You are on page 1of 528

Sold to

dougj89@mail.ru

VW HGLWLRQ
&RQWHQWV

 ,QWURGXFWLRQ 
 $FNQRZOHGJPHQW                          
 ([SHFWDWLRQV                             
 &RQYHQWLRQV                             
 )HHGEDFN                               

 %LUG˳V (\H 
 +LJK/HYHO &RQFHSWV                        

 2SHUDWLQJ 6\VWHPV 
 )HGRUD DQG )ULHQGV                         
 7HUPLQDOV DQG 6KHOOV                        
 &RPPDQGV                         
 6WDQGDUG 6WUHDPV                      
 )LOH (GLWLQJ                         
 1DYLJDWLRQ                         
 3LSHOLQHV                           
 6XPPDU\                               


 /LWWOH %LW RI 1HWZRUN 7KHRU\ 
 0HQWDO 0RGHO                            
 6LJQDOV DQG :DYHV                     
 ,QWHUQHW                           
 7UDQVSRUW                          
 $SSOLFDWLRQV                         
 6XPPDU\                               

 6HFXUH &RQQHFWLRQV 
 66+ DQG 2SHQ66+                         
 66+ .H\V                          
 $ )LUVW 6HUYHU                            
 5HPRWH 6KHOO                             
 )LOH 7UDQVIHUV                            
 66+ RQ 6HUYHUV                           
 66+ 7XQQHOLQJ                            
 6XPPDU\                               

 +DQGV2Q 1HWZRUNLQJ 
 1HWZRUN ,QWHUIDFHV                         
 0$& DQG ,3 $GGUHVVHV                       
 6HQGLQJ DQG 5HFHLYLQJ 7UDᨬF                   
 +RVWQDPHV                              
 3RUWV DQG 6RFNHWV                          
 5HERRWV                                
 6XPPDU\                               


 6HUYHU &RQᦣJXUDWLRQ  
 6RIWZDUH 3DFNDJHV                          
 6\VWHP 0DQDJHUV                          
 3DFNDJH 5HSRVLWRULHV                        
 3DFNDJH 0RGXOHV                      
 5HSRVLWRU\ &RQᨫJXUDWLRQ                 
 5HSRVLWRU\ 'DWD                      
 $XGLWV                                 
 &KDQJLQJ &RQᨫJXUDWLRQ                      
 $XWRPDWLRQ                             
 %DVK 2SWLRQV                        
 :RUNLQJ 'LUHFWRU\                     
 &RQGLWLRQDOV                        
 )XQFWLRQV                          
 6KHEDQJV                          
 6XPPDU\                               

 )LOHV\VWHPV 
 'HYLFH )LOHV                             
 3DWKV 3DWKV 3DWKV                          
 :HE $SSOLFDWLRQV                      
 3URᨫOHV                           
 )+6 /D\RXW                         
 /RVW DQG )RXQG                           
 6XPPDU\                               


 8VHU 5ROHV 
 8VHUV                                 
 6ZLWFKLQJ 8VHUV                       
 5XQQLQJ &RPPDQGV DV 6XSHUXVHU            
 *URXSV                                
 6XPPDU\                               

 3HUPLVVLRQV 
 'LVFUHHW 3HUPLVVLRQV                        
 )LOH 0RGH                          
 &KDQJLQJ 3HUPLVVLRQV                   
 &KDQJLQJ 2ZQHUVKLS                    
 $FFHVV &RQWURO /LVW                         
 6XPPDU\                               

 3URFHVVHV 
 &RPSXWHUV                              
 'DHPRQV                               
 3URFHVV 0DQDJHUV                          
 0RQLWRULQJ                              
 SURF                             
 SV                              
 WRS DQG KWRS                        
 Z SVWUHH DQG XSWLPH                    
 /RJJLQJ                                
 7UDFLQJ                                
 7HUPLQDWLRQ                             
 &DSDELOLWLHV                              


 1LFHQHVV                               
6ZDS                                 
5HFXUULQJ 5XQV                           
6\QFLQJ 7LPH                            
6XPPDU\                               

 :HE 6HUYHUV 


 .LQGV RI :HE 6HUYHUV                        
 5XQQLQJ D :HE 6HUYHU                       
 1*,1; &RQᨫJXUDWLRQ                       
 6WDWLF :HEVLWHV                            
 1LFH 85/V                              
 &RQᨫJXULQJ 5HGLUHFWV                        
 6HSDUDWLQJ 0XOWL6LWH &RQᨫJXUDWLRQV               
 5HYHUVH 3UR[\                            
 8VLQJ 7&3 6RFNHWV                     
 8VLQJ 81,; 6RFNHWV                    
 6HUYHU 5HIHUHQFHV                      
 5HVWULFWLQJ $FFHVV                          
/RJJLQJ                                
 /RJ 5RWDWLRQ :LWK ORJURWDWH                
6XPPDU\                               

 'RPDLQ 1DPHV DQG &HUWLᦣFDWHV 


 'RPDLQV                               
 '16 5HFRUGV                            
 /RRNLQJXS 5HFRUGV                    
 &KDQJLQJ 5HFRUGV                     


 +7736 DQG &HUWLᨫFDWHV                       
 ,PSOHPHQWLQJ +7736                        
 6HFXULW\ 2SWLRQV                      
 5HGLUHFWLQJ +773                     
 /HW˵V (QFU\SW &HUWLᨫFDWHV                      
 5HQHZDOV                          
 6XPPDU\                               

 )LUHZDOOV 
 ᨫUHZDOOG                               
 ,QVWDOODWLRQ                         
 2YHUVHHLQJ ᨫUHZDOOG                    
 &KDQJLQJ ᨫUHZDOOG 5XOHV                 
 &UHDWLQJ &XVWRP =RQHV                  
 'HᨫQLQJ 6HUYLFHV                      
 5LFK 5XOHV                          
 ,&03                            
 IDLOEDQ                                
 6HUYLFH 3URYLGHU )LUHZDOOV                     
 6XPPDU\                               

 %DVKIXO &RQᦣJXUDWLRQ 0DQDJHPHQW 


 &RQYHQWLRQ RYHU &RQᨫJXUDWLRQ                  
 %XLOGLQJ D )UDPHZRUN                       
 6WUXFWXUH                               
 &RQFOXVLRQ                              


 /DQJXDJH 5XQWLPH 
 ,QWHUSUHWHUV DQG &RPSLOHUV                     
 5XE\                                 
 6\VWHP 5XE\                        
 UXE\LQVWDOO                         
 FKUXE\                            
 %XQGOHU                           
 3\WKRQ                                
 6\VWHP 3\WKRQ                       
 S\HQY                            
 YHQY                             
 6XPPDU\                               

 $SSOLFDWLRQ 6HUYHUV 


 7KUHDGV RU 3URFHVVHV"                        
 &RQFXUUHQF\ DQG 3DUDOOHOLVP               
 7KUHDGLQJ                          
 =HUR'RZQWLPH 'HSOR\PHQW                    
 &RQᨫJXUDWLRQ                            
 5XE\ $SSOLFDWLRQV                          
 3XPD &RQᨫJXUDWLRQ                    
 3\WKRQ $SSOLFDWLRQV                         
 *XQLFRUQ &RQᨫJXUDWLRQ                  
 6XPPDU\                               


 %XLOGLQJ 6HUYLFHV 
 'HᨫQLQJ 6HUYLFHV                          
 6HUYLFH 8QLWV                        
 8VHU 6HUYLFHV                        
 $SSOLFDWLRQ 6HUYLFHV                         
 6RFNHW $FWLYDWLRQ                      
 3XPD &RQᨫJXUDWLRQ                    
 *XQLFRUQ &RQᨫJXUDWLRQ                  
 0RGLI\LQJ 6HUYLFHV                         
 &JURXSV                               
 6XPPDU\                               

 'DWDEDVHV DQG .H\9DOXH 6WRUHV 


 5XQQLQJ 3RVWJUH64/                        
 ,QVWDOODWLRQ                         
 6\VWHP 6HUYLFH                       
 'DWDEDVHV                          
 &OLHQW $XWKHQWLFDWLRQ                   
 6HFXUH &RQQHFWLRQ                     
 'DWDEDVH 5ROHV                       
 %DFNXSV                           
 8SJUDGHV                          
 5XQQLQJ 5HGLV                            
 ,QVWDOODWLRQ                         
 6\VWHP 6HUYLFH                       
 'DWDEDVHV                          
 &RQQHFWLRQV                         
 6HFXULW\                           


 %DFNXSV                           
 5HVWRULQJ %DFNXSV                     
 3HUIRUPDQFH                        
 6XPPDU\                               

 6(/LQX[ 
 3ROLFLHV                                
 7DUJHWHG 6(/LQX[                          
 8VHU DQG 5ROH (QIRUFHPHQW                
 7\SH (QIRUFHPHQW                     
 )LOH &RQWH[WV                             
 6(/LQX[ %RROHDQV                          
 6(/LQX[ 0RGHV                           
 7URXEOHVKRRWLQJ 6(/LQX[                      
 DXGLWG ORJV                         
 VHDOHUW DQG DXGLWDOORZ                   
 :ULWLQJ 3ROLF\ )LOHV                         
 3ROLF\ 5XOHV                         
 &XVWRP 3ROLF\ 0RGXOHV                  
 6XPPDU\                               

 6WRUDJH &RQFHUQV 


 6WRUDJH                                
 %ORFN 6WRUDJH                        
 1)6                             
 6XPPDU\                               


 %DFNXSV DQG 5HVWRUHV 
 &ROOHFWLRQ DQG &RPSUHVVLRQ                    
 (QFU\SWLRQ                              
 6XPPDU\                               

 6HFUHWV 0DQDJHPHQW 


 .HHSLQJ 6HFUHWV                           
 (QYLURQPHQW 9DULDEOHV                       
 5DLOV (QFU\SWHG &UHGHQWLDOV                    
 6XPPDU\                               

 $SSOLFDWLRQ 'HSOR\PHQW 


 'HSOR\PHQW 6WUDWHJLHV                       
 7\SLFDO &RQFHUQV                          
 /RDGLQJ WKH (QYLURQPHQW                 
 ,QVWDOOLQJ 'HSHQGHQFLHV                  
 5XQQLQJ 0LJUDWLRQV                    
 3UHSDULQJ $VVHWV                      
 5HVWDUWLQJ 6HUYLFHV                     
 'HSOR\LQJ ZLWK *LW                         
 JLWLQLW                            
 JLWSXVK                           
 JLWFKHFNRXW                         
 SRVWUHFHLYH                         
 6XPPDU\                               


 (PDLO 'HOLYHU\ 
 :KDW˵V LQ DQ HPDLO"                         
 6HQGLQJ HPDLOV                            
 )LUVW 7U\                           
 5HYHUVH '16                        
 63) '.,0 DQG '0$5&                 
 5HOD\ 6HUYHUV                        
 5HFHLYLQJ HPDLOV                           
 6XPPDU\                               

 /LQX[ &RQWDLQHUV 


 5XQWLPHV DQG ,PDJHV                        
 &RQWDLQHU %OXHSULQW                         
 5XQQLQJ &RQWDLQHUV                         
 3RGPDQ                           
 9ROXPHV                           
 1HWZRUNV                               
 5HVWULFWLQJ &RQWDLQHUV                       
 %XLOGLQJ &RQWDLQHUV                         
 &RQWDLQHUᨫOHV                        
 5RRWOHVV &RQWDLQHUV                    
 $SSOLFDWLRQ &RQWDLQHUV                   
 0XOWL7DUJHW %XLOGV                     
 &OHDQLQJ 8S                             
 6XPPDU\                               


 6FDOLQJ 
 &RQVLGHUDWLRQV DQG 0LVFRQFHSWLRQV                
 6LQJOH 6HUYHU                             
 0XOWLSOH 6HUYHUV                           
 /RDG %DODQFLQJ                           
 ,PSOHPHQWDWLRQ                       
 )DLORYHU                           
 0XOWL6HUYHU 'HSOR\PHQW                      
 ,QVWDQFH 7\SHV                            
 6XPPDU\                               

 )RUWXQH 7HOOLQJ 


 1H[W 6WHSV                              
 &ORVLQJ :RUGV                            


&KDSWHU 

,QWURGXFWLRQ

,I \RX DUH OLNH PH \RX OLNH WR VHH WKH DSSOLFDWLRQV \RX ZULWH UXQQLQJ LQ SUR
GXFWLRQ <RX JHW H[FLWHG ZKHQ \RX ᨫQDOO\ VHH \RXU KDUG ZRUN GHOLYHULQJ UHDO
YDOXH WR SHRSOH %XW ZHE DSSOLFDWLRQV GRQ˵W UXQ LQ D YDFXXP QRW HYHQ WKH
VHUYHUOHVV RQHV
:H QHHG VHUYHUV ZLWK FRPSDWLEOH SURFHVVRU DUFKLWHFWXUH DQG FRQQHFWLYLW\ 2Q
WKHP ZH UXQ RSHUDWLQJ V\VWHPV ZHE VHUYHUV GDWDEDVHV DQG ᨫUHZDOOV :H
PDNH EDFNXS FRSLHV RI XVHU GDWD 6FDOH VHUYLFHV XS DQG GRZQ
0D\EH \RX DUH QRW UXQQLQJ WKLV VKRZ FXUUHQWO\ EXW \RX FRXOG EH
7RJHWKHU ZH˵OO JHW D IXOOVWDFN ZHE DSSOLFDWLRQ XS DQG UXQQLQJ RQ D YLUWXDO
VHUYHU LQ WKH FORXG DQG IRFXV RQ WUDQVIHUDEOH VNLOOV WKDW \RX FDQ GHSHQG RQ LQ
\RXU FDUHHU IRU D ORQJ WLPH WR FRPH
$SDUW IURP D GHWDLOHG ORRN DW V\VWHPV FRQᨫJXUDWLRQ ZH˵OO DXWRPDWH W\SLFDO
GHSOR\PHQW WDVNV <RX˵OO VHH KRZ WKLQJV ᨫW WRJHWKHU
7KHUH LV D ORW WR OHDUQ EXW UHPHPEHU \RX GRQ˵W KDYH WR PDVWHU LW DOO IURP WKH
JHWJR ,PSURYH DV \RX JR
-RVHI


 $FNQRZOHGJPHQW
7KHVH SHRSOH KHOSHG PH D ORW WR PDNH WKLV ERRN D UHDOLW\

˾ &KDQ 7DQ/XL LV D WDOHQWHG JUDSKLF GHVLJQHU DQG DQLPDWRU ZKR GUDZ


DQG DQLPDWHG 7LJHU WKH &DW IRU PH
˾ +DQQLEDO KHOSHG PH WUHPHQGRXVO\ LQ WKH EHJLQQLQJ WR UHDOL]H D ORW
DERXW P\ HDUO\ GUDIWV

˾ 'DYH :RRGDOO KHOSHG PH SROLVK WKH ERRN LQ ODWHU VWDJHV RI P\ ZULWLQJ

, DP DOVR WKDQNIXO IRU DQ\ FRPPHQW UHSO\ RU IHHGEDFN , JRW WR PDNH WKLV ERRN
,I \RX KHOSHG PH LQ DQ\ ZD\ RU IRUP NQRZ WKDW , DP LQFUHGLEO\ JUDWHIXO


 ([SHFWDWLRQV
7KLV ERRN LV PHDQW WR EH UHDG IURP WKH EHJLQQLQJ WR WKH HQG DQG WKH NQRZO
HGJH IURP WKH SUHYLRXV FKDSWHUV ZLOO EH DOZD\V DVVXPHG ,I \RX DUH DOUHDG\
PRUH H[SHULHQFHG IHHO IUHH WR FKHUU\SLFN FKDSWHUV WKDW LQWHUHVWV \RX
, H[SHFW \RX WR KDYH WKH ᨫUVW H[SRVXUH WR D 81,;OLNH V\VWHP EHKLQG \RX ,I
\RX DUH RQ PDF26 RU :LQGRZV \RX˵OO QHHG WR VHW XS WKH 66+ WRROLQJ RQ \RXU
ZRUNVWDWLRQ DQG EH DOUHDG\ IDPLOLDU ZLWK \RXU V\VWHP VKHOO (YHU\WKLQJ HOVH
ZLOO EH GRQH RQ D /LQX[ V\VWHP LQ WKH FORXG
, WDUJHW &HQW26  DQG 5RFN\ /LQX[  ,I \RXU SURYLGHU GRHVQ˵W KDYH LPDJHV
IRU WKHP \RX FDQ DOVR XVH &HQW26 6WUHDP  RU )HGRUD <RX FDQ DOVR XVH
5+(/  EXW \RX QHHG WR KDYH D VXEVFULSWLRQ FRQVXOW RᨬFLDO GRFXPHQWDWLRQ
RQ KRZ WR XVH WKH VXEVFULSWLRQ PDQDJHU 


 &RQYHQWLRQV
7KHUH DUH D FRXSOH RI FRQYHQWLRQV LQ WKH ERRN
7KH FRGH VQLSSHWV DQG FRPPDQG RXWSXW FRPHV LQ WKH IROORZLQJ ER[HV

0 r?Q
bi`xB#Mv iivk kyky@yN@jy Re,ky UiivkV

3OHDVH QRWH WKDW , KDG WR HGLW WKH RXWSXWV VRPHWLPHV IRU FODULW\ $OVR , KDG WR
ZUDS OLQHV P\VHOI IURP WLPH WR WLPH $V D UHVXOW WKH\ PLJKW FRQWLQXH RQ WKH
IROORZLQJ OLQH
&RQFHSWV DQG UHIHUHQFHV FRPH LQVLGH WKH IROORZLQJ JUH\ ER[

/LQX[ LV D 81,;OLNH 326,;EDVHG RSHUDWLQJ V\VWHP NHUQHO WKH SDUW


RI \RXU V\VWHP SURYLGLQJ WKH DEVWUDFWLRQ RI KDUGZDUH DQG PHDQV WR
UXQ FRQFXUUHQW SURJUDPV

$QG ᨫQDOO\ FRPPHQWDU\ RI 7LJHU WKH &DW FRPHV LQ WKH \HOORZ ER[

'RQ˴W PLQG PH , DP H[WUD


 )HHGEDFN
3OHDVH HPDLO PH DQ\ IHHGEDFN HUUDWD DQG TXHVWLRQV \RX PLJKW KDYH
7KH HPDLO LV VWU]LEQ\#VWU]LEQ\QDPH


&KDSWHU 

%LUG˳V (\H

7KH SURFHVV RI GHSOR\LQJ ZHE DSSOLFDWLRQV IURP VFUDWFK LQYROYHV WKUHH NLQGV
RI DFWLYLWLHV SURYLVLRQLQJ KDUGZDUH LQVWDOOLQJ DQG FRQᨫJXULQJ VRIWZDUH DQG
GHSOR\LQJ DSSOLFDWLRQ FRGH 7KHUH DUH D ORW RI ZD\V RI KRZ ZH FDQ GR WKLV
0DQXDO WR DXWRPDWHG GHGLFDWHG VHUYHUV WR FORXG YHUWLFDO DQG KRUL]RQWDO VFDO
LQJ YLUWXDO PDFKLQHV RU FRQWDLQHU RUFKHVWUDWLRQ
7KHUH LV QRW D VLQJOH ULJKW ZD\ RI GRLQJ GHSOR\PHQWV EXW WKHUH DUH FHUWDLQ
WUDLWV RI D MRE ZHOO GRQH 6HFXULW\ LV RQH RI WKRVH 6R LV SHUIRUPDQFH DQG D
KDQGIXO RI RWKHUV %XW ZKDW LV WKH WUDLW , OLNH WKH PRVW" $ WKRURXJK XQGHU
VWDQGLQJ RI ZKDW ZH DUH GRLQJ 7KDW˵V ZKHUH RXU IRFXV ZLOO EH %XW QRZ OHW˵V
VWDUW ZLWK D ELUG˵VH\H YLHZ RI D JHQHUDO GHSOR\PHQW SURFHVV


 +LJK/HYHO &RQFHSWV
'HSOR\PHQW LQ WKH FRQWH[W RI WKLV ERRN LV SUHSDULQJ WKH ZHE DSSOLFDWLRQ IRU
XVH ,Q RWKHU ZRUGV LW˵V WKH VWHSV SURFHVVHV DQG DFWLYLWLHV QHFHVVDU\ IRU
PDNLQJ WKH DSSOLFDWLRQ WR VWDUW DFFHSWLQJ UHTXHVWV :H XVXDOO\ WDON DERXW
WKH GHSOR\PHQW LQ WKH IROORZLQJ VWDJHV WKDW VRPHWLPHV RYHUODS 3URYLVLRQLQJ
&RQᨫJXUDWLRQ DQG $SSOLFDWLRQ 'HSOR\PHQW
6HUYHU SURYLVLRQLQJ LV WKH SURFHVV RI VHWWLQJ XS LQIUDVWUXFWXUH DQG WKH HVVHQ
WLDO V\VWHP VRIWZDUH %H LW EDUHPHWDO GHGLFDWHG VHUYHUV RU YLUWXDO PDFKLQHV LQ
WKH FORXG SURYLVLRQLQJ PHDQV JHWWLQJ WKHP XS DQG UXQQLQJ 7KLV LQYROYHV LQ
VWDOOLQJ DQ RSHUDWLQJ V\VWHP FRQᨫJXULQJ QHWZRUNLQJ DQG SUHSDULQJ WKH 66+
DFFHVV :LWK SURYLGHUV OLNH 'LJLWDO 2FHDQ D QHZO\ SURYLVLRQHG YLUWXDO PDFKLQH
LV MXVW D IHZ FOLFNV DZD\
<RX PD\ KDYH KHDUG DERXW ,QIUDVWUXFWXUH DV &RGH ,D&  ZKLFK DLPV WR
DXWRPDWH WKLV LQLWLDO VHWXS ZLWK FRGH ,QIUDVWUXFWXUH DV FRGH DOORZV XV WR
ZULWH D PDFKLQHUHDGDEOH GHᨫQLWLRQ RI ZKDW VHUYHUV KDYH WR EH SURYLGHG %\
VSHFLI\LQJ WKHLU FRPSXWH VL]H FRXQW SURYLGHU DQG UHJLRQ ZH FDQ GR IRU LQ
IUDVWUXFWXUH ZKDW ZH˵OO GR IRU WKH V\VWHP FRQᨫJXUDWLRQ LQ WKLV ERRN
<RX FDQ LPDJLQH ,D& DV ZULWLQJ D SURJUDP FRQVXPLQJ D VHUYHU SURYLGHU˵V $3,
7KH SURJUDP ZRXOG FDOO DQ HQGSRLQW fb2`p2`b ZLWK D SD\ORDG RI ZKDW NLQG
RI VHUYHUV \RX ZDQW <RX ZRXOG JHW EDFN WKHLU ,3 DGGUHVVHV $Q H[DPSOH RI
D SRSXODU WRRO LQ WKLV VSDFH LV 7HUUDIRUP ZKLFK LPSOHPHQWV SRSXODU FORXG
SURYLGHUV˵ $3,V

7KH UHDO SRZHU EHKLQG ,D& LV WKH DELOLW\ WR FRQVROLGDWH D ORW RI


WKLQJV WRJHWKHU 'HSHQGLQJ RQ WKH WRRO DQG SURYLGHU LQ TXHVWLRQ
\RX FRXOG GHᨮQH '16 ᨮUHZDOOV REMHFW VWRUDJH ORDG EDODQFHUV
DQG PRUH

%XW DXWRPDWLQJ HYHU\WKLQJ HYHU\ VLQJOH WLPH PLJKW QRW EH WKH EHVW XVH RI RXU
WLPH :KHQ WKH DSSOLFDWLRQ DUFKLWHFWXUH DQG LQFRPLQJ WUDᨬF GRQ˵W UHTXLUH
PRUH WKDQ D IHZ YLUWXDO VHUYHUV ZH FDQ FUHDWH QHZ PDFKLQHV E\ KDQG $ ORW
RI DSSOLFDWLRQV FDQ UXQ VXᨬFLHQWO\ RQ D PDFKLQH RU WZR :LWK PDQDJHG ORDG
EDODQFHUV DQG GDWDEDVHV WKHUH PLJKW EH OLWWOH LQFHQWLYH WR DGG WKH FRPSOH[LW\
RI \HW DQRWKHU WRRO
6RRQ ZH˵OO SURYLVLRQ YLUWXDO VHUYHUV IURP SURYLGHUV OLNH 'LJLWDO 2FHDQ 9XOWU
DQG +HW]QHU IURP WKHLU FXVWRPHU DGPLQ DUHD ,W˵V DQ LGHDO SODFH WR VWDUW DQG


˱ WR WKH GLVEHOLHI RI PDQ\ ˱ VXᨬFLHQW IRU D ORW RI EXVLQHVVHV RXW WKHUH 2QFH
UHDFKLQJ D FHUWDLQ OHYHO RI FRPSOH[LW\ , UHFRPPHQG WR VWDUW ORRNLQJ LQWR ,D&

'RQ˴W IHHO OLNH \RX PXVW NQRZ HYHU\ WHUP RU WRRO PHQWLRQHG :H˴OO JHW
WR HYHU\WKLQJ LQ WLPH

2QFH UHVRXUFHV KDYH EHHQ SURYLVLRQHG WKH QH[W VWHS LV WKH FRQᨫJXUDWLRQ &RQ
ᦣJXUDWLRQ PDQDJHPHQW LV DERXW PDLQWDLQLQJ D GHVLUHG VWDWH ,W˵V SXUSRVH LV
WR FRQᨫJXUH WKH DOUHDG\ SURYLVLRQHG VHUYHUV WR D VSHFLᨫF VWDWH WKDW FDQ VXS
SRUW WKH DSSOLFDWLRQ DW KDQG 7KLQN DSSOLFDWLRQ GHSHQGHQFLHV 1*,1; FRQ
ᨫJXUDWLRQ WKH 3RVWJUH64/ T;n?#X+QM7 ᨫOH RU ᨫUHZDOOG VHWWLQJV $ ORW RI
FRPSOH[LW\ FRPHV IURP FRQᨫJXULQJ D ORW RI PDFKLQHV DW RQFH
:H˵OO OHDUQ KRZ WR FRQᨫJXUH YDULRXV FRPSRQHQWV WR WKH GHVLUHG VWDWH RYHU
WKH FRXUVH RI WKLV ERRN $QG ZH˵OO DXWRPDWH WKLV SURFHVV XVLQJ %DVK DQG 66+
FRQQHFWLRQ 6RPH ZHOONQRZQ WRROV LQ WKLV VSDFH OLNH $QVLEOH DUH EDVHG RQ WKH
VDPH LGHD RI H[HFXWLQJ VKHOO FRPPDQGV DQG VFULSWV RYHU DQ 66+ FRQQHFWLRQ
7KH\ DGG D OLWWOH ELW PRUH FHUHPRQ\ WR PDNH D ODUJHU PXOWLQRGH GHSOR\PHQW
PRUH PDQDJHDEOH
7KHQ WKH\ DUH WRROV OLNH &KHI RU 3XSSHW WKDW E\ GHIDXOW H[SHFW D PDVWHU QRGH
WKDW DFWV DV D KXE IRU FRQᨫJXUDWLRQ GDWD KROGLQJ WKH GHVLUHG VWDWH  7KH
RWKHU QRGHV UXQ OLJKWZHLJKW DJHQWV WKDW FDQ IHWFK WKH QHZO\ DSSOLHG VWDWH DQG
FRQᨫJXUH WKH QRGH DFFRUGLQJO\ 7KLV DSSURDFK PLJKW EH IDVWHU ZKHQ D KLJKHU
QXPEHU RI QRGHV DUH FRQVLGHUHG EXW , OLNH WKH IRUPHU VLQFH LW˵V FORVH WR GRLQJ
WKLQJV \RXUVHOI ZLWK %DVK

6RPH WRROV FDQ VXSSRUW PRUH WKDQ RQH VWDJH RI GHSOR\PHQW


6RPHWLPHV WKH\ RYHUODS LQ IXQFWLRQDOLW\ $QVLEOH VWDUWHG DV D
FRQᨮJXUDWLRQ PDQDJHPHQW WRRO EXW ZLOO KDSSLO\ SURYLVLRQ \RXU
VHUYHUV LQ WKH ,D& IDVKLRQ WRGD\

7KH ODVW VWHS LV WKH DSSOLFDWLRQ GHSOR\PHQW ,WV VLPSOHVW IRUP LV PRVW OLNHO\
FRS\LQJ ᨫOHV RYHU 6)73 ,Q WKH FDVH RI 5XE\ DQG 3\WKRQ DSSOLFDWLRQV LW LV
SHUKDSV XSORDGLQJ WKH ᨫOHV ZLWK b+T DQG UHVWDUWLQJ WKH DSSOLFDWLRQ VHUYHU
%XW IRU D W\SLFDO ZHE DSSOLFDWLRQ WRGD\ WKHUH DUH IHZ PRUH WDVNV WR VROYH
IURP XSGDWLQJ UXQWLPH GHSHQGHQFLHV WR SUHFRPSLOLQJ IURQWHQG DVVHWV
$V \RX FDQ LPDJLQH ZH PLJKW QHHG D VKRUW VFULSW RU WDNH DGYDQWDJH RI D
VSHFLDOL]HG WRRO OLNH &DSLVWUDQR WR KDQGOH DOO WKDW $OVR GHSOR\PHQW LV QRW


DOZD\V IRUZDUG :H QHHG WR EH DEOH WR UROO EDFN WR D SUHYLRXV YHUVLRQ RI WKH
DSSOLFDWLRQ LI WKLQJV JR VRXU :H FRXOG VHQG D GLᨪHUHQW UHYLVLRQ RYHU RU GR
ZKDW &DSLVWUDQR GRHV NHHS ROGHU YHUVLRQV DURXQG DQG V\POLQN WR WKH GHVLUHG
RQH 2Q WKH IROORZLQJ SDJHV ZH˵OO FRQᨫJXUH WKH YLUWXDO VHUYHU WR GHSOR\ VWDWLF
VLWHV ZLWK D VKRUW ZUDSSHU DURXQG b+T DQG IXOOIHDWXUHG ZHE DSSOLFDWLRQV ZLWK
JLW D GHSOR\PHQW SRSXODUL]HG E\ +HURNX 

0 a1_o1_4Re8XkkdXR83Xkyy b2`p2`fb2imTXb?
0 ;Bi Tmb? T`Q/m+iBQM pRXyXy

7KHQ WKHUH DUH /LQX[ FRQWDLQHUV WKDW VLJQLᨫFDQWO\ FKDQJH KRZ ZH EXLOG WKH
GHSHQGHQFLHV DQG DSSURDFK WKH DSSOLFDWLRQ GHOLYHU\ $ FRQWDLQHU FDQ EH VLP
LODUO\ SXVKHG WR D VHUYHU DV FRGH RU EXLOW IURP WKLV FRGH RQ WKH VHUYHU VLGH
+RZHYHU PRVW XVH FRQWDLQHUV LQ FRPELQDWLRQ ZLWK D FHQWUDOL]HG UHSRVLWRU\
WKDW KRVWV DOO UHOHDVHV $SSOLFDWLRQ GHSOR\PHQW LV WKHQ SXOOLQJ WKH QHZ YHUVLRQ
DQG UHSODFLQJ WKH SUHYLRXV UXQQLQJ FRQWDLQHU ZLWKRXW DQ\ EXLOG VWHSV :H˵OO
VHH KRZ WR EXLOG FRQWDLQHUV IURP VFUDWFK DQG KRZ WKH\ FKDQJH WKH GHOLYHU\
RI DSSOLFDWLRQV
$XWRPDWLRQ RI UXQQLQJ FRQWDLQHUL]HG VHUYLFHV LV FRQWDLQHU RUFKHVWUDWLRQ
,W˵V SDUWO\ SURYLVLRQLQJ SDUWO\ GHSOR\PHQW 7KLV DSSURDFK ZDV RULJLQDOO\ LQ
YHQWHG IRU FORXG SURYLGHUV DQG WKH FRQVROLGDWLRQ RI PDQ\ VHUYLFHV LQ FRUSR
UDWLRQV ,W XVXDOO\ LQYROYHV PRYLQJ DQG VFDOLQJ FRQWDLQHU ZRUNORDGV DFURVV
PDQ\ QRGHV 7RGD\ PDQ\ GHYHORSHU WHDPV DGRSW WRROV OLNH .XEHUQHWHV DQG
2SHQ6KLIW ZLWK WKH DYDLODELOLW\ RI WKH WRROV˵ PDQDJHG RᨪHULQJV
,Q WKH HQG RI WKH ERRN ZH˵OO GLVFXVV WKH QH[W VWHSV \RX FDQ WDNH ZLWK \RXU
DSSOLFDWLRQ GHSOR\PHQW


&KDSWHU 

2SHUDWLQJ 6\VWHPV

6\VWHP DGPLQLVWUDWRUV VSHQG D ORW RI WLPH ZRUNLQJ ZLWK WH[WEDVHG VKHOOV LQ


WHUPLQDOV $QG LW ZRQ˵W EH DQ\ GLᨪHUHQW IRU XV 6KHOOV DUH WKH RXWHU OD\HU RI
DQ RSHUDWLQJ V\VWHP DQG LWV XVHU LQWHUIDFH 7KH\ DUH XVXDOO\ WKRXJKW RI DV D
EODFN VFUHHQ ZLWK JUHHQ WH[W EXW WRGD\ ZH HQMR\ IDQF\ JUDSKLFDO VKHOOV RᨪHULQJ
SRZHUIXO ZLQGRZ PDQDJHPHQW %HIRUH ZH KHDG IRU WKH FORXGV ZH˵OO QHHG WR
PDNH D VWRS DW RXU ZRUNVWDWLRQ˵V WHUPLQDO :H˵OO GLVFXVV RSHUDWLQJ V\VWHPV
WHUPLQDOV DQG VKHOOV


 )HGRUD DQG )ULHQGV
/LQX[ LV D 81,;OLNH 326,;EDVHG RSHUDWLQJ V\VWHP NHUQHO WKH SDUW RI \RXU
V\VWHP SURYLGLQJ WKH DEVWUDFWLRQ RI KDUGZDUH DQG PHDQV WR UXQ FRQFXUUHQW
SURJUDPV 7RJHWKHU ZLWK WKH *18 WRROLQJ LW IRUPV DQ RSHUDWLQJ V\VWHP
:KHQ \RX DGG RWKHU VRIWZDUH \RX JHW ZKDW ZH FDOO D /LQX[ GLVWULEXWLRQ
&KRRVLQJ D VXLWDEOH GLVWULEXWLRQ LV RIWHQ WKH ᨫUVW VWHS LQ \RXU VHUYHU FRQᨫJX
UDWLRQ 2Q WKH IROORZLQJ SDJHV , ZLOO IRFXV RQ V\VWHPV LQ WKH )HGRUD IDPLO\
6LQFH , DP D )HGRUD GHYHORSHU ZKR ZRUNHG DW 5HG +DW DV D /LQX[ SDFNDJHU ,
NQRZ )HGRUDEDVHG V\VWHPV WKH EHVW +HUH DUH VRPH RI WKH V\VWHPV IURP WKH
)HGRUD IDPLO\

˾ )HGRUD LV D FRPPXQLW\ GLVWULEXWLRQ EDFNHG E\ 5HG +DW ZLWK D VKRUW


GHYHORSPHQW OLIHF\FOH DQG DSSUR[  PRQWKV RI VXSSRUW 6RPH EHOLHYH
LW˵V MXVW D WHVWLQJ GLVWULEXWLRQ EXW )HGRUD LV D SUHWW\ VWDEOH V\VWHP ,W
FRXOG EH D JRRG ᨫW ZKHQ EXLOGLQJ FRQWDLQHUV
˾ 5HG +DW (QWHUSULVH /LQX[ 5+(/ LV WKH PRVW IDPRXV DQG VXFFHVVIXO
GLVWULEXWLRQ IRU WKH HQWHUSULVH ,W˵V RQH RI WKH PRVW VWDEOH DQG VHFXUH V\V
WHPV WR UXQ ZLWK  \HDUV RI DFWLYH GHYHORSPHQW DQG  PRUH RI VXSSRUW
(QWHUSULVH FXVWRPHUV PLJKW JHW HYHQ ORQJHU VXSSRUW LQ VRPH FDVHV

˾ &HQW26 6WUHDP LV VRPHWKLQJ LQ EHWZHHQ ZLWK D  \HDUV RI DFWLYH


GHYHORSPHQW ,W˵V PDGH RXW RI D VXEVHW RI )HGRUD SDFNDJHV DQG LW˵V
ZKDW ODWHU EHFRPHV 5+(/ ,W˵V D VHPLUROOLQJ GLVWULEXWLRQ ZKLFK PHDQV
WKDW JRLQJ IURP YHUVLRQ  WR  LV MXVW D UHJXODU XSGDWH LQ 6WUHDP
˾ 5RFN\ /LQX[ LV D GH IDFWR VXFFHVVRU WR FODVVLF &HQW26 ,W˵V D FRPPXQLW\
UHEXLOG RI 5+(/ ZLWKRXW 5HG +DW WUDGHPDUNV DQG FRPPHUFLDO RᨪHULQJV

5RFN\ /LQX[ LV VWDUWHG E\ WKH VDPH *UHJ .XUW]HU WKDW FR


IRXQGHG &HQW26 D ORQJ WLPH DJR DQG LW˴V SUREDEO\ WKH EHVW
UHSODFHPHQW IRU RULJLQDO &HQW26 ZRUNORDGV ,I \RXU SURYLGHU
RQO\ RᨭHU &HQW26 FODVVLF \RX FDQ XVH D FRQYHUWHU VFULSW WR
VZLWFK WR 5RFN\ DQG FRQWLQXH DV XVXDO

)HGRUD LV DQ RSHUDWLQJ V\VWHP WKDW˵V EXLOW HQWLUHO\ IURP VFUDWFK OLNH 'HELDQ 
ZKHUHDV &HQW26 6WUHDP LV EXLOW RXW RI )HGRUD DQG 5+(/ RXW RI &HQW26


6WUHDP OLNH 8EXQWX EHLQJ EXLOW RXW RI 'HELDQ  7KLV LV EHFDXVH VRIWZDUH
SDFNDJHV PDWXUH DV WKH\ JR IURP )HGRUD WR &HQW26 6WUHDP DQG WR 5+(/
7KDW˵V RQH RI WKH UHDVRQV WKDW PDNHV 5+(/ VR VWDEOH

&HQW26 ᨫ[ 5RFN\ ᨫ[ DQG 5+(/ ᨫ[ FDQ EH XVHG LQWHUFKDQJHDEO\
WR IROORZ WKLV ERRN 1RWH WKDW 5+(/ UHTXLUHV D UHJLVWUDWLRQ ZKLFK LV
RPLWWHG LQ WKH ERRN )HGRUD LV XVHG IRU FRQWDLQHUV EXW ZH˴OO GLVFXVV
WKDW ODWHU

,I \RX DUH FRPLQJ IURP DQRWKHU V\VWHPGEDVHG GLVWULEXWLRQ OLNH 8EXQWX \RX
FDQ FRQWLQXH JRLQJ WKURXJK WKH ERRN XVLQJ \RXU V\VWHP RI FKRLFH 0RVW WKLQJV
LQ WKH ERRN DUH VWLOO DSSOLFDEOH EXW WKH\ DUH GLᨪHUHQW 1DPHO\ %DVK PLJKW QRW
EH WKH GHIDXOW VKHOO DOWKRXJK PLJKW EH DYDLODEOH  SDFNDJH PDQDJHPHQW LV
GRQH XVLQJ GLᨪHUHQW WRROV OLNH DSWJHW  VRIWZDUH YHUVLRQV DUH QRW DQ H[DFW
PDWFK DQG 6(/LQX[ VXSSRUW PLJKW QRW EH DYDLODEOH


 7HUPLQDOV DQG 6KHOOV
7HUPLQDOV DUH SUREDEO\ WKH PRVW XVHG WRROV LQ D V\VWHP DGPLQLVWUDWRU WRROER[
7KH\ OHW XV XVH VKHOOV WR FRPPXQLFDWH ZLWK WKH XQGHUO\LQJ RSHUDWLQJ V\VWHP
%HIRUH VWDUWLQJ WKH LQWHUHVWLQJ ZRUN , ZDQW WR PDNH VXUH ZH DUH DOO RQ WKH
VDPH SDJH ZKHQ LW FRPHV WR ZRUNLQJ LQ D VKHOO 6LQFH )HGRUDEDVHG V\VWHPV
KDYH %DVK DV D GHIDXOW VKHOO WKDW˵V ZKDW ,˵OO VKRZ ˱ EXW \RX FDQ XVH D FRPSOHWHO\
GLᨪHUHQW VKHOO RQ \RXU ZRUNVWDWLRQ

$OO ZRUNVWDWLRQ H[DPSOHV LQ WKLV ERRN DUH UXQ IURP )HGRUD <RX FDQ
UXQ ˸EDVK˸ LQ WKH WHUPLQDO RQ PDQ\ /LQX[ V\VWHPV DQG PDF26 WR JHW
WKH VDPH VKHOO 2Q :LQGRZV , UHFRPPHQG XVLQJ :LQGRZV 6XEV\VWHP
IRU /LQX[

 &RPPDQGV

:KHQ , RSHQ D WHUPLQDO DSSOLFDWLRQ VXFK DV 7HUPLQDO IURP *120(  , VHH


WKH IROORZLQJ

(bi`xB#Mv!bi`xB#Mv )0

,W˵V D %DVK VKHOO ZLWK D VWDQGDUG SURPSW DQG SRVVLEO\ EOLQNLQJ FXUVRU
7KH RXWSXW ZH VHH LV WKH FRPPDQG SURPSW 2Q )HGRUD WKLV FDQ ORRN OLNH
WKH IROORZLQJ

(mb2`!?QbiMK2 )0
(`QQi!?QbiMK2 .B`2+iQ`v)O

7KHUH DUH D XVHUQDPH DQG D KRVWQDPH QDPH RI WKH FRPSXWHU VHSDUDWHG E\


! DQG IROORZHG E\ WKH FXUUHQW GLUHFWRU\ $W WKH HQG ZH KDYH D VLJQ WHOOLQJ XV
ZKHWKHU ZH DUH VLJQHG LQ DV D UHJXODU XVHU 0 RU DV URRW O  ,Q WKLV ERRN
, RPLW WKH XVHUQDPH KRVWQDPH DQG GLUHFWRU\ SDUW LQ PRVW FDVHV , XVH WKH
GROODU 0  DQG WKH SRXQG O VLJQV DORQH WR VDYH VSDFH
:KHQ ZH DUH LQ WKH VKHOO ZH FDQ VWDUW W\SLQJ 6KHOO LV D SODFH WR UXQ SURJUDPV
RU VKHOO IXQFWLRQV VR WR VWDUW ZH FDQ VLPSO\ JLYH LW WKH QDPH RI D SURJUDP


, FDQ VHH WKH IROORZLQJ LQ P\ WHUPLQDO DIWHU W\SLQJ mMK2 DQG KLWWLQJ WKH
1Mi2` NH\

0 mMK2
GBMmt
0

7KH mMK2 XWLOLW\ FDQ WHOO XV ZKDW V\VWHP ZH DUH FXUUHQWO\ UXQQLQJ $V \RX
FDQ VHH LW SULQWHG ˸/LQX[˹ DQG ᨫQLVKHG %XW WKHUH LV PRUH WR mMK2 DQG LQ
IDFW ZH FDQ DVN mMK2 ZKDW LW FDQ GR IRU XV

7KH ZRUG GROODU FRPHV IURP D FLW\ -£FK\PRY LQ WKH &]HFK 5H
SXEOLF IURP WKH WLPH LW ZDV D VLOYHU PLQH DQG NQRZQ XQGHU WKH
*HUPDQ QDPH RI -RDFKLPVWKDO -RDFKLPVWKDOHU ZDV WKH QDPH RI
WKH VLOYHU FRLQ VKRUWHQHG WR WKDOHU /DWHU RQ WKH (QJOLVK YHU
VLRQ FDOOHG GROODU ZDV XVHG IRU RWKHU FRLQV LQ (XURSH 2QH RI WKRVH FRLQV ZDV
WKH 6SDQLVK SHVR XVHG D ORW LQ 1RUWK $PHULFDQ FRORQLHV GXH WR D VKRUWDJH RI
RᨯFLDO %ULWLVK FRLQV 7KH QHZO\ IRXQGHG 86$ WKHQ FKRVH WR FDOO WKHLU FXUUHQF\
GROODU 6R LQ D ZD\ WKH GROODU LV D UHIHUHQFH WR D &]HFK YDOOH\ IXOO RI VLOYHU

0RVW FRPPDQGOLQH SURJUDPV LQFOXGH D KHOS SDJH %\ SURYLGLQJ @@?2HT RU


@? VZLWFK ZH FDQ WHOO WKH SURJUDP WR VKRZ XV ZKDW ZH FDQ GR ZLWK LW /HW˵V
VHH ZKDW mMK2 FDQ GR IRU XV

0 mMK2 @@?2HT
XXX
@- @@HH T`BMi HH BM7Q`KiBQM- BM i?2 7QHHQrBM; Q`/2`-
XXX

7KH WKUHH GRWV XXX VXJJHVW D OLWWOH ELW PRUH RI WKH RULJLQDO RXWSXW EXW ,
VWULSSHG LW IRU FODULW\
/HW˵V VHH ZKDW WKH @ VZLWFK VKRZV

0 mMK2 @
GBMmt bi`xB#Mv 8X3XRR@kyyX7+jkXt3ene9 OR aJS q2/ a2T kj
Rj,8R,k3 lh* kyky t3ene9 t3ene9 t3ene9 :LlfGBMmt


, KDG WR ZUDS WKH RXWSXW OLQHV WR ᨫW WKH ER[ EXW \RX FDQ DOUHDG\ VSRW D
XVHUQDPH DQG /LQX[ NHUQHO YHUVLRQ IURP WKH V\VWHP SDFNDJH QDPH 
$ FRPPDQGOLQH SURJUDP PLJKW FRPH ZLWK PDQ\ RSWLRQV WR EH UXQ ZLWK $V
ZH KDYH VHHQ IURP mMK2 KHOS RXWSXW DERYH WKHUH FDQ EH PDQ\ VZLWFKHV @
LV D VZLWFK WR SULQW DOO LQIRUPDWLRQ @b LV D VZLWFK WR SULQW RQO\ WKH NHUQHO
QDPH DQG VR RQ 7KHVH VKRUW RSWLRQV FRPH IURP WKH ROG 81,; GD\V
(DFK FRPPDQG RU VZLWFK FDQ DVN IRU DUJXPHQWV )RU H[DPSOH WKH FRPPDQG
2+?Q IRU SULQWLQJ ZRXOG QRW EH DV XVHIXO ZLWKRXW DFFHSWLQJ DUJXPHQWV DV LW
RQO\ SULQWV D EODQN OLQH +RZHYHU JLYH 2+?Q D VWULQJ DUJXPHQW DQG LW SULQWV
LW

0 2+?Q >B
>B

6RPH SURJUDPV PLJKW FRPELQH DUJXPHQWV DQG VZLWFKHV

0 T`Q;`KnMK2 _: @# _: @@HQM; _:

*18 VXJJHVWV WKH ORQJ DUJXPHQW YDULDQWV ZLWK IXOO QDPHV RQ WRS RI 326,;
JXLGHOLQHV WR PDNH WKH SURJUDPV PRUH IULHQGO\ 6DPH ZLWK WKH GRXEOH GDVK

0 T`Q;`KnMK2 @# _: @@ ]MQi MQi?2` QTiBQM]

$ GRXEOH GDVK @@ LV D GHOLPLWHU IRU RSWLRQV :KDWHYHU FRPHV DIWHU LW VKRXOG


QRW EH SDUVHG E\ WKH SURJUDP DV DQRWKHU RSWLRQ

*18˴V 1RW 8QL[ UHFXUVLYH DFURQ\P LV DQ RSHUDWLQJ V\VWHP DSSOL


FDWLRQV OLEUDULHV GHYHORSHU WRROV  7UDGLWLRQDO /LQX[ GLVWULEXWLRQV DUH
EXLOW ERWK RQ WRS RI *18 VRIWZDUH DQG D /LQX[ NHUQHO DQG WKHUHIRUH
WKH 26 VKRXOG EH UHIHUHQFHG DV *18/LQX[

_: DERYH LV WKH OLWHUDO YDOXH EXW RIWHQ ZH QHHG WR SDVV D YDULDEOH ,Q %DVK
ZH FDQ GHᨫQH YDULDEOHV DV IROORZV

0 >PahLJ14/2THQvK2Mi7`QKb+`i+?X+QK


:KHQ UHIHUHQFLQJ WKHP ZH DSSHQG WKH GROODU VLJQ

0 2+?Q 0>PahLJ1
/2THQvK2Mi7`QKb+`i+?X+QK

:H FDQ DOVR GHᨫQH WKH YDULDEOHV EHIRUH D FRPPDQG

0 >PahLJ14/2THQvK2Mi7`QKb+`i+?X+QK 2+?Q 0>PahLJ1


/2THQvK2Mi7`QKb+`i+?X+QK

, ZLOO RIWHQ VXEVWLWXWH OLWHUDO YDOXHV ZLWK %DVK YDULDEOHV VXJJHVWLQJ \RX VKRXOG
SURYLGH D OLWHUDO YDOXH LQVWHDG RI GHᨫQLQJ VXFK D YDULDEOH EHIRUHKDQG
,I ZH QHHG WR GHᨫQH WKH YDULDEOH IRU WKH FXUUHQW VHVVLRQ WKH ZD\ LW˵V SDVVHG WR
LWV FKLOG SURFHVVHV ZH XVH 2tTQ`i

0 2tTQ`i >PahLJ14/2THQvK2Mi7`QKb+`i+?X+QK
0 #b?
0 2+?Q 0>PahLJ1
/2THQvK2Mi7`QKb+`i+?X+QK

, H[SRUWHG WKH YDULDEOH >PahLJ1 VWDUWHG D QHZ %DVK SURFHVV DQG WKH YDULDEOH
LV VWLOO WKHUH

/LQX[ SURFHVVHV DUH XVXDOO\ FUHDWHG RXW RI H[LVWLQJ SURFHVVHV VR WKHUH


LV D SDUHQWFKLOG UHODWLRQVKLS EHWZHHQ WKHP

7KHUH DUH DOVR SUHGHᨫQHG YDULDEOHV WKDW ZH FDQQRW RYHUULGH )RU QRZ OHW˵V
PHQWLRQ y DQG \
/HW˵V W\SH 2+?Q 0y LQWR WKH VKHOO

0 2+?Q 0y
#b?


7KH YDULDEOH y DFWXDOO\ VSHFLᨫHV WKH FXUUHQWO\ UXQQLQJ VFULSW , DP FDOOLQJ
2+?Q IURP D VKHOO LWVHOI VR WKH YDOXH KROGV WKH VKHOO˵V QDPH
$Q\ SURJUDP WKDW UXQV LQ VKHOO UHWXUQV DQ H[LW FRGH GHWHUPLQLQJ LI WKH SUR
JUDP ᨫQLVKHG VXFFHVVIXOO\ RU QRW :H FDQ DFFHVV WKLV UHVXOW ZLWK D VSHFLDO \
YDULDEOH

0 mMK2
GBMmt
0 2+?Q 0\
y

y PHDQV HYHU\WKLQJ ZHQW ᨫQH $OO QRQ]HUR FRGHV VLJQDOL]H DQ HUURU 6RPH
VWDWXV FRGH QXPEHUV DUH VWDQGDUGL]HG )RU H[DPSOH WKH QXPEHU Rkd PHDQV
WKDW WKH FRPPDQG ZDV QRW IRXQG %XW PDQ\ SURJUDPV XVH RQO\ WKH QXPEHU
R IRU DOO HUURUV LQ JHQHUDO
:H˵OO GHSHQG RQ H[LW FRGHV LQ GHSOR\PHQW WDVNV WR FRQᨫUP WKDW D SDUWLFXODU
VWHS VXFFHHGHG

5HVHUYHG H[LW FRGHV DUH ᨤ ᨥ ᨤᨥᨩ WR ᨤᨩᨨ DQG ᨥᨨᨨ DQG ZH VKRXOG
QRW XVH WKHP LQ RXU SURJUDPV H[FHSW IRU WKH JHQHUDO ᨤ

 6WDQGDUG 6WUHDPV


$ 7HOHW\SHZULWHU 77< LV D FRPSXWHU WHUPLQDO SUHGHFHVVRU ZKHUH WKH UH
VSRQVH ZDV SULQWHG RQ SDSHU UDWKHU WKDQ RQ VFUHHQ :K\ GR , PHQWLRQ LW"
%HFDXVH WKH WHUP 77< VWD\HG ZLWK XV WR WKH PRGHUQ DJH DV D SURJUDP WKDW
VKRZV WKH WHUPLQDO FRQQHFWLRQ WR WKH VWDQGDUG LQSXW
, FDQ VHH WKH IROORZLQJ LQ P\ WHUPLQDO DIWHU W\SLQJ iiv

0 iiv
f/2pfTibfy

f/2p LV D VSHFLDO GLUHFWRU\ IRU GHYLFH ᨫOHV WKDW DUH LQWHUIDFHV WR GHYLFH GULYHUV
EXW DSSHDU RQ WKH ᨫOHV\VWHP DV UHJXODU ᨫOHV 7KH Tib VXEGLUHFWRU\ VXJJHVWV
LW˵V D SVHXGRWHUPLQDO LQVWHDG RI D KDUGZDUH WHUPLQDO 


2ULJLQDOO\ WKH FRPSXWHU WHUPLQDO UHIHUV WR D KDUGZDUH GHYLFH
XVHG IRU HQWHULQJ GDWD LQWR D FRPSXWHU RU FRPSXWLQJ V\VWHP
DQG SULQWLQJ EDFN UHVSRQVHV WR WKH VFUHHQ 7RGD\ ZH XVXDOO\
HQFRXQWHU WHUPLQDOV DV OLJKWZHLJKW SURJUDPV WKDW UXQ WH[WEDVHG
VKHOOV

$ SVHXGRWHUPLQDO LV XVHG WR PDNH SURFHVVHV EHOLHYH WKDW WKH\ LQWHUDFW ZLWK D


UHDO WHUPLQDO DOWKRXJK LQ UHDOLW\ WKH\ LQWHUDFW ZLWK SURFHVVHV
:H FDQ WU\ VHQGLQJ VRPH LQSXW WR WKLV GHYLFH DQG VHH ZKDW KDSSHQV

0 2+?Q >2HHQ = f/2pfTibfy


>2HHQ

˸+HOOR˹ DSSHDUHG EDFN LQ P\ WHUPLQDO 7KH 2+?Q SURJUDP ZDV SULQWLQJ ˸+HOOR˹
WR WKH VWDQGDUG RXWSXW DQG = UHGLUHFWHG LW WR WKH f/2pfTibfy GHYLFH
:KHQ ZH W\SH D FRPPDQG WR WKH FRPPDQG OLQH ZH DUH ZULWLQJ WR WKH VWDQ
GDUG LQSXW VWUHDP ,W˵V DQ LQSXW H[SHFWHG IURP WKH NH\ERDUG 2Q WKH RWKHU
KDQG ZKHQ D SURJUDP ZULWHV VRPHWKLQJ EDFN LW PLJKW ZULWH WR WKH VWDQGDUG
RXWSXW VWUHDP ,I WKH SURJUDP HQFRXQWHUV HUURUV LW˵V VXSSRVHG WR ZULWH WKH
RXWSXW WR WKH VWDQGDUG HUURU VWUHDP
,Q JHQHUDO WKHVH VWUHDPV DUH FRPPXQLFDWLRQ FKDQQHOV EHWZHHQ D SURJUDP DQG
DQ RXWHU HQYLURQPHQW IURP ZKHUH WKH SURJUDP VWDUWHG ,Q RXU FDVH WKLV HQ
YLURQPHQW LV D VKHOO :KHQ ZH UHFHLYH DQ RXWSXW IURP WKH SURJUDP ZH PLJKW
QRW VHH LPPHGLDWHO\ LI WKLV LV VWDQGDUG RXWSXW RU VWDQGDUG HUURU +RZHYHU
WKLV GLVWLQFWLRQ LV LPSRUWDQW LQ VFULSWLQJ DQG UHFRYHULQJ IURP SURJUDP HUURUV
7KHVH VWUHDPV DUH RIWHQ ZULWWHQ DV VWGLQ VWGRXW DQG VWGHUU
7KH = VLJQ LV D VWUHDP RSHUDWRU WKDW VHQGV WKH RXWSXW WR D JLYHQ ᨫOH ,I WKH ᨫOH
GRHV QRW H[LVW LW FUHDWHV LW

0 2+?Q ]*QMi2Mib] = M2rn7BH2Xiti

:H FDQ HYHQ XVH LW WR FUHDWH DQ HPSW\ ᨫOH

0 = 2KTivXiti


7R GLVSOD\ WKH FRQWHQW RI ᨫOHV OHW˵V OHDUQ DERXW FDW
+i IURP ˸FRQFDWHQDWH ᨫOHV˹ FDQ GLVSOD\ RQH RU PRUH ᨫOHV WR WKH VWDQGDUG
RXWSXW

0 +i M2rn7BH2Xiti
*QMi2Mib

:LWKRXW JLYLQJ WKH FDW D ᨮOH WR UHDG LW ZLOO VWDUW UHDGLQJ IURP
WKH VWDQGDUG LQSXW 7U\ LW

7KHUH LV DOVR D == RSHUDWRU WKDW DSSHQGV WKH RXWSXW WR WKH HQG RI WKH ᨫOH

0 2+?Q >2HHQ = ?2HHQXiti


0 2+?Q qQ`H/ = ?2HHQXiti
0 +i ?2HHQXiti
qQ`H/
0 2+?Q >2HHQ == ?2HHQXiti
0 +i ?2HHQXiti
qQ`H/
>2HHQ

$V \RX FDQ VHH WKH == RSHUDWRU GLG QRW HUDVH WKH SUHYLRXV FRQWHQWV RI WKH ᨫOH
?2HHQXiti
6R IDU ZH ZHUH UHGLUHFWLQJ VWDQGDUG RXWSXW :KDW DERXW UHGLUHFWLQJ VWDQGDUG
HUURU WRR" :KHQ ZH ZDQW WR VHH ERWK WKH VWDQGDUG DQG HUURU RXWSXW ZH
FDQ XVH k=R WR VHQG WKH HUURU VWUHDP QXPEHU  WR WKH VWDQGDUG VWUHDP
QXPEHU   ,Q %RXUQHVW\OH VKHOOV WKLV PHDQV FRS\LQJ D ᨫOH GHVFULSWRU  WR
WKH DGGUHVV RI ᨫOH GHVFULSWRU 
6LPLODUO\ =k VHQGV DQ\ RXWSXW WR WKH ᨫOH GHVFULSWRU  DGGUHVV ZKLFK KDSSHQV
WR EH DQ DGGUHVV RI VWDQGDUG HUURU VWUHDP ,PDJLQH DQ 2``Q`Xb? VFULSW ZLWK
WKH IROORZLQJ FRQWHQWV

0 +i 2``Q`Xb?
=k 2+?Q ]h2``B#H2 2``Q`]


+HUH ZH DUH VLPXODWLQJ DQ HUURU LQ WKH VFULSW˵V H[HFXWLRQ UDWKHU WKDQ ZULWLQJ
D VFULSW WKDW IDLOV  1RZ OHW˵V WU\ WR UHGLUHFW RQO\ VWUHDP  VWDQGDUG RXWSXW
WR D ᨫOH FDOOHG QmiTmi DQG WKHQ OHW˵V WU\ UHGLUHFWLQJ RQO\ VWUHDP  VWDQGDUG
HUURU 

0 #b? 2``Q`Xb? R= QmiTmi


h2``B#H2 2``Q`
0 +i QmiTmi

0 #b? 2``Q`Xb? k= QmiTmi


0 +i QmiTmi
h2``B#H2 2``Q`

7KH ᨫUVW UHGLUHFWLRQ ZURWH QRWKLQJ WR WKH ᨫOH VLQFH WKH RQO\ RXWSXW IURP WKH
2``Q`Xb? VFULSW KDSSHQHG IRU WKH VWDQGDUG HUURU VWUHDP
<RX˵OO DOVR HQFRXQWHU D UHGLUHFW WR f/2pfMmHH DQRWKHU VSHFLDO GHYLFH

0 2+?Q ]/Bb+`/] = f/2pfMmHH k=R

7KH QXOO GHYLFH GLVFDUGV DQ\ GDWD \RX WU\ WR ZULWH WR LW &RPELQLQJ WKH
UHGLUHFWLRQ WR WKH QXOO GHYLFH ZLWK DQ HUURU VWUHDP UHGLUHFWLRQ WR VWGRXW ZH
FDQ GLVFDUG DQ\WKLQJ EHLQJ ZULWWHQ WR WKH WHUPLQDO
,Q %DVK ZH FDQ FRPELQH WKLV VWHSV

0 2+?Q ]/Bb+`/] = f/2pfMmHH

,W˵V D QLFH H[DPSOH RI VRPHWKLQJ WKDW ZRQ˵W ZRUN LQ RWKHU VKHOOV EHFDXVH LW˵V QRW
326,; FRPSOLDQW %XW LW˵V DQ LPSURYHPHQW ,I \RX HYHU ZULWH D VKHOO SURJUDP
\RX˵OO GLVWULEXWH \RX PLJKW ZDQW WR VWULYH WR ZULWH LQ D 326,; FRPSOLDQW ZD\


 )LOH (GLWLQJ

$ ORW RI V\VWHP DGPLQLVWUDWLRQ ZRUN UHOLHV RQ FUHDWLQJ DQG HGLWLQJ FRQᨫJXUD


WLRQ ᨫOHV RQ UHPRWH VHUYHUV 7KHUHIRUH ZH VKRXOG VWULYH WR OHDUQ DW OHDVW RQH
WH[W HGLWRU IRU HGLWLQJ ᨫOHV ZLWKLQ WKH VKHOO LWVHOI 9LP LV D SRSXODU WH[W HGLWRU
IRU HGLWLQJ ᨫOHV LQ D FRQVROH DQG FRPHV SUHLQVWDOOHG RQ PRVW /LQX[ V\VWHPV
DQG ZKHQ QRW WKHQ LWV SUHGHFHVVRU YL  ,W˵V DOVR XVHG E\ YLVXGR SURJUDP
ZH˵OO OHDUQ DERXW ODWHU
7R HGLW D VLQJOH ᨫOH ZKLFK LV HYHU\WKLQJ \RX QHHG WR IROORZ LQ WKLV ERRN 
W\SH pBK IROORZHG E\ D ᨫOH QDPH

0 pBK M2rn7BH2Xiti

,I WKH ᨫOH GRHV QRW H[LVW 9LP ZLOO FUHDWH LW RQ VDYH


2QFH 9LP RSHQV LW OHWV XV PRYH WKH FXUVRU ZLWK UHJXODU DUURZV DV RWKHU
HGLWRUV DOWKRXJK RULJLQDOO\ WKH LQWHQGHG NH\V IRU WKLV PRYHPHQW DUH K OHIW  M
WRS  N ERWWRP DQG O ULJKW  :KDW˵V D ELW ZHLUG LV WKDW ZH FDQQRW GLUHFWO\
W\SH RU HGLW WKH WH[W 7KDW˵V EHFDXVH 9LP KDV D VSHFLDO PRGH IRU HGLWLQJ WKDW
ZH QHHG WR VZLWFK WR E\ SUHVVLQJ L UHPHPEHU LW DV ˸LQVHUW˹  $IWHU WKDW WKH
ERWWRP RI WKH HGLWRU VKRXOG VD\ @@ ALa1_h @@

6BH2 +QMi2Mib





@@ ALa1_h @@

,Q WKH HGLW PRGH FKDQJH WKH WH[W E\ W\SLQJ DQG PRYLQJ WKH FXUVRU ZLWK DUURZV
2QFH GRQH KLW (6& W\SH ,r DV ˸ZULWH˹  DQG KLW (17(5 WR VDYH WKH ᨫOH 7R
H[LW 9LP LQ D QRUPDO PRGH KLW (6& IROORZHG XS ZLWK ,[ RU ,[5 IRU IRUFLQJ
WKH DFWLRQ DQG KLW (17(5
6LPLODUO\ ZH FRXOG KDYH FRPELQHG WKH ZULWH Z DQG TXLW T DFWLRQ E\ W\SLQJ
,r[ WRJHWKHU


<RX PLJKW ZDQW WR WU\ QDQR HGLWRU WRR ,W ZRUNV PRUH OLNH DQ
HGLWRU \RX DUH XVHG WR DQG VKRZV WKH EDVLF LQVWUXFWLRQV DW WKH
ERWWRP RI WKH VFUHHQ

 1DYLJDWLRQ

)LOHV GRQ˵W H[LVW RQ WKHLU RZQ :H RUJDQL]H WKHP LQWR GLUHFWRULHV 7KH EDVLF
QDYLJDWLRQ DURXQG WKH ᨫOHV\VWHP LV ZLWK WKH FG FRPPDQG DV ˸VHH GLUHFWRU\˹ 
ZKLFK FDQ WDNH \RX WR D JLYHQ GLUHFWRU\ DQG OV DV ˸OLVW˹  ZKLFK FDQ OLVW WKH
FRQWHQW RI D FXUUHQW RU JLYHQ GLUHFWRU\

0 +/ 
0 Hb
.2bFiQT .Q+mK2Mib .QrMHQ/b JmbB+ XXX
0 +/ S`QD2+ib
0 Hb
/2THQvK2Mi7`QKb+`i+? XXX

+/ ZLWKRXW DQ\ DUJXPHQW WDNHV \RX WR WKH XVHU KRPH GLUHFWRU\ VDPH DV
SURYLGLQJ  
,Q WKH H[DPSOH DERYH WKH SDWK IRU Hb LV UHODWLYH :H FDQ SURYLGH D IXOO SDWK

0 Hb f?QK2fbi`xB#MvfS`QD2+ib
/2THQvK2Mi7`QKb+`i+? XXX

6LQFH Hb E\ GHIDXOW GRHVQ˵W OLVW ᨫOHV VWDUWLQJ ZLWK D GRW X2tKTH2  ZH KDYH
WR XVH Hb @ DV ˸DOO˹ WR VHH DOO WKH ᨫOHV LQFOXGLQJ WKH KLGGHQ RQHV

0 Hb @
X#b?nT`Q7BH2


1RW OLVWLQJ WKH ᨮOHV VWDUWLQJ ZLWK D GRW  ZDV D EXJ LQ WKH OV
FRPPDQG ,QVWHDG RI ᨮ[LQJ LW WKRXJK WKH EXJ ZDV SURPRWHG WR
D IHDWXUH DQG KLGGHQ GRW ᨮOHV ZHUH ERUQ

:LWK i`22 ZH FDQ VHH WKH ZKROH WUHH RI D GLUHFWRU\ LQFOXGLQJ VXEGLUHFWRULHV
DQG WKHLU ᨫOHV X DOZD\V UHIHUHQFHV WKH FXUUHQW GLUHFWRU\ DQG XX RQH GLUHFWRU\
XS LQ WKH VWUXFWXUH 7R OLVW WKH FXUUHQW GLUHFWRU\ ZH W\SH

0 i`22 X

7KH Tr/ XWLOLW\ DV ˸SULQW ZRUNLQJ GLUHFWRU\˹ WHOOV XV WKH FXUUHQW ORFDWLRQ LQ
WKH VKHOO E\ SULQWLQJ WKH FXUUHQW GLUHFWRU\ DV D IXOO SDWK

0 Tr/
f?QK2fbi`xB#Mv

7KLV YDOXH LV DOVR SURYLGHG E\ %DVK Sq. YDULDEOH


6LPSOH QDYLJDWLRQ LV QRW DOZD\V HQRXJK 7KH ᦣQG SURJUDP FDQ KHOS XV WR ᨫQG
WKH ᨫOHV ZH VHHN

0 7BM/ X @ivT2 7 @MK2 ^ XK/^

7KH ᨫUVW DUJXPHQW LV WKH ORFDWLRQ X PHDQV WKH FXUUHQW GLUHFWRU\ DQG LWV
VXEGLUHFWRULHV @ivT2 VZLWFK ZLWK 7 WHOOV 7BM/ XWLOLW\ WR RQO\ VHDUFK IRU ᨫOHV
DQG @MK2 WHOOV 7BM/ XWLOLW\ WKH QDPH RU JORE QDPH WR VHDUFK IRU ,Q RXU FDVH
DQ\ ᨫOHV HQGLQJ ZLWK XK/ VXJJHVWLQJ 0DUNGRZQ ᨫOHV
7KH VWDU JORE LV D FRQYHQLHQW WKLQJ WKDW ZH FDQ XVH LQ PDQ\ RWKHU SURJUDPV
WRR ,W PHDQV DQ\ FKDUDFWHUV ,I WKH JORE VXEVWLWXWLRQ LV QRW HQRXJK WKHUH LV
@`2;2t RSWLRQ WKDW DOORZV XV WR SURYLGH D PRUH FRPSOH[ PDWFKLQJ UHTXHVW
6RPHWLPHV ZH UHPHPEHU ZH ZRUNHG ZLWK D ᨫOH EXW IRUJRW LWV QDPH 8VLQJ
@iBK2 IRU DFFHVVHG WLPH @KiBK2 IRU PRGLᨫHG WLPH RU @+iBK2 DUJXPHQWV
ZH FDQ DVN 7BM/ XWLOLW\ WR VHDUFK IRU ᨫOHV ZH XVHG UHFHQWO\


0 7BM/ f @iBK2 @d
0 7BM/ f @KiBK2 @k
0 7BM/ f @+iBK2 @R

1RWH WKDW VHDUFKLQJ WKH f SDWK URRW SDWK DV D UHJXODU XVHU ZLOO KDYH WR VNLS
PDQ\ ᨫOHV WKH XVHU KDV QR DFFHVV WR
:H FDQ XVH 7BM/ WR ORRNXS GLUHFWRULHV WRR ZLWK WKH @ivT2 / 7KH IROORZLQJ
ZLOO WU\ WR ᨫQG D GLUHFWRU\ FDOOHG 'RFXPHQWV DQ\ZKHUH RQ WKH V\VWHP

0 7BM/ f @ivT2 / @MK2 .Q+mK2Mib

 3LSHOLQHV

6LQFH WKH 81,; SKLORVRSK\ DGYRFDWHV IRU VPDOOHU SURJUDPV WKDW FDQ EH FRP
ELQHG DQG XVHG WRJHWKHU WR FRPSRVH D ODUJHU SURJUDP RXU VKHOOV KDYH D VSHFLDO
SLSH V\PERO DYDLODEOH WR FKDLQ WZR FRPPDQGV WRJHWKHU

0 +i ?2HHQXiti % 2+?Q

7KH % NQRZQ DV SLSH RSHUDWRU WDNHV WKH SUHYLRXV FRPPDQG˵V RXWSXW YDOXH DQG
SDVVHV LW DV WKH ᨫUVW DUJXPHQW WR WKH IXQFWLRQ RU SURJUDP RQ WKH ULJKW 3LSHV
ZRUN JUHDW ZLWK D VLQJOH DUJXPHQW EXW WKHUH LV PXFK PRUH SRZHU LQ WKHP
ZKHQ ZH FRPELQH WKHP ZLWK [DUJV $V WKH QDPH VXJJHVWV t`;b ZRUNV ZLWK
WKH DVVXPSWLRQ WKDW PRUH DUJXPHQWV DUH FRPLQJ ,W WDNHV WKHVH DUJXPHQWV
IURP QRQHPSW\ OLQHV RI WKH VWDQGDUG LQSXW
8VLQJ t`;b ZH FDQ WDNH HDFK OLQH RI WKH UHVXOW IURP WKH 7BM/ XWLOLW\ DQG OHW
WKH +i SURJUDP SULQW LW

0 7BM/ X @ivT2 7 % t`;b +i

t`;b EDVLFDOO\ FUHDWHV PRUH SDUDOOHO SLSHV ZRUNLQJ VLPXOWDQHRXVO\ RQH IRU
HYHU\ OLQH RI LQSXW


6XFK SLSHOLQHV FDQ EH YHU\ SRZHUIXO /HW˵V VD\ WKDW WKH DERYH OLQH SULQWV ZD\
WRR PXFK WH[W RQ WKH VFUHHQ DQG ZH ZDQW WR ᨫOWHU LW
:LWK JUHS ZH FDQ VHDUFK DQ\ VWDQGDUG LQSXW IRU OLQHV WKDW PDWFK WKH H[SUHV
VLRQ SURYLGHG DV LWV ᨫUVW DUJXPHQW

0 +i 7BH2Xiti % ;`2T +i

,I DQ\ OLQH RI WKH 7BH2Xiti FRQWDLQV ˸FDW˹ LW ZLOO EH SULQWHG WR WKH WHUPLQDO
6LPLODUO\ ZH FDQ VHDUFK IRU FRQᨫJXUDWLRQ ᨫOHV DQG ORRN LI WKH\ FRQWDLQ D
FHUWDLQ VWULQJ

0 7BM/ f @ivT2 7 @MK2 ] +QM7 ] % t`;b +i % ;`2T /B`2+iBp24

7KLV LV QRW WKH PRVW VXLWDEOH ZD\ WR GR D IXOOWH[W V\VWHP VHDUFK EXW VKRZV
WKH SRZHU RI FRQQHFWLQJ VPDOO XWLOLWLHV WRJHWKHU


 6XPPDU\
:H VWDUWHG E\ WDNLQJ FRQWURO RI WKH /LQX[ FRPPDQG OLQH :H QRZ KDYH D
FRQFUHWH XQGHUVWDQGLQJ RI ZKDW D VKHOO LV KRZ WR VWDUW SURJUDPV VHW DQG UHDG
YDULDEOHV ZRUN ZLWK VWUHDPV DQG HGLW WH[W ᨫOHV

˾ 7KHUH DUH WKUHH VWDQGDUG VWUHDPV 6WDQGDUG LQSXW IRU LQSXW VWDQGDUG
RXWSXW IRU RXWSXW DQG VWDQGDUG HUURU IRU HUURU PHVVDJHV :H FDQ XVH
WKH = UHGLUHFWLRQ WR UHGLUHFW RQH WR WKH RWKHU k=R ZRXOG VHQG DQ
HUURU VWUHDP WR WKH VWDQGDUG RXWSXW 

˾ :H OHDUQHG DERXW QDYLJDWLQJ ᨫOHV\VWHP ZLWK Tr/ +/ Hb DQG i`22 :H


NQRZ KRZ WR UHDG ᨫOHV ZLWK +i DQG VHDUFK WKHP ZLWK 7BM/

˾ :H OHDUQHG DERXW VKHOO SLSHV WKDW OHW XV GLUHFW RQH SURJUDP RXWSXW WR
DQRWKHU SURJUDP LQSXW :H FDQ SDUDOOHOL]H WKH RXWSXW OLQHV ZLWK t`;b
DQG ᨫOWHU WKHLU RXWSXW ZLWK ;`2T


&KDSWHU 

/LWWOH %LW RI 1HWZRUN


7KHRU\

'HSOR\LQJ ZHE DSSOLFDWLRQV LV D ORW DERXW QHWZRUNLQJ &RQQHFWLQJ RXU VHUYHUV


RQ D ORFDO QHWZRUN DQG H[SRVLQJ WKHP VHFXUHO\ WR WKH ,QWHUQHW LV HVVHQWLDO
0DQ\ GLᨪHUHQW FRPPXQLFDWLRQ SURWRFROV ZHUH VWDQGDUGL]HG WR WUDQVPLW LQ
IRUPDWLRQ DFURVV QHWZRUNV 6RPH RI WKHP DUH TXLWH ORZOHYHO DQG ZH GRQ˵W
HYHQ WKLQN DERXW WKHP RIWHQ 2WKHUV OLNH +773 DUH RXU GDLO\ EUHDG
,W˵V KHOSIXO WR KDYH D WKHRUHWLFDO RYHUYLHZ RI WKHVH SURWRFROV DQG KRZ WKH\
UHODWH WR HDFK RWKHU WR XQGHUVWDQG D PXOWLVHUYHU VHWXS QHWZRUNLQJ XWLOLWLHV
ZHEVHUYHU FRQᨫJXUDWLRQ DQG ᨫUHZDOOV ,Q WKLV FKDSWHU ZH˵OO GLYH LQWR DOO
OD\HUV RI QHWZRUNLQJ 0XFK RI WKLV NQRZOHGJH LV QRW VWULFWO\ QHHGHG WR UXQ
RQH YLUWXDO VHUYHU EXW LW˵V QHFHVVDU\ WR VHH WKH ELJ SLFWXUH


 0HQWDO 0RGHO
7&3,3 LV D PHQWDO PRGHO GHVFULELQJ ,QWHUQHW DUFKLWHFWXUH DQG LWV SURWRFROV
7KH 7UDQVPLVVLRQ &RQWURO 3URWRFRO 7&3 DQG ,QWHUQHW 3URWRFRO ,3
DUH WKH WZR PRVW SURPLQHQW SURWRFROV RI WRGD\˵V ,QWHUQHW JLYLQJ WKH PRGHO
LWV QDPH %HLQJ D PHQWDO PRGHO LW GRHV QRW FRPSDUH  WR UHDOLW\ EXW KHOSV
XQGHUVWDQG KRZ WKLQJV ZRUN

3URWRFROV DUH FRQWUDFWV WKDW HQDEOH FRPSXWHUV WR WDON WR HDFK RWKHU


7KH\ GHᨮQH KRZ WR IRUPDW DQG SURFHVV GDWD

7KH 7&3,3 PRGHO VSOLWV WKH QHWZRUN VWDFN LQWR  OD\HUV /LQN ,QWHUQHW
7UDQVSRUW DQG $SSOLFDWLRQ 7KLV OD\HULQJ EXLOGV D SURWRFRO KLHUDUFK\ ZKHUH
HDFK OD\HU XVHV WKH ORZHU OD\HU˵V VHUYLFHV DQG SURYLGHV WKH VHUYLFHV WR D KLJKHU
OHYHO DV VKRZQ LQ )LJXUH 

)LJXUH  7&3,3

7KH 7&3,3 GLDJUDP UHSUHVHQWV WKH 7&3,3 PRGHO ZKHUH D )LUHIR[ DSSOLFDWLRQ
PDNHV DQ +773 UHTXHVW WR D IDUDZD\ VHUYHU DSSOLFDWLRQ SRZHUHG E\ WKH 5XE\
SURJUDPPLQJ ODQJXDJH %RWK )LUHIR[ DQG 5XE\ WDON WR HDFK RWKHU DV LI WKH\ DUH
GLUHFWO\ FRQQHFWHG EXW WKH FRQQHFWLRQ WKH\ HVWDEOLVK LQYROYHV D ORW RI SOXPELQJ


RQ ERWK WKH FOLHQW DQG VHUYHUVLGH
2Q HDFK OD\HU RI WKH PRGHO GLᨪHUHQW SURWRFROV DUH XVHG LQ WDQGHP WR WUDQVIHU
WKH IXOO GDWD WR SDFNHWV WKHQ IUDPHV DQG ᨫQDOO\ VLJQDOV VHQW DFURVV D QHWZRUN
RI FRPSXWHU QRGHV EHIRUH EHLQJ DVVHPEOHG EDFN RQ WKH RWKHU VLGH 3DFNHWV
IUDPHV DQG VLJQDOV DUH GLᨪHUHQW UHSUHVHQWDWLRQV RI WKH VDPH GDWD
:H˵OO VHH WKLV PRGHO LQ PRUH GHWDLO IURP WKH ERWWRP XS IURP SK\VLFV WR FRP
SOHWLQJ WKH GDWD DQG SDVVLQJ LW WR WKH ULJKW DSSOLFDWLRQ

 6LJQDOV DQG :DYHV

7KH SK\VLFDO VLJQDOV LQ ZLUHV DQG WKH HOHFWURPDJQHWLF ZDYHV DUH WKH EDVLF
EXLOGLQJ EORFNV RI WKH OLQN OD\HU :H PDNH VHQVH RI WKH VLJQDOV E\ DVVLJQLQJ
WKHP D PHDQLQJ RI V DQG V $QG VLQFH ZH FDQ FRQYHUW DQ\ GDWD WR ELQDU\
ZH FDQ VHQG WKHP RYHU WKH QHWZRUN +RZ H[DFWO\ ZH GHWHUPLQH WKRVH ]HURV
DQG RQHV GHSHQGV RQ WKH PHGLXP $ GLᨪHUHQFH LQ YROWDJH LV RQH ZD\
7KHUH DUH WZR IDPRXV VWDQGDUGV IRU WKLV NLQG RI GDWD WUDQVIHU (WKHUQHW DQG
:L)L (WKHUQHW PDLQO\ XVHG ZLWK FRSSHU RU ᨫEHU RSWLF FDEOHV DV D VKDUHG
PHGLXP EHFDPH D V\QRQ\P IRU D ORFDO QHWZRUN ,W˵V FRPPRQ WR XVH (WKHUQHW
WR FRQQHFW FRPSXWHUV WR URXWHUV FRQQHFW VHUYHUV LQ GDWD FHQWHUV RU QHWZRUN
KRVWV WRJHWKHU (WKHUQHW RYHU SK\VLFDO ZLUH SURYLGHV D KLJKVSHHG DQG UHOLDEOH
FRQQHFWLRQ

2SWLF ᨮEUH SURYLGHV IDVWHU VSHHGV DQG OHVV LQWHUIHUHQFH HVSHFLDOO\


RYHU YHU\ ORQJ GLVWDQFHV 2SWLF FDEOHV DUH ROGHU WKDQ FRSSHU
(WKHUQHW FDEOHV DQG ZHUH DOUHDG\ XVHG E\ 1$6$ LQ LWV PRRQ
PLVVLRQ 6HDUFK 6SDFH )OLJKW +HULWDJH RI 2SWLFDO )LEHU &DEOHV
RQ *RRJOH WR UHDG PRUH

:L)L LV PRVW OLNHO\ WKH ZRUOG˵V PRVW XVHG ZLUHOHVV QHWZRUNLQJ VWDQGDUG ,Q
VWHDG RI FDEOHV DQG VLJQDOV :L)L WDNHV DGYDQWDJH RI WKH HOHFWURPDJQHWLF ZDYHV
ZLWK D GLᨪHUHQW OHQJWK WR WKRVH XVHG E\ UDGLR RU PLFURZDYHV &UHVWV RI ZDYHV
DUH WUDQVODWHG DV ELQDU\  DQG WURXJKV DV  *RLQJ IXUWKHU IURP WKH VRXUFH
ZDYH GHFUHDVH LQ DPSOLWXGH DQG VR GRHV WKH VLJQDO
3URWRFROV OLNH (WKHUQHW KDQGOHV WKH GDWD WUDQVIHU SDUW EXW WKDW˵V QRW HQRXJK
IRU PXOWLKRVW FRPPXQLFDWLRQ ,PDJLQH D ORFDO QHWZRUN DV LQ )LJXUH 


)LJXUH  $Q H[DPSOH ORFDO QHWZRUN

:H FRQQHFWHG WKUHH SHUVRQDO FRPSXWHUV DQG RQH ODSWRS ZLWK D FDEOH WR D


VZLWFK LQ WKH PLGGOH 7KH VZLWFK FRQQHFWV WKH FRPSXWHUV LQ D ORFDO QHWZRUN
ZKHUH HDFK KRVW FDQ FRPPXQLFDWH XVLQJ KDUGZDUH DGGUHVVHV
0$& DGGUHVV LV D XQLTXH LGHQWLᨫHU RI D SK\VLFDO GHYLFH VXFK DV D FRPSXWHU
URXWHU RU SULQWHU RQ WKH OLQN OD\HU ,W˵V FRPSRVHG RI  JURXSV RI WZR KH[
DGHFLPDO GLJLWV XVXDOO\ VHSDUDWHG E\ FRORQV 0$& DGGUHVVHV DUH RIWHQ DVVLJQHG
E\ WKH PDQXIDFWXUHU RI D 1HWZRUN ,QWHUIDFH &DUG 1,& DQG DUH VWRUHG LQ
VLGH WKHVH FDUGV 7KDW ZD\ RQH QHWZRUN QRGH PLJKW HQG XS KDYLQJ PRUH WKDQ
RQH 0$& DGGUHVV LI WKH\ KDYH PRUH WKDQ RQH 1,&
yy,2#,k9,#k,y8,+ LV DQ H[DPSOH RI D 0$& DGGUHVV 0$& DGGUHVVHV KHOS
XV VHQG IUDPHV RQ WKH ORFDO LQWHUIDFH VXFK DV (WKHUQHW FDEOH E\ LGHQWLI\LQJ
SK\VLFDO QRGHV )UDPHV DUH FRQWDLQHUV IRU SLHFHV RI GDWD FDOOHG SDFNHWV ZKLFK
ZH LQWURGXFH D OLWWOH ODWHU DQG FRPH ZLWK D GHVWLQDWLRQ DQG VRXUFH 0$&
DGGUHVVHV

1HWZRUN LQWHUIDFH FDUGV FRPHV ZLWK XQLTXH 0$& DGGUHVV ZKHUH


WKH ᨮUVW WKUHH RFWHWV RI WKH DGGUHVV UHSUHVHQW WKH PDQXIDFWXUHU
2UJDQL]DWLRQDOO\ 8QLTXH ,GHQWLᨮHU  &LVFR ZRXOG VWDUW WKH
DGGUHVV ZLWK ᨣᨣᨧᨣᨬᨩ 7KDW ZD\ 0$& DGGUHVVHV DUH XQLTXH
HYHQ LI FDUGV DUH SURGXFHG E\ GLᨭHUHQW FRPSDQLHV

)UDPHV DUH WKHQ FRQYHUWHG GLUHFWO\ WR ELWV V DQG V WKDW FDQ EH WUDQVPLWWHG
XVLQJ D SK\VLFDO PHGLXP 7KH QDPH FRPHV VLPSO\ IURP ˸IUDPLQJ˹ WKH SDFNHWV
DQG IUDPH V\QFKURQL]DWLRQ PDNHV VXUH WKDW HDFK QHZ UHFHLYHU RQ WKH QHWZRUN
NQRZV ZKHUH D QHZ IUDPH VWDUWV DQG HQGV


7KH VZLWFK RQ WKH LQ )LJXUH  LV DOVR FDOOHG D 0$& EULGJH DQG WKDW˵V EHFDXVH
LW IRUZDUGV IUDPHV EDVHG RQ WKH 0$& KDUGZDUH DGGUHVV
7KH $GGUHVV 5HVROXWLRQ 3URWRFRO $53 DQG WKH 1HLJKERU 'LVFRYHU\ 3UR
WRFRO 1'3 DUH XVHG WR GHWHFW WKH SK\VLFDO DGGUHVVHV VXFK DV 0$& RI KRVWV
RQ WKH QHWZRUN ,I WKH GHVWLQDWLRQ DGGUHVV LV QRW NQRZQ D EURDGFDVW $53 PHV
VDJH LV VHQW RYHU WKH PHGLXP DQG WKH KRVW LQ TXHVWLRQ VKRXOG DQVZHU WKH FDOO
E\ VHQGLQJ LWV 0$& DGGUHVV

%URDGFDVWLQJ LV VHQGLQJ WKH VDPH LQIRUPDWLRQ RQ WKH QHWZRUN WR HYHU\


KRVW

7KDW ZD\ WKH SK\VLFDO DGGUHVV LV PDWFKHG WR DQ LQWHUQHW OD\HU DGGUHVV WKDW ZH
OHDUQ DERXW QH[W :KHQ ZH KDYH WURXEOH VHQGLQJ GDWD RQ D ORFDO QHWZRUN LW
PLJKW LQGLFDWH DQ $53 RU 1' LVVXH

 ,QWHUQHW

7KH LQWHUQHW OD\HU SUHVFULEHV KRZ SLHFHV RI GDWD FDOOHG SDFNHWV DUH H[FKDQJHG
EHWZHHQ KRVWV DFURVV GLᨪHUHQW QHWZRUNV ,W DEVWUDFWV DZD\ WKH PDQ\ KRSV
WKHVH SDFNHWV PXVW WDNH RQ WKHLU ZD\ IURP D KRVW WR DQRWKHU KRVW IURP FOLHQW
WR WKH VHUYHU DQG PDNH LW VHHP OLNH D GLUHFW FRQQHFWLRQ 7KLV LV QRW DQ\
GLᨪHUHQW IURP ERRNLQJ D ᨭLJKW IURP 3DULV WR 0HGHOO¯Q WKDW URXWHV WKURXJK
3DQDPD &LW\ DOWKRXJK LW FRXOG URXWH WKURXJK %RJRWD DV ZHOO
3DFNHWV DUH VPDOO GDWD FRQWDLQHU WKDW LV VXSSRVHG WR EH WUDQVIHUUHG RYHU WKH
QHWZRUN DW RQFH 7KH\ FRPH ZLWK D 7&3 KHDGHU WKDW FRQWDLQV VRXUFH SRUW
GHVWLQDWLRQ SRUW VHTXHQFH QXPEHU DFNQRZOHGJPHQW QXPEHU GDWD RᨪVHW DQG
RWKHU LQIRUPDWLRQ IRU VXFFHVVIXO GHOLYHU\ $V ZH OHDUQHG EHIRUH WKHVH SDFNHWV
DUH WKHQ SXW LQ D IUDPH IRU GHOLYHU\ RQ WKH OLQN OD\HU
7KH GLᨪHUHQFH QRZ LV WKDW WKH GHOLYHU\ KDSSHQV DFURVV QHWZRUNV UDWKHU WKDQ
RQ WKH ORFDO QHWZRUN 7KDW˵V ZK\ WKH KDUGZDUH DGGUHVV LV QR ORQJHU VXᨬFLHQW
,3Y DQG ,3Y WKH WZR YHUVLRQV RI WKH ,QWHUQHW 3URWRFRO ,3  VROYH WKLV E\
GHᨫQLQJ SDFNHW DGGUHVVLQJ %\ GHᨫQLQJ DGGUHVVLQJ DQG URXWLQJ RI SDFNHWV WKLV
OD\HU PDNHV XS ZKDW ZH NQRZ DV WKH ,QWHUQHW
7KH ,3 DGGUHVV LV DQ DGGUHVV DVVLJQHG WR GHYLFHV LQ D FRPSXWHU QHWZRUN $V
ZLWK D SRVWDO DGGUHVV ,3 DGGUHVV LV WKHUH IRU ORFDWLRQ DGGUHVVLQJ DQG GHOLYHU\
2QO\ ZH DUH ORFDWLQJ VSHFLᨫF QRGHV DQG GHOLYHULQJ SDFNHWV ,3 DGGUHVVHV FDQ


EH VWDWLF RU G\QDPLF $ VWDWLF DGGUHVV IRU WKH GHYLFH RU VHUYHU GRHV QRW FKDQJH
+DYLQJ D VWDWLF ,3 DGGUHVV IRU RXU VHUYHU PLJKW FRVW XV H[WUD PRQH\ EXW LW JLYHV
XV WKH EHQHᨫW RI DFFHVVLQJ WKH VHUYHU ZLWK D IDPLOLDU DGGUHVV (LWKHU ZD\ ZH
JHW WKLV DGGUHVV IURP WKH KRVWLQJ FRPSDQ\

7R FKHFN WKH FXUUHQW ,3 DGGUHVV \RX FDQ YLVLW ZKDWLVP\LSDGGUHVVFRP


/DWHU ZH˴OO GR WKH VDPH ZLWK DQ LS FRPPDQG

$W KRPH ZH DUH DVVLJQHG ,3 DGGUHVVHV IURP RXU ,QWHUQHW 6HUYLFH 3URYLGHU


,63 VR LW˵V QRW OLNH ZH FDQ FKRRVH ZKDW ZH JHW IRU DQ DGGUHVV 6WLOO LW˵V XV
ZKR FDQ FRQWURO WKH ,3 DGGUHVV DVVLJQPHQW IRU RXU ORFDO QHWZRUNV DOWKRXJK
ZH FDQQRW MXVW VWDUW DVVLJQLQJ ,3 DGGUHVVHV OHIW DQG ULJKW 

7KH 'LJLWDO 2FHDQ YLUWXDO VHUYHU GURSOHW WKDW ZH˴OO FUHDWH LQ


WKLV ERRN LV DOZD\V DVVLJQHG D VWDWLF ,3 DGGUHVV DQG LW NHHSV WKLV
DGGUHVV XQWLO ZH GHVWUR\ WKH GURSOHW 7KH QH[W FUHDWHG GURSOHW
PLJKW SRVVLEO\ UHXVH WKH DGGUHVV RI WKH MXVW GHVWUR\HG GURSOHW
WKRXJK WKLV LV QRW DFWXDOO\ JXDUDQWHHG 'LᨭHUHQW SURYLGHUV PLJKW DQG GR KDQGOH
WKLV GLᨭHUHQWO\ LQFOXGLQJ 'LJLWDO 2FHDQ LQ WKH IXWXUH

,3Y LV WKH ᨫUVW YHUVLRQ RI WKH ,QWHUQHW 3URWRFRO GHSOR\HG IRU SURGXFWLRQ LQ
$53$1(7 WKH 86 PLOLWDU\ QHWZRUN WKDW ODWHU EHFDPH WKH SXEOLF ,QWHUQHW ,W˵V
D FRPPXQLFDWLRQ SURWRFRO WKDW SURYLGHV DQ LGHQWLᨫFDWLRQ DQG ORFDWLRQ V\VWHP
IRU FRPSXWHUV ,Q ,3Y WKH ,3 DGGUHVVHV DUH UHSUHVHQWHG E\ ELW LQWHJHU
YDOXHV RIWHQ ZULWWHQ LQ WKH GRWGHFLPDO QRWDWLRQ RI tXtXtXt ZKHUH HDFK t
UHSUHVHQWV  ELWV RI WKH DGGUHVV RQH RFWHW 
0\ SXEOLF ,3 DGGUHVV ZKLOH ZULWLQJ WKLV SDUDJUDSK LV RyNX3RXkRjXR9 ,W˵V QRW
DV UDQGRP DV LW ORRNV OLNH WKRXJK ,3Y GHᨫQHV WKH XVDJH RI YDULRXV UDQJHV RI
WKH DGGUHVV 6LQFH WKH ,3 DGGUHVV LV ELW ORQJ LW JLYHV XV RQO\ 
SRVVLEOH DGGUHVVHV (DFK SDUW RI WKH DGGUHVV KDV  ELWV ZKLFK UHSUHVHQW ELQDU\
QXPEHUV IURP  WR  ,Q GHFLPDOV WKDW ZH XVXDOO\ XVH IRU
WKH QRWDWLRQ WKLV LV  WR  ,Q RWKHU ZRUGV WKHUH FDQ RQO\ EH DGGUHVVHV
IURP yXyXyXy WR k88Xk88Xk88Xk88
1RW VXUH KRZ WKLV WUDQVODWHV WR WKRVH RQHV DQG ]HURV" ,W˵V QRWKLQJ HOVH WKDQ D
QXPHUDO V\VWHP FRQYHUVLRQ 7R FRQYHUW WKH QXPEHU  WR D GHFLPDO
ZH PDUN HDFK ELQDU\ QXPEHU SRVLWLRQ FRXQWLQJ IURP WKH ULJKW DQG VWDUWLQJ


ZLWK ]HUR :H XVH WKH SRVLWLRQ QXPEHU DV DQ H[SRQHQW RI QXPEHU  WLPHV WKDW
H[DFW QXPEHU 7KHQ ZH VXP LW XS

yyyyRRyR 4 Uy ƌ kV Y Uy ƌ kV Y Uy ƌ kV Y Uy ƌ kV Y


UR ƌ kȦV Y UR ƌ kȭV Y Uy ƌ kǒV Y UR ƌ kV 4 Rj

:H FDQ LOOXVWUDWH WKLV ZLWK WKH IROORZLQJ GLDJUDP

)LJXUH  ,3Y

:H VWDUW IURP WKH ULJKW ZKHUH WKH H[SRQHQW LV ]HUR 3RVLWLRQ ᨣ DQG XVH D UDGL[
RI  EHFDXVH ELQDU\ QXPEHUV KDYH RQO\ ]HURV DQG RQHV  ,I WKH ELQDU\ LV 
ZH FDOFXODWH WKH UHVXOW LQ EROG  LI LW˵V  ZH VNLS LW VLQFH ]HUR WLPHV DQ\WKLQJ
LV DOZD\V ]HUR 7KHQ ZH VLPSO\ VXP XS WKH LQWHUPHGLDWH UHVXOWV 1RZ ,3Y
DGGUHVVHV KDYH IRXU VXFK QXPEHUV LQ WKHP 7R WUDQVIRUP WKH IXOO DGGUHVV ZH
WUDQVIRUP HDFK RI WKRVH SDUWV VHSDUDWHO\ DQG SXW GRWV EHWZHHQ WKHP
2XU KRPH˵V URXWHU PLJKW KDYH WKH ,3 DGGUHVV RI RNkXRe3XyXR RU
RNkXRe3XRXR RQ WKH ORFDO QHWZRUN ,W DVVLJQV RWKHU QXPEHUV IURP
RNkXRe3XyXyfRe DGGUHVV VSDFH WR RWKHU FRQQHFWHG FRPSXWHUV RQ RXU ORFDO
QHWZRUN VR WKDW WKH\ EHFRPH UHDFKDEOH RQ WKH ,QWHUQHW
$ VXEQHW PHDQV D VXEQHWZRUN DQG WKH VXEQHW SUHᨫ[ RI fRe HᨪHFWLYHO\ VSHF
LᨫHV D VXEQHW PDVN ZKLFK JLYHV XV WKH DGGUHVVHV WKDW FDQ EH DVVLJQHG WR KRVWV
IRU WKDW SDUWLFXODU VXEQHWZRUN


,Q WKLV FDVH WKH ORFDO DGGUHVVHV ZLOO DOZD\V EH VWDUWLQJ ZLWK RNkXRe3X 7KH
PDVN WDNHV  ELWV RXW RI  IURP WKH ZKROH ,3 DGGUHVV DQG VR ZH FDQ
GHQRWH HYHU\ VXFK DGGUHVV IURP WKLV DGGUHVV VSDFH ZLWK WKH fRe VXEQHW SUHᨫ[
DW WKH HQG
RNkXRe3XyXyfRe LV RQH RI WKH UDQJHV UHVHUYHG IRU D SULYDWH QHWZRUN $V
VLJQLQJ DGGUHVVHV RQ WKLV VSDFH ZRQ˵W DᨪHFW RU FROOLGH ZLWK SXEOLF DGGUHVVLQJ
EHFDXVH WKLV UDQJH LV LJQRUHG LQ SXEOLF URXWLQJ 7KHVH DUH WKH DGGUHVVHV ZH
FDQ DVVLJQ WR RXU KRPH GHYLFHV PDQXDOO\
7KUHH GLᨪHUHQW UDQJHV DUH UHVHUYHG IRU XVH LQ SULYDWH QHWZRUNV DQG DUH QRW
URXWDEOH RQ WKH SXEOLF ,QWHUQHW $SDUW IURP WKH UDQJH LWVHOI ZKLFK LV MXVW
D GLᨪHUHQW QXPEHU  WKH\ GLᨪHU LQ VXEQHW PDVNV ZKLFK JLYH WKHP D FHUWDLQ
FODVV

&ODVV ,3 UDQJH 6XEQHW PDVN


$  WR  
%  WR  
&  WR  

6XEQHW PDVNV GHᨫQH D FRQFUHWH VXEQHW ZKHUH DOO KRVWV WKDW QHHG WR FRPPX
QLFDWH ZLWK HDFK RWKHU VWDUW WKH DGGUHVV ZLWK WKH VDPH QXPEHU 6R IRU FODVV &
DERYH DOO ,3 DGGUHVVHV ZLOO KDYH WR KDYH WKH VDPH QHWZRUN QXPEHU FRQVLVWLQJ
RI RNkXRe3 DQG  DV WKHLU WKLUG QXPEHU ZLWK RQO\ WKH ODVW SDUW OHIW DV D
KRVW LGHQWLᨫHU
5HPHPEHU WKH ft QRWDWLRQ" k88Xk88Xk88Xy WUDQVODWHV DV fk9 :H FRXOG
DOVR KDYH D k88Xk88Xk88XRk3 PDVN WKDW WUDQVODWHV WR WKH SUHᨫ[ OHQJWK RI
fk8 7KDW LV EHFDXVH WKHUH KDV EHHQ RQH H[WUD ELW WDNHQ FRPLQJ IURP WKH
OHIW  DQG LQ ELQDU\ QXPEHUV IRU WKH ODVW SDUW RI WKH DGGUHVV  WKDW PHDQV
tXtXtXRyyyyyyy DQG Ryyyyyyy LV  LQ GHFLPDOV
)LJXUH  LV DQ H[DPSOH RI D QHWZRUN ZLWK WZR IXUWKHU VXEQHWV 7KH &DW .LQJ
GRP 1HWZRUN KDV D QHWZRUN DGGUHVV RI RNkXRe3XjXy ,W˵V WKHQ GLYLGHG LQWR
WZR VHSDUDWH VXEQHWZRUNV XVLQJ WZR PRUH ELWV IURP WKH ODVW RFWHW OHDYLQJ 
ELWV IRU KRVWV 
:LWK WKH k88Xk88Xk88XRNk GHIDXOW VXEQHW PDVNV WKH ZKROH QHWZRUN XQ
GHUVWDQGV WKHUH DUH WZR ZRUNLQJ VXEQHWV DQG VR WKDW WKH RNkXRe3XjXeefke
DGGUHVV EHORQJV WR VXEQHW $
7KH ᨫUVW ,3 DGGUHVV LQ D VXEQHW HJ RNkXRe3XyXy ZLWK k88Xk88Xk88Xy


)LJXUH  6XEQHW

PDVN LV WKH QHWZRUN LGHQWLᨫFDWLRQ DGGUHVV D UHIHUHQFH ,' NLQG RI  DQG


WKH ODVW RQH RNkXRe3XyXk88 ZLWK k88Xk88Xk88Xy PDVN LV D EURDGFDVW
DGGUHVV VLQFH ZH XVH LW WR UHIHU WR DOO KRVWV LQ WKDW VXEQHW 7KHUHIRUH WKHVH
WZR DUH QRW XVHG DV KRVW DGGUHVVHV
2Q WKH RWKHU KDQG RyNX3RXkRjXR9 IURP EHIRUH LV DQ H[DPSOH RI D SXEOLF
KRVW DGGUHVV DVVLJQHG WR XV E\ RXU LQWHUQHW SURYLGHU 7KH\ JLYH RXU URXWHU
D SXEOLF DGGUHVV VR WKDW RWKHU VHUYHUV RQ WKH ,QWHUQHW NQRZ ZKHUH WR VHQG
SDFNHWV DV D UHVSRQVH WR RXU UHTXHVWV
6LPLODUO\ DOO WKLV VXEQHW EXVLQHVV ZLOO EH DOUHDG\ GRQH DQG ᨫ[HG IRU XV ZKHQ
FUHDWLQJ D YLUWXDO SULYDWH VHUYHU IURP D KRVWLQJ FRPSDQ\ 7KH LPSRUWDQW WKLQJ
LV WR UHDOL]H WKDW WKH IXOO DGGUHVV LV QRW UDQGRP 2QO\ WKH ODVW SDUW LGHQWLI\LQJ
WKH FRQFUHWH KRVW LV ZKDW UHPDLQV DIWHU WKH PDVN 

:H OXFNLO\ GRQ˴W QHHG WR UHPHPEHU DQ\ RI WKLV VXEQHWWLQJ DQG


LI ZH HYHU EHFRPH LQ QHHG RI VSOLWWLQJ D ORFDO QHWZRUN LQWR WZR
WKHUH DUH PDQ\ VXEQHW FDOFXODWRUV RQOLQH WKDW KHOS ZLWK WKH PDWK


)LQDOO\ ZH KDYH WR OHDUQ DERXW ORRSEDFN 7KH ORRSEDFN GHYLFH LV D YLUWXDO QHW
ZRUN LQWHUIDFH WKDW FRPSXWHUV FDQ XVH ZKHQ FRPPXQLFDWLQJ ZLWK WKHPVHOYHV
7KDW KHOSV FRPPXQLFDWH ZLWK VHUYHUV UXQQLQJ RQ WKH VDPH FRPSXWHU 3DFNHWV
ZLWK WKH ORRSEDFN DGGUHVV PXVW QRW EH URXWHG IXUWKHU RQ WKH QHWZRUN DQG WKH\
HQG XS EDFN DW WKH RULJLQ
/RRSEDFN DGGUHVVHV LQ ,3Y DUH DOO WKH ,3V LQ WKH RkdXyXyXyf3 DGGUHVV EORFN
EXW ZH PRVWO\ XVH MXVW RkdXyXyXR LQ SUDFWLFH /DWHU RQ ZH˵OO VHH WKDW WKLV
ORRSEDFN DGGUHVV KDV D KRVWQDPH HQ+H?Qbi FRQYHQLHQWO\ XVHG IRU UHIHUHQFH

0RVW RI WKH LQWHUQHW WUDᨯF LQ ᨥᨣᨥᨣ ZDV VWLOO KDQGOHG ZLWK ,3Yᨧ
ZKLFK ZDV GHSOR\HG DOUHDG\ LQ ᨤᨬᨫᨦ

,3Y LV WKH PRVW UHFHQW YHUVLRQ RI WKH ,QWHUQHW 3URWRFRO ZKLFK ZDV VHW WR DG
GUHVV WKH DSSURDFKLQJ DGGUHVV VKRUWDJH LQ ,3Y ,W GHᨫQHV ELW DGGUHVVHV
DOORZLQJ XS WR A DGGUHVVHV %HFDXVH WKH QXPEHUV DUH PXFK ELJJHU QRZ
ZH QR ORQJHU XVH GHFLPDO QRWDWLRQ DQG LQVWHDG XVH HLJKW JURXSV RI IRXU KH[
DGHFLPDO GLJLWV VHSDUDWHG E\ FRORQV
kyyR,y/#3,38j,yyyy,yyyy,3k2,yjdy,djj9 LV DQ H[DPSOH ,3Y DG
GUHVV :H DUH DOORZHG WR VKRUWHQ VXFK DGGUHVV ZLWK WKH IROORZLQJ UXOHV

˾ 2PLWWLQJ OHDGLQJ ]HURV LQ D JURXS LV SRVVLEOH DV ORQJ DV WKHUH LV VWLOO RQH


KH[DGHFLPDO GLJLW UHPDLQLQJ
˾ 2QH RU PRUH FRQVHFXWLYH JURXSV ZLWK RQO\ ]HURV FDQ UHSODFH D VLQJOH
HPSW\ JURXS XVLQJ WZR FRORQV ,,  ,I WKHUH DUH WZR SODFHV ZKHUH WKLV
FDQ KDSSHQ RQO\ WKH OHIWPRVW RQH LV FKDQJHG

6R WKH DGGUHVV DERYH LV VDPH DV kyyR,/#3,,38j,,3k2,jdy,djj9 7KH


HQ+H?Qbi DGGUHVV RkdXyXyXR ZH WDONHG DERXW EHIRUH LV UHSUHVHQWHG DV
y,y,y,y,y,y,y,R DQG IXUWKHU UHGXFHG WR ,,R 7KH ZKROH DGGUHVV VSDFH
IRU ORRSEDFN LQWHUIDFH ZRXOG EH ZULWWHQ DV 77tR,,fRe
, ZRQ˵W UHSHDW WKH ZKROH ELQDU\ FRQYHUVLRQ IRU +H[DGHFLPDO EXW LW˵V QRW WRR
GLᨪHUHQW +H[DGHFLPDO LV D SRVLWLRQDO QXPHUDO V\VWHP ZLWK D EDVH RI  VR
ZH JHW H[WUD $) OHWWHUV IRU YDOXHV  WR 


+H[DGHFLPDO RU KH[ LV DOVR %DVHᨤᨩ WUDQVIHU HQFRGLQJ WKDW
FDQ EH XVHG DQ\ZKHUH IRU WKH FRUUHFW HQFRGLQJ RI ELQDU\ GDWD
%DVHᨤᨩ LV VDIH WR XVH LQ 85/V %DVHᨩᨧ LV D VLPLODU WUDQVIHU
HQFRGLQJ ZKLFK XVHV WKH VDPH SULQFLSOH MXVW ZLWK ᨩᨧ $6&,,
FKDUDFWHUV ,W˴V D ELW PRUH HᨯFLHQW LQ VL]H EXW FDQQRW EH XVHG VDIHO\ LQ 85/V
%RWK ZHUH RULJLQDOO\ FUHDWHG WR KDQGOH OLQH HQGLQJV LQ HPDLO VHUYHUV FRUUHFWO\

(YHQ WKRXJK ZH IRFXVHG RQ DGGUHVVHV ,QWHUQHW 3URWRFRO LV PXFK PRUH WKDQ


WKDW 7KH WK YHUVLRQ LQWURGXFHV VRPH QRWDEOH LPSURYHPHQWV OLNH PXOWLFDVWLQJ
VWDWHOHVV DGGUHVV DXWRFRQᨫJXUDWLRQ VLPSOLᨫHG URXWHUV SURFHVVLQJ RU ,3VHF

 7UDQVSRUW

7KH WUDQVSRUW OD\HU DEVWUDFWV DZD\ KRZ FOLHQWV DQG VHUYHUV H[FKDQJH GDWD ,W
VSOLWV WKH DSSOLFDWLRQ GDWD LQWR VHJPHQWV DQG GHOLYHUV WKHP 7KH IXQGDPHQWDO
SURWRFROV WR NQRZ DERXW DUH 7&3 DQG 8'3 IRU GHOLYHU\ DQG 66/7/6 IRU
PDNLQJ WKH GHOLYHU\ VHFXUH
7KH 7UDQVPLVVLRQ &RQWURO 3URWRFRO 7&3 LV D VWDQGDUG IRU FUHDWLQJ DQG
PDLQWDLQLQJ D FRQQHFWLRQ DFURVV QHWZRUNV ,W NQRZV KRZ WR VSOLW GDWD LQWR
SDFNHWV VHQG WKHP DQG DFFHSW WKHP ,W LQFOXGHV WKH UHWUDQVPLVVLRQ RI GURSSHG
SDFNHWV DQG DFNQRZOHGJPHQW WKDW DOO SDFNHWV DUULYHG DW WKH GHVWLQDWLRQ ZKLFK
LV WKH PDLQ GLᨪHUHQFH IURP LWV VLEOLQJ 8'3
,PDJLQH DQ DSSOLFDWLRQ RQ RQH HQG RI WKH QHWZRUN WKDW QHHGV WR VHQG D ᨫOH ,W
ZRXOG DVN WKH 7&3 OD\HU IRU WKH FRQQHFWLRQ DQG GHOLYHU\ 7&3 VWDFN ZRXOG
WDNH WKLV ᨫOH VSOLW LW LQWR SDFNHWV JLYH WKH SDFNHWV VHTXHQFH QXPEHUV DQG
IRUZDUGV WKHP RQH E\ RQH WR WKH LQWHUQHW OD\HU IRU WKH DFWXDO GHOLYHU\
(YHU\ VXFK SDFNHW ZLOO FRPH ZLWK D VRXUFH DQG GHVWLQDWLRQ ,3 DGGUHVV DOWKRXJK
HDFK SDFNHW WKHQ PLJKW WUDYHO D FRPSOHWHO\ GLᨪHUHQW ZD\ WKURXJK WKH LQWHUQHW
QHWZRUN WR UHDFK WKH GHVWLQDWLRQ VHUYHU 2Q WKH RWKHU HQG WKH SDFNHWV DUH
DFNQRZOHGJHG UHDVVHPEOHG EDFN WR WKH RULJLQDO ᨫOH DQG VHQW WR WKH KRVW˵V
KLJKHU OD\HU IRU SURFHVVLQJ
6LQFH ZH DOZD\V ZDLW IRU DOO WKH GDWD WR EH WUDQVIHUUHG ZH VD\ 7&3 LV UHOLDEOH
7KDW PHDQV DQ\ DSSOLFDWLRQ EXLOW RQ WRS RI 7&3 LV JXDUDQWHHG WR ZRUN ZLWK
FRPSOHWH GDWD RU QR GDWD DW DOO 
7&3 UHWUDQVPLVVLRQV RI WKH SDFNHWV WKDW GLG QRW UHDFK WKH GHVWLQDWLRQ DQG
QHFHVVDU\ UHRUGHULQJ FUHDWH D GHOD\ LQFUHDVLQJ ODWHQF\ /DWHQF\ LV WKH QHWZRUN


GHOD\ ,W GRHVQ˵W KHOS PXFK WR RSWLPL]H VHUYHU UHVSRQVH WLPHV IURP PV GRZQ
WR PV LI WKH DYHUDJH ODWHQF\ LV RYHU D VHFRQG /DWHQF\ LV WKH PDLQ UHDVRQ
ZH ZDQW WR VHUYH FOLHQWV GDWD IURP JHRJUDSKLFDOO\ FORVHVW VHUYHUV WR DFKLHYH
JRRG UHVSRQVH WLPHV
7KH 8VHU 'DWDJUDP 3URWRFRO 8'3 WDNHV D GLᨪHUHQW VLPSOHU DSSURDFK ,W
GRHVQ˵W GR DQ\ KDQGVKDNLQJ WR HVWDEOLVK WKH FRQQHFWLRQ DQG MXVW VHQGV WKH GDWD
VSOLW LQWR GDWDJUDPV DORQJVLGH WKHLU FKHFNVXP D VWULQJ UHSUHVHQWDWLRQ RI WKH
GDWD WR FKHFN IRU LQWHJULW\  ,I WKH QHWZRUN LV XQUHOLDEOH VR LV 8'3 :H FDQQRW
FRXQW RQ 8'3 IRU GHOLYHU\ RU WKH FRUUHFW RUGHU RI WKH GDWD
'DWDJUDPV DUH WKH PRVW EDVLF WUDQVIHU XQLWV RI GDWD DV SDFNHWV DUH 7KH VRXUFH
DQG WKH GHVWLQDWLRQ DGGUHVVHV DUH LQFRUSRUDWHG LQ WKH GDWDJUDP KHDGHUV 'DWD
LWVHOI DUH VWRUHG LQ WKH VHFRQG SDUW RI WKH GDWDJUDP FDOOHG SD\ORDG 7KH FULWLFDO
WKLQJ WR UHPHPEHU LV WKDW WKHUH PLJKW QRW EH DQ\ SUHYLRXV FRPPXQLFDWLRQ RU
SHUVLVWHQW FRQQHFWLRQ EHWZHHQ WKH VRXUFH DQG GHVWLQDWLRQ QRGHV

:H XVH WKH WHUP SDFNHW LQVWHDG RI WKH GDWDJUDP LQ 7&3 ZKHUH


ZH DUH JXDUDQWHHG WR UHFHLYH WKH ᨮQDO GDWD LQ RQH SLHFH EXW
PDQ\ WLPHV ZKHQ ZH WDON DERXW SDFNHWV ZH DFWXDOO\ PHDQ ERWK
SDFNHWV DQG GDWDJUDPV ,Q WKH VDPH ZD\ ZH WDON DERXW SDFNHW
VZLWFKHG QHWZRUNV ZKLFK PHDQV WKDW HDFK QRGH RI WKH QHWZRUN LV ZRUNLQJ
ZLWK HDFK SDFNHW RU GDWDJUDP LQGLYLGXDOO\ 3DFNHWV DQG GDWDJUDPV ZLWKRXW
DGGUHVVHV DUH VHJPHQWV

8'3 LV HLWKHU XVHG ZKHUH ZH GRQ˵W QHHG WKLV UHOLDELOLW\ JXDUDQWHH DQG ZKHUH
UHGXFHG ODWHQF\ LV SUHIHUUHG 7KDW XVXDOO\ FRPHV GRZQ WR VRIW UHDOWLPH DS
SOLFDWLRQV VXFK DV YLGHR VWUHDPLQJ RU YRLFHRYHU ,3 (YHQ LI VRPH LQIRUPDWLRQ
LV ORVW DQG QRW HYHU\ GDWDJUDP LV UHFHLYHG WKH GDWDJUDPV WKDW DUULYHG FDQ VWLOO
EH XVHG
7UDQVSRUW /D\HU 6HFXULW\ 7/6  DQG LWV SUHGHFHVVRU 6HFXUH 6RFNHWV /D\HU
66/  DUH ERWK FU\SWRJUDSKLF SURWRFROV WKDW SURYLGH DXWKHQWLFDWLRQ DQG GDWD
HQFU\SWLRQ ZKHQ WUDQVIHUULQJ GDWD RQ WKH LQWHUQHW QHWZRUN (YHQ WKRXJK
WKH\ DUH QRW FRPSDWLEOH 7/6 LV EDVHG RQ WKH ODWHVW PDMRU YHUVLRQ RI 66/ $OO
YHUVLRQV RI 66/ DUH GHSUHFDWHG DQG \RX VKRXOG DYRLG WKHP
:H QHHG WR XVH 7/6 HQFU\SWLRQ ZKHQ XVLQJ VHUYLFHV IURP WKH DSSOLFDWLRQ
OD\HU :LWKRXW 7/6 VRPHRQH FDQ FRPSURPLVH RXU QHWZRUN FRPPXQLFDWLRQ
DQG LQWHUFHSW ZKDW ZH DUH VHQGLQJ 7/6 HQFU\SWLRQ VROYHV RQO\ WKH WUDQVIHU
SDUW RI WKH HTXDWLRQ WKRXJK :H QHHG WR EH VXUH WKDW ZH DUH VHQGLQJ RXU


VHQVLWLYH GDWD WR D SDUW\ ZH WUXVW DQG QRW D KDFNHU SUHWHQGLQJ WR EH D EDQN 
7KDW˵V ZKDW 66/7/6 FHUWLᦣFDWHV DUH IRU
:H˵OO WDON DERXW WKHVH FHUWLᨫFDWHV DQG KRZ WR XVH WKHP ODWHU LQ D GHGLFDWHG
FKDSWHU

 $SSOLFDWLRQV

7KH DSSOLFDWLRQ OD\HU LV ZKHUH WKH PRVW H[FLWLQJ WKLQJV KDSSHQ IURP WKH XVHU˵V
SRLQW RI YLHZ 7KH KLJKHVW DEVWUDFWLRQ RI WKH PRGHO SURYLGHV FRPPXQLFDWLRQ
SURWRFROV RQ WRS RI WKH WUDQVSRUW OD\HU GLUHFWO\ QRWLFHDEOH E\ WKH HQGXVHU
,W˵V WKH SODFH RI WKH '16 QDPLQJ V\VWHP DOORZLQJ XV WR FDOO UHPRWH VHUYHUV E\
W\SLQJ SUHWW\ GRPDLQ QDPHV LQWR WKH EURZVHU DGGUHVV EDU WKH IDPRXV +773
SURWRFRO WKDW EURXJKW XV WKH ZHE DV WKH SODWIRUP ZH NQRZ LW WRGD\ RU D
6073 SURWRFRO IRU VHQGLQJ HPDLOV 3URJUDPV LPSOHPHQWLQJ WKHVH SURWRFROV
OLNH '16 DQG +773 VHUYHUV DUH QHWZRUN VHUYLFHV
$Q DGGUHVVDEOH QHWZRUN ORFDWLRQ RQ WKH V\VWHP WR GLVWLQJXLVK ZKLFK QHWZRUN
VHUYLFH ZH ZDQW WR WDON WR LV FDOOHG D SRUW 3RUWV DUH LPSOHPHQWHG LQ DQ
RSHUDWLQJ V\VWHP DV D ELW ORQJ QXPEHU  WR  DQG VLPSO\ DOORZ XV
WR UXQ PDQ\ QHWZRUNLQJ VHUYLFHV RQ D VLQJOH KRVW ZLWKRXW DPELJXLW\
$W WKH EHJLQQLQJ RI WKLV FKDSWHU RQ WKH 7&3,3 GLDJUDP ZH FRXOG H[SRVH WKH
5XE\ ZHE DSSOLFDWLRQ RQ D VWDQGDUG +773 SRUW  7KDW ZD\ )LUHIR[ FDQ
GLUHFWO\ UHTXHVW D UHVSRQVH IURP WKLV DSSOLFDWLRQ HYHQ LI WKH VHUYHU RᨪHUV PRUH
QHWZRUN VHUYLFHV
7KHUH DUH WKUHH W\SHV RI SRUW QXPEHUV

3RUW QXPEHUV 3RUW XVDJH


˱ 7&3,3 :HOO .QRZQ 3RUW 1XPEHUV
˱ 5HJLVWHUHG8VHU 3RUWV DVVLJQHG E\ WKH ,$1$
˱ '\QDPLF3ULYDWH SRUWV VXJJHVWHG IRU SULYDWH XVH

,$1$ VWDQGV IRU ,QWHUQHW $VVLJQHG 1XPEHUV $XWKRULW\ DQG \RX FDQ
VHH WKH DVVLJQHG SRUWV DW WKH LDQDRUJ ZHEVLWH

$ QHWZRUN VHUYLFH FDQ FKRRVH WR OLVWHQ RQ DQ\ SRUW XQOHVV LW˵V DOUHDG\ WDNHQ


2XU FXVWRP +773 VHUYLFH FDQ OLVWHQ DQG DFFHSW WUDᨬF RQ SRUW  HYHQ
WKRXJK FOLHQWV H[SHFW WKH +773 WUDᨬF RQ SRUW  $V ORQJ DV ZH NQRZ
WKH H[DFW SRUW WR UHTXHVW WKLV ZRUNV $ VHUYLFH PLJKW EH UHDFKDEOH RQ
?iiT,ff0ASn.._1aa,0SP_hf EXW QRW RQ ?iiT,ff0ASn.._1aa RQ
WKH GHIDXOW SRUW 
:H VKRXOG XVH WKH VWDQGDUGL]HG SRUWV ZKHQ SURYLGLQJ FRPPRQ QHWZRUN VHU
YLFHV LI VXFK SRUWV H[LVW +RZHYHU DSDUW IURP WKH ˸:HOO .QRZQ 3RUW 1XPEHUV˹
PRVW DGPLQLVWUDWRUV DQG GHYHORSHUV UHXVH SRUWV DV WKH\ VHH ᨫW )DPRXV +773
IUDPHZRUNV XVH jyyy 9yyy 3y3y DV WKHLU GHIDXOW +773 SRUWV H[SHFWLQJ D
SUR[\ DW 3y 
:H FDQ DOVR WKLQN RI SRUWV DV IHPDOH FRQQHFWRUV WKH H[WHUQDO HQGSRLQWV IRU
D KRVW $ QHWZRUN VRFNHW LV FUHDWHG RQ ERWK HQGV WR H[FKDQJH GDWD EHWZHHQ
DSSOLFDWLRQV $ 7&38'3 VRFNHW LV WKH LQWHUQDO ORFDO HQGSRLQW WKDW LV WLJKW
ZLWK WKH UHPRWH ,3 DGGUHVV DQG SRUW DOVR FDOOHG D VRFNHW DGGUHVV  /RFDO
DSSOLFDWLRQV XVH WKHVH VRFNHWV WR VHQG DQG UHFHLYH GDWD ZLWK WKH RWKHU KRVW
:H LGHQWLI\ WKHP ZLWK D VRFNHW QXPEHU
7HFKQLFDOO\ VRFNHWV DUH NLQG RI ᨫOH GHVFULSWRUV DQG ZH FDQ LPDJLQH WKHP WR
EH OLNH UHJXODU ᨫOHV RQ 81,;OLNH V\VWHPV LQ WKH VSLULW RI ˸HYHU\WKLQJ LV D
ᨫOH˹ 81,; SKLORVRSK\  $V ZLWK ᨫOHV ZH RSHQ WKHP FORVH WKHP ZULWH WR
WKHP DQG UHDG IURP WKHP ZH VD\ ZH VHQG DQG UHFHLYH ZLWK VRFNHWV  7KHUH
DUH PDQ\ W\SHV RI VRFNHWV VR WKH PHDQLQJ LV QRW XQLIRUP /DWHU RQ ZH˵OO VHH
KRZ VRPH RI WKHP GLᨪHU DQG KRZ WR FRQQHFW SURFHVVHV ZLWK 7&3 DQG 81,;
VRFNHWV
$ '+&3 VHUYHU LV D QHWZRUN VHUYHU WKDW ZH XVH IRU WKH DXWRPDWLF DVVLJQPHQW
RI G\QDPLF ,3 DGGUHVVHV DQG WR SURYLGH WKHP ZLWK WKH UHTXLUHG QHWZRUN SD
UDPHWHUV :LWK D '+&3 VHUYHU UXQQLQJ W\SLFDOO\ RYHU 8'3 RQ SRUWV  DQG
  DGPLQLVWUDWRUV RI WKH QHWZRUN GRQ˵W KDYH WR DVVLJQ ,3 DGGUHVVHV WR QHZO\
FRQQHFWHG KRVWV PDQXDOO\

(QJOLVK VFLHQWLVW 7LP %HUQHUV/HH LQLWLDWHG WKH GHYHORSPHQW RI


+773 DQG WKH :RUOG :LGH :HE ZKLFK EURXJKW XV 85/V LQ
ᨤᨬᨫᨬ $QG , DOPRVW IRUJRW KH DOVR ZURWH WKH ᨮUVW ZHE EURZVHU
LQ ᨤᨬᨬᨣ

7KH ORFDO '+&3 VHUYHU ZLWK DXWRDVVLJQPHQW HQDEOHG ZRXOG DVVLJQ D QHZ
,3 DGGUHVV WR DQ\ KRVW UHTXHVWLQJ D QHZ DGGUHVV WR FRQQHFW WR WKH ,QWHUQHW
5RXWHUV DQG VZLWFKHV XVXDOO\ FRPH ZLWK D EXQGOHG '+&3 VHUYHU 7KH DVVLJQ


PHQW LV GRQH XVLQJ WKH '\QDPLF +RVW &RQᨫJXUDWLRQ 3URWRFRO '+&3 
,3 DGGUHVVHV DVLGH ZKDW DERXW WKH SUHWW\ GRPDLQ QDPHV WKDW ZH XVH DV WKH
SULPDU\ EUDQGLQJ IRU RQOLQH VHUYLFHV" 7KHVH GRPDLQ QDPHV DUH HDVLO\ UHPHP
EHUDEOH SODFHKROGHUV IRU WKH ,3 DGGUHVVHV RI WKH VHUYHUV 7KH\ QRW RQO\ KHOS
RXU EUDLQV WR UHPHPEHU WKH DGGUHVV EXW SURYLGH D VLQJOH UHIHUHQFH ZKHQ DQ
,3 DGGUHVV FKDQJHV $Q DQDORJ\ ZRXOG EH \RXU SKRQH DGGUHVV ERRN WKDW KLGHV
WKH UHDO QXPEHU WKDW FKDQJHV IURP WLPH WR WLPH XQGHU D FRQWDFW˵V QDPH
7KLV WUDQVODWLRQ EHWZHHQ DGGUHVVHV DQG GRPDLQ QDPHV LV SRVVLEOH E\ WKH 'R
PDLQ 1DPH 6\VWHP '16  D KLHUDUFKLFDO GLVWULEXWHG QDPLQJ V\VWHP WKDW
DOORZV IRU DVVLJQLQJ GRPDLQ QDPHV E\ DXWKRULWDWLYH QDPH VHUYHUV PDLQWDLQHG
E\ GRPDLQ UHJLVWUDUV $ VHUYHU WKDW SURYLGHV '16 VHUYLFHV LV FDOOHG D '16
VHUYHU :H˵OO WDON PRUH DERXW WKHP GRZQ WKH URDG


 6XPPDU\
,Q WKLV OLWWOH WKHRUHWLFDO FKDSWHU ZH ZHQW IRU D WRXU RI KRZ HYHU\WKLQJ LV
FRQQHFWHG ZLWK HYHU\WKLQJ RQ WKH ,QWHUQHW

˾ 7R NQRZ ZKHUH WR VHQG DQ\WKLQJ RQ D QHWZRUN ZH LQYHQWHG 0$& DG


GUHVVHV ,3 DGGUHVVHV DQG SRUWV ,3 DGGUHVVHV GHWHUPLQH KRVWV DFURVV
QHWZRUNV DQG 0$& DGGUHVVHV SK\VLFDO GHYLFHV RQ D ORFDO QHWZRUN
3RUWV DUH ORFDWLRQV SURYLGHG E\ WKH RSHUDWLQJ V\VWHP RQ D JLYHQ KRVW

˾ 6XEQHW PDVNV GHᨫQH D QHWZRUN ZKHUH DOO KRVWV PLJKW QHHG WR FRPPX
QLFDWH ZLWK HDFK RWKHU 7KLQN RI D VSHFLᨫF RUJDQL]DWLRQ WKDW ZLOO JURXS
DOO FRPSXWHUV LQ WKH QHWZRUN XQGHU RQH VXEQHW 7KH ᨫUVW ,3 DGGUHVV
LQ WKH VXEQHW LV DQ ,' DQG WKH ODVW RQH LV D EURDGFDVW DGGUHVV WKDW FDQ
UHDFK DOO KRVWV LQ WKH VXEQHW

˾ $SSOLFDWLRQV RQ WKH QHWZRUN FDQ EH UHIHUUHG WR DV QHWZRUN VHUYLFHV


$SDUW IURP RXU +773 DSSOLFDWLRQV WKHUH DUH PDQ\ XVHIXO VWDQGDUG VHU
YLFHV VXFK DV '16 VHUYHUV IRU ᨫQGLQJ ,3 DGGUHVVHV RI KRVWQDPHV RU
6073 VHUYHUV IRU VHQGLQJ HPDLOV (YHU\ VHUYLFH QHHGV WR OLVWHQ RQ VRPH
SRUW WR EH DFFHVVLEOH IURP WKH RXWVLGH


&KDSWHU 

6HFXUH &RQQHFWLRQV

%HIRUH DQ\ GHSOR\PHQW FDQ KDSSHQ ZH QHHG WR HVWDEOLVK D VHFXUH FRQQHFWLRQ


IURP WKH ZRUNVWDWLRQ WR WKH VHUYHUV :H˵OO QHHG LW WR UXQ YDULRXV GHSOR\PHQW
WDVNV XSORDG FRQᨫJXUDWLRQ ᨫOHV DQG ORJ LQ /XFN\ IRU XV DOO RI WKDW FDQ EH
DFKLHYHG XVLQJ D VLQJOH SURWRFRO 7KH 6HFXUH 6KHOO SURWRFRO DQG WKH VXLWH RI
WRROV FDOOHG 2SHQ66+ DUH DOO ZH˵OO HYHU QHHG IRU UHPRWH FRPPXQLFDWLRQ
2QH RI WKH IHDWXUHV RI 66+ LV HQFU\SWLQJ WKH FRPPXQLFDWLRQ XVLQJ SXEOLFNH\
HQFU\SWLRQ %\ SXWWLQJ WKH SXEOLF NH\ RQ WKH VHUYHU ZH FDQ FUHDWH D VHFXUH
FRQQHFWLRQ XVLQJ WKH DVVRFLDWHG SULYDWH NH\ %\ OHYHUDJLQJ 66+ NH\V ZH FDQ
DYRLG SDVVZRUGEDVHG DXWKHQWLFDWLRQ RQ WKH VHUYHU DOWRJHWKHU $QG XVLQJ 66+
WXQQHOLQJ ZH FDQ UHXVH WKLV FRQQHFWLRQ IRU RWKHU VHUYLFHV DV ZHOO


 66+ DQG 2SHQ66+
6HFXUH 6KHOO 66+ LV D FU\SWRJUDSKLF QHWZRUN SURWRFRO WR DXWKHQWLFDWH DQG
VHFXUH D FRQQHFWLRQ RYHU D QHWZRUN
7KHUH DUH WZR DXWKHQWLFDWLRQ RSWLRQV LQ 66+ $ SDVVZRUG DXWKHQWLFDWLRQ
ZKLFK UHOLHV RQ XVHU DXWKHQWLFDWLRQ RQ WKH VHUYHU $QG DQ 66+NH\V DXWKHQ
WLFDWLRQ ZKLFK UHOLHV RQ SXEOLFNH\ HQFU\SWLRQ 7KH SDVVZRUG RSWLRQ LV VLPSOH
WR LPSOHPHQW EXW LW KDV LWV GUDZEDFNV )LUVW XVHUSURYLGHG SDVVZRUGV WHQG WR
EH ZHDN $QG VHFRQG ZH ZRXOG QHHG WR VHQG WKH SDVVZRUG RYHU WKH QHWZRUN
VR WKDW WKH VHUYHU FDQ YDOLGDWH LW 7KDW˵V ZK\ ZH˵OO SUHIHU WR XVH WKH 66+ NH\V
7KH 66+NH\V DXWKHQWLFDWLRQ LV EDVHG RQ D SXEOLF NH\ HQFU\SWLRQ 3XEOLF
NH\ HQFU\SWLRQ XVHV D SDLU RI NH\V WR JUDQW DFFHVV WR WKH VHUYHU 7KHUH LV D
SXEOLF DXWKRUL]HG NH\ ZLWK DQ DFFRPSDQ\LQJ LGHQWLW\ NH\ <RX FDQ WKLQN RI
WKH SXEOLF NH\ DV D ORFN RQ WKH ORFNHU LQ WKH KDOOZD\ DQG DQ LGHQWLW\ NH\ DV
WKH DFFRPSDQ\LQJ SULYDWH NH\
:LWK SXEOLF HQFU\SWLRQ ZH FDQ HQFU\SW GDWD XVLQJ WKH SXEOLF DXWKRUL]HG NH\
6LQFH WKLV NH\ LV SXEOLF DQ\RQH FDQ HQFU\SW GDWD IRU WKH RZQHU RI WKH SULYDWH
NH\ 6LPLODUO\ VHUYHUV NHHS WKH SXEOLF 66+ NH\V IRU WKH ULJKWIXO XVHUV WR
DXWKHQWLFDWH $V ORQJ DV WKH LGHQWLW\ NH\V UHPDLQ SULYDWH VHUYHUV DUH SURWHFWHG
IURP XQZDQWHG DFFHVV

7KH SXEOLFNH\ HQFU\SWLRQ LV XVHG IRU DXWKHQWLFDWLRQ EXW WKHQ D V\P


PHWULF NH\ LV QHJRWLDWHG WR HQFU\SW WKH UHVW RI WKH FRPPXQLFDWLRQ
/RVLQJ WKLV V\PPHWULF NH\ ZRQ˴W UHYHDO WKH RULJLQDO VHFUHWV

7R EH DEOH WR VHW XS WKLV FRPPXQLFDWLRQ ZH˵OO XVH VHYHUDO WRROV IURP WKH
2SHQ66+ VXLWH 2SHQ66+ LV D FROOHFWLRQ RI SURJUDPV WKDW SURYLGH UHPRWH
ORJLQ VHUYLFHV DQG HQFU\SWHG FRPPXQLFDWLRQ XVLQJ 66+ 7KH HQFU\SWHG SDUW
LV LPSRUWDQW WR SUHYHQW HDYHVGURSSLQJ DQG FRQQHFWLRQ KLMDFNLQJ
2Q WKH FOLHQW ZH˵OO XVH WKH VVK SURJUDP WR H[HFXWH UHPRWH VKHOO FRPPDQGV
DQG VFS WR WUDQVIHU ᨫOHV ERWK ZD\V 6HUYHUVLGH VHUYLFHV OLNH VVKG DQG VVK
DJHQW QHHG WR EH UXQQLQJ %XW EHIRUH ZH FDQ XVH WKHP ZH˵OO QHHG D SDLU RI
66+ NH\V


2SHQ66+ RULJLQDOO\ FRPHV IURP WKH GHYHORSPHQW RI 2SHQ%6'
DQ RSHUDWLQJ V\VWHP IRFXVLQJ RQ FOHDQ DQG VHFXUH FRGH DQG
2SHQ%6' 3URMHFW GHYHORSHUV VWLOO GHYHORS LW

 66+ .H\V

:H QHHG 66+ NH\V WR WDNH DGYDQWDJH RI WKH 66+NH\V DXWKHQWLFDWLRQ 2Q /LQX[


V\VWHPV WKH XVHU NH\V DUH W\SLFDOO\ ORFDWHG LQ D KRPH GLUHFWRU\ &KDQFHV DUH
\RX KDYH VRPH RQ \RXU V\VWHP DOUHDG\

0 Hb fXbb?fB/n
f?QK2fbi`xB#MvfXbb?fB/n`b f?QK2fbi`xB#MvfXbb?fB/n`bXTm#

:H FDQ XVH VVKNH\JHQ ZLWK @i @ @# DQG @* RSWLRQV WR PDNH D QHZ RQH
SDLU RI 66+ NH\V

0 bb?@F2v;2M @i `b @ Ryy @# 9yNe @* ]+iXKF2`!2tKTH2X+QK]


:2M2`iBM; Tm#HB+fT`Bpi2 `b F2v TB`X
1Mi2` 7BH2 BM r?B+? iQ bp2 i?2 F2v Uf?QK2fbi`xB#MvfXbb?f
B/n`bV, f?QK2fbi`xB#MvfXbb?fB/n`bXM2r
1Mi2` TbbT?`b2 U2KTiv 7Q` MQ TbbT?`b2V,
1Mi2` bK2 TbbT?`b2 ;BM,
uQm` B/2MiB7B+iBQM ?b #22M bp2/ BM f?QK2fbi`xB#MvfXbb?f
B/n`bXM2rX
uQm` Tm#HB+ F2v ?b #22M bp2/ BM f?QK2fbi`xB#MvfXbb?f
B/n`bXM2rXTm#X
XXX

bb?@F2v;2M LV LQWHUDFWLYH DQG ZLOO OHW \RX VSHFLI\ WKH NH\˵V QDPH E\ HQWHULQJ
WKH SDWK DQG VHW XS D SDVVSKUDVH WKDW FDQ XQORFN WKH NH\  $OWKRXJK LW
PLJKW QRW EH VXLWDEOH LQ VRPH DXWRPDWHG VFHQDULRV , UHFRPPHQG VHWWLQJ XS
WKH SDVVSKUDVH LI SRVVLEOH
, DOVR XVHG WKH @i `b RSWLRQ WR UHTXHVW DQ 56$ NH\ 56$ (F'6$ @i
2+/b  DQG (G @i 2/k88RN DUH WZR JRRG RSWLRQV WR FKRRVH IURP
IRU 66+ NH\V


˾ 56$ DOJRULWKP FUHDWHV D SXEOLF NH\ EDVHG RQ WZR ODUJH SULPH QXPEHUV
DORQJ ZLWK DQ DX[LOLDU\ YDOXH ,W VWRRG WKH WHVW RI WLPH VLQFH 
EXW D ODUJHU NH\ VL]H QHHGV WR EH XVHG WRGD\ WR VWD\ VHFXUH 9HU\ ZHOO
VXSSRUWHG LQ FOLHQWV

˾ (F'6$ DOJRULWKP LV RQH RI WKH QHZHU RQHV DQG LW˵V EDVHG RQ HOOLSWLF
FXUYHV ,W DFKLHYHV WKH VDPH OHYHO RI VHFXULW\ DV 56$ ZLWK VPDOOHU NH\V
DW WKH H[SHQVH RI FRPSDWLELOLW\

˾ (G DOWKRULWP EDVHG RQ HOOLSWLF FXUYH FU\SWRJUDSK\ LV PRVW OLNHO\


WKH EHVW EHW DW WKH WLPH RI WKH ZULWLQJ RI WKLV ERRN ,I \RX FDQ XVH WKLV
RQH

5HFRPPHQGHG NH\ OHQJWK ZLWK 56$ LV  ELWV DQG ZLWK (F'6$  ELWV
7KH OHQJKW LV VHW ZLWK WKH @# RSWLRQ <RX FDQ DOVR LQFUHDVH WKH URXQGV IRU
.H\ 'HULYDWLRQ )XQFWLRQ .') ZLWK WKH @ RSWLRQ ZKLFK PDNHV EUXWHIRUFH
DWWDFNV PRUH GLᨬFXOW

7KH UHFRPPHQGHG NH\ OHQJWK FKDQJH LQ WLPH ZLWK IDVWHU DQG


IDVWHU SURFHVVRUV ,W˴V D JRRG LGHD WR FKDQJH WKHVH NH\V RQFH LQ
D ZKLOH

$IWHU UXQQLQJ bb?@F2v;2M WZR NH\V ZHUH JHQHUDWHG B/n`bXM2rXTm# DQG


B/n`bXM2r 7KH ᨫUVW RQH LV WKH SXEOLF NH\

0 +i f?QK2fbi`xB#MvfXbb?fB/n`bXM2rXTm#
bb?@`b "jLx*Rv+k1.Z""Z.S1M`76L3eh*`T*L7l*"kB/D9
QF1wp[tmkxldArPSTuCr_7_e>BEM"3PMqwDE9D1xlBHta1+iNHuYDjSp#LN#ki
+mu*o`"8m3KvaeDM2T[;rwGoFB?b>"Ts;:fLi.3k8kaAoC?[r1oY2vT:7aL?Mh
a1LxpRGK>b8PyF9;+;Q7HwuPsR?__iP"Eeei1Prbq*FxKxv[#RtSqBb33mTpv
yx.D*M18LjjL;"iYmKA979+[[#qP;6FvK"rZAA_aeoDTor>+8y7:wqiBLS"h:
v?"H:kfRZjh7wBmq_h`?1Ht+pll"Ba7>AHfqyhdZw.T/+8NE?v7jL3/:[oGu
?? +iXKF2`!2tKTH2X+QK

7KH VHFRQG LV WKH SULYDWH NH\


0 +i f?QK2fbi`xB#MvfXbb?fB/n`bXM2r
@@@@@"1:AL _a S_Aoh1 E1u@@@@@
S`Q+@hvT2, 9-1L*_uSh1.
.1E@AM7Q, 1a@Rk3@*"*-e3dRe"ekkeNRj.91*1181NN36jj9.

8lH[:m3B/:w>BqGj+[SA2Z;_A.p;lyQuNQCobsm3mbpl2m7dv6uKoFxwoG1>3t#
A7">rRJ>#tkGax>+Q2mfGlY.h:/qyf8Qtm6LpbPb/?";tAjpsm9m?dGAJB
XXX
m:M3b"r3?[?7QC_H7GMsr"NqYo7#36u>`#q`qRrk#">d#[>Hp.N[T7#oA8#Ce2
oFTY1#*fb>CASaBrwHh8*fPY/_QKPrLtd3tZbvaR+pwkj9rleaCN+[6rmP>?
@@@@@1L. _a S_Aoh1 E1u@@@@@

,I \RX QHHG WR \RX FDQ DOVR FKDQJH WKH SDVVZRUG ODWHU ZLWK

0 bb?@F2v;2M @7 fXbb?fB/n`bXM2r @T

2U HYHQ UHPRYH WKH SDVVZRUG

0 bb?@F2v;2M @7 fXbb?fB/n`bXM2r @T @L ]]

,I bb?@F2v;2M LV QRW DYDLODEOH \RX QHHG WR LQVWDOO 66+ WRROV ᨫUVW


2QFH ZH KDYH WKH NH\V UHDG\ ZH FDQ VHW XS WKH VHUYHU

 $ )LUVW 6HUYHU


7R SURYLVLRQ \RXU ᨫUVW VHUYHU FKRRVH \RXU IDYRXULWH SURYLGHU &KRRVH &HQW26
[ &HQW26 6WUHDP [ RU 5RFN\ /LQX[ [ DV DQ RSHUDWLQJ V\VWHP 6RPH
SURYLGHUV ZRQ˵W KDYH LPDJHV IRU DOO RI WKHP EXW WKH\ VKRXOG KDYH DW OHDVW RQH
RI WKHP

/DWHU RQ \RX PLJKW FKRRVH WR XSORDG \RXU RZQ LPDJHV VR \RX FDQ VWD\
ZLWK \RXU IDYRXULWH SURYLGHU HYHQ LI WKH\ GRQ˴W KDYH D SUHEXLOW LPDJH
\RX ZDQW &ODVVLF &HQW26 LPDJH FDQ DOVR EH FRQYHUWHG WR 6WUHDP RU
5RFN\ HDVLO\


,I \RX GRQ˵W NQRZ ZKHUH WR VWDUW FKRRVH 'LJLWDO 2FHDQ RU 9XOWU 3LFN RQH WKDW
VXSSRUWV WKH UHJLRQ LQ ZKLFK \RX ZDQW WR GHSOR\ DQG KDV WKH ULJKW IHDWXUH VHW
\RX PLJKW QHHG $V DQ H[DPSOH 'LJLWDO 2FHDQ RᨪHUV REMHFW VWRUDJH RU PDQDJH
GDWDEDVHV 9XOWU RᨪHUV ''26 SURWHFWLRQ IRU \RXU YLUWXDO VHUYHUV 9XOWU DOVR
DOUHDG\ KDV 5RFN\ /LQX[ LPDJH

˾ <RX FDQ VLJQ XS IRU 'LJLWDO 2FHDQ DW


KWWSVFORXGGLJLWDORFHDQFRPUHJLVWUDWLRQVQHZ
˾ <RX FDQ VLJQ XS IRU 9XOWU DW
KWWSVZZZYXOWUFRPUHJLVWHU

7KHQ &UHDWH D YLUWXDO SULYDWH VHUYHU LQ WKH DGPLQ SDQHO

˾ ,Q FDVH \RX DUH XVLQJ 'LJLWDO 2FHDQ FKRRVH ˸&UHDWH˹ LQ WKH WRS ULJKW
FRUQHU DQG KLW ˸'URSOHWV˹ &KRRVH \RXU GLVWULEXWLRQ D SODQ DQG IHDWXUHV
\RX ZDQW
7KHQ LQ WKH ˸$GG \RXU 66+ NH\V˹ VHFWLRQ FOLFN ˸1HZ 66+
.H\˹ DQG SDVWH WKH SXEOLF 66+ NH\ LQ WKH SRSXS WKDW ZRXOG EH
f?QK2f0la1_fXbb?fB/n`bX0LJ1XTm# 
&OLFN ˸&UHDWH˹ 2QFH WKH GURSOHW LV FUHDWHG \RX ZLOO ᨫQG LW XQGHU
˸'URSOHWV˹ )LQG LW˵V ,3Y DGGUHVV
˾ ,I \RX FKRRVH WR XVH 9XOWU FOLFN RQ WKH ˸&UHDWH 1HZ 6HUYHU˹ FLUFOH
EXWWRQ ZLWK D  VLJQ  &KRRVH D ORFDWLRQ FORVH WR \RX WKHQ \RXU
SUHIHUUHG GLVWULEXWLRQ DV WKH ˸6HUYHU 7\SH˹
&OLFN ˸'HSOR\ 1RZ˹ 2QFH WKH 90 LV UHDG\ ᨫQG LW XQGHU ˸6HUYHUV˹
)LQG LWV ,3 DGGUHVV

7KH LQVWDQFH W\SH LV QRW LPSRUWDQW ULJKW QRZ \RX FDQ SLFN WKH FKHDSHVW  6R
LW˵V QRW WKH VHUYHU KRVWQDPH

,I \RX NQRZ \RX˴OO XVH WKH VHUYHU IRU D VSHFLᨮF GRPDLQ QDPH \RX FDQ
DOUHDG\ VHW WKH KRVWQDPH WR EH \RXU GRPDLQ QDPH

7KHQ HQDEOH 66+ NH\V DFFHVV LI QHFHVVDU\


˾ :LWK 'LJLWDO 2FHDQ DQG SURYLGHUV WKDW LPSOHPHQW 66+RQO\ DXWKHQWL
FDWLRQ E\ GHIDXOW ZH LPSRUWHG WKH 66+ NH\V GXULQJ WKH FUHDWLRQ RI WKH
YLUWXDO PDFKLQH

˾ 8VLQJ 9XOWU DQG SURYLGHUV WKDW VHWV XS SDVVZRUGEDVHG DXWKHQWLFDWLRQ


LQVWHDG ZH FRS\ WKH 66+ NH\V XVLQJ bb?@+QTv@B/ XWLOLW\

rQ`FbiiBQM0 bb?@+QTv@B/ @B
f?QK2f0la1_fXbb?fB/n`bX0LJ1XTm# `QQi!0ASn.._1aa

2QFH DOO VHW \RX VKRXOG EH DEOH WR ORJ LQ XVLQJ 66+ DV URRW ZKLFK LV ZKDW ZH
GR QH[W

 5HPRWH 6KHOO


7R FRQQHFW WR RXU VHUYHU IURP WKH FOLHQW ZH WDNH DGYDQWDJH RI WKH VVK SURJUDP
5XQQLQJ bb? JHWV \RX WKH UHPRWH VKHOO RU GLUHFWO\ H[HFXWHV WKH SURYLGHG VKHOO
FRPPDQG
2Q /LQX[ RU 81,; V\VWHP WKLV ORRNV OLNH DV

0 bb? 0la1_!0>Pah
(`QQi!+2MiQb3k )O

0la1_ LV WKH XVHU RQ WKH KRVW DQG 0>Pah LV WKH UHPRWH VHUYHU˵V KRVWQDPH
RU ,3 DGGUHVV 7KDW ZRXOG DVVXPH WKH GHIDXOW FRQᨫJXUDWLRQ 7R FKDQJH WKH
GHIDXOW FRQᨫJXUDWLRQ ZH FDQ WDNH DGYDQWDJH RI WKH FRQᨫJXUDWLRQ ᨫOHV DQG
YDULRXV RSWLRQV
7KH PRVW LPSRUWDQW RSWLRQV IRU XV ULJKW QRZ DUH

˾ @6 &KRRVH D GLᨪHUHQW FRQᨫJXUDWLRQ ᨫOH WKDQ f2i+fbb?fbb?n+QM7B;


XVHU GHIDXOW LV fXbb?f+QM7B; 
˾ @B &KRRVH D GLᨪHUHQW LGHQWLW\ ᨫOH SULYDWH NH\ WKDQ GHIDXOW ZKLFK LV
fXbb?fB/n`b
˾ @H 6SHFLI\ D UHPRWH PDFKLQH XVHU IRU ORJJLQJ
˾ @T 3RUW IRU FRQQHFWLQJ WR D UHPRWH KRVW


˾ @p 7XUQ RQ YHUERVH PRGH @pp DQG @ppp LV DOVR SRVVLEOH IRU PRUH
YHUERVLW\

$V DQ H[DPSOH \RX PLJKW QHHG WR FRQQHFW DV UHSODFH WKH ,3 DGGUHVV ZLWK WKH
RQH \RX JRW 

0 bb? `QQi!Re8XkkdXRjNXk9 @B $
f?QK2f0la1_fXbb?fB/n`bX0LJ1XTm#

7KH B/2MiBivn7BH2 HQ;BMnMK2 DQG TQ`i YDOXHV FDQ DOO EH VSHFLᨫHG SHU
KRVW LQ WKH FRQᨫJXUDWLRQ ᨫOH VSHFLᨫHG E\ WKH @6 RSWLRQ
)RU H[DPSOH , KDYH D VLPLODU FRQᨫJ ᨫOH LQ P\ DFFRXQW

0 +i fXbb?f+QM7B;
>Pah X72/Q`T`QD2+iXQ`; 72/Q`T2QTH2XQ`;
A/2MiBiv6BH2 fXbb?fB/n`bX72/Q`
>Pah X`2/?iX+QK `?+HQm/X+QK
A/2MiBiv6BH2 fXbb?fB/n`bX`2/?i
>Pah +HB2MiX2tKTH2X+QK
SQ`i 8y8kj
>Qbi HQ+H?Qbi
6Q`r`/;2Mi v2b

, VSHFLᨫHG GLᨪHUHQW NH\V IRU P\ )HGRUD DQG 5HG +DW DFFRXQWV LQ WKH
FRQᨫJ DERYH EXW XVLQJ D GHIDXOW RQH ORFDWHG DW fXbb?fB/n`b IRU
+HB2MiX2tKTH2X+QK ZLWK D GLᨪHUHQW SRUW ZKHQ WKH VHUYHU XVHV D
QRQVWDQGDUG SRUW IRU 66+ FRQQHFWLRQ 
7KDW PHDQV , ZRXOG ORJ LQ ZLWK

0 bb? bi`xB#Mv!+HB2MiX2tKTH2X+QK

LQVWHDG RI

0 bb? bi`xB#Mv!+HB2MiX2tKTH2X+QK @T 8y8kj


%HFDXVH ZKR VKRXOG UHPHPEHU HYHU\ VHUYHU FRQᨫJXUDWLRQ"
<RX FRXOG DOVR QRWLFH D VHWWLQJ FDOOHG 6Q`r`/;2Mi $V WKH QDPH VXJJHVWV
LW˵V FRQQHFWHG ZLWK D SURJUDP FDOOHG VVKDJHQW ,Q FDVH WKLV SURJUDP UXQV
ERWK ORFDOO\ DQG UHPRWHO\ ZH FDQ IRUZDUG RXU FUHGHQWLDOV NH\V IURP RXU
FRPSXWHU WR WKH VHUYHU ZKLFK FDQ XVH WKH FUHGHQWLDOV IRU VRPH RWKHU DFWLRQ
7KDW FDQ FRPH KDQG\ LI ZH QHHG WR GHSOR\ WR VWDJLQJ RU SURGXFWLRQ HQYLURQ
PHQW IURP RXU VHUYHU EXW GRQ˵W ZDQW WR SXW RXU NH\V GLUHFWO\ RQ LW bb?@;2Mi
FDQ WKHQ NHHS WKH FUHGHQWLDOV LQ PHPRU\ DQG XVH WKHP ZKHQ QHHGHG
$SDUW IURP JHWWLQJ DFFHVV WR WKH UHPRWH VKHOO ZH FDQ GLUHFWO\ H[HFXWH D FRP
PDQG E\ ZUDSSLQJ LW LQ VLQJOH TXRWHV DQG DSSHQGLQJ LW

0 bb? 0la1_!0>Pah ^Hb f^

 )LOH 7UDQVIHUV


7KH VHFRQG WKLQJ ZH QHHG DIWHU ZRUNLQJ ZLWK WKH VHUYHU˵V UHPRWH VKHOO LV WKH
DELOLW\ WR WUDQVIHU ᨫOHV %H LW XSORDGLQJ DQ 1*,1; FRQᨫJXUDWLRQ ᨫOH RU D
GRZQORDGLQJ GDWDEDVH EDFNXS EDFN
VFS DQG VIWS DUH WZR SURJUDPV FRPLQJ ZLWK 2SHQ66+ WKDW FDQ KHOS XV ZLWK
WKDW
b+T LV YHU\ VWUDLJKWIRUZDUG DQG IHHOV OLNH XVLQJ bb?

