Download Ch26 / Ch620

Transcript
6(59,&(0$18$/
&200$1'
&+&+&+&+
+25,=217$/&5$1.6+$)7
Contents
Section 1. Safety and General Information ............................................................................
Section 2. Tools & Aids ..........................................................................................................
Section 3. Troubleshooting .....................................................................................................
Section 4. Air Cleaner and Air Intake System ........................................................................
Section 5. Fuel System and Governor ....................................................................................
Section 5A. LPG Fuel Systems ...............................................................................................
Section 5B. Electronic Fuel Injection (EFI) Fuel System ......................................................
Section 6. Lubrication System ................................................................................................
Section 7. Retractable Starter .................................................................................................
Section 8. Electrical System and Components .....................................................................
Section 9. Disassembly ...........................................................................................................
Section 10. Inspection and Reconditioning ...........................................................................
Section 11. Reassembly ...........................................................................................................
Section 12. Clutch ....................................................................................................................
1
2
3
4
5
5A
5B
6
7
8
9
10
11
12
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
6DIHW\3UHFDXWLRQV
˜ȱŽ—œž›ŽȱœŠŽȱ˜™Ž›Š’˜—ȱ™•ŽŠœŽȱ›ŽŠȱ‘Žȱ˜••˜ ’—ȱœŠŽ–Ž—œȱŠ—ȱž—Ž›œŠ—ȱ‘Ž’›ȱ–ŽŠ—’—ǯȱ•œ˜ȱ
›ŽŽ›ȱ˜ȱ¢˜ž›ȱŽšž’™–Ž—ȱ–Š—žŠŒž›Ž›ȇœȱ–Š—žŠ•ȱ˜›ȱ˜‘Ž›ȱ’–™˜›Š—ȱœŠŽ¢ȱ’—˜›–Š’˜—ǯȱ‘’œȱ–Š—žŠ•ȱ
Œ˜—Š’—œȱœŠŽ¢ȱ™›ŽŒŠž’˜—œȱ ‘’Œ‘ȱŠ›ŽȱŽ¡™•Š’—Žȱ‹Ž•˜ ǯȱ•ŽŠœŽȱ›ŽŠȱŒŠ›Žž••¢ǯ
:$51,1*
Š›—’—ȱ’œȱžœŽȱ˜ȱ’—’ŒŠŽȱ‘Žȱ™›ŽœŽ—ŒŽȱ˜ȱŠȱ‘УЛȱ‘ŠȱŒŠ—ȱŒŠžœŽȱœŽŸŽ›Žȱ™Ž›œ˜—Š•ȱ’—“ž›¢ǰȱŽŠ‘ǰȱ
˜›ȱœž‹œŠ—’Š•ȱ™›˜™Ž›¢ȱŠ–АŽȱ’ȱ‘Žȱ Š›—’—ȱ’œȱ’—˜›Žǯ
&$87,21
Šž’˜—ȱ’œȱžœŽȱ˜ȱ’—’ŒŠŽȱ‘Žȱ™›ŽœŽ—ŒŽȱ˜ȱŠȱ‘УЛȱ‘Šȱ ’••ȱ˜›ȱŒŠ—ȱŒŠžœŽȱ–’—˜›ȱ™Ž›œ˜—Š•ȱ’—“ž›¢ȱ˜›ȱ
™›˜™Ž›¢ȱŠ–АŽȱ’ȱ‘ŽȱŒŠž’˜—ȱ’œȱ’—˜›Žǯ
127(
˜Žȱ’œȱžœŽȱ˜ȱ—˜’¢ȱ™Ž˜™•Žȱ˜ȱ’—œŠ••Š’˜—ǰȱ˜™Ž›Š’˜—ǰȱ˜›ȱ–Š’—Ž—Š—ŒŽȱ’—˜›–Š’˜—ȱ‘Šȱ’œȱ’–™˜›Š—ȱ
‹žȱ—˜ȱ‘УЛȬ›Ž•ŠŽǯ
)RU<RXU6DIHW\
‘ŽœŽȱ™›ŽŒŠž’˜—œȱœ‘˜ž•ȱ‹Žȱ˜••˜ ŽȱŠȱŠ••ȱ’–ŽœǯȱŠ’•ž›Žȱ˜ȱ˜••˜ ȱ‘ŽœŽȱ™›ŽŒŠž’˜—œȱŒ˜ž•ȱ›Žœž•ȱ’—ȱ’—“ž›¢ȱ˜ȱ
¢˜ž›œŽ•ȱŠ—ȱ˜‘Ž›œǯ
:$51,1*
:$51,1*
ŒŒ’Ž—Š•ȱŠ›œȱŒŠ—ȱŒŠžœŽȱœŽŸŽ›Žȱ
’—“ž›¢ȱ˜›ȱŽŠ‘ǯ
˜Š’—ȱŠ›œȱŒŠ—ȱŒŠžœŽȱœŽŸŽ›Žȱ
’—“ž›¢ǯ
’œŒ˜——ŽŒȱŠ—ȱ›˜ž—ȱœ™Š›”ȱ™•žȱ
•ŽŠœȱ‹Ž˜›ŽȱœŽ›Ÿ’Œ’—ǯ
Š¢ȱРТȱ ‘’•ŽȱŽ—’—Žȱ’œȱ’—ȱ
˜™Ž›Š’˜—ǯ
$FFLGHQWDO6WDUWV
’œŠ‹•’—ȱŽ—’—ŽǯȱŒŒ’Ž—Š•ȱ
œŠ›’—ȱŒŠ—ȱŒŠžœŽȱœŽŸŽ›Žȱ’—“ž›¢ȱ˜›ȱ
ŽŠ‘ǯȱŽ˜›Žȱ ˜›”’—ȱ˜—ȱ‘ŽȱŽ—’—Žȱ
˜›ȱŽšž’™–Ž—ǰȱ’œŠ‹•Žȱ‘ŽȱŽ—’—ŽȱŠœȱ
˜••˜ œDZȱŗǼȱ’œŒ˜——ŽŒȱ‘Žȱœ™Š›”ȱ™•žȱ
•ŽŠǻœǼǯȱŘǼȱ’œŒ˜——ŽŒȱ—ŽŠ’ŸŽȱǻȬǼȱ
‹ŠĴŽ›¢ȱŒŠ‹•Žȱ›˜–ȱ‹ŠĴŽ›¢ǯ
5RWDWLQJ3DUWV
ŽŽ™ȱ‘Š—œǰȱŽŽǰȱ‘Š’›ǰȱŠ—ȱŒ•˜‘’—ȱ
РТȱ›˜–ȱŠ••ȱ–˜Ÿ’—ȱ™Š›œȱ˜ȱ™›ŽŸŽ—ȱ
’—“ž›¢ǯȱŽŸŽ›ȱ˜™Ž›ŠŽȱ‘ŽȱŽ—’—Žȱ ’‘ȱ
Œ˜ŸŽ›œǰȱœ‘›˜žœǰȱ˜›ȱžŠ›œȱ›Ž–˜ŸŽǯ
:$51,1*
˜ȱŠ›œȱŒŠ—ȱŒŠžœŽȱœŽŸŽ›Žȱ‹ž›—œǯ
˜ȱ—˜ȱ˜žŒ‘ȱŽ—’—Žȱ ‘’•Žȱ˜™Ž›Š’—ȱ
˜›ȱ“žœȱŠĞŽ›ȱœ˜™™’—ǯ
+RW3DUWV
—’—ŽȱŒ˜–™˜—Ž—œȱŒŠ—ȱŽȱŽ¡›Ž–Ž•¢ȱ
‘˜ȱ›˜–ȱ˜™Ž›Š’˜—ǯȱ˜ȱ™›ŽŸŽ—ȱœŽŸŽ›Žȱ
‹ž›—œǰȱ˜ȱ—˜ȱ˜žŒ‘ȱ‘ŽœŽȱŠ›ŽŠœȱ ‘’•Žȱ
‘ŽȱŽ—’—Žȱ’œȱ›ž——’—ȱȬȱ˜›ȱ’––Ž’ŠŽ•¢ȱ
ŠĞŽ›ȱ’ȱ’œȱž›—Žȱ˜ěǯȱŽŸŽ›ȱ˜™Ž›ŠŽȱ
‘ŽȱŽ—’—Žȱ ’‘ȱ‘ŽŠȱœ‘’Ž•œȱ˜›ȱžŠ›œȱ
›Ž–˜ŸŽǯ
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
:$51,1*
:$51,1*
¡™•˜œ’ŸŽȱžŽ•ȱŒŠ—ȱŒŠžœŽȱꛎœȱŠ—ȱ
œŽŸŽ›Žȱ‹ž›—œǯ
Š›‹˜—ȱ˜—˜¡’ŽȱŒŠ—ȱŒŠžœŽȱœŽŸŽ›Žȱ
—ŠžœŽŠǰȱŠ’—’—ȱ˜›ȱŽŠ‘ǯ
˜ȱ—˜ȱꕕȱ‘ŽȱžŽ•ȱŠ—”ȱ ‘’•Žȱ‘Žȱ
Ž—’—Žȱ’œȱ‘˜ȱ˜›ȱ›ž——’—ǯ
Ÿ˜’ȱ’—‘Š•’—ȱŽ¡‘Šžœȱž–ŽœǰȱŠ—ȱ
—ŽŸŽ›ȱ›ž—ȱ‘ŽȱŽ—’—Žȱ’—ȱŠȱŒ•˜œŽȱ
‹ž’•’—ȱ˜›ȱŒ˜—ę—ŽȱŠ›ŽŠǯ
([SORVLYH)XHO
Šœ˜•’—Žȱ’œȱŽ¡›Ž–Ž•¢ȱ̊––Š‹•ŽȱŠ—ȱ
’œȱŸŠ™˜›œȱŒŠ—ȱŽ¡™•˜Žȱ’ȱ’—’Žǯȱ˜›Žȱ
Šœ˜•’—Žȱ˜—•¢ȱ’—ȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›œǰȱ
’—ȱ Ž••ȱŸŽ—’•ŠŽǰȱž—˜ŒŒž™’Žȱ
‹ž’•’—œǰȱРТȱ›˜–ȱœ™Š›”œȱ˜›ȱ̊–Žœǯȱ
˜ȱ—˜ȱꕕȱ‘ŽȱžŽ•ȱŠ—”ȱ ‘’•Žȱ‘Žȱ
Ž—’—Žȱ’œȱ‘˜ȱ˜›ȱ›ž——’—ǰȱœ’—ŒŽȱœ™’••Žȱ
žŽ•ȱŒ˜ž•ȱ’—’Žȱ’ȱ’ȱŒ˜–Žœȱ’—ȱŒ˜—ŠŒȱ
’‘ȱ‘˜ȱ™Š›œȱ˜›ȱœ™Š›”œȱ›˜–ȱ’—’’˜—ǯȱ
˜ȱ—˜ȱœŠ›ȱ‘ŽȱŽ—’—Žȱ—ŽŠ›ȱœ™’••Žȱ
žŽ•ǯȱŽŸŽ›ȱžœŽȱŠœ˜•’—ŽȱŠœȱŠȱŒ•ŽŠ—’—ȱ
Аޗǯ
:$51,1*
/HWKDO([KDXVW*DVHV
—’—ŽȱŽ¡‘ŠžœȱŠœŽœȱŒ˜—Š’—ȱ
™˜’œ˜—˜žœȱŒŠ›‹˜—ȱ–˜—˜¡’ŽǯȱŠ›‹˜—ȱ
–˜—˜¡’Žȱ’œȱ˜˜›•ŽœœǰȱŒ˜•˜›•ŽœœǰȱŠ—ȱŒŠ—ȱ
ŒŠžœŽȱŽŠ‘ȱ’ȱ’—‘Š•ŽǯȱŸ˜’ȱ’—‘Š•’—ȱ
Ž¡‘Šžœȱž–ŽœǰȱŠ—ȱ—ŽŸŽ›ȱ›ž—ȱ‘Žȱ
Ž—’—Žȱ’—ȱŠȱŒ•˜œŽȱ‹ž’•’—ȱ˜›ȱŒ˜—ę—Žȱ
Š›ŽŠǯ
:$51,1*
—Œ˜’•’—ȱ™›’—ȱŒŠ—ȱŒŠžœŽȱœŽŸŽ›Žȱ
’—“ž›¢ǯ
:$51,1*
¡™•˜œ’ŸŽȱŠœȱŒŠ—ȱŒŠžœŽȱꛎœȱŠ—ȱ
œŽŸŽ›ŽȱŠŒ’ȱ‹ž›—œǯ
‘Š›Žȱ‹ŠĴŽ›¢ȱ˜—•¢ȱ’—ȱŠȱ Ž••ȱ
ŸŽ—’•ŠŽȱŠ›ŽŠǯȱŽŽ™ȱœ˜ž›ŒŽœȱ˜ȱ
’—’’˜—ȱРТǯ
([SORVLYH*DV
ŠĴŽ›’Žœȱ™›˜žŒŽȱŽ¡™•˜œ’ŸŽȱ‘¢›˜Ž—ȱ
Šœȱ ‘’•Žȱ‹Ž’—ȱŒ‘Š›Žǯȱ˜ȱ™›ŽŸŽ—ȱŠȱ
ꛎȱ˜›ȱŽ¡™•˜œ’˜—ǰȱŒ‘Š›Žȱ‹ŠĴŽ›’Žœȱ˜—•¢ȱ
’—ȱ Ž••ȱŸŽ—’•ŠŽȱŠ›ŽŠœǯȱŽŽ™ȱœ™Š›”œǰȱ
˜™Ž—ȱ̊–ŽœǰȱŠ—ȱ˜‘Ž›ȱœ˜ž›ŒŽœȱ˜ȱ
’—’’˜—ȱРТȱ›˜–ȱ‘Žȱ‹ŠĴŽ›¢ȱŠȱŠ••ȱ
’–ŽœǯȱŽŽ™ȱ‹ŠĴŽ›’Žœȱ˜žȱ˜ȱ‘Žȱ›ŽŠŒ‘ȱ
˜ȱŒ‘’•›Ž—ǯȱŽ–˜ŸŽȱŠ••ȱ“Ž Ž•›¢ȱ ‘Ž—ȱ
œŽ›Ÿ’Œ’—ȱ‹ŠĴŽ›’Žœǯ
Ž˜›Žȱ’œŒ˜——ŽŒ’—ȱ‘Žȱ—ŽŠ’ŸŽȱǻȬǼȱ
›˜ž—ȱŒŠ‹•Žǰȱ–Š”Žȱœž›ŽȱŠ••ȱœ ’Œ‘Žœȱ
Š›ŽȱǯȱȱǰȱŠȱœ™Š›”ȱ ’••ȱ˜ŒŒž›ȱŠȱ
‘Žȱ›˜ž—ȱŒŠ‹•ŽȱŽ›–’—Š•ȱ ‘’Œ‘ȱŒ˜ž•ȱ
ŒŠžœŽȱŠ—ȱŽ¡™•˜œ’˜—ȱ’ȱ‘¢›˜Ž—ȱŠœȱ˜›ȱ
Šœ˜•’—ŽȱŸŠ™˜›œȱŠ›Žȱ™›ŽœŽ—ǯ
ŽŠ›ȱœŠŽ¢ȱ˜•Žœȱ˜›ȱŠŒŽȱ™›˜ŽŒ’˜—ȱ
‘Ž—ȱœŽ›Ÿ’Œ’—ȱ›Ž›ŠŒŠ‹•ŽȱœŠ›Ž›ǯ
•ŽŠ—’—ȱ˜•ŸŽ—œȱŒŠ—ȱŒŠžœŽȱœŽŸŽ›Žȱ
’—“ž›¢ȱ˜›ȱŽŠ‘ǯ
œŽȱ˜—•¢ȱ’—ȱ Ž••ȱŸŽ—’•ŠŽȱŠ›ŽŠœȱ
РТȱ›˜–ȱ’—’’˜—ȱœ˜ž›ŒŽœǯ
)ODPPDEOH6ROYHQWV
Š›‹ž›Ž˜›ȱŒ•ŽŠ—Ž›œȱŠ—ȱœ˜•ŸŽ—œȱŠ›Žȱ
Ž¡›Ž–Ž•¢ȱ̊––Š‹•ŽǯȱŽŽ™ȱœ™Š›”œǰȱ
̊–ŽœǰȱŠ—ȱ˜‘Ž›ȱœ˜ž›ŒŽœȱ˜ȱ’—’’˜—ȱ
РТȱ›˜–ȱ‘ŽȱŠ›ŽŠǯȱ˜••˜ ȱ‘Žȱ
Œ•ŽŠ—Ž›ȱ–Š—žŠŒž›Ž›Ȃœȱ Š›—’—œȱŠ—ȱ
’—œ›žŒ’˜—œȱ˜—ȱ’œȱ™›˜™Ž›ȱŠ—ȱœŠŽȱžœŽǯȱ
ŽŸŽ›ȱžœŽȱŠœ˜•’—ŽȱŠœȱŠȱŒ•ŽŠ—’—ȱАޗǯ
6SULQJ8QGHU7HQVLRQ
Ž›ŠŒŠ‹•ŽȱœŠ›Ž›œȱŒ˜—Š’—ȱŠȱ
™˜ Ž›ž•ǰȱ›ŽŒ˜’•ȱœ™›’—ȱ‘Šȱ’œȱž—Ž›ȱ
Ž—œ’˜—ǯȱ• Š¢œȱ ŽŠ›ȱœŠŽ¢ȱ˜•Žœȱ
‘Ž—ȱœŽ›Ÿ’Œ’—ȱ›Ž›ŠŒŠ‹•ŽȱœŠ›Ž›œȱ
Š—ȱŒŠ›Žž••¢ȱ˜••˜ ȱ’—œ›žŒ’˜—œȱ’—ȱ
‘ŽȱȈŽ›ŠŒŠ‹•ŽȱŠ›Ž›ȈȱŽŒ’˜—ȱŝȱ˜›ȱ
›Ž•’ŽŸ’—ȱœ™›’—ȱŽ—œ’˜—ǯ
&$87,21
•ŽŒ›’ŒŠ•ȱ‘˜Œ”ȱŒŠ—ȱŒŠžœŽȱ’—“ž›¢ǯ
˜ȱ—˜ȱ˜žŒ‘ȱ ’›Žœȱ ‘’•ŽȱŽ—’—Žȱ’œȱ
›ž——’—ǯ
(OHFWULFDO6KRFN
ŽŸŽ›ȱ˜žŒ‘ȱŽ•ŽŒ›’ŒŠ•ȱ ’›Žœȱ˜›ȱ
Œ˜–™˜—Ž—œȱ ‘’•Žȱ‘ŽȱŽ—’—Žȱ’œȱ
›ž——’—ǯȱ‘Ž¢ȱŒŠ—ȱ‹Žȱœ˜ž›ŒŽœȱ˜ȱ
Ž•ŽŒ›’ŒŠ•ȱœ‘˜Œ”ǯ
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
(QJLQH,GHQWL¿FDWLRQ1XPEHUV
‘Ž—ȱ˜›Ž›’—ȱ™Š›œǰȱ˜›ȱ’—ȱŠ—¢ȱŒ˜––ž—’ŒŠ’˜—ȱ
’—Ÿ˜•Ÿ’—ȱŠ—ȱŽ—’—ŽǰȱŠ• Š¢œȱ’ŸŽȱ‘Žȱ˜Ž•ǰȱ
™ŽŒ’ęŒŠ’˜—ȱŠ—ȱŽ›’Š•ȱž–‹Ž›œǰȱ’—Œ•ž’—ȱ•ŽĴŽ›ȱ
œžĜ¡Žœȱ’ȱ‘Ž›ŽȱŠ›ŽȱŠ—¢ǯ
‘ŽȱŽ—’—Žȱ’Ž—’ęŒŠ’˜—ȱ—ž–‹Ž›œȱŠ™™ŽŠ›ȱ˜—ȱŠȱŽŒŠ•ǰȱ
˜›ȱŽŒŠ•œǰȱŠĜ¡Žȱ˜ȱ‘ŽȱŽ—’—Žȱœ‘›˜ž’—ǯȱŽŽȱ’ž›Žȱ
ŗȬŗǯȱ—ȱŽ¡™•Š—Š’˜—ȱ˜ȱ‘ŽœŽȱ—ž–‹Ž›œȱ’œȱœ‘˜ —ȱ’—ȱ
’ž›ŽȱŗȬŘǯ
,GHQWL¿FDWLRQ'HFDO
)LJXUH(QJLQH,GHQWL¿FDWLRQ'HFDO/RFDWLRQ
$ 0RGHO1R
&+6
&RPPDQG(QJLQH
+RUL]RQWDO&UDQNVKDIW
9HUVLRQ&RGH
6 (OHFWULF6WDUW
RU
+RUVHSRZHU
+3
+3
+3
+3
+3
+3
+3
9DULDWLRQRI
%DVLF(QJLQH
(QJLQH0RGHO&RGH
&RGH
0RGHO
&+
&+
&+ &+ &+
&+
FF
FF
& 6HULDO1R
<HDU0DQXIDFWXUHG&RGH
&RGH
<HDU
&+
&+
&+
&+
&+
&+
&+
&+
&+
&RPSOHWH6SHF1XPEHU
,QFRUSRUDWLQJ0RGHO
1RZLWK9DULDWLRQ1RRI
%DVLF6SHF
RU
% 6SHF1R
1XPHULFDO'HVLJQDWLRQ
ȱ
&RGH
<HDU
)DFWRU\&RGH
&RGH
<HDU
)LJXUH([SODQDWLRQRI(QJLQH,GHQWL¿FDWLRQ1XPEHUV
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
2LO5HFRPPHQGDWLRQV
œ’—ȱ‘Žȱ™›˜™Ž›ȱ¢™ŽȱŠ—ȱ Ž’‘ȱ˜ȱ˜’•ȱ’—ȱ‘Žȱ
Œ›Š—”ŒŠœŽȱ’œȱŽ¡›Ž–Ž•¢ȱ’–™˜›Š—ǯȱ˜ȱ’œȱŒ‘ŽŒ”’—ȱ˜’•ȱ
Š’•¢ȱŠ—ȱŒ‘Š—’—ȱ˜’•ȱ›Žž•Š›•¢ǯȱŠ’•ž›Žȱ˜ȱžœŽȱ‘Žȱ
Œ˜››ŽŒȱ˜’•ǰȱ˜›ȱžœ’—ȱ’›¢ȱ˜’•ǰȱŒŠžœŽœȱ™›Ž–Šž›ŽȱŽ—’—Žȱ
ŽŠ›ȱŠ—ȱŠ’•ž›Žǯ
2LO7\SH
œŽȱ‘’‘ȬšžŠ•’¢ȱŽŽ›Ž—ȱ˜’•ȱ˜ȱȱǻ–Ž›’ŒŠ—ȱ
Ž›˜•Žž–ȱ—œ’žŽǼȱŽ›Ÿ’ŒŽȱ•Šœœȱǰȱ
ǰȱȱ
˜›ȱ‘’‘Ž›ǯȱŽ•ŽŒȱ‘ŽȱŸ’œŒ˜œ’¢ȱ‹ŠœŽȱ˜—ȱ‘ŽȱŠ’›ȱ
Ž–™Ž›Šž›ŽȱŠȱ‘Žȱ’–Žȱ˜ȱ˜™Ž›Š’˜—ȱŠœȱœ‘˜ —ȱ’—ȱ‘Žȱ
˜••˜ ’—ȱŠ‹•Žǯ
ȘœŽȱ˜ȱœ¢—‘Ž’Œȱ˜’•ȱ‘ŠŸ’—ȱśȬŘŖȱ˜›ȱśȬřŖȱ›Š’—ȱ’œȱ
ȱŠŒŒŽ™Š‹•Žǰȱž™ȱ˜ȱŚǚȱǻŚŖǚǼǯ
ȘȘ¢—‘Ž’Œȱ˜’•œȱ ’••ȱ™›˜Ÿ’Žȱ‹ŽĴŽ›ȱœŠ›’—ȱ’—ȱȱ ȱ
ȱ Ž¡›Ž–ŽȱŒ˜•ȱǻ‹Ž•˜ ȱȬŘřǚȱǻȬŗŖǚǼǯ
DZȱ œ’—ȱ˜‘Ž›ȱ‘Š—ȱœŽ›Ÿ’ŒŽȱŒ•Šœœȱǰȱ
ǰȱȱ˜›ȱ
‘’‘Ž›ȱ˜’•ȱ˜›ȱŽ¡Ž—’—ȱ˜’•ȱŒ‘Š—Žȱ’—Ž›ŸŠ•œȱ
•˜—Ž›ȱ‘Š—ȱ›ŽŒ˜––Ž—ŽȱŒŠ—ȱŒŠžœŽȱŽ—’—Žȱ
Š–АŽǯ
DZȱ ¢—‘Ž’Œȱ˜’•œȱ–ŽŽ’—ȱ‘Žȱ•’œŽȱ
Œ•Šœœ’ęŒŠ’˜—œȱ–Š¢ȱ‹ŽȱžœŽȱ ’‘ȱ˜’•ȱŒ‘Š—Žœȱ
™Ž›˜›–ŽȱŠȱ‘Žȱ›ŽŒ˜––Ž—Žȱ’—Ž›ŸŠ•œǯȱ
˜ ŽŸŽ›ǰȱ˜ȱŠ••˜ ȱ™’œ˜—ȱ›’—œȱ˜ȱ™›˜™Ž›•¢ȱ
œŽŠǰȱŠȱ—Ž ȱ˜›ȱ›Ž‹ž’•ȱŽ—’—Žȱœ‘˜ž•ȱ‹Žȱ
˜™Ž›ŠŽȱ˜›ȱŠȱ•ŽŠœȱśŖȱ‘˜ž›œȱžœ’—ȱœŠ—Š›ȱ
™Ž›˜•Žž–ȱ‹ŠœŽȱ˜’•ȱ‹Ž˜›Žȱœ ’Œ‘’—ȱ˜ȱ
œ¢—‘Ž’Œȱ˜’•ǯ
ȱ•˜˜ȱ˜›ȱœ¢–‹˜•ȱ˜—ȱ˜’•ȱŒ˜—Š’—Ž›œȱ’Ž—’ęŽœȱ‘Žȱȱ
œŽ›Ÿ’ŒŽȱŒ•ŠœœȱŠ—ȱȱŸ’œŒ˜œ’¢ȱ›ŠŽǯȱŽŽȱ’ž›ŽȱŗȬřǯ
ŽŽ›ȱ˜ȱŽŒ’˜—ȱŜȱȬȱȃž‹›’ŒŠ’˜—ȱ¢œŽ–Ȅȱ˜›ȱŽŠ’•Žȱ
™›˜ŒŽž›Žœȱ˜—ȱŒ‘ŽŒ”’—ȱ‘Žȱ˜’•ǰȱŒ‘Š—’—ȱ‘Žȱ˜’•ȱŠ—ȱ
Œ‘Š—’—ȱ‘Žȱ˜’•ȱꕝŽ›ǯ
)XHO5HFRPPHQGDWLRQV
:$51,1*([SORVLYH)XHO
Šœ˜•’—Žȱ’œȱŽ¡›Ž–Ž•¢ȱ̊––Š‹•ŽȱŠ—ȱ’œȱŸŠ™˜›œȱŒŠ—ȱŽ¡™•˜Žȱ
’ȱ’—’ŽǯȱŽ˜›ŽȱœŽ›Ÿ’Œ’—ȱ‘ŽȱžŽ•ȱœ¢œŽ–ǰȱ–Š”Žȱœž›Žȱ‘Ž›Žȱ
Š›Žȱ—˜ȱœ™Š›”œǰȱ˜™Ž—ȱ̊–Žœȱ˜›ȱ˜‘Ž›ȱœ˜ž›ŒŽœȱ˜ȱ’—’’˜—ȱ
—ŽŠ›‹¢ȱŠœȱ‘ŽœŽȱŒŠ—ȱ’—’ŽȱŠœ˜•’—ŽȱŸŠ™˜›œǯȱ’œŒ˜——ŽŒȱŠ—ȱ
›˜ž—ȱ‘Žȱœ™Š›”ȱ™•žȱ•ŽŠœȱ˜ȱ™›ŽŸŽ—ȱ‘Žȱ™˜œœ’‹’•’¢ȱ˜ȱ
œ™Š›”œȱ›˜–ȱ‘Žȱ’—’’˜—ȱœ¢œŽ–ǯ
*HQHUDO5HFRPPHQGDWLRQV
ž›Œ‘ŠœŽȱŠœ˜•’—Žȱ’—ȱœ–Š••ȱšžŠ—’’ŽœȱŠ—ȱœ˜›Žȱ
’—ȱŒ•ŽŠ—ǰȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›œǯȱȱŒ˜—Š’—Ž›ȱ ’‘ȱŠȱ
ŒŠ™ŠŒ’¢ȱ˜ȱŘȱŠ••˜—œȱ˜›ȱ•Žœœȱ ’‘ȱŠȱ™˜ž›’—ȱœ™˜žȱ’œȱ
›ŽŒ˜––Ž—ŽǯȱžŒ‘ȱŠȱŒ˜—Š’—Ž›ȱ’œȱŽŠœ’Ž›ȱ˜ȱ‘Š—•ŽȱŠ—ȱ
‘Ž•™œȱŽ•’–’—ŠŽȱœ™’••АŽȱž›’—ȱ›ŽžŽ•’—ǯ
˜ȱ—˜ȱžœŽȱŠœ˜•’—Žȱ•ŽĞȱ˜ŸŽ›ȱ›˜–ȱ‘Žȱ™›ŽŸ’˜žœȱœŽŠœ˜—ǰȱ
˜ȱ–’—’–’£Žȱž–ȱŽ™˜œ’œȱ’—ȱ¢˜ž›ȱžŽ•ȱœ¢œŽ–ȱŠ—ȱ˜ȱ
Ž—œž›ŽȱŽŠœ¢ȱœŠ›’—ǯ
˜ȱ—˜ȱŠȱ˜’•ȱ˜ȱ‘ŽȱŠœ˜•’—Žǯ
˜ȱ—˜ȱ˜ŸŽ›ę••ȱ‘ŽȱžŽ•ȱŠ—”ǯȱŽŠŸŽȱ›˜˜–ȱ˜›ȱ‘ŽȱžŽ•ȱ˜ȱ
Ž¡™Š—ǯ
)XHO7\SH
˜›ȱ‹Žœȱ›Žœž•œȱžœŽȱ˜—•¢ȱŒ•ŽŠ—ǰȱ›Žœ‘ǰȱž—•ŽŠŽȱ
Šœ˜•’—Žȱ ’‘ȱŠȱ™ž–™ȱœ’Œ”Ž›ȱ˜ŒŠ—Žȱ›Š’—ȱ˜ȱŞŝȱ
ǻƸǼȦŘȱ˜›ȱ‘’‘Ž›ǯȱ—ȱŒ˜ž—›’Žœȱžœ’—ȱ‘ŽȱŽœŽŠ›Œ‘ȱ
ŒŠ—Žȱž–‹Ž›ȱǻǼǰȱ’ȱœ‘˜ž•ȱ‹ŽȱşŖȱ˜ŒŠ—Žȱ
–’—’–ž–ǯȱŽŠŽȱŠœ˜•’—Žȱ’œȱ—˜ȱ›ŽŒ˜––Ž—ŽȱŠ—ȱ
–žœȱ—˜ȱ‹ŽȱžœŽȱ˜—ȱȱŽ—’—Žœȱ˜›ȱ˜—ȱ˜‘Ž›ȱ–˜Ž•œȱ
‘Ž›ŽȱŽ¡‘ŠžœȱŽ–’œœ’˜—œȱŠ›Žȱ›Žž•ŠŽǯ
*DVROLQH$OFRKROEOHQGV
Šœ˜‘˜•ȱǻž™ȱ˜ȱŗŖƖȱŽ‘¢•ȱŠ•Œ˜‘˜•ǰȱşŖƖȱž—•ŽŠŽȱ
Šœ˜•’—Žȱ‹¢ȱŸ˜•ž–ŽǼȱ’œȱŠ™™›˜ŸŽȱŠœȱŠȱžŽ•ȱ˜›ȱ˜‘•Ž›ȱ
Ž—’—Žœǯȱ‘Ž›ȱŠœ˜•’—ŽȦŠ•Œ˜‘˜•ȱ‹•Ž—œȱ’—Œ•ž’—ȱŘŖȱ
Š—ȱŞśȱŠ›Žȱ—˜ȱ˜ȱ‹ŽȱžœŽȱŠ—ȱ—˜ȱŠ™™›˜ŸŽǯȱ—¢ȱ
Š’•ž›Žœȱ›Žœž•’—ȱ›˜–ȱžœŽȱ˜ȱ‘ŽœŽȱžŽ•œȱ ’••ȱ—˜ȱ‹Žȱ
Š››Š—Žǯ
*DVROLQH(WKHUEOHQGV
Ž‘¢•ȱŽ›’Š›¢ȱž¢•ȱ‘Ž›ȱǻǼȱŠ—ȱž—•ŽŠŽȱ
Šœ˜•’—Žȱ‹•Ž—œȱǻž™ȱ˜ȱŠȱ–Š¡’–ž–ȱ˜ȱŗśƖȱȱ‹¢ȱ
Ÿ˜•ž–ŽǼȱŠ›ŽȱŠ™™›˜ŸŽȱŠœȱŠȱžŽ•ȱ˜›ȱ˜‘•Ž›ȱŽ—’—Žœǯȱȱ
‘Ž›ȱŠœ˜•’—ŽȦŽ‘Ž›ȱ‹•Ž—œȱŠ›Žȱ—˜ȱŠ™™›˜ŸŽǯ
)LJXUH2LO&RQWDLQHU/RJR
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
3HULRGLF0DLQWHQDQFH,QVWUXFWLRQV
:$51,1*$FFLGHQWDO6WDUWV
’œŠ‹•’—ȱŽ—’—ŽǯȱŒŒ’Ž—Š•ȱœŠ›’—ȱŒŠ—ȱŒŠžœŽȱœŽŸŽ›Žȱ’—“ž›¢ȱ˜›ȱŽŠ‘ǯȱŽ˜›Žȱ ˜›”’—ȱ˜—ȱ‘ŽȱŽ—’—Žȱ˜›ȱŽšž’™–Ž—ǰȱ
’œŠ‹•Žȱ‘ŽȱŽ—’—ŽȱŠœȱ˜••˜ œDZȱŗǼȱ’œŒ˜——ŽŒȱ‘Žȱœ™Š›”ȱ™•žȱ•ŽŠǻœǼǯȱŘǼȱ’œŒ˜——ŽŒȱ—ŽŠ’ŸŽȱǻȬǼȱ‹ŠĴŽ›¢ȱŒŠ‹•Žȱ›˜–ȱ‹ŠĴŽ›¢ǯ
0DLQWHQDQFH6FKHGXOH
˜›–Š•ȱ–Š’—Ž—Š—ŒŽǰȱ›Ž™•ŠŒŽ–Ž—ȱ˜›ȱ›Ž™Š’›ȱ˜ȱŽ–’œœ’˜—ȱŒ˜—›˜•ȱŽŸ’ŒŽœȱŠ—ȱœ¢œŽ–œȱ–Š¢ȱ‹Žȱ™Ž›˜›–Žȱ‹¢ȱŠ—¢ȱ
›Ž™Š’›ȱŽœŠ‹•’œ‘–Ž—ȱ˜›ȱ’—’Ÿ’žŠ•Dzȱ‘˜ ŽŸŽ›ǰȱ Š››Š—¢ȱ›Ž™Š’›œȱ–žœȱ‹Žȱ™Ž›˜›–Žȱ‹¢ȱŠȱ˜‘•Ž›ȱŠž‘˜›’£Žȱ
œŽ›Ÿ’ŒŽȱŒŽ—Ž›ǯȱ
)UHTXHQF\
'DLO\RU%HIRUH
6WDUWLQJ(QJLQH
(YHU\+RXUV
(YHU\+RXUV
(YHU\+RXUV
0DLQWHQDQFH5HTXLUHG
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
’••ȱžŽ•ȱŠ—”ȱ
‘ŽŒ”ȱ˜’•ȱ•ŽŸŽ•ǯȱ
‘ŽŒ”ȱŠ’›ȱŒ•ŽŠ—Ž›ȱ˜›ȱ’›¢ŗǰȱ•˜˜œŽǰȱ˜›ȱŠ–ŠŽȱ™Š›œǯȱ
‘ŽŒ”ȱŠ’›ȱ’—Š”ŽȱŠ—ȱŒ˜˜•’—ȱŠ›ŽŠœǰȱŒ•ŽŠ—ȱŠœȱ—ŽŒŽœœŠ›¢ŗǯȱ
Ž›Ÿ’ŒŽȱ™›ŽŒ•ŽŠ—Ž›ȱޕޖޗŗǯȱ
Ž™•ŠŒŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱޕޖޗŗǯȱ
‘Š—Žȱ˜’•ǯȱǻ˜›Žȱ›ŽšžŽ—•¢ȱž—Ž›ȱœŽŸŽ›ŽȱŒ˜—’’˜—œǯǼȱ
Ž–˜ŸŽȱŒ˜˜•’—ȱœ‘›˜žœȱŠ—ȱŒ•ŽŠ—ȱŒ˜˜•’—ȱŠ›ŽŠœŗǰřǯȱ
‘ŽŒ”ȱ˜’•ȱŒ˜˜•Ž›ȱꗜǰȱŒ•ŽŠ—ȱŠœȱ—ŽŒŽœœŠ›¢ȱǻ’ȱŽšž’™™ŽǼǯȱ
‘ŽŒ”ȱœ™Š›”ȱ™•žȱŒ˜—’’˜—ȱŠ—ȱŠ™ǯȱ
‘Š—Žȱ˜’•ȱꕝŽ›ǯȱ
‘Š—ŽȱžŽ•ȱꕝŽ›ȱǻŒŠ›‹ž›ŽŽȱŽ—’—ŽœǼǯȱ
5HIHUWR
ŽŒ’˜—ȱś
ŽŒ’˜—ȱŜ
ŽŒ’˜—ȱŚ
ŽŒ’˜—ȱŚ
ŽŒ’˜—ȱŚ
ŽŒ’˜—ȱŚ
ŽŒ’˜—ȱŜ
ŽŒ’˜—ȱŚ
ŽŒ’˜—ȱŜ
ŽŒ’˜—ȱŞ
ŽŒ’˜—ȱŜ
ŽŒ’˜—ȱś
(YHU\+RXUV
$QQXDOO\RU
(YHU\+RXUV
ȱ Ȋȱ Ž™•ŠŒŽȱ‘ŽŠŸ¢Ȭž¢ȱŠ’›ȱŒ•ŽŠ—Ž›ȱޕޖޗȱŠ—ȱŒ‘ŽŒ”ȱ’——Ž›ȱޕޖޗŗǯȱ
ȱ Ȋȱ ŠŸŽȱ‹Ž—’¡ȱœŠ›Ž›ȱ›’ŸŽȱœŽ›Ÿ’ŒŽŘǯȱ
ȱ Ȋȱ ŠŸŽȱœ˜•Ž—˜’ȱœ‘’ĞȱœŠ›Ž›ȱ’œŠœœŽ–‹•ŽȱŠ—ȱŒ•ŽŠ—ŽŘǯȱ
ŽŒ’˜—ȱŚ
ŽŒ’˜—ȱŞ
ŽŒ’˜—ȱŞ
(YHU\+RXUV
ȱ Ȋȱ ŠŸŽȱŒ›Š—”œ‘ŠĞȱœ™•’—Žœȱ•ž‹›’ŒŠŽŘǯȱ
ŽŒ’˜—ȱŘ
(YHU\+RXUV
ŗ
ȱ Ȋȱ Ž™•ŠŒŽȱžŽ•ȱꕝŽ› ȱǻȱŽ—’—ŽœǼǯȱ
ŽŒ’˜—ȱś
ŵŽ›˜›–ȱ‘ŽœŽȱ–Š’—Ž—Š—ŒŽȱ™›˜ŒŽž›Žœȱ–˜›Žȱ›ŽšžŽ—•¢ȱž—Ž›ȱŽ¡›Ž–Ž•¢ȱžœ¢ǰȱ’›¢ȱŒ˜—’’˜—œǯ
Ŷ—•¢ȱ›Žšž›’Žȱ˜›ȱŽ—œ˜ȱœŠ›Ž›œǯȱ˜ȱ—ŽŒŽœœŠ›¢ȱ˜—ȱŽ•Œ˜ȱœŠ›Ž›œǯȱ
ŠŸŽȱŠȱ˜‘•Ž›ȱ—’—ŽȱŽ›Ÿ’ŒŽȱŽŠ•Ž›ȱ™Ž›˜›–ȱ‘’œȱœŽ›Ÿ’ŒŽǯ
ŷ•ŽŠ—˜žȱ’œȱŘśȱŝśśȱŘŖȬȱǻ‹•ŠŒ”Ǽȱ˜›ȱŘśȱŝśśȱŘŗȬȱǻ˜•ǼȱŠ••˜ ȱŒ˜˜•’—ȱŠ›ŽŠœȱ˜ȱ‹ŽȱŒ•ŽŠ—Žȱ ’‘˜žȱ›Ž–˜Ÿ’—ȱœ‘›˜žœǯ
6WRUDJH
ȱ‘ŽȱŽ—’—Žȱ ’••ȱ‹Žȱ˜žȱ˜ȱœŽ›Ÿ’ŒŽȱ˜›ȱ ˜ȱ–˜—‘œȱ˜›ȱ
–˜›ŽǰȱžœŽȱ‘Žȱ˜••˜ ’—ȱœ˜›ŠŽȱ™›˜ŒŽž›ŽDZ
ȱ ŗǯȱ •ŽŠ—ȱ‘ŽȱŽ¡Ž›’˜›ȱœž›ŠŒŽœȱ˜ȱ‘ŽȱŽ—’—Žǯȱ—ȱ
•ŽŒ›˜—’ŒȱžŽ•ȱ—“ŽŒŽȱǻǼȱŽ—’—ŽœǰȱŠŸ˜’ȱ
œ™›Š¢’—ȱ ŠŽ›ȱŠȱ‘Žȱ ’›’—ȱ‘Š›—Žœœȱ˜›ȱŠ—¢ȱ˜ȱ‘Žȱ
Ž•ŽŒ›’ŒŠ•ȱŒ˜–™˜—Ž—œǯ
ȱ Řǯȱ ‘Š—Žȱ‘Žȱ˜’•ȱŠ—ȱ˜’•ȱꕝŽ›ȱ ‘’•Žȱ‘ŽȱŽ—’—Žȱ’œȱ
œ’••ȱ Š›–ȱ›˜–ȱ˜™Ž›Š’˜—ǯȱŽŽȱȃ‘Š—Žȱ’•ȱŠ—ȱ
’•ȱ’•Ž›Ȅȱ’—ȱŽŒ’˜—ȱŜǯ
ȱ řǯȱ ‘ŽȱžŽ•ȱœ¢œŽ–ȱ–žœȱ‹ŽȱŒ˜–™•ŽŽ•¢ȱŽ–™’Žǰȱ
˜›ȱ‘ŽȱŠœ˜•’—Žȱ–žœȱ‹Žȱ›ŽŠŽȱ ’‘ȱŠȱœŠ‹’•’£Ž›ȱ
˜ȱ™›ŽŸŽ—ȱŽŽ›’˜›Š’˜—ǯȱȱ¢˜žȱŒ‘˜˜œŽȱ˜ȱ
žœŽȱŠȱœŠ‹’•’£Ž›ǰȱ˜••˜ ȱ‘Žȱ–Š—žŠŒž›Ž›Ȃœȱ
›ŽŒ˜––Ž—Š’˜—œǰȱŠ—ȱŠȱ‘ŽȱŒ˜››ŽŒȱŠ–˜ž—ȱ
˜›ȱ‘ŽȱŒŠ™ŠŒ’¢ȱ˜ȱ‘ŽȱžŽ•ȱœ¢œŽ–ǯȱȱ
’••ȱ‘ŽȱžŽ•ȱŠ—”ȱ ’‘ȱŒ•ŽŠ—ǰȱ›Žœ‘ȱŠœ˜•’—Žǯȱž—ȱ
‘ŽȱŽ—’—Žȱ˜›ȱŘȱ˜ȱřȱ–’—žŽœȱ˜ȱŽȱœŠ‹’•’£Žȱ
žŽ•ȱ’—˜ȱ‘Žȱ›Žœȱ˜ȱ‘Žȱœ¢œŽ–ǯȱ•˜œŽȱ‘ŽȱžŽ•ȱ
œ‘žȬ˜ěȱŸŠ•ŸŽȱ ‘Ž—ȱ‘Žȱž—’ȱ’œȱ‹Ž’—ȱœ˜›Žȱ˜›ȱ
›Š—œ™˜›Žǯ
ȱ ȱ ˜ȱŽ–™¢ȱ‘Žȱœ¢œŽ–ǰȱ›ž—ȱ‘ŽȱŽ—’—Žȱž—’•ȱ‘Žȱ
Š—”ȱŠ—ȱ‘Žȱœ¢œŽ–ȱŠ›ŽȱŽ–™¢ǯ
ȱ Śǯȱ Ž–˜ŸŽȱ‘Žȱœ™Š›”ȱ™•žœȱŠ—ȱŠȱ˜—ŽȱŠ‹•Žœ™˜˜—ȱ
˜ȱŽ—’—Žȱ˜’•ȱ’—˜ȱŽŠŒ‘ȱœ™Š›”ȱ™•žȱ‘˜•Žǯȱ—œŠ••ȱ‘Žȱ
œ™Š›”ȱ™•žœǰȱ‹žȱ˜ȱ—˜ȱŒ˜——ŽŒȱ‘Žȱ™•žȱ•ŽŠœǯȱ
›Š—”ȱ‘ŽȱŽ—’—Žȱ ˜ȱ˜›ȱ‘›ŽŽȱ›ŽŸ˜•ž’˜—œǯ
ȱ śǯȱ —ȱŽšž’™–Ž—ȱ ’‘ȱŠ—ȱȱŽ—’—Žǰȱ’œŒ˜——ŽŒȱ
‘Žȱ‹ŠĴŽ›¢ȱ˜›ȱžœŽȱŠȱ‹ŠĴŽ›¢ȱ–’—Ž›ȱ˜ȱ”ŽŽ™ȱ‘Žȱ
‹ŠĴŽ›¢ȱŒ‘Š›Žȱž›’—ȱœ˜›ŠŽǯ
ȱ Ŝǯȱ ˜›Žȱ‘ŽȱŽ—’—Žȱ’—ȱŠȱŒ•ŽŠ—ǰȱ›¢ȱ™•ŠŒŽǯ
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
'LPHQVLRQVLQPLOOLPHWHUV
,QFKHTXLYDOHQWVVKRZQLQ>@
)LJXUH7\SLFDO(QJLQH'LPHQVLRQV&+6HULHVZLWK6WDQGDUG)ODW$LU&OHDQHU
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
'LPHQVLRQVLQPLOOLPHWHUV,QFK
HTXLYDOHQWVVKRZQLQ>@
)LJXUH7\SLFDO(QJLQH'LPHQVLRQV&+(),6HULHVZLWK+HDY\'XW\$LU&OHDQHU
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
*HQHUDO6SHFL¿FDWLRQVï
˜ Ž›ȱǻȓȱřŜŖŖȱǰȱŽ¡ŒŽŽœȱ˜Œ’Ž¢ȱ˜ȱž˜–˜’ŸŽȱ—’—ŽŽ›œȬ–Š••ȱ—’—ŽȱŽœȱ˜ŽȱŗşŚŖǯǼ
ȱ
ŗŞȦ
ŜŘŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŗřǯŚȱ”ȱǻŗŞȱ
Ǽ
ȱ
ŘŖȦ
ŜŚŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŗŚǯşȱ”ȱǻŘŖȱ
Ǽ
ȱ
ŘŘȦ
ŜŝŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŗŜǯŚȱ”ȱǻŘŘȱ
Ǽ
ȱ
ŘřȦ
ŜŞŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŗŝǯŘȱ”ȱǻŘřȱ
Ǽ
ȱ
Řśǰ
ŝřŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŗŞǯŜȱ”ȱǻŘśȱ
Ǽ
ȱ
ŘŜȦ
ŝřśȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŗşǯŚȱ”ȱǻŘŜȱ
Ǽ
ȱ
ŝŚŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŘŖǯŗȱ”ȱǻŘŝȱ
Ǽ
ȱ
ŝŚśȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŘŖǯşȱ”ȱǻŘŞȱ
Ǽ
ȱ
ŝśŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŘŘǯřȱ”ȱǻřŖȱ
Ǽ
ŽŠ”ȱ˜›šžŽ
ȱ
ŗŞȦ
ŜŘŖȱȓȱŘŘŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŚřǯŜȱȉ–ȱǻřŘǯŘȱĞǯȱ•‹ǯǼ
ȱ
ŘŖȦ
ŜŚŖȱȓȱŘŚŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŚŚǯřȱȉ–ȱǻřŘǯŝȱĞǯȱ•‹ǯǼ
ȱ
ŘŘȦ
ŜŝŖȱȓȱŘŚŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ Śşǯŗȱȉ–ȱǻřŜǯŘȱĞǯȱ•‹ǯǼ
ȱ
ŘřȦ
ŜŞŖȱȓȱŘŚŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śŚǯŗȱȉ–ȱǻřŝǯşȱĞǯȱ•‹ǯǼ
ȱ
ŘśȱȓȱŘŘŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śŚǯŖȱȉ–ȱǻřşǯśȱĞǯȱ•‹ǯǼ
ȱ
ŝřŖȱȓȱŘŚŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śśǯŚȱȉ–ȱǻŚŖǯşȱĞǯȱ•‹ǯǼ
ȱ
ŘŜȦ
ŝřśȱȓȱŘŞŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śŚǯŘȱȉ–ȱǻŚŖǯŖȱĞǯȱ•‹ǯǼ
ȱ
ŝŚŖȱȓȱŘŚŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śŝǯřȱȉ–ȱǻŚŘǯřȱĞǯȱ•‹ǯǼ
ȱ
ŝŚśȱȓȱŘŜŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śŝǯşȱȉ–ȱǻŚŘǯŝȱĞǯȱ•‹ǯǼ
ȱ
ŝśŖȱȓȱŘŚŖŖȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŜŚǯŚȱȉ–ȱǻŚŝǯśȱĞǯȱ•‹ǯǼ
˜›Ž
ȱ
ŗŞȦ
ŜŘŖǰ
ŘŖȦ
ŜŚŖǰ
ŘŘȱǻŜŘŚȱŒŒǼȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŝŝȱ––ȱǻřǯŖřȱ’—ǯǼ
ȱ
ŘŘȦ
ŜŝŖǰ
ŘřȦ
ŜŞŖȱǻŜŝŚȱŒŒǼȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŞŖȱ––ȱǻřǯŗśȱ’—ǯǼ
ȱ
Řśǰȱ
ŘŜȦ
ŝřśǰ
ŝřŖǰ
ŝŚŖǰ
ŝŚśǰȱ
ŝśŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ Şřȱ––ȱǻřǯŘŝȱ’—ǯǼ
›˜”Ž
ȱ
ŗŞȬŝŚśȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ Ŝŝȱ––ȱǻŘǯŜŚȱ’—ǯǼ
ȱ
ŝśŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ Ŝşȱ––ȱǻŘǯŝȱ’—ǯǼ
’œ™•ŠŒŽ–Ž—
ȱ
ŗŞȦ
ŜŘŖǰ
ŘŖȦ
ŜŚŖǰ
ŘŘȱǻŜŘŚȱŒŒǼȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŜŘŚȱŒŒȱǻřŞȱŒžǯȱ’—ǯǼ
ȱ
ŘŘȦ
ŜŝŖǰ
ŘřȦ
ŜŞŖȱǻŜŝŚȱŒŒǼȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŜŝŚȱŒŒȱǻŚŗȱŒžǯȱ’—ǯǼ
ȱ
Řśǰȱ
ŘŜȦ
ŝřśǰ
ŝřŖǰ
ŝŚŖǰ
ŝŚśȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŝŘśȱŒŒȱǻŚŚȱŒžǯȱ’—ǯǼ
ȱ
ŝśŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŝśśȱŒŒȱǻŚŜȱŒžǯȱ’—ǯǼ
˜–™›Žœœ’˜—ȱŠ’˜
ȱ
ŗŞȦ
ŜŘŖǰ
ŘŖȦ
ŜŚŖǰ
ŘŘȦ
ŜŝŖǰ
ŘřȦ
ŜŞŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŞǯśDZŗ
ȱ
Řśǰ
ŘŜȦ
ŝřśǰ
ŝřŖǰ
ŝŚŖǰ
ŝŚśȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ şǯŖDZŗ
ȱ
ŝśŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ şǯŚDZŗ
›¢ȱŽ’‘
ȱ
ŗŞȦ
ŜŘŖǰ
ŘŖȦ
ŜŚŖǰ
ŘŘȦ
ŜŝŖǰ
ŘřȦ
ŜŞŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ Śŗȱ”ȱǻşŖȱ•‹ǯǼ
ȱ
Řśǰȱ
ŘŜȦ
ŝřśǰ
ŝřŖǰ
ŝŚŖǰ
ŝŚśȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ Śřȱ”ȱǻşŚȱ•‹ǯǼ
ȱ
ŝśŖȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŚŞȱ”ȱǻŗŖśȱ•‹ǯǼ
’•ȱŠ™ŠŒ’¢ȱǻ ȦꕝŽ›ǼȱȬȱŠ™™›˜¡’–ŠŽǰ
ŽŽ›–’—Žȱ‹¢ȱ˜’•ȱꕝŽ›ȱŠ—ȱ˜’•ȱŒ˜˜•Ž›ȱžœŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŗǯŜȬŗǯŞȱȱǻŗǯŝȬŗǯşȱǯǯȱšǯǼȱ
ŵŠ•žŽœȱŠ›Žȱ’—ȱŽ›’Œȱž—’œǯȱŠ•žŽœȱ’—ȱ™Š›Ž—‘ŽœŽœȱŠ›Žȱ—•’œ‘ȱŽšž’ŸŠ•Ž—œǯȱž‹›’ŒŠŽȱ‘›ŽŠœȱ ’‘ȱŽ—’—Žȱ˜’•ȱȱ
ȱ ™›’˜›ȱ˜ȱŠœœŽ–‹•¢ǯ
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
*HQHUDO6SHFL¿FDWLRQVïFRQW
—•Žȱ˜ȱ™Ž›Š’˜—ȱȬȱŠ¡’–ž–ȱǻȱž••ȱ’•ȱŽŸŽ•Ǽȱ••ȱ’›ŽŒ’˜—œȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŘśǚ
%ORZHU+RXVLQJDQG6KHHW0HWDO
śȱŠœŽ—Ž›œȱ˜›šžŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŜǯŘȱȉ–ȱǻśśȱ’—ǯȱ•‹ǯǼȱ’—˜ȱ—Ž ȱ‘˜•Žœ
ŚǯŖȱȉ–ȱǻřśȱ’—ǯȱ•‹ǯǼȱ’—˜ȱžœŽȱ‘˜•Žœ
ŜȱŠœŽ—Ž›œȱ˜›šžŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŗŖǯŝȱȉ–ȱǻşśȱ’—ǯȱ•‹ǯǼȱ’—˜ȱ—Ž ȱ‘˜•Žœ
ŝǯřȱȉ–ȱǻŜśȱ’—ǯȱ•‹ǯǼȱ’—˜ȱžœŽȱ‘˜•Žœ
ŽŒ’ꎛȬސž•Š˜›ȱŠœŽ—Ž›ȱ˜›šžŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŗǯŚȱȉ–ȱǻŗŘǯŜȱ’—ǯȱ•‹ǯǼ
&DPVKDIW
—ȱ•Š¢ȱǻ’‘ȱ‘’–ǼȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŝŜȦŖǯŗŘŝȱ––ȱǻŖǯŖŖřŖȦŖǯŖŖśŖȱ’—ǯǼ
ž——’—ȱ•ŽŠ›Š—ŒŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŘśȦŖǯŖŜřȱ––ȱǻŖǯŖŖŗŖȦŖǯŖŖŘśȱ’—ǯǼ
˜›Žȱǯǯ
ȱ ȱ Ž ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŘŖǯŖŖŖȦŘŖǯŖŘśȱ––ȱǻŖǯŝŞŝŚȦŖǯŝŞŞŚȱ’—ǯǼ
ȱ ȱ Š¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŘŖǯŖřŞȱ––ȱǻŖǯŝŞŞşȱ’—ǯǼ
Š–œ‘ŠĞȱŽŠ›’—ȱž›ŠŒŽȱǯǯ
ȱ ȱ Ž ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŗşǯşŜŘȦŗşǯşŝśȱ––ȱǻŖǯŝŞśşȦŖǯŝŞŜŚȱ’—ǯǼ
ȱ ȱ Š¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŗşǯşśşȱ––ȱǻŖǯŝŞśŞȱ’—ǯǼ
&DUEXUHWRUDQG,QWDNH0DQLIROG
—Š”ŽȱŠ—’˜•ȱ˜ž—’—ȱŠœŽ—Ž›ȱ˜›šžŽ
ȱ ȱ ˜›šžŽȱ’—ȱ ˜ȱŠŽœȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯꛜȱ˜ȱŝǯŚȱȉ–ȱǻŜŜȱ’—ǯȱ•‹ǯǼ
ȱ ȱ ȱ
ꗊ••¢ȱ˜ȱşǯşȱȉ–ȱǻŞŞȱ’—ǯȱ•‹ǯǼ
Š›‹ž›Ž˜›ȱ˜ž—’—ȱŒ›Ž ȱ˜›šžŽȱŜȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŜǯŘȬŝǯřȱȉ–ȱǻśśȬŜśȱ’—ǯȱ•‹ǯǼ
Š™Ž›ȱǻ˜›ȱ
ŽŠŸ¢ȱž¢ȱ’›ȱ•ŽŠ—Ž›Ǽȱ˜ž—’—ȱŠœŽ—Ž›ȱ˜›šžŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŝǯřȱȉ–ȱǻŜśȱ’—ǯȱ•‹ǯǼ
&RQQHFWLQJ5RG
Š™ȱŠœŽ—Ž›ȱ˜›šžŽȱǻ˜›šžŽȱ’—ȱ’—Œ›Ž–Ž—œǼ
ȱ Şȱ––ȱœ›Š’‘ȱœ‘Š—”ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŘŘǯŝȱȉ–ȱǻŘŖŖȱ’—ǯȱ•‹ǯǼ
ȱ Şȱ––ȱœŽ™Ȭ˜ —ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŗŚǯŝȱȉ–ȱǻŗřŖȱ’—ǯȱ•‹ǯǼ
ȱ Ŝȱ––ȱœ›Š’‘ȱœ‘Š—”ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŗŗǯřȱȉ–ȱǻŗŖŖȱ’—ǯȱ•‹ǯǼ
˜——ŽŒ’—ȱ˜Ȭ˜Ȭ›Š—”™’—ȱž——’—ȱ•ŽŠ›Š—ŒŽ
ȱ ȱ Ž ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖřŖȦŖǯŖśśȱ––ȱǻŖǯŖŖŗŘȦŖǯŖŖŘŘȱ’—ǯǼ
ȱ ȱ Š¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŝŖȱ––ȱǻŖǯŖŖŘŞȱ’—ǯǼ
˜——ŽŒ’—ȱ˜Ȭ˜Ȭ›Š—”™’—ȱ’Žȱ•ŽŠ›Š—ŒŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŘŜȦŖǯŜřȱ––ȱǻŖǯŖŗŖŘȦŖǯŖŘŚŞȱ’—ǯǼ
˜——ŽŒ’—ȱ˜Ȭ˜Ȭ’œ˜—ȱ’—ȱž——’—ȱ•ŽŠ›Š—ŒŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŗśȦŖǯŖŘŞȱ––ȱǻŖǯŖŖŖŜȦŖǯŖŖŗŗȱ’—ǯǼ
’œ˜—ȱ’—ȱ—ȱǯǯ
ȱ ȱ Ž ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŗŝǯŖŗśȦŗŝǯŖŘřȱ––ȱǻŖǯŜŜşşȦŖǯŜŝŖŘȱ’—ǯǼ
ȱ ȱ Š¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŗŝǯŖřŜȱ––ȱǻŖǯŜŝŖŝȱ’—ǯǼ
ŵŠ•žŽœȱŠ›Žȱ’—ȱŽ›’Œȱž—’œǯȱŠ•žŽœȱ’—ȱ™Š›Ž—‘ŽœŽœȱŠ›Žȱ—•’œ‘ȱŽšž’ŸŠ•Ž—œǯȱž‹›’ŒŠŽȱ‘›ŽŠœȱ ’‘ȱŽ—’—Žȱ˜’•ȱȱ
ȱ ™›’˜›ȱ˜ȱŠœœŽ–‹•¢ǯ
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
&UDQNFDVH
˜ŸŽ›—˜›ȱ›˜œœȱ‘ŠĞȱ˜›Žȱǯǯ
ȱ Ŝȱ––ȱ‘ŠĞ
ȱ ȱ Ž ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŜǯŖŘśȦŜǯŖśŖȱ––ȱǻŖǯŘřŝŘȦŖǯŘřŞŘȱ’—ǯǼ
ȱ ȱ Š¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŜǯŖŜřȱ––ȱǻŖǯŘřŞŝȱ’—ǯǼ
ȱ Şȱ––ȱ‘ŠĞ
ȱ ȱ Ž ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŞǯŖŘśȦŞǯŖŝśȱ––ȱǻŖǯřŗśşȦŖǯřŗŝşȱ’—ǯǼ
ȱ ȱ Š¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŞǯŖŞŞȱ––ȱǻŖǯřŗŞŚȱ’—ǯǼ
›ŽŠ‘Ž›ȱ˜ŸŽ›ȱŠœŽ—Ž›ȱ˜›šžŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŝǯřȱȉ–ȱǻŜśȱ’—ǯȱ•‹ǯǼ
’•ȱ›Š’—ȱ•žȱ˜›šžŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŗřǯŜȱȉ–ȱǻŗŖȱĞǯȱ•‹ǯǼ
&ORVXUH3ODWH
•˜œž›Žȱ•ŠŽȱŠœŽ—Ž›ȱ˜›šžŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŘŚǯŚȱȉ–ȱǻŘŗŜȱ’—ǯȱ•‹ǯǼ
&UDQNVKDIW
—ȱ•Š¢ȱǻ›ŽŽǼȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŝŖȦŖǯśşŖȱ––ȱǻŖǯŖŖŘŞȦŖǯŖŘřŖȱ’—ǯǼ
—ȱ•Š¢ȱǻ’‘ȱ‘›žœȱŽŠ›’—ȱ˜–™˜—Ž—œǼȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŝŖȦŖǯŘŝŖȱ––ȱǻŖǯŖŖŘŞȦŖǯŖŗŖŖȱ’—ǯǼ
ȱ¡ŒŽ™ȱ
Řśȱ—’—ŽœȱŽ•˜ ȱŽ›’Š•ȱ˜ǯȱŘŚŖřśŖŖŖŖŞȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖśŖȦŖǯŝśŖȱ––ȱǻŖǯŖŖŘŖȦŖǯŖŘşśȱ’—ǯǼ
›Š—”œ‘ŠĞȱ˜›Žȱǻ—ȱ›Š—”ŒŠœŽǼ
ȱ ȱ Ž ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŚŖǯşŜśȦŚŗǯŖŖřȱ––ȱǻŗǯŜŗŘŞȦŗǯŜŗŚřȱ’—ǯǼ
ȱ ȱ Š¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŚŗǯŖŗŜȱ––ȱǻŗǯŜŗŚŞȱ’—ǯǼ
›Š—”œ‘ŠĞȱ˜ȱ•ŽŽŸŽȱŽŠ›’—ȱǻ›Š—”ŒŠœŽǼ
ȱ ȱ ž——’—ȱ•ŽŠ›Š—ŒŽȱȬȱŽ ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖřȦŖǯŖşȱ––ȱǻŖǯŖŖŗŘȦŖǯŖŖřśȱ’—ǯǼ
›Š—”œ‘ŠĞȱ˜›Žȱǻ—ȱ•˜œž›Žȱ•ŠŽǼȱȬȱŽ ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŚŖǯşŞŝȦŚŖǯşŝŚȱ––ȱǻŗǯŜŗřŜȦŗǯŜŗřŗȱ’—ǯǼ
›Š—”œ‘ŠĞȱ˜›Žȱǻ—ȱ•˜œž›Žȱ•ŠŽǼȬ˜Ȭ›Š—”œ‘ŠĞ
ȱ ȱ ž——’—ȱ•ŽŠ›Š—ŒŽȱȬȱŽ ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖřşȦŖǯŖŝŚȱ––ȱǻŖǯŖŖŗśȦŖǯŖŖŘşȱ’—ǯǼ
•¢ ‘ŽŽ•ȱ—ȱŠ’—ȱŽŠ›’—ȱ˜ž›—Š•
ȱ ȱ ǯǯȱȬȱŽ ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŚŖǯşŗřȦŚŖǯşřśȱ––ȱǻŗǯŜŗŖŝȦŗǯŜŗŗŜȱ’—ǯǼ
ȱ ȱ ǯǯȱȬȱŠ¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŚŖǯŞŚȱ––ȱǻŗǯŜŖŞȱ’—ǯǼ
ȱ ȱ Š¡ǯȱЙޛȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŘŘȱ––ȱǻŖǯŖŖŖşȱ’—ǯǼ
ȱ ȱ Š¡ǯȱžȬ˜Ȭ˜ž—ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŘśȱ––ȱǻŖǯŖŖŗŖȱ’—ǯǼ
•˜œž›Žȱ•ŠŽȱ—ȱŠ’—ȱŽŠ›’—ȱ˜ž›—Š•
ȱ ȱ ǯǯȱȬȱŽ ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŚŖǯşŗřȦŚŖǯşřśȱ––ȱǻŗǯŜŗŖŝȦŗǯŜŗŗŜȱ’—ǯǼ
ȱ ȱ ǯǯȱȬȱŠ¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŚŖǯŞŚȱ––ȱǻŗǯŜŖŞȱ’—ǯǼ
ȱ ȱ Š¡ǯȱЙޛȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŘŘȱ––ȱǻŖǯŖŖŖşȱ’—ǯǼ
ȱ ȱ Š¡ǯȱžȬ˜Ȭ˜ž—ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŘśȱ––ȱǻŖǯŖŖŗŖȱ’—ǯǼ
˜——ŽŒ’—ȱ˜ȱ˜ž›—Š•
ȱ ȱ ǯǯȱȬȱŽ ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯřśǯşśśȦřśǯşŝřȱ––ȱǻŗǯŚŗśŜȦŗǯŚŗŜřȱ’—ǯǼ
ȱ ȱ ǯǯȱȬȱŠ¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯřśǯşŚȱ––ȱǻŗǯŚŗśȱ’—ǯǼ
ȱ ȱ Š¡ǯȱЙޛȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŗŞȱ––ȱǻŖǯŖŖŖŝȱ’—ǯǼ
ȱ ȱ Š¡ǯȱžȬ˜Ȭ˜ž—ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŘśȱ––ȱǻŖǯŖŖŗŖȱ’—ǯǼ
Section 1
Safety and General Information
Crankshaft cont.
Crankshaft T.I.R.
PTO End, Crank in Engine..............................................................................0.279 mm (0.0110 in.)
Entire Crank, in V-Blocks................................................................................0.10 mm (0.0039 in.)
1
Cylinder Bore
Cylinder Bore I.D.
New
CH18/CH620,CH20/CH640,CH22 (624 cc)....................................................77.000/77.025 mm (3.0315/3.0325 in.)
CH22/CH670,CH23/CH680 (674 cc)...............................................................80.000/80.025 mm (3.1496/3.1506 in.)
CH25,CH26/CH735,CH730,CH740,CH745,CH750......................................82.988/83.013 mm (3.2672/3.2682 in.)
Max. Wear Limit-CH18/CH620,CH20/CH640,CH22 (624 cc).....................77.063 mm (3.0340 in.)
Max. Wear Limit-CH22/CH670,CH23/CH680 (674 cc)................................80.065 mm (3.1522 in.)
Max. Wear Limit-CH25,CH26/CH735,CH730,CH740,CH745,CH750.......83.051 mm (3.2697 in.)
Max. Out-of-Round..........................................................................................0.12 mm (0.0047 in.)
Max. Taper.........................................................................................................0.05 mm (0.0020 in.)
Cylinder Head
Cylinder Head Fastener Torque
Hex Flange Nut - Torque in Two Stages........................................................first to 16.9 N·m (150 in. lb.)
finally to 33.9 N·m (300 in. lb.)
Head Bolt - Torque in Two Stages..................................................................first to 22.6 N·m (200 in. lb.)
finally to 41.8 N·m (370 in. lb.)
Max. Out-of-Flatness................................................................................................0.076 mm (0.003 in.)
Rocker Arm Screw Torque.......................................................................................11.3 N·m (100 in. lb.)
Fan/Flywheel
Fan Fastener Torque.................................................................................................9.9 N·m (88 in. lb.)
Flywheel Retaining Screw Torque..........................................................................66.4 N·m (49 ft. lb.)
Governor
Governor Cross Shaft-to-Crankcase Running Clearance
6 mm Shaft...............................................................................................................0.013/0.075 mm (0.0005/0.0030 in.)
8 mm Shaft...............................................................................................................0.025/0.126 mm (0.0009/0.0049 in.)
Governor Cross Shaft O.D.
6 mm Shaft
New.....................................................................................................................5.975/6.012 mm (0.2352/0.2367 in.)
Max. Wear Limit...............................................................................................5.962 mm (0.2347 in.)
8 mm Shaft
New.....................................................................................................................7.949/8.000 mm (0.3129/0.3149 in.)
Max. Wear Limit...............................................................................................7.936 mm (0.3124 in.)
Governor Gear Shaft-to-Governor Gear Running Clearance.............................0.015/0.140 mm (0.0006/0.0055 in.)
Governor Gear Shaft O.D.
New.....................................................................................................................5.990/6.000 mm (0.2358/0.2362 in.)
Max. Wear Limit...............................................................................................5.977 mm (0.2353 in.)
Governor Lever Nut Torque....................................................................................6.8 N·m (60 in. lb.)
1.11
Section 1
Safety and General Information
Ignition
Spark Plug Type (Champion® or Equivalent).......................................................RC12YC, XC12YC, or Platinum 3071
Spark Plug Gap
All except Natural Gas with CD Fixed Ignition...........................................0.76 mm (0.030 in.)
Natural Gas with CD Fixed Ignition..............................................................0.51 mm (0.020 in.)
Spark Plug Torque....................................................................................................24.4-29.8 N·m (18-22 ft. lb.)
Ignition Module Air Gap.........................................................................................0.28/0.33 mm (0.011/0.013 in.)
Ignition Module Fastener Torque...........................................................................4.0-6.2 N·m (35-55 in. lb.)
Speed Sensor Air Gap (EFI engines)......................................................................1.50 ± 0.25 mm (0.059 ± 0.010 in.)
Muffler
Muffler Retaining Nut Torque................................................................................24.4 N·m (216 in. lb.)
Oil Filter
Oil Filter Torque........................................................................................................refer to oil filter for instructions
Oil Cooler
Oil Cooler/Adapter Nipple Torque........................................................................27 N·m (20 ft. lb.)
Piston, Piston Rings, and Piston Pin
Piston-to-Piston Pin Running Clearance...............................................................0.006/0.017 mm (0.0002/0.0007 in.)
Piston Pin Bore I.D.
New.....................................................................................................................17.006/17.012 mm (0.6695/0.6698 in.)
Max. Wear Limit...............................................................................................17.025 mm (0.6703 in.)
Piston Pin O.D.
New.....................................................................................................................16.995/17.000 mm (0.6691/0.6693 in.)
Max. Wear Limit...............................................................................................16.994 mm (0.6691 in.)
Top Compression Ring-to-Groove Side Clearance
CH18/CH620,CH20/CH640,CH22 (624 cc)....................................................0.040/0.080 mm (0.0016/0.0031 in.)
CH22/CH670,CH23/CH680 (674 cc)...............................................................0.030/0.076 mm (0.0012/0.0030 in.)
CH25,CH26/CH735,CH730,CH740,CH745,CH750......................................0.025/0.048 mm (0.0010/0.0019 in.)
Middle Compression Ring-to-Groove Side Clearance
CH18/CH620,CH20/CH640,CH22 (624 cc)....................................................0.040/0.080 mm (0.0016/0.0031 in.)
CH22/CH670,CH23/CH680 (674 cc)...............................................................0.030/0.076 mm (0.0012/0.0030 in.)
CH25,CH26/CH735,CH730,CH740,CH745,CH750......................................0.015/0.037 mm (0.0006/0.0015 in.)
Oil Control Ring-to-Groove Side Clearance
CH18/CH620,CH20/CH640,CH22 (624 cc)....................................................0.060/0.202 mm (0.0024/0.0080 in.)
CH22/CH670,CH23/CH680 (674 cc)...............................................................0.046/0.196 mm (0.0018/0.0077 in.)
CH25,CH26/CH735,CH730,CH740,CH745,CH750......................................0.026/0.176 mm (0.0010/0.0070 in.)
1.12
Section 1
Safety and General Information
Piston, Piston Rings, and Piston Pin cont.
Top and Center Compression Ring End Gap
New Bore
CH18/CH620,CH20/CH640,CH22 (624 cc)....................................................0.25/0.45 mm (0.0098/0.0177 in.)
CH22/CH670,CH23/CH680 (674 cc)...............................................................0.18/0.46 mm (0.0071/0.0181 in.)
CH25,CH26/CH735,CH730,CH740,CH745...................................................0.25/0.56 mm (0.0100/0.0224 in.)
Used Bore (Max)
CH18/CH620,CH20/CH640,CH22 (624 cc)....................................................0.77 mm (0.030 in.)
CH22/CH670,CH23/CH680 (674 cc)...............................................................0.80 mm (0.0315 in.)
CH25,CH26/CH735,CH730,CH740,CH745,CH750 . ...................................0.94 mm (0.037 in.)
1
Piston Thrust Face O.D.²
New
CH18/CH620,CH20/CH640,CH22 (624 cc)....................................................76.967/76.985 mm (3.0302/3.0309 in.)
CH22/CH670,CH23/CH680 (674 cc)...............................................................79.963/79.979 mm (3.1481/3.1488 in.)
CH25,CH26/CH735,CH730,CH740,CH745,CH750......................................82.986 mm (3.2671 in.)
Max. Wear Limit
CH18/CH620,CH20/CH640,CH22 (624 cc)....................................................76.840 mm (3.0252 in.)
CH22/CH670 (674 cc).......................................................................................79.831 mm (3.1430 in.)
CH25,CH26/CH735,CH730,CH740,CH745,CH750......................................82.841 mm (3.2614 in.)
Piston Thrust Face-to-Cylinder Bore² Running Clearance
New
CH18/CH620,CH20/CH640,CH22 (624 cc)....................................................0.014/0.057 mm (0.0005/0.0022 in.)
CH22/CH670,CH23/CH680 (674 cc)...............................................................0.021/0.062 mm (0.0008/0.0024 in.)
CH25,CH26/CH735,CH730,CH740,CH745,CH750......................................0.001/0.045 mm (0.039/0.0018 in.)
Speed Control Bracket
Fastener Torque.........................................................................................................10.7 N·m (95 in. lb.) into new holes
7.3 N·m (65 in. lb.) into used holes
Starter Assembly
Thru Bolt Torque
UTE/Johnson Electric, Eaton (Inertia Drive).................................................4.5-5.7 N·m (40-50 in. lb.)
Nippondenso (Solenoid Shift)........................................................................4.5-7.5 N·m (40-84 in. lb.)
Delco-Remy (Solenoid Shift)...........................................................................5.6-9.0 N·m (49-79 in. lb.)
Mounting Screw Torque (All).................................................................................15.3 N·m (135 in. lb.)
Brush Holder Mounting Screw Torque
Delco-Remy Starter...........................................................................................2.5-3.3 N·m (22-29 in. lb.)
Solenoid (Starter)
Mounting Hardware Torque
Nippondenso Starter........................................................................................6.0-9.0 N·m (53-79 in. lb.)
Delco-Remy Starter...........................................................................................4.0-6.0 N·m (35-53 in. lb.)
Nut, Positive (+) Brush Lead Torque
Nippondenso Starter........................................................................................8.0-12.0 N·m (71-106 in. lb.)
Delco-Remy Starter...........................................................................................8.0-11.0 N·m (71-97 in. lb.)
Stator
Mounting Screw Torque...........................................................................................6.2 N·m (55 in. lb.)
²Measure 6 mm (0.236 in.) above the bottom of the piston skirt at right angles to the piston pin.
