38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ :HEEDVHG$SSOLFDWLRQV
9HUVLRQ
0LWMD.ROãHN
$&5266HFXULW\
PLWMDNROVHN#DFURVVL
KWWSZZZDFURVVL
'HFHPEHU
&XUUHQWFRS\DYDLODEOHDWKWWSZZZDFURVVLSDSHUVVHVVLRQBIL[DWLRQSGI
$EVWUDFW
0DQ\ ZHEEDVHG DSSOLFDWLRQV HPSOR\ VRPH NLQG RI VHVVLRQ PDQDJHPHQW WR FUHDWH D XVHUIULHQGO\ HQYLURQPHQW 6HVVLRQV DUH VWRUHG RQ VHUYHU DQG DVVRFLDWHG ZLWK UHVSHFWLYH XVHUV E\ VHVVLRQ LGHQWLILHUV ,'V 1DWXUDOO\ VHVVLRQ ,'V SUHVHQW DQ DWWUDFWLYH WDUJHW IRU DWWDFNHUV ZKR E\ REWDLQLQJ WKHP HIIHFWLYHO\ KLMDFN XVHUV¶ LGHQWLWLHV.QRZLQJWKDWZHEVHUYHUVDUHHPSOR\LQJWHFKQLTXHVIRUSURWHFWLQJVHVVLRQ ,'V IURP WKUHH FODVVHV RI DWWDFNV LQWHUFHSWLRQ SUHGLFWLRQ DQG EUXWHIRUFH DWWDFNV 7KLV SDSHU UHYHDOV D IRXUWK FODVV RI DWWDFNV DJDLQVW VHVVLRQ ,'V VHVVLRQ IL[DWLRQ DWWDFNV,QDVHVVLRQIL[DWLRQDWWDFNWKHDWWDFNHUIL[HVWKHXVHU¶VVHVVLRQ,'EHIRUHWKH XVHUHYHQORJVLQWRWKHWDUJHWVHUYHUWKHUHE\HOLPLQDWLQJWKHQHHGWRREWDLQWKHXVHU¶V VHVVLRQ ,' DIWHUZDUGV 7KHUH DUH PDQ\ ZD\V IRU WKH DWWDFNHU WR SHUIRUP D VHVVLRQ IL[DWLRQ DWWDFN GHSHQGLQJ RQ WKH VHVVLRQ ,' WUDQVSRUW PHFKDQLVP 85/ DUJXPHQWV KLGGHQIRUPILHOGVFRRNLHV DQGWKHYXOQHUDELOLWLHVDYDLODEOHLQWKHWDUJHWV\VWHPRULWV LPPHGLDWH HQYLURQPHQW 7KH SDSHU SURYLGHV GHWDLOHG LQIRUPDWLRQ DERXW H[SORLWLQJ YXOQHUDEOH V\VWHPV DV ZHOO DV UHFRPPHQGDWLRQV IRU SURWHFWLQJ WKHP DJDLQVW VHVVLRQ IL[DWLRQDWWDFNV
,QWURGXFWLRQ
:HEEDVHG DSSOLFDWLRQV IUHTXHQWO\ XVH VHVVLRQV WR SURYLGH D IULHQGO\ HQYLURQPHQW WR WKHLU XVHUV +773 >@ LV D VWDWHOHVV SURWRFRO ZKLFK PHDQV WKDW LW SURYLGHV QR LQWHJUDWHG ZD\ IRU D ZHE VHUYHU WR PDLQWDLQ VWDWHV WKURXJKRXW XVHU¶V VXEVHTXHQW UHTXHVWV ,Q RUGHU WR RYHUFRPH WKLV SUREOHP ZHE VHUYHUV ± RU VRPHWLPHV ZHE DSSOLFDWLRQV±LPSOHPHQWYDULRXVNLQGVRIVHVVLRQPDQDJHPHQW7KHEDVLFLGHDEHKLQG ZHE VHVVLRQ PDQDJHPHQW LV WKDW WKH VHUYHU JHQHUDWHV D VHVVLRQ LGHQWLILHU ,' DW VRPH HDUO\ SRLQW LQ XVHU LQWHUDFWLRQ VHQGV WKLV ,' WR WKH XVHU¶V EURZVHU DQG PDNHV VXUH WKDW WKLV VDPH ,' ZLOO EH VHQW EDFN E\ WKH EURZVHU DORQJ ZLWK HDFK VXEVHTXHQW UHTXHVW6HVVLRQ,'VWKHUHE\EHFRPHLGHQWLILFDWLRQWRNHQVIRUXVHUVDQGVHUYHUVFDQ XVH WKHP WR PDLQWDLQ VHVVLRQ GDWD HJ YDULDEOHV DQG FUHDWH D VHVVLRQOLNH H[SHULHQFHWRWKHXVHUV
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
7KHUH DUH WKUHH ZLGHO\ XVHG PHWKRGV IRU PDLQWDLQLQJ VHVVLRQV LQ ZHE HQYLURQPHQW 85/ DUJXPHQWV KLGGHQ IRUP ILHOGV DQG FRRNLHV >@ :KLOH HDFK RI WKHP KDV LWV EHQHILWV DQG VKRUWFRPLQJV FRRNLHV KDYH SURYHQ WR EH WKH PRVW FRQYHQLHQW DQG DOVR WKH OHDVW LQVHFXUH RI WKH WKUHH )URP VHFXULW\ SHUVSHFWLYH PRVW ± LI QRW DOO NQRZQ DWWDFNV DJDLQVW FRRNLHEDVHG VHVVLRQ PDLQWHQDQFH VFKHPHV FDQ DOVR EH XVHG DJDLQVW 85/RUKLGGHQIRUPILHOGVEDVHGVFKHPHVZKLOHWKHFRQYHUVHLVQRWWUXH7KLVPDNHV FRRNLHVWKHEHVWFKRLFHVHFXULW\ZLVH
9HU\RIWHQVHVVLRQ,'VDUHQRWRQO\LGHQWLILFDWLRQWRNHQVEXWDOVRDXWKHQWLFDWRUV7KLV PHDQV WKDW XSRQ ORJLQ XVHUV DUH DXWKHQWLFDWHG EDVHG RQ WKHLU FUHGHQWLDOV HJ XVHUQDPHVSDVVZRUGV RU GLJLWDO FHUWLILFDWHV DQG LVVXHG VHVVLRQ ,'V WKDW ZLOO HIIHFWLYHO\VHUYHDVWHPSRUDU\VWDWLFSDVVZRUGVIRUDFFHVVLQJWKHLUVHVVLRQV
7KLV PDNHV VHVVLRQ ,'V D YHU\ DSSHDOLQJ WDUJHW IRU DWWDFNHUV ,Q PDQ\ FDVHV DQ DWWDFNHUZKRPDQDJHVWRREWDLQDYDOLG,'RIXVHU¶VVHVVLRQFDQXVHLWWRGLUHFWO\HQWHU WKDW VHVVLRQ ± RIWHQ ZLWKRXW DULVLQJ XVHU¶V VXVSLFLRQ ,QWHUHVWLQJO\ PRVW FURVVVLWH VFULSWLQJ >@ SURRIRIFRQFHSW H[SORLWV IRFXV RQ REWDLQLQJ WKH VHVVLRQ ,' VWRUHG LQ EURZVHU¶VFRRNLHVWRUDJH7KLVFODVVRIDWWDFNVZKHUHWKHDWWDFNHUJDLQVDFFHVVWRWKH XVHU¶VVHVVLRQE\REWDLQLQJKLVVHVVLRQ,'LVFDOOHGVHVVLRQKLMDFNLQJ>@
