Download BlueWalker 10120557

Transcript
KŶůŝŶĞhW^
E
WŽǁĞƌtĂůŬĞƌϲϬϬϬ>ͬWŽǁĞƌtĂůŬĞƌϭϬϬϬϬ>
WŽǁĞƌtĂůŬĞƌs&/ϲϬϬϬͬZ>ͬWŽǁĞƌtĂůŬĞƌs&/ϭϬϬϬϬͬZ>
0DQXDO(175
8QLQWHUUXSWLEOH3RZHU6XSSO\6\VWHP
E
3OHDVH FRPSO\ ZLWK DOO ZDUQLQJV DQG RSHUDWLQJ
LQVWUXFWLRQV LQ WKLV PDQXDO VWULFWO\ 6DYH WKLV
PDQXDOSURSHUO\DQGUHDGFDUHIXOO\WKHIROORZLQJ
LQVWUXFWLRQV EHIRUH LQVWDOOLQJ WKH XQLW 'R QRW
RSHUDWH WKLV XQLW EHIRUH UHDGLQJ WKURXJK DOO
VDIHW\ LQIRUPDWLRQ DQG RSHUDWLQJ LQVWUXFWLRQV
FDUHIXOO\
7DEOHRI&RQWHQWV
6$)(7<$1'(0&,16758&7,216
75$163257$7,21$1'6725$*(
35(3$5$7,21
,167$//$7,21
23(5$7,21
67$1'$5'6
,167$//$7,21$1'23(5$7,21
813$&.,1*$1',163(&7,21
5($53$1(/9,(:
6,1*/(836,167$//$7,21
62)7:$5(,167$//$7,21
23(5$7,216
%8772123(5$7,21
/(',1',&$7256$1'/&'3$1(/
$8',%/($/$50
6,1*/(83623(5$7,21
$%%5(9,$7,210($1,1*,1/&'',63/$<
/&'6(77,1*
23(5$7,1*02'(67$786'(6&5,37,21
)$8/7&2'(
:$51,1*,1',&$725
7528%/(6+227,1*
6725$*($1'0$,17(1$1&(
6725$*(
0$,17(1$1&(
63(&,),&$7,216
2
E
6DIHW\DQG(0&LQVWUXFWLRQV
3OHDVHUHDGFDUHIXOO\WKHIROORZLQJXVHUPDQXDODQGWKHVDIHW\LQVWUXFWLRQVEHIRUHLQVWDOOLQJWKHXQLWRUXVLQJ
WKHXQLW
7UDQVSRUWDWLRQDQG6WRUDJH
E
3OHDVH WUDQVSRUW WKH 836 V\VWHP RQO\ LQ WKH RULJLQDO SDFNDJH WR SURWHFW DJDLQVW VKRFN DQG
LPSDFW
7KH836PXVWEHVWRUHGLQWKHURRPZKHUHLWLVYHQWLODWHGDQGGU\
3UHSDUDWLRQ
&RQGHQVDWLRQPD\RFFXULIWKH836V\VWHPLVPRYHGGLUHFWO\IURPFROGWRZDUPHQYLURQPHQW
7KH836V\VWHPPXVWEHDEVROXWHO\GU\EHIRUHEHLQJLQVWDOOHG3OHDVHDOORZDWOHDVWWZRKRXUVIRUWKH
836V\VWHPWRDFFOLPDWHWKHHQYLURQPHQW 'RQRWLQVWDOOWKH836V\VWHPQHDUZDWHURULQPRLVWHQYLURQPHQWV
'RQRWLQVWDOOWKH836V\VWHPZKHUHLWZRXOGEHH[SRVHGWRGLUHFWVXQOLJKWRUQHDUE\KHDWHU
'RQRWEORFNYHQWLODWLRQKROHVLQWKH836KRXVLQJ
,QVWDOODWLRQ
'RQRWFRQQHFWDSSOLDQFHVRUGHYLFHVZKLFKZRXOGRYHUORDGWKH836HJELJPRWRUW\SH
HTXLSPHQWWRWKH836RXWSXWVRFNHWVRUWHUPLQDO 3ODFHFDEOHVLQVXFKDZD\WKDWQRRQHFDQVWHSRQRUWULSRYHUWKHP 'RQRWEORFNDLUYHQWVLQWKHKRXVLQJRI8367KH836PXVWEHLQVWDOOHGLQDORFDWLRQZLWKJRRG
YHQWLODWLRQ(QVXUHHQRXJKVSDFHRQHDFKVLGHIRUYHQWLODWLRQ 836KDVSURYLGHGHDUWKHGWHUPLQDOLQWKHILQDOLQVWDOOHGV\VWHPFRQILJXUDWLRQHTXLSRWHQWLDO
HDUWKERQGLQJWRWKHH[WHUQDO836EDWWHU\FDELQHWV
7KH836FDQEHLQVWDOOHGRQO\E\TXDOLILHGPDLQWHQDQFHSHUVRQQHO
$QDSSURSULDWHGLVFRQQHFWGHYLFHDVVKRUWFLUFXLWEDFNXSSURWHFWLRQVKRXOGEHSURYLGHGLQWKH
EXLOGLQJZLULQJLQVWDOODWLRQ
$QLQWHJUDOVLQJOHHPHUJHQF\VZLWFKLQJGHYLFHZKLFKSUHYHQWVIXUWKHUVXSSO\WRWKHORDGE\WKH
836LQDQ\PRGHRIRSHUDWLRQVKRXOGEHSURYLGHGLQWKHEXLOGLQJZLULQJLQVWDOODWLRQ &RQQHFWWKHHDUWKEHIRUHFRQQHFWLQJWRWKHEXLOGLQJZLULQJWHUPLQDO ,QVWDOODWLRQDQG:LULQJPXVWEHSHUIRUPHGLQDFFRUGDQFHZLWKWKHORFDOHOHFWULFDOODZVDQG
UHJXODWLRQV 2SHUDWLRQ
'RQRWGLVFRQQHFWWKHHDUWKFRQGXFWRUFDEOHRQWKH836RUWKHEXLOGLQJZLULQJWHUPLQDOVLQDQ\
WLPHVLQFHWKLVZRXOGFDQFHOWKHSURWHFWLYHHDUWKRIWKH836V\VWHPDQGRIDOOFRQQHFWHGORDGV 7KH836V\VWHPIHDWXUHVLWVRZQLQWHUQDOFXUUHQWVRXUFHEDWWHULHV7KH836RXWSXWVRFNHWVRU
RXWSXWWHUPLQDOEORFNVPD\EHHOHFWULFDOO\OLYHHYHQLIWKH836V\VWHPLVQRWFRQQHFWHGWRWKHEXLOGLQJ
ZLULQJRXWOHW ,QRUGHUWRIXOO\GLVFRQQHFWWKH836V\VWHPILUVWSUHVVWKH³2))´EXWWRQDQGWKHQGLVFRQQHFWWKH
PDLQV (QVXUHWKDWQROLTXLGRURWKHUIRUHLJQREMHFWVFDQHQWHULQWRWKH836V\VWHP 7KH836FDQEHRSHUDWHGE\DQ\LQGLYLGXDOVZLWKQRSUHYLRXVH[SHULHQFH 6WDQGDUGV
6DIHW\
,(&(1
(0,
&RQGXFWHG(PLVVLRQ,(&(1
&DWHJRU\&
5DGLDWHG(PLVVLRQ,(&(1
&DWHJRU\&
(06
(6',(&(1
/HYHO
56,(&(1 /HYHO
()7,(&(1
/HYHO
685*(,(&(1
/HYHO
&6,(&(1
/HYHO
3RZHUIUHTXHQF\0DJQHWLFILHOG,(&(1
/HYHO
/RZ)UHTXHQF\6LJQDOV,(&(1
:DUQLQJ 7KLV LV D SURGXFW IRU FRPPHUFLDO DQG LQGXVWULDO DSSOLFDWLRQ LQ WKH
VHFRQG HQYLURQPHQWLQVWDOODWLRQ UHVWULFWLRQV RU DGGLWLRQDO PHDVXUHV PD\ EH
QHHGHGWRSUHYHQWGLVWXUEDQFHV
4
E
,QVWDOODWLRQDQG2SHUDWLRQ
E
7KHUHDUHWZRGLIIHUHQWW\SHVRIRQOLQH836VWDQGDUGDQGORQJUXQPRGHOV3OHDVHUHIHUWRWKHIROORZLQJ
PRGHOWDEOH
0RGHO
7\SH
0RGHO
7\SH
.
./
.5
.5/
6WDQGDUG
/RQJUXQ
PRGHO
PRGHO
.
./
.5
.5/
8QSDFNLQJDQG,QVSHFWLRQ
8QSDFNWKHSDFNDJHDQGFKHFNWKHSDFNDJHFRQWHQWV7KHVKLSSLQJSDFNDJHFRQWDLQV
ł2QH836
ł2QHXVHUPDQXDO
ł2QHPRQLWRULQJVRIWZDUH&'
ł2QH56FDEOHRSWLRQ
ł2QH86%FDEOH ł2QHEDWWHU\FDEOHRSWLRQ
127(%HIRUHLQVWDOODWLRQSOHDVHLQVSHFWWKHXQLW%HVXUHWKDWQRWKLQJLQVLGHWKHSDFNDJHLVGDPDJHG
GXULQJWUDQVSRUWDWLRQ'RQRWWXUQRQWKHXQLWDQGQRWLI\WKHFDUULHUDQGGHDOHULPPHGLDWHO\LIWKHUHLVDQ\
GDPDJHRUODFNLQJRIVRPHSDUWV3OHDVHNHHSWKHRULJLQDOSDFNDJHLQDVDIHSODFHIRUIXWXUHXVH
5HDU3DQHO9LHZ
'LDJUDP..5HDU3DQHO
E
'LDJUDP././5HDU3DQHO 'LDJUDP././,QSXW2XWSXW7HUPLQDO
'LDJUDP.5/.5/5HDU3DQHO 'LDJUDP5DFN,QSXW2XWSXW7HUPLQDO
'LDJUDP5DFN%DWWHU\3DFN5HDU3DQHO
([WHUQDOEDWWHU\FRQQHFWRU
56FRPPXQLFDWLRQSRUW
,QWHOOLJHQWVORW
86%FRPPXQLFDWLRQ
(PHUJHQF\SRZHURIIIXQFWLRQFRQQHFWRU(32FRQQHFWRU
&RROLQJIDQ
,QSXWFLUFXLWEUHDNHU
,QSXW2XWSXWWHUPLQDO5HIHUWR'LDJUDPDQGIRUWKHGHWDLOV
0DLQWHQDQFHE\SDVVVZLWFK
2XWSXWWHUPLQDO
6
*URXQGLQJWHUPLQDO
8WLOLW\LQSXWWHUPLQDO
([WHUQDOPDLQWHQDQFHE\SDVVVZLWFKSRUW
%DWWHU\SDFNRXWSXWFLUFXLWEUHDNHU
E
6LQJOH836,QVWDOODWLRQ
,QVWDOODWLRQDQGZLULQJPXVWEHSHUIRUPHGLQDFFRUGDQFHZLWKWKHORFDOHOHFWULFODZVUHJXODWLRQVDQGH[HFXWH
WKHIROORZLQJLQVWUXFWLRQVE\SURIHVVLRQDOSHUVRQQHO
0DNHVXUHWKHPDLQVZLUHDQGEUHDNHUVLQWKHEXLOGLQJDUHLQFRPSOLDQFHZLWKWKHVWDQGDUGRIUDWHG
FDSDFLW\RI836WRDYRLGWKHKD]DUGVRIHOHFWULFVKRFNRUILUH
127('RQRWXVHWKHZDOOUHFHSWDFOHDVWKHLQSXWSRZHUVRXUFHIRUWKH836DVLWVUDWHGFXUUHQWLVOHVVWKDQ
WKH836¶VPD[LPXPLQSXWFXUUHQW2WKHUZLVHWKHUHFHSWDFOHPD\EHEXUQHGDQGGHVWUR\HG
6ZLWFKRIIWKHPDLQVVZLWFKLQWKHEXLOGLQJEHIRUHLQVWDOODWLRQ
7XUQRIIDOOWKHFRQQHFWHGGHYLFHVEHIRUHFRQQHFWLQJWRWKH836
3UHSDUHZLUHVEDVHGRQWKHIROORZLQJWDEOH
0RGHO
:LULQJVSHF$:*
,QSXW
2XWSXW
%DWWHU\
*URXQG
.
./
.
