&RQGXFWLYHꢀ3RO\PHUꢀ7DQWDOXPꢀ6ROLGꢀ&DSDFLWRUV
岜岜*XLGHOLQHVꢀDQGꢀSUHFDXWLRQVق
326&$3ك
ꢅꢂꢀ&LUFXLWꢀGHVLJQ
ꢅꢂꢅꢀ3URKLELWHGꢀFLUFXLWV
6LQFHꢀSUREOHPVꢀFDQꢀEHꢀH[SHFWHGꢁꢀ326&$3ꢀFDQQRWꢀEHꢀXVHGꢀRQꢀWKHꢀIROORZLQJꢀFLUFXLWVꢃ
ꢂꢊꢆꢀ+LJKꢀLPSHGDQFHꢀYROWDJHꢀUHWHQWLRQꢀFLUFXLWV
ꢂꢌꢆꢀ&RXSOLQJꢀFLUFXLW
ꢂꢐꢆꢀ7LPHꢀFRQVWDQWꢀFLUFXLWV
ꢂꢑꢆꢀ&LUFXLWVꢀJUHDWO\ꢀDIIHFWHGꢀE\ꢀOHDNDJHꢀFXUUHQW
ꢂꢎꢆꢀ7KHꢀFLUFXLWꢀLQꢀZKLFKꢀWZRꢀRUꢀPRUHꢀ326&$3ꢀDUHꢀFRQQHFWHGꢀLQꢀDꢀVHULHVꢀVRꢀDVꢀWRꢀUDLVHꢀWKHꢀHQGXUDQFHꢀYROWDJHꢃ
ꢅꢂꢆꢀ)DLOXUHꢀDQGꢀOLIHꢇVSDQ
7KHꢀIDLOXUHꢀUDWHꢀLVꢀꢉꢃꢎꢀꢓꢔꢀꢅꢀꢊꢉꢉꢉꢀKꢀꢂ&RQILGHQFHꢀOHYHOꢀꢕꢀꢍꢉꢀꢓꢆꢀEDVHGꢀRQꢀ-,6ꢀ&ꢀꢎꢉꢉꢐꢃ
7KHꢀPDLQO\ꢀIDLOXUHꢀPRGHVꢀDUHꢀDVꢀIROORZVꢃ
ꢔꢀ%ꢌꢀVL]HꢀRUꢀOHVVꢀꢕꢀꢊꢃꢉꢀꢓ
ꢅꢂꢆꢇꢅꢀ&RQWLQJHQF\ꢀIDLOXUH
7KHꢀPDLQꢀFDXVHVꢀRIꢀIDLOXUHꢀDUHꢀWKHUPDOꢀVWUHVVHVꢀFDXVHꢀE\ꢀWKHꢀVROGHULQJꢀRUꢀWKHUPDOꢀXVHꢀHQYLURQPHQWꢁꢀDORQJꢀ
ZLWKꢀKHDWꢀVWUHVVHVꢁꢀHOHFWULFDOꢀVWUHVVHVꢀRUꢀPHFKDQLFDOꢀVWUHVVHVꢃꢀ7KHꢀPRVWꢀFRPPRQꢀIDLOXUHꢀPRGHꢀLVꢀDꢀVKRUWꢀ
FLUFXLWꢃꢀ,QꢀFDVHꢀDꢀVKRUWꢀFLUFXLWꢀRFFXUVꢁꢀHQVXUHꢀVDIHW\ꢀE\ꢀIXOO\ꢀFRQVLGHULQJꢀWKHꢀIROORZLQJVꢃ
ꢂDꢆꢀ,Iꢀ326&$3ꢀHPLWꢀVPRNHꢁꢀWXUQꢀRIIꢀWKHꢀPDLQꢀSRZHUꢀRIꢀWKHꢀHTXLSPHQWꢃꢀ,QꢀWKLVꢀFDVHꢁꢀNHHSꢀ\RXUꢀIDFHꢀDQG
ꢀKDQGVꢀDZD\ꢀIURPꢀWKHꢀDUHDꢃ
ꢂEꢆꢀ,WꢀPD\ꢀWDNHꢀDꢀIHZꢀVHFRQGVꢀWRꢀDꢀIHZꢀPLQXWHVꢀEHIRUHꢀ326&$3ꢀHPLWVꢀVPRNHꢀE\ꢀWKHꢀVLWXDWLRQꢃꢀ,QFUHDVH