:HE VHVVLRQ VHFXULW\ LV IRFXVHG RQ SUHYHQWLQJ WKUHH W\SHV RI DWWDFNV DJDLQVW VHVVLRQ ,'V LQWHUFHSWLRQ SUHGLFWLRQ DQG EUXWHIRUFH DWWDFNV (QFU\SWHG FRPPXQLFDWLRQ HIIHFWLYHO\ SURWHFWV DJDLQVW LQWHUFHSWLRQ 8VLQJ FU\SWRJUDSKLFDOO\ VWURQJ SVHXGR UDQGRPQXPEHUJHQHUDWRUVDQGFDUHIXOO\FKRVHQVHHGVWKDWGRQ¶WOHDNIURPWKHVHUYHU SUHYHQWV SUHGLFWLRQ RI VHVVLRQ ,'V )LQDOO\ VHVVLRQ ,'V DUH LPPXQH WR EUXWHIRUFH PHWKRGV LI WKHLU HIIHFWLYH ELWOHQJWK LV ODUJH HQRXJK ZLWK UHVSHFW WR WKH QXPEHU RI VLPXOWDQHRXVVHVVLRQV
3URSRVDOV KDYH EHHQ PDGH IRU PLWLJDWLQJ WKH WKUHDW RI VWROHQ VHVVLRQ ,'V >@ DQG VRPH SURGXFWV DOUHDG\ LPSOHPHQW VXFK LGHDV HJ 56$ 6HFXULW\¶V $&($JHQWV IRU ZHEVHUYHUV
6HVVLRQIL[DWLRQ
$V PHQWLRQHG DERYH ZHE VHVVLRQ VHFXULW\ LV PDLQO\ IRFXVHG RQ SUHYHQWLQJ WKH DWWDFNHUIURPREWDLQLQJ±HLWKHULQWHUFHSWLQJSUHGLFWLQJRUEUXWHIRUFLQJDVHVVLRQ,' LVVXHG E\ WKH ZHE VHUYHU DOVR FDOOHG ³WDUJHW VHUYHU´ LQ WKLV SDSHU WR WKH XVHU¶V EURZVHU
7KLVDSSURDFKKRZHYHULJQRUHVRQHSRVVLELOLW\QDPHO\WKHSRVVLELOLW\RIWKHDWWDFNHU ³LVVXLQJ´DVHVVLRQ,'WRWKHXVHU¶VEURZVHUWKHUHE\IRUFLQJWKHEURZVHULQWRXVLQJD FKRVHQ VHVVLRQ :H¶OO FDOO WKLV FODVV RI DWWDFNV ³VHVVLRQ IL[DWLRQ´ DWWDFNV EHFDXVH WKH XVHU¶V VHVVLRQ ,' KDV EHHQ IL[HG LQ DGYDQFH LQVWHDG RI KDYLQJ EHHQ JHQHUDWHG UDQGRPO\DWORJLQWLPH ,Q D VHVVLRQ IL[DWLRQ DWWDFN WKH DWWDFNHU IL[HV WKH XVHU¶V VHVVLRQ ,' EHIRUH WKH XVHU HYHQ ORJV LQWR WKH WDUJHW VHUYHU WKHUHE\ HOLPLQDWLQJ WKH QHHG WR REWDLQWKHXVHU¶VVHVVLRQ,'DIWHUZDUGV
$OWKRXJK IRUJHWWLQJ WR PDUN VHVVLRQ ,' FRRNLHV DV ªVHFXUH© NHHSV WKH DWWDFNHU V IRRW LQ WKH GRRU>@
'DYLG(QGOHURIL'HIHQVHZURWHDYHU\LQWHUHVWLQJDUWLFOH>@RQWKLVWRSLF
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
/HW¶V WDNH D ORRN DW D VLPSOH H[DPSOH RI D VHVVLRQ IL[DWLRQ DWWDFN )LJXUH VKRZV D ZHE VHUYHU RQOLQHZRUOGEDQNGRP WKDW KRVWV D VHVVLRQDZDUH ZHE EDQNLQJ DSSOLFDWLRQ 6HVVLRQ ,'V DUH WUDQVSRUWHG IURP EURZVHU WR VHUYHU ZLWKLQ D 85/ DUJXPHQWVHVVLRQLG
)LUVWWKHDWWDFNHU±ZKRLQWKLVFDVHLVDOVRDOHJLWLPDWHXVHURIWKHV\VWHP±ORJVLQ WR WKH VHUYHU DQG LV LVVXHG D VHVVLRQ ,' 6KH WKHQ VHQGV D K\SHUOLQN KWWSRQOLQHZRUOGEDQNGRPORJLQMVS"VHVVLRQLG WRWKHXVHUWU\LQJ WROXUHKLPLQWRFOLFNLQJRQLW 7KHXVHUKRZFRQYHQLHQWIRURXUH[DPSOH FOLFNVRQ WKH OLQN ZKLFK RSHQV WKH VHUYHU¶V ORJLQ SDJH LQ KLV EURZVHU 1RWH WKDW XSRQ UHFHLSW RI WKH UHTXHVW IRU ORJLQMVS"VHVVLRQLG WKH ZHE DSSOLFDWLRQ KDV HVWDEOLVKHG WKDW D VHVVLRQ DOUHDG\ H[LVWV IRU WKLV XVHU DQG D QHZ RQH QHHG QRW EH FUHDWHG)LQDOO\WKHXVHUSURYLGHVKLVFUHGHQWLDOVWRWKHORJLQVFULSW DQGWKHVHUYHU JUDQWVKLPDFFHVVWRKLVEDQNDFFRXQW+RZHYHUDWWKLVSRLQWNQRZLQJWKHVHVVLRQ,' WKHDWWDFNHUFDQDOVRDFFHVVWKHXVHU¶VDFFRXQWYLD DFFRXQWMVS"VHVVLRQLG
6LQFH WKH VHVVLRQ KDV DOUHDG\ EHHQ IL[HG EHIRUH WKH XVHU ORJJHG LQ ZH VD\ WKDW WKH XVHUORJJHGLQWRWKHDWWDFNHU¶VVHVVLRQ
DWWDFNHU
KWWSRQOLQHZRUOGEDQNGRP ORJLQMVS"VHVVLRQLG
/RJ LQ V H V *( V L RQL 7D G FFR XQW MVS "VH VVL RQL
G
*(7ORJLQMVS"VHVVLRQLG
XVHUQDPH SDVVZRUG
XVHU
RQOLQHZRUOGEDQNGRP
)LJXUH6LPSOHVHVVLRQIL[DWLRQLQDQ85/EDVHGZHEEDQNLQJV\VWHP
7KH DERYH H[DPSOH LV WKH VLPSOHVW ± DQG WKH OHDVW GDQJHURXV IRUP RI D VHVVLRQ IL[DWLRQDWWDFNDQGKDVPDQ\VKRUWFRPLQJVIRUWKHDWWDFNHU VXFKDVVKHKDVWREHD OHJLWLPDWH XVHU RQ WKH WDUJHW VHUYHU DQG VKH KDV WR WULFN WKH XVHU LQWR ORJJLQJ LQ WKURXJKWKHK\SHUOLQNVKHSURYLGHG
7KHIROORZLQJFKDSWHUVZLOOGHVFULEHYDULRXVPHWKRGVIRUPDNLQJVHVVLRQIL[DWLRQPRUH UHOLDEOH OHVV GHWHFWDEOH DQG DYDLODEOH WR ³RXWVLGH´ DWWDFNHUV WKRVH WKDW DUH QRW
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
OHJLWLPDWHXVHUVRQWKHWDUJHWVHUYHU %XWILUVWOHW¶VH[DPLQHWKHDWWDFNSURFHVVVWHS E\VWHS
$WWDFNSURFHVV
*HQHUDOO\VHVVLRQIL[DWLRQDWWDFNLVDWKUHHVWHSSURFHVVDVVKRZQLQ)LJXUH
6HVVLRQVHWXS)LUVWWKHDWWDFNHUHLWKHUVHWVXSDVRFDOOHG³WUDSVHVVLRQ´RQ WKHWDUJHWVHUYHUDQGREWDLQVWKDWVHVVLRQ¶V,'RUVHOHFWVD±XVXDOO\DUELWUDU\ ± VHVVLRQ ,' WR EH XVHG LQ WKH DWWDFN ,Q VRPH FDVHV WKH HVWDEOLVKHG WUDS VHVVLRQ QHHGV WR EH PDLQWDLQHG NHSW DOLYH E\ UHSHDWHGO\ VHQGLQJ UHTXHVWV UHIHUHQFLQJLWWRDYRLGLGOHVHVVLRQWLPHRXW
