRGH#ZKHQ#LW#LV#41#7KH#WUDQVPLW#GULYHUV#DUH#RII#LQ#
WKLV#PRGH1
‡“ýìý7RQHVýõEêô³:KHQ#WKLV#ELW# #4/#WKH#6XSHUIUDPH#)UDPHU#JHQHUDWHV#LWV#WRQHV#+43#
.+]#DQG#73#.+],#XVLQJ#“#4#TXDWV#LQVWHDG#RI#WKH#GHIDXOW#RI#“#6#TXDWV1
127(ã (QVXUH#WKDW#UHVHUYHG#ELWV#E:/#E8/#E5/#E4/#DQG#E3#DUH#DOZD\V#31
81616149##80,QWHUIDFH#%548
81616149##80,QWHUIDFH#%54881616149##80,QWHUIDFH#%548
81616149##80,QWHUIDFH#%548
)LJXUHýèðêì#QDPHV#WKH#ELW#ILHOGV#LQ#%5481#7KHVH#ELWV#DUH=
‡0DVNýæ¥0DVNýíýõEæ¥Eíô³7KHVH#ELWV#UHSUHVHQW#WKH#UHYLVLRQ#QXPEHU#RI#WKH#
0&4788:9#WUDQVFHLYHU#PDQXIDFWXULQJ#PDVN#VHW1
E:E9E8E7E6E5E4E3
UHVHUYHG
522:2#WR#
52:
UZ
UHVHUYHG
)UDPHU0WR0
'HIUDPHU#
/RRS
UZ
“#4#7RQHV
UZ
UHVHUYHG UHVHUYHG UHVHUYHG
)LJXUH#80631#80,QWHUIDFH#%547#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
0DVN#:
UR
0DVN#9
UR
0DVN#8
UR
0DVN#7
UR
0DVN#6
UR
0DVN#5
UR
0DVN#4
UR
0DVN#3
UR
)LJXUH#80641#80,QWHUIDFH#%548#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8065 0&4788:9#8VHU¶V#0DQXDO 027252/$
81617
8161781617
81617 8#2YHUOD\#5HJLVWHUV
8#2YHUOD\#5HJLVWHUV8#2YHUOD\#5HJLVWHUV
8#2YHUOD\#5HJLVWHUV
7KH#RYHUODS#PDS#LV#HQDEOHG#E\#VHWWLQJ#DQ\#RI#WKH#ELWV#%543+E5²E3,1#6HWWLQJ#WKH#ELWV#
UHSODFHV#%530%5</#%545/#DQG2RU#%546#ZLWK#WKH#WKH#VSHFLILHG#RYHUOD\#UHJLVWHUV1#&OHDULQJ#
WKH#ELWV#LQ#%543+E5²E3,#UHVWRUHV#WKH#%\WH#5HJLVWHUV1##
)LJXUHýèðêë#VKRZV#WKH#80,QWHUIDFH#UHJLVWHUV#WKDW#RYHUOD\#WKH#VWDQGDUG#E\WH#UHJLVWHUV1#7KH#
DGGUHVV#IRU#WKH#RYHUOD\#UHJLVWHUV#LV#WKH#VDPH#DV#WKH#DGGUHVV#IRU#WKH#VWDQGDUG#E\WH#UHJLVWHU#
VHW1#7KH#RYHUOD\#UHJLVWHUV#DUH#VXEVWLWXWHG#IRU#WKH#VWDQGDUG#UHJLVWHUV#ZKHQ#DW#OHDVW#RQH#RI#
%543+E5/#E4/#RU#E3,# #41#
5HJ1E:E9E8E7E6E5E4E3
253'287#%4#&KDQQHO#7LPHVORWV#%LWV#+:±3,
254'287#%5#&KDQQHO#7LPHVORWV#%LWV#+:±3,
255'287#'#&KDQQHO#7LPHVORWV#%LWV#+:±3,
256',1#%4#&KDQQHO#7LPHVORWV#%LWV#+:±3,
257',1#%5#&KDQQHO#7LPHVORWV#%LWV#+:±3,
258',1#'#&KDQQHO#7LPHVORWV#%LWV#+:±3,
25976$##%4#(1 76$##%5#(1 76$##'#(1 *&,#8VH#
07#%53UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG
25:UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG &5�RGH#
&RUUXSW
)(%(2
1(%(#
5ROORYHU
07#7ULQDO#
0RGH
25;'25#0RGH4'25#0RGH#3 UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG
25<UHVHUYHG
2SHQ#
)HHGEDFN#
6ZLWFKHV
$QDORJ#
/RRSEDFN UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG
'#&KDQQHO#$FFHVV#6HOHFW##2YHUOD\
2545 '#&KDQQHO#7UDQVPLW#%LWV#+:±3,
'#&KDQQHO#5HFHLYH#%LWV#+:±3,
'XPS25HVWRUH#$FFHVV#6HOHFW#2YHUOD\
2546 'XPS#5HJLVWHU#:ULWH#$FFHVV#+:±3,
'XPS#5HJLVWHU#5HDG#$FFHVV#+:±3,
)LJXUH#80651#80,QWHUIDFH#2YHUOD\#5HJLVWHU#0DS
)LJXUH#80661#',1#DQG#'287#,QWHUQDO#5RXWLQJ#LQ#7LPHVORW#$VVLJQHU#0RGH
80,QWHUIDFH
6270,QWHUIDFH
'RXW
'LQ
'LQ
'RXW
',1 '287
0&4788:9
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8066
8161714##80,QWHUIDFH#253
8161714##80,QWHUIDFH#2538161714##80,QWHUIDFH#253
8161714##80,QWHUIDFH#253
)LJXUHýèðêé#QDPHV#WKH#ELW#ILHOGV#LQ#2531#7KHVH#ELWV#DUH=
‡'287ý%ìý&KDQQHOý7LPHVORWý%LWVýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#%4#FKDQQHO#
WLPHVORW#RXWSXW#IURP#WKH#'RXW#RXWSXW#RI#WKH#80,QWHUIDFH#WR#EH#DOORFDWHG#RQH#RI#589#
VWDUW#SRLQWV/#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#
GHIDXOW#YDOXH#IRU#253#LV#'331
8161715##80,QWHUIDFH#254
8161715##80,QWHUIDFH#2548161715##80,QWHUIDFH#254
8161715##80,QWHUIDFH#254
)LJXUHýèðêè#QDPHV#WKH#ELW#ILHOGV#LQ#2531#7KHVH#ELWV#DUH=
‡'287ý%ëý&KDQQHOý7LPHVORWý%LWVýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#%5#FKDQQHO#
WLPHVORW#RXWSXW#IURP#WKH#'RXW#RXWSXW#RI#WKH#80,QWHUIDFH#WR#EH#DOORFDWHG#RQH#RI#589#
VWDUW#SRLQWV/#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#
GHIDXOW#YDOXH#IRU#254#LV#'331
8161716##80,QWHUIDFH
8161716##80,QWHUIDFH8161716##80,QWHUIDFH
8161716##80,QWHUIDFH#255
255255
255
)LJXUHýèðêç#QDPHV#WKH#ELW#ILHOGV#LQ#2551#7KHVH#ELWV#DUH=
‡'287ý'ý&KDQQHOý7LPHVORWý%LWVýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#'#FKDQQHO#
WLPHVORW#RXWSXW#IURP#WKH#'RXW#RXWSXW#RI#WKH#80,QWHUIDFH#WR#EH#DOORFDWHG#RQH#RI#589#
VWDUW#SRLQWV/#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#
GHIDXOW#YDOXH#IRU#255#LV#'331
127(ã 7R#YDOLGDWH#WKH#VLJQDO#VHQW#E\#SLQ#8'&/.#+SLQ#<,/#WKH#'#FKDQQHO#WLPHVORW#
SURJUDPPHG#LQ#255#VKRXOG#EH#GLIIHUHQW#IURP#WKH#%4#DQG#%5#FKDQQHOV#
WLPHVORW#SURJUDPPHG#LQ#253#DQG#254#HYHQ#LI#%4#RU#%5#WLPHVORWV#DUH#QRW#
HQDEOHG1
E:E9E8E7E6E5E4E3
'287#%4#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#80671#80,QWHUIDFH#253#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
'287#%5#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#80681#80,QWHUIDFH#254#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
'287#'#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#80691#80,QWHUIDFH#255#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8067 0&4788:9#8VHU¶V#0DQXDO 027252/$
8161717##80,QWHUIDFH#256
8161717##80,QWHUIDFH#2568161717##80,QWHUIDFH#256
8161717##80,QWHUIDFH#256
)LJXUHýèðêæ#QDPHV#WKH#ELW#ILHOGV#LQ#2561#7KHVH#ELWV#DUH=
‡',1ý%ìý&KDQQHOý7LPHVORWý%LWVýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#%4#FKDQQHO#
WLPHVORW#LQSXW#IURP#WKH#'LQ#LQSXW#RI#WKH#80,QWHUIDFH#WR#EH#DOORFDWHG#RQH#RI#589#VWDUW#
SRLQWV/#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#
GHIDXOW#YDOXH#IRU#256#LV#'331
8161718##80,QWHUIDFH#257
8161718##80,QWHUIDFH#2578161718##80,QWHUIDFH#257
8161718##80,QWHUIDFH#257
)LJXUHýèðêå#QDPHV#WKH#ELW#ILHOGV#LQ#2571#7KHVH#ELWV#DUH=
‡',1ý%ëý&KDQQHOý7LPHVORWý%LWVýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#%5#FKDQQHO#
WLPHVORW#LQSXW#IURP#WKH#'LQ#LQSXW#RI#WKH#80,QWHUIDFH#WR#EH#DOORFDWHG#RQH#RI#589#VWDUW#
SRLQWV/#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#
GHIDXOW#YDOXH#IRU#257#LV#'331
8161719##80,QWHUIDFH#258
8161719##80,QWHUIDFH#2588161719##80,QWHUIDFH#258
8161719##80,QWHUIDFH#258
)LJXUHýèðêä#QDPHV#WKH#ELW#ILHOGV#LQ#2561#7KHVH#ELWV#DUH=
‡',1ý%ìý&KDQQHOý7LPHVORWý%LWVýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#'#FKDQQHO#
WLPHVORW#LQSXW#IURP#WKH#'LQ#LQSXW#RI#WKH#80,QWHUIDFH#WR#EH#DOORFDWHG#RQH#RI#589#VWDUW#
SRLQWV/#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#
GHIDXOW#YDOXH#IRU#258#LV#'331
E:E9E8E7E6E5E4E3
',1#%4#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#806:1#80,QWHUIDFH#256#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
',1#%5#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#806;1#80,QWHUIDFH#257#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
',1#%4#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#806<1#80,QWHUIDFH#258#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8068
816171:##80,QWHUIDFH#259
816171:##80,QWHUIDFH#259816171:##80,QWHUIDFH#259
816171:##80,QWHUIDFH#259
)LJXUHýèðéí#QDPHV#WKH#ELW#ILHOGV#LQ#2591#7KHVH#ELWV#DUH=
‡76$ý%ìý(QDEOHýõEæô³7KLV#ELW#LV#XVHG#WR#HQDEOH#WKH#%4#FKDQQHO#LQ#,'/#7LPHVORW#
PRGH1#7KH#%4#WLPHVORW#LV#GHILQHG#WKURXJK#2YHUOD\#UHJLVWHUV#253#DQG#2561#
:KHQHYHU#DQ\#FKDQQHO#+%4/#%5/#RU#',#LV#HQDEOHG#IRU#7LPHVORW#PRGH/#DOO#FKDQQHOV#
HQWHU#7LPHVORW#PRGH1#,I#LQ#7LPHVORW#PRGH#DQG#76$#%4#(QDEOH#LV#3/#WKHQ#WKH#%4#
FKDQQHO#LV#QRW#SUHVHQW#RQ#WKH#SLQ#'287/#DQG#WKH#%4#FKDQQHO#WUDQVPLW#RQ#WKH#80
,QWHUIDFH#LV#DFWLYHO\#GULYHQ#KLJK1
‡76$ý%ëý(QDEOHýõEçô³7KLV#ELW#LV#XVHG#WR#HQDEOH#WKH#%5#FKDQQHO#LQ#,'/#7LPHVORW#
PRGH1#7KH#%5#WLPHVORW#LV#GHILQHG#WKURXJK#2YHUOD\#UHJLVWHUV#254#DQG#2571#
:KHQHYHU#DQ\#FKDQQHO#+%4/#%5/#RU#',#LV#HQDEOHG#IRU#7LPHVORW#PRGH/#DOO#FKDQQHOV#
HQWHU#7LPHVORW#PRGH1#,I#LQ#7LPHVORW#PRGH#DQG#76$#%5#(QDEOH#LV#3/#WKHQ#WKH#%5#
FKDQQHO#LV#QRW#SUHVHQW#RQ#WKH#SLQ#'287/#DQG#WKH#%4#FKDQQHO#WUDQVPLW#RQ#WKH#80
,QWHUIDFH#LV#DFWLYHO\#GULYHQ#KLJK1
‡76$ý'ý(QDEOHýõEèô³7KLV#ELW#LV#XVHG#WR#HQDEOH#WKH#'#FKDQQHO#LQ#,'/#7LPHVORW#
PRGH1#7KH#'#WLPHVORW#LV#GHILQHG#WKURXJK#2YHUOD\#UHJLVWHUV#255#DQG#2581#
:KHQHYHU#DQ\#FKDQQHO#+%4/#%5/#RU#',#LV#HQDEOHG#IRU#7LPHVORW#PRGH/#DOO#FKDQQHOV#
HQWHU#7LPHVORW#PRGH1#,I#LQ#7LPHVORW#PRGH#DQG#76$#'#(QDEOH#LV#D#3/#WKHQ#WKH#'#
FKDQQHO#LV#QRW#SUHVHQW#RQ#WKH#SLQ#'287/#DQG#WKH#'#FKDQQHO#WUDQVPLW#RQ#WKH#80
,QWHUIDFH#LV#DFWLYHO\#GULYHQ#KLJK1
127(ã 6HWWLQJ#E:/#E9/#RU#E8#SXWV#WKH#0&4788:9#LQ#7LPHVORW#$VVLJQHU#PRGH1#,Q#
7LPHVORW#$VVLJQHU#PRGH/#WKH#,'/#;243#PRGH#ELW#LQ#%5:+E3,#LV#LJQRUHG#DQG#
GDWD#LV#SODFHG#DFFRUGLQJ#WR#YDOXHV#SURJUDPPHG#LQ#253²2581
‡*&,ý6HOHFWý0éð%5íýõEéô³7KLV#ELW#LV#XVHIXO#RQO\#LQ#FRQMXQFWLRQ#ZLWK#IXOO#*&,#
PRGH1#,Q#WKDW#PRGH/#ZKHQ#WKLV#ELW# #3/#WKH#*&,#&2,#FKDQQHO#FRQWURO#DXWRPDWLFDOO\#
VHWV#DQG#UHVHWV#07#FKDQQHO#FRQWURO#ELWV#SHUWDLQLQJ#WR#WKH#DFWLYDWLRQ#VWDWH1#7KH#ELWV#
FRQWUROOHG#E\#WKH#&2,#FKDQQHO#DUH=#$&7#DQG#6$,1#$GGLWLRQDOO\/#WKH#364/#365#ELWV#DUH#
WUDQVPLWWHG#DFFRUGLQJ#WR#WKH#VWDWH#RI#364#DQG#365#SLQ#LQSXWV1#:KHQ#WKLV#ELW# #4/#DOO#
07#ELWV#DUH#WUDQVPLWWHG#DFFRUGLQJ#WR#WKH#GDWD#SUHVHQW#LQ#%531#:KHQ#RSHUDWLQJ#LQ#
IXOO#*&,#PRGH/#WKH#ELW#FDQ#EH#VHW2FOHDUHG#E\#XVLQJ#WKH#PRQLWRU#FKDQQHO#E\WH#
UHJLVWHU#UHDG2ZULWH#FRPPDQGV1#$IWHU#D#KDUGZDUH#RU#VRIWZDUH#UHVHW#WKLV#ELW#LV#31#
1RUPDOO\/#*&,#RSHUDWLRQ#GRHV#QRW#UHTXLUH#WKLV#ELW#WR#EH#VHW#WR#D#41
127(ã $IWHU#D#KDUGZDUH#RU#VRIWZDUH#UHVHW/#DOO#ELWV#GHIDXOW#WR#31
E:E9E8E7E6E5E4E3
76$#%4#
(QDEOH
UZ
76$#%5#
(QDEOH
UZ
76$#'#
(QDEOH
UZ
*&,#6HOHFW#
070%53
UZ
UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG
)LJXUH#80731#80,QWHUIDFH#259#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8069 0&4788:9#8VHU¶V#0DQXDO 027252/$
816171;##80,QWHUIDFH#25:
816171;##80,QWHUIDFH#25:816171;##80,QWHUIDFH#25:
816171;##80,QWHUIDFH#25:
)LJXUHýèðéì#QDPHV#WKH#ELW#ILHOGV#LQ#25:1#7KHVH#ELWV#DUH=
‡&5&ý&RUUXSWý0RGHýõEëô³7KLV#ELW#FKDQJHV#WKH#RSHUDWLQJ#PRGH#RI#WKH#LQSXW#
FRQWURO#ELW#&5&#&RUUXSW#+%5;+E6,,1#:KHQ#25:+E5,# #4/#WKH#&5&#&RUUXSW#LQSXW#LV#
XVHG#WR#FRUUXSW#RQH/#DQG#RQO\#RQH/#RXWJRLQJ#VXSHUIUDPH#&5&1#:KHQ#25:+E5,# #3/#
WKH#&5&#&RUUXSW#IXQFWLRQ#VHOHFWHG#E\#%5;+E6,#RSHUDWHV#ZLWKRXW#UHVWULFWLRQ1#7KDW#
LV/#,I#%5;+E6,#LV#VHW#+4,#DQG#25:+E5,#LV#FOHDUHG#+3,/#WKH#&5&#RI#DOO#WUDQVPLWWHG#
VXSHUIUDPHV#LV#LQYHUWHG/#DQG#WKLV#FRQWLQXHV#XQWLO#%5;+EH,#LV#H[SOLFLWO\#UHVHW1
‡)(%(î1(%(ý5ROORYHUýõEìô³7KLV#ELW#FKDQJHV#WKH#RSHUDWLQJ#PRGH#RI#WKH#)(%(#DQG#
1(%(#FRXQWHU#UHJLVWHUV#%57#DQG#%581#:KHQ#)(%(21(%(#UROORYHU# #4/#WKH#)(%(#
DQG#1(%(#FRXQWHU#UHJLVWHUV#GR#QRW#VDWXUDWH#DW#DOO#4V/#EXW#LQVWHDG/#UROORYHU#IURP#'))#
WR#'331#:KHQ#)(%(21(%(#UROORYHU# #3/#WKH#)(%(#DQG#1(%(#FRXQWHU#UHJLVWHUV#
VDWXUDWH#DW#'))>#VLQFH#QHLWKHU#UHJLVWHU#LV#FOHDUHG#E\#KDUGZDUH#RU#VRIWZDUH#UHVHW/#HDFK#
FDQ#RQO\#EH#UHVWDUWHG#E\#ZULWLQJ#D#QHZ#LQLWLDO#YDOXH#WR#WKH#UHJLVWHU1
‡0éý7ULQDOý0RGHýõEíô³7KLV#ELW#FKDQJHV#WKH#RSHUDWLQJ#PRGH#RI#WKH#SHUVLVWHQFH#
FKHFNLQJ#SHUIRUPHG#RQ#WKH#$&7/#'($/#6$,/#DQG#82$#ELWV#LQ#WKH#GHIUDPHU1#:KHQ#
07#7ULQDO#PRGH# #4/#WKH#FKHFNHG#07#ELWV#PXVW#EH#YDOLG#IRU#WKUHH#FRQVHFXWLYH#
VXSHUIUDPHV#EHIRUH#DVVHUWLQJ#9HULILHG#$&7/#RU#9HULILHG#'($/#HWF1#:KHQ#07#7ULQDO#
PRGH# #3/#WKH#07#ELW0FKHFNLQJ#LV#FRQWUROOHG#E\#%5<+E8/E7,1#:KHQ#RSHUDWLQJ#LQ#IXOO#
*&,#PRGH/#WKH#0&4788:9#SHUIRUPV#WULQDO#FKHFNV#RQ#WKH#UHFHLYHG#07#FKDQQHO#$&7/#
'($/#6$,/#DQG#82$#ELWV1
127(ã $IWHU#D#KDUGZDUH#RU#VRIWZDUH#UHVHW/#DOO#ELWV#GHIDXOW#WR#31
E:E9E8E7E6E5E4E3
UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG
&5&#
&RUUXSW#
0RGH
UZ
)(%(2
1(%(#
5ROORYHU
UZ
07#7ULQDO#
0RGH
UZ
)LJXUH#80741#80,QWHUIDFH#25:#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 806:
816171<##80,QWHUIDFH#25;
816171<##80,QWHUIDFH#25;816171<##80,QWHUIDFH#25;
816171<##80,QWHUIDFH#25;
)LJXUHýèðéë#QDPHV#WKH#ELW#ILHOGV#LQ#25;1#7KHVH#ELWV#DUH=
‡'î5ý0RGHýõì¥íôýõEæñýEçô³7KHVH#ELWV#FRQWURO#WKH#RSHUDWLQJ#PRGH#RI#'XPS2
5HVWRUH#$FFHVV#2YHUOD\#UHJLVWHU#25451#
³íí³6HWV#WKH#PRGH#IRU#QRUPDO#GXPSLQJ#DQG#UHVWRULQJ#RI#WKH#LQWHUQDO#
FRHIILFLHQWV#YLD#WKH#(<(RXW#LQWHUIDFH
³íì³3HUPLWV#ZULWH#DFFHVV#WR#WKH#DUFWDS
³ìí³3HUPLWV#UHDG#DFFHVV#WR#WKH#DUFWDS
³ìì³6KRXOG#EH#VHOHFWHG#WR#SHUIRUP#GXPS2UHVWRUH#YLD#WKH#,'/#RU#*&,#LQWHUIDFH#
GHSHQGLQJ#RQ#WKH#VWDWH#RI#WKH#,'/2*&,#SLQ
127(ã 5HVHUYHG#ELWV#E8²E3#PXVW#EH#VHW#WR#3#DW#DOO#WLPHV1#$IWHU#D#KDUGZDUH#RU#
VRIWZDUH#UHVHW/#DOO#ELWV#GHIDXOW#WR#31
81617143##80,QWHUIDFH#25<
81617143##80,QWHUIDFH#25<81617143##80,QWHUIDFH#25<
81617143##80,QWHUIDFH#25<
)LJXUHýèðéê#QDPHV#WKH#ELW#ILHOGV#LQ#25<1#7KHVH#ELWV#DUH=
‡2SHQý)HHGEDFNý6ZLWFKHVýõEçô³:KHQ#WKLV#ELW# #4/#LW#RSHQV#WKH#LQWHUQDO#IHHGEDFN#
SDWK#EHWZHHQ#WKH#WUDQVPLW#+7[327[1,#DQG#WKH#UHFHLYH#+5[325[1,#VHFWLRQV1#7KLV#
IHDWXUH#PD\#EH#XVHG#LQ#FRQMXQFWLRQ#ZLWK#DQDORJ#ORRSEDFN1
‡$QDORJý/RRSEDFNýõEèô³:KHQ#WKLV#ELW# #4/#LW#LQYRNHV#D#UHFHLYH#DQDORJ#ORRSEDFN1
127(ã 5HVHUYHG#ELWV#E:#DQG#E7²E3#PXVW#EH#VHW#WR#3#DW#DOO#WLPHV1#$IWHU#D#KDUGZDUH#
RU#VRIWZDUH#UHVHW/#DOO#ELWV#GHIDXOW#WR#31
E:E9E8E7E6E5E4E3
'25#0RGH#4
UZ
'25#0RGH#3
UZ UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG
)LJXUH#80751#80,QWHUIDFH#25;#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
UHVHUYHG
2SHQ#
)HHGEDFN#
6ZLWFKHV
UZ
$QDORJ#
/RRSEDFN
UZ
UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG UHVHUYHG
)LJXUH#80761#80,QWHUIDFH#25<#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
806; 0&4788:9#8VHU¶V#0DQXDO 027252/$
81617144##80,QWHUIDFH#2545
81617144##80,QWHUIDFH#254581617144##80,QWHUIDFH#2545
81617144##80,QWHUIDFH#2545
)LJXUHýèðéé#QDPHV#WKH#ELW#ILHOGV#LQ#2551#7KHVH#ELWV#DUH=
‡'ý&KDQQHOý7UDQVPLWî5HFHLYHý%LWVýõEæ¥Eíô³:KHQ#%543+E4,# #4/#WKLV#GRXEOH#
EXIIHUHG#UHJLVWHU#WDNHV#WKH#SODFH#RI#1RUPDO#%\WH#UHJLVWHU#%545/#DQG#WKH#UHJLVWHU#
EHFRPHV#DQ#;0ELW#UHDG0RQO\2ZULWH0RQO\#UHJLVWHU#SURYLGLQJ#DFFHVV#WR#WKH#'#FKDQQHO1#
,Q#WKLV#PRGH/#'#FKDQQHO#LQSXW#GDWD#SUHVHQW#RQ#WKH#SLQ#LQWHUIDFHV#RI#0&4788:9#LV#
LJQRUHG1#,QVWHDG/#'#FKDQQHO#LV#VRXUFHG#VWULFWO\#IURP#WKLV#UHJLVWHU1#'#FKDQQHO#GDWD#
UHFHLYHG#IURP#80,QWHUIDFH#LV#E\WH#DOLJQHG#WR#6XSHUIUDPH#6\QF/#DQG#LV#UHDGDEOH#
WKURXJK#2545/#HLJKW#ELWV#DW#D#WLPH1#7KLV#UHJLVWHU#LV#XSGDWHG#ZLWK#WKH#UHFHLYHG#'#
FKDQQHO#GDWD/#ZKHQ#6)6/#154+E6,#LV#D#41#'DWD#LV#WUDQVIHUUHG#IURP#2545#WR#WKH#80
,QWHUIDFH/#ZKHQ#6)6/#154+E6,/#LV#D#41#,546#LV#XVHG#WR#LQGLFDWH#ZKHQ#HDFK#QHZ#HLJKW#
ELWV#RI#GDWD#DUH#UHFHLYHG1#$#VSHFLDO#FRGH#+4444,#LV#ORDGHG#LQ#1LEEOH#UHJLVWHU#154/#WR#
LQGLFDWH#WKDW#WKH#VRXUFH#RI#WKH#LQWHUUXSW#LV#WKH#'#FKDQQHO#DFFHVV#UHJLVWHU1#5HDGLQJ#
2545#FOHDUV#WKH#VSHFLDO#FRGH#+4444,#IURP#154/#EXW#GRHV#QRW#DIIHFW#DQ\#XSGDWHV#LQ#
DFWLYDWLRQ#VWDWXV1#6R/#LI#WKHUH#KDV#EHHQ#D#FKDQJH#LQ#DFWLYDWLRQ#VWDWXV/#DQ#LQWHUUXSW#LV#
VWLOO#TXHXHG#XS#HYHQ#WKRXJK#WKH#'#FKDQQHO#LQWHUUXSW#KDV#EHHQ#FOHDUHG1#%RWK#
WUDQVPLW#DQG#UHFHLYH#'#FKDQQHO#GDWD#DUH#DOLJQHG#WR#WKH#WUDQVPLW#DQG#UHFHLYH#
VXSHUIUDPHV1#7KH#0&4788:9#GRHV#QRW#SHUIRUP#DQ\#+'/&#IUDPLQJ2GHIUDPLQJ1#'#
FKDQQHO#GDWD#LV#WUDQVPLWWHG#WR#DQG#UHFHLYHG#IURP#WKH#80,QWHUIDFH#PRVW#VLJQLILFDQW#
ELW#ILUVW1
127(ã ,I#WKLV#UHJLVWHU#LV#XVHG#ZKHQ#WKH#WLPHVORW#DVVLJQPHQW#LV#HQDEOHG/#WKH#'#
FKDQQHO#WLPHVORW#PXVW#QRW#EH#3/#LQ#RUGHU#WR#PDLQWDLQ#V\QFKURQL]DWLRQ#ZLWK#
WKH#WUDQVPLW#VXSHUIUDPH1#
81617145##80,QWHUIDFH#2546
81617145##80,QWHUIDFH#254681617145##80,QWHUIDFH#2546
81617145##80,QWHUIDFH#2546
)LJXUHýèðéè#QDPHV#WKH#ELW#ILHOGV#LQ#2551#7KHVH#ELWV#DUH=
‡'XPSý5HJLVWHUý$FFHVVý%LWVýõEæ¥Eíô#²7KLV#UHJLVWHU#WDNHV#WKH#SODFH#RI#%\WH#UHJLVWHU#
%546#ZKHQ#%543+E5,#LV#VHW/#DQG#WKHQ#EHFRPHV#D#E\WH0ZLGH#DFFHVV#SRUW#WR#WKH#80
,QWHUIDFH#GXPS2UHVWRUH#PHFKDQLVP1#7ZR#PRUH#ELWV#LQ#WKH#RYHUOD\#UHJLVWHUV#FRQWURO#
WKH#RSHUDWLQJ#PRGH#RI#WKH#GXPS2UHVWRUH#PHFKDQLVP1#+6HH#6HFWLRQýèïêïéïä1,#
127(ã 7KLV#ELW#LV#UHVHW#E\#ERWK#KDUGZDUH#DQG#VRIWZDUH#UHVHWV1#$IWHU#D#KDUGZDUH#RU#
VRIWZDUH#UHVHW/#DOO#ELWV#GHIDXOW#WR#31
E:E9E8E7E6E5E4E3
'#&KDQQHO#7UDQVPLW25HFHLYH#%LWV#+:±3,
UR2ZR
)LJXUH#80771#80,QWHUIDFH#2545#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
'XPS#5HJLVWHU#$FFHVV#%LWV#+:±3,
UR2ZR
)LJXUH#80781#80,QWHUIDFH#2546#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 806<
817 6270,QWHUIDFH#5HJLVWHUV
7KHVH#UHJLVWHUV#DUH#ORFDWHG#LQ#WKH#6270,QWHUIDFH#SRUWLRQ#RI#WKH#0&4788:9#DQG#DUH#DOPRVW#
H[FOXVLYHO\#UHOHYDQW#WR#WKH#RSHUDWLRQ#RI#WKH#6270,QWHUIDFH1#([FHSWLRQV#WR#WKLV#DUH#GHWDLOHG#
VHSDUDWHO\1
81714
8171481714
81714 627#1LEEOH#5HJLVWHUV
627#1LEEOH#5HJLVWHUV627#1LEEOH#5HJLVWHUV
627#1LEEOH#5HJLVWHUV
7KH#627#1LEEOH#5HJLVWHUV#DUH#D#VHW#RI#VHYHQ#FRQWURO#DQG#VWDWXV#UHJLVWHUV#XVHG#ZLWK#WKH#
6270#,QWHUIDFH1#)LJXUHýèðéç#OLVWV#WKH#UHJLVWHUV#DORQJ#ZLWK#ELW#QDPHV#DQG#GHIDXOW#VHWWLQJV#
DIWHU#UHVHW1
5HJLVWHU E6E5E4E3
9DOXH#
DIWHU#
5HVHW
1536RIWZDUH#5HVHW UHVHUYHG $EVROXWH#0LQ#
3RZHU 5HWXUQ#WR#1RUPDO '3
154$FWLYDWLRQ#,QGLFDWLRQ#
+$,,(UURU#,QGLFDWLRQ#+(,,6OHHS#,QGLFDWLRQ#
+6,,)UDPH#6\QF#+)6,'5
155$FWLYDWLRQ#5HTXHVW#
+$5,
'HDFWLYDWLRQ#5HTXHVW#
+'5,
$FWLYDWLRQ#7LPHU#
74#([SLUHG 7HUPLQDO#&ODVV '3
156,546,545,549,54:';
157,546#(QDEOH ,545#(QDEOH ,549#(QDEOH ,54:#(QDEOH '3
158,GOH#%4#&KDQQHO#7;#
RQ#6270,QWHUIDFH
,GOH#%5#&KDQQHO#7;#RQ#
6270,QWHUIDFH
,QYHUW#%4#&KDQQHO#
WR2IURP#6270
,QWHUIDFH
,QYHUW#%5#&KDQQHO#
WR2IURP#6270
,QWHUIDFH
'3
159
,'/2*&,#5%.'#
7UDQVSDUHQW#
/RRSEDFN#DW#6270
,QWHUIDFH
)L[HG#7LPLQJ#(QDEOH 6OHHS#3RZHU#'RZQ#
0RGH#'LVDEOH
([FKDQJH#%4#DQG#
%5#DW#6270,QWHUIDFH '3
)LJXUH#80791#6270,QWHUIDFH#1LEEOH#5HJLVWHU#0DS
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8073 0&4788:9#8VHU¶V#0DQXDO 027252/$
8171414##6270,QWHUIDFH#153
8171414##6270,QWHUIDFH#1538171414##6270,QWHUIDFH#153
8171414##6270,QWHUIDFH#153
)LJXUHýèðéæ#QDPHV#WKH#ELW#ILHOGV#LQ#1531#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡6RIWZDUHý5HVHWýõEêô³:KHQ#153+E6,#LV#3/#WKH#0&4788:9#IXQFWLRQV#QRUPDOO\1#
:KHQ#WKLV#ELW# #4/#D#VRIWZDUH#UHVHW#LV#DSSOLHG#WR#WKH#LQWHUQDO#FLUFXLWV#RI#WKH#6270
,QWHUIDFH1#7KH#HIIHFW#RI#WKH#VRIWZDUH#UHVHW#LV#WKH#HTXLYDOHQW#RI#KROGLQJ#WKH#H[WHUQDO#
UHVHW#LQSXW#ORZ#+KDUGZDUH#UHVHW,/#H[FHSW#WKDW#153+E6²E3,#LV#QRW#UHVHW1#7KXV/#ZKHQ#
WKLV#ELW#LV#VHW/#DOO#LQWHUQDO#UHJLVWHUV#+H[FHSW#153,#DUH#UHWXUQHG#WR#WKHLU#LQLWLDO#VWDWH1#
$SSOLFDWLRQ#RI#HLWKHU#D#KDUGZDUH#RU#VRIWZDUH#UHVHW#KDV#WKH#HIIHFW#RI#UH0LQLWLDOL]LQJ#
DOO#WKH#LQWHUQDO#UHJLVWHUV>#LW#GRHV#QRW#SUHYHQW#DFFHVV#WR#WKH#6&31
‡$EVROXWHý0LQLPXPý3RZHUýõEìô³:KHQ#WKLV#ELW#LV#3/#WKH#0&4788:9#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW# #4/#WKH#6270,QWHUIDFH#HQWHUV#D#SRZHU#FRQVHUYDWLRQ#PRGH1#
,Q#WKLV#PRGH#D#VRIWZDUH#UHVHW#LV#DSSOLHG#WR#WKH#FKLS/#DOO#FLUFXLWV#DUH#LQLWLDOL]HG/#DOO#
FORFNLQJ#RI#WKH#GHYLFH#LV#EORFNHG/#DQG#WKH#QRQHVVHQWLDO#ELDV#WR#WKH#DQDORJ#IXQFWLRQV#
RI#WKH#WUDQVFHLYHU#DUH#UHPRYHG#VXFK#WKDW#WKH#GHYLFH#FRQVXPHV#WKH#DEVROXWH#
PLQLPXP#DPRXQW#RI#SRZHU1#7KH#WUDQVPLW#VHFWLRQ#RI#WKH#FKLS#LV#KHOG#LQ#WKH#,1)2#3#
VWDWH#DQG#,'/#7[#LV#KHOG#LQ#WKH#LGOHýìV#FRQGLWLRQ1#7KLV#ELW#KDV#QR#HIIHFW#RQ#WKH#
RSHUDWLRQ#RI#WKH#6&31#,Q#WKLV#PRGH/#RQO\#WKH#6&3#FDQ#RSHUDWH1
‡5HWXUQýWRý1RUPDOýõEíô³:KHQ#WKLV#ELW#LV#3/#WKH#0&4788:9#IXQFWLRQV#QRUPDOO\1#
:KHQ#WKLV#ELW#LV#4/#WKH#IROORZLQJ#ELWV#DUH#UHVHW=
³%544+E3,#<9#.+]#7HVW#6LJQDO
³%544+E4,#([WHUQDO#627#/RRSEDFN
³%59+E:²E3,
³%5;+E3,#6LQJOH#3XOVH#7HVW#6LJQDO
8171415##6270,QWHUIDFH#154
8171415##6270,QWHUIDFH#1548171415##6270,QWHUIDFH#154
8171415##6270,QWHUIDFH#154
)LJXUHýèðéå#QDPHV#WKH#ELW#ILHOGV#LQ#1541#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡$FWLYDWLRQý,QGLFDWLRQýõ$,ôýõEêô³7KLV#ELW#LV#VHW#ZKHQ#WKH#ORRS#LV#IXOO\#DFWLYDWHG/#
WKDW#LV/#ZKHQ#LW#LV#WUDQVPLWWLQJ#,1)2#7#DQG#UHFHLYLQJ#,1)2#61#
‡(UURUý,QGLFDWLRQýõ(,ôýõEëô³154+E5,#LV#VHW#WR#LQGLFDWH#DQ#HUURU#FRQGLWLRQ#KDV#EHHQ#
GHWHFWHG#E\#WKH#DFWLYDWLRQ#VWDWH#PDFKLQH#RI#WKH#WUDQVFHLYHU/#DV#RXWOLQHG#LQ#&&,77#
,1763/#(76,#(76#633345/#DQG#$16,#7419381#7KH#ORZ0WR0KLJK#OHYHO#WUDQVLWLRQ#RI#WKH#(,#
ELW#FRUUHVSRQGV#WR#WKH#(,4#HUURU#LQGLFDWLRQ#UHSRUWLQJ/#ZKLOH#WKH#KLJK0WR0ORZ#OHYHO#
WUDQVLWLRQ#RI#WKH#(,#ELW#FRUUHVSRQGV#WR#WKH#(,5#HUURU#LQGLFDWLRQ#UHSRUWLQJ#UHFRYHU\1#
E6E5E4E3
6RIWZDUH#5HVHW
UZ UHVHUYHG $EVROXWH#0LQ#3RZHU
UZ
5HWXUQ#WR#1RUPDO
UZ
)LJXUH#807:1#6270,QWHUIDFH#153#%LW#'HILQLWLRQV
E6E5E4E3
$FWLYDWLRQ#,QGLFDWLRQ#+$,,
UR
(UURU#,QGLFDWLRQ#+(,,
UR
6OHHS#,QGLFDWLRQ#+6,,
UR
)UDPH#6\QF#+)6,
UR
)LJXUH#807;1#6270,QWHUIDFH#154#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8074
‡6OHHSý,QGLFDWLRQýõ6,ôýõEìô³#154+E4,#LV#VHW#ZKHQ#WKH#6270,QWHUIDFH#LV#LQ#6OHHS#
PRGH1
‡)UDPHý6\QFýõ)6ôýõEíô³154+E3,#LV#VHW#ZKHQ#IUDPH#V\QFKURQL]DWLRQ#LV#DFKLHYHG1#
154+E3,#LV#FOHDUHG#ZKHQHYHU#IUDPH#V\QFKURQL]DWLRQ#LV#ORVW1
8171416##6270,QWHUIDFH#155
8171416##6270,QWHUIDFH#1558171416##6270,QWHUIDFH#155
8171416##6270,QWHUIDFH#155
)LJXUHýèðéä#QDPHV#WKH#ELW#ILHOGV#LQ#1551#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡$FWLYDWLRQý5HTXHVWýõ$5ôýõEêô³:KHQ#WKLV#ELW# #4/#DQ#DFWLYDWLRQ#UHTXHVW#LQSXW#LV#
SDVVHG#WR#WKH#DFWLYDWH#VWDWH#PDFKLQH#ZLWKLQ#WKH#627#WUDQVFHLYHU/#DV#RXWOLQHG#LQ#
&&,77#,1763/#(76,#(76#633345/#DQG#$16,#7419381#,I#WKH#WUDQVFHLYHU#LV#LQ#WKH#LGOH#
VWDWH#+L1H1/#WUDQVPLWWLQJ#DQG#UHFHLYLQJ#,1)2#3,/#WKHQ#$5#FDXVHV#,1)2#5#WR#EH#VHQW#
RXW#RQ#WKH#WUDQVPLW#VLGH#RI#WKH#6270,QWHUIDFH1#7KLV#ELW#LV#UHWXUQHG#ORZ#E\#WKH#6270
,QWHUIDFH#DIWHU#LWV#DFWLYH#WUDQVLWLRQ#+ORZ0WR0KLJK,#LV#UHFRJQL]HG#E\#WKH#DFWLYDWLRQ2
GHDFWLYDWLRQ#VWDWH#PDFKLQH#RI#WKH#WUDQVFHLYHU#WR#LQGLFDWH#UHFRJQLWLRQ#RI#WKH#
UHTXHVWHG#DFWLRQ1
‡'HDFWLYDWHý5HTXHVWý'5ýõEëô³:KHQ#WKLV#ELW# #4/#D#GHDFWLYDWH#UHTXHVW#LQSXW#LV#
SDVVHG#WR#WKH#DFWLYDWLRQ#VWDWH#PDFKLQH#ZLWKLQ#WKH#6270,QWHUIDFH/#DV#RXWOLQHG#LQ#
&&,77#,1763/#(76,#(76#633345/#DQG#$16,#7419381#7KH#GHDFWLYDWH#UHTXHVW#LQSXW#LV#
XVHG#WR#LQLWLDWH#GHDFWLYDWLRQ#RI#WKH#WUDQVPLVVLRQ#ORRS1#7KLV#ELW#LV#UHWXUQHG#ORZ#E\#
WKH#627#WUDQVFHLYHU#DIWHU#LWV#DFWLYH#WUDQVLWLRQ#+ORZ0WR0KLJK,#KDV#EHHQ#UHFRJQL]HG#E\#
WKH#DFWLYDWLRQ2GHDFWLYDWLRQ#VWDWH#PDFKLQH#RI#WKH#WUDQVFHLYHU#WR#LQGLFDWH#UHFRJQLWLRQ#
RI#UHTXHVWHG#DFWLRQ#DQG#WKDW#GHDFWLYDWLRQ#LV#SURFHHGLQJ1
‡$FWLYDWLRQý7LPHUý([SLUHGý,QSXWýõEìô³:KHQ#WKLV#ELW# #4/#DQ#DFWLYDWLRQ#WLPHU#
H[SLUHG#LQSXW#LV#SDVVHG#WR#WKH#DFWLYDWLRQ#VWDWH#PDFKLQH#RI#WKH#6270,QWHUIDFH1#7KLV#
ELW#FRUUHVSRQGV#WR#WKH#7LPHU#&4#H[SLUH#LQSXW1#7KHVH#WLPHUV#FRUUHVSRQG#WR#WKH#
DFWLYDWLRQ#WLPHUV#RXWOLQHG#LQ#&&,77#,1763/#(76,#(76#633345/#DQG#$16,#7419381#7KH#
WLPHU#H[SLUH#LQSXW#LQIRUPV#WKH#DFWLYDWLRQ2GHDFWLYDWLRQ#VWDWH#PDFKLQH#WKDW#
VXIILFLHQW#WLPH#KDV#HODSVHG#VLQFH#WKH#UHTXHVW#WR#DFWLYDWH#WKH#ORRS#DQG#WKDW#DWWHPSWV#
WR#GR#VR#VKRXOG#EH#DEDQGRQHG1#7KLV#ELW#LV#QRUPDOO\#VHW#E\#WKH#FRQWUROOLQJ#GHYLFH#
DQG#LV#DXWRPDWLFDOO\#FOHDUHG#ZKHQ#WKH#0&4788:9#KDV#DFWLYDWHG#WKH#ORRS1#7KLV#ELW#
FDQ#EH#UHVHW#E\#KDUGZDUH#RU#D#VRIWZDUH#UHVHW1
‡7HUPLQDOý&ODVVýõEíô³:KHQ#WKH#0&4788:9#LV#FRQILJXUHG#IRU#17#7HUPLQDO#PRGH/#
WKLV#ELW#VHWV#WKH#FODVV#IRU#'#FKDQQHO#RSHUDWLRQ1#:KHQ#WKLV#ELW#LV#3/#WKH#FKLS#LV#VHW#IRU#
FODVV#4#RSHUDWLRQ1#$OWHUQDWLYHO\/#ZKHQ#WKLV#ELW#LV#4/#WKH#FKLS#LV#FRQILJXUHG#IRU#FODVV#
5#RSHUDWLRQ1#&ODVV#4#DQG#FODVV#5#RSHUDWLRQV#DUH#DV#SHU#&&,77#,1763/#(76,#(76#633345/#
DQG#$16,#741938#+L1H1/#FODVV#4#LV#WKH#KLJKHU#FODVV/#XVHG#IRU#VLJQDOOLQJ#LQIRUPDWLRQ/#
DQG#FODVV#5#LV#WKH#ORZHU#FODVV,1#7KH#FODVV#FDQ#DOVR#EH#FKRVHQ#H[WHUQDOO\#E\#PHDQV#RI#
WKH#&/$662(&+2B,1#SLQ1#,Q#WKLV#FDVH/#WKH#FODVV#LV#FKRVHQ#E\#WKH#ORJLFDO#25#RI#WKH#
H[WHUQDO#SLQ#DQG#155+E3,1#155+E3,#FDQ#EH#UHVHW#E\#D#KDUGZDUH#RU#D#VRIWZDUH#UHVHW1
E6E5E4E3
$FWLYDWLRQ#5HTXHVW#+$5,
UZ
'HDFWLYDWLRQ#5HTXHVW#+'5,
UZ
$FWLYDWLRQ#7LPHU#74#([SLUHG
UZ
7HUPLQDO#&ODVV
UZ
)LJXUH#807<1#6270,QWHUIDFH#155#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8075 0&4788:9#8VHU¶V#0DQXDO 027252/$
8171417##6270,QWHUIDFH#156
8171417##6270,QWHUIDFH#1568171417##6270,QWHUIDFH#156
8171417##6270,QWHUIDFH#156
)LJXUHýèðèí#QDPHV#WKH#ELW#ILHOGV#LQ#1561#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡,54êý&KDQJHýLQý5[ý,1)2ý6WDWHýõEêô³7KH#LQWHUUXSW#UHTXHVW#FRQGLWLRQ#,546#LV#
JHQHUDWHG#ZKHQHYHU#D#FKDQJH#RFFXUV#LQ#WKH#UHFHLYHG#LQIRUPDWLRQ#VWDWH#RI#WKH#
WUDQVFHLYHU1#7KLV#FRUUHVSRQGV#WR#D#FKDQJH#LQ#WKH#UHFHLYLQJ#,1)2#3/#,1)2#4/#,1)2#
6/#RU#,1)2#;#VWDWH1#7KXV/#ZKHQ#D#FKDQJH#RFFXUV#LQ#RQH#RI#WKHVH#VWDWHV/#WKH#
0&4788:9#LQWHUQDOO\#VHWV#WKLV#ELW1#$Q#H[WHUQDO#LQWHUUXSW#RFFXUV#LI#(QDEOH#,546#
+157+E6,,#LV#VHW1#,546#FDQ#EH#FOHDUHG#E\#ZULWLQJ#D#3#WR#156+E6,1
127(ã 7KH#WUDQVPLVVLRQ#VWDWHV#+,1)2#3/#,1)2#5/#DQG#,1)2#7,#DUH#DV#GHILQHG#LQ#
6HFWLRQ#61#,1)2#;#LV#GHILQHG#DV#DQ\#WUDQVPLVVLRQ#VWDWH#RWKHU#WKDQ#WKRVH#
VWDWHV1#$Q#H[DPSOH#RI#VXFK#D#VWDWH#ZRXOG#EH#ZKHQ#WKH#0&4788:9#LV#
SURJUDPPHG#WR#WUDQVPLW#D#<9#.+]#WHVW#WRQH#+%544+E3,# #4,1#$Q#,1)2#;#
VWDWH#LQWHUUXSW#LV#JHQHUDWHG#RQO\#ZKHQ#UHFHLYH#,1)2#;#VWDWH#KDV#SHUVLVWHG#
IRU#!#;#PV1#7KLV#DYRLGV#VSXULRXV#LQWHUUXSWV#GXULQJ#WUDQVLHQW#,1)2#;#
FKDQJHV#VHHQ#GXULQJ#DFWLYDWLRQ#EXW#DOORZV#LQGLFDWLRQ#RI#SURORQJHG#,1)2#;#
FRQGLWLRQV1#7KH#,1)2#;#LQWHUUXSW#LV#UHSHDWHG#HDFK#;#PV#IRU#DV#ORQJ#DV#,1)2#
;#LV#GHWHFWHG1
‡,54ëý0XOWLIUDPHý5HFHSWLRQýõEëô³7KLV#ELW#LV#IRU#PXOWLIUDPH#GHWHFWLRQ#LQGLFDWLRQ1#
0XOWLIUDPLQJ#LV#LQLWLDWHG#E\#WKH#17#E\#VHWWLQJ#%5:+E8,1#$#PXOWLIUDPH#LV#53#EDVLF#
IUDPHV#RU#8#PV#LQ#GXUDWLRQ1#,I#WKLV#LQWHUUXSW#LV#HQDEOHG#E\#VHWWLQJ#157+E5,#DQG#LI#
PXOWLIUDPLQJ#LV#LQ#SURJUHVV/#WKHQ#DQ#LQWHUUXSW#LV#JHQHUDWHG#RQ#PXOWLIUDPH#
ERXQGDULHV>#L1H1/#HYHU\#8#PV1#$OWHUQDWLYHO\/#WKH#0&4788:9#FDQ#EH#SURJUDPPHG#WR#
JHQHUDWH#DQ#LQWHUUXSW#RQO\#LQ#WKH#HYHQW#RI#D#QHZ#4#FKDQQHO#QLEEOH#KDYLQJ#EHHQ#
UHFHLYHG1#$#PXWLIUDPLQJ#LQWHUUXSW#LV#FOHDUHG#E\#UHDGLQJ#%561#5HDGLQJ#%56#FOHDUV#
WKH#LQWHUUXSW/#UHJDUGOHVV#RI#ZKHWKHU#WKH#0&4788:9#LV#FRQILJXUHG#WR#JHQHUDWH#DQ#
LQWHUUXSW#LQ#WKH#HYHQW#RI#D#QHZ#QLEEOH#RU#HYHU\#PXOWLIUDPH1
‡,54çý)(&9ý'HWHFWLRQýõEìô³7KH#,549#VWDWXV#ELW#LV#VHW#ZKHQ#WKH#0&4788:9#KDV#
GHWHFWHG#D#IDU0HQG#FRGH#YLRODWLRQ1
‡,54æý7HUPLQDOý'ý&ROOLVLRQýõEíô³156+E3,#LV#DQ#LQWHUUXSW#ELW#XVHG#WR#LQGLFDWH#WR#
H[WHUQDO#GHYLFHV#WKDW#D#FROOLVLRQ#KDV#RFFXUUHG#RQ#WKH#'#FKDQQHO1#$#'#FKDQQHO#
FROOLVLRQ#LV#FRQVLGHUHG#WR#KDYH#RFFXUUHG#ZKHQ#ERWK#'5(48(67#DQG#'*5$17#DUH#
KLJK#DQG#WKH#WUDQVPLWWHG#(#HFKR#ELW#WR#WKH#7(#GRHV#QRW#PDWFK#WKH#SUHYLRXVO\#LQSXW#
'#ELW#RQ#WKH#',1#SLQ1#7KH#LQWHUUXSW#FRQGLWLRQ#LV#FOHDUHG#E\#ZULWLQJ#D#3#WR#156+E3,1#
7KLV#ELW#LV#PDVNDEOH#E\#PHDQV#RI#157+E3,1#
E6E5E4E3
,546#5[#,QIR#FKDQJHG
UZ
,545#0XOWLIUDPH#5HFHSWLRQ
UR
,549#)(&9#'HWHFWLRQ
UZ
,544#7H U P L Q D O #'#&ROOLVLRQ
UZ
)LJXUH#80831#6270,QWHUIDFH#156#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8076
8171418##6270,QWHUIDFH#157
8171418##6270,QWHUIDFH#1578171418##6270,QWHUIDFH#157
8171418##6270,QWHUIDFH#157
)LJXUHýèðèì#QDPHV#WKH#ELW#ILHOGV#LQ#1571#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡,54êý(QDEOHýõEêô³157+E6,#LV#DQ#LQWHUUXSW#PDVN#ELW#IRU#,5461#:KHQ#WKLV#ELW#LV#VHW#
KLJK#DQG#,546#LV#SHQGLQJ#+L1H1/#156+E6,#KDYLQJ#EHHQ#LQWHUQDOO\#VHW#WR#D#4,/#DQ#
LQWHUUXSW#LV#JLYHQ#WR#DQ#H[WHUQDO#GHYLFH#E\#KROGLQJ#WKH#,54-#SLQ#ORZ1#7KH#,54-#SLQ#
LV#KHOG#ORZ#XQWLO#WKH#LQWHUUXSW#FRQGLWLRQ#LV#FOHDUHG#E\#ZULWLQJ#D#3#WR#156+E6,1#:KHQ#
WKH#LQWHUUXSW#PDVN#ELW#157+E6,#LV#D#3/#156+E6,#FDQQRW#FDXVH#DQ#LQWHUUXSW#WR#WKH#
H[WHUQDO#GHYLFH1
‡,54ëý(QDEOHýõEëô³157+E5,#LV#DQ#LQWHUUXSW#PDVN#ELW#IRU#,5451#:KHQ#WKLV#ELW#LV#VHW#
KLJK#DQG#,545#LV#SHQGLQJ#+L1H1/#156+E5,#KDYLQJ#EHHQ#LQWHUQDOO\#VHW#WR#D#4,/#DQ#
LQWHUUXSW#LV#JLYHQ#WR#DQ#H[WHUQDO#GHYLFH#E\#KROGLQJ#WKH#,54-#SLQ#ORZ1#7KH#,54-#SLQ#
LV#KHOG#ORZ#XQWLO#WKH#LQWHUUXSW#FRQGLWLRQ#LV#FOHDUHG#E\#UHDGLQJ#%561#:KHQ#WKH#
LQWHUUXSW#PDVN#ELW#+157+E5,,#LV#D#3/#156+E5,#FDQQRW#FDXVH#DQ#LQWHUUXSW#WR#WKH#
H[WHUQDO#GHYLFH1
‡,54çý(QDEOHýõEìô³157+E4,#LV#DQ#LQWHUUXSW#PDVN#ELW#IRU#,5491#:KHQ#WKLV#ELW#LV#VHW#
KLJK#DQG#,549#LV#SHQGLQJ#+L1H1/#156+E4,#KDYLQJ#EHHQ#LQWHUQDOO\#VHW#WR#D#4,/#DQ#
LQWHUUXSW#LV#JLYHQ#WR#DQ#H[WHUQDO#GHYLFH#E\#KROGLQJ#WKH#,54-#SLQ#ORZ1#7KH#,54-#SLQ#
LV#KHOG#ORZ#XQWLO#WKH#LQWHUUXSW#FRQGLWLRQ#LV#FOHDUHG#E\#ZULWLQJ#D#3#WR#156+E4,1#:KHQ#
WKH#LQWHUUXSW#PDVN#ELW#157+E4,#LV#D#3/#156+E4,#FDQQRW#FDXVH#DQ#LQWHUUXSW#WR#WKH#
H[WHUQDO#GHYLFH1#
‡,54æý(QDEOHýõEíô³157+E3,#LV#DQ#LQWHUUXSW#PDVN#ELW#IRU#,54:1#:KHQ#WKLV#ELW#LV#VHW#
KLJK#DQG#,54:#LV#SHQGLQJ#+L1H1/#156+E3,#KDYLQJ#EHHQ#LQWHUQDOO\#VHW#WR#D#4,/#DQ#
LQWHUUXSW#LV#JLYHQ#WR#DQ#H[WHUQDO#GHYLFH#E\#KROGLQJ#WKH#,54-#SLQ#ORZ1#7KH#,54-#SLQ#
LV#KHOG#ORZ#XQWLO#WKH#LQWHUUXSW#FRQGLWLRQ#LV#FOHDUHG#E\#ZULWLQJ#D#3#WR#156+E3,1#:KHQ#
WKH#LQWHUUXSW#PDVN#ELW#157+E3,#LV#D#3/#156+E3,#FDQQRW#FDXVH#DQ#LQWHUUXSW#WR#WKH#
H[WHUQDO#GHYLFH1
E6E5E4E3
,546#(QDEOH
UZ
,545#(QDEOH
UZ
,549#(QDEOH
UZ
,54:#(QDEOH
UZ
)LJXUH#80841#6270,QWHUIDFH#157#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8077 0&4788:9#8VHU¶V#0DQXDO 027252/$
8171419##6270,QWHUIDFH#158
8171419##6270,QWHUIDFH#1588171419##6270,QWHUIDFH#158
8171419##6270,QWHUIDFH#158
)LJXUHýèðèë#QDPHV#WKH#ELW#ILHOGV#LQ#1581#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡,GOHý%ìý&KDQQHOýõEêô³:KHQ#158+E6,#LV#3/#WKH#0&4788:9#IXQFWLRQV#QRUPDOO\#
ZKHUH#GDWD#UHFHLYHG#LQ#WKH#%4#FKDQQHO#WLPHVORW#YLD#WKH#,'/2*&,#LV#PRGXODWHG#RQWR#
WKH#6270,QWHUIDFH#LQ#WKH#%4#FKDQQHO#WLPHVORW1#:KHQ#158+E6,#LV#4/#GDWD#LQSXW#RQ#WKH#
,'/2*&,#5[#SLQ#LQ#WKH#%4#FKDQQHO#WLPHVORW#LV#LJQRUHG/#DQG#WKH#LGOHýìV#FRQGLWLRQ#
H[LVWV#RQ#WKH#%4#FKDQQHO#WLPHVORW#RQ#WKH#6270,QWHUIDFH1#1RWH#WKDW#WKH#GHIDXOW#
FRQGLWLRQ#+L1H1/#DIWHU#SRZHU0XS#RU#DIWHU#D#UHVHW,#IRU#158+E6,#LV#3/#WKHUHE\#DOORZLQJ#
WKH#GDWD#UHFHLYHG#YLD#WKH#,'/2*&,#LQWHUIDFH#WR#EH#PRGXODWHG#RQWR#WKH#WUDQVPLVVLRQ#
ORRS1
‡,GOHý%ëý&KDQQHOýõEëô³:KHQ#158+E5,#LV#3/#WKH#0&4788:9#IXQFWLRQV#QRUPDOO\/#
ZKHUH#GDWD#UHFHLYHG#LQ#WKH#%5#FKDQQHO#WLPHVORW#YLD#WKH#,'/2*&,#LV#PRGXODWHG#RQWR#
WKH#627#WUDQVPLVVLRQ#ORRS#LQ#WKH#%5#FKDQQHO#WLPHVORW1#:KHQ#158+E5,#LV#4/#GDWD#
LQSXW#RQ#WKH#,'/2*&,#5[#SLQ#LQ#WKH#%5#FKDQQHO#WLPHVORW#LV#LJQRUHG/#DQG#WKH#LGOHýìV#
FRQGLWLRQ#H[LVWV#RQ#WKH#%5#FKDQQHO#WLPHVORW#RQ#WKH#627#WUDQVPLVVLRQ#ORRS1#1RWH#WKDW#
WKH#GHIDXOW#FRQGLWLRQ#+L1H1/#DIWHU#SRZHU0XS#RU#DIWHU#D#UHVHW,#IRU#158+E5,#LV#3/#WKHUHE\#
DOORZLQJ#WKH#GDWD#UHFHLYHG#YLD#WKH#,'/2*&,#LQWHUIDFH#WR#EH#PRGXODWHG#RQWR#WKH#
WUDQVPLVVLRQ#ORRS1
‡,QYHUWý%ìý&KDQQHOýõEìô³:KHQ#158+E4,#LV#3/#WKH#%4#FKDQQHO#GDWD#UHFHLYHG#YLD#WKH#
,'/2*&,#LQWHUIDFH#LV#WUDQVPLWWHG#QRUPDOO\#RQ#WKH#WUDQVPLVVLRQ#ORRS1#:KHQ#
158+E4,# #4/#WKH#%4#FKDQQHO#GDWD#UHFHLYHG#YLD#WKH#,'/2*&,#LQWHUIDFH#LV#LQYHUWHG#
EHIRUH#HQWHULQJ#WKH#PRGXODWRU#SRUWLRQ#RI#WKH#6270,QWHUIDFH/#SULRU#WR#WUDQVPLVVLRQ#
RQ#WKH#627#ORRS#LQ#WKH#%4#WLPHVORW1#7KH#VHOHFWHG#%4#FKDQQHO#GDWD#UHFHLYHG#YLD#WKH#
WUDQVPLVVLRQ#ORRS#LV#DOVR#LQYHUWHG#EHIRUH#EHLQJ#RXWSXW#RQ#WKH#,'/2*&,#7[#RXWSXW#
RI#WKH#6270,QWHUIDFH#ZKHQ#WKLV#IXQFWLRQ#LV#LQYRNHG1#7KLV#IHDWXUH#LV#XVHIXO#LQ#
DSSOLFDWLRQV#ZKHUH#LW#LV#UHTXLUHG#WR#XVH#LQYHUWHG#GDWD1
‡,QYHUWý%ëý&KDQQHOýõEíô³:KHQ#158+E3,#LV#3/#WKH#%5#FKDQQHO#GDWD#UHFHLYHG#YLD#WKH#
,'/2*&,#LQWHUIDFH#LV#WUDQVPLWWHG#QRUPDOO\#RQ#WKH#WUDQVPLVVLRQ#ORRS1#:KHQ#
158+E3,#LV#VHW/#WKH#%5#FKDQQHO#GDWD#UHFHLYHG#YLD#WKH#,'/2*&,#LQWHUIDFH#LV#LQYHUWHG#
EHIRUH#HQWHULQJ#WKH#PRGXODWRU#SRUWLRQ#RI#WKH#6270,QWHUIDFH#SULRU#WR#WUDQVPLVVLRQ#
RQ#WKH#627#ORRS#LQ#WKH#%5#WLPHVORW1#7KH#VHOHFWHG#%5#FKDQQHO#GDWD#UHFHLYHG#YLD#WKH#
WUDQVPLVVLRQ#ORRS#LV#DOVR#LQYHUWHG#EHIRUH#EHLQJ#RXWSXW#RQ#WKH#,'/2*&,#7[#RXWSXW#
RI#WKH#6270,QWHUIDFH#ZKHQ#WKLV#IXQFWLRQ#LV#LQYRNHG1#7KLV#IHDWXUH#LV#XVHIXO#LQ#
DSSOLFDWLRQV#ZKHUH#LQYHUWHG#GDWD#LV#UHTXLUHG1
E6E5E4E3
,GOH#%4#&KDQQHO#7;#DW#6270
,QWHUIDFH
UZ
,GOH#%5#&KDQQHO#7;#DW#6270
,QWHUIDFH
UZ
,QYHUW#%4#&KDQQHO#WR2IURP#
6270,QWHUIDFH
UZ
,QYHUW#%5#&KDQQHO#WR2IURP#
6270,QWHUIDFH
UZ
)LJXUH#80851#6270,QWHUIDFH#158#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8078
817141:##6270,QWHUIDFH#159
817141:##6270,QWHUIDFH#159817141:##6270,QWHUIDFH#159
817141:##6270,QWHUIDFH#159
)LJXUHýèðèê#QDPHV#WKH#ELW#ILHOGV#LQ#1591#7KHVH#ILHOGV#DUH#GHILQHG#DV#IROORZV=
‡ë%ò'ý,'/î*&,ý/RRSEDFNýõEêô³:KHQ#159+E6,#LV#3/#WKH#6270,QWHUIDFH#IXQFWLRQV#
QRUPDOO\1#:KHQ#159+E6,# #4/#WKH#%4/#%5/#DQG#'#FKDQQHO#GDWD#LQSXW#RQ#WKH#,'/2*&,#
5[#LQSXW#DUH#EXIIHUHG#DQG#UHWXUQHG#WR#WKH#,'/2*&,#7[#RXWSXW#RQ#WKH#QH[W#,'/2
*&,#F\FOH1#7KH#RXWSXW#%4/#%5/#DQG#'#FKDQQHO#GDWD#LV#SDVVHG#XQFKDQJHG#WR#WKH#
PRGXODWRU#SRUWLRQ#RI#WKH#WUDQVFHLYHU#DQG#WUDQVPLWWHG#RQWR#WKH#627#ORRS#+L1H1/#WKH#
ORRSEDFN#LV#WUDQVSDUHQW,1#
‡ )L[HGý7LPLQJý(QDEOHýõEëô³:KHQ#159+E5,#LV#3/#WKH#6270,QWHUIDFH#LV#LQ#$GDSWLYH#
7LPLQJ#PRGH1#:KHQ#159+E5,# #4/#WKH#6270,QWHUIDFH#LV#LQ#)L[HG#7LPLQJ#PRGH1#7KLV#
UHJLVWHU#LV#25HG#ZLWK#WKH#),;#SLQ1
‡ 6OHHSý3RZHUý'RZQý0RGHý'LVDEOHýõEìô³:KHQ#159+E4,#LV#3/#WKH#6270,QWHUIDFH#LV#
LQ#6OHHS#3RZHU#'RZQ#PRGH1#7KH#6OHHS#VWDWH#LV#H[LWHG#HLWKHU#E\#VHWWLQJ#159+E4,#WR#
4/#VHWWLQJ#155+E6,#WR#4/#RU#E\#WKH#UHFHSWLRQ#RI#D#VLJQDO#RQ#WKH#627#ORRS1
‡6ZDSý%ìî%ëýõEíô³:KHQ#159+E3,#LV#3/#WKH#WLPHVORW#DVVLJQHG#SRVLWLRQV#RI#WKH#%4#
DQG#%5#FKDQQHO#GDWD#LQSXW#DQG#RXWSXW#YLD#WKH#,'/2*&,#LQWHUIDFH#IXQFWLRQV#
QRUPDOO\1#:KHQ#159+E3,# #4/#WKH#WLPHVORW#SRVLWLRQV#RI#WKH#%4#DQG#%5#FKDQQHOV#DUH#
UHYHUVHG#+L1H1/#GDWD#HQWHULQJ#WKH#GHYLFH#RQ#,'/2*&,#5[#LQ#WKH#%4#WLPHVORW#LV#
PRGXODWHG#RQWR#WKH#%5#WLPHVORW,#RQ#WKH#627#ORRS1#'DWD#GHPRGXODWHG#IURP#WKH#%5#
WLPHVORW#IURP#WKH#627#ORRS#LV#RXWSXW#RQ#,'/2*&,#7[#LQ#WKH#%4#WLPHVORW1#7KH#