./
127(7KHFDEOHIRU../VKRXOGEHDEOHWRZLWKVWDQGRYHU$FXUUHQW,WLVUHFRPPHQGHGWR
XVH$:*RUWKLFNHUZLUHIRUVDIHW\DQGHIILFLHQF\
127(7KHFDEOHIRU../VKRXOGEHDEOHWRZLWKVWDQGRYHU$FXUUHQW,WLVUHFRPPHQGHGWR
XVH$:*RUWKLFNHUZLUHIRUVDIHW\DQGHIILFLHQF\
127( 7KH VHOHFWLRQV IRU FRORU RI ZLUHV VKRXOG EH IROORZHG E\ WKH ORFDO HOHFWULFDO ODZV DQG
UHJXODWLRQV
5HPRYHWKHWHUPLQDOEORFNFRYHURQWKHUHDUSDQHORI8367KHQFRQQHFWWKHZLUHVDFFRUGLQJWRWKH
IROORZLQJWHUPLQDOEORFNGLDJUDPV&RQQHFWWKHHDUWKZLUHILUVWZKHQPDNLQJZLUHFRQQHFWLRQ'LVFRQQHFW
WKHHDUWKZLUHODVWZKHQPDNLQJZLUHGLVFRQQHFWLRQ
,QSXW1HXWUDO
2XWSXW /LQH
,QSXW/LQH
2XWSXW 1HXWUDO
*URXQG
7HUPLQDO%ORFNZLULQJGLDJUDPIRU././
127(0DNHVXUHWKDWWKHZLUHVDUHFRQQHFWHGWLJKWO\ZLWKWKHWHUPLQDOV 127( 3OHDVH LQVWDOO WKH RXWSXW EUHDNHU EHWZHHQ WKH RXWSXW WHUPLQDO DQG WKH ORDG DQG WKH EUHDNHU
VKRXOGEHTXDOLILHGZLWKOHDNDJHFXUUHQWSURWHFWLYHIXQFWLRQLIQHFHVVDU\
3XWWKHWHUPLQDOEORFNFRYHUEDFNWRWKHUHDUSDQHORIWKH836
:DUQLQJ2QO\IRUVWDQGDUGPRGHO
E
ł0DNHVXUHWKH836LVQRWWXUQHGRQEHIRUHLQVWDOODWLRQ7KH836VKRXOGQRWEHWXUQHGRQGXULQJZLULQJ
FRQQHFWLRQ
ł'RQRWWU\WRPRGLI\WKHVWDQGDUGPRGHOWRWKHORQJUXQPRGHO3DUWLFXODUO\GRQRWWU\WRFRQQHFWWKH
VWDQGDUGLQWHUQDOEDWWHU\WRWKHH[WHUQDOEDWWHU\7KHEDWWHU\W\SHDQGYROWDJHDQGQXPEHUVPD\EH
GLIIHUHQW,I\RXFRQQHFWWKHPWRJHWKHULWPD\EHFDXVHVWKHKD]DUGRIHOHFWULFVKRFNRUILUH
:DUQLQJ2QO\IRUORQJUXQPRGHO
ł0DNHVXUHD'&EUHDNHURURWKHUSURWHFWLRQGHYLFHEHWZHHQ836DQGH[WHUQDOEDWWHU\SDFNLVLQVWDOOHG,I
QRWSOHDVHLQVWDOOLWFDUHIXOO\6ZLWFKRIIWKHEDWWHU\EUHDNHUEHIRUHLQVWDOODWLRQ
:DUQLQJ ł)RUVWDQGDUGEDWWHU\SDFNWKHUHDUHRQH'&EUHDNHUWRGLVFRQQHFWWKHEDWWHU\SDFNDQGWKH836%XWIRU
RWKHU H[WHUQDO EDWWHU\ SDFN PDNH VXUH D '& EUHDNHU RU RWKHU SURWHFWLRQ GHYLFH EHWZHHQ 836 DQG
H[WHUQDOEDWWHU\SDFNLVLQVWDOOHG,IQRWSOHDVHLQVWDOOLWFDUHIXOO\6ZLWFKRIIWKHEDWWHU\EUHDNHUEHIRUH
LQVWDOODWLRQ
127(6HWWKHEDWWHU\SDFNEUHDNHULQ³2))´SRVLWLRQDQGWKHQLQVWDOOWKHEDWWHU\SDFN
ł3D\KLJKO\DWWHQWLRQWRWKHUDWHGEDWWHU\YROWDJHPDUNHGRQWKHUHDUSDQHO,I\RXZDQWWRFKDQJHWKH
QXPEHUVRIWKHEDWWHU\SDFNSOHDVHPDNHVXUH\RXPRGLI\WKHVHWWLQJVLPXOWDQHRXVO\7KHFRQQHFWLRQ
ZLWKZURQJEDWWHU\YROWDJHPD\FDXVHSHUPDQHQWGDPDJHRIWKH8360DNHVXUHWKHYROWDJHRIWKH
EDWWHU\SDFNLVFRUUHFW
ł 3D\ KLJKO\ DWWHQWLRQ WR WKH SRODULW\ PDUNLQJ RQ H[WHUQDO EDWWHU\ WHUPLQDO EORFN DQG PDNH VXUH WKH
FRUUHFWEDWWHU\SRODULW\LVFRQQHFWHG:URQJFRQQHFWLRQPD\FDXVHSHUPDQHQWGDPDJHRIWKH836
8
ł0DNHVXUHWKHSURWHFWLYHHDUWKJURXQGZLULQJLVFRUUHFW7KHFXUUHQWVSHFFRORUSRVLWLRQFRQQHFWLRQDQG
FRQGXFWDQFHUHOLDELOLW\RIZLUHVKRXOGEHFKHFNHGFDUHIXOO\
ł0DNHVXUHWKHXWLOLW\LQSXWRXWSXWZLULQJLVFRUUHFW7KHFXUUHQWVSHFFRORUSRVLWLRQFRQQHFWLRQDQG
FRQGXFWDQFHUHOLDELOLW\RIZLUHVKRXOGEHFKHFNHGFDUHIXOO\0DNHVXUHWKH/1WHUPLQDOLVFRUUHFWQRW
UHYHUVHRUVKRUWFLUFXLWHG
E
6RIWZDUH,QVWDOODWLRQ
)RURSWLPDOFRPSXWHUV\VWHPSURWHFWLRQLQVWDOO836PRQLWRULQJVRIWZDUHWRIXOO\FRQILJXUH836VKXWGRZQ
2SHUDWLRQV
%XWWRQ2SHUDWLRQ
%XWWRQ
)XQFWLRQ E
21(QWHU%XWWRQ ¾ 7XUQRQWKH8363UHVVDQGKROGWKHEXWWRQPRUHWKDQVWRWXUQRQWKH836
¾ (QWHU.H\3UHVVWKLVEXWWRQWRFRQILUPWKHVHOHFWLRQLQVHWWLQJPHQX
2))(6&%XWWRQ ¾ 7XUQRIIWKH8363UHVVDQGKROGWKHEXWWRQPRUHWKDQVWRWXUQRIIWKH836
¾ (VFNH\3UHVVWKLVEXWWRQWRUHWXUQWRODVWPHQXLQVHWWLQJPHQX ¾ %DWWHU\WHVW3UHVVDQGKROGWKHEXWWRQPRUHWKDQVWRWHVWWKHEDWWHU\ZKLOH
LQ$&PRGHRU&9&)PRGH
¾ 83NH\3UHVVWKLVEXWWRQWRGLVSOD\QH[WVHOHFWLRQLQVHWWLQJPHQX
¾ 0XWHWKHDODUP3UHVVDQGKROGWKHEXWWRQPRUHWKDQVWRPXWHWKHEX]]HU
3OHDVHUHIHUWRVHFWLRQIRUGHWDLOV 0XWH'RZQ%XWWRQ ¾ 'RZQNH\3UHVVWKLVEXWWRQWRGLVSOD\SUHYLRXVVHOHFWLRQLQVHWWLQJPHQX
7HVW8S%XWWRQ
7HVW8S
0XWH'RZQ%XWWRQ
¾ 3UHVVDQGKROGWKHWZREXWWRQVVLPXOWDQHRXVPRUHWKDQVWRHQWHUHVFDSHWKH
VHWWLQJPHQX &9&)PRGHPHDQVFRQYHUWHUPRGH /(',QGLFDWRUVDQG/&'3DQHO /&'SDQHO
/('LQGLFDWRUV
/(',QGLFDWRUV
7KHUHDUH/('VRQIURQWSDQHOWRVKRZWKH836ZRUNLQJVWDWXV
0RGH /('
8366WDUWXS
%\SDVVPRGH
$&PRGH
%DWWHU\PRGH
&9&)PRGH
%DWWHU\7HVW
)DXOW
%\SDVV
/LQH
%DWWHU\
)DXOW
ł
ł
ż
ż
ż
ł
ż
ł
ż
ł
ż
ł
ł
ż
ł
ż
ż
ł
ż
ł
ż
ł
ż
ż
ż
ż
ż
ł
1RWHłPHDQV/('LVOLJKWLQJDQGżPHDQV/('LVIDGHG 10
/&'3DQHO E
'LVSOD\ )XQFWLRQ %DFNXSWLPHLQIRUPDWLRQ
,QGLFDWHVWKHEDFNXSWLPHLQQXPEHUV
)DXOWLQIRUPDWLRQ
+KRXUV0PLQXWHV6VHFRQGV
,QGLFDWHVWKDWWKHZDUQLQJDQGIDXOWRFFXUV
,QGLFDWHVWKHIDXOWFRGHVDQGWKHFRGHVDUHOLVWHGLQGHWDLOVLQVHFWLRQ
0XWHRSHUDWLRQ ,QGLFDWHVWKDWWKH836DODUPLVGLVDEOHG 2XWSXW%DWWHU\YROWDJHLQIRUPDWLRQ ,QGLFDWHVWKHRXWSXWYROWDJHIUHTXHQF\RUEDWWHU\YROWDJH
9DFRXWSXWYROWDJH9GFEDWWHU\YROWDJH+]IUHTXHQF\
/RDGLQIRUPDWLRQ ,QGLFDWHVWKHORDGOHYHOE\DQG ,QGLFDWHVRYHUORDG
,QGLFDWHVWKHORDGRUWKHRXWSXWLVVKRUW
0RGHRSHUDWLRQLQIRUPDWLRQ
,QGLFDWHVWKH836FRQQHFWVWRWKHPDLQV
,QGLFDWHVWKHEDWWHU\LVZRUNLQJ ,QGLFDWHVWKHE\SDVVFLUFXLWLVZRUNLQJ
,QGLFDWHVWKH,QYHUWHUFLUFXLWLVZRUNLQJ
,QGLFDWHVWKHRXWSXWLVZRUNLQJ
%DWWHU\LQIRUPDWLRQ
,QGLFDWHVWKH%DWWHU\FDSDFLW\E\DQG
E
,QGLFDWHVWKHEDWWHU\LVIDXOW
,QGLFDWHVORZEDWWHU\OHYHODQGORZEDWWHU\YROWDJH
,QSXW%DWWHU\YROWDJHLQIRUPDWLRQ
,QGLFDWHVWKHLQSXWYROWDJHRUIUHTXHQF\RUEDWWHU\YROWDJH
9DF,QSXWYROWDJH9GFEDWWHU\YROWDJH+]LQSXWIUHTXHQF\
$XGLEOH$ODUP 'HVFULSWLRQ
836VWDWXV
%\SDVVPRGH
%DWWHU\PRGH
)DXOWPRGH
:DUQLQJ
2YHUORDG /RZEDWWHU\
%DWWHU\XQFRQQHFWHG
2YHUFKDUJH
(32HQDEOH
)DQIDLOXUH2YHUWHPSHUDWXUH
&KDUJHUIDLOXUH
,3IXVHEURNHQ
2YHUORDGWLPHVLQPLQ
(32VWDWXV
&RYHURIPDLQWDLQVZLWFKLVRSHQ
)DXOW
%XVVWDUWIDLOXUH
%XVRYHU
%XVXQGHU
%XVXQEDODQFH
,QYHUWHUVRIWVWDUWIDLOXUH
+LJK,QYHUWHUYROWDJH /RZ,QYHUWHUYROWDJH
,QYHUWHURXWSXWVKRUWFLUFXLWHG
1HJDWLYHSRZHUIDXOW
%DWWHU\6&5VKRUWFLUFXLWHG
,QYHUWHUUHOD\VKRUWFLUFXLWHG
2YHUWHPSHUDWXUH
&38FRPPXQLFDWLRQIDLOXUH
2YHUORDG
%X]]HUVWDWXV
0XWHG
%HHSLQJRQFHHYHU\PLQXWHV
%HHSLQJRQFHHYHU\VHFRQGV
%HHSLQJFRQWLQXRXVO\
<HV
%HHSLQJWZLFHHYHU\VHFRQG
%HHSLQJRQFHHYHU\VHFRQG
%HHSLQJFRQWLQXRXVO\
12
1R
<HV
6LQJOH8362SHUDWLRQ
7XUQRQWKH836ZLWKXWLOLW\SRZHUVXSSO\LQ$&PRGH E
$IWHUSRZHUVXSSO\LVFRQQHFWHGFRUUHFWO\VHWWKHEUHDNHURIWKHEDWWHU\SDFNDW³21´SRVLWLRQWKH
VWHSRQO\DYDLODEOHIRUORQJUXQPRGHO7KHQVHWWKHLQSXWEUHDNHUDW³21´SRVLWLRQ$WWKLVWLPH
WKHIDQLVUXQQLQJDQGWKH836VXSSOLHVSRZHUWRWKHORDGVYLDWKHE\SDVV7KH836LVRSHUDWLQJLQ
%\SDVVPRGH 127(:KHQ836LVLQ%\SDVVPRGHWKHRXWSXWYROWDJHZLOOGLUHFWO\SRZHUIURPXWLOLW\DIWHU\RXVZLWFK
RQWKHLQSXWEUHDNHU,Q%\SDVVPRGHWKHORDGLVQRWSURWHFWHGE\8367RSURWHFW\RXUSUHFLRXV
GHYLFHV\RXVKRXOGWXUQRQWKH8365HIHUWRQH[WVWHS 3UHVVDQGKROGWKH³21´EXWWRQIRUVWRWXUQRQWKH836DQGWKHEX]]HUZLOOEHHSRQFH $IHZVHFRQGVODWHUWKH836ZLOOHQWHUWR$&PRGH,IWKHXWLOLW\SRZHULVDEQRUPDOWKH836ZLOO
RSHUDWHLQ%DWWHU\PRGHZLWKRXWLQWHUUXSWLRQ
127(:KHQWKH836LVUXQQLQJRXWEDWWHU\LWZLOOVKXWGRZQDXWRPDWLFDOO\DW%DWWHU\PRGH:KHQWKH
XWLOLW\SRZHULVUHVWRUHGWKH836ZLOODXWRUHVWDUWLQ$&PRGH 7XUQRQWKH836ZLWKRXWXWLOLW\SRZHUVXSSO\LQ%DWWHU\PRGH
0DNHVXUHWKDWWKHEUHDNHURIWKHEDWWHU\SDFNLVDW³21´SRVLWLRQRQO\IRUORQJUXQPRGHO 3UHVVDQGKROGWKH³21´EXWWRQIRUVWRWXUQRQWKH836DQGWKHEX]]HUZLOOEHHSRQFH
$IHZVHFRQGVODWHUWKH836ZLOOEHWXUQHGRQDQGHQWHUWR%DWWHU\PRGH
&RQQHFWGHYLFHVWR836
$IWHUWKH836LVWXUQHGRQ\RXFDQFRQQHFWGHYLFHVWRWKH836
7XUQRQWKH836ILUVWDQGWKHQVZLWFKRQWKHGHYLFHVRQHE\RQHWKH/&'SDQHOZLOOGLVSOD\WRWDO
ORDGOHYHO ,ILWLVQHFHVVDU\WRFRQQHFWWKHLQGXFWLYHORDGVVXFKDVDSULQWHUWKHLQUXVKFXUUHQWVKRXOGEH
FDOFXODWHGFDUHIXOO\WRVHHLILWPHHWVWKHFDSDFLW\RIWKH836EHFDXVHWKHSRZHUFRQVXPSWLRQRI
WKLVNLQGRIORDGVLVWRRELJ
,IWKH836LVRYHUORDGWKHEX]]HUZLOOEHHSWZLFHHYHU\VHFRQG
:KHQWKH836LVRYHUORDGSOHDVHUHPRYHVRPHORDGVLPPHGLDWHO\,WLVUHFRPPHQGHGWRKDYHWKH
WRWDOORDGVFRQQHFWHGWRWKH836OHVVWKDQRILWVQRPLQDOSRZHUFDSDFLW\WRSUHYHQWRYHUORDG
IRUV\VWHPVDIHW\ ,IWKHRYHUORDGWLPHLVRYHUDFFHSWDEOHWLPHOLVWHGLQVSHFDW$&PRGHWKH836ZLOODXWRPDWLFDOO\
WUDQVIHUWR%\SDVVPRGH $IWHUWKHRYHUORDGLVUHPRYHGLWZLOOUHWXUQWR$&PRGH,IWKHRYHUORDG
WLPHLVRYHUDFFHSWDEOHWLPHOLVWHGLQVSHFDW%DWWHU\PRGHWKH836ZLOOEHFRPHIDXOWVWDWXV$WWKLV
WLPHLIE\SDVVLVHQDEOHGWKH836ZLOOSRZHUWRWKHORDGYLDE\SDVV,IE\SDVVIXQFWLRQLVGLVDEOHG
RUWKHLQSXWSRZHULVQRWZLWKLQE\SDVVDFFHSWDEOHUDQJHLWZLOOFXWRIIRXWSXWGLUHFWO\
&KDUJHWKHEDWWHULHV
$IWHUWKH836LVFRQQHFWHGWRWKHXWLOLW\SRZHUWKHFKDUJHUZLOOFKDUJHWKHEDWWHULHVDXWRPDWLFDOO\
H[FHSWLQ%DWWHU\PRGHRUGXULQJEDWWHU\VHOIWHVW 6XJJHVW WR FKDUJH EDWWHULHV DW OHDVW KRXUV EHIRUH XVH 2WKHUZLVH WKH EDFNXS WLPH PD\ EH
VKRUWHUWKDQH[SHFWHGWLPH
0DNHVXUHWKHEDWWHU\QXPEHUVVHWWLQJRQWKHFRQWUROERDUG3OHDVHUHIHUWRWKHVHFWLRQIRU