6HVVLRQIL[DWLRQ1H[WWKHDWWDFNHUQHHGVWRLQWURGXFHKHUVHVVLRQ,'WRWKH XVHU¶VEURZVHUWKHUHE\IL[LQJKLVVHVVLRQ
6HVVLRQ HQWUDQFH )LQDOO\ WKH DWWDFNHU KDV WR ZDLW XQWLO WKH XVHU ORJV LQ WR WKH WDUJHW VHUYHU XVLQJ WKH SUHYLRXVO\ IL[HG VHVVLRQ ,' DQG WKHQ HQWHU WKH XVHU¶VVHVVLRQ
6HVVLRQVHWXS D 6HVVLRQPDLQWHQDQFH
6HVVLRQIL[DWLRQ
6HVVLRQHQWUDQFH
)LJXUH7KUHHVWHSVLQDVHVVLRQIL[DWLRQDWWDFN
1RZOHW¶VWDNHDORRNDWWKHWKUHHVWHSVLQPRUHGHWDLO
67(36HVVLRQVHWXS
:HFDQFODVVLI\VHVVLRQPDQDJHPHQWPHFKDQLVPVRQZHEVHUYHUVLQWZRFODVVHV
D ³3HUPLVVLYH´WKRVHWKDWDFFHSWDUELWUDU\VHVVLRQ,'VDQGFUHDWHDQHZVHVVLRQ ZLWK SURSRVHG VHVVLRQ ,' LI RQH GRHVQ¶W H[LVW \HW HJ 0DFURPHGLD -5XQ VHUYHU3+3
E ³6WULFW´ WKRVH WKDW RQO\ DFFHSW NQRZQ VHVVLRQ ,'V ZKLFK KDYH EHHQ ORFDOO\ JHQHUDWHG DW VRPH SRLQW LQ WKH SDVW HJ 0LFURVRIW ,QWHUQHW ,QIRUPDWLRQ 6HUYHU
)RU D SHUPLVVLYH V\VWHP WKH DWWDFNHU RQO\ QHHGV WR PDNH XS D UDQGRP WUDS VHVVLRQ ,'UHPHPEHULWDQGXVHLWIRUWKHDWWDFN
,QDVWULFWV\VWHPWKHDWWDFNHUZLOOKDYHWRDFWXDOO\HVWDEOLVKDWUDSVHVVLRQZLWKWKH WDUJHW VHUYHU H[WUDFW WKH WUDS VHVVLRQ ,' UHPHPEHU LW DQG XVH LW IRU WKH DWWDFN 'HSHQGLQJRQWKHVHVVLRQPDQDJHPHQWORJLFWKLVVHVVLRQZLOOQHHGWREHNHSWDOLYHDW
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
OHDVW XQWLO WKH XVHU ORJV LQWR LW *HQHUDOO\ VHVVLRQV GRQ¶W H[LVW LQGHILQLWHO\ UDWKHU VHUYHUV DXWRPDWLFDOO\ GHVWUR\ WKHP XSRQ LGOH RU DEVROXWH WLPHRXW ,GOH WLPHRXW FDQ HDVLO\ EH DYRLGHG E\ DXWRPDWLFDOO\ VHQGLQJ SHULRGLF UHTXHVWV IRU WKH WUDS VHVVLRQ $EVROXWHWLPHRXWZKLOHOHVVIUHTXHQWO\HPSOR\HGSUHVHQWVDWRXJKHUREVWDFOHDQGLQ PRVW FDVHV GHILQHV WKH PD[LPXP WLPHIUDPH IRU WKH HQWLUH DWWDFN SURFHVV )XUWKHUPRUH UHVWDUWLQJ WKH ZHE VHUYHU FDQ GHVWUR\ DOO DFWLYH VHVVLRQV UHTXLULQJ WKH DWWDFNHUWRUHWXUQWRWKHVHVVLRQVHWXSVWHS
$SHUPLVVLYHV\VWHPUHTXLUHVQRWUDSVHVVLRQPDLQWHQDQFH
67(36HVVLRQIL[DWLRQ
,Q WKLV VWHS WKH DWWDFNHU WULHV WR WUDQVSRUW WKH WUDS VHVVLRQ ,' WR WKH XVHU¶V EURZVHU 0HWKRGV IRU DFFRPSOLVKLQJ WKDW GLIIHU GHSHQGLQJ RQ WKH VHVVLRQ ,' WUDQVSRUW PHFKDQLVP/HW¶VH[DPLQHHDFKRQHRIWKHP
6HVVLRQ,'LQDQ85/DUJXPHQW
7KHDWWDFNHUQHHGVWRWULFNWKHXVHULQWRORJJLQJLQWRWKHWDUJHWZHEVHUYHUWKURXJK WKHK\SHUOLQNVKHSURYLGHVIRUH[DPSOH
KWWSRQOLQHZRUOGEDQNGRPORJLQMVS"VHVVLRQ
7KLV PHWKRG ZKLOH IHDVLEOH LV UHODWLYHO\ LPSUDFWLFDO DQG FRPHV ZLWK TXLWH D ULVN RI GHWHFWLRQ
6HVVLRQ,'LQDKLGGHQIRUPILHOG
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¶VFUHGHQWLDOVWRKHURZQZHEVHUYHUZKLFK LVJHQHUDOO\DJUHDWHUWKUHDWWKDQWKDWRIIL[LQJKLVVHVVLRQ
6HVVLRQ,'LQDFRRNLH
&RRNLHV DUH D SUHGRPLQDQW VHVVLRQ ,' WUDQVSRUW PHFKDQLVP SDUWO\ DOVR GXH WR WKHLU VHFXULW\ LQ FRPSDULVRQ WR 85/ DUJXPHQWV DQG KLGGHQ IRUP ILHOGV ,URQLFDOO\ RQ WKH RWKHUKDQGFRRNLHVSURYLGHWKHPRVWFRQYHQLHQWFRYHUWHIIHFWLYHDQGGXUDEOHPHDQV RIH[SORLWLQJVHVVLRQIL[DWLRQYXOQHUDELOLWLHV
:KDW WKH DWWDFNHU QHHGV WR GR LV LQVWDOO WKH WUDS VHVVLRQ ,' FRRNLH RQ WKH XVHU¶V EURZVHU $FFRUGLQJ WR 5)& >@ WKH EURZVHU ZLOO RQO\ DFFHSW D FRRNLH DVVLJQHG HLWKHUWRWKHLVVXLQJVHUYHURUWKHLVVXLQJVHUYHU¶VGRPDLQ&RQVHTXHQWO\HYHQWKRXJK LWZRXOGSURYLGHDJUHDWDWWDFNDYHQXHWKHDWWDFNHU¶VZHEVHUYHUZZZDWWDFNHUFRP FDQ¶WVHWDFRRNLHIRUWKHWDUJHWZHEVHUYHURQOLQHZRUOGEDQNGRP
7KHDWWDFNHUFDQFKRRVHDPRQJWKHWKUHHDYDLODEOHPHWKRGVIRULVVXLQJDFRRNLHWRWKH EURZVHU
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
$ XVLQJDFOLHQWVLGHVFULSWWKDWVHWVDFRRNLHRQWKHEURZVHU
% XVLQJWKH+70/0(7$!WDJZLWK6HW&RRNLHDWWULEXWH
& XVLQJWKH6HW&RRNLH+773UHVSRQVHKHDGHU
:H¶OODQDO\]HHDFKRIWKHPLQWHUPVRIWKHLUXVDELOLW\LQDVHVVLRQIL[DWLRQDWWDFN
0HWKRG$,VVXLQJDFRRNLHXVLQJDFOLHQWVLGHVFULSW
0RVW EURZVHUV VXSSRUW FOLHQWVLGH VFULSWLQJ XVXDOO\ LQ -DYD6FULSW DQGRU 9%6FULSW ODQJXDJHV%RWKODQJXDJHVSURYLGHDZD\IRUWKHZHEVHUYHUWRLVVXHDFRRNLHWRWKH EURZVHUE\VHWWLQJWKHSURSHUW\ GRFXPHQWFRRNLHWRDGHVLUHGYDOXHIRUH[DPSOHLQ -DYD6FULSW
