<<

&+$37(5 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO /DQJXDJHV

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

 ,QWURGXFWLRQ

,QWURGXFWLRQ

7KLVVHFWLRQSURYLGHVDQLQWURGXFWLRQWRWKHLVVXHV\RXPD\IDFHZKHQ ZRUNLQJLQDQHQYLURQPHQWWKDWXVHVPRUHWKDQRQHFKDUDFWHUVHWZKHQ XVLQJODQJXDJHVRWKHUWKDQ(QJOLVK

2YHUYLHZRIODQJXDJHLVVXHV

3LHFHVLQWKH 'DWDEDVHXVHUVZRUNLQJDWFOLHQWDSSOLFDWLRQVPD\VHHRUDFFHVVWH[WWKDW FOLHQWVHUYHUSX]]OH FRPHVIURPVHYHUDOSRVVLEOHVRXUFHV ♦ 'DWDLQWKHGDWDEDVH 6WULQJVDQGRWKHUWH[WGDWDDUHVWRUHGLQWKH GDWDEDVH7KHGDWDEDVHVHUYHUSURFHVVHVWKHVHVWULQJVZKHQUHVSRQGLQJ WRUHTXHVWV )RU[DPSOHWKHGDWDEDVHVHUYHUPD\EHDVNHGWRVXSSO\DOOWKHODVW QDPHVEHJLQQLQJZLWKDOHWWHURUGHUHGOHVVWKDQ1LQDWDEOH7KLVUHTXHVW UHTXLUHVVWULQJFRPSDULVRQVWREHFDUULHGRXWDQGDVVXPHVDFKDUDFWHU VHWRUGHULQJ ♦ 'DWDEDVHVHUYHUVRIWZDUHPHVVDJHV $SSOLFDWLRQVFDQFDXVH GDWDEDVHHUURUVWREHJHQHUDWHG)RUH[DPSOHDQDSSOLFDWLRQPD\VXEPLW DTXHU\WKDWUHIHUHQFHVDFROXPQWKDWGRHVQRWH[LVW,QWKLVFDVHWKH GDWDEDVHVHUYHUUHWXUQVDZDUQLQJRUHUURUPHVVDJH7KLVPHVVDJHLVKHOG LQDODQJXDJHOLEUDU\ZKLFKLVD'//RUVKDUHGOLEUDU\FDOOHG\ $GDSWLYH6HUYHU$Q\ZKHUH ♦ &OLHQWDSSOLFDWLRQ 7KHFOLHQWDSSOLFDWLRQLQWHUIDFHGLVSOD\WH[WDQG LQWHUQDOO\WKHFOLHQWDSSOLFDWLRQPD\SURFHVVWH[W ♦ &OLHQWVRIWZDUHPHVVDJHV 7KHFOLHQWOLEUDU\XVHVWKHVDPHODQJXDJH OLEUDU\DVWKHGDWDEDVHVHUYHUWRSURYLGHPHVVDJHVWRWKHFOLHQW DSSOLFDWLRQ ♦ 2SHUDWLQJV\VWHP 7KHFOLHQWRSHUDWLQJV\VWHPKDVWH[WGLVSOD\HGRQ LWVLQWHUIDFHDQGPD\DOVRSURFHVVWH[W )RUDVDWLVIDFWRU\ZRUNLQJHQYLURQPHQWDOOWKHVHVRXUFHVRIWH[WPXVWZRUN WRJHWKHU/RRVHO\VSHDNLQJWKH\PXVWDOOEHZRUNLQJLQWKHXVHU VODQJXDJH EXWZKDWH[DFWO\LVLQYROYHGLQWKLV" 3LHFHVLQWKH 7KHUHDUHVHYHUDOGLVWLQFWDVSHFWVWRFKDUDFWHUVWRUDJHDQGGLVSOD\E\ FKDUDFWHUVHW FRPSXWHUVRIWZDUH SX]]OH ♦ (DFKSLHFHRIVRIWZDUHZRUNVZLWKDFKDUDFWHUVHW$FKDUDFWHUVHWLVD VHWRIV\PEROVLQFOXGLQJOHWWHUVGLJLWVVSDFHVDQGRWKHUV\PEROV

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

♦ 7RKDQGOHWKHVHFKDUDFWHUVHDFKSLHFHRIVRIWZDUHHPSOR\VDFKDUDFWHU VHWHQFRGLQJLQZKLFKHDFKFKDUDFWHULVPDSSHGRQWRRQHRUPRUHE\WHV RILQIRUPDWLRQW\SLFDOO\UHSUHVHQWHGDVKH[DGHFLPDOQXPEHUV ♦ &KDUDFWHUVDUHSULQWHGRUGLVSOD\HGRQDVFUHHQXVLQJDIRQWZKLFKLVD PDSSLQJEHWZHHQFKDUDFWHUVLQWKHFKDUDFWHUVHWDQGWKHLUDSSHDUDQFH ♦ 2SHUDWLQJV\VWHPVDOVRXVHDNH\ERDUGPDSSLQJWRPDSNH\VRUNH\ FRPELQDWLRQVRQWKHNH\ERDUGWRFKDUDFWHUVLQWKHFKDUDFWHUVHW ♦ $Q\VRIWZDUHWKDWQHHGVWRVRUWFKDUDFWHUV IRUH[DPSOHOLVWQDPHV DOSKDEHWLFDOO\ XVHVDFROODWLRQ$FROODWLRQLVDFRPELQDWLRQRID FKDUDFWHUHQFRGLQJ DPDSEHWZHHQFKDUDFWHUVDQGKH[DGHFLPDO QXPEHUV DQGDVRUWRUGHUIRUWKHFKDUDFWHUV7KHUHPD\EHPRUHWKDQ RQHVRUWRUGHUIRUHDFKFKDUDFWHUVHWIRUH[DPSOHDFDVHVHQVLWLYHRUGHU DQGDFDVHLQVHQVLWLYHRUGHU

7DVNVIRUWKH 7KHGDWDEDVHVHUYHUUHFHLYHVVWULQJVIURPFOLHQWDSSOLFDWLRQVDVVWUHDPVRI GDWDEDVHVHUYHU E\WHV,WDVVRFLDWHVWKHVHE\WHVZLWKFKDUDFWHUVDFFRUGLQJWRWKHFROODWLRQ VSHFLILHGZKHQWKHGDWDEDVHZDVFUHDWHG,WKHGDWDLVKHOGLQDQLQGH[HG FROXPQWKHLQGH[LVVRUWHGDFFRUGLQJWRWKHVRUWRUGHURIWKHFROODWLRQ &OLHQWVLGHWDVNV ,WLVWRWKHRSHUDWLQJV\VWHPRIWKHFRPSXWHURQZKLFKWKHFOLHQW DSSOLFDWLRQLVUXQQLQJWRKDQGOHWKHIROORZLQJDVSHFWVRIFKDUDFWHUVWULQJV ♦ :KLFKFKDUDFWHULVVWRUHGZKHQDSDUWLFXODUNH\RQWKHNH\ERDUGLV SUHVVHG ♦ :KDWDFKDUDFWHUORRNVOLNHRQ\RXUFRPSXWHUVFUHHQ ♦ :KDWFKDUDFWHUVDUHDYDLODEOHWRWKHDSSOLFDWLRQ ♦ :KDWE\WHRUFRPELQDWLRQRIE\WHVLVVWRUHGIRUHDFKFKDUDFWHU

