! " # $ %&''() ) *!) +, -./01 ..'2/.3 4, -./01 ..'2/0% 5, 6 78)))!)
+ !! 4! " " "9 ! "" :" " ;< "9 =5) > ?" @ A ?; "" 9 ! ! " =5 ! ; <;" ) * ; ? =5 ! " :" ; ? ; "" =5 !) 54! " "" 9 ; "" 9 " =5 !) !! ; B 9 4! " :" " 4 ; ! ") + 9 ?
-C1 ? 9 4 9
"")
0)
! 4 " 9 "" -"
-?3.1 C- 3%1 9:-: 3(1 :"-C 3D1
: - "301)))1) " , 9 B ? ! " "" -" 9 " "" 94 " ! ?9 ! ! ""1E ? ;< ! <;" ) F<" ! !? - ) 331) "9 ! -; ; !9 4! "" ; " 1 9 ! " ? ; "9 ? "9 ! G ") + "9 ! ! ! 4! ! "" ! 9 )
+ ? !? "9 =" 5 -=51 -$G ) 3&1 ?" ?) 9 " =5 ! " ! "9 <;" " ! ->1 ! " "" ; "9 ; ? !) ! ! " 9 " =5 ) =5H ?" " ? ! " <;" "" ! 9 ") , " :" ?) * 4! "" ; " ! !9 9 " " )
? 9 " 4 ;9 9 9 "") ; ? " 9 4" "9 9 "" ; " ") + " 9 < ;" !?,
N " ! ! "9 ? ? !! !) + < <;" "9)
N = "9I !) + !? !9 " " ? " ? CE " "9 ?9 -? 3.1 " " * -G 3'1 )
N * " !) + ?; ?" ! -!J ) 3&1 ! ? " ! " " "9)
N + )
N * ! ? 9 ")
N I ! ! "9)
" "" - 331 !! ! ; <" 4" " ! " ?9 ? "9 " " ? ?! ") >"" ? " " ! " ?9 4" " ?9 "" ; ; ; ! - "" ? 9 < "1)
+ !! ! ;< -C1 -$B 3&1
; " <;"G 9) +
9 ; ") + ! -C1 9
", " "9 !B "9 ! "9 !? "9 "9 ! "9 ! "9) + B9 " ? ? ?9 " ") K; ! ! "9 ?" ?9 "! ) 5 "! ? ! ! "9 " "
" ) -C1" ? B9 ?9 ""! 9 ?
"! :")
+ ! -C1 "9 ; ! ) + !
; ! ! ! 4 ? 4) + ! ! ; <;" ? ! )
"9 ; ? :" ; "9 ?< - ) 3&1 ) ; ; "9 " < ? 9 " " *) * ! !? ) ? ! " "9 ! 9 " :" " ; ; 9 " "" ! ; " ! -$G ) 3&1) ; ?
-C1 ! :" "9 9 ?9
"") * ; -" 9 1 " "9 =" 5 -=51 ! ; " ;
! ) 9 ; -C1 !
" " =5 ; ) " 0 ; -C1 "9
9) L <;" ; "9 9 ? ! :" "") + " "9 ? 5! " *
* 9) :" MM"<%HH ; !; MM((2HH)
9 " ! ?9 "!
! ;<" !B) + -C1
" ; ?" ! B ?9 "! !! ) ! !? "! 9 ! "9 " ? B9 ?9 ;9 !? ! ; ! "9 ! "" ) ? 9 ! 9 " "" " "" ) = 4! ! "" !? ) " 4! ; " " "") F ?