GHWDLOHGVHWWLQJLVFRQVLVWHQWWRUHDOFRQQHFWLRQ
7KHFKDUJLQJFXUUHQWFDQEHFKDQJHGIURP$WR$YLD/&'RUVRIWZDUH3OHDVHPDNHVXUHWKDW
WKHFKDUJLQJFXUUHQWLVVXLWDEOHWREDWWHU\VSHFLILFDWLRQ
%DWWHU\PRGHRSHUDWLRQ
E
:KHQWKH836LVLQ%DWWHU\PRGHWKHEX]]HUZLOOEHHSDFFRUGLQJWRGLIIHUHQWEDWWHU\FDSDFLW\,IWKH
EDWWHU\ FDSDFLW\ LV PRUH WKDQ WKH EX]]HU ZLOO EHHS RQFH HYHU\ VHFRQGV ,I WKH EDWWHU\
YROWDJHGURSVWRWKHDODUPOHYHOWKHEX]]HUZLOOEHHSTXLFNO\RQFHHYHU\VHFWRUHPLQGXVHUVWKDW
WKHEDWWHU\LVDWORZOHYHODQGWKH836ZLOOVKXWGRZQDXWRPDWLFDOO\VRRQ8VHUVFRXOGVZLWFKRII
VRPHQRQFULWLFDOORDGVWRGLVDEOHWKHVKXWGRZQDODUPDQGSURORQJWKHEDFNXSWLPH,IWKHUHLVQR
PRUHORDGWREHVZLWFKHGRIIDWWKDWWLPH\RXKDYHWRVKXWGRZQDOOORDGVDVVRRQDVSRVVLEOHWR
SURWHFWWKHGHYLFHVRUVDYHGDWD2WKHUZLVHWKHUHLVDULVNRIGDWDORVVRUORDGIDLOXUH ,Q%DWWHU\PRGHLIEX]]HUVRXQGDQQR\VXVHUVFDQSUHVVWKH0XWHEXWWRQWRGLVDEOHWKHEX]]HU
7KHEDFNXSWLPHRIWKHORQJUXQPRGHOGHSHQGVRQWKHH[WHUQDOEDWWHU\FDSDFLW\
7KHEDFNXSWLPHPD\YDU\IURPGLIIHUHQWHQYLURQPHQWWHPSHUDWXUHDQGORDGW\SH
:KHQVHWWLQJEDFNXSWLPHIRUKRXUVGHIDXOWYDOXHIURP/&'SDQHODIWHUGLVFKDUJLQJ
KRXUV836ZLOOVKXWGRZQDXWRPDWLFDOO\WRSURWHFWWKHEDWWHU\7KLVEDWWHU\GLVFKDUJHSURWHFWLRQ
FDQEHHQDEOHGRUGLVDEOHGWKURXJK/&'SDQHOFRQWURO5HIHUWR/&'VHWWLQJVHFWLRQ
7HVWWKHEDWWHULHV
,I\RXQHHGWRFKHFNWKHEDWWHU\VWDWXVZKHQWKH836LVUXQQLQJLQ$&PRGH&9&)PRGH\RXFRXOG
SUHVVWKH³7HVW´EXWWRQWROHWWKH836GREDWWHU\VHOIWHVW
8VHUVDOVRFDQVHWEDWWHU\VHOIWHVWWKURXJKPRQLWRULQJVRIWZDUH
7XUQRIIWKH836ZLWKXWLOLW\SRZHUVXSSO\LQ$&PRGH
7XUQRIIWKHLQYHUWHURIWKH836E\SUHVVLQJ³2))´EXWWRQIRUDWOHDVWVDQGWKHQWKHEX]]HUZLOO
EHHSRQFH7KH836ZLOOWXUQLQWR%\SDVVPRGH 127(,IWKH836KDVEHHQVHWWRHQDEOHWKHE\SDVVRXWSXWLWZLOOE\SDVVYROWDJHIURPXWLOLW\
SRZHUWRRXWSXWVRFNHWVDQGWHUPLQDOHYHQWKRXJK\RXKDYHWXUQHGRIIWKH836LQYHUWHU
127($IWHUWXUQLQJRIIWKH836SOHDVHEHDZDUHWKDWWKH836LVZRUNLQJDW%\SDVVPRGHDQG
WKHUHLVULVNRISRZHUORVVIRUFRQQHFWHGGHYLFHV ,Q%\SDVVPRGHRXWSXWYROWDJHRIWKH836LVVWLOOSUHVHQW,QRUGHUWRFXWRIIWKHRXWSXWVZLWFKRII
WKHLQSXWEUHDNHU$IHZVHFRQGVODWHUWKHUHLVQRGLVSOD\VKRZQRQWKHGLVSOD\SDQHODQG836LV
FRPSOHWHRII
7XUQRIIWKH836ZLWKRXWXWLOLW\SRZHUVXSSO\LQ%DWWHU\PRGH
7XUQRIIWKH836E\SUHVVLQJ³2))´EXWWRQIRUDWOHDVWVDQGWKHQWKHEX]]HUZLOOEHHSRQFH
7KHQ836ZLOOFXWRIISRZHUWRRXWSXWDQGWKHUHLVQRGLVSOD\VKRZQRQWKHGLVSOD\SDQHO
0XWHWKHEX]]HU
7RPXWHWKHEX]]HUSOHDVHSUHVVWKH³0XWH´EXWWRQIRUDWOHDVWV,I\RXSUHVVLWDJDLQDIWHUWKH
EX]]HULVPXWHGWKHEX]]HUZLOOEHHSDJDLQ
6RPHZDUQLQJDODUPVFDQ¶WEHPXWHGXQOHVVWKHHUURULVIL[HG3OHDVHUHIHUWRVHFWLRQIRUWKH
GHWDLOV 14
2SHUDWLRQLQZDUQLQJVWDWXV
:KHQ)DXOW/('IODVKHVDQGWKHEX]]HUEHHSVRQFHHYHU\VHFRQGLWPHDQVWKDWWKHUHDUHVRPH
SUREOHPVIRU836RSHUDWLRQ8VHUVFDQJHWWKHIDXOWFRGHIURP/&'SDQHO3OHDVHFKHFNWKHWURXEOH
VKRRWLQJWDEOHLQFKDSWHUIRUGHWDLOV E
6RPHZDUQLQJDODUPVFDQ¶WEHPXWHGXQOHVVWKHHUURULVIL[HG3OHDVHUHIHUWRVHFWLRQIRUWKH
GHWDLOV
2SHUDWLRQLQ)DXOWPRGH
:KHQ)DXOW/('LOOXPLQDWHVDQGWKHEX]]HUEHHSVFRQWLQXRXVO\LWPHDQVWKDWWKHUHLVDIDWDOHUURULQ
WKH836 8VHUVFDQJHWWKHIDXOWFRGHIURPGLVSOD\SDQHO3OHDVHFKHFNWKHWURXEOHVKRRWLQJWDEOH
LQFKDSWHUIRUGHWDLOV
3OHDVHFKHFNWKHORDGVZLULQJYHQWLODWLRQXWLOLW\EDWWHU\DQGVRRQDIWHUWKHIDXOWRFFXUV'RQ¶WWU\
WRWXUQRQWKH836DJDLQEHIRUHVROYLQJWKHSUREOHPV,IWKHSUREOHPVFDQ¶WEHIL[HGSOHDVHFRQWDFW
WKHGLVWULEXWRURUVHUYLFHSHRSOHLPPHGLDWHO\
)RU HPHUJHQF\ FDVH SOHDVH FXW RII WKH FRQQHFWLRQ IURP XWLOLW\ H[WHUQDO EDWWHU\ DQG RXWSXW
LPPHGLDWHO\WRDYRLGPRUHULVNRUGDQJHU
2SHUDWLRQRIFKDQJLQJEDWWHU\QXPEHUV
7KLVRSHUDWLRQLVRQO\DYDLODEOHIRUSURIHVVLRQDORUTXDOLILHGWHFKQLFLDQV
7XUQ RII WKH 836 ,I WKH ORDG FRXOGQ¶W EH FXW RII \RX VKRXOG UHPRYH WKH FRYHU RI PDLQWHQDQFH
E\SDVVVZLWFKRQWKHUHDUSDQHODQGWXUQWKHPDLQWHQDQFHVZLWFKWR³%36´SRVLWLRQILUVW
6ZLWFKRIIWKHLQSXWEUHDNHUDQGVZLWFKRIIWKHEDWWHU\EUHDNHURQO\DYDLODEOHIRUORQJUXQPRGHO
RUGLVFRQQHFWEDWWHU\ZLUHIRUVWDQGDUGPRGHO
5HPRYHWKHFDELQHWFRYHUDQGWKHQPRGLI\WKHMXPSHUV-3-6RQWKHFRQWUROERDUGWRVHWWKH
EDWWHU\QXPEHUVDVIROORZLQJWDEOH -3
-6
%DWWHU\1XPEHU
SLQSLQ
SLQSLQ
3LQSLQ
SLQSLQ
;
;
;
;
;
;
;
;
;
;
1RWH᧶ FRQQHFWZLWKMXPSHU QRMXPSHU[ WKHSLQVDUHIRURWKHUIXQFWLRQV
0RGLI\WKHEDWWHU\SDFNIRUWKHVHWWLQJQXPEHUFDUHIXOO\$IWHUFRPSOHWHLWSXWWKHFRYHUEDFNDQG
VZLWFKRQWKHEDWWHU\EUHDNHUIRUORQJUXQPRGHO
6ZLWFKRQWKHLQSXWEUHDNHUDQGWKH836ZLOOHQWHU%\SDVVPRGH,IWKH836LVLQPDLQWHQDQFH
%\SDVVPRGHWXUQWKHPDLQWHQDQFHVZLWFKWR³836´SRVLWLRQDQGWKHQWXUQRQWKH836
$EEUHYLDWLRQ0HDQLQJLQ/&''LVSOD\
$EEUHYLDWLRQ
(1$
',6
$72
%$7
'LVSOD\FRQWHQW
0HDQLQJ
(QDEOH
'LVDEOH
$XWR
%DWWHU\
1&)
1RUPDOPRGHQRW&9&)PRGH
&)
&9&)PRGH
68%
6XEWUDFW
$''
$GG
21
2))
2II
)%'
1RWDOORZHG
231
$OORZ 5(6
E
2Q
5HVHUYHG
/&'6HWWLQJ
7KHUHDUHWKUHHSDUDPHWHUVWRVHWXSWKH8365HIHUWRIROORZLQJGLDJUDP
3DUDPHWHU,W¶VIRUSURJUDPDOWHUQDWLYHV5HIHU
WREHORZWDEOHIRUWKHSURJUDPVWRVHWXS
Parameter 1
3DUDPHWHUDQGSDUDPHWHUDUHWKHVHWWLQJ
RSWLRQVRUYDOXHVIRUHDFKSURJUDP 1RWH3OHDVHVHOHFW³8S´RU³'RZQ´EXWWRQWR
FKDQJHWKHSURJUDPVRUSDUDPHWHUV
Parameter 2
Parameter 3
3URJUDPVDYDLODEOHOLVWIRUSDUDPHWHU &RGH 'HVFULSWLRQ
2XWSXWYROWDJH
2XWSXWIUHTXHQF\
%\SDVV
<
9ROWDJHUDQJHIRUE\SDVV
)UHTXHQF\UDQJHIRUE\SDVV
5HVHUYHG
5HVHUYHG
5HVHUYHG
%\SDVVPRGHVHWWLQJ
%DWWHU\PD[LPXPGLVFKDUJHWLPHVHWWLQJ
5HVHUYHG
5HVHUYHG
5HVHUYHG
%DWWHU\YROWDJH&DOLEUDWLRQ
&KDUJHUYROWDJHDGMXVWPHQW
,QYHUWHUYROWDJH&DOLEUDWLRQ
5HVHUYHG
5HVHUYHG
&KDUJHUPD[LPXPFXUUHQWVHWWLQJ
16
$&
&9&) %DWWHU\ %DWWHU\7HVW
<
ġ ġ ġ ġ <
<
<
<
<
<
ġ <
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
ġ
<
<
<
<
<
<
<
<
<
<
<
<
<
<
<
<
<
<
<
<
%DWWHU\FDSDFLW\DQGJURXSVVHWWLQJ
%DFNXSWLPHFDOLEUDWLRQ
<PHDQVWKDWWKLVSURJUDPFDQEHVHWLQWKLVPRGH
z 2XWSXWYROWDJH ,QWHUIDFH
E
z 2XWSXWIUHTXHQF\ ,QWHUIDFH
<
<
<
<
<
<
<
<
<
<
6HWWLQJ
3DUDPHWHU2XWSXWYROWDJH
<RXPD\FKRRVHWKHIROORZLQJRXWSXWYROWDJHLQSDUDPHWHU
3UHVHQWVRXWSXWYROWDJHLV9DF
3UHVHQWVRXWSXWYROWDJHLV9DF
3UHVHQWVRXWSXWYROWDJHLV9DF
3UHVHQWVRXWSXWYROWDJHLV9DF
6HWWLQJ
3DUDPHWHU2XWSXW)UHTXHQF\
6HWWLQJWKHRXWSXWIUHTXHQF\<RXPD\FKRRVHIROORZLQJWKUHH
RSWLRQVLQSDUDPHWHU
+]7KHRXWSXWIUHTXHQF\LVVHWWLQJIRU+] +]7KHRXWSXWIUHTXHQF\LVVHWWLQJIRU+]
$72,IVHOHFWHGRXWSXWIUHTXHQF\ZLOOEHGHFLGHGDFFRUGLQJWR
WKHODWHVWQRUPDOXWLOLW\IUHTXHQF\,ILWLVIURP+]WR+]WKH
RXWSXWIUHTXHQF\ZLOOEH+],ILWLVIURP+]WR+]WKH
RXWSXWIUHTXHQF\ZLOOEH+]$72LVGHIDXOWVHWWLQJ
3DUDPHWHU)UHTXHQF\PRGH
6HWWLQJRXWSXWIUHTXHQF\DW&9&)PRGHRUQRW&9&)PRGH<RX
PD\FKRRVHIROORZLQJWZRRSWLRQVLQSDUDPHWHU
&)6HWWLQJ836WR&9&)PRGH,IVHOHFWHGWKHRXWSXWIUHTXHQF\
ZLOOEHIL[HGDW+]RU+]DFFRUGLQJWRVHWWLQJLQSDUDPHWHU
7KHLQSXWIUHTXHQF\FRXOGEHIURP+]WR+]
1&)6HWWLQJ836WRQRUPDOPRGHQRW&9&)PRGH,IVHOHFWHG
WKHRXWSXWIUHTXHQF\ZLOOV\QFKURQL]HZLWKWKHLQSXWIUHTXHQF\
ZLWKLQa+]DW+]RUZLWKLQa+]DW+]DFFRUGLQJWR
VHWWLQJLQSDUDPHWHU,I+]VHOHFWHGLQSDUDPHWHU836ZLOO
WUDQVIHUWREDWWHU\PRGHZKHQLQSXWIUHTXHQF\LVQRWZLWKLQ
a+],I+]VHOHFWHGLQSDUDPHWHU836ZLOOWUDQVIHUWR
EDWWHU\PRGHZKHQLQSXWIUHTXHQF\LVQRWZLWKLQa+] ,I3DUDPHWHULV$72WKH3DUDPHWHUZLOOVKRZWKHFXUUHQW
IUHTXHQF\
+]&9&)PRGH
+]1RUPDOPRGH
$72
z 9ROWDJHUDQJHIRUE\SDVV ,QWHUIDFH
6HWWLQJ
3DUDPHWHU6HWWKHDFFHSWDEOHORZYROWDJHIRUE\SDVV6HWWLQJ
UDQJHLVIURP9WR9DQGWKHGHIDXOWYDOXHLV9
3DUDPHWHU6HWWKHDFFHSWDEOHKLJKYROWDJHIRUE\SDVV6HWWLQJ
UDQJHLVIURP9WR9DQGWKHGHIDXOWYDOXHLV9
z )UHTXHQF\UDQJHIRUE\SDVV
,QWHUIDFH
6HWWLQJ
3DUDPHWHU6HWWKHDFFHSWDEOHORZIUHTXHQF\IRUE\SDVV +]V\VWHP6HWWLQJUDQJHLVIURP+]WR+]
+]V\VWHP6HWWLQJUDQJHLVIURP+]WR+]
7KHGHIDXOWYDOXHLV+]+]
3DUDPHWHU6HWWKHDFFHSWDEOHKLJKIUHTXHQF\IRUE\SDVV +]6HWWLQJUDQJHLVIURP+]WR+] +]6HWWLQJUDQJHLVIURP+]WR+]
7KHGHIDXOWYDOXHLV+]+]
z UHVHUYHG
,QWHUIDFH
6HWWLQJ
UHVHUYHG
z
UHVHUYHG
,QWHUIDFH
6HWWLQJ
UHVHUYHG
z UHVHUYHG
,QWHUIDFH
6HWWLQJ
UHVHUYHG
z
%\SDVVPRGHVHWWLQJ
,QWHUIDFH
6HWWLQJ
3DUDPHWHU 231%\SDVVDOORZHG:KHQVHOHFWHG836ZLOOUXQDW%\SDVV
PRGHGHSHQGLQJRQE\SDVVHQDEOHGGLVDEOHGVHWWLQJ )%'%\SDVVQRWDOORZHG:KHQVHOHFWHGLW¶VQRWDOORZHGIRU
UXQQLQJLQ%\SDVVPRGHXQGHUDQ\VLWXDWLRQV 3DUDPHWHU
(1$%\SDVVHQDEOHG:KHQVHOHFWHG%\SDVVPRGHLVDFWLYDWHG ',6%\SDVVGLVDEOHG:KHQVHOHFWHGDXWRPDWLFE\SDVVLV
DFFHSWDEOHEXWPDQXDOE\SDVVLVQRWDOORZHG0DQXDOE\SDVV
PHDQVXVHUVPDQXDOO\RSHUDWH836IRU%\SDVVPRGH)RU
H[DPSOHSUHVVLQJ2))EXWWRQLQ$&PRGHWRWXUQLQWR%\SDVV
PRGH 18
E
z
%DWWHU\PD[LPXPGLVFKDUJHWLPHVHWWLQJ
,QWHUIDFH
6HWWLQJ
3DUDPHWHU a6HWWKHPD[LPXPGLVFKDUJHWLPHIURPPLQWR