:KRQHHGVWRUHDGWKLVFKDSWHU"

,I\RXUFKDUDFWHUGDWDFRQVLVWVRIFKDUDFWHUVLQWKH(QJOLVKDOSKDEHW\RX SUREDEO\GRQRWQHHGWRXVHWKLVFKDSWHU ,I\RXKDYHDQH[LVWLQJVHWXSWKDWGRHVQRWGLVSOD\ODQJXDJHSUREOHPV\RX SUREDEO\GRQRWQHHGWRUHDGWKLVFKDSWHU

+RZ$GDSWLYH6HUYHU$Q\ZKHUHDGGUHVVHVODQJXDJHLVVXHV

$GDSWLYH6HUYHU$Q\ZKHUHKDVVXSSRUWIRUDOOWKHODQJXDJHLVVXHVGLVFXVVHG LQWKHSUHYLRXVVHFWLRQV

 ,QWURGXFWLRQ

♦ 'DWDLQWKHGDWDEDVH :KHQ\RXFUHDWHDGDWDEDVH\RXFDQVHOHFWD FROODWLRQRI\RXUFKRLFH%\FKRRVLQJDFROODWLRQWKDWLVVXLWDEOHIRUWKH GDWDLQ\RXUGDWDEDVH\RXHQVXUHWKDWTXHU\UHVXOWVDQGVRRQDUHVRUWHG SURSHUO\DQGWKDWVWULQJFRPSDULVRQVDUHH[HFXWHGSURSHUO\ $)RUPRUHLQIRUPDWLRQVHH&KRRVLQJDGDWDEDVHFROODWLRQRQSDJH  ♦ 0HVVDJHVWULQJV 7KH$GDSWLYH6HUYHU$Q\ZKHUHODQJXDJHOLEUDU\ KROGVPHVVDJHVLQWKHODQJXDJHRIWKHVRIWZDUH,I\RXKDYHSXUFKDVHG DQ(QJOLVKODQJXDJHYHUVLRQRI$GDSWLYH6HUYHU$Q\ZKHUHWKH PHVVDJHVDUHLQ(QJOLVKDQGVRRQ ♦ &KDUDFWHUVHWWUDQVODWLRQ $GDSWLYH6HUYHU$Q\ZKHUHFDQGH FRQILJXUHGWRFDUU\RXWFKDUDFWHUVHWWUDQVODWLRQ7KLVPHDQVWKDW PHVVDJHDQGTXHU\UHVXOWVDUHSDVVHGEDFNWRWKHFOLHQWDSSOLFDWLRQLQWKH FKDUDFWHUVHWUHTXHVWHGE\WKHFOLHQWHYHQLIWKLVLVGLIIHUHQWIURPWKH FKDUDFWHUVHWXVHGLQWKHGDWDEDVHFROODWLRQ $)RUPRUHLQIRUPDWLRQVHH8VLQJFKDUDFWHUVHWWUDQVODWLRQRQ SDJH ♦ &RQQHFWLRQVWULQJV &RQQHFWLRQVVWULQJVDUHSURFHVVHGRXWVLGHDQ\ GDWDEDVHDQGKDQGOLQJFRQQHFWLRQVWULQJVZLWKSURSHUDWWHQWLRQWR FKDUDFWHUVHWVLVDVHSDUDWHWRSLF 7KHRWKHUVHFWLRQVLQWKLVFKDSWHUSURYLGHGHWDLOHGGHVFULSWLRQVRIFKDUDFWHU VHWDQGODQJXDJHLVVXHV

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

,QWURGXFWLRQWRFKDUDFWHUVHWVDQGFROODWLRQV

:KHQ\RXFUHDWHDGDWDEDVH\RXVSHFLI\DFROODWLQJVHTXHQFHRUFROODWLRQWR EHXVHGE\WKHGDWDEDVH$FROODWLRQLVDFKDUDFWHUVHWDQGDVRUWLQJRUGHUIRU FKDUDFWHUVLQWKHGDWDEDVH:KHQHYHUWKHGDWDEDVHFRPSDUHVVWULQJVVRUWV VWULQJVRUFDUULHVRXWRWKHUVWULQJRSHUDWLRQVVXFKDVFDVHFRQYHUVLRQLWGRHV VRXVLQJWKHFROODWLQJVHTXHQFH7KHGDWDEDVHFDUULHVRXWVRUWLQJDQGVWULQJ FRPSDULVRQZKHQVWDWHPHQWVVXFKDVWKHIROORZLQJDUHVXEPLWWHG ♦ 4XHULHVZLWKDQ25'(5%<FODXVH ♦ ([SUHVVLRQVWKDWXVHVWULQJIXQFWLRQVVXFKDV/2&$7(6,0,/$5 6281'(; ♦ &RQGLWLRQVXVLQJWKH/,.(NH\ZRUG 7KHGDWDEDVHDOVRXVHVFKDUDFWHUVHWVLQLGHQWLILHUV FROXPQQDPHVDQGVR RQ ,QGHFLGLQJZKHWKHUDVWULQJLVDYDOLGRUXQLTXHLGHQWLILHUWKHGDWDEDVH XVHVWKHGDWDEDVHFROODWLRQ

6LQJOHE\WHFKDUDFWHUVHWVDQGFRGHSDJHV

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

 ,QWURGXFWLRQWRFKDUDFWHUVHWVDQGFROODWLRQV

7KHUHLVJHQHUDOO\QRSUREOHPZLWKFRGHSDJHFRPSDWLELOLW\LIWKHRQO\ FKDUDFWHUVXVHGDUHIURPWKH(QJOLVKDOSKDEHWDVWKHVHDUHUHSUHVHQWHGLQWKH $6&,,SRUWLRQRIHDFKFRGHSDJH WR +RZHYHULIRWKHUFKDUDFWHUVDUH XVHGDVLVJHQHUDOO\WKHFDVHLQDQ\QRQ(QJOLVKHQYLURQPHQWWKHUHFDQEH SUREOHPVLIWKHGDWDEDVHDQGWKHDSSOLFDWLRQXVHGLIIHUHQWFRGHSDJHV ([DPSOH 6XSSRVHDGDWDEDVHKROGLQJ)UHQFKODQJXDJHVWULQJVXVHVFRGHSDJHDQG WKHFOLHQWRSHUDWLQJV\VWHPXVHVFRGHSDJH7KHFKDUDFWHU¬ XSSHUFDVH $JUDYH LVKHOGLQWKHGDWDEDVHDVFKDUDFWHU KH[DGHFLPDO% ,QFRGH SDJHFKDUDFWHULVDJUDSKLFDOFKDUDFWHU7KHFOLHQWDSSOLFDWLRQ UHFHLYHVWKLVE\WHDQGWKHRSHUDWLQJV\VWHPGLVSOD\VLWRQWKHVFUHHQWKHXVHU VHHVDJUDSKLFDOFKDUDFWHULQVWHDGRIDQ$JUDYH