VLWXDWLRQ#LV#DQDORJRXV#IRU#%5#GDWD#HQWHULQJ#WKH#GHYLFH#RQ#,'/2*&,#5[1#7KLV#IHDWXUH#
LV#XVHIXO#LQ#DSSOLFDWLRQV#ZKHUH#D#SDUWLFXODU#GHYLFH#+VXFK#DV#D#FRGHF#ILOWHU,#LV#KDUG0
ZLUHG#WR#D#SDUWLFXODU#,'/2*&,#WLPHVORW#DQG#QHHGV#WR#JDLQ#DFFHVV#WR#WKH#RSSRVLWH#%#
FKDQQHO#WLPHVORW1#159+E3,#KDV#QR#HIIHFW#GXULQJ#D#5%.'#,'/2*&,#ORRSEDFN1
127(ã )RU#H[DPSOH/#LI#GDWD#HQWHULQJ#WKH#6270,QWHUIDFH#E\#WKH#,'/2*&,#LQ#WKH#%4#
FKDQQHO#LV#PRGXODWHG#RQWR#WKH#%5#FKDQQHO#RQ#WKH#627#ORRS/#WKHQ#158+E6,#
PXVW#EH#VHW1
E6E5E4E3
5%.'#7UDQVSDUHQW#
/RRSEDFN#DW#6270,QWHUIDFH
UZ
)L[HG#7LPLQJ#(QDEOH
UZ
6OHHS#3RZHU#'RZQ#0RGH#
'LVDEOH
UZ
6ZDS#%42%5#DW#6270
,QWHUIDFH
UZ
)LJXUH#80861#6270,QWHUIDFH#159#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8079 0&4788:9#8VHU¶V#0DQXDO 027252/$
81715
8171581715
81715 627#%\WH#5HJLVWHU
627#%\WH#5HJLVWHU627#%\WH#5HJLVWHU
627#%\WH#5HJLVWHUV
VV
V
7KHUH#DUH#HOHYHQ#E\WH#UHJLVWHUV#+%55#WKURXJK#%545,#LQ#WKH#0&4788:91
5HJ1E:E9E8E7E6E5E4E3
9DOXH#
DIWHU#
5HVHW
%556&414 6&415 6&416 6&417 5HVHUYHG 5HVHUYHG 5HVHUYHG 5HVHUYHG '33
%56414 415 416 417 4#4XDO 0)#,QW 5HVHUYHG 7[#%42%5#
([FKDQJH ')3
%57)9:)99)98)97)96)95)94)93'33
%58%39:%399%398%397%396%395%394%393'33
%59%4#627#/%#
73
%4#627#/%#
173
%5#627#
/%#73
%5#627#
/%#173
,'/#%4#
/%#73
,'/#%4#
/%#173
,'/#%5#/%#
73
,'/#%5#/%#
173 '33
%5:$&7#35#
'LVDEOHG
'#&K#35#
'LVDEOHG
(QDEOH#
0)UDPH
,QYHUW#(#
&KDQQHO
$OZD\V#
$FWLYH#(Q 5HVHUYHG /$3'#3RO#
&RQW
$&7#75#
(;3 '33
%5;UHVHUYHG &/.287#
+4,
&/.287#
+3,
0XWH#%4#
IURP#627
0XWH#%5#
IURP#627
)RUFH#(#
WR#]HUR
)RUFH#7[#
,1)2#5
7[#VLQJOH#
3XOVH#(Q '33
%5<7;6&514 7;6&515 7;6&516 7;6&517 7;6&614 7;6&615 7;6&616 7;6&617 '33
%543 7;6&714 7;6&715 7;6&716 7;6&717 7;6&814 7;6&815 7;6&816 7;6&817 '33
%544
'R#QRW#
UHDFW#WR#
,QIR#4
'R#QRW#
UHDFW#WR#
,QIR#6
5[#,QIR#
6W#%LW4
5[#,QIR#6W#
%LW3
7[#,QIR
6W#%LW4
7[#,QIR#6W#
%LW3
([W#627#
/RRSEDFN
7[#<9.#
7HV W #6LJQDO '33
%545 177HUP#
'LVDEOHG
6WRS2*R#
'LVDEOHG
$508#
'LVDEOHG
2YHUOD\#
(QDEOH
(Q#%4#
,QSXW
(Q#%5#
,QSXW
(Q#%4#
2XWSXW
(Q#%5#
2XWSXW '33
7DEOH#80<1##627#%\WH#5HJLVWHU#0DS
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 807:
8171514##6270,QWHUIDFH#%55
8171514##6270,QWHUIDFH#%558171514##6270,QWHUIDFH#%55
8171514##6270,QWHUIDFH#%55
)LJXUHýèðèé#QDPHV#WKH#ELW#ILHOGV#LQ#%551
‡6XEFKDQQHOýìýõ6&ìôýWRý6î7ý/RRSýõEæ¥Eéô³7KLV#QLEEOH#XVHG#IRU#PXOWLIUDPLQJ1#
7KHVH#IRXU#ELWV#FRUUHVSRQG#WR#VXEFKDQQHO#4#IRU#WUDQVPLVVLRQ#WR#WKH#7(+V,1#
0XOWLIUDPLQJ#LV#LQLWLDWHG#E\#WKH#17#E\#VHWWLQJ#%5:+E8,1#:KHQ#PXOWLIUDPLQJ#LV#
HQDEOHG/#WKH#17#WUDQVPLWV#WKH#ELWV#LQ#%55+E:²E7,#DV#VXEFKDQQHO#4/#LQ#DFFRUGDQFH#
ZLWK#&&,77#,1763/#(76,#(76#633345/#DQG#$16,#7419381#%55+E:²E7,/#LV#LQWHUQDOO\#
SROOHG#DW#WKH#VWDUW#RI#HYHU\#PXOWLIUDPH#+WKLV#RFFXUV#HYHU\#8#PV#DQG#WKH#GHYLFH#FDQ#
EH#SURJUDPPHG#WR#JLYH#DQ#LQWHUUXSW#DW#WKH#VWDUW#RI#HYHU\#PXOWLIUDPH,/#DQG#LWV#
FRQWHQWV#DUH#LQWHUSUHWHG#DV#VXEFKDQQHO#41#,I#PXOWLIUDPLQJ#LV#HQDEOHG#DQG#WKH#
FRQWHQWV#RI#%55+E:²E7,#KDYH#QRW#EHHQ#XSGDWHG/#WKHQ#WKH#VXEFKDQQHO#LV#UH0
WUDQVPLWWHG#DV#LV1#%55+E:²E7,#FDQ#EH#XSGDWHG#DQ\#WLPH#EHWZHHQ#WKH#8#PV#
LQWHUUXSWV1#
127(ã %55+E:,#LV#WKH#06%#RI#6&4#DQG#%55+E7,#LV#WKH#/6%1
E:E9E8E7E6E5E4E3
6&414
UZ
6&415
UZ
6&416
UZ
6&417
UZ 5HVHUYHG 5HVHUYHG 5HVHUYHG 5HVHUYHG
)LJXUH#80871#6270,QWHUIDFH#%55#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
807; 0&4788:9#8VHU¶V#0DQXDO 027252/$
8171515##6270,QWHUIDFH#%56
8171515##6270,QWHUIDFH#%568171515##6270,QWHUIDFH#%56
8171515##6270,QWHUIDFH#%56
)LJXUHýèðèè#QDPHV#WKH#ELW#ILHOGV#LQ#%561
‡4ý1LEEOHýIURPý6î7ý/RRSýõEæ¥Eéô³7KHVH#ELWV#DUH#XVHG#LQ#WKH#PXOWLIUDPLQJ#PRGH#
RI#RSHUDWLRQ1#:KHQ#PXOWLIUDPLQJ#KDV#EHHQ#HQDEOHG/#WKHVH#ELWV#FRUUHVSRQG#WR#WKH#
UHFHLYHG#4#FKDQQHO#QLEEOH#IURP#WKH#7(+V,1#7KHVH#ELWV#DUH#XSGDWHG#RQFH#HYHU\#
PXOWLIUDPH1#7KH#GHYLFH#FDQ#JLYH#DQ#LQWHUUXSW#RQFH#HYHU\#PXOWLIUDPH#+VHH#%56+E5,#
DQG#157+E5,,#RU#HYHU\#WLPH#D#QHZ#4#FKDQQHO#QLEEOH#LV#UHFHLYHG1#%56+E:²E7,#DUH#
UHDG#RQO\#ELWV1#5HDGLQJ#%56#FOHDUV#WKH#PXOWLIUDPH#LQWHUUXSW1
127(ã %56+E:,#LV#WKH#06%#RI#WKH#UHFHLYHG#4#FKDQQHO#QLEEOH>#%56+E7,#LV#WKH#/6%1
‡4ý%LWý4XDOLW\ýõEêô³7KLV#ELW#FRUUHVSRQGV#WR#WKH#4#%LW#4XDOLW\#LQGLFDWLRQ1#:KHQ#
PXOWLIUDPLQJ#KDV#EHHQ#LQLWLDWHG#E\#WKH#17/#WKH#7(+V,#UHVSRQGV#E\#VHQGLQJ#4#GDWD#
RQFH#HYHU\#ILYH#IUDPHV1#7KLV#4#GDWD#LV#WUDQVPLWWHG#LQ#WKH#)D#ELW#SRVLWLRQ1#'XULQJ#WKH#
RWKHU#IRXU#IUDPHV#+L1H1/#ZKHQ#WKH#7(+V,#DUH#QRW#WUDQVPLWWLQJ#4#GDWD,/#WKH#)D#ELW#
VKRXOG#EH#D#31#%56+E6,#EHLQJ#KLJK#LQGLFDWHV#WKDW#WKH#)D#ELWV#LQ#WKH#IUDPHV#ZKHUH#
PXOWLIUDPLQJ#GDWD#ZDV#QRW#EHLQJ#WUDQVPLWWHG#ZHUH#3V1
‡0XOWLIUDPHý,QWHUUXSWýõEëô³3URJUDPPLQJ#RI#%56+E5,#GLFWDWHV#ZKHWKHU#DQ#
LQWHUUXSW#LV#JLYHQ#HYHU\#PXOWLIUDPH#+DVVXPLQJ#PXOWLIUDPLQJ#KDV#EHHQ#HQDEOHG#DQG#
,545#HQDEOH/#157+E5,/#KDV#EHHQ#VHW,/#RU#RQO\#RQ#WKH#UHFHLSW#RI#D#QHZ#4#FKDQQHO#
QLEEOH#IURP#WKH#7(+V,1#:KHQ#%56+E5,#LV#4/#DQ#LQWHUUXSW#LV#JLYHQ#HYHU\#PXOWLIUDPH1#
:KHQ#%56+E5,#LV#3/#DQ#LQWHUUXSW#LV#JLYHQ#RQO\#RQ#WKH#UHFHLSW#RI#D#QHZ#4#FKDQQHO#
QLEEOH1#5HIHU#WR#6HFWLRQ#45#IRU#D#PRUH#GHWDLOHG#GHVFULSWLRQ1
‡7[ý%ìî%ëý([FKDQJHýõEíô³:KHQ#%56+E3,#LV#3/#WKH#%4#WLPHVORW#+DQG#UHVSHFWLYHO\/#WKH#
%5#WLPHVORW,#IURP#WKH#,'/2*&,#LQWHUIDFH#LV#PRGXODWHG#LQWR#WKH#%4#WLPHVORW#+DQG#
UHVSHFWLYHO\/#WKH#%5#WLPHVORW,#RI#WKH#627#ORRS1#:KHQ#%56+E3,# #4/#WKH#%4#WLPHVORW#
+DQG#UHVSHFWLYHO\/#WKH#%5#WLPHVORW,#IURP#WKH#,'/2*&,#LQWHUIDFH#LV#PRGXODWHG#LQWR#
WKH#%5#WLPHVORW#+DQG#UHVSHFWLYHO\/#WKH#%4#WLPHVORW,#RI#WKH#6270LQWHUIDFH1#7KH#%4#DQG#
%5#WLPHVORWV#IURP#WKH#627#ORRS#WR#WKH#,'/2*&,#RXWSXW#RI#WKH#6270LQWHUIDFH#DUH#QRW#
DIIHFWHG#E\#WKLV#ELW1
127(ã %56+E3,#LV#XVHG#LQ#DVVRFLDWLRQ#ZLWK#%59+E9,#DQG#%59+E7,#WR#SURYLGH#DQG#
LQWHUQDO#FRPPXQLFDWLRQ#EHWZHHQ#WZR#7(V1
E:E9E8E7E6E5E4E3
414
UR
415
UR
416
UR
#
417
UR
4#%LW#
4XDOLW\
UR
0XOWLIUDPH#
,QWHUUXSW
UZ
UHVHUYHG
7[#%42%5#
([FKDQJH
UZ
)LJXUH#80881#6270,QWHUIDFH#%56#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 807<
8171516##6270,QWHUIDFH#%57
8171516##6270,QWHUIDFH#%578171516##6270,QWHUIDFH#%57
8171516##6270,QWHUIDFH#%57
)LJXUHýèðèç#QDPHV#WKH#ELW#ILHOGV#LQ#%571
‡)UDPHý9LRODWLRQý&RXQWHUýõEæ¥Eíô³7KLV#LV#D#UHDG2ZULWH#UHJLVWHU/#WKHUHE\#DOORZLQJ#
WKH#XVHU#WR#SURJUDP#WKH#FRXQWHU#WR#D#SUHGHWHUPLQHG#YDOXH1#7KH#FRXQWHU#LV#
LQLWLDOL]HG#WR#433#E\#D#KDUGZDUH2VRIWZDUH#UHVHW1#1RWH#WKDW#WKH#FRXQWHU/#XSRQ#
UHDFKLQJ#D#YDOXH#RI#))/#GRHV#QRW#UROO#RYHU#+#L1H1/#LW#UHPDLQV#DW#))#XQWLO#WKH#XVHU#
UHZULWHV#D#VWDUWLQJ#YDOXH,1#1RWH#WKDW#%57+E:,#LV#WKH#06%#RI#WKH#FRXQWHU#DQG#%57+E3,#
LV#WKH#/6%1
5HFRPPHQGDWLRQ#&&,77#,1763/#(76,#(76#633345/#DQG#$16,#741938#VSHFLILFDWLRQV#VWDWH#
WKDW#WKHUH#PXVW#EH#WZR#$0,#YLRODWLRQV#LQ#HYHU\#627#IUDPH1#7KH#)#ELW#LV#WKH#ILUVW#YLRODWLRQ#
DQG#WKH#VXFFHHGLQJ#YLRODWLRQ#PXVW#RFFXU#ZLWKLQ#46#EDXGV#IRU#DQG#17#FRQILJXUDWLRQ1#
%57+E:²E3,#LV#WKH#RXWSXW#RI#DQ#;0ELW#ELQDU\#FRXQWHU1#7KLV#FRXQWHU#FRXQWV#WKH#QXPEHU#RI#
IUDPHV#ZKLFK#GR#QRW#FRQWDLQ#WKH#FRUUHFW#QXPEHU#RI#$0,#YLRODWLRQV1#1RWH#WKDW#LQ#
PXOWLIUDPLQJ/#LW#LV#SRVVLEOH#WR#KDYH#D#IUDPH#ZKLFK#GRHV#QRW#FRQWDLQ#WKH#FRUUHFW#QXPEHU#RI#
YLRODWLRQV#+)D# #4/#%4# #4,1#7KH#0&4788:9/#ZKHQ#LQ#PXOWLIUDPH#PRGH/#GRHV#QRW#FRXQW#
WKHVH#IUDPHV1#7KXV/#WKLV#FRXQWHU#LV#D#IUDPHýHUURUýFRXQWHU/#FRXQWLQJ#WKH#QXPEHU#RI#IUDPHV#
ZKLFK#GR#QRW#FRQWDLQ#WKH#FRUUHFW#QXPEHU#RI#$0,#YLRODWLRQV1#%57+E:²E3,#RQO\#FRXQWV#
IUDPHV#QRW#FRQWDLQLQJ#WKH#FRUUHFW#QXPEHU#RI#$0,#YLRODWLRQV#DIWHU#)6<1&#KDV#EHHQ#
DFKLHYHG/#DQG#FHDVHV#FRXQWLQJ#ZKHQHYHU#)6<1&#LV#ORVW1
8171517##6270,QWHUIDFH#%58
8171517##6270,QWHUIDFH#%588171517##6270,QWHUIDFH#%58
8171517##6270,QWHUIDFH#%58
)LJXUHýèðèæ#QDPHV#WKH#ELW#ILHOGV#LQ#%581
‡%39ý&RXQWHUýõEæ¥Eíô³7KLV#UHJLVWHU#LV#WKH#RXWSXW#RI#DQ#;0ELW#ELQDU\#FRXQWHU#WKDW#
UHFRUGV#WKH#QXPEHU#RI#XQEDODQFHG#IUDPHV1#$#IUDPH#LQ#ZKLFK#WKH#WRWDO#QXPEHU#RI#
SRVLWLYH#SXOVHV#LV#GLIIHUHQW#IURP#WKH#WRWDO#QXPEHU#RI#QHJDWLYH#SXOVHV#FRQVWLWXWHV#DQ#
XQEDODQFHG#IUDPH1#,W#LV#D#UHDG2ZULWH#UHJLVWHU/#WKHUHE\#DOORZLQJ#WKH#XVHU#WR#SURJUDP#
WKH#FRXQWHU#WR#D#SUHGHWHUPLQHG#YDOXH1#7KH#FRXQWHU#LV#LQLWLDOL]HG#WR#433#E\#D#
KDUGZDUH2VRIWZDUH#UHVHW1#1RWH#WKDW#WKH#FRXQWHU/#XSRQ#UHDFKLQJ#D#YDOXH#RI#))/#GRHV#
QRW#UROO#RYHU#+L1H1/#LW#UHPDLQV#DW#))#XQWLO#WKH#XVHU#UHZULWHV#D#VWDUWLQJ#YDOXH,1#1RWH#WKDW#
%58+E:,#LV#WKH#06%#RI#WKH#FRXQWHU#DQG#%58+E3,#LV#WKH#/6%1
E:E9E8E7E6E5E4E3
)9:
UZ
)99
UZ
)98
UZ
)97
UZ
)96
UZ
)95
UZ
)94
UZ
)93
UZ
)LJXUH#80891#6270,QWHUIDFH#%57#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
%39:
UZ
%399
UZ
%398
UZ
%397
UZ
%396
UZ
%395
UZ
%394
UZ
%393
UZ
)LJXUH#808:1#6270,QWHUIDFH#%58#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8083 0&4788:9#8VHU¶V#0DQXDO 027252/$
8171518##6270,QWHUIDFH#%59
8171518##6270,QWHUIDFH#%598171518##6270,QWHUIDFH#%59
8171518##6270,QWHUIDFH#%59
)LJXUHýèðèå#QDPHV#WKH#ELW#ILHOGV#LQ#%591
‡%ìý6î7ý/RRSEDFNý7UDQVSDUHQWýõEæô³:KHQ#WKLV#ELW#LV#3/#WKH#GHYLFH#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#GHYLFH#HQWHUV#D#%ìý6î7ý/RRSEDFNý7UDQVSDUHQWý0RGH1#
,Q#WKLV#PRGH/#GDWD#HQWHULQJ#WKH#GHYLFH#IURP#5[323[1#LQ#WKH#%4#WLPHVORW#LV#
GHPRGXODWHG#DQG#UHPRGXODWHG#EDFN#RXW#RQ#7[327[1#LQ#WKH#%4#WLPHVORW1#7KH#
GHPRGXODWHG#%4#GDWD#FRQWLQXHV#WR#SUHVHQW#LWVHOI#RQ#,'/2*&,#7[#LQ#WKH#%4#WLPHVORW#
+KHQFH/#WKH#WHUP#WUDQVSDUHQW,1#'DWD#HQWHULQJ#WKH#SDUW#IURP#,'/2*&,#5[#LQ#WKH#%4#
WLPHVORW#LV#LJQRUHG1#7KLV#ELW#LV#UHVHW#WR#3#E\#HLWKHU#D#VRIWZDUH#UHVHW/#D#KDUGZDUH#UHVHW/#
RU#LQ#WKH#UHWXUQýWRýQRUPDO#PRGH#+153+E3,# #4,1
‡%ìý6î7ý/RRSEDFNý1RQð7UDQVSDUHQWýõEçô³:KHQ#WKLV#ELW#LV#3#WKH#GHYLFH#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#GHYLFH#HQWHUV#D#%ìý6î7ý/RRSEDFNý1RQð7UDQVSDUHQWý
0RGH1#,Q#WKLV#PRGH/#GDWD#HQWHULQJ#WKH#GHYLFH#IURP#5[325[1#LQ#WKH#%4#WLPHVORW#LV#
GHPRGXODWHG#DQG#UHPRGXODWHG#EDFN#RXW#RQ#7[327[1#LQ#WKH#%4#WLPHVORW1#'DWD#
HQWHULQJ#WKH#SDUW#IURP#,'/2*&,#5[#LQ#WKH#%4#WLPHVORW#LV#LJQRUHG1#,'/2*&,#7[#
LJQRUHV#WKH#GHPRGXODWHG#%4#GDWD/#SUHVHQWLQJ#LQ#LWV#VWHDG#WKHýLGOHýìV#FRQGLWLRQ#LQ#WKH#
,'/2*&,#5[#%4#WLPHVORW#+KHQFH/#WKH#WHUP#QRQðWUDQVSDUHQW,1#7KLV#ELW#LV#UHVHW#WR#3#E\#
HLWKHU#D#VRIWZDUH#UHVHW/#D#KDUGZDUH#UHVHW/#RU#LQ#WKH#UHWXUQýWRýQRUPDO#PRGH#+153+E3,#
#4,1
‡%ëý6î7ý/RRSEDFNý7UDQVSDUHQWýõEèô³:KHQ#WKLV#ELW#LV#3/#WKH#GHYLFH#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#GHYLFH#HQWHUV#D#%ëý6î7ý/RRSEDFNý7UDQVSDUHQWý0RGH1#
,Q#WKLV#PRGH/#GDWD#HQWHULQJ#WKH#GHYLFH#IURP#5[325[1#LQ#WKH#%5#WLPHVORW#LV#
GHPRGXODWHG#DQG#UHPRGXODWHG#EDFN#RXW#RQ#7[327[1#LQ#WKH#%5#WLPHVORW1#7KH#
GHPRGXODWHG#%5#GDWD#FRQWLQXHV#WR#SUHVHQW#LWVHOI#RQ#,'/2*&,#7[#LQ#WKH#%5#WLPHVORW#
+KHQFH/#WKH#WHUPýWUDQVSDUHQW,1#'DWD#HQWHULQJ#WKH#SDUW#IURP#,'/2*&,#5[#LQ#WKH#%5#
WLPHVORW#LV#LJQRUHG1#7KLV#ELW#LV#UHVHW#WR#3#E\#HLWKHU#D#VRIWZDUH#UHVHW/#D#KDUGZDUH#UHVHW/#
RU#LQ#WKH#UHWXUQýWRýQRUPDO#PRGH#+153+E3,# #4,1
‡%ëý6î7ý/RRSEDFNý1RQð7UDQVSDUHQWýõEéô³:KHQ#WKLV#ELW#LV#3/#WKH#GHYLFH#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#GHYLFH#HQWHUV#D#%ëý6î7ý/RRSEDFNý1RQð7UDQVSDUHQWý
0RGH1#,Q#WKLV#PRGH/#GDWD#HQWHULQJ#WKH#GHYLFH#IURP#5[325[1#LQ#WKH#%5#WLPHVORW#LV#
GHPRGXODWHG#DQG#UHPRGXODWHG#EDFN#RXW#RI#7[327[1#LQ#WKH#%5#WLPHVORW1#'DWD#
HQWHULQJ#WKH#SDUW#IURP#,'/2*&,#5[#LQ#WKH#%5#WLPHVORW#LV#LJQRUHG1#,'/2*&,#7[#
LJQRUHV#WKH#GHPRGXODWHG#%5#GDWD/#SUHVHQWLQJ#LQ#LWV#VWHDG#WKH#LGOHýìV#FRQGLWLRQ#LQ#WKH#
,'/2*&,#5[#%5#WLPHVORW#+KHQFH/#WKH#WHUP#QRQðWUDQVSDUHQW,1#7KLV#ELW#LV#UHVHW#WR#3#E\#
HLWKHU#D#VRIWZDUH#UHVHW/#D#KDUGZDUH#UHVHW/#RU#LQ#WKH#UHWXUQýWRýQRUPDO#PRGH
+153+E3,# #4,1
E:E9E8E7E6E5E4E3
%4#627#
/RRSEDFN#
7UDQVSDUHQW
UZ
%4#627#
/RRSEDFN#
1RQ0#
7UDQVSDUHQW
UZ
%5#627#
/RRSEDFN#
7UDQVSDUHQW
UZ
%5#627#
/RRSEDFN#
1RQ0#
7UDQVSDUHQW
UZ
,'/2*&,#%4#
/RRSEDFN#
7UDQVSDUHQW
UZ
,'/2*&,#%4#
/RRSEDFN#
1RQ0#
7UDQVSDUHQW
UZ
,'/2*&,#%5#
/RRSEDFN#
7UDQVSDUHQW
UZ
,'/2*&,#%5#
/RRSEDFN#
1RQ0#
7UDQVSDUHQW
UZ
)LJXUH#808;1#6270,QWHUIDFH#%59#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8084
‡,'/î*&,ý%ìý/RRSEDFNý7UDQVSDUHQWýõEêô³:KHQ#WKLV#ELW#LV#D#3/#WKH#0&4788:9#
RSHUDWHV#QRUPDOO\1#:KHQ#WKLV#ELW#LV#D#4/#WKH#0&4788:9#LQWHUQDOO\#ORRSV#EDFN#WKH#
GDWD#UHFHLYHG#GXULQJ#WKH#%4#WLPHVORW#DW#',1#DQG#WUDQVPLWV#LW#RQWR#WKH#'287#SLQ#
GXULQJ#WKH#%4#WLPHVORW1#'DWD#HQWHULQJ#WKH#',1#SLQ#GXULQJ#WKH#%4#WLPHVORW#LV#DOVR#
WUDQVPLWWHG#RQWR#WKH#6270,QWHUIDFH1#7KLV#ELW#LV#UHVHW#WR#3#E\#HLWKHU#D#VRIWZDUH#UHVHW/#
D#KDUGZDUH#UHVHW/#RU#LQ#WKH#UHWXUQýWRýQRUPDO#PRGH#+153+E3,# #4,1
‡,'/î*&,ý%ìý/RRSEDFNý1RQð7UDQVSDUHQWýõEëô³:KHQ#WKLV#ELW#LV#D#3/#WKH#0&4788:9#
RSHUDWHV#QRUPDOO\1#:KHQ#WKLV#ELW#LV#D#4/#WKH#0&4788:9#LQWHUQDOO\#ORRSV#EDFN#WKH#
GDWD#UHFHLYHG#GXULQJ#WKH#%4#FKDQQHO#WLPHVORW#DW#',1#DQG#WUDQVPLWV#LW#RQWR#WKH#
'287#SLQ#GXULQJ#WKH#%4#WLPHVORW1#'DWD#HQWHULQJ#WKH#',1#SLQ#GXULQJ#WKH#%4#
WLPHVORW#LV#QRW#WUDQVPLWWHG#RQWR#WKH#6270,QWHUIDFH1#,QVWHDG/#WKH#0&4788:9#
WUDQVPLWV#LGOH#4V#RQWR#WKH#%4#FKDQQHO#ELWV#RI#WKH#6270,QWHUIDFH1#7KLV#ELW#LV#UHVHW#WR#3#
E\#HLWKHU#D#VRIWZDUH#UHVHW/#D#KDUGZDUH#UHVHW/#RU#LQ#WKH#UHWXUQýWRýQRUPDO#PRGH#
+153+E3,# #4,1
‡,'/î*&,ý%ëý/RRSEDFNý7UDQVSDUHQWýõEìô³:KHQ#WKLV#ELW#LV#D#3/#WKH#0&4788:9#
RSHUDWHV#QRUPDOO\1#:KHQ#WKLV#ELW#LV#D#4/#WKH#0&4788:9#LQWHUQDOO\#ORRSV#EDFN#WKH#
GDWD#UHFHLYHG#GXULQJ#WKH#%5#FKDQQHO#WLPHVORW#DW#',1#DQG#WUDQVPLWV#LW#RQWR#WKH#
'287#SLQ#GXULQJ#WKH#%5#WLPHVORW1#'DWD#HQWHULQJ#WKH#',1#SLQ#GXULQJ#WKH#%5#
WLPHVORW#LV#DOVR#WUDQVPLWWHG#RQWR#WKH#6270,QWHUIDFH1#7KLV#ELW#LV#UHVHW#WR#3#E\#HLWKHU#D#
VRIWZDUH#UHVHW/#D#KDUGZDUH#UHVHW/#RU#LQ#WKH#UHWXUQýWRýQRUPDO#PRGH#+153+E3,# #4,1
‡,'/î*&,ý%ëý/RRSEDFNý1RQð7UDQVSDUHQWýõEíô³:KHQ#WKLV#ELW#LV#D#3/#WKH#0&4788:9#
RSHUDWHV#QRUPDOO\1#:KHQ#WKLV#ELW#LV#D#4/#WKH#0&4788:9#LQWHUQDOO\#ORRSV#EDFN#WKH#
GDWD#UHFHLYHG#GXULQJ#WKH#%5#FKDQQHO#WLPHVORW#DW#',1#DQG#WUDQVPLWV#LW#RQWR#WKH#
'287#SLQ#GXULQJ#WKH#%5#WLPHVORW1#'DWD#HQWHULQJ#WKH#',1#SLQ#GXULQJ#WKH#%5#
WLPHVORW#LV#QRW#WUDQVPLWWHG#RQWR#WKH#6270,QWHUIDFH1#,QVWHDG/#WKH#0&4788:9#
WUDQVPLWV#LGOH#4V#RQWR#WKH#%5#FKDQQHO#ELWV#RI#WKH#6270,QWHUIDFH1#7KLV#ELW#LV#UHVHW#WR#3#
E\#HLWKHU#D#VRIWZDUH#UHVHW/#D#KDUGZDUH#UHVHW/#RU#LQ#WKH#UHWXUQýWRýQRUPDO#PRGH#
+153+E3,# #4,1
8171519##6270,QWHUIDFH#%5:
8171519##6270,QWHUIDFH#%5:8171519##6270,QWHUIDFH#%5:
8171519##6270,QWHUIDFH#%5:
)LJXUHýèðèä#QDPHV#WKH#ELW#ILHOGV#LQ#%5:1
‡$FWLYDWLRQý3URFHGXUHVý'LVDEOHGýõEæô³:KHQ#WKLV#ELW#LV#3/#WKH#0&4788:9#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW# #4/#WKH#WUDQVPLW#VHFWLRQ#RI#WKH#WUDQVFHLYHU#LV#IRUFHG#LQWR#
WKH#KLJKHVW#LQIRUPDWLRQ#VWDWH1#7KXV/#,1)2#7#LV#IRUFHG#RXW#RQ#WKH#WUDQVPLW#VLGH#RI#WKH#
GHYLFH1#,1)2#7#LV#IRUFHG#RXW#UHJDUGOHVV#RI#ZKDW#LV#EHLQJ#UHFHLYHG#RQ#5[325[11#,Q#
WKH#HYHQW#WKDW#,1)2#3#LV#EHLQJ#UHFHLYHG/#WKH#WUDQVPLWWHG#,1)2#6#LV#WUDQVPLWWHG#
DV\QFKURQRXVO\1#,I#HLWKHU#,1)2#5#RU#,1)2#7#DUH#VXEVHTXHQWO\#UHFHLYHG/#WKHQ#WKH#
7(*V#,1)2#6#DOLJQV#LWVHOI#WR#WKH#UHFHLYHG#VLJQDO#LQ#DFFRUGDQFH#ZLWK#&&,77#,1763/#
(76,#(76#633345/#DQG#$16,#7419381#
E:E9E8E7E6E5E4E3
$FWLYDWLRQ#
3URFHGXUHV#
'LVDEOHG
UZ
#'#&KDQQHO#
3URFHGXUHV#
'LVDEOHG
UZ
(QDEOH#0XOWL0
IUDPLQJ#
UZ
,QYHUW#(#
&KDQQHO
UZ
$OZD\V#
$FWLYH#
(QDEOH
UZ
5HVHUYHG
/$3'#
3RODULW\#
&RQWURO
UZ
#$FWLYDWLRQ#
7LPHU#&5#
([SLUHG
UZ
)LJXUH#808<1#6270,QWHUIDFH#%5:#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8085 0&4788:9#8VHU¶V#0DQXDO 027252/$
127(ã $#7(#ZDNHV#XS#LI#LW#UHFHLYHV#HLWKHU#,1)2#5#RU#,1)2#7#IURP#WKH#171#
+RZHYHU/#DQ#17#WUDQVPLWWLQJ#,1)2#3#GRHV#QRW#ZDNH#XS#WR#WKH#UHFHSWLRQ#RI#
,1)2#6#IURP#WKH#7(1#)RU#DQ#17#WR#EH#ZRNHQ#XS#E\#D#7(/#LW#PXVW#ILUVW#UHFHLYH#
,1)2#4#IURP#WKH#7(#DQG#WKHQ#SURFHHG#WR#JR#WKURXJK#WKH#VXEVHTXHQW#
KDQGVKDNLQJ1
‡'ý&KDQQHOý3URFHGXUHVý'LVDEOHGýõEçô³7KLV#ELW#LV#XVHG#WR#HQDEOH2GLVDEOH#'#
FKDQQHO#FRQWHQWLRQ#SURFHGXUHV#LQ#DFFRUGDQFH#ZLWK#WKH#&&,77#,1763/#(76,#(76#
633345/#DQG#$16,#7419381#:KHQ#WKLV#ELW#LV#3/#WKH#'#FKDQQHO#SURFHGXUHV#DUH#DGKHUHG#
WR#DV#SHU#WKH#'5(48(67/#'*5$17/#DQG#&/$66#SLQ#GHVFULSWLRQV1#:KHQ#WKLV#ELW#LV#
4/#WKH#'#FKDQQHO#SURFHGXUHV#DUH#LJQRUHG/#DOORZLQJ#WKH#GDWD#SUHVHQW#LQ#WKH#'#
FKDQQHO#RQ#,'/2*&,#5[#WR#EH#PRGXODWHG#UHJDUGOHVV#RI#WKH#VWDWXV#RI#'5(48(67#
DQG#'*5$171#%5:+E9,# #4#FDXVHV#WKH#17#WHUPLQDO#WR#GLVUHJDUG#WKH#GHPRGXODWHG#
(#HFKR#ELWV1#7KH#17#WHUPLQDO*V#'#GDWD#LV#SURFHVVHG#UHJDUGOHVV1
‡(QDEOHý0XOWLIUDPLQJýõEèô³7KLV#ELW#LV#XVHG#WR#HQDEOH2GLVDEOH#PXOWLIUDPLQJ#LQ#
DFFRUGDQFH#ZLWK#&&,77#,1763/#(76,#(76#633345/#DQG#$16,#7419381#:KHQ#WKLV#ELW#LV#
3/#PXOWLIUDPLQJ#LV#GLVDEOHG1#,Q#WKLV#PRGH#WKH#0/#)D/#DQG#6#EDXGV#WUDQVPLWWHG#IURP#
WKH#17#LV#31#:KHQ#WKLV#ELW#LV#4/#PXOWLIUDPLQJ#LV#HQDEOHG1#,Q#WKLV#PRGH/#WKH#0/#)D/#DQG#
6#EDXGV#DGKHUHV#WR#WKH#PXOWLIUDPLQJ#FRGLQJ#UXOHV#DV#RXWOLQHG#LQ#&&,77#,1763#DQG#
$16,#7419381
‡,QYHUWý(FKRý&KDQQHOýõEéô³7KLV#ELW#LV#XVHG#WR#GHWHUPLQH#WKH#SRODULW\#RI#WKH#
WUDQVPLWWHG#HFKR#FKDQQHO#IURP#WKH#17#WR#WKH#7(1#:KHQ#WKLV#ELW#LV#D#3/#WKH#
WUDQVPLWWHG#(#ELW#LV#WKH#VDPH#DV#WKH#SUHYLRXVO\#GHPRGXODWHG#'#ELW#IURP#WKH#7(+V,1#
:KHQ#WKLV#ELW#LV#4/#WKH#WUDQVPLWWHG#(#ELW#LV#WKH#ORJLFDO#LQYHUVH#RI#WKH#SUHYLRXVO\#
GHPRGXODWHG#'#ELW1
‡$OZD\Vý$FWLYHý(QDEOHýõEêô³7KLV#ELW#HQDEOHV#WKH#DFWLYHýRQO\#17#PRGH1#,Q#WKLV#
PRGH/#WKH#6270LQWHUIDFH#LV#UHVWULFWHG#WR#WKH#*5#RU#*6#VWDWH#+L1H1/#WKH#GHYLFH#LV#HLWKHU#
DFWLYDWHG#RU#DWWHPSWLQJ#WR#DFWLYDWH,1#7KH#GHYLFH#LV#QHYHU#DOORZHG#WR#IXOO\#GHDFWLYDWH1
‡/$3'ý3RODULW\ý&RQWUROýõEìô³:KHQ#WKH#0&4788:9#LV#FRQILJXUHG#LQ#7HUPLQDO#
0RGH/#WKLV#ELW#SHUIRUPV#WKH#/$3'ý3RODULW\ý&RQWURO#IXQFWLRQ1#:KHQ#WKLV#ELW#LV#3/#WKH#
DFWLYH#VWDWH#RI#'5(48(67#DQG#'*5$17#VLJQDOV#LV#GHILQHG#WR#EH#WKH#ORJLF#4#RU#KLJK#
VWDWH1#:KHQ#WKLV#ELW#LV#4/#WKH#DFWLYH#VWDWH#RI#WKHVH#VLJQDOV#LV#GHILQHG#WR#EH#WKH#ORJLF#3#
RU#ORZ#VWDWH1
‡$FWLYDWLRQý7LPHUýúëý([SLUHGýõEíô³7KLV#ELW#SHUIRUPV#WKH#$FWLYDWLRQý7LPHUýúëý
([SLUHG#IXQFWLRQ1#:KHQ#WKLV#ELW#LV#3/#WKH#170FRQILJXUHG#627#WUDQVFHLYHU#XVHV#D#YDOXH#
RI#83#PV#IRU#WKH#7LPHU#&5#YDOXH#RXWOLQHG#LQ#&&,77#,1763/#(76,#(76#633345/#DQG#
$16,#741938#+L1H1/#WKH#GHYLFH#XQDPELJXRXVO\#GHWHFWV#,1)2#4,1#:KHQ#WKLV#ELW#LV#4/#D#
YDOXH#RI#433#PV#LV#XVHG#IRU#WKH#YDOXH#RI#7LPHU#&51#
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8086
817151:##6270,QWHUIDFH#%5;
817151:##6270,QWHUIDFH#%5;817151:##6270,QWHUIDFH#%5;
817151:##6270,QWHUIDFH#%5;
)LJXUHýèðçí#QDPHV#WKH#ELW#ILHOGV#LQ#%5;1
‡&/.287ýõEç¥Eèô³#7KHVH#ELWV#GHWHUPLQH#WKH#IUHTXHQF\#RI#&/.2871
³33# #5317;#0+]#+GHIDXOW,
³34# #43157#0+]
³43# #8145#0+]
³44# #3#0+]
127(ã &/.287#LV#QRW#DYDLODEOH#GXULQJ#D#KDUGZDUH#UHVHW1
‡0XWHý%ìýIURPý6î7ð,QWHUIDFHýõEéô³:KHQ#WKLV#ELW#LV#3/#WKH#GHYLFH#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#GDWD#WUDQVPLWWHG#RQ#WKH#%4#FKDQQHO#RQ#,'/2*&,#
7[#LV#IRUFHG#WR#WKH#LGOHýìV#FRQGLWLRQ1
‡0XWHý%ëýIURPý6î7ð,QWHUIDFHýõEêô³:KHQ#WKLV#ELW#LV#3/#WKH#GHYLFH#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#GDWD#WUDQVPLWWHG#RQ#WKH#%5#FKDQQHO#RQ#,'/2*&,#
7[#LV#IRUFHG#WR#WKHýLGOHýìV#FRQGLWLRQ1
‡)RUFHý(FKRý&KDQQHOýWRý=HURýõEëô³:KHQ#WKLV#ELW#LV#3/#WKH#GHYLFH#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#6270,QWHUIDFH#IRUFHV#WKH#WUDQVPLWWHG#(#ELWV#WR#EH#31#
7KLV#IHDWXUH#LV#XVHG#ZKHQ#WKH#17#ZLVKHV#WR#FRPPXQLFDWH#WR#WKH#7(V#RQ#WKH#SDVVLYH#
EXV#WKDW#WKH\#VKRXOG#GLVHQJDJH#IURP#WKH#'#FKDQQHO1
‡)RUFHý7[ý,1)2ëýõEìô³7KLV#ELW#LV#XVHG#ZKHQ#WKH#627#ORRS#LV#IXOO\#DFWLYDWHG#
+,1)2#62,1)2#7,#DQG#WKH#6270,QWHUIDFH#ZDQW#WR#UHV\QFKURQL]H#DOO#WKH#7(V1#%\#
VHWWLQJ#%5;+E4,#WR#4/#WKH#6270,QWHUIDFH#UHSODFHV#,1)2#7#ZLWK#,1)2#5#WR#
UHV\QFKURQL]H#WKH#,1)2#6#VHQW#E\#WKH#7(V1#$W#WKH#UHFHSWLRQ#RI#WKH#QHZ#,1)26/#WKH#
6270,QWHUIDFH#VHQGV#EDFN#,1)2#71
127(ã 7KH#6270,QWHUIDFH#UHWXUQV#WKLV#ELW#ORZ#DIWHU#LWV#DFWLYH#WUDQVLWLRQ#+ORZ0WR0
KLJK,#LV#UHFRJQL]HG1
‡7UDQVPLWý6LQJOHý3XOVHý(QDEOHýõEíô³:KHQ#WKLV#ELW#LV#3/#WKH#0&4788:9#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#GHYLFH#WUDQVPLWV#IUDPHV#ZLWK#RQH#SRVLWLYH#DQG#RQH#
QHJDWLYH#VLQJOH#SXOVH#RQ#WKH#7[30727[107#SLQV1#7KLV#VLJQDO#FDQ#EH#XVHG#IRU#WHVW#
SXUSRVHV1#7KH#VLQJOH#SXOVH#WHVW#VLJQDO#TXDOLILHV#DV#D#7UDQVPLW#,1)2#;#VWDWH1#7KH#ELW#
LV#UHVHW#WR#3#E\#HLWKHU#D#VRIWZDUH#RU#KDUGZDUH#UHVHW#RI#LQ#WKH#5HWXUQ#WR#1RUPDO#PRGH#
+153+E3,# #4,1
127(ã ,Q#*&,#PRGH/#WKLV#ELW#LV#25HG#ZLWK#WKH#38/6(5#VLJQDO1
E:E9E8E7E6E5E4E3
UHVHUYHG &/.2874
UZ
&/.2873
UZ
0XWH#%4#
IURP#627
UZ
0XWH#%5#
IURP#627
UZ
)RUFH#(#WR#
=HUR
UZ
)RUFH#
7UDQVPLW#
,1)25
UZ
7UDQVPLW#
6LQJOH#3XOVH#
(QDEOH
UZ
)LJXUH#80931#6270,QWHUIDFH#%5;#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8087 0&4788:9#8VHU¶V#0DQXDO 027252/$
817151;##6270,QWHUIDFH#%5<
817151;##6270,QWHUIDFH#%5<817151;##6270,QWHUIDFH#%5<
817151;##6270,QWHUIDFH#%5<
)LJXUHýèðçì#QDPHV#WKH#ELW#ILHOGV#LQ#%5<1
‡6&ëýWRý/RRSýõEæ¥Eéô³7KLV#QLEEOH#LV#XVHG#IRU#PXOWLIUDPLQJ1#7KHVH#IRXU#ELWV#
FRUUHVSRQG#WR#VXEFKDQQHO#5#IRU#WUDQVPLVVLRQ#WR#WKH#7(+V,1#0XOWLIUDPLQJ#LV#LQLWLDWHG#
E\#WKH#17#E\#VHWWLQJ#%5:+E8,1#:KHQ#PXOWLIUDPLQJ#LV#HQDEOHG/#WKH#17#WUDQVPLWV#WKH#
ELWV#LQ#%5<+E:²E7,#DV#VXEFKDQQHO#5/#LQ#DFFRUGDQFH#ZLWK#&&,77#,1763/#(76,#(76#
633345/#DQG#$16,#7419381#%5<+E:²E7,/#DUH#LQWHUQDOO\#SROOHG#DW#WKH#VWDUW#RI#HYHU\#
PXOWLIUDPH#+WKLV#RFFXUV#HYHU\#8#PV#DQG#WKH#GHYLFH#FDQ#EH#SURJUDPPHG#WR#JLYH#DQ#
LQWHUUXSW#DW#WKH#VWDUW#RI#HYHU\#PXOWLIUDPH,/#DQG#WKH#FRQWHQWV#DUH#LQWHUSUHWHG#DV#
VXEFKDQQHO#51#,I#PXOWLIUDPLQJ#LV#HQDEOHG#DQG#WKH#FRQWHQWV#RI#%5<+E:²E7,#KDYH#QRW#
EHHQ#XSGDWHG/#WKH#VXEFKDQQHO#LV#UH0WUDQVPLWWHG#DV#LV1#%5<+E:²E7,#FDQ#EH#XSGDWHG#
DQ\#WLPH#EHWZHHQ#WKH#8#PV#LQWHUUXSWV1#
127(ã %5<+E:,#LV#WKH#06%#RI#6&5#DQG#%5<+E7,#LV#WKH#/6%1
‡6&êýWRý/RRSýõEê¥Eíô³7KLV#QLEEOH#LV#XVHG#IRU#PXOWLIUDPLQJ1#7KHVH#IRXU#ELWV#
FRUUHVSRQG#WR#VXEFKDQQHO#6#IRU#WUDQVPLVVLRQ#WR#WKH#7(+V,1#:KHQ#PXOWLIUDPLQJ#LV#
HQDEOHG/#WKH#17#WUDQVPLWV#WKH#ELWV#LQ#%5<+E6²E3,#DV#VXEFKDQQHO#6/#LQ#DFFRUGDQFH#
ZLWK#&&,77#,1763/#(76,#(76#633345/#DQG#$16,#7419381#%5<+E6²E3,#DUH#LQWHUQDOO\#
SROOHG#DW#WKH#VWDUW#RI#HYHU\#PXOWLIUDPH#+WKLV#RFFXUV#HYHU\#8#PV#DQG#WKH#GHYLFH#FDQ#
EH#SURJUDPPHG#WR#JLYH#DQ#LQWHUUXSW#DW#WKH#VWDUW#RI#HYHU\#PXOWLIUDPH,/#DQG#WKH#
FRQWHQWV#DUH#LQWHUSUHWHG#DV#VXEFKDQQHO#61#,I#PXOWLIUDPLQJ#LV#HQDEOHG#DQG#WKH#
FRQWHQWV#RI#%5<+E6²E3,#KDYH#QRW#EHHQ#XSGDWHG/#WKH#VXEFKDQQHO#LV#UH0WUDQVPLWWHG#DV#
LV1#%5<+E6²E3,#FDQ#EH#XSGDWHG#DQ\#WLPH#EHWZHHQ#WKH#8#PV#LQWHUUXSWV1#
127(ã %5<+E6,#LV#WKH#06%#RI#6&6#DQG#%5<+E3,#LV#WKH#/6%1
E:E9E8E7E6E5E4E3
7;6&514
ZR
7;6&515
ZR
7;6&516
ZR
7;6&517
ZR
7;6&614
ZR
7;6&615
ZR
7;6&616
ZR
7;6&617
ZR
)LJXUH#80941#6270,QWHUIDFH#%5<#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8088
817151<##6270,QWHUIDFH#%543
817151<##6270,QWHUIDFH#%543817151<##6270,QWHUIDFH#%543
817151<##6270,QWHUIDFH#%543
)LJXUHýèðçë#QDPHV#WKH#ELW#ILHOGV#LQ#%5431
‡6&éýWRý/RRSýõEæ¥Eéô³7KLV#QLEEOH#LV#XVHG#IRU#PXOWLIUDPLQJ1#7KHVH#IRXU#ELWV#
FRUUHVSRQG#WR#VXEFKDQQHO#7#IRU#WUDQVPLVVLRQ#WR#WKH#7(+V,1#:KHQ#PXOWLIUDPLQJ#LV#
HQDEOHG/#WKH#17#WUDQVPLWV#WKH#ELWV#LQ#%543+E:²E7,#DV#VXEFKDQQHO#7/#LQ#DFFRUGDQFH#
ZLWK#&&,77#,1763/#(76,#(76#633345/#DQG#$16,#7419381#%543+E:²E7,#DUH#LQWHUQDOO\#
SROOHG#DW#WKH#VWDUW#RI#HYHU\#PXOWLIUDPH#+WKLV#RFFXUV#HYHU\#8#PV#DQG#WKH#GHYLFH#FDQ#
EH#SURJUDPPHG#WR#JLYH#DQ#LQWHUUXSW#DW#WKH#VWDUW#RI#HYHU\#PXOWLIUDPH,/#DQG#WKH#
FRQWHQWV#DUH#LQWHUSUHWHG#DV#VXEFKDQQHO#71#,I#PXOWLIUDPLQJ#LV#HQDEOHG#DQG#WKH#
FRQWHQWV#RI#%543+E:²E7,#KDYH#QRW#EHHQ#XSGDWHG/#WKH#VXEFKDQQHO#LV#UH0WUDQVPLWWHG#
DV#LV1#%543+E:²E7,#FDQ#EH#XSGDWHG#DQ\#WLPH#EHWZHHQ#WKH#8#PV#LQWHUUXSWV1#
127(ã %543+E:,#LV#WKH#06%#RI#6&7#DQG#%543+E7,#LV#WKH#/6%1
‡6&èýWRý/RRSýõEê¥Eíô³7KLV#QLEEOH#LV#XVHG#IRU#PXOWLIUDPLQJ1#7KHVH#IRXU#ELWV#
FRUUHVSRQG#WR#VXEFKDQQHO#8#IRU#WUDQVPLVVLRQ#WR#WKH#7(+V,1#:KHQ#PXOWLIUDPLQJ#LV#
HQDEOHG/#WKH#17#WUDQVPLWV#WKH#ELWV#LQ#%543+E6²E3,#DV#VXEFKDQQHO#8/#LQ#DFFRUGDQFH#
ZLWK#&&,77#,1763/#(76,#(76#633345/#DQG#$16,#7419381#%543+E6²E3,#LV#LQWHUQDOO\#
SROOHG#DW#WKH#VWDUW#RI#HYHU\#PXOWLIUDPH#+WKLV#RFFXUV#HYHU\#8#PV#DQG#WKH#GHYLFH#FDQ#
EH#SURJUDPPHG#YLD#157+E5,#WR#JLYH#DQ#LQWHUUXSW#DW#WKH#VWDUW#RI#HYHU\#PXOWLIUDPH,/#
DQG#WKH#FRQWHQWV#DUH#LQWHUSUHWHG#DV#VXEFKDQQHO#81#,I#PXOWLIUDPLQJ#LV#HQDEOHG#DQG#
WKH#FRQWHQWV#RI#%543+E6²E3,#KDYH#QRW#EHHQ#XSGDWHG/#WKH#VXEFKDQQHO#LV#UH0
WUDQVPLWWHG#DV#LV1#%543+E6²E3,#FDQ#EH#XSGDWHG#DQ\#WLPH#EHWZHHQ#WKH#8#PV#
LQWHUUXSWV1#
127(ã %543+E6,#LV#WKH#06%#RI#6&8#DQG#%543+E3,#LV#WKH#/6%1#
E:E9E8E7E6E5E4E3
7;6&714
ZR
7;6&715
ZR
7;6&716
ZR
7;6&717
ZR
7;6&814
ZR
7;6&815
ZR
7;6&816
ZR
7;6&817
ZR
)LJXUH#80951#6270,QWHUIDFH#%543#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8089 0&4788:9#8VHU¶V#0DQXDO 027252/$
81715143##6270,QWHUIDFH#%544
81715143##6270,QWHUIDFH#%54481715143##6270,QWHUIDFH#%544
81715143##6270,QWHUIDFH#%544
)LJXUHýèðçê#QDPHV#WKH#ELW#ILHOGV#LQ#%5441
‡'Rý1RWý5HDFWýWRý,1)2ýìýõEæô³7KLV#ELW#LV#RQO\#DSSOLFDEOH#WR#WKH#,'/#PRGH#RI#
RSHUDWLRQ1#:KHQ#WKLV#ELW#LV#3/#WKH#SDUW#IXQFWLRQV#QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#17#
GRHV#QRW#UHDFW#WR#,1)2#4#IURP#WKH#7(1#+1RWH/#KRZHYHU/#WKDW#WKH#17#JLYHV#DQ#
LQWHUUXSW#LQGLFDWLQJ#D#FKDQJH#LQ#UHFHLYHG#LQIRUPDWLRQ#VWDWH1,#2QO\#ZKHQ#WKH#17#
FOHDUV#WKLV#ELW#GRHV#LW#UHDFW#WR#,1)2#41#7KLV#IHDWXUH#LV#XVHG#LQ#WKH#17#LQ#DSSOLFDWLRQV#
ZKHUH#LW#LV#QHFHVVDU\#WR#GHOD\#DFWLYDWLRQ#RI#WKH#627#ORRS#XQWLO#WKH#8#OLQN#KDV#
UHDFKHG#LWV#DFWLYH#VWDWH1
‡'Rý1RWý5HDFWýWRý,1)2ýêýõEçô³7KLV#ELW#LV#RQO\#DSSOLFDEOH#WR#WKH#,'/#PRGH#RI#
RSHUDWLRQ1#:KHQ#WKLV#ELW#LV#3/#WKH#SDUW#IXQFWLRQV#QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#17#
GRHV#QRW#UHDFW#WR#,1)2#6#IURP#WKH#7(#+WKLV#,1)2#6#IURP#WKH#7(#EHLQJ#WKH#UHVSRQVH#
RI#WKH#7(#WR#,1)2#5#IURP#WKH#17,1#2QO\#ZKHQ#WKH#17#UHVHWV#WKLV#ELW#GRHV#LW#UHDFW#WR#
,1)2#61#,Q#WKH#PHDQWLPH/#WKH#17#FRQWLQXHV#WR#WUDQVPLW#,1)2#51#7KLV#IHDWXUH#LV#XVHG#
LQ#WKH#17#LQ#DSSOLFDWLRQV#ZKHUH#LW#LV#QHFHVVDU\#WR#GHOD\#DFWLYDWLRQ#RI#WKH#627#ORRS#
XQWLO#WKH#8#OLQN#KDV#UHDFKHG#LWV#DFWLYH#VWDWH1
‡5[ý,1)2ý6WDWHý%ìýDQGý%íýõEèñýEéô³7KH#0&4788:9#LQWHUQDOO\#VHWV#WKHVH#ELWV#WR#
LQGLFDWH#WKH#VWDWXV#RI#WKH#UHFHLYHG#VLJQDO#+L1H1/#LW#LV#,1)2#3/#4/#6/#RU#;/#ZKHUH#,1)2#;#
LV#QRQH#RI#WKH#DERYH,1#$Q#H[DPSOH#RI#,1)2#;#ZRXOG#EH#ZKHQ#LW#LV#UHFHLYLQJ#WKH#<9#
.+]#WHVW#VLJQDO1#$QRWKHU#H[DPSOH#RI#,1)2#;#ZRXOG#EH#ZKHUH#WKH#WUDQVFHLYHU#LV#QRW#
UHFHLYLQJ#,1)2#3/#EXW#LW#KDV#QRW#\HW#GHWHUPLQHG#ZKHWKHU#LW#LV#,1)2#4#RU#61#7KH#FRGHV#
FRUUHVSRQGLQJ#WR#WKH#GLIIHUHQW#VWDWHV#DUH#VKRZQ#LQ#7DEOHýèðìí1
‡7[ý,1)2ý6WDWHý%ìýDQGý%íýõEêñýEëô³7KH#0&4788:9#VHWV#WKHVH#ELWV#LQWHUQDOO\#WR#
LQGLFDWH#WKH#VWDWXV#RI#WKH#WUDQVPLWWHG#VLJQDO#+L1H1/#LW#LV#,1)2#3/#4/#6/#RU#;/#ZKHUH#,1)2#
;#LV#QRQH#RI#WKH#DERYH,1#$Q#H[DPSOH#RI#,1)2#;#ZRXOG#EH#ZKHQ#LW#LV#WUDQVPLWWLQJ#
WKH#<9#.+]#WHVW#VLJQDO1#7KH#FRGHV#FRUUHVSRQGLQJ#WR#WKH#GLIIHUHQW#VWDWHV#LV#VKRZQ#LQ#
7DEOHýèðìì1
E:E9E8E7E6E5E4E3
'R#1RW#
5HDFW#7R#
,1)2#4
UZ
'R#1RW#
5HDFW#7R#
,1)2#6
UZ
5[#,1)2#
6WDWH#%4
UZ
5[#,1)2#
6WDWH#%3
UZ
7[#,1)2#
6WDWH#%4
UZ
7[#,1)2#
6WDWH#%3
UZ
([WHUQDO#627#
/RRSEDFN
UZ
7UDQVPLW#<9#
.+]#7H VW #
6LJQDO
UZ
)LJXUH#80961#6270,QWHUIDFH#%544#%LW#'HILQLWLRQV
7DEOH#80431##5[#,1)2#6WDWH#&RGHV
%544+E8, %544+E7, 5HFHLYH#,QIRUPDWLRQ#6WDWH
33 ,1)2#3
34 ,1)2#4
43 ,1)2#6
44 ,1)2#;
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 808:
‡([WHUQDOý6î7ý/RRSEDFNýõEìô³:KHQ#WKLV#ELW#LV#3/#WKH#0&4788:9#IXQFWLRQV#
QRUPDOO\1#,I#WKH#WUDQVPLW#SDLU#LV#VKRUWHG#WR#WKH#UHFHLYH#SDLU#ZKLOH#WKLV#ELW#LV#4/#WKH#
GHYLFH#SHUIRUPV#DQ#H[WHUQDO#RU#DQDORJ#ORRSEDFN1#,Q#DQ#DQDORJ#ORRSEDFN/#WKH#GHYLFH#
GHPRGXODWHV#LWV#RZQ#WUDQVPLWWHG#GDWD1#7KH#WUDQVFHLYHU#VKRXOG#KDYH#LWV#DFWLYDWLRQ#
SURFHGXUHV#GLVDEOHG#+%5:+E:,# #4,#DQG#EH#FRQILJXUHG#IRU#WKH#,'/2*&,#PDVWHU#
PRGH#+%5:+E6,# #4,1#7KLV#IHDWXUH#LV#XVHIXO#IRU#WHVW#SXUSRVHV1#,Q#H[WHUQDO#ORRSEDFN/#
WKH#%4/#%5/#DQG#'#FKDQQHOV#DUH#ORRSHG#EDFN1
‡7UDQVPLWýäçý.+]ý7HVWý6LJQDOýõEíô³:KHQ#WKLV#ELW#LV#3/#WKH#0&4788:9#IXQFWLRQV#
QRUPDOO\1#:KHQ#WKLV#ELW#LV#4/#WKH#GHYLFH#WUDQVPLWV#D#<9#.+]#VTXDUH#ZDYH#WHVW#VLJQDO#
RQ#7[327[11#7KLV#VLJQDO#FDQ#EH#XVHG#IRU#WHVW#SXUSRVHV1#7KLV#<9#.+]#WHVW#VLJQDO#
TXDOLILHV#DV#D#7UDQVPLWý,1)2ý;#VWDWH1#&RUUHVSRQGLQJO\/#WKH#0&4788:9#UHFHLYLQJ#WKH#
<9#.+]#WHVW#VLJQDO#LV#LQ#WKHý5HFHLYHý,1)2ý;#VWDWH1#7KLV#ELW#LV#FOHDUHG#E\#HLWKHU#D#
VRIWZDUH#RU#KDUGZDUH#UHVHW#RU#LQ#WKH#5HWXUQ#WR#1RUPDO#PRGH#+153+E3,# #4,1#%HIRUH#
VHWWLQJ#%544+E4,#WR#4/#WKH#6270,QWHUIDFH#VKRXOG#EH#RXW#RI#6OHHS#PRGH#+159+E4,# #4,1
127(ã ,Q#*&,#PRGH/#WKLV#ELW#LV#25HG#ZLWK#WKH#38/6(4#VLJQDO1
7DEOH#80441##7[#,1)2#6WDWH#&RGHV
%544+E6, %544+E5, 5HFHLYH#,QIRUPDWLRQ#6WDWH
33 ,1)2#3
34 ,1)2#5
43 ,1)2#7
44 ,1)2#;
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
808; 0&4788:9#8VHU¶V#0DQXDO 027252/$
81715144##6270,QWHUIDFH#%545
81715144##6270,QWHUIDFH#%54581715144##6270,QWHUIDFH#%545
81715144##6270,QWHUIDFH#%545
)LJXUHýèðçé#QDPHV#WKH#ELW#ILHOGV#LQ#%5451
‡17ý7HUPLQDOý0RGHý'LVDEOHGýõEæô³:KHQ#WKLV#ELW#LV#3/#WKH#0&4788:9#RSHUDWHV#LQ#
17#7HUPLQDO#PRGH1#:KHQ#WKLV#ELW#LV#4/#WKH#0&4788:9#RSHUDWHV#LQ#7'0#PRGH#LI#
259+E7,# #3#RU#LQ#76$#PRGH#LI#259+E7,# #41
127(ã 259+E7,#KDV#QR#HIIHFW#LI#%545+E:,# #31
‡6WRSî*Rý'LVDEOHGýõEçô³7KLV#ELW#LV#RQO\#XVHG#LQ#*&,#17#7HUPLQDO#PRGH#XVLQJ#D#
5139;#0+]#FORFN1#,Q#WKLV#PRGH/#WKH#62*#ELW#SURYLGHV#WKH#DYDLODELOLW\#RI#WKH#'#
FKDQQHO#RQ#WKH#627#ORRS1#,I#WKH#ELW#LV#4/#WKH#'#FKDQQHO#LV#QRW#DYDLODEOH#+6WRS,1#,I#WKH#
ELW#LV#3/#WKH#'#FKDQQHO#LV#DYDLODEOH#+*R,1#:KHQ#%545+E9,# #4/#WKH#62*#ELW#LV#QRW#
DYDLODEOH#RQ#WKH#*&,#IUDPH1
‡$58ý'LVDEOHýõEèô³:KHQ#WKLV#ELW#LV#3/#WKH#0&4788:9#IXQFWLRQV#QRUPDOO\1#:KHQ#
WKH#80,QWHUIDFH#LV#QRW#DFWLYH/#ZULWLQJ#D#4#WR#WKLV#ELW#GLVDEOHV#WKH#$FWLYDWH#5HTXHVW#IRU#
WKH#80,QWHUIDFH#LQSXW#VLJQDO#+SLQ#43,1
‡2YHUOD\ý(QDEOHýõEéô³:KHQ#WKLV#ELW#LV#3/#WKH#0&4788:9#IXQFWLRQV#QRUPDOO\1#:KHQ#
WKLV#ELW#LV#4/#WKH#6270,QWHUIDFH#VXEVWLWXWHV#2YHUOD\#5HJLVWHUV#253²25:#IRU#%53²
%5:1#7KLV#ELW#LV#UHVHW#E\#ERWK#KDUGZDUH#DQG#VRIWZDUH#UHVHWV1
127(ã %53²%54#DUH#QRW#OLVWHG#LQ#WKH#GHVFULSWLRQV#LQ#WKLV#VHFWLRQ#EHFDXVH#WKH#%\WH#
5HJLVWHU#ORFDWLRQV#DUH#UHVHUYHG#H[FHSW#ZKHQ#WKH#2YHUOD\#5HJLVWHUV#DUH#
HQDEOHG1
‡(QDEOHý%ìý,QSXWýõEêô³,Q#17#7HUPLQDO#PRGH/#WKLV#ELW#FRQWUROV#WKH#LQSXW#RI#WKH#%4#
FKDQQHO#IURP#WKH#',1#SLQ1#:KHQ#%545+E6,#LV#4/#WKH#%4#FKDQQHO#FRPLQJ#IURP#WKH#
',1#SLQ#LQWR#WKH#0&4788:9#LV#WUDQVIHUUHG#WR#WKH#80,QWHUIDFH1
‡(QDEOHý%ëý,QSXWýõEëô³,Q#17#7HUPLQDO#PRGH/#WKLV#ELW#FRQWUROV#WKH#LQSXW#RI#WKH#%5#
FKDQQHO#IURP#WKH#',1#SLQ1#:KHQ#%545+E5,#LV#4/#WKH#%5#FKDQQHO#FRPLQJ#IURP#WKH#
',1#SLQ#LQWR#WKH#0&4788:9#LV#WUDQVIHUUHG#WR#WKH#80,QWHUIDFH1
‡(QDEOHý%ìý2XWSXWýõEìô³,Q#17#7HUPLQDO#PRGH/#WKLV#ELW#FRQWUROV#WKH#RXWSXW#RI#WKH#
%4#FKDQQHO#WR#WKH#'287#SLQ1#:KHQ#%545+E4,#LV#3/#WKH#'287#SLQ#RXWSXWV#4V#RQ#WKH#
%4#FKDQQHO#+RU#LV#KLJK#LPSHGDQFH#LI#6270259+E3,# #4,1#:KHQ#%545+E4,#LV#4/#WKH#%4#
FKDQQHO#FRPLQJ#IURP#WKH#80,QWHUIDFH#LV#GLUHFWHG#WR#WKH#'287#SLQ1
‡(QDEOHý%ëý2XWSXWýõEíô³,Q#17#7HUPLQDO#PRGH/#WKLV#ELW#FRQWUROV#WKH#RXWSXW#RI#WKH#
%5#FKDQQHO#WR#WKH#'287#SLQ1#:KHQ#%545+E3,#LV#3/#WKH#'287#SLQ#RXWSXWV#4V#RQ#WKH#
%5#FKDQQHO#+RU#LV#KLJK#LPSHGDQFH#LI#6270259+E3,# #4,1#:KHQ#%545+E3,#LV#4/#WKH#%5#
FKDQQHO#FRPLQJ#IURP#WKH#80,QWHUIDFH#LV#GLUHFWHG#WR#WKH#'287#SLQ1
E:E9E8E7E6E5E4E3
17#7H U P #
'LVDEOHG
UZ
6WRS2*R#
'LVDEOHG
UZ
$58#
'LVDEOHG
UZ
2YHUOD\#
(QDEOH
UZ
(QDEOH#%4#
,QSXW
UZ
(QDEOH#%5#
,QSXW
UZ
(QDEOH#%4#
2XWSXW
UZ
(QDEOH#%5#
2XWSXW
UZ
)LJXUH#80971#6270,QWHUIDFH#%545#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 808<
81716
8171681716
81716 627#2YHUOD\#5HJLVWHUV
627#2YHUOD\#5HJLVWHUV627#2YHUOD\#5HJLVWHUV
627#2YHUOD\#5HJLVWHUV
7KH#RYHUODS#PDS#LV#HQDEOHG#E\#VHWWLQJ#WKH#HQDEOH#ELW#%545+E7,1#7KH#2YHUOD\#5HJLVWHUV#
WKHQ#UHSODFH#WKH#%\WH#UHJLVWHUV#%53#WR#%5:#DV#GHVFULEHG#EHORZ1#7KH#UHYHUVH#DFWLRQ#LV#
DFKLHYHG#E\#FOHDULQJ#WKH#HQDEOH#ELW#%545+E7,1#7KHVH#2YHUOD\#5HJLVWHUV#DUH#DYDLODEOH#LQ#
6&3#PRGH#RQO\1
5HJ1E:E9E8E7E6E5E4E3
253',1#%4#&KDQQHO#7LPHVORW#%LWV#+:±3,
254',1#%5##&KDQQHO#7LPHVORW#%LWV#+:±3,
255',1#'#&KDQQHO#7LPHVORW#%LWV#+:±3,
256'287#%4#&KDQQHO#7LPHVORW#%LWV+#:±3,
257'287#%5#&KDQQHO#7LPHVORW#%LWV+#:±3,
258'287#'#&KDQQHO#7LPHVORW#%LWV+#:±3,
25976$##%4
(QDEOH
76$##%5
(QDEOH
76$##'
(QDEOH
76$#0RGH#
(QDEOH UHVHUYHG UHVHUYHG UHVHUYHG
,'/#'287
2SHQ#GUDLQ
(QDEOH
25:UHVHUYHG ##%4#8#,QW #%5#8#,QW #'#8#,QW UHVHUYHG ##%4627#,QW #%5#627#,QW #'#627#,QW
)LJXUH#80981#627#2YHUOD\#5HJLVWHU#0DS
)LJXUH#80991#',1#DQG#'287#,QWHUQDO#5RXWLQJ#LQ#7LPHVORW#$VVLJQHU#0RGH
80,QWHUIDFH
6270,QWHUIDFH
'RXW
'LQ
'LQ
'RXW
',1 '287
0&4788:9
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8093 0&4788:9#8VHU¶V#0DQXDO 027252/$
8171614##6270,QWHUIDFH#253
8171614##6270,QWHUIDFH#2538171614##6270,QWHUIDFH#253
8171614##6270,QWHUIDFH#253
)LJXUHýèðçæ#QDPHV#WKH#ELW#ILHOGV#LQ#2531#7KHVH#ELWV#DUH=
‡',1ý%ìý&KDQQHOý7LPHVORWýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#%4#FKDQQHO#WLPHVORW#
LQSXW#WR#WKH#'LQ#LQSXW#RI#WKH#6270,QWHUIDFH#WR#EH#DOORFDWHG#4#RI#589#VWDUW#SRLQWV/#
FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#GHIDXOW#YDOXH#
IRU#253#LV#'331
8171615##6270,QWHUIDFH#254
8171615##6270,QWHUIDFH#2548171615##6270,QWHUIDFH#254
8171615##6270,QWHUIDFH#254