GRFXPHQWFRRNLH ´VHVVLRQLG ´
:KDW WKH DWWDFNHU ZDQWV WR DFKLHYH LV IRU WKH WDUJHW ZHE VHUYHU WR SURYLGH D FOLHQW VLGHVFULSWOLNHWKHRQHDERYHWKDWZLOOLVVXHWKHGHVLUHGWUDSVHVVLRQ,'FRRNLHWRWKH XVHU¶V EURZVHU 7KLV FDQ EH GRQH XVLQJ D ZHOONQRZQ DQG YHU\ ZLGHVSUHDG YXOQHUDELOLW\FDOOHGWKH³FURVVVLWHVFULSWLQJ´>@
&URVVVLWHVFULSWLQJ 7KH
DWWDFNHU
FDQ
H[SORLW D FURVVVLWH VFULSWLQJ YXOQHUDELOLW\ RQ WKH RQOLQHZRUOGEDQNGRPVHUYHULQRUGHUWRKDYHWKDWVHUYHULVVXHWKHGHVLUHGVHVVLRQ ,'FRRNLHLWVHOI$QH[DPSOH85/IRUH[SORLWLQJWKHFURVVVLWHVFULSWLQJYXOQHUDELOLW\LQ 0LFURVRIW¶V,QWHUQHW,QIRUPDWLRQ6HUYHU>@LV
KWWSRQOLQHZRUOGEDQNGRPVFULSW!GRFXPHQWFRRNLH VHVVLRQL G ´VFULSW!LGF
7KHDWWDFNHUFRXOGLQWURGXFHWKLVPDOLFLRXV85/WRWKHXVHU¶VEURZVHUE\VHQGLQJWKH XVHUDQ+70/IRUPDWWHGHPDLOPHVVDJHLQFOXGLQJDVPDOOLQYLVLEOH IUDPHRULJLQDWLQJ IURPWKLV85/$OWHUQDWLYHO\WKHDWWDFNHUFRXOGVHQGWKHXVHURQO\DK\SHUOLQNWRWKLV 85/ ZKLFK FDQ EH GLVJXLVHG DV VRPHWKLQJ EHQLJQ DQG WU\ WR OXUH WKH XVHU LQWR FOLFNLQJRQLW
3HUVLVWHQWFRRNLHV
7KHDERYHFURVVVLWHVFULSWLQJH[SORLWFDQEHHQKDQFHGE\VHWWLQJDSHUVLVWHQWFRRNLH LQVWHDGRIDWHPSRUDU\RQHZKLFKLVDGHIDXOW WKHUHE\IL[LQJWKHXVHU¶VVHVVLRQIRUD ORQJHUSHULRGRIWLPH([DPSOH
KWWSRQOLQHZRUOGEDQNGRPVFULSW!GRFXPHQWFRRNLH VHVVLRQL G ([SLUHV )ULGD\-DQ*07´VF ULSW!LGF
2SHQLQJ WKLV 85/ LQ WKH XVHU¶V EURZVHU ZLOO IL[ KLV VHVVLRQ ,' WR XQWLO WKH \HDU 8QOHVVWKHXVHUFOHDUVKLVSHUVLVWHQWFRRNLHVRUUHLQVWDOOVKLVFRPSXWHUFKDQFHV DUHWKDWWKHDWWDFNHUZLOOJDLQDORQJWHUPDFFHVVWRWKHXVHU¶VEDQNDFFRXQW&OHDUO\
0LFURVRIW 2XWORRN IRU H[DPSOH GRHVQ W PDNH LW HDV\ IRU XVHU WR VHH ZKHUH D K\SHUOLQN LQ D PHVVDJHLVDFWXDOO\SRLQWLQJWR
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
WKLV DWWDFN ZLOO EH PRUH HIIHFWLYH RQ SHUPLVVLYH V\VWHPV ZKLFK GRQ¶W UHTXLUH WKH DWWDFNHUWRPDLQWDLQWKHWUDSVHVVLRQ
'RPDLQFRRNLHV
)XUWKHUPRUHGRPDLQFRRNLHVFDQH[SDQGWKHDWWDFNDUHDIURPWKHWDUJHWVHUYHUWRWKH HQWLUHWDUJHWVHUYHU¶VGRPDLQ'RPDLQFRRNLHVDUHFRRNLHVZLWKWKHLU GRPDLQDWWULEXWH VHWWRWKHLVVXLQJVHUYHU¶VGRPDLQHJ ZRUOGEDQNGRP 7KLVDWWULEXWHLQVWUXFWV WKH EURZVHU WR QRW RQO\ VHQG WKH FRRNLH EDFN WR WKH LVVXLQJ VHUYHU EXW DOVR WR DQ\ RWKHU VHUYHU LQ WKH VSHFLILHG GRPDLQ $Q H[DPSOH RI H[SORLWLQJ D FURVVVLWH VFULSWLQJ YXOQHUDELOLW\IRULVVXLQJDGRPDLQFRRNLHLVWKLV
KWWSRQOLQHZRUOGEDQNGRPVFULSW!GRFXPHQWFRRNLH VHVVLRQL G GRPDLQ ZRUOGEDQNGRP´VFULSW!LGF
,QDVHVVLRQIL[DWLRQDWWDFNWKHDGGHGYDOXHRIGRPDLQFRRNLHVEHFRPHVFOHDULQWKH IROORZLQJVFHQDULRVHH)LJXUH
$WWDFNHU H[SORLWV D FURVVVLWH VFULSWLQJ YXOQHUDELOLW\ RQ VHUYHU ZZZZRUOGEDQNGRP ZKLFK LV LQ WKH VDPH GRPDLQ DV WKH WDUJHW VHYHU RQOLQHZRUOGEDQNGRP IRU JHQHUDWLQJ D FRRNLHLVVXLQJ VFULSW WKDW VHWV D GRPDLQ WUDS VHVVLRQ ,' FRRNLH IRU WKH ZRUOGEDQNGRP GRPDLQ 6KH SURYLGHV VXFK FRRNLHLVVXLQJ 85/ WR WKH XVHU¶V EURZVHU 8SRQ YLVLWLQJ WKH SURYLGHG 85/ WKH XVHU¶V EURZVHU ZLOO DFFHSW D FRRNLHIURP ZZZZRUOGEDQNGRP DQGZLOO±VLQFHLW¶VDGRPDLQFRRNLH±VHQGLW WR RQOLQHZRUOGEDQNGRPZKHQWKHXVHUODWHUGHFLGHVWRORJLQWRKLVEDQNDFFRXQW
*(7DFFRXQWMVS &RRNLHVHVVLRQLG
DWWDFNHU
KWWSZZZZRUOGEDQNGRP VFULSW!GRFXPHQWFRRNLH VFULSW!LGF
XVHU
MVS JLQ OR LRQLG 7 *( VHVV NLH R &R
RQOLQHZRUOGEDQNGRP
*(7VFULSW!GRFXPHQWFRRNLH VFULSW!LGF GRFXPHQWFRRNLH VHVVLRQLG GRPDLQ ZRUOGEDQNGRP
ZZZZRUOGEDQNGRP
)LJXUH6HVVLRQIL[DWLRQXVLQJDFURVVVLWHVFULSWLQJYXOQHUDELOLW\RQDQRWKHUVHUYHULQGRPDLQ
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
$IWHUWKHXVHU¶VVXFFHVVIXOORJLQWKHDWWDFNHUZLOOEHDEOHWRDFFHVVKLVEDQNDFFRXQW XVLQJWKHIL[HGVHVVLRQ,'
$ YHU\ HIIHFWLYH DWWDFN VFHQDULR FRXOG HPSOR\ D SHUVLVWHQW GRPDLQ WUDS VHVVLRQ ,' FRRNLH
0HWKRG%,VVXLQJDFRRNLHXVLQJWKH0(7$!WDJZLWK6HW&RRNLHDWWULEXWH
7KHVHUYHUFDQDOVRLVVXHDFRRNLHWRWKHEURZVHUE\LQFOXGLQJDQDSSURSULDWH 0(7$! WDJLQWKHUHWXUQHG+70/GRFXPHQWIRUH[DPSOH
PHWDKWWSHTXLY 6HW&RRNLHFRQWHQW VHVVLRQLG !