&RGHSDJHVLQ:LQGRZVDQG:LQGRZV17

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♦ $3&LVUXQQLQJWKH:LQGRZVRSHUDWLQJV\VWHPZLWK$16,FRGHSDJH  ♦ 7KHFRGHSDJHIRUFKDUDFWHUPRGHDSSOLFDWLRQVLV2(0FRGHSDJH ♦ 7H[WLVKHOGLQDGDWDEDVHFUHDWHGXVLQJWKHFROODWLRQFRUUHVSRQGLQJWR 2(0FRGHSDJH $QXSSHUFDVH$JUDYHLQWKHGDWDEDVHLVVWRUHGDVFKDUDFWHU7KLVYDOXH LVGLVSOD\HGDVDJUDSKLFDOFKDUDFWHULQDFKDUDFWHUPRGHDSSOLFDWLRQ7KH VDPHFKDUDFWHULVGLVSOD\HGDVDGRWRQD:LQGRZVDSSOLFDWLRQ $)RULQIRUPDWLRQDERXWFKRRVLQJDVLQJOHE\WHFROODWLRQIRU\RXU GDWDEDVHVHH&KRRVLQJDGDWDEDVHFROODWLRQRQSDJH

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

0XOWLE\WHFKDUDFWHUVHWV

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

'LVSOD\LQJ\RXUFXUUHQWFKDUDFWHUVHWWLQJV

(DFKRSHUDWLQJV\VWHPKDVLWVRZQV\VWHPIRUKDQGOLQJFKDUDFWHUVHWV HQFRGLQJVDQGFROODWLRQVHTXHQFHV7RILQGRXWLQIRUPDWLRQDERXWWKH FXUUHQWVHWWLQJVRQ\RXURSHUDWLQJV\VWHP\RXFDQ ♦ $WDV\VWHPFRPPDQGSURPSWW\SHFKFSWRGLVSOD\WKHFXUUHQWFRGH SDJH2Q:LQGRZVDQG:LQGRZV173&VWKLVUHWXUQVWKH2(0FRGH SDJH ♦ ,Q:LQGRZV[:LQGRZVDQG:LQGRZV17VHHWKH5HJLRQDO 6HWWLQJVLQWKH&RQWURO3DQHO7KH5HJLRQDOVHWWLQJVFRUUHVSRQGWRDQ $16,FRGHSDJH

6RUWLQJFKDUDFWHUVXVLQJFROODWLRQV

$FROODWLRQLVDVRUWLQJRUGHUIRUFKDUDFWHUVLQDFKDUDFWHUVHWHQFRGLQJRU FRGHSDJH7KHFROODWLRQVHTXHQFHLVEDVHGRQWKHHQFRGHGYDOXHRIWKH FKDUDFWHUV 7KHFROODWLRQVHTXHQFHLQFOXGHVWKHQRWLRQRIDOSKDEHWLFRUGHULQJRIOHWWHUV DQGH[WHQGVLWWRLQFOXGHDOOFKDUDFWHUVLQWKHFKDUDFWHUVHWLQFOXGLQJGLJLWV DQGVSDFHFKDUDFWHUV $VVRFLDWLQJPRUH 0RUHWKDQRQHFKDUDFWHUFDQEHDVVRFLDWHGZLWKHDFKVRUWSRVLWLRQ7KLVLV WKDQRQHFKDUDFWHU XVHIXOLI\RXZLVKIRUH[DPSOHWRWUHDWDQDFFHQWHGFKDUDFWHUWKHVDPHDVWKH ZLWKHDFKVRUW FKDUDFWHUZLWKRXWDQDFFHQW SRVLWLRQ

 ,QWURGXFWLRQWRFKDUDFWHUVHWVDQGFROODWLRQV

7ZRFKDUDFWHUVZLWKWKHVDPHVRUWSRVLWLRQDUHFRQVLGHUHGLGHQWLFDOLQDOO ZD\VE\WKHGDWDEDVH7KHUHIRUHLIDFROODWLRQDVVLJQHGWKHFKDUDFWHUVDDQG HWRWKHVDPHVRUWRUGHUWKHQDTXHU\ZLWKWKHIROORZLQJVHDUFKFRQGLWLRQ :+(5(FRO  ZDQW  LVVDWLVILHGE\DURZIRUZKLFKFROFRQWDLQVWKHHQWU\ZHQW $WHDFKVRUWSRVLWLRQORZHUDQGXSSHUFDVHIRUPVRIDFKDUDFWHUFDQEH LQGLFDWHG)RUFDVHVHQVLWLYHGDWDEDVHVWKHORZHUDQGXSSHUFDVHFKDUDFWHUV DUHQRWWUHDWHGDVHTXLYDOHQW)RUFDVHLQVHQVLWLYHGDWDEDVHVWKHORZHUDQG XSSHUFDVHYHUVLRQVRIWKHFKDUDFWHUDUHFRQVLGHUHGHTXLYDOHQW

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

8VLQJFKDUDFWHUVHWWUDQVODWLRQ

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

$YRLGLQJFKDUDFWHUVHWWUDQVODWLRQ

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♦ ,IWKHFRGHSDJHRQ\RXUFOLHQWPDFKLQHRSHUDWLQJV\VWHPPDWFKHVWKDW XVHGLQWKHGDWDEDVHQRFKDUDFWHUVHWWUDQVODWLRQLVQHHGHGIRUGDWDLQWKH GDWDEDVH )RUH[DPSOHLQPDQ\HQYLURQPHQWVLWLVDSSURSULDWHWRXVHWKH :LQ/DWLQFROODWLRQLQ\RXUGDWDEDVHZKLFKFRUUHVSRQGVWRWKH :LQGRZV17FRGHSDJHLQPDQ\HQYLURQPHQWV ♦ ,I\RXDUHDEOHWRXVHDYHUVLRQRI$GDSWLYH6HUYHU$Q\ZKHUHEXLOWIRU \RXUODQJXDJHDQGLI\RXXVHWKH:LQ/DWLQFRGHSDJHRQ\RXU RSHUDWLQJV\VWHPQRFKDUDFWHUVHWWUDQVODWLRQLVQHHGHGIRUGDWDEDVH PHVVDJHV7KHFKDUDFWHUVHWXVHGLQWKH$GDSWLYH6HUYHU$Q\ZKHUH PHVVDJHVWULQJVLVFRGHSDJHZKLFKFRUUHVSRQGVWR:LQ/DWLQ

 8VLQJFKDUDFWHUVHWWUDQVODWLRQ

$OVRUHFDOOWKDWFKDUDFWHUVHWWUDQVODWLRQWDNHVSODFHRQO\LIWKHGDWDEDVH VHUYHULVVWDUWHGXVLQJWKHFWFRPPDQGOLQHVZLWFK

2'%&FRGHSDJHWUDQVODWLRQ

$GDSWLYH6HUYHU$Q\ZKHUHSURYLGHVDQ2'%&WUDQVODWLRQGULYHU7KLV FRQYHUWVFKDUDFWHUVEHWZHHQ2(0DQG$16,FRGHSDJHV,WDOORZV:LQGRZV DSSOLFDWLRQVXVLQJ$16,FRGHSDJHVWREHFRPSDWLEOHZLWKGDWDEDVHVWKDWXVH 2(0FRGHSDJHVLQWKHLUFROODWLRQV

1RWQHHGHGLI\RXXVH$16,FKDUDFWHUVHWV ,I\RXXVHDQ$16,FKDUDFWHUVHWLQ\RXUGDWDEDVHDQGDUHXVLQJ$16, FKDUDFWHUVHWDSSOLFDWLRQV\RXGRQRWQHHGWRXVHWKLVWUDQVODWLRQGULYHU