0 b+T @S 0SP_h 7BH2Xiti mb2`!0a1_o1_,f/2biBMiBQM

:H QHHG WR SURYLGH WZR ORFDWLRQV IRU b+T ,Q WKH H[DPSOH DERYH ZH ZRXOG
FRS\ D ᨫOH FDOOHG 7BH2Xiti RYHU WR WKH VHUYHU ZLWK WKH 0a1_o1_ ,3 DGGUHVV
WR WKH f/2biBMiBQM GLUHFWRU\ ,I ZH SURYLGH D UHODWLYH SDWK WKH ᨫOH HQGV
XS LQ WKH XVHU KRPH GLUHFWRU\
:H FDQ FRS\ WKH ᨫOHV LQ D GLUHFWRU\ RU FRS\ WKH GLUHFWRU\ LWVHOI ZLWK WKH @`
RSWLRQ

0 b+T @` mb2`!2tKTH2X+QK,fTi?fiQf/B` f?QK2fbi`xB#Mvf.Q+mK2Mibf


,I WKH SURYLGHG GLUHFWRU\ QDPH GRHV QRW LQFOXGH WKH WUDLOLQJ VODVK   b+T
FRSLHV WKH GLUHFWRU\ LWVHOI UDWKHU WKDQ MXVW WKH ᨫOHV LQVLGH
6R GR ZH QHHG b7iT" <HV DQG QR 7KHUH ZHUH VRPH VHFXULW\ LVVXHV ZLWK b+T
RYHU WKH \HDUV WKDW PDGH PDQ\ SHRSOH ORRN LQWR b7iT 0RVW RI LW FRPHV IURP
WKH IDFW WKDW b+T ZRUNV ZLWK VKHOOV ERWK RQ WKH FOLHQW DQG VHUYHUVLGH 2QH
SUREOHPDWLF H[DPSOH LV JOREELQJ H[SDQGLQJ IRU DQ\ PLVVLQJ FKDUDFWHUV RI
WKH VHUYHU ᨫOH QDPHV DQG WKH FOLHQW QRW YHULI\LQJ ᨫOH QDPHV LW DVNHG IRU 7KH
ODWHVW YHUVLRQ RI b+T GRHV WKLV YHULᨫFDWLRQ DQG \RX KDYH WR H[SOLFLWO\ WXUQ LW
Rᨪ ZLWK WKH @h ᨭDJ

0 b+T @h 0la1_!0>Pah,^ ^ X

6LQFH b7iT LV TXLWH GLᨪHUHQW DQG XQLQWXLWLYH , ZLOO XVH b+T LQ WKLV ERRN
7KH JRRG WKLQJ LV WKDW SHRSOH DUH ORRNLQJ  LQWR WKH SRVVLELOLW\ RI XVLQJ WKH
6)73 SURWRFRO LQWHUQDOO\ LQ b+T VR HYHQ WKH PRUH FRPSOH[ DQG SRWHQWLDOO\
GDQJHURXV H[DPSOHV FRXOG EH DV VDIH DV ZLWK b7iT LWVHOI
$QRWKHU SRSXODU RSWLRQ EXW QRW FRPLQJ ZLWK 2SHQ66+ LV UV\QF
`bvM+ DOVR XVHV 66+ XQGHUQHDWK DQG OLNH b+T NHHSV WKLQJV VLPSOH

0 `bvM+ fbQm`+2f `QQi!RNkXRe3X8eXRyy,f/2biBMiBQM

$OO RI WKHVH WRROV ZRUN ZLWK WKH fXbb?f+QM7B; PHQWLRQHG HDUOLHU

 66+ RQ 6HUYHUV


,Q WKH EHJLQQLQJ , PHQWLRQHG WKDW 66+ FDQ EH FRQᨫJXUHG IRU ERWK SDVVZRUG
DQG 66+NH\V DXWKHQWLFDWLRQ :KHWKHU WKH SDVVZRUG DXWKHQWLFDWLRQ LV DO
ORZHG LV GHWHUPLQHG E\ WKH SbbrQ`/mi?2MiB+iBQM GLUHFWLYH LQ WKH 66+
VHUYHU FRQᨫJXUDWLRQ DW f2i+fbb?fbb?/n+QM7B; ,I \RX VWDUWHG ZLWK SDVV
ZRUG DXWKHQWLFDWLRQ \RX VKRXOG VHW WKLV VHWWLQJ WR MQ RQFH \RXU NH\EDVHG
DXWKHQWLFDWLRQ ZRUNV
 KWWSVOLVWVIHGRUDSURMHFWRUJDUFKLYHVOLVWGHYHO#OLVWVIHGRUDSURMHFWRUJWKUHDG

&<22/$:,,47<$=;);;9$/%62;:0


2Q WKH VHUYHU WKH SXEOLF NH\V DUH VDYHG LQ D ᨫOH FDOOHG DXWKRUL]HGBNH\V %\
DGGLQJ D XVHU˵V SXEOLF NH\ LQ WKH ᨫOH WKH\ ZLOO EH DEOH WR ORJ LQ WR WKH VHUYHU
XVLQJ 66+ E\ SURYLGLQJ WKHLU SULYDWH LGHQWLW\ NH\ 2I FRXUVH WKH bb?/ SURFHVV
KDV WR EH UXQQLQJ DQG WKH ᨫUHZDOO FDQQRW EH LQ WKH ZD\ EXW PRUH RQ WKDW
ODWHU 
7KH ORFDWLRQ IRU WKH mi?Q`Bx2/nF2vb ᨫOH LV LQ XVHU˵V Xbb? GLUHFWRU\

0 +i fXbb?fmi?Q`Bx2/nF2vb
bb?@`b "jLx*Rv+k1.Z""Z.S1M`76L3eh*`T*L7l*"kB/D9
QF1wp[tmkxldArPSTuCr_7_e>BEM"3PMqwDE9D1xlBHta1+iNHuYDjSp#LN#ki
+mu*o`"8m3KvaeDM2T[;rwGoFB?b>"Ts;:fLi.3k8kaAoC?[r1oY2vT:7aL?Mh
a1LxpRGK>b8PyF9;+;Q7HwuPsR?__iP"Eeei1Prbq*FxKxv[#RtSqBb33mTpv
yx.D*M18LjjL;"iYmKA979+[[#qP;6FvK"rZAA_aeoDTor>+8y7:wqiBLS"h:
v?"H:kfRZjh7wBmq_h`?1Ht+pll"Ba7>AHfqyhdZw.T/+8NE?v7jL3/:[oGu
?? +iXKF2`!2tKTH2X+QK

6R IRU WKH `QQi XVHU WKLV LV DW f`QQifXbb?fmi?Q`Bx2/nF2vb 7KLV ᨫOH LV


FULWLFDO DQG LW˵V DFFHVV SURWHFWHG
7KH ORFDWLRQ FDQ EH DGMXVWHG E\ mi?Q`Bx2/E2vb6BH2 RSWLRQ LQ
f2i+fbb?fbb?/n+QM7B; %\ SLFNLQJ D ORFDWLRQ DFFHVVLEOH RQO\ WR WKH
`QQi XVHU RWKHU XVHUV FDQQRW IUHHO\ DGG RWKHU NH\V WR DFFHVV WKHLU DFFRXQWV
,I \RX ZDQW WR PDQDJH NH\V SHUXVHU EDVLV EXW NHHS WKLV XQGHU URRW \RX FDQ
DGMXVW WKH VHWWLQJ DV

O BM f2i+fbb?fbb?/n+QM7B;
mi?Q`Bx2/E2vb6BH2 f2i+fbb?fmi?Q`Bx2/nF2vbfWm
XXX

DQG FUHDWH VHSDUDWH XVHU ᨫOHV OLNH f2i+fbb?fmi?Q`Bx2/nF2vbf+i DQG


f2i+fbb?fmi?Q`Bx2/nF2vbf/Q; <RX FDQ DOVR OLPLW VSHFLᨫF XVHUV˵ DELOLW\
WR ORJ LQ ZLWK WKH HHQrlb2`b DQG .2Mvlb2`b GLUHFWLYHV

HHQrlb2`b +i iB;2`


.2Mvlb2`b M;BMt

$ JRRG LGHD LV WR VHW D PD[LPXP LQWHUYDO RI DQ 66+ VHVVLRQ WR SUHYHQW OHDYLQJ


LW RSHQHG E\ DFFLGHQW ZLWK *HB2MiHBp2AMi2`pH LQ VHFRQGV DQG VSHFLᨫF
DGGUHVVHV WR OLVWHQ RQ


O 8 KBM b2bbBQMb QMHv
*HB2MiHBp2AMi2`pH jyy

O _2bi`B+i AS `M;2
GBbi2M//`2bb yXyXyXy

,I \RX GRQ˵W QHHG WR ORJ LQ IURP DQ\ZKHUH RQ WKH ,QWHUQHW LW˵V KLJKO\ UHF
RPPHQGHG WR DFFHSW RQO\ FHUWDLQ ORFDWLRQV \RX FDQ XVH GBbi2M//`2bb
PXOWLSOH WLPHV WR DFFHSW PRUH WKDQ RQH ORFDWLRQ 
<RX FDQ UXQ bb?/ @i WR FKHFN WKH VHUYHU FRQᨫJXUDWLRQ IRU HUURUV DIWHU DQ\
FKDQJHV
VVKFRS\LG LV D SURJUDP WKDW FDQ LQVWDOO RXU NH\V RQ D UHPRWH VHUYHU ,I
ZH FUHDWH YLUWXDO PDFKLQHV LQ WKH DGPLQ SDQHOV RI 'LJLWDO 2FHDQ DQG RWKHU
SURYLGHUV WKH\ ZRXOG DOUHDG\ LQVWDOO RXU ᨫUVW NH\ RQ WKH VHUYHU 7KH SURJUDP
GRHVQ˵W GR DQ\WKLQJ HOVH WKDW ZH FRXOGQ˵W GR PDQXDOO\ WKRXJK

8VLQJ VVKFRS\LG FRPHV KDQG\ ZKHQ WKH LQLWLDOO\ SURYLVLRQHG


VHUYHU FRPHV ZLWK SDVVZRUGEDVHG DXWKHQWLFDWLRQ

7KH DXWKRUL]HG DQG LGHQWLW\ NH\V DUH QRW WKH RQO\ NH\V LQ WKH ZRUOG RI 66+
7KHUH LV VWLOO RQH WKLQJ WR SURWHFW $QG WKDW LV XV XVHUV DFFHVVLQJ WKH FRUUHFW
VHUYHU ,PDJLQH VRPHRQH WDPSHULQJ ZLWK \RXU LQWHUQHW FRQQHFWLRQ DQG RᨪHU
LQJ \RX D GLᨪHUHQW VHUYHU WKDQ WKH RQH \RX DUH XVXDOO\ FRQQHFWLQJ WR" 7KHQ
VRPHRQH FDQ FRPSURPLVH \RXU FRQᨫGHQWLDO GDWD
7R WDNH FDUH RI WKLV ULVN 2SHQ66+ KDV KRVW NH\V SXEOLF DQG SULYDWH NH\V IRU
DXWKHQWLFDWLQJ VHUYHUV 2Q WKH ᨫUVW FRQQHFWLRQ bb? UHPHPEHUV WKH VHUYHU˵V
SXEOLF NH\ 2SHQ66+ WKHQ YDOLGDWHV VXEVHTXHQW FRQQHFWLRQV WR WKDW VHUYHU
E\ FKHFNLQJ WKH XVHU˵V fXbb?fFMQrMn?Qbib ᨫOH IRU WKH SXEOLF VHUYHU NH\
,W DOVR FKHFNV WKH RSWLRQDO JOREDO f2i+fbb?fbb?nFMQrMn?Qbib WKDW FDQ EH
SUHSDUHG E\ WKH DGPLQLVWUDWRU EHIRUHKDQG
,I WKH SULYDWH NH\ RI WKH VHUYHU DQG NQRZQ SXEOLF NH\ GRQ˵W PDWFK bb? ZDUQV
DERXW LW DQG RᨪHUV WKH XVHU WR FDQFHO WKH FRQQHFWLRQ UHTXHVW


O bb? 0la1_!0>Pah
h?2 mi?2MiB+Biv Q7 ?Qbi +M^i #2 2bi#HBb?2/X
_a F2v 7BM;2`T`BMi Bb X
`2 vQm bm`2 vQm rMi iQ +QMiBMm2 +QMM2+iBM; Uv2bfMQV\

$ NH\ PLVPDWFK FDQ KDSSHQ ZLWKRXW HQFRXQWHULQJ D PDQLQWKHPLGGOH DWWDFK


7KH VHUYHU PLJKW EH UHLQVWDOOHG RU WKH ,3KRVWQDPH ZDV ULJKWIXOO\ FKDQJHG
7R FKHFN WKH QHZO\ DGGHG VHUYHU˵V SXEOLF NH\ DIWHU FRQQHFWLQJ ZLWK bb? \RX
FDQ FKHFN WKH fXbb?fFMQrMn?Qbib IRU WKH QHZO\ DGGHG VHUYHU

0 +i fXbb?fFMQrMn?Qbib
;BiH#X+QK-8kXRedXkRNXRe3 2+/b@b?k@MBbiTk8e XXX#1u4
9eXRyRXRRRXkRk 2+/b@b?k@MBbiTk8e XXXGZ4

$ERYH \RX FDQ VHH , FRQQHFWHG WR P\ *LW/DE DFFRXQW ZKHUH , KRVW


VRPH RI P\ SURMHFWV DQG WR P\ 'LJLWDO 2FHDQ VHUYHU ZLWK WKH ,3 DGGUHVV
9eXRyRXRRRXkRk %RWK NH\V ZHUH HQFU\SWHG ZLWK (F'6$
7KH DFFRPSDQ\LQJ SULYDWH NH\ IRU P\ VHUYHU ZRXOG EH IRXQG LQ f2i+fb??
GLUHFWRU\ RQ WKDW VHUYHU

O Hb f2i+fbb?f
KQ/mHB bb?n+QM7B;X/ bb?/n+QM7B;X`TKM2r
bb?n?Qbin2+/bnF2vXTm# bb?n?Qbin2/k88RNnF2vXTm#
bb?n?Qbin`bnF2vXTm# bb?n+QM7B; bb?/n+QM7B;
bb?n?Qbin2+/bnF2v bb?n?Qbin2/k88RNnF2v bb?n?Qbin`bnF2v

<RX FDQ VHH WKH bb?n?Qbin2+/bnF2v SULYDWH NH\ DQG WKH DVVRFLDWHG XTm#
SXEOLF NH\ VDPH DV LQ P\ FMQrMn?Qbib ᨫOH 

<RX FDQ LPSURYH WKH KRVW FKHFNLQJ VHFXULW\ SROLF\ ZLWK 6WULF
W+RVW.H\&KHFNLQJ 66+ FRQᨮJ RSWLRQ ,I \RX VHW 6WULFW+RVW.
H\&KHFNLQJ WR \HV VKK ZLOO QHYHU DXWRPDWLFDOO\ DGG KRVW NH\V
WR WKH ŔVVKNQRZQBKRVWV ᨮOH DQG UHIXVH WR FRQQHFW WR KRVWV WKDW
FKDQJHG ,I \RX GR WKLV \RX KDYH WR DGG KRVWV PDQXDOO\ DV D XVHU


 66+ 7XQQHOLQJ
66+ WXQQHOLQJ LV IRUZDUGLQJ DSSOLFDWLRQ SRUWV IURP FOLHQWV WR VHUYHUV RU YLFH
YHUVD ,W˵V QRWKLQJ HOVH WKDQ WDNLQJ WKH VHFXUH 66+ FRQQHFWLRQ DQG XVLQJ LW IRU
RWKHU QHWZRUN VHUYLFHV :H QHHG WXQQHOLQJ ZKHQ D OHJDF\ DSSOLFDWLRQ GRHVQ˵W
VXSSRUW HQFU\SWLRQ RU ZKHQ ZH GRQ˵W ZDQW WR H[SRVH WKH QHWZRUN VHUYLFH
GLUHFWO\
$ JRRG H[DPSOH LV D ORFDO GDWDEDVH VHUYLFH UXQQLQJ RQ SRUW  ZKLFK LV QRW
H[SRVHG WR WKH ,QWHUQHW :H FRXOG VWLOO DFFHVV WKH GDWDEDVH IRU PDLQWHQDQFH E\
IRUZDUGLQJ D ORFDO SRUW  RQ WKH ZRUNVWDWLRQ WR SRUW  RQ WKH VHUYHU
XVLQJ DQ 66+ WXQQHO 66+ ZRXOG OLVWHQ RQ SRUW  DV LI LW˵V D ORFDO GDWDEDVH
DQG WUDQVIHU WKH QRZ HQFU\SWHG UHTXHVW WKURXJK WKH VHUYHU˵V SRUW  WR WKH
VHUYHU˵V SRUW  LQ WKH EDFNJURXQG
7R ORFDOO\ IRUZDUG WKLV SRUW WR WKH VDPH SRUW RQ WKH VHUYHU RI WKH SURYLGHG
KRVWQDPH ZH UXQ bb? @G DV ˸ORFDO˹ 

0 bb? @G RkdXyXyXR,89jk,RkdXyXyXR,89jk 0a1_o1_

7KH ᨫUVW RkdXyXyXR ELQGV WKH RULJLQ UHTXHVW WR RXU ZRUNVWDWLRQ VR LW FDQQRW
EH DFFHVVHG E\ VRPHRQH HOVH DFFLGHQWDOO\ DQG LW˵V IROORZHG E\ D ORFDO SRUW 7KH
VHFRQG SDUW GHᨫQHV WKH IRUZDUG KRVW ZLWK WKH UHPRWH SRUW 7KH ᨫQDO KRVWQDPH
VSHFLᨫHV WKH 66+ VHUYHU DGGUHVV
1RWH WKDW LI \RX VHW XS D GLᨪHUHQW 66+ XVHU \RX FDQ SURYLGH LW DV XVXDO

0 bb? @G RkdXyXyXR,89jk,RkdXyXyXR,89jk 0la1_!0a1_o1_ @B 0aa>nE1u

/RFDO IRUZDUGLQJ VKRXOG ZRUN E\ GHIDXOW DQG FDQ EH GLVDEOHG ZLWK WKH IROORZ
LQJ VHUYHU VHWWLQJV

HHQrh+T6Q`r`/BM; `2KQi2
HHQrai`2KGQ+H6Q`r`/BM; MQ

HHQrh+T6Q`r`/BM; DFFHSWV v2b MQ HQ+H IRU ORFDO IRUZDUGLQJ RQO\ DQG
`2KQi2 IRU UHPRWH IRUZDUGLQJ RQO\ HHQrai`2KGQ+H6Q`r`/BM; LV D
VLPLODU RSWLRQ EXW IRU IRUZDUGLQJ 81,; GRPDLQ VRFNHWV


5HPRWH IRUZDUGLQJ LV WKHQ GRLQJ WKH RSSRVLWH DFFHVVLQJ D ORFDO SRUW IURP D
UHPRWH VHUYHU DQG FDQ EH FRQWUROOHG ZLWK WKH :i2rvSQ`ib FRQᨫJXUDWLRQ
RSWLRQ :H VHW LW XS ZLWK bb? @_ DV ˸UHPRWH˹ 

0 bb? @_ 3y3y,HQ+H?Qbi,3y 0>PahLJ1


 6XPPDU\
:H OHDUQHG D OLWWOH ELW DERXW WKH 66+ SURWRFRO DQG KRZ WR XVH WKH bb? SURJUDP
WR FRQQHFW WR D UHPRWH VHUYHU

˾ 66+ SURWRFRO ZDV LQWURGXFHG IRU VHFXUH FRPPXQLFDWLRQ XVLQJ WKH SXE
OLF NH\ HQFU\SWLRQ RQ WKH QHWZRUN 2SHQ66+ LV D FROOHFWLRQ RI SURJUDPV
LPSOHPHQWLQJ WKLV SURWRFRO DQG DYDLODEOH WR XV
˾ &RQQHFWLQJ WR D UHPRWH VHUYHU FDQ EH DV HDV\ DV UXQQLQJ bb?
0la1_!0>Pah ,Q WKH FDVH ZH FUHDWH D VHUYHU ZLWK SDVVZRUG DXWKHQ
WLFDWLRQ ZH FDQ XVH bb?@+QTv@B/ WR SXW WKH SXEOLF NH\ WR WKH VHUYHU
DQG WDNH DGYDQWDJH RI 66+NH\V RQO\ DFFHVV

˾ :H OHDUQHG DERXW 66+ NH\V PDQDJHPHQW :H FDQ ᨫQG RXU NH\V LQ


fXbb? JHQHUDWH QHZ RQHV ZLWK bb?@F2v;2M :H H[SORUHG KRZ
fXbb?fmi?Q`Bx2/nF2vb LV XVHG IRU DXWKRUL]LQJ DFFHVV XVLQJ WKHVH
NH\V DQG KRZ 66+ KRVW NH\V DUH VWRUHG LQ fXbb?fFMQrMn?Qbib

˾ b+T DQG b7iT DUH WKH JRWR WRROV IRU VHFXUH ᨫOH WUDQVIHU RYHU 66+
$OWKRXJK XVLQJ b+T KDV VRPH VHFXULW\ LPSOLFDWLRQV JLYHQ LWV RULJLQDO
GHVLJQ LW˵V VDIH WR XVH LQ VLPSOH FRPPDQGV `bvM+ LV DQRWKHU SRSXODU
RSWLRQ


&KDSWHU 

+DQGV2Q 1HWZRUNLQJ

7KH SXUSRVH RI QHWZRUNLQJ LV WR FRQQHFW RXU QHZ VHUYHU DQG LWV QHWZRUN
VHUYLFHV WR WKH ,QWHUQHW DQG WKH UHVW RI WKH ORFDO QHWZRUN 8QGHUVWDQGLQJ
KRZ SXEOLF DQG SULYDWH QHWZRUNLQJ ZRUN LQ SUDFWLFH ZLOO EHFRPH XVHIXO ZKHQ
LQWURGXFLQJ RWKHU VHUYHUV WR UXQ RXU DSSOLFDWLRQV :H DOVR QHHG WR EH DEOH WR
ZRUN ZLWK VRFNHWV DQG SRUWV WR H[SRVH QHWZRUN VHUYLFHV RI RXU RZQ
%\ D KDQGVRQ H[SORUDWLRQ RI D QHZO\ FUHDWHG YLUWXDO PDFKLQH ZH FDQ OHDUQ
DERXW QHWZRUN LQWHUIDFHV ,3 DGGUHVVHV SRUWV DQG VRFNHWV LQ D PRUH SUDFWLFDO
ZD\ 1HWZRUN XWLOLWLHV ZH˵OO UHYHDO ZKDW NLQG RI SURYLVLRQLQJ VHWXS ZDV GRQH
IRU XV DQG KHOS XV WR GHEXJ DQ\ SRWHQWLDO QHWZRUNLQJ LVVXHV GRZQ WKH URDG


 1HWZRUN ,QWHUIDFHV
3HUKDSV WKH PRVW FULWLFDO QHWZRUNLQJ SURJUDP ZH QHHG WR OHDUQ DERXW LV LS
7KH QDPH RI FRXUVH UHIHUV WR WKH ,3 SURWRFRO EXW BT FRPPDQG DOVR FRPHV
ZLWK YDULRXV VXEFRPPDQGV ZRUNLQJ ZLWK GLᨪHUHQW OD\HUV RI WKH 7&3,3 PRGHO
DV ZH˵OO VHH LQ D PRPHQW
'XULQJ SURYLVLRQLQJ ZH JRW DVVLJQHG D VWDWLF ,3 DGGUHVV WKDW ZH FDQ QRZ XVH
WR FRQQHFW WR RXU VHUYHU IURP D VKHOO DW KDQG XVLQJ 66+

rQ`FbiiBQM0 bb? `QQi!0ASn.._1aa

$IWHU FRQQHFWLQJ ZH FDQ VHH WKH ,3 DGGUHVV RI WKH FXUUHQW VHUYHU KRVW QRGH
ZLWK BT //` FRPPDQG $V WKH QDPH VXJJHVWV //` VXEFRPPDQG GHDOV ZLWK
WKH DGGUHVVLQJ SDUW RI WKH ,QWHUQHW /D\HU

O BT //`
R, HQ, IGPPS"*E-lS-GPq1_nlS= Kim e88je [/Bb+ MQ[m2m2
bii2 lLELPqL ;`QmT /27mHi [H2M Ryyy
HBMFfHQQT#+F yy,yy,yy,yy,yy,yy #`/ yy,yy,yy,yy,yy,yy
BM2i RkdXyXyXRf3 b+QT2 ?Qbi HQ
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2ie ,,RfRk3 b+QT2 ?Qbi
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
k, 2i?y, I"_P.*ah-JlGhA*ah-lS-GPq1_nlS= Kim R8yy [/Bb+
7[n+Q/2H bii2 lS ;`QmT /27mHi [H2M Ryyy
HBMFf2i?2` d2,+d,y#,R,/k,+ #`/ 77,77,77,77,77,77
BM2i R9kXNjXRy9XeRfky #`/ R9kXNjXRRRXk88 b+QT2 ;HQ#H 2i?y
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2i RyXRNXyX8fRe #`/ RyXRNXk88Xk88 b+QT2 ;HQ#H 2i?y
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2ie 723y,,d++d,#77,72R,/k+fe9 b+QT2 HBMF
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
j, 2i?R, I"_P.*ah-JlGhA*ah-lS-GPq1_nlS= Kim R8yy [/Bb+
7[n+Q/2H bii2 lS ;`QmT /27mHi [H2M Ryyy
HBMFf2i?2` y,/j,89,8R,j8,d9 #`/ 77,77,77,77,77,77
BM2i RyXRj8XjRXjyfRe #`/ RyXRj8Xk88Xk88 b+QT2 ;HQ#H 2i?R
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2ie 723y,,3/j,8977,728R,j8d9fe9 b+QT2 HBMF
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`


6HYHUDO WKLQJV DUH JRLQJ RQ LQ WKH RXWSXW VR OHW˵V EUHDN WKLV GRZQ DQG QRWH
ZKDW˵V LPSRUWDQW
7KHUH DUH WKUHH LQWHUIDFHV 7KH HQ LQWHUIDFH EHLQJ ORRSEDFN SRLQWLQJ EDFN WR
WKH PDFKLQH LWVHOI LQ RWKHU ZRUGV ORFDOKRVW  2i?y DQG 2i?R EHLQJ (WKHUQHW
7KH ORRSEDFN LQWHUIDFH ZLOO DOZD\V EH WKHUH DQG WKHQ ZH QHHG DW OHDVW RQH RWKHU
LQWHUIDFH IRU FRPPXQLFDWLRQ ZLWK WKH RXWVLGH ZRUOG
(WKHUQHW LQWHUIDFHV DUH QRW WKH RQO\ RQHV 7KHUH FRXOG EH RWKHU LQWHUIDFHV
UHSUHVHQWLQJ WKH /LQN /D\HU OLNH rHM UHIHUULQJ WR WKH ˸:LUHOHVV /$1˹ LQGL
FDWLQJ D :L)L FRQQHFWLRQ RU rHT9by DOVR VKRZLQJ D :L)L FRQQHFWLRQ LQ WKH
QHZHU QDPLQJ VFKHPD 
,I ZH DUH YLUWXDOL]LQJ RWKHU V\VWHPV RQ WKH VHUYHU ZH PLJKW HQFRXQWHU pM2i
UHIHUULQJ WR WKH ˸YLUWXDO QHW˹ RU pB`#` UHIHUULQJ WR WKH ˸YLUWXDO EULGJH˹ 4(08
DQG OLEYLUW DUH YLUWXDOL]DWLRQ VRIWZDUH WKDW XVHV WKHVH LQWHUIDFHV ,Q RXU FDVH
NQRZLQJ ZKDW HQ DQG 2i?y LV VXᨬFLHQW WKRXJK
,QWHUIDFHV DUH IROORZHG E\ WKHLU VWDWXV IGPPS"*E-lS-GPq1_nlS= ZKLFK
FDQ EH

˾ GPPS"*E 7KH LQWHUIDFH LV D ORRSEDFN ,W SRLQWV EDFN WR WKH PDFKLQH


LWVHOI
˾ lS 7KH LQWHUIDFH LV HQDEOHG DQG XS RQ ERWK VLGHV
˾ .PqL 7KH LQWHUIDFH LV GLVDEOHG
˾ GPq1_nlS 7KH LQWHUIDFH LV ZRUNLQJ RQ WKH /LQN /D\HU DV /2:(5 VLPSO\
UHIHUV WR WKH ˸ORZHU OD\HU˹ )RU (WKHUQHW WKLV ZRXOG EH (WKHUQHW FDEOH
EHLQJ SOXJJHG LQ
˾ "_P.*ah 7KH LQWHUIDFH FDQ EH XVHG IRU EURDGFDVWLQJ $ SDFNHW FDQ
EH VHQW WR DOO KRVWV DW RQFH
˾ JlGhA*ah 7KH LQWHUIDFH FDQ EH XVHG IRU PXOWLFDVWLQJ $ SDFNHW FDQ
EH VHQW WR PXOWLSOH KRVWV DW RQFH
˾ LP_S $53 LV GLVDEOHG $V ZH OHDUQHG EHIRUH WKLV PHDQV ZH FDQQRW
ᨫQG RWKHU KRVWV˵ 0$& DGGUHVVHV JLYHQ DQ ,3 DGGUHVV XVLQJ $53 WKH
SURWRFRO 

&XUUHQW VWDWXV RI WKH LQWHUIDFH LV WKHQ IROORZHG E\ VRPH H[WUD LQIRUPDWLRQ


LQFOXGLQJ

˾ Kim 0D[LPXP 7UDQVPLVVLRQ 8QLW UHIHUV WR WKH ODUJHVW EORFN RI GDWD LW˵V
SRVVLEOH WR VHQG RYHU DV RQH XQLW RQ D JLYHQ PHGLXP ODUJHU RQHV QHHG


WR EH EURNHQ GRZQ   E\WHV LV WKH GHIDXOW IRU WKH (WKHUQHW QHWZRUNV
IRU EHLQJ FRPSDWLEOH ZLWK ROGHU QHWZRUNV )RU  JLJDELW DQG ELJJHU ZH
PLJKW ZDQW WR VHH WKLV QXPEHU LQFUHDVHG

˾ [/Bb+ 4'LVF UHIHUV WR WKH /LQX[ DEVWUDFWLRQ IRU WUDᨬF TXHXHV (DFK
QHWZRUN LQWHUIDFH ZRUNV ZLWK D TXHXH RI LQFRPLQJ SDFNHWV DQG 4'LVF
VSHFLᨫHV WKH PRGHO WKDW ZLOO EH XVHG WR TXHXH DQG GLVWULEXWH WKH SDFNHWV
HᨬFLHQWO\ ,Q RXU FDVH LW˵V 7[n+Q/2H ZKLFK LV )DLU 4XHXLQJ )4 ZLWK
&RQWUROOHG 'HOD\ &R'HO 
˾ ;`QmT *URXS VSHFLᨫHV D XVHUGHᨫQHG ODEHO WKDW FDQ ORJLFDOO\ JURXS
LQWHUIDFHV ,Q RXU FDVH ZH GRQ˵W KDYH DQ\ JURXSV VR LW˵V /27mHi

˾ [H2M 4/HQ VSHFLᨫHV WKH OHQJWK RI WKH UHFHLYH TXHXH ,I WKH TXHXH LV
QRW ELJ HQRXJK VRPH SDFNHWV PLJKW JHW ORVW

 0$& DQG ,3 $GGUHVVHV


1RZ WKDW ZH FDQ UHDG WKH QHWZRUN LQWHUIDFH OLQH OHW˵V ORRN DW WKH UHVW RI
WKH LQIRUPDWLRQ SURYLGHG WR XV DQG DQVZHU WKH TXHVWLRQ ZK\ GR ZH QHHG WZR
(WKHUQHW FRQQHFWLRQV RQ RXU YLUWXDO VHUYHU"
(DFK LQWHUIDFH WKDW ZH FDQ VSHFLᨫFDOO\ GLVSOD\ ZLWK BT //` b?Qr FRPHV
ZLWK WKH IROORZLQJ OLQHV

˾ HBMF VSHFLI\LQJ WKH 0$& DGGUHVV RI WKH GHYLFH


˾ BM2i VKRZLQJ ,3 DGGUHVV DQG SUHᨫ[ IRU WKH ,3Y
˾ BM2ie VKRZLQJ ,3 DGGUHVV DQG SUHᨫ[ IRU WKH ,3Y

/HW˵V VWDUW ZLWK WKH ORRSEDFN

O BT //` b?Qr HQ
R, HQ, IGPPS"*E-lS-GPq1_nlS= Kim e88je [/Bb+ MQ[m2m2
bii2 lLELPqL ;`QmT /27mHi [H2M Ryyy
HBMFfHQQT#+F yy,yy,yy,yy,yy,yy #`/ yy,yy,yy,yy,yy,yy
BM2i RkdXyXyXRf3 b+QT2 ?Qbi HQ
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2ie ,,RfRk3 b+QT2 ?Qbi
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`


/RRSEDFN HQ LV D VSHFLDO LQWHUIDFH ,WV 0$& DGGUHVV LV GHᨫQHG DV
yy,yy,yy,yy,yy,yy 6RPH PLJKW H[SHFW D 0$& DGGUHVV RI WKH FRPSXWHU
KHUH EXW WKDW˵V QRW WKH FDVH /RRSEDFN LV DFWXDOO\ DOZD\V WKH VDPH 7KLV ZD\
DSSOLFDWLRQV DQG VFULSWV DOZD\V NQRZ WKH DGGUHVV RI ORFDOKRVW #`/ UHIHUV WR
WKH EURDGFDVW DGGUHVV VR IRU ORRSEDFN LW˵V WKH VDPH DGGUHVV DV WKHUH DUH QR
RWKHUV
,W LV QRW VXUSULVLQJ WKDW ORRSEDFN LV DOO ,3Y DGGUHVVHV LQ WKH RkdXyXyXRf3
VXEQHW DQG ,3Y DGGUHVVHV LQ WKH ,RfRk3 VXEQHW

0$& DGGUHVVHV DUH VRPHWLPHV FKHFNHG WR XQLTXHO\ LGHQWLI\ FRQ


QHFWHG XVHUV˴ GHYLFHV LQ FDI«V DQG DLUSRUWV EXW WKH WUXWK LV \RX
FDQ FKDQJH \RXU 0$& DGGUHVV E\ UXQQLQJ ˸LS OLQN VHW ,1
7(5)$&( DGGUHVV $''5(66˸

BM2i DQG BM2ie HQWULHV DOVR FRPH ZLWK D b+QT2 7KH VFRSH FDQ EH RQH WKH
IROORZLQJ

˾ ?Qbi IRU URXWHV ZLWK D GHVWLQDWLRQ DGGUHVV RQ WKH ORFDOKRVW


˾ HBMF IRU URXWHV ZLWK D GHVWLQDWLRQ DGGUHVV RQ WKH ORFDO QHWZRUN
˾ ;HQ#H IRU URXWHV ZLWK D GHVWLQDWLRQ DGGUHVV RXWVLGH WKH ORFDO QHWZRUN
RQH RU PRUH KRSV DZD\

7KH VFRSH LV ?Qbi VLQFH WKH SDFNHWV ZRQ˵W OHDYH WKH FXUUHQW KRVW IRU ORRSEDFN
DERYH
)LQDOO\ ZH DUH JHWWLQJ pHB/nH7i UHIHUULQJ WR YDOLG OLIHWLPH DQG
T`272``2/nH7i UHIHUULQJ WR WKH SUHIHUUHG OLIHWLPH $GGUHVV OLIHWLPHV
LQGLFDWH KRZ ORQJ LV WKH DGGUHVV ERXQG WR DQ LQWHUIDFH /RRSEDFN IHDWXUHV
7Q`2p2` IRU ERWK VLQFH ZH ZLOO QHYHU FKDQJH WKHVH DGGUHVVHV WKHUH DUH SDUW
RI WKH VSHFLᨫFDWLRQ DQG GHVWLQHG WR EHORQJ WR WKH ORFDOKRVW
:KDW DERXW RXU (WKHUQHW 2i?y LQWHUIDFH"


O BT //` b?Qr 2i?y
k, 2i?y, I"_P.*ah-JlGhA*ah-lS-GPq1_nlS= Kim R8yy [/Bb+
7[n+Q/2H bii2 lS ;`QmT /27mHi [H2M Ryyy
HBMFf2i?2` d2,+d,y#,R,/k,+ #`/ 77,77,77,77,77,77
BM2i R9kXNjXRy9XeRfky #`/ R9kXNjXRRRXk88 b+QT2 ;HQ#H 2i?y
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2i RyXRNXyX8fRe #`/ RyXRNXk88Xk88 b+QT2 ;HQ#H 2i?y
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2ie 723y,,d++d,#77,72R,/k+fe9 b+QT2 HBMF
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`

$JDLQ WKH ᨫUVW WKLQJ WR VHH LV WKH 0$& DGGUHVV ZKLFK LV d2,+d,y#,R,/k,+
ZLWK WKH EURDGFDVW EHLQJ 77,77,77,77,77,77 77,77,77,77,77,77 LV
WKH ODVW DGGUHVV DQG VLPLODUO\ WR ,3 DGGUHVVHV LW˵V DOZD\V XVHG IRU EURDGFDVWLQJ
WR DOO KRVWV RQ WKLV LQWHUIDFH
1H[W ZH FDQ VSRW RXU SXEOLF VWDWLF DGGUHVV RI R9kXNjXRy9XeR DV SDUW RI WKH
R9kXNjXRy9XeRfky VXEQHW DQG R9kXNjXRRRXk88 EHLQJ WKH ODVW DGGUHVV RI
WKH VXEQHW IRU EURDGFDVWLQJ 7KDW LV KRZ ZH DUH EHLQJ FRQQHFWHG WR WKH YLUWXDO
VHUYHU ULJKW QRZ RYHU 66+
:H DOVR JRW RQH PRUH ,3Y VXEQHW RI RyXRNXyX8fRe DQG RQH ,3Y VXEQHW
RI 723y,,d++d,#77,72R,/k+fe9 DVVLJQHG WR WKLV LQWHUIDFH ,3Y KDV D
HBMF VFRSH VR LW˵V RQO\ IRU ORFDO QHWZRUN +RZHYHU LI ZH ZRXOG RSWLQ IRU
,3Yᨩ QHWZRUNLQJ WKLV FRXOG ORRN OLNH

BM2ie kyj,#y+y,j,2y,,R33,+yyRfe9 b+QT2 ;HQ#H


pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2ie 723y,,kye2,RN77,72kN,978fe9 b+QT2 HBMF
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`

,3Y VHWWLQJV GHSHQG RQ WKH SURYLGHU :H FRXOG HQDEOH ,3Y QHWZRUNLQJ XQGHU
˸6HOHFW DGGLWLRQDO RSWLRQV˹ RQ WKH ˸&UHDWH 'URSOHWV˹ SDJH RQ 'LJLWDO 2FHDQ RU
DV ˸(QDEOH ,3Y˹ XQGHU ˸$GGLWLRQDO )HDWXUHV˹ RQ WKH ˸'HSOR\ 1HZ ,QVWDQFH˹
SDJH RQ 9XOWU
:H FDQ DOVR XVH @9 RU @e DUJXPHQW ZLWK BT FRPPDQG WR ᨫOWHU RQO\ ,3Y RU
,3Y QHWZRUN LQIRUPDWLRQ
1RZ FRQQHFWLQJ WR WKH VHUYHU ZRXOG DOVR ZRUN DV


rQ`FbiiBQMO bb? `QQi!kyj,#y+y,j,2y,,R33,+yyR

EXW RQO\ DV ORQJ DV WKH FOLHQW DOVR VXSSRUWV ,3Y QHWZRUNLQJ


2XU ODVW LQWHUIDFH LV 2i?R

O BT //` b?Qr 2i?R


j, 2i?R, I"_P.*ah-JlGhA*ah-lS-GPq1_nlS= Kim R8yy [/Bb+
7[n+Q/2H bii2 lS ;`QmT /27mHi [H2M Ryyy
HBMFf2i?2` R2,+,3+,R#,+3,27 #`/ 77,77,77,77,77,77
BM2i RyXRj8XkdXkjfRe #`/ RyXRj8Xk88Xk88 b+QT2 ;HQ#H
MQT`27Bt`Qmi2 2i?R
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2ie 723y,,R++,3+77,72R#,+327fe9 b+QT2 HBMF
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`

<RX PLJKW VHH LW RU \RX PLJKW QRW , KDYH LW WKHUH EHFDXVH , VSHFLᨫFDOO\
UHTXHVWHG SULYDWH QHWZRUNLQJ WR EH HQDEOHG IRU WKH PDFKLQH
7KH KDQGOLQJ RI SULYDWH QHWZRUNLQJ LV SURYLGHU VSHFLᨫF 6RPH SURYLGHUV OLNH
'LJLWDO 2FHDQ DGGV SULYDWH QHWZRUNLQJ QRZ DXWRPDWLFDOO\ 9XOWU GRHVQ˵W FUHDWH
LW E\ GHIDXOW EXW UHTXLUH H[SOLFLW RSWLQ LQ ˸$GGLWLRQDO )HDWXUHV˹ UHVSHFWLYHO\
MXVW QH[W WR WKH ,3Y RSWLRQ  7KH\ DOVR RQO\ VXSSRUW SULYDWH QHWZRUNLQJ
ZLWKLQ WKH VDPH UHJLRQ GDWDFHQWHU 
,I ZH ZHUH QRZ FUHDWLQJ D VHFRQG YLUWXDO VHUYHU ZLWK SULYDWH QHWZRUNLQJ HQ
DEOHG LW˵V 2i?R FRXOG ORRN OLNH WKH IROORZLQJ

j, 2i?R, I"_P.*ah-JlGhA*ah-lS-GPq1_nlS= Kim R8yy [/Bb+


7[n+Q/2H bii2 lS ;`QmT /27mHi [H2M Ryyy
HBMFf2i?2` de,Ne,8N,N3,e,eR #`/ 77,77,77,77,77,77
BM2i RyXRj8XRy9XRe9fRe #`/ RyXRj8Xk88Xk88 b+QT2 ;HQ#H
MQT`27Bt`Qmi2 2i?R
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`
BM2ie 723y,,d9Ne,8N77,72N3,eeRfe9 b+QT2 HBMF
pHB/nH7i 7Q`2p2` T`272``2/nH7i 7Q`2p2`

<RX FDQ QRWLFH WKDW ERWK ,3Y DGGUHVVHV VWDUW ZLWK RyXRj8X EHFDXVH RI WKH
fRe VXEQHW 7KH DGGUHVVHV DOVR VXJJHVW WKH\ DUH QRW SDUW RI WKH SXEOLF ,QWHUQHW


,I ZH ZRXOG EH VSOLWWLQJ RXU ZHE DSSOLFDWLRQ WR PRUH LQVWDQFHV WR KDYH D
GHGLFDWHG GDWDEDVH RU WR XVH D VHFRQG VHUYHU IRU VWRULQJ EDFNXSV ZH VKRXOG
EH XVLQJ SULYDWH QHWZRUNLQJ IRU WKHLU LQWHUQDO FRPPXQLFDWLRQ
3ULYDWH QHWZRUNLQJ ZLOO UHTXLUH DXWKHQWLFDWLRQ WKH VDPH ZD\ SXEOLF QHWZRUN
LQJ GRHV ,I WKH 90V KDYH 66+NH\ EDVHG DXWKHQWLFDWLRQ VHW \RX ZRXOG QHHG
WR LQVWDOO WKH SULYDWH NH\ RI WKH 66+ NH\SDLU RI VHUYHU  RQ VHUYHU  WR DFFHVV
VHUYHU 
:KHQ ZH GRQ˵W QHHG D VSHFLᨫF LQWHUIDFH ZH FDQ GLVDEOH LW ZLWK BT HBMF b2i
WR /QrM

O BT HBMF b2i 2i?R /QrM

1RWKLQJ VKRXOG EH EUHDNLQJ ZLWK WKLV VLQFH 2i?R LV WKHUH IRU VHUYHUWRVHUYHU
GURSOHWWRGURSOHW FRPPXQLFDWLRQ DQG ZH DUH QRW UHDOO\ LQ QHHG RI WKDW
ULJKW QRZ ,I ZH WU\ LW ZLWK 2i?y ZH ZRXOG JHW LPPHGLDWHO\ GLVFRQQHFWHG
DQG FRXOGQ˵W FRQQHFW WR WKH VHUYHU DJDLQ DV WKDW˵V WKH LQWHUIDFH ZH DUH DFWLYHO\
XVLQJ
:H FDQ DOVR EULQJ LW EDFN XS LI ZH QHHG LW ODWHU

O BT HBMF b2i 2i?R mT

 6HQGLQJ DQG 5HFHLYLQJ 7UDᦤF


7R GHWHUPLQH KRZ WUDᨬF LV EHLQJ VHQW DQG UHFHLYHG ZH FDQ UHDFK IRU `Qmi2
VXEFRPPDQG RI WKH BT SURJUDP

O BT `Qmi2
/27mHi pB 9eXRyRXRk3XR /2p 2i?y T`QiQ biiB+ K2i`B+ Ryy
RyXRNXyXyfRe /2p 2i?y T`QiQ F2`M2H b+QT2 HBMF b`+
RyXRNXyX8 K2i`B+ Ryy
RyXRj8XyXyfRe /2p 2i?R T`QiQ F2`M2H b+QT2 HBMF b`+
RyXRj8XkdXkj K2i`B+ RyR
9eXRyRXRk3XyfR3 /2p 2i?y T`QiQ F2`M2H b+QT2 HBMF b`+
9eXRyRXR8RXk8k K2i`B+ Ryy


%\ GHIDXOW BT `Qmi2 VKRZV ZKLFK VRXUFH ,3 DGGUHVV ZLOO EH XVHG IRU ZKLFK
DGGUHVV DQG LQWHUIDFH :H FDQ XVH BT `Qmi2 ;2i WRJHWKHU ZLWK DQ\ ,3 DG
GUHVV WR VHH GLUHFWO\ RQ ZKLFK LQWHUIDFH RXU GDWD ZRXOG EH VHQW

O BT `Qmi2 ;2i 3X3X3X3


3X3X3X3 pB 9eXRyRXRk3XR /2p 2i?y b`+ 9eXRyRXR8RXk8k mB/ y
++?2

,I ZH DUH DERXW WR UHDFK *RRJOH˵V 3X3X3X3 DGGUHVV LW ZRXOG EH YLD


9eXRyRXRk3XR JDWHZD\ GHᨫQHG E\ WKH /27mHi HQWU\ RQ WKH 2i?y
LQWHUIDFH ZLWK WKH VRXUFH DGGUHVV RI 9eXRyRXR8RXk8k 7KLV JDWHZD\ LV
XVXDOO\ URXWHU˵V ,3 DGGUHVV

ᨫᨫᨫᨫ LV RQH RI WKH PRVW IDPRXV DGGUHVVHV ,W˴V '16 VHUYHU


IURP *RRJOH 7KDW˴V ZKDW PRVW SHRSOH WU\ WR DFFHVV ZLWK SLQJ
WR FKHFN LI WKHLU ,QWHUQHW FRQQHFWLRQ LV ZRUNLQJ

,I ZH WU\ WR DVN RQ DQ DGGUHVV VSDFH IURP SULYDWH QHWZRUNLQJ ZH JHW 2i?R


LQWHUIDFH DQG RyXRj8XkdXkj DV WKH VRXUFH DGGUHVV

O BT `Qmi2 ;2i RyXRj8XRy9XRe9


RyXRj8XRy9XRe9 /2p 2i?R b`+ RyXRj8XkdXkj mB/ y
++?2

7KHUH LV QR pB :H DUH FRQQHFWHG GLUHFWO\


:H FRXOG FKDQJH WKLV URXWLQJ ZLWK BT `Qmi2 // FRPPDQG EXW ZH ZRQ˵W
JR WKLV URXWH
:LWK BT M2B;? ZH FDQ JR DQG VHH WKH $53 WDEOH PDSSLQJ WKH 0$& DGGUHVVHV
ZLWK ,3 DGGUHVVHV

O BT M2B;?
9eXRyRXRd3XRk /2p 2i?y HH//` y9,yR,8#,2N,R,yR ahG1
9eXRyRXRk3XR /2p 2i?y HH//` yy,yy,82,yy,yR,e9 _1*>"G1
kyj,#y+y,j,/y,,R /2p 2i?y HH//` yy,yy,82,yy,yk,ej `Qmi2` ahG1
723y,,R /2p 2i?y HH//` yy,yy,82,yy,yk,ej `Qmi2` ahG1


:H FDQ VHH LQ WKH RXWSXW DERYH DQ ,3 DGGUHVV RI 9eXRyRXRk3XR :H NQRZ
WKDW˵V RXU GHIDXOW JDWHZD\ DQG QRZ ZH DOVR NQRZ WKDW WKH GHYLFH KDV 0$&
DGGUHVV RI y9,yR,8#,2N,R,yR
1RZ LW˵V D JRRG WLPH WR VHQG VRPH WUDᨬF IURP RQH 90 WR DQRWKHU DQG FKHFN
WKDW DOO RI WKH GDWD DUH UHFHLYHG DQG QRW GURSSHG BT @b HBMF b?Qr IROORZHG
E\ DQ LQWHUIDFH QDPH JLYHV XV VWDWLVWLFV DERXW SDFNHWV JRLQJ WKURXJK

O BT @b HBMF b?Qr 2i?R


j, 2i?R, I"_P.*ah-JlGhA*ah-lS-GPq1_nlS= Kim R8yy [/Bb+
7[n+Q/2H bii2 lS KQ/2 .16lGh ;`QmT /27mHi [H2M Ryyy
HBMFf2i?2` R2,+,3+,R#,+3,27 #`/ 77,77,77,77,77,77
_s, #vi2b T+F2ib 2``Q`b /`QTT2/ Qp2``mM K+bi
Rjk3 ky y y y y
hs, #vi2b T+F2ib 2``Q`b /`QTT2/ +``B2` +QHHbMb
Rkdk R3 y y y y

:H ZLOO EH ZDWFKLQJ 2i?R DV WKH LQWHUIDFH IRU RXU SULYDWH QHWZRUNLQJ DQG
XVLQJ WKH TBM; XWLOLW\ WR UHDFK WKLV VHUYHU IURP WKH RWKHU RQH UHPHPEHU
WKDW TBM; FDQ RQO\ ZRUN LI ,&03˵V (FKR 5HTXHVW DQG (FKR 5HSO\ IHDWXUH LV QRW
EORFNHG E\ D ᨫUHZDOO 

b2`p2`kO TBM; @+jyy 9eXRyRXR8RXk8k


SAL: RyXRj8XkdXkj URyXRj8XkdXkjV 8eU39V #vi2b Q7 /iX
e9 #vi2b 7`QK RyXRj8XkdXkj, B+KTnb2[4R iiH4e9 iBK249Xkk Kb
e9 #vi2b 7`QK RyXRj8XkdXkj, B+KTnb2[4k iiH4e9 iBK24yX89R Kb
XXX

3LQJ PHDVXUHV WKH FRPSOHWH ODWHQF\ RI JHWWLQJ WR WKH GHVWLQDWLRQ


DQG EDFN EXW ZH FDQQRW GHYLGH LW E\ KDOI WR JHW ODWHQF\ RI RQH
GLUHFWLRQ 7KDW˴V EHFDXVH WKH URXULQJ LV OLNHO\ GLᨭHUHQW LQ ERWK
ZD\V

$IWHU D ZKLOH ZH FDQ UXQ BT @b HBMF b?Qr 2i?R DJDLQ RQ WKH ᨫUVW VHUYHU
DQG QRWLFH WKH QXPEHU RI UHFHLYHG SDFNHWV


j, 2i?R, I"_P.*ah-JlGhA*ah-lS-GPq1_nlS= Kim R8yy [/Bb+
7[n+Q/2H bii2 lS KQ/2 .16lGh ;`QmT /27mHi [H2M Ryyy
HBMFf2i?2` R2,+,3+,R#,+3,27 #`/ 77,77,77,77,77,77
_s, #vi2b T+F2ib 2``Q`b /`QTT2/ Qp2``mM K+bi
93k3 83 y y y y
hs, #vi2b T+F2ib 2``Q`b /`QTT2/ +``B2` +QHHbMb
93yy 8e y y y y

:H FDQ DOVR FRQᨫUP WKDW WKH\ ZHUH QR HUURUV DQG QR ORVW SDFNHWV
7KH FRQQHFWLRQ LV HVWDEOLVKHG DQG ZRUNLQJ EXW ZH QHHG WR NQRZ RQH ODVW
WKLQJ :KDW ZD\ WKH GR SDFNHWV WUDYHO RQ WKH ZD\ WR WKH GHVWLQDWLRQ" WUD
FHSDWK XWLOLW\ FDQ KHOS ZLWK WKDW VLPLODUO\ WR TBM; LW FDQ RQO\ ZRUN LI ,&03˵V
7LPH ([FHHGHG IHDWXUH LV QRW EORFNHG E\ D ᨫUHZDOO 
/HW˵V VHH i`+2Ti? LQ DFWLRQ IURP WKH VHFRQG 936 WU\LQJ WR UHDFK WKH ᨫUVW
RQH ERWK RQ WKH SXEOLF ,3 DGGUHVV DQG SULYDWH ,3 DGGUHVV

b2`p2`kO i`+2Ti? 9eXRyRXR8RXk8k


R\, (GP*G>Pah) TKim R8yy
R, Re8XkkdXRk3Xk89 jXk83Kb
R, Re8XkkdXRk3Xk8j yX939Kb
k, 9eXRyRXR8RXk8k RXky3Kb `2+?2/
_2bmK2, TKim R8yy ?QTb k #+F k

b2`p2`kO i`+2Ti? RyXRj8XkdXkj


R\, (GP*G>Pah) TKim R8yy
R, RyXRj8XkdXkj RX38jKb `2+?2/
R, RyXRj8XkdXkj yX93yKb `2+?2/
_2bmK2, TKim R8yy ?QTb R #+F R

,W˵V QRW YHU\ VXUSULVLQJ WKDW SULYDWH QHWZRUNLQJ GLG RQO\ RQH KRS ZLWK IDU
OHVV ODWHQF\ $IWHU WKH VHFXULW\ DVSHFW LW˵V DQRWKHU UHDVRQ WR IDYRU SULYDWH
QHWZRUNLQJ 7KH SXEOLF SDWK ZDV VKRUW DV ZHOO :H DUH VWLOO LQ WKH VDPH
GDWDFHQWHU VR ZH RQO\ GLG RQH H[WUD KRS
:KDW DERXW UHDFKLQJ GHSOR\PHQWIURPVFUDWFKFRP"


O i`+2Ti? /2THQvK2Mi7`QKb+`i+?X+QK
R\, (GP*G>Pah) TKim R8yy
R, Re8XkkdXRk3Xk8j yXNj8Kb
R, Re8XkkdXRk3Xk8j yX98yKb
k, Rj3XRNdXk8yXR9e yXe9kKb
j, kyNX38XRd8XRNe yXeNdKb
9, Ry3XRdyXk8RXR98 RX9N3Kb
8, kyNX38Xk9kXdN RXkyRKb
e, Ry3XRdyXkj9XRy dXyNyKb bvKK 3
d, kyNX38XR9kXRed RjXR9NKb bvKK N
3, RdkXk8jXe8XRd9 3yX8ejKb bvKK Ry
N, kReXkjNX8NXy N8X38RKb bvKK RR
Ry, kyNX38XR9jXRyj Ry8X83eKb bvKK Rk
RR, dkXR9XkjjXkjd R9jXReyKb bvKK Rj
Rk, kReXkjNX9jXdN R9kXeddKb bvKK Rj
Rj, kyNX38XR9jXkkd R9jXeejKb
R9, MQ `2THv
R8, MQ `2THv
Re, MQ `2THv
Rd, MQ `2THv
R3, MQ `2THv
RN, MQ `2THv
ky, MQ `2THv
kR, 8kXR9XRN3XRy9X#+X;QQ;H2mb2`+QMi2MiX+QK R99XdekKb `2+?2/
_2bmK2, TKim R8yy ?QTb kR #+F kk

7KDW ZDV TXLWH FRVWO\  KRSV WKDW HQGHG XS VRPHZKHUH LQ WKH *RRJOH
&ORXG 7KH ERRN ZHEVLWH XVHV D &'1 ZKLFK LQ WXUQ UHOLHV RQ *RRJOH 7KDW
LV ZK\ VKDYLQJ Rᨪ PV LQ VHUYHU UHVSRQVH WLPH PLJKW PHDQ YHU\ OLWWOH LQ
XVHUSHUFHLYHG ZHE DSSOLFDWLRQV SHUIRUPDQFH

&RQWHQW 'HOLYHU\ 1HWZRUN &'1 D VHUYLFH WR PLQLPL]H ODWHQF\ LQ


ORDGLQJ ZHE SDJHV DQG WKHLU DVVHWV E\ SURYLVLRQLQJ D VHW RI GLVWULEXWHG
VHUYHUV DFURVV VRPH ODUJHU DUHD WR EH DOZD\V FORVH WR WKH YLVLWRU˴V ORFD
WLRQ

7KH ,QWHUQHW &RQWURO 0HVVDJH 3URWRFRO ,&03 LV DQ HUURUUHSRUWLQJ SUR


WRFRO XVHG E\ WRROV OLNH TBM; DQG i`+2Ti? 6RPH FRQVLGHU LW D VHFXULW\
LVVXH WR DOORZ ,&03 DQG WKHUHIRUH GLVDOORZ LW RQ WKHLU URXWHUV DQG ᨫUHZDOOV
+RZHYHU ,&03 KDV DQ LPSRUWDQW UROH DQG VR ZH VKRXOG DOORZ LW IRU WKH


(FKR 5HTXHVW DQG (FKR 5HSO\ PHVVDJHV WHOOLQJ XV WKH VHUYHU LV UHDFKDEOH DQG IRU
WKH 7LPH ([FHHGHG WKDW FDQ KHOS XV WR GLVFRYHU LQWHUPHGLDWH VHUYHUV WKDW VLW
EHWZHHQ XV DQG WKH ᨫQDO GHVWLQDWLRQ

 +RVWQDPHV
6R IDU ZH ZRUNHG ZLWK ,3 DGGUHVVHV GLUHFWO\ $V WKH\ DUH KDUG WR UHPHPEHU
ZH FDQ DOLDV WKHP ZLWK D QDPH XQGHU '16 7R GR VR ZH FDQ EX\ D GRPDLQ
QDPH VXFK DV /2THQvK2Mi7`QKb+`i+?X+QK IURP D GRPDLQ UHJLVWUDU DQG
SRLQW WKH '16 UHFRUGV WR WKH UHDO ,3 DGGUHVV
6LQFH /2THQvK2Mi7`QKb+`i+?X+QK FRXOG EH D QHWZRUN RI PRUH WKDQ RQH
VHUYHU ZH LGHQWLI\ WKH VSHFLᨫF KRVWV E\ KRVWQDPH b2`p2`R  KRVWQDPH
DQG GRPDLQ QDPH WRJHWKHU IRUPV )XOO\ 4XDOLᦣHG 'RPDLQ 1DPH )4'1
b2`p2`RX/2THQvK2Mi7`QKb+`i+?X+QK  7KHVH KRVWQDPHV ZRUN DV SDUW
RI WKH '16 V\VWHP ZH GHVFULEHG EHIRUH ZKHUH ZH DVN D '16 VHUYHU IRU WKH
UHDO ,3 DGGUHVV RI WKH KRVW ZH ZDQW WR UHDFK
:LWK WKH ?Qbi SURJUDP ZH FDQ ᨫQG RXW WKH UHDO ,3 DGGUHVV EHKLQG D GRPDLQ
QDPH RU KRVWQDPH

O ?Qbi ;QQ;H2X+QK
;QQ;H2X+QK ?b //`2bb RdkXkRdXkjXkye
;QQ;H2X+QK ?b ASpe //`2bb kyy,R98y,9yR9,3y+,,kyy2
;QQ;H2X+QK KBH Bb ?M/H2/ #v Ry bTKtXHX;QQ;H2X+QKX
;QQ;H2X+QK KBH Bb ?M/H2/ #v ky HiRXbTKtXHX;QQ;H2X+QKX
;QQ;H2X+QK KBH Bb ?M/H2/ #v 9y HijXbTKtXHX;QQ;H2X+QKX
;QQ;H2X+QK KBH Bb ?M/H2/ #v 8y Hi9XbTKtXHX;QQ;H2X+QKX
;QQ;H2X+QK KBH Bb ?M/H2/ #v jy HikXbTKtXHX;QQ;H2X+QKX

0 ?Qbi HQ+H?Qbi
HQ+H?Qbi ?b //`2bb RkdXyXyXR
HQ+H?Qbi ?b ASpe //`2bb ,,R

7R UHVROYH D JLYHQ GRPDLQ QDPH RU KRVWQDPH D ᨫOH FDOOHG f2i+f?Qbib LV


FKHFNHG ᨫUVW f2i+f?Qbib FDQ GLUHFWO\ FRQWDLQ WKH PDSSLQJ EHWZHHQ ,3 DG
GUHVVHV DQG KRVWQDPHV 7KLV ZD\ ZH FDQ KDUGFRGH WKH DGGUHVVHV DQG VNLS WKH
H[SHQVLYH WLPHFRQVXPLQJ UHVROXWLRQ
2Q 'LJLWDO 2FHDQ GURSOHWV WKLV ᨫOH LV PDQDJHG E\ GHIDXOW 7KLV LV DOVR LQGL
FDWHG DW WKH EHJLQQLQJ RI WKH ᨫOH


O +i f2i+f?Qbib
O uQm` bvbi2K ?b +QM7B;m`2/ ^KM;2n2i+n?Qbib^ b h`m2X
O b  `2bmHi- B7 vQm rBb? 7Q` +?M;2b iQ i?Bb 7BH2 iQ T2`bBbi
O i?2M vQm rBHH M22/ iQ 2Bi?2`
O XV KF2 +?M;2b iQ i?2 Kbi2` 7BH2 BM f2i+f+HQm/fi2KTHi2bf
O ?QbibX`2/?iXiKTH
O #XV +?M;2 Q` `2KQp2 i?2 pHm2 Q7 ^KM;2n2i+n?Qbib^ BM
O f2i+f+HQm/f+HQm/X+7; Q` +HQm/@+QM7B; 7`QK mb2`@/i
O
O h?2 7QHHQrBM; HBM2b `2 /2bB`#H2 7Q` ASp9 +T#H2 ?Qbib
RkdXyXyXR i2biBM;@T`QD2+i i2biBM;@T`QD2+i
RkdXyXyXR HQ+H?QbiXHQ+H/QKBM HQ+H?Qbi
RkdXyXyXR HQ+H?Qbi9XHQ+H/QKBM9 HQ+H?Qbi9

O h?2 7QHHQrBM; HBM2b `2 /2bB`#H2 7Q` ASpe +T#H2 ?Qbib


,,R i2biBM;@T`QD2+i i2biBM;@T`QD2+i
,,R HQ+H?QbiXHQ+H/QKBM HQ+H?Qbi
,,R HQ+H?QbieXHQ+H/QKBMe HQ+H?Qbie

2Q PDQ\ V\VWHPV f2i+f?Qbib ZRXOG EH GLUHFWO\ HGLWDEOH EXW LQ RXU


FDVH ZH VKRXOG PDQDJH WKH PDSSLQJ ZLWK ?QbibX`2/?iXiKTH ᨫOH LQ
f2i+f+HQm/fi2KTHi2bf :H FRXOG DGG DQ HQWU\ WR WKLV ᨫOH VSHFLI\LQJ DQ
,3 DGGUHVV DQG D KRVWQDPH ZH ZDQW WR PDS WR WKLV DGGUHVV 7KH ᨫOH˵V GHIDXOW
FRQWHQWV DOVR UHYHDO KRZ LW˵V SRVVLEOH WKDW ORFDOKRVW LV DFWXDOO\ PDWFKHG ZLWK
RkdXyXyXR DGGUHVV DQG ZK\ ZH FDQ XVH LW DV DQ DOWHUQDWLYH
,I WKH PDSSLQJ ZH DUH ORRNLQJ IRU LV QRW IRXQG LQ WKH f2i+f?Qbib ᨫOH D
f2i+f`2bQHpX+QM7 ᨫOH LV XVHG WR ᨫQG D GRPDLQ QDPH VHUYHU

O +i f2i+f`2bQHpX+QM7
O :2M2`i2/ #v L2irQ`FJM;2`
MK2b2`p2` edXkydXedXk
MK2b2`p2` edXkydXedXj

7KH ᨫOH VKRXOG FRPH ZLWK \RXU SURYLGHU QDPHVHUYHU edXkydXedXk LV D 'LJ
LWDO 2FHDQ  :H FRXOG DGG PRUH QDPHVHUYHUV ZLWK WKH MK2b2`p2` GLUHFWLYH
WR DOWHU WKH UHVROXWLRQ 7KH b2`+? GLUHFWLYH FDQ DXWRPDWLFDOO\ ORRN IRU GR
PDLQ QDPHV ZLWKLQ D JLYHQ VHDUFK GRPDLQ
,Q SUDFWLFH ZH PLJKW ZDQW WR EH DXWRPDWLFDOO\ UHIHUHQFLQJ GRPDLQ QDPHV DV
SDUW RI 2tKTH2X+QK ,I WKHUH LV D b2`+? GLUHFWLYH ZLWK 2tKTH2X+QK


DV DUJXPHQW WKHQ WKH GRPDLQ UHVROXWLRQ FDQ JLYH XV WKH FRUUHFW ,3 DGGUHVV
IRU Mvi?BM;X2tKTH2X+QK HYHU\ WLPH ZH UHTXHVW MXVW Mvi?BM; 7KH
`2bQHpX+QM7 ᨫOH FRXOG ORRN OLNH WKLV

O +i f2i+f`2bQHpX+QM7
MK2b2`p2` edXkydXedXk
b2`+? 2tKTH2X+QK 2tKTH2kX+QK

,I WKH VHDUFK IRU Mvi?BM;X2tKTH2X+QK IDLOV Mvi?BM;X2tKTH2kX+QK


ZLOO EH WULHG QH[W
2Q VRPH V\VWHPV f2i+f?Qbib DQG f2i+f`2bQHpX+QM7 FDQ EH HGLWHG GL
UHFWO\ EXW VRPHWLPHV WKH\ DUH PDQDJHG E\ VRPH RWKHU SURJUDP ,Q WKLV FDVH
WKHUH ZHUH FUHDWHG E\ 1HWZRUN0DQDJHU D FRQQHFWLYLW\ GDHPRQ IRU DXWR
PDWLF QHWZRUN PDQDJHPHQW
2Q DQRWKHU SURYLGHU RU ZLWK DQRWKHU LPDJH WKH\ FRXOG EH PDQDJHG E\ D
GLᨪHUHQW SURJUDP OLNH FORXGLQLW D VHW RI VFULSWV IRU PDQDJLQJ FORXG LPDJHV

O +i f2i+f`2bQHpX+QM7
c *`2i2/ #v +HQm/@BMBi QM BMbiM+2 #QQi miQKiB+HHv-
c /Q MQi 2/BiX
c
MK2b2`p2` edXkydXedXk
MK2b2`p2` edXkydXedXj
b2`+? HQ+H/QKBM

,Q JHQHUDO LW˵V LPSRUWDQW WR UHDOL]H LI WKH QHWZRUNLQJ LV PDQDJHG IRU XV VR WKDW


ZH GRQ˳W LQWHUYHQH ZLWK WKH VHWXS E\ GRLQJ PDQXDO FKDQJHV
7R ᨫQG RXW RXU FXUUHQW KRVWQDPH IURP WKH VHUYHU LWVHOI ZH FDQ UXQ ?QbiMK2

O ?QbiMK2
i2biBM;@T`QD2+i

ZKLFK MXVW UHDGV f2i+f?QbiMK2 ᨫOH :H FDOO KRVWQDPH VWRUHG LQ WKLV ᨫOH
VWDWLF DQG E\ GHIDXOW LW˵V ORFDOKRVW VLQFH ZH PLJKW SRLQW WR WKH KRVW ZLWK PRUH
WKDQ RQH KRVWQDPH XVLQJ '16 
7KHUH LV DOVR ?QbiMK2+iH biimb FRPPDQG WKDW \LHOGV D ELW PRUH LQIRU
PDWLRQ


O ?QbiMK2+iH biimb
aiiB+ ?QbiMK2, i2biBM;@T`QD2+i
A+QM MK2, +QKTmi2`@pK
*?bbBb, pK
J+?BM2 A., 3N#je9992#9e/N27ekd3RdeN37827
"QQi A., ed372RRR2#89yk#Neekd#RRe93e/R9
oB`imHBxiBQM, FpK
PT2`iBM; avbi2K, 62/Q` kN U*HQm/ 1/BiBQMV
*S1 Pa LK2, +T2,fQ,72/Q`T`QD2+i,72/Q`,kN
E2`M2H, GBMmt 9XR3XRe@jyyX7+kNXt3ene9
`+?Bi2+im`2, t3e@e9

7R FKDQJH WKH KRVWQDPH ZH FDQ UXQ ?QbiMK2+iH b2i@?QbiMK2

O ?QbiMK2+iH b2i@?QbiMK2 M2r@?QbiMK2


O ?QbiMK2+iH biimb
aiiB+ ?QbiMK2, M2r@?QbiMK2
XXX

$V \RX FDQ LPDJLQH WKLV LV D ORFDO FKDQJH DQG ZRQ˵W EH DXWRPDWLFDOO\ SURSD
JDWHG WR '16 VHUYHUV DURXQG WKH ZRUOG )RU WKDW ZH KDYH WR ORRN LQWR ,&$11
:+2,6 UHFRUGV :H GR H[DFWO\ WKDW ODWHU LQ WKH 'RPDLQ 1DPHV DQG &HUWLᨮFDWHV
FKDSWHU

 3RUWV DQG 6RFNHWV


3UHYLRXVO\ ZH WDONHG DERXW QHWZRUNLQJ VHUYLFHV DQG WKHLU H[SRVXUH WR WKH
RXWVLGH ZRUOG WKURXJK RSHUDWLQJ V\VWHP SRUWV DQG QHWZRUN VRFNHWV :H HV
WDEOLVKHG WKDW ,$1$ DVVLJQV UHVHUYHG SRUWV DQG ZH FDQ ᨫQG WKHP RQ WKHLU
VLWH
:H FDQ DOVR VHH WKH OLVW RI SRUWV DQG WKHLU H[SHFWHG VHUYLFHV GLUHFWO\ RQ WKH
V\VWHP ZLWK WKH f2i+fb2`pB+2b ᨫOH


O +i f2i+fb2`pB+2b
XXX
i+TKmt Rfi+T O h*S TQ`i b2`pB+2 KmHiBTH2t2`
i+TKmt Rfm/T O h*S TQ`i b2`pB+2 KmHiBTH2t2`
`D2 8fi+T O _2KQi2 CQ# 1Mi`v
`D2 8fm/T O _2KQi2 CQ# 1Mi`v
2+?Q dfi+T
2+?Q dfm/T
XXX
7iT@/i kyfi+T
7iT@/i kyfm/T
O kR Bb `2;Bbi2`2/ iQ 7iT- #mi HbQ mb2/ #v 7bT
7iT kRfi+T
7iT kRfm/T 7bT 7bT/
bb? kkfi+T O h?2 a2+m`2 a?2HH Uaa>V S`QiQ+QH
bb? kkfm/T O h?2 a2+m`2 a?2HH Uaa>V S`QiQ+QH
XXX

)LUVW FROXPQ QDPHV WKH QHWZRUNLQJ VHUYLFH ,Q WKH VHFRQG FROXPQ ZH ᨫQG
WKH FRQFUHWH SRUW QXPEHU DQG WKH XQGHUO\LQJ SURWRFRO XVHG IRU WUDQVIHUULQJ
WKH GDWD 7&3 8'3  7KDW LV MXVW D VWDWLF FRQᨫJXUDWLRQ OLVW DQG GRHV QRW WHOO
XV ZKHWKHU WKH V\VWHP LV UXQQLQJ DQ\ RI WKH VHUYLFHV
7R OHDUQ PRUH DERXW ZKDW˵V FXUUHQWO\ UXQQLQJ DQG ZKDW SRUWV DUH RFFXSLHG
ZH KDYH WR UHDFK IRU D XWLOLW\ SURJUDP WKDW GXPSV VRFNHW LQIRUPDWLRQ FDOOHG
VV

0 bb @T2
L2iB/ aii2 _2+p@Z a2M/@Z GQ+H //`2bb,SQ`i S22` //`2bb,SQ`i
XXX

7KHUH DUH YDULRXV RSWLRQV IRU XV WR XVH 7KH @ RSWLRQ VKRZV DOO VRFNHWV
LQFOXGLQJ QRQOLVWHQLQJ @H VKRZV RQO\ OLVWHQLQJ @M VKRZV SRUW QXPEHUV LQ
VWHDG RI VHUYLFH QDPHV @T VKRZV WKH SURFHVV XVLQJ WKH VRFNHW @2 SURYLGHV
GHWDLOHG VRFNHW LQIRUPDWLRQ @9 ᨫOWHUV ,3YRQO\ VRFNHWV DQG @e ᨫOWHUV ,3Y
RQO\ VRFNHWV
:H FDQ WKHQ DOVR QDUURZ GRZQ WKH VHDUFK IRU WKH NLQG RI VRFNHWV WKDW ZH DUH
LQWHUHVWHG LQ ZLWK WKH IROORZLQJ RSWLRQV WDNHQ IURP WKH PDQXDO SDJH 


@i- @@i+T
.BbTHv h*S bQ+F2ibX

@m- @@m/T
.BbTHv l.S bQ+F2ibX

@/- @@/++T
.BbTHv .**S bQ+F2ibX

@r- @@`r
.BbTHv _q bQ+F2ibX

@t- @@mMBt
.BbTHv lMBt /QKBM bQ+F2ib UHBb 7Q` @7 mMBtVX

@a- @@b+iT
.BbTHv a*hS bQ+F2ibX

@@pbQ+F
.BbTHv pbQ+F bQ+F2ib UHBb 7Q` @7 pbQ+FVX

:H DOUHDG\ OHDUQHG ZKDW QHWZRUN VRFNHWV DUH 7&3 VRFNHW LV D FRQQHFWLRQ


RULHQWHG QHWZRUN VRFNHW ZKLOH 8'3 VRFNHW LV FRQQHFWLRQOHVV 7KH 5$:
VRFNHW LV DOVR D QHWZRUN VRFNHW EXW ZLWKRXW DQ\ VSHFLᨫF WUDQVSRUW SURWRFRO
OD\HU $OWKRXJK ZH PHQWLRQHG WKHP UHJDUGLQJ KRVWWRKRVW FRPPXQLFDWLRQ
WKHUH PLJKW EH XVHG IRU ORFDO QHWZRUN VHUYLFHV RQ WKH VDPH KRVW
7R OLVW DOO OLVWHQLQJ 7&3 VRFNHWV

O bb @Hi

7R OLVW DOO 8'3 VRFNHWV

O bb @m

2Q WKH RWKHU KDQG 81,; VRFNHW LV DQ LQWHUSURFHVV FRPPXQLFDWLRQ VRFNHW


WKHUHIRUH DOVR ˸,3& VRFNHW˹ RQ WKH VDPH KRVW RSHUDWLQJ V\VWHP 7KH ZKROH
FRPPXQLFDWLRQ KDSSHQV ZLWKLQ WKH 26 NHUQHO E\ ERWK SURFHVVHV RSHQLQJ D


VRFNHW ZLWK WKH VDPH DGGUHVV RQ WKH ᨫOHV\VWHP ,W˵V DV LI WKH\ ERWK RSHQ D
VKDUHG ᨫOH DQG UHDG ZKDW WKH RWKHU SURFHVV ZULWHV WR LW
:H QRZ NQRZ ZKHUH DQG KRZ WR ᨫQG PRUH DERXW VRFNHWV %XW LW˵V D JRRG
LGHD WR VWRS IRU D VHFRQG DQG WU\ WR XQGHUVWDQG ZKDW bb WHOOV XV
7KH bb RXWSXW DERYH KDV WKH IROORZLQJ FROXPQV LW FDQ KDYH RWKHUV GHSHQGLQJ
RQ WKH VZLWFKHV XVHG 

˾ L2iB/ UHIHUV WR ZKDW NLQG RI VRFNHW LW LV mnbi` LV 81,; VWUHDP mn/;`


LV 81,; GDWDJUDP VRFNHWV MH LV QHWOLQN Tn`r LV UDZ VRFNHW Tn/;`
LV GDWDJUDP VRFNHW i+T LV 7&3 VRFNHW m/T LV 8'3 VRFNHW
˾ aii2 UHIHUV WR WKH VWDWXV RI WKH VRFNHW GAah1L PHDQV VHUYLFH LV OLV
WHQLQJ RQ WKLV VRFNHW 1ah" DV ˸HVWDEOLVKHG˹ PHDQV WKHUH LV DQ DFWLYH
FRQQHFWLRQ WR WKH VRFNHW DQG *GPa1@qAh PHDQV ZDLWLQJ IRU WKH VHU
YLFH WR FORVH WKH VRFNHW
˾ _2+p@Z UHIHUV WR E\WHV QRW FRSLHG E\ WKH ORFDO SURJUDP IRU HVWDEOLVKHG
VRFNHW FRQQHFWLRQ
˾ a2M/@Z UHIHUV WR E\WHV QRW DFNQRZOHGJHG E\ UHPRWH KRVW IRU HVWDEOLVKHG
VRFNHW FRQQHFWLRQ
˾ GQ+H //`2bb,SQ`i UHIHUV WR WKH ORFDO ,3 DGGUHVV DQG SRUW LQ TXHV
WLRQ 3RUW PLJKW EH VXEVWLWXWHG E\ VHUYLFH QDPH
˾ S22` //`2bb,SQ`i UHIHUV WR WKH UHPRWH ,3 DGGUHVV DQG SRUW
yXyXyXy, PHDQV DQ\ ,3Y DGGUHVV DQG DQ\ SRUW

(YHQ WKRXJK ZH FDPH WR bb IRU WKH VWDWH DQG SRUW QXPEHU WR NQRZ RXU VHUYLFH
LV OLVWHQLQJ RU DFFHSWLQJ WUDᨬF ZH DOVR JRW DGGLWLRQDO LQIRUPDWLRQ SURYLGHG
E\ _2+p@Z DQG a2M/@Z ZKLFK WHOOV XV WKDW RXU ORFDO RU D UHPRWH DSSOLFDWLRQ
LV QRW UHDGLQJ GDWD DYDLODEOH WR LW IURP WKH QHWZRUN
:H FDQ DOVR GLVSOD\ VXPPDU\ VRFNHW VWDWLVWLFV E\ WUDQVSRUW SURWRFRO ZLWK bb
@b IRU D TXLFN RYHUYLHZ


O bb @b
hQiH, RjdN
h*S, j8 U2bi# Rk- +HQb2/ 9- Q`T?M2/ y- iBK2rBi yV

h`MbTQ`i hQiH AS ASpe


_q R y R
l.S RN Rk d
h*S jR k8 e
AL1h 8R jd R9
6_: y y y

$V DQ DOWHUQDWLYH WR bb ZH FDQ DOVR XVH M2ibii

 5HERRWV
5HERRWLQJ LV VRPHWLPHV UHTXLUHG IRU V\VWHP XSJUDGHV DQG DV VXFK LV LPSRUWDQW
WR GLVWLQJXLVK UXQWLPH DQG SHUVLVWHQW QHWZRUN DQG V\VWHP VHWWLQJV 6RPH
XWLOLWLHV ZH OHDUQ DERXW PLJKW EH FKDQJLQJ V\VWHP RQO\ IRU UXQWLPH DQG QRW
SHUVLVWLQJ WKHP DFURVV UHERRWV 7KDW˵V JUHDW IRU LQLWLDO WURXEOHVKRRWLQJ ZLWK
WKH RSSRUWXQLW\ WR UHERRW LI VRPHWKLQJ LV ZURQJ EXW LW˵V LPSRUWDQW WR DOZD\V
GR WKH SHUVLVWLQJ FKDQJH LQ WKH HQG
$W DQ\ WLPH ZH FDQ UHTXHVW RXU V\VWHP WR UHERRW ZLWK VLPSOH `2#QQi FRP
PDQG

O `2#QQi

$IWHU WKH UHERRW ZH KDYH WR FRQQHFW DJDLQ ZLWK 66+ DQG FDQ FKHFN WKDW RXU
SUHYLRXV FKDQJHV DUH SHUVLVWHG


 6XPPDU\
:H VWDUWHG WR H[SORUH QHWZRUNLQJ RQ RXU QHZ V\VWHP WR VHH KRZ WKHRU\ WUDQV
ODWHV WR SUDFWLFH

˾ :H VDZ KRZ WKH BT FRPPDQG UHYHDOV GHWDLOV DERXW QHWZRUN LQWHUIDFHV


BT //` b?Qr 0$& DQG ,3 DGGUHVVHV BT `Qmi2 SDFNHW URXWHV WR
UHPRWH KRVWV BT M2B;? RWKHU KRVWV LQ WKH ORFDO QHWZRUN DQG BT @b
VWDWLVWLFV IRU DQ LQWHUIDFH

˾ :H XVHG ?Qbi WR ᨫQG RXW WKH ,3 DGGUHVV RI WKH IXOO\ TXDOLᨫHG GRPDLQ
QDPH IURP '16 DQG VDZ KRZ f2i+f?Qbib DQG f2i+f`2bQHpX+QM7
DUH EHLQJ XVHG WR GHWHUPLQH LW :LWK ?QbiMK2 DQG ?QbiMK2+iH ZH
VDZ DQG PDQDJHG KRVWQDPH IRU WKH FXUUHQW KRVW ZKLFK VKRXOG XQLTXHO\
LGHQWLI\ LW RQ WKH ORFDO QHWZRUN

˾ :H QHHG DQ RSHQ SRUW DQG D QHWZRUN DSSOLFDWLRQ WR OLVWHQ WR LW WR EH


DEOH WR VHQG SDFNHWV WR WKH DSSOLFDWLRQ WKURXJK QHWZRUN VRFNHWV 6RFNHW
DGGUHVV LV WKH UHPRWH ,3 DGGUHVV DQG SRUW 2Q WKH ORFDO V\VWHP WKH\
DUH UHIHUUHG WR ZLWK D QXPEHU :LWK WKH bb XWLOLW\ ZH FDQ ᨫOWHU YDULRXV
NLQGV RI VRFNHWV DQG ᨫQG RXW DERXW WKHLU VWDWH
˾ 81,; VRFNHWV UHVHPEOH SODLQ ᨫOHV 7R FRPPXQLFDWH ZLWK HDFK RWKHU
RQ D 81,; VRFNHW DSSOLFDWLRQV RQ ERWK VLGHV RSHQ D ᨫOHV\VWHP SDWK
VXFK DV fTi?fiQfbQ+F2iXbQ+F 7KLV LV KDQG\ ZKHQ HVWDEOLVKLQJ
FRQQHFWLRQV IURP D ZHE VHUYHU VXFK DV 1*,1; WR DQ DSSOLFDWLRQ VHUYHU
VXFK DV 3XPD ORFDOO\


&KDSWHU 

6HUYHU &RQᦣJXUDWLRQ 

&RQᨫJXUDWLRQ 0DQDJHPHQW LV DERXW PDLQWDLQLQJ VHUYHUV LQ D GHVLUHG VWDWH E\


LQVWDOOLQJ DQG UHPRYLQJ VRIWZDUH DQG SURYLGLQJ XSWRGDWH FRQᨫJXUDWLRQ ᨫOHV
,W˵V LV D EHWWHU SDUW RI WKLV ERRN EHFDXVH ZH KDYH WR VHW XS DQG FRQᨫJXUH HYHU\
FRUQHU RI WKH V\VWHP 7R VWDUW ZH˵OO OHDUQ DERXW PDQDJLQJ V\VWHP VRIWZDUH
DQG KRZ WR DXWRPDWH LW
:KHQ ZH SURYLVLRQ D /LQX[ VHUYHU ZH QRWLFH LW GRHVQ˵W FRPH HPSW\ 7KHUH
LV D ORW RI VRIWZDUH DOUHDG\ SUHLQVWDOOHG VRPH ZLWK FRQᨫJXUDWLRQ ᨫOHV LQ WKH
f2i+ GLUHFWRU\ 7KLV VRIWZDUH FDPH LQ WKH IRUP RI SDFNDJHV DQG FDQ EH IXUWKHU
PDQDJHG E\ D V\VWHP SDFNDJH PDQDJHU ,Q WKH )HGRUD IDPLO\ SDFNDJHV IROORZ
WKH 530 IRUPDW DQG DUH PDQDJHG E\ '1)


 6RIWZDUH 3DFNDJHV
$OO RSHUDWLQJ V\VWHPV KDYH WKHLU SUHIHUUHG ZD\V RI LQVWDOOLQJ QHZ VRIWZDUH 2Q
PRGHUQ )HGRUDEDVHG V\VWHPV WKDW ZRXOG EH LQVWDOOLQJ SURJUDPV SDFNDJHG LQ
WKH 530 IRUPDW XVLQJ D SURJUDP FDOOHG '1) D VXFFHVVRU WR <80  7KLV
ZRXOG EH WKH HTXLYDOHQW RI XVLQJ $37 DQG '(% SDFNDJLQJ IRUPDW LQ 'HELDQ
DQG 8EXQWX LI WKDW˵V ZKDW \RX ZRUNHG ZLWK XQWLO QRZ
$ VRIWZDUH SDFNDJH OLNH 530 RU '(% LV DW LWV FRUH VRPH YDULDQW RI DQ DUFKLYH
VXFK DV Xi` LQ ZKLFK WKH VRXUFH FRGH LV DOUHDG\ FRPSLOHG DQG ᨫOHV DUH SXW
WR WKH ULJKW GLUHFWRULHV RQ WKH ᨫOHV\VWHP ,W DOVR FRPHV ZLWK YDULRXV PHWD
GDWD LQFOXGLQJ EXW QRW OLPLWHG WR GHSHQGHQFLHV RQ RWKHU SDFNDJHV /LQX[
SDFNDJHV UHSODFH PDQ\ VWHSV DQG IULFWLRQ IRU WKH XVHU 7KH\ VROYH WKH FRPSL
ODWLRQ VWHS RI WKH VRXUFH FRGH GHSHQGHQFLHV UHVROXWLRQ VRXUFHV YHULᨫFDWLRQ
DQG WHVWLQJ WKH SURJUDP H[SHFWHG EHKDYLRU ZKLOH SXWWLQJ WKHLU ᨫOHV WR WKH ULJKW
SODFHV RQ \RXU V\VWHP
$OO RI WKLV VDYHV D ORW RI WLPH IRU XV DQG RIWHQ WKH VL]H RI WKH GDWD WR GRZQORDG
QR QHHG IRU WKH VRXUFH ᨫOHV  :LWK D V\VWHP SDFNDJH PDQDJHU ZH DOVR JHW D
XQLᨫHG ZD\ WR PDQDJH DOO WKLV VRIWZDUH :H GRQ˵W QHHG WR OHDUQ KRZ WR LQVWDOO
SURJUDP $ % DQG & ZH MXVW OHDUQ D VLQJOH ZD\ KRZ WR LQVWDOO QHZ SDFNDJHV

$SDUW IURP WUDGLWLRQDO SDFNDJH PDQDJHUV /LQX[ GLVWULEXWLRQV


VWDUWHG WR VXSSRUW )ODWSDFNV DQG 6QDSV IRU SULPDULO\ XVHUIDFLQJ
VRIWZDUH WR RᨭHU HDVLHU DQG VDIHU ZD\ RI LQVWDOOLQJ GHVNWRS VRIW
ZDUH 6QDSV HYHQ EHFDPH D GHIDXOW ZD\ RI GHSOR\PHQW RI YDUL
RXV VHUYHU VRIWZDUH RQ 8EXQWX LQFOXGLQJ FHUWERW ZKLFK ZH˴OO XVH ODWHU WR LVVXH
/HW˴V (QFU\SW FHUWLᨮFDWHV 

7KH TXDOLW\ RI SDFNDJHV FDQ EH VLJQLᨫFDQWO\ GLᨪHUHQW IURP V\VWHP WR V\VWHP


DQG IURP WKH RᨬFLDO UHSRVLWRULHV IROORZLQJ JXLGHOLQHV DQG UHYLHZV WR UG SDUW\
UHSRVLWRULHV WKDW PLJKW XVH WKH SDFNDJLQJ IRUPDW IRU HDV\ LQVWDOODWLRQ EXW
ZLWK GLᨪHUHQW GHIDXOWV WKDW DUH QRW IROORZLQJ D SDUWLFXODU V\VWHP JXLGHOLQH
RU UHYLHZ SURFHVV ,Q FDVH WKHUH LV QR SDFNDJH IRU WKH VRIWZDUH ZH QHHG WR
LQVWDOO ZH PLJKW QHHG WR GR D OLWWOH PDQXDO ZRUN RI FRPSLOLQJ DQGRU UXQQLQJ
WKH SURJUDP IURP VRXUFH 7KHUH DOVR H[LVWV D PLGGOH JURXQG ZKHUH VRIWZDUH
PDQDJHUV KHOS ZLWK VWUHDPOLQLQJ XSVWUHDP LQVWDOODWLRQV DV ZH˵OO VHH ODWHU ZLWK
WRROV OLNH FKUXE\ DQG S\HQY


 6\VWHP 0DQDJHUV
530 UHIHUV WR ERWK WKH SDFNDJLQJ IRUPDW DQG D FRPPDQG OLQH SURJUDP FDOOHG
`TK WR LQVWDOO XQLQVWDOO YHULI\ TXHU\ DQG XSGDWH VXFK SDFNDJHV ,WV RULJLQDO
QDPH LV 5HG +DW 3DFNDJH 0DQDJHU DV LW ZDV GHYHORSHG IRU 5HG +DW /LQX[ D
SUHGHFHVVRU WR )HGRUD QRW WR EH FRQIXVHG ZLWK WRGD\˵V 5HG +DW (QWHUSULVH
/LQX[ D V\VWHP EXLOW RXW RI )HGRUD 
$Q 530 SDFNDJH FRQVLVWV RI DQ DUFKLYH RI ᨫOHV DORQJ ZLWK DGGLWLRQDO LQIRUPD
WLRQ DERXW WKH SDFNDJH LQFOXGLQJ KHOSHU VFULSWV DQG ᨫOH DWWULEXWHV WR LQVWDOO
RU HUDVH WKH SDFNDJH :KLOH 530 LV D SDFNDJH PDQDJHU LQ LWV RZQ ULJKW WRGD\
ZH PRVWO\ XVH `TK MXVW IRU TXHULQJ WKH LQVWDOOHG SDFNDJHV :H FDQ DVN 530
IRU SDFNDJH UHTXLUHPHQWV RWKHU ᨫOHV RU SDFNDJHV DQG ᨫOHV LW FRQWDLQV
7R OLVW SDFNDJH LQVWDOO UHTXLUHPHQWV ZH XVH `TK @[_ FRPELQDWLRQ RI T IRU
˸TXHU\˹ DQG 5 IRU ˸UHTXLUHPHQWV˹ 

O `TK @[_ #b?


f#BMfb?
+QM7B;U#b?V 4 9X9XRN@RX7+kd
7BH2bvbi2K =4 j
HB#+XbQXeUVUe9#BiV
HB#+XbQXeU:GA"*nkXRRVUe9#BiV
XXX

$V ZH FDQ VHH %DVK FDPH ZLWK WKH V\VWHP DV D UHJXODU SDFNDJH QHHGLQJ
f#BMfb? DQG WKH & VKDUHG OLEUDU\ RQ WKH V\VWHP WR ZRUN DPRQJ RWKHU
WKLQJV 
7R OLVW WKH LQVWDOOHG ᨫOHV ZH W\SH @[H LQVWHDG O IRU ˸OLVW˹ 

O `TK @[H #b?


f2i+fbF2HfX#b?nHQ;Qmi
f2i+fbF2HfX#b?nT`Q7BH2
f2i+fbF2HfX#b?`+
fmb`f#BMfHBb
fmb`f#BMf#b?
XXX

$V H[SHFWHG WKH %DVK SDFNDJH SURYLGHV fmb`f#BMf#b? H[HFXWDEOH IRU VWDUW


LQJ WKH %DVK VKHOO ,I \RX ZRXOG SDFNDJH \RXU RZQ %DVK SURJUDP \RX FRXOG


OHW LW GHSHQG RQ WKH %DVK SDFNDJH RU WKLV ᨫOH WR EH SUHVHQW ZLWK D VOLJKWO\
GLᨪHUHQW LPSOLFDWLRQV ZKHUH E\ GHSHQGLQJ RQ WKH ᨫOH GLUHFWO\ \RX GRQ˵W FDUH
ZKLFK SDFNDJH VDWLVᨫHV WKLV GHSHQGHQF\ 
530 FDQ DOVR KHOS XV WR ᨫOWHU FRQᨫJXUDWLRQ ᨫOHV ZLWK @[+ F DV ˸FRQᨫJXUD
WLRQ˹ 

O `TK @[+ ?iiT/


f2i+f?iiT/f+QM7X/fmiQBM/2tX+QM7
f2i+f?iiT/f+QM7X/fmb2`/B`X+QM7
f2i+f?iiT/f+QM7X/fr2H+QK2X+QM7
f2i+f?iiT/f+QM7XKQ/mH2bX/fyy@#b2X+QM7

,Q WKH VQLSSHG DERYH ZH DVNHG 530 IRU V\VWHP FRQᨫJXUDWLRQ WR WKH $SDFKH
+773 6HUYHU QHHGV WR EH LQVWDOOHG ᨫUVW  7KLV LV UHDOO\ KDQG\ DQG VRPHWKLQJ
QRQSDFNDJHG VRIWZDUH GRHV QRW SURYLGH
:H FDQ DOVR DVN WKH RSSRVLWH TXHVWLRQ ZLWK @[7 I DV ˸ᨫOH˹  7R ZKDW SDFNDJH
EHORQJV D IROORZLQJ ᨫOH"

O `TK @[7 fmb`f#BMfbb?


QT2Mbb?@+HB2Mib@3XjTR@jX7+jkXt3ene9
O `TK @[7 f2i+fbb?fbb?/n+QM7B;
QT2Mbb?@b2`p2`@3XjTR@jX7+jkXt3ene9

$V \RX FDQ VHH WKH bb? H[HFXWDEOH , XVHG EHIRUH FDPH IRUP WKH RSHQVVK
FOLHQWV SDFNDJH DQG WKH f2i+fbb?fbb?/n+QM7B; FRQᨫJXUDWLRQ ᨫOH EHORQJV
WR RSHQVVKVHUYHU
,I ZH ZRXOG OLNH WR LQVWDOO DQ DFWXDO X`TK ᨫOH ZH FDQ XVH @B L DV ˸LQVWDOO˹
VZLWFK

O `TK @B 0S*E:1nLJ1X`TK

,Q FDVH ZH ZRXOG OLNH WR YHULI\ D SDFNDJH IRU 0' FKHFNVXP RZQHUVKLSV


VL]H DQG PRUH ZH FDQ GR WKDW ZLWK @@p2`B7v RSWLRQ

O `TK @@p2`B7v Tvi?QMk


7KLV FDQ EH XVHIXO WR GHWHUPLQH LI VRPHRQH WDPSHUHG ZLWK WKH SDFNDJH ᨫOHV
VLQFH WKH LQVWDOODWLRQ EH LW XV D PLVEHKDYLQJ SURFHVV RU DQ DWWDFNHU 
7R UHPRYH LW ODWHU UXQ `TK @2 H DV ˸HUDVH˹ 

O `TK @2 0S*E:1nLJ1X`TK

6RPHWLPHV ZH FDQ FRPH DFURVV D SUREOHPDWLF SDFNDJH WR UHPRYH


7KLV PLJKW EH GXH WR LWV GHSHQGHQFLHV RU D IDLOLQJ VFULSWOHW SUH
GHᨮQHG VFULSW WKDW VKRXOG UXQ EHIRUH WKH SDFNDJH UHPRYDO  7R
E\SDVV DOO RI WKHVH ZH FDQ UHVRUW WR UXQ ˸USP H ˰QRGHSV ˰
QRVFULSWV 3$&.$*(˸

:H FRXOG DOVR EH LQWHUHVWHG WR GLVSOD\ DOO SDFNDJHV RQ WKH V\VWHP ZLWK @[
DV ˸TXHU\ DOO˹ VLQFH ZH FDQ XVH ;`2T WR ᨫQG RXW LI D UHOHYDQW SDFNDJH LV
LQVWDOOHG

O `TK @[ % ;`2T `m#v

7KH 530 GDWDEDVH OLYHV LQ fp`fHB#f`TK DQG WKH GDWDEDVH LWVHOI LV FDOOHG
S+F;2b ,W PLJKW EH ZLVH WR FKHFN LI WKH GDWDEDVH LV FRUUHFW

O fmb`fHB#f`TKf`TK/#np2`B7v fp`fHB#f`TKfS+F;2b
"."8Ry8 o2`B7B+iBQM Q7 fp`fHB#f`TKfS+F;2b bm++22/2/X

,Q FDVH RXU 530 GDWDEDVH LQ QRW LQ D KHDOK\ VKDSH ZH FDQ WU\ WR ᨫ[ LW ZLWK
@`2#mBH//# @pp ZLOO SULQW H[WUD GHEXJ LQIRUPDWLRQ 

O `TK @@`2#mBH//# @pp

1RWH WKDW LQVWDOOLQJ DQG UHPRYLQJ SDFNDJHV DV ZHOO DV UHEXLOGLQJ WKH GDWDEDVH
KDV WR EH UXQ ZLWK URRW SULYLOHJHV


 3DFNDJH 5HSRVLWRULHV
$ SDFNDJH UHSRVLWRU\ LV D FROOHFWLRQ RI SDFNDJHV X`TK ᨫOHV LQ D GLUHFWRU\
ZLWK VSHFLDO PHWDGDWD ᨫOHV 7KLV GLUHFWRU\ WKHQ FDQ EH H[SRVHG RQ WKH ,QWHUQHW
RU D ORFDO QHWZRUN DQG DFFHVVHG E\ SDFNDJH PDQDJHUV WR VHDUFK GRZQORDG RU
LQVWDOO UHTXHVWHG SDFNDJHV
6LQFH 530 FDQQRW ZRUN ZLWK H[WHUQDO UHSRVLWRULHV ZH QHHG WR LQWURGXFH DQ
RWKHU WRRO WKDW JHWV WKH MRE GRQH DQG WKDW LV '1) )HGRUD DQG GHULYDWHV LQFOXGH
WKH '1) SDFNDJH PDQDJHU WKDW ZRUN RQ WRS RI 530 DQG SURYLGH D VLQJOH XVHU
LQWHUIDFH WR SDFNDJH PDQDJHPHQW '1) LV WKH WRRO ZH DUH JRLQJ WR XVH IRU
LQVWDOOLQJ DQG UHPRYLQJ DOO UHSRVLWRU\ SDFNDJHV RQ WKH V\VWHP

'1) LV RULJLQDOO\ D <XP IRUN '16 VWDQGV IRU ˸'DQGLᨮHG


<80˸ DLPLQJ DW XVLQJ D 6$7 VROYHU IRU GHSHQGHQF\ UHVROYLQJ
ZLWK FOHDUHU $3, FOHDQHU FRGHEDVH LPSURYHG SHUIRUPDQFH DQG
EHWWHU PHPRU\ IRRWSULQW JHQHUDOO\ SURYLGLQJ YHU\ VLPLODU LQWHU
IDFH '1) LV EXLOW XVLQJ +DZNH\ D QHZ SDFNDJH PDQDJHPHQW OLEUDU\ EXLOW
RQ WRS RI WKH OLEVROY OLEUDU\ 6$7 VROYHU SURYLGHG E\ OLEVROY LV 13FRPSOHWH
DQG WKHUHIRUH LW ᨮQGV WKH EHVW SRVVLEOH VROXWLRQ LQ D YHU\ UHDVRQDEOH WLPH

/M7 HBbi FRPPDQG FDQ WHOO XV LI DQ\ SDUWLFXODU SDFNDJH LV DOUHDG\ LQVWDOOHG

O /M7 HBbi ^?iiT ^

:LWK ZH FDQ GR SDWWHUQPDWFKLQJ ZLWKRXW NQRZLQJ WKH IXOO QDPH RI WKH


SDFNDJH UHSUHVHQW PLVVLQJ FKDUDFWHUV
/M7 b2`+? FDQ VHDUFK H[WHUQDO UHSRVLWRULHV ERWK RᨬFLDO DQG XQRᨬFLDO
WKDW '1) NQRZV DERXW IRU SDFNDJH PHWDGDWD

O /M7 b2`+? ?iiT


O /M7 b2`+? @@HH ?iiT

7KH UHJXODU VHDUFK ORRNV RQO\ LQ SDFNDJH QDPHV DQG VXPPDULHV :LWK @HH
ZH FDQ DVN '1) WR DOVR VHDFK SDFNDJH GHVFULSWLRQ DQG 85/V 6LPLODU\ WR /M7
HBbi JOREELQJ ZLWK LV VXSSRUWHG


:H FDQ DOVR DVN '1) IRU PRUH LQIRUPDWLRQ DERXW SDUWLFXODU SDFNDJH LI ZH
NQRZ LWV QDPH

O /M7 BM7Q ?iiT/


Gbi K2i/i 2tTB`iBQM +?2+F, y,yy,yy ;Q QM JQM kR CM kyRN
y9,89,kR SJ *1hX
AMbiHH2/ S+F;2b
LK2 , ?iiT/
o2`bBQM , kX9XkN
_2H2b2 , RX7+kd
`+? , t3ene9
aBx2 , jXN J
aQm`+2 , ?iiT/@kX9XkN@RX7+kdXb`+X`TK
_2TQ , !avbi2K
6`QK `2TQ , mT/i2b
amKK`v , T+?2 >hhS a2`p2`
l_G , ?iiTb,ff?iiT/XT+?2XQ`;f
GB+2Mb2 , aG kXy
.2b+`BTiBQM , h?2 T+?2 >hhS a2`p2` Bb  TQr2`7mH- 277B+B2Mi-
, M/ 2ti2MbB#H2 r2# b2`p2`X

pBH#H2 S+F;2b
XXX

/M7 BM7Q ZLOO ORRN ERWK DW LQVWDOOHG DQG DYDLODEOH SDFNDJHV


,I ZH ZDQW WR LQVWDOO D VSHFLᨫF ᨫOH RU VLPSO\ ZDQW WR NQRZ ZKHUH D SDUWLFXODU
ᨫOH FRPHV IURP ZH FDQ ᨫQG RXW ZLWK /M7 T`QpB/2b


O /M7 T`QpB/2b f2i+f?iiT/f+QM7f?iiT/X+QM7
Gbi K2i/i 2tTB`iBQM +?2+F, y,yR,8d ;Q QM JQM kR CM kyRN
y9,89,kR SJ *1hX
?iiT/@kX9XkN@RX7+kdXt3ene9 , T+?2 >hhS a2`p2`
_2TQ , !avbi2K
Ji+?2/ 7`QK,
6BH2MK2 , f2i+f?iiT/f+QM7f?iiT/X+QM7

?iiT/@kX9Xj9@jX7+kdXt3ene9 , T+?2 >hhS a2`p2`


_2TQ , mT/i2b
Ji+?2/ 7`QK,
6BH2MK2 , f2i+f?iiT/f+QM7f?iiT/X+QM7

?iiT/@kX9Xk3@RX7+kdXt3ene9 , T+?2 >hhS a2`p2`


_2TQ , 72/Q`
Ji+?2/ 7`QK,
6BH2MK2 , f2i+f?iiT/f+QM7f?iiT/X+QM7

7R LQVWDOO D SDFNDJH ZH FDQ VLPSO\ UXQ WKH /M7 BMbiHH FRPPDQG ZLWK
SDFNDJH QDPHV WR LQVWDOO

O /M7 BMbiHH ?iiT/

7KH /M7 BMbiHH FRPPDQG WDNHV @v VZLWFK DV ˸\HV˹ WKDW DXWRPDWLFDOO\


FRQᨫUPV WKH LQVWDOODWLRQ DQG WKHUHIRUH LV UHTXLUHG LQ VFULSWV WR DYRLG WKH
BMbiHH VXEFRPPDQG LQWHUDFWLYH QDWXUH
%\ GHIDXOW '1) GRHV D ULJKW WKLQJ DQG UHTXHVW D SDFNDJH EXLOW IRU WKH DUFKL
WHFWXUH ZH QHHG ,Q RXU FDVH WKLV ZLOO SUREDEO\ EH [B WKH ELW YHUVLRQ
RI WKH [ LQVWUXFWLRQ VHW

O mMK2 @B
t3ene9

6RPHWLPHV ZH PLJKW QHHG WR LQVWDOO D GLᨪHUHQW DUFKLWHFWXUH RI WKH SDFNDJH


OLNH [B WR FRPSLOH D VSHFLᨫF SURJUDP ,Q WKDW FDVH ZH FDQ DSSHQG WKH
DUFKLWHFWXUH VLJQDWXUH DW WKH HQG RI WKH SDFNDJH QDPH DQG '1) LQVWDOOV H[DFWO\
ZKDW ZH ZDQW WR


O /M7 BMbiHH @v ?iiT/Xt3enjk

7R UHPRYH D SDFNDJH ZH GRQ˵W QHHG DQ\PRUH ZH FDQ XVH WKH `2KQp2 VXEFRP
PDQG RI /M7 ZLWK SDFNDJH QDPHV WR UHPRYH

O /M7 `2KQp2 @v ?iiT/

/M7 `2KQp2 ZLOO UHPRYH WKH SDFNDJHV OLVWHG WRJHWKHU ZLWK DQ\ SDFNDJH WKDW
UHTXLUHV WKHVH SDFNDJHV DQG VR RQ  7KLV FDQ VRPHWLPHV OHDG WR XQH[SH[WHG
UHVXOWV 6LPLODU\ WR BMbiHH D @v RSWLRQ FDQ EH SURYLGHG WR UHPRYH WKH
SDFNDJH LQ WKH QRQLQWHUDFWLYH IDVKLRQ
6RPH SDFNDJHV DUH JURXSHG WRJHWKHU LQ SDFNDJH JURXSV WR SURYLGH D VSHFLᨫF
IXQFWLRQDOLW\ ,QVWHDG RI LQVWDOOLQJ WKH SDFNDJHV RQH E\ RQH ZH FDQ VLPSO\
SRLQW WR D JLYHQ JURXS WR EH LQVWDOOHG 7R OLVW DYDLODEOH SDFNDJH JURXSV UXQ
/M7 ;`QmTHBbi

O /M7 ;`QmTHBbi
XXX
pBH#H2 :`QmTb,
j. S`BMiBM;
/KBMBbi`iBQM hQQHb
XXX
* .2p2HQTK2Mi hQQHb M/ GB#``B2b
*HQm/ AM7`bi`m+im`2
*HQm/ JM;2K2Mi hQQHb
*QKTBx
*QMiBM2` JM;2K2Mi
XXX

7KH & 'HYHORSPHQW 7RROV DQG /LEUDULHV JURXS RQ )HGRUD DQG 'HYHORSPHQW 7RROV
RQ 5+(/ &HQW26 6WUHDP DQG 5RFN\ EULQJ WKH LPSRUWDQW ELWV WR FRPSLOH
SURJUDPV RQ WKH V\VWHP :H˵OO QHHG WKHP WR FRPSLOH QHZ VRIWZDUH WKDW LV QRW
DYDLODEOH LQ WKH 530 IRUPDW
:H FDQ DVN '1) ZKDW SDFNDJHV DUH SDUW RI D SDUWLFXODU JURXS ZLWK /M7
;`QmTBM7Q


O /M7 ;`QmTBM7Q ].2p2HQTK2Mi hQQHb]

7R LQVWDOO D VSHFLᨫF JURXS MXVW SDVV LWV QDPH WR /M7 ;`QmTBMbiHH

O /M7 ;`QmTBMbiHH ].2p2HQTK2Mi hQQHb]

7R UHPRYH DQ\ JURXS WKDW LV DOUHDG\ LQVWDOOHG ZH FDQ UXQ /M7 ;`QmT`2KQp2
$JDLQ VLPLODU\ WR LQVWDOODWLRQ RI SDFNDJHV ZLWK 530 WKHVH DFWLRQV UHTXLUH WKH
VXSHUXVHU SULYLODJHV
)HGRUD FRPHV LQ GLᨪHUHQW HGLWLRQV 7KH\ PLJKW GLᨪHU LQ WKH EDVH SDFNDJHV
LQVWDOOHG RU HYHQ LQ RWKHU FRQᨫJXUDWLRQ RI WKH V\VWHP QDPHO\ ᨫUHZDOOV  7KH
PDLQ HGLWLRQV DUH :RUNVWDWLRQ DQG 6HUYHU 6ZLWFKLQJ WKHVH HGLWLRQV LV GRQH
E\ LQVWDOOLQJ DQG UHPRYLQJ JURXSV WKHLU JURXSV

6RPH ᨰDYRXUV RI )HGRUD OLNH &RUH26 DQG 6LOYHUEOXH DUH HYHQ


FRPSOHWHO\ GLᨭHUHQW V\VWHPV ZLWK GLᨭHUHQW JRDOV <RX FDQQRW
VZLWFK EHWZHHQ WKHP

&HQW26 6WUHDP DQG 5+(/ GR QRW FRPH LQ IRUP RI VSHFLᨫF HGLWLRQV EXW WKH
YHUVLRQ \RX JHW FDQ VWLOO YDU\ IURP RQH SURYLGHU WR DQRWKHU ,W˵V DOZD\V EHWWHU WR
LQVWDOO DOO GHSHQGHQFLHV \RX QHHG SURYLGH \RXU RZQ ᨫUHZDOO UXOHV HWF UDWKHU
WKDQ FRXQWLQJ RQ SDUWLFXODU GHIDXOW VWDWH RI WKH V\VWHP
:LWK '1) ZH FDQ XSGDWH D VSHFLᨫF OLVW RI SDFNDJHV ZLWK /M7 mT/i2 DQG
XVH DJDLQ WKH @v VZLWFK WR FRQᨫUP WKH DFWLRQ 

O /M7 mT/i2 @v ?iiT/

,I ZH ZDQW WR GR D UHJXODU V\VWHP XSGDWH DV D ZKROH /M7 mT/i2 ZLWKRXW


DQ\ DUJXPHQWV ZLOO GR WKH MRE

O /M7 mT/i2 @v


6LQFH )HGRUD DQG 5+(/ QHYHU LQFOXGH QHZ YHUVLRQV RI SDFNDJHV WKDW EUHDN WKH
FRPSDWLELOLW\ D V\VWHP XSGDWH VKRXOG EH VDIH WR UXQ )UHTXHQW V\VWHP XSGDWHV
DUH UHFRPPHQGHG ,I \RX DUH VHWWLQJ XS DXWRPDWLF V\VWHP XSGDWHV \RX FDQ
RSW LQ IRU VHFXULW\ XSGDWHV RQO\ WR PLWLJDWH WKH ULVN

O /M7 mT;`/2 @@b2+m`Biv

$ VSHFLDO XSGDWH WR ZDWFK RXW IRU LV WKH /LQX[ NHUQHO WKH KHDUWK RI RXU V\VWHP
7R VHH ZKDW YHUVLRQ ZH DUH RQ UXQ mMK2 @`

O mMK2 @`
9XkyXRy@kyyX7+kNXt3ene9

7KLV ZRXOG EH WKH NHUQHO SDFNDJH LQ HᨪHFW :KDW LI ZH UXQ `TK @[ F2`M2H"

O `TK @[ F2`M2H
F2`M2H@9XR3XRN@RyyX7+kdXt3ene9
F2`M2H@9XkyX3@RyyX7+k3Xt3ene9
F2`M2H@9XkyXRy@kyyX7+kNXt3ene9

2XU V\VWHP NHHSV ROGHU NHUQHOV DURXQG DIWHU XSGDWHV :KHQ WKH ODWHVW NHUQHO
YHUVLRQ LV XQERRWDEOH ZH FDQ VWLOO FKRRVH D GLᨪHUHQW ROGHU NHUQHO RQ VWDUW
XS 7KLV PLJKW QRW EH SRVVLEOH RQ D YLUWXDO SULYDWH VHUYHU VLQFH \RX PLJKW
QHYHU VHH WKH V\VWHP ERRWLQJ )RU WKLV UHDVRQ LW˵V JRRG WR PDNH D ZKROH 90
LPDJH EDFNXS EHIRUH GRLQJ WKH XSJUDGH
7R XSGDWH WKH NHUQHO SDFNDJH UXQ /M7 mT/i2 DV XVXDO

O /M7 mT/i2 F2`M2H

6\VWHP ZRXOG UHTXLUH D UHERRW IRU WKH QHZ NHUQHO WR WDNH RYHU

O `2#QQi

5HPHPEHU WKDW HYHQ LI RWKHU SDFNDJHV GRQ˵W UHTXLUH D UHERRW \RX KDYH WR
UHVWDUW WKHLU SURFHVVHV WR UXQ WKH XSGDWHG YHUVLRQV


 3DFNDJH 0RGXOHV

7KH ELJJHVW OLPLWDWLRQ RI EDVH V\VWHP SDFNDJHV LV D VLQJOH SDFNDJH YHUVLRQ


RQ RᨪHU $V WKHUH LVQ˵W DQ RᨬFLDO ZD\ RI SDFNDJLQJ PXOWLSOH YHUVLRQV RI RQH
SDFNDJH LW˵V UDUH WR ᨫQG VRIWZDUH ZLWK PRUH YHUVLRQV LQ WKH UHSRVLWRU\ DO
WKRXJK VRPH GR H[LVW DQG FRPH DV SDFNDJHV ZLWK GLᨪHUHQW QDPHV  ,I \RXU
DSSOLFDWLRQ QHHGV D KLJKHU YHUVLRQ RI 5XE\ RU 3RVWJUH64/ \RX KDYH QR RWKHU
RSWLRQ WKDQ FRPSLOLQJ LW \RXUVHOI ᨫQGLQJ DQ DOWHUQDWLYH UGSDUW\ SDFNDJH RU
UHDFKLQJ IRU FRQWDLQHUV ZKLFK ZH˵OO GLVFXVV ODWHU 
)HGRUD  FKDQJHG WKLV ZLWK WKH QHZ PRGXODULW\ HᨪRUW E\ EULQJLQJ LQ PRG
XODU SDFNDJHV ZLWK WKHLU LQGHSHQGHQW UHOHDVH F\FOHV 7KHVH PRGXODU SDFN
DJHV DUH FROOHFWLRQV RI RQH RU PXOWLSOH SDFNDJHV WKDW ZRUN WRJHWKHU DQG WKHLU
VWUHDPV PLJKW VSDQ VHYHUDO )HGRUD YHUVLRQV <RX FDQ WKLQN RI PRGXOHV DV VSH
FLDO JURXSV WKDW UHSUHVHQW DQ DSSOLFDWLRQ ODQJXDJH UXQWLPH RU D FROOHFWLRQ RI
WRROV
0RGXOHV DUH GLYLGHG LQWR VWUHDPV WKDW EULQJ LQ VSHFLᨫF SDFNDJHV˵ YHUVLRQV
$Q M;BMt PRGXOH PLJKW FRPH ZLWK RXR9 DQG RXRe VWUHDPV
7R OLVW DOO DYDLODEOH PRGXOHV

O /M7 KQ/mH2 HBbi

7R VHH RQH˵V PRGXOH GHWDLOV

O /M7 KQ/mH2 BM7Q KQ/mH2@MK2

7R HQDEOH DQG LQVWDOO LQVWDOO D PRGXOH

O /M7 KQ/mH2 2M#H2 KQ/mH2@MK2


O /M7 KQ/mH2 BMbiHH KQ/mH2@MK2

2U D VSHFLᨫF PRGXOH VWUHDP

O /M7 KQ/mH2 2M#H2 KQ/mH2@MK2,bi`2K


O /M7 KQ/mH2 BMbiHH KQ/mH2@MK2,bi`2K


2QFH WKH VWUHDP LV HQDEOHG LW˵V DOVR SRVVLEOH WR LQVWDOO LWV 530 SDFNDJHV ZLWK
XVXDO /M7 BMbiHH 6WUHDP SDFNDJHV ZRXOG EH SUHIHUHG WR EDVH V\VWHP SDFN
DJHV
7R UHPRYH D PRGXOH

O /M7 KQ/mH2 `2KQp2 KQ/mH2@MK2

6RPHWLPHV \RX PLJKW ZDQW WR FKDQJH IURP RQH VWUHDP WR DQRWKHU <RX QHHG
WR UHVHW D PRGXOH EHIRUH HQDEOLQJ D QHZ VWUHDP

O /M7 KQ/mH2 `2b2i KQ/mH2@MK2


O /M7 KQ/mH2 2M#H2 KQ/mH2@MK2,bi`2K
O /M7 KQ/mH2 BMbiHH KQ/mH2@MK2,bi`2K

$QG UXQ /M7 /Bbi`Q@bvM+ WR IHWFK WKH ODWHVW SDFNDJHV IRU DOO HQDEOHG UHSRV
LWRULHV

O /M7 /Bbi`Q@bvM+

7R VLPSOLI\ LQVWDOODWLRQ PRGXOHV XVXDOO\ GHᨫQH RQH RU PRUH LQVWDOODWLRQ SUR


ᦣOHV WKDW UHSUHVHQW D VSHFLᨫF XVH FDVH 3RVWJUH64/ VWUHDPV FDQ RᨪHU FOLHQW
DQG VHUYHU SURᨫOHV RWKHUV FDQ VSOLW WKH @/2p2H SDFNDJHV 7KHUH PLJKW EH D
GHIDXOW SURᨫOH
7R LQVWDOO D SURᨫOH

O /M7 KQ/mH2 BMbiHH KQ/mH2@MK2,bi`2KfT`Q7BH2

%HFDXVH 5+(/  LV EDVHG RQ )HGRUD  PRGXODU SDFNDJHV DUH DYDLODEOH LQ


5+(/  DQG 5RFN\ /LQX[  DV ZHOO <RX FDQ LQVWDOO VHYHUDO RᨬFLDO YHUVLRQV
RI 5XE\ 3\WKRQ 3RVWJUH64/ DQG 5HGLV DPRQJ RWKHU WKLQJV 
:KLOH PRGXODULW\ RᨪHUV PRUH YHUVLRQV DQG FRQᨫJXUDWLRQ VWUHDPV RI RQH PRG
XOH DUH QRW PHDQW WR EH XVHG WRJHWKHU <RX QHHG WR GHFLGH ZKDW YHUVLRQ \RX
ZDQW


 5HSRVLWRU\ &RQᦣJXUDWLRQ

)HGRUDEDVHG V\VWHPV FRPH ZLWK WZR PDLQ SUHFRQᨫJXUHG UHSRVLWRULHV

˾ %DVH26 D FRUH UHSRVLWRU\ IRU EDVH V\VWHP SDFNDJHV IURP NHUQHO WR XVHU
VSDFH FRQWHQW
˾ $SS6WUHDP D UHSRVLWRU\ IRU PRGXODU SDFNDJHV ZLWK DGGLWLRQDO XVHU
VSDFH DSSOLFDWLRQV DSSOLFDWLRQ UXQWLPHV DQG GDWDEDVHV

2Q )HGRUD WKHVH UHSRVLWRULHV DUH FDOOHG )HGRUD DQG )HGRUD 0RGXODU 7KH\
DUH DOVR VHSDUDWH XSGDWHV UHSRVLWRULHV 2Q )HGRUD )HGRUD 8SGDWHV DQG )HGRUD
8SGDWHV 0RGXODU
<RX FDQ VHH DOO LQVWDOOHG UHSRVLWRULHV E\ UXQQLQJ /M7 `2TQHBbi

O /M7 `2TQHBbi

$QG VHH WKHLU ᨫOHV LQ WKH f2i+fvmKX`2TQbX/ GLUHFWRU\


)HGRUD FRQWDLQV TXLWH D ORW RI SDFNDJHV EXW QRW HYHU\WKLQJ ZLOO EH RᨬFLDO
UHSRVLWRULHV 7KLV LV HYHQ PRUH WUXH IRU &HQW26 6WUHDP DQG 5+(/ $Q LP
SRUWDQW UHVRXUFH IRU WKHVH V\VWHPV LV D UHSRVLWRU\ FDOOHG ([WUD 3DFNDJHV IRU
(QWHUSULVH /LQX[ (3(/  )URP WKH )HGRUD 3URMHFW :LNL

˸([WUD 3DFNDJHV IRU (QWHUSULVH /LQX[ RU (3(/ LV D )HGRUD 6SH


FLDO ,QWHUHVW *URXS WKDW FUHDWHV PDLQWDLQV DQG PDQDJHV D KLJK
TXDOLW\ VHW RI DGGLWLRQDO SDFNDJHV IRU (QWHUSULVH /LQX[ LQFOXGLQJ
EXW QRW OLPLWHG WR 5HG +DW (QWHUSULVH /LQX[ 5+(/  &HQW26
DQG 6FLHQWLᨫF /LQX[ 6/  2UDFOH /LQX[ 2/ ˹

:KLOH (3(/ SDFNDJHV DUH QRW RᨬFLDO SDFNDJHV WKH\ DUH EXLOW ZLWKLQ )HGRUD
FRPPXQLW\ XVXDOO\ EDVHG RQ WKH )HGRUD FRXQWHUSDUWV DQG RQ )HGRUD LQIUDV
WUXFWUH 7KH\ QHYHU FRQᨭLFW ZLWK WKH PDLQ UHSRVLWRU\
7KH DVVRFLDWHG X`2TQ ᨫOH IRU (3(/ LV FRQYHQLHQWO\ SDFNDJHG DV
2T2H@`2H2b2 VR WR XVH (3(/ LW˵V HQRXJK WR LQVWDOO WKLV SDFNDJH

O /M7 BMbiHH @v 2T2H@`2H2b2


0DQ\ WLPHV UG SDUW\ UHSRVLWRULHV ZRQ˵W RᨪHU VXFK FRQYHQLHQW SDFNDJH DQG
ZH KDYH WR DGG WKH UHSRVLWRU\ ᨫOH RXUVHOYHV
7R PDQDJH DGGLWLRQDO UHSRVLWRULHV ZH FDQ WDNH DGYDQWDJH RI WKH '1) &RQᦣJ
0DQDJHU 7KH EDVLF RSWLRQV RI WKH PDQDJHU DUH @@//@`2TQ WR DGG QHZ
UHSRVLWRU\ SOXV @@b2i@2M#H2/ DQG @@b2i@/Bb#H2/ WR WHPSRUDULO\ HQ
DEOH RU GLVDEOH D JLYHQ UHSRVLWRU\
,I WKH X`2TQ ᨫOH LV SURYLGHG ZH FDQ DGG D QHZ UHSRVLWRU\ ZLWK WKH IROORZLQJ
FRPPDQG

O /M7 +QM7B;@KM;2` @@//@`2TQ 0_1SPnl_G

5(32B85/ LV D OLQN WR WKH X`2TQ ᨫOH


,I ZH GRQ˵W KDYH D SUHPDGH UHSRVLWRU\ ᨫOH DYDLODEOH ZH FDQ FUHDWH RXU RZQ
LQ f2i+fvmKX`2TQbX/f GLUHFWO\ DQG WDNH D KLQW RQ KRZ WR ZULWH LW IURP WKH
H[LVWLQJ UHSRVLWRU\ ᨫOHV

O +i f2i+fvmKX`2TQbX/f72/Q`X`2TQ
(72/Q`)
MK2462/Q` 0`2H2b2p2` @ 0#b2`+?
7BHQp2`K2i?Q/4T`BQ`Biv
O#b2m`H4?iiT,ff/QrMHQ/X72/Q`T`QD2+iXQ`;fTm#f72/Q`fHBMmtf
`2H2b2bf0`2H2b2p2`f1p2`vi?BM;f0#b2`+?fQbf
K2iHBMF4?iiTb,ffKB``Q`bX72/Q`T`QD2+iXQ`;fK2iHBMF\`2TQ472/Q`@
0`2H2b2p2``+?40#b2`+?
2M#H2/4R
K2i/in2tTB`24d/
`2TQn;T;+?2+F4y
ivT24`TK
;T;+?2+F4R
;T;F2v47BH2,fff2i+fTFBf`TK@;T;f_SJ@:S:@E1u@72/Q`@0`2H2b2p2`
@0#b2`+?
bFBTnB7nmMpBH#H246Hb2
XXX

$ERYH ZH GLVSOD\HG WKH PDLQ )HGRUD UHSRVLWRU\ ᨫOH


6RPH WKLQJV WR QRWLFH

˾ 2QH UHSRVLWRU\ ᨫOH FDQ OLQN PRUH WKDQ RQH UHSRVLWRU\


˾ MK2 DQG #b2m`H DUH WKH PDLQ GLUHFWLYHV WKDW DUH VRPHWLPHV HQRXJK
IRU D UHSRVLWRU\ WR ZRUN
˾ 2M#H2/ VHW WR R PHDQV WKH UHSRVLWRU\ LV HQDEOHG y ZRXOG PHDQ GLV
DEOHG
˾ 0HWDGDWD ZLOO EH DXWRPDWLFDOO\ UHQHZHG DIWHU  GD\V H[SLUDWLRQ ZLWK
K2i/in2tTB`2 GLUHFWLYH
˾ ;T;+?2+F VHW WR R ZLOO UHTXLUH SDFNDJH FKHFNLQJ ZLWK *3* NH\V WKLV
LV KLJKO\ UHFRPPHQGHG
˾ ;T;F2v VHWV WKH NH\ ᨫOH WR XVH IRU *3* FKHFNLQJ
˾ 0`2H2b2p2` DQG 0#b2`+? YDULDEOHV DUH DXWRPDWLFDOO\ SRSXODWHG
DQG ZH FDQ XVH WKHP LQ WKH 85/ WR VHW WKH ULJKW UHSRVLWRU\ IRU JLYHQ
YHUVLRQ RI )HGRUD RU &HQW26

$V DQ H[DPSOH OHW˵V LQVWDOO WKH &U\VWDO ODQJXDJH IURP WKH RᨬFLDO &U\VWDO 530
GLUHFWRU\ :H FDQ FUHDWH D QHZ ᨫOH FDOOHG +`vbiHX`2TQ ZLWK WKH IROORZLQJ
PLQLPDO FRQWHQW

O +i f2i+fvmKX`2TQbX/f+`vbiHX`2TQ
(+`vbiH)
MK2 4 *`vbiH
#b2m`H 4 ?iiTb,ff/BbiX+`vbiH@HM;XQ`;f`TKf

$IWHU FUHDWLQJ WKH UHSRVLWRU\ ᨫOH ZH VWLOO QHHG WR LPSRUW WKH *3* NH\ :H
FDQ GR VR ZLWK `TK @@BKTQ`i

O `TK @@BKTQ`i ?iiTb,ff/BbiX+`vbiH@HM;XQ`;f`TKf_SJ@:S:@E1u

2QFH VHW ZH LQVWDOO WKH +`vbiH SDFNDJH DV DQ\ RWKHU

O /M7 BMbiHH +`vbiH

:H FDQ DOVR VHH DOO DYDLODEOH SDFNDJHV IRU SDUWLFXODU UHSRVLWRU\

O /M7 `2TQHBbi +`vbiH


&RSU LV D QHZ EXLOG V\VWHP IRU XQRᨬFLDO )HGRUD DQG (3(/ SDFNDJHV :LWK
'1) &RSU SOXJLQ LW˵V HDV\ WR WDNH DGYDQWDJH RI YDULRXV UHSRVLWRULHV IRXQG RQ
KWWSVFRSUIHGRUDLQIUDFORXGRUJ
7R LQVWDOO WKH SOXJLQ LQVWDOO WKH /M7@THm;BMb@+Q/2 SDFNDJH

O /M7 BMbiHH @v /M7@THm;BMb@+Q`2

2QFH GRQH ZH FDQ XVH /M7 +QT` 2M#H2 VXEFRPPDQG WR HQDEOH DQ\ &RSU
UHSRVLWRU\

O /M7 +QT` 2M#H2 Dbi`B#MvfpmHi

$IWHU WKH UHSRVLWRU\ LV HQDEOHG ZH FDQ LQVWDOO DQ\ SDFNDJH IURP VDLG UHSRVLWRU\
WKH XVXDO /M7 BMbiHH ZD\

O /M7 BMbiHH @v pmHi

 5HSRVLWRU\ 'DWD

7R EH PRUH HᨬFLHQW '1) FDFKHV PDQ\ SDFNDJHV DQG WKHLU PHWDGDWD LQ


fp`f++?2f/M7 7KLV GLUHFWRU\ FDQ JURZ TXLFNO\ LQ VL]H DIWHU IHZ V\VWHP
XSJUDGHV DQG VR LW˵V RQH RI WKH ᨫUVW FRQWHQGHUV WR FOHDQ XS 7KHUH DUH VHYHUDO
VXEFRPPDQGV WR /M7 +H2M WR UHPRYH WKH SDUWV ZH GRQ˵W QHHG DQ\PRUH

˾ /#++?2 UHPRYHV FDFKH ᨫOHV


˾ K2i/i UHPRYHV WKH UHSRVLWRU\ PHWDGDWD
˾ T+F;2b UHPRYHV DQ\ FDFKHG SDFNDJHV
˾ HH UHPRYHV HYHU\WKLQJ

6R WR UHPRYH HYHU\WKLQJ DQG VWDUW FOHDQ DJDLQ ZH FDQ UXQ

O bm/Q /M7 +H2M HH


R88 7BH2b `2KQp2/


$IWHU FOHDQLQJ XS WKH FDFKH ZH FDQ UHFKHFN WKH VSDFH WDNHQ XS ,Q FDVH ZH
ZRXOG VWLOO VHH ᨫOHV LQ fp`f++?2f/M7 WKDW WDNH RXU VSDFH ZH FDQ VDIHO\
UHPRYH WKHP ZLWK `K @`7 U DV ˹UHFXUVLYH 

O `K @`7 fp`f++?2f/M7f

 $XGLWV
$Q\ WLPH ZH SHUIRUP D FRPPDQG ZLWK /M7 WKH FRPPDQG LV ORJJHG LQ WKH
'1) KLVWRU\ ZLWK WKH WLPH DQG ,'

0 /M7 ?BbiQ`v
A. % *QKKM/ HBM2 % .i2 M/ iBK2 % +iBQMUbV % Hi2`2/
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
RR8 % BMbiHH 2HBtB` % kyRN@yj@yR yN,98 % AMbiHH % R

1RW RQO\ ZH FDQ LQVSHFW ZKDW ZHUH ZH LQVWDOOLQJ RU XSGDWLQJ EXW ZH FDQ
DOVR UHYHUVH WKH FRPPDQGV LQ TXHVWLRQ ZLWK /M7 ?BbiQ`v mM/Q RU /M7
?BbiQ`v `QHH#+F
%HIRUH ZH VWDUW UHYHUVLQJ WKH WUDQVDFWLRQV ZH VKRXOG UHFKHFN WKH WUDQVDFWLRQ
LQ TXHVWLRQ ZLWK /M7 ?BbiQ`v BM7Q ZKLFK JLYHV XV WKH GHWDLOV

0 /M7 ?BbiQ`v BM7Q e

2QFH UHYLHZHG mM/Q ZLOO WU\ WR UHYHUVH WKH FRQFUHWH WUDQVDFWLRQ SURYLGHG LWV
,'

0 /M7 ?BbiQ`v mM/Q e

ZKHUHDV `QHH#+F ZLOO DWWHPSW WR UHVWRUH WKH V\VWHP WR WKH SRLQW RI WKH JLYHQ
WUDQVDWLRQ ,'

0 /M7 ?BbiQ`v `QHH#+F e


'1) ZLOO WU\ LWV EHVW WR XQGR RU UROOEDFN WUDQVDFWLRQV EXW LW˵V QRW DOZD\V
SRVVLEOH ,Q WKDW FDVH WKH FRPPDQG VDIHO\ IDLOV

+DYH D ORRN RQ D QHZ )HGRUD 'HYHORSHU 3RUWDO DW GHYHO


RSHUIHGRUDSURMHFWRUJ IRU PRUH LQIRUPDWLRQ RQ LQVWDOOLQJ VRIW
ZDUH VWDFNV LI \RX DUH XVLQJ )HGRUD DV D ZRUNVWDWLRQ

 &KDQJLQJ &RQᦣJXUDWLRQ


$V ZH VDZ ZLWK WKH RSHQVVKFOLHQWV DQG RSHQVVKVHUYHU SDFNDJHV D ORW RI WLPHV ZH
KDYH WR PDLQWDLQ VRPH NLQG RI FRQᨫJXUDWLRQ RQ WKH VHUYHU $SDUW IURP D IHZ
FDVHV ZKHUH ZH KDYH WR UHDFK IRU D VSHFLDOL]HG WRRO PRVW RI WKLV FRQᨫJXUDWLRQ
ZLOO EH MXVW SODLQ WH[W ᨫOHV
%XW LI ZH ZDQW WR DXWRPDWH WKLV VWHS ZH FDQ˵W XVH D WH[W HGLWRU DQ\PRUH
/HW˵V XVH WKH bb?/n+QM7B; ᨫOH DQG LWV mi?Q`Bx2/E2vb6BH2 GLUHFWLYH IURP
EHIRUH DV DQ H[DPSOH

O BM f2i+fbb?fbb?/n+QM7B;
mi?Q`Bx2/E2vb6BH2 f2i+fbb?fmi?Q`Bx2/nF2vbfWm
XXX

:KDW LI ZH ZDQW WR FKDQJH WKLV VHWWLQJV LQ VRPH SUDJPDWLF ZD\"


7KHUH DUH WZR RSWLRQV (LWKHU ZH FRPSOHWHO\ UHSODFH WKH ᨫOH RU ZH WU\ WR
UHSODFH MXVW WKH GLUHFWLYH ZH FDUH DERXW
0RVW RI FRQᨫJXUDWLRQ PDQDJHPHQW WRROV ZLOO OHW \RX GHᨫQH \RXU RZQ FRQᨫJ
XUDWLRQ ᨫOHV DV WHPSODWHV ,I WKLV ZRXOG EH D -LQMD WHPSODWH WKH ᨫOH FRXOG ORRN
OLNH WKH IROORZLQJ

O #b2/ QM i?2 r?QH2 f2i+fbb?fbb?/n+QM7B;


XXX
AM+Hm/2 f2i+fbb?fbb?/n+QM7B;X/f X+QM7
XXX
mi?Q`Bx2/E2vb6BH2 && mi?Q`Bx2/nF2vbnTi? ''fWm


, VKRUWHQ WKH RXWSXW EXW WKH LGHD LV WKDW \RXU WHPSODWH LV EDVHG RQ WKH RULJLQDO
ᨫOH DQG ZKDWHYHU LW DOUHDG\ FRQWDLQHG mi?Q`Bx2/nF2vbnTi? LV D YDULDEOH
WKDW ZRXOG EH UHSODFHG ZLWK WKH YDOXH IURP VRPH NLQG RI VHWWLQJV VWRUH 7KHQ
WKH ᨫQDO YHUVLRQ RI WKLV ᨫOH ZRXOG EH FRSLHG RYHU WR WKH ULJKW ORFDWLRQ RQ WKH
VHUYHU
,I ZH ZDQW WR UHSOLFDWH LW ZLWK %DVK ZH FRXOG KDYH RXU RZQ FRQᨫJXUDWLRQ
WHPSODWH DQG UHSODFH LW ZLWK (19 YDULDEOHV

XXX
AM+Hm/2 f2i+fbb?fbb?/n+QM7B;X/f X+QM7
XXX
mi?Q`Bx2/E2vb6BH2 SG*1>PG.1_fWm

:KHQ \RX KDYH PRUH WKDQ RQH YDULDEOH \RX QHHG WR SURSHUO\ QDPHG WKHP ,
DOVR DSSHQG nSG*1>PG.1_ WR WKHP VR , NQRZ WKH\ DUH YDOXHV ZH QHHG WR UH
SODFH 7KH DERYH FRXOG EH QDPHG lh>P_Aw1.nE1uanSh>nSG*1>PG.1_
:KDW˵V WKH LPSOLFDWLRQV RI GRLQJ VRPHWKLQJ OLNH WKLV" 5HSODFLQJ WKH ZKROH ᨫOH
PHDQV WKDW \RX ZRXOG QHHG WR NHHS \RXU ORQJ FRQᨫJXUDWLRQ ᨫOH FKHFNHGLQ
LQ \RXU VRXUFH FRQWURO DQG LGHDOO\ NHHS XSGDWLQJ RQ XSJUDGHV VLQFH WKH UHVW
RI WKH ᨫOH PLJKW QRW KDYH D UHOHYDQW GHIDXOW FRQᨫJXUDWLRQ DQ\PRUH  $QG
WKHUH LV RQH PRUH FRQVLGHUDWLRQ <RX ZRXOG KDYH WR VHW SURSHU RZQHUVKLS
SHUPLVVLRQV DQG 6(/LQX[ FRQWH[WV IRU WKLQJV WR ZRUN DV H[SHFWHG :H˵OO
SURSHUO\ OHDUQ DERXW WKLV ODWHU )RU QRZ NHHS LQ PLQG WKDW \RX FDQQRW UHSODFH
ᨫOHV RQ WKH V\VWHP OHIW DQG ULJKW
,Q %DVK ZH FRXOG ᨫOO LQ WKLV WHPSODWH E\ FKDQJLQJ WKH SODFHKROGHU WR WKH
YDOXH RI WKH 0lh>P_Aw1.nE1uanSh> YDULDEOH ZLWK D XWLOLW\ FDOOHG VHG DV
˸VWUHDP HGLWRU˹ 

b2/ @B ^b!SG*1>PG.1_!0lh>P_Aw1.nE1uanSh>!;^ i2KTHi2

7KH @B RSWLRQ PDNHV WKH FKDQJH ˸LQ SODFH˹ WKH ˸V˹ DW WKH EHJLQQLQJ WHOOV b2/
WR GR D VXEVWLWXWLRQ WKH ˸#˹ LV D GHOLPHWHU DQG ˸J˹ DW WKH HQG DVNV b2/ WR
VXEVWLWXWH LW JOREDOO\ PDWFKLQJ DOO SRVVLEOH OLQHV  ,˵OO H[SODLQ D OLWWOH PRUH RI
b2/ LQ D PRPHQW
&RPSDUH WKLV DSSURDFK WR FKDQJLQJ WKH GLUHFWLYH DORQH


b2/ @B ^b!mi?Q`Bx2/E2vb6BH2 X fWm!mi?Q`Bx2/E2vb6BH2 0oG!;^ $
f2i+fbb?fbb?/n+QM7B;

:H GRQ˵W KDYH WR FKDQJH DQ\WKLQJ HOVH DERXW WKH ᨫOH DW DOO :H RQO\ UHSODFH
DQ\ OLQHV ZLWK VXFK GLUHFWLYH ZLWK WKH VDPH GLUHFWLYH RI D GLᨪHUHQW YDOXH %XW
WKLV DSSURDFK FDQ JHW GLᨬFXOW ZKHQ ZH FDQQRW UHSODFH WKH YDOXH DV HDVLO\ :H
DUH DOVR VWD\LQJ EOLQG WR WKH UHVW RI VXFK ᨫOH :KDW LI WKH GHIDXOW FRQᨫJXUDWLRQ
FKDQJH RQ XSJUDGH"
2QH ZD\ RU WKH RWKHU VHG SURYHG TXLWH XVHIXO IRU WKLV NLQG RI UHSODFHPHQWV
VR OHW˵V VHH D IHZ PRUH H[DPSOHV WR XQGHUVWDQG KRZ LW ZRUNV
5HSODFLQJ RQH VWULQJ ZLWK DQRWKHU

O 2+?Q h?Bb Bb  HBM2 Q7 i2tiX % b2/ ^bfi2tif`2TH+2/ i2tif^


h?Bb Bb  HBM2 Q7 `2TH+2/ i2tiX

5HSODLQJ ᨫUVW RFFXUDQFH LQ ᨫOH

O b2/ @B ^bf7QQf#`f^ 7BH2

5HSODFLQJ VHFRQG RFFXUDQFH LQ DOO W[W ᨫOHV

O b2/ @B ^bf7QQf#`fk^ Xiti

5HSODFLQJ QXPEHUV  DQG  ZLWK QXPEHU 

O b2[ Ry % b2/ ^bf(9N)fkf;^


R
k
j
k
XXX


7KH bf SDUW VSHFLᨫHV VXEVWLWXWLRQV DQG WKH SDUW DW WKH HQG VSHFLᨫHV SDWWHUQ
ᨭDJV OLNH f; IRU JOREDO UHSODFHPHQW  @B UXQV WKH VXEVWLWXWLRQ LQSODFH EXW
ZH FDQ EH XVLQJ WKH VWDQGDUG %DVK UHGLUHFWLRQ = 7Bt2/n7BH2 WR FUHDWH D QHZ
ᨫOH LQVWHDG $V VKRZQ UHJXODU H[SUHVVLRQV FDQ EH XVHG DV ZHOO b2/ ZRUNV E\
GRLQJ LWV ZRUN OLQH E\ OLQH ,I ZH ZDQW WR GR VRPHWKLQJ RQ D VSHFLᨫF OLQH LW
FRPHV LQ WKH EHJLQQLQJ DQG FDQ EH D UDQJH RU D SDWWHUQ

O b2/ ^Ry-ky bf+if/Q;f;^ BMTmiXiti = QmiTmiXiti

:H FDQ DOVR VSHFLI\ ZKDW HOVH DSSHDUV RU GRHVQ˵W DSSHDU RQ WKDW OLQH

O b2/ ^fK2Qrfbf+if/Q;f;^ BMTmiXiti = QmiTmiXiti


O b2/ ^fK2Qrf5bf/Q;f+if;^ BMTmiXiti = QmiTmiXiti

,QVWHDG RI SURYLGLQJ WKH OLQH QXPEHUV ZH UHIHUHQFHG WKH OLQHV E\ FRQWDLQLQJ


RU PLVVLQJ ˸PHRZ˹
6RPHWLPHV GHOHWLQJ D FHUWDLQ OLQH QXPEHU EHFRPHV KDQG\ WRR

O b2/ @B ^8/^

6R LV GHOHWLQJ DQ\ OLQH FRQWDLQLQJ D JLYHQ VWULQJ

O ^f.2#BMf/^ 7BH2

$ ORW RI FRQᨫJXUDWLRQ GLUHFWLYHV FRPH LQ IRUP RI VLQJOH OLQH VHWWLQJV VR NQRZ


LQJ DW OHDVW D WLQ\ ELW RI VHG FDQ WDNH \RX D ORQJ ZD\
:H FDQ DOVR XVH UHGLUHFWLRQ DQG SLSLOLQHV WR FUHDWH QHZ ᨫOHV IURP VFUDWFK
ZLWKRXW DQ\ QHHG WR RI FRS\LQJ WKHP RYHU %\ FRPELQLQJ UHGLUHFWLRQ ZLWK
+i ZH FDQ FUHDWH D QHZ ᨫOH IURP D PXOWLOLQH VWULQJ ,PDJLQH ZH ZDQW WR
DGG WKH QHZ SDFNDJH UHSRVLWRU\ IURP VKHOO

O +i = f2i+fvmKX`2TQbX/f+`vbiHX`2TQ II1P6


(+`vbiH)
MK2 4 *`vbiH
#b2m`H 4 ?iiTb,ff/BbiX+`vbiH@HM;XQ`;f`TKf
1P6


7KLV II1P6 ᨫGGOLQJ LV ZKDW ZH FDOO KHUHGRF
:H FDQ UHSODFH 1P6 ZLWK DQ\ RWKHU ZRUG DQG ZH FDQ XVH WKH UHVXOW GLᨪHUHQWO\
HYHQ VHQGLQJ LW ZLWK D SLSH WR DQRWKHU SURJUDP

O +i IIh1sh % i22 7BH2Xiti


KmHiB
HBM2
0*PLh1Lh
h1sh

WHH LV D SURJUDP IRU FUHDWLQJ QHZ ᨫOHV IURP WKH VWDQGDUG RXWSXW :KHQ ZH
SLSH WKH UHVXOW IURP RXU KHUHGRF WKLV WLPH UHIHUHQFHG ZLWK h1sh  ZH JHW WKH
VDPH UHVXOW DV DERYH %\ GHIDXOW HQYLURQPHQW YDULDEOHV ZLOO EH HYDOXDWHG VR
ZH FDQ FUHDWH G\QDPLF FRQᨫJ ᨫOHV ZLWKRXW UHDFKLQJ IRU b+T DQG b2/
7KHUH DUH WZR PRUH YDULDQWV WR KHUHGRF II@ UHPRYHV OHDGLQJ WDEV VR ZH FDQ
IRUPDW RXU PXOWLOLQH VFULSW LQVLGH KHUHGRF DV ZH OLNH XVLQJ WDEV EXW WKH ᨫQDO
ᨫOH ZRQ˵W KDYH WKHP

O +i II@h1sh % i22 7BH2Xiti


KmHiB
HBM2
+QMi2Mi
h1sh
O +i 7BH2Xiti
KmHiB
HBM2
+QMi2Mi

1RWH WKDW ZH XVHG WDEV QRW VSDFHV IRU WKLV WR ZRUN


$QRWKHU LV II$ ZKLFK ZRQ˵W UHSODFH RXU VKHOO YDULDEOHV ,PDJLQH D VFULSW
WKDW bb? LQWR D UHPRWH PDFKLQH DQG DFFHSWV 0la1_ DQG 0ASn.._1aa DV
HQYLURQPHQW YDULDEOHV ,I ZH XVH WKH FODVVLF KHUHGRF II WKHVH YDULDEOHV HYDOXDWH
WKHLU YDOXHV KHUH WR HPSW\ VWULQJV  :LWK II$ ZH FDQ HDVLO\ FUHDWH VXFK VFULSW
DV


O +i II$h1sh % i22 bb?Xb?
bb? 0la1_!0ASn.._1aa
h1sh
O +i bb?Xb?
bb? 0la1_!0ASn.._1aa

7R QRW HYDOXDWH WKHP LQ WKH FODVVLF KHUHGRF ZH FDQ SUHSHQG WKH $ FKDUDFWHU WR
D YDULDEOHV DV $0la1_ 
,W˵V RQO\ D IHZ FRQFHSWV EXW XVLQJ WKHP WRJHWKHU ZLOO KHOS XV WR FRQᨫJXUH
DQ\WKLQJ
$W ODVW VRPHWLPHV ZH PLJKW QRW ZDQW WR GLUHFWO\ UHSODFH DQG RYHUULGH FRQᨫJ
XUDWLRQ :H FRXOG NHHS DOO SUHYLRXV YHUVLRQV RU YDULDQWV ZH XVH RQ WKH VHUYHU
DQG MXVW SRLQW WR WKH ULJKW RQH
$ V\PEROLF OLQN FDQ SRLQW RQH ᨫOH RU GLUHFWRU\ WR DQRWKHU :H FUHDWH OLQNV
ZLWK OQ DV ˹OLQN  HM @b FUHDWHV D V\PEROLF OLQN

O HM @b 2tBbiBM;n7BH2Xiti M2rn7BH2Xiti

2SHQLQJ M2rn7BH2Xiti ZLOO RSHQ 2tBbiBM;n7BH2Xiti- EXW WKH GDWD DUH


VDYHG RQO\ LQ WKH RULJLQDO ᨫOH 2WKHU DFWLRQV OLNH FRS\LQJ ZRUNV WKH VDPH ZD\
%\ GHOHWLQJ WKH OLQNHG ᨫOH WKH VRIW OLQN EUHDNV DQG SRLQWV WR D QRQH[LVWLQJ
ᨫOH
2Q WKH RWKHU KDQG WKHUH LV DOVR D KDUG OLQN WKDW OLQNV WR WKH VDPH LQRGH
KROGLQJ WKH ᨫOH˵V GDWD

LQRGH LV DQ LQWHUQDO GDWD VWUXFWXUH GHVFULELQJ D GLUHFWRU\ RU D ᨮOH RQ


/LQX[ 7KH\ FDUU\ DWWULEXWHV DV ZHOO DV ORFDWLRQV RI WKH GDWD LWVHOI

:H KDUG OLQN ZLWKRXW DQ\ DUJXPHQWV

O HM 2tBbiBM;n7BH2Xiti M2rn7BH2Xiti

:H WKHQ PDQDJH ERWK RI WKHVH ᨫOHV LQGHSHQGHQWO\ XQWLO ZH GHOHWH WKHP


:H FDQ GHOHWH OLQNV RU ᨫOHV ZLWK UP DV ˸UHPRYH˹ FRPPDQG


O `K 2tKTH2Xiti

,I WKH ᨫOH LV D V\PEROLF OLQN LW ZLOO XQOLQN LW

$SSHQG ˸L˸ WR UP ZKHQ XVLQJ JOREELQJ LQ LQWHUDFWLYH VHVVLRQV


,W ZLOO DVN IRU FRQᨮUPDWLRQ DQG \RX ZRQ˴W DFFLGHQWO\ GHOHWH
VRPHWKLQJ LPSRUWDQW

,I ᨫOHV DUH ZULWHSURWHFWHG DQG ZH ZDQW WR GHOHWH WKHP DQ\ZD\ ZH FDQ XVH
@7 DV ˸IRUFH˹ VZLWFK

O `K @7 2tKTH2Xiti

6RPHWLPHV XVXDOO\ ZLWK ORJ ᨫOHV ZH PLJKW ZDQW WR GHOHWH WKH FRQWHQW EXW
NHHS WKH ᨫOH LWVHOI VR SURJUDPV FDQ FRQWLQXH ZULWLQJ WR LW DQG GR QRW ORVH WKH
ULJKW SHUPLVVLRQV  7KDW ZH FDQ GR ZLWK D WULFN ZH DOUHDG\ NQRZ

O = ++2bbXHQ;

 $XWRPDWLRQ
1RZ WKDW ZH FDQ LQVWDOO QHZ SURJUDPV DQG HYHQ FRQᨫJXUH WKHP SURJUDPDWL
FDOO\ ZH FDQ VWDUW SXWWLQJ WKLQJV WRJHWKHU WR GR VRPH PRUH DPELWLRXV ZRUN
:H˵OO SXW WKH LGOH YLUWXDO VHUYHU WR ZRUN E\ VHUYLQJ D SHUVRQDO SDJH IRU 7LJHU
KH FDQQRW ZDLW WR KDYH RQH 
6R IDU ZH PDQXDOO\ LQVHUWHG HYHU\ FRPPDQG RQ WKH FRPPDQG OLQH %XW ZH
GRQ˵W ZDQW WR UXQ EXQFK RI FRPPDQGV ZKHQHYHU ZH QHHG WR XSGDWH WKH 7LJHU˵V
KRPHSDJH )RU WKLV UHDVRQ ZH KDYH WR ZULWH D UHXVDEOH VFULSW
%DVHG RQ ZKDW ZH NQRZ WKH VNHOHWRQ RI WKH ᨫOH FRXOG ORRN OLNH WKH IROORZLQJ


rQ`FbiiBQM0 +i iB;2`Xb?
la1_4`QQi
a1_o1_40a1_o1_
SP_h4kk
aa>nE1u40aa>nE1u
aa>nPShAPLa4]@B 0aa>nE1u @Q ai`B+i>QbiE2v*?2+FBM;4MQ]
aa>n_:a4]0la1_!0a1_o1_ @T 0SP_h 0aa>nPShAPLa]

bb? 0aa>n_:a ^#b? @b^ II@ah.AL


O q?i rBHH `mM QM  `2KQi2 b2`p2`
ah.AL

7KH VFULSW LV QRWKLQJ HOVH WKDQ D VHTXHQFH RI VKHOO FRPPDQGV )RU QRZ LW RQO\
VHSDUDWHV WKH FRQᨫJXUDWLRQ E\ VHWWLQJ WKH YDULDEOHV LQ WKH EHJLQQLQJ DQG FDOO
WKH bb? SURJUDP WR UXQ D UHPRWH SURJUDP $V \RX FDQ VHH WKH PDLQ SURJUDP
WR UXQ UHPRWHO\ LV DFWXDOO\ #b? @b 7KH @b RSWLRQ WHOOV %DVK WR UHDG IURP
WKH VWDQGDUG LQSXW VR ZH FDQ HPSOR\ WKH KHUHGRF WULFN ZH OHDUQHG EHIRUH LQ
WKLV FKDSWHU +HUH LV KRZ ZH FRXOG UXQ LW

0 a1_o1_4Re8XkkdXXX aa>nE1u4f?QK2f+ifXbb?fXXX #b? iB;2`Xb?

,W OHDYHV WZR YDULDEOHV WR EH SURYLGHG DW UXQWLPH a1_o1_ UHIHUV WR WKH ,3


DGGUHVV RI WKH YLUWXDO VHUYHU DQG aa>nE1u WR WKH SDWK WR D SULYDWH NH\ ,W
DOVR H[SHFWV DQ DOUHDG\ UXQQLQJ VHUYHU ZLWK 66+ FRQᨫJXUHG DV LQ WKH 6HFXUH
&RQQHFWLRQV FKDSWHU %\ VHSDUDWLQJ WKH VHUYHU FRQᨫJXUDWLRQ ZH FDQ UXQ WKH
HQFORVHG FRGH LQ KHUHGRF UHPRWHO\ RQ DQ\ VHUYHU %\ UHO\LQJ RQ %DVK ZH FDQ
HDVLO\ GURS DQ\ %DVK FRGH ZH KDYH O\LQJ DURXQG
6R OHW˵V GR WKDW , ZLOO VKRZ \RX WKH PRVW PLQLPDO H[DPSOH RI UXQQLQJ D VWDWLF
ZHEVLWH ZLWK 1*,1;


bb? 0aa>n_:a ^#b? @b^ II@ah.AL
/M7 BMbiHH @v M;BMt

+i II@h1sh % i22 fmb`fb?`2fM;BMtf?iKHfBM/2tX?iKH


I?R=hB;2`If?R=
IT=
>2v ?2v- Kv MK2 Bb hB;2`X S2QTH2 +HH K2 J2Qr U/QM^i
FMQr r?vVX A HBF2 7QHHQrBM; KB+2 QM hrBii2`- +Q7722-
M/ .2pPTbX A 722H /p2Mim`Qmb r?2M +QK2b iQ Tvi?QMbX
IfT=
h1sh

bvbi2K+iH `2bi`i M;BMtXb2`pB+2


ah.AL

$V WKH VFULSW H[HFXWHV ZH LQVWDOO WKH M;BMt SDFNDJH SXW WKH 7LJHU˵V
BM/2tX?iKH WR WKH 1*,1; GHIDXOW GLUHFWRU\ DQG VWDUW LWV VHUYLFH :H˵OO
SURSHUO\ XQGHUVWDQG bvbi2K+iH DV ZHOO DV GLᨪHUHQW ORFDWLRQV ODWHU GRQ˵W
ZRUU\
5HUXQQLQJ WKH VFULSW VKRXOG FRQᨫJXUH WKH VHUYHU DV H[SHFWHG

0 a1_o1_4Re8XkkdXXX aa>nE1u4f?QK2f+ifXbb?fXXX #b? iB;2`Xb?

$QG WKH 7LJHU˵V KRPHSDJH LV QRZ RQOLQH DW WKH SURYLGHG ,3 DGGUHVV

0 +m`H ?iiT,ffRe8XkkdXXXf
I?R=hB;2`If?R=
IT=
>2v ?2v- Kv MK2 Bb hB;2`X S2QTH2 +HH K2 J2Qr U/QM^i
FMQr r?vVX A HBF2 7QHHQrBM; KB+2 QM hrBii2`- +Q7722-
M/ .2pPTbX A 722H /p2Mim`Qmb r?2M +QK2b iQ Tvi?QMbX
IfT=

 %DVK 2SWLRQV


7KH VFULSW LV ZRUNLQJ EXW LW FKDLQV FRPPDQGV DV LI WKH\ DOZD\V VXFFHHG ,I
LQVWDOOLQJ WKH M;BMt SDFNDJH IDLOV ZH VKRXOGQ˵W FRQWLQXH :H FDQ ᨫ[ LW E\
OHDUQLQJ DERXW VKHOO RSWLRQV


%DVK FRPHV ZLWK RSWLRQV WKDW ZH FDQ XVH GXULQJ D VFULSW H[HFXWLRQ WR FKDQJH
WKH EHKDYLRXU RI WKH VKHOO 7R VHH FXUUHQWO\ UXQQLQJ RSWLRQV ZH FDQ XVH WKH
0@ EXLOWLQ YDULDEOH

0 2+?Q 0@
?BK">b

7KHUH DUH DOUHDG\  RSWLRQV LQ SODFH 7KHVH DUH HQDEOHG E\ GHIDXOW @> RQO\
IRU LQWHUDFWLYH PRGH  /HW˵V ORRN DW % ZKLFK DOORZV IRU EUDFH H[SDQVLRQ WKDW
KDSSHQV EHIRUH DQ\ RWKHU H[SDQVLRQV

0 2+?Q &/-+-#'2
/2 +2 #2

,Q FDVH ZH ZDQW WR PDNH VXUH WKHVH IHDWXUHV DUH SUHVHQW ZH VKRXOG XVH WKH
b2i FRPPDQG WR HQDEOH WKHP

0 b2i @"

2Q WKH RWKHU KDQG ZH PLJKW QRW ZDQW WKHP WR VWDQG LQ RXU ZD\ DQG GLVDEOH
WKHP ZLWK FKDQJLQJ @ WR Y

0 b2i Y"
0 2+?Q &-#'+
&-#'+
0 b2i @"
0 2+?Q &-#'+
+ #+

:H FDQ FRPELQH PRUH RSWLRQV WRJHWKHU WR VHW WKHP RU XQVHW WKHP WRR
1RZ WKDW ZH KDYH DQ LGHD KRZ WR XVH b2i OHW˵V ORRN DW PRVW FRPPRQO\ XVHG
RSWLRQV IRU ZULWLQJ HUURUSURQH VFULSWV

˾ 7KH @2 RSWLRQ LQVWUXFWV %DVK WR H[LW LI DQ\ VLQJOH FRPPDQG UHWXUQV D


QRQ]HUR H[LW VWDWXV 2WKHUZLVH WKH\ ZLOO DOO UXQ DV LQ LQVHUWLQJ RQH
DIWHU DQRWKHU LQ WKH LQWHUDFWLYH PRGH


˾ 7KH @m RSWLRQ H[LWV LQ FDVH ZH UHIHUHQFH D YDULDEOH WKDW LV XQGHᨫQHG
˾ 7KH @Q TBT27BH RSWLRQ FKDQJHV WKH UHWXUQ YDOXH RI D SLSHOLQH WR
WKH ODVW FRPPDQG ZLWK D QRQ]HUR VWDWXV RU ]HUR LI DOO FRPPDQGV H[LW
VXFFHVVIXOO\
˾ 7KH @M RSWLRQ UHDGV FRPPDQGV LQVWHDG RI H[HFXWLQJ WKHP H[FHSW IRU
LQWHUDFWLYH VKHOO  :H FDQ XVH WKDW WR FKHFN D VFULSW IRU V\QWD[ HUURUV

:LWK WKHVH RSWLRQV LQ PLQG LW˵V DGYLVDEOH WR SUHSHQG %DVK VFULSWV ZLWK WKH
IROORZLQJ VQLSSHG

b2i @2mQ TBT27BH

7KH FRPELQDWLRQ RI @2 DQG @Q TBT27BH LV WKH PRVW LPSRUWDQW DV LW JLYHV


XV PRUH SUHGLFWDEOH EHKDYLRXU RQ IDLOXUHV ,I ZH LQFOXGH LW LQ WKH iB;2`Xb?
VFULSW WKH H[HFXWLRQ ZLOO EH VWRSSHG LI VRPH RI WKH FRPPDQG IDLOV
7KH VNHOHWRQ QRZ ORRNV OLNH DV IROORZV

b2i @2mQ TBT27BH


XXX

bb? 0aa>n_:a ^#b? @b^ II@ah.AL


b2i @2mQ TBT27BH

XXX
ah.AL

$V \RX FDQ VHH LW KDV WR EH UHSHDWHG LQVLGH WKH QHZ #b? FDOO DV ZHOO

,I \RX QHHG WR XQGHUVWDQG DQ\ RWKHU RSWLRQ KDYH D ORRN DW %DVK


VHW FRPPDQG KHOS E\ UXQQLQJ ˸KHOS VHW˸

 :RUNLQJ 'LUHFWRU\


$QRWKHU WKLQJ ZH PLJKW ZDQW WR GR LV WR VSOLW WKH WDVN LQWR XSORDGLQJ WKH
ZHESDJH DV D VHSDUDWH ᨫOH 7KLV FDQ KHOS XV WR OHDUQ IHZ PRUH WKLQJV


:H FDQ VSOLW WKH bb? SDUW DV IROORZV

aa>n_:a4]0la1_!0a1_o1_ @T 0SP_h 0aa>nPShAPLa]


a*Sn_:a4]@S 0SP_h 0aa>nPShAPLa]

bb? 0aa>n_:a ^#b? @b^ II@ah.AL


b2i @2mQ TBT27BH
/M7 BMbiHH @v M;BMt
ah.AL

b+T 0a*Sn_:a BM/2tX?iKH $


0la1_!0a1_o1_,fmb`fb?`2fM;BMtf?iKHfBM/2tX?iKH

bb? 0aa>n_:a ^#b? @b^ II@ah.AL


b2i @2mQ TBT27BH
bvbi2K+iH `2bi`i M;BMtXb2`pB+2
ah.AL

7KH FRQWHQW RI WKH +70/ SDJH LV WKHQ VHSDUDWHG DQG PRYHG WR BM/2tX?iKH
LQ WKH VDPH GLUHFWRU\
$V VFULSWV LQKHULW ZRUNLQJ GLUHFWRULHV IURP SDUHQW VKHOOV WKLQJV DUH ZRUNLQJ
XQWLO WKH\ GRQ˵W 5HIHUHQFLQJ WKH ᨫOH ZLWK WKH UHODWLYH BM/2tX?iKH SDWK LV
SUREOHPDWLF EHFDXVH ZH QHYHU NQRZ ZKDW Tr/ ZRXOG UHWXUQ GXULQJ VFULSW
H[HFXWLRQ )RU WKLV UHDVRQ ZH VKRXOG DOZD\V SUHIHU DEVROXWH SDWKV 2QH ZD\
WR GR VR PRUH FRQYHQLHQWO\ LV WR WDNH DGYDQWDJH RI Tmb?/ DQG TQT/ IXQFWLRQV

Tmb?/ f#bQHmi2fTi?fiQf+QM7B;
O 1p2`v +QKKM/ ?2`2 rQ`Fb rBi? i?2 Ti? #Qp2
TQT/

Tmb?/ WDNHV XV WR WKH JLYHQ GLUHFWRU\ DQG TQT/ UHWXUQV XV EDFN %XW LW VWLOO
UHTXLUHV XV WR NQRZ DERXW WKH ULJKW SDWK
7R ᨫQG D EDVH GLUHFWRU\ ZH FDQ FRPELQH `2/HBM2 DQG /B`MK2 WR VDYH WKH
GLUHFWRU\ IURP WKH HQWU\SRLQW VFULSW

.A_4</B`MK2 ]0U`2/HBMF @7 ]0y]V]<


, VD\ HQWU\SRLQW EHFDXVH LI ZH VSOLW WKH SURJUDP LQWR PRUH ᨫOHV ZH QHHG WR
UXQ WKLV LQ WKH PDLQ RQH <RX FDQ DOVR QRWLFH KRZ ZH FDSWXUHG WKH UHVXOW RI
`2/HBMF ZLWK 0UV 7KLV ZLOO EH XVHIXO IRU FDSWXULQJ IXQFWLRQV RXWSXW ODWHU
DV ZHOO
%XW ULJKW QRZ ZH˵OO XVH LW WR ᨫ[ WKH UHIHUHQFH WR BM/2tX?iKH

XXX
.A_4</B`MK2 ]0U`2/HBMF @7 ]0y]V]<

b+T 0a*Sn_:a 0.A_fBM/2tX?iKH $


0la1_!0a1_o1_,fmb`fb?`2fM;BMtf?iKHfBM/2tX?iKH

,I ZH FDOO WKH VFULSW IURP D GLᨪHUHQW GLUHFWRU\ OLNH fTi?fiQfiB;2`Xb?


WKLQJV VKRXOG EH ZRUNLQJ DJDLQ

 &RQGLWLRQDOV

%\ DGGLQJ PRUH VHSDUDWHG FDOOV WR WKH VHUYHU LW PLJKW QRW EH FOHDU DQ\PRUH
ZKLFK RI WKH WDVNV LV UXQQLQJ RU IDLOLQJ $GGLWLRQDOO\ ZH VKRXOG DOVR SUHYHQW
WKH VFULSW IURP UXQQLQJ DW DOO LI WKH BM/2tX?iKH ᨫOH GRHVQ˵W H[LVW :H FDQ
VROYH ERWK RI WKHVH FRQFHSWV ZLWK FRQGLWLRQDOV
,Q WKH VLPSOHVW IRUP ZH FDQ XVH  DQG DQG %% RU WR SURYLGH D IHHGEDFN
RQ WKH GHSOR\PHQW SURFHVV

b+T XXX  2+?Q ]6BH2 mTHQ/2/] %% 2+?Q ]lTHQ/ 7BH2/]


bb? XXX  2+?Q ]a2`p2` bi`i2/] %% $
2+?Q ]ai`iBM; i?2 b2`p2` 7BH2/]  2tBi R

:KHQHYHU ZH DUH SURYLGLQJ IHHGEDFN RQ D IDLOXUH ZH KDYH WR ᨫQLVK ZLWK H[LW


FRGH RWKHU WKDQ  RWKHUZLVH WKH VFULSW ZLOO FRQWLQXH 
)RU WKH QH[W WDVN ZH˵OO QHHG WR QRZ KRZ WR HYDOXDWH DQ H[SUHVVLRQ IRU WKH
B7f2Hb2 FRQGLWLRQDO ,Q %DVK ZH XVH VTXDUH EUDFNHWV IRU WR HYDOXDWH H[SUHV
VLRQV DQG FRPSDULQJ VWULQJV


&RQGLWLRQDO 0HDQLQJ
> (;35 @ &KHFN LI SURYLGHG H[SUHVVLRQ LV WUXH
>  (;35 @ &KHFN LI SURYLGHG H[SUHVVLRQ LV IDOVH
> 675,1* 675,1* @ &KHFN HTXDOLW\ RI VWULQJV
> 675,1*  675,1* @ &KHFN LQHTXDOLW\ RI VWULQJV
> ] 675,1* @ &KHFN LI WKH VWULQJ LV HPSW\
> Q 675,1* @ &KHFN LI WKH VWULQJ LV QRW HPSW\
> (;35 a 5(*(;3 @ &KHFN WR PDWFK D UHJXODU H[SUHVVLRQ

$Q H[SUHVVLRQ LWVHOI FDQ EH PDQ\ WKLQJV RIWHQ D FKHFN RQ ᨫOHV DQG GLUHFWRULHV

&RQGLWLRQDO 0HDQLQJ
> H ),/(B25B',5 @ 'RHV LW H[LVWV"
> U ),/(B25B',5 @ ,V LW UHDGDEOH"
> Z ),/(B25B',5 @ ,V LW ZULWDEOH"
> [ ),/(B25B',5 @ ,V LW H[HFXWDEOH"
> I ),/(B25B',5 @ ,V LW D ᨫOH"
> K ),/(B25B',5 @ ,V LW D V\POLQN"
> G ),/(B25B',5 @ ,V LW D GLUHFWRU\"

:H KDYHQ˵W WDON \HW DERXW ᨫOH SHUPLVVLRQV EXW WKH UHVW RI WKH OLVW VKRXOG EH
FOHDU :H FDQ XVH WKHVH FRQGLWLRQDOV GLUHFWO\ RQ WKH FRPPDQG OLQH DQG WKH\
ZLOO UHWXUQ HLWKHU  RU 

O ( @2 f2i+ )
O 2+?Q 0\
y
O ( @2 fB@/QMi@2tBbib )
O 2+?Q 0\
R

8VLQJ WKHP WKLV ZD\ KHOS XV WR VHH LI WKH\ ZRUN EHIRUH SXWWLQJ WKHP LQWR
WKH VFULSW ,Q VFULSWV WKH\ XVXDOO\ HQG XS EHLQJ SDUW RI B7f2Hb2 FRQGLWLRQDO
+HUH˵V KRZ WR FKHFN LI WKH BM/2tX?iKH ᨫOH H[LVWV


B7 ( @2 0.A_fBM/2tX?iKH )c i?2M
b+T XXX
2Hb2
2+?Q ]BM/2tX?iKH /Q2b MQi 2tBbi5]
2tBi R
7B

B7 FRQGLWLRQDO HQGV ZLWK 7B ,W DOVR KDV DQ DOWHUQDWLYH V\QWD[ WKDW LV KHOSIXO
LI LW˵V D JXDUG FODXVH

B7 5 ( @2 0.A_fBM/2tX?iKH )
i?2M
2+?Q ]BM/2tX?iKH /Q2b MQi 2tBbi5]
2tBi R
7B

b+T XXX

8VLQJ 5 H[FODPDWLRQ PDUN ZH QHJDWH WKH FRQGLWLRQ

 )XQFWLRQV

:KLOH HYHU\WKLQJ LV ZRUNLQJ DV LW VKRXOG ZH VKRXOG UHIDFWRU WKH FRGH WR PDNH


LW PRUH PDLQWDQDEOH LQ WKH ORQJ WHUP $V 5XE\LVWV DQG 3\WKRQLVWDV ZH NQRZ
ZKDW D IXQFWLRQ LV

O 7mM+iBQM T`BMinBTn//`2bbUV &


= 2+?Q ]0ASn.._1aa]
= '
O T`BMinBTn//`2bb
yXyXyXy

2QH WKLQJ DERXW %DVK IXQFWLRQV LV YHU\ XQXVXDO WKRXJK :H FDQQRW VSHFLI\
DQ\ RI WKH IXQFWLRQ˵V DUJXPHQWV $UJXPHQWV DUH LPSOLFLWHO\ PDSSHG


0 7mM+iBQM T`BMinBTn//`2bbUV &
= 2+?Q ]0R]
= '
0 T`BMinBTn//`2bb ]yXyXyXy]
yXyXyXy

$Q\ SDVVHG DUJXPHQW LV PDSSHG WR D VSHFLDO QXPEHUHG YDULDEOH VWDUWLQJ ZLWK


0R :H FDQ DOVR LPLW WKH 7mM+iBQM NH\ZRUG LI ZDQW WR

8QOLNH YDULDEOHV ZH ZRXOG ZULWH IXQFWLRQ QDPHV ZLWK GRZQFDVHG OHWWHUV


DQG XQGHUVFRUHV E\ FRQYHQWLRQ $ IXQFWLRQ 35,17B,3B$''5(66
ZRXOG EH D GLᨭHUHQW IXQFWLRQ WR SULQWBLSBDGGUHVV

:H KDYH D SHUIHFW XVHFDVH IRU D IXQFWLRQ :KHQ DSSHQGLQJ WKH %% RU


FRQGLWLRQDO ZH KDG WR PDNH D FRQGLWLRQ WR LQFOXGH WKH HUURU H[LW FRGH ,W˵V D
ELW ORQJ DQG KDUG WR UHDG /HW˵V FKDQJH LW WR D IXQFWLRQ

XXX
7BH UV &
2+?Q 0R
2tBi R
'

bb? 0aa>n_:a ^#b? @b^ II@ah.AL %% 7BH ]BMbiHHiBQM 7BH2/]


b2i @2mQ TBT27BH
/M7 BMbiHH @v M;BMt
ah.AL

b+T 0a*Sn_:a BM/2tX?iKH $


0la1_!0a1_o1_,fmb`fb?`2fM;BMtf?iKHfBM/2tX?iKH %% $
7BH ]b+T 7BH2/]

bb? 0aa>n_:a ^#b? @b^ II@ah.AL %% 7BH ]b2`pB+2 7BH2/]


/M7 BMbiHH @v M;BMt
bvbi2K+iH `2bi`i M;BMtXb2`pB+2
ah.AL

7KHUH LV D OLWWOH ELW PRUH WR IXQFWLRQ DUJXPHQWV EXW ,˵OO OHDYH LW IRU ODWHU


$ VLQJOH IXQFWLRQ LV YHU\ VLPLODU WR D W\SLFDO %DVK VFULSW ZKHUH
WKH DUJXPHQWV DUH DXWRPDWLFDOO\ SURYLGHG E\ VSHFLDO YDULDEOHV
DQG H[LW FRGHV DUH UHWXUQHG 7KLQNLQJ DERXW WKHP DV EHLQJ OLWWOH
VFULSWV FDQ PDNH WKLQJV FOHDUHU

 6KHEDQJV

:H˵OO ᨫQLVK WKH VFULSW E\ JLYLQJ LW SURSHU VKHEDQJ DQG VHW LW DV H[HFXWDEOH %\
UXQQLQJ r?B+? ZH FDQ ᨫQG RXW WKH UHDO ORFDWLRQ RI %DVK LW JLYHV XV WKH UHDO
SDWK 

0 r?B+? #b?
fmb`f#BMf#b?

7KHQ ZH FDQ XVH LV LQ LQ WKH EHJLQQLQJ RI RXU VFULSW

O5fmb`f#BMf#b?
b2i @2mQ TBT27BH
XXX

7KH ODVW VWHS LV WR PDNH WKH ᨫOH H[HFXWDEOH IRU LWV RZQHU ZH˵OO GR PRUH RI WKLV
ODWHU 

0 +?KQ/ mYt XfiB;2`Xb?

1RZ LW˵V JRRG WLPH WR UHUXQ LW WR FRQᨫUP HYHU\WKLQJ ZRUNV

0 XfiB;2`Xb?


 6XPPDU\
$IWHU OHDUQLQJ DERXW V\VWHP SDFNDJHV DQG FRQᨫJXUDWLRQ ZH ZURWH D ᨫUVW FRQ
ᨫJXUDWLRQ PDQDJHPHQW VFULSW 1HLWKHU WKH VHUYHU FRQᨫJXUDWLRQ RU WKH VFULSW
LV SHUIHFW EXW ZH DUH PDNLQJ SURJUHVV

˾ :H OHDUQHG KRZ WR ZRUN ZLWK SUHSDFNHG VRIWZDUH DQG ZKDW DUH VRPH RI
WKHLU EHQHᨫWV DQG VKRUWFRPLQJV :H VDZ KRZ WR TXHU\ SDFNDJHV ZLWK
`TK DQG KRZ WR LQVWDOO QHZ SDFNDJHV IURP YDULRXV UHSRVLWRULHV ZLWK
/M7

˾ &RQᨫJXUDWLRQ FKDQJHV FDQ EH GRQH HLWKHU E\ SURYLGLQJ WKH FRQᨫJXUD


WLRQ ᨫOHV LQ IXOO RU E\ DGMXVWLQJ VSHFLᨫF GLUHFWLYHV LQ LVRODWLRQ :LWK
ERWK ZH KDYH WR SD\ DWWHQWLRQ RQ V\VWHP XSJUDGHV DQG XSGDWH WKH FRQ
ᨫJXUDWLRQ LI QHFHVVDU\

˾ :H OHDUQHG KRZ WR FUHDWH QHZ ᨫOHV LQ SODFH LQ WKH WHUPLQDO ZLWK KHUHGRF
DQG KRZ WR UHGLUHFW WKH RXWSXW WR D ᨫOH RU VHQG LW XVLQJ D SLSH WR i22 D
SURJUDP WKDW FUHDWHV ᨫOHV IURP WKH VWDQGDUG RXWSXW ,W˵V DOVR QHFHVVDU\
WR SD\ DWWHQWLRQ WR YDULDEOHV DQG HVFDSH WKHP ZLWK $
˾ %DVK FDQ EH LQWLPLGDWLQJ DW ᨫUVW EXW ZLWK RQO\ D IHZ FRQFHSWV UHGL
UHFWLRQ RSWLRQV FRQGLWLRQDOV DQG IXQFWLRQV ZH FDQ VWDUW FRQᨫJXULQJ
WKH UHPRWH YLUWXDO PDFKLQH LQ D VWDQGDUGL]HG ZD\


&KDSWHU 

)LOHV\VWHPV

4XHU\LQJ WKH V\VWHP SDFNDJHV UHYHDOHG VRPH QHZ ORFDWLRQV RQ WKH ᨫOHV\VWHP
:H ZRUNHG ZLWK f2i+ ZKHUH ZH SXW WKH VHUYHU FRQᨫJXUDWLRQ IRU 66+ fp`
ZKHUH ZH IRXQG WKH '1) FDFKH DQG fmb`fb?`2 ZKHUH ZH SODFH ᨫOHV IRU
WKH ZHE VHUYHU %XW ZKDW DUH WKHVH ORFDWLRQV DERXW" $QG ZKHUH VKRXOG ZH
SXW WKH DSSOLFDWLRQ ᨫOHV GXULQJ GHSOR\PHQW" $SDUW IURP WKH ᨫOHV\VWHP OD\RXW
TXHVWLRQV ZH VKRXOG EH DEOH WR WHOO ZKDW ᨫOHV\VWHPV DUH DQG NQRZ KRZ WR
NHHS DQ H\H RQ WKH DPRXQW RI GLVN VSDFH OHIW


 'HYLFH )LOHV
$Q\ VHUYHU LQ WKH FORXG QHHGV DFFHVV WR UHDO SK\VLFDO VWRUDJH VLPLODU WR \RXU
GHVNWRS FRPSXWHU RU ODSWRS +DUG GULYHV +'' DQG VROLG VWDWH GULYHV 66'
SURYLGH WKH VSDFH LQ WKH UHDO ZRUOG EXW DUH RIWHQ UHSUHVHQWHG LQ YDULRXV ZD\V
:KHQ ZH DVN WKH RSHUDWLQJ V\VWHP DERXW GLVN VSDFH WKH\ HQG XS EHLQJ UHS
UHVHQWHG DV EORFN GHYLFHV ZLWK XQXVXDO QDPHV OLNH p/ p/# RU HmFb /HW˵V
VHH LW E\ UXQQLQJ GI DV ˸GLVN IUHH˹ 

0 /7 @?
6BH2bvbi2K aBx2 lb2/ pBH lb2W JQmMi2/ QM
/2piKT7b jdjJ y jdjJ yW f/2p
iKT7b 9y9J 3XyE 9y9J RW f/2pfb?K
iKT7b 9y9J 9eJ j83J RkW f`mM
iKT7b 9y9J y 9y9J yW fbvbf7bf+;`QmT
f/2pfp/R k8: kXj: kj: RyW f
f/2pfb/ RyR9J 9yJ Nd8J 9W fKMifpQHmK2n7`RnyR
iKT7b 3RJ y 3RJ yW f`mMfmb2`fRyyR

$V \RX FDQ VHH /7 OLVWV ᨫOHV\VWHPV ZLWK WKHLU QDPHV DQG VSDFH XVHG :LWK
WKH @? RSWLRQ DV ˸KXPDQUHDGDEOH˹  ZH FDQ VHH WKH QXPEHUV LQ XQLWV ZH
UHFRJQL]H :H DOVR JRW D SHUFHQWDJH RI VSDFH WDNHQ IRU WKH SDUWLFXODU ᨫOHV\VWHP
%HIRUH ZH FDQ XVH WKHVH EORFN GHYLFHV WKH\ KDYH WR EH PRXQWHG DW VRPH SDUWLF
XODU ORFDWLRQ f/2pfp/R LV WKH SULPDU\ GLVN RI WKH YLUWXDO VHUYHU PRXQWHG DW
f URRW  $OO WKH UHJXODU V\VWHP DQG XVHU ᨫOHV ZRXOG JR WKHUH f/2pfb/ LV DQ
H[DPSOH RI DGGLWLRQDO DWWDFKHG VWRUDJH DFFHVVLEOH DW fKMifpQHmK2n7`RnyR

'HYLFH ᨮOHV UHSUHVHQW FRQQHFWHG SK\VLFDO DQG YLUWXDO GHYLFHV :H FDOO


WKHVH GHYLFH ᨮOHV EORFN GHYLFHV EHFDXVH ZH FDQ UHDG RU ZULWH D EORFN RI
GDWD RI DQ\ VL]H

7KH QDPHV IRU WKHVH GHYLFHV DERYH VXJJHVW WKH\ DUH HLWKHU YLUWXDOL]HG YGD
RU SDUD YLUWXDOL]HG VGD  $ IXOO\ YLUWXDOL]HG GLVN KDV WR EHKDYH DV D UHJXODU
QRQYLUWXDOL]HG GLVN ZKHUHDV D SDUD YLUWXDOL]HG RQH NQRZV LW˵V LQVLGH D V\VWHP
WKDW˵V EHLQJ YLUWXDOL]HG ZLWK D K\SHUYLVRU :H JHW WKHVH QDPHV EHFDXVH ZH UXQ
D YLUWXDO VHUYHU RQ WRS RI D YLUWXDOL]DWLRQ VRIWZDUH ZKLFK WKHQ UXQV RQ D V\VWHP
ZLWK DFFHVV WR SK\VLFDO KDUGZDUH


:H FDQ OLVW EORFN GHYLFHV ZLWK OVEON DQG ᨫOHV\VWHPV ZLWK LWV @7 RSWLRQ ˸DV
ᨫOHV\VWHP˹ 

O Hb#HF @7
LJ1 6ahuS1 G"1G llA. JPlLhSPALh
b/ t7b 8y2#NeR7@3NRXXX fKMifpQHmK2n7`RnyR
p/
%@p/R t7b 27#3d7k@e/NXXX f
%@p/k
p/# BbQNeey +QM7B;@k kykR@y9@kk@kyXXX

:LWK WKH Hb#HF RXSXW ZH FDQ VHH D 88,' DQG D ᦣOHV\VWHP W\SH ZKLFK VKRZV
t7b IRU ERWK WKH SULPDU\ GLVN DQG WKH DWWDFKHG VWRUDJH ,˵OO OLVW P\ )HGRUD
ZRUNVWDWLRQ LQVWDOODWLRQ IRU FRPSDULVRQ EHFDXVH , WKLQN LW FDQ FOHDU VRPH
WKLQJV RXW LW˵V OLVWHG ZLWKRXW WKH ORQJ 88,'V 

MpK2yMR
%@MpK2yMRTR p7i 6hRe RNRXkJ 9W f#QQif27B
%@MpK2yMRTk 2ti9 RXy e3RXdJ kjW f#QQi
%@MpK2yMRTj M+`vTiQnGlEa R
%@HmFb@8j/jyRy#XXX
GoJknK2K#2` GoJk yyR
%@72/Q`@`QQi 2ti9 RXy RXk: NjW f
%@72/Q`@brT brT R (aqS)
%@72/Q`@?QK2 2ti9 RXy NkXj: dkW f?QK2

+RZ WR UHDG WKH RXWSXW QRZ" ,QVWHDG RI YLUWXDOL]HG GLVNV , KDYH RQH /8.6
ᨫOHV\VWHP /8.6 LV D GLVN HQFU\SWLRQ VSHFLᨫFDWLRQ WKDW NHHSV P\ RWKHU ᨫOHV\V
WHPV OLNH URRW VZDS DQG KRPH HQFU\SWHG 8QOLNH IRU WKH YLUWXDOL]HG VHUYHU
P\ V\VWHP LV VSOLW EHWZHHQ f URRW DQG f?QK2 VR WKDW P\ V\VWHP GLVN VSDFH LV
FRPSOHWHO\ VHSDUDWHG IURP WKH V\VWHP GLVN VSDFH SDWKV OLNH f2i+ DQG fmb` 
, KDYH RQH SK\VLFDO GLVN ZKLFK LV DEVWUDFWHG LQWR ORJLFDO YROXPHV WKDW UHSUHVHQW
D XVDEOH VWRUDJH FDSDFLW\ :KHWKHU WKH\ UHSUHVHQW  RI WKH GLVN RU VSDQV
PXOWLSOH GULYHV LV RQO\ D FRQFHUQ RI WKH ORJLFDO GHYLFH PDSSHU ,Q /LQX[ WKDW˵V
/RJLFDO 9ROXPH 0DQDJHU /90  :H ZRQ˵W ZRUN ZLWK /8.6 RU ORJLFDO
YROXPHV LQ WKLV ERRN DOWKRXJK \RX PLJKW ᨫQG WKHP HVVHQWLDO IRU LQVWDOODWLRQV
RQ UHDO KDUGZDUH


:H PDGH D FRQQHFWLRQ IURP KDUGZDUH WR PRXQW SRLQWV YLD GHYLFH ᨫOHV 7KHLU
ᨫOHV\VWHP W\SH LV WKH ODVW SLHFH WR WKH SX]]OH
$ ᦣOHV\VWHP GHᨫQHV KRZ DUH GDWD VWRUHG DQG UHWULHYHG 7KH\ VD\ ZKHUH RQH
ᨫOH HQGV DQG ZKHUH WKH QH[W VWDUWV RQ WKH GLVN 'LᨪHUHQW ᨫOHV\VWHPV KDYH
GLᨪHUHQW FKDUDFWHULVWLFV SHUIRUPDQFH DV ZHOO DV XQLTXH IHDWXUHV OLNH VQDS
VKRWWLQJ <RX˵OO PRVWO\ HQFRXQWHU (;7 RU ;)6 RQ YLUWXDOL]HG /LQX[ V\VWHPV
WKHVH GD\V ZKLOH WKH ODWHVW )HGRUD YHUVLRQV VZLWFKHG WR WKH QHZ %57)6 UHDG
DV ˸EXWWHU ᨫOHV\VWHP˹  $OO WKUHH DUH JRRG FKRLFHV IRU \RXU YLUWXDO VHUYHU DQG
\RX ZRXOG KDYH WR KDYH VSHFLDO QHHGV IRU WKHP WR PDNH D GLᨪHUHQFH LQ \RXU
V\VWHPV

UXE\SDFNHU LV XVLQJ D FRPSUHVVHG UHDGRQO\ ᨮOHV\VWHP FDOOHG


6TXDVK)6 WR FUHDWH VHOIFRQWDLQHG H[HFXWDEOHV RI 5XE\ SURJUDPV

5XQQLQJ 7BH2 @bG LV D ZD\ KRZ WR JHW D OLWWOH ELW PRUH LQIRUPDWLRQ RQ WKH
W\SH RI ᨫOHV\VWHP \RXU EORFN GHYLFH XVHV

O 7BH2 @bG f/2pfb/#


f/2pfb/#, GBMmt `2p RXy 2ti9 7BH2bvbi2K /i-
llA.4R/#33e29@+kk8@998@#jdR@2d3/R7e7k73 UM22/b DQm`MH
`2+Qp2`vV U2ti2MibV Ue9#BiV UH`;2 7BH2bV U?m;2 7BH2bV

)RUPDWWLQJ D GLVN XVLQJ D SDUWLFXODU ᨫOHV\VWHP OHWV WKH V\VWHP NQRZ KRZ WR
WHFKQLFDOO\ VDYH WKH GDWD RQ WKDW GHYLFH $IWHU SK\VLFDOO\ DWWDFKLQJ WKH GHYLFH
ZH IRUPDW LW WR D ᨫOHV\VWHP RI RXU FKRLFH DV ORQJ DV LW˵V VXSSRUWHG  DQG
PRXQW LW H[SRVH LW RQ D SDUWLFXODU ORFDWLRQ OLNH fKMifM2rnbT+2 :H˵OO GR
VRPH IRUPDWWLQJ ODWHU LQ WKH 6WRUDJH &RQFHUQV FKDSWHU
'RQH 2QFH ZH KDYH GLVNV UHDG\ ZH MXVW NHHS DQ H\H RQ WKHLU GLVN VSDFH ZLWK
/7 /RVLQJ DOO DYDLODEOH GLVN VSDFH RQ D UXQQLQJ V\VWHP FDQ EH D KXJH SUREOHP
DQG \RX QHYHU ZDQW WR ᨫQG \RXUVHOI LQ WKDW VLWXDWLRQ
$SDUW IURP /7 WKHUH LV DOVR GX DV ˸GLVN XVDJH˹ IRU FKHFNLQJ VSHFLᨫF ORFDWLRQV
RQ ᨫOHV\VWHPV )RU H[DPSOH ZH FDQ UXQ /m WR VHH KRZ PXFK VSDFH WKH '1)
FDFKH WDNHV XS


O /m @? fp`f++?2f/M7
XXX
jykJ fp`f++?2f/M7

6LQFH /m SULQWV VL]HV RI DOO ᨫOHV LW˵V KHOSIXO WR OLPLW WKH GHSWK RI WKH GLUHFWRU\
WUHH ZLWK WKH @/ RSWLRQ DV ˸GHSWK˹ 

 3DWKV 3DWKV 3DWKV


$IWHU VROYLQJ WKH WHFKQLFDOLWLHV RI EULQJLQJ SK\VLFDO GLVN VSDFH WR OLIH ZH˵OO
QHHG WR XQGHUVWDQG PRUH DERXW VWDQGDUG ORFDWLRQV DQG WKHLU PHDQLQJ 7KH
V\VWHP DQG XVHU ᨫOHV RQ D /LQX[ V\VWHP DUH SUHVFULEHG E\ WKH )LOHV\VWHP
+LHUDUFK\ 6WDQGDUG )+6  $OWKRXJK D VWDQGDUG /LQX[ GLVWULEXWLRQV GHYLDWH
D OLWWOH ELW IURP LW LQ SUDFWLFH 6LQFH ZH DUH ZRUNLQJ SULPDULO\ ZLWK )HGRUD
EDVHG V\VWHPV ZH˵OO JR WKURXJK WKH ᨫOHV\VWHP LQ UHJDUGV WR )HGRUD UDWKHU
WKDQ )+6 LWVHOI LW˵V DOPRVW WKH VDPH DQ\ZD\  1RWH WKDW WKH )+6 OD\RXW LV QRW
DXWRPDWLFDOO\ HQIRUFHG LQ DQ\ ZD\ DQG HQIRUFHPHQW LQ )HGRUDEDVHG V\VWHPV
KDSSHQV LQ SDFNDJH UHYLHZV JXLGHG E\ SDFNDJLQJ JXLGHOLQHV DQG FRQYHQWLRQV
/HW˵V VWDUW ZLWK WKH H[HFXWDEOHV ˱ HLWKHU UXQQDEOH SURJUDPV RU H[HFXWDEOH
VKLPV WKDW VWDUW WKHP ,Q )+6 WKHVH ᨫOHV DUH FDOOHG ELQDULHV IURP WKH IDFW
WKDW & SURJUDPV DUH FRPSLOHG LQWR H[HFXWDEOH ELQDULHV $ W\SLFDO ORFDWLRQ LV
fmb`f#BM
bb? IURP WKH RSHQVVKFOLHQWV SDFNDJH LV D SURJUDP IRU UXQQLQJ D VHFXUH VKHOO RQ
WKH QHWZRUN 2Q )HGRUD LW˵V ORFDWHG DW fmb`f#BMfbb? `m#v IURP WKH UXE\S
LFN SDFNDJH LV DQ H[HFXWDEOH VKLP ORFDWHG DW fmb`f#BMf`m#v WKDW FDQ HLWKHU
VWDUW &5XE\ LQWHUSUHWHU RU -5XE\ GHSHQGLQJ RQ WKH HQYLURQPHQW YDULDEOH ,I
ZH ZRXOG LQVWDOO WKH UXE\ SDFNDJH RQ )HGRUD UXE\SLFN ZRXOG EH LQVWDOOHG DV
D GHSHQGHQF\ 7KH DFWXDO &5XE\ LQWHUSUHWHU IURP WKH UXE\ SDFNDJH ZH DUH
ORRNLQJ IRU LV SODFHG DW fmb`f#BMf`m#v@K`B %\ XVLQJ WKH VKLP ᨫOH )HGRUD
FDQ SURYLGH ERWK LQWHUSUHWHUV IURP WKH VDPH ORFDWLRQ

6KLPV DUH H[HFXWDEOH ᨮOHV WKDW VWDUW SURJUDPV EXW DUH QRW WKH SURJUDPV
WKHPVHOYHV 5XE\ DQG 3\WKRQ YHUVLRQ PDQDJHUV RIWHQ XVH VKLPV WR UXQ
WKH GHVLUHG YHUVLRQ RI WKH LQWHUSUHWHU


3URJUDPV DQG VKLPV LQ fmb`f#BM FRPH IURP WKH RᨬFLDO SDFNDJHV DQG ZH
VKRXOGQ˵W SXW DQ\WKLQJ WKHUH RXUVHOYHV
6XSSRVH ZH QHHG WR H[WHQG WKH V\VWHP ZLWK RWKHU SURJUDPV WKDW DUH QRW SURS
HUO\ SDFNDJHG DV V\VWHP SDFNDJHV ,Q WKDW FDVH ZH VKRXOG SXW WKH ELQDULHV LQ
WKH fmb`fHQ+Hf#BM GLUHFWRU\ ZKLFK LV PDGH SUHFLVHO\ IRU WKDW SXUSRVH
7KHVH GLUHFWRULHV PDNH SURJUDPV DQG VKLPV DYDLODEOH RQ WKH FRPPDQG OLQH
ZLWKRXW VSHFLI\LQJ WKH ZKROH SDWK 7KH IROORZLQJ FRPPDQGV DUH EDVLFDOO\
HTXLYDOHQW

0 bb?
0 fmb`f#BMfbb?

7KLV LV EHFDXVH bb? LV DOUHDG\ RQ WKH H[HFXWDEOH SDWK VSHFLᨫHG E\ WKH 0Sh>
HQYLURQPHQW YDULDEOH ,I ZH SULQW WKLV SDWK RQ D IUHVK )HGRUD LQVWDOODWLRQ ZH˵OO
JHW D VLPLODU RXWSXW DV WKH RQH EHORZ

0 2+?Q 0Sh>
fmb`fHQ+Hf#BM,fmb`fHQ+Hfb#BM,fmb`f#BM,fmb`fb#BM,
f?QK2fbi`xB#MvfXHQ+Hf#BM,f?QK2fbi`xB#Mvf#BM

$V ZH FDQ VHH WKHUH DUH IHZ SDWKV VHSDUDWHG E\ D FRORQ 7KH RUGHU RI SDWKV LV
HVVHQWLDO DV WKH SUHFHGHQFH LV IURP WKH OHIW :KHQ WKH H[HFXWDEOH LV QRW IRXQG
LQ D JLYHQ SDWK WKH VHDUFK FRQWLQXHV ZLWK WKH QH[W RQH 7KDW ZD\ ZH FDQ
SURYLGH DOWHUQDWLYH H[HFXWDEOHV ZLWK WKH VDPH QDPH :KHQ D XVHU LQVWDOOV D
SURJUDP ZLWK DQ H[HFXWDEOH LQ fmb`fHQ+Hf#BM LW ZRXOG WDNH SUHFHGHQFH
RYHU D V\VWHP SURJUDP LQVWDOOHG ZLWK DQ H[HFXWDEOH LQ fmb`f#BM
)XOO SDWKV WR H[HFXWDEOHV DUH LPSRUWDQW IRU VKHEDQJV EXW LI WKHVH SDWKV FKDQJH
VFULSWV DQG VKLPV FRXOG EUHDN 1RW RQO\ IURP RQH YHUVLRQ RI 5XE\ WR DQRWKHU
EXW DOVR IURP V\VWHP WR V\VWHP VRPH PLJKW SDFNDJH %DVK DW f#BMf#b? 
7KDW˵V ZK\ PRVW VFULSWV GHSHQG RQ HQY DV ˸HQYLURQPHQW˹ WR ᨫOO LQ WKH ULJKW
ORFDWLRQ EDVHG RQ 0Sh>

O5fmb`f#BMf2Mp #b?

