\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
/�5H�0LFURK\SHUYLVRU�DQG�2SHUDWLQJ�6\VWHP3UHYHQWLQJ�/LQX[�LQ�\RXU�FDU�IURP�NLOOLQJ�\RX
0LFKDHO�+RKPXWK��.HUQNRQ]HSW�*PE+
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
,Q�WKLV�WDON
:K\�/LQX[�LV�QRW�VXIILFLHQW�IRU�FULWLFDO�DSSOLFDWLRQV
:K\�PLFURNHUQHOV�DUH�FRRO�WKLV�\HDU
:K\�/�5H�LV�HVSHFLDOO\�FRRO
:KDW�.HUQNRQ]HSW�GRHV�UHJDUGLQJ�VHFXULW\�DQG�VDIHW\�FHUWLILFDWLRQ
+RZ�FHUWLILFDWLRQ�DQG�RSHQ�VRXUFH�FDQ�PL[
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
7KH�SUREOHP
6RIWZDUH�KDV�EXJV
&RPSOH[�VRIWZDUH�KDV�PDQ\�EXJV
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
�
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
/�5H
õ$SS90
7KH�VROXWLRQ
,VRODWLRQ
6LPSOLFLW\
/�5H�0LFURNHUQHO
�
FRPSOH[�DSS
RSHUDWLQJ�V\VWHP
���������OLQHV�RI�
FRGH
0LOOLRQVRI�OLQHV�RI�FRGH
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
0RQROLWKLF�26
��
3URFHVVHV 'ULYHUV
)LOH�6\VWHPV 1HWZRUN�6WDFNV
0HPRU\�0DQDJHPHQW
0RQROLWKLF�2SHUDWLQJ�6\VWHP
3ULYLOHJHG�0RGH
$SSOLFDWLRQV$SSOLFDWLRQV$SSOLFDWLRQV 8VHU0RGH
+DUGZDUH
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
0LFURNHUQHO�26
��
'ULYHUV
)LOH�6\VWHPV 1HWZRUN�6WDFNV
0HPRU\�0DQDJHPHQW
3ULYLOHJHG�0RGH
$SSOLFDWLRQV$SSOLFDWLRQV$SSOLFDWLRQV
8VHU0RGH
7DVNV 7KUHDGV ,3&
+DUGZDUH
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
0LFURNHUQHO�266WURQJ�LVRODWLRQ���SURWHFWLRQ
0LQLPDO�WUXVWHG�FRPSXWLQJ�EDVH
6PDOO�FRPSRQHQWV�² HDV\�WR�YDOLGDWH
&XVWRPL]DELOLW\
$OO�26�VHUYLFHV�DV�XVHU�OHYHO�SURFHVVHV
:HOO�GHILQHG�LQWHUIDFHV
0XOWL�SHUVRQDOLW\�26HV
)OH[LELOLW\���([WHQVLELOLW\
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
/��0LFURNHUQHO�)DPLO\�+LVWRU\
��
/�Y� [� [��Y�
1� 1�
)LDVFR
/��[��
/�.D��+D]HOQXW
)LDVFR�/�Y�
/�.D��3LVWDFKLR
1,&7$��
3LVWDFKLR�HPEHGGHG2./�
/��)LDVFR
2./�Y�
/��)LDVFR�2&/��6HF
*0'��,%0�
8QLY��RI�.DUOVUXKH
8QLY��RI�1HZ�6RXWK
:DOHV���1,&7$���
2SHQ .HUQHO�/DEV���&RJ�6\VWHPV
78�'UHVGHQ��
.HUQNRQ]HSW
VH/�
$%,�6SHFLILFDWLRQ
,PSOHPHQWDWLRQ
/�
2&
1RYD
1RYD
VH/�
/�5H
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