ꢀVDIHW\ꢀE\ꢀXVLQJꢀDꢀSURWHFWLYHꢀFLUFXLWꢃ
ꢂFꢆꢀ,IꢀWKHꢀVPRNHꢀFRPHVꢀLQWRꢀH\HVꢁꢀULQVHꢀLPPHGLDWHO\ꢃꢀ,IꢀWKHꢀVPRNHꢀLVꢀLQKDOHGꢁꢀJDUJOHꢀLPPHGLDWHO\ꢃ
ꢂGꢆꢀ,QꢀFDVHꢀDꢀODUJHꢀFXUUHQWꢀFRQWLQXHVꢀWRꢀIORZꢀDIWHUꢀDꢀVKRUWꢀFLUFXLWꢁꢀLQꢀWKHꢀZRUVWꢀFDVHꢁꢀWKHꢀVKRUWHGꢄRXW
ꢀVHFWLRQꢀPD\ꢀLJQLWHꢃꢀ)RUꢀVDIHW\ꢁꢀLQVWDOOꢀDꢀUHGXQGDQWꢀFLUFXLWꢀRUꢀDꢀSURWHFWLYHꢀFLUFXLWꢁꢀHWFꢃ
ꢅꢂꢆꢇꢆꢀ:HDUꢇRXWꢀIDLOXUHꢀꢈOLIHWLPHꢉ
:KHQꢀOLIHWLPHꢀH[FHHGHGꢀWKHꢀVSHFLILHGꢀJXDUDQWHHꢀWLPHꢀRIꢀ(QGXUDQFHꢀDQGꢀ'DPSꢀKHDWꢁꢀHOHFWURO\WHꢀPLJKW
ꢀLQVXODWHꢀDQGꢀFDXVHꢀHOHFWULFꢀFKDUDFWHULVWLFꢀFKDQJHGꢃꢀ7KLVꢀLVꢀFDOOHGꢀDQꢀRSHQꢀFLUFXLWꢃꢀ7KHꢀHOHFWULFꢀFKDUDFWHULVWLFV
ꢀRIꢀFDSDFLWDQFHꢀDQGꢀ(65ꢀPD\ꢀSRVVLEO\ꢀFKDQJHꢀZLWKLQꢀWKHꢀVSHFLILHGꢀUDQJHꢀLQꢀVSHFLILFDWLRQVꢀZKHQꢀLWꢀLVꢀꢀXVHG
ꢀXQGHUꢀWKHꢀFRQGLWLRQꢀRIꢀWKHꢀUDWHGꢀYROWDJHꢁꢀHOHFWULFꢀDQGꢀPHFKDQLFDOꢀSHUIRUPDQFHꢃꢀ
3OHDVHꢀQRWHꢀLWꢀZKHQꢀGHVLJQꢃ
ꢅꢂꢊꢀ5HGXFWLRQꢀRIꢀIDLOXUHꢀVWUHVV
:KHQꢀ326&$3ꢀLVꢀXVHGꢀZLWKLQꢀWKHꢀUDWHGꢀYROWDJHꢁꢀLWꢀVKRZVꢀDꢀVWDEOHꢀFKDUDFWHULVWLFꢁꢀEXWꢀLWꢀPD\ꢀEHꢀGDPDJHG
LQꢀDꢀVKRUWꢀFLUFXLWꢀZKHQꢀDQꢀRYHUYROWDJHꢁꢀIRUꢀLQVWDQFHꢁꢀLVꢀDSSOLHGꢃꢀ7KHꢀWLPHꢀWRꢀUHDFKꢀWKHꢀIDLOXUHꢀPRGHꢀFDQꢀEH
H[WHQGHGꢀE\ꢀXVLQJꢀ326&$3ꢀZLWKꢀUHGXFHGꢀHQYLURQPHQWꢀWHPSHUDWXUHꢁꢀULSSOHꢀFXUUHQWꢀDQGꢀDSSOLHGꢀYROWDJHꢃ