PLQ836ZLOOVKXWGRZQWRSURWHFWEDWWHU\DIWHUGLVFKDUJHWLPH
DUULYHV7KHGHIDXOWYDOXHLVPLQ
',6'LVDEOHEDWWHU\GLVFKDUJHSURWHFWLRQDQGEDFNXSWLPHZLOO
GHSHQGRQEDWWHU\FDSDFLW\ E
z UHVHUYHG ,QWHUIDFH
6HWWLQJ
UHVHUYHG
z
UHVHUYHG
,QWHUIDFH
6HWWLQJ
UHVHUYHG
z
UHVHUYHG
,QWHUIDFH
6HWWLQJ
UHVHUYHG
z
%DWWHU\YROWDJHFDOLEUDWLRQ ,QWHUIDFH
6HWWLQJ
3DUDPHWHU6HOHFW³$GG´RU³6XE´IXQFWLRQWRFDOLEUDWHEDWWHU\
YROWDJHWRUHDOILJXUH 3DUDPHWHUWKHYROWDJHUDQJHLVIURP9WR9WKHGHIDXOW
YDOXHLV9
z
&KDUJHUYROWDJHDGMXVWPHQW
,QWHUIDFH
6HWWLQJ
3DUDPHWHU\RXPD\FKRRVH$GGRU6XEWRDGMXVWFKDUJHU
YROWDJH
3DUDPHWHUWKHYROWDJHUDQJHLVIURP9WR9WKHGHIDXOW
YDOXHLV9
z
,QYHUWHUYROWDJHFDOLEUDWLRQ
,QWHUIDFH
6HWWLQJ
3DUDPHWHU\RXPD\FKRRVH$GGRU6XEWRFDOLEUDWHLQYHUWHU
YROWDJH
3DUDPHWHUWKHYROWDJHUDQJHLVIURP9WR9WKHGHIDXOW
YDOXHLV9
z
UHVHUYHG ,QWHUIDFH
6HWWLQJ
UHVHUYHG
z
UHVHUYHG ,QWHUIDFH
6HWWLQJ
UHVHUYHG
z
&KDUJHUPD[LPXPFXUUHQWVHWWLQJ ,QWHUIDFH
6HWWLQJ
3DUDPHWHU 7KHPD[LPXPFKDUJLQJFXUUHQWFRXOGEHDGMXVWHG 'HIDXOWYDOXHLV$IRUORQJUXQPRGHODQG$IRUVWDQGDUGPRGHO
7KHVHWWLQJUDQJHLV$a$IRUORQJUXQPRGHODQG$a$IRU
VWDQGDUGPRGHO
1RWH $Q\PRGLILFDWLRQVKRXOGEHVXLWDEOHWREDWWHU\VSHFLILFDWLRQV
,ILQSXWYROWDJHLVEHORZ9$&WKH836ZLOOUHGXFHFKDUJLQJ
FXUUHQWWR$DXWRPDWLFDOO\HYHQWKRXJKWKHVHWWLQJLV$
20
E
z
%DWWHU\FDSDFLW\DQGJURXSVVHWWLQJ ,QWHUIDFH
6HWWLQJ
3DUDPHWHU 6HW WKH EDWWHU\FDSDFLW\ VXFK DV $+ $+ $+$+ $+
$+$+$+$+DQGVRRQ
7KHGHIDXOWYDOXHLV$+
3DUDPHWHU 6HWEDWWHU\JURXSUDQJHIURPWR
7KHGHIDXOWYDOXHLVJURXS
7KHVHSDUDPHWHUVDUHIRUWKHEDWWHU\EDFNXSWLPHFDOFXODWLRQ
E
z
%DFNXSWLPHFDOLEUDWLRQ ,QWHUIDFH
6HWWLQJ
3DUDPHWHU &DOLEUDWHWKHGLVSOD\HGEDFNXSWLPHE\DGMXVWLQJWKLVPXOWLSOLHU
IDFWRU7KHIRUPXODWLRQLVOLVWHGEHORZ
'LVSOD\HGEDFNXSWLPH 2ULJLQDOFDOFXODWHGEDFNXSWLPH[
0XOWLSOLHUIDFWRU
7KHGHIDXOWYDOXHRIPXOWLSOLHUIDFWRULVDQGWKHUDQJHLVIURP
WR
2SHUDWLQJ0RGH6WDWXV'HVFULSWLRQ
2SHUDWLQJPRGHVWDWXV
$&PRGH
'HVFULSWLRQ
:KHQWKHLQSXWYROWDJHLVZLWKLQDFFHSWDEOHUDQJH836ZLOOSURYLGHSXUH
DQGVWDEOH$&SRZHUWRRXWSXW7KH836ZLOODOVRFKDUJHWKHEDWWHU\DW
$&PRGH
/&'GLVSOD\
&9&)PRGH
'HVFULSWLRQ
:KHQ LQSXW IUHTXHQF\ LV ZLWKLQ WR +] WKH 836 FDQ EH VHW DW D
FRQVWDQW RXWSXW IUHTXHQF\ +] RU +] 7KH 836 ZLOO VWLOO FKDUJH
EDWWHU\XQGHUWKLVPRGH
/&'GLVSOD\
%DWWHU\PRGH
'HVFULSWLRQ
:KHQWKHLQSXWYROWDJHLVEH\RQGWKHDFFHSWDEOHUDQJHRUSRZHUIDLOXUH
836ZLOOEDFNXSSRZHUIURPEDWWHU\DQGDODUPZLOOEHHSHYHU\VHFRQGV
/&'GLVSOD\
E
%\SDVVPRGH
'HVFULSWLRQ
:KHQ LQSXW YROWDJH LV ZLWKLQ DFFHSWDEOH UDQJH DQG E\SDVV LV HQDEOHG
WXUQRIIWKH836DQGLWZLOOHQWHU%\SDVVPRGH$ODUPEHHSVHYHU\WZR
PLQXWHV
/&'GLVSOD\
%DWWHU\7HVW
'HVFULSWLRQ
:KHQ836LVLQ$&PRGHRU&9&)PRGHSUHVV³7HVW´NH\IRUPRUHWKDQ
V 7KHQ WKH 836 ZLOO EHHS RQFH DQG VWDUW ³%DWWHU\ 7HVW´ 7KH OLQH
EHWZHHQ,3DQGLQYHUWHULFRQVZLOOEOLQNWRUHPLQGXVHUV7KLVRSHUDWLRQ
LVXVHGWRFKHFNWKHEDWWHU\VWDWXV
/&'GLVSOD\
)DXOWVWDWXV
'HVFULSWLRQ
:KHQ 836 KDV IDXOW KDSSHQHG LW ZLOO GLVSOD\ IDXOW PHVVDJHV LQ /&'
SDQHO /&'GLVSOD\
)DXOW&RGH
)DXOWHYHQW
%XVVWDUWIDLOXUH
%XVRYHU
%XVXQGHU
%XVXQEDODQFH
,QYHUWHUVRIWVWDUWIDLOXUH
+LJK,QYHUWHUYROWDJH
/RZ,QYHUWHUYROWDJH )DXOWFRGH
,FRQ )DXOWHYHQW
1RQH ,QYHUWHURXWSXWVKRUW
FLUFXLWHG
1RQH 1HJDWLYHSRZHUIDXOW
1RQH %DWWHU\6&5VKRUWFLUFXLWHG
1RQH ,QYHUWHUUHOD\VKRUWFLUFXLWHG
1RQH 2YHUWHPSHUDWXUH
1RQH &38FRPPXQLFDWLRQIDLOXUH
1RQH 2YHUORDG
22
)DXOWFRGH
,FRQ
$
1RQH
1RQH
1RQH
1RQH
1RQH
:DUQLQJ,QGLFDWRU
:DUQLQJ
E
,FRQIODVKLQJ
$ODUP
%DWWHU\ORZ
%HHSLQJHYHU\VHFRQG
2YHUORDG
%HHSLQJWZLFHHYHU\VHFRQG
%DWWHU\XQFRQQHFWHG
%HHSLQJHYHU\VHFRQG
2YHUFKDUJH
%HHSLQJHYHU\VHFRQG
(32HQDEOH
%HHSLQJHYHU\VHFRQG
)DQIDLOXUH2YHUWHPSHUDWXUH
%HHSLQJHYHU\VHFRQG
&KDUJHUIDLOXUH
%HHSLQJHYHU\VHFRQG
,3IXVHEURNHQ
2YHUORDGWLPHVLQPLQ
%HHSLQJHYHU\VHFRQG
%HHSLQJHYHU\VHFRQG
7URXEOH6KRRWLQJ
,IWKH836V\VWHPGRHVQRWRSHUDWHFRUUHFWO\SOHDVHVROYHWKHSUREOHPE\XVLQJWKHWDEOHEHORZ 6\PSWRP
3RVVLEOHFDXVH
5HPHG\
1R LQGLFDWLRQ DQG DODUP LQ WKH IURQW
7KH $& LQSXW SRZHU LV QRW &KHFN LI LQSXW FDEOH ILUPO\
GLVSOD\SDQHOHYHQWKRXJKWKHPDLQVLV
FRQQHFWHGZHOO
FRQQHFWHGWRWKHPDLQV QRUPDO 7KH LFRQ
DQG WKH ZDUQLQJ FRGH
IODVK RQ /&' GLVSOD\ DQG DODUP (32IXQFWLRQLVHQDEOHG
EHHSVHYHU\VHFRQG
7KH LFRQ
DQG
IODVK RQ 7KH H[WHUQDO
LV
/&' GLVSOD\ DQG DODUP EHHSV HYHU\ EDWWHU\
FRQQHFWHG
VHFRQG
6HW WKH FLUFXLW LQ FORVHG
SRVLWLRQ WR GLVDEOH (32
IXQFWLRQ RU LQWHUQDO
&KHFN LI DOO EDWWHULHV DUH
LQFRUUHFWO\
FRQQHFWHGZHOO
836LVRYHUORDG 836 LV RYHUORDGHG 'HYLFHV
FRQQHFWHG WR WKH 836 DUH IHG
7KH LFRQ
DQG
IODVK RQ GLUHFWO\ E\ WKH HOHFWULFDO
/&' GLVSOD\ DQG DODUP EHHSV WZLFH QHWZRUNYLDWKH%\SDVV
HYHU\VHFRQG
$IWHU UHSHWLWLYH RYHUORDGV WKH
836 LV ORFNHG LQ WKH %\SDVV
PRGH &RQQHFWHG GHYLFHV DUH
IHGGLUHFWO\E\WKHPDLQV
)DXOW FRGH LV VKRZQ DV 7KH LFRQ 836 LV RYHUORDG WRR ORQJ DQG
OLJKWV RQ /&' GLVSOD\ DQG EHFRPHVIDXOW7KHQ836VKXW
GRZQDXWRPDWLFDOO\
DODUPEHHSVFRQWLQXRXVO\
836
VKXW
GRZQ
)DXOW FRGH LV VKRZQ DV WKH LFRQ 7KH
DXWRPDWLFDOO\ EHFDXVH VKRUW
OLJKWV RQ /&' GLVSOD\ DQG FLUFXLW RFFXUV RQ WKH 836
DODUPEHHSVFRQWLQXRXVO\
RXWSXW
5HPRYHH[FHVVORDGVIURP836
RXWSXW
5HPRYHH[FHVVORDGVIURP836
RXWSXW
5HPRYHH[FHVVORDGVIURP836
RXWSXW ILUVW 7KHQ VKXW GRZQ
WKH836DQGUHVWDUWLW
5HPRYHH[FHVVORDGVIURP836
RXWSXWDQGUHVWDUWLW
&KHFN RXWSXW ZLULQJ DQG LI
FRQQHFWHGGHYLFHVDUHLQVKRUW
FLUFXLWVWDWXV
2WKHU IDXOW FRGHV DUH VKRZQ RQ /&' $ 836 LQWHUQDO IDXOW KDV
&RQWDFW\RXUGHDOHU
GLVSOD\DQGDODUPEHHSVFRQWLQXRXVO\ RFFXUUHG &KDUJHWKHEDWWHULHVDWOHDVW
KRXUVDQGWKHQFKHFNFDSDFLW\
%DWWHULHVDUHQRWIXOO\FKDUJHG
,I WKH SUREOHP VWLOO SHUVLVWV
%DWWHU\ EDFNXS WLPH LV VKRUWHU WKDQ
FRQVXOW\RXUGHDOHU QRPLQDOYDOXH
&RQWDFW\RXUGHDOHUWRUHSODFH
%DWWHULHVGHIHFW
WKHEDWWHU\
)DQ LV ORFNHG RU QRW ZRUNLQJ
7KH LFRQ
DQG
IODVK RQ /&' RUWKH836WHPSHUDWXUHLVWRR &KHFNIDQVDQGQRWLI\GHDOHU GLVSOD\DQGDODUPEHHSVHYHU\VHFRQG KLJK
24
E
6WRUDJHDQG0DLQWHQDQFH
6WRUDJH %HIRUH VWRULQJ FKDUJH WKH 836 DW OHDVW KRXUV 6WRUH WKH 836 FRYHUHG DQG XSULJKW LQ D FRRO GU\
E
ORFDWLRQ'XULQJVWRUDJHUHFKDUJHWKHEDWWHU\LQDFFRUGDQFHZLWKWKHIROORZLQJWDEOH
6WRUDJH7HPSHUDWXUH
5HFKDUJH)UHTXHQF\
&KDUJLQJ'XUDWLRQ
ƒ&ƒ&
(YHU\PRQWKV
KRXUV
ƒ&ƒ&
(YHU\PRQWKV
KRXUV
0DLQWHQDQFH 7KH836V\VWHPRSHUDWHVZLWKKD]DUGRXVYROWDJHV5HSDLUVPD\EHFDUULHGRXWRQO\E\TXDOLILHG
PDLQWHQDQFHSHUVRQQHO (YHQDIWHUWKHXQLWLVGLVFRQQHFWHGIURPWKHPDLQVFRPSRQHQWVLQVLGHWKH836V\VWHPDUHVWLOO
FRQQHFWHGWRWKHEDWWHU\SDFNVZKLFKDUHSRWHQWLDOO\GDQJHURXV %HIRUHFDUU\LQJRXWDQ\NLQGRIVHUYLFHDQGRUPDLQWHQDQFHGLVFRQQHFWWKHEDWWHULHVDQGYHULI\WKDW
QRFXUUHQWLVSUHVHQWDQGQRKD]DUGRXVYROWDJHH[LVWVLQWKHWHUPLQDOVRIKLJKFDSDELOLW\FDSDFLWRUVXFKDV
%86FDSDFLWRUV 2QO\SHUVRQVDUHDGHTXDWHO\IDPLOLDUZLWKEDWWHULHVDQGZLWKWKHUHTXLUHGSUHFDXWLRQDU\PHDVXUHV
PD\UHSODFHEDWWHULHVDQGVXSHUYLVHRSHUDWLRQV8QDXWKRUL]HGSHUVRQVPXVWEHNHSWZHOODZD\IURPWKH
EDWWHULHV 9HULI\WKDWQRYROWDJHEHWZHHQWKHEDWWHU\WHUPLQDOVDQGWKHJURXQGLVSUHVHQWEHIRUHPDLQWHQDQFH
RUUHSDLU,QWKLVSURGXFWWKHEDWWHU\FLUFXLWLVQRWLVRODWHGIURPWKHLQSXWYROWDJH+D]DUGRXVYROWDJHVPD\
RFFXUEHWZHHQWKHEDWWHU\WHUPLQDOVDQGWKHJURXQG %DWWHULHVPD\FDXVHHOHFWULFVKRFNDQGKDYHDKLJKVKRUWFLUFXLWFXUUHQW3OHDVHUHPRYHDOO
ZULVWZDWFKHVULQJVDQGRWKHUPHWDOSHUVRQDOREMHFWVEHIRUHPDLQWHQDQFHRUUHSDLUDQGRQO\XVHWRROV
ZLWKLQVXODWHGJULSVDQGKDQGOHVIRUPDLQWDLQLQJRUUHSDLULQJ
:KHQUHSODFHWKHEDWWHULHVLQVWDOOWKHVDPHQXPEHUDQGVDPHW\SHRIEDWWHULHV 'RQRWDWWHPSWWRGLVSRVHRIEDWWHULHVE\EXUQLQJWKHP7KLVFRXOGFDXVHEDWWHU\H[SORVLRQ7KH
EDWWHULHVPXVWEHULJKWO\GHSRVHGDFFRUGLQJWRORFDOUHJXODWLRQ
'RQRWRSHQRUGHVWUR\EDWWHULHV(VFDSLQJHOHFWURO\WHFDQFDXVHLQMXU\WRWKHVNLQDQGH\HV,WPD\
EHWR[LF 3OHDVHUHSODFHWKHIXVHRQO\ZLWKWKHVDPHW\SHDQGDPSHUDJHLQRUGHUWRDYRLGILUHKD]DUGV 'RQRWGLVDVVHPEOHWKH836V\VWHP
6SHFLILFDWLRQV
3RZHU:DONHU 3RZHU:DONHU9),
&5/&'
9$:
02'(/
&$3$&,7<
,1387
9$&“DW/RDG 9$&“DW/RDG
/RZ/LQH/RVV9ROWDJH9
9$&“
+LJK/LQH/RVV9ROWDJH9 +]a+]#+]V\VWHP
+]a+]#+]V\VWHP
6LQJOHSKDVHZLWKJURXQG
䵑DW/RDG
/RZ/LQH/RVV
9ROWDJH5DQJH /RZ/LQH&RPHEDFN
+LJK/LQH/RVV
+LJK/LQH&RPHEDFN
)UHTXHQF\5DQJH
3KDVH
3RZHU)DFWRU
287387
2XWSXWYROWDJH
&XUUHQW&UHVW5DWLR
+DUPRQLF'LVWRUWLRQ
/LQH
%DWWHU\
7UDQVIHU7LPH
,QYHUWHU
%\SDVV
()),&,(1&<
$&PRGH
%DWWHU\0RGH
%$77(5<
7\SH1XPEHUV
6WDQGDUG
0RGHO
5HFKDUJH7LPH
“
+]a+]#+]V\VWHP+]a+]#+]V\VWHP
+]“+]RU+]“+]
aPLQǃaPLQǃ!VHF
aVHFǃaVHFǃ!VHF
PD[
ʀ #/LQHDU/RDG ʀ #1RQOLQHDU/RDG
PV
PV
!
!
!
!