7KHWUDQVODWLRQGULYHUFDUULHVRXWDPDSSLQJEHWZHHQWKH2(0FRGHSDJHLQ XVHLQWKH'26ER[DQGWKH$16,FRGHSDJHXVHGLQWKH:LQGRZV RSHUDWLQJV\VWHP,I\RXUGDWDEDVHXVHVWKHVDPHFRGHSDJHDVWKH2(0FRGH SDJHWKHFKDUDFWHUVDUHWUDQVODWHGSURSHUO\,I\RXUGDWDEDVHGRHVQRWXVHWKH VDPHFRGHSDJHDV\RXUPDFKLQH V2(0FRGHSDJH\RXZLOOVWLOOKDYH FRPSDWLELOLW\SUREOHPV (PEHGGHG64/GRHVQRWSURYLGHDQ\VXFKFRGHSDJHWUDQVODWLRQPHFKDQLVP

6\EDVH&HQWUDODQG,QWHUDFWLYH64/FRGHSDJHWUDQVODWLRQ

,QWHUDFWLYH64/DQG6\EDVH&HQWUDOERWKKDYH2(0WR$16,LQWHUQDOFRGH SDJHWUDQVODWLRQLIWKHGDWDEDVHXVHVDQ2(0FKDUDFWHUVHW$VZLWKWKH 2'%&WUDQVODWLRQGULYHUWKHUHLVDQDVVXPSWLRQWKDWWKH2(0FRGHSDJHRQ WKHORFDOPDFKLQHLVWKHVDPHDVWKDWLQWKHGDWDEDVH )RU,QWHUDFWLYH64/\RXFDQWXUQRIIWKHWUDQVODWLRQLI\RXZLVKE\VHWWLQJ WKH,QWHUDFWLYH64/RSWLRQ&+$5B2(0B7UDQVODWLRQWRDYDOXHRI2)) $)RUPRUHLQIRUPDWLRQRQ2(0WR$16,FKDUDFWHUVHWWUDQVODWLRQLQ ,QWHUDFWLYH64/VHH&+$5B2(0B75$16/$7,21RSWLRQRQSDJH RIWKHERRN$GDSWLYH6HUYHU$Q\ZKHUH5HIHUHQFH0DQXDO

&KDUDFWHUWUDQVODWLRQIRUGDWDEDVHPHVVDJHV

(UURUDQGRWKHUPHVVDJHVIURPWKHGDWDEDVHVRIWZDUHDUHKHOGLQDODQJXDJH OLEUDU\/RFDOL]HGYHUVLRQVRIWKLVOLEUDU\DUHSURYLGHGZLWKORFDOL]HG YHUVLRQVRI$GDSWLYH6HUYHU$Q\ZKHUH7KHPHVVDJHVIRUHDFKODQJXDJH DVVXPHDQ$16,FRGHSDJH

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

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

&RQQHFWLRQVWULQJVDQGFKDUDFWHUVHWV

&RQQHFWLRQVWULQJVSUHVHQWDVSHFLDOFDVHIRUFKDUDFWHUVHWWUDQVODWLRQ7KH FRQQHFWLRQVWULQJLVSDUVHGE\WKHFOLHQWOLEUDU\LQRUGHUWRORFDWHRUVWDUWD GDWDEDVHVHUYHU7KLVSDUVLQJLVGRQHZLWKQRNQRZOHGJHRIWKHVHUYHU FKDUDFWHUVHWRUODQJXDJH 7KHFRQQHFWLRQVWULQJLVSDUVHGDVIROORZV  ,WLVEURNHQGRZQLQWRLWVNH\ZRUG YDOXHFRPSRQHQWV7KLVFDQEH GRQHLQGHSHQGHQWO\RIFKDUDFWHUVHWDVORQJDV\RXGRQRWXVHWKH^ FXUO\EUDFHV`DURXQG&RPP/LQNVSDUDPHWHUV,QVWHDGXVHWKH UHFRPPHQGHG SDUHQWKHVHV   7KHVHUYHULVORFDWHG7KHVHUYHUQDPHPXVWEHFRQVWUXFWHGIURPORZHU SDJH VHYHQELW $6&,,FKDUDFWHUV  7KH'DWDEDVH1DPHRU'DWDEDVH)LOHSDUDPHWHULVLQWHUSUHWHGLQWKH VHUYHUFKDUDFWHUVHW  2QFHWKHGDWDEDVHLVORFDWHGWKHUHPDLQLQJFRQQHFWLRQSDUDPHWHUVDUH LQWHUSUHWHGDFFRUGLQJWRLWVFKDUDFWHUVHW

 &KRRVLQJDGDWDEDVHFROODWLRQ

&KRRVLQJDGDWDEDVHFROODWLRQ

6XSSOLHGFROODWLRQV

7KHIROORZLQJFROODWLRQVDUHVXSSOLHGZLWK$GDSWLYH6HUYHU$Q\ZKHUH

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

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

&ROODWLRQQDPH 7\SH 'HVFULSWLRQ 69( $16, &RGH3DJH6ZHGLVK)LQQLVK 75. $16, &RGH3DJH7XUNLVK &<5 2(0 &RGH3DJH&\ULOOLF '$1 2(0 &RGH3DJH'DQLVK (// 2(0 &RGH3DJH*UHHN (63 2(0 &RGH3DJH6SDQLVK ,6/ 2(0 &RGH3DJH,FHODQGLF /$7,1 2(0 &RGH3DJH/DWLQ /$7,1 2(0 &RGH3DJH/DWLQ 125 2(0 &RGH3DJH1RUZHJLDQ 586 2(0 &RGH3DJH5XVVLDQ 69( 2(0 &RGH3DJH6ZHGLVK)LQQLVK 75. 2(0 &RGH3DJH7XUNLVK /$7,1 2(0 &RGH3DJH/DWLQ &<5 2(0 &RGH3DJH&\ULOOLF &<5 2(0 &RGH3DJH&\ULOOLF +(% 2(0 &RGH3DJH+HEUHZ 75. 2(0 &RGH3DJH7XUNLVK /$7,1 2(0 &RGH3DJH/DWLQ ,6/ 2(0 &RGH3DJH,FHODQGLF +(% 2(0 &RGH3DJH+HEUHZ /$7,1 2(0 &RGH3DJH/DWLQ 125 2(0 &RGH3DJH1RUZHJLDQ 586 2(0 &RGH3DJH5XVVLDQ (// 2(0 &RGH3DJH*UHHN 75. $16, &RGHSDJH7XUNLVK 6-,6 $16, -DSDQHVH6KLIW-,6(QFRGLQJ 6-,6 $16, -DSDQHVH6KLIW-,6(QFRGLQJ6\EDVH $GDSWLYH6HUYHU(QWHUSULVHFRPSDWLEOH (8&-$3$1 $16, -DSDQHVH(8&-,6;DQG-,6; (QFRGLQJ (8&B&+,1$ $16, &KLQHVH*%(QFRGLQJ

 &KRRVLQJDGDWDEDVHFROODWLRQ

&ROODWLRQQDPH 7\SH 'HVFULSWLRQ (8&B7$,:$1 $16, 7DLZDQHVH%LJ(QFRGLQJ (8&B.25($ $16, .RUHDQ.6&(QFRGLQJ 87) $16, 8&67UDQVIRUPDWLRQ)RUPDW ,62B $16, ,62/DWLQ ,62B%,1(1* $16, %LQDU\RUGHULQJ(QJOLVK,62$6&,,ELW OHWWHUFDVHPDSSLQJV :,1B/$7,1 $16, :LQGRZV/DWLQVLPLODUWR,62B ,62ZLWKH[WHQVLRQV :,1B/$7,1 $16, $VXSHUVHWRI,62ZLWKFKDUDFWHUV DOVRLQ)