)LJXUHýèðçå#QDPHV#WKH#ELW#ILHOGV#LQ#2541#7KHVH#ELWV#DUH=
‡',1ý%ëý&KDQQHOý7LPHVORWýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#%5#FKDQQHO#WLPHVORW#
LQSXW#WR#WKH#'LQ#LQSXW#RI#WKH#6270,QWHUIDFH#WR#EH#DOORFDWHG#4#RI#589#VWDUW#SRLQWV/#
FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#GHIDXOW#YDOXH#
IRU#254#LV#'331#
8171616##6270,QWHUIDFH#255
8171616##6270,QWHUIDFH#2558171616##6270,QWHUIDFH#255
8171616##6270,QWHUIDFH#255
)LJXUHýèðçä#QDPHV#WKH#ELW#ILHOGV#LQ#2551#7KHVH#ELWV#DUH=
‡',1ý'ý&KDQQHOý7LPHVORWýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#'#FKDQQHO#WLPHVORW#
LQSXW#WR#WKH#'LQ#LQSXW#RI#WKH#6270,QWHUIDFH#WR#EH#DOORFDWHG#4#RI#589#VWDUW#SRLQWV/#
FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#GHIDXOW#YDOXH#
IRU#255#LV#'331#
E:E9E8E7E6E5E4E3
',1#%4#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#809:1#6270,QWHUIDFH#253#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
',1#%5#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#809;1#6270,QWHUIDFH#254#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
',1#'#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#809<1#6270,QWHUIDFH#255#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8094
8171617##6270,QWHUIDFH#256
8171617##6270,QWHUIDFH#2568171617##6270,QWHUIDFH#256
8171617##6270,QWHUIDFH#256
)LJXUHýèðæí#QDPHV#WKH#ELW#ILHOGV#LQ#2561#7KHVH#ELWV#DUH=
‡'287ý%ìý&KDQQHOý7LPHVORWýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#%4#FKDQQHO#
WLPHVORW#RXWSXW#IURP#WKH#'RXW#RXWSXW#RI#WKH#6270,QWHUIDFH#WR#EH#DOORFDWHG#4#RI#589#
VWDUW#SRLQWV/#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#
GHIDXOW#YDOXH#IRU#256#LV#'331#
8171618##6270,QWHUIDFH#257
8171618##6270,QWHUIDFH#2578171618##6270,QWHUIDFH#257
8171618##6270,QWHUIDFH#257
)LJXUHýèðæì#QDPHV#WKH#ELW#ILHOGV#LQ#2571#7KHVH#ELWV#DUH=
‡'287ý%ëý&KDQQHOý7LPHVORWýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#%5#FKDQQHO#
WLPHVORW#RXWSXW#IURP#WKH#'RXW#RXWSXW#RI#WKH#6270,QWHUIDFH#WR#EH#DOORFDWHG#4#RI#589#
VWDUW#SRLQWV/#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#
GHIDXOW#YDOXH#IRU#257#LV#'331#
8171619##6270,QWHUIDFH#258
8171619##6270,QWHUIDFH#2588171619##6270,QWHUIDFH#258
8171619##6270,QWHUIDFH#258
)LJXUHýèðæë#QDPHV#WKH#ELW#ILHOGV#LQ#2581#7KHVH#ELWV#DUH=
‡'287ý'ý&KDQQHOý7LPHVORWýõEæ¥Eíô³7KLV#UHJLVWHU#DOORZV#WKH#'#FKDQQHO#WLPHVORW#
RXWSXW#IURP#WKH#'RXW#RXWSXW#RI#WKH#6270,QWHUIDFH#WR#EH#DOORFDWHG#4#RI#589#VWDUW#
SRLQWV/#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\#GHILQHG#E\#WKH#'&/#FORFN1#7KH#
GHIDXOW#YDOXH#IRU#258#LV#'331
127(ã 7R#YDOLGDWH#WKH#VLJQDO#VHQW#E\#WKH#SLQ#7'&/.#+SLQ#77,/#WKH#'#FKDQQHO#
WLPHVORW#SURJUDPPHG#LQ#258#VKRXOG#EH#GLIIHUHQW#IURP#WKH#%4#DQG#%5#
FKDQQHO#WLPHVORWV#SURJUDPPHG#LQ#256#DQG#257/#HYHQ#LI#WKH#%4#DQG#%5#
WLPHVORWV#DUH#QRW#HQDEOHG1
E:E9E8E7E6E5E4E3
'287#%4#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#80:31#6270,QWHUIDFH#256#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
'287#%4#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#80:41#6270,QWHUIDFH#257#%LW#'HILQLWLRQV
E:E9E8E7E6E5E4E3
'287#'#&KDQQHO#7LPHVORW#%LWV#+:±3,
UZ
)LJXUH#80:51#6270,QWHUIDFH#258#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8095 0&4788:9#8VHU¶V#0DQXDO 027252/$
817161:##6270,QWHUIDFH#259
817161:##6270,QWHUIDFH#259817161:##6270,QWHUIDFH#259
817161:##6270,QWHUIDFH#259
)LJXUHýèðêé#QDPHV#WKH#ELW#ILHOGV#LQ#2591#7KHVH#ELWV#DUH=
‡&RQWUROý5HJLVWHUñý76$ý%ìý(QDEOHýõEæô³7KLV#ELW#LV#XVHG#WR#HQDEOH#WKH#%4#FKDQQHO#
LQ#,'/#WLPHVORW#PRGH1#7KH#%4#WLPHVORW#LV#GHILQHG#WKURXJK#WKH#253#DQG#256#
UHJLVWHUV1#:KHQHYHU#76$#LV#HQDEOHG#IRU#WLPHVORW#PRGH/#DOO#FKDQQHOV#HQWHU#WLPHVORW#
PRGH1#,I#LQ#WLPHVORW#PRGH#DQG#76$#%4#HQDEOH#LV#D#3/#WKHQ#WKH#%4#FKDQQHO#LV#QRW#
SUHVHQW#RQ#'287/#DQG#WKH#WUDQVPLW#GDWD#RQ#WKH#6270,QWHUIDFH#LV#IRUFHG#WR#DOO#4V#DQG#
WKH#'287#RXWSXW#IURP#WKH#6270,QWHUIDFH#LV#KLJK#LPSHGDQFH1
‡&RQWUROý5HJLVWHUñý76$ý%ëý(QDEOHýõEçô³7KLV#ELW#LV#XVHG#WR#HQDEOH#WKH#%5#FKDQQHO#
LQ#,'/#WLPHVORW#PRGH1#7KH#%5#WLPHVORW#LV#GHILQHG#WKURXJK#254#DQG#257#UHJLVWHUV1#
:KHQHYHU#76$#LV#HQDEOHG#IRU#WLPHVORW#PRGH/#DOO#FKDQQHOV#HQWHU#WLPHVORW#PRGH1#,I#
LQ#WLPHVORW#PRGH#DQG#76$#%5#HQDEOH#LV#D#3/#WKHQ#WKH#%5#FKDQQHO#LV#QRW#SUHVHQW#RQ#
'287/#DQG#WKH#WUDQVPLW#GDWD#RQ#WKH#6270,QWHUIDFH#LV#IRUFHG#WR#DOO#4V#DQG#WKH#'287#
RXWSXW#IURP#WKH#6270,QWHUIDFH#LV#KLJK#LPSHGDQFH1
‡&RQWUROý5HJLVWHUñý76$ý'ý(QDEOHýõEèô³7KLV#ELW#LV#XVHG#WR#HQDEOH#WKH#'#FKDQQHO#LQ#
,'/#WLPHVORW#PRGH1#7KH#'#WLPHVORW#LV#GHILQHG#WKURXJK#WKH#255#DQG#258#UHJLVWHUV1#
:KHQHYHU#76$#LV#HQDEOHG#IRU#WLPHVORW#PRGH/#DOO#FKDQQHOV#HQWHU#WLPHVORW#PRGH1#,I#
LQ#WLPHVORW#PRGH#DQG#76$#'#HQDEOH#LV#D#3/#WKHQ#WKH#'#FKDQQHO#LV#QRW#SUHVHQW#RQ#
'287/#DQG#WKH#WUDQVPLW#GDWD#RQ#WKH#6270,QWHUIDFH#LV#IRUFHG#WR#DOO#4V#DQG#WKH#'287#
RXWSXW#IURP#WKH#6270,QWHUIDFH#LV#KLJK#LPSHGDQFH1
‡&RQWUROý5HJLVWHUñý76$ý0RGHý(QDEOHýõEéô³7KLV#ELW#LV#XVHG#WR#HQDEOH#WKH#,'/#
7LPHVORW#$VVLJQHG#PRGH#RI#ERWK#WKH#80#DQG#6270,QWHUIDFHV1#7KLV#ELW#KDV#QR#HIIHFW#LI#
%545+E:,# #31
‡'287ý2SHQý'UDLQýõEíô³7KLV#ELW#FRQILJXUHV#WKH#'287#SLQ#DV#DQ#RSHQ#GUDLQ#
ZKHQ#VHW#WR#D#41#:KHQ#WKLV#ELW# #3/#WKH#'287#SLQ#JRHV#WR#KLJK#LPSHGDQFH#EHWZHHQ#
%#DQG#'#FKDQQHOV1
127(ã :KHQHYHU#ELW#E:/#E9/#RU#E8#LV#HQDEOHG/#WKH#0&4788:9#HQWHUV#76$#PRGH/#EXW#
WR#YDOLGDWH#WKH#76$#PRGH#IRU#WKH#80,QWHUIDFH/#259+E7,#VKRXOG#DOZD\V#EH#VHW#
WR#41
E:E9E8E7E6E5E4E3
76$#%4#
(QDEOH
UZ
76$#%5#
(QDEOH
UZ
76$#'#
(QDEOH
UZ
76$#0RGH#
(QDEOH
UZ
UHVHUYHG UHVHUYHG UHVHUYHG
,'/#'287#
2SHQ#'UDLQ#
(QDEOH
UZ
)LJXUH#80:61#6270,QWHUIDFH#259#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
027252/$ 0&4788:9#8VHU¶V#0DQXDO 8096
817161;##6270,QWHUIDFH#25:
817161;##6270,QWHUIDFH#25:817161;##6270,QWHUIDFH#25:
817161;##6270,QWHUIDFH#25:
)LJXUHýèðêé#QDPHV#WKH#ELW#ILHOGV#LQ#25:1#7KHVH#ELWV#DUH=
‡%ìý8ð,QWHUIDFHýõEçô³7KLV#ELW#VHOHFWV#WKH#ORFDWLRQ#RI#WKH#%4#FKDQQHO#WR#EH#
WUDQVIHUUHG#WR#WKH#8#ORRS1#,I#25:+E9,#LV#3/#WKH#%4#FKDQQHO#IURP#WKH#',1#SLQ#LV#
VHOHFWHG1#,I#25:+E9,#LV#4/#WKH#%4#FKDQQHO#IURP#WKH#'RXW#RI#WKH#6270,QWHUIDFH#LV#
VHOHFWHG1#7KH#GHIDXOW#YDOXH#IRU#25:+E9,#LV#31
‡%ëý8ð,QWHUIDFHýõEèô³7KLV#ELW#VHOHFWV#WKH#ORFDWLRQ#RI#WKH#%5#FKDQQHO#WR#EH#
WUDQVIHUUHG#WR#WKH#8#ORRS1#,I#25:+E8,#LV#3/#WKH#%5#FKDQQHO#IURP#WKH#',1#SLQ#LV#
VHOHFWHG1#,I#25:+E8,#LV#4/#WKH#%5#FKDQQHO#IURP#WKH#'RXW#RI#WKH#6270,QWHUIDFH#LV#
VHOHFWHG1#7KH#GHIDXOW#YDOXH#IRU#25:+E8,#LV#31
‡'ý8ð,QWHUIDFHýõEéô³7KLV#ELW#VHOHFWV#WKH#ORFDWLRQ#RI#WKH#'#FKDQQHO#WR#EH#WUDQVIHUUHG#
WR#WKH#8#ORRS1#,I#25:+E7,#LV#3/#WKH#'#FKDQQHO#IURP#WKH#',1#SLQ#LV#VHOHFWHG1#,I#25:+E7,#
LV#4/#WKH#'#FKDQQHO#IURP#WKH#'RXW#RI#WKH#6270,QWHUIDFH#LV#VHOHFWHG1#7KH#GHIDXOW#YDOXH#
IRU#25:+E7,#LV#31
‡%ìý6î7ð,QWHUIDFHýõEëô³7KLV#ELW#VHOHFWV#WKH#ORFDWLRQ#RI#WKH#%4#FKDQQHO#WR#EH#
WUDQVIHUUHG#WR#WKH#627#ORRS1#,I#25:+E5,#LV#3/#WKH#%4#FKDQQHO#IURP#WKH#',1#SLQ#LV#
VHOHFWHG1#,I#25:+E5,#LV#4/#WKH#%4#FKDQQHO#IURP#WKH#'RXW#RI#WKH#80,QWHUIDFH#LV#VHOHFWHG1#
7KH#GHIDXOW#YDOXH#IRU#25:+E5,#LV#31
‡%ëý6î7ð,QWHUIDFHýõEìô³7KLV#ELW#VHOHFWV#WKH#ORFDWLRQ#RI#WKH#%5#FKDQQHO#WR#EH#
WUDQVIHUUHG#WR#WKH#627#ORRS1#,I#25:+E4,#LV#3/#WKH#%5#FKDQQHO#IURP#WKH#',1#SLQ#LV#
VHOHFWHG1#,I#25:+E4,#LV#4/#WKH#%5#FKDQQHO#IURP#WKH#'RXW#RI#WKH#80,QWHUIDFH#LV#VHOHFWHG1#
7KH#GHIDXOW#YDOXH#IRU#25:+E4,#LV#31
‡'ý6î7ð,QWHUIDFHýõEíô³7KLV#ELW#VHOHFWV#WKH#ORFDWLRQ#RI#WKH#'#FKDQQHO#WR#EH#
WUDQVIHUUHG#WR#WKH#627#ORRS1#,I#25:+E3,#LV#3/#WKH#'#FKDQQHO#IURP#WKH#',1#SLQ#LV#
VHOHFWHG1#,I#25:+E3,#LV#4/#WKH#'#FKDQQHO#IURP#WKH#'RXW#RI#WKH#80,QWHUIDFH#LV#VHOHFWHG1#
7KH#GHIDXOW#YDOXH#IRU#25:+E3,#LV#31
E:E9E8E7E6E5E4E3
5HVHUYHG
%4#80
,QWHUIDFH
UZ
%5#80
,QWHUIDFH
UZ
'#80
,QWHUIDFH
UZ
5HVHUYHG
%4#6270
,QWHUIDFH
UZ
%5#6270
,QWHUIDFH
UZ
'#6270
,QWHUIDFH
UZ
)LJXUH#80:71#6270,QWHUIDFH#25:#%LW#'HILQLWLRQV
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH
8097 0&4788:9#8VHU¶V#0DQXDO 027252/$
027252/$ 0&4788:9#'DWD#6KHHW 904
9
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
914 ,QWURGXFWLRQ
7KH#0&4788:9#LV#HTXLSSHG#ZLWK#DQ#LQGXVWU\#VWDQGDUG#6HULDO#&RQWURO#3RUW#,QWHUIDFH#
+6&3,1#7KH#VHULDO#FRQWURO#LV#XVHG#E\#DQ#H[WHUQDO#FRQWUROOHU/#VXFK#DV#DQ#0&9;+&38#IDPLO\#
PLFURFRQWUROOHU/##RU#0&9;635#,QWHJUDWHG#0XOWLSURWRFRO#3URFHVVRU/#WR#FRPPXQLFDWH#ZLWK#
WKH#0&4788:91#7KH#6&3#LV#D#IXOO#GXSOH[#IRXU0ZLUH#LQWHUIDFH#ZLWK#FRQWURO#DQG#VWDWXV#
LQIRUPDWLRQ#SDVVHG#WR#DQG#IURP#WKH#0&4788:91#7KH#VHULDO#FRQWURO#SRUW#FRQVLVWV#RI#D#
WUDQVPLW#RXWSXW#+6&3B7;,/#D#UHFHLYH#LQSXW#+6&3B5;,/#D#GDWD#FORFN#+6&3B&/.,/#DQG#WZR#
HQDEOH#VLJQDOV#+6&3B(108#DQG#6&3B(107,1#7KH#WZR#VHSDUDWH#HQDEOHV#DOORZ#VLPSOLILHG#
DFFHVV#WR#WKH#80,QWHUIDFH#RU#WKH#6270,QWHUIDFH#SRUWLRQV#RI#WKH#0&4788:9#DQG#WKH\#JRYHUQ#
ZKHQ#WKLV#DFFHVV#RFFXUV#DQG#ZLWK#ZKLFK#SDUW#RI#WKH#FLUFXLW/#80LQWHUIDFH#RU#627#LQWHUIDFH1#
7KH#VLJQDO#FORFN#6&3&/./#GHWHUPLQHV#WKH#UDWH#RI#H[FKDQJH#RI#GDWD#LQ#ERWK#WKH#WUDQVPLW#
DQG#UHFHLYH#GLUHFWLRQV1#7KH#IRXU##ZLUH#6&3#LQWHUIDFH#LV#VXSSOHPHQWHG#ZLWK#RQH#LQWHUUXSW#
UHTXHVW#OLQH/#6&3B,54/#IRU#H[WHUQDO#PLFURFRQWUROOHU#QRWLILFDWLRQ#RI#DQ#HYHQW#UHTXLULQJ#
VHUYLFH1#7KH#RSHUDWLRQ#DQG#FRQILJXUDWLRQ#RI#WKH#0&4788:9#LV#FRQWUROOHG#E\#VHWWLQJ#WKH#
VWDWH#RI#LWV#LQWHUQDO#FRQWURO#UHJLVWHUV#DQG#PRQLWRULQJ#LWV#VWDWXV#UHJLVWHUV1#$#FRPSOHWH#
UHJLVWHU#PDS#DQG#GHWDLOHG#UHJLVWHU#GHVFULSWLRQV#DUH#SURYLGHG#LQ#6HFWLRQýè1
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
905 0&4788:9#'DWD#6KHHW 027252/$
915 6HULDO#&RQWURO#3RUW#0RGH
,Q#6&3#PRGH/#DFFHVV#WR#WKH#8#DQG#627#UHJLVWHUV#LV#HQDEOHG#VHSDUDWHO\#E\#6&3(108#IRU#WKH#
80LQWHUIDFH#DQG#6&3(107#IRU#WKH#6270LQWHUIDFH1#'DWD#WUDQVIHU#XVHV#WKH#6&3&/./#6&37;/#
DQG#6&35;#VLJQDO#OLQHV1#,Q#JHQHUDO/#HDFK#6&3#RSHUDWLRQ#EHJLQV#ZLWK#DVVHUWLRQ#RI#WKH#
DSSURSULDWH#HQDEOH#VLJQDO1#7KH#ILUVW#UHFHLYHG#ELW#LV#WKH#5HDG2:ULWH#+52:,#ELW#WKDW#
GHWHUPLQHV#ZKHWKHU#WKH#RSHUDWLRQ#LV#D#UHDG#+SXOOHG#KLJK# #4,#RU#D#ZULWH#+SXOOHG#ORZ# #3,1#
7KH#QH[W#WKUHH#ELWV#LQ#VHTXHQFH#GHILQH#ZKHWKHU#WKH#VHOHFWHG#UHJLVWHU#LV#D#VSHFLILF#1LEEOH#
5HJLVWHU#+80153²8#RU#6270153²9,/#WKH#80,QWHUIDFH#59/#RU#D#E\WH#UHJLVWHU#RSHUDWLRQ#+WKH#
ELWV#DUH#DOO#KLJK# #444,1#6SHFLILF#RSHUDWLRQV#DUH#GHILQHG#LQ#WKH#IROORZLQJ#VHFWLRQV1#
7KHUH#DUH#WKUHH#W\SHV#RI#6&3#UHJLVWHU#DFFHVV#RSHUDWLRQV=
‡ 1LEEOH#5HJLVWHU#+80,QWHUIDFH#DQG#6270,QWHUIDFH,
‡59#5HJLVWHU#+80,QWHUIDFH#RQO\,
‡%\WH#5HJLVWHU#+80,QWHUIDFH#DQG#6270,QWHUIDFH,
127(ã 7KH#2YHUOD\#5HJLVWHUV#UHSODFHG#WKH#%\WH#5HJLVWHUV#DQG#DUH#DFFHVVHG#
WKURXJK#WKH#%\WH#5HJLVWHU#ORFDWLRQV#ZKHQ#WKH\#DUH#RYHUOD\HG1
91514
9151491514
91514 1LEEOH#5HJLVWHU#2SHUDWLRQ
1LEEOH#5HJLVWHU#2SHUDWLRQ1LEEOH#5HJLVWHU#2SHUDWLRQ
1LEEOH#5HJLVWHU#2SHUDWLRQ
7KH#70ELW#1LEEOH#5HJLVWHUV#DUH#DFFHVVHG#YLD#DQ#;0ELW#6&3#LQWHUIDFH#RSHUDWLRQ/#DV#VKRZQ#LQ#
)LJXUHýçðì#+ZULWH,#DQG#)LJXUHýçðë#+UHDG,1#7KH#ILUVW#ELW#RQ#6&35;#DIWHU#DVVHUWLRQ#RI#WKH#
HQDEOH#VLJQDO#LV#WKH#5HDG2:ULWH#+52:,#ELW1#7KLV#LV#IROORZHG#E\#D#60ELW#UHJLVWHU#ILHOG#+$5²
$3,#WKDW#VHOHFWV#D#VSHFLILF#1LEEOH#5HJLVWHU#RU#LQGLFDWHV#D#%\WH#5HJLVWHU#RSHUDWLRQ1#)RU#D#
ZULWH#RSHUDWLRQ/#WKH#70ELW#GDWD#ZRUG#+'6²'3,#IROORZV1#)RU#D#UHDG#RSHUDWLRQ/#WKH#70ELW#GDWD#
ZRUG#+'6²'3,#IROORZV#RQ#WKH#6&37;#SLQ1#7DEOHýçðì#DQG#7DEOHýçðë#VXPPDUL]H#1LEEOH#
5HJLVWHU#RSHUDWLRQ#ELW#YDOXHV1
)LJXUH#9041#6&3#80153±8#RU#6270153±9²:ULWH#2SHUDWLRQ
6&3(108
6&3(107
6&3&/.
6&35;
6&37;
52:$5$4$3'6'5'4'3
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW 906
)LJXUH#9051#6&3#80153±8#RU#6270153±9²5HDG#2SHUDWLRQ
7DEOH#9041##80,QWHUIDFH#6&3#1LEEOH#2SHUDWLRQV#
52: $5$4$3'DWD#%LWV &RPPHQW
3333G6G5G4G380153#:ULWH
3334G6G5G4G380154#:ULWH
3343G6G5G4G380155#:ULWH
3344G6G5G4G380156#:ULWH
3433G6G5G4G380157#:ULWH
3434G6G5G4G380158#:ULWH
4333[[[[ 80153#5HDG
4334[[[[ 80154#5HDG
4343[[[[ 80155#5HDG
4344[[[[ 80156#5HDG
4433[[[[ 80157#5HDG
4434[[[[ 80158#5HDG
7DEOH#9051##6270,QWHUIDFH#6&3#1LEEOH#2SHUDWLRQV#
52: $5$4$3'DWD#%LWV &RPPHQW
3333G6G5G4G36270153#:ULWH
3334G6G5G4G36270154#:ULWH
3343G6G5G4G36270155#:ULWH
3344G6G5G4G36270156#:ULWH
3433G6G5G4G36270157#:ULWH
3434G6G5G4G36270158#:ULWH
3443G6G5G4G36270159#:ULWH
4333[[[[ 6270153#5HDG
4334[[[[ 6270154#5HDG
4343[[[[ 6270155#5HDG
6&3(108
6&3(107
6&3&/.
6&35;
6&37;
52:$5$4$3
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'6'5'4'3
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
907 0&4788:9#'DWD#6KHHW 027252/$
91515
9151591515
91515 59#5HJLVWHU#2SHUDWLRQ
59#5HJLVWHU#2SHUDWLRQ59#5HJLVWHU#2SHUDWLRQ
59#5HJLVWHU#2SHUDWLRQ
7KH#450ELW#59#UHJLVWHU#FDQ#EH#DFFHVVHG#ZLWK#WZR#VHTXHQWLDO#;0ELW#6&3#LQWHUIDFH#RSHUDWLRQV#
RU#D#VLQJOH#490ELW#RSHUDWLRQ1#,Q#WKH#ILUVW#FDVH/#VKRZQ#LQ#)LJXUHýçðê#DQG#)LJXUHýçðé/#WKH#
VHFRQG#;0ELW#RSHUDWLRQ#DFFHVVHV#WKH#ODVW#;#GDWD#ELWV#+':²'3,#DV#VKRZQ1#$#VLQJOH#490ELW#
RSHUDWLRQ#LV#VKRZQ#LQ#)LJXUHýçðè#DQG#)LJXUHýçðç1#6HH#WKH#59#GHVFULSWLRQ#LQ#6HFWLRQýèïêïëý
IRU#FRUUHVSRQGHQFH#EHWZHHQ#WKH#$16,#GHILQHG#(2&#ELWV#DQG#WKH#GDWD#ELWV#WUDQVIHUUHG#
RYHU#WKH#6&3#LQWHUIDFH1#7DEOHýçðê#VXPPDUL]HV#WKH#59#RSHUDWLRQ#ELW#YDOXHV1
4344[[[[ 6270156#5HDG
4433[[[[ 6270157#5HDG
4434[[[[ 6270158#5HDG
4434[[[[ 6270159#:ULWH
)LJXUH#9061#6&3#(2HJLVWHU#59#:ULWH#2SHUDWLRQ#8VLQJ#'RXEOH#;0%LW#7UDQVIHU
)LJXUH#9071#6&3#(2HJLVWHU#59#5HDG#2SHUDWLRQ#8VLQJ#'RXEOH#;0%LW#7UDQVIHU
7DEOH#9051##6270,QWHUIDFH#6&3#1LEEOH#2SHUDWLRQV##+&RQWLQXHG,
52: $5$4$3'DWD#%LWV &RPPHQW
6&3(108
6&3&/.
6&35;
6&37;
52:$5$4$3
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'6'5'4'3':'9'8'7'44 '43 '<';
6&3(108
6&3&/.
6&35;
6&37;
52:$5$4$3
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'6'5'4'3':'9'8'7'44 '43 '<';
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW 908
)LJXUH#9081#6&3#(2HJLVWHU#59#:ULWH#2SHUDWLRQ#8VLQJ#6LQJOH#490%LW#7UDQVIHU
)LJXUH#9091#6&3#(2HJLVWHU#59#5HDG#2SHUDWLRQ#8VLQJ#6LQJOH#490%LW#7UDQVIHU
7DEOH#9061##80,QWHUIDFH#6&3#59#2SHUDWLRQV#
52: $5$4$3'DWD#%LWV &RPPHQW
3443G44 G43 G<G;G:G9G8G7G6G5G4G38059#:ULWH
4443[[[[[[[[[[[[8059#5HDG
6&3(108
6&3&/.
6&35;
6&37;
52:$5$4$3
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'6'5'4'3':'9'8'7'44 '43 '<';
6&3(108
6&3&/.
6&35;
6&37;
52:$5$4$3
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'6'5'4'3':'9'8'7'44 '43 '<';
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
909 0&4788:9#'DWD#6KHHW 027252/$
91516
9151691516
91516 %\WH#5HJLVWHU#2SHUDWLRQ
%\WH#5HJLVWHU#2SHUDWLRQ%\WH#5HJLVWHU#2SHUDWLRQ
%\WH#5HJLVWHU#2SHUDWLRQ
$IWHU#WKH#DSSURSULDWH#6&3(1#VLJQDO#LV#DVVHUWHG#ORZ#+IRU#80,QWHUIDFH#RU#6270,QWHUIDFH,/#LI#
WKH#6&35;#VLJQDO#LV#KHOG#KLJK#IRU#6#FORFNV#DIWHU#WKH#52:#ELW/#WKH#FKLS#EHJLQV#D#%\WH#
5HJLVWHU#RSHUDWLRQ1#7KH#QH[W#IRXU#ELWV#VHOHFW#WKH#VSHFLILHG#%\WH#5HJLVWHU1#$V#VKRZQ#LQ#
)LJXUHýçðæ#DQG#)LJXUHýçðå/#WKLV#FDQ#EH#D#50E\WH#RSHUDWLRQ#LQ#ZKLFK#WKH#VHFRQG#;0ELW#
RSHUDWLRQ#WUDQVIHUV#WKH#GDWD#ZRUG#+':²'3,1#$OWHUQDWHO\/#D#%\WH#5HJLVWHU#FDQ#EH#DFFHVVHG#
XVLQJ#D#VLQJOH#490ELW#RSHUDWLRQ/#DV#VKRZQ#LQ#)LJXUHýçðä#DQG#)LJXUHýçðìí1
)LJXUH#90:1#6&3#%\WH#5HJLVWHU#:ULWH#2SHUDWLRQ#8VLQJ#'RXEOH#;0%LW#7UDQVIHU
)LJXUH#90;1#6&3#%\WH#5HJLVWHU#5HDG#2SHUDWLRQ#8VLQJ#'RXEOH#;0%LW#7UDQVIHU
6&3(108
6&3&/.
6&35;
6&37;
52:%5#6HOHFW
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'6'5'4'3':'9'8'7$6$5$4$3
6&3(107
6&3(108
6&3&/.
6&35;
6&37;
52:%5#6HOHFW
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'6'5'4'3':'9'8'7
$6$5$4$3
6&3(107
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW 90:
)LJXUH#90<1#6&3#%\WH#5HJLVWHU#:ULWH#2SHUDWLRQ#8VLQJ#6LQJOH#490%LW#7UDQVIHU
)LJXUH#90431#6&3#%\WH#5HJLVWHU#5HDG#2SHUDWLRQ#8VLQJ#6LQJOH#490%LW#7UDQVIHU
7DEOH#9071##6&3#80,QWHUIDFH#%\WH#2SHUDWLRQV#
%<7(#4 %<7(#5 &RPPHQW
52:%5#6HOHFW $6$5$4$3'DWD
3 4443333G:G9G8G7G6G5G4G380%53#:ULWH
3 4443334G:G9G8G7G6G5G4G380%54#:ULWH
3 4443343G:G9G8G7G6G5G4G380%55#:ULWH
3 4443344G:G9G8G7G6G5G4G380%56#:ULWH
3 4443433G:G9G8G7G6G5G4G380%57#:ULWH
3 4443434G:G9G8G7G6G5G4G380%58#:ULWH
3 4443443G:G9G8G7G6G5G4G380%59#:ULWH
3 4443444G:G9G8G7G6G5G4G380%5:#:ULWH
3 4444333G:G9G8G7G6G5G4G380%5;#:ULWH
3 4444334G:G9G8G7G6G5G4G380%5<#:ULWH
6&3(108
6&3&/.
6&35;
6&37;
52:
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'6'5'4'3':'9'8'7
6&3(107
$5$4$3
$6
%5#6HOHFW
6&3(108
6&3&/.
6&35;
6&37;
52:
+LJK#,PSHGDQFH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'RQ¶W#&DUH
'6'5'4'3':'9'8'7
6&3(107
$5$4$3
$6
%5#6HOHFW
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
90; 0&4788:9#'DWD#6KHHW 027252/$
3 4444343G:G9G8G7G6G5G4G380%543#:ULWH
3 4444344G:G9G8G7G6G5G4G380%544#:ULWH
3 4444433G:G9G8G7G6G5G4G380%545#:ULWH
3 4444434G:G9G8G7G6G5G4G380%546#:ULWH
3 4444443G:G9G8G7G6G5G4G380%547#:ULWH
3 4444444G:G9G8G7G6G5G4G380%548#:ULWH
4 4443333[[[[[[[[80%53#5HDG
4 4443334[[[[[[[[80%54#5HDG
4 4443343[[[[[[[[80%55#5HDG
4 4443344[[[[[[[[80%56#5HDG
4 4443433[[[[[[[[80%57#5HDG
4 4443434[[[[[[[[80%58#5HDG
4 4443443[[[[[[[[80%59#5HDG
4 4443444[[[[[[[[80%5:#5HDG
4 4444333[[[[[[[[80%5;#5HDG
4 4444334[[[[[[[[80%5<#5HDG
4 4444343[[[[[[[[80%543#5HDG
4 4444344[[[[[[[[80%544#5HDG
4 4444433[[[[[[[[80%545#5HDG
4 4444434[[[[[[[[80%546#5HDG
4 4444443[[[[[[[[80%547#5HDG
4 4444444[[[[[[[[80%548#5HDG
7DEOH#9081##6&3#6270,QWHUIDFH#%\WH#2SHUDWLRQV#
%<7(#4 %<7(#5 &RPPHQW
52:%5#6HOHFW $6$5$4$3'DWD
3 4443333G:G9G8G7G6G5G4G36270%53#:ULWH
3 4443334G:G9G8G7G6G5G4G36270%54#:ULWH
3 4443343G:G9G8G7G6G5G4G36270%55#:ULWH
3 4443344G:G9G8G7G6G5G4G36270%56#:ULWH
3 4443433G:G9G8G7G6G5G4G36270%57#:ULWH
3 4443434G:G9G8G7G6G5G4G36270%58#:ULWH
3 4443443G:G9G8G7G6G5G4G36270%59#:ULWH
7DEOH#9071##6&3#80,QWHUIDFH#%\WH#2SHUDWLRQV##+&RQWLQXHG,
%<7(#4 %<7(#5 &RPPHQW
52:%5#6HOHFW $6$5$4$3'DWD
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW 90<
916 6LJQDO#'HVFULSWLRQV
7KHUH#DUH#VL[#VLJQDOV#WKDW#FRQVWLWXWH#WKH#6&3#EXV=
‡6&3#7[
‡6&3#5[
‡ 6&3&/.
‡6&3(108
‡6&3(107
‡,54
$#GHVFULSWLRQ#RI#HDFK#VLJQDO#IROORZV1
3 4443444G:G9G8G7G6G5G4G36270%5:#:ULWH
3 4444333G:G9G8G7G6G5G4G36270%5;#:ULWH
3 4444334G:G9G8G7G6G5G4G36270%5<#:ULWH
3 4444343G:G9G8G7G6G5G4G36270%543#:ULWH
3 4444344G:G9G8G7G6G5G4G36270%544#:ULWH
3 4444433G:G9G8G7G6G5G4G36270%545#:ULWH
4 4443333[[[[[[[[6270%53#5HDG
4 4443334[[[[[[[[6270%54#5HDG
4 4443343[[[[[[[[6270%55#5HDG
4 4443344[[[[[[[[6270%56#5HDG
4 4443433[[[[[[[[6270%57#5HDG
4 4443434[[[[[[[[6270%58#5HDG
4 4443443[[[[[[[[6270%59#5HDG
4 4443444[[[[[[[[6270%5:#5HDG
4 4444333[[[[[[[[6270%5;#5HDG
4 4444334[[[[[[[[6270%5<#5HDG
4 4444343[[[[[[[[6270%543#5HDG
4 4444344[[[[[[[[6270%544#5HDG
4 4444433[[[[[[[[6270%545#5HDG
7DEOH#9081##6&3#6270,QWHUIDFH#%\WH#2SHUDWLRQV##+&RQWLQXHG,
%<7(#4 %<7(#5 &RPPHQW
52:%5#6HOHFW $6$5$4$3'DWD
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
9043 0&4788:9#'DWD#6KHHW 027252/$
91614
9161491614
91614 6&3#7[
6&3#7[6&3#7[
6&3#7[
6&3#7[#LV#XVHG#WR#RXWSXW#FRQWURO/#VWDWXV/#DQG#GDWD#LQIRUPDWLRQ#IURP#WKH#0&4788:9#6270
LQWHUIDFH#RU#80LQWHUIDFH/#GHSHQGLQJ#RQ#ZKLFK#LV#HQDEOHG1#7KH#GDWD#LV#RXWSXW#LQ#HLWKHU#70ELW#
QLEEOH#+GXULQJ#D#1LEEOH#5HJLVWHU#UHDG,#RU#;0ELW#E\WH#JURXSLQJV#+GXULQJ#D#%\WH#5HJLVWHU#
UHDG,1#'DWD#LV#VKLIWHG#RXW#RQ#6&3#7[#RQ#WKH#IDOOLQJ#HGJHV#RI#6&3&/./#0RVW#6LJQLILFDQW#%LW#
ILUVW1
,Q#D#1LEEOH#5HJLVWHU#UHDG#WUDQVDFWLRQ/#WKH#IRXUWK#ULVLQJ#HGJH#RI#6&3&/.#DIWHU#WKH#HQDEOH#
VLJQDO#+6&3(108#RU#6&3(107,#JRHV#ORZ#VKLIWV#WKH#/HDVW#6LJQLILFDQW#%LW#RI#WKH#60ELW#QLEEOH#
DGGUHVV#LQWR#WKH#0&4788:91#7KH#IROORZLQJ#IDOOLQJ#HGJH#RI#6&3&/.#VKLIWV#RXW#WKH#0RVW#
6LJQLIFDQW#%LW#RI#WKH#VHOHFWHG#1LEEOH#5HJLVWHU#DQG#WDNHV#6&3#7[#RXW#RI#WKH#KLJK0
LPSHGDQFH#VWDWH1#7KH#QH[W#WKUHH#IDOOLQJ#HGJHV#RI#6&3&/.#VKLIW#RXW#WKH#RWKHU#WKUHH#ELWV#RI#
WKH#VHOHFWHG#1LEEOH#5HJLVWHU1#:KHQ#WKH#/HDVW#6LJQLILFDQW#%LW#KDV#EHHQ#VKLIWHG#RXW/#WKH#
HQDEOH#VLJQDO#+6&3(108#RU#6&3(107,#VKRXOG#EH#UHWXUQHG#KLJK1#7KLV#DFWLRQ#UHWXUQV#
6&3#7[#WR#D#KLJK0LPSHGDQFH#VWDWH1
,Q#D#%\WH#5HJLVWHU#UHDG#WUDQVDFWLRQ/#WKH#HLJKWK#ULVLQJ#HGJH#RI#6&3&/.#DIWHU#WKH#HQDEOH#
VLJQDO#+6&3(108#RU#6&3(107,#JRHV#ORZ#VKLIWV#LQ#WKH#/HDVW#6LJQLILFDQW#%LW#RI#WKH#70ELW#
E\WH#DGGUHVV1#7KH#IROORZLQJ#IDOOLQJ#HGJH#RI#6&3&/.#+SURYLGHG#6&3(108#RU#6&3(107#LV#
VWLOO#ORZ,#VKLIWV#RXW#WKH#0RVW#6LJQLILFDQW#%LW#RI#WKH#VHOHFWHG#%\WH#5HJLVWHU#DQG#WDNHV#6&3#7[#
RXW#RI#KLJK#LPSHGDQFH1#7KH#QH[W#VHYHQ#IDOOLQJ#HGJHV#RI#6&3&/.#VKLIW#RXW#WKH#UHPDLQLQJ#
VHYHQ#ELWV#RI#WKH#VHOHFWHG#%\WH#5HJLVWHU1#:KHQ#WKH#/HDVW#6LJQLILFDQW#%LW#KDV#EHHQ#VKLIWHG#
RXW/#WKH#HQDEOH#VLJQDO#+6&3(108#RU#6&3(107,#VKRXOG#EH#UHWXUQHG#KLJK1#7KLV#DFWLRQ#
UHWXUQV#6&3#7[#WR#D#KLJK0LPSHGDQFH#VWDWH1
91615
9161591615
91615 6&3#5[
6&3#5[6&3#5[
6&3#5[
6&3#5[#LV#XVHG#WR#LQSXW#FRQWURO/#VWDWXV/#DQG#GDWD#LQIRUPDWLRQ#WR#WKH#6270LQWHUIDFH#RU#80
LQWHUIDFH/#GHSHQGLQJ#RQ#ZKLFK#LV#HQDEOHG1#'DWD#LV#VKLIWHG#LQWR#WKH#GHYLFH#RQ#ULVLQJ#HGJHV#
RI#6&3&/.1#7KH#IRUPDW#IRU#WKH#LQSXW#RI#GDWD#LV#DV#IROORZV=#WKH#ILUVW#ELW#LV#WKH#52:##ELW#
+4# #UHDG/#3# #ZULWH,1#7KLV#ELW#VHOHFWV#WKH#RSHUDWLRQ#WR#EH#SHUIRUPHG#RQ#WKH#VHOHFWHG#
UHJLVWHUV#ZLWKLQ#WKH#HQDEHG#LQWHUIDFH1#7KH#QH[W#WKUHH#ELWV#DGGUHVV#RQH#RI#HLJKW#VSHFLILF#
QLEEOH#UHJLVWHUV#ZLWKLQ#WKH#HQDEOHG#LQWHUIDFH#RQ#ZKLFK#WKH#UHDG#RU#ZULWH#RSHUDWLRQ#LV#WR#EH#
SHUIRUPHG1#7KH#DGGUHVV#ELWV#DUH#VKLIWHG#LQ#0RVW#6LJQLILFDQW#%LW#ILUVW1#7KH#ODVW#IRXU#ELWV#DUH#
HLWKHU#WKH#GDWD#ELWV#+0RVW#6LJQLILFDQW#%LW#ILUVW,#ZULWWHQ#WR#WKH#VHOHFWHG#1LEEOH#5HJLVWHU#
+153²159#IRU#WKH#6270LQWHUIDFH#RU#153²158#RU#59#IRU#WKH#80LQWHUIDFH,/#RU/#DUH#WKH#IRXU#
DGGLWLRQDO#DGGUHVV#ELWV#XVHG#ZKHQ#DGGUHVVLQJ#%\WH#5HJLVWHUV1#7KHVH#DGGUHVV#ELWV#VHOHFW#
RQH#RI#WKH#VL[WHHQ#E\WH0ZLGH#UHJLVWHUV#+ZKLFK#DUH#DFFHVVHG#GXULQJ#WKH#QH[W#HLJKW#F\FOHV#RI#
WKH#6&3&/.#RU#D#VHFRQG#;0ELW#DFFHVV,1#6&3#5[#LV#LJQRUHG#ZKHQ#GDWD#LV#EHLQJ#VKLIWHG#RXW#
RQ#6&3#7[/#RU#ZKHQ#WKH#HQDEOH#VLJQDOV#6&3(108#DQG#6&3(107#DUH#KLJK1
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW 9044
91616
9161691616
91616 6&3&/.
6&3&/.6&3&/.
6&3&/.
7KLV#LV#DQ#LQSXW#WR#WKH#GHYLFH#XVHG#IRU#FRQWUROOLQJ#WKH#UDWH#RI#WUDQVIHU#RI#GDWD#LQWR#DQG#RXW#
RI#WKH#6&31#'DWD#LV#VKLIWHG#LQWR#WKH#SDUW#IURP#6&3#5[#RQ#ULVLQJ#HGJHV#RI#6&3&/.1#'DWD#LV#
VKLIWHG#RXW#RI#WKH#SDUW#RQ#6&3#7[#RQ#IDOOLQJ#HGJHV#RI#6&3&/.1#6&3&/.#FDQ#EH#DQ\#
IUHTXHQF\#XS#WR#713<9#0+]1#$Q#6&3#WUDQVDFWLRQ#RFFXUV#ZKHQ#6&3(108#RU#6&3(107#LV#
EURXJKW#ORZ1#
127(ã 6&3&/.#LV#LJQRUHG#ZKHQ#6&3(108#DQG#6&3(107#DUH#ERWK#KLJK1
91617
9161791617
91617 6&3(108
6&3(1086&3(108
6&3(108
7KLV#VLJQDO/#ZKHQ#KHOG#ORZ/#VHOHFWV#WKH#6&3#IRU#WKH#WUDQVIHU#RI#FRQWURO/#VWDWXV/#DQG#GDWD#
LQIRUPDWLRQ#LQWR#DQG#RXW#RI#WKH#0&4788:9#80LQWHUIDFH1#6&3(108#VKRXOG#EH#KHOG#ORZ#IRU#
;#RU#49#SHULRGV#RI#WKH#6&3&/.#VLJQDO/#LQ#RUGHU#IRU#LQIRUPDWLRQ#WR#EH#WUDQVIHUUHG#LQWR#RU#
RXW#RI#WKH#80LQWHUIDFH1#7KH#SKDVH#UHODWLRQVKLS#RI#6&3(108/#ZLWK#UHVSHFW#WR#6&3&/./#LV#DV#
VKRZQ#LQ#)LJXUHýçðì#WKURXJK#)LJXUHýçðìí#LQFOXVLYH1
7KH#WUDQVLWLRQ#RI#6&3(108#JRLQJ#KLJK#DERUWV#DQ\#6&3#RSHUDWLRQ#LQ#SURJUHVV/#DQG#IRUFHV#
WKH#6&3#7[#SLQ#LQWR#WKH#KLJK0LPSHGDQFH#VWDWH1
91618
9161891618
91618 6&3(107
6&3(1076&3(107
6&3(107
7KLV#VLJQDO/#ZKHQ#KHOG#ORZ/#VHOHFWV#WKH#6&3#IRU#WKH#WUDQVIHU#RI#FRQWURO/#VWDWXV/#DQG#GDWD#
LQIRUPDWLRQ#LQWR#DQG#RXW#RI#WKH#0&4788:9#6270LQWHUIDFH1#6&3(107#VKRXOG#EH#KHOG#ORZ#
IRU#;#RU#49#SHULRGV#RI#WKH#6&3&/.#VLJQDO/#LQ#RUGHU#IRU#LQIRUPDWLRQ#WR#EH#WUDQVIHUUHG#LQWR#
RU#RXW#RI#WKH#6270LQWHUIDFH1#7KH#SKDVH#UHODWLRQVKLS#RI#6&3(107/#ZLWK#UHVSHFW#WR#6&3&/./#
LV#DV#VKRZQ#LQ#)LJXUHýçðì#WKURXJK#)LJXUHýçðìí#LQFOXVLYH1
7KH#WUDQVLWLRQ#RI#6&3(107#JRLQJ#KLJK#DERUWV#DQ\#6&3#RSHUDWLRQ#LQ#SURJUHVV/#DQG#IRUFHV#
WKH#6&3#7[#SLQ#LQWR#WKH#KLJK0LPSHGDQFH#VWDWH1
91619
9161991619
91619 ,54
,54,54
,54
,54#LV#DQ#RSHQ#GUDLQ#RXWSXW#WR#WKH#GHYLFH#XVHG#IRU#LQGLFDWLQJ#WKDW#DQ#LQWHUUXSW#FRQGLWLRQ#
H[LVWV1#7KLV#SLQ#LV#QRUPDOO\#SXOOHG#KLJK#E\#DQ#H[WHUQDO#UHVLVWRU1#:KHQ#WKLV#SLQ#JRHV#ORZ/#LW#
LQGLFDWHV#D#UHDG#RSHUDWLRQ#RI#WKH#LQWHUUXSW#VWDWXV#UHJLVWHUV#+8#156#DQG#627#156,#LV#
UHTXLUHG1
917 6&3#,QGHSHQGHQFH#IURP#&U\VWDO
7KH#0&4788:9#RSHUDWHV#ZLWK#D#5317;#0+]#FU\VWDO#IUHTXHQF\1#'HWDLOV#RI#WKH#FU\VWDO#FLUFXLW#
FDQ#EH#IRXQG#LQ#$SSHQGL[ý%1#7KH#6&3#RSHUDWHV#LQGHSHQGHQWO\#RI#WKH#5317;#0+]#FU\VWDO#
+L1H1/#WKH#6&3#FDQ#EH#DFFHVVHG#LQ#WKH#SUHVHQFH#RU#DEVHQFH#RI#WKH#5317;#0+]#LQSXW,1
6&3#0RGH#'HYLFH#)XQFWLRQDOLW\
9045 0&4788:9#'DWD#6KHHW 027252/$
918 6&3#6ODYH#0RGH
7KH#6&3#LQ#WKH#0&4788:9#DOZD\V#RSHUDWHV#LQ#6&3#6ODYH#0RGH1#7KH#6&3#6ODYH#0RGH#LV#
GHILQHG#DV#KDYLQJ#6&3&/./#6&3(108/#DQG#6&3(107#DV#LQSXWV#WR#WKH#GHYLFH1#7KXV/#DQ\#
GHYLFH#WKDW#FRPPXQLFDWHV#ZLWK#WKH#0&4788:9#YLD#WKH#6&3#PXVW#EH#DEOH#WR#RSHUDWH#LQ#
6&3#0DVWHU#0RGH#LQ#ZKLFK#6&3&/./#6&3(108/#DQG#6&3(107#DUH#RXWSXWV1
027252/$ 0&4788:9#'DWD#6KHHW :04
:
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
:14 ,QWURGXFWLRQ
7KH#,QWHUFKLS#'LJLWDO#/LQN#+,'/,#LV#D#IRXU0ZLUH#LQWHUIDFH#XVHG#IRU#IXOO0GXSOH[#
FRPPXQLFDWLRQ#RQ#WKH#ERDUG#OHYHO#EHWZHHQ#,&V1#7KH#LQWHUIDFH#FRQVLVWV#RI#D#WUDQVPLW#SDWK#
+'287,/#D#UHFHLYH#SDWK#+',1,/#DQG#DVVRFLDWHG#FORFN#+'&/,/#DQG#D#V\QFKURQL]LQJ#+V\QF,#
VLJQDO#+)6&,1#7KH#FORFN#GHWHUPLQHV#WKH#UDWH#DW#ZKLFK#GDWD#LV#H[FKDQJHG#LQ#ERWK#WKH#
WUDQVPLW#DQG#UHFHLYH#GLUHFWLRQV1#7KH#V\QF#VLJQDO#FRQWUROV#ZKHQ#WKH#H[FKDQJH#WDNHV#SODFH1#
7KUHH#FKDQQHOV#RI#GDWH#DUH#H[FKDQJHG#HYHU\#;#.+]=#WZR#97#.ESV#%#FKDQQHOV#DQG#RQH#49#
.ESV#'#FKDQQHO#XVHG#IRU#IXOO#GXSOH[#FRPPXQLFDWLRQ#EHWZHHQ#WKH#/7#DQG#WKH#7(1
:15 6LJQDO#'HVFULSWLRQV
$V#QRWHG#LQ#WKH#LQWURGXFWLRQ/#WKHUH#DUH#IRXU#VLJQDOV#+ZLWK#FRUUHVSRQGLQJ#,&#SLQV,#XVHG#E\#
WKH#,'/#LQWHUIDFH=
‡'287³7KLV#LV#WKH#VHULDO#GDWD#RXWSXW#VLJQDO1#7KH#GDWD#IRUPDW#LV#PRGH#GHSHQGHQW1
‡',1³7KLV#LV#WKH#VHULDO#GDWD#LQSXW#VLJQDO1#7KH#GDWD#IRUPDW#LV#PRGH#GHSHQGHQW1
‡'&/³7KLV#LV#WKH#ELW#FORFN#RXWSXW#WR#WKH#VHULDO#LQWHUIDFH1#7KH#FORFN#LV#FRQWLQXRXV#
DQG#WKH#HGJHV#DUH#V\QFKURQRXV#WR#WKH#IUDPH#V\QF#VLJQDO1#7KH#FORFN#UDWH#FDQ#EH#
VHOHFWHG#+YLD#WKH#&/.B6(/#SLQ,#WR#EH#5137;#0+]#+&/.B6(/#SXOOHG#KLJK,#RU#845#
.+]#+&/.B6(/#SXOOHG#ORZ,1#7KH#UHFRYHUHG#WLPLQJ#LV#FRQYH\HG#RYHU#'&/#E\#
DGMXVWLQJ#WKH#ZLGWK#RI#WKH#FORFN1#7KH#DGMXVWPHQW#LV#PDGH#E\#WKH#LQWHUQDO#3//#DQG#
RFFXUV#GXULQJ#WZR#FRQVHFXWLYH#;#.+]#IUDPHV#RQFH#SHU#80LQWHUIDFH#EDVLF#IUDPH1#7KH#
DGMXVWPHQW#FRQVLVWV#RI#DGGLQJ#RU#VXEWUDFWLQJ#D#VLQJOH#5317;#0+]#FORFN#SHULRG#
GXULQJ#WKH#KLJK#WLPH#RI#'&/1#6LQFH#WKLV#RFFXUV#GXULQJ#WZR#FRQVHFXWLYH#;#.+]#
IUDPHV/#WKH#WRWDO#DGMXVWPHQW#LV#“#<:#QV#RQFH#HYHU\#EDVLF#IUDPH1
‡)6&³7KLV#RXWSXW#VLJQDO#LV#XVHG#WR#V\QFKURQL]H#DOO#VHULDO#LQWHUIDFH#HYHQWV1#7KH#
VLJQDO#LV#SHULRGLF#DW#;#.+]#DQG#LV#HLWKHU#SKDVH#ORFNHG#WR#WKH#VLJQDO#UHFHLYHG#IURP#
WKH#8#IUDPH#ZKHQ#WKH#80LQWHUIDFH#LV#DFWLYDWHG#RU#IURP#WKH#FU\VWDO#ZKHQ#WKH#80
LQWHUIDFH#LV#GHDFWLYDWHG1#)6&#LV#KLJK#IRU#RQH#F\FOH#RI#WKH#'&/#FORFN#ZLWK#LWV#ULVLQJ#
HGJH#DOLJQHG#ZLWK#WKH#ULVLQJ#HGJH#RI#WKH#'&/#FORFN1
127(ã 7KH#,'/#LQWHUIDFH#LV#DOZD\V#WKH#PDVWHU#+L1H1/#WKH#)6&#DQG#'&/#VLJQDOV#DUH#
RXWSXWV#IURP#WKH#GHYLFH,1
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
:05 0&4788:9#'DWD#6KHHW 027252/$
:16 ,'/#7HUPLQDO#0RGH
,Q#WKLV#PRGH#WKH#,'/#,QWHUIDFH#RSHUDWHV#DV#D#7HUPLQDO#FRQQHFWLRQ#WR#WKH#0&4788:91#7KH#
5%.'#GDWD#LV#SDVVHG#WUDQVSDUHQWO\#EHWZHHQ#WKH#80LQWHUIDFH#DQG#6270LQWHUIDFH#SRUWLRQV#RI#
WKH#0&4788:9#LQ#ERWK#WKH#XSVWUHDP#+WRZDUGV#WKH#/7,#DQG#GRZQVWUHDP#+WRZDUGV#WKH#7(,1#
7KH#,'/#LQWHUIDFH#DOORZV#5%.'#GDWD#WR#EH#WUDQVPLWWHG2UHFHLYHG#LQWR2IURP#WKLV#GDWD#IORZ#
FRQQHFWLRQ=#
‡7KH#5%.'#GDWD#WKDW#LV#RXWSXW#IURP#WKH#'287#SLQ#LV#VLPSO\#WKH#5%.'#GDWD#WKDW#LV#
EHLQJ#VHQW#GRZQVWUHDP#IURP#WKH#/7#WR#WKH#7(1#
‡7KH#5%.'#GDWD#WKDW#LV#LQSXW#WR#WKH#',1#SLQ#LV#FRPELQHG#ZLWK#WKH#5%.'#GDWD#WKDW#LV#
EHLQJ#VHQW#XSVWUHDP#IURP#WKH#7(#WR#WKH#/71#
‡7KH#FRPELQDWLRQ#RI#WKH#WZR#5%.'#GDWD#VWUHDPV#LV#DFKLHYHG#DV#IROORZV#+VHH#)LJXUHý
æðì,=
³7KH#%0FKDQQHO#GDWD#LQSXW#RQ#',1#LV#$1'HG#ZLWK#WKH#%0FKDQQHO#EHLQJ#SDVVHG#
XSVWUHDP#WRZDUGV#WKH#/71#7KHUH#LV#QR#FLUFXLWU\#LQ#WKH#0&4788:9#WKDW#GHWHFWV#LI#
WKHUH#LV#D#GDWD#FROOLVLRQ#RFFXUULQJ/#WKLV#WKH#GRPDLQ#RI#WKH#OD\HU#526#VRIWZDUH#WR#
HQVXUH#WKDW##D#7(#DQG#WKH#17#7HUPLQDO/#GR#QRW#DWWHPSW#WR#DFFHVV#WKH#VDPH#%0
FKDQQHO#DW#WKH#VDPH#WLPH#+SDVVLYH#EXV#FRQILJXUDWLRQ#DW#6270,QWHUIDFH,1#
³ /LNHZLVH#WKH#'0FKDQQHO#GDWD#LQSXW#RQ#',1#LV#$1'HG#ZLWK#WKH#'0FKDQQHO#GDWD#
EHLQJ#SDVVHG#XSVWUHDP/#KRZHYHU/#LQ#WKLV#FDVH#WKHUH#LV#D#FROOLVLRQ#GHWHFWLRQ#
IXQFWLRQ#WKDW#ZLOO#HQVXUH#WKDW#WKH#WZR#'0FKDQQHOV#ZLOO#QRW#FROOLGH#DQG#FRUUXSW#
HDFK#RWKHUV1#7KLV#LV#DFFRPSOLVKHG#E\#SURYLGLQJ#WKUHH#SLQV#WKDW#DUH#XVHG#WR#
PRQLWRU#DQG#HQDEOH#WKH#'0FKDQQHO#DFFHVV#E\#WKH#7HUPLQDO#,QWHUIDFH1#7KHVH#SLQV#
DUH#'5(48(67/#'*5$17#DQG#&/$661
&$87,21
)RU#DOO#,'/#PRGHV#RI#RSHUDWLRQ#GHVFULEHG#LQ#6HFWLRQýæïê#WKURXJK#
6HFWLRQýæïè/#WKH#8#,QWHUIDFH#PXVW#EH#FRQILJXUHG#LQ#3RZHU#'RZQ#0RGH#
+L1H1/#80153+E5,# #4,#DIWHU#WKH#0&4788:9#LV#LQLWLDOL]HG1#,I#6&3#DFFHVV#WR#
WKH#8#LQWHUIDFH#LV#UHTXLUHG#ODWHU#ZKHQ#LW#LV#LQ#3RZHU#'RZQ#0RGH#+L1H1/#8#
ORRS#LV#QRW#DFWLYDWHG,/#LW#LV#QHFHVVDU\#WR#ZDNH#XS#WKH#LQWHUIDFH#+L1H1/#PDNH#
80153+E5,# #3,1#7KHQ/#ZKHQ#WKH#LQWHUIDFH#LV#DZDNH/#DOO#WKH#8#LQWHUIDFH#
UHJLVWHUV#DUH#DFFHVVLEOH1#$IWHU#UHJLVWHU#RSHUDWLRQV#DUH#FRPSOHWHG/#SXW#WKH#
LQWHUIDFH#EDFN#LQWR#3RZHU#'RZQ#0RGH#+L1H1/#PDNH#80153+E5,# #4,1
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW :06
:1614
:1614:1614
:1614 $FFHVVLQJ#WKH#&KDQQHOV#LQ#7HUPLQDO#0RGH
$FFHVVLQJ#WKH#&KDQQHOV#LQ#7HUPLQDO#0RGH$FFHVVLQJ#WKH#&KDQQHOV#LQ#7HUPLQDO#0RGH
$FFHVVLQJ#WKH#&KDQQHOV#LQ#7HUPLQDO#0RGH
7KLV#VHFWLRQ#GHVFULEHV#WKH#SURFHGXUH#IRU#JDLQLQJ#DFFHVV#LQ#7HUPLQDO#0RGH1#:KHQ#WKH#
WHUPLQDO#LV#LQDFWLYH/#WKH#'5(48(67#SLQ#LV#KHOG#ORZ1#,I#WKH#7HUPLQDO#UHTXLUHV#DFFHVV#WR#WKH#
'0FKDQQHO/#LW#PXVW#ILUVW#SXOO#WKH#'5(48(67#SLQ#KLJK1#,I#DQRWKHU#7(#LV#DOUHDG\#XVLQJ#WKH#
'0FKDQQHO/#WKH#7HUPLQDO#'0FKDQQHO#ZLOO#EH#EORFNHG1#7KLV#LV#VLJQLILHG#E\#WKH#'*5$17#
RXWSXW#SLQ#EHLQJ#KHOG#ORZ1#:KHQ#WKH#RWKHU#7(#FRPSOHWHV#LWV#DFFHVV/#WKH#'*5$17#SLQ#
JRHV#KLJK/#VLJQDOOLQJ#WR#WKH#7HUPLQDO#WKDW#LW#FDQ#XVH#WKH#'0FKDQQHO1#'0FKDQQHO#GDWD#LV#WKHQ#
DFFHSWHG#RQ#WKH#',1#SLQ#DQG#SDVVHG#XSVWUHDP#WR#WKH#/71#
:KHQ#WKH#DFFHVV#LV#LQ#SURJUHVV/#WKH#GDWD#LV#FRQWLQXDOO\#PRQLWRUHG#WR#HQVXUH#WKDW#D#GDWD#
FROOLVLRQ#ZLWK#D#7(#GRHV#QRW#RFFXU1#7KLV#LV#DFKLHYHG#E\#FRPSDULQJ#WKH#'0FKDQQHO#GDWD#
LQSXW#WR#WKH#',1#SLQ#ZLWK#WKH#$1'HG#FRPELQDWLRQ#RI#WKDW#GDWD#DQG#WKH#'0&KDQQHO#EHLQJ#
VHQW#XSVWUHDP#IURP#D#7(1#,I#WKH\#DUH#QRW#WKH#VDPH/#WKHQ#HLWKHU##WKH#7(#RU#WKH#7HUPLQDO#
VWRSV#WUDQVPLWWLQJ/#EXW#QHYHU#ERWK1
127(ã 7KH#WHUPLQDO#WKDW#VWRSV#LWV#WUDQVPLVVLRQ#LV#WKH#WHUPLQDO#ZLWK#FRUUXSWHG#
GDWD1
7KLV#$1'HG#'0FKDQQHO#GDWD#LV#DOVR#VHQW#GRZQVWUHDP#WR#WKH#7(V#RQ#WKH#(0&KDQQHO#
DOORZLQJ#WKHP#WR#EH#DZDUH#WKDW#DQRWKHU#7(#RU#WHUPLQDO#LV#XVLQJ#WKH#'0&KDQQHO1#7KH#
&/$66#LQSXW#LV#XVHG#WR#VHW#WKH#PHVVDJH#SULRULW\1#7R#WHUPLQDWH#WKH#'0FKDQQHO#DFFHVV/#WKH#
'5(48(67#PXVW#EH#GULYHQ#ORZ1
7KLV#RSHUDWLRQ#LV#LQ#DFFRUGDQFH#ZLWK#WKH#PHWKRG#RI#7(#'0FKDQQHO#DFFHVV#GHILQHG#LQ#WKH#
(76,2$16,#VSHFLILFDWLRQ#+,1763,#1#7KH#GDWD#LQSXW#WR#WKH#',1#'0FKDQQHO#SLQ#PXVW#EH#LQ#
/$3'#IRUPDW#WR#HQVXUH#WKH#FRUUHFW#RSHUDWLRQ#RI#WKH#DFFHVV2FROOLVLRQ#FLUFXLWU\1
)LJXUH#:041#&RQFHSWXDO#'LDJUDP#RI#7H U P LQ D O #'DWD#)ORZ
5%.'
5%.'
5%.'
5%
5%
5%
6270,QWHUIDFH 80,QWHUIDFH
'&/
)6&
(
'
$FFHVV#DQG
&RQWHQWLRQ#&RQWURO
,'/#,QWHUIDFH
&/$66
'5(48(67
'*5$17
5%.'#',1
5%.'#'287
'&/
)6&
'
'
(
'
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
:07 0&4788:9#'DWD#6KHHW 027252/$
:1615
:1615:1615
:1615 6270,QWHUIDFH#DQG#7HUPLQDO#0RGH
6270,QWHUIDFH#DQG#7HUPLQDO#0RGH6270,QWHUIDFH#DQG#7HUPLQDO#0RGH
6270,QWHUIDFH#DQG#7HUPLQDO#0RGH
7KH#'#FKDQQHO#DFFHVV#PHFKDQLVP#+'*5$17#DQG#'5(48(67,#LV#QRW#DYDLODEOH#ZKHQ#WKH#
6270LQWHUIDFH#LV#LQ#$EVROXWH#0LQ#3RZHU#PRGH1#0RUHRYHU/#WR#WUDQVIHU#'#GDWD#IURP#WKH#
',1#SLQ#WR#WKH#8#ORRS/#WKH#6270LQWHUIDFH#FDQ#QRW#EH#LQ#6OHHS#PRGH#+WR#HQVXUH#WKLV/#VHW#WKH#
$FWLYDWLRQ#5HTXHVW#ELW#6270155+E6,#WR#D#4#RU#VHW#WKH#6OHHS#3RZHU#'RZQ#0RGH#'LVDEOH#ELW#
6270159+E4,#WR#D#4³VHH#6HFWLRQýèïéïìïæ#IRU#DGGLWLRQDO#LQIRUPDWLRQ,1
'XULQJ#FRPPXQLFDWLRQ#RQ#WKH#'#FKDQQHO#EHWZHHQ#WKH#,'/#EXV#DQG#WKH#/7/#WKH#6270
LQWHUIDFH#VKRXOG#EH#LQ#RQH#RI#WKH#IROORZLQJ#VWDWHV=
³7UDQVPLW#,1)25#+L1H1/#QR#7(#FRQQHFWHG,
³ )XOO\#DFWLYDWHG#+L1H1/#DW#OHDVW#RQH#7(#LV#FRQQHFWHG,
³7UDQVPLW#,1)23#DQG#RXW#RI#6OHHS#PRGH#+L1H1/#,GOH#GXULQJ#ZKLFK#QR#7(#
FRQQHFWLRQ#LV#DOORZHG,
:1616
:1616:1616
:1616 7HUPLQDO#0RGH#,'/#,QWHUIDFH#7LPLQJ
7HUPLQDO#0RGH#,'/#,QWHUIDFH#7LPLQJ7HUPLQDO#0RGH#,'/#,QWHUIDFH#7LPLQJ
7HUPLQDO#0RGH#,'/#,QWHUIDFH#7LPLQJ
:KHQ#WKH#0&4788:9#LV#FRQILJXUHG#LQ#,'/#PRGH#+L1H1/#WKH#,'/2*&,#SLQ#LV#SXOOHG#KLJK,/#
WKH#GHIDXOW#FRQILJXUDWLRQ#DIWHU#D#KDUGZDUH#RU#VRIWZDUH#UHVHW#LV#17#7HUPLQDO#430ELW#PRGH1#
,Q#WKLV#PRGH/#WKH#,'/#IUDPH#XVHV#WKH#IRUPDW#VKRZQ#LQ#)LJXUHýæðë1
:KHQ#80%5:+E3,#LV#VHW#WR#4/#WKH#0&4788:9#LV#FRQILJXUHG#LQ#17#7HUPLQDO#;0ELW#PRGH³VHH#
6HFWLRQýèïêïêïå1#,Q#WKLV#PRGH/#WKH#,'/#IUDPH#XVHV#WKH#IRUPDW#VKRZQ#LQ#)LJXUHýæðê1
)LJXUH#:051#17#7HUPLQDO#,'/#430%LW#0RGH
'&/.
