ABSTRACT
SJXLIMQEKI8LMWMW[LEX]SY[SYPH KIXMJ]SYLEHXSPHXLIGEQIVEXSWEZI XLIMQEKIEWE.4)+-X«WRSXXLIEGXYEP 6%;MQEKI8LIGEQIVELEWRS[E] XSWLS[]SYXLI6%;MQEKI%RH]SY LEZIRSMHIEFEWIHSRXLIGEQIVE«W HMWTPE][LEX]SYVIEPP]LEZIXS[SVO [MXL=SYRIIHXSSTIRXLI6%;MQEKI MR4LSXSWLSTXSWII[LEX]SYVIEPP] LEZI
8LITVIZMI[SR]SYV0'(GSQFMRIH [MXLXLII\TSWYVILMWXSKVEQXLEX]SYV GEQIVE[MPPWLS[]SYHSIWKMZI]SY WSQIMHIESJXLIHEXEEZEMPEFPIMRXLI 6%;´PI8S´RHSYXLS[LMWXSKVEQW [SVOXYVRXSTEKI
Step1 +IXXMRK6%;´PIWSJJ]SYV GEQIVE«WQIQSV]GEVHERH SRXS]SYVGSQTYXIV 8LIWSJX[EVIJSV]SYVGEQIVE[MPP HSXLMWJSV]SY&98LIVI«WXLI TVSFPIQ MX[MPPEPWSXV]XSHS SXLIVXLMRKWJSV]SYEXXLIWEQI XMQI§JSVI\EQTPIRSXKMZI]SYE GLSMGIEFSYX[LIVI´PIWEVIWEZIH 8LIWSJX[EVIQE]EPWSWXEVXXS TVSGIWWERH´PXIVXLI´PIW
7YVTVMWMRKP]JI[TISTPIVIEPM^I XLEXXLIQIQSV]GEVHMREGEQIVE MWNYWXEZMVXYEPLEVHHVMZI;LEX -HSMWYWIEmemory card reader XSXVERWJIVXLIMQEKIWJVSQXLI QIQSV]GEVHXSXLIGSQTYXIV
8SYWIEGEVHVIEHIVXEOIXLI QIQSV]GEVHSYXSJ]SYVGEQIVE ERHTYXMXMRXLIGEVHVIEHIV8LI QIQSV]GEVHXLIRETTIEVWSR]SYV GSQTYXIVEWEHVMZI3RXLI1EG MX[MPPWLS[YTSRXLIHIWOXST -R;MRHS[W]SY[MPPWIIMXMR ;MRHS[W)\TPSVIV
9WIXLI*MRHIVSRXLI1EGSV )\TPSVIVMR;MRHS[WXSGST]ERH TEWXIXLI6%;MQEKI´PIWMRXSE TVSTIVP]REQIHERHPSGEXIHJSPHIV
%HSFI'EQIVE6E[%'64PYKMR 1EOIWYVI]SYLEZIXLIGSVVIGXZIVWMSRSJXLI%HSFI'EQIVE6E[%'6TPYKMRMRWXEPPIHSR]SYVGSQTYXIV(MJJIVIRXZIVWMSRWSJ4LSXSWLSTYWIHMJJIVIRXZIVWMSRWSJ%'6ERHMRWSQIGEWIW%'6HSIWR«XKIXMRWXEPPIH[LIR4LSXSWLSTMWMRWXEPPIH+SXS[[[EHSFIGSQHS[RPSEHWXS´RHXLIQSWXVIGIRXZIVWMSRSJ%'6JSV]SYVZIVWMSRSJ4LSXSWLSTERHSTIVEXMRKW]WXIQ
or 0EYRGL%HSFI&VMHKIPSGEXIXLIJSPHIV GSRXEMRMRKXLIMQEKI´PIWERHPSSO XLVSYKL]SYVsimilars%PPI\TIVMIRGIH TLSXSKVETLIVWXV]XSWLSSXWMQMPEVWSJ ER]WYFNIGXXLI]EVIMRXIVIWXIHMR8LIWI QE]LEZIWPMKLXP]HMJJIVIRXI\TSWYVIWIX XMRKWHMJJIVIRXGSQTSWMXMSRSVQE]LEZI
GLERKIHSZIVXLIGSYVWISJXMQIEWPMKLX GLERKIH=SYV´VWXNSFMWXSPSSOXLVSYKL XLIWIMQEKIWMR&VMHKIERH´RHXLISRI ]SY[ERXXS[SVOSR
%JXIV]SY´RHXLIMQEKI]SY[ERXXS [SVOSRHSYFPIGPMGOSRXLIMQEKIERHMX [MPPSTIRMRXLI%'6ETTPMGEXMSR[MRHS[
