Download as pdf or txt
Download as pdf or txt
You are on page 1of 45

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

/2*,&$/ '$7$ 02'(//,1* ,1 66$'0


1RWH 7KLV GRFXPHQW H[SODLQV KRZ /RJLFDO 'DWD 0RGHOOLQJ LV FDUULHG RXW ZLWKLQ DQ 66$'0 IUDPHZRUN :H KRSH WKDW \RX ZLOO ILQG WKLV GRFXPHQW XVHIXO ,I \RX KDYH DQ\ IHHGEDFNFRPPHQWVTXHULHV HWF SOHDVH HPDLO WKHP WR ZDOWHUDFXWL#VDQGKLOOFRXN )RU IXUWKHU LQIRUPDWLRQ DERXW 66$'0 SOHDVH YLVLW RXU ZHEVLWH DW ZZZVDQGKLOOFRXNSZDUHVVDGPKWP ,I \RX ZRXOG OLNH LQIRUPDWLRQ RQ $OO)XVLRQ (5:LQ 'DWD 0RGHOOHU WKH PDUNHW OHDGLQJ &$6( 7RRO IRU /RJLFDO 'DWD 0RGHOOLQJ  SOHDVH FRQWDFW SDXOPDVRQ#VDQGKLOOFRXN

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


7DEOH RI &RQWHQWV

 ,1752'8&7,21

 &21&(376 $1' 127$7,21

 '2&80(17$7,21  67(36

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



                      



    

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


 ,1752'8&7,21 /RJLFDO 'DWD 0RGHOOLQJ LV RQH RI WKH FHQWUDO WHFKQLTXHV RI 66$'0

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

&XUUHQW (QYLURQPHQW /RJLFDO 'DWD 0RGHO 7KLV 0RGHO GHILQHV WKH LQIRUPDWLRQ ZKLFK LV KHOG DFFHVVHG DQG PDLQWDLQHG E\ WKH FXUUHQW V\VWHP DV GHILQHG E\ WKH VFRSH IRU WKH SURMHFW 

1% $V SDUW RI LQLWLDWLQJ DQ 66$'0 )HDVLELOLW\ RU )XOO 6WXG\ DQ 2YHUYLHZ /RJLFDO 'DWD 0RGHO PD\ EH SURGXFHG LQ RUGHU WR KHOS GHILQH SURMHFW VFRSH DQG WR DVVLVW LQ HVWLPDWLQJ DQG SODQQLQJ WKH SURMHFW

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

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


WKH HQWLWLHV RU JURXSLQJV RU GDWD LQKHUHQW LQ WKH DSSOLFDWLRQ

WKH UHODWLRQVKLSV RU DVVRFLDWLRQV EHWZHHQ WKH HQWLWLHV

 &21&(376 $1' 127$7,21 (QWLW\ $WWULEXWH

3ULPDU\ .H\ )RUHLJQ .H\ 5HODWLRQVKLS  (QWLW\

(QWLW\ 6XE7\SHV $Q HQWLW\ UHSUHVHQWV D FRQFHSW REMHFW RU WKLQJ ZKLFK LV UHOHYDQW WR WKH DSSOLFDWLRQ EHLQJ GHYHORSHG DQG DERXW ZKLFK LQIRUPDWLRQ QHHGV WR EH KHOG E\ WKH DSSOLFDWLRQ

7KHUH DUH QR KDUG DQG IDVW UXOHV DERXW UHFRJQLVLQJ HQWLWLHV +RZHYHU HQWLWLHV FDQ XVXDOO\ EH UHFRJQLVHG DV VRPHWKLQJ RI ZKLFK WKHUH DUH PDQ\ RFFXUUHQFHV WR EH KDQGOHG E\ WKH DSSOLFDWLRQ DQG HDFK RI ZKLFK QHHGV WR EH LQGLYLGXDOO\ LGHQWLILHG E\ D XQLTXH UHIHUHQFH RU NH\  )RU H[DPSOH DQ 2UGHU 3URFHVVLQJ DSSOLFDWLRQ ZLOO SUREDEO\ KDYH HQWLWLHV VXFK DV 6833/,(5 LGHQWLILHG E\ D NH\ RI 6XSSOLHU &RGH DQG 6$/(6 25'(5 LGHQWLILHG E\ 6DOHV 2UGHU 1XPEHU  ,W LV LPSRUWDQW WR UHPHPEHU WKDW DQ HQWLW\ GRHV QRW UHSUHVHQW DQ\ SDUWLFXODU LQVWDQFH RI WKH REMHFW RU FRQFHSW EHLQJ PRGHOOHG ,Q WKH H[DPSOH RI WKH 2UGHU 3URFHVVLQJ DSSOLFDWLRQ WKH HQWLW\ 6833/,(5 UHSUHVHQWV DQ\ VXSSOLHU WR WKH RUJDQLVDWLRQ QRW D VSHFLILF VXSSOLHU DQG VLPLODUO\ WKH HQWLW\ 385&+$6( 25'(5 UHSUHVHQWV DQ\ SXUFKDVH RUGHU UDLVHG E\ WKH RUJDQLVDWLRQ $Q HQWLW\ LV UHSUHVHQWHG RQ WKH /RJLFDO 'DWD 6WUXFWXUH XVLQJ WKH IROORZLQJ QRWDWLRQ

(QWLW\ 1RWDWLRQ

7KH QDPH RI WKH HQWLW\ LQ WKH VLQJXODU DSSHDUV LQVLGH WKH ER[ HJ 6833/,(5 QRW 6833/,(56

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6833/,(5

 $WWULEXWH

(DFK HQWLW\ FRQVLVWV RI D JURXSLQJ RI DWWULEXWHV RU GDWD LWHPV  ZKLFK WRJHWKHU SURYLGH D GHWDLOHG GHILQLWLRQ RI WKH REMHFW RU FRQFHSW UHSUHVHQWHG E\ WKH HQWLW\ 'XULQJ GHVLJQ HQWLWLHV ZLOO EH XVHG WR GHULYH WKH JURXSLQJV RI GDWD ZKLFK ZLOO EH SK\VLFDOO\ VWRUHG HJ WDEOHV UHFRUG W\SHV ILOHV )RU H[DPSOH IRU DQ DSSOLFDWLRQ VXSSRUWLQJ WKH ZRUN RI D 3HUVRQQHO 'HSDUWPHQW LW LV OLNHO\ WKDW WKH REMHFWV DERXW ZKLFK GDWD QHHGV WR EH KHOG ZLOO LQFOXGH

(PSOR\HH 3RVLWLRQ

'HSDUWPHQW

(DFK RI WKHVH REMHFWV LV GHILQHG DV DQ HQWLW\ 7KH VHW RI DWWULEXWHV ZKLFK FRPSULVH HDFK HQWLW\ LV OLNHO\ WR LQFOXGH WKH IROORZLQJ

(PSOR\HH R R R R R R R R R R R R

'HSDUWPHQW 3RVLWLRQ

1DPH $GGUHVV 'DWH RI %LUWK 0DULWDO 6WDWXV 'DWH -RLQHG &RPSDQ\ *UDGH 6DODU\ 'HSDUWPHQW 1DPH *UDGH 'HSDUWPHQW 1DPH ([SHULHQFH 5HTXLUHG )XOO7LPH3DUW7LPH

1% 6RPH DWWULEXWHV PD\ DSSHDU LQ PRUH WKDQ RQH HQWLW\ ZKHUH DQ DWWULEXWH LV D IRUHLJQ NH\ RU ZKHUH WKH DWWULEXWH LV DVVXPLQJ D GLIIHUHQW UROH HJ 'HSDUWPHQW 1DPH LV SDUW RI ERWK HQWLW\ 'HSDUWPHQW DQG HQWLW\ 3RVLWLRQ ,W LV UHFRPPHQGHG ZKHQ FRQVLGHULQJ DQG H[DPLQLQJ HQWLWLHV WR LGHQWLI\ WKH DWWULEXWHV ZKLFK FRPSULVH WKH HQWLW\ ,I QR DWWULEXWHV FDQ EH LGHQWLILHG WKH YDOLGLW\ RI WKH HQWLW\ PD\ EH LQ GRXEW

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


 3ULPDU\ .H\ )RU HDFK HQWLW\ WKHUH KDV WR EH RQH DWWULEXWH RU D JURXS RI DWWULEXWHV ZKLFK ZLOO XQLTXHO\ LGHQWLI\ HDFK RFFXUUHQFH RI WKH HQWLW\ 7KLV DWWULEXWH RU JURXS RI DWWULEXWHV LV WKH HQWLW\
V SULPH NH\ 1DPH $GGUHVV 0DULWDO 6WDWXV 'DWH RI %LUWK (PSOR\HH 1XPEHU 6H[ 'DWH -RLQHG &RPSDQ\

)RU H[DPSOH FRQVLGHU WKH HQWLW\ (03/2<(( ZKLFK FRQVLVWV RI WKH IROORZLQJ DWWULEXWHV

+RZ ZLOO WKH V\VWHP EH DEOH WR XQLTXHO\ LGHQWLI\ HDFK RFFXUUHQFH RI WKLV HQWLW\" ,I ZH FRQVLGHU VRPH RI WKH DWWULEXWHV LQ WXUQ R R R R

1DPH FDQQRW EH WKH SULPDU\ NH\ DV LW LV SRVVLEOH WKHUH FRXOG EH WZR RU PRUH LQGLYLGXDOV ZLWK WKH VDPH QDPH LQ WKH FRPSDQ\ $GGUHVV FDQQRW EH WKH SULPDU\ NH\ DV LW LV SRVVLEOH WKHUH FRXOG EH WZR RU PRUH HPSOR\HHV OLYLQJ DW WKH VDPH DGGUHVV 'DWH RI %LUWK FDQQRW EH WKH SULPDU\ NH\ DV LW LV SRVVLEOH IRU WZR RU PRUH HPSOR\HHV WR VKDUH WKH VDPH ELUWKGD\

)UHTXHQWO\ QR VLQJOH DWWULEXWH LV VXIILFLHQW RQ LWV RZQ WR IRUP WKH SULPDU\ NH\ RI DQ HQWLW\ ,Q VXFK FDVHV WKH DQDO\VW PXVW VHH ZKHWKHU WKHUH DUH WZR RU PRUH DWWULEXWHV ZKLFK WRJHWKHU FDQ IRUP WKH SULPDU\ NH\ )RU H[DPSOH DVVXPH WKH HQWLW\ $118$/ $335$,6$/ ZKLFK FRQWDLQV GHWDLOV RI DQ HPSOR\HH
V DQQXDO DSSUDLVDO 7KH DWWULEXWHV FRPSULVLQJ WKLV HQWLW\ DUH (PSOR\HH 1XPEHU 'DWH RI $SSUDLVDO 3HUIRUPDQFH 0DUNLQJ

(PSOR\HH 1XPEHU FDQ EH WKH SULPDU\ NH\ DV IRU WKLV H[DPSOH LW LV QRW SRVVLEOH IRU WZR RU PRUH HPSOR\HHV WR KDYH WKH VDPH (PSOR\HH 1XPEHU $Q (PSOR\HH 1XPEHU ZLOO DOZD\V LGHQWLI\ D VLQJOH HPSOR\HH DQG KHQFH D VLQJOH RFFXUUHQFH RI HQWLW\ (03/2<((