" "" 3 GLIIHUHQW WUDQVODWRUV DUH UHTXLUHG 7KDW LV WKH UHDVRQ ZK\
LQWHUFKDQJH IRUPDWV OLNH .,) *HQHVHUHWK HW DO DQG 3,) /HH HW DO ZHUH SURSRVHG WR LQWHUFKDQJH NQRZOHGJH DQG SURFHVVHV UHVSHFWLYHO\ EHWZHHQ KHWHURJHQHRXV DQG LQGHSHQGHQW DSSOLFDWLRQV
*LYHQ WKH DOUHDG\ NQRZQ DGYDQWDJHV RI EXLOGLQJ RQWRORJLHV DW WKH NQRZOHGJH OHYHO DQG WKH DGYDQWDJHV RI XVLQJ WKH LQWHUPHGLDWH UHSUHVHQWDWLRQV SURSRVHG DW )HUQiQGH] HW DO RXU DSSURDFK LV WR XVH VXFK LQWHUPHGLDWH UHSUHVHQWDWLRQV DV DQ LQWHUFKDQJH IRUPDW &RQVHTXHQWO\ GLUHFW WUDQVODWRUV IURP 2'( LQWHUPHGLDWH UHSUHVHQWDWLRQV WR WDUJHW ODQJXDJHV XVHG WR LPSOHPHQW RQWRORJLHV DUH UHTXLUHG DV ZHOO DV UHYHUVH WUDQVODWRUV IURP VXFK ODQJXDJHV WR 2'( LQWHUPHGLDWH UHSUHVHQWDWLRQV ,Q IDFW GHILQLWLRQV IURP WKH LPSOHPHQWDWLRQ OHYHO ZHUH WDNHQ LQWR WKH NQRZOHGJH OHYHO E\ D 5HYHUVH (QJLQHHULQJ SURFHVV *yPH]3pUH] HW DO ,QYHUVH WUDQVODWRUV ZLOO ILOO LQ WKH LQWHUPHGLDWH UHSUHVHQWDWLRQV RI 2'( IURP WKH LQLWLDO VRXUFH FRGH 2QFH ZH KDYH WKLV NQRZOHGJH LQ 2'( ZH FDQ WUDQVIRUP WKH FRQFHSWXDO PRGHO RI WKH RQWRORJ\ XVLQJ 2'( FRQFHSWXDOL]DWLRQ PRGXOH $IWHU WKLV E\ D IRUZDUG HQJLQHHULQJ SURFHVV GLUHFW WUDQVODWRUV JHQHUDWH WKH FKRVHQ WDUJHW FRGHV
,Q RUGHU WR GHYHORS GLUHFW DQG UHYHUVH WUDQVODWRUV ZH PXVW DQDO\]H WKH GLIIHUHQFHV QRW RQO\ LQ V\QWD[ EXW VSHFLDOO\ LQ VHPDQWLFVRI GLIIHUHQW RQWRORJ\ LPSOHPHQWDWLRQ ODQJXDJHV 7KLV SDSHU IRFXVHV RQ WKH GLIIHUHQFHV EHWZHHQ 2QWROLQJXD DQG )/RJLF SUHVHQWLQJ WKH PDLQ GLIILFXOWLHV ZH PXVW IDFH ZKHQ WU\LQJ WR H[SUHVV WKH VDPH NQRZOHGJH LQ ERWK ODQJXDJHV
6KRUW GHVFULSWLRQ RI LPSOHPHQWDWLRQ ODQJXDJHV 2QWROLQJXD
LV D ODQJXDJH EDVHG RQ .,) *HQHVHUHWK HW DO DQG RQ WKH )UDPH 2QWRORJ\ *UXEHU DQG LW LV WKH RQWRORJ\EXLOGLQJ ODQJXDJH XVHG E\ WKH 2QWROLQJXD 6HUYHU )DUTKXDU HW DO
$V .,) LV DQ LQWHUFKDQJH IRUPDW LW LV YHU\ WHGLRXV WR XVH IRU VSHFLILFDWLRQ RI RQWRORJLHV SHU VH EXW WKHUH LV WKH IUDPH RQWRORJ\ *UXEHU EXLOW RQ WRS RI LW ZKLFK DOORZ DQ RQWRORJ\ WR EH VSHFLILHG IROORZLQJ WKH SDUDGLJP RI IUDPHV 7KH )UDPH 2QWRORJ\ LV D NQRZOHGJH UHSUHVHQWDWLRQ RQWRORJ\ IRU PRGHOLQJ RQWRORJLHV XQGHU D IUDPHEDVHG DSSURDFK ,W ZDV EXLOW RQ WKH EDVLV RI .,) DQG D VHULHV RI H[WHQVLRQV WR WKLV ODQJXDJH 7HUPV OLNH FODVV LQVWDQFH VXEFODVVRI LQVWDQFHRI HWF DUH LQFOXGHG LQ WKLV RQWRORJ\