9$K[
9$K[
KRXUVUHFRYHUWRFDSDFLW\
KRXUVUHFRYHUWRFDSDFLW\
'HIDXOW$“
0D[$“
9'&“ 9'&“
'HSHQGLQJRQDSSOLFDWLRQV
±DGMXVWDEOH
&KDUJLQJ&XUUHQW &KDUJLQJ9ROWDJH 7\SH
/RQJUXQ
0RGHO
1XPEHUV
&KDUJLQJ&XUUHQW &KDUJLQJ9ROWDJH
E
9$&
$&9ROWDJH5HJXODWLRQ )UHTXHQF\5DQJH6\QFKURQL]HG5DQJH
)UHTXHQF\5DQJH%DWW0RGH
$&PRGH
2YHUORDG
%DWWHU\PRGH
3RZHU:DONHU 3RZHU:DONHU9),
&5/&'
9$:
1RWH:KHQXVLQJLQWHUQDOEDWWHULHVIURPWRWKHXQLWZLOOGHUDWHDFFRUGLQJWRWKH
IROORZLQJIRUPXOD3 35DWLQJ[1
'HIDXOW$“ 0D[$“
9'&“EDVHGRQSFVEDWWHULHV
3+<6,&$/
6WDQGDUG
0RGHO
'LPHQVLRQ';:;+PP
1HW:HLJKWNJV
[[
'LPHQVLRQ';:;+PP [[
/RQJUXQ
0RGHO
1HW:HLJKWNJV
(19,5210(17
2SHUDWLRQ7HPSHUDWXUH
2SHUDWLRQ+XPLGLW\
2SHUDWLRQ$OWLWXGH
$FRXVWLF1RLVH/HYHO
0$1$*(0(17
6PDUW56RU86%
2SWLRQDO6103
836XQLW[
[>8@
%DWWHU\SDFN[
[>8@
836XQLW
%DWWHU\SDFN
[[>8@
836XQLW[
[>8@
[[
%DWWHU\SDFN[
[>8@
836XQLW
%DWWHU\SDFN
[[ [[>8@
aƒ& EDWWHU\OLIHF\FOHZLOOEHVKRUWHQZKHQWHPSHUDWXUHLVDERYHƒ&
DQGQRQFRQGHQVLQJ
P
/HVVWKDQG%#0HWHU
/HVVWKDQG%#0HWHU
6XSSRUWV:LQGRZVŠ;39LVWD:LQGRZVŠ/LQX[8QL[DQG
0$&
3RZHUPDQDJHPHQWIURP6103PDQDJHUDQGZHEEURZVHU
'HUDWHFDSDFLW\WRRIFDSDFLW\LQ&9&)PRGHDQGWRZKHQWKHRXWSXWYROWDJHLVDGMXVWHGWR9$&
,IWKH836LVLQVWDOOHGRUXVHGLQDSODFHZKHUHWKHDOWLWXGHLVDERYHWKDQPWKHRXWSXWSRZHUPXVWEHGHUDWHGRQHSHUFHQWSHUP
3URGXFWVSHFLILFDWLRQVDUHVXEMHFWWRFKDQJHZLWKRXWIXUWKHUQRWLFH
26
KŶůŝŶĞ<'<
dZ
WŽǁĞƌtĂůŬĞƌϲϬϬϬ>ͬWŽǁĞƌtĂůŬĞƌϭϬϬϬϬ>
WŽǁĞƌtĂůŬĞƌs&/ϲϬϬϬͬZ>ͬWŽǁĞƌtĂůŬĞƌs&/ϭϬϬϬϬͬZ>
NÕODYX]X75
.HVLQWLVL]*o.D\QD÷Õ6LVWHPL
dZ
/WIHQ EX NÕODYX]GD EHOLUWLOHQ X\DUÕODUD YH
oDOÕúWÕUPD WDOLPDWODUÕQD NHVLQOLNOH X\XQX] %X
NÕODYX]X VDNOD\ÕQÕ] YH FLKD]Õ NXUPDGDQ |QFH
DúD÷ÕGDNL
WDOLPDWODUÕ
GLNNDWOL
ELU
úHNLOGH
RNX\XQX] 7P JYHQOLN ELOJLOHULQL YH oDOÕúWÕUPD
WDOLPDWODUÕQÕRNXPDGDQFLKD]ÕoDOÕúWÕUPD\ÕQÕ]
øoLQGHNLOHU
*h9(1/ø.9((0&7$/ø0$7/$5,
7$ù,0$9('(32/$0$
.858/80$+$=,5/$0$
.858/80
d$/,ù7,50$
67$1'$57/$5
.858/809(d$/,ù7,50$
.878'$1d,.$50$9(.21752/
$5.$3$1(/*g5h1h0h
7(.836.858/808
<$=,/,0.858/808
d$/,ù7,50$
%8721øù/(9/(5ø
/('*g67(5*(/(5/&'3$1(/
6(6/ø$/$50
7(.836d$/,ù7,50$6,
/&'¶'(.ø.,6$/70$/$5,1$d,./$0$6,
/&'$<$5/$5,
d$/,ù0$02'8'85807$1,0,
$5,=$.2'/$5,
8<$5,*g67(5*(/(5ø
$5,=$$5$0$
'(32/$0$9(%$.,0
'(32/$0$
%$.,0
7(.1ø.g=(//ø./(5
2
dZ
*YHQOLNYH(0&7DOLPDWODUÕ
/WIHQ FLKD]Õ NXUPDGDQ YH\D oDOÕúWÕUPDGDQ |QFH NXOODQÕP NÕODYX]XQX YH JYHQOLN WDOLPDWODUÕQÕ GLNNDWOLFH
RNX\XQ
7DúÕPDYH'HSRODPD
dZ
836¶LoDUSPDWHKOLNHVLQHNDUúÕVDGHFHNHQGLRULMLQDONXWXVXQGDQDNOHGLQ
836KDYDODQGÕUÕODQNXUXELURUWDPGDVDNODQPDOÕGÕU
.XUXOXPD+D]ÕUODPD
836 VR÷XN ELU RUWDPGDQ VÕFDN ELU RUWDPD J|WUOUVH QHP \R÷XQODúPDVÕ ROXúDELOLU 836
NXUXOXPGDQ |QFH WDPDPHQ NXUX ROPDOÕGÕU %|\OH GXUXPODUGD NXUXOXPGDQ |QFH HQ D] VDDW
EHNOHQPHOLGLU
836VXYHEXKDUND\QDNODUÕQD\DNÕQNXUXOPDPDOÕGÕU
836ÕVÕWÕFÕ\DNÕQÕQDYH\DGLUHNWJQHúÕúÕ÷ÕDODQ\HUOHUHNXUXOPDPDOÕGÕU
836]HULQGHNLKDYDODQGÕUPDGHOLNOHULHQJHOOHQPHPHOLGLU
.XUXOXP
836¶LDúÕUÕ\NOH\HELOHFHNFLKD]ODUÕJoOPRWRUJLEL836oÕNÕúÕQDYH\DWHUPLQDOOHULQH
ED÷ODPD\ÕQÕ] %D÷ODQWÕNDEORODUÕQÕNLPVHQLQWDNÕOPD\DFD÷ÕYH\D]HULQHEDVPD\DFD÷Õ\HUOHUHG|úH\LQL] 836]HULQGHNLKDYDODQGÕUPDGHOLNOHULQLNDSDWPD\ÕQÕ]836L\LKDYDODQGÕUPDRODQELU\HUH
NXUXOPDOÕGÕU&LKD]ÕQKHULNL\DQÕQGDKDYDODQGÕUPDLoLQ\HWHUOLPHVDIHROPDOÕGÕU 836]HULQGHWRSUDNODPDNOHPHQVLYDUGÕU$NNDELQLGHD\QLWRSUDNODPD\DED÷ODQPDOÕGÕU
836DQFDN\HWNLOLSHUVRQHOWDUDIÕQGDQNXUXODELOLU
836¶LQED÷ODQDELOPHVLLoLQELQDWHVLVDWÕQGDX\JXQGHYUHNHVLFLVLQLQEXOXQPDVÕJHUHNOLGLU $FLOGXUXPODUGD\NQEHVOHPHVLQLNHVPHNLoLQ836¶LGHUKDOGHYUHGÕúÕEÕUDNDFDNELQDLoLQGHDFLO
GXUGXUPDEXWRQXNXOODQÕOPDOÕGÕU (QHUMLNDEORODUÕQÕED÷ODPDGDQ|QFHWRSUDNODPDNDEORVXQXED÷OD\ÕQÕ] .XUXOXPYHNDEORED÷ODQWÕODUÕ\HUHOHOHNWULNNXUDOODUÕQDX\JXQúHNLOGH\DSÕOPDOÕGÕU dDOÕúWÕUPD
836]HULQGHNLYH\DELQDWHVLVDWED÷ODQWÕODUÕQGDNLNRUXPDWRSUDNODPDVÕQÕNHVLQOLNOHV|NPH\LQ
7RSUDNODPDED÷ODQWÕVÕV|NOUVH836YHEXQDED÷OÕFLKD]ODUÕQÕ]NRUXPDVÕ]NDOÕU 836LoLQGHJoWHPLQHGHQDNOHUYDUGÕU*LULúHúHEHNHED÷OÕGH÷LONHQELOHoÕNÕúWDWHKOLNHOLJHULOLP
RODELOLU 836¶LEWQ\OHGHYUHGÕúÕEÕUDNPDNLoLQ|QFH³2))´EXWRQXQDEDVÕQYHDUGÕQGDQúHEHNH\LD\ÕUÕQ 836¶LQLoLQHVÕYÕYH\DKHUKDQJL\DEDQFÕPDGGHJLUPHPHVLQHGLNNDWHGLQ 836EXWDOLPDWODUDX\XOPDNND\GÕ\ODGDKD|QFHEXNRQXGDWHFUEHVLROPD\DQNLúLOHUFHGH
NXOODQÕODELOLU 6WDQGDUWODU
*YHQOLN
,(&(1
(0,
&RQGXFWHG(PLVVLRQ,(&(1
&DWHJRU\&
5DGLDWHG(PLVVLRQ,(&(1
&DWHJRU\&
(06
(6',(&(1
/HYHO
56,(&(1 /HYHO
()7,(&(1
/HYHO
685*(,(&(1
/HYHO
&6,(&(1
/HYHO
3RZHUIUHTXHQF\0DJQHWLFILHOG,(&(1
/HYHO
/RZ)UHTXHQF\6LJQDOV,(&(1
8\DUÕ%XWLFDULYHHQGVWUL\HOX\JXODPD\D\|QHOLNELUUQGU.XUXOGX÷X\HUGH
ROXúWXUDELOHFH÷L ROXPVX]OXNODUÕ |QOHPHN LoLQ NXUXOGX÷X ORNDV\RQXQ
NÕVÕWODPDODUÕQDX\PDNYHHNWHGELUOHUDOPDNJHUHNHELOLU
4
dZ
.XUXOXPYHdDOÕúWÕUPD
dZ
%XVHULGHVWDQGDUWYHX]XQGHVWHNVUHOLROPDN]HUHLNLIDUNOÕWLSRQOLQH836YDUGÕU$úD÷ÕGDNLWDEORGDEX
PRGHOOHUJ|UOPHNWHGLU
0RGHO
7\SH
0RGHO
7\SH
.
./
.5
.5/
6WDQGDUG
/RQJUXQ
PRGHO
PRGHO
.
./
.5
.5/
.XWXGDQdÕNDUPDYH.RQWURO
3DNHWLDoÕQYHLoLQGHNLOHULNRQWUROHGLQ3DNHWWHúXQODUYDUGÕU
ł836
ł.XOODQÕFÕNÕODYX]X
łø]OHPH\D]ÕOÕPÕ&'¶VL
ł56NDEORRSVL\RQHO
ł86%NDEORVX ł$NNDEORVXRSVL\RQHO
127.XUXOXPGDQ|QFHUQLQFHOH\LQYHQDNOL\HVÕUDVÕQGDELUKDVDUROXúPDGÕ÷ÕQGDQHPLQROXQ(÷HUKDVDU
YDUVDYH\DED]ÕSDUoDODUHNVLNLVHUQoDOÕúWÕUPD\ÕQQDNOL\HILUPDVÕQÕYHVDWÕFÕ\ÕGHUKDOKDEHUGDUHGLQ
2ULMLQDOSDNHWLLOHULGHPXKWHPHOELUNXOODQÕPLoLQVDNOD\ÕQ
$UND3DQHO*|UQP
'L\DJUDP..$UND3DQHO
dZ
'L\DJUDP././$UND3DQHO 'L\DJUDP././*LULúdÕNÕú7HUPLQDOL
'L\DJUDP.5/.5/$UND3DQHO 'L\DJUDP5DFN*LULúdÕNÕú7HUPLQDOL
'L\DJUDP5DFN$N*UXEX$UND3DQHO
+DULFLDNED÷ODQWÕVÕ
56KDEHUOHúPHSRUWX
$NÕOOÕ\XYD
86%KDEHUOHúPH
$FLOJoNHVPHIRQNVL\RQXED÷ODQWÕVÕ(32ED÷ODQWÕVÕ
6R÷XWPDIDQÕ
*LULúGHYUHNHVLFLVL
*LULúdÕNÕúWHUPLQDOL'HWD\ODULoLQ'L\DJUDPYH'L\DJUDP¶HEDNÕQÕ]
%DNÕPE\SDVVDQDKWDUÕ
dÕNÕúWHUPLQDOL
6
7RSUDNODPDWHUPLQDOL
ùHEHNHJLULúWHUPLQDOL
+DULFLEDNÕPE\SDVVDQDKWDUÕSRUWX
$NJUXEXoÕNÕúGHYUHNHVLFLVL
dZ
7HN836.XUXOXPX
.XUXOXPDúD÷ÕGDNLWDOLPDWODUGR÷UXOWXVXQGDYH\HUHOHOHNWULN\|QHWPHOLNOHULQHX\JXQRODUDN\HWNLOLNLúLOHUFH
\DSÕOPDOÕGÕU (OHNWULN oDUSPD ULVNL YH \DQJÕQ WHKOLNHVLQL |QOHPHN LoLQ ELQDGDNL HOHNWULN WHVLVDWÕ YH NHVLFLOHU 836¶LQ
QRPLQDOJFQHX\JXQROPDOÕGÕU
1271RPLQDODNÕPNDSDVLWHVL836¶LQPDNVLPXPJLULúDNÕPÕQGDQGDKDGúNROGX÷XLoLQ836JLULúEHVOHPHVL
DPDFÕ\ODGXYDUSUL]LQLNXOODQPD\ÕQÕ]SUL]\DQDELOLUYH\DKDVDUJ|UHELOLU
.XUXOXPGDQ|QFH836¶HJoVD÷OD\DFDNKDWWÕQGHYUHNHVLFLVLQLDoÕQ
836oÕNÕúÕQDED÷ODPDGDQ|QFH836¶WHQEHVOHQHFHNWPFLKD]ODUÕNDSDWÕQ
.DEORNHVLWOHULDúD÷ÕGDNLWDEOR\DX\JXQROPDOÕGÕU
0RGHO
.DEORGH÷HUL$:*
*LULú
dÕNÕú
$N
7RSUDN
.
./
.