(DFK RI WKH DWWULEXWHV RQ WKHLU RZQ LV LQVXIILFLHQW WR DFW DV WKH SULPDU\ NH\ RI WKH HQWLW\ EHFDXVH R (PSOR\HH 1XPEHU  $Q HPSOR\HH FDQ KDYH PRUH WKDQ RQH DQQXDO DSSUDLVDO (PSOR\HH 1XPEHU RQ LWV RZQ FDQQRW LGHQWLI\ D VSHFLILF DSSUDLVDO

'DWH RI $SSUDLVDO  7KHUH PD\ EH PRUH WKDQ RQH DSSUDLVDO FDUULHG RXW RQ D FHUWDLQ GD\ 'DWH RI

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


R $SSUDLVDO RQ LWV RZQ FDQQRW LGHQWLI\ D VSHFLILF DSSUDLVDO 3HUIRUPDQFH 0DUNLQJ  7KHUH PD\ EH PRUH WKDQ RQH HPSOR\HH ZLWK WKH VDPH SHUIRUPDQFH PDUNLQJ 3HUIRUPDQFH 0DUNLQJ RQ LWV RZQ FDQQRW LGHQWLI\ D VSHFLILF DSSUDLVDO

+RZHYHU DWWULEXWHV (PSOR\HH 1XPEHU DQG 'DWH RI $SSUDLVDO WRJHWKHU ZLOO LGHQWLI\ DQ LQGLYLGXDO VWDII DSSUDLVDO VR WKHVH WZR DWWULEXWHV EHFRPH WKH SULPDU\ NH\ RI WKH HQWLW\ $118$/ $335$,6$/ ,Q VRPH FDVHV SDUWLFXODUO\ IRU OLQN HQWLWLHV  VHH 0DQ\ WR 0DQ\ UHODWLRQVKLSV DOO WKH DWWULEXWHV LQ DQ HQWLW\ PD\ EH UHTXLUHG WR IRUP WKH SULPDU\ NH\

,W LV LPSRUWDQW WR UHPHPEHU WKDW IRU D VLQJOH RFFXUUHQFH RI DQ HQWLW\ WKHUH FDQ RQO\ EH RQH YDOXH IRU HDFK RI WKH DWWULEXWHV ZKLFK FRPSULVH WKDW HQWLW\ )RU H[DPSOH DVVXPH DQ HQWLW\ FDOOHG &86720(5 ZLWK WKH IROORZLQJ DWWULEXWHV &XVWRPHU 1XPEHU &XVWRPHU 1DPH &XVWRPHU $GGUHVV &XVWRPHU 3KRQH 1XPEHU

7KLV HQWLW\ LV VWDWLQJ WKDW IRU DQ\ FXVWRPHU WKHUH FDQ RQO\ EH RQH DGGUHVV IRU WKDW FXVWRPHU ,I KRZHYHU D FXVWRPHU PD\ KDYH WZR DGGUHVVHV HJ D KHDGTXDUWHUV DGGUHVV DQG GHOLYHU\ DGGUHVV  WKH HQWLW\ GHILQLWLRQ LV LQFRUUHFW 7KH GHILQLWLRQ ZRXOG QHHG WR EH DPHQGHG DV IROORZV &XVWRPHU 1XPEHU &XVWRPHU 1DPH &XVWRPHU +HDGTXDUWHUV $GGUHVV &XVWRPHU 'HOLYHU\ $GGUHVV &XVWRPHU 3KRQH 1XPEHU

.H\V FDQ EH FODVVLILHG DV EHLQJ 6LPSOH &RPSRXQG +LHUDUFKLF

 6LPSOH

$ VLPSOH NH\ LV D SULPDU\ NH\ ZKLFK FRQVLVWV RI D VLQJOH DWWULEXWH

 &RPSRXQG

)RU H[DPSOH LI &XVWRPHU 1XPEHU LV WKH SULPDU\ NH\ RI HQWLW\ &86720(5 &XVWRPHU 1XPEHU LV FODVVLILHG DV D VLPSOH NH\ $ FRPSRXQG NH\ FRQVLVWV RI WZR RU PRUH DWWULEXWHV HDFK RI ZKLFK HLWKHU LQGLYLGXDOO\ RU LQ FRPELQDWLRQ LV WKH SULPDU\ NH\ RI RWKHU HQWLWLHV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

352-(&7

(03/2<((

$66,*10(17

7KH NH\ RI HDFK HQWLW\ LQ WKH DERYH /'6 LV DV IROORZV (QWLW\ 352-(&7 (03/2<(( $66,*10(17 3ULPDU\ .H\ 3URMHFW &RGH 6WDII 1XPEHU 6WDII 1XPEHU 3URMHFW &RGH .H\ 7\SH 6LPSOH .H\ 6LPSOH .H\ &RPSRXQG .H\

 +LHUDUFKLF

(QWLW\ $66,*10(17 KDV D FRPSRXQG NH\ LQ WKDW WKH SULPDU\ NH\ FRQVLVWV RI WZR DWWULEXWHV HDFK RI ZKLFK LV WKH NH\ RI RWKHU HQWLWLHV QDPHO\ 352-(&7 DQG (03/2<(( $ KLHUDUFKLF NH\ VRPHWLPHV UHIHUUHG WR DV D FRPSRVLWH NH\ FRQVLVWV RI WZR RU PRUH DWWULEXWHV ZKHUH DW OHDVW RQH RI WKH DWWULEXWHV LV QRW WKH SULPDU\ NH\ RI DQRWKHU HQWLW\ 7DNH WKH IROORZLQJ WZR HQWLWLHV (QWLW\ 3URMHFW 7DVN .H\ .H\ 7\SH

7KH NH\ RI HQWLW\ 7$6. FRPSULVHV DWWULEXWHV 3URMHFW &RGH DQG 7DVN 1XPEHU 3URMHFW &RGH LV WKH SULPDU\ NH\ RI HQWLW\ 352-(&7 7DVN 1XPEHU LV QRW D SULPDU\ NH\ LQ LWV RZQ ULJKW 7KH NH\ RI HQWLW\ 7$6. LV WKHUHIRUH KLHUDUFKLF 7KH DWWULEXWHV IRUPLQJ KLHUDUFKLF NH\V DUH VRPHWLPHV GHQRWHG E\ SODFLQJ WKHP ZLWKLQ EUDFNHWV 3URMHFW &RGH 7DVN 1XPEHU

3URMHFW &RGH 3URMHFW &RGH 7DVN 1XPEHU

6LPSOH &RPSRVLWH

 )RUHLJQ .H\

$Q HQWLW\ LV GHHPHG WR FRQWDLQ D IRUHLJQ NH\ LI LW FRQWDLQV WKH SULPDU\ NH\ RI DQRWKHU HQWLW\ SURYLGHG WKLV IRUHLJQ NH\ GRHV QRW IRUP SDUW RI WKH HQWLW\
V RZQ SULPDU\ NH\ $ IRUHLJQ NH\ PHDQV WKDW WKHUH LV D UHODWLRQVKLS EHWZHHQ WKH HQWLW\ FRQWDLQLQJ WKH IRUHLJQ NH\ DQG WKH HQWLW\ IRU ZKLFK WKH IRUHLJQ NH\ LV WKH SULPDU\ NH\ ,Q VXFK D UHODWLRQVKLS

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

DQG

WKH HQWLW\ FRQWDLQLQJ WKH IRUHLJQ NH\ LV WKH 'HWDLO HQWLW\ LQ WKH UHODWLRQVKLS

,Q WKH IROORZLQJ H[DPSOH HQWLW\ $&&2817 FRQWDLQV D IRUHLJQ NH\ WR HQWLW\ &86720(5 &XVWRPHU 1XPEHU &XVWRPHU 1DPH &XVWRPHU $GGUHVV 'DWH RI %LUWK &86720(5 $FFRXQW 1XPEHU $FFRXQW %DODQFH 2YHUGUDIW /LPLW &XVWRPHU 1XPEHU $&&2817

WKH HQWLW\ IRU ZKLFK WKH IRUHLJQ NH\ LV WKH SULPDU\ NH\ LV WKH 0DVWHU HQWLW\

 5HODWLRQVKLS

)RUHLJQ .H\V DUH VRPHWLPHV GHQRWHG E\ SODFLQJ D PDUNHU  XVXDOO\ DQ DVWHULVN  DJDLQVW WKHP ,QWURGXFWLRQ

0D[LPXP &DUGLQDOLW\ 0LQLPXP &DUGLQDOLW\ 1RWDWLRQ

0XOWLSOH 5HODWLRQVKLSV

5HFXUVLYH 5HODWLRQVKLSV  ,QWURGXFWLRQ ([FOXVLYH 5HODWLRQVKLSV

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

5HODWLRQVKLSV DUH EXLOW DURXQG WKH FRQFHSW RI 2QH WR 0DQ\  LH WKDW RQH RFFXUUHQFH RI DQ HQWLW\ PD\ EH DVVRFLDWHG ZLWK PDQ\ RFFXUUHQFHV RI DQRWKHU HQWLW\ ,Q WKH ILJXUH EHORZ WKH V\PERO DW WKH (03/2<(( HQG RI WKH UHODWLRQVKLS OLQH LV NQRZ DV D FURZV IRRW DQG GHQRWHV WKH PDQ\ DVSHFW RI WKH UHODWLRQVKLS LH WKDW PDQ\ RFFXUUHQFHV RI WKH HQWLW\ (03/2<(( PD\ EH DVVRFLDWHG ZLWK RQH VSHFLILF RFFXUUHQFH RI WKH HQWLW\ '(3$570(17

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'(3$570(17 &URZ
V IRRW (03/2<((

:KHQ UHIHUULQJ WR UHODWLRQVKLSV LW LV FRQYHQLHQW WR KDYH D ZD\ RI UHIHUULQJ WR WKH HQWLW\ DW WKH
RQH
HQG DQG WKH HQWLW\ DW WKH
PDQ\
HQG 7KH HQWLW\ DW WKH RQH HQG LV UHIHUUHG WR DV WKH
0DVWHU
HQWLW\ LQ WKH UHODWLRQVKLS DQG WKH HQWLW\ DW WKH PDQ\ HQG LV WKH
'HWDLO
HQWLW\ )RU H[DPSOH LQ WKH GLDJUDP DERYH WKH HQWLW\ '(3$570(17 LV WKH PDVWHU HQWLW\ LQ WKH UHODWLRQVKLS WKH HQWLW\ (03/2<(( LV WKH GHWDLO HQWLW\ ,W LV LPSRUWDQW WR QRWH WKDW
0DVWHU
DQG
'HWDLO
DUH QRW W\SHV RI HQWLW\  UDWKHU WKH\ DUH UROHV WKDW DQ HQWLW\ SOD\V LQ D UHODWLRQVKLS $Q HQWLW\ FDQ EH D 0DVWHU LQ RQH UHODWLRQVKLS DQG D 'HWDLO LQ DQRWKHU )RU H[DPSOH LQ WKH GLDJUDP EHORZ

LQ WKH UHODWLRQVKLS EHWZHHQ '(3$570(17 DQG (03/2<(( (03/2<(( LV WKH GHWDLO HQWLW\

LQ WKH UHODWLRQVKLS EHWZHHQ (03/2<(( DQG 67$)) $335$,6$/ (03/2<(( LV WKH PDVWHU HQWLW\

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'(3$570(17

(03/2<((

67$)) $335$,6$/

 0D[LPXP &DUGLQDOLW\

,Q GHWHUPLQLQJ WKH SUHFLVH QDWXUH RI WKH UHODWLRQVKLS EHWZHHQ WZR HQWLWLHV LW LV QHFHVVDU\ WR FRQVLGHU WKH UHODWLRQVKLS
V PD[LPXP DQG PLQLPXP FDUGLQDOLW\ 7KH PD[LPXP FDUGLQDOLW\ RI D UHODWLRQVKLS GHILQHV WKH PD[LPXP QXPEHU RI HQWLW\ RFFXUUHQFHV ZKLFK PD\ EH LQYROYHG LQ WKH UHODWLRQVKLS

