&$7$/2*86 :$ 5 0 (/8&+7 72 (67(//(1
!
:DUPHOXFKWWRHVWHOOHQ
'LHVHOPRGHOOHQ VWUDOLQJVZDUPWH
37 2)5 (8
37 66 (8
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
*HZLFKW 3ULMV
%78 K .FDO K N: K
O O K K Pñ 9 +] PP NJ ¼
37 66 (8 VWUDOLQJVZDUPWH SHWUROHXP GLHVHO QHH [ [ ZZZ Y\QFNLHU EL]
37 2)5 (8 VWUDOLQJVZDUPWH SHWUROHXP GLHVHO QHH [ [
:DUPHOXFKWWRHVWHOOHQ
'LHVHOPRGHOOHQ JHYHQWLOHHUGH ZDUPWH
37 7 .)$ (8
37 7 .)$ (8
37 7 .)$ (8
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
*HZLFKW 3ULMV
%78 K .FDO K N: K
O O K K Pñ 9 +] PP NJ ¼
37 7 .)$ (8 JHYHQWLOHHUGH OXFKW SHWUROHXP GLHVHO MD [ [
37 7 .)$ (8 JHYHQWLOHHUGH OXFKW SHWUROHXP GLHVHO MD [ [
LQGLFDWLHYH YHUNRRSSULM]HQ LQ ¼ H[FO %7: DFWXHOH YHUNRRSSULM]HQ RS ZZZ Y\QFNLHU EL]
37 7 .)$ (8 JHYHQWLOHHUGH OXFKW SHWUROHXP GLHVHO MD [ [
!
:DUPHOXFKWWRHVWHOOHQ
*DVPRGHOOHQ JHYHQWLOHHUGH ZDUPWH
37 9 *)$ ( 37 9 *)$ (
*DVVODQJ P
2QWVSDQQHU 32/
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
*HZLFKW 3ULMV
%78 K .FDO K N: K
O K Pñ 9 +] PP NJ ¼
37 9 *)$ ( JHYHQWLOHHUGH OXFKW SURSDDQ JDV QHH [ [ ZZZ Y\QFNLHU EL]
37 9 *)$ ( JHYHQWLOHHUGH OXFKW SURSDDQ JDV QHH [ [
:DUPHOXFKWWRHVWHOOHQ
(OHNWULVFKH PRGHOOHQ JHYHQWLOHHUGH ZDUPWH
37
37
3URWHPS 37 (OHFWULVFK YHUZDUPLQJVWRHVWHO JHVFKLNW YRRU KHW YHUZDUPHQ YDQ ZHUNSODDWVHQ ZHUYHQ YHUEUXLNW JHHQ ]XXUVWRI HQ JHHIW JHHQ YRFKW RI JHXU DI PHHUVWDQGHQ VFKDNHODDU YRRU YHQWLODWRU HQ WKHUPRVWDDW WKHUPLVFK EHYHLOLJG HQ JHOXLGVDUP JHOHYHUG PHW NDEHO HQ VWHNNHU NDQ RS GH JURQG RI DDQ GH PXXU JHPRQWHHUG ZRUGHQ DDQVOXLWLQJ RS 9 37 HQ 37 RI [ 9 37 HQ 37 EHYHLOLJLQJVNODVVH ,3; &( JHNHXUG 2UGHU QU 2ULJ QU $IJHJHYHQ ZDUPWH $IJHJHYHQ ZDUPWH 7KHUPRVWDDW 9ROWDJH )UHTXHQWLH $IPHWLQJHQ O [ E [ K
*HZLFKW 3ULMV
%78 K N: K 9 +] PP NJ ¼
37 MD [ [
37 MD [ [
LQGLFDWLHYH YHUNRRSSULM]HQ LQ ¼ H[FO %7: DFWXHOH YHUNRRSSULM]HQ RS ZZZ Y\QFNLHU EL]
37 MD [ [ [
37 MD [ [ [
!