/�5H�2ULJLQV�DQG�5RDGPDS
78�'UHVGHQ��VLQFH�����
%HIRUH��$FDGHPLF�UHVHDUFK�LQ�YLUWXDOL]DWLRQ���UHDO�WLPH���VHFXULW\�
.HUQNRQ]HSW��VLQFH�����
1RZ� 6HFXULW\�² FRQVXOWLQJ���%6,�DSSURYDOV���FHUWLILFDWLRQ
1H[W� $XWRPRWLYH�� FHUWLILFDWLRQ���SURGXFW
$IWHU� ,QGXVWU\�VDIHW\�� FHUWLILFDWLRQ���SURGXFW
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
/�5H�2SHUDWLQJ�6\VWHP�DQG�+\SHUYLVRU
$50�[���0,36��������ELW��IXOO�SDUD�YLUWXDOL]DWLRQ��G\QDPLF�VWDWLF��VWURQJ�LVRODWLRQ��
UHDO�WLPH��XQWUXVWHG�900��QDWLYH�PLFURDSSV��326,;�VXEVHW��RSHQ�VRXUFH��PDWXUH
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
1RWHZRUWK\�/�5H�IHDWXUHV��,VRODWLRQ
&DSDELOLWLHV�DV�UHIHUHQFHV�WR�NHUQHO��DQG�XVHU�ODQG��REMHFWV
3URYLGHV�LQIRUPDWLRQ�KLGLQJ��ORFDO�QDPLQJ��DQG�DFFHVV�FRQWURO
(QDEOHV�UHDVRQLQJ�DERXW�LVRODWLRQ�DQG�IUHHGRP�IURP�LQWHUIHUHQFH
� 1R�FDSDELOLW\�WR�VKDUHG�REMHFW�Æ QR�ZD\�WR�FRPPXQLFDWH�LQWHUIHUH
'HVLJQHG�WR�HYHQ�DOORZ�SUHYHQWLQJ�VKDULQJ��QG�FODVV�NHUQHO�REMHFWV��DOORFDWRUV�«��DQG�LQYLVLEOH�DUFKLWHFWXUDO�VWDWH
1RW�������WKHUH�\HW
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
1RWHZRUWK\�/�5H�IHDWXUHV��5HDO�WLPH5HDO�WLPH�SHU�&38�VFKHGXOHU��)L[HG�SULRULW\�URXQG�URELQ
6XSSRUW�IRU�WKUHDG�JURXS�EXGJHW�VFKHGXOLQJ�SODQQHG
:)4��QRQ�57��DOVR�DYDLODEOH
&URVV�&38�WKUHDG���9&38�PLJUDWLRQ�VXSSRUWHG
6KRUW�FULWLFDO�VHFWLRQV�Z��,54V�RII��SUHHPSWLRQ�SRLQWV
)LQH�JUDQXODU�ZDLW�IUHH�ORFNLQJ
([FHOOHQW�LQWHUUXSW�UHVSRQVH�WLPHV
1R�FURVV�&38�VKDUHG�VWDWH�LQ�FULWLFDO�SDWKV��QR�ELJ�NHUQHO�ORFN
([FHOOHQW�VFDODELOLW\
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
1RWHZRUWK\�/�5H�IHDWXUHV��9LUWXDOL]DWLRQ+DUGZDUH�DVVLVWHG�YLUWXDOL]DWLRQ
8QWUXVWHG��XVHU�OHYHO��YLUWXDO�PDFKLQH�PRQLWRUV��900V��IRU�SODWIRUP�
HPXODWLRQ
� XYPP��7LQ\�900�IRU�/LQX[�JXHVWV��8SVWUHDP�$50�/LQX[�´MXVW�
ZRUNVµ
� O��NYP��8VHV�4HPX�.90�LQ�D�/LQX[�JXHVW�WR�SURYLGH�SODWIRUP�IRU�
:LQGRZV�JXHVWV��[���RQO\�
$OVR�DYDLODEOH��3DUDYLUWXDOL]DWLRQ�ZLWK�/�/LQX[
$�XVHU�PRGH�/LQX[�NHUQHO�UXQQLQJ�RQ�/�5H
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
1RWHZRUWK\�/�5H�IHDWXUHV��0LFURDSSV