2Mp ZLOO ᨫQG WKH PRVW UHOHYDQW IXOO SDWK OLNH r?B+? DQG XVH LW WR H[HFXWH WKH
UHVW RI WKH FRPPDQG


$SSHQGLQJ WR RU RYHUULGLQJ WKH 3$7+ YDULDEOH LV KRZ ZH DGMXVW
ORFDWLRQV IRU H[HFXWDEOHV LQ VKHOOV 6RPHWLPHV ZH KDYH WR ZRUN ZLWK
IXOO SDWKV WKRXJK

<RX˵OO HQFRXQWHU D ORW RI SURJUDPV WKDW ZRQ˵W ᨫW D QDUUDWLYH RI D VLQJOH VHOI


FRQWDLQHG H[HFXWDEOH RU D VKLP FDOOLQJ RWKHU SURJUDPV 7KH ELQ H[HFXWDEOH
FDQ EH MXVW D VWDUWLQJ SRLQW IRU D PXFK ODUJHU SURJUDP FRQVLVWLQJ RI PDQ\
GLᨪHUHQW ᨫOHV 7KRVH ᨫOHV DOVR KDYH WR OLYH VRPHZKHUH DQG WKDW˵V ZK\ ZH KDYH
RWKHU VXEGLUHFWRULHV XQGHU fmb`

˾ fmb`f#BM FRQWDLQV WKH GLUHFWO\ UXQQDEOH ELQDULHV RU SURJUDP HQWU\


SRLQWV
˾ fmb`fHB# FRQWDLQV VKDUHG OLEUDULHV 8VXDOO\ LW˵V XbQ DV ˸VKDUHG RE
MHFW˹ ᨫOHV 'LᨪHUHQW SURJUDPV VKDUH WKHVH ᨫOHV
˾ fmb`fHB#e9 DOVR FRQWDLQV VKDUHG OLEUDULHV RQO\ WKLV WLPH IRU ELW
V\VWHPV
˾ fmb`fb?`2 VWRUHV DUFKLWHFWXUHLQGHSHQGHQW SURJUDP GDWD
˾ fmb`fBM+Hm/2 FRQWDLQV VKDUHG KHDGHU ᨫOHV && FRPSLOHUV XVH
KHDGHU ᨫOHV GXULQJ SURJUDP FRPSLODWLRQ 7KH QDPH LWVHOI FRPHV IURP
D & BM+Hm/2 GLUHFWLYH

<RX FDQ QRWLFH WKDW )+6 IDYRUV VSOLWWLQJ SURJUDPV E\ ZKDW WKH
ᨮOH LV UDWKHU WKDQ NHHSLQJ ᨮOHV IURP RQH SURJUDP LQ RQH SODFH
2QH RI WKH UHDVRQV DUH G\QDPLFDOO\ OLQNHG & SURJUDPV UHXVLQJ
VKDUHG OLEUDULHV :KHQ D VHFXULW\ KROH LV GLVFRYHUHG LQ VXFK
OLEUDU\ RQO\ RQH VHFXULW\ ᨮ[ KDV WR EH UHOHDVHG IRU WKH ZKROH V\VWHP $QRWKHU
UHDVRQ LV WR KDYH FRQᨮJXUDWLRQ DQG ORJV DW RQH SODFH

7KHQ WKHUH LV WKH DOUHDG\ PHQWLRQHG fmb`fHQ+H ZKLFK )+6 VWUXFWXUHV


VLPLODUO\ DV fmb` 7KH GLVWLQFWLRQ LV WKDW fmb`fHQ+H LV XVHG IRU XVHU
LQVWDOOHG VRIWZDUH ,I ZH FUHDWH D QHZ XWLOLO\ ZH FDQ VLPSO\ GURS LW LQ
fmb`fHQ+Hf#BM
0DQ\ SURJUDPV ZH UXQ LQVLGH D /LQX[ ER[ QHHGV VRPH NLQG RI FRQᦣJXUD
WLRQ )+6 VD\V WKH V\VWHP FRQᨫJXUDWLRQ VKRXOG DOZD\V OLYH LQ f2i+ 7KH
f2i+fbb?fbb?n+QM7B; ᨫOH LV DQ H[DPSOH RI WKLV /DWHU ZH˵OO VHH WKDW WKLV LV
DOVR WUXH IRU WKH 1*,1; ZHE VHUYHU 3URJUDPV QRW FRPLQJ IURP WKH RᨬFLDO


GLVWULEXWLRQ PLJKW KDYH FRQᨫJXUDWLRQ HOVHZKHUH HLWKHU LQ WKH XVHU KRPH RU
LQ WKH LQVWDOODWLRQ GLUHFWRU\
0DQ\ UXQQLQJ SURFHVVHV SURGXFH ORJ ᦣOHV DV D PHDQV WR DXGLW WKHLU EH
KDYLRU RU GHEXJ LVVXHV 3DFNDJHG DSSOLFDWLRQV RQ )HGRUD SODFH WKHVH ᨫOHV
XQGHU fp` 7KH QDPH UHIHUV WR WKH IDFW WKDW WKHVH ᨫOHV FKDQJH DOO WKH
WLPH IURP ˸YDULDEOH˹  fp`fHQ;fDQm`MH LV D ORFDWLRQ RI WKH V\VWHP
ZLGH MRXUQDO fp`fHQ;fm/Bifm/BiXHQ; LV RXU VHFXULW\ DXGLW ORJ DQG
fp`fHQ;fM;BMtf++2bbXHQ; LV DQ DFFHVV ORJ RI WKH 1*,1; ZHE VHUYHU
:H˵OO WDON DERXW DOO RI WKHVH LPSRUWDQW ORJ ᨫOHV ZKHQ WKHLU WLPH FRPHV

7KH ˸HWF˸ VKRUWFXW FRPHV IURP WKH ZRUG HWFHWHUD PHDQLQJ ˸DQG
VR RQ˸  ,Q WKH EHJLQQLQJ LW ZDV DQ DGGLWLRQ WR ERRW ELQ DQG
GHY DV D SODFH IRU RWKHU ᨮOHV WKDW ZRXOGQ˴W ᨮW LQ QHLJKHU GL
UHFWRU\ 7RGD\ WKRXJK ZH XVH HWF VSHFLᨮFDOO\ IRU FRQᨮJXUDWLRQ
ᨮOHV

$OWKRXJK ZH RQO\ XVHG WKH URRW XVHU VR IDU WKHUH FDQ EH PDQ\ UHJXODU XVHUV
RQ WKH VHUYHU DV ZHOO $QG VRPH XVHUV FRPH ZLWK D SHUVRQDO KRPH GLUHFWRU\
5HJXODU XVHUV KDYH LW DW f?QK2f0la1_ DQG WKH URRW XVHU DW f`QQi
2Q D /LQX[ ZRUNVWDWLRQ XVHUV ZRXOG KDYH RWKHU W\SLFDO GLUHFWRULHV WR SXW
ᨫOHV LQWR OLNH 'RZQORDGV 'RFXPHQWV DQG 3LFWXUHV 7KHUH DUH DOVR KLGGHQ
GLUHFWRULHV DQG RWKHU ᨫOHV IRU XVHUVSHFLᨫF FRQᨫJXUDWLRQ
:H DUH IUHH WR SXW DQ\WKLQJ WR WKH KRPH GLUHFWRU\ ,W˵V FHUWDLQO\ WKH SODFH IRU
VKHOO FRQᨫJXUDWLRQ ᨫOHV OLNH X#b?nT`Q7BH2 ,W FDQ EH D SODFH IRU D FXVWRP
5XE\ RU 3\WKRQ LQVWDOODWLRQ LI ZH GRQ˵W ZDQW LW WR EH DYDLODEOH WR RWKHU XVHUV
OLNH f?QK2f0la1_fX`m#B2b 
6RPH FKRRVH KRPH IRU WKH ZHE DSSOLFDWLRQ VRXUFH ᨫOHV DV ZHOO ,V WKLV D JRRG
LGHD WKRXJK" /HW˵V ᨫQG RXW QH[W

 :HE $SSOLFDWLRQV

:H KDYH VHYHUDO RSWLRQV RQ ZKHUH WR SXW VHUYHG ᨫOHV IRU ZHE DSSOLFDWLRQV
/HW˵V JR WKURXJK WKHP
)LUVW ZH FDQ XVH fb`p SDWK SUHVFULEHG E\ )+6 7KLV ZD\ ZH FDQ PDNH D
fb`pf0.PJAL VXEGLUHFWRU\ ZLWK WKH QDPH RI WKH GRPDLQ ZH DUH VHUYLQJ
RU SRVVLEO\ DQ DSSOLFDWLRQ QDPH VXFK DV fb`pf0SS 7KH fb`p SDWK GRHV


QRW H[LVW RQ VWDQGDUG )HGRUD RU &HQW26 LQVWDOODWLRQ ZH KDYH WR GHᨫQH DOO
FRQᨫJXUDWLRQ SHUPLVVLRQV DQG 6(/LQX[ ODEHOV IURP VFUDWFK

3HUPLVVLRQV DQG 6(/LQX[ UHVWULFW DFFHVV WR GLUHFWRULHV DQG WKHLU LQLWLDO


FRQᨮJXUDWLRQ LV WKH PDLQ FRQVLGHUDWLRQ ZKHQ FRPHV WR WKH ORFDWLRQ IRU
ZHE DSSOLFDWLRQ ᨮOHV :H˴OO OHDUQ KRZ WR ZRUN ZLWK ERWK RI WKHP IRU
DQ\ ORFDWLRQ

6HFRQG RSWLRQ LV WR IROORZ WKH GHIDXOW SDWK RI WKH ZHEVHUYHU ZH


FKRVH 7KLV ZRXOG EH fp`frrrf IRU WKH $SDFKH +773 VHUYHU RU
fmb`fb?`2fM;BMtf?iKH IRU 1*,1; 7KDW FRPHV ZLWK WKH FRUUHFW
SHUPLVVLRQV DQG 6(/LQX[ ODEHOV VHW ZKLFK FDQ EH XVHIXO $JDLQ ZH VKRXOG
XVH VXEGLUHFWRULHV DV LQ WKH SUHYLRXV H[DPSOH
$V , PHQWLRQHG LQ WKH EHJLQQLQJ D ORW RI SHRSOH XVH WKH KRPH GLUHFWRU\ RI WKH
DSSOLFDWLRQ XVHU ,I ZH XVH D VSHFLDO DSSOLFDWLRQ XVHU IRU WKH DSSOLFDWLRQ LWV
ᨫOHV FDQ EH MXVW OHIW LQ KRPH ZLWK HYHU\WKLQJ HOVH +RZHYHU KRPH GLUHFWRU\ LV
QRW D UHJXODU GLUHFWRU\ DQG KDV VSHFLᨫF SHUPLVVLRQV DV ZHOO DV 6(/LQX[ ODEHOV
H[SHFWDWLRQV <RX˵OO QHHG WR SD\ DWWHQWLRQ WR WKDW
)LQDOO\ ZH FDQ FKRRVH DQ\ RWKHU ORFDWLRQ ZH OLNH RXWVLGH WKH V\VWHP SDWKV
6LPLODUO\ WR XVLQJ fb`p ZH KDYH WR SUHSDUH VXFK GLUHFWRULHV IURP VFUDWFK :H
FDQQRW UHXVH WKH V\VWHP 6(/LQX[ VHWWLQJV EXW RQ WKH EULJKW VLGH ZH FRPSOHWHO\
DYRLG SUHGHᨫQHG UXOHV DQG PDNH RXU RZQ
$V \RX VXVSHFW WKHUH LV QRW D VLQJOH FRUUHFW ORFDWLRQ WKDW UXOH WKHP DOO :H˵OO
XVH fmb`fb?`2fM;BMtf?iKH IRU WKH VWDWLF ZHEVLWH H[DPSOHV EXW ZH˵OO SXW
WKH DSSOLFDWLRQ ᨫOHV LQVLGH fb`p 7KLV ZLOO DOORZ XV WR VHH WKH GLᨪHUHQFH

)HGRUD SDFNDJHG ZHE DSSOLFDWLRQV ZRXOGQ˴W KDYH ᨮOHV LQ QHLWKHU


ORFDWLRQV EXW VRPHZKHUH LQ XVUVKDUH

$X[LOLDU\ ᨫOHV OLNH VWDWLF DVVHWV DQG DSSOLFDWLRQ ORJV FRXOG JR WR WKH VDPH GL
UHFWRU\ 8VHU ᨫOHV DQG XSORDGV FDQ JR WKHUH WRR EXW LW PLJKW EH XVHIXO WR SXW
WKHP HOVHZKHUH ,Q FDVH ZH GHFLGH WR XVH VKDUHG VWRUDJH RQ WKH QHWZRUN ZH
PLJKW HQG XS ZLWK fb?`2/ RU SXW WKHP XQGHU fKMi DV ˸PRXQW˹  $ W\SLFDO
GLUHFWRU\ WR XVH WRJHWKHU ZLWK 1HWZRUN )LOH 6\VWHP 1)6 


$IWHU FKRRVLQJ WKH ULJKW SDWKV IRU RXU DSSOLFDWLRQ ZH QHHG WR EH DEOH WR FUHDWH
WKHP 7R FUHDWH D GLUHFWRU\ RQ H[LVWLQJ SDWK ZH FDQ SURYLGH D GLUHFWRU\ QDPH
WR PNGLU DV ˸PDNH GLUHFWRU\˹ 

O KF/B` fmb`fb?`2fM;BMtf?iKHf/2THQvK2Mi

:H XVH WKH @T RSWLRQ DV ˸SDUHQW˹ WR FUHDWH SDUHQW GLUHFWRULHV LI WKH\ GRQ˵W


H[LVW \HW

O KF/B` @T fb?`2/f#+FmTb

2Q WKH RWKHU KDQG WR FRPSOHWHO\ UHPRYH D GLUHFWRU\ WKDW LV QR ORQJHU XVHIXO


ZH QHHG WKH UP FRPPDQG DV ˸UHPRYH˹ 

O `K @` QH/n`2H2b2

7KH @` DV ˸UHFXUVLYH˹ VZLWFK UHPRYHV GLUHFWRULHV UHFXUVLYHO\ ,I ZH ZDQW WR


LJQRUH QRQH[LVWHQW ᨫOHV DQG DUJXPHQWV ZH FRPELQH @` ZLWK @7 DV ˸IRUFH˹ 

0 `K @`7 fTi?fiQf/2H2i2f2p2`vi?BM;

%H FDUHIXO ZLWK ˸UP UI˸ HVSHFLDOO\ DV D URRW XVHU RU ZLWK URRW


SULYLOHJHV  1HYHU UXQ ˸UP UI ˸ RU VLPLODU

 3URᦣOHV

%\ GHIDXOW UHJXODU XVHUV FRPH ZLWK D KRPH GLUHFWRU\ LQ f?QK2f QDPHG DIWHU
WKHP 7KLV GLUHFWRU\ LV DOVR D W\SLFDO SODFH WR DGMXVW D XVHU HQYLURQPHQW SURᨫOH
:H QRWH WKLV SDWK DV f 7KH f SDWK DOZD\V SRLQWV WR WKH ORJJHGLQ XVHU˵V
KRPH


%DVK WULHV WR UHDG DQG H[HFXWH f2i+fT`Q7BH2 DQG fX#b?nT`Q7BH2 ᨫOHV
RQ HYHU\ XVHU˵V ORJLQ 7KHVH ᨫOHV UHSUHVHQW WKH XVHU˵V VHWWLQJ IRU WKH %DVK VKHOO
6LQFH WKH\ DUH MXVW UHJXODU %DVK ᨫOHV WKH\ FDQ FRQWDLQ DQ\ %DVK FRGH
$V WKH %DVK PDQ SDJH SXWV LW

˸:KHQ EDVK LV LQYRNHG DV DQ LQWHUDFWLYH ORJLQ VKHOO RU DV D QRQ


LQWHUDFWLYH VKHOO ZLWK WKH ˱ORJLQ RSWLRQ LW ᨫUVW UHDGV DQG H[H
FXWHV FRPPDQGV IURP WKH ᨫOH HWFSURᨫOH LI WKDW ᨫOH H[LVWV $IWHU
UHDGLQJ WKDW ᨫOH LW ORRNV IRU aEDVKBSURᨫOH aEDVKBORJLQ DQG
aSURᨫOH LQ WKDW RUGHU DQG UHDGV DQG H[HFXWHV FRPPDQGV IURP
WKH ᨫUVW RQH WKDW H[LVWV DQG LV UHDGDEOH 7KH ˱QRSURᨫOH RSWLRQ
PD\ EH XVHG ZKHQ WKH VKHOO LV VWDUWHG WR LQKLELW WKLV EHKDYLRU˹

fX#b?nT`Q7BH2 LV WKHUHIRUH XVHG WR VHW XS HQYLURQPHQW YDULDEOHV FKDQJH


WKH H[HFXWDEOH SDWK DQG VLPLODU LQLWLDO VHWWLQJV IRU WKH XVHU )RU D QRQ
ORJLQ VKHOO %DVK UHDGV DQG H[HFXWHV f2i+f#b?X#b?`+ DQG fX#b?`+
fX#b?`+ LV WKHUHIRUH VRPHWKLQJ VLPLODU WR fX#b?nT`Q7BH2 ,W˵V MXVW
XVHG ZLWK VFULSWV UDWKHU WKDQ LQWHUDFWLYH VHVVLRQV

 )+6 /D\RXW

+HUH˵V WKH FRPSOHWH WDEOH IRU DOO V\VWHP ORFDWLRQV

3DWK 'HVFULSWLRQ
f#QQi /LQX[ NHUQHO DQG RWKHU HVVHQWLDO VWDWLF ᨫOHV UHTXLUHG IRU
ERRWLQJ WKH V\VWHP
f/2p 'HYLFH QRGHV WKDW UHSUHVHQW DWWDFKHG GHYLFHV
f2i+ &RQᨫJXUDWLRQ ᨫOHV ORFDO WR WKH PDFKLQH
f?QK2 +RPH GLUHFWRULHV IRU XVHUV H[FHSW IRU WKH URRW XVHU 
fHB# 6KDUHG OLEUDULHV XVHG E\ SURJUDPV LQ f#BM DQG fb#BM
fK2/B 0RXQW SRLQWV IRU 86% '9'V &'V
fKMi 7HPSRUDU\ PRXQWHG ᨫOHV\VWHPV VXFK DV 1)6
fQTi 2SWLRQDO VRIWZDUH SDFNDJHV
fT`Q+ 9LUWXDO ᨫOHV\VWHP FRQWDLQLQJ LQIRUPDWLRQ IURP WKH NHUQHO IRU
WKLQJV OLNH &38 DQG PHPRU\ XWLOL]DWLRQ
f`QQi +RPH GLUHFWRU\ RI WKH URRW XVHU
f`mM 5XQWLPH YDULDEOH GDWD FXUUHQWO\ ORJJHGLQ XVHUV DQG
EDFNJURXQG SURFHVVHV 


3DWK 'HVFULSWLRQ
fb#BM 6\VWHP ELQDULHV VXFK DV BMBi KFbrT RU B7+QM7B;
fb`p 6LWHVSHFLᨫF GDWD VHUYHG E\ WKLV V\VWHP VXFK DV GDWD DQG
VFULSWV IRU ZHE VHUYHUV GDWD RᨪHUHG E\ )73 VHUYHUV DQG
UHSRVLWRULHV IRU YHUVLRQ FRQWURO V\VWHPV
fbvb bvb7b YLUWXDO ᨫOHV\VWHP IRU KRW SOXJJHG KDUGZDUH GHYLFHV
fmb` 8QLYHUVDO V\VWHP UHVRXUFHV 6KDUHG ᨫOHV SRVVLEO\ DFURVV
PDFKLQHV LQFOXGLQJ ELQDULHV fmb`f#BM  V\VWHPZLGH
FRQᨫJXUDWLRQ ᨫOHV fmb`f2i+  ORFDOO\ LQVWDOOHG VRIWZDUH
fmb`fHQ+H  DQG RWKHU GLUHFWRULHV
fp` 9DULDEOH GDWD ᨫOHV VXFK DV ORJV

7KH WDEOH DERYH FDQ EH RYHUZKHOPLQJ D OLWWOH EXW ZH GRQ˵W QHHG WR NQRZ DERXW
HYHU\WKLQJ LQ JUHDW GHWDLO ˱ ZH DOUHDG\ ZHQW WKRXJK WKH PRVW XVHIXO ORFDWLRQV
DQ\ZD\ , OHIW RXW WKH fT`Q+ YLUWXDO ᨫOHV\VWHP IRU ODWHU WKRXJK

/LQX[ GLVWULEXWLRQV GHYLDWH IURP )+6 DQG HDFK RWKHU LQ IHZ


SODFHV 6RPH RI WKHP DUH XVDJH RI YDUUXQ YV UXQ ZULWDELOLW\
RI HWF YV UXQ DQG SUHVHQFH RI V\V 7KHUH DUH DOVR VRPH V\VWHPV
WKDW SXUSRVHO\ GR QRW FRPSO\ ZLWK LW $Q H[DPSOH LV 1L[26

 /RVW DQG )RXQG


$OWKRXJK WKH )+6 KHOSV LQ QDYLJDWLRQ RQ WKH V\VWHP ᨫQGLQJ ZKDW ZH DUH
ORRNLQJ IRU PLJKW VWLOO EH GLᨬFXOW
7KH ᦣQG SURJUDP FDQ KHOS XV WR ᨫQG WKH ᨫOHV ZH VHHN

O 7BM/ X @ivT2 7 @MK2 ^ XK/^

7KH ᨫUVW DUJXPHQW LV WKH ORFDWLRQ X PHDQV WKH FXUUHQW GLUHFWRU\ DQG LWV
VXEGLUHFWRULHV WKH @ivT2 VZLWFK ZLWK WKH 7 YDOXH WHOOV WKH 7BM/ XWLOLW\ WR
RQO\ VHDUFK IRU ᨫOHV ᨫOHV DQG @MK2 WHOOV 7BM/ WKH QDPH RU JORE QDPH WR
VHDUFK IRU ,Q RXU FDVH DQ\ ᨫOHV HQGLQJ ZLWK XK/ 0DUNGRZQ ᨫOHV 


7KH VWDU LV D JORE D YHU\ KDQG\ WKLQJ WKDW ZH FDQ XVH LQ PDQ\ RWKHU
SURJUDPV WRR ,W PHDQV DQ\ FKDUDFWHUV ,I WKH JORE VXEVWLWXWLRQ LV QRW HQRXJK
WKHUH LV WKH @`2;2t RSWLRQ WKDW DOORZ XV WR SURYLGH D PRUH FRPSOH[ PDWFKLQJ
UHTXHVW

O 7BM/ X @`2;2t ^$Xf(@7y@N$@)$&je$'$XDT;^

6RPHWLPHV ZH UHPHPEHU ZH ZRUNHG ZLWK D ᨫOH EXW IRUJRW LWV QDPH 8VLQJ
@iBK2 IRU DFFHVVHG WLPH @KiBK2 IRU PRGLᨫHG WLPH RU @+iBK2 DUJXPHQWV
ZH FDQ DVN 7BM/ XWLOLW\ WR VHDUFK IRU ᨫOHV ZH XVHG UHFHQWO\

O 7BM/ f @iBK2 @d
O 7BM/ f @KiBK2 @k
O 7BM/ f @+iBK2 @R

@iBK2 @d DERYH ZRXOG WKHQ VHDUFK ᨫOHV DFFHVVHG GXULQJ WKH ODVW ZHHN 1RWH
WKDW VHDUFKLQJ WKH f SDWK URRW SDWK DV D UHJXODU XVHU ZLOO KDYH WR VNLS PDQ\
ᨫOHV WKH XVHU KDV QR DFFHVV WR
:H FDQ XVH 7BM/ WR ORRNXS GLUHFWRULHV WRR ZLWK WKH RSWLRQ @ivT2 / 7KH
IROORZLQJ ZLOO WU\ WR ᨫQG GLUHFWRU\ FDOOHG FRQIG DQ\ZKHUH RQ WKH V\VWHP

O 7BM/ f @ivT2 / @MK2 ]+QM7X/]


 6XPPDU\
:H DQVZHUHG ZKDW ᨫOHV\VWHPV DUH DQG GLVFXVVHG WKH PRVW LPSRUWDQW ORFDWLRQV
LQ /LQX[ DV ZHOO DV WKH SURV DQG FRQV RI YDULRXV SODFHV IRU ZHE DSSOLFDWLRQV

˾ 0Sh> FRQWDLQV WKH GLUHFWRULHV WR VHDUFK ZKHQ WU\LQJ WR UXQ D SUR


JUDP ZLWKRXW VSHFLI\LQJ WKH IXOO SDWK IURP WKH URRW f  %\ GHIDXOW
fmb`fHQ+Hf#BM DQG fmb`fHQ+Hfb#BM LV VHDUFKHG ᨫUVW IROORZHG
E\ fmb`f#BM DQG fmb`fb#BM

˾ 6\VWHP FRQᨫJXUDWLRQ OLYHV LQ f2i+ YDULDEOH ᨫOHV LQFOXGLQJ V\VWHP ORJV


LQ fp` DQG RXU VHUYHU ᨫOHV VKRXOG JR WR fb`p ,Q SUDFWLFH V\VWHP
DGPLQLVWUDWRUV RU ZHE VHUYHUV DOVR SXW WKHP LQ frrr f?QK2 DQG RWKHU
FXVWRP SODFHV

˾ :H FDQ VWD\ RQ WRS RI GLVN XVDJH ZLWK /7 DQG /m SURJUDPV DQG VHH D
KXPDQ IRUPDWWHG RXWSXW ZLWK @? 2QFH ZH QHHG WR IUHH VRPH VSDFH
ZH FDQ GR WKDW E\ GHOHWLQJ GLUHFWRULHV ZLWK `K @`


&KDSWHU 

8VHU 5ROHV

)HGRUD LV PXOWLXVHU V\VWHP ZKHUH RQH RU PRUH XVHUV FDQ KDYH DFFHVV WR WKH
V\VWHP VLPXOWDQHRXVO\ (YHU\ V\VWHP DOVR VWDUWV ZLWK RQH GHIDXOW VXSHUXVHU
FDOOHG URRW ZKR KDV DFFHVV WR HYHU\WKLQJ HYHU\ZKHUH 7KDW˵V DOVR WKH XVHU ZH
VWDUWHG ZLWK DQG XVHG IRU RXU LQLWLDO 66+ FRQQHFWLRQ
%XW XVLQJ RQH VXSHUXVHU IRU HYHU\WKLQJ LV IDU IURP VHFXUH ,Q IDFW ZH VKRXOG
DYRLG GHSHQGLQJ RQ URRW DV PXFK DV SRVVLEOH WR WKH SRLQW ZKHQ ZH FDQ IRUELG
WKH URRW XVHU WR ORJ LQ DW DOO $V D UHSODFHPHQW ZH FDQ XVH GHFLGHFDWHG XVHUV
DQG JURXSV WR LPSOHPHQW XVHU UROHV IRU RXU QHWZRUN VHUYLFHV


 8VHUV
7KHUH DUH PDQ\ XVHUV RQ D /LQX[ V\VWHP 7KH URRW VXSHUXVHU SK\VLFDO XVHUV
WKDW ZLOO ORJ LQ DQG V\VWHP XVHUV IRU UXQQLQJ VSHFLᨫF VHUYLFHV 8VHUV FDQ KDYH
URRW DFFHVV EH SDUW RI JURXSV EH DEOH WR ORJ LQ DQG KDYH D KRPH IROGHU IRU
WKHLU ᨫOHV $ XVHU LV GHᨫQHG ZLWK WKH XVHU ,' 8,' 
7KH URRW XVHU LV WKH RQO\ XVHU QRW VXEMHFWWHG WR WUDGLWLRQDO SHUPLVVLRQV FKHFN
LQJ $V \RX VDZ \RXUVHOI ZH GLGQ˵W KDYH WR ZRUN ZLWK SHUPLVVLRQV VR IDU :H
VD\ WKH URRW XVHU LV SULYLOHJHG 7KLV SULYLODJH LV SUREOHPDWLF EHFDXVH RQFH
ZH ORRVH WKH VROH FRQWURO RI URRW ZH FDQQRW UHVWULFW LW LQ DQ\ ZD\ ,I WKHUH
LV D VHFXULW\ KROH LQ WKH SURFHVV UXQQLQJ DV URRW LW FDQ VXGGHQO\ EULQJ WKH
ZKROH V\VWHP GRZQ $ EXJ LQ D ZHE VHUYHU FRXOG H[SRVH FXVWRPHUV GDWD RI
DQRWKHU SURFHVV EHFDXVH JDLQLQJ WKH URRW SHUPLVVLRQV OHDYHV WKH HQWLUH V\VWHP
YXOQHUDEOH

7KH URRW SULYLOHJHV DUH IXUWKHU VSOLW LQWR GLVWLQFW FDSDELOLWLHV VLQFH
/LQX[ ᨥᨥ DV ZH˴OO VHH LW ODWHU ZKHQ WDONLQJ DERXW SURFHVVHV

7KHUHIRUH ZH VKRXOGQ˵W UXQ DOPRVW DQ\ SURFHVV XQGHU URRW DQG ZH VKRXOGQ˵W
OHW LW ORJ LQ HLWKHU 7R DGPLQLVWHU WKH QHZ YLUWXDO PDFKLQH PRUH VDIHO\ ZH˵OO
FUHDWH D QHZ XQSULYLOHJHG XVHU IRU RXUVHOYHV :H˵OO FDOO KLP DGPLQ XVHUDGG LV
WKH FRPPDQG IRU FUHDWLQJ QHZ XVHUV RQ )HGRUD V\VWHPV %\ GHIDXOW LW FUHDWHV
D UHJXODU XVHU ZLWK D KRPH GLUHFWRU\ EHORQJLQJ WR WKH JURXS RI WKH VDPH QDPH
DQG GLVDEOHV WKH SDVVZRUG

O mb2`// /KBM

,I ZH ZHUH WR LQVSHFW WKH PDQXDO SDJH IRU mb2`// E\ UXQQLQJ KM


mb2`// ZH ZRXOG ᨫQG RXW DERXW PDQ\ RSWLRQV WR NLFNVWDUW WKH XVHU
DFFRXQW LQFOXGLQJ @@TbbrQ`/ WR VHW XS D SDVVZRUG 8QIRUWXQDWHO\ WKLV
RSWLRQ H[SHFWV DQ DOUHDG\ HQFU\SWHG SDVVZRUG DQG WUDQVIHUV LW LQ SODLQ WH[W
GRQ˳W XVH LW 
, UHFRPPHQG XVLQJ RQO\ 66+ NH\EDVHG DXWKHQWLFDWLRQ IRU UHPRWH VHUYHUV EXW
OHDUQLQJ DERXW VHWWLQJ XS FODVVLF SDVVZRUGEDVHG DXWKHQWLFDWLRQ LV QHFHVVDU\
ZKHQ VHWWLQJ XS D UHJXODU /LQX[ ZRUNVWDWLRQ VXFK DV D VKDUHG FRPSXWHU RU
ODSWRS  <RX DOVR QHHG LW LI \RX ZDQW WR VZLWFK EHWZHHQ XVHUV ORFDOO\ RQ WKH
VHUYHU


)RU VXFK SXUSRVHV ZH FDQ XVH WKH FRPPDQG FDOOHG Tbbr/ WKDW ZLOO VHW D QHZ
SDVVZRUG RU FKDQJH WKH H[LVWLQJ RQH LQWHUDFWLYHO\

O Tbbr/ /KBM
*?M;BM; TbbrQ`/ 7Q` mb2` /KBMX
L2r TbbrQ`/,
_2ivT2 M2r TbbrQ`/,
Tbbr/, HH mi?2MiB+iBQM iQF2Mb mT/i2/ bm++2bb7mHHvX

6LQFH WKH LQWHUDFWLYH DSSURDFK GRHVQ˵W ZRUN QLFHO\ ZKHQ DXWRPDWLQJ V\VWHP
WDVNV ZH FDQ OHYHUDJH +?Tbbr/ LQVWHDG

O 2+?Q /KBM,0a1*_1hnSaaqP_. % +?Tbbr/

,I RQ WKH RWKHU KDQG ZH GRQ˵W ZDQW XVHUV WR ORJ LQ ZLWK WKH SDVVZRUG PHWKRG
DW DOO ZH ORFN WKH DFFRXQW ZLWK Tbbr/ @H

O Tbbr/ @H /KBM

:H FDQ DOVR UHPRYH SDVVZRUGV DOWRJHWKHU ZLWK Tbbr/ @/ EXW , GRQ˵W
UHFRPPHQG LW (YHQ LI 66+ LV FRQᨫJXUHG WR UHIXVH VXFK DQ XVHU ZLWK
S2`KBi1KTivSbbrQ`/b VHW WR MQ LW ZRXOG PHDQ WKDW WKH ZKROH HᨪRUW RI
VSOLWWLQJ VHUYHU UHVSRQVLELOLWLHV WR GLᨪHUHQW XVHUV EHFRPHV XVHOHVV VLQFH WKH\
FRXOG ORJ LQ DV RWKHU XVHUV ZLWKRXW SUREOHPV
,I ZH ZDQW WR ᨫQG RXW PRUH DERXW SDUWLFXODU XVHU ZH FDQ UXQ LG /HW˵V VHH
ZKDW B/ KDV WR VD\ DERXW URRW DQG RXU QHZ XVHU

O B/ `QQi
mB/4yU`QQiV ;B/4yU`QQiV ;`QmTb4yU`QQiV
O B/ /KBM
mB/4RyyyU/KBMV ;B/4RyyyU/KBMV ;`QmTb4RyyyU/KBMV
+QMi2ti4mM+QM7BM2/nm,mM+QM7BM2/n`,mM+QM7BM2/ni,by@by,+yX+Rykj

5XQQLQJ B/ FDQ UHYHDO WKH IROORZLQJ

˾ XLG VLPSO\ WHOOV XV WKH XVHU ,' RQ WKH V\VWHP DQG D QDPH


˾ JLG WHOOV XV DERXW WKH XVHU ORJLQ JURXS 7KDW˵V WKH JURXS ZH ZLOO XVH
ZKHQ VHWWLQJ JURXS SHUPLVVLRQV RQ ᨫOHV ,Q RXU FDVH ZH ZRQ˵W QHHG WR
FKDQJH WKLV
˾ JURXSV OLVWV DOO RWKHU VXSSOHPHQWDU\ JURXSV WKH FXUUHQW XVHU LV SDUW RI
˾ FRQWH[W WHOOV LQ ZKDW 6(/LQX[ FRQWH[W ZH DUH UXQQLQJ , FRYHU 6(/LQX[
ODWHU LQ WKLV ERRN 

7KH URRW XVHU KDV 8,'  DV WKH ᨫUVW XVHU RQ WKH V\VWHPV DQG EHORQJV WR
WKH JURXS RI WKH VDPH QDPH 7KH QHZ DGPLQ XVHU KDV 8,'  DQG DJDLQ
EHORQJV WR WKH JURXS RI WKH VDPH QDPH ,W˵V WKH ᨫUVW XVHU ZH KDYH FUHDWHG
DQG LW DOUHDG\ KDV WKH ,' RI  7KDW FDQ RQO\ PHDQ WKHUH DUH RWKHU XVHUV
DURXQG ZKLFK ZH GRQ˵W NQRZ DERXW \HW
6R ZKDW DERXW RWKHU XVHUV RQ WKH V\VWHP" :H FDQ SULQW WKH FRQWHQW RI WKH
f2i+fTbbr/ ᨫOH WR JHW WKH OLVW RI WKH XVHUV

O +i f2i+fTbbr/
`QQi,t,y,y,`QQi,f`QQi,f#BMf#b?
#BM,t,R,R,#BM,f#BM,fb#BMfMQHQ;BM
/2KQM,t,k,k,/2KQM,fb#BM,fb#BMfMQHQ;BM
/K,t,j,9,/K,fp`f/K,fb#BMfMQHQ;BM
HT,t,9,d,HT,fp`fbTQQHfHT/,fb#BMfMQHQ;BM
bvM+,t,8,y,bvM+,fb#BM,f#BMfbvM+
XXX
/KBM,t,Ryyy,Ryyy,/KBM,f?QK2f/KBM,f#BMf#b?

,I \RX H[SHFWHG RQO\ WZR XVHUV LQ WKHUH \RX DUH SUREDEO\ D OLWWOH VXUSULVHG
7KHUH DUH PDQ\ PRUH V\VWHP XVHUV DURXQG WKDQ MXVW URRW
7KH VWUXFWXUH RI WKH OLQHV LV

mb2`MK2,TbbrQ`/,mB/,;B/,MK2,?QK2,b?2HH

7KH QDPH LV FOHDU 3DVVZRUGV DUH PRYHG WR D GLᨪHUHQW ᨫOH FDOOHG f2i+fb?/Qr
VLQFH f2i+fTbbr/ LV DFFHVVLEOH WR DQ\RQH RQ WKH V\VWHP 8,' DQG *,' DUH
DV VKRZQ E\ B/ +RPH LV D XVHU KRPH GLUHFWRU\ D VWDUWLQJ SRLQW DIWHU ORJJLQJ
LQ RU W\SLQJ +/ ZLWKRXW DUJXPHQWV 7KH ODVW ELW LV WKH GHIDXOW VKHOO VXFK DV
f#BMf#b?


:RQGHULQJ ZKDW WKDW PDJLFDO VKHOO FDOOHG VELQQRORJLQ DFWXDOO\
LV" 7\SH VELQQRORJLQ LQWR WKH FRPPDQG OLQH $QG DIWHU WKDW
UXQ VELQQRORJLQ ˰KHOS

1RZ WKDW ZH KDYH PRUH XVHUV ZH PLJKW ZRQGHU ZKR LV FXUUHQWO\ ORJJHG LQ
7R GR WKDW ZH FDQ XVH D SURJUDP FDOOHG r?Q

0 r?Q
bi`xB#Mv ,y kyRN@yj@Ry Rk,98 U,yV

,I ZH DOVR QHHG WR NQRZ ZKDW WKH\ DUH XS WR ZH FDQ DVN r

O r 0la1_
kk,ke,k3 mT R /v- N,9R- R mb2`- HQ/ p2`;2, yXe8- yX9k- yXj8
la1_ hhu GP:AL! A.G1 C*Sl S*Sl q>h
bi`xB#Mv ,y amMRk \t/K\ jk,Re yXykb fmb`fHB#2t2+
f;/K@t@b2bbBQM @@`mM@b+`BTi fmb`f#BMf;MQK2@b2bbBQM

3URYLGLQJ D XVHU LV RSWLRQDO


,I ZH QHHG WR UHPRYH VRPH XVHUV ODWHU ZH FDQ GR VR ZLWK mb2`/2H

O mb2`/2H /KBM @@`2KQp2 @@7Q`+2

7KH @@`2KQp2 RSWLRQ ZLOO DOVR UHPRYH WKH KRPH GLUHFWRU\ DQG PDLOER[ ERWK
WKLQJV DUH FUHDWHG ZLWK mb2`//  @@7Q`+2 ZLOO SURFHHG HYHQ LI WKH XVHU LV
FXUUHQWO\ ORJJHG LQ
,I ZH ZDQW WR ORFN WKH DFFRXQW WHPSRUDULO\ ZH FDQ XVH +?;2 XWLOLW\

O +?;2 @1 y /KBM

7KDW ORFNV WKH ZKROH DFFRXQW XQOLNH Tbbr/ @H /KBM WKDW RQO\ SUHYHQWV
WKH DGPLQ DFFRXQW IURP ORJJLQJ LQ XVLQJ SDVVZRUG DXWKHQWLFDWLRQ
,I ZH ZDQW WR UHPRYH DQ H[SLUDWLRQ GDWH DQG XQORFN WKH DFFRXQW WKLV ZD\ ZH
FDQ SDVV 


O +?;2 @1 @R /KBM

FKDJH LQLWLDOO\ VSHFLᨮHG WKH XVHU SDVVZRUG˴V H[SLUDWLRQ GDWH


VWRUHG DV ZHOO LQ HWFVKDGRZ 

 6ZLWFKLQJ 8VHUV

1RZ WKDW ZH KDYH D QHZ XVHU FDOOHG DGPLQ ZH FHUWDLQO\ ZDQW WR XVH LW UDWKHU
WKDQ XVLQJ WKH URRW GLUHFWO\
7R VZLWFK XVHUV ZH FDQ XVH FRPPDQG FDOOHG VX DQ DEEUHYLDWLRQ RI VZLWFK
XVHU 

O bm @ /KBM
/KBM0

:H GRQ˵W HYHQ KDYH WR SURYLGH D SDVVZRUG IRU WKH DGPLQ XVHU +RZHYHU JRLQJ
EDFN ZH QHHG WR LQSXW WKH UHVSHFWLYH SDVVZRUG LI SUHVHQW

/KBM0 bm @
SbbrQ`/,
O

1RWH WKDW bm ZLOO ZRUN HYHQ IRU ORFNHG DFFRXQWV RU DFFRXQWV ZLWK SDVVZRUG
DXWKHQWLFDWLRQ GLVDEOHG ORFNLQJ ZLWK Tbbr/ @H 
:H FDQ OHYHUDJH VZLWFKLQJ WR URRW XVHU DQ\WLPH ZH KDYH WR UXQ FRPPDQGV ZH
DUH QRW DOORZHG WR $V \RX SUREDEO\ QRWLFHG ZH DOVR GLGQ˵W KDYH WR VSHFLI\
WKH URRW XVHU DW DOO bm @ `QQi DQG bm @ LV WKH VDPH  :KDW DERXW WKH GDVK
@ " :H FDQ UXQ LW ZLWKRXW WKH GDVK EXW LW˵V RIWHQ XVHG ZLWK LW VLQFH WKH GDVK
YHUVLRQ ORDGV WKH HQYLURQPHQW WKLQN X#b?`+ ᨫOH DQG VZLWFKHV WR WKH XVHU
KRPH GLUHFWRU\


 5XQQLQJ &RPPDQGV DV 6XSHUXVHU

,I ZH ZDQW WR UXQ RQH FRPPDQG DV URRW ZH FDQ VZLWFK XVHUV IRU WKDW SDUWLFXODU
FRPPDQG RQO\ ZLWK @+ VZLWFK

O bm @+ ]Tr/] @ /KBM
f?QK2f/KBM
O bm @+ ]Tr/] /KBM
f`QQi
O bm @+ ]Tr/] @@ /KBM
f`QQi

7KH H[DPSOH DERYH FRQᨫUPV WKDW WKH FXUUHQW ZRUNLQJ GLUHFWRU\ FKDQJHV ZKHQ
LQYRNHG ZLWK RQH GDVK 7ZR GDVKHV DUH WKH VDPH DV QRW KDYLQJ DQ\ DQG NHHS
WKH FXUUHQW ZRUNLQJ GLUHFWRU\
5XQQLQJ VLQJOH FRPPDQGV DV URRW ZLWK bm KDV KRZHYHU RQH GLVDGYDQWDJH ,W
DVNV \RX IRU WKH URRW XVHU SDVVZRUG 6LQFH ZH DV DGPLQLVWUDWRUV ZDQW WR UH
PHPEHU RQO\ RXU SDVVZRUG IRU VHFXULW\ UHDVRQV ZH QHHG WR LQWURGXFH DQRWKHU
FRPPDQG WR RXU WRROER[ 7KDW FRPPDQG LV bm/Q
VXGR ZRUNV VLPLODUO\ DV bm @+ EXW DVNV WKH FXUUHQW XVHU SDVVZRUG DV FRQᨫU
PDWLRQ

/KBM0 bm/Q Hb f`QQi


q2 i`mbi vQm ?p2 `2+2Bp2/ i?2 mbmH H2+im`2 7`QK i?2 HQ+H
avbi2K /KBMBbi`iQ`X Ai mbmHHv #QBHb /QrM iQ i?2b2 i?`22
i?BM;b,

ORV _2bT2+i i?2 T`Bp+v Q7 Qi?2`bX


OkV h?BMF #27Q`2 vQm ivT2X
OjV qBi? ;`2i TQr2` +QK2b ;`2i `2bTQMbB#BHBivX

(bm/Q) TbbrQ`/ 7Q` /KBM,


/KBM Bb MQi BM i?2 bm/Q2`b 7BH2X h?Bb BM+B/2Mi rBHH #2
`2TQ`i2/X

:HOO QRW VR IDVW ,I bm/Q RQO\ UHTXLUHV WKH XVHU SDVVZRUG LW FDQQRW DOORZ DQ\
XVHU WR UXQ FRPPDQGV DV URRW )RU WKLV SXUSRVH ZH KDYH f2i+fbm/Q2`b ᨫOH
DQG RXU DGPLQ XVHU KDV WR EH DOORZHG LQ LW WR XVH bm/Q


(GLWLQJ WKLV ᨫOH LV QRW UHFRPPHQGHG 6RPH V\VWHPV PLJKW QRW KDYH 66+ DFFHVV
IRU WKH URRW XVHU DQG ORVLQJ WKH DELOLW\ WR UXQ WKLQJV DV URRW LQFOXGLQJ ᨫ[LQJ
WKH PDOIRUPDWWHG bm/Q2`b ᨫOH LV KLJKO\ SUREOHPDWLF $ XWLOLW\ FDOOHG pBbm/Q
FDQ KHOS XV pBbm/Q ZLOO DXWRPDWLFDOO\ FKHFN WKDW RXU PRGLᨫFDWLRQ LV FRUUHFW
EHIRUH VDYLQJ WKH ᨫOH
7R DOORZ DGPLQ WR XVH bm/Q ZH RSHQ WKH bm/Q2`b ᨫOH ZLWK pBbm/Q

O pBbm/Q

$IWHU RXU GHIDXOW HGLWRU RSHQV ZH ORFDOH WKH $OORZ URRW WR UXQ DQ\ FRPPDQGV
DQ\ZKHUH VHFWLRQ DQG DGG D QHZ HQWU\ IRU DGPLQ

XXX
OO HHQr `QQi iQ `mM Mv +QKKM/b Mvr?2`2
`QQi GG4UGGV GG
/KBM GG4UGGV GG
XXX

7KHQ ZH VDYH WKH ᨫOH DQG TXLW KLWWLQJ (VF  ZULWLQJ ,r[ DQG KLWWLQJ (QWHU
ZKHQ XVLQJ 9LP HGLWRU  2QFH GRQH RXU DGPLQ XVHU FDQ FDOO VXGR MXVW ᨫQH

/KBM0 bm/Q Hb f`QQi


(bm/Q) TbbrQ`/ 7Q` /KBM,

,I ZH QHHG DQ LQWHUDFWLYH VKHOO DV ZLWK bm ZH FDQ UXQ bm/Q @B

/KBM0 bm/Q @B
O

7KDW ZRXOG EH NLQG RI WKH HTXLYDOHQW RI UXQQLQJ bm/Q bm @ `QQi ZKLFK


VZLWFK XVHU WR URRW WDNLQJ DGYDQWDJH RI WKH bm/Q2`b HQWU\
:KHQ FKDQJLQJ WKH XVHU VKHOO ZLWK bm RU bm/Q \RX VKRXOG DOZD\V HQG WKH
VHVVLRQ ZLWK 2tBi FRPPDQG


/KBMO 2tBi
HQ;Qmi
0

,Q FDVH ZH DUH ZULWLQJ D VFULSW ZH VKRXOG OHDYH f2i+fbm/Q2`b XQWRXFKHG


XQOHVV FKDQJLQJ WKH GHIDXOWV WKHUH DQG FUHDWH QHZ ᨫOHV LQ f2i+fbm/Q2`bX/
GLUHFWRU\ 6XFK ᨫOHV QHHG WR IROORZ WKH VDPH UXOHV DV IRU f2i+fbm/Q2`b FDQ
DOVR EH PDQXDOO\ HGLWHG ZLWK pBbm/Q DQG DOORZ XV WR GURS SUHPDGH UXOHV
ZLWKRXW SRWHQWLDOO\ EUHDNLQJ bm/Q
2QH PRUH WKLQJ WR NHHS LQ PLQG LV WKH HQYLURQPHQW XVHG E\ WKH FRPPDQG
UXQQLQJ ZLWKLQ bm/Q ,PDJLQH DVNLQJ 2Mp XWLOLW\ IRU WKH XVHU˵V 0>PJ1

+i0 bm/Q fmb`f#BMf2Mp % ;`2T >PJ1


>PJ14f`QQi

:H XVHG bm/Q- VR WKH 0>PJ1 LV WKH KRPH RI WKH URRW XVHU :KDW LI ZH VWLOO
ZDQW LW WR EH WKH HQYLURQPHQW RI WKH FDW XVHU" 7KHUH LV @@T`2b2`p2@2Mp
RSWLRQ WKDW OHWV XV OLVW WKH YDULDEOHV ZH ZDQW WR SUHVHUYH :H FDQ DOVR XVH LW
ZLWKRXW DQ\ VSHFLᨫF YDULDEOHV WR SUHVHUYH WKHP DOO

0 bm/Q @@T`2b2`p2@2Mp4>PJ1 fmb`f#BMf2Mp % ;`2T >PJ1


>PJ14f?QK2f+i

1RWH WKDW WKLV KDSSHQV ZKHQ DVNLQJ IRU YDULDEOHV YLD 2Mp )RU D FDOO WR 2+?Q
WKLV GRHV QRW DSSO\

0 2tTQ`i "1ahn6_A1L.4iQK
0 bm/Q 2Mp % ;`2T "1ahn6_A1L.
0 bm/Q 2+?Q 0"1ahn6_A1L.
iQK

,W FDQ DOVR EHFRPH KDQG\ WR NQRZ WKDW ZH FDQ DOZD\V SDVV HQYLURQPHQW YDUL
DEOHV WR bm/Q ZKHQ ZH QHHG WR DQG ZH FDQ XVH WKH FXUUHQW YDULDEOHV LQ WKH
FDOO DV ZHOO

0 bm/Q "1ahn6_A1L.40"1ahn6_A1L. o_4pHm2 2Mp % ;`2T "1ahn6_A1L.


"1ahn6_A1L.4iQK


 5HVWULFWLQJ 6XSHUXVHU $FFHVV

:KHQ ZH HGLWHG f2i+fbm/Q2`b ᨫOH ZH JDYH RXU DGPLQ IXOO URRW DFFHVV ZKLFK
PHDQV KH FDQ QRZ GR ZKDWHYHU KH OLNHV ZLWK RXU VHUYHU /XFNLO\ ZH FDQ
UHVWULFW WKLV E\ DOORZLQJ RQO\ VSHFLᨫF FRPPDQGV WR EH H[HFXWHG
,PDJLQH ZH FKDQJH WKH SUHYLRXV OLQH WR WKH IROORZLQJ

XXX
OO HHQr `QQi iQ `mM Mv +QKKM/b Mvr?2`2
`QQi GG4UGGV GG
/KBM GG 4 LP1s1*, fmb`f#BMfpBK f`QQifb2+`2ib
XXX

1RZ WKH DGPLQ XVHU VKDOO RQO\ EH DEOH WR HGLW WKH f`QQifb2+`2ib ᨫOH D ᨫOH ,
MXVW PDGH XS ZLWK pBK EXW QRW UXQQLQJ DQ\WKLQJ HOVH LP1s1* KHUH UHVWULFWV
WKH JLYHQ H[HFXWDEOH QRW UXQQLQJ RWKHU SURJUDPV XQGHU URRW 7KDW LV QHFHVVDU\
EHFDXVH 9LP HGLWRU DOORZV XVHUV WR H[HFXWH FRPPDQGV HᨪHFWLYHO\ E\SDVVLQJ
RXU bm/Q2`b UXOH 
7KH DERYH PLJKW EH VHFXUH IRU VRPH SURJUDPV EXW XQIRUWXQDWHO\ QRW IRU RXU
9LP H[DPSOH 7KH DGPLQ XVHU FRXOG VWLOO HGLW ᨫOHV RZQHG E\ URRW HᨪHFWLYHO\
E\SDVVLQJ RXU SURWHFWLRQV 7KDW LV DQQR\LQJ EXW WKHUH LV D bm/Q2/Bi VROXWLRQ
WKDW VROYHV WKLV LVVXH IRU XV
,I ZH UHSODFH pBK ZLWK VXGRHGLW LQ WKH ODVW H[DPSOH RQO\ WKH JLYHQ ᨫOH ZRXOG
EH HGLWDEOH $GGLWLRQDOO\ bm/Q2/Bi HGLWV WKH ᨫOH XQGHU WKH RULJLQDO XVHU
EHIRUH VDYLQJ 7KDW PHDQV ORDGLQJ WKH XVHU˵V SUHIHUUHG HGLWRU LQFOXGLQJ DQ\
FXVWRP VHWWLQJV HJ ORDGLQJ XpBK`+ LQ FDVH RI 9LP 
$W ODVW QRWLFH , XVHG WKH IXOO SDWK WR WKH 9LP HGLWRU fmb`f#BMfpBK  :KHQ
VSHFLI\LQJ FRPPDQGV LQ bm/Q2`b ᨫOH ZH DOZD\V QHHG WR LQFOXGH WKH IXOO SDWK
WR WKH ELQDU\ LQ TXHVWLRQ

 $XGLWLQJ

7R DXGLW XVHU DFFHVV DQG VHFXULW\UHODWHG FKDQJHV RQ WKH V\VWHP UXQ DXGLWG
WKH 6HFXULW\ $XGLWLQJ 6HUYLFH 7KLV VHUYLFH VKRXOG UXQ DXWRPDWLFDOO\ DV D
V\VWHPG VHUYLFH PRUH RQ V\VWHPG ODWHU DQG DXGLWV VHQVLWLYH FRPPDQGV LQ
WKH ORJ fp`fHQ;fm/Bifm/BiXHQ;
$V WKLV ORJ LV LQ SODLQ WH[W ZH FDQ XVH WKH XVXDO WH[W XWLOLWLHV WR YLHZ LW


0 bm/Q iBH fp`fHQ;fm/Bifm/BiXHQ;
ivT24la1_n**h Kb;4m/BiUR88jk3jddeXjR8,RdyRV, TB/4kR3jj
mB/4Ryyy mB/4Ryyy b2b4j bm#D4mM+QM7BM2/nm,mM+QM7BM2/n`,
mM+QM7BM2/ni,by@by,+yX+Rykj Kb;4^QT4SJ,++QmMiBM;
;`MiQ`b4TKnmMBt-TKnHQ+Hmb2` ++i4]bi`xB#Mv]
2t24]fmb`f#BMfbm/Q] ?QbiMK24\ //`4\ i2`KBMH4f/2pfTibfR
`2b4bm++2bb^lA.4]bi`xB#Mv] lA.4]bi`xB#Mv]

7KHUH LV DOVR D VSHFLDO WRRO IRU WKH DXGLWG DXGLWLQJ FDOOHG DXVHDUFK mb2`+?
FDQ TXHU\ WKH ORJ DQG ᨫQG WKH FULWLFDO LQIRUPDWLRQ ZH VHHN 7R VHH IDLOHG ORJLQ
DWWHPSWV E\ XVHUV OHW˵V UXQ

0 bm/Q mb2`+? @@K2bb;2 la1_nGP:AL @@bm++2bb MQ @@BMi2`T`2i

7KH @@K2bb;2 RSWLRQ ᨫOWHUV WKH W\SH RI PHVVDJH la1_nGP:AL LV ORJLQ


la1_n**h LV D XVHU DFFRXQW @@bm++2bb FDQ ᨫOWHU HLWKHU DOORZHG v2b
RU GHQLHG DFWLRQV MQ  @@BMi2`T`2i FRQYHUWV YDULRXV QXPHULF HQWULHV LQWR
WH[W )RU H[DPSOH WKH XVHU ,' lA. LV FRQYHUWHG KHUH WR WKH PDWFKLQJ DFFRXQW
QDPH VR WKH DXGLW LV PRUH FRPIRUWDEOH WR IROORZ
:H PLJKW DOVR ZDQW WR NQRZ ZKHQ RXU XVHUV UXQ FRPPDQGV ZLWK URRW SULYL
OHJHV XVLQJ bm/Q

0 bm/Q mb2`+? @t fmb`f#BMfbm/Q @@bm++2bb MQ @@BMi2`T`2i

2U VHH IDLOHG V\VWHP FDOOV

0 bm/Q mb2`+? @@K2bb;2 aua*GG @@bm++2bb MQ @@BMi2`T`2i

7KHUH LV PRUH WR mb2`+? DQG DXGLWG RI FRXUVH DQG LI \RX ZDQW WR H[SORUH
RWKHU RSWLRQV FRQVXOW WKH DXGLWG DQG DXVHDUFK PDQXDO SDJHV :H ZLOO DOVR ZRUN
ZLWK WKLV WRRO D ELW PRUH LQ WKH ,PSURYLQJ 6HFXULW\ :LWK 6(/LQX[ FKDSWHU


 *URXSV
*URXSV JURXS RQH RU PRUH XVHUV DQG ZH LGHQWLI\ WKHP ZLWK D JURXS ,' *,' 
/HW˵V ORRN DW ZKDW JURXSV ZH DUH SDUW RI ZKHQ UXQQLQJ URRW E\ FDOOLQJ FRPPDQG
;`QmTb DV DQ DOWHUQDWLYH WR FDOOLQJ B/ 

O ;`QmTb
`QQi

7KH URRW DERYH LV D JURXS ZLWK RQO\ WKH URRW XVHU LQ LW (YHU\ XVHU KDV D JURXS
OLNH WKLV LQFOXGLQJ WKH QHZ DGPLQ XVHU

O bm @ /KBM
0 ;`QmTb
/KBM

:H FDOO WKLV JURXS D SULPDU\ JURXS DV LW˵V DSSOLHG ZKHQ D XVHU ORJV LQ WR
WKH V\VWHP DQG XVHG E\ GHIDXOW ZKHQ FUHDWLQJ QHZ ᨫOHV DQG GLUHFWRULHV RU
H[HFXWLQJ FRPPDQGV
7KH ;`QmTb FRPPDQG SULQWV WKH FXUUHQW XVHU JURXSV E\ GHIDXOW EXW DOVR
DFFHSWV D XVHU QDPH WR SULQW D JLYHQ XVHU JURXS

0 ;`QmTb `QQi
`QQi , `QQi

:KDW LI ZH ZDQW WR ᨫQG RXW DERXW DOO JURXSV RQ WKH V\VWHP" :H FDQ GR WKDW
E\ H[DPLQLQJ WKH f2i+f;`QmT ᨫOH DV URRW


O +i f2i+f;`QmT
`QQi,t,y,
#BM,t,R,
/2KQM,t,k,
bvb,t,j,
/K,t,9,
iiv,t,8,
/BbF,t,e,
HT,t,d,
K2K,t,3,
FK2K,t,N,
r?22H,t,Ry,
XXX
/KBM,t,Ryyy,
XXX

7KH f2i+f;`QmT ᨫOH GHᨫQHV DOO RI WKH JURXSV RQ WKH V\VWHP 7KH IRUPDW RI
HDFK OLQH LV DV IROORZV

;`QmTnMK2,TbbrQ`/,:A.,mb2`nHBbi

7KHUH LV DOVR f2i+f;b?/Qr IRU HQFU\SWHG SDVVZRUGV RI JURXSV DORQJVLGH


DGPLQLVWUDWRUV WKDW FDQ PDQDJH WKH JURXS 7KH JURXS SDVVZRUG LV LQWHUHVWLQJ
VLQFH LI ZH VHW LW ZH FDQ DOORZ RWKHU XVHUV WR MRLQ WKH JURXS DXWRPDWLFDOO\
ZLWK M2r;`T DV ORQJ DV WKH\ NQRZ WKH SDVVZRUG 7KLV LV PRUH XVHIXO IRU
ZRUNVWDWLRQV WKDQ VHUYHUV WKRXJK
7KHUH LV RQH LPSRUWDQW V\VWHP JURXS FDOOHG ZKHHO 7KH ZKHHO JURXS LV D XVHU
JURXS XVHG WR FRQWURO DFFHVV WR WKH bm DQG bm/Q FRPPDQGV
,I ZH RSHQ WKH bm/Q2`b ᨫOH DJDLQ ZH FDQ ᨫQG WKH IROORZLQJ OLQHV

XXX
OO HHQrb T2QTH2 BM ;`QmT r?22H iQ `mM HH +QKKM/b
Wr?22H GG4UGGV GG
XXX

$V WKH FRPPHQW VWDWHV WKH ZKHHO JURXS FDQ H[HFXWH DOO FRPPDQGV


1RZ LPDJLQH ZH ZDQW WR DGG DQRWKHU DGPLQ IRU RXU YLUWXDO VHUYHU 2QH ZD\ WR
GR LW LV WR DGG KLP WR WKH ZKHHO JURXS :H FDQ GR WKDW E\ HGLWLQJ f2i+f;`QmT
GLUHFWO\ EXW LW˵V EHWWHU WR XVH DSSURSULDWH FRPPDQGV ZKHQ DYDLODEOH WR UHGXFH
WKH SRVVLELOLW\ IRU HUURUV

O mb2`// +i @: r?22H


O ;`QmTb +i
+i , +i r?22H

7KH mb2`// FRPPDQG DERYH FUHDWHG D QHZ XVHU DQG GLUHFWO\ DGGHG KLP
WR WKH ZKHHO JURXS E\ XVLQJ @: VZLWFK ZKLFK DFFHSWV RQH RU PRUH JURXSV
VHSDUDWHG E\ FRPPD  ,Q FDVH WKH XVHU DOUHDG\ H[LVWV ZH QHHG WR XVH mb2`KQ/
FRPPDQG

O mb2`KQ/ @ @: r?22H +i


O +i f2i+f;`QmT % ;`2T r?22H
r?22H,t,Ry,+i

7KLV ZD\ WKH FDW XVHU EHFRPHV DQ DGPLQLVWUDWRU ZLWK LPPHQVH SRZHU
<RX FDQ WU\ WKDW FDW FDQ XVH bm/Q QRZ EHFDXVH WKH ZKHHOV JURXS LV PHQWLRQHG
LQ WKH bm/Q2`b ᨫOH  :KDW DERXW bm WKRXJK"
3OXJJDEOH $XWKHQWLFDWLRQ 0RGXOHV 3$0 LV D FRPPRQ IUDPHZRUN IRU DX
WKHQWLFDWLRQ LQ /LQX[ V\VWHPV ,W FHQWUDOL]HV WKH DXWKHQWLFDWLRQ IRU YDULRXV
SURJUDPV XQGHU RQH URRI VR WKH\ GRQ˵W QHHG WR FRPH XS ZLWK WKHLU ZD\ RI
FKHFNLQJ DQG YDOLGDWLQJ XVHUV UXQQLQJ WKHP  3$0 LV DOVR XVHG WR PDQDJH
DFFHVV WR WKH bm SURJUDP
f2i+fTKX/fbm LV WKH ᨫOH FRQWUROOLQJ DFFHVV VSHFLᨫFDOO\ IRU bm $W WKH EH
JLQQLQJ RI WKH ᨫOH ZH ᨫQG WKH GLUHFWLYHV ZH DUH LQWHUHVWHG LQ

O +i f2i+fTKX/fbm
OWSJ@RXy
mi? bm77B+B2Mi TKn`QQiQFXbQ
O XXX BKTHB+BiHv i`mbi mb2`b BM i?2 ]r?22H] ;`QmTX
Omi? bm77B+B2Mi TKnr?22HXbQ i`mbi mb2nmB/
O XXX `2[mB`2  mb2` iQ #2 BM i?2 ]r?22H] ;`QmTX
Omi? `2[mB`2/ TKnr?22HXbQ mb2nmB/
XXX


7KH VHFRQG GLUHFWLYH ZRXOG WUXVW WKH ZKHHO JURXS XVHUV WR UXQ bm IRU WKH URRW
DFFHVV 7KH WKLUG RQH ZRXOG UHTXLUH WKDW RQO\ WKHVH XVHUV ZRXOG EH DEOH WR
UXQ bm WR VZLWFK WR DQ\ RWKHU XVHUV
2QFH ZH KDYH D QHHG IRU RXU RZQ JURXSV ZH FDQ DGG WKHP ZLWK ;`QmT//

O ;`QmT// MBKHb
O mb2`KQ/ @ @: MBKHb +i

7KH DERYH FRPPDQGV FUHDWH D QHZ JURXS FDOOHG DQLPDOV DQG DGG WKH FDW XVHU
WR LW :H FDOO WKHVH JURXSV VHFRQGDU\ JURXSV LQ UHODWLRQ WR FDW 7KHVH RWKHU
JURXSV KHOS XV ᨫQHWXQH SHUPLVVLRQV RQ /LQX[ V\VWHPV DV ZH˵OO VHH LQ WKH QH[W
FKDSWHU
2QFH ZH DUH GRQH ZLWK D JURXS ZH FDQ UHPRYH LW IURP WKH V\VWHP ZLWK
;`QmT/2H

O ;`QmT/2H MBKHb


 6XPPDU\
8VHUV DQG JURXSV FDQ OLPLW DFFHVV WR WKH VHUYHU RU VSHFLᨫF ORFDWLRQV

˾ :H FDQ OHYHUDJH XVHUV WR UXQ RXU QHWZRUN VHUYLFHV ZLWK OLPLWHG DFFHVV
WR WKH UHVW RI WKH V\VWHP ,I ZH QHHG WR SHUVRQDOO\ DGPLQLVWUDWH WKH
YLUWXDO VHUYHU ZH VKRXOG FUHDWH DQ DGPLQLVWUDWRU DFFRXQW DQG DGG LW
WR WKH ZKHHO JURXS :H FDQ KDYH D VLPLODU XVHU IRU GULYLQJ WKH V\VWHP
FRQᨫJXUDWLRQ

˾ 6ZLWFKLQJ XVHUV FDQ EH GRQH ZLWK bm @ ZKHUH GDVK @ ORDGV WKH XVHU
HQYLURQPHQW DORQJVLGH VZLWFKLQJ :H FDQ UXQ SDUWLFXODU FRPPDQGV DV
WKH GLᨪHUHQW XVHU ZLWK bm @+ ]+QKKM/]

˾ $ PRUH VXLWDEOH DOWHUQDWLYH WR bm @+ LV bm/Q ZKLFK XVHV WKH XVHU SDVV


ZRUG LQVWHDG RI WKH URRW RQH 7R JLYH XVHUV WKLV SRZHUIXO RSWLRQ ZH KDYH
WR PRGLI\ f2i+fbm/Q2`b E\ UXQQLQJ pBbm/Q 7KH XOWLPDWH SRZHU RI
bm/Q FDQ EH UHGXFHG WR VSHFLᨫF DFWLRQV LI QHFHVVDU\ EXW LW˵V LPSRU
WDQW QRW WR IRUJHW DERXW SUHIHUULQJ bm/Q2/Bi WR UHJXODU WH[W HGLWRUV IRU
FKDQJLQJ HVVHQWLDO ᨫOHV
˾ (YHU\ QHZ XVHU FRPHV ZLWK D SULPDU\ JURXS RI WKH VDPH QDPH ZKLFK
LV XVHG E\ GHIDXOW IRU XVHU DFWLRQV RQ WKH V\VWHP :H FDQ DOVR JURXS
XVHUV LQWR VHFRQGDU\ JURXSV XVLQJ mb2`KQ/ @ @: 0:_PlS 0la1_
DQG WKHQ DSSO\ 3$0 UXOHV IRU WKH JLYHQ JURXS


&KDSWHU 

3HUPLVVLRQV

2XU XVHUV DQG JURXSV ZRXOG QRW EH WKDW XVHIXO LI WKH\ ZRXOG QRW OLPLW DFFHVV
ULJKWV /LQX[ FRPHV ZLWK D EDVLF V\VWHP RI GLVFUHHW SHUPLVVLRQV WR ᨫOHV DQG
GLUHFWRULHV EDVHG RQ ULJKWV WR UHDG ZULWH DQG H[HFXWH IRU D JLYHQ XVHU RU JURXS
,W˵V D VLPSOH V\VWHP EXW ZRUNV ZHOO DQG LV RIWHQWLPHV VXᨬFLHQW
$ORQJVLGH GLVFUHHW SHUPLVVLRQV ZH FDQ DOVR WDNH DGYDQWDJH RI WKH $&/ V\VWHP
WKDW JLYHV XV VLPLODU EXLOGLQJ EORFNV EXW ZLWK D ELW PRUH JUDQXDOLW\ :H˵OO
ORRN DW WKH EDVLF ᨫOH DQG GLUHFWRU\ SHUPLVVLRQV ZLWK WKH ᨫOH PRGH ELWV DQG
RZQHUVKLSV RI ᨫOHV DQG GLUHFWRULHV WR OLPLW DFFHVV WR SDUWLFXODU ORFDWLRQV


 'LVFUHHW 3HUPLVVLRQV
7R VWRS GHSHQGLQJ RQ URRW LQ RXU GHSOR\PHQW VFULSWV ZH FDQ DGG D VRFDOOHG
GHSOR\ XVHU $ GHSOR\ XVHU LV D XVHU DFFRXQW ZLWK SXEOLF NH\ ORJLQ DQG SDVV
ZRUGOHVV bm/Q :KLOH SK\VLFDO DGPLQV FRXOG VWLOO XVH SDVVZRUGV WKLV RQH
QHHGV WR VWD\ SDVVZRUGOHVV IRU DXWRPDWLRQ :H FRXOG DOVR EH TXLWH UHVWULFWLYH
ZKHQ FRPHV WR WKH bm/Q DOORZHG RSHUDWLRQV LI ZH ZDQW WR
/HW˵V VHH KRZ ZRXOG WKLV ZRUN ZLWK RXU KRPHSDJH H[DPSOH 7R EH DEOH WR UXQ
UHPRWH FRPPDQGV DV URRW DQG DQ XQSULYLOHJHG XVHU ZLWK bm/Q DFFHVV  ZH˵OO
FUHDWH WZR QHZ IXQFWLRQV FDOOHG bb?nbn`QQi DQG bb?nbnmb2`

_PPhnaa>n_:a4]`QQi!0a1_o1_ @T 0SP_h 0aa>nPShAPLa]


SSnaa>n_:a4]0la1_!0a1_o1_ @T 0SP_h 0aa>nPShAPLa]

bb?nbn`QQi UV &
bb? 0_PPhnaa>n_:a 0!
'

bb?nbnmb2` UV &
bb? 0SSnaa>n_:a 0!
'

7KH RQO\ QHZ WKLQJ LV GHSHQGLQJ DQ DQRWKHU VSHFLDO YDULDEOH 0! 7KLV YDULDEOH
KROGV DOO DUJXPHQWV SDVVHG WR WKDW SDUWLFXODU IXQFWLRQ 3DVVLQJ #b? @b ZLWK
KHUHGRF WKLV ZD\ VWLOO ZRUNV
1RZ ZH FRXOG FUHDWH WKH QHZ XVHU DFFRXQW GHᨫQHG E\ 0la1_ LQ WKH ᨫUVW
VWHS DQG FRPSOHWHO\ ORFN URRW LQ ODVW


la1_4/2THQv

O b  7B`bi +HH
bb?nbn`QQi II@ah.AL
mb2`// 0la1_
bm @ 0la1_ @+ ^KF/B` fXbb?^
bm @ 0la1_ @+ ^iQm+? fXbb?fmi?Q`Bx2/nF2vb^
+i f`QQifXbb?fmi?Q`Bx2/nF2vb == $
f?QK2f0la1_fXbb?fmi?Q`Bx2/nF2vb
+?KQ/ dyy f?QK2f0la1_fXbb?
+?KQ/ eyy f?QK2f0la1_fXbb?fmi?Q`Bx2/nF2vb
mb2`KQ/ @ @: r?22H 0la1_
Tbbr/ @H `QQi
ah.AL

O b  Hbi +HH
bb?nbnmb2` ^#b? @b^ II@ah.AL
bm/Q +?;2 @1 y `QQi
ah.AL

:KDW˵V JRLQJ RQ" :H DGG WKH QHZ XVHU GHSOR\ UHXVH WKH 66+ SXEOLF NH\ VR
ZH GRQ˵W KDYH WR PDNH D QHZ RQH  DGG WKLV XVHU WR WKH ZKHHO JURXS DQG ORFN
URRW IRU SDVVZRUG DFFHVV $V D ODVW VWHS ZH DFWXDOO\ ORJ LQ DV WKH GHSOR\ XVHU
DQG GLVDEOH WKH URRW DFFRXQW DOOWRJHWKHU ZLWK bm/Q 7KH URRW DFFRXQW FDQQRW
EH IXUWKHU XVHG DW DOO
, XVHG bm WR DYRLG FKDQJLQJ WKH RZQHUVKLS LW ZRXOG EH URRW RWKHUZLVH DQG
D QHZ SURJUDP FDOOHG FKPRG WR VHW H[SHFWHG SHUPLVVLRQV UHDG DQG ZULWH
DFFHVV IRU WKH RZQHU  ,W˵V LPSRUWDQW WKDW WKH GHSOR\ XVHU FDQ DFFHVV DQG
PDQDJH LWV mi?Q`Bx2/nF2v ᨫOH ODWHU WR UHIUHVK WKH SXEOLF NH\ $QG LW˵V HYHQ
PRUH LPSRUWDQW WKDW QRERG\ HOVH RQ WKH V\VWHP ZLOO KDFN WKH GHSOR\ DFFRXQW
E\ SURYLGLQJ WKHLU RZQ SXEOLF NH\
7KH FKDQJH KDV RQH SUREOHP WKRXJK :H FDQQRW HDVLO\ UHUXQ WKLV VFULSW WR GH
SOR\ D QHZHU YHUVLRQ RI WKH KRPHSDJH /HW˵V ᨫ[ WKDW E\ VSOLWWLQJ WKLV VFULSW LQWR
WZR 7KH ᨫUVW RQH ZLOO XVH URRW WR ERRWVWUDS WKH GHSOR\ XVHU DQG WKH VHFRQG ZLOO
EH VROHO\ UHVSRQVLEOH IRU GHSOR\LQJ QHZ YHUVLRQV RI WKH KRPHSDJH $V D ᨫUVW
VWHS ZH PRYH WKH FRPPRQ ORJLF IURP YDULDEOHV WR IXQFWLRQV LQ b2iiBM;bXb?
7KHQ ZH FUHDWH D QHZ b2imTXb? ᨫOH IRU WKH LQLWLDO FRQᨫJXUDWLRQ


O5fmb`f#BMf2Mp #b?
b2i @2mQ TBT27BH

.A_4</B`MK2 ]0U`2/HBMF @7 ]0y]V]<


bQm`+2 0.A_fb2iiBM;bXb?

bb?nbn`QQi ^#b? @b^ II@ah.AL %% 7BH ]//BM; 0la1_]


b2i @2mQ TBT27BH
mb2`// 0la1_
bm @ 0la1_ @+ ^KF/B` fXbb?^
bm @ 0la1_ @+ ^iQm+? fXbb?fmi?Q`Bx2/nF2vb^
+i f`QQifXbb?fmi?Q`Bx2/nF2vb == $
f?QK2f0la1_fXbb?fmi?Q`Bx2/nF2vb
+?KQ/ dyy f?QK2f0la1_fXbb?
+?KQ/ eyy f?QK2f0la1_fXbb?fmi?Q`Bx2/nF2vb
mb2`KQ/ @ @: r?22H 0la1_
Tbbr/ @H `QQi
ah.AL

bb?nbnmb2` ^#b? @b^ II@ah.AL %% 7BH ].Bb#HBM; `QQi]


bm/Q +?;2 @1 y `QQi
ah.AL

bb?nbnmb2` ^#b? @b^ II@ah.AL %% 7BH ]AMbiHHBM; L:ALs]


bm/Q /M7 BMbiHH @v M;BMt
ah.AL

7KLV ᨫOH LV GHVLJQHG WR EH UDQ RQO\ RQFH 2QFH UHDG\ ZH DOVR SUHSDUH
/2THQvXb?


O5fmb`f#BMf2Mp #b?
b2i @2mQ TBT27BH

.A_4</B`MK2 ]0U`2/HBMF @7 ]0y]V]<


bQm`+2 0.A_fb2iiBM;bXb?

b+T 0a*Sn_:a 0.A_fBM/2tX?iKH $


0la1_!0a1_o1_,BM/2tX?iKH $
%% 7BH ]*QTvBM; BM/2tX?iKH]

bb?nbnmb2` ^#b? @b^ II@ah.AL %% 7BH ]_2bi`iBM; b2`pB+2]


b2i @2mQ TBT27BH
bm/Q Kp fBM/2tX?iKH fmb`fb?`2fM;BMtf?iKHfBM/2tX?iKH
bm/Q +?QrM `QQi,`QQi fmb`fb?`2fM;BMtf?iKHfBM/2tX?iKH
bm/Q +?+QM @i ?iiT/nbvbn+QMi2Mini $
fmb`fb?`2fM;BMtf?iKHfBM/2tX?iKH
bm/Q bvbi2K+iH `2bi`i M;BMtXb2`pB+2
ah.AL

6LQFH ZH˵OO GHSOR\ WKH BM/2tX?iKH ᨫOH XVLQJ WKH GHSOR\ XVHU ZH KDYH WR NHHS
XVLQJ bm/Q IRU DOO DFWLRQV UHTXLULQJ WKH URRW SULYLOHJHV $IWHU WKH +70/ ᨫOH
LV FRSLHG WR WKH VHUYHU ZH KDYH WR PRYH LW WR WKH ULJKW ORFDWLRQ ZLWK WKH ULJKW
RZQHUVKLS FKRZQ FDQ FKDQJH RZQHUVKLS RI ᨫOHV IRU XV LQ WKLV FDVH ZH NHHS
WKH RULJLQDO URRW XVHU DQG JURXS  2Q WRS ZH KDYH WR SURYLGH WKH FRUUHFW
6(/LQX[ ODEHO $V RI QRZ LW˵V HQRXJK WR NQRZ WKDW ᨫOHV VHUYHG E\ 1*,1;
UHTXLUH ?iiT/nbvbn+QMi2Mini ODEHO :H˵OO GLYH GHHS LQWR 6(/LQX[ SURSHUO\
LQ LWV RZQ FKDSWHU
$QG WKDW˵V SUHWW\ PXFK LW <RX FDQ WU\ LW RXW

0 2tTQ`i a1_o1_4]XXX]
0 2tTQ`i aa>nE1u4]XXX]
0 +?KQ/ mYt Xfb2imTXb?
0 Xfb2imTXb?

$IWHUZDUGV \RX VKRXOGQ˵W EH DEOH WR XVH bb? ZLWK URRW DQ\PRUH EXW XVLQJ
GHSOR\ ZLOO ZRUN

0 bb? `QQi!0a1_o1_
0 bb? /2THQv!0a1_o1_


,I WKLQJV DUH ZRUNLQJ \RX FDQ DOVR GHSOR\ D QHZ YHUVLRQ RI WKH KRPHSDJH

0 +?KQ/ mYt Xf/2THQvXb?


0 Xf/2THQvXb?
0 +m`H ?iiT,ff0a1_o1_f

%\ FKDQJLQJ WKH RZQHUVKLS DQG SHUPLVVLRQV RI ᨫOHV DQG GLUHFWRULHV ZH VWRSSHG


GHSHQGLQJ RQ URRW DQG SUHSDUHG D UHUXQQDEOH GHSOR\PHQW VFULSW IRU WKH XVHU
1RZ LW˵V WLPH WR XQGHUVWDQG WKH SHUPLVVLRQ V\VWHP LQ GHWDLO

 )LOH 0RGH

Hb @H LV D Hb YDULDQW WKDW ZLOO VKRZ XV ᨫOH SHUPLVVLRQV LQ WKH JLYHQ GLUHFWRU\


Hb @HH ZLOO DOVR UHYHDO VHFUHW ᨫOHV VWDUWLQJ ZLWK X  8QOHVV ZH NHSW VRPH
ᨫOHV DURXQG RXU /KBM XVHU ZLOO KDYH WKH IROORZLQJ ᨫOHV DQG GLUHFWRULHV DURXQG
LQ WKHLU KRPH

0 Hb f?QK2f/KBM @H
iQiH k9
/`rt@@@@@@X k /KBM /KBM 9yNe CM Rj Re,yN X
/`rt`@t`@tX 8 `QQi `QQi 9yNe CM Rj Re,j9 XX
@`r@@@@@@@X R /KBM /KBM 999 CM Rj R3,ye X#b?n?BbiQ`v
@`r@`@@`@@X R /KBM /KBM R3 P+i 3 Rj,9R X#b?nHQ;Qmi
@`r@`@@`@@X R /KBM /KBM R9R P+i 3 Rj,9R X#b?nT`Q7BH2
@`r@`@@`@@X R /KBM /KBM jRk P+i 3 Rj,9R X#b?`+

)LUVW RI DOO ZH FDQ VHH WZR GLUHFWRULHV X UHIHUV WR WKH GLUHFWRU\ OLVWHG DQG XX
UHIHUV WR f?QK2 DV JRLQJ RQH OHYHO EDFN  7KH\ DUH DOVR PDUNHG DV GLUHFWRU\
LQ WKH ᨫUVW VHFWLRQ RI WKH OLVWLQJ WKDW JLYHV XV WKH ᨫOH PRGH ELWV 7KH / DW WKH
EHJJLQLQJ RI /`rt@@@@@@X DQG /`rt`@t`@tX PHDQV WKH\ DUH GLUHFWRULHV
DQG QRW ᨫOHV
$SDUW IURP WKH ˸G˹ IRU GLUHFWRU\ WKHUH FRXOG EH ˸O˹ IRU VRIW DQG KDUG OLQNV
7KH UHVW RI WKH ELWV UHIHU WR FRQFUHWH SHUPLVVLRQ W\SHV ZKHUH ` PHDQV ˸UHDG˹ r
PHDQV ˸ZULWH˹ DQG t PHDQV ˸H[HFXWH˹ 7KH RWKHU WZR FROXPQV VKRZ RZQHUVKLS
IRU XVHU DQG JURXS 6LQFH ZH DUH OLVWLQJ WKH DGPLQ XVHU KRPH GLUHFWRU\ LW˵V
QRW VXSULVLQJ WKDW WKH ᨫOHV EHORQJV WR WKH DGPLQ XVHU


7KH DGPLQ XVHU KDV DOVR RQH SULPDU\ JURXS ZLWK WKH VDPH QDPH DQG WKDW˵V
ZKDW˵V XVHG E\ GHIDXOW DV JURXSRZQHU IRU DQ\ QHZ ᨫOHV DGPLQ FUHDWHV XX
OLVWV URRW XVHU DV WKH RZQHU DQG RZQHU JURXS WKDW˵V EHFDXVH f?QK2 LV RZQHG
E\ URRW QRW DQ\ RWKHU XVHU
3HUPLVVLRQ JURXSV GHᨫQH ZKR WKH PRGH ELWV EHORQJ WR IRU WKH JLYHQ ᨫOH RU
GLUHFWRU\

˾ RZQHU UHIHUV WR WKH SULPDU\ RZQHU D VLQJOH XVHU


˾ JURXSRZQHU UHIHUV WR WKH JURXS %\ GHIDXOW LW ZRXOG EH WKH SULPDU\
JURXS RI WKH XVHU FUHDWLQJ WKH ᨫOH EXW WKLV FDQ EH FKDQJHG WR DQ\ JURXS
˾ RWKHU UHIHUV WR DOO RWKHU XVHUV DSDUW IURP WKH RZQHU RU WKH JURXS PHQ
WLRQHG

3HUPLVVLRQ W\SHV GHᨫQH GLᨪHUHQW SHUPLVVLRQV ZH FDQ DVVLJQ IRU SDUWLFXODU


ᨫOH RU GLUHFWRU\ DQG SHUPLVVLRQ JURXS

˾ UHDG HQDEOHV UHDGLQJ D ᨫOH RU GLUHFWRU\ 7KH SHUPLVVLRQ LV UHSUHVHQWHG


E\ OHWWHU ˸U˹ RU QXPEHU 
˾ ZULWH HQDEOHV ZULWLQJ WR D ᨫOH RU GLUHFWRU\ E\ FUHDWLQJ RU PRGLI\LQJ
ᨫOHV  7KH SHUPLVVLRQ LV UHSUHVHQWHG E\ OHWWHU ˸Z˹ RU QXPEHU 
˾ H[HFXWH VHDUFK HQDEOHV UXQQLQJ WKH ᨫOH RU EURZVLQJ OLVWLQJ D GL
UHFWRU\ 7KH SHUPLVVLRQ LV UHSUHVHQWHG E\ OHWWHU ˸[˹ RU QXPEHU 

@`r@`@@`@@X ᨫOH PRGH RI WKH X#b?`+ ᨫOH DERYH FDQ EH LQWHUSUHWHG DV

˾ DGPLQ RZQHU FDQ UHDG DQG ZULWH WR WKLV ᨫOH EHFDXVH RI r@` 
˾ DGPLQ JURXS FDQ UHDG WKH ᨫOH EHFDXVH RI `@@  DQG
˾ RWKHU XVHUV RQ WKH V\VWHP FDQ DOVR UHDG LW EHFDXVH RI `@@ 

7KLV LV EHFDXVH LI ZH UHPRYH WKH ᨫUVW DQG ODVW FKDUDFWHU ZH JHW OHWWHU ORQJ
SHUPLVVLRQ GHVFULSWLRQ IRU WKH RZQHU ᨫUVW WKUHH  WKH JURXS QH[W WKUHH DQG
WKH RWKHUV ODVW WKUHH UHSUHVHQWHG ZLWK WKH ˸U˹ ˸Z˹ DQG ˸[˹ OHWWHUV DQG ˸˹
IRU QRWKLQJ 
$SDUW IURP WKH XVXDO ˸U˹ ˸Z˹ DQG ˸[˹ WKHUH LV WZR PRUH OHWWHUV WR UHFRJQL]H

˾ ˸V˹ LQGLFDWHV WKH VHWXLGVHWJLG SHUPLVVLRQV LV VHW ,W ZRXOG UHSODFH ˸U˹


DV ˸V˹ IRU HLWKHU XVHU SDUW VHWXLG RU JURXS SDUW VHWJLG  ,I VHW IRU D
GLUHFWRU\ WKDQ DOO QHZ ᨫOHV DQG GLUHFWRULHV LQVLGH ZLOO LQKHULW HLWKHU WKH
XVHU VHWXLG RU JURXS VHWJXL 


˾ ˸W˹ LQGLFDWHV WKH VWLFN\ ELW SHUPLVVLRQV ,W ZRXOG UHSODFH ˸[˹ DV ˸W˹ LQ WKH
H[HFXWDEOH SRUWLRQ RI WKH RWKHU SDUW ,I D VWLFN\ ELW LV VHW RQ D GLUHFWRU\
WKHQ RQO\ WKH ᨫOH˵V RU GLUHFWRU\˵V RZQHU VKRXOG EH DEOH WR UHQDPH RU
GHOHWH WKH ᨫOHV LQVLGH WKDW GLUHFWRU\

<RX FDQ QRWLFH WKH VWLFN\ ELW SHUPLVVLRQ VHW RQ WPS E\ UXQQLQJ
˸OV OG WPS˸ 6LQFH SURJUDPV PLJKW EH FUHDWLQJ WHPSRUDU\ ᨮOHV
IRU XVHUV WKH VWLFN\ ELW HQVXUHV WKDW RQO\ WKH RZQHUV FDQ GHOHWH
VXFK ᨮOHV VLQFH WPS LV RZQHG E\ WKH URRW XVHU ZLWK ZULWDEOH
DFFHVV IRU HYHU\RQH 

7KH ODVW ELW LQ WKH VHTXHQFH X LQGLFDWH WKDW D ᨫOH FRPHV ZLWK D 6(/LQX[
VHFXULW\ FRQWH[W ZLWKRXW DQ\ DOWHUQDWH DFFHVV PHWKRG :H ZLOO EH FRPLQJ WR
WKLV ELW ODWHU
$OO WKHVH ELWV WRJHWKHU ZH FDOO XPDVN
7KLV ELW QRWDWLRQ FDQ DOVR EH UHSUHVHQWHG LQ VR FDOOHG QXPHULFDO PRGH ZKLFK
LV RIWHQ XVHG ZLWK XWLOLWLHV VHWWLQJ DQG PRGLI\LQJ SHUPLVVLRQV 7R JHW WKH
QXPEHULFDO UHSUHVHQWDWLRQ ZH QHHG WR FKDQJH WKH OHWWHUV WR WKHLU QXPHULF
HTXLYDOHQWV DQG WKHQ VXP WKHP XS WRJHWKHU IRU HDFK SHUPLVVLRQ JURXS
,I ZH FRPELQH WKHLU QXPHULFDO YDOXHV DV 9 Y k IRU UHDGLQJ DQG ZULWLQJ  9
IRU UHDGLQJ  9 IRU UHDGLQJ ZH JHW QXPHULFDO ᨫOH PRGH e99
/HW˵V PHQWLRQ VRPH FRPPRQ FRPELQDWLRQV

%LWV 3HUPLVVLRQV
yeey 5HDGLQJ DQG ZULWLQJ IRU RZQHU DQG JURXSRZQHU
ye99 5HDGLQJ DQG ZULWLQJ IRU RZQHU UHDGLQJ IRU HYHU\ERG\ HOVH
ydey 5HDGLQJ ZULWLQJ DQG H[HFXWLQJ IRU RZQHU DQG UHDGLQJ DQG
ZULWLQJ JURXSRZQHU
y8yy 5HDGLQJ DQG H[HFXWLQJ IRU RZQHU QR PRGLᨫFDWLRQV
DOORZHG


 &KDQJLQJ 3HUPLVVLRQV

+?KQ/ DV ˸FKDQJH PRGH˹ LV D SURJUDP WR FKDQJH ᨫOH DQG GLUHFWRULHV PRGH


,W WDNHV QXPHULFDO PRGH DV ᨫUVW DUJXPHQW DQG ᨫOH RU GLUHFWRU\ DV VHFRQG

0 +?KQ/ ye9y fX#b?`+

7KH FRPPDQG DERYH UHPRYHG UHDG ULJKWV RI X#b?`+ ᨫOH IRU RWKHU XVHUV RQ
WKH V\VWHP FKDQJHG IURP ye99 
2WKHU RSWLRQ WKDQ WR SURYLGH D FRPSOHWH QXPHULFDO PRGH LV WR UHTXHVW DG
GLWLRQ RU UHPRYDO RI VSHFLᨫF ELW IURP WKH XPDVN E\ FRPELQDWLRQ RI OHWWHUV
UHSUHVHQWLRQ WKH SHUPLVVLRQ JURXSV RSHUDWRU DQG ELW LWVHOI
˸XJRD˹ DUH OHWWHUV IRU VSHFLI\LQJ WKH JURXS WKDW KDV WR EH IROORZHG E\ RSHUDWRU
DQG ELW LQ TXHVWLRQ ˸X˹ VWDQGV IRU XVHU ˸J˹ IRU JURXS ˸R˹ IRU RWKHU DQG ˸D˹
IRU DOO 7KH\ FDQ EH FRPELQHG WRJHWKHU VR ˸XJ˹ PHDQV XVHU DQG JURXS RZQHUV
˸JR˹ PHDQV JURXS RZQHU DQG RWKHUV
7KLV LV IROORZHG XS E\ Y IRU DGGLWLRQ RU @ IRU UHPRYDO RU 4 IRU DGGLWLRQ ZLWK
UHPRYDO RI XQPHQWLRQHG ELWV GLUHFWRU\˵V XQPHQWLRQHG VHW XVHU DQG JURXS ,'
ELWV DUH QRW DᨪHFWHG WKRXJK  7KH ELW WR UHPRYH RU DGG FRPHV ODVW LQ WKH OHWWHU
UHSUHVHQWLRQ ZH WDONHG DERXW

0 +?KQ/ Q@` fX#b?`+

7KH FRPPDQG DERYH LV LQ RXU FDVH WKH HTXLYDOHQW RI WKH FRPPDQG EHIRUH
$SDUW IURP UHVWULFWLQJ DFFHVV VHWWLQJ WKH ˸H[HFXWH˹ ELW KDV WKH SUDFWLFDO EHQHᨫW
RI EHLQJ DEOH WR UXQ VFULSWV GLUHFWO\

0 +i /2THQvXb?
O5fmb`f#BMf2Mp #b?
0 +?KQ/ Yt /2THQvXb?
0 Xf/2THQvXb?

7KH VKHEDQJ LV QHFHVVDU\ IRU UXQQLQJ WKH VFULSW ZLWK WKH ULJKW SURJUDP EH LW
%DVK 5XE\ RU 3\WKRQ 
6KRXOG ZH ZDQW WR DGG ˸H[HFXWH˹ ELW IRU HYHU\RQH ZH FDQ GR VR DV


0 +?KQ/ Yt fX#b?`+

7KHUH LV DOVR D FDSLWDO ˸;˹ WKDW GLᨪHUV WR ˸[˹ ,W VHWV D GLUHFWRU\ DV H[HFXWDEOH IRU
WKH RZQHU JURXS RZQHU DQG RWKHUV RU LQ FDVH RI D ᨫOH LW NHHSV WKH H[HFXWDEOH
ELW LI SUHVHQW EXW GRHV QRW DGG RQH
,I ZH GRQ˵W VSHFLI\ ˸D˹ RU DQ\ RWKHU OHWWHU LW˵V FKDQJHG IRU HYHU\ JURXS DV ZLWK
˸D˹
,I WKH ᨫOH ZH DUH DERXW WR FKDQJH LV D V\PEROLF OLQN VRIW OLQNHG +?KQ/ FKDQJH
WKH SHUPLVVLRQV RI WKH SRLQWHGWR ᨫOH LQVWHDG
:H FDQ XVH +?KQ/ ZLWK GLUHFWRULHV DV ZHOO ,PDJLQH ZH ZDQW WR FUHDWH 3URMHFWV
GLUHFWRU\ DQG OHW RWKHU XVHUV RQ WKH V\VWHP FRODERUDWH E\ DGGLQJ ᨫOHV IRU
3URMHFW;<

0 KF/B` @T fS`QD2+ibfS`QD2+isu
0 +?KQ/ @+ @_ yddd fS`QD2+ibfS`QD2+isu
KQ/2 Q7 ^f?QK2f/KBMfS`QD2+ibfS`QD2+isu^ +?M;2/ 7`QK ydd8
U`rt`rt`@tV iQ yddd U`rt`rt`rtV

:H XVHG +?KQ/ @+ VZLWFK DV ˸VHH˹ IRU VKRZLQJ DQ\ FKDQJHV WR SHUPLVVLRQV


2ULJLQDO SHUPLVVLRQV ZHUH ydd8 DQG ZHUH FKDQJHG WR yddd DV UHTXHVWHG @_
VZLWFK LV WR KHUH WR WHOO +?KQ/ WR UXQ UHFXUVLYHO\ 6LQFH ZH GRQ˵W KDYH DQ\
ᨫOHV RU GLUHFWRU\ LQVLGH 3URMHFW;< LW GRHVQ˵W DFWXDOO\ GR DQ\WKLQJ ULJKW QRZ
7KLV LV KRZ ZRXOG WKH SHUPLVVLRQV ORRN OLNH

0 Hb @H/ S`QD2+ib
/`rt`rt`@tX j /KBM /KBM 9yNe CM R8 Rj,kN S`QD2+ib

0 Hb @H/ S`QD2+ibfS`QD2+isuf
/`rt`rt`rtX k /KBM /KBM 9yNe CM R8 Rj,je S`QD2+ibfS`QD2+isuf

,I ZH ZRXOG FUHDWH QHZ XVHUV RQ WKH V\VWHP ZH PLJKW H[SHFW WKHP WR EH DEOH
WR OLVW DGPLQ˵V 3URMHFW GLUHFWRU\ DV ZHOO DV 3URMHFW;< EHFDXVH RI WKH H[HFXWH ELW
IRU RWKHU SHUPLVVLRQ JURXS DQG ZULWH RQO\ WR 3URMHFW;< EHFDXVH RI WKH ZULWH
ELW


,W GRHV QRW ZRUN OLNH WKDW \HW EHFDXVH XVHUV FDQQRW OLVW f?QK2f/KBM ,I ZH
ZDQW VRPHRQH WR DFFHVV VRPHWKLQJ RQ WKH ᨫOHV\VWHP ZH QHHG WR DOZD\V OHW
WKHP OLVW DOO GLUHFWRULHV WKDW OHDG WR WKRVH ᨫOHV

0 bm/Q +?KQ/ QYt f?QK2f/KBM

ᨫ[HV WKH LVVXH


Q VSHFLᨫHV WKH SHUPLVVLRQV JURXS RI RWKHU Y VLJQ PHDQV DGGLQJ DQG t UHIHUV WR
WKH H[HFXWH ELW ,Q RWKHU ZRUGV DGG H[HFXWH ELW IRU JLYHQ SDWK WR RWKHU JURXS
WR DFFHVV
6XGGHQWO\ LW ZRUNV DV ZH ZRXOG H[SHFW %\ DGGLQJ RQO\ H[HFXWH ELW ZH GLGQ˵W
KDYH WR FDUH DERXW RULJLQDO SHUPLVVLRQV DQG NHHSLQJ WKHP LQ WDFW 
2WKHU XVHUV FDQ QRZ OLVW WKH DGPLQ˵V KRPH ZKLFK JLYHV WKHP DFFHVV WR 3URMHFWV
GLUHFWRU\ EHFDXVH WKH\ FDQ RWKHUZLVH DFFHVV LW ,W GRHV QRW JLYH WKHP ULJKW
WR Hb DQG VHH DQ\WKLQJ HOVH LQ f?QK2f/KBM WKRXJK 7KH\ ZRXOG QHHG WKH
˸UHDG˹ ELW IRU WKDW
2QFH ZH NQRZ KRZ WR FKDQJH WKH SHUPLVVLRQV ZH VKRXOG H[SDQG RXU NQRZO
HGJH RI WKH 7BM/ XWLOLW\ WR VHDUFK IRU SDUWLFXODU ᨫOH SHUPLVVLRQV ZLWK @T2`K
RSWLRQ

0 bm/Q 7BM/ X @ivT2 7 @T2`K yddd

2U EDVH RQ D XVHUJURXS

0 bm/Q 7BM/ f/B` @mb2` /KBM @;`QmT /KBM

 &KDQJLQJ 2ZQHUVKLS

1RZ XVHUV FDQ JHW WR 3URMHFW;< GLUHFWRU\ DQG FUHDWH QHZ ᨫOHV XQGHU WKHLU
XVHU DV RZQHU DQG WKHLU SULPDU\ JURXS DV JURXS RZQHU DQG UHDG ᨫOHV IURP
RWKHUV EXW ZKDW LI ZH ZDQW WKHP DOO WR HGLW DQ\ ᨫOHV LQVLGH"
7R GR WKDW ZH ZLOO QHHG WR FUHDWH D VSHFLDO JURXS IRU FROODERUDWLRQ WKDW ZLOO
RZQ WKH 3URMHFW;< GLUHFWRU\ HQVXUH WKDW QHZ ᨫOHV FUHDWHG LQVLGH 3URMHFW;< JHW
WKLV JURXS DV JURXS RZQHU DV ZHOO DQG DGG DOO XVHUV RI WKH SURMHFW WR WKLV JURXS


0 bm/Q ;`QmT// T`QD2+itvn+QHH#Q`iQ`b
0 bm/Q mb2`KQ/ @ @: T`QD2+itvn+QHH#Q`iQ`b /KBM

:H FUHDWHG SURMHFW[\BFROODERUDWRUV JURXS DQG DGGHG DGPLQ XVHU WR LW 1RZ ZH


QHHG WR FKDQJH WKH GLUHFWRU\ RZQHUVKLS :H FDQ GR WKDW ZLWK +?QrM

0 bm/Q +?QrM ,T`QD2+itvn+QHH#Q`iQ`b


f?QK2f/KBMfS`QD2+ibfS`QD2+isu

+?QrM WDNHV DV ᨫUVW DUJXPHQW 0la1_,0:_PlS SDLU ,I ZH ZDQW WR


FKDQJH RQO\ XVHU RU D JURXS ZH RPLW WKH RWKHU RQH 7KDW˵V ZK\ ZH KDYH
,T`QD2+itvn+QHH#Q`iQ`b DERYH :H DUH RQO\ FKDQJLQJ WKH JURXS
RZQHU KHUH
7KH ODVW VWHS LV WR HQVXUH WKDW QHZ ᨫOHV DQG GLUHFWRULHV LQKHULW WKLV JURXS VR
FROODERUDWLRQ FDQ KDSSHQ

0 bm/Q +?KQ/ ;Yb fS`QD2+ibfS`QD2+isuf

:H DUH DGGLQJ D VHWJXL ELW IRU WKDW

0 Hb @H/ fS`QD2+ibfS`QD2+isuf
/`rt`rb`rtX k /KBM T`QD2+itvn+QHH#Q`iQ`b 9yNe CM R8 R8,k8
f?QK2f/KBMfS`QD2+ibfS`QD2+isuf

:H FDQ QRWLFH WKDW /`rt`rb`rtX FRQWDLQV ˸V˹ DV DQ H[HFXWDEOH ELW IRU JURXS
QRZ
,I ZH OLVW WKH GLUHFWRU\ DIWHU DGGLQJ D QHZ SURMHFW ᨫOH DQG GLUHFWRU\ ZH JHW

0 Hb f?QK2f/KBMfS`QD2+ibfS`QD2+isu @H
iQiH k
/`rt`rb`@tX k /KBM T`QD2+itvn+QHH#Q`iQ`b 9yNe CM R8 R8,8N
T`QD2+in/B`2+iQ`v
@`r@`r@`@@X R /KBM T`QD2+itvn+QHH#Q`iQ`b y CM R8 R8,8N
T`QD2+in7BH2


,W ZRUNHG DQG HYHU\ PHPEHU RI SURMHFW[\BFROODERUDWRUV JURXS FDQ QRZ ZRUN
RQ WKH 3URMHFW;<
+?QrM DOVR WDNHV @_ VZLWFK VLPLODU\ WR +?KQ/ WR DSSO\ FKDQJHV UHFXUVLYHO\ WR
DOO VXEGLUHFWRULHV DQG @@+?M;2b WR SULQW DQ\ FKDQJH WKDW KDV EHHQ GRQH E\
LQYRNLQJ WKH FRPPDQG

 $FFHVV &RQWURO /LVW


7KH VWDQGDUG /LQX[ ᨫOH SHUPLVVLRQV KDYH VRPH OLPLWDWLRQV WKDW JRW DGGUHVVHG
ZLWK 326,; $FFHVV &RQWURO /LVW $&/ V\VWHP $&/ LV D PRUH ᨫQHG JUDLQHG
V\VWHP DOORZLQJ GLᨪHUHQW XVHUV DQG JURXS YDULRXV DFFHVV WR WKH ᨫOH DORQJVLGH
WKH VWDQGDUG ᨫOH RZQHU JURXSRZQHU DQG RWKHU ᨫOH SHUPLVVLRQV RQFH WKH
EDVLF GLVFUHHW V\VWHP LV QRW HQRXJK ,Q WKH ODWHU H[DPSOHV RI WKLV ERRN ZH GR
ZLWKRXW $&/ EXW LW˵V ZRUWK ORRNLQJ LQWR IRU PRUH FRPSOLFDWHG VHWXSV 1RWH
WKDW IRU $&/ WR ZRUN D ᨫOH V\VWHP VXFK DV H[W KDV WR EH DOUHDG\ PRXQWHG
ZLWK $&/ VXSSRUW GHIDXOW LQ )HGRUD 
/HW XV VHH ZKDW˵V DFWXDOO\ VWD\LQJ WKH VDPH ZLWK $&/

˾ ᨫOH RZQHUV VHW $&/V RQ LQGLYLGXDO ᨫOHV DQG GLUHFWRULHV


˾ SHUPLVVLRQV DUH H[SUHVVHG DV `2/ r`Bi2 DQG 2t2+mi2fb2`+? ELWV
˾ QHZ ᨫOHV DQG GLUHFWRULHV LQKHULG $&/V IURP SDUHQW GLUHFWRULHV
˾ XVHUV VWLOO QHHG WKH RWKHU H[HFXWH ELW VHW IRU DFFHVV

:KDW˵V GLᨪHUHQW LV WKDW ZH FDQ QRZ H[SOLFLWHO\ QDPH D XVHU RU JURXS DQG DVVLJQ
WKHVH SHUPLVVLRQV ELWV GLUHFWO\ WR WKHP
,I ZH KDYH D VSHFLᨫF SURMHFW GLUHFWRU\ ZH FDQ VSHFLI\ WKDW RQO\ XVHUV #Q# DQG
HB+2 FDQ UHDG LW ZLWKRXW FUHDWLQJ D VSHFLᨫF DFFHVV JURXS WR WKHP 2U VSHFLI\
WKDW JURXS H#nbim/2Mib DQG H#ni2+?2`b FDQ ERWK HGLW ᨫOHV LQVLGH WKLV
GLUHFWRU\ DJDLQ ZLWKRXW FUHDWLQJ DQRWKHU VSHFLᨫF JURXS WKDW ZRXOG JURXS
WKHP 
:H FDQ VHH LI $&/ LV LQ HᨪHFW ZKHQ Hb @H VKRZV Y DW WKH HQG RI WKH SHUPLVVLRQ
VWULQJ LQVWHDG RI X

0 KF/B` S`QD2+i*G
0 Hb @H/ S`QD2+i*G
/`rt`rt`@tX k /KBM /KBM 9yNe J` Rd R9,k8 S`QD2+i*G


:H KDYH MXVW FUHDWHG D QHZ GLUHFWRU\ IRU RXU SURMHFW FDOOHG 3URMHFW$&/ DQG Hb@
H VKRZV X DV WKH ODVW ELW 7KDW PHDQV RQO\ UHJXODU SHUPLVVLRQV DQG 6(/LQX[
FRQWH[W OLPLW DFFHVV WR WKH GLUHFWRU\
7KHUH LV DOVR D VSHFLᨫF FRPPDQG WR OLVW WKH $&/ UXOHV FDOOHG ;2i7+i

0 ;2i7+H S`QD2+i*G
O 7BH2, S`QD2+i*G
O QrM2`, /KBM
O ;`QmT, /KBM
mb2`,,`rt
;`QmT,,`rt
Qi?2`,,`@t

;2i7+i FRPPDQG DERYH VKRZV WKH $&/ RI RXU 3URMHFW$&/ GLUHFWRU\ 7KH
IRUPDW LV QHZ EXW E\ UHDGLQJ LW ZH UHDOL]H WKDW LW MXVW VKRZV WKH VDPH WKLQJ
DV Hb @H

˾ WKH RZQHU RI WKH GLUHFWRU\ LV XVHU DGPLQ ZLWK SHUPLVVLRQV `rt


˾ WKH JURXS RZQHU RI WKH GLUHFWRU\ LV JURXS DGPLQ ZLWK SHUPLVVLRQV `rt
˾ RWKHU XVHUV DUH DEOH WR UHDG DQG VHDUFK WKH GLUHFWRU\ ZLWK `@t

6R IRU ᨫOHV DQG GLUHFWRULHV QRW PDQDJHG ZLWK $&/ ;2i7+H JHWV XV WKH XVXDO
/LQX[ SHUPLVVRQV /HWV VHH KRZ WKLV FKDQJHV ZKHQ ZH DGG VRPH $&/ UXOHV
:H FUHDWH D QHZ JURXS DFOBVWXGHQWV DQG JLYH LW WKH VDPH ULJKWV DV JURXS DGPLQ
DOUHDG\ KDV ZLWK b2i7+H

0 ;`QmT// +Hnbim/2Mib
0 b2i7+H @K ;`QmT,+Hnbim/2Mib,`rt S`QD2+i*G

@K VZLWFK PHDQV ˸PRGLI\˹ DQG LW˵V IROORZHG E\ DQ $&/ UXOH DQG GLUHFWRU\
QDPH
(YHU\ UXOH VWDUWV HLWKHU ZLWK mb2` IRU XVHUV ;`QmT IRU JURXSV RU Qi?2` IRU
RWKHU XVHUV IROORZHG E\ FRORQ ,  D JLYHQ XVHU RU JURXS QDPH OHDYLQJ WKLV
RXW PHDQV XVHU RU JURXS RZQHU  IROORZHG E\ FRORQ , DQG SHUPLVVLRQ ELWV
WKDW VKRXOG DSSO\ 5XQQLQJ ;2i7+H DJDLQ JLYHV XV


0 ;2i7+H S`QD2+i*G
O 7BH2, S`QD2+i*G
O QrM2`, /KBM
O ;`QmT, /KBM
mb2`,,`rt
;`QmT,,`rt
;`QmT,+Hnbim/2Mib,`rt
KbF,,`rt
Qi?2`,,`@t

,W ORRNV DOPRVW WKH VDPH H[FHSW WKHUH LV D QHZ HQWU\ JLYLQJ DFFHVV WR RXU
+Hnbim/2Mib JURXS DQG D PDVN HQWU\

;`QmT,+Hnbim/2Mib,`rt
KbF,,`rt

7KH PDVN UHSUHVHQW WKH ELJJHVW SHUPLVVLRQV JLYHQ WR D QDPHG XVHU RU JURXS
,W˵V `rt VLQFH VRPH XVHUV RU JURXSV DOVR KDYH WKLV SHUPLVVLRQV VHW
:KHQ UXQQLQJ Hb @H ZH FDQ VSRW WKH Y VLJQ LQGLFDWLQJ WKH $&/ SHUPLVVLRQV
DUH LQ HᨪHFW

0 Hb @H/ S`QD2+i*G
/`rt`rt`@tY k /KBM /KBM 9yNe J` Rd R9,9k S`QD2+i*G

$OVR WKH JURXS SHUPLVVLRQV DUH QR ORQJHU SUHVHQW ,QVWHDG WKH\ ZHUH UHSODFHG
E\ WKH PDVN 6LQFH WKLV LV f?QK2f/KBMfS`QD2+i*G ZH KDYH WR HQVXUH
f?QK2f/KBM LV VHDUFKDEOH IRU RWKHU XVHUV LI ZH KDYHQ˵W DOUHDG\

0 +?KQ/ Q;Yt f?QK2f/KBM

,I ZH ZRXOG OLNH WR JLYH DQ H[SOLFLW ZULWH DFFHVV WR WKH FDW XVHU ZH FRXOG GR LW
DV

0 b2i7+H @K mb2`,+i,`rt S`QD2+i*G


,I ZH ZRXOG LQVWHDG JLYH RQO\ WKH r`Bi2 ULJKWV DV @r@ DQG VR GLVDEOH WKH
UHDG DFFHVV

0 b2i7+H @K mb2`,+i,@r@ S`QD2+i*G

$&/ ZRXOG KRQRU WKLV SDUWLFXODU FRQᨫJXUDWLRQ 8VHU UXOHV DOZD\V DSSO\ EHIRUH
JURXS UXOHV
$W ODVW VLQFH WKLV LV D GLUHFWRU\ ZH ZDQW WR HQVXUH WKDW DQ\ QHZ ᨫOH DGGHG E\
DGPLQ RU FDW XVHU LV DFFHVVLEOH E\ RWKHU XVHUV 2U LQ RWKHU ZRUGV IROORZ WKLV
$&/ VHWWLQJV 7R DFKLHYH WKLV ZH KDYH WR PRGLI\ $&/ RQFH DJDLQ ZLWK WKH
VDPH SHUPLVVLRQ ELWV RQO\ SUHSHQGHG E\ /27mHi, ZKLFK WDNHV FDUH DERXW
WKH QHZ ᨫOHV LQ WKH GLUHFWRU\

0 b2i7+H @K /27mHi,;`QmT,+Hnbim/2Mib,`rt S`QD2+i*G


0 b2i7+H @K /27mHi,mb2`,+i,`rt S`QD2+i*G

1RZ LI ZH VZLWFK WR WKH FDW XVHU DQG DGG D QHZ ᨫOH ZH VKRXOG VHH WKH IROORZLQJ
$&/ VHW

+i0 iQm+? f?QK2f/KBMfS`QD2+i*GfKB+2ni`TbXiti

0 ;2i7+H f?QK2f/KBMfS`QD2+i*GfKB+2ni`TbXiti
;2i7+H, _2KQpBM; H2/BM; ^f^ 7`QK #bQHmi2 Ti? MK2b
O 7BH2, ?QK2f/KBMfS`QD2+i*GfKB+2ni`TbXiti
O QrM2`, +i
O ;`QmT, +i
mb2`,,`r@
mb2`,+i,`rt O2772+iBp2,`r@
;`QmT,,`rt O2772+iBp2,`r@
;`QmT,+Hnbim/2Mib,`rt O2772+iBp2,`r@
KbF,,`r@
Qi?2`,,`@@

6LQFH LW˵V QRW DQ H[HFXWDEOH ᨫOH WKH ;2i7+H OLVWLQJ HYHQ LQIRUP XV WKDW HᨪHF
WLYH SHUPLVVLRQV IRU WKH +Hnbim/2Mib JURXS RQ WKLV ᨫOH LV `r@


 6XPPDU\
,Q WKLV FKDSWHU ZH JDYH XVHUV DQG JURXSV PRUH SRZHU DQG SXUSRVH E\ LQWUR
GXFLQJ GLVFUHHW SHUPLVVLRQV RQ D /LQX[ V\VWHP

˾ :H OHDUQHG DERXW WKH ᨫOH PRGH ELWV DQG KRZ WR UHDG WKHP IURP Hb @H
RXWSXW ,QLWLDO ELW PDUNV HLWKHU ᨫOH ZLWK @ RU GLUHFWRU\ ZLWK /  ,W˵V
IROORZHG E\ WKUHH JURXSV RI SHUPLVVLRQ ELWV UHSUHVHQWLQJ XVHU RZQHU
JURXS RZQHU DQG RWKHU XVHUV 7KH ODVW ELW VWDQGV IRU HLWKHU 6(/LQX[
FRQWH[W X RU $&/ Y 

˾ 7KH ELWV LQ WKH PLGGOH VWDQGV IRU UHDGLQJ `  ZULWLQJ r RU H[HFXWLQJ


SHUPLVVLRQV ZKHUH LQ FDVH RI GLUHFWRULHV WKH H[HFXWDEOH ELW PHDQV DELOLW\
WR OLVW WKH GLUHFWRU\ FRQWHQWV DQG WUDYHUVH LW IXUWKHU :H OHDUQHG KRZ
WR ZULWH WKHVH SHUPLVVLRQV ELWV LQ QXPHULFDO UHSUHVHQWDWLRQ DV D VXP RI
WKHLU QXPHULFDO YDOXHV ` LV  r LV  DQG t LV 

˾ 7KH GHIDXOW PRGH IRU QHZ ᨫOHV DQG GLUHFWRULHV LV e99 ZKLFK WUDQVODWHV WR
`r@`r@`@@ ELWV EHFDXVH UHDGLQJ LV  DQG ZULWLQJ LV   8VLQJ +?KQ/
ZH FDQ FKDQJH WKHVH SHUPLVVLRQV RQ ᨫOH DQG GLUHFWRULHV XVLQJ HLWKHU WKH
ᨫQDO QXPHULFDO UHSUHVDQWDWLRQ HJ +?QrM ye99 RU E\ DGGLQJUHPRY
LQJ D VSHFLᨫF ELW HJ +?KQ/ QYr DGGV ZULWLQJ IRU Qi?2` XVHUV 

˾ (DFK ᨫOH RU GLUHFWRU\ FRPHV ZLWK D XVHU DQG JURXS RZQHUV WKDW WKH ᨫOH
PRGH ELWV UHIHU WR 8VLQJ +?QrM ZH FDQ FKDQJH WKH RZQHUVKLS RI D ᨫOH
RU GLUHFWRU\ $ VKDUHG JURXS FDQ EH XVHG DV D QHZ RZQHU WR HQDEOH
FRRSHUDWLRQ EXW VHWJXL ELW KDV WR EH VHW VR QHZ ᨫOHV LQKHULW WKLV JURXS
DXWRPDWLFDOO\ DQG DQ\ SDUHQW GLUHFWRULHV KDV WR EH VHDUFKDEOH IRU WKH
FROODERUDWRUV

˾ $FFHVV &RQWURO /LVW $&/ LV D V\VWHP WKDW WDNHV WKH XVXDO GLVFUHHW SHU
PLVVLRQV DQG H[SDQG WKHP EH\RQG WKH XVHU DQG JURXS RZQHUV VR ZH
FDQ VHW DQ\ XVHU RU JURXS SHUPLVVLRQV GLUHFWO\ :LWK ;2i7+H ZH FDQ
OLVW DOO $&/ UXOHV DQG ZLWK b2i7+H @K ZH FDQ HDVLO\ FKDQJH WKHP


&KDSWHU 

3URFHVVHV

5XQQLQJ D ZHE DSSOLFDWLRQ LV HVVHQWLDOO\ UXQQLQJ D VXLWH RI UHODWHG SURJUDPV


FRQFXUUHQWO\ DV SURFHVVHV 6SDZQLQJ D SURJUDP SURFHVV FDQ EH DV VLPSOH DV
W\SLQJ LWV QDPH LQWR D WHUPLQDO EXW KRZ GR ZH HQVXUH WKDW WKLV SURJUDP ZRQ˵W
VWRS DW VRPH SRLQW" :H QHHG WR WDNH D FORVHU ORRN DW ZKDW /LQX[ SURFHVVHV
DUH DQG KRZ WR EULQJ WKHP EDFN WR OLIH IURP IDLOXUHV
$SDUW IURP OHYHUDJLQJ V\VWHPG DV D SURFHVV PDQDJHU ZH˵OO H[SORUH V\VWHP UH
VRXUFHV OLNH &38 DQG YLUWXDO PHPRU\ PRQLWRULQJ SURFHVVHV DQG VFKHGXOLQJ
UHFXUULQJ SURJUDPV˵ UXQV /HDUQLQJ KRZ WR GHEXJ DQ\ /LQX[ SURFHVV E\ LQ
VSHFWLQJ HPLWWHG V\VWHP FDOOV ZLOO PDNH XV D OLWWOH ELW PRUH FRQᨫGHQW WR IDFH
SURGXFWLRQ LVVXHV LQ WKH IXWXUH


 &RPSXWHUV
$Q RSHUDWLQJ V\VWHP SURFHVV LV D UXQQLQJ SURJUDP ZLWK RQH RU PRUH WKUHDGV
FRQVXPLQJ FRPSXWLQJ DQG PHPRU\ UHVRXUFHV ,W˵V LGHQWLᨫHG E\ D SURFHVV ,'
NQRZQ DV 3,' $ SURFHVV WKUHDG LV WKH EDVLF XQLW RI &38 XWLOL]DWLRQ LQ D SUR
FHVV :KLOH SURFHVVHV VKDUH YHU\ OLWWOH ZLWK WKH SDUHQW SURFHVV DQG HDFK RWKHU
PXOWLWKUHDGHG SURFHVVHV UXQ PXOWLSOH WKUHDGV VLPXOWDQHRXVO\ ZKLOH VKDULQJ
WKHLU YLUWXDO DGGUHVV VSDFH DPRQJ RWKHU WKLQJV  7KLV GLVWLQFWLRQ ZLOO EHFRPH
DSSDUHQW ZKHQ VHWWLQJ XS 3XPD DQG *XQLFRUQ ODWHU
6R ZKDW LV D &38 DQ\ZD\" $ FHQWUDO SURFHVVLQJ XQLW &38 LV \RXU SURFHVVRU
RU SURFHVVRU FRUH  3URFHVVRUV DUH SK\VLFDO KDUGZDUH HOHFWURQLF FLUFXLWU\
WKDW JHWV WR H[HFXWH LQVWUXFWLRQV RI \RXU SURJUDP 7KH\ PLJKW IHDWXUH VHYHUDO
SDUWV FDOOHG XQLWV FDFKHV DQG D FORFN 7KH FORFN VSHHG WHOOV XV WKH QXPEHU RI
LQVWUXFWLRQ F\FOHV WKH &38 H[HFXWHV LQ VHFRQG PHDVXUHG LQ *+] JLJDKHUW] 

$V ZLWK RWKHU LQWHJUDWHG FLUFXLWV SURFHVVRUV DUH PDGH RI WUDQ


VLVWRUV 7UDQVLVWRUV ZKLFK DPSOLI\ RU VZLWFK HOHFWULFDO FXUUHQWV
DUH PDGH IURP D FKHPLFDO HOHPHQW WKDW FRQGXFWV HOHFWULFLW\ ZHOO
GHVSLWH WKH LQFUHDVLQJ WHPSHUDWXUH 7KLV FKHPLFDO LV FDOOHG VLO
LFRQ DQG LV WKH PRVW FRPPRQ FRPSRQHQW RI VDQG 1RW WR EH FRQIXVHG ZLWK
VLOLFRQH ZKLFK IRXQG LWV ZD\ WR D GLᨭHUHQW NLQG RI KDUGZDUH

,I D VLQJOH FKLS RQ WKH PRWKHUERDUG KDV WZR RU PRUH FRUHV ZH ZRXOG FDOO LW
D PXOWLFRUH SURFHVVRU 6LQJOHWKUHDGHG SURFHVVHV FDQQRW WDNH DGYDQWDJH RI
WKHVH PXOWLSOH FRUHV EHFDXVH RQO\ D VLQJOH WKUHDG JHWV H[HFXWHG RQ D VLQJOH
FRUH DW D WLPH 7KDW PLJKW QRW EH D ELJ SUREOHP EHFDXVH ZH PLJKW KDYH SOHQW\
RI SURFHVVHV DURXQG DOO UXQQLQJ FRQFXUUHQWO\ 6LPLODUO\ D PXOWLWKUHDGHG
SURFHVV FDQQRW UXQ PRUH WKUHDGV DW RQFH RQ D VLQJOHFRUH V\VWHP 6XFK D
SURFHVV ZRXOG KDYH WR LQWHUOHDYH WKHVH WKUHDGV VR WKH\ DOO SURJUHVV ZLWK WKHLU
WDVN 7KH /LQX[ WKUHDG VFKHGXOHU KDQGOHV ZKLFK WKUHDG WR UXQ RQ ZKLFK FRUH
DQG ZKHQ
$ QHZ SURFHVV RQ /LQX[ FRPHV RXW IURP D SDUHQW SURFHVV VDYHG DV 33,' 
7KH V\VWHP FDOO IRU FUHDWLQJ D FKLOG SURFHVV LV FDOOHG IRUN DQG WKH SURFHVV
IRUNLQJ :HE VHUYHUV PLJKW W\SLFDOO\ IRUN WR FUHDWH PRUH ZRUNHU SURFHVVHV WR
KDQGOH PRUH UHTXHVWV 7KDW LV HVSHFLDOO\ WUXH IRU ZHE VHUYHUV WKDW FDQ RQO\
KDQGOH RQH UHTXHVW DW D WLPH LQ D VLQJOH SURFHVV


<RX PLJKW KDYH QRWLFHG WKDW KRVWLQJ SURYLGHUV DUH VHOOLQJ XV YLUWXDO &38V
Y&38V  7KHVH YLUWXDO SURFHVVRU FRUHV KDYH QRWKLQJ WR GR ZLWK WKH DFWXDO
SK\VLFDO FRUHV ,W˵V D K\SHUYLVRU PDSSLQJ DOORZLQJ XV WR VKDUH WKH VPDOOHU
QXPEHUV RI SURFHVVLQJ XQLWV ZLWK PRUH YLUWXDOL]HG V\VWHPV +\SHUYLVRUV DUH
YLUWXDO PDFKLQH PRQLWRUV WKH\ DUH WKH VRIWZDUH KRVWLQJ SURYLGHUV UXQ WR EULQJ
RXU YLUWXDO PDFKLQHV XS RQ WKHLU SK\VLFDO KDUGZDUH
:KDW GRHV LW PHDQ LQ UHDOLW\" ,I D VHUYLFH SURYLGHU SURPLVHV WZR Y&38V \RX
PLJKW JHW WZR DFWXDO FRUHV LI WKH\ DUH DYDLODEOH %XW LI WKH\ DUHQ˵W \RX ZRQ˵W
<RXU YLUWXDOL]HG SULYDWH VHUYHU VKDUHV WKHP ZLWK RWKHU SULYDWH VHUYHUV RQ WKDW
SK\VLFDO VHUYHU

6\VWHP FDOOV DUH D ZD\ IRU SURFHVVHV WR UHTXHVW VRPHWKLQJ IURP


WKH NHUQHO ,Q D /LQX[ NHUQHO ERWK SURFHVVHV DQG WKUHDGV DUH
FDOOHG WDVNV DQG ERWK RULJLQDWH IURP WKH FORQH V\VWHP FDOO &ORQH
LV D PRUH YHUVDWLOH YHUVLRQ RI WKH RULJLQDO 81,; IRUN V\VWHP FDOO

$QG WKHQ WKHUH LV PHPRU\ 5DQGRP $FFHVV 0HPRU\ 5$0 LV D NLQG RI


PHPRU\ WKDW FDQ EH XVHG WR UHDG DQG ZULWH GDWD LQ DOPRVW WKH VDPH DPRXQW
RI WLPH 0RVW SHRSOH DVVRFLDWH 5$0 ZLWK EHLQJ YRODWLOH ORVLQJ GDWD ZLWKRXW
SRZHU  EXW SHRSOH DOUHDG\ GHYHORSHG QRQYRODWLOH 5$0
5$0 ZRXOG EH IDVW DQG YRODWLOH PHPRU\ XVHG IRU ORDGLQJ SURJUDP FRGH DQG
IDVW DFFHVV SURJUDP GDWD RQ D W\SLFDO VHUYHU ,PDJLQH D VSHFLᨫF 5XE\ RU 3\WKRQ
ZHE DSSOLFDWLRQ VLWWLQJ RQ WKH GLVN $OO RI LWV VRXUFH FRGH LQFOXGLQJ DQ\
GHSHQGHQF\ ZRXOG EH ORDGHG LQWR WKH SURFHVV DGGUHVV VSDFH RQ VWDUW 2Q WRS
RI WKDW ZH QHHG 5$0 IRU WKH OLYH GDWD OLNH UHTXHVW SD\ORDGV
6R ZKDW KDSSHQV ZKHQ ZH UXQ RXW RI PHPRU\"
6ZDS LV D GLVN VSDFH WKDW DOORZV WKH RSHUDWLQJ V\VWHP WR H[FKDQJH PHPRU\
IURP IDVW 5$0 WR GLVN DQG EDFN ,I ZH FUHDWH D 6ZDS VSDFH WKH V\VWHP ZLOO
WU\ WR PRYH VRPH RI WKH 5$0 GDWD WR 6ZDS VSDFH RQ WKH GLVN 7KDW PLJKW
PHDQ WKDW SURFHVVHV EHFRPH VORZ %XW LI ZH GRQ˵W KDYH 6ZDS VSDFH RU LW˵V
DOUHDG\ IXOO WKH SURFHVV FUDVKHV 9LUWXDO PHPRU\ LV WHUPLQRORJ\ FRYHULQJ
WKH PHPRU\ XVHG E\ SURFHVVHV EH LW 5$0 RU 6ZDS 0DQ\ RI WKH WRROV UHSRUW
WKH YLUWXDO PHPRU\ XVHG EXW NQRZLQJ WKH DFWXDO PHPRU\ WDNHQ SHU SURFHVV
LV D WULFN\ WDVN 7KDW LV EHFDXVH WKH IRUNHG SURFHVVHV XVXDOO\ VKDUH VRPH RI
WKH UHSRUWHG PHPRU\


 'DHPRQV
%DVK LV WKH FRPPDQG SURFHVVRU ZH ODXQFK SURJUDPV ZLWK %XW VR IDU ZH
DOZD\V ZDLWHG IRU FRPPDQGV WR ᨫQLVK EHIRUH UXQQLQJ RWKHU SURJUDPV :KDW
LI ZH QHHG WR UXQ VRPHWKLQJ WKDW WDNHV D ZKLOH RU VKRXOGQ˵W ᨫQLVK DW DOO"
:H QHHG WR PRYH RQ IURP H[HFXWLQJ VKRUW SURJUDPV WR UXQQLQJ SURFHVVHV
SHUSHWXDOO\ )LUVW ZH˵OO UXQ SURFHVVHV LQ WKH VKHOO˵V EDFNJURXQG DQG DIWHUZDUG
ZH˵OO GLVSDWFK WKHP IRU IDU JUDQGHU DGYHQWXUHV
,˵OO GHPRQVWUDWH LW ZLWK TBM;

0 TBM; 3X3X3X3 == `2bmHibXiti

$V D ᨫUVW VWHS , VWRS WKH SURFHVV ZLWK &75/=

XXX
(R)Y aiQTT2/ TBM; 3X3X3X3 == `2bmHibXiti

7KH QXPEHU  LQVLGH WKH EUDFNHWV DERYH LV WKH MRE LGHQWLᨫHU QRW D SURFHVV
,'  2QFH WKH SURFHVV LV VWRSSHG , FDQ OHW LW FRQWLQXH LQ WKH %DVK VHVVLRQ˵V
EDFNJURXQG ZLWK EJ DV ˸EDFNJURXQG˹ E\ W\SLQJ #; WR

0 #; WR

7KH SURJUDP QRZ UXQV LQ WKH EDFNJURXQG RI WKH RSHQHG %DVK VHVVLRQ :H
UHGLUHFWHG LWV RXWSXW WR `2bmHibXiti EHFDXVH RWKHUZLVH WKH SURJUDP ZRXOG
NHHS SULQWLQJ WR WKH WHUPLQDO , FDQ EULQJ LW EDFN WR WKH IRUHJURXQG ZLWK IJ
DV ˸IRUHJURXQG˹ DQG NLOO LW ZLWK &75/&

0 7;

7KLV ZD\ ZH FDQ VWDUW PDQ\ ORQJUXQQLQJ SURJUDPV ZLWKRXW RSHQLQJ VHSDUDWH
VKHOO VHVVLRQV ,I ZH VWDUW PRUH SURFHVVHV ZH FDQ NHHS WUDFN ZLWK WKH MREV
FRPPDQG


0 TBM; 3X3X3X3 == `2bmHibXiti
w
(R)Y aiQTT2/ TBM; 3X3X3X3 == `2bmHibXiti
0 TBM; 3X3X3X3 == `2bmHibXiti
w
(k)Y aiQTT2/ TBM; 3X3X3X3 == `2bmHibXiti
0 #; WR
(R)@ TBM; 3X3X3X3 == `2bmHibXiti 
0 #; Wk
(k)Y TBM; 3X3X3X3 == `2bmHibXiti 
0 DQ#b
(R)@ _mMMBM; TBM; 3X3X3X3 == `2bmHibXiti 
(k)Y _mMMBM; TBM; 3X3X3X3 == `2bmHibXiti 

/HW˵V EULQJ WKH ᨫUVW SURFHVV WR WKH IRUHJURXQG DQG NLOO LW 7KH VHFRQG SURFHVV
FRQWLQXHV

0 7; WR
TBM; 3X3X3X3 == `2bmHibXiti
*
0 DQ#b
(k)Y _mMMBM; TBM; 3X3X3X3 = f/2pfMmHH 

7KH  VLJQ WKDW ZH FDQ VHH LQ WKH RXWSXWV DERYH PHDQV WKH SURFHVV LV UXQQLQJ
LQ WKH EDFNJURXQG :H FDQ DOVR XVH LW WR UHTXHVW D SURJUDP WR VWDUW LQ WKH
EDFNJURXQG IURP WKH EHJLQQLQJ

0 TBM; 3X3X3X3 == `2bmHibXiti 


(j) k3dR3

7KDW LV DOVR D VPDUW ZD\ RI RSHQLQJ GHVNWRS DSSOLFDWLRQV IURP WKH WHUPLQDO
%\ VHQGLQJ WKHP WR WKH EDFNJURXQG ZH FDQ FRQWLQXH ZRUNLQJ ZLWK WKH VKHOO
:H JRW D QHZ QXPEHU QH[W WR WKH MRE ,' WKLV WLPH D SURFHVV ,' 3,' ZKLFK
LGHQWLᨫHV WKLV SURFHVV DFURVV WKH ZKROH 26 ,W˵V D JRRG WLPH WR VHH WKH 05
EXLOWLQ YDULDEOH LQ DFWLRQ 05 WHOOV XV WKH 3,' RI WKH ODVW VSDZQHG SURFHVV LQ
WKH EDFNJURXQG 


0 2+?Q 05
k3dR3

:KDW LI ZH ZDQW WKH SURFHVV WR FRQWLQXH ZLWKRXW WKH VKHOO EHLQJ RSHQHG" :H
FDQ UHPRYH D SDUWLFXODU SURFHVV IURP WKH WHUPLQDO MREV TXHXH ZLWK GLVRZQ
,W WDNHV WKH VDPH DUJXPHQW DV 7; DQG #;

0 DQ#b
(k)@ _mMMBM; TBM; 3X3X3X3 == `2bmHibXiti 
(j)Y _mMMBM; TBM; 3X3X3X3 == `2bmHibXiti 
0 /BbQrM Wk
0 DQ#b
(j)Y _mMMBM; TBM; 3X3X3X3 == `2bmHibXiti 

%\ GLVDVVRFLDWLQJ D SURFHVV IURP WKH WHUPLQDO ZH FUHDWHG D ORQJUXQQLQJ SUR


FHVV ZKLFK ZH DOVR FDOO D GDHPRQ

$ GDHPRQ LV D SURJUDP UXQQLQJ LQ WKH EDFNJURXQG XQOLNH SUR


JUDPV ZH VSDZQHG LQ WKH FRPPDQG OLQH DQG ZDLWHG IRU WKHP
WR ᨮQLVK  7KH QDPH GRHV QRW UHIHU WR GHPRQV IURP WKH XQ
GHUZRUOG EXW UDWKHU WR WKH 0D[ZHOO˴V GDHPRQ D SURJUDP WKDW
ZRUNV WLUHOHVVO\ LQ WKH EDFNJURXQG 7KH ZRUG ˸GDHPRQ˸ FRPHV IURP *UHHN
P\WKRORJ\ DQG LV QHLWKHU JRRG QRU HYLO

7KH SURFHVVHV DERYH ZHUH HLWKHU LQ aiQTT2/ RU _mMMBM; VWDWHV 7KHUH WZR
PRUH VWDWHV WKH SURFHVVHV FRXOG EH LQ

˾ $ UXQQLQJ SURFHVV LV D KHDOWK\ SURFHVV WKDW LV HLWKHU EHLQJ H[HFXWHG RU


ZDLWLQJ IRU WKH &38 VR LW FDQ UXQ

˾ $ ZDLWLQJ SURFHVV LV ZDLWLQJ IRU VRPHWKLQJ WR KDSSHQ

˾ $ VWRSSHG SURFHVV KDV EHHQ VWRSSHG 6XFK D SURFHVV FDQ FRQWLQXH 2QH
UHDVRQ WR VWRS D SURFHVV LV GHEXJJLQJ

˾ $ ]RPELH SURFHVV LV ZKDW LW VRXQGV OLNH D GHDG SURFHVV 7KH SURFHVV


LV KDOWHG DQG VWLOO DURXQGFRQVXPLQJ V\VWHP UHVRXUFHV


 3URFHVV 0DQDJHUV
'DHPRQV UXQQLQJ RQ WKHLU RZQ LQ WKH EDFNJURXQG ZRUN ᨫQH ˱ XQWLO WKH\ GRQ˵W
$ SURFHVV PDQDJHU VSDZQV DQG ZDWFKHV RYHU ORQJUXQQLQJ SURFHVVHV WR NHHS
WKHP LQ WKH UDFH 7KH V\VWHPG LQLW V\VWHP LV UHVSRQVLEOH IRU LQLWLDOL]LQJ DQG
PDQDJLQJ V\VWHP VHUYLFHV ,W˵V DQ HVVHQWLDO SURFHVV PDQDJHU VWDUWLQJ DV WKH
VHFRQG SURFHVV DIWHU /LQX[ NHUQHO RQ ERRW ZLWK 3,'  DQG ᨫQLVKLQJ DV ODVW
DW VKXWGRZQ
7KHUH DUH PDQ\ SURFHVVHV DOUHDG\ VWDUWHG ORQJ EHIRUH ZH FUHDWH DQ\ RI RXU
RZQ 7R VHH DOO SURFHVVHV PDQDJHG E\ V\VWHPG UXQ WKH V\VWHPFWO SURJUDP
ZLWKRXW DQ\ DUJXPHQWV RU ZLWK @@mb2` WR OLVW XVHU SURFHVVHV 

0 bvbi2K+iH
0 bvbi2K+iH @@mb2`

7KH bvbi2K+iH FRPPDQG ZLOO DOVR KHOS XV PDQDJH DQ\ VHUYLFHV XQGHU WKH
V\VWHPG VXSHUYLVLRQ :H DOUHDG\ NQRZ bvbi2K+iH `2bi`i IURP WKH OLWWOH
FRQᨫJXUDWLRQ PDQDJHPHQW GHPR 1RZ ZH˵OO GLYH LQWR GHWDLOV $VVXPLQJ ZH
KDYH WKH QJLQ[ 530 SDFNDJH LQVWDOOHG ZH FDQ TXHU\ LWV DYDLODEOH VHUYLFHV ZLWK
bvbi2K+iH HBbi@mMBi@7BH2b DV IROORZV WU\ LW ZLWKRXW ;`2T WRR 

0 bvbi2K+iH HBbi@mMBi@7BH2b @@ivT24b2`pB+2 % ;`2T M;BMt


M;BMtXb2`pB+2 /Bb#H2/

:H DUH DVNLQJ IRU VHUYLFHV ZKLFK DUH VSHFLDO NLQG RI V\VWHPG XQLW ᦣOHV <RX
FDQ WKLQN RI XQLW ᨫOHV DV DQ\ NLQG RI UHVRXUFH WKDW V\VWHPG FDQ PDQDJH DQG
V\VWHPG FDQ LQGHHG PDQDJH PDQ\ PRUH WKLQJV OLNH VRFNHWV WLPHUV GHYLFHV RU
PRXQWV 
7R VWDUW D VHUYLFH UXQ

0 bm/Q bvbi2K+iH bi`i M;BMtXb2`pB+2

,GHDOO\ ZH SURYLGH WKH IXOO QDPH RI WKH XQLW ᨫOH 0lLAhnLJ1Xb2`pB+2 WR


UHPRYH DPELJXLW\ EXW ZH FRXOG RPLW WKH VXᨬ[ PRVW RI WKH WLPH WKHUH LV QR
RWKHU UHVRXUFH WR VWDUW FDOOHG ˸QJLQ[˹  <RX FRXOG WKHQ SRLQW WKH ZHE EURZVHU


WR 0ASn.._1aa,3y ZKHUH 0ASn.._1aa LV RXU VHUYHU˵V ,3 DGGUHVV WR VHH
WKH 1*,1; ZHOFRPLQJ WHVW SDJH RU WKH RQH ZH UHSODFHG LW ZLWK 7KDW PLJKW
QRW EH WKH FDVH LI D ᨫUHZDOO RU VRPHWKLQJ HOVH LV LQ WKH ZD\ EXW ZH FDQ DOZD\V
UXQ +m`H ORFDOO\ WR FRQᨫUP WKLV

0 +m`H ?iiT,ffHQ+H?Qbi,3yf

7R VHH WKDW HYHU\WKLQJ ZRUNV IURP WKH V\VWHPG SHUVSHFWLYH ZH FDQ UXQ
bvbi2K+iH biimb WR TXHU\ WKH FXUUHQW VWDWH RI WKH VHUYLFH

0 bm/Q bvbi2K+iH biimb M;BMtXb2`pB+2


M;BMtXb2`pB+2 @ h?2 M;BMt >hhS M/ `2p2`b2 T`Qtv b2`p2`
GQ/2/, HQ/2/ Ufmb`fHB#fbvbi2K/fbvbi2KfM;BMtXb2`pB+2c
2M#H2/c p2M/Q` T`2b2i, /Bb#H2/V
+iBp2, +iBp2 U`mMMBM;V bBM+2 amM kykR@yj@kR Re,8R,jy lh*c
9 /vb ;Q
S`Q+2bb, j9dd9 1t2+ai`i4fmb`fb#BMfM;BMt
U+Q/242tBi2/- biimb4yfal**1aaV
S`Q+2bb, j9ddk 1t2+ai`iS`24fmb`fb#BMfM;BMt @i
U+Q/242tBi2/- biimb4yfal**1aaV
S`Q+2bb, j9ddR 1t2+ai`iS`24fmb`f#BMf`K @7 f`mMfM;BMtXTB/
U+Q/242tBi2/- biimb4yfal**1aaV
JBM SA., j9dde UM;BMtV
hbFb, k UHBKBi, 9dejV
J2KQ`v, 9X9J
*:`QmT, fbvbi2KXbHB+2fM;BMtXb2`pB+2
j9dde M;BMt, Kbi2` T`Q+2bb fmb`fb#BMfM;BMt
j9ddd M;BMt, rQ`F2` T`Q+2bb

J` kR Re,8R,jy biiB+@bBi2 bvbi2K/(R), M;BMtXb2`pB+2, am++22/2/

7KHUH DUH D IHZ WKLQJV WR QRWLFH

˾ GQ/2/ VKRZV LI WKH VHUYLFH ᨫOH LV ORDGHG RU QRW DQG LWV ORFDWLRQ KHUH
fmb`fHB#fbvbi2K/fbvbi2KfM;BMtXb2`pB+2
˾ +iBp2 VKRZV LI WKH VHUYLFH LV UXQQLQJ RU VWRSSHG
˾ S`Q+2bb PHQWLRQV 1t2+ai`iS`2 DQG 1t2+ai`i SURSHUWLHV ZH
ZRXOG ᨫQG LQ WKH GHᨫQLWLRQ ᨫOH DQG WKH SURFHVVHV WKDW UXQ WKHP
$V \RX FDQ VHH M;BMt @i ZDV UXQ EHIRUH VWDUWLQJ 1*,1; ZLWK
fmb`fb#BMfM;BMt %RWK VXFFHVVIXO


˾ JBM SA. LV WKH SURFHVV ,'
˾ hbFb VKRZV WKH QXPEHU RI WKUHDGV UXQQLQJ EHFDXVH RI WKLV VHUYLFH DQG
WKHLU HQIRUFHG OLPLW
˾ J2KQ`v VKRZV KRZ PXFK 5$0 WKH SURFHVV LV WDNLQJ
˾ *:`QmT VKRZV FKLOG SURFHVVHV VWDUWHG ZLWK WKHLU 3,' DQG FRPPDQG WKDW
VWDUWHG WKHP ,Q WKLV FDVH ZH FDQ VHH WKDW 1*,1; UXQV LQ RQH PDVWHU
DQG RQH ZRUNHU SURFHVV

&*URXS UHIHUV WR FRQWURO JURXSV LQ /LQX[ 7KHVH JURXSV OLPLW DFFHVV WR UH
VRXUFHV VXFK DV &38 5$0 RU GLVN ,2 IRU SURFHVVHV $ V\VWHPG VHUYLFH
XVHV D &*URXS WR FRQWURO WKH SURFHVV LW˵V VWDUWLQJ :H˵OO VHH KRZ WR OHYHUDJH
&*URXSV ZKHQ GHVLJQLQJ V\VWHPG VHUYLFHV RXUVHOYHV 7KH VWUXFWXUHG RXWSXW
LV WKHQ IROORZHG E\ WKH ODWHVW ORJV DVVRFLDWHG ZLWK WKH VHUYLFH PRUH RQ ORJV
LQ D PRPHQW 
$SDUW IURP biimb ZH FDQ DOVR GLVSOD\ D SDUWLFXODU SURSHUW\ ZLWK b?Qr @T

0 bvbi2K+iH b?Qr M;BMtXb2`pB+2 @T 1t2+ai`i


1t2+ai`i4& Ti?4fmb`fb#BMfM;BMt c `;p()4fmb`fb#BMfM;BMt c
B;MQ`2n2``Q`b4MQ c bi`iniBK24(amM kykR@yj@kR Re,8R,jy lh*) c
biQTniBK24(amM kykR@yj@kR Re,8R,jy lh*) c TB/4j9dd=

, DP UHTXHVWLQJ D OLWWOH PRUH LQIRUPDWLRQ RQ 1t2+ai`i ZKLFK LV WKH PDLQ


SURFHVV WKDW VWDUWHG 1*,1; EXW D ORQJ WLPH YDQLVKHG LQ WKH VSLULW RI FORQLQJ
SURFHVVHV WR FUHDWH QHZ RQHV  ,Q WKLV FDVH ZH JRW WKH H[DFW WLPHV RI VWDUW
DQG VWRS <RX FDQ FRPH EDFN WR WKLV FRPPDQG RQFH XQGHUVWDQGLQJ D ELW PRUH
RI ZKDW D V\VWHPG XQLW FRPSRVHV RI bvbi2K+iH b?Qr ZLWKRXW @T ZRXOG
GLVSOD\ DOO SURSHUWLHV
6R WKH VHUYLFH LV UXQQLQJ DQG ZLOO FRQWLQXH WR UXQ XQGHU V\VWHPG VXSHUYLVLRQ
XQWLO ZH UHERRW WKH V\VWHP 7R PDNH WKH V\VWHP SHUPDQHQW DQG VWDUWHG RQ
V\VWHP VWDUWXS ZH UXQ bvbi2K+iH 2M#H2

0 bm/Q bvbi2K+iH 2M#H2 M;BMtXb2`pB+2


,I WKH SDUHQW SURFHVV ᨮQLVKHV RU GLHV WKH FKLOG SURFHVVHV EHFRPH
RUSKDQ /LQX[ ZLOO WU\ WR ᨮQG D QHZ SDUHQW IRU VXFK D SURFHVV
7KDW FRXOG EH D VXEUHDSHU QHDUHVW DQFHVWRU RU WKH LQLW V\VWHP
3,' ᨤ  7KDW LV DOVR WKH UHDVRQ IRU GRXEOH IRUNLQJ ZKHQ FUH
DWLQJ GDHPRQV 7KH LQWHUPHGLDWH SURFHVV ᨮQLVKHV DQG VR WKH JUDQGFKLOG JHWV
WKH LQLW V\VWHP DV D SDUHQW

6LPLODUO\ WR bi`i DQG 2M#H2 ZH FDQ biQT WKH VHUYLFH RU /Bb#H2 LW

0 bm/Q bvbi2K+iH biQT M;BMtXb2`pB+2


0 bm/Q bvbi2K+iH /Bb#H2 M;BMtXb2`pB+2

7R FKHFN DOO HQDEOHG VHUYLFHV UXQ

0 bm/Q bvbi2K+iH HBbi@mMBi@7BH2b @@bii242M#H2/

2U OLVW DOO FXUUHQWO\ UXQQLQJ RU IDLOHG VHUYLFH ZLWK

0 bm/Q bvbi2K+iH HBbi@mMBib @@ivT2 b2`pB+2 @@bii2 `mMMBM;


0 bm/Q bvbi2K+iH HBbi@mMBib @@ivT2 b2`pB+2 @@bii2 7BH2/


 0RQLWRULQJ
7KH bvbi2K+iH biimb SURYLGHG XV D EDVLF RYHUYLHZ RI UXQQLQJ D V\VWHPG
VHUYLFH %XW WKHUH LV PRUH WR PRQLWRULQJ WKDQ WKDW (YHU\ VLQJOH SURFHVV RQ
/LQX[ JHWV DQ HQWU\ LQ WKH SURF SVHXGRᨫOHV\VWHP DV ˸SURFHVVHV˹  7KLV
VSDFH LV WKH NQRZOHGJH FHQWHU IRU SURFHVVHV ZKLOH DFWLQJ OLNH D UHJXODU ᨫOHV\V
WHP \RX FDQ EURZVH ZLWK Hb DQG +/ $SDUW IURP WKH RSWLRQ RI EURZVLQJ LW
\RXUVHOI \RX FDQ GHSHQG RQ D IHZ WRROV WKDW SUHVHQW WKLV VDPH LQIRUPDWLRQ LQ
GLᨪHUHQW SDFNDJLQJ
%XW ᨫUVW ZH˵OO WDON DERXW fT`Q+ LWVHOI

 SURF

7R UHDG DOO WKH LQIRUPDWLRQ DERXW D JLYHQ SURFHVV E\ LW˵V 3,' ZH FDQ MXVW
VZLWFK WR D fT`Q+f0SA. GLUHFWRU\ $OO UHOHYDQW VXEGLUHFWRULHV DQG ᨫOHV FDQ
EH HDVLO\ OLVWHG ZLWK Hb

0 bm/Q Hb fT`Q+fRR9Rf
ii` +Q`2/mKTn7BHi2` ;B/nKT K2K QQKn/D b+?2/
bii mB/nKT miQ;`QmT +Tmb2i BQ KQmMiBM7Q
QQKnb+Q`2 b+?2/bii biiK r+?M mtp +r/
Hi2M+v KQmMib QQKnb+Q`2n/D b2bbBQMB/ biimb +;`QmT
2MpB`QM HBKBib KQmMibiib T;2KT b2i;`QmTb bvb+HH
XXX

7KHUH DUH PDQ\ WKLQJV KHUH VR ,˵OO PHQWLRQ WKH PRVW LPSRUWDQW DQG XVHIXO
RQHV IRU XV $ UXQQLQJ 9LP SURFHVV ZLOO DVVLVW PH

0 pBK M2rn#QQF 
(R) R883N

7KH fT`Q+f0SA.fbiimb ᨫOH LV ZKHUH ZH VKRXOG VWDUW ,W FRQWDLQV D ORW RI


LQIRUPDWLRQ DERXW D UXQQLQJ SURFHVV LQ D PRUH KXPDQSURFHVVDEOH VWUXFWXUH
LW˵V D YDULDQW RI fT`Q+f0SA.fbii 


0 +i fT`Q+fR883Nfbiimb
LK2, pBK
lKbF, yyyk
aii2, h UbiQTT2/V
h;B/, R883N
L;B/, y
SB/, R883N
SSB/, 98je
h`+2`SB/, y
lB/, Ryyy Ryyy Ryyy Ryyy
:B/, Ryyy Ryyy Ryyy Ryyy
6.aBx2, k8e
:`QmTb, Ry N39 Ryyy
Lai;B/, R883N
LaTB/, R883N
LaT;B/, R883N
LabB/, 98je
oKS2F, kkeNk9 F"
oKaBx2, kke3Nk F"
oKG+F, y F"
oKSBM, y F"
oK>qJ, 33je F"
oK_aa, 33je F"

6RPH RI WKH PRVW LPSRUWDQW ᨫHOGV IURP WKH RXWSXW DUH DQVZHULQJ WKH IROORZLQJ
TXHVWLRQV

˾ LK2 :KDW LV WKH QDPH RI WKH SURJUDP"


˾ lKbF :KDW LV WKH SURFHVV XPDVN DV RFWDO ZLWK D OHDGLQJ ]HUR "
˾ aii2 :KDW LV WKH SURFHVV VWDWH"
˾ SB/ :KDW LV WKH SURFHVV ,'"
˾ SSB/ :KDW LV WKH SURFHVV ,' RI WKH SDUHQW SURFHVV"
˾ lB/ :KDW LV UHDO HᨪHFWLYH VDYHG VHW DQG ᨫOHV\VWHP XVHU ,'"
˾ :B/ :KDW LV UHDO HᨪHFWLYH VDYHG VHW DQG ᨫOHV\VWHP SULPDU\ JURXS ,'"
˾ :`QmTb :KDW DUH WKH VXSSOHPHQWDU\ JURXSV"
˾ oKaBx2 +RZ PXFK YLUWXDO PHPRU\ WKH SURFHVV WDNHV XS"
˾ oKS2F :KDW˵V WKH PD[LPXP RI YLUWXDO PHPRU\ WKH SURFHVV XVHG"
˾ oK_aa +RZ PXFK 5$0 GRHV WKH SURFHVV FRQVXPHV 5HVLGHQW 6HW
6L]H "
˾ oKG+F +RZ PXFK RI WKH PHPRU\ FDQQRW EH VZDSSHG LW˵V ORFNHG "


˾ oKarT +RZ PXFK YLUWXDO PHPRU\ LV VZDSSHG"
˾ h?`2/b +RZ PDQ\ WKUHDGV DUH EHLQJ UXQ"

(ᨭHFWLYH XVHU ,' PHDQV UXQQLQJ XQGHU WKLV XVHU SHUPLVVLRQV UHDO XVHU
,' PHDQV WKH DFWXDO XVHU WKDW VWDUWHG WKH SURFHVV

,I ZH DUH LQWHUHVWHG D OLWWOH ELW PRUH DERXW KRZ ZDV WKH SURFHVV VWDUWHG
KDYH D ORRN DW fT`Q+f0SA.f+K/HBM2 VKRZLQJ WKH H[HFXWDEOH DW
fT`Q+f0SA.f2MpB`QM WR VHH WKH LQLWLDO HQYLURQPHQW YDULDEOHV DQG DW
fT`Q+f0SA.f+r/ WR VHH FXUUHQW ZRUNLQJ GLUHFWRU\ VHW IRU WKH SURFHVV
7KH 2MpB`QM ᨫOH KDV D ELW GLᨪHUHQW IRUPDW WKDQ \RX H[SHFW VR ZH VKRXOG
UHDG LW ZLWK WKH bi`BM; XWLOLW\

0 bi`BM;b fT`Q+fR883Nf2MpB`QM

,I RQ WKH RWKHU KDQG ZH DUH LQWHUHVWHG LQ SHUIRUPDQFH GHWDLOV WKHUH LV


fT`Q+f0SA.fbiiK IRU PHPRU\ GHWDLOV RU fT`Q+f0SA.fBQ IRU LQSXW DQG
RXWSXW ,Q RXU pBK FDVH ZH FRXOG ORRN DW KRZ PDQ\ E\WHV ZH ZURWH

0 +i fT`Q+fR883NfBQ % ;`2T r`Bi2n#vi2b


r`Bi2n#vi2b, y

:HOO DV GLVDSSRLQWLQJ DV LW LV 9LP ZRQ˵W ZULWH WKH ERRN IRU XV -XPS EDFN WR
9LP ZLWK

0 7; WR

7\SH VRPH FKDUDFWHUV KLW (6& W\SH ,r DQG KLW (17(5 WR ZULWH LW WR WKH ᨫOH
DQG ᨫQDOO\ &75/= WR SXW 9LP WR WKH EDFNJURXQG DJDLQ

0 +i fT`Q+fRek9efBQ % ;`2T r`Bi2n#vi2b


r`Bi2n#vi2b, Rkk33


6RPH SURJUHVV DW ODVW 2QFH ZH VWDUW ZULWLQJ WKH E\WHV DSSHDU
$QG ZKLOH ZH DUH DW LW OHW XV DOVR VHH ZKDW ᨫOHV WKLV pBK SURFHVV LV HGLWLQJ
fT`Q+f0SA.f7/f LV D GLUHFWRU\ KROGLQJ V\PEROLF OLQNV WR RSHQHG ᨫOHV E\ WKH
SURFHVV

0 Hb fT`Q+fRek9ef7/
y R k j 8

1RZ WKH QXPEHUV DERYH DUH ᨫOH GHVFULSWRUV y LV WKH VWDQGDUG LQSXW R LV WKH
VWDQGDUG RXWSXW k LV WKH VWDQGDUG HUURU &DQ WKH ODVW RQH EH RXU RSHQHG ᨫOH"

0 +i fT`Q+fRek9ef7/f8
XXXq`BiBM; #QQF Bb ?`/

:H FDQ XVH +i ZLWK WKLV V\PEROLF OLQN DV LW˵V WKH ᨫOH LWVHOI DQG LW VKRZV WKH
VDYHG FRQWHQW RI WKH ᨫOH

,I \RX ᨮQG \RXUVHOI LQ QHHG RI PRUH LQIRUPDWLRQ WKDQ ZKDW ZH ZHQW


WKURXJK WU\ VHDUFKLQJ WKH SURF ᨨ PDQXDO SDJH

 SV

2QH RI WKH PRVW IUHTXHQW WRROV WR TXLFNO\ ORRN DW SURFHVVHV LV SV DV ˸SUR


FHVVHV˹  ZKLFK JLYHV XV D VQDSVKRW RI WKH V\VWHP˵V FXUUHQWO\ UXQQLQJ SUR
FHVVHV ,Q IDFW Tb JHWV WKH LQIRUPDWLRQ IURP WKH fT`Q+ ᨫOH V\VWHP E\ UHDGLQJ
fT`Q+f0SA.fbii
7KH GHIDXOW RXWSXW LV SUHWW\ EDVLF

0 Tb
SA. hhu hAJ1 *J.
98je Tibfy yy,yy,yy #b?
Rek9e Tibfy yy,yy,yy pBK
kyyN9 Tibfy yy,yy,yy Tb


7KH Tb RXWSXW UHSRUWV ZH DUH UXQQLQJ %DVK 9LP DQG Tb DW WKDW WLPH  ,W DOVR
VKRZV XV WKH SURFHVV ,' DQG 77< ,W UHSRUWV WKHVH WKUHH SURFHVVHV EHFDXVH E\
GHIDXOW LW UHSRUWV RQO\ SURFHVVHV UXQQLQJ ZLWK WKH VDPH HᨪHFWLYH XVHU ,' DV
WKH FXUUHQW XVHU DQG DVVRFLDWHG ZLWK WKH VDPH WHUPLQDO
:H FDQ VHH DOO SURFHVVHV ZLWK Tb @2 RU Tb mt ZKHUH Tb mt LV WKH %6'
VW\OH RI IRUPDWWHG RXWSXW ,W DOVR VHHPV WR EH WKH SUHIHUUHG ZD\ IRU PRVW
SHRSOH

0 Tb mt
la1_ SA. W*Sl WJ1J oaw _aa hhu ahh ah_h hAJ1 *PJJL.
XXX

$ ORW RI WLPHV ZH ᨫOWHU WKH RXSXW ZLWK ;`2T LQ SUDFWLFH WR ᨫQG WKH UHOHYDQW
SURFHVV

0 Tb mt % ;`2T pBK


/KBM Rek9e yXy yXy kj8j3y Nje3 Tibfy h RR,8y y,yy
pBK M2rn7BH2
/KBM kjjjy yXy yXy kR8d8k 3Nk Tibfy aY Rk,jj y,yy
;`2T @@+QHQ`4miQ pBK

6RPH RI WKH FROXPQV LQ WKH Tb mt FRPPDQG RXWSXW PLJKW EH IDPLOLDU QRZ
EXW OHW˵V JR WKURXJK WKHP

˾ la1_ OLVWV D XVHU WKH SURFHVV EHORQJV WR UXQV XQGHU 


˾ SA. VKRZV WKH SURFHVV ,'
˾ W*Sl VKRZV KRZ PXFK &38 LQ SHUFHQWDJH WDNHV WKH SURFHVV DW D WLPH
˾ WJ1J VKRZV KRZ PXFK 5$0 LQ SHUFHQWDJH WDNHV WKH SURFHVV DW D WLPH
˾ oaw VKRZV WKH ZKROH YLUWXDO PHPRU\ DVVLJQHG WR D SURFHVV
˾ _aa VKRZV KRZ PXFK 5$0 WKH SURFHVV WDNHV
˾ hhu VKRZV WKH WHUPLQDO QXPEHU WKH SURFHVV LV DWWDFKHG WR \ PHDQV
QR WHUPLQDO 
˾ ahh OLVWV SURFHVV VWDWH FRGHV
˾ ah_h VKRZV WKH VWDUW WLPH RI WKH SURFHVV
˾ hAJ1 VKRZV IRU KRZ ORQJ WKH SURFHVV DOUHDG\ UXQV
˾ *PJJL. VKRZV WKH QDPH RI WKH SURJUDP


:H VKRXOG EH DEOH WR PLOGO\ XQGHUVWDQG PRVW RI LW SHUKDSV H[FHSW IRU WKH
SURFHVV VWDWH FRGHV 7R VHH ZKDW˵V WKHLU PHDQLQJ ZH FDQ KDYH D ORRN LQVLGH
WKH PDQXDO SDJH

S_P*1aa ahh1 *P.1a


>2`2 `2 i?2 /B772`2Mi pHm2b i?i i?2 b- bii M/ bii2 QmiTmi
bT2+B7B2`b U?2/2` ]ahh] Q` ]a]V rBHH /BbTHv iQ /2b+`B#2 i?2
bii2 Q7  T`Q+2bb,

. mMBMi2``mTiB#H2 bH22T UmbmHHv APV


A A/H2 F2`M2H i?`2/
_ `mMMBM; Q` `mMM#H2 UQM `mM [m2m2V
a BMi2``mTiB#H2 bH22T UrBiBM; 7Q` M 2p2Mi iQ
+QKTH2i2V
h biQTT2/ #v DQ# +QMi`QH bB;MH
i biQTT2/ #v /2#m;;2` /m`BM; i?2 i`+BM;
q T;BM; UMQi pHB/ bBM+2 i?2 kXeXtt F2`M2HV
s /2/ Ub?QmH/ M2p2` #2 b22MV
w /27mM+i U]xQK#B2]V T`Q+2bb- i2`KBMi2/ #mi MQi
`2T2/ #v Bib T`2Mi

6Q` "a. 7Q`Kib M/ r?2M i?2 bii F2vrQ`/ Bb mb2/- //BiBQMH
+?`+i2`b Kv #2 /BbTHv2/,

I ?B;?@T`BQ`Biv UMQi MB+2 iQ Qi?2` mb2`bV


L HQr@T`BQ`Biv UMB+2 iQ Qi?2` mb2`bV
G ?b T;2b HQ+F2/ BMiQ K2KQ`v U7Q` `2H@iBK2 M/
+mbiQK APV
b Bb  b2bbBQM H2/2`
H Bb KmHiB@i?`2/2/ UmbBM; *GPL1nh>_1.- HBF2 LShG
Ti?`2/b /QV
Y Bb BM i?2 7Q`2;`QmM/ T`Q+2bb ;`QmT

7KHUH DUH DOVR RWKHU RSWLRQV WR H[SORUH 7R VHH SURFHVVHV RI D SDUWLFXODU XVHU
UXQ Tb ZLWK @l VZLWFK

0 Tb @l 0SSnla1_
XXX
0 Tb @l /KBM
XXX


2U WR VHH RQO\ D SURFHVV JLYHQ LWV ,'

0 Tb @0SA.
XXX
0 Tb @Rek9e
SA. hhu ahh hAJ1 *PJJL.
Rek9e Tibfy h y,yy pBK M2rn7BH2

 WRS DQG KWRS


7KH WRS DQG KWRS SURJUDPV VKRZ WKH GDWD RI WKH fT`Q+ ᨫOH V\VWHP LQ UHDO
WLPH ?iQT LV D PRGHUQ DOWHUQDWLYH WR iQT EXW PLJKW QRW FRPH SUHLQVWDOOHG
JHW LW ZLWK WKH KWRS SDFNDJH  6LQFH iQT LV D ELW PRUH XQLYHUVDO DFURVV V\VWHPV
ZH ORRN DW iQT KHUH

0 iQT
iQT @ Rj,8k,9k mT 9,jj- R mb2`- HQ/ p2`;2, yXjy- yX99- yX99
hbFb, k83 iQiH- k `mMMBM;- k88 bH22TBM;- R biQTT2/- y xQK#B2
W*TmUbV, kXy mb- RXk bv- yXy MB- NeXk B/- yXR r- yXj ?B- yXj
bB- yXy bi
JB" J2K , kNXRfR8NRdX8 (%%%%%%%%%%%%%%%%% )
JB" arT, yXyf3yk3Xy ( )

SA. la1_ S_ LA oA_h _1a a>_ a W*Sl WJ1J hAJ1Y *PJJL.


XXX

2Q WRS RI WKH VFUHHQ iQT SUHVHQWV VWDWLVWLFV DERXW WKH UXQQLQJ V\VWHP OLNH
WKH QXPEHU RI WDVNV SURFHVVHV DQG WKHLU VWDWXV 8QGHU WKDW WKH\ VKRZ VRPH
RYHUYLHZ RI &38 DQG PHPRU\
7KH W*TmUbV OLQH FDQ EH D ELW FRQIXVLQJ EXW WKH PDQXDO SDJH KDV WKH DQVZHU

mb- mb2` , iBK2 `mMMBM; mM@MB+2/ mb2` T`Q+2bb2b


bv- bvbi2K , iBK2 `mMMBM; F2`M2H T`Q+2bb2b
MB- MB+2 , iBK2 `mMMBM; MB+2/ mb2` T`Q+2bb2b
B/- B/H2 , iBK2 bT2Mi BM i?2 F2`M2H B/H2 ?M/H2`
r- AP@rBi , iBK2 rBiBM; 7Q` AfP +QKTH2iBQM
?B , iBK2 bT2Mi b2`pB+BM; ?`/r`2 BMi2``mTib
bB , iBK2 bT2Mi b2`pB+BM; bQ7ir`2 BMi2``mTib
bi , iBK2 biQH2M 7`QK i?Bb pK #v i?2 ?vT2`pBbQ`


7KLV JOREDO LQIRUPDWLRQ LV IROORZHG E\ D WDEOH OLVWLQJ SURFHVVHV ZLWK WKH IRO
ORZLQJ LQIRUPDWLRQ

˾ SA. VKRZV WKH SURFHVV ,'


˾ la1_ VKRZV WKH QDPH RI WKH XVHU WKDW VWDUWHG WKH SURFHVV
˾ S_ GLVSOD\V WKH SURFHVV SULRULW\
˾ LA GLVSOD\V WKH SURFHVV QLFHQHVV
˾ oA_h VKRZV WKH ZKROH YLUWXDO PHPRU\ DVVLJQHG
˾ _1a VKRZV WKH 5$0 XVHG
˾ a>_ VKRZV WKH DPRXQW RI VKDUHG PHPRU\
˾ W*Sl VKRZV KRZ PXFK &38 LQ SHUFHQWDJH WDNHV WKH SURFHVV ULJKW QRZ
˾ WJ1J VKRZV KRZ PXFK 5$0 LQ SHUFHQWDJH WDNHV WKH SURFHVV ULJKW QRZ
˾ hAJ1Y GLVSOD\V WKH XSWLPH RI D SURFHVV
˾ *PJJL. VKRZV WKH QDPH RI WKH SURJUDP

S_ DQG LA DUH DERXW SURFHVV SULRULW\ LQ DFTXLULQJ &38 UHVRXUFHV S_ LV WKH


RULJLQDO SULRULW\ DQG LA LV WKH DGMXVWHG QLFHQHVV 1LFHQHVV LV KRZ ˸QLFH˹ LV
WKH SURFHVV WR RWKHUV DQG ZH˵OO WDON DERXW LW LQ WKH QH[W VHFWLRQ
:H FDQ DOVR FDOO iQT ZLWK SURFHVV ,'

0 iQT @T0SA.

6LQFH WKH RXWSXW RI iQT DQG ?iQT DOZD\V FKDQJHV ZH FDQ OHDUQ D IHZ XVHIXO
NH\VWURNHV

˾ 0 FDSLWDO ZLOO VRUW SURFHVVHV E\ PHPRU\ XVDJH LQ GHVFHQGLQJ RUGHU


˾ 3 FDSLWDO ZLOO VRUW SURFHVVHV E\ &38 XWLOL]DWLRQ LQ GHVFHQGLQJ RUGHU
˾ + FDSLWDO ZLOO GLVSOD\ LQGLYLGXDO WKUHDGV LQVWHDG RI JURXSLQJ WKHP
XQGHU RQH SURFHVV
˾ U 5HQLFH D SURFHVV :KHQ SURPSWHG HQWHU 3,' WKHQ QLFHBYDOXH :H
GLVFXVV SURFHVV SULRULW\ DW WKH PRPHQW
˾ N ZLOO NLOO D SURFHVV ,W SURPSWV IRU 3,' DQG VLJQDO
˾ T ZLOO TXLW iQT

%HFDXVH WRS DQG KWRS GRQ˵W VDYH KLVWRULFDO GDWD \RX PLJKW ZDQW WR ORRN LQWR
SURJUDP FDOOHG EHORZ ZKLFK ZLOO DOORZ \RX WR JR EDFN LQ WLPH DQG LQYHVWLJDWH
ZKDW ZHQW ZURQJ


 Z SVWUHH DQG XSWLPH

,˵OO ᨫQLVK PRQLWRULQJ ZLWK WKUHH XVHIXO XWLOLW\ SURJUDPV Z DV ˸ZKR˹ DQG
˸ZKDW˹ FDQ VKRZ XV FRQYHQLHQWO\ DOO ORJJHG LQ XVHUV DQG WKHLU SURFHVVHV

0 r

SVWUHH FDQ VKRZ SURFHVVHV DV D WUHH DQG ZKHUH WKH\ RULJLQDWH KLQW LW˵V V\V
WHPG 

0 Tbi`22

$QG XSWLPH VKRZV XV KRZ ORQJ RXU V\VWHP LV UXQQLQJ VLQFH WKH ODVW UHVWDUW
LQFOXGLQJ WKH ORDG DYHUDJH

0 mTiBK2
Rj,93,8e mT 9,kN- R mb2`- HQ/ p2`;2, yXjR- yX99- yX99

<RX PLVVHG PH GLGQ˴W \RX" , PLJKW KDYH VRPHWKLQJ IRU \RX $
ORW RI XWLOLWLHV ZH WDNH DV VWDQGDUG DOUHDG\ KDYH EHWWHU ORRNLQJ
RU IDVWHU DOWHUQDWLYHV <RX WU\ LQVWDOOLQJ FRORUIXO EDW LQVWHDG RI
FDW VXSHUIDVW ULSJUHS LQVWHDG RI JUHS FOHYHU H[D LQVWHDG RI OV
DQG XVHUIULHQGO\ IG LQVWHDG RI ᨮQG <RX PLJKW QHHG WR ORRN RXWVLGH WKH V\VWHP
UHSRVLWRU\ WKRXJK


 /RJJLQJ
0RQLWRULQJ SURFHVVHV FDQ VSRW SUREOHPV EXW ZRQ˵W WHOO XV PXFK DERXW ZKDW
ZHQW ZURQJ /RJJLQJ LV D QDWXUDO ᨫUVW VWHS LQ GHEXJJLQJ SURFHVVHV $SDUW IURP
D VSHFLᨫF DSSOLFDWLRQ ORJ ZH DOVR KDYH D V\VWHP ORJ FDOOHG V\VWHPG MRXUQDO
,Q WKLV MRXUQDO ZH FDQ ᨫQG DOO V\VWHP ORJV DV ZHOO DV ORJV RI RXU RZQ SURFHVVHV
VWDUWHG DV V\VWHPG VHUYLFHV

UV\VORJ LV OLNHO\ WKH PRVW FRPPRQ V\VWHP ORJ EDVHG RQ WKH V\VORJ
SURWRFRO IURP %6' <RX˴OO ᨮQG D ORW RI V\VORJ ZKHQ VHDUFKLQJ
IRU V\VWHP ORJJLQJ RU ORJ FRQVROLGDWLRQ UV\VORJ DQG MRXUQDO DUH
WZR GLᨭHUHQW SURJUDPV DFKLHYLQJ D VLPLODU UHVXOW

6LQFH V\VWHPG MRXUQDO ORJV DUH LQ ELQDU\ IRUP D FRQWURYHUV\ ZKHQ ᨫUVW LQWUR
GXFHG DV DQ DOWHUQDWLYH WR WKH ROG fp`fHQ;fK2bb;2b SODLQ WH[W ᨫOH  ZH
FDQQRW MXVW RSHQ DQG LQVSHFW WKHP E\ KDQG 7R UHDG WKH ORJV DV WH[W ZH KDYH
WKH MRXUQDOFWO FRPPDQG DW RXU GLVSRVDO
%\ GHIDXOW DQm`MH+iH VKRZV DOO ORJV EXW ZH FDQ ᨫOWHU ZKDW ZH DUH ORRNLQJ
IRU 7R VHH ORJV IRU D VSHFLᨫF SURFHVV ZH XVH WKH nSA.4 PRGLᨫHU

0 bm/Q DQm`MH+iH nSA.4k3yNd

7R VHH RQO\ ORJV IURP D SDUWLFXODU XQLW ᨫOH ZH FDQ XVH WKH nauah1J.nlLAh

0 bm/Q DQm`MH+iH nauah1J.nlLAh4bb?/Xb2`pB+2 @M Ryy

6LQFH VVKG LV DOVR D UHJXODU V\VWHPG VHUYLFH ZH FDQ VHH IDLOHG ORJJLQJ DWWHPSWV
WR RXU V\VWHP 7KH RSWLRQ @M OLPLWV WKH QXPEHU RI WKH ODWHVW HQWULHV WR GLVSOD\
7KHUH LV DOVR WKH @m VZLWFK DV ˸XQLW˹ IRU PDWFKLQJ ERWK VHUYLFH QDPH RU
SDWWHUQ

0 bm/Q DQm`MH+iH @m bb?/


0 bm/Q DQm`MH+iH @m `2/Bb
0 bm/Q DQm`MH+iH @m `2/


7R VHH ORJV UHOHYDQW WR DQ H[HFXWDEOH SURYLGH LWV DEVROXWH SDWK

0 bm/Q DQm`MH+iH fmb`f#BMfTvi?QM

:LWK @a DV ˸VLQFH˹ DQG @l DV ˸XQWLO˹ ZH FDQ ᨫOWHU ORJV IRU VSHFLᨫF WLPH
ZLQGRZ

0 bm/Q DQm`MH+iH @l ]kyRk@Ry@jy R3,Rd,Re]


0 bm/Q DQm`MH+iH @a iQ/v

:KHQ ORRNLQJ IRU UHFHQW ORJV ZH FDQ DOVR XVH WKH @2 RSWLRQ WKDW UHTXHVWV RQO\
WKH ODVW SDJH RI WKH MRXUQDO

0 bm/Q DQm`MH+iH @2

,I , DSSHQG DQ H[WUD @t RSWLRQ DQm`MH+iH ZLOO LQFOXGH H[SODQDWLRQ OLQHV


IURP WKH 0HVVDJH &DWDORJ 'HYHORSHU 'RFXPHQWDWLRQ ZKLFK FDQ KHOS LQ XQGHU
VWDQGLQJ ZKDW˵V JRLQJ RQ , XVXDOO\ VWDUW ZLWK DQm`MH+iH @t2 DQG JR IURP
WKHUH )LQDOO\ WKH @7 RSWLRQ OHWV XV ZDWFK WKH ORJV LQ UHDOWLPH DV WKH\ DUH
ZULWWHQ WR WKH GLVW 6R WR VHH WKH ODVW ORJV KDSSHQLQJ LQ UHDOWLPH ZH FDQ UXQ

0 bm/Q DQm`MH+iH @27t

,I \RX WULHG WKHVH FRPPDQGV \RX FRXOG LPDJLQH KRZ PXFK GDWD WKH\ SURGXFH
7KH\ JURZ XQWLO WKH GLVN LV IXOO DQG DW WKDW WLPH LW ZRXOG EH FKDOOHQJLQJ WR
DFFHVV WKH VHUYHU DQG SHUIRUP DQ\ NLQG RI RSHUDWLRQ $OVR V\VWHPG SDUVHV DOO
WKH ORJV RQ HYHU\ ERRW PDNLQJ V\VWHPV ZLWK D ORW RI ORJ GDWD VORZHU WR VWDUW
)RU WKHVH UHDVRQV ZH KDYH WR OHDUQ KRZ WR FOHDQ XS ORJV DQG VHW XS VRPH
WKUHVKROGV WR NHHS WKH ORJV DW ED\
$W DQ\ WLPH ZH FDQ DVN DQm`MH+iH KRZ PXFK GLVN VSDFH LV DOUHDG\ XVHG
ZLWK WKH @@/BbF@mb;2 RSWLRQ

0 bm/Q DQm`MH+iH @@/BbF@mb;2


`+?Bp2/ M/ +iBp2 DQm`MHb iF2 mT dkXyJ BM i?2 7BH2 bvbi2KX


7R GHOHWH WKHVH ORJV ZH UXQ @@p+mmK@bBx2 RU @@p+mmK@iBK2 RU WKHLU
FRPELQDWLRQ

0 bm/Q DQm`MH+iH @@p+mmK@bBx24RyyJ @@p+mmK@iBK24d/vb

$ERYH ZH DUH GHOHWLQJ DOO ORJV DERYH WKH  0% WKUHVKROG RU VHYHQ GD\V ROG
:H UHTXHVW WR NHHS RQO\ ORJV IURP WKH ODVW ZHHN XQOHVV WKH\ WDNH XS PRUH WKDQ
0 ,QVWHDG RI J IRU 0% ZH FDQ DOVR XVH E IRU .% DQG : IRU *% ,QVWHDG
RI /vb IRU GD\V ZH FDQ DOVR XVH b IRU VHFRQGV K IRU PLQXWHV ? IRU KRXUV
r22Fb IRU ZHHNV KQMi?b IRU PRQWKV DQG v2`b IRU \HDUV
:H PLJKW DOVR QHHG WR URWDWH WKH ORJV WR PRYH DFWLYH MRXUQDO ᨫOHV WR DUFKLYHG
MRXUQDO ᨫOHV ZLWK @@`Qii2

0 bm/Q DQm`MH+iH @@`Qii2

,Q FDVH ZH ZDQW WR EH FRQᨫGHQW LQ UHPRYLQJ DOO ORJ ᨫOHV ZH QHHG WR UHPRYH


DOO XDQm`MH ᨫOHV PDQXDOO\ IURP fp`fHQ;fDQm`MH EXW , GRQ˵W DGYRFDWH
IRU WKLV ZD\
$QG VLQFH ZH ZDQW WKLV WR EH GRQH IRU XV DXWRPDWLFDOO\ ZH KDYH WR DGMXVW WKH
FRQᨫJ LQ f2i+fbvbi2K/fDQm`MH/X+QM7 DQG FKDQJH WKH avbi2KJtlb2
YDOXH WR WKH GHVLUHG YDOXH

0 bm/Q +i f2i+fbvbi2K/fDQm`MH/X+QM7


XXX
avbi2KJtlb248yyJ
XXX

7KH VHWWLQJV DERYH ZLOO HQVXUH WKDW ORJV DUH QHYHU ELJJHU WKDQ KDOI D JLJDE\WH
)RU WKH FKDQJH WR WDNH HᨪHFW ZH QHHG WR UHVWDUW WKH bvbi2K/@DQm`MH/
VHUYLFH

0 bm/Q bvbi2K+iH `2bi`i bvbi2K/@DQm`MH/


 7UDFLQJ
VWUDFH LV D GLDJQRVWLF DQG GHEXJJLQJ XWLOLW\ IRU /LQX[ WKDW WUDFNV V\VWHP FDOOV
LQ SURFHVVHV 6\VWHP FDOOV DUH FDOOV IRU WKH /LQX[ NHUQHO LWVHOI 7UDFLQJ ZLWK
bi`+2 ZRQ˵W UHYHDO WKH RULJLQDO VRXUFH FRGH DV VSHFLDOL]HG GHEXJJHUV FDQ 
EXW VLQFH LW ZRUNV ZLWK V\VWHP FDOOV LW FDQ EH XVHG IRU DQ\ W\SH RI SURJUDP
&RPSLOHG RU LQWHUSUHWHG FRGH LV DOZD\V WXUQHG LQWR D VHW RI LQVWUXFWLRQV FRQ
WDLQLQJ WKHVH V\VWHP FDOOV bi`+2 LQWHUFHSWV WKH SURFHVV XVLQJ WKH Ti`+2
V\VWHP FDOO DQG WKHUHIRUH WKH RULJLQDO SURJUDP GRHVQ˵W KDYH WR FRPH ZLWK
VSHFLDO VXSSRUW IRU bi`+2
7R VWDUW WUDFLQJ ZH HLWKHU SURYLGH WKH FRPPDQG LQ TXHVWLRQ

0 bi`+2 Hb @HH

2U JLYH WKH UHTXHVWHG SURFHVV ,'

O bi`+2 @T RykN

7KH RXWSXW ZLOO DOZD\V EH UDWKHU ODUJH 8QOHVV ZH DUH V\VWHP SURJUDPPHUV
ZRUNLQJ ZLWK ODQJXDJHV OLNH & ZH PLJKW QRW NQRZ ZKDW WKRVH V\VWHP FDOOV
PHDQ 6WLOO HYHQ LI ZH GRQ˵W IXOO\ XQGHUVWDQG HYHU\ OLQH IURP bi`+2 ZH
PLJKW ORRN IRU FOXHV RU XVH WKH RXWSXW IRU EXJ UHSRUWV WR RULJLQDO GHYHORSHUV
RU GRZQVWUHDP PDLQWDLQHUV )RU H[DPSOH ZLWK WKH Hb @HH FRPPDQG DERYH
ZH PLJKW VHH WKH IROORZLQJ V\VWHP FDOO DPRQJ RWKHUV

XXX
r`Bi2UR- ]@`r@`@@`@@X R `QQi `QQi y C]XXX- 93@`r@`@@`@@X R
`QQi `QQi y CM R8 Ry,k8 1tKTH2Xiti
XXX

7KLV FDOO ZULWHV WKH IDPLOLDU OLQH IRU WKH 1tKTH2Xiti ᨫOH RI WKH Hb RXWSXW
,I Hb JHWV VWXFN ZH PLJKW WU\ WR ᨫQG RXW LI WKDW KDSSHQV EHIRUH WKLV RXWSXW
RU DIWHU LI LW JRW VWXFN ZLWK FKHFNLQJ SHUPLVVLRQV RI D SDUWLFXODU GLUHFWRU\ RU
VRPHWKLQJ HOVH
6RPH RI WKH V\VWHP FDOOV DUH


˾ QT2M RSHQ DQG SRVVLEO\ FUHDWH D ᨫOH
˾ `2/ UHDG IURP D ᨫOH GHVFULSWRU ᨫOH
˾ r`Bi2 ZULWH WR D ᨫOH GHVFULSWRU ᨫOH
˾ 7bii JHW ᨫOH VWDWXV VXFK DV SHUPLVVLRQV
˾ Hb22F UHSRVLWLRQ UHDGZULWH ᨫOH RᨪVHW PRYLQJ LQVLGH ᨫOHV
˾ +HQb2 FORVH D ᨫOH GHVFULSWRU ᨫOH

7R XQGHUVWDQG D FDOO LQ PRUH GHWDLO ZH FDQ DOZD\V UHDG /LQX[ PDQXDO SDJHV
ZLWK KM k  UHIHUV WR VHDUFK ZLWKLQ V\VWHP FDOOV 

0 KM k QT2M

XXX
LJ1
QT2M- QT2Mi- +`2i @ QT2M M/ TQbbB#Hv +`2i2  7BH2

auLPSaAa
XXX

.1a*_AShAPL
:Bp2M  Ti?MK2 7Q`  7BH2- QT2MUV `2im`Mb  7BH2
/2b+`BTiQ`-  bKHH- MQM@M2;iBp2 BMi2;2` 7Q` mb2 BM
bm#b2[m2Mi bvbi2K +HHb U`2/UkV- r`Bi2UkV- Hb22FUkV-
7+MiHUkV- 2i+XVX h?2 7BH2 /2b+`BTiQ` `2im`M2/ #v
 bm++2bb7mH +HH rBHH #2 i?2 HQr2bi@MmK#2`2/ 7BH2
/2b+`BTiQ` MQi +m``2MiHv QT2M 7Q` i?2 T`Q+2bbX

:KHUH ORJV GR QRW VHHP KHOSIXO bi`+2 LV RIWHQ WKH QH[W VWHS RI GHEXJJLQJ
EHFDXVH LW˵V DOUHDG\ SUHVHQW RQ WKH V\VWHP DQG GRHV QRW QHHG WKH SURJUDP WR
EH DOWHUHG 'HSHQGLQJ RQ WKH SURJUDP ZH DUH GHEXJJLQJ WKHUH PLJKW EH HYHQ
EHWWHU SODWIRUPVSHFLᨫF WRROV DYDLODEOH WR XV

2QH DOWHUQDWLYH WR VWUDFH LV GWUDFH WKDW HQDEOHV XV WR DOVR UHDFW


WR DQ\ V\VWHP FDOO ZLWK D FXVWRP DFWLRQ 7KH ˸G˸ LQ WKH QDPH
UHIHUV WR ˸G\QDPLF˸ EHFDXVH ZH DUH DOORZHG WR GHᨮQH ZKDW VKRXOG
KDSSHQ ZKHQ D SDUWLFXODU V\VWHP FDOO LV HQFRXQWHUHG UDWKHU WKDQ
MXVW REVHUYH ZKDW˴V KDSSLQJ ZLWK VWUDFH


 7HUPLQDWLRQ
,GHDOO\ SURFHVVHV ᨫQLVK RQ WKHLU RZQ EXW VRPHWLPHV SURFHVVHV JHW VWXFN RU
PLVEHKDYH 7KH\ GRQ˵W NQRZ KRZ WR FRQWLQXH RU VWDUW WR XVH DOO V\VWHP UH
VRXUFHV EULQJLQJ WKH ZKROH V\VWHP WR D KDOW ,Q VXFK FDVHV ZH QHHG WR VWRS
WKHP ,I ZH ZDQW WR FRPPXQLFDWH ZLWK D UXQQLQJ SURFHVV WR WHUPLQDWH ZH
FDQ VHQG LW D VSHFLᨫF VLJQDO 7KHUH DUH ᨫQLWH QXPEHUV RI VLJQDOV WR VHQG WR D
SURFHVV DQG PRVW RI WKHP GHDO ZLWK SURJUDP WHUPLQDWLRQ 6RPH RI WKHP DUH
JRRG WR UHPHPEHU E\ KHDUW

6LJQDO 1DPH 0HDQLQJ


R >lS +DQJ XS 7HUPLQDO FRQWUROOLQJ WKH SURFHVV LV
JRQH
k ALh ,QWHUUXSW 2IWHQ FDXVHG E\ XVHU SUHVVLQJ
&75/&
j ZlAh 4XLW 2IWHQ FDXVHG E\ &75/? 3URFHVV FRUH LV
GXPSHG IRU ODWHU LQVSHFWLRQ
N EAGG .LOO 5HTXHVW IRU LPPHGLDWH WHUPLQDWLRQ
&DQQRW EH FDXWFK E\ SURFHVV
R8 h1_J 7HUPLQDWH 7KH SURFHVV FDQ FDWFK WKLV VLJQDO
DQG UXQ D FOHDQXS EHIRUH ᨫQLVKLQJ

:H FDQ UHIHUHQFH WKH VLJQDOV E\ WKHLU QXPEHU RU QDPH $ YDOLG QDPH LV XVX
DOO\ ERWK ZLWK DQG ZLWKRXW ˸6,*˹ DW WKH EHJLQQLQJ >lS DQG aA:>lS EHLQJ
HTXLYDOHQW  6LJQDO QXPEHUV PLJKW YDU\ RQ GLᨪHUHQW KDUGZDUH SODWIRUPV VR
LW PLJKW EH D JRRG FKRLFH WR XVH WKH VWDQGDUGL]HG QDPHV
7R VWRS D SURFHVV ZH FDQ VHQG LW D VLJQDO IURP WKH SUHYLRXV WDEOH :H VKRXOG
VWDUW E\ VHQGLQJ WKH aA:h1_J VLJQDO WKDW VWLOO OHWV WKH SURJUDP JUDFHIXOO\ ᨫQLVK
ZLWK DQ\ FOHDQXS WKH SURJUDP PLJKW QHHG WR GR VXFK DV FORVLQJ RSHQHG ᨫOHV 
6RPHWLPHV D SURJUDP LV LQ D VWDWH WKDW LVVXLQJ aA:h1_J ZRQ˵W GR ,Q WKDW FDVH
ZH QHHG WR VHQG WKH aA:EAGG VLJQDO ZKLFK IRUFHV WKH SURJUDP WR WHUPLQDWH
LPPHGLDWHO\
$ FRUH GXPS RU FUDVKPHPRU\V\VWHP GXPS LV D UHFRUGHG FRPSXWHU SUR
JUDP PHPRU\ LPDJH ,W UHSUHVHQWV WKH VWDWH WKH SURJUDP ZDV LQ DW WKH WLPH
RI WKH GXPS DQG PLJKW EH YDOXDEOH IRU LQYHVWLJDWLQJ ZKDW ZHQW ZURQJ 7R
UHTXHVW D FRUH GXPS ZH FDQ VHQG aA:ZlAh $V V\VWHP DGPLQLVWUDWRUV ZH
PLJKW QRW EH DEOH WR WHOO ZKDW˵V ZURQJ ZLWK WKH SURJUDP E\ LWV FRUH GXPS EXW


ZH FDQ DWWDFK LW WR D EXJ UHSRUW IRU XSVWUHDP GHYHORSHUV RU 26 SDFNDJHUV
NLOO LV D SURJUDP WR VHQG D VLJQDO WR D UXQQLQJ SURFHVV IURP D FRPPDQG OLQH
2QFH ZH NQRZ WKH 3,' ZH FDQ XVH LW DV IROORZV

0 FBHH @aA:LG SA.

7KH IROORZLQJ ZLOO DVN D SURFHVV ZLWK 3,' RyRNR WR JUDFHIXOO\ WHUPLQDWH

0 FBHH @h1_J RyRNR


0 FBHH @R8 RyRNR

,I D UXQQLQJ SURJUDP GRHV QRW UHVSRQG WKHUH LV RIWHQ QR RWKHU FKRLFH WKDQ WR
NLOO LW

0 FBHH @EAGG RyRNR


0 FBHH @N RyRNR

:H FDQ DOVR UXQ FBHH @H WR UHYHDO DOO DYDLODEOH VLJQDOV


7KHUH DUH RWKHU FRPPDQGV EH\RQG FBHH WKDW FDQ KHOS ZLWK WKH WHUPLQDWLRQ
WDVN ,I ZH ZDQW MXVW WR SURYLGH D SURFHVV QDPH RU SDWWHUQ UDWKHU WKDQ LW˵V 3,'
ZH FDQ XVH FBHHHH RU TFBHH DV ˸SURFHVV NLOO˹  )RU H[DPSOH WR WHUPLQDWH
WKH )LUHIR[ EURZVHU ZH ZRXOG LVVXH

0 FBHHHH 7B`27Qt
0 TFBHH @N 7Qt

$SDUW IURP WKH @aA:LG RSWLRQ ZH FDQ DOVR SURYLGH WKH @m RSWLRQ WR NLOO RQO\
SURFHVVHV RZQHG E\ D VSHFLᨫF XVHU QRW WR DFFLGHQWDOO\ WHUPLQDWH DOO SURFHVVHV
RQ WKH V\VWHP ZLWK WKH VDPH QDPH 

,I ZH ZDQW WR WUROO D PRXVH XVHU RFFDVLRQDOO\ ZH FDQ WHUPLQDWH


DOO KHU UXQQLQJ SURFHVVHV ZLWK SNLOO X PRXVH


7KH FBHHHH FRPPDQG WDNHV WKH @B DV ˸LQWHUDFWLYH˹ RSWLRQ WR DVN IRU FRQ
ᨫUPDWLRQ EHIRUH NLOOLQJ 7KDW LV XVHIXO LI WKHUH DUH PDQ\ SURFHVVHV ZLWK WKH
VDPH QDPH EXW ZH RQO\ ZDQW WR NLOO RQH RI WKHP 7R NQRZ ZKDW TFBHH FRP
PDQG ZRXOG WHUPLQDWH ZH FDQ UXQ T;`2T ZLWK WKH VDPH DUJXPHQWV T;`2T
DV ˸SURFHVV JUHS˹ VLPSO\ ᨫQGV WKH PDWFKLQJ SURFHVVHV

0 T;`2T @m /KBM 7B`2

,W˵V DOVR LPSRUWDQW WR UHPHPEHU WKDW ZH ZRQ˵W EH DEOH WR WHUPLQDWH RWKHU XVHUV˵
SURFHVVHV DV UHJXODU XVHUV ˱ RQO\ WKH URRW XVHU FDQ $QG VSHDNLQJ RI URRẀ

 &DSDELOLWLHV
:H GLVWLQJXLVK WZR NLQGV RI SURFHVVHV LQ /LQX[ 3ULYLOHJHG DQG XQSULYLOHJHG
5HPHPEHU WKDW ZH VDLG WKDW URRW LV WKH SULYLOHJHG XVHU" $Q\ SURFHVV UXQQLQJ
XQGHU WKH URRW XVHU LV SULYLOHJHG DQG LWV DFWLRQV DUH DXWRPDWLFDOO\ DOORZHG LQ
WKH /LQX[ NHUQHO 2Q WKH RWKHU KDQG WKH UHVW RI WKH SURFHVVHV DUH XQSULYL
OHJHG 7KH NHUQHO DOZD\V FKHFNV WKDW D JLYHQ SURFHVV KDV WKH FRUUHFW DFFHVV
ULJKWV WR WKH ᨫOHV DQG GLUHFWRULHV EDVHG RQ WKH HᨪHFWLYH XVHU JURXSV
:KHQ ZH VWDUW D SURJUDP E\ W\SLQJ LWV QDPH LQ WKH WHUPLQDO RU RWKHUZLVH 
ZH DUH VWDUWLQJ D SURFHVV WKDW UXQV XQGHU DQ HᨪHFWLYH XVHU ,' 8,'  HᨪHFWLYH
JURXS ,' *,'  DQG VXSSOHPHQWDU\ JURXS OLVW $ SULYLOHJHG SURFHVV UXQV
XQGHU WKH HᨪHFWLYH XVHU ,'  7KDW LV E\ GHIDXOW LQKHULWHG IURP WKH XVHU WKDW
VWDUWHG WKH SURFHVV EXW SURFHVVHV PLJKW DOVR UXQ XQGHU GLᨪHUHQW XVHUV WKDQ
WKRVH WKDW VWDUWHG WKHP WKDQNV WR WKH b2imB/ V\VWHP FDOO DV ZH ZLOO VHH ODWHU
ZLWK WKH V\VWHPG VHUYLFHV
.HUQHO DWWULEXWHV WKDW JUDQG SULYLOHJHV WR URRW DUH FDOOHG FDSDELOLWLHV :KHQ
ZH VDLG WKDW SULYLOHJHG SURFHVVHV UDQ XQFKHFNHG ZH ZHUH RQO\ SDUWLDOO\ ULJKW
EHFDXVH FDSDELOLWLHV PLJKW OLPLW WKHP $V DQ H[DPSOH *Sna1hlA. FDSDELOLW\
DOORZV FKDQJLQJ WKH HᨪHFWLYH XVHU ,' RI D SURFHVV ,I WKH FDSDELOLW\ LV QRW VHW
WKH SURFHVV ZRXOG QRW EH DEOH WR FKDQJH WKH HᨪHFWLYH 8,' ZLWK WKH b2imB/
V\VWHP FDOO HYHQ LI UXQQLQJ DV URRW XQGHU 8,' 
&DSDELOLWLHV DUH VHW E\ D WKUHDG H[HFXWLRQ FRQWH[W RU ᨫOH 7KH LQLWLDO LQLW
SURFHVV RQ D V\VWHP VWDUWXS VWDUWV ZLWK IXOO FDSDELOLWLHV EXW RWKHU SURFHVVHV
VWDUWHG ODWHU PLJKW UXQ ZLWK IHZHU FDSDELOLWLHV 7KDW LV GRQH E\ GURSSLQJ
FDSDELOLWLHV WKDW ZRQ˵W EH QHHGHG 7KH FDSVK XWLOLW\ FDQ UHYHDO RXU FXUUHQW


FDSDELOLWLHV DQG WKH ERXQGLQJ VHW WKDW GHᨫQH ZKDW FDSDELOLWLHV FDQ EH VHW RQ
WKH FXUUHQWO\ UXQQLQJ V\VWHP

0 bm/Q @m `QQi +Tb? @@T`BMi


*m``2Mi, 4 +Tn+?QrM-+Tn/+nQp2``B/2-+Tn/+n`2/nb2`+?-
+Tn7QrM2`-+Tn7b2iB/-+TnFBHH-+Tnb2i;B/-+Tnb2imB/-
+Tnb2iT+T-+TnHBMmtnBKKmi#H2-+TnM2in#BM/nb2`pB+2-XXX
XXX
"QmM/BM; b2i 4+Tn+?QrM-+Tn/+nQp2``B/2-+Tn/+n`2/nb2`+?-
+Tn7QrM2`-+Tn7b2iB/-+TnFBHH-+Tnb2i;B/-+Tnb2imB/-
+Tnb2iT+T-+TnHBMmtnBKKmi#H2-XXX
XXX

$ UHJXODU XVHU ZRQ˵W KDYH DQ\ FXUUHQW FDSDELOLWLHV VR , DP SULQWLQJ FDSDELOLWLHV


IRU WKH URRW XVHU
/HW˵V LPDJLQH WKH +?QrM XWLOLW\ ZLWKRXW EHLQJ DEOH WR XVH WKH *Sn*>PqL
FDSDELOLW\ ZKLFK LW GHSHQGV RQ WR DUELWUDU\ FKDQJH WKH ᨫOH 8,'V DQG *,'V

0 iQm+? i2biXiti
0 +Tb? @@/`QT4+Tn+?QrM @@T`BMi @@
@+ ]+?QrM /KBM,/KBMi2biXiti]
mM#H2 iQ `Bb2 *Sna1hS*S 7Q` "a1h +?M;2b, PT2`iBQM MQi
T2`KBii2/

6XGGHQO\ +?QrM ZRQ˵W EH DEOH WR GR ZKDW LW GRHV EHVW


)LOH FDSDELOLWLHV FDQ EH VHW GLUHFWO\ RQ H[HFXWDEOHV ZLWK VHWFDS DQG OLVWHG ZLWK
WKH JHWFDS XWLOLWLHV b2i+T @` UHPRYHV DOO SUHYLRXVO\ VHW FDSDELOLWLHV 7R VHH
HYHU\ FDSDELOLW\ VHW RQ WKH H[HFXWDEOHV RQ \RXU V\VWHP UXQ

0 bm/Q ;2i+T @` f k=f/2pfMmHH

6RPH ORFDWLRQV OLNH fT`Q+ ZRXOG SURGXFH PDQ\ HUURUV WKHUHIRUH WKH UHGLUHFW
RI WKH VWDQGDUG HUURU
:KHQHYHU ZH FRPH DFURVV DQ XQNQRZQ FDSDELOLW\ ZH FDQ ORRN LW XS RQ WKH
PDQXDO SDJHV


0 KM d +T#BHBiB2b
XXX
*T#BHBiB2b HBbi
h?2 7QHHQrBM; HBbi b?Qrb i?2 +T#BHBiB2b BKTH2K2Mi2/ QM GBMmt
M/ i?2 QT2`iBQMb Q` #2?pBQ`b i?i 2+? +T#BHBiv T2`KBib,

*Snl.Ahn*PLh_PG UbBM+2 GBMmt kXeXRRV


1M#H2 M/ /Bb#H2 F2`M2H m/BiBM;c +?M;2
m/BiBM; 7BHi2` `mH2bc `2i`B2p2 m/BiBM; biimb
M/ 7BHi2`BM; `mH2bX
XXX

/DWHU LQ WKH 6(/LQX[ FKDSWHU ZH ZLOO VHH WKDW FDSDELOLWLHV FDQ EH IXUWKHU UH
VWULFWHG ZLWK 6(/LQX[

 1LFHQHVV
6LQFH PDQ\ SURFHVVHV UXQ DW RQFH /LQX[ KDV WR NHHS EDODQFH LQ SURFHVVHV˵
DFFHVV WR WKH &38 :H FDOO WKH UHVSRQVLEOH SDUW D VFKHGXOHU 7KH\ DUH GLᨪHUHQW
VFKHGXOHU VWUDWHJLHV IRU DVVLJQLQJ WKH &38 F\FOHV 7KH /LQX[  VFKHGXOHU
LV WKH &RPSOHWHO\ )DLU 6FKHGXOHU &)6 ZKLFK WULHV WR PD[LPL]H XWLOL]DWLRQ
ZKLOH DOVR PD[LPL]LQJ LQWHUDFWLYH SHUIRUPDQFH 7KLV PHDQV WKDW LI D SURFHVV
LV ZDLWLQJ RQ XVHU RXWSXW LWV VOHHSLQJ WLPH LV FRQVLGHUHG ZKHQ LW KDV WR UXQ
DJDLQ
$W VRPH SRLQW \RX PLJKW ZDQW WR FKDQJH WKLV EHKDYLRU WR SULRULWL]H ZKDW˵V
LPSRUWDQW /LQX[ GRHVQ˵W NQRZ WKDW \RX ZDQW WR SULRULWL]H ZRUNHUV VHUYLQJ
OLYH VWUHDPV YHUVXV EDFNJURXQG TXHXHV WKDW FDQ ᨫQLVK WRPRUURZ /XFNLO\
WKHUH LV D ZD\ WR LPSURYH WKH SULRULW\ RI D JLYHQ SURFHVV WR HQVXUH LW˵V QRW
OHIW EHKLQG ,W˵V FDOOHG SULRULW\ QLFHQHVV ,Q RWKHU ZRUGV KRZ IULHQGO\ LV D
SURFHVV WR RWKHUV"
1LFHQHVV FDQ JR IURP  WR  DQG EH FKDQJHG ZLWK FRPPDQGV MB+2 DQG
`2MB+2 2QFH ZH NQRZ WKH 3,' IURP Tb RU ?iQT ZH FDQ UHDUUDQJH WKH
QLFHQHVV ZLWK MB+2 DQG LWV @M VZLWFK

0 MB+2 @M @8 N3d


:LWK `2MB+2 ZH FDQ FKDQJH WKH QLFHQHVV UHODWLYHO\ WR LWV FXUUHQW QXPEHU 7R
LQFUHDVH QLFHQHVV

0 `2MB+2 YRy N3d

7R GHFUHDVH QLFHQHVV WR JLYH PRUH &38 WLPH WR WKH SURFHVV

0 `2MB+2 @Ry N3d

:KLOH \RX GRQ˵W KDYH WR LPPHGLDWHO\ JR DQG UHDVVLJQ QLFHQHVV UHPHPEHU LW


RQFH \RXU DSSOLFDWLRQ JRHV WR  &38 XWLOL]DWLRQ EHFDXVH RI D PLVEHKDYLQJ
SURFHVV

 6ZDS
7R DYRLG FUDVKLQJ SURFHVVHV ZKLOH UXQQLQJ RXW RI YLUWXDO PHPRU\ ZH FDQ
FUHDWH D 6ZDS ᨫOH RQ WKH ᨫOHV\VWHP WR EH XVHG DV D EDFNXS IRU 5$0 :H OLNHO\
ZRQ˵W KDYH DQ\ 6ZDS DURXQG RQ D IUHVK YLUWXDO VHUYHU EXW ZH VKRXOG FKHFN LW
ᨫUVW

0 brTQM @b
6BH2MK2 hvT2 aBx2 lb2/ S`BQ`Biv
f/2pf/K@k T`iBiBQM 3kkyee3 y @k

,I ZH ZDQW WR DGG 6ZDS ZH FUHDWH D fbrT7BH2 D QDPH \RX FDQ PDNH XS 

0 bm/Q // B74f/2pfx2`Q Q74fbrT7BH2 #b4Ryk9 +QmMi4k8eF


0 bm/Q KFbrT fbrT7BH2
0 bm/Q +?KQ/ yeyy fbrT7BH2
0 bm/Q brTQM fbrT7BH2
0 bm/Q #b? @+ ^2+?Q ]fbrT7BH2 MQM2 brT br y y] == f2i+f7bi#^

$IWHU UXQQLQJ brTQM fbrT7BH2 ZH VKRXOG VHH WKH 6ZDS LQFUHDVH LQ WKH
iQT RXWSXW QH[W WR JB" arT
$GGLQJ WKH HQWU\ WR f2i+f7bi# PDNHV 6ZDS VXUYLYH D UHVWDUW
:H FDQ DOVR DGMXVW D VZDSSLQHVV NHUQHO SDUDPHWHU


0 bm/Q #b? @+ ^2+?Q Ry % i22 fT`Q+fbvbfpKfbrTTBM2bb^
0 bm/Q #b? @+ ^b2/ @B ]fpKXbrTTBM2bbf/] f2i+fbvb+iHX+QM7^
0 bm/Q #b? @+ $
^2+?Q pKXbrTTBM2bb 4 Ry % i22 @ f2i+fbvb+iHX+QM7^

,W GHᨫQHV KRZ DJJUHVVLYHO\ ZLOO WKH /LQX[ NHUQHO FRS\ 5$0 WR 6ZDS IURP
 OHVV WR  PRUH  'HIDXOW LV  VR E\ FKDQJLQJ LW WR  ZH PDNH
VZDSSLQJ PXFK OHVV DJJUHVVLYH :KHWKHU ZH VKRXOG KDYH 6ZDS VSDFH DURXQG
RU QRW LW˵V XS WR D GHEDWH 6RPH SUHIHU SURFHVVHV WR FUDVK WR UHYHDO VHULRXV
SUREOHPV UDWKHU TXLFNO\ VXFK DV VKRZLQJ D PHPRU\ OHDN  VRPH WKH VDIHW\
QHW 6ZDS SURYLGHV , XVXDOO\ FUHDWH 6ZDS VSDFH
7R UHPRYH H[LVWLQJ 6ZDS

0 bm/Q brTQ77 fbrT7BH2


0 bm/Q `K @`7 fbrT7BH2

 5HFXUULQJ 5XQV


:H DOUHDG\ NQRZ KRZ WR VWDUW SURFHVVHV EXW ZKDW DERXW VWDUWLQJ SURFHVVHV
UHJXODUO\ ZLWKRXW DQ\ PDQXDO ZRUN" :KDW LI ZH QHHG WR UXQ D UHJXODU GDWDEDVH
EDFNXS HYHU\ PLGQLJKW" 2U UHPRYH ROG ORJV QRW WR UXQ RXW RI VSDFH" 2Q PDQ\
/LQX[ V\VWHPV ZH FDQ VFKHGXOH SURFHVVHV XVLQJ &URQ DQG +`QMi# ᨫOHV DV
˸&URQ WDEOHV˹  GHVFULELQJ ZKDW SURFHVVHV VKRXOG UXQ DW D FHUWDLQ WLPH :H
UHIHU WR SURFHVVHV RULJLQDWLQJ LQ +`QMi# DV ˸&URQ MREV˹
$ +`QMi# ᨫOH FDQ H[LVW IRU HYHU\ XVHU RQ WKH V\VWHP :H FDQ XVH WKH FURQWDE
FRPPDQG WR PDQDJH WKHP :LWK +`QMi# @H DV ˸OLVW˹  ZH FDQ VHH WKH
FRQWHQWV RI WKH FURQWDE ᨫOH IRU WKH FXUUHQW XVHU

0 +`QMi# @H
MQ +`QMi# 7Q` /KBM

7KHUH ZLOO EH QRWKLQJ WKHUH LQ WKH EHJLQQLQJ


:LWK @2 DV ˸HGLW˹ RSWLRQ ZH FDQ VDIHO\ HGLW WKH +`QMi# ᨫOH IRU JLYHQ XVHU
VLPLODU\ WR pBbm/Q 


0 +`QMi# @2

:H FDQ WDNH DGYDQWDJH RI WKH @m DV ˸XVHU˹ RSWLRQ WR RSHQ WKH FURQWDE ᨫOH
RI D GLᨪHUHQW XVHU IRU HGLWLQJ

0 bm/Q +`QMi# @m `QQi @2

1RZ ZH DUH SUHVHQWHG ZLWK HPSW\ ᨫOH WKDW H[SHFWV FHUWDLQ VWUXFWXUH (YHU\
QHZ FURQ MRE VKDOO EH DGGHG DV D IROORZLQJ OLQH

=@@@@@@@@@@@@@@@@ KBMmi2 Uy@8NV


% =@@@@@@@@@@@@@ ?Qm` Uy@kjV
% % =@@@@@@@@@@ /v Q7 KQMi? UR@jRV
% % % =@@@@@@@ KQMi? UR@RkV
% % % % =@@@@ /v Q7 r22F Uy@eV
% % % % %
Umb2`V +QKKM/

˾ ZH UHSODFH WKH VWDUW RU OHDYH WKHP


˾ PRQWKV FDQ EH ZULWWHQ ZLWK QDPH VKRUWFXWV VXFK DV DM 72# T` HWF
˾ GD\ RI WKH ZHHN VWDUWV ZLWK y IRU 6XQGD\ DQG FDQ DOVR EH ZULWWHQ ZLWK
QDPH VKRUWFXWV VXFK DV KQM im2 r2/ ˴WKXV HWF
˾ UXQQLQJ XQGHU D GLᨪHUHQW XVHU LV RSWLRQDO XVHIXO IRU URRW UXQQLQJ SUR
FHVVHV XQGHU OHVV SULYLOHJHG DFFRXQW

7R UXQ D MRE HYHU\ VLQJOH PLQXWH ZH NHHS DOO WKH VWDUV

fTi?fiQfDQ#Xb?