$16,RU2(0"

$GDSWLYH6HUYHU$Q\ZKHUHFROODWLRQVDUHEDVHGRQFRGHSDJHVWKDWDUH GHVLJQDWHGDVHLWKHU$16,RU2(0,QPRVWFDVHVXVHRIDQ$16,FRGHSDJH LVUHFRPPHQGHG ,I\RXFKRRVHWRXVHDQ$16,FRGHSDJH\RXPXVWQRWXVHWKH2'%& WUDQVODWLRQGULYHULQWKH2'%&GDWDVRXUFHFRQILJXUDWLRQZLQGRZ ,I\RXFKRRVHWRXVHDQ2(0FRGHSDJH\RXPXVWGRWKHIROORZLQJ ♦ &KRRVHDFRGHSDJHWKDWPDWFKHVWKH2(0FRGHSDJHVRQ\RXUXVHUV FOLHQWPDFKLQHV ♦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

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

6XSSOLHG$16,FROODWLRQV

$GDSWLYH6HUYHU$Q\ZKHUHSURYLGHVWKHIROORZLQJ$16,FROODWLRQV ♦ 75. ♦ 6-,6 ♦ 6-,6 ♦ (8&B-$3$1 ♦ (8&B&+,1$ ♦ (8&B7$,:$1 ♦ (8&B.25($ ♦ 87) ♦ ,62B ♦ ,62B%,1(1* ♦ :,1B/$7,1 ♦ :,1B/$7,1

7KH,62B ,62BLVSURYLGHGIRUFRPSDWLELOLW\ZLWKWKH$GDSWLYH6HUYHU(QWHUSULVH FROODWLRQ GHIDXOW,62BFROODWLRQ7KHGLIIHUHQFHVDUHDVIROORZV ♦ 7KHORZHUFDVHOHWWHUVKDUSV ?[') VRUWVZLWKWKHORZHUFDVHVLQ $GDSWLYH6HUYHU$Q\ZKHUHEXWDIWHUVVLQ$GDSWLYH6HUYHU(QWHUSULVH ♦ /LJDWXUHVDUHWZRFKDUDFWHUVFRPELQHGLQWRDVLQJOHFKDUDFWHU7KH OLJDWXUHVFRUUHVSRQGLQJWR$(DQGDH ?[&DQG?[( VRUWDIWHU$DQGD UHVSHFWLYHO\LQ$GDSWLYH6HUYHU$Q\ZKHUHEXWDIWHU$(DQGDHLQ $GDSWLYH6HUYHU(QWHUSULVH

7KH:,1B/$7,1 :,1B/$7,1LVVLPLODUWR,62BH[FHSWWKDW:LQGRZVKDVGHILQHG FROODWLRQ FKDUDFWHUVLQSODFHVZKHUH,62BVD\VXQGHILQHGVSHFLILFDOO\WKHUDQJH [[%)7KHGLIIHUHQFHVIURP$GDSWLYH6HUYHU(QWHUSULVH V,62BDUHDV IROORZV ♦ 7KHXSSHUFDVHDQGORZHUFDVH,FHODQGLF(WK ?['DQG?[) LVVRUWHG ZLWK'LQ$GDSWLYH6HUYHU$Q\ZKHUHEXWDIWHUDOORWKHUOHWWHUVLQ $GDSWLYH6HUYHU(QWHUSULVH ♦ 7KHXSSHUFDVHDQGORZHUFDVH,FHODQGLF7KRUQ ?['DQG?[) LVVRUWHG ZLWK7LQ$GDSWLYH6HUYHU$Q\ZKHUHEXWDIWHUDOORWKHUOHWWHUVLQ $GDSWLYH6HUYHU(QWHUSULVH

 &KRRVLQJDGDWDEDVHFROODWLRQ

♦ 7KHXSSHUFDVH<GLDUHVLV ?[) LVVRUWHGZLWK<LQ$GDSWLYH6HUYHU $Q\ZKHUHDQGFDVHFRQYHUWVZLWKORZHUFDVH<GLDUHVLV ?[)) ,Q $GDSWLYH6HUYHU(QWHUSULVHLWLVXQGHILQHGDQGVRUWVDIWHU?[( ♦ 7KHORZHUFDVHOHWWHUVKDUSV ?[') VRUWVZLWKWKHORZHUFDVHVLQ $GDSWLYH6HUYHU$Q\ZKHUHEXWDIWHUVVLQ$GDSWLYH6HUYHU(QWHUSULVH ♦ /LJDWXUHVDUHWZRFKDUDFWHUVFRPELQHGLQWRDVLQJOHFKDUDFWHU7KH OLJDWXUHVFRUUHVSRQGLQJWR$(DQGDH ?[&DQG?[( VRUWDIWHU$DQGD UHVSHFWLYHO\LQ$GDSWLYH6HUYHU$Q\ZKHUHEXWDIWHU$(DQGDHLQ $GDSWLYH6HUYHU(QWHUSULVH ♦ 7KHOLJDWXUHVFRUUHVSRQGLQJWR2(DQGRH ?[&DQG?[& VRUWZLWK2 LQ$GDSWLYH6HUYHU$Q\ZKHUHEXWDIWHU2(DQGRHLQ$GDSWLYH6HUYHU (QWHUSULVH ♦ 7KHXSSHUFDVHDQGORZHUFDVHOHWWHU6ZLWKFDURQ ?[$DQG?[$ VRUWV ZLWK6LQ$GDSWLYH6HUYHU$Q\ZKHUHEXWLVXQGHILQHGLQ$GDSWLYH 6HUYHU(QWHUSULVHVRUWLQJDIWHU?[DQG?[

6XSSRUWHG2(0FROODWLRQV

7KHIROORZLQJWDEOHVKRZVWKHEXLOWLQFROODWLRQVWKDWFRUUHVSRQGWR2(0 FRGHSDJHV7KHWDEOHDQGWKHFRUUHVSRQGLQJFROODWLRQVZHUHGHULYHGIURP VHYHUDOPDQXDOVIURP,%0FRQFHUQLQJ1DWLRQDO/DQJXDJH6XSSRUWVXEMHFW WRWKHUHVWULFWLRQVPHQWLRQHGDERYH 7KLVWDEOHUHSUHVHQWVWKHEHVW LQIRUPDWLRQDYDLODEOHDWWKHWLPHRIZULWLQJ'XHWRFRQWLQXLQJUDSLG JHRSROLWLFDOFKDQJHVWKHWDEOHPD\FRQWDLQQDPHVIRUFRXQWULHVWKDWQR ORQJHUH[LVW 

&RXQWU\ /DQJXDJH 3ULPDU\ 3ULPDU\ 6HFRQGDU\ 6HFRQGDU\ &RGH &ROODWLRQ &RGH &ROODWLRQ 3DJH 3DJH $UJHQWLQD 6SDQLVK  (63  (63 $XVWUDOLD (QJOLVK  /$7,1  /$7,1 $XVWULD *HUPDQ  /$7,1  /$7,1 %HOJLXP %HOJLDQ  /$7,1  /$7,1 'XWFK %HOJLXP %HOJLDQ  /$7,1  /$7,1 )UHQFK %HODUXV %HODUXVVLDQ  &<5 %UD]LO 3RUWXJXHVH  /$7,1  /$7,1 %XOJDULD %XOJDULDQ  &<5  &<5