6LQFH WKH )UDPH 2QWRORJ\ LV OHVV H[SUHVVLYH WKDQ .,) WKDW LV QRW DOO RI WKH NQRZOHGJH WKDW FDQ EH H[SUHVVHG LQ .,) FDQ EH H[SUHVVHG XVLQJ WKH 2QWROLQJXD DOORZV WR LQFOXGH .,) H[SUHVVLRQV LQVLGH RI GHILQLWLRQV EDVHG RQ WKH 6R WKH 2QWROLQJXD ODQJXDJH DOORZV WR EXLOG RQWRORJLHV LQ DQ\ RI WKH IROORZLQJ WKUHH PDQQHUV XVLQJ H[FOXVLYHO\ WKH )UDPH 2QWRORJ\ YRFDEXODU\ LW LV QRW SRVVLEOH WR UHSUHVHQW D[LRPV XVLQJ .,) H[SUHVVLRQV XVLQJ ERWK ODQJXDJHV VLPXOWDQHRXVO\
! "# $# %! &"
% ' (
(# )
"# $#
D 8VLQJ WKH )UDPH2QWRORJ\ *
!
!
! #
+ # #, # # . +
E 8VLQJ WKH 2QWROLQJXD 6HUYHU EURZVHU #
( /
+. ( ( ( ! # +.
# & # 0 #
& # . 1 , F 8VLQJ .,)
2)3 + (
& (
(
.4- . (
+ . +%"', , , .
5* 6 78
G 8VLQJ )UDPH 2QWRORJ\ .,)
GHSHQGLQJ RQ RQWRORJ\ GHYHORSHU SUHIHUHQFHV ,Q DQ\ FDVH WKH 2QWROLQJXD GHILQLWLRQ LV FRPSRVHG RI D KHDGLQJ DQ LQIRUPDO GHILQLWLRQ LQ QDWXUDO ODQJXDJH DQG D IRUPDO GHILQLWLRQ ZULWWHQ LQ .,) RU XVLQJ WKH IUDPH RQWRORJ\ YRFDEXODU\ (YHQWXDOO\ LW KDV EHHQ GHYHORSHG WKH ZKLFK LPSURYHV VRPH DVSHFWV RI WKH
2QWROLQJXD RQWRORJLHV DUH NHSW DW WKH 2QWROLQJXD 6HUYHU ZKLFK DOORZV XVHUV WR EXLOG RQWRORJLHV XVLQJ WKH 2QWROLQJXD HGLWRU RU WR LPSRUW RQWRORJLHV DOUHDG\ EXLOW XVLQJ D WH[W HGLWRU SUHVHQWV GLIIHUHQW ZD\V RI LPSOHPHQWLQJ FODVVHV LQ 2QWROLQJXD WDNHQ IURP H[LVWLQJ RQWRORJLHV LQ WKH VHUYHU
)/RJLF
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
0DLQ FRPSRQHQWV RI DQ RQWRORJ\
2QWRORJLHV SURYLGH D FRPPRQ YRFDEXODU\ RI DQ DUHD DQG GHILQH ±ZLWK GLIIHUHQW OHYHOV RI IRUPDOLW\ WKH PHDQLQJ RI WKH WHUPV DQG WKH UHODWLRQV EHWZHHQ WKHP .QRZOHGJH LQ RQWRORJLHV LV IRUPDOL]HG XVLQJ ILYH NLQG RI FRPSRQHQWV FODVVHV UHODWLRQV IXQFWLRQV D[LRPV DQG LQVWDQFHV *UXEHU &ODVVHV LQ WKH RQWRORJ\ DUH XVXDOO\ RUJDQL]HG LQ WD[RQRPLHV 6RPHWLPHV WKH GHILQLWLRQ RI RQWRORJLHV KDYH EHHQ GLOXWHG LQ WKH VHQVH WKDW WD[RQRPLHV DUH FRQVLGHUHG WR EH IXOO RQWRORJLHV 6WXGHU HW DO