)6&
'&/
'LQ
'RXW
%4%4%4%4%4%4%4%4%5%5%5%5%5%5%5%5
''
%4%4%4%4%4%4%4%4%5%5%5%5%5%5%5%5
''
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW :08
%\#GHIDXOW/#WKH#%#FKDQQHOV#DUH#GLVDEOHG/#ERWK#RQ#',1#DQG#'2871#7KH#FDQ#EH#HQDEOHG#
LQGLYLGXDOO\#RQ#ERWK#',1#DQG#'287#E\#ZULWLQJ#WR#6270%545+E6²E3,³VHH#6HFWLRQý
èïéïëïìì#IRU#PRUH#LQIRUPDWLRQ1#:KHQ#WKH#%4#RU#%5#FKDQQHO#LV#QRW#HQDEOHG#RQ#'287/#WKH#
SLQ#RXWSXWV#4V#GXULQJ#WKH#DSSURSULDWH#WLPHVORW/#RU#LV#KLJK#LPSHGDQFH#LI#6270259+E3,# #41#
7KH#'#FKDQQHO#LV#DOZD\V#DYDLODEOH#RQ#ERWK#',1#DQG#'2871#
:17 7'0#0RGH
7'0#PRGH#KDV#QR#GLUHFW#5%.'#GDWD#FRQQHFWLRQ#EHWZHHQ#WKH#8#DQG#627#SRUWLRQV#RI#WKH#
0&4788:91#,QVWHDG/#WKH#5%.'#GDWD#FKDQQHOV#DUH#GLUHFWHG#WR#WKH#,'/#,QWHUIDFH1#7KHUH#LV#QR#
7HUPLQDO#LQWHUIDFH#'5(48(67/#'*5$17/#RU#&/$66#VLJQDO#DQG#QR#'0FKDQQHO#FRQWHQWLRQ#
LQ#RSHUDWLRQ#ZLWK#WKH#GRZQVWUHDP#7(V1#:KHQ#FRQQHFWHG#WR#D#6PDUWý7HUPLQDO/#WKH#
LQWHUIDFH#DOORZV#YHU\#IOH[LEOH#FRQWURO#RI#WKH#LQGLYLGXDO#GDWD#FKDQQHOV/#HQDEOLQJ#FRPSOH[#
FRQWURO#FRQILJXUDWLRQV1#)LJXUHýæðé#VKRZV#D#FRQFHSWXDO#GLDJUDP#RI#7'0#GDWD#IORZ1#
)LJXUH#:061#17#7HUPLQDO#,'/#;0%LW#0RGH
)LJXUH#:071#7'0#'DWD#)ORZ#&RQFHSWXDO#'LDJUDP
)6&
'&/
'LQ
'RXW
%4%4%4%4%4%4%4%4%5%5%5%5%5%5%5%5''
%4%4%4%4%4%4%4%4%5%5%5%5%5%5%5%5''
'&/.
5%.'
5%.'
5%.'5%
6270,QWHUIDFH 80,QWHUIDFH
'&/
)6&
'&/
)6&
,'/#,QWHUIDFH
7%.5'#',1
7%.5'#'287
'&/
)6&
5%.'
')6&
')6&
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
:09 0&4788:9#'DWD#6KHHW 027252/$
:KHQ#WKH#0&4788:9#LV#FRQILJXUHG#LQ#WKH#,'/#PRGH#+L1H1/#WKH#,'/2*&,#SLQ#LV#SXOOHG#KLJK,#
DQG#670%545+E:,#LV#VHW#WR#4/#WKH#FRQILJXUDWLRQ#LV#7'0#430ELW#PRGH1#,Q#WKLV#PRGH/#WKH#,'/#
IUDPH#XVHV#WKH#IRUPDW#VKRZQ#LQ#)LJXUHýæðè1
:KHQ#80%5:+E3,#LV#VHW#WR#4#DQG#6270%545+E:,#LV#VHW#WR#4/#WKH#0&4788:9#LV#FRQILJXUHG#LQ#
WKH#7'0#;0ELW#PRGH1#,Q#WKLV#PRGH/#WKH#,'/#IUDPH#XVHV#WKH#IRUPDW#VKRZQ#LQ#)LJXUHýæðç1
)LJXUH#:081#7'0#,'/#430%LW#0RGH
)LJXUH#:091#7'0#,'/#;0%LW#0RGH
)6&
'&/
',1
'287
%4%5'
%4%5'
')6&
80,QWHUIDFH#7LPH#6ORWV 6270,QWHUIDFH#7LPH#6ORWV
65#'&/#FORFNV#IURP#)6&#WR#')6&
'
'%4%5'
%4%5'
'
'
)6&
'&/
',1
'287
%4%5'
%4%5'
%4%5'
%4%5'
')6&
80,QWHUIDFH#7LPH#6ORWV 6270,QWHUIDFH#7LPH#6ORWV
65#'&/#FORFNV#IURP#)6&#WR#')6&
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW :0:
:18 76$##0RGH
,Q#76$#PRGH/#WKH#IXOO#IOH[LELOLW\#RI#WKH#EXLOW0LQ#7LPH#6ORW#$VVLJQHUV#RI#WKH#627#DQG#8#
,QWHUIDFHV#LV#DYDLODEOH1#,Q#WKLV#PRGH/#WKH#LQGLYLGXDO#GDWD#FKDQQHOV#RI#WKH#627#LQWHUIDFH#FDQ#
EH#HQDEOHG#RQWR#WKH#,'/#LQWHUIDFH#RU#EH#GLUHFWHG#WR#WDNH#LWV#GDWD#IURP#WKH#80,QWHUIDFH1#
7KLV#PRGH#LV#SULPDULO\#LQWHQGHG#IRU#3$%;#DSSOLFDWLRQV#ZKHUH#H[WUHPHO\#IOH[LEOH#FRQWURO#
RI#WKH#GDWD#FKDQQHOV#LV#UHTXLUHG1
:LWK#D#'&/#UDWH#RI#5137;#0+]/#LW#LV#SRVVLEOH#WR#DOORFDWH#WR#HDFK#%#DQG#'#FKDQQHO#RQH#RI#
WKH#45;#WLPHVORW#VWDUW#WLPHV#FRUUHVSRQGLQJ#WR#HDFK#50ELW#ERXQGDU\1#:LWK#D#'&/#UDWH#RI#845#
.+]/#DV#PDQ\#DV#65#WLPHVORWV#DUH#DYDLODEOH1#7LPHVORW#3#VWDUW#WLPH#FRUUHVSRQGV#WR#WKH#
IDOOLQJ#HGJH#RI#WKH#)6&#VLJQDO1
&$87,21
7R#SURWHFW#WUDQVPLWWHG#GDWD/#QHYHU#SURJUDP#RYHUODSSLQJ#WLPHVORWV#HYHQ#
LI#D#WLPHVORW#LV#QRW#HQDEOHG1#7KH#WUDQVPLW#DQG#UHFHLYH#WLPHVORW#IRU#D#
JLYHQ#%4/#%5/#RU#'#FKDQQHO#FDQ/#KRZHYHU/#EH#WKH#VDPH1
)LJXUH#:0:1#76$#'DWD#)ORZ#&RQFHSWXDO#'LDJUDP
'RXW
'LQ
'LQ
6270,QWHUIDFH 80,QWHUIDFH
'&/
)6&
'&/
)6&
,'/#,QWHUIDFH
',1
'287
'&/
)6&
'RXW 'LJLWDO#6ZLWFK
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
:0; 0&4788:9#'DWD#6KHHW 027252/$
:1814
:1814:1814
:1814 76$#0RGH#,'/#,QWHUIDFH#7LPLQJ#DQG#3URJUDPPLQJ
76$#0RGH#,'/#,QWHUIDFH#7LPLQJ#DQG#3URJUDPPLQJ76$#0RGH#,'/#,QWHUIDFH#7LPLQJ#DQG#3URJUDPPLQJ
76$#0RGH#,'/#,QWHUIDFH#7LPLQJ#DQG#3URJUDPPLQJ
:KHQ#WKH#0&4788:9#LV#FRQILJXUHG#LQ#,'/#PRGH#+L1H1/#WKH#,'/2*&,#SLQ#LV#SXOOHG#KLJK,/#
6270%545+E:,#LV#VHW#WR#4/#DQG#627025+E7,#LV#VHW#WR#4/#WKH#FRQILJXUDWLRQ#LV#76$#PRGH1#,Q#
WKLV#PRGH/#WKH#LQGLYLGXDO#%#DQG#'#FKDQQHOV#IRU#WKH#WUDQVPLW#DQG#UHFHLYHG#GLUHFWLRQV#FDQ#
EH#VHOHFWHG#XVLQJ#253²8#RI#ERWK#WKH#8#DQG#627#UHJLVWHUV1#7KH#GDWD#FKDQQHOV#DUH#HQDEOHG#
WR#WKH#H[WHUQDO#,'/#LQWHUIDFH#E\#VHWWLQJ#WKH#DSSURSULDWH#76$#HQDEOH#ELWV#LQ#259#RI#ERWK#
WKH#8#DQG#627#UHJLVWHUV1#,QWHUQDO2([WHUQDO#'DWD#IORZ#FRQWURO#LV#HQDEOHG#IRU#WKH#
LQGLYLGXDO#GDWD#FKDQQHOV#E\#25:#RI#WKH#627#UHJLVWHUV1
:1815
:1815:1815
:1815 76$#0RGH#([DPSOH
76$#0RGH#([DPSOH76$#0RGH#([DPSOH
76$#0RGH#([DPSOH
2SHUDWLRQ#RI#WKLV#PRGH#LV#EHVW#GHVFULEHG#E\#DLG#RI#DQ#H[DPSOH1#&RQVLGHU#D#6PDUW#170
0LQL03$%;#V\VWHP#ZKHUH#WKH#FDUG#FRQWDLQV#IRXU#FRGHFV/#DV#VKRZQ#LQ#)LJXUHýæðå1#
7KH#FRGHFV#DQG#WKH#7(V#DUH#SURJUDPPHG#IRU#WKH#WLPHVORWV#VKRZQ#LQ#)LJXUHýæðä1
)LJXUH#:0;1#0LQL03$%;#%ORFN#'LDJUDP
)LJXUH#:0<1#7LPHVORWV#&RQILJXUDWLRQ
6PDUW#174#0LQL03$%;
9;/&635
9;635
9;4+635
0&4788:9
&RGHF#4
&RGHF#5
&RGHF#6
&RGHF#7
&HQWUDO
2IILFH
8#/RRS
,'/#76$
627#/RRS
7(4
7(5
)6&
'&/
',1
'287
'X 'V
'X 'V
763764765766767768
'33 '38'37 '3< '3$'3('45 '49
7LPHVORWV
'HYLFH &RGHF#4 &RGHF#5 &RGHF#6 &RGHF#7 7(47(5
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW :0<
7KH#'#FKDQQHOV#IURP#WKH#/7#+'X,#DQG#IURP#WKH#7(V#+'V,#DUH#URXWHG#RQ#WKH#,'/#EXV#WR#EH#
SURFHVVHG#E\#WKH#PLFURSURFHVVRU#+RQH#+'/&#FRQWUROOHU#LV#UHTXLUHG#SHU#'#FKDQQHO,1#7R#
IDFLOLWDWH#DFFHVV#WR#WKH#'#FKDQQHOV/#WKH#0&4788:9#SURYLGHV#WZR#JDWHG#FORFNV=#'&/.07#IRU#
WKH#'#FKDQQHO#FRPLQJ#IURP#WKH#7(V#DQG#'&/.08#IRU#WKH#'#FKDQQHO#FRPLQJ#IURP#WKH#/71#
7KH#%#FKDQQHO#LQWHUFRQQHFWLRQV#EHWZHHQ#WKH#FRGHFV/#WKH#7(V/#DQG#WKH#/7#DUH#FRQWUROOHG#E\#
WKH#PLFURSURFHVVRU#WKURXJK#WKH#2YHUOD\#5HJLVWHUV#RI#ERWK#WKH#8#DQG#627#UHJLVWHUV1
7KH#IROORZLQJ#UHJLVWHUV2ELWV#UHPDLQ#XQFKDQJHG#UHJDUGOHVV#RI#WKH#%#FKDQQHO#
LQWHUFRQQHFWLRQV=
‡8ð,QWHUIDFH³80255# #'37>#80258# #'37>#80259+E8,# #4
‡6î7ð,QWHUIDFH³6270255# #'3<>#6270258# #'3<>#6270259+E8,# #4>#6270259+E7,# #4
7DEOHýæðì#OLVWV#WKH#UHJLVWHUV2ELWV#WKDW#FKDQJH#GHSHQGLQJ#RQ#WKH#FRPPXQLFDWLRQV#
FRQILJXUDWLRQ1
7DEOH#:041##&KDQJHG#5HJLVWHUV2%LWV#LQ#76$#0RGH#E\#&RQILJXUDWLRQ
&RQILJXUDWLRQ 8#5HJLVWHUV 627#5HJLVWHUV
7(4#WR#/7#DQG#
7(5#WR#/7
259# #'(3>#253# #256# #'45>#
254# #257# #'49
259# #')3>#253# #256# #'45>#
254# #257# #'49>#25:# #'99
&RGHF#4#WR#/7#DQG#
&RGHF#5#WR#/7
259# #'(3>#253# #256# #'33>#
254# #257# #'38
259# #'63>#253# #256# #'45>#
254# #257# #'49>#25:# #'33
7(5#WR#/7#DQG#
&RGHF#4#WR#/7
259# #'(3>#253# #256# #'33>#
254# #257# #'49
259# #':3>#253# #256# #'45>#
254# #257# #'49>#25:# #'55
7(4#WR#&RGHF#4#DQG#
7(5#WR#&RGHF#64259# #'53 259# #')3>#253# #256# #'33>#
254# #257# #'3$>#25:# #'33
&RGHF#5#WR#7(4/#
&RGHF#7#WR#7(5/#
&RGHF#4#WR#/7/#DQG#
&RGHF#6#WR#/7
259# #'(3>#253# #256# #'33>#
254# #257# #'3$
259# #')3>#253# #256# #'38>#
254# #257# #'3(>#25:# #'33
7(4#WR#7(54259# #'53 259# #'63>#%56# #'34>#%59# #'83
&RGHF#4#WR#&RGHF#54259# #'53 259# #')3>#%59# #'38>#253# #257# #'33>#
254# #256# #'38>#25:# #'33
&RGHF#4#WR#&RGHF#5/#
&RGHF#6#WR#/7/#DQG#
7(4#WR#/7
259# #'93>#253# #'33>#
256# #'38>#254# #257# #'3$
259# #')3>#%59# #'38>#253# #257# #'33>#
254# #256# #'38>#25:# #'77
&RGHF#4#WR#&RGHF#5/#
&RGHF#6#WR#/7/#DQG#7(4#
WR#7(5
259# #'(3>#253# #256# #'3(>#
254# #257# #'3$
259# #')3>#%56# #'34>#
%59# #'88>#253# #257# #'33>#
254# #256# #'38>#25:# #'395
1RWHV=41 :KHQ#RQO\#LQWHUQDO#FDOOV#DUH#UHTXLUHG#+L1H1/#FRGHF#WR#FRGHF/#7(#WR#7(/#RU#7(#WR#FRGHF,/#LW#LV#
QRW#QHFHVVDU\#WR#DFWLYDWH#WKH#8#OLQH1
51 :KHQ#ERWK#627#%42%5#ORRSEDFN#DQG#,'/#%42%5#ORRSEDFN#DUH#XVHG#+L1H1/#6270%59# #'88,/#
LW#LV#QHFHVVDU\#WR#VHW#627025:+E5/#E4,#ELWV#WR#41
,'/#,QWHUIDFH#0RGH#'HYLFH#)XQFWLRQDOLW\
:043 0&4788:9#'DWD#6KHHW 027252/$
:19 17#7UDQVPLW#6LJQDO2)6KDVH#5HODWLRQVKLS
7KH#6270LQWHUIDFH#RQ#WKH#0&4788:9#EHKDYHV#DV#DQ#,'/#VODYH#ZLWK#)6&#DQG#'&/#
SURYLGHG#E\#WKH#80LQWHUIDFH1#7KH#6270LQWHUIDFH#XVHV#)6&#WR#SRVLWLRQ#LWV#RXWERXQG#
ZDYHIRUP#FRUUHFWO\1#7KXV/#)6&#DQG#WKH#WUDQVPLWWHG#VLJQDO#RQ#WKH#627#ORRS#,1)25#DQG#
,1)27#DUH#V\QFKURQRXV1#7KH#SKDVH#UHODWLRQVKLS#RI#WKHVH#VLJQDOV#LV#VKRZQ#LQ#)LJXUHýæðìí#
ZLWK#D#HQODUJHG#LQVHW1
)LJXUH#:0431#3KDVH#5HODWLRQVKLS#RI#WKH#17#7UDQVPLW#6LJQDO
468 468:<444648
4: 4< 54 56 58 5: 5< 64 66 6: 6< 74 76 78 7:
)()
%4
($1
4
%5
'6
%5
'/ '/')
$(0
%4
(/
583#µV
458#µV
)6&2)65
'&/
17#7UDQVPLW
+,1)27,
%4%4%4(
65 66 67 68
)6&2
)65
+,1)27,
17#7[
027252/$ 0&4788:9#'DWD#6KHHW ;04
;
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
;14 ,QWURGXFWLRQ
7KH#*HQHUDO#&LUFXLW#,QWHUIDFH#+*&,,#LV#D#IRXU0ZLUH#LQWHUIDFH#XVHG#IRU#IXOO0GXSOH[#
FRPPXQLFDWLRQ#EHWZHHQ#,&V#DW#WKH#ERDUG#OHYHO1#7KH#LQWHUIDFH#FRQVLVWV#RI#D#WUDQVPLW#SDWK#
+'287,/#D#UHFHLYH#SDWK#+',1,/#DQ#DVVRFLDWHG#FORFN#+'&/,/#DQG#D#V\QFKURQL]LQJ#+V\QF,#
VLJQDO#+)6&,1#7KH#FORFN#GHWHUPLQHV#WKH#UDWH#RI#H[FKDQJH#RI#GDWD#LQ#ERWK#WKH#WUDQVPLW#DQG#
UHFHLYH#GLUHFWLRQV/#DQG#WKH#V\QF#VLJQDO#FRQWUROV#ZKHQ#WKLV#H[FKDQJH#LV#WR#WDNH#SODFH1#7KUHH#
FKDQQHOV#RI#GDWD#DUH#H[FKDQJHG#HYHU\#;#.+]1#7KHVH#FKDQQHOV#FRQVLVW#RI#WZR#97#NESV#%#
FKDQQHOV#DQG#RQH#49#NESV#'#FKDQQHO#XVHG#IRU#IXOO#GXSOH[#FRPPXQLFDWLRQ#EHWZHHQ#WKH#/7#
DQG#7(1#7ZR#RWKHU#FKDQQHOV#DUH#XVHG#WR#FRQILJXUH#+0RQLWRU#FKDQQHO,#DQG#FRQWURO#+&2,#
FKDQQHO,#WKH#0&4788:91#
127(ã 7KH#*&,#LV#DOZD\V#PDVWHU#+L1H1/#WKH#)6&#DQG#'&/#VLJQDOV#DUH#RXWSXWV,1
;15 6LJQDO#'HVFULSWLRQV
7KHUH#DUH#IRXU#VLJQDOV#+ZLWK#FRUUHVSRQGLQJ#,&#SLQV,#XVHG#E\#WKH#*&,=
‡'287³7KLV#LV#WKH#VHULDO#GDWD#RXWSXW#IRU#WKH#*&,1#7KLV#LV#DQ#RSHQ#GUDLQ#RXWSXW#DQG#
PXVW#EH#SXOOHG#WR#9''#,22#WKURXJK#D#UHVLVWRU1#7KH#GDWD#IRUPDW#LV#PRGH#GHSHQGHQW1
‡',1³7KLV#LV#WKH#VHULDO#GDWD#LQSXW#VLJQDO#IRU#WKH#*&,1#7KH#GDWD#IRUPDW#LV#PRGH#
GHSHQGHQW1
‡'&/³7KLV#LV#WKH#GRXEOH#ELW#FORFN#RXWSXW#WR#WKH#VHULDO#LQWHUIDFH#+L1H1/#WZR#FORFNV#SHU#
GDWD#ELW,1#7KH#UHFRYHUHG#WLPLQJ#LV#FRQYH\HG#RYHU#'&/#E\#DGMXVWLQJ#WKH#ZLGWK#RI#WKH#
FORFN1#7KH#DGMXVWPHQW#LV#PDGH#E\#WKH#LQWHUQDO#3//#DQG#RFFXUV#GXULQJ#WZR#
FRQVHFXWLYH#;#.+]#IUDPHV#RQFH#SHU#80LQWHUIDFH#EDVLF#IUDPH1#7KH#DGMXVWPHQW#
FRQVLVWV#RI#DGGLQJ#RU#VXEWUDFWLQJ#D#VLQJOH#5317;#0+]#FORFN#SHULRG#GXULQJ#WKH#KLJK#
WLPH#RI#'&/1#6LQFH#WKLV#RFFXUV#GXULQJ#WZR#FRQVHFXWLYH#;#.+]#IUDPHV/#WKH#WRWDO#
DGMXVWPHQW#LV#“#<:#QV#RQFH#HYHU\#EDVLF#IUDPH1
‡)6&³7KLV#RXWSXW#VLJQDO#LV#XVHG#WR#V\QFKURQL]H#DOO#VHULDO#LQWHUIDFH#HYHQWV1#7KH#
VLJQDO#LV#SHULRGLF#DW#;#.+]#DQG#LV#HLWKHU#SKDVH#ORFNHG#WR#WKH#VLJQDO#UHFHLYHG#IURP#
WKH#8#IUDPH#ZKHQ#WKH#80LQWHUIDFH#LV#DFWLYDWHG#RU#IURP#WKH#FU\VWDO#ZKHQ#WKH#80
LQWHUIDFH#LV#GHDFWLYDWHG1#)6&#LV#KLJK#IRU#WZR#F\FOHV#RI#WKH#'&/#FORFN#ZLWK#LWV#ULVLQJ#
HGJH#DOLJQHG#ZLWK#WKH#ULVLQJ#HGJH#RI#WKH#'&/#FORFN1
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
;05 0&4788:9#'DWD#6KHHW 027252/$
;16 *&,#)UDPH#6WUXFWXUH
7KH#*&,#LQWHUIDFH#VXSSRUWV#WZR#W\SHV#RI#IUDPH#IRUPDWV=#WKH#VLQJOH#*&,#FKDQQHO#DQG#WKH#
PXOWLSOH[HG#*&,#FKDQQHO#IRUPDWV1#$#VLQJOH#*&,#FKDQQHO#KDV#WKH#IROORZLQJ#VXEFKDQQHOV=#
WZR#%#FKDQQHOV/#0RQLWRU#FKDQQHO/#,6'1#'#FKDQQHO/#&RPPDQG2,QGLFDWH#FKDQQHO/#DQG#$#
DQG#(#ELWV/#DV#VKRZQ#LQ#)LJXUHýåðì1#7KLV#VHFWLRQ#GLVFXVVHV#WKH#VLQJOH#FKDQQHO#IRUPDW1#7KH#
PXOWLSOH[HG#*&,#FKDQQHO#RSHUDWLRQ#LV#GLVFXVVHV#LQ#6HFWLRQýåïè1
7KH#WZR#%#FKDQQHOV#DUH#XVHG#WR#FRQYH\#FXVWRPHU#GDWD#EHWZHHQ#WKH#0&4788:9#DQG#RWKHU#
*&,#GHYLFHV1#7KH#0RQLWRU#FKDQQHO#ELWV#DUH#XVHG#WR#FRQYH\#UHJLVWHU#DQG#PDLQWHQDQFH#
LQIRUPDWLRQ#EHWZHHQ#WKH#0&4788:9#DQG#RWKHU#*&,#GHYLFHV1#7KH#'#ELWV#FDUU\#WKH#,6'1#
EDVLF#DFFHVV#'#FKDQQHO1#7KH#&RPPDQG2,QGLFDWH#ELWV#DUH#XVHG#IRU#DFWLYDWLRQ#DQG#
GHDFWLYDWLRQ#RI#WKH#0&4788:9#DQG#IRU#FRQWURO#IXQFWLRQV1#7KH#$#DQG#(#ELWV#DUH#XVHG#DV#
KDQGVKDNH#VLJQDOV#GXULQJ#WKH#WUDQVIHU#RI#PRQLWRU#FKDQQHO#PHVVDJHV1#$#PXOWLSOH[HG#*&,#
IUDPH#FRQWDLQV#IRXU#*&,#IUDPHV#LQ#HDFK#458#—V#SHULRG1#7DEOHýåðì#VXPPDUL]HV#WKH#QXPEHU#
RI#*&,#IUDPHV#WKDW#FDQ#EH#PXOWLSOH[HG#LQWR#D#458#—V#SHULRG1#
)LJXUH#;041#*&,#)UDPH#6WUXFWXUH
7DEOH#;041##0XOWLSOH[HG#*&,#)UDPH#&RQILJXUDWLRQ
&ORFN 0D[LPXP#*&,#)UDPHV#LQ#0XOWLSOH[
845#N+] 4
5137;#0+] 7
)6&
'&/
',1
'287
%4%5
%4%5
0&'
0,'
$
$
(
(
*&,#7HUPLQDO#PRGH/#&+3#)UDPH
&+3&+4&+5&+6
6*
'287
6WRS2*R#%LW#LQGLFDWLQJ#'#&KDQQHO
DYDLODELOLW\#LQ#&+5
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW ;06
;1614
;1614;1614
;1614 0RQLWRU#&KDQQHO#2SHUDWLRQ
0RQLWRU#&KDQQHO#2SHUDWLRQ0RQLWRU#&KDQQHO#2SHUDWLRQ
0RQLWRU#&KDQQHO#2SHUDWLRQ
7KH#PRQLWRU#FKDQQHO#KDV#DFFHVV#WR#WKH#HQWLUH#LQWHUQDO#UHJLVWHU#VHW#RI#WKH#0&4788:91#$OO#
PRQLWRU#FKDQQHO#PHVVDJHV#DUH#WZR#E\WHV#LQ#OHQJWK1#(DFK#E\WH#LV#VHQW#WZLFH#WR#SHUPLW#WKH#
UHFHLYLQJ#GHYLFH#WR#YHULI\#GDWD#LQWHJULW\1#7KH#$#DQG#(#ELWV#LQ#WKH#*&,#FKDQQHO#DUH#XVHG#WR#
FRQWURO#DQG#DFNQRZOHGJH#PRQLWRU#FKDQQHO#WUDQVIHUV#EHWZHHQ#WKH#0&4788:9#DQG#WKH#
WHUPLQDO#*&,#GHYLFH1#:KHQ#WKH#PRQLWRU#FKDQQHO#LV#LQDFWLYH/#WKH#$/#(/#DQG#0#FKDQQHOV#LQ#
WKH#'287#*&,#IUDPH#DUH#KLJK#LPSHGDQFH1
7KH#$#DQG#(#ELWV#LQ#WKH#*&,#FKDQQHO#DUH#XVHG#WR#FRQWURO#DQG#DFNQRZOHGJH#0RQLWRU1#7KH#
$#DQG#(#ELWV#DUH#DFWLYH#ZKHQ#WKH\#DUH#GULYHQ#WR#966#GXULQJ#WKHLU#UHVSHFWLYH#ELW#WLPHV1#
3XOO0XS#UHVLVWRUV#DUH#UHTXLUHG#RQ#',1#DQG#'2871#7KH#(#ELW#LQGLFDWHV#WKH#WUDQVPLVVLRQ#RI#
D#QHZ#0RQLWRU#FKDQQHO#E\WH1#7KH#$#ELW#IURP#WKH#RSSRVLWH#GLUHFWLRQ#LV#XVHG#WR#
DFNQRZOHGJH#WKH#0RQLWRU#FKDQQHO#E\WH#WUDQVIHU1#$Q#LGOH#0RQLWRU#FKDQQHO#LV#LQGLFDWHG#E\#
ERWK#$#DQG#(#ELWV#EHLQJ#LQDFWLYH#IRU#WZR#*&,#IUDPHV1#7KH#$#DQG#(#ELWV#DUH#KLJK#
LPSHGDQFH#ZKHQ#LQDFWLYH1#7KH#0RQLWRU#FKDQQHO#GDWD#LV#'))1
7KH#RULJLQDWLQJ#*&,#GHYLFH#WUDQVPLWV#D#E\WH#RQWR#WKH#0RQLWRU#FKDQQHO#DIWHU#UHFHLYLQJ#WKH#
$#DQG#(#ELWV#HTXDO#WR#4#IRU#DW#OHDVW#WZR#FRQVHFXWLYH#*&,#IUDPHV1#7KH#RULJLQDWLQJ#*&,#
GHYLFH#DOVR#VHWV#LWV#RXWJRLQJ#(#ELW#WR#3#LQ#WKH#VDPH#*&,#IUDPH#DV#WKH#E\WH#WKDW#LV#
WUDQVPLWWHG1#7KH#WUDQVPLWWHG#E\WH#LV#UHSHDWHG#IRU#DW#OHDVW#WZR#*&,#IUDPHV/#RU#LV#UHSHDWHG#
LQ#VXEVHTXHQW#*&,#IUDPHV/#XQWLO#WKH#0&4788:9#DFNQRZOHGJHV#UHFHLYLQJ#WZR#FRQVHFXWLYH#
*&,#IUDPHV#FRQWDLQLQJ#WKH#VDPH#E\WH1#2QFH#WKH#0&4788:9#DFNQRZOHGJHV#WKH#ILUVW#E\WH/#
WKH#VHQGLQJ#GHYLFH#VHWV#(#WR#KLJK#LPSHGDQFH#DQG#WUDQVPLWV#WKH#ILUVW#IUDPH#RI#WKH#VHFRQG#
E\WH1#7KHQ/#WKH#VHFRQG#E\WH#LV#UHSHDWHG#ZLWK#WKH#(#ELW#ORZ#XQWLO#LW#LV#DFNQRZOHGJHG1#7KH#
GHVWLQDWLRQ#*&,#GHYLFH#YHULILHV#WKDW#LW#KDV#UHFHLYHG#WKH#ILUVW#E\WH#E\#VHWWLQJ#WKH#$#ELW#WR#3#
WRZDUGV#WKH#RULJLQDWLQJ#*&,#GHYLFH#IRU#DW#OHDVW#WZR#*&,#IUDPHV1#6XFFHVVLYH#E\WHV#DUH#
DFNQRZOHGJHG#E\#WKH#UHFHLYLQJ#GHYLFH#VHWWLQJ#$#WR#KLJK#LPSHGDQFH#RQ#WKH#ILUVW#LQVWDQFH#
RI#WKH#QH[W#E\WH/#IROORZHG#E\#$#EHLQJ#FOHDUHG#WR#3#ZKHQ#WKH#VHFRQG#LQVWDQFH#RI#WKH#E\WH#LV#
UHFHLYHG1
6HH#)LJXUHýåðë#WKURXJK#)LJXUHýåðç#IRU#GHWDLOV#RI#0RQLWRU#FKDQQHO#RSHUDWLRQV1
)LJXUH#;051#0RQLWRU#&KDQQHO#$FFHVV#3URWRFRO
458#µV
$ $ $ $ $
$$ $
)6&
',1
'287
%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5
1XOO ( (((((( (1XOO 1XOO 1XOO%\WH#4 %\WH#4 %\WH#5 %\WH#5
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
;07 0&4788:9#'DWD#6KHHW 027252/$
)LJXUH#;061#0RQLWRU#&KDQQHO#3URWRFRO#ZLWK#'HOD\
)LJXUH#;071#0RQLWRU#&KDQQHO#5HJLVWHU#:ULWH#6HTXHQFH
)LJXUH#;081#0RQLWRU#&KDQQHO#5HJLVWHU#5HDG#6HTXHQFH
458#
µ
V
$ $ $ $$
$$
$
)6&
',1
'287
%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5%4# 0#%5
1XOO ( (((((( (%\WH#5 1XOO 1XOO%\WH#4 %\WH#4 %\WH#5 %\WH#5
%4# 0#%5
(
1XOO
$
',1
'287
)6&
:5,7(#&RPPDQG#4 0LQLPXP#WKUHH
)UDPHV#6HSDUDWLRQ
:5,7(#&RPPDQG#5
$( $( $( $( $( $( $( $( $( $( $( $( $( $( $( $(
%\WH#4 %\WH#5 %\WH#5%\WH#4 %\WH#4 %\WH#5 %\WH#5%\WH#4
$( $( $( $( $( $( $( $( $( $( $( $( $( $( $( $(
',1
'287
)6&
5HDG ([DFWO\#7KUHH
)UDPHV
5HDG#'DWD
$( $( $( $( $( $( $( $( $( $( $( $( $( $( $( $(
%\WH#4
%\WH#5 %\WH#5
%\WH#4
%\WH#4
%\WH#4 %\WH#4
%\WH#4
$( $( $( $( $( $( $( $( $( $( $( $( $( $( $( $(
&RPPDQG#4
0LQLPXP#7KUHH
)UDPHV#6HSDUDWLRQ
5HDG
&RPPDQG#5
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW ;08
$OO#07#FKDQQHO#DFWLYLW\#LV#DXWRPDWLFDOO\#KDQGOHG#E\#WKH#0&4788:9#ZKHQ#FRQILJXUHG#IRU#
*&,#PRGH1#7KH#0&4788:9#LVVXHV#0RQLWRU#FKDQQHO#PHVVDJHV#ZKHQHYHU#WKH#UHFHLYHG#
(2&/#07/#RU#08209#PHVVDJHV#UHFHLYHG#IURP#WKH#80LQWHUIDFH#FKDQJH/#DQG#DSSURSULDWH#
GXDO0FKHFNLQJ#RU#WULQDO0FKHFNLQJ#RI#ELWV#KDV#EHHQ#GRQH1#,Q#QRUPDO#*&,#RSHUDWLRQ/#LW#LV#QRW#
QHFHVVDU\#WR#UHDG#RU#ZULWH#WKH#LQWHUQDO#UHJLVWHUV#RI#WKH#0&4788:91
,I#WKH#UHFHLYLQJ#*&,#GHYLFH#GRHV#QRW#UHFHLYH#WKH#VDPH#0RQLWRU#FKDQQHO#E\WH#LQ#WZR#
FRQVHFXWLYH#*&,#IUDPHV/#LW#LQGLFDWHV#WKLV#E\#OHDYLQJ#$# #3#XQWLO#WZR#FRQVHFXWLYH#LGHQWLFDO#
E\WHV#DUH#UHFHLYHG1#7KH#ODVW#E\WH#RI#WKH#VHTXHQFH#LV#LQGLFDWHG#E\#WKH#RULJLQDWLQJ#*&,#
GHYLFH#VHWWLQJ#LWV#(#ELW#WR#D#4#IRU#WZR#VXFFHVVLYH#*&,#IUDPHV1#)LJXUHýåðê#VKRZV#DQ#H[DPSOH#
RI#D#GHOD\HG#*&,#0RQLWRU#FKDQQHO#PHVVDJH1
;1615
;1615;1615
;1615 0RQLWRU#&KDQQHO#0HVVDJHV#DQG#&RPPDQGV
0RQLWRU#&KDQQHO#0HVVDJHV#DQG#&RPPDQGV0RQLWRU#&KDQQHO#0HVVDJHV#DQG#&RPPDQGV
0RQLWRU#&KDQQHO#0HVVDJHV#DQG#&RPPDQGV
7KH#0&4788:9#VXSSRUWV#WKUHH#EDVLF#W\SHV#RI#0RQLWRU#FKDQQHO#PHVVDJHV1#7KH#ILUVW#JURXS#
RI#PHVVDJHV#DUH#FRPPDQGV#WKDW#UHDG#RU#ZULWH#WKH#LQWHUQDO#UHJLVWHU#VHW#RI#WKH#0&4788:91#
6HH#6HFWLRQýè#IRU#D#FRPSOHWH#GHVFULSWLRQ#RI#WKH#0&4788:9#UHJLVWHU#VHW1#7KH#VHFRQG#JURXS#
RI#PHVVDJHV#DUH#UHVSRQVHV#WKDW#DUH#WUDQVPLWWHG#E\#WKH#0&4788:9#DIWHU#LW#UHFHLYHV#D#
UHJLVWHU#UHDG#RU#ZULWH#FRPPDQG#RYHU#WKH#0RQLWRU#FKDQQHO1#7KH#WKLUG#JURXS#RI#0RQLWRU#
FKDQQHO#PHVVDJHV#DUH#LQWHUUXSW#LQGLFDWLRQ#PHVVDJHV#WKDW#DUH#WUDQVPLWWHG#E\#WKH#
0&4788:9#ZKHQHYHU#D#FKDQJH#LV#GHWHFWHG#LQ#WKH#0DLQWHQDQFH#&KDQQHO#5HFHLYH#UHJLVWHUV#
%54/#%56/#RU#59#RI#WKH#80LQWHUIDFH#RU#LQ#WKH#LQWHUUXSW#UHJLVWHU#156#RI#WKH#6270LQWHUIDFH1
)LJXUH#;091#0RQLWRU#&KDQQHO#0XOWLSOH#,QWHUUXSW#,QGLFDWLRQV#6HTXHQFH
',1
'287
)6&
,QWHUUXSW#,QGLFDWLRQ#4 0LQLPXP#5
)UDPHV
,QWHUUXSW#,QGLFDWLRQ#5
$( $( $( $( $( $( $( $( $( $( $( $( $( $( $(
%\WH#4 %\WH#5 %\WH#5%\WH#4 %\WH#4 %\WH#5 %\WH#5%\WH#4
$( $( $( $( $( $( $( $( $( $( $( $( $( $( $(
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
;09 0&4788:9#'DWD#6KHHW 027252/$
;161514##0RQLWRU#&KDQQHO#&RPPDQGV
;161514##0RQLWRU#&KDQQHO#&RPPDQGV;161514##0RQLWRU#&KDQQHO#&RPPDQGV
;161514##0RQLWRU#&KDQQHO#&RPPDQGV
$#*&,#GHYLFH#WUDQVPLWV#0RQLWRU#FKDQQHO#FRPPDQGV#WR#D#UHFHLYLQJ#0&4788:9#WR#JDLQ#
DFFHVV#WR#LWV#LQWHUQDO#UHJLVWHU#VHW1#7KH#UHFHLYLQJ#0&4788:9#WKHQ#WUDQVPLWV#D#0RQLWRU#
FKDQQHO#UHVSRQVH#PHVVDJH#RQWR#WKH#0RQLWRU#FKDQQHO#IRU#FRPPDQGV#WKDW#UHTXHVW#GDWD#WR#
EH#UHDG#IURP#DQ#LQWHUQDO#UHJLVWHU1#&RPPDQGV#WKDW#ZULWH#GDWD#WR#DQ#LQWHUQDO#0&4788:9#
UHJLVWHU#DUH#DFFHSWHG#DQG#DFWHG#XSRQ/#EXW#WKH#0&4788:9#GRHV#QRW#LVVXH#D#UHVSRQVH#
PHVVDJH1#0RQLWRU#FKDQQHO#FRPPDQGV#DUH#OLVWHG#LQ#7DEOHýåðë1
7KH#0&4788:9#DFNQRZOHGJHV#DOO#PHVVDJHV#LW#UHFHLYHV#RYHU#WKH#0RQLWRU#FKDQQHO1#,I#DQ#
LQYDOLG#PHVVDJH#LV#UHFHLYHG/#WKH#0&4788:9#DFNQRZOHGJHV#LW/#EXW#GRHV#QRW#WDNH#DQ\#
DFWLRQ1
;161515##
;161515##;161515##
;161515##0RQLWRU#&KDQQHO#5HVSRQVH#0HVVDJHV
0RQLWRU#&KDQQHO#5HVSRQVH#0HVVDJHV0RQLWRU#&KDQQHO#5HVSRQVH#0HVVDJHV
0RQLWRU#&KDQQHO#5HVSRQVH#0HVVDJHV
7KH#PRQLWRU#FKDQQHO#UHVSRQVH#PHVVDJHV#DUH#WUDQVPLWWHG#RQWR#WKH#*&,#PRQLWRU#FKDQQHO#
E\#WKH#0&4788:9#LQ#UHVSRQVH#WR#D#UHJLVWHU#UHDG#FRPPDQG1#7KH#PRQLWRU#FKDQQHO#UHVSRQVH#
PHVVDJHV#DUH#JLYHQ#LQ#7DEOHýåðê1
7DEOH#;051##0RQLWRU#&KDQQHO#&RPPDQGV
%\WH#4 %\WH#5
&RPPDQG
06% /6% 06% /6%
E4: E49 E48 E47 E46 E45 E44 E43 E5: E59 E58 E57 E56 E55 E54 E53
3333ED6ED5ED4ED3G:G9G8G7G6G5G4G380%5#:ULWH
3334ED6ED5ED4ED380%5#5HDG
3343QD6QD5QD4QD3G6G5G4G3[[[[8015#:ULWH
3344QD6QD5QD4QD38015#5HDG
34343333 80(2HDG
3443D4D5D6GP L4L5L6L7L8L9L:L;80(2&#:ULWH
4333ED6ED5ED4ED3G:G9G8G7G6G5G4G370%5#:ULWH
4334ED6ED5ED4ED370%5#5HDG
43433QD5QD4QD3G6G5G4G3[[[[7015#:ULWH
43443QD5QD4QD37015#5HDG
1RWHV=41 )RU#%5#DFFHVVHV/#WKH#DGGUHVV#UDQJH#IRU#ED6±ED3#LV#'3±')1#7KH#ELWV#G:±G3#DUH#GDWD#ZULWWHQ#
WR#WKH#VHOHFWHG#%51
51 )RU#15#DFFHVVHV/#WKH#DGGUHVV#UDQJH#IRU#QD5±QD3#LV#'30'91#7KH#ELWV#G6±G3#DUH#GDWD#
ZULWWHQ#WR#WKH#VHOHFWHG#151?
61 7KH#ELWV#D4±D6/#GP/#DQG#L4±L;#DUH#GDWD#ZULWWHQ#WR#WKH#(2&#UHJLVWHU#+L1H1/#59,1
71 7KH#0&4788:9#GRHV#QRW#LVVXH#D#UHVSRQVH#WR#D#UHJLVWHU#ZULWH#FRPPDQG
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW ;0:
;161516##
;161516##;161516##
;161516##0RQLWRU#&KDQQHO#,QWHUUXSW#,QGLFDWLRQ#0HVVDJHV
0RQLWRU#&KDQQHO#,QWHUUXSW#,QGLFDWLRQ#0HVVDJHV0RQLWRU#&KDQQHO#,QWHUUXSW#,QGLFDWLRQ#0HVVDJHV
0RQLWRU#&KDQQHO#,QWHUUXSW#,QGLFDWLRQ#0HVVDJHV
7KH#PRQLWRU#FKDQQHO#LQWHUUXSW#LQGLFDWLRQ#PHVVDJHV#DUH#DXWRPDWLFDOO\#WUDQVPLWWHG#RQWR#
WKH#*&,#PRQLWRU#FKDQQHO#E\#WKH#0&4788:9#ZKHQ#LWV#UHFHLYHU#GHIUDPHU#XSGDWHV#RQH#RI#
WKH#PDLQWHQDQFH#FKDQQHO#UHJLVWHUV#=#WKHUH#DUH##%54/#%56/#(2&#UHJLVWHU#59#RI#WKH#80
,QWHUIDFH#DQG#WKH#LQWHUUXSW#UHJLVWHU#156#RI#WKH#6270,QWHUIDFH#LV#XSGDWHG1#$OO#RXWVWDQGLQJ#
LQWHUUXSW#LQGLFDWLRQ#PHVVDJHV#DUH#WUDQVPLWWHG#SULRU#WR#DQ\#UHVSRQVH#PHVVDJHV#EHLQJ#
WUDQVPLWWHG1#7DEOHýåðé#OLVWV#WKH#PRQLWRU#FKDQQHO#LQWHUUXSW#LQGLFDWLRQ#PHVVDJHV1
7DEOH#;061##0RQLWRU#&KDQQHO#5HVSRQVH#0HVVDJHV
%\WH#4 %\WH#5
&RPPHQW
06% /6% 06% /6%
E4: E49 E48 E47 E46 E45 E44 E43 E5: E59 E58 E57 E56 E55 E54 E53
3334ED6ED5ED4ED3G:G9G8G7G6G5G4G380%\WH#5HDG
33443QD5QD4QD3G6G5G4G3;;;;801LEEOH#5HDG
3434D4D5D6GP L4L5L6L7L8L9L:L;80(2HDG
4334ED6ED5ED4ED3G:G9G8G7G6G5G4G370%\WH#5HDG
43443QD5QD4QD3G6G5G4G3;;;;701LEEOH#5HDG
1RWHV=41 ,I#PRQLWRU#FKDQQHO#LQWHUUXSW#LQGLFDWLRQ#PHVVDJH#LV#WUDQVPLWWHG#DW#WKH#VDPH#WLPH#WKDW#D#PRQLWRU#FKDQQHO#
UHDG#FRPPDQG#LV#UHFHLYHG#WKHQ#WKH#LQGLFDWLRQ#PHVVDJH#WDNHV#SULRULW\#RYHU#WKH#UHDG#UHTXHVW1#$OO#TXHXHG#
LQWHUUXSW#LQGLFDWLRQ#PHVVDJHV#DUH#LVVXHG#EHIRUH#WKH#UHVSRQVH#WR#WKH#UHJLVWHU#UHDG#PHVVDJH1#,W#LV#
LPSRUWDQW#IRU#VRIWZDUH#WR#DOZD\V#FKHFN#WKH#PHVVDJH#FRGH#LQ#E\WH#4#RI#DQ\#UHFHLYHG#PHVVDJH1
51 7KH#ELWV#D4#WKURXJK#D6/#GP#DQG#L4#WKURXJK#L;#DUH#GDWD#WKDW#LV#UHDG#IURP#WKH#HRF#UHJLVWHU#591
7DEOH#;071##0RQLWRU#&KDQQHO#,QWHUUXSW#,QGLFDWLRQ#0HVVDJHV
%\WH#4 %\WH#5
&RPPHQW
06% /6% 06% /6%
E4: E49 E48 E47 E46 E45 E44 E43 E5: E59 E58 E57 E56 E55 E54 E53
3333 3 3 3 3083 093 084 5[G
)(%(
&¶G
)(%(
9H¶G
$&7
9H¶G
'($
6#)U
'HW
08209
#,17
3343627
,546
627
,545
627
,544
627
,543
073 074 075 076 077 078 079 07: 0727
#,17
3434D4D5D6'0 L4L5L6L7L8L9L:L;(2&#,17
1RWHV=41 7KH#ELWV#D4#WKURXJK#D6/#GP#DQG#L4#WKURXJK#L;#DUH#GDWD#WKDW#LV#UHDG#IURP#WKH#(2&#UHJLVWHU#591
51 7KH#GDWD#E\WH#UHWXUQHG#E\#WKH#08209#LQWHUUXSW#FRUUHVSRQGV#WR#WKH#E\WH#DV#UHDG#IURP#WKH#%\WH#
UHJLVWHU#%56#LQ#WKH#8#6&3#,QWHUIDFH#UHJLVWHU#PDS1
61 7KH#GDWD#E\WH#UHWXUQHG#E\#WKH#0727#LQWHUUXSW#FRUUHVSRQGV#WR#WKH#E\WH#DV#UHDG#IURP#%\WH#UHJLVWHU#
%54#LQ#WKH#8#6&3#LQWHUIDFH#UHJLVWHU#PDS#DQG#WKH#1LEEOH#5HJLVWHU#156#LQ#WKH#627#6&3#LQWHUIDFH#
UHJLVWHU#PDS1
71 7KH#627#LQWHUUXSWV#PXVW#ILUVW#EH#HQDEOHG#E\#ZULWLQJ#WR#157#LQ#WKH#627#,QWHUIDFH#UHJLVWHU#PDS/#EHIRUH#
WKH#LQWHUUXSW#LQGLFDWLRQ#PHVVDJH#LV#JHQHUDWHG#E\#WKH#1741#7KH#08209/#07#DQG#HRF#LQWHUUXSW#
PHVVDJHV#DUH#HQDEOHG#E\#GHIDXOW1
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
;0; 0&4788:9#'DWD#6KHHW 027252/$
;17 7HUPLQDO#0RGH
7KH#*&,#PRGH#RI#WKH#0&4788:9#SURYLGHV#D#IXOO\#RSHUDWLRQDO#*&,1#7KH#,QWHUIDFH#RSHUDWHV#
DV#D#PDVWHU#+L1H1/#WKH#0&4788:9#LV#WKH#VRXUFH#RI#WKH#)6&#DQG#'&/,/#ZKLFK#LV#V\QFKURQL]HG#
WR#WKH#UHFHLYH#IUDPHV#RI#WKH#80,QWHUIDFH1#,Q#WKLV#PRGH#WKH#*&,#RSHUDWHV#DV#D#7HUPLQDO#
FRQQHFWLRQ#WR#WKH#0&4788:9#ZKHUH#5%.'#GDWD#LV#SDVVHG#WUDQVSDUHQWO\#EHWZHHQ#WKH#80
,QWHUIDFH#DQG#6270,QWHUIDFH#SRUWLRQV#RI#WKH#0&4788:9#LQ#ERWK#WKH#XSVWUHDP#+WRZDUGV#WKH#
/7,#DQG#GRZQVWUHDP#+WRZDUGV#WKH#7(,1#7KH#*&,#LQ#WKLV#PRGH#DOORZV#5%.'#GDWD#WR#EH#
WUDQVPLWWHG2UHFHLYHG#LQWR2IURP#WKLV#GDWD#IORZ#FRQQHFWLRQ1#
7KH#'&/#FORFN#IUHTXHQF\#LV#5137;#0+]#WKXV#SURYLGLQJ#D#IRXU0FKDQQHO#*&,#IUDPH1#7KH#
0&4788:9#RQO\#RSHUDWHV#LQ#&+3#IRU#%/#'/#&2,/#DQG#PRQLWRU#FKDQQHOV#DQG#LQ#ELW#8#RI#WKH#
&2,#FKDQQHO#LQ#&+5#+6&,7#7HUPLQDO#PRGH,#ZKLFK#LV#XVHG#WR#LQGLFDWH#WKH#VWDWXV#RI#WKH#
7HUPLQDO#'#FKDQQHO#DYDLODELOLW\#+VWRS2JR#VWDWXV,1#7KH#5%.'#GDWD#WKDW#LV#RXWSXW#IURP#WKH#
'287#SLQ#LV#VLPSO\#WKH#5%.'#GDWD#WKDW#LV#EHLQJ#VHQW#GRZQVWUHDP#IURP#WKH#/7#WR#WKH#7(1#
7KH#5%.'#GDWD#WKDW#LV#LQSXW#WR#WKH#',1#SLQ#LV#FRPELQHG#ZLWK#WKH#5%.'#GDWD#WKDW#LV#EHLQJ#
VHQW#XSVWUHDP#IURP#WKH#7(#WR#WKH#/71#7KH#FRPELQDWLRQ#RI#WKH#WZR#5%.'#GDWD#VWUHDPV#LV#
DFKLHYHG#DV#GHVFULEHG#LQ#WKH#QH[W#VHFWLRQV1
;1714
;1714;1714
;1714 %#&KDQQHOV
%#&KDQQHOV%#&KDQQHOV
%#&KDQQHOV
7KH#%#FKDQQHO#GDWD#LQSXW#RQ#',1#LV#$1'HG#ZLWK#WKH#%#FKDQQHO#EHLQJ#SDVVHG#XSVWUHDP#
WRZDUGV#WKH#/71#7KHUH#LV#QR#FLUFXLWU\#LQ#WKH#0&4788:9#WKDW#GHWHFWV#LI#WKHUH#LV#D#GDWD#
FROOLVLRQ#RFFXUULQJ/#WKLV#WKH#GRPDLQ#RI#WKH#OD\HU#526#VRIWZDUH#WR#HQVXUH#WKDW##D#7(#DQG#WKH#
17#7HUPLQDO/#GR#QRW#DWWHPSW#WR#DFFHVV#WKH#VDPH#%#FKDQQHO#DW#WKH#VDPH#WLPH#+SDVVLYH#EXV#
FRQILJXUDWLRQ#DW#6270,QWHUIDFH,1#,W#LV#SRVVLEOH#WR#EORFN#WKH#%#FKDQQHOV#LQGHSHQGHQWO\#IURP#
DQ\#LQWHUIDFH#+L1H1/#8/#627/#RU#*&,#YLD#PRQLWRU#FKDQQHO#FRQWURO,1
;1715
;1715;1715
;1715 '#&KDQQHO
'#&KDQQHO'#&KDQQHO
'#&KDQQHO
7KH#'#FKDQQHO#GDWD#LQSXW#RQ#',1#LV#$1'HG#ZLWK#WKH#'#FKDQQHO#GDWD#EHLQJ#SDVVHG#
XSVWUHDP/#KRZHYHU/#LQ#WKLV#FDVH#WKH#FROOLVLRQ#GHWHFWLRQ#IXQFWLRQ#HQVXUHV#WKDW#WKH#WZR#'#
FKDQQHOV#GR#QRW#FROOLGH#DQG#FRUUXSW#HDFK#RWKHUV#GDWD1#%HIRUH#WKH#'#FKDQQHO#LV#DYDLODEOH#
IRU#XVH/#WKH#174#WHUPLQDO#PXVW#UHTXHVW#DFFHVV#E\#XVLQJ#D#&2,#FKDQQHO#FRPPDQG/#$,;#RU#
$,43/#RU#E\#XVLQJ#WKH#'5(48(67#LQSXW#SLQ1#7KH#'#FKDQQHO#DFFHVV#FLUFXLWU\#WKHQ#FKHFNV#
ZKHWKHU#WKH#'#FKDQQHO#LV#FXUUHQWO\#EHLQJ#XVHG#E\#D#GRZQVWUHDP#7(1#,I#VR/#WKHQ#WHUPLQDO#
DFFHVV#WR#WKH#'#FKDQQHO#LV#EORFNHG1#,I#WKH#'#FKDQQHO#EHFRPHV#DYDLODEOH/#+L1H1/#QR#7(#LV#
WUDQVPLWWLQJ#GDWD#RQ#WKH#'#FKDQQHO,/#WKHQ#DFFHVV#LV#JUDQWHG/#DV#LQGLFDWHG#E\#WKH#6WRS2*R#
LQGLFDWLRQ#ELW/#%LW#8#RI#WKH#&2,#&KDQQHO#LQ#&+5#RI#WKH#RXWSXW#*&,#IUDPH#RQ#'287/#DQG#
WKH#'*5$17#RXWSXW#SLQ1
7KH#FROOLVLRQ#GHWHFWLRQ#FLUFXLWU\#GHWHFWV#ZKHQ#D#GDWD#FROOLVLRQ#EHWZHHQ#WKH#174#WHUPLQDO#
DQG#D#GRZQVWUHDP#7(#RFFXUV1#,I#WKHUH#LV#D#GDWD#FROOLVLRQ/#WKHQ#WKH#WHUPLQDO#+174#RU#7(,#
ZKRVH#GDWD#LV#FRUUXSWHG#VWRSV#WUDQVPLWWLQJ1#7KLV#$1'HG#'#FKDQQHO#GDWD#LV#DOVR#VHQW#
GRZQVWUHDP#WR#WKH#7(V#RQ#WKH#(0&KDQQHO#LQ#WKH#WUDQVPLWWHG#6270,QWHUIDFH#IUDPHV#
DOORZLQJ#WKHP#WR#EH#DZDUH#WKDW#DQRWKHU#7(#RU#WHUPLQDO#LV#XVLQJ#WKH#'#FKDQQHO1#7KH#
&/$66#LQSXW#SLQ#RU#WKH#&2,#FRPPDQGV#/#$,;243/#FDQ#EH#XVHG#WR#VHW#WKH#PHVVDJH#SULRULW\1#
7R#WHUPLQDWH#WKH#'#FKDQQHO#DFFHVV#WKH#&2,#FRPPDQG#$,(20#RU#'5(48(67#VKRXOG#EH#
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW ;0<
XVHG1#,Q#WKH#FDVH#RI#'5(48(67#LW#PXVW#EH#WDNHQ#ORZ1
&RQWURO#RI#WKH#'#FKDQQHO#LV#DFFRPSOLVKHG#HLWKHU#E\#WKH#&2,#FKDQQHO#RU#WKH#'5(48(672
'*5$172&/$66#SLQV#EXW#QRW#D#PL[WXUH#RI#ERWK1#,I#WKH#&2,#FKDQQHO#LV#FRQWUROOLQJ#'#
FKDQQHO#DFFHVV/#WKHQ#KROG#WKH#&/$66#DQG#'5(48(67#SLQV#ORZ1#/LNHZLVH/#LI#WKH#
'5(48(672'*5$172&/$66#SLQV#DUH#XVHG/#WKHQ#XVH#WKH#$,(20#&2,#FRPPDQG#WR#
FRQWURO#$,;2431#7KLV#RSHUDWLRQ#LV#LQ#DFFRUGDQFH#ZLWK#WKH#PHWKRG#RI#7(#'#FKDQQHO#DFFHVV#
GHILQHG#LQ#WKH#(76,2$16,#VSHFLILFDWLRQ#+,1763,1#7KH#',1#'#FKDQQHO#LQSXW#GDWD#PXVW#EH#LQ#
/$3'#IRUPDW#WR#HQVXUH#WKH#FRUUHFW#RSHUDWLRQ#RI#WKH#DFFHVV2FROOLVLRQ#FLUFXLWU\1
)LJXUH#;0:1#*&,#'DWD#)ORZ#&RQFHSWXDO#'LDJUDP
5%.'
5%.'
5%.'
5%
5%
5%
6270,QWHUIDFH 80,QWHUIDFH
'&/
)6&
(
'
$FFHVV#DQG
&RQWHQWLRQ#&RQWURO
*&,#,QWHUIDFH
&/$66
'5(48(67
'*5$17
',1
'287
'&/
)6&
'
'
$FWLYDWLRQ
6WDWXV2&RQWURO
$FWLYDWLRQ
6WDWXV2&RQWURO
6270,QW1#&2,
*HQHUDWLRQ
DQG#'HFRGH
80,QW1#&2,
*HQHUDWLRQ
DQG#'HFRGH
&2,#
([FKDQJH
1RWH=)RU#FODULW\/#WKH#PRQLWRU#LV#QRW#VKRZQ1
62*
,
&
'
(
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
;043 0&4788:9#'DWD#6KHHW 027252/$
;1716
;1716;1716
;1716 &2,#&KDQQHO
&2,#&KDQQHO&2,#&KDQQHO
&2,#&KDQQHO
7KH#&2,#FKDQQHO#LV#XVHG#WR#DOORZ#DFWLYDWLRQ#RI#WKH#0&4788:9#E\#WKH#17#WHUPLQDO1#
7KH#&2,#FKDQQHO#LV#DOZD\V#GLUHFWHG#WRZDUGV#WKH#XSVWUHDP#GLUHFWLRQ1#7KH#&2,#FRPPDQG#
LQSXW#WR#',1#LV#FRPELQHG#ZLWK#WKH#DFWLYDWLRQ#VWDWXV#RI#WKH#6270,QWHUIDFH#EHIRUH#EHLQJ#
SDVVHG#LQ#WKH#XSVWUHDP#GLUHFWLRQ#WR#WKH#80,QWHUIDFH1#7DEOHýåðè#GHILQHV#WKH#&2,#FKDQQHO#
FRPPDQG#DQG#LQGLFDWLRQ#FRGHV#DYDLODEOH#IRU#WKH#*&,#WHUPLQDO#PRGH1
7DEOH#;081##*&,#7HUPLQDO#0RGH#&2,#&KDQQHO#&RPPDQG#DQG#,QGLFDWLRQ#&RGHV#
&2,#&2'( &200$1' ,1',&$7,21
3333 7,0 '5
3334 ³³
3343 ³³
3344 ³³
3433 ³56<
3434 ³(,5
3443 ³³
3444 ³³
4333 $5;$5
4334 $543 ³
4343 ³$5/
4344 $,(20 ³
4433 $,;$,
4434 $,43 ³
4443 ³$,/
4444 ', '&
1RWHV=41 7,0# #7LPLQJ#5HTXHVW#IRU#WKH#*&,
51 '5# #'HDFWLYDWLRQ#5HTXHVW#IURP#80,QWHUIDFH
61 56<# #/RVV#RI#6\QF#DW#80,QWHUIDFH
71 (,5# #(UURU#,QGLFDWLRQ#DW#80,QWHUIDFH
81 $5# #$FWLYDWLRQ#5HTXHVW#,QGLFDWLRQ#IURP#80,QWHUIDFH/#$FWLYDWLRQ#UHTXHVW#FRPPDQG#WR#
0&4788:9
91 $5/# #,QGLFDWLRQ#IURP#174#WKDW#5%.'#ORRSEDFN#DW#627#,QWHUIDFH#WRZDUGV#WKH#XSVWUHDP#
GLUHFWLRQ#KDV#EHHQ#DFWLYDWHG#E\#/7
:1 $,(20# #$FWLYDWLRQ#LQGLFDWLRQ#WR#80,QWHUIDFH#ZLWK#(QG#2I#0HVVDJH#7DJ#WR#FORVH#WKH#'#
FKDQQHO#DFFHVV
;1 $,;243# #$FWLYDWLRQ#LQGLFDWLRQ#&RPPDQG#ZLWK#'#FKDQQHO#DFFHVV#FRPPDQG#WR#
0&4788:9#ZLWK#PHVVDJH#FODVV#RI#;#RU#43
<1 $,# #$FWLYDWLRQ#,QGLFDWLRQ#IURP#80,QWHUIDFH
431 $,/# #,QGLFDWLRQ#IURP#174#WKDW#5%.'#ORRSEDFN#DW#627#,QWHUIDFH#WRZDUGV#WKH#XSVWUHDP#
GLUHFWLRQ#KDV#EHHQ#DFWLYDWHG#E\#/7
441 ',# #'HDFWLYDWLRQ#,QGLFDWLRQ#&RPPDQG#WR#WKH#0&4788:9
451 '&# #'HDFWLYDWLRQ#FRQILUPDWLRQ#,QGLFDWLRQ#IURP#80,QWHUIDFH
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW ;044
7KH#,QGLFDWLRQ#FRGH#JHQHUDWHG#RQ#'287#LV#WKH#FRPPDQG#EHLQJ#SDVVHG#GRZQVWUHDP#
IURP#WKH#80,QWHUIDFH#WR#WKH#6270,QWHUIDFH1#,W#SURYLGHV#WKH#FXUUHQW#VWDWXV#RI#WKH#0&4788:9#
WR#WKH#17#WHUPLQDO1#,I#PRUH#SUHFLVH#VWDWXV#LQIRUPDWLRQ#LV#UHTXLUHG/#WKHQ#WKH#17#WHUPLQDO#
FDQ#DFFHVV#WKH#DSSURSULDWH#DFWLYDWLRQ#DQG#PDLQWHQDQFH#UHJLVWHUV#RI#WKH#8#DQG#627#
SRUWLRQV#RI#WKH#0&4788:91
7KH#&RPPDQG#FRGH#LQSXW#WR#WKH#0&4788:9#RQ#',1#LV#FRPELQHG#ZLWK#WKH#FXUUHQW#VWDWXV#
RI#WKH#6270,QWHUIDFH#EHIRUH#EHLQJ#SDVVHG#WR#WKH#80,QWHUIDFH/#WKXV#HQVXULQJ#WKDW=
‡WKH#LQWHUIDFH#LV#DFWLYDWHG#FRUUHFWO\/
‡DFFHVV#WR#WKH#'#FKDQQHO#LV#HQDEOHG/#DQG#
‡WKH#PHVVDJH#FODVV#LV#FRQWUROOHG1
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
;045 0&4788:9#'DWD#6KHHW 027252/$
;18 0XOWLSOH[#0RGH
127(ã ,Q#PXOWLSOH[#PRGH/#RQO\#VHOHFW#WKH#FORFN#UDWH#'&/# #5137;#0+]#+L1H1/#SLQ#
&/.B6(/# #4,1
7KH#0XOWLSOH[#PRGH#IRU#WKH#*&,#RSHUDWHV#LQ#D#IDVKLRQ#VLPLODU#WR#WKH#,'/#7'0#PRGH1#,Q#
WKLV#PRGH/#WKHUH#LV#QR#GLUHFW#5%.'#GDWD#FRQQHFWLRQ#EHWZHHQ#WKH#8#DQG#627#SRUWLRQV#RI#
WKH#0&4788:91#,QVWHDG#WKH#5%.'#GDWD#FKDQQHOV#DUH#GLUHFWHG#WR#WKH#*&,1#/LNHZLVH#WKH#&2,#
FKDQQHOV#IRU#WKH#LQGLYLGXDO#8#DQG#627#SRUWLRQV#DUH#GLUHFWHG#WRZDUGV#WKH#*&,1#7KH#80
,QWHUIDFH#RFFXSLHV#WKH#&+3#FKDQQHO#DQG#WKH#6270,QWHUIDFH#RFFXSLHV#WKH#&+4#FKDQQHO1#
7KHUH#LV#QR#7HUPLQDO#LQWHUIDFH#'5(48(672'*5$172&/$66#DQG#QR#'#FKDQQHO#
FRQWHQWLRQ2DFFHVV#LQ#RSHUDWLRQ#ZLWK#WKH#GRZQVWUHDP#7(V1#7KH#LQWHUIDFH#DOORZV#YHU\#
IOH[LEOH#FRQWURO#RI#WKH#LQGLYLGXDO#GDWD#FKDQQHOV#HQDEOLQJ#FRPSOH[#FRQWURO#FRQILJXUDWLRQV#
ZKHQ#FRQQHFWHG#WR#D#6PDUW#7HUPLQDO1#2QH#SRVVLEOH#H[DPSOH#LV#FUHDWLQJ#D#VPDOO/#ORZ#FRVW#
3$%;1#7KH#&+3#FKDQQHO#DOVR#FRQWDLQV#WKH#PRQLWRU#FKDQQHO#XVHG#WR#DFFHVV#WKH#UHJLVWHUV#RI#
ERWK#WKH#8#DQG#WKH#627#LQWHUIDFHV1#7KHUH#LV#QR#PRQLWRU#FKDQQHO#DYDLODEOH#LQ#&+41#)LJXUHý
åðå#DQG#)LJXUHýåðä#LOOXVWUDWH#WKH#PXOWLSOH[#FRQILJXUDWLRQ1
)LJXUH#;0;1#*&,#'DWD#)ORZ#&RQFHSWXDO#'LDJUDP
5%.'