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

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

 &KRRVLQJDGDWDEDVHFROODWLRQ

&RXQWU\ /DQJXDJH 3ULPDU\ 3ULPDU\ 6HFRQGDU\ 6HFRQGDU\ &RGH &ROODWLRQ &RGH &ROODWLRQ 3DJH 3DJH 6ZHGHQ 6ZHGLVK  69(  69( 6ZLW]HU )UHQFK  /$7,1  /$7,1 ODQG 6ZLW]HU *HUPDQ  /$7,1  /$7,1 ODQG 6ZLW]HU ,WDOLDQ  /$7,1  /$7,1 ODQG 7XUNH\ 7XUNLVK  75.  75. 8. (QJOLVK  /$7,1  /$7,1 86$ (QJOLVK  /$7,1  /$7,1 9HQH]XHOD 6SDQLVK  (63  (63

:KHQFUHDWLQJD $XVHUFUHDWLQJDQHZGDWDEDVHVKRXOGILQGWKHOLQHZLWKWKH QHZGDWDEDVH FRXQWU\ODQJXDJHWKDWWKH\ZLVKWRXVHWKHQSLFNHLWKHUWKHSULPDU\RU VHFRQGDU\FROODWLRQGHSHQGLQJRQZKLFKFRGHSDJHLVLQXVHLQWKHLU FRPSXWHU 7KHFKFSFRPPDQGZLOOGLVSOD\WKHFXUUHQWFRGHSDJHQXPEHU ,IWKHLUSDUWLFXODUFRPELQDWLRQLVQRWSUHVHQWWKHQDQRWKHUOLQHZLWKD VDWLVIDFWRU\FRPELQDWLRQPD\EHXVHGRUDFXVWRPFROODWLRQPD\EHUHTXLUHG

,QWHUQDWLRQDODVSHFWVRIFDVHVHQVLWLYLW\

$GDSWLYH6HUYHU$Q\ZKHUHLVFDVHSUHVHUYLQJDQGFDVHLQVHQVLWLYHIRU LGHQWLILHUVVXFKDVWDEOHQDPHVDQGFROXPQQDPHV7KLVPHDQVWKDWWKH QDPHVDUHVWRUHGLQWKHFDVHLQZKLFKWKH\DUHFUHDWHGEXWDQ\DFFHVVWRWKH LGHQWLILHUVLVGRQHLQDFDVHLQVHQVLWLYHPDQQHU )RUH[DPSOHWKHQDPHVRIWKHV\VWHPWDEOHVDUHKHOGLQXSSHUFDVH 6<6'20$,16<67$%/(DQGVRRQ EXWDFFHVVLVFDVHLQVHQVLWLYHVR WKDWWKHWZRIROORZLQJVWDWHPHQWVDUHHTXLYDOHQW 6(/(&7 )520V\VWDEOH

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

6(/(&7 )5206<67$%/( 7KHHTXLYDOHQFHRIXSSHUDQGORZHUFDVHFKDUDFWHUVLVHQIRUFHGLQWKH FROODWLRQ7KHUHDUHVRPHFROODWLRQVZKHUHSDUWLFXODUFDUHPD\EHQHHGHG ZKHQDVVXPLQJFDVHLQVHQVLWLYLW\RILGHQWLILHUV ([DPSOH ,QWKH7XUNLVK75.FROODWLRQWKHORZHUFDVHGRHVQRWKDYHWKH FKDUDFWHU,DVLWVXSSHUFDVHHTXLYDOHQW7KHUHIRUHGHVSLWHWKHFDVH LQVHQVLWLYLW\RILGHQWLILHUVWKHIROORZLQJWZRVWDWHPHQWVDUHQRWHTXLYDOHQWLQ WKLVFROODWLRQ 6(/(&7 )520V\VGRPDLQ 6(/(&7 )5206<6'20$,1

8VLQJPXOWLE\WHFROODWLRQV

$GDSWLYH6HUYHU$Q\ZKHUHSURYLGHVFROODWLRQVXVLQJVHYHUDOPXOWLE\WH FKDUDFWHUVHWVLQFOXGLQJWKHIROORZLQJ

0XOWLE\WH 'HVFULSWLRQ FKDUDFWHUVHW 6-,6 -DSDQHVH6KLIW-,6(QFRGLQJ (8&B-$3$1 -DSDQHVH(8&-,6;DQG-,6; (QFRGLQJ (8&B&+,1$ &KLQHVH*%(QFRGLQJ (8&B7$,:$1 7DLZDQHVH%LJ(QFRGLQJ (8&B.25($ .RUHDQ.6&(QFRGLQJ 87) 87)LVDYDULDEOHE\WHHQFRGLQJRIE\WH8QLFRGH 8&6 87)FKDUDFWHUVXSWRE\WHVLQOHQJWKDUH VXSSRUWHGZKLOH87)PD\XVHXSWRE\WHV

$)RUDFRPSOHWHOLVWLQJVHH6XSSOLHGFROODWLRQVRQSDJH 7KLVVHFWLRQGHVFULEHVKRZPXOWLE\WHFKDUDFWHUVHWVDUHKDQGOHG7KH GHVFULSWLRQDSSOLHVWRWKHVXSSRUWHGFROODWLRQVDQGWRDQ\PXOWLE\WHFXVWRP FROODWLRQV\RXPD\FUHDWH

 &KRRVLQJDGDWDEDVHFROODWLRQ

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♦ 7KHSURSHUWLHVRIDQ\6KLIW-,6FKDUDFWHUFDQEHUHDGIURPLWVILUVWE\WH DOVR&KDUDFWHUVZLWKDILUVWE\WHLQWKH KH[ UDQJHWR'RUDUH VSDFHFKDUDFWHUV ♦ &KDUDFWHUVLQWKHUDQJHVWR$WR$WR)RU(WR()DUH DOSKDEHWLF OHWWHUV  ♦ &KDUDFWHUVLQWKHUDQJHWRDUHGLJLWV ,QEXLOGLQJFXVWRPFROODWLRQV\RXFDQVSHFLI\ZKLFKUDQJHVRIYDOXHVIRUWKH ILUVWE\WHVLJQLI\VLQJOHDQGGRXEOHE\WH RUPRUH FKDUDFWHUVDQGZKLFK VSHFLI\VSDFHDOSKDDQGGLJLWFKDUDFWHUV+RZHYHUDOOILUVWE\WHVRIYDOXH OHVVWKDQ KH[ PXVWEHVLQJOHE\WHFKDUDFWHUVDQGQRIROORZE\WHV PD\KDYHYDOXHVOHVVWKDQ7KLVUHVWULFWLRQLVVDWLVILHGE\DOONQRZQ FXUUHQWHQFRGLQJV

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

&UHDWLQJGDWDEDVHVZLWKFXVWRPFROODWLRQV

6WHSVWRFUHDWHDGDWDEDVH

v 7RFUHDWHDGDWDEDVHZLWKDFXVWRPFROODWLRQ  'HFLGHRQDVWDUWLQJFROODWLRQ

 &UHDWLQJGDWDEDVHVZLWKFXVWRPFROODWLRQV

 $GGWKHFXVWRPFROODWLRQWRWKHFXVWRPVTOVFULSW 7KHFXVWRPVTO VFULSWLVVWRUHGLQWKHVFULSWVVXEGLUHFWRU\RI\RXULQVWDOODWLRQGLUHFWRU\ 7KLVVWHSZDVQRWUHTXLUHGLQSUHYLRXVUHOHDVHV  &UHDWHWKHQHZGDWDEDVH