0LFURDSSV��1DWLYH�/�5H�DSSOLFDWLRQV
6PDOO�7&%��QR�GHSHQGHQF\�RQ�DQ\�ULFK�26��QR�'RP�
1R�GHSHQGHQF\�RQ�900
QR�YLUWXDOL]DWLRQ�RYHUKHDG
326,;�VXEVHW�IRU�PLFURDSSV��/�5H�5XQWLPH�(QYLURQPHQW
6XSSRUWV�OLEF��&���OLEUDU\��SWKUHDGV��HWF�
1DWXUDO�H[WHQVLRQ�RI�NHUQHO�$3,�ZLWK�XVHIXO�26�DEVWUDFWLRQV
� H��J��IRU�DGGUHVV�VSDFH�PDQDJHPHQW
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
1RWHZRUWK\�/�5H�IHDWXUHV��,�2�YLUWXDOL]DWLRQ'HYLFH�SDVV�WKURXJK�WR�90V�RU�GULYHU�PLFURDSSV
'0$�VHFXULW\�YLD�,2008��$50��:,3�
1DWLYH�GULYHUV�DQG�PXOWLSOH[LQJ�IRU�YDULRXV�EXVHV�DQG�GHYLFHV
3&,��VHULDO�FRQVROH��$+&,��IUDPHEXIIHU
9LUWXDO�QHWZRUNLQJ�DPRQJ�90V�VXSSRUWHG
9LUWXDO�(WKHUQHW�VZLWFK�RU�S�S�FRQQHFWLRQ
9LUWXDO�VRFNHW�FRQQHFWLRQV
9LUWLR�VXSSRUWHG
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
2SHQ�6RXUFH�² ZKHUH�WR�JHW�/�5H
*R�WR�ZZZ�NHUQNRQ]HSW�FRP�GRZQORDG�KWPO
2U�ZZZ�O�UH�RUJ
7RGD\��6QDSVKRWV���691
6RRQ��(DUO\�DFFHVV�YLD�*LW+XE
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
/LFHQVLQJ�DQG�GHYHORSPHQW�PRGHO
�0RVWO\��*3/�YHUVLRQ��
&RPPHUFLDO�OLFHQVHV��'XDO�OLFHQVLQJ�FDSDELOLW\
5HTXLUH�&/$�IRU�FRQWULEXWLRQV
(VVHQWLDO�IRU�DWWUDFWLQJ�LQYHVWPHQWV�QHHGHG�IRU�FHUWLILFDWLRQ
$OVR��D�FXVWRPHU�UHTXLUHPHQW�LQ�$XWRPRWLYH
.HUQNRQ]HSW�VHUYHV�DV�PDLQWDLQHU��JDWHNHHSHU�IRU�FRQWULEXWLRQV
5HTXLUHG�IRU�TXDOLW\�DQG�LQWHJULW\�PDQDJHPHQW
3UHFRQGLWLRQ�IRU�FHUWLILFDWLRQ
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
/�5H�XVH�FDVHV�WRGD\
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
8VH�FDVHV�² LQ�GHYHORSPHQW
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
+LJK�DVVXUDQFH�VHFXULW\
8SFRPLQJ��&RPPRQ�&ULWHULD�($/���FHUWLILFDWLRQ
1RW�D�SUHFRQGLWLRQ�IRU�%6,�DSSOLFDWLRQ�DSSURYDOV��EXW�VSHHGV�WKLQJV�XS
)RU�QHZ�DSSOLFDWLRQV�WKDW�UHTXLUH�D�WUXVWHG�SODWIRUP
/LFHQVLQJ�PRGHO
&RGH�VWLOO�GHYHORSHG�DV�RSHQ�VRXUFH
%XW�FHUWLILFDWLRQ�GRFV���VRPH�WHVWV���4$�WRROV�UHPDLQ�SURSULHWDU\
6SRQVRU�JHWV�H[FOXVLYH�FRPPHUFLDO�UHOLFHQVLQJ�ULJKWV�IRU�JRY��PDUNHW
.HUQNRQ]HSW�UHWDLQV�FRPPHUFLDO�H[SORLWDWLRQ�ULJKWV�IRU�RWKHU�PDUNHWV
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
