=ꢁꢂꢃꢄꢅꢆ=ꢁꢅꢃꢄꢅ
(QKDQFHGꢀ6HULDOꢀ&RPPXQLFDWLRQVꢀ&RQWUROOHU
ꢇꢉ
WUDQVPLWꢀ),)2ꢀEHFRPHVꢀFRPSOHWHO\ꢀHPSW\ꢍ7KLVꢀFRQGLWLRQꢀPHDQVꢀWKDWꢀWKHUHꢀPXVWꢀ
EHꢀDWꢀOHDVWꢀRQHꢀFKDUDFWHUꢀZULWWHQꢀWRꢀWKHꢀ7[ꢀ),)2ꢀIRUꢀLWꢀWRꢀEHFRPHꢀHPSW\ꢍ
:KHQꢀHQDEOHGꢄꢀWKHꢀUHFHLYHUꢀFDQꢀLQWHUUXSWꢀWKHꢀ&38ꢀLQꢀRQHꢀRIꢀWKUHHꢀZD\Vꢊ
,QWHUUXSWꢀRQꢀ)LUVWꢀ5HFHLYHꢀ&KDUDFWHUꢀRUꢀ6SHFLDOꢀ5HFHLYHꢀ&RQGLWLRQ
,QWHUUXSWꢀRQꢀ$OOꢀ5HFHLYHꢀ&KDUDFWHUVꢀRUꢀ6SHFLDOꢀ5HFHLYHꢀ&RQGLWLRQV
,QWHUUXSWꢀRQꢀ6SHFLDOꢀ5HFHLYHꢀ&RQGLWLRQVꢀ2QO\
,Iꢀ:5ꢑ¶ꢀELWꢀꢂꢀLVꢀꢆꢄꢀDQGꢀWKHꢀ5HFHLYHꢀ,QWHUUXSWꢀRQꢀ$OOꢀ&KDUDFWHUVꢀDQGꢀ6SHFLDOꢀ&RQGLꢈ
WLRQVꢀLVꢀVHOHFWHGꢄꢀWKHꢀ5HFHLYHꢀFKDUDFWHUꢀRFFXUVꢀZKHQꢀWKHUHꢀDUHꢀIRXUꢀE\WHVꢀDYDLOꢈ
DEOHꢀLQꢀWKHꢀ5HFHLYHꢀ),)2ꢍꢀ7KLVꢀLVꢀPRVWꢀXVHIXOꢀLQꢀV\QFKURQRXVꢀDSSOLFDWLRQVꢀDVꢀWKHꢀ
GDWDꢀLVꢀLQꢀFRQVHFXWLYHꢀE\WHVꢍꢀ,QWHUUXSWꢀRQꢀ)LUVWꢀ&KDUDFWHUꢀRUꢀ6SHFLDOꢀ&RQGLWLRQꢀDQGꢀ
,QWHUUXSWꢀRQꢀ6SHFLDOꢀ&RQGLWLRQꢀ2QO\ꢀDUHꢀW\SLFDOO\ꢀXVHGꢀZLWKꢀWKHꢀ%/2&ꢒꢀ75$16ꢈ
)(5ꢀPRGHꢍꢀ$ꢀVSHFLDOꢀ5HFHLYHꢀ&RQGLWLRQꢀFRQVLVWVꢀRIꢀRQHꢀRIꢀWKHꢀIROORZLQJꢊ
5HFHLYHUꢀ2YHUUXQ
)UDPLQJꢀHUURUꢀLQꢀ$6<1&+521286ꢀPRGH
(QGꢈRIꢈIUDPHꢀLQꢀ6'/&ꢀPRGH
3DULW\ꢀHUURUꢀꢏRSWLRQDOꢐ
7KHꢀ6SHFLDOꢀ5HFHLYHꢀ&RQGLWLRQꢀLQWHUUXSWꢀLVꢀGLIIHUHQWꢀIURPꢀDQꢀRUGLQDU\ꢀUHFHLYHꢀFKDUꢈ
DFWHUꢀDYDLODEOHꢀLQWHUUXSWꢀRQO\ꢀE\ꢀRIꢀWKHꢀVWDWXVꢀSODFHGꢀLQꢀWKHꢀYHFWRUꢀGXULQJꢀWKHꢀ,QWHUꢈ
