How to Submit Proof Corrections Using Adobe

0 downloads 0 Views 1MB Size Report
functionality makes it simple for you, the contributor, to mark up the PDF. It also makes it .... International Journal of Adaptive, Resilient and Autonomic Systems, 5(3), 1-19, July-September 2014 1 .... topics, which makes the complex program-.
!"#$%"$&'()*%$+,""-$.",,/0%*"12$32*14$56"(/$7/86/,$ !"#$%&'()*+&,+-(+.&#"&/0+&+-"#+"/&1-2&/)&"3*4#/&2)3.&5.)5)"+(&-4+$(4+$/"&6).&2)3.&787&89)*-9&5.))6:&76&2)3& ()$;/&0-)44+$/&63$>/#)$-9#/2&#$&'()*+&,+-(+.&/)&"3*4#/&2)3.&>0-$%+":&& J:

N:

K+9+>/&/0+&."))/1%$*-.&-/&/0+&/)5&)6&5-%+&/)&L#+1&).&'((&M)44+$/":&A0#"&1#99&)5+$&/0+&511"%8%*"12& /))9*-.:&&&

& A)&$)/+&/+F/&/0-/&$++("&/)&*+&-9/+.+(=&9#B+&-&"3*/#/9+&).&2)3.&-66#9#-/#)$=&2)3&4-2&3"+&/0+&!*4:;*4:%$+&/0+&/+F/&#"&0#%09#%0/+(=&.#%0/I>9#>B&)$&/0+&0#%09#%0/+(&/+F/&-$(&-((&2)3.&>)44+$/:&C9+-"+&*+& "5+>#6#>=&-$(&#$>93(+&10-/&/0+&/+F/&>3..+$/92&"-2"&-$(&10-/&2)3&1)39(&9#B+&#/&/)&*+&>0-$%+(&/):&

&

& P:

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

0$3(6''/)UDPHZRUN

/RFDO(YHQW6HUYLFH

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` OLQH FRUUHVSRQGVWR WKHHYHQWLWVHOI7KH(YHQW1RWLILFDWLRQFRQWDLQV WKHHYHQWLGHQWLILHU OLQH WKHQRGHLGHQWLILHU WKDWWULJJHUHGWKHHYHQW OLQH DQGWKHVHW RIPRQLWRUHGSURSHUWLHV ZLWKWKHLUYDOXHV WKDW FRPSRVHVWKHQRWLILHGHYHQW OLQH 

0RQLWRULQJ6HUYLFH 7KH0RQLWRULQJ6HUYLFHFROOHFWVGDWDIURPDQ\ 6''/PDQDJHGUHVRXUFHVVXFKDV*DWHZD\V DQG3URFHVVLQJ1RGHV7KHPRQLWRULQJLVDS SOLHGWRSURSHUWLHVIURPWKHVHUHVRXUFHVVXFK DV &38 ORDG DPRXQW RI PHPRU\ DYDLODEOH QHWZRUN EDQGZLGWK DQG ODWHQF\ QXPEHU RI VHUYHG01V E\HDFK*DWHZD\ RUQXPEHURI '36VDVVLJQHGWRHDFK3URFHVVLQJ1RGH VHH '36 FRQFHSW LQ 3URSRVHG $XWRQRPRXV $S SURDFK(DFK0RQLWRULVUHVSRQVLEOHIRUDVLQJOH SURSHUW\(DFKSURSHUW\LVDVVRFLDWHGZLWKDVHW

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

)LJXUH0$3(6''/DUFKLWHFWXUH

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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

)LJXUH(YHQWQRWLILFDWLRQWRSLF ''/V\QWD[

IRUHDFK3URFHVVLQJ1RGHOLQH DQGDVHW RI DUJXPHQWV UHTXLUHG WR SHUIRUP WKH DFWLRQ OLQH ,Q-DYD 2UDFOH WKHDUJXPHQWV FRUUHVSRQGVWRDE\WHDUUD\LQRUGHUWRDOORZ WKHVHQGLQJRIDQ\VHULDOL]DEOHREMHF7KHGDWD VWUXFWXUH$FWLRQ3ODQ OLQH FRUUHVSRQGVWRWKH SODQLWVHOIFRQWDLQLQJWKHSODQLGHQWLILHU OLQH  DQGWKHVHWRIDFWLRQVWKDWFRPSULVHVWKLV SODQ OLQH 

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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