N &RQFHSWV DUH XVHG LQ D EURDG VHQVH 7KH\ FDQ EH DEVWUDFW RU FRQFUHWH HOHPHQWDU\ HOHFWURQRU FRPSRVLWH DWRP UHDO RU ILFWLWLRXV ,Q VKRUW D FRQFHSW FDQ EH DQ\WKLQJ DERXW ZKLFK VRPHWKLQJ LV VDLG DQG WKHUHIRUH FRXOG DOVR EH WKH GHVFULSWLRQ RI D WDVN IXQFWLRQ DFWLRQ VWUDWHJ\ UHDVRQLQJ SURFHVV HWF
N 5HODWLRQV UHSUHVHQW D W\SH RI LQWHUDFWLRQ EHWZHHQ FRQFHSWV RI WKH GRPDLQ 7KH\ DUH IRUPDOO\ GHILQHG DV DQ\ VXEVHW RI D SURGXFW RI Q VHWV WKDW LV 5 & [ & [ [ &Q ([DPSOHV RI ELQDU\ UHODWLRQV DUH VXEFODVVRI DQG FRQQHFWHGWR
N )XQFWLRQV DUH D VSHFLDO FDVH RI UHODWLRQV LQ ZKLFK WKH QWK HOHPHQW RI WKH UHODWLRQVKLS LV XQLTXH IRU WKH Q SUHFHGLQJ HOHPHQWV )RUPDOO\ IXQFWLRQV DUH GHILQHG DV ) & [ & [ [ &Q Æ &Q ([DPSOHV RI ELQDU\ IXQFWLRQV DUH 0RWKHURI DQG VTXDUH DQG DQ H[DPSOH RI D WHUQDU\ IXQFWLRQ LV SULFHRIDXVHGFDU WKDW FDOFXODWHV WKH SULFH RI D VHFRQGKDQG FDU GHSHQGLQJ RQ WKH FDUPRGHO PDQXIDFWXULQJ GDWH DQG QXPEHU RI NLORPHWHUV
N $[LRPV DUH XVHG WR PRGHO VHQWHQFHV WKDW DUH DOZD\V WUXH N ,QVWDQFHV DUH XVHG WR UHSUHVHQW HOHPHQWV LQ WKH GRPDLQ
&ODVVHV DQG 7D[RQRPLHV
)RUPDOO\ DQ RQWRORJ\ FRQVLVWV RI D VHW FODVVHV WKDW DUH RUJDQL]HG LQ WD[RQRPLHV $ FODVV VWDQGV IRU D W\SH RI REMHFWV LQ RXU XQLYHUVH 'HILQLQJ D FODVV LQ ERWK 2QWROLQJXD DQG )/RJLF LV QRW GLIILFXOW DQG WKH\ FDQ IROORZ WKH SDWWHUQV SUHVHQWHG LQ
$V ZH VDLG EHIRUH 2QWROLQJXD DOORZV WR FRGH FODVVHV ZLWK VHYHUDO SDWWHUQV :H KDYH FKRVHQ SDWWHUQ GHILQLWLRQ DV LW LV WKH PRVW XVHG SDWWHUQ WR FUHDWH FODVVHV $V ZH FDQ VHH WKH IROORZLQJ LQIRUPDWLRQ FDQ EH UHSUHVHQWHG LQVLGH D FODVV GRFXPHQWDWLRQ LWV VXSHUFODVVHV LWV VXEFODVVHV LWV LQVWDQFHV DQG LWV DWWULEXWHV
'HILQH&ODVV " ³´
'HI 9 ,II'HI DQG
: ; 6XSHUFODVV2I
: ;<
7\SH2I :;< :+DV$W/HDVW ; :&DUGLQDOLW\ ;
$[LRP'HI
([KDXVWLYH'HFRPSRVLWLRQ 6HWRI : ;<
'LVMRLQW'HFRPSRVLWLRQ 6HWRI : ;<<
D 2QWROLQJXD
: ;
: `=;< : ! # =;< : !! =;< : ! =;< @
: ; : ;
E )/RJLF
)LJXUH 3DWWHUQV RI D FODVV
$+ $+ >" ? ! $+ 5&+.23. $ 3.. 6 @6 5 .2. 5&2 . # 5& 5 .