,Q GHILQLQJ WKH PD[LPXP FDUGLQDOLW\ WKH DQDO\VW LV FRQFHUQHG ZLWK LGHQWLI\LQJ ZKHWKHU WKH UHODWLRQVKLS LV RQH RI WKH IROORZLQJ W\SHV

2QHWR0DQ\ 2QHWR2QH

0DQ\WR0DQ\

 2QHWR0DQ\

$ RQH WR PDQ\ UHODWLRQVKLS PHDQV WZR WKLQJV QDPHO\

RQH RFFXUUHQFH RI WKH ILUVW HQWLW\ PD\ EH DVVRFLDWHG $7 0267 ZLWK PDQ\ LH PRUH WKDQ RQH RFFXUUHQFHV RI WKH VHFRQG HQWLW\ 7KH PD\ EH DVVRFLDWHG SKUDVH LV LPSRUWDQW LQ WKDW LW DOORZV IRU WKRVH VLWXDWLRQV ZKHUH RQH RFFXUUHQFH RI WKH ILUVW HQWLW\ LV QRW OLQNHG WR DQ\ RU WR RQO\ RQH RFFXUUHQFH RI WKH VHFRQG HQWLW\ RQH RFFXUUHQFH RI WKH VHFRQG HQWLW\ PD\ EH DVVRFLDWHG $7 0267 ZLWK RQH DQG RQO\ RQH RFFXUUHQFH RI WKH ILUVW HQWLW\

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$V DQ H[DPSOH FRQVLGHU WKH HQWLWLHV '(3$570(17 DQG (03/2<(( IRU D 3HUVRQQHO DSSOLFDWLRQ 7KH HQWLWLHV DUH DVVRFLDWHG LQ WKDW HDFK HPSOR\HH ZRUNV IRU D SDUWLFXODU GHSDUWPHQW

/RRNLQJ DW WKH UHODWLRQVKLS IURP WKH '(3$570(17 HQWLW\


V SHUVSHFWLYH ZH QHHG WR DVN $W PRVW FDQ RQH RFFXUUHQFH RI '(3$570(17 EH DVVRFLDWHG ZLWK  RU PDQ\ RFFXUUHQFHV RI (03/2<(("

/RRNLQJ DW WKH UHODWLRQVKLS IURP WKH (03/2<(( HQWLW\


V SHUVSHFWLYH ZH QHHG WR DVN $W PRVW FDQ RQH RFFXUUHQFH RI (03/2<(( EH DVVRFLDWHG ZLWK  RU PDQ\ RFFXUUHQFHV RI '(3$570(17"

7KH DQVZHU LV PDQ\  :KLOH 'HSDUWPHQWV PD\ FRQVLVW RI D VLQJOH HPSOR\HH XQOLNHO\ EXW SRVVLEOH  PRVW 'HSDUWPHQWV ZLOO FRQVLVW RI PRUH WKDQ  HPSOR\HH

)RU WKLV H[DPSOH WKH UHODWLRQVKLS EHWZHHQ '(3$570(17 DQG (03/2<(( LV 2QH WR 0DQ\ LQ WKDW

7KH DQVZHU LQ WKLV FDVH LV RQH  LQ WKDW DOO WKH DSSOLFDWLRQ LV FRQFHUQHG ZLWK LV WKH 'HSDUWPHQW LQ ZKLFK DQ HPSOR\HH FXUUHQWO\ ZRUNV RQH RFFXUUHQFH RI HQWLW\ '(3$570(17 PD\ EH DVVRFLDWHG ZLWK PDQ\ LH PRUH WKDQ RQH RFFXUUHQFH RI HQWLW\ (03/2<(( RQH RFFXUUHQFH RI HQWLW\ (03/2<(( LV DVVRFLDWHG ZLWK RQH DQG RQO\ RQH RFFXUUHQFH RI '(3$570(17

DQG

'(3$570(17

(03/2<((

 0DQ\WR0DQ\

$ 0DQ\ WR 0DQ\ UHODWLRQVKLS PHDQV WZR WKLQJV QDPHO\

RQH RFFXUUHQFH RI WKH ILUVW HQWLW\ PD\ EH DVVRFLDWHG $7 0267 ZLWK PDQ\ LH PRUH WKDQ

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


RQH RFFXUUHQFH RI WKH VHFRQG HQWLW\ 7KH PD\ EH DVVRFLDWHG SKUDVH LV LPSRUWDQW LQ WKDW LW DOORZV IRU WKRVH VLWXDWLRQV ZKHUH RQH RFFXUUHQFH RI WKH ILUVW HQWLW\ LV QRW OLQNHG WR DQ\ RU WR RQO\ RQH RFFXUUHQFH RI WKH VHFRQG HQWLW\ RQH RFFXUUHQFH RI WKH VHFRQG HQWLW\ PD\ EH DVVRFLDWHG $7 0267 ZLWK PDQ\ LH PRUH WKDQ RQH RFFXUUHQFH RI WKH VHFRQG HQWLW\

$V DQ H[DPSOH FRQVLGHU WKH HQWLWLHV (03/2<(( DQG 352-(&7 7KH HQWLWLHV DUH DVVRFLDWHG LQ WKDW HPSOR\HHV DUH DVVLJQHG WR ZRUN RQ SURMHFWV /RRNLQJ DW WKH UHODWLRQVKLS IURP WKH (03/2<(( HQWLW\
V SHUVSHFWLYH ZH QHHG WR DVN $W PRVW FDQ RQH RFFXUUHQFH RI (03/2<(( EH DVVRFLDWHG ZLWK  RU PDQ\ RFFXUUHQFHV RI 352-(&7"

/RRNLQJ DW WKH UHODWLRQVKLS IURP WKH 352-(&7 HQWLW\


V SHUVSHFWLYH ZH QHHG WR DVN $W PRVW FDQ RQH RFFXUUHQFH RI 352-(&7 EH DVVRFLDWHG ZLWK  RU PDQ\ RFFXUUHQFHV RI (03/2<(("

,Q WKLV FDVH WKH DQVZHU LV PDQ\ DV DQ LQGLYLGXDO HPSOR\HH PD\ EH DVVLJQHG WR ZRUN RQ PRUH WKDQ RQH SURMHFW DW DQ\ RQH WLPH

:KLOH 0DQ\ WR 0DQ\ UHODWLRQVKLSV DUH DFFHSWDEOH LQ HDUO\ GUDIWVYHUVLRQV RI D /RJLFDO 'DWD 0RGHO RU ZKHQ SUHVHQWLQJ 0RGHOV WR 8VHUV  WKHUH PXVW EH QR 0DQ\ WR 0DQ\ UHODWLRQVKLSV LQ WKH ILQDO YHUVLRQ RI WKH 5HTXLUHG 6\VWHP /RJLFDO 'DWD 0RGHO 7KLV LV IRU WZR UHDVRQV

,Q WKLV FDVH WKH DQVZHU LV 0DQ\ DV D QXPEHU RI HPSOR\HHV PD\ EH QHHGHG WR ZRUN RQ D SURMHFW DW DQ\ RQH WLPH

PRVW LPSRUWDQWO\ EHFDXVH 0DQ\ WR 0DQ\ UHODWLRQVKLSV PD\ QRW EH GLUHFWO\ LPSOHPHQWHG LQ WKH SK\VLFDO HQYLURQPHQW

([LVWHQFH RI DGGLWLRQDO GDWD

0DQ\ WR 0DQ\ UHODWLRQVKLSV XVXDOO\ SRLQW WR WKH H[LVWHQFH RI DGGLWLRQDO GDWD ZKLFK PD\ QRW EH LPPHGLDWHO\ DSSDUHQW EXW DERXW ZKLFK WKH V\VWHP QHHGV WR NQRZ

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

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


,I ZH ORRN DW HDFK RI WKHVH GDWD LWHPV LQ WXUQ ZH FDQ VHH WKDW QRQH RI WKHP FRXOG EH VWRUHG DV SDUW RI WKH (03/2<(( RU 352-(&7 HQWLWLHV )RU H[DPSOH LI ZH WULHG WR LQFOXGH WKH GDWD LWHP 'DWH $VVLJQHG WR 3URMHFW WR HQWLW\ (03/2<(( LW ZRXOG MXVW QRW PDNH VHQVH ,I ZH ZHUH WR LQFOXGH GDWD LWHP 'DWH $VVLJQHG WR 3URMHFW DV SDUW RI HQWLW\ (03/2<(( WKH HQWLW\ ZRXOG FRQVLVW RI WKH IROORZLQJ 'DWH /HIW 3URMHFW 5HVSRQVLELOLW\ RQ 3URMHFW

,W ZRXOG EH DOVR PHDQLQJOHVV LI ZH WULHG WR DGG GDWD LWHP 'DWH -RLQHG 3URMHFW WR HQWLW\ 352-(&7

1DPH $GGUHVV 'DWH RI %LUWK 0DULWDO 6WDWXV 'DWH -RLQHG &RPSDQ\ *UDGH 6DODU\ 'DWH -RLQHG 3URMHFW 7KLV GDWD LWHP RQO\ PDNHV VHQVH LI ZH NQRZ WKH DFWXDO SURMHFW ZKLFK WKH HPSOR\HH MRLQHG 3URMHFW 1DPH 'DWH 3URMHFW 6WDUWHG 'DWH 3URMHFW 'XH WR %H &RPSOHWHG 'DWH -RLQHG 3URMHFW 7KLV GDWD LWHP RQO\ PDNHV VHQVH LI ZH NQRZ WKH DFWXDO HPSOR\HH WR ZKLFK 'DWH -RLQHG 3URMHFW UHODWHV

0DQ\ WR 0DQ\ UHODWLRQVKLSV PXVW EH GHOHWHG DQG UHSODFHG E\ D QHZ HQWLW\ VRPHWLPHV FDOOHG D OLQN RU DVVRFLDWLYH HQWLW\  ZKLFK KDV D UHODWLRQVKLS WR HDFK RI WKH WZR RULJLQDO HQWLWLHV 7KH SULPDU\ NH\ RI WKH OLQN HQWLW\ FRQVLVWV RI WKH SULPDU\ NH\V RI HDFK RI WKH WZR RULJLQDO HQWLWLHV

,Q WKH IROORZLQJ H[DPSOH WKH 0DQ\ WR 0DQ\ UHODWLRQVKLS EHWZHHQ HQWLWLHV (03/2<(( DQG 352-(&7 LV UHSODFHG E\ D QHZ HQWLW\ RI $66,*10(17

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


0DQ\ WR 0DQ\ 5HODWLRQVKLS
(03/2<((

5HVROXWLRQ RI 0DQ\ WR 0DQ\ 5HODWLRQVKLS


(03/2<(( 352-(&7

352-(&7

$66,*10(17

(QWLW\ $66,*10(17 FRQVLVWV RI WKH IROORZLQJ GDWD LWHPV (PSOR\HH 1XPEHU 3URMHFW 1XPEHU 'DWH -RLQHG 3URMHFW 'DWH /HIW 3URMHFW 5HVSRQVLELOLWLHV RQ 3URMHFW