)LJXUH,PSOHPHQWDWLRQDUFKLWHFWXUH

6HFWLRQ3URSRVHG$XWRQRPRXV$SSURDFK 7KH DELOLW\RIPLJUDWLQJVHWVRI01VIURPRQH*DWH ZD\WRDQRWKHU FI6HFWLRQ6''/0LGGOHZDUH  LVDOVRLPSOHPHQWHGE\&RQWURODQG([HFXWLQJ 6HUYLFHZKLFKLQWKLVFDVHUHVLGHVLQWKHPRELOH &OLHQW /LE WKDW SHUIRUPV WKH GLVFRQQHFWLRQ IURPRQH*DWHZD\DQGWKHUHFRQQHFWLRQWRWKH QHZ*DWHZD\

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

7KHW\SHVRI''6QRGHVWKDWFRPSRVHWKH '36/%DSSURDFKVKRZHGLQ)LJXUHDUH3UR FHVVLQJ1RGHVZKLFKH[HFXWHWKH0RQLWRULQJ 6HUYLFH/RFDO(YHQW6HUYLFHDQGWKH&RQWURO DQG([HFXWLQJ6HUYLFH([HFXWRUDQGWKH/RDG %DODQFHU ZKLFK H[HFXWHV WKH $QDO\VLV DQG 3ODQQLQJ6HUYLFHDQGWKH&RQWURODQG([HFXWLQJ 6HUYLFH&RQWUROOHURIWKH0$3(6''/DUFKL WHFWXUH7KH/RDG%DODQFHULVUHVSRQVLEOHIRU PRQLWRULQJWKHORDGRI3URFHVVLQJ1RGHVJHQ HUDWLQJWKHDFWLRQVWRUHGLVWULEXWHWKHV\VWHP¶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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

VSHFLILF QXPHULF ILHOG KROGLQJ WKH 6OLFH,' DVVLJQHGWRHDFKGDWDLWHP 7KH$WWULEXWLRQ)XQFWLRQLVUHVSRQVLEOHIRU FKRRVLQJDYDOLG6OLFHIRUHDFKSURGXFHGGDWD LWHP7KH'36/%VROXWLRQUHTXLUHVWKH$WWULEX WLRQ)XQFWLRQWREHDYHU\ORZFRVWIXQFWLRQ VLQFHLWKDVWRFRPSXWHFKRRVHD6OLFHIRUHDFK SURGXFHGGDWDLWHPDQGWKLVGDWDZLOOSUREDEO\ EHSURGXFHGDWDYHU\KLJKUDWH7KLVIXQFWLRQ PD\ EH D KDVK IXQFWLRQ DSSOLHG WR D ILHOG RI WKHGDWDLWHPWRWKHGDWDSURGXFHU¶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¶V FDFKHGLWHPV3URFHVVLQJ1RGH%KDVWRLGHQWLI\ WKHGDWDLWHPVWKDWDSSHDULQERWKFDFKHVDQG WKHQJHQHUDWHD0HUJHG&DFKHZKLFKFRQWDLQV DOOGDWDLWHPVRI6OLFHZLWKRXWGXSOLFDWHV

/RDG%DODQFHU 5RXJKO\VSHDNLQJWKH/RDG%DODQFHUUHFHLYHV HYHQW QRWLILFDWLRQV WKURXJK 0$3(6''/ DQDO\]HV WKHP SRVVLEO\ JHQHUDWHV DQ DFWLRQ SODQDQGVHQGVWKHFRUUHVSRQGLQJFRPPDQGV WKURXJK0$3(6''/WRWKH3URFHVVLQJ1RGHV LQYROYHGLQWKHGHILQHGUHFRQILJXUDWLRQDFWLRQV $QDFWLRQSODQLVJHQHUDWHGDQGVHQWLQUHVSRQVH RIDGHWHFWLRQRIXQEDODQFHORDG 7KH/RDG%DODQFLQJ$OJRULWKPH[HFXWHV WKHORJLFIRUDQDO\]LQJWKHV\VWHPORDGGHFLGLQJ