5%.'
5%.'
5%.'
6270,QWHUIDFH 80,QWHUIDFH
'&/
)6&
)6&
*&,#,QWHUIDFH
',1
'287
'&/
)6&
$FWLYDWLRQ
6WDWXV2&RQWURO
$FWLYDWLRQ
6WDWXV2&RQWURO
6270,QW1#&2,
*HQHUDWLRQ
DQG#'HFRGH
80,QW1#&2,
*HQHUDWLRQ
DQG#'HFRGH
1RWH=)RU#FODULW\/#WKH#PRQLWRU#LV#QRW#VKRZQ1
,
&
'&/
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
027252/$ 0&4788:9#'DWD#6KHHW ;046
7DEOHýåðç#GHILQHV#WKH#&2,#FKDQQHO#FRPPDQG#DQG#LQGLFDWLRQ#FRGHV#DYDLODEOH#IRU#WKH#*&,#
0XOWLSOH[#0RGH1#$V#FDQ#EH#VHHQ#VHSDUDWH#FRQWURO#RI#WKH#8#DQG#627#,QWHUIDFHV#LV#
DFFRPSOLVKHG#WKURXJK#WKH#XVH#RI#WKH#&2,#FKDQQHOV#LQ#&+3#DQG#&+41
)LJXUH#;0<1#0XOWLSOH[#*&,#7LPLQJ
7DEOH#;091##0XOWLSOH[#0RGH#&2,#&KDQQHO#&RGH#'HILQLWLRQV#
&2,#
&2'(
,QGLFDWLRQ#&+3
80,QWHUIDFH
&RPPDQG#&+3
80,QWHUIDFH
,QGLFDWLRQ#&+4
6270,QWHUIDFH
&RPPDQG#&+4
6270,QWHUIDFH
3333 '5 7,0 ³ '5
3334 ³ 5(6 ³ 5(6
3343 ³³ ³ ³
3344 ³³ ³ ³
3433 56< ³ 56< ³
3434 (,5³³ ³
3443 ³³ ³74276(;3
3444 ³³ ³ ³
4333 $5 $5 $5 $5
4334 ³³ ³ ³
4343 $5/³³$5/
4344 ³³ ³ ³
4433 $, $, $, $,
4434 ³³ ³ ³
4443 $,/ ³ ³ $,/
4444 '& ', ', '&
)6&
'&/
',1
'287
%4%5
%4%5
0&'
0,'
$
$
(
(
80,QWHUIDFH/#&+3#)UDPH
&+3&+4&+5&+6
6270,QWHUIDFH/#&+4#)UDPH
5#0+]#)RXU#*&,#)UDPHV
',1
'287
%4%5
%4%5
&'
,'
*&,#0RGH#'HYLFH#)XQFWLRQDOLW\
;047 0&4788:9#'DWD#6KHHW 027252/$
027252/$ 0&4788:9#'DWD#6KHHW <04
<
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<14 ,QWURGXFWLRQ
7KLV#VHFWLRQ#GHVFULEHV#WKH#DFWLYDWLRQ#DQG#GHDFWLYDWLRQ#SURFHGXUHV#IRU#WKH#0&4788:9#LQ#
,'/26&3#PRGH#DQG#*&,#PRGH1#
<15 ,'/26&3#0RGH
7KH#IROORZLQJ#VHFWLRQV#GHVFULEH#80LQWHUIDFH#RSHUDWLRQV#DQG#6270LQWHUIDFH#RSHUDWLRQV#
ZKHQ#WKH#0&4788:9#LV#LQ#,'/26&3#PRGH1
<1514
<1514<1514
<1514 80,QWHUIDFH#2SHUDWLRQV
80,QWHUIDFH#2SHUDWLRQV80,QWHUIDFH#2SHUDWLRQV
80,QWHUIDFH#2SHUDWLRQV
7KLV#VHFWLRQ#DVVXPHV#WKDW#WKDW#0&4788:9#LV#FRQILJXUHG#IRU#WKH#,'/#PRGH#RI#RSHUDWLRQ1#80
LQWHUIDFH#DFWLYDWLRQ#RU#VWDUW0XS#LV#WKH#SURFHVV#E\#ZKLFK#WKH#80LQWHUIDFH#LQLWLDWHV#D#UREXVW#
IXOO0GXSOH[#FRPPXQLFDWLRQV#FKDQQHO1#7KLV#SURFHVV#LV#D#ZHOO0GHILQHG#VHTXHQFH#RI#
SURFHGXUHV#GXULQJ#ZKLFK#WKH#WUDLQLQJ#RI#WKH#HTXDOL]HUV#DQG#HFKR#FDQFHOOHUV#DW#HDFK#HQG#RI#
WKH#WUDQVPLVVLRQ#OLQH#WDNHV#SODFH1#7ZR#W\SHV#RI#DFWLYDWLRQ/#FROG#VWDUW#RU#ZDUP#VWDUW/#PD\#
RFFXU1#7KH#0&4788:9#LV#FDSDEOH#RI#VXSSRUWLQJ#ERWK#W\SHV#DXWRPDWLFDOO\1#'HDFWLYDWLRQ#LV#
WKH#SURFHVV#XVHG#WR#JUDFHIXOO\#HQG#FRPPXQLFDWLRQ#EHWZHHQ#WKH#80LQWHUIDFH#WUDQVFHLYHUV#
DW#HDFK#HQG#RI#WKH#WUDQVPLVVLRQ#OLQH1#2QO\#D#80LQWHUIDFH#WUDQVFHLYHU#LQ#/7#PRGH#PD\#
LQLWLDWH#D#GHDFWLYDWLRQ#SURFHGXUH1
$16,#74193404<<5#GHILQHV#WHQ#DFWLYDWLRQ#VLJQDOV/#GHVFULEHG#LQ#7DEOHýäðì#DQG#7DEOHýäðë#IRU#
WKH#80LQWHUIDFH#WUDQVFHLYHUV#WR#XVH#GXULQJ#WKH#DFWLYDWLRQ#SURFHGXUH1#)RU#LQVWDQFH/#VL[#
EDVLF#IUDPHV#RI#VLJQDO#71#DUH#WUDQVPLWWHG#E\#WKH#17#ZKHQ#LW#ZDQWV#WR#ZDNH#XS#WKH#/7#RU#
LQ#UHVSRQVH#WR#WKH#/7#WUDQVPLWWLQJ#7/1#7ZR#EDVLF#IUDPHV#RI#VLJQDO#7/#DUH#WUDQVPLWWHG#E\#
WKH#/7#ZKHQ#LW#ZDQWV#WR#ZDNH#XS#WKH#171#:KHQ#WKH#17#LV#LQ#WKH#IXOO\#RSHUDWLRQDO#PRGH/#
LW#WUDQVPLWV#WKH#VLJQDO#NQRZQ#DV#616#DQG#UHFHLYHV#6/6#IURP#WKH#/7#HQG1#&RQYHUVHO\/#
ZKHQ#WKH#/7#LV#LQ#IXOO\#RSHUDWLRQDO#PRGH/#LW#WUDQVPLWV#6/6#DQG#UHFHLYHV#6161#2QO\#ZKHQ#
WKH#80LQWHUIDFH#LV#IXOO\#DFWLYDWHG/#ZLWK#WKH#17#WUDQVPLWWLQJ#VLJQDO#616#DQG#WKH#/7#
WUDQVPLWWLQJ#6/6/#DUH#WKH#5%.'#FKDQQHOV#RI#GDWD#FDSDEOH#RI#EHLQJ#WUDQVPLWWHG#RYHU#WKH#80
LQWHUIDFH1
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<05 0&4788:9#'DWD#6KHHW 027252/$
1
1
$16,#74193404<<5#GHILQHV#WKH#07#FKDQQHO#$&7#ELW#+VHH#80%53+E:,#DQG#80%54+E:,,/#
ZKLFK#VLJQDOV#WKH#IDU0HQG#80LQWHUIDFH#WUDQVFHLYHU#WKDW#WKH#QHDU0HQG#LV#FDSDEOH#RI#
WUDQVSDUHQWO\#SDVVLQJ#5%.'#GDWD1#)LJXUHýäðì#VKRZV#WKH#DFWLYDWLRQ#GLDJUDP#IURP#WKH#
$16,#741934#VSHFLILFDWLRQ1#7KLV#ILJXUH#FDQ#EH#XVHG#LQ#FRQMXQFWLRQ#ZLWK#WKLV#WH[W#WR#
XQGHUVWDQG#WKH#DFWLYDWLRQ#VHTXHQFH1
7DEOH#<041##17#0RGH#$FWLYDWLRQ#6LJQDOV
,QIRUPDWLRQ#
6WDWLRQ 'HVFULSWLRQ
71 $#43#N+]#WRQH#FRQVLVWLQJ#RI#DOWHUQDWLQJ#7#.#6#TXDWV#IROORZHG#E\#7#±#6#TXDWV#IRU#D#WLPH#
SHULRG#RI#VL[#IUDPHV
6131R#VLJQDO#WUDQVPLWWHG
6146\QFKURQL]DWLRQ#ZRUG#SUHVHQW/#QR#6XSHUIUDPH#6\QFKURQL]DWLRQ#ZRUG#+,6:,/#DQG#
5%.'.0# #4
6156\QFKURQL]DWLRQ#ZRUG#SUHVHQW/#QR#6XSHUIUDPH#6\QFKURQL]DWLRQ#ZRUG#+,6:,/#DQG#
5%.'.0# #4
6166\QFKURQL]DWLRQ#ZRUG#SUHVHQW/#6XSHUIUDPH#6\QFKURQL]DWLRQ#ZRUG#+,6:,#SUHVHQW/#0#
FKDQQHO#ELWV#DFWLYH²WUDQVPLWWHG#5%.'#GDWD#LV#RSHUDWLRQDO#ZKHQ#WKH#07#$&7#ELW# #41#
:KHQ#07#$&7# #3/#WKH#WUDQVPLWWHG#5%.'#GDWD# #41
7DEOH#<051##/7#0RGH#$FWLYDWLRQ#6LJQDOV
,QIRUPDWLRQ#
6WDWLRQ 'HVFULSWLRQ
7/ $#43#N+]#WRQH#FRQVLVWLQJ#RI#DOWHUQDWLQJ#7#.#6#TXDWV#IROORZHG#E\#7#±#6#TXDWV#IRU#D#WLPH#
SHULRG#RI#WZR#IUDPHV
6/31R#VLJQDO#WUDQVPLWWHG
6/46\QFKURQL]DWLRQ#ZRUG#SUHVHQW/#QR#6XSHUIUDPH#6\QFKURQL]DWLRQ#ZRUG#+,6:,/#DQG#
5%.'.0# #4
6/56\QFKURQL]DWLRQ#ZRUG#SUHVHQW/#6XSHUIUDPH#6\QFKURQL]DWLRQ#ZRUG#+,6:,/#5%.'# #3/#
DQG#0# #1RUPDO
6/66\QFKURQL]DWLRQ#ZRUG#SUHVHQW/#6XSHUIUDPH#6\QFKURQL]DWLRQ#ZRUG#+,6:,#SUHVHQW/#0#
FKDQQHO#ELWV#DFWLYH²WUDQVPLWWHG#5%.'#GDWD#LV#RSHUDWLRQDO#ZKHQ#WKH#07#$&7#ELW# #41#
:KHQ#07#$&7# #3/#WKH#WUDQVPLWWHG#5%.'#GDWD# #31
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <06
<151414##$FWLYDWLRQ#6LJQDOV#IRU#17#PRGH
<151414##$FWLYDWLRQ#6LJQDOV#IRU#17#PRGH<151414##$FWLYDWLRQ#6LJQDOV#IRU#17#PRGH
<151414##$FWLYDWLRQ#6LJQDOV#IRU#17#PRGH
7KH#0&4788:9#80LQWHUIDFH#FDQ#WUDQVPLW#DQ\#RI#WKH#VLJQDOV#VKRZQ#LQ#7DEOHýäðì1#7KH#DFWXDO#
SURFHGXUH#XQGHUWDNHQ#E\#WKH#GHYLFH#XVLQJ#WKHVH#ILYH#VLJQDOV#LV#GHVFULEHG#ODWHU#LQ#WKLV#
VHFWLRQ1#6HFWLRQýèïêïêïä#GHVFULEHV#KRZ#WR#FRQWURO#WKH#WUDQVPLW#IUDPHU#ZKHQ#LW#LV#GHVLUHG#WR#
JHQHUDWH#VLJQDOV#IRU#WHVW#SXUSRVHV1
)LJXUH#<041#0&4788:9#80,QWHUIDFH#$FWLYDWLRQ#6WDWH#'LDJUDP
$% &'
≤#7#PV
≤#7;3#PV
73
74757677
78
797:
9
)UDPHV +RSWLRQDO,
71 614615616
7/ 6/4#+RSWLRQDO,6/56/6
5
)UDPHV
17#→#1HWZRUN#+/7,
1HWZRUN#+/7,#→#17
$#.#&#≤#8#V#IRU#&ROG#6WDUW
$#.#&#≤#483#PV#IRU#:DUP#6WDUW
%#.#'#≤#43#V#IRU#&ROG#6WDUW
%#.#'#≤#483#PV#IRU#:DUP#6WDUW
7LPH 'HVFULSWLRQ#RI#(YHQW#RU#6WDWH
735HVHW#VWDWH
741HWZRUN#DQG#17#DUH#DZDNH
7517#GLVFRQWLQXHV#WUDQVPLVVLRQ/#LQGLFDWLQJ#WKDW#17#LV#UHDG\#WR#UHFHLYH#VLJQDO
761HWZRUN#UHVSRQGV#WR#WHUPLQDWLRQ#RI#VLJQDO#DQG#EHJLQV#WUDQVPLWWLQJ#VLJQDO#WRZDUG#WKH#17
771HWZRUN#EHJLQV#WUDQVPLWWLQJ#6/5#WRZDUG#WKH#17/#LQGLFDWLQJ#WKDW#WKH#QHWZRUN#LV#UHDG\#WR#UHFHLYH#6151
7817#EHJLQV#WUDQVPLWWLQJ#615#WRZDUG#WKH#QHWZRUN/#LQGLFDWLQJ#WKDW#WKH#17#KDV#DFTXLUH#6:#IUDPH#DQG#GHWHFWHG#6/51
7917#KDV#DFTXLUHG#VXSHUIUDPH#PDUNHU/#DQG#LV#IXOO\#RSHUDWLRQDO1
7:1HWZRUN#KDV#DFTXLUHG#VXSHUIUDPH#PDUNHU/#DQG#LV#IXOO\#RSHUDWLRQDO1
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<07 0&4788:9#'DWD#6KHHW 027252/$
<151415##$FWLYDWLRQ#,QLWLDWLRQ
<151415##$FWLYDWLRQ#,QLWLDWLRQ<151415##$FWLYDWLRQ#,QLWLDWLRQ
<151415##$FWLYDWLRQ#,QLWLDWLRQ
7KH#0&4788:9#80LQWHUIDFH#WUDQVFHLYHU#FDQ#EH#DFWLYDWHG#LQ#HLWKHU#RI#WZR#ZD\V1#7KH#
H[WHUQDO#PLFURFRQWUROOHU#FDQ#H[SOLFLWO\#LVVXH#$FWLYDWLRQ#5HTXHVW#+80155+E6,# #4,#RU#WKH#
WUDQVFHLYHU#GHWHFWV#DQ#LQFRPLQJ#43#N+]#ZDNH0XS#WRQH1#$Q#/7#FRQILJXUHG#80LQWHUIDFH#
WUDQVFHLYHU#VHDUFKHV#IRU#DQ#17#VHQGLQJ#WKH#71#ZDNH0XS#WRQH1#$Q#17#FRQILJXUHG#80
LQWHUIDFH#WUDQVFHLYHU#VHDUFKHV#IRU#DQ#/7#VHQGLQJ#WKH#7/#ZDNH0XS#WRQH1#,Q#,'/#PRGH/#WKH#
$FWLYDWLRQ#LQ#3URJUHVV#VWDWXV#ELW#+80154+E3,,#LV#VHW#WR#D#4#ZKHQ#DQ#LQFRPLQJ#43#N+]#
ZDNH0XS#WRQH#LV#GHWHFWHG1#,Q#HLWKHU#FDVH/#$FWLYDWLRQ#5HTXHVW#EHLQJ#VHW#RU#D#ZDNH0XS#WRQH#
EHLQJ#GHWHFWHG/#WKH#80LQWHUIDFH#SURFHHGV#ZLWK#DFWLYDWLRQ#DXWRPDWLFDOO\#DQG#VLJQDOV#WKH#
UHVXOW#RI#WKH#DFWLYDWLRQ#WR#WKH#H[WHUQDO#PLFURFRQWUROOHU#E\#VHWWLQJ#VWDWXV#ELWV#LQ#154#WR#'%1#
$Q#17#FRQILJXUHG#80LQWHUIDFH#WUDQVFHLYHU#DOZD\V#LQLWLDWHV#DFWLYDWLRQ#E\#VHQGLQJ#D#71#
WRQH#WR#WKH#/71#7KLV#LV#GRQH#LQ#UHVSRQVH#WR#WKH#/7#VHQGLQJ#D#7/#RU#ZKHQ#WKH#$FWLYDWLRQ#
5HTXHVW#ELW#+80155+E6,,#LV#VHW#WR#D#41
:KHQ#FRQILJXUHG#IRU#6&3#PRGH/#DOO#DSSURSULDWH#PDLQWHQDQFH#FKDQQHO#UHJLVWHUV#VKRXOG#
EH#LQLWLDOL]HG#SULRU#WR#VHWWLQJ#$FWLYDWLRQ#5HTXHVW#+80155+E6,,#RU#LPPHGLDWHO\#DIWHU#
GHWHFWLQJ#$FWLYDWLRQ#LQ#3URJUHVV#+80154+E3,,# #41#,Q#*&,#PRGH/#WKH#0&4788:9#
DXWRPDWLFDOO\#LQLWLDOL]HV#WKH#PDLQWHQDQFH#FKDQQHO#UHJLVWHUV1
127(ã 6RPH#DSSOLFDWLRQV/#VXFK#DV#80UHSHDWHUV/#PD\#UHTXLUH#ORQJHU#WKDQ#48#
VHFRQGV#RI#DFWLYDWLRQ#WLPH1#7KH#480VHFRQG#DFWLYDWLRQ#WLPHU#FDQ#EH#GLVDEOHG#
E\#VHWWLQJ#$FWLYDWLRQ#7LPHU#'LVDEOH#+80%544+E3,,#WR#D#41
<151416##$FWLYDWLRQ#,QGLFDWLRQ
<151416##$FWLYDWLRQ#,QGLFDWLRQ<151416##$FWLYDWLRQ#,QGLFDWLRQ
<151416##$FWLYDWLRQ#,QGLFDWLRQ
7KH#/LQNXS#VWDWXV#ELW#+80154+E6,,#LV#XVHG#WR#VLJQLI\#WKDW#WKH#ORRS#LV#DFWLYH1#:LWK#
0&4788:9#FRQILJXUHG#DV#DQ#17/#WKLV#FRUUHVSRQGV#WR#17#WUDQVPLWWLQJ#616#DQG#UHFHLYLQJ#
6/61#:KHQ#WKH#80LQWHUIDFH#LV#IXOO\#DFWLYH/#6XSHUIUDPH#6\QF#+80154+E4,,#DQG#/LQNXS#
+80154+E6,,#DUH#VHW#WR#D#41
:KHQHYHU#WKH#0&4788:9#GHWHFWV#ORVV#RI#6XSHUIUDPH#6\QFKURQL]DWLRQ/#80154#EHFRPHV#
';#DQG#DQ#LQWHUUXSW#LV#JHQHUDWHG#LI#HQDEOHG1#7KLV#LQGLFDWHV#WKDW#ORVV#RI#6XSHUIUDPH#
6\QFKURQL]DWLRQ#KDV#EHHQ#GHWHFWHG1#:KHQ#6XSHUIUDPH#6\QFKURQL]DWLRQ#LV#ORVW#IRU#PRUH#
WKDQ#7;3#PV/#0&4788:9#DOZD\V#GHDFWLYDWHV#DQG#VHWV#80154# #'7#HUURU#LQGLFDWLRQ/#DQG#
LVVXHV#DQ#LQWHUUXSW#LI#HQDEOHG1#:KHQ#WKH#HUURU#FRQGLWLRQ#FDXVLQJ#ORVV#RI#6XSHUIUDPH#
6\QFKURQL]DWLRQ#JRHV#DZD\#EHIRUH#7;3#PV#KDV#HODSVHG/#80154#UHWXUQV#WR#'%#DQG#DQ#
LQWHUUXSW#LV#JHQHUDWHG#LI#HQDEOHG1#,W#LV#QRW#QHFHVVDU\#WR#VHW#&XVWRPHU#(QDEOH#+80155+E3,,#
WR#D#4#ZKHQ#80154#UHWXUQV#WR#'%1#7KH#0&4788:9#FRQWLQXDOO\#PRQLWRUV#WKH#HUURU#RQ#LWV#
UHFRYHUHG#VLJQDO1#,I#WKH#LQWHUQDOO\#PRQLWRUHG#HUURU#UDWH#EHFRPHV#WRR#ODUJH/#0&4788:9#
ORVHV#GDWD#WUDQVSDUHQF\#DQG#80154#FKDQJHV#WR#'$#RU#';#DQG#LVVXHV#DQ#LQWHUUXSW1#
127(ã /RVV#RI#6XSHUIUDPH#6\QFKURQL]DWLRQ#DOZD\V#PHDQV#WKDW#GDWD#WUDQVSDUHQF\#
LV#ORVW/#EXW#ORVV#RI#GDWD#WUDQVSDUHQF\#GRHV#QRW#DOZD\V#PHDQ#WKDW#6XSHUIUDPH#
6\QFKURQL]DWLRQ#LV#ORVW1#$OVR/#ORVV#RI#VLJQDO#DOZD\V#PHDQV#WKDW#6XSHUIUDPH#
6\QFKURQL]DWLRQ#LV#ORVW1#7KHUH#LV#QR#WLPH#OLPLW#RQ#KRZ#ORQJ#80154#PD\#
UHDG#DV#'$#ZKHQ#GDWD#WUDQVSDUHQF\#LV#ORVW1#7KHUH#LV#D#7;30PV#WLPH#OLPLW#RQ#
80154#UHDGLQJ#DV#';1#$16,#741934#RQO\#LQGLFDWHV#WKDW#80LQWHUIDFH#
WUDQVFHLYHUV#PXVW#GHDFWLYDWH#ZKHQ#6XSHUIUDPH#6\QFKURQL]DWLRQ#RU#UHFHLYH#
VLJQDO#LV#ORVW#IRU#PRUH#WKDQ#7;3#PV1#,I#WKH#HUURU#FRQGLWLRQ#JRHV#DZD\/#80154#
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <08
UHWXUQV#WR#'%#DQG#DQ#LQWHUUXSW#LV#JHQHUDWHG/#LI#HQDEOHG1#/RVV#RI#6XSHUIUDPH#
6\QFKURQL]DWLRQ#PD\#EH#GXH#WR#D#KLJK#LQWHUQDOO\#GHWHFWHG#HUURU#UDWH#RQ#
UHFRYHUHG#GDWD#RU#WKH#WHPSRUDU\#ORVV#RI#UHFHLYHG#VLJQDO1
<151417##17#'HDFWLYDWLRQ#3URFHGXUHV#DQG#:DUP#6WDUW
<151417##17#'HDFWLYDWLRQ#3URFHGXUHV#DQG#:DUP#6WDUW<151417##17#'HDFWLYDWLRQ#3URFHGXUHV#DQG#:DUP#6WDUW
<151417##17#'HDFWLYDWLRQ#3URFHGXUHV#DQG#:DUP#6WDUW
$16,#741934#VSHFLILHV#WKDW#17#FDQ#QRW#LQLWLDWH#GHDFWLYDWLRQ1#7KH#0&4788:9#GHDFWLYDWHV#WR#
D#ZDUP#VWDUW#FRQGLWLRQ#ZKHQ#'HDFWLYDWLRQ#5HTXHVW#+80155+E5,,#LV#VHW#WR#D#4#SULRU#WR#/7#
GHDFWLYDWLQJ#WKH#80LQWHUIDFH1#7KLV#VKRXOG#EH#GRQH#LQ#UHVSRQVH#WR#WKH#07#FKDQQHO#'($#ELW#
EHLQJ#UHFHLYHG#DV#3#E\#17#ZKHQ#WKH#ORRS#LV#DFWLYH1#,I#'HDFWLYDWLRQ#5HTXHVW#+80155+E5,,#LV#
QRW#VHW#WR#D#4#EHIRUH#/7#GHDFWLYDWHV#WKH#80LQWHUIDFH/#0&4788:9#GHDFWLYDWHV#WR#D#FROG#VWDUW#
FRQGLWLRQ#DQG#JLYHV#DQ#HUURU#LQGLFDWLRQ#LQWHUUXSW1#'HDFWLYDWLRQ#5HTXHVW#LV#DXWRPDWLFDOO\#
VHW#LI#WKH#07#PDLQWHQDQFH#ELWV#DUH#RSHUDWHG#ZLWK#DXWRPDWLF#YHULILFDWLRQ#RI#DFWLYDWLRQ#DQG#
GHDFWLYDWLRQ1#6R#ZKHQ#/7#GHDFWLYDWHV#WKH#OLQH/#17#GHDFWLYDWHV#WR#D#ZDUP#VWDUW#FRQGLWLRQ1#
6HH#6HFWLRQýèïêïêïìí#DQG#6HFWLRQýèïêïéïå#IRU#PRUH#LQIRUPDWLRQ1
<151418##,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV
<151418##,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV<151418##,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV
<151418##,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV
7KH#0&4788:9#FRPHV#RXW#RI#KDUGZDUH#RU#VRIWZDUH#UHVHW#ZLWK#FXVWRPHU#GDWD#GLVDEOHG1#
7KLV#FRUUHVSRQGV#WR#&XVWRPHU#(QDEOH#+80155+E3,,#FOHDUHG#WR#31#:KHQ#WKH#07#FKDQQHO#
9HULI LHG#$&72'($#PRGH#LV#QRW#XVHG/#WKH#&XVWRPHU#(QDEOH#+80154+E3,,#ELW#PXVW#EH#VHW#
WR#D#4#WR#HQDEOH#GDWD#WUDQVSDUHQF\#ZKHQ#80154#EHFRPHV#'%#DIWHU#LQLWLDO#DFWLYDWLRQ1#7KH#
%4/#%5/#DQG#'#FKDQQHOV#WUDQVPLWWHG#RQ#WKH#,'/#LQWHUIDFH#DUH#DXWRPDWLFDOO\#HQDEOHG#DIWHU#
WKH#0&4788:9#DFWLYDWHV1#'DWD#RQ#WKH#%4#FKDQQHO#IURP#WKH#80LQWHUIDFH#FRUUHVSRQGV#WR#GDWD#
LQ#WKH#%4#FKDQQHO#WLPHVORW#RQ#WKH#,'/#LQWHUIDFH1#'DWD#RQ#WKH#%5#FKDQQHO#IURP#WKH#80
LQWHUIDFH#FRUUHVSRQGV#WR#GDWD#RQ#WKH#%5#FKDQQHO#WLPHVORW#RQ#WKH#,'/#LQWHUIDFH1#7KH#%4#DQG#
%5#FKDQQHO#WLPHVORWV#RQ#WKH#,'/#LQWHUIDFH#FDQ#EH#VZDSSHG#E\#VHWWLQJ#6ZDS#%42%5#+80
158+E3,,#WR#D#41
<151419##$GGLWLRQDO#1RWHV³0DLQWHQDQFH#&KDQQHO#%LWV
<151419##$GGLWLRQDO#1RWHV³0DLQWHQDQFH#&KDQQHO#%LWV<151419##$GGLWLRQDO#1RWHV³0DLQWHQDQFH#&KDQQHO#%LWV
<151419##$GGLWLRQDO#1RWHV³0DLQWHQDQFH#&KDQQHO#%LWV
7KH#UHFHLYHG#(2&/#07/#08/#DQG#09#FKDQQHO#ELWV#DUH#DYDLODEOH#LQ#UHJLVWHUV#59/#%54/#DQG#
%56#RQFH#OLQNXS#KDV#EHHQ#DWWDLQHG1#7KH#&XVWRPHU#(QDEOH#ELW#+80155+E3,,#DIIHFWV#RQO\#
WKH#WZR#%#FKDQQHOV#DQG#WKH#'#FKDQQHO1#6HH#6HFWLRQýèïêïêïì#WKURXJK#6HFWLRQýèïêïêïé#DQG#
6HFWLRQýèïêïêïìí#IRU#D#IXOO#GHVFULSWLRQ#RI#WKH#PDLQWHQDQFH#FKDQQHO#ELWV#DQG#WKHLU#FRQWURO1
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<09 0&4788:9#'DWD#6KHHW 027252/$
<1515
<1515<1515
<1515 6270,QWHUIDFH#2SHUDWLRQV
6270,QWHUIDFH#2SHUDWLRQV6270,QWHUIDFH#2SHUDWLRQV
6270,QWHUIDFH#2SHUDWLRQV
&&,77#,1763/#(76,#(76#633345/#DQG#$16,#741938#GHILQH#ILYH#LQIRUPDWLRQ#VWDWHV#IRU#WKH#
627#0LQWHUIDFH1#:KHQ#WKH#17#LV#LQ#WKH#IXOO\#RSHUDWLRQDO#VWDWH/#LW#WUDQVPLWV#,1)2#71#:KHQ#
WKH#7(#LV#LQ#WKH#IXOO\#RSHUDWLRQDO#VWDWH/#LW#WUDQVPLWV#,1)2#61#,1)2#4#LV#WUDQVPLWWHG#E\#WKH#
7(#ZKHQ#LW#ZDQWV#WR#ZDNH#XS#WKH#171#,1)2#5#LV#WUDQVPLWWHG#E\#WKH#17#ZKHQ#LW#ZDQWV#WR#
ZDNH#XS#WKH#7(/#RU#LQ#UHVSRQVH#WR#WKH#7(*V#WUDQVPLWWHG#,1)2#41#7KHVH#VWDWHV#FDXVH#XQLTXH#
SDWWHUQV#RI#V\PEROV#WR#EH#WUDQVPLWWHG#RYHU#WKH#6270LQWHUIDFH1#2QO\#ZKHQ#WKH#627#ORRS#LV#
LQ#WKH#IXOO\#DFWLYDWHG#VWDWH#DUH#WKH#5%.'#FKDQQHOV#RI#GDWD#WUDQVPLWWHG#RYHU#WKH#LQWHUIDFH1
<151514##7UDQVPLVVLRQ#6WDWHV#IRU#0&4788:9#6270,QWHUIDFH
<151514##7UDQVPLVVLRQ#6WDWHV#IRU#0&4788:9#6270,QWHUIDFH<151514##7UDQVPLVVLRQ#6WDWHV#IRU#0&4788:9#6270,QWHUIDFH
<151514##7UDQVPLVVLRQ#6WDWHV#IRU#0&4788:9#6270,QWHUIDFH
7KH#0&4788:9#6270LQWHUIDFH#FDQ#EH#LQ#DQ\#RI#WKH#WUDQVPLVVLRQ#VWDWHV#VKRZQ#LQ#7DEOHýäðê1
<151515##$FWLYDWLRQ#RI#627#/RRS#E\#7(
<151515##$FWLYDWLRQ#RI#627#/RRS#E\#7(<151515##$FWLYDWLRQ#RI#627#/RRS#E\#7(
<151515##$FWLYDWLRQ#RI#627#/RRS#E\#7(
7KH#7(#DFWLYDWHV#DQ#LQDFWLYH#ORRS#E\#WUDQVPLWWLQJ#,1)2#4#WR#WKH#0&4788:91#7KH#
0&4788:9/#XSRQ#GHWHFWLQJ#,1)2#4#IURP#WKH#7(/#UHVSRQGV#ZLWK#,1)2#51#7KH#7(/#XSRQ#
UHFHLYLQJ#D#VLJQDO#IURP#WKH#17/#FHDVHV#WUDQVPLVVLRQ#RI#,1)2#4/#UHYHUWLQJ#WR#WUDQVPLWWLQJ#
,1)2#31#$IWHU#V\QFKURQL]LQJ#WR#WKH#UHFHLYHG#VLJQDO#DQG#KDYLQJ#IXOO\#YHULILHG#WKDW#LW#LV#
,1)2#5/#WKH#7(#UHVSRQGV#ZLWK#,1)2#6/#WKXV#DFWLYDWLQJ#WKH#ORRS1
<151516##$FWLYDWLRQ#3URFHGXUHV#,JQRUHG
<151516##$FWLYDWLRQ#3URFHGXUHV#,JQRUHG<151516##$FWLYDWLRQ#3URFHGXUHV#,JQRUHG
<151516##$FWLYDWLRQ#3URFHGXUHV#,JQRUHG
7KH#0&4788:9#KDV#WKH#FDSDELOLW\#RI#EHLQJ#IRUFHG#LQWR#WKH#KLJKHVW#WUDQVPLVVLRQ#VWDWH1#7KLV#
LV#DFFRPSOLVKHG#E\#VHWWLQJ#6270%5:+E:,#WR#D#41#7KXV/#ZKHQ#WKLV#ELW#LV#VHW#LQ#WKH#17/#LW#
IRUFHV#WKH#17#WR#WUDQVPLW#,1)2#71
127(ã &&,77#,1763/#(76,#(76#633345/#DQG#$16,#741938#VSHFLILFDWLRQV#DOORZ#D#7(#
WR#EH#DFWLYDWHG#E\#UHFHSWLRQ#RI#,1)2#7/#ZLWKRXW#KDYLQJ#WR#JR#WKURXJK#WKH#
LQWHUPHGLDWH#KDQGVKDNLQJ1#7KLV#LV#WR#DOORZ#IRU#WKH#VLWXDWLRQ#ZKHUH#D#7(#LV#
FRQQHFWHG#WR#DQ#DOUHDG\#DFWLYH#ORRS1#+RZHYHU/#DQ#17#FDQ#QRW#EH#DFWLYDWHG#
E\#D#7(#VHQGLQJ#LW#,1)2#6/#ZLWKRXW#JRLQJ#WKURXJK#WKH#LQWHUPHGLDWH#,1)2#
4/#,1)2#5/#,1)2#6/#DQG#,1)2#7#VWDWHV1#7KLV#$FWLYDWLRQ#3URFHGXUHV#,JQRUHG#
IHDWXUH#LV#SURYLGHG#IRU#WHVW#SXUSRVHV/#DOORZLQJ#WKH#17#WR#IRUFLEO\#DFWLYDWH#
WKH#7(+V,1#
7DEOH#<061##17#0RGH#7UDQVPLVVLRQ#6WDWHV
,QIRUPDWLRQ#
6WDWH 'HVFULSWLRQ
,1)2#3 7KH#17#WUDQVPLWV#4V#LQ#HYHU\#ELW#SRVLWLRQ1#7KLV#FRUUHVSRQGV#WR#QR#VLJQDO#EHLQJ#
WUDQVPLWWHG1
,1)2#5 7KH#17#VHWV#LWV#%4/#%5/#'/#DQG#(#FKDQQHOV#WR#31#7KH#$#ELW#LV#VHW#WR#31#+6HH#6HFWLRQ#
<15151<,1
,1)2#7 ,1)2#7#FRUUHVSRQGV#WR#IUDPHV#FRQWDLQLQJ#RSHUDWLRQDO#GDWD#RQ#WKH#%4/#%5/#'/#DQG#(#
FKDQQHOV1#7KH#$#ELW#LV#VHW#WR#41
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <0:
<151517##)UDPH#6\QF217#0RGH
<151517##)UDPH#6\QF217#0RGH<151517##)UDPH#6\QF217#0RGH
<151517##)UDPH#6\QF217#0RGH
:KHQ#WKH#627#LQWHUIDFH#LV#UHFHLYLQJ#,1)2#6#IURP#WKH#7(+V,#DQG#KDV#DFKLHYHG#IUDPH#
V\QFKURQL]DWLRQ/#LW#VHWV#WKH#)6<1&#VWDWXV#ELW#6270154+E3,#KLJK1#6HH#6HFWLRQýèïéïìïë#IRU#
GHWDLOHG#LQIRUPDWLRQ1
<151518##$FWLYDWLRQ#,QGLFDWLRQ
<151518##$FWLYDWLRQ#,QGLFDWLRQ<151518##$FWLYDWLRQ#,QGLFDWLRQ
<151518##$FWLYDWLRQ#,QGLFDWLRQ
6270154+E6,/#WKH#$FWLYDWLRQ#,QGLFDWLRQ#ELW/#VLJQLILHV#ZKHQ#WKH#ORRS#LV#IXOO\#DFWLYH1#)RU#WKH#
0&4788:9/#WKLV#FRUUHVSRQGV#WR#WKH#17#WUDQVPLWWLQJ#,1)2#7#DQG#UHFHLYLQJ#,1)2#61#:KHQ#
WKH#ORRS#LV#LQ#WKH#IXOO\#DFWLYH#VWDWH/#6270154+E6,#LV#LQWHUQDOO\#VHW#KLJK1
<151519##6270154+E5,#(UURU#,QGLFDWLRQ#+(,,
<151519##6270154+E5,#(UURU#,QGLFDWLRQ#+(,,<151519##6270154+E5,#(UURU#,QGLFDWLRQ#+(,,
<151519##6270154+E5,#(UURU#,QGLFDWLRQ#+(,,
6270154+E5,#LV#VHW#E\#WKH#0&4788:9#627#LQWHUIDFH#WR#LQGLFDWH#DQ#HUURU#FRQGLWLRQ#KDV#
EHHQ#GHWHFWHG#E\#WKH#DFWLYDWLRQ#VWDWH#PDFKLQH#RI#WKH#WUDQVFHLYHU/#DV#RXWOLQHG#LQ#&&,77#
,1763/#(76,#(76#633345/#DQG#$16,#7419381#7KH#ORZ0WR0KLJK#OHYHO#WUDQVLWLRQ#RI#WKH#(,#ELW#
FRUUHVSRQGV#WR#WKH#(,4#HUURU#LQGLFDWLRQ#UHSRUWLQJ/#ZKLOH#WKH#KLJK0WR0ORZ#OHYHO#WUDQVLWLRQ#
RI#WKH#(,#ELW#FRUUHVSRQGV#WR#WKH#(,5#HUURU#LQGLFDWLRQ#UHSRUWLQJ#UHFRYHU\1#1RWH#WKDW#6270
154+E5,#LV#D#UHDG#RQO\#ELW1
<15151:##'HDFWLYDWLRQ#3URFHGXUHV
<15151:##'HDFWLYDWLRQ#3URFHGXUHV<15151:##'HDFWLYDWLRQ#3URFHGXUHV
<15151:##'HDFWLYDWLRQ#3URFHGXUHV
&&,77#,1763/#(76,#(76#633345/#DQG#$16,#741938#VSHFLILFDWLRQV#GLFWDWH#WKDW#RQO\#DQ#17#
FDQ#GHDFWLYDWH#WKH#627#ORRS1#,QWXLWLYHO\/#WKLV#KDV#WR#EH#WKH#FDVH#EHFDXVH#LQ#D#SDVVLYH#EXV#LI#
RQH#7(#VHQGV#,1)2#3/#VHHNLQJ#WR#GHDFWLYDWH#WKH#ORRS/#WKH#RWKHU#7(*V#,1)2#6#VLPSO\#
RYHUULGHV#LW1#$Q#17#WUDQVPLWV#,1)2#3#WR#WKH#7(+V,#ZKHQ#LW#ZLVKHV#WR#GHDFWLYDWH#WKH#627#
ORRS1#7KLV#LV#GRQH#E\#VHWWLQJ#6270155+E5,#'HDFWLYDWLRQ#5HTXHVW#WR#D#41#1RWH#WKDW#WKLV#ELW#
LV#LQWHUQDOO\#UHVHW#WR#3#DIWHU#WKH#LQWHUQDO#DFWLYDWLRQ#VWDWH#PDFKLQH#KDV#UHFRJQL]HG#LWV#DFWLYH#
WUDQVLWLRQ1
<15151;##,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV
<15151;##,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV<15151;##,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV
<15151;##,QLWLDO#6WDWH#RI#%4#DQG#%5#&KDQQHOV
)RU#WKH#0&4788:9/#6270158+E6²E5,#FRUUHVSRQGV#WR#,'/(#%4#FKDQQHO#RQ#627#ORRS/#DQG#
,'/(#%5#FKDQQHO#RQ#627#ORRS/#UHVSHFWLYHO\1#7KH#GHYLFH#FRPHV#RXW#RI#D#KDUGZDUH#RU#
VRIWZDUH#UHVHW#ZLWK#WKHVH#WZR#ELWV#UHVHW#WR#31#7KXV/#WKH#17#FRPHV#RXW#RI#UHVHW#ZLWK#WKH#%4#
DQG#%5#FKDQQHOV#HQDEOHG1#:KHQ#WKH#17#LV#WUDQVPLWWLQJ#,1)2#7/#GDWD#RQ#WKH#%4#DQG#%5#
,'/#WLPHVORWV#ZLOO#EH#PRGXODWHG#RQWR#WKH#627#ORRS1#6HWWLQJ#HLWKHU#RI#WKHVH#QLEEOH#ELWV#
LGOHV#WKH#FRUUHVSRQGLQJ#%#FKDQQHO#RQ#WKH#627#ORRS1#1RWH#WKDW#SXWWLQJ#D#%#FKDQQHO#LQ#WKH#
LGOH#PRGH#DIIHFWV#RQO\#WKH#WUDQVPLWWHG#%#FKDQQHO1#7KH#GHPRGXODWHG#%#GDWD#LV#VWLOO#
WUDQVPLWWHG#RXW#RQ#,'/#7[/#LQ#DFFRUGDQFH#ZLWK#WKH#,'/#VSHFLILFDWLRQ1
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<0; 0&4788:9#'DWD#6KHHW 027252/$
<15151<##$GGLWLRQDO#1RWHV
<15151<##$GGLWLRQDO#1RWHV<15151<##$GGLWLRQDO#1RWHV
<15151<##$GGLWLRQDO#1RWHV
7KH#IROORZLQJ#QRWHV#SURYLGH#DGGLWLRQDO#RSHUDWLRQDO#LQIRUPDWLRQ=
‡(FKRý&KDQQHO³7KH#17#GHPRGXODWHV#WKH#5%.'#GDWD#UHFHLYHG#IURP#WKH#7(+V,1#,Q#
DGGLWLRQ#WR#SDVVLQJ#WKLV#GDWD#RQWR#WKH#QHWZRUN/#WKH#17#HFKRHV#WKH#'#FKDQQHO#GDWD#
EDFN#WR#WKH#7(+V,#XVLQJ#WKH#HFKR#FKDQQHO1#7KLV#HFKR#FKDQQHO#LV#PRQLWRUHG#E\#WKH#7(V#
DQG#XVHG#LQ#WKH#'#FKDQQHO#FRQWHQWLRQ#DOJRULWKP1#
‡$ý%LW³$Q#627#IUDPH#FRQVLVWV#RI#7;#EDXGV1#,Q#WKH#17#WR#7(#GLUHFWLRQ/#RQH#RI#WKHVH#
EDXGV#LV#IRU#WKH#$#ELW1#7KH#$#ELW#LV#VHW#WR#4#ZKHQ#WKH#627#ORRS#LV#LQ#WKH#IXOO\#DFWLYDWHG#
VWDWH#DQG#LV#VHW#WR#3#DW#DOO#RWKHU#WLPHV1#7KXV/#ZKHQ#WKH#17#LV#WUDQVPLWWLQJ#,1)2#5/#
WKH#$#ELW#LV#VHW#WR#31#:KHQ#WKH#17#LV#WUDQVPLWWLQJ#,1)2#7/#WKH#$#ELW#LV#VHW#WR#41
‡6&3ý,QGLFDWLRQýRIý7UDQVPLWýDQGý5HFHLYHý6WDWHV³7KHUH#DUH#WZR#6&3#ELWV/#6270
%544+E8²E7,/#XVHG#WR#VLJQLI\#ZKDW#,1)2#VWDWH#WKH#0&4788:9#6270LQWHUIDFH#LV#
UHFHLYLQJ1#,Q#DGGLWLRQ#WR#WKLV/#62750%544+E6²E5,#DUH#XVHG#WR#VLJQLI\#ZKDW#,1)2#
VWDWH#WKH#0&4788:9#LV#WUDQVPLWWLQJ1#5HIHU#WR#6HFWLRQýèïéïëïìí#IRU#D#GHWDLOHG#
GHVFULSWLRQ#RI#WKHVH#ELWV1
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <0<
<16 *&,#$FWLYDWLRQ2'HDFWLYDWLRQ#7LPH#'LDJUDPV
7KLV#VHFWLRQ#FRQWDLQV#WKH#WLPH#IORZ#GLDJUDPV#WKDW#GHWDLO#WKH#YDULRXV#DFWLYDWLRQ#DQG#
GHDFWLYDWLRQ#VFHQDULRV#IRU#WKH#0&4788:9#WUDQVFHLYHUV1#)LJXUHýäðë#WKURXJK#)LJXUHýäðìæ#DUH#
WKH#DFWLYDWLRQ#GLDJUDPV#IRU#WKH#0&4788:9#RSHUDWLQJ#LQ#*&,#PRGH1
<1614
<1614<1614
<1614 ,QWURGXFWLRQ
,QWURGXFWLRQ,QWURGXFWLRQ
,QWURGXFWLRQ
$FWLYDWLRQ#FDQ#EH#LQLWLDWHG#IURP#DOO#WKUHH#LQWHUIDFHV=#/7/#7(/#DQG#*&,1#,Q#WKH#$FWLYDWLRQ2
'HDFWLYDWLRQ#)ORZ#'LDJUDPV#WKH#/7#LQWHUIDFH#LQ#VKRZQ#RQ#WKH#ULJKW/#WKH#6270LQWHUIDFH#
+7(,#LV#VKRZQ#RQ#WKH#OHIW/#DQG#WKH#*&,#WHUPLQDO#LQWHUIDFH#LV#VKRZQ#LQ#WKH#PLGGOH#DQG#
LQGLFDWHG#LQ#WKH#ILJXUHV#E\#WKH#IROORZLQJ#IRUPDW=
&20 ,1'
$,;$,
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<043 0&4788:9#'DWD#6KHHW 027252/$
<1615
<1615<1615
<1615 /7#,QLWLDWHG#$FWLYDWLRQ1
/7#,QLWLDWHG#$FWLYDWLRQ1/7#,QLWLDWHG#$FWLYDWLRQ1
/7#,QLWLDWHG#$FWLYDWLRQ1
)LJXUH#<051#7LPH#'LDJUDP#IRU#7RW D O #$FWLYDWLRQ#,QLWLDWHG#E\#WKH#/7#ZLWK#7H U P L Q D O 0RQO\#
&RQQHFWLRQ
1RWHV=41 1R#FKDQJH#LQ#WUDQVPLWWHG#PDLQWHQDQFH#ELWV#DW#WKLV#WLPH1
51 0DLQWHQDQFH#ELWV#DUH#VHQW#ZLWK#PHDQLQJIXO#GDWD#+1RUPDO#ILHOG#LQ#7D E O H #8/#74(417,1
61 /LQNXS/#6)6/#$,3B73#FRUUHVSRQG#WR#154#ELWV#6/#4/#DQG#3#UHVSHFWLYHO\1
71 1R#FKDQJH#LQ#XSVWUHDP#PDLQWHQDQFH#ELWV>#$&7# #3/#6$,# #31
81 7KH#GRZQVWUHDP#$&7#ELW#LV#VHW#E\#LVVXDQFH#RI#WKH#$,1
0&4788:9 /7 6ZLWFK
:DLW#IRU#WRQH $&7/#'($/#82$
6/3'&
',
$5
:DLW#IRU#WRQH
$&7/#'($/#82$4
612
7/
6/3
71
614
613
$5
6/4
6/55
615
6167
616
6/6
616
8$,
$5
$,
616
6/67
6167
$5
$,;
$5
,1)25
$&7
6$,/#$&7
$&7/#6$,
/,1.83/#6)6/
$,3B73/#$&7/
'($/#82$6
$&7/#6$,
'&',
,1)23
,1)23
71#'HWHFWHG
/,1.83/#$&7/#6$,
/,1.83/#$&7/#6$,
/,1.83/
$&7/#6$,# #[
$&78
',
$,$,;
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <044
)LJXUH#<061#7LPH#'LDJUDP#IRU#7RWD O #$FWLYDWLRQ#,QLWLDWHG#E\#WKH#/7#ZLWK#7(0RQO\#&RQQHFWLRQ
1RWHV=41 1R#FKDQJH#LQ#WUDQVPLWWHG#PDLQWHQDQFH#ELWV#DW#WKLV#WLPH1
51 0DLQWHQDQFH#ELWV#DUH#VHQW#ZLWK#PHDQLQJIXO#GDWD#+1RUPDO#ILHOG#LQ#7D E O H #8/#74(417,1
61 /LQNXS/#6)6/#$,3B73#FRUUHVSRQG#WR#154#ELWV#6/#4/#DQG#3#UHVSHFWLYHO\1
71 1R#FKDQJH#LQ#XSVWUHDP#PDLQWHQDQFH#ELWV>#$&7# #3/#6$,# #31
81 7KH#GRZQVWUHDP#$&7#ELW#LV#VHW#E\#LVVXDQFH#RI#WKH#$,1
0&4788:9 /7 6ZLWFK
:DLW#IRU#WRQH $&7/#'($/#82$
6/3'&
',
$5
:DLW#IRU#WRQH
$&7/#'($/#82$4
612
7/
6/3
71
614
613
$5
6/4
6/55
615
6167
616
6/6
616
8$,
$5
$,
616
6/67
6167
$5
',
$5
,1)25
$&7
6$,/#$&7
$&7/#6$,
/,1.83/#6)6/
$,3B73/#$&7/
'($/#82$6
$&7/#6$,
'&',
,1)23
,1)23
71#'HWHFWHG
/,1.83/#$&7/#6$,
/,1.83/#$&7/#6$,
/,1.83/
$&7/#6$,# #[
$&78
',
$,',
,1)27
,1)26
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<045 0&4788:9#'DWD#6KHHW 027252/$
)LJXUH#<071#7LPH#'LDJUDP#IRU#7R W D O #$FWLYDWLRQ#,QLWLDWHG#E\#WKH#/7#ZLWK#1R#7(#RU#7H U P L QD O #
&RQQHFWHG
1RWHV=41 1R#FKDQJH#LQ#WUDQVPLWWHG#PDLQWHQDQFH#ELWV#DW#WKLV#WLPH1
51 0DLQWHQDQFH#ELWV#DUH#VHQW#ZLWK#PHDQLQJIXO#GDWD#+1RUPDO#ILHOG#LQ#7D E O H #8/#74(417,1
61 /LQNXS/#6)6/#$,3B73#FRUUHVSRQG#WR#154#ELWV#6/#4/#DQG#3#UHVSHFWLYHO\1
71 1R#FKDQJH#LQ#XSVWUHDP#PDLQWHQDQFH#ELWV>#$&7# #3/#6$,# #31
81 7KH#GRZQVWUHDP#$&7#ELW#LV#VHW#E\#LVVXDQFH#RI#WKH#$,1
0&4788:9 /7 6ZLWFK
:DLW#IRU#WRQH $&7/#'($/#82$
6/3'&
',
$5
:DLW#IRU#WRQH
$&7/#'($/#82$4
612
7/
6/3
71
614
613
$5
6/4
6/55
615
6167
616
6/6
616
8$,
$5
$,
616
6/67
6167
$5
,1)25
$&7/#6$,
/,1.83/#6)6/
$,3B73/#$&7/
'($/#82$6
$&7/#6$,
'&',
,1)23
,1)23
71#'HWHFWHG
/,1.83/#$&7/#6$,
/,1.83/#$&7/#6$,
/,1.83/
$&7/#6$,# #[
$&78
',
$5',
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <046
)LJXUH#<081#7LPH#'LDJUDP#IRU#7R W D O #$FWLYDWLRQ#,QLWLDWHG#E\#WKH#/7#ZLWK#%RWK#7(#DQG#
7HUPLQDO#&RQQHFWLRQV
1RWHV=41 1R#FKDQJH#LQ#WUDQVPLWWHG#PDLQWHQDQFH#ELWV#DW#WKLV#WLPH1
51 0DLQWHQDQFH#ELWV#DUH#VHQW#ZLWK#PHDQLQJIXO#GDWD#+1RUPDO#ILHOG#LQ#7D E O H #8/#74(417,1
61 /LQNXS/#6)6/#$,3B73#FRUUHVSRQG#WR#154#ELWV#6/#4/#DQG#3#UHVSHFWLYHO\1
71 1R#FKDQJH#LQ#XSVWUHDP#PDLQWHQDQFH#ELWV>#$&7# #3/#6$,# #31
81 7KH#GRZQVWUHDP#$&7#ELW#LV#VHW#E\#LVVXDQFH#RI#WKH#$,1
0&4788:9 /7 6ZLWFK
:DLW#IRU#WRQH $&7/#'($/#82$
6/3'&
',
$5
:DLW#IRU#WRQH
$&7/#'($/#82$4
612
7/
6/3
71
614
613
$5
6/4
6/55
615
6167
616
6/6
616
8$,
$5
$,
616
6/67
6167
$5
$,;
$5
,1)25
$&7
6$,/#$&7
$&7/#6$,
/,1.83/#6)6/
$,3B73/#$&7/
'($/#82$6
$&7/#6$,
'&',
,1)23
,1)23
71#'HWHFWHG
/,1.83/#$&7/#6$,
/,1.83/#$&7/#6$,
/,1.83/
$&7/#6$,# #[
$&78
',
$,$,;
,1)27
,1)2625
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<047 0&4788:9#'DWD#6KHHW 027252/$
<1616
<1616<1616
<1616 7(#,QLWLDWHG#$FWLYDWLRQ
7(#,QLWLDWHG#$FWLYDWLRQ7(#,QLWLDWHG#$FWLYDWLRQ
7(#,QLWLDWHG#$FWLYDWLRQ
)LJXUH#<091#7LPH#'LDJUDP#IRU#7RW D O #$FWLYDWLRQ#,QLWLDWHG#E\#WKH#7HUPLQDO#(TXLSPHQW#ZLWK#
1R#7HUPLQDO#&RQQHFWLRQ
1RWHV=41 0DLQWHQDQFH#ELWV#DUH#VHQW#ZLWK#PHDQLQJIXO#GDWD#+1RUPDO#ILHOG#LQ#7D E O H #8/#74(417,1
51 /LQNXS/#6)6/#$,3B73#FRUUHVSRQG#WR#154#ELWV#6/#4/#DQG#3#UHVSHFWLYHO\1
61 1R#FKDQJH#LQ#XSVWUHDP#PDLQWHQDQFH#ELWV>#$&7# #3/#6$,# #31
71 %HFDXVH#WKH#XSVWUHDP#6$,#ELW#LV#VHW#E\#WKH#XSVWUHDP#$5#FRPPDQG/#WKH#LQGLFDWLRQ#8$,#
LV#QHYHU#LVVXHG/#DQG#$5#FRQWLQXHV#WR#DSSHDU#RQ#WKH#&2,#FKDQQHO1
81 7KH#GRZQVWUHDP#$&7#ELW#LV#VHW#E\#LVVXDQFH#RI#WKH#$,1
/7 6ZLWFK
:DLW#IRU#WRQH $&7/#'($/#82$
6/3'&
',
:DLW#IRU#WRQH
612
71
614
613
$5
6/4
6/54
615
6166
6/68$,
$,
616
6/67
6167
,1)27
,1)26
,1)25
$&7
$&7
$&7/#'($
82$/#/,1.83/
6)6/#$,3B735
$&7/#6$,
,1)23
,1)23
71#'HWHFWHG
$,3B73/#6$,5/7
/,1.83/
$&7/#6$,# #[
$&78
$&7/#6$,
,1)24
/,1.83/#6)6/
0&4788:9
$5
'&',
',
'&',
$5',
$,
',
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <048
)LJXUH#<0:1#7LPH#'LDJUDP#IRU#7RW D O #$FWLYDWLRQ#,QLWLDWHG#E\#WKH#7HUPLQDO#(TXLSPHQW#ZLWK#
7HUPLQDO#&RQQHFWLRQ
1RWHV=41 0DLQWHQDQFH#ELWV#DUH#VHQW#ZLWK#PHDQLQJIXO#GDWD#+1RUPDO#ILHOG#LQ#7D E O H #8/#74(417,1
51 /LQNXS/#6)6/#$,3B73#FRUUHVSRQG#WR#154#ELWV#6/#4/#DQG#3#UHVSHFWLYHO\1
61 1R#FKDQJH#LQ#XSVWUHDP#PDLQWHQDQFH#ELWV>#$&7# #3/#6$,# #31
71 %HFDXVH#WKH#XSVWUHDP#6$,#ELW#LV#VHW#E\#WKH#XSVWUHDP#$5#FRPPDQG/#WKH#LQGLFDWLRQ#8$,#
LV#QHYHU#LVVXHG/#DQG#$5#FRQWLQXHV#WR#DSSHDU#RQ#WKH#&2,#FKDQQHO1
81 7KH#GRZQVWUHDP#$&7#ELW#LV#VHW#E\#LVVXDQFH#RI#WKH#$,1
/7 6ZLWFK
:DLW#IRU#WRQH $&7/#'($/#82$
6/3'&
',
:DLW#IRU#WRQH
612
71
614
613
$5
6/4
6/54
615
6166
6/68$,
$,
616
6/67
6167
,1)27
,1)26
,1)25
$&7
$&7
$&7/#'($
82$/#/,1.83/
6)6/#$,3B735
$&7/#6$,
,1)23
,1)23
71#'HWHFWHG
$,3B73/#6$,5/7
/,1.83/
$&7/#6$,# #[
$&78
$&7/#6$,
,1)24
/,1.83/#6)6/
0&4788:9
$5
'&',
',
'&',
$5$,;
$,
$,;
25
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<049 0&4788:9#'DWD#6KHHW 027252/$
<1617
<1617<1617
<1617 7HUPLQDO#,QLWLDWHG#$FWLYDWLRQ
7HUPLQDO#,QLWLDWHG#$FWLYDWLRQ7HUPLQDO#,QLWLDWHG#$FWLYDWLRQ
7HUPLQDO#,QLWLDWHG#$FWLYDWLRQ
)LJXUH#<0;1#7LPH#'LDJUDP#IRU#7R W DO #$FWLYDWLRQ#,QLWLDWHG#E\#WKH#7HUPLQDO#ZLWK#1R#7(#
&RQQHFWLRQ
1RWHV=41 0DLQWHQDQFH#ELWV#DUH#VHQW#ZLWK#PHDQLQJIXO#GDWD#+1RUPDO#ILHOG#LQ#7D E O H #8/#74(417,1
51 /LQNXS/#6)6/#$,3B73#FRUUHVSRQG#WR#154#ELWV#6/#4/#DQG#3#UHVSHFWLYHO\1
61 1R#FKDQJH#LQ#XSVWUHDP#PDLQWHQDQFH#ELWV>#$&7# #3/#6$,# #31
71 %HFDXVH#WKH#XSVWUHDP#6$,#ELW#LV#VHW#E\#WKH#XSVWUHDP#$5#FRPPDQG/#WKH#LQGLFDWLRQ#8$,#
LV#QHYHU#LVVXHG/#DQG#$5#FRQWLQXHV#WR#DSSHDU#RQ#WKH#&2,#FKDQQHO1
81 7KH#GRZQVWUHDP#$&7#ELW#LV#VHW#E\#LVVXDQFH#RI#WKH#$,1
/7 6ZLWFK
:DLW#IRU#WRQH $&7/#'($/#82$
6/3'&
',
:DLW#IRU#WRQH
612
71
614
613
$5
6/4
6/54
615
6166
6/68$,
$,
616
6/67
6167
,1)25
$&7
$&7
$&7/#'($
82$/#/,1.83/
6)6/#$,3B735
$&7/#6$,
,1)23
,1)23
71#'HWHFWHG
$,3B73/#6$,5/7
/,1.83/
$&7/#6$,# #[
$&78
$&7/#6$,
/,1.83/#6)6/
0&4788:9
$5
'&',
$5
'&$5
$5$,;
$,
$,;
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <04:
)LJXUH#<0<1#7LPH#'LDJUDP#IRU#7RW D O #$FWLYDWLRQ#,QLWLDWHG#E\#WKH#7HUPLQDO#ZLWK#7(#
&RQQHFWLRQ
1RWHV=41 0DLQWHQDQFH#ELWV#DUH#VHQW#ZLWK#PHDQLQJIXO#GDWD#+1RUPDO#ILHOG#LQ#7D E O H #8/#74(417,1
51 /LQNXS/#6)6/#$,3B73#FRUUHVSRQG#WR#154#ELWV#6/#4/#DQG#3#UHVSHFWLYHO\1
61 1R#FKDQJH#LQ#XSVWUHDP#PDLQWHQDQFH#ELWV>#$&7# #3/#6$,# #31
71 %HFDXVH#WKH#XSVWUHDP#6$,#ELW#LV#VHW#E\#WKH#XSVWUHDP#$5#FRPPDQG/#WKH#LQGLFDWLRQ#8$,#
LV#QHYHU#LVVXHG/#DQG#$5#FRQWLQXHV#WR#DSSHDU#RQ#WKH#&2,#FKDQQHO1
81 7KH#GRZQVWUHDP#$&7#ELW#LV#VHW#E\#LVVXDQFH#RI#WKH#$,1
/7 6ZLWFK
:DLW#IRU#WRQH $&7/#'($/#82$
6/3'&
',
:DLW#IRU#WRQH
612
71
614
613
$5
6/4
6/54
615
6166
6/68$,
$,
616
6/67
6167
,1)27
,1)26
,1)25
$&7