 2QHWR2QH

6RPHWLPHV LW LV GLIILFXOW LGHQWLI\LQJ DQ PHDQLQJIXO QDPH IRU WKH OLQN HQWLW\ ZKLFK UHSODFHV D 0DQ\ WR 0DQ\ UHODWLRQVKLS ,Q VXFK FLUFXPVWDQFHV WKH QDPH RI WKLV OLQN HQWLW\ FDQ EH GHULYHG IURP WKH WZR RULJLQDO HQWLWLHV HJ (QWLW\ $(QWLW\ % IRU ZDQW RI DQ\WKLQJ PRUH PHDQLQJIXO $ 2QH WR 2QH 5HODWLRQVKLS PHDQV WZR WKLQJV QDPHO\

RQH RFFXUUHQFH RI WKH ILUVW HQWLW\ PD\ EH DVVRFLDWHG $7 0267 ZLWK RQH RFFXUUHQFH RI WKH VHFRQG HQWLW\ 7KH PD\ EH DVVRFLDWHG SKUDVH LV LPSRUWDQW LQ WKDW LW DOORZV IRU WKRVH VLWXDWLRQV ZKHUH RQH RFFXUUHQFH RI WKH ILUVW HQWLW\ LV QRW OLQNHG WR DQ\ RFFXUUHQFH RI WKH VHFRQG HQWLW\ RQH RFFXUUHQFH RI WKH VHFRQG HQWLW\ PD\ EH DVVRFLDWHG $7 0267 ZLWK RQH RFFXUUHQFH RI WKH ILUVW HQWLW\

$V DQ H[DPSOH FRQVLGHU WKH HQWLWLHV (03/2<(( DQG &203$1< &$5 ZKLFK DUH DVVRFLDWHG LQ WKDW DQ HPSOR\HH PD\ DW DQ\ RQH WLPH KDYH D FRPSDQ\ FDU /RRNLQJ DW WKH UHODWLRQVKLS IURP WKH (03/2<(( HQWLW\
V YLHZSRLQW ZH PXVW DVN

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$W PRVW FDQ RQH RFFXUUHQFH RI HQWLW\ (03/2<(( EH DVVRFLDWHG ZLWK RQH RU PDQ\ RFFXUUHQFHV RI HQWLW\ &203$1< &$5"

/RRNLQJ DW WKH UHODWLRQVKLS IURP WKH &203$1< &$5 HQWLW\


V YLHZSRLQW ZH PXVW DVN

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

7KLV 2QH WR 2QH UHODWLRQVKLS ZRXOG EH UHSUHVHQWHG DV IROORZV

(03/2<((

&203$1< &$5

 0LQLPXP &DUGLQDOLW\

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

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$VVXPH WKH IROORZLQJ UHODWLRQVKLS EHWZHHQ HQWLWLHV (03/2<(( DQG 67$)) $335$,6$/

(03/2<((

67$)) $335$,6$/

/RRNLQJ DW WKH UHODWLRQVKLS IURP WKH (03/2<(( HQWLW\


V SHUVSHFWLYH ZH PXVW DVN

0XVW HYHU\ RFFXUUHQFH RI HQWLW\ (03/2<(( EH DVVRFLDWHG ZLWK DW OHDVW RQH RFFXUUHQFH RI HQWLW\ 67$)) $335$,6$/"

/RRNLQJ DW WKH UHODWLRQVKLS IURP WKH 67$)) $335$,6$/ HQWLW\


V SHUVSHFWLYH ZH PXVW DVN

7KH DQVZHU LQ WKLV FDVH LV 1R  DV IRU WKH ILUVW \HDU RI HPSOR\PHQW DQ DQQXDO DSSUDLVDO ZLOO QRW KDYH EHHQ FDUULHG RXW LH WKHUH ZLOO EH RFFXUUHQFHV RI HQWLW\ (03/2<(( ZKLFK DUH QRW DVVRFLDWHG ZLWK DQ RFFXUUHQFH RI 67$)) $335$,6$/ 0XVW HYHU\ RFFXUUHQFH RI HQWLW\ 67$)) $335$,6$/ EH DVVRFLDWHG ZLWK DW OHDVW RQH RFFXUUHQFH RI HQWLW\ (03/2<(("

 1RWDWLRQ

7KH UHODWLRQVKLS LV WKHUHIRUH RSWLRQDO DV IDU DV WKH HQWLW\ (03/2<(( LV FRQFHUQHG

7KH DQVZHU LQ WKLV FDVH LV <HV DV HYHU\ VWDII DSSUDLVDO PXVW UHODWH WR DQ HPSOR\HH LH HYHU\ RFFXUUHQFH RI HQWLW\ 67$)) $335$,6$/ PXVW UHODWH WR DQ RFFXUUHQFH RI HQWLW\ (PSOR\HH

:KHQ GUDZLQJ UHODWLRQVKLSV RQ WKH /'6 HDFK UHODWLRQVKLS OLQH LV GLYLGHG LQWR WZR ZLWK HDFK KDOI EHLQJ DVVRFLDWHG ZLWK WKH HQWLW\ WR ZKLFK LW LV DWWDFKHG ,I WKH UHODWLRQVKLS LV PDQGDWRU\ IRU DQ HQWLW\ WKH UHOHYDQW KDOI RI WKH UHODWLRQVKLS OLQH LV VKRZQ DV D VROLG OLQH 7KLV VROLG OLQH GHQRWHV WKDW DQ RFFXUUHQFH RI WKH HQWLW\ DW WKDW HQG RI WKH UHODWLRQVKLS PXVW DOZD\V EH DVVRFLDWHG ZLWK DQ RFFXUUHQFH RI WKH HQWLW\ DW WKH RSSRVLWH HQG RI WKH UHODWLRQVKLS OLQH ,I WKH UHODWLRQVKLS LV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


RSWLRQDO IRU DQ HQWLW\ WKH UHOHYDQW KDOI RI WKH UHODWLRQVKLS OLQH LV VKRZQ DV D GDVKHG OLQH 7KLV GDVKHG OLQH GHQRWHV WKDW DQ RFFXUUHQFH RI WKH HQWLW\ DW WKDW HQG RI WKH UHODWLRQVKLS OLQH QHHG QRW EH DVVRFLDWHG ZLWK DQ RFFXUUHQFH RI WKH HQWLW\ DW WKH RWKHU HQG RI WKH OLQH 7DNLQJ WKH HDUOLHU H[DPSOH RI (03/2<(( DQG 67$)) $335$,6$/ WKH UHODWLRQVKLS OLQH EHWZHHQ WKHVH HQWLWLHV ZRXOG EH UHSUHVHQWHG DV IROORZV

7KH VROLG OLQH FRQQHFWHG WR WKH 67$)) $335$,6$/ HQWLW\ GHQRWHV WKDW HYHU\ RFFXUUHQFH RI 67$)) $335$,6$/ PXVW EH DVVRFLDWHG ZLWK DQ RFFXUUHQFH RI (03/2<(( 7KH GDVKHG OLQH FRQQHFWHG WR WKH (03/2<(( HQWLW\ GHQRWHV WKDW HYHU\ RFFXUUHQFH RI (03/2<(( QHHG QRW EH DVVRFLDWHG ZLWK DQ RFFXUUHQFH RI 67$)) $335$,6$/ +RZHYHU FRQVLGHU WKH IROORZLQJ UHODWLRQVKLS EHWZHHQ HQWLWLHV 5($'(5 DQG %22. IRU D OLEUDU\ DSSOLFDWLRQ 7KH WZR HQWLWLHV DUH DVVRFLDWHG LQ WKDW D UHDGHU PD\ ERUURZ ERRNV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

5($'(5

%22.

/RRNLQJ DW WKH UHODWLRQVKLS IURP WKH 5($'(5 HQWLW\


V YLHZSRLQW ZH PXVW DVN

0XVW HYHU\ RFFXUUHQFH RI 5($'(5 EH DVVRFLDWHG ZLWK DW OHDVW RQH RFFXUUHQFH RI HQWLW\ %22."

/RRNLQJ DW WKH UHODWLRQVKLS IURP WKH %22. HQWLW\


V YLHZSRLQW ZH PXVW DVN 0XVW HYHU\ RFFXUUHQFH RI %22. EH DVVRFLDWHG ZLWK DW OHDVW RQH RFFXUUHQFH RI HQWLW\ 5($'(5 ,Q WKLV FDVH WKH DQVZHU LV 1R  LQ WKDW D ERRN PD\ QRW EH RQ ORDQ DW DQ\ RQH WLPH

7KH DQVZHU LQ WKLV FDVH LV 1R  LQ WKDW D UHDGHU PD\ QRW KDYH DQ\ ERRNV RXW RQ ORDQ DW DQ\ RQH WLPH

7KH UHODWLRQVKLS LV RSWLRQDO DW ERWK HQGV DQG ZRXOG EH UHSUHVHQWHG DV IROORZV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 5HODWLRQVKLS /DEHOV

/DEHOOLQJ ERWK KDOYHV RI HDFK UHODWLRQVKLS OLQH LV D SRZHUIXO PHDQV RI FRQILUPLQJ WKH YDOLGLW\ DQG FDUGLQDOLW\ RI HDFK UHODWLRQVKLS DQG KHOSV LGHQWLI\ WKH QHHG IRU DGGLWLRQDO UHODWLRQVKLSV

,I XVHIXO LH LW FODULILHV DQG HQKDQFHV WKH /'6  HDFK KDOI RI D UHODWLRQVKLS OLQH VKRXOG EH JLYHQ D ODEHO IURP ZKLFK D VWDWHPHQW RI WKH UHODWLRQVKLS
V SXUSRVH FDQ EH FRQVWUXFWHG PHFKDQLVWLFDOO\ XVLQJ WKH QDPHV RI WKH UHODWHG HQWLWLHV DQG WKH PLQLPXP FDUGLQDOLW\ RI WKH UHODWLRQVKLS 5HODWLRQVKLS ODEHOV VKRXOG EH VWUXFWXUHG VXFK WKDW WKH\ PD\ EH SUHFHGHG E\ WKH ZRUGV PXVW EH RU PD\ EH GHSHQGLQJ RQ WKH PLQLPXP FDUGLQDOLW\ RI WKH UHODWLRQVKLS $Q H[DPSOH RI UHODWLRQVKLS ODEHOV LV JLYHQ EHORZ

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

&86720(5 WDNH RXW

EHORQJ WR

$&&2817

$ VWDWHPHQW RI WKH UHODWLRQVKLS IURP WKH 0DVWHU HQWLW\


V SHUVSHFWLYH FDQ EH FRQVWUXFWHG DV IROORZV R R R R R

$ VWDWHPHQW RI WKH UHODWLRQVKLS IURP WKH 'HWDLO HQWLW\


V SHUVSHFWLYH FDQ EH FRQVWUXFWHG DV IROORZV R R R

WKH ZRUG (DFK IROORZHG E\ WKH QDPH RI WKH 0DVWHU HQWLW\ IROORZHG E\ WKH ZRUGV PXVW EHPXVW LI WKH UHODWLRQVKLS LV PDQGDWRU\ IURP WKH 0DVWHU HQWLW\
V SHUVSHFWLYH RU PD\ EHPD\ LI WKH UHODWLRQVKLS LV RSWLRQDO IROORZHG E\ WKH UHODWLRQVKLS ODEHO IRU WKH UHODWLRQVKLS KDOI DWWDFKHG WR WKH 0DVWHU HQWLW\ IROORZHG E\ WKH ZRUGV RQH DQG RQO\ LI WKH UHODWLRQVKLS LV RQH DW WKH 'HWDLO HQWLW\
V HQG RI WKH UHODWLRQVKLS RU RQH RU PRUH LI WKH UHODWLRQVKLS LV PDQ\ DW WKH 'HWDLO
V HQG IROORZHG E\ WKH QDPH RI WKH 'HWDLO HQWLW\ WKH ZRUG (DFK IROORZHG E\ WKH QDPH RI WKH 'HWDLO HQWLW\ IROORZHG E\ WKH ZRUGV PXVW EHPXVW LI WKH UHODWLRQVKLS LV PDQGDWRU\ IURP WKH 'HWDLO HQWLW\
V SHUVSHFWLYH RU PD\ EHPD\ LI WKH UHODWLRQVKLS LV RSWLRQDO IROORZHG E\ WKH UHODWLRQVKLS ODEHO IRU WKH UHODWLRQVKLS KDOI DWWDFKHG WR WKH 'HWDLO HQWLW\ IROORZHG E\ WKH ZRUGV RQH DQG RQO\ RQH IROORZHG E\ WKH QDPH RI WKH 'HWDLO HQWLW\

