=ꢁꢂꢃꢄꢅꢆ=ꢁꢅꢃꢄꢅ
(QKDQFHGꢀ6HULDOꢀ&RPPXQLFDWLRQVꢀ&RQWUROOHU
ꢃꢎ
%LWꢀꢄꢀ5HFHLYHꢀ),)2ꢀ,QWHUUXSWꢀ/HYHO
7KLVꢀELWꢀVHWVꢀWKHꢀLQWHUUXSWꢀOHYHOꢀRIꢀWKHꢀUHFHLYHꢀ),)2ꢍꢀ,IꢀWKLVꢀELWꢀLVꢀVHWꢀWRꢀꢆꢄꢀWKHꢀUHFHLYHꢀ
GDWDꢀDYDLODEOHꢀELWꢀLVꢀDVVHUWHGꢀZKHQꢀWKHꢀUHFHLYHꢀ),)2ꢀLVꢀKDOIꢀIXOOꢀꢏꢉꢀE\WHVꢀDYDLODEOHꢐꢍꢀ
,IꢀWKLVꢀELWꢀLVꢀUHVHWꢀWRꢀꢋꢄꢀWKHꢀ5HFHLYHꢀ'DWDꢀ$YDLODEOHꢀLQWHUUXSWꢀLVꢀUHTXHVWHGꢀZKHQꢀDOOꢀ
E\WHVꢀDUHꢀVHWꢍꢀ)RUꢀPRUHꢀGHWDLOVꢄꢀVHHꢀ³ꢌꢈ%\WHꢀ5HFHLYHꢀ),)2´ꢀRQꢀSDJH ꢃꢂꢍ
%LWꢀꢃꢈꢀ$XWRPDWLFꢀ576ꢀ3LQꢀ'HDVVHUWLRQ
7KLVꢀELWꢀFRQWUROVꢀWKHꢀWLPLQJꢀRIꢀWKHꢀGHDVVHUWLRQꢀRIꢀWKHꢀ576ꢀSLQꢀLQꢀ6'/&ꢀPRGHꢍꢀ,IꢀWKLVꢀ
ELWꢀLVꢀꢆꢀDQGꢀ:5ꢁꢀELWꢀꢆꢀLVꢀVHWꢀWRꢀꢋꢀGXULQJꢀWKHꢀWUDQVPLVVLRQꢀRIꢀDQꢀ6'/&ꢀIUDPHꢄꢀWKHꢀ
GHDVVHUWLRQꢀRIꢀWKHꢀ576ꢀSLQꢀLVꢀGHOD\HGꢀXQWLOꢀWKHꢀODVWꢀELWꢀRIꢀWKHꢀFORVLQJꢀIODJꢀFOHDUVꢀWKHꢀ
7['ꢀSLQꢍꢀ7KHꢀ576ꢀSLQꢀLVꢀSXOOHGꢀ+LJKꢀDIWHUꢀWKHꢀULVLQJꢀHGJHꢀRIꢀWKHꢀWUDQVPLWꢀFORFNꢀ
F\FOHꢀIURPꢀWKHꢀODVWꢀELWꢀRIꢀWKHꢀFORVLQJꢀIODJꢍꢀ7KLVꢀDFWLRQꢀLPSOLHVꢀWKDWꢀWKHꢀ(6&&ꢀPXVWꢀ
EHꢀSURJUDPPHGꢀIRUꢀ)ODJꢀRQꢀ8QGHUUXQꢀꢏ:5ꢆꢋꢀELWꢀꢃꢀLVꢀꢋꢐꢀIRUꢀWKH 576ꢀSLQꢀWRꢀGHDVꢈ
VHUWꢀDWꢀWKHꢀHQGꢀRIꢀWKHꢀIUDPHꢍꢀ7KLVꢀIHDWXUHꢀZRUNVꢀLQGHSHQGHQWO\ꢀRIꢀWKHꢀSURJUDPPHGꢀ
7UDQVPLWWHUꢀ,GOHꢀVWDWHꢍꢀ,QꢀV\QFKURQRXVꢀPRGHVꢀRWKHUꢀWKDQꢀ6'/&ꢄꢀWKHꢀ576ꢀSLQꢀ
LPPHGLDWHO\ꢀIROORZVꢀWKHꢀVWDWHꢀSURJUDPPHGꢀLQWRꢀ:5ꢁꢀELWꢀꢆꢍꢀ:KHQꢀ:5ꢑ¶ꢀELWꢀꢃꢀLVꢀVHWꢀ
WRꢀꢋꢄꢀWKHꢀ576ꢀIROORZVꢀWKHꢀVWDWHꢀRIꢀ:5ꢁꢀELWꢀꢆꢍ