$&7
$&7/#'($
82$/#/,1.83/
6)6/#$,3B735
$&7/#6$,
,1)23
,1)23
71#'HWHFWHG
$,3B73/#6$,5/7
/,1.83/
$&7/#6$,# #[
$&78
$&7/#6$,
/,1.83/#6)6/
0&4788:9
$5
'&',
$5
'&$5
$5$,;
$,
$,;
25
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<04; 0&4788:9#'DWD#6KHHW 027252/$
<1618
<1618<1618
<1618 /7#,QLWLDWHG#'HDFWLYDWLRQ
/7#,QLWLDWHG#'HDFWLYDWLRQ/7#,QLWLDWHG#'HDFWLYDWLRQ
/7#,QLWLDWHG#'HDFWLYDWLRQ
)LJXUH#<0431#7LPH#'LDJUDP#IRU#'HDFWLYDWLRQ#ZLWK#7(#&RQQHFWLRQ#+$OZD\V#,QLWLDWHG#E\#WKH#
/7,
)LJXUH#<0441#7LPH#'LDJUDP#IRU#'HDFWLYDWLRQ#ZLWK#7HUPLQDO0RQO\#&RQQHFWLRQ#+$OZD\V#
,QLWLDWHG#E\#WKH#/7,
0&4788:9 /7 6ZLWFK
6/67
$,
'5
6167
6/67
6/3'($&
'&
',
613
6/3
,1)23
,1)23
6$,/#$&7
/,1.83/#6)6/
$,3B73/#$&7/
'($/#82$
$&7/#6$,
7($5'2:1
/,1.83/#6)6
$,3B73
$&7/#'($/#82$
/,1.83/#6)6/
$,3B73/#$&7
$&7/#'($/#6$,
'($&7B5(4/
7($5'2:1
DQG2RU
5(&(,9(B5(6(7
7($5'2:1/
5(&(,9(B5(6(7/
/,1.83/#$,3B73
7($5'2:1
$,',
'5',
'&',
,1)26
,1)27
7(
0&4788:9 /7 6ZLWFK
6/67
$,
'5
6167
6/67
6/3'($&
'&
',
613
6/3
,1)23
,1)23
6$,/#$&7
/,1.83/#6)6/
$,3B73/#$&7/
'($/#82$
$&7/#6$,
7($5'2:1
/,1.83/#6)6
$,3B73
$&7/#'($/#82$
/,1.83/#6)6/
$,3B73/#$&7
$&7/#'($/#6$,
'($&7B5(4/
7($5'2:1
DQG2RU
5(&(,9(B5(6(7
7($5'2:1/
5(&(,9(B5(6(7/
/,1.83/#$,3B73
7($5'2:1
$,$,;
'5$,;
'&',
,1)25
'5',
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <04<
)LJXUH#<0451#7LPH#'LDJUDP#IRU#'HDFWLYDWLRQ#ZLWK#%RWK#7(#DQG#7HUPLQDO#&RQQHFWLRQV#
+$OZD\V#,QLWLDWHG#E\#WKH#/7,
0&4788:9 /7 6ZLWFK
6/67
$,
'5
6167
6/67
6/3'($&
'&
',
613
6/3
,1)23
,1)23
6$,/#$&7
/,1.83/#6)6/
$,3B73/#$&7/
'($/#82$
$&7/#6$,
7($5'2:1
/,1.83/#6)6
$,3B73
$&7/#'($/#82$
/,1.83/#6)6/
$,3B73/#$&7
$&7/#'($/#6$,
'($&7B5(4/
7($5'2:1
DQG2RU
5(&(,9(B5(6(7
7($5'2:1/
5(&(,9(B5(6(7/
/,1.83/#$,3B73
7($5'2:1
$,$,;
'5',
'&',
,1)26
,1)27
'5$,;
$1'
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<053 0&4788:9#'DWD#6KHHW 027252/$
<1619
<1619<1619
<1619 80,QWHUIDFH#2QO\#$FWLYDWLRQ
80,QWHUIDFH#2QO\#$FWLYDWLRQ80,QWHUIDFH#2QO\#$FWLYDWLRQ
80,QWHUIDFH#2QO\#$FWLYDWLRQ
)LJXUH#<0461#7LPH#'LDJUDP#RI#D#802QO\#$FWLYDWLRQ#+$OZD\V#,QLWLDWHG#E\#WKH#/7,
)LJXUH#<0471#7LPH#'LDJUDP#IRU#D#7UDQVLWLRQ#IURP#'6/02QO\#$FWLYDWLRQ#WR#7R W DO #$FWLYDWLRQ#
,QLWLDWHG#E\#WKH#/7
0&4788:9 /7 6ZLWFK
:DLW#IRU#WRQH $&7/#'($/#82$
6/3'&
',
8$5
:DLW#IRU#WRQH
$&7/#'($/#82$
612
7/
6/3
71
614
613
$5
6/4
6/5
615
8$,
616
6/67
$,3B73
/,1.83/#6)6/
$&7/#'($/#82$/
$&7/#6$,
,1)23
,1)23
/,1.83/#$,3B73
#$&7/#6$,
$&7B5(4
/,1.83/#6)6
$,3B73
'&',
'&',
7(
0&4788:9 /7 6ZLWFK
$&7/#'($/#82$/$&7/#'($/#82$
6/678$5
8$,
$5
$&7/#6$,
$&7/#'($/#82$
616
$5
6/6
616
$,
6167
6/67
,1)27
,1)26
,1)25
$&7/#'($/#82$/
$&7/#6$,
6$,
/,1.83/#6)6/#$,3B73
$&7/#'($/#82$
6$,
,1)23
,1)23
$&7/#6$,# #[
$&7
/,1.83/#6)6/#$,3B73
/,1.83/#6)6/#$,3B73
$&7/#82$/#6$,
/,1.83/#6)6/#$,3B73
/,1.83/#6)6/#$,3B73
'&',
$5',
$5$,;
$,$,;
7(
25
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
027252/$ 0&4788:9#'DWD#6KHHW <054
)LJXUH#<0481#7LPH#'LDJUDP#IRU#D#7UDQVLWLRQ#IURP#'6/02QO\#$FWLYDWLRQ#WR#7R W D O #$FWLYDWLRQ#
,QLWLDWHG#E\#WKH#7(#:LWK#7HU P L Q DO #&RQQHFWLRQ
)LJXUH#<0491#7LPH#'LDJUDP#IRU#D#7UDQVLWLRQ#IURP#'6/02QO\#$FWLYDWLRQ#WR#7R W D O #$FWLYDWLRQ#
,QLWLDWHG#E\#WKH#7H U P L QD O #:LWK#7(#&RQQHFWLRQ
0&4788:9 /7 6ZLWFK
$&7/#'($/#82$/$&7/#'($/#82$
6/678$5
8$,
$5
$&7/#6$,/
'($/#82$
616
6/6
$5
616
$,
6167
6/67
,1)27
,1)26
,1)25
$&7/#6$,
6$,
$&7/#'($/#82$
/,1.83/#6)6/#$,3B73#
$&7/#6$,
,1)23
,1)23
/,1.83/#6$,# #[
$&7
/,1.83/#6)6/#$,3B73
/,1.83/#6)6/#$,3B73
$&7/#6$,
$&7/#'($/#82$/
/,1.83/#6)6/#$,3B73#
'&',
'&',
$5',
$,$,;
,1)24
7(
$5$,;
25
0&4788:9 /7 6ZLWFK
$&7/#'($/#82$/$&7/#'($/#82$
6/678$5
8$,
$5
$&7/#6$,/
'($/#82$
616
6/6
$5
616
$,
6167
6/67
,1)27
,1)26
,1)25
$&7/#6$,
6$,
$&7/#'($/#82$
/,1.83/#6)6/#$,3B73#
$&7/#6$,
,1)23
,1)23
/,1.83/#6$,# #[
$&7
/,1.83/#6)6/#$,3B73
/,1.83/#6)6/#$,3B73
$&7/#6$,
$&7/#'($/#82$/
/,1.83/#6)6/#$,3B73#
'&',
'&$5
$5$5
$5$,;
$,$,;
25
7(
$FWLYDWLRQ#DQG#'HDFWLYDWLRQ
<055 0&4788:9#'DWD#6KHHW 027252/$
)LJXUH#<04:1#7LPH#'LDJUDP#IRU#D#7UDQVLWLRQ#IURP#7R W DO #$FWLYDWLRQ#WR#'6/02QO\#$FWLYDWLRQ#
+$OZD\V#,QLWLDWHG#E\#WKH#/7,
1RWHV=41 ,I#WKH#UHFHLYHG#$&7# #3#DQG#6$,# #3#GR#QRW#RFFXU#DW#WKH#VDPH#WLPH#LQ#WKH#/7/#LW#LV#SRVVLEOH#
WKDW#SULRU#WR#WKH#8$,#LQGLFDWLRQ/#$5#ZLOO#EH#LVVXHG#E\#WKH#/7/#XQWLO#WKH#PRPHQW#LQ#ZKLFK#ERWK#
PDLQWHQDQFH#ELWV#DUH#3#LQ#WKH#/71#7KHQ/#8$,#ZLOO#EH#LVVXHG/#DV#VKRZQ1
51 7KH#$&7#ELW#LV#UHVHW#DXWRPDWLFDOO\#E\#WKH#0&4788:9#ZLWKRXW#DQ\#VSHFLDO#FRPPDQG1
0&4788:9 /7 6ZLWFK
$&7/#'($/#82$/'($/#82$
6/67$5
$,
$&7/#/,1.83/#6)6/
6167
6/68$5
8$,4
616
6/6,1)23
,1)23
,1)23
$&7/#'($/#82$/
$&7/#6$,
/,1.83/#6)6/#$,3B73
$&7/#'($/#82$/
$&7/#6$,
,1)27
,1)26
'($/#82$
$&7/#6$,/#/,1.83/
6)6/#$,3B73
$&75
/,1.83/#6)6/#$,3B73
$,3B73
/,1.83/#6)6/#$,3B73
$,$,;
'5',
'&',
$1'
7(
027252/$ 0&4788:9#'DWD#6KHHW 4304
43
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
4314 627#,QWHUIDFH
7KH#0&4788:9#KDV#DQ#,6'1#627#LQWHUIDFH#IXOO\#FRPSOLDQW#ZLWK#,78#1763/#(76,#(76#
633345/#DQG#$16,#7419381#$V#VXFK#LW#LV#GHVLJQHG#WR#LQWHUIDFH#ZLWK#D#IRXU#ZLUH#
WUDQVPLVVLRQ#PHGLXP/#RQH#SDLU#EHLQJ#WKH#WUDQVPLW#SDWK/#WKH#RWKHU#SDLU#WKH#UHFHLYH#SDWK1#
7[307#DQG#7[107/#D#IXOO\#GLIIHUHQWLDO#RXWSXW#WUDQVPLW#SDLU#IURP#WKH#0&4788:9/#LV#
GHVLJQHG#WR#LQWHUIDFH#WR#WKH#WUDQVPLW#SDLU#RI#WKH#WUDQVPLVVLRQ#PHGLXP#YLD#DX[LOLDU\#
GLVFUHWH#FRPSRQHQWV#DQG#D#4=518#WXUQV#UDWLR#WUDQVIRUPHU1#5[307#DQG#5[107#IRUP#D#KLJK0
LPSHGDQFH#GLIIHUHQWLDO#LQSXW#SDLU#XVHG#IRU#FRXSOLQJ#WKH#UHFHLYH#OLQH#VLJQDO#WKURXJK#D#
4=518#WXUQV#UDWLR#WUDQVIRUPHU1#7KLV#LQWHUIDFH#LV#WKH#VDPH#DV#WKDW#XVHG#ZLWK#WKH#0&4788:7/#
627#7UDQVFHLYHU1
431414
431414431414
431414 627#7UDQVPLW#/LQH#,QWHUIDFH#&LUFXLWU\
627#7UDQVPLW#/LQH#,QWHUIDFH#&LUFXLWU\627#7UDQVPLW#/LQH#,QWHUIDFH#&LUFXLWU\
627#7UDQVPLW#/LQH#,QWHUIDFH#&LUFXLWU\
7KH#7[307#DQG#7[107#SLQV#RQ#WKH#0&4788:9#DFW#DV#D#FXUUHQW#OLPLWHG#GLIIHUHQWLDO#YROWDJH#
VRXUFH#SDLU1#7KH#7[307#DQG#7[107#SDLU#EHKDYH#DV#DFWLYH#GULYHUV#ZKHQ#FUHDWLQJ#ORJLFDO#
]HUR#OLQH#VLJQDOV#+&&,77#,1763#DQG#$16,#741938#GHILQH#WKH#QRPLQDO#SXOVH#DPSOLWXGH#WR#EH#
:83#P9/#]HUR#WR#SHDN/#IRU#D#830RKP#ORDG,#DQG#DUH#KLJK0LPSHGDQFH#RXWSXWV#ZKHQ#
JHQHUDWLQJ#ORJLFDO#RQH#VLJQDOV1#7KH#WUDQVPLW#FLUFXLWU\#ZLWKLQ#WKH#627#LQWHUIDFH#LV#
GHVLJQHG#WR#RSHUDWH#ZLWK#D#4=518#WXUQV#UDWLR#OLQH#LQWHUIDFH#WUDQVIRUPHU1#7KH#WUDQVPLW#
WUDQVIRUPHU#LV#VLPLODU#LQ#GHVLJQ#WR#WKH#UHFHLYH#WUDQVIRUPHU1
7KH#7[307#DQG#7[107#SDLU#RSHUDWH#DV#D#51;0YROW#FXUUHQW#OLPLWHG#GLIIHUHQWLDO#YROWDJH#
VRXUFH1#$V#VXFK#WZR#8(#VHULHV#UHVLVWRUV#VKRXOG#EH#LQVHUWHG#LQ#WKH#OLQH#LQWHUIDFH#FLUFXLW#
VXFK#WKDW#WKH#FRPELQHG#UHVLVWDQFH#RI#WKHVH#WZR#UHVLVWRUV#DQG#WKH#ZLQGLQJ#UHVLVWDQFH#RI#WKH#
WUDQVIRUPHU#LV#478#RKPV1#7KH#FXUUHQW#OLPLW#YDOXH#LV#VHW#E\#FLUFXLWU\#ZLWKLQ#WKH#627#
WUDQVFHLYHU#DQG#LV#DSSUR[LPDWHO\#<#P$1
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
4305 0&4788:9#'DWD#6KHHW 027252/$
7KH#7[307#DQG#7[107#WUDQVPLW#SDLU#VXSSO\#D#FXUUHQW#VXFK#WKDW#D#SRVLWLYH#SRWHQWLDO#LV#
FUHDWHG#EHWZHHQ#WKH#7[307#DQG#7[107#SLQV/#UHVSHFWLYHO\/#ZKHQ#WUDQVPLWWLQJ#WKH#)#IUDPH#
ELW#RI#HDFK#IUDPH1#7KH#7[307#DQG#7[107#OLQH#GULYH#FLUFXLW#RI#WKH#0&4788:9#LV#GHVLJQHG#
VXFK#WKDW#WKH#GHYLFH#ZLOO#FRQWLQXH#WR#SURYLGH#D#KLJK0LPSHGDQFH#FLUFXLW#WR#WKH#WUDQVPLW#
SDLU#RI#WKH#627#ORRS#ZKHQ#SRZHU#LV#UHPRYHG#+L1H1/#ZKHQ#WKH#FLUFXLW#EHWZHHQ#9''#DQG#
966#EHFRPHV#D#VKRUW#FLUFXLW,1#)LJXUHýìíðì#LOOXVWUDWHV#WKH#UHFRPPHQGHG#OLQH#LQWHUIDFH#DQG#
SURWHFWLRQ#FLUFXLWU\#IRU#LQWHUIDFLQJ#WKH#0&4788:9#WR#WKH#627#ORRS1
431415
431415431415
431415 627#5HFHLYH#/LQH#,QWHUIDFH#&LUFXLWU\
627#5HFHLYH#/LQH#,QWHUIDFH#&LUFXLWU\627#5HFHLYH#/LQH#,QWHUIDFH#&LUFXLWU\
627#5HFHLYH#/LQH#,QWHUIDFH#&LUFXLWU\
7KH#5[307#DQG#5[107#SLQV#VHUYH#DV#D#IXOO\#GLIIHUHQWLDO#LQSXW#SDLU#IRU#WKH#OLQH#VLJQDO#IURP#
WKH#627#ORRS1#7KH#LQSXW#LPSHGDQFH#VHHQ#ORRNLQJ#LQWR#WKH#FRPELQDWLRQ#RI#WKH#0&4788:9#
DQG#WKH#DVVRFLDWHG#UHFHLYH#OLQH#LQWHUIDFH#FLUFXLWU\#+DV#VKRZQ#LQ#)LJXUHýìíðë,#H[FHHGV#WKH#
&&,77#,1763#DQG#$16,#741938#UHTXLUHPHQWV#XQGHU#DOO#FRQGLWLRQV1#7KH#UHFHLYH#OLQH#
FLUFXLWU\#ZLWKLQ#WKH#627#LQWHUIDFH#LV#GHVLJQHG#WR#RSHUDWH#ZLWK#D#4=518#WXUQV#UDWLR#
WUDQVIRUPHU1#7KH#UHFHLYH#WUDQVIRUPHU#LV#VLPLODU#LQ#GHVLJQ#WR#WKH#WUDQVPLW#WUDQVIRUPHU#DQG#
UHFRPPHQGHG#VXSSOLHUV#RI#WKHVH#WUDQVIRUPHUV#DUH#LQFOXGHG1#7KH#UHFHLYH#FLUFXLWU\#ZLWKLQ#
WKH#0&4788:9#DXWRPDWLFDOO\#DGDSWV#WR#WKH#RSWLPXP#WHUQDU\#GHWHFWLRQ#WKUHVKROGV#IRU#
UHFHLYLQJ#WKH#LQFRPLQJ#OLQH#VLJQDO/#UHJDUGOHVV#RI#WKH#627#ORRS#EXV#FRQILJXUDWLRQ1#7KH#
PLQLPXP#WHUQDU\#GHWHFWLRQ#WKUHVKROG#LV#<3#P9/#UHIHUHQFHG#WR#VLJQDO#JURXQG1#7KLV#YDOXH#
WKHQ#VHWV#WKH#DEVROXWH#PD[LPXP#DWWHQXDWLRQ#WKDW#FDQ#H[LVW/#EHIRUH#GHWHFWLRQ#RI#WKH#
LQFRPLQJ#VLJQDO#EHFRPHV#LPSRVVLEOH1#7KH#5[307#DQG#5[107#SDLU#LV#QRW#VHQVLWLYH#WR#WKH#
SRODULW\#RI#WKHLU#FRQQHFWLRQ#WR#WKH#OLQH#LQWHUIDFH#FLUFXLWU\1#)LJXUHýìíðë#LOOXVWUDWHV#WKH#
UHFRPPHQGHG#OLQH#LQWHUIDFH#DQG#SURWHFWLRQ#FLUFXLWU\#IRU#LQWHUIDFLQJ#WKH#0&4788:9#627#
LQWHUIDFH#WR#WKH#ORRS1
)LJXUH#43041#627#7UDQVPLW#/LQH#,QWHUIDFH#&LUFXLW
.8#9
433#Ω
7HUPLQDWLRQ
5=8=4
9;#Ω
9;#Ω
7[307
7[107
0&4788:9
627#/RRS
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
027252/$ 0&4788:9#'DWD#6KHHW 4306
127(ã 7KH#IROORZLQJ#GHVFULSWLRQV#DSSO\#WR#WKH#FLUFXLWV#VKRZQ#LQ#)LJXUHýìíðì#DQG#
)LJXUHýìíðë1
³'LRGHV#DUH#41747;1
³$OO#UHVLVWRUV#DUH#427#ZDWW1
43141514##7HUPLQDWLRQ#5HVLVWRUV
43141514##7HUPLQDWLRQ#5HVLVWRUV43141514##7HUPLQDWLRQ#5HVLVWRUV
43141514##7HUPLQDWLRQ#5HVLVWRUV
7KH#4330RKP#WHUPLQDWLRQ#UHVLVWRUV#LQ#WKH#WUDQVPLW#DQG#UHFHLYH#/LQH#FLUFXLWU\#DV#VKRZQ#LQ#
)LJXUHýìíðì#DQG#)LJXUHýìíðë#DUH#PDQGDWRU\#ZKHQ#RSHUDWLQJ#DV#DQ#17#LQ#DFFRUGDQFH#ZLWK#
&&,77#,1763#DQG#$16,#7419381#
43141515##3URWHFWLRQ#'LRGHV
43141515##3URWHFWLRQ#'LRGHV43141515##3URWHFWLRQ#'LRGHV
43141515##3URWHFWLRQ#'LRGHV
&&,77#,1763#DQG#$16,#741938#VSHFLI\#WKDW#WKH#627#LQWHUIDFH#YROWDJH#FDQQRW#H[FHHG#419#
WLPHV#WKH#QRPLQDO#YROWDJH#RI#:83#P9#+ #415#9,1#6LQFH#WKH#0&4788:9#LV#GHVLJQHG#WR#
RSHUDWH#ZLWK#518=4#WXUQV#UDWLR#WUDQVIRUPHUV/#WKHQ#WKH#GLRGH#VWUXFWXUH#DV#LOOXVWUDWHG#LQ#
)LJXUHýìíðì#DQG#)LJXUHýìíðë#LV#UHTXLUHG#WR#SURYLGH#SURWHFWLRQ/#ZKLOH#QRW#DGYHUVHO\#
DIIHFWLQJ#WKH#627#LQWHUIDFH#ZKHQ#SRZHU#LV#UHPRYHG#IURP#WKH#GHYLFH1#7KLV#GLRGH#VWUXFWXUH#
LV#DOVR#XVHIXO#LQ#WKH#DSSOLFDWLRQ#WR#SURWHFW#WKH#FLUFXLW#DJDLQVW#HOHFWURVWDWLF#GLVFKDUJHV#
+(6',#DQG#ODWFKXS1#
)LJXUH#43051#627#5HFHLYH#/LQH#,QWHUIDFH#&LUFXLW
.8#9
433#Ω
7HUPLQDWLRQ
5=8=4
814#.Ω
814#.Ω
5[307
5[107
0&4788:9
627#/RRS
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
4307 0&4788:9#'DWD#6KHHW 027252/$
4315 80,QWHUIDFH#5%44#/LQH#&RQQHFWLRQ
)LJXUHýìíðê#VKRZV#WKH#UHFRPPHQGHG#5%44#LQWHUIDFH#QHWZRUN#IRU#80LQWHUIDFH#FRQQHFWLRQ1#
&RPSRQHQW#VSHFLILFDWLRQV#DUH#VKRZQ#LQ#7DEOHýìíðì1#7KLV#VHFWLRQ#FRQWDLQV#DGGLWLRQDO#
LQIRUPDWLRQ#IRU#VHOHFWLQJ#DQG#SURFXULQJ#WKH#SDUWV#LQ#WKLV#FLUFXLWU\1
127(ã 7KLV#LQWHUIDFH#LV#WKH#VDPH#DV#WKDW#XVHG#ZLWK#WKH#0&4788:5#8#
7UDQVFHLYHU1
1RWHV=41 7KH#=HQHUV#RU#VXUJH#SURWHFWRUV#GHSHQG#RQ#HOHFWULFDO#VDIHW\#UHTXLUHPHQWV1
51 '07# #'�HWDOOLF#7HUPLQDWLRQ1
61 7KH#QHDUHVW#VWDQGDUW#FRPSRQHQW#YDOXH#IRU#WKH#WROHUDQFH#JLYHQ#FDQ#EH#XVHG1
)LJXUH#43061#5HFRPPHQGHG#5%44#8#,QWHUIDFH#&RQQHFWLRQ
7DEOH#43041##5%44#/LQH#,QWHUIDFH#&RPSRQHQWV#9DOXHV
&RPSRQHQW 'HVFULSWLRQ
&4 31348#—)#FHUDPLF#132/#&2*/#SRO\SURS\OHQH#RU#SRO\VW\UHQH/#ORZ#GLVVLSDWLRQ#IDFWRU/#
ORZ#GLHOHFWULF#DEVRUSWLRQ1#6HH#6HFWLRQý'ïëïë#IRU#JXLGHOLQHV#WR#FDOFXODWH#WKLV#YDOXH1
&5413#—)/#533#9#QRQ#SRODUL]HG1
54/#5568#
Ω/#4(/#PHWDO#ILOP#RU#RWKHU#KLJK#TXDOLW\#ORZ#GLVWRUWLRQ#UHVLVWRU1#6HH#6HFWLRQý'ïëïì#
IRU#JXLGHOLQHV#WR#FDOFXODWH#WKLV#YDOXH1
56/#5753#
Ω/#4(#+RSWLRQDO/#SURYLGH#JUHDWHU#VXUJH#FXUUHQW#SURWHFWLRQ1
'4/#'500%':333/741
'6/#'7,18565%#819#9#=HQHU1
'86LGDFWRU/#7HFFRU#34633($:31
743XOVH#HQJLQHHULQJ#3(9;95;1
0&4788:9
7[308
5[308
5[108
7[108
54
9''
'4
'6
'5
'7
9'' '8
4=4158
&5
7,3
7R#'0714
7R#'0715
5,1*
3XOVH#3(9;95;
55
56
57
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
027252/$ 0&4788:9#'DWD#6KHHW 4308
7KH#WUDQVIRUPHU#UHIHUHQFH#VFKHPDWLF#LV#VKRZQ#LQ#)LJXUHýìíðé/#DQG#WKH#VSHFLILFDWLRQV#DUH#
OLVWHG#LQ#7DEOHýìíðë1#$Q\#WUDQVIRUPHU#PDQXIDFWXUHG#WR#WKLV#VSHFLILFDWLRQ#PXVW#EH#YHULILHG#
IRU#FRPSOLDQW#WUDQVPLVVLRQ#SHUIRUPDQFH1#,W#LV#DOVR#VXJJHVWHG#WKDW#WUDQVIRUPHUV#
PDQXIDFWXUHG#IRU#XVH#LQ#ORRS#SRZHUHG#V\VWHPV#EH#UHTXLUHG#WR#UHPDLQ#ZLWKLQ#
VSHFLILFDWLRQ#XS#WR#WKH#PD[LPXP#ORRS#FXUUHQW#ZKLFK#PD\#EH#DV#KLJK#DV#93#P$1
)LJXUH#43071#6FKHPDWLF#5HIHUHQFH#IRU#80,QWHUIDFH#7UDQVIRUPHU
‡
‡
‡
4158=4 0&4788:9
6LGH
/LQH
6LGH
:
9
8
4
45
5
44
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\
4309 0&4788:9#'DWD#6KHHW 027252/$
7DEOH#43051##80,QWHUIDFH#7UDQVIRUPHU#6SHFLILFDWLRQV
3DUDPHWHU 3LQV#8QGHU#7HVW 0LQ 0D[ 8QLW 1RWHV
2SHUDWLQJ#7HPSHUDWXUH ³ ²73 .;8 ƒ& ³
%UHDNGRZQ#9ROWDJ H#9#DF#
+W# #4#V,
(DFK#ZLQGLQJ#WR#DOO#RWKHUV#
DQG#FRUH
4833 ³9#DF 4
6XUJH#9R OWD JH#SHU#%HOOFRUH
7501:703343;<#,VVXH#4/#
7DEOH#705
(DFK#ZLQGLQJ#WR#DOO#RWKHUV#
DQG#FRUH
5833 ³9#GF 4
'&#,QVXODWLRQ#5HVLVWDQFH#
+833#9GF,
(DFK#ZLQGLQJ#WR#DOO#RWKHUV#
DQG#FRUH
833 ³0Ω
'HVLVWDQFH#
+7# #58ƒ#&,#
+9DOKDOOD#7433,
+4²45,
+5²44,
+:²8,
4
4
4
9
9
<
Ω5
7UDQVIRUPDWLRQ#5DWLR#+314#
9DF/#53#N+],
+:D\QHNHUU#6578,
+4²45,=+5²44,
+4²45=:²8,
31<<
31948
4134
31968
³
,QGXFWDQFH#DW#314#9#DF/#43#
N+]/#DQG#313#$#GF#RU#
313;#$#GF#+:D\QHNHUU#6578,
+4²44,#VWUDS#+5²45, 5918 5<18 P+ 6
/HDNDJH#,QGXFWDQFH#DW#
3134#9#DF/#433#N+]
+:²8,#VWUDS
+4²45,#+5²44,
³5313 —+
7RWDO#+DUPRQLF#'LVWRUWLRQ#
DW#;3#P$#:LQGLQJ#&XUUHQW/#
7#9#SN0SN#+0HDVXUHG#
%HWZHHQ#833#+]²433#.+],
+:²8,=+4²44,#VWUDS
+45²5,
³²88 G%
3HDN#:LQGLQJ#&XUUHQW +4²44,#VWUDS#+5²45, 53 ³P$#GF 7
1RWHV=41 (XURSHDQ#FRXQWULHV#PD\#KDYH#VLJQLILFDQWO\#KLJKHU#UHTXLUHPHQWV1
51 '&#ZLQGLQJ#UHVLVWDQFH#VKRXOG#EH#NHSW#DV#ORZ#DV#SRVVLEOH#VLQFH#LW#FDQ#FKDQJH#E\#“#58(#
RYHU#WKH#WHPSHUDWXUH#UDQJH#RI#±73#WR#.;8ƒ&1#,I#WKH#GF#ZLQGLQJ#UHVLVWDQFH#LV#ORZ#ZLWK#
UHVSHFW#WR#WKH#YDOXH#RI#WKH#VHULHV#UHVLVWRUV#FRQQHFWHG#EHWZHHQ#WKH#7[#SLQV#DQG#WKH#
WUDQVIRUPHU/#D#FKDQJH#LQ#WHPSHUDWXUH#ZLOO#KDYH#D#ORZHU#HIIHFW#RQ#WKH#RXWSXW#SXOVH#
DPSOLWXGH#WKDQ#LI#WKH#WUDQVIRUPHU#GF#ZLQGLQJ#UHVLVWDQFH#LV#D#UHODWLYHO\#KLJK#YDOXH#DQG#WKH#
VHULHV#UHVLVWRUV#KDYH#D#ORZHU#YDOXH1
61 7KH#RSHUDWLQJ#SRLQW#RQ#%0+#FXUYH#VKRXOG#EH#ZHOO#EHORZ#WKH#NQHH#+L1H1/#QR#VDWXUDWLRQ,1
71 6LQFH#(XURSHDQ#,6'1#SRZHU#IHHGLQJ#DQG#SDLU#JDLQ#FXUUHQWV#DUH#JUHDWHU/#WKH#YDOXH#VKRXOG#
EH#LQFUHDVHG#WR#93#P$#IRU#VXFK#DSSOLFDWLRQV1
027252/$ 0&4788:9#8VHU¶V#0DQXDO 4404
44
3URGXFW#6SHFLILFDWLRQV
4414 $EVROXWH#0D[LPXP#5DWLQJV
4415 5HFRPPHQGHG#2SHUDWLQJ#&RQGLWLRQV
7DEOH#44041##$EVROXWH#0D[LPXP#5DWLQJV
5DWLQJ 6\PERO 9DOXH 8QLW
'XSSO\#9R O W D J H 9 '' ²318#WR#:13 9
9ROW DJH/#$Q\#3LQ#WR#966 9LQ ²316#WR#9''#.316 9
'&#&XUUHQW/#$Q\#3LQ#+VHH#1RWH,,LQ ±43 P$
2SHUDWLQJ#7HPSHUDWXUH 7$²53#WR#.:3 °&
6WRUDJH#7HPSHUDWXUH 7VWJ ²;8#WR#.483 °&
1RWHã ([FHSW#IRU#9''/#966/#7[3/#DQG#7[11
7DEOH#44051##5HFRPPHQGHG#2SHUDWLQJ#&RQGLWLRQV
3DUDPHWHU 3LQV 0LQ 7\S 0D[ 8QLW
'XSSO\#9R O W D J H 9 '' 71:8 813 8158 9
9ROW DJH#5HJXODWRU ³ 518 ³51; 9
3URGXFW#6SHFLILFDWLRQV
4405 0&4788:9#8VHU¶V#0DQXDO 027252/$
4416 3RZHU#&RQVXPSWLRQ
4417 80,QWHUIDFH#3HUIRUPDQFH
7DEOH#44061##3RZHU#&RQVXPSWLRQ
0&4788:9#6WDWH 3LQV 0LQ 7\S 0D[ 8QLW
$FWLYDWHG#ZRUVWýFDVH³7UDQVPLW#<9#N+]#ZLWK#
ORRSEDFN#RQ#627#/RRS#DQG#
615#IUHH#UXQQLQJ#RQ#8#ORRS
³00 673 P:
$FWLYDWHG³,1)25#RQ#627#ORRS/#
(76,#ORRS#4#RQ#8#ORRS
³583 ³P:
$FWLYDWHG³,1)27#RQ#627#ORRS/#
(76,#ORRS#4#RQ#8#ORRS/#UDQGRP#GDWD
³578 ³P:
$FWLYDWHG³,1)25#RQ#627#ORRS/#
(76,#ORRS#5#RQ#8#ORRS
³548 ³P:
$FWLYDWHG³,1)27#RQ#627#ORRS/#
(76,#ORRS#5#RQ#8#ORRS/#UDQGRP#GDWD
³543 ³P:
'HDFWLYDWHG³6OHHS#0RGH ³ 4; 55 P:
7DEOH#44071##80,QWHUIDFH#3HUIRUPDQFH
3DUDPHWHU 0LQ 7\S 0D[ 8QLW
&ROG#6WDUW#7LPH/#17#0RGH ³ 516 7 V
:DUP#6WDUW#7LPH/#17#0RGH ³ :8 ³PV
7UDQV PLW#/LQHDULW\ 78 88 ³G%
'LIIHUHQWLDO#5HFHLYHU#6HQVLWLYLW\ 83 ;3 P9
3URGXFW#6SHFLILFDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 4406
4418 '&#(OHFWULFDO#&KDUDFWHULVWLFV
7DEOH#44081##'&#(OHFWULFDO#&KDUDFWHULVWLFV
3DUDPHWHU 7HVW#
&RQGLWLRQV
6\PE
RO 0LQ 0D[ 8QLW
+LJK0/HYHO#,QSXW#9RO WDJ H/#H[FHSW#
5(6(7
9,+ 513 ³9
/RZ0/HYHO#,QSXW#9ROWDJ H/#H[FHSW#
5(6(7
9,/ ²316 31; 9
+LJK0/HYHO#,QSXW#9RO WDJ H/#5(6(7 9,+ 61:8 ³9
/RZ0/HYHO#,QSXW#9ROWDJ H/#5(6(7 9,/ ³4158 9
+LJK0/HYHO#2XWSXW#9RO WDJ H#
+,2+ 0733#µ$,
92+ 517 ³9
/RZ0/HYHO#2XWSXW#9R O W D JH #+,2/ #8#P$,92/ 18 9
,542')6XWSXW#&XUUHQW 92/# #317#9,
2³;P$
,542')6&#+LJK#,PSHGDQFH22XWSXW#
2II#6WDWH
5RII 433 ³NΩ
,QSXW#&DSDFLWDQFH/#'LJLWDO#3LQV &LQ ³43 S)
,QSXW2+LJK#,PSHGDQFH#/HDNDJH#
&XUUHQW
9''# #8.58#9,
LQ 8µ$
;7$/LQ#+LJK0/HYHO#,QSXW 618 ³9
;7$/LQ#/RZ0/HYHO#,QSXW ³ 418 9
;7$/RXW#+LJK#2XWSXW#&XUUHQW 92+# #518#9,
2+ ²;²4P$
;7$/RXW#/RZ#2XWSXW#&XUUHQW 92/# #518#9,
2/ 4;P$
1RWHã $OO#GLJLWDO#RXWSXWV#H[FHSW#;7$/RXW#DUH#WUL0VWDWHDEOH#UHJDUGOHVV#RI#WKHLU#QRUPDO#RSHUDWLQJ#
FRQGLWLRQV1
3URGXFW#6SHFLILFDWLRQV
4407 0&4788:9#8VHU¶V#0DQXDO 027252/$
4419 5%44#,QWHUIDFH#(OHFWULFDO#&KDUDFWHULVWLFV
441: 6270,QWHUIDFH#$QDORJ#&KDUDFWHULVWLFV
7DEOH#44091##Pins TxP and TxN +5/# #93#Ω#IURP#7[3#WR#7[1,
3DUDPHWHU 0LQ 7\S 0D[ 8QLW
2XWSXW#5HVLVWDQFH³)XOO#3RZHU#0RGH ³ ³ 3138 Ω
2XWSXW#5HVLVWDQFH³3RZHU#'RZQ#0RGH#³43 63 Ω
2XWSXW#5HVLVWDQFH³$EVROXWH#3RZHU#'RZQ#0RGH ³ 43 63 Ω
2XWSXW#3HDN#9RO WDJ H#IURP#7[3#WR#7[1 ³ + 4.0 ³9
SN#²9SN
2XWSXW#/RDG#&DSDFLWDQFH ³ ³ 7: Q)
7DEOH#440:1##3LQV#5[3#DQG#5[1
3DUDPHWHU 0LQ 0D[ 8QLW
,QSXW#5HVLVWDQFH³)XOO#3RZHU#0RGH 4³0
Ω
,QSXW#5HVLVWDQFH³3RZHU#'RZQ#0RGH 4³0
Ω
,QSXW#5HVLVWDQFH³$EVROXWH#3RZHU#'RZQ#0RGH 4³0
Ω
,QSXW#9R O W D J H#5DQJH#IRU#5[3#RU#5[1 ++9''#²#966,25,#²#318 ++9''#²#966,25,#.#318 9
7DEOH#440;1##6270,QWHUIDFH#$QDORJ#&KDUDFWHULVWLFV
&KDUDFWHULVWLF 0LQ 7\S 0D[ 8QLW
7[327[1#'ULYH#&XUUHQW³5/# #83#Ω817 913 919 P$
+7[3#²#7[1,#9ROWDJ H#/LPLW#RQ#WKH#627#/RRS#VLGH ³ ³ 414: 9SHDN
5[#,QSXW#6HQVLWLYLW\/#1RUPDO#0RGH#+5[3#²#5[1,<3³³ P9SHDN
5[#,QSXW#6HQVLWLYLW\/#6OHHS#0RGH#+5[3#²#5[1,553³³ P9SHDN
3URGXFW#6SHFLILFDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 4408
441; ,'/#7LPLQJ#&KDUDFWHULVWLFV
7DEOH#440<1##,'/#7LPLQJ#&KDUDFWHULVWLFV#
5HI1#
1R13DUDPHWHU 0LQ 7\S 0D[ 8QLW 1RWH
4)6HULRG 458 458 ³µV4
5'HOD\#)URP#WKH#5LVLQJ#(GJH#RI#'&/#WR#WKH#5LVLQJ#
(GJH#RI#)6&
³63 QV
6'HOD\#)URP#WKH#5LVLQJ#(GJH#RI#'&/#WR#WKH#)DOOLQJ#
(GJH#RI#)6&#
³63 QV
7'&/#&ORFN#3HULRG 7;; 4<86 QV 5
8'&/#3XOVH#:LGWK#+LJK/#1RPLQDO 845#N+]
5137;#0+]
'&/#&ORFN#57<#3XOVH#:LGWK#+LJK 5137;#0+]
'&/#&ORFN#8<#3XOVH#:LGWK#+LJK 845#N+]#
;:;
543
493
;58
43:7
598
648
4453
QV 6
9'&/#3XOVH#:LGWK#/RZ 78 88 (#RI#
'&/
3HULRG
7
:'HOD\#)URP#5LVLQJ#(GJH#RI#'&/#WR#/RZ0=#DQG#
9DOLG#'DWD#RQ#'RXW
³63 QV
;'HOD\#)URP#5LVLQJ#(GJH#RI#'&/#WR#'DWD#9DOLG#RQ#
'RXW
863QV
<'HOD\#)URP#5LVLQJ#(GJH#RI#'&/#WR#+L0=#RQ#'RXW ³63 QV
43 'DWD#9D OLG#RQ#'LQ#%HIRUH#)DOOLQJ#(GJH#RI#'&/#
+'LQ#6HWXS#7LPH,
58 ³QV
44 'DWD#9D OLG#RQ#'LQ#$IWHU#)DOOLQJ#(GJH#RI#'&/#
+'LQ#+ROG#7LPH,
58 ³QV
1RWHVã ìï )6&#RFFXUV#RQ#DYHUDJH#HYHU\#458#µV1
ëï 7KH#'&/#)UHTXHQF\#PD\#EH#845#N+]#RU#5137;#0+]1
êï 7KH#GXW\#F\FOH#RI#'&/#LV#EHWZHHQ#78(#DQG#88(#ZKHQ#RSHUDWHG#LQ#PDVWHU#WLPLQJ#PRGH1#
7KLV#GXW\#F\FOH#LV#JXDUDQWHHG#IRU#DOO#'&/#FORFNV#H[FHSW#WKH#FORFN#WKDW#LV#XVHG#IRU#PDNLQJ#
WLPLQJ#DGMXVWPHQWV#LQ#RUGHU#WR#PDLQWDLQ#V\QFKURQL]DWLRQ#ZLWK#WKH#UHFHLYHG#VLJQDO#ZKHQ#
RSHUDWLQJ#LQ#17#PRGH1#,Q#17#PDVWHU#PRGH#WKH#0&4788:9#FRQYH\V#WLPLQJ#DGMXVWPHQWV#
RYHU#WKH#'&/#FORFN#RI#WKH#GHYLFH1#7KLV#LV#GRQH#E\#DGGLQJ#RU#VXEWUDFWLQJ#D#VLQJOH#5317;#
0+]#FORFN#SHULRG#RI#7;#QV#WR#WKH#KLJK#SKDVH#RI#'&/#FORFN#RQ#WZR#VXFFHVVLYH#,'/#IUDPHV#
RQFH#SHU#80,QWHUIDFH#EDVLF#IUDPH1#7KH#WRWDO#DGMXVWPHQW#LV#<9#QV#GLVWULEXWHG#RYHU#WKH#WZR#
,'/#IUDPHV1#:KHQ#'&/#LV#FRQILJXUHG#IRU#5137;#0+]#WKH#DGMXVWPHQW#RFFXUV#GXULQJ#FORFN#
SXOVH#QXPEHU#57<#DIWHU#)6&1#7KH#FRXQW#VWDUWV#DW#FORFN#SXOVH#3#IRU#WKH#'&/#FORFN#
LPPHGLDWHO\#IROORZLQJ#)6&1#:KHQ#'&/#LV#FRQILJXUHG#IRU#845#N+]#WKH#DGMXVWPHQW#RFFXUV#
GXULQJ#'&/#SXOVH#QXPEHU#8<1#,W#LV#LPSRUWDQW#WR#UHPHPEHU#WKLV#ZKHQ#XVLQJ#WKH#WLPHVORW#
DVVLJQHU#VLQFH#LW#LV#SRVVLEOH#WR#SURJUDP#LW#WR#WUDQVIHU#5%#RU#'#GDWD#GXULQJ#WKH#FORFN#SHULRG#
ZKHUH#WKH#WLPLQJ#DGMXVWPHQW#LV#EHLQJ#PDGH#DQG#WKLV#PD\#HIIHFW#VHWXS#DQG#KROG#WLPHV#IRU#
RWKHU#FRPSRQHQWV#LQ#D#V\VWHP1
éï 7KH#SXOVH#ZLGWK#GXULQJ#WKH#ORZ#SKDVH#RI#WKH#FORFN#YDULHV#EHWZHHQ#78(#DQG#88(#RI#WKH#
QRPLQDO#IUHTXHQF\1#7LPLQJ#DGMXVWPHQWV#DUH#QRW#PDGH#GXULQJ#WKH#ORZ#SKDVH#RI#'&/1
3URGXFW#6SHFLILFDWLRQV
4409 0&4788:9#8VHU¶V#0DQXDO 027252/$
)LJXUH#44041#,'/#7LPLQJ/#;2430%LW#)RUPDWV
'LQ
'RXW
'&/
)6&
4
7
6
8
9
:
;<
44
43
5
3URGXFW#6SHFLILFDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 440:
441< *&,#7LPLQJ#&KDUDFWHULVWLFV
7DEOH#440431##*&,#7LPLQJ#&KDUDFWHULVWLFV#
5HI1#
1R13DUDPHWHU 0LQ 7\S 0D[ 8QLW 1RWH
53 'HOD\#)URP#5LVLQJ#(GJH#RI#'&/#WR#)6XWSXW#
+LJK
³63 QV
54 'HOD\#)URP#5LVLQJ#(GJH#RI#'&/#WR#)6XWSXW#/RZ#
+1RUPDO#)UDPH,
³63 QV 4
55 'HOD\#)URP#5LVLQJ#(GJH#RI#'&/#WR#)6XWSXW#/RZ#
+6XSHUIUDPH#0DUNHU,
³63 QV 5
56 '&/#&ORFN#3HULRG 7;; 4<86 QV 6
57 '&/#3XOVH#:LGWK#+LJK 845#N+]
5137;#N+]
'&/#&ORFN#57<#3XOVH#:LGWK#+LJK 5137;#0+]
'&/#&ORFN#8<#3XOVH#:LGWK#+LJK 845#N+]
;:;
543
493
;58
43:7
598
648
4453
QV 7
58 '&/#3XOVH#:LGWK#/RZ 78 88 (#RI#
'&/
3HULRG
59 '&/#)DOO#7LPH 848QV
5: '&/#5LVH#7LPH 848QV
5; 'HOD\#)URP#5LVLQJ#(GJH#RI#)6&#WR#/RZ0=#DQG#9DOLG#
'DWD#RQ#'RXW
³73 QV
5< 'HOD\#)URP#5LVLQJ#(GJH#RI#'&/#WR#'DWD#9DOL G#RQ#
'RXW
³68 QV
63 'HOD\#)URP#5LVLQJ#(GJH#RI#'&/#+L0=#RQ#'RXW 868QV
64 'DWD#9DOLG#RQ#'LQ#%HIRUH#5LVLQJ#(GJH#RI#'&/ 58 ³QV
65 'DWD#9DOLG#RQ#'LQ#$IWHU#5LVLQJ#(GJH#RI#'&/ 58 ³QV
1RWHVã ìï 7KH#)6&#SXOVH#LV#QRUPDOO\#5#'&/#FORFN#SHULRGV#ZLGH1
ëï 7KH#)6&#SXOVH#LV#RQO\#RQH#'&/#FORFN#SHULRG#ZLGH#DW#WKH#VWDUW#RI#D#VXSHUIUDPH1#(YHU\#<9WK#
)6&#SXOVH#PDUNV#WKH#VWDUW#RI#D#VXSHUIUDPH1
êï 7KH#'&/#IUHTXHQF\#PD\#EH#845#N+]#RU#5137;#0+]1
éï 7KH#GXW\#F\FOH#RI#'&/#LV#EHWZHHQ#78(#DQG#88(#ZKHQ#RSHUDWHG#LQ#PDVWHU#WLPLQJ#PRGH1#
7KLV#GXW\#F\FOH#LV#JXDUDQWHHG#IRU#DOO#'&/#FORFNV#H[FHSW#WKH#FORFN#WKDW#LV#XVHG#IRU#PDNLQJ#
WLPLQJ#DGMXVWPHQWV#LQ#RUGHU#WR#PDLQWDLQ#V\QFKURQL]DWLRQ#ZLWK#WKH#UHFHLYHG#VLJQDO#ZKHQ#
RSHUDWLQJ#LQ#17#PRGH1#,Q#17#PDVWHU#PRGH#WKH#0&4788:9#FRQYH\V#WLPLQJ#DGMXVWPHQWV#
RYHU#WKH#'&/#FORFN#RI#WKH#GHYLFH1#7KLV#LV#GRQH#E\#DGGLQJ#RU#VXEWUDFWLQJ#D#VLQJOH#5317;#
0+]#FORFN#SHULRG#RI#7;#QV#WR#WKH#KLJK#SKDVH#RI#'&/#FORFN#RQ#WZR#VXFFHVVLYH#*&,#IUDPHV#
RQFH#SHU#80,QWHUIDFH#EDVLF#IUDPH1#7KH#WRWDO#DGMXVWPHQW#LV#<9#QV#GLVWULEXWHG#RYHU#WKH#WZR#
IUDPHV1#:KHQ#'&/#LV#FRQILJXUHG#IRU#5137;#0+]#WKH#DGMXVWPHQW#RFFXUV#GXULQJ#FORFN#
SXOVH#QXPEHU#57<#DIWHU#)6&1#7KH#FRXQW#VWDUWV#DW#FORFN#SXOVH#3#IRU#WKH#'&/#FORFN#
LPPHGLDWHO\#FRLQFLGHQW#ZLWK#)6&#EHLQJ#GULYHQ#KLJK1#:KHQ#'&/#LV#FRQILJXUHG#IRU#845#
N+]#WKH#DGMXVWPHQW#RFFXUV#GXULQJ#'&/#SXOVH#QXPEHU#8<1#,W#LV#LPSRUWDQW#WR#UHPHPEHU#
WKLV#ZKHQ#SURJUDPPLQJ#WKH#*&,#WLPHVORW#VLQFH#LW#LV#SRVVLEOH#IRU#GDWD#WR#EH#WUDQVIHUUHG#
GXULQJ#WKH#FORFN#SHULRG#ZKHUH#WKH#WLPLQJ#DGMXVWPHQW#LV#EHLQJ#PDGH#DQG#WKLV#PD\#HIIHFW#
VHWXS#DQG#KROG#WLPHV#IRU#RWKHU#FRPSRQHQWV#LQ#D#V\VWHP1
3URGXFW#6SHFLILFDWLRQV
440; 0&4788:9#8VHU¶V#0DQXDO 027252/$
)LJXUH#44051#GCI Master Timing
'LQ
)6&
58
59
57
5:
63
5<
5;
53
55 54
65
64
'&/
RXW
'
56
3URGXFW#6SHFLILFDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 440<
44143 6&3#7LPLQJ#&KDUDFWHULVWLFV
7DEOH#440441##6&3#7LPLQJ#&KDUDFWHULVWLFV
5HI1#
1R13DUDPHWHU 0LQ 0D[ 8QLW
73 6&3&/.#5LVLQJ#(GJH#%HIRUH#6&3(1+/,B7#DQG##6&3(1+/,B8#
)DOOLQJ#(GJH
73 ³QV
74 6&3(1#)DOOLQJ#(GJH#%HIRUH#6&3&/.#5LVLQJ#(GJH 73 ³QV
75 6&3#5[#'DWD#9DOLG#%HIRUH#6&3&/.#5LVLQJ#(GJH#+6HWXS#7LPH,53 ³QV
76 6&3#5[#'DWD#9DOLG#$IWHU#5LVLQJ#(GJH#RI#6&3&/.#++ROG#7LPH,53 ³QV
77 6&3&/.#)UHTXHQF\ ³ 714 0+]
78 6&3&/.#:LGWK#/RZ 83 ³QV
79 6&3&/.#:LGWK#+LJK 83 ³QV
7: 6&3&/.#5LVLQJ#(GJH#%HIRUH#6&3(1+/B7#DQG##6&3(1+/,B8,#
5LVLQJ#(GJH573 ³QV
7; 6&3(1#5LVLQJ#%HIRUH#6&3#&/.#5LVLQJ#(GJH573 ³QV
7< 6&3&/.#)DOOLQJ#(GJH#WR#6&3#7[#ORZ#LPSHGDQFH ³ 73 QV
83 6&3&/.#)DOOLQJ#(GJH#+:KLOH#6&3#(1+/,#LV#/RZ,#WR#6&3#7[#
'DWD#9DOLG
³73 QV
84 6&3(1#5LVLQJ#(GJH#WR#6&3#7[#KLJK#LPSHGDQFH ³ 63 QV
85 6&3(1#)DOOLQJ#(GJH#WR#6&3#7[#$FWLYH#+%\WH#0RGH,373QV
1RWHVã ìï 0HDVXUHPHQWV#DUH#PDGH#IURP#WKH#SRLQW#DW#ZKLFK#WKH\#DFKLHYH#WKHLU#JXDUDQWHHG#
PLQLPXP#RU#PD[LPXP#ORJLF#OHYHOV1
ëï 6&3(1#PXVW#ULVH#EHWZHHQ#WKH#ULVLQJ#HGJH#RI#WKH#HLJKWK#6&3&/.#DQG#WKH#ULVLQJ#HGJH#RI#
WKH#QLQWK#6&3&/.#IRU#DQ#;0ELW#DFFHVV#RU#WKH#DFFHVV#ZLOO#EH#LJQRUHG1#)RU#D#490ELW#DFFHVV/#
6&3(1#PXVW#ULVH#EHWZHHQ#WKH#ULVLQJ#HGJH#RI#WKH#VL[WHHQWK#6&3&/.#DQG#WKH#ULVLQJ#HGJH#
RI#WKH#VHYHQWHHQWK#6&3&/.#RU#WKH#DFFHVV#ZLOO#EH#LJQRUHG1
3URGXFW#6SHFLILFDWLRQV
44043 0&4788:9#8VHU¶V#0DQXDO 027252/$
)LJXUH#44061#6HULDO#&RQWURO#3RUW#+6&3,#,QWHUIDFH#7LPLQJ
6&3(1
6&3&/.
6&3#5[
6&3#7[
78
79
75
74
7<
76
73
7;
7:
77
83
84
$5
83
83
84
45 6 7 8 :9;<
$452:$31(;7#7 1(;7#;
'6'5'4'31(;7#;
':'9'8'7'6'5'4'3
6&3#7[
+%<7(#5(*,67(5
02'(,
%,76 %,76
%,76
6&3(1#0$<#5(0$,1#/2:)25#49#6&3&/.#&<&/(6#,1#%<7(#5(*,67(5#02'(
127(=#,Q#E\WH#PRGH#UHDG#RSHUDWLRQV#WKH#6&3#7[#SLQ#LV#HQDEOHG#ZKHQ#6&3&/.#JRHV#ORZ#DQG#6&3(1#KDV#JRQH#ORZ1
,I#6&3&/.#LV#ORZ#SULRU#WR#6&3(1#JRLQJ#ORZ/#WKHQ#6&3#7[#UHPDLQV#LQ#D#KLJK#LPSHGDQFH#VWDWH#XQWLO#6&3(1#JRHV#ORZ1
85
85
3URGXFW#6SHFLILFDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO 44044
44144 '#&KDQQHO#7LPLQJ#&KDUDFWHULVWLFV#+,'/#0RGH)
7DEOH#440451##'#&KDQQHO#7LPLQJ#&KDUDFWHULVWLFV
5HIHUHQFH
1XPEHU &KDUDFWHULVWLF 0LQ 0D[ 8QLW
93 '5(48(67#9DOLG#%HIRUH#)DOOLQJ#(GJH#RI#)6& 63 QV
94 '5(48(67#9DOLG#$IWHU#)DOOLQJ#(GJH#RI#)6& 63 QV
95 '*5$17#9DOLG#%HIRUH#)DOOLQJ#(GJH#RI#)6& 83 µV
)LJXUH#44071#'5(48(67#7LPLQJ
)LJXUH#44081#'*5$17#7LPLQJ
93
'5(48(67
)6&
94
95
'*5$17
)6&
3URGXFW#6SHFLILFDWLRQV
44045 0&4788:9#8VHU¶V#0DQXDO 027252/$
027252/$ 0&4788:9#8VHU¶V#0DQXDO 4504
45
0HFKDQLFDO#'DWD
4514 3LQ#$VVLJQPHQWV
)LJXUH#45041#0&4788:9#3LQRXW#'UDZLQJ
0&4788:93%
7703LQ#74)3
+7RS#9LHZ,
6&3#5[238/6(5
6&3#7[2/%$
6&3&/.238/6(4
6&3(1082364
6&3(1072365
966#,22
9''#,22
&/.287
'*5$1728'&/.
'5(48(672$58
)6&
4
5
6
7
8
9
:
;
<
43
44
5;108
5[308
966#5[08
9''#5[B8
966
9''#69
9''
,'/2*&,
5[307
5[107
,6(7
',1
'287
'&/
;7$/RXW
;7$/LQ
&/$66
),;
9''07
7[107
7[307
96607
')6&27'&/.2/('5
,542/('4
(12
&/.B6(/
5(6(7
7[108
9''#7[08
966#7[08
7[308
9UHI3
9UHI1
66
65
64
63
5<
5;
5:
59
58
57
56
45 46 47 48 49 4: 4; 4< 53 54 55
77 76 75 74 73 6< 6; 6: 69 68 67
UHYLVHG#;25;24<<;
0HFKDQLFDO#'DWD
4505 0&4788:9#8VHU¶V#0DQXDO 027252/$
4515 3DFNDJH#'HVFULSWLRQ
)LJXUH#45051#0&4788:9#770SLQ#74)3#3DFNDJH#'UDZLQJ
027252/$ 0&4788:9#8VHU¶V#0DQXDO $04
$
0&4788:9#(YDOXDWLRQ#%RDUG
$14 ,QWURGXFWLRQ
7KH#0&4788:9(9.#ERDUG#SURYLGHV#0RWRUROD#,6'1#FXVWRPHUV#D#FRQYHQLHQW#DQG#HIILFLHQW#
YHKLFOH#IRU#HYDOXDWLRQ#RI#WKH#0&4788:9#,6'1#6LQJOH#&KLS#1741
$15 0&4788:9(9.#LQ#174#0RGH
174#0RGH#LV#WKH#GHIDXOW#FRQILJXUDWLRQ#RI#WKH#0&4788:9(9.#ERDUG1#7KH#ERDUG#DFWV#DV#D#
FRPSOHWH#174#+8#DQG#627#ORRSV#FRQQHFWRUV/#LQGLFDWLRQ#/('V/#WHVW#PRGHV/#364#DQG#365#
FRQWURO,#EXW#ZLWKRXW#WKH#SRZHU#UHFRYHULQJ#IXQFWLRQV1#6LQFH#WKLV#LV#DQ#HYDOXDWLRQ#ERDUG#
DQG#QRW#D#UHIHUHQFH#GHVLJQ/#WKH#0&4788:9(9.#LV#SRZHUHG#E\#DQ#H[WHUQDO#89#SRZHU#
VXSSO\1#7KHUH#LV#QR#SRZHU#IHHGLQJ#FLUFXLWU\#WKDW#UHFRYHUV#WKH#SRZHU#IURP#WKH#8#OLQH1#
$QRWKHU#FRQQHFWRU#FDQ#EH#XVHG#WR#SURYLGH#.739#SRZHU#VXSSO\#GRZQ#WR#WKH#7(#WKURXJK#
WKH#627#OLQH#+.739#DQG#.89#SRZHU#VXSSOLHV#KDYH#VHSDUDWHG#JURXQGV,1
)LJXUH#$041###0&4788:9(9.#%ORFN#'LDJUDP
627#/RRS 8#/RRS
/LQH#,QWHUIDFH
0&4788:9
'LJLWDO#%XV
/('V
5
45
6ZLWFKHV
'%058
0&4788:9#(YDOXDWLRQ#%RDUG
$05 0&4788:9#8VHU¶V#0DQXDO 027252/$
$16 0&4788:9(9.#LQ#6PDUW#174#0RGH
7KH#0&4788:9(9.#FDQ#EH#FRQILJXUHG#WR#SURYLGH#D#WHUPLQDO#DFFHVV#WR#WKH#0&4788:9/#
ZKLFK#LV#UHTXLUHG#IRU#WKH#60$57#174#DSSOLFDWLRQV1#7KH#WHUPLQDO#DFFHVV#FDQ#EH#,'/26&3#
RU#*&,1#7KH#GLJLWDO#EXV#+,'/26&3#RU#*&,,#DV#ZHOO#DV#VHYHUDO#RWKHU#FRQWURO#VLJQDOV#DUH#
URXWHG#WR#D#'%58#FRQQHFWRU1#7KHUH#LV#QR#SURFHVVRU#RQ#WKH#ERDUG#WR#FRQWURO#WKH#0&4788:9/#
EXW#0RWRUROD#KDV#GHVLJQHG#D#ERDUG#+EDVHG#RQ#WKH#+&44#DQG#D#)3*$,#DQG#3&0EDVHG#
VRIWZDUH#WKDW#FDQ#EH#GLUHFWO\#FRQQHFWHG#WR#WKH#0&4788:9(9.#ERDUG1#7KLV#0&4788:9'59#
ERDUG/#ZKLFK#ZRUNV#RQO\#LQ#,'/26&3#PRGH/#SURYLGHV#TXLFN#DFFHVV#WR#WKH#LQWHUQDO#
UHJLVWHUV/#JDWHG#FORFNV/#DQG#WKH#6PDUW#174#DFWLYDWLRQ2GHDFWLYDWLRQ#VWDWH#PDFKLQH1
$17 0&4788:9'59#)HDWXUHV
‡3&0EDVHG#RSHUDWLRQ
‡5HVLGHQW#ILUPZDUH#PRQLWRU#IRU#XVHU#FRQWURO#RI#ERDUG
‡6PDUW#174#DFWLYDWLRQ#DQG#GHDFWLYDWLRQ#VRIWZDUH
‡0&9;+&44#$VVHPEO\#ODQJXDJH#VRXUFH#FRGH#DYDLODEOH
‡2Q0ERDUG#9;+&44#0LFURFRQWUROOHU#ZLWK#UHVLGHQW#PRQLWRU#VRIWZDUH
‡&RQYHQLHQW#DFFHVV#WR#NH\#VLJQDOV
‡5HTXLUHV#RQO\#D#.8#9#SRZHU#VXSSO\#+WKH#0&4788:9(9.#VXSSOLHV#ERDUG#SRZHU,
‡*DWHG#GDWD#FORFNV#SURYLGHG#IRU#ELW#HUURU#UDWH#WHVWLQJ
‡&DQ#EH#XVHG#DV#D#0&4788:9#GHYHORSPHQW#WRRO
‡560565#+915;,#VHULDO#SRUW#IRU#WHUPLQDO#LQWHUIDFH
)LJXUH#$051###6PDUW#174#&RQILJXUDWLRQ#ZLWK#0&4788:9(9.#DQG#0&4788:9'59
17426PDUW#174/7
7(4
0&4788:9
6270
,QWHUIDFH
80
,QWHUIDFH
8
+&44
0&47/&87;3
5$02
520
0&9;635 0&4788:7
0&4788:5
)3*$
8
&KLS
627
&KLS
,03
*&,
6&3
*&,
&RGHF
627
&HQWUDO#2IILFH
0&4788:9(9.