R R R

*LYHQ WKH DERYH &86720(5$&&2817 UHODWLRQVKLS WKH IROORZLQJ UHODWLRQVKLS VWDWHPHQWV FDQ EH FRQVWUXFWHG

(DFK &XVWRPHU PXVW WDNH RXW RQH RU PRUH $FFRXQW

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

%H FDUHIXO QRW WR ZDVWH WLPH PHUHO\ WR FRPH XS ZLWK D UHODWLRQVKLS ODEHO ZKLFK ILWV WKH DERYH FRQVWUXFW  LI WKH VWDQGDUG FRQVWUXFW PXVW EH FKDQJHG WR PDNH WKH UHODWLRQVKLS FOHDU FKDQJH LW )XUWKHUPRUH LI WKH SXUSRVH RI D UHODWLRQVKLS LV FOHDU DQG XQDPELJXRXV ODEHOOLQJ WKH UHODWLRQVKLS ZLOO VHUYH YHU\ OLWWOH SXUSRVH  0XOWLSOH 5HODWLRQVKLSV :KHQ PRGHOOLQJ UHODWLRQVKLSV ZH QHHG WR FRQVLGHU WKH SRVVLELOLW\ RI PRUH WKDQ RQH UHODWLRQVKLS EHWZHHQ WZR HQWLWLHV

(DFK $FFRXQW PXVW EHORQJ WR RQH DQG RQO\ RQH &XVWRPHU

)RU H[DPSOH FRQVLGHU WKH IROORZLQJ GDWD VWUXFWXUH ZKLFK VKRZV D UHODWLRQVKLS EHWZHHQ (03/2<(( DQG 67$)) $335$,6$/

,Q WKH DERYH GDWD PRGHO WKH UHODWLRQVKLS DVVRFLDWHV DQ HPSOR\HH ZLWK KLVKHU DQQXDO DSSUDLVDOV +RZHYHU ZKDW LI WKH DSSOLFDWLRQ QHHGV WR NQRZ ZKLFK PDQDJHU ZDV UHVSRQVLEOH IRU FRPSOHWLQJ D VSHFLILF DSSUDLVDO" 7R SURYLGH WKLV LQIRUPDWLRQ WKH GDWD PRGHO ZRXOG KDYH WR EH HQKDQFHG WR LQFOXGH D VHFRQG UHODWLRQVKLS EHWZHHQ HQWLWLHV (03/2<(( DQG 67$)) $335$,6$/ DV IROORZV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 5HFXUVLYH 5HODWLRQVKLSV

0XOWLSOH UHODWLRQVKLSV EHWZHHQ HQWLWLHV DUH VRPHWLPHV FRQIXVHG ZLWK PDQ\ WR PDQ\ UHODWLRQVKLSV ,W LV YLWDO ZKHQ FRQVLGHULQJ UHODWLRQVKLSV WKDW WKH DQDO\VW LV FOHDU DV WR ZKDW WKH UHODWLRQVKLS UHSUHVHQWV 7R HQVXUH WKDW WKH QDWXUH RI HDFK UHODWLRQVKLS LV XQDPELJXRXV LW LV UHFRPPHQGHG WKDW HDFK UHODWLRQVKLS EH ODEHOOHG ,Q VRPH VLWXDWLRQV DQ RFFXUUHQFH RI RQH HQWLW\ W\SH PD\ EH DVVRFLDWHG ZLWK RWKHU RFFXUUHQFHV RI WKH VDPH HQWLW\ W\SH 6XFK DVVRFLDWLRQV DUH PRGHOOHG XVLQJ UHFXUVLYH VRPHWLPHV FDOOHG UHIOH[LYH RU SLJ
V HDU UHODWLRQVKLSV ZKLFK DUH GUDZQ RQ WKH /RJLFDO 'DWD 6WUXFWXUH DV D ORRSLQJ FURZ
V IRRW

(17,7< 1$0(

5HFXUVLYH 5HODWLRQVKLS

7KHUH LV QRWKLQJ LQKHUHQWO\ GLIIHUHQW DERXW UHFXUVLYH UHODWLRQVKLSV 7KH\ DUH GUDZQ XVLQJ WKH VDPH QRWDWLRQ IRU PD[LPXP DQG PLQLPXP FDUGLQDOLW\ DQG WKH DQDO\VW VKRXOG ORRN RXW IRU 0DQ\ WR 0DQ\ DQG PXOWLSOH UHODWLRQVKLSV EHWZHHQ HQWLWLHV RI WKH VDPH W\SH

$ FRPPRQ LQVWDQFH RI UHFXUVLYH UHODWLRQVKLSV DULVHV ZKHQ PRGHOOLQJ PDQDJHPHQW UHSRUWLQJ VWUXFWXUHV )RU H[DPSOH ZLWKLQ DQ RUJDQLVDWLRQ D 0DQDJHU PD\ PDQDJH D QXPEHU RI VWDII DQG WKH 0DQDJHU LQ WXUQ ZLOO EH PDQDJHG E\ VRPHRQH HOVH 6XFK D VWUXFWXUH ZRXOG EH PRGHOOHG DV IROORZV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

,Q WKH DERYH GLDJUDP WKH FURZ


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

+RZHYHU WKH DERYH GLDJUDP LV VWDWLQJ WKDW


D SURGXFW PD\ EH VXEVWLWXWHG %< 0$1< RWKHU SURGXFWV D SURGXFW PD\ RQO\ EH D VXEVWLWXWH )25 21( RWKHU SURGXFW

7KH GHWDLO HQG RI WKH UHODWLRQVKLS UHSUHVHQWV DOO WKH SURGXFWV ZKLFK PD\ EH VXSSOLHG LQVWHDG RI DQRWKHU SURGXFW 7KH PDVWHU HQG RI WKH UHODWLRQVKLS LGHQWLILHV WKH RQH VSHFLILF SURGXFW IRU ZKLFK D SURGXFW PD\ EH VXEVWLWXWHG +RZHYHU LI D SURGXFW FDQ EH D VXEVWLWXWH IRU PDQ\ RWKHU SURGXFWV WKH DERYH ILJXUH LV LQFRUUHFW LH D 0DQ\ WR 0DQ\ UHODWLRQVKLS H[LVWV EHWZHHQ RFFXUUHQFHV RI HQWLW\ 352'8&7 $V ZLWK DOO RWKHU 0DQ\ WR 0DQ\ UHODWLRQVKLSV D OLQN HQWLW\ PXVW EH LQWURGXFHG DV EHORZ

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

7KH DERYH GLDJUDP QRZ VXSSRUWV WKH IROORZLQJ DSSOLFDWLRQ UXOHV


D SURGXFW PD\ EH VXEVWLWXWHG E\ PDQ\ RWKHU SURGXFWV

 ([FOXVLYH 5HODWLRQVKLSV

D SURGXFW PD\ EH D VXEVWLWXWH IRU PDQ\ RWKHU SURGXFWV

:KHQ FRQVLGHULQJ UHODWLRQVKLSV LW IUHTXHQWO\ RFFXUV WKDW RQH UHODWLRQVKLS SUHFOXGHV WKH H[LVWHQFH RI DQRWKHU 6XFK UHODWLRQVKLSV DUH GHHPHG WR EH PXWXDOO\ H[FOXVLYH DQG DUH LGHQWLILHG RQ WKH /RJLFDO 'DWD 6WUXFWXUH E\ PHDQV RI DQ H[FOXVLYH DUF ,I PRUH WKDQ RQH VHW RI H[FOXVLYH UHODWLRQVKLSV DSSHDU RQ WKH 'DWD 6WUXFWXUH HDFK VHW VKRXOG EH DQQRWDWHG E\ PHDQV RI DQ DOSKDEHWLF RU QXPHULF LGHQWLILHU ([FOXVLYH UHODWLRQVKLSV PD\ EH RI WZR W\SHV QDPHO\

DQ RFFXUUHQFH RI D PDVWHU HQWLW\ ZLOO RQO\ EH DVVRFLDWHG ZLWK RFFXUUHQFHV RI RQH RI D QXPEHU RI GHWDLO HQWLWLHV )RU H[DPSOH WKH GLDJUDP EHORZ UHSUHVHQWV WKH IDFW WKDW D VDOHV PDQDJHU ZLOO EH UHVSRQVLEOH IRU HLWKHU VHOOLQJ SURGXFWV RU VHOOLQJ VHUYLFHV EXW QRW ERWK

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6$/(6 0$1$*(5

352'8&7

6(59,&(

DQ RFFXUUHQFH RI D GHWDLO HQWLW\ ZLOO RQO\ EH DVVRFLDWHG ZLWK DQ RFFXUUHQFH RI RQH RI D QXPEHU RI PDVWHU HQWLWLHV 7KH H[DPSOH EHORZ VKRZV WKDW D ORDQ ZLOO EH WDNHQ RXW HLWKHU E\ D FRPSDQ\ RU E\ DQ LQGLYLGXDO

&203$1<

,1',9,'8$/

/2$1

 (QWLW\ 6XE7\SHV

,W LV SRVVLEOH IRU DQ HQWLW\ W\SH WR KDYH RQH RU PRUH VSHFLDOLVHG VXEW\SHV )RU H[DPSOH LQ D EDQNLQJ DSSOLFDWLRQ WKHUH PD\ EH DQ $&&2817 HQWLW\ ZLWK VSHFLDOLVHG VXEW\SHV IRU '(326,7 $&&2817 DQG &855(17 $&&2817 (DFK RFFXUUHQFH RI D VXEW\SH

LV UHODWHG WR DQ RFFXUUHQFH RI WKH PDLQ HQWLW\ W\SH NQRZQ DV WKH VXSHUW\SH  LH LW KDV WKH VDPH SULPDU\ NH\ DV WKH VXSHUW\SH

VKDUHV DOO WKH DWWULEXWHV RI WKH VXSHUW\SH DQG LGHQWLILHV DQ\ DGGLWLRQDO DWWULEXWHV ZKLFK DUH VSHFLILF WR WKH VXEW\SH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6XEW\SHV DUH DOWHUQDWLYHV IRU HDFK RWKHU ,Q RWKHU ZRUGV IRU HDFK YDOXH IRU WKH SULPDU\ NH\ RI D VXSHUW\SH RQO\ RQH RFFXUUHQFH RI RQH VXEW\SH ZLOO EH LGHQWLILHG 7DNLQJ WKH H[DPSOH RI DQ HQWLW\ VXSHUW\SH RI $&&2817 ZLWK VXEW\SHV RI &855(17 $&&2817 DQG '(326,7 $&&2817 7KH $&&2817 HQWLW\ KDV GDWD LWHPV ZKLFK DUH FRPPRQ WR DOO NLQGV RI DFFRXQW VXFK DV $FFRXQW 1XPEHU $FFRXQW +ROGHU $FFRXQW %DODQFH