1.13
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
9DOYH&RYHU
Š•ŸŽȱ˜ŸŽ›ȱŠœŽ—Ž›ȱ˜›šžŽ
ȱŠœ”Žȱ¢•Žȱ˜ŸŽ›ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯřǯŚȱȉ–ȱǻřŖȱ’—ǯȱ•‹ǯǼ
ȱ•ŠŒ”ȱȬ’—ȱ¢•Žȱ˜ŸŽ›
ȱ ȱ Ȧ‘˜ž•Ž›ȱŒ›Ž œȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŜȱȉ–ȱǻśŖȱ’—ǯȱ•‹ǯǼ
ȱ ȱ Ȧ•Š—ŽȱŒ›Ž œȱŠ—ȱ™ŠŒŽ›œȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯşǯşȱȉ–ȱǻŞŞȱ’—ǯȱ•‹ǯǼ
Ž••˜ ȱ˜›ȱ›˜ —ȱȬ’—ȱ¢•Žȱ˜ŸŽ›ȱ Ȧ—Ž›Š•ȱŽŠ•ȱ™ŠŒŽ›œȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŜǯŘȱȉ–ȱǻśśȱ’—ǯȱ•‹ǯǼ
9DOYHVDQG9DOYH/LIWHUV
¢›Šž•’ŒȱŠ•ŸŽȱ’ĞŽ›ȱ˜ȱ›Š—”ŒŠœŽȱž——’—ȱ•ŽŠ›Š—ŒŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖŘŚŗȦŖǯŖśŖŗȱ––ȱǻŖǯŖŖŖşȦŖǯŖŖŘŖȱ’—ǯǼ
—Š”ŽȱŠ•ŸŽȱŽ–Ȭ˜ȬŠ•ŸŽȱž’Žȱž——’—ȱ•ŽŠ›Š—ŒŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖřŞȦŖǯŖŝŜȱ––ȱǻŖǯŖŖŗśȦŖǯŖŖřŖȱ’—ǯǼ
¡‘ŠžœȱŠ•ŸŽȱŽ–Ȭ˜ȬŠ•ŸŽȱž’Žȱž——’—ȱ•ŽŠ›Š—ŒŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŖǯŖśŖȦŖǯŖŞŞȱ––ȱǻŖǯŖŖŘŖȦŖǯŖŖřśȱ’—ǯǼ
—Š”ŽȱŠ•ŸŽȱž’Žȱǯǯ
ȱ ȱ Ž ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŝǯŖřŞȦŝǯŖśŞȱ––ȱǻŖǯŘŝŝŗȦŖǯŘŝŝşȱ’—ǯǼ
ȱ ȱ Š¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŝǯŗřŚȱ––ȱǻŖǯŘŞŖşȱ’—ǯǼ
ȱ ¡‘ŠžœȱŠ•ŸŽȱž’Žȱǯǯ
ȱ ȱ Ž ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŝǯŖřŞȦŝǯŖśŞȱ––ȱǻŖǯŘŝŝŗȦŖǯŘŝŝşȱ’—ǯǼ
ȱ ȱ Š¡ǯȱŽŠ›ȱ’–’ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŝǯŗśşȱ––ȱǻŖǯŘŞŗşȱ’—ǯǼ
Š•ŸŽȱž’ŽȱŽŠ–Ž›ȱ’£Ž
ȱ ȱ Š—Š›ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŝǯŖŚŞȱ––ȱǻŖǯŘŝŝśȱ’—ǯǼ
ȱ ȱ ŖǯŘśȱ––ȱǯǯȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŝǯŘşŞȱ––ȱǻŖǯŘŞŝřȱ’—ǯǼ
—Š”ŽȱŠ•ŸŽȱ’—’–ž–ȱ’ĞȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŞǯŖŝȱ––ȱǻŖǯřŗŝŝȱ’—ǯǼ
¡‘ŠžœȱŠ•ŸŽȱ’—’–ž–ȱ’ĞȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŞǯŖŝȱ––ȱǻŖǯřŗŝŝȱ’—ǯǼ
˜–’—Š•ȱŠ•ŸŽȱŽŠȱ—•ŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯŚśǚ
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
*HQHUDO7RUTXH9DOXHV
0HWULF)DVWHQHU7RUTXH5HFRPPHQGDWLRQVIRU6WDQGDUG$SSOLFDWLRQV
7LJKWHQLQJ7RUTXH1ÂPLQOERU
3URSHUW\&ODVV
ŚǯŞ
’£Ž
Śȱ
śȱ
Ŝȱ
Şȱ
ŗǯŘȱǻŗŗǼȱ
ŘǯśȱǻŘŘǼȱ
ŚǯřȱǻřŞǼȱ
ŗŖǯśȱǻşřǼȱ
ŗǯŝȱǻŗśǼȱ
řǯŘȱǻŘŞǼȱ
śǯŝȱǻśŖǼȱ
ŗřǯŜȱǻŗŘŖǼȱ
ŘǯşȱǻŘŜǼȱ
śǯŞȱǻśŗǼȱ
şǯşȱǻŞŞǼȱ
ŘŚǯŚȱǻŘŗŜǼȱ
1RQFULWLFDO
)DVWHQHUV
,QWR$OXPLQXP
ŚǯŗȱǻřŜǼȱ
ŞǯŗȱǻŝŘǼȱ
ŗŚǯŖȱǻŗŘŚǼȱ
řřǯşȱǻřŖŖǼȱ
śǯŖȱǻŚŚǼȱ
şǯŝȱǻŞŜǼȱ
ŗŜǯśȱǻŗŚŜǼȱ
ŚŖǯŝȱǻřŜŖǼȱ
ŘǯŖȱǻŗŞǼ
ŚǯŖȱǻřśǼ
ŜǯŞȱǻŜŖǼ
ŗŝǯŖȱǻŗśŖǼ
7LJKWHQLQJ7RUTXH1ÂPIWOERU
3URSHUW\&ODVV
ŗŖȱ
ŗŘȱ
ŗŚȱ
1RQFULWLFDO
)DVWHQHUV
,QWR$OXPLQXP
ŘŗǯŝȱǻŗŜǼȱ
řŜǯŜȱǻŘŝǼȱ
śŞǯřȱǻŚřǼȱ
ŘŝǯŗȱǻŘŖǼȱ
ŚŝǯśȱǻřśǼȱ
ŝŜǯŚȱǻśśǼȱ
ŚŝǯśȱǻřśǼȱ
ŞŘǯŝȱǻŜŗǼȱ
ŗřŗǯśȱǻşŝǼȱ
ŜŜǯŚȱǻŚşǼȱ
ŗŗŜǯŜȱǻŞŜǼȱ
ŗŞŚǯŚȱǻŗřŜǼȱ
ŞŗǯŚȱǻŜŖǼȱ
ŗřşǯŝȱǻŗŖřǼȱ
ŘŗşǯŝȱǻŗŜŘǼȱ
řřǯşȱǻŘśǼ
ŜŗǯŖȱǻŚśǼ
şŚǯşȱǻŝŖǼ
6HFWLRQ
6DIHW\DQG*HQHUDO,QIRUPDWLRQ
(QJOLVK)DVWHQHU7RUTXH5HFRPPHQGDWLRQVIRU6WDQGDUG$SSOLFDWLRQV
7LJKWHQLQJ7RUTXH1ÂPLQOERU
%ROWV6FUHZV1XWVDQG)DVWHQHUV
$VVHPEOHG,QWR&DVW,URQRU6WHHO
’£Ž
ŞȬřŘȱ
ŗŖȬŘŚȱ
ŗŖȬřŘȱ
ŗȦŚȬŘŖȱ
ŗȦŚȬŘŞȱ
śȦŗŜȬŗŞȱ
śȦŗŜȬŘŚȱ
řȦŞȬŗŜȱ
řȦŞȬŘŚȱ
*UDGHRU
)DVWHQHUV,QWR
$OXPLQXP
*UDGH
*UDGH
*UDGH
ŘǯřȱǻŘŖǼȱ
řǯŜȱǻřŘǼȱ
řǯŜȱǻřŘǼȱ
ŝǯşȱǻŝŖǼȱ
şǯŜȱǻŞśǼȱ
ŗŝǯŖȱǻŗśŖǼȱ
ŗŞǯŝȱǻŗŜśǼȱ
ŘşǯŚȱǻŘŜŖǼȱ
řřǯşȱǻřŖŖǼȱ
ŘǯŞȱǻŘśǼȱ
ŚǯśȱǻŚŖǼȱ
ŚǯśȱǻŚŖǼȱ
ŗřǯŖȱǻŗŗśǼȱ
ŗśǯŞȱǻŗŚŖǼȱ
ŘŞǯřȱǻŘśŖǼȱ
řŖǯśȱǻŘŝŖǼȱ
ȱȬȬȬȬȬȬȬȬȬȱ
ȱȬȬȬȬȬȬȬȬȬȱ
Ȭȱ ȬȬȬȬȬȬȬȬȱ
ȱȬȬȬȬȬȬȬȬȬȱ
ȱȬȬȬȬȬȬȬȬȬȱ
ŗŞǯŝȱǻŗŜśǼȱ
ŘŘǯŜȱǻŘŖŖǼȱ
řşǯŜȱǻřśŖǼȱ
ȱȬȬȬȬȬȬȬȬȬȱ
ȱȬȬȬȬȬȬȬȬȬȱ
ȱȬȬȬȬȬȬȬȬȬȱ
ŘǯřȱǻŘŖǼ
řǯŜȱǻřŘǼ
ȱȬȬȬȬȬȬȬȬȬ
ŝǯşȱǻŝŖǼ
ȱȬȬȬȬȬȬȬȬȬ
ŗŝǯŖȱǻŗśŖǼ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ŚŖǯŝȱǻřŖǼȱ
ŜŝǯŞȱǻśŖǼȱ
ŞŗǯŚȱǻŜŖǼȱ
ŗŖŞǯśȱǻŞŖǼȱ
ŗŚŘǯŚȱǻŗŖśǼȱ
ŗśśǯşȱǻŗŗśǼȱ
ŘŘřǯŝȱǻŗŜśǼȱ
ŘřŝǯřȱǻŗŝśǼȱ
řŗŗǯşȱǻŘřŖǼȱ
řśŘǯŜȱǻŘŜŖǼȱ
ŚŚŝǯśȱǻřřŖǼȱ
ŚŝŚǯŜȱǻřśŖǼȱ
ŜřŝǯřȱǻŚŝŖǼȱ
ȱȬȬȬȬȬȬȬȬȬ
Ȭȱ ȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
ȱȬȬȬȬȬȬȬȬȬ
7LJKWHQLQJ7RUTXH1ÂPIWOERU
’£Ž
śȦŗŜȬŘŚȱ
řȦŞȬŗŜȱ
řȦŞȬŘŚȱ
ŝȦŗŜȬŗŚȱ
ŝȦŗŜȬŘŖȱ
ŗȦŘȬŗřȱ
ŗȦŘȬŘŖȱ
şȦŗŜȬŗŘȱ
şȦŗŜȬŗŞȱ
śȦŞȬŗŗȱ
śȦŞȬŗŞȱ
řȦŚȬŗŖȱ
řȦŚȬŗŜȱ
ȱȬȬȬȬȬȬȬȬȬȱ
Ȭȱ ȬȬȬȬȬȬȬȬȱ
ȱȬȬȬȬȬȬȬȬȬȱ
ŚŝǯśȱǻřśǼȱ
ŜŗǯŖȱǻŚśǼȱ
ŜŝǯŞȱǻśŖǼȱ
şŚǯşȱǻŝŖǼȱ
ŗŖŗǯŝȱǻŝśǼȱ
ŗřśǯŜȱǻŗŖŖǼȱ
ŗŚşǯŘȱǻŗŗŖǼȱ
ŗŞşǯŞȱǻŗŚŖǼȱ
ŗşşǯřȱǻŗśŖǼȱ
ŘŝŗǯŘȱǻŘŖŖǼȱ
ȱȬȬȬȬȬȬȬȬȬȬȱ
ŚŝǯśȱǻřśǼȱ
śŚǯŘȱǻŚŖǼȱ
ŝŚǯŜȱǻśśǼȱ
ŗŖŗǯŝȱǻŝśǼȱ
ŗŖŞǯśȱǻŞŖǼȱ
ŗŚŘǯŚȱǻŗŖśǼȱ
ŗŜşǯśȱǻŗŘśǼȱ
ŘŘřǯŝȱǻŗŜśǼȱ
ŘŚŚǯŗȱǻŗŞŖǼȱ
řŗŗǯşȱǻŘřŖǼȱ
řřŘǯŘȱǻŘŚśǼȱ
ŚŚŖǯŝȱǻřŘśǼȱ
7RUTXH
&RQYHUVLRQV
ȉ–ȱƽȱ’—ǯȱ•‹ǯȱ¡ȱŖǯŗŗř
ȉ–ȱƽȱĞǯȱ•‹ǯȱ¡ȱŗǯřśŜ
’—ǯȱ•‹ǯȱƽȱȉ–ȱ¡ȱŞǯŞś
Ğǯȱ•‹ǯȱƽȱȉ–ȱ¡ȱŖǯŝřŝ
Section 2
Tools & Aids
Section 2
Tools & Aids
2
Certain quality tools are designed to help you perform specific disassembly, repair, and reassembly procedures.
By using tools designed for the job, you can properly service engines easier, faster, and safer! In addition, you’ll
increase your service capabilities and customer satisfaction by decreasing engine downtime.
Here is the list of tools and their source.
Separate Tool Suppliers:
Kohler Tools
Contact your source
of supply.
SE Tools
415 Howard St.
Lapeer, MI 48446
Phone 810-664-2981
Toll Free 800-664-2981
Fax 810-664-8181
Design Technology Inc.
768 Burr Oak Drive
Westmont, IL 60559
Phone 630-920-1300
Tools
Description
Source/Part No.
Balance Gear Tim ing Tool (K & M Ser ies)
To hold balance gears in timed position when assembling engine.
Kohler 25 455 06-S
(Formerly Y-357)
Cam shaft Endplay Plat e
For checking camshaft endplay.
S E Tools KLR-82405
Cylinder Leakdow n Test er
For checking combustion retention and if cylinder, piston, rings, or valves are worn.
Kohler 25 761 05-S
Elect r onic Fuel Inject ion (EFI) Diagnost ic Soft w ar e
U se with Laptop or Desktop PC.
EFI Ser vice Kit
For troubleshooting and setting up an EFI engine.
Individual Components Available
Pressure Tester
Noid Light
90° Adapter
Oetiker Clamp Pliers
Code Plug, Red Wire
Code Plug, Blue Wire
Kohler 25 761 23-S
Kohler 24 761 01-S
Design Technology Inc.
DTI-019
DTI-021
DTI-023
DTI-025
DTI-027
DTI-029
Flyw heel Holding Tool (CS Ser ies)
S E Tools KLR-82407
Flyw heel Puller
To remove flywheel from engine.
S E Tools KLR-82408
2.1
Section 2
Tools & Aids
Tools (cont.)
Description
Source/Part No.
Flyw heel St r ap Wr ench
To hold flywheel during removal.
S E Tools KLR-82409
Hydr aulic Valve Lift er Tool
To remove and install hydraulic lifters.
Kohler 25 761 38-S
Ignit ion Syst em Test er
For testing output on all systems, except CD.
For testing output on capacitive discharge (CD) ignition system.
Kohler 25 455 01-S
Kohler 24 455 02-S
Offset Wr ench (K & M Ser ies)
To remove and reinstall cylinder barrel retaining nuts.
S E Tools KLR-82410
Oil Pr essur e Test Kit
To test and verify oil pressure.
Kohler 25 761 06-S
Rect ifier -Regulat or Test er (120 volt cur r ent )
Rect ifier -Regulat or Test er (240 volt cur r ent )
U sed to test rectifier-regulators.
Kohler 25 761 20-S
Kohler 25 761 41-S
Individual Components Available
CS -PRO Regulator Test Harness
S pecial Regulator Test Harness with Diode
Design Technology Inc.
DTI-031
DTI-033
Spar k Advance Module (SAM) Test er
To test the S AM (AS AM and DS AM) on engines with S MART-S PARK™.
Kohler 25 761 40-S
St ar t er Br ush Holding Tool (Solenoid Shift )
To hold brushes during servicing.
S E Tools KLR-82416
St ar t er Ret aining Ring Tool (Iner t ia Dr ive)
To remove and reinstall drive retaining rings (excluding FAS CO starters).
Kohler 25 761 18-S
St ar t er Ser vicing Kit (All St ar t er s)
To remove and reinstall drive retaining rings and brushes.
S E Tools KLR-82411
Individual Component Available
S tarter Brush Holding Tool (S olenoid S hift)
Tachom et er (Digit al Induct ive)
For checking operating speed (RPM) of an engine.
S E Tools KLR-82416
Design Technology Inc.
DTI-110
Vacuum /Pr essur e Test er
Alternative to a water manometer.
Kohler 25 761 22-S
Valve Guide Ream er (K & M Ser ies)
For sizing valve guides after installation.
S E Tools KLR-82413
Valve Guide Ser vice Kit (Cour age, Aegis, Com m and, OHC)
For servicing worn value guides.
S E Tools KLR-82415
2.2
Section 2
Tools & Aids
Aids
Description
Source/Part No.
Cam shaft Lubr icant (Valspar ZZ613)
Kohler 25 357 14-S
Dielect r ic Gr ease (GE/Novaguard G661)
Kohler 25 357 11-S
Dielect r ic Gr ease (Fel-Pro)
Lubri-S el
Elect r ic St ar t er Dr ive Lubr icant (Inertia Drive)
Kohler 52 357 01-S
Elect r ic St ar t er Dr ive Lubr icant (S olenoid S hift)
Kohler 52 357 02-S
RTV Silicone Sealant
Loctite® 5900 Heavy Body in 4 oz aerosol dispenser.
Kohler 25 597 07-S
Only oxime-based, oil resistant RTV sealants, such as those listed, are approved for use.
Loctite® Nos. 5900 or 5910 are recommended for best sealing characteristics.
Loctite®
Loctite®
Loctite®
Loctite®
5910
U ltra Black 598
U ltra Blue 587
U ltra Copper
Spline Dr ive Lubr icant
Kohler 25 357 12-S
2.3
2
Section 2
Tools & Aids
Special Tools You Can Make
Flywheel Holding Tool
A flywheel holding tool can be made out of an old
junk flywheel ring gear as shown in Figure 2-1, and
used in place of a strap wrench.
1. Using an abrasive cut-off wheel, cut out a six
tooth segment of the ring gear as shown.
2. Grind off any burrs or sharp edges.
3. Invert the segment and place it between the
ignition bosses on the crankcase so that the tool
teeth engage the flywheel ring gear teeth. The
bosses will lock the tool and flywheel in
position for loosening, tightening or removing
with a puller.
2. Remove the studs of a Posi-Lock rod or grind off
the aligning steps of a Command rod, so the joint
surface is flat.
3. Find a 1 in. long capscrew with the correct
thread size to match the threads in the
connecting rod.
4. Use a flat washer with the correct I.D. to slip on
the capscrew and approximately 1” O.D. (Kohler
Part No. 12 468 05-S). Assemble the capscrew
and washer to the joint surface of the rod, as
shown in Figure 2-2.
Figure 2-2. Rocker Arm/Crankshaft Tool.
Figure 2-1. Flywheel Holding Tool.
Rocker Arm/Crankshaft Tool
A spanner wrench to lift the rocker arms or turn the
crankshaft may be made out of an old junk connecting
rod.
1. Find a used connecting rod from a 10 HP or
larger engine. Remove and discard the rod cap.
2.4
Section 3
Troubleshooting
Section 3
Troubleshooting
Troubleshooting Guide
When troubles occur, be sure to check the simple
causes which, at first, may seem too obvious to be
considered. For example, a starting problem could be
caused by an empty fuel tank.
Some general common causes of engine troubles are
listed below. Use these to locate the causing factors.
Refer to the specific section(s) within this service
manual for more detailed information.
Engine Cranks But Will Not Start
1. Empty fuel tank.
2. Fuel shut-off valve closed.
3. Poor fuel, dirt or water in the fuel system.
4. Clogged fuel line.
5. Spark plug lead(s) disconnected.
6. Key switch or kill switch in “off” position.
7. Faulty spark plugs.
8. Faulty ignition module(s).
9. SMART-SPARK™ malfunction (applicable models).
10. Carburetor solenoid malfunction.
11. Diode in wiring harness failed in open circuit
mode.
12. Vacuum fuel pump malfunction, or oil in vacuum
hose.
13. Vacuum hose to fuel pump leaking/cracked.
14. Battery connected backwards.
15. Safety interlock system engaged.
Engine Starts But Does Not Keep Running
1. Restricted fuel tank cap vent.
2. Poor fuel, dirt or water in the fuel system.
3. Faulty or misadjusted choke or throttle controls.
4. Loose wires or connections that short the kill
terminal of ignition module to ground.
5. Faulty cylinder head gasket.
6. Faulty carburetor.
7. Vacuum fuel pump malfunction, or oil in vacuum
hose.
8. Leaking/cracked vacuum hose to fuel pump.
9. Intake system leak.
3
10. Diode in wiring harness failed in open circuit
mode.
Engine Starts Hard
1. PTO drive is engaged.
2. Dirt or water in the fuel system.
3. Clogged fuel line.
4. Loose or faulty wires or connections.
5. Faulty or misadjusted choke or throttle controls.
6. Faulty spark plugs.
7. Low compression.
8. Weak spark.
9. Fuel pump malfunction causing lack of fuel.
10. Engine overheated-cooling/air circulation
restricted.
11. Quality of fuel.
12. Flywheel key sheared.
13. Intake system leak.
Engine Will Not Crank
1. PTO drive is engaged.
2. Battery is discharged.
3. Safety interlock switch is engaged.
4. Loose or faulty wires or connections.
5. Faulty key switch or ignition switch.
6. Faulty electric starter or solenoid.
7. Seized internal engine components.
Engine Runs But Misses
1. Dirt or water in the fuel system.
2. Spark plug lead disconnected.
3. Poor quality of fuel.
4. Faulty spark plug(s).
5. Loose wires or connections that intermittently
ground the ignition kill circuit.
6. Engine overheated.
7. Faulty ignition module or incorrect air gap.
8. Carburetor adjusted incorrectly.
9. SMART-SPARK™ malfunction (applicable
models).
3.1
Section 3
Troubleshooting
Engine Will Not Idle
1. Dirt or water in the fuel system.
2. Stale fuel and/or gum in carburetor.
3. Faulty spark plugs.
4. Fuel supply inadequate.
5. Idle speed adjusting screw improperly set.
6. Idle fuel adjusting needle improperly set (some
models).
7. Low compression.
8. Restricted fuel tank cap vent.
9. Engine overheated-cooling system/air circulation
problem.
Engine Overheats
1. Air intake/grass screen, cooling fins, or cooling
shrouds clogged.
2. Excessive engine load.
3. Low crankcase oil level.
4. High crankcase oil level.
5. Faulty carburetor.
6. Lean fuel mixture.
7. SMART-SPARK™ malfunction (applicable
models).
Engine Knocks
1. Excessive engine load.
2. Low crankcase oil level.
3. Old or improper fuel.
4. Internal wear or damage.
5. Hydraulic lifter malfunction.
6. Quality of fuel.
7. Incorrect grade of oil.
Engine Loses Power
1. Low crankcase oil level.
2. High crankcase oil level.
3. Dirty air cleaner element.
4. Dirt or water in the fuel system.
5. Excessive engine load.
6. Engine overheated.
7. Faulty spark plugs.
8. Low compression.
9. Exhaust restriction.
10. SMART-SPARK™ malfunction (applicable
models).
11. Low battery.
12. Incorrect governor setting.
Engine Uses Excessive Amount of Oil
1. Incorrect oil viscosity/type.
2. Clogged or improperly assembled breather.
3. Breather reed broken.
4. Worn or broken piston rings.
5. Worn cylinder bore.
6. Worn valve stems/valve guides.
7. Crankcase overfilled.
8. Blown head gasket/overheated.
Oil Leaks from Oil Seals, Gaskets
1. Crankcase breather is clogged or inoperative.
2. Breather reed broken.
3. Loose or improperly torqued fasteners.
4. Piston blowby or leaky valves.
5. Restricted exhaust.
External Engine Inspection
Before cleaning or disassembling the engine, make a
thorough inspection of its external appearance and
condition. This inspection can give clues to what
might be found inside the engine (and the cause)
when it is disassembled.
• Check for buildup of dirt and debris on the
crankcase, cooling fins, grass screen, and other
external surfaces. Dirt or debris on these areas
are causes of higher operating temperatures and
overheating.
• Check for obvious fuel and oil leaks, and
damaged components. Excessive oil leakage can
indicate a clogged or improperly-assembled
breather, worn/damaged seals and gaskets, or
loose or improperly-torqued fasteners.
• Check the air cleaner cover and base for damage
or indications of improper fit and seal.
• Check the air cleaner element. Look for holes,
tears, cracked or damaged sealing surfaces, or
other damage that could allow unfiltered air into
the engine. Also note if the element is dirty or
clogged. These could indicate that the engine has
been under serviced.
• Check the carburetor throat for dirt. Dirt in the
throat is further indication that the air cleaner is
not functioning properly.
• Check the oil level. Note if the oil level is within
the operating range on the dipstick, or if it is low
or overfilled.
3.2
Section 3
Troubleshooting
• Check the condition of the oil. Drain the oil into a
container - the oil should flow freely. Check for
metal chips and other foreign particles.
Sludge is a natural by-product of combustion; a
small accumulation is normal. Excessive sludge
formation could indicate overrich carburetion,
weak ignition, overextended oil change interval
or wrong weight or type of oil was used, to name
a few.
NOTE: It is good practice to drain oil at a
location away from the workbench. Be
sure to allow ample time for complete
drainage.
To test the crankcase vacuum with the manometer:
1. Insert the stopper/hose into the oil fill hole. Leave
the other tube of manometer open to
atmosphere. Make sure the shut off clamp is
closed.
2. Start the engine and run at no-load high speed
(3200 to 3750 RPM).
3. Open the clamp and note the water level in the
tube.
The level in the engine side should be a
minimum of 10.2 cm (4 in.) above the level in the
open side.
Cleaning the Engine
After inspecting the external condition of the engine,
clean the engine thoroughly before disassembling it.
Also clean individual components as the engine is
disassembled. Only clean parts can be accurately
inspected and gauged for wear or damage. There are
many commercially available cleaners that will
quickly remove grease, oil, and grime from engine
parts. When such a cleaner is used, follow the
manufacturer’s instructions and safety precautions carefully.
Make sure all traces of the cleaner are removed before
the engine is reassembled and placed into operation.
Even small amounts of these cleaners can quickly
break down the lubricating properties of engine oil.
Basic Engine Tests
Crankcase Vacuum Test
A partial vacuum should be present in the crankcase
when the engine is operating. Pressure in the
crankcase (normally caused by a clogged or
improperly assembled breather) can cause oil to be
forced out at oil seals, gaskets, or other available
spots.
Crankcase vacuum is best measured with either a
water manometer or a vacuum gauge (see Section 2).
Complete instructions are provided in the kits.
If the level in the engine side is less than specified
(low/no vacuum), or the level in the engine side
is lower than the level in the open side
(pressure), check for the conditions in the table
on page 3.4.
4. Close the shut off clamp before stopping the
engine.
To test the crankcase vacuum with the Vacuum/
Pressure Gauge Kit (see Section 2):
1. Remove the dipstick or oil fill plug/cap.
2. Install the adapter into the oil fill/dipstick tube
opening, upside down over the end of a small
diameter dipstick tube, or directly into engine if
a tube is not used.
3. Push the barbed fitting on the gauge solidly into
the hole in the adapter.
4. Start the engine and bring it up to operating
speed (3200-3600 RPM).
5. Check the reading on the gauge. If the reading is
to the left of “0” on the gauge, vacuum or
negative pressure is indicated. If the reading is to
the right of “0” on the gauge, positive pressure is
present.
Crankcase vacuum should be 4-10 (inches of
water) If the reading is below specification, or if
pressure is present, check the following table for
possible causes and remedies.
3.3
3
Section 3
Troubleshooting
No Crankcase Vacuum/Pressure in Crankcase
Possible Cause
Solution
1. Crankcase breather clogged or inoperative.
1. Disassemble breather, clean parts thoroughly,
check sealing surfaces for flatness, reassemble,
and recheck pressure.
2. Seals and/or gaskets leaking. Loose or
improperly torqued fasteners.
2. Replace all worn or damaged seals and gaskets.
Make sure all fasteners are tightened securely.
Use appropriate torque values and sequences
when necessary.
3. Piston blowby or leaky valves (confirm by
inspecting components).
3. Recondition piston, rings, cylinder bore, valves,
and valve guides.
4. Restricted exhaust.
4. Repair/replace restricted muffler/exhaust
system.
Compression Test
Some of these engines are equipped with an automatic
compression release (ACR) mechanism. Because of the
ACR mechanism, it is difficult to obtain an accurate
compression reading. As an alternative, perform a
cylinder leakdown test.
Cylinder Leakdown Test
A cylinder leakdown test can be a valuable
alternative to a compression test. By pressurizing the
combustion chamber from an external air source you
can determine if the valves or rings are leaking, and
how badly.
Cylinder Leakdown Tester (see Section 2) is a
relatively simple, inexpensive leakdown tester for
small engines. The tester includes a quick disconnect
for attaching the adapter hose, and a holding tool.
Leakdown Test Instructions
1. Run engine for 3-5 minutes to warm it up.
2. Remove spark plug(s) and air filter from engine.
3. Rotate the crankshaft until the piston (of cylinder
being tested) is at top dead center of the
compression stroke. Hold the engine in this
position while testing. The holding tool supplied
with the tester can be used if the PTO end of the
crankshaft is accessible. Lock the holding tool
onto the crankshaft. Install a 3/8" breaker bar
into the hole/slot of the holding tool, so it is
perpendicular to both the holding tool and
crankshaft PTO.
3.4
If the flywheel end is more accessible, use a
breaker bar and socket on the flywheel nut/
screw to hold it in position. An assistant may be
needed to hold the breaker bar during testing. If
the engine is mounted in a piece of equipment, it
may be possible to hold it by clamping or
wedging a driven component. Just be certain that
the engine cannot rotate off of TDC in either
direction.
4. Install the adapter into the spark plug hole, but
do not attach it to the tester at this time.
5. Connect an air source of at least 50 psi to the
tester.
6. Turn the regulator knob in the increase
(clockwise) direction until the gauge needle is in
the yellow “set” area at the low end of the scale.
7. Connect the tester quick-disconnect to the
adapter hose while firmly holding the engine at
TDC. Note the gauge reading and listen for
escaping air at the carburetor intake, exhaust
outlet, and crankcase breather.
8. Check your test results against the following
table:
Section 3
Troubleshooting
Leakdown Test Results
Air escaping from crankcase breather ........................................................ Defective rings or worn cylinder.
Air escaping from exhaust system .............................................................. Defective exhaust valve/improper seating.
Air escaping from carburetor ....................................................................... Defective intake valve/improper seating.
Gauge reading in “low” (green) zone .......................................................... Piston rings and cylinder in good
condition.
Gauge reading in “moderate” (yellow) zone .............................................. Engine is still usable, but there is some
wear present. Customer should start
planning for overhaul or replacement.
Gauge reading in “high” (red) zone ............................................................. Rings and/or cylinder have considerable
wear. Engine should be reconditioned or
replaced.
3.5
3
Section 3
Troubleshooting
3.6
Section 4
Air Cleaner and Air Intake System
Air Cleaners
General
Most engines are equipped with a replaceable, highdensity paper air cleaner element, surrounded by an
oiled foam precleaner, and housed under a flat outer
cover. This is typically referred to as the standard air
cleaner assembly. See Figures 4-1 and 4-4. Some
engines utilize a heavy-duty style air cleaner as shown
in Figure 4-12.
4
Figure 4-2. Removing Latch Style Cover.
Cover
Air Cleaner Element
Figure 4-1. Standard Air Cleaner.
Precleaner
Standard Air Cleaner
Service
Check the air cleaner daily or before starting the
engine. Check for and correct any buildup of dirt and
debris, along with loose or damaged components.
NOTE: Operating the engine with loose or damaged
air cleaner components could allow
unfiltered air into the engine, causing
premature wear and failure.
Figure 4-3. Removing Knob Style Cover.
Precleaner Service
If so equipped, wash and reoil the precleaner every 25
hours of operation (more often under extremely dusty
or dirty conditions).
To service the precleaner, perform the following steps:
1. Unhook the latches or loosen the retaining knob,
and remove the cover.
2. Remove the foam precleaner from the paper air
cleaner element.
4.1
Section 4
Air Cleaner and Air Intake System
3. Wash the precleaner in warm water with
detergent. Rinse the precleaner thoroughly until
all traces of detergent are eliminated. Squeeze out
excess water (do not wring). Allow the precleaner
to air dry.
4. Saturate the precleaner with new engine oil.
Squeeze out all excess oil.
Seal
5. Reinstall the precleaner over the paper air cleaner
element.
6. Reinstall the air cleaner cover. Secure the cover
with the two latches or the retaining knob.
Element Cover
Figure 4-6. Removing Elements.
Wing Nut
Precleaner
Element
Figure 4-4. Air Cleaner Components.
Figure 4-7. Removing Rubber Seal from Bracket.
Paper Element Service (Standard Type)
Every 100 hours of operation (more often under
extremely dusty or dirty conditions), replace the paper
element. Follow these steps:
1. Unhook the latches or loosen the retaining knob,
and remove the cover.
2. Remove the wing nut, element cover, and paper
element with precleaner (if so equipped).
Figure 4-5. Removing Element Cover Wing Nut.
3. Remove the precleaner (if so equipped) from the
paper element. Service the precleaner as
described in "Precleaner Service".
4. Do not wash the paper element or use
pressurized air, as this will damage the element.
Replace a dirty, bent, or damaged element with a
genuine Kohler element. Handle new elements
carefully; do not use if the sealing surfaces are
bent or damaged.
4.2
Section 4
Air Cleaner and Air Intake System
5. Check the seal for any damage or deterioration.
Replace as necessary. See Figure 4-7.
6. Reinstall the seal, paper element, precleaner,
element cover, and wing nut.
7. Reinstall the air cleaner cover and secure with the
latches or the retaining knob.
NOTE: Make sure the correct depth air cleaner
element and rubber seal are used for the
engine spec involved. Some engines use
a deeper or extra capacity air cleaner and
a longer rubber seal.
4
Figure 4-8. Exploded View of Standard Air Intake System Components.
4.3
Section 4
Air Cleaner and Air Intake System
Air Cleaner Element Cover and Seal - Make sure
element cover is not bent or damaged. Make sure the
wing nut and seal are in place to ensure the element is
sealed against leakage.
Air Cleaner Base - Make sure the base is secured
tightly to the carburetor and not cracked or damaged.
Breather Tube - Make sure the tube is attached to both
the air cleaner base and the breather cover.
Figure 4-9. Bracket Retaining Screw.
Rear Mounting
Screws
NOTE: Damaged, worn or loose air cleaner
components can allow unfiltered air into the
engine causing premature wear and failure.
Tighten or replace all loose or damaged
components.
Complete Disassembly and Reassembly Standard Type
If the base plate on the standard type has to be
removed, proceed as follows:
1. Remove air cleaner components as described
earlier.
2. Remove the hex flange screws securing the
bracket and base. See Figures 4-9 and 4-10.
Remove the bracket.
Figure 4-10. Rear Mounting Screws (Used with
Plastic Intake Manifold).
3. Pinch the sealing collar on the breather hose and
push it down through the hole in the air cleaner
base. Carefully feed the upper section of the
breather tube down through the base. See Figure
4-11.
4. Remove the base and gasket.
5. Reverse the procedure to reinstall new or serviced
components. Torque screws to 9.9 N·m (88 in. lb.).
Heavy-Duty Air Cleaner
Figure 4-11. Breather Tube.
Air Cleaner Components
Whenever the air cleaner cover is removed, or the
paper element or precleaner are serviced, check the
following:
4.4
General
The heavy-duty air cleaner consists of a cylindrical
housing, typically mounted to a bracket off the upper
valve cover screws, and connected with a formed
rubber hose to an adapter on the carburetor or throttle
body/intake manifold (EFI units). The air cleaner
housing contains a paper element and inner element,
designed for longer service intervals. The system is
CARB/EPA certified and the components should not be
altered or modified in any way.
Section 4
Air Cleaner and Air Intake System
4. Do not wash the paper element and inner
element or use compressed air, this will damage
the elements. Replace dirty, bent or damaged
elements with new genuine Kohler elements as
required. Handle the new elements carefully; do
not use if the sealing surfaces are bent or
damaged.
5. Check all parts for wear, cracks, or damage.
Replace any damaged components.
Figure 4-12. Heavy-Duty Air Cleaner.
To Service
Every 250 hours of operation (more often under
extremely dusty or dirty conditions), replace the
paper element and check the inner element. Follow
these steps.
1. Unhook the two retaining clips and remove the
end cap from the air cleaner housing.
6. Install the new inner element, followed by the
outer element. Slide each fully into place in the
air cleaner housing.
7. Reinstall the end cap so the dust ejector valve is
down, and secure with the two retaining clips.
See Figure 4-12.
Removal
1. Remove the upper valve cover screws on each
side, securing the main bracket, and loosen the
hose clamp on the adapter inlet, or remove the
adapter mounting screws.
2. Pull the air cleaner element out of the housing.
See Figure 4-13.
2. Lift the entire air cleaner assembly off the engine.
Disassemble or service as required.
Inner
Element
Installation
1. Install the main mounting bracket with the center
section up and the cutout around the carburetor,
aligning the mounting holes with the four upper
valve cover holes.
Element
2. Install and torque the four valve cover mounting
screws to specified torque value.
Figure 4-13. Removing Elements.
3. After the element is removed, check the condition
of the inner element. It should be replaced
whenever it appears dirty, typically every other
time the main element is replaced. Clean the area
around the base of the inner element before
removing it, so dirt does not get into the engine.
3. Reconnect the hose to the adapter and tighten the
clamp, or install a new adapter gasket (if the
adapter was separated from the carburetor), and
torque the mounting fasteners to 7.3 N·m
(65 in. lb.).
NOTE: Adapter configurations may vary
depending on engine and application
involved. Two adapters are shown in
Figure 4-14.
4.5
4
Section 4
Air Cleaner and Air Intake System
*Cleanout kits, Kohler Part No. 25 755 20-S (black) or
25 755 21-S (gold), are recommended to aid
inspection and cleanout of the cooling fins. See
Figure 4-15.
NOTE: Operating the engine with a blocked grass
screen, dirty or plugged cooling fins, and/or
cooling shrouds removed, will cause engine
damage due to overheating.
Figure 4-14. Adapters for Heavy-Duty Air Cleaners.
Air Intake/Cooling System
To ensure proper cooling, make sure the grass screen,
cooling fan fins, and external surfaces of the engine
are kept clean at all times.
Every 100 hours of operation (more often under
extremely dusty or dirty conditions), remove the
blower housing and other cooling shrouds. *Clean the
cooling fins and external surfaces as necessary. Make
sure the cooling shrouds are reinstalled.
4.6
Figure 4-15. Cleanout Kit Installed on Blower
Housing.
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
'HVFULSWLRQ
‘Žȱ˜––Š—ȱ‘˜›’£˜—Š•ȱ ’—œȱžœŽȱ‘›ŽŽȱ’ěŽ›Ž—ȱ
¢™Žœȱ˜ȱžŽ•ȱœ¢œŽ–œDzȱŒŠ›‹ž›ŽŽǰȱŽ•ŽŒ›˜—’ŒȱžŽ•ȱ
’—“ŽŒ’˜—ȱǻǼǰȱ˜›ȱŠœŽ˜žœǯȱŠœŽ˜žœȱžŽ•ȱœ¢œŽ–œȱ
ŒŠ—ȱ‹ŽȱŽ’‘Ž›ȱ•’šžŽęŽȱ™Ž›˜•Žž–ȱŠœȱǻȱ˜›ȱǼȱ
˜›ȱ—Šž›Š•ȱŠœȱǻǼǯȱ˜–ŽȱžŠ•ȬžŽ•ȱŽ—’—Žœȱ‘ŠŸŽȱŠȱ
Œ˜–‹’—Š’˜—ȱœ¢œŽ–ǰȱ ‘’Œ‘ȱŠ••˜ œȱ‘Žȱ˜™Ž›Š˜›ȱ˜ȱ
œŽ•ŽŒȱŽ’‘Ž›ȱŠœ˜•’—Žȱ˜›ȱǯ
‘’œȱœŽŒ’˜—ȱŒ˜ŸŽ›œȱ‘ŽȱœŠ—Š›ȱŒŠ›‹ž›ŽŽȱžŽ•ȱ
œ¢œŽ–œǯȱ‘ŽȱŠœŽ˜žœȱœ¢œŽ–œȱŠ›ŽȱŒ˜ŸŽ›Žȱ’—ȱ
œž‹œŽŒ’˜—ȱśȱŠ—ȱ‘Žȱȱœ¢œŽ–œȱŠ›ŽȱŒ˜ŸŽ›Žȱ’—ȱ
œž‹œŽŒ’˜—ȱśǯȱ‘Žȱ˜ŸŽ›—˜›ȱœ¢œŽ–œȱžœŽȱŠ›ŽȱŒ˜ŸŽ›Žȱ
Šȱ‘ŽȱŽ—ȱ˜ȱ‘’œȱœŽŒ’˜—ǯ
:$51,1*([SORVLYH)XHO
Šœ˜•’—Žȱ’œȱŽ¡›Ž–Ž•¢ȱ̊––Š‹•ŽȱŠ—ȱ’œȱŸŠ™˜›œȱŒŠ—ȱŽ¡™•˜Žȱ
’ȱ’—’Žǯȱ˜›ŽȱŠœ˜•’—Žȱ˜—•¢ȱ’—ȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›œǰȱ’—ȱ
Ž••ȱŸŽ—’•ŠŽǰȱž—˜ŒŒž™’Žȱ‹ž’•’—œǰȱРТȱ›˜–ȱœ™Š›”œȱ˜›ȱ
̊–Žœǯȱ˜ȱ—˜ȱꕕȱ‘ŽȱžŽ•ȱŠ—”ȱ ‘’•Žȱ‘ŽȱŽ—’—Žȱ’œȱ‘˜ȱ˜›ȱ
›ž——’—ǰȱœ’—ŒŽȱœ™’••ŽȱžŽ•ȱŒ˜ž•ȱ’—’Žȱ’ȱ’ȱŒ˜–Žœȱ’—ȱŒ˜—ŠŒȱ
’‘ȱ‘˜ȱ™Š›œȱ˜›ȱœ™Š›”œȱ›˜–ȱ’—’’˜—ǯȱ˜ȱ—˜ȱœŠ›ȱ‘Žȱ
Ž—’—Žȱ—ŽŠ›ȱœ™’••ŽȱžŽ•ǯȱŽŸŽ›ȱžœŽȱŠœ˜•’—ŽȱŠœȱŠȱŒ•ŽŠ—’—ȱ
Аޗǯ
)XHO6\VWHP&RPSRQHQWV
‘Žȱ¢™’ŒŠ•ȱŒŠ›‹ž›ŽŽȱžŽ•ȱœ¢œŽ–ȱŠ—ȱ›Ž•ŠŽȱ
Œ˜–™˜—Ž—œȱ’—Œ•žŽȱ‘Žȱ˜••˜ ’—DZ
ȱȊȱ žŽ•ȱŠ—”
ȱȊȱ žŽ•ȱ’—Žœ
ȱȊȱ —Ȭ•’—ŽȱžŽ•ȱ’•Ž›
ȱȊȱ žŽ•ȱž–™
ȱȊȱ Š›‹ž›Ž˜›
2SHUDWLRQ
‘ŽȱžŽ•ȱ›˜–ȱ‘ŽȱŠ—”ȱ’œȱ–˜ŸŽȱ‘›˜ž‘ȱ‘Žȱ’—Ȭ•’—Žȱ
ꕝŽ›ȱŠ—ȱžŽ•ȱ•’—Žœȱ‹¢ȱ‘ŽȱžŽ•ȱ™ž–™ǯȱ—ȱŽ—’—Žœȱ—˜ȱ
Žšž’™™Žȱ ’‘ȱŠȱžŽ•ȱ™ž–™ǰȱ‘ŽȱžŽ•ȱŠ—”ȱ˜ž•Žȱ’œȱ
•˜ŒŠŽȱŠ‹˜ŸŽȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ’—•ŽȱŠ••˜ ’—ȱ›ŠŸ’¢ȱ˜ȱ
ŽŽȱžŽ•ȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯ
žŽ•ȱ‘Ž—ȱŽ—Ž›œȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ̘Šȱ‹˜ •ȱŠ—ȱ’œȱ
›Š —ȱ’—˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ǯȱ‘Ž›Žǰȱ‘ŽȱžŽ•ȱ’œȱ
–’¡Žȱ ’‘ȱŠ’›ǯȱ‘’œȱžŽ•ȬŠ’›ȱ–’¡ž›Žȱ’œȱ‘Ž—ȱ‹ž›—Žȱ’—ȱ
‘ŽȱŽ—’—ŽȱŒ˜–‹žœ’˜—ȱŒ‘Š–‹Ž›ǯ
)XHO5HFRPPHQGDWLRQV
*HQHUDO5HFRPPHQGDWLRQV
ž›Œ‘ŠœŽȱŠœ˜•’—Žȱ’—ȱœ–Š••ȱšžŠ—’’ŽœȱŠ—ȱœ˜›Žȱ
’—ȱŒ•ŽŠ—ǰȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›œǯȱȱŒ˜—Š’—Ž›ȱ ’‘ȱŠȱ
ŒŠ™ŠŒ’¢ȱ˜ȱŘȱŠ••˜—œȱ˜›ȱ•Žœœȱ ’‘ȱŠȱ™˜ž›’—ȱœ™˜žȱ’œȱ
›ŽŒ˜––Ž—ŽǯȱžŒ‘ȱŠȱŒ˜—Š’—Ž›ȱ’œȱŽŠœ’Ž›ȱ˜ȱ‘Š—•Žȱ
Š—ȱ‘Ž•™œȱŽ•’–’—ŠŽȱœ™’••АŽȱž›’—ȱ›ŽžŽ•’—ǯ
ȱ Ȋȱ ˜ȱ—˜ȱžœŽȱŠœ˜•’—Žȱ•ŽĞȱ˜ŸŽ›ȱ›˜–ȱ‘Žȱ™›ŽŸ’˜žœȱ
œŽŠœ˜—ǰȱ˜ȱ–’—’–’£Žȱž–ȱŽ™˜œ’œȱ’—ȱ¢˜ž›ȱžŽ•ȱ
œ¢œŽ–ȱŠ—ȱ˜ȱŽ—œž›ŽȱŽŠœ¢ȱœŠ›’—ǯ
ȱ Ȋȱ ˜ȱ—˜ȱŠȱ˜’•ȱ˜ȱ‘ŽȱŠœ˜•’—Žǯ
ȱ Ȋȱ ˜ȱ—˜ȱ˜ŸŽ›ę••ȱ‘ŽȱžŽ•ȱŠ—”ǯȱŽŠŸŽȱ›˜˜–ȱ˜›ȱ‘Žȱ
žŽ•ȱ˜ȱŽ¡™Š—ǯ
)XHO7\SH
˜›ȱ‹Žœȱ›Žœž•œȱžœŽȱ˜—•¢ȱŒ•ŽŠ—ǰȱ›Žœ‘ǰȱž—•ŽŠŽȱ
Šœ˜•’—Žȱ ’‘ȱŠȱ™ž–™ȱœ’Œ”Ž›ȱ˜ŒŠ—Žȱ›Š’—ȱ˜ȱŞŝȱ
ǻƸǼȦŘȱ˜›ȱ‘’‘Ž›ǯȱ—ȱŒ˜ž—›’Žœȱžœ’—ȱ‘ŽȱŽœŽŠ›Œ‘ȱ
ŒŠ—Žȱž–‹Ž›ȱǻǼǰȱ’ȱœ‘˜ž•ȱ‹ŽȱşŖȱ˜ŒŠ—Žȱ
–’—’–ž–ǯȱŽŠŽȱŠœ˜•’—Žȱ’œȱ—˜ȱ›ŽŒ˜––Ž—ŽȱŠ—ȱ
–žœȱ—˜ȱ‹ŽȱžœŽȱ˜—ȱȱŽ—’—Žœȱ˜›ȱ˜—ȱ˜‘Ž›ȱ–˜Ž•œȱ
‘Ž›ŽȱŽ¡‘ŠžœȱŽ–’œœ’˜—œȱŠ›Žȱ›Žž•ŠŽǯȱ
*DVROLQH$OFRKROEOHQGV
Šœ˜‘˜•ȱǻž™ȱ˜ȱŗŖƖȱŽ‘¢•ȱŠ•Œ˜‘˜•ǰȱşŖƖȱž—•ŽŠŽȱ
Šœ˜•’—Žȱ‹¢ȱŸ˜•ž–ŽǼȱ’œȱŠ™™›˜ŸŽȱŠœȱŠȱžŽ•ȱ˜›ȱ˜‘•Ž›ȱ
Ž—’—Žœǯȱ‘Ž›ȱŠœ˜•’—ŽȦŠ•Œ˜‘˜•ȱ‹•Ž—œȱ’—Œ•ž’—ȱŘŖȱ
Š—ȱŞśȱŠ›Žȱ—˜ȱ˜ȱ‹ŽȱžœŽȱŠ—ȱ—˜ȱŠ™™›˜ŸŽǯȱ—¢ȱ
Š’•ž›Žœȱ›Žœž•’—ȱ›˜–ȱžœŽȱ˜ȱ‘ŽœŽȱžŽ•œȱ ’••ȱ—˜ȱ‹Žȱ
Š››Š—Žǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
*DVROLQH(WKHUEOHQGV
Ž‘¢•ȱŽ›’Š›¢ȱž¢•ȱ‘Ž›ȱǻǼȱŠ—ȱž—•ŽŠŽȱŠœ˜•’—Žȱ‹•Ž—œȱǻž™ȱ˜ȱŠȱ–Š¡’–ž–ȱ˜ȱŗśƖȱȱ‹¢ȱŸ˜•ž–ŽǼȱ
Š›ŽȱŠ™™›˜ŸŽȱŠœȱŠȱžŽ•ȱ˜›ȱ˜‘•Ž›ȱŽ—’—Žœǯȱ‘Ž›ȱŠœ˜•’—ŽȦŽ‘Ž›ȱ‹•Ž—œȱŠ›Žȱ—˜ȱŠ™™›˜ŸŽǯ
)XHO)LOWHU
˜œȱŽ—’—ŽœȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱŠ—ȱ’—Ȭ•’—ŽȱžŽ•ȱꕝŽ›ǯȱŽ›’˜’ŒŠ••¢ȱ’—œ™ŽŒȱ‘ŽȱꕝŽ›ȱŠ—ȱ›Ž™•ŠŒŽȱ ’‘ȱŠȱŽ—ž’—Žȱ
˜‘•Ž›ȱꕝŽ›ȱŽŸŽ›¢ȱŘŖŖȱ˜™Ž›Š’—ȱ‘˜ž›œǯȱ
)XHO/LQH
‘ŽœŽȱŽ—’—ŽœȱžœŽȱ•˜ ȱ™Ž›–ŽŠ’˜—ȱ›ŠŽȱžŽ•ȱ•’—ŽœǰȱŒŽ›’ꮍȱ˜ȱŒ˜–™•¢ȱ ’‘ȱŠ•’˜›—’ŠȱŠ—ȱǯǯȱȱŽŸŠ™˜›Š’ŸŽȱ
Ž–’œœ’˜—ȱ›Žšž’›Ž–Ž—œǯȱžŽ•ȱ•’—Žœȱ‘Šȱ˜ȱ—˜ȱ–ŽŽȱ‘ŽœŽȱ›Žšž’›Ž–Ž—œȱ–Š¢ȱ—˜ȱ‹ŽȱžœŽǯȱ›Ž›ȱ›Ž™•ŠŒŽ–Ž—ȱ‘˜œŽȱ
‘›˜ž‘ȱŠȱ˜‘•Ž›ȱŽ›Ÿ’ŒŽȱŽ—Ž›ǯ
)XHO6\VWHP7HVWV
‘Ž—ȱ‘ŽȱŽ—’—ŽȱœŠ›œȱ‘Š›ǰȱ˜›ȱž›—œȱ˜ŸŽ›ȱ‹žȱ ’••ȱ—˜ȱœŠ›ǰȱ’ȱ’œȱ™˜œœ’‹•Žȱ‘Šȱ‘Žȱ™›˜‹•Ž–ȱ’œȱ’—ȱ‘ŽȱžŽ•ȱœ¢œŽ–ǯȱ
˜ȱꗍȱ˜žȱ’ȱ‘ŽȱžŽ•ȱœ¢œŽ–ȱ’œȱŒŠžœ’—ȱ‘Žȱ™›˜‹•Ž–ǰȱ™Ž›˜›–ȱ‘Žȱ˜••˜ ’—ȱŽœœ
7URXEOHVKRRWLQJ±)XHO6\VWHP5HODWHG&DXVHV
7HVW
&RQFOXVLRQ
ȱ ŗǯȱ ‘ŽŒ”ȱ‘Žȱ˜••˜ ’—DZ
ȱ
Šǯȱ Š”Žȱœž›Žȱ‘ŽȱžŽ•ȱŠ—”ȱŒ˜—Š’—œȱŒ•ŽŠ—ǰȱ›Žœ‘ǰȱ
™›˜™Ž›ȱžŽ•ǯ
ȱ
‹ǯȱ Š”Žȱœž›Žȱ‘ŽȱŸŽ—ȱ’—ȱžŽ•ȱŠ—”ȱ’œȱ˜™Ž—ǯ
ȱ
Œǯȱ Š”Žȱœž›Žȱ‘ŽȱžŽ•ȱŸŠ•ŸŽȱ’œȱ˜™Ž—ǯ
ȱ
ǯȱ Š”Žȱœž›ŽȱŸŠŒžž–ȱŠ—ȱžŽ•ȱ•’—Žœȱ˜ȱžŽ•ȱ
™ž–™ȱŠ›ŽȱœŽŒž›ŽȱŠ—ȱ’—ȱ˜˜ȱŒ˜—’’˜—ǯ
ȱ Řǯȱ ‘ŽŒ”ȱ˜›ȱžŽ•ȱ’—ȱ‘ŽȱŒ˜–‹žœ’˜—ȱŒ‘Š–‹Ž›ǯ
ȱ
Šǯȱ ’œŒ˜——ŽŒȱŠ—ȱ›˜ž—ȱœ™Š›”ȱ™•žȱ•ŽŠœǯ
ȱ
‹ǯȱ •˜œŽȱ‘ŽȱŒ‘˜”Žȱ˜—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯ
ȱ
Œǯȱ ›Š—”ȱ‘ŽȱŽ—’—ŽȱœŽŸŽ›Š•ȱ’–Žœǯ
ȱ
ǯȱ Ž–˜ŸŽȱ‘Žȱœ™Š›”ȱ™•žȱŠ—ȱŒ‘ŽŒ”ȱ˜›ȱžŽ•ȱŠȱ
‘Žȱ’™ǯ
ȱ Řǯȱ ȱ‘Ž›Žȱ’œȱžŽ•ȱŠȱ‘Žȱ’™ȱ˜ȱ‘Žȱœ™Š›”ȱ™•žǰȱžŽ•ȱ’œȱ
›ŽŠŒ‘’—ȱ‘ŽȱŒ˜–‹žœ’˜—ȱŒ‘Š–‹Ž›ǯ
ȱ řǯȱ ‘ŽŒ”ȱ˜›ȱžŽ•ȱ̘ ȱ›˜–ȱ‘ŽȱŠ—”ȱ˜ȱ‘ŽȱžŽ•ȱ
™ž–™ǯ
ȱ
Šǯȱ Ž–˜ŸŽȱ‘ŽȱžŽ•ȱ•’—Žȱ›˜–ȱ‘Žȱ’—•ŽȱęĴ’—ȱ˜ȱ
žŽ•ȱ™ž–™ǯ
ȱ
‹ǯȱ ˜•ȱ‘Žȱ•’—Žȱ‹Ž•˜ ȱ‘Žȱ‹˜Ĵ˜–ȱ˜ȱ‘ŽȱŠ—”ǯȱ
™Ž—ȱ‘Žȱœ‘žȬ˜ěȱŸŠ•ŸŽȱǻ’ȱœ˜ȱŽšž’™™ŽǼȱŠ—ȱ
˜‹œŽ›ŸŽȱ̘ ǯ
ȱ řǯȱ ȱžŽ•ȱ˜Žœȱ̘ ȱ›˜–ȱ‘Žȱ•’—ŽǰȱŒ‘ŽŒ”ȱ˜›ȱŠž•¢ȱ
žŽ•ȱ™ž–™ȱǻŽœȱŚǼǯ
ȱ Śǯȱ ‘ŽŒ”ȱ‘Žȱ˜™Ž›Š’˜—ȱ˜ȱžŽ•ȱ™ž–™ǯ
ȱ
Šǯȱ Ž–˜ŸŽȱ‘ŽȱžŽ•ȱ•’—Žȱ›˜–ȱ‘Žȱ’—•ŽȱęĴ’—ȱ˜ȱ
ŒŠ›‹ž›Ž˜›ǯ
ȱ
‹ǯȱ ›Š—”ȱ‘ŽȱŽ—’—ŽȱœŽŸŽ›Š•ȱ’–ŽœȱŠ—ȱ˜‹œŽ›ŸŽȱ
̘ ǯ
ȱ ȱ ȱ‘Ž›Žȱ’œȱ—˜ȱžŽ•ȱŠȱ‘Žȱ’™ȱ˜ȱ‘Žȱœ™Š›”ȱ™•žǰȱ
Œ‘ŽŒ”ȱ˜›ȱžŽ•ȱ̘ ȱ›˜–ȱ‘ŽȱžŽ•ȱŠ—”ȱǻŽœȱřǼǯ
ȱ ȱ ȱžŽ•ȱ˜Žœȱ—˜ȱ̘ ȱ›˜–ȱ‘Žȱ•’—ŽǰȱŒ‘ŽŒ”ȱ‘Žȱ
žŽ•ȱŠ—”ȱŸŽ—ǰȱžŽ•ȱ™’Œ”ž™ȱœŒ›ŽŽ—ǰȱ’—Ȭ•’—ŽȱꕝŽ›ǰȱ
œ‘žȬ˜ěȱŸŠ•ŸŽǰȱŠ—ȱžŽ•ȱ•’—Žǯȱ˜››ŽŒȱŠ—¢ȱ˜‹œŽ›ŸŽȱ
™›˜‹•Ž–ȱŠ—ȱ›ŽŒ˜——ŽŒȱ‘Žȱ•’—Žǯ
ȱ Śǯȱ ȱžŽ•ȱ˜Žœȱ̘ ȱ›˜–ȱ‘Žȱ•’—ŽǰȱŒ‘ŽŒ”ȱ˜›ȱŠž•¢ȱ
ŒŠ›‹ž›Ž˜›ǯȱǻŽŽ›ȱ˜ȱ‘ŽȱȈŠ›‹ž›Ž˜›Ȉȱ™˜›’˜—œȱ˜ȱ
‘’œȱœŽŒ’˜—ǯǼ
ȱ ȱ ȱžŽ•ȱ˜Žœȱ—˜ȱ̘ ȱ›˜–ȱ‘Žȱ•’—ŽǰȱŒ‘ŽŒ”ȱ˜›ȱŠȱ
Œ•˜ŽȱžŽ•ȱ•’—Žǯȱȱ‘ŽȱžŽ•ȱ•’—Žȱ’œȱž—˜‹œ›žŒŽǰȱ
Œ‘ŽŒ”ȱ˜›ȱ˜ŸŽ›ę••ŽȱŒ›Š—”ŒŠœŽȱŠ—Ȧ˜›ȱ˜’•ȱ’—ȱ™ž•œŽȱ
•’—Žǯȱȱ—˜—Žȱ˜ȱ‘ŽȱŒ‘ŽŒ”œȱ›ŽŸŽŠ•ȱ‘ŽȱŒŠžœŽȱ˜ȱ‘Žȱ
™›˜‹•Ž–ǰȱ›Ž™•ŠŒŽȱ‘Žȱ™ž–™ǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
)XHO3XPS
*HQHUDO
‘ŽœŽȱŽ—’—ŽœȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱŽ’‘Ž›ȱŠȱ™ž•œŽȱ˜›ȱ
–ŽŒ‘Š—’ŒŠ•ȱžŽ•ȱ™ž–™ǯȱŽŽȱ’ž›ŽœȱśȬŗȱŠ—ȱśȬŘǯȱ‘Žȱ
™ž–™’—ȱŠŒ’˜—ȱ’œȱŒ›ŽŠŽȱ‹¢ȱŽ’‘Ž›ȱ‘Žȱ˜œŒ’••Š’˜—ȱ˜ȱ
™˜œ’’ŸŽȱŠ—ȱ—ŽŠ’ŸŽȱ™›Žœœž›Žœȱ ’‘’—ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ
‘›˜ž‘ȱŠȱ‘˜œŽǰȱ˜›ȱ‹¢ȱ’›ŽŒȱ•ŽŸŽ›Ȧ™ž–™ȱŠŒžŠ’˜—ȱ˜ěȱ
›˜Œ”Ž›ȱŠ›–ȱ–˜ŸŽ–Ž—ǯȱ‘Žȱ™ž–™’—ȱŠŒ’˜—ȱŒŠžœŽœȱ‘Žȱ
’Š™‘›Š–ȱ˜—ȱ‘Žȱ’—œ’Žȱ˜ȱ‘Žȱ™ž–™ȱ˜ȱ™ž••ȱžŽ•ȱ’—ȱ˜—ȱ
’œȱ˜ — Š›ȱœ›˜”ŽȱŠ—ȱ˜ȱ™žœ‘ȱ’ȱ’—˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ
˜—ȱ’œȱž™ Š›ȱœ›˜”Žǯȱ—Ž›—Š•ȱŒ‘ŽŒ”ȱŸŠ•ŸŽœȱ™›ŽŸŽ—ȱ
žŽ•ȱ›˜–ȱ˜’—ȱ‹ŠŒ” Š›ȱ‘›˜ž‘ȱ‘Žȱ™ž–™ǯ
DZȱ —ȱ–˜œȱ–˜Ž•œǰȱ‘Žȱ™ž•œŽȱ•’—Žȱ’œȱ
Œ˜——ŽŒŽȱ˜ȱŠȱęĴ’—ȱ˜—ȱ‘ŽȱŒ›Š—”ŒŠœŽǰȱ
‘’•Žȱ˜—ȱŽŠ›•¢ȱ–˜Ž•œǰȱ’ȱ’œȱŒ˜——ŽŒŽȱ˜ȱ
‘ŽȱŸŠ•ŸŽȱŒ˜ŸŽ›ǯ
ȱ Śǯȱ —œŠ••ȱ‘Žȱ—Ž ȱžŽ•ȱ™ž–™ȱžœ’—ȱ‘Žȱ‘Ž¡ȱ̊—Žȱ
œŒ›Ž œǯȱ˜›šžŽȱ‘Žȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œȱ˜ȱŘǯřȱȉ–ȱ
ǻŘŖȱ’—ǯȱ•‹ǯǼǯ
DZȱ Š”Žȱœž›Žȱ‘Žȱ˜›’Ž—Š’˜—ȱ˜ȱ‘Žȱ—Ž ȱ
™ž–™ȱ’œȱŒ˜—œ’œŽ—ȱ ’‘ȱ‘Žȱ›Ž–˜ŸŽȱ
™ž–™ǯȱ—Ž›—Š•ȱŠ–АŽȱ–Š¢ȱ˜ŒŒž›ȱ’ȱ
’—œŠ••Žȱ’—Œ˜››ŽŒ•¢ǯ
ȱ śǯȱ ˜——ŽŒȱ‘Žȱ™ž•œŽȱ•’—Žȱ˜ȱ‘Žȱ™ž•œŽȱęĴ’—ǯ
2XWOHW/LQHWR&DUEXUHWRU
3XOVH)XHO
3XPS
ȱ Ŝǯȱ ˜——ŽŒȱ‘ŽȱžŽ•ȱ•’—Žœȱ˜ȱ‘Žȱ’—•ŽȱŠ—ȱ˜ž•Žȱ
ęĴ’—œǯ
5HSODFLQJWKH0HFKDQLFDO3XPS
‘Žȱ–ŽŒ‘Š—’ŒŠ•ȱ™ž–™ȱ’œȱŠ—ȱ’—Ž›Š•ȱ™Š›ȱ˜ȱ‘ŽȱŸŠ•ŸŽȱ
Œ˜ŸŽ›ȱŠœœŽ–‹•¢ȱŠ—ȱ—˜ȱœŽ›Ÿ’ŒŽȱœŽ™Š›ŠŽ•¢ǯȱŽŽȱ’ž›Žȱ
śȬŘǯ
3XOVH/LQH
,QOHW/LQH
)LJXUH3XOVH6W\OH)XHO3XPS
3HUIRUPDQFH
’—’–ž–ȱžŽ•ȱŽ•’ŸŽ›¢ȱ›ŠŽȱ–žœȱ‹ŽȱŝǯśȱȦ‘›ǯȱȱ
ǻŘȱŠ•ǯȦ‘›ǯǼȱ ’‘ȱŠȱ™›Žœœž›ŽȱŠȱŖǯřȱ™œ’ȱŠ—ȱŠȱžŽ•ȱ•’Ğȱ˜ȱ
ŗŞȱ’—ǯȱ›˜–ȱŒŠ›‹ž›Ž˜›ȱ’—•ŽǯȱȱŗǯřȱȦ‘›ǯȱǻŖǯřŚȱŠ•ǯȦ‘›ǯǼȱ
žŽ•ȱ›ŠŽȱ–žœȱ‹Žȱ–Š’—Š’—ŽȱŠȱśȱ
£ǯ
ȱ ŗǯȱ ’œŒ˜——ŽŒȱ‘ŽȱžŽ•ȱ•’—Žœȱ›˜–ȱ‘Žȱ’—•ŽȱŠ—ȱ˜ž•Žȱ
ęĴ’—œǯ
ȱ Řǯȱ ˜••˜ ȱ‘Žȱ™›˜ŒŽž›Žȱ˜›ȱ›Ž™•ŠŒ’—ȱ‘ŽȱŸŠ•ŸŽȱ
Œ˜ŸŽ›ȱǻŽŒ’˜—œȱşȱŠ—ȱŗŗǼǯ
ȱ řǯȱ ŽŒ˜——ŽŒȱ‘ŽȱžŽ•ȱ•’—Žœȱ˜ȱ‘Žȱ’—•ŽȱŠ—ȱ˜ž•Žȱ
ęĴ’—œǯ
2XWOHW/LQHWR
&DUEXUHWRU
)XHO3XPS5HSODFHPHQW
0HFKDQLFDO
)XHO3XPS
5HSODFLQJWKH3XOVH)XHO3XPS
Ž™•ŠŒŽ–Ž—ȱ™ž–™œȱŠ›ŽȱŠŸŠ’•Š‹•Žȱ‘›˜ž‘ȱ¢˜ž›ȱ
œ˜ž›ŒŽȱ˜ȱœž™™•¢ǯȱ˜ȱ›Ž™•ŠŒŽȱ‘Žȱ™ž•œŽȱ™ž–™ȱ˜••˜ ȱ
‘ŽœŽȱœŽ™œDZ
,QOHW/LQH
ȱ ŗǯȱ ’œŒ˜——ŽŒȱ‘ŽȱžŽ•ȱ•’—Žœȱ›˜–ȱ‘Žȱ’—•ŽȱŠ—ȱ˜ž•Žȱ
ęĴ’—œǯ
ȱ Řǯȱ Ž–˜ŸŽȱ‘Žȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œȱœŽŒž›’—ȱ‘ŽȱžŽ•ȱ
™ž–™ǯ
)LJXUH0HFKDQLFDO)XHO3XPS
ȱ řǯȱ Ž–˜ŸŽȱ‘Žȱ™ž•œŽȱ•’—Žȱ‘ŠȱŒ˜——ŽŒœȱ‘Žȱ™ž–™ȱ˜ȱ
‘ŽȱŒ›Š—”ŒŠœŽȱ˜›ȱŸŠ•ŸŽȱŒ˜ŸŽ›ǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
&DUEXUHWRU
*HQHUDO
—’—Žœȱ’—ȱ‘’œȱœŽ›’ŽœȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱŽ’‘’—ȱ
ę¡Žȱ–Š’—ȱ“ŽȱŒŠ›‹ž›Ž˜›œǯȱ
ŗŞȬŝŚŖȱŽ—’—ŽœȱžœŽȱŠȱ
˜—ŽȬ‹Š››Ž•ȱŒŠ›‹ž›Ž˜›ǯȱ˜œȱŠ™™•’ŒŠ’˜—œȱžœŽȱŠȱžŽ•ȱ
œ‘žȬ˜ěȱœ˜•Ž—˜’ȱ’—œŠ••Žȱ’—ȱ™•ŠŒŽȱ˜ȱ‘ŽȱžŽ•ȱ‹˜ •ȱ
›ŽŠ’—’—ȱœŒ›Ž ǰȱŠ—ȱŠ•œ˜ȱŒ˜—Š’—ȱŠ—ȱŠŒŒŽ•Ž›Š˜›ȱ™ž–™ǯȱ
••ȱŒŠ›‹ž›Ž˜›œȱŽŠž›ŽȱŠȱœŽ•Ȭ›Ž•’ŽŸ’—ȱŒ‘˜”Žȱ•’”Žȱ
˜›ȱœ’–’•Š›ȱ˜ȱ‘Žȱ˜—Žȱœ‘˜ —ȱ’—ȱ‘ŽȱŽ¡™•˜ŽȱŸ’Ž ȱ
˜—ȱ™ŠŽȱśǯŗŖǯȱ
ŝśŖȱŽ—’—ŽœȱžœŽȱŠȱŽ’‘’—ȱȱ ˜Ȭ
‹Š››Ž•ȱŒŠ›‹ž›Ž˜›ȱ˜—ȱŠȱ–ŠŒ‘’—ȱ’—Š”Žȱ–Š—’˜•ǯȱ‘’œȱ
ŒŠ›‹ž›Ž˜›ȱ ’‘ȱ›Ž•ŠŽȱœŽ›Ÿ’Œ’—ȱŠ—ȱŠ“žœ–Ž—œȱ’œȱ
Œ˜ŸŽ›Žȱ‹Ž’——’—ȱ˜—ȱ™ŠŽȱśǯŗŗǯȱ
:$51,1*([SORVLYH)XHO
Šœ˜•’—Žȱ’œȱŽ¡›Ž–Ž•¢ȱ̊––Š‹•ŽȱŠ—ȱ’œȱŸŠ™˜›œȱŒŠ—ȱŽ¡™•˜Žȱ
’ȱ’—’Žǯȱ˜›ŽȱŠœ˜•’—Žȱ˜—•¢ȱ’—ȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›œǰȱ’—ȱ
Ž••ȱŸŽ—’•ŠŽǰȱž—˜ŒŒž™’Žȱ‹ž’•’—œǰȱРТȱ›˜–ȱœ™Š›”œȱ˜›ȱ
̊–Žœǯȱ˜ȱ—˜ȱꕕȱ‘ŽȱžŽ•ȱŠ—”ȱ ‘’•Žȱ‘ŽȱŽ—’—Žȱ’œȱ‘˜ȱ˜›ȱ
›ž——’—ǰȱœ’—ŒŽȱœ™’••ŽȱžŽ•ȱŒ˜ž•ȱ’—’Žȱ’ȱ’ȱŒ˜–Žœȱ’—ȱŒ˜—ŠŒȱ
’‘ȱ‘˜ȱ™Š›œȱ˜›ȱœ™Š›”œȱ›˜–ȱ’—’’˜—ǯȱ˜ȱ—˜ȱœŠ›ȱ‘Žȱ
Ž—’—Žȱ—ŽŠ›ȱœ™’••ŽȱžŽ•ǯȱŽŸŽ›ȱžœŽȱŠœ˜•’—ŽȱŠœȱŠȱŒ•ŽŠ—’—ȱ
Аޗǯ
7URXEOHVKRRWLQJ&DUEXUHWRU5HODWHG&DXVHV
&RQGLWLRQ
ȱ ŗǯȱ —’—ŽȱœŠ›œȱ‘Š›ǰȱ›ž—œȱ›˜ž‘•¢ȱ
˜›ȱœŠ••œȱŠȱ’•Žȱœ™ŽŽǯ
3RVVLEOH&DXVH3UREDEOH5HPHG\
ȱ ŗǯȱ ˜ ȱ’•ŽȱžŽ•ȱ–’¡ž›Žȱǻœ˜–Žȱ–˜Ž•œǼȦœ™ŽŽȱ’–™›˜™Ž›•¢ȱŠ“žœŽǯȱ
“žœȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱŠ‹ǰȱ‘Ž—ȱŠ“žœȱ‘Žȱ•˜ ȱ’•ŽȱžŽ•ȱ—ŽŽ•Žǯ
ȱ Řǯȱ —’—Žȱ›ž—œȱ›’Œ‘ȱǻ’—’ŒŠŽȱ‹¢ȱ
ȱ؊ǯȱ •˜ŽȱŠ’›ȱŒ•ŽŠ—Ž›ǯȱ•ŽŠ—ȱ˜›ȱ›Ž™•ŠŒŽǯ
‹•ŠŒ”ǰȱœ˜˜¢ȱŽ¡‘Šžœȱœ–˜”Žǰȱ
ȱ ‹ǯȱ ȱ‘˜”Žȱ™Š›’Š••¢ȱŒ•˜œŽȱž›’—ȱ˜™Ž›Š’˜—ǯȱ‘ŽŒ”ȱ‘ŽȱŒ‘˜”Žȱ•ŽŸŽ›Ȧ
–’œę›’—ǰȱ•˜œœȱ˜ȱœ™ŽŽȱŠ—ȱ™˜ Ž›ǰȱ
•’—”АŽȱ˜ȱŽ—œž›ŽȱŒ‘˜”Žȱ’œȱ˜™Ž›Š’—ȱ™›˜™Ž›•¢ǯ
˜ŸŽ›—˜›ȱ‘ž—’—ǰȱ˜›ȱŽ¡ŒŽœœ’ŸŽȱ
ȱ Œǯȱ ˜ ȱ’•ŽȱžŽ•ȱ–’¡ž›Žȱ’œȱ’–™›˜™Ž›•¢ȱŠ“žœŽǯȱ“žœȱ•˜ ȱ’•Žȱ
‘›˜Ĵ•Žȱ˜™Ž—’—Ǽǯ
žŽ•ȱ—ŽŽ•Žȱǻœ˜–Žȱ–˜Ž•œǼǯ
ȱ ǯȱ •˜Šȱ•ŽŸŽ•ȱ’œȱœŽȱ˜˜ȱ‘’‘ǯȱŽ™Š›ŠŽȱŒŠ›‹ž›Ž˜›ȱŠ’›ȱ‘˜›—ȱ›˜–ȱ
ŒŠ›‹ž›Ž˜›ȱ‹˜¢ǰȱŠ“žœȱ̘Šȱ˜ȱœ™ŽŒ’ęŒŠ’˜—ǯ
ȱ Žǯȱ ’›ȱž—Ž›ȱ‘ŽȱžŽ•ȱ’—•Žȱ—ŽŽ•ŽǯȱŽ–˜ŸŽȱ—ŽŽ•ŽDzȱŒ•ŽŠ—ȱ—ŽŽ•ŽȱŠ—ȱ
œŽŠȱŠ—ȱ‹•˜ ȱ ’‘ȱŒ˜–™›ŽœœŽȱŠ’›ǯ
ȱ ǯȱ ˜ •ȱŸŽ—ȱ˜›ȱŠ’›ȱ‹•ŽŽœȱ™•žŽǯȱŽ–˜ŸŽȱ•˜ ȱ’•ŽȱžŽ•ȱŠ“žœ’—ȱ
—ŽŽ•Žǯȱ•ŽŠ—ȱŸŽ—ǰȱ™˜›œǰȱŠ—ȱŠ’›ȱ‹•ŽŽœǯȱ•˜ ȱ˜žȱŠ••ȱ™ŠœœŠŽœȱ
’‘ȱŒ˜–™›ŽœœŽȱŠ’›ǯ
ȱ ǯȱ ŽŠ”¢ǰȱŒ›ŠŒ”Žȱ˜›ȱŠ–ŠŽȱ̘Šǯȱž‹–Ž›Žȱ̘Šȱ˜ȱŒ‘ŽŒ”ȱ˜›ȱ
•ŽŠ”œǯ
ȱ řǯȱ —’—Žȱ›ž—œȱ•ŽŠ—ȱǻ’—’ŒŠŽȱ‹¢ȱ
ȱřŠǯȱ ˜ ȱ’•ŽȱžŽ•ȱ–’¡ž›Žȱ’œȱ’–™›˜™Ž›•¢ȱŠ“žœŽǯȱ“žœȱ•˜ ȱ’•Žȱ
–’œę›’—ǰȱ•˜œœȱ˜ȱœ™ŽŽȱŠ—ȱ™˜ Ž›ǰȱ
žŽ•ȱ—ŽŽ•Žȱǻœ˜–Žȱ–˜Ž•œǼǯ
˜ŸŽ›—˜›ȱ‘ž—’—ȱ˜›ȱŽ¡ŒŽœœ’ŸŽȱ
ȱ ‹ǯȱ ȱ•˜Šȱ•ŽŸŽ•ȱ’œȱœŽȱ˜˜ȱ•˜ ǯȱŽ™Š›ŠŽȱŒŠ›‹ž›Ž˜›ȱŠ’›ȱ‘˜›—ȱ›˜–ȱ
‘›˜Ĵ•Žȱ˜™Ž—’—Ǽǯȱ
ŒŠ›‹ž›Ž˜›ȱ‹˜¢ǰȱŠ“žœȱ̘Šȱœ™ŽŒ’ęŒŠ’˜—ǯ
ȱ Œǯȱ •Žȱ‘˜•Žœȱ™•žŽDzȱ’›ȱ’—ȱžŽ•ȱŽ•’ŸŽ›¢ȱŒ‘Š——Ž•œǯȱŽ–˜ŸŽȱ•˜ ȱ
’•ŽȱžŽ•ȱŠ“žœ’—ȱ—ŽŽ•Žǯȱ•ŽŠ—ȱ–Š’—ȱžŽ•ȱ“ŽȱŠ—ȱŠ••ȱ™ŠœœŠŽœDzȱ
‹•˜ ȱ˜žȱ ’‘ȱŒ˜–™›ŽœœŽȱŠ’›ǯ
ȱ Śǯȱ žŽ•ȱ•ŽŠ”œȱ›˜–ȱŒŠ›‹ž›Ž˜›ǯ
ȱڊǯȱ
ȱ ‹ǯȱ
ȱ Œǯȱ
ȱ ǯȱ
•˜Šȱ•ŽŸŽ•ȱœŽȱ˜˜ȱ‘’‘ǯȱŽŽȱŽ–Ž¢ȱ؍ǯ
ȱ’›ȱž—Ž›ȱžŽ•ȱ’—•Žȱ—ŽŽ•ŽǯȱŽŽȱŽ–Ž¢ȱ؎ǯ
˜ •ȱŸŽ—œȱ™•žŽǯȱ•˜ ȱ˜žȱ ’‘ȱŒ˜–™›ŽœœŽȱŠ’›ǯ
Š›‹ž›Ž˜›ȱ‹˜ •ȱŠœ”Žȱ•ŽŠ”œǯȱŽ™•ŠŒŽȱŠœ”Žǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
7URXEOHVKRRWLQJ&KHFNOLVW
‘Ž—ȱ‘ŽȱŽ—’—ŽȱœŠ›œȱ‘Š›ǰȱ›ž—œȱ›˜ž‘•¢ȱ˜›ȱœŠ••œȱ
Šȱ•˜ ȱ’•Žȱœ™ŽŽǰȱŒ‘ŽŒ”ȱ‘Žȱ˜••˜ ’—ȱŠ›ŽŠœȱ‹Ž˜›Žȱ
Š“žœ’—ȱ˜›ȱ’œŠœœŽ–‹•’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯ
ȱ Ȋȱ Š”Žȱœž›Žȱ‘ŽȱžŽ•ȱŠ—”ȱ’œȱꕕŽȱ ’‘ȱŒ•ŽŠ—ǰȱ›Žœ‘ȱ
Šœ˜•’—Žǯ
ȱ Ȋȱ Š”Žȱœž›Žȱ‘ŽȱžŽ•ȱŠ—”ȱŒŠ™ȱŸŽ—ȱ’œȱ—˜ȱ‹•˜Œ”Žȱ
Š—ȱ‘Šȱ’ȱ’œȱ˜™Ž›Š’—ȱ™›˜™Ž›•¢ǯ
ȱ Ȋȱ Š”Žȱœž›ŽȱžŽ•ȱ’œȱ›ŽŠŒ‘’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ‘’œȱ
’—Œ•žŽœȱŒ‘ŽŒ”’—ȱ‘ŽȱžŽ•ȱœ‘žȬ˜ěȱŸŠ•ŸŽǰȱžŽ•ȱ
Š—”ȱꕝŽ›ȱœŒ›ŽŽ—ǰȱ’—Ȭ•’—ŽȱžŽ•ȱꕝŽ›ǰȱžŽ•ȱ•’—ŽœȱŠ—ȱ
žŽ•ȱ™ž–™ȱ˜›ȱ›Žœ›’Œ’˜—œȱ˜›ȱŠž•¢ȱŒ˜–™˜—Ž—œȱ
Šœȱ—ŽŒŽœœŠ›¢ǯ
ȱ Ȋȱ Š”Žȱœž›Žȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱ‹ŠœŽȱŠ—ȱŒŠ›‹ž›Ž˜›ȱŠ›Žȱ
œŽŒž›Ž•¢ȱŠœŽ—Žȱ˜ȱ‘ŽȱŽ—’—Žȱžœ’—ȱŠœ”Žœȱ’—ȱ
˜˜ȱŒ˜—’’˜—ǯ
ȱ Ȋȱ Š”Žȱœž›Žȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱޕޖޗȱǻ’—Œ•ž’—ȱ
™›ŽŒ•ŽŠ—Ž›ȱ’ȱŽšž’™™ŽǼȱ’œȱŒ•ŽŠ—ȱŠ—ȱŠ••ȱŠ’›ȱŒ•ŽŠ—Ž›ȱ
Œ˜–™˜—Ž—œȱŠ›ŽȱŠœŽ—ŽȱœŽŒž›Ž•¢ǯ
)XHO6KXWRII6ROHQRLG
˜œȱŒŠ›‹ž›Ž˜›œȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱŠȱžŽ•ȱœ‘žȬ˜ěȱ
œ˜•Ž—˜’ǯȱ‘Žȱœ˜•Ž—˜’ȱ’œȱŠĴŠŒ‘Žȱ’—ȱ™•ŠŒŽȱ˜ȱ‘Žȱę¡Žȱ
–Š’—ȱ“ŽȱœŒ›Ž ȱ˜—ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱœ’Žȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ
ŽŽȱ’ž›ŽȱśȬřǯȱ‘Žȱœ˜•Ž—˜’ȱ‘ŠœȱŠȱœ™›’—Ȭ•˜ŠŽȱ
™’—ȱ‘Šȱ›Ž›ŠŒœȱ ‘Ž—ȱŗŘȱŸ˜•œȱ’œȱŠ™™•’Žȱ˜ȱ‘Žȱ•ŽŠǰȱ
Š••˜ ’—ȱžŽ•ȱ̘ ȱ‘›˜ž‘ȱ‘Žȱ–Š’—ȱ“Žǯȱ‘Ž—ȱŒž››Ž—ȱ
’œȱ›Ž–˜ŸŽȱ‘Žȱ™’—ȱŽ¡Ž—œȱ‹•˜Œ”’—ȱ‘Žȱ–Š’—ȱžŽ•ȱ“Žȱ
Š—ȱ™›ŽŸŽ—’—ȱžŽ•ȱ›˜–ȱŽ—Ž›’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯ
2QH%DUUHO&DUEXUHWRU
)XHO6KXWRII6ROHQRLG
7ZR%DUUHO&DUEXUHWRU
ȱ Ȋȱ Š”Žȱœž›Žȱ‘Žȱ’—’’˜—ȱœ¢œŽ–ǰȱ˜ŸŽ›—˜›ȱœ¢œŽ–ǰȱ
Ž¡‘Šžœȱœ¢œŽ–ǰȱŠ—ȱ‘›˜Ĵ•ŽȱŠ—ȱŒ‘˜”ŽȱŒ˜—›˜•œȱ
Š›Žȱ˜™Ž›Š’—ȱ™›˜™Ž›•¢ǯ
ȱ‘ŽȱŽ—’—Žȱ’œȱ‘Š›ȬœŠ›’—ǰȱ›ž—œȱ›˜ž‘•¢ǰȱ˜›ȱœŠ••œȱŠȱ
•˜ ȱ’•Žȱœ™ŽŽǰȱ’ȱ–Š¢ȱ‹Žȱ—ŽŒŽœœŠ›¢ȱ˜ȱŠ“žœȱ˜›ȱœŽ›Ÿ’ŒŽȱ
‘ŽȱŒŠ›‹ž›Ž˜›ǯ
+LJK$OWLWXGH2SHUDWLRQ
™Ž›Š’—ȱ‘ŽȱŽ—’—Žȱ ’‘ȱ‘Žȱ ›˜—ȱŽ—’—Žȱ
Œ˜—ꐞ›Š’˜—ȱŠȱŠȱ’ŸŽ—ȱŠ•’žŽȱ–Š¢ȱ’—Œ›ŽŠœŽȱ
’œȱŽ–’œœ’˜—œȱŠ—ȱŽŒ›ŽŠœŽȱžŽ•ȱŽĜŒ’Ž—Œ¢ȱŠ—ȱ
™Ž›˜›–Š—ŒŽǯȱ˜ȱŽ—œž›ŽȱŒ˜››ŽŒȱŽ—’—Žȱ˜™Ž›Š’˜—ȱ
ŠȱŠ•’žŽœȱŠ‹˜ŸŽȱŗŘŗşȱ–ŽŽ›œȱǻŚŖŖŖȱĞǼǰȱ’ȱ–Š¢ȱ‹Žȱ
—ŽŒŽœœŠ›¢ȱ˜ȱ‘ŠŸŽȱŠ—ȱŠž‘˜›’£Žȱ˜‘•Ž›ȱŽŠ•Ž›ȱ’—œŠ••ȱ
Šȱœ™ŽŒ’Š•ȱ‘’‘ȱŠ•’žŽȱ“Žȱ”’ȱ’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱȱȱŠȱ
‘’‘ȱŠ•’žŽȱ”’ȱ‘Šœȱ‹ŽŽ—ȱ’—œŠ••Žǰȱ‘ŽȱŽ—’—Žȱ–žœȱ
‹Žȱ›ŽŒ˜—ŸŽ›Žȱ˜ȱ‘Žȱ˜›’’—Š•ȱ“Žȱœ’£Žǰȱ‹Ž˜›Žȱ’ȱ’œȱ
˜™Ž›ŠŽȱŠȱ•˜ Ž›ȱŠ•’žŽœǰȱ˜›ȱ˜ŸŽ›‘ŽŠ’—ȱŠ—ȱŽ—’—Žȱ
Š–АŽȱŒŠ—ȱ›Žœž•ǯȱȱ
˜ȱ˜‹Š’—ȱ‘’‘ȱŠ•’žŽȱ”’ȱ’—˜›–Š’˜—ȱ˜›ȱ•˜ŒŠŽȱŠȱ
ŽŠ•Ž›ȱ—ŽŠ›ȱ¢˜žǰȱŒŠ••ȱŗȬŞŖŖȬśŚŚȬŘŚŚŚȱ˜ȱꗍȱ‘Žȱ—Š–Žœȱ
˜ȱ‘Žȱ—ŽŠ›Žœȱ˜‘•Ž›ȱ˜ǯȱŽ›Ÿ’ŒŽȱŽ—Ž›œȱ˜›ǰȱŠŒŒŽœœȱ
˜ž›ȱ Ž‹ȱœ’ŽȱŠDZȱ ǯ”˜‘•ޛޗ’—ŽœǯŒ˜–ȱŠ—ȱŒ•’Œ”ȱ˜—ȱ
‘ŽȱȃŽ›Ÿ’ŒŽȱǭȱŽŠ•Ž›ȱ˜ŒŠ˜›Ȅȱ•˜ŒŠŽȱ’—ȱ‘Žȱž™™Ž›ȱ
›’‘ȱ‘Š—ȱŒ˜›—Ž›ǯȱ‘ŽȱœŽ›Ÿ’ŒŽȱŒŽ—Ž›ȱ ’••ȱ—ŽŽȱ¢˜ž›ȱ
Ž—’—Žȱœ™ŽŒ’ęŒŠ’˜—ȱ—ž–‹Ž›ȱ ‘’Œ‘ȱ’œȱ˜ž—ȱ˜—ȱ¢˜ž›ȱ
—’—ŽȱȱЋޕǯȱȱ
)XHO6KXWRII6ROHQRLG
)LJXUH)XHO6KXWRII6ROHQRLG
Ž•˜ ȱ’œȱŠȱœ’–™•ŽȱŽœǰȱ–ŠŽȱ ’‘ȱ‘ŽȱŽ—’—Žȱ˜ěǰȱ‘Šȱ
ŒŠ—ȱŽŽ›–’—Žȱ’ȱ‘Žȱœ˜•Ž—˜’ȱ’œȱž—Œ’˜—’—ȱ™›˜™Ž›•¢DZ
ȱ ŗǯȱ ‘žȱ˜ěȱžŽ•ȱŠ—ȱ›Ž–˜ŸŽȱ‘Žȱœ˜•Ž—˜’ȱ›˜–ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ǯȱ‘Ž—ȱ‘Žȱœ˜•Ž—˜’ȱ’œȱ•˜˜œŽ—ŽȱŠ—ȱ
›Ž–˜ŸŽǰȱŠœȱ ’••ȱ•ŽŠ”ȱ˜žȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ
ŠŸŽȱŠȱŒ˜—Š’—Ž›ȱ›ŽŠ¢ȱ˜ȱŒŠŒ‘ȱ‘ŽȱžŽ•ǯ
ȱ Řǯȱ ’™Žȱ‘Žȱ’™ȱ˜ȱ‘Žȱœ˜•Ž—˜’ȱ ’‘ȱŠȱœ‘˜™ȱ˜ Ž•ȱ˜›ȱ
‹•˜ ȱ’ȱ˜ěȱ ’‘ȱŒ˜–™›ŽœœŽȱŠ’›ǰȱ˜ȱ›Ž–˜ŸŽȱŠ—¢ȱ
›Ž–Š’—’—ȱžŽ•ǯȱŠ”Žȱ‘Žȱœ˜•Ž—˜’ȱ˜ȱŠȱ•˜ŒŠ’˜—ȱ
’‘ȱ˜˜ȱŸŽ—’•Š’˜—ȱŠ—ȱ—˜ȱžŽ•ȱŸŠ™˜›œȱ™›ŽœŽ—ǯȱ
˜žȱ ’••ȱŠ•œ˜ȱ—ŽŽȱŠȱŗŘȱŸ˜•ȱ™˜ Ž›ȱœ˜ž›ŒŽȱ‘ŠȱŒŠ—ȱ
‹Žȱœ ’Œ‘Žȱ˜—ȱŠ—ȱ˜ěǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
ȱ řǯȱ Žȱœž›Žȱ‘Žȱ™˜ Ž›ȱœ˜ž›ŒŽȱ’œȱœ ’Œ‘Žȱȃ˜ěȄǯȱ
˜——ŽŒȱ‘Žȱ™˜œ’’ŸŽȱ™˜ Ž›ȱœ˜ž›ŒŽȱ•ŽŠȱ˜ȱ‘Žȱ›Žȱ
•ŽŠȱ˜ȱ‘Žȱœ˜•Ž—˜’ǯȱ
ȱ ȱ ˜——ŽŒȱ‘Žȱ—ŽŠ’ŸŽȱ™˜ Ž›ȱœ˜ž›ŒŽȱ•ŽŠȱ˜ȱ‘Žȱ
œ˜•Ž—˜’ȱ‹›ŠŒ”Žǯ
ȱ Śǯȱ ž›—ȱ‘Žȱ™˜ Ž›ȱœ˜ž›ŒŽȱȃ˜—ȄȱŠ—ȱ˜‹œŽ›ŸŽȱ‘Žȱ
™’—ȱ’—ȱ‘ŽȱŒŽ—Ž›ȱ˜ȱ‘Žȱœ˜•Ž—˜’ǯȱ‘Žȱ™’—ȱœ‘˜ž•ȱ
›Ž›ŠŒȱ ’‘ȱ‘Žȱ™˜ Ž›ȱȃ˜—ȄȱŠ—ȱ›Žž›—ȱ˜ȱ’œȱ
˜›’’—Š•ȱ™˜œ’’˜—ȱ ’‘ȱ‘Žȱ™˜ Ž›ȱ˜ěǯȱŽœȱœŽŸŽ›Š•ȱ
’–Žœȱ˜ȱŸŽ›’¢ȱ˜™Ž›Š’˜—ǯȱ
&DUEXUHWRU$GMXVWPHQWV&+
*HQHUDO
—ȱŒ˜–™•’Š—ŒŽȱ ’‘ȱ˜ŸŽ›—–Ž—ȱŽ–’œœ’˜—ȱœŠ—Š›œǰȱ
‘ŽȱŒŠ›‹ž›Ž˜›ȱ’œȱŒŠ•’‹›ŠŽȱ˜ȱŽ•’ŸŽ›ȱ‘ŽȱŒ˜››ŽŒȱ
Š’›Ȭ˜ȬžŽ•ȱ–’¡ž›Žȱ˜ȱ‘ŽȱŽ—’—Žȱž—Ž›ȱŠ••ȱ˜™Ž›Š’—ȱ
Œ˜—’’˜—œǯȱ‘Žȱ‘’‘Ȭœ™ŽŽȱ–’¡ž›Žȱ’œȱ™›ŽœŽȱŠ—ȱ
ŒŠ——˜ȱ‹ŽȱŠ“žœŽǯȱ›ŽȬŒ˜–™•’Š—ŒŽȱŒŠ›‹ž›Ž˜›œȱ
Œ˜—Š’—ȱŠȱ•˜ ȱ’•ŽȱžŽ•ȱŠ“žœ’—ȱ—ŽŽ•Žǰȱ˜—ȱȃŒŽ›’ꮍȄȱ
Œ˜–™•’Š—ŒŽȱŒŠ›‹ž›Ž˜›œǰȱ‹˜‘ȱ‘Žȱ•˜ ȱŠ—ȱ‘’‘ȱœ™ŽŽȱ
–’¡ž›ŽȱŒ’›Œž’œȱŠ›Žȱ™›ŽȬŽœŠ‹•’œ‘ŽȱŠ—ȱŒŠ——˜ȱ
‹ŽȱŠ“žœŽǯȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱǻǼȱ’œȱ‘Žȱ˜—•¢ȱ
Š“žœ–Ž—ȱŠŸŠ’•Š‹•ŽǯȱŽŽȱ’ž›ŽœȱśȬŚȱŠ—ȱśȬśǯȱ
ޙޗ’—ȱ˜—ȱ–˜Ž•ȱŠ—ȱŠ™™•’ŒŠ’˜—ǰȱŽ—’—Žœȱ–Š¢ȱ
Š•œ˜ȱ‹ŽȱŽšž’™™Žȱ ’‘ȱŠȱȃ˜ŸŽ›—Žȱ•Žȱ¢œŽ–ǯȄȱ
ȱŽšž’™™Žȱ ’‘ȱŠȱȃ˜ŸŽ›—Žȱ•Žȱ¢œŽ–Ȅǰȱ›ŽŽ›ȱ
˜ȱȃ˜Ž•œȱ ’‘ȱ˜ŸŽ›—Žȱ•Žȱ¢œŽ–Ȅȱ ‘Ž—ȱ
™Ž›˜›–’—ȱŠ—¢ȱŒŠ›‹ž›Ž˜›ȱŠ“žœ–Ž—ǰȱŠœȱŠ—ȱ
Š’’˜—Š•ȱœŽ™ȱ˜ȱ‘Žȱ•’œŽȱŠ“žœ–Ž—ȱ™›˜ŒŽž›ŽǻœǼȱ’œȱ
›Žšž’›Žǯȱ
/RZ,GOH6SHHG
$GMXVWPHQW
/RZ,GOH)XHO
$GMXVWLQJ1HHGOH
/RZ,GOH
6SHHG
$GMXVWPHQW
)XHO6KXW2II
6ROHQRLG0DLQ
-HW/RFDWLRQ
)LJXUH³&HUWL¿HG´&RPSOLDQFH&DUEXUHWRU
DZȱ Š›‹ž›Ž˜›ȱŠ“žœ–Ž—œȱœ‘˜ž•ȱ‹Žȱ–ŠŽȱ˜—•¢ȱ
ŠĞŽ›ȱ‘ŽȱŽ—’—Žȱ‘Šœȱ Š›–Žȱž™ǯ
$GMXVWLQJ/RZ,GOH6SHHGDQG)XHO6RPH0RGHOV
˜ȱŠ“žœȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ’•Žȱœ™ŽŽǰȱœŽŽȱ’ž›ŽȱśȬŚȱŠ—ȱ
˜••˜ ȱ‘ŽœŽȱœŽ™œǯ
ȱ ŗǯȱ ’‘ȱ‘ŽȱŽ—’—Žȱœ˜™™Žǰȱž›—ȱ‘Žȱ•˜ ȱ’•ŽȱžŽ•ȱ
Š“žœ’—ȱ—ŽŽ•Žȱ’—ȱŒ•˜Œ” ’œŽȱž—’•ȱ’ȱ‹˜Ĵ˜–œȱ
•’‘•¢ǯ
DZȱ ‘Žȱ’™ȱ˜ȱ‘Žȱ’•ŽȱžŽ•ȱŠ“žœ’—ȱ—ŽŽ•Žȱ
’œȱŠ™Ž›Žȱ˜ȱŒ›’’ŒŠ•ȱ’–Ž—œ’˜—œǯȱ
ЖАŽȱ˜ȱ‘Žȱ—ŽŽ•ŽȱŠ—ȱ‘ŽȱœŽŠȱ’—ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ȱ‹˜¢ȱ ’••ȱ›Žœž•ȱ’ȱ‘Žȱ—ŽŽ•Žȱ
’œȱ˜›ŒŽǯ
ȱ Řǯȱ ˜ ȱž›—ȱ‘ŽȱŠ“žœ’—ȱ—ŽŽ•Žȱ˜žȱ
Œ˜ž—Ž›Œ•˜Œ” ’œŽȱŗȬŗȦŘȱž›—œǯ
ȱ řǯȱ Š›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱ›ž—ȱŠȱ‘Š•ȱ‘›˜Ĵ•Žȱ˜›ȱśȱ
˜ȱŗŖȱ–’—žŽœȱ˜ȱ Š›–ȱž™ǯȱ‘ŽȱŽ—’—Žȱ–žœȱ‹Žȱ
Š›–ȱ‹Ž˜›Žȱ–Š”’—ȱꗊ•ȱœŽĴ’—œǯȱ‘ŽŒ”ȱ‘Šȱ‘Žȱ
‘›˜Ĵ•ŽȱŠ—ȱŒ‘˜”Žȱ™•ŠŽœȱŒŠ—ȱž••¢ȱ˜™Ž—ǯ
0DLQ-HW
/RFDWLRQ
)LJXUH3UH&RPSOLDQFH&DUEXUHWRUZLWK/RZ
,GOH$GMXVWPHQW
DZȱ ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‘ŠœȱŠȱœŽ•Ȭ›Ž•’ŽŸ’—ȱ
Œ‘˜”Žǯȱ‘˜”Žȱ™•ŠŽȱŠ—ȱœ‘ŠĞȱŠœœŽ–‹•¢ȱ’œȱ
œ™›’—ȱ•˜ŠŽǯȱ‘ŽŒ”ȱ˜ȱ–Š”Žȱœž›Žȱ™•ŠŽȱ
–˜ŸŽœȱ›ŽŽ•¢ȱŠ—ȱ’œȱ—˜ȱ‹’—’—ȱŠ—ȱ
ŠěŽŒ’—ȱ’•ŽȱžŽ•ȱŽ•’ŸŽ›¢ǯ
ȱ Śǯȱ •ŠŒŽȱ‘Žȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ȱ’—˜ȱ‘Žȱȃ’•ŽȄȱ˜›ȱȃœ•˜ Ȅȱ
™˜œ’’˜—ǯȱž›—ȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱŠ“žœ’—ȱœŒ›Ž ȱ
’—ȱ˜›ȱ˜žȱ˜ȱ˜‹Š’—ȱŠȱ•˜ ȱ’•Žȱœ™ŽŽȱ˜ȱŗŘŖŖȱȱ
ǻƹȱŝśȱǼǯȱ‘ŽŒ”ȱ‘Žȱœ™ŽŽȱžœ’—ȱŠȱŠŒ‘˜–ŽŽ›ǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
DZȱ ‘ŽȱŠŒžŠ•ȱ•˜ ȱ’•Žȱœ™ŽŽȱŽ™Ž—œȱ˜—ȱ
‘ŽȱŠ™™•’ŒŠ’˜—ǯȱŽŽ›ȱ˜ȱ‘ŽȱŽšž’™–Ž—ȱ
–Š—žŠŒž›Ž›Ȃœȱ›ŽŒ˜––Ž—Š’˜—œǯȱ‘Žȱ
•˜ ȱ’•Žȱœ™ŽŽȱ˜›ȱ‹Šœ’ŒȱŽ—’—Žœȱ’œȱŗŘŖŖȱ
ǯȱ˜ȱŽ—œž›Žȱ‹Žœȱ›Žœž•œȱ ‘Ž—ȱœŽĴ’—ȱ
‘Žȱ•˜ ȱ’•ŽȱžŽ•ȱ—ŽŽ•Žǰȱ‘Žȱ•˜ ȱ’•Žȱ
œ™ŽŽȱœ‘˜ž•ȱ‹ŽȱŗŘŖŖȱȱǻƹȱŝśȱǼǯ
*RYHUQHG
,GOH6SULQJ
7DE
ȱ śǯȱ ž›—ȱ‘Žȱ•˜ ȱ’•ŽȱžŽ•ȱŠ“žœ’—ȱ—ŽŽ•Žȱ’—ȱǻœ•˜ •¢Ǽȱ
ž—’•ȱŽ—’—Žȱœ™ŽŽȱŽŒ›ŽŠœŽœȱŠ—ȱ‘Ž—ȱ‹ŠŒ”ȱ˜žȱ
Š™™›˜¡’–ŠŽ•¢ȱřȦŚȱž›—ȱ˜ȱ˜‹Š’—ȱ‘Žȱ‹Žœȱ•˜ ȱ
œ™ŽŽȱ™Ž›˜›–Š—ŒŽǯ
ȱ Ŝǯȱ ŽŒ‘ŽŒ”ȱ‘Žȱ’•Žȱœ™ŽŽȱžœ’—ȱŠȱŠŒ‘˜–ŽŽ›ȱŠ—ȱ
›ŽŠ“žœȱ‘Žȱœ™ŽŽȱŠœȱ—ŽŒŽœœŠ›¢ǯ
)LJXUH*RYHUQHG,GOH6SULQJ/RFDWLRQ
0RGHOVZLWK*RYHUQHG,GOH6\VWHP
—ȱ˜™’˜—Š•ȱ˜ŸŽ›—Žȱ’•ŽȱŒ˜—›˜•ȱœ¢œŽ–ȱ’œȱœž™™•’Žȱ
˜—ȱœ˜–ŽȱŽ—’—Žœǯȱ‘Žȱ™ž›™˜œŽȱ˜ȱ‘’œȱœ¢œŽ–ȱ’œȱ˜ȱ
–Š’—Š’—ȱŠȱŽœ’›Žȱ’•Žȱœ™ŽŽȱ›ŽŠ›•Žœœȱ˜ȱŠ–‹’Ž—ȱ
Œ˜—’’˜—œȱǻŽ–™Ž›Šž›Žǰȱ™Š›Šœ’’Œȱ•˜ŠǰȱŽŒǯǼȱ‘Šȱ–Š¢ȱ
Œ‘Š—Žǯ—’—Žœȱ ’‘ȱ‘’œȱŽŠž›ŽȱŒ˜—Š’—ȱŠȱœ–Š••ȱ
œŽŒ˜—Š›¢ȱœ™›’—ȱŒ˜——ŽŒŽȱ‹Ž ŽŽ—ȱ‘Žȱ˜ŸŽ›—˜›ȱ
•ŽŸŽ›ȱŠ—ȱ‘Žȱ•˜ Ž›ȱŠ“žœ–Ž—ȱŠ‹ȱ˜ȱ‘Žȱ–Š’—ȱ
‹›ŠŒ”ŽǯȱŽŽȱ’ž›ŽȱśȬŜǯȱ
+ROG7KURWWOH
/HYHU$JDLQVW
6FUHZ
‘Žȱœ¢œŽ–ȱ›Žšž’›ŽœȱŠ—ȱŠ’’˜—Š•ȱ™›˜ŒŽž›Žȱ˜›ȱ
œŽĴ’—ȱ‘Žȱ’•Žȱœ™ŽŽǯȱȱœ™ŽŽȱŠ“žœ–Ž—œȱŠ›Žȱ
›Žšž’›Žȱ™›˜ŒŽŽȱŠœȱ˜••˜ œǯ
ȱ ŗǯȱ Š”ŽȱŠ—¢ȱ—ŽŒŽœœŠ›¢ȱœ™ŽŽȱ˜›ȱŒ˜—›˜•ȱŠ“žœ–Ž—œȱ
˜••˜ ’—ȱ‘ŽȱŠ™™›˜™›’ŠŽȱ’—œ›žŒ’˜—œȱŒ˜ŸŽ›Žȱ’—ȱ
‘’œȱœŽŒ’˜—ǯ
ȱ
ȱ Řǯȱ ˜ŸŽȱ‘Žȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ȱ˜ȱ‘Žȱ’•Žȱ™˜œ’’˜—ǯȱ
˜•ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱРТȱ›˜–ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ǰȱ˜›ȱ‘˜•ȱ‘Žȱ‘›˜Ĵ•Žȱ•ŽŸŽ›ȱœ˜ȱ’ȱ’œȱ’‘ȱ
АВ—œȱ‘Žȱ’•Žȱœ™ŽŽȱŠ“žœ’—ȱœŒ›Ž ǰȱ˜ȱ—ŽŠŽȱ
‘Žȱ˜ŸŽ›—˜›ȱŠŒ’ŸŠ’˜—ǯȱŽŽȱ’ž›ŽȱśȬŝǯȱ‘ŽŒ”ȱ
‘Žȱœ™ŽŽȱ ’‘ȱŠȱŠŒ‘˜–ŽŽ›ȱŠ—ȱŠ“žœȱ’ȱ˜ȱŗśŖŖȱ
ǯȱ
ȱ
ȱ řǯȱ Ž•ŽŠœŽȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱŠ—ȱŠ••˜ ȱ‘ŽȱŽ—’—Žȱ
˜ȱ›Žž›—ȱ˜ȱ‘Žȱ˜ŸŽ›—Žȱ’•Žȱœ™ŽŽǯȱ‘ŽŒ”ȱ
’ȱ ’‘ȱŠȱŠŒ‘˜–ŽŽ›ȱАВ—œȱ‘ŽȱŽšž’™–Ž—ȱ
–Š—žŠŒž›Ž›œȱ›ŽŒ˜––Ž—Žȱ’•Žȱœ™ŽŽǯȱȱ
˜ŸŽ›—Žȱ•Žȱ™ŽŽȱǻǼȱ’œȱ¢™’ŒŠ••¢ȱřŖŖȱȱ
ǻŠ™™›˜¡’–ŠŽǼȱ‘’‘Ž›ȱ‘Š—ȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽǯȱȱ
Š“žœ–Ž—ȱ’œȱ—ŽŒŽœœŠ›¢ǰȱ‹Ž—ȱ‘ŽȱŠ“žœ’—ȱŠ‹ȱ
˜—ȱ‘Žȱœ™ŽŽȱŒ˜—›˜•ȱŠœœŽ–‹•¢ȱ˜ȱœŽǯȱŽŽȱ’ž›Žȱ
śȬŜǯ
)LJXUH+ROGLQJ7KURWWOH/HYHU$JDLQVW,GOH
6WRS6FUHZ2QH%DUUHO&DUEXUHWRU
6HUYLFLQJ
)ORDW
ȱ’œȱ—˜ȱ—ŽŒŽœœŠ›¢ȱ˜ȱ›Ž–˜ŸŽȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ›˜–ȱ‘Žȱ
Ž—’—Žȱ˜ȱŒ‘ŽŒ”ȱŠ—ȱŠ“žœȱ‘Žȱ̘Šǯ
ȱ ŗǯȱ Ž–˜ŸŽȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱŠ—ȱ‹›ŽŠ‘Ž›ȱ‘˜œŽǯȱŽŽ›ȱ
˜ȱŽŒ’˜—ȱşȱȮȱȁȁ’œŠœœŽ–‹•¢Ȅǯ
ȱ Řǯȱ ’œŒ˜——ŽŒȱ‘ŽȱžŽ•ȱ•’—Žȱ›˜–ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱŽŽȱ
’ž›ŽȱśȬŞǯ
ȱ řǯȱ •ŽŠ—ȱ’›ȱŠ—ȱŽ‹›’œȱ›˜–ȱŽ¡Ž›’˜›ȱ˜ȱŒŠ›‹ž›Ž˜›ǯ
ȱ Śǯȱ Ž–˜ŸŽȱ‘Žȱ˜ž›ȱœŒ›Ž œȱ‘˜•’—ȱ‘Žȱ ˜ȱ
ŒŠ›‹ž›Ž˜›ȱ‘Š•ŸŽœȱ˜Ž‘Ž›ǯȱŠ›Žž••¢ȱ•’Ğȱ
‘Žȱž™™Ž›ȱ‹˜¢ȱ˜ěȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ȱŠ—ȱ
’œŒ˜——ŽŒȱŒ‘˜”Žȱ•’—”АŽǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
7DE
)XHO/LQH
6FUHZV
)ORDW
)LJXUH&DUEXUHWRU'HWDLO
ȱ śǯȱ ˜•ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱž™™Ž›ȱ‹˜¢ȱœ˜ȱ‘Šȱ‘Žȱ
̘ŠȱŠœœŽ–‹•¢ȱ‘Š—œȱŸŽ›’ŒŠ••¢ȱŠ—ȱ›Žœœȱ•’‘•¢ȱ
АВ—œȱ‘ŽȱžŽ•ȱ’—•Žȱ—ŽŽ•Žǯȱ‘ŽȱžŽ•ȱ’—•Žȱ—ŽŽ•Žȱ
œ‘˜ž•ȱ‹Žȱž••¢ȱœŽŠŽǰȱ‹žȱ‘Žȱ—ŽŽ•Žȱ’™ȱœ‘˜ž•ȱ
—˜ȱ‹ŽȱŽ™›ŽœœŽǯȱŽŽȱ’ž›ŽȱśȬşǯ
DZȱ ‘ŽȱžŽ•ȱ’—•Žȱ—ŽŽ•Žȱ’™ȱ’œȱœ™›’—ȱ•˜ŠŽǯȱ
Š”Žȱœž›Žȱ‘Žȱ̘ŠȱŠœœŽ–‹•¢ȱ›Žœœȱ
АВ—œȱ‘ŽȱžŽ•ȱ’—•Žȱ—ŽŽ•Žȱ ’‘˜žȱ
Ž™›Žœœ’—ȱ‘Žȱ’™ǯ
ȱ Ŝǯȱ ‘ŽȱŒ˜››ŽŒȱ̘Šȱ‘Ž’‘ȱŠ“žœ–Ž—ȱ’œȱŘŘȱ––ȱȱ
ǻŖǯŞŜȱ’—ǯǼǰȱ–ŽŠœž›Žȱ›˜–ȱ‘Žȱ̘Šȱ‹˜Ĵ˜–ȱ˜ȱ
‘ŽȱŠ’›ȱ‘˜›—ȱŒŠœ’—ǯȱ“žœȱ‘Žȱ̘Šȱ‘Ž’‘ȱ‹¢ȱ
ŒŠ›Žž••¢ȱ‹Ž—’—ȱ‘ŽȱŠ‹ǯ
DZȱ Žȱœž›Žȱ˜ȱ–ŽŠœž›Žȱ›˜–ȱ‘ŽȱŒŠœ’—ȱ
œž›ŠŒŽǰȱ—˜ȱ‘Žȱ›ž‹‹Ž›ȱŠœ”Žȱœž›ŠŒŽǯ
ȱ ŝǯȱ ȱ™›˜™Ž›ȱ̘Šȱ‘Ž’‘ȱŠ“žœ–Ž—ȱŒŠ——˜ȱ‹Žȱ
ŠŒ‘’ŽŸŽǰȱŒ‘ŽŒ”ȱ˜ȱœŽŽȱ’ȱ‘ŽȱžŽ•ȱ’—•Žȱ—ŽŽ•Žȱ
’œȱ’›¢ǰȱ˜‹œ›žŒŽȱ˜›ȱ ˜›—ǯȱŽ–˜ŸŽȱ‘Žȱ‹›Šœœȱ
œŒ›Ž ȱŠ—ȱ̘ŠȱŠœœŽ–‹•¢ȱ˜ȱ›Ž–˜ŸŽȱ‘ŽȱžŽ•ȱ’—•Žȱ
—ŽŽ•Žǯ
)LJXUH&DUEXUHWRU)ORDW$GMXVWPHQW
ȱ Şǯȱ —ŒŽȱ‘Žȱ™›˜™Ž›ȱ̘Šȱ‘Ž’‘ȱ’œȱ˜‹Š’—ŽǰȱŒŠ›Žž••¢ȱ
•˜ Ž›ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱŠ’›ȱ‘˜›—ȱŠœœŽ–‹•¢ȱ˜—˜ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ȱ‹˜¢ǰȱŒ˜——ŽŒ’—ȱ‘ŽȱŒ‘˜”Žȱ•’—”АŽǯȱ
—œŠ••ȱ‘Žȱ˜ž›ȱœŒ›Ž œǯȱ˜›šžŽȱ‘ŽȱœŒ›Ž œȱ˜ȱŗǯŝȱ
ȉ–ȱǻŗśȱ’—ǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽȱśȬŞǯ
ȱ şǯȱ ˜——ŽŒȱ‘ŽȱžŽ•ȱ•’—Žǯ
ȱŗŖǯȱ —œŠ••ȱ‘Žȱ‹›ŽŠ‘Ž›ȱ‘˜œŽȱŠ—ȱŠ’›ȱŒ•ŽŠ—Ž›ȱŠœœŽ–‹•¢ǰȱ
˜••˜ ’—ȱ‘ŽȱœŽ™œȱ’—ȱŽŒ’˜—ȱŗŗȱȮȱȁȁŽŠœœŽ–‹•¢Ȅǯ
'LVDVVHPEO\
’œŠœœŽ–‹•Žȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱžœ’—ȱ‘Žȱ˜••˜ ’—ȱœŽ™œǯȱ
ŽŽȱ’ž›ŽȱśȬŗŖǯ
ȱ ŗǯȱ Ž–˜ŸŽȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ǰȱ‹›ŽŠ‘Ž›ȱ‘˜œŽȱŠ—ȱ
ŒŠ›‹ž›Ž˜›ǯȱŽŽ›ȱ˜ȱŽŒ’˜—ȱşȱȮȱȃ’œŠœœŽ–‹•¢Ȅǯ
ȱ Řǯȱ Ž–˜ŸŽȱ‘Žȱ˜ž›ȱœŒ›Ž œȱŠ—ȱŒŠ›Žž••¢ȱœŽ™Š›ŠŽȱ
‘ŽȱŠ’›ȱ‘˜›—ȱŠœœŽ–‹•¢ȱ›˜–ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ǯ
ȱ řǯȱ ˜˜œŽ—ȱ‘ŽȱœŒ›Ž ȱœŽŒž›’—ȱ‘Žȱ̘ŠȱŠœœŽ–‹•¢ȱ˜ȱ
‘ŽȱŠ’›ȱ‘˜›—ȱŠ—ȱ›Ž–˜ŸŽȱ‘Žȱ̘Šǰȱ̘Šȱœ‘ŠĞȱŠ—ȱ
žŽ•ȱ’—•Žȱ—ŽŽ•Žǯ
ȱ Śǯȱ Ž–˜ŸŽȱ‘Žȱœ•˜ ȱ“Žȱ›˜–ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ǯ
DZȱ ‘Žȱ–Š’—ȱ“Žȱ’œȱŠȱę¡Žȱ“ŽȱŠ—ȱŒŠ—ȱ‹Žȱ
›Ž–˜ŸŽȱ’ȱ›Žšž’›Žǯȱ’¡Žȱ“Žœȱ˜›ȱ‘’‘ȱ
Š•’žŽȱŠ›ŽȱŠŸŠ’•Š‹•Žǯ
ȱ śǯȱ Ž–˜ŸŽȱ‘Žȱ‹•ŠŒ”ȱŒŠ™ȱ˜—ȱ‘ŽȱŽ—ȱ˜ȱ‘ŽȱŒ‘˜”Žȱ
œ‘ŠĞȱ˜—•¢ȱ’ȱ’ȱ’œȱ—ŽŒŽœœŠ›¢ȱ˜ȱ’—œ™ŽŒȱŠ—ȱŒ•ŽŠ—ȱ
‘Žȱœ‘ŠĞȱœ™›’—ǯ
ȱ Ŝǯȱ Ž–˜ŸŽȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱŠ“žœ’—ȱœŒ›Ž ȱŠ—ȱ
œ™›’—ȱ›˜–ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
ȱ ŝǯȱ —ȱ˜›Ž›ȱ˜ȱŒ•ŽŠ—ȱ‘Žȱȁȁ˜ěȬ’•ŽȂȂȱŸŽ—ȱ™˜›œȱŠ—ȱ
‹˜ •ȱŸŽ—ȱ‘˜›˜ž‘•¢ǰȱžœŽȱŠȱ˜˜ȱŒŠ›‹ž›Ž˜›ȱ
œ˜•ŸŽ—ȱǻ•’”Žȱž–˜žȜǼǯȱ•˜ ȱŒ•ŽŠ—ȱŒ˜–™›ŽœœŽȱ
Š’›ȱ‘›˜ž‘ȱ‘Žȱ’•ŽȱŠ“žœ’—ȱ—ŽŽ•Žȱ‘˜•ŽǯȱŽȱ
ŒŠ›Žž•ȱ˜ȱžœŽȱŠȱœž’Š‹•Žȱœ‘˜™ȱ›Šȱ˜ȱ™›ŽŸŽ—ȱ
Ž‹›’œȱ›˜–ȱ‘’Ĵ’—ȱœ˜–Ž˜—Žǯ
ȱ Şǯȱ Ž–˜ŸŽȱ‘Žȱ™›Ž˜›–Žȱ›ž‹‹Ž›ȱŠœ”Žȱ˜—•¢ȱ’ȱ’ȱ
’œȱ˜ȱ‹Žȱ›Ž™•ŠŒŽǯȱȱ’ȱ’œȱ›Ž–˜ŸŽȱ˜›ȱŠ—¢ȱ›ŽŠœ˜—ǰȱ
›Ž™•ŠŒŽȱ’ǯ
,QVSHFWLRQ5HSDLU
Š›Žž••¢ȱ’—œ™ŽŒȱŠ••ȱŒ˜–™˜—Ž—œȱŠ—ȱ›Ž™•ŠŒŽȱ‘˜œŽȱ
‘ŠȱŠ›Žȱ ˜›—ȱ˜›ȱŠ–ŠŽǯ
5HDVVHPEO\
ŽŠœœŽ–‹•Žȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱžœ’—ȱ‘Žȱ˜••˜ ’—ȱœŽ™œǯȱ
ŽŽȱ’ž›ŽȱśȬŗŖǯ
ȱ ŗǯȱ œœŽ–‹•Žȱ‘ŽȱžŽ•ȱ’—•Žȱ—ŽŽ•Žȱ˜ȱ‘Žȱ̘ŠȱŠ‹ǯȱ
—œŠ••ȱ‘Žȱ̘Šǰȱ̘Šȱœ‘ŠĞȱŠ—ȱ’—•Žȱ—ŽŽ•Žȱ˜ȱ‘Žȱ
Š’›ȱ‘˜›—ǯȱ’‘Ž—ȱ‘ŽȱœŒ›Ž ǯȱ‘ŽŒ”ȱ̘Šȱ‘Ž’‘ȱ
žœ’—ȱ‘Žȱ™›˜ŒŽž›Žȱ˜ž—ȱ™›ŽŸ’˜žœ•¢ȱ’—ȱ‘Žȱ
ȁȁ“žœ–Ž—œȂȂȱœž‹œŽŒ’˜—ǯ
ȱ Řǯȱ —œŠ••ȱ‘Žȱœ•˜ ȱ“Žȱ ’‘ȱ‘ŽȱœŽ™™ŽȱŽ—ȱ˜ Š›ȱ
‘Žȱ‹˜Ĵ˜–ȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱŠ”Žȱœž›Žȱ“Žȱ’œȱ
ž••¢ȱœŽŠŽǯ
ȱ řǯȱ —œŠ••ȱ‘Žȱ•˜ ȱ’•ŽȱŠ“žœ’—ȱ—ŽŽ•ŽȱŠ—ȱœ™›’—ǯ
ȱ Ȋȱ —œ™ŽŒȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ȱ˜›ȱŒ›ŠŒ”œǰȱ‘˜•ŽœȱŠ—ȱ
˜‘Ž›ȱ ŽŠ›ȱ˜›ȱŠ–АŽǯ
ȱ Ȋȱ —œ™ŽŒȱ‘Žȱ̘Šȱ˜›ȱŒ›ŠŒ”œǰȱ‘˜•ŽœǰȱŠ—ȱ–’œœ’—ȱ
˜›ȱŠ–ŠŽȱ̘ŠȱŠ‹œǯȱ‘ŽŒ”ȱ‘Žȱ̘Šȱ‘’—ŽȱŠ—ȱ
œ‘ŠĞȱ˜›ȱ ŽŠ›ȱ˜›ȱŠ–АŽǯ
ȱ Śǯȱ œœŽ–‹•Žȱ‘Žȱž™™Ž›ȱ‹˜¢ȱ˜—˜ȱ‘Žȱ•˜ Ž›ȱ
ŒŠ›‹ž›Ž˜›ȱ‹˜¢ȱžœ’—ȱ‘Žȱ˜ž›ȱœŒ›Ž œǯȱ˜›šžŽȱ
‘ŽȱœŒ›Ž œȱ˜ȱŗǯŝȱȉ–ȱǻŗśȱ’—ǯȱ•‹ǯǼǯ
ȱ śǯȱ —œŠ••ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ˜—ȱ‘ŽȱŽ—’—Žȱ˜••˜ ’—ȱ‘Žȱ
™›˜ŒŽž›Žœȱ’—ȱŽŒ’˜—ȱŗŗȱȮȱȁȁŽŠœœŽ–‹•¢ǯȂȂ
ȱ Ȋȱ —œ™ŽŒȱ‘ŽȱžŽ•ȱ’—•Žȱ—ŽŽ•ŽȱŠ—ȱœŽŠȱ˜›ȱ ŽŠ›ȱ˜›ȱ
Š–АŽǯ
ȱ Ȋȱ —œ™ŽŒȱ‘Žȱ’™ȱ˜ȱ‘Žȱ•˜ ȱ’•ŽȱžŽ•ȱŠ“žœ’—ȱ
—ŽŽ•Žȱ˜›ȱ ŽŠ›ȱ˜›ȱ›˜˜ŸŽœǯ
ȱ Ȋȱ ‘ŽȱŒ‘˜”Žȱ™•ŠŽȱ’œȱœ™›’—ȱ•˜ŠŽǯȱ‘ŽŒ”ȱ˜ȱ–Š”Žȱ
œž›Žȱ’ȱ–˜ŸŽœȱ›ŽŽ•¢ȱ˜—ȱ‘Žȱœ‘ŠĞǯ
DZȱ ‘ŽȱŒ‘˜”ŽȱŠ—ȱ‘›˜Ĵ•Žȱ™•ŠŽȱŠœœŽ–‹•’Žœȱ
Š›ŽȱœŠ”ŽȱŠ—ȱ–ŠŒ‘Žȱ˜ȱ‘Žȱœ‘ŠĞœȱ
Šȱ‘ŽȱŠŒ˜›¢ǯȱ‘Ž¢ȱŠ›Žȱ—˜ȱœŽ›Ÿ’ŒŽŠ‹•Žȱ
’Ž–œǯ
• Š¢œȱžœŽȱ—Ž ȱŠœ”Žœȱ ‘Ž—ȱœŽ›Ÿ’Œ’—ȱ˜›ȱ
›Ž’—œŠ••’—ȱŒŠ›‹ž›Ž˜›œǯȱޙВ›ȱ”’œȱŠ›ŽȱŠŸŠ’•Š‹•Žȱ
‘’Œ‘ȱ’—Œ•žŽȱ—Ž ȱŠœ”ŽœȱŠ—ȱ˜‘Ž›ȱŒ˜–™˜—Ž—œǯȱ
‘ŽœŽȱ”’œȱŠ›ŽȱŽœŒ›’‹Žȱ˜—ȱ‘Žȱ—Ž¡ȱ™ŠŽǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
ȱ ŗǯȱ
ȱ Řǯȱ
ȱ řǯȱ
ȱ Śǯȱ
ȱ śǯȱ
ȱ Ŝǯȱ
ȱ ŝǯȱ
ȱ Şǯȱ
ȱ şǯȱ
ȱŗŖǯȱ
ȱŗŗǯȱ
ȱŗŘǯȱ
ȱŗřǯȱ
ȱŗŚǯȱ
ȱŗśǯȱ
ȱŗŜǯȱ
ȱŗŝǯȱ
ȱŗŞǯȱ
ȱŗşǯȱ
ȱŘŖǯȱ
ȱŘŗǯȱ
ȱŘŘǯȱ
Š›‹ž›Ž˜›ȱ™™Ž›ȱ˜¢ȱǻ‘˜”ŽǼ
Ž•Ȭ›Ž•’ŽŸ’—ȱ‘˜”Ž
˜¢ȱŠœ”Žȱǻ˜›–Žȱž‹‹Ž›Ǽ
•˜ ȱ™ŽŽȱŽ
—•ŽȱŽŽ•ŽȱŠ•ŸŽ
•’™
•˜Šȱ’—
•˜ŠȱœœŽ–‹•¢ȱǻ’Ǽ
Š›‹ž›Ž˜›ȱ˜ Ž›ȱ˜¢ȱǻ‘›˜Ĵ•ŽǼ
Š’—ȱŽ
•ŽȱžŽ•ȱ“žœ’—ȱŽŽ•Žȱǻœ˜–Žȱ–˜Ž•œǼ
˜•Ž—˜’ȱŽŠ
žŽ•ȱ‘žȬ˜ěȱ˜•Ž—˜’ȱǻ’Ǽ
•Žȱ™ŽŽȱ“žœ’—ȱŒ›Ž ŽȱǻŒŒŽ•Ž›Š˜›ȱž–™ȱŠ›‹ž›Ž˜›ȱ˜—•¢Ǽ
ŒŒŽ•Ž›Š˜›ȱž–™ȱ˜ŸŽ›
’Š™‘›Š–
’Š™‘›Š–ȱ™›’—
Ȭ’—
ž‹‹Ž›ȱ˜˜
žœ‘’—
Žž›—ȱ™›’—
6HH1RWHRQ3DJH
$FFHOHUDWRU3XPS9HUVLRQ2QO\
)LJXUH&+&DUEXUHWRU±([SORGHG9LHZ
˜–™˜—Ž—œȱœžŒ‘ȱŠœȱ‘Žȱ‘›˜Ĵ•ŽȱŠ—ȱŒ‘˜”Žȱœ‘ŠĞȱŠœœŽ–‹•’Žœǰȱ‘›˜Ĵ•Žȱ™•ŠŽǰȱŒ‘˜”Žȱ™•ŠŽǰȱ•˜ ȱ’•ŽȱžŽ•ȱ—ŽŽ•ŽǰȱŠ—ȱ
˜‘Ž›œǰȱŠ›ŽȱŠŸŠ’•Š‹•ŽȱœŽ™Š›ŠŽ•¢ǯ
• Š¢œȱ›ŽŽ›ȱ˜ȱ‘ŽȱŠ›œȱŠ—žŠ•ȱ˜›ȱ‘ŽȱŽ—’—Žȱ‹Ž’—ȱœŽ›Ÿ’ŒŽǰȱ˜ȱŽ—œž›Žȱ‘ŽȱŒ˜››ŽŒȱ›Ž™Š’›ȱ”’œȱŠ—ȱ›Ž™•ŠŒŽ–Ž—ȱ
™Š›œȱŠ›Žȱ˜›Ž›ŽǯȱŽ›Ÿ’ŒŽȦ›Ž™Š’›ȱ”’œȱŠŸŠ’•Š‹•Žȱ˜›ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱŠ—ȱŠĜ•’ŠŽȱŒ˜–™˜—Ž—œȱŠ›ŽDZ
Š›‹ž›Ž˜›ȱޙВ›ȱ’
•˜Šȱ’
’‘ȱ•’žŽȱ’ȱǻŗŘŗşȬŘŚřŚȱ–ȦŚǰŖŖŖȬŞǰŖŖŖȱĞǯǼ
˜•Ž—˜’ȱœœŽ–‹•¢ȱ’
ŒŒŽ•Ž›Š˜›ȱž–™ȱŽŠ•ȱŠ—ȱžœ‘’—ȱ’
ŒŒŽ•Ž›Š˜›ȱž–™ȱ’Š™‘›Š–ȱ’
‘˜”ŽȱޙВ›ȱ’ȱ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
Ǜ
DZȱ ȱŠŒŒŽ•Ž›Š˜›ȱ™ž–™ȱ›˜ȱ–˜ŸŽ–Ž—ȱ’œȱ
›Žœ›’ŒŽȱ˜›ȱŒ˜››˜œ’˜—ȱŽ¡’œœȱ’—ȱ‘Žȱ™ž–™ȱ›˜ȱ
‘˜žœ’—ȱ‘˜•ŽDzȱžœŽȱŠȱŖǯŗśřȱ’—ǯȱǻřǯşȱ––Ǽȱ˜›ȱ˜ǯȱ
Řřȱ›’••ȱŠ—ȱŒŠ›Žž••¢ȱŒ•ŽŠ—ȱǻ›Žœ’£ŽǼȱ‘Žȱ‘˜•Žȱ
˜ȱ›Žœ˜›Žȱ™›˜™Ž›ȱ˜™Ž›Š’˜—ǯȱ•˜ ȱ˜žȱ‘Žȱ
‘˜•Žȱ ’‘ȱŠ’›ȱŠ—ȱ•’‘•¢ȱ•ž‹›’ŒŠŽȱ ’‘ȱ˜’•ȱ˜—ȱ
›ŽŠœœŽ–‹•¢ǯ
&DUEXUHWRU
.HLKLQ%.7ZR%DUUHO&DUEXUHWRU&+
‘ŽȱŒŠ›‹ž›Ž˜›ȱžœŽȱ˜—ȱ
ŝśŖȱŽ—’—Žœȱ’œȱŠȱŽ’‘’—ȱ
 ˜Ȭ‹Š››Ž•ȱœ’Žȱ›ŠĞȱŽœ’—ȱ ’‘ȱę¡Žȱ–Š’—ȱ“ŽœǯȱŽŽȱ
’ž›ŽȱśȬŗŗǯȱȱœŽ•Ȭ›Ž•’ŽŸ’—ȱŒ‘˜”Žȱœ’–’•Š›ȱ˜ȱ‘ŠȱžœŽȱ
˜—ȱœ’—•ŽȱŸŽ—ž›’ȱŒŠ›‹ž›Ž˜›œȱ’œȱŠ•œ˜ȱŒ˜—Š’—Žȱ’—ȱ‘Žȱ
Žœ’—ǯȱ‘ŽȱŒ’›Œž’œȱ ’‘’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱž—Œ’˜—ȱŠœȱ
ŽœŒ›’‹Žȱ˜••˜ ’—DZ
)ORDW&LUFXLW
‘ŽȱžŽ•ȱ•ŽŸŽ•ȱ’—ȱ‘Žȱ‹˜ •ȱ’œȱ–Š’—Š’—Žȱ‹¢ȱ‘Žȱ̘Šȱ
Š—ȱžŽ•ȱ’—•Žȱ—ŽŽ•Žǯȱ‘Žȱ‹ž˜¢Š—ȱ˜›ŒŽȱ˜ȱ‘Žȱ̘Šȱ
œ˜™œȱžŽ•ȱ̘ ȱ ‘Ž—ȱ‘ŽȱŽ—’—Žȱ’œȱŠȱ›Žœǯȱ‘Ž—ȱ
žŽ•ȱ’œȱ‹Ž’—ȱŒ˜—œž–Žǰȱ‘Žȱ̘Šȱ ’••ȱ›˜™ȱŠ—ȱžŽ•ȱ
™›Žœœž›Žȱ ’••ȱ™žœ‘ȱ‘Žȱ’—•Žȱ—ŽŽ•ŽȱРТȱ›˜–ȱ‘Žȱ
œŽŠǰȱŠ••˜ ’—ȱ–˜›ŽȱžŽ•ȱ˜ȱŽ—Ž›ȱ‘Žȱ‹˜ •ǯȱ‘Ž—ȱ
Ž–Š—ȱŒŽŠœŽœǰȱ‘Žȱ‹ž˜¢Š—ȱ˜›ŒŽȱ˜ȱ‘Žȱ̘Šȱ ’••ȱ
АВ—ȱ˜ŸŽ›Œ˜–Žȱ‘ŽȱžŽ•ȱ™›Žœœž›Žǰȱ›’œ’—ȱ˜ȱ‘Žȱ
™›ŽŽŽ›–’—ŽȱœŽĴ’—ȱŠ—ȱœ˜™ȱ‘Žȱ̘ ǯ
6ORZ0LG5DQJH&LUFXLW
ȱ•˜ ȱœ™ŽŽœȱ‘ŽȱŽ—’—Žȱ˜™Ž›ŠŽœȱ˜—•¢ȱ˜—ȱ‘Žȱœ•˜ ȱ
Œ’›Œž’ǯȱœȱŠȱ–ŽŽ›ŽȱŠ–˜ž—ȱ˜ȱŠ’›ȱ’œȱ›Š —ȱ‘›˜ž‘ȱ
‘Žȱœ•˜ ȱŠ’›ȱ‹•ŽŽȱ“ŽœǰȱžŽ•ȱ’œȱ›Š —ȱ‘›˜ž‘ȱ‘Žȱ ˜ȱ
–Š’—ȱ“ŽœȱŠ—ȱž›‘Ž›ȱ–ŽŽ›Žȱ‘›˜ž‘ȱ‘Žȱœ•˜ ȱ“Žœǯȱ
’›ȱŠ—ȱžŽ•ȱŠ›Žȱ–’¡Žȱ’—ȱ‘Žȱ‹˜¢ȱ˜ȱ‘Žȱœ•˜ ȱ“ŽȱŠ—ȱ
Ž¡’ȱ˜ȱ‘Žȱ›Š—œŽ›ȱ™˜›ǯȱ›˜–ȱ‘Žȱ›Š—œŽ›ȱ™˜›ȱ‘Žȱ
Š’›ȱžŽ•ȱ–’¡ž›Žȱ’œȱŽ•’ŸŽ›Žȱ˜ȱ‘Žȱ’•Žȱ™›˜›Žœœ’˜—ȱ
Œ‘Š–‹Ž›ǯȱ›˜–ȱ‘Žȱ’•Žȱ™›˜›Žœœ’˜—ȱŒ‘Š–‹Ž›ȱ‘Žȱ
Š’›ȱžŽ•ȱ–’¡ž›Žȱ’œȱ–ŽŽ›Žȱ‘›˜ž‘ȱ‘Žȱ’•Žȱ™˜›ȱ
™ŠœœŠŽœǯȱȱ•˜ ȱ’•Žȱ ‘Ž—ȱ‘ŽȱŸŠŒžž–ȱœ’—Š•ȱ’œȱ
ŽŠ”ǰȱ‘ŽȱŠ’›ȦžŽ•ȱ–’¡ž›Žȱ’œȱŒ˜—›˜••Žȱ‹¢ȱ‘ŽȱœŽĴ’—ȱ
˜ȱ‘Žȱ’•ŽȱžŽ•ȱŠ“žœ’—ȱœŒ›Ž œǯȱ‘’œȱ–’¡ž›Žȱ’œȱ‘Ž—ȱ
–’¡Žȱ ’‘ȱ‘Žȱ–Š’—ȱ‹˜¢ȱ˜ȱŠ’›ȱŠ—ȱŽ•’ŸŽ›Žȱ˜ȱ
‘ŽȱŽ—’—Žǯȱœȱ‘Žȱ‘›˜Ĵ•Žȱ™•ŠŽȱ˜™Ž—’—ȱ’—Œ›ŽŠœŽœǰȱ
›ŽŠŽ›ȱŠ–˜ž—œȱ˜ȱŠ’›ȦžŽ•ȱ–’¡ž›ŽȱŠ›Žȱ›Š —ȱ’—ȱ
‘›˜ž‘ȱ‘Žȱę¡ŽȱŠ—ȱ–ŽŽ›Žȱ’•Žȱ™›˜›Žœœ’˜—ȱ‘˜•Žœǯȱ
œȱ‘Žȱ‘›˜Ĵ•Žȱ™•ŠŽȱ˜™Ž—œȱž›‘Ž›ȱ‘ŽȱŸŠŒžž–ȱœ’—Š•ȱ
‹ŽŒ˜–Žœȱ›ŽŠȱŽ—˜ž‘ȱœ˜ȱ‘Žȱ–Š’—ȱŒ’›Œž’ȱ‹Ž’—œȱ˜ȱ
˜›”ǯ
0DLQ+LJK6SHHG&LUFXLW
ȱ‘’‘ȱœ™ŽŽœȦ•˜Šœȱ‘ŽȱŽ—’—Žȱ˜™Ž›ŠŽœȱ˜—ȱ‘Žȱ–Š’—ȱ
Œ’›Œž’ǯȱœȱŠȱ–ŽŽ›ŽȱŠ–˜ž—ȱ˜ȱŠ’›ȱ’œȱ›Š —ȱ‘›˜ž‘ȱ
‘Žȱ˜ž›ȱŠ’›ȱ“ŽœǰȱžŽ•ȱ’œȱ›Š —ȱ‘›˜ž‘ȱ‘Žȱ–Š’—ȱ“Žœǯȱ
‘ŽȱŠ’›ȱŠ—ȱžŽ•ȱŠ›Žȱ–’¡Žȱ’—ȱ‘Žȱ–Š’—ȱ—˜££•ŽœȱŠ—ȱ
‘Ž—ȱŽ—Ž›ȱ‘Žȱ–Š’—ȱ‹˜¢ȱ˜ȱŠ’›Ě˜ ǰȱ ‘Ž›Žȱž›‘Ž›ȱ
–’¡’—ȱ˜ȱ‘ŽȱžŽ•ȱŠ—ȱŠ’›ȱ˜ŒŒž›œǯȱ‘’œȱ–’¡ž›Žȱ’œȱ‘Ž—ȱ
Ž•’ŸŽ›Žȱ˜ȱ‘ŽȱŒ˜–‹žœ’˜—ȱŒ‘Š–‹Ž›ǯȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ
‘ŠœȱŠȱę¡Žȱ–Š’—ȱŒ’›Œž’Dzȱ—˜ȱŠ“žœ–Ž—ȱ’œȱ™˜œœ’‹•Žǯ
&DUEXUHWRU$GMXVWPHQWV
$GMXVWPHQW
DZȱ Š›‹ž›Ž˜›ȱŠ“žœ–Ž—œȱœ‘˜ž•ȱ‹Žȱ–ŠŽȱ˜—•¢ȱ
ŠĞŽ›ȱ‘ŽȱŽ—’—Žȱ‘Šœȱ Š›–Žȱž™ǯ
‘ŽȱŒŠ›‹ž›Ž˜›ȱ’œȱŽœ’—Žȱ˜ȱŽ•’ŸŽ›ȱ‘ŽȱŒ˜››ŽŒȱ
žŽ•Ȭ˜ȬŠ’›ȱ–’¡ž›Žȱ˜ȱ‘ŽȱŽ—’—Žȱž—Ž›ȱŠ••ȱ˜™Ž›Š’—ȱ
Œ˜—’’˜—œǯȱ‘Žȱ–Š’—ȱžŽ•ȱ“Žȱ’œȱŒŠ•’‹›ŠŽȱŠȱ‘Žȱ
ŠŒ˜›¢ȱŠ—ȱ’œȱ—˜ȱŠ“žœŠ‹•ŽȘǯȱ‘Žȱ’•ŽȱžŽ•ȱŠ“žœ’—ȱ
—ŽŽ•Žȱ’œȱŠ•œ˜ȱœŽȱŠȱ‘ŽȱŠŒ˜›¢ȱŠ—ȱ—˜›–Š••¢ȱ˜Žœȱ—˜ȱ
—ŽŽȱŠ“žœ–Ž—ǯ
ޙޗ’—ȱ˜—ȱ–˜Ž•ȱŠ—ȱŠ™™•’ŒŠ’˜—ǰȱŽ—’—Žœȱ–Š¢ȱ
Š•œ˜ȱ‹ŽȱŽšž’™™Žȱ ’‘ȱŠȱȃ˜ŸŽ›—Žȱ•Žȱ¢œŽ–ǯȄȱ
ȱŽšž’™™Žȱ ’‘ȱŠȱȃ˜ŸŽ›—Žȱ•Žȱ¢œŽ–Ȅǰȱ›ŽŽ›ȱ
˜ȱȃ˜Ž•œȱ ’‘ȱ˜ŸŽ›—Žȱ•Žȱ¢œŽ–Ȅȱ ‘Ž—ȱ
™Ž›˜›–’—ȱŠ—¢ȱŒŠ›‹ž›Ž˜›ȱŠ“žœ–Ž—ǰȱŠœȱŠ—ȱ
Š’’˜—Š•ȱœŽ™ȱ˜ȱ‘Žȱ•’œŽȱŠ“žœ–Ž—ȱ™›˜ŒŽž›ŽǻœǼȱ’œȱ
›Žšž’›Žǯ
ȱ
ȘDZȱ —’—Žœȱ˜™Ž›Š’—ȱŠȱŠ•’žŽœȱŠ‹˜ŸŽȱ
Š™™›˜¡’–ŠŽ•¢ȱŗŘŗşȱ–ȱǻŚŖŖŖȱĞǯǼȱ–Š¢ȱ›Žšž’›Žȱ
Šȱœ™ŽŒ’Š•ȱ‘’‘ȱŠ•’žŽȱ–Š’—ȱ“ŽǯȱŽŽ›ȱ˜ȱ
’‘ȱ
•’žŽȱ™Ž›Š’˜—ǯ
ǰȱ‘˜ ŽŸŽ›ǰȱ‘ŽȱŽ—’—Žȱ’œȱ‘Š›ȬœŠ›’—ȱ˜›ȱ˜Žœȱ—˜ȱ
˜™Ž›ŠŽȱ™›˜™Ž›•¢ǰȱ’ȱ–Š¢ȱ‹Žȱ—ŽŒŽœœŠ›¢ȱ˜ȱŠ“žœȱ˜›ȱ
œŽ›Ÿ’ŒŽȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
/RZ,GOH)XHO$GMXVWPHQWV
:LWK/LPLWHUV
ȱ
Šǯȱ ž›—ȱ˜—Žȱ˜ȱ‘Žȱ•˜ ȱ’•ŽȱžŽ•ȱŠ“žœ’—ȱȱ
—ŽŽ•Žœȱ˜žȱǻŒ˜ž—Ž›Œ•˜Œ” ’œŽǼȱ›˜–ȱ‘Žȱ
™›Ž•’–’—Š›¢œŽĴ’—ȱž—’•ȱ‘ŽȱŽ—’—Žȱœ™ŽŽȱ
ŽŒ›ŽŠœŽœȱǻ›’Œ‘Ǽǯȱ˜Žȱ‘Žȱ™˜œ’’˜—ȱ˜ȱ‘Žȱ
—ŽŽ•Žǯȱ˜ ȱž›—ȱ‘ŽȱŠ“žœ’—ȱ—ŽŽ•Žȱ’—ȱ
ǻŒ•˜Œ” ’œŽǼǯȱ‘ŽȱŽ—’—Žȱœ™ŽŽȱ–Š¢ȱ’—Œ›ŽŠœŽǰȱ
‘Ž—ȱ’ȱ ’••ȱŽŒ›ŽŠœŽȱŠœȱ‘Žȱ—ŽŽ•Žȱ’œȱž›—Žȱ
’—ȱǻ•ŽŠ—Ǽǯȱ˜Žȱ‘Žȱ™˜œ’’˜—ȱ˜ȱ‘Žȱ—ŽŽ•ŽǯȱŽȱ
‘ŽȱŠ“žœ’—ȱ—ŽŽ•Žȱ–’ Š¢ȱ‹Ž ŽŽ—ȱ‘Žȱ
›’Œ‘ȱŠ—ȱ•ŽŠ—ȱœŽĴ’—œǯȱŽŽȱ’ž›ŽȱśȬŗŘǯ
/RZ,GOH6SHHG
530$GMXVWPHQW
6FUHZ
)XHO6ROHQRLG
ȱ ȱ ‹ǯȱȱ Ž™ŽŠȱ‘Žȱ™›˜ŒŽž›Žȱ˜—ȱ‘Žȱ˜‘Ž›ȱ•˜ ȱ’•Žȱȱ
ȱ Š“žœ–Ž—ȱ—ŽŽ•Žǯ
)LJXUH.HLKLQ7ZR%DUUHO&DUEXUHWRU
ȱ Śǯȱ ŽŒ‘ŽŒ”ȦŠ“žœȱ‘Žȱ˜ ȱ•Žȱ™ŽŽȱǻǼǰȱ˜ȱ‘Žȱ
œ™ŽŒ’ꮍȱœŽĴ’—ǯ
&DUEXUHWRU$GMXVWPHQW
/RZ,GOH6SHHG530$GMXVWPHQW
ȱ ŗǯȱȱ ˜ ȱ•Žȱ™ŽŽȱǻǼȱŽĴ’—DZȱ•ŠŒŽȱ‘Žȱ‘›˜Ĵ•Žȱ
Œ˜—›˜•ȱ’—˜ȱ‘Žȱȃ’•ŽȄȱ˜›ȱȃœ•˜ Ȅȱ™˜œ’’˜—ǯȱŽȱ
‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱ˜ȱŗŘŖŖȱȘȱǻƹȱŝśȱǼȱ‹¢ȱ
ž›—’—ȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱŠ“žœ’—ȱœŒ›Ž ȱ’—ȱ˜›ȱ
˜žǯȱ‘ŽŒ”ȱ‘Žȱœ™ŽŽȱžœ’—ȱŠȱŠŒ‘˜–ŽŽ›ǯ
ȘDZȱ ‘ŽȱŠŒžŠ•ȱ•˜ ȱ’•Žȱœ™ŽŽȱŽ™Ž—œȱ˜—ȱ
‘ŽȱŠ™™•’ŒŠ’˜—ǯȱŽŽ›ȱ˜ȱ‘ŽȱŽšž’™–Ž—ȱ
–Š—žŠŒž›Ž›Ȃœȱ›ŽŒ˜––Ž—Š’˜—œǯȱ‘Žȱ•˜ ȱ
’•Žȱœ™ŽŽȱ˜›ȱ‹Šœ’ŒȱŽ—’—Žœȱ’œȱŗŘŖŖȱǯȱ˜ȱ
Ž—œž›Žȱ‹Žœȱ›Žœž•œȱ ‘Ž—ȱœŽĴ’—ȱ‘Žȱ•˜ ȱ’•Žȱ
žŽ•ȱ—ŽŽ•Žǰȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱœ‘˜ž•ȱ‹Žȱ
ŗŘŖŖȱȱǻƹȱŝśȱǼǯ
/RZ,GOH)XHO$GMXVWPHQW
DZȱ —’—Žœȱ ’••ȱ‘ŠŸŽȱę¡Žȱ•˜ ȱ’•Žȱ˜›ȱ•’–’Ž›ȱ
ŒŠ™œȱ˜—ȱ‘Žȱ ˜ȱ’•ŽȱžŽ•ȱŠ“žœ’—ȱ—ŽŽ•Žœǯȱ
Ž™ȱřȱŒŠ—ȱ˜—•¢ȱ‹Žȱ™Ž›˜›–Žȱ ’‘’—ȱ‘Žȱ
•’–’œȱŠ••˜ Žȱ‹¢ȱ‘ŽȱŒŠ™ǯȱ˜ȱ—˜ȱŠĴŽ–™ȱ˜ȱ
›Ž–˜ŸŽȱ‘Žȱ•’–’Ž›ȱŒŠ™œǯ
ȱ ŗǯȱ Š›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱ›ž—ȱŠȱ‘Š•ȱ‘›˜Ĵ•Žȱ˜›ȱśȱ˜ȱŗŖȱ
–’—žŽœȱ˜ȱ Š›–ȱž™ǯȱ‘ŽȱŽ—’—Žȱ–žœȱ‹Žȱ Š›–ȱ
‹Ž˜›Žȱ˜’—ȱœŽ™œȱŘǰȱřǰȱŠ—ȱŚǯ
ȱ Řǯȱ •ŠŒŽȱ‘Žȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ȱ’—˜ȱ‘Žȱȃ’•ŽȄȱ˜›ȱ
ȃœ•˜ Ȅȱ™˜œ’’˜—ǯȱ“žœȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱ˜ȱ
ŗŘŖŖȱȘǯȱ˜••˜ ȱ‘Žȱȃ“žœ’—ȱ‘Žȱ˜ ȱ•Žȱ
™ŽŽȱǻǼȄȱ™›˜ŒŽž›Žǯ
ȱ řǯȱ ˜ ȱ•ŽȱžŽ•ȱŽŽ•ŽǻœǼȱŽĴ’—DZȱ•ŠŒŽȱ‘Žȱ
‘›˜Ĵ•Žȱ’—˜ȱ‘Žȱȃ’•ŽȄȱ˜›ȱȃœ•˜ Ȅȱ™˜œ’’˜—ǯ
$GMXVWWR
0LGSRLQW
/HDQ
$GMXVWWR
0LGSRLQW
/HDQ
5LFK
5LFK
/HIW6LGH
5LJKW6LGH
)LJXUH2SWLPXP/RZ,GOH)XHO6HWWLQJV
0RGHOVZLWK*RYHUQHG,GOH6\VWHP
—ȱ˜™’˜—Š•ȱ˜ŸŽ›—Žȱ’•ŽȱŒ˜—›˜•ȱœ¢œŽ–ȱ’œȱœž™™•’Žȱ
˜—ȱœ˜–ŽȱŽ—’—Žœǯȱ‘Žȱ™ž›™˜œŽȱ˜ȱ‘’œȱœ¢œŽ–ȱ’œȱ˜ȱ
–Š’—Š’—ȱŠȱŽœ’›Žȱ’•Žȱœ™ŽŽȱ›ŽŠ›•Žœœȱ˜ȱŠ–‹’Ž—ȱ
Œ˜—’’˜—œȱǻŽ–™Ž›Šž›Žǰȱ™Š›Šœ’’Œȱ•˜ŠǰȱŽŒǯǼȱ‘Šȱ–Š¢ȱ
Œ‘Š—Žǯ—’—Žœȱ ’‘ȱ‘’œȱŽŠž›ŽȱŒ˜—Š’—ȱŠȱœ–Š••ȱ
œŽŒ˜—Š›¢ȱœ™›’—ȱŒ˜——ŽŒŽȱ‹Ž ŽŽ—ȱ‘Žȱ˜ŸŽ›—˜›ȱ
•ŽŸŽ›ȱŠ—ȱ‘Žȱ•˜ Ž›ȱŠ“žœ–Ž—ȱŠ‹ȱ˜ȱ‘Žȱ–Š’—ȱ
‹›ŠŒ”ŽǯȱŽŽȱ’ž›ŽȱśȬŗřǯȱ
‘Žȱœ¢œŽ–ȱ›Žšž’›ŽœȱŠ—ȱŠ’’˜—Š•ȱ™›˜ŒŽž›Žȱ˜›ȱ
œŽĴ’—ȱ‘Žȱ’•Žȱœ™ŽŽǯȱȱœ™ŽŽȱŠ“žœ–Ž—œȱŠ›Žȱ
›Žšž’›Žȱ™›˜ŒŽŽȱŠœȱ˜••˜ œǯ
ȱ ŗǯȱ Š”ŽȱŠ—¢ȱ—ŽŒŽœœŠ›¢ȱœ™ŽŽȱ˜›ȱŒ˜—›˜•ȱŠ“žœ–Ž—œȱ
˜••˜ ’—ȱ‘ŽȱŠ™™›˜™›’ŠŽȱ’—œ›žŒ’˜—œȱŒ˜ŸŽ›Žȱ’—ȱ
‘’œȱœŽŒ’˜—ǯ
ȱ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
ȱ Řǯȱ ˜ŸŽȱ‘Žȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ȱ˜ȱ‘Žȱ’•Žȱ™˜œ’’˜—ǯȱ
˜•ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱРТȱ›˜–ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ǰȱ˜›ȱ‘˜•ȱ‘Žȱ‘›˜Ĵ•Žȱ•ŽŸŽ›ȱœ˜ȱ’ȱ’œȱ’‘ȱ
АВ—œȱ‘Žȱ’•Žȱœ™ŽŽȱŠ“žœ’—ȱœŒ›Ž ǰȱ˜ȱ—ŽŠŽȱ
‘Žȱ˜ŸŽ›—˜›ȱŠŒ’ŸŠ’˜—ǯȱŽŽȱ’ž›ŽȱśȬŗŚǯȱ‘ŽŒ”ȱ
‘Žȱœ™ŽŽȱ ’‘ȱŠȱŠŒ‘˜–ŽŽ›ȱŠ—ȱŠ“žœȱ’ȱ˜ȱŗśŖŖȱ
ǯȱ
ȱ
ȱ řǯȱ Ž•ŽŠœŽȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱŠ—ȱŠ••˜ ȱ‘ŽȱŽ—’—Žȱ
˜ȱ›Žž›—ȱ˜ȱ‘Žȱ˜ŸŽ›—Žȱ’•Žȱœ™ŽŽǯȱ‘ŽŒ”ȱ
’ȱ ’‘ȱŠȱŠŒ‘˜–ŽŽ›ȱАВ—œȱ‘ŽȱŽšž’™–Ž—ȱ
–Š—žŠŒž›Ž›œȱ›ŽŒ˜––Ž—Žȱ’•Žȱœ™ŽŽǯȱ
˜ŸŽ›—Žȱ•Žȱ™ŽŽȱǻǼȱ’œȱ¢™’ŒŠ••¢ȱřŖŖȱȱ
ǻŠ™™›˜¡’–ŠŽǼȱ‘’‘Ž›ȱ‘Š—ȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽǯȱȱ
Š“žœ–Ž—ȱ’œȱ—ŽŒŽœœŠ›¢ǰȱ‹Ž—ȱ‘ŽȱŠ“žœ’—ȱŠ‹ȱ
˜—ȱ‘Žȱœ™ŽŽȱŒ˜—›˜•ȱŠœœŽ–‹•¢ȱ˜ȱœŽǯȱŽŽȱ’ž›Žȱ
śȬŗřǯ
*RYHUQHG
,GOH6SULQJ
&DUEXUHWRU6HUYLFLQJ
)ORDW5HSODFHPHQW
ȱœ¢–™˜–œȱŽœŒ›’‹Žȱ’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ
›˜ž‹•Žœ‘˜˜’—ȱž’Žȱ’—’ŒŠŽȱ̘Šȱ•ŽŸŽ•ȱ™›˜‹•Ž–œǰȱ
›Ž–˜ŸŽȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ›˜–ȱ‘ŽȱŽ—’—Žȱ˜ȱŒ‘ŽŒ”ȱŠ—Ȧ
˜›ȱ›Ž™•ŠŒŽȱ‘Žȱ̘ŠǯȱœŽȱŠȱ̘Šȱ”’ȱ˜ȱ›Ž™•ŠŒŽȱ‘Žȱ̘Šǰȱ
™’—ǰȱ̘ŠȱŸŠ•ŸŽǰȱŒ•’™ȱŠ—ȱœŒ›Ž ǯ
ȱ ŗǯȱ Ž›˜›–ȱ‘Žȱ›Ž–˜ŸŠ•ȱ™›˜ŒŽž›Žœȱ˜›ȱ‘Žȱ
ŽŠŸ¢ȱ
ž¢ȱ’›ȱ•ŽŠ—Ž›ȱŠ—ȱŠ›‹ž›Ž˜›ȱ˜ž•’—Žȱ’—ȱ
ŽŒ’˜—ȱşȱȃ’œŠœœŽ–‹•¢ǯȄȱ
ȱ Řǯȱ •ŽŠ—ȱ‘ŽȱŽ¡Ž›’˜›ȱœž›ŠŒŽœȱ˜ȱ’›ȱ˜›ȱ˜›Ž’—ȱ
–ŠŽ›’Š•ȱ‹Ž˜›Žȱ’œŠœœŽ–‹•’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ
Ž–˜ŸŽȱ‘Žȱ˜ž›ȱ–˜ž—’—ȱœŒ›Ž œȱŠ—ȱŒŠ›Žž••¢ȱ
œŽ™Š›ŠŽȱ‘ŽȱžŽ•ȱ‹˜ •ȱ›˜–ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ˜ȱ
—˜ȱŠ–АŽȱ‘Žȱ’——Ž›ȱ˜›ȱ‹˜ •ȱȬ’—ǯȱ›Š—œŽ›ȱ
Š—¢ȱ›Ž–Š’—’—ȱžŽ•ȱ’—˜ȱŠ—ȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›ǯȱ
ŠŸŽȱŠ••ȱ™Š›œǯȱžŽ•ȱŒŠ—ȱŠ•œ˜ȱ‹Žȱ›Š’—Žȱ™›’˜›ȱ˜ȱ
‹˜ •ȱ›Ž–˜ŸŠ•ȱ‹¢ȱ•˜˜œŽ—’—Ȧ›Ž–˜ŸŠ•ȱ˜ȱ‘Žȱ‹˜ •ȱ
›Š’—ȱœŒ›Ž ǯȱŽŽȱ’ž›ŽȱśȬŗśǯȱ
7DE
)XHO%RZO
)LJXUH*RYHUQHG,GOH6SULQJ/RFDWLRQ
+ROG7KURWWOH
/HYHU$JDLQVW
6FUHZ
%RZO'UDLQ6FUHZ
)LJXUH)XHO%RZO5HPRYHG)URP&DUEXUHWRU
)LJXUH+ROGLQJ7KURWWOH/HYHU$JDLQVW,GOH
6WRS6FUHZ7ZR%DUUHO&DUEXUHWRU
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
ȱ řǯȱ Ž–˜ŸŽȱ‘Žȱ̘Šȱ™’—ȱœŒ›Ž ȱŠ—ȱ•’Ğȱ˜žȱ‘Žȱ
˜•ȱ̘Šǰȱ™’—ȱŠ—ȱ’—•Žȱ—ŽŽ•ŽǯȱŽŽȱ’ž›ŽȱśȬŗŜǯȱ
’œŒŠ›ȱŠ••ȱ˜ȱ‘Žȱ™Š›œǯȱ‘ŽȱœŽŠȱ˜›ȱ‘Žȱ’—•Žȱ
—ŽŽ•Žȱ’œȱ—˜ȱœŽ›Ÿ’ŒŽŠ‹•ŽǰȱŠ—ȱœ‘˜ž•ȱ—˜ȱ‹Žȱ
›Ž–˜ŸŽǯ
)LJXUH,QVWDOOLQJ)ORDW$VVHPEO\
)LJXUH5HPRYLQJ)ORDWDQG,QOHW1HHGOH
ȱ Śǯȱ •ŽŠ—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜ •ȱŠ—ȱ’—•ŽȱœŽŠȱŠ›ŽŠœȱŠœȱ
›Žšž’›Žǰȱ‹Ž˜›Žȱ’—œŠ••’—ȱ‘Žȱ—Ž ȱ™Š›œǯ
ȱ śǯȱ ĴŠŒ‘ȱ‘Žȱ’—•Žȱ—ŽŽ•Žȱ˜ȱ‘Žȱ™•Šœ’ŒȱŠ—ȱ˜ȱ
‘Žȱ̘Šȱ ’‘ȱ‘Žȱ ’›ŽȱŒ•’™ǯȱ‘Žȱ˜›–ŽȱşŖǚȱ•’™ȱ
œ‘˜ž•ȱ™˜’—ȱž™ǰȱ ’‘ȱ‘Žȱ—ŽŽ•ŽȱŸŠ•ŸŽȱ‘Š—’—ȱ
˜ —ǯȱŽŽȱ’ž›ŽȱśȬŗŝǯ
ȱ ŝǯȱ ˜•ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ȱœ˜ȱ‘Žȱ̘ŠȱŠœœŽ–‹•¢ȱ
‘Š—œȱŸŽ›’ŒŠ••¢ȱŠ—ȱ›Žœœȱ•’‘•¢ȱАВ—œȱ‘Žȱ
žŽ•ȱ’—•Žȱ—ŽŽ•Žǯȱ‘Žȱ’—•Žȱ—ŽŽ•Žȱœ‘˜ž•ȱ‹Žȱ
ž••¢ȱœŽŠŽȱ‹žȱ‘ŽȱŒŽ—Ž›ȱ™’—ȱ˜ȱ‘Žȱ—ŽŽ•Žȱǻ˜—ȱ
›ŽŠ’—Ž›ȱŒ•’™ȱŽ—Ǽȱœ‘˜ž•ȱ—˜ȱ‹ŽȱŽ™›ŽœœŽǯȱ‘ŽŒ”ȱ
‘Žȱ̘Šȱ‘Ž’‘ȱŠ“žœ–Ž—ǯ
DZȱ ‘Žȱ’—•Žȱ—ŽŽ•ŽȱŒŽ—Ž›ȱ™’—ȱ’œȱœ™›’—ȱ•˜ŠŽǯȱ
Š”Žȱœž›Žȱ‘Žȱ̘Šȱ›ŽœœȱАВ—œȱ‘ŽȱžŽ•ȱ’—•Žȱ
—ŽŽ•Žȱ ’‘˜žȱŽ™›Žœœ’—ȱ‘ŽȱŒŽ—Ž›ȱ™’—ǯȱ
ȱ Şǯȱ ‘ŽȱŒ˜››ŽŒȱ̘Šȱ‘Ž’‘ȱœŽĴ’—ȱ’œȱŗŝȱ––ȱ
ǻŖǯŜŜşȱ’—ǯǼȱƹȱŗǯśȱ––ȱǻŖǯŖśşȱ’—ǯǼǰȱ–ŽŠœž›Žȱ›˜–ȱ
‘Žȱ̘Šȱ‹˜Ĵ˜–ȱ˜ȱ‘Žȱ‹˜¢ȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ
ŽŽȱ’ž›ŽȱśȬŗşǯȱŽ™•ŠŒŽȱ‘Žȱ̘Šȱ’ȱ‘Žȱ‘Ž’‘ȱ
’œȱ’ěŽ›Ž—ȱ‘Š—ȱ‘Žȱœ™ŽŒ’ꮍȱœŽĴ’—ǯȱȱȱ
ŠĴŽ–™ȱ˜ȱŠ“žœȱ‹¢ȱ‹Ž—’—ȱ̘ŠȱŠ‹ǯ
)LJXUH)ORDWDQG,QOHW1HHGOH'HWDLOV
ȱ Ŝǯȱ —œŠ••ȱ‘Žȱ̘ŠȱŠ—ȱ’—•Žȱ—ŽŽ•Žȱ˜ —ȱ’—˜ȱ‘Žȱ
œŽŠȱŠ—ȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ǯȱ—œŠ••ȱ‘Žȱ—Ž ȱ™’Ÿ˜ȱ
™’—ȱ‘›˜ž‘ȱ‘Žȱ̘Šȱ‘’—ŽȱŠ—ȱœŽŒž›Žȱ ’‘ȱ‘Žȱ
—Ž ȱ›ŽŠ’—’—ȱœŒ›Ž ǯȱŽŽȱ’ž›ŽȱśȬŗŞǯ
)LJXUH&KHFNLQJ)ORDW+HLJKW
DZȱ Žȱœž›Žȱ˜ȱ–ŽŠœž›Žȱ›˜–ȱ‘ŽȱŒŠœ’—ȱœž›ŠŒŽǰȱ
—˜ȱ‘Žȱ›ž‹‹Ž›ȱŠœ”Žǰȱ’ȱœ’••ȱŠĴŠŒ‘Žǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
ȱ şǯȱ ‘Ž—ȱ‘Žȱ™›˜™Ž›ȱ̘Šȱ‘Ž’‘ȱ’œȱ˜‹Š’—Žǰȱ
ŒŠ›Žž••¢ȱ›Ž’—œŠ••ȱ‘ŽȱžŽ•ȱ‹˜ •ǰȱžœ’—ȱ—Ž ȱȱ
Ȭ’—œȱ˜—˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱŽŒž›Žȱ ’‘ȱ‘Žȱ˜ž›ȱ
˜›’’—Š•ȱœŒ›Ž œǯȱ˜›šžŽȱ‘ŽȱœŒ›Ž œȱ˜ȱŘǯśȱƹȱŖǯřȱ
ȉ–ȱǻŘřȱƹȱŘǯŜȱ’—ǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽȱśȬŘŖǯ
DZȱ ž›‘Ž›ȱ’œŠœœŽ–‹•¢ȱ˜ȱ‘ŽȱžŽ•ȱ‹˜ •ȱ’œȱ—˜ȱ
—ŽŒŽœœŠ›¢ȱž—•Žœœȱ‘ŽȱžŽ•ȱ˜•Ž—˜’ȱ’ǰȱ˜›ȱ
žŽ•ȱ˜ •ȱ’ȱǻ˜‹Š’—ŽȱœŽ™Š›ŠŽ•¢Ǽǰȱ ’••ȱŠ•œ˜ȱ
‹Žȱ’—œŠ••Žǯ
ȱȱŘǯȱ Ž–˜ŸŽȱ‘Žȱ̘Šȱ™’—ȱœŒ›Ž ȱŠ—ȱ•’Ğȱ˜žȱ‘Žȱ˜•ȱ
̘Šǰȱ™’—ǰȱŠ—ȱ’—•Žȱ—ŽŽ•ŽǯȱŽŽȱ’ž›ŽȱśȬŘŘǯȱ
’œŒŠ›ȱŠ••ȱ‘Žȱ˜•ȱ™Š›œǯȱ‘ŽȱœŽŠȱ˜›ȱ‘Žȱ’—•Žȱ
—ŽŽ•Žȱ’œȱ—˜ȱœŽ›Ÿ’ŒŽŠ‹•ŽǰȱŠ—ȱœ‘˜ž•ȱ—˜ȱ‹Žȱ
›Ž–˜ŸŽǯ
)LJXUH,QVWDOOLQJ)XHO%RZO
ŗŖǯȱ —œŠ••ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱŠ—ȱ‘Žȱ‘ŽŠŸ¢Ȭž¢ȱŠ’›ȱ
Œ•ŽŠ—Ž›ȱŠœȱ˜ž•’—Žȱ’—ȱŽŒ’˜—ȱŗŗȱȃŽŠœœŽ–‹•¢ǯȄ
'LVDVVHPEO\2YHUKDXO
ȱ ŗǯȱ •ŽŠ—ȱ‘ŽȱŽ¡Ž›’˜›ȱœž›ŠŒŽœȱ˜ȱ’›ȱ˜›ȱ˜›Ž’—ȱ
–ŠŽ›’Š•ȱ‹Ž˜›Žȱ’œŠœœŽ–‹•’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ
Ž–˜ŸŽȱ‘Žȱ˜ž›ȱ–˜ž—’—ȱœŒ›Ž œȱŠ—ȱœŽ™Š›ŠŽȱ
‘ŽȱžŽ•ȱ‹˜ •ȱ›˜–ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ›Š—œŽ›ȱŠ—¢ȱ
›Ž–Š’—’—ȱžŽ•ȱ’—˜ȱŠ—ȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›ǯȱ
Ž–˜ŸŽȱŠ—ȱ’œŒŠ›ȱ‘Žȱ˜•ȱȬ’—œǯȱžŽ•ȱ
ŒŠ—ȱŠ•œ˜ȱ‹Žȱ›Š’—Žȱ™›’˜›ȱ˜ȱ‹˜ •ȱ›Ž–˜ŸŠ•ȱ‹¢ȱ
•˜˜œŽ—’—Ȧ›Ž–˜ŸŠ•ȱ˜ȱ‘Žȱ‹˜ •ȱ›Š’—ȱœŒ›Ž ǯȱŽŽȱ
’ž›ŽȱśȬŘŗǯ
)XHO%RZO
)LJXUH5HPRYLQJ)ORDWDQG,QOHW1HHGOH
ȱ řǯȱ œŽȱŠ—ȱŠ™™›˜™›’ŠŽȱœ’£Žȱ̊ȱœŒ›Ž ›’ŸŽ›ǰȱŠ—ȱ
ŒŠ›Žž••¢ȱ›Ž–˜ŸŽȱ‘Žȱ ˜ȱ–Š’—ȱ“Žœȱ›˜–ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ǯȱ˜ŽȱŠ—ȱ–Š›”ȱ‘Žȱ“Žœȱ‹¢ȱ•˜ŒŠ’˜—ȱ
˜›ȱ™›˜™Ž›ȱ›ŽŠœœŽ–‹•¢ǯȱ‘Žȱ–Š’—ȱ“Žœȱ–Š¢ȱ‹Žȱœ’£ŽȦ
œ’Žȱœ™ŽŒ’ęŒǯȱЎ›ȱ‘Žȱ–Š’—ȱ“ŽœȱŠ›Žȱ›Ž–˜ŸŽǰȱ‘Žȱ
–Š’—ȱ—˜££•ŽœȱŒŠ—ȱ‹Žȱ›Ž–˜ŸŽȱ˜žȱ‘›˜ž‘ȱ‘Žȱ
‹˜Ĵ˜–ȱ˜ȱ‘Žȱ–Š’—ȱ˜ Ž›œǯȱ˜Žȱ‘Žȱ˜›’Ž—Š’˜—Ȧ
’›ŽŒ’˜—ȱ˜ȱ‘Žȱ—˜££•Žœǯȱ‘ŽȱŽ—ȱ ’‘ȱ‘Žȱ ˜ȱ
›Š’œŽȱœ‘˜ž•Ž›œȱœ‘˜ž•ȱ‹Žȱ˜žȦ˜ —ȱŠ“ŠŒŽ—ȱ
˜ȱ‘Žȱ–Š’—ȱ“ŽœǯȱŠŸŽȱ‘Žȱ™Š›œȱ˜›ȱŒ•ŽŠ—’—ȱŠ—ȱ
›ŽžœŽǯȱŽŽȱ’ž›ŽȱśȬŘřǯ
ȱ ȱ
%RZO'UDLQ6FUHZ
)LJXUH)XHO%RZO5HPRYHG)URP&DUEXUHWRU
0DLQ1R]]OHV
0DLQ-HWV
)LJXUH0DLQ-HWVDQG1R]]OHV5HPRYHG
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
ȱ Śǯȱ Ž–˜ŸŽȱ‘ŽȱœŒ›Ž ȱœŽŒž›’—ȱ‘Žȱ̊ȱ Šœ‘Ž›ȱŠ—ȱ
›˜ž—ȱ•ŽŠȱǻ’ȱŽšž’™™ŽǼǰȱ›˜–ȱ‘Žȱ˜™ȱ˜ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›Dzȱ‘Ž—ȱŒŠ›Žž••¢ȱ™ž••ȱǻ•’ĞǼȱ˜žȱ‘Žȱ ˜ȱ
œ•˜ ȱ“Žœǯȱ‘Žȱœ•˜ ȱ“Žœȱ–Š¢ȱ‹Žȱœ’£ŽȦœ’Žȱœ™ŽŒ’ęŒǰȱ
–Š›”ȱ˜›ȱŠȱ˜›ȱ™›˜™Ž›ȱ›ŽŠœœŽ–‹•¢ǯȱ˜Žȱ‘Žȱœ–Š••ȱ
Ȭ’—ȱ˜—ȱ‘Žȱ‹˜Ĵ˜–ȱ˜ȱŽŠŒ‘ȱ“ŽǯȱŽŽȱ’ž›ŽœȱśȬŘŚȱ
Š—ȱśȬŘśǯȱŠŸŽȱ™Š›œȱ˜›ȱŒ•ŽŠ—’—ȱŠ—ȱ›ŽžœŽȱž—•Žœœȱ
ŠȱŽȱ’ȱ’œȱŠ•œ˜ȱ‹Ž’—ȱ’—œŠ••Žǯȱ•ŽŠ—ȱ‘Žȱœ•˜ ȱ
“Žœȱžœ’—ȱŒ˜–™›ŽœœŽȱŠ’›ǯȱ˜ȱ—˜ȱžœŽȱ ’›Žȱ˜›ȱ
ŒŠ›‹ž›Ž˜›ȱŒ•ŽŠ—Ž›ǯ
ȱ Ŝǯȱ •ŽŠ—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ǰȱ–Š’—ȱ“ŽœǰȱŸŽ—ȱ™˜›œǰȱ
œŽŠœǰȱŽŒǯȱžœ’—ȱŠȱ˜˜ȱŒ˜––Ž›Œ’Š••¢ȱŠŸŠ’•Š‹•Žȱ
ŒŠ›‹ž›Ž˜›ȱœ˜•ŸŽ—ǯȱŽŽ™ȱРТȱ›˜–ȱ™•Šœ’Œȱ˜›ȱ
›ž‹‹Ž›ȱ™Š›œȱ’ȱ—˜—ȬŒ˜–™Š’‹•ŽǯȱœŽȱŒ•ŽŠ—ǰȱ›¢ȱ
Œ˜–™›ŽœœŽȱŠ’›ȱ˜ȱ‹•˜ ȱ˜žȱ‘Žȱ’—Ž›—Š•ȱŒ‘Š——Ž•œȱ
Š—ȱ™˜›œǯȱ˜ȱ—˜ȱžœŽȱ–ŽŠ•ȱ˜˜•œȱ˜›ȱ ’›Žȱ˜ȱ
Œ•ŽŠ—ȱ˜›’ęŒŽœȱŠ—ȱ“Žœǯȱ—œ™ŽŒȱŠ—ȱ‘˜›˜ž‘•¢ȱ
Œ‘ŽŒ”ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ˜›ȱŒ›ŠŒ”œǰȱ ŽŠ›ǰȱ˜›ȱŠ–АŽǯȱ
—œ™ŽŒȱ‘ŽȱžŽ•ȱ’—•ŽȱœŽŠȱ˜›ȱ ŽŠ›ȱ˜›ȱŠ–АŽǯȱ
‘ŽŒ”ȱ‘Žȱœ™›’—ȱ•˜ŠŽȱŒ‘˜”Žȱ™•ŠŽȱ˜ȱ–Š”Žȱœž›Žȱ
’ȱ–˜ŸŽœȱ›ŽŽ•¢ȱ˜—ȱ‘Žȱœ‘ŠĞǯ
ȱ ŝǯȱ •ŽŠ—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱžŽ•ȱ‹˜ •ȱŠœȱ›Žšž’›Žǯ
ȱ Şǯȱ —œŠ••ȱ‘Žȱ ˜ȱ–Š’—ȱ—˜££•Žœȱ’—˜ȱ‘Žȱ˜ Ž›œȱ
˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ǯȱ‘ŽȱŽ—ȱ˜ȱ‘Žȱ–Š’—ȱ
—˜££•Žœȱ ’‘ȱ‘Žȱ ˜ȱ›Š’œŽȱœ‘˜ž•Ž›œȱœ‘˜ž•ȱ
‹Žȱ˜žȦ˜ —ȱǻŠ“ŠŒŽ—ȱ˜ȱ‘Žȱ–Š’—ȱ“ŽœǼǯȱŠ”Žȱ
œž›Žȱ‘Žȱ—˜££•ŽœȱŠ›ŽȱŒ˜–™•ŽŽ•¢ȱ‹˜Ĵ˜–Žǯȱ
Š›Žž••¢ȱ’—œŠ••ȱ‘Žȱ–Š’—ȱ“Žœȱ’—˜ȱ‘Žȱ˜ Ž›œȱ
˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ȱ˜—ȱ‘ŽȱŠ™™›˜™›’ŠŽȱœ’Žǰȱ
Šœȱ’Ž—’ꮍȱ ‘Ž—ȱ›Ž–˜ŸŠ•ȱ Šœȱ™Ž›˜›–ŽǯȱŽŽȱ
’ž›ŽȱśȬŘŜǯ
)LJXUH5HPRYLQJ6FUHZDQG:DVKHU
6ORZ,GOH)XHO-HWV
1R]]OH(QGZLWK
7ZR6KRXOGHUV
2XW'RZQ
0DLQ-HWV
25LQJ
)LJXUH6ORZ-HWVDQG25LQJ'HWDLO
ȱ śǯȱ Ž–˜ŸŽȱ‘Žȱ’•Žȱœ™ŽŽȱǻǼȱŠ“žœ–Ž—ȱœŒ›Ž ȱ
Š—ȱœ™›’—ȱ›˜–ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ’œŒŠ›ȱ‘Žȱ™Š›œǯ
DZȱ ‘ŽȱŒŠ›‹ž›Ž˜›ȱ’œȱ—˜ ȱ’œŠœœŽ–‹•Žȱ˜›ȱ
Š™™›˜™›’ŠŽȱŒ•ŽŠ—’—ȱŠ—ȱ’—œŠ••Š’˜—ȱ˜ȱ‘Žȱ
™Š›œȱ’—ȱ‘Žȱ˜ŸŽ›‘Šž•ȱ”’ǯȱž›‘Ž›ȱ’œŠœœŽ–‹•¢ȱ
’œȱ—˜ȱ—ŽŒŽœœŠ›¢ǯȱ‘Žȱ‘›˜Ĵ•Žȱœ‘ŠĞȱŠœœŽ–‹•¢ǰȱ
žŽ•ȱ’—•ŽȱœŽŠǰȱ’•ŽȱžŽ•ȱŠ“žœ–Ž—ȱœŒ›Ž œȱ
’‘ȱ•’–’Ž›ǰȱŠ—ȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ǰȱŠ›Žȱ—˜—Ȭ
œŽ›Ÿ’ŒŽŠ‹•Žȱ’Ž–œȱŠ—ȱœ‘˜ž•ȱ—˜ȱ‹Žȱ›Ž–˜ŸŽǯȱ
‘ŽȱŒ‘˜”Žȱœ‘ŠĞȱŠœœŽ–‹•¢ȱ’œȱœŽ›Ÿ’ŒŽŠ‹•Žǰȱ
‘˜ ŽŸŽ›ȱ’ȱœ‘˜ž•ȱ—˜ȱ‹Žȱ›Ž–˜ŸŽȱž—•ŽœœȱŠȱ
‘˜”ŽȱޙВ›ȱ’ȱ ’••ȱ‹Žȱ’—œŠ••Žǯ
)LJXUH,QVWDOOLQJ0DLQ1R]]OHVDQG0DLQ-HWV
ȱ şǯȱ Š”Žȱœž›Žȱ‘ŽȱȬ’—ȱ—ŽŠ›ȱ‘Žȱ‹˜Ĵ˜–ȱ˜ȱŽŠŒ‘ȱ
œ•˜ ȱ“Žȱ’œȱ—Ž ǰȱ˜›ȱ’—ȱ˜˜ȱŒ˜—’’˜—ǯȱ•’—ȱŠ—ȱ
’—œŽ›ȱ‘Žȱ ˜ȱœ•˜ ȱ“Žœȱ’—˜ȱ‘Žȱ˜™ȱ˜ȱŒŠ›‹ž›Ž˜›ǯȱ
ŽŽȱ’ž›ŽȱśȬŘśǯȱ
ȱŗŖǯȱ —œŠ••ȱ‘Žȱ•Š›Žȱ̊ȱ›ŽŠ’—’—ȱ Šœ‘Ž›ȱŠ—ȱœŽŒž›Žȱ
’‘ȱ‘Žȱ–˜ž—’—ȱœŒ›Ž ǰȱŠĴŠŒ‘’—ȱ‘Žȱ›˜ž—ȱ
•ŽŠȱ’ȱ˜›’’—Š••¢ȱœŽŒž›Žȱ‹¢ȱ‘ŽȱœŒ›Ž ǯȱ
ȱŗŗǯȱ —œŠ••ȱ‘Žȱ—Ž ȱ’•Žȱœ™ŽŽȱǻǼȱŠ“žœ–Ž—ȱ
œŒ›Ž ȱŠ—ȱœ™›’—ȱ˜—˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ‘›ŽŠȱ
’—ȱž—’•ȱřȱ˜›ȱŚȱ‘›ŽŠœȱŠ›ŽȱŽ¡™˜œŽǰȱŠœȱŠ—ȱ’—’’Š•ȱ
Š“žœ–Ž—ǯȱŽŽȱ’ž›ŽȱśȬŘŝǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
)LJXUH,QVWDOOLQJ,GOH6SHHG$GMXVWLQJ6FUHZ
DQG6SULQJ
ȱŗŘǯȱ ĴŠŒ‘ȱ‘Žȱ’—•Žȱ—ŽŽ•Žȱ˜ȱ‘Žȱ™•Šœ’ŒȱŠ—ȱ˜ȱ
‘Žȱ̘Šȱ ’‘ȱ‘Žȱ ’›ŽȱŒ•’™ǯȱ‘Žȱ˜›–ŽȱşŖǚȱ•’™ȱ
œ‘˜ž•ȱ™˜’—ȱž™ǰȱ ’‘ȱ‘Žȱ—ŽŽ•ŽȱŸŠ•ŸŽȱ‘Š—’—ȱ
˜ —ǯȱŽŽȱ’ž›ŽȱśȬŘŞǯ
)LJXUH,QVWDOOLQJ)ORDW$VVHPEO\
ȱŗŚǯȱ ˜•ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ȱœ˜ȱ‘Žȱ̘ŠȱŠœœŽ–‹•¢ȱ
‘Š—œȱŸŽ›’ŒŠ••¢ȱŠ—ȱ›Žœœȱ•’‘•¢ȱАВ—œȱ‘ŽȱžŽ•ȱ
ȱ ȱ ’—•Žȱ—ŽŽ•Žǯȱ‘Žȱ’—•Žȱ—ŽŽ•Žȱœ‘˜ž•ȱ‹Žȱž••¢ȱ
œŽŠŽȱ‹žȱ‘ŽȱŒŽ—Ž›ȱ™’—ȱ˜ȱ‘Žȱ—ŽŽ•Žȱǻ˜—ȱ
›ŽŠ’—Ž›ȱŒ•’™ȱŽ—Ǽȱœ‘˜ž•ȱ—˜ȱ‹ŽȱŽ™›ŽœœŽǯȱ‘ŽŒ”ȱ
‘Žȱ̘Šȱ‘Ž’‘ȱŠ“žœ–Ž—ǯ
DZȱ ‘Žȱ’—•Žȱ—ŽŽ•ŽȱŒŽ—Ž›ȱ™’—ȱ’œȱœ™›’—ȱ•˜ŠŽǯȱ
Š”Žȱœž›Žȱ‘Žȱ̘Šȱ›ŽœœȱАВ—œȱ‘ŽȱžŽ•ȱ’—•Žȱ
—ŽŽ•Žȱ ’‘˜žȱŽ™›Žœœ’—ȱ‘ŽȱŒŽ—Ž›ȱ™’—ǯȱ
ȱŗśǯȱ ‘ŽȱŒ˜››ŽŒȱ̘Šȱ‘Ž’‘ȱœŽĴ’—ȱ’œȱŗŝȱ––ȱ
ǻŖǯŜŜşȱ’—ǯǼȱƹȱŗǯśȱ––ȱǻŖǯŖśşȱ’—ǯǼǰȱ–ŽŠœž›Žȱ›˜–ȱ
‘Žȱ̘Šȱ‹˜Ĵ˜–ȱ˜ȱ‘Žȱ‹˜¢ȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱ
ŽŽȱ’ž›ŽȱśȬřŖǯȱŽ™•ŠŒŽȱ‘Žȱ̘Šȱ’ȱ‘Žȱ‘Ž’‘ȱ
’œȱ’ěŽ›Ž—ȱ‘Š—ȱ‘Žȱœ™ŽŒ’ꮍȱœŽĴ’—ǯȱ˜ȱ—˜ȱ
ŠĴŽ–™ȱ˜ȱŠ“žœȱ‹¢ȱ‹Ž—’—ȱ̘ŠȱŠ‹ǯ
)LJXUH)ORDWDQG,QOHW1HHGOH'HWDLOV
ȱŗřǯȱ —œŠ••ȱ‘Žȱ̘ŠȱŠ—ȱ’—•Žȱ—ŽŽ•Žȱ˜ —ȱ’—˜ȱ‘Žȱ
œŽŠȱŠ—ȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ǯȱ—œŠ••ȱ‘Žȱ—Ž ȱ™’Ÿ˜ȱ
™’—ȱ‘›˜ž‘ȱ‘Žȱ̘Šȱ‘’—ŽȱŠ—ȱœŽŒž›Žȱ ’‘ȱ‘Žȱ
—Ž ȱ›ŽŠ’—’—ȱœŒ›Ž ǯȱŽŽȱ’ž›ŽȱśȬŘşǯ
)LJXUH&KHFNLQJ)ORDW+HLJKW
DZȱ Žȱœž›Žȱ˜ȱ–ŽŠœž›Žȱ›˜–ȱ‘ŽȱŒŠœ’—ȱœž›ŠŒŽǰȱ
—˜ȱ‘Žȱ›ž‹‹Ž›ȱŠœ”Žǰȱ’ȱœ’••ȱŠĴŠŒ‘Žǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
ȱŗŜǯȱ ‘Ž—ȱ‘Žȱ™›˜™Ž›ȱ̘Šȱ‘Ž’‘ȱ’œȱ˜‹Š’—Žǰȱ
ŒŠ›Žž••¢ȱ›Ž’—œŠ••ȱ‘ŽȱžŽ•ȱ‹˜ •ǰȱžœ’—ȱ—Ž ȱȱ
Ȭ’—œȱ˜—˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱŽŒž›Žȱ ’‘ȱ‘Žȱ˜ž›ȱ
˜›’’—Š•ȱœŒ›Ž œǯȱ˜›šžŽȱ‘ŽȱœŒ›Ž œȱ˜ȱ
ŘǯśȱƹȱŖǯřȱȉ–ȱǻŘřȱƹȱŘǯŜȱ’—ǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽȱśȬřŗǯ
ȱ śǯȱ œŽȱŠȱœŒ›Ž ȱŽ¡›ŠŒ˜›ȱǻŽŠœ¢Ȭ˜žǼȱŠ—ȱ›Ž–˜ŸŽȱ‘Žȱ
˜›’’—Š•ȱŒ‘˜”Žȱœ‘ŠĞȱ‹žœ‘’—ȱ ’‘ȱ‘Žȱ˜•ȱŒ‘˜”Žȱ
•ŽŸŽ›ȱ›˜–ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‘˜žœ’—ǯȱŠŸŽȱ‘Žȱ
‹žœ‘’—ȱ˜ȱžœŽȱŠœȱŠȱ›’ŸŽ›ȱ˜›ȱ’—œŠ••’—ȱ‘Žȱ—Ž ȱ
‹žœ‘’—ǯȱ’œŒŠ›ȱ‘Žȱ˜•ȱ•ŽŸŽ›ǯ
ȱ Ŝǯȱ •ŽŠ—ȱ‘Žȱǯǯȱ˜ȱ‹˜‘ȱŒ‘˜”Žȱœ‘ŠĞȱ‹˜›ŽœȱŠœȱ
›Žšž’›Žǯ
ȱ ŝǯȱ —œŽ›ȱ‘Žȱ—Ž ȱ‹žœ‘’—ȱ‘›˜ž‘ȱ‘Žȱ—Ž ȱŒ‘˜”Žȱ
•ŽŸŽ›ȱ›˜–ȱ‘Žȱ˜žœ’ŽǰȱŠ—ȱœŠ›ȱ‘Žȱ‹žœ‘’—ȱ’—ȱ
‘Žȱ˜žŽ›ȱœ‘ŠĞȱ‹˜›Žǯȱ˜œ’’˜—ȱ‘ŽȱŒ‘˜”Žȱ•ŽŸŽ›ȱœ˜ȱ
‘Žȱ™›˜›ž’—ȱ‹˜œœȱ˜—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‘˜žœ’—ȱ’œȱ
‹Ž ŽŽ—ȱ‘Žȱ ˜ȱœ˜™œȱ˜›–Žȱ’—ȱ‘ŽȱŒ‘˜”Žȱ•ŽŸŽ›ǯȱ
ŽŽȱ’ž›ŽȱśȬřřǯ
)LJXUH,QVWDOOLQJ)XHO%RZO
&KRNH5HSDLU
ȱ ŗǯȱ Ž–˜ŸŽȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ›˜–ȱ‘ŽȱŽ—’—Žǯȱ’œŒŠ›ȱ
‘Žȱ˜•ȱ–˜ž—’—ȱŠœ”Žœȱ˜›ȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱŠ—ȱ
ŒŠ›‹ž›Ž˜›ǯ
6WRSV
%RVV
ȱ Řǯȱ •ŽŠ—ȱ‘ŽȱŠ›ŽŠœȱŠ›˜ž—ȱ‘ŽȱŒ‘˜”Žȱœ‘ŠĞȱŠ—ȱ‘Žȱ
œŽ•Ȭ›Ž•’ŽŸ’—ȱŒ‘˜”Žȱ–ŽŒ‘Š—’œ–ȱ‘˜›˜ž‘•¢ǯ
ȱ řǯȱ Ž–˜ŸŽȱŠ—ȱ’œŒŠ›ȱ‘Žȱ™•Šœ’ŒȱŒŠ™ȱ›˜–ȱ‘ŽȱŽ—ȱ
˜ȱ‘ŽȱŒ‘˜”Žȱ•ŽŸŽ›Ȧœ‘ŠĞȱŠœœŽ–‹•¢ǯ
ȱ Śǯȱ ˜Žȱ‘Žȱ™˜œ’’˜—ȱ˜ȱ‘Žȱœ™›’—ȱ•ސœȱŠ—ȱ‘ŽȱŒ‘˜”Žȱ
™•ŠŽȱ˜›ȱŒ˜››ŽŒȱ›ŽŠœœŽ–‹•¢ȱ•ŠŽ›ǯȱŽŽȱ’ž›Ž
ȱ ȱ śȬřŘǯȱŽ–˜ŸŽȱ‘Žȱ ˜ȱœŒ›Ž œȱŠĴŠŒ‘’—ȱ‘ŽȱŒ‘˜”Žȱ
™•ŠŽȱ˜ȱ‘ŽȱŒ‘˜”Žȱœ‘ŠĞǯȱž••ȱ‘Žȱœ‘ŠĞȱ˜žȱ˜ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ȱ‹˜¢ȱŠ—ȱ’œŒŠ›ȱ‘Žȱ›Ž–˜ŸŽȱ™Š›œǯ
)LJXUH&KRNH'HWDLOV
)LJXUH$VVHPEOLQJ&KRNH/HYHU
ȱ Şǯȱ ž›—ȱ‘Žȱ˜•ȱ‹žœ‘’—ȱž™œ’Žȱ˜ —ȱŠ—ȱžœŽȱ’ȱ
ŠœȱŠȱ›’ŸŽ›ȱ˜ȱŒŠ›Žž••¢ȱ™›Žœœȱ˜›ȱŠ™ȱ‘Žȱ—Ž ȱ
‹žœ‘’—ȱ’—˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‹˜¢ȱž—’•ȱ’ȱ‹˜Ĵ˜–œǯȱ
‘ŽŒ”ȱ‘Šȱ‘ŽȱŒ‘˜”Žȱ•ŽŸŽ›ȱ™’Ÿ˜œȱ›ŽŽ•¢ȱ ’‘˜žȱ
›Žœ›’Œ’˜—ȱ˜›ȱ‹’—’—ǯȱŽŽȱ’ž›ŽȱśȬřŚǯ
)LJXUH,QVWDOOLQJ%XVKLQJ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
ȱ şǯȱ —œŠ••ȱ‘Žȱ—Ž ȱ›Žž›—ȱœ™›’—ȱ˜—˜ȱ‘Žȱ—Ž ȱŒ‘˜”Žȱ
œ‘ŠĞǰȱœ˜ȱ‘Žȱž™™Ž›ȱ•ސȱ˜ȱ‘Žȱœ™›’—ȱ’œȱ‹Ž ŽŽ—ȱ
‘Žȱ ˜ȱ˜›–Žȱȃœ˜™œȄȱ˜—ȱ‘ŽȱŽ—ȱ˜ȱ‘ŽȱŒ‘˜”Žȱ
œ‘ŠĞǯȱŽŽȱ’ž›ŽȱśȬřśǯ
DZȱ Š”Žȱœž›Žȱ’ȱœŠ¢œȱ’—ȱ‘’œȱ•˜ŒŠ’˜—ȱž›’—ȱ‘Žȱ
˜••˜ ’—ȱœŽ™ǯ
)LJXUH,QVWDOOLQJ&KRNH3ODWH
ŗŘǯȱ ‘ŽŒ”ȱ˜›ȱ™›˜™Ž›ȱ˜™Ž›Š’˜—ȱŠ—ȱ›ŽŽȱ–˜ŸŽ–Ž—ȱ˜ȱ
‘Žȱ™Š›œǯȱ—œŠ••ȱ‘Žȱ—Ž ȱŒŠ™ǯ
)LJXUH&KRNH6KDIWDQG6SULQJ'HWDLOV
ȱŗŖǯȱ •’Žȱ‘ŽȱŒ‘˜”Žȱœ‘ŠĞȱŠ—ȱœ™›’—ȱ’—˜ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ǯȱ’Ÿ˜ȱǻ™›Ž•˜ŠǼȱ‘Žȱœ‘ŠĞȱŠ—ȱœŽȱ‘Žȱ
’——Ž›ȱ•ސȱ˜ȱ‘Žȱœ™›’—ǰȱАВ—œȱ‘Žȱ˜›–Žȱœ˜™ȱ
’‘’—ȱ‘ŽȱŒ‘˜”Žȱ•ŽŸŽ›ȱŠœȱ˜›’’—Š••¢ȱŠœœŽ–‹•Žǯȱ
ŽŽȱ’ž›ŽȱśȬřŘǯȱ‘Žȱ˜™™˜œ’—ȱ•ސȱ˜ȱ‘Žȱœ™›’—ȱ
–žœȱœ’••ȱ‹Žȱ‹Ž ŽŽ—ȱ‘Žȱ˜›–Žȱȃœ˜™œȄȱ˜ȱ‘Žȱ
Œ‘˜”Žȱœ‘ŠĞǯ
• Š¢œȱžœŽȱ—Ž ȱŠœ”Žœȱ ‘Ž—ȱœŽ›Ÿ’Œ’—ȱ˜›ȱ
›Ž’—œŠ••’—ȱŒŠ›‹ž›Ž˜›œǯȱޙВ›ȱ”’œȱŠ›ŽȱŠŸŠ’•Š‹•Žȱ
‘’Œ‘ȱ’—Œ•žŽȱ—Ž ȱŠœ”ŽœȱŠ—ȱ˜‘Ž›ȱŒ˜–™˜—Ž—œǯȱ
Ž›Ÿ’ŒŽȦ›Ž™Š’›ȱ”’œȱŠŸŠ’•Š‹•Žȱ˜›ȱŽ’‘’—ȱȱ ˜Ȭ‹Š››Ž•ȱ
ŒŠ›‹ž›Ž˜›œȱŠ—ȱŠĜ•’ŠŽȱŒ˜–™˜—Ž—œȱŠ›ŽDZ
Š›‹ž›Ž˜›ȱŸŽ›‘Šž•ȱ’
ȱ•˜Šȱ’
ȱžŽ•ȱ˜•Ž—˜’ȱ’
ȱ‘˜”ŽȱޙВ›ȱ’
ȱ˜ •ȱ’
ȱ
’‘ȱ•’žŽȱ’ȱǻŗŘŗşȬŘŚřŚȱ–ȦŚǰŖŖŖȬŞǰŖŖŖȱĞǯǼ
ȱ
ȱŗŗǯȱ •ŠŒŽȱŠȱ›˜™ȱ˜ȱ˜Œ’Žțȱ˜—ȱ‘Žȱ‘›ŽŠœȱ˜ȱŽŠŒ‘ȱ
—Ž ȱœŒ›Ž ǯȱ˜œ’’˜—ȱŠ—ȱ’—œŠ••ȱ‘Žȱ—Ž ȱŒ‘˜”Žȱ
™•ŠŽȱ˜ȱ‘Žȱ̊ȱœ’Žȱ˜ȱ‘ŽȱŒ‘˜”Žȱœ‘ŠĞǯȱŠ›ȱ‘Žȱ
 ˜ȱœŒ›Ž œǯȱ•˜œŽȱ‘ŽȱŒ‘˜”ŽȱŠ—ȱŒ‘ŽŒ”ȱ‘Žȱ™•ŠŽȱ
Š•’—–Ž—ȱ ’‘’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ‘›˜Šǰȱ‘Ž—ȱ
’‘Ž—ȱ‘ŽȱœŒ›Ž œȱœŽŒž›Ž•¢ǯȱ˜ȱ—˜ȱ˜ŸŽ›’‘Ž—ǯȱ
ŽŽȱ’ž›ŽȱśȬřŜǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
)LJXUH.HLKLQ%.7ZR%DUUHO&DUEXUHWRU([SORGHG9LHZ
ȱ ŗǯȱ Š›‹ž›Ž˜›ȱ˜¢ȱž‹ŠœœŽ–‹•¢
ȱȱȱŘǯȱ •Žȱ™ŽŽȱŒ›Ž ȱȱȱřǯȱ •Žȱ™ŽŽȱ™›’—
ȱȱȱŚǯȱ Œ›Ž ȱȱȱśǯȱ ›˜ž—ȱŽŠ
ȱȱȱŜǯȱ ŽŠ’—’—ȱŠœ‘Ž›
ȱ ŝǯȱ •˜ ȱŽȱȬȱ
ȱ’Ž
ȱȱŞǯȱ •˜ ȱŽȱȬȱ
ȱ’Ž
ȱ şǯȱ Ȭ’—ȱǻ•˜ ȱŽǼȱǻŘǼ
ȱŗŖǯȱ žŽ•ȱ˜ •
ȱŗŗǯȱ Ȭ’—ȱǻžŽ•ȱ˜ •ȱȬȱ™™Ž›Ǽ
ȱŗŘǯȱ Ȭ’—ȱǻžŽ•ȱ˜ •ȱȬȱ˜ Ž›Ǽ
ȱŗřǯȱ ›Š’—ȱŒ›Ž ȱŗŚǯȱ ˜ •ȱŒ›Ž ȱǻŚǼ
ȱŗśǯȱ žŽ•ȱ˜•Ž—˜’
ȱŗŜǯȱ ŽŠ•’—ȱŠœ‘Ž›
ȱŗŝǯȱ •˜Š
ȱŗŞǯȱ ’—
ȱŗşǯȱ Œ›Ž ȱŘŖǯȱ •˜Šȱ•’™
ȱŘŗǯȱ •˜ŠȱŠ•ŸŽȦ—•ŽȱŽŽ•Ž
ȱŘŘǯȱ Š’—ȱ˜££•ŽȱȬȱ’‘ȱ’Ž
ȱŘřǯȱȱŠ’—ȱ˜££•ŽȱȬȱŽĞȱ’Ž
ȱŘŚǯȱ Š’—ȱŽȱȬȱ’‘ȱ’Ž
ȱŘśǯȱ Š’—ȱŽȱȬȱŽĞȱ’Ž
ȱŘŜǯȱ ‘˜”ŽȱžœȱŠ™
ȱŘŝǯȱ ‘˜”Žȱ‘ŠĞ
ȱŘŞǯȱ ™›’—
ȱŘşǯȱ žœ‘’—
ȱřŖǯȱ ‘˜”ŽȱŽŸŽ›
ȱřŗǯȱ ‘˜”Žȱ•ŠŽ
ȱřŘǯȱ ‘˜”Žȱ•ŠŽȱŒ›Ž ȱǻŘǼ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
*RYHUQRU
*HQHUDO
‘Žȱ˜ŸŽ›—˜›ȱ’œȱŽœ’—Žȱ˜ȱ‘˜•ȱ‘ŽȱŽ—’—Žȱœ™ŽŽȱ
Œ˜—œŠ—ȱž—Ž›ȱŒ‘Š—’—ȱ•˜ŠȱŒ˜—’’˜—œǯȱ˜œȱ
Ž—’—ŽœȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱŠȱŒŽ—›’žŠ•ȱĚ¢ Ž’‘ȱ
–ŽŒ‘Š—’ŒŠ•ȱ˜ŸŽ›—˜›ǯȱ˜–ŽȱŽ—’—Žœȱž’•’£ŽȱŠ—ȱ˜™’˜—Š•ȱ
Ž•ŽŒ›˜—’Œȱ˜ŸŽ›—˜›ǰȱ ‘’Œ‘ȱ’œȱœ‘˜ —ȱŠ—ȱŒ˜ŸŽ›Žȱ
˜—ȱ™ŠŽȱśǯŘřȬśǯŘŚǯȱ‘Žȱ˜ŸŽ›—˜›ȱŽŠ›ȦĚ¢ Ž’‘ȱ
–ŽŒ‘Š—’œ–ȱ˜ȱ‘Žȱ–ŽŒ‘Š—’ŒŠ•ȱ˜ŸŽ›—˜›ȱ’œȱ–˜ž—Žȱ
’—œ’Žȱ‘ŽȱŒ›Š—”ŒŠœŽȱŠ—ȱ’œȱ›’ŸŽ—ȱ˜ěȱ‘ŽȱŽŠ›ȱ˜—ȱ‘Žȱ
ŒŠ–œ‘ŠĞǯȱ‘’œȱ˜ŸŽ›—˜›ȱŽœ’—ȱ ˜›”œȱŠœȱ˜••˜ œDZ
ȱ Ȋȱ Ž—›’žŠ•ȱ˜›ŒŽȱŠŒ’—ȱ˜—ȱ‘Žȱ›˜Š’—ȱ˜ŸŽ›—˜›ȱ
ŽŠ›ȱŠœœŽ–‹•¢ȱŒŠžœŽœȱ‘ŽȱĚ¢ Ž’‘œȱ˜ȱ–˜ŸŽȱ
˜ž Š›ȱŠœȱœ™ŽŽȱ’—Œ›ŽŠœŽœǯȱ˜ŸŽ›—˜›ȱœ™›’—ȱ
Ž—œ’˜—ȱ–˜ŸŽœȱ‘Ž–ȱ’— Š›ȱŠœȱœ™ŽŽȱŽŒ›ŽŠœŽœǯ
*RYHUQRU6SULQJ
&URVV6KDIW
*RYHUQRU
$UP
+H[1XW
7KURWWOH
/LQNDJH
)LJXUH*RYHUQRU/LQNDJH
ȱ Ȋȱ œȱ‘ŽȱĚ¢ Ž’‘œȱ–˜ŸŽȱ˜ž Š›ǰȱ‘Ž¢ȱŒŠžœŽȱ‘Žȱ
›Žž•Š’—ȱ™’—ȱ˜ȱ–˜ŸŽȱ˜ž Š›ǯ
ȱ Ȋȱ ‘Žȱ›Žž•Š’—ȱ™’—ȱŒ˜—ŠŒœȱ‘ŽȱŠ‹ȱ˜—ȱ‘ŽȱŒ›˜œœȱ
œ‘ŠĞȱŒŠžœ’—ȱ‘Žȱœ‘ŠĞȱ˜ȱ›˜ŠŽǯ
ȱ Ȋȱ —ŽȱŽ—ȱ˜ȱ‘ŽȱŒ›˜œœȱœ‘ŠĞȱ™›˜›žŽœȱ‘›˜ž‘ȱ‘Žȱ
Œ›Š—”ŒŠœŽǯȱ‘Žȱ›˜Š’—ȱŠŒ’˜—ȱ˜ȱ‘ŽȱŒ›˜œœȱœ‘ŠĞȱ’œȱ
›Š—œ–’ĴŽȱ˜ȱ‘Žȱ‘›˜Ĵ•Žȱ•ŽŸŽ›ȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ
‘›˜ž‘ȱ‘ŽȱŽ¡Ž›—Š•ȱ‘›˜Ĵ•Žȱ•’—”АŽǯȱŽŽȱ’ž›Žȱȱ
śȬřŞǯ
ȱ Ȋȱ ‘Ž—ȱ‘ŽȱŽ—’—Žȱ’œȱŠȱ›ŽœǰȱŠ—ȱ‘Žȱ‘›˜Ĵ•Žȱ’œȱ’—ȱ
‘ŽȱȃŠœȄȱ™˜œ’’˜—ǰȱ‘ŽȱŽ—œ’˜—ȱ˜ȱ‘Žȱ˜ŸŽ›—˜›ȱ
œ™›’—ȱ‘˜•œȱ‘Žȱ‘›˜Ĵ•Žȱ™•ŠŽȱ˜™Ž—ǯȱ‘Ž—ȱ‘Žȱ
Ž—’—Žȱ’œȱ˜™Ž›Š’—ǰȱ‘Žȱ˜ŸŽ›—˜›ȱŽŠ›ȱŠœœŽ–‹•¢ȱ
’œȱ›˜Š’—ǯȱ‘Žȱ˜›ŒŽȱŠ™™•’Žȱ‹¢ȱ‘Žȱ›Žž•Š’—ȱ
™’—ȱАВ—œȱ‘ŽȱŒ›˜œœȱœ‘ŠĞȱŽ—œȱ˜ȱŒ•˜œŽȱ‘Žȱ
‘›˜Ĵ•Žȱ™•ŠŽǯȱ‘Žȱ˜ŸŽ›—˜›ȱœ™›’—ȱŽ—œ’˜—ȱŠ—ȱ
‘Žȱ˜›ŒŽȱŠ™™•’Žȱ‹¢ȱ‘Žȱ›Žž•Š’—ȱ™’—ȱ‹Š•Š—ŒŽȱ
ŽŠŒ‘ȱ˜‘Ž›ȱž›’—ȱ˜™Ž›Š’˜—ǰȱ˜ȱ–Š’—Š’—ȱŽ—’—Žȱ
œ™ŽŽǯ
ȱ Ȋȱ ‘Ž—ȱ•˜Šȱ’œȱŠ™™•’ŽȱŠ—ȱ‘ŽȱŽ—’—Žȱœ™ŽŽȱŠ—ȱ
˜ŸŽ›—˜›ȱŽŠ›ȱœ™ŽŽȱŽŒ›ŽŠœŽœǰȱ‘Žȱ˜ŸŽ›—˜›ȱ
œ™›’—ȱŽ—œ’˜—ȱ–˜ŸŽœȱ‘Žȱ˜ŸŽ›—˜›ȱŠ›–ȱ˜ȱ˜™Ž—ȱ
‘Žȱ‘›˜Ĵ•Žȱ™•ŠŽȱ ’Ž›ǯȱ‘’œȱŠ••˜ œȱ–˜›ŽȱžŽ•ȱ
’—˜ȱ‘ŽȱŽ—’—Žǰȱ’—Œ›ŽŠœ’—ȱ‘ŽȱŽ—’—Žȱœ™ŽŽǯȱ
œȱ‘Žȱœ™ŽŽȱ›ŽŠŒ‘Žœȱ‘Žȱ˜ŸŽ›—ŽȱœŽĴ’—ǰȱ‘Žȱ
˜ŸŽ›—˜›ȱœ™›’—ȱŽ—œ’˜—ȱŠ—ȱ‘Žȱ˜›ŒŽȱŠ™™•’Žȱ‹¢ȱ
‘Žȱ›Žž•Š’—ȱ™’—ȱ ’••ȱАВ—ȱ˜ěœŽȱŽŠŒ‘ȱ˜‘Ž›ȱ˜ȱ
‘˜•ȱŠȱœŽŠ¢ȱŽ—’—Žȱœ™ŽŽǯ
$GMXVWPHQWV
DZȱ ˜ȱ—˜ȱŠ–™Ž›ȱ ’‘ȱ‘Žȱ˜ŸŽ›—˜›ȱœŽĴ’—ǯȱ
ŸŽ›œ™ŽŽȱ’œȱ‘УЛ˜žœȱŠ—ȱŒ˜ž•ȱŒŠžœŽȱ
™Ž›œ˜—Š•ȱ’—“ž›¢ǯ
*HQHUDO
‘Žȱ˜ŸŽ›—Žȱœ™ŽŽȱœŽĴ’—ȱ’œȱŽŽ›–’—Žȱ‹¢ȱ‘Žȱ
™˜œ’’˜—ȱ˜ȱ‘Žȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ǯȱȱŒŠ—ȱ‹ŽȱŸŠ›’Š‹•Žȱ˜›ȱ
Œ˜—œŠ—ǰȱŽ™Ž—’—ȱ˜—ȱ‘ŽȱŽ—’—ŽȱŠ™™•’ŒŠ’˜—ǯ
,QLWLDO$GMXVWPHQW
DZȱ ȱŽ—’—Žœȱ›Žšž’›ŽȱŠȱœ™ŽŒ’Š•ȱ’—’’Š•ȱ
Š“žœ–Ž—ȱ™›˜ŒŽž›Žǰȱ ‘’Œ‘ȱ’œȱŒ˜ŸŽ›Žȱ’—ȱ
œž‹œŽŒ’˜—ȱśǯȱŽŽ›ȱ˜ȱȃ—’’Š•ȱ˜ŸŽ›—˜›ȱ
“žœ–Ž—Ȅȱ’—ȱ‘ŠȱœŽŒ’˜—ȱ˜›ȱœŽĴ’—ȱ‘Žȱ
˜ŸŽ›—˜›ȱ˜—ȱȬŽšž’™™ŽȱŽ—’—Žœǯ
3URFHGXUH±&DUEXUHWRU(TXLSSHG(QJLQHV
Š”Žȱ‘’œȱŠ“žœ–Ž—ȱ ‘Ž—ŽŸŽ›ȱ‘Žȱ˜ŸŽ›—˜›ȱŠ›–ȱ’œȱ
•˜˜œŽ—Žȱ˜›ȱ›Ž–˜ŸŽȱ›˜–ȱ‘ŽȱŒ›˜œœȱœ‘ŠĞǯȱŽŽȱ’ž›Žȱ
śȬřŞȱŠ—ȱŠ“žœȱŠœȱ˜••˜ œDZ
ȱ ŗǯȱ Š”Žȱœž›Žȱ‘Žȱ‘›˜Ĵ•Žȱ•’—”АŽȱ’œȱŒ˜——ŽŒŽȱ˜ȱ
‘Žȱ˜ŸŽ›—˜›ȱŠ›–ȱŠ—ȱ‘Žȱ‘›˜Ĵ•Žȱ•ŽŸŽ›ȱ˜—ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ǯ
ȱ Řǯȱ ˜˜œŽ—ȱ‘Žȱ‘Ž¡ȱ—žȱ‘˜•’—ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱ˜ȱ
‘ŽȱŒ›˜œœȱœ‘ŠĞǯ
ȱ řǯȱ ˜ŸŽȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱ˜ Š›ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱŠœȱ
Š›ȱŠœȱ’ȱ ’••ȱ–˜ŸŽȱǻ ’Žȱ˜™Ž—ȱ‘›˜Ĵ•ŽǼȱŠ—ȱ‘˜•ȱ
’—ȱ‘’œȱ™˜œ’’˜—ǯ
ȱ Śǯȱ —œŽ›ȱŠȱ—Š’•ȱ’—˜ȱ‘Žȱ‘˜•Žȱ˜—ȱ‘ŽȱŒ›˜œœȱœ‘ŠĞȱŠ—ȱ
›˜ŠŽȱ‘Žȱœ‘ŠĞȱŒ˜ž—Ž›Œ•˜Œ” ’œŽȱŠœȱŠ›ȱŠœȱ’ȱ ’••ȱ
ž›—ǰȱ‘Ž—ȱ’‘Ž—ȱ‘Ž¡ȱ—žȱœŽŒž›Ž•¢ǯ
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
6HQVLWLYLW\$GMXVWPHQW
˜ŸŽ›—˜›ȱœŽ—œ’’Ÿ’¢ȱ’œȱŠ“žœŽȱ‹¢ȱ›Ž™˜œ’’˜—’—ȱ‘Žȱ
˜ŸŽ›—˜›ȱœ™›’—ȱ’—ȱ‘Žȱ‘˜•Žœȱ˜ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ǯȱȱ
œ™ŽŽȱœž›’—ȱ˜ŒŒž›œȱ ’‘ȱŠȱŒ‘Š—Žȱ’—ȱŽ—’—Žȱ•˜Šǰȱ
‘Žȱ˜ŸŽ›—˜›ȱ’œȱœŽȱ˜˜ȱœŽ—œ’’ŸŽǯȱȱŠȱ‹’ȱ›˜™ȱ’—ȱœ™ŽŽȱ
˜ŒŒž›œȱ ‘Ž—ȱ—˜›–Š•ȱ•˜Šȱ’œȱŠ™™•’Žǰȱ‘Žȱ˜ŸŽ›—˜›ȱ
œ‘˜ž•ȱ‹ŽȱœŽȱ˜›ȱ›ŽŠŽ›ȱœŽ—œ’’Ÿ’¢ǯȱŽŽȱ’ž›ŽȱśȬřşȱ
Š—ȱŠ“žœȱŠœȱ˜••˜ œDZ
ȱ ŗǯȱ ˜ȱ’—Œ›ŽŠœŽȱ‘ŽȱœŽ—œ’’Ÿ’¢ǰȱ–˜ŸŽȱ‘Žȱœ™›’—ȱŒ•˜œŽ›ȱ
˜ȱ‘Žȱ˜ŸŽ›—˜›ȱŒ›˜œœȱœ‘ŠĞǯ
ȱ Řǯȱ ˜ȱŽŒ›ŽŠœŽȱ‘ŽȱœŽ—œ’’Ÿ’¢ǰȱ–˜ŸŽȱ‘Žȱœ™›’—ȱРТȱ
›˜–ȱ‘Žȱ˜ŸŽ›—˜›ȱŒ›˜œœȱœ‘ŠĞǯ
+LJK6SHHG530$GMXVWPHQW5HIHUWR)LJXUH
ȱ ŗǯȱ ’‘ȱ‘ŽȱŽ—’—Žȱ›ž——’—ǰȱ–˜ŸŽȱ‘Žȱ‘›˜Ĵ•Žȱ
Œ˜—›˜•ȱ˜ȱŠœǯȱœŽȱŠȱŠŒ‘˜–ŽŽ›ȱ˜ȱŒ‘ŽŒ”ȱ‘Žȱ
ȱœ™ŽŽǯ
ȱ Řǯȱ ˜˜œŽ—ȱ‘Žȱ•˜Œ”ȱ—žȱ˜—ȱ‘’‘ȱœ™ŽŽȱŠ“žœ’—ȱ
œŒ›Ž ǯȱž›—ȱ‘ŽȱœŒ›Ž ȱ˜ž Š›ȱ˜ȱŽŒ›ŽŠœŽǰȱ˜›ȱ
’— Š›ȱ˜ȱ’—Œ›ŽŠœŽȱ‘Žȱȱœ™ŽŽǯȱ‘ŽŒ”ȱȱ
’‘ȱŠȱŠŒ‘˜–ŽŽ›ǯ
ȱ řǯȱ ‘Ž—ȱ‘ŽȱŽœ’›Žȱȱœ™ŽŽȱ’œȱ˜‹Š’—Žǰȱ
›Ž’‘Ž—ȱ‘Žȱ•˜Œ”ȱ—žǯ
DZȱ ‘Ž—ȱ‘Žȱ‘›˜Ĵ•ŽȱŠ—ȱŒ‘˜”ŽȱŒ˜—›˜•ȱŒŠ‹•Žœȱ
Š›Žȱ›˜žŽȱœ’ŽȬ‹¢Ȭœ’ŽǰȱŽœ™ŽŒ’Š••¢ȱž—Ž›ȱ
Šȱœ’—•ŽȱŒ•Š–™ǰȱ‘Ž›Žȱ–žœȱ‹ŽȱŠȱœ–Š••ȱŠ™ȱ
‹Ž ŽŽ—ȱ‘ŽȱŒŠ‹•Žœȱ˜ȱ™›ŽŸŽ—ȱ’—Ž›—Š•ȱ
‹’—’—ǯȱЎ›ȱ‘Žȱ‘’‘Ȭœ™ŽŽȱœŽĴ’—ȱ‘Šœȱ
‹ŽŽ—ȱŒ˜–™•ŽŽǰȱŒ‘ŽŒ”ȱ‘Šȱ‘Ž›Žȱ’œȱŠȱŠ™ȱ˜ȱ
Šȱ•ŽŠœȱŖǯśȱ––ȱǻŖǯŖŘŖȱ’—ǯǼȱ‹Ž ŽŽ—ȱ‘ŽȱŒ˜—›˜•ȱ
ŒŠ‹•Žœǯ
*RYHUQRU
/HYHU
)LJXUH*RYHUQRU6HQVLWLYLW\$GMXVWPHQWV
7KURWWOH&RQWURO/HYHU
/HIW6LGH3XOO
&KRNH&RQWURO/HYHU
&KRNH&RQWURO&DEOH
.LOO6ZLWFK
&KRNH/LQNDJH
7KURWWOH
&RQWURO
&DEOH
=%HQG
7KURWWOH&RQWURO&DEOH
.LOO6ZLWFK$GMXVWLQJ6FUHZ
'XDO&RQWURO+LJK
6SHHG/HYHU6WRS6FUHZ
'R1RW5HPRYH
+LJK6SHHG
$GMXVWLQJ
6FUHZ
)LJXUH*RYHUQRU&RQWURO&RQQHFWLRQV
&KRNH
&RQWURO
&DEOH
+LJK6SHHG
&RQWURO/HYHU
5LJKW6LGH3XOO
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
(OHFWURQLF*RYHUQRU
*HQHUDO
‘ŽȱŽ•ŽŒ›˜—’Œȱ˜ŸŽ›—˜›ȱ›Žž•ŠŽœȱŽ—’—Žȱœ™ŽŽȱŠȱ
ŸŠ›¢’—ȱ•˜ŠœǯȱȱŒ˜—œ’œœȱ˜ȱŠȱ˜ŸŽ›—˜›ȱŒ˜—›˜•ȱž—’ǰȱ
’’Š•ȱ•’—ŽŠ›ȱŠŒžŠ˜›ȱŠ—ȱ•’—”АŽǯ
˜ŸŽ›—˜›ȱ˜—›˜•ȱ—’ȱǻǼȱœŽ—œŽœȱŽ—’—Žȱœ™ŽŽȱ‹¢ȱ
™ž•œŽȱŸ˜•ŠŽȱ’—™žœȱ›˜–ȱ‘Žȱ’—’’˜—ȱ–˜ž•Žœǯȱ‘Žȱ
ȱ›Žž•ŠŽœȱ‘ŽȱŽ—’—Žȱœ™ŽŽȱ‹¢ȱŸŠ›’Š‹•Žȱ’—™žȱ
Ÿ˜•ŠŽȱ›˜–ȱŠȱŒžœ˜–Ž›Ȭœž™™•’Žȱ™˜Ž—’˜–ŽŽ›ȱ˜›ȱŠȱ
œ’—•Žȱ™˜•Žǰȱœ’—•Žȱ‘›˜ ȱǻǼȱœ ’Œ‘ǯȱ
3RWHQWLRPHWHU6SHFL¿FDWLRQV
)LJXUH(OHFWURQLF*RYHUQRU$VVHPEO\
ȱ
ȱ
ȱ
ȱ
ȱ
ŗǯȱ
Řǯȱȱ
řǯȱȱ
Śǯȱ
śǯȱ
'LJLWDO/LQHDU$FWXDWRU'/$
—Ž›’£’—ȱ‘Žȱ‹’Ȭ’›ŽŒ’˜—Š•ȱ’’Š•ȱ•’—ŽŠ›ȱŠŒžŠ˜›ȱ
Œ˜’•œȱ’—ȱ‘Žȱ™›˜™Ž›ȱœŽšžŽ—ŒŽǰȱŒŠžœŽœȱ‘Žȱ‘›ŽŠŽȱœ‘ŠĞȱ
˜ȱ–˜ŸŽȱ˜žȱ˜ǰȱ˜›ȱ‹ŠŒ”ȱ’—˜ȱ‘Žȱ›˜˜›ǰȱ’—ȱ™›ŽŒ’œŽȱ•’—ŽŠ›ȱ
’—Œ›Ž–Ž—œǯȱ‘Ž—ȱ™˜ Ž›ȱ’œȱ›Ž–˜ŸŽǰȱ‘ŽȱŠŒžŠ˜›ȱ
œ‘ŠĞȱ›Ž–Š’—œȱ’—ȱ™˜œ’’˜—ǯȱ‘Žȱȱ–žœȱ’—’’Š•’£Žȱ
ǻž••¢ȱŽ¡Ž—Ǽȱ˜ȱ–˜ŸŽȱ‘Žȱ‘›˜Ĵ•Žȱ™•ŠŽȱ˜ȱ‘ŽȱŒ•˜œŽȱ
™˜œ’’˜—ǰȱŠ—ȱ™Š›’Š••¢ȱ˜™Ž—ȱ˜›ȱœŠ›’—ǯȱ˜››ŽŒȱ
Š“žœ–Ž—ȱ˜ȱ‘Žȱȱ’œȱŒ›’’ŒŠ•ȱ˜ȱŠŒ‘’ŽŸŽȱ‘Žȱž••ȱ
›Š—Žȱ˜ȱ‘›˜Ĵ•Žȱ™•ŠŽȱ–˜ŸŽ–Ž—ǯȱŽŽȱ“žœ–Ž—ȱ
›˜ŒŽž›Žǯ
’’Š•ȱ’—ŽŠ›ȱŒžŠ˜›
‘›˜Ĵ•Žȱ’—”АŽ
’—”АŽȱ™›’—
‘˜”Žȱ’—”АŽ
‘›˜Ĵ•ŽȱŽŸŽ›ȱŠ™Ž›
:LSHU9ROWDJH
ŖȬŗ
ŗȬş
şȬŗŜ
(QJLQH6SHHG530
•˜ ȱœ™ŽŽȱŽ—™˜’—
ŸŠ›’Š‹•Žȱœ™ŽŽȱŽ—™˜’—
‘’‘ȱœ™ŽŽȱŽ—™˜’—
63676ZLWFK6SHFL¿FDWLRQV
6ZLWFK3RVLWLRQ
™Ž—
•˜œŽ
(QJLQH6SHHG530
•˜ ȱœ™ŽŽȱŽ—™˜’—
‘’‘ȱœ™ŽŽȱŽ—™˜’—
ȘDZȱ ‘ŽȱŠŒžŠ•ȱœ™ŽŽœȱŽ™Ž—ȱ˜—ȱ‘ŽȱŠ™™•’ŒŠ’˜—ǯȱ
ŽŽ›ȱ˜ȱ‘ŽȱŽšž’™–Ž—ȱ–Š—žŠŒž›Ž›ȇœȱ
›ŽŒ˜––Ž—Š’˜—œǯ
*&86DIHW\)HDWXUHV
—ȱ‘ŽȱŽŸŽ—ȱ˜ȱŠ—ȱŽ—’—Žȱ˜ŸŽ›œ™ŽŽȱŒ˜—’’˜—ǰȱ‘Žȱ
ȱ ’••ȱœ‘žȱ˜ —ȱ‘ŽȱŽ—’—Žȱ‹¢ȱ›˜ž—’—ȱ‘Žȱ
’—’’˜—ȱ–˜ž•Žœǯ
*RYHUQRU&RQWURO8QLW
‘Žȱȱ ’••ȱœ‘žȱ˜ —ȱ‘ŽȱŽ—’—Žȱ‹¢ȱ›˜ž—’—ȱ‘Žȱ
’—’’˜—ȱ ‘Ž—ȱ™˜ Ž›ȱ˜ȱ‘Žȱȱ’œȱ•˜œǯ
*RYHUQRU
&RQWURO
8QLW
/LQNDJH
‘Žȱ‘›˜Ĵ•Žȱ•’—”АŽȱœ™›’—ȱ ’••ȱž••¢ȱ˜™Ž—ȱ‘Žȱ‘›˜Ĵ•Žȱ
™•ŠŽȱ’ȱ‘Žȱ•’—”АŽȱ‹ŽŒ˜–ŽœȱŽŠŒ‘Žȱ›˜–ȱ‘Žȱǯȱ
‘’œȱ ’••ȱŒ›ŽŠŽȱŠ—ȱ˜ŸŽ›œ™ŽŽȱŒ˜—’’˜—ȱŒŠžœ’—ȱ‘Žȱ
Ž—’—Žȱ˜ȱœ‘žȱ˜ —ǯȱ‘Žȱȱœ‘ŠĞȱ ’••ȱ‘ŠŸŽȱ˜ȱ
‹Žȱ–Š—žŠ••¢ȱœŒ›Ž Žȱ‹ŠŒ”ȱ’—˜ȱ‘Žȱ‹˜¢ǰȱŠ—ȱ‘Ž—ȱ
›Ž›ŠŒŽȱ‹Ž˜›Žȱ›ŽŠœœŽ–‹•’—ȱ‘Žȱ•’—”АŽǯ
)LJXUH*RYHUQRU&RQWURO8QLW/RFDWLRQV
6HFWLRQ
)XHO6\VWHPDQG*RYHUQRU
$GMXVWPHQW3URFHGXUH
‘Žȱȱ–žœȱ‹Žȱ’—ȱ‘Žȱž••¢ȱ›Ž›ŠŒŽȱ™˜œ’’˜—ȱž›’—ȱŠœœŽ–‹•¢ǯȱ‘Žȱž••ȱ›Š—Žȱ˜ȱ‘›˜Ĵ•Žȱ™•ŠŽȱ–˜ŸŽ–Ž—ȱ
’••ȱ—˜ȱ‹ŽȱŠŒ‘’ŽŸŽȱ’ȱ‘Žȱȱ’œȱ™Š›’Š••¢ȱŽ¡Ž—Žȱ ‘Ž—ȱŠœœŽ–‹•Žǯȱ˜˜œŽ—ȱ‘Žȱ ˜ȱȱ–˜ž—’—ȱ™•ŠŽȱ
œŒ›Ž œȱ•˜ŒŠŽȱ˜—ȱ‘Žȱ˜™ȱ˜ȱ‘ŽȱŠŒžŠ˜›ȱ™•ŠŽǯȱ’‘ȱ‘Žȱ‘›˜Ĵ•Žȱ•’—”АŽȱŒŽ—Ž›Žȱ’—ȱ‘ŽȱȬ•’™ȱ˜›ȱœŽŒž›Žȱ ’‘ȱ
Šȱ›ŽŠ’—’—ȱŒ•’™ȱŠȱ‘ŽȱŽ—ȱ˜ȱ‘Žȱȱœ‘ŠĞǰȱœ•’Žȱ‘Žȱȱ‹›ŠŒ”ŽȱŠœœŽ–‹•¢ȱ‹ŠŒ”ȱž—’•ȱ‘Žȱ‘›˜Ĵ•Žȱ™•ŠŽȱ’œȱž••¢ȱ
˜™Ž—ǯȱ˜›šžŽȱ‘Žȱ–˜ž—’—ȱ™•ŠŽȱœŒ›Ž œȱ˜ȱŘǯśȱȉ–ȱǻŘŘȱ’—ǯȱ•‹ǯǼǯ
7URXEOHVKRRWLQJ3URFHGXUH
(QJLQHVWDUWVEXWZLOOQRWFRQWLQXHWRUXQ
ȱ ŗǯȱ ‘ŽŒ”ȱ‘Žȱ•’—”АŽȱŒ˜——ŽŒ’˜—ȱ‹Ž ŽŽ—ȱ‘Žȱȱ
Š—ȱ‘›˜Ĵ•Žȱ™•ŠŽǯ
(QJLQHGRHVQRWUXQDWWKHH[SHFWHGVSHHG
ȱ ŗǯȱ ‘ŽŒ”ȱ˜ȱœŽŽȱ‘Šȱ‘Žȱ‘›˜Ĵ•Žȱ•’—”АŽȱŠ—ȱȱ
‘ŠŸŽȱž••ȱ›Š—Žȱ˜ȱ–˜’˜—ȱ‘ŠŸ’—ȱ—˜ȱ–ŽŒ‘Š—’ŒŠ•ȱ
’—Ž›Ž›Ž—ŒŽǯ
ȱ Řǯȱ Ž›’¢ȱ‘Žȱȱ’—’’Š•’£Žœȱ ‘Ž—ȱ™˜ Ž›ȱ’œȱ
œž™™•’Žȱǻ”Ž¢ȱœ ’Œ‘ȱ’—ȱ‘ŽȱœŠ›ȱ˜›ȱ›ž—ȱ™˜œ’’˜—Ǽǯ
ȱ Řǯȱ Žœȱ‘Žȱ™˜Ž—’˜–ŽŽ›ȱ ’™Ž›ȱŸ˜•ŠŽȱǻ’ȱ
Žšž’™™ŽǼǯ
ȱ řǯȱ Žœȱ‘Žȱ™˜Ž—’˜–ŽŽ›ȱ ’™Ž›ȱ˜ž™žȱŸ˜•ŠŽȱǻ’ȱ
Žšž’™™ŽǼǯ
ȱ řǯȱ Žœȱ‘Žȱȱœ ’Œ‘ȱǻ’ȱŽšž’™™ŽǼǯ
ȱ Śǯȱ Žœȱ‘Žȱȱœ ’Œ‘ȱǻ’ȱŽšž’™™ŽǼǯ
ȱ śǯȱ ‘ŽŒ”ȱ‘Žȱ ’›Žȱ‘Š›—ŽœœȱŠ—ȱŒ˜——ŽŒ’˜—œǯ
Section 5A
LPG Fuel Systems
Section 5A
LPG Fuel Systems
WARNING: Explosive Fuel!
LPG is extremely flammable, is heavier than air, and tends to settle in low areas where a spark or flame could ignite the gas.
Do not start or operate this engine in a poorly ventilated area where leaking gas could accumulate and endanger the safety of
persons in the area.
Proper service and repair of LPG fuel systems requires qualified technicians and special equipment. Many states
require special licensing or certification for LPG repair shops and/or technicians. Check state and local
regulations before attempting any adjustment, service, or repair of the LPG system or components. Faulty
repairs by unqualified or underqualified personnel can have very serious ramifications. The information in this
segment is for the exclusive use of qualified LPG service providers.
LPG Fuel System Components
The typical “liquid withdrawal” LPG fuel system consists of the following components:
• LPG Fuel Tank (Liquid Withdrawal)
• Electric Lock-Off/Filter Assembly
• Vaporizer
• LPG Regulator (Combination Primary/Secondary/Vacuum Lock-Off)
• LPG Carburetor
• High Pressure Fuel Line(s)
• Vacuum Line
Fuel Line
Vaporizer
Vacuum Line
Lock-Off/Filter
Assembly
LPG Regulator
Figure 5A-1.
5A.1
5A
Section 5A
LPG Fuel Systems
Operation
In a liquid withdrawal system, the Liquefied
Petroleum Gas (LPG) is released from the bottom of
the supply tank under high pressure. Upon opening
the shut-off valve on the tank, liquid fuel travels out
through the high pressure line to the electric lock-off/
filter assembly. The lock-off opens internally when the
key switch is turned “on,” permitting filtered fuel to
flow to the vaporizer. The vaporizer is mounted in the
flow of the discharged cooling air. It absorbs heat from
the cooling air and transfers it to the fuel, changing the
liquefied petroleum to a vapor or gaseous state, while
partially stepping down the fuel pressure. The gas/
vapor flows under this decreased pressure to the
regulator where it is further reduced to a usable,
regulated pressure. The regulator, activated by intake
manifold vacuum, controls fuel flow to the carburetor.
In the venturi of the carburetor, the fuel vapor is
mixed with incoming air from the air cleaner in the
correct ratio for efficient combustion.
Troubleshooting Checklist
If the engine starts hard, runs roughly, or stalls, check
the following areas.
•
Make sure the LPG fuel tank is filled and shut-off
valve is fully opened.
•
Make sure fuel is reaching the carburetor.
•
Make sure the air cleaner element and precleaner
are clean and all components are fastened
securely.
•
Make sure the ignition, governor, exhaust,
throttle, and choke control systems are all
operating properly.
•
Check compression.
If engine continues to start hard, run roughly, or stall
after these checks have been made, use the following
troubleshooting guide.
Engine cranks but will not start
1. LPG fuel tank closed, low, or empty.
2. Lock-off not opening electrically, preventing fuel
flow to vaporizer.
3. Fuel filter (located inside lock-off) dirty or
blocked.
5A.2
4. Insufficient vacuum signal, regulator not opening.
a. Vacuum line between carburetor and
regulator cracked, leaking, kinked, or pinched.
b. Carburetor loose.
c. Intake manifold loose or leaking.
d. Excessive internal engine wear.
5. Faulty regulator.
a. Primary valve not opening.
b. Diaphragm spring adjustment incorrect.
c. Idle adjustment screw incorrectly set.
d. Vent(s) blocked/restricted.
6. Restricted/blocked fuel line.
7. Blocked carburetor fuel circuit.
8. Loose/leaking fuel enrichment hose (Impco
carburetor system).
Hard starting, runs roughly, or stalls at idle speed
1. LPG fuel tank low.
2. Vacuum line between carburetor and regulator
pinched, cracked, or leaking.
3. Carburetor idle speed set too low (should be at
least 1200 RPM).
4. Carburetor idle circuit restricted.
5. Dirty/restricted air cleaner.
6. Dirty/restricted lock-off filter.
7. Frozen/malfunctioning regulator. Check/adjust
primary pressure.
8. Excessive external load on engine.
9. Excessive internal wear.
10. Loose/leaking fuel enrichment hose (Impco
carburetor system).
Irregular or inconsistent idle
1. Improper operation/adjustment of regulator, idle
adjustment screw, throttle opening, and/or engine
governor.
2. Secondary valve in regulator not closing. Readjust
idle screw (couterclockwise) so valve can close
fully against seat.
3. Loose/leaking vacuum line.
4. Loose carburetor mounting and/or line
connections.
5. Damaged diaphragm(s) within regulator.
6. Debris in regulator. Flush debris from drain plug
or remove regulator from system, disassemble
body and remove debris.
7. Dirt or debris in carburetor. Remove carburetor,
disassemble and clean/service as required. If
venturi (Impco carburetor) removal is performed,
mark its orientation to the carburetor body for
proper reinstallation.
8. Loose/leaking fuel enrichment hose (Impco
carburetor system).
Section 5A
LPG Fuel Systems
Engine stalls during operation
1. No fuel.
2. Faulty lock-off or blocked filter.
3. Improper governor setting.
4. Damaged diaphragms within regulator.
5. Vacuum line leaking, loose, or pinched.
6. Restricted fuel line.
7. Loose/leaking fuel enrichment hose (Impco
carburetor system).
Low power
1. Air cleaner or exhaust system dirty/restricted.
2. Low fuel.
3. Rich gas condition (flooding) through regulator.
a. Dirty/restricted valves in regulator.
b. Damaged primary diaphragm in regulator.
4. No fuel.
a. Electric lock-off not opening, filter blocked, or
restriction within fuel line.
b. Leaking, loose, or cracked vacuum line from
carburetor to regulator.
c. Leaking, or loose intake system components.
d. Regulator primary valve not opening.
e. Secondary, or vacuum lock-off diaphragm
within regulator leaking.
f. Low pressure rubber hose kinked.
g. Frozen regulator.
5. Improper ignition timing.
6. Loose/incorrect throttle lever/clamp bracket
positioning.
7. Loose or incorrectly positioned high speed
throttle plate stop.
LPG Carburetor Adjustments
General
The LPG carburetor and regulator are designed to
deliver the correct fuel-to-air mixture to the engine
under all operating conditions. The high and low idle
fuel mixture settings are preset at the factory, and
cannot be adjusted. These engines are equipped with
an Impco or Nikki carburetor. See Figure 5A-2 and
5A-3. Although both carburetors function similarly,
each is unique and should not be interchanged.
Load Block Assembly
Fuel Enrichment
Hose
Venturi
Retaining
Screw
Idle Speed
Adjusting Screw
Fuel Inlet
Figure 5A-2. Impco Carburetor.
Choke Plate/Shaft Assembly
Rear Plug
with Sealing
Washer
Transfer
Chamber
Cover
Engine runs lean
1. Electrical problem causing intermittent lock-off
operation, or lock-off is faulty.
2. Filter in lock-off dirty or restricted.
3. Restriction in fuel system.
4. Idle holes plugged; dirt in fuel delivery channels.
5. Carburetor fuel circuit restriction.
6. Loose/leaking fuel enrichment hose (Impco
carburetor system).
Figure 5A-3. Nikki Carburetor.
High fuel consumption
1. Fuel leak. Check lines, connections, and system
components for leaks with soapy water. Fix any
leaks immediately.
2. Incorrectly set regulator, or leakage from valves
in regulator. Readjust, service, or replace
regulator as required.
3. Dirty air cleaner or precleaner.
4. Choke plate in carburetor not opening
completely.
Impco carburetors also incorporate the use of an
external ‘‘Load Block’’ assembly, which controls the
final fuel flow to the carburetor for all throttle
positions except idle. See Figure 5A-2. Calibrated and
flow-matched to the carburetor, it functions similarly
to preset fuel mixture settings in other carburetors.
The load block assembly is not available separately,
nor is any internal servicing permitted or possible. If a
problem is encountered and determined to be caused
by the load block, the carburetor should be replaced.
Fuel Inlet
Plastic Bushing
Vacuum Port
Idle Speed
Adjusting Screw
5A.3
5A
Section 5A
LPG Fuel Systems
High Altitude Operation
The standard carburetor calibrations will provide
proper operation up to altitudes of 1500 m (5000 ft.).
No internal changes are necessary or available for
either carburetor.
NOTE: Carburetor adjustments should be made only
after the engine has warmed up.
Idle Speed Adjustment
1. Start the engine and run at half throttle for 5 to 10
minutes. Check that the throttle and choke (Nikki
carburetor) plates can open fully.
Impco Carburetor
1. Turn off fuel supply at tank.
2. Remove the air cleaner, breather hose, fuel line,
vacuum hose, choke, and throttle linkages.
Remove the mounting hardware, carburetor, and
gaskets from the engine. Discard the gaskets.
3. The carburetor venturi may be removed for
inspection and appropriate cleaning.
a. Remove the four screws securing the air
cleaner adapter and gasket to the carburetor.
See Figure 5A-4.
2. Place the throttle control into the “idle” or
“slow” position. Turn the low idle speed
adjusting screw (See Figure 5A-2 or 5A-3) in or
out, to obtain a low idle speed of 1200 RPM (± 75
RPM), or set to application specifications. Check
the speed using a tachometer.
NOTE: The actual low idle speed (RPM) depends on
the application. Refer to the equipment
manufacturer’s recommendations. The low
idle speed for basic engines is 1200 RPM.
LPG Fuel System Component Service
LPG Carburetor - Cleaning
The carburetor may be cleaned if necessary. Removal
from the engine and limited disassembly will aid in
cleaning.
NOTE: Impco Carburetor: Do not loosen or alter the
mounted position of the clamping brackets
and/or stop collar on the throttle shaft. Each
is preset, in correlation to a specific position
of the throttle plate (shaft), or acts as a stop.
None of these attached components,
including the throttle plate or shaft, requires
disassembly or removal for any carburetor
servicing. All the components on the throttle
shaft should be left intact. If the settings of
any one of these is inadvertently loosened or
altered, each must be checked/reset, or
performance and operation will be affected.
Refer to the procedure included in the
reassembly/installation sequence to check or
reset.
Figure 5A-4.
b. Important: Mark a small line on the outer
edge of the venturi for proper orientation and
reinstallation later.
c. Loosen the venturi retaining screw on the side
of the carburetor body and lift out the
venturi. See Figure 5A-5.
Figure 5A-5.
5A.4
Section 5A
LPG Fuel Systems
4. Inspect the overall condition of the fuel
enrichment hose attached to the carburetor. It
must be free of cracks, deterioration, and damage.
Disconnect the fuel enrichment hose from the
carburetor fittings to clean or check condition as
required. See Figure 5A-6. Replace with a new
Kohler high pressure hose (LP rated) if the
condition is questionable in any way. Secure new
hose using new clamps.
Nikki Carburetor
1. Turn off fuel supply at tank.
2. Remove the air cleaner, breather hose, fuel line,
vacuum hose, choke, and throttle linkages.
Remove the nuts, carburetor, and gaskets from
the engine. Discard the gaskets.
3. Remove the fuel transfer chamber cover by
removing the three screws. See Figure 5A-3.
Carefully remove the cover and gasket. Discard
the gasket.
4. The main jet is fixed and nonadjustable, but may
be accessed for cleaning by removing the rear
plug and sealing washer. Discard the washer.
Figure 5A-6.
5. Clean all parts as required, use a good carburetor
cleaner, following the manufacturer's
instructions. Blow clean, compressed air through
all the passages. Do not poke or probe into the
load block assembly as damage can be done,
resulting in serious operational problems. See
Figure 5A-7.
5. In order to clean the off-idle transfer passages
and carburetor thoroughly, use a good carburetor
cleaner and follow the manufacturer's
instructions. Blow clean, compressed air through
the passages and make sure all are open before
reassembling. Do not use wire or metal objects to
clean passages or carburetor body.
LPG Carburetor - Inspection
1. Inspect the carburetor body and removable
venturi (Impco carburetor) for cracks, holes, and
other wear or damage.
2. Check the choke shaft (Nikki carburetor only)
and the throttle shaft for wear and free
movement.
NOTE: Do not attempt to disassemble or
remove either shaft from the carburetor
body, including the mounted clamp
brackets on Impco style carburetors. The
screws, attaching the choke and throttle
plate to their respective shafts are staked
or bonded to prevent loosening. The
plate(s) and shaft(s) are not available
separately. If detrimental wear or
damage is found in any of the parts, the
carburetor should be replaced.
Figure 5A-7.
5A.5
5A
Section 5A
LPG Fuel Systems
LPG Carburetor - Reassembly
Impco Carburetor
1. Slide the venturi into the carburetor body,
aligning the position mark made prior to
removal. Correctly installed, the discharge holes
should not be visible from the top.
Idle Speed Clamp Bracket Position
1. Counting the number of turns, back the idle
speed adjustment screw off (counterclockwise),
so only 1 to 1 1/2 of the threads are visible. See
Figure 5A-8.
2. Secure with the venturi retaining screw. Torque
the screw to 4.0 N·m (36 in. lb.).
3. Install a new adapter gasket and mount the air
cleaner adapter onto the carburetor with the four
screws. Torque the screws to 4.0 N·m (36 in. lb.).
Idle Speed
Clamp
Bracket
Mounting
Screw
4. Install a new carburetor gasket onto the intake
manifold adapter, followed by the carburetor.
Install and finger tighten the mounting fasteners.
5. Connect the ‘‘Z’’ end of the throttle linkage and
the dampening spring to the throttle clamp
bracket on the throttle shaft. Attach the opposite
end of linkage and spring to the governor lever.
NOTE: The clamp brackets and stop collar
mounted on the throttle shaft should still
be in their original positions (See Figure
5A-2), and not require any readjustment/
resetting. Continue with steps 6 and 7. If
the mounted position of any one of these
was affected or changed, it will be
necessary to check and reset the position
of each before proceeding. Follow the
complete instructions listed after step 7,
then continue with steps 6 and 7.
Figure 5A-8. Backing Off Idle Speed Screw.
2. Loosen the clamp bracket mounting screw, and
pivot the throttle shaft to fully close the throttle
plate. See Figure 5A-9.
6. Manually move the governor lever toward the
carburetor as far as it will go.
7. Check that the throttle plate is now fully open or
reposition the carburetor slightly on the
mounting screws so it is fully open. Torque the
mounting screws to 9.9 N·m (88 in. lb.).
Instructions for Checking/Positioning the Clamp
Brackets Mounted on the Throttle Shaft
Use only if the position or mounting of the clamp
bracket(s) has been disturbed. Figures show the
carburetor removed from the engine for clarity.
5A.6
Figure 5A-9. Closing Throttle Plate.
3. Hold the throttle plate closed and rotate the
clamp bracket until the end of the screw contacts
the stop. Insert a 0.025 mm (0.001 in.) feeler gauge
between the carburetor housing and the side of
the clamp bracket to set the endplay, then tighten
the mounting screw securely. See Figure 5A-10.
Section 5A
LPG Fuel Systems
3. Insert a 0.025 mm (0.001 in.) feeler gauge between
the side of the stop collar and the carburetor
housing, then check or set the position of the stop
collar. The head of the mounting screw must be
in contact with the carburetor boss from the back
(hose/fitting) side, preventing any further
rotation over center. Set or adjust the stop collar
as required. See Figure 5A-12.
Figure 5A-10. Tightening Idle Speed Clamp
Mounting Screw.
High Speed Stop
Collar
4. Reset the idle speed adjustment screw back to the
original position.
High Speed/Stop Collar Position
1. Make sure the idle speed clamp position has
already been checked or properly set.
2. Rotate and hold the throttle shaft so the throttle
plate is fully open/perfectly vertical. See Figure
5A-11.
5A
Figure 5A-12. Adjusting/Setting Stop Collar.