7R UXQ D MRE HYHU\  PLQXWHV

f8 fTi?fiQfDQ#Xb?

7R UXQ D MRE HYHU\ KRXU LQ WKH PLGGOH


jy fTi?fiQfDQ#Xb?

:H FDQ DOVR GHᨫQH PXOWLSOH WLPH LQWHUYDOV DW RQFH E\ VHSDUDWLQJ WKHP E\


FRPPDV 7KH IROORZLQJ &URQ MRE ZLOO UXQ HYHU\ WZHQW\ PLQXWHV

y-ky-9y fTi?fiQfDQ#Xb?

7R UXQ D FURQ MRE HYHU\ KRXU

y fTi?fiQfDQ#Xb?

7R UXQ LW HYHU\  KRXUV

y fk fTi?fiQfDQ#Xb?

7R UXQ LW HYHU\ GD\ DW PLGQLJKW

y y fTi?fiQfDQ#Xb?

7R UXQ LW HYHU\ VXQGD\ XQGHU XVHU DGPLQ

y y alL /KBM fTi?fiQfDQ#Xb?

7R UXQ LW HYHU\ GD\ IURP 0RQGD\ WR )ULGD\

y y R@8 fTi?fiQfDQ#Xb?

7R PDNH VRPH RI WKH LQWHUYDOV PRUH FOHDU ZH FDQ WDNH DGYDQWDJH RI DOWHUQDWLYH
V\QWD[ IRU WKH IROORZLQJ


,QWHUYDO 0HDQLQJ
!`2#QQi 5XQ RQFH DW HYHU\ VWDUWXS
!v2`Hv 5XQ RQFH D \HDU
!KQMi?Hv 5XQ RQFH D PRQWK
!r22FHv 5XQ RQFH D ZHHN
!/BHv RU !KB/MB;? 5XQ RQFH D GD\ DW PLGQLJKW
!?Qm`Hv 5XQ RQFH DQ KRXU

6R IRU H[DPSOH LI ZH ZDQW WR UXQ D EDFNXS HYHU\ PLGQLJKW EXW FOHDQ XS ORJV
HYHU\ ZHHN

!/BHv fTi?fiQf#+FmTXb?
!r22FHv fTi?fiQf+H2MmTXb?

,I ZH ZDQW WR GURS D VFULSW LQVWHDG LQVWHDG RI PRGLI\LQJ FURQWDE ᨫOHV ZH FDQ


SXW LW LQVLGH WKH IROORZLQJ GLUHFWRULHV

˾ f2i+f+`QMX/f?Qm`Hv
˾ f2i+f+`QMX/f/BHv
˾ f2i+f+`QMX/fr22FHv
˾ f2i+f+`QMX/fKQMi?Hv

$QG PDNH WKH VFULSW H[HFXWDEOH ZLWK +?KQ/ Yt


2WKHU DSSOLFDWLRQV RQ WKH V\VWHP LQVWDOO WKHLU &URQ WDEOHV LQ WKH f2i+f+`QMX/
GLUHFWRU\

7KHUH LV DOVR D GHGLFDWHG ZHEVLWH QDPHG FURQWDEJXUX IRU OHDUQ


LQJ &URQ MREV H[DPSOHV 7KLV VLWH SURYLGHV D ORW RI &URQ MRE
H[DPSOHV

$V ZLWK RWKHU VHUYLFHV ZH VKRXOG PDNH VXUH LW˵V HQDEOHG DQG UXQQLQJ

0 bm/Q bvbi2K+iH 2M#H2 +`QM/Xb2`pB+2


0 bm/Q bvbi2K+iH bi`i +`QM/Xb2`pB+2

6LQFH WKH &URQ GDHPRQ DOZD\V FKHFNV IRU FKDQJHV ERWK LQ ᨫOHV DQG UHVSHFWLYH
GLUHFWRULHV WKHUH LV QR QHHG WR UHVWDUW WKH GDHPRQ RQ FKDQJHV


 6\QFLQJ 7LPH
,W˵V KDUG WR VFKHGXOH SURFHVVHV DFFXUDWHO\ LI RXU WLPH VHWWLQJV LV Rᨪ V\VWHPG
WLPHV\QFG GDHPRQ KDV EHHQ DGGHG WR V\VWHPG IRU WKH V\VWHP FORFN V\QFKUR
QL]DWLRQ DFURVV WKH QHWZRUN 8QOLNH RWKHU IXOOEORZQ 173 VHUYHUV QWSG
FURQ\G LW˵V RQO\ FRQFHUQHG DERXW EHLQJ D FOLHQW WR 6173 ,W RQO\ IRFXVHV RQ
TXHU\LQJ WLPH IURP RQH UHPRWH VHUYHU DQG RQ V\QFKURQL]LQJ WKH ORFDO FORFN
)RU PRVW RI XV V\VWHPGWLPHV\QFG LV HQRXJK
7R VWDUW XVLQJ V\VWHPGWLPHV\QFG W\SH WKH IROORZLQJ FRPPDQGV

0 bm/Q bvbi2K+iH 2M#H2 bvbi2K/@iBK2bvM+/


0 bm/Q bvbi2K+iH bi`i bvbi2K/@iBK2bvM+/

$OWHUQDWLYHO\ ZH FRXOG LQVWDOO FURQ\G LI WKDW˵V RXU SUHIHUHQFH

0 bm/Q /M7 BMbiHH +?`QMv


0 bm/Q bvbi2K+iH 2M#H2 +?`QMv/
0 bm/Q bvbi2K+iH bi`i +?`QMv/

$SDUW IURP FORFN V\QFKURQL]DWLRQ ZH VKRXOG DOVR PDNH VXUH WKH FRUUHFW GH
VLUHG WLPH]RQH LV VHW :H FDQ VHW DQG OLVW DYDLODEOH WLPH]RQHV ZLWK WLPHGD
WHFWO

0 iBK2/i2+iH HBbi@iBK2xQM2b
7`B+f#B/DM
7`B+f++`
7`B+fH;B2`b
7`B+f"Bbbm
7`B+f*B`Q
7`B+f*b#HM+
7`B+f*2mi
XXX
0 iBK2/i2+iH b2i@iBK2xQM2 bBf>Qn*?BnJBM?

7\SLQJ iBK2/i2+iH ZLWKRXW DQ\ VXEFRPPDQGV ZLOO JLYH XV DQ RYHUYLHZ RI


WKH FXUUHQW VHWWLQJV


0 iBK2/i2+iH
GQ+H iBK2, 6`B kyky@yR@yj kR,Rj,yy Yyd
lMBp2`bH iBK2, 6`B kyky@yR@yj R9,Rj,yy lh*
_h* iBK2, 6`B kyky@yR@yj R9,Rj,yy
hBK2 xQM2, bBf>Qn*?BnJBM? UYyd- YydyyV
avbi2K +HQ+F bvM+?`QMBx2/, v2b
LhS b2`pB+2, +iBp2
_h* BM HQ+H hw, MQ

)RU JHQHUDO YLUWXDO VHUYHUV LW˵V JRRG DGYLFH WR VWLFN WR 87&

0 iBK2/i2+iH b2i@iBK2xQM2 lh*


 6XPPDU\
:H VDZ TXLWH D ELW DERXW /LQX[ SURFHVVHV :H QRZ NQRZ PRUH DERXW ZKDW
SURFHVVHV DUH KRZ WR UXQ WKHP VFKHGXOH WKHP DQG PRQLWRU WKHP

˾ $ SURFHVV LV D UXQQLQJ SURJUDP ,W FRPHV ZLWK D VWDWH UXQQLQJ ZDLWLQJ


̀  SULRULW\ DQG QLFHQHVV :H KDYH VHHQ KRZ WR UXQ SURFHVVHV IURP
D FRPPDQG OLQH DQG KRZ WR XVH %DVK EDFNJURXQG MREV FDSDELOLW\ WR
VHQG SURJUDPV WR WKH EDFNJURXQG ZLWK #; RU &75/= DQG EULQJ
WKHP EDFN WR WKH IRUHJURXQG ZLWK 7;  2XU GHIDXOW SURFHVV PDQDJHU
LV V\VWHPG
˾ Tb mt DQG iQT DUH WKH ᨫUVW SURJUDPV WR GHWHUPLQH ZKHWKHU WKH SUR
FHVV LV UXQQLQJ DQG KRZ PXFK V\VWHP UHVRXUFHV LW FRQVXPHV :LWK
iQT ZH FDQ GLUHFWO\ UHQLFH WKH SURFHVV WR KDYH PRUH &38 UHVRXUFHV
RU ZH FDQ UHDFK IRU WKH `2MB+2 FRPPDQG r FDQ FRQYHQLHQWO\ OLVW DOO
ORJJHGLQ XVHUV DQG WKHLU SURFHVVHV
˾ 2QFH ZH QHHG WR VWRS D SURFHVV RU WHUPLQDWH D QRQUHVSRQVLYH RQH
ZH FDQ VHQG LW D aA:h1_J VLJQDO WR JUDFHIXOO\ ᨫQLVK RU aA:EAGG ZKHQ
aA:h1_J ZRQ˵W ZRUN 7R GR WKDW ZH UXQ FBHH @R8 RU FBHH @N IRO
ORZHG E\ WKH SURFHVV ,' 7KHUH LV DOVR FBHHHH DQG TFBHH @N WR WHU
PLQDWH SURJUDPV E\ QDPH
˾ :H ORRNHG DW PDQDJLQJ H[LVWLQJ V\VWHPG VHUYLFHV ZLWK bvbi2K+iH
2M#H2 bvbi2K+iH bi`i DQG bvbi2K+iH biimb :H KDYH
VHHQ KRZ WR TXHU\ V\VWHP ORJ V\VWHPG MRXUQDO ZLWK DQm`MH+iH DQG
KRZ WR VHH WKH ODVW ORJV DV WKH\ DUH KDSSHQLQJ RQ WKH V\VWHP ZLWK
DQm`MH+iH @27
˾ *RLQJ WKURXJK V\VWHP ORJV PLJKW EH WKH REYLRXV FKRLFH LQ GHWHUPLQ
LQJ SURFHVV IDLOXUHV EXW WKHUH DUH RWKHU ZD\V WR FKHFN RQ D SURFHVV
LQFOXGLQJ V\VWHP FDOO WUDFLQJ :LWK bi`+2 @T IROORZHG E\ 3,' ZH
FDQ GLUHFWO\ VHH LWV LVVXHG V\VWHP FDOOV ZKLFK FDQ KHOS XQGHUVWDQG WKH
SURFHVV
˾ )LQDOO\ ZH ORRNHG DW KRZ WR XVH &URQ ᨫOHV WR UXQ VFKHGXOHG SURFHVVHV
DQG KRZ WR OHYHUDJH bvbi2K/@iBK2bvM+/ WR V\QF WKH FORFN :H FDQ
UXQ +`QMi# @H WR OLVW FXUUHQW XVHU &URQ MREV DQG +`QMi# @2 WR
HGLW WKHP VDIHO\ 7R UXQ DQ KRXUO\ EDFNXS VFULSW ZH FDQ XVH !?Qm`Hv
GLUHFWLYH DV !?Qm`Hv fTi?fiQf#+FmTXb? :H FDQ DOVR SURYLGH D
ᨫOH LQVLGH f2i+f+`QMX/ ZLWK WKH VDPH IRUPDW DV f2i+f+`QMi#


&KDSWHU 

:HE 6HUYHUV

:H VXFFHVVIXOO\ GHSOR\HG DQG VHUYHG WKH ᨫUVW ZHEVLWH ZLWK 1*,1; EXW ZH
VWLOO GRQ˵W NQRZ ZK\ WKLQJV ZRUN RXW RI WKH ER[ :H˵OO ᨫ[ WKDW E\ JRLQJ
WKURXJK WKH GHIDXOW 1*,1; FRQᨫJXUDWLRQ LQ GHWDLO :H˵OO VHH KRZ VWDWLF VLWHV
DUH VHUYHG DQG OHDUQ DERXW YDULRXV GLUHFWLYHV ZH FDQ XVH LQ RXU FRQᨫJXUDWLRQ
WRR 2QFH ZH XQGHUVWDQG WKDW ZH˵OO PRYH RQ DQG OHDUQ KRZ WR XVH 1*,1;
DV D SUR[\ VHUYHU
,Q PRVW FRQᨫJXUDWLRQV WRGD\ 5XE\ DQG 3\WKRQ DSSOLFDWLRQ VHUYHUV VLW EHKLQG
D UHYHUVH SUR[\ VHUYHU 7KH UHYHUVH SUR[\ KDQGOHV 7/6 HQFU\SWLRQ VHUYHV
VWDWLF DVVHWV RU SURWHFWV WKH DSSOLFDWLRQ DJDLQVW VORZ FOLHQWV 7KH UHDVRQ IRU
WKDW LV WZRIROG 6HUYHUV OLNH 1*,1; DUH IDU PRUH RSWLPL]HG WR GR WKHVH WDVNV
HᨬFLHQWO\ $QG DSSOLFDWLRQ VHUYHUV FDQ VWD\ OLJKWHU IRFXVLQJ RQ VHUYLQJ WKH
DSSOLFDWLRQ


 .LQGV RI :HE 6HUYHUV
:HE VHUYHUV DUH VHUYHUV VHUYLQJ ZHE WUDᨬF 6RPH RI WKH PRVW IDPRXV RQHV
DUH $SDFKH +773 6HUYHU DQG 1*,1; ERWK SURYHQ KLJKSHUIRUPLQJ VHUYHUV
ZH FDQ FKRRVH IURP RQ )HGRUDEDVHG V\VWHPV $SSOLFDWLRQ VHUYHUV DUH ZHE
VHUYHUV WKDW VHUYH WKH DSSOLFDWLRQ UHTXHVWV GLUHFWO\ 7\SLFDOO\ WKHVH VHUYHUV
DUH VSHFLᨫF WR WKH DSSOLFDWLRQ UXQWLPH ODQJXDJH VXFK DV 5XE\ RU 3\WKRQ 
DOWKRXJK HYHQ VHUYHUV OLNH $SDFKH FDQ VRPHWLPHV VHUYH WKLV UROH

:H GLᨭHUHQWLDWH EHWZHHQ ZHE DQG DSSOLFDWLRQ VHUYHUV WR GLVWLQJXLVK


WKHLU UROH LQ VLWXDWLRQV ZKHUH ZH KDYH D ZHE VHUYHU LQ IURQW RI DQ
DSSOLFDWLRQ VHUYHU

$ SUR[\ VHUYHU LV DQ LQWHUPHGLDU\ VHUYHU WKDW IRUZDUGV LQFRPLQJ UHTXHVWV WR


GLᨪHUHQW VHUYHUV RQ WKH QHWZRUN 7KH\ DUH PDQ\ NLQGV RI SUR[LHV ,Q RXU FDVH
ZH QHHG WR NQRZ DERXW UHYHUVH SUR[LHV $ UHYHUVH SUR[\ LV D W\SH RI SUR[\
VHUYHU WKDW W\SLFDOO\ VLWV EHKLQG WKH ᨫUHZDOO LQ D SULYDWH QHWZRUN DQG GLUHFWV
FOLHQW UHTXHVWV WR WKH DSSURSULDWH EDFNHQG VHUYHU
0RVW 5XE\ DQG 3\WKRQ DSSOLFDWLRQ VHUYHUV DUH QRW SHUIRUPDQW HQRXJK WR VHUYH
VWDWLF DVVHWV HᨬFLHQWO\ RU ODFN VRPH RWKHU FULWLFDO IHDWXUHV OLNH WKH SURWHFWLRQ
DJDLQVW VORZ FOLHQWV 7KDW˵V ZK\ ZH JHQHUDOO\ UHO\ RQ D UHYHUVH SUR[\ DOWKRXJK
WHFKQLFDOO\ VSHDNLQJ ZH GRQ˵W QHHG D SUR[\ IRU WKLQJV WR ZRUN

$ IRUZDUG SUR[\ LV WKH RSSRVLWH RI UHYHUVH SUR[\ ,W IDFHV WKH


,QWHUQHW DQG ZRXOG EH XVHG E\ LQWHUQDO DSSOLFDWLRQV WR UHTXHVW
UHVRXUFHV RXWVLGH WKH ORFDO QHWZRUN

$ ORDG EDODQFHU LV D UHYHUVH SUR[\ WKDW GLVWULEXWHV WKH UHTXHVWV ZRUNORDG


DFURVV PXOWLSOH VHUYHUV 7KHVH VHUYHUV FDQ EH RQ WKH VDPH VLQJOH YLUWXDO PD
FKLQH EXW ZH PRVWO\ GHSOR\ ORDG EDODQFHUV WR GLVWULEXWH WUDᨬF DFURVV PRUH
WKDQ RQH QRGH :H˵OO WDON PRUH DERXW ORDG EDODQFLQJ LQ WKH 6FDOLQJ FKDSWHU


 5XQQLQJ D :HE 6HUYHU
,QFRPLQJ UHTXHVWV DOORZHG WR JR WKURXJK D ᨫUHZDOO ZLOO EH SDVVHG WR ZKDWHYHU
SURJUDP LV UXQQLQJ RQ D VSHFLᨫHG SRUW )RU GHIDXOW +773 WUDᨬF WKLV LV
SRUW  DQG IRU GHIDXOW +7736 WUDᨬF SRUW  WKRVH DUH SRUWV WKDW ZLOO EH
UHTXHVWHG E\ ZHE EURZVHUV  $OWKRXJK , GLGQ˵W PHQWLRQ LW EHIRUH ZH VHUYHG
WKH KRPHSDJH RQ SRUW  ZKLFK LV ZK\ ZH DOVR GLGQ˵W VSHFLI\ WKH SRUW ZKHQ
UXQQLQJ +m`H :H FDQ UXQ D VLPSOH 3\WKRQ SURJUDP OLVWHQLQJ RQ SRUW  WR
VHH WKLV LV LQGHHG WUXH

0 bm/Q Tvi?QMj @K ?iiTXb2`p2` @@#BM/ yXyXyXy 3y


a2`pBM; >hhS QM yXyXyXy TQ`i 3y U?iiT,ffyXyXyXy,3yfV XXX

1RWLFH ZH QHHG WR XVH URRW SULYLOHJHV WR XVH SRUW  $OVR LI \RX GLGQ˵W
VWRS 1*,1; IURP VRPH RI WKH H[DPSOHV EHIRUH WKLQJV ZRQ˵W ZRUN VLQFH \RX
FDQQRW ELQG WZR VHUYLFHV WR WKH VDPH SRUW

0 bm/Q bvbi2K+iH biQT M;BMtXb2`pB+2

%\ SRLQWLQJ \RXU ZHE EURZVHU WR \RXU ,3 DGGUHVV \RX FDQ VHH WKDW D EXLOWLQ
3\WKRQ VHUYHU FDQ SURFHVV UHTXHVWV DQG UHWXUQ UHVSRQVHV MXVW ᨫQH 6LPLODUO\
ZH FRXOG UXQ 5DLOV RU 'MDQJR DSSOLFDWRQV OLVWHQLQJ RQ SRUW  IRU LQFRPLQJ
UHTXHVWV DQG WKLQJV ZRXOG ZRUN

 1*,1; &RQᦣJXUDWLRQ


1*,1; LV D ZHE VHUYHU WKDW FDQ DOVR DFW DV D SUR[\ VHUYHU RU ORDG EDODQFHU
:H FDQ LQVWDOO WKH QJLQ[ SDFNDJH ZLWK /M7

0 bm/Q /M7 BMbiHH @v M;BMt

2QFH LQVWDOOHG ZH FDQ VWDUW WKH VHUYHU E\ W\SLQJ M;BMt

0 M;BMt


%\ DFFHVVLQJ SRUW  ZLWK \RXU EURZVHU \RX VKRXOG VHH WKH 1*,1; ZHOFRPH
SDJH RU WKH KRPHSDJH ZH GHSOR\HG 7\SH WKH ,3 DGGUHVV RI \RXU YLUWXDO VHUYHU
LQWR WKH EURZVHU DGGUHVV EDU DQG FKHFN WKDW HYHU\WKLQJ LV ZRUNLQJ ,I \RX DUH
UXQQLQJ 1*,1; ORFDOO\ \RX FDQ W\SH ?iiT,ffHQ+H?Qbif
7R TXLW UXQ M;BMt @b [mBi ZLWK WKH URRW SULYLOHJHV
,QVWDOOLQJ 1*,1; IURP WKH RᨬFLDO UHSRVLWRU\ DOVR SODFHG UHOHYDQW V\VWHPG
XQLW ᨫOHV RQ WKH V\VWHP VR IURP QRZ RQ ZH˵OO FRQWURO WKH 1*,1; VHUYHU
ZLWK WKH bvbi2K+iH FRPPDQG DV ZH GLG IURP WKH /2THQvXb? VFULSW
/HW˵V VHH ZKHUH 1*,1; H[SHFWV LWV FRQᨫJXUDWLRQ DQG ᨫQG RXW KRZ GRHV LW
NQRZ WR VHUYH WKH ZHOFRPH SDJH ZH VDZ EHIRUH

0 `TK @[+ M;BMt


f2i+fHQ;`Qii2X/fM;BMt
f2i+fM;BMtf7bi+;BX+QM7
XXX
f2i+fM;BMtfKBK2XivT2bX/27mHi
f2i+fM;BMtfM;BMtX+QM7
f2i+fM;BMtfM;BMtX+QM7X/27mHi
XXX

f2i+fM;BMtfM;BMtX+QM7 VHHPV WR EH WKH ᨫOH ZH DUH ORRNLQJ IRU /HW˵V VHH


KRZ WKLV ᨫOH ORRNV OLNH


0 +i f2i+fM;BMtfM;BMtX+QM7
XXX
mb2` M;BMtc
rQ`F2`nT`Q+2bb2b miQc
2``Q`nHQ; fp`fHQ;fM;BMtf2``Q`XHQ;c
TB/ f`mMfM;BMtXTB/c

O GQ/ /vMKB+ KQ/mH2bX a22 fmb`fb?`2f/Q+fM;BMtf_1.J1X/vMKB+X


BM+Hm/2 fmb`fb?`2fM;BMtfKQ/mH2bf X+QM7c

2p2Mib &
rQ`F2`n+QMM2+iBQMb Ryk9c
'

?iiT &
HQ;n7Q`Ki KBM ^0`2KQi2n//` @ 0`2KQi2nmb2` (0iBK2nHQ+H)
]0`2[m2bi] ^
^0biimb 0#Q/vn#vi2bnb2Mi ]0?iiTn`272`2`] ^
^]0?iiTnmb2`n;2Mi] ]0?iiTntn7Q`r`/2/n7Q`]^c

++2bbnHQ; fp`fHQ;fM;BMtf++2bbXHQ; KBMc

b2M/7BH2 QMc
i+TnMQTmb? QMc
i+TnMQ/2Hv QMc
F22THBp2niBK2Qmi e8c
ivT2bn?b?nKtnbBx2 ky93c

BM+Hm/2 f2i+fM;BMtfKBK2XivT2bc
/27mHinivT2 TTHB+iBQMfQ+i2i@bi`2Kc
XXX

7KHUH DUH IHZ NH\ FRQFHSWV WR XQGHUVWDQG ZKHQ UHDGLQJ DQG ZULWLQJ 1*,1;
FRQᨫJXUDWLRQ ᨫOHV
'LUHFWLYHV DUH EDVLF SLHFHV RI 1*,1; FRQᨫJXUDWLRQ 2QH VXFK GLUHFWLYH LV
WKH YHU\ ᨫUVW OLQH

mb2` M;BMtc


mb2` LV D VLPSOH GLUHFWLYH WKDW WHOOV 1*,1; XQGHU ZKDW XVHU WR UXQ $V \RX
FDQ VHH D VLPSOH GLUHFWLYH HQGV ZLWK c
7KHUH DUH DOVR PRUH FRPSOH[ GLUHFWLYHV WKDW FRPH ZLWK IXUWKHU FRQᨫJXUDWLRQ
EHWZHHQ & DQG ' EUDFNHWV IRUPLQJ D FRQᨫJXUDWLRQ EORFN

2p2Mib &
rQ`F2`n+QMM2+iBQMb Ryk9c
'

+HUH 2p2Mib LV D EORFN GLUHFWLYH FRQWDLQLQJ RQH VLPSOH rQ`F2`n+QMM2+iBQMb


GLUHFWLYH
&RQWH[WV DUH D VSHFLDO NLQG RI FRPSOH[ GLUHFWLYHV ,I D EORFN GLUHFWLYH FDQ KDYH
RWKHU GLUHFWLYHV LQVLGH EUDFHV LW LV FDOOHG D FRQWH[W 7KH PRVW SURPLQHQW RQHV
DUH 2p2Mib ?iiT b2`p2` DQG HQ+iBQM 6R RXU SUHYLRXV EORFN GLUHFWLYH
H[DPSOH LV DOVR DQ H[DPSOH IRU D FRQWH[W
&RQWH[WV FDQ FRQWDLQ RWKHU FRQWH[WV DQG WKH\ DOO EHORQJ WR WKH PDLQ FRQWH[W
ZKLFK LV LPSOLFLW DQG JLYHQ  $OO FRQWH[WV PXVW IROORZ D JLYHQ KLHUDUFK\ WR
IRUP D YDOLG FRQᨫJXUDWLRQ 7KH 2p2Mib DQG ?iiT FRQWH[WV FDQ EH XVHG LQ WKH
PDLQ FRQWH[W $Q ?iiT FRQWH[W PLJKW FRPH ZLWK b2`p2` GLUHFWLYHV GHᨫQLQJ
VHUYHU VHWWLQJV ZKLFK PLJKW FRPH ZLWK HQ+iBQM GLUHFWLYHV GHᨫQLQJ 85/V
2Q WKH ᨫUVW ORRN ZH FDQ VFDQ WKH M;BMtX+QM; ᨫOH IRU FRQWH[WV

2p2Mib &
'

?iiT &
b2`p2` &
HQ+iBQM f &
'

2``Q`nT;2 9y9 f9y9X?iKHc


'

2``Q`nT;2 8yy 8yk 8yj 8y9 f8ytX?iKHc


'
'
'


:H VWULSSHG WKH ᨫOH WR FRQWDLQ RQO\ EORFN GLUHFWLYHV WKDW JLYHV XV WKH EDVLF
VWUXFWXUH RI WKH FRQᨫJXUDWLRQ $V ZH FDQ VHH WKHUH LV DQ +773 VHUYHU GH
ᨫQHG ZLWK b2`p2` FRQWH[W XQGHU ?iiT 7KLQN RI D b2`p2` &' GLUHFWLYH DV
\RXU ZHEVLWH 7KHQ WKHUH LV D ORFDWLRQ GHᨫQLWLRQ IRU WKH URRW GLUHFWRU\ ZLWK
HQ+iBQM GLUHFWLYH DQG f PDWFK PDWFKLQJ DOO 85/ DGGUHVVHV  $IWHU WKDW D
IDOOEDFN IRU HUURUV VXFK DV  1RW )RXQG LV LQFOXGHG
/HW˵V ORRN PRUH FORVHO\ DW HDFK GLUHFWLYH XVHG LQ WKLV ᨫOH IURP WRS WR ERWWRP
2SHQ LW DV ZHOO WR IROORZ DORQJ

0 +i f2i+fM;BMtfM;BMtX+QM7
mb2` M;BMtc
rQ`F2`nT`Q+2bb2b miQc
2``Q`nHQ; fp`fHQ;fM;BMtf2``Q`XHQ;c
TB/ f`mMfM;BMtXTB/c
XXX

(YHU\ GLUHFWLYH WKDW ZH VHH DW WKH WRSOHYHO EHORQJV WR WKH PDLQ LPSOLFLW FRQWH[W

˾ 7KH mb2` GLUHFWLYH GHᨫQHV WKH /LQX[ XVHU DQG RSWLRQDOO\ WKH JURXS RI
WKH 1*,1; SURFHVV 7KH M;BMt XVHU LV D JRRG RSWLRQ :H FDQ DOVR
EH PRUH VSHFLᨫF DQG UXQ ZLWK RXU DSSOLFDWLRQ XVHU RU VRPHWKLQJ YHU\
UHVWULFWLYH :H VKRXOG QHYHU QHHG WR UXQ 1*,1; DV URRW

7KH 1*,1; PDVWHU SURFHVV DOZD\V UXQV XQGHU URRW 7KLV FRQ
ᨮJXUDWLRQ LV IRU 1*,1; ZRUNHU SURFHVVHV SURFHVVLQJ WKH LQFRP
LQJ UHTXHVWV

˾ 7KH rQ`F2`nT`Q+2bb2b GLUHFWLYH GHᨫQHV WKH QXPEHU RI ZRUNHU SUR


FHVVHV miQ RSWLRQ ZLOO WU\ WR GHWHFW WKH QXPEHU RI &38 FRUHV DQG
VHW WKLV QXPEHU ,I \RX DUH QRW VXUH DQG GRQ˵W ZDQW WR EHQFKPDUN
SRVVLEOH SHUIRUPDQFH GLᨪHUHQFH  XVLQJ WKH QXPEHU RI &38 FRUHV LV D
JRRG VWDUW EXW UHPHPEHU DOO DSSOLFDWLRQV RQ WKH V\VWHP VKDUH FRUHV 
˾ 7KH 2``Q`nHQ; GLUHFWLYH GHᨫQHV WKH ᨫOH WKDW ZLOO EH XVHG IRU HUURUV
2SWLRQDOO\ ZH FDQ VSHFLI\ WKH OHYHO RI VHYHULW\ IURP /2#m; BM7Q
MQiB+2 r`M 2``Q` +`Bi H2`i WR 2K2`; ,Q SUDFWLFDO WHUPV LW


ZRXOG EH UHFRPPHQGHG WR JR ZLWK DW OHDVW WKH r`M OHYHO ZKHQ SUHSDU
LQJ WKH FRQᨫJXUDWLRQ DQG ZLWK WKH 2``Q` OHYHO IRU SURGXFWLRQ ,I OHIW
XQVSHFLᨫHG WKH GHIDXOW HQ;bf2``Q`XHQ; ZLOO EH XVHG

1RWH WKDW 1*,1; QHHGV WR EH EXLOW ZLWK GHEXJ VXSSRUW IRU GHEXJ
ORJJLQJ WR ZRUN

˾ 7KH TB/ GLUHFWLYH VHWV WKH SURFHVV ,' ᨫOH IRU WKH 1*,1; SURFHVV 'H
IDXOW ZRXOG EH HQ;bfM;BMtXTB/

XXX
O GQ/ /vMKB+ KQ/mH2bX a22 fmb`fb?`2f/Q+fM;BMtf_1.J1X/vMKB+X
BM+Hm/2 fmb`fb?`2fM;BMtfKQ/mH2bf X+QM7c

2p2Mib &
rQ`F2`n+QMM2+iBQMb Ryk9c
'
XXX

˾ 7KH BM+Hm/2 GLUHFWLYH WKDW IROORZV LQFOXGHV G\QDPLF 1*,1; PRGXOHV


WKDW FDQ H[WHQG 1*,1; IHDWXUHV DQG IXQFWLRQDOLW\ *HRORFDWLQJ XVHUV
E\ ,3 DGGUHVV RU UHVL]LQJ LPDJHV DUH H[DPSOHV RI VXFK PRGXOHV 6RPH
DUH RᨬFLDO 6RPH PLJKW EH RᨪHUHG E\ D UGSDUW\

7KH 2p2Mib FRQWH[W LV XVHG IRU FRQQHFWLRQ SURFHVVLQJ

8VXDOO\ WKH FRQQHFWLRQ SURFHVVLQJ PHWKRG LV DXWRPDWLFDOO\ VH


OHFWHG EDVHG RQ WKH PRVW HᨬFLHQW FKRLFH WKDW WKH SODWIRUP KDV
DYDLODEOH )RU /LQX[ V\VWHPV WKH 2TQHH PHWKRG LV XVXDOO\ WKH
EHVW FKRLFH

7KH rQ`F2`n+QMM2+iBQMb GLUHFWLYH VSHFLᨫHV WKH PD[LPXP QXPEHU RI FRQ


QHFWLRQV WKDW D ZRUNHU SURFHVV FDQ RSHQ ZKLFK LQFOXGHV ERWK FOLHQW DQG VHUYHU
FRQQHFWLRQV 'HIDXOW LV 8Rk 7KH PD[LPXP QXPEHU RI RSHQ ᨫOHV VWLOO DSSOLHV
, DP PHQWLRQLQJ WKLV FRQWH[W DQG WKH rQ`F2`n+QMM2+iBQMb GLUHFWLYH VLQFH
LW˵V SDUW RI WKH GHIDXOW FRQᨫJXUDWLRQ EXW ZH ZRQ˵W EH XVLQJ WKLV FRQWH[W H[
SOLFLWO\ LQ WKLV ERRN 7KH PRVW LPSRUWDQW FRQWH[W WR XV LV WKH RQH WKDW FRPHV
QH[W


XXX
?iiT &
HQ;n7Q`Ki KBM ^0`2KQi2n//` @ 0`2KQi2nmb2` (0iBK2nHQ+H)
]0`2[m2bi] ^
^0biimb 0#Q/vn#vi2bnb2Mi ]0?iiTn`272`2`] ^
^]0?iiTnmb2`n;2Mi] ]0?iiTntn7Q`r`/2/n7Q`]^c

++2bbnHQ; fp`fHQ;fM;BMtf++2bbXHQ; KBMc

b2M/7BH2 QMc
i+TnMQTmb? QMc
i+TnMQ/2Hv QMc
F22THBp2niBK2Qmi e8c
ivT2bn?b?nKtnbBx2 ky93c

BM+Hm/2 f2i+fM;BMtfKBK2XivT2bc
/27mHinivT2 TTHB+iBQMfQ+i2i@bi`2Kc

O GQ/ KQ/mH` +QM7B;m`iBQM 7BH2b 7`QK i?2 f2i+fM;BMtf+QM7X/


O /B`2+iQ`vX
O a22 ?iiT,ffM;BMtXQ`;f2Mf/Q+bfM;tn+Q`2nKQ/mH2X?iKHOBM+Hm/2
O 7Q` KQ`2 BM7Q`KiBQMX
BM+Hm/2 f2i+fM;BMtf+QM7X/f X+QM7c
XXX

7KH ?iiT FRQWH[W LV XVHG IRU KDQGOLQJ +773 DQG +7736 WUDᨬF

˾ 7KH HQ;n7Q`Ki GLUHFWLYH ZULWHV D ORJ ᨫOH LQ D JLYHQ IRUPDW

˾ 7KH ++2bbnHQ; GLUHFWLYH GHᨫQHV WKH SDWK DQG RSWLRQV IRU DQ DFFHVV
ORJ :H FDQ XVH ;xBT WR FRPSUHVV WKH ORJ WKXV WDNLQJ OHVV VSDFH DQG
XVH WKH 7Hmb? RSWLRQ WR FOHDQ LW VR LW GRHV QRW JURZ LQGHᨫQLWHO\ :H
JR PRUH LQWR ORJJLQJ ODWHU

˾ 7KH b2M/7BH2 GLUHFWLYH VSHHGV XS VHQGLQJ ᨫOHV XVLQJ b2M/7BH2UkV


V\VWHP FDOO 7R VHQG WKH ᨫOHV GLUHFWO\ LW UHTXLUHV D ᨫOH GHVFULSWRU WKDW
VXSSRUWV PPDS ZKLFK H[FOXGHV 81,; VRFNHWV IRU LQVWDQFH b2M/7BH2
LV JUHDW DW VHUYLQJ VWDWLF DVVHWV EXW ZRQ˵W KHOS XV LQ RXU ODWHU 81,;
VRFNHW H[DPSOH ZLWK 3XPD ,W˵V Q77 E\ GHIDXOW


˾ 7KH i+TnMQTmb? GLUHFWLYH FDQ WDNH DGYDQWDJH RI WKH h*Sn*P_E VRFNHW
RSWLRQ RQ /LQX[ ZKHQ XVLQJ b2M/7BH2 ,W˵V Q77 E\ GHIDXOW DQG QRW DOO
WKDW LPSRUWDQW WR XV

˾ 7KH i+TnMQ/2Hv GLUHFWLYH FDQ WDNH DGYDQWDJH RI WKH h*SnLP.1Gu


RSWLRQ 7KH RSWLRQ LV HQDEOHG ZKHQ D FRQQHFWLRQ LV WUDQVLWLRQHG LQWR
WKH NHHSDOLYH VWDWH ,W LV DOVR HQDEOHG ZKHQ XVLQJ 66/ FRQQHFWLRQV
XQEXᨪHUHG SUR[\LQJ RU :HE6RFNHW SUR[\LQJ ,W˵V QM E\ GHIDXOW

˾ 7KH F22THBp2niBK2Qmi GLUHFWLYH VHWV D WLPHRXW GXULQJ ZKLFK D


NHHSDOLYH FOLHQW FRQQHFWLRQ VKRXOG VWD\ RSHQ RQ WKH VHUYHU 2SWLRQDO
?2/2`niBK2Qmi VHFRQG DUJXPHQW WKHQ VHWV WKH E22T@HBp2,
iBK2Qmi4iBK2 +773 KHDGHU

˾ 7KH ivT2bn?b?nKtnbBx2 GLUHFWLYH VHWV WKH PD[LPXP VL]H RI WKH


W\SHV KDVK WDEOHV ZKLFK VSHHGV XS NH\ ORRNXS RQ VRPH SURFHVVRUV E\
UHGXFLQJ WKH QXPEHU RI PHPRU\ DFFHVVHV

˾ 7KH /27mHinivT2 GLUHFWLYH GHᨫQHV WKH GHIDXOW 0,0( W\SH RI UH


VSRQVH 'HIDXOW LV i2tifTHBM

.HHSDOLYH SUHYHQWV LQDFWLYLW\ IURP GLVFRQQHFWLQJ WKH FKDQQHO ,W FDQ


WHOO D FOLHQW WKDW WKH FRQQHFWLRQ WR WKH VHUYHU LV VWLOO LQWDFW RU YLFH YHUVD
7KDW ZD\ RSHUDWLQJ V\VWHPV FDQ UHOHDVH DQ\ UHVRXUFHV WDNHQ E\ GHDG
FRQQHFWLRQV

)LQDOO\ WKH b2`p2` &' EORFN


XXX
?iiT &
XXX
b2`p2` &
HBbi2M 3y /27mHinb2`p2`c
HBbi2M (,,),3y /27mHinb2`p2`c
b2`p2`nMK2 nc
`QQi fmb`fb?`2fM;BMtf?iKHc

O GQ/ +QM7B;m`iBQM 7BH2b 7Q` i?2 /27mHi b2`p2` #HQ+FX


BM+Hm/2 f2i+fM;BMtf/27mHiX/f X+QM7c

HQ+iBQM f &
'

2``Q`nT;2 9y9 f9y9X?iKHc


HQ+iBQM 4 f9ytX?iKH &
'

2``Q`nT;2 8yy 8yk 8yj 8y9 f8ytX?iKHc


HQ+iBQM 4 f8ytX?iKH &
'
'
XXX

7KH b2`p2` FRQWH[W LV XVHG IRU D VHUYHU GHᨫQLWLRQ 7KHUH FDQ EH PXOWLSOH
VHUYHU GHᨫQLWLRQV LQVLGH WKH ?iiT FRQWH[W 7KH GLUHFWLYHV IRXQG LQ WKLV FRQWH[W
VSHFLI\ WKH SURFHVVLQJ RI UHTXHVWV IRU D SDUWLFXODU GRPDLQ RU ,3 DGGUHVV

˾ 7KH HBbi2M GLUHFWLYH OLVWHQV RQ D JLYHQ DGGUHVV DQG SRUW RU D 81,;


VRFNHW 7KHUH DUH PDQ\ SRVVLEOH RSWLRQV KHUH VR UDWKHU WKDQ JR WKURXJK
DOO RI WKHP OHW˵V JR WKURXJK WKH PRVW FRPPRQ H[DPSOHV DQG RSWLRQV
ZH PLJKW ZDQW WR XVH
([DPSOHV ZLWK ,3Y DGGUHVVHV

HBbi2M RkdXyXyXR,3yyyc
HBbi2M RkdXyXyXRc
HBbi2M 3yyyc
HBbi2M ,3yyyc
HBbi2M HQ+H?Qbi,3yyyc


([DPSOHV ZLWK ,3Y DGGUHVVHV

HBbi2M (,,),3yyyc
HBbi2M (,,R)c

([DPSOH ZLWK D 81,; VRFNHW

HBbi2M mMBt,fp`f`mMfM;BMtXbQ+Fc

2SWLRQV WKDW PLJKW EH RI RXU LQWHUHVW DUH /27mHinb2`p2` IRU PDUN


LQJ DQ DGGUHVV DV D GHIDXOW RQH bbH IRU 7/6 ZKLFK ZH ORRN PRUH
FORVHO\ LQ WKH 'RPDLQ 1DPHV DQG &HUWLᨮFDWHV FKDSWHU  ?iiTk IRU HQ
DEOLQJ +773  IRU EURZVHUV WKDW VXSSRUW LW  DQG bQnF22THBp24QM
IRU 7&3 NHHSDOLYH
,Q FDVH RI VHYHUDO HBbi2M GLUHFWLYHV ZLWK GLᨪHUHQW DGGUHVVHV DQG VDPH
SRUWV ZKHUH RQH RI WKH OLVWHQ GLUHFWLYHV OLVWHQV RQ DOO DGGUHVVHV IRU WKH
JLYHQ SRUW ,3yyy ZH QHHG WR XVH WKH #BM/ RSWLRQ RWKHUZLVH 1*
,1; ZLOO ELQG RQO\ WR ,TQ`i

HBbi2M RkdXyXyXR,3yyy bbH ?iiTk #BM/c


HBbi2M ,3yyy bbH ?iiTk #BM/c

7KH ODVW H[DPSOH KDV bbH VHW DV ZHOO EHFDXVH ZKLOH +773  GRHV QRW
UHTXLUH 7/6 VHFXULW\ EURZVHUV GLGQ˵W LPSOHPHQW WKH +773  SURWRFRO
ZLWKRXW LW

˾ 7KH b2`p2`nMK2 GLUHFWLYH GHᨫQHV WKH QDPHV RI YLUWXDO VHUYHUV %\


GHIDXOW b2`p2`nMK2 LV VHW WR n XQGHUVFRUH  ZKLFK PDWFKHV DOO LQ
FRPLQJ UHTXHVWV :H FDQ FKDQJH LW WR RXU DFWXDO ,3 DGGUHVV RU GRPDLQ
QDPH

b2`p2` &
b2`p2`nMK2 2tKTH2X+QK rrrX2tKTH2X+QKc
'

b2`p2` &
b2`p2`nMK2 2tKTH2X+QK X2tKTH2X+QK rrrX2tKTH2X c
'


˾ 7KH `QQi GLUHFWLYH GHᨫQHV WKH URRW GLUHFWRU\ IRU UHTXHVWV ,I \RX RSHQ
WKH VSHFLᨫHG fmb`fb?`2fM;BMtf?iKH SDWK \RX ZLOO ᨫQG WKH ZHO
FRPH SDJH WKHUH

7KH HQ+iBQM FRQWH[W PDWFKHV D ORFDWLRQ EDVHG RQ 85, ZLWK JLYHQ UHJXODU
H[SUHVVLRQ RU EDVHG RQ D SUHGHᨫQHG QDPH

HQ+iBQM ( 4 %  %  %  ) m`B & XXX '


HQ+iBQM !MK2 & XXX '

7KHUH DUH IRXU GLᨪHUHQW PRGLᨫHUV IRU UHJXODU H[SUHVVLRQV

˾ 4 ZLOO RQO\ PDWFK RQ H[DFW PDWFK DQG VWRS IXUWKHU VHDUFK

˯ HQ+iBQM 4 f &' ZRXOG PDWFK RQO\ LQGH[ DFWLRQ EXW IDLO WR


PDWFK fBM/2tX?iKH
˯ HQ+iBQM 4 fBM/2tX?iKH &' ZRXOG PDWFK RQO\ fBM/2tX?iKH
DFWLRQ DQG IDLO RQ f

˾  ZLOO PDWFK UHJXODU H[SUHVVLRQ  LV D FDVHLQVHQVLWLYH YDULDQW 

˯ HQ+iBQM  f/Q+bf &' ZLOO PDWFK DQ\WKLQJ ZLWK f/Q+bf LQ


WKH 85,
˯ HQ+iBQM  f/Q+bf &' ZLOO DOVR PDWFK DQ\WKLQJ ZLWK
f.P*af LQ WKH 85,
˯ HQ+iBQM  $XU;B7%DT;%DT2;V0 &' ZLOO PDWFK RQ LPDJHV
ZLWK X;B7 XDT; DQG XDT2; H[WHQVLRQV

˾  ZLOO PDWFK RQ SUHᨫ[ DQG VWRS IXUWKHU VHDUFK QR UHJXODU H[SUHVVLRQ


UXOHV DUH ORRNHG XS 

˯ HQ+iBQM  fBK;f &' ZLOO PDWFK DQ\WKLQJ ZLWK fBK;f SUH


ᨫ[ DQG VWRS IXUWKHU VHDUFK

,I QR PRGLᨫHU LV SURYLGHG ORFDWLRQ ZRXOG PDWFK RQ SUHᨫ[ VWULQJ


VR WKDW HQ+iBQM f/Q+mK2Mibf &' ZLOO PDWFK f/Q+mK2Mibf DQG
f/Q+mK2MibfRX?iKH ,I ZH ZDQW WKH SUHᨫ[ VHDUFK WR PDWFK f/Q+mK2Mib
ZLWKRXW D VODVK DW WKH HQG  ZH ZRXOG QHHG WR VSHFLI\ LW DV D UHJXODU


H[SUHVVLRQ HQ+iBQM  f/Q+mK2MibUfX V\0 &' RU SURYLGH DQ H[DFW
PDWFK IRU WKH SDWK ZLWKRXW VODVK
:ULWLQJ WKHVH UXOHV LV RQO\ RQH SDUW RI WKH VWRU\ :H QHHG WR GLVFXVV KRZ WKH
ULJKW UXOH LV SLFNHG XS 7KH ORRNXS LQ 1*,1; DOZD\V VWDUWV ZLWK SUHᨫ[HV 7KH
ORQJHVW PDWFKLQJ SUHᨫ[ LV UHPHPEHUHG DQG WKH VHDUFK FRQWLQXHV ZLWK UHJXODU
H[SUHVVLRQV ,I QR UHJXODU H[SUHVVLRQ PDWFKHV WKH SUHᨫ[ WKDW JRW UHPHPEHUHG
LV XVHG ,I WKH UHJXODU H[SUHVVLRQ PDWFKHV LW˵V DXWRPDWLFDOO\ XVHG DQG WKH
VHDUFK LV RYHU $V PHQWLRQHG LQ WKH PRGLᨫHUV OLVW QR UHJXODU H[SUHVVLRQ SDWKV
DUH FKHFNHG LI WKH ORQJHVW SUHᨫ[ IRXQG KDV 4 RU  PRGLᨫHUV
/HW˵V GHPRQVWUDWH WKLV SUHFHGHQFH RQ RQH H[DPSOH

HQ+iBQM  fBK;f &


'

HQ+iBQM  $XU;B7%DT;%DT2;V0 &


'

HQ+iBQM 4 fBK;f &


'

7KH ᨫUVW ORFDWLRQ ZLOO EH SUHIHUHG RQ fBK;f+iX;B7 LI WKH 85, PDWFKHV


EHFDXVH RI WKH  PRGLᨫHU +RZHYHU WKH WKLUG ORFDWLRQ ZRXOG PDWFK WKH
H[DFW fBK;f SDWK HYHQ LI OLVWHG DW WKH HQG 
0DWFKLQJ ORFDWLRQV LV DYDLODEOH LQ b2`p2` DQG HQ+iBQM FRQWH[WV ORFDWLRQ
EORFNV FDQ EH QHVWHG WRJHWKHU 
/HW˵V ᨫQLVK WKH b2`p2` FRQWH[W

˾ 7KH 2``Q`nT;2 GLUHFWLYH VSHFLᨫHV ZKDW 85/ VKRXOG EH XVHG ZKHQ


WKH VHUYHU HQFRXQWHUV DQ HUURU
2``Q`nT;2 9y9 f9y9X?iKHc
2``Q`nT;2 8yy 8yk 8yj 8y9 f8ytX?iKHc

7KH FRQᨫJXUDWLRQ DERYH VKRZV WKH 9y9X?iKH SDJH IRU DOO +773 
HUURUV DQG 8ytX?iKH IRU DOO VSHFLᨫF +773 [ HUURUV
:LWK WKH IROORZLQJ WHFKQLTXH ZH FDQ RYHUULGH LW WR VHQG YLVLWRUV VXF
FHVVIXOO\ WR WKH BM/2tX?iKH SDJH RU SURYLGH D IDOOEDFN HQ+iBQM GL
UHFWLYH


ff a2M/ >hhS kyy biimb +Q/2 BMbi2/
2``Q`nT;2 9y9 4kyy fBM/2tX?iKHc

ff 6HH#+F iQ  M2r HQ+iBQM


HQ+iBQM f &
2``Q`nT;2 9y9 4 !7HH#+Fc
'

HQ+iBQM !7HH#+F &

'

:HOO GRQH ZH QRZ KDYH D JRRG RYHUYLHZ RI KRZ WKLQJV ZRUN )URP QRZ
RQ ZH˵OO VWDUW FKDQJLQJ WKH 1*,1; GHIDXOW FRQᨫJXUDWLRQ 7R QRW EUHDN WKH
ZHE VHUYHU FRQᨫJXUDWLRQ WKHUH LV DQ M;BMt @i FRPPDQG WKDW FDQ FKHFN WKH
FRQᨫJXUDWLRQ ᨫOHV IRU XV DQG SRLQW WR DQ\ SRVVLEOH SUREOHPV

0 bm/Q M;BMt @i
M;BMt, XXX f2i+fM;BMtfM;BMtX+QM7 bvMit Bb QF
M;BMt, XXX f2i+fM;BMtfM;BMtX+QM7 i2bi Bb bm++2bb7mH

:H VKRXOG XVH LW WR WHVW RXU QHZ FKDQJHV EHIRUH UHVWDUWLQJ WKH 1*,1; SURFHVV

 6WDWLF :HEVLWHV


6HUYLQJ VWDWLF ZHEVLWHV LV VWUDLJKWIRUZDUG ZLWK WKH GHIDXOW FRQᨫJXUDWLRQ ,I
ZH GURS WKH +70/ ᨫOHV LQVLGH fmb`fb?`2fM;BMtf?iKH WKH ZHEVLWH LV
DOLYH 7KLV LV EHFDXVH WKH `QQi GLUHFWLYH LQ M;BMtX+QM7 LV SRLQWLQJ WR WKH
fmb`fb?`2fM;BMtf?iKH SDWK &RUUHFW SHUPLVVLRQV DQG 6(/LQX[ ODEHOV
DUH UHTXLUHG EXW ZH GRQ˵W HYHQ QRWLFH DV ORQJ DV ZH XVH URRW 6LQFH ZH ZHUH
GHSOR\LQJ WKH KRPHSDJH XVLQJ DQRWKHU XVHU ZH PDQXDOO\ HQVXUHG WKHVH ELWV
DUH VHW DV H[SHFWHG
7KH VDPH LV UHTXLUHG LI ZH ZDQW WR VHUYH WKH ᨫOHV IURP DQRWKHU SODFH RQ WKH
ᨫOH V\VWHP ,PDJLQH ZH ZDQW WR H[WHQG RXU PDLQ VLWH DQG SRUWIROLR IURP
WKH SUHYLRXV H[DPSOH ZLWK D VWDWLFDOO\ EXLOW EORJ WKDW ZLOO EH VHUYHG IURP
fb`pf#HQ;
:H˵OO FUHDWH DQ H[DPSOH BM/2tX?iKH ᨫOH DQG WKH EORJ GLUHFWRU\


0 bm/Q KF/B` @T fb`pf#HQ;
0 bm/Q iQm+? fb`pf#HQ;fBM/2tX?iKH
0 bm/Q 2+?Q ]"HQ; #Qmi +i+?BM; +ib] == fb`pf#HQ;fBM/2tX?iKH

$QG HGLW WKH M;BMtX+QM7 ᨫOH WR DGG WKH QHZ ORFDWLRQ ZKLFK ZRXOG ORRN OLNH

XXX
?iiT &
XXX
b2`p2` &
XXX

HQ+iBQM f#HQ;f &


`QQi fb`pc
'

XXX
'
XXX
'
XXX

7KH HQ+iBQM GLUHFWLYH LV DOPRVW LGHQWLFDO :H DUH RQO\ SURYLGLQJ D GLᨪHUHQW


GRFXPHQW URRW ZLWK WKH `QQi GLUHFWLYH 1RWH ZH XVHG WKH fb`p SDWK LQ WKH
`QQi GLUHFWLYH VLQFH LW ZRXOG VWLOO IROORZ WKH IXOO SDWK ,I ZH ZRXOG VSHFLI\
fb`pf#HQ; LW ZRXOG VHUYH WKH EORJ ᨫOHV IURP fb`pf#HQ;f#HQ; ZKLFK LV
QRW ZKDW ZH ZDQW
&KDQJH LQ WKH FRQᨫJXUDWLRQ UHTXLUHV D UHVWDUW RI WKH M;BMt VHUYLFH

0 bm/Q bvbi2K+iH `2bi`i M;BMtXb2`pB+2

,I ZH WU\ WR DFFHVV RXU QHZ EORJ ULJKW QRZ LW ZRQ˵W ZRUN MXVW \HW 7KLV LV
GXH WR 6(/LQX[ SURWHFWLQJ RXU UDQGRPO\ FUHDWHG EORJ GLUHFWRU\ IURP EHLQJ
DFFHVVHG E\ D SURFHVV WKDW LV QRW DOORZHG WR GR WKDW
,QYHVWLJDWLRQ RI DQm`MH+iH @t2 ZRXOG UHYHDO DQ HUURU VLPLODU WR WKH IRO
ORZLQJ


XXXm/Bi(RRkRN), o* p+, /2MB2/ & ;2iii` ' 7Q` TB/4RRkRN
+QKK4]M;BMt] Ti?4]fb`pf#HQ;fBM/2tX?iKH]XXX

7R ᨫ[ WKH LVVXH ZH˵OO XVH WKH VDPH ?iiT/nbvbn+QMi2Mini ODEHO DV LQ


/2THQvXb? VFULSW

0 bm/Q +?+QM @_i ?iiT/nbvbn+QMi2Mini fb`p


0 +m`H ?iiT,ffyXyXyXyf#HQ;f
"HQ; #Qmi +i+?BM; +ib

1RWLFH WKH +?+QM @_ WKDW WHOOV +?+QM WR FKDQJH WKH ZKROH GLUHFWRU\ ODEHO

 1LFH 85/V


,I ZH DUH QRW SDUWLFXODU\ KDSS\ DERXW UHJXODU +70/ SDJHV HQGLQJ ZLWK X?iKH
ZH FDQ FRQᨫJXUH 1*,1; WR SURYLGH FOHDQ 85/V OLNH f#HQ;f7B`bi@TQbi
DQG f#HQ;fb2+QM/@TQbi
:H XVH RXU NQRZOHGJH RI WKH HQ+iBQM GLUHFWLYH DQG LWV UXOHV WR SURYLGH
DSSHQGLQJ RI X?iKH WR RXU SDJHV

XXX
?iiT &
XXX
b2`p2` &
XXX

HQ+iBQM f#HQ;f &


`QQi fb`pc
i`vn7BH2b 0m`BX?iKH 0m`BfBM/2tX?iKH 49y9c
'

XXX
'
XXX
'
XXX


:H DGGHG D QHZ ORFDWLRQ EORFN ZLWK WKH i`vn7BH2b GLUHFWLYH WR WU\ D QHZ
SDWK HQGLQJ ZLWK WKH X?iKH 0m`BX?iKH FKHFNV WKH UHJXODU ᨫOHV ᨫUVW WKHQ
0m`BfBM/2tX?iKH FKHFNV WKH DSSURSULDWH BM/2tX?iKH SDJH IRU D GLUHFWRU\
7KH ODVW RSWLRQ WHOOV 1*,1; WR VHUYH DQ HUURU SDJH IRU VWDWXV FRGH 

6WDWLF VLWH JHQHUDWRUV VXFK DV -HN\OO JHQHUDWH SDJHV DV LQGH[KWPO


ᨮOHV LQVLGH GLUHFWRULHV RI WKH SDJH QDPH 7KLV WULFN KHOSV WR VHUYH
WKH SDJHV ZLWK QLFH 85/V

<RX FDQ DOVR QRWLFH KRZ f#HQ; LV D UHGLUHFW IRU f#HQ;f /HW˵V ᨫ[ LW E\
SURYLGLQJ RXU RZQ UHGLUHFW IRU WKH f#HQ; SDWK

XXX
?iiT &
XXX
b2`p2` &
XXX

HQ+iBQM 4 f#HQ; &


`2im`M jyR f#HQ;fc
'

HQ+iBQM f#HQ;f &


`QQi fb`pc
i`vn7BH2b 0m`BX?iKH 0m`BfBM/2tX?iKH 49y9c
'

XXX
'
XXX
'
XXX

 &RQᦣJXULQJ 5HGLUHFWV


,Q WKH SUHYLRXV VHFWLRQ ZH VDZ WKH H[DPSOHV RI i`vn7BH2b DQG `2im`M GL
UHFWLYHV WR VHQG SHRSOH WR WKH ULJKW SDJHV 7R LPSOHPHQW DOO NLQGV RI SHUPDQHQW
UHGLUHFWV ZH FDQ WDNH DGYDQWDJH RI WKH `2r`Bi2 GLUHFWLYH


+HUH DUH VRPH FRPPRQ VLWXDWLRQV WKDW SHRSOH XVH UHGLUHFWV IRU 1RWLFH ZH
FDQ XVH D UHJXODU H[SUHVVLRQ WR H[SUHVV ZKDW ZH QHHG
$ SHUPDQHQW UHGLUHFW WR D QRQZZZ DGGUHVV

b2`p2` &
b2`p2`nMK2 rrrX/QKBMX+QKc
`2r`Bi2 fUX V0 ?iiT,ff/QKBMX+QKf0R T2`KM2Mic
'<

0`2[m2binm`BLV WKH RULJLQDO UHTXHVW 85, LQ IXOO ZLWK DUJXPHQWV 


0`2[m2bin7BH2MK2 LV WKH ᨫOH SDWK RI WKH FXUUHQW UHTXHVW
$ SHUPDQHQW UHGLUHFW WR DGGUHVV VWDUWLQJ ZLWK ZZZ

b2`p2` &
b2`p2`nMK2 /QKBMX+QKc
`2r`Bi2 fUX V0 ?iiT,ffrrrXM2r/QKBMX+QKf0R T2`KM2Mic
'

$ UHGLUHFW IURP DQ ROG GRPDLQ QDPH WR D QHZ RQH

b2`p2` &
b2`p2`nMK2 QH//QKBMX+QKc
`2r`Bi2 fUX V0 ?iiT,ffM2r/QKBMX+QKf0R T2`KM2Mic
'

$ UHGLUHFW WR +7736 YDULDQW

b2`p2` &
HBbi2M 3yc
HBbi2M (,,),3yc

`2im`M jyR ?iiTb,ff0?Qbi0`2[m2binm`Bc


'


 6HSDUDWLQJ 0XOWL6LWH &RQᦣJXUDWLRQV
6R IDU ZH ZHUH SXWWLQJ DOO RI WKH FRQᨫJXUDWLRQV LQ RQH ᨫOH +RZHYHU IRU PXOWL
KRVW VFHQDULRV ZKHUH RQH YLUWXDO PDFKLQH VHUYHV PRUH SURMHFWV LW˵V EHWWHU LI ZH
SURYLGH RQH ᨫOH SHU SURMHFW 7KLV ZD\ ZH FDQ LQVWDOO QHZ SURMHFWV DORQJVLGH WKH
RQHV WKDW DUH DOUHDG\ GHSOR\HG ZLWKRXW PHVVLQJ ZLWK WKH FXUUHQW FRQᨫJXUDWLRQ
)RU WKLV YHU\ UHDVRQ WKH M;BMt SDFNDJH FDPH ZLWK f2i+fM;BMtf+QM7X/f
GLUHFWRU\ )LOHV LQ WKLV GLUHFWRU\ DUH DXWRPDWLFDOO\ ORDGHG WKDQNV WR WKH IRO
ORZLQJ OLQH IURP WKH GHIDXOW FRQᨫJXUDWLRQ

XXX
?iiT &
XXX
BM+Hm/2 f2i+fM;BMtf+QM7X/f X+QM7c
XXX
'
XXX

$V \RX FDQ VHH LW˵V LQFOXGHG ZLWKLQ WKH ?iiT GLUHFWLYH VR FRQᨫJXUDWLRQ ᨫOHV
VKRXOG GLUHFWO\ VWDUW ZLWK WKH b2`p2` GLUHFWLYH ,W˵V FRPPRQ WR FDOO VXFK D
VHUYHU GHᨫQLWLRQ D YLUWXDO KRVW
/HW˵V FUHDWH D QHZ EORJ FRQᨫJXUDWLRQ DW f2i+fM;BMtf+QM7X/f#HQ;X+QM7

0 +i f2i+fM;BMtf+QM7X/f#HQ;X+QM7
b2`p2` &
HBbi2M 3Rc
HBbi2M (,,),3Rc
b2`p2`nMK2 nc
`QQi fb`pc

HQ+iBQM 4 f#HQ; &


`2im`M jyR f#HQ;fc
'

HQ+iBQM f#HQ;f &


i`vn7BH2b 0m`BX?iKH 0m`BfBM/2tX?iKH 49y9c
'
'


2QFH GRQH ZH FDQ UHVWDUW WKH M;BMt VHUYLFH DQG YLVLW RXU EORJ RQ D QHZ SRUW
3R

0 +m`H ?iiT,ffyXyXyXy,3Rf#HQ;f
"HQ; #Qmi +i+?BM; +ib

,Q WKLV ZD\ ZH FDQ ᨫGGOH ZLWK HBbi2M DQG b2`p2`nMK2 GLUHFWLYHV WR UXQ
PRUH YLUWXDO KRVWV

'LJLWDO 2FHDQ KDV D KDQG\ WRRO WR JHQHUDWH \RXU 1*,1; FRQ


ᨮJXUDWLRQ <RX FDQ ᨮQG WKHUH VRPH LQVSLUDWLRQ IRU FRQᨮJ
XULQJ VRPHWKLQJ WKLV ERRN GRHVQ˴W FRYHU +HDG WR GLJLWDOR
FHDQFRPFRPPXQLW\WRROVQJLQ[

 5HYHUVH 3UR[\


5XQQLQJ 5XE\ DQG 3\WKRQ ZHE DSSOLFDWLRQV W\SLFDOO\ LQYROYHV GHSOR\LQJ D
UHYHUVH SUR[\ VXFK DV 1*,1; LQ IURQW RI WKH DSSOLFDWLRQ VHUYHU 7KLV LV GRQH
IRU SHUIRUPDQFH DQG VHFXULW\ UHDVRQV DV VHUYHUV VXFK DV 1*,1; DUH YHU\
ZHOO RSWLPL]HG IRU VHUYLQJ VWDWLF FRQWHQW DQG KDQGOLQJ D ORW RI FRQQHFWLRQV
VLPXOWDQHRXVO\
7KH IROORZLQJ ᨫJXUH VKRZV KRZ WKH UHTXHVW WUDYHOV WKURXJK UHYHUVH SUR[\ DQG
EDFN 5HTXHVWV IRU VWDWLF DVVHWV DUH XVXDOO\ KDQGOHG E\ WKH UHYHUVH SUR[\ VHUYHU
DQG QHYHU UHDFK WKH DSSOLFDWLRQ

)LJXUH  5HYHUVH SUR[\ FRQᨫJXUDWLRQ

:KHQ VHWWLQJ XS D UHYHUVH SUR[\ ZH FDQ FKRRVH WR XVH HLWKHU 7&3 RU 81,;
VRFNHWV 7&3 VRFNHWV DUH SHUKDSV HDVLHU WR UHDVRQ DERXW DQG QHFHVVDU\ LI WKH


UHYHUVH SUR[\ DQG DSSOLFDWLRQ VHUYHUV DUH QRW RQ WKH VDPH YLUWXDO PDFKLQH
81,; VRFNHWV DUH D ELW IDVWHU EXW GHVLJQHG RQO\ IRU SURFHVVHV RQ WKH VDPH
V\VWHP

 8VLQJ 7&3 6RFNHWV

/HW˵V VWDUW ZLWK 7&3 VRFNHWV 7R GHPRQVWUDWH WKLV SUR[\ ZH˵OO UXQ DQ DSSOL
FDWLRQ VHUYHU LQ 3\WKRQ RQ D GLᨪHUHQW SRUW DQG SDVV RQ 1*,1; WUDᨬF
7R UXQ D VLPSOH 3\WKRQ VHUYHU W\SH

0 Tvi?QMj @K ?iiTXb2`p2` 3yyy


a2`pBM; >hhS QM yXyXyXy TQ`i 3yyy U?iiT,ffyXyXyXy,3yyyfV XXX

7KH DERYH FRPPDQG ZLOO VWDUW DQ +773 VHUYHU WKDW ZLOO OLVW WKH ᨫOHV LQ WKH
FXUUHQW ZRUNLQJ GLUHFWRU\ ,W FRXOG EH DQ\ RWKHU ZHE DSSOLFDWLRQ DFFHVVLEOH
RQ WKH JLYHQ SRUW
1H[W ZH˵OO FUHDWH D QHZ YLUWXDO KRVW FDOOHG /B`2+iQ`vnHBbiBM;X+QM7 LQ
f2i+fM;BMtf+QM7X/f ZLWK WKH IROORZLQJ FRQᨫJXUDWLRQ

b2`p2` &
HBbi2M 3kc
HBbi2M (,,),3kc
b2`p2`nMK2 nc

HQ+iBQM f &
T`QtvnTbb ?iiT,ffyXyXyXy,3yyyc
T`Qtvnb2in?2/2` s@6Q`r`/2/@6Q`
0T`Qtvn//ntn7Q`r`/2/n7Q`c
T`Qtvnb2in?2/2` s@6Q`r`/2/@S`QiQ 0b+?2K2c
T`Qtvnb2in?2/2` >Qbi 0?iiTn?Qbic

O q2 /QM^i rMi L:ALs iQ /Q bQK2i?BM; +H2p2` rBi?


O `2/B`2+ibX q2 b2i i?2 >Qbi, ?2/2` #Qp2 H`2/vX
T`Qtvn`2/B`2+i Q77c
'
'

, XVHG WZR QHZ GLUHFWLYHV


˾ T`QtvnTbb VHWV WKH DGGUHVV RI WKH SUR[LHG VHUYHU 7KH DGGUHVV FDQ
EH VSHFLᨫHG DV D GRPDLQ QDPH RU ,3 DGGUHVV LQFOXGLQJ WKH SURWRFRO
?iiT,ff RU ?iiTb,ff DQG RSWLRQDOO\ WKH SRUW +HUH ZH SRLQW WR
RXU OLWWOH 3\WKRQ VHUYHU UXQQLQJ RQ SRUW 
˾ T`Qtvnb2in?2/2` FDQ VHW DQ\ +773 KHDGHU IRU WKH VHUYHU EHKLQG WKH
SUR[\ +HUH LW VHWV WKH s@6Q`r`/2/@6Q` +773 KHDGHU IRU LGHQWLI\LQJ
WKH RULJLQDWLQJ ,3 DGGUHVV RI WKH FOLHQW 7KLV LV QHHGHG IRU RXU DSSOLFD
WLRQ WR EH DEOH WR JHW KROG RI WKH FOLHQW˵V DFWXDO ,3 DGGUHVV RWKHUZLVH
LW ZRXOG RQO\ KDYH WKH DGGUHVV RI WKH SUR[\  <RX FDQ DOVR EXLOG \RXU
RZQ KHDGHU FDUULQJ WKH ,3 DGGUHVV E\ UHIHUHQFLQJ WKH 0`2KQi2n//`
YDULDEOH

6LQFH SRUW  LV QRW DQ H[SHFWHG 1*,1; SRUW WKH GHIDXOW 6(/LQX[ SROLF\
ZRXOG QRW DOORZ 1*,1; WR OLVWHQ WR LW
/HW˵V DOORZ WKLV ZLWK WKH b2KM;2 WRRO

0 bm/Q b2KM;2 TQ`i @ @i ?iiTnTQ`ini @T i+T 3k


0 bm/Q bvbi2K+iH `2bi`i M;BMtXb2`pB+2

2QFH GRQH WKH M;BMt VHUYLFH ZLOO UHVWDUW ZLWKRXW DQ\ SUREOHP EXW WR
DOORZ 1*,1; WR FRQQHFW WR WKH 7&3 VRFNHW ZH DOVR QHHG WR FKDQJH WKH
?iiT/n+MnM2irQ`Fn+QMM2+i ERROHDQ

0 bm/Q b2ib2#QQH @S ?iiT/n+MnM2irQ`Fn+QMM2+i QM

$IWHUZDUG \RX VKRXOG VHH WKDW 1*,1; UHWXUQV WKH VDPH UHVSRQVH DV RXU
3\WKRQ VHUYHU :H FDQ DOVR FKDQJH WKH ,3 DGGUHVV WR D GLᨪHUHQW VHUYHU VR WKDW
WKH SUR[\ VHUYHU FDQ UXQ RQ DQRWKHU KRVW
,˵OO JHW EDFN WR b2KM;2 DQG b2ib2#QQH WRROV ZKHQ WDONLQJ DERXW 6(/LQX[
LQ JHQHUDO

 8VLQJ 81,; 6RFNHWV

/LNH UXQQLQJ D SUR[LHG VHUYHU OLVWHQLQJ RQ 7&3 VRFNHWV ZH FDQ UXQ RQH OLVWHQ
LQJ RQ 81,; VRFNHWV 7R GHPRQVWUDWH LW ZH˵OO UHUXQ D VLPSOH 3\WKRQ VHUYHU
EXW WKLV WLPH OLVWHQLQJ RQ D 81,; VRFNHW


0 +i 2tKTH2XTv
BKTQ`i bQ+F2ib2`p2`

+Hbb JvaQ+F2i>M/H2`UbQ+F2ib2`p2`X"b2_2[m2bi>M/H2`V,
/27 ?M/H2Ub2H7V,
b2H7X/i 4 b2H7X`2[m2biX`2+pURyk9VXbi`BTUV
b2H7X`2[m2biXb2M/HHUb2H7X/iV

B7 nnMK2nn 44 ]nnKBMnn],
b2`p2` 4 bQ+F2ib2`p2`XlMBtai`2Ka2`p2`U
]KvbQ+F2iXbQ+F]-
JvaQ+F2i>M/H2`
V
b2`p2`Xb2`p2n7Q`2p2`UV

0 Tvi?QMj 2tKTH2XTv

$JDLQ WKLV FRXOG EH D IXOOEORZQ 5DLOV DSSOLFDWLRQ UXQQLQJ 3XPD DV IDU DV WKH
SUR[\ LV FRQFHUQHG , NHHS LW VLPSOH WR IRFXV RQ WKH 1*,1; FRQᨫJXUDWLRQ
7KH OLWWOH VHUYHU DERYH ZLOO VKRZ ZKDWHYHU ZH VHQG LW WR
:H FDQ UXQ LW XVLQJ bi`+2 WR ORRN RQ WKH #BM/ V\VWHP FDOO DQG FKHFN WKDW
ZH OLVWHQ RQ WKH KvbQ+F2iXbQ+F VRFNHW

0 bi`+2 Tvi?QMj 2tKTH2XTv


#BM/Uj- &bn7KBHv46nlLAs- bmMnTi?4]KvbQ+F2iXbQ+F]'- R8V 4 y
;2ibQ+FMK2Uj- &bn7KBHv46nlLAs- bmMnTi?4]KvbQ+F2iXbQ+F]'-
(RRy@=Re)V 4 y
HBbi2MUj- 8V 4 y
TQHHU(&7/4j- 2p2Mib4SPGGAL')- R- 8yyV 4 y UhBK2QmiV
TQHHU(&7/4j- 2p2Mib4SPGGAL')- R- 8yyV 4 y UhBK2QmiV
TQHHU(&7/4j- 2p2Mib4SPGGAL')- R- 8yyV 4 y UhBK2QmiV

7KH TQHH V\VWHP FDOO LV DOVR KHOSIXO WR NQRZ ,W PHDQV WKH SURFHVV LV ZDLWLQJ
IRU ,2
7R FRQᨫUP WKLQJV DUH ZRUNLQJ RQ WKH 3\WKRQ VLGH UXQ +m`H ZLWK WKH
@@mMBt@bQ+F2i RSWLRQ DQG VHQG VRPH GDWD ZLWK @@/i


0 bm/Q +m`H @@mMBt@bQ+F2i KvbQ+F2iXbQ+F ?iiT,fTT @@/i ^2+?Q^
@@i`+2@b+BB fiKTf/mKTXiti
0 SPah f >hhSfRXR
>Pah, SS
la1_@:1Lh, *l_GfdXe8Xj
**1Sh, f
*PLh1Lh@G1L:h>, j
*PLh1Lh@huS1, SSGA*hAPLfs@qqq@6P_J@l_G1L*P.1.

2+?Q

˸HFKR˹ ZDV VHQW E\ +m`H DQG UHSOLHG LQ WKH ERG\ DV H[SHFWHG ,Q FDVH \RX
DUH QRZ JHWWLQJ D  HUURU UHVSRQVH VXFK DV

+m`H, UdV *QmH/M^i +QMM2+i iQ b2`p2`

7KHQ FKDQFHV DUH \RX ODFN WKH FRUUHFW SHUPLVVLRQ IRU WKH UHDGLQJ DQG ZULWLQJ
WR WKH VRFNHW ᨫOH SDWK $GG WKHP
2XU 1*,1; FRQᨫJXUDWLRQ bBKTH2nmMBtnbQ+F2iX+QM7 ZRXOG WKHQ ORRN
OLNH WKH IROORZLQJ

b2`p2` &
HBbi2M 3yc
HBbi2M (,,),3yc
b2`p2`nMK2 nc

HQ+iBQM f &
T`QtvnTbb ?iiT,ffmMBt,fb`pfTTfKvbQ+F2iXbQ+Fc
T`Qtvnb2in?2/2` s@6Q`r`/2/@6Q` 0T`Qtvn//ntn7Q`r`/2/n7Q`c
'
'

7KH T`QtvnTbb GLUHFWLYH QRZ PHQWLRQV WKH 81,; VRFNHW˵V DGGUHVV VWDUWLQJ
ZLWK ?iiT,ff 7KDW˵V SUDFWLFDOO\ HYHU\WKLQJ ZH KDYH WR GR IRU WKH H[DPSOH WR
ZRUN
+RSHIXOO\ WKLQJV DUH ZRUNLQJ ZLWK WKH SUR[\ WRR


0 +m`H HQ+H?Qbi,3y
:1h f >hhSfRXy
s@6Q`r`/2/@6Q`, ,,R
>Qbi, HQ+H?Qbi
*QMM2+iBQM, +HQb2
lb2`@;2Mi, +m`HfdXe8Xj

(PSW\ EXW D VXFFHVVIXO UHVSRQVH :LWK VRPH GDWD VHQW

0 +m`H HQ+H?Qbi,3y @@/i ^I?R=?2HHQIf?R=^


SPah f >hhSfRXy
s@6Q`r`/2/@6Q`, ,,R
>Qbi, HQ+H?Qbi
*QMM2+iBQM, +HQb2
*QMi2Mi@G2M;i?, R9
lb2`@;2Mi, +m`HfdXe8Xj
++2Ti, f
*QMi2Mi@hvT2, TTHB+iBQMft@rrr@7Q`K@m`H2M+Q/2/

I?R=?2HHQIf?R=

 6HUYHU 5HIHUHQFHV

,W˵V ZRUWK PHQWLRQLQJ WKDW ZH FDQ H[WUDFW WKH UHIHUHQFH WR WKH VHUYHU ZLWK WKH
mTbi`2K GLUHFWLYH

mTbi`2K TTnb2`p2` &


O 7Q` lLAs /QKBM bQ+F2i
b2`p2` mMBt,fb`pfTTfKvbQ+F2iXbQ+F 7BHniBK2Qmi4yc

O 7Q`  h*S +QM7B;m`iBQM


b2`p2` RNkXRe3XyXd,3yyy 7BHniBK2Qmi4yc
'

7KHQ ZH XVH WKLV UHIHUHQFH LQ ZLWKLQ WKH HQ+iBQM EORFN DV IROORZV


b2`p2` &
HBbi2M 3yc
HBbi2M (,,),3yc
b2`p2`nMK2 nc

HQ+iBQM f &
T`QtvnTbb ?iiT,ffTTnb2`p2`c
T`Qtvnb2in?2/2` s@6Q`r`/2/@6Q`
0T`Qtvn//ntn7Q`r`/2/n7Q`c
'
'

7KH TTnb2`p2` LV D QDPH RI RXU FKRRVLQJ 7BHniBK2Qmi4y WHOOV 1*,1;


DOZD\V WR UHWU\ DQ XSVWUHDP HYHQ LI LW IDLOHG WR UHWXUQ D VXFFHVVIXO +773
UHVSRQVH

 5HVWULFWLQJ $FFHVV


6R IDU ZH WDONHG DERXW KRZ WR JHW WKLQJV XS DQG UXQQLQJ 6LPLODUO\ LPSRUWDQW
LV WKH DELOLW\ WR OLPLW DFFHVV WR RXU VHUYHUV HVSHFLDOO\ WR WKH DGPLQLVWUDWLRQ
SDUWV WKDW UHJXODU YLVLWRUV VKRXOG DFFHVV
)LUHZDOOV XVXDOO\ OLPLW DFFHVV WR WKH VHUYHU EXW 1*,1; JLYHV XV WZR GLUHFWLYHV
WKDW ZH FDQ XVH ZLWKLQ WKH HQ+iBQM FRQWH[W WR GR VR LQ D YHU\ JUDQXODU ZD\

HQ+iBQM frT@/KBM &


HHQr RNkXRe3XRXyfk9c
/2Mv HHc
'

,Q WKH DERYH H[DPSOH ZH DUH RQO\ DOORZLQJ WKH ,3 UDQJH RI RNkXRe3XRXyfk9


WR DFFHVV WKH frT@/KBM ORFDWLRQ 6LQFH :RUG3UHVV DGPLQ SDJH LV RIWHQ D
WDUJHW RI DWWDFNHUV WKDW NQRZ WKLV VSHFLᨫF 85/ ZH VKRXOG OLPLW DFFHVV WR WKLV
85/ DV PXFK DV SRVVLEOH ,W˵V FHUWDLQO\ VWURQJHU SURWHFWLRQ WKDQ MXVW WU\LQJ WR
PRYH LW WR D GLᨪHUHQW ORFDWLRQ E\ WKH UXOH RI ˸VHFXULW\ E\ REVFXULW\˹ 

˾ HHQr GLUHFWLYH DOORZV D VSHFLᨫF ,3 DGGUHVV RU UDQJH ,W˵V XVHG WRJHWKHU


ZLWK /2Mv VHW WR HH


˾ /2Mv GHQLHV D VSHFLᨫF ,3 DGGUHVV RU UDQJH 6HWWLQJ LW WR HH GHQLHV DOO
DGGUHVVHV QRW VSHFLᨫFDOO\ DOORZHG E\ WKH HHQr GLUHFWLYH

 /RJJLQJ
7KHUH DUH WZR LPSRUWDQW 1*,1; GLUHFWLYHV WR HQDEOH ORJJLQJ ++2bbnHQ;
DQG 2``Q`nHQ; 7KH VLPSOHVW FRQᨫJXUDWLRQ FDQ MXVW VSHFLI\ ORJ ᨫOH SDWKV DQG
ORJ OHYHO IRU WKH 2``Q`nHQ;

?iiT &
XXX
++2bbnHQ; fp`fHQ;fM;BMtf++2bbXHQ;c
2``Q`nHQ; fp`fHQ;fM;BMtf2``Q`XHQ; 2``Q`c
XXX
'

7KH ++2bbnHQ; ORJV HYHU\ UHTXHVW ZKHUHDV WKH 2``Q`nHQ; GLUHFWLYH LV XVHG
IRU ORJJLQJ RQO\ HUURU PHVVDJHV ,I SUHVHQW 1*,1; ZLOO KDSSLO\ ORJ WR WKHVH
ORFDWLRQV DQG ZH FDQ XVH JHQHUDO ᨫOH WRROV WR YLHZ RU VHDUFK WKH ORJV IRU DQ\
LVVXHV
7KH HUURU ORJ OHYHOV DUH r`M 2``Q` +`Bi H2`i DQG 2K2`; <RX SUREDEO\
ZDQW 2``Q` IRU DOO HUURUV RU r`M WR FDWFK ZDUQLQJV DV ZHOO
<RX FDQ HGLW WKH ORJ IRUPDW ZLWK HQ;n7Q`Ki GLUHFWLYH ,Q WKH IROORZLQJ
H[DPSOH ZH˵OO XVH D ORJ IRUPDW FRPSUHVVLRQ \RX FDQ FKRRVH \RXU RZQ QDPH
WKDW DGGV 0;xBTn`iBQ RI WKH UHTXHVW

?iiT &
HQ;n7Q`Ki +QKT`2bbBQM
^0`2KQi2n//` @ 0`2KQi2nmb2` (0iBK2nHQ+H) ^
^]0`2[m2bi] 0biimb 0#Q/vn#vi2bnb2Mi ^
^]0?iiTn`272`2`] ]0?iiTnmb2`n;2Mi] ]0;xBTn`iBQ]^c

b2`p2` &
;xBT QMc
++2bbnHQ; fp`fHQ;fM;BMtf++2bbXHQ; +QKT`2bbBQM #m772` jkFc
XXX
'
'


, DOVR DGGHG D EXᨪHU RI D FHUWDLQ VL]H WKDW LQGLFDWHV WKH ORJV˵ ORJV DUH ZULWWHQ
WR WKH ᨫOH ,Q JHQHUDO VWLFN WR GHIDXOWV XQOHVV \RX KDYH D JRRG UHDVRQ QRW WR
7KH RWKHU YDULDEOHV OLNH 0`2KQi2n//` DQG 0?iiTn`272`2` DUH TXLWH VHOI
GHVFULSWLYH EXW DV DOZD\V LW˵V JRRG WR FRQVXOW WKH 1*,1; GRFXPHQWDWLRQ IRU
PRUH GHWDLOV DQG RSWLRQV
6RPH PLJKW SUHIHU WR ORJ LQ WKH -621 IRUPDW IRU HDVLHU FRQVXPSWLRQ IURP
UGSDUW\ WRROV +HUH LV DQ H[DPSOH KRZ WKLV FRXOG ORRN OLNH

HQ;n7Q`Ki KBM ^&^


^]`2KQi2n//`], ]0`2KQi2n//`]-^
^]`2KQi2nmb2`], ]0`2KQi2nmb2`]-^
^]iBK2nHQ+H], ]0iBK2nHQ+H]-^
^]`2[m2bi], ]0`2[m2bi]-^
^]biimb], ]0biimb]-^
^]#Q/vn#vi2bnb2Mi], ]0#Q/vn#vi2bnb2Mi]-^
^]?iiTn`272`2`], ]0?iiTn`272`2`]-^
^]?iiTnmb2`n;2Mi], ]0?iiTnmb2`n;2Mi]^
^'^c

6LPLODU WR WKH V\VWHP MRXUQDO 1*,1; ORJV ZLOO JURZ LQ VL]H TXLWH TXLFNO\ :H
DOUHDG\ VDZ WKH (7Hmb?4iBK2) RSWLRQ IRU WKH ++2bbnHQ; GLUHFWLYH WKDW
GHOHWHV WKH ORJ ᨫOH FRQWHQWV DIWHU D VSHFLᨫF WLPH 8QIRUWXQDWHO\ WKLV RSWLRQ
ZLOO FOHDU WKH ORJV FRPSOHWHO\ DQG WKHUHIRUH QRW JLYH XV D FKDQFH WR NHHS D IHZ
GD\V RI ORJ GDWD DYDLODEOH IRU LQVSHFWLRQ $OVR LW GRHV QRW DSSO\ WR 2``Q`nHQ;
:H ZRQ˵W XVH WKH 7Hmb? RSWLRQ WR VROYH WKLV QHHG EXW LQWURGXFH DQ H[WHUQDO
ORJ URWDWLRQ

 /RJ 5RWDWLRQ :LWK ORJURWDWH

ORJURWDWH LV D GDHPRQ GHVLJQHG WR KHOS ZLWK UXQQLQJ SURJUDPV WKDW JHQHUDWH


ODUJH ORJ ᨫOHV ,W DOORZV URWDWLRQ FRPSUHVVLRQ UHPRYDO DQG HYHQ PDLOLQJ RI
GLVFDUGHG ORJ ᨫOHV ,W FDQ EH LQVWUXPHQWHG WR URWDWH ORJV LQ D WLPHO\ IDVKLRQ
RU ZKHQ LW JURZV WRR ODUJH
ORJURWDWH VKRXOG EH DOUHDG\ LQVWDOOHG RQ RXU V\VWHP DV WKH ORJURWDWH 530
SDFNDJH ZLWK D GHIDXOW FRQᨫJXUDWLRQ DW f2i+fHQ;`Qii2X+QM7 FRQᨫJXUD
WLRQ ᨫOH


O b22 ]KM HQ;`Qii2] 7Q` /2iBHb
O `Qii2 HQ; 7BH2b r22FHv
r22FHv

O F22T 9 r22Fb rQ`i? Q7 #+FHQ;b


`Qii2 9
XXX

O T+F;2b /`QT HQ; `QiiBQM BM7Q`KiBQM BMiQ i?Bb /B`2+iQ`v


BM+Hm/2 f2i+fHQ;`Qii2X/

7KH ᨫOH LV VHOIH[SODQDWRU\ $V ZLWK RWKHU SURJUDPV ZH FDQ GURS RXU FRQᨫJ
XUDWLRQV LQ WKH f2i+fHQ;`Qii2X/ GLUHFWRU\ DQG ORJURWDWH ZLOO XVH WKHP
7KH V\QWD[ IRU WKH ᨫOH LV DV IROORZV

fp`fHQ;fMK2fQ7fHQ;f7BH2XHQ; &
`Qii2 8
KQMi?Hv
'

fp`fHQ;fMK2fQ7f7`2[m2MifHQ;f7BH2XHQ; &
/BHv
'

7KLV ZD\ ZH FDQ VSHFLI\ RQH RU PRUH ORJ ᨫOHV DQG RYHUULGH RU DGG WR WKH
GHIDXOW ORJ URWDWLRQ VHWWLQJV
0RVW FRPPRQ GLUHFWLYHV ZH FDQ VSHFLI\ LQ RXU ORJURWDWH FRQᨫJXUDWLRQ ᨫOH

˾ +`2i2+`2i2 0S1_J 0la1_ 0:_PlS FUHDWH WKH ORJ ᨫOH ZLWK VSH
FLᨫF ᨫOH SHUPLVVLRQV
˾ /BHv URWDWH ORJ HYHU\ GD\
˾ r22FHv URWDWH ORJ HYHU\ ZHHN
˾ KQMi?Hv URWDWH ORJ HYHU\ PRQWK
˾ v2`Hv URWDWH ORJ HYHU\ \HDU
˾ +QKT`2bb HQDEOH FRPSUHVVLRQ
˾ /i22ti LQFOXGH GDWH LQ WKH ORJ ᨫOH QDPH
˾ KBbbBM;QF DFFHSW PLVVLQJ ORJ ᨫOH


˾ +QTvi`mM+i2 WUXQFDWH WKH RULJLQDO ORJ LQ SODFH LQVWHDG RI FUHDWLQJ D
QHZ RQH
˾ QH//B` PRYH ROG ORJV WR WKLV GLUHFWRU\
˾ `Qii2 0ALh1:1_ QXPEHU RI URWDWLRQV D ORJ ᨫOH XQGHUJRHV EHIRUH LW
LV UHPRYHG  LPPHGLDWHO\ UHPRYHV ᨫOHV

:KHQ ZH LQVWDOO 1*,1; IURP WKH )HGRUD RU &HQW26 UHSRVLWRU\ LW DOUHDG\


VKLSV ZLWK LWV RZQ ORJURWDWH VHWWLQJV

0 bm/Q +i f2i+fHQ;`Qii2X/fM;BMt


fp`fHQ;fM;BMtf HQ; &
+`2i2 yee9 M;BMt `QQi
/BHv
`Qii2 Ry
KBbbBM;QF
MQiB72KTiv
+QKT`2bb
b?`2/b+`BTib
TQbi`Qii2
f#BMfFBHH @la_R <+i f`mMfM;BMtXTB/ k=f/2pfMmHH<
k=f/2pfMmHH %% i`m2
2M/b+`BTi
'

7KH TQbi`Qii2 GLUHFWLYH VSHFLᨫHV D VFULSW WKDW UXQV DIWHU WKH URWDWLRQ LV
GRQH ,Q WKLV FDVH LW VHQGV WKH M;BMt SURFHVV WKH la_R VLJQDO ZKLFK LV WKH
RᨬFLDO ZD\ RI WHOOLQJ 1*,1; WR UHRSHQ WKH ORJV DJDLQ
+DYLQJ WKLV ᨫOH LQ SODFH PHDQV RXU MRE LV DOUHDG\ GRQH IRU XV ZKHQ LW FRPHV
WR 1*,1; ORJ URWDWLRQ
2Q &HQW26  D &URQ MRE IRU ORJURWDWH LV SURYLGHG f2i+f+`QMX/BHvfHQ;`Qii2
VR ZH RQO\ KDYH WR HQVXUH WKDW D FURQG VHUYLFH LV UXQQLQJ 2Q QHZHU )HGRUDV
ORJURWDWH KDV LWV V\VWHPG VHUYLFH FDOOHG HQ;`Qii2


 6XPPDU\
:H MXVW ZHQW WKURXJK D YHU\ H[FLWLQJ FKDSWHU :H JRW DQ XQGHUVWDQGLQJ RI
WKH GHIDXOW 1*,1; FRQᨫJXUDWLRQ DQG TXLWH VRPH GLUHFWLYHV WR NQRZ 7KLV
HQDEOHG XV WR VHUYH RXU ᨫUVW +773 FRQWHQW IURP RXU YLUWXDO VHUYHU

˾ :H OHDUQHG DERXW YDULRXV W\SHV RI VHUYHUV ZKDW D SUR[\ VHUYHU LV DQG
KRZ ZH FDQ XVH UHYHUVH SUR[\ DUFKLWHFWXUH WR VHUYH VWDWLF ᨫOHV DQG VLWHV
WKURXJK 1*,1; ZKLOH SUR[\LQJ WKH G\QDPLF UHTXHVWV WR DSSOLFDWLRQ
VHUYHUV OLNH 3XPD DQG *XQLFRUQ

˾ 7KH ?iiT b2`p2` DQG HQ+iBQM DUH WKH WKUHH 1*,1; FRQWH[WV WR
JHW WKH EDVLF WKLQJV ZRUNLQJ :H GHᨫQH WKLQJV OLNH WKH VHUYHU˵V ,3 DG
GUHVV SRUW VHUYHU QDPH RU GLUHFWRU\ URRW ZLWKLQ WKH b2`p2` GLUHFWLYH
DQG VSHFLᨫF ORFDWLRQ VHWWLQJV OLNH SUR[\ RU UHGLUHFW LQ WKH HQ+iBQM
GLUHFWLYH
˾ :H FDQ FRQᨫJXUH 1*,1; WR KDYH QLFHU 85/V SHUPDQHQW UHGLUHFWV
PXOWLSOH VLWHV DQG SUR[\ UHTXHVWV DPRQJ RWKHU WKLQJV &RQᨫJXUDWLRQ
WKDW LV SDUWLFXODU\ LQWHUHVWLQJ IRU XV LV XVLQJ 1*,1; DV D UHYHUVH SUR[\
:H KDYH VHHQ ERWK 7&3 DQG 81,; SUR[\ ZLWK PLQLPDO DQG LVRODWHG
H[DPSOHV

˾ 1*,1; GHIDXOW ORJV DUH ++2bbXHQ; IRXQG DW fp`fHQ;fM;BMt DQG


FRQᨫJXUHG ZLWK WKH++2bbnHQ; GLUHFWLYH DQG 2``Q`XHQ; ORFDWHG LQ
WKH VDPH GLUHFWRU\ DQG FRQᨫJXUHG ZLWK WKH 2``Q`nHQ; GLUHFWLYH

˾ ORJURWDWH FDQ KHOS XV ZLWK ORJ URWDWLRQ DQG FRPSUHVVLRQ WR DYRLG UXQ
QLQJ RXW RI GLVN VSDFH ZKHQ LW FRPHV WR RWKHU ORJV WKDQ WKH V\VWHP
MRXUQDO  7KH 1*,1; SDFNDJH DOUHDG\ FRPHV ZLWK JRRGHQRXJK GH
IDXOW VHWWLQJV IRU ORJURWDWH EXW ZH VKRXOG DOVR VHW XS ORJURWDWH WR URWDWH
DSSOLFDWLRQ VHUYHU ORJV


&KDSWHU 

'RPDLQ 1DPHV DQG


&HUWLᦣFDWHV

6R IDU ZH RQO\ DGGUHVVHG WKH YLUWXDO VHUYHUV ZLWK ,3 DGGUHVVHV :KLOH WKH\
ZRUN SHUIHFWO\ ZHOO LW˵V D ELW KDUG WR DGYHUWLVH RXU EUDQG QHZ DSSOLFDWLRQ RQ
Re8XkkdXRjNXk9 ,QVWHDG ZH VKRXOG EX\ D GRPDLQ QDPH IURP D GRPDLQ
UHJLVWUDU DQG VHUYH WKH DSSOLFDWLRQ IURP DQ DGGUHVV WKDW SHRSOH FDQ UHPHPEHU
%\ XVLQJ '16 UHFRUGV ZH FDQ LQVWUXFW WKH '16 VHUYHUV WR VHQG WKH YLVLWRUV RI
RXU QHZ GRPDLQ QDPH WR WKH FRUUHFW ,3 DGGUHVV &RQQHFWLQJ WKH ,3 DGGUHVV
ZLWK RXU QHZ GRPDLQ QDPH LV MXVW SDUW RI WKH VWRU\ WKRXJK ,I ZH ZDQW WR
VHUYH ZHE FRQWHQW VHFXUHO\ RYHU +7736 ZH˵OO KDYH WR SURYLGH D 7/6 FHUWLᨫFDWH
WKDW YDOLGDWHV WKH GRPDLQ QDPH DQG WKH YLUWXDO VHUYHU˵V RZQHUVKLS


 'RPDLQV
,Q WKH $ /LWWOH %LW RI 1HWZRUN 7KHRU\ FKDSWHU ZH EULHᨭ\ LQWURGXFHG 'RPDLQ
1DPH 6\VWHP '16  D V\VWHP ZH XVH WR DGGUHVV VHUYHUV RQ WKH ,QWHUQHW
XVLQJ SUHWW\ GRPDLQ QDPHV
:H HVWDEOLVKHG WKDW '16 LV D GLVWULEXWHG V\VWHP SURYLGHG E\ PDQ\ VHUYHUV :H
VWDUW WR TXHU\ WKH URRW VHUYHUV ᨫUVW VLQFH ZH NQRZ WKHLU DGGUHVV DQG WKHQ
TXHU\ RWKHU '16 VHUYHUV WKDW NQRZ PRUH DERXW WKH GRPDLQ ZH FDUH DERXW
,W˵V KLHUDUFKLFDO DV ZH VWDUW WKH TXHU\ ZLWK WRSOHYHO GRPDLQ DQG WKHLU ]RQHV
'RPDLQ ]RQH LV HYHU\WKLQJ EHORQJLQJ WR WKH GRPDLQ VSDFH IRU LQVWDQFH
KBHX;QQ;H2X+QK ZRXOG EHORQJ WR WKH X;QQ;H2X+QK ]RQH DQG WKDW
ZRXOG LQ UHWURVSHFW EHORQJ WR WKH X+QK ]RQH 6R HYHU\ GRPDLQ KDV
D ]RQH XKBHX;QQ;H2X+QK LV DOVR D ]RQH WKDW PLJKW FRQWDLQ WKH
b2`p2`RXKBHX;QQ;H2X+QK DGGUHVV
1DPH 6HUYHU 16 UHFRUGV DUH XVHG IRU UHFXUVLYHO\ UHVROYLQJ WKH UHTXHVWHG
GRPDLQ QDPHV DV HDFK ]RQH VKRXOG KDYH D '16 VHUYHU UHVSRQVLEOH IRU LW ,I
ZH DUH LQWHUHVWHG LQ ;QQ;H2X+QK ZH KDYH WR ᨫQG WKH UHVSRQVLEOH VHUYHU IRU
WKH X+QK GRPDLQ ]RQH :H ᨫQG LW E\ ORRNLQJ DW QDPH VHUYHU UHFRUGV

$W WKH EHJLQQLQJ RI WKH ,QWHUQHW IURP ᨤᨬᨪᨥ WR ᨤᨬᨫᨬ (OL]DEHWK


)HLQOHU UXQ WKH 1HWZRUN ,QIRUPDWLRQ &HQWHU IRU WKH $53$1(7
7KLV RUJDQL]DWLRQ KDQGOHG DOO GRFXPHQWDWLRQ IRU WKH $53$1(7
SURMHFW LQFOXGLQJ QHWZRUN DGGUHVVHV DQG GRPDLQ QDPHV <RX
KDG WR FDOO )HLQOHU WR JHW D GRPDLQ QDPH )HLQOHU FDPH XS ZLWK WKH WRSOHYHO
GRPDLQ QDPH VFKHPH WKDW ZH VWLOO XVH WRGD\ WR UHVROYH LVVXHV ZLWK LQFRQVLVWHQ
FLHV DQG XVHU DUJXPHQWV

'16 VHUYHUV DUH GHSOR\HG LQ D FOXVWHU RI PRUH WKDQ RQH VHUYHU WR HQVXUH WKDW
WKLV DGGUHVVLQJ LV DOZD\V DYDLODEOH DQG LGHDOO\ HDFK VHUYHU LV SDUW RI D GLᨪHUHQW
]RQH 7KHUH ZLOO DOZD\V EH RQH PDVWHU RULJLQ VHUYHU WKDW WKH RWKHUV IROORZ


 '16 5HFRUGV
7KH PRVW LPSRUWDQW UHFRUGV ZH VKRXOG EH DEOH WR XQGHUVWDQG DUH

5HFRUG
W\SH 5HFRUG QDPH 8VHFDVH
$ $GGUHVV 0DSSLQJ IXOO\ TXDOLᨫHG GRPDLQ QDPH WR DQ ,3Y
5HFRUG DGGUHVV
$$$$ $GGUHVV 0DSSLQJ IXOO\ TXDOLᨫHG GRPDLQ QDPH WR DQ ,3Y
5HFRUG DGGUHVV
&1$0( &DQRQLFDO 0DSSLQJ QDPH DOLDV WR D FDQRQLFDO QDPH ZKLFK
1DPH KDV $ UHFRUG WR DQ DFWXDO ,3 DGGUHVV
0; 0DLO ,GHQWLI\LQJ PDLO VHUYHUV
([FKDQJH
16 1DPH 6HUYHU ,GHQWLI\LQJ DXWKRULWDWLYH QDPH VHUYHUV
62$ 6WDUW RI 6WDWLQJ RULJLQ QDPH VHUYHU DGPLQLVWUDWRU DQG
$XWKRULW\ WLPHVWDPS RI ODWHVW GRPDLQ FKDQJHV
7;7 7H[W 5HFRUG 3URYLGLQJ DGGLWLRQDO LQIRUPDWLRQ DERXW GRPDLQV
659 6HUYHU ,GHQWLI\LQJ VHUYHUV IRU VSHFLᨫF VHUYLFHV
&$$ /LVWLQJ FHUWLᨫFDWH DXWKRULWLHV SHUPLWWHG WR LVVXH
GRPDLQ FHUWLᨫFDWHV

$ DQG 16 UHFRUGV DUH WKH PRVW EDVLF RQHV WR VHW 7KHQ ZH XVH &1$0( IRU
VXEGRPDLQV DQG 0; IRU HPDLO DGGUHVVHV KDYLQJ D FXVWRP GRPDLQ QDPH
7KH $ DQG $$$$ UHFRUGV DUH WKH PRVW XVHG W\SHV RI '16 UHFRUGV 7KH\
PDS IXOO\ TXDOLᨫHG GRPDLQ QDPHV WR WKH DFWXDO ,3Y $ RU ,3Y $$$$
VHUYHU DGGUHVV :KHQ ZH SXUFKDVH D QHZ GRPDLQ IURP D GRPDLQ UHJLVWUDU
ZH FDQ VHW WKLV W\SH RI UHFRUG WR FRQQHFW LW WR WKH VHUYHU LWVHOI ZLWKLQ '16
2QFH GRQH DFFHVVLQJ WKH VHUYHU YLD D UHDO ,3 DGGUHVV RU WKH QHZ GRPDLQ QDPH
ZRXOG EH WKH VDPH 1RWH WKDW WKH VHUYHU FRQᨫJXUDWLRQ PLJKW QHHG WR WDNH WKLV
FKDQJH LQWR DFFRXQW
3ULPDULO\ ZH ZDQW WR VHW LW IRU WKH GRPDLQ DV D ZKROH 2tKTH2X+QK  EXW
ZH XVH WKHVH UHFRUGV IRU VXEGRPDLQV WRR r2#X2tKTH2X+QK  ,I ZH ZDQW
rrrX2tKTH2X+QK WR SRLQW WR WKH VDPH VHUYHU DV 2tKTH2X+QK ZH HQG XS
ZLWK WZR UHFRUGV :KHQ FUHDWLQJ WKH VXEGRPDLQ UHFRUG RQO\ WKH VXEGRPDLQ˵V
QDPH LV HQWHUHG rrr 
7KH &1$0( UHFRUG DOORZV XV WR SURYLGH PRUH DOLDVHV WR RQH ,3 DG


GUHVV E\ ELQGLQJ LW WR D GLᨪHUHQW $ RU $$$$ UHFRUG ,QVWHDG RI SRLQWLQJ
rrrX2tKTH2X+QK WR WKH VDPH ,3 DV 2tKTH2X+QK ZLWK DQ $ UHFRUG
ZH SRLQW LW WR 2tKTH2X+QK ZLWK D &1$0( UHFRUG 7KLV LV XVHIXO VLQFH
FKDQJLQJ DQ ,3 DGGUHVV FDQ QRZ EH GRQH LQ RQO\ RQH SODFH LQ RQH UHFRUG 
,I ZH FUHDWH &1$0( UHFRUG SRLQWLQJ WR 2tKTH2X+QK DOO 2tKTH2X+QK
VXEGRPDLQV ORRNXSV VXFK DV TTX2tKTH2X+QK DQG biiB+X2tKTH2X+QK
ZLOO EH UHSODFHG ZLWK D ORRNXS RI WKH FDQRQLFDO QDPH RI 2tKTH2X+QK
2tKTH2X+QK ZLOO EH FKDQJHG WR WKH FRUUHFW ,3 DGGUHVV E\ WKH UHVSHFWLYH $
RU $$$$ UHFRUG ORRNXS
1RWH WKDW DOO RI WKLV LV MXVW VHQGLQJ WKH UHTXHVW WR WKH VDPH ,3 DGGUHVV EXW WKH
ZHEVHUYHU DW WKH GHVWLQDWLRQ FDQ KDQGOH WKHVH UHTXHVWV GLᨪHUHQWO\ 7KDW LV KRZ
PXOWLWHQDQW ZHE DSSOLFDWLRQV FDQ SURYLGH XQLTXH VXEGRPDLQV WR FXVWRPHUV
DQG VHUYH WKHP IURP D VLQJOH KRVW
7KH 0; UHFRUG VSHFLᨫHV PDLO VHUYHUV IRU HPDLO GHOLYHU\ ,I ZH DUH KDQGOLQJ
HPDLOV RXUVHOYHV WKLV PLJKW EH D GRPDLQ QDPH RI RXU YLUWXDO PDFKLQH UXQ
QLQJ D PDLO VHUYHU 6LPLODUO\ WR WKH &1$0( UHFRUG ZH ZRXOG SXW WKHUH
KBHX2tKTH2X+QK DV D YDOXH DQG WKHQ WKH ᨫQDO ,3 DGGUHVV KDV WR EH DYDLO
DEOH XQGHU $ RU $$$$ UHFRUGV ,I D UGSDUW\ KDQGOHV WKH HPDLO WKHQ WKHVH
UGSDUW\ GRPDLQV QHHG WR EH XVHG LQVWHDG
,Q FDVH ZH VHW QR 0; UHFRUG DQG VRPH 6073 VHUYHU ZLOO WU\ WR GHOLYHU D
QHZ HPDLO WR RXU GRPDLQ D PDWFKLQJ $ UHFRUG ZLOO EH WULHG GLUHFWO\ IRU
DQ2!2tKTH2X+QK WKLV ZRXOG EH 2tKTH2X+QK  $QG VLQFH ZH FDQ VSHFLI\
PRUH 0; UHFRUGV IRU D SDUWLFXODU GRPDLQ WKH UHFRUG ZLWK WKH ORZHVW SULRULW\
OHYHO ZLOO EH WULHG ᨫUVW
7KH 16 UHFRUG GHᨫQHV WKH DXWKRULWDWLYH '16 VHUYHU IRU WKH GRPDLQ˵V ]RQH
X2tKTH2X+QK  ,W VD\V ZKLFK QDPH VHUYHUV DUH KDQGOLQJ DOO RI WKLV '16
LQIRUPDWLRQ IRU XV :KHQ ZH UHJLVWHU D QHZ GRPDLQ WKDW ZRXOG EH WKH GRPDLQ
UHJLVWUDU˵V '16 VHUYHUV :H FDQ FKDQJH LW ODWHU WR RWKHU VHUYHUV HYHQ LI WKH
UHJLVWUDU VWLOO PDQDJHV WKH UHJLVWUDWLRQ :H FDQ UHJLVWHU WKH GRPDLQ QDPH
ZLWK WKH *R'DGG\ UHJLVWUDU EXW ODWHU GHFLGH WKDW ZH ZDQW 'LJLWDO 2FHDQ WR
PDQDJH RXU '16 UHFRUGV 7R VZLWFK ZH QHHG WR FKDQJH '16 DGGUHVVHV LQ
WKH *R'DGG\ FRQWURO SDQHO DGPLQ DUHD WR WKH 'LJLWDO 2FHDQ '16 VHUYHUV
7KH DGGUHVVHV LQ 16 UHFRUGV ZRXOG RIWHQ VWDUW ZLWK MbX $V DQ H[DPSOH
P\ GRPDLQ UHJLVWUDU LV D FRPSDQ\ FDOOHG )RUSVL DQG WKH\ KDYH WKH IROORZ
LQJ '16 VHUYHUV MbX7Q`TbBXM2i MbX7Q`TbBXBi MbX7Q`TbBXmb DQG
MbX7Q`TbBX+x 7KH\ ZRXOG DVVLJQ HYHU\ GRPDLQ RQH SULPDU\ DQG RQH VHF
RQGDU\ '16 ZKHUH VHFRQGDU\ LV TXHULHG LI WKH ᨫUVW RQH GRHV QRW UHVSRQG


7KH\ KDYH WKHP LQ GLᨪHUHQW WRSOHYHO ]RQHV WRR VR WKDW ZKHQ RQH ]RQH ZRXOG
JR RᨮLQH WKHLU VHFRQGDU\ '16 ZRXOG VWLOO ZRUN
1RZ WKH TXHVWLRQ LV KRZ FDQ DOO WKHVH '16 VHUYHUV EH LQ V\QF" 7KHUH LV DQ
62$ UHFRUG ZKLFK WHOOV WKH ZRUOG WKH QDPH RI WKH RULJLQ '16 VHUYHU DQG
LWV DGPLQLVWUDWRU IRU WKH JLYHQ GRPDLQ 7KDW FRXOG EH MbX7Q`TbBXM2i DV
WKH RULJLQ '16 VHUYHU DQG /KBMX7Q`TbBX+QK DV WKH DGPLQLVWUDWRU 2U
LQ WKH FDVH RI '16LPSOH MbRX/MbBKTH2X+QK DV RULJLQ '16 VHUYHU DQG
/KBMX/MbBKTH2X+QK DV DGPLQLVWUDWRU 62$ DOVR FRQWDLQV KRZ RIWHQ WKH
UHFRUGV VKRXOG EH UHIUHVKHG DQG ZKHQ WKH\ H[SLUH
)LQDOO\ OHW˵V PHQWLRQ 7;7 UHFRUG ZKLFK DOORZV GRPDLQ DGPLQLVWUDWRUV WR
LQVHUW DQ\ WH[W WKH\ ZLVK DERXW WKH GRPDLQ LQWR '16 7KHUH FRXOG EH PDQ\
DSSOLFDWLRQV WR WKHVH UHFRUGV DV WKH\ ZHUH LQWHQGHG WR FRQWDLQ SODLQ WH[W IRU
KXPDQV EXW RQH YLWDO DSSOLFDWLRQ LV YHULᨫFDWLRQ
$V GRPDLQ RZQHUV ZH FDQ SURYH WR D UGSDUW\ WKDW ZH RZQ WKH VDLG GRPDLQ
QDPH E\ LQVHUWLQJ D 7;7 UHFRUG WKDW WKH UGSDUW\ FDQ SXEOLFO\ FKHFN 63)
DQG '.,0 UHFRUGV WR YDOLGDWH HPDLOV DUH JRRG H[DPSOH RI WKLV

 /RRNLQJXS 5HFRUGV

1RZ WKDW ZH NQRZ VRPH GHWDLOV DERXW '16 UHFRUGV OHW˵V VHH KRZ ZH FDQ OLVW
DOO WKHVH UHFRUGV RQ D FRPPDQG OLQH 7KHUH DUH VHYHUDO XWLOLWLHV ZH FDQ XVH IRU
WKLV OLNH QVORRNXS RU KRVW 6LQFH ZH DOUHDG\ LQWURGXFHG ?Qbi EHIRUH OHW˵V
VHH KRZ ZH FDQ OHYHUDJH ?Qbi WR TXHU\ GLᨪHUHQW W\SHV RI UHFRUGV
7KH PRVW LPSRUWDQW RQHV DUH $ RU $$$$ UHFRUGV $V DQ H[DPSOH OHW˵V IHWFK
WKH ,3 DGGUHVV RI *HW 7DQGHP D OLWWOH VLGHSURMHFW , VWDUWHG RYHU WHQ \HDUV DJR

0 ?Qbi @i  ;2iiM/2KX+QK
;2iiM/2KX+QK ?b //`2bb Re8XkkdXRjNXk9
0 ?Qbi @i  ;2iiM/2KX+QK
;2iiM/2KX+QK ?b MQ  `2+Q`/

7KH @i VZLWFK WHOOV WKH ?Qbi ZKLFK UHFRUG W\SH ZH DUH LQWHUHVWHG LQ
$V \RX FDQ VHH ;2iiM/2KX+QK PDSV ULJKW QRZ WR WKH Re8XkkdXRjNXk9
,3Y DGGUHVV DQG WKHUH LV QR ,3Y DGGUHVV &OLHQWV ZLOO VHQG HYHU\ +773
UHTXHVW WR Re8XkkdXRjNXk9
7KHUH LV DOVR RQH &1$0( UHFRUG


0 ?Qbi @i +MK2 ;2iiM/2KX+QK
;2iiM/2KX+QK ?b MQ *LJ1 `2+Q`/
0 ?Qbi @i +MK2 Mvi?BM;X;2iiM/2KX+QK
Mvi?BM;X;2iiM/2KX+QK Bb M HBb 7Q` ;2iiM/2KX+QKX

:KDW DERXW PDLO"

0 ?Qbi @i Kt ;2iiM/2KX+QK
;2iiM/2KX+QK KBH Bb ?M/H2/ #v Ry KtXxQ?QX+QKX
;2iiM/2KX+QK KBH Bb ?M/H2/ #v ky KtkXxQ?QX+QKX

*HW 7DQGHP XVHV =RKR IRU KDQGOLQJ HPDLOV ,I \RX VHQG DQ HPDLO WR
bmTTQ`i!;2iiM/2KX+QK LW ZLOO EH KDQGOHG E\ WKH KtXxQ?QX+QK VHUYHU
ᨫUVW SULRULW\  DQG WKHQ E\ KtkXxQ?QX+QK LI WKH GHOLYHU\ IRU WKH
KtXxQ?QX+QK DGGUHVV IDLOV
1DPH VHUYHUV SURYLGH DOO WKLV LQIRUPDWLRQ :KLFK RQHV"

0 ?Qbi @i Mb ;2iiM/2KX+QK
;2iiM/2KX+QK MK2 b2`p2` MbX7Q`TbBX+xX
;2iiM/2KX+QK MK2 b2`p2` MbX7Q`TbBXBiX
;2iiM/2KX+QK MK2 b2`p2` MbX7Q`TbBXmbX
;2iiM/2KX+QK MK2 b2`p2` MbX7Q`TbBXM2iX
0 ?Qbi @i bQ ;2iiM/2KX+QK
;2iiM/2KX+QK ?b aP `2+Q`/ MbX7Q`TbBXM2iX /KBMX7Q`TbBX+QKX
kyRNy8kkyR jeyy R3yy k8Nkyyy jeyy

7KH Mb UHFRUGV OLVWLQJ VKRZV IRXU GLᨪHUHQW QDPH VHUYHUV IURP )RUSVL UHJLV
WUDU 7KH bQ OLVWLQJ VKRZV MbX7Q`TbBXM2i DV WKH RULJLQ QDPH VHUYHU DQG
/KBMX7Q`TbBX+QK DV WKH DGPLQLVWUDWRU 7KH QXPEHUV WKDW IROORZ DUH D
WLPHVWDPS RI WKH ODWHVW FKDQJHV VHFRQGV EHIRUH WKH UHIUHVKLQJ ]RQH UHWU\ VHF
RQGV IRU D IDLOHG UHIUHVK H[SLUH OLPLW LQ VHFRQGV IRU WKH UHFRUG DQG PLQLPXP
QHJDWLYH UHVXOW YDOLGLW\ EHIRUH UHWU\LQJ
7KH QXPEHUV KHUH DUH QRW DOO WKDW LPSRUWDQW IRU XV EXW OHW˵V MXVW VD\ WKDW HYHU\
'16 FKDQJH ZLOO WDNH VRPH WLPH EHIRUH LW˵V IXOO\ DSSOLHG VR GR QRW H[SHFW \RXU
FKDQJHV WR WDNH LPPHGLDWH HᨪHFW
$W ODVW WKH 7;7 UHFRUG


0 ?Qbi @i iti ;2iiM/2KX+QK
;2iiM/2KX+QK /2b+`BTiBp2 i2ti ]p4bT7R BM+Hm/2,xQ?QX+QK HH]

,W FRQWDLQV WKH VRFDOOHG 63) UHFRUG SURYLGHG E\ =RKR IRU EHWWHU HPDLO YHULᨫ
FDWLRQ :H˵OO WDON PRUH DERXW 63) LQ WKH (PDLO 'HOLYHU\ FKDSWHU
$OO RI WKLV VKRXOG DOVR EH HDVLO\ YLVLEOH LQ RXU UHJLVWUDU FRQWURO SDQHO ,Q WKH
FDVH RI *HW 7DQGHP LW ORRNV OLNH WKLV

)LJXUH  '16 UHFRUGV RQ )RUSVL

 &KDQJLQJ 5HFRUGV

,I ZH QHHG WR XSGDWH RXU '16 UHFRUGV IRU D GRPDLQ ZH VKRXOG KHDG WR WKH
SURYLGHU˵V DGPLQ DUHD ZKR LV UHVSRQVLEOH IRU RXU '16 PDQDJHPHQW ,I ZH MXVW
SXUFKDVHG D GRPDLQ WKLV ZRXOG EH WKH GRPDLQ UHJLVWUDU VXFK DV 1DPHFKHDS
*R'DGG\ RU )RUSVL
,Q WKH FDVH RI 'LJLWDO 2FHDQ ZH FDQ ᨫQG LW XQGHU 1HWZRUNLQJ ! 'RPDLQV 7KHQ
ZH FDQ VLPSO\ DGG D QHZ GRPDLQ QDPH DQG DVVRFLDWH LW ZLWK RXU GURSOHW
'LJLWDO 2FHDQ ZLOO LPPHGLDWHO\ DGG 16 UHFRUGV ZLWK WKHLU QDPH VHUYHUV :H
FDQ WKHQ DGG RWKHU W\SHV RI UHFRUGV XQGHU &UHDWH QHZ UHFRUG
6LPLODUO\ IRU 9XOWU ZH FDQ VHW XS '16 UHFRUGV XQGHU 6HUYHUV ! '16 DQG WKHQ
KLW $GG 'RPDLQ
1RWH WKDW ERWK SURYLGHUV OHW XV DGG DQ\ GRPDLQ QDPH DW DQ\ WLPH +RZHYHU
WKLV GRHV QRW DᨪHFW WKH '16 UHVROXWLRQ XQWLO ZH FKDQJH WKH UHFRUGV IRU QDPH
VHUYHUV LQ WKH UHJLVWUDU˵V FRQWURO SDQHO 7R GR VR ZH KDYH WR FKDQJH WKH QDPH
VHUYHU DGGUHVVHV WR


)LJXUH  '16 UHFRUGV RQ 'LJLWDO 2FHDQ

˾ MbRX/B;BiHQ+2MX+QK DQG MbkX/B;BiHQ+2MX+QK IRU 'LJLWDO


2FHDQ
˾ MbRXpmHi`X+QK DQG MbkXpmHi`X+QK IRU 9XOWU

2QFH FKDQJHG ZH FDQ FRQWLQXH WR HGLW '16 HQWULHV IURP WKH QHZ KRPH
,I \RX DUH JRLQJ WR GHSOR\ \RXU VHUYHU WR 'LJLWDO 2FHDQ RU 9XOWU LW PDNHV
VHQVH WR PRYH WKH '16 PDQDJHPHQW WKHUH EXW LW˵V XQQHFHVVDU\

'16 LV QRW YHU\ SULYDWH E\ GHVLJQ 9DULRXV SDUWLHV FDQ VHH ZKDW
DGGUHVVHV \RX DUH DVNLQJ IRU HYHQ LI WKH FRPPXQLFDWLRQ LWVHOI LV
ODWHU HQFU\SWHG  VR WKH ULJKW DSSURDFK PLJKW EH WR XVH SULYDF\
IRFXVHG DQG IDVW ᨤᨤᨤᨤ IURP &ORXGᨰDUH DV \RXU '16 VHUYHU
9LVLW KWWSVᨤᨤᨤᨤ IRU GHWDLOV

 +7736 DQG &HUWLᦣFDWHV


+\SHUWH[W 7UDQVIHU 3URWRFRO 6HFXUH +7736 LV DQ H[WHQVLRQ WR WKH UHJXODU
+773 SURWRFRO IRU VHFXUH FRPPXQLFDWLRQ RYHU D FRPSXWHU QHWZRUN &RPPX
QLFDWLRQ LQ +7736 LV HQFU\SWHG XVLQJ 66/ RU 7/6 RIWHQ ZULWWHQ DV 66/7/6
DQG SURWHFWHG DJDLQVW PDQLQWKHPLGGOH DWWDFNV
7KH PDQLQWKHPLGGOH DWWDFN LV DQ DWWDFN ZKHUH WKH DWWDFNHU VLWV EHWZHHQ
WZR SDUWLHV DQG UHOD\V WKHLU FRQQHFWLRQ 7KH DWWDFNHU FDQ WKHQ HDYHVGURS RQ
WKH ZKROH GDWD H[FKDQJH LQFOXGLQJ XVHU VHFUHWV $GGLWLRQDOO\ WKH DWWDFNHU
FDQ DOWHU WKH FRPPXQLFDWLRQ EHWZHHQ WKHP ZLWKRXW NQRZLQJ 7KDW ZRXOG EH
XQIRUWXQDWH LQ RQOLQH EDQNLQJ LI ZH DUH DERXW WR VHQG D IHZ KXQGUHG WR SD\ D
ELOO DQG VHQG WKRXVDQGV RQ WKH DWWDFNHU˵V EDQN DFFRXQW


7KLV NLQG RI GDWD WDPSHULQJ LV IRUWXQDWHO\ QRW SRVVLEOH ZLWK +7736 +7736
VLJQLᨫFDQWO\ UHGXFHV HDYHVGURSSLQJ ULVN DOWKRXJK LW˵V VWLOO SRVVLEOH WR LQWHUFHSW
,3 DGGUHVVHV SRUW QXPEHUV WKH VL]H RI WKH GDWD WUDQVIHUUHG DQG WKH FRQQHFWLRQ
GXUDWLRQ $Q DWWDFNHU ZRQ˵W VHH WKH PDLQ FRQWHQW LQFOXGLQJ WKH UHTXHVWUH
VSRQVH KHDGHUV DQG SDUDPHWHUV )LQDOO\ ZH FDQ DOVR EH VXUH WKDW WKH GDWD ZHUH
QRW WDPSHUHG ZLWK PRGLᨫHG E\ D UG SDUW\ 
(YHQ WKRXJK +7736 DXWRPDWLFDOO\ ZRUNV LQ HQFU\SWLQJ WKH FRPPXQLFDWLRQ
ZKHQ WKH VHUYHU DQG EURZVHU VXSSRUW LW DQG LW˵V SURSHUO\ FRQᨫJXUHG  LW GRHV
QRW PHDQ ZH DV XVHUV DUH VHFXUH 6RPH ZHEVLWHV PLJKW XVH +7736 EXW QRW
EH OHJLWLPDWH DQG WKDW˵V ZKHQ 66/7/6 FHUWLᦣFDWHV FRPH LQ :HE EURZVHUV
FRPH ZLWK VRFDOOHG URRW FHUWLᨫFDWHV RI WKH WUXVWZRUWK\ SDUWLHV KHUH FHUWLᨫFDWH
DXWKRULWLHV VXFK DV /HW˵V (QFU\SW *R'DGG\ *OREDO6LJQ WKDW RWKHU FHUWLᨫFDWHV
DUH GHULYHG IURP
&HUWLᨫFDWLRQ DXWKRULWLHV LVVXH WLPHFRQVWUDLQW 66/7/6 FHUWLᨫFDWHV IRU
UHTXHVWHG GRPDLQV :H VHH ODWHU LQ WKLV ERRN KRZ WKLV ZRUNV ZLWK /HW˵V
(QFU\SW 6WLOO LW˵V HVVHQWLDO WR UHDOL]H WKDW WKLV YDOLGDWLRQ FDQ RQO\ KDSSHQ
ZKHQ EURZVHUV DQG VHUYHUV FRRSHUDWH DQG GR QRW LQWHUIHUH ZLWK +7736
HQFU\SWLRQ SURYLGHG E\ 7/6 6R ZKHQ D EURZVHU ZDUQV DJDLQVW D FHUWLᨫFDWH
LW˵V QRW \HW FOHDU ZKHWKHU LW˵V D GDQJHURXV ZHEVLWH RU QRW :H FDQ VHUYH WKH
DGPLQ FRQVROH ZLWK +7736 ZLWKRXW FHUWLᨫFDWHV RQ RXU VHUYHUV ZKLFK ZRXOG
VWLOO EH UHODWLYHO\ VDIH
+7736 LV FULWLFDO RYHU LQVHFXUH QHWZRUNV LQ SXEOLF SODFHV :L)L LQ D FDIH
QH[W GRRU DQG IRU ZHEVLWHV UHTXHVWLQJ DQ\ XVHU LQSXW +RZHYHU VLQFH WKH
SXVK IRU +7736 IURP WKH ZHE EURZVHUV VKRZLQJ UHJXODU +773 FRQQHFWLRQ
DV LQVHFXUH  HYHQ VWDWLF ZHEVLWHV QHHG WR LPSOHPHQW +7736 ZKLFK FRPHV
ZLWK WKH EHQHᨫW RI NQRZLQJ ZKR LV EHKLQG D SDUWLFXODU ZHE DQG LQIRUPDWLRQ
SUHVHQWHG WKHUH
$V RSSRVHG WR SODLQ +773 ZH XVH ?iiTb,ff LQ WKH 85, DV D VFKHPD DQG
SRUW  DV D GHIDXOW SRUW


 ,PSOHPHQWLQJ +7736
7R WDNH DGYDQWDJH RI +7736 ZH QHHG WR FRQᨫJXUH WKH ZHEVHUYHU WR VHUYH
WUDᨬF ZLWK 66/7/6 FHUWLᨫFDWHV ,Q 1*,1; ZH QHHG WR FKDQJH WKH HBbi2M
GLUHFWLYH E\ XVLQJ WKH SRUW 99j DQG DGGLQJ WKH bbH RSWLRQ DQG VSHFLI\ WKH
FHUWLᨫFDWH SDWKV

b2`p2` &
HBbi2M 99j bbHc
b2`p2`nMK2 /2THQvK2Mi7`QKb+`i+?X+QKc

bbHn+2`iB7B+i2 fTi?fiQf+2`iX+`ic
bbHn+2`iB7B+i2nF2v fTi?fiQfT`BpF2vXF2vc
'

7KH bbHn+2`iB7B+i2 DQG bbHn+2`iB7B+i2nF2v QHHG DQ DFWXDO FHUWLᨫ


FDWH DQG SULYDWH NH\ SDWKV
,I ZH GRQ˵W KDYH DQ\ \HW ZH FDQ LVVXH D VHOIVLJQHG FHUWLᦣFDWH 6HOIVLJQLQJ
GRHV QRW LQFUHDVH WUXVW DQG VR LW˵V QRW UHFRPPHQGHG IRU SXEOLF VHUYHUV 0RG
HUQ EURZVHUV PLJKW VHUYH VXFK D ZHEVLWH ZLWK D ZDUQLQJ RU HYHQ UHIXVH LW DW
DOO %XW LW ZLOO HQFU\SW GDWD DV H[SHFWHG $FFHSWDEOH IRU ORFDOKRVW DQG VWDJLQJ
HQYLURQPHQWV
7R PDNH D VHOIVLJQHG ; FHUWLᨫFDWH ZH FRPH EDFN WR QT2MbbH

0 QT2MbbH `2[ @t8yN @MQ/2b @M2rF2v `b,ky93 @/vb je8y


@F2vQmi T`BpF2vXF2v = +2`iX+`i

7KH @MQ/2b ᨭDJ UHTXHVWV D FHUWLᨫFDWH ZLWKRXW D SDVVSKUDVH 7KH @M2rF2v


RSWLRQ DVNV IRU D QHZ 56$ SULYDWH NH\ DORQJ ZLWK WKH FHUWLᨫFDWH DQG @/vb
VSHFLᨫHV WKH YDOLGLW\ LQ GD\V  IRU WHQ \HDUV 
<RX ZLOO WKHQ XVH T`BpF2vXF2v DV WKH SULYDWH NH\ DQG +2`iX+`i DV WKH
FHUWLᨫFDWH
:KDW LI ZH GRQ˵W HYHQ KDYH D GRPDLQ QDPH \HW" $ ORW RI SHRSOH GRQ˵W NQRZ
WKLV EXW \RX FDQ LVVXH D VHOIVLJQHG FHUWLᨫFDWH IRU DQ ,3 DGGUHVV DV ZHOO :H MXVW
QHHG WR FUHDWH D FRQᨫJ ᨫOH LQGLFDWLQJ WKDW WKLV ZLOO EH XVHG IRU DQ ,3 DGGUHVV
DV IROORZV


(`2[)
/27mHin#Bib 4 ky93
/BbiBM;mBb?2/nMK2 4 `2[n/BbiBM;mBb?2/nMK2
`2[n2ti2MbBQMb 4 `2[n2ti
t8yNn2ti2MbBQMb 4 pjn`2[
T`QKTi 4 MQ
(`2[n/BbiBM;mBb?2/nMK2)
+QmMi`vLK2 4 ss
bii2P`S`QpBM+2LK2 4 Lf
HQ+HBivLK2 4 Lf
Q`;MBxiBQMLK2 4 a2H7@bB;M2/ +2`iB7B+i2
+QKKQMLK2 4 0a1_o1_, a2H7@bB;M2/ +2`iB7B+i2
(`2[n2ti)
bm#D2+iHiLK2 4 !HinMK2b
(pjn`2[)
bm#D2+iHiLK2 4 !HinMK2b
(HinMK2b)
ASXR 4 0ASn.._1aa

7KH (HinMK2b) VHFWLRQV WKHQ VSHFLI\ WKH ,3 DGGUHVV \RX QHHG WR SURYLGH
WKH IXOO DGGUHVV 
7KHQ XVLQJ WKH @+QM7B; RSWLRQ ZH SDVV WKH SUHSDUHGbMX+M7 FRQᨫJXUDWLRQ

QT2MbbH `2[ @t8yN @MQ/2b @M2rF2v `b,ky93 @/vb je8y


@F2vQmi T`BpF2vXF2v @+QM7B; bMX+M7 = +2`iX+`i

:KLOH ZH DUH DW LW ZH FDQ DOVR JHQHUDWH D VWURQJHU 'LᦤH+HOOPDQ NH\ IRU
QHJRWLDWLQJ )RUZDUG 6HFUHF\ D IHDWXUH RI VRPH SURWRFROV WR DYRLG FRPSUR
PLVLQJ SUHYLRXV FRPPXQLFDWLRQ HYHQ LI WKH ORQJWHUP NH\ JRW FRPSURPLVHG

0 QT2MbbH /?T`K @Qmi KvTTn/?XT2K 9yNe

 ELW LV TXLWH D VWURQJ RQH


7KH 66/ GLUHFWLYHV ZRXOG QRZ ORRN OLNH

bbHn+2`iB7B+i2 fTi?fiQf+2`iX+`ic
bbHn+2`iB7B+i2nF2v fTi?fiQfT`BpF2vXF2vc
bbHn/?T`K f2i+fM;BMtfbbHfKvTTn/?XT2Kc


7KH '+ NH\ FDQ OLYH LQ WKH f2i+fM;BMtfbbHf GLUHFWRU\ RQ WKH VHUYHU ,Q
FDVH ZH VNLS LW 1*,1; ZLOO XVH DQ (SKHPHUDO 'LᨬH+HOOPDQ '+( NH\
ZKLFK LV ZHDNHU EXW PLJKW EH DFFHSWDEOH IRU \RXU LQWHUQDO XVHFDVH

 6HFXULW\ 2SWLRQV

$SDUW IURP WKH 'LᨬH+HOOPDQ NH\ ZH FDQ IXUWKHU FRQᨫJXUH WKH VHFXULW\ RI
WKH 7/6 OD\HU
:H FDQ OLVW WKH DFFHSWDEOH SURWRFROV DYRLGLQJ ROG LQVHFXUH RQHV 

bbHnT`QiQ+QHb hGapR hGapRXR hGapRXkc

.HHSLQJ MXVW hGapRXk ZRXOG EH HYHQ EHWWHU EXW UHPHPEHU WKDW VRPH FOLHQWV
PLJKW QRW VXSSRUW LW
7KH bbHnT`272`nb2`p2`n+BT?2`b GLUHFWLYH WHOOV 1*,1; WR SUHIHU WKH FL
SKHUV RQ WKH VHUYHUVLGH

bbHnT`272`nb2`p2`n+BT?2`b QMc

$QG bbHn+BT?2`b FDQ OLVW HQDEOHG FLSKHUV

bbHn+BT?2`b ]11*.>Y1a:*J,1.>Y1a:*J,1*.>1@_a@1aRk3@:*J@
a>k8e,1ak8eY11*.>,.>1@_a@1aRk3@:*J@a>k8e,1ak8eY1.>,
1*.>1@_a@1ak8e@:*J@a>j39,.>1@_a@1ak8e@:*J@a>j39,
1*.>1@_a@1ak8e@a>j39,1*.>1@_a@1aRk3@a>k8e,
1*.>1@_a@1ak8e@a>,1*.>1@_a@1aRk3@a>,
.>1@_a@1ak8e@a>k8e,.>1@_a@1aRk3@a>k8e,
.>1@_a@1ak8e@a>,.>1@_a@1aRk3@a>,1*.>1@_a@.1a@*"*j@a>,
1.>@_a@.1a@*"*j@a>,1ak8e@:*J@a>j39,1aRk3@:*J@a>k8e,
1ak8e@a>k8e,1aRk3@a>k8e,1ak8e@a>,
1aRk3@a>,.1a@*"*j@a>,>A:>,5LlGG,52LlGG,51sSP_h,5.1a,5J.8,
5SaE,5_*9]c

$OORZLQJ RQO\ 1ak8eY11*.>,1ak8eY1.>,5LlGG ZRXOG EH PRUH VHFXUH


EXW DW WKH H[SHQVH RI XWLOLW\ VLPLODUO\ WR XVLQJ RQO\ hGapRXk SURWRFRO


$QRWKHU XVHIXO GLUHFWLYH LV bbHnb2bbBQMn++?2 ZKLFK OLPLWV WKH WLPH IRU
NHHSLQJ DURXQG WKH VHVVLRQ SDUDPHWHUV bbHnb2bbBQMniBK2Qmi WKHQ VHWV
WKH WLPHRXW IRU WKH FOLHQW

bbHnb2bbBQMn++?2 b?`2/,aaG,RyKc
bbHnb2bbBQMniBK2Qmi RyKc

:H VKRXOG SUHIHU WKH b?`2/ W\SH DV DOO ZRUNHU SURFHVVHV ZRXOG VKDUH WKH
FDFKH RyK GHᨫQHV D PLQXWH ZLQGRZ
:H FDQ ᨫQLVK WKH 66/ FRQᨫJXUDWLRQ ZLWK VHFXUH KHDGHUV

˾ ai`B+i@h`MbTQ`i@a2+m`Biv ZLOO DVN ZHE EURZVHUV WR DOZD\V VWD\


RQ +7736 SURWRFRO IRU \RXU GRPDLQ QDPH WKH\ ZLOO ᨫ[ WKH +773
UHTXHVWV EHIRUH UHDFKLQJ RXU VHUYHUV 
˾ s@*QMi2Mi@hvT2@PTiBQMb FDQ HQVXUH WKDW 0,0( W\SHV KDYH WR EH
IROORZHG SUHYHQWLQJ EURZVHUV IURP JXHVVLQJ WKH W\SH RI ᨫOH ZKHQ
0,0( LV QRW SUHVHQW
˾ s@saa@S`Qi2+iBQM FDQ EH XVHIXO LQ ROGHU EURZVHUV WR SUHYHQW ;66
DOWKRXJK IRU D JRRG *QMi2Mi@a2+m`Biv@SQHB+v LPSOHPHQWDWLRQ LW
VKRXOG QRW EH QHFHVVDU\
˾ s@6`K2@PTiBQMb FDQ SUHYHQW UHQGHULQJ D SDJH LQ D IUDPH

//n?2/2` ai`B+i@h`MbTQ`i@a2+m`Biv ]Kt@;24ejydkyyyc


BM+Hm/2am#/QKBMb]c
//n?2/2` s@*QMi2Mi@hvT2@PTiBQMb ]MQbMB77] Hrvbc
//n?2/2` s@6`K2@PTiBQMb .1Luc
//n?2/2` s@saa@S`Qi2+iBQM ]Rc KQ/24#HQ+F] Hrvbc

 5HGLUHFWLQJ +773

,I ZH ZDQW WR VHUYH RQO\ +7736 FRQWHQW ZH VKRXOG UHGLUHFW DQ\ERG\ XVLQJ


WKH +773 SURWRFRO WR DQ +7736 YDULDQW 7R GR WKDW ZH QHHG WKH ZHEVHUYHU
WR NHHS OLVWHQLQJ RQ SRUW 3y IRU UHJXODU +773 WUDᨬF DQG UHGLUHFW LW WR WKH
+7736 SURWRFRO ,Q 1*,1; ZH FDQ XVH WKH UHGLUHFWLRQ ZH OHDUQHG DERXW LQ
WKH :HE 6HUYHUV FKDSWHU 7KH b2`p2` EORFNV ZRXOG ORRN OLNH WKLV


b2`p2` &
HBbi2M 3yc
HBbi2M (,,),3yc
b2`p2`nMK2 /2THQvK2Mi7`QKb+`i+?X+QKc

HQ+iBQM f &
`2im`M jyR ?iiTb,ff/2THQvK2Mi7`QKb+`i+?0`2[m2binm`Bc
'
'

b2`p2` &
HBbi2M 99j bbHc
HBbi2M (,,),99j bbHc
XXX

:H ZRXOG KDYH WZR VHUYHU EORFNV RQH PDWFKLQJ +773 SRUW  DQG RQH
+7736 SRUW  


 /HW˳V (QFU\SW &HUWLᦣFDWHV
7KH PRUH WULFN\ SDUW LV WR VROYH WKH WUXVW SDUW LQ WKH QHZO\ HQFU\SWHG FRP
PXQLFDWLRQ 7KH FRPPXQLFDWLRQ LV LQGHHG SULYDWH EXW ZKDW LI ZH DUH VHQGLQJ
HYHU\WKLQJ WR WKH ZURQJ VHUYHU" :KDW LI ZH VHQG DQ HQFU\SWHG ORJLQ DQG SDVV
ZRUG WR RXU RQOLQH EDQNLQJ RQO\ WR ᨫQG RXW ZH DUH QRW VHQGLQJ LW WR RXU EDQN
EXW WR VRPHRQH ZKR SUHWHQGV WR EH RXU EDQN" 7KHQ QR PLGGOHPDQ ZLOO VHH
RXU SDVVZRUG EXW WKH PDOLFLRXV IDNH EDQN ZLOO GHFU\SW HYHU\WKLQJ RQ WKHLU
HQG MXVW ᨫQH
7R JLYH RXU YLVLWRUV WKH SHDFH RI PLQG WKDW ZH DUH ZKR ZH SUHWHQG WR EH ZH
QHHG D WUXVWHG UGSDUW\ WKDW ZLOO FRQᨫUP ZKR ZH VD\ ZH DUH :HE EURZVHUV
VHWWOHG RQ YDOLGDWLQJ 66/7/6 FHUWLᦣFDWHV WR SURYLGH WKLV UHDVVXUDQFH
3URYLGLQJ 66/7/6 FHUWLᨫFDWHV ZDV QRW DQ HDV\ WDVN LQ WKH SDVW DV WKH UH
VSHFWLYH FHUWLᦣFDWH DXWKRULWLHV FKDUJHG D FRQVLGHUDEOH VXP RI PRQH\ IRU LW
DQG WKH RYHUDOO VHWXS ZDV TXLWH FRPSOLFDWHG 7KDW ZDV WUXH XQWLO WKH ELUWK
RI /HW˳V (QFU\SW ZKLFK WRRN LW DV WKHLU PLVVLRQ WR SURYLGH D PRUH VHFXUH
DQG SULYDF\UHVSHFWLQJ ZHE E\ LVVXLQJ WKHVH FHUWLᨫFDWHV IRU IUHH DQG LQ D YHU\
GHYHORSHUIULHQGO\ ZD\
$V ZH KDYH VHHQ EHIRUH 1*,1; KDYH bbHn+2`iB7B+i2 GLUHFWLYHV IRU 7/6
FHUWLᨫFDWHV WKDW FRPSOHPHQW WKH VVO GLUHFWLYH

b2`p2` &
HBbi2M 99j bbHc
HBbi2M (,,),99j bbHc

bbHn+2`iB7B+i2 f2i+fH2ib2M+`vTifHBp2f;2iiM/2KX+QKf
7mHH+?BMXT2Kc
bbHn+2`iB7B+i2nF2v f2i+fH2ib2M+`vTifHBp2f;2iiM/2KX+QKf
T`BpF2vXT2Kc
XXX
'

7KH TXHVWLRQ LV KRZ GR ZH JHW WKHVH FHUWLᨫFDWHV" $QG KRZ FDQ /HW˵V (QFU\SW
WUXVW XV WR SURYLGH XV ZLWK FHUWLᨫFDWHV WKDW FRQᨫUP RXU VWRU\"
/HW˵V (QFU\SW FDPH XS ZLWK D FHUWERW WRRO WKDW FDQ TXLFNO\ JHQHUDWH RU UHQHZ
RXU FHUWLᨫFDWHV )HGRUD DQG (3(/ SURMHFW SDFNDJH LW LQ WKH +2`i#Qi SDFNDJH


0 bm/Q /M7 BMbiHH +2`i#Qi

:H QHHG WR KDYH (3(/ HQDEOHG RU DGG @@2M#H2`2TQ42T2H WR WKH FRPPDQG


DERYH RQ &HQW26 2QFH LQVWDOOHG WKH FRPPDQG WR JHQHUDWH WKH FHUWLᨫFDWH LV
DV IROORZV

0 bm/Q +2`i#Qi +2`iQMHv @@r2#`QQi @@r2#`QQi@Ti?


0SSn>PJ1fTTfTm#HB+ @/ ;2iiM/2KX+QK-rrrX;2iiM/2KX+QK
@K bi`xB#Mv!bi`xB#MvXMK2 @@;`22@iQb @M

7KH H[DPSOH DERYH LV WKH H[DFW FRPPDQG , UDQ WR JHQHUDWH WKH UHDO *HW 7DQGHP
7/6 FHUWLᨫFDWHV +2`iQMHv WHOOV +2`i#Qi QRW WR LQVWDOO DQ\ FHUWLᨫFDWHV :LWK
WKH ULJKW SOXJLQ +2`i#Qi FDQ LQVWDOO WKHVH FHUWLᨫFDWHV IRU \RXU ZHE VHUYHU
EXW LQ RXU FDVH ZH ZDQW WR GR LW PDQXDOO\ XVLQJ WKH ZHEURRW SOXJLQ
+HUH DUH WKH +2`i#Qi LPSRUWDQW RSWLRQV H[SODLQHG RQH E\ RQH

˾ @@r2#`QQi 3ODFH ᨫOHV LQ D VHUYHU˵V ZHEURRW IROGHU IRU DXWKHQWLFDWLRQ


˾ @@r2#`QQi@Ti? 5HGHᨫQH WKH ZHEURRW SDWK
˾ @/ &RPPDVHSDUDWHG OLVW RI GRPDLQV VXEGRPDLQV WR REWDLQ D FHU
WLᨫFDWH IRU
˾ @K (PDLO DGGUHVV IRU DFFRXQW QRWLᨫFDWLRQV
˾ @@;`22@iQb $JUHH WR WKH $&0( VHUYHU˵V 6XEVFULEHU $JUHHPHQW
˾ @M 5XQ QRQLQWHUDFWLYHO\

7KH RSWLRQV DUH VHOIH[SODQDWRU\ :H DUH UHGHᨫQLQJ @@r2#`QQi@Ti? VLQFH


ZH ZDQW WR VHUYH DOO SXEOLF ᨫOHV IURP TTfTm#HB+ 7KDW LV D 5DLOV FRQYHQ
WLRQ DQG \RX FDQ FKRRVH DQ\ RWKHU ORFDWLRQ ,Q FDVH \RX ZDQW WR UXQ PRUH
DSSOLFDWLRQV RQ RQH VHUYHU LW PDNHV PRUH VHQVH WR JR ZLWK WKH GHIDXOW ORFD
WLRQ WKDW LVQ˵W SURMHFWVSHFLᨫF 7KH LPSRUWDQW WKLQJ LV WR XSGDWH WKH 1*,1;
FRQᨫJXUDWLRQ VR WKDW WKH JHQHUDWHG ᨫOHV DUH SXEOLFO\ DFFHVVLEOH

$&0( LV D VWDQGDUGL]HG SURWRFRO WKDW GHᨮQHV VHYHUDO FKDOOHQJHV IRU


YDOLGDWLQJ WKH GRPDLQ RZQHUVKLS 7KH PRVW FRPPRQ FKDOOHQJHV DUH
+773ᨣᨤ ZKLFK DFFHVVHV WKH SXEOLF ORFDWLRQ RQ WKH VHUYHU ZHOO
NQRZQ  DQG '16ᨣᨤ ZKLFK XVHV WKH 7;7 UHFRUG LQ '16 LQVWHDG


7KDW LV EHFDXVH WKH ZHEURRW SOXJLQ JHQHUDWHV D WHPSRUDU\ ᨫOH IRU HDFK UHTXHVWHG
GRPDLQ LQVLGH WKH @@r2#`QQi@Ti? SDWK XQGHU WKH fXr2HH@FMQrMf GLUHF
WRU\ IRU WKH $&0( FKDOOHQJH /HW˵V (QFU\SW FDQ WKHQ PDNH +773 UHTXHVWV
DVNLQJ WKHVH ᨫOHV˵ SDWKV WR YDOLGDWH WKDW ZHEVHUYHU LV LQGHHG \RXUV DQG UHVROY
LQJ WKH H[SHFWHG '16 VHWWLQJV
:H FDQ DFFRPSOLVK WKLV XVLQJ D HQ+iBQM GLUHFWLYH

b2`p2` &
HBbi2M 3yc
HBbi2M (,,),3yc
b2`p2`nMK2 /2THQvK2Mi7`QKb+`i+?X+QKc

HQ+iBQM  fXr2HH@FMQrM &


`QQi fb`pf/2THQvK2Mi7`QKb+`i+?X+QKfTm#HB+c
HHQr HHc
'

HQ+iBQM f &
`2im`M jyR ?iiTb,ff/2THQvK2Mi7`QKb+`i+?0`2[m2binm`Bc
'
'

1RWH WKDW +2`#Qi QHHGV WR DFFHVV WKHVH FKDOOHQJH ᨫOHV GXULQJ WKH JHQHUDWLRQ
RI WKH FHUWLᨫFDWHV VR WKLV VHWWLQJ KDYH WR EH DOUHDG\ WKHUH EHIRUH UXQQLQJ
+2`i#Qi ,I WKH SURFHVV GRHV QRW ZRUN DSSHQG @@/2#m; RSWLRQ WR ᨫQG RXW
PRUH 7KH HQ+iBQM GLUHFWLYH FDWFKLQJ WKH Xr2HH@FMQrM SDWK QHHGV WR OLYH
DV SDUW RI UHJXODU +773 WUDᨬF FRQᨫJXUDWLRQ SRUW  DQG SDUW RI WKH b2`p2`
EORJ PDWFKLQJ WKH GRPDLQ QDPH QRW MXVW DQ ,3 DGGUHVV 
2QFH ZH JHQHUDWH WKH FHUWLᨫFDWHV ZH FDQ UHIHUHQFH WKHP LQ WKH 1*,1; FRQ
ᨫJXUDWLRQ DV VKRZQ EHIRUH :H DOVR QHHG WR UHVWDUW 1*,1; IRU WKH FKDQJHV
WR WDNH HᨪHFW

 5HQHZDOV

5HQHZDOV DUH HYHQ HDVLHU :H MXVW UXQ RQH FRPPDQG

0 bm/Q +2`i#Qi `2M2r


7KH `2M2r VXEFRPPDQG ZLOO LVVXH UHQHZDO LI QHFHVVDU\ DQG LW˵V VDIH WR UXQ
HYHQ ZKHQ WKH FHUWLᨫFDWHV DUH YDOLG (YHQ WKRXJK WKH /HW˵V (QFU\SW FHUWLᨫFDWHV
DUH YDOLG IRU  GD\V WKH\ PLJKW EH UHYRNHG GXULQJ WKLV SHULRG DQG VR D PRUH
IUHTXHQW FKHFN LV UHFRPPHQGHG [ RU [ D GD\ 
:H FDQ VFKHGXOH WKH UHQHZDO FRPPDQG XVLQJ &URQ RU WKH V\VWHPG WLPHU :H
PLJKW DOVR QHHG D VHUYHU UHVWDUW DV SDUW RI WKLV UHQHZDO SURFHVV ,I \RX DUH
SXVKLQJ QHZ FRGH DQG UHVWDUWLQJ WKH VHUYHU UHJXODUO\ WKH QHZ FHUWLᨫFDWHV˵
FKDQJHV ZLOO KDSSHQ RQ WKH QH[W VHUYHU UHVWDUW %XW +2`i#Qi DOVR IHDWXUHV DQ
RSWLRQ WR VSHFLI\ EHIRUH DQG DIWHU KRRNV

0 +i f2i+f+`QMX/BHvf+2`i#Qi
O5f#BMfb?
fmb`f#BMf+2`i#Qi `2M2r $
@@T`2@?QQF ]bvbi2K+iH biQT M;BMtXb2`pB+2] $
@@TQbi@?QQF ]bvbi2K+iH bi`i M;BMtXb2`pB+2]

/HW˴V (QFU\SW FHUWLᨮFDWHV DUH VWDQGDUG 'RPDLQ 9DOLGDWLRQ FHU


WLᨮFDWHV VR \RX FDQ XVH WKHP IRU DQ\ VHUYHU WKDW XVHV D GRPDLQ
QDPH OLNH ZHE VHUYHUV PDLO VHUYHUV )73 VHUYHUV DQG PDQ\
PRUH


 6XPPDU\
:H H[SDQGHG RXU XQGHUVWDQGLQJ RQ VHUYLQJ +7736 ZLWK VHOIVLJQHG DQG /HW˵V
(QFU\SW FHUWLᨫFDWHV

˾ 7R VHUYH DSSOLFDWLRQV RQ QLFH GRPDLQ QDPHV ZH KDYH WR EX\ D GRPDLQ


IURP D GRPDLQ UHJLVWUDU DQG SRLQW '16 UHFRUGV WR RXU ,3 DGGUHVV

˾ 6RPH RI WKH UHFRUGV WR UHPHPEHU DUH $ UHFRUG IRU ,3 DGGUHVV PDS


SLQJ &1$0( IRU DOLDVHV 0; IRU SRLQWLQJ WR PDLO VHUYHUV DQG 16 IRU
DXWKRULWDWLYH '16 VHUYHUV

˾ :H FDQ JHQHUDWH XQWUXVWHG VHOIVLJQHG FHUWLᨫFDWHV ERWK IRU ,3 DGGUHVVHV


RU GRPDLQ QDPHV 7R SURYLGH WUXVW ZH FDQ FUHDWH FHUWLᨫFDWHV XVLQJ
FHUWERW IURP /HW˵V (QFU\SW

˾ :H QHHG WR XSGDWH RXU b2`p2` VHFWLRQ LQ WKH 1*,1; FRQᨫJXUDWLRQ


ZLWK DW OHDVW bbHn+2`iB7B+i2 DQG bbHn+2`iB7B+i2nF2v GLUHF
WLYHV :H VKRXOG DGG RWKHU VHFXULW\ RSWLRQV WRR


&KDSWHU 

)LUHZDOOV

:KHQ ZH UXQ QHWZRUN VHUYLFHV RQ RXU V\VWHPV WKH\ DUH DXWRPDWLFDOO\ H[SRVHG
WR WKHLU QHWZRUNV ,I WKDW QHWZRUN LV WKH SXEOLF ,QWHUQHW RXU VHUYLFHV DUH
HVVHQWLDOO\ H[SRVHG WR HYHU\ERG\ 2IWHQ WKLV LV QRW ZKDW ZH ZDQW :H ZDQW
YLVLWRUV ZRUOGZLGH WR YLVLW RXU ZHE VHUYHU EXW ZH GRQ˵W ZDQW WKHP WR FRQQHFW
WR RXU GDWDEDVH GLUHFWO\
)LUHZDOOV FRQWURO LQFRPLQJ DQG RXWJRLQJ WUDᨬF RQ RXU VHUYHU DQG KHOS XV
JDLQ D ᨫQHU FRQWURO RYHU ZKDW VHUYLFHV ZH PDNH DYDLODEOH 2Q )HGRUDEDVHG
V\VWHPV ZH FDQ XVH WZR GLᨪHUHQW ᨫUHZDOOV LSWDEOHV LV DQ ROGHU DQG ZHOO
NQRZQ V\VWHP WKDW FRQᨫJXUHV /LQX[ NHUQHO ᨫUHZDOO WDEOHV ᨫUHZDOOG LV LWV
VXFFHVVRU WKDW DOORZV FRQᨫJXUDWLRQ ZLWKRXW VHUYLFH UHVWDUWV


 ᦣUHZDOOG
7KH ᨫUHZDOOG PDQDJHPHQW LV D ELW GLᨪHUHQW IURP WKH LSWDEOHV ,W˵V WLJKWO\
FRXSOHG ZLWK WKH FRQFHSW RI ]RQHV 1HWZRUN RU ᦣUHZDOO ]RQHV UHSUHVHQW
WKH WUXVW OHYHO RI D QHWZRUN FRQQHFWLRQ RU LQWHUIDFH =RQHV GHᨫQH WKH DFWXDO
VHFXULW\ UXOHV WKDW VKRXOG EH DSSOLHG E\ WKH ᨫUHZDOO
:H FRXOG GHᨫQH WKUHH GLᨪHUHQW ]RQHV FDOOHG SXEOLF KRPH DQG RᨯFH 7KHVH
WKUHH ]RQHV ZRXOG VSHFLᨫFDOO\ DOORZ QHWZRUN VHUYLFHV SURWRFROV DQG SRUWV
RYHU D VSHFLᨫF LQWHUIDFH :L)L FRQQHFWLRQ DW KRPH (WKHUQHW FRQQHFWLRQ DW
ZRUN DQG RQO\ /?+Tpe@+HB2Mi DQG bb? VHUYLFHV LQ SXEOLF 
7KLV ZD\ ZKHQ ZH VZLWFK D FRQQHFWLRQ IURP D KRPH QHWZRUN WR WKH RQH LQ
D SXEOLF OLEUDU\ ZH FDQ EH D OLWWOH ELW PRUH VWULFW DERXW ZKDW KDSSHQV ZLWK
DOO WKH WUDᨬF ZH JHW :H PLJKW KDYH RQO\ RQH VHUYHU ]RQH RQ WKH VHUYHU EXW
WKLQNLQJ DERXW PRUH ]RQHV DW RQFH KHOSV WR XQGHUVWDQG WKH ]RQHV˵ SXUSRVH LQ
ᨫUHZDOOG

 ,QVWDOODWLRQ

$V WKH ˸G˹ DW WKH HQG VXJJHVWV ᨫUHZDOOG LV D GDHPRQ OLNH DQ\ RWKHU 2Q
)HGRUD LW˵V D V\VWHPG VHUYLFH DQG VR \RX FDQ WUHDW LW VLPLODUO\ WR RWKHU V\VWHPG
VHUYLFHV 7R LQVWDOO HQDEOH DQG VWDUW ᨫUHZDOOG

0 bm/Q /M7 BMbiHH 7B`2rHH/


0 bm/Q bvbi2K+iH @@MQr 2M#H2 7B`2rHH/Xb2`pB+2

 2YHUVHHLQJ ᦣUHZDOOG

7R VHH FXUUHQW UXOHV DQG PDNH DQ\ FKDQJHV ZLWK ᨫUHZDOOG ZH KDYH
7B`2rHH@+K/ XWLOLW\ WR RXU GLVSRVDO
7R OLVW DOO ]RQHV

0 bm/Q 7B`2rHH@+K/ @@;2i@xQM2b


62/Q`a2`p2` 62/Q`qQ`FbiiBQM #HQ+F /Kx /`QT 2ti2`MH ?QK2
BMi2`MH Tm#HB+ i`mbi2/ rQ`F


7KHVH ]RQHV DUH SUHGHᨫQHG IRU XV :H PLJKW ZDQW WR FUHDWH RXU ]RQHV RU
PRGLI\ WKH H[LVWLQJ RQHV˵ UXOHV WR JHW WR WKH ᨫQDO ᨫUHZDOO VHWWLQJV ZH OLNH
7R OLVW RQH SDUWLFXODU ]RQH

0 bm/Q 7B`2rHH@+K/ @@xQM2462/Q`a2`p2` @@HBbi@HH


62/Q`a2`p2`
i`;2i, /27mHi
B+KT@#HQ+F@BMp2`bBQM, MQ
BMi2`7+2b,
bQm`+2b,
b2`pB+2b, +Q+FTBi /?+Tpe@+HB2Mi bb?
TQ`ib,
T`QiQ+QHb,
Kb[m2`/2, MQ
7Q`r`/@TQ`ib,
bQm`+2@TQ`ib,
B+KT@#HQ+Fb,
`B+? `mH2b,

<RXU VHUYHU LQVWDOODWLRQ PLJKW KDYH OLWWOH GLᨭHUHQW GHIDXOWV WKDQ WKRVH
VKRZQ DERYH GHSHQGLQJ RQ WKH GLVWULEXWLRQ YHUVLRQ DQG ᨰDYRU

,Q WKLV OLVWLQJ ZH FDQ QRWLFH LI D SDUWLFXODU ]RQH LV FRQQHFWHG ZLWK DQ\ QHWZRUN
LQWHUIDFH ZKDW VHUYLFHV DUH DOORZHG ZKDW SRUWV DQG SURWRFROV DUH RSHQHG DQG
RWKHU GHWDLOV
:H FDQ DOVR VHH LW WKHUH LV DQ\ GHIDXOW ]RQH

0 bm/Q 7B`2rHH@+K/ @@;2i@/27mHi@xQM2


Tm#HB+

$QG ZKDW DUH FXUUHQWO\ DFWLYH ]RQHV

0 bm/Q 7B`2rHH@+K/ @@;2i@+iBp2@xQM2b


Tm#HB+
BMi2`7+2b, 2i?y


7KH RXWSXW DERYH WHOOV XV ZH RQO\ RQH DFWLYH ]RQH WKH SXEOLF ]RQH RYHU 2i?y
LQWHUIDFH
7KHUH LV DOVR @@;2i@xQM2@Q7@BMi2`7+2 WR ᨫQG RXW DERXW WKHVH VHWWLQJV
IURP WKH LQWHUIDFH SRLQW RI YLHZ

0 bm/Q 7B`2rHH@+K/ @@;2i@xQM2@Q7@BMi2`7+242i?y


Tm#HB+

,W PLJKW EH D JRRG LGHD WR VHH WKH GHWDLOV RI RXU DFWLYH SXEOLF ]RQH VLQFH WKLV
LV WKH VHWWLQJV ZH QHHG WR UHYLHZ

0 bm/Q 7B`2rHH@+K/ @@BM7Q@xQM24Tm#HB+


Tm#HB+ U+iBp2V
i`;2i, /27mHi
B+KT@#HQ+F@BMp2`bBQM, MQ
BMi2`7+2b, 2i?y
bQm`+2b,
b2`pB+2b, /?+Tpe@+HB2Mi K/Mb bb?
TQ`ib,
T`QiQ+QHb,
Kb[m2`/2, MQ
7Q`r`/@TQ`ib,
bQm`+2@TQ`ib,
B+KT@#HQ+Fb,
`B+? `mH2b,

,I \RX GRQ˵W VHH DQ\ +773 SURWRFRO SRUW 3y RU ?iiT VHUYLFH WKHUH LW PHDQV
LW˵V VLPSO\ QRW DOORZHG ,I \RX VWDUW ᨫUHZDOOG ZLWK WKLV SXEOLF ]RQH RQ D VHUYHU
\RX ZLOO RQO\ EH DEOH WR XVH 66+ '+&3 ,3Y FOLHQW DQG 0XOWLFDVW '16
7KLV VHHPV OLNH D JRRG VWDUWLQJ SRLQW EXW HYHQWXDOO\ ZH QHHG WR DOORZ VRPH
+773 WUDᨬF WR RXU VHUYHU DQG SRVVLEO\ GLVDEOH WKH QRWQHHGHG PGQV VHUYLFH

 &KDQJLQJ ᦣUHZDOOG 5XOHV

7KH PRVW FRPPRQ ᨫUHZDOO UXOHV FKDQJHV ZRXOG EH DGGLQJ SRUWV DQG VHUYLFHV
WR ]RQHV RU UHPRYLQJ WKHP 7R ᨫ[ RXU SXEOLF ]RQH WR UHFHLYH VWDQGDUG +773
WUDᨬF ZH FDQ XVH @@//@TQ`i RU @@//@b2`pB+2 VZLWFK


0 bm/Q 7B`2rHH@+K/ @@//@TQ`i43yfi+T
0 bm/Q 7B`2rHH@+K/ @@//@b2`pB+24?iiTb @@xQM24Tm#HB+

7KH ᨫUVW OLQH DOORZV WUDᨬF RYHU 7&3 RQ SRUW  7KH VHFRQG VLPSO\ DOORZV
KWWSV VHUYLFH :H GR QRW QHHG WR VSHFLI\ D ]RQH ZLWK @@xQM2 DUJXPHQW DV ORQJ
DV ZH ZDQW WR PDNH FKDQJHV LQ WKH GHIDXOW ]RQH
7KH GLᨪHUHQFH LV WKDW WKH VHUYLFH KDV SUHGHᨫQHG SRUWV DQG SURWRFROV WKDW ZRXOG
EH DOORZHG ZLWK LW @@//@TQ`i ZLOO HQDEOH XV WR VSHFLI\ QRQVWDQGDUG SRUW
QXPEHUV DQG VHUYLFHV GLUHFWO\ ,W ZRXOG DOVR DFFHSW UDQJHV VXFK DV 3y@3kfi+T
$V ZH PHQWLRQHG ᨫUHZDOOG FDQ G\QDPLFDOO\ DSSO\ QHZ ᨫUHZDOO UXOHV ZLWKRXW
EHLQJ UHVWDUWHG DQG WKHUHIRUH ZLWKRXW ORVLQJ H[LVWLQJ FRQQHFWLRQV 7KLV LV
D QLFH IHDWXUH EXW LW˵V HVVHQWLDO WR UHDOL]H WKDW WKRVH FKDQJHV ZRQ˵W SHUVLVW
WKURXJK D VHUYLFH UHVWDUW
7R PDNH WKH FKDQJH SHUPDQHQW ZH KDYH WR XVH @@T2`KM2Mi VZLWFK

0 bm/Q 7B`2rHH@+K/ @@//@TQ`i43yfi+T @@T2`KM2Mi

,I ZH QHHG WR WHVW WKDW WKLV ZRUNV ZH FDQ UXQ 7B`2rHH@+K/ @@`2HQ/

0 bm/Q 7B`2rHH@+K/ @@`2HQ/

7KLV UHORDGV WKH UXOHV IURP WKH SHUPDQHQW FRQᨫJXUDWLRQ ,I ZH HGLWHG D


ORW RI WKLQJV QRQSHUPDQHQWO\ DQG ZDQW DOO RI WKHP WR SHUVLVW ZH FDQ XVH
@@`mMiBK2@iQ@T2`KM2Mi

0 bm/Q 7B`2rHH@+K/ @@`mMiBK2@iQ@T2`KM2Mi

1RZ ZH PLJKW ZDQW WR DGG 8'3 WRR WKLV WLPH ZLWKRXW VSHFLI\LQJ DQ\ SRUW
:H FDQ XVH @@//@T`QiQ+QH VZLWFK

0 bm/Q 7B`2rHH@+K/ @@//@T`QiQ+QH4m/T

7R UHFKHFN WKH FXUUHQW UXOHV ZH FDQ XVH @@BM7Q@xQM2 DJDLQ


0 bm/Q 7B`2rHH@+K/ @@BM7Q@xQM24Tm#HB+
Tm#HB+ U+iBp2V
i`;2i, /27mHi
B+KT@#HQ+F@BMp2`bBQM, MQ
BMi2`7+2b, 2i?y
bQm`+2b,
b2`pB+2b, /?+Tpe@+HB2Mi ?iiTb K/Mb bb?
TQ`ib, 3yfi+T
T`QiQ+QHb, m/T
Kb[m2`/2, MQ
7Q`r`/@TQ`ib,
bQm`+2@TQ`ib,
B+KT@#HQ+Fb,
`B+? `mH2b,

ᨫUHZDOOG DOVR UHFRJQL]HV VRXUFH DQG IRUZDUG SRUWV ZLWK @@//@bQm`+2@TQ`i


DQG @@//@7Q`r`/@TQ`i LI ZH ZDQW WR GLVWLQJXLVK WKHP
)LQDOO\ DOO WKHVH VZLWFKHV KDYH WKHLU @@`2KQp2@ HTXLYDOHQW :KDW ZRXOG
KDSSHQ LI ZH UHPRYH RXU 2i?y LQWHUIDFH IURP WKH SXEOLF ]RQH"

0 bm/Q 7B`2rHH@+K/ @@`2KQp2@BMi2`7+242i?y

7KH ]RQH ZRXOG VLPSO\ EHFRPH LUUHOHYDQW WR RXU 2i?y WUDᨬF DQG
@@;2i@+iBp2@xQM2b ZRXOG QRW UHSRUW DQ\ ]RQHV 6R HVVHQWLDOO\
HYHU\WKLQJ ZRXOG EH DOORZHG DJDLQ DV QRW UXQQLQJ D ᨫUHZDOO DW DOO
@@//@BMi2`7+242i?y FDQ DWWDFK WKH LQWHUIDFH EDFN WR WKH ]RQH :H FDQ
DOVR FRQQHFW ,3 DGGUHVV UDQJH LQVWHDG LI ZH ZDQW WR

 &UHDWLQJ &XVWRP =RQHV

$OO SUHGHᨫQHG ]RQHV FDQ EH IRXQG XQGHU fmb`fHB#f7B`2rHH/fxQM2bf


7KH\ DUH GHᨫQHG LQ ;0/ ᨫOHV OLNH WKH IROORZLQJ


0 bm/Q +i f2i+f7B`2rHH/fxQM2bfTm#HB+XtKH
I\tKH p2`bBQM4]RXy] 2M+Q/BM;4]mi7@3]\=
IxQM2=
Ib?Q`i=Sm#HB+Ifb?Q`i=
I/2b+`BTiBQM=
6Q` mb2 BM Tm#HB+ `2bX uQm /Q MQi i`mbi i?2
Qi?2` +QKTmi2`b QM M2irQ`Fb iQ MQi ?`K vQm` +QKTmi2`X
PMHv b2H2+i2/ BM+QKBM; +QMM2+iBQMb `2 ++2Ti2/X
If/2b+`BTiBQM=
Ib2`pB+2 MK24]bb?]f=
Ib2`pB+2 MK24]K/Mb]f=
Ib2`pB+2 MK24]/?+Tpe@+HB2Mi]f=
IfxQM2=

(YHU\ ]RQH DOVR KDV D WDUJHW WKDW FDQ EH SDUW RI WKH IxQM2= WDJ DV IxQM2
i`;2i4]**1Sh]= **1Sh VLPSO\ DFFHSWV SDFNHWV LI WKH\ GR QRW PDWFK
DQ\ UXOH WW_1C1*hWW UHMHFWV SDFNHWV DQG ._PS GURSV WKHP ,I QR WDUJHW
LV VSHFLᨫHG OLNH LQ WKH SXEOLF ]RQH DERYH WKH WDUJHW ZLOO EH /27mHi ZKLFK
PHDQV WKH ᨫUHZDOO ZLOO UHMHFW DQ\ QRW PDWFKLQJ SDFNHW

*HQHUDOO\ VSHDNLQJ 5(-(&7 WHOOV WKH FOLHQW DERXW WKH SRUW EH
LQJ XQDYDLODEOH E\ VHQGLQJ D SDFNHW EDFN LPPHGLDWHO\ '523
GLVPLVVHV WKH LQFRPLQJ SDFNHW VR WKH FOLHQW ZLOO ZDLW IRU WKH
UHVSRQVH WLPHRXW '523 LV WKRXJKW RI DV SURWHFWLQJ \RXU SRUWV
EXW KLGLQJ WKH SRUWV WKLV ZD\ PLJKW QRW PHDQ PXFK WR VRPH PDOLFLRXV VFDQQHUV
VR LW˴V EHWWHU WR WKLQN DERXW WKH GLᨭHUHQFH LQ WHUPV RI \RXU LQWHQW

:H FDQ UHFKHFN WKH WDUJHW ZLWK

0 bm/Q 7B`2rHH@+K/ @@T2`KM2Mi @@;2i@i`;2i


/27mHi

$QG VHW D QHZ WDUJHW ZLWK @@b2i@i`;2i

0 bm/Q 7B`2rHH@+K/ @@T2`KM2Mi @@xQM24Tm#HB+ @@b2i@i`;2i4._PS


$SDUW IURP WKH Ib2`pB+2= WDJV WKHUH FDQ DOVR EH VSHFLᨫF ITQ`i=
WDJV ,I ZH ZDQW WR FUHDWH D QHZ ]RQH ZH FDQ PDNH D VLPLODU ᨫOH LQ
f2i+f7B`2rHH/fxQM2bf
:KDWHYHU ZH SXW LQ f2i+f7B`2rHH/fxQM2bf DOVR RYHUULGHV WKH VDPH
ᨫOH LQ fmb`fHB#f7B`2rHH/fxQM2bf 7KLV ZD\ ZH FRXOG SURYLGH
D FXVWRPPDGH SXEOLF ]RQH IRU NLFNVWDUWLQJ WKH VHUYHU ᨫUHZDOO UXOHV
7KLV ZD\ ZH FDQ DYRLG VSHFLI\LQJ D GHIDXOW ]RQH ZLWK 7B`2rHH@+K/
@@b2i@/27mHi@xQM240wPL1  EXW WKLV LV HYHU\ERG\˵V SUHIHUHQFH

 'HᦣQLQJ 6HUYLFHV

6HUYLFHV SURYLGH D QLFH DEVWUDFWLRQ RYHU WKH H[DFW SRUWV DQG SURWRFROV 7KH\
DUH GHᨫQHG LQ ;0/ ᨫOHV XQGHU fmb`fHB#f7B`2rHH/fb2`pB+2b

0 bm/Q Hb fmb`fHB#f7B`2rHH/fb2`pB+2b
XXX
BKTXtKH
XXX
/MbXtKH
XXX
M7bXtKH
XXX

6RPH RI WKH PRVW FRPPRQ RQHV ZH PLJKW ZDQW WR EH DVVLJQ DUH

˾ GKFS GKFSY
˾ GQV
˾ IWS
˾ KWWS KWWSV
˾ LPDS
˾ QIV
˾ VPWS
˾ VVK


,W˴V EHWWHU QRW WR RSHQ GDWDEDVH SRUWV OLNH WKH 3RVWJUH64/˴V SRUW
ᨨᨧᨦᨥ XQOHVV ZH KDYH WR ,Q WKH VHWXS SUHVHQWHG LQ WKLV ERRN
ZH GRQ˴W QHHG WR GR WKDW &RQQHFWLRQV WR WKH GDWDEDVH IURP
FOLHQWV FDQ EH WXQQHOHG WKURXJK 66+ ZKHQ UHTXLUHG 2I FRXUVH
\RX PLJKW FKRRVH WR GLVDEOH 66+ DFFHVV RU H[SRVH D GDWDEDVH VHUYHU WR \RXU
RWKHU VHUYHUV ,Q WKDW FDVH WU\ WR OLPLW WKH DFFHVV WR \RXU SULYDWH QHWZRUN E\
VSHFLI\LQJ LWV LQWHUIDFH

:KDW LI ZH ZDQW WR GHVFULEH RXU ᨫUHZDOO UXOHV DV VHUYLFHV EXW WKHUH LV QR


SUHGHᨫQHG VHUYLFH WR XVH" :H FDQ FUHDWH RXU RZQ WRR
%\ LQVSHFWLQJ VRPH RI WKHP ZH FDQ ᨫQG RXW KRZ WR ZULWH RXU RZQ

0 bm/Q +i fmb`fHB#f7B`2rHH/fb2`pB+2bf?iiTXtKH


I\tKH p2`bBQM4]RXy] 2M+Q/BM;4]mi7@3]\=
Ib2`pB+2=
Ib?Q`i=qqq U>hhSVIfb?Q`i=
I/2b+`BTiBQM=>hhS Bb i?2 T`QiQ+QH mb2/ iQ b2`p2 q2# T;2bX
A7 vQm THM iQ KF2 vQm` q2# b2`p2` Tm#HB+Hv pBH#H2-
2M#H2 i?Bb QTiBQMX h?Bb QTiBQM Bb MQi `2[mB`2/ 7Q` pB2rBM;
T;2b HQ+HHv Q` /2p2HQTBM; q2# T;2bXIf/2b+`BTiBQM=
ITQ`i T`QiQ+QH4]i+T] TQ`i4]3y]f=
Ifb2`pB+2=

:H FDQ VHH WKDW WKH KWWS VHUYLFH LV GHᨫQHG RQO\ RYHU 7&3 SURWRFRO RQ
SRUW  :H FRXOG FUHDWH DQ TTnb2`p2`XtKHᨫOH E\ FRS\LQJ WKH RULJLQDO
?iiTXtKH DQG FKDQJLQJ WKH SRUW WR  7KHQ ZH ZRXOG SODFH WKLV ᨫOH XQGHU
f2i+f7B`2rHH/fb2`pB+2b RU XVH WKH ᨫOH GHᨫQLWLRQ WR FUHDWH D QHZ
VHUYLFH ZLWK 7B`2rHH@+K/

0 bm/Q 7B`2rHH@+K/ @@T2`KM2Mi @@MK24TTb2`p2`


@@M2r@b2`pB+2@7`QK@7BH24TTnb2`p2`XtKH

 5LFK 5XOHV

:H FDQQRW VSHFLI\ HYHU\WKLQJ ZLWK WKH VLPSOH EXLOGLQJ EORFNV VKRZQ VR IDU
7R LPSOHPHQW RWKHU VSHFLᨫF UXOHV ZH KDYH WR JR GRZQ WR XVLQJ WKH VRFDOOHG
ULFK UXOHV 2QH XVH FDVH IRU XVLQJ ULFK UXOHV ZH PLJKW ZDQW WR OHDUQ DERXW LV


UHMHFWLQJ RU GURSSLQJ SDFNHWV IRU VSHFLᨫF ,3 DGGUHVVHV 7KH IROORZLQJ ZRXOG
UHMHFW SDFNHWV IURP RNkXRe3XyXk8y ,3Y DGGUHVV IRU WKH SXEOLF ]RQH

0 bm/Q 7B`2rHH@+K/ @@xQM24Tm#HB+ @@//@`B+?@`mH24


^`mH2 7KBHv4]BTp9] bQm`+2 //`2bb4]RNkXRe3XyXk8y] `2D2+i^

,I ZH ZDQW WR LQFOXGH WKH DERYH DV ;0/ GHᨫQLWLRQ ZH ZRXOG XVH WKH I`mH2=
;0/ WDJ

I\tKH p2`bBQM4]RXy] 2M+Q/BM;4]mi7@3]\=


IxQM2=
XXX
I`mH2 7KBHv4]BTp9]=
IbQm`+2 //`2bb4]RNkXRe3XyXk8y]f=
I`2D2+if=
If`mH2=
Ifb2`pB+2=

:H FDQ WUDQVODWH WKH 7B`2rHH@+K/ V\QWD[ WR ;0/ EDVHG RQ WKH VWUXFWXUH


RI D ]RQH FRQᨫJXUDWLRQ ᨫOH GHSLFWHG LQ WKH PDQXDO SDJH 7B`2rHH/XxQM2
2WKHU XVHFDVHV DQG H[SODQDWLRQV RI ULFK UXOHV ZH ᨫQG E\ LQVSHFWLQJ
7B`2rHH/X`B+?HM;m;2 PDQXDO SDJH

 ,&03

:H EULHᨭ\ WDONHG DERXW ,&03 D OLWWOH ELW LQ JHQHUDO ,W KDV DQ LPSRUWDQW SXU
SRVH GHVSLWH UHYHDOLQJ VRPH LQIRUPDWLRQ DERXW RXU VHUYHUV :H UHFRPPHQG
WR LQFOXGH LW EXW UHVWULFW LW WR WKH PRVW LPSRUWDQW IHDWXUHV 7B`2rHH@+K/
@@;2i@B+KTivT2b FDQ OLVW DOO RI WKH ,&03 IHDWXUHV WR RXU GLVSRVDO

0 7B`2rHH@+K/ @@;2i@B+KTivT2b
//`2bb@mM`2+?#H2 #/@?2/2` #2vQM/@b+QT2
+QKKmMB+iBQM@T`Q?B#Bi2/ /2biBMiBQM@mM`2+?#H2
2+?Q@`2THv 2+?Q@`2[m2bi 7BH2/@TQHB+v 7`;K2MiiBQM@M22/2/
?Qbi@T`2+2/2M+2@pBQHiBQM ?Qbi@T`Q?B#Bi2/ ?Qbi@`2/B`2+i
?Qbi@mMFMQrM ?Qbi@mM`2+?#H2 BT@?2/2`@#/ XXX


$V \RX FDQ VHH WKHUH DUH PDQ\ ,&03 IHDWXUHV DQG VRPH RI WKHP DUH D ELW
PRUH LPSRUWDQW IRU XV WKDQ WKH RWKHUV ,I ZH DUH QRW FRPIRUWDEOH HQDEOLQJ DOO
RI ,&03 ZH VKRXOG DW OHDVW HQDEOH 2+?Q@`2THv IRU TBM;  2+?Q@`2[m2bi
IRU TBM;  iBK2@2t+22/2/ IRU i`+2Ti?  7`;K2MiiBQM@M22/2/
PD[LPXP WUDQVPLVVLRQ XQLW RSWLPL]DWLRQ IRU ,3Y  DQG T+F2i@iQQ@#B;
PD[LPXP WUDQVPLVVLRQ XQLW RSWLPL]DWLRQ IRU ,3Y 
7R GR MXVW WKDW ZH FDQ XVH @@//@B+KT@#HQ+F@BMp2`bBQM WR LQYHUW EORFN
LQJ RI DOO ,&03 UHTXHVWV DQG @@//@B+KT@#HQ+F WR XQEORFN WKH W\SH RI
UHTXHVWV ZH ZDQW WR DOORZ

0 bm/Q 7B`2rHH@+K/ @@//@B+KT@#HQ+F@BMp2`bBQM


0 bm/Q 7B`2rHH@+K/ @@//@B+KT@#HQ+F4&2+?Q@`2THv-
2+?Q@`2[m2bi-iBK2@2t+22/2/-7`;K2MiiBQM@M22/2/'
0 bm/Q 7B`2rHH@+K/ @@`mMiBK2@iQ@T2`KM2Mi

7R FKHFN LI ZH DUH EORFNLQJ RU DOORZLQJ D VSHFLᨫF ,&03 UHTXHVW UXQ

0 7B`2rHH@+K/ @@[m2`v@B+KT@#HQ+F40A*JShuS1
0 7B`2rHH@+K/ @@[m2`v@B+KT@#HQ+F42+?Q@`2THv
v2b

:H VKRXOG JHW ˸\HV˹ LI WKH IROORZLQJ LV WUXH DV ZHOO

0 7B`2rHH@+K/ @@[m2`v@B+KT@#HQ+F@BMp2`bBQM
v2b

,Q WHUPV RI ;0/ GHᨫQLWLRQ WKLV ZRXOG WUDQVODWH DV


I\tKH p2`bBQM4]RXy] 2M+Q/BM;4]mi7@3]\=
IxQM2 i`;2i4]._PS]=
XXX
I`mH2=
IT`QiQ+QH pHm24]B+KT]f=
IB+KT@#HQ+F@BMp2`bBQMf=
IB+KT@ivT2 MK24]2+?Q@`2THv]f=
IB+KT@ivT2 MK24]2+?Q@`2[m2bi]f=
IB+KT@ivT2 MK24]iBK2@2t+22/2/]f=
IB+KT@ivT2 MK24]7`;K2MiiBQM@M22/2/]f=
I++2Tif=
If`mH2=
Ifb2`pB+2=

 IDLOEDQ
IDLOEDQ LV D VPDUW XWLOLW\ SURJUDP SURYLGLQJ DXWRPDWLF PRQLWRULQJ RI YDULRXV
V\VWHP ORJ ᨫOHV DQG EDQQLQJ RI ,3 DGGUHVVHV ZLWK VXVSLFLRXV DFWLYLW\ OLNH
WU\LQJ WR ORJ LQ PDQ\ WLPHV ZLWK D EDG SDVVZRUG  ,W FDQ DXWRPDWLFDOO\ XSGDWH
RXU ᨫUHZDOO UXOHV WR WHPSRUDULO\ GHQ\ DFFHVV WR VSHFLᨫF ,3 DGGUHVVHV IRU D
VSHFLᨫHG DPRXQW RI WLPH ,I UHTXLUHG IDLOEDQ FDQ DOVR DOHUW XV E\ HPDLO
7R LQVWDOO DQG UXQ IDLOEDQ

0 bm/Q /M7 BMbiHH 7BHk#M @v


0 bm/Q bvbi2K+iH bi`i 7BHk#MXb2`pB+2
0 bm/Q bvbi2K+iH 2M#H2 7BHk#MXb2`pB+2

<RX FDQ LQVWDOO IDLOᨥEDQᨮUHZDOOG SDFNDJH RQO\ WR DYRLG


IDLOᨥEDQVHQGPDLO GHSHQGHQF\ ZKHQ QRW UHTXLULQJ IDLOᨥEDQ WR
VHQG \RX HPDLOV

:H VKRXOG SURYLGH RXU RZQ FRQᨫJXUDWLRQ LQ WKH DBHXHQ+H ᨫOH LQVLGH


f2i+f7BHk#M GLUHFWRU\ ZKLFK ZLOO WDNH SUHIHUHQFH RYHU WKH LQVWDOOHG
f2i+f7BHk#MfDBHX+QM7


0 bm/Q +T f2i+f7BHk#MfDBHX+QM7 f2i+f7BHk#MfDBHXHQ+H

+HUH LV D JRRG VWDUWLQJ SRLQW IRU RXU IDLOEDQ XVDJH

0 bm/Q +i f2i+f7BHk#MfDBHXHQ+H


(.16lGh)
B;MQ`2BT 4 RkdXyXyXRf3 0uPl_nASn.._1aa
#MiBK2 4 jeyy
7BM/iBK2 4 eyy
Kt`2i`v 4 j
/2bi2KBH 4 r2#Kbi2`!2tKTH2X+QK
b2M/2` 4 7BHk#M!2tKTH2X+QK
+iBQM 4 WU+iBQMnKrHVb

(bb?/)
2M#H2/ 4 i`m2

(.16lGh) EORFN VSHFLᨫHV WKH FRPPRQ VHWWLQJV DV

˾ B;MQ`2BT ,3 DGGUHVVHV WR LJQRUH


˾ #MiBK2 GHIDXOW WLPH LQ VHFRQGV IRU WKH EDQ  LV RQH KRXU 
ZRXOG EH RQH GD\
˾ 7BM/iBK2 DQG Kt`2i`v PD[LPXP QXPEHU RI ORJLQ WULDOV  LQ D
JLYHQ WLPHIUDPH  PLQXW
˾ /2bi2KBH RSWLRQDO HPDLO DGGUHVV WR VHQG DOHUW WR
˾ b2M/2` ZKR ZLOO EH WKH VHQGHU RI WKH DOHUW HPDLOV
˾ +iBQM DFWLRQ WR WDNH ZKHQ D SUREOHPDWLF ,3 LV IRXQG WU+iBQMnVb
ZLOO EDQ WKH ,3 WU+iBQMnKrHVb ZLOO EDQ WKH ,3 DQG VHQG D PDLO QR
WLᨫFDWLRQ LQFOXGLQJ ZKRLV GDWD DQG ORJ HQWULHV

2WKHU EORFNV SURYLGH VHWWLQJV IRU VSHFLᨫF MDLOV VHUYLFHV  2M#H2/ 4 i`m2
VLPSO\ HQDEOHV WKH MDLO ZLWK GHIDXOW VHWWLQJV IDLOEDQ LV XVXDOO\ XVHG SULPDULO\
WR PRQLWRU 66+ DFFHVV EXW WKHUH DUH RWKHU MDLOV WR FRQᨫJXUH ,Q RXU FDVH LW
PDNHV VHQVH WR PRQLWRU 1*,1; DV ZHOO
:H FDQ DGG WKH IROORZLQJ OLQHV WR PDNH VRPH EDVLF 1*,1; PRQLWRULQJ


(M;BMt@?iiT@mi?)
2M#H2/ 4 i`m2
7BHi2` 4 M;BMt@?iiT@mi?
TQ`i 4 ?iiT-?iiTb
HQ;Ti? 4 fp`fHQ;fM;BMtf2``Q`XHQ;

(M;BMt@#/#Qib)
2M#H2/ 4 i`m2
TQ`i 4 ?iiT-?iiTb
7BHi2` 4 M;BMt@#/#Qib
HQ;Ti? 4 fp`fHQ;fM;BMtf++2bbXHQ;
Kt`2i`v 4 k

(M;BMt@MQT`Qtv)
2M#H2/ 4 i`m2
TQ`i 4 ?iiT-?iiTb
7BHi2` 4 M;BMt@MQT`Qtv
HQ;Ti? 4 fp`fHQ;fM;BMtf++2bbXHQ;
Kt`2i`v 4 k

M;BMt@?iiT@mi? HQDEOHV ORJ PRQLWRULQJ IRU 1*,1; ORJLQ DWWHPSWV


M;BMt@#/#Qib MDLO FDQ VWRS VRPH NQRZQ PDOLFLRXV ERW UHTXHVWV DQG
M;BMt@MQT`Qtv GLVDOORZ 1*,1; DV DQ RSHQ SUR[\
:LWK WKH QHZ VHWWLQJV LQ SODFH GR QRW IRUJHW WR UHVWDUW WKH VHUYLFH

0 bm/Q bvbi2K+iH `2bi`i 7BHk#MXb2`pB+2

:H FDQ UHFKHFN WKH FXUUHQW VWDWXV RI IDLOEDQ RU D VSHFLᨫF MDLO ZLWK

0 bm/Q bvbi2K+iH biimb 7BHk#MXb2`pB+2

0 bm/Q 7BHk#M@+HB2Mi biimb bb?/


0 bm/Q 7BHk#M@+HB2Mi biimb M;BMt@?iiT@mi?