'LJLWDO#,QWHUIDFHV
6&3 ,'/#RU#*&,
0&4788:9'59
560565
0&4788:9#(YDOXDWLRQ#%RDUG
027252/$ 0&4788:9#8VHU¶V#0DQXDO $06
027252/$ 0&4788:9#'DWD#6KHHW %04
%
&RPSRQHQW#6RXUFLQJ
%14 2YHUYLHZ
7KH#0&4788:9#LQWHJUDWHV#IHDWXUHV#RI#WKH#0&4788:5#,6'1#80,QWHUIDFH#7UDQVFHLYHU#DQG#
WKH#0&4788:7#,6'1#6270,QWHUIDFH#7UDQVFHLYHU#LQ#D#VLQJOH#FKLS1#7KLV#VHFWLRQ#GLVFXVVHV#WKH#
UHTXLUHPHQWV#IRU#HDFK#RI#WKHVH#LQWHUIDFHV1#7KH#IROORZLQJ#LQIRUPDWLRQ#LV#SURYLGHG#WR#DVVLVW#
LQ#VRXUFLQJ#WKH#YDULRXV#SDUWV#XVHG#LQ#WKH#DSSOLFDWLRQ#RI#WKH#0&4788:9#WUDQVFHLYHUV1#7KH#
GHWDLOHG#VSHFLILFDWLRQV#IRU#WKHVH#SDUWV#DUH#DYDLODEOH#IURP#WKH#PDQXIDFWXUHU#DQG#
LQIRUPDWLRQ#SUHVHQWHG#KHUH#LV#RQO\#DV#FXUUHQW#DV#WKH#SULQWLQJ#RI#WKLV#GRFXPHQW1#&RQWDFW#
\RXU#ORFDO#0RWRUROD#UHSUHVHQWDWLYH#RU#WKH#0RWRUROD#IDFWRU\#DSSOLFDWLRQV#VWDII#IRU#WKH#
ODWHVW#XSGDWHV#RQ#WKLV#LQIRUPDWLRQ1
127(ã 0RWRUROD#KDV#FRQGXFWHG#OLPLWHG#HYDOXDWLRQ#RI#WKLUG#SDUW\#FRPSRQHQWV#IRU#
XVH#ZLWK#WKH#0&4788:91#7KLV#OLPLWHG#UHYLHZ#VXJJHVWV#WKDW#WKH#FRPSRQHQWV#
LQFOXGHG#KHUH#DSSHDU#WR#EH#VXLWDEOH#IRU#DSSOLFDWLRQV#XVLQJ#WKH#0&4788:91#
+RZHYHU/#WKH#HYDOXDWLRQ#GLG#QRW#LQFOXGH#DOO#VSHFLILFDWLRQV#RU#SDUDPHWHUV#
WKDW#PD\#EH#DSSOLFDEOH#WR#SDUWLFXODU#GHVLJQV/#DQG#WKH#YHQGRUV#LQFOXGHG#
KHUH#UHSUHVHQW#RQO\#D#SDUWLDO#OLVW#RI#FRPSRQHQW#PDQXIDFWXUHUV1#0RWRUROD#
GRHV#QRW#JXDUDQWHH#WKDW#WKHVH#WKLUG#SDUW\#FRPSRQHQWV#ZLOO#ZRUN#LQ#DOO#
DSSOLFDWLRQV1#,W#LV#WKH#UHVSRQVLELOLW\#RI#WKH#HTXLSPHQW#GHVLJQHU#WR#YHULI\#
WKDW#WKHVH#FRPSRQHQWV#DUH#VXLWDEOH#IRU#WKHLU#LQWHQGHG#DSSOLFDWLRQ1
&RPSRQHQW#6RXUFLQJ
%05 0&4788:9#'DWD#6KHHW 027252/$
%15 0&4788:9#7UDQVIRUPHUV#7KLUG#3DUW\#6RXUFHV
7DEOHý%ðì#OLVWV#PDQXIDFWXUHUV#RI#OLQH#LQWHUIDFH#WUDQVIRUPHUV#IRU#XVH#ZLWK#WKH#0&4788:91
127(ã 0RWRUROD#FDQ#QRW#UHFRPPHQG#RQH#PDQXIDFWXUHU#RYHU#DQRWKHU#DQG#LQ#QR#
ZD\#LPSOLHV#WKDW#WKLV#LV#D#FRPSOHWH#OLVW1
%1514##&U\VWDO#6SHFLILFDWLRQ
%1514##&U\VWDO#6SHFLILFDWLRQ%1514##&U\VWDO#6SHFLILFDWLRQ
%1514##&U\VWDO#6SHFLILFDWLRQ
7KH#0&4788:9#UHTXLUHV#D#SXOODEOH#FU\VWDO#EHFDXVH#LW#KDV#DQ#RQ0FKLS#9&;21#7KH#
VSHFLILFDWLRQ#DVVXPHV#QHWZRUN#WLPLQJ#WROHUDQFH#RI#“#8#SSP1#7KH#WRWDO#SXOODELOLW\#LV#583#
SSP1#
7DEOH#%04#0&4788:9#/LQH#,QWHUIDFH#&LUFXLW#7UDQVIRUPHU#0DQXIDFWXUHUV#
0DQXIDFWXUHU 8#
7UDQVIRUPHU
627#
7UDQVIRUPHU ,QWHUQHW#&RQWDFW#$GGUHVV
$3& ; ; ZZZ1DSFLVGQ1FRP
0LGFRP ; ; ZZZ1PLGFRP0LQF1FRP
3XOVH#(QJLQHHULQJ ; ; ZZZ1SXOVHHQJ1FRP
6FKRWW#&RUSRUDWLRQ ZZZ1VFKRWWFRUS1FRP
6HFUH ; ; RXUZRUOG1FRPSXVHUYH1FRP2
KRPHSDJHV2VHFUHBFRPS
7'. ZZZ1WGN1FRP
8QLYHUVDO ; ; ZZZ1XPHF0HXURSH1FRP
9$& ; ; ZZZ1YDFXXPVFKPHO]H1GH
7DEOH#%05#&U\VWDO#6SHFLILFDWLRQV
&KDUDFWHULVWLF 6SHFLILHG#9DOXH
2SHUDWLQJ#)UHTXHQF\ 5317;#0+]
&U\VWDO#6KXQW#&DSDFLWDQFH &3# #:13#S)
8QFHUWDLQW\#DW#UDWHG#&/“#83#SSP#RYHU#WHPSHUDWXUH/#FDOLEUDWLRQ/#DQG#430\HDU#DJLQJ4/5
(TXLYDOHQW#VHULHV#UHVLVWDQFH 56#≤ 53#RKPV###4#P:#GULYH
3XOO#UDQJH 583#SSP#PLQLPXP#SXOODELOLW\#RYHU#D#&/#UDQJH#RI#48#WR#78#S)
3DFNDJH 4&7<
&DOLEUDWLRQ#/RDG#
&DSDFLWDQFH
57#S)
1RWHV=41 ±73#WR#.;8ž&#UHTXLUHG#IRU#WUDQVPLVVLRQ#DSSOLFDWLRQV1
51 )RU#JHQHUDO#WHUPLQDO#DGDSWHU#DSSOLFDWLRQV/#XVH#3±:3ž&1
&RPSRQHQW#6RXUFLQJ
027252/$ 0&4788:9#'DWD#6KHHW %06
%1515##,6'1#&DOO#&RQWURO#6RXUFH#&RGH
%1515##,6'1#&DOO#&RQWURO#6RXUFH#&RGH%1515##,6'1#&DOO#&RQWURO#6RXUFH#&RGH
%1515##,6'1#&DOO#&RQWURO#6RXUFH#&RGH
7KH#IROORZLQJ#YHQGRUV#SURYLGH#,6'1#FDOO#FRQWURO#DQG#DSSOLFDWLRQV#VRXUFH#FRGH1#7KHVH#
VXSSOLHUV#VXSSRUW#PRVW#RI#WKH#YDULRXV#QDWLRQDO#DQG#UHJLRQDO#,6'1#FDOO#FRQWURO#
VSHFLILFDWLRQV#RQ#D#ZRUOG0ZLGH#EDVLV1#7KLV#OLVW#PD\#QRW#EH#FRPSOHWH1
7DEOH#%06#&U\VWDO#9HQGRUV
0DQXIDFWXUHU ,QWHUQHW#&RQWDFW#$GGUHVV
&RQQRU0:LQILHOG FRQZLQ1FRP
(&/,37(. ZZZ1HFOLSWHN1FRP
+\04#,QWHUQDWLRQDO ZZZ1K\0T1FR1XN
,4' ZZZ1LTGFU\VWDOV1FRP
.21< ZZZ1NRQ\1FR1NU
/3(27HOHTXDU] ZZZ1WHOHTXDU]1GH
0DQXGD[ ZZZ1PDQXGD[1IU
3UHFLVLRQ#'HYLFHV ZZZ1SGL[WDO1FRP
6D5RQL[ ZZZ1VDURQL[1FRP
7HOHFRQD ZZZ1WHOHFRQD1FRP
7DEOH#%07#,6'1#&DOO#&RQWURO#6RXUFH#&RGH#6XSSOLHUV
0DQXIDFWXUHU 6WUHHW##$GGUHVV ,QWHUQHW#&RQWDFW#
$GGUHVV
/LQN#7HFKQRORJ\ 56#&UHVFHQW#'ULYH
+ROODQG/#3$#4;<99
HPDLO=#OLQNLVGQ#LQWHUUDPS1FRP
ZZZ1OLQNWHFKQRORJ\1FRP
201,7(/ 64#UXH#-HDQ#5RVWDQG
<4;<6#256$<#&('(;#)UDQFH
ZZZ1RPQLWHO1FRP
201,7(/ 6;;3#61#%DVFRP#$YH1/#6XLWH#449
6DQ#-RVH/#&$#<8457#8161$1
HPDLO=#435:9915858#FRPSXVHUYH1FRP
ZZZ1RPQLWHO1FRP
WHOHQHWZRUNV 958#6HFRQG#6WUHHW
3HWDOXPD/#&$#<7<85#8161$1
H0PDLO=#LQIR#WQ1FRP
ZZZ1WHOHQHWZRUNV1FRP
7HOH6RIW#,QWHUQDWLRQDO/#
,QF1
735<#61#&DSLWDO#RI#7H[DV#+Z\1/#6XLWH#553
$XVWLQ/#7;#:;:37#8161$1
H0PDLO=#VDOHV#WHOHVRIW0LQWO1FRP
ZZZ1WHOHVRIW0LQWO1FRP
7ULOOLXP#'LJLWDO#
6\VWHPV/#,QF1
5334#61#%DUULQJWRQ#$YH1/#
6XLWH#548
/RV#$QJHOHV/#&$#<3358#8161$1
ZZZ1WULOOLXP1FRP
&RPSRQHQW#6RXUFLQJ
%07 0&4788:9#'DWD#6KHHW 027252/$
&RPSRQHQW#6RXUFLQJ
%08 0&4788:9#'DWD#6KHHW 027252/$
027252/$ 0&4788:9#'DWD#6KHHW &04
&
3ULQWHG#&LUFXLW#%RDUG#/D\RXW
&14 2YHUYLHZ
7KH#0&4788:9#LV#PDQXIDFWXUHG#XVLQJ#KLJK#VSHHG#&026#9/6,#SURFHVV#WHFKQRORJ\#WR#
LPSOHPHQW#WKH#PL[HG#VLJQDO#SURFHVVLQJ#IXQFWLRQV#UHTXLUHG#LQ#WKH#GHYLFH1#7KH#80LQWHUIDFH#
RI#WKH#0&4788:9#KDV#D#KLJK#UHVROXWLRQ#Σ0∆#$'&#DQG#D#SUHFLVLRQ#'$&/#LQ#DGGLWLRQ#WR#
WKUHH#KLJK#VSHHG#GLJLWDO#VLJQDO#FRSURFHVVRUV1#7KH#IXOO\#GLIIHUHQWLDO#DQDORJ#FLUFXLW#GHVLJQ#
WHFKQLTXHV#XVHG#IRU#WKLV#GHYLFH#UHVXOW#LQ#VXSHULRU#SHUIRUPDQFH#IRU#WKH#$'&/#'$&/#DQG#
7[#'ULYHU#VHFWLRQV1#6SHFLDO#DWWHQWLRQ#ZDV#JLYHQ#WR#WKH#GHVLJQ#RI#WKH#0&4788:9#WR#UHGXFH#
VHQVLWLYLW\#WR#QRLVH/#LQFOXGLQJ#SRZHU#VXSSO\#UHMHFWLRQ#DQG#VXVFHSWLELOLW\#WR#UDGLR#
IUHTXHQF\#QRLVH1#7KLV#VSHFLDO#DWWHQWLRQ#WR#FLUFXLW#GHVLJQ/#UHVXOWV#LQ#DQ#$'&#ZLWK#JUHDWHU#
WKDQ#;7#G%#G\QDPLF#UDQJH#RQ#WKH#VDPH#PRQROLWKLF#FKLS#DV#WKH#GLJLWDO#VLJQDO#FRSURFHVVRUV#
FORFNLQJ#DW#43157#0+]/#DOO#RI#ZKLFK#RSHUDWHV#RQ#D#VLQJOH#8#9#SRZHU#VXSSO\1#7KLV#GHYLFH#
ZDV#GHVLJQHG#WR#HDVH#WKH#WDVN#RI#3&%#OD\RXW/#EXW#GXH#WR#WKH#ZLGH#DQDORJ#G\QDPLF#UDQJH#
DQG#KLJK#GLJLWDO#FORFN#UDWH/#VSHFLDO#FDUH#VKRXOG#EH#WDNHQ#GXULQJ#3&%#OD\RXW#WR#DVVXUH#
RSWLPXP#WUDQVPLVVLRQ#SHUIRUPDQFH1
127(ã :KHQ#OD\LQJ#RXW#WKH#3&%/#GR#QRW#UXQ#DQ\#GLJLWDO#VLJQDOV#WKURXJK#WKH#OLQH#
LQWHUIDFH#UHJLRQ#RI#WKH#ERDUG1#6ZLWFKLQJ#QRLVH#IURP#WKH#GLJLWDO#VLJQDOV#FDQ#
EH#FRXSOHG#LQWR#WKH#OLQH#LQWHUIDFH#DQG#UHGXFH#SHUIRUPDQFH/#HVSHFLDOO\#RQ#
ORQJ#ORRSV1#:LUH#ZUDS#LV#QRW#UHFRPPHQGHG#IRU#SURWRW\SLQJ1
&15 3ULQWHG#&LUFXLW#%RDUG#0RXQWLQJ
7KH#GHYLFH#VKRXOG#EH#VROGHUHG#WR#WKH#3&#ERDUG#IRU#SURGXFWLRQ#PDQXIDFWXULQJ1#,I#WKH#
GHYLFH#LV#WR#EH#XVHG#LQ#D#VRFNHW/#LW#VKRXOG#EH#SODFHG#LQ#D#ORZ#SDUDVLWLF#SLQ#FDSDFLWDQFH#
VRFNHW#RI#418#S)#RU#OHVV1
3ULQWHG#&LUFXLW#%RDUG#/D\RXW
&05 0&4788:9#'DWD#6KHHW 027252/$
&16 3RZHU/#*URXQG/#DQG#1RLVH#&RQVLGHUDWLRQV
7KH#PRVW#LPSRUWDQW#FRQVLGHUDWLRQV#IRU#3&%#OD\RXW#GHDO#ZLWK#QRLVH1#7KLV#LQFOXGHV#QRLVH#
RQ#WKH#SRZHU#VXSSO\/#QRLVH#JHQHUDWHG#E\#WKH#GLJLWDO#FLUFXLWU\#RQ#WKH#GHYLFH/#DQG#FRXSOLQJ#
GLJLWDO#VLJQDOV#LQWR#WKH#DQDORJ#VLJQDOV1#7KH#EHVW#3&%#OD\RXW#PHWKRGV#WR#SUHYHQW#QRLVH0
LQGXFHG#SUREOHPV#DUH=
‡ .HHS#GLJLWDO#VLJQDOV#DV#IDU#DZD\#IURP#DQDORJ#VLJQDOV#DV#SRVVLEOH1
‡8VH#VKRUW/#ORZ#LQGXFWDQFH#WUDFHV#IRU#WKH#DQDORJ#FLUFXLWU\#WR#UHGXFH#LQGXFWLYH/#
FDSDFLWLYH/#DQG#UDGLR#IUHTXHQF\#QRLVH#VHQVLWLYLWLHV1
‡8VH#VKRUW/#ORZ#LQGXFWDQFH#WUDFHV#IRU#GLJLWDO#FLUFXLWU\#WR#UHGXFH#LQGXFWLYH/#
FDSDFLWLYH/#DQG#UDGLR#IUHTXHQF\#UDGLDWHG#QRLVH1
‡ %\SDVV#FDSDFLWRUV#VKRXOG#EH#FRQQHFWHG#EHWZHHQ#WKH#9''#DQG#966#SDLUV#ZLWK#
PLQLPDO#WUDFH#OHQJWK1#7KHVH#FDSDFLWRUV#KHOS#VXSSO\#WKH#LQVWDQWDQHRXV#FXUUHQWV#RI#
WKH#GLJLWDO#FLUFXLWU\/#LQ#DGGLWLRQ#WR#GHFRXSOLQJ#WKH#QRLVH#WKDW#PD\#EH#JHQHUDWHG#E\#
RWKHU#VHFWLRQV#RI#WKH#GHYLFH#RU#RWKHU#FLUFXLWU\#RQ#WKH#SRZHU#VXSSO\1
‡8VH#VKRUW/#ZLGH/#ORZ#LQGXFWDQFH#WUDFHV#WR#FRQQHFW#DOO#RI#WKH#966#JURXQG#SLQV#
WRJHWKHU#DQG/#ZLWK#RQH#WUDFH/#FRQQHFW#DOO#RI#WKH#966#JURXQG#SLQV#WR#WKH#SRZHU#
VXSSO\#JURXQG1#'HSHQGLQJ#RQ#WKH#DSSOLFDWLRQ/#D#GRXEOH#VLGHG#3&%#ZLWK#D#966#
JURXQG#SODQH#XQGHU#WKH#GHYLFH#FRQQHFWLQJ#DOO#RI#WKH#GLJLWDO#DQG#DQDORJ#966#SLQV#
WRJHWKHU#ZRXOG#EH#D#JRRG#JURXQGLQJ#PHWKRG1#$#PXOWL0OD\HU#3&%#ZLWK#D#JURXQG#
SODQH#FRQQHFWLQJ#DOO#RI#WKH#GLJLWDO#DQG#DQDORJ#966#SLQV#WRJHWKHU#ZRXOG#EH#WKH#
RSWLPDO#JURXQG#FRQILJXUDWLRQ1#7KHVH#PHWKRGV#ZLOO#UHVXOW#LQ#WKH#ORZHVW#UHVLVWDQFH#
DQG#WKH#ORZHVW#LQGXFWDQFH#LQ#WKH#JURXQG#FLUFXLW1#7KLV#LV#LPSRUWDQW#WR#UHGXFH#
YROWDJH#VSLNHV#LQ#WKH#JURXQG#FLUFXLW#UHVXOWLQJ#IURP#WKH#KLJK#VSHHG#GLJLWDO#FXUUHQW#
VSLNHV1#6XSSUHVVLQJ#WKHVH#YROWDJH#VSLNHV#RQ#WKH#LQWHJUDWHG#FLUFXLW#LV#WKH#UHDVRQ#IRU#
PXOWLSOH#966#JURXQG#OHDGV1
‡8VH#VKRUW/#ZLGH/#ORZ#LQGXFWDQFH#WUDFHV#WR#FRQQHFW#DOO#RI#WKH#9''#SRZHU#VXSSO\#SLQV#
WRJHWKHU#DQG/#ZLWK#RQH#WUDFH/#FRQQHFW#DOO#RI#WKH#9''#SRZHU#VXSSO\#SLQV#WR#WKH#809#
SRZHU#VXSSO\1#'HSHQGLQJ#RQ#WKH#DSSOLFDWLRQ/#D#GRXEOH#VLGHG#3&%#ZLWK#9''#
E\SDVV#FDSDFLWRUV#WR#WKH#966#JURXQG#SODQH#XQGHU#WKH#GHYLFH/#DV#GHVFULEHG#LQ#LWHP#8#
DERYH/#PD\#FRPSOHWH#WKH#ORZ#LPSHGDQFH#FRXSOLQJ#IRU#WKH#SRZHU#VXSSO\1#)RU#D#
PXOWL0OD\HU#3&%#ZLWK#D#SRZHU#SODQH/#FRQQHFWLQJ#DOO#RI#WKH#GLJLWDO#DQG#DQDORJ#9''#
SLQV#WR#WKH#SRZHU#SODQH#ZRXOG#EH#WKH#RSWLPDO#SRZHU#GLVWULEXWLRQ#PHWKRG1#7KH#
LQWHJUDWHG#FLUFXLW#OD\RXW#DQG#SDFNDJLQJ#FRQVLGHUDWLRQV#IRU#WKH#809#9''#SRZHU#
FLUFXLW#DUH#HVVHQWLDOO\#WKH#VDPH#DV#IRU#WKH#JURXQG#FLUFXLW1
‡ 0RWRUROD#UHFRPPHQGV#WKDW#D#IRXU#OD\HU#ERDUG#EH#XVHG1#,W#LV#SRVVLEOH#WR#XVH#D#WZR#
OD\HU#ERDUG#EXW#VSHFLDO#FDUH#PXVW#EH#WDNHQ1#
‡7KH#5317;#0+]#FU\VWDO#PXVW#EH#ORFDWHG#DV#FORVH#DV#SRVVLEOH#WR#WKH#0&4788:9#
SDFNDJH1#7KLV#LV#UHTXLUHG#WR#PLQLPL]H#SDUDVLWLF#FDSDFLWDQFHV#EHWZHHQ#FU\VWDO#WUDFHV#
DQG#JURXQG1#
3ULQWHG#&LUFXLW#%RDUG#/D\RXW
027252/$ 0&4788:9#'DWD#6KHHW &06
&17 2VFLOODWRU#/D\RXW#*XLGHOLQHV
$OO#WUDFHV#PXVW#EH#DV#VKRUW#DV#SRVVLEOH#WR#UHGXFH#VWUD\#FDSDFLWDQFH#DQG#LQGXFWDQFH1#7KH#
WUDFHV#WR#;7$/LQ#DQG#;7$/RXW#PXVW#EH#NHSW#DV#VKRUW#DV#SRVVLEOH#ZLWK#PLQLPDO#ZLGWK#WR#
NHHS#VWUD\#FDSDFLWDQFH#OHVV#WKDQ#4#S)1#2WKHU#GLJLWDO#VLJQDOV#VKRXOG#QRW#EH#URXWHG#QHDU#WKH#
FU\VWDO#WUDFHV1#$Q\#SDVVLYH#FRPSRQHQWV#IRU#WKH#RVFLOODWRU#RU#3//#VKRXOG#KDYH#VKRUW#OHDGV#
DQG#VKRXOG#EH#VROGHUHG#WR#WKH#3&#ERDUG1#:KHUHYHU#SRVVLEOH#WKH#OD\RXW#VKRXOG#EH#
V\PPHWULFDO/#VR#WKH#VWUD\#FDSDFLWDQFHV#IURP#HDFK#SLQ#RI#WKH#FU\VWDO#WR#JURXQG#DUH#HTXDO1
&18 5%44#,QWHUIDFH#*XLGHOLQHV
7KH#OLQH#LQWHUIDFH#LQWR#DQG#RXW#RI#WKH#GHYLFH#LV#GLIIHUHQWLDO/#LPSO\LQJ#V\PPHWU\1#,W#LV#
UHFRPPHQGHG#WKDW#WKH#OD\RXW#RI#WKH#5%44#LQWHUIDFH#EH#DV#V\PPHWULFDO#DV#SRVVLEOH#WR#
DYRLG#DQ\#LPEDODQFHV#WR#WKLV#FLUFXLW1#'R#QRW#UXQ#DQ\#GLJLWDO#WUDFHV#WKURXJK#WKH#OLQH#
LQWHUIDFH#UHJLRQ#RI#WKH#SULQWHG#FLUFXLW#ERDUG1
3ULQWHG#&LUFXLW#%RDUG#/D\RXW
&07 0&4788:9#'DWD#6KHHW 027252/$
027252/$ 0&4788:9#'DWD#6KHHW '04
'
/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH
&DOFXODWLRQV
'14 2YHUYLHZ
7KLV#DSSHQGL[#SURYLGHV#LQIRUPDWLRQ#DEWRX#WKH#0&4788:9#5%44#,QWHIDFH#&LUFXLW#
+H[FOXGLQJ#SURWHFWLRQ/#GF#WHUPLQDWLRQ/#HWF1,#WR#FRPSXWH#RSWLPDO#FRPSRQHQW#YDOXHV#IRU#
OLQH#LQWHUIDFH#DQG#WUDQVIRUPHU#VROXWLRQV1#,W#DOVR#SURYLGHV#VRPH#EDVLF#LQIRUPDWLRQ#
UHJDUGLQJ#WKH#IXQFWLRQ#RI#HDFK#RI#WKH#FRPSRQHQWV#LQ#WKH#5%44#,QWHUIDFH#&LUFXLW1
'15 80,QWHUIDFH#5%44#/LQH#&RQQHFWLRQ
)LJXUHý'ðì#VKRZV#WKH#UHFRPPHQGHG#5%44#LQWHUIDFH#QHWZRUN#IRU#80LQWHUIDFH#FRQQHFWLRQ1#
&RPSRQHQW#VSHFLILFDWLRQV#DUH#VKRZQ#LQ#7DEOHý'ðì1#7KLV#VHFWLRQ#FRQWDLQV#DGGLWLRQDO#
LQIRUPDWLRQ#IRU#VHOHFWLQJ#WKH#SDUWV#LQ#WKLV#FLUFXLWU\1
127(ã 7KLV#LQWHUIDFH#LV#WKH#VDPH#DV#WKDW#XVHG#ZLWK#WKH#0&4788:5#8#
7UDQVFHLYHU1
1RWHV=41 7KH#=HQHUV#RU#VXUJH#SURWHFWRUV#GHSHQG#RQ#HOHFWULFDO#VDIHW\#UHTXLUHPHQWV1
51 '07# #'�HWDOOLF#7HUPLQDWLRQ1
61 7KH#QHDUHVW#VWDQGDUW#FRPSRQHQW#YDOXH#IRU#WKH#WROHUDQFH#JLYHQ#FDQ#EH#XVHG1
)LJXUH#'041###5HFRPPHQGHG#5%44#8#,QWHUIDFH#&RQQHFWLRQ
0&4788:9
7;308
5;308
5;108
7;108
54
9''
'4
'6
'5
'7
9'' '8
4=4158
&5
7,3
7R#'0714
7R#'0715
5,1*
3XOVH#3(9;95;
55
56
57
/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV
'05 0&4788:9#'DWD#6KHHW 027252/$
'1514##7UDQVPLW#6HULHV#5HVLVWRUV
'1514##7UDQVPLW#6HULHV#5HVLVWRUV'1514##7UDQVPLW#6HULHV#5HVLVWRUV
'1514##7UDQVPLW#6HULHV#5HVLVWRUV
)RU#WKH#SXUSRVH#RI#GHWHUPLQLQJ#WKH#UHTXLUHG#YDOXHV#IRU#WKH#WUDQVPLW#VHULHV#UHVLVWRUV/#D#
OLQH#LQWHUIDFH#FLUFXLW#PRGHO/#VKRZQ#LQ#)LJXUHý'ðë/#LV#XVHG1#7KH#UHTXLUHG#YDOXHV#IRU#
WUDQVPLW#VHULHV#UHVLVWRUV#+5[,/#GHSHQG#RQ#WKH#DPRXQW#RI#GF#ZLQGLQJ#UHVLVWDQFH#RI#WKH#
WUDQVIRUPHU1#7KH#YDOXHV#RI#WKHVH#UHVLVWRUV#DOVR#GHSHQG#RQ#WKH#LPSHGDQFH#RI#WKH#4#—)#GF#
EORFNLQJ#FDSDFLWRU/#&E1#$Q\#UHVLVWRUV#DGGHG#WR#WKH#OLQH#VLGH#RI#WKH#WUDQVIRUPHU#IRU#
SULPDU\#FLUFXLW#SURWHFWLRQ#PD\#EH#DGGHG#WR#WKH#GF#ZLQGLQJ#UHVLVWDQFH#RI#WKH#OLQH#VLGH#
ZLQGLQJV#RI#WKH#WUDQVIRUPHU1#3RUWLRQV#RI#WKH#OLQH#LQWHUIDFH#FLUFXLW#DUH#LQWHUQDO#WR#WKH#
0&4788:91
7KH#WRWDO#WUDQVPLW#FLUFXLW#PRGHO#LV#VKRZQ#LQ#)LJXUHý'ðê1#'XH#WR#WKH#GXSOH[HU#QDWXUH#RI#
WKH#OLQH#LQWHUIDFH#FLUFXLW/#5[3#DQG#5[1#DUH#DW#YLUWXDO#VLJQDO#JURXQG#IRU#WUDQVPLWWHG#VLJQDOV1#
7KXV/#HDFK#5I#DSSHDUV#LQ#SDUDOOHO#ZLWK#HDFK#5J#+VHH#)LJXUHý'ðê,/#EXW#VLQFH#5J#LV#VR#ORZ/#5I#
FDQ#EH#LJQRUHG1#7KH#RXWSXW#LPSHGDQFH#RI#WKH#WUDQVPLW#GULYHUV#KDV#EHHQ#LQFOXGHG#LQ#WKLV#
PRGHO/#EXW#ZLOO#EH#VXEVHTXHQWO\#LJQRUHG#GXH#WR#LWV#LQVLJQLILFDQW#QDWXUH1#
7DEOH#'041#5%44#/LQH#,QWHUIDFH#&RPSRQHQWV#9DOXHV
&RPSRQHQW 'HVFULSWLRQ
&4 31348#—)#FHUDPLF#132/#&2*/#SRO\SURS\OHQH#RU#SRO\VW\UHQH/#ORZ#
GLVVLSDWLRQ#IDFWRU/#ORZ#GLHOHFWULF#DEVRUSWLRQ1#6HH#6HFWLRQý'ïëïë#IRU#
JXLGHOLQHV#WR#FDOFXODWH#WKLV#YDOXH1
&5 413#—)/#533#9#QRQ#SRODUL]HG1
54/#55 68#Ω/#4(/#PHWDO#ILOP#RU#RWKHU#KLJK#TXDOLW\#ORZ#GLVWRUWLRQ#UHVLVWRU1#6HH#
6HFWLRQý'ïëïì#IRU#JXLGHOLQHV#WR#FDOFXODWH#WKLV#YDOXH1
56/#57 53#Ω/#4(#+RSWLRQDO/#SURYLGH#JUHDWHU#VXUJH#FXUUHQW#SURWHFWLRQ1
'4/#'500%':333/741
'6/#'7,18565%#819#9#=HQHU1
'86LGDFWRU/#7HFFRU#34633($:31
743XOVH#HQJLQHHULQJ#3(9;95;1
)LJXUH#'051###/LQH#,QWHUIDFH#&LUFXLW#0RGHO
Tx DRIVER
Ri
Rx
Ri
Rx
C1
Rf
Rf
1:N
Cb RL
RTP
RTP
+
-
/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV
027252/$ 0&4788:9#'DWD#6KHHW '06
7KH#WUDQVPLW#PRGHO#LV#VLPSOLILHG#WR#LQFOXGH#WKH#UHIOHFWHG#LPSHGDQFHV#IURP#WKH#OLQH#VLGH#
RI#WKH#WUDQVIRUPHU1#7KH#RXWSXW#LPSHGDQFHV#RI#WKH#WUDQVPLW#GULYHUV#DUH#RPLWWHG#KHUH1#7KLV#
LV#VKRZQ#LQ#)LJXUHý'ðé1
)LJXUH#'061###7UDQVPLW#&LUFXLW#0RGHO
)LJXUH#'071###7UDQVIRUPHU#0RGHO
Ri
Rp
Ri
Rx
C1
RfRf
1:N
Cb RL
RTP
Rs T
R
RTP
Rg = 0.05 W
+
Vg-
+
Vg-
Rg = 0.05 W Rx
Rx
TxN
Rp
RxP
2RTP/N2 Xc/N2
RL
Rs/N2
Ri
C1
R
T
TxN
/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV
'07 0&4788:9#'DWD#6KHHW 027252/$
7KH#LPSHGDQFH#ORRNLQJ#LQWR#WKH#VHFRQGDU\#VLGH#RI#WKH#WUDQVIRUPHU#PXVW#HTXDO#5/2+15,#LQ#
RUGHU#WR#WHUPLQDWH#WKH#OLQH1
5HDUUDQJLQJ#DQG#VROYLQJ#IRU#5[#JLYHV=
6XEVWLWXWLQJ#LQ#YDOXHV#IRU#D#SURWRW\SH#WUDQVIRUPHU=#
‡5
S# #:1<#Ω#DQG#5V# #;15#Ω
‡;F# #4#2#+M#-#5#-#3,#-#73333#-#4(#0#39,# #0#M7#Ω#DW#73#N+]
‡5L# #8333#Ω
‡573# #8#Ω
ZH#JHW=
6LQFH#WKH#UHDFWLYH#FRPSRQHQW#LV#VR#VPDOO/#KDYLQJ#DQ#DQJOH#RI#RQO\#5153ƒ/#LW#FDQ#EH#LJQRUHG#
ZKHQ#GRLQJ#WKLV#DQDO\VLV1
7KH#HTXDWLRQ#IRU#FDOFXODWLQJ#5[#FDQ#EH#UHGXFHG#WR=
2Rx2Ri
⋅
2Ri2Rx
+
000000000000000000000000RPRsXe2RTP
⋅()++
N2
0000000000000000000000000000000000000000000000
++ RL
N2
000000
=
RxRiRLN2Rp
⋅()–2RTP
⋅()–Rs
–Xc
–
XcRSN2RP
⋅()2N2Ri
⋅⋅()2RTP
⋅()RL
–++ + +
00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
⋅=
Rx"" 5000 135 7.9 1.252
⋅()–8.2–25⋅()j4+–()⋅
j4– 8.2 7.9 1.252
⋅()2 5000 1.252
⋅⋅()25⋅()135–++ + +
000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
=
"" 5000 104.5 j4+
15520.5 j4–
000000000000000000000000000000
⋅=
5000 104.6 2.19°<
15520.5 0.01– °<
000000000000000000000000000000000000000000
⋅=
33.7Ω2.20°<=
RxRiRLN2Rp
⋅()–2RTP
⋅()–Rs
–()⋅
RsN2Rp
⋅()2N2Ri
⋅⋅()2RTP
⋅()RL
–++ +
0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
=
/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV
027252/$ 0&4788:9#'DWD#6KHHW '08
6XEVWLWXWLQJ#LQ#YDOXHV#JLYHV=
'1515##7UDQVPLW#1RLVH#)LOWHU#&DSDFLWRU
'1515##7UDQVPLW#1RLVH#)LOWHU#&DSDFLWRU'1515##7UDQVPLW#1RLVH#)LOWHU#&DSDFLWRU
'1515##7UDQVPLW#1RLVH#)LOWHU#&DSDFLWRU
2QFH#WKH#WUDQVPLW#VHULHV#UHVLVWRU#YDOXHV#KDYH#EHHQ#FDOFXODWHG/#WKH#WUDQVPLW#QRLVH#ILOWHU#
FDSDFLWRU#FDQ#EH#FDOFXODWHG#IRU#D#493#N+]#FXWRII#IUHTXHQF\1#7KLV#FDSDFLWRU#LQ#FRQMXQFWLRQ#
ZLWK#WKH#WUDQVPLW#VHULHV#UHVLVWRUV#DFWV#DV#D#ORZ#SDVV#ILOWHU#WR#UHPRYH#WKH#KLJK#IUHTXHQF\#
VZLWFKLQJ#QRLVH#LQ#WKH#RXWSXW#VLJQDO#RI#WKH#0&4788:9#7[3#DQG#7[1#SLQV1
7KH#QHDUHVW#FRPPHUFLDO#YDOXH#FDQ#EH#XVHG1
7KH#DQDO\VLV#\LHOGV#WKH#IROORZLQJ#OLQH#LQWHUIDFH#FLUFXLW#+VHH#)LJXUHý'ðè,1
)LJXUH#'081###&DOFXODWHG#/LQH#,QWHUIDFH#&LUFXLW
Rx"" 5000 135 7.9 1.252
⋅()– 8.2–25⋅()–
8.2 7.9 1.252
⋅()2 5000 1.252
⋅⋅()25⋅()135–++ +
00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
⋅=
33.65Ω=
33.7Ω=
C11
22PI f Rx
⋅⋅⋅()⋅
000000000000000000000000000000000000000000
=
C11
22PI 160000 33.7⋅⋅ ⋅()⋅
000000000000000000000000000000000000000000000000000000000000000
=
C1 0.015µF=
0&4788:9
7;3
5;3
5;1
7;1
661:#Ω
661:#Ω
31348#µ)4#µ)
8#Ω
8#Ω
7
1
5
/LQH#,QWHUIDFH#&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV
'09 0&4788:9#'DWD#6KHHW 027252/$
027252/$ 0&4788:9#8VHU¶V#0DQXDO (04
(
*ORVVDU\#RI#7HU PV#DQG#$EEUHYLDWLRQV
7KH#OLVW#FRQWDLQV#WHUPV#IRXQG#LQ#WKLV#DQG#RWKHU#0RWRUROD#SXEOLFDWLRQV#FRQFHUQHG#ZLWK#
0RWRUROD#6HPLFRQGXFWRU#SURGXFWV#IRU#&RPPXQLFDWLRQV1
$0/DZ $#(XURSHDQ#FRPSDQGLQJ2HQFRGLQJ#ODZ#FRPPRQO\#XVHG#LQ#3&0#
V\VWHPV1
$2%#6LJQDOLQJ $#VSHFLDO#FDVH#RI#;WK0ELW#+/6%,#VLJQDOLQJ#LQ#D#—0ODZ#V\VWHP#WKDW#
DOORZV#IRXU#ORJLF#VWDWHV#WR#EH#PXOWLSOH[HG#ZLWK#YRLFH#RQ#3&0#
FKDQQHOV1
$OLDVLQJ#1RLVH $#GLVWRUWLRQ#FRPSRQHQW#WKDW#LV#FUHDWHG#ZKHQ#IUHTXHQFLHV#SUHVHQW#
LQ#D#VDPSOHG#VLJQDO#DUH#JUHDWHU#WKDQ#RQH0KDOI#WKH#VDPSOH#UDWH1
$QDORJ#WR#'LJLWDO#
&RQYHUWHU#+$'&,
$#FRQYHUWHU#WKDW#XQLTXHO\#UHSUHVHQWV#DOO#DQDORJ#LQSXW#YDOXHV#ZLWKLQ#
D#VSHFLILHG#WRWDO#LQSXW#UDQJH#E\#D#OLPLWHG#QXPEHU#RI#GLJLWDO#RXWSXW#
FRGHV/#HDFK#RI#WKHP#H[FOXVLYHO\#UHSUHVHQWLQJ#D#IUDFWLRQDO#SDUW#RI#
WKH#WRWDO#DQDORJ#LQSXW#UDQJH1
$QVZHU#%DFN $#VLJQDO#VHQW#E\#UHFHLYLQJ#GDWD0SURFHVVLQJ#GHYLFH#LQ#UHVSRQVH#WR#D#
UHTXHVW#IURP#D#WUDQVPLWWLQJ#GHYLFH/#LQGLFDWLQJ#WKDW#WKH#UHFHLYHU#LV#
UHDG\#WR#DFFHSW#RU#KDV#UHFHLYHG#GDWD1
$QWL0$OLDVLQJ#
)LOWHU
$#ILOWHU#+QRUPDOO\#ORZ#SDVV,#WKDW#EDQG#OLPLWV#DQ#LQSXW#VLJQDO#EHIRUH#
VDPSOLQJ#WR#SUHYHQW#DOLDVLQJ#QRLVH1
$V\QFKURQRXV $#PRGH#RI#GDWD#WUDQVPLVVLRQ#LQ#ZKLFK#WKH#WLPH#RFFXUUHQFH#RI#WKH#
ELWV#ZLWKLQ#HDFK#FKDUDFWHU#RU#EORFN#RI#FKDUDFWHUV#UHODWHV#WR#D#IL[HG#
WLPH#IUDPH/#EXW#WKH#VWDUW#RI#HDFK#FKDUDFWHU#RU#EORFN#RI#FKDUDFWHUV#
LV#QRW#UHODWHG#WR#WKLV#IL[HG#WLPH#IUDPH1
$WWHQXDWLRQ $#GHFUHDVH#LQ#PDJQLWXGH#RI#D#FRPPXQLFDWLRQ#VLJQDO1
%DQGZLGWK 7KH#LQIRUPDWLRQ0FDUU\LQJ#IUHTXHQFLHV#EHWZHHQ#WKH#OLPLWLQJ#
IUHTXHQFLHV#RI#D#FRPPXQLFDWLRQ#OLQH#RU#FKDQQHO1
%DVHEDQG 7KH#IUHTXHQF\#EDQG#RFFXSLHG#E\#LQIRUPDWLRQ0EHDULQJ#VLJQDOV#
EHIRUH#FRPELQLQJ#ZLWK#D#FDUULHU#LQ#WKH#PRGXODWLRQ#SURFHVV1
%DXG $#XQLW#RI#VLJQDOLQJ#VSHHG#HTXDO#WR#WKH#QXPEHU#RI#GLVFUHWH#VLJQDO#
FRQGLWLRQV#RU#HYHQWV#SHU#VHFRQG1#7KLV#UHIHUV#WR#WKH#SK\VLFDO#
V\PEROV2VHFRQG#XVHG#ZLWKLQ#D#WUDQVPLVVLRQ#FKDQQHO1
%LW#5DWH 7KH#VSHHG#DW#ZKLFK#GDWD#ELWV#DUH#WUDQVPLWWHG#RYHU#D#
FRPPXQLFDWLRQ#SDWK/#XVXDOO\#H[SUHVVHG#LQ#ELWV#SHU#VHFRQG1#$#
<933#ESV#WHUPLQDO#LV#D#5733#EDXG#V\VWHP#ZLWK#7#ELWV2EDXG1
%ORFNLQJ $#FRQGLWLRQ#LQ#D#VZLWFKLQJ#V\VWHP#LQ#ZKLFK#QR#SDWKV#RU#FLUFXLWV#DUH#
DYDLODEOH#WR#HVWDEOLVK#D#FRQQHFWLRQ#WR#WKH#FDOOHG#SDUW\#HYHQ#WKRXJK#
LW#LV#QRW#EXV\/#UHVXOWLQJ#LQ#D#EXV\#WRQH#WR#WKH#FDOOLQJ#SDUW\1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
(05 0&4788:9#8VHU¶V#0DQXDO 027252/$
%256+&,+7 %DWWHU\/#2YHUYROWDJH/#5LQJLQJ/#6XSHUYLVLRQ/#+&RGHF,/#+\EULG/#7HVW>#
WKH#IXQFWLRQV#SHUIRUPHG#E\#D#VXEVFULEHU#OLQH#FDUG#LQ#D#WHOHSKRQH#
H[FKDQJH1
%URDGEDQG $#WUDQVPLVVLRQ#IDFLOLW\#ZKRVH#EDQGZLGWK#LV#JUHDWHU#WKDQ#WKDW#
DYDLODEOH#RQ#YRLFH0JUDGH#IDFLOLWLHV1#+$OVR#FDOOHG#ZLGH#EDQG1,
�HVVDJH $#IUHTXHQF\#ZHLJKWLQJ#WKDW#HYDOXDWHV#WKH#HIIHFWV#RI#QRLVH#EDVHG#
RQ#LWV#DQQR\DQFH#WR#WKH#0W\SLFDO%#VXEVFULEHU#RI#VWDQGDUG#WHOHSKRQH#
VHUYLFH#RU#WKH#HIIHFWV#RI#QRLVH#+EDFNJURXQG#DQG#LPSXOVH,#RQ#YRLFH0
JUDGH#GDWD#VHUYLFH1
&DUULHU $Q#DQDORJ#VLJQDO#RI#IL[HG#DPSOLWXGH#DQG#IUHTXHQF\#WKDW#FRPELQHV#
ZLWK#DQ#LQIRUPDWLRQ0EHDULQJ#VLJQDO#E\#PRGXODWLRQ#WR#SURGXFH#DQ#
RXWSXW#VLJQDO#VXLWDEOH#IRU#WUDQVPLVVLRQ1
&&,77 &RQVXOWDWLYH#&RPPLWWHH#IRU#,QWHUQDWLRQDO#7HOHSKRQH#DQG#
7HOHJUDSK²$Q#LQWHUQDWLRQDO#VWDQGDUGV#JURXS#RI#(XURSHDQ#
,QWHUQDWLRQDO#7HOHFRPPXQLFDWLRQV#8QLRQ1
&&61 &RPPRQ#&KDQQHO#6LJQDOLQJ#1HWZRUN1
&HQWUDO#2IILFH#
+&2,
$#PDLQ#WHOHSKRQH#RIILFH/#XVXDOO\#ZLWKLQ#D#IHZ#PLOHV#RI#D#VXEVFULEHU/#
WKDW#KRXVHV#VZLWFKLQJ#JHDU>#FRPPRQO\#FDSDEOH#RI#KDQGOLQJ#DERXW#
43/333#VXEVFULEHUV1
&KDQQHO#%DQN &RPPXQLFDWLRQ#HTXLSPHQW#FRPPRQO\#XVHG#IRU#PXOWLSOH[LQJ#YRLFH0
JUDGH#FKDQQHOV#LQWR#D#GLJLWDO#WUDQVPLVVLRQ#VLJQDO#+W\SLFDOO\#57#
FKDQQHOV#LQ#WKH#8161#DQG#63#FKDQQHOV#LQ#(XURSH,1
&,'&: &DOOLQJ#,GHQWLW\#'HOLYHU\#RQ#&DOO#:DLWLQJ²$#VXEVFULEHU#IHDWXUH#
ZKLFK#DOORZV#IRU#WKH#GLVSOD\#RI#WKH#WLPH/#GDWH/#QXPEHU/#DQG#
SRVVLEOH#RWKHU#LQIRUPDWLRQ#DERXW#WKH#FDOOHU#WR#WKH#FDOOHG#SDUW\#ZKLOH#
WKH#FDOOHG#SDUW\#LV#RII0KRRN1
&/$66 &XVWRP#/RFDO#$UHD#6LJQDOLQJ#6HUYLFH²$#VHW#RI#VHUYLFHV/#
HQKDQFHPHQWV/#SURYLGHG#WR#7(/&2#FXVWRPHUV#ZKLFK#PD\#LQFOXGH#
&1'/#&1$0/#0HVVDJH#:DLWLQJ/#DQG#RWKHU#IHDWXUHV1
&/,' &DOOLQJ#/LQH#,'HQWLILFDWLRQ²$#VXEVFULEHU#IHDWXUH#ZKLFK#DOORZV#IRU#
WKH#GLVSOD\#RI#WKH#WLPH/#GDWH/#QXPEHU/#DQG#SRVVLEOH#RWKHU#
LQIRUPDWLRQ#DERXW#WKH#FDOOHU#WR#WKH#FDOOHG#SDUW\1
&1$0 &DOOLQJ#1DPH#'HOLYHU\²$#VXEVFULEHU#IHDWXUH#ZKLFK#DOORZV#IRU#WKH#
GLVSOD\#RI#WKH#WLPH/#GDWH/#QXPEHU/#DQG#QDPH#RI#WKH#FDOOHU#WR#WKH#
FDOOHG#SDUW\1
&1' &DOOLQJ#1XPEHU#'HOLYHU\²$#VXEVFULEHU#IHDWXUH#ZKLFK#DOORZV#IRU#
WKH#GLVSOD\#RI#WKH#WLPH/#GDWH/#QXPEHU/#DQG#SRVVLEOH#RWKHU#
LQIRUPDWLRQ#DERXW#WKH#FDOOHU#WR#WKH#FDOOHG#SDUW\1
&2'(& &2GHU0'(&RGHU²7KH#$2'#DQG#'2$#IXQFWLRQ#RQ#D#VXEVFULEHU#OLQH#
FDUG#LQ#D#WHOHSKRQH#H[FKDQJH1
&2),'(& &2GHU0)LOWHU0'(&RGHU²7KH#FRPELQDWLRQ#RI#D#FRGHF/#WKH#
DVVRFLDWHG#ILOWHULQJ/#DQG#YROWDJH#UHIHUHQFHV#UHTXLUHG#WR#FRGH#DQG#
GHFRGH#YRLFH#LQ#D#VXEVFULEHU#OLQH#FDUG1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO (06
&RPPRQ#0RGH#
5HMHFWLRQ
7KH#DELOLW\#RI#D#GHYLFH#KDYLQJ#D#EDODQFHG#LQSXW#WR#UHMHFW#D#YROWDJH#
DSSOLHG#VLPXOWDQHRXVO\#WR#ERWK#GLIIHUHQWLDO0LQSXW#WHUPLQDOV1
&RPSDQGLQJ 7KH#SURFHVV#LQ#ZKLFK#G\QDPLF#UDQJH#FRPSUHVVLRQ#RI#D#VLJQDO#LV#
IROORZHG#E\#H[SDQVLRQ#LQ#DFFRUGDQFH#ZLWK#D#JLYHQ#WUDQVIHU#
FKDUDFWHULVWLF#+FRPSDQGLQJ#ODZ,#ZKLFK#LV#XVXDOO\#ORJDULWKPLF1
&RPSDQGHU $#FRPELQDWLRQ#RI#D#FRPSUHVVRU#DW#RQH#SRLQW#LQ#D#FRPPXQLFDWLRQ#
SDWK#IRU#UHGXFLQJ#WKH#DPSOLWXGH#UDQJH#RI#VLJQDOV/#IROORZHG#E\#DQ#
H[SDQGHU#DW#DQRWKHU#SRLQW#IRU#UHVWRULQJ#WKH#RULJLQDO#DPSOLWXGH#
UDQJH/#XVXDOO\#WR#LPSURYH#WKH#VLJQDO0WR0QRLVH#UDWLR1
&RQIHUHQFH#&DOO $#FDOO#EHWZHHQ#WKUHH#RU#PRUH#VWDWLRQV/#LQ#ZKLFK#HDFK#VWDWLRQ#FDQ#
FDUU\#RQ#D#FRQYHUVDWLRQ#VLPXOWDQHRXVO\1
&3( &XVWRPHU#3UHPLVH#(TXLSPHQW²7KLV#FRXOG#EH#D#3276#SKRQH/#
DQVZHULQJ#PDFKLQH/#ID[#PDFKLQH/#RU#DQ\#QXPEHU#RI#RWKHU#GHYLFHV#
FRQQHFWHG#WR#WKH#36711
&URVVSRLQW 7KH#RSHUDWLQJ#FRQWDFWV#RU#RWKHU#ORZ0LPSHGDQFH0SDWK#FRQQHFWLRQ#
RYHU#ZKLFK#FRQYHUVDWLRQV#FDQ#EH#URXWHG1
&URVVWDON 7KH#XQGHVLUHG#WUDQVIHU#RI#HQHUJ\#IURP#RQH#VLJQDO#SDWK#WR#DQRWKHU1
&61 &LUFXLW#6ZLWFKHG#1HWZRUN1
&76 &OHDU#WR#VHQG>#D#FRQWURO#VLJQDO#EHWZHHQ#D#PRGHP#DQG#D#FRQWUROOHU#
XVHG#WR#LQLWLDWH#GDWD#WUDQVPLVVLRQ#RYHU#D#FRPPXQLFDWLRQ#OLQH1
&96' &RQWLQXRXV#9DULDEOH#6ORSH#'HOWD#+PRGXODWLRQ,>#D#VLPSOH#WHFKQLTXH#
WR#FRQYHUWLQJ#DQ#DQDORJ#VLJQDO#+OLNH#YRLFH,#LQWR#D#VHULDO#ELW#VWUHDP1
'6'6#FKDQQHO#EDQN²$#VSHFLILF#JHQHUDWLRQ#RI#$7)7#570FKDQQHO#
3&0#WHUPLQDO#WKDW#PXOWLSOH[HV#57#YRLFH#FKDQQHOV#LQWR#D#41877#
0+]#GLJLWDO#ELW#VWUHDP1#7KH#VSHFLILFDWLRQV#DVVRFLDWHG#ZLWK#'6#
FKDQQHO#EDQNV#DUH#WKH#EDVLV#IRU#DOO#3&0#GHYLFH#VSHFLILFDWLRQV1
'LJLWDO#WR#$QDORJ#
&RQYHUWHU#+'$&,
$#FRQYHUWHU#WKDW#UHSUHVHQWV#D#OLPLWHG#QXPEHU#RI#GLIIHUHQW#GLJLWDO#
LQSXW#FRGHV#E\#D#FRUUHVSRQGLQJ#QXPEHU#RI#GLVFUHWH#DQDORJ#RXWSXW#
YDOXHV1
'DWD#
&RPSUHVVLRQ
$#WHFKQLTXH#WKDW#SURYLGHV#IRU#WKH#WUDQVPLVVLRQ#RI#IHZHU#GDWD#ELWV#
WKDQ#RULJLQDOO\#UHTXLUHG#ZLWKRXW#LQIRUPDWLRQ#ORVV1#7KH#UHFHLYLQJ#
ORFDWLRQ#H[SDQGV#WKH#UHFHLYHG#GDWD#ELWV#LQWR#WKH#RULJLQDO#ELW#
VHTXHQFH1
G%#+GHFLEHO,$#SRZHU#RU#YROWDJH#PHDVXUHPHQW#XQLW/#UHIHUUHG#WR#DQRWKHU#SRZHU#
RU#YROWDJH1#,W#LV#JHQHUDOO\#FRPSXWHG#DV=
‡43#[#ORJ#+34235,#IRU#SRZHU#PHDVXUHPHQWV/#DQG
‡53#[#ORJ#+94295,#IRU#YROWDJH#PHDVXUHPHQWV1
G%P $Q#LQGLFDWLRQ#RI#VLJQDO#SRZHU²413#P:#DFURVV#933#Ω/#RU#31::8#
YROWV#UPV/#LV#GHILQHG#DV#3#G%P1#$Q\#RWKHU#YROWDJH#OHYHO#LV#
FRQYHUWHG#WR#G%P#E\=
‡G%P# #53#[#ORJ#+9UPV231::8,/#RU
‡G%P# #>53#[#ORJ#+9UPV,@#.#51551
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
(07 0&4788:9#8VHU¶V#0DQXDO 027252/$
G%P2 6LJQDO#SRZHU#PHDVXUHG#DW#D#SRLQW#LQ#D#VWDQGDUG#WHVW#WRQH#OHYHO#DW#
WKH#VDPH#SRLQW1#+L1H1/#G%P2# #G%P# #G%U/#ZKHUH#G%U#LV#WKH#UHODWLYH#
WUDQVPLVVLRQ#OHYHO/#RU#OHYHO#UHODWLYH#WR#WKH#SRLQW#LQ#WKH#V\VWHP#
GHILQHG#DV#WKH#]HUR#WUDQVPLVVLRQ#OHYHO#SRLQW1,
G%P2S 5HODWLYH#SRZHU#H[SUHVVHG#LQ#G%PS1#+6HH#G%P2#DQG#G%PS1,
G%PS ,QGLFDWHV#G%P#PHDVXUHPHQW#PDGH#ZLWK#D#SVRSKRPHWULF#ZHLJKWLQJ#
ILOWHU1
G%UQ 5HODWLYH#VLJQDO#OHYHO#H[SUHVVHG#LQ#GHFLEHOV#DERYH#UHIHUHQFH#QRLVH/#
ZKHUH#UHIHUHQFH#QRLVH#LV#4#S:1#+HQFH/#3#G%UQ# #4#S:# #±<3#G%P1
G%UQ& ,QGLFDWHV#G%UQ#PHDVXUHPHQW#PDGH#ZLWK#D#&0PHVVDJH#ZHLJKWLQJ#
ILOWHU1#+7KHVH#XQLWV#DUH#PRVW#FRPPRQO\#XVHG#LQ#WKH#8161/#ZKHUH#
SVRSKRPHWULF#ZHLJKWLQJ#LV#UDUHO\#XVHG1,
G%UQF31RLVH#PHDVXUHG#LQ#G%UQF#UHIHUHQFHG#WR#]HUR#WUDQVPLVVLRQ#OHYHO1
'HFRGLQJ $#SURFHVV#LQ#ZKLFK#RQH#RI#D#VHW#RI#UHFRQVWUXFWHG#DQDORJ#VDPSOHV#
LV#JHQHUDWHG#IURP#WKH#GLJLWDO#FKDUDFWHU#VLJQDO#UHSUHVHQWLQJ#D#
VDPSOH1
'HOD\#'LVWRUWLRQ 'LVWRUWLRQ#WKDW#RFFXUV#RQ#FRPPXQLFDWLRQ#OLQHV#GXH#WR#WKH#GLIIHUHQW#
SURSDJDWLRQ#VSHHGV#RI#VLJQDOV#DW#GLIIHUHQW#IUHTXHQFLHV/#PHDVXUHG#
LQ#PLFURVHFRQGV#RI#GHOD\#UHODWLYH#WR#WKH#GHOD\#DW#4:33#+]1#+7KLV#
W\SH#RI#GLVWRUWLRQ#GRHV#QRW#DIIHFW#YRLFH#FRPPXQLFDWLRQ/#EXW#FDQ#
VHULRXVO\#LPSDLU#GDWD#WUDQVPLVVLRQ1,
'HOWD#
0RGXODWLRQ
$#VLPSOH#GLJLWDO#FRGLQJ#WHFKQLTXH#WKDW#SURGXFHV#D#VHULDO#ELW#VWUHDP#
FRUUHVSRQGLQJ#WR#FKDQJHV#LQ#DQDORJ#LQSXW#OHYHOV>#XVXDOO\#XWLOL]HG#LQ#
GHYLFHV#HPSOR\LQJ#FRQWLQXRXVO\#YDULDEOH0VORSH#GHOWD#+&96',#
PRGXODWLRQ1
'HPRGXODWRU $#IXQFWLRQDO#VHFWLRQ#RI#D#PRGHP#WKDW#FRQYHUWV#UHFHLYHG#DQDORJ#
OLQH#VLJQDOV#WR#GLJLWDO#IRUP1
'1 'LUHFWRU\#1XPEHU1
'LJLWDO#
7HOHSKRQH
$#WHOHSKRQH#WHUPLQDO#WKDW#GLJLWL]HV#D#YRLFH#VLJQDO#IRU#WUDQVPLVVLRQ#
DQG#GHFRGHV#D#UHFHLYHG#GLJLWDO#VLJQDO#EDFN#WR#D#YRLFH#VLJQDO1#+,W#ZLOO#
XVXDOO\#PXOWLSOH[#97#NESV#YRLFH#DQG#VHSDUDWH#GDWD#LQSXWV#DW#
PXOWLSOHV#RI#;#NESV1,
'LVWRUWLRQ 7KH#IDLOXUH#WR#UHSURGXFH#DQ#RULJLQDO#VLJQDO*V#FKDUDFWHULVWLFV#+L1H1/#
DPSOLWXGH/#SKDVH/#GHOD\/#HWF1,#DFFXUDWHO\1
'36. 'LIIHUHQWLDO#3KDVH#6KLIW#.H\LQJ²$#PRGXODWLRQ#WHFKQLTXH#IRU#
WUDQVPLVVLRQ#ZKHUH#WKH#IUHTXHQF\#UHPDLQV#FRQVWDQW#EXW#SKDVH#
FKDQJHV#ZLOO#RFFXU#IURP#<3ƒ/#4;3ƒ/#DQG#5<3ƒ#WR#GHILQH#WKH#GLJLWDO#
LQIRUPDWLRQ1
'70) 'XDO#7R Q H #0XOWL0)UHTXHQF\²,W#LV#WKH#WRQH#GLDOLQJ#V\VWHP#EDVHG#
RQ#RXWSXWWLQJ#WZR#QRQ0KDUPRQLF#UHODWHG#IUHTXHQFLHV#
VLPXOWDQHRXVO\#WR#LGHQWLI\#WKH#QXPEHU#GLDOHG1#(LJKW#IUHTXHQFLHV#
KDYH#EHHQ#DVVLJQHG#WR#WKH#IRXU#URZV#DQG#IRXU#FROXPQV#RI#D#W\SLFDO#
NH\SDG1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO (08
'XSOH[ $#PRGH#RI#RSHUDWLRQ#SHUPLWWLQJ#WKH#VLPXOWDQHRXVO\#WZR0ZD\#
LQGHSHQGHQW#WUDQVPLVVLRQ#RI#WHOHJUDSK#RU#GDWD#VLJQDOV1
(FKR $#VLJQDO#WKDW#KDV#EHHQ#UHIOHFWHG#RU#UHWXUQHG#DV#D#UHVXOW#RI#
LPSHGDQFH#PLVPDWFKHV/#K\EULG#XQEDODQFH/#RU#WLPH#GHOD\1#
'HSHQGLQJ#XSRQ#WKH#ORFDWLRQ#RI#LPSHGDQFH#LUUHJXODULWLHV#DQG#WKH#
SURSDJDWLRQ#FKDUDFWHULVWLFV#RI#D#IDFLOLW\/#HFKR#PD\#LQWHUIHUH#ZLWK#
WKH#VSHDNHU2OLVWHQHU#RU#ERWK1
(FKR#
6XSSUHVVRU
$#GHYLFH#XVHG#WR#PLQLPL]H#WKH#HIIHFW#RI#HFKR#E\#EORFNLQJ#WKH#HFKR#
UHWXUQ#FXUUHQWV>#W\SLFDOO\#D#YRLFH0RSHUDWHG#JDWH#WKDW#DOORZV#
FRPPXQLFDWLRQ#RQH#ZD\#DW#D#WLPH1
(QFRGHU#+3&0,$#GHYLFH#WKDW#SHUIRUPV#UHSHDWHG#VDPSOLQJ/#FRPSUHVVLRQ/#DQG#$2'#
FRQYHUVLRQ#WR#FKDQJH#DQ#DQDORJ#VLJQDO#WR#D#VHULDO#VWUHDP#RI#3&0#
VDPSOHV#UHSUHVHQWLQJ#WKH#DQDORJ#VLJQDO1
(TXDOL]HU $Q#HOHFWULFDO#QHWZRUN#LQ#ZKLFK#SKDVH#GHOD\#RU#JDLQ#YDULHV#ZLWK#
IUHTXHQF\#WR#FRPSHQVDWH#IRU#DQ#XQGHVLUHG#DPSOLWXGH#RU#SKDVH#
FKDUDFWHULVWLF#LQ#D#IUHTXHQF\0GHSHQGHQW#WUDQVPLVVLRQ#OLQH1
(7 ([FKDQJH#7HUPLQDWLRQ#+&121#6ZLWFK,1
)'0 )UHTXHQF\0'LYLVLRQ#0XOWLSOH[²$#SURFHVV#WKDW#SHUPLWV#WKH#
WUDQVPLVVLRQ#RI#WZR#RU#PRUH#VLJQDOV#RYHU#D#FRPPRQ#SDWK#E\#XVLQJ#
D#GLIIHUHQW#IUHTXHQF\#EDQG#IRU#HDFK#VLJQDO1
)RXU#:LUH#
&LUFXLW
7KH#SRUWLRQ#RI#D#WHOHSKRQH/#RU#FHQWUDO#RIILFH/#WKDW#RSHUDWHV#RQ#WZR#
SDLUV#RI#ZLUHV1#2QH#SDLU#LV#IRU#WKH#WUDQVPLW#SDWK#+JHQHUDOO\#IURP#WKH#
PLFURSKRQH,/#DQG#RQH#SDLU#LV#IRU#WKH#UHFHLYH#SDWK#+JHQHUDOO\#IURP#
WKH#UHFHLYHU,1
)UDPH $#VHW#RI#FRQVHFXWLYH#GLJLW#WLPH#VORWV#LQ#ZKLFK#WKH#SRVLWLRQ#RI#HDFK#
GLJLW#VORW#FDQ#EH#LGHQWLILHG#E\#UHIHUHQFH#WR#D#IUDPH#DOLJQPHQW1#7KH#
IUDPH#DOLJQPHQW#VLJQDO#GRHV#QRW#QHFHVVDULO\#RFFXU/#LQ#ZKROH#RU#LQ#
SDUW/#LQ#HDFK#IUDPH1
)XOO#'XSOH[ $#PRGH#RI#RSHUDWLRQ#SHUPLWWLQJ#VLPXOWDQHRXV#WUDQVPLVVLRQ#RI#
LQIRUPDWLRQ#EHWZHHQ#WZR#ORFDWLRQV#LQ#ERWK#GLUHFWLRQV1
*DLQ 7KH#FKDQJH#LQ#VLJQDO#DPSOLWXGH#+LQFUHDVH#RU#GHFUHDVH,#DIWHU#
SDVVLQJ#WKURXJK#DQ#DPSOLILHU/#RU#RWKHU#FLUFXLW#VWDJH1#8VXDOO\#
H[SUHVVHG#LQ#G%/#DQ#LQFUHDVH#LV#D#SRVLWLYH#QXPEHU/#DQG#D#
GHFUHDVH#LV#D#QHJDWLYH#QXPEHU1
*DLQ#7UDFNLQJ#
(UURU
7KH#YDULDWLRQ#RI#JDLQ#IURP#D#FRQVWDQW#OHYHO#+GHWHUPLQHG#DW#3#G%P#
LQSXW#OHYHO,#ZKHQ#PHDVXULQJ#WKH#GHSHQGHQFH#RI#JDLQ#RQ#VLJQDO#
OHYHO#E\#FRPSDULQJ#WKH#RXWSXW#VLJQDO#WR#WKH#LQSXW#VLJQDO#RYHU#D#
UDQJH#RI#LQSXW#VLJQDOV1
+'/& +LJK0/HYHO#'DWD#/LQN#&RQWURO²$#&&,77#VWDQGDUG#GDWD#
FRPPXQLFDWLRQ#OLQH#SURWRFRO1
+DOI#'XSOH[ $#WUDQVPLVVLRQ#V\VWHP#WKDW#SHUPLWV#FRPPXQLFDWLRQ#LQ#RQH#
GLUHFWLRQ#DW#D#WLPH1#&%#UDGLRV#ZLWK#SXVK0WR0WDON#VZLWFKHV#DQG#
YRLFH0DFWLYDWHG#VSHDNHUSKRQHV#DUH#KDOI#GXSOH[1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
(09 0&4788:9#8VHU¶V#0DQXDO 027252/$
+DQGVHW $#ULJLG#DVVHPEO\#SURYLGLQJ#ERWK#WHOHSKRQH#WUDQVPLWWHU#DQG#
UHFHLYHU#LQ#D#IRUP#FRQYHQLHQW#IRU#KROGLQJ#VLPXOWDQHRXVO\#WR#PRXWK#
DQG#HDU1
+RRNVZLWFK $#VZLWFK#WKDW#FRQQHFWV#WKH#WHOHSKRQH#FLUFXLW#WR#WKH#VXEVFULEHU#ORRS1#
7KH#QDPH#GHULYHV#IURP#ROG#WHOHSKRQHV#ZKHUH#WKH#VZLWFK#ZDV#
DFWLYDWHG#E\#OLIWLQJ#WKH#UHFHLYHU#RII#DQG#RQWR#D#KRRN#RQ#WKH#VLGH#RI#
WKH#SKRQH1
,GOH#&KDQQHO#
1RLVH#+,&1,
7KH#WRWDO#VLJQDO#HQHUJ\#PHDVXUHG#DW#WKH#RXWSXW#RI#D#GHYLFH#RU#
FKDQQHO#XQGHU#WHVW#ZKHQ#WKH#LQSXW#RI#WKH#GHYLFH#RU#FKDQQHO#LV#
JURXQGHG#+RIWHQ#D#ZLGH0EDQG#QRLVH#PHDVXUHPHQW#XVLQJ#D#&0
PHVVDJH#ZHLJKWLQJ#ILOWHU#WR#EDQG0OLPLW#WKH#RXWSXW#QRLVH,1
,QWHUPRGXODWLRQ 7KH#PRGXODWLRQ#RI#WKH#FRPSRQHQWV#RI#D#FRPSOH[#ZDYH#E\#HDFK#
RWKHU#+LQ#D#QRQOLQHDU#V\VWHP,1
,QWHUPRGXODWLRQ#
'LVWRUWLRQ
$Q#DQDORJ#OLQH#LPSDLUPHQW#ZKHQ#WZR#IUHTXHQFLHV#LQWHUDFW#WR#FUHDWH#
DQ#HUURQHRXV#IUHTXHQF\/#LQ#WXUQ#GLVWRUWLQJ#WKH#GDWD#VLJQDO#
UHSUHVHQWDWLRQ1
,5(' ,QIUDUHG²8VHG#DV#D#ZLUHOHVV#OLQN#IRU#UHPRWH#FRQWURO#RU#WR#WUDQVIHU#
GDWD1
,6'1 ,QWHJUDWHG#6HUYLFHV#'LJLWDO#1HWZRUN²$#FRPPXQLFDWLRQ#QHWZRUN#
LQWHQGHG#WR#FDUU\#GLJLWL]HG#YRLFH#DQG#GDWD#PXOWLSOH[HG#RQWR#WKH#
SXEOLF#QHWZRUN1
-LWWHU $#W\SH#RI#DQDORJ#FRPPXQLFDWLRQ#OLQH#GLVWRUWLRQ#FDXVHG#E\#DEUXSW/#
VSXULRXV#VLJQDO#YDULDWLRQ#IURP#D#UHIHUHQFH#WLPLQJ#SRVLWLRQ/#DQG#
FDSDEOH#RI#FDXVLQJ#GDWD#WUDQVPLVVLRQ#HUURUV/#SDUWLFXODUO\#DW#KLJK#
VSHHGV1#+7KH#YDULDWLRQ#FDQ#EH#LQ#DPSOLWXGH/#WLPH/#IUHTXHQF\/#RU#
SKDVH1,
.H\#6\VWHP $#PLQLDWXUH#3$%;#WKDW#DFFHSWV#7#WR#43#OLQHV#DQG#FDQ#GLUHFW#WKHP#
WR#DV#PDQ\#DV#63#WHOVHWV1
—0ODZ $#FRPSDQGLQJ#ODZ#DFFHSWHG#DV#WKH#1RUWK#$PHULFDQ#VWDQGDUG#IRU#
3&0#EDVHG#V\VWHPV1
/$1 /RFDO#$UHD#1HWZRUN²$#GDWD0RQO\#FRPPXQLFDWLRQ#QHWZRUN#
EHWZHHQ#GDWD#WHUPLQDOV#XVLQJ#D#VWDQGDUG#LQWHUIDFH#WR#WKH#QHWZRUN1
/LQH 7KH#SRUWLRQ#RI#D#FLUFXLW#H[WHUQDO#WR#DQ#DSSDUDWXV#WKDW#FRQVLVWV#RI#
WKH#FRQGXFWRUV#FRQQHFWLQJ#WKH#DSSDUDWXV#WR#WKH#H[FKDQJH#RU#
FRQQHFWLQJ#WZR#H[FKDQJHV1
/LQH#/HQJWK#
&RPSHQVDWLRQ
$OVR#UHIHUUHG#WR#DV#ORRS#OHQJWK#FRPSHQVDWLRQ/#LW#LQYROYHV#FKDQJLQJ#
WKH#JDLQ#RI#WKH#WUDQVPLW#DQG#UHFHLYH#SDWKV/#ZLWKLQ#D#WHOHSKRQH/#WR#
FRPSHQVDWH#IRU#GLIIHUHQW#VLJQDO#OHYHOV#DW#WKH#HQG#RI#GLIIHUHQW#OLQH#
OHQJWKV1#$#VKRUW#OLQH#+FORVH#WR#WKH#&2,#ZLOO#DWWHQXDWH#VLJQDOV#OHVV/#
DQG#WKHUHIRUH#OHVV#JDLQ#LV#QHHGHG1#&RPSHQVDWLRQ#FLUFXLWV#
JHQHUDOO\#XVH#WKH#ORRS#FXUUHQW#DV#DQ#LQGLFDWLRQ#RI#WKH#OLQH#OHQJWK1
/RQJLWXGLQDO#
%DODQFH
7KH#FRPPRQ0PRGH#UHMHFWLRQ#RI#D#WHOHSKRQH#FLUFXLW1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO (0:
/RRS 7KH#ORRS#IRUPHG#E\#WKH#WZR#VXEVFULEHU#ZLUHV#+7LS#DQG#5LQJ,#
FRQQHFWHG#WR#WKH#WHOHSKRQH#DW#RQH#HQG/#DQG#WKH#FHQWUDO#RIILFH#+RU#
3%;,#DW#WKH#RWKHU#HQG1#*HQHUDOO\#LW#LV#D#IORDWLQJ#V\VWHP/#QRW#
UHIHUUHG#WR#JURXQG/#RU#DF#SRZHU1
/RRSEDFN 'LUHFWLQJ#VLJQDOV#EDFN#WRZDUG#WKH#VRXUFH#DW#VRPH#SRLQW#DORQJ#D#
FRPPXQLFDWLRQ#SDWK1
/RRS#&XUUHQW 7KH#GF#FXUUHQW#WKDW#IORZV#WKURXJK#WKH#VXEVFULEHU#ORRS1#,W#LV#W\SLFDOO\#
SURYLGHG#E\#WKH#FHQWUDO#RIILFH#RU#3%;/#DQG#UDQJHV#IURP#53#WR#453#
P$1
/7 /LQH#7HUPLQDWLRQ#+/LQH#&DUG,1
0&8 0LFUR&RPSXWHU#8QLW#+DOVR#0LFUR&RQWUROOHU#8QLW,1
038 0LFUR3URFHVVRU#8QLW1
0X0/DZ $#FRPSDQGLQJ2HQFRGLQJ#ODZ#FRPPRQO\#XVHG#LQ#8161#+VDPH#DV#—0
ODZ,1
08; 0XOWLSOH[#RU#PXOWLSOH[HU1
0RGHP 02GXODWRU0'(0RGXODWRU>#D#XQLW#WKDW#PRGXODWHV#DQG#GHPRGXODWHV#
GLJLWDO#LQIRUPDWLRQ#IURP#D#WHUPLQDO#RU#FRPSXWHU#SRUW#WR#DQ#DQDORJ#