UXSWꢀ$FNQRZOHGJHꢀF\FOHꢍꢀ,Qꢀ5HFHLYHꢀ,QWHUUXSWꢀRQꢀ)LUVWꢀ&KDUDFWHUꢀRUꢀ6SHFLDOꢀ
&RQGLWLRQꢀPRGHꢄꢀDQꢀLQWHUUXSWꢀRFFXUVꢀIURPꢀ6SHFLDOꢀ5HFHLYHꢀ&RQGLWLRQV DQ\ꢀWLPHꢀ
DIWHUꢀWKHꢀILUVWꢀUHFHLYHꢀFKDUDFWHUꢀLQWHUUXSWꢍ
7KHꢀSULPDU\ꢀIXQFWLRQꢀRIꢀWKHꢀ([WHUQDOꢎ6WDWXVꢀLQWHUUXSWꢀLVꢀWRꢀPRQLWRUꢀWKHꢀVLJQDOꢀWUDQVLꢈ
WLRQVꢀRIꢀWKHꢀ&76,ꢀ'&'ꢄꢀDQGꢀ6<1&ꢀSLQVꢍꢀ+RZHYHUꢄꢀDQꢀ([WHUQDOꢎ6WDWXVꢀLQWHUUXSWꢀLVꢀ
DOVRꢀFDXVHGꢀE\ꢀDQ\ꢀRIꢀWKHꢀIROORZLQJꢊ
$ꢀ7UDQVPLWꢀ8QGHUUXQꢀFRQGLWLRQ
$ꢀ]HURꢀFRXQWꢀLQꢀWKHꢀEDXGꢀUDWHꢀJHQHUDWRU
$ꢀGHWHFWLRQꢀRIꢀDꢀ%UHDNꢀꢏ$6<1&+521286ꢀPRGHꢐ
$Qꢀ$%257ꢀꢏ6'/&ꢀPRGHꢐ
$Qꢀ(23ꢀꢏ6'/&ꢀ/223ꢀPRGHꢐꢀVHTXHQFHꢀLQꢀWKHꢀGDWDꢀVWUHDP
7KHꢀLQWHUUXSWꢀFDXVHGꢀE\ꢀWKHꢀ$%257ꢀRUꢀ(23ꢀVHTXHQFHꢀKDVꢀDꢀVSHFLDOꢀIHDWXUHꢀWKDWꢀ
DOORZVꢀWKHꢀ(6&&ꢀWRꢀLQWHUUXSWꢀZKHQꢀWKHꢀ$%257ꢀRUꢀ(23ꢀVHTXHQFHꢀLVꢀGHWHFWHGꢀRUꢀ
WHUPLQDWHGꢍꢀ7KLVꢀIHDWXUHꢀIDFLOLWDWHVꢀWKHꢀSURSHUꢀWHUPLQDWLRQꢀRIꢀWKHꢀFXUUHQWꢀPHVVDJHꢄꢀ
FRUUHFWꢀLQLWLDOL]DWLRQꢀRIꢀWKHꢀQH[WꢀPHVVDJHꢄꢀDQGꢀWKHꢀDFFXUDWHꢀWLPLQJꢀRIꢀWKHꢀ$%257ꢀ
FRQGLWLRQꢀE\ꢀH[WHUQDOꢀORJLFꢀLQꢀ6'/&ꢀPRGHꢍꢀ,Qꢀ6'/&ꢀ/223ꢀPRGHꢄꢀWKLVꢀIHDWXUHꢀ
DOORZVꢀVHFRQGDU\ꢀVWDWLRQVꢀWRꢀUHFRJQL]HꢀWKHꢀSULPDU\ꢀVWDWLRQꢀWRꢀUHJDLQꢀFRQWUROꢀRIꢀWKHꢀ
ORRSꢀGXULQJꢀDꢀSROOꢀVHTXHQFHꢍ
36ꢋꢋꢁꢂꢋꢃꢈꢆꢆꢋꢃ
)XQFWLRQDOꢀ'HVFULSWLRQ