FDQ SDUWLFLSDWH LQ DOO WKH UHODWLRQVKLSV GHILQHG IRU WKH PDLQ HQWLW\ W\SH SOXV SRVVLEO\ VRPH DGGLWLRQDO UHODWLRQVKLSV IRU WKH VXEW\SH DORQH

(QWLW\ VXEW\SH &855(17 $&&2817 KDV DGGLWLRQDO GDWD LWHPV VXFK DV &KHTXH *XDUDQWHH /LPLW DQG 2YHUGUDIW /LPLW ZKLFK GR QRW DSSO\ WR VXEW\SH '(326,7 $&&2817 6LPLODUO\ HQWLW\ VXEW\SH '(326,7 $&&2817 KDV DGGLWLRQDO GDWD LWHPV VXFK DV ,QWHUHVW 5DWH 3D\DEOH ZKLFK GR QRW DSSO\ WR VXEW\SH &855(17 $&&2817 (QWLW\ VXEW\SHV DUH PRGHOOHG XVLQJ RQH RI WZR QRWDWLRQV QDPHO\ QHVWHG ER[HV RU H[FOXVLYH UHODWLRQVKLSV

1(67(' %2;(6

127$7,21 )25 (17,7< 68%7<3(6 25

(;&/86,9( 5(/$7,216+,3

$&&2817 &855(17 $&&2817 '(326,7 $&&2817

$&&2817

&855(17 $&&2817

'(326,7 $&&2817

 3URV DQG &RQV RI (QWLW\ 6XE7\SHV

(QWLW\ VXEW\SHV DGG DQ H[WUD GHJUHH RI SUHFLVLRQ WR WKH 'DWD 0RGHO LQ WKDW WKH\ UHGXFH WKH H[WHQW WR ZKLFK HQWLW\ DWWULEXWHV DUH LQDSSOLFDEOH VLQFH DWWULEXWHV DUH RQO\ GHILQHG IRU WKH VXE W\SHV WR ZKLFK WKH\ DSSO\ 6XEW\SHV FDQ EH XVHG WR UHGXFH WKH H[WHQW RI UHODWLRQVKLS RSWLRQDOLW\  VRPH VXEW\SHV PXVW KDYH D UHODWLRQVKLS RWKHUV FDQQRW KDYH LW

6XEW\SHV FDQ EH KHOSIXO LQ VSHFLI\LQJ SURFHVVLQJ 2IWHQ SURFHVVLQJ RQO\ UHODWHV WR RQH VXEW\SH RU WKHUH LV D GLIIHUHQW YDULDQW RI LW IRU HDFK VXEW\SH ,Q WKLV FDVH WKH VSHFLILFDWLRQ PD\ EH FOHDUHU WKURXJK XVLQJ VXEW\SHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


6XEW\SHV FDQ DOVR EH XVHIXO DV DQ LQSXW WR GDWDEDVH GHVLJQ IRU H[DPSOH DV D FULWHULRQ IRU VSOLWWLQJ DQ HQWLW\ EHWZHHQ WZR RU PRUH WDEOHV WR LPSURYH SHUIRUPDQFH RU VDYH VSDFH +RZHYHU VXEW\SHV WDNH WLPH WR PRGHO DQG LQFUHDVH WKH FRPSOH[LW\ RI WKH GDWD PRGHO ,W LV RIWHQ SRVVLEOH WR LGHQWLI\ VXEW\SHV ZKLFK PDNH QR SRVLWLYH FRQWULEXWLRQ WR WKH FODULW\ RI WKH GDWD VSHFLILFDWLRQ DQG KDYH QR LPSDFW RQ GHVLJQ LQ ZKLFK FDVH WKH\ DUH D GLYHUVLRQ DQG D ZDVWH RI WLPH

7KH H[WHQW WR ZKLFK VXEW\SLQJ LV XVHG LV WKHUHIRUH D PDWWHU RI MXGJHPHQW DV WR KRZ XVHIXO WKH VXEW\SHV ZLOO EH LQ VSHFLILFDWLRQ DQG GHVLJQ

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


 '2&80(17$7,21

7KH IRUPDW DQG FRQWHQW RI WKH GRFXPHQWDWLRQ FRPSULVLQJ D /RJLFDO 'DWD 0RGHO ZLOO YDU\ IURP RUJDQLVDWLRQ WR RUJDQLVDWLRQ DQG IURP SURMHFW WR SURMHFW GHSHQGLQJ RQ WKH &$6( WRROV DQG VSHFLILF VWDQGDUGV ZKLFK KDYH WR EH XVHG &XUUHQW (QYLURQPHQW /RJLFDO 'DWD 0RGHO 5HTXLUHG 6\VWHP /RJLFDO 'DWD 0RGHO

+RZHYHU LW LV VXJJHVWHG WKDW WKH IROORZLQJ EH SURGXFHG DV D PLQLPXP


 &XUUHQW (QYLURQPHQW /RJLFDO 'DWD 0RGHO

7KH GRFXPHQWDWLRQ ZKLFK LV SURGXFHG IRU D &XUUHQW (QYLURQPHQW /RJLFDO 'DWD 0RGHO VKRXOG FRQWDLQ DV D PLQLPXP

D /RJLFDO 'DWD 6WUXFWXUH

(QWLW\ GHILQLWLRQV )RU HDFK HQWLW\ RQ WKH /'6 WKH IROORZLQJ VKRXOG EH GHILQHG R R R

$WWULEXWH GHILQLWLRQV )RU HDFK DWWULEXWH FRQWDLQHG LQ DQ HQWLW\ WKH IROORZLQJ VKRXOG EH GHILQHG R R R

EULHI WH[WXDO GHVFULSWLRQ RI WKH FRQFHSW REMHFW RU WKLQJ ZKLFK LV UHSUHVHQWHG E\ WKH HQWLW\ OLVW RI DWWULEXWHV FRPSULVLQJ WKH HQWLW\ SULPDU\ NH\ RI WKH HQWLW\

 5HTXLUHG 6\VWHP /RJLFDO 'DWD 0RGHO

GHVFULSWLRQ RI ZKDW WKH DWWULEXWH UHSUHVHQWV ORJLFDO OHQJWK DQG IRUPDW RI WKH DWWULEXWH LI WKH DWWULEXWH FDQ RQO\ WDNH VSHFLILF YDOXHV WKHVH YDOXHV VKRXOG EH OLVWHG

7KH GRFXPHQWDWLRQ ZKLFK LV SURGXFHG IRU D 5HTXLUHG 6\VWHP /RJLFDO 'DWD 0RGHO VKRXOG FRQWDLQ DV D PLQLPXP

D /RJLFDO 'DWD 6WUXFWXUH

(QWLW\ GHILQLWLRQV )RU HDFK HQWLW\ RQ WKH /'6 WKH IROORZLQJ VKRXOG EH GHILQHG R R

R R R

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

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


R

$WWULEXWH GHILQLWLRQV )RU HDFK DWWULEXWH FRQWDLQHG LQ DQ HQWLW\ WKH IROORZLQJ VKRXOG EH GHILQHG R R R R R

YROXPHWULFV 7KH DYHUDJH DQG PD[LPXP QXPEHU RI RFFXUUHQFHV RI WKH HQWLW\ WKURXJKRXW WKH OLIH RI WKH V\VWHP RU VHW WLPH SHULRGV PXVW EH GHILQHG

5HODWLRQVKLS GHILQLWLRQV )RU HDFK UHODWLRQVKLS RQ WKH /'6 WKH IROORZLQJ VKRXOG EH GHILQHG R R R R R R

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

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


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

7KH VWHSV LQYROYHG LQ SURGXFLQJ WKH &XUUHQW (QYLURQPHQW /RJLFDO 'DWD 0RGHO DQG 5HTXLUHG 6\VWHP /RJLFDO 'DWD 0RGHO DUH WR D ODUJH H[WHQW VLPLODU 7KH 6WHSV EHORZ DVVXPH WKDW D &XUUHQW (QYLURQPHQW /'0 LV EHLQJ SURGXFHG ZKLFK ZLOO EH HQKDQFHG DQG UHILQHG WR EHFRPH WKH 5HTXLUHG 6\VWHP /'0

,GHQWLI\ DQ LQLWLDO VHW RI HQWLWLHV &UHDWH DQ LQLWLDO /'6

,QYHVWLJDWH DQG UHFRUG UHODWLRQVKLSV EHWZHHQ HQWLWLHV 9DOLGDWH DQG FRPSOHWH WKH &XUUHQW (QYLURQPHQW /RJLFDO 'DWD 0RGHO

9DOLGDWH DQG FRPSOHWH WKH 5HTXLUHG 6\VWHP /RJLFDO 'DWD 0RGHO

 ,GHQWLI\ DQ LQLWLDO VHW RI HQWLWLHV

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

+DYLQJ LGHQWLILHG D SRVVLEOH HQWLW\ WKH DQDO\VW VKRXOG FRQILUP WKH YDOLGLW\ RI WKH HQWLW\ E\ LGHQWLI\LQJ WKH DWWULEXWHV ZKLFK BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


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

 ,QYHVWLJDWH DQG UHFRUG UHODWLRQVKLSV EHWZHHQ HQWLWLHV

7KH /'6 *ULG ZRXOG ORRN DV IROORZV

1% 7KH JULG LV VKDGHG EHORZ WKH GLDJRQDO WR SUHYHQW WKH VDPH WZR HQWLWLHV EHLQJ FRQVLGHUHG WZLFH

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

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


,Q FRQVLGHULQJ WKH HDUOLHU JULG DVVXPH WKDW WKH RUJDQLVDWLRQ KDV WKH IROORZLQJ EXVLQHVV UXOHV

D FXVWRPHU PD\ SODFH PDQ\ RUGHUV HDFK RI ZKLFK PD\ UHODWH WR PDQ\ SURGXFWV

D SURGXFW LV HLWKHU SXUFKDVHG RU PDGH LQKRXVH ,W FDQQRW EH SXUFKDVHG DQG PDGH LQKRXVH ,I D SURGXFW LV SXUFKDVHG LW LV SXUFKDVHG IURP D VLQJOH VXSSOLHU ,I D SURGXFW LV PDGH LQKRXVH LW LV PDGH DW RQH VSHFLILF IDFWRU\ $ SXUFKDVH RUGHU PD\ UHODWH WR PDQ\ SURGXFWV $ SXUFKDVH RUGHU PXVW EH PDGH RXW WR D VLQJOH VXSSOLHU

,Q OLJKW RI WKHVH EXVLQHVV UXOHV WKH JULG LV XSGDWHG WR UHIOHFW WKH IROORZLQJ GLUHFW UHODWLRQVKLSV

 &UHDWH DQ LQLWLDO /'6

'UDZ DQ HQWLW\ ER[ IRU HDFK HQWLW\ RQ WKH JULG

)RU HDFK GLUHFW UHODWLRQVKLS LGHQWLILHG GUDZ D UHODWLRQVKLS OLQH EHWZHHQ WKH WZR HQWLWLHV +RZHYHU EHIRUH GUDZLQJ WKH UHODWLRQVKLS OLQH WKH DQDO\VW PXVW GHWHUPLQH WKH PD[LPXP FDUGLQDOLW\ RI WKH UHODWLRQVKLS IURP HDFK HQWLW\V SHUVSHFWLYH E\ DVNLQJ