7KH GHIDXOW 7BHk#MXHQ; ORJ LI XQFKDQJHG FDQ EH IRXQG LQ fp`fHQ;


 6HUYLFH 3URYLGHU )LUHZDOOV
7KHUH PLJKW EH DQ RSWLRQ WR RSWLQ IRU D KRVWLQJSURYLGHU ᨫUHZDOO WKDW VLWV LQ
IURQW RI \RXU YLUWXDO PDFKLQHV ,W˵V DOZD\V D JRRG LGHD WR OHYHUDJH WKLV ᨫUHZDOO
WRR WR SURYLGH DQRWKHU OD\HU RI GHIHQVH
'LJLWDO 2FHDQ LV DPRQJ WKH SURYLGHUV WKDW RᨪHUV WKLV VHUYLFH /HW˵V VHH KRZ
ZH FDQ GHᨫQH ᨫUHZDOO UXOHV RQ 'LJLWDO 2FHDQ IRU RXU YLUWXDO VHUYHU 2WKHU
SURYLGHUV ZRXOG KDYH D VLPLODU RSWLRQV
7R PDQDJH ᨫUHZDOO IRU \RXU YLUWXDO VHUYHU LQVLGH WKH ZHE LQWHUIDFH JR WR
1HWZRUNLQJ DQG WKHQ )LUHZDOOV &OLFN &UHDWH )LUHZDOO
<RX ZLOO EH DEOH WR QDPH WKH ᨫUHZDOO GHᨫQH LQERXQG DQG RXWERXQG UXOHV
E\ VSHFLI\LQJ W\SH VLPLODU WR VHUYLFH DQG VRXUFHV ,3Y ,3Y QDPH RI D
GURSOHW  3URWRFROV DQG SRUW UDQJHV DUH SUHGHᨫQHG IRU VHUYLFHV VLPLODUO\ WR
VHUYLFHV ZLWKLQ ᨫUHZDOOG
7R DGG D QRQVWDQGDUG UXOH FKRRVH &XVWRP DV D W\SH WKHQ \RX FDQ VSHFLI\
7&3 RU 8'3 DV SURWRFROV DQG WKH SRUWV \RX ZDQW :KDWHYHU \RX DOORZ GR
QRW IRUJHW RQ 66+ VHUYLFH WKDW \RX XVH WR FRQQHFW WR WKH VHUYHU


 6XPPDU\
:H ZHQW WKURXJK WKH FULWLFDO VHFXULW\ VHWWLQJV RI ᨫUHZDOOG

˾ :H XQGHUVWRRG ZKDW ᨫUHZDOOG LV DQG KRZ LW˵V GHVLJQHG DURXQG WKH FRQ
FHSW RI ]RQHV
˾ 7R LPSOHPHQW ᨫUHZDOO UXOHV RQ RXU VHUYHUV LW˵V SRVVLEOH WR SURYLGH
D VHW RI UXOHV DV D QHZ ;0/ ]RQH GHᨫQLWLRQ ,W˵V DOVR SRVVLEOH
WR RYHUULGH GHIDXOW ]RQHV ZLWK D ᨫOH RI WKH VDPH QDPH SODFHG LQ
f2i+f7B`2rHH/fxQM2bf

˾ :H WRXFKHG RQ HVVHQWLDO VHUYLFHV ZH PLJKW ZDQW WR HQDEOH LQFOXGLQJ


,&03 IRU TBM; DQG i`+2Ti? WR ZRUN FRUUHFWO\ :H VDZ WKH DSSOL
FDWLRQ RI ᨫUHZDOOG ULFK UXOHV WR EDQ VSHFLᨫF ,3 DGGUHVVHV

˾ IDLOEDQ LV D VLPSOH \HW HᨪHFWLYH DGGRQ WR RXU SHUPDQHQW ᨫUHZDOO VHW


WLQJV ,W FDQ GHWHFW SRWHQWLDO PDOLFLRXV UHTXHVWV DQG EDQ WKHP RQWKHᨭ\
IRU D JLYHQ SHULRG RU SHUPDQHQWO\  66+ DQG 1*,1; MDLOV DUH D JUHDW
VWDUW LQ WLJKWHQLQJ XS WKH VHFXULW\ ZLWK IDLOEDQ

˾ )LQDOO\ ZH VHW VLPLODU ᨫUHZDOO UXOHV LQ RXU SURYLGHU ZHE FRQVROH LQ WKH
VSLULW RI VHFXULW\ LQ GHSWK


&KDSWHU 

%DVKIXO &RQᦣJXUDWLRQ
0DQDJHPHQW

,Q WKH 6HUYHU &RQᨮJXUDWLRQ ᨤᨣᨤ FKDSWHU ZH VWDUWHG WR ZULWH UHXVDEOH %DVK


VFULSWV %HFDXVH RXU DPELWLRQ LV D OLWWOH KLJKHU WKDQ WKDW ZH˵OO LPSURYH RQ
ZKDW ZH GLG DQG EXLOG D WLQ\ FRQᨫJXUDWLRQ PDQDJHPHQW V\VWHP :H˵OO PDNH
D UHXVDEOH FROOHFWLRQ RI IXQFWLRQV WKDW ZLOO KHOS XV WR VHW XS YLUWXDO VHUYHUV
LQ D PRUH SUDFWLFDO ZD\ :KDW ZH˵OO OHDUQ LQ WKLV FKDSWHU LV WKH KHDUW RI DOO
WKH VFULSWHG GHPRQVWUDWLRQV WKDW FRPH ZLWK WKLV ERRN EXW \RX PLJKW ᨫQG LW
KHOSIXO IRU \RXU OLWWOH GHSOR\PHQW H[SHULPHQWV WRR


 &RQYHQWLRQ RYHU &RQᦣJXUDWLRQ
7R EXLOG PRUH PDLQWDLQDEOH VFULSWV ZH˵OO GHSHQG RQ D IHZ FRQYHQWLRQV :H˵OO
H[SHFW FHUWDLQ YDULDEOHV WR EH SUHVHQW ZH˵OO VSOLW WKH VFULSW LQWR GLVWLQFWLYH
XQLWV DQG ZH H[WUDFW WKLQJV WR WKHLU ᨫOHV ZKHQ QHFHVVDU\ 7KH LGHD LV WR
FRQᨫJXUH YLUWXDO SULYDWH VHUYHUV LQ D VLQJOH GLVWLQFWLYH ZD\ DQG VWLOO NHHS WKDW
VWUDLJKWIRUZDUGQHVV RI SDVWLQJ %DVK FRPPDQGV WR WKH VKHOO
$V D PLQLPXP DQ\ bb? FDOO WR WKH VHUYHU ZLOO KDYH WR NQRZ WKH VHUYHU˵V SXEOLF
,3 DGGUHVV DQG WKH SDWK WR WKH SULYDWH 66+ NH\ :H˵OO H[SHFW WKLV WR EH VHW DV
0a1_o1_ DQG 0aa>nE1u YDULDEOHV
,I WKHUH LV D GRPDLQ QDPH ZH˵OO FDOO LW 0a1_o1_nLJ1 DQG LI WKHUH DUH PRUH
DUJXPHQWV IRU 66+ ZH SDVV WKHP WRJHWKHU ZLWK WKH SDWK WR WKH 66+ NH\ DV
0aa>nPShAPLa 6RPHWLPHV \RX˵OO KDYH HYHQ PRUH YDULDEOHV ,I ZH SXW WKHVH
GHIDXOWV WR WKH EHJLQQLQJ RI WKH VFULSW LW ZRXOG ORRN OLNH WKH IROORZLQJ

0 +i Xfb2imTXb?
b2i @2Q TBT27BH

O a2i i?2 `QQi /B`2+iQ`v


.A_4</B`MK2 ]0U`2/HBMF @7 ]0y]V]<

( @x ]0a1_o1_] )  a1_o1_4
( @x ]0a1_o1_nLJ1] )  a1_o1_nLJ14
( @x ]0SP_h] )  SP_h4kk
( @x ]0aa>nE1u] )  aa>nE1u4
( @x ]0aa>nPShAPLa] )  $
aa>nPShAPLa4]@B 0aa>nE1u @Q ai`B+i>QbiE2v*?2+FBM;4MQ]

O 7i2` b2iiBM; i?2 /27mHib- `mM vQm` aa> +QKKM/b


bb? `QQi!0a1_o1_ @T 0SP_h 0aa>nPShAPLa ]/M7 mT/i2]
XXX

7KLV ZD\ ZH FDQ SURYLGH RXU GHIDXOW VHWWLQJV EXW DOVR NHHS WKLQJV ᨭH[LEOH :H
FDQ UXQ Xfb2imTXb? ZLWK WKH GHIDXOW FRQᨫJXUDWLRQ

0 Xfb2imTXb?

%XW DOVR FKDQJH RQH RU PRUH VHWWLQJV DW UXQWLPH


0 a1_o1_4XXX Xfb2imTXb?

,I ZH ZDQW WR EXLOG PRUH FRPSOH[ VFULSWV LW PDNHV VHQVH WR EH DEOH WR UHUXQ


FHUWDLQ VWHSV ZKHQ QHFHVVDU\ ,PDJLQH FKDQJLQJ WKH 1*,1; FRQᨫJXUDWLRQ
ZKLOH QRW KDYLQJ WR UXQ RWKHU SDUWV RI WKH FRQᨫJXUDWLRQ SURFHVV ˱ OLNH LQ
VWDOOLQJ GHSHQGHQFLHV WKDW DUH DOUHDG\ LQVWDOOHG 7R WKDW HQG ZH KDYH WR ZUDS
bb? DQG b+T FDOOV LQWR SUDJPDWLF IXQFWLRQV WKDW ZLOO RQO\ UXQ ZKDW ZH QHHG
DW WKH JLYHQ PRPHQW 7KH LGHD LV WKDW D IXQFWLRQ ZLOO NQRZ ZKDW XQLW LV SDUW
RI DQG WKHUHIRUH NQRZ ZKHWKHU WR UXQ RU QRW

0 +i b2imTXb?
XXX
lLAh4TQbi;`2b[H

ah1S4BMbiHH
bb?nb `QQi ]/M7 BMbiHH @v TQbi;`2b[H@b2`p2`]

ah1S4mTHQ/n+QM7
b+Tnb `QQi TQbi;`2b[HX+QM7 fp`fHB#fT;b[Hf/ifTQbi;`2b[HX+QM7

ah1S42M#H2nbi`i
bb?nb `QQi ]bvbi2K+iH 2M#H2 @@bi`i TQbi;`2b[HXb2`pB+2]

lLAh47B`2rHH
XXX

6HWWLQJ D 0lLAh YDULDEOH VHSDUDWHV WKH VFULSW LQWR GLVWLQFWLYH XQLWV DQG VHWWLQJ
D 0ah1S YDULDEOH VSOLWV XQLWV LQ VWHSV ZKLFK ZRXOG EH WKH VPDOOHVW EORFNV ZH
FDQ UHUXQ

0 _lLnlLAh4TQbi;`2b[H _lLnah1S4BMbiHH Xfb2imTXb?

:H FDQ WKHQ FUHDWH FXVWRP bb?nb DQG b+Tnb IXQFWLRQV WKDW H[HFXWH LI WKH
VDPH XQLW DQG VWHS LV VHW ,I QR XQLW LV VSHFLᨫHG ZLWK WKH 0_lLnlLAh YDULDEOH
ZH UXQ HYHU\WKLQJ LQVLGH Xfb2imTXb? DV LI LW˵V D VLQJOHSXUSRVH VFULSW 1RWH
WKDW ZH GRQ˵W KDYH DQ\ GHSHQGHQFLHV EHWZHHQ VWHSV DOWKRXJK LQ UHDOLW\ WKH\
ZLOO GHSHQG RQ WKH VHUYHU˵V FXUUHQW VWDWH ˱ WKLV LV ZKDW EHWWHU WRROV VROYH
DPRQJ RWKHU WKLQJV


:KLOH WKHUH DUH PDQ\ SRSXODU DOWHUQDWLYH VKHOOV WR %DVK WKHUH
LV RQO\ RQH WKDW LV EHLQJ GHYHORSHG ZLWK WKH LGHD RI EHLQJ DQ
DFWXDO UHSODFHPHQW RI %DVK LQ WKH IXWXUH ,WV QDPH LV 2LO DQG
\RX FDQ ᨮQG PRUH DERXW LW RQ RLOVKHOORUJ

+HUH˵V KRZ ZH FDQ LPSOHPHQW WKHVH DUJXPHQWV DQG VHW WKH YDOXHV SURYLGHG
WR 0_lLnlLAh DQG 0_lLnah1S YDULDEOHV :H VHW la:1 IRU SULQWLQJ WKH
LQVWUXFWLRQV

b2i @2Q TBT27BH

la:14]
lb;2,

0y
0y @m lLAh @b ah1S

PTiBQMb,

@m lLAh `mM QMHv  ;Bp2M mMBi


@b ah1S `mM QMHv  ;Bp2M bi2T
@p `mM BM i?2 p2`#Qb2 KQ/2]

$QG WKHQ SURFHVV WKH DUJXPHQWV


O
O S`Q+2bb b+`BTi `;mK2Mib
O
r?BH2 ;2iQTib ],m,b,p?] QTic /Q
+b2 0QTi BM
mV
_lLnlLAh40PSh_:
cc
bV
_lLnah1S40PSh_:
cc
pV
o1_"Pa14i`m2
cc
?V
2+?Q ]0la:1]
2tBi y
cc
$\V
2+?Q ]0PSh_: Bb MQi  pHB/ QTiBQMX]
2+?Q ]0la:1]
2tBi R
cc
2b+
/QM2

:H GLGQ˵W WDON DERXW SURFHVVLQJ DUJXPHQWV LQ %DVK EHIRUH VR OHW˵V EUHDN WKLV
GRZQ :H FDQ XVH D r?BH2 ORRS WRJHWKHU ZLWK D +b2 VWDWHPHQW WR UXQ D
SDUWLFXODU RSWLRQ :H JHW WKH SURYLGHG RSWLRQ IURP D IXQFWLRQ FDOOHG ;2iQTb
ZKLFK OHWV XV GHᨫQH WKH @m @b @p DQG @? DUJXPHQWV
7KH V\QWD[ LV WULFN\ DQG XQLQWXLWLYH EXW KRSHIXOO\ \RX FDQ VHH KRZ DGGLQJ
WKH OHWWHUV ZLWK m, RU ZLWKRXW p D FRORQ GHᨫQHV LI WKH RSWLRQ DFFHSWV DQ
DUJXPHQW 9DULDEOHV 0QTi DQG 0PSh_: DUH SUHSRSXODWHG IRU XV VR WKDW ZH
FDQ XVH WKHP LQ WKH +b2 VWDWHPHQW WKDW IROORZV 3URFHVVLQJ WKH DUJXPHQWV LV
QRW QHFHVVDU\ SHUVH ZH FRXOG MXVW SURYLGH VKHOO YDULDEOHV ˱ DQG ZH VWLOO FDQ
%XW PRYLQJ WKLV UHVSRQVLELOLW\ WR DUJXPHQWV PDNHV WKH VFULSW D OLWWOH PRUH
VRSKLVWLFDWHG
5XQQLQJ WKH VFULSW ZLWK @m VHWV D 0_lLnlLAh YDULDEOH WR ZKDWHYHU ZH SDVV
WR LW 6DPH ZLWK @b DQG 0_lLnah1S 7KHVH WZR YDULDEOHV ZLOO KROG ZKDW SDUW
RI WKH VFULSW WR UXQ 7KH DELOLW\ WR UXQ LQ D YHUERVH PRGH LV D QLFH WRXFK


:H NQRZ ZH ZDQW D OLWWOH PRUH RXWSXW ZLWK WKH 0o1_"Pa1 YDULDEOH VHW EXW
RWKHUZLVH ZH PLJKW KLGH DQ H[FHVVLYH RXWSXW )LQDOO\ @? DV ˸KHOS˹ FDQ VKRZ
WKH DUJXPHQWV IRU UHIHUHQFH
2QH PRUH WKLQJ WR NHHS LQ PLQG LV WKDW WKH UHUXQQDEOH VWHSV KDYH WR EH LGHP
SRWHQW ,GHPSRQWHQF\ UHIHUV WR RSHUDWLRQV WKDW ZRQ˵W FKDQJH WKHLU UHVXOW
LI WKH\ DUH DSSOLHG PXOWLSOH WLPHV ,Q RWKHU ZRUGV ZH FRXOG EH UHUXQQLQJ
D /2THQvXb? VFULSW VHYHUDO WLPHV DQG ZH ZRXOG HQG XS ZLWK WKH VDPH UH
VXOW ,Q SUDFWLFDO WHUPV WKDW PHDQV WR UHPRYH D GLUHFWRU\ EHIRUH ZH DUH DERXW
WR FUHDWH LW RU DOORZ WKH SURJUDP WKDW FUHDWHV QHZ XVHUV RQ WKH V\VWHP WR IDLO
VDIHO\ VLQFH WKRVH XVHUV DOUHDG\ H[LVW  6RPH FRQᨫJXUDWLRQ PDQDJHPHQW WRROV
PLJKW VKLHOG XV IURP WKH QLWW\JULWW\ GHWDLOV RI WKLV E\ OHWWLQJ XV GHVFULEH WKH
ᨫQDO VWDWH LQ D GHFODUDWLYH ZD\ %XW ZLWK %DVK LW˵V RXU UHVSRQVLELOLW\

 %XLOGLQJ D )UDPHZRUN


1RZ WKDW ZH KDYH DQ LGHD DERXW WKLQJV ZLOO FRPH WRJHWKHU ZH KDYH WR GHᨫQH
WKH ZUDSSHU IXQFWLRQV ZH WDONHG DERXW

7KH IROORZLQJ IXQFWLRQV DUH WKH EUHDG DQG EXWWHU RI DOO WKH GHPRQVWUD
WLRQV WKDW FRPH ZLWK WKH ERRN 7KH\ DUH NHSW VLPSOH DQG FDQ DOZD\V
EH UHSODFHG ZLWK GLUHFW ˸VVK˸ DQG ˸VFS˸ FDOOV LI QHFHVVDU\

/HW˵V VWDUW E\ GHᨫQLQJ WKH XQLWV ZH FDQ FKRRVH WR UXQ 7KLQN RI D XQLW DV FRGH
QHHGHG IRU VHWWLQJ XS D FRPSRQHQW LQ WKH V\VWHP OLNH D GDWDEDVH RU D ᨫUHZDOO
(YHU\ XQLW ZLOO VWDUW ZLWK FDOOLQJ bi`inmMBi

O .27BM2  M2r mMBi #HQ+F


O
O mMBi ]TQbi;`2b[H]
O
bi`inmMBi UV &
lLAh40R

B7 `mMnmMBi
i?2M
2+?Q ]44= *PL6A:l_AL: 0R]
7B
'


$QG ᨫQLVK ZLWK 7BMBb?nmMBi

O 6BMBb?  mMBi #HQ+F


O
O 7BMBb?nmMBi
O
7BMBb?nmMBi UV &
B7 `mMnmMBi
i?2M
2+?Q ](0lLAh) *QM7B;m`2/X]
7B
'

, H[WUDFWHG WKH FKHFN LI D XQLW RU VWHS VKRXOG UXQ WR WKHLU UHVSHFWLYH IXQFWLRQV

O 1pHmi2 B7  +m``2Mi mMBi b?QmH/ `mM


`mMnmMBi UV &
( @x ]0_lLnlLAh] ) %% ( ]0_lLnlLAh] 44 ]0lLAh] )
'

O 1pHmi2 B7  +m``2Mi bi2T b?QmH/ `mM


`mMnbi2T UV &
`mMnmMBi  U( @x ]0_lLnah1S] ) %% ( ]0_lLnah1S] 44 ]0ah1S] )V
'

$V \RX FDQ VHH 0lLAh ZLOO KROG WKH XQLW˵V QDPH ZKLFK ZH FDQ DOZD\V FRPSDUH
ZLWK 0_lLnlLAh KROGLQJ WKH XQLW WKDW VKRXOG UXQ 7KLV ZD\ RXU IXQFWLRQV
UXQ RQO\ LI WKDW SDUWLFXODU XQLW VKRXOG UXQ 2WKHUZLVH WKH\ GR QRWKLQJ ,W˵V D
QHDW OLWWOH WKLQJ WKDW JLYHV XV D ORW RI ᨭH[LELOLW\
:H DOVR QHHG WR GHᨫQH D bi2T IXQFWLRQ ZKLFK ZLOO VHW WKH 0ah1S YDULDEOH
KROGLQJ WKH VWHS QDPH DQG SRVVLEO\ RXWSXW VRPH GHVFULSWLRQ 2QH RU PRUH
VWHSV PDNH D XQLW


O .27BM2  M2r bi2T #HQ+F rBi?BM  mMBi
O
O bi2T ]BMbiHH] ]AMbiHH  M2r T+F;2]
O
bi2T UV &
ah1S40R
.1a*40k

B7 `mMnbi2T
i?2M
B7 ( @x ]0.1a*] )
i?2M
2+?Q ](0lLAh) (0ah1S) _mMMBM; bi2TXXX]
2Hb2
2+?Q ](0lLAh) (0ah1S) 0.1a*XXX]
7B
7B
'

, DP VNLSSLQJ KHUH VRPH FKHFNV WKDW \RX PLJKW ZDQW WR DGG OLNH HQGLQJ WKH
H[HFXWLRQ LI D VWHS QDPH LV QRW SURYLGHG , NHHS WKHVH IXQFWLRQV EDUHERQH VR
WKH\ DUH HDVLHU WR IROORZ 7KH bi2T IXQFWLRQ RQO\ VHWV WKH VWHS JOREDOO\ DQG
SULQWV LWV GHVFULSWLRQ VHFRQG DUJXPHQW LI SURYLGHG
7KLV LV KRZ WKHVH IXQFWLRQV VKRXOG ZRUN WRJHWKHU

O S`b2 `;mK2Mib ?2`2


r?BH2 ;2iQTib ],m,b,p?] QTic /Q
XX
/QM2
XXX
bi`inmMBi ]7B`binmMBi]
bi2T ]bi2TnR]
XXX
bi2T ]bi2Tnk] ] HQM; /2b+`BTiBQM]
XXX
bi2T ]bi2Tnj]
XXX
7BMBb?nmMBi
XXX
bi`inmMBi ]M2tinmMBi]


6WHSV WKHPVHOYHV ZLOO EH FDOOV WR bb? DQG b+T ZUDSSHU IXQFWLRQV :H LP
SOHPHQW WKHP DV EHIRUH EXW WKLV WLPH ZH˵OO XVH WKH `mMnbi2T FRQGLWLRQDO WR
FKHFN LI WKH\ VKRXOG UXQ RU QRW

O _mM M aa> +QKKM/ b  ;Bp2M mb2` M/ F22T i?2 QmiTmi


O B7 o1_"Pa1 Bb b2i iQ i`m2
O
O bb?nb `QQi ]+QKKM/]
O
bb?nb UV &
B7 `mMnbi2T
i?2M
HQ+H `;b4]0R!0a1_o1_ @T 0SP_h 0aa>nPShAPLa]
b?B7i
B7 ( ]0o1_"Pa1] 4 ]i`m2] )
i?2M
bb? 0`;b 0!  bm++2bb %% 7BH
2Hb2
bb? 0`;b 0! = f/2pfMmHH  bm++2bb %% 7BH
7B
2Hb2
`2im`M y
7B
'

:KDW˵V KDSSHQLQJ KHUH" )LUVW RI DOO ZH FKHFN LI ZH VKRXOG UXQ WKLV SDUWLFXODU
IXQFWLRQ RU QRW ,I \HV ZH XVH WKH ᨫUVW DUJXPHQW DV DQ 66+ XVHU DQG SUHSDUH
WKH DUJXPHQWV IRU WKH bb? IXQFWLRQ 5XQQLQJ b?B7i UHPRYHV WKH ᨫUVW DUJX
PHQW KROGLQJ WKH XVHU  DOORZLQJ XV WR FDOO bb? ZLWK WKH SUHSDUHG DUJXPHQWV
DQG XVLQJ ZKDW ZH SDVVHG WR bb?nb DV D FRPPDQG WR UXQ RQ WKH UHPRWH
VHUYHU :H FDQ KLGH VWDQGDUG RXWSXW = f/2pfMmHH ZKHQ QRW UXQQLQJ LQ
WKH YHUERVH PRGH ,Q DQ\ FDVH ZH DUH NHHSLQJ VWDQGDUG HUURUV VR ZH NQRZ
ZKDW KDSSHQHG RQFH D VWHS IDLOV
:H UXQ bm++2bb ZKHQ WKLQJV ZHQW ZHOO DQG 7BH ZKHQ WKH\ GLG QRW 7KLV
OHW XV VWRS WKH H[HFXWLRQ RQ HUURUV


O S`BMi  bm++2bb7mH K2bb;2
O
O +QKKM/  bm++2bb
O
bm++2bb UV &
B7 `mMnbi2T
i?2M
T`BMin`2bmHi ]PFX]
7B
'

O S`BMi M 2``Q` K2bb;2


O
O +QKKM/ %% 7BH
O
7BH UV &
B7 `mMnbi2T
i?2M
B7 ( @x ]0R] )
i?2M
T`BMin`2bmHi ] 6BH2/X]
2Hb2
T`BMin`2bmHi ]6BH2/, 0R]
7B
2tBi R
7B
'

7KH QLFH WKLQJ DERXW WKHVH IXQFWLRQV LV WKDW \RX FDQ XVH WKHP ZLWKRXW GHᨫQLQJ
DQ\ XQLWV RU VWHSV <RX FDQ XVH WKHP ZLWK DUELWUDU\ FRPPDQGV WRR %XW DV
ORQJ DV WKH\ DUH SDUW RI D SDUWLFXODU VWHS WKH\ ZLOO LQFOXGH WKH XQLW DQG VWHS
QDPHV LQ WKH RXWSXW :KHQ \RX XVH 7BH E\ KDQG \RX FDQ SDVV D GHVFULSWLYH
PHVVDJH

mb2`// 0la1_ %% 7BH ]mb2` H`2/v //2/]

%RWK IXQFWLRQV GHSHQG RQ T`BMin`2bmHi ZKLFK LV DJDLQ MXVW D KDQG\ ZUDSSHU


SULQWLQJ WKH PHVVDJH LQ WKH ULJKW FRQWH[W


O S`BMi  K2bb;2 b T`i Q7  bi2T Q` biM/HQM2
O
O T`BMin`2bmHi ]S`BMi K2]
O
T`BMin`2bmHi UV &
B7 ( @x ]0lLAh] ) %% ( @x ]0ah1S] )
i?2M
2+?Q 0R
2Hb2
2+?Q ](0lLAh) (0ah1S) 0R]
7B
'

,PSOHPHQWLQJ bb?nb OHWV XV GR PDQ\ WKLQJV EXW ZRQ˵W OHW XV VDYH WKH UHVXOW
LQVLGH D YDULDEOH )RU WKLV UHDVRQV ZH DOVR GHᨫQH +Tim`2nbb?nb

O _mM M aa> +QKKM/ b  ;Bp2M mb2` M/ +Tim`2 i?2 QmiTmi


O
O +Tim`2nbb?nb `QQi ]+QKKM/]
O
+Tim`2nbb?nb UV &
B7 `mMnbi2T
i?2M
HQ+H `;b4]0R!0a1_o1_ @T 0SP_h 0aa>nPShAPLa]
b?B7i
bb? 0`;b 0! k=R
2Hb2
`2im`M y
7B
'

7KH IXQFWLRQ LV VLPLODU EXW QRZ LW FDWFKHV DQ\ RXWSXW IURP WKH SDVVHG FRP
PDQG :H FRXOG XVH LW OLNH WKLV

PlhSlh40U+Tim`2nbb?nb `QQi ]Hb f`QQi]V


2+?Q 0PlhSlh

$SDUW IURP UXQQLQJ bb? ZH DOVR QHHG WR UXQ b+T WR PRYH ᨫOHV WR VHUYHUV
:H˵OO GHᨫQH b+Tnb WR GR WKDW


O _mM b+T  ;Bp2M mb2`
O
O b+Tnb 0.JAL +QM7B;f+2`iX+`i f?QK2f/#n/KBM
O
b+Tnb UV &
B7 `mMnbi2T
i?2M
HQ+H `;b4]@S 0SP_h 0aa>nPShAPLa]

B7 ( ]0o1_"Pa1] 4 ]i`m2] )
i?2M
b+T 0`;b 0k 0R!0a1_o1_,0j $
 bm++2bb %% 7BH
2Hb2
b+T 0`;b 0k 0R!0a1_o1_,0j $
= f/2pfMmHH  bm++2bb %% 7BH
7B
2Hb2
`2im`M y
7B
'

7KHUH DUH WKUHH DUJXPHQWV \RX QHHG WR SDVV 7KH XVHU ᨫOH RU ᨫOHV WR VHQG
RYHU DQG WKH ᨫQDO ORFDWLRQ RQ WKH VHUYHU 6LQFH D ORW RI WLPHV ZH˵OO FRS\ D
FRQᨫJXUDWLRQ ᨫOH ZH FDQ SXW DOO WKH FRQᨫJ ᨫOHV LQVLGH D +QM7B;f GLUHFWRU\
DQG PDNH D IXQFWLRQ WKDW DOUHDG\ NQRZV ZKHUH WR ᨫQG WKHP


O *QTv  +QM7B; 7BH2 b  ;Bp2M mb2` iQ i?2 T`QpB/2/
O /2biBMiBQM Q` i?2 mb2` ?QK2
O
O b+Tn+QM7B;nb `QQi TQbi;`2b[HX+QM7 f`QQi
O
b+Tn+QM7B;nb UV &
HQ+H /2bi40j

B7 ( @x ]0/2bi] )
i?2M
/2bi40k
7B

b+Tnb 0R 0.A_f+QM7B;f0k 0/2bi


'

$SDUW IURP QRW ZRUU\LQJ DERXW WKH FRQᨫJ ᨫOH ORFDWLRQ ZH FDQ DOVR VNLS WKH
ODVW DUJXPHQW IRU WKH GHVWLQDWLRQ LI ZH RQO\ QHHG IRU WKH ᨫOH WR EH FRSLHG WR
WKH XVHU˵V KRPH GLUHFWRU\ $ VFULSW URRW GLUHFWRU\ VKRXOG EH VHW ZKLFK ZH˵OO
GR LQ D VHFRQG
6LQFH ZH PLJKW DOVR QHHG WR DVN D XVHU IRU D SDVVZRUG ZH˵OO WKURXJK WKH
bFnTbbrQ`/ IXQFWLRQ WR WKH PL[

O bF 7Q`  TbbrQ`/ 7Q`  ;Bp2M mb2` M/ bp2 Bi


O iQ i?2 ;Bp2M p`B#H2
O
O bFnTbbrQ`/ 0."nla1_ ."nSaaqP_.
O
bFnTbbrQ`/ UV &
B7 `mMnbi2T
i?2M
`2/ @bT ]1Mi2` Tbb+Q/2 7Q` 0R, ] 0k
2+?Q
2Hb2
`2im`M y
7B
'

7KH ᨫUVW DUJXPHQW ZRXOG EH WKH QDPH IRU ZKDW WKH SDVVZRUG LV OLNH D GDWDEDVH
XVHU  DQG WKH VHFRQG LV WKH YDULDEOH WR ZKLFK ZH VDYH WKLV YDOXH 7KH WULFN LV LQ


FDOOLQJ `2/ @bT ZKLFK ZRUNV H[DFWO\ OLNH WKDW :H RQO\ ZUDSSHG LW DURXQG
`mMnbi2T IRU RXU FRQYHQLHQFH 7KH VLGH HᨪHFW RI KDYLQJ D QLFH IXQFWLRQ OLNH
WKLV LV WKDW \RX QHYHU KDYH WR SDVV SDVVZRUGV RQ WKH FRPPDQG OLQH DQG VR
WKH\ ZRQ˵W EH VDYHG LQ WKH VKHOO KLVWRU\

 6WUXFWXUH
3XWWLQJ HYHU\WKLQJ LQWR D VLQJOH ᨫOH FDQ EHFRPH XQPDLQWDLQDEOH DV ZH
JR 7R DYRLG WKDW , H[WUDFW GHIDXOW VHWWLQJV ZLWK RWKHU QHFHVVDU\ YDUL
DEOHV LQWR WKH b2iiBM;bXb? ᨫOH , DOVR SXW DOO IXQFWLRQ GHᨫQLWLRQV LQWR
b`+f7mM+iBQMbXb? 7KDW ZRXOG OHDYH RQO\ DUJXPHQW SDUVLQJ DQG XQLWV
WKHPVHOYHV LQ WKH PDLQ VFULSW

0 +i Xfb2imTXb?
b2i @2Q TBT27BH

O a2i i?2 `QQi /B`2+iQ`v


.A_4</B`MK2 ]0U`2/HBMF @7 ]0y]V]<

O AM+Hm/2 7mM+iBQMb M/ /27mHi b2iiBM;b


bQm`+2 0.A_fb`+f7mM+iBQMbXb?
bQm`+2 0.A_fb2iiBM;bXb?

la:14]XXX]

O
O S`Q+2bb b+`BTi `;mK2Mib
O
r?BH2 ;2iQTib ],m,b,p?] QTic /Q
+b2 0QTi BM
XXX
/QM2

O .27BM2 b2imT +Q/2 Bib2H7


XXX

,Q WKH HQG ZH HQG XS ZLWK WKH IROORZLQJ VWUXFWXUH


+QM7B;f
b`+f7mM+iBQMbXb?
b2iiBM;bXb?
b2imTXb?

6SOLWWLQJ WKLQJV PDNHV WKH VFULSW D OLWWOH ELW PRUH PDLQWDLQDEOH EXW LI \RX DUH
DERXW WR ZULWH D VLQJOHᨫOH GHSOR\ VFULSW WKHQ E\ DOO PHDQV \RX FDQ DOZD\V
NHHS HYHU\WKLQJ LQ WKH VDPH ᨫOH ,I \RX QHHG HYHQ PRUH VWUXFWXUH \RX FDQ
DOVR VSOLW XQLWV WR EH VHSDUDWH ᨫOHV
'HSHQGLQJ RQ ZKDW ZH DUH DERXW WR VHW XS ZH PLJKW HQG XS ZLWK PRUH ᨫOHV
WKDW PLJKW EH VLQJOH FRPPDQGV RU KHOSHU VFULSWV )RU H[DPSOH ZH PLJKW
ZULWH Xfbb?Xb? KHOSHU WKDW ZLOO bb? XV GLUHFWRU\ WR WKH VHUYHU EDVHG RQ WKH
GHIDXOW FRQᨫJXUDWLRQ 2U FUHDWH Xf`BHb+Xb? WKDW GURSV XV GLUHFWO\ WR D
5DLOV FRQVROH RQ WKH VHUYHU


 &RQFOXVLRQ
:H FUHDWHG D VPDOO FRQᨫJXUDWLRQ PDQDJHPHQW V\VWHP FRPSRVHG RI D IHZ
ZUDSSHU IXQFWLRQV ZLWK D OLWWOH ELW RI HᨪRUW 7KH\ ZUDS WKH bb? DQG b+T
FRPPDQGV WR JLYH XV D OLWWOH ELW PRUH ᨭH[LELOLW\ 7KH GHPRQVWUDWLRQV LQFOXGHG
ZLWK WKLV ERRN DOORZ XV WR UHUXQ DQ\ VLQJOH SDUW WR SOD\ ZLWK D GLᨪHUHQW FRQ
ᨫJXUDWLRQ 1HHG WR PDNH FKDQJHV WR WKH 1*,1; FRQᨫJXUDWLRQ RU D ᨫUHZDOO"
0DNH WKH H[SHFWHG FKDQJHV LQ WKH FRQᨫJ ᨫOHV DQG UHUXQ WKHLU UHVSHFWLYH XQLWV
ZLWK WKH @m DUJXPHQW

1RZ LW˴V D SHUIHFW WLPH WR RSHQ WKH VRXUFHV RI WKH ᨮUVW GHPR ZKLFK
GHSOR\V D VWDWLF ZHEVLWH IURP VFUDWFK LQ DQ DXWRPDWHG IDVKLRQ ,W˴V
VWUXFWXUHG XVLQJ WKH VDPH FRQYHQWLRQV ZH ZHQW WKURXJK DQG FRPHV
ZLWK D 5($'0(PG SDJH WR JHW \RX VWDUWHG


&KDSWHU 

/DQJXDJH 5XQWLPH

'HSOR\LQJ VWDWLF VLWHV VKRZHG XV D ORW RI FRQVLGHUDWLRQV WKDW DUH QHHGHG IRU DQ\
NLQG RI GHSOR\PHQW 7R GHSOR\ D W\SLFDO ZHE DSSOLFDWLRQ ZH QHHG WR DGG D IHZ
PRUH 0DQ\ EDFNHQG SURJUDPPLQJ ODQJXDJHV QHHG DQ LQWHUSUHWHU WKDW UXQV
WKH DSSOLFDWLRQ FRGH E\ FKDQJLQJ LW WR WKH PDFKLQH FRGH 2WKHU DSSOLFDWLRQV
FRPSLOH GLUHFWO\ WR PDFKLQH FRGH RU E\WHFRGH EXW ZH PLJKW VWLOO ZDQW WR
FRPSLOH WKHP RQ WKH VHUYHU 'HSHQGLQJ RQ WKH DSSOLFDWLRQ UHTXLUHPHQWV DW
KDQG ZH KDYH WR ᨫQG WKH EHVW ZD\ WR SURYLGH WKH DSSOLFDWLRQ UXQWLPH DQG
LQVWDOO GHSHQGHQFLHV :H VKRXOG DOVR FRQVLGHU LVRODWLQJ DSSOLFDWLRQV IURP HDFK
RWKHU DQG WKH UHVW RI WKH V\VWHP ZLWK GHGLFDWHG XVHUV


 ,QWHUSUHWHUV DQG &RPSLOHUV
:KHQ LQVWDOOLQJ WKH DSSOLFDWLRQ LQWHUSUHWHU ZH KDYH D KDQGIXO RI RSWLRQV WR JR
ZLWK LQFOXGLQJ 530 SDFNDJHV D FRPSLODWLRQ IURP VRXUFH RU D VXLWDEOH YHUVLRQ
PDQDJHU 3DFNDJH PDQDJHPHQW V\VWHPV KHOS XV LQVWDOO SUHPDGH SDFNDJHV IRU
JLYHQ /LQX[ GLVWULEXWLRQ RU SDFNDJH V\VWHPV 7KHVH SDFNDJHV PLJKW EH Rᨬ
FLDO FRPLQJ IURP WKH GLVWULEXWLRQ LWVHOI RU XQRᨬFLDO SURYLGHG E\ XSVWUHDP
GHYHORSHUV RU D SULYDWH SDUW\ 
:LWK WKH V\VWHP YHUVLRQV RI 5XE\ DQG 3\WKRQ ZH JHW WKH VDPH EHQHᨫWV RI
SDFNDJHG VRIWZDUH (DVH RI XVH IDPLOLDULW\ DQG VHFXULW\ XSGDWHV EHLQJ VRPH
RI WKHP 2Q WKH RWKHU KDQG ZH DUH XVXDOO\ OLPLWHG LQ YHUVLRQV ZH FDQ FKRRVH
IURP :KLOH WKLV OLPLWDWLRQ LV QRW SUREOHPDWLF LQ RWKHU VRIWZDUH ZH GHSHQG
RQ LW RIWHQ LV ZKHQ LW FRPHV WR ODQJXDJH LQWHUSUHWHUV
%XLOGLQJ IURP WKH VRXUFH JLYHV XV WKH XOWLPDWH FRQWURO DQG ᨭH[LELOLW\ RYHU
WKH ᨫQDO LQWHUSUHWHU H[HFXWDEOH DW WKH H[SHQVH RI WLPH DQG H[SHUWLVH $OWKRXJK
FRPSLOLQJ LQWHUSUHWHUV WDNHV D ORQJHU WLPH UHTXLUHV YDULRXV GHSHQGHQFLHV DQG
WKH VHFXULW\ XSGDWHV DUH OHIW IRU WKH DGPLQLVWUDWRU WR LPSOHPHQW LW DOORZV XV WR
PDWFK WKH H[DFW YHUVLRQ WKH DSSOLFDWLRQ LV GHYHORSHG IRU DQG XVH DQ\ FRPSLOH
WLPH VHWWLQJV RI WKH YLUWXDO PDFKLQH
,QVWDOOHUV GR WKH LQVWDOODWLRQ HLWKHU E\ SURYLGLQJ SUHPDGH H[HFXWDEOHV RU DX
WRPDWLQJ WKH FRPSLODWLRQ IURP WKH VRXUFH 6RPH RI WKHP PLJKW SDWFK VHFXULW\
YXOQHUDELOLWLHV EXW HLWKHU ZD\ LW ZRQ˵W FRPH IRU IUHH GXULQJ D V\VWHP XSGDWH
7KHUH DUH WZR FDWHJRULHV RI LQVWDOOHUV 6RPH UHVHPEOH LQVWDOOLQJ D V\VWHP SDFN
DJH 2WKHUV SURYLGH XV VLPLODU EHQHᨫWV DV EXLOGLQJ IURP VRXUFH ZLWK D ELW RI
FRQYHQLHQFH RQ WRS OLNH UXE\LQVWDOO  7KHUH DUH DOVR GLᨪHUHQFHV LQ WKH DELOLW\
WR LQVWDOO HGJH ODQJXDJH YHUVLRQV

6\VWHP YHUVLRQV DOZD\V VWD\ FORVH WR WKH XSVWUHDP YHUVLRQV DQG


RSWLPL]H IRU DOO NLQGV RI SURJUDPV %XW ORQJUXQQLQJ DSSOLFD
WLRQ VHUYHUV PLJKW EHQHᨮW IURP D ELW GLᨭHUHQW VHWWLQJV ˰ OLNH XV
LQJ D FRPSOHWHO\ GLᨭHUHQW PHPRU\ DOORFDWRU &RPSLOLQJ WKLQJV
\RXUVHOI JLYHV \RX WKH RSWLRQ WR WU\ QRQGHIDXOW VHWWLQJV WR LPSURYH SHUIRU
PDQFH

7KHQ WKHUH DUH YHUVLRQ PDQDJHUV WKDW DOORZ XV WR VZLWFK EHWZHHQ GLᨪHUHQW
YHUVLRQV RI WKH LQWHUSUHWHU RQ WKH VDPH V\VWHP DQG LQ VRPH FDVHV HYHQ LVRODWH
DSSOLFDWLRQ GHSHQGHQFLHV 6RPHWLPHV WKH\ KDQGOH LQVWDOODWLRQV RU SURYLGH DQ


$3, WR UXQ DQ LQVWDOOHU 7KHUH DUH TXLWH D IHZ PDQDJHUV LQ H[LVWHQFH DQG WKH\
ORRN VLPLODU RQ WKH VXUIDFH 7KH GHYLO LV LQ WKH GHWDLOV
7KH XVXDO FRQFHUQ VKRXOG EH KRZ WKH 0Sh> HQYLURQPHQW YDULDEOH DQG VKHOO
LQWHJUDWLRQ DUH PDQDJHG )RU H[DPSOH UEHQY DQG S\HQY XVH D VKLP VWUDWHJ\
ZKHUH WKH\ FUHDWH VKLP HQWU\ SRLQWV IRU DOO EDVLF FRPPDQGV VXFK DV `m#v
B`# `F2 DQG ;2K LQ FDVH RI 5XE\  DQG ZH KDYH WR PRGLI\ 0Sh> VR WKDW
WKHVH VKLPV DOZD\V FRPH ᨫUVW 2Q WKH RWKHU KDQG SRSXODU 5XE\ PDQDJHU 590
RYHUULGHV WKH +/ V\VWHP FRPPDQG WR VZLWFK 5XE\ YHUVLRQV DXWRPDWLFDOO\ 7KH
YHUVLRQ LV LPPHGLDWHO\ FKDQJHG ZKHQ QDYLJDWLQJ WR QHZ GLUHFWRULHV :KLOH
FRQYHQLHQW ᨫGGOLQJ ZLWK UHJXODU VKHOO FRPPDQGV PLJKW OHDG WR EUHDNLQJ WKH
VKHOO
6\VWHP SDFNDJHV ZLOO DOZD\V LQVWDOO V\VWHPZLGH DQG UHTXLUH URRW SULYLOHJHV
ZKHUHDV FRPSLOLQJ ODQJXDJH YHUVLRQV RXUVHOYHV OHWV XV FKRRVH ZKHWKHU ZH
LQVWDOO WKLQJV V\VWHPZLGH RU SHU XVHU 2QFH ZH KDYH WKLV FKRLFH , EHOLHYH
LW˵V EHWWHU WR VHSDUDWH WKLV LQVWDOODWLRQ SHU XVHU :K\" 7R LVRODWH WKH DSSOLFDWLRQ
SURFHVV ZH˵OO FUHDWH D VSHFLᨫF DSSOLFDWLRQ XVHU $QG ZH FDQ XVH LW IRU VFRSLQJ
RWKHU UHODWHG DSSOLFDWLRQ ELWV WRJHWKHU DV ZHOO $Q\ DSSOLFDWLRQ RQ WKH VHUYHU
ZRXOG EH VFRSHG WR LWV XVHU PDQDJH LWV ODQJXDJH YHUVLRQ LQGHSHQGHQWO\ DQG
ZLWK VSHFLᨫF FRQᨫJXUDWLRQ RU SDWFKHV  DQG EH DGPLQLVWHUHG XVLQJ WKLV XVHU
DFFRXQW DV LI LW˵V D UHJXODU V\VWHP XVHU
%\ JLYLQJ WKH DSSOLFDWLRQ XVHU D ORJLQ FDSDELOLW\ ZH FDQ OHW SURGXFWLRQ HQ
JLQHHUV GHEXJ WKH DSSOLFDWLRQ SURFHVVHV DQG HQYLURQPHQW ZLWKRXW WRXFKLQJ
RWKHU DSSOLFDWLRQV RQ WKH V\VWHP :H FDQ HYHQ JLYH WKHP D KHOSHU VFULSW WR
GURS WKHP ULJKW LQWR WKH VHUYHU˵V 5DLOV DSSOLFDWLRQ FRQVROH $QG DV D VLGH HI
IHFW WKH\ ZRXQGQ˵W QHHG WR ZRUN ZLWK DQ\ SURGXFWLRQ FUHGHQWLDOV RQ WKHLU
ZRUNVWDWLRQV DW DOO 7KH\ ZRXOG MXVW XVH WKHLU SULYDWH 66+ NH\ DQG LWV SXEOLF
FRXQWHUSDUW FDQ EH UHPRYHG GLUHFWO\ DIWHU DQ LQFLGHQW LV UHVROYHG
$V \RXU RUJDQL]DWLRQ DQG LWV GHSOR\PHQW VWRU\ PDWXUH \RX PLJKW ZDQW WR
ᨫGGOH ZLWK WKH LGHD RI EXLOGLQJ LPPXWDEOH YLUWXDO PDFKLQHV WKDW QRERG\ FDQ
bb? WR %XW LW EULQJV VSHFLᨫF GHEXJJLQJ GLᨬFXOWLHV \RX KDYH WR EH DEOH WR
UHSURGXFH SURGXFWLRQ LVVXHV RXWVLGH SURGXFWLRQ  VR , GRQ˵W WKLQN LW˵V D JRRG
SODFH WR VWDUW IRU PRVW


 5XE\
:KHQ WKLQNLQJ DERXW WKH GHSOR\PHQW RI D 5XE\ DSSOLFDWLRQ ZH KDYH WR GHFLGH
KRZ WR LQVWDOO D SDUWLFXODU 5XE\ YHUVLRQ DQG NHHS LW XSWRGDWH 7KH HDV\ ZD\
LV WR XVH DQ 530 SDFNDJH WR HQVXUH ZH JHW WKH VHFXULW\ XSGDWHV WRJHWKHU
ZLWK WKH V\VWHP XSGDWHV 8VLQJ DQ LQVWDOOHU RU YHUVLRQ PDQDJHU EULQJV XV
WKH XOWLPDWH ᨭH[LELOLW\ DW WKH H[SHQVH RI LQVWDOOLQJ PRUH GHSHQGHQFLHV DQG
PDQDJLQJ VHFXULW\ XSGDWHV E\ LQVWDOOLQJ QHZ YHUVLRQV 0RVW SHRSOH QHHG WR
PDNH WKLV WUDGHRᨪ WKRXJK

 6\VWHP 5XE\

,QVWDOOLQJ 5XE\ RQ )HGRUDEDVHG V\VWHPV FDQ EH DV HDV\ DV

0 bm/Q /M7 BMbiHH `m#v

7KH DERYH FRPPDQG ZLOO LQVWDOO WKH ODWHVW DYDLODEOH &5XE\ SDFNDJHV LQFOXGLQJ
5'RF 3V\FK -621 %LJ'HFLPDO DQG ,2&RQVROH DQG LQWHUDFWLYH 5XE\ VKHOO
,5% 2WKHU EXQGOHG OLEUDULHV VXFK DV 7FO7N ELQGLQJV 5DNH DQG 7HVW8QLW
IRXQG LQ XSVWUHDP 5XE\ GLVWULEXWLRQ QHHGV WR EH LQVWDOOHG VHSDUDWHO\

0 bm/Q /M7 BMbiHH `m#v `m#v@i+HiF `m#v;2K@`F2 $


`m#v;2K@i2bi@mMBi

%XW ZK\ LV WKDW" %HFDXVH )HGRUD SDFNDJHUV ZDQW WR PDNH WKH EDVLF 5XE\
SDFNDJH VPDOOHU VR WKH SDFNDJHV GHSHQGLQJ RQ 5XE\ FDQ RQO\ UHTXLUH ZKDW
WKH\ QHHG WR UXQ 7KH DERYH OLVW FRXOG FKDQJH IURP YHUVLRQ WR YHUVLRQ ,W˵V
DOZD\V EHWWHU WR YHULI\ LW

*HPLᨮFDWLRQ RI WKH 5XE\ VWDQGDUG OLEUDU\ LV D ORQJ DQG RQJRLQJ


SURFHVV ZKHUH GLᨭHUHQW SDUWV RI WKH OLEUDU\ DUH EHLQJ UHOHDVHG DV
JHPV 'HIDXOW JHPV FDQQRW EH XQLQVWDOOHG DQG WKH DSSOLFDWLRQ
GRHVQ˴W QHHG WR VWDWH WKH GHSHQGHQF\ RQ WKHP %XQGOHG JHPV DUH
UHJXODU 5XE\ JHPV WKDW VKLSV ZLWK WKH 5XE\ VWDQGDUG OLEUDU\


$OWKRXJK ZH DYRLGHG LQVWDOOLQJ DQ\ GHYHORSHU GHSHQGHQFLHV IRU WKH 5XE\ YLU
WXDO PDFKLQH LWVHOI ZH˵OO VWLOO QHHG VRPH IRU RWKHU JHPV WKDW ZH˵OO LQVWDOO ZLWK
;2K BMbiHH
,QVWDOOLQJ 5DLOV RQ 5+(/ RU 5RFN\ ZRXOG EH VXFK DQ H[DPSOH

0 bm/Q /M7 ;`QmT BMbiHH ].2p2HQTK2Mi hQQHb]


0 bm/Q /M7 BMbiHH `m#v@/2p2H xHB#@/2p2H
0 ;2K BMbiHH `BHb

<RXU DSSOLFDWLRQ PLJKW QHHG HYHQ PRUH RI WKHVH @/2p2H SDFNDJHV GHSHQGLQJ
RQ JHPV \RX QHHG WR LQVWDOO
2Q )HGRUD V\VWHP 5XE\ LV UXQ WKURXJK UXE\SLFN DOORZLQJ WR UXQ DQ
RWKHU V\VWHP 5XE\ LQ WKH IXWXUH fmb`f#BMf`m#v WKXV DFWXDOO\ FDOOV
fmb`f#BMf`m#v@K`B
6\VWHP 5XE\ LV D JUHDW ZD\ WR VWDUW EXW PRVW RI XV ZLOO QHHG D ELW PRUH
ᨭH[LELOLW\ GRZQ WKH URDG ˱ WKDW˵V ZKHUH SDFNDJH PRGXOHV FRPH LQ
7KHUH DUH QRZ VHYHUDO GLᨪHUHQW 5XE\ YHUVLRQV DYDLODEOH WKURXJK 5+(/ PRGXOH
VWUHDPV

0 bm/Q /M7 KQ/mH2 HBbi `m#v


Gbi K2i/i 2tTB`iBQM +?2+F, XXX
*2MiPa GBMmt 3 @ TTai`2K
LK2 ai`2K S`Q7BH2b amKK`v
`m#v kX8 (/) +QKKQM (/) M BMi2`T`2i2` Q7 Q#D2+i@Q`B2Mi2/
`m#v kXe +QKKQM (/) M BMi2`T`2i2` Q7 Q#D2+i@Q`B2Mi2/
`m#v kXd +QKKQM (/) M BMi2`T`2i2` Q7 Q#D2+i@Q`B2Mi2/

7R LQVWDOO WKH YHUVLRQ \RX ZDQW HQDEOH WKH PRGXOH DQG LQVWDOO WKH `m#v SDFNDJH
DV XVXDO

0 bm/Q KQ/mH2 2M#H2 `m#v,kXd


0 bm/Q /M7 BMbiHH `m#v

<RX˵OO NQRZ WKH SDFNDJH FRPHV IURP D PRGXOH EHFDXVH LW KDV XKQ/mH2nsXsX
DV SDUW RI LWV QDPH 5HPHPEHU WKDW HQDEOLQJ WKH VWUHDP UHSODFHV \RXU V\VWHP
5XE\ LW˵V QRW D WRRO IRU UXQQLQJ WZR GLᨪHUHQW YHUVLRQV DW RQFH
,I \RX QHHG HYHQ PRUH ᨭH[LELOLW\ WKDQ D EHVW EHW LV RQH RI WKH YHUVLRQ PDQDJHUV


 UXE\LQVWDOO

7KH UXE\LQVWDOO LQVWDOOHU DQG WKH FKUXE\ YHUVLRQ PDQDJHU FDQ ZRUN WRJHWKHU
WR SURYLGH XV DQ\ VWDEOH 5XE\ YHUVLRQV DQG DELOLW\ WR VZLWFK EHWZHHQ WKHP ,
FKRVH FKUXE\ EHFDXVH LW GRQ˵W KDYH D VWDUWXS ODWHQF\ RI UEHQY DQRWKHU SRSXODU
FKRLFH  7KH WUDGHRᨪ LV WKDW LW FDQQRW LQVWDOO EOHHGLQJ XQUHOHDVHG YHUVLRQV
RI 5XE\ %XW ZH GRQ˵W QHHG WKDW RQ VHUYHUV
:H FDQ IROORZ WKH XSVWUHDP LQVWUXFWLRQV WR LQVWDOO UXE\LQVWDOO PDNH VXUH WR
GRZQORDG WKH ODWHVW YHUVLRQ DYDLODEOH 

0 r;2i @P `m#v@BMbiHH@yXdXyXi`X;x ?iiTb,ff;Bi?m#X+QKf


TQbiKQ/2`Mf`m#v@BMbiHHf`+?Bp2fpyXdXyXi`X;x
0 i` @txp7 `m#v@BMbiHH@yXdXyXi`X;x
0 Tmb?/ `m#v@BMbiHH@yXdXy
0 bm/Q KF2 BMbiHH
0 TQT/
0 `K @`7 `m#v@BMbiHH@yXdXyf
0 `K `m#v@BMbiHH@yXdXyXi`X;x

7KH DERYH ZLOO LQVWDOO UXE\LQVWDOO V\VWHPZLGH IRU DOO XVHUV EXW OHW XVHUV WR
LQVWDOO WKHLU YHUVLRQ RI 5XE\ ORFDOO\
:H FDQ HDVLO\ LQVWDOO D QHZ YHUVLRQ RI 5XE\ LQWR fX`m#B2b ZLWK

0 `m#v@BMbiHH jXyXy

)RU PRVW WKH GHIDXOWV VKRXOG ZRUN ᨫQH %XW LW˵V DOVR SRVVLEOH WR SDVV \RXU
RZQ FRPSLODWLRQ FRQᨫJXUDWLRQ

0 `m#v@BMbiHH jXyXy @@ @@2M#H2@b?`2/ @@2M#H2@/i`+2

+HUH DUH VRPH RSWLRQV WR NQRZ

˾ @@2M#H2@b?`2/ ZRXOG FUHDWH D 5XE\ VKDUHG OLEUDU\ VR IRU RWKHU


SURJUDPV WR XVH
˾ @@2M#H2@/i`+2 ZRXOG FRPSLOH 5XE\ ZLWK GWUDFH VXSSRUW
˾ @@rBi?@D2KHHQ+ ZRXOG FRPSLOH 5XE\ ZLWK MHPDOORF VXSSRUW


˾ *6G:a4 ZRXOG SDVV RSWLRQV WR WKH & FRPSLOHU
˾ *6G:a4]@Pj] ZRXOG UHTXHVW WKH KLJKHVW OHYHO RI RSWLPL]DWLRQ IURP
WKH & FRPSLOHU

MHPDOORF LV DQ DOWHUQDWLYH PHPRU\ DOORFDWRU IURP )UHH%6' DQG FDQ JUHDWO\


UHGXFHG 5$0 XVDJH XS WR  RI WKH 5XE\ VHUYHUV
7R LQVWDOO 5XE\ ZLWK MHPDOORF

0 bm/Q /M7 BMbiHH @v D2KHHQ+@/2p2H


0 `m#v@BMbiHH jXyXy @@ @@rBi?@D2KHHQ+

$QG WR FKHFN WKH VXSSRUW LV WKHUH

0 `m#v @` `#+QM7B; @2 ]Tmib _#*QM7B;,,*PL6A:(^GA"a^)]


XXX @HD2KHHQ+

,I \RX ZDQW WR VWD\ ZLWK GHIDXOW JOLEF PHPRU\ DOORFDWRU EXW ORRNLQJ LQWR
UHGXFLQJ PHPRU\ XVDJH ORRN LQWR UXQQLQJ KHHQ+ni`BKUV RQ JDUEDJH FRO
OHFWLRQ

 FKUXE\

7KH FKUXE\ YHUVLRQ PDQDJHU ZLOO KHOS XV FKRRVH EHWZHHQ 5XE\ YHUVLRQV ZH
LQVWDOOHG ZLWK UXE\LQVWDOO 7R LQVWDOO +?`m#v


0 r;2i @P +?`m#v@yXjXNXi`X;x ?iiTb,ff;Bi?m#X+QKf
TQbiKQ/2`Mf+?`m#vf`+?Bp2fpyXjXNXi`X;x
0 i` @txp7 +?`m#v@yXjXNXi`X;x
0 Tmb?/ +?`m#v@yXjXN
0 bm/Q KF2 BMbiHH
0 TQT/
0 `K @`7 +?`m#v@yXjXNf
0 `K +?`m#v@yXjXNXi`X;x
0 bm/Q #b? @+ ^+i = f2i+fT`Q7BH2X/f+?`m#vXb? II1P6
O5f#BMfb?
B7 ( @M ]0"a>no1_aAPL] ) %% ( @M ]0wa>no1_aAPL] )c i?2M
bQm`+2 fmb`fHQ+Hfb?`2f+?`m#vf+?`m#vXb?
bQm`+2 fmb`fHQ+Hfb?`2f+?`m#vfmiQXb?
7B
1P6^

7KH DERYH ZLOO LQVWDOO FKUXE\ V\VWHPZLGH IRU DOO XVHUV DJDLQ
7KHQ ZH FDQ OLVW LQVWDOOHG YHUVLRQV DQG FKRRVH WKH ULJKW RQH

0 +?`m#v
`m#v@kXdXy
`m#v@jXyXy@T`2pB2rR
`m#v@jXyXy

0 +?`m#v `m#v@jXyXy

1RZ `m#v ;2K RU `F2 H[HFXWDEOHV VKRXOG EH SRLQWLQJ WR WKH FRUUHFW 5XE\
YHUVLRQ
,I ZH QHHG WR UXQ D VLQJOH FRPPDQG XQGHU SDUWLFXODU 5XE\ YHUVLRQ FKUXE\
IHDWXUHV WKH +?`m#v@2t2+ H[HFXWDEOH MXVW IRU WKLV SXUSRVH

0 +?`m#v@2t2+ `m#v@jXyXy @@ ;2K BMbiHH TmK


0 +?`m#v@2t2+ `m#v@jXyXy @@ #mM/H2 2t2+ TmK

:H DUH DOZD\V DEOH WR JR EDFN WR WKH V\VWHP YHUVLRQ LI LW˵V LQVWDOOHG DV ZHOO

0 +?`m#v bvbi2K


,W˵V IDLU WR QRWH WKDW ZH GRQ˵W QHHG FKUXE\ WR UXQ 5XE\ DQG VR LW PLJKW ORRN
XQQHFHVVDU\ IRU D VHUYHU LQVWDOODWLRQ %XW IRU PDQ\ WKH FRQYHQLHQFH RI WKH
VDPH LQWHUIDFH WKH\ ZRXOG XVH ORFDOO\ LV ZKDW PDWWHUV ,I ZH ZDQW WR XVH RQO\
`m#v@BMbiHH ZH ZRXOG KDYH WR KDQGOH WKH 0Sh> RXUVHOYHV RU UHIHUHQFH
IXOO SDWKV WR H[HFXWDEOHV

 %XQGOHU

5XE\ FRPHV ZLWK D EXQGOHG 5XE\*HPV OLEUDU\ ZKLFK FDQ PDQDJH DQG LQ
VWDOO JHPV IURP UXE\JHPVRUJ 6WDUWLQJ ZLWK YHUVLRQ  5XE\ DOVR EXQGOHV
%XQGOHU D WRRO WR EXQGOH D VSHFLᨫF OLEUDU\ YHUVLRQ RI D JLYHQ SURMHFW WRJHWKHU
,I ZH DUH UXQQLQJ 5XE\  RU ORZHU ZH QHHG WR LQVWDOO %XQGOHU ᨫUVW ZLWK D
;2K FRPPDQG

0 ;2K BMbiHH #mM/H2`

2QFH DYDLODEOH %XQGOHU FDQ EXQGOH D VSHFLᨫF VHW RI JHPV DQG WKHLU FRQFUHWH
YHUVLRQV EDVHG RQ WKH ᨫOH ;2KbX`#XHQ+F %XQGOHU [ RU :2K7BH2XHQ+F
%XQGOHU [  7KLV ZD\ ZH GRQ˵W QHHG DQ\WKLQJ OLNH YLUWXDOHQY LQ 3\WKRQ RU
590 JHPVHWV EHFDXVH %XQGOHU DOUHDG\ SLFNV WKH FRUUHFW JHPV DQG SXWV WKHP
RQ 0:1JnSh> LQ D ZD\ WKDW RXU DSSOLFDWLRQ VHHV RQO\ WKHVH YHUVLRQV
7R GR WKDW ZH KDYH WR SUHSHQG RXU 5XE\ FRPPDQGV ZLWK #mM/H2 2t2+ DIWHU
LQVWDOOLQJ WKH GHSHQGHQFLHV ZLWK #mM/H2 BMbiHH

0 +/ fKvfr2#fT`QD2+i
0 #mM/H2 BMbiHH
0 #mM/H2 2t2+ `BHb b

,Q FDVH \RX DUH PRYLQJ \RXU SURMHFW WR D /LQX[ VHUYHU IURP D GLᨪHUHQW SODWIRUP
LW˵V ZRUWK PDNLQJ VXUH \RXU :2K7BH2XHQ+F FRQWDLQV WKH /LQX[ SODWIRUP

SGh6P_Ja
t3ene9@/`rBM@ky

,I QRW DGG LW ZLWK


0 #mM/H2 HQ+F @@//@THi7Q`K t3ene9@HBMmt

1RWH WKDW E\ GHIDXOW 5XE\*HPV ZLOO LQVWDOO GHSHQGHQFLHV RQH E\ RQH EXW WKLV
FDQ EH FKDQJHG E\ VHWWLQJ WKH @@DQ#b DUJXPHQW

0 #mM/H2 BMbiHH @@DQ#b4

7R VHW LW JOREDOO\ \RX FDQ XVH #mM/H2 +QM7B; b2i

0 #mM/H2 +QM7B; b2i DQ#b k

,I \RX ZDQW WR SDUDOOHOL]H JHPV LQVWDOODWLRQ E\ QXPEHU RI &38V


UXQ ˸EXQGOH LQVWDOO ˰MREV  QSURF ˸

7R VHH RXU 5XE\*HPV HQYLURQPHQW IRU WKH JLYHQ VHOHFWHG 5XE\ YHUVLRQ ZH
FDQ UXQ ;2K 2Mp WR ᨫQG RXW


0 ;2K 2Mp
_m#v:2Kb 1MpB`QMK2Mi,
@ _l"u:1Ja o1_aAPL, jXyXR
@ _l"u o1_aAPL, kXeXy UkyR3@Rk@k8 Ti+?H2p2H yV (t3ene9@HBMmt)
@ ALahGGhAPL .A_1*hP_u, fmb`fHQ+HfHB#f`m#vf;2KbfkXeXy
@ la1_ ALahGGhAPL .A_1*hP_u, f?QK2fp;`MifX;2Kf`m#vfkXeXy
@ _l"u 1s1*lh"G1, fmb`fHQ+Hf#BMf`m#v
@ :Ah 1s1*lh"G1, fmb`f#BMf;Bi
@ 1s1*lh"G1 .A_1*hP_u, fmb`fHQ+Hf#BM
@ aS1* **>1 .A_1*hP_u, f?QK2fp;`MifX;2KfbT2+b
@ auah1J *PL6A:l_hAPL .A_1*hP_u, fmb`fHQ+Hf2i+
@ _l"u:1Ja SGh6P_Ja,
@ `m#v
@ t3ene9@HBMmt
@ :1J Sh>a,
@ fmb`fHQ+HfHB#f`m#vf;2KbfkXeXy
@ f?QK2fp;`MifX;2Kf`m#vfkXeXy
@ :1J *PL6A:l_hAPL,
@ ,mT/i2nbQm`+2b 4= i`m2
@ ,p2`#Qb2 4= i`m2
@ ,#+Fi`+2 4= 7Hb2
@ ,#mHFni?`2b?QH/ 4= Ryyy
@ _1JPh1 aPl_*1a,
@ ?iiTb,ff`m#v;2KbXQ`;f
@ a>1GG Sh>,
XXX

6LPLODUO\ WR 0Sh> ZH FDQ DGMXVW 0:1Jn>PJ1 RXUVHOYHV

0 :1Jn>PJ14f?QK2fp;`MifX;2Kf`m#vfkXeXy ;2K BMbiHH bBMi`

$W ODVW ZH VKRXOG FRQVLGHU ZKHWKHU ZH QHHG WKH 5'RF GRFXPHQWDWLRQ RI JHP


GHSHQGHQFLHV FRPSLOHG 6LQFH WKH FRPSLODWLRQ WDNHV D ORW RI WLPH DQG LV DOPRVW
QHYHU XVHG RQ WKH VHUYHU LW˵V D JRRG LGHD WR VNLS LW ZLWK WKH @@MQ@/Q+mK2Mi
ᨭDJ :H GRQ˵W QHHG WKLV ᨭDJ ZKHQ FDOOLQJ #mM/H2 VLQFH %XQGOHU FDQQRW FRP
SLOH 5, DQG 5'RF GRFXPHQWDWLRQ DW DOO


 3\WKRQ
6LPLODUO\ WR 5XE\ ZH FDQ FKRRVH WR XVH D V\VWHP 3\WKRQ RU FRPSLOH LW RXU
VHOYHV 7KH RQO\ GLᨪHUHQFH LV WKDW 3\WKRQ LV DOUHDG\ LQVWDOOHG EHFDXVH PDQ\
V\VWHP WRROV GHSHQG RQ LW $QRWKHU UHDO GLᨪHUHQFH LV WKDW WKH\ DUH PDQ\ PRUH
3\WKRQ YHUVLRQV DYDLODEOH DQG DOO FDQ EH LQVWDOOHG QH[W WR HDFK RWKHU
6XSSRVH \RX VWLOO QHHG D OLWWOH ELW PRUH ᨭH[LELOLW\ OLNH SURYLGLQJ \RXU RZQ
FRPSLOH RSWLRQV ,Q WKDW FDVH \RX FDQ OHYHUDJH WRROV OLNH S\HQY WR LQVWDOO DQ\
3\WKRQ YHUVLRQ QHFHVVDU\ ZLWK WKH VHWWLQJV \RX ZDQW
,Q HLWKHU FDVH ZH FDQ XVH YHQY WR SUHSDUH D YLUWXDO HQYLURQPHQW IRU RXU
SURMHFW EDVHG RQ DQ\ JLYHQ 3\WKRQ YHUVLRQ

 6\VWHP 3\WKRQ

2QH RI WKH 3\WKRQ  YHUVLRQV VKRXOG EH LQVWDOOHG E\ GHIDXOW 7KDW YHUVLRQ LV


DOVR WKH RQH UHIHUHQFHG E\ Tvi?QMj H[HFXWDEOH

0 Tvi?QMj @@p2`bBQM
Svi?QM jX3X8

7KHUH DUH RWKHU YHUVLRQV RI 3\WKRQ DYDLODEOH :H FDQ LQVWDOO WKHP E\ SURYLGLQJ
WKH SDFNDJH QDPH ZKLFK DSSHQGV WKH PDMRU DQG PLQRU YHUVLRQ ZLWKRXW DQ\
VHSDUDWRU

0 bm/Q /M7 BMbiHH Tvi?QMjN

7KHQ ZKHQHYHU ZH QHHG WR FDOO Tvi?QM H[HFXWDEOH RU D VSHFLᨫF YHUVLRQ RI


TBT ZH QHHG WR XVH WKH QDPH YHUVLRQ QDPH

0 Tvi?QMjXN @@p2`bBQM
Svi?QM jXNXR

2QO\ WKH YHUVLRQV EHKLQG Tvi?QMj DQG Tvi?QMk H[HFXWDEOHV DUH UHFRP
PHQGHG IRU SURGXFWLRQ XVH WKRXJK ,I \RXU DSSOLFDWLRQ QHHGV D GLᨪHUHQW
YHUVLRQ LW˵V EHWWHU WR LQVWDOO LW \RXUVHOI


6RPH SURJUDPV PLJKW QHHG DQ H[HFXWDEOH WR EH QDPHG Tvi?QM ZLWKRXW
DQ\ YHUVLRQ )RU WKLV SXUSRVH ZH FDQ VHW WKH UHTXLUHG YHUVLRQ ZLWK
Hi2`MiBp2b

0 bm/Q Hi2`MiBp2b @@b2i Tvi?QM fmb`f#BMfTvi?QMj

2U IRU 3\WKRQ 

0 bm/Q Hi2`MiBp2b @@b2i Tvi?QM fmb`f#BMfTvi?QMk

7R LQVWDOO DQ\ SDFNDJH IURP 3\3, UXQ TBT BMbiHH RU TBTj BMbiHH

0 TBTj BMbiHH @@mb2` 7HbF

7KH @@mb2` ᨭDJ WHOOV SLS WR LQVWDOO WKH OLEUDU\ ZLWK XVHU SULYLOHJHV WR D XVHU
ORFDWLRQ 5XQQLQJ TBT ZLWKRXW LW ZRXOG UHTXLUH WKH URRW SULYLOHJHV
:KLOH ZH FDQQRW FKDQJH FRPSLOHU VHWWLQJV LQ V\VWHP 3\WKRQ ZH FDQ VWLOO WDNH
DGYDQWDJH RI WKH EHVW RSWLPL]DWLRQ DYDLODEOH ˱ XVLQJ MHPDOORF PHPRU\ DOOR
FDWRU WR UHGXFH PHPRU\ FRQVXPWLRQ
7R GR VR LQVWDOO WKH MHPDOORF SDFNDJH DQG XVH WKH VKDUHG OLEUDU\ SDWK LQ WKH
G.n_1GP. HQYLURQPHQW YDULDEOH EHIRUH UXQQLQJ Tvi?QM H[HFXWDEOH

0 `TK @[H D2KHHQ+ % ;`2T HB#D2KHHQ+XbQ


fmb`fHB#e9fHB#D2KHHQ+XbQXk
0 G.nS_1GP.4fmb`fHB#e9fHB#D2KHHQ+XbQXk Tvi?QM TTXTv

<RX FDQ DOVR GR LW ODWHU ZLWK D 3\WKRQ YHUVLRQ LQVWDOOHG E\ S\HQY


3\WKRQ LV RQH RI WKRVH FRPSRQHQWV DYDLODEH LQ PRUH YHUVLRQV EXW \RX FDQ DOVR
GHFLGH WR XVH PRGXOH VWUHDPV 7KH PDLQ GLᨪHUHQFH LV WKDW PRGXOH VWUHDPV KDYH
DQ LQGHSHQGHQW OLIHF\FOH WR WKH EDVH GLVWULEXWLRQ
7KHUH DUH VHYHUDO GLᨪHUHQW 3\WKRQ YHUVLRQV DYDLODEOH WKURXJK 5+(/ PRGXOH
VWUHDPV


0 bm/Q /M7 KQ/mH2 HBbi Tvi?QM
XX
LK2 ai`2K S`Q7BH2b amKK`v
Tvi?QMkd kXd (/) +QKKQM (/) Svi?QM T`Q;`KKBM; HM;m;2 XXX
Tvi?QMje jXe (/) +QKKQM (/) Svi?QM T`Q;`KKBM; HM;m;2 XXX
Tvi?QMj3 jX3 (/) +QKKQM (/) Svi?QM T`Q;`KKBM; HM;m;2 XXX
Tvi?QMjN jXN (/) +QKKQM (/) Svi?QM T`Q;`KKBM; HM;m;2 XXX

7R LQVWDOO WKH YHUVLRQ \RX ZDQW HQDEOH WKH PRGXOH DQG LQVWDOO WKH `m#v SDFNDJH
DV XVXDO

0 bm/Q /M7 KQ/mH2 2M#H2 Tvi?QMjN,jXN


0 bm/Q /M7 BMbiHH Tvi?QMjN
0 Tvi?QMjXN
===

<RX˵OO NQRZ WKH SDFNDJH FRPHV IURP D PRGXOH EHFDXVH LW KDV KQ/mH2n2H3Xt
DV SDUW RI LWV QDPH 5HPHPEHU WKDW HQDEOLQJ WKH VWUHDP UHSODFHV \RXU V\VWHP
3\WKRQ LW˵V QRW D WRRO IRU UXQQLQJ WZR GLᨪHUHQW YHUVLRQV DW RQFH
,I \RX QHHG HYHQ PRUH ᨭH[LELOLW\ WKDQ D EHVW EHW LV RQH RI WKH YHUVLRQ PDQDJHUV

)HGRUD UHSRVLWRULHV LQFOXGH PDQ\ YHUVLRQV RI 3\WKRQ &3\WKRQ


LQ PXOWLSOH ᨦ; DQG ᨥ; YHUVLRQV 3\3\ ᨥ DQG ᨦ -\WKRQ DQG HYHQ
0LFUR3\WKRQ 7HVWLQJ 3\WKRQ FRGH RQ GLᨭHUHQW LQWHUSUHWHUV KDV
QHYHU EHHQ HDVLHU EXW RQO\ WKH PDLQ 3\WKRQ ᨥ DQG ᨦ LQWHUSUHWHUV
VKRXOG EH FRQVLGHUHG VWDEOH IRU SURGXFWLRQ GHSOR\PHQWV

 S\HQY

S\HQY LV D JRRG DGHSW IRU LQVWDOOLQJ YDULRXV XSVWUHDP 3\WKRQV DORQJVLGH WKH
V\VWHP SDFNDJHV 3KLORVRSKLFDOO\ LW EXLOGV RQ WKH LGHDV RI 5XE\˵V `#2Mp DQG
`m#v@#mBH/
7R VWDUW ZLWK Tv2Mp ZH FDQ WDNH DGYDQWDJH RI Tv2Mp BMbiHH2` WR LQVWDOO
LW


0 +m`H @G ?iiTb,ff;Bi?m#X+QKfTv2MpfTv2Mp@BMbiHH2`f
`rfKbi2`f#BMfTv2Mp@BMbiHH2` % #b?

7KLV VWHS ZLOO QHHG WKH ;Bi SDFNDJH WR EH DYDLODEOH VR LQVWDOO LW LI LW˵V PLVVLQJ
Tv2Mp@BMbiHH2` ZLOO FORQH Tv2Mp VRXUFHV LQWR f?QK2f0la1_fXTv2Mpf
ZKLFK FDQ EH FKDQJHG E\ VHWWLQJ 0Su1Lon_PPh DQG ᨫQLVK ZLWK D PHVVDJH

q_LAL:, Ai b22Kb vQm biBHH ?p2 MQi //2/ ^Tv2Mp^ iQ i?2 HQ/
Ti?X

O GQ/ Tv2Mp miQKiB+HHv #v //BM;


O i?2 7QHHQrBM; iQ fX#b?`+,

2tTQ`i Sh>4]f?QK2fp;`MifXTv2Mpf#BM,0Sh>]
2pH ]0UTv2Mp BMBi @V]
2pH ]0UTv2Mp pB`imH2Mp@BMBi @V]

$V WKH LQVWUXFWLRQV VD\ SXW WKH DERYH WR WKH fX#b?`+ ᨫOH DQG Tv2Mp LV
VXFFHVVIXOO\ LQVWDOOHG
2QFH LQVWDOOHG ZH FDQ PRYH RQ WR LQVWDOOLQJ WKH 3\WKRQ YHUVLRQ ZH DUH LQWHU
HVWHG LQ :H QHHG WR KDYH DOO WKH 3\WKRQ GHSHQGHQFLHV UHDG\ EHIRUHKDQG IRU
WKH FRPSLODWLRQ WR ZRUN 2WKHUZLVH VRPH PRGXOHV ZRQ˵W EH LQFOXGHG

0 bm/Q /M7 ;`QmT BMbiHH ]* .2p2HQTK2Mi hQQHb M/ GB#``B2b]


0 bm/Q /M7 BMbiHH #xBTk@/2p2H ;/#K@/2p2H ;KT@/2p2H $
HB#77B@/2p2H M+m`b2b@/2p2H QT2MbbH@/2p2H xHB#@/2p2H $
b[HBi2@/2p2H iF@/2p2H HxK@HB#b HB#iB`T+@/2p2H $
HB#MbHk@/2p2H mmB/@/2p2H
0 Tv2Mp p2`bBQMb
bvbi2K Ub2i #v f?QK2fla1_fXTv2Mpfp2`bBQMV
0 Tv2Mp BMbiHH jXeXy
.QrMHQ/BM; Svi?QM@jXeXyXi`XtxXXX
@= ?iiTb,ffrrrXTvi?QMXQ`;f7iTfTvi?QMfjXeXyfSvi?QM@jXeXyXi`Xtx
AMbiHHBM; Svi?QM@jXeXyXXX
AMbiHH2/ Svi?QM@jXeXy iQ f?QK2fla1_fXTv2Mpfp2`bBQMbfjXeXy

$JDLQ RQ &HQW26 WKH JURXS LV FDOOHG 'HYHORSPHQW 7RROV


2QFH WKH LQVWDOODWLRQ ᨫQLVKHV ZH FDQ VZLWFK WR WKH QHZ YHUVLRQ E\ UXQQLQJ


0 Tv2Mp p2`bBQMb
bvbi2K Ub2i #v f?QK2fla1_fXTv2Mpfp2`bBQMV
jXeXy
0 Tv2Mp HQ+H jXeXy
0 Tvi?QM @@p2`bBQM
Svi?QM jXeXy

Tv2Mp FDQ DOVR UXQ D VSHFLᨫF FRPPDQG XQGHU DQ\ LQVWDOOHG 3\WKRQ YHUVLRQ
ZLWK Tv2Mp 2t2+

0 Su1Lono1_aAPL4]bvbi2K] Tv2Mp 2t2+ Tvi?QM

Su1Lono1_aAPL RU WKH YDOXH IURP WKH XTvi?QM@p2`bBQM ᨫOH LV WDNHQ DV WKH


VHOHFWHG 3\WKRQ YHUVLRQ
7R XSGDWH Tv2Mp ODWHU LW˵V HQRXJK WR UXQ mT/i2 VXEFRPPDQG

0 Tv2Mp mT/i2

8SGDWLQJ LV QHFHVVDU\ WR UHIUHVK WKH OLVW RI DYDLODEOH 3\WKRQ YHUVLRQV

 YHQY

YHQY DV ˸YLUWXDO HQYLURQPHQW˹ LV D WRRO WR PDQDJH 3\WKRQ YLUWXDO HQYLURQ


PHQWV ,W˵V D VXFFHVVRU RI S\YHQY 7R FUHDWH D QHZ YLUWXDO HQYLURQPHQW IRU
\RXU SURMHFW MXVW FDOO WKH 3\WKRQ YHUVLRQ WKDW \RX ZDQW ZLWK @K p2Mp DQG
SURYLGH D QDPH IRU WKH HQYLURQPHQW

0 Tvi?QM @K p2Mp TT@2Mp

6HYHUDO GLUHFWRULHV ZLOO EH FUHDWHG $ Tvp2MpX+7; ZLOO UHYHDO VRPH PRUH


LQIRUPDWLRQ DERXW WKH FKRVHQ 3\WKRQ YHUVLRQ


0 Hb TT@2Mp
#BM BM+Hm/2 HB# HB#e9 Tvp2MpX+7;
0 +i TT@2MpfTvp2MpX+7;
?QK2 4 f?QK2fp;`MifXTv2Mpfp2`bBQMbfjXeXyf#BM
BM+Hm/2@bvbi2K@bBi2@T+F;2b 4 7Hb2
p2`bBQM 4 jXeXy

<RX FDQ VHH WKDW WKH YLUWXDO HQYLURQPHQW FDOOHG DSSHQY LV EDVHG RQ D 3\WKRQ
 LQVWDOOHG E\ S\HQY 7R XVH WKLV HQYLURQPHQW ZH QHHG WR VRXUFH WKH
#BMf+iBpi2 VFULSW LQVLGH WKH TT@2Mp GLUHFWRU\

0 bQm`+2 TT@2Mpf#BMf+iBpi2
UTT@2MpV (+i!?QK2 )0

2QFH VRXUFHG ZH FDQ IUHHO\ FDOO 3\WKRQ SLS DQG RWKHU 3\WKRQ H[HFXWDEOHV
IURP WKH ORFNHG 3\WKRQ YHUVLRQ +HUH LV D VPDOO H[DPSOH RI LQVWDOOLQJ WKH
'MDQJR IUDPHZRUN FUHDWLQJ D QHZ SURMHFW DQG UXQQLQJ LW ZLWKLQ WKLV YLUWXDO
HQYLURQPHQW

UTT@2MpV 0 TBT BMbiHH /DM;Q


UTT@2MpV 0 /DM;Q@/KBM bi`iT`QD2+i /DM;QTT
UTT@2MpV 0 Tvi?QM KM;2XTv KB;`i2
PT2`iBQMb iQ T2`7Q`K,
TTHv HH KB;`iBQMb, /KBM- mi?- +QMi2MiivT2b- b2bbBQMb
_mMMBM; KB;`iBQMb,
TTHvBM; +QMi2MiivT2bXyyyRnBMBiBHXXX PE
TTHvBM; mi?XyyyRnBMBiBHXXX PE
TTHvBM; /KBMXyyyRnBMBiBHXXX PE

UTT@2MpV 0 Tvi?QM KM;2XTv `mMb2`p2`


S2`7Q`KBM; bvbi2K +?2+FbXXX

avbi2K +?2+F B/2MiB7B2/ MQ Bbbm2b Uy bBH2M+2/VX


CMm`v ye- kyRN @ ky,kR,Rj
.DM;Q p2`bBQM kXRX8- mbBM; b2iiBM;b ^/DM;QTTXb2iiBM;b^
ai`iBM; /2p2HQTK2Mi b2`p2` i ?iiT,ffRkdXyXyXR,3yyyf
ZmBi i?2 b2`p2` rBi? *PLh_PG@*X

7KDW ZRUNV EHFDXVH WKH 3\WKRQ ᨫOHV FDOO Tvi?QM YLD 2Mp


0 ?2/ KM;2XTv
O5fmb`f#BMf2Mp Tvi?QM
BKTQ`i Qb
BKTQ`i bvb

B7 nnMK2nn 44 ^nnKBMnn^,
XXX

:H FDQ DOVR XVH WKH YLUWXDO HQYLURQPHQW H[HFXWDEOH GLUHFWO\

0 XXfTi?fiQfTT@2Mpf#BMfTvi?QM KM;2XTv `mMb2`p2`

:H GRQ˵W XVH D YLUWXDO HQYLURQPHQW WR LVRODWH WKH 3\WKRQ LQWHUSUHWHU SHUVH EXW
UDWKHU WKH 3\3, GHSHQGHQFLHV VLPLODU WR ZKDW %XQGOHU DFKLHYHV ZLWK #mM/H2
2t2+ 
2QFH ZH DUH GRQH ZH FDQ OHDYH WKH YLUWXDO HQYLURQPHQW ZLWK /2+iBpi2

UTT@2MpV 0 /2+iBpi2


 6XPPDU\
7KLV FKDSWHU ORRNHG PRUH FORVHO\ DW JHWWLQJ WKH UHTXLUHG 5XE\ DQG 3\WKRQ
YHUVLRQV IURP V\VWHP SDFNDJHV DQG SRSXODU YHUVLRQ PDQDJHUV

˾ :H OHDUQHG DERXW WUDGHRᨪV RI JHWWLQJ RᨬFLDO SDFNDJHV WKDW GHVSLWH EHLQJ


SDWFKHG IRU VHFXULW\ YXOQHUDELOLWLHV GRQ˵W RᨪHU XV PXFK FKRLFH

˾ FKUXE\ DQG S\HQY YHUVLRQ PDQDJHUV FDQ KHOS XV FRPSLOH WKH UHTXLUHG
YHUVLRQV RI 5XE\ DQG 3\WKRQ DQG VZLWFK EHWZHHQ WKHP

˾ 9HUVLRQ PDQDJHUV ZRUN PRVWO\ ZLWK 0Sh> DQG SRVVLEO\ VKLPV WR SXW
WKH ULJKW H[HFXWDEOHV ᨫUVW 590 HYHQ RYHUULGHV +/ WR DXWRPDWLFDOO\
VZLWFK 5XE\ YHUVLRQV
˾ %XQGOHU DQG YHQY FDQ IXUWKHU LVRODWH WKH FRQFUHWH VHW RI GHSHQGHQFLHV
WR VHSDUDWH RXU DSSOLFDWLRQ IURP RWKHU OLEUDULHV RQ WKH V\VWHP


&KDSWHU 

$SSOLFDWLRQ 6HUYHUV

$SSOLFDWLRQ VHUYHUV DUH VHUYHUV WKDW VHUYH RXU ZHE DSSOLFDWLRQ FRGH 6RPH RI
WKHP PLJKW EH DEOH WR KDQGOH UHDO WUDᨬF GLUHFWO\ DQG VRPH PLJKW FRPH ZLWK
VRPH OLPLWDWLRQV FRPSDUHG WR WUDGLWLRQDO ZHE VHUYHUV /DFN RI SURWHFWLRQ IURP
VORZ FOLHQWV RU ZD\ VORZHU VHUYLQJ RI VWDWLF DVVHWV DUH H[DPSOHV RI ZKHUH WKHVH
VHUYHUV FRPH VKRUW
6LQFH OHDUQLQJ DERXW ZHE VHUYHUV LQ JHQHUDO ZH VDZ KRZ WR GHSOR\ 1*,1;
WR KDQGOH 7/6 FHUWLᨫFDWHV DQG VWDWLF DVVHWV :H DOVR OHDUQHG KRZ WR SUR[\ D
UHTXHVW ERWK DV D 7&3 DQG 81,; VRFNHW $W WKLV SRLQW WKH DSSOLFDWLRQ VHUYHU
ZLOO WDNH RYHU WKH SURFHVVLQJ DQG SDVV EDFN D UHSO\ WKDW ZLOO EH SDVVHG E\
1*,1; EDFN WR WKH FOLHQW


 7KUHDGV RU 3URFHVVHV"
:KHQ WKH VHUYHU DFFHSWV D QHZ FRQQHFWLRQ DQG LV UHDG\ WR VHUYH WKH UHTXHVW
LW FDQ GR VR DV\QFKURQRXVO\ ZLWKLQ D VLQJOH WKUHDG XVLQJ D QHZ WKUHDG LQ WKH
VDPH SURFHVV RU VSDZQLQJ D QHZ SURFHVV HQWLUHO\ ,Q WKH 3URFHVVHV FKDSWHU
ZH EULHᨭ\ PHQWLRQHG WKH GLᨪHUHQFH EHWZHHQ DQ 26 SURFHVV DQG WKH SURFHVV
WKUHDG 7KH GLVWLQFWLRQ ZLOO EHFRPH DSSDUHQW QRZ
1*,1; SURFHVVHV PDQ\ UHTXHVWV LQ D VLQJOH ZRUNHU DV\QFKURQRXVO\ EXW FDQ
VSDZQ PXOWLSOH 26 SURFHVVHV ZLWK LWV rQ`F2`nT`Q+2bb2b VHWWLQJV WR WDNH
DGYDQWDJH RI PXOWLSOH &38V 7KDW LV EHFDXVH LW GRHV QRW VSDZQ QHZ WKUHDGV IRU
UHTXHVWV :H FDQ WKLQN DERXW WKH DUFKLWHFWXUH IRU D ZHE VHUYHU DQG DSSOLFDWLRQ
VHUYHU LQ WKH VDPH ZD\ H[FHSW WKDW DSSOLFDWLRQ VHUYHUV DUH OLPLWHG E\ WKHLU
UHVSHFWLYH UXQWLPH HJ 5XE\ VHUYHUV KDYH WR XVH 5XE\ YLUWXDO PDFKLQH WR UXQ
WKH DSSOLFDWLRQ FRGH  7KDW LQᨭXHQFHV WKHLU GHVLJQ
%RWK 5XE\ DQG 3\WKRQ YLUWXDO PDFKLQHV DUH QRWRULRXVO\ NQRZQ IRU WKHLU
JOREDO LQWHUSUHWHU ORFN *,/  DOVR NQRZQ DV JOREDO YLUWXDO PDFKLQH ORFN
*9/  5XE\ *,/ SUHYHQWV H[HFXWLQJ 5XE\ FRGH E\ PXOWLSOH WKUHDGV DW WKH
VDPH WLPH $QG WKH VDPH LV WUXH IRU WKH 3\WKRQ *,/

5XE\ DQG 3\WKRQ GRQ˴W DOORZ H[HFXWLQJ PRUH WKUHDGV DW RQFH


VLQFH D ORW RI VRXUFH FRGH DQG PDQ\ & H[WHQVLRQV DUH QRW WKUHDG
VDIH 6LQFH WKUHDGV VKDUH WKH SURFHVV˴ PHPRU\ WKUHDG VDIHW\
PHDQV QRW FRUUXSWLQJ WKH VKDUHG SURFHVV GDWD IURP GLᨭHUHQW
WKUHDGV

 &RQFXUUHQF\ DQG 3DUDOOHOLVP


&RQFXUUHQF\ LV ZKHQ WDVNV UXQ VLPXOWDQHRXVO\ EXW RQO\ RQH RI WKHP LV H[
HFXWLQJ FRGH DW D WLPH $ VLPSOH H[DPSOH ZRXOG KDYH D VLQJOH &38 ZKLFK E\
GHᨫQLWLRQ FDQQRW UXQ WZR WKUHDGV DW RQFH
7KH JOREDO LQWHUSUHWHU ORFN DOORZV IRU FRQFXUUHQF\ LQ ,2 ERXQG DSSOLFDWLRQV
DQG ZRUNORDGV 7KDW PHDQV FDOOV WR WKH ᨫOHV\VWHP QHWZRUN DQG GDWDEDVH FDQ
UXQ LQ SDUDOOHO EXW DQ\ FRPSXWDWLRQ GRQH LQVLGH WKH LQWHUSUHWHU FDQQRW 7KLV
ZD\ RXU ZHE UHTXHVWV FDQ UXQ FRQFXUUHQWO\ EXW QHYHU LQ SDUDOOHO
3DUDOOHOLVP LV ZKHQ WDVNV DUH H[HFXWLQJ DW WKH VDPH WLPH ,Q UXQWLPHV ZLWKRXW
WKH *9/ WKLV FDQ EH DFKLHYHG E\ VSDZQLQJ WZR WKUHDGV LQ D VLQJOH SURFHVV


,Q 5XE\ DQG 3\WKRQ WKRXJK ZH KDYH WR VSDZQ PRUH SURFHVVHV WR DFKLHYH
SDUDOOHOLVP 7KHVH SURFHVVHV FDQ KDYH RQH RU PDQ\ WKUHDGV WKDW ZLOO VKDUH WKH
PHPRU\ DV ZHOO DV WKH *9/
,Q UHJDUGV WR FRQFXUUHQF\ ZH FDQ KDYH IRXU FDWHJRULHV RI VHUYHUV RU FRQᨫJ
XUDWLRQV 

˾ VLQJOH SURFHVV DQG VLQJOH WKUHDG VHUYHU ZRXOG EH D VHUYHU WKDW UXQV
LQ D VLQJOH SURFHVV DQG HLWKHU GRHV QRW WU\ WR VHUYH LQFRPLQJ UHTXHVWV
FRQFXUUHQWO\ RU GRHV LW XVLQJ DQ HYHQW ORRS
1RGHMV VHUYHU HPSOR\V DQ HYHQW ORRS WR UXQ WKH -DYD6FULSW FRGH LQ
D VLQJOH WKUHDG EDVLFDOO\ WKH VDPH DV 1*,1;  7R WDNH DGYDQWDJH RI
PXOWLSOH FRUHV ZH QHHG WR VHW XS D 1RGHMV FOXVWHU RI PXOWLSOH 1RGHMV
ZRUNHUV

˾ PXOWLSURFHVV VHUYHUV MXVW VSDZQ PRUH DSSOLFDWLRQ SURFHVVHV ZLWK RQH


FRQWUROOLQJ SURFHVV 2Q /LQX[ WKH\ XVXDOO\ WDNH DGYDQWDJH RI WKH FRS\
RQZULWH IHDWXUH WR NHHS PHPRU\ XVDJH GRZQ VR LW˵V QRW DV KLJK DV
SURFHVV PHPRU\ WKH QXPEHU RI SURFHVVHV  ,W˵V VWLOO ZD\ KLJKHU WKDQ
XVLQJ WKUHDGV WKRXJK
8QLFRUQ VHUYHU IRU 5XE\ ZRXOG EH WKH W\SLFDO H[DPSOH ,W VSDZQV ZKROH
QHZ SURFHVVHV WR KDQGOH PRUH UHTXHVWV DQG VR LW FDQ SDUDO\]H WKH H[H
FXWLRQ RI D QRW WKUHDGVDIH DSSOLFDWLRQ :H XVXDOO\ SUHORDG WKH DSSOLFD
WLRQ EHIRUH IRUNLQJ WR RSWLPL]H PHPRU\ RI IRUNHG SURFHVVHV E\ WDNLQJ
DGYDQWDJH RI D WHFKQLTXH FDOOHG FRS\RQZULWH

˾ PXOWLWKUHDG VHUYHUV VSDZQV PDQ\ WKUHDGV LQVWHDG RI SURFHVVHV WR


DFKLHYH D ORZ PHPRU\ IRRWSULQW DV WKUHDGV VKDUH PHPRU\ 7KH UH
TXLUHPHQW LV WKDW WKH DSSOLFDWLRQV KDYH WR EH WKUHDGVDIH 'HSHQGLQJ
RQ WKH VHUYHU GHVLJQ WKHVH WKUHDGV PLJKW EH UHXVHG DV ZHOO

˾ PXOWLSURFHVV DQG PXOWLWKUHDG VHUYHUV FDQ UXQ LQ ERWK PRGHV GH


SHQGLQJ RQ WKH FRQᨫJXUDWLRQ DQG VR FDQ XVXDOO\ DFKLHYH WKH EHVW SHU
IRUPDQFH ,I UXQ ZLWK PXOWLSOH WKUHDGV SHU SURFHVV DSSOLFDWLRQV KDYH
WR EH WKUHDGVDIH
3XPD IURP 5XE\ DQG *XQLFRUQ IURP 3\WKRQ FDQ UXQ LQ PXOWLSURFHVV
DQG PXOWLWKUHDG PRGHV DW RQFH VR LW XVXDOO\ DOORZV IRU WKH EHVW SRVVLEOH
XVH RI PHPRU\ DQG &38


&RS\RQZULWH LV DQ DELOLW\ RI /LQX[ SURFHVVHV WR VKDUH YLUWXDO PHP
RU\ $IWHU IRUNLQJ WKH\ VKDUH WKH VDPH YLUWXDO PHPRU\ 2Q ZULWH
RQO\ WKH FKDQJHG SDJHV LQ WKH PHPRU\ DUH FRSLHG IURP WKH SDUHQW WR
WKH FKLOG SURFHVV

7KH EHVW SRVVLEOH RXWFRPH GHSHQGV RQ WKH UXQWLPH WKUHDGVDIHQHVV DQG FRQ
ᨫJXUDWLRQ ,Q JHQHUDO ZH ZDQW WR NHHS WKH SURFHVV FRXQW ORZ WR VDYH PHPRU\
)RU UXQWLPHV ZLWKRXW *9/ VXFK DV -DYD RQ -90 (UODQJ RQ %($0 RU -5XE\
ZH GRQ˵W JHQHUDOO\ XVH PXOWLSOH SURFHVVHV ZH PLJKW ZDQW WR VHSDUDWH D EDFN
JURXQG MREV ZRUNHU LQ VRPH FDVHV WKRXJK  )RU 5XE\ 3\WKRQ DQG 1RGHMV
ZH QHHG WR XVH PXOWLSOH SURFHVVHV WR WDNH IXOO DGYDQWDJH RI PXOWLFRUH SURFHV
VRUV

 7KUHDGLQJ

7KUHDG VDIHW\ LV D JXDUDQWHH WKDW WKUHDGV UXQQLQJ FRQFXUUHQWO\ LQVLGH WKH


VDPH SURFHVV ZRQ˵W FRUUXSW WKH VKDUHG PHPRU\ ,Q RWKHU ZRUGV LI WKUHDG $
PDQLSXODWHV GDWD WKDW WKUHDG % DOVR XVHV WKH\ V\QFKURQL]H WKHLU ZULWH DFFHVV WR
QRW DFFLGHQWDOO\ FKDQJH WKH GDWD 7KDW LV XVXDOO\ GRQH E\ D V\QFKURQL]DWLRQ
ORFN FDOOHG D PXWH[
0RGHUQ YHUVLRQV RI IUDPHZRUNV VXFK DV 5XE\ RQ 5DLOV  DQG 'MDQJR  DQG
PDQ\ RWKHUV DUH DOUHDG\ WKUHDGVDIH 1HYHUWKHOHVV PDNLQJ D WKUHDGVDIH FRGH
XQVDIH LV PRUH WKDQ HDV\ DQG VR LI \RXU DSSOLFDWLRQ ZRUNV ZLWK WKUHDGV LQ
VRPH ZD\V PDNH VXUH WKLQJV ZRUN DV H[SHFWHG
-XVW IRU LOOXVWUDWLRQ ORRN DW WKH IROORZLQJ FRGH

mb2` 4 lb2`X7BM/URV

i 4 h?`2/XM2r /Q
bH22T R
Tmib mb2`
2M/

mb2` 4 lb2`X7BM/UkV

O Gi2`
iXDQBM


+RSHIXOO\ LW˵V VLPSOH HQRXJK WR IROORZ WKDW ZH ZDQW WR ZRUN ZLWK WKH XVHU
ZLWK ,'  LQ RXU QHZ WKUHDG %XW \D\ :H˵OO KDYH WR GR ZLWK WKH VHFRQG XVHU
QRZ̀
0XWDWLQJ JOREDO YDULDEOHV LV QRW WKUHDGVDIH DQG WKDW˵V ZK\ ZH KDYH
h?`2/X+m``2Mi LQ 5XE\ IRU VLWXDWLRQV ZKHUH ZH ZDQW WR NHHS VRPHWKLQJ
DURXQG DQG VWD\ WKUHDGVDIH i?`2/BM;XHQ+HUV LQ 3\WKRQ 
2U"
:KDW LI ZH ZDQW WR NHHS VRPH XVHU GRFXPHQWV DURXQG WR ZRUN ZLWK WKHP DW
VHYHUDO SODFHV ODWHU ZLWKRXW WKH SHQDOW\ RI $FWLYH5HFRUG FDFKH"

/27 Hi2bin/Q+mK2Mibn7Q`Umb2`,V
h?`2/X+m``2Mi(,Hi2bin/Q+mK2Mib) %%4 mb2`X/Q+mK2Mib
2M/

O Gi2`
IW4 Hi2bin/Q+mK2Mibn7Q`Umb2`,V W=

:HOO LI ZH UXQ WKLV FRGH ZLWK 3XPD  LQ D PXOWLWKUHDG VHWXS ZH JRW RXUVHOYHV
LQ WURXEOH 3XPD VSDZQV QHZ WKUHDGV IRU UHTXHVWV EXW LW DOVR UHXVHV WKHP
7KH XVHU WKDW FRPHV DIWHUZDUG ZLOO VHH DOO WKRVH SULYDWH GRFXPHQWV RI XVHUV
WKDW FDPH VRRQHU &RQJUDWXODWLRQV

7R FRPEDW WKLV \RX DOZD\V QHHG WR VFRSH WKLQJV IRU WKH SDU
WLFXODU UHTXHVW QRW WKH WKUHDG ,Q 5DLOV \RX FDQ XVH WKH JHP
UHTXHVWBVWRUH

5HPHPEHU WKDW SXWWLQJ D QRW WKUHDGVDIH DSSOLFDWLRQ EHKLQG D WKUHDGLQJ VHUYHU


FDQ TXLFNO\ EH D VHFXULW\ GLVDVWHU ,I \RX DUH XQVXUH \RX FDQ JHW DZD\ ZLWK
VFDOLQJ XVLQJ SURFHVVHV EXW LW ZRXOG EH EHWWHU WR JR DQG PDNH WKH DSSOLFDWLRQ
WKUHDGVDIH
7KUHDGLQJ LV QRW MXVW DERXW WKUHDG VDIHW\ WKRXJK 6HWWLQJ D KLJKHU QXPEHU RI
WKUHDGV DOVR LPSDFWV RWKHU WKLQJV VXFK DV WKH GDWDEDVH FRQQHFWLRQ SRRO RI
\RXU DSSOLFDWLRQ )LYH SURFHVVHV UXQQLQJ HDFK ᨫYH WKUHDGV DOVR PHDQV WKHUH
ZRXOG EH DW OHDVW  FRQQHFWLRQV WR WKH GDWDEDVH ,W˵V LPSRUWDQW WR NHHS WKH
SURFHVV GDWDEDVH SRRO KLJK HQRXJK QRW WR UXQ RXW RI FRQQHFWLRQV DQG NHHS DQ
H\H RQ DQ RSHQ FRQQHFWLRQ OLPLW LQ WKH GDWDEDVH


 =HUR'RZQWLPH 'HSOR\PHQW
7KH ]HURGRZQWLPH GHSOR\PHQW PHDQV UHOHDVLQJ QHZ YHUVLRQV RI WKH DS
SOLFDWLRQ ZLWKRXW ORVLQJ WKH DOUHDG\ HVWDEOLVKHG FRQQHFWLRQV ,W DOVR PHDQV
DFFHSWLQJ QHZ FRQQHFWLRQV DW WKH VDPH WLPH ZLWKRXW LQWHUUXSWLRQV $SSOLFD
WLRQ VHUYHUV PLJKW EH SDUW RI D ]HURGRZQWLPH UHOHDVH VWUDWHJ\ E\ VXSSRUWLQJ
VRPH NLQG RI SKDVHG UHVWDUWV
:H FDQ FDWHJRUL]H DSSOLFDWLRQ VHUYHU UHVWDUWV LQWR

˾ UHJXODU UHVWDUWV ZKHUH FRQQHFWLRQV DUH ORVW DQG QHZ RQHV DUH HVWDE
OLVKHG DIWHU ERRWLQJ WKH QHZ DSSOLFDWLRQ SURFHVV
˾ KRW UHVWDUWV ZKHUH FRQQHFWLRQV DUH QRW ORVW EXW UHPDLQ WR ZDLW IRU WKH
QHZ DSSOLFDWLRQ VHUYHU ZRUNHUV WR ERRW
˾ SKDVHG UHVWDUWV ZKHUH FXUUHQW FRQQHFWLRQV ᨫQLVK ZLWK ROG ZRUNHUV DQG
QHZ RQHV DUH KDQGOHG E\ QHZ ZRUNHUV

7KH SKDVHG UHVWDUW VWUDWHJ\ XVXDOO\ UHTXLUHV D FOXVWHU PRGH RI PRUH ZRUNHU
SURFHVVHV WR UHSODFH WKHP RQH E\ RQH ,I IRUNLQJ KDSSHQV IURP WKH PDVWHU
SURFHVV SKDVHG UHVWDUWV DUH QRW FRPSDWLEOH ZLWK SUHORDGLQJ WKH DSSOLFDWLRQ
3XPD RU UHTXLUH DQ H[WHUQDO DFWLRQ VXFK DV VKXWWLQJ GRZQ WKH ROG PDVWHU
SURFHVV *XQLFRUQ 
,I WKH DSSOLFDWLRQ VHUYHU GRHVQ˵W VXSSRUW KRW DQG SKDVHG UHVWDUWV ZH KDYH WR
LPSOHPHQW WKH ]HURGRZQWLPH GHSOR\PHQW RQ D KLJKHU OHYHO ˱ OHDYLQJ LW WR D
SURFHVV PDQDJHU VXFK DV V\VWHPG FRQWDLQHU RUFKHVWUDWRU RU D ORDG EDODQFHU
$QG GHVSLWH WKH DSSDUHQW EHQHᨫWV RI QRW LQWHUUXSWLQJ \RXU VHUYLFH GXULQJ XS
JUDGHV LW˵V LPSRUWDQW WR UHDOL]H VRPH XSJUDGHV ZRQ˵W HYHQ EH SRVVLEOH ZLWKRXW
GRZQWLPH &KDQJHV LQ \RXU DSSOLFDWLRQ HVSHFLDOO\ LQ GDWDEDVH VFKHPDV KDYH
WR JR KDQGWRKDQG ZLWK VXFK VWUDWHJ\


 &RQᦣJXUDWLRQ
7KHUH DUH D SOHWKRUD RI WKLQJV WR FRQᨫJXUH IRU DSSOLFDWLRQ VHUYHUV EXW WR VWDUW
ZH VKRXOG DW OHDVW WKLQN DERXW WKH IROORZLQJ

˾ 5XQQLQJ LQ SURGXFWLRQ PRGH


0DQ\ ZHE IUDPHZRUNV DQG DSSOLFDWLRQ VHUYHUV GHIDXOW WR GHYHORSPHQW
PRGH 7KLV PRGH LV XVXDOO\ OHVV SHUIRUPDQW E\ SURYLGLQJ VRPH FRQYH
QLHQFH IRU GHYHORSPHQW ,W PLJKW DOVR EH SODLQ LQVHFXUH
˾ /LVWHQLQJ RQ WKH ULJKW VRFNHW
:H FRXOG EH OLVWHQLQJ RQ 7&3 VRFNHWV VLPLODUO\ WR RXU 1*,1; SUR[\
EXW ZH FRXOG DOVR WDNH DGYDQWDJH RI OLWWOH IDVWHU 81,; VRFNHWV LI SRVVLEOH
:H QHHG WR VSHFLI\ WKH SRUW RU VRFNHW ᨫOH SDWK
˾ 6HWWLQJ 3,'
6RPHWLPHV ZH QHHG WR NQRZ WKH SURFHVV ,' RI WKH UXQQLQJ VHUYHU LQ
DQRWKHU DSSOLFDWLRQ $Q H[DPSOH RI WKLV LV D IRUNLQJ VHUYHU FRQWUROOHG
E\ D SURFHVV PDQDJHU WKDW QHHGV WR NQRZ WKH ,' RI WKH DFWXDO SURFHVV
WR PRQLWRU DQG QRW WKH SURFHVV WKDW VWDUWV DQG H[LVWV DIWHU IRUNLQJ 
$SSOLFDWLRQ VHUYHUV FDQ EH JLYHQ D SDWK ZKHUH VKRXOG WKH\ ZULWH WKH
3,' RI WKH PDLQ PDVWHU SURFHVV
˾ 6HWWLQJ WKH ULJKW QXPEHU RI WKUHDGV DQG SURFHVVHV
:H QHHG WR VHW WKH QXPEHUV WKDW ZRUN IRU RXU /LQX[ ER[ DV ZHOO DV IRU
RXU DSSOLFDWLRQ
7KH JHQHUDO UHFRPPHQGDWLRQ LV WR UXQ WKH IROORZLQJ QXPEHU RI SUR
FHVVHV RQ D JLYHQ V\VWHP ZLWK ᨫYH RU VL[ WKUHDGV SHU SURFHVV
MmK#2` Q7 p*Slb k Y R
7KDW VKRXOG EH D VWDUWLQJ SRLQW ZKHQ ZH GRQ˵W NQRZ DQ\ EHWWHU 2QO\
E\ EHQFKPDUNLQJ RXU DSSOLFDWLRQ LQ YDULRXV VHWWLQJV FDQ ZH ᨫQG WKH
PRVW SHUIRUPDQW RQH $OVR UHPHPEHU \RX VKDUH WKLV Y&38V ZLWK RWKHU
SURFHVVHV \RX GHFLGH WR UXQ
5HPHPEHU WKDW \RX DOVR QHHG WR DFFRXQW IRU WKH H[WUD PHPRU\ SHU
SURFHVV DQG WKLQN DERXW WKH GDWDEDVH FRQQHFWLRQ SRRO VHWWLQJV
˾ &RQᦣJXULQJ ORJJLQJ
'R ZH ZDQW WR ORJ WR D ᨫOH" 2U GR ZH MXVW ORJ WR WKH VWDQGDUG RXWSXW"
/RJV PLJKW KDYH D VWDQGDUG DQG HUURU RXWSXW VLPLODU WR 1*,1; ORJV


˾ +DQGOLQJ DVVHWV
:H PLJKW QHHG WR VHW XS D SDWK IRU DVVHWV LI D SUR[\ VHUYHU GRHV QRW
KDQGOH WKHP , DP VXJJHVWLQJ KDQGOLQJ WKHP LQ 1*,1; EHFDXVH LW˵V
PXFK PRUH SHUIRUPDQW
˾ &RQᦣJXULQJ JUDFHIXO UHVWDUWV
,GHDOO\ ZH GRQ˵W ZDQW WR FDQFHO XVHU UHTXHVWV ZKHQ UHVWDUWLQJ RXU VHUYHU
'HSHQGLQJ RQ WKH VHUYHU ZH PLJKW EH DEOH WR FRQᨫJXUH VRPH YHUVLRQ
RI D JUDFHIXO UHVWDUW

˾ &RQᦣJXULQJ KRRNV
$SSOLFDWLRQ VHUYHUV OHW XV KRRN VRPH RI RXU RZQ FRGH WR FHUWDLQ SKDVHV
RI WKHLU OLIHF\FOH IRUNLQJ UHVWDUWV  :H FDQ XVH LW IRU FOHDQLQJXS ˱
FORVLQJ ᨫOHV DQG GDWDEDVH FRQQHFWLRQV

)LQDOO\ ZH VKRXOG PRVW OLNHO\ SLFN D SURFHVV PDQDJHU WR RYHUVHH WKH VHUYHU
SURFHVV EXW WKLV FKDSWHU˵V IRFXV LV RQ GRLQJ LW ZLWKRXW WKHP


 5XE\ $SSOLFDWLRQV
5XE\ ODQJXDJH HFRV\VWHP IHDWXUHV 5DFN D 5XE\ +773 LQWHUIDFH WKDW E\
PDSSLQJ +773 UHTXHVWV DQG UHVSRQVHV WR D VLPSOH 5XE\ VWUXFWXUH XQLᨫHV WKH
+773 DEVWUDFWLRQ IRU ZHE VHUYHUV ZHE IUDPHZRUN DQG PLGGOHZDUH LQWR D
VLQJOH PHWKRG FDOO
%HFDXVH RI 5DFN 5XE\ KDV PDQ\ ZHE IUDPHZRUNV WKDW ZRUN ZLWK PDQ\ ZHE
VHUYHUV ZLWKRXW DQ\ XQLTXH FRQᨫJXUDWLRQ 7KLV ZD\ ZH FDQ SDLU HLWKHU 6LQDWUD
+DQDPL RU 5XE\ RQ 5DLOV ZLWK :(%5LFN 8QLFRUQ RU 3XPD DQG LW DOO ZRUNV
7KDW LV ZK\ KRVWLQJ YDULRXV 5XE\ DSSOLFDWLRQV FDQ EH SUHWW\ PXFK XQLᨫHG WR
KRVWLQJ 5DFNEDVHG DSSOLFDWLRQV
, FKRRVH WR VKRZ 3XPD DV D VHUYHU VLQFH LW DOORZV XV WR UXQ PXOWLSOH WKUHDGV
DQG PXOWLSOH SURFHVVHV ,W˵V DOVR WKH 5DLOV  GHIDXOW VHUYHU
/HW˵V LPDJLQH WKH IROORZLQJ PLQLPDOLVWLF DSSOLFDWLRQ ZULWWHQ LQ 6LQDWUD

0 ;2K BMbiHH bBMi`


0 +i TTX`#

`2[mB`2 ^bBMi`f#b2^

+Hbb aBMi`TT I aBMi`,,"b2


;2i ]f] /Q
]?2HHQ rQ`H/]
2M/
2M/

0 `m#v TTX`#
(kyRN@yR@y8 Rd,jR,ye) AL6P q1"`B+F RX9Xk
(kyRN@yR@y8 Rd,jR,ye) AL6P `m#v kXeXy UkyR3@Rk@k8V
(t3ene9@HBMmt)
44 aBMi` UpkXyX8V ?b iF2M i?2 bi;2 QM 98ed 7Q`
/2p2HQTK2Mi rBi? #+FmT 7`QK q1"`B+F
(kyRN@yR@y8 Rd,jR,ye) AL6P q1"`B+F,,>hhSa2`p2`Obi`i,
TB/4R9y3N TQ`i498ed

([HFXWLQJ WKH TTX`# ᨫOH ZLWK `m#v H[HFXWDEOH UXQV WKH DSSOLFDWLRQ DQG WKH
5XE\ EXLOWLQ VHUYHU :(%ULFN LV VWDUWHG :(%ULFN LV QRW D JRRG FKRLFH IRU D
SURGXFWLRQ DSS VR ZH QHHG D ZD\ KRZ WR VZLWFK WKH VHUYHU WR VRPHWKLQJ HOVH


/HW˵V LQVWDOO DQG UXQ 3XPD

0 ;2K BMbiHH TmK


XXX
0 `m#v TTX`# @b SmK
XXX
0 TmK
SmK bi`iBM; BM bBM;H2 KQ/2XXX
o2`bBQM jXRkXy U`m#v kX9Xj@Tky8V- +Q/2MK2, GHKb BM SDKb
JBM i?`2/b, y- Kt i?`2/b, Re
1MpB`QMK2Mi, /2p2HQTK2Mi
GBbi2MBM; QM i+T,ffyXyXyXy,NkNk
lb2 *i`H@* iQ biQT

:H FDQ HLWKHU LQVWUXFW 5XE\ WR SLFN XS 3XPD RU OHYHUDJH WKH TmK H[HFXWDEOH
GLUHFWO\
$ ORW RI DSSOLFDWLRQV LQ WKH 5XE\ ZRUOG DOVR FRPH ZLWK WKH +QM7B;X`m ᨫOH
7KLV ᨫOH FRQWDLQV DQ HQWU\ SRLQW IRU VWDUWLQJ 5XE\ DSSV ZLWK 5XE\ DSSOLFDWLRQ
VHUYHUV

0 +i +QM7B;X`m

`2[mB`2 6BH2X2tTM/nTi?U^TT^- 6BH2X/B`MK2Unn6AG1nnVV

`mM aBMi`TT

0 `+FmT

7KH `+FmT H[HFXWDEOH SURYLGHG E\ 5DFN VWDUWV DQ\ 5DFN DSSOLFDWLRQ ,W


DFFHSWV @b RSWLRQ DV ˸VHUYHU˹ WR FKRRVH WKH VHUYHU ZH ZDQW DQG LW SLFNV XS
WKH +QM7B;X`m ᨫOH

0 `+FmT @b TmK

7KH TmK H[HFXWDEOH ZRXOG DOVR KRQRU WKLV ᨫOH


3XPD ZDV FUHDWHG WKDQNV WR 5XELQLXV DQ DOWHUQDWLYH 5XE\ LP
SOHPHQWDWLRQ WKDW UHPRYHV *OREDO ,QWHUSUHWHU /RFN *,/ WR
UXQ 5XE\ FRGH LQ SDUDOOHO )DPRXV FRPSDQ\ %DVHFDPS ZDV D
ORQJ WLPH IDQ RI 8QLFRUQ DQG 3XPD EHFDPH WKH 5DLOV GHIDXOW
VHUYHU RQO\ ZLWK WKH DGGLWLRQ RI $FWLRQ &DEOH

%HVLGHV UXQQLQJ TmK DQG `+FmT 5DLOV DQG RWKHU IUDPHZRUNV PLJKW SUR
YLGH D FXVWRP FRPPDQG IRU UXQQLQJ WKH DSSOLFDWLRQ VHUYHU VXFK DV WKH `BHb
b FRPPDQG IURP 5DLOV

0 #mM/H2 2t2+ `BHb b

+RZHYHU VRPH VHUYHU FRQᨫJXUDWLRQ RSWLRQV PLJKW QRW EH DYDLODEOH 7KHUHIRUH


IRU 3XPD VSHFLᨫFDOO\ LW˵V UHFRPPHQGHG WR UXQ ZLWK WKH TmK H[HFXWDEOH
$QG LI ZH XVH %XQGOHU ZH VKRXOG SUHSHQG DOO WKHVH FRPPDQGV ZLWK #mM/H2
2t2+

0 ;2K BMbiHH #mM/H2`


0 #mM/H2 2t2+ TmK

 3XPD &RQᦣJXUDWLRQ

7KHUH DUH PDQ\ WKLQJV WR FRQᨫJXUH LQ 3XPD 6RPH RI WKHP DYDLODEOH DV


FRPPDQGOLQH RSWLRQV RI WKH TmK H[HFXWDEOH VRPH RQO\ DYDLODEOH IURP WKH
5XE\ FRQᨫJXUDWLRQ VXFK DV WKH #27Q`2n7Q`F KRRN  7KH FRPPDQGOLQH
RSWLRQV PLJKW EH XVHIXO IRU WU\LQJ RXW GLᨪHUHQW VHWWLQJV TXLFNO\ EXW , UHFRP
PHQG IRFXVLQJ RQ WKH FRQᨫJXUDWLRQ ᨫOH
%HVLGH WKH TmK H[HFXWDEOH 3XPD DOVR VKLSV ZLWK WKH TmK+iH FRPPDQG
WKDW DSDUW IURP VWDUWLQJ 3XPD DOVR LVVXHV UHVWDUWV UHIRUNV RU UHORDGV RI WKH
ZRUNLQJ GLUHFWRU\ 7R VWDUW 3XPD ZLWK WKH SUHPDGH FRQᨫJXUDWLRQ ᨫOH UXQ
RQH RI WKH IROORZLQJ FRPPDQGV

0 #mM/H2 2t2+ TmK @* +QM7B;fTmKX`# @@TB/7BH2 iKTfTmKXTB/


0 #mM/H2 2t2+ TmK+iH bi`i @6 +QM7B;fTmKX`# @S iKTfTmKXTB/


,I \RX ZDQW WR FRQWURO 3XPD ZLWK TmK+iH ODWHU DV ZH˵OO GR ZLWK UHVWDUWV 
\RX˵OO QHHG WKH 3,' RI WKH SURFHVV VR , LQFOXGHG WKLV RSWLRQ DERYH
:H FDQ VHH PRVW RI WKH FRQᨫJXUDWLRQ RSWLRQV E\ TXHU\LQJ TmK @@?2HT
+HUH DUH WKH EDVLFV ZH VKRXOG PDNH VXUH WR VHW

˾ 5XQQLQJ LQ SURGXFWLRQ PRGH


%\ GHIDXOW 3XPD ZLOO KRQRU WKH _*En1Lo HQYLURQPHQW YDULDEOH DQG
GHIDXOW WR /2p2HQTK2Mi ,I ZH ZDQW WR FRQᨫJXUH LW IRU _AGan1Lo
ZLWK D SURGXFWLRQ GHIDXOW ZH FDQ GR VR DV

`BHbn2Mp 4 1Lo(^_AGan1Lo^) %% ]T`Q/m+iBQM]


2MpB`QMK2Mi `BHbn2Mp

˾ /LVWHQLQJ RQ WKH ULJKW VRFNHW


:H FDQ OLVWHQ RQ HLWKHU 7&3 RU 81,; VRFNHW

#BM/ ^mMBt,fffTi?fiQfTTfiKTfTTnMK2XbQ+F2i^
#BM/ ^i+T,ffRkdXyXyXR,3y3y^

:H FDQ DOVR GHᨫQH LW VHYHUDO WLPHV WR OLVWHQ WR PRUH VRFNHWV DW RQFH

˾ 6HWWLQJ 3,'
TB/7BH2 VHWV WKH SDWK IRU VDYLQJ WKH PDLQ SURFHVV ,'

TB/7BH2 ]fTi?fiQfTTfiKTfTB/bfTmKXTB/]

˾ 6HWWLQJ WKH ULJKW QXPEHU RI WKUHDGV DQG SURFHVVHV


i?`2/b GHᨫQH WKH PLQLPXP DQG WKH PD[LPXP QXPEHU RI WKUHDGV
XVHG

i?`2/b 8- 8

5HPHPEHU WKDW WKUHDGV ZLOO EH UHXVHG


rQ`F2`b GHᨫQH WKH QXPEHU RI SURFHVVHV

rQ`F2`b j


:H FRXOG DOVR SUHORDG WKH DSSOLFDWLRQ FRGH EHIRUH IRUNLQJ WR UHGXFH WKH
PHPRU\ XVHG

T`2HQ/nTT5

3XPD  DOVR RᨪHUV D QHZ 7Q`FnrQ`F2` RSWLRQ WKDW \RX FDQ XVH LQVWHDG
WR DFKLHYH VLPLODU PHPRU\ VDYLQJV

7Q`FnrQ`F2` Ryyy

7Q`FnrQ`F2` PHDQV WKDW 3XPD GRHVQ˵W IRUN WKH PDVWHU SURFHVV EXW
UDWKHU IRUNV D ZRUNHU  7KDW LQ WXUQ ᨫ[HV WKH LQFRPSDWLELOLW\ RI
T`2HQ/nTT5 ZLWK SKDVHG UHVWDUWV
7KLV RSWLRQ DFFHSWV DQ LQWHJHU RI QXPEHU RI UHTXHVWV DIWHU ZKLFK LW ZLOO
DOVR UHIRUN H[LVWLQJ ZRUNHUV
˾ &RQᦣJXULQJ ORJJLQJ
HQ;n`2[m2bib HQDEOHV UHTXHVW ORJJLQJ HQ;n7Q`Kii2` FDQ VHW XS
D GLᨪHUHQW NLQG RI ORJ IRUPDW DQG bi/Qmin`2/B`2+i VHWV VWDQGDUG
RXWSXW DQG VWDQGDUG HUURU SDWKV

HQ;n`2[m2bib

O PTiBQMHHv +?M;2 i?2 7Q`Ki


HQ;n7Q`Kii2` /Q %HQ;%
]O&hBK2XMQrXbi`7iBK2 ]WKfW/fWu]', O&HQ;']
2M/

bi/Qmin`2/B`2+i ]fTi?fiQfTTfHQ;fTmKXbi/QmiXHQ;]-
]fTi?fiQfTTfHQ;fTmKXbi/2``XHQ;]- i`m2

˾ &RQᦣJXUH HUURU KDQGOLQJ


3XPD ZLOO UHWXUQ VWDQGDUG +773 HUURU  LI LW FDQQRW FRQWLQXH :H
FDQ DGMXVW WKH H[DFW PHVVDJH DQG DOVR ORJ WKH LQFLGHQW EHIRUHKDQG

HQrH2p2Hn2``Q`n?M/H2` /Q %2%
O a2M/ BM7Q #Qmi i?2 2``Q`
_QHH#`X+`BiB+HU2V

(8yy- &'- (]M 2``Q` ?b Q++m``2/XXX$M]))


2M/


˾ &RQᦣJXULQJ JUDFHIXO UHVWDUWV
3XPD RᨪHUV QRUPDO KRW DQG SKDVHG UHVWDUWV +RW UHVWDUWV ZLOO WU\
WR NHHS WKH UHTXHVWV DOLYH EXW KDQJLQJ  DQG SKDVHG UHVWDUWV ZLOO NLOO
ZRUNHUV RQH E\ RQH WR DFKLHYH ]HURGRZQWLPH DQG ]HURKDQJLQJ UH
TXHVWV 3KDVHG UHVWDUW FDQQRW WDNH DGYDQWDJH RI SUHORDGLQJ WKH DS
SOLFDWLRQ ZLWK T`2HQ/nTT5 EXW ZRUN LQ WKH QHZ FOXVWHU PRGH
7Q`FnrQ`F2` %RWK KRW DQG SKDVHG UHVWDUWV DOVR RQO\ ZRUN RQ &5XE\
DQG \RXU GDWDEDVH PLJUDWLRQ QHHG WR ZRUN ERWK ZLWK WKH ROG DQG QHZ
FRGH
2QFH 3XPD LV UXQQLQJ HLWKHU ZLWK TmK TmK+iH bi`i RU `+FmT
FRPPDQGV  \RX FDQ GR D UHJXODU UHVWDUW ZLWK TmK+iH `2bi`i DQG
D SKDVHG UHVWDUW ZLWK TmK+iH T?b2/@`2bi`i FRPPDQGV \RX FDQ
UHDG WKH 3,' IURP D 3,' ᨫOH RU JHW LW IURP Tb mt 

0 TmK+iH T?b2/@`2bi`i @S iKTfTmKXTB/


*QKKM/ T?b2/@`2bi`i b2Mi bm++2bb
0 TmK+iH T?b2/@`2bi`i @T dR9d
*QKKM/ T?b2/@`2bi`i b2Mi bm++2bb

,I \RX UHO\ RQ D SURFHVV PDQDJHU \RX VKRXOG DYRLG UXQQLQJ TmK+iH


GLUHFWO\ DQG UDWKHU VHQG WKH 3XPD SURFHVV aA:la_k IRU UHJXODU DQG
aA:la_R IRU SKDVHG UHVWDUW VLJQDOV

0 bm/Q FBHH @aA:la_k dR9d

˾ &RQᦣJXULQJ KRRNV
3XPD VXSSRUWV D IHZ KRRNV <RX PLJKW ᨫQG #27Q`2n7Q`F DQG
QMn`2bi`i KDQG\

#27Q`2n7Q`F /Q
O *HQb2 +QMM2+iBQMb 7`QK T`27Q`FBM;
+iBp2_2+Q`/,,"b2X+QMM2+iBQMX/Bb+QMM2+i5
B7 /27BM2/\U+iBp2_2+Q`/,,"b2V
2M/

QMn`2bi`i /Q
O *HQb2 7BH2 /2b+`BTiQ`b M/ +QMM2+iBQMb
O #27Q`2 FBHHBM; i?2 T`Q+2bbX
2M/


)DOFRQ LV D QHZ DSSOLFDWLRQ VHUYHU IRU 5XE\ WR WDNH DGYDQWDJH
RI 5XE\ ᨦ ᨮEHUV ,W˴V ZRUWK FKHFNLQJ RXW DV LW PLJKW EH D JUHDW
DOWHUQDWLYH WR 3XPD HVSHFLDOO\ LQ WKH IXWXUH


 3\WKRQ $SSOLFDWLRQV
*XQLFRUQ LV D 3\WKRQ :6*, +773 6HUYHU PRGHOHG DIWHU 8QLFRUQ VHUYHU
IURP 5XE\ 6LPLODUO\ WR 8QLFRUQ DQG 3XPD *XQLFRUQ VWDUWV D VLQJOH PDVWHU
SURFHVV WKDW JHWV IRUNHG WR FUHDWH D ZRUNHU WKDW KDQGOHV WKH UHTXHVW (YHQ
WKRXJK 8QLFRUQ LV QRW WKH WKUHDGHG VHUYHU *XQLFRUQ VXSSRUWV ERWK WKUHDGV
DQG SURFHVVHV WR VHUYH FRQFXUUHQW UHTXHVWV
:HE 6HUYHU *DWHZD\ ,QWHUIDFH :6*, LV D FRPPRQ LQWHUIDFH IRU FRPPX
QLFDWLRQ EHWZHHQ VHUYHUV DQG IUDPHZRUNV FRQFHSWXDOO\ QRW WRR GLᨪHUHQW IURP
5XE\ HTXLYDOHQW 5DFN 7KLV ZD\ *XQLFRUQ FDQ KDQGOH UHTXHVWV IRU )ODVN DV
ZHOO DV 'MDQJR

:6*, LV SURQRXQFHG DV ˸ZKLVNH\˸

$ VLVWHU VSHFLᨫFDWLRQ WR :6*, IRU DV\QFFDSDEOH 3\WKRQ ZHE VHUYHUV IUDPH


ZRUNV DQG DSSOLFDWLRQV LV FDOOHG $V\QFKURQRXV 6HUYHU *DWHZD\ ,QWHUIDFH
$6*,  8YLFRUQ LV D OLJKWQLQJIDVW $6*, VHUYHU LPSOHPHQWDWLRQ EDVHG RQ
XYORRS
*XQLFRUQ VXSSRUWV ERWK :6*, DQG $6*, E\ VSHFLI\LQJ D SDUWLFXODU 8YLFRUQ
ZRUNHU FODVV DQG WKXV UHPDLQV D JRRG GHIDXOW FKRLFH IRU PRVW GHSOR\PHQWV
RXW WKHUH /HW˵V LQVWDOO ;mMB+Q`M DQG 7HbF IUDPHZRUN DQG VHH KRZ WR UXQ
D VLPSOH :6*, DSSOLFDWLRQ

0 TBTj BMbiHH 7HbF


0 +i TTXTv

7`QK 7HbF BKTQ`i 6HbF


TT 4 6HbFUnnMK2nnV

!TTX`Qmi2U^f^V
/27 ?2HHQnrQ`H/UV,
`2im`M ^>2HHQ- qQ`H/5^

:LWK WKH Tvi?QM H[HFXWDEOH ZH FDQ UXQ LW ZLWK @K DV ˸PRGXOH˹ RSWLRQ


0 2tTQ`i 6GaEnSS4?2HHQXTv
0 Tvi?QM @K 7HbF `mM
_mMMBM; QM ?iiT,ffRkdXyXyXR,8yyyf

$OWHUQDWLYHO\ ZH FDQ XVH WKH IUDPHZRUN˵V `mM VXEFRPPDQG

0 7HbF `mM
_mMMBM; QM ?iiT,ffRkdXyXyXR,8yyyf

7KHVH WZR PHWKRGV ZLOO UXQ RXU DSSOLFDWLRQ ZLWK D 3\WKRQ EXLOWLQ +773
VHUYHU %XW WR UXQ LW ZLWK *XQLFRUQ ZH KDYH WR LQVWDOO WKH ;mMB+Q`M SDFNDJH

0 TBTj BMbiHH ;mMB+Q`M


0 ;mMB+Q`M KvT`QD2+iXrb;B

:H FDQ UXQ ;mMB+Q`M IURP WKH DSSOLFDWLRQ GLUHFWRU\ ZKHUH KM;2XTv


ZRXOG EH ORFDWHG RU HQVXUH WKDW WKH DSSOLFDWLRQ LV RQ WKH 3\WKRQ SDWK
*XQLFRUQ E\ GHIDXOW VWDUWV RQH SURFHVV UXQQLQJ RQH WKUHDG OLVWHQLQJ RQ

,I ZH XVH p2Mp ZH VKRXOG EH UXQQLQJ ;mMB+Q`M ZLWKLQ WKH YLUWXDO HQYLURQ
PHQW RU XVH WKH DEVROXWH SDWK

%HIRUH :6*, 3\WKRQ ZHE IUDPHZRUNV ZHUH W\SLFDOO\ ZULWWHQ WR


UXQ ZLWK &*, )DVW&*, RU PRGBS\WKRQ :6*, ZDV DQ DWWHPSW
WR XQLᨮHG WKHVH LQWHUIDFHV

 *XQLFRUQ &RQᦣJXUDWLRQ

*XQLFRUQ VXSSRUWV YDULRXV FRPPDQGOLQH DUJXPHQWV WKDW FDQ DOVR EH SDVVHG


ZLWK :lLA*P_Ln*J.n_:a HQYLURQPHQW YDULDEOH

0 :lLA*P_Ln*J.n_:a4]@@#BM/4RkdXyXyXR] ;mMB+Q`M TT,TT


+RZHYHU EH\RQG VLPSOH FDVHV , EHOLHYH LW˵V EHWWHU WR SURYLGH D FRQᨫJXUDWLRQ
ᨫOH ZLWK WKH @+ RU @@+QM7B; RSWLRQV

0 ;mMB+Q`M @+ +QM7B;f;mMB+Q`MX+QM7 TT,TT

+HUH DUH WKH VHWWLQJV ZH VKRXOG PDNH VXUH WR VHW

˾ 5XQQLQJ LQ SURGXFWLRQ PRGH


7R SURYLGH WKH DSSOLFDWLRQ WKH ULJKW HQYLURQPHQW YDULDEOHV ZH FDQ DV
VLJQ WKHP WR `rn2Mp

`rn2Mp 4 (
^.CL:Pna1*_1hnE1u4bQK2i?BM;^-
^o_4pHm2^-
)

`rn2Mp UHSODFHV @@2Mp FRPPDQGOLQH RSWLRQ


˾ /LVWHQLQJ RQ WKH ULJKW VRFNHW
7R OLVWHQ RQ WKH 7&3 DGGUHVV RU 81,; VRFNHW ZH VHW #BM/ GLUHFWLYH DV

#BM/ 4 ^RkdXyXyXR,3yyy^
#BM/ 4 ^mMBt,fiKTfTi?fiQf;mMB+Q`MXbQ+F2i^

˾ 6HWWLQJ 3,'
7KHUH LV TB/7BH2 GLUHFWLYH WR PDNH *XQLFRUQ ZULWH LWV 3,'

TB/7BH2 4 ^fiKTfTi?fiQf;mMB+Q`MXTB/^

˾ 6HWWLQJ WKH ULJKW QXPEHU RI WKUHDGV DQG SURFHVVHV


7KH PRVW EDVLF VHWWLQJV LV VHWWLQJ YDOXHV IRU rQ`F2`b DQG i?`2/b

rQ`F2`b 4 9
i?`2/b 4 k

:LWK D OLWWOH ELW RI 3\WKRQ ZH FDQ VWDQGDUGL]H WKH QXPEHU RI ZRUNHUV


EDVHG RQ WKH QXPEHU RI &38V


BKTQ`i KmHiBT`Q+2bbBM;
rQ`F2`b 4 KmHiBT`Q+2bbBM;X+Tmn+QmMiUV k Y R

˾ &RQᦣJXULQJ ZRUNHU FODVV


,Q *XQLFRUQ ZRUNHUV FDQ EH RI GLᨪHUHQW FODVVHV WR DOORZ IRU DV\Q
FKURQRXV H[HFXWLRQ 7KH GHIDXOW LV bvM+ EXW WKHUH LV DOVR 2p2MiH2i
;2p2Mi iQ`M/Q ;i?`2/ DQG mpB+Q`M 7KHVH ZRUNHU FODVVHV UH
TXLUH WKH XQGHUO\LQJ OLEUDULHV WR EH SUHVHQW

rQ`F2`b 4 9
rQ`F2`n+Hbb 4 ^mpB+Q`M^

˾ &RQᦣJXULQJ ORJJLQJ
:H FDQ VHW XS DFFHVV DQG HUURU ORJ SDWKV RU VHW ˸˹ IRU 67'287 ORJ
JLQJ ZLWK ++2bbHQ; DQG 2``Q`HQ; GLUHFWLYHV :H FDQ DOVR FKRRVH
D ORJ OHYHO ZLWK HQ;H2p2H BM7Q r`MBM; 

HQ;H2p2H 4 ^r`MBM;^
2``Q`HQ; 4 ^fiKTf;mMB+Q`MXHQ;^
++2bbHQ; 4 ^@^
++2bbnHQ;n7Q`Ki 4 ^WU?Vb WUHVb WUmVb WUiVb ]WU`Vb]
WUbVb WU#Vb ]WU7Vb] ]WUVb]^

++2bbnHQ;n7Q`Ki DQG 2``Q`nHQ;n7Q`Ki DOORZ IRU FKDQJLQJ WKH


GHIDXOW ORJ IRUPDW
˾ &RQᦣJXULQJ JUDFHIXO UHVWDUWV
*XQLFRUQ VXSSRUWV JUDFHIXO UHVWDUWV ZLWK WKH >lS VLJQDO ZKLFK UHORDGV
WKH FRQᨫJXUDWLRQ VWDUWV WKH QHZ ZRUNHU SURFHVVHV DQG JUDFHIXOO\ VKXW
GRZQV ROGHU ZRUNHUV ,I WKH DSSOLFDWLRQ LV QRW SUHORDGHG *XQLFRUQ ZLOO
DOVR ORDG WKH QHZ YHUVLRQ RI LW
,I ZH ZDQW WR UHSODFH WKH *XQLFRUQ H[HFXWDEOH ZH FDQ LVVXH WKH
aA:la_k VLJQDO WR WKH FXUUHQW PDVWHU SURFHVV DIWHU ZH UHSODFHG LWV
H[HFXWDEOH ZLWK WKH QHZ RQH $ QHZ PDVWHU SURFHVV ZLWK QHZ ZRUNHUV
DQG D QHZ 3,' ZLOO EH VWDUWHG Xk ZLOO EH DSSHQGHG WR WKH 3,' ᨫOH 
7KLV VWUDWHJ\ DFKLHYHV ]HUR GRZQWLPH IRU SUHORDGHG ZRUNHU SURFHVVHV
EXW WKH ROG PDVWHU SURFHVV KDV WR EH PDQXDOO\ SKDVHG RXW ZLWK WKH
qAL*> VLJQDO


, UHFRPPHQG \RX WR WU\ LW

0 ;mMB+Q`M @+ +QM7B;f;mMB+Q`MX+QM7 TT,TT


0 TBTj BMbiHH @@mT;`/2 ;mMB+Q`M @@mb2`
0 bm/Q FBHH @aA:la_k 0SA.
0 bm/Q FBHH @qAL*> 0SA.

:H FDQ DOVR JLYH ZRUNHUV VRPH PRUH WLPH WR ᨫQLVK ZLWK


;`+27mHniBK2Qmi LQ VHFRQGV

;`+27mHniBK2Qmi 4 jy

˾ &RQᦣJXULQJ KRRNV
:H FDQ WDNH DGYDQWDJH RI VRPH *XQLFRUQ KRRNV

/27 TQbin7Q`FUb2`p2`- rQ`F2`V,


b2`p2`XHQ;XBM7QU]qQ`F2` bTrM2/- SA., Wb]- rQ`F2`XTB/V

/27 T`2n7Q`FUb2`p2`- rQ`F2`V,


Tbb

/27 T`2n2t2+Ub2`p2`V,
b2`p2`XHQ;XBM7QU]6Q`F2/ +?BH/- `2@2t2+miBM;X]V

/27 r?2Mn`2/vUb2`p2`V,
b2`p2`XHQ;XBM7QU]a2`p2` Bb `2/vX aTrMBM; rQ`F2`b]V

/27 rQ`F2`nBMiUrQ`F2`V,
rQ`F2`XHQ;XBM7QU]qQ`F2` `2+2Bp2/ ALh Q` ZlAh bB;MH]V

/27 rQ`F2`n#Q`iUrQ`F2`V,
rQ`F2`XHQ;XBM7QU]qQ`F2` `2+2Bp2/ aA:"_h bB;MH]V


 6XPPDU\
7KLV WLPH ZH JDWKHUHG D EHWWHU XQGHUVWDQGLQJ RI UXQQLQJ DSSOLFDWLRQ VHUYHUV
LQ SURGXFWLRQ

˾ :H OHDUQHG KRZ WR WKLQN DERXW FRQFXUUHQF\ DQG SDUDOOHOLVP 6RPH


UXQWLPHV FDQQRW DOZD\V UXQ WKLQJV HQWLUHO\ LQ SDUDOOHO ZLWKRXW UXQQLQJ
PRUH 26 SURFHVVHV 0DQ\ WLPHV ZH FDQQRW LQFUHDVH FRQFXUUHQF\ ZLWK
WKUHDGV LI ZH DUHQ˵W VXUH WKH DSSOLFDWLRQ LV WKUHDGVDIH

˾ $SSOLFDWLRQ VHUYHUV FDQ SOD\ WKHLU SDUW LQ DFKLYLQJ ]HURGRZQWLPH GH


SOR\PHQWV 7R NHHS VHUYLQJ FOLHQWV WKH\ QHHG WR VXSSRUW D SKDVHG UHVWDUW
ZKHUH WKH\ OHW FXUUHQW FRQQHFWLRQV ᨫQLVK ZLWK ROG ZRUNHUV DQG VKLIW
QHZ ORDG WR QHZO\ VWDUWHG ZRUNHUV

˾ 7KHUH DUH VHYHUDO FRQᨫJXUDWLRQ VHWWLQJV WKDW ZH QHHG WR SD\ DWWHQWLRQ WR
$PRQJ WKHP WKH SURGXFWLRQ HQYLURQPHQW VRFNHWV ELQGLQJ WKH QXPEHU
RI WKUHDGV DQG SURFHVVHV ORJJLQJ KDQGOLQJ VWDWLF DVVHWV DQG WKH UHVWDUW
VWUDWHJ\

˾ 3XPD DQG *XQLFRUQ FDQ UXQ LQ WKH FRPELQDWLRQ RI PXOWLSURFHVV DQG


PXOWLWKUHDG PRGHV DQG VXSSRUW SKDVHG UHVWDUWV 7KHUH DUH JUHDW DS
SOLFDWLRQ VHUYHUV WR VWDUW ZLWK


&KDSWHU 

%XLOGLQJ 6HUYLFHV

7KH 3URFHVVHV FKDSWHU LQWURGXFHG V\VWHPG DV D V\VWHP DQG VHUYLFH PDQDJHU


:H JRW VRPH LQVLJKW LQWR V\VWHPG XQLW ᨫOHV VWUXFWXUH DQG VDZ KRZ WKH 1*,1;
SDFNDJH VKLSV V\VWHPG FRQᨫJXUDWLRQ IRU UXQQLQJ WKH ZHE VHUYHU DV D VXSHU
YLVHG SURFHVV 6LPLODUO\ WR VXSHUYLVLQJ WKH UHYHUVH SUR[\ ZH QHHG WR VXSHUYLVH
WKH DSSOLFDWLRQ VHUYHU EDFNJURXQG MRE SURFHVVRUV DQG RWKHU UHODWHG VHUYLFHV
IRU DXWRPDWLF UHVWDUWV RQ IDLOXUHV
%\ VWDQGDUGL]LQJ RQ V\VWHPG ZH FDQ DFKLHYH D VLQJOH XQLᨫHG ZD\ RI GHSOR\LQJ
VHUYLFHV RQ WKH V\VWHP ,Q WKLV FKDSWHU ZH˵OO OHDUQ DERXW WKH WKUHH SDUWV WKDW
PDNH XS V\VWHPG XQLW ᨫOHV DQG OLVW PRVW RI WKH XVHIXO GLUHFWLYHV ZH PLJKW
QHHG 7KHQ ZH GHᨫQH WKH SURGXFWLRQ FRQᨫJXUDWLRQ IRU 3XPD DQG *XQLFRUQ
DQG VHH KRZ UHVRXUFH FRQVXPSWLRQ RI D SDUWLFXODU VHUYLFH FDQ EH OLPLWHG ZLWK
&JURXSV


 'HᦣQLQJ 6HUYLFHV
1RZ WKDW ZH NQRZ WKH EDVLFV RI UXQQLQJ DQG WURXEOHVKRRWLQJ V\VWHPG VHUYLFHV
ZH FDQ OHDUQ KRZ WR PDNH RXU RZQ 7KH TXHVWLRQ LV GR ZH HYHQ QHHG V\VWHPG
IRU WKH VHUYLFHV ZH DUH DERXW WR UXQ"
7KHUH LV D KLJK FKDQFH ZH˵OO XVH V\VWHPG IRU VRPH RWKHU SURFHVVHV OLNH D ZHE
VHUYHU RU D UHODWLRQDO GDWDEDVH ,Q WKDW FDVH QRW RQO\ GR ZH JHW WKH VDPH LQ
WHUIDFH EXW ZH DUH DOVR DEOH WR GHFODUH GHSHQGHQFLHV EHWZHHQ WKHVH VHUYLFHV
:KHQ WKH DSSOLFDWLRQ LV VWDUWHG WKH GDWDEDVH DQG ZHE VHUYHU VKRXOG EH VWDUWHG
ᨫUVW WKHQ WKH EDFNJURXQG MRE SURFHVVRU DQG ᨫQDOO\ WKH DSSOLFDWLRQ VHUYHU
7KLV ZD\ WKH VHUYLFH VWDUWV WKH DSSOLFDWLRQ RQO\ LI DOO RI LWV GHSHQGHQFLHV DUH
UXQQLQJ VPRRWKO\
:ULWLQJ D XQLW ᨫOH IRU D VHUYLFH PLJKW EH D ELW KDUGHU RU PRUH WLPHFRQVXPLQJ
WKDQ GRLQJ WKH VDPH ZLWK DQ DOWHUQDWLYH SURFHVV PDQDJHU VXFK DV )RUHPDQ RU
VRPH RI LWV SRUWV  6WLOO ZKR ZRXOG RYHUVHH \RXU DOWHUQDWLYH SURFHVV PDQDJHU"
7KDW˵V ULJKW LW ZRXOG KDYH WR EH V\VWHPG

)RUHPDQ LV EDVHG RQ VHUYLFH GHᨮQLWLRQV VSHFLᨮHG E\ 3URFᨮOH


D IDPRXV IRUPDW IURP +HURNX WR GHVFULEH PXOWLSOH SURFHVVHV
WKDW VKRXOG VWDUW DW RQFH :KLOH V\VWHPG LV DUJXDEO\ EHWWHU
IRU SURGXFWLRQ )RUHPDQ RU RQH RI LWV DOWHUQDWLYHV LV JUHDW IRU
GHYHORSPHQW $V WKH QDPH VXJJHVWV SURFHVVHV IURP 3URFᨮOH ZLOO UXQ DOO WRJHWKHU
LQ WKH IRUHJURXQG DV LI WKH\ DUH D VLQJOH SURFHVV

/HW˵V VD\ ZH ZDQW WR FUHDWH D VHUYHU WKDW OLVWV RXU VKDUHG GLUHFWRU\ FRQWHQWV
$V DGPLQV ZH ZDQW WR EH DEOH WR GURS ᨫOHV WKDW EHFRPH DYDLODEOH WR RWKHUV
RQ WKH ,QWHUQHW 7KH IDVWHVW ZD\ WR LPSOHPHQW WKLV VWDWLF ᨫOH VHUYHU WR P\
NQRZOHGJH LV WR UHDFK IRU 3\WKRQ˵V EXLOWLQ ᨫOH VHUYHU , DOUHDG\ XVHG DV DQ
H[DPSOH EHIRUH

0 Tvi?QMj @K ?iiTXb2`p2` @@#BM/ yXyXyXy 3y3y

7KH VQLSSHG DERYH ZLOO DXWRPDWLFDOO\ VHUYH WKH FXUUHQW ZRUNLQJ GLUHFWRU\ RQ
SRUW  DQG H[SRVH LW WR DQ\ERG\ ZLWK @@#BM/ VHW WR  WKLV LV D
GHIDXOW VR ,˵OO RPLW LW LQ WKH QH[W VWHS  7KH WDVN LV WR DXWRPDWLFDOO\ UXQ WKLV
DV D V\VWHPG XQLW RQ WKH V\VWHP VWDUWXS DQG OHW LW VHUYH D VKDUHG GLUHFWRU\
ORFDWHG DW f?QK2f/KBMfb?`2/


)LUVW OHW˵V FUHDWH WKLV GLUHFWRU\ DQG FKHFN WKDW RXU RQHOLQHU ZRUNV

0 KF/B` f?QK2f/KBMfb?`2/
0 +i ]A K b?`2/ 7BH2] = f?QK2f/KBMfb?`2/fb?`2/n7BH2Xiti
0 +/ f?QK2f/KBMfb?`2/  Tvi?QMj @K ?iiTXb2`p2` 3y3y

$QG LQ GLᨪHUHQW WHUPLQDO RU ZLWK WKH KHOS RI %DVK DQ#b FDSDELOLW\  UXQ

0 +m`H ?iiT,ffHQ+H?Qbi,3y3yf

,I \RX VHH DQ +70/ OLVWLQJ ZLWK b?`2/n7BH2Xiti LQ LW LW ZRUNHG


7R EXLOG WKLV ᦣUVW VHUYLFH RXW RI D VLPSOH 3\WKRQ FRPPDQG ZH RQO\ QHHG D
KDQGIXO RI GLUHFWLYHV

0 +i f2i+fbvbi2K/fbvbi2Kfb?`BM;Xb2`pB+2
(lMBi)
_2[mB`2b4M2irQ`FXi`;2i
.2b+`BTiBQM4/KBM^b a?`BM; a2`p2`

(a2`pB+2)
hvT24bBKTH2
lb2`4/KBM
qQ`FBM;.B`2+iQ`v4f?QK2f/KBMfb?`2/
1t2+ai`i4fmb`f#BMfTvi?QMj @K ?iiTXb2`p2` @@#BM/ yXyXyXy 3y3y
_2bi`i4Hrvb

(AMbiHH)
qMi2/"v4KmHiB@mb2`Xi`;2i

$OO XQLW ᨫOHV ZH PDNH VKRXOG EH SXW LQVLGH f2i+fbvbi2K/fbvbi2K ZLWK


D Xb2`pB+2 VXᨬ[ $V \RX FDQ VHH DERYH HYHU\ VHUYLFH XQLW ᨫOH KDV WKUHH
VHFWLRQV (lMBi) (a2`pB+2) DQG (AMbiHH)

˾ 7KH 8QLW VHFWLRQ GHVFULEHV WKH XQLW LQ JHQHUDO DQG LW˵V WKH VDPH IRU
DOO V\VWHPG XQLWV QRW RQO\ VHUYLFHV ,Q RXU FDVH DOO ZH QHHG LV WKH
UHTXLUHPHQW IRU WKH QHWZRUN WR EH ˸XS˹ DQG D VLPSOH GHVFULSWLRQ


˾ 7KH 6HUYLFH VHFWLRQ GHVFULEHV VHUYLFHV 7KDW˵V ZKHUH WKH LQWHUHVWLQJ
VWXᨪ LV KDSSHQLQJ $V \RX FDQ VHH ZH WROG V\VWHPG WR UXQ RXU 3\WKRQ˵V
VKDULQJ VHUYHU ZLWK 1t2+ai`i IURP D JLYHQ qQ`FBM;.B`2+iQ`v DV
WKH DGPLQ lb2` :H FRSLHG WKH RULJLQDO FRPPDQG ZLWK WKH IXOO SDWK
WR WKH Tvi?QMj H[HFXWDEOH ˱ QRWKLQJ PRUH DQG QRWKLQJ OHVV 7KHQ
ZH LPSOHPHQWHG DXWRPDWLF UHVWDUWV ZLWK _2bi`i4Hrvb VR WKDW LI
WKH VHUYHU JRHV GRZQ V\VWHPG ZLOO DWWHPSW WR UHVWDUW LW :H VKRXOGQ˵W
IRUJHW LW VLQFH LW˵V QRW WKH GHIDXOW EHKDYLRU

˾ 7KH ,QVWDOO VHFWLRQ GHVFULEHV GHSHQGHQFLHV DPRQJ XQLWV GXULQJ WKH V\V
WHP VWDUWXS +HUH ZH FRXOG GHSHQG RQ WKH M;BMt VHUYLFH LI ZH ZRXOG
UXQ WKH VKDULQJ VHUYHU LQ WKH UHYHUVH SUR[\ VHWXS 7KH qMi2/"v GL
UHFWLYH GHVFULEHV WKH RUGHU LQ ZKDW XQLWV VWDUW RQ VWDUWXS

$W WKLV SRLQW ZH FDQ TXLFNO\ VWDUW LW DQG HQDEOH LW

0 bm/Q +?KQ/ d88 f2i+fbvbi2K/fbvbi2Kfb?`BM;Xb2`pB+2


0 bm/Q bvbi2K+iH 2M#H2 @@bi`i b?`BM;Xb2`pB+2

,I DOO LV ZHOO RWKHU XVHUV RQ WKH V\VWHP FDQ HDVLO\ UHDFK RXU VKDUHG ᨫOHV DW SRUW
3y3y OLNH EHIRUH

0 +m`H ?iiT,ffHQ+H?Qbi,3y3yf
I5.P*huS1 >hJG Sl"GA* ]@ffqj*ff.h. >hJG 9XyRff1L]
]?iiT,ffrrrXrjXQ`;fh_f?iKH9fbi`B+iX/i/]=
I?iKH=
I?2/=
IK2i ?iiT@2[mBp4]*QMi2Mi@hvT2] +QMi2Mi4]i2tif?iKHc
+?`b2i4mi7@3]=
IiBiH2=.B`2+iQ`v HBbiBM; 7Q` fIfiBiH2=
If?2/=
I#Q/v=
I?R=.B`2+iQ`v HBbiBM; 7Q` fIf?R=
XXX

,Q FDVH ZH PDGH D PLVWDNH LQ WKH XQLW ᨫOH ZH˵OO QHHG WR UXQ bvbi2K+iH
/2KQM@`2HQ/ DIWHU DQ\ FKDQJHV WR WKH VHUYLFH ᨫOH EHIRUH WU\LQJ WR VWDUW LW
DJDLQ


 6HUYLFH 8QLWV

7KHUH DUH PDQ\ GLUHFWLYHV IRU GHVFULELQJ VHUYLFHV 2Q WKH IROORZLQJ IHZ SDJHV
,˵OO JR WKURXJK WKH PRVW FRPPRQ GLUHFWLYHV \RX PLJKW QHHG , VWDUW ZLWK WKH
XQLW VHFWLRQ ZKLFK GHVFULEHV XQLWV LQ JHQHUDO WKHQ PRYH WR WKH VHUYLFHVSHFLᨫF
GLUHFWLYHV DQG ᨫQLVK ZLWK WKH LQVWDOO VHFWLRQ ZKLFK GHVFULEHV DOO XQLWV WKDW FDQ
EH HQDEOHG RQ V\VWHP VWDUWXS

7R ᨮQG GRFXPHQWDWLRQ IRU DOO RI WKHVH GLUHFWLYHV UXQ ˸PDQ ᨪ V\V


WHPGGLUHFWLYHV˸

 8QLW 6HFWLRQ

7KH 8QLW VHFWLRQ LV WKH VDPH IRU DOO W\SHV RI XQLW ᨫOHV LQFOXGLQJ VHUYLFHV
GHᨫQLQJ PHWDGDWD DQG XQLW UHODWLRQVKLSV
'HVFULSWLRQ VLPSO\ GHVFULEHV WKH QDPH DQG SRVVLEO\ D VKRUW GHVFULSWLRQ RI
WKH VHUYLFH
'RFXPHQWDWLRQ SRLQWV WR D ORFDWLRQ RI GRFXPHQWDWLRQ ,W FRXOG EH D PDQ
SDJH DV LW˵V WKH FDVH LQ ?iiT/Xb2`pB+2 RU ZHEDFFHVVLEOH 85/V ([DPSOH

(lMBi)
XXX
.Q+mK2MiiBQM4KM,?iiT/Xb2`pB+2U3V ?iiTb,ff2tKTH2X+QKf/Q+b
XXX

5HTXLUHV OLVWV DOO XQLWV WKH VHUYLFH GHSHQGV RQ DQG FDQQRW EH UXQQLQJ ZLWKRXW
%\ GHIDXOW WKHVH XQLWV DUH VWDUWHG LQ SDUDOOHO ZLWK WKH FXUUHQW XQLW
:DQWV LV D OHVV VWULFW YHUVLRQ RI _2[mB`2b ,W VWDWHV WKH GHSHQGHQF\ EXW VWDUWV
WKLV VHUYLFH HYHQ LQ FDVH RI IDLOXUH RI VHUYLFHV WKLV GHSHQGV RQ 7KDW LV WKH
PRVW FRPPRQ ZD\ WR FRQᨫJXUH VHUYLFH GHSHQGHQFLHV ([DPSOH

(lMBi)
XXX
qMib4TQbi;`2b[HXb2`pB+2 2tKTH2+QK@#+F;`QmM/@DQ#bXb2`pB+2
XXX


_2[mB`2b LV EHWWHU ZKHQ \RX ZDQW WR EH UXQQLQJ DOO RU QRWKLQJ qMib ZKHQ
D VHUYLFH FDQ VWLOO UXQ SDUWLDOO\
, DOVR VHW qMib WR KmHiB@mb2`Xi`;2i EHIRUH
7DUJHWV DUH V\VWHPG XQLWV WR V\QFKURQL]H VHUYLFHV GXULQJ V\VWHP VWDUWXS %\
FKRRVLQJ KmHiB@mb2`Xi`;2i ZH VWDUW WKH VHUYLFH DIWHU #bB+Xi`;2i
RQFH PRUH FULWLFDO XQLWV RI WKH V\VWHP DUH VWDUWHG ,Q WKLV ERRN ZH ZRQ˵W QHHG
DQ\ RWKHU WDUJHW EXW LW˵V DOVR SRVVLEOH WR FUHDWH \RXU WDUJHWV DQG VFKHGXOH WKH
VWDUW RI VHUYLFHV ZLWK WKHP
3DUW2I LV VLPLODU WR _2[mB`2b EXW ZRXOG UHVWDUW RU VWRS WKH VHUYLFH LI RQH
RI WKH VSHFLᨫHG VHUYLFHV UHVWDUWV ,I WKH VSHFLᨫHG VHUYLFH DOVR VKRXOG EHKDYH
VLPLODUO\ WKHQ LW QHHGV LWV RZQ S`iP7
%HIRUH VSHFLᨫHV ZKDW XQLWV VKRXOG EH VWDUWHG DIWHU WKLV XQLW $IWHU VSHFLᨫHV
WKH RSSRVLWH ZKDW XQLWV VKRXOG VWDUW EHIRUH WKLV RQH 6LQFH _2[mB`2b DQG
qMib GRQ˵W JXDUDQWHH WKH RUGHU LQ ZKLFK XQLWV VWDUW ZH FDQ WDNH DGYDQWDJH
RI "27Q`2 DQG 7i2` WR GHᨫQH WKLV RUGHU +HUH˵V DQ H[DPSOH RI HQVXULQJ WKH
GDWDEDVH VHUYLFH VWDUWV ᨫUVW

(lMBi)
XXX
qMib4TQbi;`2b[HXb2`pB+2 2tKTH2+QK@#+F;`QmM/@DQ#bXb2`pB+2
7i2`4TQbi;`2b[HXb2`pB+2
XXX

'HᨫQLQJ WKH RUGHU GRHVQ˵W VSHFLI\ WKH GHSHQGHQF\ LQ DQ\ ZD\ 6R \RX ZDQW
WR FRPELQH LW ZLWK _2[mB`2b DQG qMib
2Q)DLOXUH DOORZV VWDUWLQJ RWKHU XQLWV LQ FDVH RI IDLOXUHV :LWK PM6BHm`2
\RX FDQ VWDUW D VPDOO SODFHKROGHU VHUYLFH OLNH D FXVWRPHU VXSSRUW FKDW ZKHQ
\RXU PDLQ DSSOLFDWLRQ ZRQ˵W VWDUW
,I \RXU VHUYLFH ZLOO FRQᨭLFW LQ DQ\ ZD\ ZLWK RWKHU VHUYLFHV RU GHSHQG RQ D
SUHFRQGLWLRQ RQ WKH V\VWHP \RX VKRXOG ORRN LQWR &RQᦥLFWV DQG &RQGLWLRQ
GLUHFWLYHV LQ WKH 8QLW VHFWLRQ PDQXDO

0 KM 8 bvbi2K/XmMBi


 6HUYLFH 6HFWLRQ

7KH VHUYLFH VHFWLRQ LV VSHFLᨫF WR WKH Xb2`pB+2 XQLWV GHVFULELQJ VHUYLFHV $W


D EDUH PLQLPXP ZH VKRXOG VSHFLI\ WKH W\SH RI WKH VHUYLFH ZLWK hvT2 DQG WKH
PDLQ SURFHVV ZLWK 1t2+ai`i
7\SH VSHFLᨫHV WKH W\SH RI WKH VHUYLFH RI ZKLFK WKHUH DUH IRXU \RX VKRXOG NQRZ
DERXW

˾ bBKTH2 VHUYLFH GHᨫQHG LQ 1t2+ai`i GLUHFWLYH LV VWDUWHG DV WKH PDLQ


SURFHVV GHIDXOW 
˾ 7Q`FBM; VHUYLFH GHᨫQHG LQ 1t2+ai`i IRUNV DQG WKH SDUHQW LV H[
SHFWHG WR H[LW SA.6BH2 VKRXOG EH VHW IRU WKH V\VWHPG WR NQRZ ZKDW˵V
WKH SURFHVV WR FRQWURO
˾ QM2b?Qi DV bBKTH2 EXW WKH SURFHVV LV H[SHFWHG WR H[LW EHIRUH VWDUWLQJ
IROORZXS VHUYLFHV ,W˵V PRUH D RQHWLPH VFULSW WKDQ D SURSHU VHUYLFH
˾ MQiB7v DV bBKTH2 EXW D QRWLᨫFDWLRQ PHVVDJH XVLQJ b/nMQiB7v RU DQ
HTXLYDOHQW LV H[SHFWHG IURP WKH SURFHVV IRU V\VWHPG WR VWDUW IROORZXS
VHUYLFHV

,PDJLQH D ˸VLPSOH˸ VHUYLFH DV WKH RQH UHPDLQLQJ LQ \RXU VKHOO


IRUHJURXQG DIWHU VWDUWLQJ $ ˸IRUNLQJ˸ VHUYLFH ZRXOG IRUN DQG
H[LW WKHUHIRUH GLVDSSHDULQJ IURP \RXU VKHOO IRUHJURXQG 5XQ
QLQJ D FRPPDQG ZLWK DQ DPSHUVDQG LQ %DVK LV RQH H[
DPSOH RI D VHUYLFH WKDW IRUNV DQG H[HFV

<RX FDQ WKLQN RI hvT2 DV D ZDLWLQJ VWUDWHJ\ WR VWDUW RWKHU VHUYLFHV )RU bBKTH2
VHUYLFHV WKHUH LV QR ZDLWLQJ DQG V\VWHPG LPPHGLDWHO\ FRQWLQXHV DIWHU VWDUWLQJ
WKHP )RU 7Q`FBM; VHUYLFHV V\VWHPG ZDLWV IRU WKH LQWHUPHGLDWH SURFHVV WR
H[LW $QG IRU MQiB7v VHUYLFHV V\VWHPG ZDLWV IRU D QRWLᨫFDWLRQ WKDW VKRXOG
FRPH IURP WKH VHUYLFH LWVHOI
8VLQJ WKH MQiB7v W\SH UHTXLUHV DOWHULQJ WKH VHUYLFH WR XVH b/nMQiB7v D V\V
WHPG $3, FDOO $SSOLFDWLRQ VHUYHUV FDQ WDNH DGYDQWDJH RI LW WR LQIRUP V\VWHPG
RI WKHLU VXFFHVVIXO VWDUWXS ZKLFK FDQ KDSSHQ DIWHU SUHORDGLQJ WKH DSSOLFDWLRQ
VSDZQLQJ ZRUNHUV HWF  ,I \RX ZDQW WR WU\ LW IURP %DVK FUHDWH D VPDOO VHUYLFH
WKDW FDOOV bvbi2K/@MQiB7v H[HFXWDEOH OLNH WKLV


O5f#BMf#b?
bH22T 8
bvbi2K/@MQiB7v @@`2/v
bH22T 8yyyyyyy

$SDUW IURP UHSRUWLQJ D VXFFHVVIXO VWDUW ZH FDQ FRPELQH WKH MQiB7v VHU
YLFHV ZLWK WKH :DWFKGRJ6HF GLUHFWLYH VHFRQGV RI XQUHVSRQVLYHQHVV  ZKLFK
UHVWDUWV WKH SURFHVV LI LW KDQJV ,Q VXFK D FDVH WKH VHUYLFH KDV WR NHHS VHQGLQJ
D VXFFHVVIXO b/nMQiB7v FDOO ZLWK qh*>.P:4R

5XE\ KDV D UXE\VGQRWLI\ JHP DQG 3\WKRQ KDV DQ VGBQRWLI\


SDFNDJH WR LPSOHPHQW V\VWHPG VGBQRWLI\ QRWLᨮFDWLRQV IURP
VFUDWFK 3XPD ᨨᨤ DQG *XQLFRUQ ᨥᨣ KDYH WKH VXSSRUW IRU
VGBQRWLI\ EDNHG LQ

3,')LOH GHᨫQHV D ᨫOHQDPH SRLQWLQJ WR WKH 3,' ᨫOH RI WKH GDHPRQ ZKLFK LV
XVHG DORQJVLGH IRUNLQJ VHUYLFHV V\VWHPG ZRQ˵W ZULWH WR WKH ᨫOH DV WKH SURFHVV
LWVHOI GRHV WKLV +RZHYHU WKH ᨫOH LV UHPRYHG RQFH WKH VHUYLFH VKXWV GRZQ ,I
\RXU VHUYLFH IRUNV RQ VWDUW \RX FRXOG WHOO V\VWHPG DERXW LWV UHDO 3,' ZLWK WKH
IROORZLQJ

XXX
(a2`pB+2)
hvT247Q`FBM;
XXX
SA.6BH24fTi?fiQfTTfiKTfb2`p2`XTB/
XXX

8VHU VHWV WKH XVHU WKH SURFHVV ZRXOG EH H[HFXWHG DV


*URXS VHWV WKH JURXS WKH SURFHVV ZRXOG EH H[HFXWHG DV
:RUNLQJ'LUHFWRU\ GHᨫQHV WKH ZRUNLQJ GLUHFWRU\ *LYH DQ DEVROXWH SDWK
(QYLURQPHQW)LOH GHᨫQHV DQ HQYLURQPHQW ᨫOH WKDW ZRXOG EH VRXUFHG WKH
YDULDEOHV IURP LW EHFRPH DYDLODEOH WR WKH VHUYLFH DV HQYLURQPHQW YDULDEOHV 

1MpB`QMK2Mi6BH24fb`pfTTfX2Mp


7KH ᨫOH LWVHOI ZRXOG ORRN OLNH WKH IROORZLQJ

.h"a1nl_G4]?iiTb,ffXXX]
qP_E1_a48
XXX

([HF6WDUW GHᨫQHV WKH SURFHVV WR EH VWDUWHG ,W FRXOG EH D FRPPDQG WR VWDUW


WKH DSSOLFDWLRQ VHUYHU RU WKH EDFNJURXQG MRE SURFHVVRU ,Q WKH FDVH RI 3XPD
WKLV FRXOG ORRN DV IROORZV

XXX
(a2`pB+2)
XXX
O PM2 Q7 i?2 7QHHQrBM;
1t2+ai`i4f?QK2fmb2`fX;2Kf`m#vfjXyXyf#BMfTmK @* +QM7B;fTmKX`#
1t2+ai`i4fmb`f#BMf+?`m#v@2t2+ jXyXy @@ TmK @* +QM7B;fTmKX`#
1t2+ai`i4fmb`f#BMf#b? @H+ ^#mM/H2 2t2+ TmK @* +QM7B;fTmKX`#^
XXX

:H FDQ XVH GLUHFW SDWKV H[HF HQYLURQPHQWV OLNH +?`m#v@2t2+ RU HYHQ VWDUW
VRPHWKLQJ ZLWK D ORJLF VKHOO 7KH LPSRUWDQW WKLQJ LV WKDW WKH H[HFXWDEOH LV
VSHFLᨫHG ZLWK WKH DEVROXWH SDWK
([HF6WDUW3UH DQG ([HF6WDUW3RVW GHᨫQH FRPPDQGV WR EH H[HFXWHG MXVW EHIRUH
DQG DIWHU WKH VWDUW RI WKH VHUYLFH ,I ZH ZRXOG OLNH WR FOHDQ DSSOLFDWLRQ ORJV
EHIRUH VWDUWLQJ 1t2+ai`iS`2 FRXOG EH WKH SODFH WR PDNH LW KDSSHQ
([HF5HORDG VSHFLᨫHV WKH FRPPDQG WR XVH IRU WKH VHUYLFH WR UHORDG ,I QRW
VSHFLᨫHG 1t2+aiQT IROORZHG E\ 1t2+ai`i ZLOO EH XVHG WR VWDUW WKH SURFHVV
DJDLQ 0RVW OLNHO\ \RX QHHG WR VHQG D FXVWRP VLJQDO WR WKH SURFHVV

1t2+_2HQ/4fmb`f#BMfFBHH @b >lS 0JALSA.