ZKLFKZLOOEHWKH6OLFHJLYLQJDQG6OLFHWDNLQJ 3URFHVVLQJ1RGHVDQGKRZPDQ\6OLFHVKRXOG EHPRYHGIURPWKHILUVWWRWKHODWWHU

3URFHVVLQJ1RGH 7KH3URFHVVLQJ1RGHLVWKHPDQDJHGUHVRXUFH IURP WKH SHUVSHFWLYH RI WKH 0$3(. PRGHO XVHG LQ WKH GHYHORSHG '36/% SURWRW\SH ,Q DGGLWLRQWRWKHGDWDSURFHVVLQJZKLFKLVLQWULQVL FDOO\GHWHUPLQHGE\WKHDSSOLFDWLRQEXLOGXSRQ '36/% HDFK 3URFHVVLQJ 1RGH SHULRGLFDOO\ YHULILHVLWVPRQLWRUHGSURSHUWLHVDQGGHSHQG LQJRIWKHLURSHUDWLRQUDQJHVQRWLILHVWKH/RFDO (YHQW6HUYLFHWKDWHYDOXDWHVWKHVHYDOXHVDJDLQVW WKHVSHFLILHGH[SUHVVLRQ+HQFH/RFDO(YHQW 6HUYLFH HYHQWXDOO\ VHQGV DQ HYHQW QRWLILFD WLRQ ZKLFK KROGV DOO PRQLWRUHG GDWD WR WKH /RDG%DODQFHUWKURXJK$QDO\VLVDQG3ODQQLQJ 6HUYLFH7KHFXUUHQWYHUVLRQRIWKLVSURWRW\SH SHULRGLFDOO\FKHFNVWKH31VPRQLWRUHGSURSHU WLHVHYHU\WZRVHFRQGVDQGWKHQVHQGVDQHYHQW QRWLILFDWLRQWRWKH/RDG%DODQFHU :KHQD3URFHVVLQJ1RGHUHFHLYHVDGDWD LWHP RU D VDPSOH LQ ''6 MDUJRQ  LW FKHFNV ZKHWKHU WKH GDWD LWHP LV DVVLJQHG WR D 6OLFH ZKLFKLWLVUHVSRQVLEOHIRU

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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

)LJXUH'DWDIORZGXULQJORDGEDODQFLQJSURFHVV

VWDWHWR,Q/RDG%DODQFLQJ6HVVLRQZKLFKZLOO EHKHUHDIWHUH[SODLQHG 'XULQJ D /RDG %DODQFLQJ 3URFHVV ERWK 6OLFHJLYLQJDQG6OLFHWDNLQJ3URFHVVLQJ1RGHV VKRXOGXSGDWHWKHVWDWHRIWKHLQYROYHG6OLFHV WR,Q/RDG%DODQFLQJ6HVVLRQ$IWHUWKH6OLFH JLYLQJ3URFHVVLQJ1RGHXSGDWHVDQGUHPRYHV WKH6OLFHVWKH6OLFHWDNLQJ3URFHVVLQJ1RGHFDQ SURFHHG ZLWK WKH XSGDWH DFWLRQ7KH VSHFLILF VHTXHQFHRIDFWLRQVVHQWE\WKH/RDG%DODQFHU WRPRYHD6OLFHEHWZHHQWZR3URFHVVLQJ1RGHV DUH L 8SGDWHWKH6OLFH¶VVWDWHDW$WR,Q/RDG %DODQFLQJ6HVVLRQLQRUGHUWRFDFKHWKHQHZGDWD LWHPVUHFHLYHG LL $GGWKH6OLFHDW%ZLWK,Q /RDG%DODQFLQJ6HVVLRQVWDWHLQRUGHUWRVWDUW FDFKLQJWKHGDWDLWHPV LLL 5HPRYH6OLFHDW$ WRLQIRUPWKDW$FDQGLVFDUGWKHQHZGDWDLWHPV UHFHLYHG LY 8SGDWH6OLFH¶VVWDWHDW%WR$YDLO

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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