,I WKH DQVZHU LV <HV  GUDZ D UHODWLRQVKLS OLQH ZLWK HQWLW\ $ DV WKH PDVWHU DQG HQWLW\ % DV WKH GHWDLO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

,V LW SRVVLEOH IRU D VLQJOH RFFXUUHQFH RI HQWLW\ $ WR EH DVVRFLDWHG ZLWK PRUH WKDQ RQH RFFXUUHQFH RI HQWLW\ %"

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


,I WKH DQVZHU LV 1R  GR QRWKLQJ XQWLO WKH IROORZLQJ TXHVWLRQ KDV EHHQ DQVZHUHG

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

,V LW SRVVLEOH IRU D VLQJOH RFFXUUHQFH RI HQWLW\ % WR EH DVVRFLDWHG ZLWK PRUH WKDQ RQH RFFXUUHQFH RI HQWLW\ $ "

6833/,(5

)$&725<

&86720(5

385&+$6( 25'(5

352'8&7

6$/(6 25'(5

 5HVROYH 0DQ\WR0DQ\ 5HODWLRQVKLSV

7KH IROORZLQJ GLDJUDP VKRZV WKH /'6 ZLWK WKH 0DQ\ WR 0DQ\ UHODWLRQVKLSV UHVROYHG

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6833/,(5

)$&725<

&86720(5

385&+$6( 25'(5

352'8&7

6$/(6 25'(5

352'8&7 385&+$6('

352'8&7 62/'

 &RQVLGHU PLQLPXP FDUGLQDOLW\ DQG H[FOXVLYLW\

+DYLQJ GUDZQ WKLV LQLWLDO /'6 HDFK UHODWLRQVKLS PXVW EH H[DPLQHG WR FKHFN IRU RSWLRQDOLW\ LH PLQLPXP FDUGLQDOLW\ RU H[FOXVLYLW\ 7KH ILJXUH EHORZ VKRZV KRZ WKH UHODWLRQVKLSV DUH GRFXPHQWHG WR UHIOHFW RSWLRQDOLW\ DQG H[FOXVLYLW\

1% :KHQ GUDZLQJ DQ /'6 LW LV LPSRUWDQW WKDW WKH WRSRORJ\ RI WKH GLDJUDP LV FDUHIXOO\ FRQVLGHUHG $ VWUXFWXUH KRZHYHU DFFXUDWH WKDW VKRZV D PDVV RI FURVVLQJ OLQHV FDQQRW HDVLO\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


EH VHHQ WR UHSUHVHQW D WUXH PRGHO RI WKH GDWD DQG UHODWLRQVKLSV XQGHU LQYHVWLJDWLRQ :KHUH SRVVLEOH WKH IROORZLQJ JXLGHOLQHV VKRXOG EH IROORZHG

PDVWHU HQWLWLHV DERYH GHWDLO HQWLWLHV

UHODWLRQVKLS OLQHV JRLQJ GRZQZDUGV LH FURZ


V IHHW DW WKH ERWWRP OLQHV QRW FURVVLQJ ZKHUHYHU SRVVLEOH

 9DOLGDWH DQG FRPSOHWH WKH &XUUHQW (QYLURQPHQW /RJLFDO 'DWD 0RGHO

7KLV FRPSULVHV D QXPEHU RI DFWLYLWLHV )RU WKH SXUSRVHV RI GHVFULELQJ WKLV 6WHS WKH DFWLYLWLHV KDYH EHHQ VHSDUDWHO\ LGHQWLILHG DQG SUHVHQWHG LQ D VHTXHQWLDO PDQQHU ,Q SUDFWLFH WKHVH DFWLYLWLHV ZLOO EH FRQGXFWHG LQ SDUDOOHO PRVW OLNHO\ DV SDUW RI WKH HDUOLHU 6WHSV 9DOLGDWH WKH /'6 DJDLQVW FXUUHQW V\VWHP SURFHVVLQJ

([DPLQH WKH GDWD FRQWHQW RI HDFK HQWLW\ DQG LGHQWLI\ DGGLWLRQDO HQWLWLHV 5DWLRQDOLVH WKH /'6

 ([DPLQH WKH GDWD FRQWHQW RI HDFK HQWLW\ DQG LGHQWLI\ DGGLWLRQDO HQWLWLHV

)RU HDFK HQWLW\ RQ WKH /'6 WKH DQDO\VW PXVW LGHQWLI\ WKH SULPDU\ NH\ RI WKH HQWLW\ DQG WKH HQWLW\
V PDMRU DWWULEXWHV +DYLQJ LGHQWLILHG WKHVH DWWULEXWHV WKH DQDO\VW PXVW DVN WKH IROORZLQJ TXHVWLRQ IRU HDFK HQWLW\

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

*LYHQ D VSHFLILF YDOXH IRU WKH SULPDU\ NH\ FDQ WKHUH RQO\ EH RQH YDOXH IRU HDFK RI WKH HQWLW\
V DWWULEXWHV"

2Q IXUWKHU DQDO\VLV ZH LGHQWLI\ WKDW FXVWRPHUV PD\ KDYH PRUH WKDQ RQH GHOLYHU\ DGGUHVV 7KLV IDFW ZLOO UHTXLUH WKH FUHDWLRQ RI DQ DGGLWLRQDO HQWLW\ '(/,9(5< $''5(66 ZKLFK FRQVLVWV RI WKH IROORZLQJ DWWULEXWHV &XVWRPHU &RGH 'HOLYHU\ $GGUHVV

+DYLQJ DGGHG WKLV HQWLW\ WR WKH /'6 *ULG ZH ZLOO WKHQ LGHQWLI\ WKH IROORZLQJ GLUHFW UHODWLRQVKLSV

&86720(5 DQG '(/,9(5< $''5(66 $ FXVWRPHU ZLOO KDYH  RU PRUH GHOLYHU\ DGGUHVVHV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


DQG FRQYHUVHO\ D GHOLYHU\ DGGUHVV PXVW EH IRU  DQG RQO\  FXVWRPHU ,Q WKLV UHODWLRQVKLS &86720(5 LV WKH PDVWHU HQWLW\ DQG '(/,9(5< $''5(66 WKH GHWDLO '(/,9(5< $''5(66 DQG 6$/(6 25'(5 $ VDOHV RUGHU ZLOO VSHFLI\  GHOLYHU\ DGGUHVV DQG FRQYHUVHO\ D GHOLYHU\ DGGUHVV ZLOO EH VSHFLILHG RQ PDQ\ VDOHV RUGHUV ,Q WKLV UHODWLRQVKLS '(/,9(5< $''5(66 LV WKH PDVWHU HQWLW\ DQG 6$/(6 25'(5 WKH GHWDLO

7KH /'6 LV XSGDWHG WR UHIOHFW WKHVH QHZ UHODWLRQVKLSV DV IROORZV

 9DOLGDWH WKH /'6 DJDLQVW FXUUHQW V\VWHP SURFHVVLQJ

7KH /'6 ZKLFK KDV EHHQ SURGXFHG PXVW EH H[DPLQHG DJDLQVW WKH SURFHVVLQJ FRQWDLQHG LQ WKH FXUUHQW HQYLURQPHQW SDUWLFXODUO\ HQTXLU\UHWULHYDO SURFHVVLQJ 7KH YDOLGDWLRQ DW WKLV SRLQW LQ WLPH FDQ RQO\ EH DW D JHQHUDO OHYHO DQG LV GHVLJQHG WR HQVXUH WKDW QR PDMRU HQWLW\ RU UHODWLRQVKLS KDV EHHQ RPLWWHG IURP WKH /'6 0RUH ULJRURXV YDOLGDWLRQ ZLOO EH SURYLGHG ODWHU RQ $VVXPH WKH IROORZLQJ HQTXLU\ SURFHVVLQJ LQ WKH FXUUHQW V\VWHP D 3URGXFH D OLVW RI DOO VDOHV RUGHUV IRU D SDUWLFXODU FXVWRPHU

E 3URGXFH D OLVW RI DOO WKH SXUFKDVH RUGHUV IRU D JLYHQ SURGXFW DQG WKH OHYHOV RI VWRFN IRU WKDW SURGXFW DW HDFK IDFWRU\

 3URGXFH D OLVW RI DOO VDOHV RUGHUV IRU D SDUWLFXODU FXVWRPHU

7KLV SURFHVVLQJ LV VXSSRUWHG E\ WKH /'6 DV WKHUH LV D GLUHFW UHODWLRQVKLS EHWZHHQ HQWLWLHV &86720(5 DQG 6$/(6 25'(5

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 3URGXFH D OLVW RI DOO WKH SXUFKDVH RUGHUV IRU D JLYHQ SURGXFW DQG WKH OHYHOV RI VWRFN IRU WKDW SURGXFW DW HDFK IDFWRU\ 7KHUH DUH WZR DVSHFWV WR WKLV HQTXLU\ SURFHVV ZKLFK KDV WR EH YDOLGDWHG DJDLQVW WKH IROORZLQJ /'6

0RYLQJ GRZQ WKH UHODWLRQVKLS OLQH IURP D SDUWLFXODU RFFXUUHQFH RI &86720(5 WR 6$/(6 25'(5 ZLOO LGHQWLI\ DOO WKH 6DOHV 2UGHUV IRU D JLYHQ FXVWRPHU

7KH ILUVW DVSHFW LQYROYHV LGHQWLI\LQJ DOO WKH SXUFKDVH RUGHUV IRU D JLYHQ SHULRG 7KLV LV DFKLHYHG LQ WZR VWHSV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

%\ PRYLQJ GRZQ WKH UHODWLRQVKLS OLQH IURP HQWLW\ 352'8&7 WR 352'8&7 385&+$6(' ZLOO LGHQWLI\ DOO WKRVH LQVWDQFHV ZKHUH WKH SURGXFW LQ TXHVWLRQ KDV EHHQ SXUFKDVHG %\ PRYLQJ XS IURP HQWLW\ 352'8&7 385&+$6(' WR 385&+$6( 25'(5 ZLOO LGHQWLI\ DOO WKH SXUFKDVH RUGHUV IRU D JLYHQ SURGXFW

7KH VHFRQG DVSHFW LQYROYHV LGHQWLI\LQJ WKH OHYHO RI VWRFN IRU WKH JLYHQ SURGXFW DW HDFK IDFWRU\ 7KLV UHTXLUHPHQW FDQQRW EH VDWLVILHG DV WKHUH LV QR HQWLW\ UHFRUGLQJ WKH OHYHO RI VWRFN DW HDFK IDFWRU\

7R PHHW WKLV UHTXLUHPHQW ZH QHHG WR UHFRQVLGHU WKH UHODWLRQVKLS EHWZHHQ HQWLWLHV )$&725< DQG 352'8&7 :KHQ ZH FRQVLGHUHG WKHVH WZR HQWLWLHV LQLWLDOO\ ZH PHUHO\ FRQVLGHUHG ZKHUH D SURGXFW ZDV PDQXIDFWXUHG :H QRZ VHH WKDW WKHUH LV DQRWKHU GLUHFW UHODWLRQVKLS EHWZHHQ WKHVH WZR HQWLWLHV LH EHFDXVH D SURGXFW FDQ EH VWRFNHG DW D IDFWRU\ )XUWKHU DQDO\VLV UHYHDOV WKDW

D )$&725< PD\ VWRFN ]HUR RQH RU PRUH WKDQ RQH W\SH RI 352'8&7 D 352'8&7 PD\ EH VWRFNHG DW PRUH WKDQ RQH )$&725< D 352'8&7 ZLOO EH VWRFNHG DW OHDVW DW RQH IDFWRU\

