=ꢁꢂꢃꢄꢅꢆ=ꢁꢅꢃꢄꢅ
(QKDQFHGꢀ6HULDOꢀ&RPPXQLFDWLRQVꢀ&RQWUROOHU
ꢎ
,(,ꢈꢀ,QWHUUXSWꢀ(QDEOHꢀ,Qꢀꢋ,QSXWꢊꢀ$FWLYHꢀ+LJKꢌꢈꢀ,(,ꢀLVꢀXVHGꢀZLWKꢀ,(2ꢀWRꢀIRUPꢀDQꢀLQWHUUXSWꢀ
GDLV\ꢀFKDLQꢀZKHQꢀWKHUHꢀLVꢀPRUHꢀWKDQꢀRQHꢀLQWHUUXSWꢈGULYHQꢀGHYLFHꢍꢀ$ꢀ+LJKꢀ,(,ꢀLQGLꢈ
FDWHVꢀWKDWꢀQRꢀKLJKHUꢀSULRULW\ꢀGHYLFHꢀKDVꢀDQꢀ,QWHUUXSWꢀ8QGHUꢀ6HUYLFHꢀRUꢀLVꢀUHTXHVWLQJꢀ
DQꢀLQWHUUXSWꢍ
,(2ꢈꢀ,QWHUUXSWꢀ(QDEOHꢀ2XWꢀꢋ2XWSXWꢊꢀ$FWLYHꢀ+LJKꢌꢈꢀ,(2ꢀLVꢀ+LJKꢀRQO\ꢀLIꢀ,(,ꢀLVꢀ+LJKꢀDQGꢀ
WKHꢀ&38ꢀLVꢀQRWꢀVHUYLFLQJꢀDQꢀ(6&&ꢀLQWHUUXSWꢍꢀ'XULQJꢀDQꢀ,QWHUUXSWꢀ$FNQRZOHGJHꢀ
&\FOHꢄꢀ,(2ꢀLVꢀDOVRꢀGULYHQꢀ/RZꢀLIꢀWKHꢀ(6&&ꢀLVꢀUHTXHVWLQJꢀDQꢀLQWHUUXSWꢍꢀ,(2ꢀFDQꢀEHꢀ
FRQQHFWHGꢀWRꢀWKHꢀQH[WꢀORZHUꢀSULRULW\ꢀGHYLFH¶Vꢀ,(,ꢀLQSXWꢄꢀDQGꢀLQꢀWKLVꢀFDVHꢀLQKLELWVꢀ
LQWHUUXSWVꢀIURPꢀORZHUꢀSULRULW\ꢀGHYLFHVꢍ
,17ꢈꢀ,QWHUUXSWꢀꢋ2XWSXWꢊꢀ2SHQꢍ'UDLQꢊꢀ$FWLYHꢀ/RZꢌꢈꢀ7KLVꢀSLQꢀDFWLYDWHVꢀZKHQꢀWKHꢀ(6&&ꢀ
UHTXHVWVꢀDQꢀLQWHUUXSWꢍꢀ7KHꢀ,17ꢀLVꢀDQꢀRSHQꢈGUDLQꢀRXWSXWꢍ
,17$&;ꢈꢀ,QWHUUXSWꢀ$FNQRZOHGJHꢀꢋ,QSXWꢊꢀ$FWLYHꢀ/RZꢌꢈꢀ7KLVꢀSLQꢀLVꢀDꢀVWUREHꢀZKLFKꢀLQGLꢈ
FDWHVꢀWKDWꢀDQꢀ,QWHUUXSWꢀ$FNQRZOHGJHꢀ&\FOHꢀLVꢀLQꢀSURJUHVVꢍꢀ'XULQJꢀWKLVꢀF\FOHꢄꢀWKHꢀ
(6&&ꢀLQWHUUXSWꢀGDLV\ꢀFKDLQꢀLVꢀUHVROYHGꢍꢀ7KHꢀGHYLFHꢀFDQꢀUHWXUQꢀDQꢀLQWHUUXSWꢀYHFWRUꢀ
WKDWꢀPD\ꢀEHꢀHQFRGHGꢀZLWKꢀWKHꢀW\SHꢀRIꢀLQWHUUXSWꢀSHQGLQJꢍꢀ'XULQJꢀWKHꢀDFNQRZOHGJHꢀ
F\FOHꢄꢀLIꢀ,(,ꢀLVꢀ+LJKꢄꢀWKHꢀ(6&&ꢀSODFHVꢀWKHꢀLQWHUUXSWꢀYHFWRUꢀRQꢀWKHꢀGDWDꢀEXVꢀZKHQꢀ