./
127N9$N9$(PRGHOOHULQGHNXOODQÕODQNDEOR$DNÕPDGD\DQDELOPHOLGLU*YHQOLYHYHULPOL
ELUoDOÕúPDLoLQ$:*YH\DGDKDNDOÕQNDEORNXOODQÕOPDVÕWDYVL\HHGLOLU
127N9$N9$(PRGHOOHULQGHNXOODQÕODQNDEOR$DNÕPDGD\DQDELOPHOLGLU*YHQOLYHYHULPOL
ELUoDOÕúPDLoLQ$:*YH\DGDKDNDOÕQNDEORNXOODQÕOPDVÕWDYVL\HHGLOLU
127.DEORUHQNOHUL\|QHWPHOLNOHUHJ|UHVHoLOPHOLGLU
836¶LQ DUNDVÕQGDNL WHUPLQDO NDSD÷ÕQÕ DoÕQ .DEORODUÕ DúD÷ÕGDNL GL\DJUDPD X\JXQ RODUDN ED÷OD\ÕQ
.DEORODU ED÷ODQÕUNHQ |QFHOLNOH WRSUDN ED÷ODQPDOÕ YH NDEORODU V|NOUNHQ GH HQ VRQ WRSUDN ED÷ODQWÕVÕ
V|NOPHOLGLU
*LULú1|WU¶
dÕNÕú )D]Õ
*LULú)D]Õ
7RSUDN
dÕNÕú 1|WU¶
././(LoLQ7HUPLQDO%ORN%D÷ODQWÕ'L\DJUDPÕ
127.DEORODUÕQWHUPLQDOHVÕNÕFDED÷ODQGÕ÷ÕQGDQHPLQROXQ 127dÕNÕúNHVLFLVLQLoÕNÕúWHUPLQDOLLOH\NDUDVÕQDED÷OD\ÕQ*HUHNL\RUVDoÕNÕúNHVLFLVLNDoDNDNÕPNRUXPDOÕ
RODELOLU
7HUPLQDONDSD÷ÕQÕWHNUDU\HULQHWDNÕQ
dZ
8\DUÕ6DGHFHVWDQGDUWPRGHOLoLQ
ł836NXUXOXPGDQ|QFHYH\DNDEORODUED÷ODQÕUNHQNHVLQOLNOHoDOÕúWÕUÕOPDPDOÕGÕU
ł6WDQGDUWPRGHOLX]XQGHVWHNOHPHVUHOLPRGHOHG|QúWUPH\HoDOÕúPD\ÕQÕ]g]HOOLNOHGDKLOLDNOHULKDULFL
DNOHUHED÷ODPD\ÕQÕ] $N WLSL JHULOLPLYH VD\ÕVÕIDUNOÕRODELOLU 'DKLOL DNOHU KDULFL DNOHUHED÷ODQÕUVD
HOHNWULNoDUSPDYH\DQJÕQULVNLROXúDELOLU
8\DUÕ6DGHFHX]XQGHVWHNOHPHVUHOLPRGHOLoLQ
ł836LOHKDULFLDNJUXEXDUDVÕQGD'&NHVLFLYH\DX\JXQELUNRUX\XFXROPDOÕGÕU<RNVDGLNNDWOLELUúHNLOGH
PRQWHHGLQ.XUXOXP|QFHVLDNNHVLFLVLQL2))GXUXPXQDJHWLULQ
8\DUÕ ł6WDQGDUWDNNXOODQÕOGÕ÷ÕQGDDNJUXEXQX836¶GHQD\ÕUDFDNVDGHFHELU'&NHVLFLYDUGÕU)DNDWGL÷HUELU
KDULFLDNJUXEXNXOODQÕOGÕ÷ÕQGD836LOHKDULFLDNJUXEXDUDVÕQGDELU'&GHYUHNHVLFLQLQYH\DEDúNDELU
NRUX\XFXGHYUHHOHPDQÕQÕQNXOODQÕOGÕ÷ÕQGDQHPLQROXQ.XOODQÕOPÕ\RUVDGLNNDWOLELUúHNLOGHPRQWHHGLQ
.XUXOXPGDQ|QFHDNGHYUHNHVLFLVLQL2))NRQXPXQDJHWLULQ
127$NNHVLFLVLQL³2))´NRQXPXQDDOÕQYHVRQUDDNOHULPRQWHHGLQ
ł$UNDSDQHOGH\D]ÕOÕRODQQRPLQDODNJHULOLPLQHGLNNDWHGLQ(÷HUDNVD\ÕVÕQÕGH÷LúWLUPHNLVWHUVHQL]DN
D\DUODUÕQÕGDGH÷LúWLUPHQL]JHUHNLU<DQOÕúDNJHULOLPLX\JXODQÕUVD836NDOÕFÕRODUDNKDVDUJ|UHELOLU$N
NDELQLQGHNLDNVD\ÕVÕQÕQGR÷UXROGX÷XQGDQHPLQROXQ
ł+DULFL DN ED÷ODQWÕVÕQÕ \DSDUNHQ SRODULWH\H |]HOOLNOH GLNNDW HGLQ YH DNOHULQ GR÷UX SRODULWH\OH
ED÷ODQPDVÕQÕVD÷OD\ÕQ$NOHU\DQOÕúSRODULWH\OHED÷ODQÕUVD836NDOÕFÕRODUDNKDVDUJ|UHELOLU
8
ł7RSUDNODPDQÕQGR÷UXED÷ODQGÕ÷ÕQGDQHPLQROXQ.DEORDNÕPGH÷HULUHQJLNRQXPXED÷ODQWÕVÕYHLOHWNHQ
JYHQLOLUOL÷LGLNNDWOLELUúHNLOGHNRQWUROHGLOPHOLGLU
ł*LULúYHoÕNÕúNDEORODUÕQÕQGR÷UXED÷ODQGÕ÷ÕQGDQHPLQROXQ.DEORDNÕPGH÷HULUHQJLNRQXPXED÷ODQWÕVÕ
YHLOHWNHQJYHQLOLUOL÷LGLNNDWOLELUúHNLOGHNRQWUROHGLOPHOLGLU)D]1|WUWHUPLQDOLQLQGR÷UXROGX÷XQGDQ
WHUVYH\DNÕVDGHYUHROPDGÕ÷ÕQGDQHPLQROXQ
dZ
<D]ÕOÕP.XUXOXPX
(QL\LELOJLVD\DUVLVWHPNRUXPDVÕLoLQ836¶LQNDSDWÕOPDVÕQÕWP\OHNRQWUROHGHELOHFHN836L]OHPHYHGHQHWLP
\D]ÕOÕPÕQÕELOJLVD\DUÕQÕ]DNXUXQ
dDOÕúWÕUPD
%XWRQøúOHYOHUL
%XWRQ
øúOHY ¾ 836¶LoDOÕúWÕUÕU836¶LoDOÕúWÕUPDNLoLQEXEXWRQDVDQL\HGHQID]ODVUH\OH
21(QWHU%XWRQX EDVÕQ
¾ (QWHU%XWRQX$\DUPHQVQGHVHoLPLRQD\ODPDNLoLQEXEXWRQDEDVÕQ ¾ 836¶LNDSDWÕU836¶LNDSDWPDNLoLQEXEXWRQDVDQL\HGHQID]ODVUH\OHEDVÕQ
2))(6&%XWRQX ¾ (VF%XWRQX$\DUPHQVQGH\NHQELU|QFHNLPHQ\HG|QPHNLoLQEXEXWRQD
EDVÕQ ¾ $N7HVWLùHEHNHYH\D&9&)PRGXQGDLNHQEXEXWRQDVDQL\HGHQID]OD
VUH\OHEDVÕQ 7HVW8S%XWRQX
¾ 83%XWRQX$\DUODUPHQVQGHELUVRQUDNLVHoHQH÷LJ|UPHNLoLQEXEXWRQD
EDVÕQ
¾ $ODUPÕVXVWXUXU6HVOLDODUPÕVXVWXUPDNLoLQEXEXWRQDVDQL\HGHQID]OD
VUH\OHEDVÕQ'HWD\ODULoLQE|OP¶DEDNÕQ
0XWH'RZQ%XWRQX ¾ 'RZQ%XWRQX$\DUODUPHQVQGHELU|QFHNLVHoHQH÷LJ|UPHNLoLQEXEXWRQD
EDVÕQ
7HVW8S
¾ %XLNLEXWRQDD\QLDQGDVDQL\HGHQX]XQVUH\OHEDVDUDN$\DUODUPHQVQH
0XWH'RZQ%XWRQX
JLUHELOLUYH\DoÕNDELOLUVLQL] &9&)PRGXNRQYHUW|UPRGXDQODPÕQDJHOPHNWHGLU /('*|VWHUJHOHU/&'3DQHO
/&'SDQHO
/('J|VWHUJHOHU
/('*|VWHUJHOHU
gQSDQHOGH836oDOÕúPDGXUXPODUÕQÕJ|VWHUHQ/('EXOXQPDNWDGÕU
0RGH /('
836GHYUH\HJLUPH
%\SDVVPRGX
$&PRGX
$NPRGX
&9&)PRGX
$NWHVWL
$UÕ]D
%\SDVV
*LULú)D]Õ
$N
$UÕ]D
ł
ł
ż
ż
ż
ł
ż
ł
ż
ł
ż
ł
ł
ż
ł
ż
ż
ł
ż
ł
ż
ł
ż
ż
ż
ż
ż
ł
1RWł/('¶LQ\DQGÕ÷Õż/('¶LQV|QNROGX÷XDQODPÕQDJHOPHNWHGLU 10
dZ
/&'3DQHO dZ
*|VWHUJH
øúOHY $NGHVWHNVUHVLELOJLVL
'HVWHNOHPHVUHVLQLVD\ÕVDOJ|VWHULU
+VDDW0GDNLND6VDQL\H
$UÕ]DELOJLVL
8\DUÕYHDUÕ]DROXúWX÷XQXJ|VWHULU
6XVWXUPDLúOHPL
$UÕ]DNRGODUÕQÕJ|VWHULU.RGODUE|OPQGHD\UÕQWÕOÕRODUDNOLVWHOHQPLúWLU
836VHVOLDODUPÕQÕQHWNLVL]OHúWLULOGL÷LQLJ|VWHULU
dÕNÕú$NJHULOLPELOJLVL
dÕNÕúJHULOLPLQLIUHNDQVÕQÕYHDNJHULOLPLQLJ|VWHULU 9DFoÕNÕúJHULOLPL9GFDNJHULOLPL+]IUHNDQV <NELOJLVL <NVHYL\HVLQLYHDUDOÕNODUÕQGDJ|VWHULU
dDOÕúPDPRGXELOJLVL
$úÕUÕ\NROGX÷XQXJ|VWHULU
<NYH\DoÕNÕúÕQNÕVDGHYUHROGX÷XQXJ|VWHULU
836¶LQúHEHNH\HED÷OÕROGX÷XQXJ|VWHULU
$NQQoDOÕúWÕ÷ÕQÕJ|VWHULU
%\SDVVGHYUHVLQLQoDOÕúWÕ÷ÕQÕJ|VWHULU
øQYHUW|UQoDOÕúWÕ÷ÕQÕJ|VWHULU
dÕNÕúÕQoDOÕúWÕ÷ÕQÕJ|VWHULU
$NELOJLVL
$NVHYL\HVLQLYHDUDOÕNODUÕQGDJ|VWHULU
dZ
$NQQDUÕ]DOÕROGX÷XQXJ|VWHULU
*LULú$NYROWDMELOJLVL
$NVHYL\HVLQLQYHYROWDMÕQÕQGúNROGX÷XQXJ|VWHULU
*LULúYROWDMÕQÕYH\DIUHNDQVÕQÕYH\DDNYROWDMÕQÕJ|VWHULU 9DF*LULúYROWDMÕ9GFDNYROWDMÕ+]JLULúIUHNDQVÕ
6HVOL$ODUP
7DQÕP 836GXUXPX
%D\SDVPRGX
$NPRGX
$UÕ]DPRGX
8\DUÕ $úÕUÕ\N
$NVHYL\HVLGúN
$NED÷OÕGH÷LO
$úÕUÕúDUM
(32DNWLI
)DQDUÕ]DVÕ$úÕUÕVÕFDNOÕN
ùDUM|UDUÕ]DVÕ
*LULúVLJRUWDVÕDWÕN
GDNLNDGDNH]DúÕUÕ\N
(32GXUXPX
%DNÕPE\SDVDQDKWDUÕNDSD÷ÕDoÕN
$UÕ]D %DUDEDúODWPDKDWDVÕ
%DUD\NVHN
%DUDGúN
%DUDGHQJHVL]
øQYHUW|U\DYDúEDúODWPDDUÕ]DVÕ
<NVHNøQYHUW|UYROWDMÕ 'úNøQYHUW|UYROWDMÕ
øQYHUW|UoÕNÕúÕNÕVDGHYUH
1HJDWLIJoKDWDVÕ
$N6&5NÕVDGHYUH
øQYHUW|UU|OHVLNÕVDGHYUH
$úÕUÕVÕFDNOÕN
&38KDEHUOHúPHDUÕ]DVÕ
$úÕUÕ\N
6HVOLDODUP
6XVWXUPD
+HULNLGDNLNDGDELUoDODU
+HUVDQL\HGHELUoDODU
6UHNOLoDODU
(YHW 6DQL\HGHLNLNH]oDODU
6DQL\HGHELUoDODU
6UHNOLoDODU
12
+D\ÕU (YHW 7HN836dDOÕúWÕUPDVÕ
ùHEHNHYDUNHQ836¶LQoDOÕúWÕUÕOPDVÕùHEHNHPRGX
dZ
ùHEHNH ED÷OÕ\NHQ DN NHVLFLVLQL ³21´ NRQXPXQD JHWLULQ EX LúOHP \DOQÕ] X]XQ GHVWHNOHPH VUHOL
PRGHOOHU LoLQGLU 6RQUD úHEHNH JLULú NHVLFLVLQL ³21´GXUXPXQD JHWLULQ %XGXUXPGD IDQoDOÕúPD\D
EDúODUYH836ED\SDVWDQ\NHJoYHULU836ED\SDVPRGXQGDoDOÕúPDNWDGÕU
127%D\SDVPRGXQGDoÕNÕúWDNLJHULOLPGR÷UXGDQJLULúWHNLúHEHNHGHQNDUúÕODQÕU%XQHGHQOH\NOHU
HOHNWULN NHVLQWLVLQH NDUúÕ NRUXQPD] (OHNWULN NHVLQWLVLQH NDUúÕ NRUXPDN LoLQ 836¶LQ ùHEHNH PRGXQD
JHoPHVLJHUHNPHNWHGLU%LUVRQUDNLDGÕPDEDNÕQÕ]
ùHEHNHPRGXQDJHoPHNLoLQ³21´EXWRQXQDVDQL\HNDGDUEDVÕQVHVOLDODUPELUNH]oDODU
%LUNDoVDQL\HVRQUD836úHEHNHPRGXQDJHoHU(÷HUúHEHNHQRUPDOGH÷HUOHUGÕúÕQGDLVH836NHVLQWL
ROPDNVÕ]ÕQDNPRGXQGDoDOÕúPD\DEDúODU 127$NPRGXQGDoDOÕúÕUNHQ836DNVQQERúDOPDVÕQD\DNÕQRWRPDWLNRODUDNNDSDQÕU%XGXUXPGD
úHEHNHJHOGL÷LQGHWHNUDUùHEHNHPRGXQGDoDOÕúPD\DEDúODU ùHEHNH\RNNHQ836¶LQoDOÕúWÕUÕOPDVÕ$NPRGX
$NNHVoLVLQLQ³21´SR]LV\RQXQGDROGX÷XQGDQHPLQROXQ\DOQÕ]X]XQGHVWHNOHPHVUHOLPRGHOOHU 836¶LoDOÕúWÕUPDNLoLQ³21´EXWRQXQDVDQL\HNDGDUEDVÕQVHVOLDODUPELUNH]oDODU
%LUNDoVDQL\HVRQUD836DNPRGXQGDoDOÕúPD\DEDúODU &LKD]ODUÕQ836¶HED÷ODQPDVÕ
836oDOÕúWÕNWDQVRQUDFLKD]ODU836¶HED÷ODQDELOLU
gQFH 836¶L oDOÕúWÕUÕQ YH VRQUD FLKD]ODUÕ WHNHU WHNHU DoÕQ /&' SDQHO WRSODP \N \]GHVLQL
J|VWHUHFHNWLU (÷HU SULQWHU JLEL DQL \NVHN DNÕP oHNHQ \NOHULQ 836¶H ED÷ODQPDVÕ JHUHNOL\VH EXQODUÕQ oHNWL÷L
DNÕPODUGLNNDWOLFHKHVDSODQPDOÕYH836¶LQJoNDSDVLWHVLQHX\JXQROGX÷XQGDQHPLQROXQPDOÕGÕU
(÷HU836DúÕUÕ\NOHQLUVHVHVOLDODUPVDQL\HGHNH]oDODU
836DúÕUÕ\NOHQGL÷LQGHED]Õ\NOHULGHUKDONDSDWÕQ6LVWHPJYHQOL÷LDoÕVÕQGDQ836¶HED÷OÕ\NQ
QRPLQDO836NDSDVLWHVLQLQ¶QLQLJHoPHPHVLWDYVL\HHGLOLU (÷HUDúÕUÕ\NVUHVLWHNQLN|]HOOLNOHUE|OPQGHEHOLUWLOHQVUH\LDúDUVD836ED\SDVPRGXQDJHoHU
$úÕUÕ\NJLGHULOGL÷LQGHRWRPDWLNRODUDNúHEHNHPRGXQDJHULG|QHU$NPRGXQGDDúÕUÕ\NWHNQLN
|]HOOLNOHUGHEHOLUWLOHQVUH\LDúWÕ÷ÕQGD836KDWDGXUXPXQDJHoHU(÷HUED\SDVDNWLILVH836\N
ED\SDVWDQEHVOHPH\HEDúODU(÷HUED\SDVDNWLIGH÷LOVHYH\DúHEHNHQRUPDOGH÷HUOHULQGÕúÕQGDLVH
836GHUKDONDSDQDFDNWÕU
$NOHULQúDUMÕ
836úHEHNH\HED÷OÕROGX÷X]DPDQDNOHULúDUMHGHU6DGHFHDNPRGXQGDYHDNWHVWLVÕUDVÕQGDúDUM
HWPH] $NOHULQLONNXOODQÕPGDQ|QFHVDDWúDUMHGLOPHVLWDYVL\HHGLOLU .RQWURONDUWÕQGDNLDNVD\ÕVÕD\DUÕQÕQ'HWD\OÕELOJLLoLQE|OPQHEDNÕQED÷OÕEXOXQDQDN
VD\ÕVÕQDX\JXQROGX÷XQGDQHPLQROXQ ùDUM DNÕPÕ $ LOH $ DUDVÕQGD /&' YH\D \D]ÕOÕPOD GH÷LúWLULOHELOLU /WIHQ úDUM DNÕPÕQÕQ DN