-RXLIJSPHIV[LIVI]SYV MQEKI´PIMWPSGEXIH HSYFPIGPMGOSRXLIMQEKI ´PIERHMX[MPPSTIRMRXLI %'6ETTPMGEXMSR[MRHS[
7 3TIRXLIMQEKIMR 4LSXSWLSTTEKI
8 7EZIERHEVGLMZI
XLIMQEKIYWMRKDigital Asset Management TEKIW¦
5 9WIXLI8MRXERH7EXYVEXMSR WPMHIVWXSEHNYWXXLIGSPSVSJ XLIMQEKITEKI
4 %HNYWXXLI[LMXIFEPERGISJXLIMQEKI YWMRKXLI8IQTIVEXYVIWPMHIVTEKI
3 9WIXLI)\TSWYVIWPMHIVXSEHNYWXLS[ PMKLXSVHEVOXLIMQEKIMWTEKIW¦
7EZIXLI%'6MQEKI WIXXMRKWTEKI
6%;ERHI\TSWYVIVERKI ;MXLMRIEGL6%;GETXYVIXLIVIMWER I\TSWYVIVERKIJVSQ¦JWXSTWXSJWXSTW =SYTVMQEVMP]GSRXVSPXLMWVERKIYWMRKXLI )\TSWYVIWPMHIV3JXIRRSXEPPSJXLIIRXMVI VERKIMWYWEFPI-X[MPPYWYEPP]FIXSSHEVOSV XSSPMKLXEXXLII\XVIQIIRHW-REHHMXMSRMR XLIHEVOIVWIXXMRKWXLIVIMWEKVIEXHIEPSJ MRGVIEWISJRSMWIMRXLIMQEKI
4LSXSKVETLIVWORS[XLEXJWXSTWEVIRSXE PMRIEVWGEPI)EGLWYGGIWWMZIJWXSTPIXWMRLEPJ XLIPMKLXSJXLITVIGIHMRKJWXST8LIVIJSVI XLI¦XSJWXSTVERKIVITVIWIRXIHF] XLI)\TSWYVIWPMHIVMWIRSVQSYW8LMWMWE VERKISJTSXIRXMEPI\TSWYVIZEPYIWXMQIW JVSQHEVOIWXXSPMKLXIWXEPXLSYKLEWRSXIH RSXEPPSJXLIWIZEPYIW[MPPFIYWEFPI
-JXLIVI«WSRIXLMRKXSTSMRXSYXEWXLI MQQIRWITS[IVSJE6%;GETXYVIMX«WXLMW ZEWXVERKISJTSXIRXMEPI\TSWYVIZEPYIW MRGPYHIHMRIZIV]6%;´PI
7IXXMRKXLI)\TSWYVIWPMHIV 9WMRKXLI)\TSWYVIWPMHIVMWTVIXX] WXVEMKLXJSV[EVH;LIRERMQEKISTIRWMR %'6XLI)\TSWYVIWPMHIVMWWIXEX^IVS[MXL XLIMQEKI %¨W7LSX©1SZMRKXLIWPMHIVXS XLIVMKLXMRGVIEWIWJWXSTWERHFVMKLXIRW XLIMQEKI1SZMRKXLIWPMHIVPIJXHIGVIEWIW JWXSTWERHHEVOIRWXLIMQEKI
/IITMRKXLI7RIEO4VIZMI[SZIVXLIVIMR QMRHYWMRKQYPXMTPII\TSWYVIWSJSRI MQEKI XLMROEFSYXLS[]SY[ERXXSI\TSWI ERMQEKI(S]SY[ERXXSTVSGIWWXLIMQEKI WSXLIWO]PSSOWKSSHSVWSXLIHIXEMPMRXLI JSVIKVSYRHMWZMWMFPI#=SYGERHSFSXL
1SZIXLIWPMHIVYRXMPXLIPMKLXWERHHEVOWSJ XLIMQEKIEVI[LIVI]SY[ERXXLIQ8LIVIMW RSWTIGM´GRYQFIVSVJSVQYPEXLEX]SYRIIH XSYWIXSKIXXLIVMKLXI\TSWYVI.YWXXVYWX ]SYVI]IW
7RIEO4VIZMI[-X«WTSWWMFPIXSGSQFMRIWIZIVEP I\TSWYVIWJVSQEWMRKPI6%;GETXYVIYWMRK
QYPXM6%;TVSGIWWMRKKVIEXP]MRGVIEWMRKXLIH]REQMG
VERKISJXLIGSQTSWMXIMQEKI*SVI\EQTPI]SY
GERLEZIERMQEKIXLEXWLS[WFSXLHIXEMPMREHEVO
WLEHS[IHEVIEERHFVMKLXWYRSREQSYRXEMRWMHI 8EOIEPSSOEXTEKIW¦XSPIEVRQSVI
EFSYXQYPXM6%;TVSGIWWMRK