1RZ WKH DWWDFNHU ZDQWV WKH WDUJHW VHUYHU RU DQ\ RWKHU ZHE VHUYHU LQ WKH WDUJHW VHUYHU¶V GRPDLQ WR UHWXUQ D VSHFLILF WUDS VHVVLRQ ,' FRRNLHLVVXLQJ 0(7$! WDJ WR WKHXVHU¶VEURZVHU7KLVFDQEHDFKLHYHGE\XVLQJD³PHWDWDJLQMHFWLRQ´PHWKRG
0HWDWDJLQMHFWLRQ
0RVWFURVVVLWHVFULSWLQJYXOQHUDELOLWLHVFDQDOVREHXVHGIRULQMHFWLQJ 0(7$!WDJVWR WKH UHVXOWLQJ +70/ GRFXPHQW )XUWKHUPRUH V\VWHPV WKDW RQO\ VFDQ WKH EURZVHU¶V DUJXPHQWV IRU VFULSW! WDJ ZKLFK FDQ HIIHFWLYHO\ GLVDEOH WKH LQWURGXFWLRQ RI XQZDQWHG VFULSWV WR WKH UHVXOWLQJ +70/ GRFXPHQW PD\ VWLOO DOORZ WKH LQMHFWLRQ RI 0(7$!WDJV1RWHWKDWDOWKRXJK0(7$!WDJVDUHXVXDOO\IRXQGEHWZHHQ+($'!DQG +($'!WDJVWKH\DUHSURFHVVHGE\EURZVHUVDQ\ZKHUHZLWKLQWKH+70/GRFXPHQW $QH[DPSOHRIXVLQJWKHPHWDWDJLQMHFWLRQLQDVHVVLRQIL[DWLRQLVWKLV
KWWSRQOLQHZRUOGEDQNGRPPHWDKWWSHTXLY 6HW&RRNLHF RQWHQW VHVVLRQLG ([SLUHV )ULGD\-DQ *07´!LGF
,Q FRQWUDVW WR FOLHQWVLGH VFULSWLQJ WKH SURFHVVLQJ RI 0(7$! WDJV FDQ¶W EH GLVDEOHG RQ WRGD\¶V EURZVHUV ZKLFK PDNHV WKH PHWD WDJ LQMHFWLRQ PHWKRG VXSHULRU WR WKH FOLHQWVLGHVFULSWLQJPHWKRGLQDVHVVLRQIL[DWLRQDWWDFN
0HWKRG&,VVXLQJDFRRNLHXVLQJWKH6HW&RRNLH+773UHVSRQVHKHDGHU
7KH WKLUG PHWKRG IRU LVVXLQJ D FRRNLH WR WKH EURZVHU LV E\ LQFOXGLQJ D 6HW&RRNLH +773 KHDGHU LQ WKH ZHE VHUYHU¶V UHVSRQVH 7KH DWWDFNHU KDV D QXPEHU RI RSWLRQV WR DFKLHYHWKDW
6HVVLRQDGRSWLRQ
6RPHVHUYHUVHJ-5XQ DFFHSWDQ\VHVVLRQ,'LQD85/DQGLVVXHLWEDFNDVDFRRNLH WRWKHEURZVHU)RUH[DPSOHUHTXHVWLQJ
KWWSRQOLQHZRUOGEDQNGRP"MVHVVLRQLG
)RUH[DPSOHFOLHQWVLGHVFULSWLQJLVGLVDEOHGLQWKH,QWHUQHW([SORUHU V5HVWULFWHGVLWHV]RQH
:LWKWKHH[FHSWLRQRIWKH0(7$5()5(6+WDJLQ,QWHUQHW([SORUHUZKLFKFDQEHGLVDEOHG
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
VHWVWKHVHVVLRQFRRNLH -6(66,21,'WR DQGFUHDWHVDQHZVHVVLRQZLWKWKDW,' RQ WKH VHUYHU :H¶OO FDOO VXFK EHKDYLRU ³VHVVLRQ DGRSWLRQ´ GXH WR WKH IDFW WKDW WKH VHUYHUHIIHFWLYHO\³DGRSWV´DVHVVLRQ,'WKDWZDVJHQHUDWHGE\VRPHRQHHOVH
%UHDNLQJLQWRDQ\KRVWLQWKHWDUJHWVHUYHU¶VGRPDLQ
7KHDWWDFNHUFDQWU\WREUHDNLQWRDQ\KRVWLQWKHWDUJHWVHUYHU¶VGRPDLQIRUH[DPSOH
ZDSZRUOGEDQNGRP PDLOZRUOGEDQNGRP IRUJRWWHQZRUOGEDQNGRP HWF
8SRQ VXFFHVVIXO EUHDNLQ VKH FDQ VHW XS D VLPSOH FRRNLHLVVXLQJ ZHE VHUYHU RQ WKDW KRVWZKLFKZLOOIL[WKHXVHU¶VVHVVLRQE\LVVXLQJDGRPDLQWUDSVHVVLRQ,'FRRNLHWRKLV EURZVHU
$WWDFNLQJWKHXVHU¶V'16VHUYHU
$V DQ DOWHUQDWLYH WR H[SORLWLQJ D YXOQHUDELOLW\ RQ DQ DOUHDG\ H[LVWLQJ VHUYHU LQ WKH WDUJHWVHUYHU¶VGRPDLQWKHDWWDFNHUFDQWU\WRDGGKHURZQZHEVHUYHUWRWKDWGRPDLQ E\DWWDFNLQJWKHXVHU¶V'16VHUYHUDVVKRZQRQ)LJXUH
$GGUHFRUGKDFNZRUOGEDQNGRP!