%LWꢀꢇꢈꢀ$XWRPDWLFꢀ(20ꢀ5HVHW
,IꢀWKLVꢀELWꢀLVꢀꢆꢄꢀWKHꢀ(6&&ꢀDXWRPDWLFDOO\ꢀUHVHWVꢀWKHꢀ7[ꢀ8QGHUUXQꢎ(20ꢀODWFKꢀDQGꢀSUHꢈ
VHWVꢀWKHꢀWUDQVPLWꢀ&5&ꢀJHQHUDWRUꢀWRꢀLWVꢀSURJUDPPHGꢀSUHVHWꢀVWDWHꢀꢏSHUꢀYDOXHVꢀVHWꢀLQꢀ
:5ꢁꢀELWꢀꢃꢀDQGꢀ:5ꢆꢋꢀELWꢀꢑꢐꢍꢀ7KHUHIRUHꢄꢀLWꢀLVꢀQRWꢀQHFHVVDU\ꢀWRꢀLVVXHꢀWKHꢀ5HVHWꢀ7[ꢀ
8QGHUUXQꢎ(20ꢀ/DWFKꢀFRPPDQGꢀZKHQꢀWKLVꢀIHDWXUHꢀLVꢀHQDEOHGꢍ
%LWꢀꢅꢈꢀ$XWRPDWLFꢀ7[ꢀ6'/&ꢀ)ODJ
,IꢀWKLVꢀELWꢀLVꢀꢆꢄꢀWKHꢀ(6&&ꢀDXWRPDWLFDOO\ꢀWUDQVPLWVꢀDQꢀ6'/&ꢀIODJꢀEHIRUHꢀWUDQVPLWWLQJꢀ
GDWDꢍꢀ7KLVꢀDFWLRQꢀUHPRYHVꢀWKHꢀUHTXLUHPHQWꢀWRꢀUHVHWꢀWKHꢀ0DUNꢀ,GOHꢀELWꢀꢏ:5ꢆꢋꢀELWꢀꢂꢐꢀ
EHIRUHꢀZULWLQJꢀGDWDꢀWRꢀWKHꢀWUDQVPLWWHUꢍ
+LVWRULFDOO\ꢄꢀWKHꢀ6&&ꢀODWFKHGꢀWKHꢀGDWDEXVꢀRQꢀWKHꢀIDOOLQJꢀHGJHꢀRIꢀ:5ꢍꢀ+RZHYHUꢄꢀDVꢀ
PDQ\ꢀ&38VꢀGRꢀQRWꢀJXDUDQWHHꢀWKDWꢀWKHꢀGDWDEXVꢀLVꢀYDOLGꢀZKHQꢀWKHꢀ:5ꢀSLQꢀJRHVꢀ
/RZꢄꢀ=L/2*ꢀPRGLILHGꢀWKHꢀGDWDEXVꢀWLPLQJꢀWRꢀDOORZꢀDꢀPD[LPXPꢀGHOD\ꢀRIꢀꢃꢋQ6ꢀIURPꢀ
WKH :5ꢀVLJQDOꢀJRLQJꢀDFWLYHꢀ/RZꢀWRꢀWKHꢀODWFKLQJꢀRIꢀWKHꢀGDWDEXVꢍ
&5&ꢀ5HFHSWLRQꢀLQꢀ6'/&ꢀ0RGH
,Qꢀ6'/&ꢀPRGHꢄꢀWKHꢀHQWLUHꢀ&5&ꢀLVꢀFORFNHGꢀLQWRꢀWKHꢀUHFHLYHꢀ),)2ꢍꢀ7KHꢀ(6&&ꢀFRPꢈ
SOHWHVꢀFORFNLQJꢀLQꢀWKHꢀ&5&ꢀWRꢀDOORZꢀLWꢀWRꢀEHꢀUHWUDQVPLWWHGꢀRUꢀPDQLSXODWHGꢀVRIWZDUHꢍꢀ
,QꢀWKHꢀ6&&ꢄꢀZKHQꢀWKHꢀFORVLQJꢀIODJꢀLVꢀUHFRJQL]HGꢄꢀWKHꢀFRQWHQWVꢀRIꢀWKHꢀUHFHLYHꢀVKLIWꢀ
UHJLVWHUꢀDUHꢀLPPHGLDWHO\ꢀWUDQVIHUUHGꢀWRꢀWKHꢀUHFHLYHꢀ),)2ꢄꢀUHVXOWLQJꢀLQꢀWKHꢀORVVꢀRIꢀ
36ꢋꢋꢁꢂꢋꢃꢈꢆꢆꢋꢃ
=ꢌꢋꢃꢂꢋꢎ=ꢌꢁꢃꢂꢋꢀ(QKDQFHPHQWV