)DLOXUHꢀUDWH
嵣ꢀ,QꢀWKHꢀFDVHꢀRIꢀWKHꢀHQGXUDQFHꢀZKLFKꢀLVꢀꢊꢉꢎꢀ&ꢀꢌꢉꢉꢉꢀKꢃ
ꢉꢃꢎꢀꢓꢅꢊꢉꢉꢉꢀKꢀꢂ(QYLURQPHQWꢀWHPSꢃꢀꢕꢀꢊꢉꢎꢀ&ꢁꢀ5DWHGꢀYROWDJHꢀRUꢀ&DWHJRU\ꢀYROWDJHꢀDSSOLHGꢆ
嵣ꢀ,QꢀWKHꢀFDVHꢀRIꢀWKHꢀHQGXUDQFHꢀZKLFKꢀLVꢀꢊꢉꢎꢀ&ꢀꢊꢉꢉꢉꢀKꢀRUꢀꢊꢌꢎꢀ&ꢀꢊꢉꢉꢉꢀKꢃ
ꢊꢃꢉꢀꢓꢅꢊꢉꢉꢉꢀKꢀꢂ(QYLURQPHQWꢀWHPSꢃꢀꢕꢀꢊꢉꢎꢀ&ꢁꢀ5DWHGꢀYROWDJHꢀRUꢀ&DWHJRU\ꢀYROWDJHꢀDSSOLHGꢆ
嵣ꢀ,QꢀWKHꢀFDVHꢀRIꢀWKHꢀHQGXUDQFHꢀZKLFKꢀLVꢀꢏꢎꢀ&ꢀꢊꢉꢉꢉꢀKꢃ
ꢊꢃꢉꢀꢓꢅꢊꢉꢉꢉꢀKꢀꢂ(QYLURQPHQWꢀWHPSꢃꢀꢕꢀꢏꢎꢀ&ꢁꢀ5DWHGꢀYROWDJHꢀDSSOLHGꢆ
ꢅꢂꢋꢀ&KHFNꢀWKHꢀUDWHGꢀSHUIRUPDQFH
$IWHUꢀFKHFNLQJꢀWKHꢀRSHUDWLRQꢀDQGꢀLQVWDOODWLRQꢀHQYLURQPHQWVꢁꢀGHVLJQꢀWKHꢀFLUFXLWꢀVRꢀWKDWꢀLWꢀIDOOVꢀZLWKLQꢀWKHꢀUDWHG
SHUIRUPDQFHꢀUDQJHꢀVWLSXODWHGꢀLQꢀWKLVꢀGHOLYHU\ꢀVSHFLILFDWLRQꢃ
ꢅꢂꢌꢀ2SHUDWLQJꢀWHPSHUDWXUHꢀDQGꢀULSSOHꢀFXUUHQW
ꢂꢊꢆꢀ6HWꢀWKHꢀRSHUDWLQJꢀWHPSHUDWXUHꢀVRꢀWKDWꢀLWꢀIDOOVꢀZLWKLQꢀWKHꢀUDQJHꢀVWLSXODWHGꢀLQꢀWKLVꢀGHOLYHU\ꢀVSHFLILFDWLRQꢃ
ꢂꢌꢆꢀ'RꢀQRWꢀDSSO\ꢀFXUUHQWꢀWKDWꢀH[FHHGVꢀWKHꢀDOORZDEOHꢀULSSOHꢀFXUUHQWꢃꢀ5LSSOHꢀFXUUHQWꢀVKRXOGꢀEHꢀFRQWUROOHGꢀVRꢀWKDW
岜VXUIDFHꢀWHPSHUDWXUHꢀRIꢀDꢀFDSDFLWRUꢀGRꢀQRWꢀH[FHHGꢀWKHꢀUDWHGꢀWHPSHUDWXUHꢃ
ꢂ)RUꢀTXHVWLRQVꢀUHJDUGLQJꢀ74&ꢀVHULHVꢁꢀSOHDVHꢀFRQWDFWꢀXVꢃꢆ
ꢂꢐꢆꢀ6SHFLILHGꢀ(65ꢀLVꢀDꢀYDOXHꢀDWꢀWKHꢀWLPHꢀRIꢀVKLSSLQJꢀIURPꢀIDFWRU\ꢃꢀ(65ꢀPD\ꢀFKDQJHꢀXSRQꢀXVHꢀFRQGLWLRQVꢃ
ꢉꢊꢄ2FWꢄꢊꢋ