DWWDFNHU RP NG
DQ GE RUO Z FN KD W HV T X VH UH Q 6 R ' 1 HVS 6U ' 1
KWWSKDFNZRUOGEDQNGRP VHWFRRNLHFJL
'16
XVHU V'16VHUYHU
XVHU
*(7VHWFRRNLHFJL 6HW&RRNLHVHVVLRQLG GRPDLQ ZRUOGEDQNGRP
DWWDFNHU VZHEVHUYHU KDFNZRUOGEDQNGRP
)LJXUH)L[LQJWKHXVHU VVHVVLRQE\DWWDFNLQJKLV'16VHUYHU
,Q-5XQLWLVUHTXLUHG WKDWDVHVVLRQ ZLWKWKHSURSRVHG,'GRHVQ¶WH[LVWRQWKHVHUYHU \HWLQ RUGHUIRUWKHVHUYHUWRUHWXUQWKHVHVVLRQ,'FRRNLH7KLVPD\EHGLIIHUHQWLQRWKHUV\VWHPVZLWK VLPLODUEHKDYLRU
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
)LUVWVKHVHWVXSDZHEVHUYHUZLWKDVLPSOHVHUYHUVLGHVFULSWWKDWLVVXHVDGRPDLQ WUDS VHVVLRQ ,' FRRNLH IRU WKH GRPDLQ ZRUOGEDQNGRP 6KH WKHQ DGGV D UHFRUG WR WKHXVHU¶V'16VHUYHU PDSSLQJWKHKRVWQDPHKDFNZRUOGEDQNGRPWRKHUZHE VHUYHU¶V ,3 DGGUHVV 7R IL[ WKH XVHU¶V VHVVLRQ VKH QHHGV WR PDNH WKH XVHU¶V EURZVHU UHTXHVWWKHFRRNLHLVVXLQJVFULSWRQWKH KDFNZRUOGEDQNGRPVHUYHU 7KHXVHU¶V EURZVHU ZLOO DVN WKH '16 VHUYHU DERXW WKH ,3 DGGUHVV RI WKH KDFNZRUOGEDQNGRP VHUYHU DQG WKH '16 VHUYHU ZLOO UHSO\ ZLWK WKH ,3 DGGUHVV RI WKH DWWDFNHU¶V ZHE VHUYHU 7KHUHDIWHUWKHEURZVHUZLOOVHQGDUHTXHVWIRUWKHFRRNLHLVVXLQJVFULSWWR WKH DWWDFNHU¶V ZHE VHUYHU DQG ZLOO EH LVVXHG D WUDS VHVVLRQ ,' FRRNLH IRU WKH ZRUOGEDQNGRPGRPDLQ 6LQFHWKHFRRNLHZLOOKDYHEHHQLVVXHGE\DKRVWLQWKH ZRUOGEDQNGRPGRPDLQWKHEURZVHUZLOOEHIRUFHGWRDFFHSWLWZKHUHE\WKHXVHU¶V VHVVLRQZRXOGEHIL[HGWRWKHDWWDFNHU¶VVHVVLRQ,'
)XUWKHUPRUH WKH DELOLW\ WR DGG D KRVW UHFRUG WR WKH XVHU¶V '16 VHUYHU DOVR SURYLGHV WKHDWWDFNHUZLWKDQRSSRUWXQLW\WRLQWURGXFHWKHPDOLFLRXVFRRNLHLVVXLQJ85/WRWKH XVHU¶VEURZVHULQDPRUHFRYHUWIDVKLRQWKDQYLDHPDLO %\PRGLI\LQJRQHRUPRUH RWKHU UHFRUGV RQ WKH XVHU¶V '16 VHUYHU HJ IRU ZZZ\DKRRFRP VKH FDQ UHGLUHFW WKHXVHU¶VEURZVHUWRKHUZHEVHUYHUZKHQWKHXVHUGHFLGHVWRYLVLWWKH
1HWZRUNEDVHGDWWDFN
)LQDOO\WKHDWWDFNHUZLWKDELOLW\WRVQLIIDQGPRGLI\QHWZRUNWUDIILFFRPLQJWRDQGIURP WKHXVHU¶VEURZVHUFDQDOVRDYRLGVHQGLQJWKHXVHUDSRWHQWLDOO\VXVSLFLRXVHPDLODQG FDQSHUIRUPWKHVHVVLRQIL[DWLRQLQDQXOWLPDWHO\FRYHUWIDVKLRQ1DPHO\WKHDWWDFNHU FDQLQMHFWDVPDOOLQYLVLEOH LPDJHLQDQ\ZHEVHUYHU¶VUHVSRQVHWRWKHEURZVHU±IRU H[DPSOH ZKHQ WKH XVHU LV UHDGLQJ
1RWHV ,W¶V LPSRUWDQW WR UHDOL]H WKDW XVLQJ DQ HQFU\SWHG FRPPXQLFDWLRQ EHWZHHQ WKH XVHU¶VEURZVHUDQGWKHWDUJHWZHEVHUYHUKDVOLWHUDOO\QRHIIHFWRQWKHH[SORLWDELOLW\RI VHVVLRQ IL[DWLRQ YXOQHUDELOLWLHV ,W¶V DOVR LPSRUWDQW WR QRWH WKDW ZLWK FRRNLHEDVHG VHVVLRQPHFKDQLVPVWKHVHVVLRQIL[DWLRQSUREOHP LVQ¶WVROYHGDXWRPDWLFDOO\E\IL[LQJ DOO FURVVVLWH VFULSWLQJ YXOQHUDELOLWLHV RQ WKH WDUJHW ZHE VHUYHU ZKLFK FDQ VROYH WKH VHVVLRQ KLMDFNLQJ SUREOHP E\ WKH ZD\ ,Q IDFW DQ\ YXOQHUDEOH VHUYHU LQ WKH WDUJHW VHUYHU¶VGRPDLQRUDYXOQHUDEOH'16VHUYHUFDQSURYLGHDVHVVLRQIL[DWLRQRSSRUWXQLW\ IRUWKHDWWDFNHU)RUH[DPSOHDVHHPLQJO\LUUHOHYDQWFURVVVLWHVFULSWLQJYXOQHUDELOLW\ RQRQHVHUYHUFDQMHRSDUGL]HDVHQVLWLYHZHEVHUYHULQWKHVDPHGRPDLQ)LQDOO\WKH +WWS2QO\ FRRNLH DWWULEXWH >@ UHFHQWO\ LQWURGXFHG E\ 0LFURVRIW PDLQO\ IRU WKH SXUSRVH RI PDNLQJ VHVVLRQ KLMDFNLQJ DWWDFNV PRUH GLIILFXOW KDV OLWWOH RU QR HIIHFW RQ VHVVLRQIL[DWLRQDWWDFNV
)RUH[DPSOHXVLQJVRPH'16FDFKHSRLVRQLQJYXOQHUDELOLW\
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
67(36HVVLRQHQWUDQFH
$IWHU WKH XVHU KDV ORJJHG LQ WR WKH WUDS VHVVLRQ DQG EHIRUH KH KDV ORJJHG RXW WKH DWWDFNHUFDQHQWHUWKHWUDSVHVVLRQDQGDVVXPHWKHXVHU¶VLGHQWLW\,QPDQ\V\VWHPV WKHDWWDFNHUZLOOEHDEOHWRXVHWKHVHVVLRQZLWKRXWWKHXVHUQRWLFLQJDQ\WKLQJVXVSHFW ,Q FDVH WKH XVHU GRHVQ¶W ORJ RXW RI WKH V\VWHP WKH DWWDFNHU KDV DQ RSSRUWXQLW\ WR NHHS WKH VHVVLRQ DOLYH ± DQG WKHUHE\ WKH DFFHVV WR WKH XVHU¶V LGHQWLW\ ± IRU D ORQJ WLPH 6XPPDUL]LQJWKLVVHFWLRQ)LJXUHJUDSKLFDOO\SUHVHQWVWKHVHVVLRQIL[DWLRQSURFHVV
&RXQWHUPHDVXUHV