|]HOOLNOHULQHX\JXQROGX÷XQGDQHPLQROXQ $NPRGXQGDoDOÕúPD
836 DN PRGXQGD oDOÕúÕUNHQ VHVOL DODUPÕQ oDOPD VÕNOÕ÷Õ DN NDSDVLWHVLQH ED÷OÕGÕU (÷HU DN
NDSDVLWHVL ¶WHQ E\NVH VHVOL DODP VDQL\HGH ELU oDODU $N NDSDVLWHVL DODUP VHYL\HVLQH
GúW÷QGHVHVOLDODUPVDQL\HGHELUoDODUDNNXOODQÕFÕ\DDNVHYL\HVLQLQGúW÷QYH836¶LQNÕVDELU
VUH LoLQGH NDSDQDFD÷ÕQÕ ELOGLULU .XOODQÕFÕ ED]Õ NULWLN ROPD\DQ \NOHUL NDSDWDUDN NULWLN \NOHU LoLQ
GHVWHNOHPHVUHVLQLX]DWDELOLU3URJUDPODQDELOLUoÕNÕúEHOOLELUVUH\HD\DUODQPÕúD836EXVUHQLQ
VRQXQGDSURJUDPODQDELOLUoÕNÕúÕNDSDWDUDNNULWLN\NOHUHGDKDX]XQGHVWHNOHPHVUHVLWHPLQHGHU
836NDSDQPDGDQ|QFHNXOODQÕFÕEWQ\NOHULQLNDSDWPDOÕGÕUDNVLWDNGLUGHGDWDND\EÕROXúDELOLU $N PRGXQGD oDOÕúÕUNHQ oDODQ VHVOL DODUP NXOODQÕFÕ\Õ UDKDWVÕ] HGL\RUVD 0XWH EXWRQXQD EDVÕODUDN
VXVWXUXODELOLU 8]XQGHVWHNOHPHVUHOLPRGHOOHUGHGHVWHNOHPHVUHVLKDULFLDNNDSDVLWHVLQHED÷OÕGÕU 'HVWHNOHPHVUHVLoHYUHVÕFDNOÕ÷ÕYH\NWLSLQHED÷OÕRODUDNIDUNOÕOÕNJ|VWHUHELOLU /&'SDQHOGHGHVWHNOHPHVUHVLVDDWVHoLOGL\VHIDEULNDD\DUÕVDDWOLNGHúDUMGDQVRQUD836
DNOHUL NRUXPDN DPDFÕ\OD NDSDQÕU $N GHúDUM NRUXPD VUHVL /&' SDQHOGHQ DNWLI SDVLI KDOH
JHWLULOHELOLU%|OP /&'D\DUE|OPQHEDNÕQ
$NWHVWL
836úHEHNHYH\DIUHNDQVNRQYHUW|UPRGXQGDoDOÕúÕUNHQ³7HVW´%XWRQXQDEDVDUVDQÕ]836DNOHUL
WHVWHGHU .XOODQÕFÕODUL]OHPH\D]ÕOÕPÕQÕNXOODQDUDNDNWHVWLQLJHUoHNOHúWLUHELOLUOHU
ùHEHNHPRGXQGD836¶LQNDSDWÕOPDVÕ
³2))´EXWRQXQDHQD]VDQL\HEDVÕQVHVOLDODUPELUNH]oDODU836ED\SDVPRGXQDJHoHU 127(÷HUED\SDVDNWLIRODUDND\DUODQPÕúVD836øQYHUW|UNDSDQVDELOHJLULúJHULOLPLQLoÕNÕúDDNWDUÕU 127 836 NDSDQGÕNWDQ VRQUD \N ED\SDVWDQ EHVOHQPHNWHGLU EX QHGHQOH HOHNWULN NHVLQWLVL
GXUXPXQGD\NOHUNRUXQDPD] %D\SDVPRGXQGDKDOHQoÕNÕúWDJHULOLPYDUGÕUoÕNÕúÕNHVPHNLoLQJLULúúHEHNHNHVLFLVLQLNDSDWÕQ%LUNDo
VDQL\HVRQUDoÕNÕúNHVLOLU$UWÕN836WDPDPHQNDSDQPÕúWÕU 836¶LQDNPRGXQGDYHúHEHNH\RNNHQNDSDWÕOPDVÕ
836¶LNDSDWPDNLoLQ³2))´EXWRQXQDHQD]VDQL\HEDVÕQVHVOLDODUPELUNH]oDODU 836oÕNÕúÕQÕNHVHUHNNDSDQÕUgQSDQHOV|QHU 6HVOLDODUPÕQVXVWXUXOPDVÕ
6HVOL DODUPÕ VXVWXUPDN LoLQ ³0XWH´ EXWRQXQD HQ D] VDQL\H EDVÕQ 6HVOL DODUP VXVWXUXOGXNWDQ
VRQUD ³0XWH´EXWRQXQDWHNUDUEDVÕOÕUVDoDOPD\DEDúODU
%D]Õ X\DUÕ DODUPODUÕ QHGHQL RUWDGDQ NDOGÕUÕOÕQFD\D NDGDU VXVWXUXODPD] 'HWD\ODU LoLQ %|OP ¶H
EDNÕQ
8\DUÕGXUXPXQGDoDOÕúPD
+DWD /('¶L \DQÕS V|Q\RUVD YH VHVOL DODUP VDQL\HGH ELU NH] oDOÕ\RUVD 836 oDOÕúPDVÕ\OD LOJLOL ELU
SUREOHPYDUGÕU.XOODQÕFÕDUÕ]DNRGXQX/&'HNUDQGDJ|UHELOLU'HWD\ODULoLQE|OP¶WHNLDUÕ]DDUDPD
WDEORVXQDEDNÕQ
%D]Õ X\DUÕ DODUPODUÕ QHGHQL RUWDGDQ NDOGÕUÕOÕQFD\D NDGDU VXVWXUXODPD] 'HWD\ODU LoLQ %|OP ¶H
EDNÕQ
14
dZ
$UÕ]DGXUXPXQGDoDOÕúPD
+DWD/('¶L\DQÕ\RUYHVHVOLDODUPVUHNOLoDOÕ\RUVD836¶WHELUDUÕ]DYDUGÕU.XOODQÕFÕDUÕ]DNRGXQX/&'
HNUDQGDQJ|UHELOLU 'HWD\ODULoLQE|OP¶WHNLDUÕ]DDUDPDNÕVPÕQDEDNÕQ
<NOHUL NDEORODUÕ KDYDODQGÕUPD\Õ úHEHNH\L NRQWURO HGLQ 3UREOHP EXOXQPDGDQ |QFH 836 WHNUDU
oDOÕúWÕUÕOPDPDOÕGÕU6RUXQKDOOHGLOHPH]VH\HWNLOLVHYLVLDUD\ÕQ $FLOGXUXPGDúHEHNH\LYHKDULFLDNOHULNHVHUHNWHKOLNH\L|QOH\LQ dZ
$NVD\ÕVÕQÕQGH÷LúWLUWPHVL
$NVD\ÕVÕDQFDN\HWNLOLVHUYLVWDUDIÕQGDQGH÷LúWLULOHELOLU
836¶LNDSDWÕQ(÷HU\NNDSDWÕODPÕ\RUVDDUNDSDQHOGHNLPHNDQLNED\SDVDQDKWDUÕLOH836¶LPHNDQLN
ED\SDVGXUXPXQDDOÕQ *LULúNHVLFLVLQLYH$NNHVLFLVLQLVDGHFHX]XQGHVWHNOHPHVUHOLUQOHULoLQ2))NRQXPXQDDOÕQ 836NDELQLQLDoDUDNNRQWURONDUWՁ]HULQGHNLDWODPDWHOOHULQL-3YH-3 X\JXQúHNLOGHWDNDUDN
DNVD\ÕVÕQÕEHOLUOH\LQDúD÷ÕGDNLWDEOR\DEDNÕQ
$NVD\ÕVÕ
SLQSLQ
;
;
;
;
;
-3
SLQSLQ
3LQSLQ
;
;
;
;
;
SLQSLQ
-6
1RW᧶ DWODPD\ÕWDNÕQ DWODPD\RN[ EXSLQOHUEDúNDIRQNVL\RQLoLQGLU
6RQUD DN NDEORVXQX D\ÕUDUDN LVWHQLOHQ DN VD\ÕVÕQÕ ROXúWXUXQ 'H÷LúLNOLNOHU \DSÕOGÕNWDQ VRQUD 836
NDELQLQLNDSDWÕQ
*LULúNHVLFLVLQL21NRQXPXQDDOÕQ836ED\SDVPRGXQDJHoHU(÷HU836PHNDQLNED\SDVNRQXPXQGD
LVHPHNDQLNED\SDVDQDKWDUÕQÕ³836´NRQXPXQDDOÕQYHVRQUD836¶LoDOÕúWÕUÕQ
/&'¶GHNLNÕVDOWPDODUÕQDoÕNODPDVÕ
.ÕVDOWPD
(1$
',6
$72
%$7
1&)
&)
68%
$''
21
2))
)%'
231
5(6
(NUDQJ|UQWV
$QODPÕ
$NWLI
3DVLI
2WRPDWLN
$N
1RUPDOPRG&9&)PRGXGH÷LO
&9&)PRGX
dÕNDUW
(NOH
2Q
2II
0VDGHHGLOPH]
0VDGHHGLOLU
5H]HUYH /&'$\DUODUÕ
7KHUHDUHWKUHHSDUDPHWHUVWRVHWXSWKH8365HIHUWRIROORZLQJGLDJUDP
3DUDPHWUH3URJUDPVHoLPLLoLQGLU3URJUDPODU
LoLQDúD÷ÕGDNLWDEOR\DEDNÕQÕ]
Parameter 1
3DUDPHWUHYHSDUDPHWUHKHUELUSURJUDP
LoLQD\DUVHoHQHNOHULYHGH÷HUOHULGLU 1RWOWIHQSURJUDPYHSDUDPHWUHOHUL
GH÷LúWLUPHNLoLQ ³8S´YH³'RZQ´EXWRQODUÕQÕ
NXOODQÕQ
Parameter 2
Parameter 3
3URJUDPVDYDLODEOHOLVWIRUSDUDPHWHU .RG 7DQÕP
dÕNÕúYROWDMÕ
dÕNÕúIUHNDQVÕ
%\SDV
<
<
%\SDVLoLQYROWDMDUDOÕ÷Õ
%D\SDVLoLQIUHNDQVDUDOÕ÷Õ
5H]HUYH
5H]HUYH
5H]HUYH
%\SDVPRGD\DUÕ
$NPDNVLPXPGHúDUMVUHVLD\DUÕ
5H]HUYH
5H]HUYH
5H]HUYH
$NYROWDM.DOLEUDV\RQX
ùDUM|UYROWDMD\DUÕ
øQYHUW|UYROWDM.DOLEUDV\RQX
5H]HUYH
5H]HUYH
ùDUM|UPDNVLPXPDNÕPD\DUÕ
$NNDSDVLWHVLYHNROVD\ÕVÕD\DUÕ 'HVWHNOHPHVUHVLNDOLEUDV\RQX
<SURJUDPÕQEXPRGGDD\DUODQDELOGL÷LDQODPÕQGDGÕU
16
<
<
<
<
<
<
ġ <
<
<
$&
ġ ġ
ġ
ġ
ġ
ġ
<
<
<
<
<
<
<
<
&9&)
$N
ġ ġ ġ
ġ
ġ
ġ
ġ
ġ
<
<
<
<
<
<
<
ġ
ġ
ġ
ġ
ġ
ġ
<
<
<
<
<
<
<
$N7HVWL
ġ ġ
ġ
ġ
ġ
ġ
ġ
<
<
<
<
<
<
dZ
z 2XWSXWYROWDJH *|VWHUJH
dZ
z dÕNÕúIUHNDQVÕ
*|VWHUJH
$\DU
3DUDPHWUHdÕNÕú9ROWDMÕ
3DUDPHWUHLOHDúD÷ÕGDNLoÕNÕúYROWDMODUÕVHoLOHELOLU
dÕNÕúYROWDMÕ9DF
dÕNÕúYROWDMÕ9DF
dÕNÕúYROWDMÕ9DF
dÕNÕúYROWDMÕ9DF
$\DU
3DUDPHWUHdÕNÕú)UHNDQVÕ
SDUDPHWUHLOHDúD÷ÕGDNLVHoLPOHUGHQELULQL\DSDELOLUVLQL] +]dÕNÕúIUHNDQVÕ+] +]dÕNÕúIUHNDQVÕ+]
$726HoLOGL÷LQGHoÕNÕúIUHNDQVÕVRQQRUPDOúHEHNHIUHNDQVÕQD
J|UHD\DUODQÕU$OJÕODQDQIUHNDQV+]+]LVHoÕNÕú+=ROXU
(÷HUIUHNDQV+]+]oÕNÕúIUHNDQVÕ+]¶HD\DUODQÕU$72
IDEULNDD\DUÕGÕU
3DUDPHWUH)UHNDQV0RGX 3DUDPHWUHLOH&9&)PRGXQXDNWLI\DGDSDVLIKDOHJHWLUHUHN
DúD÷ÕGDNLLNLVHoLPLVD÷OD\DELOLUVLQL]
&)&9&)PRGXVHoLOGL÷LQGHoÕNÕúIUHNDQVÕ+]YH\D+]¶H
3DUDPHWUHVHoLPLQHED÷OÕRODUDND\DUODQÕU *LULúIUHNDQVÕ+]
+]DUDVÕQGDRODELOLU
1&)836¶LQQRUPDOD\DUÕGÕU&9&)PRGXQGDGH÷LO%XPRG
VHoLOLUVH3DUDPHWUHD\DUÕQDED÷OÕRODUDNoÕNÕúIUHNDQVÕJLULú
IUHNDQVÕQD+]LoLQa+]DUDOÕ÷ÕQGDYH+]LoLQa+]
DUDOÕ÷ÕQGDVHQNURQL]HROXU3DUDPHWUH¶GH+]VHoLOLUVHJLULú
IUHNDQVÕa+]DUDOÕ÷ÕGÕúÕQDoÕNWÕ÷ÕQGD836DNPRGXQD
WUDQVIHUROXU 3DUDPHWUH¶GH+]VHoLOLUVHJLULúIUHNDQVÕa
+]DUDOÕ÷ÕGÕúÕQDoÕNWÕ÷ÕQGD836DNPRGXQDWUDQVIHUROXU (÷HU3DUDPHWUH$72LVH3DUDPHWUHRDQGDNLIUHNDQVÕ
J|VWHULU
+]&9&)PRGH
+]1RUPDOPRGH
$72
z %\SDVLoLQYROWDMDUDOÕ÷Õ
*|VWHUJH
$\DU
3DUDPHWUH%D\SDVLoLQNDEXOHGLOHQHQGúNYROWDMD\DUÕGÕU
$\DUVDKDVÕ9LOH9DUDVÕQGDGÕU)DEULNDD\DUÕ9¶WXU
3DUDPHWUH%D\SDVLoLQNDEXOHGLOHQHQ\NVHNYROWDMD\DUÕGÕU
$\DUVDKDVÕ9LOH9DUDVÕQGDGÕUYHIDEULNDD\DUÕ9¶WXU
z %\SDVLoLQIUHNDQVDUDOÕ÷Õ
*|VWHUJH
$\DU
3DUDPHWUH%D\SDVLoLQNDEXOHGLOHELOLUGúNIUHNDQVD\DUÕGÕU +]LoLQ$\DUVDKDVÕ+]a+]
+]LoLQ$\DUVDKDVÕ+]a+]
)DEULNDD\DUÕ+]+]
3DUDPHWUH%D\SDVLoLQNDEXOHGLOHELOLU\NVHNIUHNDQVD\DUÕGÕU
+]LoLQ$\DUVDKDVÕ+]a+] +]LoLQ$\DUVDKDVÕ+]a+]
)DEULNDD\DUÕ+]+]
z UH]HUYH
*|VWHUJH
$\DU
UH]HUYH
dZ
z UH]HUYH
*|VWHUJH
$\DU
UH]HUYH
z UH]HUYH
*|VWHUJH
$\DU
UH]HUYH
z %\SDVPRGXD\DUÕ
*|VWHUJH
z
$\DU
3DUDPHWUH 231%D\SDVDL]LQYHULOLU%XVHoLP\DSÕOGÕ÷ÕQGDED\SDVD%D\SDV (WNLQ(WNLVL]VHoLPLQHJ|UHL]LQYHULOHELOLU )%'%D\SDVDL]LQYHULOPH]%XGXUXPGDED\SDVoDOÕúPDVÕQD
KLoELUúDUWDOWÕQGDL]LQYHULOPH] 3DUDPHWUH
(1$%D\SDVHWNLQ%D\SDVPRGXDNWLIKDOGHGLU ',6%\SDVVHWNLVL]2WRPDWLNED\SDVDPVDDGHHGLOLUIDNDW
PDQHOED\SDVPPNQGH÷LOGLU<DQLNXOODQÕFÕNHQGLLVWH÷LLOH
ED\SDVPRGXQDJHoHPH]
$NPDNVLPXPGHúDUMVUHVLD\DUÕ
*|VWHUJH
$\DU
3DUDPHWUH a0DNVLPXPGHVWHNOHPHVUHVLQLaGDNLND
DUDOÕ÷ÕQGDD\DUODU$\DUVUHVLGROGX÷XQGD836DN\NRUXPDN
DPDFÕ\ODNDSDQÕU)DEULNDD\DUGH÷HULGDNLNDGÕU
',6$NGHVWHNOHPHVUHVLQLHWNLVL]OHúWLULU%XVHoLP\DSÕOGÕ÷ÕQGD
GHVWHNVUHVLDNNDSDVLWHVLQHED÷OÕGÕU
18
z UH]HUYH *|VWHUJH
$\DU
UH]HUYH
dZ
z UH]HUYH
*|VWHUJH
$\DU
UH]HUYH
z UH]HUYH
*|VWHUJH
$\DU
UH]HUYH
z $NYROWDMNDOLEUDV\RQX *|VWHUJH
$\DU
3DUDPHWUH$NYROWDMÕQÕJHUoHNGH÷HUHNDOLEUHHWPHNLoLQ
³$GG´(NOHYH\D³6XE´dÕNDUWIRQNVL\RQODUÕVHoLOHELOLU 3DUDPHWUHYROWDMDUDOÕ÷Õ9a9IDEULNDD\DUÕ9
z ùDUM|UYROWDMD\DUÕ
*|VWHUJH
$\DU
3DUDPHWUHùDUM|UYROWDMÕQÕD\DUODPDNLoLQ$GG(NOHYH\D
6XEdÕNDUWVHoLOHELOLU
3DUDPHWUHYROWDMDUDOÕ÷Õ9a9IDEULNDD\DUÕ9