4. Tighten the screw securely.
NOTE: After the idle speed clamp bracket and the
high speed stop collar positions have been
set, check that the throttle shaft pivots freely
without binding or restriction.
Throttle Linkage Clamp Bracket Position
Carburetor must be assembled to engine with linkage
attached to set this position.
High Speed Stop
Collar
1. The throttle linkage clamp bracket should be
positioned as shown in Figure 5A-13 on the idle
speed clamp bracket side of the throttle shaft.
Figure 5A-11. Full Throttle Position.
Throttle
Linkage
Clamp Bracket
Figure 5A-13. Throttle Linkage Clamp Bracket
Position.
5A.7
Section 5A
LPG Fuel Systems
2. Manually move the governor lever, with the
throttle linkage connected, toward the carburetor as
far as it will go. Hold it in this position.
3. Looking down the throat of the carburetor, check
that the throttle plate is in the full throttle position
and that the head of the high speed collar stop
screw is in contact with the carburetor boss. If not,
loosen the carburetor mounting screws and
reposition the carburetor slightly. Torque the
carburetor mounting screws to 9.9 N·m (88 in. lb.).
NOTE: If additional adjustment is required,
loosen the throttle linkage clamp bracket
mounting screw, set the throttle shaft to
the full throttle position against the head
of the stop screw, and retighten the clamp
mounting screw securely. See Figure
5A-14.
6. Check to be sure all system connections are tight.
7. Reset idle RPM and recheck high idle (governed
speed) after starting and allowing sufficient
warm-up time.
Electric Lock-Off/Filter Assembly - Functional Test
The electric lock-off can be easily tested to verify that
it is functional. Remove it from the system for testing.
Using a 12 volt power supply or battery, connect one
wire lead to the positive (+) lead of power supply, and
touch remaining wire lead to negative (-) lead of
power supply. When connection is made, an audible
“click” should be heard indicating the opening of the
lock-off. While energized, blow compressed air
through it to determine if it is blocked or restricted.
Figure 5A-15.
Figure 5A-14. Tightening Throttle Linkage Clamp
Bracket.
Nikki Carburetor
1. Reinstall the rear plug with a new sealing washer.
Tighten the plug securely.
2. Reinstall fuel transfer chamber cover with a new
gasket. Secure with the three screws.
3. Install new carburetor mounting gasket on
manifold studs, followed by the carburetor and
new air cleaner base gasket.
Figure 5A-16.
4. Reconnect the throttle and choke linkages, and
the fuel and vacuum lines.
5. Reinstall the air cleaner base and breather tube.
Secure base with two mounting nuts. Torque nuts
to 9.9 N·m (88 in. lb.). Install the rest of the air
cleaner system.
5A.8
Electric Lock-Off/Filter Assembly - Filter Service
The filter inside the lock-off assembly should be
replaced every 500 hours of operation, or if it becomes
blocked or restricted. Cleaning of the filter element is
not recommended. Order a replacement filter element
by the appropriate Kohler part number.
Section 5A
LPG Fuel Systems
Vaporizer Assembly
The outer surface of the vaporizer should be kept free
of dirt and debris accumulation, which will cause a
loss of vaporization efficiency. Visual inspection and
necessary cleaning should be performed on a regular
basis, more frequently under dusty or dirty
conditions. The vaporizer should be disassembled,
cleaned, and serviced using a rebuild kit every 1500
hours or if a problem is encountered.
Figure 5A-18. Impco (Beam) Regulator.
5A
Figure 5A-17.
LPG Regulator
The regulator controls both the pressure and flow of
fuel within the LP system. It is comprised of both a
primary and secondary chamber, which are dependent
upon one another. Two different styles of regulators
are used, based upon the system involved. The Impco
(Beam) regulator is shown in Figure 5A-18, and the
Nikki regulator is shown in Figure 5A-19. Although
the basic design and operating principles are similar,
due to system differences the regulators should not be
interchanged.
Figure 5A-19. Nikki Regulator.
Following are separate sections covering the theory of
operation and general service information for each
style of regulator. Detailed service/repair instructions
are included in the rebuild kit for each regulator.
5A.9
Section 5A
LPG Fuel Systems
Impco (Beam) Regulator (See Figure 5A-20)
LPG vapor enters at point (A), then passes into
primary area (B) at point (28), where pressure is
reduced from up to 250 psi at the tank to 4.5 psi in
area (B). Fuel pressure against diaphragm (2)
overcomes spring (3) and as movement increases,
spring (5) will close lever (6). The primary diaphragm
breather (not shown in drawing) is vented to
secondary chamber so that rupture of this diaphragm
would direct fuel into the carburetor.
19
1
17
14
20
15
5
E
2
25
18
16
3
B
13
H
4
12
K
Fuel now moves through passage (E), past secondary
valve (25) into secondary area (C). As negative
pressure (vacuum) is created at the carburetor venturi
and is transmitted through the dry-gas hose to
chamber (C) secondary diaphragm (12) is drawn
down and contacts the secondary lever (16). Fuel will
flow in proportion to air velocity through the
carburetor venturi, ensuring an ideal mixture at all
engine speeds.
Whenever the engine is operating, the vacuum
diaphragm (10) is down against the floor (H) and the
spring (11) is compressed. The idle and starting
adjustment is made with a tamper-resistant screw (17)
which regulates the whisker wire system (not shown),
opening up the secondary orifice slightly (but only
when the vacuum diaphragm is drawn down). Very
little vacuum is needed to start this vacuum
diaphragm travel: 0.2 in. Mercury to start and 0.5 in.
Mercury for full travel. The instant the engine stops
rotating, loss of vacuum in section (D) releases
diaphragm (10) causing bumper (K) to push against
secondary lever (16), overcoming action of whisker
wire and ensuring 100% lock-off.
This patented Beam design will lock off primary
pressures up to five times in excess of normal and
permits starting without priming or choking.
5A.10
D
6
7
C
28
11
A
8
10
9 21
1. 1/8-27 NPT Plug
2. Primary Diaphragm Assembly
3. Primary Spring
4. Expansion Plug
5. Secondary Diaphragm Spring
6. Primary Lever Assembly
7. Fillister Head Screw
8. Primary Pivot Pin
9. Torx Head Screw
10. Vac Lock Diaphragm
Assembly
11. Vac Lock Spring
Figure 5A-20.
12. Secondary Diaphragm
13. Pan Head Screw
14. Secondary Lever Spring
15. Secondary Pivot Pin
16. Secondary Lever
Assembly
17. Adjustment Screw
18. Pan Head Screw
19. Expansion Plug
20. Diaphragm Gasket
21. Split Lock Washer
Section 5A
LPG Fuel Systems
Nikki Regulator Primary Chamber
(See Figure 5A-21)
The primary chamber reduces the high pressure fuel
flow from the tank and vaporizer down to
approximately 4 psi. Fuel flowing from the vaporizer
enters the inlet of the regulator under approximately
76 kPa (11 psi) of pressure. There it is delivered to the
primary chamber (3) through the clearance between
the primary valve (1) and valve seat (2). As fuel
continues to flow and the primary chamber
approaches 29 kPa (4 psi), the primary diaphragm (4)
overcomes the tension of the diaphragm spring (5). As
the diaphragm (4) and contact button (6) move up, the
primary lever spring (8) pushes the primary lever (7)
up, in turn closing the primary valve (1) and stopping
the flow of fuel. As fuel is consumed and the pressure
in the primary chamber drops below 29 kPa (4 psi), the
diaphragm spring (5) tension will be greater than the
fuel pressure, causing the primary diaphragm (4) to be
pushed down. This causes the contact button (6), to
push the primary lever (7) down, in turn opening the
primary valve (1) and admitting more fuel. In this
manner, the pressure within the primary chamber is
maintained at a relatively constant 29 kPa (4 psi).
9
7
4
5
1
6
3
2
8
Fuel
Inlet
To Secondary Chamber
1. Primary Valve
6. Contact Button
2. Primary Valve Seat
7. Primary Valve Lever
3. Primary Chamber
8. Primary Lever Spring
4. Primary Diaphragm
9. Primary Pressure
5. Primary Diaphragm Spring Adjustment
Figure 5A-21. Primary Chamber.
Nikki Regulator Secondary Chamber
(See Figure 5A-22)
The secondary chamber further reduces the fuel
pressure from the 29 kPa (4 psi) of the primary
chamber to near 0 kPa (0 psi) pressure, to prevent
excessive fuel flow to the carburetor. Fuel enters the
secondary chamber (13) through the clearance
between the secondary valve (11) and the valve seat
(12). While the engine is operating, and fuel is being
drawn from the secondary chamber, the secondary
diaphragm (14) is raised by atmospheric pressure,
simultaneously lifting the secondary valve lever (16),
opening the secondary valve (11), allowing fuel to
flow. When the engine is running at idle, there may
not be enough vacuum created in the carburetor
venturi to overcome the tension of the secondary
diaphragm spring (15), and the secondary diaphragm
cannot open the valve. Under those conditions, the
idle adjusting screw (18), and balance spring (19) are
used to apply just enough pressure on the diaphragm
(14) to maintain sufficient fuel flow for idle operation.
The vacuum lock-off mechanism is located in the
secondary chamber. When the engine is running,
manifold vacuum above the diaphragm (17) draws it
up, so the secondary valve can function normally.
When the engine is stopped, manifold vacuum is
terminated, and the diaphragm relaxes and pushes
down on the secondary valve lever, preventing any
fuel flow or leakage through the regulator.
From Primary
Chamber
12
17
To Intake
Manifold
11
13
To
15 16
18
Carburetor
11. Secondary Valve
12. Secondary Valve Seat
13. Secondary Chamber
14. Secondary Diaphragm
15. Secondary Diaphragm Spring
19
14
16. Secondary Valve Lever
17. Vacuum Lock-Off
Diaphragm
18. Idle Adjust Screw
19. Balance Spring
Figure 5A-22. Secondary Chamber.
5A.11
5A
Section 5A
LPG Fuel Systems
Preventative Maintenance
The regulator is preset at the factory and generally
requires no further adjustment. No periodic service is
required. Over time, depending on fuel quality,
operating environment, and system performance, fuel
deposits can accumulate inside the regulator. Those
regulators containing a drain plug (Nikki) should be
drained every 500 hours to remove any accumulated
deposits. See Figure 5A-23.
Regulator Service
Every 1500 hours it is recommended that
disassembly, cleaning, and resetting of the regulator
be performed using the regulator rebuilding kit
available. Specific instructions are included in the
rebuilding kit. Perform the regulator service
following the instructions provided. As all
adjustments and settings must be reset using specific
test equipment, this must be performed by qualified
LP personnel only.
Impco (Beam) Regulator Service
Kohler repair kit 24 757 40-S should be used to service
the regulator every 1500 hours, or whenever cleaning
and servicing is required.
Nikki Regulator Service
Kohler repair kit 24 757 39-S should be used every
1500 hours.
Regulator Drain Plug
Figure 5A-23. Regulator Drain Plug (Some Models).
1. Turn supply valve off, run engine out of fuel, and
turn off ignition switch.
2. Disconnect and ground the spark plug leads.
3. Remove the 1/8" pipe plug from bottom of
regulator and drain any accumulated deposits.
See Figure 5A-23.
4. Reinstall plug using pipe sealant with Teflon®
(Loctite® 592 or equivalent) on threads and
tighten securely. If required, a replacement plug
is available as Kohler Part No. X-75-23-S.
5A.12
6HFWLRQ%
(),)XHO6\VWHP
6HFWLRQ%
(OHFWURQLF)XHO,QMHFWLRQ(),
)XHO6\VWHP
&RQWHQWV
3DJHV
'HVFULSWLRQ
ȱ
—’’Š•ȱŠ›’—Ȧ›’–’—ȱ›˜ŒŽž›Žȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯŘ
ȱ
žŽ•ȱŽŒ˜––Ž—Š’˜—œȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŘȬśǯř
ȱ
ȱžŽ•ȱ¢œŽ–ȱ˜–™˜—Ž—œȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯř
ȱ
™Ž›Š’˜—ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯřȬśǯŚ
ȱ
–™˜›Š—ȱŽ›Ÿ’ŒŽȱ˜Žœȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯŚ
(OHFWULFDO&RPSRQHQWV
ȱ
•ŽŒ›˜—’Œȱ˜—›˜•ȱ—’ȱǻǼȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŚȬśǯś
ȱ
—’—Žȱ™ŽŽȱŽ—œ˜›ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯŜ
ȱ
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱǻǼȱŠ—ȱ—’’Š•’£Š’˜—ȱ›˜ŒŽž›ŽœȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŝȬśǯŗŖ
ȱ
—’—Žȱǻ’•ǼȱŽ–™Ž›Šž›ŽȱŽ—œ˜›ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŗŖȬśǯŗŗ
ȱ
¡¢Ž—ȱŽ—œ˜›ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŗŗȬśǯŗř
ȱ
•ŽŒ›’ŒŠ•ȱޕТȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŗřȬśǯŗŚ
ȱ
žŽ•ȱ—“ŽŒ˜›œȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŗŚȬśǯŗŝ
ȱ
—’’˜—ȱ¢œŽ–ǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŗŝȬśǯŗŞ
ȱ
™Š›”ȱ•žœȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯŗŞ
ȱ
’›’—ȱ
Š›—ŽœœȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŗŞȬśǯŗş
ȱ
ŠĴŽ›¢ȱ‘Š›’—ȱ¢œŽ–ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯŗş
)XHO&RPSRQHQWV
ȱ
žŽ•ȱž–™ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŗşȬśǯŘŖ
ȱ
žŽ•ȱ›Žœœž›Žȱސž•Š˜›ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŘŖȬśǯŘŘ
ȱ
žŽ•ȱ’•Ž›ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯŘŘ
ȱ
žŽ•ȱŠ’•ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯŘŘ
ȱ
žŽ•ȱ’—ŽȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŘŘȬśǯŘř
ȱ
‘›˜Ĵ•Žȱ˜¢Ȧ—Š”ŽȱŠ—’˜•ȱœœŽ–‹•¢ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯŘř
ȱ
•Žȱ™ŽŽȱ“žœ–Ž—ȱǻǼȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŘřȬśǯŘŚ
ȱ
—’’Š•ȱ˜ŸŽ›—˜›ȱ“žœ–Ž—ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŘŚȬśǯŘŜ
7URXEOHVKRRWLQJ
ȱ
›˜ž‹•Žœ‘˜˜’—ȱž’Žȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯŘŜ
ȱ
•ŽŒ›’ŒŠ•ȱ¢œŽ–ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŘŝȬśǯřř
ȱ
žŽ•ȱ¢œŽ–ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ śǯřŚ
ȱ
Šž•ȱ˜ŽœȱȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯřŚȬśǯŚř
ȱ
›˜ž‹•Žœ‘˜˜’—ȱ•˜ ȱ‘Š›ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŚřȬśǯŚŚ
ȱ
•˜ ȱ‘Š›ȱ’А—˜œ’Œȱ’œȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯśǯŚśȬśǯŚŜ
ȱ
ȱŽ›Ÿ’ŒŽȱ˜˜•œȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ ŽŽ›ȱ˜ȱŽŒ’˜—ȱŘ
%
%
6HFWLRQ%
(),)XHO6\VWHP
'HVFULSWLRQ
ȱ
:$51,1*
ȱ
([SORVLYH)XHOFDQFDXVH¿UHVDQG
VHYHUHEXUQV
žŽ•ȱœ¢œŽ–ȱȱ›Ž–Š’—œȱž—Ž›ȱ
ȱǯ
:$51,1*([SORVLYH)XHO
Šœ˜•’—Žȱ’œȱŽ¡›Ž–Ž•¢ȱ̊––Š‹•ŽȱŠ—ȱ’œȱŸŠ™˜›œȱŒŠ—ȱŽ¡™•˜Žȱ
’ȱ’—’Žǯȱ˜›ŽȱŠœ˜•’—Žȱ˜—•¢ȱ’—ȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›œǰȱ’—ȱ
Ž••ȱŸŽ—’•ŠŽǰȱž—˜ŒŒž™’Žȱ‹ž’•’—œǰȱРТȱ›˜–ȱœ™Š›”œȱ˜›ȱ
̊–Žœǯȱ˜ȱ—˜ȱꕕȱ‘ŽȱžŽ•ȱŠ—”ȱ ‘’•Žȱ‘ŽȱŽ—’—Žȱ’œȱ‘˜ȱ˜›ȱ
›ž——’—ǰȱœ’—ŒŽȱœ™’••ŽȱžŽ•ȱŒ˜ž•ȱ’—’Žȱ’ȱ’ȱŒ˜–Žœȱ’—ȱŒ˜—ŠŒȱ
’‘ȱ‘˜ȱ™Š›œȱ˜›ȱœ™Š›”œȱ›˜–ȱ’—’’˜—ǯȱ˜ȱ—˜ȱœŠ›ȱ‘Žȱ
Ž—’—Žȱ—ŽŠ›ȱœ™’••ŽȱžŽ•ǯȱŽŸŽ›ȱžœŽȱŠœ˜•’—ŽȱŠœȱŠȱŒ•ŽŠ—’—ȱ
Аޗǯ
‘ŽȱȱžŽ•ȱœ¢œŽ–ȱ›Ž–Š’—œȱž—Ž›ȱ‘’‘ȱ™›Žœœž›ŽǰȱŽŸŽ—ȱ
‘Ž—ȱ‘ŽȱŽ—’—Žȱ’œȱœ˜™™ŽǯȱŽ˜›ŽȱŠĴŽ–™’—ȱ˜ȱœŽ›Ÿ’ŒŽȱ
Š—¢ȱ™Š›ȱ˜ȱ‘ŽȱžŽ•ȱœ¢œŽ–ǰȱ‘Žȱ™›Žœœž›Žȱ–žœȱ‹Žȱ›Ž•’ŽŸŽǯȱ
›Žœœž›ŽȱŽœŽ›ǰȱǻ™Š›ȱ˜ȱȱŽ›Ÿ’ŒŽȱ’ǰȱœŽŽȱŽŒ’˜—ȱŘǼȱ‘Šœȱ
Š—ȱ’—Ž›Š•ȱ›Ž•’ŽȱŸŠ•ŸŽǯȱ˜——ŽŒȱ‘Žȱ‹•ŠŒ”ȱŽœŽ›ȱ‘˜œŽȱ˜ȱ‘Žȱ
ŽœȱŸŠ•ŸŽȱ’—ȱ‘ŽȱžŽ•ȱ›Š’•ǯȱ˜žŽȱ‘ŽȱŒ•ŽŠ›ȱ‘˜œŽȱ’—˜ȱŠȱ™˜›Š‹•Žȱ
Šœ˜•’—ŽȱŒ˜—Š’—Ž›ǯȱŽ™›Žœœȱ‘Žȱ‹žĴ˜—ȱ˜—ȱ‘ŽȱŽœŽ›ȱ›Ž•’Žȱ
ŸŠ•ŸŽǯ
,QLWLDO6WDUWLQJ3ULPLQJ3URFHGXUH
–™˜›Š—DZȱ‘ŽȱȱžŽ•ȱœ¢œŽ–ȱ–žœȱ‹Žȱ™ž›Žȱ˜ȱŠ’›ȱ
ǻ™›’–ŽǼȱ™›’˜›ȱ˜ȱ‘Žȱ’—’’Š•ȱœŠ›ȱž™ǰȱŠ—Ȧ˜›ȱŠ—¢ȱ’–Žȱ
‘Žȱœ¢œŽ–ȱ‘Šœȱ‹ŽŽ—ȱ’œŠœœŽ–‹•Žȱ˜›ȱ‘ŽȱžŽ•ȱŠ—”ȱ›ž—ȱ
›¢ǯ
ȱ
ȱ
ȱ
ȱ
ŗǯȱ ˜ŒŠŽȱ‘ŽȱŽ•ŽŒ›˜—’ŒȱŒ˜—›˜•ȱž—’ȱǻǼȱ˜›ȱ‘Žȱ
ȱœ¢œŽ–ǯȱ‘ŽŒ”ȱ‘Žȱ™Š›ȱ—ž–‹Ž›ȱ˜—ȱ‘ŽȱŽ—ǯȱ
ȱ‘ŽȱŠ›ȱ˜ǯȱ’œȱŘŚȱśŞŚȱŘŞȱ˜›ȱ‘’‘Ž›ǰȱ‘Žȱȱ
‘ŠœȱŠȱ‹ž’•Ȭ’—ȱ™›’–’—ȱŽŠž›Žǯ
ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ž›—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ˜ȱ‘Žȱȃ˜—Ȧ›ž—Ȅȱȱ ȱ
™˜œ’’˜—ǯȱ˜žȱ ’••ȱ‘ŽŠ›ȱ‘ŽȱžŽ•ȱ™ž–™ȱŒ¢Œ•Žȱȱ
˜—ȱŠ—ȱ˜ěǯȱ‘Ž—ȱ‘ŽȱžŽ•ȱ™ž–™ȱœ˜™œȱȱ
Œ¢Œ•’—ȱǻŠ™™›˜¡’–ŠŽ•¢ȱ˜—Žȱ–’—žŽǼǰȱ‘Žȱȱ
œ¢œŽ–ȱ’œȱ™›’–ŽDzȱœŠ›ȱ‘ŽȱŽ—’—Žǯ
Řǯȱ ˜›ȱ™•Šœ’ŒȬŒŠœŽȱȂœȱ‹Ž•˜ ȱŘŚȱśŞŚȱŘŞȬǰȱ‘Žȱ
œ¢œŽ–ȱŒŠ—ȱ‹Žȱ™›’–Žȱ‹¢ȱ–Š—žŠ••¢ȱŒ¢Œ•’—ȱ‘Žȱ
žŽ•ȱ™ž–™ǯ
ȱ
%
ȱ
ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ž›—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ˜ȱ‘Žȱȃ˜—Ȧ›ž—Ȅȱȱ ȱ
™˜œ’’˜—ǯȱ‘ŽȱžŽ•ȱ™ž–™ȱ ’••ȱ›ž—ȱ˜›ȱŠ‹˜žȱȱ
‘›ŽŽȱœŽŒ˜—œȱŠ—ȱœ˜™ǯȱž›—ȱ‘Žȱœ ’Œ‘ȱ˜ěȱȱ
Š—ȱ‹ŠŒ”ȱ˜—ȱ˜ȱ›ŽœŠ›ȱ‘ŽȱžŽ•ȱ™ž–™ǯȱȱȱ
Ž™ŽŠȱ‘’œȱ™›˜ŒŽž›Žȱž—’•ȱ‘ŽȱžŽ•ȱ™ž–™ȱȱ
‘ŠœȱŒ¢Œ•Žȱ꟎ȱ’–Žœǰȱ‘Ž—ȱœŠ›ȱ‘ŽȱŽ—’—Žǯ
řǯȱ ‘Žȱœ¢œŽ–ȱŒŠ—ȱŠ•œ˜ȱ‹Žȱ™›’–Žȱœ’–’•Š›ȱ˜ȱ
›Ž•’ŽŸ’—ȱ™›Žœœž›Žǯ
ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
˜——ŽŒȱ‘Žȱ™›Žœœž›ŽȱŠžŽȱŠœȱŽœŒ›’‹Žȱȱ
Š‹˜ŸŽȱ˜›ȱ›Ž•’ŽŸ’—ȱžŽ•ȱ™›Žœœž›ŽǯȱŽ™›Žœœȱȱ
Š—ȱ‘˜•ȱ‘Žȱ›Ž•ŽŠœŽȱ‹žĴ˜—ȱŠ—ȱŒ›Š—”ȱ‘Žȱȱ
Ž—’—Žȱž—’•ȱ‘ŽȱŠ’›ȱ’œȱ™ž›ŽȱŠ—ȱžŽ•ȱ’œȱȱ
Ÿ’œ’‹•Žȱ’—ȱ‘Žȱ’œŒ‘Š›Žȱž‹ŽǯȱȱžŽ•ȱ’œȱ—˜ȱȱ
Ÿ’œ’‹•ŽȱŠĞŽ›ȱŗŖȱœŽŒ˜—œǰȱœ˜™ȱŒ›Š—”’—ȱŠ—ȱȱ
Š••˜ ȱ‘ŽȱœŠ›Ž›ȱ˜ȱŒ˜˜•ȱ˜›ȱŜŖȱœŽŒ˜—œǯ
3ULPLQJ:LWKRXWD7HVW9DOYHLQ)XHO5DLO
ȱ ŗǯȱ ›Š—”ȱ‘ŽȱŽ—’—Žȱ’—ȱŗŖȬŗśȱœŽŒ˜—ȱ’—Ž›ŸŠ•œǰȱ
Š••˜ ’—ȱŠȱŜŖȱœŽŒ˜—ȱŒ˜˜•Ȭ˜ —ȱ™Ž›’˜ȱ‹Ž ŽŽ—ȱ
Œ›Š—”’—ȱ’—Ž›ŸŠ•œǰȱž—’•ȱ‘ŽȱŽ—’—ŽȱœŠ›œǯ
DZȱ ‘Žȱ—ž–‹Ž›ȱ˜ȱŒ›Š—”’—ȱ’—Ž›ŸŠ•œȱ—ŽŒŽœœŠ›¢ȱ
’••ȱŽ™Ž—ȱ˜—ȱ‘Žȱ’—’Ÿ’žŠ•ȱœ¢œŽ–ȱ
Žœ’—ǰȱŠ—Ȧ˜›ȱ ‘Ž›Žȱ‘Žȱœ¢œŽ–ȱ‘Šœȱ‹ŽŽ—ȱ
’œŠœœŽ–‹•Žǯ
)XHO5HFRPPHQGDWLRQV
*HQHUDO5HFRPPHQGDWLRQV
ž›Œ‘ŠœŽȱŠœ˜•’—Žȱ’—ȱœ–Š••ȱšžŠ—’’ŽœȱŠ—ȱœ˜›Žȱ’—ȱ
Œ•ŽŠ—ǰȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›œǯȱ—ȱŠ™™›˜ŸŽȱŒ˜—Š’—Ž›ȱ
’‘ȱŠȱŒŠ™ŠŒ’¢ȱ˜ȱŘȱŠ••˜—œȱ˜›ȱ•Žœœȱ ’‘ȱŠȱ™˜ž›’—ȱ
œ™˜žȱ’œȱ›ŽŒ˜––Ž—ŽǯȱžŒ‘ȱŠȱŒ˜—Š’—Ž›ȱ’œȱŽŠœ’Ž›ȱ˜ȱ
‘Š—•ŽȱŠ—ȱ‘Ž•™œȱ™›ŽŸŽ—ȱœ™’••АŽȱž›’—ȱ›ŽžŽ•’—ǯ
ȱ Ȋȱ ˜ȱ—˜ȱžœŽȱŠœ˜•’—Žȱ•ŽĞȱ˜ŸŽ›ȱ›˜–ȱ‘Žȱ™›ŽŸ’˜žœȱ
œŽŠœ˜—ǰȱ˜ȱ–’—’–’£Žȱž–ȱŽ™˜œ’œȱ’—ȱ¢˜ž›ȱžŽ•ȱ
œ¢œŽ–ǰȱŠ—ȱ˜ȱŽ—œž›ŽȱŽŠœ¢ȱœŠ›’—ǯ
ȱ Ȋȱ ˜ȱ—˜ȱŠȱ˜’•ȱ˜ȱ‘ŽȱŠœ˜•’—Žǯ
ȱ Ȋȱ ˜ȱ—˜ȱ˜ŸŽ›ę••ȱ‘ŽȱžŽ•ȱŠ—”ǯȱŽŠŸŽȱ›˜˜–ȱ˜›ȱ‘Žȱ
žŽ•ȱ˜ȱŽ¡™Š—ǯ
)XHO7\SH
˜›ȱ‹Žœȱ›Žœž•œȱžœŽȱ˜—•¢ȱŒ•ŽŠ—ǰȱ›Žœ‘ǰȱž—•ŽŠŽȱ
Šœ˜•’—Žȱ ’‘ȱŠȱ™ž–™ȱœ’Œ”Ž›ȱ˜ŒŠ—Žȱ›Š’—ȱ˜ȱŞŝȱ
ǻƸǼȦŘȱ˜›ȱ‘’‘Ž›ǯȱ—ȱŒ˜ž—›’Žœȱžœ’—ȱ‘ŽȱŽœŽŠ›Œ‘ȱ
ŒŠ—Žȱž–‹Ž›ȱǻǼǰȱ’ȱœ‘˜ž•ȱ‹ŽȱşŖȱ˜ŒŠ—Žȱ
–’—’–ž–ǯȱŽŠŽȱŠœ˜•’—Žȱ’œȱ—˜ȱ›ŽŒ˜––Ž—ŽȱŠ—ȱ
–žœȱ—˜ȱ‹ŽȱžœŽȱ˜—ȱȱŽ—’—Žœȱ˜›ȱ˜—ȱ˜‘Ž›ȱ–˜Ž•œȱ
‘Ž›ŽȱŽ¡‘ŠžœȱŽ–’œœ’˜—œȱŠ›Žȱ›Žž•ŠŽǯ
6HFWLRQ%
(),)XHO6\VWHP
*DVROLQH$OFRKROEOHQGV
Šœ˜‘˜•ȱǻž™ȱ˜ȱŗŖƖȱŽ‘¢•ȱŠ•Œ˜‘˜•ǰȱşŖƖȱž—•ŽŠŽȱ
Šœ˜•’—Žȱ‹¢ȱŸ˜•ž–ŽǼȱ’œȱŠ™™›˜ŸŽȱŠœȱŠȱžŽ•ȱ˜›ȱ˜‘•Ž›ȱ
Ž—’—Žœǯȱ‘Ž›ȱŠœ˜•’—ŽȦŠ•Œ˜‘˜•ȱ‹•Ž—œȱ’—Œ•ž’—ȱŘŖȱ
Š—ȱŞśȱŠ›Žȱ—˜ȱ˜ȱ‹ŽȱžœŽȱŠ—ȱ—˜ȱŠ™™›˜ŸŽǯȱ—¢ȱ
Š’•ž›Žœȱ›Žœž•’—ȱ›˜–ȱžœŽȱ˜ȱ‘ŽœŽȱžŽ•œȱ ’••ȱ—˜ȱ‹Žȱ
Š››Š—Žǯ
*DVROLQH(WKHUEOHQGV
Ž‘¢•ȱŽ›’Š›¢ȱž¢•ȱ‘Ž›ȱǻǼȱŠ—ȱž—•ŽŠŽȱ
Šœ˜•’—Žȱ‹•Ž—œȱǻž™ȱ˜ȱŠȱ–Š¡’–ž–ȱ˜ȱŗśƖȱȱ‹¢ȱ
Ÿ˜•ž–ŽǼȱŠ›ŽȱŠ™™›˜ŸŽȱŠœȱŠȱžŽ•ȱ˜›ȱ˜‘•Ž›ȱŽ—’—Žœǯȱ
‘Ž›ȱŠœ˜•’—ŽȦŽ‘Ž›ȱ‹•Ž—œȱŠ›Žȱ—˜ȱŠ™™›˜ŸŽǯ
(),)XHO6\VWHP&RPSRQHQWV
žŽ•ȱ™›Žœœž›Žȱ›Žž•Š˜›ȱ–Š’—Š’—œȱŠȱœ¢œŽ–ȱ˜™Ž›Š’—ȱ
™›Žœœž›Žȱ˜ȱřşȱ™œ’ȱŠ—ȱ›Žž›—œȱŠ—¢ȱŽ¡ŒŽœœȱžŽ•ȱ˜ȱ‘Žȱ
Š—”ǯȱȱ‘ŽȱŽ—’—ŽǰȱžŽ•ȱ’œȱŽȱ‘›˜ž‘ȱ‘ŽȱžŽ•ȱ›Š’•ȱ
Š—ȱ’—˜ȱ‘Žȱ’—“ŽŒ˜›œǰȱ ‘’Œ‘ȱ’—“ŽŒȱ’ȱ’—˜ȱ‘Žȱ’—Š”Žȱ
™˜›œǯȱ‘ŽȱȱŒ˜—›˜•œȱ‘ŽȱŠ–˜ž—ȱ˜ȱžŽ•ȱ‹¢ȱŸŠ›¢’—ȱ
‘Žȱ•Ž—‘ȱ˜ȱ’–Žȱ‘Šȱ‘Žȱ’—“ŽŒ˜›œȱŠ›Žȱȃ˜—ǯȄȱ‘’œȱ
ŒŠ—ȱ›Š—Žȱ›˜–ȱŗǯśȬŞǯŖȱ–’••’œŽŒ˜—œȱŽ™Ž—’—ȱ˜—ȱ
žŽ•ȱ›Žšž’›Ž–Ž—œǯȱ‘ŽȱŒ˜—›˜••Žȱ’—“ŽŒ’˜—ȱ˜ȱ‘Žȱ
žŽ•ȱ˜ŒŒž›œȱŽŠŒ‘ȱŒ›Š—”œ‘ŠĞȱ›ŽŸ˜•ž’˜—ǰȱ˜›ȱ ’ŒŽȱ˜›ȱ
ŽŠŒ‘ȱŚȬœ›˜”ŽȱŒ¢Œ•Žǯȱ—ŽȬ‘Š•ȱ‘Žȱ˜Š•ȱŠ–˜ž—ȱ˜ȱžŽ•ȱ
—ŽŽŽȱ˜›ȱ˜—Žȱꛒ—ȱ˜ȱŠȱŒ¢•’—Ž›ȱ’œȱ’—“ŽŒŽȱž›’—ȱ
ŽŠŒ‘ȱ’—“ŽŒ’˜—ǯȱ‘Ž—ȱ‘Žȱ’—Š”ŽȱŸŠ•ŸŽȱ˜™Ž—œǰȱ‘ŽȱžŽ•Ȧ
Š’›ȱ–’¡ž›Žȱ’œȱ›Š —ȱ’—˜ȱ‘ŽȱŒ˜–‹žœ’˜—ȱŒ‘Š–‹Ž›ǰȱ
’—’ŽǰȱŠ—ȱ‹ž›—Žǯ
‘ŽȱȱŒ˜—›˜•œȱ‘ŽȱŠ–˜ž—ȱ˜ȱžŽ•ȱ’—“ŽŒŽȱŠ—ȱ
‘Žȱ’—’’˜—ȱ’–’—ȱ‹¢ȱ–˜—’˜›’—ȱ‘Žȱ™›’–Š›¢ȱ
œŽ—œ˜›ȱœ’—Š•œȱ˜›ȱŽ—’—ŽȱŽ–™Ž›Šž›Žǰȱœ™ŽŽȱǻǼǰȱ
Š—ȱ‘›˜Ĵ•Žȱ™˜œ’’˜—ȱǻ•˜ŠǼǯȱ‘ŽœŽȱ™›’–Š›¢ȱœ’—Š•œȱ
Š›ŽȱŒ˜–™Š›Žȱ˜ȱ™›Ž™›˜›Š––Žȱȃ–Š™œȄȱ’—ȱ‘Žȱ
ȱŒ˜–™žŽ›ȱŒ‘’™ǰȱŠ—ȱ‘ŽȱȱŠ“žœœȱ‘ŽȱžŽ•ȱ
Ž•’ŸŽ›¢ȱ˜ȱ–ŠŒ‘ȱ‘Žȱ–Š™™ŽȱŸŠ•žŽœǯȱ—ȱ˜¡¢Ž—ȱ
œŽ—œ˜›ȱ™›˜Ÿ’ŽœȱŒ˜—’—žŠ•ȱŽŽ‹ŠŒ”ȱ˜ȱ‘Žȱȱ‹ŠœŽȱ
ž™˜—ȱ‘ŽȱŠ–˜ž—ȱ˜ȱž—žœŽȱ˜¡¢Ž—ȱ’—ȱ‘ŽȱŽ¡‘Šžœǰȱ
’—’ŒŠ’—ȱ ‘Ž‘Ž›ȱ‘ŽȱžŽ•ȱ–’¡ž›Žȱ‹Ž’—ȱŽ•’ŸŽ›Žȱ
’œȱ›’Œ‘ȱ˜›ȱ•ŽŠ—ǯȱŠœŽȱž™˜—ȱ‘’œȱŽŽ‹ŠŒ”ǰȱ‘Žȱȱ
ž›‘Ž›ȱŠ“žœœȱžŽ•ȱ’—™žȱ˜ȱ›ŽŽœŠ‹•’œ‘ȱ‘Žȱ’ŽŠ•ȱ
Š’›ȦžŽ•ȱ›Š’˜ǯȱ‘’œȱ˜™Ž›Š’—ȱ–˜Žȱ’œȱ›ŽŽ››Žȱ˜ȱŠœȱ
ȃŒ•˜œŽȱ•˜˜™Ȅȱ˜™Ž›Š’˜—ǯȱ‘Žȱȱœ¢œŽ–ȱ˜™Ž›ŠŽœȱ
ȃŒ•˜œŽȱ•˜˜™Ȅȱ ‘Ž—ȱŠ••ȱ‘›ŽŽȱ˜ȱ‘Žȱ˜••˜ ’—ȱ
Œ˜—’’˜—œȱŠ›Žȱ–ŽDZ
*HQHUDO
‘Žȱ•ŽŒ›˜—’ŒȱžŽ•ȱ—“ŽŒ’˜—ȱǻǼȱœ¢œŽ–ȱ’œȱŠȱ
Œ˜–™•ŽŽȱŽ—’—ŽȱžŽ•ȱŠ—ȱ’—’’˜—ȱ–ЗАޖޗȱ
Žœ’—ǯȱ‘Žȱœ¢œŽ–ȱ’—Œ•žŽœȱ‘Žȱ˜••˜ ’—ȱ™›’—Œ’™Š•ȱ
Œ˜–™˜—Ž—œDZ
ȱ Ȋȱ žŽ•ȱž–™
ȱ Ȋȱ žŽ•ȱ’•Ž›
ȱ Ȋȱ žŽ•ȱŠ’•
ȱ Ȋȱ žŽ•ȱ’—ŽǻœǼ
ȱ Ȋȱ žŽ•ȱ›Žœœž›Žȱސž•Š˜›
ȱ Ȋȱ žŽ•ȱ—“ŽŒ˜›œ
ȱ Ȋȱ ‘›˜Ĵ•Žȱ˜¢Ȧ—Š”ŽȱŠ—’˜•
ȱ Ȋȱ —’—Žȱ˜—›˜•ȱ—’ȱǻǼ
ȱ Ȋȱ —’’˜—ȱ˜’•œ
ȱ Ȋȱ —’—Žȱǻ’•ǼȱŽ–™Ž›Šž›ŽȱŽ—œ˜›
ȱ Ȋȱ ‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱǻǼ
ȱ Ȋȱ ™ŽŽȱŽ—œ˜›
ȱ Ȋȱ ¡¢Ž—ȱŽ—œ˜›
ȱ Ȋȱ ’›Žȱ
Š›—ŽœœȱœœŽ–‹•¢ȱǭȱĜ•’ŠŽȱ’›’—ǰ
ȱ Ȋȱ Š•ž—Œ’˜—ȱ—’ŒŠ˜›ȱ’‘ȱǻǼȱ
ȱ Šǯȱ ‘Žȱ˜’•ȱŽ–™Ž›Šž›Žȱ’œȱ›ŽŠŽ›ȱ‘Š—ȱřśǚȱǻşśǚǼǯ
ȱ ‹ǯȱ ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ‘Šœȱ Š›–ŽȱœžĜŒ’Ž—•¢ȱ˜ȱ
™›˜Ÿ’ŽȱŠȱœ’—Š•ȱǻ–’—’–ž–ȱřŝśǚǰȱŝŖşǚǼǯ
2SHUDWLRQ
‘Žȱȱœ¢œŽ–ȱ’œȱŽœ’—Žȱ˜ȱ™›˜Ÿ’Žȱ™ŽŠ”ȱŽ—’—Žȱ
™Ž›˜›–Š—ŒŽȱ ’‘ȱ˜™’–ž–ȱžŽ•ȱŽĜŒ’Ž—Œ¢ȱŠ—ȱ
•˜ Žœȱ™˜œœ’‹•ŽȱŽ–’œœ’˜—œǯȱ‘Žȱ’—’’˜—ȱŠ—ȱ’—“ŽŒ’˜—ȱ
ž—Œ’˜—œȱŠ›ŽȱŽ•ŽŒ›˜—’ŒŠ••¢ȱŒ˜—›˜••Žǰȱ–˜—’˜›ŽȱŠ—ȱ
Œ˜—’—žŠ••¢ȱŒ˜››ŽŒŽȱž›’—ȱ˜™Ž›Š’˜—ȱ˜ȱ–Š’—Š’—ȱ‘Žȱ
‘Ž˜›Ž’ŒŠ•ȱ’ŽŠ•ȱ˜›ȱȃœ˜’Œ‘’˜–Ž›’ŒȄȱŠ’›ȦžŽ•ȱ›Š’˜ȱ˜ȱ
ŗŚǯŝDZŗǯ
‘ŽȱŒŽ—›Š•ȱŒ˜–™˜—Ž—ȱ˜ȱ‘Žȱœ¢œŽ–ȱ’œȱ‘Žȱ˜›˜—’Œ ȱ
—’—Žȱ˜—›˜•ȱ—’ȱǻǼȱ ‘’Œ‘ȱ–Š—ŠŽœȱœ¢œŽ–ȱ
˜™Ž›Š’˜—ǰȱŽŽ›–’—’—ȱ‘Žȱ‹ŽœȱŒ˜–‹’—Š’˜—ȱ˜ȱžŽ•ȱ
–’¡ž›ŽȱŠ—ȱ’—’’˜—ȱ’–’—ȱ˜›ȱ‘ŽȱŒž››Ž—ȱ˜™Ž›Š’—ȱ
Œ˜—’’˜—œǯ
Ȝ
ȱ Œǯȱ —’—Žȱ˜™Ž›Š’˜—ȱ’œȱŠȱŠȱœŽŠ¢ȱœŠŽȱǻ—˜ȱœŠ›’—ǰȱ
Š›–’—ȱž™ǰȱŠŒŒŽ•Ž›Š’—ǰȱŽŒǯǼǯ
ž›’—ȱȃŒ•˜œŽȱ•˜˜™Ȅȱ˜™Ž›Š’˜—ȱ‘Žȱȱ‘Šœȱ‘Žȱ
Š‹’•’¢ȱ˜ȱ›ŽŠ“žœȱŽ–™˜›Š›¢ȱŠ—ȱ•ŽŠ›—ŽȱŠŠ™’ŸŽȱ
Œ˜—›˜•œǰȱ™›˜Ÿ’’—ȱŒ˜–™Ž—œŠ’˜—ȱ˜›ȱŒ‘Š—Žœȱ’—ȱ
˜ŸŽ›Š••ȱŽ—’—ŽȱŒ˜—’’˜—ȱŠ—ȱ˜™Ž›Š’—ȱŽ—Ÿ’›˜—–Ž—ǰȱ
œ˜ȱ’ȱ ’••ȱ‹ŽȱŠ‹•Žȱ˜ȱ–Š’—Š’—ȱ‘Žȱ’ŽŠ•ȱŠ’›ȦžŽ•ȱ›Š’˜ȱ
˜ȱŗŚǯŝDZŗǯȱ‘Žȱœ¢œŽ–ȱ›Žšž’›ŽœȱŠȱ–’—’–ž–ȱŽ—’—Žȱ˜’•ȱ
Ž–™Ž›Šž›Žȱ›ŽŠŽ›ȱ‘Š—ȱśśǚȱǻŗřŖǚǼȱ˜ȱ™›˜™Ž›•¢ȱ
ŠŠ™ǯȱ‘ŽœŽȱŠŠ™’ŸŽȱŸŠ•žŽœȱŠ›Žȱ–Š’—Š’—ŽȱŠœȱ•˜—ȱ
Šœȱ‘Žȱȱ’œȱȃ™˜ Ž›Žȱž™Ȅȱ‹¢ȱ‘Žȱ‹ŠĴŽ›¢ǯ
—ȱŽ•ŽŒ›’ŒȱžŽ•ȱ™ž–™ȱ’œȱžœŽȱ˜ȱ–˜ŸŽȱžŽ•ȱ›˜–ȱ‘Žȱ
Š—”ȱ‘›˜ž‘ȱ‘ŽȱžŽ•ȱ•’—ŽȱŠ—ȱ’—Ȭ•’—ŽȱžŽ•ȱꕝŽ›ǯȱȱ
%
%
6HFWLRQ%
(),)XHO6\VWHP
ž›’—ȱŒŽ›Š’—ȱ˜™Ž›Š’—ȱ™Ž›’˜œȱœžŒ‘ȱŠœȱŒ˜•ȱœŠ›œǰȱ
Š›–ȱž™ǰȱŠŒŒŽ•Ž›Š’˜—ǰȱŽŒǯǰȱŠ—ȱŠ’›ȦžŽ•ȱ›Š’˜ȱ›’Œ‘Ž›ȱ
‘Š—ȱŗŚǯŝDZŗȱ’œȱ›Žšž’›ŽȱŠ—ȱ‘Žȱœ¢œŽ–ȱ˜™Ž›ŠŽœȱ’—ȱ
Š—ȱȃ˜™Ž—ȱ•˜˜™Ȅȱ–˜Žǯȱ—ȱȃ˜™Ž—ȱ•˜˜™Ȅȱ˜™Ž›Š’˜—ȱ‘Žȱ
–˜—’˜›’—ȱ˜ȱŽ¡‘ŠžœȱŠœŽœȱǻ˜ž™žǼȱ’œȱ—˜ȱžœŽǰȱ
Š—ȱ‘ŽȱŒ˜—›˜••’—ȱŠ“žœ–Ž—œȱŠ›Žȱ‹ŠœŽȱ˜—ȱ‘Žȱ
™›’–Š›¢ȱœŽ—œ˜›ȱœ’—Š•œȱŠ—ȱ™›˜›Š––Žȱ–Š™œȱ˜—•¢ǯȱ
‘Žȱœ¢œŽ–ȱ˜™Ž›ŠŽœȱȃ˜™Ž—ȱ•˜˜™Ȅȱ ‘Ž—ŽŸŽ›ȱ‘Žȱ‘›ŽŽȱ
Œ˜—’’˜—œȱ˜›ȱŒ•˜œŽȱ•˜˜™ȱ˜™Ž›Š’˜—ȱǻŠ‹˜ŸŽǼȱŠ›Žȱ—˜ȱ
‹Ž’—ȱ–Žǯ
,PSRUWDQW6HUYLFH1RWHV
ȱ Ȋȱ •ŽŠ—•’—Žœœȱ’œȱŽœœŽ—’Š•ȱŠ—ȱ–žœȱ‹Žȱ–Š’—Š’—Žȱ
ŠȱŠ••ȱ’–Žœȱ ‘Ž—ȱœŽ›Ÿ’Œ’—ȱ˜›ȱ ˜›”’—ȱ˜—ȱ‘Žȱȱ
œ¢œŽ–ǯȱ’›ǰȱŽŸŽ—ȱ’—ȱœ–Š••ȱšžŠ—’’ŽœǰȱŒŠ—ȱŒŠžœŽȱ
œ’—’ęŒŠ—ȱ™›˜‹•Ž–œǯ
ȱ Ȋȱ ŽŸŽ›ȱ’œŒ˜——ŽŒȱ‹ŠĴŽ›¢ȱ ‘’•ŽȱŽ—’—Žȱ’œȱ›ž——’—ǯ
ȱ Ȋȱ ŽŸŽ›ȱžœŽȱŠȱšž’Œ”ȱ‹ŠĴŽ›¢ȱŒ‘Š›Ž›ȱ˜ȱœŠ›ȱ‘Žȱ
Ž—’—Žǯ
ȱ Ȋȱ ˜ȱ—˜ȱŒ‘Š›Žȱ‹ŠĴŽ›¢ȱ ’‘ȱ”Ž¢ȱœ ’Œ‘ȱȁȁ˜—ǯȂȂ
ȱ Ȋȱ • Š¢œȱ’œŒ˜——ŽŒȱ—ŽŠ’ŸŽȱǻȬǼȱ‹ŠĴŽ›¢ȱŒŠ‹•Žȱ•ŽŠȱ
‹Ž˜›ŽȱŒ‘Š›’—ȱ‹ŠĴŽ›¢ǰȱŠ—ȱŠ•œ˜ȱž—™•žȱ‘Š›—Žœœȱ
›˜–ȱȱ‹Ž˜›Žȱ™Ž›˜›–’—ȱŠ—¢ȱ Ž•’—ȱ˜—ȱ
Žšž’™–Ž—ǯ
(OHFWULFDO&RPSRQHQWV
(OHFWURQLF&RQWURO8QLW(&8
ȱ Ȋȱ •ŽŠ—ȱŠ—¢ȱ“˜’—ȱ˜›ȱęĴ’—ȱ ’‘ȱ™Š›œȱŒ•ŽŠ—’—ȱ
œ˜•ŸŽ—ȱ‹Ž˜›Žȱ˜™Ž—’—ȱ˜ȱ™›ŽŸŽ—ȱ’›ȱ›˜–ȱ
Ž—Ž›’—ȱ‘Žȱœ¢œŽ–ǯ
ȱ Ȋȱ • Š¢œȱŽ™›Žœœž›’£Žȱ‘ŽȱžŽ•ȱœ¢œŽ–ȱ‘›˜ž‘ȱ
‘ŽȱŽœȱŸŠ•ŸŽȱ’—ȱžŽ•ȱ›Š’•ȱ‹Ž˜›Žȱ’œŒ˜——ŽŒ’—ȱ˜›ȱ
œŽ›Ÿ’Œ’—ȱŠ—¢ȱžŽ•ȱœ¢œŽ–ȱŒ˜–™˜—Ž—œǯȱŽŽȱžŽ•ȱ
Š›—’—ȱ˜—ȱ™ŠŽȱśǯŘǯ
ȱ Ȋȱ ŽŸŽ›ȱŠĴŽ–™ȱ˜ȱœŽ›Ÿ’ŒŽȱŠ—¢ȱžŽ•ȱœ¢œŽ–ȱ
Œ˜–™˜—Ž—ȱ ‘’•ŽȱŽ—’—Žȱ’œȱ›ž——’—ȱ˜›ȱ’—’’˜—ȱ
œ ’Œ‘ȱ’œȱȁȁ˜—ǯȂȂ
ȱ Ȋȱ ˜ȱ—˜ȱžœŽȱŒ˜–™›ŽœœŽȱŠ’›ȱ’ȱ‘Žȱœ¢œŽ–ȱ’œȱ˜™Ž—ǯȱ
˜ŸŽ›ȱŠ—¢ȱ™Š›œȱ›Ž–˜ŸŽȱŠ—ȱ ›Š™ȱŠ—¢ȱ˜™Ž—ȱ
“˜’—œȱ ’‘ȱ™•Šœ’Œȱ’ȱ‘Ž¢ȱ ’••ȱ›Ž–Š’—ȱ˜™Ž—ȱ˜›ȱ
Š—¢ȱ•Ž—‘ȱ˜ȱ’–ŽǯȱŽ ȱ™Š›œȱœ‘˜ž•ȱ‹Žȱ›Ž–˜ŸŽȱ
›˜–ȱ‘Ž’›ȱ™›˜ŽŒ’ŸŽȱ™ŠŒ”А’—ȱ“žœȱ™›’˜›ȱ˜ȱ
’—œŠ••Š’˜—ǯ
)LJXUH%³3LQ´0$0HWDO&DVHG(&8
ȱ Ȋȱ Ÿ˜’ȱ’›ŽŒȱ ŠŽ›ȱ˜›ȱœ™›Š¢ȱŒ˜—ŠŒȱ ’‘ȱœ¢œŽ–ȱ
Œ˜–™˜—Ž—œǯ
ȱ Ȋȱ ˜ȱ—˜ȱ’œŒ˜——ŽŒȱ˜›ȱ›ŽŒ˜——ŽŒȱ‘Žȱ ’›’—ȱ
‘Š›—ŽœœȱŒ˜——ŽŒ˜›ȱ˜ȱ‘ŽȱŒ˜—›˜•ȱž—’ȱ˜›ȱŠ—¢ȱ
’—’Ÿ’žŠ•ȱŒ˜–™˜—Ž—œȱ ’‘ȱ‘Žȱ’—’’˜—ȱȁȁ˜—ǯȂȂȱ
‘’œȱŒŠ—ȱœŽ—ȱŠȱŠ–А’—ȱŸ˜•ŠŽȱœ™’”Žȱ‘›˜ž‘ȱ
‘Žȱǯ
ȱ Ȋȱ ˜ȱ—˜ȱŠ••˜ ȱ‘Žȱ‹ŠĴŽ›¢ȱŒŠ‹•Žœȱ˜ȱ˜žŒ‘ȱ˜™™˜œ’—ȱ
Ž›–’—Š•œǯȱ‘Ž—ȱŒ˜——ŽŒ’—ȱ‹ŠĴŽ›¢ȱŒŠ‹•ŽœȱŠĴŠŒ‘ȱ
‘Žȱ™˜œ’’ŸŽȱǻƸǼȱŒŠ‹•Žȱ˜ȱ™˜œ’’ŸŽȱǻƸǼȱ‹ŠĴŽ›¢ȱ