%&3 & $+ 0 $ + 0
%&3 $ + $+ 0 D 2QWROLQJXD
$+ !A $+
B >" ? = & /BB + =
!32 /B &+ = $ + /BB $+< 5&+.23. $+ $ $+
3.. $+ 6 @6 $+ 5 .2. $+ 5&2 . $+ # 5& $+ 5 . $+
E)/RJLF
DORQJ ZLWK WKHLU PLQLPXP FDUGLQDOLW\ RU D IL[HG RQH ,W FDQ DOVR EH GHVFULEHG VXEFODVV SDUWLWLRQV DQGRU H[KDXVWLYH VXEFODVV SDUWLWLRQ
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
VKRZV DQ H[DPSOH WDNHQ IURP RQH RI WKH RQWRORJLHV FUHDWHG IRU WKH .$
LQLWLDWLYH :H SUHWHQG WR VKRZ GLIIHUHQFHV LQ V\QWD[ DQG FRQWHQW RI WKH VDPH GHILQLWLRQ LQ ERWK LPSOHPHQWDWLRQ ODQJXDJHV :H GHVFULEH WKH FODVV RI ZKLFK KDV WKH IROORZLQJ VXEFODVVHV ! " # $ %$ & $ ' ( )' $ *( # $ ! #($ +, ! DQG *( + :H DOVR GHILQH DQ DWWULEXWH FDOOHG ! ZKLFK FDQ KDYH PXOWLSOH YDOXHV DQRWKHU DWWULEXWH ( ZKLFK FDQ RQO\ KDYH D VLQJOH YDOXH DQG WKH ODVW RQH % ( " ZKLFK FDQ KDYH PXOWLSOH YDOXHV DV ZHOO
'LIIHUHQFHV LQ V\QWD[ DUH QRW DV LPSRUWDQW DV GLIIHUHQFHV LQ VHPDQWLFV $V VHW RXW EHORZ WKHUH DUH VRPH GLIIHUHQFHV LQ H[SUHVVLYHQHVV EHWZHHQ WKHP
$ VXEFODVV SDUWLWLRQ RI & LV D VHW RI VXEFODVVHV RI & WKDW DUH PXWXDOO\ GLVMRLQW $Q H[KDXVWLYH VXEFODVV RI
& LV D VHW RI PXWXDOO\ GLVMRLQW FODVVHV WKDW FRYHUV & (YHU\ LQVWDQFH RI & LV DQ LQVWDQFH RI H[DFWO\ RQH RI WKH VXEFODVVHV LQ WKH SDUWLWLRQ
'HILQH5HODWLRQ 'HYHORSHGE\ "3URGXFW "2UJDQL]DWLRQ ³3URGXFW ZKLFK LV GHYHORSHG E\ DQ RUJDQL]DWLRQ´
GHI DQG
3URGXFW "3URGXFW
2UJDQL]DWLRQ "2UJDQL]DWLRQ D 2QWROLQJXD
3URGXFW'HYHORSHG%\ ! 2UJDQL]DWLRQ@
E )/RJLF 'HILQH5HODWLRQ UHODWLRQQDPH ^"FODVVQDPH`
³'HVFULSWLRQ´ GHI
DQG
^FODVVQDPH "FODVVQDPH` ^YDOXHW\SH "YDOXHW\SH` ! "YDOXHW\SH PLQYDOXH
"YDOXHW\SH PD[YDOXH@ $[LRP'HI