1t2+_2HQ/4fmb`f#BMfFBHH @b aA:la_R 0JALSA.

7KH 0JALSA. YDULDEOH LV SRSXODWHG DXWRPDWLFDOO\ DQG UHIHUV WR WKH PDLQ


SURFHVV RI WKH XQLW
([HF6WRS GHᨫQHV KRZ WKH SURFHVV VKRXOG JUDFHIXOO\ VWRS


([HF6WRS3RVW VSHFLᨫHV WKH FRPPDQG WR UXQ DIWHU WKH VHUYLFH VWRSV 7KDW FDQ
EH VRPH NLQG RI FOHDQXS RU QRWLᨫFDWLRQ
5HVWDUW6HF VSHFLᨫHV KRZ ORQJ LQ VHFRQGV WKH VHUYLFH VKRXOG VOHHS EHIRUH DW
WHPSWLQJ D UHVWDUW
7LPHRXW6WDUW6HF GHᨫQHV WLPHRXW IRU WKH VHUYLFH VWDUWXS ,I LW WDNHV ORQJHU
WKHQ WKH VWDUWXS LV FRQVLGHUHG XQVXFFHVVIXO
7LPHRXW6WRS6HF GHᨫQHV WKH WLPHRXW IRU WKH VHUYLFH WR VWRS ,I LW WDNHV ORQJHU
WKHQ WKH VKXWGRZQ LV FRQVLGHUHG XQVXFFHVVIXO
7LPHRXW6HF VSHFLᨫHV WKH WLPHRXW DW RQFH ERWK IRU hBK2Qmiai`ia2+ DQG
hBK2QmiaiQTa2+
5XQWLPH0D[6HF VSHFLᨫHV D UXQWLPH OLPLW LQ VHFRQGV 7KLV FDQ EH XVHIXO IRU
VKRUWOLYHG VHUYLFHV 'HIDXOW LV BM7BMBiv
5HVWDUW GHᨫQHV D VHUYLFH UHVWDUW VWUDWHJ\ IRU IDLOXUHV

˾ MQ QHYHU UHVWDUW GHIDXOW 


˾ QM@bm++2bb UHVWDUW LI WKH SURFHVV H[LWV ZLWKRXW DQ\ HUURUV ]HUR H[LW
FRGH 
˾ QM@7BHm`2 UHVWDUW LI WKH SURFHVV H[LWV ZLWK DQ HUURU QRQ]HUR H[LW
FRGH 
˾ QM@#MQ`KH UHVWDUW LI WKH SURFHVV ᨫQLVKHV ZLWK D VLJQDO RU LI D WLPHRXW
RFFXUV
˾ QM@#Q`i UHVWDUW LI WKH SURFHVV ᨫQLVKHV ZLWK DQ XQFDXJKW VLJQDO
˾ Hrvb DOZD\V DWWHPSW WR UHVWDUW

,I WKH LGHD LV WR UHFRYHU IURP D IDLOXUH ZH VKRXOG JR ZLWK Hrvb DQG VWRS
WKH VHUYLFH JUDFHIXOO\ XVLQJ V\VWHPG LI QHFHVVDU\

6HUYLFH UHVWDUWV DUH RQH UHDVRQ IRU PLVVLQJ WKH UHDO FXOSULWV EH
KLQG VHUYLFH IDLOXUHV ,I \RX DUH FUHDWLQJ D QHZ VHUYLFH DQG WKH
MRXUQDOFWO RXWSXW LV QRW SDUWLFXODUO\ KHOSIXO FKDQJH WKH UHVWDUW
SROLF\ WR ˸QR˸ <RX PLJKW QRZ VHH WKH UHDO IDLOXUH LQ WKH ORJ

/LPLW12),/( FDQ OLPLW WKH QXPEHU RI ᨫOH GHVFULSWRUV DQG WKXV VRFNHWV IRU
WKH JLYHQ VHUYLFH 7KLV VHWWLQJ FDQ HQVXUH WKDW LI \RXU DSSOLFDWLRQV KDYH WURXEOH
FORVLQJ VRFNHWV LQ WLPH LW ZRQ˵W UHDFK WKH V\VWHP OLPLW


.LOO6LJQDO VSHFLᨫHV D FXVWRP VLJQDO IRU NLOOLQJ WKH SURJUDP OLNH aA:ZlAh 
,I LW GRHVQ˵W ZRUN aA:EAGG LV VHQW DIWHU 5HVWDUW.LOO6LJQDO LQKHULWV WKLV YDOXH
DV ZHOO
,Q D PRPHQW ZH˵OO DOVR JR WKURXJK UHVRXUFHOLPLWLQJ GLUHFWLYHV ,Q JHQHUDO
\RX FDQ DOZD\V FRQVXOW KM d bvbi2K/X/B`2+iBp2b

 ,QVWDOO 6HFWLRQ

7KH LQVWDOO VHFWLRQ LV XVHG RQO\ IRU XQLWV ZH FDQ HQDEOH ZLWK @@2M#H2
VLQFH LW GHVFULEHV ZKDW KDSSHQV RQ WKH V\VWHP˵V VWDUWXS $V VXFK WKH ZKROH
VHFWLRQ LV RSWLRQDO
7KH 5HTXLUHG%\ DQG :DQWHG%\ GLUHFWLYHV PDUN WKH VHUYLFH DV D GHSHQGHQW
RI DQRWKHU VR WKH\ ZLOO EH VWDUWHG WRJHWKHU 7KHUH DUH DQDORJRXV WR _2[mB`2b
DQG qMib IURP WKH 8QLW VHFWLRQ VR _2[mB`2/"v ZLOO IDLO WR VWDUW WKH VSHFLᨫHG
VHUYLFH LI WKH FXUUHQW RQH ZRQ˵W ZKHUHDV qMi2/"v ZLOO RQO\ DWWHPSW WR VWDUW
WKLV RQH ,Q WKH H[DPSOH RI WKH VKDULQJ VHUYHU ZH FRXOG EH VWDUWLQJ LW WRJHWKHU
ZLWK WKH M;BMt DQG Qi?2`@b2`pB+2 VHUYLFHV ZLWK

XXX
(AMbiHH)
_2[mB`2/"v4M;BMtXb2`pB+2 Qi?2`@b2`pB+2Xb2`pB+2

:LWK WKHVH VHWWLQJV WKH FXUUHQW VHUYLFH ZLOO EH VWDUWHG DXWRPDWLFDOO\ WRJHWKHU
ZLWK 1*,1; DQG Qi?2` b2`pB+2bX LQi2 i?i i?Bb ;BM /Q2bM^i
+?M;2 i?2 Q`/2` Q7 i?2 bi`i- bQ vQm rQmH/ biBHH M22/
i?2%HIRUH˴ GLUHFWLYH IRU WKDW
,Q DQ\ FDVH \RX VKRXOG VSHFLI\ WKH ULJKW WDUJHW ZLWK qMi2/"v &KRRVH
KmHiB@mb2`Xi`;2i IRU KHDGOHVV VHUYLFHV RU ;`T?B+HXi`;2i WDUJHW
IRU *8, SURJUDPV

XXX
qMi2/"v4KmHiB@mb2`Xi`;2i

 *OREDO VHWWLQJV

$ V\VWHPJOREDO FRQᨫJXUDWLRQ ᨫOH f2i+fbvbi2K/fbvbi2KX+QM7 DQG XVHU


JOREDO f2i+fbvbi2K/fmb2`X+QM7 FDQ GHᨫQH PDQ\ RI WKH FRQGLWLRQV DQG


OLPLWV IRU WKH V\VWHP DV D ZKROH )RU H[DPSOH VHWWLQJ GBKBiLP6AG1 LQ \RXU
VHUYLFH ZRQ˵W WDNH WKH GHVLUHG HᨪHFW LI LW VSHFLᨫHV D QXPEHU KLJKHU WKDQ WKH
RQH GHᨫQHG LQ bvbi2KX+QM7

 8VHU 6HUYLFHV

8S WR WKLV SRLQW ZH WDONHG DERXW V\VWHP XQLW ᨫOHV PDQDJHG E\ URRW ˱ HYHQ LI
UXQ XQGHU DQ HᨪHFWLYH XVHU ,' ZLWK WKH 8VHU GLUHFWLYH
7KHUH DUH DOVR XVHU VHUYLFHV WKDW FDQ EH PDQDJHG E\ XVHUV GLUHFWO\ 6XFK
VHUYLFH ᨫOHV ZRXOG EH LQVWDOOHG LQ fX+QM7B;fbvbi2K/fmb2` DQG ZRXOGQ˵W
XVH WKH 8VHU GLUHFWLYH

530 SDFNDJHV ZRXOG LQVWDOO VXFK VHUYLFHV LQ XVUOLEV\V


WHPGXVHU DQG HWFV\VWHPGXVHU FDQ EH XVHG WR LQVWDOO D VHUYLFH
IRU DOO XVHUV

7KH\ ZLOO DOVR UHTXLUH WKH @@mb2` ᨭDJ IRU DQ\ NLQG RI WKH bvbi2K+iH FRP
PDQG

0 bvbi2K+iH @@mb2` bi`i 0a1_oA*1Xb2`pB+2


0 bvbi2K+iH @@mb2` 2M#H2 0a1_oA*1Xb2`pB+2
0 bvbi2K+iH @@mb2` /2KQM@`2HQ/

7KH\ IHHO DOPRVW WKH VDPH DV V\VWHP RQHV EXW WKHUH LV RQH LPSRUWDQW GLᨪHUHQFH
DSDUW IURP QRW UHTXLULQJ bm/Q
:KHQ \RX HQDEOH V\VWHP VHUYLFHV WKH\ UXQ DV ORQJ DV WKH V\VWHP LV UXQQLQJ
8VHU VHUYLFHV VWDUW ZKHQ WKH XVHU ORJV LQ DQG UXQ DV ORQJ DV WKHUH LV D VHVVLRQ
IRU WKLV XVHU :KHQ \RX QHHG WR GHFLGH ZKHWKHU WR EXLOG D V\VWHP RU XVHU
VHUYLFH WKLQN DERXW WKH ORQJHYLW\ RI WKH VHUYLFH
,I \RX DUH EXLOGLQJ D ZHE DSSOLFDWLRQ VHUYLFH FKDQFHV DUH \RX ZDQW LW WR EH
DOZD\V UXQQLQJ <RX FDQ WKHQ XVH WKH 8VHU GLUHFWLYH WR OLPLW LWV ULJKWV DQG
DOORZ WKH bvbi2K+iH PDQDJHPHQW ZLWK VXGR IRU FRQYHQLHQFH


 $SSOLFDWLRQ 6HUYLFHV
, SUHVHQWHG D EDVLF V\VWHPG FRQᨫJXUDWLRQ WKDW ZUDSSHG D VLQJOH H[HFXWDEOH DV D
VHUYLFH DW WKH EHJLQQLQJ RI WKH FKDSWHU ,Q D VLPLODU IDVKLRQ ZH KDYH WR FUHDWH
VHUYLFH ᨫOHV IRU DQ\ VHUYLFHV ZH˵OO QHHG 7KDW˵V SULPDULO\ DSSOLFDWLRQ VHUYHUV
EXW LW FDQ EH DQ\ RWKHU ORQJUXQQLQJ SDUW RI \RXU DSSOLFDWLRQ OLNH EDFNJURXQG
MRE SURFHVVRUV
2XU YHU\ ᨫUVW VHUYLFH GHᨫQHG PRVW RI WKH HVVHQWLDOV ˱ QDPHO\ lb2`
qQ`FBM;.B`2+iQ`v 1t2+ai`i DQG _2bi`i GLUHFWLYHV %\ DGGLQJ DQ
1MpB`QMK2Mi6BH2 GLUHFWLYH IRU UXQWLPH FRQᨫJXUDWLRQ ZH FDQ DOPRVW VWDUW
EXLOGLQJ VLPSOH DSSOLFDWLRQ VHUYLFHV %XW ZH VKRXOGQ˵W IRUJHW DERXW JUDFHIXO
UHVWDUWV
,Q IDFW ZH QHHG WR VWDUW E\ WDONLQJ DERXW WKH GLᨪHUHQFH EHWZHHQ D UHVWDUW DQG
D UHORDG RI D V\VWHPG VHUYLFH

˾ $ VHUYLFH UHVWDUW bvbi2K+iH `2bi`i LV PHUHO\ D FRPELQDWLRQ RI


VWRSSLQJ DQG VWDUWLQJ WKH VHUYLFH ZKLFK ZH FRXOG GR ZLWK bvbi2K+iH
biQT IROORZHG E\ bvbi2K+iH bi`i 

˾ $ VHUYLFH UHORDG bvbi2K+iH `2HQ/ LV DQ RSSRUWXQLW\ WR UHORDG


WKH FRQᨫJXUDWLRQ RU UXQ D SKDVHG UHVWDUW LQ D QRQGLVUXSWLYH ZD\ ,I
WKH ORQJUXQQLQJ VHUYLFH VXSSRUWV VXFK DQ RSWLRQ ZH FDQ GHᨫQH DQ
1t2+_2HQ/ GLUHFWLYH WR VHQG WKH ULJKW VLJQDO WR WKH SURFHVV 7KH
IDOOEDFN LV EDVLFDOO\ WKH VDPH DV D VHUYLFH UHVWDUW

:KDW LI WKH DSSOLFDWLRQ VHUYHU GRHVQ˵W VXSSRUW D JUDFHIXO UHVWDUW ZH QHHG


WKRXJK" ,W PLJKW EH DEOH WR UHORDG WKH ZRUNHUV EXW ZRXOG FRQWLQXH WR UXQ WKH
ROG PDVWHU SURFHVV ,I ZH VWLOO ZDQW WR SXUVXH WKH LGHD RI D JUDFHIXO UHVWDUW
ZLWK QR GLVUXSWLRQV ZH FDQ DFKLHYH LW ZLWK V\VWHPG XVLQJ D IHDWXUH FDOOHG WKH
VRFNHW DFWLYDWLRQ

<RX FDQ GHᨮQH ([HF5HORDG IRU FRQᨮJXUDWLRQ FKDQJHV DQG OHYHU


DJH VRFNHW DFWLYDWLRQ IRU UHVWDUWV WKDW KDYH WR KDSSHQ RQ XS
JUDGHV WR JHW WKH EHVW RI ERWK ZRUOGV )RU QRQFULWLFDO SURMHFWV
D VPDOO PDLQWHQDQFH ZLQGRZ PLJKW EH DFFHSWDEOH


 6RFNHW $FWLYDWLRQ

:LWK WKH VRFNHW DFWLYDWLRQ V\VWHPG RSHQV WKH VRFNHWV IRU WKH VHUYLFH LQ DGYDQFH
DQG SDVVHV WKHP WR WKH VHUYLFH RQ VWDUWXS &OLHQW FRQQHFWLRQV DUH DOZD\V
DFFHSWHG 7KH UHVXOW LV VLPLODU WR 3XPD˵V KRW UHVWDUW ZKHUH WKH FOLHQWV ZDLW IRU
WKH QHZ YHUVLRQ WR ERRW XS EXW WKH\ DUH QRW ORVW 7HFKQLFDOO\ ZH LPSOHPHQW
WKH VRFNHW DFWLYDWLRQ XVLQJ D V\VWHPG VRFNHW XQLW WKDW ORRNV OLNH WKH IROORZLQJ

(lMBi)
.2b+`BTiBQM4aQ+F2i +iBpiBQM 7Q` TTHB+iBQM a2`p2`

(aQ+F2i)
GBbi2Mai`2K4yXyXyXy,NkNk
GBbi2Mai`2K4fiKTfb2`p2`XbQ+F

(AMbiHH)
_2[mB`2/"v4b2`p2`Xb2`pB+2
qMi2/"v4bQ+F2ibXi`;2i

$ VRFNHW XQLW PXVW FRUUHVSRQG ZLWK D VHUYLFH XQLW DQG LW˵V FDOOHG WKH VDPH
ZLWK WKH XbQ+F2i VXᨬ[ $Q\ UHTXLUHPHQWV KDYH WR EH H[SOLFLWO\ VSHFLᨫHG ˱
LI WKH VRFNHW XQLW ZRQ˵W UXQ WKH VHUYLFH KDV WR KDQGOH WKH VRFNHWV GLUHFWO\
1HLWKHU _2[mB`2b RU _2[mB`2/"v ZRQ˵W VWRS D VRFNHW XQLW UHDFWLYDWLQJ WKH
VHUYLFH XQLW ,Q RWKHU ZRUGV D VWRSSHG VHUYLFH ZLOO EH VWDUWHG VKRUWO\ E\ DQ
DVVRFLDWHG VRFNHW XQLW DXWRPDWLFDOO\
7KH LPSRUWDQW GLUHFWLYH RI WKH 6RFNHW VHFWLRQ LV /LVWHQ6WUHDP 7KH
GBbi2Mai`2K GLUHFWLYH QHHGV WR PDWFK H[DFWO\ ZLWK WKH VHUYLFH 7&3
DGGUHVV RU WKH 81,; VRFNHW SDWK <RX FDQ GHᨫQH PDQ\ OLVWHQLQJ VWUHDPV WR
FRYHU HYHU\WKLQJ \RX XVH LQ WKH VHUYLFH LWVHOI
7KHUH DUH VRPH PRUH GLUHFWLYHV WKDW VKRXOG PDWFK WKH EHKDYLRU RI WKH VHUYLFH
LWVHOI RWKHUZLVH WKH\ PLJKW FKDQJH \RXU VHWWLQJV DURXQG VRFNHWV  6RPH RI
WKHP DUH

˾ 1R'HOD\ FRQWUROV WKH h*SnLP.1Gu


˾ 5HXVH3RUW DOORZV PXOWLSOH ELQGV WR WKH VDPH 7&3 RU 8'3 SRUW
˾ %DFNORJ VSHFLᨫHV WKH PD[LPXP QXPEHU RI FRQQHFWLRQV WKDW KDYH QRW
EHHQ DFFHSWHG \HW


)RU 81,; VRFNHWV 6RFNHW8VHU DQG 6RFNHW*URXS GLUHFWLYHV VKRXOG EH DGGHG
WR PDNH WKH VRFNHWV RZQHG E\ WKH DSSURSULDWH XVHU DQG JURXS
<RX FDQ DOZD\V UXQ KM 8 bvbi2K/XbQ+F2i WR VHH DOO RSWLRQV
$V IRU WKH DVVRFLDWHG VHUYLFH FKHFN LI WKHUH LV DQ\ LQGLUHFWLRQ LQ 1t2+ai`i
DQG WU\ WR DYRLG LW
,I \RXU 1t2+ai`i VWDUWV WKH VHUYLFH XVLQJ VRPH NLQG RI 2t2+ DFWLYDWHG
VRFNHW GHVFULSWRUV PLJKW EH FORVHG EHIRUH WKH\ UHDFK \RXU VHUYLFH SURFHVV
7KLV LV HVSHFLDOO\ WUXH IRU 5XE\ ZKHUH ZH XVXDOO\ UXQ #mM/H2 2t2+ ,I \RX
DUH UXQQLQJ #mM/H2 2t2+ XVH WKH @@F22T@7BH2@/2b+`BTiQ`b RSWLRQ WR
SUHYHQW GLVFDUGLQJ QRQVWDQGDUG ᨫOH GHVFULSWRUV RQ 5XE\ KLJKHU WKDQ 
<RX PLJKW DOVR GHFODUH WKH VRFNHW XQLW DV D UHTXLUHPHQW

0 +i f2i+fbvbi2K/fbvbi2Kfb2`p2`Xb2`pB+2
(lMBi)
.2b+`BTiBQM4TTHB+iBQM a2`p2` a2`pB+2
7i2`4M2irQ`FXi`;2i
_2[mB`2b4b2`p2`XbQ+F2i

2QFH SUHSDUHG \RX HQDEOH WKH VRFNHW XQLW WKH VDPH ZD\ DV WKH VHUYLFH

0 bm/Q bvbi2K+iH 2M#H2 b2`p2`XbQ+F2i b2`p2`Xb2`pB+2


0 bm/Q bvbi2K+iH bi`i b2`p2`XbQ+F2i b2`p2`Xb2`pB+2

$QG GR D KRW UHVWDUW E\ RQO\ UHVWDUWLQJ WKH VHUYLFH LWVHOI

0 bm/Q bvbi2K+iH `2bi`i b2`p2`Xb2`pB+2

$ UHJXODU IXOO UHVWDUW QHHGHG ZLWK FKDQJHV WR WKH VRFNHW XQLW LV QRZ GRQH
E\ UHVWDUWLQJ ERWK XQLWV

0 bm/Q bvbi2K+iH `2bi`i b2`p2`XbQ+F2i b2`p2`Xb2`pB+2


 3XPD &RQᦣJXUDWLRQ

$ W\SLFDO 3XPD V\VWHPG ᨫOH FRXOG ORRN OLNH WKH IROORZLQJ

0 +i f2i+fbvbi2K/fbvbi2Kf/Q+bXb2`pB+2
(lMBi)
.2b+`BTiBQM4.Q+mK2Mi TTHB+iBQM a2`p2`
7i2`4M2irQ`FXi`;2i

(a2`pB+2)
hvT24MQiB7v
qi+?/Q;a2+4Ry
lb2`4TT
qQ`FBM;.B`2+iQ`v4fb`pfTT
1MpB`QMK2Mi6BH24fb`pfTTfX2Mp
SA.6BH24fb`pfTTfiKTfTmKXTB/
1t2+ai`i4fmb`f#BMf#b? @H+ ^#mM/H2 2t2+ TmK @* +QM7B;fTmKX`#^
1t2+_2HQ/4fmb`f#BMfFBHH @aA:la_R 0JALSA.
_2bi`i4Hrvb

(AMbiHH)
qMi2/"v4KmHiB@mb2`Xi`;2i

,Q WKH DERYH H[DPSOH ZH UXQ WKH DSSOLFDWLRQ XQGHU WKH XVHU DSS ZLWK D VSHF
LᨫHG ZRUNLQJ GLUHFWRU\ DQ HQYLURQPHQW ᨫOH DQG FDOO WKH #mM/H2 2t2+ FRP
PDQG IURP D ORJLQ %DVK 7KH ORJLQ %DVK KHOSV XV WR WDNH DGYDQWDJH RI WKH
ZKROH XVHU˵V HQYLURQPHQW LQFOXGLQJ DQ H[LVWLQJ +?`m#v LQVWDOODWLRQ ZKLFK
WKHQ FKRRVHV WKH ULJKW 5XE\ YHUVLRQ EDVHG RQ WKH X`m#v@p2`bBQM ᨫOH :H
FRXOG EH FDOOLQJ D VSHFLᨫF 3XPD H[HFXWDEOH RU +?`m#v 2t2+ LQVWHDG DV ZHOO
7KH VHUYLFH ZLOO EH RI D MQiB7v W\SH DQG ZDWFKHG ZLWK b/nMQiB7v FDOOV )RU
WKDW WR ZRUN \RX QHHG WR DGG WKH b/nMQiB7v JHP DV D GHSHQGHQF\

;2K ]b/nMQiB7v]

,I \RX GRQ˵W ZDQW LW \RX FDQ FKDQJH WKH W\SH WR bBKTH2 DQG UHPRYH
qi+?/Q;a2+
%\ GHᨫQLQJ D FXVWRP 1t2+_2HQ/ ZH FDQ GR D SKDVHG UHVWDUW RQ bvbi2K+iH
`2HQ/ :H FDQ DOVR GR QRQ LQWHUUXSWLQJ 3XPD UHVWDUWV ZLWK VRFNHW DF
WLYDWLRQ DQG DGG /Q+bXbQ+F2i WR _2[mB`2b 6RFNHW DFWLYDWLRQ QHHGV D


@@F22T@7BH2@/2b+`BTiQ`b ᨭDJ IRU #mM/H2 2t2+ RU XVLQJ D 3XPD H[
HFXWDEOH GLUHFWO\
/HW˵V QRW IRUJHW WR VHW WKH ULJKW SHUPLVVLRQV IRU WKH QHZ ᨫOH

0 +?KQ/ d88 f2i+fbvbi2K/fbvbi2Kf/Q+bXb2`pB+2

2QFH DGGHG WKH V\VWHPG PDQDJHU FRQᨫJXUDWLRQ QHHGV WR EH UHORDGHG

0 bm/Q bvbi2K+iH /2KQM@`2HQ/

<RX FDQ DOZD\V HQG XS ZLWK D OLWWOH ELW GLᨪHUHQW VHWXS RI FRXUVH )HHO IUHH
WR UHWXUQ WR WKH 6HUYLFH 8QLWV VHFWLRQ WR OHDUQ PRUH DERXW DOO WKH LPSRUWDQW
GLUHFWLYHV WKDW FDQ EH VSHFLᨫHG

 *XQLFRUQ &RQᦣJXUDWLRQ

$Q H[DPSOH *XQLFRUQ V\VWHPG ᨫOH FRXOG ORRN OLNH WKH IROORZLQJ

0 +i f2i+fbvbi2K/fbvbi2Kf;mMB+Q`MXb2`pB+2
(lMBi)
.2b+`BTiBQM4:mMB+Q`M TTHB+iBQM a2`p2`
7i2`4M2irQ`FXi`;2i

(a2`pB+2)
hvT24bBKTH2
lb2`4TT
qQ`FBM;.B`2+iQ`v4fb`pfTT
1t2+ai`i4fb`pfTTf;mMB+Q`Mnp2Mpf#BMf;mMB+Q`M KvbBi2Xrb;B
@+ Tvi?QM,+QM7B;
1t2+_2HQ/4f#BMfFBHH @>lS 0JALSA.
_2bi`i4Hrvb

(AMbiHH)
qMi2/"v4KmHiB@mb2`Xi`;2i


,Q WKH DERYH H[DPSOH ZH UXQ WKH DSSOLFDWLRQ XQGHU DSS XVHU ZLWK fb`pfTT
DV D ZRUNLQJ GLUHFWRU\ DQG VWDUWLQJ LW XVLQJ D IXOO SDWK WR ;mMB+Q`M H[H
FXWDEOH ZLWKLQ D YLUWXDO HQYLURQPHQW :H DOVR WDNH DGYDQWDJH RI D VSHFLᨫF
1t2+_2HQ/ GLUHFWLYH FDOOLQJ WKH FBHH SURJUDP ZKLFK DOORZV XV WR UXQ
bvbi2K+iH `2HQ/
/HW˵V QRW IRUJHW WR VHW WKH FRUUHFW ULJKWV IRU WKH QHZ ᨫOH

0 +?KQ/ d88 f2i+fbvbi2K/fbvbi2Kf;mMB+Q`MXb2`pB+2

2QFH DGGHG WKH V\VWHPG PDQDJHU FRQᨫJXUDWLRQ QHHGV WR EH UHORDGHG

0 bm/Q bvbi2K+iH /2KQM@`2HQ/

 0RGLI\LQJ 6HUYLFHV


,I ZH ZDQW WR FKDQJH D V\VWHPG VHUYLFH WKDW ZH GLGQ˵W RULJLQDOO\ ZULWH
VXFK DV WKH RQH IRU 1*,1;  ZH FDQ FUHDWH D VXEGLUHFWRU\ IRU WKH VHUYLFH
LQVLGH f2i+fbvbi2K/fbvbi2K FRQWDLQLQJ D ᨫOH ZLWK WKH RYHUULGH VHWWLQJV
7KH GLUHFWRU\ KDV WR EH QDPHG 0a1_oA*1nLJ1Xb2`pB+2X/ VXFK DV
M;BMtXb2`pB+2X/  EXW WKH QDPH RI WKH RYHUULGH ᨫOH LV RSWLRQDO
$V DQ H[DPSOH ZH˵OO FKDQJH WKH UHVWDUW SROLF\ LQ WKH RULJLQDOO\ SURYLGHG
M;BMtXb2`pB+2 XQLW )LUVW OHW˵V VHH WKHLU RULJLQDO YDOXH

0 bm/Q bvbi2K+iH b?Qr @T _2bi`i M;BMtXb2`pB+2


_2bi`i4MQ

6LQFH WKLV VHWWLQJ LVQ˵W VHW LQ f2i+fHB#fbvbi2K/fbvbi2KfM;BMtXb2`pB+2


D GHIDXOW YDOXH RI MQ LV VKRZHG
:H FUHDWH DQ Qp2``B/2X+QM7 ᨫOH WKDW FKDQJHV WKLV VHWWLQJ WR Hrvb


0 bm/Q KF/B` f2i+fbvbi2K/fbvbi2KfM;BMtXb2`pB+2X/
0 bm/Q +/ f2i+fbvbi2K/fbvbi2KfM;BMtXb2`pB+2X/
0 bm/Q #b? @+ ^+i II 1P6 = Qp2``B/2X+QM7
(a2`pB+2)
_2bi`i4Hrvb
_mMiBK2Jta2+4jy
1P6^

7KH FRQᨫJXUDWLRQ FKDQJHV LPPHGLDWHO\

0 bvbi2K+iH b?Qr @T _2bi`i M;BMtXb2`pB+2


_2bi`i4Hrvb

,I WKH VHUYLFH ZDV UXQQLQJ LW˵V HVVHQWLDO WR UHVWDUW WKH VHUYLFH IRU WKH FKDQJHV
WR WDNH HᨪHFW

0 bm/Q bvbi2K+iH /2KQM@`2HQ/


0 bm/Q bvbi2K+iH `2bi`i M;BMtXb2`pB+2

:KHQHYHU WKH 1*,1; SURFHVV H[LWV LV NLOOHG RU UHDFKHV RXU VHFRQG UXQ
WLPH WLPHRXW LW ZLOO JHW DXWRPDWLFDOO\ UHVWDUWHG
,I \RX QHHG WR FKDQJH D VHUYLFH ᨫOH E\ KDQG \RX FDQ XVH bvbi2K+iH 2/Bi
ZKLFK ZLOO FUHDWH DQ RYHUULGH ᨫOH DXWRPDWLFDOO\


 &JURXSV
6R IDU WKH RQO\ LQWHUYHQWLRQ WR KRZ /LQX[ DQG V\VWHPG UXQ RXU SURFHVVHV
ZDV DGMXVWLQJ SURFHVV QLFHQHVV 7KDW PLJKW QRW EH HQRXJK :KDW LI ZH QHHG
WR GLYLGH PHPRU\ RU SURFHVVLQJ SRZHU WKH ZD\ ZH VHH ᨫW" :KDW LI ZH GRQ˵W
ZDQW RXU LPDJH FURSSLQJ VHUYLFH WDNHV DOO WKH DYDLODEOH 5$0 OHWWLQJ WKH ZHE
SURFHVV FRPH WR D KDOW"
/XFNLO\ WKHUH LV D ZD\ KRZ WR FRQWURO SURFHVVHV˵ UHVRXUFHV &JURXSV
&JURXSV DUH D /LQX[ NHUQHO IHDWXUH WKDW SURYLGHV DQ DFFRXQWLQJ RI VHUYLFHV
SULRULWL]H DQG OLPLW SURFHVV UHVRXUFHV 7KH\ DUH QDPHG LQ SOXUDO VLQFH WKH\
DUH GHᨫQHG DV D FROOHFWLRQ RI SURFHVVHV
<RX FDQ VHH WKH FJURXS KLHUDUFK\ ZLWK bvbi2K+iH biimb XQGHU *:`QmT,
RU ZLWK bvbi2K/@+;Hb

0 bvbi2K/@+;Hb
*QMi`QH ;`QmT f,
@XbHB+2
mb2`XbHB+2
mb2`@RyyyXbHB+2
mb2`!RyyyXb2`pB+2
;b/@tb2iiBM;bXb2`pB+2
8kyy fmb`fHB#2t2+f;b/@tb2iiBM;b
;p7b@;Q@pQHmK2@KQMBiQ`Xb2`pB+2
9e3N fmb`fHB#2t2+f;p7b@;Q@pQHmK2@KQMBiQ`
;b/@TQr2`Xb2`pB+2
9d39 fmb`fHB#2t2+f;b/@TQr2

:H VDZ VLPLODU WUHHV ZKHQ LQVSHFWLQJ V\VWHPG VHUYLFHV ZLWK biimb VXEFRP
PDQG XQGHU *:`QmT,

*RRJOH GHYHORSHG WKH RULJLQDO FJURXSV Yᨤ XQGHU WKH QDPH


˸SURFHVV FRQWDLQHUV˸ $QG LQGHHG FXUUHQW /LQX[ FRQWDLQHU WHFK
QRORJ\ OLNH 'RFNHU XVHV FJURXSV XQGHU WKH KRRG IRU LWV FRQWDLQ
PHQW IHDWXUHV

(YHU\ V\VWHPG VHUYLFH RU SURFHVV PLJKW UXQ XQGHU D FJURXS 7KH fT`Q+
ᨫOHV\VWHP FDUULHV WKLV LQIRUPDWLRQ DV ZHOO XQGHU fT`Q+f0SA.f+;`QmT ,I


\RX GRQ˵W KDYH D SURFHVV ,' DW KDQG \RX FDQ WU\ WR VHH WKH FJURXS RI \RXU
VKHOO

0 +i fT`Q+fb2H7f+;`QmT
RR,T2`7n2p2Mi,f
Ry,TB/b,fmb2`XbHB+2fmb2`@RyyyXbHB+2fmb2`!RyyyXb2`pB+2
N,7`22x2`,f
3,K2KQ`v,fmb2`XbHB+2fmb2`@RyyyXbHB+2fmb2`!RyyyXb2`pB+2
d,M2in+Hb-M2inT`BQ,f

<RX FDQ DOVR UHYLHZ FJURXS UHVRXUFH XVDJH

0 bvbi2K/@+;iQT

,W˵V D OLVWLQJ QRW WRR GLᨪHUHQW IURP WKH OLNH RI iQT EXW IRU FJURXSV
:H VSHFLI\ WKH SURFHVV UHVRXUFH OLPLWV E\ GHᨫQLQJ VOLFHV ZKLFK ZH FDQ UHI
HUHQFH LQ V\VWHPG VHUYLFH ᨫOHV 6OLFHV FRQWURO FJURXSV VXEV\VWHPV OLNH #HFBQ
LQSXWRXWSXW IRU GLVNV  +Tm K2KQ`v DQG RWKHUV :H˵OO GR WKLV KHUH ZLWK
GLUHFWLYHV IRU WKH &38 DQG PHPRU\
7R FUHDWH D QHZ VOLFH FUHDWH D ᨫOH LQVLGH WKH f2i+fbvbi2K/fbvbi2Kf GLUHF
WRU\

0 +i f2i+fbvbi2K/fbvbi2KfrQ`F2`bXbHB+2
(aHB+2)
*SlZmQi4jyW
J2KQ`vGBKBi4R:

,Q WKLV H[DPSOH &38 ZRXOG EH OLPLWHG WR  RI RQH &38 DQG PHPRU\ WR
 JLJDE\WH 2QFH FUHDWHG \RX MXVW QHHG WR UHIHUHQFH WKLV VOLFH LQ WKH V\VWHPG
XQLW ᨫOH ZLWKLQ WKH (a2`pB+2) EORFN

XXX

(a2`pB+2)
aHB+24rQ`F2`bXbHB+2
XXX


1RZ WKH VHUYLFH EHFRPHV SDUW RI WKH ZRUNHUV FJURXS DQG ZRXOG EH DSSURSUL
DWHO\ OLPLWHG ZLWK WKH GHᨫQHG TXRWD WRJHWKHU ZLWK DQ\ RWKHU SURFHVV EHORQJLQJ
WR WKH VDPH FJURXS
,I \RX ZDQW WR DYRLG FUHDWLQJ VOLFH ᨫOHV \RX FDQ VSHFLI\ WKH UHVRXUFH OLPLWLQJ
GLUHFWLYHV LQ WKH (a2`pB+2) JURXS GLUHFWO\

(a2`pB+2)
*SlZmQi4jyW
J2KQ`vGBKBi4R:

:KHQ UXQQLQJ ZHE ZRUNHU RU GDWDEDVH SURFHVVHV RQ WKH VDPH V\VWHP VSOLW
WLQJ WKH UHVRXUFHV FDQ HQVXUH WKDW WKH QRQFULWLFDO SDUWV ZRQ˵W QHJDWLYHO\ LP
SDFW \RXU DSSOLFDWLRQ˵V PRVW FULWLFDO SDUWV
,I \RX ZDQW WR FRQWDLQ DQ\ UDQGRP SURFHVV \RX FDQ DOVR UXQ LW ZLWKLQ D
SUHYLRXVO\ FUHDWHG VOLFH ZLWK bvbi2K/@`mM

0 bvbi2K/@`mM @@mb2` @@b+QT2 @@bHB+24rQ`F2`bXbHB+2 fmb`f#BMfXX

7KH @@b+QT2 RSWLRQ FUHDWHV D VFRSH XQLW UDWKHU WKDQ WKH GHIDXOW WUDQVLHQW
VHUYLFH XQLW ,W ZRXOG LQKHULW WKH VKHOO HQYLURQPHQW DQG VHQG WKH RXWSXW WR
VWGRXW DV H[SHFWHG 3DVVLQJ @@mb2` HQVXUHV LW ZLOO EH UXQ DV XQSULYLOHJHG
SURFHVV
,I \RX ZDQW WR UHVWULFW WKH SURFHVV RQWKHᨭ\ ZLWKRXW DOUHDG\ PDGH VOLFHV XVH
WKH @T RSWLRQ DV ˸SURSHUW\˹ WRJHWKHU ZLWK GLUHFW OLPLWV

0 bvbi2K/@`mM @@mb2` @@b+QT2 @T J2KQ`vJt48yyJ fmb`f#BMfXX

+HUH˵V WKH OLVW RI WKH PRVW HVVHQWLDO &38OLPLWLQJ GLUHFWLYH


$OORZHG&38V OLPLWV WKH PD[ QXPEHU RI &38V XVHG HHQr2/*Slb4k DOORZV
RQO\ WZR &38 XQLWV
&384XRWD OLPLWV WKH &38 WLPH TXRWD LQ SHUFHQWDJH UHODWLYH WR WKH WRWDO &38
WLPH QXPEHU RI &38V   8yW ZLOO DOORZ RQO\ KDOI D VLQJOH &38 SRZHU
R8yW ZLOO DOORZ  &38V RQ D VHUYHU ZLWK WZR DQG PRUH &38V 


&386KDUHV DVVLJQV D VSHFLᨫHG &38 WLPH VKDUH ZHLJKW IURP  WR 
GHIDXOW EHLQJ   :LWK &386KDUHV RI R8yy \RX FDQ VOLJKWO\ IDYRU WKH
JLYHQ SURFHVV UHJDUGLQJ WKH &38 WLPH
$QG KHUH˵V D VLPLODU OLVW IRU PHPRU\ 9DOXHV IRU PHPRU\ GLUHFWLYHV DUH LQ
E\WHV 6Xᨬ[ WKH LQWHJHU YDOXH ZLWK . 0 * RU 7 IRU NLORE\WHV PHJDE\WHV
JLJDE\WHV DQG WHUDE\WHV UHWURVSHFWLYHO\ k8yJ RU k:  $OWHUQDWLYHO\ \RX FDQ
VSHFLI\ WKH SHUFHQWDJH RI WKH WRWDO SK\VLFDO PHPRU\ LQVWDOOHG VXFK DV kyW 
0HPRU\/RZ VSHFLᨫHV WKH OHDVW DPRXQW RI PHPRU\ JLYHQ
0HPRU\0D[ OLPLWV WKH PD[LPXP DPRXQW RI PHPRU\ JLYHQ
0HPRU\6ZDS0D[ OLPLWV WKH DPRXQW RI VZDS XVHG
%\ DVVLJQLQJ BM7BMBiv QR PHPRU\ OLPLW LV DSSOLHG 7KLV ZD\ \RX FDQ WDNH
DGYDQWDJH RI VZDS VSDFH RQ WKH V\VWHP EXW H[FOXGH \RXU DSSOLFDWLRQ SURFHVV
WR VHH LW IDLO IDVW
5HVRXUFH FRQWURO GLUHFWLYHV DUH GHVFULEHG LQ GHWDLO RQ WKH PDQXDO SDJH XQGHU
bvbi2K/X`2bQm`+2@+QMi`QH


 6XPPDU\
˾ V\VWHPG LV D VHUYLFH PDQDJHU IRU )HGRUD DQG &HQW26 DQG UXQQLQJ D
SURFHVV DV V\VWHPG VHUYLFH LV SUREDEO\ WKH VDIHVW FKRLFH LQ UXQQLQJ SUR
JUDPV ORQJWHUP :H DOUHDG\ WUXVW LW ZLWK WKH ZKROH V\VWHP VR ZK\
GRQ˵W ZH WUXVW LW ZLWK D GDWDEDVH ZHE VHUYHU DQG DSSOLFDWLRQ VHUYHU"

˾ &UHDWLQJ D QHZ V\VWHPG VHUYLFH UHTXLUHV FUHDWLQJ D QHZ XQLW ᨫOH


0a1_oA*1nLJ1Xb2`pB+2 LQ f2i+fbvbi2K/fbvbi2Kf RU LQ
fX+QM7B;fbvbi2K/fmb2` IRU XVHU VHUYLFHV :H PHQWLRQHG WKH
PRVW LPSRUWDQW GLUHFWLYHV IRU WKH 8QLW 6HUYLFH DQG ,QVWDOO VHFWLRQV
˾ ,Q V\VWHPG VHUYLFH ᨫOHV ZH VKRXOG SD\ DWWHQWLRQ WR KRZ ZH SURYLGH
HQYLURQPHQW YDULDEOHV KRZ WKH VHUYHU LV VWDUWHG DQG KRZ LW˵V UHVWDUWHG
,I ZH GHSHQG RQ D ORFDO GDWDEDVH ZH VKRXOG VSHFLI\ WKLV GHSHQGHQF\ DV
ZHOO
˾ :H FDQ LPSRVH UHVRXUFH OLPLW XVDJH IRU DQ\ V\VWHPG VHUYLFHV E\ HL
WKHU GHᨫQLQJ D VOLFH RU GLUHFWO\ SURYLGH YDOXHV LQ GLUHFWLYHV OLNH $O
ORZHG&38V &384XRWD &386KDUHV 0HPRU\/RZ 0HPRU\0D[ DQG
0HPRU\6ZDS0D[ 7KDW ZD\ ZH FDQ KHOS HVVHQWLDO VHUYLFHV WR UHPDLQ
UHVSRQVLYH


&KDSWHU 

'DWDEDVHV DQG .H\9DOXH


6WRUHV

'DWDEDVHV VXFK DV 3RVWJUH64/ 0\64/ 0DULD'% GRFXPHQW GDWDEDVHV OLNH


0RQJR'% DQG NH\YDOXH VWRUHV OLNH 5HGLV QHHG VSHFLDO DWWHQWLRQ VLQFH WKH\
VWRUH VHVVLRQV DQG SULYDWH GDWD :H QHHG WR WKLQN LQ GHWDLO DERXW KRZ WR
NHHS WKH GDWDEDVHV XSWRGDWH UHVWULFW DFFHVV WR GDWD FUHDWH VWRUH DQG UHVWRUH
EDFNXSV GHDO ZLWK XSJUDGHV DQG VFDOH
7KLV FKDSWHU WULHV WR SURYLGH VRPH RI WKH DQVZHUV IRU VHOIKRVWLQJ WKH 3RVW
JUH64/ GDWDEDVH DQG 5HGLV VWRUH DV H[DPSOHV RI SRSXODU FKRLFHV LQ W\SLFDO
5XE\ DQG 3\WKRQ ZHE DSSOLFDWLRQV :H˵OO GLVFXVV FOXVWHUV GDWDEDVHV UROHV
DQG GDWD EDFNXSV


 5XQQLQJ 3RVWJUH64/
3RVWJUH64/ LV RXU ERRN H[DPSOH RI D W\SLFDO 5HODWLRQDO 'DWDEDVH 0DQDJH
PHQW 6\VWHP 5'%06  7KH QDPH LWVHOI FRPHV IURP WKH ZD\ GDWD LV VWRUHG
,Q WKH FDVH RI 5'%06 LW˵V VWRUHG LQ WDEOHV ZKHUH URZV WKHPVHOYHV FDQ KDYH UH
ODWLRQV WR RWKHU URZV IURP GLᨪHUHQW WDEOHV 7KH W\SLFDO ODQJXDJH IRU UHWULHYLQJ
WKH GDWD LV 6WUXFWXUHG 4XHU\ /DQJXDJH 64/ 

 ,QVWDOODWLRQ

)RU 3RVWJUH64/ ZH XVXDOO\ QHHG IRXU GLᨪHUHQW SDFNDJHV WR EH LQVWDOOHG

˾ SRVWJUHVTO ZKLFK FRQWDLQV FOLHQW XWLOLWLHV VXFK DV +`2i2/# RU Tb[H


˾ SRVWJUHVTOVHUYHU ZKLFK FRQWDLQV WKH GDWDEDVH VHUYHU
˾ SRVWJUHVTOFRQWULE ZKLFK FRQWDLQV H[WHQVLRQV VXFK DV KVWRUH RU DX[
LOLDU\ SURJUDPV VXFK DV T;#2M+?
˾ SRVWJUHVTOGHYHO ZKLFK FRQWDLQV & KHDGHU ᨫOHV QHHGHG IRU FRPSLODWLRQ
RI & H[WHQVLRQ RI 3RVWJUH64/ FOLHQW OLEUDULHV

:H FDQ LQVWDOO WKHP DOO ZLWK WKH IROORZLQJ '1) FRPPDQG

0 bm/Q /M7 BMbiHH TQbi;`2b[H $


TQbi;`2b[H@b2`p2` $
TQbi;`2b[H@+QMi`B# $
TQbi;`2b[H@/2p2H @v

$ GHGLFDWHG GDWDEDVH VHUYHU ZRQ˴W QHHG WKH GHYHO SDFNDJH DQG


D GHGLFDWHG DSSOLFDWLRQ VHUYHU ZRQ˴W QHHG DQ\WKLQJ RWKHU WKDQ
WKH GHYHO SDFNDJH

:H FRXOG HDVLO\ ORRN IRU WKHVH SDFNDJHV ZLWK /M7 b2`+? TQbi;`2b[H
ZKHQ ZH DUH QRW VXUH ZKHUH WR VWDUW
,I ZH GRQ˵W KDYH WKH GRFXPHQWDWLRQ RSHQHG LQ D EURZVHU ZH FDQ TXHU\ WKH
SDFNDJHV IRU PDQXDO SDJHV RQFH LQVWDOOHG


0 `TK @[H TQbi;`2b[H@b2`p2` % ;`2T KM
fmb`fb?`2fKMfKMRfBMBi/#XRX;x
fmb`fb?`2fKMfKMRfT;n#b2#+FmTXRX;x
fmb`fb?`2fKMfKMRfT;n+QMi`QH/iXRX;x
fmb`fb?`2fKMfKMRfT;n+iHXRX;x
fmb`fb?`2fKMfKMRfT;n`2+2Bp2tHQ;XRX;x
fmb`fb?`2fKMfKMRfT;n`2b2itHQ;XRX;x
fmb`fb?`2fKMfKMRfT;n`2rBM/XRX;x
fmb`fb?`2fKMfKMRfTQbi;`2bXRX;x
fmb`fb?`2fKMfKMRfTQbi;`2b[H@M2r@bvbi2K/@mMBiXRX;x
fmb`fb?`2fKMfKMRfTQbi;`2b[H@b2imTXRX;x
fmb`fb?`2fKMfKMRfTQbiKbi2`XRX;x
XXX

KM TQbi;`2b[H@b2imT ORRNV OLNH D SODFH WR VWDUW


7R VWDUW D 3RVWJUH64/ VHUYHU ZLWK WKH LQVWDOOHG H[HFXWDEOH ZH FDQ UXQ

0 TQbi;`2b @@+QM7B;@7BH2 *PL6A:n6AG1

7KLV ZRXOG QHHG \RX WR SURYLGH VRPH FRQᨫJXUDWLRQ DQG UXQ WKH FRPPDQG DV
DQ XQSULYLOHJHG XVHU QRW URRW IRU VHFXULW\ UHDVRQV

 6\VWHP 6HUYLFH

6LQFH 3RVWJUH64/ LV D W\SLFDO VHUYLFH WKH TQbi;`2b[H@b2`p2` SDFNDJH


FRPHV ZLWK D V\VWHPG XQLW ᨫOH


0 +i fmb`fHB#fbvbi2K/fbvbi2KfTQbi;`2b[HXb2`pB+2
XXX
(lMBi)
.2b+`BTiBQM4SQbi;`2aZG /i#b2 b2`p2`
7i2`4M2irQ`FXi`;2i

(a2`pB+2)
hvT247Q`FBM;

lb2`4TQbi;`2b
:`QmT4TQbi;`2b

XXX

1MpB`QMK2Mi4S:.h4fp`fHB#fT;b[Hf/i

1t2+ai`iS`24fmb`fHB#2t2+fTQbi;`2b[H@+?2+F@/#@/B` WL

XXX
1t2+ai`i4fmb`f#BMfTQbiKbi2` @. 0&S:.h'
1t2+_2HQ/4f#BMfFBHH @>lS 0JALSA.

7KH ᨫUVW WKLQJ WR QRWLFH LV WKH fmb`f#BMfTQbiKbi2` H[HFXWDEOH


TQbiKbi2` PLJKW VRXQG ZHLUG EXW LW˵V DQ ROG DOLDV IRU WKH 3RVWJUH64/
VHUYHU /RRNLQJ FORVHU ZH FDQ VHH WKH XQLW ᨫOH VHWV WKH 0S:.h HQYLURQPHQW
YDULDEOH 0S:.h LV WKH YDULDEOH SRLQWLQJ WKH 3RVWJUH64/ VHUYHU WR WKH GDWD
GLUHFWRU\ ZKHUH WDEOHV˵ GDWD OLYH 7KH FRQᨫJXUDWLRQ ᨫOH TQbi;`2b[HX+QM7
IURP fp`fHB#fT;b[Hf/i LV SLFNHG DXWRPDWLFDOO\ 7KHUH LV DOVR D SRVWJUHV
V\VWHP XVHU
:H FDQ HQDEOH DQG UXQ WKLV V\VWHPG XQLW ZLWK bvbi2K+iH 2M#H2 DQG
bvbi2K+iH bi`i DV ZH OHDUQHG EHIRUH

0 bm/Q bvbi2K+iH 2M#H2 TQbi;`2b[HXb2`pB+2


0 bm/Q bvbi2K+iH bi`i TQbi;`2b[HXb2`pB+2

%XW LI ZH VWDUW WKH VHUYLFH DIWHU D IUHVK LQVWDOODWLRQ LW IDLOV 7KHUH LV QR FOXVWHU
\HW


 'DWDEDVHV

3RVWJUH64/ VXSSRUWV PDQ\ UXQQLQJ GDWDEDVHV RQ D VLQJOH 3RVWJUH64/


VHUYHU ZKLFK LV FDOOHG D FOXVWHU 7R FUHDWH D QHZ FOXVWHU ZH FDQ XVH
TQbi;`2b[H@b2imT XWLOLW\ RU BMBi/#

0 bm/Q TQbi;`2b[H@b2imT @@BMBi/# @@mMBi TQbi;`2b[H


AMBiBHBxBM; /i#b2 BM ^fp`fHB#fT;b[Hf/i^
AMBiBHBx2/- HQ;b `2 BM fp`fHB#fT;b[HfBMBi/#nTQbi;`2b[HXHQ;

, XVHG TQbi;`2b[H@b2imT ZLWK D @@mMBi DUJXPHQW WR LQLWLDOL]H WKH FOXVWHU


ZLWK WKH TQbi;`2b[H VHUYLFH LQ PLQG 7KLV ZD\ WKH 0S:.h SDWK VHW LQ WKH
XQLW ᨫOH LV XVHG
,I \RX ZRXOG OLNH WR FKDQJH WKLV ORFDWLRQ \RX ZRXOG KDYH WR SURYLGH D GLI
IHUHQW SDWK LQ WKH V\VWHPG VHUYLFH ᨫOH ZLWK DQ RYHUULGH FRQᨫJXUDWLRQ $
SURYLGHG SDWK KDYH WR EH RZQHG E\ WKH SRVWJUHV XVHU DQG KDYH WKH VDPH
TQbi;`2b[Hn/#ni 6(/LQX[ ODEHO 6LQFH FKDQJLQJ WKLV SDWK PDNHV ZKHQ XWL
OL]LQJ EORFN VWRUDJH ,˵OO VKRZ LW LQ GHWDLOV LQ WKH 6WRUDJH &RQFHUQV FKDSWHU
2QFH WKH FOXVWHU LV SUHSDUHG ZH FDQ VWDUW FUHDWLQJ GDWDEDVHV ZLWK WKH
+`2i2/# XWLOLW\ RU SODLQ 64/ DIWHU ORJJLQJ LQ ZLWK WKH Tb[H FOLHQW

0 bm/Q bm @ TQbi;`2b @+ ^+`2i2/# @@QrM2` TQbi;`2b M2r/#^

:H UXQ +`2i2/# ZLWK bm DV URRW DQG XVH WKH SRVWJUHV XVHU DV DQ RZQHU 7KH
QHZ GDWDEDVH LV FDOOHG QHZGE
8VLQJ Tb[H ZH FDQ FRQQHFW WR RXU FOXVWHU WKHQ FRQQHFW WR WKH QHZO\ FUHDWHG
QHZGE DQG VWDUW LVVXLQJ 64/ FRPPDQGV OLNH *_1h1 h"G1

0 bm/Q bm @ TQbi;`2b @+ ^Tb[H @l TQbi;`2b^


TQbi;`2b@O $+ M2r/#
uQm `2 MQr +QMM2+i2/ iQ /i#b2 ]M2r/#] b mb2` ]TQbi;`2b]X
M2r/#@O
M2r/#@O $[

$+ LV D Tb[H FRPPDQG WR FRQQHFW WR D JLYHQ GDWDEDVH $[ TXLWV WKH FRQVROH


6R IDU ZH RQO\ XVHG WKH GHIDXOW SRVWJUHV XVHU VLQFH LW˵V DOUHDG\ SURYLGHG ,Q SUR
GXFWLRQ VHWWLQJV LW LV JRRG WR FUHDWH VSHFLDO XVHUV RIWHQWLPHV RQH SHU GDWDEDVH
RU RQH SHU DSSOLFDWLRQ WKDW DFFHVVHV WKH GDWDEDVH V  7KH SRVWJUHV XVHU PLJKW
EH FRQYHQLHQW EXW KDV KLJK SULYLOHJHV WR EH XVHG IRU VLQJOH GDWDEDVH DFFHVV
'DWDEDVH XVHUV DUH GLᨪHUHQW IURP /LQX[ XVHUV EXW DV ZH VHH LQ D PRPHQW WKHUH
DUH ZD\V KRZ WR FRQQHFW WKHVH WZR VR WKH /LQX[ XVHU FDQ EH DXWRPDWLFDOO\
DXWKRUL]HG WR ZRUN ZLWK GDWDEDVHV RI WKH GDWDEDVH XVHU ZLWK WKH VDPH QDPH
,Q IDFW ZH DOUHDG\ VDZ LW ZLWK TQbi;`2b XVHU :KHQHYHU ZH VZLWFK WR EH
TQbi;`2b XVHU ZH FDQ PDQDJH RXU 3RVWJUH64/ FOXVWHU
/HW˵V FUHDWH D VSHFLDO GDWDEDVH IRU RXU ZHE DSSOLFDWLRQ FDOOHG DSSGE DQG FUHDWH
D VSHFLDO XVHU RZQHU RI LW FDOOHG DSSXVHU

0 bm/Q bm @ TQbi;`2b @+ ^+`2i2mb2` TTmb2`^


0 bm/Q bm @ TQbi;`2b @+ ^+`2i2/# TT/# @@QrM2` TTmb2`^

+`2i2mb2` LV D XWLOLW\ IRU FUHDWLQJ RXU GDWDEDVH XVHU 1R /LQX[ XVHU ZDV
FUHDWHG ZLWK LW

0 B/ TTmb2`
B/, ǭTTmb2`Ǯ, MQ bm+? mb2`

:H FDQ DOVR MXVW DSSHQG @@+`2i2/# WR WKH +`2i2mb2` FRPPDQG LI WKH


XVHU DQG GDWDEDVH KDYH WKH VDPH QDPH

0 bm/Q bm @ TQbi;`2b @+ ^+`2i2mb2` @b TTmb2` @@+`2i2/#^

:H FDQ FRQQHFW DJDLQ WR WKH FOXVWHU DQG VHH LI RXU QHZ GDWDEDVH LV SUHVHQW
ZLWK $H FRPPDQG DV ˸OLVW˹ 


0 bm @ TQbi;`2b @+ ^Tb[H^
Tb[H URyXeV
hvT2 ]?2HT] 7Q` ?2HTX

TQbi;`2b4O $H
GBbi Q7 /i#b2b
LK2 % PrM2` % *QHHi2 % *ivT2 % ++2bb TX
@@@@@@@@@@@Y@@@@@@@@@@Y@@@@@@@@@@@@@Y@@@@@@@@@@@@@Y@@@@@@@@@@@@
TT/# % TTmb2` % 2MnlaXlh6@3 % 2MnlaXlh6@3 %
M2r/# % TQbi;`2b % 2MnlaXlh6@3 % 2MnlaXlh6@3 %
TQbi;`2b % TQbi;`2b % 2MnlaXlh6@3 % 2MnlaXlh6@3 %
i2KTHi2y % TQbi;`2b % 2MnlaXlh6@3 % 2MnlaXlh6@3 % 4+fTQbi;`2b
i2KTHi2R % TQbi;`2b % 2MnlaXlh6@3 % 2MnlaXlh6@3 % 4+fTQbi;`2b
U8 `QrbV

TQbi;`2b4O

7KH RXWSXW DERYH ZDV VWULSSHG IRU FODULW\ WKHUH LV DQ (QFRGLQJ FROXPQ ZLWK
87) YDOXHV 
DSSGE ZDV FUHDWHG ZLWK DSSXVHU DV LW˵V RZQHU EXW KRZ GR ZH FRQQHFW DV DSSXVHU
DQG QRW DV SRVWJUHV XVHU"

 &OLHQW $XWKHQWLFDWLRQ

3RVWJUH64/ VXSSRUWV VHYHUDO ZD\V KRZ WR SURWHFW FRQQHFWLRQV WR FOXVWHU


GDWDEDVHV :H˵YH OHDUQHG DERXW SRVWJUHV GDWDEDVH XVHUV WKDW FDQ DGPLQLVWUDWH
WKH ZKROH FOXVWHU DQG ZH KDYH VHHQ WKDW E\ VZLWFKLQJ WR WKH SRVWJUHV V\VWHP
XVHU ZH GLGQ˵W KDYH WR LQSXW DQ\ SDVVZRUGV RU WRNHQV WR DXWKHQWLFDWH ,W MXVW
ZRUNHG
7KLV LV RI FRXUVH QRW D FRLQFLGHQFH :KDW LI ZH DVN Tb[H WR FRQQHFW DV RXU
QHZ DSSXVHU"

0 Tb[H @l TTmb2` @/ TT/#


Tb[H, 6hG, S22` mi?2MiB+iBQM 7BH2/ 7Q` mb2` ]TTmb2`]

:LWK WKH @l DV ˸XVHU˹ DQG @/ DV ˸GDWDEDVH˹ RSWLRQV ZH FDQ FRQQHFW WR D


SDUWLFXODU GDWDEDVH XVLQJ D VSHFLᨫF GDWDEDVH XVHU ,Q RXU FDVH ZH ZHUH QRW


VXFFHVVIXO 3RVWJUH64/ H[SHFWV XV WR DXWKHQWLFDWH XVLQJ SHHU DXWKHQWLFDWLRQ
7KLV LV DFWXDOO\ D JRRG WKLQJ VLQFH RXU GDWDEDVH LV QRW RSHQHG WR DQ\RQH HYHQ
LI ZH GLGQ˵W VHW D SDVVZRUG IRU WKH DSSXVHU
3HHU DXWKHQWLFDWLRQ UHIHUV WR DXWKHQWLFDWLRQ XVLQJ WKH V\VWHP XVHU RI WKH
VDPH QDPH RU GLᨪHUHQW XVLQJ D PDSSLQJ  7KLV LV D JRRG DQG FRQYHQLHQW
ZD\ IRU ORFDO DXWKHQWLFDWLRQ VLQFH WKH EXUGHQ RI LGHQWLW\ FKHFNLQJ LV KDQGOHG
E\ WKH V\VWHP 66+ SDVVZRUGV  DQG FRQQHFWLRQ FDQ EH ERWK SDVVZRUGOHVV
DQG VHFXUH
/HW˵V FUHDWH DSSXVHU V\VWHP XVHU DQG ORJ LQ WR DSSGE ZLWK LW

0 bm/Q //mb2` TTmb2`


0 bm/Q bm @ TTmb2` @+ ^Tb[H @l TTmb2` @/ TT/#^
Tb[H URyXeV
hvT2 ]?2HT] 7Q` ?2HTX

TT/#4O

,W ZRUNV WKLV WLPH


&OLHQW DXWKHQWLFDWLRQ LV GHᨫQHG LQ D FRQᨫJXUDWLRQ FDOOHG T;n?#X+QM7 6LQFH
LQ RXU FDVH WKH 0S:.h GLUHFWRU\ SRLQWV WR fp`fHB#fT;b[Hf/i LW˵V
ZKHUH ZH ᨫQG LW

0 bm/Q +i fp`fHB#fT;b[Hf/ifT;n?#X+QM7


O SQbi;`2aZG *HB2Mi mi?2MiB+iBQM *QM7B;m`iBQM 6BH2
O 444444444444444444444444444444444444444444444444444
XXX
O huS1 .h"a1 la1_ .._1aa J1h>P.

O ]HQ+H] Bb 7Q` lMBt /QKBM bQ+F2i +QMM2+iBQMb QMHv


HQ+H HH HH T22`
O ASp9 HQ+H +QMM2+iBQMb,
?Qbi HH HH RkdXyXyXRfjk B/2Mi
O ASpe HQ+H +QMM2+iBQMb,
?Qbi HH HH ,,RfRk3 B/2Mi
O HHQr `2THB+iBQM +QMM2+iBQMb 7`QK HQ+H?Qbi-
O #v  mb2` rBi? i?2 `2THB+iBQM T`BpBH2;2X
HQ+H `2THB+iBQM HH T22`
?Qbi `2THB+iBQM HH RkdXyXyXRfjk B/2Mi
?Qbi `2THB+iBQM HH ,,RfRk3 B/2Mi


:H FDQ VHH WKDW IRU DOO ORFDO FRQQHFWLRQV WKH SHHU PHWKRG LV XVHG IRU DOO XVHUV
7KLV LV ZK\ DFWLQJ DV WKH SRVWJUHV XVHU ZH GRQ˵W QHHG DQ\ DGGLWLRQDO SDVV
ZRUG 2Q WKH RWKHU KDQG IRU ,3Y DQG ,3Y FRQQHFWLRQV IURP WKH RXWVLGH
WKH PHWKRG RI DXWKHQWLFDWLRQ LV LGHQW
,GHQW DXWKHQWLFDWLRQ REWDLQV WKH GDWDEDVH XVHU QDPH IURP WKH LGHQW VHUYHU
RI WKH FOLHQW ZKLFK SURYLGHV WKH UXQQLQJ XVHU QDPH  ,GHQW DXWKHQWLFDWLRQ
ZLOO WKHUHIRUH QHYHU DOORZ XV WR ORJ LQ XVLQJ XVHU QDPH DQG SDVVZRUG @l
DQG @q RSWLRQV ZKHQ XVLQJ Tb[H 
3DVVZRUG DXWKHQWLFDWLRQ FDQ EH D YLDEOH DXWKHQWLFDWLRQ PHWKRG LI UHVWULFWHG
WR 66/76/ DFFHVV 6HQGLQJ SDVVZRUGV  KDVKHG RU LQ SODLQWH[W  RYHU WKH
XQHQFU\SWHG QHWZRUN FDQ EH LQWHUFHSWHG 5HTXHVWLQJ 66/7/6 FOLHQW DFFHVV
PLWLJDWHV WKH SUREOHP DQG XVLQJ D VWURQJ SDVVZRUG EHFRPHV D IDLU RSWLRQ
7KH DXWKHQWLFDWLRQ PHWKRGV IRU SDVVZRUG DXWKHQWLFDWLRQ DUH SDVVZRUG IRU
VHQGLQJ WKH SDVVZRUG LQ FOHDUWH[W PGᨨ IRU FKHFNLQJ DQ 0'KDVKHG SDVV
ZRUG DQG VFUDPVKDᨥᨨᨩ IRU SHUIRUPLQJ 6&5$06+$ DXWKHQWLFDWLRQ

3UHIHU WKH SHHU DXWKHQWLFDWLRQ LI UXQQLQJ WKH GDWDEDVH ORFDOO\


DQG SUHIHU D VWURQJ SDVVZRUG DXWKHQWLFDWLRQ EHKLQG D SULYDWH
QHWZRUN RWKHUZLVH

6&5$06+$ᨥᨨᨩ DXWKHQWLFDWLRQ PHFKDQLVP RI D 6$6/ IUDPHZRUN LV WKH


PRVW VHFXUH RI SDVVZRUG PHWKRGV DYDLODEOH WR XV SUHYHQWLQJ SDVVZRUG VQLᨬQJ
HYHQ RQ XQWUXVWHG FRQQHFWLRQV DQG VWRULQJ SDVVZRUGV VHFXUHO\ KDVKHG ZLWK
VDOW

'LG \RX NQRZ WKDW ZH VKRXOG SHSSHU WKH SDVVZRUGV DV ZHOO"


3HSSHU DGGV D YDOXH WR SDVVZRUGV DW WKH HQG ZKLOH VDOWLQJ XVXDOO\
PHDQV DGGLQJ D YDOXH WR WKH IURQW %RWK RSHUDWLRQV KDSSHQ
EHIRUH KDVKLQJ

7R LPSOHPHQW LW ZH KDYH WR DGG WKH IROORZLQJ OLQHV WR UHTXHVW VFUDPVKDᨥᨨᨩ


IRU DOO ,3Y DQG ,3Y FRQQHFWLRQV

?Qbi HH HH yXyXyXyfy b+`K@b?@k8e


?Qbi HH HH ,,Rfy b+`K@b?@k8e


$QG VHW WKH DFWXDO SDVVZRUG IRU RXU GDWDEDVH XVHU ZLWK Tb[H

4O Hi2` `QH2 TTmb2` b2i TbbrQ`/n2M+`vTiBQM 4 ^b+`K@b?@k8e^c


4O Hi2` `QH2 TTmb2` rBi? TbbrQ`/ ^uPl_nah_PL:nSaaqP_.^c

uPl_nah_PL:nSaaqP_. LV RQO\ D SODFHKROGHU IRU VRPH SDVVZRUG GLᨬFXOW


WR FUDFN <RX FDQ JHQHUDWH RQH ZLWK QT2MbbH `M/

0 QT2MbbH `M/ @#b2e9 e9


i7vZp2E+pok*31Ys`u;A8#.P_HuhqPMup"dj?hfY/G7SjawFN+Z+K*3R"F96QSN
b6uhdJxN7Y1Qj872J_PJ;44

1RWH WKDW WKH PD[LPXP OHQJWK RI VFUDPVKDᨥᨨᨩ LV  FKDUDFWHUV 3DVV


ZRUGV ORQJHU WKDQ  FKDUDFWHUV DUH D OLWWOH SUREOHPDWLF EHFDXVH WKH\ KDYH WR
EH SURYLGHG DV 0S:SaaqP_. LQ FOLHQWV 'RQ˵W FKRRVH D VKRUW RQH HLWKHU LW
PLJKW QRW ZRUN DW DOO DQG \RX PLJKW QHYHU NQRZ 7KLV LV EHFDXVH WKH FOHDU
QRW\HWKDVKHG SDVVZRUG LV QHYHU VHQW IURP Tb[H WR WKH VHUYHU VR WKH VHUYHU
GRHVQ˵W LPSRVH DQ\ UXOHV
,I ZH QHHG WR GR LW QRQLQWHUDFWLYHO\ ZH FDQ UXQ Tb[H @+ @+ FDQ EH UHSHDWHG
PXOWLSOH WLPHV 

0 Tb[H @+ ]^Hi2` `QH2 TTmb2` b2i ] $


]TbbrQ`/n2M+`vTiBQM 4 ^b+`K@b?@k8e^] $
@+ ]Hi2` `QH2 TTmb2` rBi? TbbrQ`/ ^0ah_PL:nSaaqP_.^c]

,Q WKH OLQH DERYH WKH SDVVZRUG FDQ FRPH IURP D SUHYLRXVO\ VHW
0ah_PL:nSaaqP_. YDULDEOH
6LQFH ZH DUH DERXW WR UHFHLYH D UHPRWH FRQQHFWLRQ WR WKH FOXVWHU ZH KDYH WR
PDNH WKH VHUYHU OLVWHQ WR DOO DGGUHVVHV
fp`fHB#fT;b[Hf/ifTQbi;`2b[HX+QM7 LV WKH PDLQ FRQᨫJXUDWLRQ ᨫOH
RQ )HGRUDEDVHG V\VWHPV 6FUROOLQJ GRZQ ZH ᨫQG WKH ˸&RQQHFWLRQ 6HWWLQJV˹
VHFWLRQ


XXX
O @ *QMM2+iBQM a2iiBM;b @

O r?i AS //`2bbU2bV iQ HBbi2M QMc


O +QKK@b2T`i2/ HBbi Q7 //`2bb2bc
O /27mHib iQ ^HQ+H?Qbi^c mb2 ^ ^ 7Q` HH
O U+?M;2 `2[mB`2b `2bi`iV
OHBbi2Mn//`2bb2b 4 ^HQ+H?Qbi^
XXX

7R RSHQ WKH FOXVWHU WR WKH RXWVLGH ZRUOG ZH FKDQJH WKLV VHWWLQJ WR


HBbi2Mn//`2bb2b 4 ^ ^ ,Q SURGXFWLRQ ZH FDQ PDNH LW PRUH VWULFW E\
SURYLGLQJ D VSHFLᨫF DGGUHVV DQG PDVN
2QFH GRQH ZH UHVWDUW WKH V\VWHPG VHUYLFH IRU WKH FKDQJHV WR WDNH HᨪHFW

0 bm/Q bvbi2K+iH `2bi`i TQbi;`2b[H

1RZ ZH ZRXOG EH SURPSWHG IRU D SDVVZRUG ZKHQ WU\LQJ WR FRQQHFW WR WKH


VHUYHU UXQQLQJ RXU FOXVWHU ZLWK Tb[H RYHU WKH QHWZRUN

+HB2Mi0 Tb[H @? 0ASn.._1aa @T 0SP_h @l TTmb2` @/ TT/#


SbbrQ`/ 7Q` mb2` TTmb2`,

:H PLJKW DOVR JHW D GLᨪHUHQW NLQG RI DQVZHU

+HB2Mi0 Tb[H @? yXyXyXy @T 89jy @l TTmb2` @/ TT/#


Tb[H, a*_J mi?2MiB+iBQM `2[mB`2b HB#T[ p2`bBQM Ry Q` #Qp2

6&5$0 LV RQO\ VXSSRUWHG LQ 3RVWJUH64/  IRU ERWK VHUYHU DQG WKH Tb[H
FOLHQW 6RPH RWKHU UG SDUW\ FOLHQWV DQG OLEUDULHV PLJKW DOVR QRW EH VXSSRUWHG
,W˵V D WKLQJ WR FRQVLGHU EXW LI ZH DUH QRW WLJKW XS ZLWK D OHJDF\ HQYLURQPHQW
ZH VKRXOG VWULYH WR XVH 6&5$0 IRU SDVVZRUG DXWKHQWLFDWLRQ
)LQDOO\ WKH WUXVW DQG UHMHFW DXWKHQWLFDWLRQ PHWKRGV DUH KDQG\ PHWKRGV IRU
HLWKHU HQWLUHO\ DOORZ RU GHQ\ DFFHVV , UHFRPPHQG H[SOLFLWO\ UHMHFW ,3 FRQQHF
WLRQV ZKHQ ZH NQRZ WR RQO\ FRQQHFW ORFDOO\ YLD D V\VWHP XVHU $QG , QHYHU
UHFRPPHQG XVH WUXVW H[FHSW IRU GHYHORSPHQW HQYLURQPHQWV


,I ZH DUH DFFHVVLQJ D UHPRWH 3RVWJUH64/ FOXVWHU ZLWK Tb[H ZH VKRXOG VHW XS
66/7/6 HQFU\SWHG FRQQHFWLRQ ZLWK D WUXVWHG &$ RU D VHOIVLJQHG FHUWLᨫFDWH
LI ZH GRQ˵W QHHG WR YDOLGDWH WKH VHUYHU LGHQWLW\  :H˵OO ORRN LQWR LW LQ WKH
'RPDLQ 1DPHV DQG &HUWLᨮFDWHV FKDSWHU
<RX FDQ DOVR FRPSOHWHO\ DYRLG H[SRVLQJ 3RVWJUH64/ DV D VHUYLFH LQ \RXU ᨫUH
ZDOO DQG GHSHQG RQ 66+ WXQQHOLQJ WR FRQQHFW WKURXJK bb?

rQ`FbiiBQM0 bb? @G ejjjj,HQ+H?Qbi,89jk 0la1_!0a1_o1_


rQ`FbiiBQM0 Tb[H @? HQ+H?Qbi @T ejjjj TQbi;`2b

&RQQHFWLQJ ORFDOO\ WR SRUW  ZLOO WKHQ DXWRPDWLFDOO\ FRQQHFW \RX WR WKH
UHPRWH VHUYHU 1RWH WKDW WKLV FRQQHFWLRQ ZLOO EH HYDOXDWHG DV ORFDO IRU WKH XVHU
DXWKHQWLFDWLRQ RQ WKH VHUYHUVLGH ,I \RX ZDQW LW WR VWLOO HYDOXDWH DV DQ RXWVLGH
FRQQHFWLRQ GRQ˵W XVH HQ+H?Qbi IRU FUHDWLQJ WKH 66+ WXQQHO

rQ`FbiiBQM0 bb? @G ejjjj,2tKTH2X+QK,89jk 0la1_!0a1_o1_

,I \RX DUH RQ 3RVWJUH64/ ᨤᨦ DQG KLJKHU ORRN LQWR D QHZ IHDWXUH FDOOHG
FKDQQHO ELQGLQJ

 6HFXUH &RQQHFWLRQ

%\ GHIDXOW Tb[H FOLHQW FRQQHFWLRQV DUH QRW HQFU\SWHG 7KLV PLJKW QRW EH D ELJ
LVVXH LQ SULYDWH QHWZRUN EXW JHWV SUREOHPDWLF IDVW ZKHQ H[SRVLQJ 3RVWJUH64/
WR WKH ,QWHUQHW
6LPLODUO\ WR LPSOHPHQWLQJ 66/7/6 HQFU\SWLRQ LQ 1*,1; ZH FDQ LPSOHPHQW
WKH VDPH WKLQJ IRU WKH 3RVWJUH64/ FOXVWHU
66/7/6 HQFU\SWLRQ FDQ EH HQDEOHG E\ VHWWLQJ WKH SDUDPHWHU bbH WR QM LQ
TQbi;`2b[HX+QM7 $V LQ WKH 1*,1; H[DPSOH ZH VWLOO QHHG WR SURYLGH WKH
VHUYHU FHUWLᨫFDWHV
7R GR WKDW ZH KDYH WR SURYLGH WKH IROORZLQJ

˾ 0S:.hfb2`p2`X+`i VHUYHU LGHQWLW\ FHUWLᨫFDWH


˾ 0S:.hfb2`p2`XF2v VHUYHU SULYDWH NH\
˾ 0S:.hf`QQiX+`i WUXVWHG FHUWLᨫFDWH DXWKRULWLHV
˾ 0S:.hf`QQiX+`H OLVW RI UHYRNHG FOLHQW FHUWLᨫFDWH

%\ GHIDXOW 3*'$7$ ZLOO SRLQW WR YDUOLESJVTOGDWD ,I \RX


ORJ LQ DV SRVWJUHV XVHU \RX FDQ VHH WKDW ZLWK ˸HFKR 3*'$7$˸

7KH b2`p2`X+`i DQG b2`p2`XF2v DUH NH\V WKDW DUH XVHG HQFU\SW WKH FRP
PXQLFDWLRQ DQG FDQ EH VHOIVLJQHG 7KHUH DUH QHFHVVDU\ DQG KDYH WR KDYH yeyy
ᨫOH PRGH VHW 7KH URRW OLVWV DUH WKHQ XVHG WR FRQᨫUP WKH LGHQWLW\ RI WKH VHUYHU
7R PDNH D VHOIVLJQHG ; FHUWLᨫFDWH IRU WKLV XVHFDVH

0 QT2MbbH `2[ @t8yN @MQ/2b @M2rF2v `b,ky93 @/vb je8y


@F2vQmi T`BpF2vXF2v = +2`iX+`i

$JDLQ T`BpF2vXF2v ZRXOG EH WKH VHUYHU SULYDWH NH\ DQG +2`iX+`i ZRXOG
EH VHUYHU LGHQWLW\ FHUWLᨫFDWH
2QFH GRQH Tb[H ZLOO WU\ WR HVWDEOLVK WKH FRQQHFWLRQ XVLQJ 7/6 ᨫUVW EXW ZLOO
FRQWLQXH ZLWKRXW LW LI QHFHVVDU\ <RX ZLOO QRWLFH DQ H[WUD OLQH LQIRUPLQJ \RX
DERXW WKH 7/6 FRQQHFWLRQ

0 Tb[H XXX
Tb[H URkX9- b2`p2` RyXR8V
aaG +QMM2+iBQM UT`QiQ+QH, hGapRXj- +BT?2`, hGan1ank8en:*Jna>j39-
#Bib, k8e- +QKT`2bbBQM, Q77V

7R IRUFH 7/6 HQFU\SWLRQ RQ WKH VHUYHU VLGH FKDQJH ˴KRVW˵ WR ˴KRVWVVO˵ LQ


T;n?#X+QM7 OLNH

?QbibbH HH HH yXyXyXyfy b+`K@b?@k8e


?QbibbH HH HH ,,Rfy b+`K@b?@k8e

7R IRUFH LW RQ WKH FOLHQW UXQ Tb[H ZLWK @@b2i4bbHKQ/24


0 Tb[H @@b2i4bbHKQ/24`2[mB`2

<RX FDQ DOVR ORRN LQWR p2`B7v@+ DQG p2`B7v@7mHH LQVWHDG RI `2[mB`2
LI \RX GRQ˵W WUXVW WKH VHUYHU \RX FRQQHFW WR
$SDUW IURP PDNLQJ VHFXUH FRQQHFWLRQV \RXUVHOI \RX VKRXOG NHHS DQ H\H RQ
ZKDW˵V KDSSHQLQJ RQ \RXU VHUYHU 7KHUH DUH WZR ORJ VHWWLQJV WKDW FDQ JLYH \RX
PRUH LQVLJKW WR WKH UXQQLQJ VHUYHU HQ;n+QMM2+iBQMb ZDWFKHV VXFFHVVIXO
DQG XQVXFFHVVIXO FRQQHFWLRQ DWWHPSWV DQG HQ;nbii2K2Mi FDQ ORJ H[HFXWLRQ
RI 64/ VWDWHPHQWV

HQ;n+QMM2+iBQMb 4 QM
HQ;nbii2K2Mi 4 HH

 'DWDEDVH 5ROHV

2QFH FRQQHFWLRQV DUH VHFXUHG LW˵V DOVR D JUHDW LGHD WR PDNH VXUH WKDW GDWDEDVH
XVHUV KDYH WKH ULJKW DFFHVV ULJKWV LQVLGH 3RVWJUH64/
:H KDYH FUHDWHG WKH DSSGE GDWDEDVH XVHU VR IDU :H VKRXOG FDOO WKLV XVHU D UROH
IURP QRZ RQ EHFDXVH WKH ODWHVW YHUVLRQV RI 3RVWJUH64/ WUHDW ERWK XVHUV DQG
JURXSV DV UROHV DQG LW˵V WKH VDPH WKLQJ 
7KLV UROH LV DQ RZQHU RI WKH GDWDEDVH DSSGE DQG RQFH ORJJHG LQ VKRXOG RQO\
EH DEOH WR PDQDJH WKLV GDWDEDVH
7R DVN 3RVWJUH64/ DERXW UROH SULYLODJHV ZH FDQ UXQ WKH IROORZLQJ $/m FRP
PDQG

TQbi;`2b4O $/m
GBbi Q7 `QH2b
_QH2 MK2 % ii`B#mi2b % J2K#2` Q7
@@@@@@@@@@@Y@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@Y@@@@@@@@@@@
TTmb2` % % &'
TQbi;`2b % amT2`mb2`- *`2i2 `QH2- *`2i2 ."- % &'
% _2THB+iBQM- "vTbb _Ga %

SRVWJUHV LV D VXSHUXVHU DQG DV VXFK E\SDVV DQ\ UROH VHFXULW\ ERXQGDULHV H[FHSW
IRU LQLWLDO ORJLQ  DSSXVHU KDV QR VSHFLDO DWWULEXWHV VR ZLOO RQO\ PDQDJH WKH


GDWDEDVHV KH LV WKH RZQHU RI 7KHUH DUH RWKHU UROHV VXFK DV &UHDWH UROH RU &UHDWH
'% WKDW D XVHU FDQ KDYH 7KH +`2i2mb2` XWLOLW\ FUHDWHV D QHZ UROH ZLWKRXW
DQ\ VSHFLDO ULJKWV E\ GHIDXOW ,I ZH ZRXOG OLNH WR KDYH D UROH ZLWK D VSHFLDO
DWWULEXWH ZH FDQ XVH PDQ\ +`2i2mb2` VZLWFKHV VXFK DV @@bmT2`mb2` IRU
VXSHUXVHU RU @@+`2i2/# IRU &UHDWH '% DWWULEXWH
:H FDQ DOVR FUHDWH DQG DOWHU UROHV IURP WKH Tb[H FRQVROH

TQbi;`2b4O +`2i2 `QH2 _PG1nLJ1 rBi? HQ;BMc


TQbi;`2b4O Hi2` `QH2 _PG1nLJ1 rBi? TbbrQ`/ ^a1*l_1nSaaqP_.^c
TQbi;`2b4O Hi2` `QH2 _PG1nLJ1 pHB/ mMiBH ^BM7BMBiv^ c
TQbi;`2b4O ;`Mi 1sAahAL:n_PG1 iQ _PG1nLJ1c
TQbi;`2b4O `2pQF2 1sAahAL:n_PG1 iQ _PG1nLJ1c
TQbi;`2b4O /`QT `QH2 _PG1nLJ1c

1RWH WKDW LI ZH XVH Tb[H LQWHUDFWLYHO\ ZH VKRXOG GHOHWH SDVVZRUG HQWULHV IURP
fXTb[Hn?BbiQ`v ᨫOH ,Q WKH SUDFWLFDO H[DPSOHV ZH˵OO GR LW IURP D VFULSW
$Q\ H[LVWLQJ UROH FDQ EH JUDQWHG ULJKWV RI DQRWKHU UROH ZLWK WKH ;`Mi VWDWH
PHQW 7KLV ZD\ ZH FDQ FUHDWH UROHV DFWLQJ DV JURXSV ZLWKRXW DELOLW\ ORJLQ
DQG WKHQ JUDQW WKHVH JURXS SULYLOHJHV WR XVHU UROHV

 %DFNXSV

7KHUH DUH VHYHUDO DSSURDFKHV ZH FDQ WDNH LQ FUHDWLQJ GDWD EDFNXSV IRU 3RVW
JUH64/ $ ᨫUVW WKLQJ WKDW PLJKW FURVV RXU PLQG LV WR VLPSO\ EDFNXS WKH ᨫOHV
RQ WKH V\VWHP WKDW 3RVWJUH64/ ZULWHV WR

0 bm/Q i` @+7 #+FmTXi` fp`fHB#fT;b[Hf/i

<RX FDQ DOZD\V DVN 3RVWJUH64/ IRU WKH FRUUHFW GDWD GLUHFWRU\ SDWK

TQbi;`2b4O b?Qr /in/B`2+iQ`vc


/in/B`2+iQ`v
@@@@@@@@@@@@@@@@@@@@@
fp`fHB#fT;b[Hf/i


:KLOH WKLV LV SRVVLEOH LW˵V DW WKH H[SHQVH RI WKH SRVVLEOH LQFRQVLVWHQF\ EHWZHHQ
RQH 3RVWJUH64/ YHUVLRQ WR DQRWKHU 7KH GDWDEDVH DOVR KDV WR EH VKXW GRZQ
EHIRUHKDQG
7KHUH DUH WZR QDWLYH ZD\V WR EDFN XS WKH 3RVWJUH64/ GDWDEDVH 7KH ᨫUVW
RSWLRQ LV WR XVH D T;n/mKT WRRO WR GR D 64/ GXPS ZKLFK FUHDWHV D UHJX
ODU 64/ ᨫOH WKDW FDQ EH LPSRUWHG ODWHU RQ WR HYHQ D QHZHU YHUVLRQ RI WKH
GDWDEDVH  ,W˵V PRVW OLNHO\ WKH EHVW RSWLRQ IRU PRVW ZLWK WKH H[FHSWLRQ RI
UHDOO\ ELJ GDWDEDVHV

:KLOH EDFNLQJ XS GDWDEDVH ᨮOHV IURP WKH GDWD GLUHFWRU\ LV D


OLWWOH ELW FOXQN\ LW˴V D JRRG LGHD WR FRQVLGHU VQDSVKRWWLQJ RI WKH
ZKROH YLUWXDO PDFKLQH DORQJVLGH WKH 64/ GXPS EDFNXS 0DQ\
SURYLGHUV RᨭHU WKLV RSWLRQ

$QG FRQWLQXRXV DUFKLYLQJ ZLWK WKH :ULWH $KHDG /RJ :$/ WRJHWKHU ZLWK
WKH 3RLQWLQ7LPH 5HFRYHU\ 3,75  3RVWJUH64/ PDLQWDLQV D ZULWHDKHDG
ORJ DW DOO WLPHV WR EH DEOH WR UHFRYHU IURP VXGGHQ FUDVKHV ZLWKRXW ORVLQJ DQ\
GDWD ,W˵V SRVVLEOH WR WDNH DGYDQWDJH RI LW IRU RXU EDFNXS QHHGV
&RQWLQXRXV DUFKLYLQJ WDNHV D ORW RI H[WUD VSDFH DQG LV DOVR YHUVLRQVSHFLᨫF
OLNH WKH PHWKRG RI EDFNLQJ XS WKH GDWD GLUHFWRU\ 6R ZH˵OO IRFXV RQ PDNLQJ D
64/ GXPS ZKLFK FDQ EH HDVLO\ GRQH ZLWK T;n/mKT ORFDOO\ RU RQ WKH QHWZRUN
DFURVV GLᨪHUHQW YHUVLRQV RI 3RVWJUH64/

 64/ 'XPSV

7R PDNH D QHZ 64/ GXPS IRU D GDWDEDVH FDOOHG /#MK2 UXQ

0 T;n/mKT @? RN3X8RXRyyXy @T 89jk /#MK2 = #+FmT

$ VKRZQ E\ DGGLQJ @? DQG @T RSWLRQV ZH FDQ DOVR EDFNXS D UHPRWH GDWDEDVH


1RWH WKDW LWV SRUW KDV WR EH RSHQHG DQG DOORZHG ERWK IURP ᨫUHZDOO DQG
6(/LQX[ SHUVSHFWLYH
7R UHVWRUH D EDFNXS PDGH ZLWK T;n/mKT ZH SLSH WKH FRQWHQWV RI WKH ᨫOH WR
Tb[H DQG SURYLGH D GDWDEDVH QDPH

0 Tb[H @@b2i PLn1__P_nahPS4QM /#MK2 I #+FmT


3URYLGLQJ WKH @@b2i PLn1__P_nahPS4QM RSWLRQ ZLOO VWRS WKH UHVWRUH SUR
FHVV RQ HUURUV DQG OHW XV HYDOXDWH LI ZH ZDQW WR FRQWLQXH
:H FDQ DOVR FRQQHFW ERWK VWHSV DQG UHVWRUH WKH GDWDEDVH WR DQRWKHU RQH RQ
DQRWKHU KRVW

0 T;n/mKT @? ?QbiR /#MK2 % Tb[H @? ?Qbik /#MK2

7R GXPS DOO GDWDEDVHV UROHV DQG WDEOHVSDFHV SUHIHU T;n/mKTHH

0 T;n/mKTHH = #+FmT

$QG WKH IROORZLQJ Tb[H FDOO WR UHVWRUH

0 Tb[H @7 #+FmT TQbi;`2b

8VH TQbi;`2b DV VKRZQ DERYH DV D GDWDEDVH QDPH LI \RX DUH UHVWRULQJ WKH
GDWD LQWR DQ HPSW\ FOXVWHU
$V IRU WKH @7 RSWLRQ VSHFLI\LQJ WKH ᨫOH LQ TXHVWLRQ LW˵V MXVW DQ DOWHUQDWLYH WR
SLSLQJ ZH GLG EHIRUH
5HPHPEHU WKDW UHVWRULQJ WKH EDFNXS PDGH ZLWK T;n/mKTHH UHTXLUHV WKH
GDWDEDVH VXSHUXVHU DFFHVV

 8SJUDGHV

:KHQ \RX LQVWDOO D QHZ YHUVLRQ RI 3RVWJUH64/ OLNH DIWHU DQ )HGRUD YHUVLRQ
XSJUDGH  \RX˵OO QHHG WR PLJUDWH \RXU GDWD WR WKH QHZ YHUVLRQ IRUPDW
5XQ TQbi;`2b[H@b2imT @@mT;`/2 ZKLFK FDOOV T;nmT;`/2 XQGHU WKH
KRRG

0 bm/Q TQbi;`2b[H@b2imT @@mT;`/2

7KHQ FKHFN WKH XSJUDGH ORJ WR VHH KRZ LW ZHQW


0 bm/Q H2bb fp`fHB#fT;b[HfmT;`/2nTQbi;`2b[HXHQ;

<RX VKRXOG JHW D ORW RI VXFFHVVIXO VWHSV ᨫQLVKHG E\ D PHVVDJH OLNH WKLV

XXX
lT;`/2 *QKTH2i2
@@@@@@@@@@@@@@@@
PTiBKBx2` biiBbiB+b `2 MQi i`Mb72``2/ #v T;nmT;`/2 bQ-
QM+2 vQm bi`i i?2 M2r b2`p2`- +QMbB/2` `mMMBM;,
XfMHvx2nM2rn+Hmbi2`Xb?

_mMMBM; i?Bb b+`BTi rBHH /2H2i2 i?2 QH/ +Hmbi2`^b /i 7BH2b,
Xf/2H2i2nQH/n+Hmbi2`Xb?

,I DOO LV ZHOO VWDUW WKH VHUYLFH DJDLQ

0 bm/Q bvbi2K+iH bi`i TQbi;`2b[HXb2`pB+2


 5XQQLQJ 5HGLV
5HGLV LV DQ H[DPSOH RI D NH\YDOXH VWRUH WKDW DOPRVW HYHU\ ZHE DSSOLFDWLRQ
PLJKW QHHG DW VRPH SRLQW ,W PLJKW EH D EDFNHQG IRU FDFKLQJ VHVVLRQ SDJH
UXVVLRQ GROO FDFKLQJ ̀  TXHXHV OLNH 6LGHNLT  HYHQWHG SXEVXE V\VWHPV DQG
PRUH ,W˵V GHVLJQHG WR EH LQPHPRU\ EXW FDQ EH RSWLRQDOO\ SHUVLVWHG
$QRWKHU QLFH WKLQJ IRU 5HGLV LV WKDW LV SUHWW\ VWUDLJKIRUZDUG WR PDQDJH DQG
WKDW˵V ZKDW WKLV YHU\ FKDSWHU LV DERXW

 ,QVWDOODWLRQ

$V ZH KDYH OHDUQHG ZH FDQ ᨫQG 5HGLV SDFNDJH HDVLO\ E\ VHDUFKLQJ WKH )HGRUD
UHSRVLWRU\ ZLWK /M7 b2`+? `2/Bb DQG LQVWDOO LW

0 bm/Q /M7 BMbiHH `2/Bb @v

7KH DERYH FRPPDQG ZLOO LQVWDOO ERWK FOLHQW DQG VHUYHU `TK @[H `2/Bb %
;`2T #BM FDQ KHOS XV ᨫQG WKH XVHIXO H[HFXWDEOH ᨫOHV DIWHU WKH SDFNDJH LV
LQVWDOOHG

0 `TK @[H `2/Bb % ;`2T #BM


fmb`f#BMf`2/Bb@#2M+?K`F
fmb`f#BMf`2/Bb@+?2+F@Q7
fmb`f#BMf`2/Bb@+?2+F@`/#
fmb`f#BMf`2/Bb@+HB
fmb`f#BMf`2/Bb@b2MiBM2H
fmb`f#BMf`2/Bb@b2`p2`

$QG `TK @[H `2/Bb % ;`2T +QM7B; WKH PDLQ FRQᨫJXUDWLRQ ᨫOHV

0 `TK @[H `2/Bb % ;`2T +QM7


f2i+f`2/Bb@b2MiBM2HX+QM7
f2i+f`2/BbX+QM7
f2i+fbvbi2K/fbvbi2Kf`2/Bb@b2MiBM2HXb2`pB+2X/fHBKBiX+QM7
f2i+fbvbi2K/fbvbi2Kf`2/BbXb2`pB+2X/fHBKBiX+QM7
fmb`fb?`2fKMfKM8f`2/Bb@b2MiBM2HX+QM7X8X;x
fmb`fb?`2fKMfKM8f`2/BbX+QM7X8X;x


&KHFNLQJ WKH PDQXDO SDJH ZLWK KM `2/BbX+QM7 UHYHDOV D ZD\ KRZ WR UXQ
D 5HGLV VHUYHU

0 `2/Bb@b2`p2` fT`?fiQf`2/Bbf+QM7B;f7BH2X+QM7

$SDUW IURP WKH VHUYHU SDUW ZH DOVR KDYH `2/Bb@+HB H[HFXWDEOH DW RXU GLVSRVDO
WR FRQQHFW WR ORFDO RU UHPRWH 5HGLV LQVWDQFHV

 6\VWHP 6HUYLFH

:H FDQ JUHS DQG ᨫQG RXW LI `2/Bb SDFNDJH FRPHV ZLWK V\VWHPG ᨫOH ,W GRHV

0 +i fmb`fHB#fbvbi2K/fbvbi2Kf`2/BbXb2`pB+2
(lMBi)
.2b+`BTiBQM4_2/Bb T2`bBbi2Mi F2v@pHm2 /i#b2
7i2`4M2irQ`FXi`;2i

(a2`pB+2)
1t2+ai`i4fmb`f#BMf`2/Bb@b2`p2` f2i+f`2/BbX+QM7
@@bmT2`pBb2/ bvbi2K/
1t2+aiQT4fmb`fHB#2t2+f`2/Bb@b?mi/QrM
hvT24MQiB7v
lb2`4`2/Bb
:`QmT4`2/Bb
_mMiBK2.B`2+iQ`v4`2/Bb
_mMiBK2.B`2+iQ`vJQ/24yd88

(AMbiHH)
qMi2/"v4KmHiB@mb2`Xi`;2i

$V \RX FDQ VHH LW XVHV WKH GHIDXOW f2i+f`2/BbX+QM7 FRQᨫJ ᨫOH VR WKDW˵V ZKDW
ZH ZLOO HGLW DV ZHOO LI QHFHVVDU\ $OVR QRWH WKDW 5HGLV ZLOO UXQ XQGHU `2/Bb
XVHU 7KLV ZLOO EH XVHIXO ZKHQ VHFXULQJ RXU 5HGLV VHUYLFH

0 B/ `2/Bb
mB/4Nd9U`2/BbV ;B/4Nd9U`2/BbV ;`QmTb4Nd9U`2/BbV


5XQQLQJ 5HGLV VHUYHU DV D V\VWHPG VHUYLFH LV DV VWUDLJKIRUZDUG DV DQ\ V\VWHPG
VHUYLFHV EHIRUH

0 bm/Q bvbi2K+iH 2M#H2 `2/BbXb2`pB+2


0 bm/Q bvbi2K+iH bi`i `2/BbXb2`pB+2

 'DWDEDVHV

2Q ᨫUVW ORRN 5HGLV LV YHU\ VLPSOH NH\YDOXH VWRUH EXW LW VWLOO FRPHV ZLWK WKH
VXSSRUW RI PXOWLSOH GDWDEDVHV 7KLV FDQ EH KDQG\ ZKHQ VSOLWWLQJ WKH UHVSRQ
VLELOLWLHV LQWR D VHSDUDWH GDWDEDVH IRU TXHXHV DQG VHSDUDWH RQH IRU FDFKLQJ $V
DGPLQLVWUDWRUV RI WKH SURMHFW ZH QHHG WR EH DZDUH RI LW VR WKDW ZKHQ ZH UXQ
FRPPDQGV DJDLQVW 5HGLV GDWDEDVH ZH KDYH LQ PLQG
/HW˵V UXQ 5HGLV FOLHQW ORFDOO\ DQG DGG D QHZ NH\

0 `2/Bb@+HB
RkdXyXyXR,ejdN= b2i ?2HHQnrQ`H/nF2v ]?2HHQ 7`QK `2/Bb]
PE
RkdXyXyXR,ejdN= ;2i ?2HHQnrQ`H/nF2v
]?2HHQ 7`QK `2/Bb]
RkdXyXyXR,ejdN= b+M y Ki+? rQ`H/
RV ]y]
kV RV ]?2HHQnrQ`H/nF2v]

8VH 6&$1 LQVWHDG RI .(<6 'R QRW XVH .(<6 RQ SURGXFWLRQ


VHUYHUV DV LW PDNHV D IXOO VFDQ RI DOO NH\V RQH E\ RQH 7KDW FRXOG
EULQJ \RXU 5HGLV LQVWDQFH SHUIRUPDQFH SUREOHPV DQG UHTXLUH
RWKHU FRQQHFWHG FOLHQWV WR ZDLW IRU WKH FRPPDQG WR ᨮQLVK

5HGLV KDV D a1G1*h FRPPDQG IRU VZLWFKLQJ IURP RQH GDWDEDVH WR DQRWKHU
,W˵V DFWXDOO\ YHU\ VLPSOH FRPSDUHG WR WKH WUDGLWLRQDO 5'%06 :H GRQ˵W KDYH WR
VSHFLᨫFDOO\ FUHDWH DQ\ GDWDEDVHV :H VLPSO\ VZLWFK WR WKHP E\ XVLQJ a1G1*h
ZLWK WKH GDWDEDVH QXPEHU


RkdXyXyXR,ejdN= b2H2+i R
PE
RkdXyXyXR,ejdN(R)= b+M y Ki+? rQ`H/
RV ]y]
kV U2KTiv HBbi Q` b2iV
RkdXyXyXR,ejdN(R)= b2H2+i y
PE
RkdXyXyXR,ejdN= b+M y Ki+? rQ`H/
RV ]y]
kV RV ]?2HHQnrQ`H/nF2v]

:KDW˵V KDSSHQLQJ KHUH" 5HGLV VWDUWV WR FRXQW GDWDEDVHV IURP  ,I ZH VZLWFK


WR WKH GDWDEDVH QXPEHU  RXU ?2HHQnrQ`H/nF2v NH\ LV QRW DYDLODEOH

RkdXyXyXR,ejdN= b2H2+i ky
U2``Q`V 1__ ." BM/2t Bb Qmi Q7 `M;2

7U\LQJ WR VHOHFW GDWDEDVH QXPEHU  ZLOO IDLO KRZHYHU (YHU\ 5HGLV VHUYHU
LQVWDQFH VXSSRUWV RQO\  GDWDEDVHV E\ GHIDXOW VWDUWLQJ ZLWK  
7KLV GDWDEDVH LQGH[ LV DOVR WKH QXPEHU ZH QHHG WR VSHFLI\ ZKHQ FRQQHFWLQJ
WR 5HGLV ZLWK WKH 5HGLV SURWRFRO 85/ DW WKH HQG DIWHU WKH SRUW QXPEHU

˾ `2/Bb,ffHQ+H?Qbi,ejdNfy
˾ `2/Bb,ffHQ+H?Qbi,ejdNfR
˾ `2/Bb,ffHQ+H?Qbi,ejdNfk

,Q FDVH ZH QHHG PRUH PRUH WKDQ  ZH FDQ DGMXVW WKH QXPEHU RI GDWDEDVHV
E\ FKDQJLQJ /i#b2b YDOXH LQ f2i+f`2/BbX+QM7

0 bm/Q +i f2i+f`2/BbX+QM7


XXX
/i#b2b Re
XXX

:H FDQ DOVR XVH 6Gla>." DQG 6Gla>GG FRPPDQGV WR GHOHWH WKH FRQWHQW RI
D GDWDEDVH 7KLV FDQ EH KDQG\ LQ FOHDQLQJ ROG GDWD DQG VWDUWLQJ IUHVK


RkdXyXyXR,ejdN= 6Gla>."
PE

6Gla>." GURSV FXUUHQW GDWDEDVH˵V GDWD

RkdXyXyXR,ejdN= 6Gla>GG
PE

6Gla>GG GURSV DOO GDWD RQ \RXU 5HGLV VHUYHU 3URFHHG ZLWK FDUH
7R FKHFN WKDW RXU 5HGLV GDWDEDVH LV HPSW\

RkdXyXyXR,ejdN= b+M y Ki+?


RV ]y]
kV U2KTiv HBbi Q` b2iV

Ki+? VKRXOG PDWFK DQ\ NH\ SUHVHQW


1sAh OHDYHV WKH FOLHQW DQG FORVHV WKH FRQQHFWLRQ

RkdXyXyXR,ejdN= 2tBi

,W PLJKW EH XVHIXO WR NQRZ RQH FDQ XVH @@b+M DQG @@Tii2`M RSWLRQV ZLWK
WKH &/, FOLHQW QRQLQWHUDFWLYHO\ DV

0 `2/Bb@+HB @@b+M @@Tii2`M ^ qP_G. ^<

 &RQQHFWLRQV

:H KDYH DOUHDG\ PHQWLRQHG `2/Bb@+HB SURJUDP DQG KRZ ZH FDQ HDVLO\ FRQ
QHFW WR WKH VHUYHU UXQQLQJ RQ WKH VDPH PDFKLQH ,I ZH ZDQW WR FRQQHFW WR
D GLᨪHUHQW 5HGLV VHUYHU XVLQJ 7&3 WKHUH LV D 81,; VRFNHW RSWLRQ WRR ZH
QHHG WR SURYLGH KRVWQDPH ZLWK @? SRUW ZLWK @T GDWDEDVH QXPEHU @M
:H FDQ GHPRQVWUDWH WKLV DOVR ZLWK RXU ORFDOKRVW LQVWDQFH


0 `2/Bb@+HB @? RkdXyXyXR @T ejdN @M k
RkdXyXyXR,ejdN(k)=

ejdN LV 5HGLV GHIDXOW SRUW @M k WRRN XV WR WKH GDWDEDVH QXPEHU  WKLV


RSWLRQ ZRUNV DOVR ZLWK RWKHU 5HGLV &/, FRPPQDGV 
:H FDQ XVH WKH FRPPDQG SAL: WR FKHFN LI WKH FRQQHFWLRQ ZLWK WKH VHUYHU
ZRUNV HYHQ DIWHU ORJJLQJ LQ

RkdXyXyXR,ejdN(k)= TBM;
SPL:

2U VLPSO\ IURP FRPPDQG OLQH

0 `2/Bb@+HB TBM;

,I ZH ZDQW WR NQRZ D ELW PRUH DERXW WKH VHUYHU 5HGLV &/, KDV D BM7Q FRP
PDQG

RkdXyXyXR,ejdN(k)= BM7Q
O a2`p2`
`2/Bbnp2`bBQM,9XyXN
XXX

2U EHWWHU IURP D FRPPDQG OLQH

0 `2/Bb@+HB @? yXyXyXy @T ejdN BM7Q


O a2`p2`
`2/Bbnp2`bBQM,9XyXN
`2/Bbn;Binb?R,yyyyyyyy
`2/Bbn;Bin/B`iv,y
`2/Bbn#mBH/nB/,/R/3#N#yN98d#k
`2/BbnKQ/2,biM/HQM2
Qb,GBMmt 9XR8XRy@jyyX7+kdXt3ene9 t3ene9
`+?n#Bib,e9
KmHiBTH2tBM;nTB,2TQHH
iQKB+p`nTB,iQKB+@#mBHiBM
XXX


,W RXWSXWV D ORW RI LQIRUPDWLRQ RQ FRQQHFWHG FOLHQWV PHPRU\ SHUVLVWDQFH
UHSOLFDWLRQ &38 FOXVWHU DQG FRPHV ZLWK PDQ\ XVHIXO VWDWLVWLFV
:H FDQ XVH WKH BM7Q FRPPDQG IRU EDVLF PRQLWRULQJ RI RXU 5HGLV LQVWDQFH
6RPH H[DPSOHV IROORZ
&RQQHFWHG FOLHQWV

0 `2/Bb@+HB @? yXyXyXy @T ejdN BM7Q % ;`2T +QMM2+i2/n+HB2Mib


+QMM2+i2/n+HB2Mib,k

0HPRU\ XVHG

0 `2/Bb@+HB @? yXyXyXy @T ejdN BM7Q % mb2/nK2KQ`vn?mKM


mb2/nK2KQ`vn?mKM,3jjX8NE

&38 XVHG

0 `2/Bb@+HB @? yXyXyXy @T ejdN BM7Q % ;`2T mb2/n+Tm


mb2/n+Tmnbvb,yXNj
mb2/n+Tmnmb2`,yX9y
mb2/n+Tmnbvbn+?BH/`2M,yXyy
mb2/n+Tmnmb2`n+?BH/`2M,yXyy

 6HFXULW\

6R IDU ZH GLGQ˵W XVHG DQ\ DXWKHQWLFDWLRQ ZKHQ FRQQHFWLQJ WR 5HGLV 7KDW


GRHV QRW ORRN WRR VHFXUH GRHV LW" 5HGLV LV KRZHYHU D W\SLFDO H[DPSOH RI D
VHUYHU VLGH VRIWZDUH WKDW LV GHVLJQHG WR EH DFFHVVHG E\ WUXVWHG FOLHQWV LQVLGH
HQYLURQPHQWV ZH FDQ WUXVW DQRWKHU SRSXODU VRIWZDUH WKDW ZRUNV WKLV ZD\ LV
(ODVWLFVHDUFK 
%XW ZKDW GRHV WKDW HYHQ PHDQ" ,Q WKH SUHYLRXV H[DPSOHV ZH FRQQHFWHG WR D
ORFDO LQVWDQFH RI 5HGLV WKDW ELQGV WR D ORFDOKRVW RQO\ 7KDW PHDQV WKDW  HYHQ
WKRXJK ZH FDQ VSHFLI\ D GLᨪHUHQW KRVWQDPH ZLWK @? RSWLRQ  LI ZH LQVWDOOHG
5HGLV ZLWK WKH GHIDXOWV ZH FDQQRW FRQQHFW WR LW IURP RWKHU KRVWV
,I ZH KDYH D FORVHU ORRN ZH FDQ ᨫQG WKH IROORZLQJ OLQH LQ WKH `2/BbX+QM7
ᨫOH


#BM/ RkdXyXyXR

:H FRXOG FKDQJH RkdXyXyXR WR yXyXyXy WR DFFHSW FRQQHFWLRQV IURP DQ\


ZKHUH WKH VDPH KDSSHQV ZKHQ GHOHWLQJ WKLV OLQH  +RZHYHU WKDW ZRXOG RSHQ
RXU 5HGLV GDWDEDVHV WR WKH ZRUOG IRU HYHU\ERG\ WR VHH 7KDW˵V ZK\ E\ GHIDXOW
RQO\ ORFDOKRVW FRQQHFWLRQV DUH DOORZHG
:H FDQ VSHFLI\ PRUH ,3 DGGUHVVHV RQ WKLV OLQH )RU H[DPSOH WKH IROORZLQJ ZLOO
DOORZ ERWK ,3Y DQG ,3Y ORRSEDFN LQWHUIDFH

#BM/ RkdXyXyXR ,,R

,W˵V XS WR XV WR PDNH VXUH WKH FRQQHFWLRQV WR 5HGLV DUH DOUHDG\ VDIH :H VKRXOG
HLWKHU FRQQHFW ORFDOO\ RU DOORZ D VSHFLᨫF SULYDWH QHWZRUN :H FDQ DOVR XVH D
ᨫUHZDOO WR OLPLW WKH DFFHVV
$SDUW IURP VHFXULQJ WKH FRQQHFWLRQ ZH VKRXOG DOVR PDNH VXUH WKDW RXU RZQ
DSSOLFDWLRQ GRHV QRW DOORZ DUELWUDU\ XVHUV WR DFFHVV 5HGLV LQ DQ LQDSSURSULDWH
ZD\ 7KDW PHDQV DXWKHQWLFDWLQJ XVHUV DQG VHQGLQJ VDIH DFWLRQV RQ WKHLU EHKDOI
7KLQN 64/ LQMHFWLRQ MXVW ZLWKRXW 64/
$QG HYHQ LI 5HGLV VXSSRUWV PXOWLSOH GDWDEDVHV LW˵V EHWWHU WR KDYH RQO\ RQH DS
SOLFDWLRQ FRQQHFWLQJ WR LW WKDW FDQ XVH YDULRXV GDWDEDVHV IRU GLᨪHUHQW UHVSRQ
VLELOLWLHV VR RQH DSSOLFDWLRQ FDQQRW FKDQJH 5HGLV GDWD RI RWKHU DSSOLFDWLRQ
ZKHQ FRPSURPLVHG

 3URWHFWLQJ 5HGLV :LWK D 3DVVZRUG

(YHQ WKRXJK 5HGLV LV QRW DV VRSKLVWLFDWHG LQ DXWKHQWLFDWLQJ FRQQHFWLRQV DV


3RVWJUH64/ LW GRHV KDYH DQ RSWLRQ LQVLGH `2/BbX+QM7 WR DOORZ RQO\ FRQQHF
WLRQV WKDW DXWKHQWLFDWH ZLWK D JLYHQ SDVVZRUG FDOOHG `2[mB`2Tbb

XXX
O q`MBM;, bBM+2 _2/Bb Bb T`2iiv 7bi M QmibB/2 mb2` +M i`v
O mT iQ R8yF TbbrQ`/b T2` b2+QM/ ;BMbi  ;QQ/ #QtX
O h?Bb K2Mb i?i vQm b?QmH/ mb2  p2`v bi`QM; TbbrQ`/
O Qi?2`rBb2 Bi rBHH #2 p2`v 2bv iQ #`2FX
O
O `2[mB`2Tbb 7QQ#`2/
XXX


$V WKH GRFXPHQWDWLRQ VD\V WKH SDVVZRUG KHUH VKRXOG UDWKHU EH UHDOO\ VWURQJ
VR NHHS WKDW LQ PLQG
,I ZH SXW D SDVVZRUG WKHUH

`2[mB`2Tbb BMb2+m`2TbbrQ`/

7KHQ ZH FDQ XVH WKH @T RSWLRQ IRU `2/Bb@+HB WR FRQQHFW DQG DXWKHQWLFDWH

0 `2/Bb@+HB @? yXyXyXy @T ejdN @T BMb2+m`2TbbrQ`/

)RU RWKHU FOLHQWV RU ZLWKLQ WKH LQWHUDFWLYH PRGH lh> FRPPDQG QHHGV WR EH
XVHG ZLWK D FRUUHFW SDVVZRUG EHIRUH DQ\ RWKHU FRPPDQGV

0 `2/Bb@+HB @? yXyXyXy @T ejdN


yXyXyXy,ejdN= b2H2+i k
U2``Q`V LPlh> mi?2MiB+iBQM `2[mB`2/X
yXyXyXy,ejdN= mi? BMb2+m`2TbbrQ`/
PE
yXyXyXy,ejdN= b2H2+i k
PE

%HDZDUH WKDW $87+ FRPPDQG OLNH DQ\ RWKHU LV DFWXDOO\ DOZD\V


VHQG XQHQFU\SWHG 6R DJDLQ LW˴V VWLOO LPSRUWDQW WR VHFXUH WKH QHW
ZRUN DQG ELQGLQJ 5HGLV WR D SXEOLF ,3 DGGUHVV DQG LPSOHPHQWLQJ
UHTXLUHSDVV LV QRW DFWXDOO\ DV VHFXUH

 3URWHFWHG 0RGH

7R FRXQWHU WKH VLPSOLVWLF QDWXUH RI 5HGLV VHUYHU VHFXULW\ 5HGLV  DQG KLJKHU
LPSOHPHQWV D VRFDOOHG SURWHFWHG PRGH WKDW WULHV WR SURWHFW 5HGLV IURP EHLQJ
H[SORLWHG
,I T`Qi2+i2/@KQ/2 FRQᨫJXUDWLRQ LV VHW WR v2b HQDEOHG E\ GHIDXOW  WKH
SDVVZRUG SURWHFWLRQ ZDV QRW VHW DQG WKH FRQᨫJXUDWLRQ ODFNV H[DFW ,3 DGGUHVVHV
LQ #BM/ GLUHFWLYH 5HGLV ZLOO RQO\ DFFHSW LQFRPLQJ FRQQHFWLRQ IURP ORFDOKRVW
RU 81,; VRFNHWV


 5HQDPLQJ DQG 'LVDEOLQJ &RPPDQGV

$QRWKHU ZD\ RI LPSURYLQJ 5HGLV VHFXULW\ LV E\ GLVDEOLQJ DQG UHQDPLQJ FRP


PDQGV ,Q WKH `2/BbX+QM7 ᨫOH ZH FDQ DGG GLUHFWLUH `2MK2@+QKKM/ WR
UHQDPH RU GLVDEOH D JLYHQ FRPPDQG DV IROORZV

`2MK2@+QKKM/ 6Gla>." ]JuSSn6Gla>."]


`2MK2@+QKKM/ 6Gla>GG ]JuSSn6Gla>GG]
`2MK2@+QKKM/ a>lh.PqL ]]

*LYHQ WKH DERYH WKH FRPPDQGV 6Gla>." DQG 6Gla>GG ZLOO EH UHQDPHG WR
JuSSn6Gla>." DQG JuSSn6Gla>GG a>lh.PqL ZLOO WKHQ EH FRPSOHWO\
GLVDEOHG , UHFRPPHQG WR UHQDPH D FRPPDQG WR D SUHᨫ[ VR WKDW WKH 5HGLV
FOLHQW DW KDQG FDQ SHUKDSV EH HDVLO\ SDWFKHG WR VXSSRUW WKLV
$V WKLV PLJKW EH D ELW LPSUDFWLFDO ZH FDQ DW OHDVW FRQVLGHU WR EDQ GDQJHURXV
FRPPDQGV WKDW ZH NQRZ RXU DSSOLFDWLRQ GRQ˵W FXUUHQWO\ XVH
&RPPDQGV \RX FRXOG FRQVLGHU EDQQLQJ DUH

˾ a>lh.PqL VKXWV GRZQ WKH VHUYHU


˾ ":_1q_Ah1P6 UHZULWHV $SSHQG 2QO\ )LOH $2)
˾ *PL6A: UHDGV DQG VHWV FRQᨫJXUDWLRQ
˾ .1"l: SURYLGH GHEXJJLQJ RSWLRQV
˾ .1G aSPS DQG a_1J UHPRYH NH\V
˾ 1sSA_1 DQG S1sSA_1 VHW WLPHRXW RQ NH\ H[SLUDWLRQ
˾ 6Gla>." GHOHWHV GDWDEDVH
˾ 6Gla>GG GHOHWHV DOO GDWD IURP DOO GDWDEDVHV
˾ E1ua OLVW DOO NH\V DQG FDQ KDQJ RQ ELJ GDWDVHW
˾ _1LJ1 UHQDPH D NH\
˾ ao1 DQG ":ao1 VDYHV WKH FXUUHQW VWDWH DV D VQDSVKRW

 3HUPLVVLRQV

$V ZH KDYH VHHQ LQ WKH EHJLQQLQJ RQO\ WKH V\VWHP XVHU `2/Bb LV H[SHFWHG WR
EH DFFHVLQJ 5HGLV UHODWHG ᨫOHV DQG GLUHFWRULHV
7KHUH DUH WZR LPSRUWDQW WKLQJV WR FRQVLGHU HVSHFLDOO\ LI ZH GHFLGH QRW WR XVH
WKH V\VWHP SDFNDJHG 5HGLV DFFHVV WR WKH FRQᨫJXUDWLRQ ᨫOH DQG WR WKH GDWDEDVH
ᨫOHV
/HW˵V VHH WKH SHUPLVVLRQV IRU `2/BbX+QM7


O Hb @H f2i+f`2/BbX+QM7
@`r@`@@@@@X R `2/Bb `QQi 833ye .2+ kk Rj,jj f2i+f`2/BbX+QM7

7KLV LV UHDVRQDEOH QRERG\ H[FHSW IRU `2/Bb XVHU ZRQ˵W FKDQJH WKH FRQᨫJX
UDWLRQ
:KDW DERXW WKH GLUHFWRU\ ZKHUH 5HGLV VWRUHV GDWDEDVH ᨫOHV"

O Hb @H/ fp`fHB#f`2/Bbf
/`rt`@t@@@X k `2/Bb `2/Bb 9yNe .2+ kk Rj,jj fp`fHB#f`2/Bbf

7KLV DOVR ORRNV JRRG RQO\ `2/Bb XVHU DQG JURXS FDQ PDQLSXODWH DQG OLVW ᨫOHV
KHUH
,I \RX DUH QRW XVLQJ D V\VWHP SDFNDJH IRU 5HGLV \RX VKRXOG SUREDEO\ PRGHO
WKLV VLPLODUO\

 %DFNXSV

)LUVW TXHVWLRQ PLJKW EH GR ZH DFWXDOO\ QHHG EDFNXSV" 'R ZH QHHG WR EDFN XS
5HGLV LI ZH ZRXOG XVH LW IRU D WKURZ DZD\ GDWD RQO\" $QG IRU PDQ\ SURMHFWV
WKH DQVZHU LV ˸QR ZH GRQ˵W˹ 1RW VWRULQJ SRWHQWLDOO\ VHQVLWLYH LPIRUPDWLRQ
DQG WDNLQJ FDUH RI LW LV D UHVSRQVLELOLW\ DQG D OLDELOLW\
,W˵V RI FRXUVH MXVW SDUW RI WKH VWRU\ &DFKHV FDQ EH WRR H[SHQVLYH WR FDOFXODWH
DOO DW RQFH TXHXHV PLJKW QRW EH UHVFKHGXOHG DXWRPDWLFDOO\ RU 5HGLV LV DFWXDOO\
XVHG DV WKH RULJLQDO FDQRQLFDO VRXUFH IRU VRPH RI WKH GDWD ,Q WKDW FDVH QHHG
WR OHDUQ DERXW EDFNLQJ XS 5HGLV
7KHUH DUH WZR GLᨪHUHQW SHUVLVWHQFH PHFKDQLVP EXLOW LQWR 5HGLV 7KH\ FDQ EH
XVHG RQ LW˵V RZQ RU WRJHWKHU
7KH ᨫUVW RQH LV 5HGLV 'DWDEDVH )LOH 5'% SHUVLVWDQFH ZKLFK UHIHUV WR D
˸SRLQWLQWLPH˹ VQDSVKRW RI WKH VWDWH RI WKH 5HGLV GDWDEDVH DW VSHFLᨫHG LQWHU
YDOV ,W FDQ EH GRQH DQ\WLPH DV LW˵V QRQ EORFNLQJ DQG WKH JHQHUDWHG /mKTX`/#
ᨫOH FDQ HDVLO\ FRSLHG HOVHZKHUH DV D EDFNXS
7KH LQWHUYDOV WKHPVHOYHV FDQ EH FRQᨫJXUHG XQGHU ˸61$36+277,1*˹ VHFWLRQ
LQ `2/BbX+QM7 7KH GHIDXOWV DUH DV IROORZV


bp2 Nyy R
bp2 jyy Ry
bp2 ey Ryyyy

)LUVW DUJXPHQW UHIHUV WR D WLPH LQ VHFRQGV DQG VHFRQG LV D FRQGLWLRQ RQ KRZ


PDQ\ NH\V KDG WR FKDQJH LQ WKDW WLPH WR DFWXDOO\ FRPPLW WKH FKDQJHV
,Q RWKHU ZRUNV WKH GDWD DUH VDYHG WR GLVN HYHU\ PLQXWH LI  ZULWH RSHU
DWLRQV ZHUH UHFHLYHG E\ 5HGLV EXW RQO\ HYHU\  PLQXWHV LI WKHUH ZDV RQH RU
PRUH ZULWH RSHUDWLRQV
7KH VHFRQG RQH LV $SSHQG 2QO\ )LOH $2) SHUVLVWDQFH ZKLFK ORJV HYHU\
VLQJOH ZULWH RSHUDWLRQ RQ WKH VHUYHU DQG FDQ EH UHSOD\HG RQ WKH VHUYHU UHVWDUW
7KH EHQHᨫW KHUH LV GDWD VDIHW\ EXW WKH VHUYHU SHUIRUPDQFH VXᨪHUV
7KLUG RSWLRQ LV WR XVH WKHP ERWK DW RQFH
*HQHUDOO\ LI \RX FDQ DOZD\V ORRVH D IHZ PLQXWHV RI GDWD JR IRU WKH 5'% <RX
FDQ ᨫQG WKH /mKTX`/# ᨫOH LQ fp`fHB#f`2/Bbf <RX FDQ LVVXH D FRPPDQG
":ao1 WR WHOO 5HGLV WR PDNH VXFK D VQDSVKRW LQ WKH EDFNJURXQG

kdXyXyXR,ejdN= #;bp2

<RX FDQ ᨮQG WKH GDWD GLUHFWRU\ E\ DVNLQJ 5HGLV LQ WKH &/, ZLWK
˸FRQᨮJ JHW GLU˸

7KLV ᨫOH FDQ EH HDVLO\ HQFU\SWHG DQG PRYHG WR D EDFNXS ORFDWLRQ :H FDQ DOVR
GLUHFWO\ FRS\ WKH ᨫOH XVLQJ b+T
0\ DSSURDFK WR 5HGLV LV WR DOZD\V DUFKLWHFW WKH DSSOLFDWLRQ LQ D ZD\ WKDW GRHV
QRW UHTXLUH GDWD VDIHW\ JXDUDQWHV DQG DOO GDWD FDQ EH DFWXDOO\ ORVW 7KHQ ,
LPSOHPHQW 5'% SHUVLVWDQFH IRU HDV\ UHFRYHU\ RI PRVW RI WKH GDWD VR LI , QHHG
WR UHGHSOR\ WKH DSSOLFDWLRQ LW GRHV QRW VXᨪHU SHUIRUPDQFH LVVXHV E\ QRW KDYLQJ
WKH 5HGLV GDWD DYDLODEOH
)RU HQDEOLQJ $2) ZH QHHG WR FKDQJH WKH FRQᨫJXUDWLRQ GLUHFWLYH TT2M/QMHv
WR v2b LQ `2/BbX+QM7 ᨫOH ,I ZH DUH DERXW WR WXUQ LW RQ IRU DOUHDG\ UXQQLQJ
VHUYLFH ZH VKRXOGQ˵W EH UHVWDUWLQJ 5HGLV ZLWK WKLV VHWWLQJV DV LW FRXOG ORRVH RXU
GDWD )RU WKLV SXUSRVH ZH FDQ FKDQJH WKH FRQᨫJXUDWLRQ RQ WKH ᨭ\ ZLWK


kdXyXyXR,ejdN= +QM7B; b2i TT2M/QMHv v2b
PE

2QFH HQDEOHG ZH FDQ GLUHFW 5HGLV WR UHZULWH WKH $2) ᨫOH ZLWK ":_1q_Ah1P6
FRPPDQG

kdXyXyXR,ejdN= #;`2r`Bi2Q7

,VVXLQJ ":_1q_Ah1P6 ZLOO DOZD\V UHZULWH WKH $2) ᨫOH WR VKRUWHVW VHTXHQFH
RI FRPPDQGV WKDW DUH DFWXDOO\ QHHGHG IRU WKH FRPSOHWH GDWDVHW UHEXLOG
7KHQ \RX VKRXOG VHH TT2M/QMHvXQ7 ᨫOH LQVLGH fp`fHB#f`2/Bbf ,I WKH
$2) LV HQDEOHG RQ VWDUWXS 5HGLV ZLOO SUHIHU WKH $2) ᨫOH IRU UHFRYHU\

5HQDPLQJ FRPPDQGV PHQWLRQHG HDUOLHU PLJKW EH SUREOHPDWLF


ZKHQ XVLQJ WKH $2) ᨮOH VLQFH WKH UHQDPHG FRPPDQG KDV WR EH
SDUW RI LW

7KH EDFNXS FRPPDQG LWVHOI FDQ ORRN OLNH DV IROORZV IRU FUHDWLQJ D ORFDO FRS\

0 bm/Q +T @ fp`fHB#f`2/Bbf/mKTX`/#
f#+FmTbf`2/Bbf0U/i2 Y^W/@WK@Wu^VX`/#

2U IRU FRS\LQJ WKH GDWD WR D GLᨪHUHQW KRVW

0 bm/Q b+T fp`fHB#f`2/Bbf/mKTX`/#


0la1_!0>Pah,f#+FmTbf`2/Bbf0U/i2 Y^W/@WK@Wu^VX`/#

6LQFH ZH PLJKW ZDQW WR EDFNXS HYHU\WKLQJ LQ WKH fp`fHB#f`2/Bb GLUHF


WRU\ LQFOXGLQJ XQ7 ᨫOHV  ZH FDQ EDFNXS WKH ZKROH GLUHFWRU\ ZLWK `bvM+
SURJUDP

0 bm/Q KF/B` @T f#+FmTbf`2/Bbf0U/i2 Y^W/@WK@Wu^V


0 bm/Q `bvM+ @px fp`fHB#f`2/Bbf
f#+FmTbf`2/Bbf0U/i2 Y^W/@WK@Wu^V


`bvM+ ZLOO DOVR ZRUN ZKHQ WUDQVIHULQJ WKH GLUHFWRU\ WR D GLᨪHUHQW KRVW

0 bm/Q bb? 0la1_!0>Pah ]KF/B` @T f#+FmTbf`2/Bbf0U/i2 Y^W/@WK@Wu^V]


0 bm/Q `bvM+ @px fp`fHB#f`2/Bbf
0la1_!0>Pah,f#+FmTbf`2/Bbf0U/i2 Y^W/@WK@Wu^V

7R GR D FRS\ HYHU\ GD\ DW PLGQLJKW ZH FRXOG DGG RQH RI WKH DERYH WR D


f2i+f+`QMi# ᨫOH

y y bb? &la1_'!&>Pah' ]KF/B` @T f#+FmTbf`2/Bbf0U/i2 Y^W/@WK@Wu^V] 

 5HVWRULQJ %DFNXSV

7KH VDPH ZD\ ZH PDGH WKH EDFNXS ZH FDQ UHVWRUH LW %H LW ZLWK +T b+T RU
`bvM+ ZH MXVW UHYHUVH WKH GLUHFWLRQ
7R UHVWRUH WKH 5HGLV GDWD ZLWK `bvM+

0 `bvM+ @px f#+FmTbf`2/BbfRk@yj@kyR3f`2/Bbf fp`fHB#f`2/Bb

,I ZH GLG HYHU\WKLQJ ULJKW WKH SHUPLVVLRQV VKRXOG EH LQWDFW


:H FRXOG DOVR ᨫ[ WKHP LI QHFHVVDU\ ZLWK

0 bm/Q +?QrM `2/Bb,`2/Bb fp`fHB#f`2/Bbf


0 bm/Q +?KQ/ eey fp`fHB#f`2/Bbf

9HULI\ WKH ᨮOH VL]H DQG SRVVLEO\ WKH 6+$ᨤ GLJHVW RI WKH EDFNXS
ᨮOHV ZKHQ UHVWRULQJ WKHP

,I ZH H[SHULHQFH HUURUV ZKHQ VWDUWLQJ 5HGLV ZH FDQ WU\ WR ᨫ[ WKH $2) ZLWK
`2/Bb@+?2+F@Q7 WRRO WKDW VKLSV ZLWK 5HGLV

0 `2/Bb@+?2+F@Q7 @@7Bt


 3HUIRUPDQFH

5HGLV LQFOXGHV VRPH WRROV WR FKHFN WKH SHUIRUPDQFH KHDOWK RI WKH VHUYHU
UHGLVEHQFKPDUN LV D WRRO IRU FKHFNLQJ WKH UHTXHVWV SHU VHFRQG ZKHQ TXHULQJ
5HGLV

0 `2/Bb@#2M+?K`F @? I?Qbi= (@T ITQ`i=)

5XQQLQJ LW ORFDOO\ JLYHV XV D IROORZLQJ UHSRUW

0 `2/Bb@#2M+?K`F @M Ryyyyyy BM+` 7QQ


444444 BM+` 7QQ 444444
Ryyyyyy `2[m2bib +QKTH2i2/ BM 3XRy b2+QM/b
8y T`HH2H +HB2Mib
j #vi2b TvHQ/
F22T HBp2, R

NNXNdW I4 R KBHHBb2+QM/b
NNXNNW I4 k KBHHBb2+QM/b
RyyXyyW I4 j KBHHBb2+QM/b
RyyXyyW I4 j KBHHBb2+QM/b
Rkj98eXd3 `2[m2bib T2` b2+QM/

$QRWKHU WKLQJ ZH FDQ PHDVXUH ZLWK 5HGLV EXLOWLQ WRROV LV ODWHQF\

0 `2/Bb@+HB @@Hi2M+v @? I?Qbi= @T ITQ`i=

7KH IROORZLQJ VKRZV ZKHQ , UXQ WKH FRPPDQG ORFDOO\

0 `2/Bb@+HB @@Hi2M+v
KBM, y- Kt, j- p;, yXk3 UdyN3 bKTH2bV

7KH PRVW SUDFWLFDO WKLQJ WR FKHFN ZLOO SUREDEO\ EH WKH aGPqGP: FRPPDQG
ZKLFK FDQ JLYH XV VORZ TXHULHV WKDW ZH PLJKW ZDQW WR RSWLPL]H


RkdXyXyXR,ejdN= bHQrHQ; ;2i k8
U2KTiv HBbi Q` b2iV

7KH DERYH VKRXOG SULQW ODVW  VORZ TXHULHV IURP WKH ORJ
7KH WKUHVKROG IRU 5HGLV WR ORJ WKH TXHU\ DV VORZ LV GHWHUPLQHG ZLWK
bHQrHQ;@HQ;@bHQr2`@i?M RSWLRQ LQ PLFURVHFRQGV  6LQFH WKH GHIDXOW
LV Ryyyy ZH ZRQ˵W VHH DQ\WKLQJ WKHUH XQWLO ZH VWDUW XVLQJ 5HGLV IRU VRPH
VHULRXV ZRUN
7R UHVHW WKH ORJ DIWHU ᨫ[LQJ WKH ERWWOHQHFNV LQ WKH DSSOLFDWLRQ ZH FDQ UXQ
aGPqGP: _1a1h

RkdXyXyXR,ejdN= bHQrHQ; `2b2i


PE

$V ZH˵YH VHHQ 5HGLV LV D ELW GLᨪHUHQW EHDVW WKDQ 3RVWJUH64/ DQG VR ZH QHHG WR
WKLQN DERXW WKH 5HGLV GHSOR\PHQW LQ D GLᨪHUHQW ZD\ 0DQ\ WKLQJV DUH H[DFWO\
WKH VDPH WKRXJK :H KDG WR GHYHORS D VWUDWHJ\ IRU VHFXULW\ EDFNXSV DQG
SHUIRUPDQFH


 6XPPDU\
:H ZHQW WKURXJK VRPH EDVLFV FRQVLGHUDWLRQV IRU UXQQLQJ GDWDEDVHV DQG NH\
YDOXH VWRUHV

˾ 7R VHFXUH 3RVWJUH64/ VHW HBbi2Mn//`2bb2b GLUHFWLYH VHW XVHU DX


WKHQWLFDWLRQ WR T22` IRU ORFDO RU b+`K@b?@k8e IRU SDVVZRUG DX
WKHQWLFDWLRQ 8VH bbH RSWLRQ LI \RX DUH JRLQJ WR H[SRVH WKH VHUYLFH
GLUHFWO\

˾ 3RVWJUH64/ EDFNXSV FDQ EH GRQH RQ SHUGDWDEDVH EDVHV ZLWK T;n/mKT


RU WRJHWKHU IRU WKH ZKROH FOXVWHU ZLWK T;n/mKTHH 5HVWRUHV FDQ EH
KDQGOHG ZLWK Tb[H @@b2i PLn1__P_nahPS4QM $SDUW IURP GDWDEDVH
GXPSV WKHUH LV DQ RSWLRQ WR XVH FRQWLQXRXV DUFKLYLQJ

˾ 5HGLV LV D W\SLFDO H[DPSOH RI D GDWDEDVH ZLWKRXW SURSHU DXWKHQWLFDWLRQ


RSWLRQV :H VKRXOG NHHS 5HGLV ELQGHG WR ORFDOKRVW RU SULYDWH QHWZRUN
ZH WUXVW ZLWK #BM/ GLUHFWLYH 7KH `2[mB`2Tbb GLUHFWLYH FDQ VHW D
SDVVZRUG IRU WKH ZKROH 5HGLV LQVWDQFH

˾ :H FDQ EDFN XS 5HGLV GDWDEDVHV ZLWK QRQEORFNLQJ 5HGLV 'DWDEDVH )LOH


VQDSVKRWV RU ZLWK $SSHQG 2QO\ )LOH SHUVLVWHQFH ZKLFK ORJV HYHU\ RS
HUDWLRQ DQG FDQ EH UHSOD\HG RQ WKH VHUYHU UHVWDUW

1RZ \RX PLJKW ZDQW WR SOD\ ZLWK WKH VWDQGDORQH 3RVWJUH64/ GHPR
WR VHW XS \RXU RZQ OLWWOH FOXVWHU RQ WKH ,QWHUQHW ,W FDQ DOVR OHYHUDJH
DWWDFKHG VWRUDJH ZKLFK ZH˴OO JHW LQWR ODWHU LQ WKH 6WRUDJH &RQFHUQV
FKDSWHUV


&KDSWHU 

6(/LQX[

6(/LQX[ LV DQ DGYDQFHG VHFXULW\ PHFKDQLVP DYDLODEOH IRU /LQX[EDVHG V\VWHPV


7KLQN RI LW DV RQH PRUH JXDUGLQJ OD\HU RQ WRS RI UHJXODU XVHU DQG JURXS DFFHVV
ULJKWV LQ /LQX[ 6LQFH )HGRUDEDVHG V\VWHPV FRPH ZLWK D VDQH GHIDXOW VHW RI
6(/LQX[ SROLFLHV RXW RI WKH ER[ ZH JHW WKLV H[WUD VHFXULW\ IRU RXU VHUYHUV
DOPRVW IRU IUHH
,W˵V WUXH WKDW PDQ\ DGPLQLVWUDWRUV LJQRUH 6(/LQX[ DQG DUJXH WKDW JLYHQ WKH
6(/LQX[ FRPSOH[LW\ LW˵V QRW ZRUWK WKH WUDGHRᨪ 7KH WKLQJ LV WKDW 6(/LQX[ FDQ
SUHYHQW D FODVV RI VHFXULW\ YXOQHUDELOLWLHV WKDW /LQX[ SHUPLVVLRQV VLPSO\ FDQQRW
DQG SURYLGH DQ DGGLWLRQDO VHFXULW\ OD\HU LQ WKH VSLULW RI GHIHQVHLQGHSWK D
VHFXULW\ FRQFHSW DGYRFDWLQJ IRU PRUH LQGHSHQGHQW OD\HUV RI SURWHFWLRQ


 3ROLFLHV
7KH ᨫUVW WKLQJ WR UHDOL]H LV ZKDW 6HFXULW\(QKDQFHG /LQX[ 6(/LQX[ WHFK
QLFDOO\ LV ,W˵V QRW D GLᨪHUHQW YHUVLRQ RI /LQX[ ,W˵V D /LQX[ NHUQHO PRGXOH
0RGXOHV FDQ EH ORDGHG LQWR RU XQORDGHG IURP WKH NHUQHO WR H[WHQG WKH FRUH
IXQFWLRQDOLW\ 7KH PRVW FRPPRQ XVH RI PRGXOHV LV VXSSRUWLQJ QHZ KDUGZDUH
RU ᨫOHV\VWHPV :H GLGQ˵W KDYH WR ZRUN ZLWK PRGXOHV VR IDU DQG ZH FDQ VNLS
LW KHUH DV ZHOO )HGRUD ORDG 6(/LQX[ E\ GHIDXOW DQG LQ FDVH ZH ZDQW WR RSW
RXW 6(/LQX[ FDQ EH GLVDEOHG ZLWKRXW XQORDGLQJ WKH PRGXOH
7KH VHFRQG WKLQJ WR XQGHUVWDQG DERXW WKH 6(/LQX[ VHFXULW\ PRGHO LV WKDW LW˵V
DQ H[DPSOH RI 0DQGDWRU\ $FFHVV &RQWURO 0$&  7KH GLVFUHWLRQDU\ QDWXUH
RI /LQX[ ᨫOH SHUPLVVLRQV PHDQV XVHUV KDYH WKH SRZHU WR FKDQJH WKHLU ᨫOH
SHUPLVVLRQV WR ZKDWHYHU WKH\ ZDQW :LWK PDQGDWRU\ FRQWURO VXFK DV WKDW RI
6(/LQX[ DFFHVVLQJ ᨫOHV FDQ VWLOO EH SURWHFWHG HYHQ ZKHQ WKH ᨫOH SHUPLVVLRQV
DUH RSHQ IRU DQ\ERG\ WR VHH +RZ H[DFWO\ DUH WKH\ EHLQJ SURWHFWHG LV GHᨫQHG
E\ DQ 6(/LQX[ SROLF\
6(/LQX[ LV D ᨭH[LEOH V\VWHP IHDWXULQJ GLᨪHUHQW W\SHV RI SROLF\ V\VWHPV 7KHVH
DUH VHWV RI UXOHV WKDW WKH 6(/LQX[ HQJLQH IROORZV ZKHQ FKHFNLQJ WKDW FHUWDLQ
XVHUV DQG SURFHVVHV DUH DOORZHG WR DFFHVV VSHFLᨫF ᨫOHV DQG GHYLFHV 8VHUV DQG
SURFHVVHV DUH FDOOHG VXEMHFWV DV DFWRUV  DQG ᨫOHV DQG GHYLFHV DUH FDOOHG RE
MHFWV 8VHUV FDQ FKRRVH WKH SROLF\ WKDW ᨫWV WKHLU XVHFDVH EHWWHU LI DYDLODEOH 

6RPH RWKHU /LQX[ GLVWULEXWLRQV PLJKW VKLS 6(/LQX[ EXW ZRQ˴W


KDYH LW DV D GHIDXOW DQG ZRQ˴W SURYLGH D FRPSHOHWH SROLF\ UXOHV
2WKHU V\VWHPV OLNH 8EXQWX DQG 2SHQ686( FKRVH $SS$UPRU D
FRPSHWLQJ V\VWHP WR 6(/LQX[

0XOWL/HYHO 6HFXULW\ UHVHPEOHV D PLOLWDU\ KLHUDUFK\ ZLWK D QHHG IRU D PXOWL


OHYHO FOHDUDQFH RU FODVVLᨫFDWLRQ ,Q 0/6 VXEMHFWV DUH JLYHQ D VHFXULW\ OHYHO
WR GHWHUPLQH WKHLU FOHDUDQFH DQG REMHFWV DUH JLYHQ D VLPLODU VHFXULW\ OHYHO WR
VSHFLI\ WKHLU FODVVLᨮFDWLRQ
<RX FDQ WKLQN RI WKH FOHDUDQFH OHYHO DV JRLQJ IURP XQFODVVLᨮHG WR FRQᨮGHQ
WLDO DQG WR VHFUHW IRUPLQJ D KLHUDUFK\  $QG WKLQN RI FODVVLᨫFDWLRQ DV OD
EHOV WKDW IXUWKHU QDUURZ GRZQ WKH DFFHVV VXFK DV KXPDQBUHVRXUFHVBGHSDUWPHQW
DQG LWBGHSDUWPHQW 7KLV ODEHOLQJ V\VWHP LV FDOOHG 0XOWL&DWHJRU\ 6HFXULW\
0&6 


7KH 7DUJHWHG SROLF\ RQ WKH RWKHU KDQG ZRUNV D ELW GLᨪHUHQWO\ ,W GLVWLQJXLVKHV
D KDQGIXO RI WDUJHWHG SURFHVVHV E\ WKH SROLF\ DQG WKRVH WKDW DUH QRW WDUJHWHG
DQG UXQ DV XVXDO ZLWKRXW DQ\ UHVWULFWLRQV 7KH 7DUJHWHG SROLF\˵V VSLULW LV WKDW
WKHUH LV D OLPLWHG QXPEHU RI SURFHVVHV WKDW ZLOO PRVW OLNHO\ EH DWWDFNHG 7KHVH
LQFOXGH SURFHVVHV WKDW JHW H[SRVHG RQ D QHWZRUN WR WKH RXWVLGH ZRUOG VXFK DV
DQ +773 VHUYHU D '16 VHUYHU D GDWDEDVH RU 66+ GDHPRQV %\ UHVWULFWLQJ
WKHVH SURFHVVHV ZH KLJKO\ OLPLW WKH DWWDFN VXUIDFH RI WKH VHUYHU
,Q 7DUJHWHG 6(/LQX[ ZH VD\ SURFHVVHV DUH HLWKHU FRQᨮQHG RU XQFRQᨮQHG &RQ
ᨫQHG SURFHVVHV DUH WKH WDUJHWHG SURFHVVHV DQG DUH UXQ ZLWK VSHFLᨫF ODEHOV WKDW
UHVWULFW WKHLU SHUPLVVLRQV WR DFFHVV FHUWDLQ ᨫOHV )LOHV DUH DOVR ODEHOHG DQG
LI WKH DFWLRQ RI WKH FRQᨫQHG SURFHVV LV QRW H[SOLFLWO\ DOORZHG LW˵V GHQLHG E\
6(/LQX[ 6R LI WKH SURFHVV LV FRPSURPLVHG LW˵V DFWLRQV DUH OLPLWHG WR WKH
UHJXODU DFWLRQV ZH H[SHFW RI WKH SURFHVV
7KH GHIDXOW SROLF\ LQ )HGRUD DQG WKH PRVW FRPPRQ SROLF\ GHSOR\HG WR UHJ
XODU ZHE VHUYHUV LV WKH 7DUJHWHG SROLF\ :H GRQ˵W XVXDOO\ KDYH D KLHUDUFK\ RI
FODVVLᨫHG GRFXPHQWV RU DGPLQLVWUDWRUV 6WLOO ZH GR UXQ D EXQFK RI SURFHVVHV
VXFK DV KWWSG RU SRVWJUHV ZKLFK SRZHU ZH ZDQW WR NHHS OLPLWHG LI ZH ORVH
FRQWURO RI WKHP
7R FRQᨫUP WKDW 6(/LQX[ LV HQDEOHG DQG WKDW ZH DUH UXQQLQJ LW LQ WKH
i`;2i2/ PRGH ZH FDQ UXQ WKH b2biimb XWLOLW\

0 bm/Q b2biimb
a1GBMmt biimb, 2M#H2/
XXX
GQ/2/ TQHB+v MK2, i`;2i2/
*m``2Mi KQ/2, 2M7Q`+BM;
XXX

2U ;`2T WKH f2i+fb2HBMmtf+QM7B; ᨫOH ZKLFK GHᨫQHV WKH FRQᨫJXUDWLRQ RQ


V\VWHP ERRW

0 bm/Q +i f2i+fb2HBMmtf+QM7B; % ;`2T a1GALlshuS1


O a1GALlshuS14 +M iF2 QM2 Q7 i?2b2 i?`22 pHm2b,
a1GALlshuS14i`;2i2/

7KH 7DUJHWHG SROLF\ VSHFLᨫHV WKH W\SH RI SROLFLHV DQG KRZ WKH\ EHKDYH EXW
WKH SROLFLHV WKHPVHOYHV DUH QRW ᨫ[HG :H FDQ UHPRYH WKH H[LVWLQJ SROLFLHV DQG


FUHDWH QHZ RQHV :H PLJKW GHFLGH WR UHVWULFW RQO\ WKH ZHEVHUYHU SURFHVV EXW
UHPRYH WKH UHVWULFWLRQV RI WKH GDWDEDVH RQH
6LPLODU WR 6(/LQX[ EHLQJ D NHUQHO PRGXOH 6(/LQX[ LPSOHPHQWV LWV SROLF\ UXOHV
DV LWV PRGXOHV 7KHVH SROLFLHV FDQ EH ORDGHG DQG XQORDGHG DW ZLOO WR FKDQJH
WKH VHFXULW\ VHWWLQJV RI WKH V\VWHP /DWHU ZH˵OO EXLOG DQG ORDG RXU PRGXOH WR
LPSOHPHQW D QHZ SROLF\ b2KQ/mH2 @H UHYHDOV WKH FXUUHQWO\ ORDGHG DFWLYH
SROLF\ PRGXOHV

0 bm/Q b2KQ/mH2 @H
#`i
++QmMib/
++i
XXX
T+?2
XXX

7DUJHWHG 6(OLQX[ FRPHV ZLWK D SDFNDJH VHOLQX[SROLF\WDUJHWHG


DQG LW˴V DOUHDG\ LQVWDOOHG RQ )HGRUD V\VWHPV E\ GHIDXOW <RX
FRXOG LQVWDOO 0/6 6(/LQX[ ZLWK SDFNDJH VHOLQX[SROLF\POV

 7DUJHWHG 6(/LQX[


)RU WKH 7DUJHWHG SROLF\ WR NQRZ ZKDW DFWLRQV WR DOORZ DQG ZKDW WR GHQ\ WKH
ZKROH V\VWHP RI XVHUV SURFHVVHV ᨫOHV DQG GHYLFHV LV ODEHOHG ZLWK FRQWH[WV
&RQWH[WV DUH ODEHOV WKDW JURXS WKH VXEMHFWV DQG REMHFWV WRJHWKHU IURP D VH
FXULW\ SRLQW RI YLHZ 6RPHWLPHV WKLV DOLJQV ZLWK WKHLU VKDUHG LQWHQW VHUYLQJ
+773 FRQWHQW  EXW WKH RULJLQDO LGHD LV WR DFWXDOO\ JURXS WKHP E\ VHFXULW\
FRQVLGHUDWLRQV
5HPHPEHU ZKHQ ZH WDONHG DERXW XVHU SHUPLVVLRQV DQG WKH RXWSXW RI WKH B/
FRPPDQG" :H GLGQ˵W H[SODLQ WKH ODVW +QMi2ti4 ELW LQ LWV RXWSXW WKDW VSHFLᨫHV
D FRQWH[W IRU WKH JLYHQ XVHU

0 B/
mB/4RyyyUbi`xB#MvV ;B/4RyyyUbi`xB#MvV ;`QmTb4RyyyUbi`xB#MvV
+QMi2ti4mM+QM7BM2/nm,mM+QM7BM2/n`,mM+QM7BM2/ni,by@by,+yX+Rykj


7KH @w RSWLRQ FDQ OLVW WKH FRQWH[WV GLUHFWO\

0 B/ @w
mM+QM7BM2/nm,mM+QM7BM2/n`,mM+QM7BM2/ni,by@by,+yX+Rykj

mM+QM7BM2/nm UHSUHVHQWV DQ XQFRQᨫQHG XVHU mM+QM7BM2/n` DQ XQFRQ


ᨫQHG UROH DQG mM+QM7BM2/ni DQ XQFRQᨫQHG W\SH 7KHVH DUH WKUHH W\SHV RI
FRQWH[WV LQ 6(/LQX[ 6LPSO\ VDLG RXU FXUUHQW UXQQLQJ XVHU LV QRW FRQᨮQHG
LQ DQ\WKLQJ ULJKW QRZ EXW UHPHPEHU WKDW ZH DUH WDONLQJ DERXW WKH 7DUJHWHG
3ROLF\ ZKLFK WKH PDLQ SXUSRVH LV WR RQO\ FRQᨫQH FHUWDLQ SURFHVVHV
7KH ODVW SDUW RI WKH RXWSXW LV WKHQ FRQFHUQHG ZLWK WKH 0/6 W\SH ZKHUH by@by
GHQRWHV FOHDUDQFH OHYHO DV D UDQJH IURP ORZ OHYHO WR KLJK OHYHO DQG +yX+Rykj
GHQRWHV FDWHJRULHV :H ZRQ˵W XVH DQG GLYH PRUH LQWR 0/6 VR ZH FDQ LJQRUH
WKLV SDUW RI WKH RXWSXW
/HW˵V ORRN IRU D PRUH W\SLFDO H[DPSOH E\ LQVWDOOLQJ WKH $SDFKH +773 VHUYHU
DQ 1*,1; DOWHUQDWLYH DIWHU ZKLFK +773 SROLFLHV DUH QDPHG 

0 bm/Q /M7 BMbiHH @v ?iiT/

$SDFKH LV UXQ XQGHU WKH DSDFKH XVHU

0 bm/Q @m T+?2 B/
mB/493UT+?2V ;B/493UT+?2V ;`QmTb493UT+?2V
+QMi2ti4mM+QM7BM2/nm,mM+QM7BM2/n`,mM+QM7BM2/ni,by@by,+yX+Rykj

7KH DSDFKH XVHU LV DOVR QRW FRQᨫQHG WR DQ\WKLQJ


:KDW DERXW WKH UXQQLQJ $SDFKH SURFHVV" /HW˵V VWDUW WKH $SDFKH +773 VHUYHU
DQG ORRN IRU LWV FRQWH[W E\ DSSHQGLQJ @w RSWLRQ WR Tb FRPPDQG

0 bm/Q bvbi2K+iH bi`i ?iiT/Xb2`pB+2


0 Tb @mtw % ;`2T ?iiT/
bvbi2Knm,bvbi2Kn`,?iiT/ni,by `QQi k9938 RXk yXy jN93y
R9y9y \ ab Rj,kN y,yy fmb`fb#BMf?iiT/ @.6P_1:_PlL.
bvbi2Knm,bvbi2Kn`,?iiT/ni,by T+?2 k993e yXy yXy 9Neey
d9k3 \ a Rj,kN y,yy fmb`fb#BMf?iiT/ @.6P_1:_PlL.
bvbi2Knm,bvbi2Kn`,?iiT/ni,by T+?2 k9933 yXy yXy k89Nk39
N8y9 \ aH Rj,kN y,yy fmb`fb#BMf?iiT/ @.6P_1:_PlL.
XXX


$OO RI WKH $SDFKH SURFHVVHV UXQ XQGHU bvbi2Knm XVHU bvbi2Kn` UROH DQG
?iiT/ni W\SH FRQWH[WV bvbi2Knm LV RQH SURPLQHQW XVHU FRQWH[W IRXQG LQ
WKH 7DUJHWHG SROLF\ XVHG E\ V\VWHP SURFHVVHV 6R LW˵V WKH bvbi2Kn` UROH
FRQWH[W 7KH ?iiT/ni FRQWH[W RQ WKH RWKHU KDQG LV DQ H[DPSOH RI D VSHFLᨫF
W\SH FRQWH[W
:LWKRXW PDNLQJ D VWRS WR IXOO\ H[SODLQ WKHVH FRQWH[WV˵ UHODWLRQVKLSV ZH VKRXOG
KDYH D FORVHU ORRN ᨫUVW DW WKH ᨫOHV EHLQJ VHUYHG E\ $SDFKH DQG WKH GHIDXOW SRUW
DVVRFLDWHG ZLWK LW 7KH GHIDXOW GLUHFWRU\ WR VHUYH +70/ ᨫOHV E\ $SDFKH LV
fp`frrrf?iKH DQG WKHQ VZLWFK WR VKRZ 6(/LQX[ FRQWH[W LV DJDLQ @w

0 Hb @/w fp`frrrf?iKH
bvbi2Knm,Q#D2+in`,?iiT/nbvbn+QMi2Mini,by fp`frrrf?iKH

7KLV WLPH ZH FDQ QRWLFH bvbi2Knm XVHU FRQWH[W Q#D2+in` UROH DQG
?iiT/nbvbn+QMi2Mini W\SH FRQWH[W
Q#D2+in` LV D SODFHKROGHU UROH DVVLJQHG WR DOO REMHFWV ᨫOHV DQG GHYLFHV  5ROHV
DUH XVHG RQO\ ZLWK XVHUV DQG SURFHVVHV ?iiT/nbvbn+QMi2Mini QDPH VXJ
JHVWV WKH GLUHFWRU\ LV D V\VWHP FRQWHQW IRU WKH KWWSG SURFHVV WKH QDPH LWVHOI LV
MXVW D QDPH WKRXJK  7KLV PDNHV VHQVH DV ZH ZDQW $SDFKH SURFHVVHV WR RQO\
DFFHVV ᨫOHV WKH\ QHHG WR EH VHUYLQJ
:H FDQ DOVR OLVW WKH SRUWV WKH KWWSG SURFHVV LV DOORZHG WR OLVWHQ RQ

0 bm/Q b2KM;2 TQ`i @H % ;`2T ?iiT


?iiTn++?2nTQ`ini i+T 3y3y- 3RR3- 3Rkj- RyyyR@RyyRy
?iiTn++?2nTQ`ini m/T jRjy
?iiTnTQ`ini i+T 3y- 3R- 99j- 933- 3yy3- 3yyN- 399j- Nyyy

,I ZH XVH RQH RI WKH 3y 3R 99j 933 3yy3 3yyN 399j Nyyy 7&3 SRUWV
ZH GRQ˵W QHHG WR FKDQJH WKH SROLF\ :KDW LI ZH ZDQW WR VWDUW $SDFKH RQ WKH
SRUW 999"
7KHQ ZH FDQ XVH b2KM;2 TQ`i @ WR DOORZ ?iiTnTQ`ini FRQWH[W IRU WKH
7&3 SRUW DV

0 bm/Q b2KM;2 TQ`i @ @i ?iiTnTQ`ini @T i+T 999

7KH TXHVWLRQ LV KRZ GRHV DOO RI WKLV ODEHOLQJ ᨫW WRJHWKHU"


 8VHU DQG 5ROH (QIRUFHPHQW

:H JURXS XVHUV WRJHWKHU LQWR UROHV WKDW DUH UHVWULFWHG WR FHUWDLQ W\SHV WKH\ FDQ
H[HFXWH
:H FDQ OLVW DOO XVHU DQG UROH FRQWH[WV ZLWK b2KM;2 mb2` @@HBbi

0 bm/Q b2KM;2 mb2` @@HBbi

G#2HBM; JGaf JGaf


a1GBMmt lb2` S`27Bt J*a G2p2H J*a _M;2 a1GBMmt _QH2b

;m2binm mb2` by by ;m2bin`


`QQi mb2` by by@by,+yX+Rykj bi77n`
bvb/Kn` bvbi2Kn` mM+QM7BM2/n`
bi77nm mb2` by by@by,+yX+Rykj bi77n`
bvb/Kn` bvbi2Kn` mM+QM7BM2/n`
bvb/Knm mb2` by by@by,+yX+Rykj bvb/Kn`
bvbi2Knm mb2` by by@by,+yX+Rykj bvbi2Kn`
mM+QM7BM2/n`
mM+QM7BM2/nm mb2` by by@by,+yX+Rykj bvbi2Kn`
mM+QM7BM2/n`
mb2`nm mb2` by by mb2`n`
t;m2binm mb2` by by t;m2bin`

7KHUH DUH RQO\ D KDQGIXO RI XVHU FRQWH[WV LQ WKH 7DUJHWHG SROLF\ DV WKH\ DUH
QRW LPSRUWDQW WR XV $Q H[DPSOH RI WKLV LV WKH bvbi2Knm XVHU KDYLQJ DVVLJQHG
bvbi2Kn` UROH 7KHUH LV QR GLVWLQFWLRQ EHWZHHQ WKH YDULRXV V\VWHP VHUYLFHV
DV WKHUH DUH RQO\ RQH 6(/LQX[ XVHU DQG RQH UROH IRU WKHP 6(/LQX[ XVHUV
DQG UROHV DUH PRVWO\ XVHG LQ RWKHU W\SHV RI 6(/LQX[ SROLFLHV WR LPSOHPHQW WKH
5ROHV %DVHG $FFHVV &RQWURO 5%$& 
7KLV UROH LQ WXUQ FDQ H[HFXWH WKH ?iiT/ni FRQWH[W EHFDXVH RI WKH IROORZLQJ
UXOH IURP WKH $SDFKH PRGXOH

O T+?2Xi2
XXX
HHQr `QH2 bvbi2Kn` ivT2b ?iiT/nic
XXX

6(/LQX[ XVHU FRQWH[WV DUH DOVR DVVLJQHG WR UHJXODU XVHUV RQ ORJLQ


:H FDQ VHH WKLV PDSSLQJ XVLQJ b2KM;2 HQ;BM @H

0 bm/Q b2KM;2 HQ;BM @H


GQ;BM LK2 a1GBMmt lb2` JGafJ*a _M;2 a2`pB+2

nn/27mHinn mM+QM7BM2/nm by@by,+yX+Rykj


`QQi mM+QM7BM2/nm by@by,+yX+Rykj

6(/LQX[ ZLOO XVH WKLV XVHU FRQWH[W WR GHWHUPLQH WKH DFFHVV ULJKWV RI WKH
XVHU $V VDZ EHIRUH ERWK RXU QHZ XVHU DQG WKH DSDFKH XVHU ZHUH DVVLJQHG
mM+QM7BM2/nm FRQWH[W 7KLV OLQH DERYH VWDUWLQJ ZLWK nn/27mHinn WHOOV
XV ZKDW XVHU FRQWH[W ZLOO EH XVHG RQ ORJLQ IRU XVHUV WKDW DUH QRW H[SOLFLWO\
PHQWLRQHG ,Q WKH 7DUJHWHG SROLF\ WKLV LV mM+QM7BM2/nm
,I ZH ZDQWHG ZH FRXOG FUHDWH QHZ XVHU FRQWH[WV DQG DVVLJQHG QHZ UROHV WKDW
ZH ZRXOG XVH ZKHQ GHᨫQLQJ SROLF\ UXOHV EXW LW˵V QRW DOO WKDW FRPPRQ RU
QHFHVVDU\ LQ WKH 7DUJHWHG SROLF\

 7\SH (QIRUFHPHQW

7KH 7\SH HQIRUFHPHQW LV WKH PRVW LPSRUWDQW VHFXULW\ PHFKDQLVP IRU XV ,W˵V
EDVHG RQ WKH W\SH FRQWH[WV DQG LW˵V WKH EUHDG DQG EXWWHU RI WKH 7DUJHWHG
6(/LQX[ 7\SH FRQWH[W VSHFLᨫHV D GRPDLQ IRU SURFHVVHV DQG D W\SH IRU ᨫOHV
)RU VXEMHFW W\SHV WR EH DEOH WR DFFHVV REMHFW W\SHV ZH KDYH WR H[SOLFLWO\ LP
SOHPHQW D SROLF\ WKDW DOORZV WKLV WR KDSSHQ $Q\WKLQJ WKDW LV FRQᨫQHG ZLWK D
ODEHO RWKHU WKDQ WKH mM+QM7BM2/n RQHV DQG QRW H[SOLFLWO\ DOORZHG LV GHQLHG
3HUPLVVLRQV DUH WKH YDULRXV DFWLRQV WKDW FRPSOHWH WKH W\SH HQIRUFHPHQW ,Q
6(/LQX[ ZH GLVWLQJXLVK D ORW RI GLᨪHUHQW SHUPLVVLRQV VLQFH 6(/LQX[ ZRUNV
RQ WRS RI /LQX[ V\VWHP FDOOV V\VFDOOV DQG FDSDELOLWLHV :H DOUHDG\ VDZ VRPH
V\VWHP FDOOV SUHYLRXVO\ LQ WKH 5XQQLQJ 3URFHVVHV FKDSWHU DQG ZH EULHᨭ\ PHQ
WLRQHG ZKDW FDSDELOLWLHV DUH DOO DERXW


:H FDQ YLVXDOL]H WKH UHODWLRQVKLS ZLWK WKH IROORZLQJ )LJXUH  ZKHUH WKH ᨫOH
BM/2tX?iKH ZRXOG EH DOORZHG IRU $SDFKH WR DFFHVV EXW M2rX?iKH ZRXOGQ˵W

)LJXUH  6(/LQX[ UXOH

,Q RXU KWWSG H[DPSOH WKH ?iiT/ni LV D GRPDLQ DQG ?iiT/nbvbn+QMi2Mini LV


D ᨫOH W\SH )RU WKH KWWSG SURFHVV UXQQLQJ LQ WKH ?iiT/ni GRPDLQ WR UHDG ᨫOHV
IURP WKH fp`frrrf?iKH GLUHFWRU\ ODEHOHG ZLWK ?iiT/nbvbn+QMi2Mini
W\SH WKHUH LV D UXOH VRPHZKHUH LQ WKH T+?2 6(/LQX[ PRGXOH WKDW DOORZV LW
6RPH RI WKHVH UXOHV ORRN DV IROORZ

O T+?2Xi2
XXX
HHQr ?iiT/ni ?iiT/nbvbn+QMi2Mini,/B` HBbin/B`nT2`Kbc
`2/n7BH2bnTii2`MU?iiT/ni- ?iiT/nbvbn+QMi2Mini-
?iiT/nbvbn+QMi2MiniV
XXX
HHQr ?iiT/ni ?iiT/nbvbn+QMi2Mini,7BH2 KTc
XXX

7KH DERYH W\SH HQIRUFHPHQW UXOHV DUH MXVW D FRPELQDWLRQ RI GRPDLQ FDSDELOLW\
DQG ᨫOH W\SH :H FDQ VHH WKDW FHUWDLQ FDSDELOLWLHV OLNH OLVWLQJ GLUHFWRU\ SHU
PLVVLRQV ZLWK HBbin/B`nT2`Kb DUH EHLQJ DOORZHG IRU WKH ?iiT/ni GRPDLQ
RQ WKH ?iiT/nbvbn+QMi2Mini W\SH


 )LOH &RQWH[WV
/DEHOLQJ LV WKH SURFHVV RI SXWWLQJ WKH FRQWH[WV RQ ᨫOHV :KLOH FRQWH[WV DUH
LQKHULWHG MXVW OLNH SHUPLVVLRQV \RX PLJKW QHHG WR ODEHO QHZ GLUHFWRULHV RU
FHUWDLQ UHOLDEOH ᨫOHV ZLWK WKH ULJKW FRQWH[WV
7R FKDQJH WKH FRQWH[W RI D ᨫOH RU GLUHFWRU\ ZH UXQ +?+QM ZLWK WKH @i DUJX
PHQW VSHFLI\LQJ WKH FRQWH[W

0 bm/Q KF/B` frrrn/i


0 bm/Q +?+QM @i ?iiT/nbvbn+QMi2Mini frrrn/i
0 bm/Q Hb @/w frrrn/i
mM+QM7BM2/nm,Q#D2+in`,?iiT/nbvbn+QMi2Mini,by frrrn/i

,I ZH UHDOL]H LW˵V QRW ZKDW ZH ZDQWHG ZH FDQ XVH WKH `2biQ`2+QM XWLOLW\ WR
UHODEHO RXU ᨫOHV EDFN WR WKH GHIDXOW

0 bm/Q `2biQ`2+QM @_6pp frrrn/i


_2H#2H2/ frrrn/i 7`QK mM+QM7BM2/nm,Q#D2+in`,
?iiT/nbvbn+QMi2Mini,by iQ bvbi2Knm,Q#D2+in`,/27mHini,by

7KH @_ RSWLRQ DSSOLHV FKDQJHV UHFXUVLYHO\ @6 IRUFHV FKDQJH RI WKH XVHU DQG
UROH DV ZHOO DQG @pp YHUERVHO\ UHYHDOV WKH FKDQJHV DSSOLHG
:KLOH +?+QM LV XVHIXO WR WHVWGULYH RXU QHZ ODEHOLQJ LW˵V QRW YHU\ XVHIXO IRU
SHUPDQHQW FKDQJHV ZKHQ WKH V\VWHP˵V ᨫOHV DUH UHODEHOHG DW ERRW WLPH RU XVLQJ
`2biQ`2+QM ,I ZH ZDQW WR EH VHUYLQJ VRPH +773 ᨫOHV IURP WKH frrrn/i
GLUHFWRU\ ZH QHHG SHUPDQHQW ODEHOLQJ
b2KM;2 7+QMi2ti @H FDQ OLVW WKH GHIDXOW FRQWH[WV IRU XV

0 bm/Q b2KM;2 7+QMi2ti @H % ;`2T fp`frrr


fp`frrrUfX V\ HH 7BH2b bvbi2Knm,Q#D2+in`,
?iiT/nbvbn+QMi2Mini,by
XXX

7KHUH DUH PDQ\ FRQWH[W ODEHOLQJ UXOHV LQ SODFH $V DQ H[DPSOH ZH FDQ VHH WKH
fp`frrrUfX V\ UHJXODU H[SUHVVLRQ LV XVHG WR DXWRPDWLFDOO\ ODEHO ᨫOHV DQG


GLUHFWRULHV VXFK DV fp`frrrf?iKH ZLWK bvbi2Knm XVHU FRQWH[W Q#D2+in`
UROH FRQWH[W DQG ?iiT/nbvbn+QMi2Mini W\SH FRQWH[W
:LWK b2KM;2 7+QMi2ti @ ZH FDQ DGG RXU YHU\ RZQ SHUPDQHQW UXOH IRU
ODEHOLQJ

0 bm/Q b2KM;2 7+QMi2ti @ @i ?iiT/nbvbn+QMi2Mini $


^frrrn/iUfX V\^

7KHQ ZH FDQ VLPSO\ XVH WKH `2biQ`2+QM XWLOLW\ WR UHODEHO RXU ᨫOHV

0 bm/Q `2biQ`2+QM @_6pp frrrn/i


_2H#2H2/ frrrn/i 7`QK bvbi2Knm,Q#D2+in`,/27mHini
,by iQ bvbi2Knm,Q#D2+in`,?iiT/nbvbn+QMi2Mini,by
0 bm/Q Hb @/w frrrn/i
bvbi2Knm,Q#D2+in`,?iiT/nbvbn+QMi2Mini,by frrrn/i

1RZ RXU FRPSOHWHO\ QHZ GLUHFWRU\ frrrn/i FDQ EH XVHG E\ $SDFKH WR


VHUYHU +70/ ᨫOHV IURP WKH 6(/LQX[ SRLQW RI YLHZ :H ZRXOG VWLOO QHHG
WR DOORZ DFFHVV E\ FKDQJLQJ WKH XVHU RU JURXS XVLQJ WKH UHJXODU SHUPLVVLRQ
V\VWHP

 6(/LQX[ %RROHDQV


$SDUW IURP UHODEHOLQJ ᨫOHV D ORW FDQ EH DFKLHYHG E\ FKDQJLQJ 6(/LQX[ VHWWLQJV
6(/LQX[ ERROHDQV DUH D PHFKDQLVP WR FKDQJH SROLFLHV DW UXQWLPH ZLWKRXW WKH
QHHG WR UHFRPSLOH PRGXOHV :H FDQ OLVW WKH DYDLODEOH ERROHDQV WKHLU GHVFULS
WLRQ DQG H[SODQDWLRQ ZLWK WKH b2KM;2 #QQH2M @H FRPPDQG

0 bm/Q b2KM;2 #QQH2M @H


XXX
?iiT/n+MnM2irQ`Fn+QMM2+in/# UQ77 - Q77V
HHQr ?iiT/ iQ +M M2irQ`F +QMM2+i ."
XXX

:H FDQ VHW D ERROHDQ VHWWLQJV OLNH WKDW WR QM RU Q77 VWDWHV ZLWK b2ib2#QQH


0 bm/Q b2ib2#QQH @S ?iiT/n+MnM2irQ`Fn+QMM2+in/# QM

$QG VHH WKH FXUUHQW YDOXH ZLWK ;2ib2#QQH

0 bm/Q ;2ib2#QQH ?iiT/n+MnM2irQ`Fn+QMM2+in/#

7KHUH LV RQH ERROHDQ ZRUWK PHQWLRQLQJ ?iiT/n+MnM2irQ`Fn+QMM2+i


DOORZV SURFHVVHV LQ WKH ?iiT/ GRPDLQ 1*,1; WR FRQQHFW WR DQRWKHU SRUW
UXQQLQJ RXU DSSOLFDWLRQ VHUYHU 6RPHWLPHV WKLV FRXOG EH HQRXJK 2WKHU WLPHV
\RX DOORZ LW DV SDUW RI \RXU SROLF\ ᨫOH DQG ZRQ˵W XVH WKLV ERROHDQ DW DOO