8LILMWXSKVEQMRXLI %'6[MRHS[ 8LILMWXSKVEQXLEXETTIEVWMRXLI %'6[MRHS[[MXLERMQEKIWLS[W LS[XLIPMKLXERHHEVOZEPYIWMR XLIMQEKIEVIHMWXVMFYXIH[LIRXLI MQEKI[EWWLSX8LIPIJXWMHISJXLI LMWXSKVEQVITVIWIRXWXLIHEVOIWX EVIEWMRXLIMQEKITVSKVIWWMRK EGVSWWXLILMWXSKVEQXLVSYKLXLI MQEKIQMHXSRIWEXXLIQMHHPISJXLI LMWXSKVEQXSXLIPMKLXIWXEVIEWSJXLI MQEKISRXLII\XVIQIVMKLXSJXLI LMWXSKVEQ
7MRGIXLIMQEKIXSXLIVMKLXWLS[R EWMXSTIRIHMRXLI%'6[MRHS[SR TEKI MWPEVKIP]HEVOXLILMWXS KVEQXLEXETTIEVWMRXLI%'6[MRHS[ [MXLXLIMQEKIMWPEVKIP]FYRGLIH SZIVSRXLIPIJXWMHI
%REZIVEKIGSVVIGXI\TSWYVIWYGLEW ]SYVGEQIVE[SYPHKIRIVEXISR%YXS [SYPHTVSHYGIELMWXSKVEQ[MXLE QSYRXEMRMRXLIQMHHPIPMOIXLMWSRI
8LIVIEWSRXLEX-XIRHXSI\TSWI [MXLLMWXSKVEQWXLEXEVITYWLIHXS XLIPIJXMWXLEXMXMWIEWMIVXSVIWGYI YRHIVI\TSWIHEVIEWSJETLSXSXLER MXMWXSWEZIFPS[RSYXLMKLPMKLXW IZIRXLSYKLHEVOIVMQEKIWHSXIRH XSLEZIQSVIRSMWI
8LI*MPP0MKLX&PEGOWERH&VMKLXRIWWWPMHIVW 8LIVIEVISXLIVWPMHIVWSRXLI%'6[MRHS[XLEXMQTEGX SZIVEPPI\TSWYVI§XLIETTEVIRXSZIVEPPPMKLXRIWWERH HEVORIWWSJERMQEKI
-REHHMXMSRXSXLI)\TSWYVIWPMHIV-SJXIRYWIXLVIISXLIV WPMHIVWXSGSRXVSPXLIVERKISJHEVORIWWERHPMKLXRIWWMR ERMQEKI8LI]EVI*MPP0MKLX&PEGOWERH&VMKLXRIWW
-RGVIEWMRKXLI*MPP0MKLXF]QSZMRKXLIWPMHIVXSXLIVMKLX FVMKLXIRWWLEHS[EVIEW=SYGERMRGVIEWISVHIGVIEWIXLI SZIVEPPWXVIRKXLSJXLIHEVOEVIEWMRERMQEKIYWMRKXLI &PEGOWWPMHIV8LI&VMKLXRIWWWPMHIVMRGVIEWIWSVHIGVIEWIW XLIEQSYRXSJFVMKLXRIWWMRERMQEKI
;LMXIFEPERGIERH]SYVGEQIVE ;LIR]SYWIXXLI[LMXIFEPERGIMR]SYVGEQIVE ]SYEVIXIPPMRK]SYVGEQIVEXLIGSPSVXIQTIV EXYVISJXLIPMKLXWSYVGIYWIHXSMPPYQMREXI ]SYVWYFNIGX8LIGSPSVXIQTIVEXYVISJPMKLXMW I\TVIWWIHMRHIKVIIW/IPZMR*SVI\EQTPI HIKVIIW/IPZMRMWYWYEPP]XLIGSPSVXIQTIVEXYVI SJHE]PMKLXXS[EVHWXLIQMHHPISJXLIHE]
8LIVIEVIX[STSMRXWLIVI8LI´VWXMWXLEX QIEWYVMRKXLIGSPSVXIQTIVEXYVISJPMKLXMWRSX EWMQTPIMWWYIEW]SY[MPPSJXIRLEZIPMKLXJVSQ EZEVMIX]SJWSYVGIW-REHHMXMSRPMKLXGLERKIW (E]PMKLXXS[EVHWIEVP]IZIRMRKMWZIV]HMJJIVIRX JVSQHE]PMKLXMRXLIQMHHPISJXLIHE];MXLSYX EGSPSVWTIGXVSQIXIV]SYGER«XVIEPP]QIEWYVI GSPSVXIQTIVEXYVIEGGYVEXIP]