0LQLPXP6ORW&DUGLQDOLW\ UHODWLRQQDPH PLQFDUGLQDOLW\@ 0D[LPXP6ORW&DUGLQDOLW\ UHODWLRQQDPH PLQFDUGLQDOLW\@ ,QYHUVH UHODWLRQQDPH LQYHUVHUHODWLRQQDPH@@
2QWROLQJXD
N
N ! " # # $
N $ %
N &
N ' '
N (
) * '
' + ,)
- % & # . % &
'HILQH5HODWLRQ $XWKRU3XEOLFDWLRQ(YHQW "5HVHDUFKHU "3XEOLFDWLRQ "(YHQW ³3DSHU SXEOLVKHG E\ WKH DXWKRU LQ DQ HYHQW´ GHI
DQG
5HVHDUFKHU "5HVHDUFKHU 3XEOLFDWLRQ "3XEOLFDWLRQ (YHQW "(YHQW
D 2QWROLQJXD
$XWKRU3XEOLFDWLRQ(YHQW2EMHFW $XWKRU3XEOLFDWLRQ(YHQW >
$XWKRU ! 5HVHDUFKHU 3XEOLF ! 3XEOLFDWLRQ 3ODFH ! (YHQW@
E )/RJLF
/ "
! "
% 0 %1
' & ,'
2 - 3
4 3
N
N # ' &
'HILQH)XQFWLRQ IXQFWLRQQDPH ^"YDULDEOH QDPH` ! "RXWSXW
³'HVFULSWLRQ´ GHI DQG
^,QVWDQFH2I "YDULDEOHQDPH FODVVQDPH` ^DWUULEXWHQDPH "YDULDEOHQDPH "DWWULEXWHQDPH` ORJLFH[SUHVVLRQ
ODPEGDERG\ DULWPHWKLFH[SUHVLRQ@ D 2QWROLQJXD
FODVVQDPH
PHWKRGQDPH#^FODVVQDPH` !!FODVVQDPH@ )/RJLF H[SUHVVLRQ
E )/RJLF
# "
5HVHDUFKHU3HUVRQ
MRLQW:RUNV#5HVHDUFKHU !!3DSHU@ ;MRLQW:RUNV#<!!=@ Å ;5HVHDUFKHU <5HVHDUFKHU ;3DSHUV!!=@ <3DSHUV!!=@ E )/RJLF
'HILQH)XQFWLRQ -RLQW:RUNV "[ "\ ! "] ³'HILQHV WKH SDSHU ZULWWHQ E\ [ DQG \´ GHI DQG
,QVWDQFH2I "[ 5HVHDUFKHU ,QVWDQFH2I "\ 5HVHDUFKHU ,QVWDQFH2I "] 3DSHU 3DSHUV "[ "] 3DSHUV "\ "]
D 2QWROLQJXD
%
) & % 5
) % 6
2 ! "# / ! " # ! " #
N
N * %
'HILQH$[LRP &DUULHG2XW%\
³,W GHILQHV WKH UHODWLRQVKLS EHWZHHQ RUJDQL]DWLRQV DQG SURMHFWV´ IRUDOO "[
IRUDOO "\ !
DQG ,QVWDQFH2I "[ 2UJDQL]DWLRQ ,QVWDQFH2I "\ 3XEOLFDWLRQ &DUULHV2XW "[ "\ &DUULHG2XW%\ "\ "[
D 2QWROLQJXD )25$// 2UJDQL]3URMHFW
2UJDQL]2UJDQL]DWLRQFDUULHV2XW !! 3URMHFW@ ! 3URMHFW3URMHFWFDUULHG2XW%\ !! 2UJDQL]@ E )/RJLF
'HILQH$[LRP D[LRPQDPH ³'HVFULSWLRQ´
.,)H[SUHVVLRQ D 2QWROLQJXD
E )/RJLF
!"
! " # $ % & "
N ' ( ! !