 6(/LQX[ 0RGHV


7KHUH DUH WKUHH 6(/LQX[ PRGHV WR FKRRVH IURP

˾ 'LVDEOHG 6(/LQX[ LV QRW UXQQLQJ


˾ 3HUPLVVLYH 6(/LQX[ LV UXQQLQJ EXW SHUPLWV DOO YLRODWLRQV
˾ (QIRUFLQJ 6(/LQX[ LV UXQQLQJ DQG HQIRUFHV DOO GHᨫQHG SROLFLHV

,Q JHQHUDO \RX ZDQW 6(/LQX[ UXQQLQJ DW DOO WLPHV 6WLOO VXSSRVH WKH GHSOR\HG
DSSOLFDWLRQ LV QRW \HW UHDG\ WR UXQ VPRRWKO\ XQGHU 6(/LQX[ ,Q WKDW FDVH WKH
3HUPLVVLYH PRGH LV DQ H[FHOOHQW RSWLRQ IRU UXQQLQJ WKH DSSOLFDWLRQ TXLFNO\
PRQLWRULQJ WKH YLRODWLRQV RI SROLFLHV DQG VORZO\ LPSURYLQJ WKH UXOHV XQWLO WKH
DSSOLFDWLRQ UXQV XQGHU 6(/LQX[ ZLWK QR LVVXH
7R FKDQJH WKH HQIRUFHPHQW RI 6(/LQX[ RQH FDQ XVH WKH ;2i2M7Q`+2 FRP
PDQG WR FKHFN WKH FXUUHQW PRGH DQG b2i2M7Q`+2 WR FKDQJH LW

0 bm/Q ;2i2M7Q`+2
1M7Q`+BM;

7R FKDQJH WR 3HUPLVVLYH PRGH UXQ


0 bm/Q b2i2M7Q`b2 S2`KBbbBp2
0 bm/Q ;2i2M7Q`+2
S2`KBbbBp2

:H FDQ XVH WKH PRGH QDPHV RU QXPEHUV  IRU 3HUPLVVLYH DQG  IRU (QIRUFLQJ
PRGH LQVWHDG :KHQ VHWWLQJ XS D QHZ V\VWHP DQG VRPHWKLQJ GRHVQ˵W ZRUN
LW˵V D JRRG LGHD WR WU\ WR ᨫQG RXW LI LW PLJKW EH DQ 6(/LQX[ LVVXH E\ VHWWLQJ
WKH PRGH WR 3HUPLVVLYH
,I IRU VRPH UHDVRQ \RX GRQ˵W OLNH 6(/LQX[ \RX FDQ DOZD\V WXUQ LW Rᨪ 7R
HQDEOH RU GLVDEOH 6(/LQX[ HGLW f2i+fb2HBMmtf+QM7B; FRQᨫJXUDWLRQ ᨫOH

O h?Bb 7BH2 +QMi`QHb i?2 bii2 Q7 a1GBMmt QM i?2 bvbi2KX


O a1GALls4 +M iF2 QM2 Q7 i?2b2 i?`22 pHm2b,
O 2M7Q`+BM; @ a1GBMmt b2+m`Biv TQHB+v Bb 2M7Q`+2/X
O T2`KBbbBp2 @ a1GBMmt T`BMib r`MBM;b BMbi2/ Q7 2M7Q`+BM;X
O /Bb#H2/ @ LQ a1GBMmt TQHB+v Bb HQ/2/X
a1GALls42M7Q`+BM;

6HWWLQJ a1GALls4/Bb#H2/ KHUH ZRXOG GLVDEOH 6(/LQX[ IRU WKH QH[W UHERRW

,I ZH ZHUH RQ D V\VWHP ZKHQ 6(/LQX[ ZDV QRW LQLWLDOO\ HQDEOHG


QRW WKH FDVH LQ GHIDXOW )HGRUD  ZH ZRXOG QHHG WR UHODEHO WKH
ZKROH V\VWHP ᨮUVW 7R WHOO WKH V\VWHP WR UHODEHO WKH HQWLUH ᨮOHV\V
WHP FUHDWH D DXWRUHODEHO ᨮOH LQ WKH VHUYHU URRW DQG UHERRW WKH
V\VWHP

 7URXEOHVKRRWLQJ 6(/LQX[


5DWKHU WKDQ JLYLQJ XS RQ 6(/LQX[ ZH VKRXOG OHDUQ KRZ WR WURXEOHVKRRW DQG
ᨫ[ WKH YLRODWLRQ WKDW SUHYHQWV RXU DSSOLFDWLRQ IURP UXQQLQJ
7KH ᨫUVW QRWLFHDEOH WKLQJ WR FKHFN LV WKH ORJV /HW˵V VD\ ZH VHW XS D *XQL
FRUQ VHUYLFH VHUYLQJ RXU QHZ 3\WKRQ DSSOLFDWLRQ H[FHSW ZH VWDUW LW LQ D XVHU
KRPH GLUHFWRU\ :KHQ ZH UXQ DQm`MH+iH @m ;mMB+Q`M ZH QRWLFH WKH
IROORZLQJ


P+i RR Rj,kk,kk HQ+H?QbiXHQ+H/QKBM ;mMB+Q`M(33j9),
(kyky@Ry@RR Rj,kk,kk Yyyyy) (33j9) (AL6P) GBbi2MBM; i,
?iiT,ffRkdXyXyXR,3=
XXX
P+i RR Rj,kk,8k HQ+H?QbiXHQ+H/QKBM ;mMB+Q`M(33j9),
(kyky@Ry@RR Rj,kk,8k Yyyyy) (33j9) (AL6P) a?miiBM; /QrM,
Jbi2`
XXX
P+i RR Rj,kk,8k HQ+H?QbiXHQ+H/QKBM bvbi2K/(338R),
;mMB+Q`MXb2`pB+2, 6BH2/ i bi2T 1s1* bTrMBM;
f?QK2fTTf;mMB+Q`Mnp2Mpf=
P+i RR Rj,kk,8j HQ+H?QbiXHQ+H/QKBM bvbi2K/(338k),
;mMB+Q`MXb2`pB+2, 6BH2/ iQ 2t2+mi2 +QKKM/,
S2`KBbbBQM /2MB2/

7KHVH OLQHV LQGLFDWH WKDW ZH HLWKHU PHVVHG XS UHJXODU ᨫOH SHUPLVVLRQV RU YL
RODWHG DQ 6(/LQX[ SROLF\ 6LQFH WKH DSSOLFDWLRQ VWDUWHG MXVW ᨫQH RXWVLGH WKH
V\VWHPG XQLW DQG HYHU\WKLQJ LV UXQQLQJ ZHOO ZLWK 6(/LQX[ LQ WKH 3HUPLVVLYH
PRGH LW˵V FOHDU LW˵V WLPH WR UHFKHFN 6(/LQX[

 DXGLWG ORJV

$OO 6(/LQX[ GHFLVLRQV JHW ORJJHG E\ WKH DXGLWG GDHPRQ LQ SODLQ WH[W WR
fp`fHQ;fm/Bifm/BiXHQ;

0 bm/Q iBH fp`fHQ;fm/Bifm/BiXHQ;


XXX
0 bm/Q +i fp`fHQ;fm/Bifm/BiXHQ; % ;`2T 7BH2/
XXX

:KLOH WKH YLRODWLRQ LV ORJJHG WKHUH LW PLJKW QRW EH VHHQ LQ WKH ODWHVW HQWULHV
GXH WR PDQ\ VXFFHVV HQWULHV DQG JRLQJ WKURXJK HYHU\WKLQJ FDQ WDNH D ZKLOH
)RUWXQDWHO\ ZH FDQ XVH WKH DXVHDUFK XWLOLW\ ZKLFK FRPHV WRJHWKHU ZLWK WKH
DXGLWG GDHPRQ LQ WKHm/Bi/ SDFNDJH WR QDUURZ GRZQ WKH VHDUFK


0 bm/Q mb2`+? @K o*-la1_no* @+ mMB+Q`M @ib iQ/v
XXX
@@@@
iBK2@=h?m P+i R8 Ry,je,R9 kyky
ivT24o* Kb;4m/BiUReykd83Rd9Xd8R,893V, p+, /2MB2/
& 2t2+mi2 ' 7Q` TB/4Rddy +QKK4]U;mMB+Q`MV]
MK24];mMB+Q`M] /2p4]p/R] BMQ4kk9dy9R
b+QMi2ti4bvbi2Knm,bvbi2Kn`,BMBini,by
i+QMi2ti4mM+QM7BM2/nm,Q#D2+in`,mb2`n?QK2ni,by
i+Hbb47BH2 T2`KBbbBp24y
@@@@

mb2`+? RSWLRQV WR NQRZ DERXW

˾ 7KH @K RSWLRQ DV ˸PHVVDJH˹ UHVWULFW WKH VHDUFK WR DQ HYHQW PDWFKLQJ


WKH JLYHQ PHVVDJH W\SH :H FDUH DERXW o* ZKLFK VWDQGV IRU $FFHVV
9HFWRU &DFKH ,W˵V QRWKLQJ HOVH WKDQ 6(/LQX[ GHQLDOV la1_no* WKHQ
UHSUHVHQWV GHQLDOV IURP WKH XVHU VSDFH
˾ 7KH @+ RSWLRQ DV ˸FRPPDQG˹ ᨫOWHU WKH FRPPDQG OLQH H[HFXWDEOH :H
FDQ VHDUFK IRU ˸JXQLFRUQ˹
˾ 7KH @ib RSWLRQ DV ˸WLPHVWDPS VWDUW˹ OHW XV SDVV D WLPHVWDPS VWDUW RI
WKH HYHQW RU D QXPEHU RI VSHFLᨫF NH\ZRUGV OLNH MQr `2+2Mi #QQi
iQ/v v2bi2`/v i?Bb@r22F i?Bb@KQMi? DQG i?Bb@v2`

, UHFRPPHQG VHHLQJ WKH PDQXDO SDJH IRU DXVHDUFK IRU VRPH PRUH RSWLRQV VXFK
DV @b+ WR ᨫOWHU V\VWHP FDOOV )URP WKH RXWSXW DERYH ZH FDQ VHH WKDW JXQLFRUQ
LV GHQLHG H[HFXWLRQ RI VRPHWKLQJ LQ mb2`n?QK2ni

 VHDOHUW DQG DXGLWDOORZ

,I WKH ORJ PHVVDJHV DUH QRW FOHDU HQRXJK IRU XV WR WDNH DFWLRQ ZH FDQ LQVWDOO DQG
UXQ VHWWURXEOHVKRRWG 7KH SURJUDP FRQWDLQV WZR SDUWV D VHUYHU DQG VHDOHUW
FOLHQW 2Q WKH GHVNWRS ZH PLJKW EH LQWHUHVWHG LQ LQVWDOOLQJ WKH VHWURXEOHVKRRW
SDFNDJH EXW RQ WKH VHUYHU WKH VHWURXEOHVKRRWVHUYHU SDFNDJH LV HQRXJK

0 bm/Q /M7 BMbiHH @v b2i`Qm#H2b?QQi@b2`p2`


7KH SDFNDJH FRQWDLQV WZR SDUWV D VHUYHU b2i`Qm#H2b?QQi/ H[HFXWDEOH
DQG VHDOHUW FOLHQW :H DUH LQWHUHVWHG LQ WKH FOLHQW VLQFH ZH DOUHDG\ KDYH $9&
GHQLDOV UHFRUGHG
5XQQLQJ b2H2`i ZLOO VKRZ D JUDSKLFDO LQWHUIDFH ZLWK DOO UHFRUGHG 6(/LQX[
YLRODWLRQV IULHQGO\ PHVVDJHV DQG VXJJHVWLRQV ,W˵V SUHWW\ QLFH EXW LQ RXU FDVH
ZH ZDQW b2H2`i WR DQDO\]H WKH H[LVWLQJ DXGLW ORJ E\SDVVLQJ @ RSWLRQ DV
˸DQDO\]H˹ 

0 b2H2`i @ fp`fHQ;fm/Bifm/BiXHQ;
a1GBMmt Bb T`2p2MiBM; ;mMB+Q`M 7`QK ;2iii` ++2bb
QM i?2 HMFn7BH2 f?QK2fTTf;mMB+Q`Mnp2Mpf#BMfTvi?QMjX

SHm;BM +i+?HH URyyX +QM7B/2M+2V bm;;2bib

A7 vQm #2HB2p2 i?i ;mMB+Q`M b?QmH/ #2 HHQr2/ ;2iii` ++2bb


QM i?2 Tvi?QMj HMFn7BH2 #v /27mHiX h?2M vQm b?QmH/ `2TQ`i i?Bb
b  #m;X uQm +M ;2M2`i2  HQ+H TQHB+v KQ/mH2 iQ HHQr i?Bb
++2bbX .Q HHQr i?Bb ++2bb 7Q` MQr #v 2t2+miBM;,
O mb2`+? @+ ^;mMB+Q`M^ @@`r % m/BikHHQr @J Kv@;mMB+Q`M
O b2KQ/mH2 @s jyy @B Kv@;mMB+Q`MXTT

//BiBQMH AM7Q`KiBQM,
aQm`+2 *QMi2ti bvbi2Knm,bvbi2Kn`,BMBini,by
h`;2i *QMi2ti mM+QM7BM2/nm,Q#D2+in`,mb2`n?QK2ni,by
h`;2i P#D2+ib f?QK2fTTf;mMB+Q`Mnp2Mpf#BMfTvi?QMj
( HMFn7BH2 )
aQm`+2 ;mMB+Q`M
aQm`+2 Si? ;mMB+Q`M
SQ`i IlMFMQrM=
>Qbi IlMFMQrM=
XXX
a2HBMmt 1M#H2/ h`m2
SQHB+v hvT2 i`;2i2/
1M7Q`+BM; JQ/2 1M7Q`+BM;
XXX
6B`bi a22M kyky@Ry@RR Rj,RN,9N lh*
Gbi a22M kyky@Ry@RR Rj,RN,9N lh*
GQ+H A. kje398+#@N939@9y2@N+j#@kd/k7ey9987
XXX

b2H2`i UHSRUWV WKDW WKH JXQLFRUQ VHUYLFH FDQQRW DFFHVV Tvi?QMj H[HFXWDEOH


LQ f?QK2fTTf;mMB+Q`Mnp2Mpf#BM $ VXJJHVWLRQ ZLWK D SRVVLEOH ᨫ[ DQG
DGGLWLRQDO LQIRUPDWLRQ IROORZV

˾ 7KH ;2iii` SHUPLVVLRQ WR JHW D ᨫOH DWWULEXWH RI Tvi?QMj ᨫOH LV GHQLHG


˾ 5XQQLQJ m/BikHHQr XWLOLW\ WR FUHDWH D QHZ PRGXOH DOORZLQJ WKLV
GHQLDO LV VXJJHVWHG
˾ 7KH WDUJHW REMHFW LV f?QK2fTTf;mMB+Q`Mnp2Mpf#BMfTvi?QMj ZLWK
WKH 6(/LQX[ FRQWH[W RI mM+QM7BM2/nm,Q#D2+in`,mb2`n?QK2ni,by

$IWHU VRPH WLPH ZLWK 6(/LQX[ ZH UHDOL]H WKDW WKH XVHU˵V KRPH GLUHFWRU\ LV
WUHDWHG GLᨪHUHQWO\ 7KHUH DUH VSHFLDO SROLFLHV DURXQG WKH mb2`n?QK2ni ODEHO
8VLQJ DXGLWDOORZ LV DUJXDEO\ WKH EHVW ZD\ KRZ WR ᨫQG RXW PLVVLQJ SROLFLHV
TXLFNO\ ,W˵V D XWLOLW\ WKDW FDQ DQDO\]H WKH DXGLW ORJ DQG GLVSOD\ WKH QHFHVVDU\
FKDQJH IRU WKH YLRODWLRQ EHKDYLRU WR EH DOORZHG LQ WHUPV RI VSHFLᨫF 6(/LQX[
PRGXOH UXOHV ,I WKH DXGLWDOORZ LV QRW RQ \RXU V\VWHP LQVWDOO SROLF\FRUHXWLOV
S\WKRQXWLOV SDFNDJH

DXGLWᨥDOORZ FDQ DOVR EH XVHG WR LQWHUSUHW WKH YLRODWLRQV ZLWK WKH


˸Z˸ RSWLRQ 7U\ LW

/HW˵V IROORZ WKH VXJJHVWLRQ IURP b2H2`i DQG SLSH WKH UHVXOW RI mb2`+?
WR m/BikHHQr

0 mb2`+? @+ ^;mMB+Q`M^ @@`r % m/BikHHQr @J Kv@;mMB+Q`M

7KH @J RSWLRQ DV ˸PRGXOH˹ GHᨫQHG WKH QDPH IRU RXU QHZ SROLF\
PRGXOH DQG VR Kv@;mMB+Q`MXi2 DQG Kv@;mMB+Q`MXTT ᨫOHV VKRXOG EH
FUHDWHG Kv@;mMB+Q`MXi2 FRQWDLQV D QHZ SROLF\ PRGXOH GHᨫQLWLRQ DQG
Kv@;mMB+Q`MXTT LV LWV FRPSLOHG YHUVLRQ UHDG\ WR EH ORDGHG ZLWK b2KQ/mH2

0 bm/Q b2KQ/mH2 @s jyy @B Kv@;mMB+Q`MXTT

/RDGLQJ WKLV PRGXOH DQG UHVWDUWLQJ WKH JXQLFRUQ VHUYLFH VROYHG WKH SUREOHP IRU
XV 7KH SROLF\ DOORZHG BMBini SURFHVV WR UHDG IURP KRPH GLUHFWRULHV ,W ZDV


DUJXDEO\ D OLWWOH ELW PDJLFDO DQG EHIRUH XVLQJ PRGXOHV IURP m/BikHHQr
OHIW DQG ULJKW ZH QHHG WR XQGHUVWDQG PRUH DERXW WKH Xi2 SROLF\ ᨫOHV DQG
KRZ WR ZULWH WKHP
$OVR QRWH WKDW WKH VHFRQG DQG SHUKDSV EHWWHU VROXWLRQ WR WKLV SUREOHP LV
DYRLGLQJ KRPH GLUHFWRULHV IRU DSSOLFDWLRQ ᨫOHV DOWRJHWKHU

 :ULWLQJ 3ROLF\ )LOHV


,I UHODEHOLQJ ᨫOHV RU FKDQJLQJ D ERROHDQ LV QRW HQRXJK WR VDWLVI\ 6(/LQX[ ZH
QHHG WR LPSOHPHQW RXU RZQ 6(/LQX[ UXOHV WR DOORZ DFWLRQV ZH ZDQW WR SHUPLW
7R GR VR ZH KDYH WR ZULWH D SROLF\ ᨫOH FRPSLOH LW DV DQ 6(/LQX[ PRGXOH DQG
ORDG LW
7KH W\SLFDO ZD\ WR ᨫQG DQG VHW WKH ULJKW SROLF\ UXOHV DUH WKH PHWKRGV
ZH DOUHDG\ VDZ 8VLQJ WKH 3HUPLVVLYH PRGH DQG GHEXJJLQJ WRROV VXFK DV
m/BikHHQr LV D JRRG ZD\ WR ᨫQG ZKDW 6(/LQX[ LV FRPSODLQLQJ DERXW DQG
ZKDW WR LQFOXGH LQ D FXVWRP SROLF\ PRGXOH
/HW˵V JR EDFN WR WKH Kv@;mMB+Q`MXi2 ᨫOH WKDW ZDV JHQHUDWHG IRU XV ,W˵V D
SHUIHFW H[DPSOH RI D VPDOO PRGXOH

KQ/mH2 Kv@;mMB+Q`M RXyc

`2[mB`2 &
ivT2 BMBinic
ivT2 mb2`n?QK2nic
+Hbb 7BH2 & 2t2+mi2 2t2+mi2nMQni`Mb BQ+iH QT2M `2/ 'c
+Hbb HMFn7BH2 & ;2iii` `2/ 'c
'

O4444444444444 BMBini 44444444444444


HHQr BMBini mb2`n?QK2ni,7BH2 & 2t2+mi2 2t2+mi2nMQni`Mb
BQ+iH QT2M `2/ 'c
HHQr BMBini mb2`n?QK2ni,HMFn7BH2 & ;2iii` `2/ 'c

)LUVW ZH QRWLFH D KQ/mH2 GHᨫQLWLRQ WKDW GHᨫQHV WKH PRGXOH QDPH DQG YHUVLRQ
6HFRQG ZH XVH WKH `2[mB`2 GLUHFWLYH WKDW LPSRUWV DOO W\SHV DQG FODVVHV ZH
ZRUN ZLWKLQ WKH PRGXOH


)LQDOO\ XQGHU WKH O444 BMBini 444 KHDGHU ZH FDQ VHH WKH VLPLODU UXOH GL
UHFWLYHV DV LQ T+?2Xi2 ᨫOH 7KH KHDGHU LWVHOI LV MXVW D FRPPHQW DXGLWDOORZ
VFRSHG WKH UXOHV E\ GRPDLQV
6R ZKDW˵V WKH BMBini GRPDLQ \RX DVN" $QG KRZ LV LW UHODWHG" :KHQ ZH UXQ
RXU *XQLFRUQ DSSOLFDWLRQ IURP WKH XVHU˵V KRPH GLUHFWRU\ ZH KDYH QR 6(/LQX[
YLRODWLRQ VLQFH LW˵V DQ XQFRQᨫQHG SURFHVV

0 Tb @2w % ;`2T ;mMB+Q`M


mM+QM7BM2/nm,mM+QM7BM2/n`,mM+QM7BM2/ni,by@by,+yX+Rykj
Rej3N TibfR yy,yy,yy ;mMB+Q`M
mM+QM7BM2/nm,mM+QM7BM2/n`,mM+QM7BM2/ni,by@by,+yX+Rykj
RejNk TibfR yy,yy,yy ;mMB+Q`M

:KDW GLG ZH OHDUQ DERXW 7DUJHWHG 6(/LQX[" ,W WDUJHWV SURFHVVHV


$QG ZKHQ ZH WULHG WR UXQ WKH VDPH SURFHVV XQGHU V\VWHPG LW ZDV D FRQᨫQHG
SURFHVV :H KDYH UXOHV WKDW GLUHFW DQ\ V\VWHPG SURFHVVHV WR WUDQVLWLRQ WR WKH
BMBini GRPDLQ V\VWHPG LV WKH LQLW V\VWHP IRU RXU RSHUDWLQJ V\VWHP DQG
WKHUHIRUH WKH W\SH LV FDOOHG DIWHU ˸LQLW˹
6R WKHUH LV D UXOH VRPHZKHUH WKDW GHᨫQHV WKLV WUDQVLWLRQ WR BMBini IRU V\VWHPG
VHUYLFH $QG WKHUH DUH QR UXOHV WKDW ZRXOG DOORZ WKLV GRPDLQ WR DFFHVV ᨫOHV
ODEHOHG DV mb2`n?QK2ni
+HUH LV KRZ ZH FDQ UHDG WKRVH WZR OLQHV

HHQr BMBini mb2`n?QK2ni,7BH2 & 2t2+mi2 2t2+mi2nMQni`Mb


BQ+iH QT2M `2/ 'c
HHQr BMBini mb2`n?QK2ni,HMFn7BH2 & ;2iii` `2/ 'c

˾ $OORZ SURFHVVHV IURP WKH BMBini GRPDLQ WR H[HFXWH RSHQ DQG UHDG
ᨫOHV DV ZHOO DV PDQLSXODWH VSHFLDO GHYLFH ᨫOHV ODEHOHG DV mb2`n?QK2ni
˾ $OORZ SURFHVVHV IURP WKH BMBini GRPDLQ WR UHDG V\PEROLF OLQNV DQG
WKHLU DWWULEXWHV LI ODEHOHG DV mb2`n?QK2ni

7KH DFWLRQV WKHPVHOYHV DUH /LQX[ V\VWHP FDOOV 0RVW VKRXOG EH LQWXLWLYH EXW
2t2+mi2nMQni`Mb LV ZRUWK H[SODLQLQJ 2t2+mi2nMQni`Mb DOORZV WKH
ᨫOH WR EH DQ HQWU\ SRLQW LQWR WKH FDOOLQJ GRPDLQ ZKLFK PHDQV WKH SURFHVV
GRHV QRW QHHG WR GR D GRPDLQ WUDQVLWLRQ


 3ROLF\ 5XOHV

/HW˵V VHH WKH PRVW FRPPRQ EXLOGLQJ EORFNV RI WKH SROLF\ UXOHV DQG ZKDW WKH\
UHIHU WR 7KH ᨫUVW EXLOGLQJ EORFN LV DWWULEXWHV $Q DWWULEXWH LV D JURXS RI W\SHV
GRPDLQV  7KH QDPH RIWHQ HQGV ZLWK nivT2 EXW QRW QHFHVVDULO\ 6RPH RI
WKH DWWULEXWHV DUH

˾ 7BH2nivT2 D JURXS RI ᨫOH W\SHV


˾ MQMnb2+m`Bivn7BH2nivT2 D JURXS RI ᨫOH W\SHV IRU QRQ VHFXULW\ ᨫOHV
˾ /QKBM D JURXS RI SURFHVV W\SHV

7KH\ ZRXOG JURXS W\SHV VXFK DV #BMni UHSUHVHQWLQJ DOO ᨫOHV LQ WKH f#BM
GLUHFWRU\ RU TQbi;`2b[HnTQ`ini D 3RVWJUH64/ SRUW XQGHU D VLQJOH DW
WULEXWH 7R XQGHUVWDQG DWWULEXWHV ZH VKRXOG WDON DERXW ZK\ WKH\ H[LVW LQ WKH
ᨫUVW SODFH
,PDJLQH \RX ZDQW WR JUDQG D SURFHVV WR DOO ᨫOHV RU WR DW OHDVW DOO QRQVHFXULW\
ᨫOHV 7KHQ ZKHQ ZULWLQJ \RXU QHZ UXOH \RX FDQ UHIHU WR DQ DWWULEXWH
7BH2nivT2 ZKLFK UHSUHVHQWV RU ᨫOHV RQ WKH V\VWHP WR DYRLG VSHFLI\LQJ
HYHU\ VLQJOH W\SH 
:H FDQ OLVW DOO H[LVWLQJ DWWULEXWHV ZLWK b2BM7Q @

0 b2BM7Q @

hvT2 ii`B#mi2b, k89


#`in/QKBM
/KBM/QKBM
7bn/QKBM
XXX

$QG DWWULEXWHV DVVRFLDWHG ZLWK D FHUWDLQ W\SH ZLWK @i DQG @t RSWLRQV

0 b2BM7Q @iTQbi;`2b[HnTQ`ini @t

hvT2b, R
ivT2 TQbi;`2b[HnTQ`ini- /27BM2/nTQ`inivT2-
TQ`inivT2- mM`2b2`p2/nTQ`inivT2c

$WWULEXWHV ZRXOG EH GHFODUHG DV


ii`B#mi2 ii`B#mi2nB/c

$QG W\SHV DV DQ DWWULEXWH FDQ EH GLUHFWO\ VSHFLᨫHG 

ivT2 ivT2nB/ (HBb HBbnB/) (- ii`B#mi2nB/)c

$QG WKHQ WKH ivT2ii`B#mi2 GLUHFWLYH FDQ DVVRFLDWH W\SHV DQG DWWULEXWHV
WRJHWKHU LI WKH\ DUHQ˵W DOUHDG\

ivT2ii`B#mi2 ivT2nB/ ii`B#mi2nB/c

7KH QH[W WKLQJ ZH QHHG DUH FODVVHV 7KH\ DUH PDQ\ FODVVHV UHJDUGLQJ ᨫOHV\V
WHP /B` 7BH2 bQ+Fn7BH2 #HFn7BH2  SURFHVVHV T`Q+2bb  QHWZRUNLQJ
MQ/2 bQ+F2i  VHFXULW\ DQG V\VWHP 7KH\ FDWHJRUL]H RXU V\VWHP DFFRUGLQJ
WR GLᨪHUHQW SHUPLVVLRQV ZH FDQ JLYH RU WDNH
+HUH DUH VRPH H[DPSOHV

˾ /B` FODVV SHUPLVVLRQV `2T`2Mi WR FKDQJH D SDUHQW GLUHFWRU\ `K/B`


WR UHPRYH D GLUHFWRU\ RU b2`+? WR VHDUFK LW
˾ 7BH2 FODVV SHUPLVVLRQV TT2M/ +`2i2 2t2+mi2 ;2iii` WR JHW
ᨫOH˵V DWWULEXWHV HBMF `2/ `2MK2 mMHBMF
˾ bQ+Fn7BH2 FODVV SHUPLVVLRQV ++2Ti WR DFFHSW D FRQQHFWLRQ #BM/
WR ELQG WR D QDPH +QMM2+i WR LQLWLDWH D VRFNHW FRQQHFWLRQ `2/ DQG
r`Bi2 IRU UHDGLQJ IURP DQG ZULWLQJ WR D VRFNHW

1RWH WKDW , PHQWLRQHG RQO\ D KDQGIXO RI FODVVHV DQG VRPH H[DPSOH SHUPLVVLRQV
&RQVXOW VHOLQX[SURMHFWRUJ ZLNL SDJHV IRU PRUH
:H FDQ GHFODUH D QHZ FODVV DV

+Hbb +HbbnB/ ( BM?2`Bib +QKKQMnb2i ) ( & T2`Knb2i ' )

7KH FRPPRQ VHW UHIHUV WR FRPPRQ SHUPLVVLRQV WKDW FDQ EH VKDUHG DPRQJ
FODVVHV :H GHFODUH FRPPRQ SHUPLVVLRQV DV


+QKKQM +QKKQMnB/ & T2`Knb2i '

:H FDQ PRVWO\ UHO\ RQ DWWULEXWHV W\SHV DQG FODVVHV DOUHDG\ VKLSSHG ZLWK WKH
EDVH V\VWHP 6R ZH ZRQ˵W QHFHVVDULO\ GHFODUH WKHP EXW UHTXLUH WKHP DQG XVH
WKHP LQ SROLF\ UXOHV
$ SROLF\ UXOH LV D FRPELQDWLRQ RI VXEMHFW W\SH SURFHVV GRPDLQ  FDSDELOLW\
DQG REMHFW W\SH ᨫOH W\SH 
/HW˵V VHH VRPH UXOHV FRQFHUQLQJ WKH ?iiT/ni SURFHVV GRPDLQ

HHQr ?iiT/ni mM+QM7BM2/ni,mMBtnbi`2KnbQ+F2i +QMM2+iiQc


HHQr ?iiT/ni p`n`mMni,bQ+Fn7BH2 r`Bi2c
HHQr ?iiT/ni mb2`n?QK2ni,7BH2 & `2/ QT2M 'c

:KLOH WKH QDPH RI WKH SURFHVV GRPDLQ JRHV ᨫUVW WKH JLYHQ REMHFW W\SH˵V FDSD
ELOLW\ JRHV ODVW:H FDQ UHDG WKHVH UXOHV DV

˾ *UDQG SURFHVVHV IURP WKH ?iiT/ni GRPDLQ WKH ULJKW WR FRQQHFW DQ


XQFRQᨫQHG XQODEHOHG 81,; VRFNHW
˾ *UDQG SURFHVVHV IURP WKH ?iiT/ni GRPDLQ WKH ULJKW WR ZULWH WR D VRFNHW
ODEHOHG DQG WKXV FRQᨫQHG WR p`n`mMni
˾ *UDQG SURFHVVHV IURP WKH ?iiT/ni GRPDLQ WKH ULJKW WR RSHQ DQG UHDG
ᨫOHV IURP D XVHU KRPH GLUHFWRU\ ᨫOHV ODEHOHG DV mb2`n?QK2ni 

7KH SURFHVV LQ TXHVWLRQ VXFK DV $SDFKH RU 1*,1; SURFHVV LV WKH WDUJHWHG


SURFHVV RI WKH ?iiT/ni GRPDLQ 


 &XVWRP 3ROLF\ 0RGXOHV

,PDJLQH ZH ZDQW WR UXQ RXU DSSOLFDWLRQ EHKLQG 1*,1; DQG FRPPXQLFDWH


ZLWK D 81,; VRFNHW ,I ZH ZDQW WR FUHDWH DQG ORDG D FXVWRP SROLF\ PRGXOH
ZH QHHG WR GR WKH IROORZLQJ VWHSV )LUVW ZH ZULWH WKH PRGXOH

O +i M;BMtXi2
KQ/mH2 M;BMt RXyc

`2[mB`2 &
ivT2 mM+QM7BM2/nic
ivT2 mb2`n?QK2nic
ivT2 ?iiT/nic
ivT2 p`n`mMnic
+Hbb 7BH2 & `2/ QT2M 'c
+Hbb bQ+Fn7BH2 r`Bi2c
+Hbb mMBtnbi`2KnbQ+F2i +QMM2+iiQc
'

O4444444444444 ?iiT/ni 44444444444444

HHQr ?iiT/ni mM+QM7BM2/ni,mMBtnbi`2KnbQ+F2i +QMM2+iiQc


HHQr ?iiT/ni p`n`mMni,bQ+Fn7BH2 r`Bi2c
HHQr ?iiT/ni mb2`n?QK2ni,7BH2 & `2/ QT2M 'c

2QFH ZH KDYH D GHᨫQLWLRQ ZH DUH KDSS\ ZLWK ZH FDQ FRPSLOH LW LQWR D ELQDU\
IRUP XKQ/ ᨫOH 

0 bm/Q +?2+FKQ/mH2 @K M;BMtXi2 @Q M;BMtXKQ/

7KH @K RSWLRQ VSHFLᨫHV D QRQEDVH SROLF\ PRGXOH DQG WKH @Q RSWLRQ GHᨫQHV
WKH RXWSXW ᨫOH 2QFH ZH KDYH WKH ELQDU\ PRGXOH ZH FDQ SDFNDJH LW DV XTT
DQG WKHQ XVH b2KQ/mH2 @B 0SPGA*unLJ1 WR LQVWDOO LW

0 b2KQ/mH2nT+F;2 @K M;BMtXKQ/ @Q M;BMtXTT


0 bm/Q b2KQ/mH2 @s jyy @B M;BMtXTT

,QVWDOOLQJ D SROLF\ KDV DQ LPPHGLDWH HᨪHFW 7KH @s RSWLRQ VHWV WKH PRGXOH
SULRULW\


2QFH LQVWDOOHG ZH FDQ DOVR HQDEOH RU GLVDEOH WKH SROLF\ ZLWK WKH @2 DQG @/ RS
WLRQV UHVSHFWLYHO\ ,I ZH ZDQW WR UHPRYH LW FRPSOHWHO\ ZH FDQ UXQ b2KQ/mH2
@s 0S_AP_Ahu @` 0SPGA*unLJ1 :H ZRXOG SDVV WKH VDPH SULRULW\ DV
ZLWK WKH LQVWDOODWLRQ VWHS

'RQ˴W PLVV UHDGLQJ XS RQ 6(/LQX[ E\ 'DQ :DOVK DW GDQ


ZDOVKOLYHMRXUQDOFRP


 6XPPDU\
:H OHDUQHG DERXW D /LQX[ PRGXOH WKDW FDQ KHOS WLJKWHQ RXU VHFXULW\ SROLFLHV
RQ WKH V\VWHP 6(/LQX[

˾ )RU DSSOLFDWLRQ VHUYHUV ZH VKRXOG XVH WKH 7DUJHWHG SROLF\ WDUJHWLQJ


D VHOHFWLRQ RI FULWLFDO SXEOLFO\ IDFLQJ VHUYLFHV 6SHFLᨫF ODEHOV FRQᨫQH
WDUJHWHG SURFHVVHV WR DFWLRQV ZH H[SHFW WKHP WR GR ZKLOH WKH UHVW DUH
OHIW XQFRQᨫQHG

˾ :H OHDUQHG DERXW FRQWH[WV DQG KRZ WKH\ FDQ FRQᨫQH XVHUV ᨫOHV DQG
SURFHVVHV :H IRFXVHG RQ W\SH HQIRUFHPHQW IRU SURFHVVHV ZKLFK LV EDVHG
RQ W\SH FRQWH[WV

˾ 7\SH FRQWH[W VSHFLᨫHV D GRPDLQ IRU SURFHVVHV DQG D W\SH IRU ᨫOHV ,I ZH
ZDQW WR DOORZ SURFHVVHV RI D FHUWDLQ GRPDLQ WR GR DQ\WKLQJ ZH GHᨫQH
WKHLU SHUPLVVLRQV 3HUPLVVLRQV FDQ EH /LQX[ V\VWHP FDOOV RU FDSDELOLWLHV
˾ 7\SH HQIRUFHPHQW UXOHV DUH D FRPELQDWLRQ RI D GRPDLQ FDSDELOLW\ DQG
ᨫOH W\SHV $ SURFHVV IURP D GRPDLQ DQ DFWLRQ DQG WKH ᨫOHV RI FHUWDLQ
ODEHO ,W˵V WKH ODEHOLQJ WKDW SXWV WKH ULJKW FRQWH[W RQ ᨫOHV

˾ ,Q PDQ\ FDVHV ZH FDQ WDNH DGYDQWDJH RI SUHGHᨫQHG V\VWHP UXOHV


E\ RQO\ FKDQJLQJ WKH ᨫOHV˵ ODEHOLQJ ZLWK b2KM;2 7+QMi2ti DQG
`2biQ`2+QM

˾ 2IWHQ WKH EHVW ZD\ WR ZULWH 6(/LQX[ UXOHV LV E\ REVHUYLQJ ZKDW 6(/LQX[
GRHV DQG GHQLHV XVLQJ WRROV OLNH b2H2`i DQG m/BikHHQr LQ D SHU
PLVVLYH PRGH :H FDQ WDNH WKH m/BikHHQr RXWSXW DQG FRPSLOH D
QHZ PRGXOH ZLWK WKH UXOHV ZH QHHG

˾ $SDUW IURP WKH GHEXJJLQJ WRROV ZH ZHQW WKURXJK VRPH FRPPRQ SROLF\
UXOHV DQG WKHLU PHDQLQJ 2QFH ZH XQGHUVWDQG KRZ WR KDUGHQ WKH VHFX
ULW\ ZLWK RXU SROLF\ PRGXOHV ZH FDQ FRPSLOH WKHP DQG XVH WKHP 2QFH
DOO 6(/LQX[ FRPSODLQWV DUH DGGUHVVHG ZH VKRXOG VZLWFK WR HQIRUFLQJ
PRGH


&KDSWHU 

6WRUDJH &RQFHUQV

$SSOLFDWLRQV VWRUH DOO NLQGV RI GDWD IURP XVHUXSORDGHG ᨫOHV WR WDEOHV KROGLQJ
WKH GDWD RI UHODWLRQDO GDWDEDVHV :LWK HYHULQFUHDVLQJ YROXPHV RI GDWD WR NHHS
ZH FDQ UXQ RXW RI VSDFH SUHWW\ TXLFNO\ $SDUW IURP WKH ORFDO GLVN VSDFH ZH VWDUW
ZLWK WKHUH DUH WZR NLQGV RI VWRUDJH RSWLRQV WR FRQVLGHU IRU RXU DSSOLFDWLRQV˵
VXVWDLQDEOH IXWXUH %ORFN VWRUDJH RIWHQ FDOOHG YROXPHV FDQ H[WHQG ORFDO GLVN
VSDFH DQG REMHFW VWRUDJH DOORZV XV WR DEVWUDFW ORJLFDO VWRUDJH RI RXU GDWD
FRPSOHWHO\ $QG LI ZH QHHG VKDUHG QHWZRUN VWRUDJH LQ D GHSOR\PHQW ZLWK
PRUH WKDQ RQH DSSOLFDWLRQ VHUYHU RQ RXU RZQ WHUPV ZH FDQ WXUQ DQ\ YLUWXDO
VHUYHU LQWR D VKDUHG VWRUDJH SURYLGHU ZLWK 1)6


 6WRUDJH
<RX FDQ WKLQN RI EORFN VWRUDJH DV DQ H[WHQVLRQ RI ORFDO VWRUDJH %ORFN VWRUDJH
VWRUHV GDWD RQ KDUGZDUH WKDW LV VHSDUDWHG IURP WKH YLUWXDO PDFKLQH DQG LV
RIWHQ UHSOLFDWHG PXOWLSOH WLPHV DFURVV GLᨪHUHQW UDFNV UHGXFLQJ WKH FKDQFHV
RI GDWD ORVV LQ WKH HYHQW RI KDUGZDUH IDLOXUH 7HFKQLFDOO\ LW˵V QRWKLQJ HOVH
WKDQ PRXQWHG GLVN VSDFH IRU XV :RUNLQJ ZLWK LW VWLOO IHHOV OLNH XVLQJ D ORFDO
GLUHFWRU\ DW WKH HQG RI WKH GD\ ,W MXVW OLYHV HOVHZKHUH DQG FDQ XVH D GLᨪHUHQW
ᨫOHV\VWHP
:KLOH EORFN VWRUDJH LV DEVWUDFWLQJ KDUGZDUH REMHFW VWRUDJH VXFK DV $:6 6 RU
'LJLWDO 2FHDQ 6SDFHV LV DEVWUDFWLQJ WKH ZKROH ORJLFDO VWRUDJH DZD\ E\ JLYLQJ
XV HDV\WRIROORZ $3, IRU VDYLQJ DQG UHWULHYLQJ ᨫOHV DV REMHFWV ,W GRHV QRW
UHTXLUH SHUVLVWHQW ORFDO GLVN VSDFH DQG LV WKHUHIRUH ZHOO VXLWHG LQ HQYLURQPHQWV
ZLWK HSKHPHUDO GLVN VWRUDJH VXFK DV WKH +HURNX SODWIRUP  7KLV LV RIWHQ DQ
DSSOLFDWLRQ GHVLJQ GHFLVLRQ XSIURQW QRW D SURSHU DOWHUQDWLYH DOWKRXJK D ᨫOH
XSORDG OLEUDU\ PLJKW VXSSRUW ERWK ZLWK WKH VDPH $3, 
7KH PDLQ DGYDQWDJHV RI REMHFW VWRUDJH DUH PHWDGDWD LQIRUPDWLRQ WKDW FDQ EH
VDYHG DQG TXHULHG DERXW WKH XSORDGHG ᨫOHV DQG GHWDFKPHQW IURP WKH YLUWXDO
PDFKLQH UXQQLQJ WKH DSSOLFDWLRQ 7KH ODWWHU PD\ SUHYHQW DFFLGHQWDO GDWD ORVV
DQG DOORZ IRU GLUHFW XSORDGV WR VWRUDJH ZLWKRXW VHQGLQJ WKH GDWD WR WKH DSSOL
FDWLRQ VHUYHU ᨫUVW 7KDW DOVR PHDQV \RX GRQ˵W KDYH WR FKDQJH DQ\WKLQJ ZKHQ
JRLQJ IURP RQH DSSOLFDWLRQ VHUYHU WR PDQ\

EORFN VWRUDJH DQG REMHFW VWRUDJH FDQ DOVR VHUYH DV D GHVWLQD


WLRQ IRU EDFNXSV 7KLV ZD\ \RX ZRQ˴W QHHG D GHGLFDWHG YLUWXDO
VHUYHU UXQQLQJ WR VWRUH WKHP 6RPH SURYLGHUV DOVR LPSOHPHQW
UHGXQGDQF\ RXW WKH ER[ ZKLFK LV VRPHWKLQJ WR FRQVLGHU

%XW ZKDW LI ZH QHHG FODVVLF GLVN VSDFH WKDW DOO DSSOLFDWLRQ VHUYHUV FDQ DFFHVV
DW RQFH" 7KHQ EORFN VWRUDJH DORQH ZRQ˵W ZRUN VLQFH LW˵V MXVW VRPHWKLQJ OLNH
D KDUG GULYH :H QHHG WR GHGLFDWH D VLQJOH YLUWXDO PDFKLQH WR KROG WKH GDWD
DQG H[SRUW VKDUHG ORFDWLRQV RQ WKH QHWZRUN DV QHWZRUN ᨫOHV\VWHPV :H FDQ
GR WKDW ZLWK 1HWZRUN )LOH 6\VWHP 1)6  D GLVWULEXWHG ᨫOH V\VWHP SURWRFRO
WKDW ZH˵OO VHW XS LQ D PRPHQW
6R ZKLFK VWRUDJH WR XVH" 0RVW ZRXOG SUREDEO\ SUHIHU EORFN VWRUDJH IRU VHOI
KRVWHG UHODWLRQDO GDWDEDVH GDWD DQG REMHFW VWRUDJH WR LPSOHPHQW GLUHFW XSORDGV
IRU JHQHUDO XVHU ᨫOHV $W WKH HQG RI WKH GD\ WKLV LV \RXU FKRLFH <RX FDQ UHO\


RQ ORFDO VWRUDJH IRU DQ\WKLQJ LQLWLDOO\ , EXLOW SURMHFWV WKDW QHYHU QHHGHG PRUH
LQ \HDUV  +RZHYHU VHWWLQJ XS EORFN VWRUDJH IRU WKH GDWDEDVH DQG XSORDGV
IURP WKH JHWJR FDQ VDYH \RX D SDLQIXO PLJUDWLRQ ODWHU
7KHQ PRYLQJ IRUZDUG WR PRUH VHUYHUV \RX˵OO QHHG WR FUHDWH D GHGLFDWHG 1)6
YLUWXDO VHUYHU DQG D GHGLFDWHG GDWDEDVH VHUYHU DV VKRZQ LQ )LJXUH  %RWK
FDQ UXQ RQ WKH VDPH PDFKLQH LI \RX ZDQW WR FRQVROLGDWH \RXU VWRUDJH QHHGV
DQG UHO\ RQ EORFN VWRUDJH WR QHYHU UXQ RXW RI VSDFH $ GHGLFDWHG GDWDEDVH
VHUYHU FDQ EH UHSODFHG ZLWK D PDQDJHG RᨪHULQJ DQG D VKDUHG ᨫOH VHUYHU ZLWK
REMHFW VWRUDJH

)LJXUH  6WRUDJH ZLWK PRUH DSSOLFDWLRQ VHUYHUV

 %ORFN 6WRUDJH

%ORFN VWRUDJH LV D FRQYHQLHQW H[WHQVLRQ RI WKH ORFDO GLVN VSDFH WKDW PRVW YLUWXDO
VHUYHU SURYLGHUV ZLOO RᨪHU 7R XVH EORFN VWRUDJH D SURYLGHG YROXPH QHHGV WR
EH IRUPDWWHG DQG PRXQWHG 7KLV LV XVXDOO\ GRQH DXWRPDWLFDOO\ IRU XV ZKHQ
UHTXHVWLQJ QHZ EORFN VWRUDJH IURP D SURYLGHU DGPLQ DUHD 7KH QHZO\ FUHDWHG
YROXPH ZRXOG DSSHDU LQ WKH fKMi GLUHFWRU\ XQGHU WKH VSHFLᨫHG QDPH 7KHQ
LW FDQ EH XVHG DV DQ\ RWKHU SDWK RQ \RXU V\VWHP
/HW˵V VHH LW LQ SUDFWLFH E\ DGGLQJ D YROXPH DQG DWWDFKLQJ LW WR D 'URSOHW RQ
'LJLWDO 2FHDQ ,I ZH JR WR 9ROXPHV ! &UHDWH 9ROXPH ZH FDQ VHOHFW WKH 'URSOHW
DQG JLYH WKH YROXPH D QDPH 'LJLWDO 2FHDQ OHW XV FKRRVH $XWRPDWLFDOO\ )RUPDW
0RXQW RU GR LW PDQXDOO\ 2WKHU SURYLGHUV VKRXOG EH IDLUO\ VLPLODU
&KRRVLQJ DXWRPDWLF IRUPDW DQG PRXQW , FDQ VHH D QHZ YROXPH DWWDFKHG E\
UXQQLQJ /7 @?


0 /7 @?
6BH2bvbi2K aBx2 lb2/ pBH lb2W JQmMi2/ QM
/2piKT7b jdjJ y jdjJ yW f/2p
iKT7b 9y9J 3XyE 9y9J RW f/2pfb?K
iKT7b 9y9J 9eJ j83J RkW f`mM
iKT7b 9y9J y 9y9J yW fbvbf7bf+;`QmT
f/2pfp/R k8: kXj: kj: RyW f
iKT7b 3RJ y 3RJ yW f`mMfmb2`fRyyR
f/2pfb/ RyR9J 9yJ Nd8J 9W fKMifpQHmK2n7`RnyR

fKMifpQHmK2n7`RnyR LV WKH QHZ YROXPH , FDQ QRZ XVH LW DV LI LW˵V D


GLUHFWRU\ WKDW ZDV DOZD\V WKHUH
:LWK WKH PDQXDO PRXQW ZH KDYH WR IRUPDW WKH SURYLGHG YROXPH ZLWK WKH
ᨫOHV\VWHP RI RXU FKRLFH 'LJLWDO 2FHDQ VKRZV WKHVH VWHSV DIWHU \RX FUHDWH WKH
YROXPH DQG RWKHU SURYLGHUV VKRXOG DW OHDVW JLYH \RX WKH ORFDWLRQ RI WKH QHZ
YROXPH
7KH IRUPDWWLQJ VWHS LQYROYHV FDOOLQJ KF7bX2ti9 DV ˸PDNH ᨫOHV\VWHP˹ DQG
GHOHWHV DQ\WKLQJ WKDW ZDV VWRUHG RQ WKH YROXPH EHIRUH

0 bm/Q KF7bX2ti9 f/2pf/BbFf#v@B/fb+bB@y.PnoQHmK2npQHmK2@7`R@yk

2QFH IRUPDWWHG ZH PRXQW LW RQ WKH ORFDWLRQ RI RXU FKRLFH

0 bm/Q KF/B` @T fKMifT;/i


0 bm/Q KQmMi @Q /Bb+`/-/27mHib-MQiBK2 $
f/2pf/BbFf#v@B/fb+bB@y.PnoQHmK2npQHmK2@7`R@yk fKMifT;/i

$W WKLV SRLQW WKLQJV VKRXOG EH ZRUNLQJ DQG \RX˵OO VHH LW PRXQWHG


0 /7 @?
6BH2bvbi2K aBx2 lb2/ pBH lb2W JQmMi2/ QM
/2piKT7b jdjJ y jdjJ yW f/2p
iKT7b 9y9J 3XyE 9y9J RW f/2pfb?K
iKT7b 9y9J 9eJ j83J RkW f`mM
iKT7b 9y9J y 9y9J yW fbvbf7bf+;`QmT
f/2pfp/R k8: kXj: kj: RyW f
iKT7b 3RJ y 3RJ yW f`mMfmb2`fRyyR
f/2pfb/ RyR9J 9yJ Nd8J 9W fKMifpQHmK2n7`RnyR
f/2pfb/# NdeJ kXeJ NydJ RW fKMifT;/i

:H MXVW QHHG WR DGG DQ HQWU\ WR f2i+f7bi# WKDW ZLOO PRXQW WKLV DXWRPDWL
FDOO\ RQ UHERRW

0 2+?Q ^f/2pf/BbFf#v@B/fb+bB@y.PnoQHmK2npQHmK2@7`R@yk $
fKMifT;/i 2ti9 /27mHib-MQ7BH-/Bb+`/ y y^ $
% bm/Q i22 @ f2i+f7bi#

,I \RX RQO\ ZDQWHG D GHGLFDWHG VSDFH IRU ᨫOHV WKLQJV DUH DOUHDG\ ZRUNLQJ DV
H[SHFWHG <RX PLJKW DOVR ZDQW WR XVH LW IRU 3RVWJUH64/ GDWD VR LW˵V ZRUWK
FRQWLQXLQJ ZLWK WKH VHFRQG YROXPH DQG VHH KRZ ZH FDQ GHSHQG RQ LW IRU WKH
SULPDU\ GDWDEDVH VWRUDJH

 3RVWJUH64/

6LQFH ZH OHDUQHG D ORW DERXW 3RVWJUH64/ ODWHO\ OHW˵V VHH LI ZH FDQ LQVWUXFW
3RVWJUH64/ WR VDYH GDWD WR WKH QHZ YROXPH ,W ZRXOG EH WKH VDPH ZLWK DQ\
RWKHU VHUYLFH
,Q WKH V\VWHPG VHUYLFH ᨫOH ZH VDZ WKH IROORZLQJ OLQH

1MpB`QMK2Mi4S:.h4fp`fHB#fT;b[Hf/i

,W VHW WKH 0S:.h YDULDEOH SRLQWLQJ WR WKH ORFDWLRQ IRU WKH GDWDEDVH GDWD
VWRUDJH :H FDQ DOZD\V DVN WKH UXQQLQJ GDWDEDVH IRU WKLV ORFDWLRQ DV ZHOO

TQbi;`2b4O a>Pq /in/B`2+iQ`vc


7R XVH D GLᨪHUHQW ORFDWLRQ FUHDWH WKH GDWD GLUHFWRU\ ZLWK WKH ULJKW SHUPLVVLRQV
DQG 6(/LQX[ ODEHO

0 bm/Q KF/B` @T fKMifT;/ifT;b[Hf/i


0 bm/Q +?QrM @_ TQbi;`2b,TQbi;`2b fKMifT;/ifT;b[H
0 bm/Q b2KM;2 7+QMi2ti @ @i TQbi;`2b[Hn/#ni $
^fKMifT;/ifT;b[HUfX V\^
0 bm/Q `2biQ`2+QM @_6pp fKMifT;/ifT;b[H

,I \RX DUH ZRQGHULQJ KRZ , NQRZ ZKDW XVHU JURXS RU 6(/LQX[ FRQWH[W WR XVH
UXQ Hb @Hw RQ WKH UHOHYDQW GLUHFWRULHV OLNH fp`fHB#fT;b[H DQG LWV /i
VXEGLUHFWRU\ <RX FRXOG DOVR VWXG\ WKH SROLF\ ᨫOHV EXW WKLV LV PXFK PRUH
FRQYHQLHQW
2QFH SUHSDUHG ZH FDQ SRLQW WKH 3RVWJUH64/ VHUYLFH WR WKLV ORFDWLRQ 5HTXHVW
HGLW RI WKH SRVWJUHVTO VHUYLFH

0 bm/Q bvbi2K+iH 2/Bi TQbi;`2b[HXb2`pB+2

$QG DGG WKH IROORZLQJ OLQHV RYHUULGLQJ WKH RULJLQDO 

(a2`pB+2)
1MpB`QMK2Mi4S:.h4fKMifT;/ifT;b[Hf/i

6DYLQJ WKH ᨫOH ZLOO FUHDWH WKH fTQbi;`2b[HXb2`pB+2X/fQp2``B/2X+QM7


RYHUULGH LQ f2i+fbvbi2K/fbvbi2K
0DNH V\VWHPG SLFN XS WKLV FKDQJH

0 bm/Q bvbi2K+iH /2KQM@`2HQ/

1RZ 3RVWJUH64/ KDV WKH QHZ FRQᨫJXUDWLRQ EXW WKH SURYLGHG SDWK LV HPSW\
&UHDWH D QHZ GDWDEDVH DQG UHVWDUW WKH VHUYLFH

0 bm/Q TQbi;`2b[H@b2imT @@BMBi/# @@mMBi TQbi;`2b[H


0 bm/Q bvbi2K+iH `2bi`i TQbi;`2b[HXb2`pB+2

,I \RX DUH XVLQJ 66/ FHUWLᨫFDWHV ZLWK 3RVWJUH64/ PDNH VXUH WKHLU KDYH yeyy
ᨫOH PRGH VHW DV ZHOO


 1)6
:KHQ DWWDFKLQJ EORFN VWRUDJH LV QRW HQRXJK IRU XV ZH FDQ WXUQ DQ\ SULYDWH
VHUYHU LQWR D VKDUHG QHWZRUN VWRUDJH ZLWK 1)6 ,W DOORZV XV WR H[SRVH D
ᨫOHV\VWHP RI RQH YLUWXDO PDFKLQH WR WKH QHWZRUN VR WKDW PRUH WKDQ RQH VHUYHU
FDQ DFFHVV WKH VDPH VWRUDJH VSDFH 7KLV LV SHUIHFW IRU VKDULQJ GDWD GLUHFWRULHV
DFURVV PXOWLSOH DSSOLFDWLRQ VHUYHUV UXQQLQJ RQ GLᨪHUHQW QRGHV <RX ZRXOG
WKHQ H[WHQG WKH GLVN VSDFH RI WKH VKDUHG 1)6 VHUYHU ZLWK EORFN VWRUDJH WR
JLYH WKH VWRUDJH VHUYHU HQRXJK URRP IRU DOO \RXU GDWD 6DPH DV EHIRUH

1)6 LV MXVW D SURWRFRO WR H[SRVH DOUHDG\ H[LVWLQJ ᨮOHV\VWHPV ,I


\RX QHHG UHDO GLVWULEXWHG VWRUDJH WKDW VSDQV DFURVV QRGHV \RX
KDYH WR VWDUW ORRNLQJ LQWR VRIWZDUH OLNH &HSK RU *OXVWHU)6

6R KRZ GR ZH VWDUW" 6LQFH 1)6 LV DERXW ZRUNLQJ RQ WKH QHWZRUN ZH PXVW


KDYH D SULYDWH QHWZRUN HVWDEOLVKHG DQG QRWH WKH VHUYHU DQG FOLHQWV˵ SULYDWH
,3 DGGUHVVHV )RU WKH IROORZLQJ GHPRQVWUDWLRQ WR ZRUN , SURYLVLRQHG WZR
YLUWXDO PDFKLQHV 7KH RQH ,˵OO GHGLFDWH WR EH DQ 1)6 VHUYHU KDV D SULYDWH ,3
 DQG WKH RWKHU RQH LV DFFHVLEOH RQ 
$V D ᨫUVW VWHS ZH SURSHUO\ FRQᨫJXUH WKH VHUYHU %XW IRU DOO WKH QRGHV ZH˵OO
QHHG RQO\ WKH VDPH RQH SDFNDJH FDOOHG QIVXWLOV

b2`p2`0 bm/Q /M7 BMbiHH @v M7b@miBHb

1RZ WKHUH DUH WZR FRQᨫJXUDWLRQ ᨫOHV IRU 1)6 f2i+fM7bX+QM7 DQG
f2i+fM7bKQmMiX+QM7 7KH IRUPHU LV D JHQHUDO FRQᨫJXUDWLRQ IRU 1)6 WRROV
DQG WKH ODWWHU FRQᨫJXUDWLRQ IRU 1)6 PRXQWV :KLOH , ZDQW WR QRWH WKHP ZH
ZRQ˵W XVH WKHP KHUH DV ZH˵OO GHSHQG RQ GHIDXOWV :KDW ZH QHHG WR FRQᨫJXUH
LV WKH GLUHFWRU\ WKDW ZLOO EHFRPH WKH VKDUHG GLUHFWRU\ RQ WKH QHWZRUN
, FKRVH WR FDOO WKH GLUHFWRU\ b?`2/ DQG SXW LW LQVLGH fKMi EXW LW FRXOG EH
DQ\WKLQJ 

0 KF/B` @T fKMifb?`2/

1RZ ZH QHHG WR WHOO 1)6 DERXW LW )RU WKDW ZH HGLW WKH f2i+f2tTQ`ib ᨫOH
:H DGG WKH IROORZLQJ OLQH


fKMifb?`2/ RyXRj8XyXyfk9U`r-bvM+-MQnHHnb[mb?-`QQinb[mb?V

7KH OLQH VSHFLᨫHV WKH GLUHFWRU\ RQ WKH V\VWHP WR H[SRUW IROORZHG E\ WKH DO
ORZHG FOLHQW ,3 DQG YDULRXV RSWLRQV LQ EUDFNHWV 6LQFH WKHUH LV QR VSHFLDO
DXWKHQWLFDWLRQ IRU 1)6 LW˵V LPSRUWDQW WKDW ZH RQO\ XVH 1)6 VKDUHV RQ D SUL
YDWH QHWZRUN DQG GLUHFWO\ VSHFLI\ WKH SULYDWH ,3 DGGUHVV RI WKH VHUYHU WKDW
QHHGV WKLV DFFHVV , ZDQW DOO VHUYHUV RQ WKLV QHWZRUN WR DFFHVV LW VR , FKRVH WR
XVH DQ ,3 VXEQHW   7KLV ZD\ , FDQ DGG DQRWKHU VHUYHU ZLWK
WKH VDPH SULYDWH QHWZRUN DQG WKLQJV ZLOO ZRUN
7KH FOLHQW ,3 LV IROORZHG E\ VRPH RSWLRQV GHOLPLWHG E\ D FRPPD +HUH DUH WKH
RQHV WR NQRZ DERXW

˾ `Q H[SRUW RQO\ IRU UHDGV


˾ `r DOORZ ERWK UHDG DQG ZULWH DFFHVV
˾ bvM+ ZDLW IRU WKH 1)6 VHUYHU WR ᨭXVK GDWD WR GLVN
˾ bvM+ RSSRVLWH RI bvM+ GRQ˵W ZDLW
˾ HHnb[mb? PDS UHTXHVWV IURP FOLHQWV WR WKH DQRQ\PRXV XVHU
˾ MQnHHnb[mb? PDS UHTXHVWV IURP FOLHQWV WR LGHQWLFDO 8,'V DQG
*,'V RQ WKH 1)6 VHUYHU
˾ `QQinb[mb? PDS UHTXHVWV IURP WKH URRW XVHU IURP WKH FOLHQW WR WKH
DQRQ\PRXV 8,'*,'

7KH ᨫUVW RSWLRQ LV DERXW JUDQWLQJ UHDG DQG ZULWH DFFHVV 7KH bvM+ RSWLRQ
ZDLWV IRU WKH 1)6 GDHPRQ WR ZULWH DOO GDWD VHQW WR GLVN DQG RQO\ WKHQ FRQᨫUP
WKH RSHUDWLRQ 7KLV LV VORZHU EXW SUHYHQWV D UDUH FDVH ZKHQ WKH GDWD FRXOG
EH ORVW EHIRUH EHLQJ VXFFHVVIXOO\ ᨭXVKHG WR GLVN 7KH VTXDVKLQJ RSWLRQV DUH
UHODWHG WR WKH GLUHFWRU\ SHUPLVVLRQV
:LWK MQnHHnb[mb? XVHUV DUH PDSSHG IURP FOLHQWV WR WKH VHUYHU VR WKDW DQ
DSSOLFDWLRQ XVHU LV VDYLQJ GDWD XQGHU WKH H[SHFWHG VDPH XVHU 7KLV FDQ EH LP
SRUWDQW WR SUHVHUYH WKH VDPH DFFHVV ULJKWV 2Q WKH RWKHU KDQG `QQinb[mb?
UHSODFHV URRW ZLWK DQ DQRQ\PRXV XVHU 7KLV LV PRUH VHFXUH VLQFH DQ 1)6 FOLHQW
VKRXOGQ˵W LQWHUYHQH ZLWK VXSHUXVHU SULYLOHJHV DQ\ZKHUH HOVH
$OO LQ DOO LW˵V LPSRUWDQW WR UHDOL]H WKDW ZKLOH ZH DUH H[SRUWLQJ GLUHFWRULHV DQG
PDNLQJ WKHP DYDLODEOH RQ WKH QHWZRUN WKHUH DUH VWLOO UHJXODU GLUHFWRULHV DW WKH
HQG RI WKH GD\ 7KLV EULQJV PH WR PDNLQJ WKH b?`2/ GLUHFWRU\ ZULWDEOH

0 bm/Q +?KQ/ QYr fKMifb?`2/f


7KH UHJXODU V\VWHP SHUPLVVLRQV ZRXOG UHIXVH WR ZULWH WKHUH HYHQ ZH PRXQWHG
LW DV ZULWDEOH IURP WKH 1)6 SRLQW RI YLHZ
2QFH WKH GLUHFWRU\ LV UHDG\ ZH FDQ WHOO 1)6 WR H[SRUW LW ZLWK 2tTQ`i7b DV
˸H[SRUW ᨫOHV\VWHP˹ 

0 bm/Q 2tTQ`i7b @`p

7KH RSWLRQV XVHG DUH @ WR H[SRUW ˸DOO˹ @` DV ˸UHH[SRUW V\QFKURQL]HV YDU


LRXV SODFHV ZKHUH ZH FDQ GHᨫQH H[SRUWV DQG @p WR EH YHUERVH LQ WKH RXWSXW
,I \RX QHHG WR H[SRUW ᨫOHV\VWHPV ZLWKRXW f2i+f2tTQ`ib ORRN LQWR WKH @Q
RSWLRQ DV˹RSWLRQV˹ 
$QG FKHFN HYHU\WKLQJ LV LQGHHG H[SRUWHG ZLWK WKH @b RSWLRQ DV ˸VKRZ˹ 

0 bm/Q 2tTQ`i7b @b

7KHQ VWDUW WKH 1)6 VHUYHU˵V VHUYLFH

0 bm/Q bvbi2K+iH bi`i M7b@b2`p2`Xb2`pB+2

$QG DOORZ WKH IROORZLQJ VHUYLFHV LQ WKH ᨫUHZDOO \HV \RX QHHG DOO RI WKHP 

0 bm/Q 7B`2rHH@+K/ @@T2`KM2Mi @@//@b2`pB+24M7b


0 bm/Q 7B`2rHH@+K/ @@T2`KM2Mi @@//@b2`pB+24`T+@#BM/
0 bm/Q 7B`2rHH@+K/ @@T2`KM2Mi @@//@b2`pB+24KQmMi/
0 bm/Q 7B`2rHH@+K/ @@`2HQ/

7KDW˵V DOO IRU WKH VHUYHU 7R VHH LI LW˵V ZRUNLQJ ZH˵OO QHHG WR FRQᨫJXUH DW OHDVW
RQH FOLHQW
,QVWDOO WKH QIVXWLOV SDFNDJH DJDLQ

+HB2Mi0 bm/Q /M7 BMbiHH M7b@miBHb

$QG VHH DOO PRXQW RSWLRQV ZLWK b?QrKQmMi E\ TXHULQJ WKH 1)6 VHUYHU KHUH
XQGHU  


0 bm/Q b?QrKQmMi @2 RyXRj8XyXk
1tTQ`i HBbi 7Q` RyXRj8XyXk,
fKMifb?`2/ RyXRj8XyXyfk9

,W VHHPV OLNH ZH DUH LQ OXFN


7R PRXQW LW ZH QHHG WKH VDPH KQmMi FRPPDQG DV ZLWK EORFN VWRUDJH 7KLV
WLPH ZH VSHFLI\ WKH M7b ᨫOHV\VWHP ZLWK WKH @i RSWLRQ

0 bm/Q KF/B` @K fKMifb?`2/


0 bm/Q KQmMi @i M7b RyXRj8XyXk,fKMifb?`2/ fKMifb?`2/

$QG FKHFN LW˵V LQ WKH OLVW RI PRXQWHG ᨫOHV\VWHPV

0 bm/Q KQmMi % ;`2T M7b

1RZ WXUQ WKH WHPSRUDU\ PRXQW WR WKH SHUVLVWHQW RQH

0 2+?Q ^RyXRj8XyXk,fKMifb?`2/ fKMifb?`2/ M7b /27mHib y y^ $


% bm/Q i22 @ f2i+f7bi#

7KDW˵V LW ,I \RX QHHG WR XQPRXQW LW ODWHU SURSHUO\ \RX FDQ GR VR ZLWK mKQmMi

0 bm/Q mKQmMi fKMifb?`2/


 6XPPDU\
7KLV WLPH ZH VROYHG WKH VWRUDJH TXHVWLRQV :H FUHDWHG EORFN VWRUDJH WR
VWRUH DSSOLFDWLRQ XSORDGV DQG DQRWKHU RQH IRU WKH 3RVWJUH64/ GDWDEDVH ,
DOVR VKRZHG \RX KRZ WR FRQᨫJXUH 1)6 WR VKDUH ᨫOHV\VWHPV RQ WKH QHWZRUN

˾ :H FDQ H[WHQG ORFDO GLVN VSDFH ZLWK EORFN VWRUDJH :H FDQ WKLQN RI
EORFN VWRUDJH DV DQ DWWDFKHG ᨭDVK GULYH WKDW JLYHV XV VRPH H[WUD VSDFH
6HSDUDWLQJ WKH GDWD IURP WKH DSSOLFDWLRQ VHUYHU DOVR OHWV XV UHFUHDWH
WKH DSSOLFDWLRQ YLUWXDO PDFKLQH ZLWKRXW GDWD ORVV 1RW WR PHQWLRQ WKDW
REMHFW VWRUDJH LV IXUWKHU H[WHQGDEOH DQG FKHDSHU WKDQ YLUWXDO PDFKLQH
XSJUDGHV
˾ 2EMHFW VWRUDJH LV D JUHDW DOWHUQDWLYH WR EORFN VWRUDJH WKDW FDQ EH XVHG
LQ HQYLURQPHQWV ZLWK RQO\ HSKHPHUDO GLVN VSDFH 3URYLGHUV RI EORFN
VWRUDJH XVXDOO\ RᨪHU PDQ\ JXDUDQWHHV DQG HDV\WRDGPLQLVWHU EDFNXSV
2EMHFWV FRPH ZLWK KDQG\ PHWDGDWD DV ZHOO 3HUIHFW IRU PRUH WKDQ RQH
DSSOLFDWLRQ VHUYHU QRGH

˾ ,I ZH QHHG RXU RZQ VKDUDEOH GLVN VSDFH ZH KDYH WR WXUQ WR 1)6 ZKLFK
FDQ H[SRUW DQ\ ORFDO GLUHFWRU\ DV D QHWZRUN ᨫOHV\VWHP &OLHQWV DS
SOLFDWLRQ VHUYHUV ZRXOG WKHQ PRXQW WKLV ᨫOHV\VWHP ORFDOO\ DQG WUHDW LW
DV DQ\ RWKHU GLUHFWRU\ %RWK EORFN VWRUDJH DQG 1)6 PRXQWV ZLOO VWLOO
UHTXLUH XVLQJ WKH FRUUHFW SHUPLVVLRQV


&KDSWHU 

%DFNXSV DQG 5HVWRUHV

6HUYHUV EUHDN ᨫOHV\VWHPV FRUUXSW DQG XQH[SHFWHG LQFLGHQWV KDSSHQ )RU WKHVH
UHDVRQV LW LV FUXFLDO WR PDNH EDFNXSV RI RXU VHUYHU GDWD DQG SURWHFW WKHP
:KHWKHU LW˵V D VLQJOH ᨫOH GDWDEDVH GXPS RU D GLUHFWRU\ WUHH RI XSORDGHG XVHU
DYDWDUV ZH PLJKW QHHG WR PDNH D FRS\ DQG VDYH LW VDIHO\ IRU WKH WLPHV ZKHQ
WKLQJV JR ZURQJ ,W˵V DOVR HVVHQWLDO WR KDYH D SURFHVV LQ SODFH WR UHWULHYH DQG
UHVWRUH WKLV GDWD DW DQ\ WLPH 7KHUHIRUH ZH KDYH WR OHDUQ WR FROOHFW FRPSUHVV
HQFU\SW DQG ODWHU UHVWRUH DQ\ EDFNXS ᨫOHV


 &ROOHFWLRQ DQG &RPSUHVVLRQ
:H DOUHDG\ NQRZ KRZ WR PDNH GDWDEDVH EDFNXSV DQG HYHQ PRYH GDWD DURXQG
ZLWK WRROV OLNH b+T 6R WHFKQLFDOO\ VSHDNLQJ ZH FDQ DOUHDG\ EDFN XS DQG
UHVWRUH RXU GDWD 7KHUH LV D OLWWOH ELW PRUH WR PDNLQJ JRRG EDFNXSV WKRXJK
)LUVW OHW˵V WDON DERXW FROOHFWLQJ DQG FRPSUHVVLQJ GDWD VR ZH DUH PRUH HᨬFLHQW
$IWHU WKDW OHW˵V SURWHFW WKHP ZLWK HQFU\SWLRQ
6LQFH WKH UDZ GDWD FDQ EH RI VLJQLᨫFDQW VL]H ZH VKRXOG VWULYH WR PDNH WKHP
VPDOOHU $OVR ZH ZDQW WR HQG XS ZLWK D IHZ ᨫOHV DV SRVVLEOH DQG QRW EH FRSLQJ
D GLUHFWRU\ VWUXFWXUH ᨫOH E\ ᨫOH LI ZH FDQ DYRLG LW 7R GR ERWK ZH FDQ FRPSUHVV
WKH ᨫOHV 'DWD FRPSUHVVLRQ LV D SURFHVV RI FKDQJLQJ WKH VL]H RI WKH GDWD E\
HQFRGLQJ WKH RULJLQDO LQIRUPDWLRQ XVLQJ IHZHU ELWV &RPSUHVVLRQ FDQ EH ORVV\
RU ORVVOHVV :KLOH PDNLQJ WKXPEQDLOV RI ODUJH LPDJHV FDQ HDVLO\ EH ORVV\ DV LQ
UHGXFLQJ LPDJH TXDOLW\ RXU EDFNXS GDWD KDV WR EH ORVVOHVV DV WKH LQDELOLW\ WR
UHFRYHU WKHP LQ IXOO
WDU LV WKH PRVW ZLGHO\ XVHG DUFKLYLQJ SURJUDP WR KDQGOH WKH FROOHFWLRQ RI ᨫOHV
LQWR D VLQJOH ᨫOH UHIHUUHG WR DV WDUEDOO i` FDQ DOVR FRPSUHVV WKH WDUEDOO
GLUHFWO\ E\ UHO\LQJ RQ XWLOLWLHV VXFK DV J]LS RU E]LS <RX PLJKW ZDQW WR
NQRZ ZKLFK FRPSUHVVLRQ SURJUDP LV EHWWHU EXW XQIRUWXQDWHO\ WKH DQVZHU LV
˸,W GHSHQGV˹ :KHQ LW FRPHV WR ;xBT DQG #xBTk RQ WKH /LQX[ SODWIRUP ;xBT
LV XVXDOO\ D ELW IDVWHU DQG #xBTk SURGXFHV VOLJKWO\ VPDOOHU DUFKLYHV <RX ZLOO
QRW PDNH D PLVWDNH ZLWK HLWKHU
7R FUHDWH D FRPSUHVVHG WDUEDOO RI 0.A_1*hP_u XVLQJ ;xBT ZH FDQ XVH @+x7
RSWLRQV

0 i` @+xp7 0h_"GGXi`X;x 0.A_1*hP_u

7KH RSWLRQV PHDQ

˾ @+ FUHDWH DQ DUFKLYH


˾ @x XVH J]LS SURJUDP WR FRPSUHVV WKH WDUEDOO
˾ @p YHUERVH RXWSXW LQFOXGLQJ SURJUHVV
˾ @7 WDUEDOO˵V ᨫOHQDPH

,Q FDVH ZH XVH `QQi XVHU ᨫOH SHUPLVVLRQV ZLOO EH SUHVHUYHG ,Q FDVH ZH XVH D
GLᨪHUHQW XVHU ZH VKRXOG DSSHQG WKH @@bK2@T2`KBbbBQMb RSWLRQ i`X;x


H[WHQVLRQ VXJJHVWV WKDW LW˵V D ;xBTHG WDUEDOO :H FRXOG QRZ XVH ;xBT WR
XQFRPSUHVV LW DQG mMi` SURJUDPV WR XQSDFN LW
7KLV FDQ EH GRQH LQ RQH FRPPDQG DV ZHOO XVLQJ i` ZLWK @t RSWLRQ

0 i` @txp7 0h_"GGXi`X;x @* fTi?fiQfmMT+F

8VLQJ @D RSWLRQ i` ZLOO XVH #xBTk IRU WKH FRPSUHVVLRQ

0 i` @@bK2@T2`KBbbBQMb @+Dp7 0h_"GGnLJ1Xi`X#xk 0.A_1*hP_u

6LPLODU\ XVLQJ tD ZLOO XQFRPSUHVV WKH ᨫOH XVLQJ #xBTk DQG H[WUDFW WKH WDUEDOO

0 i` @@bK2@QrM2` @tDp7 0h_"GGnLJ1Xi`X#xk @* fTi?fiQfmMT+F

:H QHHG @@bK2@QrM2` WR SUHVHUYH WKH RZQHUVKLS RQ H[WUDFWLRQ 7KLV LV D


GHIDXOW EHKDYLRU RQO\ IRU WKH URRW XVHU VLPLODUO\ WR WKH @@bK2@T2`KBbbBQMb
RSWLRQ
,I ZH DUH XVLQJ $&/V RQ WKH ᨫOHV ZH DUH QRZ DUFKLYLQJ ZH DOVR QHHG WR
LQVWUXFW i` ZLWK WKH @@+Hb RSWLRQ 7KH VDPH JRHV IRU 6(/LQX[ VXSSRUW
ZLWK @@b2HBMmt
,W˵V DOVR D JUHDW LGHD WR PDUN WKH EDFNXS ᨫOH E\ WKH GDWH RU WLPH LW ZDV FUHDWHG
:H FDQ XVH /i2 XWLOLW\ IRU MXVW WKDW E\ SURYLGLQJ D IRUPDW ZH ZDQW DV DQ
DUJXPHQW

0 LJ14#+FmT@</i2 YWuWKW/@W>WJ<Xi`X#xk
0 i` @+xp7 0LJ1 0.A_1*hP_u

WuWKW/ JLYHV XV D IDPLOLDU \HDUPRQWKGD\ IRUPDW ,I WKH EDFNXS KDS


SHQV VHYHUDO WLPHV D GD\ ZH VKRXOG DSSHQG WLPH WRR +HUH W> UHIHUV WR
KRXUV DQG WJ WR PLQXWHV :H FDQ DOVR LQWURGXFH DQ\ VHSDUDWRUV ZH ZDQW
HJ Wu@WK@W/@W>,WJ
,I WKH GLUHFWRU\ LQ TXHVWLRQ LV WRR ELJ LQ VL]H ZH PLJKW ZDQW WR VSOLW LW LQWR
VHYHUDO GLUHFWRULHV DQG EDFNXS WKHP VHSDUDWHO\ 7KH LGHDO VSOLW LV SUREDEO\ E\


GDWH DV WKLV ZLOO DOORZ XV WR FUHDWH LQFUHPHQWDO EDFNXSV ZLWK RQO\ VR PDQ\
ᨫOHV LQVWHDG RI WU\LQJ WR FRS\ DOO XVHU XSORDGHG ᨫOHV DW RQFH
'HSHQGLQJ RQ WKH YROXPH RI WKH GDWD ZH PLJKW ZDQW WR VSOLW LW E\ GD\ PRQWK
RU \HDU ,I ZH FDQQRW FKDQJH WKH GLUHFWRU\ VWUXFWXUH ZH FDQ VRUW WKH ᨫOHV LQ
D GLUHFWRU\ E\ GDWH ZLWK WKH Hb @Hi FRPPDQG RU D VLPLODU DSSURDFK
,I ZH DUH XVLQJ WKLUGSDUW\ VHUYLFHV EH LW GDWDEDVHV RU REMHFW VWRUDJH ZH PLJKW
QRW QHFHVVDULO\ EDFNXS GDWD RXUVHOYHV &KDQFHV DUH WKH SURYLGHU DOUHDG\ RᨪHUV
D FRQYHQLHQW ZD\ RI EDFNLQJ XS WKHVH GDWD DQG ZH VKRXOG PRVW OLNHO\ RSWLQ
IRU WKDW

(YHQ LI \RX RSWLQ IRU DXWRPDWHG EDFNXSV RᨭHUHG E\ \RXU KRVW


LQJ SURYLGHU \RX VKRXOG PRYH \RXU EDFNXS GDWD RXW IURP WLPH
WR WLPH DQG QRW OHDYLQJ WKHP LQ RQH EDVNHW

 (QFU\SWLRQ
,W˵V DOZD\V D JRRG LGHD WR HQFU\SW RXU EDFNXSV VR WKDW WKH\ DUH SURWHFWHG ZKHQ
PRYHG DURXQG DQG DW UHVW 6LQFH WKHVH ᨫOHV FDQ EHFRPH KXJH RYHU WLPH XVLQJ
56$ NH\V HQFU\SWLRQ LV QRW DQ RSWLRQ DV LW ZDV QRW LQWHQGHG IRU DUELWUDULO\
ORQJ ᨫOH HQFU\SWLRQ :H QHHG WR DLP IRU GLᨪHUHQW HQFU\SWLRQ PHFKDQLVPV WR
DFKLHYH WKLV JRDO LQVWHDG
7KH $GYDQFHG (QFU\SWLRQ 6WDQGDUG $(6 LV RQH VXFK HQFU\SWLRQ V\VWHP
,Q $(6 WKH VDPH NH\ LV XVHG IRU HQFU\SWLRQ DQG GHFU\SWLRQ RI GDWD :H FDOO
WKLV V\VWHP V\PPHWULF LQVWHDG RI DV\PPHWULF V\VWHPV WKDW QHHG WZR GLᨪHUHQW
NH\V RQH IRU HQFU\SWLRQ DQG RQH IRU GHFU\SWLRQ  7R JHQHUDWH DQ DV\PPHWULF
$(6 NH\ DQG WR HQFU\SW D ᨫOH ZLWK LW ZH FDQ UHDFK IRU 2SHQ66/ DV EHIRUH

0 QT2MbbH `M/ @Qmi b2+`2iXF2v jk

`M/ WHOOV QT2MbbH WR JHQHUDWH D SVHXGRUDQGRP NH\ DQG @Qmi VSHFLᨫHV D


ᨫOH WR ZULWH LW WR +HUH LW˵V b2+`2iXF2v jk LV WKH QXPEHU RI UDQGRP E\WHV
:H XVH  E\WHV WR JHW WKH ELW NH\
7KH HQFU\SWLRQ SDUW QHHGV WR VSHFLI\ WKH $(6 NH\ LQSXW DQG RXWSXW ᨫOHV DQG
WKH VHFUHW NH\ XVHG


0 QT2MbbH 2b@k8e@+#+ @BM b2+`2i7BH2 @Qmi b2+`2i7BH2X2M+
@Tbb 7BH2,b2+`2iXF2v

˾ 2b@k8e@+#+ PHDQV WKH $(6 D $(6 ZLWK ELW ORQJ NH\ LV


XVHG
˾ @BM GHᨫQHV WKH ᨫOH WR HQFU\SW
˾ @Qmi GHᨫQHV WKH QDPH RI WKH HQFU\SWHG ᨫOH
˾ @Tbb GHᨫQHV WKH VHFUHW NH\ WKDW ZH JHQHUDWHG LQ WKH SUHYLRXV VWHS

2QFH ZH KDYH RXU b2+`2i7BH2X2M+ ᨫOH UHDG\ ZH DOVR KDYH WR NQRZ KRZ WR
GHFU\SW LW EDFN

0 QT2MbbH 2b@k8e@+#+ @/ @BM b2+`2i7BH2X2M+ @Qmi b2+`2i7BH2


@Tbb 7BH2,b2+`2iXF2v

7KH GHVFULSWLRQ ORRNV DOPRVW WKH VDPH :H RQO\ QHHG WR WHOO QT2MbbH ZH DUH
LQWHUHVWHG LQ GHFU\SWLRQ ZLWK WKH @/ RSWLRQ DQG UHYHUVH WKH LQSXW DQG RXWSXW
ᨫOH QDPHV

 66+ .H\V (QFU\SWLRQ

,I ZH GRQ˵W ZDQW WR UHPHPEHU PRUH VHFUHWV WKDQ ZH DOUHDG\ KDYH ZH FDQ


FRPELQH WKH $(6 HQFU\SWLRQ ZLWK WKH 56$ LQ D ZD\ ZKHUH ZH NHHS XVLQJ RXU
66/ NH\V 7KLV LQYROYHV RQH PRUH VWHS IRU ERWK HQFU\SWLRQ DQG GHFU\SWLRQ
SURFHVVHV ZKHUH ZH WDNH WKH $(6 NH\ DQG HQFU\SW LW ZLWK 56$ SXEOLF NH\ DQG
WKHQ GHFU\SW LW XVLQJ WKH SULYDWH NH\ EHIRUH GHFU\SWLQJ WKH ᨫOH LWVHOI
2QFH ZH JHQHUDWH WKH NH\ DQG HQFU\SW WKH ᨫOH LQ TXHVWLRQ ZH XVH QT2MbbH
`bmiH WR FUHDWH HQFU\SWHG YHUVLRQ RI WKH b2+`2iXF2v

0 QT2MbbH `M/ @Qmi b2+`2iXF2v jk


0 QT2MbbH 2b@k8e@+#+ @T#F/7k @BM b2+`2i7BH2 @Qmi b2+`2i7BH2X2M+
@Tbb 7BH2,b2+`2iXF2v
0 QT2MbbH `bmiH @2M+`vTi @Q2T @Tm#BM
@BMF2v IUbb?@F2v;2M @2 @7 fXbb?fB/n`bX/B;Q+2XTm# @K SE*a3V
@BM b2+`2iXF2v @Qmi b2+`2iXF2vX2M+


@BMF2v GHᨫQHV WKH SXEOLF 56$ NH\ XVHG IRU HQFU\SWLRQ :H DUH XVLQJ DQ
bb?@F2v;2M VXEFRPPDQG WR UHDG @2 RXU H[LVWLQJ NH\ LQ WKH 3.&6 IRUPDW
@K  7KLV LV WKH IRUPDW H[SHFWHG ZLWK WKH @BMF2v
7KDW VKRXOG OHDYH XV ZLWK WZR HQFU\SWHG ᨫOHV b2+`2i7BH2X2M+ DQG
b2+`2iXF2vX2M+
:H FDQ UHYHUVH WKLV SURFHVV WR GHFU\SW WKH ᨫOH :H GHFU\SW WKH VHFUHW NH\ ᨫUVW
XVLQJ 56$ DQG QT2MbbH `bmiH @/2+`vTi

0 QT2MbbH `bmiH @/2+`vTi @Q2T @BMF2v fXbb?fB/n`bX/B;Q+2


@BM b2+`2iXF2vX2M+ @Qmi b2+`2iXF2vk

$QG WKHQ WKH VHFUHW ᨫOH XVLQJ $(6

0 QT2MbbH 2b@k8e@+#+ @/ @T#F/7k @BM b2+`2i7BH2X2M+


@Qmi b2+`2i7BH2 @Tbb 7BH2,b2+`2iXF2v

<RX FDQ DOVR KDYH D ORRN RQ EDFNXS SURJUDPV WKDW WU\ WR PDNH
WKH H[SHULHQFH D OLWWOH EHWWHU 5HVWLF DQG %XSVWDVK DUH JRRG RS
WLRQV


 6XPPDU\
˾ ,I ZH DUH WR EDFNXS GDWD RXUVHOYHV EH LW D 64/ GXPS RI D GDWDEDVH RU D
WUHH RI XVHUXSORDGHG ᨫOHV ZH VKRXOG WKLQN DERXW WKH FROOHFWLRQ WR PDNH
LW D VLQJOH ᨫOH FRPSUHVVLRQ WR VDYH VSDFH DQG HQFU\SWLRQ WR SURWHFW WKH
GDWD

˾ i` LV D JRRG RSWLRQ WKDW FDQ FROOHFW DQG FRPSUHVV RXW ᨫOHV :H
IUHTXHQWO\ XVH @+x RSWLRQV WR FUHDWH DQG J]LS ᨫOHV DW RQFH DQG VKRXOG
QRW IRUJHW DERXW SUHVHUYLQJ SHUPLVVLRQV $&/ DQG 6(/LQX[ ZLWK
@@bK2@T2`KBbbBQMb
˾ :H UHYHUVH WKH SURFHVV IRU H[WUDFWLQJ WKH ᨫOHV ZKHQ UHVWRULQJ WKH
EDFNXS :H QHHG WR XVH @@bK2@QrM2` @@+Hb DQG @@b2HBMmt
RSWLRQV QRW WR PHVV XS RULJLQDO SHUPLVVLRQV ZLWK i` @t

˾ 7R HQFU\SW DQG GHFU\SW WKH DUFKLYHV ZH FDQ XVH DQ DV\PPHWULF $(6


NH\ $OWHUQDWLYHO\ ZH FDQ DOVR WDNH DGYDQWDJH RI RXU 66+ NH\V LQVWHDG
RI UHPHPEHULQJ D QHZ VHFUHW


&KDSWHU 

6HFUHWV 0DQDJHPHQW

/RJLQV SDVVZRUGV WRNHQV SULYDWH 85/V :H XVXDOO\ QHHG D IHZ RI WKRVH


WR FRQQHFW WR WKH GDWDEDVH FRQQHFW WR D UG SDUW\ VHUYLFH WKDW KDQGOHV WKH
LQFRPLQJ HPDLOV DQ DSSOLFDWLRQ PRQLWRULQJ VHUYLFH UXQQLQJ RQ D GLᨪHUHQW
VHUYHU RU UHOLDEOH FORXG VWRUDJH 6LQFH ZH QHHG WR NHHS VHFUHWV SULYDWH ZH
XVXDOO\ GRQ˵W LQFOXGH WKHP LQVLGH WKH DSSOLFDWLRQ VRXUFH FRGH DQG VR WKH\ GRQ˵W
JHW GHSOR\HG ZKHQ RXU DSSOLFDWLRQ GRHV +DQGOLQJ WKLV UXQWLPH FRQᨫJXUDWLRQ
SULYDWH RU QRW EHFRPHV DQRWKHU SLHFH WR WKH SX]]OH


 .HHSLQJ 6HFUHWV
6HFUHWV VXFK DV SDVVZRUGV FHUWLᨫFDWHV RU ORJLQ WRNHQV VKRXOG QHYHU EH GLUHFWO\
SDUW RI WKH DSSOLFDWLRQ VRXUFH FRGH LQ SODLQ WH[W /HDYLQJ WKHP WKHUH H[SRVHV
WKHP WR HYHU\ERG\ ZKR ZRUNV ZLWK RU JHWV WKHLU KDQG RQ WKH DSSOLFDWLRQ
VRXUFH FRGH LQ WKH IXWXUH ,QVWHDG RI KDUGFRGLQJ WKH VHFUHWV LQ DSSOLFDWLRQ
FRQᨫJXUDWLRQ ᨫOHV DSSOLFDWLRQV FDQ UHDG VKHOO HQYLURQPHQW YDULDEOHV 7KDW
ZD\ VHFUHWV FDQ EH PDQDJHG VHSDUDWHO\ IURP WKH FRGH ZLWK WKH DGGHG EHQHᨫW
RI FOHDQHU VHSDUDWLRQ RI GHYHORSPHQW VWDJLQJ DQG SURGXFWLRQ HQYLURQPHQWV
6XSSRVH ZH ZDQW WR NHHS WKH FRQᨫJXUDWLRQ FORVHU WR WKH FRGH IRU WKH FRQYH
QLHQFH RI GHSOR\LQJ WKH DSSOLFDWLRQ FRGH WRJHWKHU ZLWK LWV FRQᨫJXUDWLRQ ;Bi
Tmb?  ,Q WKDW FDVH ZH FDQ UHO\ RQ HQFU\SWHG VHFUHWV WKDW DUH FKHFNHG LQ
WR WKH VRXUFH FRQWURO $Q H[DPSOH RI WKLV LV WKH 5DLOV (QFU\SWHG &UHGHQ
WLDOV ZKLFK GHFU\SW WKH FRQᨫJXUDWLRQ SURYLGHG E\ D GHFU\SWLRQ NH\ RU WKH
_AGanJah1_nE1u HQYLURQPHQW YDULDEOH 6LPLODUO\ WKH 6\PIRQ\ IUDPH
ZRUN ORDGV WKH FRQᨫJXUDWLRQ ZLWK D JHQHUDWHG SURGXFWLRQ GHFU\SWLRQ NH\
/RDGLQJ HQYLURQPHQW YDULDEOHV LV JRRG HQRXJK IRU PRVW EXW UHPHPEHU WKDW D
PDOLFLRXV UGSDUW\ OLEUDU\ \RX GHSHQG RQ ZLOO KDYH DFFHVV WR WKH HQYLURQPHQW
ᨫOH RU WKH GHFU\SWLRQ NH\ 7R WKDW HQG VRPH PLJKW GHFLGH QRW WR OHDYH DQ\
VHFUHWV RQ WKH VHUYHU (LWKHU ZD\ LW˵V LPSRUWDQW WR UHDOL]H KRZ FULWLFDO LW LV WR
YHW DQG WUXVW \RXU GHSHQGHQFLHV

(YHQ LI \RXU DSSOLFDWLRQ SURFHVV KDV DFFHVV WR WKH HQYLURQPHQW


ᨮOH LW˴V LPSRUWDQW WKDW RWKHU SURFHVVHV VXFK DV 1*,1; GRQ˴W
<HW DQRWKHU JRRG UHDVRQ WR XVH XVHUV SHUPLVVLRQV DQG 6(/LQX[
WR GLYLGH WKH UHVSRQVLELOLWLHV RQ WKH V\VWHP

<RX FRXOG HPSOR\ URWDWLQJ H[SLULQJ NH\V DFFHVVLQJ D VHFUHW PDQDJHU ZKHUH
\RX SURYLGH WKH DSSOLFDWLRQ D VRRQWRH[SLUH NH\ IRU WKH LQLWLDO FRQQHFWLRQ
$ QHZ NH\ ZRXOG EH SURYLGHG E\ WKH VHUYLFH LQ VRPH WLPHIUDPH EHIRUH WKH
H[SLUDWLRQ RI WKH ROG RQH
7R FRPSOHWHO\ DYRLG \RXU DSSOLFDWLRQ KDYLQJ DQ\ UHDO VHFUHWV LQ PHPRU\ \RX
FRXOG XVH DQ $3, JDWHZD\ WKDW DXWKHQWLFDWHV WKH VHUYLFH $3, FDOO WR RWKHU
SUR[LHG VHUYLFHV EDVHG RQ LQWHUVHUYLFHV SHUPLVVLRQV ,I \RX KRVW PDQ\ VHUYLFHV
LQ WKH FORXG *RRJOH 6HFUHW 0DQDJHU $:6 6HFUHWV 0DQDJHU DQG $]XUH .H\
9DXOW DUH ZRUWK ORRNLQJ LQWR ,I \RX QHHG VRPHWKLQJ ZLWKRXW YHQGRU ORFNLQ
WR UXQ \RXUVHOI +DVKL&RUS 9DXOW PLJKW EH DQ RSWLRQ


 (QYLURQPHQW 9DULDEOHV
:H DOUHDG\ WDONHG DERXW VHWWLQJ D XVHU HQYLURQPHQW XVLQJ WKH SURᨫOH ᨫOHV VXFK
DV fX#b?nT`Q7BH2 ,I ZH SXW RXU HQYLURQPHQW YDULDEOHV GLUHFWO\ WKHUH RU
PRGLI\ WKH ᨫOH WR UHDG WKH HQYLURQPHQW YDULDEOHV IURP DQRWKHU SODFH ZH DUH
SUHWW\ PXFK GRQH
7KH SUREOHP LV WKDW E\ SXWWLQJ WKH DSSOLFDWLRQ VHFUHWV LQ SURᨫOH ᨫOHV ZH H[
SRVH WKHP WR DOO SURFHVVHV WKDW WKLV XVHU ZLOO VWDUW 6LQFH ZH DUH UXQQLQJ WKH
DSSOLFDWLRQ VHUYHUV DV V\VWHPG VHUYLFHV ZH VKRXOG SURYLGH WKH HQYLURQPHQW
WKHUH :H FDQ XVH 1MpB`QMK2Mi6BH2 WR SURYLGH D ᨫOH RU 1MpB`QMK2Mi
WR GLUHFWO\ SURYLGHV VLQJOH YDOXHV GLUHFWLYHV

XXX
(a2`pB+2)
lb2`4`m#vnTT
1MpB`QMK2Mi6BH24fTi?fiQf2Mpf`BHbX2Mp
1t2+ai`i4fmb`f#BMf#b? @H+ ^#mM/H2 2t2+ TmK @* +QM7B;fTmKX`#^
XXX

'HSHQGLQJ RQ #b? @H+ ZLOO VWDUW WKH SURYLGHG FRPPDQG LQ D QHZ ORJLQ VKHOO
DQG WKHUHIRUH ZLWK DQ\WKLQJ IURP WKH SURᨫOH ᨫOH VHW $OWKRXJK , MXVW VDLG ZH
VKRXOG DYRLG SURᨫOH ᨫOHV IRU WKH DSSOLFDWLRQ VHFUHWV ZH FDQ XVH WKLV WHFKQLTXH
WR DFFHVV WKH XVHU HQYLURQPHQW IRU RWKHU UHDVRQV ˱ OLNH PDNLQJ FKUXE\ RU
S\HQY PDQDJHUV ZRUN RXWRIWKHER[

$ FRGH DQG HQYLURQPHQW VHSDUDWLRQ LV DOVR SDUW RI WKH 7ZHOYH


)DFWRU $SS PHWKRGRORJ\ :KLOH LQLWLDOO\ PDGH IRU GHVLJQLQJ DS
SOLFDWLRQV WR UXQ ZHOO RQ WKH +HURNX SODWIRUP WKH PHWKRGRORJ\
PDNHV VRPH JRRG SRLQWV LQ JHQHUDO )LQG PRUH DW ᨤᨥIDFWRUQHW

7KH ᨫOH `BHbX2Mp PLJKW ORRN OLNH WKH IROORZLQJ

O aKTH2 2Mp 7BH2 7Q`  _m#v TTHB+iBQM


_AGan1Lo4T`Q/m+iBQM
6P_*1naaG4i`m2
_AGanJah1_nE1u4#8j83/k8NRNdd#e9#N77djeeyeey
XXX


2QFH VHW WKH DSSOLFDWLRQ VHUYLFH ZLOO DOZD\V ORDG WKLV HQYLURQPHQW ZKHQ VWDUW
LQJ XS ,I ZH ZDQW WR FKDQJH WKLV HQYLURQPHQW GXULQJ UXQWLPH ZH HLWKHU UH
SODFH WKLV ᨫOH RU UHSODFH RQH YDOXH ZLWK b2/ DQG UHVWDUW WKH VHUYLFH :H FRXOG
DOVR WHPSRUDULO\ DSSHQG D QHZ YDOXH

0 2+?Q ]_AGan1Lo4T`Q7BH2] == fTi?fiQf2Mpf7BH2X2Mp


0 bm/Q bvbi2K+iH `2HQ/ `m#vnTT

7KH RQO\ UHVSRQVLELOLW\ RI WKH DSSOLFDWLRQ LV WKHQ WR UHDG WKHVH HQYLURQPHQW


YDULDEOHV DQG JLYH WKHP SUHIHUHQFH

 5DLOV (QFU\SWHG &UHGHQWLDOV


5DLOV  DGGHG D +QM7B;f+`2/2MiBHbXvKHX2M+ ᨫOH WR VWRUH SUR
GXFWLRQ DSS VHFUHWV ,W DOORZV VDYLQJ DQ\ DXWKHQWLFDWLRQ FUHGHQWLDOV IRU
WKLUGSDUW\ VHUYLFHV GLUHFWO\ LQ WKH UHSRVLWRU\ HQFU\SWHG ZLWK D NH\ LQ WKH
+QM7B;fKbi2`XF2v ᨫOH RU WKH _AGanJah1_nE1u HQYLURQPHQW YDULDEOH
7R VHW WKH FUHGHQWLDOV ZH UXQ 5DLOV ZLWK WKH IROORZLQJ FRPPDQG

0 1.AhP_4]bm#H @@rBi] #BMf`BHb +`2/2MiBHb,2/Bi

,Q WKLV FDVH WKH FRPPDQG DERYH ZLOO RSHQ FUHGHQWLDOV\POHQF LQ 6XEOLPH IRU
PH WR HGLW ,W˵V KDQG\ WR SURYLGH \RXU IDYRULWH HGLWRU IRU FRPIRUWDEOH HGLWLQJ
5DLOV ZLOO ZULWH WKH UHVXOW WR D +QM7B;f+`2/2MiBHbXvKHX2M+ ᨫOH 7KLV ᨫOH
LV VDIH WR DGG WR D VRXUFH FRQWURO VXFK DV JLW LW˵V LQ IDFW LWV SXUSRVH  %XW
QHYHU FRPPLW +QM7B;fKbi2`XF2v RU WKH YDOXH RI AGanJah1_nE1u 7R
PDNH VXUH DGG WKLV SDWK WR X;BiB;MQ`2 7KH ᨫOH LWVHOI LV D UHJXODU <$0/
ᨫOH


O XXXX
rbnbj,
++2bbnF2v, ttttttttttttttt

TQbi;`2b,
TbbrQ`/,
/2p2HQTK2Mi, uxtkj9j89
bi;BM;, ]7QQ"`W!j]
O XXXX

_BHbXTTHB+iBQMX+`2/2MiBHbX72i+? OHW XV DFFHVV WKHVH YDOXHV

_BHbXTTHB+iBQMX+`2/2MiBHb
X72i+?U,rbnbjV & `Bb2 ^`2 vQm bm`2 vQm ?p2 Kbi2` F2v \^ '
X72i+?U,++2bbnF2vV & ^bQK2.27mHioHm2^ '

+HUH˵V DQ H[DPSOH RI +QM7B;f/i#b2XvKH XVLQJ 5DLOV HQFU\SWHG FUHGHQ


WLDOV

/2p2HQTK2Mi,
/Ti2`, TQbi;`2b[H
2M+Q/BM;, mMB+Q/2
TQQH, IW4 1LoX72i+?U]_AGanJsnh>_1.a]V & 8 ' W=
mb2`MK2, TQbi;`2b
TbbrQ`/, IW4 1Lo(^_AGanS:nSaa^) %%
_BHbXTTHB+iBQMX+`2/2MiBHbX/B;U,/2p2HQTK2Mi- ,/#- ,TbbrV
?Qbi, IW4 1Lo(^_AGanS:n>Pah^) %% ^HQ+H?Qbi^ W=
TQ`i, 89jk


 6XPPDU\
:H TXLFNO\ ZHQW WKURXJK WKH PDQDJHPHQW RI HQYLURQPHQW VHFUHWV

˾ $ XVXDO ZD\ WR SURYLGH WKH DSSOLFDWLRQ VHW RI VHFUHWV LV E\ XVLQJ HQYLURQ


PHQW YDULDEOHV :H VKRXOG EH SURYLGLQJ WKHP RQO\ IRU WKH DSSOLFDWLRQ
SURFHVV $ ZHE VHUYHU DQG DSSOLFDWLRQ XVHUV VKRXOGQ˵W VKDUH WKH VDPH
XVHU VR WKH YXOQHUDELOLW\ LQ 1*,1; GRHV QRW H[SRVH DQ\ RI WKH DSSOL
FDWLRQ VHFUHWV

˾ :H FDQ XVH 1MpB`QMK2Mi6BH2 DQG 1MpB`QMK2Mi GLUHFWLYHV ZKHQ


ZULWLQJ V\VWHPG VHUYLFHV WR ORDG WKH ULJKW ᨫOH &KDQJLQJ D FRQᨫJXUD
WLRQ WKHQ PHDQV UHSODFLQJ RU HGLWLQJ WKH ᨫOH DQG UHVWDUWLQJ WKH VHUYLFH
DW KDQG

˾ 6HFUHWV VKRXOG QRW EH SXW LQWR WKH YHUVLRQ FRQWURO V\VWHP LQ SODLQ WH[W
5DLOV (QFU\SWHG &UHGHQWLDOV LV DQ H[DPSOH RI XVLQJ HQFU\SWHG VHFUHWV LQ
SURGXFWLRQ DQG NHHSLQJ WKHP WRJHWKHU ZLWK WKH FRGH $ GHFU\SWLRQ NH\
RU VHFUHW VWLOO QHHGV WR EH PDQDJHG VHSDUDWHO\


&KDSWHU 

$SSOLFDWLRQ 'HSOR\PHQW

:H ZHQW RQ D ORQJ MRXUQH\ RI XQGHUVWDQGLQJ DOO WKH GLᨪHUHQW SLHFHV RI JHWWLQJ


RXU ZHE DSSOLFDWLRQV XS DQG UXQQLQJ :H QRZ NQRZ KRZ WR SURYLVLRQ RXU
YLUWXDO VHUYHUV˵ LQLWLDO VWDWH DQG KRZ WR FRQᨫJXUH YDULRXV FRPSRQHQWV IURP
ZHEVHUYHUV WR ᨫUHZDOOV %XW ZH DUH PLVVLQJ D GHSOR\PHQW VWUDWHJ\ IRU WKH
DSSOLFDWLRQ FRGH LWVHOI
7KHUH DUH PDQ\ ZD\V RI GHSOR\LQJ WKH DSSOLFDWLRQ FRGH 7KH VWUDWHJ\ PLJKW
GHSHQG RQ WKH DSSOLFDWLRQ VWDFN RU RQ KRZ PDQ\ VHUYHUV ZH DUH JRLQJ WR
UXQ :H˵OO WDON DERXW PRYLQJ ZHE DSSOLFDWLRQ FRGH WR VHUYHUV DQG LQWURGXFH
D JLW YHUVLRQ FRQWURO V\VWHP DV D GHSOR\PHQW WRRO :H˵OO DOVR ORRN DW W\SLFDO
GHSOR\PHQW WDVNV EH LW WKH SUHFRPSLODWLRQ RI DVVHWV RU PLJUDWLRQ RI GDWDEDVH
VFKHPDV


 'HSOR\PHQW 6WUDWHJLHV
:KHQ ZH WKLQN DERXW JHWWLQJ WKH DSSOLFDWLRQ FRGH WR VHUYHUV RQH WKLQJ WR
GHFLGH LV ZKHWKHU ZH ZDQW WR SXVK WKH QHZ FRGH WR WKH VHUYHU RU LI WKH VHUYHU
VKRXOG SXOO LW IURP D VRXUFH FRQWURO UHSRVLWRU\
7RROV OLNH &DSLVWUDQR RU $QVLEOH SUHIHU WKH SXVK PRGHO ZKHUH HYHU\ DXWRPD
WLRQ WDVN LV GRQH XVLQJ SODLQ 66+ FRQQHFWLRQ DQG VKHOO 7KDW˵V DOPRVW ZKDW
ZH ZRXOG GR ZLWKRXW DQ\ VHUYHUDXWRPDWLRQ WRRO DW DOO 3XVKLQJ DQG SXOOLQJ
FRGH RIWHQ JRHV KDQGWRKDQG ZLWK WKH ZD\ WKH DSSOLFDWLRQ LV DVVHPEOHG $
SRSXODU WUHQG WKDW VWDUWHG ZLWK VHUYLFHV OLNH +HURNX DQG 2SHQ6KLIW LV WR EXLOG
WKH DSSOLFDWLRQ RQ WKH VHUYHU :KHQ ZH EXLOG WKH DSSOLFDWLRQ RQ WKH VHUYHU HL
WKHU E\ LQVWDOOLQJ GHSHQGHQFLHV FUHDWLQJ DUFKLYHV OLNH -$5 RU HYHQ E\ EXLOGLQJ
FRQWDLQHUV ZH FDQ GHSOR\ LW ZLWKRXW DQ\ VSHFLDO UHTXLUHPHQWV IRU WKH FOLHQW
7KDW ZD\ \RX ZRQ˵W QHHG WKH FRUUHFW SURFHVVRU DUFKLWHFWXUH WKH ULJKW YHUVLRQ
RI 3\WKRQ RU HQRXJK GLVN VSDFH IRU D 'RFNHU EXLOG RQ \RXU V\VWHP 'HSOR\
PHQW LV PDGH HDV\ DW WKH H[SHQVH RI D PRUH EHHI\ &RQWLQXHV ,QWHJUDWLRQ &,
RU SURGXFWLRQ VHUYHU WKDW QRZ KDV WR KDQGOH WKHVH WDVNV EHIRUH UXQQLQJ DQ\
WKLQJ FRPSLODWLRQ VRPHWLPHV UHTXLUHV PRUH 5$0 WKDQ WKH DSSOLFDWLRQ QHHG
DW UXQWLPH 
6XSSRVH ZH DUH DERXW WR GHSOR\ D UHJXODU 5XE\ RU 3\WKRQ DSSOLFDWLRQ ,Q
WKDW FDVH ZH KDYH WR FRPSLOH WKH GHSHQGHQFLHV RQ VHUYHUV XQOHVV ZH SDFNDJHG
WKH DSSOLFDWLRQ DV D VLQJOH H[HFXWDEOH 530V 'RFNHU FRQWDLQHU RU D -5XE\
-$5 :H FDQ SLFN SXVK RU SXOO VWUDWHJ\ HLWKHU ZD\ $OWKRXJK PRVW SHRSOH
SXOO FRQWDLQHUV IURP D FHQWUDO UHSRVLWRU\ OLNH 'RFNHU +XE FRQWDLQHUV FDQ EH
SXVKHG IURP D ZRUNVWDWLRQ GLUHFWO\ DV ZHOO

'HSOR\PHQW LV RIWHQ GRQH XVLQJ D VSHFLᨮF /LQX[ XVHU ZLWK OLP


LWHG DFFHVV ULJKWV ,I ZH DOUHDG\ KDYH DQ DSSOLFDWLRQ XVHU ZH
FDQ UHXVH LW IRU WKLV SXUSRVH

6R OHW˵V VD\ ZH KDYH D VLQJOH VHUYHU DQG ZH QHHG WR GHSOR\ QHZ FRGH $V ORQJ
DV WKH 66+ FRQQHFWLRQ DQG RWKHU ELWV DUH FRQᨫJXUHG ZH FRXOG VLPSO\ FRS\
WKH ᨫOHV RYHU DV ZH DOUHDG\ VDZ LQ WKH 6HFXUH &RQQHFWLRQV FKDSWHU

0 b+T TTf 0la1_!0a1_o1_,fb`pfTT


2Q WKH VHUYHUVLGH ZH PLJKW QHHG WR UHORDG RU UHVWDUW WKH ZHE VHUYHU RU WKH
DSSOLFDWLRQ VHUYHU EHIRUH WKH FKDQJHV FRXOG EH VHHQ

0 bb? 0la1_!0a1_o1_ ^bvbi2K+iH `2bi`i TTnMK2Xb2`pB+2^

:KHQ JRLQJ IURP D VLQJOH VHUYHU WR PXOWLSOH ZH ZRXOG KDYH WR UHSHDW WKLV
DFWLRQ IRU HDFK VHUYHU LQ RXU SRRO :H ZRXOG DOVR ZDQW WR VWRS GHSOR\LQJ WKH
FKDQJH LQ FDVH WKH ᨫUVW VHUYHU FDQQRW VXFFHVVIXOO\ UHVWDUW :H FRXOG KDYH D
PRUH WKRURXJK FKHFN WRR EHIRUH GHSOR\LQJ WR WKH ZKROH ᨭHHW
6SHFLDOL]HG GHSOR\PHQW WRROV FDQ RSWLPL]H WKLV VWHS DV ZHOO E\ GHSOR\LQJ WR
DOO VHUYHUV FRQFXUUHQWO\ 7KH\ ZRXOG PRVW OLNHO\ GR WKDW ZLWK 26 WKUHDGV EXW
\RX FDQ DOVR LPDJLQH LW DV SLSLQJ VHUYHU KRVWQDPHV WR t`;b ZKLFK FRXOG UXQ
D VLPLODU VFULSW SHU VHUYHU
7KLV NLQG RI SXVK GHSOR\PHQW RIWHQ QHHGV VRPH SUHSDUDWLRQ RQ WKH ZRUNVWD
WLRQ RU D &, VHUYHU OLNH FKHFNLQJ RXW WKH UHOHDVH EUDQFK LQ JLW EHIRUH UXQQLQJ
;Bi Tmb? RU WKH b+T FRPPDQG ˱ EXW QRWKLQJ H[WUDRUGLQDU\ 2Q WKH RWKHU
KDQG LQ WKH SXOOVW\OH GHSOR\PHQW WKH UHVSRQVLELOLW\ RI DQ XSGDWH LV RQ WKH
VHUYHUV WKHPVHOYHV
$V , PHQWLRQHG LQ WKH %LUG˴V (\H FKDSWHU DJHQWV XVXDOO\ H[HFXWH WDVNV WKDW
TXHU\ WKH PDVWHU VHUYHU ZKLFK KROGV WKH ᨫQDO FRQᨫJXUDWLRQ 7R LPDJLQH D
VLPSOLᨫHG YHUVLRQ RI WKLV ZH FRXOG VHW XS D /2THQvXb? VFULSW RQ HDFK KRVW
DV D UHFXUULQJ &URQ WDVN WKDW ZRXOG FKHFN WKH ODWHVW UHOHDVH DUWLIDFW RU VRXUFH
FRQWURO WDJ DQG DWWHPSW DQ XSGDWH RQ LWV RZQ
$QG RI FRXUVH WKHUH LV D ELW PRUH WR DSSOLFDWLRQ GHSOR\PHQW WKDQ MXVW PRYLQJ
FRGH $SDUW IURP VHUYHU UHVWDUWV ZH KDYH WR ORRN DW RWKHU UHODWHG GHSOR\PHQW
WDVNV

 7\SLFDO &RQFHUQV


'HSOR\LQJ QHZ YHUVLRQV RI DSSOLFDWLRQ FRGH UDUHO\ KDSSHQV LQ LVRODWLRQ 1HZ
FRGH EULQJV QHZ GHSHQGHQFLHV QHZ GDWDEDVH FKDQJHV DQG QHZ DVVHWV <RXU
DSSOLFDWLRQ PLJKW QHHG WR DGGUHVV RQO\ VRPH RI WKHVH FRQFHUQV RU KDYH RWKHU
FRQFHUQV HQWLUHO\ :H˵OO DGGUHVV KHUH WKH IROORZLQJ

˾ /RDGLQJ WKH HQYLURQPHQW +RZ WR HQVXUH WKDW WKH GHSOR\PHQW SUR


FHVV RQ WKH VHUYHU KDV DFFHVV WR WKH DSSOLFDWLRQ HQYLURQPHQW YDULDEOHV"


7KDW PLJKW KHOS XV LQVWDOO WKH ULJKW YHUVLRQ RI WKH UXQWLPH DQG SDVV
DX[LOLDU\ GHSOR\PHQW VHWWLQJV OLNH UXQQLQJ GRZQWLPH PLJUDWLRQV
˾ ,QVWDOOLQJ GHSHQGHQFLHV ,I ZH DUH VKLSSLQJ QHZ FRGH DV VRXUFH FRGH
UDWKHU WKDQ D SUHDVVHPEOHG DUWLIDFW ZH QHHG WR LQVWDOO QHZ DSSOLFDWLRQ
GHSHQGHQFLHV
˾ 5XQQLQJ PLJUDWLRQV +RZ WR GHDO ZLWK GDWDEDVH PLJUDWLRQV" 5HVWDUW
LQJ VHUYLFHV +RZ WR UHORDG RU UHVWDUW WKH ULJKW VHUYLFHV WR SLFN XS QHZ
FKDQJHV"

 /RDGLQJ WKH (QYLURQPHQW

%HIRUH ZH VWDUW ZLWK W\SLFDO GHSOR\PHQW WDVNV ZH PLJKW QHHG WR KDYH DF
FHVV WR WKH DSSOLFDWLRQ FRQᨫJXUDWLRQ 7KLV ZLOO GHSHQG RQ WKH DSSOLFDWLRQ
EXW OHW˵V VD\ WKDW D 3\WKRQ YHUVLRQ LV VSHFLᨫHG DV DQ HQYLURQPHQW YDULDEOH
Suh>PLno1_aAPL DQG QHHGHG ODWHU LQ WKH SURFHVV ,Q VXFK FDVHV ZH QHHG WR
ORDG WKH DSSOLFDWLRQ HQYLURQPHQW IURP WKH X2Mp ᨫOH

0 +i TTfX2Mp
Suh>PLno1_aAPL4jXe
XXX

7KH %DVK HH2tTQ`i RSWLRQ PDNHV DOO HQYLURQPHQW YDULDEOHV IURP D VRXUFHG
ᨫOH DXWRPDWLFDOO\ H[SRUWHG DV LI WKHUH DUH SUHSHQGHG ZLWK 2tTQ`i  ZKLFK LV
ZKDW ZH QHHG

b2i @Q HH2tTQ`i
bQm`+2 TTfX2Mp
b2i YQ HH2tTQ`i

$IWHU WKH H[SRUW LV GRQH ZH GLVDEOH WKH IHDWXUH DJDLQ WR QRW LQWURGXFH XQH[
SHFWHG EHKDYLRU

 ,QVWDOOLQJ 'HSHQGHQFLHV

$ ᨫUVW GHSOR\PHQW RU D QHZ XSGDWH ZLOO UHTXLUH FROOHFWLQJ DQG LQVWDOO DOO XQPHW
GHSHQGHQFLHV 6\VWHP GHSHQGHQFLHV VKRXOG EH DOUHDG\ LQVWDOOHG DV SDUW RI


FRQᨫJXUDWLRQ PDQDJHPHQW EXW GRHV WKDW LQFOXGH WKH DSSOLFDWLRQ LQWHUSUHWHU
DV ZHOO" ,W FRXOG DQG ZRXOG FHUWDLQO\ PDNH WKH GHSOR\PHQW IDVWHU +RZHYHU
ZH PLJKW ZDQW WR EH DEOH WR SXVK D QHZ DSSOLFDWLRQ XSGDWH LQFOXGLQJ WKH
FKDQJH LQ WKH LQWHUSUHWHU YHUVLRQ
,Q WKH FDVH RI 5XE\ ZH FRXOG DNV FKUXE\ WR LQVWDOO WKH QHZ 5XE\ YHUVLRQ EDVHG
RQ D X`m#v@p2`bBQM ᨫOH ZH FRXOG KDYH LW DQ HQYLURQPHQW YDULDEOH WRR 

BMbiHHnM2rn`m#v UV &
bm/Q fmb`fHQ+Hf#BMf`m#v@BMbiHH 0_l"uno1_aAPL
bQm`+2 fmb`fHQ+Hfb?`2f+?`m#vf+?`m#vXb?
+?`m#v 0o1_aAPL
'

bQm`+2 fmb`fHQ+Hfb?`2f+?`m#vf+?`m#vXb?
_l"uno1_aAPL40U+i fTTfX`m#v@p2`bBQMV
+?`m#v 0_l"uno1_aAPL %% BMbiHHnM2rn`m#v

,I FKRRVLQJ WKH FXUUHQW 5XE\ IDLOV ZH UXQ `m#v@BMbiHH WR LQVWDOO LW DQG
UHUXQ +?`m#v
2QFH ZH KDYH WKH ULJKW LQWHUSUHWHU ZH LQVWDOO WKH UHTXLUHG OLEUDULHV 7KLV
ZRXOG PHDQ WR XVH %XQGOHU WR UXQ #mM/H2 RU #mM/H2 BMbiHH WDVN

#mM/H2 BMbiHH

,I ZH GRQ˵W KDYH %XQGOHU \HW LW˵V QRW VKLSSHG ZLWK D 5XE\ LQVWDOODWLRQ  ZH
VKRXOG SUHSHQG WKH #mM/H2 FDOO ZLWK WKH IROORZLQJ FKHFN

;2K HBbi @B #mM/H2`

B7 ( 0\ @2[ y )c i?2M
;2K mT/i2 #mM/H2`
2Hb2
;2K BMbiHH #mM/H2`
7B

#mM/H2 BMbiHH


$IWHU PDNLQJ VXUH %XQGOHU LV DYDLODEOH DQG XSWRGDWH ZH OHW LW LQVWDOO DQ\
GHSHQGHQFLHV +DYLQJ %XQGOHU LQVWDOOHG ZLOO DOVR DOORZ XV WR SUHSHQG DQ\
RWKHU `BHb FRPPDQG ZLWK #mM/H2 2t2+ WR LVRODWH WKH ULJKW GHSHQGHQFLHV
,Q WKH 3\WKRQ ODQG ZH FDQ GR VRPHWKLQJ VLPLODU 'HSHQGHQLQJ RQ WKH ZD\
ZH LQVWDOOHG S\HQY ZH FDQ ORDG LW

2tTQ`i Sh>4]f?QK2fTTnMK2fXTv2Mpf#BM,0Sh>]
2pH ]0UTv2Mp BMBi @V]
2pH ]0UTv2Mp pB`imH2Mp@BMBi @V]

7KHQ DVN LW WR XVH WKH FXUUHQW SURMHFW YHUVLRQ KHUH E\ WKH SURYLGHG HQYLURQ
PHQW YDULDEOH

BMbiHHnM2rnTvi?QM UV &
Tv2Mp mT/i2
Tv2Mp BMbiHH 0Suh>PLno1_aAPL
Tv2Mp HQ+H 0Suh>PLno1_aAPL
Tvi?QM @K p2Mp TT@2Mp
'

Tv2Mp HQ+H 0Suh>PLno1_aAPL %% BMbiHHnM2rnTvi?QM

1RWLFH WKDW ZH KDYH WR UHFUHDWH WKH YLUWXDO HQYLURQPHQW IRU WKH QHZ YHUVLRQ
RI 3\WKRQ $V IRU LQVWDOOLQJ WKH PLVVLQJ OLEUDULHV RQFH ZH DFWLYDWHG D YLUWXDO
HQYLURQPHQW ZH FDOO WR TBT

bQm`+2 TT@2Mpf#BMf+iBpi2
TBT BMbiHH @` `2[mB`2K2MiXiti

,W˵V LPSRUWDQW WR UHDOL]H WKDW D QHZ JHP RU 3\WKRQ˵V SDFNDJH PLJKW UHTXLUH D
SDUWLFXODU & KHDGHU ᨫOH 6LQFH WKLV FDQQRW EH HDVLO\ DXWRPDWHG LW˵V D JRRG LGHD
WR LQVWDOO DOO H[SHFWHG V\VWHP GHSHQGHQFLHV EHIRUHKDQG DQG KDYH D VHSDUDWH
WDVN UHDG\ WR LQVWDOO DQ\ QHZ RQHV


 5XQQLQJ 0LJUDWLRQV

'DWDEDVH PLJUDWLRQV DUH DQ HVVHQWLDO SDUW RI ZHE DSSOLFDWLRQ GHSOR\PHQW


6RPH GDWDEDVH PLJUDWLRQV FDQ EH UXQ ZLWKRXW DQ\ DSSOLFDWLRQ GRZQWLPH GH
SHQGLQJ RQ WKH FKDQJH LQ TXHVWLRQ DQG WKH SDUWLFXODU GDWDEDVH 7KH UHVW VKRXOG
EH GRQH LQ D PDLQWHQDQFH ZLQGRZ ZKHUH WKH DSSOLFDWLRQ LV QRW FRQQHFWLQJ WR
WKH GDWDEDVH ,I \RX QHHG WR FUHDWH D PDLQWHQDQFH ZLQGRZ \RX QHHG WR HDVLO\
VZLWFK \RXU VHUYHUV RU DSSOLFDWLRQ WR VHUYH +773  PDLQWHQDQFH SDJH
$IWHU D VXFFHVVIXO PLJUDWLRQ WKLV FDQ EH VZLWFKHG EDFN
:HE DSSOLFDWLRQ IUDPHZRUNV OLNH 5XE\ RQ 5DLOV DQG 'MDQJR RᨪHU VWDQGDUGL]HG
GDWDEDVH PLJUDWLRQ WDVNV ,Q 5DLOV ZH UXQ `BHb /#,KB;`i2

#mM/H2 2t2+ `BHb /#,KB;`i2

$QG IRU 'MDQJR Tvi?QM KM;2XTv KB;`i2

Tvi?QM KM;2XTv KB;`i2

:KLOH UHSODFLQJ WKH FRGH LQVWDOOLQJ GHSHQGHQFLHV RU SUHSDULQJ DVVHWV UHPDLQ


WKH VDPH IRU XSJUDGHV DQG GRZQJUDGHV GDWDEDVH UROOEDFNV ZRQ˵W ZRUN RXW RI
WKH ER[ ,I ZH ᨫQG RXUVHOYHV GRZQJUDGLQJ WKH DSSOLFDWLRQ ZH KDYH WR LQFOXGH
DQ RSWLRQ LQ WKH GHSOR\PHQW SURFHVV WR UROO EDFN WKH GDWDEDVH WR WKH FKDQJH
ZH ZDQW ˱ RU SURYLGH D VHSDUDWH WDVN WKDW FDQ GR LW
$W DQ\ FDVH ZH KDYH WR ᨫQG RXW LI ZH QHHG WR UROO EDFN ,I ZH FDQ ᨫ[
WKH SUREOHPDWLF SDUW RI WKH FRGH DQG XSJUDGH ODWHU ZLWK WKH VDPH GDWDEDVH
FKDQJHV LW PLJKW EH EHWWHU QRW WR UXQ UROOEDFN DW DOO 0DQ\ WHDPV DGRSW QRQ
LQYDVLYH PXOWLVWHS GDWDEDVH PLJUDWLRQV WKDW ZRQ˵W QHHG PDLQWHQDQFH ZLQ
GRZV RU GDWDEDVH UROOEDFNV 1HYHUWKHOHVV ZH VKRXOG EH SUHSDUHG WR GHDO ZLWK
D UROOEDFN ZKHQ LW FRPHV

 3UHSDULQJ $VVHWV

,I \RXU IURQWHQG LV QRW VHSDUDWHG IURP WKH EDFNHQG \RX ZLOO QHHG WR WDNH
FDUH RI SUHSDULQJ \RXU DVVHWV DV SDUW RI VKLSSLQJ \RXU DSSOLFDWLRQ )XOOVWDFN
IUDPHZRUNV OLNH 5DLOV PDNH LW VWUDLJKWIRUZDUG DV WKH SURFHVV LV VWDQGDUGL]HG ,I


\RX DUH LQWHJUDWLQJ WKH IURQWHQG GLᨪHUHQWO\ \RX˵OO KDYH WR DGMXVW WKLV SURFHVV
WR \RXU XVHFDVH
7KH PDLQ LGHD EHKLQG SUHSDULQJ \RXU DVVHWV LV WR SURGXFH RSWLPL]HG VWDWLF
ᨫOHV DQG SXW WKHP WR D SXEOLFDOO\ DFFHVVHG GLUHFWRU\ RQ \RXU ZHEVHUYHU , VD\
RSWLPL]HG EHFDXVH LQ WKH PRGHUQ -DYD6FULSW DQG &66 GD\V WKH GHYHORSPHQW
VWDWH RI WKHVH ᨫOHV FDQQRW EH VHUYHG HᨬFLHQWO\ WR HQGXVHUV :H XVXDOO\ SUH
FRPSLOH DQG PLQLI\ ᨫOHV DQG VRPHWLPHV EXQGOH WKHP WRJHWKHU EXQGOLQJ LV
DQ RSWLPL]DWLRQ IRU +773   $ SRSXODU WRRO WRGD\ WR VHW XS IRU WKLV WDVN
LV :HESDFN
5DLOV KDV WZR WRROV IRU DVVHWV PDQDJHPHQW WKH $VVHW 3LSHOLQH EDVHG RQ
6SURFNHWV DQG :HESDFNHU EDVHG RQ :HESDFN  EXW LQWHJUDWH WKHP ZHOO
HQRXJK ZLWK MXVW RQH VLQJOH WDVN WR UXQ

#mM/H2 2t2+ `BHb bb2ib,T`2+QKTBH2

7KH RQO\ UHTXLUHPHQW IRU WKLV WR ZRUN LV WR KDYH 1RGHMV LQVWDOOHG DV D GHSHQ
GHQF\ ,Q FDVH RI XVLQJ :HESDFNHU ZH QHHG D v`M H[HFXWDEOH DV ZHOO
2WKHU IUDPHZRUNV DUH QRW DV VRSKLVWLFDWHG LQ WKLV UHJDUG <RX˵OO HQG XS KDYLQJ
\RXU RZQ ZD\ DURXQG GHSOR\LQJ FRPSLOLQJ DVVHWV SHUKDSV E\ XVLQJ :HESDFN
GLUHFWO\ 'MDQJR GRHV LQFOXGH D +QHH2+ibiiB+ WDVN WR FRS\ DOO WKH ᨫOHV IURP
\RXU VWDWLF IROGHUV LQWR WKH ahhA*n_PPh GLUHFWRU\

Tvi?QM KM;2XTv +QHH2+ibiiB+

 5HVWDUWLQJ 6HUYLFHV

$ XVXDO ᨫQDO VWHS LQ UROOLQJ XS D QHZ YHUVLRQ RQ WKH VHUYHU LV WKH VHUYHU
UHVWDUW :KLOH ZH GLG DOO WKH ᨫGGOLQJ ZLWK ᨫOHV PLJUDWLRQV DQG ZKDWQRW WKH
DSSOLFDWLRQ VHUYHU ZDV VWLOO VHUYLQJ WKH RULJLQDO FRGH RI WKH DSSOLFDWLRQ $Q
DSSOLFDWLRQ SURFHVV KDV DOO WKH DSSOLFDWLRQ ᨫOHV LQ PHPRU\ XQOHVV VRPH SDUWV
DUH OD]LO\ ORDGHG  7R VZLWFK RYHU WR WKH QHZ XSGDWH ZH QHHG WR UHORDG RU
UHVWDUW WKH DSSOLFDWLRQ VHUYLFH WKDW FRQWUROV WKH DSSOLFDWLRQ VHUYHU SURFHVV
,GHDOO\ ZH ZDQW WR HQVXUH WKH QHZ ZRUNHUV GR D JUDFHIXO UHVWDUW ZKHUH WKH
FOLHQW FRQQHFWLRQV KDYH WLPH WR ᨫQLVK 7KDW GHSHQGV RQ WKH DSSOLFDWLRQ VHUYHU


:H DOUHDG\ GLVFXVVHG WKLV LQ WKH $SSOLFDWLRQ 6HUYHUV FKDSWHU IRU 3XPD DQG *X
QLFRUQ $QG , DOVR VKRZHG \RX D JHQHUDO ZD\ E\ OHYHULQJ V\VWHPG VRFNHW
DFWLYDWLRQ LQ %XLOGLQJ 6HUYLFHV
,Q FDVH ZH QHHG WR GR DQ XSGDWH WKDW UHTXLUHV D PDLQWHQDQFH ZLQGRZ WKH ROG
SURFHVV FDQQRW NHHS UXQQLQJ GXH WR GDWDEDVH VFKHPD PLVPDWFK  ZH QHHG WR
VWRS WKH DSSOLFDWLRQ VHUYLFH DV WKH ᨫUVW WKLQJ LQ WKH SURFHVV DQG VWDUW LW DJDLQ
DW WKH HQG
$Q LPSRUWDQW WKLQJ WR UHDOL]H LV WKDW WKH DSSOLFDWLRQ XVHU ZRQ˵W KDYH WKH URRW
DFFHVV WR UXQ D bvbi2K+iH FRPPDQG WR UHVWDUW WKH SDUWLFXODU VHUYLFH ,Q WKDW
FDVH ZH KDYH WR DOORZ WKLV FRPPDQG LQ WKH VXGRHUV ᨫOH


 'HSOR\LQJ ZLWK *LW
%HFDXVH GHSOR\LQJ D QHZ YHUVLRQ RI WKH DSSOLFDWLRQ LV UDUHO\ MXVW FRS\LQJ ᨫOHV
RYHU ZH FDQ WDNH DGYDQWDJH RI JLW WR LPSOHPHQW D +HURNXOLNH JLWSXVK GH
SOR\PHQW 7KH LGHD EHKLQG WKH JLWSXVK GHSOR\PHQW LV WKDW ZH FDQ VHQG
WKH FRGH WR WKH VHUYHU DV LI ZH DUH VHQGLQJ LW WR *LW+XE RU *LW/DE 7KH JLW
SRVWUHFHLYH KRRN FDQ WKHQ WDNH FDUH RI DQ\ DGGLWLRQDO VWHSV RQ WKH VHUYHUVLGH
7KDW ZD\ DOO LW WDNHV WR GHSOR\ D QHZ YHUVLRQ RI WKH DSSOLFDWLRQ LV WR KDYH WKH
66+ FRQQHFWLRQ FRQᨫJXUHG KDYH WKH VHUYHU DV D QHZ UHPRWH WDUJHW LQ D ORFDO
JLW DQG UXQQLQJ ;Bi Tmb? ,W FRPELQHV IDPLOLDU WRROV OLNH 66+ DQG JLW ZH
DOUHDG\ GHSHQG RQ WR SURYLGH IRU D IULFWLRQOHVV GHSOR\PHQW H[SHULHQFH

 JLWLQLW

7R LQVWDOO JLW IRU ERWK FOLHQW DQG VHUYHU ZH QHHG WR LQVWDOO WKH ;Bi SDFNDJH

0 bm/Q /M7 BMbiHH @v ;Bi

7KH DSSOLFDWLRQ VHUYHU ZLOO DFW DV D UHJXODU UHPRWH JLW VHUYHU


/HW˵V VD\ ZH˵OO GHSOR\ DV D XVHU XVHU RQ VHUYHU VHUYHU WR D GLUHFWRU\ FDOOHG
fTi?fiQfTT KDYLQJ RXU UHPRWH JLW VHUYHU DW fTi?fiQf;Bif`2TQ , OLNH
WR SXW WKH JLW UHSRVLWRU\ WR WKH XVHU KRPH f?QK2fmb2`f;Bi RU LQ WKH
DSSOLFDWLRQ GLUHFWRU\ fb`pfTTf;Bi 
:H FDQ FUHDWH RXU JLW UHSRVLWRU\ ZLWK WKH ;Bi BMBi VXEFRPPDQG

0 bb? 0la1_!0a1_o1_ ^KF/B` fTi?fiQf;Bi^


0 bb? 0la1_!0a1_o1_,fTi?fiQf;Bi ^;Bi BMBi @@#`2^

7KH @@#`2 RSWLRQ WHOOV JLW WR FUHDWH D VRFDOOHG EDUH UHSRVLWRU\ DV RS
SRVHG WR D ZRUNLQJ UHSRVLWRU\  7KHVH NLQGV RI UHSRVLWRULHV ODFN ZRUNLQJ RU
FKHFNHGRXW VRXUFH ᨫOHV $OWHUQDWLYHO\ ZH FRXOG XVH WKH ;Bi +HQM2 VXEFRP
PDQG ZLWK WKH @@#`2 RSWLRQ WR GR WKH VDPH WKLQJ EXW DOVR LQFOXGH D FRS\
RI WKH H[LVWLQJ JLW UHSRVLWRU\ IURP VRPHZKHUH HOVH

0 bb? 0la1_!0a1_o1_ ^;Bi +HQM2 @@#`2 T`QD2+i T`QD2+iX;Bi^


:H FDQ DOVR DFKLHYH WKH VDPH ZLWK FORQLQJ ORFDOO\ DQG SXVKLQJ WKH X;Bi
GLUHFWRU\ WR WKH VHUYHU

0 ;Bi +HQM2 @@#`2 T`QD2+i T`QD2+iX;Bi


0 bb? 0la1_!0a1_o1_ ^KF/B` fTi?fiQf;Bi^
0 b+T @` T`QD2+iX;Bi 0la1_!0a1_o1_,fTi?fiQf;Bi

;Bi +HQM2 @@#`2 LV DOPRVW DV WDNLQJ DQG FRS\LQJ WKH fT`QD2+ifX;Bi


GLUHFWRU\ IURP \RXU UHJXODU ZRUNLQJ JLW UHSRVLWRU\
7KH JLW˵V GHIDXOW SRUW IRU WKH ;Bi,ff VFKHPH LV  %XW LI ZH XVH JLW RYHU
66+ ZH FDQ DYRLG DQ\ DGGLWLRQDO ᨫUHZDOO VHWXS

 JLWSXVK

2QFH D UHPRWH UHSRVLWRU\ LV LQ SODFH ZH˵OO QHHG WR ORFDOO\ DGG D QHZ UHPRWH
KHUH FDOOHG T`Q/m+iBQM 

0 ;Bi `2KQi2 // T`Q/m+iBQM 0la1_!0a1_o1_,fTi?fiQf;Bi

$IWHUZDUG ZH FDQ SXVK DQ\ EUDQFK KHUH `2H2b2@#`M+? RU WDJ WR UHPRWH


Kbi2` EUDQFK

0 ;Bi Tmb? T`Q/m+iBQM `2H2b2@#`M+?,Kbi2`

,I ZH SODFHG RXU EDUH UHSRVLWRU\ WR D XVHU˵V KRPH WKDW XVHU FDQ DXWRPDWLFDOO\
DFFHVV WR SXVK WR WKH UHSRVLWRU\ ,I ZH SODFH LW HOVHZKHUH ZH QHHG WR HQVXUH
WKDW RXU DSSOLFDWLRQ XVHU KDV SURSHU UHDG DQG ZULWH DFFHVV ULJKWV :H MXVW VHW
XS JLW WR XVH WKH 66+ FRQQHFWLRQ DV 0la1_!0a1_o1_,fTi?fiQf;Bi DQG
VR LW EHKDYHV DV WKH XVHU XVHU RQ WKH VSHFLᨫHG VHUYHU ZLWKLQ WKH ;Bi GLUHFWRU\
1LFH :H QRZ KDYH RXU RZQ UHPRWH JLW VHUYHU


 JLWFKHFNRXW

6LPLODUO\ ZH FDQ FKHFNRXW DQ\ EUDQFK IURP WKLV UHSRVLWRU\ ZLWK ;Bi
+?2+FQmi

0 ;Bi +?2+FQmi Kbi2` @7

7KH @7 RSWLRQ WHOOV JLW WR SURFHHG HYHQ LI WKH LQGH[ RU WKH ZRUNLQJ WUHH GLᨪHUV
IURP +($' 2PLWWLQJ D EUDQFK QDPH ZRXOG FKRRVH WKH FXUUHQW EUDQFK 7R
FKHFN RXW WKLV EUDQFK WR D VSHFLᨫF DSSOLFDWLRQ GLUHFWRU\ ZH FDQ OHYHUDJH
WKH @@rQ`F@i`22 VZLWFK RU WKH :AhnqP_Enh_11 HQYLURQPHQW YDULDEOH

0 ;Bi @@rQ`F@i`224fTT +?2+FQmi @7


0 :AhnqP_Enh_114fTT ;Bi +?2+FQmi @7

:H FDQ DOVR FKDQJH WKH JLW GLUHFWRU\ ORFDWLRQ ZLWK @@;Bi@/B` RU :Ahn.A_
ZKLFK E\ GHIDXOW SRLQWV WR WKH FXUUHQW GLUHFWRU\

0 ;Bi @@rQ`F@i`224fTT @@;Bi@/B`4f;Bi +?2+FQmi @7


0 :AhnqP_Enh_114fTT :Ahn.A_4f;Bi ;Bi +?2+FQmi @7

7KH UROH RI WKLV VWHS ZLOO EHFRPH FOHDU LQ WKH QH[W SDUW

 SRVWUHFHLYH

*LW SURYLGHV VHYHUDO KRRNV WKDW OHW XV H[WHQG WKH JHQHUDO JLW ZRUNᨭRZ <RX
PLJKW KDYH DOUHDG\ FRQᨫJXUHG VRPH RI WKH JLW KRRNV OLNH WKH SUHFRPPLW KRRN
DOORZLQJ \RX WR UXQ D FHUWDLQ WDVN OLNH DXWRPDWLF FRGH IRUPDWWHU EHIRUH
FRPPLWWLQJ DQ\ QHZ FRGH 6LPLODUO\ WKHUH DUH VHUYHUVLGH KRRNV WKDW FDQ
UXQ EHIRUH RU DIWHU WKH VHUYHU UHFHLYHV WKH XSGDWH 7KH RQH ZH QHHG LV FDOOHG
SRVWUHFHLYH $V WKH QDPH VXJJHVWV LW˵V UXQ DIWHU JLW UHFHLYHV SXVK WR WKH
UHSRVLWRU\
7KH SRVWUHFHLYH KRRN LV SUDFWLFDOO\ D VLPSOH %DVK VFULSW OHWWLQJ XV GHᨫQH DF
WLRQV WKDW QHHG WR RFFXU DIWHU DSSOLFDWLRQ FRGH FKDQJHV DUH UHFHLYHG ,GHDO IRU
UHSODFLQJ WKH DSSOLFDWLRQ ᨫOHV UXQQLQJ GDWDEDVH PLJUDWLRQV FRPSLOLQJ DVVHWV
DQG UHVWDUWLQJ WKH DSSOLFDWLRQ VHUYHU


:H FDQ FUHDWH WKH KRRN E\ SODFLQJ D VKHOO VFULSW RQ WKH f?QQFbfTQbi@`2+2Bp2
SDWK LQVLGH WKH ;Bi GLUHFWRU\

0 bb? 0la1_!0a1_o1_ ^iQm+? fTi?fiQf;Bif?QQFbfTQbi@`2+2Bp2^


0 bb? 0la1_!0a1_o1_ ^+?KQ/ Yt fTi?fiQf;Bif?QQFbfTQbi@`2+2Bp2^

+RRNV DUH H[HFXWDEOHV VR ZH DOVR DGG WKH H[HFXWDEOH ELW ZLWK +?KQ/ Yt
$IWHU HYHU\ SXVK WR WKH UHSRVLWRU\ JLW ZLOO H[HFXWH WKLV SRVWUHFHLYH VFULSW WKDW
FDQ FRQWDLQ DQ\WKLQJ \RX ZDQW WR GR 7KH EDUH PLQLPXP IRU XV QRZ ZRXOG
EH WR FKHFN RXW WKH QHZ VRXUFH FRGH LQWR WKH fTi?fiQfTT GLUHFWRU\ EXW
WKLV LV DOVR D SODFH IRU PDQ\ PRUH WDVNV GHSHQGLQJ RQ WKH DSSOLFDWLRQ QHHGV

7KH XVHU SXVKLQJ WKH XSGDWH WR WKH JLW UHSRVLWRU\ VWD\V FRQQHFWHG
GXULQJ WKH ZKROH GXUDWLRQ RI WKH SRVWUHFHLYH KRRN 6R LGHDOO\
WKLV SURFHVV VKRXOG EH UHDVRQDEO\ ORQJ

+HUH LV DQ H[DPSOH

b2`p2`0 +i fTi?fiQf;Bif?QQFbfTQbi@`2+2Bp2


O5f#BMfb?
:AhnqP_Enh_114fTi?fiQfTT ;Bi +?2+FQmi @7
XXX

:H FKHFN RXW WKH FRGH WR WKH GLUHFWRU\ IURP ZKLFK WKH ᨫOHV DUH VHUYHG $I
WHUZDUG ZH MXVW QHHG WR UHVWDUW WKH DSSOLFDWLRQ VHUYHU DQG WKH FKDQJHV DUH
RQOLQH
,I LW˵V QRW MXVW D VLPSOH ZHEVLWH ZH LQFOXGH WKH VWHSV ZH WDONHG DERXW EHIRUH 
LQVWDOOLQJ QHZ GHSHQGHQFLHV PLJUDWLQJ GDWDEDVH VFKHPDV DQG SUHFRPSLOLQJ
DVVHWV 1RWH WKDW DOO ZLOO EH GRQH XQGHU D UHJXODU XVHU ZH FKRVH


 6XPPDU\
:H KDG WR JR WKURXJK D ORW RI VWHSV EHIRUH ᨫQDOO\ WDONLQJ DERXW DSSOLFDWLRQ
GHSOR\PHQW ,Q WKLV FKDSWHU ZH WDONHG DERXW VRPH JHQHUDO LGHDV DQG UHTXLUH
PHQWV IRU DSSOLFDWLRQ GHSOR\PHQW DV ZHOO DV XVLQJ JLW VSHFLᨫFDOO\ IRU GHOLYHU\

˾ :H ZHQW WKURXJK VRPH RI WKH PRVW LPSRUWDQW GHSOR\PHQW WDVNV WKDW DQ\
NLQG RI GHSOR\PHQW KDV WR WDNH LQWR DFFRXQW )URP XSORDGLQJ WKH QHZ
YHUVLRQV RI WKH DSSOLFDWLRQ DQG VROYLQJ GHSHQGHQFLHV WR FRPSLODWLRQ RI
IURQWHQG DVVHWV DQG VHUYHU UHVWDUWV

˾ :H VDZ KRZ ZH FRXOG WDNH DGYDQWDJH RI WZR IDPLOLDU FRPSRQHQWV 66+


DQG JLW WR LPSOHPHQW D IULFWLRQOHVV GHSOR\PHQW H[SHULHQFH RQ D VLQJOH
VHUYHU 8VLQJ WKH SRVWUHFHLYH KRRN ZH FRQWUROOHG WKH HQWLUH SURFHVV RI
SXWWLQJ WKH QHZ FRGH LQ SODFH

1RZ LW ZRXOG EH WKH WLPH WR RSHQ WKH 5DLOV GHPR ZKLFK VKRZV
D ORW RI FRQFHSWV WRJHWKHU IURP D JLWSXVK GHSOR\PHQW WR JUDFHIXO
UHVWDUWV WR :HE6RFNHWV ZLWK 1*,1; DQG 5HGLV $V XVXDO VWDUW ZLWK
5($'0(PG


&KDSWHU 

(PDLO 'HOLYHU\

:KR GRHVQ˵W KDYH DQ HPDLO DGGUHVV" (PDLO LV PRVW OLNHO\ WKH QXPEHU RQH
FRPPXQLFDWLRQ FKDQQHO RI WKH PRGHUQ ZRUOG ,W˵V HYHU\ZKHUH ,W˵V IUHH $QG
LW˵V RSHQ %XW KRZ GRHV LW DOO ZRUN" &DQ ZH XVH RXU VHUYHUV WR GHOLYHU HPDLO
RU VKRXOG ZH UHO\ RQ PDLOLQJ FRPSDQLHV" :KDW KDSSHQV ZKHQ DQ HPDLO FDQQRW
EH GHOLYHUHG" +RZ UHFHLYLQJ ZRUN" $ ORW RI TXHVWLRQV WR DQVZHU +RZHYHU
EHIRUH ZH DQVZHU WKHP ZH˵OO KDYH D ORRN DW ZKDW HPDLO HYHQ LV 7KHQ DIWHU
VHHLQJ WKDW HPDLO SURWRFROV DUH QRW WKDW GLᨪHUHQW IURP DQ\WKLQJ HOVH ZH˵OO VHH
KRZ WR WXUQ DQ\ VHUYHU LQWR D PDLO VHUYHU


 :KDW˳V LQ DQ HPDLO"
,I \RX UHPHPEHU WKH 73&,3 PHQWDO PRGHO IURP EHIRUH LW˵V HDV\ WR LPDJLQH
HPDLO VHUYLFHV EHLQJ DSSOLFDWLRQV OLNH ZHE VHUYHUV 2I FRXUVH WKH\ FRPPX
QLFDWH ZLWK GLᨪHUHQW SURWRFROV DQG WKHUHIRUH WKURXJK GLᨪHUHQW SRUWV EXW WKH
LGHD LV WKH VDPH
7KH SULPDU\ SURWRFRO WR NQRZ LV 6LPSOH 0DLO 7UDQVIHU 3URWRFRO 6073 RQ
SRUW  ZKLFK LV KRZ HPDLO VHUYHUV VHQG HDFK RWKHU PDLO 6LPLODU WR +773
WKHUH DUH VXFFHVVIXO DQG XQVXFFHVVIXO UHVSRQVHV DQG VWDWXV FRGHV (PDLOV WKHP
VHOYHV KDYH WH[WXDO UHSUHVHQWDWLRQ QRW WRR GLᨪHUHQW IURP DQ +773 UHTXHVW

6`QK, CQb27 ai`xB#Mv Ibi`xB#Mv!bi`xB#MvXMK2=


hQ, hB;2` I+i!/2THQvK2Mi7`QKb+`i+?X+QK=
*QMi2Mi@hvT2, i2tifTHBMc +?`b2i4la@a*AAc 7Q`Ki47HQr2/
*QMi2Mi@h`Mb72`@1M+Q/BM;, d#Bi
am#D2+i, q?i^b BM M 2KBH\
.i2, ai- kk LQp kykR R8,y9,8N YRRyy

h?Bb Bb  THBM 2KBH K2bb;2X Ai ;2ib KQ`2 +QKTHB+i2/


rBi? >hJG M/ ii+?K2MibX

CQb27

7KHUH LV PRUH WR FUDIWLQJ HPDLO PHVVDJHV RI FRXUVH 7KHUH DUH DOVR PDQ\ SDLQ
SRLQWV LQ SDUVLQJ WKHP EHFDXVH QRW DOO HPDLO FOLHQWV LQ KLVWRU\ IROORZHG RQH
VLQJOH ZD\ RI IRUPDWWLQJ WKHP ,I \RX ZDQW WR VDYH WKLV PHVVDJH RQ GLVN RU
SDVV LW DURXQG DGG WKH X2KH H[WHQVLRQ ZKLFK GHQRWHV LW˵V LQGHHG DQ HPDLO
PHVVDJH
7R VHQG DQ HPDLO ZH˵OO XVH WKH 3RVWᨫ[ HPDLO VHUYHU


 6HQGLQJ HPDLOV
0DLO 7UDQVIHU $JHQW 07$ RU 07$ UHOD\ LV D VHUYHU DFFHSWLQJ HPDLO PHV
VDJHV XVLQJ 6073 XVXDOO\ RQ SRUW  DQG VHQGLQJ WKHP IXUWKHU WR RWKHU
PDLO VHUYHUV EDVHG RQ WKH 0; '16 UHFRUGV IRU WKH ᨫQDO GHOLYHU\ ,I WKH 07$
LV WKH ᨫQDO GHVWLQDWLRQ WKH HPDLO LV SDVVHG WR D ORFDO 0DLO 'HOLYHU\ $JHQW
0'$  ZKLFK GHOLYHUV WKLV HPDLO ORFDOO\ RQ WKH V\VWHP
%\ GHIDXOW WKH ORFDWLRQ LV fp`fbTQQHfKBHf0la1_ 3URJUDPV WKDW FDQ UHDG
WKRVH HPDLOV DUH FDOOHG 0DLO 8VHU $JHQWV 08$  7KH\ FDQ DOVR VHQG QHZ
HPDLOV RQ EHKDOI RI XVHUV E\ VXEPLWWLQJ WKHP WR WKH ORFDO 07$ ZKLFK IRUZDUGV
WKHP WR DQRWKHU 07$ EDVHG RQ '16
7KH GHIDXOW HPDLO VHUYHU 07$ LV 3RVWᦣ[ SURYLGHG E\ WKH SRVWᨮ[ SDFNDJH

0 bm/Q /M7 BMbiHH @v TQbi7Bt KBHt


0 bm/Q bvbi2K+iH bi`i TQbi7Bt

7R VHQG DQ HPDLO ,˵OO XVH WKH PDLO SURJUDP IURP WKH PDLO[ SDFNDJH $QRWKHU
JRRG RSWLRQ RQ WKH FRPPDQG OLQH LV 0XWW ZKLFK DOVR IHDWXUHV D 78, EXW ,
RQO\ QHHG LW IRU D TXLFN GHPRQVWUDWLRQ

 )LUVW 7U\

/HW˵V VD\ \RX ZULWH D VFULSW WKDW ZDWFKHV RYHU D ORJ ᨫOH WR ᨫQG DQ HUURU RU
VXVSLFLRXV DFWLYLW\ ,I VRPHWKLQJ LV IRXQG \RX ZDQW WR VHQG LW :LWK KBH
\RX FDQ UXQ

0 KBH @` ^LK2 IvQm!2tKTH2X+QK=^ @b ]AM+B/2Mi] @ 7BH2XHQ; $


mb2`!2tKTH2X+QK I f/2pfMmHH

7KH @` RSWLRQ VSHFLᨫHV WKH VHQGHU WKH @b RSWLRQ SURYLGHV D VXEMHFW DQG WKH
@ RSWLRQ OHW˵V XV LQFOXGH DQ DWWDFKPHQW 7KH ERG\ RI WKH HPDLO FRPHV IURP
WKH VWDQGDUG LQSXW , XVHG f/2pfMmHH WR OHDYH LW HPSW\
,I \RX WULHG LW RXW \RX PLJKW ZDQW WR NQRZ ZKDW KDSSHQHG 6LQFH KBH VKRXOG
SDVV WKH PHVVDJH WR WKH ORFDO 07$ VHUYHU OHW˵V LQVSHFW 3RVWᨫ[ ORJ WR FKHFN WKH
GHOLYHU\


0 bm/Q +i fp`fHQ;fKBHHQ;
XX .QKBM 2tKTH2X+QK /Q2b MQi ++2Ti KBH UMmHHJsV

:HOO LW GLGQ˵W ZRUN ZLWK 2tKTH2X+QK GRPDLQ (PSW\ RU QXOO 0; ZRQ˵W


ZRUN IRU GHOLYHU\

18// 0; LV D PHFKDQLVP E\ ZKLFK \RX FDQ LQGLFDWH WKDW


\RXU GRPDLQ ZLOO QHYHU DFFHSW DQ\ HPDLO 6LPSO\ FUHDWH DQ 0;
UHFRUG ZLWK D GRW  

/HW˵V WU\ ZLWK D *0DLO DGGUHVV

0 KBH @b ]"QQF 722/#+F] bi`xB#Mv!;KBHX+QK I f/2pfMmHH

,W GRHVQ˵W VHHP WR ZRUN HLWKHU

m; R8 Rj,k8,j9 bi`xB#Mv TQbi7BtfbKiT(999d9k),


+QMM2+i iQ ;KBH@bKiT@BMXHX;QQ;H2X+QK(XX),k8,
L2irQ`F Bb mM`2+?#H2
m; R8 Rj,k8,j8 bi`xB#Mv TQbi7BtfbKiT(999d9k),
".33RRR., iQ4Ibi`xB#Mv!;KBHX+QK=- XX h?2 AS vQm^`2 mbBM;
iQ b2M/ KBH Bb MQi mi?Q`Bx2/ iQ 88y@8XdXR b2M/ 2KBH
/B`2+iHv iQ Qm` b2`p2`bX SH2b2 mb2 i?2 aJhS `2Hv i vQm`
88y@8XdXR b2`pB+2 T`QpB/2` BMbi2/X G2`M KQ`2 i 88y 8XdXR XX

7KLV LV D SHUIHFW GHPRQVWUDWLRQ RI ZK\ VHQGLQJ HPDLOV \RXUVHOI LV RIWHQ SURE


OHPDWLF :KLOH LW˵V HDV\ WR OHW 3RVWᨫ[ WU\ \RXU HPDLOV PLJKW QHYHU EH GHOLYHUHG
RU WKH\ HQG XS LQ VSDP ,Q WKLV FDVH ZH DUH WU\LQJ WR VHQG DQ HPDLO IURP RXU
ZRUNVWDWLRQ RU D EUDQG QHZ YLUWXDO VHUYHU EXW *RRJOH ZDQWV XV WR XVH DQ
6073 UHOD\ VHUYHU :KLOH , FRXOG VLPSO\ W\SH D *0DLO DGGUHVV DQG UHDFK WKH
*RRJOH PDLO VHUYHU WKDQNV WR 0; '16 HQWULHV WKH\ GLGQ˵W DFFHSW P\ PHVVDJH
%RWK H[DPSOHV GLGQ˵W WHOO 3RVWᨫ[ WR XVH WKH ULJKW GRPDLQ QDPH 5HPHPEHU
ZKHQ ZH WDONHG DERXW 66/ FHUWLᨫFDWHV WR DXWKRUL]H D GRPDLQ" (PDLO LV D VLPSOH
SURWRFRO DQG \RX FDQ DSSHDU WR EH DQ\ERG\ LQ WKH PHVVDJH \RX DUH VHQGLQJ
E\ MXVW FKDQJLQJ WKH 6_PJ, KHDGHU ᨫHOG 7KH WHFKQLTXH HYHQ KDV D QDPH


VSRRᦣQJ 2Q WRS \RX FRXOG HDVLO\ JHW WRR PDQ\ XQZDQWHG HPDLO PHVVDJHV
WKDW \RXU LQER[ ZRXOG EHFRPH XVHOHVV 7KDW˵V ZK\ HPDLO SURYLGHUV KDYH WR
ᨫJKW VSDP KDUG DQG ZK\ JHWWLQJ \RXU PHVVDJHV WKURXJK LV QRW HDV\
7R XVH WKH ULJKW GRPDLQ QDPH 3RVWᨫ[ ZLOO WU\ WR XVH \RXU KRVWQDPH
ZLWKRXW WKH ᨫUVW FRPSRQHQW <RX FDQ DOVR VHW \RXU GRPDLQ LQ WKH
f2i+fTQbi7BtfKBMX+7 FRQᨫJXUDWLRQ ᨫOH ZLWK Kv/QKBM DQG KvQ`B;BM

XX
O ALh1_L1h >Pah L. .PJAL LJ1a
XX
Kv/QKBM 4 2tKTH2X+QK
XX
O a1L.AL: JAG
XX
KvQ`B;BM 4 2tKTH2X+QK

7KH KvQ`B;BM GLUHFWLYH RYHUULGHV WKH GRPDLQ RI WKH VHQGHU ,W˵V LPSRUWDQW
WR VHW LW FRUUHFWO\
:KLOH ZH DUH QRZ SOD\LQJ IDLU E\ XVLQJ RXU UHDO GRPDLQ QDPH DQG HPDLO
DGGUHVV LW˵V QRW HQRXJK DQG HPDLOV ZLOO OLNHO\ EH UHMHFWHG RU ERXQFH EDFN
7KLV LV EHFDXVH WKH UHFLSLHQWV VWLOO FDQQRW EH VXUH ZH DUH ZKR ZH VD\ ZH DUH
%XW DW OHDVW LW˵V D JRRG RSSRUWXQLW\ WR VWRS DQG GLVFXVV WKH YDULRXV HPDLO
VWDWXVHV

˾ 5HOD\LQJ VHQGLQJ DQ HPDLO IURP DQ HPDLO VHUYHU WR DQRWKHU HPDLO


VHUYHU IRU GHOLYHU\
˾ 4XHXHLQJ D IDLOHG GHOLYHU\ LV TXHXHG IRU DQRWKHU DWWHPSW
˾ 5HMHFWHG HPDLO LV UHMHFWHG E\ DQ HPDLO VHUYHU GXULQJ VXEPLVVLRQ
˾ %RXQFHG HPDLO LV UHWXUQHG E\ D UHPRWH HPDLO VHUYHU WR WKH ORFDO VHUYHU
DIWHU LW KDV EHHQ DFFHSWHG IRU GHOLYHU\

*RLQJ IRUZDUG ZH˵OO ORRN LQWR ZD\V WR PDNH XV D PRUH UHOLDEOH VHQGHU %XW
UHPHPEHU WKDW HYHQ LI \RX SDVV WKH UHMHFWLRQ DQG WKH HPDLO LV GHOLYHUHG LW
PLJKW VWLOO HQG XS LQ WKH VSDP IROGHU


 5HYHUVH '16

6RPH HPDLO SURYLGHUV ZLOO EH FKHFNLQJ \RXU ,3 DGGUHVV IRU WKH PDWFKLQJ
GRPDLQ QDPH VR WKH ᨫUVW WKLQJ WR FKHFN DQG ᨫ[ VKRXOG EH D UHYHUVH '16
U'16  :H WDONHG SOHQW\ DERXW D FODVVLF '16 WKDW SRLQWV GRPDLQ QDPHV WR
,3 DGGUHVVHV $ UHYHUVH '16 LV ZKDW LW VRXQGV OLNH WKH RSSRVLWH
7KLV UHYHUVH '16 LV UHSUHVHQWHG E\ D SRLQW UHFRUG RU 375 7R VHW LW ZH
ZRXOG QHHG WR NQRZ WKH '16 ]RQH RI \RXU PDLO VHUYHU ,3 DGGUHVV DQG KDYH
WKH ULJKW WR VHW LW
$ ?Qbi FRPPDQG ZH XVHG EHIRUH FDQ UHYHDO LI 375 LV VHW

0 ?Qbi RjNX8NXR93Xk8R
>Qbi k8RXR93X8NXRjNXBM@//`X`TX MQi 7QmM/, jULs.PJALV

7KH ZHLUGORRNLQJ DGGUHVV RI LQDGGUDUSD LV WKH '16 ]RQH


IRU WKH ,3 DGGUHVV \RX FDQ QRWLFH WKH ,3 DGGUHVV LV LQ UHYHUVH RUGHU  DQG LW˵V
QRW PDWFKHG ZLWK DQ\WKLQJ
<RX FDQ WU\ UXQQLQJ ?Qbi ZLWK \RXU ,3 DGGUHVV EXW FKDQFHV DUH \RX˵OO JHW WKH
VDPH UHVXOW ,GHDOO\ ZH ZDQW LW WR ORRN OLNH WKH IROORZLQJ

0 ?Qbi RjNX8NXR93Xk8R
k8RXR93X8NXRjNXBM@//`X`T /QKBM MK2 TQBMi2` Kv/QKBMX+QKX

5HPHPEHU ZKHQ ZH FUHDWHG RXU ᨫUVW VHUYHU DQG VHW LWV KRVWQDPH" ,I ZH VHW
LW WR D SURSHU GRPDLQ QDPH 'LJLWDO 2FHDQ ZRXOG DXWRPDWLFDOO\ FUHDWH WKH
375 UHFRUG ,I \RX KDYHQ˵W \RX FDQ VWLOO FKDQJH WKH YLUWXDO PDFKLQH˵V QDPH
WR PDWFK \RXU GRPDLQ RU VXEGRPDLQ OLNH ?QbiXKv/QKBMX+QK DQG LW ZLOO
EH DXWRPDWLFDOO\ VHW
,I \RX DUH ZLWK DQRWKHU SURYLGHU VXFK DV 9XOWU ORRN IRU DQ RSWLRQ WR DGG WKLV
UHFRUG LQ WKHLU GDVKERDUG XQGHU WKH YLUWXDO PDFKLQH˵V VHWWLQJV ,I \RX NQRZ
\RX˵OO ZDQW WR KRVW \RXU HPDLO VHUYHU PDNH VXUH WKH SURYLGHU \RX FKRRVH
RᨪHUV WR VHW WKH 375 <RX ZRQ˵W JR IDU ZLWKRXW VHWWLQJ XS WKLV UHYHUVH '16
VR VWDUW KHUH


 63) '.,0 DQG '0$5&
63) '.,0 DQG '0$5& DUH DOO HᨪRUWV WR PDNH HPDLO GHOLYHU\ RQ WKH ,QWHUQHW
WUXVWZRUWK\ 63) DQG '.,0 DUH WZR GLVWLQFW ZD\V WR SURYH WKH HPDLO LV IURP
WKH VHQGHU˵V HPDLO VHUYHU '0$5. WKHQ VSHFLᨫHV ZKDW VKRXOG KDSSHQ LI 63)
RU '.,0 YHULᨫFDWLRQ IDLOV <RX FDQ LPSOHPHQW DOO RI WKHP ZLWK 7;7 '16
HQWULHV /HW˵V EUHDN WKHP GRZQ
6HQGHU 3ROLF\ )UDPHZRUN 63) PDWFKHV WKH VHQGLQJ ,3 DGGUHVV ZLWK WKH
VHQGHU˵V GRPDLQ QDPH 63) OHWV XV DOVR DFFHSW RWKHU VHUYHUV OLNH WKRVH IURP
HPDLO SURYLGHUV ZH XVH
+HUH DUH VRPH H[DPSOHV RI 63) 7R DOORZ GRPDLQ˵V 0; UHFRUGV

ǫp4bT7R Kt @HHǬ

7KH ᨫUVW SDUW LV D SURWRFRO YHUVLRQ IROORZHG E\ DOORZLQJ DOO 0; UHFRUGV 2I


FRXUVH WKRVH 0; UHFRUGV KDYH WR H[LVW DQG SRLQW WR WKH ,3 DGGUHVVHV RI \RXU
PDLO VHUYHUV 7KH ᨫQDO @HH IDLOV DQ\WKLQJ HOVH QRW SUHYLRXVO\ LQFOXGHG 7KHUH
LV DOVR D VRIW IDLO  RU QHXWUDO \  EXW \RX PRVW OLNHO\ ZDQW WR IDLO
7R DOORZ DQ\ $ UHFRUGV IRU WKH JLYHQ GRPDLQ RU VXEGRPDLQ

ǫp4bT7R ,2tKTH2X+QK @HHǬ

7R DOORZ DQ\ ,3 DGGUHVVHV EHORQJLQJ WR WKH RNkXRe3XyXRfRe VXEQHW

ǫp4bT7R BT9,RNkXRe3XyXRfRe @HHǬ

2U WR PDWFK '16 UHFRUGV IRU D GRPDLQ \RX GRQ˵W RZQ

ǫp4bT7R BM+Hm/2,2tKTH2X+QK @HHǬ

)RU H[DPSOH LI \RX ZHUH XVLQJ D 0DQGULOO VHUYLFH WKH\ PLJKW JLYH \RX D
VLPLODU UHFRUG WR DGG WR '16

p4bT7R BM+Hm/2,bT7XKM/`BHHTTX+QK @HH


63) DUH DOVR '16 UHFRUGV LQ WKHLU RZQ ULJKW EXW WKH\ DUH JRLQJ
DZD\ 6HW WKHP XS DV 7;7 UHFRUGV

<RX FDQ VHDUFK RQOLQH IRU DQ 63) UHFRUG FKHFNHU WR KHOS \RX FRUUHFW SRVVLEOH
PLVWDNHV ZLWK 63)
'RPDLQ.H\V ,GHQWLᦣHG 0DLO '.,0 LV FKHFNLQJ DQ HPDLO VLJQDWXUH XVLQJ
SXEOLFNH\ FU\SWRJUDSK\ 6LPLODU WR 66+ WKHUH LV D SXEOLF NH\ WKDW LV \RXU
SXEOLF '16 HQWU\ DQG WKHQ WKHUH LV D SULYDWH VHUYHU NH\ XVHG WR JHQHUDWH D
VLJQDWXUH DWWDFKHG WR WKH PHVVDJH <RX FDQ KDYH VHYHUDO '.,0 UHFRUGV WR
DOORZ IRU \RXU VHUYHUV DV ZHOO DV HPDLO SURYLGHUV
7KH VLJQDWXUH SURFHVV LV D ELW PRUH FRPSOH[ WKDQ 63) DQG , ZRQ˵W JR LQWR
GHWDLOV +RZHYHU LI \RX XVH D UHOD\ VHUYHU IURP \RXU HPDLO SURYLGHU LW ZRXOG
EH RQO\ D VLPSOH '16 FKDQJH OLNH 63) ,I \RX ZDQW WR VHW LW XS \RXUVHOI IURP
VFUDWFK ORRN LQWR 2SHQ'.,0 IURP WKH RSHQGNLP SDFNDJH ZKLFK OHWV \RX GR
\RXU VLJQLQJ ZLWK 3RVWᨫ[
%RWK 63) DQG '.,0 FDQ EH XVHG WR YDOLGDWH HPDLOV WRJHWKHU RU VHSDUDWHO\ $Q\
HPDLO VHUYHU FDQ GHFLGH WR IROORZ WKHVH IUDPHZRUNV RU LJQRUH WKHP 0HVVDJHV
FDQ VWLOO HQG XS LQ VSDP
'RPDLQEDVHG 0HVVDJH $XWKHQWLFDWLRQ 5HSRUWLQJ &RQIRUPDQFH
'0$5& LV DQ HPDLO DXWKHQWLFDWLRQ SROLF\ DQG UHSRUWLQJ SURWRFRO WKDW VD\V
ZKDW VKDOO KDSSHQ LI 63) RU '.,0 FKHFN IDLOV )RU H[DPSOH VKRXOG WKH HPDLO
IROORZ WKURXJK DQ\ZD\ RU EH UHMHFWHG" 6KRXOG LW EH UHSRUWHG WR WKH GRPDLQ
RZQHU VXFK DV XV "
'0$5& SROLF\ LV RQH ELJ RQHOLQHU LQ D 7;7 '16 UHFRUG IRU WKH
n/K`FX2tKTH2X+QK VXEGRPDLQ

p4.J_*RcT4MQM2cT+i4Ryyc`m4KBHiQ,m!/QKBMc`m74KBHiQ,m!/QKBM

7KH OLQH DERYH VSHFLᨫHV WKH YHUVLRQ RI '0$5& T GHᨫQHV D SROLF\ DQG T+i
VHWV WKH SHUFHQWDJH RI HPDLOV WR DSSO\ WKH SROLF\ WR `m VHWV HPDLO DGGUHVV IRU
DJJUHJDWH UHSRUWV DQG `m7 IRU IRUHQVLF UHSRUWV 7KH DJJUHJDWH UHSRUW FRQWDLQV
63) DQG '.,0 FKHFNV˵ UHVXOWV DQG LW˵V VHQW GDLO\ LQ ;0/ $ IRUHQVLF UHSRUW
LV HVVHQWLDOO\ WKH IDLOHG HPDLO FRS\ PLQXV SHUVRQDO LQIRUPDWLRQ


7KHUH DUH IHZ SROLFLHV WR FKRRVH IURP :H VHW T4MQM2 ZKLFK PHDQV QRW GRLQJ
DQ\WKLQJ DERXW D IDLOHG 63) DQG '.,0 FKHFN 7KLV PLJKW EH XVHIXO LQLWLDOO\
EXW GRZQ WKH OLQH \RX ZDQW WR VZLWFK WR T4`2D2+i ZKLFK DVNV HPDLO VHUYHUV
WR UHMHFW PHVVDJHV WKDW GLGQ˵W SDVV WKH FKHFN

63) VKRXOG JHW \RX VWDUWHG ZLWK XVLQJ \RXU HPDLO IRU VRPH SULYDWH
QRWLᨮFDWLRQV EXW LI \RX DUH VHULRXV DERXW VHOIKRVWLQJ HPDLO \RX˴OO
ZDQW WR VHW XS '.,0 DQG '0$5& DV ZHOO

 5HOD\ 6HUYHUV

63) '.,0 DQG '0$5& DUH D JRRG VWDUW EXW PLJKW QRW EH HQRXJK IRU \RX
<RXU VHUYHU ZRQ˵W EH WUXVWHG RYHUQLJKW ZLWKRXW D JRRG HPDLO KLVWRU\ /HW˵V VHH
KRZ ZH FRXOG XVH D UHOD\ WR PLWLJDWH WKLV SUREOHP DV VXJJHVWHG E\ *RRJOH
6073 UHOD\ VHUYHU LV OLNH D PLGGOHPDQ ZKLFK ZH DFFHSW WKH HPDLO IURP \RX
DQG VHQGV LW RQ RXU EHKDOI *RRJOH :RUNVSDFHV RᨪHU D UHOD\ VHUYLFH VR GR RWKHU
FRPSDQLHV 7R FRQᨫJXUH D GHIDXOW UHOD\ VHUYHU LQ 3RVWᨫ[ XVH `2Hv?Qbi

`2Hv?Qbi 4 (bKiT@`2HvX;KBHX+QK),k8

$ ORW RI WLPHV LW ZLOO UHTXLUH DQ 6073 DXWKHQWLFDWLRQ DQG VRPHWLPHV 7/6 DV


ZHOO <RX FDQ HQDEOH 7/6 E\ SURYLGLQJ WKH VHUYHU FHUWLᨫFDWH DQG WKH SULYDWH
NH\

bKiTniHbnb2+m`BivnH2p2H 4 Kv

O h?2 7mHH Ti?MK2 Q7  7BH2 rBi? i?2 SQbi7Bt aJhS b2`p2`


O _a +2`iB7B+i2 BM S1J 7Q`KiX
bKiT/niHbn+2`in7BH2 4 f2i+fTFBfiHbf+2`ibfTQbi7BtXT2K

O h?2 7mHH Ti?MK2 Q7  7BH2 rBi? i?2 SQbi7Bt aJhS b2`p2`


O _a T`Bpi2 F2v BM S1J 7Q`KiX h?2 T`Bpi2 F2v Kmbi #2
O ++2bbB#H2 rBi?Qmi  Tbb@T?`b2X
bKiT/niHbnF2vn7BH2 4 f2i+fTFBfiHbfT`Bpi2fTQbi7BtXF2v


7KH bKiTniHbnb2+m`BivnH2p2H GLUHFWLYH VHW WR Kv PHDQV WKDW 66/ ZLOO EH
XVHG LI DYDLODEOH EXW QRW UHTXLUHG <RXU VHUYHU FHUWLᨫFDWH VKRXOG EH IROORZHG
E\ DQ\ LQWHUPHGLDWH FHUWLᨫFDWHV DQG WKHQ WKH URRW FHUWLᨫFDWH 7KH SULYDWH
NH\ VKRXOG EH RQO\ UHDGDEOH E\ URRW 7KHUH DUH DOVR RWKHU 7/6 GLUHFWLYHV
WR FRQᨫJXUH OLNH VSHFLI\LQJ FLSKHUV RU FRQᨫJXULQJ WKH 'LᨬH+HOOPDQ NH\
)LQDOO\ GRQ˵W IRUJHW WR FKDQJH WR D 7/6 SRUW LQ `2Hv?Qbi OLNH 
<RX FDQ VHW bKiTniHbnb2+m`BivnH2p2H WR MQM2 IRU GLVDEOLQJ 7/6 DQG WR
2M+`vTi WR UHTXLUH LW 7KHUH DUH D IHZ PRUH OHYHOV LQ WKH GRFXPHQWDWLRQ
$ EDVLF UHOD\ DXWKHQWLFDWLRQ FKHFNV WKH ,3 DGGUHVV EXW \RX PLJKW EH UHTXLUHG
WR SURYLGH FUHGHQWLDOV 6LPSOH $XWKHQWLFDWLRQ DQG 6HFXULW\ /D\HU 6$6/
LV D XVXDO DQVZHU WR WKLV 6$/6 XVXDOO\ UHTXLUHV 7/6 VR WKDW SDVVZRUGV DUH
QRW VHQW LQ SODLQWH[W
7R JHW 6$6/ VXSSRUW ZH LQVWDOO &\UXV D 6$/6 LPSOHPHQWDWLRQ

0 bm/Q /M7 BMbiHH @v +v`mb@bbH@THBM

<RX˵OO QHHG WR FUHDWH D SODLQWH[W ᨫOH KROGLQJ WKH FUHGHQWLDOV

0 bm/Q +i f2i+fTQbi7BtfbbHnTbbr/


(bKiTX2tKTH2X+QK),83d bKiTnmb2`MK2,TbbrQ`/

$V RWKHU ᨫOHV RI WKLV QDWXUH UHVWULFW LWV DFFHVV

0 bm/Q +?QrM `QQi,`QQi f2i+fTQbi7BtfbbHnTbbr/


0 bm/Q +?KQ/ yeyy f2i+fTQbi7BtfbbHnTbbr/

7KHQ JR EDFN WR WKH 3RVWᨫ[ FRQᨫJXUDWLRQ DQG DGG WKH IROORZLQJ

bKiTnbbHnmi?n2M#H2 4 v2b
bKiTnbbHnb2+m`BivnQTiBQMb 4 MQMQMvKQmb
bKiTnbbHnTbbrQ`/nKTb 4 ?b?,f2i+fTQbi7BtfbbHnTbbr/
bKiTnmb2niHb 4 v2b
bKiTniHbnb2+m`BivnH2p2H 4 2M+`vTi
bKiTniHbn*7BH2 4 f2i+fbbHf+2`ibf+@+2`iB7B+i2bX+`i


7KH PHDQLQJ VKRXOG EH VHOIH[SODQDWRU\ )LUVW ZH QHHG WR HQDEOH 6$6/ DQG
SURYLGH WKH SDWK WR WKH SDVVZRUG ᨫOH 6HWWLQJ bKiTniHbn*7BH2 HQVXUHV ZH
FDQ YDOLGDWH WKH FHUWLᨫFDWH RI WKH UHOD\ VHUYHU 5HVWDUW 3RVWᨫ[ DQG WU\ UHVHQGLQJ
\RXU HPDLO

$ UHOD\ VHUYHU FDQ EH \RXU RZQ :KHQ \RX KDYH PRUH VHUYHUV
\RX VKRXOG GHVWLQH RQH WR EH \RXU PDLO VHUYHU DQG IRUZDUG IURP
WKHUH PDLO IURP \RXU RWKHU VHUYHUV

,I \RX DUH ORRNLQJ IRU D JRRG UHOD\ VHUYHU FRPSDQLHV OLNH 0DLOJXQ 3RVWPDUN
DQG 6HQG*ULG FRXOG EH JRRG FKRLFHV ,I \RX GRQ˵W QHHG GLUHFW 6073 VXSSRUW
\RX FDQ XVH WKHLU +773 $3, WR VHQG DQG UHFHLYH HPDLOV ZLWKRXW ZRUU\LQJ
DERXW WKHVH SURWRFROV DW DOO
7KH\ DUH RIWHQ FDOOHG WUDQVDFWLRQDO HPDLO SURYLGHUV VLQFH WKH\ DUH GHVLJQHG IRU
VHQGLQJ HPDLOV DV SDUW RI D WUDQVDFWLRQ ᨭRZ UHFHLYLQJ D GRFXPHQW SXUFKDVLQJ
DQ LWHP UDWKHU WKDQ IRU WUDGLWLRQDO HPDLO VHUYLFHV

 5HFHLYLQJ HPDLOV


$Q LPSRUWDQW VWHS WRZDUGV UHFHLYLQJ HPDLO LV WR KDYH DQ HPDLO VHUYLFH
UXQQLQJ DQG OLVWHQLQJ WR DOO LQWHUIDFHV \RX ZDQW WR DFFHSW ,Q WKH FDVH RI
3RVWᨫ[ WKLV PHDQV FKDQJLQJ WKH FRQᨫJXUDWLRQ RI BM2inBMi2`7+2b LQ
f2i+fTQbi7BtfKBMX+7 WR WKH GHVLUHG VHWWLQJV

BM2inBMi2`7+2b 4 HH

,I \RX ZDQW WR DFFHSW HPDLO IURP DQ\ZKHUH XVH HH


7KHQ VHW \RXU 0; '16 UHFRUGV WR \RXU VHUYHU ,3 DGGUHVV 7KLV LV KRZ
!vQm`/QKBMX+QK HPDLO DGGUHVV DUULYHV DW WKH VHUYHU \RX FKRVH 2QFH GRQH
\RX VKRXOG EH DEOH WR VHQG DQ HPDLO WR \RXU VHUYHU
7R VHQG

+HB2Mi0 KBH @b ]>2HHQ 2@KBH] +i!2tKTH2X+QK I f/2pfMmHH


$QG WR VHH LW DUULYLQJ RQ WKH H[DPSOHFRP VHUYHU \RX FDQ W\SH KBH ZLWKRXW
DUJXPHQWV

b2`p2`O bm @ +i
b2`p2`0 KBH
>2B`HQQK JBH p2`bBQM RkX8 df8fRyX hvT2 \ 7Q` ?2HTX
]fp`fbTQQHfKBHfbi`xB#Mv], R K2bb;2 R M2r
=L R CQb27 ai`xB#Mv amM m; R8 R3,yy kRf3jj ]>2HHQ 2@KBH]

1RWH WKDW , VHQW LW WR D XVHU +i ZKLFK , FUHDWHG RQ WKH VHUYHU EHIRUHKDQG
ZLWK mb2`// +i 7KDW ZDV HQRXJK IRU VXFFHVVIXO GHOLYHU\ WR WKLV XVHU
6LQFH \RX GLGQ˵W FRQᨫJXUH DQ\ VSHFLᨫF VSRRᨫQJ DQG VSDP SURWHFWLRQV WKH
HPDLO VKRXOG DUULYH %XW WKDW DOVR PHDQV WKDW DQ\ERG\ FDQ IUHHO\ VHQG \RX DQ
HPDLO DQG RYHUZKHOP \RX <RX FDQ XVH 63) WR FKHFN WKH VHQGHUV˵ ,3 DGGUHVVHV
VLPLODUO\ DV UHFLSLHQWV ZHUH FKHFNLQJ RXUV
,QVWDOO WKH 63) SROLF\

0 bm/Q /M7 BMbiHH @v TvTQHB+v/@bT7

3UHSDUH D GHGLFDWHG XVHU

0 bm/Q //mb2` TQHB+v/@bT7 @@MQ@+`2i2@?QK2 @b f#BMf7Hb2

(GLW WKH f2i+fTQbi7BtfKbi2`X+7 FRQᨫJXUDWLRQ ᨫOH WR WHOO 3RVWᨫ[ WR VWDUW


WKH SROLF\ GDHPRQ RQ VWDUW

TQHB+v/@bT7 mMBt @ M M @ y bTrM


mb2`4TQHB+v/@bT7 `;p4fmb`fHB#2t2+fTQbi7BtfTQHB+v/@bT7

$GG WKH IROORZLQJ WR WKH f2i+fTQbi7BtfKBMX+7 FRQᨫJXUDWLRQ ᨫOH

TQHB+v/@bT7niBK2nHBKBi 4 jeyy
bKiT/n`2+BTB2Min`2bi`B+iBQMb 4
T2`KBinKvM2irQ`Fb-
T2`KBinbbHnmi?2MiB+i2/-
`2D2+inmMmi?n/2biBMiBQM-
+?2+FnTQHB+vnb2`pB+2 mMBt,T`Bpi2fTQHB+v/@bT7


7KLV LV D VWDUWLQJ SRLQW WKDW \RX FDQ DGMXVW +?2+FnTQHB+vnb2`pB+2 VHWV
WKH 63) FKHFNLQJ
6DYH DQG UHVWDUW 3RVWᨫ[

0 bm/Q bvbi2K+iH `2bi`i TQbi7Bt

$IWHU WKDW D QHZ KHDGHU ZLOO DSSHDU LQVLGH WKH HPDLO WR LQIRUP \RX DERXW WKH
63) FKHFN

_2+2Bp2/@aS6, Sbb UKBH7`QKV B/2MiBiv4KBH7`QKc

7KH ODVW SLHFH WR WKH SX]]OH LV KRZ ZH FDQ JHW WKLV HPDLO WR RXU XVXDO GHVNWRS
HPDLO FOLHQW ,QWHUQHW 0HVVDJH $FFHVV 3URWRFRO ,0$3 DQG 3RVW 2ᨬFH 3UR
WRFRO 323 DUH SURWRFROV IRU UHWULHYLQJ HPDLOV IURP DQ HPDLO VHUYHU WR DQ
HPDLO FOLHQW
,I \RX ZDQW \RXU HPDLO FOLHQW WR IHWFK QHZ HPDLOV DV LI LW˵V D UHJXODU HPDLO
ER[ \RX˵OO QHHG WR XVH WKHVH SURWRFROV DQG RSHQ WKHLU SRUWV RQ WKH VHUYHU
,0$3 QHHGV SRUWV  DQG  IRU 7/6  DQG 323  DQG  IRU
7/6 RSHQHG


 6XPPDU\
:H OHDUQHG WKDW VHQGLQJ HPDLO LV QRW QHFHVVDULO\ MXVW DERXW NQRZLQJ KRZ WR
FRQᨫJXUH DQ 6073 VHUYHU

˾ (PDLO PHVVDJHV KDYH D VSHFLᨫF WH[WEDVHG IRUPDW 7KH\ DUH SDUW RI HPDLO
VHUYHUV˵ 6073 H[FKDQJH QRW GLᨪHUHQW IURP +773 H[FKDQJH EHWZHHQ
ZHE VHUYHUV RU EURZVHUV
˾ 6HWWLQJ XS DQ HPDLO VHUYHU IRU GHOLYHU\ LV QRW WHFKQLFDOO\ KDUG EXW WKH
GLᨬFXOW\ FRPHV IURP WKH HPDLO QDWXUH DQG PDNLQJ VXUH \RXU HPDLO
UHDFKHV WKH GHVWLQDWLRQ %LJ HPDLO SURYLGHUV DUH YHU\ UHVWULFWLYH LQ ZKDW
WKH\ DFFHSW DQG HYHQ WKHQ PLJKW PDUN LW DV VSDP

˾ 63) '.,0 DQG '0$5& DUH DOO ZD\V WR SUHYHQW VSRRᨫQJ DQG WKXV DOVR
WKH UHSXWDWLRQ RI \RXU GRPDLQ <RX FDQ LPSOHPHQW WKHP DOO DV 7;7
'16 HQWULHV ,I \RX GHSHQG RQ DQ HPDLO SURYLGHU WKH\ VKRXOG WHOO \RX
63) DQG '.,0 HQWULHV WR XVH

˾ 7R VWDUW UHFHLYLQJ PDLO PDNH WKH HPDLO VHUYHU OLVWHQ IRU QHZ PHVVDJHV
,I \RX ZDQW WR GRZQORDG WKH PHVVDJHV WR \RXU GHVNWRS FOLHQW \RX˵OO
QHHG WR XVH ,0$3 DQG 323 SURWRFROV WR GR WKDW


&KDSWHU 

/LQX[ &RQWDLQHUV

/LQX[ FRQWDLQHUV DUH RQH RI WKH PRVW SURIRXQG WHFKQRORJLHV RI RXU OLIHWLPH
$QG HYHQ WKRXJK WKH ELWV DQG SLHFHV ZHUH KHUH EHIRUH 'RFNHU LW˵V 'RFNHU WKDW
VWLUUHG FRQWDLQHUV IRU WKH PDVV VXFFHVV 'RFNHU LV ERWK SDFNDJLQJ IRUPDW DQG
UXQWLPH WR UXQ WKHVH FRQWDLQHUV $QG 3RGPDQ LV DQ DOWHUQDWLYH UXQWLPH IRU
2&, LPDJHV IURP 5HG +DW WKDW DOORZV UXQQLQJ FRQWDLQHUV ZLWKRXW D GDHPRQ
:H˵OO GLVFXVV ZKDW FRQWDLQHUV DUH DQG ZKHWKHU ZH QHHG WKHP :H˵OO WDON DERXW
WKH 'RFNHU FRQWDLQHU IRUPDW IRU SDFNDJLQJ VHUYHU DSSOLFDWLRQV DQG VHH KRZ
WR UXQ ORQJUXQQLQJ 'RFNHU DSSOLFDWLRQV ZLWK 'RFNHU DQG 3RGPDQ UXQWLPHV
$W WKH HQG RI WKH FKDSWHU ZH˵OO EH DEOH WR EXLOG VHFXUH URRWOHVV FRQWDLQHUV IRU
RXU DSSOLFDWLRQV HᨬFLHQWO\


 5XQWLPHV DQG ,PDJHV
/LQX[ FRQWDLQHUV DUH D PHWKRG RI UXQQLQJ PXOWLSOH GLVWLQFW DQG LVRODWHG /LQX[
V\VWHPV XVLQJ D VLQJOH KRVW NHUQHO 'RFNHU ZKLFK IRFXVHV RQ SDFNDJLQJ D VLQJOH
DSSOLFDWLRQ SHU FRQWDLQHU EHFDPH WKH PRVW SURPLQHQW FRQWDLQHU WHFKQRORJ\
EXW WKH\ DUH RWKHUV OLNH /;& DQG 6QDS :KDW WKH\ DOO KDYH LQ FRPPRQ LV WKDW
WKH\ GHSHQG RQ WKH VDPH /LQX[ NHUQHO IHDWXUHV
&RQWDLQHUV KDYH WZR MREV
)LUVW WKH\ FRQWDLQ WKH SDFNDJHG DSSOLFDWLRQ LQ WHUPV RI V\VWHP DFFHVV DQG UH
VRXUFH FRQVXPSWLRQ 3UHYLRXVO\ ZH GLVFXVVHG KRZ ZH FDQ UHVWULFW SURFHVVHV
XVLQJ FJURXSV &RQWDLQHU UXQWLPHV XVH FJURXSV DV ZHOO EXW WKH\ DOVR XVH DQ
RWKHU NHUQHO IHDWXUH FDOOHG QDPHVSDFHV &RQWDLQHUV XVH WKH QHWZRUN SURFHVV
DQG RWKHU /LQX[ QDPHVSDFHV WR LVRODWH WKH FRQWDLQHU UXQWLPH HYHQ IXUWKHU $V
DQ H[DPSOH WKH\ XVH XVHU QDPHVSDFHV IRU SULYLOHJH LVRODWLRQ DQG XVHU LGHQWL
ᨫFDWLRQ ZKLFK PDSV WKH XVHUV LQVLGH WKH FRQWDLQHU WR WKH V\VWHP VR WKHLU URRW
XVHU LV DVVLJQHG D UHJXODU XQSULYLOHJHG ,' LQ WKH KRVW V\VWHP
6HFRQG FRQWDLQHUV DUH SODWIRUPLQGHSHQGHQW GHOLYHU\ IRUPDW DV D UHSODFH
PHQW IRU 5XE\ JHPV 3\WKRQ ZKHHOV 130 PRGXOHV =,3 DUFKLYHV HWF ,W
DOORZV DQ\RQH WR WUHDW WKHP WKH VDPH ZLWKRXW DQ\ NQRZOHGJH RI ZKDW˵V LQVLGH
WKHP 7KDW ZD\ ZH FDQ SDFNDJH DOO DSSOLFDWLRQ ᨫOHV WRJHWKHU DV LPPXWDEOH
DUWLIDFWV

/LQX[ FRQWDLQHUV DUH EDVHG RQ WKH LGHD RI MDLOV IURP )UHH%6'


ZKLFK DSSHDUHG DOUHDG\ LQ WKH \HDU ᨥᨣᨣᨣ

7KH GHOLYHU\ DVSHFW RI 'RFNHU FRQWDLQHUV DQG 'RFNHU +XE KRVWLQJ SODWIRUP DUH
D ELJ UHDVRQ ZK\ FRQWDLQHUV WRRN Rᨪ LQ WKH LQGXVWU\ 7KH 'RFNHU LPDJH IRUPDW
ODWHU EHFRPHV D EOXHSULQW IRU 2&, ,PDJH 6SHFLᨫFDWLRQ 2SHQ &RQWDLQHU
,QLWLDWLYH 2&, LV D FRPPXQLW\ IRU VSHFLI\LQJ VWDQGDUGV IRU LPDJH IRUPDW
DQG UXQWLPH VR WKDW ZH FDQ FKDQJH WKHP WR D FRPSDWLEOH DOWHUQDWLYH
3HRSOH DOVR WHQG WR FRPSDUH FRQWDLQHUV WR YLUWXDO PDFKLQHV 7KH SUDJPDWLF
GLᨪHUHQFH LV WKDW FRQWDLQHUV VKDUH WKH /LQX[ NHUQHO ZKLFK WKH\ KDYH WR EH
FRPSDWLEOH ZLWK 7KDW JLYHV WKHP D SHUIRUPDQFH DGYDQWDJH DV WKHUH LV QR QHHG
IRU D K\SHUYLVRU DQG YLUWXDO KDUGZDUH DEVWUDFWLRQV 7KH\ FDQ VWLOO IHDWXUH D
FRPSOHWHO\ GLᨪHUHQW V\VWHP VR UXQQLQJ $OSLQH /LQX[ FRQWDLQHUV RQ D &HQW26
KRVW LV SRVVLEOH


%XW GR ZH QHHG FRQWDLQHUV" , EHOLHYH WKDW LI ZH RQO\ HYHU ZDQW WR DVVLJQ
V\VWHP UHVRXUFHV &38 5$0 WR SURFHVV ZH FDQ VWLFN WR FJURXSV GLUHFWLYHV
LQ V\VWHPG XQLWV %XW LI ZH DUH ORRNLQJ LQWR VWDQGDUGL]DWLRQ RI DSSOLFDWLRQ
GHOLYHU\ LQ DQ RUJDQL]DWLRQ ZH PLJKW ᨫQG WKH QHZ SDFNDJLQJ IRUPDW DWWUDFWLYH
$QG WKHQ WKHUH LV DQRWKHU UHDVRQ WKH ULVH RI FRQWDLQHU RUFKHVWUDWLRQ WRROV VXFK
DV .XEHUQHWHV WKDW SURPLVH IDVW DQG VWDQGDUGL]HG GHOLYHU\ RI DSSOLFDWLRQV DW
VFDOH
%XW IRU D ORW RI SHRSOH FRQWDLQHUV DUH QRW DOO RU QRWKLQJ :H FDQ WDNH DGYDQWDJH
RI FRQWDLQHUV RQO\ ZKHUH WKH\ PDNH RXU OLIH HDVLHU ˱UXQQLQJ D PLFURVHUYLFH
ZLWK GLᨪHUHQW /LQX[ GLVWULEXWLRQ WR WDNH DGYDQWDJH RI D SDUWLFXODU SDFNDJH
FRQWDLQPHQW RI SUREOHPDWLF GHSHQGHQFLHV NHHSLQJ ROGHU YHUVLRQV DURXQG 
RU UXQQLQJ DOUHDG\ PDGH FRQWDLQHUV RI RSHQVRXUFH VRIWZDUH

 &RQWDLQHU %OXHSULQW


7R EHWWHU XQGHUVWDQG ZKDW 2&, FRQWDLQHU LPDJHV DUH ZH˵OO GRZQORDG D )HGRUD
LPDJH DQG LQVSHFW LW
)LUVW OHW˵V LQVWDOO WKH 'RFNHU UXQWLPH DQG HQDEOH WKH GRFNHU VHUYLFH

0 bm/Q /M7 BMbiHH /Q+F2` @v


0 bm/Q bvbi2K+iH 2M#H2 /Q+F2`Xb2`pB+2
0 bm/Q bvbi2K+iH bi`i /Q+F2`Xb2`pB+2

2QFH XS DQG UXQQLQJ ZH FDQ SXOO DQ\ DOUHDG\ SDFNDJHG WRRO RU DSSOLFDWLRQ
E\ UHIHUULQJ WR WKH LPDJH QDPH j9 LV D WDJ 

0 bm/Q /Q+F2` TmHH 72/Q`,j9

'RFNHU ZRXOG TXHU\ WKH 'RFNHU +XE UHJLVWU\ KWWSVKXEGRFNHUFRP E\


GHIDXOW WKH ODUJHVW OLEUDU\ RI SXEOLF DQG SULYDWH FRQWDLQHUV %XW \RX FDQ UHTXHVW
DQ LPDJH IURP DQ\ UGSDUW\ UHJLVWU\ WRR +HUH˵V KRZ WR JHW )HGRUD PLQLPDO
LPDJH

0 bm/Q /Q+F2` TmHH `2;Bbi`vX72/Q`T`QD2+iXQ`;f72/Q`@KBMBKH


<RX VKRXOG VHH WKH QHZ LPDJHV DIWHU UXQQLQJ /Q+F2` BK;2b

0 bm/Q /Q+F2` BK;2b

7KHVH LPDJHV DUH VDYHG E\ 'RFNHU DW fp`fHB#f/Q+F2`fQp2`Hvk DV RYHU


OD\ ᨫOHV ,I \RX KDYHQ˵W ZRUN ZLWK 'RFNHU FRQWDLQHUV \HW \RX PLJKW EH VXU
SULVHG WKDW WKRVH LPDJHV DUH LQ IDFW PDGH IURP PDQ\ GLᨪHUHQW RYHUOD\LQJ
OD\HUV 7R SURYH WKDW ZH˵OO WXUQ D FRQWDLQHU LQWR D WDU ᨫOH ZLWK /Q+F2`
bp2

0 bm/Q /Q+F2` bp2 @Q 72/Q`@Hi2biXi` $


`2;Bbi`vX72/Q`T`QD2+iXQ`;f72/Q`@KBMBKH
0 bm/Q +?KQ/ Y` 72/Q`@Hi2biXi`

:H FDQ QRZ RSHQ WKH WDU ᨫOH ZLWK DQ DUFKLYH XWLOLW\ RI RXU FKRLFH DQG SHHN
LQVLGH

0 i` @i7 72/Q`@Hi2biXi`


XXXk/8Rd/kR2yyeR8yjjR73Nf
XXXk/8Rd/kR2yyeR8yjjR73Nfo1_aAPL
XXXk/8Rd/kR2yyeR8yjjR73NfDbQM
XXXk/8Rd/kR2yyeR8yjjR73NfHv2`Xi`

<RX˵OO QRWLFH VHYHUDO ZHLUGO\ QDPHG GLUHFWRULHV ZLWK D ELW RI PHWDGDWD DQG D
ᨫOH FDOOHG Hv2`Xi`

o1_aAPL
Hv2`Xi`
DbQM

:KLOH D ᨫQDO FRQWDLQHU LPDJH DSSHDUV DV D FRKHUHQW ᨫOHV\VWHP LW˵V D FRPSR


VLWLRQ RI OD\HUV VWDFN RQ WRS RI HDFK RWKHU (DFK OD\HU KDV DQ ,' WKH ORQJ
LGHQWLᨫHU DERYH DQG LWV RZQ FROOHFWLRQ RI ᨫOHV DQG GLUHFWRULHV FRPSUHVVHG
LQWR WKH Hv2`Xi` ᨫOH 7KH ᨫQDO LPDJH LV VLPSO\ WKH ODWHVW YHUVLRQ RI WKH
SDUWLFXODU ᨫOHV\WHP ORFDWLRQ DV GHPRQVWUDWHG LQ )LJXUH 


)LJXUH  &RQWDLQHUV OD\HUV

$OO RI WKDW LV LPSRUWDQW WR UHDOL]H ZKHQ EXLOGLQJ LPDJHV EHFDXVH EXLOGLQJ D


OD\HU WKDW GHOHWHV D SUHYLRXVO\ DGGHG ᨫOH ZRQ˵W UHPRYH WKH RULJLQDO ˱ WKH RULJ
LQDO LV VWLOO VDYHG LQ LWV UHVSHFWLYH OD\HU Hv2`Xi`
7KH RSSRVLWH RI /Q+F2` bp2 LV /Q+F2` BKTQ`i ZKLFK FDQ DGG DQ\ WDU
FRQWDLQHU WR 'RFNHU DV LI LW˵V SXOOHG IURP D UHSRVLWRU\

0 bm/Q /Q+F2` BKTQ`i 0AJ:1Xi`

,W SUREDEO\ FURVVHG \RXU PLQG WKDW \RX GRQ˴W QHHG D FRQWDLQHU


UHSRVLWRU\ WR PRYH D ᨮQDO LPDJH IURP \RXU ODSWRS WR D SUR
GXFWLRQ VHUYHU <RX FDQ GHVLJQ \RXU SURFHVVHV DURXQG VHQGLQJ
FRQWDLQHUV DV DUFKLYHV

 5XQQLQJ &RQWDLQHUV


'RFNHU LV WRGD\˵V SUHYDOHQW FRQWDLQHU IRUPDW DQG FDQ EH PDQDJHG ERWK E\ WKH
RULJLQDO 'RFNHU UXQWLPH RU D QHZ FRPSDWLEOH UXQWLPH IURP 5HG +DW FDOOHG
3RGPDQ :H˵OO ORRN ᨫUVW LQWR UXQQLQJ 'RFNHU DQG WKHQ VHH KRZ 3RGPDQ ᨫWV
LQ
:H˵OO VWDUW ZLWK D VPDOO VHUYHU DSSOLFDWLRQ

0 bm/Q /Q+F2` TmHH bi`xB#MvDfBMpQB+2nT`BMi2`nb2`p2`,Hi2bi


7KH ,Hi2bi WDJ VLPSO\ IHWFKHV WKH PRVW UHFHQW YHUVLRQ EXW ZH FRXOG SDVV D
FRQFUHDWH YHUVLRQ LI WKH WDJ H[LVWV
:H FDQ QRZ VHH WKH LQYRLFHBSULQWHUBVHUYHU LPDJH DPRQJ DYDLODEOH LPDJHV

0 bm/Q /Q+F2` BK;2b

1RZ WKDW ZH KDYH DQ LPDJH ZH FDQ DVN 'RFNHU WR UXQ LW

0 bm/Q /Q+F2` `mM @/ @@`2bi`i Hrvb @T NjNj,NjNj $


/Q+F2`XBQfbi`xB#MvDfBMpQB+2nT`BMi2`nb2`p2`

6XFK D /Q+F2` `mM FRPPDQG ZRXOG VWDUW WKH HQWU\SRLQW RI WKH SURYLGHG
LPDJH BMpQB+2nT`BMi2`nb2`p2` H[HFXWDEOH LQ WKLV FDVH  :H FRXOG DOVR
QDPH WKLV FRQWDLQHU E\SDVVLQJ WKH @@MK2 RSWLRQV IRU D UHIHUHQFH ,I ZH GRQ˵W
D XQLTXH FRQWDLQHU ,' ZLOO EH JHQHUDWHG IRU XV
7R FKHFN WKDW WKH VHUYLFH ZRUNV FUHDWH D QHZ 3') LQYRLFH EDVHG RQ WKH SURMHFW
GRFXPHQWDWLRQ RQ *LW+XE , DP LQFOXGLQJ MXVW WKH EHJLQQLQJ 

0 +m`H @s SPah ?iiT,ffyXyXyXy,NjNjf`2M/2` $


@> ]*QMi2Mi@hvT2, TTHB+iBQMfDbQM] $
@@/i ^&]/Q+mK2Mi],&]MmK#2`],]+X RN3NyyyyyyyR]-XXX'^

$Q HQWU\SRLQW LV QRWKLQJ HOVH WKDQ D VKHOO FRPPDQG WR WHOO 'RFNHU ZKDW


SURFHVV WR VWDUW 6LQFH 'RFNHU LV DOO DERXW UXQQLQJ D VLQJOH DSSOLFDWLRQ WKHUH
LV DOZD\V RQO\ RQH HQWU\SRLQW SHU LPDJH 7KHUH FDQ VWLOO EH PDQ\ SURFHVVHV
LQVLGH WKRXJK
, XVHG D IHZ FRPPRQ RSWLRQV /HW˵V H[SODLQ WKHP 7KH @/ RU @@/2i+? PHDQV
WKH FRQWDLQHU ZRXOG EH UXQ LQ WKH EDFNJURXQG GHWDFKHG IURP RXU VWDQGDUG
VWUHDPV DV RSSRVHG WR @@ii+? RSWLRQ  , DOVR XVHG @@`2bi`i VR WKDW
WKH FRQWDLQHU FDQ NHHS UXQQLQJ LQ FDVH RI IDLOXUHV ZKHQ D SURJUDP H[LWV  $W
ODVW WKH @T RSWLRQ PDSV WKH KRVW SRUW ᨫUVW DUJXPHQW WR WKH FRQWDLQHU SRUW
VHFRQG DUJXPHQW 
+HUH LV D KDQG\ WDEOH ZLWK /Q+F2` `mM RSWLRQV


/Q+F2` `mM
RSWLRQ 'HVFULSWLRQ
QDPH $VVLJQ D QDPH
G ˱GHWDFK 5XQ LQ WKH EDFNJURXQG
˱UHVWDUW 6HW D UHVWDUW SROLF\ ˴RQIDLOXUH˵ H[LWV ZLWK D QRQ]HUR
H[LW VWDWXV RU ˴DOZD\V˵ 'HIDXOW LV ˴QR˵
S 0DS WKH FRQWDLQHU SRUW WR WKH KRVW RQH
˱HQY 3URYLGH HQYLURQPHQW YDOXH WR WKH FRQWDLQHU
Y ˱YROXPH %LQG PRXQW D YROXPH
L .HHS 67',1 RSHQ
W $OORFDWH D SVHXGRWW\

7KHVH DUH WKH EDVLF RSWLRQV WR UXQ FRQWDLQHUV ZLWK 'RFNHU <RX XVXDOO\ QHHG
WR PDS SRUWV DQG SURYLGH DQ HQYLURQPHQW 3URJUDPV ZRUNLQJ ZLWK DQ\ NLQG
RI VWRUDJH ZLOO QHHG D YROXPH PRXQWHG DV WKH FRQWDLQHU GLVN VSDFH LV RQO\
WHPSRUDU\ DQG GHOHWHG ZKHQ WKH FRQWDLQHU LV UHPRYHG
7R FKHFN WKH FRQWDLQHU LV UXQQLQJ UXQ /Q+F2` Tb DV ˸SURFHVVHV˹ 

0 bm/Q /Q+F2` Tb

<RX FDQ QRZ XVH WKLV LQYRLFH SULQWLQJ VHUYLFH DV LI LW˵V UXQQLQJ ORFDOO\ RQ SRUW

$IWHU ZH DUH GRQH ZLWK WKH FRQWDLQHU ZH FDQ VWRS LW RU FRPSOHWHO\ UHPRYH LW

0 bm/Q /Q+F2` biQT 0llA.