)LUVWRIDOOZHQHHGWRPDNHLWFOHDUWKDWSUHYHQWLQJVHVVLRQIL[DWLRQDWWDFNVLVPDLQO\ WKHUHVSRQVLELOLW\RIWKHZHEDSSOLFDWLRQDQGQRWWKHXQGHUO\LQJZHEVHUYHU7KHZHE VHUYHU±ZKLFKXVXDOO\SURYLGHVWKHVHVVLRQPDQDJHPHQW$3,WRDSSOLFDWLRQV±VKRXOG PDNHVXUHWKDWVHVVLRQ,'VFDQ¶WEHLQWHUFHSWHGSUHGLFWHGRUEUXWHIRUFHG%XWDVIDU DV VHVVLRQ IL[DWLRQ LV FRQFHUQHG RQO\ WKH ZHE DSSOLFDWLRQ FDQ LPSOHPHQW HIIHFWLYH SURWHFWLRQ
3UHYHQWLQJORJLQVWRDFKRVHQVHVVLRQ
7KHUH LV RQH FRPPRQ GHQRPLQDWRU WR DOO VHVVLRQ IL[DWLRQ DWWDFNV DQG VFHQDULRV WKH XVHUORJVLQWRDVHVVLRQZLWKDQDWWDFNHUFKRVHQ,'LQVWHDGRIKDYLQJEHHQLVVXHGD QHZO\ JHQHUDWHG VHVVLRQ ,' E\ WKH VHUYHU 6LQFH WKHUH VHHPV WR EH QR FRPSHOOLQJ UHDVRQIRUZHEDSSOLFDWLRQVWRH[SOLFLWO\DOORZWKLVWRKDSSHQDQGVHHPVPRUHOLNHD VLGH HIIHFW RI FXUUHQW LPSOHPHQWDWLRQV ± ZH SURSRVH IRUFHIXO SUHYHQWLRQ RI ORJJLQJ LQWR D FKRVHQ VHVVLRQ :HE DSSOLFDWLRQV PXVW LJQRUH DQ\ VHVVLRQ ,' SURYLGHG E\ WKH XVHU¶VEURZVHUDWORJLQDQGPXVWDOZD\VJHQHUDWHDQHZVHVVLRQWRZKLFKWKHXVHUZLOO ORJLQLIVXFFHVVIXOO\DXWKHQWLFDWHG
3UHYHQWLQJWKHDWWDFNHUIURPREWDLQLQJDYDOLGVHVVLRQ,'
,ISRVVLEOHDZHEDSSOLFDWLRQRQDVWULFWV\VWHPVKRXOGRQO\LVVXHVHVVLRQ,'VRIQHZO\ JHQHUDWHGVHVVLRQVWRXVHUVDIWHUWKH\KDYHVXFFHVVIXOO\DXWKHQWLFDWHGDVRSSRVHGWR LVVXLQJ WKHP DORQJ ZLWK WKH ORJLQ IRUP 7KLV PHDQV WKDW DQ DWWDFNHU ZKR LVQ¶W D OHJLWLPDWH XVHU RI WKH V\VWHP ZLOO QRW EH DEOH WR JHW D YDOLG VHVVLRQ ,' DQG ZLOO WKHUHIRUHEHXQDEOHWRSHUIRUPDVHVVLRQIL[DWLRQDWWDFN
5HVWULFWLQJWKHVHVVLRQ,'XVDJH
0RVW PHWKRGV IRU PLWLJDWLQJ WKH WKUHDW RI VWROHQ VHVVLRQ ,'V DUH DOVR DSSOLFDEOH WR VHVVLRQIL[DWLRQ6RPHRIWKHPDUHOLVWHGEHORZ •
%LQGLQJ WKH VHVVLRQ ,' WR WKH EURZVHU¶V QHWZRUN DGGUHVV DV VHHQ E\ WKH VHUYHU
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
6HVVLRQVHWXS
SHUPLVVLYH
6HVVLRQ PDQDJHPHQW W\SH
VWULFW
6HOHFWDUDQGRP VHVVLRQ,'
6HWXSDQHZVHVVLRQ RQWKHWDUJHWVHUYHU
([WUDFWWKHVHVVLRQ,' IURPWKLVVHVVLRQ
D 6HVVLRQPDLQWHQDQFH
\HV
.HHSWKHVHVVLRQDOLYHE\ VHQGLQJSHULRGLFUHT XHVWV
QR
6HVVLRQIL[DWLRQ
85/DUJXPHQWV
6HVVLRQ,' WUDQVSRUW PHFKDQLVP
/XUHWKHXVHULQWRORJJLQJ LQWKURXJKDPDOLFLRXV85/
KLGGHQIRUPILHOGV
/XUHWKHXVHULQWRORJJLQJ LQWKURXJKDPDOLFLRXVORJLQIRUP
FRRNLHV
([SORLWFURVVVLWHVFULSWLQJ IRULVVXLQJDFRRNLH
([SORLWVHVVLRQDGRSWLRQ IRULVVXLQJDFRRNLH
([SORLWPHWDWDJLQMHFWLRQ IRULVVXLQJDFRRNLH
,GOHVHVVLRQ WLPHRXW
0RGLI\WKHUHVSRQVHIURPDQ\ VHUYHULQGRPDLQWRLVVXHDFRRNLH
%UHDNLQWRDKRVWLQGRPDLQDQG LQVWDOODFRRNLHLVVXLQJZHEVHUYHU
$GGDFRRNLHLVVXLQJVHUYHUWRWKH GRPDLQRQXVHU V' 1 6VHUYHU
6HVVLRQHQWUDQFH :DLWIRUWKHXVHUWRORJLQ
(QWHUWKHVHVVLRQ
)LJXUH6HVVLRQIL[DWLRQSURFHVVWUHH
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
•
•
•
•
%LQGLQJWKHVHVVLRQ,'WRWKHXVHU¶V66/FOLHQWFHUWLILFDWHYHU\LPSRUWDQWDQG RIWHQ RYHUORRNHG LVVXH LQ KLJKO\ FULWLFDO DSSOLFDWLRQV HDFK VHUYHUVLGH VFULSW PXVW ILUVW FKHFN ZKHWKHU WKH SURSRVHG VHVVLRQ ZDV DFWXDOO\ HVWDEOLVKHG XVLQJ WKHVXSSOLHGFHUWLILFDWH
6HVVLRQ GHVWUXFWLRQ HLWKHU GXH WR ORJJLQJ RXW RU WLPHRXW PXVW WDNH SODFH RQ WKH VHUYHU GHOHWLQJ VHVVLRQ QRW MXVW RQ WKH EURZVHU GHOHWLQJ WKH VHVVLRQ FRRNLH
7KH XVHU PXVW KDYH DQ RSWLRQ WR ORJ RXW ± WKHUHE\ GHVWUR\LQJ QRW MXVW KLV FXUUHQWVHVVLRQEXWDOVRDQ\SUHYLRXVVHVVLRQVWKDWPD\VWLOOH[LVWLQRUGHUWR SUHYHQWWKHDWWDFNHUIURPXVLQJDQROGVHVVLRQWKHXVHUIRUJRWWRORJRXWIURP
$EVROXWH VHVVLRQ WLPHRXWV SUHYHQW DWWDFNHUV IURP ERWK PDLQWDLQLQJ D WUDS VHVVLRQ DV ZHOO DV PDLQWDLQLQJ DQ DOUHDG\ HQWHUHG XVHU¶V VHVVLRQ IRU D ORQJ SHULRGRIWLPH
&RQFOXVLRQ
7KH VHVVLRQ IL[DWLRQ YXOQHUDELOLW\ VHHPV WR EH SUHVHQW LQ PDQ\ VHVVLRQHQDEOHG ZHE EDVHG DSSOLFDWLRQV ,Q IDFW LW KDV EHHQ SUHVHQW LQ DOPRVW DOO ZHEEDVHG V\VWHPV LQFOXGLQJPDQ\KLJKSURILOHZHEEDQNLQJV\VWHPV WKDWZH¶YHHYHUFRPHDFURVV