N ) $ * + # " " $# %# &' $# % # ' $ " #(()&*+
N , , , ,, -./, ! ,
'HILQH,QGLYLGXDO LQVWDQFHQDPHFODVVQDPH ³'HVFULSWLRQ´
D[LRPGHI DQG
^LQVWDQFHDWWULEXWHQDPH LQVWDQFHQDPH YDOXH` D 2QWROLQJXD
LQVWDQFHQDPH FODVVQDPH
^DWWULEXWHQDPH !! ^YDOXH``@ ^DWWULEXWHQDPH ! YDOXH `@ @
E )/RJLF
'HILQH,QGLYLGXDO .(0/:RUNVKRS ³1R GHVFULSWLRQ´
D[LRPGHI DQG
:RUNVKRS6HULHV .(0/ ³.(0/´ (YHQW7LWOH .(0/ ³.QRZOHGJH (QJLQHHULQJ0HWKRGV /DQJXDJHV´
D 2QWROLQJXD
.(0/:RUNVKRS
:RUNVKRS6HULHV Æ ³.(0/´
(YHQW7LWOH Æ´.QRZOHGJH (QJLQHHULQJ 0HWKRGV /DQJXDJHV´@
E )/RJLF
% $ - ) ./ +!
0 ! 1 0 )
! "
$ 2$ $
1 "
N 3
N &
N &
N $ 0
% "
N + 0 + ! $ + +
N )
N
N $ ) $
% "
N % , 4 % 0 -% ( 0 -% ( !
N $ ) $ ./ 4
#
) + " ) &
&5 ,, ! 00 % 0 , ) + ! 67 88! 9 7 0
+ $ ! &% ) 1
! $ 4 : + + &% +
5HVWUXFWXULQJ
,QYHUVH WUDQVODWRUV
'LUHFW 7UDQVODWRUV
)/RJLF¶V 2QWRORJ\
N ! "#
N "# ! $ % &
' ( ) *+, *-../+0001 ( )2 3 ,
45 67 835+9:5 7 #5 7 9 2172$JHQW $Q RQWRORJ\
EDVHG ::: EURNHU WR VHOHFW RQWRORJLHV ;< 92 = -../ ->+1?
! =% " < @AB = ! 8 2
2 9 --WK = ;< A &
2 2 @A;./B 9 A2+1+-+A2+1+-/ ( -../
=C5&5 2 "C5 2 84+9 6 2 835+9:5 %XLOGLQJ 2QWRORJLHV DW WKH .QRZOHGJH /HYHO XVLQJ WKH 2QWRORJ\ 'HVLJQ (QYLURQPHQW 9 A & ;< A;./ = -../
D A "& "< ! A 9 ! 6 9 7KH *HQHULF )UDPH 3URWRFRO ' ! -..E
"& "< ! ! 6 7KH 2QWROLQJXD 6HUYHU $ 7RRO IRU &ROODERUDWLYH 2QWRORJ\ &RQVWUXFWLRQ 9 -0 A & A+= ;< = ( 99 ??-+??-. -..>
" < 2 ! 2QWREURNHU 7KH 9HU\ +LJK ,GHD 9 -- " @"# !+./B ( " 2 -../
"C5 27 835+9:5 7 95 67 95 = F? @-BGE+?H -...
8 2 "< ! A " ' ! I #+.1+- -..1
835+9:5 7 !% 2 2QWRORJLFDO 5HHQJLQHHULQJ IRU UHXVH A;..
& H -..+110 -..G
A 2 # 8 ; 6 /RJLFDO )RXQGDWLRQV RI 2EMHFW2ULHQWHG DQG )UDPH%DVHG /DQJXDJHV 6 2 -..H
# 67 8J 27 6 K7 2 '7 ' 7 K 8 3URFHVV ,QWHUFKDQJH )RUPDW 3,) ;< $.> = * >H+E> -..>
# = 8 ! D = # A+( ! % +; ! 2 -..0
28 ! #2 8!' ( 1@GBE0+E> 6