z øQYHUW|UYROWDMNDOLEUDV\RQX
*|VWHUJH
$\DU
3DUDPHWUHøQYHUW|UYROWDMD\DUÕLoLQ$GG(NOHYH\D6XE
dÕNDUWVHoLOHELOLU
3DUDPHWUHD\DUDUDOÕ÷Õ9a9IDEULNDD\DUÕ9
dZ
z UH]HUYH *|VWHUJH
$\DU
UH]HUYH
z UH]HUYH
*|VWHUJH
$\DU
UH]HUYH
z ùDUM|UPDNVLPXPDNÕPD\DUÕ
*|VWHUJH
$\DU
3DUDPHWUH 0DNVLPXPúDUMDNÕPÕD\DUODQDELOLU)DEULNDD\DUÕGH÷HUOHUX]XQ
GHVWHNVXUHOLPRGHOOHUGH$YHVWDQGDUWPRGHOOHUGH$¶GLU $\DUVDKDVÕX]XQGHVWHNVXUHOLPRGHOOHUGH$a$YHVWDQGDUW
PRGHOOHUGH$a$¶GLU
1RW <DSÕODFDND\DUODUDN|]HOOLNOHULQHX\JXQROPDOÕGÕU(÷HUJLULú
YROWDMÕ9$&¶GHQGúNVHúDUMDNÕPOLPLWL$RODUDNVHoLOPLúROVD
ELOH836úDUMDNÕPÕQÕRWRPDWLNRODUDN$¶HGúUU
20
dZ
z $NNDSDVLWHVLYHNROVD\ÕVÕD\DUÕ *|VWHUJH
$\DU
3DUDPHWUH $N NDSDVLWHVLQL VHoLQ $+ $+ $+ $+ $+ $+
$+$+$+JLEL
)DEULNDD\DUÕ$+¶GLU
3DUDPHWUH $NNROVD\ÕVÕQÕaDUDVÕQGDVHoLQ
)DEULNDD\DUÕNROGXU
%XSDUDPHWUHOHUDNGHVWHNOHPHVUHVLKHVDEÕLoLQNXOODQÕOÕU z 'HVWHNOHPHVUHVLNDOLEUDV\RQX *|VWHUJH
$\DU
3DUDPHWUH %XoDUSDQÕD\DUOD\DUDNJ|UQWOHQHQGHVWHNVUHVLQLNDOLEUHHGLQ +HVDSODPDIRUPODúD÷ÕGDGÕU *|UQWOHQHQGHVWHNVUHVL 2ULMLQDOKHVDSODQPÕúGHVWHNVUHVL[
oDUSDQIDNW|U
dDUSDQIDNW|UQQIDEULNDD\DUGH÷HULYHD\DUVDKDVÕLOH
DUDVÕQGDGÕU
dDOÕúPD0RGX'XUXP7DQÕPÕ
dDOÕúPDPRGXGXUXP
ùHEHNH0RGX
7DQÕP
*LULúYROWDMÕQRUPDODUDOÕNWDLVH836oÕNÕúDNDUDUOÕ$&JoWHPLQHGHFHNWLU
836D\QÕ]DPDQGDDNOHULGHúDUMHGHU
/&'J|VWHUJH
&9&)PRGX
7DQÕP
*LULú IUHNDQVÕ a+] DUDOÕ÷ÕQGD\NHQ 836 VDELW oÕNÕú IUHNDQVÕ YHUHFHN
úHNLOGH +] YH\D +] D\DUODQDELOLU 836 EX PRGGD DNOHUL úDUM
HGHELOLU
/&'J|VWHUJH
$NPRGX
7DQÕP
*LULúJHULOLPLQRUPDODUDOÕ÷ÕQGÕúÕQGDYH\DNHVLNVH836DNGHQoDOÕúDUDN
oÕNÕúDHQHUMLYHULUYHVHVOLDODUPVDQL\HGHELUoDODU
/&'J|VWHUJH
dZ
%\SDVPRGX
7DQÕP
*LULú YROWDMÕ QRUPDO GH÷HUOHUGH LVH YH ED\SDV DNWLI HGLOPLúVH 836
oDOÕúWÕ÷ÕQGDGHUKDOED\SDVWDQoÕNÕúYHULU$ODUPGDNLNDGDELUoDODU
/&'J|VWHUJH
$NWHVWL
7DQÕP
836 úHEHNH YH\D &9&) PRGXQGD LNHQ ³7HVW´ EXWRQXQD VDQL\HGHQ
X]XQEDVÕQ6HVOLDODUPELUNH]oDODUYH$N7HVWLEDúODU *|VWHUJHGHNL
,3YHøQYHUW|UVHPEROOHULQLQDUDVÕQGDNLKDW\DQÕSV|QHU$NIRQNVL\RQXQ
WHVWLLoLQNXOODQÕOÕU
/&'J|VWHUJH
$UÕ]DGXUXPX
7DQÕP
/&'J|VWHUJH
836¶WHDUÕ]DROXúWX÷XQGD/&'SDQHOGHKDWDPHVDMÕJ|VWHULOLU
$UÕ]D.RGODUÕ
$UÕ]DROD\Õ
%DUDEDúODQJÕoDUÕ]DVÕ
%DUD\NVHN
%DUDGúN
%DUDGHQJHVL]
øQYHUW|UVRIWVWDUWDUÕ]DVÕ
<NVHNLQYHUW|UYROWDMÕ
'úNLQYHUW|UYROWDMÕ $UÕ]DNRGX
øNRQ
22
$UÕ]DROD\Õ
øQYHUW|UoÕNÕúÕNÕVDGHYUH
1HJDWLIJoDUÕ]DVÕ
$N6&5NÕVDGHYUH
øQYHUW|UU|OHVLNÕVDGHYUH
$úÕUÕVÕFDNOÕN
&38KDEHUOHúPHDUÕ]DVÕ
$úÕUÕ\N
$UÕ]DNRGX
$
øNRQ
8\DUÕ*|VWHUJHOHUL
8\DUÕ
dZ
øNRQ\DQÕSV|QHU
$ODUP
$NGúN
6DQL\HGHELUoDODU
$úÕUÕ\N
6DQL\HGHLNLNH]oDODU
$NED÷OÕGH÷LO
6DQL\HGHELUoDODU
$úÕUÕúDUM
6DQL\HGHELUoDODU
(32DNWLI
6DQL\HGHELUoDODU
)DQDUÕ]DVÕ$úÕUÕVÕFDNOÕN
6DQL\HGHELUoDODU
ùDUM|UDUÕ]DVÕ
6DQL\HGHELUoDODU
*LULúVLJRUWDVÕDWÕN
$úÕUÕ\NGDNLNDGDNH] 6DQL\HGHELUoDODU
6DQL\HGHELUoDODU
$UÕ]DDUDPD
(÷HU836VLVWHPLQRUPDOoDOÕúPÕ\RUVDDúD÷ÕGDNLWDEOR\DEDNDUDNSUREOHPLo|]HELOLUVLQL] 3UREOHP
0XKWHPHOQHGHQ
d|]P
ùHEHNH
QRUPDONHQ
|Q
SDQHO
*LULú NDEOR ED÷ODQWÕVÕQÕ NRQWURO
$&JLULúL\LED÷ODQPDPÕú
D\GÕQODQPÕ\RU HGLQ /&' SDQHOGH LNRQ
YH X\DUÕ NRGX
\DQÕSV|Q\RUYHDODUPVDQL\HGH
ELUoDOÕ\RU (32IRQNVL\RQXDNWLI
(32 IRQNVL\RQX NDOGÕUPDN LoLQ
GHYUHVLQL
NDSDOÕ
GXUXPD
JHWLULQ /&' SDQHOGH LNRQ
YH
'DKLOL YH\D KDULFL DN GR÷UX $NOHULQ
GR÷UX
ED÷ODQÕS
\DQÕS V|Q\RU YH DODUP VDQL\HGH ELU ED÷ODQPDPÕú
ED÷ODQPDGÕ÷ÕQÕNRQWUROHGLQ
oDOÕ\RU 836 oÕNÕúÕQGDNL DúÕUÕ \N
836DúÕUÕ\NO NDOGÕUÕQ
/&'¶GH
YH
\DQÕS 836DúÕUÕ\NO<NED\SDVWDQ 836 oÕNÕúÕQGDNL DúÕUÕ \N
V|Q\RU YH DODUP VDQL\HGH LNL NH] EHVOHQL\RU
NDOGÕUÕQ
oDOÕ\RU
7HNUDUOÕ DúÕUÕ \NOHUGHQ VRQUD
836 oÕNÕúÕQGDNL DúÕUÕ \NOHUL
836 ED\SDVWD oDOÕúÕ\RU <NOHU
NDSDWÕQ 6RQUD 836¶L NDSDWÕS
ED\SDV ]HULQGHQ úHEHNHGHQ
WHNUDUDoÕQ
EHVOHQL\RU $UÕ]D NRGX J|UO\RU /&'¶GH 836X]XQVUHDúÕUÕ\NOHQGLYH
$úÕUÕ \NOHUL D\ÕUÕQ YH 836¶L
\DQÕ\RUYHVHVOLDODUPVUHNOL KDWD\D JHoWL 6RQUD RWRPDWLN \HQLGHQoDOÕúWÕUÕQ
RODUDNNDSDWWÕ oDOÕ\RU
$UÕ]D NRGX J|UO\RU YH /&'¶GH 836 oÕNÕúWDNL NÕVD GHYUH dÕNÕú NDEORODUÕQÕ YH ED÷OÕ
\]QGHQ RWRPDWLN RODUDN FLKD]ODUGD NÕVD GHYUH ROXS
\DQÕ\RUDODUPVUHNOLoDOÕ\RU NDSDWWÕ ROPDGÕ÷ÕQÕNRQWUROHGLQ
/&'¶GHGL÷HUDUÕ]DNRGODUÕJ|UO\RUYH
836¶WHGDKLOLELUDUÕ]DROXúWX VHVOLDODUPVUHNOLoDOÕ\RU
$NOHUWDPúDUMROPX\RU
$NGHVWHNOHPHVUHVLQRUPDOGHQNÕVD
$NOHUDUÕ]DOÕ
<HWNLOLVHUYLVLDUD\ÕQ
$NOHUL HQ D] VDDW úDUM HGLQ
YHWHNUDUGHQH\LQ']HOPH]VH
\HWNLOLVHYLVLDUD\ÕQ $N GH÷LúLPL LoLQ \HWNLOL VHUYLVL
DUD\ÕQ
/&'¶GH YH
\DQÕS V|Q\RU )DQ VÕNÕúPÕú YH\D oDOÕúPÕ\RU )DQODUÕ NRQWURO HGLS \HWNLOL
YH\D836VÕFDNOÕ÷ÕoRN\NVHN VHUYLVLDUD\ÕQ YHDODUPVDQL\HGHELUoDOÕ\RU
24
dZ
'HSRODPDYH%DNÕP
'HSRODPD 'HSRODPDGDQ |QFH 836¶L HQ D] VDDW úDUM HGLQ 836¶L GLN SR]LV\RQGD VHULQ YH NXUX ELU RUWDPGD
dZ
VDNOD\ÕQ'HSRODPDVUHFLQGHDNOHULDúD÷ÕGDNLWDEOR\DJ|UH\HQLGHQúDUMHGLQ
'HSRODPD6ÕFDNOÕ÷Õ
<HQLGHQùDUM
ùDUM6UHVL
ƒ&aƒ&
D\GDELU
VDDW
ƒ&aƒ&
D\GDELU
VDDW
%DNÕP
836FLKD]ÕQGDWHKOLNHOLVHYL\HOHUGH\NVHNJHULOLPOHUEXOXQXU7PEDNÕPYH
RQDUÕPLúOHPOHULGHQH\LPOLVHUYLVHOHPDQODUÕWDUDIÕQGDQ\DSÕOPDOÕGÕU 836FLKD]ÕQÕQNHQGLGDKLOLHQHUMLND\QD÷ÕDNEXOXQPDNWDGÕU836Jo
úHEHNHVLQHED÷OÕROPDVDELOHoÕNÕúSUL]OHULQGHJHULOLPRODELOLU
6HUYLVYH\DEDNÕPoDOÕúPDVÕQGDQ|QFHDNOHULQGHYUHGHQD\UÕOPDVÕYHWHKOLNHOL
YROWDMODUÕQROPDGÕ÷ÕQÕQNRQWUROHGLOPHVLJHUHNLUEXDQFDN\HWNLOLVHUYLVHOHPDQÕWDUDIÕQGDQ
\DSÕODELOLU $NOHULQGH÷LúLPLDNYHGH÷LúLPVÕUDVÕQGDDOÕQDFDNWHGELUOHUNRQXVXQGDJHUHNOL
ELOJL\HVDKLSNLúLOHUWDUDIÕQGDQ\DSÕOPDOÕGÕU<HWNLVL]NLúLOHULDNOHUGHQX]DNWXWXQX] $NGHYUHNHVLFLVLJLULúJHULOLPLQGHQL]ROHGH÷LOGLU7RSUDNLOHDNWHUPLQDOOHUL
DUDVÕQGDWHKOLNHOLVHYL\HOHUGHJHULOLPRODELOLU'RNXQPDGDQ|QFHNRQWUROHGLQJHULOLP
ROPDGÕ÷ÕQGDQHPLQROXQ%XDQFDN\HWNLOLVHUYLVHOHPDQÕWDUDIÕQGDQ\DSÕODELOLU $NOHUHOHNWULNoDUSPDVÕQDQHGHQRODELOLUYH\NVHNNÕVDGHYUHDNÕPÕQDVDKLSWLUOHU
$NOHU]HULQGHoDOÕúÕUNHQDúD÷ÕGDEHOLUWLOHQWHGELUOHULQDOÕQPDVÕ]RUXQOXGXU 炼VDDW\]NYHGL÷HUPHWDOQHVQHOHUoÕNDUWÕOPDOÕGÕU 炼VDGHFHL]ROHVDSOÕDOHWOHUNXOODQÕOPDOÕGÕU $NOHULGH÷LúWLULUNHQD\QÕVD\ÕGDYHWLSWHDNOHUNXOODQÕOPDOÕGÕU
$NOHULDWHúHDWPD\ÕQÕ]3DWOD\DELOLU $NOHULDoPD\DYH\DSDUoDODPD\DoDOÕúPD\ÕQ6Õ]DELOHFHNHOHNWUROLW]HKLUOLGLU
GHUL\HYHJ|]H]DUDUYHUHELOLU 6LJRUWD\ÕD\QÕWLSYHGH÷HUGH\HQLVL\OHGH÷LúWLULQ 836¶LDoPD\ÕQYH\DSDUoDODPD\ÕQ
7HNQLNg]HOOLNOHU
3RZHU:DONHU 3RZHU:DONHU9),
&5/&'
9$:
02'(/
.$3$6ø7(
*ø5øù
9$&“<NWH 9$&“<NWH
'úN9ROWDM7UDQVIHUL9
9$&“
<NVHN9ROWDM7UDQVIHUL9 +]a+]+]VLVWHPLoLQ
+]a+]+]VLVWHPLoLQ
7HNID]WRSUDNOÕ
‫<ؤ‬NWH
'úN9ROWDM7UDQVIHUL
9ROWDM
$UDOÕ÷Õ
'úN9ROWDM']HOPHVL
<NVHN9ROWDM7UDQVIHUL
<NVHN9ROWDM']HOPHVL
)UHNDQV$UDOÕ÷Õ
)D]
*o)DNW|U
d,.,ù
dÕNÕúYROWDMÕ
)UHNDQV$UDOÕ÷Õ
6HQNURQoDOÕúPD
)UHNDQV$UDOÕ÷Õ$N0RGX
$&PRGX
$úÕUÕ<N
$NPRGX
$NÕP&UHVW2UDQÕ
+DUPRQLN'LVWRUVL\RQ
ùHEHNH
$N
7UDQVIHU
6UHVL
øQYHUW|U
%\SDV
9(5ø0
$&0RGX
$N0RGX
$.h
7LSYH$GHW
ùDUM6UHVL
“
+]a+]+]VLVWHPLoLQ
+]a+]+]VLVWHPLoLQ
+]“+]YH\D+]“+]
aGDNǃaGDNǃ!VQ
aVQǃaVQǃ!VQ
PDNV
ʀ#/LQHHU<Nʀ#1RQOLQHHU<N
PVQ
PVQ
!
!
!
!
9$K[
9$K[
VDDWNDSDVLWH\H
VDDWNDSDVLWH\H
'HIDXOW$“
0DNV$“
9'&“ 9'&“
8\JXODPD\DED÷OÕ
±D\DUODQDELOLU
ùDUM$NÕPÕ ùDUM9ROWDMÕ 7LS
8]XQ'HVWHN
6UHOL0RGHO
dZ
9$&
$&9ROWDM5HJODV\RQX
6WDQGDUW
0RGHO
3RZHU:DONHU 3RZHU:DONHU9),
&5/&'
9$:
$GHW
ùDUM$NÕPÕ ùDUM9ROWDMÕ
1RWaDUDVÕGDKLOLDNNXOODQÕOGÕ÷ÕQGDQLWHQLQJFDúD÷ÕGDNLIRUPOHJ|UHGúHU 3 35DWLQJ[1
'HIDXOW$“ 0DNV$“
9'&“DGHWDNLoLQ
)ø=ø.6(/
6WDQGDUW
0RGHO
%R\XWODU';*;<PP
1HW$÷ÕUOÕNNJ
8]XQ'HVWHN %R\XWODU';*;<PP
0RGHO
1HW$÷ÕUOÕNNJ
d(95(6(/
dDOÕúPD6ÕFDNOÕ÷Õ
dDOÕúPD1HPL
dDOÕúPD<NVHNOL÷L
*UOW6HYL\HVL
<g1(7ø0
$NÕOOÕ56YH\D86%
2SVL\RQHO6103
[[
[[
836[[
836[[
>8@
>8@
[[
$NEDWDU\DVÕ[
$NEDWDU\DVÕ
[[>8@
[>8@
836
836
$NEDWDU\DVÕ
$NEDWDU\DVÕ
[[>8@ [[ [[>8@
aƒ& VÕFDNOÕNƒ&¶GHQID]ODLVHDNG|QJ|PUNÕVDOÕU
YH\R÷XQODúPD\DQ
P
!G%0HWUHGHQ
!G%0HWUHGHQ
:LQGRZVŠ;39LVWD:LQGRZVŠ/LQX[8QL[YH0$&GHVWH÷L
6103PDQDJHUYHZHEWDUD\ÕFÕLOHJo\|QHWLPL
&9&)PRGXQGDNDSDVLWH¶DYHoÕNÕúYROWDMÕ9$&VHoLOGL÷LQGHNDSDVLWH¶DGúHU
(÷HU836PHWUHGHQID]OD\NVHNOLNOHUHNXUXOXUVDKHUELUPHWUHLoLQoÕNÕúJFGúHU hUQ|]HOOLNOHUL|QFHGHQELOGLULOPHNVL]LQGH÷LúWLULOHELOLU
26