)LUVWE\WHFROODWLRQRUGHULQJV

$VRUWLQJRUGHUIRUFKDUDFWHUVLQDPXOWLE\WHFKDUDFWHUVHWFDQEHVSHFLILHG RQO\IRUWKHILUVWE\WH&KDUDFWHUVWKDWKDYHWKHVDPHILUVWE\WHDUHVRUWHG DFFRUGLQJWRWKHKH[DGHFLPDOYDOXHRIWKHIROORZLQJE\WHV,IWKHWZR FKDUDFWHUVDUHWKHVDPHXSWRWKHOHQJWKRIWKHVKRUWHURIWKHWZRWKHORQJHU FKDUDFWHULVJUHDWHUWKDQWKHVKRUWHU

(GLWLQJWKHFROODWLRQILOH

7KLVVHFWLRQGHVFULEHVWKHFROODWLRQILOHIRUPDW&ROODWLRQILOHVPD\LQFOXGH WKHIROORZLQJHOHPHQWV ♦ &RPPHQWOLQHVZKLFKDUHLJQRUHGE\WKHGDWDEDVH ♦ $WLWOHOLQH ♦ $FROODWLRQVHTXHQFHVHFWLRQ ♦ $Q(QFRGLQJVVHFWLRQ PXOWLE\WHFKDUDFWHUVHWVRQO\  ♦ $3URSHUWLHVVHFWLRQ PXOWLE\WHFKDUDFWHUVHWVRQO\ 

&RPPHQWOLQHV ,QWKHFROODWLRQILOHVSDFHVDUHJHQHUDOO\LJQRUHG&RPPHQWOLQHVVWDUWZLWK HLWKHURU

7KHWLWOHOLQH 7KHILUVWQRQFRPPHQWOLQHPXVWEHRIWKHIRUP &ROODWLRQODEHO QDPH

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

,QWKLVVWDWHPHQW

,WHP 'HVFULSWLRQ &ROODWLRQ $UHTXLUHGNH\ZRUG ODEHO 7KHFROODWLRQODEHOZKLFKDSSHDUVLQWKHV\VWHPWDEOHVDV 6<66<6&2//$7,21FROODWLRQBODEHODQG 6<66<6,1)2GHIDXOWBFROODWLRQ7KHODEHOPXVWFRQWDLQQRPRUH WKDQFKDUDFWHUVDQGPXVWQRWEHWKHVDPHDVRQHRIWKHEXLOWLQ FROODWLRQV ,QSDUWLFXODUGRQRWOHDYHWKHFROODWLRQODEHO XQFKDQJHG QDPH $GHVFULSWLYHWHUPXVHGIRUGRFXPHQWDWLRQSXUSRVHV7KHQDPH VKRXOGFRQWDLQQRPRUHWKDQFKDUDFWHUV

)RUH[DPSOHWKH6KLIW-,6FROODWLRQILOHFRQWDLQVWKHIROORZLQJFROODWLRQOLQH ZLWKODEHO6-,6DQGQDPH -DSDQHVH6KLIW-,6(QFRGLQJ  &ROODWLRQ6-,6 -DSDQHVH6KLIW-,6(QFRGLQJ

7KHFROODWLRQVHTXHQFHVHFWLRQ $IWHUWKHWLWOHOLQHHDFKQRQFRPPHQWOLQHGHVFULEHVRQHSRVLWLRQLQWKH FROODWLRQ7KHRUGHULQJRIWKHOLQHVGHWHUPLQHVWKHVRUWRUGHULQJXVHGE\WKH GDWDEDVHDQGGHWHUPLQHVWKHUHVXOWRIFRPSDULVRQV&KDUDFWHUVRQOLQHV DSSHDULQJKLJKHULQWKHILOH FORVHUWRWKHEHJLQQLQJ VRUWEHIRUHFKDUDFWHUV WKDWDSSHDUODWHU 7KHIRUPRIHDFKOLQHLQWKHVHTXHQFHLV >VRUWSRVLWLRQ@FKDUDFWHU RU >VRUWSRVLWLRQ@FKDUDFWHU>ORZHUFDVHXSSHUFDVH@ ZKHUH

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

 &UHDWLQJGDWDEDVHVZLWKFXVWRPFROODWLRQV

0XOWLSOHFKDUDFWHUVPD\DSSHDURQRQHOLQHVHSDUDWHGE\FRPPDV  ,QWKLV FDVHWKHVHFKDUDFWHUVDUHVRUWHGDQGFRPSDUHGDVLIWKH\ZHUHWKHVDPH FKDUDFWHU

7KHIROORZLQJDUHVRPHVDPSOHOLQHVIRUDFROODWLRQ 6RUWVRPHOHWWHUVLQDOSKDEHWLFDORUGHU $D$ DD$ %E% EE% 6RUWVRPH( VIURPFRGHSDJH LQFOXGLQJVRPHDFFHQWHGH[WHQGHGFKDUDFWHUV HH(?[?[?[?[$?[$?[' (H(?[?[?[?['?[$?[' 6RUWVRPHVSHFLDOFKDUDFWHUVDWWKHHQG   B ?[) ?[(( ?[)        2WKHUV\QWD[QRWHV )RUGDWDEDVHVXVLQJFDVHLQVHQVLWLYHVRUWLQJDQGFRPSDULVRQ QRFVSHFLILHG RQWKH'%,1,7FRPPDQGOLQH WKHORZHUFDVHDQGXSSHUFDVHPDSSLQJVDUH XVHGWRILQGWKHORZHUFDVHDQGXSSHUFDVHFKDUDFWHUVWKDWZLOOEHVRUWHG WRJHWKHU

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

)RUPXOWLE\WHFKDUDFWHUVHWVWKHILUVWE\WHRIDFKDUDFWHULVOLVWHGLQWKH FROODWLRQVHTXHQFHDQGDOOFKDUDFWHUVZLWKWKHVDPHILUVWE\WHDUHVRUWHG WRJHWKHUDQGRUGHUHGDFFRUGLQJWRWKHYDOXHRIWKHVHFRQGE\WH)RUH[DPSOH WKHIROORZLQJLVSDUWRID6KLIW-,6FROODWLRQILOH  ?[IE  ?[IF  ?[IG ,QWKLVFROODWLRQDOOFKDUDFWHUVZLWKILUVWE\WH?[IFFRPHDIWHUDOOFKDUDFWHUV ZLWKILUVWE\WH?[IEDQGEHIRUHDOOFKDUDFWHUVZLWKILUVWE\WH?[IG7KHWZR E\WHFKDUDFWHU?[IF?[ZRXOGEHRUGHUHGEHIRUHWKHWZRE\WHFKDUDFWHU?[IF ?[ $Q\FKDUDFWHUVRPLWWHGIURPWKHFROODWLRQZLOOEHDGGHGWRWKHFROODWLRQDW WKHSRVLWLRQHTXDOWRWKHLUELQDU\YDOXH'%,1,7LVVXHVDPHVVDJHIRUHDFK RPLWWHGFKDUDFWHU,WLVUHFRPPHQGHGWKDWDQ\FROODWLRQFRQWDLQDOO FKDUDFWHUV ILUVWE\WHV 