)LJXUH'HSOR\PHQWRIWKHHYDOXDWLRQDSSOLFDWLRQ

WDNLQJ 3URFHVVLQJ 1RGH UHPRYHV LW IURP WKH ,QRUGHUWRHYDOXDWHWKH'36/%VROXWLRQ ORFDOFDFKHDQGGHOLYHUVWKHGDWDLWHPVWRWKH DQGLWVLPSOHPHQWDWLRQZHDOVRGHYHORSHGD DSSOLFDWLRQWKURXJKWKHGDWDLWHPV¶DSSOLFDWLRQ SURWRW\SHDSSOLFDWLRQWKDWXWLOL]HVWKH'36/% GDWDUHDGHUOLVWHQHUV SURWRW\SHIRUEDODQFLQJRILWVGDWDSURFHVVLQJ ORDG 7KLV SURWRW\SH DSSOLFDWLRQ FRQVLVWV RI FOLHQWVWKDWSXEOLVKFRORULPDJHVLQWRWKH''6 (9$/8$7,21 GRPDLQ DQG 3URFHVVLQJ 1RGHV WKDW UHFHLYH WKH LPDJHV FRQYHUW WKHP WR JUD\VFDOH DQG ,QLWLDO G\QDPLF DGDSWDWLRQ WHVWV SHUIRUPHG WKHUHDIWHU LQIRUP WKH FRUUHVSRQGLQJ FOLHQW ZLWK WKH 0$3(6''/ PLGGOHZDUH KDYH DO DERXW FRPSOHWLRQ RI WKH LPDJH SURFHVVLQJ UHDG\VKRZQHQFRXUDJLQJSHUIRUPDQFHUHVXOWV %RWKFRPPXQLFDWLRQSDWKVKDSSHQWURXJKWZR 5HJDUGLQJ 0$3(6''/¶V FRQQHFWLYLW\ ORDG ''67RSLFV EDODQFLQJZHGLGWKHIROORZLQJWHVW:HLQLWLDOO\ )LJXUHLOOXVWUDWHVWKHGHSOR\PHQWRIWKH FRQQHFWHGVLPXODWHGPRELOHQRGHV 01V WR SURWRW\SHDSSOLFDWLRQXVHGIRUHYDOXDWLRQ&OL RQH*DWHZD\DQGWKHQDFWLYDWHGDQHZµHPSW\¶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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

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aUYDVFRQFHORVGUDIWV,-$5$6 HYDOXDWLRQSGI

7KURXJKSXW 7KHWKURXJKSXWPHWULF±H[SUHVVHGLQGDWDLWHPV SHUVHFRQG ',V ±ZDVXVHGWRGHPRQVWUDWH WKDWDQLQFUHDVHRIWKHVHWRI3URFHVVLQJ1RGHV OHDGVWRDQLQFUHDVHRIWKHV\VWHPVSURFHVVLQJ FDSDFLW\DVH[SHFWHG7KLVPHWULFZDVFROOHFWHG DWWKHFOLHQWVLGHDQGWKHWKURXJKSXWLQDQLQVWDQW RIWLPHUHSUHVHQWVWKHDPRXQWRIUHSO\PHVVDJHV UHFHLYHGDWWKHVSHFLILHGLQVWDQWRIWLPHIURP DOO3URFHVVLQJ1RGHV )LJXUHVKRZVWKDWWKHV\VWHPWKURXJKRXW LQFUHDVHVE\DQHDUO\HTXDODPRXQWZKHQHYHU DQHZ3URFHVVLQJ1RGHVDUULYHVDWWKHV\VWHP 7KHYHUWLFDOUHGOLQHVLQGLFDWHWKHSRLQWRIWLPH ZKHQDQHZ3URFHVVLQJ1RGHMRLQHGWKHV\VWHP 7KHWKURXJKSXWVWDUWHGIURP',VDQGUHDFKHG XS WR  ',V DW V :LWK ILYH 3URFHVVLQJ