5'ꢀJRHVꢀDFWLYHꢀIRUꢀWKHꢀ=ꢌꢁꢃꢂꢋꢄꢀRUꢀZKHQꢀ'6ꢀJRHVꢀDFWLYHꢀIRUꢀWKHꢀ=ꢌꢋꢃꢂꢋꢍꢀINTACKꢀ
LVꢀODWFKHGꢀE\ꢀWKHꢀULVLQJꢀHGJHꢀRIꢀ3&/ꢒꢍ
3LQꢀ'HVFULSWLRQVꢀ([FOXVLYHꢀWRꢀWKHꢀ=ꢁꢂꢃꢄꢅ
3LQVꢀ'ꢏ±'ꢅꢈꢀ'DWDꢀ%XVꢀꢋ%LGLUHFWLRQDOꢊꢀWULVWDWHꢌꢈꢀ7KHVHꢀSLQVꢀFDUU\ꢀGDWDꢀDQGꢀFRPꢈ
PDQGVꢀWRꢀDQGꢀIURPꢀWKHꢀ=ꢌꢁꢃꢂꢋꢍ
&(ꢀ&KLSꢀ(QDEOHꢀꢋ,QSXWꢊꢀ$FWLYHꢀ/RZꢌꢈꢀ7KLVꢀSLQꢀVHOHFWVꢀWKHꢀ=ꢌꢁꢃꢂꢋꢀIRUꢀDꢀUHDGꢀRUꢀZULWHꢀ
RSHUDWLRQꢍ
5'ꢈꢀ5HDGꢀꢋLQSXWꢊꢀ$FWLYHꢀ/RZꢌꢈꢀ7KLVꢀSLQꢀLQGLFDWHVꢀDꢀ5($'ꢀRSHUDWLRQꢀDQGꢄꢀZKHQꢀWKHꢀ
=ꢌꢁꢃꢂꢋꢀLVꢀVHOHFWHGꢄꢀHQDEOHVꢀWKHꢀ=ꢌꢁꢃꢂꢋ¶VꢀEXVꢀGULYHUVꢍꢀ'XULQJꢀWKHꢀ,QWHUUXSWꢀ
$FNQRZOHGJHꢀF\FOHꢄꢀ5'ꢀJDWHVꢀWKHꢀLQWHUUXSWꢀYHFWRUꢀRQWRꢀWKHꢀEXVꢀLIꢀWKHꢀ=ꢌꢁꢃꢂꢋꢀLVꢀWKHꢀ
KLJKHVWꢀSULRULW\ꢀGHYLFHꢀUHTXHVWLQJꢀDQꢀLQWHUUXSWꢍ
:5ꢈꢀ:ULWHꢀꢋ,QSXWꢊꢀ$FWLYHꢀ/RZꢌꢈꢀ:KHQꢀWKHꢀ=ꢌꢁꢃꢂꢋꢀLVꢀVHOHFWHGꢄꢀWKLVꢀSLQꢀGHQRWHVꢀDꢀ
ZULWHꢀRSHUDWLRQꢄꢀZKLFKꢀLQGLFDWHVꢀWKDWꢀWKHꢀ&38ꢀZULWHVꢀFRPPDQGꢀE\WHVꢀRUꢀGDWDꢀWRꢀWKHꢀ
=ꢌꢁꢃꢂꢋꢀZULWHꢀUHJLVWHUVꢍꢀWRꢀDQGꢀRDꢀJRLQJꢀ/RZꢀVLPXOWDQHRXVO\ꢀLVꢀLQWHUSUHWHGꢀDVꢀDꢀ
5HVHWꢍ
$ꢆ%ꢈꢀ&KDQQHOꢀ$ꢆ&KDQQHOꢀ%ꢀꢋ,QSXWꢌꢈꢀ7KLVꢀSLQꢀVHOHFWVꢀWKHꢀFKDQQHOꢀLQꢀZKLFKꢀWKHꢀ5HDGꢀ
RUꢀZULWHꢀRSHUDWLRQꢀRFFXUVꢍꢀ$ꢀ+LJKꢀVHOHFWVꢀ&KDQQHOꢀ$ꢀDQGꢀDꢀ/RZꢀVHOHFWVꢀ&KDQQHOꢀ%ꢍ
'ꢆ&ꢀ'DWDꢆ&RQWUROꢀ6HOHFWꢀꢋ,QSXWꢌꢈꢀ7KLVꢀVLJQDOꢀGHILQHVꢀWKHꢀW\SHꢀRIꢀLQIRUPDWLRQꢀWUDQVꢈ
IHUUHGꢀWRꢀRUꢀIURPꢀWKHꢀ=ꢌꢁꢃꢂꢋꢍꢀ$ꢀ+LJKꢀLQGLFDWHVꢀWKDWꢀGDWDꢀLVꢀWUDQVIHUULQJꢀDQGꢀDꢀ/RZꢀ
LQGLFDWHVꢀDꢀFRPPDQGꢍ
36ꢋꢋꢁꢂꢋꢃꢈꢆꢆꢋꢃ
3LQꢀ'HVFULSWLRQV