:DUPHOXFKWWRHVWHOOHQ
*DVPRGHOOHQ VWUDOLQJVZDUPWH
37 77 3URWHPS 37 ,QIUDURRG SURSDDQ JDVYHUZDUPHU KHHO JHVFKLNW DOV WHUUDVYHUZDUPHU RI YRRU KHW YHUZDUPHQ YDQ NOHLQH JHYHQWLOHHUGH ZHUNUXLPWHQ RI WHQWHQ HI¿FLsQWH RXWSXW YDQ N: NHUDPLVFKH SODDW JHPDNNHOLMN LQ JHEUXLN HQ WUDSORRV LQVWHOEDDU YHLOLJ LQ JHEUXLN JDVWRHYRHU WKHUPR HOHNWULVFK EHZDDNW GRRU 2'6 6DIHW\ 6\VWHP JHOHYHUG PHW YRHWMH ]RQGHU JDVVODQJ HQ RQWVSDQQHU NDQ QLHW ZRUGHQ EHYHVWLJG DDQ HHQ PXXU &( JHNHXUG 2UGHU QU 2ULJ QU $IJHJHYHQ ZDUPWH $IJHJHYHQ ZDUPWH :DUPWH W\SH %UDQGVWRI *DVYHUEUXLN *DVYHUEUXLN 7KHUPRVWDDW 0D[ YHUZDUPEDUH UXLPWH $IPHWLQJHQ O [ E [ K
3ULMV
37 77 VWUDOLQJVZDUPWH SURSDDQJDV QHH [ [
%78 K N: K / K J K Pñ PP ¼ ZZZ Y\QFNLHU EL]
:DUPHOXFKWWRHVWHOOHQ
37 $ &+
3URWHPS 37 ,QIUDURRG SURSDDQ JDVNDFKHO KHHO JHVFKLNW LQ JHYHQWLOHHUGH NDQWRUHQ UHIWHUV RI ZRRQUXLPWHV HI¿FLsQWH RXWSXW YDQ N: NHUDPLVFKH SODDW JHPDNNHOLMN WH YHUSODDWVHQ HQ LQVWHOEDDU LQ ZDUPWHVWDQGHQ YHLOLJ LQ JHEUXLN JDVWRHYRHU WKHUPR HOHNWULVFK EHZDDNW GRRU 2'6 6DIHW\ 6\VWHP JHOHYHUG ]RQGHU JDVVODQJ HQ RQWVSDQQHU &( JHNHXUG 2UGHU QU 2ULJ QU $IJHJHYHQ ZDUPWH $IJHJHYHQ ZDUPWH :DUPWH W\SH %UDQGVWRI *DVYHUEUXLN *DVYHUEUXLN 7KHUPRVWDDW 0D[ YHUZDUPEDUH UXLPWH $IPHWLQJHQ O [ E [ K
3ULMV
%78 K N: K / K J K Pñ PP ¼
37 $ &+ VWUDOLQJVZDUPWH SURSDDQJDV QHH [ [ LQGLFDWLHYH YHUNRRSSULM]HQ LQ ¼ H[FO %7: DFWXHOH YHUNRRSSULM]HQ RS ZZZ Y\QFNLHU EL]
3URWHPS LV D UHJLVWHUHG WUDGHPDUN RI 3LQQDFOH 3URGXFWV ,QF 86$
352'8&7,1)250$7,(
,1)5$522':$507( 9(5686 &219(&7,(:$507( ,Q WHJHQVWHOOLQJ WRW LQIUDURRGYHUZDUPLQJ ]LMQ GH PHHVWH YHUZDU PLQJVNDQDOHQ ]RDOV RRN HHQ UDGLDWRU SULPDLU JHEDVHHUG RS FRQYHFWLH (HQ JURRW QDGHHO YDQ FRQYHFWLH LV GDW HU HHQ OXFKW VWURRP RSWUHHGW 'H UXLPWH ZRUGW GDQ RQHYHQZLFKWLJ YHUZDUPG &RQYHFWLH ZDUPWH JHYHQWLOHHUGH ZDUPWH
,QIUDURRGZDUPWH VWUDOLQJVZDUPWH
*HHQ OXFKWVWURRP SHUVRQHQ HQ REMHFWHQ ZRUGHQ GLUHFW RSJHZDUPG *HHQ NRXGHYRHWHQHIIHFW &RQVWDQWH UHODWLHYH YRFKWLJKHLG JHHQ FRQGHQVDWLH /DJH YHQWLODWLHYHUOLH]HQ
'HDOHU
%HOX[ /HYHQG :DWHUODDQ $YHQXH GH O¶(DX 9LYH % 0RHVNURHQ 0RXVFURQ 1HGHUODQG 'LVWULEXWLHZHJ 1/ (- 'HOIJDXZ
,QGLFDWLHYH SULM]HQ LQ ¼ H[FO %7: JHOGLJ WRW PDDU ]LMQ JHHQV]LQV ELQGHQG HQ NXQQHQ WHQ DOOH WLMGH ZRUGHQ DDQJHSDVW UHNHQLQJ KRXGHQG PHW JHEHXUOLMNH NRHUVVFKRPPHOLQJHQ 'H DUWLNHOHQ LQ GH]H FDWDORJXV ]LMQ VHL]RHQVDUWLNHOHQ HQ ]LMQ OHYHUEDDU WRW XLWSXWWLQJ YRRUUDDG
5HI &$73527
:DUPHOXFKWVWURRP :DUPH OXFKW VWLMJW NRXGH OXFKW GDDOW NRXGHYRHWHQHIIHFW *HHQ FRQVWDQWH UHODWLHYH YRFKWLJKHLG FRQGHQVDWLHYRFKW RS UDPHQ HQ GHXUHQ 9ULM KRRJ HQHUJLHYHUOLHV GRRU YHQWLODWLH *URHL YDQ KXLVVWRIPLMW ZRUGW JHVWLPXOHHUG
9 8 %DUW 9\QFNLHU 0RHVNURHQ 9HUERGHQ RS GH RSHQEDUH ZHJ WH JRRLHQ