8LIWIGSRHTSMRXMWXLEXGEQIVEWLEZIER%YXS [LMXIFEPERGIWIXXMRK8LMWPIXWXLIGEQIVE QIEWYVIXLIPMKLXERHHSXLIFIWXMXGER
;LEXIZIV[LMXIFEPERGIWIXXMRK[EWYWIHXS WLSSXXLITMGXYVI[LIXLIVXLIGEQIVE[EWWIX SR%YXS[LMXIFEPERGISVRSX MW[LEXWLS[WYT MR%'6EWXLIHIJEYPX %¨W7LSX©ZEPYI
(IWTMXI[LMXIFEPERGIFIMRKELYKIFYKEFSS JSVQER]TLSXSKVETLIVW[LEX]SYWIXMXXSMR XLIGEQIVEHSIWR«XVIEPP]QEXXIVQYGLFIGEYWI MXMWGSQTPIXIP]EHNYWXEFPIMR%'6EJXIVXLIJEGX 8LISRP]X[SXLMRKW]SYVMRGEQIVE[LMXIFEP ERGIEJJIGXWEVIXLIETTIEVERGISJXLIMQEKISR XLI0'(WGVIIRSJ]SYVGEQIVEERHXLIWIXXMRK SJXLIMQEKI[LIRMX´VWXSTIRWMR%'6
9WMRKXLI8IQTIVEXYVIWPMHIV -WYKKIWXYWMRKXLI8IQTIVEXYVIWPMHIVXSQEOI XLIGSPSVWMRXLIMQEKIETTIEPMRKERHXLI[E] ]SY[SYPHPMOIXLIQ7SQIJSPOWNYWXMJ]XLMW EHNYWXQIRXF]WE]MRKXLEXXLI]EVIVIGVIEXMRK XLIWGIRIEWMXETTIEVIHXSXLIQFYX]SYHSR«X VIEPP]RIIHERI\GYWI(SR«X[SVV]EFSYXXLI XIGLRMGEPMXMIWSJEGGYVEXIXIQTIVEXYVIQIEWYVI QIRXERH[LMXIFEPERGI
9WMRK*PMGOVXSWXE]SVKERM^IH %JXIV-´RMWLTVSGIWWMRKMQEKIW-XEOI EREHHMXMSREPWXITXLEXMWWSQI[LEX YRYWYEP-QEOIWYVIXSYTPSEHEPS[ VIWSPYXMSRZIVWMSRXS*PMGOVER]SXLIV TLSXS´PIWLEVMRKWIVZMGI[SYPH[SVO EW[IPP 8LIR-XEKIEGLTLSXS[MXL TIVXMRIRX[SVHWSVTLVEWIW-GERRS[ YWIXLII\GIPPIRXWIEVGLJEGMPMXMIWEZEMP EFPISR*PMGOVERHXLI[IFXS´RHQ] XEKKIHMQEKIW3RGI-«ZIPSGEXIHER MQEKISR*PMGOV-GERYWIXLIHEXIMX [EWYTPSEHIHXSPSGEXIXLILMKLVIWSPY XMSRWSYVGI´PIWMRQ]EVGLMZI*SVQSVI EFSYXQEREKMRK]SYVMQEKI´PIWERH Digital Asset ManagementXEOIEPSSO EXTEKIW¦
'SPSVXIQTIVEXYVIERH]SYV GEQIVE 8LIGEQIVE«WQIEWYVIQIRXSJXLIGSPSV XIQTIVEXYVISJPMKLXEWWYQIWXLEXXLI PMKLXMWFIMRKVIµIGXIHSJJER RIY XVEPKVE]WYVJEGI-JXLIVIMWEWMXYEXMSR [LIVI]SYRIIHXSEGGYVEXIP]QIEWYVI
GSPSVXIQTIVEXYVIERH[LMXIFEPERGI XLIR]SYWLSYPHMRGPYHIER RIYXVEP KVE]GEVHEZEMPEFPIJVSQTLSXSWYTTPM IVW MRSRISJ]SYVGETXYVIW=SYGER XLIRYWIXLI;LMXI&EPERGI8SSPMR%'6 XS´RHXLII\EGXGSPSVXIQTIVEXYVIF] GPMGOMRKSRXLIRIYXVEPKVE]GEVHMRXLI MQEKI
,IVI«WEWIEXSJXLITERXWXVMGOMJ]SY HSR«XLEZIERIYXVEPKVE]GEVHTIVLETW ]SYEVITLSXSKVETLMRKSRXLIXSTSJ 1SYRX)ZIVIWX ER]EVIEXLEXMWGPSWI XSXLI RIYXVEPKVE]ZEPYI[MPPHSMR ETMRGL
