=ꢀꢁꢁꢀꢂ
9ꢃꢁꢁ%,6ꢄ'DWDꢄ3XPSꢄZLWKꢄ,QWHJUDWHGꢄ$)(
ꢈꢐ
7DEOHꢄꢁꢀꢃ0RGHPꢄ'DWDꢄ3XPSꢄ:RUGꢄ'HILQLWLRQV ꢄꢅ&RQWLQXHGꢆ
5HJLVWHUꢄꢓꢄ$GGUHVVꢄ
ꢅKH[ꢆ
'HIDXOWꢄ
9DOXH
)XQFWLRQꢄDQGꢄ([SODQDWLRQ
'SFWUOꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢆꢀꢈ)$ ꢀ+
'DWDꢆ3XPSꢆ0LVFHOODQHRXVꢆ&RQWUROVꢆ
'RꢆQRWꢆPRGLI\ꢆWKLVꢆORFDWLRQꢆGXULQJꢆDXWRPDWLFꢆKDQGVKDNHꢆRUꢆUHWUDLQꢇꢆ
7KHꢆGDWDꢆSXPSꢆVHWVꢆWKLVꢆORFDWLRQꢆWRꢆLWVꢆGHIDXOWꢆYDOXHꢆDWꢆDQ\ꢆUHVHWꢇꢆ
Eꢈꢎ 7;64/&+ꢆꢐ6TXHOFKꢆ7UDQVPLWWHUꢋꢆDOOꢆPRGHVꢑ
Eꢈꢍ $*&)5=ꢆꢐ)UHH]Hꢆ$XWRJDLQꢆ&RQWUROꢋꢆ9ꢇꢅꢅꢏ9ꢇꢅꢅELVꢏ%HOOꢆꢅꢈꢅ$ꢑ
6HWꢆWRꢆꢈꢆWRꢆIUHH]Hꢆ$*&ꢆDGDSWDWLRQꢇ
Eꢈꢂ 5HVHUYHGꢆIRUꢆ,QWHUQDOꢆ8VH
6HWꢆWRꢆꢀꢆZKHQꢆ'SFWUOꢆLVꢆZULWWHQꢆE\ꢆWKHꢆKRVWꢇ
Eꢈꢅ 5HVHUYHGꢆIRUꢆ,QWHUQDOꢆ8VH
6HWꢆWRꢆꢀꢆZKHQꢆ'SFWUOꢆLVꢆZULWWHQꢆE\ꢆWKHꢆKRVWꢇ
Eꢈꢀ /(47<3(ꢆꢐ/LQNꢆ(TXDOL]HUꢆ7\SHꢑꢆ6HWꢆ/(47<3(ꢆWRꢆꢀꢆIRUꢆDꢆIODWꢆ
±ꢈꢈ OLQHꢆHTXDOL]HUꢌꢆRUꢆ/(47<3(ꢆWRꢆꢈꢆIRUꢆDꢆꢂꢀꢀꢅꢆOLQHꢆHTXDOL]HUꢇ
Eꢁ *7(1ꢆꢐ*XDUGꢆ7RQHꢆ(QDEOHꢋꢆ9ꢇꢅꢅꢏ9ꢇꢅꢅELVꢏ%HOOꢆꢅꢈꢅ$ꢑ
7KLVꢆELWꢆFRQWUROVꢆLIꢆDꢆ9ꢇꢅꢅꢏ9ꢇꢅꢅELVꢏ%HOOꢆꢅꢈꢅ$ꢆOLQNꢆKDVꢆDꢆJXDUGꢆ
WRQHꢆRUꢆQRWꢇꢆꢆ,IꢆLDꢆJXDUGꢆWRQHꢆLVꢆVHWꢌꢆWKHꢆWRQHꢆLVꢆWUDQVPLWWHGꢆ
DORQJꢆZLWKꢆWKHꢆFDUULHUꢇꢆꢆ7KLVꢆELWꢆPXVWꢆQRWꢆEHꢆHQDEOHGꢆLQꢆPRGHVꢆ
RWKHUꢆWKDQꢆ9ꢇꢅꢅꢌꢆ9ꢇꢅꢅELVꢌꢆDQGꢆ%HOOꢆꢅꢈꢅ$ꢇꢆ7KLVꢆELWꢆPXVWꢆEHꢆVHWꢆ
SULRUꢆWRꢆVHOHFWLQJꢆWKHꢆPRGHꢆLQꢆWKHꢆ&RQILJꢇꢆUHJLVWHUꢇ
Eꢊ *76(/ꢆꢐ*XDUGꢆ7RQHꢆ6HOHFWꢋꢆ9ꢇꢅꢅꢏ9ꢇꢅꢅELVꢏ%HOOꢅꢈꢅ$ꢑ
7KLVꢆELWꢆVHOHFWVꢆWKHꢆJXDUGꢆWRQHꢆIUHTXHQF\ꢋꢆꢀꢆLVꢆꢎꢎꢀꢆ+]ꢌꢆDQGꢆꢈꢆ
LVꢆꢈꢊꢀꢀꢆ+]ꢇꢆꢆ7KLVꢆELWꢆPXVWꢆEHꢆVHWꢆSULRUꢆWRꢆVHOHFWLQJꢆWKHꢆPRGHꢆLQꢆ
WKHꢆ&RQILJꢇꢆUHJLVWHUꢇ
Eꢍ (4(ꢆꢐ(40OHYꢆ!ꢆ(400D[7KUHVKꢋꢆ9ꢇꢅꢅꢌꢆ9ꢇꢅꢅELVꢌꢆ%(//ꢆ
ꢅꢈꢅ$ꢑ²7KHꢆGDWDꢆSXPSꢆVHWVꢆ(4(ꢆWRꢆꢈꢆZKHQꢆ(40OHYꢆH[FHHGVꢆ
WKHꢆWKUHVKROGꢆVHWꢆLQꢆ(400D[7KUHVKꢇ
Eꢂ (4)5=ꢆꢐ)UHH]Hꢆ(TXDOL]HUꢋꢆDOOꢆPRGHVꢑ
6HWꢆWRꢆꢈꢆWRꢆIUHH]HꢆDGDSWLYHꢆHTXDOL]HUꢆꢐ$(4ꢑꢆDGDSWDWLRQꢇꢆꢆ$(4ꢆ
FRHIILFLHQWVꢆDUHꢆORVWꢆZKHQꢆDꢆPRGHꢆFKDQJHꢆꢐLQꢆWKHꢆ&RQILJꢇꢆ
UHJLVWHUꢑꢆRFFXUVꢇ
Eꢅ 763$&(ꢆꢐ6HOHFWꢆ7ꢃVSDFHGꢆYVꢇꢆ7ꢏꢅꢃVSDFHGꢆ(TXDOL]HUꢑ
7KLVꢆELWꢌꢆZKHQꢆVHWꢌꢆVHOHFWVꢆDꢆ7ꢃVSDFHGꢆ$(4ꢇꢆꢆ:KHQꢆUHVHWꢌꢆLWꢆ
VHOHFWVꢆDꢆ7ꢏꢅꢆVSDFHGꢆ$(4ꢇꢆꢆ9ꢇꢅꢅꢏ9ꢇꢅꢅELVꢏ%HOOꢆꢅꢈꢅ$ꢆPRGHVꢆ
DOZD\VꢆXVHꢆDꢆ7ꢏꢅꢃVSDFHGꢆHTXDOL]HUꢇ
36ꢀꢀꢀꢁꢀꢂꢃꢀꢄꢀꢅ