0 bm/Q /Q+F2` `K @@7Q`+2 0llA.

&RQWDLQHUV ZRXOG UHFHLYH aA:h1_J V\VWHP FDOO DQG aA:EAGG LI QHFHVVDU\ 


,I WKH EDFNJURXQG VHUYLFH QHHGV DQ\ NLQG RI FRQᨫJXUDWLRQ OLNH D GDWDEDVH
SDVVZRUG IRU D 5DLOV DSSOLFDWLRQ ZH QHHG WR SURYLGH D OLVW RI HQYLURQPHQW
YDULDEOHV ZLWK @@2Mp

0 bm/Q /Q+F2` `mM @@2Mp o_R4pHm2R @@2Mp o_k4pHm2k XXX


:H FDQ UHSHDW @@2Mp IRU HYHU\ YDULDEOH WKH DSSOLFDWLRQ QHHGV
:KHQ ZH GHSHQG RQ VWRUDJH OLNH VDYLQJ XVHU XSORDGV ZH FDQ ELQGPRXQW
YROXPHV ZLWK @p RU @@@@pQHmK2 RSWLRQV

0 bm/Q /Q+F2` `mM @p 0UTr/V,fmb`fb?`2fM;BMtf?iKH XXX

7KDW ZD\ ZH FDQ SURYLGH D VWDWHOHVV FRQWDLQHU D SODFH WR UHDG DQG ZULWH GDWD
,Q WKH H[DPSOH DERYH , DP SURYLGLQJ D ORFDO GLUHFWRU\ WR EH VHUYHG E\ 1*,1;
ZLWKRXW WKH QHHG WR EXLOG D FRQWDLQHU IRU WKLV ZHEVLWH VSHFLᨫFDOO\
$QG WKDW˵V LW $VVLJQLQJ WKH SUHPDGH FRQWDLQHU D KRVW SRUW VSDFH DQG HQYL
URQPHQW YDULDEOHV LV PRVW OLNHO\ DOO \RX QHHG WR UXQ \RXU FRQWDLQHUV
, GLGQ˵W XVH WKH @B DQG @i RSWLRQV IURP WKH WDEOH DERYH ZKHQ UXQQLQJ WKLV
EDFNJURXQG VHUYLFH :H QHHG WKHVH RSWLRQV ZKHQ ZH ZDQW WR LQWHUDFW ZLWK WKH
FRQWDLQHU IURP RXU VKHOO /Q+F2` 2t2+ FDQ UXQ DQ\WKLQJ LQVLGH WKH FRQWDLQHU
HYHQ RXWVLGH WKH HQWU\SRLQW :H FDQ OHYHUDJH 2t2+ WR VWDUW D EDVK VHVVLRQ IRU
XV

0 bm/Q /Q+F2` 2t2+ @Bi 0llA. #b?

+HUH @i DOORFDWHV D 77< DQG @B NHHSV 67',1 RSHQ VR ZH JHW D UHJXODU


VKHOO H[SHULHQFH DV ZLWK ORFDO %DVK :H DOZD\V QHHG WR XVH ERWK IRU VWDUWLQJ
LQWHUDFWLYH SURFHVVHV 5XQQLQJ %DVK WKLV ZD\ LV D JUHDW ZD\ WR SHHN LQVLGH DQG
LQWURVSHFW WKH FRQWDLQHU
7R OLVW DOO RI WKHVH RSWLRQV IRU UHIHUHQFH UXQ

0 bm/Q /Q+F2` `mM @@?2HT

 3RGPDQ

7KH\ ZHUH WZR PDLQ FULWLFLVPV RI 'RFNHU UXQWLPH 2QH ZDV WKH UHTXLUHPHQW
RI D GDHPRQ SURFHVV WKDW UXQV DQG UHVWDUWV \RXU FRQWDLQHUV <RX FDQQRW UXQ
D FRQWDLQHU DV D IRUHJURXQG SURFHVV ZLWK 'RFNHU $QG WKH VHFRQG EHLQJ WKH
UHTXLUHPHQW WR UXQ WKLV GDHPRQ DQG FRQWDLQHUV DV URRW ˱ DOWKRXJK WKDW˵V QRZ
SRVVLEOH ZLWK 'RFNHU Y


3RGPDQ DV ˸SRG PDQDJHU˹ LV D GDHPRQOHVV FRQWDLQHU HQJLQH IRU GHYHORSLQJ
PDQDJLQJ DQG UXQQLQJ 2&, &RQWDLQHUV ,W˵V D FRPSDWLEOH 'RFNHU LQWHUIDFH WR
UXQ DQG PDQDJH FRQWDLQHUV XVLQJ UHJXODU /LQX[ SURFHVVHV DQG XVHUV ,QVWHDG
RI VWDUWLQJ D GDHPRQ ZLWK bvbi2K+iH DQG UXQQLQJ /Q+F2` `mM ZH FDQ UXQ
TQ/KM `mM GLUHFWO\ ZLWK WKH VDPH DUJXPHQWV 

0 bm/Q /M7 BMbiHH TQ/KM @v


0 TQ/KM `mM @/ @@MK2 BMpQB+2nT`BMi2` @@`2bi`i Hrvb $
@T NjNj,NjNj @i /Q+F2`XBQfbi`xB#MvDfBMpQB+2nT`BMi2`nb2`p2`

,I \RX DUH ZRQGHULQJ KRZ \RXU FRQWDLQHUV ZLOO UHVWDUW QRZ LI WKHUH LV QR
'RFNHU SURFHVV DURXQG WKH DQVZHU LV QRW DOO WKDW VXUSULVLQJ <RX FDQ XVH D
SURFHVV PDQDJHU RI \RXU FKRLFH DV ZLWK RWKHU SURFHVVHV 7KDW DOORZV \RX WR
EXLOG V\VWHPG XQLW VHUYLFHV DV ZH GLG LQ WKH 'HᨮQLQJ 6HUYLFHV FKDSWHU XVH WKH
XVHU \RX ZDQW DV ZHOO DV RWKHU IHDWXUHV V\VWHPG SURYLGHV
%\ JLYLQJ WKH FRQWDLQHU @@MK2 ZH FDQ QRZ UHIHUHQFH LW ZLWK bi`i DQG
biQT FRPPDQGV

0 TQ/KM bi`i BMpQB+2nT`BMi2`


BMpQB+2nT`BMi2`
0 TQ/KM biQT BMpQB+2nT`BMi2`
N7jyk8XXX

:H˵OO XVH WKH VDPH FRPPDQGV ZLWK V\VWHPG


7KHUH LV D KDQG\ VXEFRPPDQG WR JHQHUDWH D V\VWHPG ᨫOH DXWRPDWLFDOO\

0 TQ/KM ;2M2`i2 bvbi2K/ @@MK2 BMpQB+2nT`BMi2`


@@`2bi`i@TQHB+v4Hrvb @i R BMpQB+2nT`BMi2`


O +QMiBM2`@BMpQB+2nT`BMi2`Xb2`pB+2
O miQ;2M2`i2/ #v SQ/KM kXyXe
O hm2 62# Re Re,8d,jk *1h kykR

(lMBi)
.2b+`BTiBQM4SQ/KM +QMiBM2`@BMpQB+2nT`BMi2`Xb2`pB+2
.Q+mK2MiiBQM4KM,TQ/KM@;2M2`i2@bvbi2K/URV
qMib4M2irQ`FXi`;2i
7i2`4M2irQ`F@QMHBM2Xi`;2i

(a2`pB+2)
1MpB`QMK2Mi4SP.JLnauah1J.nlLAh4WM
_2bi`i4Hrvb
1t2+ai`i4fmb`f#BMfTQ/KM bi`i BMpQB+2nT`BMi2`
1t2+aiQT4fmb`f#BMfTQ/KM biQT @i R BMpQB+2nT`BMi2`
1t2+aiQTSQbi4fmb`f#BMfTQ/KM biQT @i R BMpQB+2nT`BMi2`
SA.6BH24f`mMfmb2`fRyyyf+QMiBM2`bfQp2`Hv@+QMiBM2`bfN7jyk8XXX
XXXfmb2`/if+QMKQMXTB/
EBHHJQ/24MQM2
hvT247Q`FBM;

(AMbiHH)
qMi2/"v4KmHiB@mb2`Xi`;2i /27mHiXi`;2i

<RX FDQ XVH @@MK2 WR QDPH WKH VHUYLFH DQG SURYLGH D V\VWHPG UHVWDUW SRO
LF\ ZLWK @@`2bi`i@TQHB+v 7KH @@M2r RSWLRQ ZRXOG FUHDWH DQG UHPRYH
FRQWDLQHUV DW VHUYLFH VWDUW DQG VWRS FRPPDQGV XVLQJ 1t2+ai`iS`2 DQG
1t2+aiQTSQbi VHUYLFH DFWLRQV  7KH @@7BH2b RSWLRQ FDQ WHOO 3RGPDQ WR
JHQHUDWH WKH ᨫOHV IRU \RX RWKHUZLVH WKH\ DUH ZULWWHQ WR 67'287 
/HW˵V WU\ WR XVH WKLV VHUYLFH QRZ
:H SXW WKH QHZ ᨫOH LQWR fX+QM7B;fbvbi2K/fmb2` IRU UXQQLQJ LW DV D XVHU
VHUYLFH

0 KF/B` @T fX+QM7B;fbvbi2K/fmb2`
0 TQ/KM ;2M2`i2 bvbi2K/ @@MK2 BMpQB+2nT`BMi2` UXXXV =
fX+QM7B;fbvbi2K/fmb2`fBMpQB+BM;Xb2`pB+2

$ UHJXODU V\VWHPG VHUYLFH ZRXOG XVH WKH f2i+fbvbi2K/fbvbi2K SDWK %XW


VLQFH ZH FUHDWHG WKH FRQWDLQHU ZLWK TQ/KM `mM DV D UHJXODU XVHU WKH V\VWHP


VHUYLFH ZRXOG IDLO ZLWK WKH QR FRQWDLQHU ZLWK QDPH RU ,' IRXQG HUURU 7KLV LV
LPSRUWDQW 5RRW DQG URRWOHVV 3RGPDQ GR QRW VKDUH FRQWDLQHUV
1RWH WKDW LI WKLV LV D PLFURVHUYLFH SDUW RI \RXU ODUJHU DSSOLFDWLRQ \RX ZRXOG
DFWXDOO\ ZDQW WR UXQ LW DV D V\VWHP VHUYLFH LQVWHDG VLQFH \RX ZDQW LW WR EH
DOZD\V UXQQLQJ
$IWHU ZH SUHSDUH WKH VHUYLFH ᨫOH ZH FDQ UXQ WKH VHUYLFH DV DQ\ RWKHU

0 bvbi2K+iH @@mb2` 2M#H2 BMpQB+BM;Xb2`pB+2


0 bvbi2K+iH @@mb2` bi`i BMpQB+BM;Xb2`pB+2

<RX PLJKW DOVR QHHG WR WXUQ WKH +QMiBM2`nKM;2n+;`QmT ERROHDQ RQ


EHFDXVH RI 6(/LQX[

0 bm/Q b2ib2#QQH @S +QMiBM2`nKM;2n+;`QmT QM

)URP QRZ RQ , FDQ XVH WKLV VHUYLFH ZKHQHYHU , DP ORJJHG LQ
3RGPDQ LQWHJUDWHV EHWWHU ZLWK WKH WRROV ZH DOUHDG\ NQRZ E\ VNLSSLQJ WKH
GDHPRQ SDUW ZKLOH RᨪHULQJ D EHWWHU VHFXULW\ PRGHO 7KH FRPSDWLELOLW\ ZLWK
'RFNHU LV DV KLJK DV D 3RGPDQ UHFRPPHQGDWLRQ WR DOLDV /Q+F2` ZLWK TQ/KM
RQ \RXU V\VWHP

0 HBb /Q+F2`4TQ/KM

%HFDXVH RI WKLV LW˵V ZRUWK H[SORULQJ 3RGPDQ HYHQ IRU RUJDQL]DWLRQV GHSHQGLQJ
RQ WKH 'RFNHU UXQWLPH

 9ROXPHV

$OWKRXJK ZH LQWURGXFHG WKH RSWLRQ IRU ELQGLQJ YROXPHV DV SDUW RI /Q+F2`


`mM @p @@pQHmK2  ,W˵V D JRRG LGHD WR VHH LW LQ SUDFWLFH :H FDQ JR EDFN
WR WKH BMpQB+2nT`BMi2`nb2`p2` LPDJH DQG UXQ LW ZLWK D YROXPH
7KLV ZLOO DOORZV XV WR JHQHUDWH 3') LQYRLFHV WR D SURYLGHG ᨫOH DV RSSRVHG WR
UHFHLYLQJ WKHP EDFN LQ WKH UHVSRQVHV 


0 +m`H @s SPah ?iiT,ffyXyXyXy,NjNjfT`BMi $
@> ]*QMi2Mi@hvT2, TTHB+iBQMfDbQM] $
@@/i ^&]/Q+mK2Mi],&XXX'-]7BH2MK2],]f/ifBMpQB+2RXT/7]'^

1RWLFH WKH fT`BMi SDUW RI WKH 85/ WR LQYRNH SULQWLQJ PRGH DQG WKH SURYLGHG
7BH2MK2 SRLQWLQJ WR f/ifBMpQB+2RXT/7 :H VKRXOG SUHSDUH WKLV SDWK
RQ WKH KRVW V\VWHP EHIRUHKDQG DOWKRXJK XVLQJ @p ZLWK 'RFNHU FDQ VRPHWLPHV
FUHDWH WKLV SDWK DV ZHOO 

0 KF/B` fBMpQB+2b

$QG ELQG WKLV SDWK DV LI LW˵V D f/i GLUHFWRU\ IURP WKH FRQWDLQHU SRLQW RI
YLHZ

0 TQ/KM `mM @/ @@T`BpBH2;2/ @@MK2 BMpQB+2nT`BMi2` $


@@`2bi`i Hrvb @T NjNj,NjNj @p fBMpQB+2b,f/i,w $
/Q+F2`XBQfbi`xB#MvDfBMpQB+2nT`BMi2`nb2`p2`

1RWLFH WKH DSSHQGHG @w WKDW DOORZV WKH FRQWH[W FKDQJHV IRU 6(/LQX[
5HUXQQLQJ WKH DERYH FRPPDQG VKRXOG UHWXUQ D SDWK WR WKH JHQHUDWHG GRFX
PHQW

0 +m`H @s SPah ?iiT,ffyXyXyXy,NjNjfT`BMi XXX


&]`2bmHi],]QF]-]Ti?],]f/ifBMpQB+2RXT/7]'

1RZ RSHQLQJ fBMpQB+2 GLUHFWRU\ LQ \RXU XVHU KRPH ZLOO FRQWDLQ \RXU QHZ
LQYRLFH

 1HWZRUNV
0RVW SHRSOH GHVLJQ WKHLU FRQWDLQHUL]HG DSSOLFDWLRQV LQ D ZD\ WKDW WKH\ XVH
VHUYLFHV RXWVLGH WKH JLYHQ KRVW VHUYHU 7KLV ZD\ WKH\ RQO\ QHHG WR SURYLGH
HQYLURQPHQW YDULDEOH GHWDLOV IRU FRQQHFWLQJ WR UHPRWH GDWDEDVHV DQG NH\YDOXH


VWRUHV VXFK DV 3RVWJUH64/ 5HGLV DQG $PD]RQ 6 %XW ZKDW LI ZH ZDQW RXU
FRQWDLQHU WR XVH ORFDO VHUYLFHV RQ WKH KRVW" :KDW LI ZH ZDQW WR FRQWDLQHUL]H
RXU ZHE DSSOLFDWLRQ EXW OHW LW DFFHVV RWKHU FRQWDLQHUV LW PLJKW XVH DV ZRUNHUV"
7R WKLV HQG ZH QHHG WR OHDUQ D ELW PRUH RQ QHWZRUNLQJ LQ 'RFNHU DQG 'RFNHU
FRQWDLQHUV
'RFNHU FRPPXQLFDWHV ZLWK WKH RXWVLGH ZRUOG XVLQJ SOXJJDEOH GULYHUV <RX
PLJKW VHH WKH /Q+F2`y LQWHUIDFH ZLWK BT //` RU WKH /Q+F2`y ]RQH ZLWK
7B`2rHH@+K/ @@;2i@+iBp2@xQM2b RQ D KRVW ZLWK 'RFNHU UXQQLQJ
7KH\ ERWK SRLQW WR D /Q+F2`y EULGJH
1HWZRUN EULGJHV DUH QRW FRPSOHWHO\ QHZ WR XV /Q+F2`y LV XVHG VLPLODUO\ DV
pB`#`y LQ OLEYLUW FDVH IRU H[DPSOH 8VLQJ D EULGJH GULYHU ZH FDQ DOORZ PXO
WLSOH 'RFNHU FRQWDLQHUV WR FRPPXQLFDWH ZLWK HDFK RWKHU RU WKH KRVW V\VWHP
,Q WKLV FDVH /Q+F2`y LV XVHG E\ FRQWDLQHUV WR UHDFK WKH ,QWHUQHW

$ QHWZRUN EULGJH FDQ EH D KDUGZDUH RU VRIWZDUH GHYLFH ZKLFK IRUZDUGV


WUDᨯF RQ WKH OLQN OD\HU $ XVHUGHᨮQHG 'RFNHU EULGJH LV D VRIWZDUH
EULGJH UXQQLQJ ZLWKLQ WKH KRVW NHUQHO WKDW DOORZV FRQWDLQHUV FRQQHFWHG
WR WKH VDPH EULGJH QHWZRUN WR FRPPXQLFDWH XVLQJ DQ DXWRPDWLF '16
UHVROXWLRQ

7KHUH DUH RWKHU GULYHUV WRR $ KRVW GULYHU FDQ EH XVHG WR VWRS WKH FRQWDLQHU
QHWZRUN LVRODWLRQ DOWRJHWKHU DV LI WKHUH LV QRQH LQ WKH ᨫUVW SODFH /HW˵V XVH WKH
)HGRUD LPDJH ZH KDYH DURXQG WR VHH LW LQ SUDFWLFH 5XQ WKH FRQWDLQHU ZLWK D
QHWZRUN QDPHG ?Qbi XVLQJ WKH @@M2irQ`F RSWLRQ

0 bm/Q /Q+F2` `mM @Bi @@M2irQ`F ?Qbi 72/Q`,jj f#BMf#b?


(`QQi!bi`xB#Mv f)O Tvi?QMj @K ?iiTXb2`p2`

,I ZH UXQ D VHUYHU LQVLGH RQ SRUW  ZH FDQ DFFHVV LW RQ WKH KRVW LQ D


VHSDUDWH WHUPLQDO ZLQGRZ

0 +m`H HQ+H?Qbi,3yyy

7KH KRVW GULYHU UHPRYHG WKH QHWZRUN LVRODWLRQ RI WKH FRQWDLQHU DQG LW QRZ
EHKDYHV DV LW˵V D UHJXODU SURFHVV RQ WKH KRVW V\VWHP 1RWLFH ZH GLG QRW KDYH WR


PDS DQ\ SRUWV ZKHQ UXQQLQJ WKH FRQWDLQHU DQG ZH XVHG WKH ORFDOKRVW DGGUHVV
WR DFFHVV WKH OLWWOH VHUYHU IURP WKH KRVW
7KH KRVW GULYHU FDQ EH XVHIXO ZKHQHYHU ZH XVH D FRQWDLQHU MXVW DV D SDFNDJLQJ
IRUPDW IRU WKH QHWZRUN VHUYLFH ,W ZRUNV ERWK ZD\V WRR ,I ZH DUH WU\LQJ WR
UHDFK D ORFDOO\ UXQQLQJ 5HGLV VHUYLFH IURP WKH FRQWDLQHU ZH FDQ NHHS OLVWHQLQJ
RQ ORFDOKRVW FRQQHFWLRQV RQ WKH 5HGLV VLGH
%XW EDFN WR EULGJHV ZKLFK DUH PXFK PRUH LQWHUHVWLQJ 8VLQJ D EULGJH GULYHU
ZH FDQ FUHDWH RXU RZQ QHWZRUN ZKLFK FRQWDLQHUV FDQ XVH ,Q IDFW LI ZH GRQ˵W
SURYLGH D @@M2irQ`F RSWLRQ D GHIDXOW EULGJH FDOOHG EULGJH LV XVHG WR DOO
FRQWDLQHUV WRJHWKHU
&DQ ZH SURYH LW"
:H FDQ UXQ WKH FRQWDLQHU ZLWK WKH 3\WKRQ VHUYHU DJDLQ ZLWKRXW VHWWLQJ XS WKH
QHWZRUN H[SOLFLWO\

0 /Q+F2` `mM @Bi @T 3yyy,3yyy 72/Q`,jj f#BMf#b?


(`QQi!bi`xB#Mv f)O Tvi?QMj @K ?iiTXb2`p2`

$QG UXQ DQRWKHU FRQWDLQHU IURP ZKLFK ZH WU\ WR DFFHVV WKH ᨫUVW RQH

0 /Q+F2` `mM @Bi @T 3yyy,3yyy 72/Q`,jj f#BMf#b?

7R DFFHVV WKH ᨫUVW FRQWDLQHU VHUYLFH ZH KDYH WR OHDUQ KRZ WR ᨫQG RXW WKH ,3
DGGUHVV RI WKH FRQWDLQHU
7R ᨫQG \RXU FRQWDLQHU ,3 DGGUHVV UXQ /Q+F2` BMbT2+i 0A. DQG ORRN IRU
˸,3$GGUHVV˹ HQWU\

0 /Q+F2` BMbT2+i 8ee/3k9Rj82e % ;`2T AS//`2bb


]a2+QM/`vAS//`2bb2b], MmHH-
]AS//`2bb], ]]-
]AS//`2bb], ]RdkXRdXyXk]-

7KH DERYH LV PH DVNLQJ IRU WKH DGGUHVV RI WKH ᨫUVW FRQWDLQHU ,W˵V RdkXRdXyXk
8VLQJ WKLV DGGUHVV ZH FDQ QRZ DFFHVV WKH 3\WKRQ VHUYLFH IURP RWKHU FRQWDLQ
HUV RU HYHQ WKH KRVW ZLWKRXW DQ\ NLQG RI PDSSLQJ :H MXVW QHHG WR XVH WKLV
,3 DGGUHVV


(`QQi!bi`xB#Mv f)O +m`H RdkXRdXyXk,3yyy

$V \RX FDQ VHH WKLQJV ZRUN DXWRPDWLFDOO\ %XW WKLV VHWXS KDV WZR SUREOHPV
2QH LV WKH H[SRVXUH RI HYHU\WKLQJ WR HYHU\WKLQJ $QRWKHU LV WKH UHTXLUHPHQW
RI XVLQJ H[DFW ,3 DGGUHVVHV
%RWK FDQ EH VROYHG ZLWK XVHUGHᨫQHG QHWZRUNV
8VLQJ /Q+F2` M2irQ`F +`2i2 ZH FDQ FUHDWH D QHZ EULGJH ZLWK D VXEQHW
DQG JDWHZD\ RI RXU FKRLFH

0 bm/Q /Q+F2` M2irQ`F +`2i2 @/ #`B/;2 $


@@bm#M2i RNkXRe3XyXyfk9 @@;i2rv RNkXRe3XyXR KvM2i

P\QHW LV WKH QDPH RI WKH QHZ EULGJH ZLWK WKH RNkXRe3XyXyfk9 VXEQHW
2QFH ZH KDYH WKH EULGJH UHDG\ ZH FDQ SDVV LWV QDPH WR WKH @@M2irQ`F RSWLRQ

0 bm/Q /Q+F2` `mM @Bi @@M2irQ`F KvM2i 72/Q`,jj $


f#BMf#b?
(`QQi!bi`xB#Mv f)O Tvi?QMj @K ?iiTXb2`p2`

:KDW FKDQJHG" 2QO\ WKH FRQWDLQHUV IURP WKH P\QHW QHWZRUN FDQ QRZ DFFHVV
WKLV FRQWDLQHU VHUYLFHV
/HW˵V VHH )LQG WKH FRQWDLQHU ,3 DGGUHVV

0 /Q+F2` BMbT2+i 8ee/3k9Rj82e % ;`2T AS//`2bb


]a2+QM/`vAS//`2bb2b], MmHH-
]AS//`2bb], ]]-
]AS//`2bb], ]RNkXRe3XyXj]-

,W˵V RNkXRe3XyXj
,I ZH VWDUW DQRWKHU FRQWDLQHU ZLWK WKH VDPH QHWZRUN WKLQJV VKRXOG ZRUN


0 bm/Q /Q+F2` `mM @Bi @@M2irQ`F KvM2i 72/Q`,jj $
f#BMf#b?
(`QQi!bi`xB#Mv f)O +m`H RNkXRe3XyXk,3yyy
I5.P*huS1 >hJG Sl"GA* ]@ffqj*ff.h. >hJG 9XyRff1L]
]?iiT,ffrrrXrjXQ`;fh_f?iKH9fbi`B+iX/i/]=
I?iKH=

%XW WU\LQJ LW IURP FRQWDLQHUV RXWVLGH WKLV QHWZRUN ZRQ˵W ZRUN


, DOVR PHQWLRQHG ZH GRQ˵W QHHG WR XVH ,3 DGGUHVVHV IRU UHIHUHQFHV 6LQFH WKHUH
LV DXWRPDWLF '16 ZH FDQ DVVLJQ KRVW QDPHV WR WKH FRQWDLQHUV $QG DVVLJQLQJ
D KRVWQDPH LV WKH VDPH WKLQJ DV JLYLQJ WKH FRQWDLQHU D QDPH

0 bm/Q /Q+F2` `mM @Bi @@M2irQ`F KvM2i @@MK2 Tvb2`p2` $


72/Q`,jj f#BMf#b?
(`QQi!bi`xB#Mv f)O Tvi?QMj @K ?iiTXb2`p2`
0 bm/Q /Q+F2` `mM @Bi @@M2irQ`F KvM2i 72/Q`,jj f#BMf#b?
(`QQi!bi`xB#Mv f)O +m`H Tvb2`p2`,3yyy

'RFNHU EULGJH RQO\ ZRUNV RQ WKH VDPH KRVW <RX ZLOO QHHG WR ORRN
LQWR RYHUOD\ QHWZRUNV LQ 'RFNHU RU RWKHU RUFKHVWUDWLRQ RSWLRQV
WR VHW XS FRPPXQLFDWLRQ DFURVV GLᨭHUHQW KRVWV

 5HVWULFWLQJ &RQWDLQHUV


:H FDQ UHVWULFW FRQWDLQHU DFFHVV WR KRVW V\VWHP UHVRXUFHV ZLWK FJURXSV GLV
FXVVHG LQ WKH 'HᨮQLQJ 6HUYLFHV FKDSWHU
$OWKRXJK FRQWDLQHUV JHW D OLWWOH ELW PRUH VHSDUDWLRQ WKDQ UHJXODU SURFHVVHV
IURP WKH V\VWHP UHVWULFWLQJ &38 DQG PHPRU\ LV EDVLFDOO\ WKH VDPH DV UH
VWULFWLQJ V\VWHPG VHUYLFHV
+HUH DUH WKH OLVW RI VHOHFWHG RSWLRQV WKDW DOVR PDWFK WKH GLUHFWLYHV DYDLODEOH LQ
V\VWHPG XQLW ᨫOHV


/Q+F2` `mM RSWLRQ 'HVFULSWLRQ
@@+;`QmT@T`2Mi 3DUHQW FJURXSVOLFH IRU WKH FRQWDLQHU
@@+Tm@[mQi /LPLW WKH &38 WLPH TXRWD LQ SHUFHQWDJH
UHODWLYH WR WKH WRWDO &38 WLPH QXPEHU RI
&38V  
@+ @@+Tm@b?`2b $VVLJQ D VSHFLᨫHG &38 WLPH VKDUH ZHLJKW
IURP  WR  GHIDXOW EHLQJ   
@@+Tmb /LPLW WKH PD[ QXPEHU RI &38V XVHG
@K @@K2KQ`v #vi2b 6HW PHPRU\ OLPLW
@@K2KQ`v@brT 6HW VZDS OLPLW HTXDO WR PHPRU\ SOXV VZDS
8VH  WR HQDEOH XQOLPLWHG VZDS
@@K2KQ`v@brTTBM2bb 6HW FRQWDLQHU PHPRU\ VZDSSLQHVV  WR 
GHIDXOW 

$SDUW IURP UHVWULFWLQJ &38 DQG PHPRU\ UHVRXUFHV \RX PLJKW DOVR EH LQWHU
HVWHG LQ PDQDJLQJ /LQX[ FDSDELOLWLHV SHU FRQWDLQHU

/Q+F2` `mM RSWLRQ 'HVFULSWLRQ


@@+T@// HBbi /LVW RI /LQX[ FDSDELOLWLHV WR DGG
@@+T@/`QT HBbi /LVW RI /LQX[ FDSDELOLWLHV WR UHPRYH

<RX FDQ XVH DOO WKHVH ᨭDJV DV H[WUD SDUDPHWHUV WR WKH /Q+F2` `mM DQG TQ/KM
`mM FDOOV


 %XLOGLQJ &RQWDLQHUV
7R EXLOG D FRQWDLQHU RXUVHOYHV ZH QHHG WR ZULWH D &RQWDLQHUᦣOH PRVWO\ FDOOHG
'RFNHUᦣOH 'RFNHUᨫOH LV D VHW RI FRPPDQGV IRU GHᨫQLQJ WKH ᨫQDO FRQWDLQHU
LPDJHV ,W˵V H[HFXWHG IURP WRS WR ERWWRP GHᨫQLQJ WKH EDVH LPDJH PHWDGDWD
DQG UXQ VWHSV 0DQ\ WLPHV ZH KDYH WR FRPSURPLVH EHWZHHQ WKH VLPSOLFLW\ RI
D &RQWDLQHUᨫOH VPDOO IRRWSULQW DQG WKH WLPH WKDW LW WDNHV LW WR EXLOG LW
7KH )HGRUD FRQWDLQHU ZH LQVSHFWHG DW WKH EHJLQQLQJ ZDVQ˵W VSHFLᨫFDOO\ EXLOW
IRU DQ\ DSSOLFDWLRQ 7KH EDVLF RSHUDWLQJ V\VWHP LPDJHV DQG RWKHU PLQLPDO
LPDJHV ZH FDQ XVH WR EXLOG RWKHU LPDJHV DUH ZKDW ZH FDOO EDVH LPDJHV $V
ZH˵OO VHH LQ D ZKLOH HYHU\ QHZ LPDJH LV EXLOW RQ D SUHYLRXVO\ H[LVWLQJ LPDJH
$QG EHFDXVH FRQWDLQHUV RQO\ VKDUH NHUQHOV WKH LPDJHV˵ RSHUDWLQJ V\VWHPV FDQ
GLᨪHU IURP WKH RSHUDWLQJ V\VWHP RI WKH KRVW V\VWHP
7RGD\ PRVW RSHUDWLQJ V\VWHPV ZLOO RᨪHU DQ RᨬFLDO EDVH LPDJH VR VWDUWLQJ ZLWK
DQ RSHUDWLQJ V\VWHP \RX NQRZ PLJKW EH \RXU EHVW EHW %XW QRW DOO LPDJHV DUH
VOLPPHG GRZQ DQG \RX PLJKW HQG XS ZLWK ELJJHU LPDJHV WKDQ QHFHVVDU\
)RU WKLV YHU\ UHDVRQ , UHFRPPHQG VWDUWLQJ ZLWK )HGRUD PLQLPDO LPDJHV WKDW
UHSODFH '1) ZLWK 0LQL'1) WR SURYLGH D VPDOOHU IRRWSULQW 6LPLODUO\ 5+(/
KDV D PLQLPDO LPDJH YDULDQW FDOOHG 5HG +DW 8QLYHUVDO %DVH LPDJH 8%, 
$V ZH VDZ HDUOLHU WKH IRRWSULQW RSWLPL]DWLRQ RI D ᨫQDO LPDJH OLHV LQ NHHSLQJ
DOO OD\HUV VPDOO &KRRVLQJ WKH ULJKW EDVH LPDJH LV WKH ᨫUVW VWHS :H FDQ DOVR
EXLOG RXU RZQ EDVH LPDJHV )RU H[DPSOH D )HGRUD LPDJH ZLWK D SUHEXLOW
5XE\ YHUVLRQ *RLQJ IRUZDUG ,˵OO IRFXV RQ )HGRUD PLQLPDO LPDJHV EXW WKH
WHFKQLTXHV DQG FRQVLGHUDWLRQV WUDQVODWH ZHOO WR RWKHU LPDJHV
<RX˵OO VHH KRZ ZH FDQ XVH WKH VDPH %DVK FRPPDQGV DV EHIRUH WR ERRWVWUDS
DSSOLFDWLRQ LPDJHV E\ DGGLQJ QHZ OD\HUV 7R PDNH D ᨫQDO DSSOLFDWLRQ LPDJH
ZH˵OO IROORZ WKHVH VWHSV

˾ 6SHFLI\ D EDVH LPDJH


˾ 'HᨫQH D VKHOO WR XVH
˾ 6HW HQYLURQPHQW YDULDEOHV
˾ ,QVWDOO QHZ VRIWZDUH
˾ &RS\ DSSOLFDWLRQ VRXUFHV
˾ 6HW WKH ZRUNLQJ GLUHFWRU\
˾ 'HᨫQH D GHIDXOW FRPPDQG WR UXQ IRU WKH LPDJH
˾ ([SRVH WKH XVHG SRUWV


 &RQWDLQHUᦣOHV

&RQWDLQHUᨫOHV DUH VLPSOH LQ QDWXUH 7KHUH DUH RQO\ D IHZ FRPPDQGV WR OHDUQ
EHFDXVH D ORW RI WKH EXLOG ORJLF LV H[SUHVVHG ZLWK VKHOO +HUH LV WKH OLVW ZH˵OO
QHHG

˾ 6_PJ VSHFLᨫHV D EDVH LPDJH


˾ G"1G DGGV D ODEHO RI RXU FKRLFH WR FRQWDLQHU PHWDGDWD
˾ a>1GG GHᨫQHV WKH VKHOO
˾ _lL UXQV D SURYLGHG VKHOO FRPPDQG
˾ *PSu FRSLHV ᨫOHV IURP WKH KRVW WR WKH FRQWDLQHU
˾ 1Lo VHWV HQYLURQPHQW YDULDEOH EXW GRHVQ˵W ZRUN ZLWK FXVWRP XVHUV
˾ qP_E.A_ VHWV D ZRUNLQJ GLUHFWRU\ IRU WKH IROORZLQJ FRPPDQGV
˾ la1_ VHWV WKH XVHU WR UXQ WKH IROORZLQJ FRPPDQGV
˾ *J. UXQV WKH GHIDXOW FRPPDQG ZLWKLQ WKH FRQWDLQHU
˾ 1sSPa1 H[SRVHV WKH SURFHVV SRUWV

,Q WKH EHJLQQLQJ ZH KDYH WR GHFLGH RQ ZKDW V\VWHP ZH EDVH WKH FRQWDLQHU RQ
, WDONHG DERXW )HGRUD PLQLPDO LPDJHV VR IDU EXW WKH PRVW PLQLPDO VWDUW ZLWK
FRQWDLQHUV ZRXOG EH WR XVH D VSDFHHᨬFLHQW GLVWULEXWLRQ FDOOHG %XV\%R[
%XV\%R[ SURYLGHV UHSODFHPHQWV IRU D ORW RI *18 XWLOLWLHV WR EH DV PLQLPDO DV
LW JHWV $Q H[DPSOH RI D PLQLPDO 'RFNHUᨫOH IRU D VWDWLF H[HFXWDEOH ZRXOG ORRN
OLNH WKH IROORZLQJ

6_PJ #mbv#Qt
*PSu XfbiiB+@#BM`v fbiiB+@#BM`v
*J. (]fbiiB+@#BM`v])

6_PJ ZLOO EDVH WKH LPDJH RQ %XV\%R[ *PSu ZLOO FRS\ \RXU H[HFXWDEOH RYHU
DQG *J. ZRXOG UXQ LW ZKHQ VWDUWLQJ WKH FRQWDLQHU
:H FDQ EXLOG WKLV LPDJH ZLWK /Q+F2` #mBH/

0 bm/Q /Q+F2` #mBH/ X

,I WKH ᨫOH LV FDOOHG .Q+F2`7BH2 LW ZLOO EH SLFNHG XS DXWRPDWLFDOO\ 2WKHUZLVH


SURYLGH D IXOO SDWK


:KLOH EXLOGLQJ VXFK PLQLPDO LPDJHV VRXQGV JUHDW DW ᨫUVW ZH DUH LQWHUHVWHG
LQ SDFNDJLQJ W\SLFDO 5XE\ DQG 3\WKRQ ZHE DSSOLFDWLRQV ZLWK TXLWH D ORW RI
GHSHQGHQFLHV 7KH ᨫQDO LPDJH VL]HV PDWFK XS TXLFNO\ WR WUDGLWLRQDO GLVWULEX
WLRQV LQ WKLV VFHQDULR 6WLFNLQJ WR )HGRUD ZH FDQ DOVR OHYHUDJH DOO WKH TXDOLW\
SDFNDJHV DQG NQRZOHGJH ZH DFTXLUHG XS XQWLO QRZ

$ SRSXODU RSWLRQ IRU WKH VPDOOHVW FRQWDLQHUV RXWVLGH WKH )HGRUD


IDPLO\ LV $OSLQH /LQX[ $OSLQH LV EXLOW RQ WRS RI %XV\%R[ DQG
XVHV DQ DOWHUQDWLYH & FRPSLOHU PXVO  'HSHQGLQJ RQ WKH SURMHFW
DW KDQG WKLQJV PLJKW QRW ZRUN DV H[SHFWHG EXW LW FDQ EH D JRRG
FKRLFH IRU PLQLPDO FRQWDLQHUV IRU VWDWLF ELQDULHV

6R KRZ FDQ ZH WUDQVIHU LW WR )HGRUD DQG D G\QDPLF ODQJXDJH" ,PDJLQH D VPDOO


5XE\ ZHE VHUYHU

0 +i KvTTX`#
`2[mB`2 ^bBMi`^

;2i ^f^ /Q
^>2HHQ rQ`H/5^
2M/

$FFRPSDQLHG E\ D VPDOO *HPᨫOH

0 +i :2K7BH2
bQm`+2 ]?iiTb,ff`m#v;2KbXQ`;]
;2K ]bBMi`
0 #mM/H2 BMbiHH

5XQQLQJ `m#v KvTTX`# ZRXOG VWDUW D VHUYHU RQ SRUW 


+RZ ZRXOG WKH VLPSOHVW 'RFNHUᨫOH ORRN OLNH"

6_PJ `2;Bbi`vX72/Q`T`QD2+iXQ`;f72/Q`@KBMBKH,jj
a>1GG (]f#BMf#b?]- ]@+])
1Lo SSn1Lo T`Q/m+iBQM


:H DUH RQ )HGRUD QRZ DQG GHᨫQLQJ D WDJ UHOHDVH  DV ZHOO 7KH GHIDXOW
VKHOO IRU )HGRUD LV %DVK VR LW FDQ EHQHᨫW XV QRW WR ZRUN DURXQG LW a>1GG FDQ
VHW DQ\ VKHOO \RX ZDQW 6LQDWUD DOORZV FRQᨫJXULQJ DSSOLFDWLRQ HQYLURQPQHW
YLD WKH SSn1Lo HQYLURQPHQW 7KLV ZLOO EH D OLWWOH SURGXFWLRQ FRQWDLQHU VR
OHW˵V XVH 1Lo WR VHW LW XS
7KHQ ZH QHHG WR VROYH GHSHQGHQFLHV

_lL KB+`Q/M7 mT/i2 @v  $


KB+`Q/M7 BMbiHH @v `m#v `m#v;2K@#mM/H2`  $
KB+`Q/M7 +H2M HH
_lL KF/B` fKvTT
*PSu :2K7BH2 fKvTT
*PSu :2K7BH2XHQ+F fKvTT
qP_E.A_ KvTT
_lL #mM/H2 BMbiHH
*PSu KvTTX`# fKvTT

:H XSGDWH WKH V\VWHP DQG LQVWDOO V\VWHP 5XE\ DQG %XQGOHU IRU FRQYHQLHQFH
ZLWK _lL 1RWLFH WKDW ZH DUH UHSODFLQJ XVXDO FDOOV WR /M7 ZLWK KB+`Q/M7
_lL FDQ UXQ DQ\ %DVK FRGH ZH OLNH DQG WKXV OHDUQLQJ %DVK LV KHOSLQJ XV
ZULWLQJ FRQWDLQHU ᨫOHV WRR :H FRXOG FKDQJH WKH ZRUNLQJ GLUHFWRU\ IRU WKH
QH[W FRPPDQGV ZLWK qP_E.A_ :H FRS\ WKH DSSOLFDWLRQ ᨫOHV DV SUHYLRXVO\

7KHUH LV D ORW RI 3\WKRQ GHSHQGHQFLHV LQ )HGRUDEDVHG V\VWHPV


'1) LV PRVWO\ 3\WKRQ DQG WKXV WDNLQJ D ORW RI VSDFH IURP WKH
VWDUW )HGRUD PLQLPDO DQG 0LFUR'1) WULHV WR DGGUHVV WKLV IRU
WKH FRQWDLQHUL]HG ZRUOG ,I \RX DUH EXLOGLQJ DQ LPDJH UHTXLULQJ
V\VWHP 3\WKRQ \RX PLJKW WU\ WR XVH WKH UHJXODU )HGRUD EDVH LPDJH

7KH RUGHU LV QRW DFFLGHQWDO , VHSDUDWHG WKH LQVWDOODWLRQ RI GHSHQGHQFLHV IURP


FRS\LQJ WKH UHVW RI WKH DSSOLFDWLRQ ᨫOHV 'RFNHU EXLOGV FRQWDLQHUV LQ OD\HUV D
OD\HU SHU _lL DQG WKHVH OD\HUV FDQ EH FDFKHG RQ VXEVHTXHQW EXLOGV 6LQFH
DSSOLFDWLRQ ᨫOHV ZLOO FRQVWDQWO\ FKDQJH HYHU\WKLQJ DIWHU WKHLU *PSu DFWLRQ
ZRXOG KDYH WR EH UHUXQ 1RZ ZH KDYH WR UHEXLOG JHP GHSHQGHQFLHV RQO\ LI
WKH\ FKDQJH
7KHQ ZH KDYH WR H[SRVH WKH SRUW ZH˵OO XVH ZLWK 1sSPa1 DQG SURYLGH WKH
FRPPDQG WR UXQ ZLWK *J.


1sSPa1 98ed
*J. #mM/H2 2t2+ `m#v KvTTX`#

)LQDOO\ EXLOG WKH 'RFNHUᨫOH DQG UXQ LW

0 bm/Q /Q+F2` #mBH/ X @i M2rTT


0 bm/Q /Q+F2` `mM @T 98ed,98ed M2rTT

:H NHSW WKH H[DPSOH PLQLPDO EXW VWLOO OHDUQHG TXLWH D ORW 7KH LPSRUWDQW
OHVVRQ ZDV FDFKLQJ WKH OD\HUV

 5RRWOHVV &RQWDLQHUV

7KHUH LV DQRWKHU LPSRUWDQW WKLQJ WR QRWLFH :H DUH UXQQLQJ HYHU\WKLQJ DV URRW


LQVLGH WKH FRQWDLQHU 7KLV ZDV DOZD\V HQFRXUDJHG E\ 'RFNHU EXW RSHQV XV WR
SRVVLEOH YXOQHUDELOLWLHV :KHQHYHU ZH FDQ DYRLG UXQQLQJ URRW SULYLOHJHV ZH
VKRXOG :H VDZ ZLWK 3RGPDQ ZH FDQ UXQ FRQWDLQHUV URRWOHVV RQ WKH KRVW QRZ
ZH˵OO VHH KRZ WR UXQ URRWOHVV LQVLGH WKH FRQWDLQHU DV ZHOO

0RVW RI WKH FRQWDLQHUV LQ WKH ZLOG ZLOO EH UXQQLQJ ZLWK URRW


6XFK URRW LV OXFNLO\ PDSSHG WR D UHJXODU XVHU RQ D KRVW %XW
HYHQ VR WKH VXUIDFH RI SRVVLEOH YXOQHUDELOLWLHV LV DOZD\V ELJJHU

/HW˵V WU\ WR UHZULWH WKH H[DPSOH WR XVH D UHJXODU XVHU ,Q WKH EHJLQQLQJ ZH
FUHDWH D QHZ XVHU DQG JLYH KLP WKH RZQHUVKLS RI WKH DSSOLFDWLRQ GLUHFWRU\

XXX
1Lo SSn1Lo T`Q/m+iBQM
_lL KF/B` fKvTT
_lL //mb2` `m#v@mb2`
_lL +?QrM @_ `m#v@mb2` fKvTT
_lL /M7 mT/i2 @v  /M7 BMbiHH `m#v `m#v;2K@#mM/H2` @v
la1_ `m#v@mb2`


$IWHU ZH UXQ HYHU\WKLQJ ZH QHHG WR UXQ ZLWK WKH URRW SULYLOHJHV VXFK DV /M7
BMbiHH ZH FDQ VZLWFK WR WKH QHZ XVHU ZLWK la1_
7KHQ DQ\ _lL FRPPDQG ZLOO EH UXQ XQGHU RXU QHZ `m#v@mb2` XVHU +RZ
HYHU RWKHU 'RFNHU FRPPDQGV ZRQ˵W :H QHHG WR XSGDWH HYHU\ *PSu FRPPDQG
ZLWK @@+?QrM4`m#v@mb2` WR FKDQJH WKH RZQHUVKLS RI FRSLHG ᨫOHV

*PSu @@+?QrM4`m#v@mb2` :2K7BH2 fKvTT


*PSu @@+?QrM4`m#v@mb2` :2K7BH2XHQ+F fKvTT

$IWHUZDUG PDNH VXUH %XQGOHU XVHV WKH H[SHFWHG XVHU SDWK E\ VHWWLQJ WKH Ti?
EHIRUH #mM/H2 BMbiHH

_lL #mM/H2 +QM7B; b2i Ti? ^f?QK2f`m#v@mb2`fX;2Kf`m#v^


_lL #mM/H2 BMbiHH

:H DOVR KDYH WR IRUJHW 1Lo 8QIRUWXQDWHO\ LW GRHVQ˵W ZRUN :KDW ZH FDQ GR


LV WR XVH X#b?nT`Q7BH2 IRU WKLV SXUSRVH

_lL 2+?Q ]2tTQ`i SSn1Lo4T`Q/m+iBQM] = fX#b?nT`Q7BH2

$QG WKHQ FKDQJH WKH ᨫQDO _lL DV IROORZV

*J. bQm`+2 fX#b?nT`Q7BH2  #mM/H2 2t2+ `m#v KvTTX`#

7KDW˵V LW
5HEXLOG WKH FRQWDLQHU DQG WHVW LW

0 bm/Q /Q+F2` #mBH/ X @i M2rTT


0 bm/Q /Q+F2` `mM @T 98ed,98ed M2rTT

$ IHZ FKDQJHV KHUH DQG WKHUH EXW ZH DUH UXQQLQJ URRWOHVV ,W FDQ EH KDUG
DW ᨫUVW EXW RQFH \RX UHDOL]H ZH DUH VWLOO EXLOGLQJ HYHU\WKLQJ DV ZH NQRZ LW ˱
SODLQ %DVK DQG DOO ˱ LW FRPHV WRJHWKHU ZLWK D OLWWOH ELW PRUH SUDFWLFH


5HG +DW EULQJV DQ DOWHUQDWLYH WR 'RFNHUᨮOHV DV ZHOO <RX FDQ
EXLOG LPDJHV GLUHFWO\ IURP WKH FRPPDQG OLQH ZLWK WKH SURMHFW
FDOOHG %XLOGDK %XLOGDK FRGH LV DOVR LQFRUSRUDWHG ZLWK WKH 3RG
PDQ˴V EXLOG FRPPDQG

 $SSOLFDWLRQ &RQWDLQHUV

:KLOH EXLOGLQJ D VPDOO FRQWDLQHUL]HG VHUYLFH ZDV IXQ ZH KDYH WR PRYH RQ WR


D IXOOᨭHGJHG ZHE DSSOLFDWLRQ :H˵OO XVH WKH WHFKQLTXHV ZH OHDUQHG VR IDU WR
FUHDWH D FRPSOHWH 5DLOV FRQWDLQHU XVLQJ UXE\LQVWDOO WR LQVWDOO DQ\ 5XE\ YHUVLRQ
ZH QHHG , ZLOO EXLOG LW DJDLQVW WKH H[DPSOH 'RFV DSSOLFDWLRQ 1RWH WKDW , ZRQ˵W
EH XVLQJ 1*,1; LQVLGH WKH FRQWDLQHU WR VHUYH DVVHWV DOWKRXJK LW˵V VRPHWKLQJ
\RX FRXOG GR
,Q D VSLULW RI NHHSLQJ FRQWDLQHUV VLQJOHSXUSRVH \RX FDQ VHUYH DVVHWV IURP D
UHYHUVH SUR[\ RU D &'1 DQG KDYH 5DLOV VHUYH WKHP IURP WKH FRQWDLQHU DV D
EDFNXS :KLOH , XVHG 5DLOV WKHVH VWHSV FDQ EH UHSHDWHG ZLWK DQ\ ODQJXDJH DQG
IUDPHZRUN
:H VWDUW ZLWK D )HGRUD LPDJH DJDLQ EXW GHᨫQLQJ 5XE\ YHUVLRQ DQG LQFOXGLQJ
V\VWHP GHSHQGHQFLHV UHTXLUHG IRU FRPSLOLQJ 5XE\ DV ZHOO DV 5XE\*HPV XVHG

6_PJ `2;Bbi`vX72/Q`T`QD2+iXQ`;f72/Q`@KBMBKH,jj b #mBH/


a>1GG (]f#BMf#b?]- ]@+])

1Lo _l"u jXyXy


1Lo _AGan1Lo T`Q/m+iBQM

_lL KB+`Q/M7 mT/i2 @v  $


KB+`Q/M7 BMbiHH @v $
#BMmiBHb #BbQM 7H2t KF2 miQKF2 miQ+QM7 #BMmiBHb $
;HB#+@/2p2H ;++ ;++@+YY F2`M2H@/2p2H Ti+? +m`H ;Bi $
TQbi;`2b[H@/2p2H Ti+? r;2i i` #xBTk tx QT2MbbH@/2p2H $
xHB#@/2p2H MQ/2Db MQ/2Db@v`M  $
KB+`Q/M7 `2BMbiHH @v ix/i  $
KB+`Q/M7 +H2M HH

:H QHHG D ORW PRUH V\VWHP GHSHQGHQFLHV QRZ ,QVWDOOLQJ WKHP DOO ZLWKLQ RQH
_lL FRPPDQG LV DQ RSWLPL]DWLRQ WR DYRLG FUHDWLQJ VHSDUDWH OD\HUV 1RWLFH ,


FRXOGQ˵W MXVW LQVWDOO WKH & 'HYHORSPHQW 7RROV DQG /LEUDULHV JURXS ZLWK 0LFUR')1
LW˵V QRW VXSSRUWHG DQG KDG WR OLVW DOO WKH SDFNDJHV P\VHOI
7KLV WLPH DURXQG ZH˵OO XVH UXE\LQVWDOO ZKLFK ZLOO KHOS XV WR LQVWDOO DUELWUDU\
5XE\ YHUVLRQV

_lL r;2i @P `m#v@BMbiHH@yX3XyXi`X;x $


?iiTb,ff;Bi?m#X+QKfTQbiKQ/2`Mf`m#v@BMbiHHf`+?Bp2fpyX3XyXi`X;x
_lL i` @txp7 `m#v@BMbiHH@yX3XyXi`X;x
_lL +/ `m#v@BMbiHH@yX3Xyf  KF2 BMbiHH

2WKHU VWHSV DUH TXLWH VLPLODU ZH FUHDWH D GHGLFDWHG UDLOVXVHU

_lL KF/B` @T fKvTTfX#mM/H2


_lL //mb2` `BHb@mb2`
_lL +?QrM @_ `BHb@mb2` fKvTT
la1_ `BHb@mb2`
_lL `m#v@BMbiHH `m#v 0_l"u
qP_E.A_ fKvTT

$QG VROYH GHSHQGHQFLHV

*PSu @@+?QrM4`BHb@mb2` :2K7BH2 fKvTT


*PSu @@+?QrM4`BHb@mb2` :2K7BH2XHQ+F fKvTT
_lL iQm+? fKvTTfX#mM/H2f+QM7B;
_lL 2+?Q $
]2tTQ`i Sh>4f?QK2f`BHb@mb2`fX`m#B2bf`m#v@0_l"uf#BM,0Sh>] $
= fX#b?nT`Q7BH2
_lL fX`m#B2bf`m#v@0_l"uf#BMf;2K BMbiHH #mM/H2`
_lL fX`m#B2bf`m#v@0_l"uf#BMf#mM/H2 mT/i2 @@#mM/H2`
_lL fX`m#B2bf`m#v@0_l"uf#BMf#mM/H2 +QM7B; $
b2i @@HQ+H rBi?Qmi ^/2p2HQTK2Mi i2bi^
_lL fX`m#B2bf`m#v@0_l"uf#BMf#mM/H2 BMbiHH  $
`K fKvTTfp2M/Q`f#mM/H2f`m#vf f;2Kbf f2tif f XQ

<RX FDQ VHH , DYRLGHG LQVWDOOLQJ FKUXE\ ZKLFK ZH GRQ˵W QHHG EXW FRXOG XVH
E\ UHIHUHQFLQJ IXOO SDWKV WR WKH #mM/H2 H[HFXWDEOH $QRWKHU FOHYHU WKLQJ , DP
GRLQJ LV WR ORVH DOO LQWHUPHGLDWH XQ ᨫOHV IURP FRPSLOLQJ JHP & H[WHQVLRQV
VLQFH WKH\ DUH QRW QHHGHG DQG VRPHWLPHV WDNH D ELJ FKXQN RI VSDFH
7KHQ ZH FDQ FRS\ WKH DSSOLFDWLRQ ᨫOHV ZKLFK VKRXOG KDSSHQ DV ODWH DV SRVVLEOH


O _mM b Hi2 b TQbbB#H2
*PSu @@+?QrM4`BHb@mb2` X fKvTT

$QG DIWHU SUHFRPSLOLQJ DVVHWV ZH FDQ H[SRVH WKH XVHG SRUW DQG SURYLGH WKH
VWDUWLQJ FRPPDQG ZKLFK LV #mM/H2 2t2+ TmK

_lL bQm`+2 fX#b?nT`Q7BH2 $


 #mM/H2 2t2+ `BHb bb2ib,T`2+QKTBH2
1sSPa1 jyyy
*J. bQm`+2 fX#b?nT`Q7BH2 $
 #mM/H2 2t2+ TmK @* fKvTTf+QM7B;fTmKX`#

2QFH WKH 'RFNHUᨫOH LV UHDG\ ZH FDQ EXLOG LW DQG UXQ LW

0 bm/Q /Q+F2` #mBH/ X @i `BHbe


0 bm/Q /Q+F2` `mM @T RkdXyXyXR,jyyy,jyyy `BHbe,Hi2bi

$QG LQYHVWLJDWH WKH LPDJH LI QHFHVVDU\ E\ MXPSLQJ LQVLGH LWV %DVK FRQVROH

0 bm/Q /Q+F2` 2t2+ @Bi `BHbe f#BMf#b?

 0XOWL7DUJHW %XLOGV

7KH VWHSV ZH WRRN WR FUHDWH RXU ᨫUVW LPDJHV ZHUH TXLWH VWUDLJKWIRUZDUG ,Q
VWDOOLQJ GHSHQGHQFLHV FRS\LQJ ᨫOHV RYHU DOH GHᨫQLQJ WKH PDLQ SURFHVV WR UXQ
%XW GHVSLWH FDUHIXO FRQVLGHUDWLRQV DURXQG WKH RUGHULQJ RI OD\HUV ZH ZRXOG
VWLOO HQG XS ZLWK DOPRVW HYHU\WKLQJ ZH HYHU QHHGHG GXULQJ WKH EXLOG LQVLGH WKH
LPDJH ,Q WKH FDVH RI 5XE\ DQG 3\WKRQ ZH KDG WR LQVWDOO GHYHO SDFNDJHV RU
YHUVLRQ PDQDJHUV )RU FRPSLOHG ODQJXDJHV OLNH (OL[LU DQG *R WKH GLᨪHUHQFH
LV HYHQ PRUH UHYHDOLQJ VLQFH WKH\ FDQ SURGXFH VHOIFRQWDLQHG H[HFXWDEOHV
7R FRPEDW WKDW ZH FDQ GR EXLOGV ZLWK PXOWLSOH WDUJHWV 7DUJHW LV DQ LQWHU
PHGLDWH VWHS LQ WKH EXLOG WKDW FDQ VWDUW IURP D IUHVK EDVH LPDJH EXW KDYH DFFHVV
WR DQ\WKLQJ IURP SUHYLRXV WDUJHWV WR DQ\WKLQJ WKDW ZDV EXLOW EHIRUH LW  7KH
EXLOGV ZH GLG VR IDU FRXOG EH FRQVLGHUHG WDUJHWV LQ WKHLU RZQ ULJKW EXW WKH


LGHD LV WR FUHDWH D QHZ UXQWLPH WDUJHW ZKHUH ZH RQO\ PRYH WKH HVVHQWLDOV :H
FRXOG DOVR GR PRUH WDUJHWV :H FRXOG VSOLW XS IURQWHQG RU EDFNJURXQG MRE
SURFHVVLQJ WKLV ZD\

6_PJ `2;Bbi`vX72/Q`T`QD2+iXQ`;f72/Q`@KBMBKH,jj b #mBH/


O AMbiHH /2T2M/2M+B2b
XXX

6_PJ `2;Bbi`vX72/Q`T`QD2+iXQ`;f72/Q`@KBMBKH,jj b `mMiBK2


O *QTv 2bb2MiBH 7BH2b
*PSu @@7`QK4#mBH/ f?QK2f`BHb@mb2`fX`m#B2b $
f?QK2f`BHb@mb2`fX`m#B2b
XXX

$V \RX FDQ VHH ZH RQO\ KDYH WR XQGHUVWDQG WZR WKLQJV )LUVW ZH KDYH WR
QDPH D WDUJHW EXLOG UXQWLPH IURQWHQG̀  DQG WKHQ ZH XVH *PSu ZLWK WKH
@@7`QK40h_:1h RSWLRQ
,˵OO ZDON \RX WKURXJK RQH FRPSOHWH VSOLW WR XQGHUVWDQG ZKDW WKLV LV DERXW 7KH
#mBH/ WDUJHW ZLOO FRQWDLQ DOO WKH VWHSV ZH LQFOXGHG EHIRUH H[FHSW FRS\LQJ WKH
IXOO DSSOLFDWLRQ VRXUFHV DQG VHWWLQJ XS WKH GHIDXOW SURFHVV WR UXQ

6_PJ `2;Bbi`vX72/Q`T`QD2+iXQ`;f72/Q`@KBMBKH,jj b #mBH/


a>1GG (]f#BMf#b?]- ]@+])

1Lo _l"u jXyXy


1Lo _AGan1Lo T`Q/m+iBQM

_lL KB+`Q/M7 mT/i2 @v  $


KB+`Q/M7 BMbiHH @v $
#BMmiBHb #BbQM 7H2t KF2 miQKF2 miQ+QM7 #BMmiBHb $
;HB#+@/2p2H ;++ ;++@+YY F2`M2H@/2p2H Ti+? +m`H ;Bi $
TQbi;`2b[H@/2p2H Ti+? r;2i i` #xBTk tx QT2MbbH@/2p2H $
xHB#@/2p2H MQ/2Db MQ/2Db@v`M  $
KB+`Q/M7 `2BMbiHH @v ix/i  $
KB+`Q/M7 +H2M HH

$IWHU V\VWHP GHSHQGHQFLHV ZH FDQ LQVWDOO QHZ 5XE\ ZLWK UXE\LQVWDOO


_lL r;2i @P `m#v@BMbiHH@yX3XyXi`X;x $
?iiTb,ff;Bi?m#X+QKfTQbiKQ/2`Mf`m#v@BMbiHHf`+?Bp2fpyX3XyXi`X;x
_lL i` @txp7 `m#v@BMbiHH@yX3XyXi`X;x
_lL +/ `m#v@BMbiHH@yX3Xyf  KF2 BMbiHH
_lL //mb2` `BHb@mb2`
_lL KF/B` @T fKvTTfX#mM/H2
_lL +?QrM @_ `BHb@mb2` fKvTT
la1_ `BHb@mb2`
_lL `m#v@BMbiHH `m#v 0_l"u

7KHQ VROYH DSSOLFDWLRQ GHSHQGHQFLHV ZLWK #mM/H2 BMbiHH

_lL KF/B` @T fKvTTfX#mM/H2


qP_E.A_ fKvTT

*PSu @@+?QrM4`BHb@mb2` :2K7BH2 fKvTT


*PSu @@+?QrM4`BHb@mb2` :2K7BH2XHQ+F fKvTT
*PSu @@+?QrM4`BHb@mb2` X`m#v@p2`bBQM fKvTT

_lL iQm+? fKvTTfX#mM/H2f+QM7B;

_lL 2+?Q $
]2tTQ`i Sh>4f?QK2f`BHb@mb2`fX`m#B2bf`m#v@0_l"uf#BM,0Sh>] $
= fX#b?nT`Q7BH2
_lL fX`m#B2bf`m#v@0_l"uf#BMf#mM/H2 +QM7B; $
b2i @@HQ+H Ti? p2M/Q`f#mM/H2
_lL fX`m#B2bf`m#v@0_l"uf#BMf#mM/H2 +QM7B; $
b2i @@HQ+H rBi?Qmi /2p2HQTK2Mi,i2bi

_lL fX`m#B2bf`m#v@0_l"uf#BMf#mM/H2 BMbiHH  $


`K fKvTTfp2M/Q`f#mM/H2f`m#vf f;2Kbf f2tif f XQ

:H ᨫQLVK WKH EXLOG WDUJHW E\ FRPSLOLQJ DVVHWV DQG FKDQJLQJ WKH %XQGOHU FRQ
ᨫJXUDWLRQ WR UHPRYH WKH DVVHWV JURXS IRU UXQWLPH LI \RX ZDQW WR 


*PSu @@+?QrM4`BHb@mb2` X fKvTT
1Lo _AGanJah1_nE1u 99d8k37/9#3dkek3j#9y9k722+R2y+NN
_lL bQm`+2 fX#b?nT`Q7BH2  $
#mM/H2 2t2+ `BHb bb2ib,T`2+QKTBH2
_lL fX`m#B2bf`m#v@0_l"uf#BMf#mM/H2 +QM7B; $
b2i @@HQ+H rBi?Qmi /2p2HQTK2Mi,i2bi,bb2ib

7KH WKLQJ WR QRWLFH LV VHWWLQJ WKH _AGanJah1_nE1u YDULDEOH LQ FDVH \RX


XVH 5DLOV (QFU\SWHG &UHGHQWLDOV <RX VKRXOGQ˵W LQFOXGH LW OLNH WKDW LQ WKH ᨫQDO
LPDJH EXW WKLV LV WKH EXLOG WDUJHW DQG bb2ib,T`2+QKTBH2 UHTXLUHV LW
7KH 'RFNHUᨫOH FRQWLQXHV ZLWK EXLOGLQJ WKH ᨫQDO UXQWLPH LPDJH

6_PJ `2;Bbi`vX72/Q`T`QD2+iXQ`;f72/Q`@KBMBKH,j9 b `mMiBK2


a>1GG (]f#BMf#b?]- ]@+])
1Lo _l"u jXyXy
1Lo _AGan1Lo T`Q/m+iBQM
_lL KB+`Q/M7 mT/i2 @v  KB+`Q/M7 BMbiHH TQbi;`2b[H @v  $
KB+`Q/M7 +H2M HH

_lL //mb2` `BHb@mb2`


la1_ `BHb@mb2`
qP_E.A_ fKvTT

*PSu @@7`QK4#mBH/ f?QK2f`BHb@mb2`fX#b?nT`Q7BH2 $


f?QK2f`BHb@mb2`fX#b?nT`Q7BH2
*PSu @@7`QK4#mBH/ f?QK2f`BHb@mb2`fX`m#B2b $
f?QK2f`BHb@mb2`fX`m#B2b
*PSu @@7`QK4#mBH/ fKvTT fKvTT

1sSPa1 jyyy
*J. bQm`+2 fX#b?nT`Q7BH2  $
#mM/H2 2t2+ TmK @* fKvTTf+QM7B;fTmKX`#

7KH EHJLQQLQJ LV WKH VDPH EXW ZH FDQ FKRRVH D GLᨪHUHQW EDVH LPDJH LI ZH
ZDQW WR :H LQVWDOO RQO\ WKH TQbi;`2b[H SDFNDJH DORQJVLGH D V\VWHP XSGDWH
7KHQ ZH FRS\ WKH UHOHYDQW GLUHFWRULHV 7KH %DVK SURᨫOH 5XE\ LQVWDOODWLRQ
DQG WKH DSSOLFDWLRQ WRJHWKHU ZLWK WKH p2M/Q`f GLUHFWRU\ KROGLQJ WKH LQVWDOOHG
JHPV
:H EXLOG WKH PXOWLVWDJH LPDJH WKH VDPH ZD\


0 bm/Q /Q+F2` #mBH/ X @i `BHbe

%XW LI ZH ZDQWHG WR ZH FRXOG EH EXLOGLQJ RQO\ D SDUWLFXODU VWDWH

0 bm/Q /Q+F2` #mBH/ X @i`;2i #mBH/

1RWH WKDW LI ZH ZDQWHG ZH FRXOG VHSDUDWH DVVHWV LQWR D QHZ WDUJHW ZLWK 1*
,1; DQG VHUYH WKHP PRUH HᨬFLHQWO\ ˱ EXW LW ZRXOG UHTXLUH XV WR UXQ WZR
FRQWDLQHUV

 &OHDQLQJ 8S
$IWHU VRPH WLPH ZRUNLQJ ZLWK FRQWDLQHUV \RX ZLOO DFFXPXODWH D ORW RI FUXIW
RQ \RXU V\VWHP
7R UHPRYH FRQWDLQHUV DQG LPDJHV LQFOXGLQJ WKHLU YROXPHV UXQ

0 bm/Q /Q+F2` biQT 0Ubm/Q /Q+F2` Tb @ @[V


0 bm/Q /Q+F2` bvbi2K T`mM2 @ @pQHmK2b @7

:H KDYH WR VWRS WKH UXQQLQJ FRQWDLQHUV ᨫUVW DQG WKHQ UXQ bvbi2K T`mM2 WR
IRUFHIXOO\ SUXQH VWRSSHG FRQWDLQHUV XQXVHG QHWZRUNV GDQJOLQJ LPDJHV EXLOG
FDFKH DQG WKH DVVRFLDWHG YROXPHV
,I \RX RQO\ ZDQW WR UHPRYH LPDJHV \RX FDQ UXQ /Q+F2` BK;2 T`mM2

0 bm/Q /Q+F2` BK;2 T`mM2 @ @7


 6XPPDU\
:H VDZ ZKDW /LQX[ FRQWDLQHUV DUH DQG KRZ WR XVH WKHP

˾ :H OHDUQHG DERXW WKH GLᨪHUHQFH EHWZHHQ UXQWLPHV DQG LPDJHV 'RFNHU


DQG 3RGPDQ DQG KRZ FRQWDLQHUV XVH FHUWDLQ IHDWXUHV RI WKH /LQX[ NHU
QHO WR SURYLGH D KLJKHU OHYHO RI LVRODWLRQ

˾ &RQWDLQHUV FDQ EH UXQ ZLWK WKH URRW SULYLOHJHV RU URRWOHVV PRXQWHG


YROXPHV DQG XVHUGHᨫQHG EULGJH QHWZRUNV IRU OHVVHU H[SRVXUH RQ WKH
QHWZRUN :H FDQ UHVWULFW WKH UHVRXUFHV ZLWK FJURXSV DV ZLWK UHJXODU
V\VWHPG VHUYLFHV

˾ %XLOGLQJ RXU RZQ FRQWDLQHUV LV QRW DOO WKDW GLᨪHUHQW IURP VHWWLQJ XS D
YLUWXDO PDFKLQH XVLQJ %DVK %\ OHDUQLQJ D IHZ GLUHFWLYHV RI WKH &RQ
WDLQHUᨫOH ZH FDQ EXLOG DQ\ NLQG RI FRQWDLQHU ZH MXVW QHHG WR EH DZDUH
RI WKHLU RUGHU WR FDFKH DV PXFK DV SRVVLEOH


&KDSWHU 

6FDOLQJ

$W WKH EHJLQQLQJ RI WKH ERRN ZH FKRVH D YLUWXDO PDFKLQH LQVWDQFH ZLWKRXW


WRR PXFK WKLQNLQJ :KHQ GHVLJQLQJ D SURGXFWLRQ LQIUDVWUXFWXUH ZH QHHG WR
FRQVLGHU WKH DSSOLFDWLRQ ZH DUH DERXW WR GHSOR\ DQG LWV OLNHO\ XVDJH RYHU WKH
XSFRPLQJ PRQWKV ,GHDOO\ ZH JXHVV WKH ULJKW LQVWDQFH VL]HV %XW DW VRPH
SRLQW WKH DSSOLFDWLRQ RXWJURZV WKDW LQIUDVWUXFWXUH 7KDW˵V RND\ ,I ZH SD\
DWWHQWLRQ WR ZKDW˵V KDSSHQLQJ RQ RXU VHUYHUV ZH FDQ SUHSDUH IRU ZKDW VWDUWXS
LQYHVWRUV FDQQRW VWRS WDONLQJ DERXW 6FDOLQJ
:H˵OO JR WKURXJK FRQVLGHUDWLRQV DQG PLVFRQFHSWLRQV GLVFXVV YHUWLFDO DQG KRU
L]RQWDO VFDOLQJ VHH VLQJOH VHUYHU FRPSURPLVHV DQG LQWURGXFH ORDG EDODQFHUV
IRU QHZ GHSOR\PHQW VWUDWHJLHV :H˵OO VHH KRZ WR WKLQN RI VFDOLQJ DV D SURFHVV
UDWKHU WKDQ DQ HQG JRDO 6WHS E\ VWHS ZH˵OO OHDUQ KRZ WR JLYH WKH DSSOLFDWLRQ
H[WUD URRP IRU JURZWK 0HDVXULQJ WKH ORDG RQ V\VWHP UHVRXUFHV ZLOO NHHS
RXU LQIUDVWUXFWXUH LQ FKHFN DQG JLYH XV WKH QHFHVVDU\ LQVLJKWV WR VFDOH XS DQG
GRZQ ZLWK FRQᨫGHQFH


 &RQVLGHUDWLRQV DQG 0LVFRQFHSWLRQV
7KH\ DUH VWDUWXS IRXQGHUV WKDW WKLQN RI DXWRVFDOLQJ EHIRUH VLJQLQJ HQRXJK
FOLHQWV WR SXW RQH VHUYHU WR ZRUN SURSHUO\ 7KHUH LV WKLV IHDU WKDW ZLWKRXW DX
WRPDWLQJ WKH DSSOLFDWLRQ VHUYHUV FRXQW \RX ZRQ˵W EH DEOH WR VHUYH WKH GHPDQG
\RX˵OO VXGGHQO\ JHW RXW RI QRZKHUH , ZRXOG OLNH WR FKDOOHQJH WKLV WKLQNLQJ
DQG VWDUW RQ WKH RSSRVLWH HQG &DQ ZH VXFFHVVIXOO\ VWDUW ZLWK D VLQJOH VHUYHU
DQG JR IURP WKHUH"
6LQJOH YLUWXDO PDFKLQHV VXUH VRXQG OLNH D WKLQJ RI WKH SDVW ˱ GR SHRSOH HYHQ
GR WKLV DQ\PRUH" $FWXDOO\ \HV FRXQWOHVV EXVLQHVVHV DUH GRLQJ VRPH VHULRXV
UHYHQXH ZLWK VLQJOHVHUYHU GHSOR\PHQWV 2QH H[DPSOH WKDW , ᨫQG LQWHUHVWLQJ
LV WKH ;3ODQH 002 VLPXODWRU ;3ODQH LV D IDQWDVWLF SODQH VLPXODWRU ZLWK
JRUJHRXV JUDSKLFV DQG WKH DELOLW\ WR SOD\ ZLWK RWKHU SOD\HUV VLPXOWDQHRXVO\
7KH H[FLWLQJ SDUW LV WKDW WKH\ UXQ WKLV 002 JDPH ZLWK D VLQJOH EDFNHQG
VHUYHU %XW ZK\" ,W˵V VLPSOH
7KLV LV ZKDW WKH\ VD\ RQ WKHLU GHYHORSPHQW EORJ DERXW LW

,I ZH HYHU QHHG WR VXSSRUW RUGHUV RI PDJQLWXGH PRUH FRQFXUUHQW


SLORWV ZH˵OO GR VR E\ PRYLQJ WR D EDUHPHWDO FRUH PDFKLQH
RU VRPHWKLQJ̀ QRW E\ VSLQQLQJ XS GR]HQV RI FRUH 90V

7KDW VHQWHQFH VXPV XS YHU\ ZHOO KRZ , OLNH WR WKLQN :KLOH PRUH PDFKLQHV
EULQJ EHQHᨫWV LW ZLOO FRVWV \RX LQ WHUPV RI FRPSOH[LW\ DQG ODWHQF\ 6R WKH
ᨫUVW FRQVLGHUDWLRQ VKRXOG EH DERXW ᨫWWLQJ D VLQJOH VHUYHU LQIUDVWUXFWXUH 0D\EH
\RXU EXVLQHVV ZLOO GR EHWWHU ZLWK PRUH VHUYHUV 0D\EH WKH LQFUHDVH LQ FRP
SOH[LW\ LV ZRUWK LW RU HYHQ QHFHVVDU\ %XW , WKLQN LW˵V D PLVVHG RSSRUWXQLW\
LI \RX FRXOG HDVLO\ GR  PRQWKV RU  \HDUV RQ D VLQJOH VHUYHU ZLWK VLPSOH
LQVWDQFH XSJUDGHV DQG DSSOLFDWLRQ SHUIRUPDQFH ᨫ[HV
6R OHW˵V VHH WKH EXVLQHVV FRQVLGHUDWLRQV DV JRLQJ IURP RQH VHUYHU WR PDQ\ ˱
DVVXPLQJ D EUDQG QHZ DSSOLFDWLRQ DQG YLUWXDO VHUYHU DV D VWDUWLQJ SRLQW 7KDW
ZD\ ,˵OO LOOXVWUDWH DOO WKH WUDGHRᨪV WKDW ZH HQG XS PDNLQJ DORQJ WKH ZD\
6LQJOH VHUYHUV KDYH D ORW RI DGYDQWDJHV 7KH QXPEHU RQH LV VLPSOLFLW\ %DE\VLW
WLQJ RQO\ RQH VHUYHU ZLOO EH WUHPHQGRXVO\ OHVV FRPSOH[ WKDQ DGPLQLVWHULQJ
PDQ\ 7KH VHFRQG LV VHFXULW\ .HHSLQJ \RXU DSSOLFDWLRQ VHFXUH ZLWKRXW ZRU
U\LQJ DERXW SULYDWH QHWZRUNLQJ RU VHWWLQJ XS 66/7/6 FRQQHFWLRQV EHWZHHQ
\RXU VHUYHUV FDQ EH D OLIHVDYHU <RX ZRXOG RQO\ RSHQ D IHZ SRUWV RI SXE
OLFO\ IDFLQJ SURFHVVHV EDFNHG E\ 7DUJHWHG 6(/LQX[ <RX FDQ NHHS HYHU\WKLQJ


HOVH KLGGHQ LQFOXGLQJ \RXU GDWDEDVH ZKLFK \RX FDQ VWLOO DFFHVV ZLWK DQ 66+
WXQQHO 
6LQFH DOO SURFHVVHV DUH RQ RQH /LQX[ ER[ SURFHVV FRPPXQLFDWLRQ ZLOO EH
IDVWHU DQG PRUH UHOLDEOH ZLWKRXW WKH H[WUD ODWHQF\ RI \RXU QHWZRUN <RX FDQ
XVH IDVWHU 81,; VRFNHWV LQVWHDG RI 7&3 WRR <RXU GHSOR\PHQW ZLOO WDNH OHVV
WLPH HᨪRUW DQG PRQH\ 5HPHPEHU WKDW PDQ\ FRPPHUFLDO VHUYHU VRIWZDUH
FKDUJHV PRQH\ E\ WKH QXPEHU RI VHUYHUV ˱ VR LW˵V QRW QHFHVVDULO\ MXVW WKH
VHUYHUV WKHPVHOYHV \RX ZRQ˵W EH SD\LQJ IRU
3HRSOH FDQ DOVR PRVW OLNHO\ VWD\ ZLWK D VLQJOH VHUYHU DUFKLWHFWXUH PXFK ORQJHU
WKDQ WKH\ WKLQN ,QFUHDVLQJ &38 SRZHU 5$0 DQG GLVN VSDFH LV DOO SRVVLEOH
ZLWK WRGD\˵V FORXG LQVWDQFHV KDSSHQV LQSODFH DQG GRHVQ˵W WDNH ORQJ 8S
JUDGLQJ RQH VHUYHU WR D PRUH SRZHUIXO VSHFLᨫFDWLRQ LV ZKDW ZH FDOO YHUWLFDO
VFDOLQJ DQG VKRXOG EH \RXU ᨫUVW QDWXUDO FKRLFH ZKHQ WKH GHPDQG IRU \RXU
VHUYLFH LQFUHDVHV
6R NHHSLQJ WKLQJV VLPSOH LV JRRG DV H[SHFWHG :KDW DUH WKH GRZQVLGHV" $SDUW
IURP SXUHO\ VFDOLQJ FRQFHUQV KDYLQJ PRUH VHUYHUV LV QHFHVVDU\ WR DFKLHYH
KLJK DYDLODELOLW\ DQ DJUHHG OHYHO RI RSHUDWLRQDO SHUIRUPDQFH IRU \RXU VHU
YLFHV /LNHO\ WKH ELJJHVW FRQFHUQ LV NHHSLQJ D 6HUYLFH /HYHO $JUHHPHQW 6/$
XSWLPH %DVLFDOO\ VWD\LQJ RQOLQH DQG VHUYLQJ WUDᨬF HYHQ LI VRPHWKLQJ KDS
SHQV WR DQ\ RI \RXU LQGLYLGXDO VHUYHUV ,I \RX KDYH RQO\ RQH VHUYHU WKH VHUYLFH
JHWV LQWHUUXSWHG DQG \RX˵OO KDYH GRZQWLPH XQWLO \RX FDQ VWDUW D QHZ VHUYHU
LQVWHDG
:KLOH LW˵V D YDOLG FRQFHUQ LW˵V DOVR KHOSIXO WR VHH LW LQ SHUVSHFWLYH , KDYHQ˵W
ORVW D VLQJOH YLUWXDO PDFKLQH \HW EXW , KDYH VHHQ HQWLUH UHJLRQDO GDWD FHQWHUV
JR GRZQ (YHQ LI \RX GHSOR\ \RXU VHFRQG DSSOLFDWLRQ VHUYHU WR D GLᨪHUHQW
UHJLRQ \RX PLJKW VWLOO EH DFFHVVLQJ D VLQJOH GDWDEDVH 6R \RX VWLOO KDYH D VLQJOH
SRLQW RI IDLOXUH ,I \RXU DSSOLFDWLRQ LV WKH FDXVH RI WKH HUURU KRZ OLNHO\ LV LW
WKDW D VHFRQG VHUYHU PLJKW JHW WR D SUREOHPDWLF VWDWH DV ZHOO"
:KLOH WKHUH LV D ZKROH FODVV RI SUREOHPV \RX ZLOO DYRLG LW˵V HVVHQWLDO WR UHDOL]H
WKDW WR EH IXOO\ FRYHUHG \RX ZRXOG DOVR KDYH WR PDNH VXUH \RX GRQ˵W KDYH D
VLQJOH SRLQW RI IDLOXUH HOVHZKHUH DQG LGHDOO\ EH PXOWLUHJLRQDO RU HYHQ PXOWL
FORXG WR PLWLJDWH DQ\ SRWHQWLDO GLVUXSWLRQ
/XFNLO\ WKH PDWK PLJKW EH LQ \RXU IDYRU +HUH˵V D WDEOH RI SURPLVHG 6/$
XSWLPH DQG KRZ PXFK GRZQWLPH GRHV LW JLYH


6/$ XSWLPH 0D[LPXP \HDUO\ GRZQWLPH
  GD\  KRXUV  PLQ  VHF
  KRXUV  PLQ  VHF
  PLQ  VHF

,I \RX SURYLGH D VHUYLFH WKDW FRXOG FDXVH \RXU FOLHQW D KXJH VXP RI PRQH\ LI
LW˵V QRW XS  \RX FHUWDLQO\ KDYH WR WKLQN D ORW DERXW ZKDW FDQ JR ZURQJ
)RU H[DPSOH PD\EH D  KRXUV GRZQWLPH RI D VSHFLᨫF UHJLRQ LV VLPSO\ QRW
DFFHSWDEOH %XW IRU PDQ\ NHHSLQJ VHUYLFHV ZLWK DOPRVW  KRXUV RI GRZQWLPH
D \HDU PLJKW QRW EH D SUREOHP ˱ QRW HYHQ ZLWK D VLQJOH VHUYHU
7KHUH DUH PRUH LPSRUWDQW WKLQJV WR SUHSDUH \RXUVHOI IRU EHIRUH WKLQNLQJ RI
MXVW VFDOLQJ )LUVW \RX VKRXOG EH DEOH WR GR ]HURGRZQWLPH GHSOR\PHQWV 7KDW
PHDQV GHSOR\LQJ RQO\ LQFUHPHQWDO FKDQJHV WR WKH GDWDEDVH WKDW FDQ ZRUN ZLWK
ERWK FXUUHQW DQG QHZ UHYLVLRQ RI WKH DSSOLFDWLRQ FRGH DQG KDYLQJ JUDFHIXO
UHVWDUWV LQ SODFH $SDUW IURP WKDW \RX KDYH WR VHW XS DSSOLFDWLRQ DQG KRVW
PRQLWRULQJ DQG DOHUWV VR \RX NQRZ LPPHGLDWHO\ ZKHQ VRPHWKLQJ JRHV ZURQJ
$ WKLUG LV WR EH DEOH WR KDYH D FRS\ RI \RXU DSSOLFDWLRQ UXQQLQJ IURP VFUDWFK
LQ WKH OHDVW WLPH SRVVLEOH
,I \RX DUH QRWLᨫHG ZKHQ WKH VHUYLFH LV GRZQ \RX FDQ SURYLVLRQ DQG UXQ D
VHFRQG VHUYHU WR WDNH RYHU ,I \RX HPSOR\ DWWDFKHG VWRUDJH IRU D GDWDEDVH WR
VDYH WLPH UHVWRULQJ EDFNXSV  \RX PLJKW EH XS DQG UXQQLQJ ZLWKLQ DQ KRXU
7KDW˵V D ZRUVWFDVH VFHQDULR LQ FDVH WKH SUREOHP OLHV LQ WKH DSSOLFDWLRQ
%XW HYHQ LI LW˵V \RXU SURYLGHU˵V IDXOW \RX FDQ VWDUW D QHZ YLUWXDO PDFKLQH IURP
DQRWKHU SURYLGHU UHVWRUH IURP EDFNXSV FKDQJH WKH '16 VHWWLQJV DQG PLWLJDWH
WKH GLVUXSWLRQ $QG DOO RI WKDW ZLOO EH IDVWHU DQG PRUH VWUDLJKWIRUZDUG LI LW˵V
MXVW RQH VHUYHU
7KHUH DUH IHZ PRUH WKLQJV WDNH XVXDOO\ FRPH XS DV D FULWLTXH RI KDYLQJ D VLQJOH
VHUYHU

˾ <RX˵OO VRRQ RXWJURZ LW 6WDUWXSV RQERDUGLQJ QHZ FXVWRPHUV PLJKW OLW
HUDOO\ WDNH \HDUV WR RXWJURZ VRPH RI WKH ELJJHVW LQVWDQFHV WKDW RᨪHU 
Y&38V DQG *% RI 5$0 RSWLPL]HG /LQRGH DW WKH WLPH RI WKH ZULW
LQJ  $QG WKHUH LV DOZD\V DQ RSSRUWXQLW\ WR JR IRU D GHGLFDWHG VHUYHU
UDWKHU WKDQ D FORXG LQVWDQFH 'HGLFDWHG VHUYHUV DUH UHDO QRQYLUWXDOL]HG
VHUYHUV WKDW \RX FDQ UHQW IRU \RXU DSSOLFDWLRQ H[FOXVLYHO\ 7KH\ XVXDOO\
FRPH ZLWK D VHWXS IHH


˾ <RXU LQGLYLGXDO VHUYLFHV ZLOO ᨫJKW IRU V\VWHP UHVRXUFHV  \RXU ZRUNHUV
PLJKW H[KDXVW \RXU &38 DQG \RXU GDWDEDVH TXHULHV ZLOO EH VORZ 7KDW˵V
WUXH IRU UHJXODU /LQX[ VFKHGXOLQJ ZKLFK FDQ EH XQSUHGLFWDEOH EXW \RX
FDQ XVH FJURXS VOLFHV RU FRQWDLQHUV WR VHW ᨫUP UHVRXUFH ERXQGDULHV IRU
HDFK VHUYLFH
˾ :RUNHUV ZRQ˵W UXQ LQ LVRODWLRQ SRWHQWLDOO\ FDXVLQJ D VHFXULW\ SUREOHP
IRU \RXU VHUYHU ,I \RX DUH EXLOGLQJ DQ DSSOLFDWLRQ WKDW UHTXLUHV D 90
OHYHO RI LVRODWLRQ HYDOXDWLQJ XQWUXVWHG FRGH  LW FRXOG EH D YDOLG FRQ
FHUQ 6WLOO PRVW PLJKW GR ᨫQH ZLWK SHUPLVVLRQV 6(/LQX[ FJURXS VOLFHV
DQG FRQWDLQHUV

,I \RX DUH D VROR GHYHORSHU RU \RXU SURMHFW LV MXVW JHWWLQJ Rᨪ WKH JURXQG KLJKO\
FRQVLGHU LI WKH VLQJOH VHUYHU ZRXOGQ˵W VXᨬFH (YHQ LI \RX EX\ \RXUVHOI MXVW D
FRXSOH RI PRQWKV LW˵V SUREDEO\ ZRUWK LW
$ MRXUQH\ WR PXOWLSOH VHUYHUV PLJKW VWDUW E\ GHGLFDWLQJ RQH VHUYHU WR WKH
GDWDEDVH FORVHO\ IROORZHG E\ GHFRXSOLQJ ZRUNHU SURFHVVHV IURP WKH UHVW
RI WKH DSSOLFDWLRQ 7KH ᨫUVW PRYH OHW˵V \RX PDQDJH \RXU GDWDEDVH XSJUDGHV
DQG GDWD VHSDUDWHO\ IUHHLQJ \RXU DSSOLFDWLRQ IURP ZRUU\LQJ DERXW NHHSLQJ WKH
GDWDEDVH UXQQLQJ 7KH VHFRQG VWHS ZLOO DOORZ \RX WR LVRODWH ZRUNHUV˵ RSHU
DWLRQV EHWWHU 7RJHWKHU WKH\ DOORZ \RX WR JHW WKUHH YHU\ SRZHUIXO LQVWDQFHV
WKDW VKRXOG JHW \RX SUHWW\ IDU
6SOLWWLQJ WKH DSSOLFDWLRQ VHUYHU LQWR D ZHE VHUYHU LQVWDQFH DQG ZRUNHUV˵ LQ
VWDQFH DOVR UHTXLUHV FHQWUDOL]LQJ ᨫOH VWRUDJH DQG MRE SURFHVVRUV V\QFKURQL]D
WLRQ OLNH 5HGLV 6RPH ZLOO RSW IRU D PDQDJHG REMHFW VWRUDJH WR VLPSOLI\ WKLV
VWHS LI WKH\ KDYHQ˵W VWDUWHG ZLWK RQH DOUHDG\
:H DUHQ˵W FORVHU WR KLJK DYDLODELOLW\ DW WKLV SRLQW EXW ZH DUH LQ D SUHWW\ FRP
IRUWDEOH SRVLWLRQ ZLWK VHSDUDWHG FRQFHUQV DQG SOHQW\ RI URRP IRU JURZWK 7KH
ᨫQDO VWHS IRU XV WR WDNH ZLOO EH HPSOR\LQJ D ORDG EDODQFHU WR KDYH WZR RU PRUH
DSSOLFDWLRQ VHUYHUV /RDG EDODQFHUV FDQ HYHQO\ GLVWULEXWH WKH ORDG WR PDQ\
VHUYHUV DW RQFH DQG WKXV DOORZ XV WR DGG QHZ VHUYHUV WR VFDOH KRUL]RQWDOO\

%HFDXVH GDWDEDVHV DUH WKH XVXDO ERWWOHQHFN LQ ZHE DSSOLFDWLRQ


SHUIRUPDQFH \RX FDQQRW KRUL]RQWDOO\ VFDOH \RXU DSSOLFDWLRQ
VHUYHUV LQGHᨮQLWHO\ ZLWKRXW KRUL]RQWDOO\ VFDOH GDWDEDVHV DW VRPH
SRLQW DV ZHOO

/RDG EDODQFLQJ LV XVXDOO\ WKH ᨫUVW WKLQJ SHRSOH KDYH LQ PLQG ZKHQ VFDOLQJ


ZHE DSSOLFDWLRQV EXW \RX FDQ GR D ORW RI VFDOLQJ ZLWKRXW LW $OWKRXJK ORDG
EDODQFLQJ LV XVHIXO IRU UHGXQGDQF\ EH\RQG VFDOLQJ FRQFHUQV LW ZRQ˵W VKLHOG
\RX IURP WKH GDWDEDVH VWRUDJH DQG QHWZRUN HUURUV ,W˵OO DGG FRPSOH[LW\ DQG
ODWHQF\ $QG FRXOG HYHQ EH WKH VLQJOH SRLQW RI IDLOXUH \RX WULHG WR DYRLG
$W D FHUWDLQ SRLQW WKRXJK ORDG EDODQFHUV ZLOO EH LQHYLWDEOH $V ZLWK RWKHU
VHUYLFHV \RX˵OO KDYH WR GHFLGH ZKHWKHU \RX XVH D PDQDJHG VHUYLFH RU UROO \RXU
RZQ ,I \RX GR ORDG EDODQFLQJ \RXUVHOI \RX˵OO QHHG WR WKLQN DERXW 7/6 WHUPL
QDWLRQ DQG SRVVLEO\ UXQ DQ H[WUD ORDG EDODQFHU IRU IDLORYHU LI KLJK DYDLODELOLW\
LV D FRQFHUQ 
,Q WKH HQG \RX˵OO HQG XS ZLWK DQ LQIUDVWUXFWXUH UHVHPEOLQJ WKH IROORZLQJ

˾  ORDG EDODQFHU SRVVLEO\ PDQDJHG


˾  DSSOLFDWLRQ VHUYHUV
˾  EDFNJURXQG ZRUNHU VHUYHUV
˾  UHODWLRQDO GDWDEDVHV SRVVLEO\ PDQDJHG
˾  5HGLV VHUYHU RU DOWHUQDWLYH TXHXH V\VWHP
˾  ᨫOH VWRUDJH VHUYHU

,I \RX˵OO VHOIKRVW LW DOO LW FDQ EH D ORW RI ZRUN 7KDW˵V ZK\ LW˵V EHWWHU WR VWDUW
VPDOOHU DQG LQFUHDVH WKH FRPSOH[LW\ DV \RX JURZ , DOVR UHFRPPHQG PDQDJLQJ
WKHVH SDUWV VHSDUDWHO\ DW ᨫUVW EHFDXVH WKHLU FRPSOH[LW\ VKRXOGQ˵W LQFUHDVH WKH
FRPSOH[LW\ RI WKH RWKHU SDUWV
2Q WKH IROORZLQJ SDJHV ,˵OO ORRN DW WKHVH FKDQJHV LQ LVRODWLRQ :H˵OO JR WKURXJK
XSJUDGLQJ FORXG LQVWDQFHV FRQᨫJXULQJ PXOWLSOH DSSOLFDWLRQ VHUYHUV OHYHUDJLQJ
1*,1; DV D ORDG EDODQFHU DQG GLVFXVVLQJ QHZ GHSOR\PHQW VWUDWHJLHV DV ZHOO
DV 66/7/6 WHUPLQDWLRQ

 6LQJOH 6HUYHU


6LQJOH VHUYHUV FDQ UXQ LW DOO RU PLJKW VSOLW WKH ZRUNORDG ZLWK PDQDJHG VHU
YLFHV ,W ZRXOGQ˵W EH XQXVXDO WR XVH D PDQDJHG GDWDEDVH IRU WKH SHDFH RI
PLQG EXW VHOIKRVW \RXU DSSOLFDWLRQ VHUYHU DQG ZRUNHUV ,I \RX UXQ GDWDEDVHV
\RXUVHOI \RX FDQ FRQVLGHU XVLQJ RQO\ ORFDO FRQQHFWLRQV DQG DXWKHQWLFDWLRQ
,I \RX FDQ SUHIHU DWWDFKHG VWRUDJH IRU SHUVLVWHQW GDWD DQG NHHS \RXU YLUWXDO
PDFKLQH˵V GLVN IRU YRODWLOH ORJV DQG VZDS VSDFH <RX FDQ XVH 81,; VRFNHWV IRU


FRPPXQLFDWLRQV EXW WKH\ DUH QRW QHFHVVDU\ ˱ XVH ZKDW \RX DUH PRUH FRP
IRUWDEOH WR VHW XS DQG PDLQWDLQ ,I \RX QHHG EHWWHU LVRODWLRQ IRU \RXU ZRUNHUV
\RX PLJKW FRQVLGHU UXQQLQJ WKHLU ZRUNORDGV LQ FRQWDLQHUV
6WDUW VPDOO DQG XSJUDGH DV \RX JR ,W˵V QRW WKDW PXFK ZRUN DIWHU DOO HVSHFLDOO\
LI \RX GRQ˵W XVH WKH VHUYHU IRU SHUVLVWHQW VWRUDJH ,W˵V HQRXJK WR FRYHU WKH QH[W
 PRQWKV RI JURZWK DW D WLPH 2QFH \RXU VHUYHU UHDFKHV LWV SRWHQWLDO DQG
FRQVLVWHQWO\ JRHV DERYH \RXU DOHUWLQJ ERXQGDULHV LW˵V WLPH WR XSJUDGH &38
DQG PHPRU\ XSJUDGHV DUH XVXDOO\ UHYHUVLEOH VR LW˵V VDIH WR GR LW VRRQHU ˱ \RX
FDQ UHWXUQ WR WKH SUHYLRXV VHWWLQJ LI QHHGHG $V IRU GLVN VSDFH VRPH SURYLGHUV
VXSSRUW VFDOLQJ ERWK XS DQG GRZQ /LQRGH DV RI   DQG IRU VRPH WKLV
VWHS LV QRW UHYHUVLEOH 'LJLWDO 2FHDQ DV RI  
<RX˵OO QHHG WR SHUIRUP WKH IROORZLQJ VWHSV WR XSJUDGH D FORXG LQVWDQFH LI WKH
WLPH FRPHV 1RWH WKH\ \RX˵OO QHHG D SODQQHG GRZQWLPH WKDW \RX VKRXOG
SUREDEO\ DQQRXQFH

 6WRS DOO \RXU SURFHVVHV WKDW JHQHUDWH QHZ GDWD


 0DNH RQH ODVW PDQXDO EDFNXS WR FDSWXUH WKH ODWHVW FKDQJHV
 0DNH D IXOO 90 VQDSVKRW LI SRVVLEOH VLQFH WKDW ZRXOG EH WKH HDVLHVW WR
XVH IRU UHFRYHU\
 7XUQ Rᨪ WKH YLUWXDO PDFKLQH LQ WKH FRQWURO SDQHO YLD $3, RU ZLWK WKH
b?mi/QrM FRPPDQG

0 bm/Q b?mi/QrM @? MQr

 5HVL]H WKH YLUWXDO PDFKLQH LQ WKH FRQWURO SDQHO RU YLD $3,


5HVL]LQJ GLVN VSDFH FDQ WDNH XS WR RQH PLQXWH RU VR RI GRZQWLPH SHU *%
RI XVHG GLVN VSDFH 8SJUDGLQJ D V\VWHP RI *% IURP *% GURSOHW
WR *% WRRN PH  PLQXWHV RQ 'LJLWDO 2FHDQ IRU H[DPSOH

,I \RX NHHS D ORW RI ORJ KLVWRU\ DURXQG \RX FRXOG VSHHG WKH
XSJUDGH E\ UHPRYLQJ WKHP 7KDW ZD\ \RX DOVR VWDUW IUHVK

 7XUQ WKH 90 RQ LQ WKH FRQWURO SDQHO RU YLD $3,


 &KHFN LI WKH GLVN ZDV UHVL]HG ZLWK /7 @? $ PDQXDO UHVL]H PLJKW EH
QHHGHG GHSHQGLQJ RQ WKH ᨫOH V\VWHP DQG SURYLGHU ,I \RX GRQ˵W VHH WKH
LQFUHDVH LQ VL]H \RX PLJKW QHHG PDQXDO VWHSV WKDW WKH SURYLGHU VKRXOG
SURYLGH <RX˵OO SUREDEO\ KDYH WR LVVXH D FRPPDQG OLNH ;`QrT`i RU
`2bBx2k7b
 &KHFN WKDW DOO \RXU VHUYLFHV DUH UXQQLQJ DV XVXDO

,I \RX GRQ˵W UXQ WKH GDWDEDVH DQG VWRUDJH RQ \RXU VLQJOH VHUYHU \RX FRXOG
PLJUDWH ZLWKRXW GRZQWLPH E\ FUHDWLQJ D QHZ ELJJHU LQVWDQFH DQG FKDQJLQJ WKH
'16 VHWWLQJV WR SRLQW WR D QHZ VHUYHU 6LQFH '16 FKDQJHV WDNH VRPH WLPH
\RX ZRXOG UXQ WKH ROG VHUYHU VLPXOWDQHRXVO\ ZKLOH \RX VHH WUDᨬF FRPLQJ
LQ  $OVR ZDWFK RXW IRU WKH PD[LPXP QXPEHU RI GDWDEDVH FRQQHFWLRQV ˱ \RX
ZRXOG QHHG WR DFFHSW FRQQHFWLRQV IURP ERWK VHUYHUV WHPSRUDULO\
,I VRPHWKLQJ JRHV ZURQJ FKHFN LI LW˵V VRPHWKLQJ \RX FDQ LPPHGLDWHO\ ᨫ[ )RU
H[DPSOH PD\EH \RX IRUJRW WR VHW D VHUYLFH WR EH VWDUWHG RQ VWDUWXS ,I LW˵V D
ELJJHU SUREOHP WU\ WR UHFRYHU IURP D IXOO 90 VQDSVKRW ,I \RX GRQ˵W KDYH
RQH RU WKLQJV GRQ˵W ZRUN FRQᨫJXUH D QHZ PDFKLQH IURP VFUDWFK DQG XSGDWH
'16 HQWULHV WR SRLQW WR D QHZ VHUYHU 2QFH \RX DUH XS DQG UXQQLQJ LW˵V D
JRRG LGHD WR WU\ WR ᨫJXUH RXW ZKDW ZHQW ZURQJ DQG ZULWH DQ LQFLGHQW UHSRUW
IRU \RXU IXWXUH VHOI

,I \RX UHVWRUH \RXU LPDJH DIWHU DQ XSJUDGH \RX VKRXOG VWLOO EH


DEOH WR DFFHVV DOO WKDW QHZ VSDFH 1R SUREOHP

 0XOWLSOH 6HUYHUV


:KHQ JRLQJ IURP RQH VHUYHU WR PDQ\ WKH\ DUH PDQ\ FRQᨫJXUDWLRQV WR UXQ
6R OHW˵V VHH KRZ WKH H[SDQVLRQ PLJKW ORRN OLNH WR PHHW WKH LQFUHDVH LQ GHPDQG
$ ᨫUVW VWHS LQ PRYLQJ Rᨪ D VLQJOH VHUYHU LV WR FUHDWH D GHGLFDWHG GDWDEDVH
VHUYHU IRU \RXU SHUVLVWHQW GDWD 2IWHQ WKLV FRXOG PHDQ RSWLQJ IRU D PDQDJHG
GDWDEDVH VHUYLFH WR SULPDULO\ IRFXV RQO\ RQ DSSOLFDWLRQ VHUYHUV DQG ZRUNHUV
%XW UXQQLQJ D VHSDUDWH GDWDEDVH VHUYHU PLJKW QRW EH DV PXFK ZRUN LI \RX NHHS
LW VLPSOH


)LUVW , UHFRPPHQG PRYLQJ WKH GDWDEDVH GDWD WR DWWDFKHG VWRUDJH LI \RX GLGQ˵W
DOUHDG\ 7KHQ \RX FDQ GHWDFK WKLV VWRUDJH IURP \RXU RULJLQDO VHUYHU DQG DW
WDFK LW WR D QHZ GDWDEDVH VHUYHU ZLWKRXW GRLQJ D IXOO UHVWRUH IURP HOVHZKHUH
:KHQ FRQᨫJXULQJ \RXU GDWDEDVH VHUYHU \RX˵OO QHHG WR PRYH WR D SDVVZRUG
EDVHG DXWKHQWLFDWLRQ DQG FRQᨫJXUH WKH GDWDEDVH WR XVH 66/7/6 IRU HQFU\SWHG
FRPPXQLFDWLRQ ,I SRVVLEOH \RX VKRXOG DOORZ H[WHUQDO FRQQHFWLRQV RQO\ IURP
\RXU SULYDWH QHWZRUN
6HSDUDWLQJ WKH GDWDEDVH ZLOO JLYH \RX D ORW RI URRP IRU JURZWK RQ ERWK VHUYHUV
DQG SURYLGH \RX ZLWK SHDFH RI PLQG LQ PDQLSXODWLQJ \RXU DSSOLFDWLRQ VHUYHU
\RX FDQ GHVWUR\ DQG UHFUHDWH LW ZLWKRXW DFFLGHQWDOO\ ORVLQJ \RXU GDWD  ,I
\RX GHFLGH WR UXQ LQ WKLV WZRVHUYHU VHWXS DQG \RXU DSSOLFDWLRQ XVHV YRODWLOH
VWRUDJH OLNH 5HGLV , ZRXOG NHHS 5HGLV FORVH WR WKH DSSOLFDWLRQ WR UHGXFH ODWHQF\
,I \RX UXQ 5HGLV DQG QHHG SHUVLVWHQFH PRYH LW WR WKH GDWDEDVH VHUYHU RU JLYH
LW D GHGLFDWHG VHUYHU DV ZHOO
7R VHSDUDWH EDFNJURXQG MREV IURP WKH DSSOLFDWLRQ VHUYHU PDNH VXUH \RX
FHQWUDOL]HG DOO \RXU GDWDEDVHV DQG ᨫOH VWRUDJH ᨫUVW 7KH\ XVXDOO\ QHHG WR DFFHVV
WKH VDPH GDWDEDVHV DQG ZRUN ZLWK ᨫOHV IURP WKH VDPH VWRUDJH ,I \RX PDQDJH
WKH VWRUDJH \RXUVHOI \RX FDQ FHQWUDOL]H LW E\ FUHDWLQJ DWWDFKHG VWRUDJH ᨫUVW
WKHQ FUHDWLQJ D GHGLFDWHG VWRUDJH VHUYHU LQ IURQW RI WKH H[WHQVLEOH DWWDFKHG
VWRUDJH )LQDOO\ \RX˵OO FRQᨫJXUH WKH QHZ VWRUDJH VHUYHU WR EH D 1)6 VHUYHU
DQG HDFK VHUYHU WKDW QHHGV DFFHVV WR EH DQ 1)6 FOLHQW

$Q\ WLPH \RX QHHG WR FRQVLGHU LQWHUVHUYHU FRPPXQLFDWLRQ


WKLQN DERXW ELQGLQJ WR WKH SULYDWH QHWZRUN VHUYLFH DXWKHQWL
FDWLRQ DQG 7/6 HQFU\SWLRQ ,I D GDWDEDVH GRHVQ˴W VXSSRUW DX
WKHQWLFDWLRQ \RX FRXOG SXW D UHYHUVH SUR[\ LQ IURQW RI LW DQG
DXWKHQWLFDWH WKH UHYHUVH SUR[\ LQVWHDG

<RXU EDFNJURXQG MREV VHUYHU QHHGV D VLPLODU FRQᨫJXUDWLRQ DV \RXU DSSOLFDWLRQ


VHUYHU EXW LW GRHVQ˵W KDYH WR EH DFFHVVHG IURP WKH RXWVLGH DQG LW GRHVQ˵W QHHG
DQ\ UHYHUVH SUR[\ ,I \RXU GDWDEDVHV NH\YDOXH VWRUHV TXHXH V\VWHPV DQG ᨫOH
VWRUDJH DUH FHQWUDOL]HG VFDOLQJ WR PRUH EDFNJURXQG MREV˵ VHUYHUV LV VXUSULV
LQJO\ HDV\ <RX FUHDWH D QHZ VHUYHU ZLWK WKH VDPH FRQᨫJXUDWLRQ NHHSLQJ LQ
PLQG WKH GDWDEDVH FRQQHFWLRQ SRRO OLPLWV <RX FDQ FKRRVH WR SURFHVV GLᨪHUHQW
TXHXHV RQ GLᨪHUHQW VHUYHUV IRU ᨭH[LELOLW\ 2U \RX SURFHVV WKH VDPH TXHXHV IRU
UHGXQGDQF\
$QG ZKLOH \RX VKRXOG HQVXUH DSSOLFDWLRQ YHUVLRQ SDULW\ EHWZHHQ DSSOLFDWLRQ
SURFHVVHV DQG ZRUNHUV PRVW RI WKH WLPH \RX GRQ˵W KDYH WR VWRS DQG XSGDWH


ZRUNHV IRU EXJ ᨫ[HV WKDW RQO\ KDYH WR EH ᨫ[HG IRU DSSOLFDWLRQ VHUYHUV DQG
YLFHYHUVD 
$W WKLV SRLQW \RX ZRXOG KDYH DQ\WKLQJ IURP  WR  DQG SHUKDSV HYHQ PRUH
VHUYHUV 7KDW VRXQGV OLNH D ORW EXW ZH DOUHDG\ VDZ WKDW VHWWLQJ XS GDWDEDVHV
DQG VKDUHG VWRUDJH VHUYHUV PLJKW EH VLPSOHU WKDQ LW VHHPV $QG PRUH LPSRU
WDQWO\ WKH\ GRQ˵W UHTXLUH D ORW RI PDLQWHQDQFH :LWK UHJXODU V\VWHP XSGDWHV
DXWRPDWLF EDFNXSV DQG EDVLF PRQLWRULQJ WKH\ PLJKW JR D ORQJ ZD\ ZLWKRXW
\RX GRLQJ DQ\WKLQJ 3UHIHU VWDEOH V\VWHPV ZLWK ORQJ OLIHF\FOHV OLNH 5RFN\
/LQX[ DQG 5+(/  DQG \RX˵OO KDYH D JRRG WLPH
$OO WKHVH VWRUDJH VHUYLFHV FDQ EH JRRG FDQGLGDWHV IRU PDQDJHG VHUYLFHV -XVW
GRQ˵W IRUJHW WKDW \RX VKRXOG SUREDEO\ VWLOO EDFNXS WR D GLᨪHUHQW ORFDWLRQ QR
PDWWHU ZKDW JXDUDQWHHV WKH SURYLGHU SURPLVHV 7KH GDWD PLJKW DV ZHOO EH WKH
PRVW YDOXDEOH DVVHW \RX KDYH

 /RDG %DODQFLQJ


/RDG EDODQFHUV DUH UHYHUVH SUR[\ VHUYHUV WR DSSOLFDWLRQ VHUYHUV 7KHLU JRDO
LV WR GLYLGH WKH WUDᨬF WR NHHS DOO VHUYHUV HTXDOO\ EXV\ DQG VWRS SUR[\LQJ WR
VHUYHUV WKDW GRQ˵W DFFHSW FRQQHFWLRQV DQ\ PRUH 7KDW˵V ZKDW PDNHV WKHP VR
LPSRUWDQW IRU KRUL]RQWDO VFDOLQJ DQG KLJK DYDLODELOLW\ %XW WKDW˵V QRW WKHLU
RQO\ DGYDQWDJH 7KH\ ZLOO DOORZ \RX WR LPSOHPHQW EOXHJUHHQ DQG FDQDU\
GHSOR\PHQW VWUDWHJLHV WRR
7KHUH DUH WZR IXQGDPHQWDO GHFLVLRQV WR PDNH IRU \RXU ORDG EDODQFHUV 7KH
ᨫUVW LV DERXW WKH 66/7/6 WHUPLQDWLRQ 6LQFH WKH ORDG EDODQFHU LV QRZ WKH
HQWU\ SRLQW RI \RXU LQIUDVWUXFWXUH \RX FDQ GHFLGH WR WHUPLQDWH WKH 66/7/6
FRQQHFWLRQ KHUH RU NHHS WKH FRQQHFWLRQ LQWDFW XQWLO LW UHDFKHV WKH DSSOLFDWLRQ
VHUYHU
3DVVLQJ WKH UHTXHVW ZLWKRXW FKDQJHV LV ZKDW ZH FDOO 66/ SDVVWKURXJK 7KH
ORDG EDODQFHU GRHVQ˵W GR DQ\WKLQJ ZLWK WKH UHTXHVW EHFDXVH LW FDQQRW ˱ LW˵V
HQFU\SWHG 6XFK UHTXHVWV ZRXOG EH GHFU\SWHG RQ WKH DSSOLFDWLRQ VHUYHUV DV
EHIRUH 6LQFH HQFU\SWLRQ LV VOLJKWO\ &38 LQWHQVLYH LW PLJKW EH JRRG WR VKDUH
DQG GLVWULEXWH WKLV UHVSRQVLELOLW\ HYHQO\ 7KH FRQQHFWLRQ VWD\V IXOO\ VHFXUHG
HQGWRHQG 7KH LVVXH LV WKDW WKH FOLHQW ,3 DGGUHVV LV ORVW EHFDXVH WKH ORDG
EDODQFHU FDQQRW SXW LW LQ WKH +773 KHDGHUV
6R ZKDW LI ZH PRYH WKH WHUPLQDWLRQ WR WKH ORDG EDODQFHU" :H FRXOG DGG DQ\
KHDGHUV ZH ZDQW OLNH s@6Q`r`/2/@ DQG NHHS WKH FOLHQW˵V ,3 DGGUHVV 7KH


GLVDGYDQWDJH RI GRLQJ WKDW LV WKDW WKH UHTXHVW LV QRZ SDVVHG XQHQFU\SWHG WR
WKH DSSOLFDWLRQ VHUYHUV VR \RX KDYH WR WUXVW \RXU SULYDWH QHWZRUN 'HFU\SWLQJ
WKH UHTXHVW DOVR LQFUHDVHV &38 ORDG VOLJKWO\ ZKLFK KDV WR EH KDQGOHG HQWLUHO\
E\ WKH ORDG EDODQFHU
,W˵V DOVR SRVVLEOH WR FRPELQH ERWK DSSURDFKHV E\ WHUPLQDWLQJ WKH 66/ FRQQHF
WLRQ RQ D ORDG EDODQFHU ZLWK D WUXVWHG FHUWLᨫFDWH DQG VWDUWLQJ D QHZ 66/
FRQQHFWLRQ WR DSSOLFDWLRQ VHUYHUV ZLWK D VHOIVLJQHG FHUWLᨫFDWH $W WKH H[SHQVH
RI D PRUH FRPSOH[ FRQᨫJXUDWLRQ DQG KLJKHU &38 ORDG ZH WDFNOHG WKH SURE
OHP RI ORVLQJ WKH FOLHQW ,3 DGGUHVV RU VHQGLQJ WKH UHTXHVW XQHQFU\SWHG RQ WKH
SULYDWH QHWZRUN
7KH VHFRQG GHFLVLRQ LV FKRRVLQJ \RXU ORDG EDODQFLQJ VWUDWHJ\ <RXU ORDG
EDODQFHUV KDYH WR NHHS DOO \RXU VHUYHUV EXV\ EXW KRZ VKRXOG WKH\ GR WKDW" /HW˵V
VHH VRPH FRPPRQ FKRLFHV WKDW DUH DYDLODEOH LQ WKH IUHH YHUVLRQ RI 1*,1;

˾ 5RXQG 5RELQ D GHIDXOW VWUDWHJ\ WKDW XVHV WKH URXQGURELQ DOJRULWKP


WR GLVWULEXWH WKH ORDG HTXDOO\
˾ /HDVW &RQQHFWLRQV D VWUDWHJ\ WKDW SUHIHUV WKH VHUYHUV ZLWK WKH OHDVW
QXPEHU RI DFWLYH FRQQHFWLRQV
˾ ,3 +DVK D VWUDWHJ\ WKDW SLFNV WKH ULJKW VHUYHU EDVHG RQ WKH FOLHQW˵V ,3
DGGUHVV

7KHUH LV QR FOHDU DQVZHU LV LW" %XW RIWHQ \RX QHHG WKH VDPH FOLHQWV WR HQG XS
RQ WKH VDPH VHUYHUV VR XVLQJ ,3 KDVKLQJ LV D JRRG SODFH WR VWDUW ,I QRW WKH
OHDVW FRQQHFWLRQV VHWWLQJ LV D JRRG FKRLFH EHFDXVH QRW DOO UHTXHVWV DUH HTXDO
<RX GRQ˵W XVXDOO\ FDUH WKDW VHUYHUV KDQGOH WKH VDPH DPRXQW RI UHTXHVWV EXW
UDWKHU WKDW WKH\ VWD\ HTXDOO\ EXV\
:KDW DERXW VFDOLQJ VWDWHIXO UHTXHVWV OLNH :HE6RFNHWV WKRXJK" $V \RX DOUHDG\
NQRZ WKHVH UHTXHVWV XVH D SHUPDQHQW FRQQHFWLRQ 7KLV DOVR PHDQV WKH\ ZLOO
VWD\ ZLWK WKH VHUYHU WKH\ ᨫUVW DUULYHG WR DQG LQ FDVH RI DGGLQJ DQ DGGLWLRQDO
VHUYHU H[LVWLQJ FRQQHFWLRQV ZRQ˵W EH PRYHG NHHSLQJ WKH SUHVVXUH RQ WKH ROG
RQHV ,I WKLV EHFRPHV DQ LVVXH ZH ZRXOG KDYH WR UHVWDUW WKH RWKHU VHUYHUV
LGHDOO\ QRW DW RQFH VR WKH FOLHQWV HVWDEOLVK QHZ FRQQHFWLRQV
%RWK GHFLVLRQV FDQ EH LQᨭXHQFHG E\ ZKDW WKH ORDG EDODQFHU DW KDQG VXSSRUWV
&KRRVLQJ D KRVWHG ORDG EDODQFHU PLJKW GHWHUPLQH KRZ \RX˵OO GR ORDG EDODQF
LQJ

˾ +RVWHG ORDG EDODQFHU FDQ EH FRQᨫJXUHG IURP D ZHE FRQVROH RU XVLQJ DQ


$3, 7KH\ DUH HDV\ WR VWDUW ZLWK DQG RIWHQ VXSSRUW DXWRPDWLF IDLORYHU


DQG 66/7/6 WHUPLQDWLRQ %XW WKH\ DOVR FRXOG EH OLPLWHG LQ VRPH ZD\V
ODFN RI :HE6RFNHWV VXSSRUW 

˾ 6HOIKRVWHG ORDG EDODQFHU JLYHV \RX XOWLPDWH ᨭH[LELOLW\ LQ SLFNLQJ \RXU


LQVWDQFH VL]H WKH ORDG EDODQFHU \RX ZDQW WR DQG XVLQJ WKH ORDG EDODQFHU
IRU PRUH WKDQ ORDG EDODQFLQJ <RX ZRXOG KDYH WR LPSOHPHQW IDLORYHU
\RXUVHOI RU GR ZLWKRXW LW

, ZRQ˵W EH WDONLQJ DERXW VHWWLQJ XS D KRVWHG ORDG EDODQFHU ,W˵V SURYLGHUVSHFLᨫF


DQG XVXDOO\ ZHOO GRFXPHQWHG ,QVWHDG ZH˵OO VHH KRZ LW ZRXOG ORRN OLNH LI ZH
ZDQW WR LPSOHPHQW ORDG EDODQFLQJ RXUVHOYHV

 ,PSOHPHQWDWLRQ

6LQFH ZH DOUHDG\ NQRZ D WKLQJ RU WZR DERXW 1*,1; IURP WKH :HE 6HUYHUV
FKDSWHU ZH FDQ UHXVH RXU NQRZOHGJH RI 1*,1; WR EXLOG RXU ᨫUVW ORDG EDO
DQFHUV 2I FRXUVH D ORDG EDODQFHU LV QRWKLQJ PRUH WKDQ D IDQF\ UHYHUVH SUR[\
DIWHU DOO
,˵OO VWDUW ZLWK WKH HDV\ SDUW ˱ SUHSDULQJ WKH mTbi`2K EORFN WKDW GHᨫQHV WKH
FRUH RI WKH ORDG EDODQFLQJ LQ 1*,1;

mTbi`2K TTnb2`p2` &


b2`p2` RX2tKTH2X+QKc
b2`p2` kX2tKTH2X+QKc
b2`p2` jX2tKTH2X+QKc
'

:H XVHG WKH VDPH EORFN EHIRUH WR GHᨫQH WKH DSSOLFDWLRQ VHUYHU %\ VSHFLI\
LQJ PRUH WKDQ RQH VHUYHU 1*,1; ZLOO DXWRPDWLFDOO\ ORDGEDODQFH EHWZHHQ
WKHP 7KH DERYH XSVWUHDP VHUYHU QDPHG TTnb2`p2` GHᨫQHV WKUHH GLᨪHUHQW
DSSOLFDWLRQ VHUYHUV
%\ GHIDXOW WKH\ ZLOO EH ORDG EDODQFHG ZLWK WKH URXQGURELQ DOJRULWKP 7R
XVH D GLᨪHUHQW VWUDWHJ\ ZH KDYH WR LQFOXGH WKH VHOHFWHG VWUDWHJ\˵V GLUHFWLYH
&KRRVH H2bin+QMM IRU WKH OHDVW QXPEHU RI DFWLYH FRQQHFWLRQV RU BTn?b?
WR XVH WKH FOLHQW˵V ,3 DGGUHVV WR GHWHUPLQH WKH ULJKW VHUYHU


mTbi`2K TTnb2`p2` &
BTn?b?c
b2`p2` RX2tKTH2X+QK,99j r2B;i?49c
b2`p2` kX2tKTH2X+QK,99j r2B;i?4k Ktn7BHb4jc
b2`p2` jX2tKTH2X+QK,99j r2B;i?4k 7BHniBK2Qmi4jybc
b2`p2` RNkXRe3XyXd,99jc
'

$V \RX FDQ VHH \RX FDQ XVH KRVWQDPHV RU ,3 DGGUHVVHV 7KH f2i+f?Qbib ᨫOH
FRXOG SURYLGH WKH PDSSLQJ WR DFWXDO ,3 DGGUHVVHV RU OLQN D SULYDWH '16 VHUYLFH
<RX FDQ DOVR VSHFLI\ FXVWRP SRUWV )RU WKH 66/7/6 HQFU\SWLRQ EHWZHHQ WKH
ORDG EDODQFHU DQG DSSOLFDWLRQ VHUYHUV \RX XVH SRUW 
, DOVR DVVLJQHG ˴ZHLJKW WR VRPH RI WKRVH VHUYHUV ZKLFK WHOOV 1*,1; WR SUHIHU
WKHP 7KLV FDQ EH KDQG\ LI VRPH VHUYHUV DUH RI GLᨪHUHQW VL]HV DQG FDQ KDQGOH
PRUH ORDG :HLJKW RI  PHDQV WKDW WKH ᨫUVW VHUYHU ZLOO EH VHOHFWHG WZLFH DV
RIWHQ DV WKH VHFRQG DQG WKLUG DQG WKRVH WZR WZLFH DV RIWHQ DV WKH ODVW RQH
ZLWK QR ZHLJKW DVVLJQHG ZHLJKW  
$SDUW IURP ZHLJKW ZH FDQ HYHQ FRQWURO WKH KHDOWK FKHFNV ZKLFK WHOOV WKH
ORDG EDODQFHU WKDW WKH VHUYHUV DUH ZHOO DQG DOLYH 6HWWLQJ Ktn7BHb DOORZV
IRU PRUH WKDQ RQH IDLOHG KHDOWK FKHFN DQG 7BHniBK2Qmi VSHFLᨫHV WKH WLPH
EHIRUH FKHFNLQJ XS RQ WKH VHUYHU DJDLQ
2QFH WKH mTbi`2K LV GHᨫQHG LW˵V XVHG WRJHWKHU ZLWK WKH T`QtvnTbb GL
UHFWLYH 1RWKLQJ QHZ KHUH


?iiT &
mTbi`2K TTnb2`p2` &
BTn?b?c
b2`p2` RX2tKTH2X+QKc
b2`p2` kX2tKTH2X+QKc
b2`p2` jX2tKTH2X+QKc
'

b2`p2` &
HBbi2M 99j bbHc
b2`p2`nMK2 X/2THQvK2Mi7`QKb+`i+?X+QKc

bbHn+2`iB7B+i2 XXX
bbHn+2`iB7B+i2nF2v XXX

HQ+iBQM f &
T`QtvnTbb ?iiTb,ffTTnb2`p2`
T`Qtvnb2in?2/2` s@6Q`r`/2/@6Q`
0T`Qtvn//ntn7Q`r`/2/n7Q`c
T`Qtvnb2in?2/2` >Qbi 0?Qbic
'
'
'

7KH ORDG EDODQFHU LV DOPRVW LGHQWLFDO WR \RXU UHYHUVH SUR[\ IURP EHIRUH 7KDW˵V
WKH EHDXW\ RI LW ,W MXVW UHIHUHQFHV PRUH WKDQ RQH VHUYHU DQG VHWV WKH ORDG
EDODQFLQJ VWUDWHJ\ <RX ZRXOG DOVR LQFOXGH +7736 UHGLUHFW DV EHIRUH
$V IRU WKH 7/6 VHWWLQJV \RX ZRXOG QRZ PRYH \RXU /HW˵V (QFU\SW FHUERW DQG
UHQHZDOV WR WKH ORDG EDODQFHU DQG UHPRYH DOO bbH GLUHFWLYHV IURP \RXU DS
SOLFDWLRQ VHUYHUV ,I \RX ZRXOG OLNH WR HQFU\SW WKH FRQQHFWLRQ JRLQJ IRUZDUG
\RX NHHS WKH 66/ VHWWLQJV RQ \RXU DSSOLFDWLRQ VHUYHUV DQG LVVXH FXVWRP FHU
WLᨫFDWHV IRU WKH DSSOLFDWLRQ VHUYHUV 'RQ˵W IRUJHW WR VSHFLI\ SRUW  ZLWKLQ
WKH b2`p2` GLUHFWLYH LQ VXFK D FDVH
:KHQHYHU \RX QHHG WR FKDQJH WKH OLVW RI \RXU DSSOLFDWLRQ VHUYHUV \RX FDQ
DOVR XVH WKH /QrM RSWLRQ RI WKH b2`p2` GLUHFWLYH WR WHOO 1*,1; ZKHWKHU D
SDUWLFXODU VHUYHU LV GRZQ IRU PDLQWHQDQFH


?iiT &
mTbi`2K TTnb2`p2` &
BTn?b?c
b2`p2` RX2tKTH2X+QKc
b2`p2` kX2tKTH2X+QKc
b2`p2` jX2tKTH2X+QK /QrMc
'
XX

<RX FDQ DOVR PDUN D SDUWLFXODU VHUYHU DV D ODVW UHVRUW ZLWK WKH #+FmT RSWLRQ

b2`p2` yXyXyXy,3y3y #+FmTc

,I QR RWKHU VHUYHU LV DYDLODEOH WKH ORDG EDODQFHU ZLOO VWDUW WR VHQG WUDᨬF WR WKLV
EDFNXS VHUYHU 6R DQ LQWHUHVWLQJ WKLQJ WR GR ZRXOG EH VHWWLQJ XS \RXU ORDG
EDODQFHU WR EH WKH EDFNXS VHUYHU GLUHFWO\ 7KHQ \RX FDQ VFDOH GRZQ WR HYHQ
RQH VHUYHU ZKLOH NHHSLQJ \RXU ORDG EDODQFLQJ FRQᨫJXUDWLRQ UHDG\ WR KDQGOH
PRUH WUDᨬF ZLWK PRUH VHUYHUV

 )DLORYHU
,I \RX ZDQW WR EH KLJKO\ DYDLODEOH \RX˵OO KDYH WR HQVXUH WKDW \RXU ORDG EDODQFHU
KDV D VLVWHU IDLORYHU VHUYHU WKDW FDQ FRQWLQXH ORDG EDODQFLQJ <RX FDQ VHW LW XS
WKH VDPH DV WKH SULPDU\ RQH DQG \RX ZRXOG UXQ LW DW DOO WLPHV LQ SDUDOOHO 7KHQ
\RX ZRXOG EH VHQGLQJ FRQWLQXRXVO\ D KHDOWK FKHFN UHTXHVW IURP WKH IDLORYHU
VHUYHU WR WKH SULPDU\ ,I D KHDOWK FKHFN IDLOV \RXU IDLORYHU VHUYHU WDNHV RYHU
%XW KRZ" $ ᦥRDWLQJ ,3 DGGUHVV LV D VWDWLF DGGUHVV WKDW FDQ WKHQ EH UHPDSSHG
EHWZHHQ VHUYHUV XVLQJ D SURYLGHU $3, %\ SRLQWLQJ \RXU $ DQG $$$$ '16
UHFRUGV WR D ᨭRDWLQJ ,3 DGGUHVV \RXU IDLORYHU VHUYHU FDQ LVVXH D UHTXHVW WR
UHDVVLJQ LW WR LWVHOI 5HPHPEHU WKDW \RX FRXOG XVH '16 WR VZLWFK VHUYHUV EXW
LW ZRXOG WDNH ORQJHU WR SURSDJDWH

 0XOWL6HUYHU 'HSOR\PHQW


'HSOR\LQJ \RXU DSSOLFDWLRQ DFURVV D ᨭHHW RI DSSOLFDWLRQ RU ZRUNHU VHUYHUV VLP
SO\ PHDQV QRWKLQJ PRUH WKDQ GHOLYHULQJ WKH H[DFW FKDQJH WR HYHU\ LQGLYLGXDO


VHUYHU <RX ZRXOG EH LWHUDWLQJ RYHU WKH OLVW RI VHUYHUV WDNLQJ WKHP GRZQ IURP
WKH ORDG EDODQFLQJ SRRO GHSOR\LQJ \RXU FKDQJHV DQG SXWWLQJ WKHP EDFN ,I
\RXU DSSOLFDWLRQ VHUYHUV FDQ LQGLYLGXDOO\ KDQGOH ]HURGRZQWLPH GHSOR\PHQW
\RX PLJKW QRW HYHQ QHHG WR UHPRYH WKHP IURP ORDG EDODQFLQJ DOWKRXJK LW˵V
VDIHU WR GR VR
7KHUH DUH WZR IDPRXV VWUDWHJLHV WR GR LW

˾ &DQDU\ GHSOR\PHQW <RX˵OO FKRRVH RQO\ RQH RU KDQGIXO RI VHUYHUV IRU


WKH QHZ FKDQJH DQG \RX GHSOR\ WKH FKDQJHV WR WKH UHVW RI WKH ᨭHHW
RQFH \RX YHULᨫHG LW˵V DOO ZRUNLQJ DV H[SHFWHG &DQDU\ GHSOR\PHQW LV
WKH HTXLYDOHQW RI IHDWXUH ᨭDJV ZKHUH FHUWDLQ EHKDYLRU LV VZLWFKHG RQ
IRU D VPDOO VDPSOH RI XVHUV
˾ %OXHJUHHQ GHSOR\PHQW <RX˵OO VSOLW VHUYHUV LQWR JUHHQ DQG EOXH JURXSV
<RX WDNH WKH JUHHQ RXW RI ORDG EDODQFLQJ WR XSGDWH WKHP DQG VZLWFK
ORDG EDODQFLQJ WR JUHHQRQO\ %OXH JURXS LV QRZ RQ VWDQGE\ DQG LI
HYHU\WKLQJ LV JRRG WR JR \RX XSJUDGH WKH EOXH JURXS DQG UHWXUQ LW WR
ORDG EDODQFLQJ

:LWK D KDQGIXO RI VHUYHUV , ZRXOG GHSOR\ RQH VHUYHU DIWHU DQRWKHU )RU H[DP
SOH GHSOR\ WKH FKDQJH WR WKH ᨫUVW RQH DQG ZDLW LI HYHU\WKLQJ LV ORRNLQJ ᨫQH
7KHQ JR RQH E\ RQH ZLWK WKH UHPDLQLQJ VHUYHUV VWRSSLQJ LI DQ\ RI WKH VHUYHUV
H[SHULHQFH DQ\ HUURUV
:H FDQ DFKLHYH LW ZLWK ZLWK D VLPSOH IRU ORRS DQG WKH XVXDO bb? DQG b+T FDOOV


0 +i /2THQvnHHXb?
O5fmb`f#BMf2Mp #b?
b2i @2mQ TBT27BH

a1_o1_a4U^Re8XkkdXRjNXk9^- ^Re8XkkdXRjNXk8^V

7BH UV &
2+?Q 0R
2tBi R
'

7Q` b2`p2` BM ]0&a1_o1_a(!)']c /Q


2+?Q ].2THQvBM; iQ b2`p2` 0b2`p2`]
b+T TTf 0la1_!0b2`p2`,fb`pfTT
bb? 0la1_!0b2`p2` ^bvbi2K+iH `2bi`i TTnMK2Xb2`pB+2^ %%
7BH ].2THQvK2Mi iQ b2`p2` 0b2`p2` 7BH2/X]
/QM2

,I WKH VWHS LV PRUH FRPSOH[ \RX FDQ FDOO D VHSDUDWH VFULSW ˱ OLNH WKH RQH \RX
SUHSDUHG WR ZRUN ZLWK D VLQJOH VHUYHU /HW˵V DVVXPH LW˵V FDOOHG /2THQvXb? DQG
DFFHSW DQ\ VHUYHU ,3 DGGUHVV DV 0a1_o1_

0 +i /2THQvnHHXb?
O5fmb`f#BMf2Mp #b?
b2i @2Q TBT27BH

a1_o1_a4U]R99XRkeXkkjXk9d] ]R99XRkeXkkjXk9e]V

7Q` b2`p2` BM ]0&a1_o1_a(!)']c /Q


2+?Q ].2THQvBM; iQ b2`p2` 0b2`p2`]
2tTQ`i a1_o1_40b2`p2`

O SQbbB#Hv /`QT i?2 b2`p2` 7`QK HQ/ #HM+2`


O +QM7B;m`iBQM

i`T ^2+?Q ]a2`p2` 0b2`p2` 7BH2/X ]^ 1__


bQm`+2 /2THQvXb?
i`T @ 1__

O SQbbB#Hv `2im`M i?2 b2`p2` iQ HQ/ #HM+2`


/QM2


7R PDNH WKH ZUDSSHU VFULSW IDLO RQ HUURUV IURP WKH VRXUFHG VFULSW ZH KDYH WR
WUDS DQ HUURU LQ %DVK XVLQJ WZR FDOOV WR i`T 7KH ᨫUVW RQH VHWV ZKDW VKDOO
KDSSHQ DQG WKH VHFRQG FKHFNV LI DQ HUURU LV WUDSSHG ,I DQ HUURU LV FDXJKW LW
ᨫQLVKHV WKH VFULSW
7KDW ZD\ ZH GRQ˵W FRQWLQXH GHSOR\LQJ D EDG UHYLVLRQ WR WKH UHVW RI WKH ᨭHHW
'RQ˵W IRUJHW WR XSGDWH WKH OLVW RI VHUYHUV LQ WKH ORDG EDODQFHU FRQᨫJXUDWLRQ LI
WKH LQGLYLDO VHUYHUV FDQQRW EH VDIHO\ XSGDWHG LQᨭLJKW
,I \RX QHHG WKH OLVW RI VHUYHUV WR FRPH IURP DQ H[WHUQDO ᨫOH WRR \RX FDQ UHDG
WKH ᨫOH OLQH E\ OLQH XVLQJ +i

0 +i /2THQvnHHXb?
b2i @2Q TBT27BH

7Q` b2`p2` BM <+i TTnb2`p2`bXiti<c /Q


2+?Q ].2THQvBM; iQ b2`p2` 0b2`p2`]
XXX
/QM2

7KH ᨫOH ZRXOG ORRN OLNH

0 +i TTnb2`p2`bXiti
R99XRkeXkkjXk9d
R99XRkeXkkjXk9e
R99XRkeXkkjXk93

,W˵V D ELW QDLYH WR GHSOR\ WKLV ZD\ EXW LW ZRUNV QLFHO\ IRU D IHZ VHUYHUV

7KHUH DUH YDULRXV XWLOLWLHV WKDW PDNH UXQQLQJ VKHOO RQ PXOWLSOH


VHUYHUV DW RQFH 6RPH RI WKHP DUH *18 SDUDOOHO FOXVK DQG GVK


 ,QVWDQFH 7\SHV
0RGHUQ FORXG SURYLGHUV RᨪHU VHYHUDO LQVWDQFH W\SHV WR FKRRVH IURP 'HSHQG
LQJ RQ \RXU XVHFDVH \RX FDQ VHOHFW YLUWXDO PDFKLQHV RSWLPL]HG LQ HLWKHU &38
SRZHU RU 5$0 'LVN VSDFH QHWZRUN VSHHG RU DOORZHG ,2 WUDQVIHU DUH RWKHU
YDULDEOHV WR WDNH LQWR FRQVLGHUDWLRQV 7KH WULFN\ SDUW LV WKDW WKRVH LQVWDQFHV DUH
QRW XVXDOO\  FRPSDUDEOH WR WKHLU FRPSHWLWLRQ 7KH\ PLJKW RᨪHU WKH VDPH
QXPEHU RI &38 FRUHV DQG *%V RI 5$0 EXW WKH KDUGZDUH LWVHOI LV GLᨪHUHQW
:KLOH LW˵V KDUG WR NQRZ ZKDW LQVWDQFH W\SHV \RX QHHG ZLWKRXW H[WHQVLYH ORDG
WHVWLQJ RU ZKHWKHU \RX˵OO EH EHWWHU ZLWK 'LJLWDO 2FHDQ 9XOWU RU /LQRGH WKHUH
DUH IHZ JXLGLQJ UXOHV \RX FDQ IROORZ ZKHQ FKRRVLQJ \RXU LQVWDQFH W\SHV LQ
WKH EHJLQQLQJ

˾ 6LQJOH VHUYHUV ,I \RX JR ZLWK D VLQJOH VHUYHU \RX QHHG WR DFFRXQW IRU
DOO SURFHVVHV \RX˵OO UXQ 7KDW PLJKW EH D UHYHUVH SUR[\ DQ DSSOLFDWLRQ
VHUYHU FRQᨫJXUHG WR UXQ VHYHUDO SURFHVVHV D EDFNJURXQG MRE SURFHVVRU
D UHODWLRQDO GDWDEDVH DQG D NH\YDOXH VWRUH <RX VKRXOG SUREDEO\ VWDUW
ZLWK D ZHOOEDODQFHG YLUWXDO PDFKLQH DQG JDLQ VRPH KRVW PHWULFV ᨫUVW
:KLOH \RX PLJKW WKLQN \RX˵OO QHHG D SRZHUIXO PDFKLQH IRU DOO RI WKDW
\RX PLJKW VWLOO GR HYHU\WKLQJ RQ VRPH RI WKH VPDOOHVW LQVWDQFHV LI \RXU
WUDᨬF LV ORZ , UXQ D SURMHFW ZLWK DOO RI WKDW IRU VHYHUDO \HDUV RQ D
 YLUWXDO PDFKLQH &RQVLGHU OLPLWLQJ \RXU EDFNJURXQG ZRUNHUV˵ &38
DFFHVV ZLWK FJURXSV DV WKHLU KLJK &38 XVDJH PLJKW SUHYHQW WKH UHVW RI
WKH DSSOLFDWLRQ IURP UXQQLQJ VPRRWKO\
˾ $SSOLFDWLRQ VHUYHUV <RXU DSSOLFDWLRQ VHUYHUV ORDG PLJKW EH YHU\ VSH
FLᨫF WR ZKDW \RX GR 6XSSRVH \RX VHSDUDWHG DOO &38LQWHQVLYH WDVNV
WR GHGLFDWHG EDFNJURXQG ZRUNHUV˵ VHUYHUV ,Q WKDW FDVH \RX˵OO EH EHW
WHU IRFXVLQJ RQ 5$0 FRQVXPSWLRQ DQG ,2 OLPLWV VLQFH \RX˵OO QHHG WR
NHHS D ORW RI UHTXHVWV LQ PHPRU\ DQG FRPPXQLFDWH ZLWK \RXU GDWDEDVHV
(VSHFLDOO\ 5DLOV DQG 'MDQJR VHUYHUV DUH NQRZQ IRU KLJK PHPRU\ FRQ
VXPSWLRQ %XW LI \RX SURFHVV WKLQJV LQᨭLJKW \RX PLJKW QHHG PRUH
EDODQFH , ZRXOG DOVR VHW XS VZDS VSDFH WR SUHYHQW WKH VHUYHUV IURP
FUDVKLQJ
˾ /RDG EDODQFHUV DQG SUR[LHV <RX˵OO ZLOO QHHG PXFK PRUH 5$0 DQG
,2 LQ FRPSDULVRQ WR &38 LI \RXU RQO\ MRE LV WR SDVV UHTXHVWV DURXQG
+LJKSHUIRUPDQFH VHUYHUV OLNH 1*,1; DUH JHQHUDOO\ ZHOO RSWLPL]HG
DQG , ZRXOG VWDUW ZLWK VRPH RI WKH VPDOOHVW LQVWDQFHV ᨫUVW :KLOH
WKH\ KDYH WR FRYHU DOO \RXU UHTXHVWV DV RSSRVHG WR HDFK DSSOLFDWLRQ


VHUYHU KDQGOLQJ MXVW D IUDFWLRQ  WKH\ GRQ˵W KDYH WR GR DQ\ VSHFLDO &38
LQWHQVLYH SURFHVVLQJ DSDUW IURP HQFU\SWLQJ \RXU UHTXHVW LI \RX FKRRVH
VR  +RZHYHU ZDWFK RXW IRU 5$0 FRQVXPSWLRQ ZKHQ VHQGLQJ ELJ ᨫOHV
LI \RX GRQ˵W KDYH GLUHFW VWRUDJH XSORDGV  DQG NHHSLQJ D ORW RI SHUPD
QHQW :HE6RFNHWV FRQQHFWLRQV
˾ %DFNJURXQG ZRUNHUV :KLOH VRPH ZRUNHUV PLJKW EH OLJKW JHWWLQJ D
XVHU IURP WKH GDWDEDVH DQG VHQGLQJ DQ HPDLO DIWHUZDUG  WKH RWKHUV GR
DOO WKH KHDY\ OLIWLQJ \RXU DSSOLFDWLRQ KDV WR GR ˱ DQG DFFRXQW IRU PRVW
RI WKH &38 XVHG )RU H[DPSOH FDOOLQJ RWKHU XWLOLWLHV WR SURFHVV LPDJHV
H[WUDFWLQJ WH[W IURP 3')V XVLQJ 2&5 RU FUXQFKLQJ VRPH QXPEHUV DUH
DOO &38LQWHQVLYH WDVNV 7KHUHIRUH WKLV ZRXOG EH D JRRG RSWLRQ WR JR
IRU D &38RSWLPL]HG LQVWDQFH

6KHOOLQJ RXW WR UXQ V\VWHP XWLOLWLHV PLJKW EH EHWWHU WKDQ XVLQJ


OLEUDULHV ZLWK & H[WHQVLRQVEULGJH 7KH\ LPPHGLDWHO\ IUHH PHP
RU\ IRU RWKHU SURFHVVHV ZKHQ WKH\ ᨮQLVK 7KHLU SRVVLEOH PHPRU\
OHDN ZLOO DOVR QRW WUDQVODWH WR \RXU ZRUNHU SURFHVV

˾ 5HODWLRQDO GDWDEDVHV OLNH 3RVWJUH64/ 'DWDEDVHV VDYH \RXU GDWD RQ WKH


GLVN 7KHUHIRUH D IDVW 66' GLVN LV D PXVW :KLOH LQVWDQFHV˵ GLVN VSDFH
LV XVXDOO\ IDVWHU DWWDFKHG VWRUDJH RᨪHUV D ORW RI ᨭH[LELOLW\ IRU JURZWK VR
\RX GRQ˵W KDYH WR XSJUDGH \RXU LQVWDQFHV MXVW WR JHW PRUH VSDFH 7KH
QXPEHU RI &38 FRUHV FDQ EH PRUH LPSRUWDQW WKDQ WKHLU VSHHG LI \RX
QHHG WR KDQGOH PDQ\ FRQQHFWLRQV $ KLJKHU 5$0 DYDLODEOH HQVXUHV WKDW
3RVWJUH64/ FRXOG GR PRUH FDFKLQJ DQG VSHHG XS UHSHWLWLYH TXHULHV

˾ ,QPHPRU\ GDWDEDVHV OLNH 5HGLV .H\YDOXH VWRUHV OLNH 5HGLV RSWLPL]H


LQ VDYLQJ GDWD WR DQG VHUYLQJ GDWD IURP WKH YRODWLOH 5$0 ZLWK ORZ OD
WHQF\ 7KH PRUH 5$0 \RX KDYH WKH PRUH EDFNJURXQG MREV DQG FDFKLQJ
FDQ EH GRQH ,I \RX ZDQW WR VDYH RQ PHPRU\ GRQ˵W VDYH WKH ZKROH SD\
ORDGV OLNH D XVHU IRU HDFK EDFNJURXQG MRE DQG SDVV RQO\ LGHQWLᨫHUV
OLNH ,'V ,I \RX KDYH RQO\ RQH GHGLFDWHG DSSOLFDWLRQ VHUYHU FRQVLGHU
LQVWDOOLQJ 5HGLV RQ WKH VDPH LQVWDQFH WR VDYH WKH QHWZRUN URXQGWULS
)RU FDFKLQJ PDNH VXUH WR UHF\FOH WKH NH\V


7KH VLWH YSVEHQFKPDUNVFRP LV RQH RI D IHZ WKDW EHQFKPDUNV
DQG WUDFNV YDULDWLRQV LQ WKH FORXG LQVWDQFH RᨭHULQJ 7KH\ HYHQ
IHDWXUH D UDQNLQJ RI WKH EHVW YDOXH IRU D JLYHQ SULFH UDQJH %XW
UHPHPEHU WKDW FKRRVLQJ D FORXG SURYLGHU LV PRUH WKDQ FKRRVLQJ
WKH EHVW YDOXH LQ WHUPV RI WKH KDUGZDUH

2QFH \RX SXW WKH DSSOLFDWLRQ WR SURGXFWLRQ LW˵V LPSRUWDQW WR ZDWFK RXW IRU NH\
KRVWV˳ PHWULFV OLNH &38 XWLOL]DWLRQ PHPRU\ XVHG DQG DPRXQW RI ,2 6RPH
SURYLGHUV KDYH D EXLOWLQ EDVLF GDVKERDUG EXW IRU PRUH PHWULFV RU KLVWRULFDO
GDWD \RX˵OO QHHG WR VHW XS VRPHWKLQJ \RXUVHOI , OLNH VHUYLFHV OLNH $SS6LJQDO
WKDW FRPELQH DSSOLFDWLRQ SHUIRUPDQFH WUDFNLQJ ZLWK KRVWV PHWULFV VR WKDW \RX
VHH ERWK WRJHWKHU LQ RQH V\VWHP $ PRUH DGYDQFHG WRRO VSHFLDOL]LQJ LQ LQ
IUDVWUXFWXUH PRQLWRULQJ LV 'DWDGRJ EXW , GRQ˵W UHFRPPHQG LW WR EHJLQQHUV DV
PXFK VHWXS ZRUN LV UHTXLUHG XSIURQW
,GHDOO\ \RX VKRXOG VHW XS DOHUWLQJ WKDW FDQ ZDUQ \RX LQ DGYDQFH WKDW \RX
DUH SXWWLQJ \RXU VHUYHUV WR WKH OLPLW <RX VKRXOG EH DOHUWHG ZKHQ \RXU &38
RU 5$0 XWLOL]DWLRQ JRHV DERYH  RU RWKHU QXPEHUV WKDW ᨫW \RXU VHUYLFH˵V
QDWXUH  ,Q DQ\ FDVH DOZD\V GHSOR\ WR LQVWDQFHV WKDW OHDYH VRPH URRP IRU
VSLNHV LQ WUDᨬF


 6XPPDU\
6FDOLQJ LV DQ LQGLYLGXDO MRXUQH\ <RX PLJKW EH FKDVLQJ KLJK DYDLODELOLW\ RU
PHHWLQJ QHZ GHPDQG IRU \RXU VHUYLFH 8QGHUVWDQG ZKDW \RX DUH GRLQJ DQG
WKDW \RX DUH GRLQJ LW IRU WKH ULJKW UHDVRQV

˾ *RLQJ VORZO\ IURP RQH VHUYHU WR WZR WKUHH DQG PRUH ZLOO UHTXLUH RQO\
PLQLPDO FKDQJHV DW HYHU\ VWHS DQG PLJKW KHOS \RX WR UHDOL]H ZKDW NLQG
RI LQIUDVWUXFWXUH \RXU DSSOLFDWLRQ QHHGV
˾ <RX PLJKW QRW QHHG WR VFDOH KRUL]RQWDOO\ IRU TXLWH VRPH WLPH SHUKDSV
QHYHU $QG ZKHQ \RX GR D VLQJOH VHUYHU DUFKLWHFWXUH ZLOO VWLOO EH KHOSIXO
IRU \RXU VWDJLQJ VHUYHU

˾ :KHQ DGGLQJ PRUH VHUYHUV FKRRVH WKH ULJKW LQVWDQFH W\SHV DQG FRQVLGHU
OHYHUDJLQJ DWWDFKHG VWRUDJH WR DYRLG PDQXDO GDWD WUDQVIHUV

˾ &HQWUDOL]H GDWDEDVHV DQG VWRUDJH EHIRUH DGGLQJ ZRUNHU VHUYHUV DQG ORDG
EDODQFHUV 7KLQN DERXW FHQWUDOL]LQJ ORJV ZKHQ DGGLQJ PRUH DSSOLFDWLRQ
VHUYHUV VR \RX GRQ˵W KDYH WR EH VHDUFKLQJ VHYHUDO SODFHV
˾ 5HPHPEHU WKDW GDWDEDVHV DQG ORDG EDODQFHUV ZRQ˵W PDWFK \RXU DSSOLFD
WLRQ VHUYHUV˵ FDSDFLW\ DXWRPDWLFDOO\ %H DZDUH RI FRQQHFWLRQ SRROV DQG
GRQ˵W IRUJHW WKDW EHLQJ KLJK DYDLODEOH PHDQV FRYHULQJ DOO SDUWV RI \RXU
DUFKLWHFWXUH


&KDSWHU 

)RUWXQH 7HOOLQJ

,I \RX IROORZHG WKH ERRN WKRURXJKO\ \RX XQGHUVWRRG ZKDW LW WDNHV WR PRYH D
ZHE DSSOLFDWLRQ IURP GHYHORSPHQW WR SURGXFWLRQ <RX OHDUQHG WR VHW XS ZHE
VHUYHUV ORDG EDODQFHUV DQG GDWDEDVHV <RX NQRZ KRZ WR UXQ ORQJUXQQLQJ
SURFHVVHV DQG GHEXJ WKHP ZKHQ QHFHVVDU\ 6(/LQX[ JRW D OLWWOH ELW OHVV LQWLP
LGDWLQJ %DVK EHFDPH PRUH IDPLOLDU $QG ZH DXWRPDWHG ZKDW ZH FRXOG 1RZ
\RX DUH ZRQGHULQJ ˸ZKDW˵V QH[W"˹


 1H[W 6WHSV
:KLOH , WULHG KDUG WR VTXHH]H ZKDW , FRXOG LQWR WKLV ERRN , VWLOO KDG WR PDNH
KDUG FKRLFHV RI ZKDW˵V JHW LQ DQG ZKDW˵V QRW ,Q WKH HQG , GHFLGHG WR WDON DERXW
ZKDW , WKLQN LV HVVHQWLDO NQRZOHGJH IRU VRPHRQH VWDUWLQJ 7KDW LV KRZ WKLQJV
ᨫW WRJHWKHU IRU D VPDOOHU GHSOR\PHQW RI RQH RU D IHZ VHUYHUV , ZDQWHG \RX WR
VHH WKLQJV IURP WKH ERWWRP XS ZKLFK OHG PH WR VKRZFDVH VLPSOH FRQᨫJXUDWLRQ
PDQDJHPHQW ZLWK %DVK
7KDW VDLG WKLV DSSURDFK GRHVQ˵W VFDOH ZHOO IRU ODUJHU GHSOR\PHQWV ,Q \RXU QH[W
TXHVW \RX PLJKW ZDQW WR H[SORUH PRUH SRZHUIXO WRROV DQG H[SORUH PXOWLQRGH
GHSOR\PHQWV˵ GLVWULEXWLRQ QDWXUH LQ GHWDLO
$ ORQJWLPH IDYRULWH GHSOR\PHQW WRRO IRU 5XE\LVWV LV &DSLVWUDQR (VVHQWLDOO\
LW˵V 5XE\ '6/ WR GHSOR\ \RXU DSSOLFDWLRQ FRGH DQG DXWRPDWH VHUYHU WDVNV
,W IHDWXUHV JRRG DEVWUDFWLRQV DURXQG VHUYHUV DQG WKHLU GHSOR\ UROHV 2ULJL
QDOO\ &DSLVWUDQR LV EDVHG DURXQG WKH LGHD RI V\POLQNLQJ WKH FXUUHQW UHOHDVH
6WLOO \RX FDQ H[WHQG LW WR VXSSRUW RWKHU VWUDWHJLHV LQFOXGLQJ 'RFNHU FRQWDLQ
HUV DOWKRXJK PRVW VHHP WR OHDYH &DSLVWUDQR ZKHQ WKH\ VZLWFK WR 'RFNHU 
&RPPDQGV WKHPVHOYHV DUH UXQ LQ VHTXHQFH WKH ZD\ ZH GLG LQ WKLV ERRN
0LQD LV D VHUYHU DXWRPDWLRQ WRRO QRW IDU Rᨪ IURP &DSLVWUDQR $JDLQ ZH
VFULSW YDULRXV VHUYHU WDVNV LQ 5XE\ DQG 0LQD WDNHV FDUH RI UXQQLQJ WKHP RQ
WKH WDUJHW VHUYHUV +RZHYHU UDWKHU WKDQ UXQQLQJ VLQJOH FRPPDQGV DV WKH\
DSSHDU LQ \RXU VFULSW 0LQD RSWLPL]HV WKLV FRGH DQG GHSOR\V D ᨫQDO VLQJOH
%DVK VFULSW WR UXQ LW LQ IXOO RQ WKH VHUYHU 7KDW VSHHGV WKLQJV XS DV RSHQLQJ
66+ FRQQHFWLRQV LV QRW IUHH 7KHUH LV DOVR D 0LQDLQVSLUHG 3\WKRQ DOWHUQDWLYH
FDOOHG S\BPLQD
,I \RX ZDQW WR JR ZLWK FRQWDLQHUV 'RNNX FRXOG EH D JRRG VWDUW 'RNNX ELOOV
LWVHOI DV \RXU 'RFNHUSRZHUHG PLQL+HURNX DQG \RX FDQ ERRWVWUDS LW ZLWK
D VLQJOH #QQibi`TXb? VFULSW 7KH ZKROH LPSOHPHQWDWLRQ LV MXVW D FRXSOH
KXQGUHG OLQHV RI %DVK WKDQNV WR EXLOGSDFNV 7KH GLVDGYDQWDJH LV LWV OLPLWDWLRQ
WR D VLQJOH VHUYHU <RX FDQ VWLOO JHW LW UXQQLQJ RQ PRUH \RXUVHOI EXW WKH
EXLOGLQJ SDUW ZRXOG KDYH WR KDSSHQ RQ HDFK VHUYHU VHSDUDWHO\ VLPLODUO\ WR RXU
JLWSXVK H[DPSOH LQ WKH ERRN
7KHQ WKHUH LV $QVLEOH RQH RI WKH PRVW SRSXODU FRQᨫJXUDWLRQ PDQDJHPHQW
WRROV :ULWLQJ $QVLEOH UROHV LV GHFODUDWLYH DQG FDQ EH H[WHQGHG ZLWK 3\WKRQ
PRGXOHV DQG %DVK $V 0LQD LW˵V GHVLJQHG DURXQG UXQQLQJ RSWLPL]HG VKHOOFRGH
RYHU 66+ DV D VLQJOH ᨫOH 5HG +DW DFTXLUHG $QVLEOH DQG VLQFH H[WHQGHG LW
WR VXSSRUW PXFK PRUH XVHFDVHV LQFOXGLQJ LQIUDVWUXFWXUH DV FRGH 'HVSLWH


$QVLEOH˵V SRSXODULW\ DQG IHDWXUHV LW˵V VWLOO RIWHQ FRPELQHG ZLWK VSHFLDOL]HG
GHSOR\PHQW WRROV

%DVHFDPS WKH PDNHUV RI 5XE\ RQ 5DLOV FRQᨮJXUHG WKHLU VHUYHUV


ZLWK &KHI DQG GHSOR\HG XVLQJ &DSLVWUDQR IRU \HDUV 7KH\
UHDFKHG D FRQVLGHUDEOH VFDOH EHIRUH HQGLQJ XS ZLWK WKHLU FXU
UHQW VWDFN EDVHG RQ .XEHUQHWHV

)RU WKH PRVW FRPSOH[ DQG GHPDQGLQJ GHSOR\PHQWV WRGD\ \RX˵OO KDYH WR ORRN
LQWR FRQWDLQHU RUFKHVWUDWLRQ 7KH PRVW FRPSOH[ SRZHUIXO GUHDGHG DQG ORYHG
RUFKHVWUDWRU LV QRWKLQJ HOVH WKDQ .XEHUQHWHV 7KHUH ZHUH VLPSOHU DOWHUQDWLYHV
EHIRUH EXW WKH\ ORVW VWHDP DQG LW VHHPV WKH LQGXVWU\ VWDQGDUGL]HV RQ .XEHU
QHWHV DQG LWV GLVWULEXWLRQV OLNH 2SHQ6KLIW IURP 5HG +DW
,I \RX SODQ D FDUHHU LQ 6LWH 5HOLDELOLW\ (QJLQHHULQJ 65(  LW˵V ZRUWK ORRNLQJ
LQWR WKH .XEHUQHWHV ZRUOG 2WKHUV VKRXOG DVN WKHPVHOYHV LI WKH KXJH FRP
SOH[LW\ WUDGHRᨪ LV ZRUWK LW DV WKH\ ZLOO PRVW OLNHO\ HQG XS ZLWK D PDQDJHG
SODWIRUP DQG WUHDW LW OLNH D EODFN ER[
$QRWKHU WKLQJ WKDW GLGQ˵W PDNH WKH FXW LV WKH &RQWLQXRXV ,QWHJUDWLRQ &,
DQG &RQWLQXRXV 'HOLYHU\ &' SLSHOLQHV &,&' VWUHDPOLQHV WKH GHSOR\
PHQW RI ZRUNLQJ UHYLVLRQV LQ WKH VHPL DXWRPDWLFDO ZD\ 7KH\ DUH ELJ SODW
IRUPV IRU WKDW QRZ EXW \RXU VLPSOHVW &,&' SLSHOLQH FDQ DOVR EH DQ DIWHU
FRPPLW JLW KRRN UXQQLQJ \RXU WHVW VXLWH DQG SXVKLQJ WKH FRGH WR SURGXFWLRQ
RQFH WKH WHVWV SDVVHG


 &ORVLQJ :RUGV
,W WRRN PH PRUH WKDQ WKUHH \HDUV RI UHVHDUFK DQG ZULWLQJ WR SXW WKLV ERRN
WRJHWKHU DQG , FDQ RQO\ LPDJLQH WKDW VWXG\LQJ LW DOO ZDV QRW DQ HDV\ IHDW
HLWKHU
, DP KRSHIXO \RX IRXQG ZKDW \RX VRXJKW ,W ZDV D SOHDVXUH

0 7`2r2HH

-RVHI



You might also like