9WMRKXLI8MRXERH7EXYVEXMSR WPMHIVW 8LI8MRXERH7EXYVEXMSRWPMHIVWEVIXLI QEMRGSRXVSPWXLEX]SYLEZIXSEHNYWX XLISZIVEPPGSPSVSJERMQEKI
8LI8MRXWPMHIVWLSYPHFIYWIH´VWX FIGEYWIWQEPPEHNYWXQIRXWSJ8MRX LEZIEHVEQEXMGMQTEGX2SXIXLEXXLI 8MRXWPMHIVMWPSGEXIHVMKLXRI\XXSXLI 8IQTIVEXYVIWPMHIV-J]SYWIPIGXSRI SJXLI;LMXI&EPERGITVIWIXWJVSQXLI HVSTHS[RPMWXMXQE]WIXE8MRXWIXXMRK
EW[IPPEWE8IQTIVEXYVIWIXXMRK
8LI8MRXWPMHIVQSZIWXLVSYKLEGSPSV WTIGXVYQJVSQKVIIRSRXLIPIJXXS QEKIRXESRXLIVMKLX3JXIR-´RHXLEX -YWIE8MRXWIXXMRKSJEFSYX&YX XLMWMWWSQIXLMRKXLEXHITIRHWSRXLI MQEKIERH]SYVXEWXI7S]SYWLSYPH TPE][MXLXLI8MRXWPMHIVXSWII[LEX MQTEGXMXLEWSR]SYVMQEKI
3RGI]SYLEZIWIXXLI8IQTIVEXYVI WPMHIVERHXLI8MRXWPMHIVMX«WXMQIXS [SVO[MXLXLI7EXYVEXMSRWPMHIV%W
STTSWIHXSXLI8MRXWPMHIV[LMGL GLERKIWXLIGSPSVWTIGXVYQMR]SYVMQ EKIXLI7EXYVEXMSRWPMHIVGLERKIWXLI ETTEVIRXVMGLRIWWSJXLIGSPSVWTIGXVYQ MRXLIMQEKI
;LMPIMXMWEPPEQEXXIVSJXEWXIMXMW [SVXLRSXMRKXLEXXLI7EXYVEXMSRWPMHIV GERFISZIVYWIH7SQIXMQIWLIEZMP] WEXYVEXIHMQEKIV]MWHSRIF]GLSMGIXS GVIEXIEWTIGM´GIJJIGXLS[IZIVXLMW OMRHSJWEXYVEXMSRGERPSSOEVXM´GMEP ERHYRREXYVEP
9WMRKXLI:MFVERGIWPMHIV 8LI:MFVERGIWPMHIV[SVOWMREWMQMPEV JEWLMSRXSXLI7EXYVEXMSRWPMHIVFYX TVMQEVMP]STIVEXIWSRPS[WEXYVEXMSR GSPSVW8LI:MFVERGIWPMHIVHSIWR«X
GLERKIGSPSVWXLEXEVIEPVIEH]LMKLP] WEXYVEXIH1YGLSJXLIXMQI]SY«PP[ERX XSQSZIXLI:MFVERGIWPMHIVEPSRK[MXL XLI7EXYVEXMSRWPMHIV,S[IZIVXLIVIEVI WSQIWMXYEXMSRW[LIVI]SY«PP[ERXXS
EHNYWXXLI:MFVERGIWPMHIV[MXLSYX XLI7EXYVEXMSRWPMHIV§JSVI\EQTPI MRGVIEWMRKXLIWEXYVEXMSRMRETLSXS [MXLTISTPI[LIR]SYHSR«X[ERXXS QEOIWOMRXSRIWPSSO[IMVH
3RGI]SYLEZIQYPXM6%;TVSGIWWMRKYRHIV]SYVFIPXTEKIW¦]SYGERYWIZEVMEXMSRWMR8MRXWIXXMRKWWSSRIEVIESJXLI´REPGSQTSWMXIMQEKILEWSRIXMRXWIXXMRK[LMPIERSXLIVEVIELEWEHMJJIVIRXWIXXMRK
7EZMRK]SYV%'6WIXXMRKW ;LIR]SY´RMWLTVSGIWWMRKERMQEKI QEOIWYVIXSWEZIXLI%'6WIXXMRKW 8LEX[E]MJ]SYLEZIERSXLIVMQEKI ]SY[ERXXSTVSGIWWMRI\EGXP]XLIWEQI [E]SV]SY[ERXXSSTIRERSXLIVGST] SJXLIWEQIMQEKI ]SYGERNYWXPSEH XLIWIXXMRKWMRWXIEHSJVIMRZIRXMRKXLI [LIIP
8SHSXLMWGPMGOXLIXMR]FYXXSREXXLI VMKLXSJXLI%'6[MRHS[ERHGLSSWI 7EZI7IXXMRKWJVSQXLIµ]SYXQIRY