1RGHVDQGDGDWDSURGXFWLRQUDWHRI0%V WKHV\VWHPZDVDEOHWRSURFHVVXSWR',V DQGWKHPHDQZDV',V)LQDOO\ZKHQWKH FOLHQW QRGH DXJPHQWHG LWV SURGXFWLRQ UDWH WR 0%VDWVWKHWKURXJKSXWH[SHULHQFHGD IDOOWR',VDQGDIWHUVUHDFKHG',V )URPVXQWLOWKHHQGRIWKHHYDOXDWLRQWKH WKURXJKSXWKDGDQDYHUDJHRI',V,PPH GLDWHO\DIWHUDQHZ3URFHVVLQJ1RGHMRLQVWKH V\VWHPWKHWKURXJKSXWVXIIHUVDVPDOOUHWUDFWLRQ DQGDIWHUVHFRQGWKHV\VWHPDFKLHYHVDKLJKHU WKURXJKSXWOHYHO 7KHGHFUHDVHRIWKHWKURXJKSXWDWVPD\ EHH[SODLQHGE\WRWKHIDFWWKDWWKHQHWZRUNDQG WKH''6PLGGOHZDUHKDGWRGHDOZLWKDVXGGHQ EXUVWRIWKHGDWDSURGXFWLRQUDWH,QRUGHUWR DFKLHYHEHWWHUWKURXJKSXWDQGUHGXFHWKH&38 DQG QHWZRUN RYHUKHDGV ''6 FDQ DJJUHJDWH PDQ\VDPSOHV DNDGDWDLWHPV LQWRDVLQJOH SDFNHWDQGVHQGWKLVVLQJOHSDFNHWLQVWHDGRI VHQGLQJPDQ\VPDOOGDWDVDPSOHVZKLFKKHOSV WRLQFUHDVHWKHODWHQF\WRVHQGWKHGDWDLWHPVDQG FRQVHTXHQWO\GHFUHDVHWKHWKURXJKSXW$QRWKHU QRWHZRUWK\ LVVXH LV WKDW LQ WKLV WHVW WKH GDWD SURGXFWLRQUDWHDOPRVWUHDFKHGWKHWKHRUHWLFDO QHWZRUNEDQGZLGWKRI0%V ,WLVLPSRUWDQWQRWLFHWKDWWKHWKURXJKSXW JURZVDOPRVWSURSRUWLRQDOO\WRDGGHGSURFHVV LQJFDSDELOLWLHVRIWKH3URFHVVLQJ1RGHV6SH FLILFDOO\LQWKLVHYDOXDWLRQWKHPDMRUFDSDELOLW\ LV &38 VSHHG DV LPDJH SURFHVVLQJ UHTXLUHV PRVWUHVRXUFHVLQ&38WKURXJKSXW

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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

)LJXUH7KURXJKSXWRYHUWKHWLPHRIWKHH[SHULPHQW ',6;VHFRQGV

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

VDQGVZKHQDOO3URFHVVLQJ1RGHVKDG MRLQHGWKHV\VWHPWKH57'LQFUHDVHGE\OHVV WKDQILYHVHFRQGV%XWVWDUWLQJDWVDVDUHVXOW RIWKHLQFUHDVHRIWKHUDWHRISXEOLVKHGGDWDLWHPV WKH57'VWDUWHGDJDLQULVLQJIDVWHUWKDQLQWKH LQWHUYDOEHWZHHQVDQGVZKLFKDJDLQLV GXHWRWKHLQVXIILFLHQWSURFHVVLQJFDSDFLW\RI WKHV\VWHPDJDLQVWWKHKLJKUDWHRIGDWDLWHP SURGXFWLRQ

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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

)LJXUH5RXQGWULSGHOD\RYHUWKHWLPHRIWKHH[SHULPHQW 57'LQVHFRQGV;WLPHLQVHFRQGV

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

LQFUHDVLQJIURPWRDQGVOLFHVWKLV RQO\DXJPHQWHGWKH/RDG%DODQFLQJ3URFHVV WLPHE\DQGUHVSHFWLYHO\7KLV EHKDYLRUVXJJHVWVWKDWWKHGDWDSURGXFWLRQUDWH KDVDKLJKHULPSDFWRQWKHRYHUKHDGWKDQWKH QXPEHURIVOLFHV

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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

)LJXUH0HDQWKURXJKSXW ',6 FRPSDULVRQDPRQJ'36/%VROXWLRQDQGDQRWKHUZLWKRXW ORDGEDODQFLQJ

EDODQFHWKHVXEVFULSWLRQORDGDPRQJEURNHUVRQ WKH3DGUHV3XE6XEV\VWHPZKHUHSXEOLVKHUVRU VXEVFULEHUVPD\IUHHO\PLJUDWHDPRQJEURNHUV :KLOH &KHXQJ -DFREVHQ IRFXVHVRQ WKHURXWLQJOD\HUIRUDEURNHUFHQWHUHG3XE6XE V\VWHPDQGFOLHQWV SXEOLVKHUVRUVXEVFULEHUV  DUHLPSHOOHGWRFKDQJHWKHLUEURNHUVIRUGDWD IORZORDGEDODQFLQJ'36/%VROXWLRQLVEDVHG RQ ''6¶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