$XWRPRWLYH
8SFRPLQJ��,62������$6,/�'�FHUWLILFDWLRQ�DV�D�6(RR&
$6,/�LV�D�KDUG�UHTXLUHPHQW�IRU�KLJK�YROXPH�PDUNHWV
/LFHQVLQJ�PRGHO
&RGH�VWLOO�GHYHORSHG�DV�RSHQ�VRXUFH
%XW�FHUWLILFDWLRQ�GRFV���VRPH�WHVWV���4$�WRROV�UHPDLQ�SURSULHWDU\
6SRQVRU�JHWV�H[FOXVLYH�FRPPHUFLDO�UHOLFHQVLQJ�ULJKWV�IRU�DXWRPRWLYH�
PDUNHW
.HUQNRQ]HSW�UHWDLQV�FRPPHUFLDO�H[SORLWDWLRQ�ULJKWV�IRU�RWKHU�PDUNHWV
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
$XWRPRWLYH�SDUWQHUVKLS
7LHU��VRIWZDUH�VXSSOLHU�EX\�LQ
2(0V�FDQ�EX\�IURP�WUXVWHG�VRXUFH
7LHU��SDUWQHU�DVVXPHV�PRVW�ULVNV��FRYHUV�OLDELOLW\��LQGHPQLILFDWLRQ
&ORVHG�VRXUFH
2SHQ�6RXUFH�EHQHILWV
6WDUW�5'�QRZ�IURP�FRPPXQLW\�YHUVLRQ��EX\�FHUWLILHG�YHUVLRQ�ODWHU
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
,QGXVWULDO�6DIHW\
3ODQQHG��,(&������6,/���FHUWLILFDWLRQ
$�KDUG�UHTXLUHPHQW�IRU�K\SHUYLVRUV�LQ�LQGXVWULDO�IXQFWLRQDO�VDIHW\
/LFHQVLQJ�PRGHO
&RGH�VWLOO�GHYHORSHG�DV�RSHQ�VRXUFH
%XW�FHUWLILFDWLRQ�GRFV���VRPH�WHVWV���4$�WRROV�UHPDLQ�SURSULHWDU\
6SRQVRUVKLS���OLFHQVLQJ�QRW�ILQDOL]HG�\HW
1RZ�VROLFLWLQJ�UHTXLUHPHQWV�DQG�SDUWQHUV
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
&RPPXQLW\�RSSRUWXQLWLHV
$50�SODWIRUP�SRUWDELOLW\
%63V��FORFN�QHWZRUN�DEVWUDFWLRQ��ILUPZDUH�LQWHUIDFH
8VDELOLW\
'HYHORSHU�H[SHULHQFH��GRFXPHQWDWLRQ
6HFXULW\�KDUGHQLQJ
)RUPDO�PHWKRGV��VWDWLF�DQDO\VLV
(YHQ�EHWWHU�LVRODWLRQ�IRU�QHZ�DWWDFNHU�PRGHOV
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
%HIRUH�,�VXPPDUL]H�«
7KDQN�\RX�/LQDUR�
7KDQN�\RX�$50�
7KDQN�\RX�5RELQ�5DQGKDZD�
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
6XPPDU\�:K\�/�5H�IRU�IXQFWLRQDO�VDIHW\"2SHQ�6RXUFH
0DWXUH��KLJK�TXDOLW\�LPSOHPHQWDWLRQ��ULFK�IHDWXUH�VHW
1R�OHJDF\�WUXVW�GHSHQGHQFLHV�WR�/LQX[
&RYHUV�VHFXULW\��DQ�LPSRUWDQW�DVSHFW�RI�VDIHW\�WKHVH�GD\V
&RPPHUFLDO�OLFHQVLQJ���OLDELOLW\�FRYHUDJH�DYDLODEOH
.HUQNRQ]HSW�FRYHUV�40���GHYHORSPHQW�SURFHVV�UHTXLUHPHQWV
8QLTXH�EXVLQHVV�PRGHO�WKDW�DWWUDFWV�WKH�LQYHVWPHQW�QHHGHG�IRU�FHUWLILFDWLRQ
��
\\\�PJWSPTS_JUY�HTR
2 . ( 7 4 0 * 7 3 * 1 � 2 & ) * � . 3 � , * 7 2 & 3 >
7KDQN \RX�ZZZ�NHUQNRQ]HSW�FRP
��