-RXLI7EZI7IXXMRKWHMEPSKXLEXSTIRW WIPIGX&EWMGJVSQXLI7YFWIXHVSTHS[R PMWXXLIRGPMGO7EZIERHWEZIXLI´PIMR XLIWEQIJSPHIV[LIVIXLIMQEKIMWWS ]SY«PPORS[[LIVIXS´RHMXEKEMR§%'6 [MPPXV]XSQEOI]SYWEZIMXMREKIRIVEP WIXXMRKWJSPHIV
3TIRMRK]SYVMQEKIMR 4LSXSWLST 3RGI]SYLEZIEPPXLIWPMHIVWWIXXLI [E]]SY[ERXXLIQMX«WXMQIXSSTIR ]SYVTVSGIWWIHMQEKIMR4LSXSWLST
(SR«XNYWXGPMGOXLI3TIR-QEKIFYXXSR LS[IZIV-J]SYHSXLEXEPPXLISVMKMREP %¨W7LSX©WIXXMRKWXLI[E]XLIWIXXMRKW EVI[LIRXLIMQEKISVMKMREPP]STIRW
MR%'6 [MPPFISZIV[VMXXIR[MXLXLI GYVVIRXWPMHIVWIXXMRKW
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3ZIVXLI]IEVW-«ZIGVIEXIHE[SVOµS[ XLEXPIXWQIPSKMGEPP]XEOIGEVISJ EVGLMZMRKERHZIVWMSRMRKQ]HMKMXEP ´PIW[LMPI-TVSGIWWXLIQ
-X«WRSXMQTSVXERXXLEX]SYI\EGXP] JSPPS[Q][SVOµS[FYXMXMWMQTSVXERX XLEX]SYHSLEZIE[SVOµS[MRTPEGI XLEX]SYJSPPS[-J]SYYWIE[SVOµS[ XLIR]SY«PPFIEFPIXSPIX]SYV MRWTMVEXMSRERHGVIEXMZMX]WSEV
3VKERM^MRK´PIWERHJSPHIVW 'LIGOSYXXLIJSPHIVWXVYGXYVIWLS[R MRXLI*MRHIV[MRHS[FIPS[MJ]SY«VI YWMRKE;MRHS[WQEGLMRI;MRHS[ )\TPSVIV[SYPHPSSOQYGLXLIWEQI [MXLEXVIIX]TI´PIWXVYGXYVI 7IXYT
WSQIXLMRKWMQMPEVXSOIIT]SYVWIPJ SVKERM^IH
8LIWGLIQI-YWIMWXSGVIEXIEGLVSR SPSKMGEPLMIVEVGL]SJJSPHIVWF]]IEV ;MXLMRIEGL]IEVIEGLJSPHIVMWREQIH [MXLXLI]IEVQSRXLERHHEXIWSXLI] EVIPMWXIHGLVSRSPSKMGEPP]-REHHMXMSR- EHHEJI[[SVHWXSXLIJSPHIVREQIXS HIWGVMFI[LEXMQEKIWEVIMRXLIJSPHIV 8LMW[E]MJ-ORS[XLIHEXI[LIR- XSSOERMQEKI-GER´RHXLIVIPEXIH ´PIW8LIHIWGVMTXMZI[SVHWPIXQI WIEVGLF]OI][SVHYWMRKEGSQQSR XSSPPMOI*MRHIVSRXLI1EGERH7IEVGL SRXLIQEMR;MRHS[WXEWOFEV
'VIEXMRKEGSQTVILIRWMZISVKERM^IH JSPHIVWXVYGXYVIPMOIXLMWMWTEVXSJ Digital Asset Management(%1
1EREKMRK]SYVMQEKI´PIW =SYQE]LEZILIEVHEPSXEFSYXRSR HIWXVYGXMZIMQEKIIHMXMRK8LIMHIESJ RSRHIWXVYGXMZIIHMXMRKMWXLEX]SYV IHMXWEVIGVIEXIHWITEVEXIP]JVSQXLI SVMKMREP´PIWSXLEXXLISVMKMREPMXWIPJ MWRIZIVGLERKIH)\EQTPIWMRGPYHI XLIWITEVEXI<14´PIXLEX%'6GVIEXIW JVSQE6%;SVMKMREPERHEHNYWXQIRX PE]IVWMR4LSXSWLST-RXLIWIGEWIW XLIWITEVEXI´PISVEHNYWXQIRXPE]IV MWEOMRHSJKPSWWSVERRSXEXMSR=SY HSR«XGLERKIXLISVMKMREPMRWXIEH]SY TVSZMHIMRWXVYGXMSRWEFSYXLS[XLI SVMKMREPWLSYPHFIGLERKIH