Ž›–’—Š•ȱꛜǰȱ˜••˜ Žȱ‹¢ȱ—ŽŠ’ŸŽȱǻȬǼȱŒŠ‹•Žȱ˜ȱ
—ŽŠ’ŸŽȱǻȬǼȱ‹ŠĴŽ›¢ȱŽ›–’—Š•ǯ
ȱ Ȋȱ ŽŸŽ›ȱœŠ›ȱ‘ŽȱŽ—’—Žȱ ‘Ž—ȱ‘ŽȱŒŠ‹•ŽœȱŠ›Žȱ•˜˜œŽȱ
˜›ȱ™˜˜›•¢ȱŒ˜——ŽŒŽȱ˜ȱ‘Žȱ‹ŠĴŽ›¢ȱŽ›–’—Š•œǯ
%
)LJXUH%³3LQ´06(3ODVWLF&DVHG
(&8
6HFWLRQ%
(),)XHO6\VWHP
‘ŽȱȱŒ˜—’—žŠ••¢ȱ™Ž›˜›–œȱŠȱ’А—˜œ’ŒȱŒ‘ŽŒ”ȱ
˜ȱ’œŽ•ǰȱŽŠŒ‘ȱ˜ȱ‘ŽȱœŽ—œ˜›œǰȱŠ—ȱ‘Žȱœ¢œŽ–ȱ
™Ž›˜›–Š—ŒŽǯȱȱŠȱŠž•ȱ’œȱŽŽŒŽǰȱ‘Žȱȱž›—œȱ
˜—ȱ‘ŽȱŠ•ž—Œ’˜—ȱ—’ŒŠ˜›ȱ’‘ȱǻǼȱ˜—ȱ‘Žȱ
Žšž’™–Ž—ȱŒ˜—›˜•ȱ™Š—Ž•ǰȱœ˜›Žœȱ‘ŽȱŠž•ȱŒ˜Žȱ’—ȱ’œȱ
Šž•ȱ–Ž–˜›¢ǰȱŠ—ȱ˜Žœȱ’—˜ȱŠȱŽŠž•ȱ˜™Ž›Š’—ȱ–˜Žǯȱ
ޙޗ’—ȱ˜—ȱ‘Žȱœ’—’ęŒŠ—ŒŽȱ˜›ȱœŽŸŽ›’¢ȱ˜ȱ‘ŽȱŠž•ǰȱ
—˜›–Š•ȱ˜™Ž›Š’˜—ȱ–Š¢ȱŒ˜—’—žŽǰȱ˜›ȱȃ•’–™ȱ‘˜–ŽȄȱ
˜™Ž›Š’˜—ȱǻœ•˜ Žȱœ™ŽŽǰȱ›’Œ‘Ž›ȱ›ž——’—Ǽȱ–Š¢ȱ‹Žȱ
’—’’ŠŽǯȱȱŽŒ‘—’Œ’Š—ȱŒŠ—ȱŠŒŒŽœœȱ‘Žȱœ˜›ŽȱŠž•ȱŒ˜Žȱ
žœ’—ȱŠȱȃ‹•’—”ȱŒ˜ŽȄȱ’А—˜œ’œȱ̊œ‘Žȱ˜žȱ‘›˜ž‘ȱ
‘Žȱǯȱ—ȱ˜™’˜—Š•ȱŒ˜–™žŽ›ȱœ˜Ğ Š›Žȱ’А—˜œ’Œȱ
™›˜›Š–ȱ’œȱŠ•œ˜ȱŠŸŠ’•Š‹•ŽǰȱœŽŽȱŽŒ’˜—ȱŘǯ
)LJXUH%³3LQ´06(3ODVWLF&DVHG
(&8
‘›ŽŽȱ’ěŽ›Ž—ȱœ¢•Žœȱ˜ȱȂœȱ‘ŠŸŽȱ‹ŽŽ—ȱž’•’£Žȱ
’—ȱȱ™›˜žŒ’˜—ǯȱ‘Žȱꛜȱœ¢•Žȱ’œȱŽŠœ’•¢ȱ’Ž—’ꮍȱ
‹¢ȱ’œȱ–ŽŠ•ȱŒŠœŽȱ ’‘ȱ•Š›Žȱřśȱ™’—ȱŒ˜——ŽŒ˜›ȱ‹•˜Œ”ǰȱ
Š—ȱŠ•œ˜ȱŠœȱȱŗǯŝǯȱŽŽȱ’ž›ŽȱśȬŗǯȱ‘ŽȱœŽŒ˜—ȱ
Š—ȱ‘’›ȱœ¢•Žœȱ‘ŠŸŽȱ™•Šœ’ŒȱŒŠœŽœǰȱ‹žȱŠ›Žȱœ–Š••Ž›ȱ
’—ȱ˜ŸŽ›Š••ȱœ’£Žǯȱ‘ŽœŽȱ‘ŠŸŽȱŽ’‘Ž›ȱŠȱŘŚȱ™’—ȱ˜›ȱřŘȱ™’—ȱ
Œ˜——ŽŒ˜›ȱ‹•˜Œ”ȱŠ—ȱ’Ž—’ꮍȱŠœȱȱŗǯŖȱ˜›ȱȱ
ŗǯŗȱ›Žœ™ŽŒ’ŸŽ•¢ǯȱŽŽȱ’ž›ŽœȱśȬŘȱŠ—ȱśȬřǯȱŠœ’Œȱ
ž—Œ’˜—ȱŠ—ȱ˜™Ž›Š’—ȱŒ˜—›˜•ȱ›Ž–Š’—œȱ‘ŽȱœŠ–Žȱ
‹Ž ŽŽ—ȱ‘Žȱ‘›ŽŽǰȱ‘˜ ŽŸŽ›ǰȱžŽȱ˜ȱ’ěŽ›Ž—ŒŽœȱ’—ȱ‘Žȱ
’—Ž›—Š•ȱŒ’›Œž’›¢ȱŠœȱ Ž••ȱŠœȱ‘Žȱ ’›’—ȱ‘Š›—Žœœǰȱ—˜—Žȱ
˜ȱ‘ŽȱȂœȱŠ›Žȱ’—Ž›Œ‘Š—ŽŠ‹•ŽǯȱŽ›Š’—ȱ’—’Ÿ’žŠ•ȱ
œŽ›Ÿ’ŒŽȦ›˜ž‹•Žœ‘˜˜’—ȱ™›˜ŒŽž›ŽœȱŠ•œ˜ȱŠ™™•¢ǰȱ ‘Ž›Žȱ
Š™™•’ŒŠ‹•Žǰȱ‘Ž¢ȱŠ›ŽȱŒ˜ŸŽ›Žȱ’—’Ÿ’žŠ••¢ȱŠœDZȱȃřśȱ
’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱǰȱȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ
•Šœ’ŒȬŠœŽȱǰȱ˜›ȱȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬ
ŠœŽȱǯ
*HQHUDO
‘Žȱȱ’œȱ‘Žȱ‹›Š’—ȱ˜›ȱŒŽ—›Š•ȱ™›˜ŒŽœœ’—ȱŒ˜–™žŽ›ȱ
˜ȱ‘ŽȱŽ—’›ŽȱȱžŽ•Ȧ’—’’˜—ȱ–ЗАޖޗȱœ¢œŽ–ǯȱ
ž›’—ȱ˜™Ž›Š’˜—ǰȱœŽ—œ˜›œȱŒ˜—’—ž˜žœ•¢ȱŠ‘Ž›ȱŠŠȱ
‘’Œ‘ȱ’œȱ›Ž•Š¢Žȱ‘›˜ž‘ȱ‘Žȱ ’›’—ȱ‘Š›—Žœœȱ˜ȱ’—™žȱ
Œ’›Œž’œȱ ’‘’—ȱ‘Žȱǯȱ’—Š•œȱ˜ȱ‘Žȱȱ’—Œ•žŽDZȱ
’—’’˜—ȱǻ˜—Ȧ˜ěǼǰȱŒ›Š—”œ‘ŠĞȱ™˜œ’’˜—ȱŠ—ȱœ™ŽŽȱ
ǻǼǰȱ‘›˜Ĵ•Žȱ™˜œ’’˜—ǰȱ˜’•ȱŽ–™Ž›Šž›ŽǰȱŽ¡‘Šžœȱ
˜¡¢Ž—ȱ•ŽŸŽ•œǰȱŠ—ȱ‹ŠĴŽ›¢ȱŸ˜•ŠŽǯȱ‘ŽȱȱŒ˜–™Š›Žœȱ
‘Žȱ’—™žȱœ’—Š•œȱ˜ȱ‘Žȱ™›˜›Š––Žȱ–Š™œȱ’—ȱ’œȱ
–Ž–˜›¢ȱ˜ȱŽŽ›–’—Žȱ‘ŽȱŠ™™›˜™›’ŠŽȱžŽ•ȱŠ—ȱœ™Š›”ȱ
›Žšž’›Ž–Ž—œȱ˜›ȱ‘Žȱ’––Ž’ŠŽȱ˜™Ž›Š’—ȱŒ˜—’’˜—œǯȱ
‘Žȱȱ‘Ž—ȱœŽ—œȱ˜ž™žȱœ’—Š•œȱ˜ȱœŽȱ‘Žȱ’—“ŽŒ˜›ȱ
ž›Š’˜—ȱŠ—ȱ’—’’˜—ȱ’–’—ǯ
‘Žȱȱ›Žšž’›ŽœȱŠȱ–’—’–ž–ȱ˜ȱŝǯŖȱŸ˜•œȱ˜ȱ˜™Ž›ŠŽǯȱ
‘ŽȱŠŠ™’ŸŽȱ–Ž–˜›¢ȱ’—ȱ‘Žȱȱ’œȱ˜™Ž›Š’˜—Š•ȱ‘Žȱ
–˜–Ž—ȱ‘Žȱ‹ŠĴŽ›¢ȱŒŠ‹•ŽœȱŠ›ŽȱŒ˜——ŽŒŽǰȱ‘˜ ŽŸŽ›ȱ
‘ŽȱŠŠ™ŽȱŸŠ•žŽœȱŠ›Žȱ•˜œȱ’ȱ‘Žȱ‹ŠĴŽ›¢ȱ‹ŽŒ˜–Žœȱ
’œŒ˜——ŽŒŽȱ˜›ȱŠ—¢ȱ›ŽŠœ˜—ǯȱ‘Žȱȱ ’••ȱȃ›Ž•ŽŠ›—Ȅȱ
‘ŽȱŠŠ™ŽȱŸŠ•žŽœȱ’ȱ‘ŽȱŽ—’—Žȱ’œȱ˜™Ž›ŠŽȱ˜›ȱŗŖȬŗśȱ
–’—žŽœȱŠȱŸŠ›¢’—ȱœ™ŽŽœȱŠ—ȱ•˜ŠœȱŠĞŽ›ȱ‘Žȱ˜’•ȱ
Ž–™Ž›Šž›ŽȱŽ¡ŒŽŽœȱśśǚȱǻŗřŖǚǼǯ
˜ȱ™›ŽŸŽ—ȱŽ—’—Žȱ˜ŸŽ›Ȭœ™ŽŽȱŠ—ȱ™˜œœ’‹•ŽȱŠ’•ž›ŽǰȱŠȱ
ȃ›ŽŸȬ•’–’’—ȄȱŽŠž›Žȱ’œȱ™›˜›Š––Žȱ’—˜ȱ‘Žȱǯȱȱ
‘Žȱ–Š¡’–ž–ȱȱ•’–’ȱǻŚŗŘśȱȱ˜—ȱȱŗǯŝǰȱŚśŖŖȱ
ȱ˜—ȱȱŗǯŖȱǭȱȱŗǯŗǼȱ’œȱŽ¡ŒŽŽŽǰȱ‘Žȱȱ
œž™™›ŽœœŽœȱ‘Žȱ’—“ŽŒ’˜—ȱœ’—Š•œǰȱŒžĴ’—ȱ˜ěȱ‘ŽȱžŽ•ȱ
̘ ǯȱ‘’œȱ™›˜ŒŽœœȱ›Ž™ŽŠœȱ’œŽ•ȱ’—ȱ›Š™’ȱœžŒŒŽœœ’˜—ǰȱ
•’–’’—ȱ˜™Ž›Š’˜—ȱ˜ȱ‘Žȱ™›ŽœŽȱ–Š¡’–ž–ǯ
6HUYLFH
ŽŸŽ›ȱŠĴŽ–™ȱ˜ȱ’œŠœœŽ–‹•Žȱ‘Žȱǯȱȱ’œȱœŽŠ•Žȱ˜ȱ
™›ŽŸŽ—ȱŠ–АŽȱ˜ȱ’—Ž›—Š•ȱŒ˜–™˜—Ž—œǯȱŠ››Š—¢ȱ
’œȱŸ˜’ȱ’ȱ‘ŽȱŒŠœŽȱ’œȱ˜™Ž—Žȱ˜›ȱŠ–™Ž›Žȱ ’‘ȱ’—ȱŠ—¢ȱ
Š¢ǯ
••ȱ˜™Ž›Š’—ȱŠ—ȱŒ˜—›˜•ȱž—Œ’˜—œȱ ’‘’—ȱ‘Žȱȱ
Š›Žȱ™›ŽœŽǯȱ˜ȱ’—Ž›—Š•ȱœŽ›Ÿ’Œ’—ȱ˜›ȱ›ŽŠ“žœ–Ž—ȱ–Š¢ȱ
‹Žȱ™Ž›˜›–ŽǯȱȱŠȱ™›˜‹•Ž–ȱ’œȱŽ—Œ˜ž—Ž›ŽǰȱŠ—ȱ¢˜žȱ
ŽŽ›–’—Žȱ‘Žȱȱ˜ȱ‹ŽȱŠž•¢ǰȱŒ˜—ŠŒȱ¢˜ž›ȱœ˜ž›ŒŽȱ
˜ȱœž™™•¢ǯȱ˜ȱ—˜ȱ›Ž™•ŠŒŽȱ‘Žȱȱ ’‘˜žȱŠŒ˜›¢ȱ
Šž‘˜›’£Š’˜—ǯ
‘Žȱ›Ž•Š’˜—œ‘’™ȱ‹Ž ŽŽ—ȱ‘ŽȱȱŠ—ȱ‘Žȱ‘›˜Ĵ•Žȱ
™˜œ’’˜—ȱœŽ—œ˜›ȱǻǼȱ’œȱŸŽ›¢ȱŒ›’’ŒŠ•ȱ˜ȱ™›˜™Ž›ȱœ¢œŽ–ȱ
˜™Ž›Š’˜—ǯȱȱ‘Žȱȱ˜›ȱȱ’œȱŒ‘Š—Žǰȱ˜›ȱ‘Žȱ
–˜ž—’—ȱ™˜œ’’˜—ȱ˜ȱ‘Žȱȱ’œȱŠ•Ž›Žǰȱ‘ŽȱŠ™™•’ŒŠ‹•Žȱ
ȃȱ—’’Š•’£Š’˜—ȱ›˜ŒŽž›ŽȄȱǻœŽŽȱ™ŠŽœȱśǯŞȱ˜›ȱśǯşǼȱ
–žœȱ‹Žȱ™Ž›˜›–Žȱ˜ȱ›Žœ˜›Žȱ‘Žȱœ¢—Œ‘›˜—’£Š’˜—ǯ
%
%
6HFWLRQ%
(),)XHO6\VWHP
(QJLQH6SHHG6HQVRU
ȱȱśǯȱ ˜——ŽŒȱŠ—ȱ˜‘––ŽŽ›ȱ‹Ž ŽŽ—ȱ‘ŽȱŽœ’—ŠŽȱ
™’—ȱŽ›–’—Š•œȱ’—ȱ‘Žȱ™•žDZ
ȱ ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱǛřȱŠ—ȱǛŘŗȱ
™’—ȱŽ›–’—Š•œǯ
ȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱǛşȱŠ—ȱ
ǛŗŖȱ™’—ȱŽ›–’—Š•œǯ
)LJXUH%(QJLQH6SHHG6HQVRU
*HQHUDO
‘ŽȱŽ—’—Žȱœ™ŽŽȱœŽ—œ˜›ȱ’œȱŽœœŽ—’Š•ȱ˜ȱŽ—’—Žȱ
˜™Ž›Š’˜—DzȱŒ˜—œŠ—•¢ȱ–˜—’˜›’—ȱ‘Žȱ›˜Š’˜—Š•ȱœ™ŽŽȱ
ǻǼȱ˜ȱ‘ŽȱŒ›Š—”œ‘ŠĞǯȱȱŽ››˜–А—Ž’ŒȱŜŖȬ˜˜‘ȱ
›’—ȱŽŠ›ȱ ’‘ȱ ˜ȱŒ˜—œŽŒž’ŸŽȱŽŽ‘ȱ–’œœ’—ȱ’œȱ
–˜ž—Žȱ˜—ȱ‘ŽȱĚ¢ ‘ŽŽ•ǯȱ‘Žȱ’—žŒ’ŸŽȱœ™ŽŽȱœŽ—œ˜›ȱ
’œȱ–˜ž—ŽȱŗǯśȱƹȱŖǯŘśȱ––ȱǻŖǯŖśşȱƹȱŖǯŖŗŖȱ’—ǯǼȱРТȱ›˜–ȱ
‘Žȱ›’—ȱŽŠ›ǯȱž›’—ȱ›˜Š’˜—ǰȱŠ—ȱȱŸ˜•ŠŽȱ™ž•œŽȱ’œȱ
Œ›ŽŠŽȱ ’‘’—ȱ‘ŽȱœŽ—œ˜›ȱ˜›ȱŽŠŒ‘ȱ™Šœœ’—ȱ˜˜‘ǯȱ‘Žȱ
ȱŒŠ•Œž•ŠŽœȱŽ—’—Žȱœ™ŽŽȱ›˜–ȱ‘Žȱ’–Žȱ’—Ž›ŸŠ•ȱ
‹Ž ŽŽ—ȱ‘ŽȱŒ˜—œŽŒž’ŸŽȱ™ž•œŽœǯȱ‘Žȱ ˜Ȭ˜˜‘ȱŠ™ȱ
Œ›ŽŠŽœȱŠ—ȱ’—Ž››ž™Žȱ’—™žȱœ’—Š•ǰȱŒ˜››Žœ™˜—’—ȱ˜ȱ
œ™ŽŒ’ęŒȱŒ›Š—”œ‘ŠĞȱ™˜œ’’˜—ȱǻŞŚǚȱǼȱ˜›ȱŒ¢•’—Ž›ȱ
Ǜŗǯȱ‘’œȱœ’—Š•ȱœŽ›ŸŽœȱŠœȱŠȱ›ŽŽ›Ž—ŒŽȱ˜›ȱ‘ŽȱŒ˜—›˜•ȱ
˜ȱ’—’’˜—ȱ’–’—ȱ‹¢ȱ‘Žȱǯȱ¢—Œ‘›˜—’£Š’˜—ȱ˜ȱ
‘Žȱ’—žŒ’ŸŽȱœ™ŽŽȱ™’Œ”ž™ȱŠ—ȱŒ›Š—”œ‘ŠĞȱ™˜œ’’˜—ȱ
Š”Žœȱ™•ŠŒŽȱž›’—ȱ‘Žȱꛜȱ ˜ȱ›ŽŸ˜•ž’˜—œȱŽŠŒ‘ȱ
’–Žȱ‘ŽȱŽ—’—Žȱ’œȱœŠ›Žǯȱ‘ŽȱœŽ—œ˜›ȱ–žœȱ‹Žȱ
™›˜™Ž›•¢ȱŒ˜——ŽŒŽȱŠȱŠ••ȱ’–Žœǯȱȱ‘ŽȱœŽ—œ˜›ȱ‹ŽŒ˜–Žœȱ
’œŒ˜——ŽŒŽȱ˜›ȱŠ—¢ȱ›ŽŠœ˜—ǰȱ‘ŽȱŽ—’—Žȱ ’••ȱšž’ȱ
›ž——’—ǯ
6HUYLFH
‘ŽȱŽ—’—Žȱœ™ŽŽȱœŽ—œ˜›ȱ’œȱŠȱœŽŠ•Žǰȱ—˜—ȬœŽ›Ÿ’ŒŽŠ‹•Žȱ
ŠœœŽ–‹•¢ǯȱȱȃŠž•ȱ˜ŽȄȱ’А—˜œ’œȱ’—’ŒŠŽœȱŠȱ
™›˜‹•Ž–ȱ ’‘’—ȱ‘’œȱŠ›ŽŠǰȱŒ‘ŽŒ”ȱŠ—ȱŽœȱŠœȱ˜••˜ œǯ
ȱ ŗǯȱ ‘ŽŒ”ȱ‘Žȱ–˜ž—’—ȱŠ—ȱŠ’›ȱŠ™ȱ˜ȱœŽ—œ˜›ǯȱȱ
–žœȱ‹Žȱŗǯśȱ––ȱƹȱŖǯŘśȱ––ȱǻŖǯŖśşȱƹȱŖǯŖŗŖȱ’—ǯǼǯ
ȱ Řǯȱ —œ™ŽŒȱ‘Žȱ ’›’—ȱŠ—ȱŒ˜——ŽŒ’˜—œȱ˜›ȱŠ–АŽȱ˜›ȱ
™›˜‹•Ž–œǯ
ȱȱřǯȱ Š”Žȱœž›Žȱ‘ŽȱŽ—’—Žȱ‘Šœȱ›Žœ’œ˜›ȱ¢™Žȱœ™Š›”ȱ
™•žœǯ
ȱȱŚǯȱ ’œŒ˜——ŽŒȱ–Š’—ȱ‘Š›—ŽœœȱŒ˜——ŽŒ˜›ȱ›˜–ȱǯȱ
%
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱǛşȱŠ—ȱȱ
ǛŗŖȱ™’—ȱŽ›–’—Š•œǯ
ȱ ȱ
ŽŽȱ™ŠŽœȱśǯŘŞȬśǯřřȱŠŒŒ˜›’—ȱ˜ȱȱœ¢•Žǯȱ
ȱ›Žœ’œŠ—ŒŽȱŸŠ•žŽȱ˜ȱŝśŖȬŗŖŖŖȱ:ȱŠȱ›˜˜–ȱ
Ž–™Ž›Šž›ŽȱǻŘŖǚǰȱŜŞǚǼȱœ‘˜ž•ȱ‹Žȱ˜‹Š’—Žǯȱȱ
ȱ›Žœ’œŠ—ŒŽȱ’œȱŒ˜››ŽŒǰȱŒ‘ŽŒ”ȱ‘Žȱ–˜ž—’—ǰȱŠ’›ȱ
Š™ǰȱ˜˜‘Žȱ›’—ȱŽŠ›ȱǻŠ–АŽǰȱ›ž—˜žǰȱŽŒǯǼǰȱŠ—ȱ
Ě¢ ‘ŽŽ•ȱ”Ž¢ǯ
ȱ Ŝǯȱ ’œŒ˜——ŽŒȱ‘Žȱœ™ŽŽȱœŽ—œ˜›ȱŒ˜——ŽŒ˜›ȱ›˜–ȱ
’›’—ȱ‘Š›—Žœœǯȱȱ’œȱ‘ŽȱŒ˜——ŽŒ˜›ȱ ’‘ȱ˜—Žȱ
‘ŽŠŸ¢ȱ‹•ŠŒ”ȱ•ŽŠȱǻœŽŽȱ’ž›ŽȱśȬśǼǯȱ’Ž ’—ȱ
‘ŽȱŒ˜——ŽŒ˜›ȱŠœȱœ‘˜ —ȱǻžŠ•ȱŠ•’—’—ȱ›Š’•œȱ˜—ȱ
˜™ǼǰȱŽœȱ‘Žȱ›Žœ’œŠ—ŒŽȱ‹Ž ŽŽ—ȱ‘ŽȱŽ›–’—Š•œȱ
’—’ŒŠŽǯȱȱ›ŽŠ’—ȱ˜ȱŝśŖȬŗŖŖŖȱ:ȱœ‘˜ž•ȱАВ—ȱ
‹Žȱ˜‹Š’—Žǯ
'XDO$OLJQLQJ5DLOV
&RUUHVSRQGV
7R0HWDO
&DVHG(&8RU
3ODVWLF&DVHG
(&8,Q0DLQ
&RQQHFWRU
&RUUHVSRQGV
7R0HWDO
&DVHG(&8RU
3ODVWLF&DVHG
(&8,Q0DLQ
7HVW7HUPLQDOV
&RQQHFWRU
)LJXUH%6SHHG6HQVRU&RQQHFWRU
ȱ ŝǯȱ Šǯȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’œȱ’—Œ˜››ŽŒǰȱ›Ž–˜ŸŽȱ‘ŽȱœŒ›Ž ȱȱ
ȱ œŽŒž›’—ȱ‘ŽȱœŽ—œ˜›ȱ˜ȱ‘Žȱ–˜ž—’—ȱ‹›ŠŒ”Žȱȱ
ȱ Š—ȱ›Ž™•ŠŒŽȱ‘ŽȱœŽ—œ˜›ǯ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’—ȱœŽ™ȱśȱ Šœȱ’—Œ˜››ŽŒǰȱ‹žȱȱ
‘Žȱ›Žœ’œŠ—ŒŽȱ˜ȱ‘ŽȱœŽ—œ˜›ȱŠ•˜—Žȱ ŠœȱŒ˜››ŽŒǰȱȱ
Žœȱ‘Žȱ–Š’—ȱ‘Š›—ŽœœȱŒ’›Œž’œȱ‹Ž ŽŽ—ȱ‘Žȱȱ
œŽ—œ˜›ȱŒ˜——ŽŒ˜›ȱŽ›–’—Š•œȱŠ—ȱ‘Žȱȱ
ȱ
Œ˜››Žœ™˜—’—ȱ™’—ȱŽ›–’—Š•œȱ’—ȱ‘Žȱ–Š’—ȱȱ
Œ˜——ŽŒ˜›ǯȱ˜››ŽŒȱŠ—¢ȱ˜‹œŽ›ŸŽȱ™›˜‹•Ž–ǰȱȱ
›ŽŒ˜——ŽŒȱ‘ŽȱœŽ—œ˜›ǰȱŠ—ȱ™Ž›˜›–ȱœŽ™ȱśȱȱ
АВ—ǯȱ
6HFWLRQ%
(),)XHO6\VWHP
7KURWWOH3RVLWLRQ6HQVRU736
˜ž—Žȱ˜—ȱ‘Žȱ‘›˜Ĵ•Žȱ‹˜¢Ȧ’—Š”Žȱ–Š—’˜•ȱŠ—ȱ
˜™Ž›ŠŽȱ’›ŽŒ•¢ȱ˜ěȱ‘ŽȱŽ—ȱ˜ȱ‘Žȱ‘›˜Ĵ•Žȱœ‘ŠĞǰȱ‘Žȱ
ȱ ˜›”œȱŠœȱŠȱ™˜Ž—’˜–ŽŽ›ǰȱŸŠ›¢’—ȱ‘ŽȱŸ˜•ŠŽȱ
œ’—Š•ȱ˜ȱ‘Žȱȱ’—ȱ’›ŽŒȱŒ˜››Ž•Š’˜—ȱ˜ȱ‘ŽȱŠ—•Žȱ
˜ȱ‘Žȱ‘›˜Ĵ•Žȱ™•ŠŽǯȱ‘’œȱœ’—Š•ǰȱŠ•˜—ȱ ’‘ȱ‘Žȱ˜‘Ž›ȱ
œŽ—œ˜›ȱœ’—Š•œǰȱ’œȱ™›˜ŒŽœœŽȱ‹¢ȱ‘ŽȱȱŠ—ȱŒ˜–™Š›Žȱ
˜ȱ‘Žȱ’—Ž›—Š•ȱ™›Ž™›˜›Š––Žȱ–Š™œȱ˜ȱŽŽ›–’—Žȱ‘Žȱ
›Žšž’›ŽȱžŽ•ȱŠ—ȱ’—’’˜—ȱœŽĴ’—œȱ˜›ȱ‘ŽȱŠ–˜ž—ȱ˜ȱ
•˜Šǯ
‘ŽȱŒ˜››ŽŒȱ™˜œ’’˜—ȱ˜ȱ‘Žȱȱ’œȱŽœŠ‹•’œ‘ŽȱŠ—ȱ
œŽȱŠȱ‘ŽȱŠŒ˜›¢ǯȱ˜ȱ—˜ȱ•˜˜œŽ—ȱ‘Žȱȱ˜›ȱŠ•Ž›ȱ‘Žȱ
–˜ž—’—ȱ™˜œ’’˜—ȱž—•ŽœœȱŠ‹œ˜•žŽ•¢ȱ›Žšž’›Žȱ‹¢ȱ
Šž•ȱŒ˜Žȱ’А—˜œ’œȱ˜›ȱ‘›˜Ĵ•Žȱœ‘ŠĞȱœŽ›Ÿ’ŒŽǯȱȱ‘Žȱ
ȱ’œȱ•˜˜œŽ—Žȱ˜›ȱ›Ž™˜œ’’˜—Žȱ‘ŽȱŠ™™›˜™›’ŠŽȱȃȱ
—’’Š•’£Š’˜—ȱ›˜ŒŽž›ŽȄȱǻ™ŠŽœȱśǯŞȬśǯŗŖǼȱ–žœȱ‹Žȱ
™Ž›˜›–Žȱ˜ȱ›ŽŽœŠ‹•’œ‘ȱ‘Žȱ‹ŠœŽ•’—Žȱ›Ž•Š’˜—œ‘’™ȱ
‹Ž ŽŽ—ȱ‘ŽȱȱŠ—ȱ‘Žȱǯ
6HUYLFH
‘Žȱȱ’œȱŠȱœŽŠ•Žǰȱ—˜—ȬœŽ›Ÿ’ŒŽŠ‹•ŽȱŠœœŽ–‹•¢ǯȱ
ȱ’А—˜œ’œȱ’—’ŒŠŽœȱŠȱ‹ŠȱœŽ—œ˜›ǰȱŒ˜–™•ŽŽȱ
›Ž™•ŠŒŽ–Ž—ȱ’œȱ—ŽŒŽœœŠ›¢ǯȱȱŠȱ‹•’—”ȱŒ˜Žȱ’—’ŒŠŽœȱŠȱ
™›˜‹•Ž–ȱ ’‘ȱ‘Žȱǰȱ’ȱŒŠ—ȱ‹ŽȱŽœŽȱŠœȱ˜••˜ œDZ
7KURWWOH9DOYH6KDIW
5HVLVWRU7UDFN
:LSHU$UPZ:LSHU
(OHFWULFDO&RQQHFWLRQ
)LJXUH%7KURWWOH3RVLWLRQ6HQVRU'HWDLOV
*HQHUDO
‘Žȱ‘›˜Ĵ•Žȱ™˜œ’’˜—ȱœŽ—œ˜›ȱǻǼȱ’œȱžœŽȱ˜ȱ’—’ŒŠŽȱ
‘›˜Ĵ•Žȱ™•ŠŽȱŠ—•Žȱ˜ȱ‘Žȱǯȱ’—ŒŽȱ‘Žȱ‘›˜Ĵ•Žȱǻ‹¢ȱ
Š¢ȱ˜ȱ‘Žȱ˜ŸŽ›—˜›Ǽȱ›ŽŠŒœȱ˜ȱŽ—’—Žȱ•˜Šǰȱ‘ŽȱŠ—•Žȱ
˜ȱ‘Žȱ‘›˜Ĵ•Žȱ™•ŠŽȱ’œȱ’›ŽŒ•¢ȱ™›˜™˜›’˜—Š•ȱ˜ȱ‘Žȱ•˜Šȱ
˜—ȱ‘ŽȱŽ—’—Žǯ
0RXQWHG7KURWWOH
3RVLWLRQ6HQVRU
ȱ ŗǯȱ ˜ž—’—ȱ‘Žȱ—ž–‹Ž›ȱ˜ȱž›—œǰȱ‹ŠŒ”ȱ˜žȱ‘Žȱ’•Žȱ
œ™ŽŽȱŠ“žœ’—ȱœŒ›Ž ȱǻŒ˜ž—Ž›Œ•˜Œ” ’œŽǼȱž—’•ȱ
‘Žȱ‘›˜Ĵ•Žȱ™•ŠŽœȱŒŠ—ȱ‹ŽȱŒ•˜œŽȱŒ˜–™•ŽŽ•¢ǯ
ȱ Řǯȱ ’œŒ˜——ŽŒȱ‘Žȱ–Š’—ȱ‘Š›—ŽœœȱŒ˜——ŽŒ˜›ȱ›˜–ȱ‘Žȱ
ǰȱ‹žȱ•ŽŠŸŽȱ‘Žȱȱ–˜ž—Žȱ˜ȱ‘Žȱ‘›˜Ĵ•Žȱ
‹˜¢Ȧ–Š—’˜•ǯ
ȱ řǯȱ ˜——ŽŒȱ‘Žȱ˜‘––ŽŽ›ȱ•ŽŠœȱŠœȱ˜••˜ œDZ
ȱ ȱ ǻŽŽȱŒ‘Š›ȱ˜—ȱ™ŠŽœȱśǯŘŞǰȱśǯřŗǰȱ˜›ȱśǯřŘǼǯ
ȱ ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱŽȱ
ǻ™˜œ’’ŸŽǼȱ˜‘––ŽŽ›ȱ•ŽŠȱ˜ȱǛŗŘȱ™’—ȱŽ›–’—Š•ǰȱ
Š—ȱ•ŠŒ”ȱǻ—ŽŠ’ŸŽǼȱ˜‘––ŽŽ›ȱ•ŽŠȱ˜ȱǛŘŝȱ™’—ȱ
Ž›–’—Š•ǯ
ȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱŽȱ
ǻ™˜œ’’ŸŽǼȱ˜‘––ŽŽ›ȱ•ŽŠȱ˜ȱǛŞȱ™’—ȱŽ›–’—Š•ǰȱ
Š—ȱ•ŠŒ”ȱǻ—ŽŠ’ŸŽǼȱ˜‘––ŽŽ›ȱ•ŽŠȱ˜ȱǛŚȱ™’—ȱ
Ž›–’—Š•ǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱŽȱ
ǻ™˜œ’’ŸŽǼȱ˜‘––ŽŽ›ȱ•ŽŠȱ˜ȱǛŞȱ™’—ȱŽ›–’—Š•ǰȱ
Š—ȱ•ŠŒ”ȱǻ—ŽŠ’ŸŽǼȱ˜‘––ŽŽ›ȱ•ŽŠȱ˜ȱǛŚȱ™’—ȱ
Ž›–’—Š•ǯ
ȱ
˜•ȱ‘Žȱ‘›˜Ĵ•ŽȱŒ•˜œŽȱŠ—ȱŒ‘ŽŒ”ȱ‘Žȱ›Žœ’œŠ—ŒŽǯȱȱ
œ‘˜ž•ȱ‹ŽȱŞŖŖȬŗŘŖŖȱ:
)LJXUH%736/RFDWLRQ
%
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ Śǯȱ ŽŠŸŽȱ‘Žȱ•ŽŠœȱŒ˜——ŽŒŽȱ˜ȱ‘Žȱ™’—ȱŽ›–’—Š•œȱ
ŠœȱŽœŒ›’‹Žȱ’—ȱœŽ™ȱřǯȱ˜ŠŽȱ‘Žȱ‘›˜Ĵ•Žȱœ‘ŠĞȱ
œ•˜ •¢ȱŒ˜ž—Ž›Œ•˜Œ” ’œŽȱ˜ȱ‘Žȱž••ȱ‘›˜Ĵ•Žȱ
™˜œ’’˜—ǯȱ˜—’˜›ȱ‘Žȱ’Š•ȱž›’—ȱ›˜Š’˜—ȱ˜›ȱ
’—’ŒŠ’˜—ȱ˜ȱŠ—¢ȱ–˜–Ž—Š›¢ȱœ‘˜›ȱ˜›ȱ˜™Ž—ȱ
Œ’›Œž’œǯȱ˜Žȱ‘Žȱ›Žœ’œŠ—ŒŽȱŠȱ‘Žȱž••ȱ‘›˜Ĵ•Žȱ
™˜œ’’˜—ǯȱȱœ‘˜ž•ȱ‹ŽȱŗŞŖŖȬřŖŖŖȱ:ǯ
ȱ śǯȱ ’œŒ˜——ŽŒȱ‘Žȱ–Š’—ȱ ’›’—ȱ‘Š›—ŽœœȱŒ˜——ŽŒ˜›ȱ
›˜–ȱ‘Žȱǰȱ•ŽŠŸ’—ȱ‘ŽȱȱŠœœŽ–‹•Žȱ˜ȱ‘Žȱ
–Š—’˜•ǯȱŽŽ›ȱ˜ȱ‘ŽȱŒ‘Š›ȱ‹Ž•˜ ȱŠ—ȱ™Ž›˜›–ȱ
‘Žȱ›Žœ’œŠ—ŒŽȱŒ‘ŽŒ”œȱ’—’ŒŠŽȱ‹Ž ŽŽ—ȱ‘Žȱ
Ž›–’—Š•œȱ’—ȱ‘Žȱȱœ ’Œ‘ǰȱ ’‘ȱ‘Žȱ‘›˜Ĵ•Žȱ’—ȱ
‘Žȱ™˜œ’’˜—œȱœ™ŽŒ’ꮍǯ
7KURWWOH %HWZHHQ
3RVLWLRQ 7HUPLQDOV
&ORVHG
& ORVHG
)XOO
)XOO
$Q\
5HVLVWDQFH
9DOXH:
&RQWLQXLW\
<HV
<HV
<HV
<HV
<HV
ȱ ȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱŸŠ•žŽœȱ’—ȱœŽ™œȱřǰȱŚǰȱŠ—ȱśȱŠ›Žȱ
’‘’—ȱœ™ŽŒ’ęŒŠ’˜—œǰȱ˜ȱ˜ȱœŽ™ȱŜǯ
ȱ ȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱŸŠ•žŽœȱŠ›Žȱ—˜ȱ ’‘’—ȱ
œ™ŽŒ’ęŒŠ’˜—œǰȱ˜›ȱŠȱ–˜–Ž—Š›¢ȱœ‘˜›ȱ˜›ȱ˜™Ž—ȱ
Œ’›Œž’ȱ ŠœȱŽŽŒŽȱž›’—ȱ›˜Š’˜—ȱǻœŽ™ȱŚǼǰȱ‘Žȱ
ȱ—ŽŽœȱ˜ȱ‹Žȱ›Ž™•ŠŒŽǰȱ˜ȱ˜ȱœŽ™ȱŝǯ
ȱ Ŝǯȱ ‘ŽŒ”ȱ‘ŽȱȱŒ’›Œž’œȱǻ’—™žǰȱ›˜ž—Ǽȱ‹Ž ŽŽ—ȱ
‘Žȱȱ™•žȱŠ—ȱ‘Žȱ–Š’—ȱ‘Š›—ŽœœȱŒ˜——ŽŒ˜›ȱ˜›ȱ
Œ˜—’—ž’¢ǰȱŠ–АŽǰȱŽŒǯȱŽŽȱŒ‘Š›ȱ˜—ȱ™ŠŽœȱśǯŘŞǰȱ
śǯřŗǰȱ˜›ȱśǯřŘǯ
ȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’—ȱ
’›Œž’œȱǛŗŘȱŠ—ȱǛŘŝǯȱ
ȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
’›Œž’œȱǛŞȱŠ—ȱǛŚǯ
ȱ ŝǯȱ Ž–˜ŸŽȱ‘Žȱ ˜ȱ–˜ž—’—ȱœŒ›Ž œȱ›˜–ȱ‘Žȱǯȱ
ŠŸŽȱ‘ŽȱœŒ›Ž œȱ˜›ȱ›ŽžœŽǯȱŽ–˜ŸŽȱŠ—ȱ’œŒŠ›ȱ
‘ŽȱŠž•¢ȱǯȱ—œŠ••ȱ‘Žȱ›Ž™•ŠŒŽ–Ž—ȱȱŠ—ȱ
œŽŒž›Žȱ ’‘ȱ‘Žȱ˜›’’—Š•ȱ–˜ž—’—ȱœŒ›Ž œǯ
ȱ ȱ Šǯȱ ŽŒ˜——ŽŒȱ‹˜‘ȱŒ˜——ŽŒ˜›ȱ™•žœǯ
ȱ ȱ ‹ǯȱ Ž›˜›–ȱ‘ŽȱŠ™™›˜™›’ŠŽȱȃȱ—’’Š•’£Š’˜—ȱȱ
ȱ ›˜ŒŽž›ŽȄȱ’—Ž›Š’—ȱ‘Žȱ—Ž ȱœŽ—œ˜›ȱ˜ȱ‘Žȱȱ
ȱ ǯ
736,QLWLDOL]DWLRQ3URFHGXUH
˜›ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱȱŠ—
ȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱȱ˜—•¢
ȱ ŗǯȱ ‘ŽŒ”ȱ‘Šȱ‘Žȱ‹Šœ’ŒȱŽ—’—ŽǰȱŠ••ȱœŽ—œ˜›œǰȱžŽ•ǰȱžŽ•ȱ
™›Žœœž›ŽǰȱŠ—ȱ‹ŠĴŽ›¢ȱŠ›Žȱ˜˜ȱŠ—ȱž—Œ’˜—Š••¢ȱ
’‘’—ȱœ™ŽŒ’ęŒŠ’˜—œǯ
,PSRUWDQW
ȱ Řǯȱ Ž–˜ŸŽȦ’œŒ˜——ŽŒȱȱŽ¡Ž›—Š•ȱ•˜Šœȱ›˜–ȱ
Ž—’—Žȱǻ‹Ž•œǰȱ™ž–™œǰȱŽ•ŽŒ›’ŒȱȱŒ•žŒ‘ǰȱ
Š•Ž›—Š˜›ǰȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǰȱŽŒǯǼǯ
ȱ řǯȱ Š›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱŠ••˜ ȱ’ȱ˜ȱ Š›–ȱž™ȱ˜›ȱ
śȬŗŖȱ–’—žŽœǰȱœ˜ȱ˜’•ȱŽ–™Ž›Šž›Žȱ’œȱŠ‹˜ŸŽȱśśǚȱ
ǻŗřŖǚǼǯ
ȱ Śǯȱ ˜ŸŽȱ‘Žȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ȱ˜ȱ‘Žȱ’•Žȱ™˜œ’’˜—ȱŠ—ȱ
Š••˜ ȱŽ—’—Žȱ˜ȱœŠ‹’•’£Žȱ˜›ȱŠȱ–’—’–ž–ȱ˜ȱ˜—Žȱ
–’—žŽǯ
ȱ śǯȱ —œŠ••ȱŠȱ‘ŽŠŸ¢ȱ›ž‹‹Ž›ȱ‹Š—ȱŠ›˜ž—ȱ‘Žȱ‘›˜Ĵ•Žȱ
•ŽŸŽ›ȱŠ—ȱ‘Žȱ–Š—’˜•ȱ‹˜œœǰȱ˜ȱꛖ•¢ȱ‘˜•ȱ
‘Žȱ‘›˜Ĵ•ŽȱАВ—œȱ‘Žȱ’•Žȱœ˜™ǯȱ—ȱœ˜–Žȱȱ
Ž—’—Žœȱ‘Ž›Žȱ’œȱŠȱŠ–™Ž—’—ȱœ™›’—ȱ˜—ȱ‘ŽȱŽ—ȱ
˜ȱ‘Žȱ’•Žȱœ™ŽŽȱœŒ›Ž ǯȱ‘ŽȱŠ–™Ž—’—ȱœ™›’—ȱǻ’ȱ
žœŽǼȱœ‘˜ž•ȱ‹Žȱž••¢ȱŒ˜–™›ŽœœŽȱŠ—ȱ‘ŽȱŠ‹ȱ˜—ȱ
‘Žȱ‘›˜Ĵ•Žȱ•ŽŸŽ›ȱ’—ȱ’›ŽŒȱŒ˜—ŠŒȱ ’‘ȱ‘Žȱœ™ŽŽȱ
œŒ›Ž ǯȱ“žœȱ‘Žȱ’•Žȱœ™ŽŽȱ˜ȱŗśŖŖȱǰȱžœ’—ȱŠȱ
ŠŒ‘˜–ŽŽ›ǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
’›Œž’œȱǛŞȱŠ—ȱǛŚǯ
ȱ Ŝǯȱ ‘žȱ˜ěȱŽ—’—Žǯ
ȱ
Šǯȱ ޙВ›ȱ˜›ȱ›Ž™•ŠŒŽȱŠœȱ›Žšž’›Žǯ
ȱ ŝǯȱ ˜ŒŠŽȱ‘ŽȱœŽ›Ÿ’ŒŽȱŒ˜——ŽŒ˜›ȱ™•žȱ’—ȱ‘Žȱ ’›’—ȱ
‘Š›—Žœœǯ
ȱ
‹ǯȱ ž›—ȱ‘Žȱ’•Žȱœ™ŽŽȱœŒ›Ž ȱ‹ŠŒ”ȱ’—ȱ˜ȱ’œȱ
˜›’’—Š•ȱœŽĴ’—ǯ
ȱ
Œǯȱ ŽŒ˜——ŽŒȱŒ˜——ŽŒ˜›ȱ™•žœǰȱœŠ›ȱŽ—’—ŽȱŠ—ȱ
›ŽŽœȱœ¢œŽ–ȱ˜™Ž›Š’˜—ǯ
%
ȱ ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ˜——ŽŒȱ
Šȱ“ž–™Ž›ȱ ’›Žȱ›˜–ȱ‘Žȱȱ’—’’Š•’£Š’˜—ȱ™’—ȱǛŞȱ
ǻ›Š¢ȱ ’›ŽǼȱ˜ȱ‘Žȱ›˜ž—ȱ™’—ȱǻ‹•ŠŒ”ȱ ’›ŽǼǰȱ˜›ȱžœŽȱ
‘Žȱ“ž–™Ž›ȱ™•žȱ ’‘ȱ‘Žȱ›Žȱ“ž–™Ž›ȱ ’›ŽǯȱŽŽȱ
’ž›ŽȱśȬŞǯ
6HFWLRQ%
(),)XHO6\VWHP
ȱ ȱ ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ˜——ŽŒȱ
Šȱ“ž–™Ž›ȱ ’›Žȱ›˜–ȱ‘Žȱȱ’—’’Š•’£Š’˜—ȱ™’—ȱǛŘŚȱ
ǻŸ’˜•Žȱ ’›ŽǼȱ˜ȱ‘Žȱ‹ŠĴŽ›¢ȱŸ˜•ŠŽȱ™’—ȱǻ›Žȱ ’›ŽǼǰȱ
˜›ȱžœŽȱ‘Žȱ“ž–™Ž›ȱ™•žȱ ’‘ȱ‘Žȱ‹•žŽȱ“ž–™Ž›ȱ
’›ŽǯȱŽŽȱ’ž›ŽȱśȬşǯ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ•’‘ȱœŠ¢œȱ˜—ȱ˜›ȱ‹•’—”’—ȱŒŽŠœŽœȱȱ
ȱ
™›Ž–Šž›Ž•¢ǰȱ‘Žȱ™›˜ŒŽž›Žȱ Šœȱž—œžŒŒŽœœž•ȱȱ
Š—ȱ–žœȱ‹Žȱ›Ž™ŽŠŽǯȱ˜œœ’‹•ŽȱŒŠžœŽœȱ˜›ȱȱ
ž—œžŒŒŽœœž•ȱ•ŽŠ›—’—ȱ–Š¢ȱ‹ŽDZȱŗǼȱ˜ŸŽ–Ž—ȱȱ
˜ŒŒž››Žȱ’—ȱŽ’‘Ž›ȱ‘Žȱȱ˜›ȱ‘›˜Ĵ•Žȱœ‘ŠĞȱȱ
ž›’—ȱ™›˜ŒŽž›ŽǰȱŘǼȱ›Š—”œ‘ŠĞȱ–˜ŸŽ–Ž—Ȧȱ
›˜Š’˜—ȱ ŠœȱŽŽŒŽȱ‹¢ȱ‘Žȱœ™ŽŽȱœŽ—œ˜›ȱȱ
ž›’—ȱ™›˜ŒŽž›ŽǰȱřǼȱ‘›˜Ĵ•Žȱ™•ŠŽȱ™˜œ’’˜—ȱȱ
Šœȱ˜žȱ˜ȱ•ŽŠ›—Š‹•Žȱ›Š—Žȱǻ›ŽŒ‘ŽŒ”ȱ‘ŽȱŗśŖŖȱȱ
ȱ’•Žȱœ™ŽŽȱŠ“žœ–Ž—Ǽǰȱ˜›ȱŚǼȱ›˜‹•Ž–ȱȱ
’‘ȱȱ˜›ȱǯ
ȱ şǯȱ ‘Ž—ȱ‘Žȱ’—’’Š•’£Š’˜—ȱ™›˜ŒŽž›Žȱ‘Šœȱ‹ŽŽ—ȱ
œžŒŒŽœœž••¢ȱŒ˜–™•ŽŽǰȱž›—ȱ˜ěȱ‘Žȱ”Ž¢ȱœ ’Œ‘ǰȱ
›Ž–˜ŸŽȱ‘Žȱ“ž–™Ž›ȱ ’›Žȱ˜›ȱŒ˜——ŽŒ˜›ǰȱŠ—ȱ
›Ž–˜ŸŽȱ‘Žȱ›ž‹‹Ž›ȱ‹Š—ȱ›˜–ȱ‘Žȱ‘›˜Ĵ•Žȱ•ŽŸŽ›ǯ
ȱŗŖǯȱ ’œŒ˜——ŽŒȱ—ŽŠ’ŸŽȱǻȬǼȱ‹ŠĴŽ›¢ȱŒŠ‹•ŽȱŽ–™˜›Š›’•¢ȱ
˜ȱŒ•ŽŠ›ȱŠ••ȱ•ŽŠ›—ŽȱŠ“žœ–Ž—œǯ
)LJXUH%6HUYLFH&RQQHFWRU3OXJ0HWDO&DVHG
(&8+DUQHVV
ȱŗŗǯȱ ŽŒ˜——ŽŒȱ‘Žȱ‹ŠĴŽ›¢ȱŒŠ‹•ŽȱŠ—ȱŠ••ȱŽ¡Ž›—Š•ȱ
•˜ŠœǯȱŽŠ“žœȱ‘Žȱ’•Žȱœ™ŽŽȱ˜ȱ‘ŽȱŽšž’™–Ž—ȱ
–Š—žŠŒž›Ž›Ȃœȱœ™ŽŒ’ꮍȱœŽĴ’—ȱŠ—ȱ›ŽŒ‘ŽŒ”ȱ‘Žȱ
‘’‘Ȭœ™ŽŽǰȱ—˜Ȭ•˜ŠȱȱœŽĴ’—ǯȱ‹œŽ›ŸŽȱ‘Žȱ
˜ŸŽ›Š••ȱ™Ž›˜›–Š—ŒŽǯ
736,QLWLDOL]DWLRQ3URFHGXUH
˜›ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱȱ—•¢ȱ
ǻȃž˜ȬŽŠ›—Ȅȱ—’’Š•’£Š’˜—Ǽ
ȱ ŗǯȱȱ ‘ŽŒ”ȱ‘Šȱ‘Žȱ‹Šœ’ŒȱŽ—’—ŽǰȱŠ••ȱœŽ—œ˜›œǰȱžŽ•ǰȱžŽ•ȱ
™›Žœœž›ŽǰȱŠ—ȱ‹ŠĴŽ›¢ȱŠ›Žȱ˜˜ȱŠ—ȱž—Œ’˜—Š••¢ȱ
’‘’—ȱœ™ŽŒ’ęŒŠ’˜—œǯ
)LJXUH%6HUYLFH&RQQHFWRU3OXJ3ODVWLF
&DVHG(&8+DUQHVV
ȱ Şǯȱ ˜•ȱ‘›˜Ĵ•ŽȱАВ—œȱ’•Žȱœ™ŽŽȱœ˜™ȱœŒ›Ž ǰȱž›—ȱ
‘Žȱ’—’’˜—ȱœ ’Œ‘ȱ˜ȱȃ˜—Ȅȱ™˜œ’’˜—ȱǻ˜ȱ—˜ȱœŠ›ȱ
Ž—’—ŽǼǰȱŠ—ȱ˜‹œŽ›ŸŽȱ‘ŽȱŠ•ž—Œ’˜—ȱ—’ŒŠ˜›ȱ
’‘ȱǻǼǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
‘Žȱ•’‘ȱœ‘˜ž•ȱ‹•’—”ȱ˜—Ȧ˜ěȱšž’Œ”•¢ȱ˜›ȱȱ
Š™™›˜¡’–ŠŽ•¢ȱřȱœŽŒ˜—œȱŠ—ȱ‘Ž—ȱ˜ȱ˜ěȱŠ—ȱȱ
œŠ¢ȱ˜ěǰȱ’—’ŒŠ’—ȱ‘Žȱ’—’’Š•’£Š’˜—ȱ™›˜ŒŽž›Žȱȱ
‘Šœȱ‹ŽŽ—ȱœžŒŒŽœœž•ǯ
,PSRUWDQW
ȱ Řǯȱ Ž–˜ŸŽȦ’œŒ˜——ŽŒȱȱŽ¡Ž›—Š•ȱ•˜Šœȱ›˜–ȱ‘Žȱ
Ž—’—Žȱǻ‹Ž•œǰȱ™ž–™œǰȱŽ•ŽŒ›’ŒȱȱŒ•žŒ‘ǰ
ȱ ȱ Š•Ž›—Š˜›ǰȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǰȱŽŒǯǼǯ
ȱ řǯȱ ˜ŒŠŽȱ‘ŽȱœŽ›Ÿ’ŒŽȱŒ˜——ŽŒ˜›ȱ™•žȱ’—ȱ‘Žȱ ’›’—ȱ
‘Š›—Žœœǯȱ˜ȱ’—’’ŠŽȱ‘ŽȱȱŠž˜Ȭ•ŽŠ›—ȱž—Œ’˜—ǰȱ
Œ˜——ŽŒȱŠȱ“ž–™Ž›ȱ ’›Žȱ›˜–ȱ‘Žȱȱ’—’’Š•’£Š’˜—ȱ
™’—ȱǛŘŚȱǻŸ’˜•Žȱ ’›ŽǼȱ˜ȱ‘Žȱ‹ŠĴŽ›¢ȱŸ˜•ŠŽȱ™’—ȱ
ȱ ȱ ǻ›Žȱ ’›ŽǼǰȱ˜›ȱžœŽȱ‘Žȱ“ž–™Ž›ȱ™•žȱ ’‘ȱ‘Žȱ‹•žŽȱ
“ž–™Ž›ȱ ’›Žǯȱȱžœ’—ȱ‘ŽȱȬ‹ŠœŽȱ’А—˜œ’Œȱ
˜˜•ȱŠ—ȱœ˜Ğ Š›ŽȱǻœŽŽȱŽŒ’˜—ȱŘǼǰȱ˜ȱ˜ȱȃ™ŽŒ’Š•ȱ
ŽœœȄȱŠ—ȱ˜••˜ ȱ‘Žȱ™›˜–™œȱ˜ȱŒ˜–™•ŽŽǯ
ȱ Śǯȱ Š›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱ’––Ž’ŠŽ•¢ȱ˜‹œŽ›ŸŽȱ‘Žȱ
Š•ž—Œ’˜—ȱ—’ŒŠ˜›ȱ’‘ȱǻǼǯȱ‘Žȱ•’‘ȱ
œ‘˜ž•ȱœŠ›ȱ‹•’—”’—ȱŚȱŒ˜—œŽŒž’ŸŽȱ’–ŽœȱŽŸŽ›¢ȱŘȱ
œŽŒ˜—œǯ
%
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ śǯȱ Ž–˜ŸŽȱ‘Žȱ“ž–™Ž›ȱ ’›Žȱ˜›ȱ™•žȱ›˜–ȱ‘ŽȱœŽ›Ÿ’ŒŽȱ
Œ˜——ŽŒ˜›ȱ™•žȱ’—ȱ ’›’—ȱ‘Š›—Žœœǯ
(QJLQH2LO7HPSHUDWXUH6HQVRU
ȱ Ŝǯȱ ž—ȱ‘ŽȱŽ—’—ŽȱŠȱž••ȱ‘›˜Ĵ•ŽȱǻŠ‹˜ŸŽȱřŖŖŖȱǼǰȱ
˜ȱ Š›–ȱž™ȱ‘ŽȱŽ—’—ŽȱŠ—ȱ’—’’ŠŽȱŘȱœŽ—œ˜›ȱ
ž—Œ’˜—ȱ’—ȱȃŒ•˜œŽȬ•˜˜™Ȅȱ˜™Ž›Š’˜—ǯ
ȱ ŝǯȱ ŠŒ‘ȱ‘ŽȱȃȄǯȱ‘Ž—ȱ‘Žȱ•’‘ȱœŠ›œȱ‹•’—”’—ȱ
›Š™’•¢ǰȱǻśȱ‹•’—”œȱ™Ž›ȱœŽŒ˜—Ǽǰȱ–˜ŸŽȱ‘Žȱ‘›˜Ĵ•Žȱ
•ŽŸŽ›ȱ˜ȱ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱ™˜œ’’˜—ǯȱ‘ŽŒ”ȱ
Š—ȱŠ“žœȱ‘Žȱ’•Žȱœ™ŽŽȱ˜ȱŗśŖŖȱǰȱžœ’—ȱŠȱ
ŠŒ‘˜–ŽŽ›ǯȱ‘Žȱ•Š–™ȱœ‘˜ž•ȱŒ˜—’—žŽȱ˜ȱ‹•’—”ȱ
›Š™’•¢ȱ˜›ȱŠ—˜‘Ž›ȱřŖȱœŽŒ˜—œȱ‹Ž˜›Žȱœ ’Œ‘’—ȱ
˜ȱŠȱœ•˜ ȱ‹•’—”ǯ
ȱ Şǯȱ ‘Ž—ȱ‘ŽȱȃȄȱ‹•’—”œȱœ•˜ •¢ǰȱ˜ȱ—˜ȱ˜ȱ
Š—¢‘’—ȱ‹žȱ Š’ȱž—’•ȱ‘ŽȱȃȄȱœ‘žœȱ˜ěǯȱ‘’œȱ
’—’ŒŠŽœȱ‘Šȱ‘’œȱ™›˜ŒŽž›Žȱ‘Šœȱ‹ŽŽ—ȱŒ˜–™•ŽŽȱ
œžŒŒŽœœž••¢ǯȱ
ȱ şǯȱ ‘žȱ˜ěȱ‘ŽȱŽ—’—Žǯȱ
ȱ ȱ ȱ‘Žȱ•ŽŠ›—ȱ™›˜ŒŽž›Žȱ ŠœȱœžŒŒŽœœž••¢ȱ
Œ˜–™•ŽŽǰȱ‘ŽȱŽ¡Ž›—Š•ȱ•˜Šœȱ›Ž–˜ŸŽȦ
’œŒ˜——ŽŒŽȱ’—ȱŽ™ȱŘȱ–Š¢ȱ‹Žȱ›ŽŒ˜——ŽŒŽǯ
ȱ ȱ ȱ‘Žȱ™›˜ŒŽž›Žȱ Šœȱž—œžŒŒŽœœž•ȱœŽŽȱŽ™œȱŠǯȱ
Š—ȱ‹ǯȱ˜••˜ ’—ǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ ȱ ȱ
ȱž›’—ȱ‘’œȱ™›˜ŒŽž›Žǰȱ‘ŽȱȃȄȱ˜Žœȱ‹ŠŒ”ȱȱ
’—˜ȱ‹•’—”’—ȱŚȱŒ˜—œŽŒž’ŸŽȱ‹•’—”œȱŽŸŽ›¢ȱŘȱȱ
œŽŒ˜—œǰȱ‘ŽȱŽ—’—ŽȱŠ—ȱŘȱœŽ—œ˜›ȱ‘ŠŸŽȱȱ ȱ
Œ˜˜•Žȱ˜ —ȱŠ—ȱ˜žȱ˜ȱȃŒ•˜œŽȬ•˜˜™Ȅȱȱ ȱ
˜™Ž›Š’˜—ǰȱ™›˜‘’‹’’—ȱ‘Žȱ•ŽŠ›—’—ȱ›˜–
˜ŒŒž››’—ǯȱŽ™ŽŠȱŽ™œȱŜȬşǯ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ ȱ ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱž›’—ȱ‘Žȱ™›˜ŒŽž›Žȱ ’‘ȱ‘ŽȱŽ—’—Žȱȱȱ
›ž——’—ǰȱ‘ŽȱȃȄȱœŠ¢œȱȃ˜—ȄȱŒ˜—’—ž˜žœ•¢ǰȱȱ
˜›ȱ–˜›Žȱ‘Š—ȱŗśȱœŽŒ˜—œǰȱž›—ȱ˜ěȱ‘Žȱ’—’’˜—ǯȱȱ
‘Ž—ȱ’—’’ŠŽȱ‘ŽȱŠž•ȱŒ˜ŽȱœŽšžŽ—ŒŽǰȱ‹¢ȱȱ
˜’—ȱ‘›ŽŽȱŒ˜—œŽŒž’ŸŽȱ”Ž¢Ȭ˜—Ȧ”Ž¢Ȭ˜ěȱŒ¢Œ•Žœȱȱ
•ŽŠŸ’—ȱ‘Žȱ”Ž¢ȱȃ˜—Ȅȱ’—ȱ‘Žȱ•ŠœȱœŽšžŽ—ŒŽǰȱȱ
ǻŽŠŒ‘ȱ”Ž¢Ȭ˜—Ȧ”Ž¢Ȭ˜ěȱœŽšžŽ—ŒŽȱ–žœȱ‹Žȱ•Žœœȱ
‘Š—ȱŘǯśȱœŽŒ˜—œȱ•˜—Ǽǯȱ‘ŽȱŠž•ȱŽŽŒŽȱȱ
–žœȱ‹ŽȱŒ˜››ŽŒŽȱ‹Ž˜›Žȱ‘ŽȱȃŠž˜Ȭ•ŽŠ›—Ȅȱȱ
ž—Œ’˜—ȱŒŠ—ȱ‹Žȱ›ŽȬ’—’’ŠŽǯȱ‘ŽȱȬ‹ŠœŽȱȱ
’А—˜œ’Œȱ˜˜•ȱŠ—ȱœ˜Ğ Š›Žȱ–Š¢ȱ‹ŽȱžœŽȱ˜ȱȱ
›ŽŠȱ˜žȱ‘ŽȱŠž•ȱŒ˜ŽȱŠ—ȱŠœœ’œȱ ’‘ȱ‘Žȱȱ
›˜ž‹•Žœ‘˜˜’—ȱŠ—ȱ›Ž™Š’›ǯȱ
)LJXUH%(QJLQH2LO7HPSHUDWXUH6HQVRU
*HQHUDO
‘ŽȱŽ—’—Žȱǻ˜’•ǼȱŽ–™Ž›Šž›ŽȱœŽ—œ˜›ȱǻ’ž›ŽȱśȬ
ŗŖǼȱ’œȱžœŽȱ‹¢ȱ‘Žȱœ¢œŽ–ȱ˜ȱ‘Ž•™ȱŽŽ›–’—ŽȱžŽ•ȱ
›Žšž’›Ž–Ž—œȱ˜›ȱœŠ›’—ǰȱǻŠȱŒ˜•ȱŽ—’—Žȱ—ŽŽœȱ–˜›Žȱ
žŽ•ȱ‘Š—ȱ˜—ŽȱŠȱ˜›ȱ—ŽŠ›ȱ˜™Ž›Š’—ȱŽ–™Ž›Šž›ŽǼǯȱ
˜ž—Žȱ’—ȱ‘Žȱ˜’•ȱꕝŽ›ȱŠŠ™Ž›ȱ‘˜žœ’—ǰȱ’ȱ‘ŠœȱŠȱ
Ž–™Ž›Šž›ŽȬœŽ—œ’’ŸŽȱ›Žœ’œ˜›ȱ‘ŠȱŽ¡Ž—œȱ’—˜ȱ‘Žȱ
˜’•ȱ̘ ǯȱ‘Žȱ›Žœ’œŠ—ŒŽȱŒ‘Š—Žœȱ ’‘ȱ˜’•ȱŽ–™Ž›Šž›Žǰȱ
Š•Ž›’—ȱ‘ŽȱŸ˜•ŠŽȱœŽ—ȱ˜ȱ‘Žȱǯȱœ’—ȱŠȱŠ‹•Žȱ
œ˜›Žȱ’—ȱ’œȱ–Ž–˜›¢ǰȱ‘ŽȱȱŒ˜››Ž•ŠŽœȱ‘ŽȱŸ˜•ŠŽȱ
›˜™ȱ˜ȱŠȱœ™ŽŒ’ęŒȱŽ–™Ž›Šž›Žǯȱœ’—ȱ‘ŽȱžŽ•ȱŽ•’ŸŽ›¢ȱ
ȃ–Š™œȄǰȱ‘Žȱȱ‘Ž—ȱ”—˜ œȱ‘˜ ȱ–žŒ‘ȱžŽ•ȱ’œȱ
›Žšž’›Žȱ˜›ȱœŠ›’—ȱŠȱ‘ŠȱŽ–™Ž›Šž›Žǯ
6HUYLFH
‘ŽȱŽ–™Ž›Šž›ŽȱœŽ—œ˜›ȱ’œȱŠȱœŽŠ•Žǰȱ—˜—ȬœŽ›Ÿ’ŒŽŠ‹•Žȱ
ŠœœŽ–‹•¢ǯȱȱŠž•¢ȱœŽ—œ˜›ȱ–žœȱ‹Žȱ›Ž™•ŠŒŽǯȱȱŠȱ‹•’—”ȱ
Œ˜Žȱ’—’ŒŠŽœȱŠȱ™›˜‹•Ž–ȱ ’‘ȱ‘ŽȱŽ–™Ž›Šž›ŽȱœŽ—œ˜›ǰȱ
’ȱŒŠ—ȱ‹ŽȱŽœŽȱŠœȱ˜••˜ œDZ
ȱ ŗǯȱ Ž–˜ŸŽȱ‘Žȱ˜’•ȱŽ–™Ž›Šž›ŽȱœŽ—œ˜›ȱ›˜–ȱ‘Žȱ
ŠŠ™Ž›ȱ‘˜žœ’—ȱŠ—ȱŒŠ™ȱ˜›ȱ‹•˜Œ”ȱ‘ŽȱŠŠ™Ž›ȱ
‘˜•Žǯ
ȱȱŘǯȱ ’™ŽȱœŽ—œ˜›ȱŒ•ŽŠ—ȱŠ—ȱŠ••˜ ȱ’ȱ˜ȱ›ŽŠŒ‘ȱ›˜˜–ȱ
Ž–™Ž›Šž›ŽȱǻŘŖǚǰȱŜŞǚǼǯ
ȱ řǯȱ —™•žȱ‘Žȱ–Š’—ȱ‘Š›—ŽœœȱŒ˜——ŽŒ˜›ȱ›˜–ȱ‘Žȱ
ǯ
ȱ
ȱ Śǯȱ ’‘ȱ‘ŽȱœŽ—œ˜›ȱŒ˜——ŽŒŽǰȱŒ‘ŽŒ”ȱ‘Žȱ˜’•ȱ
Ž–™Ž›Šž›ŽȱœŽ—œ˜›ȱŒ’›Œž’ȱ›Žœ’œŠ—ŒŽǯȱ‘ŽȱŸŠ•žŽȱ
œ‘˜ž•ȱ‹ŽȱŘřŝśȬŘŜŘśȱ:ǯȱŽŽȱŒ‘Š›ȱ˜—ȱ™ŠŽœȱśǯŘŞǰȱ
śǯřŗǰȱ˜›ȱśǯřŘǯ
ȱ ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ‘ŽŒ”ȱ
‹Ž ŽŽ—ȱ‘ŽȱǛŗŚȱŠ—ȱǛŘŝȱ™’—ȱŽ›–’—Š•œǯ
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ ȱ ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ‘ŽŒ”ȱ
‹Ž ŽŽ—ȱ‘ŽȱǛŜȱŠ—ȱǛŚȱ™’—ȱŽ›–’—Š•œǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ‘ŽŒ”ȱ
‹Ž ŽŽ—ȱ‘ŽȱǛŜȱŠ—ȱǛŚȱ™’—ȱŽ›–’—Š•œǯ
ȱ śǯȱ —™•žȱ‘ŽȱœŽ—œ˜›ȱŒ˜——ŽŒ˜›ȱŠ—ȱŒ‘ŽŒ”ȱœŽ—œ˜›ȱ
›Žœ’œŠ—ŒŽȱœŽ™Š›ŠŽ•¢ǯȱŽœ’œŠ—ŒŽȱŸŠ•žŽȱœ‘˜ž•ȱ
АВ—ȱ‹ŽȱŘřŝśȬŘŜŘśȱ:ǯ
ȱ ȱ Šǯȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’œȱ˜žȱ˜ȱœ™ŽŒ’ęŒŠ’˜—œǰȱȱ ȱ
ȱ ›Ž™•ŠŒŽȱ‘ŽȱŽ–™Ž›Šž›ŽȱœŽ—œ˜›ǯ
ȱ ȱ ‹ǯȱ ȱ’ȱ’œȱ ’‘’—ȱœ™ŽŒ’ęŒŠ’˜—œǰȱ™›˜ŒŽŽȱ˜ȱŽ™ȱŜǯ
‘Žȱ’™ȱ˜ȱ‘ŽȱœŽ—œ˜›ǰȱ™›˜›ž’—ȱ’—˜ȱ‘ŽȱŽ¡‘Šžœȱ
Šœǰȱ’œȱ‘˜••˜ ȱǻœŽŽȱŒžŠ Š¢ȱ’ž›ŽȱśȬŗŘǼǯȱ‘Žȱ˜žŽ›ȱ
™˜›’˜—ȱ˜ȱ‘Žȱ’™ȱ’œȱœž››˜ž—Žȱ‹¢ȱ‘ŽȱŽ¡‘ŠžœȱŠœǰȱ
’‘ȱ‘Žȱ’——Ž›ȱ™˜›’˜—ȱŽ¡™˜œŽȱ˜ȱ‘ŽȱŠ–‹’Ž—ȱŠ’›ǯȱ
‘Ž—ȱ‘Žȱ˜¡¢Ž—ȱŒ˜—ŒŽ—›Š’˜—ȱ˜—ȱ˜—Žȱœ’Žȱ˜ȱ‘Žȱ’™ȱ
’œȱ’ěŽ›Ž—ȱ‘Š—ȱ‘Šȱ˜ȱ‘Žȱ˜‘Ž›ȱœ’ŽǰȱŠȱŸ˜•ŠŽȱœ’—Š•ȱ
¢™’ŒŠ••¢ȱŒ¢Œ•’—ȱ‹Ž ŽŽ—ȱŖǯŘȱŠ—ȱŗǯŖȱŸ˜•ȱ’œȱŽ—Ž›ŠŽȱ
‹Ž ŽŽ—ȱ‘ŽȱŽ•ŽŒ›˜ŽœȱŠ—ȱœŽ—ȱ˜ȱ‘Žȱǯȱ‘Žȱ
Ÿ˜•ŠŽȱœ’—Š•ȱŽ••œȱ‘Žȱȱ’ȱ‘ŽȱŽ—’—Žȱ’œȱœ›Š¢’—ȱ
›˜–ȱ‘Žȱ’ŽŠ•ȱŗŚǯŝDZŗȱžŽ•ȱ–’¡ž›ŽǰȱŠ—ȱ‘Žȱȱ‘Ž—ȱ
Š“žœœȱ‘Žȱ’—“ŽŒ˜›ȱ™ž•œŽȱŠŒŒ˜›’—•¢ǯ
ȱ Ŝǯȱ ‘ŽŒ”ȱ‘ŽȱŽ–™Ž›Šž›ŽȱœŽ—œ˜›ȱŒ’›Œž’œȱǻ’—™žǰȱ
›˜ž—Ǽȱ›˜–ȱ‘Žȱ–Š’—ȱ‘Š›—ŽœœȱŒ˜——ŽŒ˜›ȱ˜ȱ‘Žȱ
Œ˜››Žœ™˜—’—ȱŽ›–’—Š•ȱ’—ȱ‘ŽȱœŽ—œ˜›ȱ™•žȱ˜›ȱ
Œ˜—’—ž’¢ǰȱŠ–АŽǰȱŽŒǯ
ȱ ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’—ȱŒ’›Œž’œȱ
ǛŗŚȱŠ—ȱǛŘŝǯ
ȱ ȱ ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’œȱǛŜȱŠ—ȱǛŚǯȱ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’œȱǛŜȱŠ—ȱǛŚǯ
2[\JHQ6HQVRU
)LJXUH%2[\JHQ6HQVRU
*HQHUDO
‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱž—Œ’˜—œȱ•’”ŽȱŠȱœ–Š••ȱ‹ŠĴŽ›¢ǰȱ
Ž—Ž›Š’—ȱŠȱŸ˜•ŠŽȱœ’—Š•ȱ˜ȱ‘Žȱǰȱ‹ŠœŽȱž™˜—ȱ
‘Žȱ’ěŽ›Ž—ŒŽȱ’—ȱ˜¡¢Ž—ȱŒ˜—Ž—ȱ‹Ž ŽŽ—ȱ‘ŽȱŽ¡‘Šžœȱ
ŠœȱŠ—ȱ‘ŽȱŠ–‹’Ž—ȱŠ’›ǯȱ
%
&RQQHFWLRQ&DEOH
'LVF6SULQJ
&HUDPLF6XSSRUW7XEH
3URWHFWLYH6OHHYH
&RQWDFW(OHPHQW
6HQVRU+RXVLQJ
$FWLYH&HUDPLF6HQVRU
3URWHFWLYH7XEH
)LJXUH%&XWDZD\RI2[\JHQ6HQVRU
‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱŒŠ—ȱž—Œ’˜—ȱ˜—•¢ȱŠĞŽ›ȱ‹Ž’—ȱ
‘ŽŠŽȱ‹¢ȱŽ¡‘ŠžœȱŽ–™Ž›Šž›Žœȱ˜ȱŠȱ–’—’–ž–ȱ˜ȱ
řŝśǚȱǻŝŖşǚǼǯȱȱŒ˜•ȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ ’••ȱ›Žšž’›Žȱ
Š™™›˜¡’–ŠŽ•¢ȱŗȬŘȱ–’—žŽœȱŠȱ–˜Ž›ŠŽȱŽ—’—Žȱ•˜Šȱ
˜ȱ Š›–ȱœžĜŒ’Ž—•¢ȱ˜ȱŽ—Ž›ŠŽȱŠȱŸ˜•ŠŽȱœ’—Š•ǯȱ
›˜™Ž›ȱ›˜ž—’—ȱ’œȱŠ•œ˜ȱŒ›’’ŒŠ•ǯȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ
›˜ž—œȱ‘›˜ž‘ȱ‘Žȱ–ŽŠ•ȱœ‘Ž••ǰȱœ˜ȱŠȱ˜˜ǰȱœ˜•’ǰȱ
ž—‹›˜”Ž—ȱ›˜ž—ȱ™Š‘ȱ‹ŠŒ”ȱ‘›˜ž‘ȱ‘ŽȱŽ¡‘Šžœȱ
œ¢œŽ–ȱŒ˜–™˜—Ž—œǰȱŽ—’—ŽǰȱŠ—ȱ ’›’—ȱ‘Š›—Žœœȱ’œȱ
›Žšž’›Žǯȱ—¢ȱ’œ›ž™’˜—ȱ˜›ȱ‹›ŽŠ”ȱ’—ȱ‘Žȱ›˜ž—ȱ
Œ’›Œž’ȱŒŠ—ȱŠěŽŒȱ‘Žȱ˜ž™žȱœ’—Š•ȱŠ—ȱ›’Ž›ȱ
–’œ•ŽŠ’—ȱŠž•ȱŒ˜ŽœǯȱŽŽ™ȱ‘Šȱ’—ȱ–’—ȱ ‘Ž—ȱ
˜’—ȱŠ—¢ȱ›˜ž‹•Žœ‘˜˜’—ȱŠœœ˜Œ’ŠŽȱ ’‘ȱ‘Žȱ˜¡¢Ž—ȱ
œŽ—œ˜›ǯȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱŒŠ—ȱŠ•œ˜ȱ‹ŽȱŒ˜—Š–’—ŠŽȱ
‹¢ȱ•ŽŠŽȱžŽ•ǰȱŒŽ›Š’—ȱȱŠ—Ȧ˜›ȱ˜‘Ž›ȱœ’•’Œ˜—Žȱ
Œ˜–™˜ž—œǰȱŒŠ›‹ž›Ž˜›ȱŒ•ŽŠ—Ž›œǰȱŽŒǯȱœŽȱ˜—•¢ȱ‘˜œŽȱ
™›˜žŒœȱ’—’ŒŠŽȱŠœȱȃŶȱŽ—œ˜›ȱŠŽǯȄ
6HUYLFH
’”Žȱ‘Žȱ˜‘Ž›ȱœŽ—œ˜›œȱŠ•›ŽŠ¢ȱ’œŒžœœŽǰȱ‘Žȱ˜¡¢Ž—ȱ
œŽ—œ˜›ȱ’œȱŠȱ—˜—ȬœŽ›Ÿ’ŒŽŠ‹•ŽȱŒ˜–™˜—Ž—ǯȱ˜–™•ŽŽȱ
›Ž™•ŠŒŽ–Ž—ȱ’œȱ›Žšž’›Žȱ’ȱ’ȱ’œȱŠž•¢ǯȱ‘ŽȱœŽ—œ˜›ȱŠ—ȱ
’›’—ȱ‘Š›—ŽœœȱŒŠ—ȱ‹ŽȱŒ‘ŽŒ”ŽȱŠœȱ˜••˜ œǯ
DZȱ ••ȱŽœœȱœ‘˜ž•ȱ‹ŽȱŒ˜—žŒŽȱ ’‘ȱŠȱ˜˜ȱ
šžŠ•’¢ǰȱ‘’‘Ȭ’–™ŽŠ—ŒŽǰȱ’’Š•ȱȱ–ŽŽ›ȱ
˜›ȱŠŒŒž›ŠŽȱ›Žœž•œǯ
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ ŗǯȱ ¡¢Ž—ȱœŽ—œ˜›ȱ–žœȱ‹Žȱ‘˜ȱǻ–’—’–ž–ȱ˜ȱŚŖŖǚǰȱ
ŝŘśǚǼǯȱž—ȱŽ—’—Žȱ˜›ȱŠ‹˜žȱśȱ–’—žŽœǯȱ’‘ȱ‘Žȱ
Ž—’—Žȱ›ž——’—ǰȱ’œŒ˜——ŽŒȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ
•ŽŠȱ›˜–ȱ‘Žȱ ’›’—ȱ‘Š›—ŽœœǯȱŽȱȱ–ŽŽ›ȱ
˜›ȱȱŸ˜•œȱŠ—ȱŒ˜——ŽŒȱ‘Žȱ›Žȱ•ŽŠȱ˜ȱ‘Žȱ
’œŒ˜——ŽŒŽȱœŽ—œ˜›ȱ•ŽŠǰȱŠ—ȱ‘Žȱ‹•ŠŒ”ȱ•ŽŠȱ
˜ȱ‘ŽȱœŽ—œ˜›ȱœ‘Ž••ǯȱ‘ŽŒ”ȱ˜›ȱŠȱŸ˜•ŠŽȱ›ŽŠ’—ȱ
‹Ž ŽŽ—ȱŖǯŘȱŸȬŗǯŖȱŸǯ
ȱ ȱ Šǯȱ ȱŸ˜•ŠŽȱ’œȱ’—ȱ‘Žȱœ™ŽŒ’ꮍȱ›Š—Žǰȱ˜ȱ˜ȱŽ™ȱȱ
ȱ Řǯ
ȱ ȱ ȱ
ȱ
ȱ ȱ ȱ
ȱ ȱ ȱ
ȱ ȱ ȱ
ȱ ȱ ȱ
ȱ ȱ ȱ
ȱ ȱ ȱ
ȱ ȱ ȱ
Ÿ˜•ŠŽȱŒ‘Š—ŽȱŠȱŽŠŒ‘ȱ•˜ŒŠ’˜—ǯȱȱ‘ŽȱŒ˜››ŽŒȱȱ
Ÿ˜•ŠŽȱ›ŽŠ’—ȱ›ŽŠ™™ŽŠ›œȱŠȱœ˜–Žȱ™˜’—ǰȱŒ‘ŽŒ”
˜›ȱŠȱ™›˜‹•Ž–ȱǻ›žœǰȱŒ˜››˜œ’˜—ǰȱ•˜˜œŽȱ“˜’—ȱ˜›
Œ˜——ŽŒ’˜—Ǽȱ‹Ž ŽŽ—ȱ‘Šȱ™˜’—ȱŠ—ȱ‘Žȱ™›ŽŸ’˜žœ
Œ‘ŽŒ”™˜’—ǯȱ˜›ȱޡЖ™•Žǰȱ’ȱ‘Žȱ›ŽŠ’—ȱ’œȱ˜˜
ȱ•˜ ȱŠȱ™˜’—œȱ˜—ȱ‘ŽȱŒ›Š—”ŒŠœŽǰȱ‹žȱŒ˜››ŽŒ
ȱŸ˜•ŠŽȱ’œȱ’—’ŒŠŽȱ ‘Ž—ȱ‘Žȱ‹•ŠŒ”ȱ•ŽŠȱ’œȱ
˜žŒ‘Žȱ˜ȱ‘Žȱœ”’—ȱ˜ȱ‘Žȱ–žĝŽ›ǰȱ‘Žȱ̊—Ž
ȱ“˜’—œȱŠȱ‘ŽȱŽ¡‘Šžœȱ™˜›œȱ‹ŽŒ˜–Žȱœžœ™ŽŒǯ
ȱ řǯȱ ’‘ȱœŽ—œ˜›ȱœ’••ȱ‘˜ȱǻ–’—’–ž–ȱ˜ȱŚŖŖǚǰȱŝśŘǚǼǰȱ
œ ’Œ‘ȱ–ŽŽ›ȱ˜ȱ‘Žȱ¡ŗȱ˜›ȱ¡ŘȱœŒŠ•ŽȱŠ—ȱŒ‘ŽŒ”ȱ
‘Žȱ›Žœ’œŠ—ŒŽȱ‹Ž ŽŽ—ȱ‘ŽȱœŽ—œ˜›ȱ•ŽŠȱŠ—ȱœŽ—œ˜›ȱ
ŒŠœŽǯȱȱœ‘˜ž•ȱ‹Žȱ•Žœœȱ‘Š—ȱŘǯŖȱ:ǯ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ‘ŽȱŸ˜•ŠŽȱ’œȱ—˜ȱ’—ȱ‘Žȱœ™ŽŒ’ꮍȱ›Š—Žǰȱȱ
›ŽŒ˜——ŽŒȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ•ŽŠǯȱ’‘ȱ‘Žȱȱ
•ŽŠȱŒ˜——ŽŒŽǰȱ™›˜‹Žȱ˜›ȱŒ˜——ŽŒȱ‘ŽȱœŽ—œ˜›ȱȱ
Œ˜——ŽŒ’˜—ȱ ’‘ȱ‘Žȱ›Žȱȱ–ŽŽ›ȱ•ŽŠǯȱȱ
ĴŠŒ‘ȱ‘Žȱ‹•ŠŒ”ȱȱ–ŽŽ›ȱ•ŽŠȱ˜ȱŠȱ”—˜ —ȱȱ
˜˜ȱ›˜ž—ȱ•˜ŒŠ’˜—ǯȱŠ›ȱŠ—ȱ›ž—ȱ‘Žȱȱȱ
Ž—’—ŽȱŠȱřȦŚȱ‘›˜Ĵ•ŽȱŠ—ȱ—˜Žȱ‘ŽȱŸ˜•ŠŽȱȱ
˜ž™žǯ
ȱ ȱ ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
‘Žȱ›ŽŠ’—ȱœ‘˜ž•ȱŒ¢Œ•Žȱ‹Ž ŽŽ—ȱŖǯŘȱŸȬŗǯŖȱŸǰȱȱ
‘’Œ‘ȱ’—’ŒŠŽœȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ’œȱȱ ȱ
ž—Œ’˜—’—ȱ—˜›–Š••¢ȱŠ—ȱŠ•œ˜ȱ‘ŽȱžŽ•ȱȱ ȱ
Ž•’ŸŽ›¢ȱŒ˜—›˜••Žȱ‹¢ȱ‘Žȱȱ’œȱ ’‘’—ȱȱ
™›ŽœŒ›’‹Žȱ™Š›Š–ŽŽ›œǯȱȱ‘ŽȱŸ˜•ŠŽȱ›ŽŠ’—œȱȱ
œ‘˜ ȱŠȱœŽŠ¢ȱŽŒ•’—Žǰȱ‹ž–™ȱ‘Žȱ˜ŸŽ›—˜›ȱȱ
•ŽŸŽ›ȱ˜ȱ–Š”Žȱ‘ŽȱŽ—’—ŽȱŠŒŒŽ•Ž›ŠŽȱŸŽ›¢ȱȱȱ
šž’Œ”•¢ȱŠ—ȱŒ‘ŽŒ”ȱ‘Žȱ›ŽŠ’—ȱАВ—ǯȱȱȱ ȱ
Ÿ˜•ŠŽȱ–˜–Ž—Š›’•¢ȱ’—Œ›ŽŠœŽœȱŠ—ȱ‘Ž—ȱАВ—ȱȱ
ŽŒ•’—Žœǰȱ ’‘˜žȱŒ¢Œ•’—ǰȱŽ—’—Žȱ–Š¢ȱ‹Žȱȱ
›ž——’—ȱ•ŽŠ—ȱžŽȱ˜ȱ’—Œ˜››ŽŒȱȱȱ
ȱ
’—’’Š•’£Š’˜—ǯȱ‘žȱ˜ěȱ‘ŽȱŽ—’—Žǰȱ™Ž›˜›–ȱȱ
ȱ’—’’Š•’£Š’˜—ǰȱŠ—ȱ‘Ž—ȱ›Ž™ŽŠȱ‘ŽȱŽœǯȱȱȱ
ȱ’—’’Š•’£Š’˜—ȱŒŠ——˜ȱ‹ŽȱŠŒ‘’ŽŸŽǰȱ™Ž›˜›–ȱȱ
œŽ™ȱŒǯ
ȱ Śǯȱ ••˜ ȱ‘ŽȱœŽ—œ˜›ȱ˜ȱŒ˜˜•ȱǻ•Žœœȱ‘Š—ȱŜŖǚǰȱŗŚŖǚǼȱ
Š—ȱ›ŽŽœȱ‘Žȱ›Žœ’œŠ—ŒŽȱ ’‘ȱ‘Žȱ–ŽŽ›ȱœŽȱ˜—ȱ
‘Žȱ¡ŗȱœŒŠ•Žǯȱ’‘ȱœŽ—œ˜›ȱŒ˜˜•ǰȱ‘Žȱ›Žœ’œŠ—ŒŽȱ
œ‘˜ž•ȱ‹Žȱ›ŽŠŽ›ȱ‘Š—ȱŗǯŖȱ:ǯ
ȱ ȱ Œǯȱ
ȱ
ȱ
ȱ
ȱ
Ž™•ŠŒŽȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱǻ™ŠŽȱśǯŗřǼǯȱž—ȱȱ
‘ŽȱŽ—’—Žȱ•˜—ȱŽ—˜ž‘ȱ˜ȱ‹›’—ȱ‘Žȱ—Ž ȱȱ
œŽ—œ˜›ȱž™ȱ˜ȱŽ–™Ž›Šž›ŽȱŠ—ȱ›Ž™ŽŠȱ‘Žȱȱ
˜ž™žȱŽœȱ›˜–ȱœŽ™ȱŗǯȱ‘ŽȱŒ¢Œ•’—ȱŸ˜•ŠŽȱȱ
›˜–ȱŖǯŘȱ˜ȱŗǯŖȱŸ˜•ȱœ‘˜ž•ȱ‹Žȱ’—’ŒŠŽǯ
ȱ ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ‘ŽŒ”ȱ˜›ȱ
Œ˜—’—ž’¢ȱ›˜–ȱ™’—ȱǛşȱ˜ȱ‘ŽȱȱŒ˜——ŽŒ˜›ȱǻœŽŽȱ
™ŠŽȱśǯŘŞǼȱ˜ȱ‘Žȱœ‘Ž••ȱ˜ȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ǰȱŠ—ȱ
›˜–ȱ™’—ȱǛŗŖȱ˜ȱ‘ŽȱœŽ—œ˜›ȱŒ˜——ŽŒ˜›ȱŽ›–’—Š•ȱ
˜ȱ‘Žȱ–Š’—ȱ‘Š›—Žœœǯȱ˜‘ȱŽœœȱœ‘˜ž•ȱ’—’ŒŠŽȱ
Œ˜—’—ž’¢ǯ
ȱ Řǯȱ ˜ŸŽȱ‘Žȱ‹•ŠŒ”ȱŸ˜•–ŽŽ›ȱ•ŽŠȱ˜ȱ‘ŽȱŽ—’—Žȱ
›˜ž—ȱ•˜ŒŠ’˜—ȱŠ—ȱ›Ž™ŽŠȱ‘Žȱ˜ž™žȱŽœǯȱ‘Žȱ
œŠ–ŽȱŸ˜•ŠŽȱǻŖǯŘȱŸȬŗǯŖȱŸǼȱœ‘˜ž•ȱ‹Žȱ’—’ŒŠŽǯ
ȱ ȱ Šǯȱ ȱ‘ŽȱœŠ–ŽȱŸ˜•ŠŽȱ›ŽŠ’—ȱŽ¡’œœǰȱ˜ȱ˜—ȱ˜ȱȱ
ȱ Ž™ȱřǯ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
‹ǯȱ
ȱ
ȱ
ȱ
ȱ
%
ȱ‘ŽȱŸ˜•ŠŽȱ˜ž™žȱ’œȱ—˜ȱ•˜—Ž›ȱŒ˜››ŽŒǰȱŠȱ
‹Šȱ›˜ž—ȱ™Š‘ȱŽ¡’œœȱ‹Ž ŽŽ—ȱ‘ŽȱœŽ—œ˜›ȱ
Š—ȱ‘ŽȱŽ—’—Žȱ›˜ž—ǯȱ˜žŒ‘ȱ‘Žȱ‹•ŠŒ”ȱ•ŽŠȱ
ŠȱŸŠ›’˜žœȱ™˜’—œǰȱ‹ŠŒ”›ŠŒ”’—ȱ›˜–ȱ‘ŽȱŽ—’—Žȱ
›˜ž—ȱ‹ŠŒ”ȱ˜ Š›ȱ‘ŽȱœŽ—œ˜›ǰȱ ŠŒ‘’—ȱ˜›ȱŠ
ȱ ȱ Šǯȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’œȱ•Žœœȱ‘Š—ȱŘǯŖȱ:ǰȱ˜ȱ˜ȱȱ
ȱ Ž™ȱŚǯ
ȱ ȱ ‹ǯȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’œȱ›ŽŠŽ›ȱ‘Š—ȱŘǯŖȱ:ǰȱ‘Žȱȱ