FDUULHU#VLJQDO#IRU#SDVVDJH#RYHU#DQ#DQDORJ#OLQH1
0XOWLIUDPLQJ :KHQ#PXOWLIUDPLQJ#LV#HQDEOHG/#53#627#IUDPHV#DUH#JURXSHG#
WRJHWKHU#WR#SURYLGH#PDLQWHQDQFH#VXEFKDQQHOV#EHWZHHQ#WKH#7(#
DQG#WKH#171#,Q#WKH#7(#WR#17#GLUHFWLRQ/#WKHUH#LV#RQH#VXEFKDQQHO#
FDOOHG#WKH#4#FKDQQHO1#,Q#WKH#17#WR#7(#GLUHFWLRQ/#WKHUH#DUH#ILYH#
VXEFKDQQHOV#FDOOHG#6&4#WKURXJK#6&81#0HVVDJHV#IRU#WKH#4/#6&4/#
DQG#6&5#VXEFKDQQHOV#KDYH#EHHQ#GHILQHG#LQ#&&,77#,1763#DQG#
$16,#7419381#8VDJH#RI#WKH#PXOWLIUDPLQJ#VXEFKDQQHOV#LV#QRW#
PDQGDWRU\1
0XOWLSOH[ 7R#VLPXOWDQHRXVO\#WUDQVPLW#WZR#RU#PRUH#PHVVDJHV#RQ#D#VLQJOH#
FKDQQHO1
1741HWZRUN#7HUPLQDWLRQ#4#+26,#/D\HU#4#2QO\,1
1751HWZRUN#7HUPLQDWLRQ#5#+26,#/D\HUV#5#DQG#6,1
2II0+RRN 7KH#FRQGLWLRQ#ZKHQ#WKH#WHOHSKRQH#LV#FRQQHFWHG#WR#WKH#SKRQH#
V\VWHP/#SHUPLWWLQJ#ORRS#FXUUHQW#WR#IORZ1#7KH#FHQWUDO#RIILFH#GHWHFWV#
WKH#GF#FXUUHQW#DV#DQ#LQGLFDWLRQ#WKDW#WKH#SKRQH#LV#EXV\1
2Q0+RRN 7KH#FRQGLWLRQ#ZKHQ#WKH#WHOHSKRQH*V#GF#SDWK#LV#RSHQ/#DQG#QR#GF#
ORRS#FXUUHQW#IORZV1#7KH#FHQWUDO#RIILFH#UHJDUGV#DQ#RQ0KRRN#SKRQH#
DV#DYDLODEOH#IRU#ULQJLQJ1
3$%; 3ULYDWH#$XWRPDWLF#%UDQFK#([FKDQJH²$#FXVWRPHU0RZQHG/#
VZLWFKDEOH#WHOHSKRQH#V\VWHP#SURYLGLQJ#LQWHUQDO#DQG2RU#H[WHUQDO#
VWDWLRQ0WR0VWDWLRQ#GLDOLQJ1
3DLU 7KH#WZR#DVVRFLDWHG#FRQGXFWRUV#WKDW#IRUP#SDUW#RI#D#FRPPXQLFDWLRQ#
FKDQQHO1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
(0; 0&4788:9#8VHU¶V#0DQXDO 027252/$
3DVV0%DQG#)LOWHU $#ILOWHU#XVHG#LQ#FRPPXQLFDWLRQ#V\VWHPV#WKDW#DOORZV#RQO\#WKH#
IUHTXHQFLHV#ZLWKLQ#D#FRPPXQLFDWLRQ#FKDQQHO#WR#SDVV/#DQG#UHMHFWV#
DOO#IUHTXHQFLHV#RXWVLGH#WKH#FKDQQHO1
3%; 3ULYDWH#%UDQFK#([FKDQJH²$#FODVV#RI#VHUYLFH#LQ#VWDQGDUG#%HOO#
6\VWHP#WHUPLQRORJ\#WKDW#W\SLFDOO\#SURYLGHV#WKH#VDPH#VHUYLFH#DV#
3$%;1
3&0 3XOVH#&RGH#0RGXODWLRQ²$#PHWKRG#RI#WUDQVPLWWLQJ#GDWD#LQ#ZKLFK#
VLJQDOV#DUH#VDPSOHG#DQG#FRQYHUWHG#WR#GLJLWDO#ZRUGV#WKDW#DUH#WKHQ#
WUDQVPLWWHG#VHULDOO\/#W\SLFDOO\#DV#;0ELW#ZRUGV1
3KDVH#-LWWHU $EUXSW/#VSXULRXV#YDULDWLRQV#LQ#DQ#DQDORJ#OLQH/#JHQHUDOO\#FDXVHG#E\#
SRZHU#DQG#FRPPXQLFDWLRQ#HTXLSPHQW#DORQJ#WKH#OLQH#WKDW#VKLIWV#WKH#
VLJQDO#SKDVH#UHODWLRQVKLS#EDFN#DQG#IRUWK1
3// 3KDVH#/RFN#/RRS1
3//#)UHTXHQF\#
6\QWKHVL]HU
3KDVH#/RFN#/RRS#IUHTXHQF\#V\QWKHVL]HU²$#IUHTXHQF\#
V\QWKHVL]HU#XWLOL]LQJ#D#FORVHG#ORRS/#DV#RSSRVHG#WR#''6#+GLUHFW#
GLJLWDO#V\QWKHVLV,#ZKLFK#LV#QRW#D#FORVHG#ORRS1
3276 3ODLQ#2OG#7HOHSKRQH#6HUYLFH1
3URSDJDWLRQ#
'HOD\
7KH#WLPH#LQWHUYDO#EHWZHHQ#VSHFLILHG#UHIHUHQFH#SRLQWV#RQ#WKH#LQSXW#
DQG#RXWSXW#YROWDJH#ZDYHIRUPV1
3VRSKRPHWULF#
:HLJKWLQJ
$#IUHTXHQF\#ZHLJKWLQJ#VLPLODU#WR#&00HVVDJH#ZHLJKWLQJ#WKDW#LV#
XVHG#DV#WKH#VWDQGDUG#IRU#(XURSHDQ#WHOHSKRQH#V\VWHP#WHVWLQJ1
361 3DFNHW#6ZLWFKHG#1HWZRUN1
3671 3XEOLF#6ZLWFKHG#7HOHSKRQH#1HWZRUN1
3XOVH#'LDOHU $#GHYLFH#WKDW#JHQHUDWHV#SXOVH#WUDLQV#FRUUHVSRQGLQJ#WR#GLJLWV#RU#
FKDUDFWHUV#XVHG#LQ#LPSXOVH#RU#ORRS0GLVFRQQHFW#GLDOLQJ1
4XDQWL]LQJ#
1RLVH
6LJQDO0FRUUHODWHG#QRLVH#JHQHUDOO\#DVVRFLDWHG#ZLWK#WKH#TXDQWL]LQJ#
HUURU#LQWURGXFHG#E\#$2'#DQG#'2$#FRQYHUVLRQV#LQ#GLJLWDO#
WUDQVPLVVLRQ#V\VWHPV1
5(1 5LQJHU#(TXLYDOHQFH#1XPEHU²$Q#LQGLFDWLRQ#RI#WKH#LPSHGDQFH/#RU#
ORDGLQJ#IDFWRU/#RI#D#WHOHSKRQH#EHOO#RU#ULQJHU#FLUFXLW1#$Q#5(1#RI#413#
HTXDOV#DERXW#;#NΩ1#7KH#%HOO#V\VWHP#W\SLFDOO\#SHUPLWV#D#PD[LPXP#
RI#813#5(1#+419#NΩ,#RQ#DQ#LQGLYLGXDO#VXEVFULEHU#OLQH1#$#PLQLPXP#
5(1#RI#315#+73#NΩ,#LV#UHTXLUHG#E\#WKH#%HOO#V\VWHP1
5HSHDWHU $Q#DPSOLILHU#DQG#DVVRFLDWHG#HTXLSPHQW#XVHG#LQ#D#WHOHSKRQH#FLUFXLW#
WR#SURFHVV#D#VLJQDO#DQG#UHWUDQVPLW#LW1
5HSHUWRU\#'LDOHU $#GLDOHU#WKDW#VWRUHV#D#UHSHUWRU\#RI#WHOHSKRQH#QXPEHUV#DQG#GLDOV#
DQ\#RQH#RI#WKHP#DXWRPDWLFDOO\#RQ#UHTXHVW1
5LQJ 2QH#RI#WKH#WZR#ZLUHV#FRQQHFWLQJ#WKH#FHQWUDO#RIILFH#WR#D#WHOHSKRQH1#
7KH#QDPH#GHULYHV#IURP#WKH#ULQJ#SRUWLRQ#RI#WKH#SOXJV#XVHG#E\#
RSHUDWRUV#+LQ#ROGHU#HTXLSPHQW,#WR#PDNH#WKH#FRQQHFWLRQ1#5LQJ#LV#
WUDGLWLRQDOO\#QHJDWLYH#ZLWK#UHVSHFW#WR#7LS1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO (0<
UPV 5RRW#PHDQ#VTXDUHG²7KLV#LV#WKH#ZD\#DF#YROWDJH#DQG#DPSHUDJH#LV#
HYDOXDWHG#PDWKHPDWLFDOO\#WR#GHWHUPLQH#SRZHU#FRQVXPSWLRQ#RU#
GLVVLSDWLRQ#PHDVXUHPHQWV1
576 5HTXHVW#7R#6HQG²DQ#(,$0565#FRQWURO#VLJQDO#EHWZHHQ#D#PRGHP#
DQG#XVHU*V#GLJLWDO#HTXLSPHQW#WKDW#LQLWLDWHV#WKH#GDWD#WUDQVPLVVLRQ#
VHTXHQFH#RQ#D#FRPPXQLFDWLRQ#OLQH1
6DPSOLQJ#5DWH 7KH#IUHTXHQF\#DW#ZKLFK#WKH#DPSOLWXGH#RI#DQ#DQDORJ#VLJQDO#LV#JDWHG#
LQWR#D#FRGHU#FLUFXLW1#7KH#1\TXLVW#VDPSOLQJ#WKHRUHP#VWDWHV#WKDW#LI#D#
EDQG0OLPLWHG#VLJQDO#LV#VDPSOHG#DW#UHJXODU#LQWHUYDOV#DQG#DW#D#UDWH#
HTXDO#WR#RU#JUHDWHU#WKDQ#WZLFH#WKH#KLJKHVW#IUHTXHQF\#RI#LQWHUHVW/#
WKH#VDPSOH#FRQWDLQV#DOO#WKH#LQIRUPDWLRQ#RI#WKH#RULJLQDO#VLJQDO1#7KH#
IUHTXHQF\#EDQG#RI#LQWHUHVW#LQ#WHOHSKRQ\#UDQJHV#IURP#633#WR#6733#
+]/#VR#D#VDPSOLQJ#UDWH#RI#;#N+]#SURYLGHV#GF#WR#7333#+]#
UHSURGXFWLRQ1
6&8 6XEVFULEHU#&KDQQHO#8QLW²7KH#FLUFXLWU\#DW#D#WHOHSKRQH#H[FKDQJH#
DVVRFLDWHG#ZLWK#DQ#LQGLYLGXDO#VXEVFULEHU#OLQH#RU#FKDQQHO1
6LGHWRQH 7KH#VRXQG#IHG#EDFN#WR#WKH#UHFHLYHU#DV#D#UHVXOW#RI#VSHDNLQJ#LQWR#WKH#
PLFURSKRQH1#,W#LV#D#QDWXUDO#FRQVHTXHQFH#RI#WKH#50WR07#ZLUH#
FRQYHUVLRQ#V\VWHP1#6LGHWRQH#ZDV#UHFRJQL]HG#E\#$OH[DQGHU#
*UDKDP#%HOO#DV#QHFHVVDU\#IRU#D#SHUVRQ#WR#EH#DEOH#WR#VSHDN#
SURSHUO\#ZKLOH#XVLQJ#D#KDQGVHW1
6LJQDOLQJ 7KH#WUDQVPLVVLRQ#RI#FRQWURO#RU#VWDWXV#LQIRUPDWLRQ#EHWZHHQ#
VZLWFKLQJ#V\VWHPV#LQ#WKH#IRUP#RI#GHGLFDWHG#ELWV#RU#FKDQQHOV#RI#
LQIRUPDWLRQ#LQVHUWHG#RQ#WUXQNV#ZLWK#YRLFH#GDWD
6LJQDO0WR0
'LVWRUWLRQ#5DWLR#
+62',
7KH#UDWLR#RI#WKH#LQSXW#VLJQDO#OHYHO#WR#WKH#OHYHO#RI#DOO#FRPSRQHQWV#
WKDW#DUH#SUHVHQW#ZKHQ#WKH#LQSXW#VLJQDO#+XVXDOO\#D#41353#N+]#
VLQXVRLG,#LV#HOLPLQDWHG#IURP#WKH#RXWSXW#VLJQDO#+H1J1/#E\#ILOWHULQJ,
6/,& 6XEVFULEHU#/LQH#,QWHUIDFH#&LUFXLW²$#FLUFXLW#WKDW#SHUIRUPV#WKH#50WR0
7#ZLUH#FRQYHUVLRQ/#EDWWHU\#IHHG/#OLQH#VXSHUYLVLRQ/#DQG#FRPPRQ#
PRGH#UHMHFWLRQ#DW#WKH#FHQWUDO#RIILFH#+RU#3%;,#HQG#RI#WKH#WHOHSKRQH#
OLQH1
6PDUW#1741HWZRUN#7HUPLQDWLRQ#ZLWK#LQWHJUDWHG#7$
62*#3DFNDJH 6PDOO02XWOLQH#*XOO0ZLQJ#SDFNDJH²)RUPHUO\#62,&#ZLWK#JXOO0ZLQJ#
OHDGV1#7KLV#SDFNDJH#KDV#OHDGV#ZKLFK#IROG#RXW#IURP#WKH#ERG\1
62-#3DFNDJH 6PDOO02XWOLQH#-0OHDG#SDFNDJH²)RUPHUO\#62,&#ZLWK#-#OHDGV1#7KLV#
SDFNDJH#KDV#OHDGV#ZKLFK#DUH#WXFNHG#XQGHU#WKH#ERG\1
6SHHFK#1HWZRUN $#FLUFXLW#WKDW#SURYLGHV#50WR07#ZLUH#FRQYHUVLRQ/#+L1H1/#FRQQHFWV#WKH#
PLFURSKRQH#DQG#UHFHLYHU#+RU#WKH#WUDQVPLW#DQG#UHFHLYH#SDWKV,#WR#WKH#
7LS#DQG#5LQJ#SKRQH#OLQHV,1#$GGLWLRQDOO\#LW#SURYLGHV#VLGHWRQH#
FRQWURO/#DQG#LQ#PDQ\#FDVHV/#WKH#GF#ORRS#FXUUHQW#LQWHUIDFH1
6XEVFULEHU#/LQH 7KH#V\VWHP/#FRQVLVWLQJ#RI#WKH#XVHU*V#WHOHSKRQH/#WKH#
LQWHUFRQQHFWLQJ#ZLUHV/#DQG#WKH#FHQWUDO#RIILFH#HTXLSPHQW#GHGLFDWHG#
WR#WKDW#VXEVFULEHU#+DOVR#UHIHUUHG#WR#DV#D#ORRS,1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
(043 0&4788:9#8VHU¶V#0DQXDO 027252/$
6ZLWFKKRRN $#V\QRQ\P#IRU#KRRNVZLWFK1
6\Q#+6\QF,+4,#$#ELW#FKDUDFWHU#XVHG#WR#V\QFKURQL]H#D#WLPH#IUDPH#LQ#D#WLPH0
GLYLVLRQ#PXOWLSOH[HU1#+5,#$#VHTXHQFH#XVHG#E\#D#V\QFKURQRXV#
PRGHP#WR#SHUIRUP#ELW#V\QFKURQL]DWLRQ#RU#E\#D#OLQH#FRQWUROOHU#IRU#
FKDUDFWHU#V\QFKURQL]DWLRQ1
6\QFKURQRXV#
0RGHP
$#PRGHP#WKDW#XVHV#D#GHULYHG#FORFNLQJ#VLJQDO#WR#SHUIRUP#ELW#
V\QFKURQL]DWLRQ#ZLWK#LQFRPLQJ#GDWD1
74#&DUULHU $#3&0#V\VWHP#RSHUDWLQJ#DW#41877#0+]#DQG#FDUU\LQJ#57#LQGLYLGXDO#
YRLFH0IUHTXHQF\#FKDQQHOV1
7$ 7H U PL Q D O#$GDSWHU1
7DONGRZQ 0LVVHG#VLJQDOV#LQ#WKH#SUHVHQFH#RI#VSHHFK1#&RPPRQO\#XVHG#WR#
GHVFULEH#WKH#SHUIRUPDQFH#RI#D#'70)#UHFHLYHU#ZKHQ#LW#IDLOV#WR#
UHFRJQL]H#D#YDOLG#'70)#WRQH#GXH#WR#FDQFHOODWLRQ#RI#WKDW#WRQH#E\#
VSHHFK1
7DONRII )DOVH#GHWHFWLRQV#FDXVHG#E\#VSHHFK1#&RPPRQO\#XVHG#WR#GHVFULEH#
WKH#SHUIRUPDQFH#RI#D#'70)#UHFHLYHU#ZKHQ#VSHHFK/#HPXODWLQJ#
'70)/#FDXVHV#WKH#UHFHLYHU#WR#EHOLHYH#LW#KDV#GHWHFWHG#D#YDOLG#
'70)#WRQH1
7DQGHP#7UXQN 6HH#WUXQN1
7HOHSKRQH#
([FKDQJH
$#VZLWFKLQJ#FHQWHU#IRU#LQWHUFRQQHFWLQJ#WKH#OLQHV#WKDW#VHUYLFH#D#
VSHFLILF#DUHD1
7(47H U P LQ D O #(TXLSPHQW#4#+,6'1#7HU P L Q DO ,1
7(57H U P LQ D O #(TXLSPHQW#5#+1RQ0,6'1#7H U P LQ D O ,1
7(/(7(; $#WH[W#FRPPXQLFDWLRQ#VHUYLFH#EHWZHHQ#HQWLUHO\#HOHFWURQLF#ZRUN#
VWDWLRQV#WKDW#ZLOO#JUDGXDOO\#UHSODFH#7(/(;#ZLWK#WKH#LQWURGXFWLRQ#RI#
WKH#GLJLWDO#QHWZRUN1#+1RW#WR#EH#FRQIXVHG#ZLWK#WHOHWH[W1,
7(/(7(;7 7KH#QDPH#XVXDOO\#XVHG#IRU#EURDGFDVW#WH[W#+DQG#JUDSKLFV,#IRU#
GRPHVWLF#WHOHYLVLRQ#UHFHSWLRQ1#+1RW#WR#EH#FRQIXVHG#ZLWK#WHOHWH[1,
7LPH0'LYLVLRQ#
0XOWLSOH[
$#SURFHVV#WKDW#SHUPLWV#WKH#WUDQVPLVVLRQ#RI#WZR#RU#PRUH#VLJQDOV#
RYHU#D#FRPPRQ#SDWK#E\#XVLQJ#D#GLIIHUHQW#WLPH#LQWHUYDO#IRU#HDFK#
VLJQDO1
7LQ#&DQV#DQG#
6WULQJ
$#FUXGH#DQDORJ#FRPPXQLFDWLRQV#V\VWHP#FRPPRQO\#XVHG#WR#
LQWURGXFH#YRLFH#FRPPXQLFDWLRQV#WR#FKLOGUHQ1
7LS 2QH#RI#WKH#WZR#ZLUHV#FRQQHFWLQJ#WKH#FHQWUDO#RIILFH#WR#D#WHOHSKRQH1#
7KH#QDPH#GHULYHV#IURP#WKH#WLS#RI#WKH#SOXJV#XVHG#E\#RSHUDWRUV#+LQ#
ROGHU#HTXLSPHQW,#WR#PDNH#WKH#FRQQHFWLRQ1#7LS#LV#WUDGLWLRQDOO\#
SRVLWLYH#ZLWK#UHVSHFW#WR#ULQJ1
7RQH#5LQJHU 7KH#PRGHUQ#VROLG#VWDWH#HTXLYDOHQW#RI#WKH#ROG#HOHFWURPHFKDQLFDO#
EHOO1#,W#SURYLGHV#WKH#VRXQG#ZKHQ#WKH#FHQWUDO#RIILFH#DOHUWV#WKH#
VXEVFULEHU#WKDW#VRPHRQH#LV#FDOOLQJ1#5LQJLQJ#YROWDJH#LV#W\SLFDOO\#;3#0#
<3#YROWV#UPV/#53#+]1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
027252/$ 0&4788:9#8VHU¶V#0DQXDO (044
7UXQN $#WHOHSKRQH#FLUFXLW#RU#FKDQQHO#EHWZHHQ#WZR#FHQWUDO#RIILFHV#RU#
VZLWFKLQJ#HQWLWLHV1
76$& 7LPH#6ORW#$VVLJQHU#&LUFXLW²$#FLUFXLW#WKDW#GHWHUPLQHV#ZKHQ#D#
&2'(&#ZLOO#SXW#LWV#;#ELWV#RI#GDWD#RQ#D#3&0#ELW#VWUHDP1
76,& 7LPH#6ORW#,QWHUFKDQJH#&LUFXLW²$#GHYLFH#WKDW#VZLWFKHV#GLJLWDO#
KLJKZD\V#LQ#3&0#EDVHG#VZLWFKLQJ#V\VWHPV>#D#0GLJLWDO%#FURVVSRLQW#
VZLWFK1
7ZLVW 7KH#DPSOLWXGH#UDWLR#RI#D#SDLU#RI#'70)#WRQHV1#+%HFDXVH#RI#
WUDQVPLVVLRQ#DQG#HTXLSPHQW#YDULDWLRQV/#D#SDLU#RI#WRQHV#WKDW#
RULJLQDWHG#HTXDO#LQ#DPSOLWXGH#PD\#DUULYH#ZLWK#D#FRQVLGHUDEOH#
GLIIHUHQFH#LQ#DPSOLWXGH1,
7ZR#:LUH#&LUFXLW 5HIHUV#WR#WKH#WZR#ZLUHV#FRQQHFWLQJ#WKH#FHQWUDO#RIILFH#WR#WKH#
VXEVFULEHU*V#WHOHSKRQH1#&RPPRQO\#UHIHUUHG#WR#DV#7LS#DQG#5LQJ/#
WKH#WZR#ZLUHV#FDUU\#ERWK#WUDQVPLW#DQG#UHFHLYH#VLJQDOV#LQ#D#
GLIIHUHQWLDO#PDQQHU1
8'/7 8QLYHUVDO#'LJLWDO#/RRS#7UDQVFHLYHU²$#0RWRUROD#RULJLQDWHG#QDPH#
IRU#D#YRLFH2GDWD#WUDQVFHLYHU#FLUFXLW1
9&2 9ROWDJH0FRQWUROOHG#RVFLOODWRU²,QSXW#LV#D#YROWDJH>#RXWSXW#LV#D#
VLQXVRLGDO#ZDYHIRUP1
9&0 9ROWDJH0FRQWUROOHG#PXOWLYLEUDWRU²,QSXW#LV#D#YROWDJH>#RXWSXW#LV#D#
VTXDUH#ZDYH1
9RLFH#)UHTXHQF\ $#IUHTXHQF\#ZLWKLQ#WKDW#SDUW#RI#WKH#DXGLR#UDQJH#WKDW#LV#XVHG#IRU#WKH#
WUDQVPLVVLRQ#RI#VSHHFK#RI#FRPPHUFLDO#TXDOLW\#+L1H1/#633#0#6733#+],1
:HLJKWLQJ#
1HWZRUN
$#QHWZRUN#ZKRVH#ORVV#YDULHV#ZLWK#IUHTXHQF\#LQ#D#SUHGHWHUPLQHG#
PDQQHU1
*ORVVDU\#RI#7HUPV#DQG#$EEUHYLDWLRQV
(045 0&4788:9#8VHU¶V#0DQXDO 027252/$
027252/$ 0&4788:9#8VHU¶V#0DQXDO )04
)
6WDQGDUGV#%RGLHV
$16, $PHULFDQ#1DWLRQDO#6WDQGDUGV#,QVWLWXWH
44#:HVW#75QG#6WUHHW
1HZ#<RUN/#1<#43369
86$
%HOOFRUH %HOO#&RPPXQLFDWLRQV#5HVHDUFK
&XVWRPHU#6HUYLFH
93#1HZ#(QJODQG#$YHQXH
3LVFDWDZD\/#1-#3;;87074<9
86$
3KRQH=#+534,#9<<08;33
&&,77 &RQVXOWLYH#&RPPLWWHH#RI#WKH#,QWHUQDWLRQDO
7HOHSKRQH#DQG#7HOHJUDSK
,QWHUQDWLRQDO#7HOHFRPPXQLFDWLRQV#8QLRQ
3ODFH#'HV#1DWLRQV
&+04544#*HQHYD
6ZLW]HUODQG
3KRQH=#+344,#7455#:63#8;84
(,$ (OHFWURQLF#,QGXVWULHV#$VVRFLDWLRQ
4:55#(\H#6WUHHW/#1:
6XLWH#773
:DVKLQJWRQ/#'큛
86$
3KRQH#++HDGTXDUWHUV,=#+535,#78:07<69
3KRQH#+6WDQGDUGV,=#+535,#78:07<99
(76, (XURSHDQ#7HOHFRPPXQLFDWLRQV#6WDQGDUGV#,QVWLWXWH
39<54#6RSKLD#$QWLSROLV#&HGH[
)5$1&(
3KRQH=#66#<5#<7#75#33
)D[=#66#<6#98#7:#49
6WDQGDUGV#%RGLHV
)05 0&4788:9#8VHU¶V#0DQXDO 027252/$
,((( ,QVWLWXWH#RI#(OHFWULFDO#DQG#(OHFWURQLFV#(QJLQHHUV
+HDGTXDUWHUV=
678#(DVW#7:WK#6WUHHW
1HZ#<RUN/#1<#4334:
86$
3KRQH#+545,#:380:<33
6WDQGDUGV#2IILFH=
,(((#6HUYLFH#&HQWHU
32#%R[#4664
3LVFDWDZD\/#1-#33;88
86$
3KRQH=#+534,#<;403393
7,$ 7HOHFRPPXQLFDWLRQV#,QGXVWU\#$VVRFLDWLRQ
5334#3HQQV\OYDQLD#$YHQXH/#1:
6XLWH#;33
:DVKLQJWRQ/#'򂖐46
86$
3KRQH=#+535,#78:08763
)D[=#+535#78:07<6<
027252/$ 0&4788:9#8VHU¶V#0DQXDO ,QGH[04
#
,1'(;
6\PEROV
“#4#7RQHV#8064
1XPHULFV
5%.'
&KDQQHOV#<04
'DWD#:05/#;0;/#<05
,'/2*&,#/RRSEDFN#8078
5%44
80,QWHUIDFH#&RQQHFWLRQ#4307
5%44#,QWHUIDFH#405/#4307
(OHFWULFDO#&KDUDFWHULVWLFV#4407
*XLGHOLQHV#&06
/LQH#&RPSRQHQWV#9DOXHV#4307/#'05
/LQH#&RQQHFWLRQ#'04
80,QWHUIDFH#&RQQHFWLRQ#'04
$
$#%LW#;05±;06/#<0;
$EVROXWH#0D[LPXP#5DWLQJV#4404
$EVROXWH#0LQ#3RZHU#0RGH#:07
$EVROXWH#0LQLPXP#3RZHU#8073
$EVROXWH#3RZHU#'RZQ#0RGH#708
$FFHVVLQJ#WKH#&KDQQHOV#LQ#7HUPLQDO#0RGH#:06
$FFXPXODWH#')(#2XWSXW#8063
$FFXPXODWH#(XWSXW#8063
$&7#%LW#8046/#<05
$FWLYDWH#5HTXHVW
80,QWHUIDFH#6045/#808;
$FWLYDWLRQ#808/#8073±8074/#8084/#<04/#<0<
&RQWURO#9²3#805;
&RQWURO#6WHHU#805<
&XVWRPHU#(QDEOH#809
,QGLFDWLRQ#8073/#<07/#<0:
,QGLFDWLRQ#%LW#<0:
,QLWLDWLRQ#<07
154#807±80:
3URFHGXUHV#'LVDEOHG#8084
3URFHGXUHV#,JQRUHG#<09
5HTXHVW#8074/#:07/#<07
5HTXHVW#%LW#808
627#/RRS#E\#7(#<09
6HTXHQFH#<05
6LJQDOV#IRU#17#0RGH#<06
6WDWH#9²3#805;
6WDWH#'LDJUDP#<06
6WDWH#0DFKLQH#<0:
7LPH#<07
7LPHU#805;
7LPHU#&5#([SLUHG#8085
7LPHU#'LVDEOH#805;/#<07
7LPHU#([SLUH#805;
7LPHU#([SLUHG#,QSXW#8074
$FWLYDWLRQ#LQ#3URJUHVV#<07
6WDWXV#%LW#<07
$,#8073
$OZD\V#$FWLYH#(QDEOH#8085
$0,#9LRODWLRQV#807<
$QDORJ#/RRSEDFN#806:
$16,#)04
$16,#741934#405/#8044/#8046/#8049/#<04±<05/#<08
$16,#741938#405/#8074/#807:/#807</#8087/#<09/#4304
$5#8074
$UFKLWHFWXUH
0LQL03$%;#707
6PDUW#174#705
$58#'LVDEOH#808;
%
%#&KDQQHOV#504/#:04/#;04/#;0;/#<08
%4#80:/#8086/#808;
627#/RRSEDFN
1RQ07UDQVSDUHQW#8083
7UDQVSDUHQW#8083
%4#&KDQQHO#8077/#8093±8094/#<08
6270,QWHUIDFH#8096
80,QWHUIDFH#8096
%5#80:/#8086/#808;
627#/RRSEDFN
1RQ07UDQVSDUHQW#8083
7UDQVSDUHQW#8083
%5#&KDQQHO#8077/#8093±8094/#<08
6270,QWHUIDFH#8096
80,QWHUIDFH#8096
%HOOFRUH#)04
%LJ#-XPS#6HOHFW#805<
%ORFN#%4#80:
%ORFN#%5#80:
%ORFN#'LDJUDP#406
%39#&RXQWHU#807<
%\WH#5HJLVWHU#909
%\WH#5HJLVWHU#2SHUDWLRQ#909
%\WH#5HJLVWHUV
6270,QWHUIDFH#8079
&
,QGH[05 0&4788:9#8VHU¶V#0DQXDO 027252/$
#
80,QWHUIDFH#8043
&
&2,#&KDQQHO#;04/#;0<±;043
&DOFXODWHG#/LQH#,QWHUIDFH#&LUFXLW#'08
&DSDFLWRU#'08
&&,77#)04
&&,77#,1763#8074/#807:/#8087/#<09
&KDQJHG#5HJLVWHUV2%LWV#LQ#76$#0RGH#E\
&RQILJXUDWLRQ#:0<
&/$66#:05
&ODVV#4#2SHUDWLRQ#8074
&ODVV#5#2SHUDWLRQ#8074
&OHDU#$OO#&RHIILFLHQWV#8063
&/.287#6046/#8086
&ORFN#2XWSXW#6044
&ROG#6WDUW#<04/#4405
&ROOLVLRQ#+'DWD,#;0;
&RPPDQG2,QGLFDWH#&KDQQHO
6HH#&2,#&KDQQHO
&RPSRQHQW#6RXUFLQJ#%04
&RQFHSWXDO#'LDJUDP#RI#7HUPLQDO#'DWD#)ORZ#:06
&RQILJXUDWLRQV#704
&RQWURO#5HJLVWHU
76$#%4#(QDEOH#8095
76$#%5#(QDEOH#8095
76$#'#(QDEOH#8095
76$#0RGH#(QDEOH#8095
&5Ὦ
&5&#&RUUXSW#8054
&5&#&RUUXSW#0RGH#8069
&U\VWDO#9044
6SHFLILFDWLRQ#%05
9HQGRUV#%06
&XVWRPHU#(QDEOH#<07±<08
&\FOLF#5HGXQGDQF\#&KHFN
6HH#&5&
'
'#&KDQQHO#504/#8093±8094/#:04/#;04/#;0;±;0</#<08
3URFHGXUHV#'LVDEOHG#8085
6270,QWHUIDFH#8096
6HOHFW#'&+#$FFHVV#805:
7LPLQJ#&KDUDFWHULVWLFV#+,'/#0RGH,#44044
7UDQVPLW25HFHLYH#%LWV#806;
80,QWHUIDFH#8096
'25#0RGH#806:
'DWD#&ORFN#2XWSXW#609
'DWD#&ROOLVLRQ#;0;
'DWD#)UDPH#6\QFKURQL]DWLRQ#6044
'DWD#7UDQVSDUHQF\#<07
'&#&XUUHQW#4404
'&#(OHFWULFDO#&KDUDFWHULVWLFV#4406
'0&KDQQHO#6045
$FFHVV#*UDQWHG#6045
$FFHVV#5HTXHVW#6045
&ORFN#6044
'&/#:04/#;04
&ORFN#3HULRG#4408
'&/#,QSXW#607
'($#%LW#8047/#<08
'HDFWLYDWH#5HTXHVW#8074
'HDFWLYDWH#5HTXHVW#%LW#808
'HDFWLYDWLRQ#808/#<04/#<0<
3URFHGXUHV#<0:
5HTXHVW#<08/#<0:
6XSHUIUDPH#8SGDWH#'LVDEOH#808
')(#2XWSXW#8063
')(#8SGDWHV#8063
')(2$5&#%HWD#8063
'*5$17#:05
7LPLQJ#44044
'LJLWDO#'DWD#,QWHUIDFH#605/#60:
'LJLWDO#/RRS#&DUULHU#6\VWHPV#8054
'LJLWDO#6XEVFULEHU#/LQH
6HH#'6/
',1#:04/#;04
%4#&KDQQHO#7LPHVORW#8093
%4#&KDQQHO#7LPHVORW#%LWV#8067
%5#&KDQQHO#7LPHVORW#8093
%5#&KDQQHO#7LPHVORW#%LWV#8067
'#&KDQQHO#7LPHVORW#8093
',12'287
,QWHUQDO#5RXWLQJ
76$#0RGH#8065/#808<
'LRGHV#4306
'/2*&,
,QWHUIDFH#/RRSEDFN#&RQWURO#%LWV#804:
'R#1RW#5HDFW#WR#,1)2#4#8089
'R#1RW#5HDFW#WR#,1)2#6#8089
'287#:04/#;04
%4#&KDQQHO#7LPHVORW#8094
%4#&KDQQHO#7LPHVORW#%LWV#8066
%5#&KDQQHO#7LPHVORW#8094
%5#&KDQQHO#7LPHVORW#%LWV#+E:²E3,#8066
'#&KDQQHO#7LPHVORW#8094
'#&KDQQHO#7LPHVORW#%LWV#8066
2SHQ#'UDLQ#8095
'5#8074
'5(48(67#:05±:06
7LPLQJ#44044
'6/
'XDO#&RQVHFXWLYH#0RGH#8059
'XPS#5HJLVWHU#$FFHVV#%LWV#806;
'XPS25HVWRUH#$FFHVV#2YHUOD\#UHJLVWHU#2545#806:
(
027252/$ 0&4788:9#8VHU¶V#0DQXDO ,QGH[06
#
(
(#%LW#;05±;06/#;08
(XWSXW#8063
(SGDWHV#8063
(FKR#&DQFHOOHUV#<04
(FKR#&KDQQHO#8085±8086/#<0;
(,#8073/#<0:
(,#%LW#<0:
(,$#)04
(OHFWULFDO#&KDUDFWHULVWLFV#4406
(PEHGGHG#2SHUDWLRQV#&KDQQHO
6HH#(2&
(QDEOH#%4#,QSXW#808;
(QDEOH#%4#2XWSXW#808;
(QDEOH#%5#,QSXW#808;
(QDEOH#%5#2XWSXW#808;
(QDEOH#')(#8SGDWHV#8063
(QDEOH#'LJLWDO#2XWSXWV#608
(QDEOH#(SGDWHV#8063
(QDEOH#0(SGDWHV#8063
(QDEOH#0XOWLIUDPLQJ#8085
(2ƕ/#809/#<08
%XIIHU#59#809
&RQWURO#4²3#8055
&RQWURO#0RGHV#8055
(3,#43²6#8063
(3,#4;²44#805<
(TXDOL]HUV#<04
(UURU#8073/#<0:
(UURU#&RQGLWLRQ#<0:
(UURU#,QGLFDWLRQ#807/#8073
(UURU#5DWH#<07
(76,#)04
(76,#(75#3;3#405
(76,#(76#633345#405/#8074/#807:/#807</#8087/#<09/#4304
(YDOXDWLRQ#%RDUG#$04
([WHUQDO#3RZHU#6XSSOLHV#6WDWXV#704
([WHUQDO#627#/RRSEDFN#808:
)
)#%LW#807<
)DVW#')(2$5&#%HWD#8063
)DVW#(&#%HWD
(&#%HWD#8063
)(%(
%LW#8047
&RXQW#8047
&RXQWHU#8047
,QSXW#8045
5HFHLYHG#8046
)(%(#&RXQWHU#:²)(%(#&RXQWHU#3#+E:²E3,#8047
)(%(21(%(
&RQWURO#8059
5ROORYHU#8069
)(&9#'HWHFWLRQ#8075
)LOWHU#&DSDFLWRU#'08
)L[HG#7LPLQJ#608
)L[HG#7LPLQJ#(QDEOH#8078
)RUFH#(FKR#&KDQQHO#WR#=HUR#8086
)RUFH#/LQNXS#805<
)RUFH#7[#,1)25#8086
)UDPH#&RQWURO#5²)UDPH#&RQWURO#3#8053
)UDPH#6WDWH#6²)UDPH#6WDWH#3#8054
)UDPH#6WHHULQJ#8053
)UDPH#6\QF#8074
)UDPH#6\QF217#0RGH#<0:
)UDPH#6\QFKURQL]DWLRQ#609
)UDPH#9LRODWLRQ#&RXQWHU#807<
)UDPHU0WR0'HIUDPHU#/RRSEDFN#8064
)6#8074
)6&#:04/#;04
)6HULRG#4408
)6<1WDWXV#%LW#<0:
)7#&66544#405
)XQFWLRQDO#6LJQDO#*URXSLQJV#605
*
*&,#405±406/#;04
$FWLYDWLRQ2'HDFWLYDWLRQ#7LPH#'LDJUDPV#<0<
'DWD#)ORZ
&RQFHSWXDO#'LDJUDP#;0</#;045
(OHFWULFDO#0RGH#804;
)UDPH#;0;
)UDPH#&RQILJXUDWLRQ#;05
)UDPH#6WUXFWXUH#;05
,14#804;
,15#804;
0DVWHU#7LPLQJ#440;
0XOWLSOH[#7LPLQJ#;046
0XOWLSOH[HG#)UDPH#&RQILJXUDWLRQ#;05
2SHUDWLRQ#;08
6HOHFW#070%53#8068
7HUPLQDO#0RGH
&2,#&KDQQHO#&RPPDQG#DQG#,QGLFDWLRQ
&RGHV#;043
7LPHVORW#/RFDWLRQV#804;
7LPLQJ#&KDUDFWHULVWLFV#440:
*&,#%DVHG#6PDUW#17#%ORFN#'LDJUDP#706
*&,#&KDQQHO#;05
*&,#0RGH#405/#609/#704/#804/#<07
*&,0EDVHG#7HUPLQDO#8#%ORFN#'LDJUDP#708
*HQHUDO#&LUFXLW#,QWHUIDFH
6HH#*&,
*HQHULF#)ORZ#&RQWURO
6HH#*)&
+
,QGH[07 0&4788:9#8VHU¶V#0DQXDO 027252/$
#
*ORVVDU\#(04
*URXQG#&05
+
+LJKHVW#7UDQVPLVVLRQ#6WDWH#<09
+ROG#$FWLYDWLRQ#6WDWH#805<
,
,'/#405±406/#:04
;243#804;
)UHH#5XQ#804;
7LPLQJ#LQ#430%LW#0DVWHU#0RGH#804<
7LPLQJ#LQ#;0%LW#0DVWHU#0RGH#804<
,'/#,QWHUIDFH#<08
%5:#804;/#805;±8063/#8067
,'/#,QWHUIDFH#0RGH#:04
,'/#0RGH#609/#<04/#<07
'#&KDQQHO#7LPLQJ#44044
,'/#7HUPLQDO#0RGH#:05
,'/#7LPLQJ
;2430%LW#)RUPDWV#4409
,'/2*&,
%4#/RRSEDFN
1RQ07UDQVSDUHQW#8084
7UDQVSDUHQW#8084
%5#/RRSEDFN
1RQ07UDQVSDUHQW#8084
7UDQVSDUHQW#8084
,QWHUIDFH#/RRSEDFN#&RQWURO#%LWV#+80,QWHUIDFH,
804:
,QYHUW#804;
/RRS#5%.'#8049
/RRS#%5#8049
/RRSEDFN#8078
/RRSEDFN#/RJLF#'LDJUDP#804:
,'/26&3#%DVHG#6PDUW#17#%ORFN#'LDJUDP#705
,'/26&3#0RGH#804/#<04
,'/26&3#YHUVXV#*&,#0RGH#6HOHFW#608
,'/26&30EDVHG#7HUPLQDO#8#%ORFN#'LDJUDP#708
,'/5
(QDEOH#7&/.#8096
,'/5#,QWHUIDFH
158#80:
,'/(#%4#&KDQQHO#8077
,'/(#%4#FKDQQHO
627#ORRS#<0:
,'/(#%5#FKDQQHO
627#ORRS#<0:
,GOH#%5#&KDQQHO#8077
,(((#)05
,03#505
,1)2#3#<09
,1)2#4#8089/#<09
,1)2#5#<09
,1)2#6#8089/#<09
,1)2#7#<09
,1)2#6WDWH#8075/#8089
,1)23#:07
,1)25#8086/#:07
,QLWLDO#6WDWH
%4#DQG#%5#&KDQQHOV#<08/#<0:
,QWHJUDWHG#6HUYLFHV#'LJLWDO#1HWZRUN
6HH#,6'1
,QWHUFKLS#'LJLWDO#/LQN
6HH#,'/
,QWHUUXSW#8076
0XOWLIUDPH#807;
,QWHUUXSW#5HTXHVW#2XWSXW#6043
,QWHUUXSWV
156#809
,QYHUW#%4#&KDQQHO#8077
,QYHUW#%5#&KDQQHO#8077
,QYHUW#(FKR#&KDQQHO#8085
,54#9044
,543#809
,543#(QDEOH#80:
,544#809
,544#(QDEOH#80:
,545#809
0XOWLIUDPH#5HFHSWLRQ#8075
,545#(QDEOH#80:/#8076
,546#809
&KDQJH#LQ#5[#,1)2#6WDWH#8075
,546#(QDEOH#80:/#8076
,549
)(&9#'HWHFWLRQ#8075
,549#(QDEOH#8076
,54:
7HUPLQDO#'#&ROOLVLRQ#8075
,54:#(QDEOH#8076
,6'1#505
&DOO#&RQWURO#6RXUFH#&RGH#%06
5HIHUHQFH#0RGHO#504
VWDQGDUGV#404
,6:#<05
,78#1763#405/#4304
/
/$3'#3RODULW\#&RQWURO#8085
/('#&RQWURO#4#6043
/('#&RQWURO#5#6044
/('4#704
/('5#704
/LQH#,QWHUIDFH#605/#6047/#&06
&LUFXLW#&RPSRQHQW#9DOXH#&DOFXODWLRQV#'04
0
027252/$ 0&4788:9#8VHU¶V#0DQXDO ,QGH[08
#
&LUFXLW#0RGHO#'05
/LQH#,QWHUIDFH#&LUFXLW#'08
/LQNXS#807/#<07
6WDWXV#%LW#<07
/RDG#$FWLYDWLRQ#6WDWH#805<
/RRSEDFN#8064/#8078/#8083/#808:
$FWLYH#60<
%547#8064
%59#8049
,'/2*&,#8078
,'/50/RRS#5%.'#8049
,'/50/RRS#%4#8049
,'/50/RRS#%5#8049
,'/50/RRS#7UDQVSDUHQW#8049
80/RRS#5%.'#8049
80/RRS#%4#8049
80/RRS#%5#8049
80/RRS#7UDQVSDUHQW#8049
/RRSEDFN#&RQWUROV#8049
/RVV
6XSHUIUDPH#6\QFKURQL]DWLRQ#<07±<08
/7#<043
/7#,QLWLDWHG#$FWLYDWLRQ#<043
/7#,QLWLDWHG#'HDFWLYDWLRQ#<04;
/7#0RGH
$FWLYDWLRQ#6LJQDOV#<05
0
0#&KDQQHO#<05
07#<08
$&7#%LW#<05
%LW#'HILQLWLRQV#8044
%LWV#8044
&KDQQHO#<05
&RQWURO#4²3#8057
&RQWURO#0RGHV#8057
'($#%LW#<08
'HOWD#0RGH#8058
'XDO#&RQVHFXWLYH#0RGHV#8057
(YHU\#0RGH#8058
0DLQWHQDQFH#%LWV#809
7ULQDO#0RGH#8069
7ULQDO0&KHFN#0RGH#8058
08#<08
08209
%LWV#8045±8046
&RQWURO#4²3#8059
&RQWURO#0RGHV#8059
08209#0HVVDJH#;08
09#<08
0DLQWHQDQFH#<08
%5<#8055
07#&RQWURO#4
3#8057
07#'HOWD#0RGH#8058
07#'XDO#&RQVHFXWLYH#0RGHV#8057
07#(YHU\#0RGH#8058
07#7ULQDO#&KHFN#0RGH#8058
0DLQWHQDQFH#%LWV#8044±8046/#8067/#<08
%53#8044/#8067
%54#8045
%55#8045
%56#8046
0DLQWHQDQFH#&KDQQHO
5HFHLYH#5HJLVWHUV#;08
5HJLVWHUV#<07
0DLQWHQDQFH#&KDQQHO#%LWV#<08
0DQXDO#2UJDQL]DWLRQ#407
0DVN#:²0DVN#3#8064
0DWFK#6FUDPEOHU#8054
0D[LPXP#5DWLQJV#4404
0&4788:5#404
0&4788:7#404
0&4788:9#(YDOXDWLRQ#%RDUG
6HH#0&4788:9(9.
0&4788:9'59#$05
0&4788:9(9.
%ORFN#'LDJUDP#$04
174#0RGH#$04
6PDUW#174#0RGH#$05
0&9;635#,QWHJUDWHG#0XOWLSURWRFRO#3URFHVVRU#505
0&8#0RGH#60:
0(SGDWHV#8063
0HVVDJH#3ULRULW\#&ODVV#6046
0LQL03$%;#707
%ORFN#'LDJUDP#707/#:0;
0RGH#6HOHFW#605
0RGH#6HOHFWLRQ#607
0RGHV#RI#2SHUDWLRQ#704
0RQLWRU#&KDQQHO#804/#;04/#;06/#;08
$FFHVV#3URWRFRO#;06
&RPPDQGV#;09
,QWHUUXSW#,QGLFDWLRQ#0HVVDJHV#;0:
0HVVDJHV#DQG#&RPPDQGV#;08
0XOWLSOH#,QWHUUXSW#,QGLFDWLRQV#6HTXHQFH#;08
2SHUDWLRQ#;06
3URWRFRO#ZLWK#'HOD\#;07
5HJLVWHU#5HDG#6HTXHQFH#;07
5HJLVWHU#:ULWH#6HTXHQFH#;07
5HVSRQVH#0HVVDJHV#;09±;0:
0RQLWRUHG#(UURU#5DWH#<07
0XOWLIUDPH#,QWHUUXSW#807;
0XOWLIUDPH#5HFHSWLRQ#8075
0XOWLIUDPLQJ#8075/#807:±807;/#8087±8088
0XOWLSOH[#*&,#7LPLQJ#;046
0XOWLSOH[#0RGH#;045
&2,#&KDQQHO#&RGH#'HILQLWLRQV#;046
1
,QGH[09 0&4788:9#8VHU¶V#0DQXDO 027252/$
#
0XOWLSOH[HG#*&,#)UDPH#&RQILJXUDWLRQ#;05
0XWH#%4#IURP#6270,QWHUIDFH#8086
0XWH#%5#IURP#6270,QWHUIDFH#8086
1
1(%(
&RXQW#8048
&RXQWHU#8048
1(%(#&RXQWHU#:²1(%(#&RXQWHU#3#+E:²E3,#8048
1HWZRUN#7HUPLQDWLRQ#4
6HH#174
1LEEOH#5HJLVWHU#2SHUDWLRQ#905
1LEEOH#5HJLVWHUV
6270,QWHUIDFH#806<
80,QWHUIDFH#805
1RLVH#&05
1RWDWLRQ#&RQYHQWLRQV#407
17#'HDFWLYDWLRQ
3URFHGXUHV#DQG#:DUP#6WDUW#<08
17#0RGH#<06
$FWLYDWLRQ#6LJQDOV#<05
7UDQVPLVVLRQ#6WDWH#<09
17#7HUPLQDO#;0%LW#0RGH#:07
17#7HUPLQDO#,'/#430%LW#0RGH#:07
17#7HUPLQDO#,'/#;0%LW#0RGH#:08
17#7HUPLQDO#PRGH#706
17#7HUPLQDO#0RGH#'LVDEOHG#808;
17#7UDQVPLW#6LJQDO2)6KDVH#5HODWLRQVKLS#:043
174#404/#504
%ORFN#'LDJUDP#704
)XQFWLRQDO#2YHUYLHZ#406
6WDQGDUG#2SHUDWLRQ#704
174#0RGH#$04
2
2SHQ#)HHGEDFN#6ZLWFKHV#806:
2SHUDWLQJ#&RQGLWLRQV#4404
2SHUDWLQJ#7HPSHUDWXUH#4404
2VFLOODWRU#/D\RXW#*XLGHOLQHV#&06
2YHUOD\#(QDEOH#808;
2YHUOD\#5HJLVWHUV
6270,QWHUIDFH#808<
80,QWHUIDFH#8065
3
3$%;#707
3$%;#DSSOLFDWLRQV#:0:
3DFNDJH#'HVFULSWLRQ#4505
3DVVLYH#%XV#<0:
3HUIRUPDQFH#4405
3KDVH#/RFN#/RRS
6HH#3//
3KDVH#5HODWLRQVKLS#RI#WKH#17#7UDQVPLW#6LJQDO#:043
3LQ#$VVLJQPHQWV#4504
3LQ#&RQILJXUDWLRQ
25:#8069
25;#806:
25<#806:
3LQRXW#'UDZLQJ#4504
3ODLQ#2OG#7HOHSKRQH#6\VWHP
6HH#3276
3//#605
3//#DQG#&ORFN#607
3276#406
3276#,QWHUIDFH#705
3RZHU#&RQVXPSWLRQ#4405
3RZHU#'RZQ#0RGH#8078/#:05
3RZHU#6HWWLQJV
$EVROXWH#0LQLPXP#3RZHU#8073
3RZHU#6XSSOLHV
([WHUQDO#704
3RZHU#6XSSO\#605
3RZHU/#*URXQG/#DQG#1RLVH#&RQVLGHUDWLRQV#&05
3RZHU0'RZQ#806
3RZHU0'RZQ#(QDEOH#806
3ULQWHG#&LUFXLW#%RDUG#/D\RXW#&04
3ULQWHG#&LUFXLW#%RDUG#0RXQWLQJ#&04
3URWHFWLRQ#'LRGHV#4306
364#60:
36425#405
365#60;
4
4#%LW#4XDOLW\#807;
4#1LEEOH#IURP#627#/RRS#807;
5
59#809/#80;
59#5HJLVWHU
80,QWHUIDFH#80;
59#5HJLVWHU#2SHUDWLRQ#907
5DWLQJV#4404
$EVROXWH#0D[LPXP#4404
5HFHLYHG#)(%(#8046
5HFHLYHU#6HQVLWLYLW\#4405
5HFRPPHQGHG#5%44#80,QWHUIDFH#&RQQHFWLRQ#4307/
'04
5HFRPPHQGHG#2SHUDWLQJ#&RQGLWLRQV#4404
5HJLVWHU#%LW#/RFDWLRQV
6XSHUIUDPH#/7#→#17#80;
6XSHUIUDPH#17#→#/7#80<
5HJLVWHU#&RQILJXUDWLRQ#2SWLRQV#804
5HJLVWHU#'HVFULSWLRQ#5HIHUHQFH#804
6
027252/$ 0&4788:9#8VHU¶V#0DQXDO ,QGH[0:
#
5(6(7#607
5HVHW#607/#8073±8074
3RZHU0'RZQ#806
153#8073±8078
3RZHU0'RZQ#(QDEOH#806
5HVLVWRUV#4306
7UDQVPLW#6HULHV#'05
5HWXUQ#WR#1RUPDO#806/#8073
50,QWHUIDFH#404
522:2#WR#52:#8064
5[#,1)2#6WDWH#8075
5[#,1)2#6WDWH#%4#DQG#%3#8089
5[#,1)2#6WDWH#&RGHV#8089
6
627#%\WH#5HJLVWHUV#804/#8079
627#/RRS#807:±807;/#<0:
627#/RRSEDFN#8083
627#1LEEOH#5HJLVWHUV#804/#806<
627#2YHUOD\#5HJLVWHUV#804/#808<
6270,QWHUIDFH#404±405/#505/#6046/#:05/#<09/#4304
$QDORJ#&KDUDFWHULVWLFV#4407
%4#&KDQQHO#8096
%5#&KDQQHO#8096
%543#8088
%543#%LW#'HILQLWLRQV#8088
%544#8089
%545#808;
%545#%LW#'HILQLWLRQV#808;
%55#807:
%55#%LW#'HILQLWLRQV#807:
%56#807;
%56#%LW#'HILQLWLRQV#807;
%57#807<
%57#%LW#'HILQLWLRQV#807<
%58#807<
%58#%LW#'HILQLWLRQV#807<
%59#8083
%59#%LW#'HILQLWLRQV#8083
%5:#8084
%5:#%LW#'HILQLWLRQV#8084
%5;#8086
%5<#8087
%5<#%LW#'HILQLWLRQV#8087
%\WH#5HJLVWHU#0DS#8079
'#&KDQQHO#8096
'0&KDQQHO#&ORFN#6044
/RRSEDFN#808:
1LEEOH#5HJLVWHU#0DS#806<
153#8073
153#%LW#'HILQLWLRQV#8073
154#8073
154#%LW#'HILQLWLRQV#8073
155#8074
155#%LW#'HILQLWLRQV#8074
156#8075
156#%LW#'HILQLWLRQV#8075
157#8076
157#%LW#'HILQLWLRQV#8076
158#8077
159#8078
2SHUDWLRQV#<09
253#8093
253#%LW#'HILQLWLRQV#8093
254#8093
254#%LW#'HILQLWLRQV#8093
255#8093
255#%LW#'HILQLWLRQV#8093
256#8094
257#8094
257#%LW#'HILQLWLRQV#8094
258#8094
259#8095
259#%LW#'HILQLWLRQV#8095
25:#8096
25:#%LW#'HILQLWLRQV#8096
2YHUOD\#5HJLVWHU#0DS#808<
5HFHLYH#/LQH#,QWHUIDFH#&LUFXLW#4306
5HFHLYH#/LQH#,QWHUIDFH#&LUFXLWU\#4305
5HJLVWHUV#806<
6&3#(QDEOH#60;
6&3#1LEEOH#2SHUDWLRQV#906
7HUPLQDO#0RGH#:07
7UDQVPLW#/LQH#,QWHUIDFH#&LUFXLW#4305
7UDQVPLW#/LQH#,QWHUIDFH#&LUFXLWU\#4304
6&5#WR#/RRS#8087
6&6#WR#/RRS#8087
6&7#WR#/RRS#8088
6&8#WR#/RRS#8088
6FKHPDWLF#5HIHUHQFH
80,QWHUIDFH#7UDQVIRUPHU#4308
6&3#405±406
%LWV#<0;
%\WH#5HJLVWHU#5HDG#2SHUDWLRQ
'RXEOH#;0%LW#7UDQVIHU#909
6LQJOH#490%LW#7UDQVIHU#90:
%\WH#5HJLVWHU#:ULWH#2SHUDWLRQ
'RXEOH#;0%LW#7UDQVIHU#909
6LQJOH#490%LW#7UDQVIHU#90:
&ORFN#,QSXW#60;
(QDEOH#IRU#6270,QWHUIDFH#60;
(QDEOH#IRU#80,QWHUIDFH#60:
(2HJLVWHU#59#5HDG#2SHUDWLRQ
'RXEOH#;0%LW#7UDQVIHU#907
6LQJOH#490%LW#7UDQVIHU#908
(2HJLVWHU#59#:ULWH#2SHUDWLRQ
'RXEOH#;0%LW#7UDQVIHU#907
7
,QGH[0; 0&4788:9#8VHU¶V#0DQXDO 027252/$
#
6LQJOH#490%LW#7UDQVIHU#908
,QGHSHQGHQFH#IURP#&U\VWDO#9044
,QGLFDWLRQ#RI#7UDQVPLW#DQG#5HFHLYH#6WDWHV#<0;
,QWHUIDFH#7LPLQJ#44043
,54#9044
5HFHLYH#,QSXW#60<
5[#9043
6270,QWHUIDFH#%\WH#2SHUDWLRQV#90;
6&3&/.#9044
6&3(1#9044
6ODYH#0RGH#9045
7LPLQJ#&KDUDFWHULVWLFV#440<
7UDQVPLW#2XWSXW#60<
7[#9043
80,QWHUIDFH#%\WH#2SHUDWLRQV#90:
80153²8#RU#6270153²9³5HDG#2SHUDWLRQ#906
80153²8#RU#6270153²9³:ULWH#2SHUDWLRQ#905
6&3#%XV#804/#90<
6&3#0RGH#904±905/#<07
6&3#5[#9043
6&3#7[#9043
6&3&/.#9044
6&3(107#9044
6&3(108#9044
6HOHFW#'&+#$FFHVV#805:
6HOHFW#'XPS#$FFHVV#805:
6HOHFW#2YHUOD\#805:
6HULDO#&RQWURO#3RUW
6HH#6&3
6HULDO#&RQWURO#3RUW#,QWHUIDFH
6HH#6&3
6HULDO#'DWD#,Q#+,'/2*&,,#60:
6HULDO#'DWD#2XW#+,'/2*&,,#609
6,#8074
6LJQDO#'HVFULSWLRQV#604/#90</#:04/#;04
6LJQDO#*URXSLQJV#605
6LPSOH#6PDUW#17#705
6/3#<05
6/4#<05
6/5#<05
6/6#<04±<05/#<07
6ODYH
(QDEOH#7&/.#8096
6OHHS#,QGLFDWLRQ#8074
6OHHS#0RGH#:07/#4405
6OHHS#3RZHU#'RZQ#0RGH#:07
6OHHS#3RZHU#'RZQ#0RGH#'LVDEOH#8078
6PDUW#17
%ORFN#'LDJUDP#705±706
)XOO#7$#&DSDELOLW\#705
0LQL03$%;#:0;
6LPSOH#705
6LPSOH#7$#&DSDELOLW\#705
6PDUW#174#404±405
6PDUW#174#$UFKLWHFWXUH#705
6PDUW#174#&RQILJXUDWLRQ#$05
6PDUW#174#0RGH#$05
6PDUW#7HUPLQDO#$GDSWRU#405
613#<05
614#<05
615#<05
616#<04±<05/#<07
6RIWZDUH#5HVHW#806/#8073
6WDQGDORQH#174#704
6WDQGDUG#174#2SHUDWLRQ#704
6WDQGDUGV#%RGLHV#)04
6WHS#$FWLYDWLRQ#6WDWH#805<
6WRS2*R#'LVDEOHG#808;
6WRUDJH#7HPSHUDWXUH#4404
6XEFKDQQHO#4#+6&4,#WR#627#/RRS#807:
6XEFKDQQHO#5#8087
6XEFKDQQHO#6#8087
6XEFKDQQHO#7#8088
6XEFKDQQHO#8#8088
6XSHUIUDPH
)UDPH#6WHHULQJ#0RGHV#RI#2SHUDWLRQ#8053
6\QF#<07
6\QFKURQL]DWLRQ#:RUG#<05
6XSHUIUDPH#'HWHFW#8047
6XSHUIUDPH#6\QF#807
6XSHUIUDPH#8SGDWH#'LVDEOH#808
6XSHUIUDPH#8SGDWH#'LVDEOH#%LW#808
6ZDS#%42%5#80:/#8078/#<08
7
7$#404
7'0#605
7'0#'DWD#)ORZ#&RQFHSWXDO#'LDJUDP#:08
7'0#'DWD#,QWHUIDFH#609
7'0#,'/#430%LW#0RGH#:09
7'0#,'/#;0%LW#0RGH#:09
7'0#0RGH#:08
7(#,QLWLDWHG#$FWLYDWLRQ#<047
7(4#404/#505
7(5#404
7HPSHUDWXUH#4404
7HUPLQDO#$GDSWHU
6HH#7$
7HUPLQDO#&ODVV#8074
7HUPLQDO#'#&ROOLVLRQ#8075
7HUPLQDO#'DWD#)ORZ
&RQFHSWXDO#'LDJUDP#:06
7HUPLQDO#(TXLSPHQW#4
6HH#7(4
7HUPLQDO#(TXLSPHQW#5
6HH#7(5
7HUPLQDO#,QLWLDWHG#$FWLYDWLRQ#<049
8
,QGH[0< 0&4788:9#8VHU¶V#0DQXDO 027252/$
#
7HUPLQDO#0RGH#:06±:07/#;0;
$FFHVVLQJ#&KDQQHOV#:06
,'/#,QWHUIDFH#7LPLQJ#:07
7HUPLQDWLRQ#5HVLVWRUV#4306
7HVW#3XOVH#4#60;
7HVW#3XOVH#5#60<
7HVW#3XOVHV#704
7HVW#6LJQDO#808:
7KLUG#3DUW\#&RPSRQHQWV#%04
7,$#)05
7LPH#'LDJUDP
'HDFWLYDWLRQ#ZLWK#%RWK#7(#DQG#7HUPLQDO
&RQQHFWLRQV#+$OZD\V#,QLWLDWHG#E\#WKH
/7,#<04<
'HDFWLYDWLRQ#ZLWK#7(#&RQQHFWLRQ#+$OZD\V
,QLWLDWHG#E\#WKH#/7,#<04;
'HDFWLYDWLRQ#ZLWK#7HUPLQDO0RQO\#&RQQHFWLRQ
+$OZD\V#,QLWLDWHG#E\#WKH#/7,#<04;
7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#/7
%RWK#7(#DQG#7HUPLQDO#&RQQHFWLRQV#<046
1R#7(#RU#7HUPLQDO#&RQQHFWHG#<045
7(0RQO\#&RQQHFWLRQ#<044
7HUPLQDO0RQO\#&RQQHFWLRQ#<043
7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#7HUPLQDO
1R#7(#&RQQHFWLRQ#<049
7(#&RQQHFWLRQ#<04:
7RWDO#$FWLYDWLRQ#,QLWLDWHG#E\#7HUPLQDO
(TXLSPHQW
1R#7HUPLQDO#&RQQHFWLRQ#<047
7HUPLQDO#&RQQHFWLRQ#<048
7UDQVLWLRQ#IURP#'6/02QO\#$FWLYDWLRQ#WR#7RWDO
$FWLYDWLRQ
,QLWLDWHG#E\#WKH#/7#<053
,QLWLDWHG#E\#WKH#7(#ZLWK#7HUPLQDO
&RQQHFWLRQ#<054
,QLWLDWHG#E\#WKH#7HUPLQDO#:LWK#7(
&RQQHFWLRQ#<054
7UDQVLWLRQ#IURP#7RWDO#$FWLYDWLRQ#WR#'6/02QO\
$FWLYDWLRQ#+$OZD\V#,QLWLDWHG#E\#WKH#/7,
<055
802QO\#$FWLYDWLRQ#+$OZD\V#,QLWLDWHG#E\#WKH#/7,
<053
7LPH#'LYLVLRQ#0XOWLSOH[
6HH#7'0
7LPH#6ORW#$VVLJQHUV
6HH#76$
7LPHVORWV#&RQILJXUDWLRQ#:0;
7/#<04±<05/#<07
71#<04±<05/#<07
7RWDO#$FWLYDWLRQ#<044
7UDQVIRUPHU
6SHFLILFDWLRQV#4309
7UDQVIRUPHU#0RGHO#'06
7UDQVIRUPHU#5HIHUHQFH#6FKHPDWLF#4308
7UDQVIRUPHUV
7KLUG#3DUW\#6RXUFHV#%05
7UDQVPLVVLRQ#/LQH#,QWHUIDFH#&LUFXLWU\#4304
7UDQVPLVVLRQ#6WDWHV#<09
7UDQVPLW#<9#.+]#7HVW#6LJQDO#808:
7UDQVPLW#&LUFXLW#0RGHO#'06
7UDQVPLW#)UDPHU#<06
7UDQVPLW#1RLVH#)LOWHU#&DSDFLWRU#'08
7UDQVPLW#6HULHV#5HVLVWRUV#'05
7UDQVPLW#6LQJOH#3XOVH#(QDEOH#8086
7UDQVSDUHQF\#8049
7UDQVSDUHQW2$FWLYDWLRQ#LQ#3URJUHVV#807
76$
%4#(QDEOH#8068
%5#(QDEOH#8068
&RQWURO#5HJLVWHU#8095
'#(QDEOH#8068
'DWD#)ORZ#&RQFHSWXDO#'LDJUDP#:0:
253#8066
254#8066
255#8066
256#8067
257#8067
258#8067
259#8068
5[#%5#&KDQQHO#7LPHVORW#8093±8094
5[#'#&KDQQHO#7LPHVORW#8094
7[#%5#&KDQQHO#7LPHVORW#8093
7[#'#&KDQQHO#7LPHVORW#8093
76$#0RGH#8065/#808</#:0:±:0;
&KDQJHG#5HJLVWHUV2%LWV#E\#&RQILJXUDWLRQ#:0<
([DPSOH#:0;
,'/#,QWHUIDFH#7LPLQJ#DQG#3URJUDPPLQJ#:0;
76(1#8096
7[#%42%5#([FKDQJH#807;
7[#,1)2#6WDWH#%4#DQG#%3#8089
7[#,1)2#6WDWH#&RGHV#808:
7\SLFDO#,6'1#$SSOLFDWLRQ#505
8
8#%\WH#5HJLVWHUV#804
8#1LEEOH#5HJLVWHUV#804
8#2YHUOD\#5HJLVWHUV#804
80,QWHUIDFH#404±405/#504±505/#6046/#804:/#:04
5%44#/LQH#&RQQHFWLRQ#4307
$FWLYDWH#5HTXHVW#6045
$FWLYDWLRQ#<04
$FWLYDWLRQ#6WDWH#'LDJUDP#<06
%4#&KDQQHO#8096
%5#&KDQQHO#8096
%53#8044
%53#%LW#'HILQLWLRQV#8044
%54#8045
9
,QGH[043 0&4788:9#8VHU¶V#0DQXDO 027252/$
#
%54#%LW#'HILQLWLRQV#8045
%543#805:
%544#805;
%545#805<
%545#%LW#'HILQLWLRQV#805<
%546#8063
%547#8064
%548#8064
%55#8045
%55#%LW#'HILQLWLRQV#8045
%56#8046
%56#%LW#'HILQLWLRQV#8046
%57#8047
%57#%LW#'HILQLWLRQV#8047
%58#8048
%58#%LW#'HILQLWLRQV#8048
%59#8049
%59#%LW#'HILQLWLRQV#8049
%5;#8053
%5;#%LW#'HILQLWLRQV#8053
%5<#8055
%5<#%LW#'HILQLWLRQV#8055
%\WH#5HJLVWHU#0DS#8043
%\WH#5HJLVWHUV#8043
'#&KDQQHO#8096
'0&KDQQHO#&ORFN#6045
,'/2*&,#,QWHUIDFH#/RRSEDFN#&RQWURO#804:
1LEEOH#5HJLVWHU#0DS#805
1LEEOH#5HJLVWHUV#805
153#806
153#%LW#'HILQLWLRQV#806
154#807
154#%LW#'HILQLWLRQV#807
155#808
155#%LW#'HILQLWLRQV#808
156#%LW#'HILQLWLRQV#809
157#80:
157#%LW#'HILQLWLRQV#80:
158#80:
158#%LW#'HILQLWLRQV#80:
2SHUDWLRQV#<04
253#8066
253#%LW#'HILQLWLRQV#8066
254#8066
254#%LW#'HILQLWLRQV#8066
2545#806;
2545#%LW#'HILQLWLRQV#806;
2546#806;
2546#%LW#'HILQLWLRQV#806;
255#8066
255#%LW#'HILQLWLRQV#8066
256#8067
256#%LW#'HILQLWLRQV#8067
257#8067
257#%LW#'HILQLWLRQV#8067
258#8067
258#%LW#'HILQLWLRQV#8067
259#8068
259#%LW#'HILQLWLRQV#8068
25:#8069
25:#%LW#'HILQLWLRQV#8069
25;#806:
25;#%LW#'HILQLWLRQV#806:
25<#806:
25<#%LW#'HILQLWLRQV#806:
2YHUOD\#5HJLVWHU#0DS#8065
2YHUOD\#5HJLVWHUV#8065
3HUIRUPDQFH#4405
59#5HJLVWHU#80;
5HFRPPHQGHG#5%44#&RQQHFWLRQ#'04
5HJLVWHUV#804
6&3#(QDEOH#60:
6&3#1LEEOH#2SHUDWLRQV#906
6&3#59#2SHUDWLRQV#908
7HUPLQDO#$GDSWRU#708
7HUPLQDO#%ORFN#'LDJUDP#708
7UDQVIRUPHU#6FKHPDWLF#5HIHUHQFH#4308
7UDQVIRUPHU#6SHFLILFDWLRQV#4309
80,QWHUIDFH#2QO\#$FWLYDWLRQ#<053
80/RRS
%4#8049
%5#8049
7UDQVSDUHQW#8049
805HSHDWHUV#<07
8VHU0,QWHUIDFH
6HH#80,QWHUIDFH
9
9HULILHG#$&7#8046
9HULILHG#$&72'($#0RGH#<08
9HULILHG#'($#8047
:
:DNH08S#7RQH#<07
:DUP#6WDUW#405/#808/#<04/#<08
:DUP#6WDUW#7LPH#4405