QRGHV,QDFRPSOHWHO\RSSRVLWHZD\WKH/RDG %DODQFHU LQ '36/% SHUIRUPV WKH 0$3(. WDVNV RI $QDO\VLV 3ODQQLQJ DQG ([HFXWLRQ DQG FDUHIXOO\ V\QFKURQL]HV WKH UHDOORFDWLRQ RI'DWD3URFHVVLQJ6OLFHVIURPRQH3URFHVVLQJ 1RGHWRDQRWKHU7KLVKDVWKHDGYDQWDJHRID PRUHHIILFLHQWDQGUHOLDEOHORDGEDODQFLQJEXW WKHGUDZEDFNRIWKHGHSHQGDELOLW\RIWKH/RDG %DODQFHU

',6&866,216 7KLVDUWLFOHSURSRVHGDQRYHODSSURDFKWRORDG EDODQFLQJPRELOHFRQQHFWLRQVDQGGDWDVWUHDPV EDVHG RQ WKH 0$3(. PRGHO ZKLFK HQWDLOV VHYHUDODGYDQWDJHVWKDWJRIDUEH\RQGDVLPSOH ERRVWRISHUIRUPDQFH0RVWFXUUHQWORDGEDO DQFLQJPHWKRGVDUHTXLWHLQIOH[LEOHVLQFHWKH\ DOZD\VPDNHVDPHVRUWVRIGHFLVLRQZLWKRXW FRQVLGHULQJ WKDW WKH V\VWHP PD\ UHTXLUH GLI IHUHQWORDGGLVWULEXWLRQDSSURDFKHVGHSHQGLQJ RQWKHFXUUHQWVWDWHRIGDWDVWUHDPSURFHVVLQJ KLJKORZORDG RUWKHVWDWHRIWKHLQIUDVWUXFWXUH HJ QRGH IDLOXUHV FRPPXQLFDWLRQ IDLOXUHV

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

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

$OVRVLQFH3URFHVVLQJ1RGHVFDQG\QDPL FDOO\MRLQRUOHDYHWKHV\VWHPGXULQJRSHUDWLRQ '36/%VXSSRUWVVHDPOHVVYDULDWLRQVRIFRPSX WDWLRQDOUHVRXUFHVLHVFDODEOHV\VWHPV )LQDOO\WKH'36/%DOVRVXSSRUWVFXVWRP L]DWLRQVLQFHVHYHUDOORDGEDODQFLQJDOJRULWKPV LH LPSOHPHQWHG LQ $QDO\VLV DQG 3ODQQLQJ 6HUYLFH RI 0$3(6''/  FDQ EH DSSOLHG DW WKH/RDG%DODQFHU

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

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

ZDVVSHFLDOO\GHVLJQHGIRUGHFHQWUDOL]HGV\V WHPVEDVHGRQWKH''6VWDQGDUGDQGKHQFHLV FDSDEOHRIIXOILOOLQJDSSOLFDWLRQUHTXLUHPHQWV VXFK DV UHDOWLPH DQG KLJK WKURXJKSXW GDWD FRPPXQLFDWLRQDQGSURFHVVLQJVFDODELOLW\DQG IDXOWWROHUDQFH 7KH HYDOXDWLRQ KDV \LHOGHG HQFRXUDJLQJ SHUIRUPDQFHUHVXOWZKLFKPRWLYDWHXVWRSUR FHHGZLWKWKHGHYHORSPHQWRI6''/¶VDGDSWLYLW\ DQGORDGEDODQFLQJFDSDELOLWLHV,WFRXOGDOVR EH QRWLFHG WKDW WKH DGGLWLRQ RI QHZ 3URFHVV LQJ 1RGHV HIIHFWLYHO\ HQKDQFHV WKH V\VWHP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