8QGHUVWDQGDEO\ ZH FDQ¶W OLVW DQ\ YXOQHUDEOH UHDOZRUOG V\VWHPV KHUH EXW WKHUH DUH PDQ\RXWWKHUHDOVRDPRQJWKHODUJHVWRQHV,WZRXOGEHDQLPSRVVLEOHMREWRWU\WR PDNH DQ H[KDXVWLYH OLVW RI DOO SXEOLFO\ DYDLODEOH YXOQHUDEOH DSSOLFDWLRQV DQG LQIRUP WKHLU YHQGRUV DERXW WKLV YXOQHUDELOLW\ 7KHUHIRUH ZH¶OO KDYH WR OHDYH WKLV MRE WR WKHVH YHQGRUV DQG WKH ZRUOGZLGH VHFXULW\ FRPPXQLW\ LQ KRSH WKDW DV IHZ DV SRVVLEOH PDOLFLRXV H[SORLWV ZLOO VHH WKH OLJKW RI GD\ $QG IRU DOO WKH JX\V RXW WKHUH GRLQJ WKH VHFXULW\UHYLHZVWKLVLVMXVWDQRWKHUFKHFNER[WRDGGWR\RXUFKHFNOLVW
6HVVLRQIL[DWLRQYVVHVVLRQKLMDFNLQJ
)RU UHIHUHQFH WKH IROORZLQJ WDEOH SUHVHQWV WKH GLIIHUHQFHV EHWZHHQ VHVVLRQ IL[DWLRQ DQGVHVVLRQKLMDFNLQJYXOQHUDELOLWLHVLQWHUPVRIDWWDFNWLPLQJLPSDFWGXUDWLRQVHVVLRQ PDLQWHQDQFHDWWDFNYHFWRUVDQGDWWDFNWDUJHWDUHD
7LPLQJ
6HVVLRQIL[DWLRQ
$WWDFNHU DWWDFNV WKH XVHU¶V EURZVHU EHIRUH KH ORJV LQ WR WKH WDUJHWVHUYHU
6HVVLRQKLMDFNLQJ $WWDFNHUDWWDFNVWKHXVHU¶VEURZVHUDIWHUKHORJVLQWRWKHWDUJHW VHUYHU ,PSDFW'XUDWLRQ 6HVVLRQIL[DWLRQ
$WWDFNHU JDLQV RQHWLPH WHPSRUDU\ RU ORQJWHUP DFFHVV WR WKH XVHU¶VVHVVLRQV
6HVVLRQKLMDFNLQJ $WWDFNHUXVXDOO\JDLQVRQHWLPHDFFHVVWRWKHXVHU¶VVHVVLRQDQG KDVWRUHSHDWWKHDWWDFNLQRUGHUWRJDLQDFFHVVWRDQRWKHURQH
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
6HVVLRQ0DLQWHQDQFH 6HVVLRQIL[DWLRQ
&DQ UHTXLUH WKH DWWDFNHU WR PDLQWDLQ WKH WUDS VHVVLRQ XQWLO WKH XVHUORJVLQWRLW
6HVVLRQKLMDFNLQJ 5HTXLUHVQRVHVVLRQPDLQWHQDQFH $WWDFN9HFWRUV 6HVVLRQIL[DWLRQ
7ULFNLQJWKHXVHUWRORJLQWKURXJKDPDOLFLRXVK\SHUOLQNRUD PDOLFLRXVORJLQIRUP
([SORLWLQJ D FURVVVLWH VFULSWLQJ YXOQHUDELOLW\ RQ DQ\ ZHE VHUYHULQWKHWDUJHWVHUYHU¶VGRPDLQ
([SORLWLQJ D PHWD WDJ LQMHFWLRQ YXOQHUDELOLW\ RQ DQ\ ZHE VHUYHULQWKHWDUJHWVHUYHU¶VGRPDLQ
([SORLWLQJWKH³VHVVLRQDGRSWLRQ´IHDWXUHRIVRPHZHEVHUYHUV %UHDNLQJLQWRDQ\KRVWLQWKHWDUJHWVHUYHU¶VGRPDLQ
$GGLQJ D GRPDLQ FRRNLHLVVXLQJ VHUYHU WR WKH WDUJHW VHUYHU¶V GRPDLQLQWKHXVHU¶V'16VHUYHU
1HWZRUNWUDIILFPRGLILFDWLRQ
6HVVLRQKLMDFNLQJ ([SORLWLQJ D FURVVVLWH VFULSWLQJ YXOQHUDELOLW\ RQ WKH WDUJHW VHUYHU 2EWDLQLQJWKHVHVVLRQ,'LQWKH+7735HIHUHUKHDGHUVHQWWR DQRWKHUZHEVHUYHU
1HWZRUN WUDIILF VQLIILQJ RQO\ ZRUNV ZLWK DQ XQHQFU\SWHG OLQN WRWKHWDUJHWVHUYHU $WWDFN7DUJHW$UHD 6HVVLRQIL[DWLRQ
&RPPXQLFDWLRQ OLQN WDUJHW ZHE VHUYHU DOO KRVWV LQ WDUJHW VHUYHU¶VGRPDLQXVHU¶V'16VHUYHU
6HVVLRQKLMDFNLQJ &RPPXQLFDWLRQOLQNWDUJHWZHEVHUYHU
$FNQRZOHGJPHQWV
0DQ\ WKDQNV WR .HYLQ )X RI 0,7 6DãD .RV $OMRãD 2FHSHN DQG 6WDQND âDODPXQ IRU WKHLULQYDOXDEOHFRQWULEXWLRQWRWKLVSDSHU
$&526GRR>KWWSZZZDFURVVL@
SDJHRI
38%/,&
6HVVLRQ)L[DWLRQ9XOQHUDELOLW\LQ:HEEDVHG$SSOLFDWLRQV
5HIHUHQFHV >@ >@ >@ >@ >@ >@ >@ >@ >@
,(7)ª5)&+\SHUWH[W7UDQVIHU3URWRFRO+773© KWWSZZZLHWIRUJUIFUIFW[W ,(7)ª5)&+7736WDWH0DQDJHPHQW0HFKDQLVP© KWWSZZZLHWIRUJUIFUIFW[W
7KH2SHQ:HE$SSOLFDWLRQ6HFXULW\3URMHFWª&URVV6LWH6FULSWLQJ© KWWSZZZRZDVSRUJDVDFLQSXWBYDOLGDWLRQFVVVKWPO 7KH2SHQ:HE$SSOLFDWLRQ6HFXULW\3URMHFWª6HVVLRQ+LMDFNLQJ© KWWSZZZRZDVSRUJDVDFDXWKVHVVLRQKLMDFNVKWPO
'DYLG(QGOHUª%UXWH)RUFH([SORLWDWLRQRI:HE$SSOLFDWLRQ6HVVLRQ,'V© KWWSRQOLQHVHFXULW\IRFXVFRPGDWDOLEUDU\6HVVLRQ,'VSGI
.HYLQ)X(PLO6LW.HQGUD6PLWK1LFN)HDPVWHUª'RVDQG'RQ¶WVRI&OLHQW $XWKHQWLFDWLRQRQWKH:HE© KWWSSGRVOFVPLWHGXFRRNLHVSXEVZHEDXWKWUSGI $&526ª5HPRWH5HWULHYDO2I,,66HVVLRQ&RRNLHV)URP:HE%URZVHUV© KWWSZZZDFURVVLDVSU$63538%W[W
6HFXULW\)RFXVª0LFURVRIW,,6,'&([WHQVLRQ&URVV6LWH6FULSWLQJ9XOQHUDELOLW\© KWWSRQOLQHVHFXULW\IRFXVFRPELGLQIR 0LFKDHO+RZDUG0LFURVRIWª6RPH%DG1HZVDQG6RPH*RRG1HZV© KWWSPVGQPLFURVRIWFRPOLEUDU\HQXVGQFRGHKWPOVHFXUHDVS
>@ &(57ª&(57$GYLVRU\&$0DOLFLRXV+70/7DJV(PEHGGHGLQ&OLHQW :HE5HTXHVWV© KWWSZZZFHUWRUJDGYLVRULHV&$KWPO
$&526GRR>KWWSZZZDFURVVL@
SDJHRI