-RWSQI[E]WXLIGSRGITXSJRSR HIWXVYGXMZIIHMXMRKLEWXLMRKWI\EGXP] VMKLX=SYWLSYPHRIZIVEPXIVERSVMKM REPMQEKI´PIMX«WEGXYEPP]UYMXILEVH XSHSXLMWYWMRK4LSXSWLSTFIGEYWI 4LSXSWLSTWEZIW]SYV6%;´PIWEW 47(SV8-**´PIW[MXLSYXXLIEFMPMX]XS SZIV[VMXIXLISVMKMREP´PI
,S[IZIV-HSR«X´RHXLEXIHMXMRK [MXLEFEWIMQEKIERHEWXEGOSJ EHNYWXQIRXPE]IVWSRXST[SVOWJSV QIFIGEYWIWSQISJXLI4LSXSWLST
HEVOVSSQ[SVO-HSMWUYMXIGSQTPI\ -XWMQTP]KIXWXSSGSQTPMGEXIHERH XSSWPS[SRGI]SYLEZIQSVIXLER PE]IVWSVEHNYWXQIRXPE]IVWMRER] MQEKIWXEGO
7SQIXLMRKRIIHWXSXEOIXLITPEGI SJRSRHIWXVYGXMZIMQEKIIHMXMRK8LI GVMXIVMESJXLMWWSQIXLMRKQYWXQIIX JSYVTSMRXW
8LISVMKMREPLEWXSFIGSQTPIXIP] YRXSYGLIH
)ZIV]QENSVWXITHYVMRKIHMXMRKLEW XSFIWEZIHERHEVGLMZIH
-XWLSYPHFITSWWMFPIXSXVEGOXLI IHMXMRKXSYRHIVWXERHLS[XLI VIWYPXWMRER]SJXLIMRXIVQIHMEXI WXITW[IVISFXEMRIH
2SWMRKPI´PIWLSYPHKIXWSFMKERH GSQTPMGEXIHEWXSFIHMJ´GYPXXS [SVOSR8LMWSJGSYVWIHITIRHW SRXLILEVH[EVI]SYEVIYWMRK %PWSEWETVEGXMGEPQEXXIV]SY TVSFEFP]HSR«X[ERXQSVIXLER PE]IVWMRER]MQEKI´PI
1]ERW[IVXSXLMWTVSFPIQMWEW]WXIQ SJcheckpoints)ZIV]XMQI-LMXEQENSV
WXITMRXLIIHMXMRKTVSGIWW-WEZIE ZIVWMSRSJXLI´PI9WYEPP]XLIZIVWMSR MWQYPXMPE]IVIH%WERI\XWXIT-µEX XIRXLIPE]IVWWS-«QFEGOXSEWMRKPI PE]IVMQEKIERHXLIR-WEZIEGST]YR HIVERSXLIVREQI8LIMRXIVREPPE]IVW SJXLITVMSVWEZIH´PI EPPS[QIXS XVEGOQ]TVSKVIWWERHPIXQIKSFEGO XSERIEVPMIV¨GLIGOTSMRX©MJ-RIIHXS
*SVEX]TMGEPMQEKIGSRZIVWMSR-IRH YTWEZMRKSV[SVOMRTVSKVIWW ´PIW)EGLSRISJXLIWI´PIWGSRXEMRW JVSQXSPE]IVW8LIHS[RWMHISJ XLMWMWXLEX-XEOIYTQSVILEVHHVMZI WTEGIXLERMJ-[IVIYWMRKEHNYWXQIRX PE]IVW%WSTTSWIHXSEREHNYWXQIRX PE]IVIEGLVIKYPEVPE]IVHSYFPIWXLI MQEKI´PIWM^I-J-[EWHSMRKXLMW[MXL EWMRKPIPE]IVHSGYQIRXMRWXIEHSJ ´PIW[MXLPE]IVW-«HIRHYT[MXL ´PI[MXLPE]IVW8LITVSFPIQMW XLEXXLIPE]IV´PI[LMPIFIMRKQSVI µI\MFPIMWXSSQYGLJSVQSWXGSQTYX IVWXSLERHPIRMGIP]MXEPWSHSIWR«X KMZI]SYELEVHGLIGOTSMRXMRGEWI ]SY[ERXXSKSFEGOXSETVIZMSYW ZIVWMSR
'ST]VMKLXMRKMQEKIW %RSXLIVTEVXSJ(MKMXEP%WWIX 1EREKIQIRXMWTVSXIGXMRK ]SYVMQEKIWWSXLI]EVIPIWW PMOIP]XSFIYWIH[MXLSYX]SYV TIVQMWWMSR