ȱ ˜¡¢Ž—ȱœŽ—œ˜›ȱ’œȱ‹Šǰȱ›Ž™•ŠŒŽȱ’ǯ
ȱ ȱ Šǯȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’œȱ›ŽŠŽ›ȱ‘Š—ȱŗǯŖȱ:ǰȱ˜ȱ˜ȱȱ
ȱ Ž™ȱśǯ
ȱ ȱ ‹ǯȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’œȱ•Žœœȱ‘Š—ȱŗǯŖȱ:ǰȱ‘Žȱȱ ȱ
ȱ œŽ—œ˜›ȱ’œȱ‹Šǰȱ›Ž™•ŠŒŽȱ’ǯ
ȱ śǯȱ ’‘ȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ’œŒ˜——ŽŒŽȱŠ—ȱ
Ž—’—Žȱ—˜ȱ›ž——’—ǰȱ’œŒ˜——ŽŒȱ‘Žȱ–Š’—ȱ‘Š›—Žœœȱ
Œ˜——ŽŒ˜›ȱ›˜–ȱ‘ŽȱȱŠ—ȱœŽȱ‘Žȱ–ŽŽ›ȱ˜ȱ‘Žȱ
¡ŗȱœŒŠ•Žǯȱ‘ŽŒ”ȱ‘ŽȱŒ’›Œž’ȱŒ˜—’—ž’¢ȱŠœȱ˜••˜ œDZ
ȱ ȱ ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ‘ŽŒ”ȱ
˜›ȱŒ˜—’—ž’¢ȱ›˜–ȱ™’—ȱǛŗśȱ˜ȱ‘ŽȱȱŒ˜——ŽŒ˜›ȱ
ǻœŽŽȱ™ŠŽȱśǯřŗǼȱ˜ȱ‘Žȱœ‘Ž••ȱ˜ȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ǰȱ
Š—ȱ›˜–ȱ™’—ȱǛŗŗȱ˜ȱ‘ŽȱœŽ—œ˜›ȱŒ˜——ŽŒ˜›ȱŽ›–’—Š•ȱ
˜ȱ‘Žȱ–Š’—ȱ‘Š›—Žœœǯȱ˜‘ȱŽœœȱœ‘˜ž•ȱ’—’ŒŠŽȱ
Œ˜—’—ž’¢ǯ
6HFWLRQ%
(),)XHO6\VWHP
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȱŠœŽȱDZȱ‘ŽŒ”ȱ˜›ȱ
Œ˜—’—ž’¢ȱ›˜–ȱ™’—ȱǛŗşȱ˜ȱ‘ŽȱȱŒ˜——ŽŒ˜›ȱǻœŽŽȱ
™ŠŽȱśǯřŘǼȱ˜ȱ‘Žȱœ‘Ž••ȱ˜ȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ǰȱŠ—ȱ
›˜–ȱ™’—ȱǛŘŖȱ˜ȱ‘ŽȱœŽ—œ˜›ȱŽ›–’—Š•ȱ˜ȱ‘Žȱ–Š’—ȱ
‘Š›—Žœœǯȱ˜‘ȱŽœœȱœ‘˜ž•ȱ’—’ŒŠŽȱŒ˜—’—ž’¢ǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ‘Ž›Žȱ’œȱ—˜ȱŒ˜—’—ž’¢ȱ’œ™•Š¢Žȱ’—ȱŽ’‘Ž›ȱ˜ȱȱ
‘ŽȱŽœœǰȱŒ‘ŽŒ”ȱ‘Žȱ‘Š›—ŽœœȱŒ’›Œž’ȱ˜›ȱ‹›ŽŠ”œȱȱ
˜›ȱŠ–АŽǰȱŠ—ȱ‘ŽȱŒ˜——ŽŒ’˜—œȱ˜›ȱ™˜˜›ȱȱ
Œ˜—ŠŒǰȱ–˜’œž›Žǰȱ˜›ȱŒ˜››˜œ’˜—ǯȱȱ—˜ȱȱ ȱ
Œ˜—’—ž’¢ȱ Šœȱ˜ž—ȱ’—ȱ‘ŽȱꛜȱŽœǰȱŠ•œ˜ȱȱ
Œ‘ŽŒ”ȱ˜›ȱŠȱ™˜˜›Ȧ‹›˜”Ž—ȱ›˜ž—ȱ™Š‘ȱ‹ŠŒ”ȱȱ
‘›˜ž‘ȱ‘ŽȱŽ¡‘Šžœȱœ¢œŽ–ǰȱŽ—’—ŽǰȱŠ—ȱȱ
–˜ž—’—ȱǻœŽ—œ˜›ȱ’œȱ›˜ž—Žȱ‘›˜ž‘ȱ’œȱȱ
œ‘Ž••Ǽǯ
ȱ ȱ ‹ǯȱ ȱŒ˜—’—ž’¢ȱ’œȱ’—’ŒŠŽǰȱ˜ȱ˜ȱœŽ™ȱŜǯ
ȱ Ŝǯȱ ’‘ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ’—ȱ‘Žȱȁȁ˜—Ȧ›ž—ȂȂȱ™˜œ’’˜—ǰȱ
žœ’—ȱŠȱ‘’‘ȱ’–™ŽŠ—ŒŽȱŸ˜•–ŽŽ›ǰȱŒ‘ŽŒ”ȱ‘Žȱ
Ÿ˜•ŠŽȱ›˜–ȱ‘Žȱ ’›’—ȱ‘Š›—Žœœȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ
Œ˜——ŽŒ˜›ȱ˜ȱ‘ŽȱŽ—’—Žȱ›˜ž—ȱ•˜ŒŠ’˜—ǯȱ˜˜”ȱ˜›ȱ
ŠȱœŽŠ¢ȱŸ˜•ŠŽȱ›˜–ȱřśŖȬśśŖȱ–ŸȱǻŖǯřśȬŖǯśśȱŸǼǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
(OHFWULFDO5HOD\
ȱŸ˜•ŠŽȱ›ŽŠ’—ȱ’œȱ—˜ȱŠœȱœ™ŽŒ’ꮍǰȱ–˜ŸŽȱ‘Žȱȱ
‹•ŠŒ”ȱŸ˜•–ŽŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ—ŽŠ’ŸŽȱ™˜œȱ˜ȱȱ
‘Žȱ‹ŠĴŽ›¢ǰȱ˜ȱ‹ŽȱŒŽ›Š’—ȱ˜ȱŠȱ˜˜ȱ›˜ž—ǯȱȱȱ
‘ŽȱŸ˜•ŠŽȱ’œȱœ’••ȱ—˜ȱŒ˜››ŽŒǰȱ‘Žȱȱ’œȱȱ
™›˜‹Š‹•¢ȱ‹Šǯ
)LJXUH%(OHFWULFDO5HOD\
*HQHUDO
‘ŽȱŽ•ŽŒ›’ŒŠ•ȱ›Ž•Š¢ȱ’œȱžœŽȱ˜ȱœž™™•¢ȱ™˜ Ž›ȱ˜ȱ‘Žȱ
’—“ŽŒ˜›œǰȱŒ˜’•œǰȱŠ—ȱžŽ•ȱ™ž–™ǯȱ‘Ž—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ
’œȱž›—Žȱȃ˜—ȄȱŠ—ȱŠ••ȱœŠŽ¢ȱœ ’Œ‘ȱ›Žšž’›Ž–Ž—œȱ–Žǰȱ
‘Žȱ›Ž•Š¢ȱ™›˜Ÿ’ŽœȱŗŘȱŸ˜•œȱ˜ȱ‘ŽȱžŽ•ȱ™ž–™ȱŒ’›Œž’ǰȱ
’—“ŽŒ˜›œǰȱŠ—ȱ’—’’˜—ȱŒ˜’•œǯȱ‘ŽȱžŽ•ȱ™ž–™ȱŒ’›Œž’ȱ’œȱ
Œ˜—’—ž˜žœ•¢ȱ›˜ž—Žǰȱœ˜ȱ‘Žȱ™ž–™ȱ’œȱ’––Ž’ŠŽ•¢ȱ
ŠŒ’ŸŠŽȱŠ—ȱ™›Žœœž›’£Žœȱ‘Žȱœ¢œŽ–ǯȱŒ’ŸŠ’˜—ȱ˜ȱ‘Žȱ
’—’’˜—ȱŒ˜’•œȱŠ—ȱ’—“ŽŒ˜›œȱ’œȱŒ˜—›˜••Žȱ‹¢ȱ‘Žȱǰȱ
‘’Œ‘ȱ›˜ž—œȱ‘Ž’›ȱ›Žœ™ŽŒ’ŸŽȱŒ’›Œž’œȱŠȱ‘Žȱ™›˜™Ž›ȱ
’–Žœǯ
ȱ ȱ ‹ǯȱ ȱŸ˜•ŠŽȱ›ŽŠ’—œȱŠ›ŽȱŒ˜››ŽŒǰȱŒ•ŽŠ›ȱ‘ŽȱŠž•ȱȱ
ȱ Œ˜ŽœȱŠ—ȱ›ž—ȱ‘ŽȱŽ—’—Žȱ˜ȱŒ‘ŽŒ”ȱ’ȱŠ—¢ȱŠž•ȱȱ
ȱ Œ˜Žœȱ›ŽŠ™™ŽŠ›ǯ
6HUYLFH
ȱ–Š•ž—Œ’˜—’—ȱ›Ž•Š¢ȱŒŠ—ȱ›Žœž•ȱ’—ȱœŠ›’—ȱ˜›ȱ
˜™Ž›Š’—ȱ’ĜŒž•’Žœǯȱ‘Žȱ›Ž•Š¢ȱŠ—ȱ›Ž•ŠŽȱ ’›’—ȱŒŠ—ȱ
‹ŽȱŽœŽȱŠœȱ˜••˜ œDZ
7R5HSODFH2[\JHQ6HQVRU
ȱ ŗǯȱ ’œŒ˜——ŽŒȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱŒ˜——ŽŒ˜›ȱ›˜–ȱ
’›’—ȱ‘Š›—Žœœǯ
ȱ ŗǯȱ ’œŒ˜——ŽŒȱ‘Žȱ›Ž•Š¢ȱŒ˜——ŽŒ˜›ȱ™•žȱ›˜–ȱ‘Žȱ
›Ž•Š¢ǯ
ȱ Řǯȱ ˜˜œŽ—ȱŠ—ȱ›Ž–˜ŸŽȱ‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ›˜–ȱ‘Žȱ
Ž¡‘Šžœȱ–Š—’˜•Ȧ–žĝŽ›ȱŠœœŽ–‹•¢ǯ
ȱ řǯȱ ™™•¢ȱŠ—’ȬœŽ’£ŽȱŒ˜–™˜ž—ȱœ™Š›’—•¢ȱ˜ȱ‘›ŽŠœȱ
˜ȱ—Ž ȱ˜¡¢Ž—ȱœŽ—œ˜›ǰȱ’ȱ—˜—ŽȱŠ•›ŽŠ¢ȱŽ¡’œœǯȱȱ
ȱŽȱŠ—¢ȱ˜—ȱ‘Žȱ’™ȱŠœȱ’ȱ ’••ȱŒ˜—Š–’—ŠŽȱ‘Žȱ
œŽ—œ˜›ǯȱ—œŠ••ȱœŽ—œ˜›ȱŠ—ȱ˜›šžŽȱ˜ȱśŖȬŜŖȱȉ–
ǻřŝȬŚŚȱĞǯȱ•‹ǯǼǯ
ȱ Řǯȱ ˜——ŽŒȱ‹•ŠŒ”ȱ•ŽŠȱ˜ȱȱ–ŽŽ›ȱ˜ȱŠȱŒ‘Šœœ’œȱ
›˜ž—ȱ•˜ŒŠ’˜—ǯȱ˜——ŽŒȱ›Žȱ•ŽŠȱ˜ȱ‘ŽȱǛŞŜȱ
Ž›–’—Š•ȱ’—ȱ›Ž•Š¢ȱŒ˜——ŽŒ˜›ȱǻœŽŽȱ’ž›ŽȱśȬŗŚǼǯȱ
Žȱ–ŽŽ›ȱ˜ȱŽœȱ›Žœ’œŠ—ŒŽȱǻ¡ŗǼǯȱž›—ȱ’—’’˜—ȱ
œ ’Œ‘ȱ›˜–ȱȃ˜ěȄȱ˜ȱȃ˜—ȄǯȱŽŽ›ȱœ‘˜ž•ȱ’—’ŒŠŽȱ
Œ˜—’—ž’¢ȱǻ›˜ž—ȱŒ’›Œž’ȱ’œȱŒ˜–™•ŽŽǼȱ˜›ȱŗȱ˜ȱřȱ
œŽŒ˜—œǯȱž›—ȱ”Ž¢ȱœ ’Œ‘ȱ‹ŠŒ”ȱ˜ěǯ
ȱ Śǯȱ ŽŒ˜——ŽŒȱ‘Žȱ•ŽŠȱ˜ȱ ’›’—ȱ‘Š›—ŽœœȱŒ˜——ŽŒ˜›ǯȱ
Š”Žȱœž›Žȱ’ȱŒŠ—ȱ—˜ȱŒ˜—ŠŒȱ‘˜ȱœž›ŠŒŽœǰȱ–˜Ÿ’—ȱ
™Š›œǰȱŽŒǯ
ȱ śǯȱ Žœȱ›ž—ȱ‘ŽȱŽ—’—Žǯ
%
%
6HFWLRQ%
(),)XHO6\VWHP
7HUPLQDO
)HHG7R,JQLWLRQ
&RLOV)XHO
,QMHFWRUVDQG
)XHO3XPS
7HUPLQDO
,JQLWLRQ6ZLWFK
9ROWDJH
7HUPLQDO
(&8
&RQWUROOHG
*URXQG
7HUPLQDO$
1RWXVHG
ȱ Ŝǯȱ ĴŠŒ‘ȱ˜‘––ŽŽ›ȱ•ŽŠœȱ˜ȱ‘ŽȱǛřŖȱŠ—ȱǛŞŝȱ
Ž›–’—Š•œȱ’—ȱ›Ž•Š¢ǯȱ—’’Š••¢ǰȱ‘Ž›Žȱœ‘˜ž•ȱ‹Žȱ—˜ȱ
Œ˜—’—ž’¢ǯȱœ’—ȱŠȱŗŘȱŸ˜•ȱ™˜ Ž›ȱœž™™•¢ǰȱŒ˜——ŽŒȱ
‘Žȱ™˜œ’’ŸŽȱǻƸǼȱ•ŽŠȱ˜ȱ‘ŽȱǛŞśȱŽ›–’—Š•ǰȱŠ—ȱ
˜žŒ‘ȱ‘Žȱ—ŽŠ’ŸŽȱǻȬǼȱ•ŽŠȱ˜ȱ‘ŽȱǛŞŜȱŽ›–’—Š•ǯȱ
‘Ž—ȱŗŘȱŸ˜•œȱ’œȱŠ™™•’Žǰȱ‘Žȱ›Ž•Š¢ȱœ‘˜ž•ȱ
ŠŒ’ŸŠŽȱŠ—ȱŒ˜—’—ž’¢ȱœ‘˜ž•ȱŽ¡’œȱǻŒ’›Œž’ȱ
–ŠŽǼȱ‹Ž ŽŽ—ȱ‘ŽȱǛřŖȱŠ—ȱǛŞŝȱŽ›–’—Š•œǯȱŽ™ŽŠȱ
‘ŽȱŽœȱœŽŸŽ›Š•ȱ’–ŽœǯȱǰȱŠȱŠ—¢ȱ’–Žȱ‘Žȱ›Ž•Š¢ȱŠ’•œȱ
˜ȱŠŒ’ŸŠŽȱ‘ŽȱŒ’›Œž’ǰȱ›Ž™•ŠŒŽȱ‘Žȱ›Ž•Š¢ǯ
)XHO,QMHFWRUV
7HUPLQDO
3HUPDQHQW%DWWHU\9ROWDJH
)LJXUH%5HOD\&RQQHFWRU
ȱ ȱ Šǯȱ •ŽŠ—ȱ‘ŽȱŒ˜——ŽŒ’˜—ȱŠ—ȱŒ‘ŽŒ”ȱ ’›’—ȱ’ȱȱ
ȱ Œ’›Œž’ȱ Šœȱ—˜ȱŒ˜–™•ŽŽǯ
ȱ řǯȱ Žȱ–ŽŽ›ȱ˜›ȱȱŸ˜•ŠŽǯȱ˜žŒ‘ȱ›ŽȱŽœŽ›ȱ•ŽŠȱ˜ȱ
‘ŽȱǛřŖȱŽ›–’—Š•ȱ’—ȱ›Ž•Š¢ȱŒ˜——ŽŒ˜›ǯȱȱ›ŽŠ’—ȱ˜ȱ
ŗŘȱŸ˜•œȱœ‘˜ž•ȱ‹Žȱ’—’ŒŠŽȱŠȱŠ••ȱ’–Žœǯ
ȱ Śǯȱ ˜——ŽŒȱ›Žȱ•ŽŠȱ˜ȱ–ŽŽ›ȱ˜ȱ‘ŽȱǛŞśȱŽ›–’—Š•ȱ
’—ȱ›Ž•Š¢ȱŒ˜——ŽŒ˜›ǯȱž›—ȱ”Ž¢ȱœ ’Œ‘ȱ˜ȱ‘Žȱȃ˜—Ȅȱ
™˜œ’’˜—ǯȱŠĴŽ›¢ȱŸ˜•ŠŽȱœ‘˜ž•ȱ‹Žȱ™›ŽœŽ—ǯ
ȱ ȱ Šǯȱ ˜ȱŸ˜•ŠŽȱ™›ŽœŽ—ȱ’—’ŒŠŽœȱŠȱ™›˜‹•Ž–ȱ’—ȱ‘Žȱȱ
ȱ ’›’—ȱ˜›ȱŠȱ‘ŽȱŒ˜——ŽŒ˜›ǯ
)LJXUH%6W\OH)XHO,QMHFWRU
ȱ ȱ ‹ǯȱ ȱŸ˜•ŠŽȱ’œȱ™›ŽœŽ—ǰȱ‘Žȱ ’›’—ȱ˜ȱ‘Žȱȱ ȱ
ȱ Œ˜——ŽŒ˜›ȱ’œȱ˜˜ǯȱž›—ȱ’—’’˜—ȱœ ’Œ‘ȱȁȁ˜ěȂȂȱȱ
ȱ Š—ȱ™›˜ŒŽŽȱ˜ȱŽœȱśȱ˜ȱŽœȱ‘Žȱ›Ž•Š¢ǯ
7HUPLQDO
(&8&RQWUROOHG
*URXQG
7HUPLQDO
$
1RW8VHG
7HUPLQDO)HHG
WR,JQLWLRQ&RLOV
)XHO,QMHFWRUV
DQG)XHO3XPS
7HUPLQDO
,JQLWLRQ
6ZLWFK9ROWDJH
7HUPLQDO
3HUPDQHQW
%DWWHU\9ROWDJH
)LJXUH%5HOD\7HUPLQDO'HWDLOV
ȱ śǯȱ ˜——ŽŒȱŠ—ȱ˜‘––ŽŽ›ȱǻ¡ŗȱœŒŠ•ŽǼȱ‹Ž ŽŽ—ȱ‘Žȱ
ǛŞśȱŠ—ȱǛŞŜȱŽ›–’—Š•œȱ’—ȱ‘Žȱ›Ž•Š¢ǯȱ‘Ž›Žȱœ‘˜ž•ȱ
‹ŽȱŒ˜—’—ž’¢ǯȱŽŽȱ’ž›ŽȱśȬŗśǯ
%
)LJXUH%6W\OH)XHO,QMHFWRU
*HQHUDO
‘ŽȱžŽ•ȱ’—“ŽŒ˜›œȱ–˜ž—ȱ’—˜ȱ‘Žȱ’—Š”Žȱ–Š—’˜•ǰȱ
Š—ȱ‘ŽȱžŽ•ȱ›Š’•ȱŠĴŠŒ‘Žœȱ˜ȱ‘Ž–ȱŠȱ‘Žȱ˜™ȱŽ—ǯȱ
Ž™•ŠŒŽŠ‹•ŽȱȬ’—œȱ˜—ȱ‹˜‘ȱŽ—œȱ˜ȱ‘Žȱ’—“ŽŒ˜›ȱ
™›ŽŸŽ—ȱŽ¡Ž›—Š•ȱžŽ•ȱ•ŽŠ”АŽǰȱŠ—ȱŠ•œ˜ȱ’—œž•ŠŽȱ’ȱ
›˜–ȱ‘ŽŠȱŠ—ȱŸ’‹›Š’˜—ǯȱȱœ™ŽŒ’Š•ȱŒ•’™ȱŒ˜——ŽŒœȱŽŠŒ‘ȱ
’—“ŽŒ˜›ȱ˜ȱ‘ŽȱžŽ•ȱ›Š’•ǰȱ›ŽŠ’—’—ȱ’ȱ’—ȱ™•ŠŒŽǯ
6HFWLRQ%
(),)XHO6\VWHP
‘Ž—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ’œȱ˜—ȱŠ—ȱ‘Žȱ›Ž•Š¢ȱ’œȱŒ•˜œŽǰȱ‘Žȱ
žŽ•ȱ›Š’•ȱ’œȱ™›Žœœž›’£ŽǰȱŠ—ȱŸ˜•ŠŽȱ’œȱ™›ŽœŽ—ȱŠȱ‘Žȱ
’—“ŽŒ˜›ǯȱȱ‘Žȱ™›˜™Ž›ȱ’—œŠ—ǰȱ‘ŽȱȱŒ˜–™•ŽŽœȱ
‘Žȱ›˜ž—ȱŒ’›Œž’ǰȱŽ—Ž›’£’—ȱ‘Žȱ’—“ŽŒ˜›ǯȱ‘ŽȱŸŠ•ŸŽȱ
—ŽŽ•Žȱ’—ȱ‘Žȱ’—“ŽŒ˜›ȱ’œȱ˜™Ž—ŽȱŽ•ŽŒ›˜–А—Ž’ŒŠ••¢ǰȱ
Š—ȱ‘Žȱ™›Žœœž›Žȱ’—ȱ‘ŽȱžŽ•ȱ›Š’•ȱ˜›ŒŽœȱžŽ•ȱ˜ —ȱ
‘›˜ž‘ȱ‘Žȱ’—œ’Žǯȱ‘Žȱȃ’›ŽŒ˜›ȱ™•ŠŽȄȱŠȱ‘Žȱ’™ȱ˜ȱ
‘Žȱ’—“ŽŒ˜›ȱǻœŽŽȱ’—œŽǼȱŒ˜—Š’—œȱŠȱœŽ›’Žœȱ˜ȱŒŠ•’‹›ŠŽȱ
˜™Ž—’—œȱ ‘’Œ‘ȱ’›ŽŒœȱ‘ŽȱžŽ•ȱ’—˜ȱ‘Žȱ–Š—’˜•ȱ’—ȱŠȱ
Œ˜—ŽȬœ‘Š™Žȱœ™›Š¢ȱ™ŠĴŽ›—ǯ
6HUYLFH
—“ŽŒ˜›ȱ™›˜‹•Ž–œȱ¢™’ŒŠ••¢ȱŠ••ȱ’—˜ȱ‘›ŽŽȱŽ—ޛЕȱ
ŒŠŽ˜›’ŽœDZȱŽ•ŽŒ›’ŒŠ•ǰȱ’›¢ȦŒ•˜Žǰȱ˜›ȱ•ŽŠ”АŽǯȱ—ȱ
Ž•ŽŒ›’ŒŠ•ȱ™›˜‹•Ž–ȱžœžŠ••¢ȱŒŠžœŽœȱ˜—Žȱ˜›ȱ‹˜‘ȱ˜ȱ‘Žȱ
’—“ŽŒ˜›œȱ˜ȱœ˜™ȱž—Œ’˜—’—ǯȱŽŸŽ›Š•ȱ–Ž‘˜œȱ–Š¢ȱ‹Žȱ
žœŽȱ˜ȱŒ‘ŽŒ”ȱ’ȱ‘Žȱ’—“ŽŒ˜›œȱŠ›Žȱ˜™Ž›Š’—ǯ
ȱ ŗǯȱ ’‘ȱ‘ŽȱŽ—’—Žȱ›ž——’—ȱŠȱ’•ŽǰȱŽŽ•ȱ˜›ȱ
˜™Ž›Š’˜—Š•ȱŸ’‹›Š’˜—ǰȱ’—’ŒŠ’—ȱ‘Šȱ‘Ž¢ȱŠ›Žȱ
˜™Ž—’—ȱŠ—ȱŒ•˜œ’—ǯ
ȱ Řǯȱ ‘Ž—ȱŽ–™Ž›Šž›Žœȱ™›˜‘’‹’ȱ˜žŒ‘’—ǰȱ•’œŽ—ȱ˜›ȱŠȱ
‹ž££’—ȱ˜›ȱŒ•’Œ”’—ȱœ˜ž—ȱ ’‘ȱŠȱœŒ›Ž ›’ŸŽ›ȱ˜›ȱ
–ŽŒ‘Š—’ŒȂœȱœŽ‘˜œŒ˜™ŽȱǻœŽŽȱ’ž›ŽȱśȬŗşǼǯ
/LVWHQ+HUH
0XOWL2UL¿FH
'LUHFWRU3ODWHZLWK
&DOLEUDWHG2SHQLQJ
)LJXUH%&KHFNLQJ,QMHFWRUV
)LOWHUVWUDLQHULQIXHOVXSSO\
(OHFWULFDOFRQQHFWLRQ
6ROHQRLGZLQGLQJ
9DOYHKRXVLQJ
$UPDWXUH
9DOYHERG\
9DOYHQHHGOH
)LJXUH%)XHO,QMHFWRU'HWDLOV
‘Žȱ’—“ŽŒ˜›ȱ’œȱ˜™Ž—ŽȱŠ—ȱŒ•˜œŽȱ˜—ŒŽȱ˜›ȱŽŠŒ‘ȱ
Œ›Š—”œ‘ŠĞȱ›ŽŸ˜•ž’˜—ǰȱ‘˜ ŽŸŽ›ǰȱ˜—•¢ȱ˜—ŽȬ‘Š•ȱ‘Žȱ
˜Š•ȱŠ–˜ž—ȱ˜ȱžŽ•ȱ—ŽŽŽȱ˜›ȱ˜—Žȱꛒ—ȱ’œȱ’—“ŽŒŽȱ
ž›’—ȱŽŠŒ‘ȱ˜™Ž—’—ǯȱ‘ŽȱŠ–˜ž—ȱ˜ȱžŽ•ȱ’—“ŽŒŽȱ’œȱ
Œ˜—›˜••Žȱ‹¢ȱ‘ŽȱȱŠ—ȱŽŽ›–’—Žȱ‹¢ȱ‘Žȱ•Ž—‘ȱ
˜ȱ’–Žȱ‘ŽȱŸŠ•ŸŽȱ—ŽŽ•Žȱ’œȱ‘Ž•ȱ˜™Ž—ǰȱŠ•œ˜ȱ›ŽŽ››Žȱ˜ȱ
Šœȱ‘Žȱȃ’—“ŽŒ’˜—ȱž›Š’˜—Ȅȱ˜›ȱȃ™ž•œŽȱ ’‘Ȅǯȱȱ–Š¢ȱ
ŸŠ›¢ȱ’—ȱ•Ž—‘ȱ›˜–ȱŗǯśȬŞȱ–’••’œŽŒ˜—œȱŽ™Ž—’—ȱ˜—ȱ
‘Žȱœ™ŽŽȱŠ—ȱ•˜Šȱ›Žšž’›Ž–Ž—œȱ˜ȱ‘ŽȱŽ—’—Žǯ
ȱ řǯȱ ’œŒ˜——ŽŒȱ‘ŽȱŽ•ŽŒ›’ŒŠ•ȱŒ˜——ŽŒ˜›ȱ›˜–ȱ
Š—ȱ’—“ŽŒ˜›ȱŠ—ȱ•’œŽ—ȱ˜›ȱŠȱŒ‘Š—Žȱ’—ȱ’•Žȱ
™Ž›˜›–Š—ŒŽȱǻ˜—•¢ȱ›ž——’—ȱ˜—ȱ˜—ŽȱŒ¢•’—Ž›Ǽȱ˜›ȱŠȱ
Œ‘Š—Žȱ’—ȱ’—“ŽŒ˜›ȱ—˜’œŽȱ˜›ȱŸ’‹›Š’˜—ǯ
ȱŠ—ȱ’—“ŽŒ˜›ȱ’œȱ—˜ȱ˜™Ž›Š’—ǰȱ’ȱŒŠ—ȱ’—’ŒŠŽȱŽ’‘Ž›ȱŠȱ
‹Šȱ’—“ŽŒ˜›ǰȱ˜›ȱŠȱ ’›’—ȦŽ•ŽŒ›’ŒŠ•ȱŒ˜——ŽŒ’˜—ȱ™›˜‹•Ž–ǯȱ
‘ŽŒ”ȱŠœȱ˜••˜ œDZ
DZȱ ˜ȱ—˜ȱŠ™™•¢ȱŸ˜•ŠŽȱ˜ȱ‘ŽȱžŽ•ȱ’—“ŽŒ˜›ǻœǼǯȱ
¡ŒŽœœ’ŸŽȱŸ˜•ŠŽȱ ’••ȱ‹ž›—ȱ˜žȱ‘Žȱ
’—“ŽŒ˜›ǻœǼǯȱ˜ȱ—˜ȱ›˜ž—ȱ‘Žȱ’—“ŽŒ˜›ǻœǼȱ ’‘ȱ
‘Žȱ’—’’˜—ȱȃ˜—Ȅǯȱ—“ŽŒ˜›ǻœǼȱ ’••ȱ˜™Ž—Ȧž›—ȱ
˜—ȱ’ȱ›Ž•Š¢ȱ’œȱŽ—Ž›’£Žǯ
ȱ ŗǯȱ ’œŒ˜——ŽŒȱ‘ŽȱŽ•ŽŒ›’ŒŠ•ȱŒ˜——ŽŒ˜›ȱ›˜–ȱ‹˜‘ȱ
’—“ŽŒ˜›œǯȱ•žȱ‘ŽȱŗŘȱŸ˜•ȱ˜’ȱ’‘ȱǻ™Š›ȱ˜ȱȱ
Ž›Ÿ’ŒŽȱ’ǰȱœŽŽȱŽŒ’˜—ȱŘǼȱ’—ȱ˜—ŽȱŒ˜——ŽŒ˜›ǯ
%
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ ȱ ‘ŽŒ”ȱŠ••ȱŽ•ŽŒ›’ŒŠ•ȱŒ˜——ŽŒ’˜—œǰȱŒ˜——ŽŒ˜›œǰȱŠ—ȱ
’›’—ȱ‘Š›—Žœœȱ•ŽŠœȱ’ȱ›Žœ’œŠ—ŒŽȱ’œȱ’—Œ˜››ŽŒǯ
—“ŽŒ˜›ȱ•ŽŠ”АŽȱ’œȱŸŽ›¢ȱž—•’”Ž•¢ǰȱ‹žȱ’—ȱ‘˜œŽȱ›Š›Žȱ
’—œŠ—ŒŽœȱ’ȱŒŠ—ȱ‹Žȱ’—Ž›—Š•ȱǻ™Šœȱ‘Žȱ’™ȱ˜ȱ‘ŽȱŸŠ•ŸŽȱ
—ŽŽ•ŽǼǰȱ˜›ȱŽ¡Ž›—Š•ȱǻ ŽŽ™’—ȱŠ›˜ž—ȱ‘Žȱ’—“ŽŒ˜›ȱ
‹˜¢ǼǯȱŽŽȱ’ž›ŽȱśȬŘŗǯȱ‘Žȱ•˜œœȱ˜ȱœ¢œŽ–ȱ™›Žœœž›Žȱ
›˜–ȱ‘Žȱ•ŽŠ”АŽȱŒŠ—ȱŒŠžœŽȱ‘˜ȱ›ŽœŠ›ȱ™›˜‹•Ž–œȱŠ—ȱ
•˜—Ž›ȱŒ›Š—”’—ȱ’–Žœǯȱ˜ȱŒ‘ŽŒ”ȱ˜›ȱ•ŽŠ”АŽȱ’ȱ ’••ȱ‹Žȱ
—ŽŒŽœœŠ›¢ȱ˜ȱ›Ž–˜ŸŽȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ǰȱ ‘’Œ‘ȱ–Š¢ȱ
’—Ÿ˜•ŸŽȱ›Ž–˜Ÿ’—ȱ‘ŽȱŽ—’—Žȱ›˜–ȱ‘Žȱž—’ǯ
)LJXUH%9ROW1RLG/LJKW
ȱ Řǯȱ Š”Žȱœž›ŽȱŠ••ȱœŠŽ¢ȱœ ’Œ‘ȱ›Žšž’›Ž–Ž—œȱŠ›Žȱ–Žǯȱ
›Š—”ȱ‘ŽȱŽ—’—ŽȱŠ—ȱŒ‘ŽŒ”ȱ˜›ȱ̊œ‘’—ȱ˜ȱ—˜’ȱ
•’‘ǯȱŽ™ŽŠȱŽœȱŠȱ˜‘Ž›ȱŒ˜——ŽŒ˜›ǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ̊œ‘’—ȱ˜ŒŒž›œǰȱžœŽȱŠ—ȱ˜‘––ŽŽ›ȱǻ¡ŗȱȱ
œŒŠ•ŽǼȱŠ—ȱŒ‘ŽŒ”ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ˜ȱŽŠŒ‘ȱȱ ȱ
’—“ŽŒ˜›ȱŠŒ›˜œœȱ‘Žȱ ˜ȱŽ›–’—Š•œǯȱ›˜™Ž›ȱȱ
›Žœ’œŠ—ŒŽȱ’œȱŗŘȬŘŖȱ:ǯȱȱ’—“ŽŒ˜›ȱ›Žœ’œŠ—ŒŽȱ’œȱȱ
Œ˜››ŽŒǰȱŒ‘ŽŒ”ȱ ‘Ž‘Ž›ȱ‘ŽȱŒ˜——ŽŒ˜›ȱŠ—ȱȱ
’—“ŽŒ˜›ȱŽ›–’—Š•œȱŠ›Žȱ–Š”’—ȱŠȱ˜˜ȱȱ ȱ
Œ˜——ŽŒ’˜—ǯȱȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’œȱ—˜ȱŒ˜››ŽŒǰȱȱ
›Ž™•ŠŒŽȱ‘Žȱ’—“ŽŒ˜›ȱ˜••˜ ’—ȱœŽ™œȱŗȬŞȱŠ—ȱȱ
ŗřȬŗŜȱ‹Ž•˜ ǯ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ—˜ȱ̊œ‘’—ȱ˜ŒŒž›œǰȱ›ŽŠĴŠŒ‘ȱŒ˜——ŽŒ˜›œȱ˜ȱȱ
‹˜‘ȱ’—“ŽŒ˜›œǯȱ’œŒ˜——ŽŒȱ‘Žȱ–Š’—ȱ‘Š›—Žœœȱȱ
Œ˜——ŽŒ˜›ȱ›˜–ȱ‘ŽȱȱŠ—ȱ‘ŽȱŒ˜——ŽŒ˜›ȱȱ
›˜–ȱ‘Žȱ›Ž•Š¢ǯȱŽȱ‘Žȱ˜‘––ŽŽ›ȱ˜ȱ‘Žȱ¡ŗȱȱ
œŒŠ•ŽȱŠ—ȱŒ‘ŽŒ”ȱ‘Žȱ’—“ŽŒ˜›ȱŒ’›Œž’ȱ›Žœ’œŠ—ŒŽȱȱ
Šœȱ˜••˜ œDZ
ȱ ȱ ȱ
ȱ
ȱ
ȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ‘ŽŒ”ȱȱ
‘Žȱ›Žœ’œŠ—ŒŽȱ‹Ž ŽŽ—ȱ‘Žȱ›Ž•Š¢ȱŽ›–’—Š•ȱǛŞŝȱȱ
Š—ȱ™’—ȱǛřśȱ’—ȱ–Š’—ȱŒ˜——ŽŒ˜›ǯȱŽœ’œŠ—ŒŽȱȱ
œ‘˜ž•ȱ‹ŽȱŚȬŗśȱ:ǯ
ȱ ȱ ȱ ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱȱȱ
ȱ ‘ŽŒ”ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ‹Ž ŽŽ—ȱ›Ž•Š¢ȱŽ›–’—Š•ȱȱ
ȱ ǛŞŝȱŠ—ȱ™’—ȱǛŗŜȱ’—ȱ–Š’—ȱŒ˜——ŽŒ˜›ǯȱ‘Ž—ȱȱ
ȱȱ Œ‘ŽŒ”ȱ›Žœ’œŠ—ŒŽȱ‹Ž ŽŽ—ȱ›Ž•Š¢ȱŽ›–’—Š•ȱǛŞŝȱȱ
ȱ Š—ȱ™’—ȱǛŗŝǯȱŽœ’œŠ—ŒŽȱœ‘˜ž•ȱ‹ŽȱŚȬŗśȱ:ȱ˜›ȱȱ
ȱ ŽŠŒ‘ȱŒ’›Œž’ǯ
ȱ ȱ ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
%
ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱȱȱ
‘ŽŒ”ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ‹Ž ŽŽ—ȱ›Ž•Š¢ȱŽ›–’—Š•ȱȱ
ǛŞŝȱŠ—ȱ™’—ȱǛŗŚȱ’—ȱ‘Žȱ–Š’—ȱŒ˜——ŽŒ˜›ǯȱ‘Ž—ȱȱ
Œ‘ŽŒ”ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ‹Ž ŽŽ—ȱ›Ž•Š¢ȱŽ›–’—Š•ȱȱ
ǛŞŝȱŠ—ȱ™’—ȱǛŗśǯȱŽœ’œŠ—ŒŽȱœ‘˜ž•ȱ‹ŽȱŚȬŗśȱ:ȱȱ
˜›ȱŽŠŒ‘ȱŒ’›Œž’ǯ
&KHFN)RU/HDNV
)LJXUH%,QMHFWRU,QVSHFWLRQ3RLQWV
ȱ ŗǯȱ —’—Žȱ–žœȱ‹ŽȱŒ˜˜•ǯȱŽ™›Žœœž›’£ŽȱžŽ•ȱœ¢œŽ–ȱ
‘›˜ž‘ȱŽœȱŸŠ•ŸŽȱ’—ȱžŽ•ȱ›Š’•ǯ
ȱ Řǯȱ ’œŒ˜——ŽŒȱœ™Š›”ȱ™•žȱ•ŽŠœȱ›˜–ȱœ™Š›”ȱ™•žœǯ
ȱ řǯȱ Ž–˜ŸŽȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱ˜žŽ›ȱŒ˜ŸŽ›ǰȱ’——Ž›ȱ ’—ȱ
—žǰȱޕޖޗȱŒ˜ŸŽ›ȱŠ—ȱŠ’›ȱŒ•ŽŠ—Ž›ȱޕޖޗȦ
™›ŽŒ•ŽŠ—Ž›ǯȱŽ›Ÿ’ŒŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱŒ˜–™˜—Ž—œȱŠœȱ
›Žšž’›Žǯ
ȱ Śǯȱ Ž–˜ŸŽȱ‘Žȱ ˜ȱœŒ›Ž œȱœŽŒž›’—ȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱ
‹ŠœŽȱ˜ȱ‘›˜Ĵ•Žȱ‹˜¢ȱ–Š—’˜•ǯȱŽ–˜ŸŽȱ‘ŽȱŠ’›ȱ
Œ•ŽŠ—Ž›ȱ‹ŠœŽȱ˜ȱ™Ž›–’ȱŠŒŒŽœœȱ˜ȱ‘Žȱ’—“ŽŒ˜›œǯȱ
‘ŽŒ”ȱŒ˜—’’˜—ȱ˜ȱŠ’›ȱŒ•ŽŠ—Ž›ȱ‹ŠœŽȱŠœ”Žǰȱ
›Ž™•ŠŒŽȱ’ȱ—ŽŒŽœœŠ›¢ǯ
ȱ śǯȱ Ž–˜ŸŽȱ‘ŽȱĚ¢ ‘ŽŽ•ȱœŒ›ŽŽ—ȱ’ȱ’ȱ˜ŸŽ›•Š™œȱ‘Žȱ
‹•˜ Ž›ȱ‘˜žœ’—ǯ
ȱ Ŝǯȱ ȱ‘ŽȱŽ—’—Žȱ‘ŠœȱŠȱ›Š’Š˜›Ȭ¢™Žȱ˜’•ȱŒ˜˜•Ž›ȱ
–˜ž—Žȱ˜ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ǰȱ›Ž–˜ŸŽȱ‘Žȱ ˜ȱ
˜’•ȱŒ˜˜•Ž›ȱ–˜ž—’—ȱœŒ›Ž œǯ
ȱ ŝǯȱ Ž–˜ŸŽȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ–˜ž—’—ȱœŒ›Ž œǯȱ
˜Žȱ‘Žȱ•˜ŒŠ’˜—ȱ˜ȱ‘Žȱ™•ŠŽȱǻœ’•ŸŽ›ǼȱœŒ›Ž ȱ
ŠĴŠŒ‘’—ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ›˜ž—ȱ•ŽŠǯȱ
Ž–˜ŸŽȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ǯ
6HFWLRQ%
(),)XHO6\VWHP
ȱ Şǯȱ ‘˜›˜ž‘•¢ȱŒ•ŽŠ—ȱ‘ŽȱŠ›ŽŠȱŠ›˜ž—ȱŠ—ȱ’—Œ•ž’—ȱ
‘Žȱ‘›˜Ĵ•Žȱ‹˜¢Ȧ–Š—’˜•ȱŠ—ȱ‘Žȱ’—“ŽŒ˜›œǯ
ȱ şǯȱ ’œŒ˜——ŽŒȱ‘Žȱ‘›˜Ĵ•Žȱ•’—”АŽȱŠ—ȱŠ–™Ž›ȱ
œ™›’—ȱ›˜–ȱ‘Žȱ‘›˜Ĵ•Žȱ•ŽŸŽ›ǯȱ’œŒ˜——ŽŒȱ‘Žȱȱ
•ŽŠȱ›˜–ȱ‘Žȱ‘Š›—Žœœǯ
ȱŗŖǯȱ Ž–˜ŸŽȱ‘Žȱ–Š—’˜•ȱ–˜ž—’—ȱ‹˜•œȱŠ—ȱ
œŽ™Š›ŠŽȱ‘Žȱ‘›˜Ĵ•Žȱ‹˜¢Ȧ–Š—’˜•ȱ›˜–ȱ‘Žȱ
Ž—’—Žȱ•ŽŠŸ’—ȱ‘ŽȱǰȱžŽ•ȱ›Š’•ǰȱŠ’›ȱ‹ŠĝŽǰȱ
’—“ŽŒ˜›œȱŠ—ȱ•’—ŽȱŒ˜——ŽŒ’˜—œȱ’—ŠŒǯȱ’œŒŠ›ȱ‘Žȱ
˜•ȱŠœ”Žœǯ
ȱŗŗǯȱ ˜œ’’˜—ȱ‘Žȱ–Š—’˜•ȱŠœœŽ–‹•¢ȱ˜ŸŽ›ȱŠ—ȱ
Š™™›˜™›’ŠŽȱŒ˜—Š’—Ž›ȱŠ—ȱž›—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ
ȃ˜—Ȅȱ˜ȱŠŒ’ŸŠŽȱ‘ŽȱžŽ•ȱ™ž–™ȱŠ—ȱ™›Žœœž›’£Žȱ‘Žȱ
œ¢œŽ–ǯȱ˜ȱ—˜ȱž›—ȱœ ’Œ‘ȱ˜ȱȃœŠ›Ȅȱ™˜œ’’˜—ǯ
ȱŗŘǯȱ ȱŽ’‘Ž›ȱ’—“ŽŒ˜›ȱŽ¡‘’‹’œȱ•ŽŠ”АŽȱ˜ȱ–˜›Žȱ‘Š—ȱ
 ˜ȱ˜ȱ˜ž›ȱ›˜™œȱ™Ž›ȱ–’—žŽȱ›˜–ȱ‘Žȱ’™ǰȱ˜›ȱ
œ‘˜ œȱŠ—¢ȱœ’—ȱ˜ȱ•ŽŠ”АŽȱŠ›˜ž—ȱ‘Žȱ˜žŽ›ȱœ‘Ž••ǰȱ
ž›—ȱ‘Žȱ’—’’˜—ȱœ ’Œ‘ȱ˜ěȱŠ—ȱ›Ž™•ŠŒŽȱ’—“ŽŒ˜›ȱŠœȱ
˜••˜ œǯ
ȱŗřǯȱ Ž™›Žœœž›’£Žȱ‘ŽȱžŽ•ȱœ¢œŽ–ȱ˜••˜ ’—ȱ‘Žȱ
™›˜ŒŽž›Žȱ’—ȱ‘ŽȱžŽ•ȱ Š›—’—ȱ˜—ȱ™ŠŽȱśǯŘǯȱ
Ž–˜ŸŽȱ‘Žȱ ˜ȱžŽ•ȱ›Š’•ȱ–˜ž—’—ȱœŒ›Ž œǯ
ȱŗŚǯȱ •ŽŠ—ȱŠ—¢ȱ’›ȱŠŒŒž–ž•Š’˜—ȱ›˜–ȱ‘ŽȱœŽŠ•’—Ȧ
–˜ž—’—ȱŠ›ŽŠȱ˜ȱ‘ŽȱŠž•¢ȱ’—“ŽŒ˜›ǻœǼȱŠ—ȱ
’œŒ˜——ŽŒȱ‘ŽȱŽ•ŽŒ›’ŒŠ•ȱŒ˜——ŽŒ˜›ǻœǼǯ
˜ȱ’—“ŽŒ˜›ȱŒ•˜’—ȱ’—Œ•žŽȱ‘’‘Ž›ȱ‘Š—ȱ—˜›–Š•ȱ
˜™Ž›Š’—ȱŽ–™Ž›Šž›Žœǰȱœ‘˜›ȱ˜™Ž›Š’—ȱ’—Ž›ŸŠ•œǰȱ
Š—ȱ’›¢ǰȱ’—Œ˜››ŽŒǰȱ˜›ȱ™˜˜›ȱšžŠ•’¢ȱžŽ•ǯȱ•ŽŠ—’—ȱ˜ȱ
Œ•˜Žȱ’—“ŽŒ˜›œȱ’œȱ—˜ȱ›ŽŒ˜––Ž—ŽDzȱ‘Ž¢ȱœ‘˜ž•ȱ‹Žȱ
›Ž™•ŠŒŽǯȱ’’ŸŽœȱŠ—ȱ‘’‘Ž›ȱ›ŠŽœȱ˜ȱžŽ•ȱŒŠ—ȱ‹Žȱ
žœŽȱŠœȱŠȱ™›ŽŸŽ—Š’ŸŽȱ–ŽŠœž›Žȱ’ȱŒ•˜’—ȱ‘Šœȱ‹ŽŽ—ȱŠȱ
™›˜‹•Ž–ǯ
,JQLWLRQ6\VWHP
*HQHUDO
ȱ‘’‘ȱŸ˜•ŠŽǰȱœ˜•’ȱœŠŽǰȱ‹ŠĴŽ›¢ȱ’—’’˜—ȱœ¢œŽ–ȱ
’œȱžœŽȱ ’‘ȱ‘Žȱȱœ¢œŽ–ǯȱ‘ŽȱȱŒ˜—›˜•œȱ‘Žȱ
’—’’˜—ȱ˜ž™žȱŠ—ȱ’–’—ȱ‘›˜ž‘ȱ›Š—œ’œ˜›’£Žȱ
Œ˜—›˜•ȱ˜ȱ‘Žȱ™›’–Š›¢ȱŒž››Ž—ȱŽ•’ŸŽ›Žȱ˜ȱ‘ŽȱŒ˜’•œǯȱ
ŠœŽȱ˜—ȱ’—™žȱ›˜–ȱ‘Žȱœ™ŽŽȱœŽ—œ˜›ǰȱ‘Žȱȱ
ŽŽ›–’—Žœȱ‘ŽȱŒ˜››ŽŒȱꛒ—ȱ™˜’—ȱ˜›ȱ‘Žȱœ™ŽŽȱŠȱ
‘’Œ‘ȱ‘ŽȱŽ—’—Žȱ’œȱ›ž——’—ǯȱȱ‘Žȱ™›˜™Ž›ȱ’—œŠ—ǰȱ
’ȱ›Ž•ŽŠœŽœȱ‘Žȱ̘ ȱ˜ȱ™›’–Š›¢ȱŒž››Ž—ȱ˜ȱ‘ŽȱŒ˜’•ǯȱ
‘Žȱ™›’–Š›¢ȱŒž››Ž—ȱ’—žŒŽœȱ‘’‘ȱŸ˜•ŠŽȱ’—ȱ‘ŽȱŒ˜’•ȱ
œŽŒ˜—Š›¢ǰȱ ‘’Œ‘ȱ’œȱ‘Ž—ȱŽ•’ŸŽ›Žȱ˜ȱ‘Žȱœ™Š›”ȱ™•žǯȱ
ŠŒ‘ȱŒ˜’•ȱꛎœȱŽŸŽ›¢ȱ›ŽŸ˜•ž’˜—ǰȱ‹žȱŽŸŽ›¢ȱ˜‘Ž›ȱœ™Š›”ȱ
’œȱȃ ŠœŽǯȄ
6HUYLFH
¡ŒŽ™ȱ˜›ȱ›Ž–˜Ÿ’—ȱ‘Žȱœ™Š›”ȱ™•žȱ•ŽŠȱ‹¢ȱ
ž—œŒ›Ž ’—ȱ’ȱ›˜–ȱ‘ŽȱœŽŒ˜—Š›¢ȱ˜ Ž›ȱǻœŽŽȱ’ž›Žȱ
śȬŘŘǼǰȱ—˜ȱŒ˜’•ȱœŽ›Ÿ’Œ’—ȱ’œȱ™˜œœ’‹•ŽǯȱȱŠȱŒ˜’•ȱ’œȱ
ŽŽ›–’—Žȱ˜ȱ‹ŽȱŠž•¢ǰȱ›Ž™•ŠŒŽ–Ž—ȱ’œȱ—ŽŒŽœœŠ›¢ǯȱ—ȱ
˜‘––ŽŽ›ȱ–Š¢ȱ‹ŽȱžœŽȱ˜ȱŽœȱ‘Žȱ ’›’—ȱŠ—ȱŒ˜’•ȱ
’—’—œǯ
ȱŗśǯȱ ž••ȱ‘Žȱ›ŽŠ’—’—ȱŒ•’™ȱ˜ěȱ‘Žȱ˜™ȱ˜ȱ‘Žȱ’—“ŽŒ˜›ǻœǼȱ
Š—ȱ›Ž–˜ŸŽȱ›˜–ȱ–Š—’˜•ǯ
ȱŗŜǯȱ ŽŸŽ›œŽȱ‘ŽȱŠ™™›˜™›’ŠŽȱ™›˜ŒŽž›Žœȱ˜ȱ’—œŠ••ȱ‘Žȱ
—Ž ȱ’—“ŽŒ˜›ǻœǼȱŠ—ȱ›ŽŠœœŽ–‹•Žȱ‘ŽȱŽ—’—ŽǯȱœŽȱ
—Ž ȱȬ’—œȱŠ—¢ȱ’–ŽȱŠ—ȱ’—“ŽŒ˜›ȱ’œȱ›Ž–˜ŸŽȱ
ǻ—Ž ȱ›Ž™•ŠŒŽ–Ž—ȱ’—“ŽŒ˜›œȱ’—Œ•žŽȱ—Ž ȱȬ’—œǼǯȱ
ž‹›’ŒŠŽȱȬ’—œȱ•’‘•¢ȱ ’‘ȱ˜’•ǯȱ˜›šžŽȱ‘Žȱ
žŽ•ȱ›Š’•ȱŠ—ȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ–˜ž—’—ȱœŒ›Ž œȱ˜ȱȱ
řǯşȱȉ–ȱǻřśȱ’—ǯȱ•‹ǯǼǰȱŠ—ȱ‘Žȱ’—Š”Žȱ–Š—’˜•ȱŠ—ȱ
Š’›ȱŒ•ŽŠ—Ž›ȱ–˜ž—’—ȱœŒ›Ž œȱ˜ȱşǯşȱȉ–ȱǻŞŞȱ’—ǯȱ
•‹ǯǼǯ
—“ŽŒ˜›ȱ™›˜‹•Ž–œȱžŽȱ˜ȱ’›ȱ˜›ȱŒ•˜’—ȱŠ›ŽȱŽ—ޛЕ•¢ȱ
ž—•’”Ž•¢ǰȱžŽȱ˜ȱ‘ŽȱŽœ’—ȱ˜ȱ‘Žȱ’—“ŽŒ˜›œǰȱ‘Žȱ‘’‘ȱ
žŽ•ȱ™›Žœœž›ŽǰȱŠ—ȱ‘ŽȱŽŽ›Ž—ȱŠ’’ŸŽœȱ’—ȱ‘Žȱ
Šœ˜•’—Žǯȱ¢–™˜–œȱ‘ŠȱŒ˜ž•ȱ‹ŽȱŒŠžœŽȱ‹¢ȱ’›¢Ȧ
Œ•˜Žȱ’—“ŽŒ˜›œȱ’—Œ•žŽȱ›˜ž‘ȱ’•Žǰȱ‘Žœ’Š’˜—Ȧ
œž–‹•Žȱž›’—ȱŠŒŒŽ•Ž›Š’˜—ǰȱ˜›ȱ›’Ž›’—ȱ˜ȱŠž•ȱ
Œ˜Žœȱ›Ž•ŠŽȱ˜ȱžŽ•ȱŽ•’ŸŽ›¢ǯȱ—“ŽŒ˜›ȱŒ•˜’—ȱ
’œȱžœžŠ••¢ȱŒŠžœŽȱ‹¢ȱŠȱ‹ž’•ž™ȱ˜ȱŽ™˜œ’œȱ˜—ȱ‘Žȱ
’›ŽŒ˜›ȱ™•ŠŽǰȱ›Žœ›’Œ’—ȱ‘Žȱ̘ ȱ˜ȱžŽ•ǰȱ›Žœž•’—ȱ
’—ȱŠȱ™˜˜›ȱœ™›Š¢ȱ™ŠĴŽ›—ǯȱ˜–ŽȱŒ˜—›’‹ž’—ȱŠŒ˜›œȱ
)LJXUH%,JQLWLRQ&RLO
DZȱ ˜ȱ—˜ȱ›˜ž—ȱ‘ŽȱŒ˜’•œȱ ’‘ȱ‘Žȱ’—’’˜—ȱ
ȁȁ˜—ǰȂȂȱŠœȱ‘Ž¢ȱ–Š¢ȱ˜ŸŽ›‘ŽŠȱ˜›ȱœ™Š›”ǯ
7HVWLQJ
ȱ ŗǯȱ ’œŒ˜——ŽŒȱ‘Žȱ–Š’—ȱ‘Š›—ŽœœȱŒ˜——ŽŒ˜›ȱ›˜–ȱ
ǯ
%
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ˜ŒŠŽȱ
™’—œȱǛŗȱŠ—ȱǛŗşȱ’—ȱ‘Žȱřśȱ™’—ȱŒ˜——ŽŒ˜›ǯȱŽŽȱ™ŠŽȱ
śǯŘŞǯ
ȱ ȱ ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ˜ŒŠŽȱ
™’—œȱǛŘŘȱŠ—ȱǛŘřȱ’—ȱ‘ŽȱŘŚȱ™’—ȱŒ˜——ŽŒ˜›ǯȱŽŽȱ™ŠŽȱ
śǯřŗǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȱŠœŽȱDZȱ˜ŒŠŽȱ
™’—œȱǛřŖȱŠ—ȱǛřŗȱ’—ȱ‘ŽȱřŘȱ™’—ȱŒ˜——ŽŒ˜›ǯȱŽŽȱ™ŠŽȱ
śǯřŘǯ
ȱ Řǯȱ ’œŒ˜——ŽŒȱŒ˜——ŽŒ˜›ȱ›˜–ȱ›Ž•Š¢ȱŠ—ȱ•˜ŒŠŽȱ
Ž›–’—Š•ȱǛŞŝȱ’—ȱŒ˜——ŽŒ˜›ǯ
ȱ řǯȱ œ’—ȱŠ—ȱ˜‘––ŽŽ›ȱœŽȱ˜—ȱ‘Žȱ¡ŗȱœŒŠ•ŽǰȱŒ‘ŽŒ”ȱ
‘Žȱ›Žœ’œŠ—ŒŽȱ’—ȱŒ’›Œž’œȱŠœȱ˜••˜ œDZȱ
ȱ ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ‘ŽŒ”ȱ
‹Ž ŽŽ—ȱŽ›–’—Š•ȱǛŞŝȱŠ—ȱ™’—ȱǛŗȱ˜›ȱŒ˜’•ȱǛŗǯȱ
Ž™ŽŠȱ‘ŽȱŽœȱ‹Ž ŽŽ—ȱŽ›–’—Š•ȱǛŞŝȱŠ—ȱ™’—ȱǛŗşȱ
˜›ȱŒ˜’•ȱǛŘǯȱ
ȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ‘ŽŒ”ȱ
‹Ž ŽŽ—ȱŽ›–’—Š•ȱǛŞŝȱŠ—ȱ™’—ȱǛŘŘȱ˜›ȱŒ˜’•ȱǛŗǯȱ
Ž™ŽŠȱ‘ŽȱŽœȱ‹Ž ŽŽ—ȱŽ›–’—Š•ȱǛŞŝȱŠ—ȱ™’—ȱǛŘřȱ
˜›ȱŒ˜’•ȱǛŘǯȱ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ‘ŽŒ”ȱ
‹Ž ŽŽ—ȱŽ›–’—Š•ȱǛŞŝȱŠ—ȱ™’—ȱǛřŖȱ˜›ȱŒ˜’•ȱǛŗǯȱ
Ž™ŽŠȱ‘ŽȱŽœȱ‹Ž ŽŽ—ȱŽ›–’—Š•ȱǛŞŝȱŠ—ȱ™’—ȱǛřŗȱ
˜›ȱŒ˜’•ȱǛŘǯ
ȱ
ȱ›ŽŠ’—ȱ˜ȱŗǯŞȬŚǯŖȱ:’—ȱŽŠŒ‘ȱŽœȱ’—’ŒŠŽœȱ‘Šȱ
‘Žȱ ’›’—ȱŠ—ȱŒ˜’•ȱ™›’–Š›¢ȱŒ’›Œž’œȱŠ›Žȱǯ
ȱ ȱ Šǯȱ ȱ›ŽŠ’—ǻœǼȱŠ›Žȱ—˜ȱ ’‘’—ȱœ™ŽŒ’ꮍȱ›Š—Žǰȱȱ
ȱ Œ‘ŽŒ”ȱŠ—ȱŒ•ŽŠ—ȱŒ˜——ŽŒ’˜—œȱŠ—ȱ›ŽŽœǯ
ȱ ȱ ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
řǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
’œŒ˜——ŽŒȱ‘ŽȱœŽŒ˜—Š›¢ȱ•ŽŠȱ›˜–ȱ‘Žȱȱ
œ™Š›”ȱ™•žǯȱ˜——ŽŒȱŠ—ȱ˜‘––ŽŽ›ȱœŽȱ˜—ȱȱ
‘Žȱ¡ŗŖȱœŒŠ•Žȱ‹Ž ŽŽ—ȱ‘Žȱœ™Š›”ȱ™•žȱȱ
‹˜˜ȱŽ›–’—Š•ȱŠ—ȱ‘Žȱ›Žȱ™›’–Š›¢ȱȱ ȱ
Ž›–’—Š•ǯȱŽŒ˜—Š›¢ȱ›Žœ’œŠ—ŒŽȱœ‘˜ž•ȱ‹Žȱ
ŗřǰŖŖŖȬŗŝǰśŖŖȱ:ǯ
ȱ ȱ ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
Śǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ‘ŽȱœŽŒ˜—Š›¢ȱ›Žœ’œŠ—ŒŽȱ’œȱ—˜ȱ ’‘’—ȱȱ
‘Žȱœ™ŽŒ’ꮍȱ›Š—Žǰȱž—œŒ›Ž ȱ‘Žȱœ™Š›”ȱȱ
™•žȱ•ŽŠȱ—žȱ›˜–ȱ‘ŽȱŒ˜’•ȱœŽŒ˜—Š›¢ȱȱ
˜ Ž›ȱŠ—ȱ›Ž–˜ŸŽȱ‘Žȱ™•žȱ•ŽŠǯȱŽ™ŽŠȱȱ
œŽ™ȱ‹ǯȱřǰȱŽœ’—ȱ›˜–ȱ‘ŽȱœŽŒ˜—Š›¢ȱȱ
˜ Ž›ȱŽ›–’—Š•ȱ˜ȱ‘Žȱ›Žȱ™›’–Š›¢ȱȱ ȱ
Ž›–’—Š•ǯȱȱ›Žœ’œŠ—ŒŽȱ’œȱ—˜ ȱŒ˜››ŽŒǰȱ‘Žȱȱ
Œ˜’•ȱ’œȱ˜˜ǰȱ‹žȱ‘Žȱœ™Š›”ȱ™•žȱ•ŽŠȱ’œȱȱ
Šž•¢ǰȱ›Ž™•ŠŒŽȱ‘Žȱ•ŽŠǯȱȱœŽ™ȱ‹ǯȱŘȱȱ ȱ
›Žœ’œŠ—ŒŽȱ Šœȱ’—Œ˜››ŽŒȱŠ—Ȧ˜›ȱ‘Žȱȱ ȱ
œŽŒ˜—Š›¢ȱ›Žœ’œŠ—ŒŽȱ’œȱœ’••ȱ’—Œ˜››ŽŒǰȱ‘Žȱȱ
Œ˜’•ȱ’œȱŠž•¢ȱŠ—ȱ—ŽŽœȱ˜ȱ‹Žȱ›Ž™•ŠŒŽǯ
6SDUN3OXJV
ȱŽ—’—ŽœȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱ‘Š–™’˜—țȱŗŘȱ
ǻ˜‘•Ž›ȱŠ›ȱ˜ǯȱŗŘȱŗřŘȱŖŘȬǼȱ›Žœ’œ˜›ȱœ¢•Žȱœ™Š›”ȱ
™•žœǯȱšž’ŸŠ•Ž—ȱŠ•Ž›—ŠŽȱ‹›Š—ȱ™•žœȱŒŠ—ȱŠ•œ˜ȱ‹Žȱ
žœŽǰȱ‹žȱ–žœȱ‹ŽȱŠȱ›Žœ’œ˜›ȱœ¢•Žȱ™•žȱ˜›ȱ™Ž›–Š—Ž—ȱ
Š–АŽȱ˜ȱ‘Žȱȱ ’••ȱ˜ŒŒž›ȱ’—ȱŠ’’˜—ȱ˜ȱŠěŽŒ’—ȱ
˜™Ž›Š’˜—ǯȱ›˜™Ž›ȱœ™Š›”ȱ™•žȱŠ™ȱ’œȱŖǯŝŜȱ––ȱ
ǻŖǯŖřŖȱ’—ǯǼǯ
:LULQJ+DUQHVV
‘Žȱ ’›’—ȱ‘Š›—ŽœœȱžœŽȱ’—ȱ‘Žȱȱœ¢œŽ–ȱŒ˜——ŽŒœȱ
‘ŽȱŽ•ŽŒ›’ŒŠ•ȱŒ˜–™˜—Ž—œǰȱ™›˜Ÿ’’—ȱŒž››Ž—ȱŠ—ȱ
›˜ž—ȱ™Š‘œȱ˜›ȱ‘Žȱœ¢œŽ–ȱ˜ȱ˜™Ž›ŠŽǯȱ••ȱ’—™žȱŠ—ȱ
˜ž™žȱœ’—Š•’—ȱ˜ŒŒž›œȱ‘›˜ž‘ȱŠȱœ™ŽŒ’Š•ȱŠ••ȱ ŽŠ‘Ž›ȱ
Œ˜——ŽŒ˜›ȱ‘ŠȱŠĴŠŒ‘ŽœȱŠ—ȱ•˜Œ”œȱ˜ȱ‘ŽȱȱǻœŽŽȱ
’ž›ŽœȱśȬŘřǰȱśȬŘŚǰȱŠ—ȱśȬŘśǼǯ
ȱ ȱ ‹ǯȱ ȱ›ŽŠ’—ǻœǼȱŠ›Žȱœ’••ȱ—˜ȱ ’‘’—ȱ‘Žȱœ™ŽŒ’ꮍȱȱ
ȱ ›Š—ŽǰȱŽœȱ‘ŽȱŒ˜’•œȱœŽ™Š›ŠŽ•¢ȱ›˜–ȱ–Š’—ȱȱ
ȱ ‘Š›—ŽœœȱŠœȱ˜••˜ œDZ
ȱ ȱ ȱ
ȱ
ŗǯȱ ’œŒ˜——ŽŒȱ‘Žȱ›ŽȱŠ—ȱ‹•ŠŒ”ȱ™›’–Š›¢ȱȱ
ȱ
•ŽŠœȱ›˜–ȱ‘ŽȱŒ˜’•ȱŽ›–’—Š•œǯ
ȱ ȱ ȱ
ȱ
ȱ
Řǯȱ ˜——ŽŒȱŠ—ȱ˜‘––ŽŽ›ȱœŽȱ˜—ȱ‘Žȱ¡ŗȱȱ
ȱ
œŒŠ•Žȱ˜ȱ‘Žȱ™›’–Š›¢ȱŽ›–’—Š•œǯȱ›’–Š›¢ȱȱ
ȱ
›Žœ’œŠ—ŒŽȱœ‘˜ž•ȱ‹ŽȱŗǯŞȬŘǯśȱ:ǯ
)LJXUH%³3LQ´0$0HWDO&DVHG(&8
&RQQHFWRUDQG25LQJ
%
6HFWLRQ%
(),)XHO6\VWHP
)XHO&RPSRQHQWV
)XHO3XPS
)LJXUH%³3LQ´06(3ODVWLF&DVHG
(&8&RQQHFWRU
,QWHUQDO
([WHUQDO
%
)LJXUH%)XHO3XPS6W\OHV
*HQHUDO
—ȱŽ•ŽŒ›’ŒȱžŽ•ȱ™ž–™ȱ’œȱžœŽȱ˜ȱ›Š—œŽ›ȱžŽ•ȱ’—ȱ‘Žȱ
ȱœ¢œŽ–ǯȱޙޗ’—ȱ˜—ȱ‘ŽȱŠ™™•’ŒŠ’˜—ǰȱ‘Žȱ™ž–™ȱ
–Š¢ȱ‹Žȱ’—œ’Žȱ‘ŽȱžŽ•ȱŠ—”ǰȱ˜›ȱ’—ȱ‘ŽȱžŽ•ȱ•’—Žȱ—ŽŠ›ȱ
‘ŽȱŠ—”ǯȱ‘Žȱ™ž–™œȱŠ›Žȱ›ŠŽȱ˜›ȱŠȱ–’—’–ž–ȱ˜ž™žȱ
˜ȱŘśȱ•’Ž›œȱ™Ž›ȱ‘˜ž›ȱŠȱřşȱ™œ’ǯȱ‘Žȱ™ž–™œȱ‘ŠŸŽȱŠ—ȱ
’—Ž›—Š•ȱŜŖȬ–’Œ›˜—ȱꕝŽ›ǯȱ—ȱŠ’’˜—ǰȱ‘Žȱ’—ȬŠ—”ȱœ¢•Žȱ
™ž–™œȱ ’••ȱ‘ŠŸŽȱŠȱ™›ŽȬꕝŽ›ȱŠĴŠŒ‘Žȱ˜ȱ‘Žȱ’—•Žǯȱ
—Ȭ•’—Žȱ™ž–™ȱœ¢œŽ–œȱ–Š¢ȱŠ•œ˜ȱ‘ŠŸŽȱŠȱꕝŽ›ȱŠ‘ŽŠȱ˜ȱ
‘Žȱ™ž–™ȱ˜—ȱ‘Žȱ™’Œ”Ȭž™Ȧ•˜ ȱ™›Žœœž›Žȱœ’Žǯȱ‘Žȱꗊ•ȱ
ꕝŽ›ȱ’œȱŒ˜ŸŽ›ŽȱœŽ™Š›ŠŽ•¢ȱ˜—ȱ™ŠŽȱśǯŘŘǯ
)LJXUH%³3LQ´06(3ODVWLF&DVHG
(&8&RQQHFWRU
‘ŽȱŒ˜—’’˜—ȱ˜ȱ‘Žȱ ’›’—ǰȱŒ˜——ŽŒ˜›œǰȱŠ—ȱ
Ž›–’—Š•ȱŒ˜——ŽŒ’˜—œȱ’œȱŽœœŽ—’Š•ȱ˜ȱœ¢œŽ–ȱ
ž—Œ’˜—ȱŠ—ȱ™Ž›˜›–Š—ŒŽǯȱ˜››˜œ’˜—ǰȱ–˜’œž›Žǰȱ
Š—ȱ™˜˜›ȱŒ˜——ŽŒ’˜—œȱŠ›Žȱ–˜›Žȱ•’”Ž•¢ȱ‘ŽȱŒŠžœŽȱ
˜ȱ˜™Ž›Š’—ȱ™›˜‹•Ž–œȱŠ—ȱœ¢œŽ–ȱŽ››˜›œȱ‘Š—ȱŠ—ȱ
ŠŒžŠ•ȱŒ˜–™˜—Ž—ǯȱŽŽ›ȱ˜ȱ‘Žȱȁȁ›˜ž‹•Žœ‘˜˜’—ȱȮȱ
•ŽŒ›’ŒŠ•ȂȂȱœŽŒ’˜—ȱ˜›ȱŠ’’˜—Š•ȱ’—˜›–Š’˜—ǯ
%DWWHU\&KDUJLQJ6\VWHP
ȱŽ—’—ŽœȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱŽ’‘Ž›ȱŠȱŗśȱ˜›ȱŘśȱŠ–™ȱ
Œ‘Š›’—ȱœ¢œŽ–ȱ˜ȱŠŒŒ˜––˜ŠŽȱ‘ŽȱŒ˜–‹’—Žȱ
Ž•ŽŒ›’ŒŠ•ȱŽ–Š—œȱ˜ȱ‘Žȱ’—’’˜—ȱœ¢œŽ–ȱŠ—ȱ‘Žȱ
œ™ŽŒ’ęŒȱŠ™™•’ŒŠ’˜—ǯȱ‘Š›’—ȱœ¢œŽ–ȱ›˜ž‹•Žœ‘˜˜’—ȱ
’—˜›–Š’˜—ȱ’œȱ™›˜Ÿ’Žȱ’—ȱŽŒ’˜—ȱŞǯ
‘Ž—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ’œȱž›—Žȱȃ˜—ȄȱŠ—ȱŠ••ȱœŠŽ¢ȱ
œ ’Œ‘ȱ›Žšž’›Ž–Ž—œȱŠ›Žȱ–Žǰȱ‘Žȱȱ‘›˜ž‘ȱ‘Žȱ
›Ž•Š¢ǰȱŠŒ’ŸŠŽœȱ‘ŽȱžŽ•ȱ™ž–™ǰȱ ‘’Œ‘ȱ™›Žœœž›’£Žœȱ‘Žȱ
œ¢œŽ–ȱ˜›ȱœŠ›Ȭž™ǯȱȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ’œȱ—˜ȱ™›˜–™•¢ȱ
ž›—Žȱ˜ȱ‘ŽȱȃœŠ›Ȅȱ™˜œ’’˜—ǰȱ‘ŽȱŽ—’—ŽȱŠ’•œȱ˜ȱœŠ›ǰȱ
˜›ȱ‘ŽȱŽ—’—Žȱ’œȱœ˜™™Žȱ ’‘ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱȃ˜—ȄȱǻŠœȱ
’—ȱ‘ŽȱŒŠœŽȱ˜ȱŠ—ȱŠŒŒ’Ž—Ǽǰȱ‘Žȱȱœ ’Œ‘Žœȱ˜ěȱ‘Žȱ
™ž–™ȱ™›ŽŸŽ—’—ȱ‘ŽȱŒ˜—’—žŽȱŽ•’ŸŽ›¢ȱ˜ȱžŽ•ǯȱ—ȱ
‘’œȱœ’žŠ’˜—ǰȱ‘Žȱȱ ’••ȱ˜ȱ˜—ǰȱ‹žȱ’ȱ ’••ȱ˜ȱ‹ŠŒ”ȱ
˜ěȱŠĞŽ›ȱŚȱŒ›Š—”’—ȱ›ŽŸ˜•ž’˜—œȱ’ȱœ¢œŽ–ȱž—Œ’˜—ȱ
’œȱǯȱ—ŒŽȱ‘ŽȱŽ—’—Žȱ’œȱ›ž——’—ǰȱ‘ŽȱžŽ•ȱ™ž–™ȱ
›Ž–Š’—œȱ˜—ǯ
6HUYLFH
‘ŽȱžŽ•ȱ™ž–™œȱŠ›Žȱ—˜—ȬœŽ›Ÿ’ŒŽŠ‹•ŽȱŠ—ȱ–žœȱ‹Žȱ
›Ž™•ŠŒŽȱ’ȱŽŽ›–’—Žȱ˜ȱ‹ŽȱŠž•¢ǯȱȱŠȱžŽ•ȱŽ•’ŸŽ›¢ȱ
™›˜‹•Ž–ȱ’œȱœžœ™ŽŒŽǰȱ–Š”ŽȱŒŽ›Š’—ȱ‘Žȱ™ž–™ȱ’œȱ‹Ž’—ȱ
ŠŒ’ŸŠŽȱ‘›˜ž‘ȱ‘Žȱ›Ž•Š¢ǰȱŠ••ȱŽ•ŽŒ›’ŒŠ•ȱŒ˜——ŽŒ’˜—œȱ
Š›Žȱ™›˜™Ž›•¢ȱœŽŒž›Žǰȱ‘ŽȱžœŽœȱŠ›Žȱ˜˜ǰȱŠ—ȱŠȱ
–’—’–ž–ȱ˜ȱŝǯŖȱŸ˜•œȱ’œȱ‹Ž’—ȱœž™™•’Žǯȱȱž›’—ȱ
Œ›Š—”’—ǰȱŸ˜•ŠŽȱ›˜™œȱ‹Ž•˜ ȱŝǯŖȱŸ˜•œǰȱŠȱ›ŽžŒ’˜—ȱ
˜ȱžŽ•ȱ™›Žœœž›Žȱ–Š¢ȱ˜ŒŒž›ȱ›Žœž•’—ȱ’—ȱŠȱ•ŽŠ—ȱœŠ›’—ȱ
Œ˜—’’˜—ǯȱȱ›Žšž’›ŽǰȱŽœ’—ȱ˜ȱ‘ŽȱžŽ•ȱ™ž–™ȱŠ—ȱ
›Ž•Š¢ȱ–Š¢ȱ‹ŽȱŒ˜—žŒŽǯ
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ ŗǯȱ ˜——ŽŒȱ‘Žȱ‹•ŠŒ”ȱ‘˜œŽȱ˜ȱ›Žœœž›ŽȱŽœŽ›ȱǻ™Š›ȱ˜ȱ
ȱŽ›Ÿ’ŒŽȱ’ǰȱœŽŽȱŽŒ’˜—ȱŘǼǰȱ˜ȱ‘ŽȱŽœȱŸŠ•ŸŽȱ’—ȱ
‘ŽȱžŽ•ȱ›Š’•ǯȱ˜žŽȱ‘ŽȱŒ•ŽŠ›ȱ‘˜œŽȱ’—˜ȱŠȱ™˜›Š‹•Žȱ
Šœ˜•’—ŽȱŒ˜—Š’—Ž›ȱ˜›ȱ‘ŽȱŽšž’™–Ž—ȱžŽ•ȱŠ—”ǯ
)XHO3UHVVXUH5HJXODWRU
ȱ Řǯȱ ž›—ȱ˜—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ˜ȱŠŒ’ŸŠŽȱ‘Žȱ™ž–™ȱŠ—ȱ
Œ‘ŽŒ”ȱ‘Žȱœ¢œŽ–ȱ™›Žœœž›Žȱ˜—ȱ‘ŽȱŠžŽǯȱȱœ¢œŽ–ȱ
™›Žœœž›Žȱ˜ȱřşȱ™œ’ȱƹȱřȱ’œȱ˜‹œŽ›ŸŽǰȱ‘Žȱ›Ž•Š¢ǰȱžŽ•ȱ
™ž–™ǰȱŠ—ȱ›Žž•Š˜›ȱŠ›Žȱ ˜›”’—ȱ™›˜™Ž›•¢ǯȱž›—ȱ
‘Žȱ”Ž¢ȱœ ’Œ‘ȱ˜ěȱŠ—ȱŽ™›Žœœȱ‘ŽȱŸŠ•ŸŽȱ‹žĴ˜—ȱ
˜—ȱ‘ŽȱŽœŽ›ȱ˜ȱ›Ž•’ŽŸŽȱ‘Žȱœ¢œŽ–ȱ™›Žœœž›Žǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ‘Žȱ™›Žœœž›Žȱ’œȱ˜˜ȱ‘’‘ǰȱŠ—ȱ‘Žȱ›Žž•Š˜›ȱ’œȱȱ
˜žœ’Žȱ‘ŽȱŠ—”ȱǻ“žœȱ˜ —ȱ•’—Žȱ›˜–ȱ‘Žȱȱ
™ž–™ǼǰȱŒ‘ŽŒ”ȱ‘Šȱ‘Žȱ›Žž›—ȱ•’—Žȱ›˜–ȱ‘Žȱȱ
›Žž•Š˜›ȱ˜ȱ‘ŽȱŠ—”ȱ’œȱ—˜ȱ”’—”Žȱ˜›ȱ‹•˜Œ”Žǯȱȱ
ȱ‘Žȱ›Žž›—ȱ•’—Žȱ’œȱ˜˜ǰȱ›Ž™•ŠŒŽȱ‘Žȱ›Žž•Š˜›ȱȱ
ǻœŽŽȱȁȁސž•Š˜›ȱŽ›Ÿ’ŒŽȂȂȱ˜—ȱ™ŠŽȱśǯŘŗǼǯ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ‘Žȱ™›Žœœž›Žȱ’œȱ˜˜ȱ•˜ ǰȱ’—œŠ••ȱ’—Ȭ•’—ŽȱȁȁȂȂȱȱ
‹Ž ŽŽ—ȱ‘Žȱ™ž–™ȱŠ—ȱ›Žž•Š˜›ȱŠ—ȱ›ŽŽœȱȱ
‘Žȱ™›Žœœž›ŽȱŠȱ‘Šȱ™˜’—ǯȱȱ’ȱ’œȱ˜˜ȱ•˜ ȱ‘Ž›Žȱȱ
Š•œ˜ǰȱ›Ž™•ŠŒŽȱ‘ŽȱžŽ•ȱ™ž–™ǯ
)LJXUH%([WHUQDO)XHO3UHVVXUH5HJXODWRUV
ZLWK%DVH
ȱ řǯȱ ȱ‘Žȱ™ž–™ȱ’ȱ—˜ȱŠŒ’ŸŠŽȱǻœŽ™ȱŘǼǰȱ’œŒ˜——ŽŒȱ
‘Žȱ™•žȱ›˜–ȱ‘ŽȱžŽ•ȱ™ž–™ǯȱ˜——ŽŒȱŠȱȱ
Ÿ˜•–ŽŽ›ȱŠŒ›˜œœȱ‘ŽȱŽ›–’—Š•œȱ’—ȱ‘Žȱ™•žǰȱž›—ȱ
˜—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱŠ—ȱ˜‹œŽ›ŸŽȱ’ȱŠȱ–’—’–ž–ȱ˜ȱ
ŝȱŸ˜•œȱ’œȱ™›ŽœŽ—ǯȱȱŸ˜•ŠŽȱ’œȱ‹Ž ŽŽ—ȱŝȱŠ—ȱŗŚǰȱ
ž›—ȱ”Ž¢ȱœ ’Œ‘ȱ˜ěȱŠ—ȱŒ˜——ŽŒȱŠ—ȱ˜‘––ŽŽ›ȱ
‹Ž ŽŽ—ȱ‘ŽȱŽ›–’—Š•œȱ˜—ȱ‘Žȱ™ž–™ȱ˜ȱŒ‘ŽŒ”ȱ˜›ȱ
Œ˜—’—ž’¢ǯ
ȱ ȱ Šǯȱ ȱ‘Ž›Žȱ Šœȱ—˜ȱŒ˜—’—ž’¢ȱ‹Ž ŽŽ—ȱ‘Žȱ™ž–™ȱȱ
ȱ Ž›–’—Š•œǰȱ›Ž™•ŠŒŽȱ‘ŽȱžŽ•ȱ™ž–™ǯ
ȱ ȱ ‹ǯȱ ȱ‘ŽȱŸ˜•ŠŽȱ Šœȱ‹Ž•˜ ȱŝǰȱŽœȱ‘Žȱ ’›’—ȱȱ
ȱ ‘Š›—ŽœœȱŠ—ȱ›Ž•Š¢ȱŠœȱŒ˜ŸŽ›Žȱ’—ȱ‘Žȱȁȁ•ŽŒ›’ŒŠ•ȱȱ
ȱ ޕТȂȂȱœŽŒ’˜—ǯ
ȱ Śǯȱ ȱŸ˜•ŠŽȱŠȱ‘Žȱ™•žȱ Šœȱ˜˜ǰȱŠ—ȱ‘Ž›Žȱ Šœȱ
Œ˜—’—ž’¢ȱŠŒ›˜œœȱ‘Žȱ™ž–™ȱŽ›–’—Š•œǰȱ›ŽŒ˜——ŽŒȱ
‘Žȱ™•žȱ˜ȱ‘Žȱ™ž–™ǰȱ–Š”’—ȱœž›Žȱ¢˜žȱ‘ŠŸŽȱŠȱ
˜˜ȱŒ˜——ŽŒ’˜—ǯȱž›—ȱ˜—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱŠ—ȱ
•’œŽ—ȱ˜›ȱ‘Žȱ™ž–™ȱ˜ȱŠŒ’ŸŠŽǯ
ȱ ȱ Šǯȱ ȱ‘Žȱ™ž–™ȱœŠ›œǰȱ›Ž™ŽŠȱœŽ™œȱŗȱŠ—ȱŘȱ˜ȱȱ
ȱ ŸŽ›’¢ȱŒ˜››ŽŒȱ™›Žœœž›Žǯ
ȱ ȱ ‹ǯȱ ȱ‘Žȱ™ž–™ȱœ’••ȱ˜Žœȱ—˜ȱ˜™Ž›ŠŽǰȱ›Ž™•ŠŒŽȱ’ǯ
%
)LJXUH%,QWHUQDO)XHO3UHVVXUH5HJXODWRU
*HQHUDO
‘ŽȱžŽ•ȱ™›Žœœž›Žȱ›Žž•Š˜›ȱŠœœŽ–‹•¢ȱ–Š’—Š’—œȱ‘Žȱ
›Žšž’›Žȱ˜™Ž›Š’—ȱœ¢œŽ–ȱ™›Žœœž›Žȱ˜ȱřşȱ™œ’ȱƹȱřǯȱȱ
›ž‹‹Ž›Ȭꋎ›ȱ’Š™‘›Š–ȱǻœŽŽȱ’ž›ŽȱśȬŘşǼȱ’Ÿ’Žœȱ‘Žȱ
›Žž•Š˜›ȱ’—˜ȱ ˜ȱœŽ™Š›ŠŽȱœŽŒ’˜—œDzȱ‘ŽȱžŽ•ȱŒ‘Š–‹Ž›ȱ
Š—ȱ‘Žȱ™›Žœœž›Žȱ›Žž•Š’—ȱŒ‘Š–‹Ž›ǯȱ‘Žȱ™›Žœœž›Žȱ
›Žž•Š’—ȱœ™›’—ȱ™›ŽœœŽœȱАВ—œȱ‘ŽȱŸŠ•ŸŽȱ‘˜•Ž›ȱ
ǻ™Š›ȱ˜ȱ‘Žȱ’Š™‘›Š–Ǽǰȱ™›Žœœ’—ȱ‘ŽȱŸŠ•ŸŽȱАВ—œȱ‘Žȱ
ŸŠ•ŸŽȱœŽŠǯȱ‘ŽȱŒ˜–‹’—Š’˜—ȱ˜ȱŠ–˜œ™‘Ž›’Œȱ™›Žœœž›Žȱ
Š—ȱ›Žž•Š’—ȱœ™›’—ȱŽ—œ’˜—ȱŽšžŠ•œȱ‘ŽȱŽœ’›Žȱ
˜™Ž›Š’—ȱ™›Žœœž›Žǯȱ—¢ȱ’–Žȱ‘ŽȱžŽ•ȱ™›Žœœž›ŽȱАВ—œȱ
‘Žȱ‹˜Ĵ˜–ȱ˜ȱ‘Žȱ’Š™‘›Š–ȱŽ¡ŒŽŽœȱ‘ŽȱŽœ’›Žȱ
ǻ˜™Ǽȱ™›Žœœž›Žǰȱ‘ŽȱŸŠ•ŸŽȱ˜™Ž—œǰȱ›Ž•’ŽŸ’—ȱ‘ŽȱŽ¡ŒŽœœȱ
™›Žœœž›Žǰȱ›Žž›—’—ȱ‘ŽȱŽ¡ŒŽœœȱžŽ•ȱ‹ŠŒ”ȱ˜ȱ‘ŽȱŠ—”ǯ
6HFWLRQ%
(),)XHO6\VWHP
3UHVVXUH
5HJXODWLQJ
6SULQJ
3UHVVXUH
5HJXODWLQJ
&KDPEHU
'LDSKUDJP
9DOYH
,QOHW3RUW
5HWXUQ3RUWWRWDQN
9DOYH6HDW
)XHO&KDPEHU
2XWOHW3RUW
WRIXHOUDLO
)LJXUH%)XHO3UHVVXUH5HJXODWRU'HWDLOV
6HUYLFH
ޙޗ’—ȱ˜—ȱ‘ŽȱŠ™™•’ŒŠ’˜—ǰȱ‘Žȱ›Žž•Š˜›ȱ–Š¢ȱ‹Žȱ
•˜ŒŠŽȱ’—ȱ‘ŽȱžŽ•ȱŠ—”ȱŠ•˜—ȱ ’‘ȱ‘ŽȱžŽ•ȱ™ž–™ǰȱ˜›ȱ
˜žœ’Žȱ‘ŽȱŠ—”ȱ“žœȱ˜ —ȱ•’—Žȱ›˜–ȱ‘Žȱ™ž–™ǯȱ‘Žȱ
›Žž•Š˜›ȱ’œȱŠȱœŽŠ•Žǰȱ—˜—ȬœŽ›Ÿ’ŒŽŠ‹•ŽȱŠœœŽ–‹•¢ǯȱȱ’ȱ
’œȱŠž•¢ǰȱ’ȱ–žœȱ‹ŽȱœŽ™Š›ŠŽȱ›˜–ȱ‘Žȱ‹ŠœŽȦ‘˜•Ž›ȱ
ŠœœŽ–‹•¢ȱŠ—ȱ›Ž™•ŠŒŽȱŠœȱ˜••˜ œDZ
%
)LJXUH%([WHUQDO5HJXODWRUVDQG%DVH
+ROGHUV
ȱ ŗǯȱ ‘žȱŽ—’—Žȱ˜ěǰȱ–Š”Žȱœž›ŽȱŽ—’—Žȱ’œȱŒ˜˜•ǰȱŠ—ȱ
’œŒ˜——ŽŒȱ‘Žȱ—ŽŠ’ŸŽȱǻȬǼȱ‹ŠĴŽ›¢ȱŒŠ‹•Žǯ
ȱ Řǯȱ Ž™›Žœœž›’£ŽȱžŽ•ȱœ¢œŽ–ȱ‘›˜ž‘ȱŽœȱŸŠ•ŸŽȱ’—ȱ
žŽ•ȱ›Š’•ȱǻœŽŽȱžŽ•ȱ Š›—’—ȱ˜—ȱ™ŠŽȱśǯŘǼǯ
ȱ řǯȱ ŒŒŽœœȱ‘Žȱ›Žž•Š˜›ȱŠœœŽ–‹•¢ȱŠœȱ›Žšž’›ŽȱŠ—ȱ
Œ•ŽŠ—ȱŠ—¢ȱ’›ȱ˜›ȱ˜›Ž’—ȱ–ŠŽ›’Š•ȱРТȱ›˜–ȱ‘Žȱ
Š›ŽŠǯ
ȱ Śǯȱ ¡Ž›—Š•ȱސž•Š˜›ȱȬ
ȱ ȱ ŠœŽȱž™˜—ȱ‘Žȱœ¢•Žȱ˜ȱ›Žž•Š˜›ȱžœŽȱǻœŽŽȱ
’ž›ŽȱśȬřŖǼDZ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
Ž–˜ŸŽȱ‘Žȱ ˜ȱœŒ›Ž œȱœŽŒž›’—ȱ‘Žȱȱ ȱ
–˜ž—’—ȱ‹›ŠŒ”Žȱ˜ȱ‘Žȱ›Žž•Š˜›ȱ‘˜žœ’—ǯȱȱ
Ž–˜ŸŽȱ‘ŽȱȬ’—ȱŠ—ȱ™ž••ȱ‘Žȱ›Žž•Š˜›ȱ˜žȱȱ
˜ȱ‘Žȱ‘˜žœ’—ǯ
ȱ ȱ ‹ǯȱ Ž–˜ŸŽȱ‘Žȱœ—Š™ȱ›’—ȱŠ—ȱ›Ž–˜ŸŽȱ›Žž•Š˜›ȱȱ