3URFHVVLQJ1RGHV7KH'(6ZLOOWKXVHQDEOH WKHORDGEDODQFLQJPHFKDQLVPWREHGULYHQE\ DJOREDOSHUVSHFWLYHRQDGLVWULEXWHGJURXSRI 1RGHV

5()(5(1&(6 &DOVDYDUD$  /LPD /$ 3 -U   6FDO DELOLW\ RI 'LVWULEXWHG '\QDPLF /RDG %DODQFLQJ 0HFKDQLVPV ,&1  7KH 7HQWK ,QWHUQDWLRQDO &RQIHUHQFHRQ1HWZRUNV SS±  &KHXQJ$.&685@$&0&RPSXWLQJ6XUYH\V9 L  ± KWWSGODFPRUJFLWDWLRQFIP"LG  GRL 'DYLG / 9DVFRQFHORV 5$OYHV /$QGUp 5 %DSWLVWD *  (QGOHU 0  $ /DUJHVFDOH &RPPXQLFDWLRQ 0LGGOHZDUH IRU )OHHW 7UDFNLQJ DQG0DQDJHPHQW6DOmRGH)HUUDPHQWDV%UD]LOLDQ 6\PSRVLXPRQ&RPSXWHU1HWZRUNVDQG'LVWULEXWHG 6\VWHPV 6%5& 2XUR3UHWR (QGOHU09DVFRQFHORV52'DYLG/$QGUp 5 $OYHV/  $''6EDVHGPLGGOHZDUH IRUVFDODEOHWUDFNLQJDQGFRPPXQLFDWLRQRIZLUHOHVV FRQQHFWHG PRELOH QRGHV LQ D :$1 0RQRJUDILDV HP&LrQFLDGD&RPSXWDomR0&&'HS GH,QIRUPiWLFD38&5LR,6615LRGH -DQHLUR0RQRJUDILDVHP&LrQFLDGD&RPSXWDomR 0&&'HSGH,QIRUPiWLFD38&5LR,661 5HWULHYHGIURPKWWSELEGLLQISXFULR EUWHFKUHSRUWVKWP ,%0  $Q DUFKLWHFWXUDO EOXHSULQW IRU DXWR QRPLF FRPSXWLQJ ,%0 :KLWH 3DSHU 5HWULHYHG IURPKWWSZZZLEPFRPDXWRQRPLFSGIV$& .DUQRXVNRV6 &RORPER$:  $UFKLWHFW LQJWKHQH[WJHQHUDWLRQRIVHUYLFHEDVHG6&$'$ '&6V\VWHPRIV\VWHPV,(&21WK$QQXDO &RQIHUHQFHRQ,(((,QGXVWULDO(OHFWURQLFV6RFLHW\ SS± GRL,(&21

&RS\ULJKW‹,*,*OREDO&RS\LQJRUGLVWULEXWLQJLQSULQWRUHOHFWURQLFIRUPVZLWKRXWZULWWHQSHUPLVVLRQRI,*,*OREDOLVSURKLELWHG

,QWHUQDWLRQDO-RXUQDORI$GDSWLYH5HVLOLHQWDQG$XWRQRPLF6\VWHPV  -XO\6HSWHPEHU

.HSKDUW-2 &KHVV'0  7KHYLVLRQ RIDXWRQRPLFFRPSXWLQJ&RPSXWHU  ± GRL0& 0XUFK 5   $XWRQRPLF ^&`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¶  9ROSS± GRL 0,/&20 3DUGR&DVWHOORWH*)DUDEDXJK% :DUUHQ5  $QLQWURGXFWLRQWRGGVDQGGDWDFHQWULFFRP PXQLFDWLRQV20*:KLWHSDSHUV'DWD'LVWULEXWLRQ 6HUYLFH3RUWDO5HWULHYHG'HFHPEHUIURP KWWSRPJRUJQHZVZKLWHSDSHUV,QWURB7RB''6 SGI 5DQGOHV 0 /DPE '  7DOHE%HQGLDE $  $&RPSDUDWLYH6WXG\LQWR'LVWULEXWHG/RDG %DODQFLQJ$OJRULWKPVIRU&ORXG&RPSXWLQJ ,(((WK,QWHUQDWLRQDO&RQIHUHQFHRQ$GYDQFHG ,QIRUPDWLRQ1HWZRUNLQJDQG$SSOLFDWLRQV:RUNVKRSV SS± ,(((GRL:$,1$ 6LOYD/'9DVFRQFHORV5/XFDV$OYHV5$ %DSWLVWD* (QGOHU0  $&RPPXQLFD WLRQ 0LGGOHZDUH IRU 6FDODEOH 5HDOWLPH 0RELOH &ROODERUDWLRQ3URFRIWKH,(((VW,QWHUQDWLRQDO :(7,&( 7UDFN RQ $GDSWLYH DQG 5HFRQILJXUDEOH 6HUYLFHRULHQWHGDQGFRPSRQHQWEDVHG$SSOLFDWLRQV DQG$UFKLWHFWXUHV SS± $526$

6WRQHEUDNHU 0 dHWLQWHPHO 8  =GRQLN 6   7KH  UHTXLUHPHQWV RI UHDOWLPH VWUHDP SURFHVVLQJ 6,*02' 5HFRUG    ± GRL 7XFNHU&  :KDWFDQ''6GRIRU