$ 0DQ\ WR 0DQ\ UHODWLRQVKLS H[LVWV EHWZHHQ HQWLWLHV )$&725< DQG 352'8&7 ZKLFK LV UHVROYHG E\ WKH FUHDWLRQ RI WKH HQWLW\ 672&. 7KH /'6 LV DPHQGHG WR UHIOHFW WKLV QHZ HQWLW\ DV IROORZV

7KH FUHDWLRQ RI HQWLW\ 672&. DQG WKH UHODWLRQVKLSV WR HQWLWLHV )$&725< DQG 352'8&7 HQDEOHV WKH VHFRQG SDUW RI WKH HQTXLU\ SURFHVV WR EH VDWLVILHG :KHQ YDOLGDWLQJ DQ /'6 LW PD\ KHOS WKH DQDO\VW WR PDUN HJ WLFN HDFK HQWLW\ DQG UHODWLRQVKLS ZKLFK KDV EHHQ YDOLGDWHG

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$Q\ HQWLWLHV RU UHODWLRQVKLSV ZKLFK UHPDLQ XQPDUNHG DW WKH HQG RI WKLV DFWLYLW\ ZLOO KLJKOLJKW RQH RI WKH IROORZLQJ

WKDW WKH HQWLWLHV DQG UHODWLRQVKLSV DUH UHGXQGDQW DQG QRW QHHGHG

 5DWLRQDOLVH WKH /'6

WKDW WKHUH DUH UHTXLUHPHQWV UHODWLQJ WR WKHVH HQWLWLHV DQG UHODWLRQVKLSV ZKLFK KDYH QRW \HW EHHQ LGHQWLILHG

 5DWLRQDOLVLQJ 5HODWLRQVKLSV

7KH SXUSRVH RI UDWLRQDOLVLQJ WKH /'6 LV WR VLPSOLI\ WKH /'6 E\ HOLPLQDWLQJ DQ\ GXSOLFDWLRQ RI HQWLWLHV DQG UHODWLRQVKLSV DQG UHPRYLQJ DQ\ HQWLWLHV DQG UHODWLRQVKLSV ZKLFK DUH QRW QHHGHG 7ULDQJXODU UHODWLRQVKLSV VXFK DV WKDW EHORZ KLJKOLJKW WKH SRVVLELOLW\ RI UHGXQGDQW UHODWLRQVKLSV

&86720(5

'(/,9(5< $''5(66

6$/(6 25'(5

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

,Q RWKHU ZRUGV FDQ DQ 2UGHU EH SODFHG E\ &XVWRPHU $ JLYLQJ WKH GHOLYHU\ DGGUHVV RI &XVWRPHU %" BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


7KLV TXHVWLRQ DGGUHVVHV WKH YDOLGLW\ RI WKH UHODWLRQVKLS EHWZHHQ 6$/(6 25'(5 DQG &86720(5 ,I WKH DQVZHU WR WKLV TXHVWLRQ LV <HV  WKH YDOLGLW\ RI WKH UHODWLRQVKLS LV FRQILUPHG LI WKH DQVZHU LV 1R  WKH UHODWLRQVKLS EHWZHHQ &86720(5 DQG 6$/(6 25'(5 LV TXHVWLRQDEOH DV LW DSSHDUV WR EH GXSOLFDWLQJ WKH UHODWLRQVKLS EHWZHHQ 6$/(6 25'(5 DQG '(/,9(5< $''5(66 7KH DQDO\VW PXVW DOVR DVN &DQ D &XVWRPHU SODFH D 6DOHV 2UGHU ZLWKRXW VSHFLI\LQJ D 'HOLYHU\ $GGUHVV"

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

 5DWLRQDOLVLQJ (QWLWLHV

(QWLWLHV ZKLFK FRQVLVW RI VLPLODU GDWD LWHPV VKRXOG EH FRQVLGHUHG DV SRVVLEOH FDQGLGDWHV IRU PHUJLQJ 6XFK HQWLWLHV IUHTXHQWO\ DULVH IURP UHVROYLQJ QRQGLUHFW PDQ\ WR PDQ\

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


UHODWLRQVKLSV EHWZHHQ WZR HQWLWLHV )RU H[DPSOH LI D GLUHFW UHODWLRQVKLS KDG EHHQ DVVXPHG EHWZHHQ &86720(5 DQG 352'8&7 WKH IROORZLQJ /'6 LV OLNHO\ WR KDYH EHHQ GUDZQ

$VVXPH WKDW DQDO\VLV RI WKH 352'8&7 25'(5(' DQG 352'8&7 62/' HQWLWLHV UHYHDOV WKH IROORZLQJ GDWD LWHPV 352'8&7 25'(5(' 3URGXFW &RGH &XVWRPHU &RGH 4XDQWLW\ 3ULFH 6DOHV 2UGHU 1R 3URGXFW &RGH 4XDQWLW\ 3ULFH

352'8&7 62/'

)XUWKHU DQDO\VLV RI WKHVH HQWLWLHV ZRXOG UHYHDO WKDW WKH WZR HQWLWLHV DUH LQ IDFW RQH DQG WKH VDPH 0RUH LPSRUWDQWO\ WKH HQWLW\ 352'8&7 25'(5(' LV WKH UHGXQGDQW HQWLW\ DV LW GRHV QRW FRQWDLQ LQIRUPDWLRQ UHODWLQJ WR 6$/(6 25'(5 (QWLW\ 352'8&7 25'(5(' LV GXSOLFDWLQJ VRPH RI WKH LQIRUPDWLRQ FRQWDLQHG LQ HQWLW\ 352'8&7 62/' (QWLW\ 352'8&7 25'(5(' FDQ WKHUHIRUH EH GURSSHG DQG WKH /'6 UHGUDZQ DV IROORZV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 9DOLGDWH DQG FRPSOHWH WKH 5HTXLUHG 6\VWHP /RJLFDO 'DWD 0RGHO

'XULQJ 6WDJH  RI 66$'0 'HILQLWLRQ RI 5HTXLUHPHQWV  WKH &XUUHQW (QYLURQPHQW /'0 LV YDOLGDWHG DQG HQKDQFHG WR HQVXUH WKDW LW PHHWV DOO WKH UHTXLUHPHQWV RI WKH QHZ V\VWHP 6DWLVI\LQJ WKHVH QHZ UHTXLUHPHQWV PD\ UHTXLUH WKH FUHDWLRQ RI QHZ DQG DPHQGPHQWV WR H[LVWLQJ HQWLWLHV UHODWLRQVKLSV DQG DWWULEXWHV

7KLV 6WHS FRPSULVHV D QXPEHU RI DFWLYLWLHV )RU WKH SXUSRVHV RI GHVFULELQJ WKLV 6WHS WKH DFWLYLWLHV KDYH EHHQ VHSDUDWHO\ LGHQWLILHG DQG SUHVHQWHG LQ D VHTXHQWLDO PDQQHU ,Q SUDFWLFH WKHVH DFWLYLWLHV ZLOO EH FRQGXFWHG LQ SDUDOOHO 1RUPDOLVH /'0  1RUPDOLVH /'0 9DOLGDWH WKH /'0

7KH HQG SURGXFW IURP WKH /RJLFDO 'DWD 0RGHOOLQJ WHFKQLTXH LH WKH 5HTXLUHG 6\VWHP /RJLFDO 'DWD 0RGHO PXVW EH D QRUPDOLVHG PRGHO LQ WKDW

HDFK DWWULEXWH VKRXOG EHORQJ WR D VLQJOH HQWLW\ RQO\ H[FOXGLQJ WKRVH DWWULEXWHV ZKLFK DUH SULPH NH\V IRUHLJQ NH\V RU ZKHUH DQ DWWULEXWH DSSHDUV PRUH WKDQ RQFH LQ DQ HQWLW\ HDFK RFFXUUHQFH KDYLQJ D GLIIHUHQW PHDQLQJ RU UROH DOO UHODWLRQVKLSV PXVW HLWKHU EH 2QH WR 0DQ\ RU 2QH WR 2QH

 9DOLGDWH WKH /'0

7R HQVXUH WKDW WKH 5HTXLUHG 6\VWHP /RJLFDO 'DWD 0RGHO LV D QRUPDOLVHG PRGHO WKH WHFKQLTXH RI 5HODWLRQDO 'DWD $QDO\VLV LV XVHG WR YDOLGDWH WKH 0RGHO

:KLOH WKH WHFKQLTXH RI 5HODWLRQDO 'DWD $QDO\VLV YDOLGDWHV WKH VWUXFWXUH RI WKH GDWD PRGHO LH WKH JURXSLQJV RI GDWD DQG WKH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


UHODWLRQVKLSV EHWZHHQ WKHVH JURXSLQJV  WKH DQDO\VW PXVW HQVXUH WKDW WKH 5HTXLUHG 6\VWHP /'0 LV FDSDEOH RI VDWLVI\LQJ WKH XVHU UHTXLUHPHQWV RI WKH QHZ V\VWHP 7R HQVXUH WKDW WKH 5HTXLUHG 6\VWHP /'0 SURYLGHV D FRPSOHWH DQG FRQVLVWHQW GHILQLWLRQ RI WKH GDWD UHTXLUHPHQWV IRU WKH QHZ V\VWHP WKH 0RGHO PXVW EH FKHFNHG DJDLQVW RWKHU VSHFLILFDWLRQ SURGXFWV PRVW LPSRUWDQWO\ D 5HTXLUHG 6\VWHP 'DWD )ORZ 0RGHO F )XQFWLRQV H (QTXLULHV G (YHQWV E 5HTXLUHPHQWV &DWDORJXH

I %XVLQHVV $FWLYLW\ 0RGHO D 5HTXLUHG 6\VWHP 'DWD )ORZ 0RGHO 7R YDOLGDWH WKH 5HTXLUHG 6\VWHP /'0 DJDLQVW WKH 5HTXLUHG 6\VWHP 'DWD )ORZ 0RGHO WKH DQDO\VW PXVW FKHFN WKDW

HDFK HQWLW\ LV FRQWDLQHG ZLWKLQ RQH PDLQ GDWD VWRUH

E 5HTXLUHPHQWV &DWDORJXH

WKH LQSXWV WR DQG RXWSXWV IURP WKH UHTXLUHG ')' SURFHVVHV FDQ EH VXSSRUWHG E\ WKH /'0 LH WKDW WKH LQSXW GDWD LWHPV ZKLFK QHHG WR EH FDSWXUHG FDQ EH KHOG RQ WKH /'0 DQG WKDW WKH RXWSXW GDWD LWHPV FDQ EH UHWULHYHG RU JHQHUDWHG IURP GDWD VWRUHG RQ WKH /'0

F )XQFWLRQV

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

G (YHQWV

H (QTXLULHV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

/RJLFDO 'DWD 0RGHOOLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


I %XVLQHVV $FWLYLW\ 0RGHO ,I D %XVLQHVV $FWLYLW\ 0RGHO LV SURGXFHG RQ D SURMHFW WKH LQIRUPDWLRQ VXSSRUW QHHGHG E\ SURFHVVHV RQ WKH %XVLQHVV $FWLYLW\ 0RGHO ZLOO KHOS GHWHUPLQH WKH GDWD ZKLFK PXVW EH KHOG RQ WKH 5HTXLUHG 6\VWHP /'0

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F 6DQGKLOO &RQVXOWDQWV /WG  3DJH  RI  ZZZVDQGKLOOFRXN

You might also like