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

7KH3URSHUWLHVVHFWLRQ 7KH3URSHUWLHVVHFWLRQLVRSWLRQDODQGIROORZVWKH(QFRGLQJVVHFWLRQ,WLV QRWXVHIXOIRUVLQJOHE\WHFKDUDFWHUVHWV

 &UHDWLQJGDWDEDVHVZLWKFXVWRPFROODWLRQV

,ID3URSHUWLHVVHFWLRQLVVXSSOLHGDQ(QFRGLQJVVHFWLRQPXVWEHVXSSOLHG DOVR 7KH3URSHUWLHVVHFWLRQOLVWVYDOXHVIRUWKHILUVWE\WHRIHDFKFKDUDFWHUWKDW UHSUHVHQWDOSKDEHWLFFKDUDFWHUVGLJLWVRUVSDFHV 7KH6KLIW-,63URSHUWLHVVHFWLRQLVDVIROORZV 3URSHUWLHV VSDFH>?[?[G?[@ GLJLW>?[?[@ DOSKD>?[?[D?[?[D?[?[I?[H?[HI@ 7KLVLQGLFDWHVWKDWFKDUDFWHUVZLWKILUVWE\WHV?[WR?[GDVZHOODV?[ DUHWREHWUHDWHGDVVSDFHFKDUDFWHUVGLJLWVDUHIRXQGLQWKHUDQJH?[WR ?[LQFOXVLYHDQGDOSKDEHWLFFKDUDFWHUVLQWKHIRXUUDQJHV?[?[D?[ ?[D?[?[IDQG?[H?[HI

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

&KDUDFWHUVHWWUDQVODWLRQGHWDLOV

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♦ /DQJXDJH 7KHODQJXDJHLVDWZRFKDUDFWHUVWULQJ)5IRU)UHQFKDQG VRRQ ♦ &KDUDFWHUVHW 7KHFKDUDFWHUVHWLVWKHFRGHSDJHLQXVH,WXVHVD 6\EDVHLGHQWLILHU ♦ &ROODWLRQODEHO 7KHFROODWLRQODEHOLVWKH$GDSWLYH6HUYHU$Q\ZKHUH FROODWLRQ (DFKRIWKHVHLVGLVFXVVHGLQWKHIROORZLQJVHFWLRQV

'HWHUPLQLQJWKHORFDOHODQJXDJH

7KHODQJXDJHLVDWZROHWWHULGHQWLILHU(1VSHFLILHV(QJOLVK-$VSHFLILHV -DSDQHVHDQGVRRQ,WLVXVHGWRGHWHUPLQHWKHIROORZLQJEHKDYLRU ♦ :KLFKODQJXDJHOLEUDU\WRORDGE\WKHGDWDEDVHVHUYHUDQGE\WKHFOLHQW OLEUDU\ ♦ )RUWKHFOLHQWZKLFKODQJXDJHWRUHTXHVWIURPWKHGDWDEDVH 7KHZD\WKHODQJXDJHFRPSRQHQWRIWKHORFDOHLVGHWHUPLQHGGHSHQGVRQWKH RSHUDWLQJV\VWHP  ,ID64//2&$/(HQYLURQPHQWYDULDEOHH[LVWVLWLVXVHG $)RUPRUHLQIRUPDWLRQVHH7KH64//2&$/(HQYLURQPHQW YDULDEOHRQSDJH  2Q:LQGRZVDQG:LQGRZV17JHWWKHODQJXDJHIURPWKHUHJLVWU\DV GHVFULEHGLQ5HJLVWU\VHWWLQJVRQLQVWDOODWLRQRQSDJHRIWKHERRN $GDSWLYH6HUYHU$Q\ZKHUH5HIHUHQFH0DQXDO  2QRWKHURSHUDWLQJV\VWHPVJHWWKHODQJXDJHIURPWKHRSHUDWLQJV\VWHP

 &KDUDFWHUVHWWUDQVODWLRQGHWDLOV

'HWHUPLQLQJWKHORFDOHFKDUDFWHUVHW

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♦ 2Q:LQGRZV17XVHWKH*HW$&3V\VWHPFDOO7KLVUHWXUQVWKH $16,FKDUDFWHUVHW ♦ 2Q81,;GHIDXOWWR,62 ♦ 2QRWKHUSODWIRUPVXVHFRGHSDJH

'HWHUPLQLQJWKHORFDOHFROODWLRQODEHO

(DFKGDWDEDVHKDVLWVRZQFROODWLRQ7KHFROODWLRQODEHOWDNHQIURPWKHORFDOH GHILQLWLRQLVXVHGE\WKHGDWDEDVHVHUYHUWRGHWHUPLQHZKLFKFRGHSDJHWRXVH ZKHQLQLWLDOL]LQJDGDWDEDVH 7KHFROODWLRQODEHOLVGHWHUPLQHGDVIROORZV  ,ID64//2&$/(HQYLURQPHQWYDULDEOHH[LVWVLWLVXVHG $)RUPRUHLQIRUPDWLRQVHH7KH64//2&$/(HQYLURQPHQW YDULDEOHRQSDJH  *HWWKHODQJXDJHDQGFKDUDFWHUVHWIURPWKHRSHUDWLQJV\VWHPDV GHVFULEHGLQWKHSUHYLRXVWZRVHFWLRQVDQGXVHDQLQWHUQDOWDEOHWRILQGD FROODWLRQODEHOFRUUHVSRQGLQJWRWKDWODQJXDJHDQGFKDUDFWHUVHW

7KH64//2&$/(HQYLURQPHQWYDULDEOH

7KH64//2&$/(HQYLURQPHQWYDULDEOHLVDVLQJOHVWULQJWKDWFRQVLVWVRI WKUHHVHPLFRORQVHSDUDWHGDVVLJQPHQWV,WKDVWKHIROORZLQJIRUP

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

&KDUVHW FVODEHO/DQJXDJH ODQJODEHO&ROODWLRQ/DEHO FRODEH O 7KHYDOXHVWKDWWKHODEHOVFDQWDNHDUHVHWRXWLQWKHIROORZLQJWDEOHV &KDUDFWHUVHWODEHO 7KHIROORZLQJWDEOHVKRZVWKHYDOLGFKDUDFWHUVHWODEHOYDOXHVWRJHWKHUZLWK YDOXHV WKHHTXLYDOHQW,$1$ODEHOVDQGDGHVFULSWLRQ

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

 &KDUDFWHUVHWWUDQVODWLRQGHWDLOV

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

/DQJXDJHODEHO 7KHIROORZLQJWDEOHVKRZVWKHYDOLGODQJXDJHODEHOYDOXHVWRJHWKHUZLWKWKH YDOXHV HTXLYDOHQW,62ODEHOV

 &KDSWHU 'DWDEDVH&ROODWLRQVDQG,QWHUQDWLRQDO/DQJXDJHV

/DQJXDJHODEHO $OWHUQDWHODEHO ,63B XVBHQJOLVK HQJOLVK (1 IUHQFK 1$! )5 JHUPDQ 1$! '( VSDQLVK 1$! (6 MDSDQHVH 1$! -$ NRUHDQ 1$! .2 SRUWXJHVH SRUWXJXH 37 FKLQHVH 1$! =+

&ROODWLRQODEHO 7KHFROODWLRQODEHOLVDODEHOIRURQHRIWKHVXSSOLHG$GDSWLYH6HUYHU YDOXHV $Q\ZKHUHFROODWLRQVDVOLVWHGLQ6XSSOLHGFROODWLRQVRQSDJH

 &KDUDFWHUVHWWUDQVODWLRQGHWDLOV