-XMWTSWWMFPIXSEHHE [EXIVQEVOXS]SYVTLSXSWEW EHIXIVVIRXXSXLIJX8LIVIEVI WIZIVEPQIXLSHW]SYGSYPH YWIXSEHH[EXIVQEVOWXS ]SYVTLSXSW&YXQ]S[R STMRMSRMWXLEXXLIIWXLIXMGW SJ[EXIVQEVOWEVISFRS\MSYW IRSYKLXLEX-HSR«XHSMX
,S[IZIVXLIVI«WRSI\GYWI JSVRSXQEVOMRK]SYVMQEKIEW GST]VMKLXIHMR4LSXSWLST8S QEVOERMQEKIEWGST]VMKLXIH GLSSWI*MPI*MPI-RJS3RXLI (IWGVMTXMSRXEFSJXLI*MPI-RJS HMEPSKGLSSWIXLI'ST]VMKLX 7XEXYWHVSTHS[RPMWXERH WIPIGX'ST]VMKLXIHF]HIJEYPX XLMWMWWIXXS9RORS[R =SY WLSYPHEPWSEHHE[IFPMRO MRXLI'ST]VMKLX-RJS960XI\X FS\=SYWLSYPHIRXIV]SYV REQIEWXLI%YXLSVSJXLIMQ EKI3RISXLIVXLMRK-EP[E]W HSMWEHHQ]GST]VMKLXRSXMGI XSXLI(IWGVMTXMSRXI\XFS\
3RGI]SYLEZIIRXIVIH]SYV MRJSGPMGO3/8LIXMXPIFEVSJ XLIMQEKI[MPPRS[WLS[XLEX MXMWGST]VMKLXIH
8LMWTLSXSMWXLI´RMWLIHZIVWMSRSJ XLISRI]SY«ZIFIIRWIIMRKMRXLMW WIGXMSRWMRGITEKI8EOIEPSSOEX XLISVMKMREP6%;GETXYVIMR&VMHKISR TEKI
-TVSGIWWIHXLIWEQIMQEKIX[MGIMR %'6§-QEHISRIZIVWMSRJSVXLIWO] MKRSVMRKXLIHEVOJSVIKVSYRH ERH XLIWIGSRHZIVWMSRJSVXLIJSVIKVSYRH MKRSVMRKXLIFPS[RSYXWO] 8LIR- PE]IVIHXLIX[SMQEKIWMR4LSXSWLST ERHYWIHElayer maskERHgradientXS FPIRHXLIX[SZIVWMSRWXSKIXLIV8LMWMW GEPPIHmulti-RAW processing
=SYGERYWIXLIWIWEQIPE]IVMRK XIGLRMUYIWXSIRLERGI]SYVTLSXSW 7SXYVRXLITEKIERHKIXVIEH]XS [SVOGVIEXIERHTPE][MXLQYPXM6%; TVSGIWWMRKMRXLI4LSXSWLSTHEVOVSSQ
%VGLMZMRK]SYV´PIW 8LIVI«WRSTIVJIGX[E]XSEVGLMZI ER]HMKMXEP´PI'SRXVEV]XS[LEX QER]TISTPIFIPMIZI'(631ERH (:(HMWOWEVIMRLIVIRXP]YRWXEFPI KIRIVEPP]VEXIH[MXLEWLIPJPMJISJSRP] ]IEVW
8LIKSSHRI[WMWXLEXWXSVEKIQIHME MWFIGSQMRKEPSXPIWWI\TIRWMZI% KSSHXLMRKMRHIIH[LIR]SYGSRWMHIV
XLEXHMKMXEPTLSXS´PIWXLIQWIPZIWEVI KIXXMRKPEVKIVWSQISJQ]TVSGIWWIH MQEKIWEVIQSVIXLER+& ;LIR ]SY[SVOSRE´PIMRXLI4LSXSWLST HEVOVSSQ]SYKIXQYPXMTPIZIVWMSRW SJXIR[MXLMRGVIEWIH´PIWM^IJSV MRWXERGIIEGLPE]IVMRERMQEKI EPQSWXHSYFPIWXLI´PIWM^I
=SYWLSYPHLEZIEXPIEWXGSTMIWSJ IZIV]HMKMXEP´PI]SYEVIEVGLMZMRK 4VIJIVEFP]]SYWLSYPHOIITSRIGST]
SJJWMXI-VIGSQ QIRHRIX[SVO EXXEGLIHWXSVEKI YRMXWMR6%-( GSR´KYVEXMSR PMOIXLI&YJJEPS 8IGLRSPSK]YRMXWLS[RLIVI
-LEZIX[SSJXLIWIYRMXWMRQ]SJ´GI JSVEXSXEPSJ8&SJWXSVEKI,S[IZIV XLI]EVI´PPMRKYTWS-[MPPFIEHHMRK ERSXLIVX[SYRMXWWSSR