ȱ ›˜–ȱ‹ŠœŽȦ‘˜•Ž›ǯȱ
ȱ ȱ —Ž›—Š•ȱǻ—ȬŠ—”Ǽȱސž•Š˜›ȱȬ
ȱ ȱ Ž–˜ŸŽȱ‘Žȱ‘›ŽŽȱœŒ›Ž œȱœŽŒž›’—ȱ‘Žȱ›ŽŠ’—’—ȱ
›’—ȱŠ—ȱ›Žž•Š˜›ȱ’—ȱ‘Žȱ‹ŠœŽȦ‘˜•Ž›ȱŠœœŽ–‹•¢ǯȱ
›Šœ™ȱŠ—ȱ™ž••ȱ‘Žȱ›Žž•Š˜›ȱ˜žȱ˜ȱ‘Žȱ‹ŠœŽȦ
‘˜•Ž›ǯȱŽŽȱ’ž›ŽȱśȬřŗǯ
)LJXUH%,QWHUQDO5HJXODWRUDQG%DVH+ROGHU
ȱ śǯȱ • Š¢œȱžœŽȱ—Ž ȱȬ’—œȱŠ—ȱ‘˜œŽȱŒ•Š–™œȱȱ ȱ
‘Ž—ȱ’—œŠ••’—ȱŠȱ›Žž•Š˜›ǯȱȱ—Ž ȱ›Ž™•ŠŒŽ–Ž—ȱ
›Žž•Š˜›ȱ ’••ȱ‘ŠŸŽȱ—Ž ȱȬ’—œȱŠ•›ŽŠ¢ȱ
’—œŠ••Žǯȱž‹›’ŒŠŽȱ‘ŽȱȬ’—œȱǻŽ¡Ž›—Š•ȱ
›Žž•Š˜›Ǽȱ ’‘ȱ•’‘ȱ›ŽŠœŽȱ˜›ȱ˜’•ǯ
ȱ Ŝǯȱ Šǯȱ —œŠ••ȱ‘Žȱ—Ž ȱ›Žž•Š˜›ȱ‹¢ȱŒŠ›Žž••¢ȱ™žœ‘’—ȱȱ
ȱ Š—ȱ›˜Š’—ȱ’ȱœ•’‘•¢ȱ’—˜ȱ‘Žȱ‹ŠœŽȱ˜›ȱȱ ȱ
ȱ ‘˜žœ’—ǯȱ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
¡Ž›—Š•ȱސž•Š˜›œȱ ’‘ȱšžŠ›ŽȱŠœŽȱȱ ȱ
˜žœ’—ȱ—•¢Dzȱ—œŠ••ȱŠȱ—Ž ȱȬ’—ȱ‹Ž ŽŽ—ȱȱ
‘Žȱ›Žž•Š˜›ȱŠ—ȱ‘Žȱ–˜ž—’—ȱ‹›ŠŒ”ŽǯȱŽȱȱ
‘Žȱ–˜ž—’—ȱ‹›ŠŒ”Žȱ’—˜ȱ™˜œ’’˜—ǯ
ȱ ȱ Œǯȱ
ȱ
ȱ
ȱ
ŽŒž›Žȱ‘Žȱ›Žž•Š˜›ȱ’—ȱ‹ŠœŽȱ ’‘ȱ‘Žȱ˜›’’—Š•ȱȱ
›ŽŠ’—’—ȱ›’—ȱ˜›ȱœŒ›Ž œǯȱŽȱŒŠ›Žž•ȱ—˜ȱ˜ȱŽ—ȱȱ
˜›ȱŠ–АŽȱ‘Žȱ‹˜¢ȱ˜ȱ‘Žȱ›Žž•Š˜›ȱŠœȱȱ ȱ
˜™Ž›Š’—ȱ™Ž›˜›–Š—ŒŽȱŒŠ—ȱ‹ŽȱŠěŽŒŽǯ
ȱ ŝǯȱ ŽŠœœŽ–‹•ŽȱŠ—¢ȱ™Š›œȱ›Ž–˜ŸŽȱ’—ȱœŽ™ȱřǯ
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ Şǯȱ ŽŒ˜——ŽŒȱ‘Žȱ—ŽŠ’ŸŽȱǻȬǼȱ‹ŠĴŽ›¢ȱŒŠ‹•Žǯ
ȱ
ȱ şǯȱ ŽŒ‘ŽŒ”ȱ›Žž•ŠŽȱœ¢œŽ–ȱ™›Žœœž›ŽȱŠȱžŽ•ȱ›Š’•ȱ
ŽœȱŸŠ•ŸŽǯ
)XHO)LOWHU
ȱŽ—’—ŽœȱžœŽȱŠȱ‘’‘ȬŸ˜•ž–Žǰȱ‘’‘Ȭ™›Žœœž›ŽǰȱŗŖȬŗśȱ
–’Œ›˜—ǰȱ’—Ȭ•’—ŽȱžŽ•ȱꕝŽ›ǯ
*HQHUDO
‘ŽȱžŽ•ȱ›Š’•ȱ’œȱŠȱ˜›–Žȱž‹ŽȱŠœœŽ–‹•¢ȱ‘ŠȱŽŽœȱžŽ•ȱ
˜ȱ‘Žȱ˜™ȱ˜ȱ‘Žȱ’—“ŽŒ˜›œǯȱ‘Žȱ˜™œȱ˜ȱ‘Žȱ’—“ŽŒ˜›œȱ
ęȱ’—˜ȱ˜›–ŽȱŒž™œȱ’—ȱ‘ŽȱžŽ•ȱ›Š’•ǯȱ‘Ž—ȱ‘Žȱ›Š’•ȱ’œȱ
ŠœŽ—Žȱ˜ȱ‘Žȱ–Š—’˜•ǰȱ‘Žȱ’—“ŽŒ˜›œȱŠ›Žȱ•˜Œ”Žȱ’—˜ȱ
™•ŠŒŽǯȱȱœ–Š••ȱ›ŽŠ’—’—ȱŒ•’™ȱ™›˜Ÿ’ŽœȱŠȱœŽŒ˜—Š›¢ȱ
•˜Œ”ǯȱ—Œ˜›™˜›ŠŽȱ’—˜ȱ‘ŽȱžŽ•ȱ›Š’•ȱ’œȱŠȱ™›Žœœž›Žȱ›Ž•’ŽȦ
ŽœȱŸŠ•ŸŽȱ˜›ȱŽœ’—ȱ˜™Ž›Š’—ȱ™›Žœœž›Žȱ˜›ȱ›Ž•’ŽŸ’—ȱ
žŽ•ȱœ¢œŽ–ȱ™›Žœœž›Žȱ˜›ȱœŽ›Ÿ’Œ’—ǯȱ‘ŽȱžŽ•ȱœž™™•¢ȱ
•’—Žȱ’œȱŠĴŠŒ‘Žȱ˜ȱ‘Žȱ‹Š›‹ŽȱŽ—ȱ˜ȱ‘ŽȱžŽ•ȱ›Š’•ȱ ’‘ȱ
Š—ȱŽ’”Ž›ȱ‘˜œŽȱŒ•Š–™ǯ
6HUYLFH
‘ŽȱžŽ•ȱ›Š’•ȱ’œȱ–˜ž—Žȱ˜ȱ‘Žȱ‘›˜Ĵ•Žȱ‹˜¢Ȧ’—Š”Žȱ
–Š—’˜•ǯȱȱŒŠ—ȱ‹ŽȱŽŠŒ‘Žȱ‹¢ȱ›Ž–˜Ÿ’—ȱ‘Žȱ ˜ȱ
–˜ž—’—ȱœŒ›Ž œȱŠ—ȱ‘Žȱ’—“ŽŒ˜›ȱ›ŽŠ’—’—ȱŒ•’™œǯȱ
‘˜›˜ž‘•¢ȱŒ•ŽŠ—ȱ‘ŽȱŠ›ŽŠȱŠ›˜ž—ȱŠ••ȱ“˜’—œȱ™›’˜›ȱ˜ȱ
Š—¢ȱ’œŠœœŽ–‹•¢ǯȱ˜ȱœ™ŽŒ’ęŒȱœŽ›Ÿ’Œ’—ȱ’œȱ›Žšž’›Žȱ
ž—•Žœœȱ˜™Ž›Š’—ȱŒ˜—’’˜—œȱ’—’ŒŠŽȱ‘Šȱ’ȱ—ŽŽœȱ
’—Ž›—Š•ȱŒ•ŽŠ—’—ȱ˜›ȱ›Ž™•ŠŒŽ–Ž—ǯ
)XHO/LQH
)LJXUH%,Q/LQH)XHO)LOWHU
6HUYLFH
žŽ•ȱꕝŽ›ȱ›Ž™•ŠŒŽ–Ž—ȱ’œȱ›ŽŒ˜––Ž—ŽȱŽŸŽ›¢ȱ
ŗśŖŖȱ‘˜ž›œȱ˜ȱ˜™Ž›Š’˜—ȱ˜›ȱ–˜›Žȱ›ŽšžŽ—•¢ȱž—Ž›ȱ
Ž¡›Ž–Ž•¢ȱžœ¢ȱ˜›ȱ’›¢ȱŒ˜—’’˜—œǯȱœŽȱ˜—•¢ȱ
‘Žȱœ™ŽŒ’ꮍȱꕝŽ›ǰȱŠ—ȱ’—œŠ••ȱ’ȱŠŒŒ˜›’—ȱ˜ȱ‘Žȱ
’›ŽŒ’˜—Š•ȱŠ››˜ œǯȱ˜ȱ—˜ȱžœŽȱŠȱœž‹œ’žŽȱꕝŽ›ȱŠœȱ
˜™Ž›Š’—ȱ™Ž›˜›–Š—ŒŽȱŠ—ȱœŠŽ¢ȱŒŠ—ȱ‹ŽȱŠěŽŒŽǯȱ
Ž•’ŽŸŽȱœ¢œŽ–ȱ™›Žœœž›Žȱ‘›˜ž‘ȱ‘ŽȱœŠŽ¢ȱŸŠ•ŸŽȱ’—ȱ
‘ŽȱžŽ•ȱ›Š’•ȱ‹Ž˜›ŽȱœŽ›Ÿ’Œ’—ǯ
)XHO5DLO
)LJXUH%+LJK3UHVVXUH)XHO/LQH
)XHO5DLO
736
/RFNLQJ&OLS
)LJXUH%0DQLIROG$VVHPEO\
%
)XHO
,QMHFWRU
*HQHUDO
™ŽŒ’Š•ȱ•˜ ȱ™Ž›–ŽŠ’˜—ȱ‘’‘Ȭ™›Žœœž›ŽȱžŽ•ȱ•’—Žȱ ’‘ȱ
Š—ȱřŖȱşȱ›Š’—ȱ’œȱ›Žšž’›Žȱ˜›ȱœŠŽȱŠ—ȱ›Ž•’Š‹•Žȱ
˜™Ž›Š’˜—ǰȱžŽȱ˜ȱ‘Žȱ‘’‘Ž›ȱ˜™Ž›Š’—ȱ™›Žœœž›Žȱ˜ȱ‘Žȱ
ȱœ¢œŽ–ǯȱȱ‘˜œŽȱ›Ž™•ŠŒŽ–Ž—ȱ’œȱ—ŽŒŽœœŠ›¢ǰȱ˜›Ž›ȱ
žŽ•ȱ’—ŽȱŽ›Ÿ’ŒŽȱ’ǰȱŠ›ȱ˜ǯȱŘśȱŗŗŗȱřŝȬȱǻŒ˜—Š’—’—ȱ
ŜŖȈȱ˜ȱ‘’‘Ȭ™›Žœœž›Žȱ‘˜œŽȱŠ—ȱŗŖȱŽ’”Ž›ȱŒ•Š–™œǼǰȱ˜›ȱ
žœŽȱ˜—•¢ȱ‘Žȱ¢™Žȱœ™ŽŒ’ꮍǯȱ™ŽŒ’Š•ȱŽ’”Ž›ȱŒ•Š–™œȱ
ǻ˜‘•Ž›ȱŠ›ȱ˜ǯȱŘŚȱŘřŝȱŖśȬǼȱŠ›ŽȱžœŽȱ˜—ȱŠ••ȱžŽ•ȱ•’—Žȱ
Œ˜——ŽŒ’˜—œȱ˜ȱ™›ŽŸŽ—ȱŠ–™Ž›’—ȱŠ—ȱœŠŽ¢ȱ‘УЛœȱ
’‘ȱ‘Žȱ‘’‘ȱžŽ•ȱ™›Žœœž›Žǯȱ‘Žȱ˜•ȱŒ•Š–™ȱ–žœȱ‹ŽȱŒžȱ
˜ȱ˜™Ž—ȱŠȱŒ˜——ŽŒ’˜—ǰȱœ˜ȱ›Ž™•ŠŒŽ–Ž—ȱ’œȱ—ŽŒŽœœŠ›¢ȱŽŠŒ‘ȱ
’–ŽǯȱŽ’”Ž›ȱ•Š–™ȱ•’Ž›œȱǻ™Š›ȱ˜ȱȱŽ›Ÿ’ŒŽȱ’ǰȱœŽŽȱ
ŽŒ’˜—ȱŘǼȱ’œȱžœŽȱ˜ȱŒ›’–™ȱ‘Žȱ›Ž™•ŠŒŽ–Ž—ȱŒ•Š–™œǯ
6HFWLRQ%
(),)XHO6\VWHP
ȱ
&$87,21
žŽ•ȱ•’—Žœȱ‹Ž ŽŽ—ȱ‘ŽȱžŽ•ȱ™ž–™ȱŠ—ȱžŽ•ȱ›Š’•ȱ–žœȱ‹Žȱ–ŠŽȱ
›˜–ȱȱřŖȱşȱžŽ•ȱ•’—ŽǯȱŠ—Š›ȱžŽ•ȱ•’—ŽȱǻȱřŖȱŝǼȱ
–Š¢ȱ˜—•¢ȱ‹ŽȱžœŽȱ‹Ž ŽŽ—ȱ‘ŽȱžŽ•ȱŠ—”ȱŠ—ȱ™ž–™ȱǻśȦŗŜȄȱ
ǼȱŠ—ȱ˜›ȱ‘Žȱ›Žž›—ȱ•’—Žȱ›˜–ȱ‘Žȱ™›Žœœž›Žȱ›Žž•Š˜›ȱ˜ȱ
‘ŽȱŠ—”ȱǻŗȦŚȄȱǼǯȱ••ȱ‘’‘Ȭ™›Žœœž›ŽȱžŽ•ȱ•’—ŽȱŒ˜——ŽŒ’˜—œȱ
–žœȱ‹ŽȱœŽŒž›Žȱ ’‘ȱŽ’”Ž›ȱ•Š–™œȱǻ˜‘•Ž›ȱŠ›ȱ˜ǯȱȱ
ŘŚȱŘřŝȱŖśȬǼǰȱ’—œŠ••ŽȦŒ›’–™Žȱ ’‘ȱ‘ŽȱŒ˜››Žœ™˜—’—ȱ
™•’Ž›œǯ
7KURWWOH%RG\,QWDNH0DQLIROG$VVHPEO\
/RZ,GOH6SHHG
$GMXVWLQJ6FUHZ
7KURWWOH%RG\
,QWDNH0DQLIROG
)XHO5DLO
)LJXUH%8SSHU,QWDNH0DQLIROG
*HQHUDO
‘ŽȱȱŽ—’—Žœȱ‘ŠŸŽȱ—˜ȱŒŠ›‹ž›Ž˜›ǰȱœ˜ȱ‘Žȱ‘›˜Ĵ•Žȱ
ž—Œ’˜—ȱǻ›Žž•ŠŽȱ’—Œ˜–’—ȱŒ˜–‹žœ’˜—ȱŠ’›Ě˜ Ǽȱ’œȱ
’—Œ˜›™˜›ŠŽȱ’—ȱ‘Žȱ’—Š”Žȱ–Š—’˜•ȱŠœœŽ–‹•¢ǯȱ‘Žȱ
–Š—’˜•ȱŒ˜—œ’œœȱ˜ȱŠȱ˜—ŽȬ™’ŽŒŽȱŠ•ž–’—ž–ȱŒŠœ’—ȱ
‘’Œ‘ȱŠ•œ˜ȱ™›˜Ÿ’Žœȱ–˜ž—’—ȱ˜›ȱ‘ŽȱžŽ•ȱ’—“ŽŒ˜›œǰȱ
‘›˜Ĵ•Žȱ™˜œ’’˜—ȱœŽ—œ˜›ǰȱžŽ•ȱ›Š’•ǰȱŠ’›ȱ‹ŠĝŽǰȱ’•Žȱœ™ŽŽȱ
œŒ›Ž ǰȱŠ—ȱŠ’›ȱŒ•ŽŠ—Ž›ȱŠœœŽ–‹•¢ǯ
˜›ȱœŠ›’—ȱŠ—ȱ Š›–ȱž™ǰȱ‘Žȱȱ ’••ȱŠ“žœȱ‘ŽȱžŽ•ȱ
Š—ȱ’—’’˜—ȱ’–’—ǰȱ‹ŠœŽȱž™˜—ȱŠ–‹’Ž—ȱŽ–™Ž›Šž›Žǰȱ
Ž—’—ŽȱŽ–™Ž›Šž›ŽǰȱŠ—ȱ•˜Šœȱ™›ŽœŽ—ǯȱ—ȱŒ˜•ȱ
Œ˜—’’˜—œǰȱ‘Žȱ’•Žȱœ™ŽŽȱ ’••ȱ™›˜‹Š‹•¢ȱ‹Žȱ‘’‘Ž›ȱ‘Š—ȱ
—˜›–Š•ȱ˜›ȱŠȱŽ ȱ–˜–Ž—œǯȱ—Ž›ȱ˜‘Ž›ȱŒ˜—’’˜—œǰȱ
‘Žȱ’•Žȱœ™ŽŽȱ–Š¢ȱŠŒžŠ••¢ȱœŠ›ȱ•˜ Ž›ȱ‘Š—ȱ—˜›–Š•ǰȱ
‹žȱ›ŠžŠ••¢ȱ’—Œ›ŽŠœŽȱ˜ȱ‘ŽȱŽœŠ‹•’œ‘ŽȱœŽĴ’—ȱŠœȱ
˜™Ž›Š’˜—ȱŒ˜—’—žŽœǯȱ˜ȱ—˜ȱŠĴŽ–™ȱ˜ȱŒ’›Œž–ŸŽ—ȱ
‘’œȱ Š›–ȱž™ȱ™Ž›’˜ǰȱ˜›ȱ›ŽŠ“žœȱ‘Žȱ’•Žȱœ™ŽŽȱž›’—ȱ
‘’œȱ’–Žǯȱ‘ŽȱŽ—’—Žȱ–žœȱ‹ŽȱŒ˜–™•ŽŽ•¢ȱ Š›–Žȱž™ȱ
˜›ȱŠŒŒž›ŠŽȱ’•Žȱœ™ŽŽȱŠ“žœ–Ž—ǯ
$GMXVWPHQW3URFHGXUH
ȱ ŗǯȱ Š”Žȱœž›Žȱ‘Ž›ŽȱŠ›Žȱ—˜ȱŠž•ȱŒ˜Žœȱ™›ŽœŽ—ȱ’—ȱ‘Žȱ
ȱ–Ž–˜›¢ǯ
%
ȱ Řǯȱ Š›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱŠ••˜ ȱ’ȱ˜ȱž••¢ȱ Š›–ȱ
ž™ȱŠ—ȱŽœŠ‹•’œ‘ȱŒ•˜œŽȱ•˜˜™Žȱ˜™Ž›Š’˜—ȱ
ǻŠ™™›˜¡’–ŠŽ•¢ȱśȬŗŖȱ–’—ǯǼǯ
ȱ řǯȱ •ŠŒŽȱ‘Žȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ȱ’—ȱ‘Žȱȁȁ’•ŽȦœ•˜ ȂȂȱ
™˜œ’’˜—ȱŠ—ȱŒ‘ŽŒ”ȱ‘Žȱ’•Žȱœ™ŽŽȱ ’‘ȱŠȱ
ŠŒ‘˜–ŽŽ›ǯȱž›—ȱ‘Žȱ’•Žȱœ™ŽŽȱœŒ›Ž ȱ’—ȱ˜›ȱ˜žȱ
Šœȱ›Žšž’›Žȱ˜ȱ˜‹Š’—ȱŗśŖŖȱǰȱ˜›ȱ‘Žȱ’•Žȱœ™ŽŽȱ
œ™ŽŒ’ꮍȱ‹¢ȱ‘ŽȱŽšž’™–Ž—ȱ–Š—žŠŒž›Ž›ǯ
ȱ Śǯȱ ‘Žȱ•˜ ȱ’•Žȱœ™ŽŽȱŠ“žœ–Ž—ȱŒŠ—ȱŠěŽŒȱ‘Žȱ‘’‘ȱ
œ™ŽŽȱœŽĴ’—ǯȱ˜ŸŽȱ‘Žȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ȱ˜ȱ‘Žȱž••ȱ
‘›˜Ĵ•Žȱ™˜œ’’˜—ȱŠ—ȱŒ‘ŽŒ”ȱ‘Žȱ‘’‘ȱœ™ŽŽǯȱ“žœȱ
Šœȱ—ŽŒŽœœŠ›¢ȱ˜ȱřŝśŖȱȱǻ—˜ȱ•˜ŠǼǰȱ˜›ȱ‘Žȱœ™ŽŽȱ
œ™ŽŒ’ꮍȱ‹¢ȱ‘ŽȱŽšž’™–Ž—ȱ–Š—žŠŒž›Ž›ǯ
,GOH6SHHG6FUHZ'DPSHQLQJ6SULQJ
ȱœ–Š••ȱŠ–™Ž—’—ȱœ™›’—ȱǻ˜‘•Ž›ȱŠ›ȱ˜ǯȱȱ
ŘŚȱŖŞşȱŚŘȬǼȱ’œȱŠĴŠŒ‘Žȱ˜ȱ‘ŽȱŽ—ȱ˜ȱ‘Žȱ’•Žȱœ™ŽŽȱ
œŒ›Ž ȱ˜ȱœ˜–ŽȱȱŽ—’—Žœȱ˜ȱ‘Ž•™ȱœŠ‹’•’£Žȱ—˜ȱ•˜Šȱ
˜™Ž›Š’—ȱœ™ŽŽœǯȱŽŽȱ’ž›ŽȱśȬřŜǯ
6HUYLFH
‘Žȱ‘›˜Ĵ•Žȱ‹˜¢Ȧ’—Š”Žȱ–Š—’˜•ȱ’œȱœŽ›Ÿ’ŒŽȱŠœȱŠ—ȱ
ŠœœŽ–‹•¢ǰȱ ’‘ȱ‘Žȱ‘›˜Ĵ•Žȱœ‘ŠĞǰȱ‘›˜Ĵ•Žȱ™•ŠŽœǰȱŠ—ȱ
’•Žȱœ™ŽŽȱŠ“žœ’—ȱœŒ›Ž ȱ’—œŠ••Žǯȱ‘Žȱ‘›˜Ĵ•Žȱœ‘ŠĞȱ
›˜ŠŽœȱ˜—ȱ—ŽŽ•Žȱ‹ŽŠ›’—œȱǻ—˜—ȬœŽ›Ÿ’ŒŽŠ‹•ŽǼǰȱŒŠ™™Žȱ
’‘ȱ›ž‹‹Ž›ȱœŽŠ•œȱ˜ȱ™›ŽŸŽ—ȱŠ’›ȱ•ŽŠ”œǯ
,GOH6SHHG$GMXVWPHQW530
*HQHUDO
‘Žȱ’•Žȱœ™ŽŽȱ’œȱ‘Žȱ˜—•¢ȱŠ“žœ–Ž—ȱ‘Šȱ–Š¢ȱ‹Žȱ
™Ž›˜›–Žȱ˜—ȱ‘Žȱȱœ¢œŽ–ǯȱ‘ŽȱœŠ—Š›ȱ’•Žȱ
œ™ŽŽȱœŽĴ’—ȱ˜›ȱȱŽ—’—Žœȱ’œȱŗśŖŖȱǰȱ‹žȱŒŽ›Š’—ȱ
Š™™•’ŒŠ’˜—œȱ–’‘ȱ›Žšž’›ŽȱŠȱ’ěŽ›Ž—ȱœŽĴ’—ǯȱ‘ŽŒ”ȱ
‘ŽȱŽšž’™–Ž—ȱ–Š—žŠŒž›Ž›Ȃœȱ›ŽŒ˜––Ž—Š’˜—ǯ
%
6HFWLRQ%
(),)XHO6\VWHP
'DPSHQLQJ
6SULQJ
6RPH0RGHOV
PPLQ
([SRVHG/HQJWK2II(QG
2I$GMXVWPHQW6FUHZ
,GOH6SHHG6FUHZ
ȱ‘Žȱ˜ŸŽ›—˜›Ȧ‘›˜Ĵ•ŽȱŒ˜–™˜—Ž—œȱŠ›ŽȱŠ••ȱ’—ŠŒǰȱ
‹žȱ¢˜žȱ‘’—”ȱ‘Ž›Žȱ–Š¢ȱ‹ŽȱŠȱ™›˜‹•Ž–ȱ ’‘ȱ‘Žȱ
Š“žœ–Ž—ǰȱ˜••˜ ȱ›˜ŒŽž›Žȱȱ˜ȱŒ‘ŽŒ”ȱ‘ŽȱœŽĴ’—ǯȱ
ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱ Šœȱ•˜˜œŽ—Žȱ˜›ȱ›Ž–˜ŸŽǰȱ˜ȱ
’––Ž’ŠŽ•¢ȱ˜ȱ›˜ŒŽž›Žȱȱ˜ȱ™Ž›˜›–ȱ‘Žȱ’—’’Š•ȱ
Š“žœ–Ž—ǯ
$&KHFNLQJWKH,QLWLDO$GMXVWPHQW
ȱ ŗǯȱ —œ—Š™ȱ‘Žȱ™•Šœ’Œȱ•’—”АŽȱ‹žœ‘’—ȱŠĴŠŒ‘’—ȱ‘Žȱ
‘›˜Ĵ•Žȱ•’—”АŽȱ˜ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ǯȱŽŽȱ’ž›Žȱ
śȬřŝǯȱ—‘˜˜”ȱ‘ŽȱŠ–™Ž›ȱœ™›’—ȱ›˜–ȱ‘Žȱ
•ŽŸŽ›ǰȱœŽ™Š›ŠŽȱ‘Žȱ•’—”АŽȱ›˜–ȱ‘Žȱ‹žœ‘’—ǰȱŠ—ȱ
›Ž–˜ŸŽȱ‘Žȱ‹žœ‘’—ȱ›˜–ȱ‘Žȱ•ŽŸŽ›ǯȱŠ›”ȱ‘Žȱ‘˜•Žȱ
™˜œ’’˜—ȱŠ—ȱž—‘˜˜”ȱ‘Žȱ˜ŸŽ›—˜›ȱœ™›’—ȱ›˜–ȱ
‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ǯ
7KURWWOH
/LQNDJH
/LQNDJH
%XVKLQJ
)LJXUH%,GOH6SHHG6FUHZ'HWDLOV
‘Žȱ’•Žȱœ™ŽŽȱŠ“žœ–Ž—ȱ™›˜ŒŽž›Žȱ›Ž–Š’—œȱ‘Žȱ
œŠ–Žȱ˜›ȱŽ—’—Žœȱ ’‘ȱ˜›ȱ ’‘˜žȱŠȱŠ–™Ž—’—ȱ
œ™›’—ǯȱ¢™’ŒŠ••¢ǰȱ—˜ȱ™Ž›’˜’ŒȱœŽ›Ÿ’Œ’—ȱ’œȱ—ŽŒŽœœŠ›¢ȱ
’—ȱ‘’œȱŠ›ŽŠǯȱȱ‘˜ ŽŸŽ›ǰȱ›Ž–˜ŸŠ•Ȧ›Ž™•ŠŒŽ–Ž—ȱ˜ȱ‘Žȱ
Š–™Ž—’—ȱœ™›’—ȱ’œȱ›Žšž’›Žǰȱ›Ž’—œŠ••ȱ’ȱŠœȱ˜••˜ œDZ
ȱ ŗǯȱ ‘›ŽŠȱ‘Žȱœ™›’—ȱ˜—˜ȱ‘ŽȱŽ—ȱ˜ȱ’•ŽȱœŒ›Ž ȱ
•ŽŠŸ’—ȱŗȬřȱ––ȱǻŖǯŖřşȬŖǯŗŗŝȱ’—ǯǼȱ˜ȱ‘Žȱœ™›’—ȱ
Ž¡Ž—’—ȱ‹Ž¢˜—ȱ‘ŽȱŽ—ȱ˜ȱ‘Žȱ’•Žȱœ™ŽŽȱœŒ›Ž ǯ
ȱ Řǯȱ ŽŒž›Žȱœ™›’—ȱ˜—˜ȱ‘ŽȱœŒ›Ž ȱ ’‘ȱŠȱœ–Š••ȱ
Š–˜ž—ȱ˜ȱŽ›–Š‹˜—ȜȱȬŝřŝȱ˜›ȱŽšž’ŸŠ•Ž—ȱ
˜Œ’ŽțȱŠ‘Žœ’ŸŽǯȱ˜ȱ—˜ȱŽȱŠ—¢ȱŠ‘Žœ’ŸŽȱ˜—ȱ
›ŽŽȱŒ˜’•œȱ˜ȱœ™›’—ǯ
'DPSHU
6SULQJ
)LJXUH%7KURWWOH/LQNDJH*RYHUQRU/HYHU
&RQQHFWLRQ
ȱ Řǯȱ ‘ŽŒ”ȱ’ȱ‘ŽȱŽ—’—Žȱ‘ŠœȱŠȱ‘’‘Ȭœ™ŽŽȱ‘›˜Ĵ•Žȱœ˜™ȱ
œŒ›Ž ȱ’—œŠ••Žȱ’—ȱ‘Žȱ–Š—’˜•ȱŒŠœ’—ȱ‹˜œœǯȱŽŽȱ
’ž›ŽȱśȬřŞǯ
ȱ řǯȱ Š›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱ›ŽŒ‘ŽŒ”ȱ‘Žȱ’•Žȱœ™ŽŽȱ
œŽĴ’—œǰȱŠĞŽ›ȱœžĜŒ’Ž—ȱ Š›–ȱž™ǯȱŽŠ“žœȱŠœȱ
›Žšž’›Žǯ
,QLWLDO*RYHUQRU$GMXVWPHQW
‘Žȱ’—’’Š•ȱ˜ŸŽ›—˜›ȱŠ“žœ–Ž—ȱ’œȱŽœ™ŽŒ’Š••¢ȱŒ›’’ŒŠ•ȱ˜—ȱ
ȱŽ—’—Žœȱ‹ŽŒŠžœŽȱ˜ȱ‘ŽȱŠŒŒž›ŠŒ¢ȱŠ—ȱœŽ—œ’’Ÿ’¢ȱ˜ȱ
‘ŽȱŽ•ŽŒ›˜—’ŒȱŒ˜—›˜•ȱœ¢œŽ–ǯȱ—Œ˜››ŽŒȱŠ“žœ–Ž—ȱŒŠ—ȱ
›Žœž•ȱ’—ȱ˜ŸŽ›œ™ŽŽǰȱ•˜œœȱ˜ȱ™˜ Ž›ǰȱ•ŠŒ”ȱ˜ȱ›Žœ™˜—œŽǰȱ˜›ȱ
’—ŠŽšžŠŽȱ•˜ŠȱŒ˜–™Ž—œŠ’˜—ǯȱȱ¢˜žȱŽ—Œ˜ž—Ž›ȱŠ—¢ȱ
˜ȱ‘ŽœŽȱœ¢–™˜–œȱŠ—ȱœžœ™ŽŒȱ‘Ž–ȱ˜ȱ‹Žȱ›Ž•ŠŽȱ˜ȱ
‘Žȱ˜ŸŽ›—˜›ȱœŽĴ’—ǰȱ‘Žȱ˜••˜ ’—ȱœ‘˜ž•ȱ‹ŽȱžœŽȱ˜ȱ
Œ‘ŽŒ”ȱŠ—Ȧ˜›ȱŠ“žœȱ‘Žȱ˜ŸŽ›—˜›ȱŠ—ȱ‘›˜Ĵ•Žȱ•’—”АŽǯ
%
+LJK6SHHG
7KURWWOH6WRS6FUHZ
)LJXUH%7KURWWOH'HWDLOV
6HFWLRQ%
(),)XHO6\VWHP
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
—ȱŽ—’—Žœȱ ’‘˜žȱŠȱœ˜™ȱœŒ›Ž ǰȱ™’Ÿ˜ȱ‘Žȱȱ
‘›˜Ĵ•Žȱœ‘ŠĞȱŠ—ȱ™•ŠŽȱŠœœŽ–‹•¢ȱ’—˜ȱ‘Žȱȃž••ȱȱ
‘›˜Ĵ•ŽȄȱ™˜œ’’˜—ǯȱ—œŽ›ȱŠȱŗǯśŘȱ––ȱǻŖǯŖŜŖȱ’—ǯǼȱȱȱ
ŽŽ•Ž›ȱŠžŽȱ‹Ž ŽŽ—ȱ‘Žȱ›ŽŠ›ȱŠ—ȱ˜ȱ‘Žȱȱ
‘›˜Ĵ•Žȱœ‘ŠĞȱ™•ŠŽȱŠ—ȱ‘Žȱž—Ž›œ’Žȱ˜ȱ‘Žȱȱ
–Š—’˜•ȱ‹˜œœǯȱœŽȱŠȱ•˜Œ”’—ȱ™•’Ž›œȱǻ—ŽŽ•Žȱȱ
—˜œŽȱ ˜›”œȱ‹ŽœǼȱ˜ȱŽ–™˜›Š›’•¢ȱŒ•Š–™ȱ‘Žȱȱ
™Š›œȱ’—ȱ‘’œȱ™˜œ’’˜—ǯȱŽŽȱ’ž›ŽȱśȬřşǯ
%6HWWLQJWKH,QLWLDO$GMXVWPHQW
ȱ ŗǯȱ ‘ŽŒ”ȱ‘Žȱœ™•’ȱ ‘Ž›Žȱ‘ŽȱŒ•Š–™’—ȱœŒ›Ž ȱ˜Žœȱ
‘›˜ž‘ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ǯȱŽŽȱ’ž›ŽȱśȬŚŗǯȱ
‘Ž›Žȱœ‘˜ž•ȱ‹ŽȱŠȱŠ™ȱ˜ȱŠȱ•ŽŠœȱŗȦřŘȈǯȱȱ‘Žȱ’™œȱ
Š›Žȱ˜žŒ‘’—ȱŠ—ȱ‘Ž›Žȱ’œȱ—˜ȱŠ™ȱ™›ŽœŽ—ǰȱ‘Žȱ
•ŽŸŽ›ȱœ‘˜ž•ȱ‹Žȱ›Ž™•ŠŒŽǯȱȱ—˜ȱŠ•›ŽŠ¢ȱ’—œŠ••Žǰȱ
™˜œ’’˜—ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱ˜—ȱ‘ŽȱŒ›˜œœȱœ‘ŠĞǰȱ‹žȱ
•ŽŠŸŽȱ‘ŽȱŒ•Š–™’—ȱœŒ›Ž ȱ•˜˜œŽǯ
%
)HHOHU*DXJH
)LJXUH%,QVHUWLQJ)HHOHU*DXJH(QJLQHV
:LWKRXW6WRS6FUHZ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
—ȱŽ—’—Žœȱ ’‘ȱŠȱœ˜™ȱœŒ›Ž ǰȱ™’Ÿ˜ȱ‘Žȱȱ ȱ
‘›˜Ĵ•Žȱœ‘ŠĞȱŠ—ȱ™•ŠŽȱ’—˜ȱ‘Žȱȃž••ȱ‘›˜Ĵ•ŽȄȱȱ
™˜œ’’˜—ǰȱœ˜ȱ‘ŽȱŠ—ȱ˜ȱ‘Žȱ‘›˜Ĵ•Žȱœ‘ŠĞȱ™•ŠŽȱȱ
’œȱАВ—œȱ‘ŽȱŽ—ȱ˜ȱ‘Žȱ‘’‘Ȭœ™ŽŽȱœ˜™ȱȱ
œŒ›Ž ǯȱŽŽȱ’ž›ŽȱśȬřŞǯȱŽ–™˜›Š›’•¢ȱŒ•Š–™ȱ’—ȱȱ
‘’œȱ™˜œ’’˜—ǯ
ȱ řǯȱ ˜ŠŽȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱŠ—ȱœ‘ŠĞȱ
Œ˜ž—Ž›Œ•˜Œ” ’œŽȱž—’•ȱ’ȱœ˜™œǯȱœŽȱ˜—•¢ȱŽ—˜ž‘ȱ
™›Žœœž›Žȱ˜ȱ‘˜•ȱ’ȱ’—ȱ‘Šȱ™˜œ’’˜—ǯ
ȱ Śǯȱ ‘ŽŒ”ȱ‘˜ ȱ‘ŽȱŽ—ȱ˜ȱ‘Žȱ‘›˜Ĵ•Žȱ•’—”АŽȱŠ•’—œȱ
’‘ȱ‘Žȱ‹žœ‘’—ȱ‘˜•Žȱ’—ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ǯȱ
ŽŽȱ’ž›ŽȱśȬŚŖǯȱȱœ‘˜ž•ȱŠ••ȱ’—ȱ‘ŽȱŒŽ—Ž›ȱ˜ȱ
‘Žȱ‘˜•Žǯȱȱ’ȱ˜Žœ—Ȃǰȱ™Ž›˜›–ȱ‘ŽȱŠ“žœ–Ž—ȱ
™›˜ŒŽž›ŽȱŠœȱ˜••˜ œǯ
)LJXUH%&KHFNLQJµµ6SOLW¶¶RI&ODPS
ȱ Řǯȱȱ ˜••˜ ȱ‘Žȱ’—œ›žŒ’˜—œȱ’—ȱŽ™ȱŘȱ˜ȱȁȁ‘ŽŒ”’—ȱ
‘Žȱ—’’Š•ȱ“žœ–Ž—ǰȂȂȱ‘Ž—ȱ›ŽŠĴŠŒ‘ȱ‘Žȱ‘›˜Ĵ•Žȱ
•’—”АŽȱ˜ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱ ’‘ȱ‘Žȱ‹žœ‘’—ȱ
Œ•’™ǯȱȱ’œȱ—˜ȱ—ŽŒŽœœŠ›¢ȱ˜ȱ›ŽŠĴŠŒ‘ȱ‘ŽȱŠ–™Ž›ȱ˜›ȱ
˜ŸŽ›—˜›ȱœ™›’—œȱŠȱ‘’œȱ’–Žǯ
ȱ řǯȱ —œŽ›ȱŠȱ—Š’•ȱ’—˜ȱ‘Žȱ‘˜•Žȱ’—ȱ‘Žȱ˜™ȱ˜ȱ‘ŽȱŒ›˜œœȱ
œ‘ŠĞǯȱœ’—ȱ•’‘ȱ™›Žœœž›Žǰȱ›˜ŠŽȱ‘Žȱ˜ŸŽ›—˜›ȱ
œ‘ŠĞȱŒ˜ž—Ž›Œ•˜Œ” ’œŽȱŠœȱŠ›ȱŠœȱ’ȱ ’••ȱž›—ǰȱ‘Ž—ȱ
˜›šžŽȱ‘Žȱ‘Ž¡ȱ—žȱ˜—ȱ‘ŽȱŒ•Š–™’—ȱœŒ›Ž ȱ˜ȱ
ŜǯŞȱȉ–ȱǻŜŖȱ’—ǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽȱśȬŚŘǯȱŠ”Žȱœž›Žȱ
‘Šȱ‘Žȱ˜ŸŽ›—˜›ȱŠ›–ȱ‘Šœȱ—˜ȱ ’œŽȱž™ȱ˜›ȱ
˜ —ȱŠĞŽ›ȱ‘Žȱ—žȱ‘Šœȱ‹ŽŽ—ȱ’‘Ž—Žǯ
)LJXUH%$GMXVWLQJ*RYHUQRU6KDIW
)LJXUH%7KURWWOH/LQNLQ&HQWHURI+ROH
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ Śǯȱ Ž›’¢ȱ‘Šȱ‘Žȱ˜ŸŽ›—˜›ȱ‘Šœȱ‹ŽŽ—ȱœŽȱŒ˜››ŽŒ•¢ǯȱ
’‘ȱ‘Žȱ•’—”АŽȱœ’••ȱ›ŽŠ’—Žȱ’—ȱ‘Žȱȃž••ȱ
‘›˜Ĵ•ŽȄȱ™˜œ’’˜—ȱǻŽ™ȱŘǼǰȱž—œ—Š™ȱ‘Žȱ‹žœ‘’—ȱ
Œ•’™ǰȱœŽ™Š›ŠŽȱ‘Žȱ•’—”АŽȱ›˜–ȱ‘Žȱ‹žœ‘’—ǰȱŠ—ȱ
›Ž–˜ŸŽȱ‘Žȱ‹žœ‘’—ȱ›˜–ȱ‘Žȱ•ŽŸŽ›ǯȱ˜••˜ ȱŽ™œȱ
řȱŠ—ȱŚȱ’—ȱȁȁ‘ŽŒ”’—ȱ‘Žȱ—’’Š•ȱ“žœ–Ž—ȂȂǯ
ȱ śǯȱ ŽŒ˜——ŽŒȱ‘ŽȱŠ–™Ž—’—ȱœ™›’—ȱ’—˜ȱ’œȱ
˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱ‘˜•Žȱ›˜–ȱ‘Žȱ‹˜Ĵ˜–ǯȱŽ’—œŠ••ȱ
‘Žȱ‹žœ‘’—ȱŠ—ȱ›ŽŠĴŠŒ‘ȱ‘Žȱ‘›˜Ĵ•Žȱ•’—”АŽǯȱŽŽȱ
’ž›ŽȱśȬřŝǯȱŽŠĴŠŒ‘ȱ‘Žȱ˜ŸŽ›—˜›ȱœ™›’—ȱ’—ȱ‘Žȱ
–Š›”Žȱ‘˜•Žǯ
ȱ Ŝǯȱ Š›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱŠ••˜ ȱ’ȱ˜ȱž••¢ȱ Š›–ȱ
ž™ȱŠ—ȱŽœŠ‹•’œ‘ȱŒ•˜œŽȱ•˜˜™ȱ˜™Ž›Š’˜—ȱ
ǻŠ™™›˜¡’–ŠŽ•¢ȱśȬŗŖȱ–’—ǯǼǯȱ‘ŽŒ”ȱ‘Žȱœ™ŽŽȱ
œŽĴ’—œȱŠ—ȱŠ“žœȱŠœȱ—ŽŒŽœœŠ›¢ǰȱꛜȱ‘Žȱ•˜ ȱ’•Žȱ
œ™ŽŽǰȱŠ—ȱ‘Ž—ȱ‘Žȱ‘’‘ȱœ™ŽŽȱœŽĴ’—ǯ
7URXEOHVKRRWLQJ
*HQHUDO
‘Ž—ȱ›˜ž‹•Žœ‘˜˜’—ȱŠȱ™›˜‹•Ž–ȱ˜—ȱŠ—ȱŽ—’—Žȱ
’‘ȱǰȱ‹Šœ’ŒȱŽ—’—Žȱ˜™Ž›Š’—ȱ™›˜‹•Ž–œȱ–žœȱ
‹ŽȱŽ•’–’—ŠŽȱꛜȱ‹Ž˜›ŽȱŠž•’—ȱ‘Žȱȱœ¢œŽ–ȱ
Œ˜–™˜—Ž—œǯȱ‘ŠȱŠ™™ŽŠ›œȱ˜ȱ‹ŽȱŠ—ȱȱ™›˜‹•Ž–ȱ
Œ˜ž•ȱ‹Žȱœ˜–Ž‘’—ȱŠœȱœ’–™•ŽȱŠœȱŠȱžŽ•ȱŠ—”ȱ ’‘ȱ
Ž‹›’œȱ’—ȱ‘Žȱ‹˜Ĵ˜–ȱ˜›ȱŠȱ™•žŽȱŸŽ—ǯȱŽȱœž›Žȱ‘Žȱ
Ž—’—Žȱ’œȱ’—ȱ˜˜ȱ–ŽŒ‘Š—’ŒŠ•ȱ˜™Ž›Š’—ȱŒ˜—’’˜—ǰȱŠ—ȱ
Š••ȱ˜‘Ž›ȱœ¢œŽ–œȱŠ›Žȱž—Œ’˜—Š•ȱ‹Ž˜›ŽȱŠĴŽ–™’—ȱ˜ȱ
›˜ž‹•Žœ‘˜˜ȱ‘Žȱȱœ¢œŽ–ǯ
7URXEOHVKRRWLQJ*XLGH
(QJLQHVWDUWVKDUGRUIDLOVWRVWDUWZKHQFROG
ȱ ŗǯȱ žŽ•ȱ™ž–™ȱ—˜ȱ›ž——’—
ȱ Řǯȱ Šž•¢ȱœ™Š›”ȱ™•žœȱ
ȱ řǯȱ •ȦœŠ•ŽȱžŽ•ȱ
ȱ Śǯȱȱ —Œ˜››ŽŒȱžŽ•ȱ™›Žœœž›Žȱ
ȱ śǯȱ ™ŽŽȱœŽ—œ˜›ȱ•˜˜œŽȱ˜›ȱŠž•¢ȱ
ȱ Ŝǯȱ ȱ˜ěœŽȱ’—Œ˜››ŽŒȱǻ’—’’Š•’£Š’˜—Ǽ
ȱ ŝǯȱ ȱŠž•¢ȱ
ȱ Şǯȱ —’—ŽȱŽ–™Ž›Šž›ŽȱœŽ—œ˜›ȱŠž•¢
ȱ şǯȱ Šž•¢ȱŒ˜’•œȱ
ȱŗŖǯȱ ˜ ȱœ¢œŽ–ȱŸ˜•ŠŽ
ŗŗǯȱ Šž•¢ȱ’—“ŽŒ˜›œ
%
(QJLQHVWDUWVKDUGRUIDLOVWRVWDUWZKHQKRW
ȱ ŗǯȱ Šž•¢ȱœ™Š›”ȱ™•žœȱ
ȱ Řǯȱ žŽ•ȱ™ž–™ȱ—˜ȱ›ž——’—
ȱ řǯȱ žŽ•ȱ™›Žœœž›Žȱ•˜ ȱ
ȱ Śǯȱ —œžĜŒ’Ž—ȱžŽ•ȱŽ•’ŸŽ›¢
ȱ śǯȱ ȱ˜ěœŽȱ’—Œ˜››ŽŒȱǻ—’’Š•’£Š’˜—Ǽ
ȱ Ŝǯȱ ™ŽŽȱœŽ—œ˜›ȱ•˜˜œŽȱ˜›ȱŠž•¢
ȱ ŝǯȱ ȱŠž•¢ȱ
ȱ Şǯȱ —’—ŽȱŽ–™Ž›Šž›ŽȱœŽ—œ˜›ȱŠž•¢ȱ
ȱȱşǯȱ Šž•¢ȱ’—“ŽŒ˜›œ
(QJLQHVWDOOVRULGOHVURXJKO\FROGRUZDUP
ȱ ŗǯȱ Šž•¢ȱœ™Š›”ȱ™•žœȱ
ȱ Řǯȱ —œžĜŒ’Ž—ȱžŽ•ȱŽ•’ŸŽ›¢ȱ
ȱ řǯȱ ȱ˜ěœŽȱ’—Œ˜››ŽŒ
ȱ Śǯȱ ȱŠž•¢
ȱ śǯȱ Šž•¢ȱŽ—’—ŽȱŽ–™Ž›Šž›ŽȱœŽ—œ˜›
ȱ Ŝǯȱ Šž•¢ȱ’—“ŽŒ˜›œ
(QJLQHPLVVHVKHVLWDWHVRUVWDOOVXQGHUORDG
ȱ ŗǯȱ žŽ•ȱ’—“ŽŒ˜›ǻœǼǰȱžŽ•ȱꕝŽ›ǰȱžŽ•ȱ•’—Žǰȱ˜›ȱžŽ•ȱ™’Œ”Ȭ
ž™ȱ’›¢Ȧ›Žœ›’ŒŽ
ȱ Řǯȱ ’›¢ȱŠ’›ȱŒ•ŽŠ—Ž›
ȱ řǯȱ —œžĜŒ’Ž—ȱžŽ•ȱ™›Žœœž›Žȱ˜›ȱžŽ•ȱŽ•’ŸŽ›¢ȱ
ȱ Śǯȱ ŠŒžž–ȱǻ’—Š”ŽȱŠ’›Ǽȱ•ŽŠ”
ȱ śǯȱ –™›˜™Ž›ȱ˜ŸŽ›—˜›ȱœŽĴ’—ǰȱŠ“žœ–Ž—ȱ˜›ȱ
˜™Ž›Š’˜—
ȱ Ŝǯȱ ™ŽŽȱœŽ—œ˜›ȱ–Š•ž—Œ’˜—
ȱ ŝǯȱ ȱŠž•¢ǰȱ–˜ž—’—ȱ™›˜‹•Ž–ȱ˜›ȱȈȱ
—’’Š•’£Š’˜—ȱ›˜ŒŽž›ŽȈȱ’—Œ˜››ŽŒ
ȱ Şǯȱ ŠȱŒ˜’•ǻœǼǰȱœ™Š›”ȱ™•žǻœǼǰȱ˜›ȱ ’›Žœ
/RZ3RZHU
ȱ ŗǯȱ Šž•¢Ȧ–Š•ž—Œ’˜—’—ȱ’—’’˜—ȱœ¢œŽ–
ȱ Řǯȱ ’›¢ȱŠ’›ȱꕝŽ›
ȱ řǯȱ —œžĜŒ’Ž—ȱžŽ•ȱŽ•’ŸŽ›¢
ȱ Śǯȱ –™›˜™Ž›ȱ˜ŸŽ›—˜›ȱŠ“žœ–Ž—
ȱ śǯȱ •žŽȦ›Žœ›’ŒŽȱŽ¡‘Šžœ
ȱ Ŝǯȱ —Žȱ’—“ŽŒ˜›ȱ—˜ȱ ˜›”’—
ȱ ŝǯȱ Šœ’ŒȱŽ—’—Žȱ™›˜‹•Ž–ȱŽ¡’œœ
ȱ Şǯȱ ȱŠž•¢ȱ˜›ȱ–˜ž—’—ȱŽ¡’œœ
ȱ şǯȱ ‘›˜Ĵ•Žȱ™•ŠŽœȱ’—ȱ‘›˜Ĵ•Žȱ‹˜¢Ȧ’—Š”Žȱ–Š—’˜•ȱ
—˜ȱž••¢ȱ˜™Ž—’—ȱ˜ȱȱœ˜™ȱǻ’ȱœ˜ȱŽšž’™™ŽǼ
6HFWLRQ%
(),)XHO6\VWHP
(OHFWULFDO6\VWHP
‘Žȱȱœ¢œŽ–ȱ’œȱŠȱŗŘȱȱ—ŽŠ’ŸŽȱ›˜ž—ȱœ¢œŽ–ǰȱ
Žœ’—Žȱ˜ȱ˜™Ž›ŠŽȱ˜ —ȱ˜ȱŠȱ–’—’–ž–ȱ˜ȱŝǯŖȱŸ˜•œǯȱ
ȱœ¢œŽ–ȱŸ˜•ŠŽȱ›˜™œȱ‹Ž•˜ ȱ‘’œȱ•ŽŸŽ•ǰȱ‘Žȱ˜™Ž›Š’˜—ȱ
˜ȱŸ˜•ŠŽȱœŽ—œ’’ŸŽȱŒ˜–™˜—Ž—œȱœžŒ‘ȱŠœȱ‘ŽȱǰȱžŽ•ȱ
™ž–™ǰȱŠ—ȱ’—“ŽŒ˜›œȱ ’••ȱ‹Žȱ’—Ž›–’ĴŽ—ȱ˜›ȱ’œ›ž™Žǰȱ
ŒŠžœ’—ȱŽ››Š’Œȱ˜™Ž›Š’˜—ȱ˜›ȱ‘Š›ȱœŠ›’—ǯȱȱž••¢ȱ
Œ‘Š›ŽǰȱŗŘȱŸ˜•ȱ‹ŠĴŽ›¢ȱ ’‘ȱŠȱ–’—’–ž–ȱ˜ȱřśŖȱŒ˜•ȱ
Œ›Š—”’—ȱŠ–™œȱ’œȱ’–™˜›Š—ȱ’—ȱ–Š’—Š’—’—ȱœŽŠ¢ȱ
Š—ȱ›Ž•’Š‹•Žȱœ¢œŽ–ȱ˜™Ž›Š’˜—ǯȱŠĴŽ›¢ȱŒ˜—’’˜—ȱŠ—ȱ
œŠŽȱ˜ȱŒ‘Š›Žȱœ‘˜ž•ȱŠ• Š¢œȱ‹ŽȱŒ‘ŽŒ”Žȱꛜȱ ‘Ž—ȱ
›˜ž‹•Žœ‘˜˜’—ȱŠ—ȱ˜™Ž›Š’˜—Š•ȱ™›˜‹•Ž–ǯ
ŽŽ™ȱ’—ȱ–’—ȱ‘ŠȱȬ›Ž•ŠŽȱ™›˜‹•Ž–œȱŠ›Žȱ–˜›Žȱ
˜ĞŽ—ȱŒŠžœŽȱ‹¢ȱ‘Žȱ ’›’—ȱ‘Š›—Žœœȱ˜›ȱŒ˜——ŽŒ’˜—œȱ
‘Š—ȱ‹¢ȱ‘ŽȱȱŒ˜–™˜—Ž—œǯȱŸŽ—ȱœ–Š••ȱŠ–˜ž—œȱ˜ȱ
Œ˜››˜œ’˜—ȱ˜›ȱ˜¡’Š’˜—ȱ˜—ȱ‘ŽȱŽ›–’—Š•œȱŒŠ—ȱ’—Ž›Ž›Žȱ
’‘ȱ‘Žȱ–’••’Š–™ȱŒž››Ž—œȱžœŽȱ’—ȱœ¢œŽ–ȱ˜™Ž›Š’˜—ǯȱ
•ŽŠ—’—ȱ‘ŽȱŒ˜——ŽŒ˜›œȱŠ—ȱ›˜ž—œȱ ’••ȱœ˜•ŸŽȱ
™›˜‹•Ž–œȱ’—ȱ–Š—¢ȱŒŠœŽœǯȱ—ȱŠ—ȱŽ–Ž›Ž—Œ¢ȱœ’žŠ’˜—ǰȱ
œ’–™•¢ȱ’œŒ˜——ŽŒ’—ȱŠ—ȱ›ŽŒ˜——ŽŒ’—ȱ‘ŽȱŒ˜——ŽŒ˜›œȱ
–Š¢ȱŒ•ŽŠ—ȱž™ȱ‘ŽȱŒ˜—ŠŒœȱŽ—˜ž‘ȱ˜ȱ›Žœ˜›Žȱ
˜™Ž›Š’˜—ǰȱŠȱ•ŽŠœȱŽ–™˜›Š›’•¢ǯ
ȱŠȱŠž•ȱŒ˜Žȱ’—’ŒŠŽœȱŠȱ™›˜‹•Ž–ȱ ’‘ȱŠ—ȱŽ•ŽŒ›’ŒŠ•ȱ
Œ˜–™˜—Ž—ǰȱ’œŒ˜——ŽŒȱ‘ŽȱȱŒ˜——ŽŒ˜›ȱŠ—ȱŽœȱ
˜›ȱŒ˜—’—ž’¢ȱ‹Ž ŽŽ—ȱ‘ŽȱŒ˜–™˜—Ž—ȱŒ˜——ŽŒ˜›ȱ
Ž›–’—Š•œȱŠ—ȱ‘ŽȱŒ˜››Žœ™˜—’—ȱŽ›–’—Š•œȱ’—ȱ‘Žȱȱ
Œ˜——ŽŒ˜›ȱžœ’—ȱŠ—ȱ˜‘––ŽŽ›ǯȱ’Ĵ•Žȱ˜›ȱ—˜ȱ›Žœ’œŠ—ŒŽȱ
œ‘˜ž•ȱ‹Žȱ–ŽŠœž›Žǰȱ’—’ŒŠ’—ȱ‘Šȱ‘Žȱ ’›’—ȱ˜ȱ
‘Šȱ™Š›’Œž•Š›ȱŒ’›Œž’ȱ’œȱǯȱ—ȱ’••žœ›ŠŽȱ•’œ’—ȱ˜ȱ
—ž–Ž›’ŒŠ•ȱŽ›–’—Š•ȱ•˜ŒŠ’˜—œǰȱ˜›ȱŽŠŒ‘ȱœ¢•Žȱ˜ȱȦ
Œ˜——ŽŒ˜›ȱ’œȱ™›˜Ÿ’Žȱ˜—ȱ™ŠŽœȱśǯŘŞǰȱśǯřŗǰȱ˜›ȱśǯřŘǯ
śǯŘŞȱ˜›ȱȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱ
śǯřŗȱ˜›ȱȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱȱȱ
śǯřŘȱ˜›ȱȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱ
DZȱ ‘Ž—ȱ™Ž›˜›–’—ȱŸ˜•ŠŽȱ˜›ȱŒ˜—’—ž’¢ȱ
ŽœœǰȱŠŸ˜’ȱ™žĴ’—ȱŽ¡ŒŽœœ’ŸŽȱ™›Žœœž›Žȱ˜—ȱ˜›ȱ
АВ—œȱ‘ŽȱŒ˜——ŽŒ˜›ȱ™’—œǯȱ•Šȱ™’—ȱ™›˜‹Žœȱ
Š›Žȱ›ŽŒ˜––Ž—Žȱ˜›ȱŽœ’—ȱ˜ȱŠŸ˜’ȱ
œ™›ŽŠ’—ȱ˜›ȱ‹Ž—’—ȱ‘ŽȱŽ›–’—Š•œǯ
%
%
6HFWLRQ%
(),)XHO6\VWHP
³3LQ´0$0HWDO&DVHG(&86\VWHPV
3LQ
&RPSRQHQW
ŗ
Ř
ř
Ś
ś
Ŝ
ŝ
Ş
ş
ŗŖ
ŗŗ
ŗŘ
ŗř
ŗŚ
ŗś
ŗŜ
ŗŝ
ŗŞ
ŗş
ŘŖ
Řŗ
ŘŘ
Řř
ŘŚ
Řś
ŘŜ
Řŝ
ŘŞ
Řş
řŖ
řŗ
řŘ
řř
řŚ
řś
—’’˜—ȱ˜’•ȱǛŗ
˜ȱžœŽ
—’—Žȱ™ŽŽȱŽ—œ˜›
ȱ›˜žŒ’˜—ȱŽœȱŽ›–’—Š•
˜ȱœŽ
˜ȱœŽ
˜ȱœŽ
ȱ—’’Š•’£Š’˜—ȱŽ›–’—Š•
—’—Žȱ›˜ž—
ŘȱŽ—œ˜›
˜ȱœŽ
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›
˜ȱœŽ
’•ȱŽ–™Ž›Šž›ŽȱŽ—œ˜›
˜ȱœŽ
ȱŽ›–Š—Ž—ȱŠĴŽ›¢ȱ˜•ŠŽ
ȱ ’Œ‘ŽȱŠĴŽ›¢ȱ˜•ŠŽ
—’—Žȱ›˜ž—
—’’˜—ȱ˜’•ȱǛŘ
Ž‘’Œ•Žȱ›˜ž—
—’—Žȱ™ŽŽȱŽ—œ˜›
˜ȱœŽ
˜ȱœŽ
˜ȱœŽ
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›
˜ȱœŽ
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›Ȧ’•ȱŽ–™Ž›Šž›ŽȱŽ—œ˜›
˜ Ž›ȱޕТ
˜ȱœŽ
˜ȱœŽ
Š•ž—Œ’˜—ȱ—’ŒŠ˜›ȱ’‘
˜ȱœŽ
Ž‘’Œ•Žȱ›˜ž—
˜ȱœŽ
žŽ•ȱ—“ŽŒ˜›œ
%
6HFWLRQ%
(),)XHO6\VWHP
³3LQ´06(3ODVWLF&DVHG(&86\VWHPV
3LQ
ŗ
Ř
ř
Ś
ś
Ŝ
ŝ
Ş
ş
ŗŖ
ŗŗ
ŗŘ
ŗř
ŗŚ
ŗś
ŗŜ
ŗŝ
ŗŞ
ŗş
ŘŖ
Řŗ
ŘŘ
Řř
ŘŚ
)XQFWLRQ
Ž›–Š—Ž—ȱŠĴŽ›¢ȱ˜•ŠŽ
’Œ‘Žȱ—’’˜—ȱ˜•ŠŽ
ŠŽ¢ȱ ’Œ‘
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱǻǼȱŠ—ȱŽ–™Ž›Šž›ŽȱŽ—œ˜›ȱ›˜ž—
ȱ
˜ȱœŽȱ
’•ȱŽ–™Ž›Šž›ŽȱŽ—œ˜›ȱ—™ž
ȱ
˜ȱœŽ
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱǻǼȱ—™ž
™ŽŽȱŽ—œ˜›ȱ—™ž
™ŽŽȱŽ—œ˜›ȱ›˜ž—
¡¢Ž—ȱŽ—œ˜›ȱ—™ž
ȱ
˜ȱœŽȱǻ¡¢Ž—ȱŽ—œ˜›ȱ›˜ž—ȱ’ȱ—ŽŽŽǼ
’А—˜œ’Œȱ’—Ž
‘›˜Ĵ•Žȱ˜œ’’˜—ȱž™™•¢ȱ˜•ŠŽ
ŠĴŽ›¢ȱ›˜ž—
—“ŽŒ˜›ȱŗȱž™ž
—“ŽŒ˜›ȱŘȱž™ž
Š’—ȱޕТȱž™žȱ
Š•ž—Œ’˜—ȱ—’ŒŠ˜›ȱ’‘ȱǻǼ
ȱ
˜ȱœŽȱǻŠŒ‘ȱž™žȱ’ȱ—ŽŽŽǼ
ȱ
˜ȱœŽ
—’’˜—ȱ˜’•ȱǛŗȱž™ž
—’’˜—ȱ˜’•ȱǛŘȱž™ž
ȱ—’’Š•’£Š’˜—ȱŽ›–’—Š•
%
%
6HFWLRQ%
(),)XHO6\VWHP
³3LQ´06(3ODVWLF&DVHG(&86\VWHPV
3LQ
ŗ
Ř
ř
Ś
ś
Ŝ
ŝ
Ş
ş
ŗŖ
ŗŗ
ŗŘ
ŗř
ŗŚ
ŗś
ŗŜ
ŗŝ
ŗŞ
ŗş
ŘŖ
Řŗ
ŘŘ
Řř
ŘŚ
Řś
ŘŜ
Řŝ
ŘŞ
Řş
řŖ
řŗ
řŘ
%
)XQFWLRQ
Ž›–Š—Ž—ȱŠĴŽ›¢ȱ˜•ŠŽ
’Œ‘ŽȱŠĴŽ›¢ȱ˜•ŠŽ
ȱŽDzȱȃž˜ȬŽŠ›—Ȅȱ—’’Š•’£Š’˜—ȱŽ›–’—Š•
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱǻǼȱŠ—ȱŽ–™Ž›Šž›ŽȱŽ—œ˜›ȱ›˜ž—
ȱ
˜ȱœŽ
’•ȱŽ–™Ž›Šž›ŽȱŽ—œ˜›ȱ—™ž
ȱ
˜ȱœŽ
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱǻǼȱ—™ž
™ŽŽȱŽ—œ˜›ȱ—™žȱǻƸǼ
™ŽŽȱŽ—œ˜›ȱ›˜ž—ȱǻȬǼ
ȱ
˜ȱœŽ
ȱ
˜ȱœŽ
ȱ
˜ȱœŽ
—“ŽŒ˜›ȱŗȱž™ž
—“ŽŒ˜›ȱŘȱž™ž
ȱ
˜ȱœŽ
’А—˜œ’Œȱ’—Ž
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱž™™•¢ȱ˜•ŠŽ
ŠĴŽ›¢ȱ›˜ž—
¡¢Ž—ȱŽ—œ˜›ȱ—™ž
ŠĴŽ›¢ȱ›˜ž—ȱǻŽŒ˜—Š›¢Ǽ
ȱ
˜ȱœŽ
ȱ
˜ȱœŽ
ȱ
˜ȱœŽ
ŠŽ¢ȱ ’Œ‘ȱ—™ž
ȱ
˜ȱœŽ
ȱ
˜ȱœŽ
Š’—ȱޕТȱž™ž
Š•ž—Œ’˜—ȱ—’ŒŠ˜›ȱ’‘ȱǻǼ
—’’˜—ȱ˜’•ȱǛŗȱž™ž
—’’˜—ȱ˜’•ȱǛŘȱž™ž
ȱ
˜ȱœŽ
6HFWLRQ%
(),)XHO6\VWHP
)XHO6\VWHP
:$51,1*)XHO6\VWHP8QGHU3UHVVXUH
‘ŽȱžŽ•ȱœ¢œŽ–ȱ˜™Ž›ŠŽœȱž—Ž›ȱ‘’‘ȱ™›Žœœž›Žǯȱ¢œŽ–ȱ
™›Žœœž›Žȱ–žœȱ‹Žȱ›Ž•’ŽŸŽȱ‘›˜ž‘ȱ‘ŽȱŽœȱŸŠ•ŸŽȱ’—ȱ‘Žȱ
žŽ•ȱ›Š’•ȱ™›’˜›ȱ˜ȱœŽ›Ÿ’Œ’—ȱ˜›ȱ›Ž–˜Ÿ’—ȱŠ—¢ȱžŽ•ȱœ¢œŽ–ȱ
Œ˜–™˜—Ž—œǯȱ˜ȱ—˜ȱœ–˜”Žȱ˜›ȱ ˜›”ȱ—ŽŠ›ȱ‘ŽŠŽ›œȱ˜›ȱ˜‘Ž›ȱꛎȱ
‘УЛœǯȱ
ŠŸŽȱŠȱꛎȱŽ¡’—ž’œ‘Ž›ȱ‘Š—¢ȱŠ—ȱ ˜›”ȱ˜—•¢ȱ’—ȱŠȱ
Ž••ȬŸŽ—’•ŠŽȱŠ›ŽŠǯ
‘Žȱž—Œ’˜—ȱ˜ȱ‘ŽȱžŽ•ȱœ¢œŽ–ȱ’œȱ˜ȱ™›˜Ÿ’ŽȱœžĜŒ’Ž—ȱ
Ž•’ŸŽ›¢ȱ˜ȱžŽ•ȱŠȱ‘Žȱœ¢œŽ–ȱ˜™Ž›Š’—ȱ™›Žœœž›Žȱ˜ȱ
řşȱ™œ’ȱƹȱřǯȱȱŠ—ȱŽ—’—ŽȱœŠ›œȱ‘Š›ǰȱ˜›ȱž›—œȱ˜ŸŽ›ȱ‹žȱ
’••ȱ—˜ȱœŠ›ǰȱ’ȱ–Š¢ȱ’—’ŒŠŽȱŠȱ™›˜‹•Ž–ȱ ’‘ȱ‘Žȱȱ
žŽ•ȱœ¢œŽ–ǯȱȱšž’Œ”ȱŽœȱ ’••ȱŸŽ›’¢ȱ’ȱ‘Žȱœ¢œŽ–ȱ’œȱ
˜™Ž›Š’—ǯ
ȱ ŗǯȱ ’œŒ˜——ŽŒȱŠ—ȱ›˜ž—ȱ‘Žȱœ™Š›”ȱ™•žȱ•ŽŠœǯ
ȱ Řǯȱ ˜–™•ŽŽȱŠ••ȱœŠŽ¢ȱ’—Ž›•˜Œ”ȱ›Žšž’›Ž–Ž—œȱŠ—ȱ
Œ›Š—”ȱ‘ŽȱŽ—’—Žȱ˜›ȱŠ™™›˜¡’–ŠŽ•¢ȱřȱœŽŒ˜—œǯ
ȱ řǯȱ Ž–˜ŸŽȱ‘Žȱœ™Š›”ȱ™•žœȱŠ—ȱŒ‘ŽŒ”ȱ˜›ȱžŽ•ȱŠȱ‘Žȱ
’™œǯ
ȱ ȱ Šǯȱ ȱ‘Ž›Žȱ’œȱžŽ•ȱŠȱ‘Žȱ’™œȱ˜ȱ‘Žȱœ™Š›”ȱ™•žœǰȱȱ
ȱ ‘ŽȱžŽ•ȱ™ž–™ȱŠ—ȱ’—“ŽŒ˜›œȱŠ›Žȱ˜™Ž›Š’—ǯ
ȱ ȱ ‹ǯȱ ȱ‘Ž›Žȱ’œȱ—˜ȱžŽ•ȱŠȱ‘Žȱ’™œȱ˜ȱ‘Žȱœ™Š›”ȱȱȱ
ȱ ™•žœǰȱŒ‘ŽŒ”ȱ‘Žȱ˜••˜ ’—DZ
ȱ ȱ ȱ
ȱ
ŗǯȱ Š”Žȱœž›Žȱ‘ŽȱžŽ•ȱŠ—”ȱŒ˜—Š’—œȱŒ•ŽŠ—ǰȱȱ
ȱ
›Žœ‘ǰȱ™›˜™Ž›ȱžŽ•ǯ
ȱ ȱ ȱ
Řǯȱ Š”Žȱœž›Žȱ‘ŠȱŸŽ—ȱ’—ȱžŽ•ȱŠ—”ȱ’œȱ˜™Ž—ǯ
ȱ ȱ ȱ
ȱ
řǯȱ Š”Žȱœž›ŽȱžŽ•ȱŠ—”ȱŸŠ•ŸŽȱǻ’ȱœ˜ȱŽšž’™™ŽǼȱȱ
ȱ
’œȱž••¢ȱ˜™Ž—Žǯ
ȱ ȱ ȱ
ȱ
Śǯȱ Š”Žȱœž›Žȱ‹ŠĴŽ›¢ȱ’œȱœž™™•¢’—ȱ™›˜™Ž›ȱȱ
ȱ
Ÿ˜•ŠŽǯ
ȱ ȱ ȱ
ȱ
ȱ
śǯȱ ‘ŽŒ”ȱ‘Šȱ‘ŽȱžœŽœȱŠ›Žȱ˜˜ǰȱŠ—ȱ‘ŠȱŠ••ȱȱ
ȱ
Ž•ŽŒ›’ŒŠ•ȱŠ—ȱžŽ•ȱ•’—ŽȱŒ˜——ŽŒ’˜—œȱŠ›Žȱȱ
ȱ
˜˜ǯ
ȱ ȱ ȱ
ȱ
ȱ
Ŝǯȱ ŽœȱžŽ•ȱ™ž–™ȱŠ—ȱ›Ž•Š¢ȱ˜™Ž›Š’˜—ȱŠœȱȱ
ȱ
ŽœŒ›’‹ŽȱŽŠ›•’Ž›ȱž—Ž›ȱȁȁžŽ•ȱž–™ȱȮȱȱ
ȱ
Ž›Ÿ’ŒŽǯȂȂ
%
)DXOW&RGHV
‘ŽȱȱŒ˜—’—ž˜žœ•¢ȱ–˜—’˜›œȱŽ—’—Žȱ˜™Ž›Š’˜—ȱ
АВ—œȱ™›ŽœŽȱ™Ž›˜›–Š—ŒŽȱ•’–’œǯȱȱ‘Žȱ˜™Ž›Š’˜—ȱ
’œȱ˜žœ’Žȱ‘Žȱ•’–’œǰȱ‘ŽȱȱŠŒ’ŸŠŽœȱ‘ŽȱȱŠ—ȱ
œ˜›ŽœȱŠȱ’А—˜œ’ŒȱŒ˜Žȱ’—ȱ’œȱŠž•ȱ–Ž–˜›¢ǯȱȱ‘Žȱ
Œ˜–™˜—Ž—ȱ˜›ȱœ¢œŽ–ȱ›Žž›—œȱ˜ȱ™›˜™Ž›ȱž—Œ’˜—ǰȱ‘Žȱ
ȱ ’••ȱŽŸŽ—žŠ••¢ȱœŽ•ȬŒ•ŽŠ›ȱ‘ŽȱŠž•ȱŒ˜ŽȱŠ—ȱž›—ȱ
˜ěȱ‘Žȱǯȱȱ‘ŽȱȱœŠ¢œȱ’••ž–’—ŠŽǰȱ’ȱ Š›—œȱ
‘ŽȱŒžœ˜–Ž›ȱ‘ŠȱŽŠ•Ž›ȱœŽ›Ÿ’ŒŽȱ’œȱ›Žšž’›Žǯȱ™˜—ȱ
›ŽŒŽ’™ǰȱ‘ŽȱŽŠ•Ž›ȱŽŒ‘—’Œ’Š—ȱŒŠ—ȱŠŒŒŽœœȱ‘ŽȱŠž•ȱ
Œ˜ŽǻœǼȱ˜ȱ‘Ž•™ȱŽŽ›–’—Žȱ ‘Šȱ™˜›’˜—ȱ˜ȱ‘Žȱœ¢œŽ–ȱ
’œȱ–Š•ž—Œ’˜—’—ǯȱ‘ŽȱŘȬ’’ȱ‹•’—”ȱŒ˜ŽœȱŠŸŠ’•Š‹•Žȱ
‹ŠœŽȱž™˜—ȱ‘Žȱœ¢•Žȱ˜ȱȱŠ›Žȱ•’œŽȱ˜—ȱ™ŠŽœȱśǯřśȬ
śǯřŝǯ
‘ŽȱŒ˜ŽœȱŠ›ŽȱŠŒŒŽœœŽȱ‘›˜ž‘ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱŠ—ȱ
’œ™•Š¢ŽȱŠœȱ‹•’—”œȱ˜›ȱ̊œ‘Žœȱ˜ȱ‘ŽȱǯȱŒŒŽœœȱ‘Žȱ
Œ˜ŽœȱŠœȱ˜••˜ œDZ
ȱ ŗǯȱ Š›ȱ ’‘ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ˜ěǯ
ȱ Řǯȱ ž›—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ˜—Ȭ˜ěȬ˜—Ȭ˜ěȬ˜—ǰȱ•ŽŠŸ’—ȱ
’ȱ˜—ȱ’—ȱ‘Žȱ‘’›ȱœŽšžŽ—ŒŽǯȱ‘Žȱ’–Žȱ‹Ž ŽŽ—ȱ
œŽšžŽ—ŒŽœȱ–žœȱ‹Žȱ•Žœœȱ‘Š—ȱŘǯśȱœŽŒ˜—œǯ
ȱ řǯȱ —¢ȱœ˜›ŽȱŠž•ȱŒ˜Žœȱ ’••ȱ‘Ž—ȱ‹Žȱ’œ™•Š¢ŽȱŠœȱŠȱ
œŽ›’Žœȱ˜ȱȱ‹•’—”œȱǻ›˜–ȱŘȱ˜ȱŜǼȱ›Ž™›ŽœŽ—’—ȱ‘Žȱ
ꛜȱ’’ǰȱ˜••˜ Žȱ‹¢ȱŠȱ™ŠžœŽǰȱŠ—ȱŠ—˜‘Ž›ȱœŽ›’Žœȱ
˜ȱ‹•’—”œȱǻ›˜–ȱŗȱ˜ȱŜǼȱ˜›ȱ‘ŽȱœŽŒ˜—ȱ’’ȱǻœŽŽȱ
’ž›ŽȱśȬŚřǼǯ
ȱ ȱ Šǯȱ ȂœȱŠȱ˜˜ȱ’ŽŠȱ˜ȱ ›’Žȱ˜ —ȱ‘ŽȱŒ˜ŽœȱŠœȱȱ
ȱ ‘Ž¢ȱŠ™™ŽŠ›ǰȱŠœȱ‘Ž¢ȱ–Š¢ȱ—˜ȱ‹Žȱ’—ȱ—ž–Ž›’ŒŠ•ȱȱ
ȱ œŽšžŽ—ŒŽǯ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
˜ŽȱŜŗȱ ’••ȱŠ• Š¢œȱ‹Žȱ‘Žȱ•ŠœȱŒ˜Žȱȱ
ȱ
’œ™•Š¢Žǰȱ’—’ŒŠ’—ȱ‘ŽȱŽ—ȱ˜ȱŒ˜Žȱȱ ȱ
›Š—œ–’œœ’˜—ǯȱȱŒ˜ŽȱŜŗȱŠ™™ŽŠ›œȱ’––Ž’ŠŽ•¢ǰȱȱ
—˜ȱ˜‘Ž›ȱŠž•ȱŒ˜ŽœȱŠ›Žȱ™›ŽœŽ—ǯ
6HFWLRQ%
(),)XHO6\VWHP
([DPSOHRI'LDJQRVWLF'LVSOD\
'LDJQRVWLFGLVSOD\LQLWLDWHGWKURXJKLJQLWLRQNH\VHTXHQFLQJ
/RQJ3DXVH
6KRUW3DXVHV
&RGH
/RQJ3DXVH
&RGH
/RQJ3DXVH
/LJKWUHPDLQVRQDWHQGRIWUDQVPLVVLRQ
%
)LJXUH%
Ў›ȱ‘Žȱ™›˜‹•Ž–ȱ‘Šœȱ‹ŽŽ—ȱŒ˜››ŽŒŽǰȱ‘ŽȱŠž•ȱŒ˜Žœȱ–Š¢ȱ‹ŽȱŒ•ŽŠ›ŽȱŠœȱ˜••˜ œǯ
ȱ ŗǯȱ ’œŒ˜——ŽŒȱ‘Žȱ—ŽŠ’ŸŽȱǻȬǼȱ‹ŠĴŽ›¢ȱŒŠ‹•Žȱ›˜–ȱ‹ŠĴŽ›¢ȱŽ›–’—Š•ǰȱ˜›ȱ›Ž–˜ŸŽȱ‘Žȱ–Š’—ȱžœŽȱ˜›ȱ‘Žȱȱ˜›ȱ
Š™™›˜¡’–ŠŽ•¢ȱŗȱ–’—žŽǯ
ȱ Řǯȱ ŽŒ˜——ŽŒȱ‘ŽȱŒŠ‹•ŽȱŠ—ȱ’‘Ž—ȱœŽŒž›Ž•¢ǰȱ˜›ȱ›Ž’—œŠ••ȱ‘Žȱ–Š’—ȱžœŽǯȱŠ›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱŠ••˜ ȱ’ȱ˜ȱ›ž—ȱ˜›ȱ
œŽŸŽ›Š•ȱ–’—žŽœǯȱ‘Žȱȱœ‘˜ž•ȱ›Ž–Š’—ȱ˜ěȱ’ȱ‘Žȱ™›˜‹•Ž–ȱ ŠœȱŒ˜››ŽŒŽǰȱŠ—ȱ‘ŽȱŠž•ȱŒ˜Žœȱœ‘˜ž•ȱ—˜ȱ
›ŽŠ™™ŽŠ›ȱǻŒ˜ŽœȱřŗǰȱřŘǰȱřřǰȱŠ—ȱřŚȱ–Š¢ȱ›Žšž’›ŽȱŗŖȬŗśȱ–’—žŽœȱ˜ȱ›ž——’—ȱ˜ȱ›ŽŠ™™ŽŠ›Ǽǯ
‘Žȱ˜••˜ ’—ȱŒ‘Š›ȱ•’œœȱ‘ŽȱŠž•ȱŒ˜Žœǰȱ ‘Šȱ‘Ž¢ȱŒ˜››Žœ™˜—ȱ˜ǰȱŠ—ȱ ‘Šȱ‘ŽȱŸ’œžŠ•ȱ’—’ŒŠ’˜—œȱ ’••ȱ‹Žǯȱ
˜••˜ ’—ȱ‘ŽȱŒ‘Š›ȱ’œȱŠȱ•’œȱ˜ȱ‘Žȱ’—’Ÿ’žŠ•ȱŒ˜Žœȱ ’‘ȱŠ—ȱŽ¡™•Š—Š’˜—ȱ˜ȱ ‘Šȱ›’Ž›œȱ‘Ž–ǰȱ ‘Šȱœ¢–™˜–œȱ
–’‘ȱ‹ŽȱŽ¡™ŽŒŽǰȱŠ—ȱ‘Žȱ™›˜‹Š‹•ŽȱŒŠžœŽœǯ
'LDJQRVWLF&RGH6XPPDU\
3LQ
0$
0HWDO
&DVHG
(&8
6\VWHP
3LQ
06(
3ODVWLF
&DVHG
(&86\V
WHP
3LQ
06(
3ODVWLF
&DVHG
(&8
6\VWHP
1R5306LJQDO
<
<
<
%OLQN
&RGH
2%'
3&RGH$S
SOLFDEOHWR
3LQ06(
(&86\V
WHP2QO\
3
/RVVRI6\QFKURQL]DWLRQ
<
<
<
3
7366LJQDO,PSODXVLEOH
1
1
1
3
7362SHQRU6KRUW&LUFXLWWR*URXQG
<
<
<
&RQQHFWLRQRU)DLOXUH'HVFULSWLRQ
1RWH
Œ˜—ǯȱ˜—ȱ—Ž¡ȱ™ŠŽ
%
6HFWLRQ%
(),)XHO6\VWHP
3LQ
0$
0HWDO
&DVHG
(&8
6\VWHP
3LQ
06(
3ODVWLF
&DVHG
(&86\V
WHP
3LQ
06(
3ODVWLF
&DVHG
(&8
6\VWHP
%OLQN
&RGH
2%'
3&RGH$S
SOLFDEOHWR
3LQ06(
(&86\V
WHP2QO\
3
7366KRUW&LUFXLWWR%DWWHU\
<
<
<
3
'HIHFWLYH(&8
<
<
<
(QJLQH6SHHG6HQVRU
<
<
<
&RQQHFWLRQRU)DLOXUH'HVFULSWLRQ
1RWH
3
6\VWHPWRR/HDQ
<
<
<
3
26HQVRU&LUFXLW6KRUWHGWR%DWWHU\
<
1
<
3
26HQVRU&LUFXLW1R$FWLYLW\'H
WHFWHG
1
1
1
3
6\VWHPWRR5LFK
<
<
<
3
26HQVRU&RQWURODW8SSHU/LPLW
<
<
<
3
0D[LPXP$GDSWLRQ/LPLW5HDFKHG
<
<
<
3
0LQLPXP$GDSWLRQ/LPLW5HDFKHG
<
<
<
3
7HPSHUDWXUH6HQVRU&LUFXLW6KRUWHG
WR*URXQG
<
<
<
3
7HPSHUDWXUH6HQVRU&LUFXLW2SHQ
&LUFXLWRU6KRUWWR%DWWHU\
<
<
<
1$
)DLOXUH&RPSOHWLQJ$XWROHDUQ736
2IIVHWEHORZPLQLPXPDOORZDEOHOLPLW
1$
1$
<
1$
)DLOXUH&RPSOHWLQJ$XWROHDUQ736
RIIVHWDERYHPD[LPXPDOORZDEOH
OLPLW
1$
1$
<
3
,QMHFWRU2SHQ&LUFXLW
1$
1$
<
3
,QMHFWRU6KRUW&LUFXLWWR*URXQG
1$
1$
<
3
,QMHFWRU6KRUW&LUFXLWWR%DWWHU\
1$
1$
<
3
,QMHFWRU2SHQ&LUFXLW
1$
1$
<
%
6HFWLRQ%
(),)XHO6\VWHP
&RQQHFWLRQRU)DLOXUH'HVFULSWLRQ
3LQ
0$
0HWDO
&DVHG
(&8
6\VWHP
3LQ
06(
3ODVWLF
&DVHG
(&86\V
WHP
3LQ
06(
3ODVWLF
&DVHG
(&8
6\VWHP
3
,QMHFWRU6KRUW&LUFXLWWR*URXQG
1$
1$
<
3
,QMHFWRU6KRUW&LUFXLWWR%DWW
1$
1$
<
3
'LDJQRVWLF/DPS2SHQ&LUFX
1$
1$
<
3
'LDJQRVWLF/DPS6KRUW&LUFXLWWR
*URXQG
1$
1$
<
3
'LDJQRVWLF/DPS6KRUW&LUFXLWWR
%DWWHU\
1$
1$
<
3
3XPS5HOD\2SHQ&LUFXLW
1$
1$
<
3
3XPS5HOD\6KRUW&LUFXLWWR*
1$
1$
<
3
3XPS5HOD\6KRUW&LUFXLWWR%
1$
1$
<
<
<
<
%OLQN
&RGH
2%'
3&RGH$S
SOLFDEOHWR
3LQ06(
(&86\V
WHP2QO\
(QGRI&RGH7UDQVPLVVLRQ
1RWH
%
1RWH
ȱ ŗǯȱ •Žȱ ’Œ‘ȱ—˜ȱžœŽǯ
ȱ Řǯȱ ’А—˜œ’Œȱ˜ȱȈȱȬȱ’—Š•ȱ–™•Šžœ’‹•ŽȈȱ’œȱ’œŠ‹•Žȱ’—ȱŒ˜Žǯ
ȱ řǯȱ ȈŘȱŽ—œ˜›ȱ‘˜›ȱ˜ȱŠĴŽ›¢Ȉȱ’А—˜œ’ŒȱŽŽŒ’˜—ȱ’œȱ’œŠ‹•Žȱ ’‘ȱȱžŽ•ȬŒž˜ěȱŒŠ•’‹›ŠŽȱ˜žǯ
ȱ Śǯȱ ’›ȱŽ–™Ž›Šž›ŽȱŽ—œ˜›ȱ—˜ȱžœŽǯ
ȱ śǯȱ ȈŽ–™Ž›Šž›ŽȱŽ—œ˜›ȱ’—Š•ȱ–™•Šžœ’‹•ŽȈDZȱ’А—˜œ’ŒȱŽŽŒ’˜—ȱ’œȱŒŠ•’‹›ŠŽȱ˜žǰȱ ’‘ȱȱœŽȱ˜ȱȬśŖǚǯ
ȱ Ŝǯȱ ¢œŽ–ȱ˜˜ȱŽŠ—ȱžœŽȱ˜ȱ‹ŽȱȈŘȱŽ—œ˜›ȱȬȱ‘˜›ȱ˜ȱ›˜ž—ȱǻŖŗřŗǼǯȈ
ȱ ŝǯȱ Ȉ¢œŽ–ȱ˜˜ȱ’Œ‘ȈȱžœŽȱ˜ȱ‹ŽȱȈŘȱŽ—œ˜›ȱ˜—›˜•ȱŠȱ˜ Ž›ȱ’–’ȱǻŖŖŗşǼǯȈ
ȱ Şǯȱ ‹Š’—Š‹•Žȱ˜—•¢ȱ ’‘ȱȱŘŚȱśŞŚȱŘŞȬȱ˜›ȱ•ŠŽ›ǯ
ȱ şǯȱ ’••ȱ—˜ȱ‹•’—”ȱ˜žǯ
%
6HFWLRQ%
(),)XHO6\VWHP
˜ŽDZȱ ȱ
ȱ
Řŗ
˜ž›ŒŽDZȱȱ
ȱ
—’—Žȱ™ŽŽȱŽ—œ˜›
¡™•Š—Š’˜—DZȱ ȱ›ŽŒŽ’Ÿ’—ȱ’—Œ˜—œ’œŽ—ȱ˜˜‘ȱȱ
ȱ ȱ
ȱ
Œ˜ž—ȱœ’—Š•œȱ›˜–ȱœ™ŽŽȱœŽ—œ˜›ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ˜œœ’‹•Žȱ–’œę›ŽȱŠœȱȱŠĴŽ–™œȱ˜ȱȱȱ
ȱ ȱ
›Žœ¢—Œ‘›˜—’£Žǰȱž›’—ȱ ‘’Œ‘ȱ’–ŽȱžŽ•ȱȱ
ȱ ȱ
Š—ȱœ™Š›”ȱŒŠ•Œž•Š’˜—œȱŠ›Žȱ—˜ȱ–ŠŽǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ —’—Žȱ™ŽŽȱŽ—œ˜›ȱŽ•ŠŽ
ȱ ȱ Šǯȱ Ž—œ˜›ȱŒ˜——ŽŒ˜›ȱ˜›ȱ ’›’—ǯ
ȱ ȱ ‹ǯȱ Ž—œ˜›ȱ•˜˜œŽȱ˜›ȱ’—Œ˜››ŽŒȱŠ’›ȱŠ™ǯ
ȱ ȱ Œǯȱ •¢ ‘ŽŽ•ȱ”Ž¢ȱœ‘ŽŠ›Žǯ
ȱ Řǯȱ ™ŽŽȱŽ—œ˜›ȱ’—ȱŽŠ›ȱŽ•ŠŽ
ȱ ȱ Šǯȱ Š–ŠŽȱŽŽ‘ǯ
ȱ ȱ ‹ǯȱ Š›¢’—ȱŠ™ȱǻŽŠ›ȱ•˜˜œŽȦ˜žȱ˜ȱŠ•’—–Ž—Ǽǯ
ȱ řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’œȱřȱŠ—Ȧ˜›ȱŘŗȱ ’›’—ȱ˜›ȱŒ˜——ŽŒ˜›œǯ
ȱ ȱ ‹ǯȱ ‘’Ž•’—ȱ˜›ȱ™’—ȱŒ’›Œž’œȱřȱŠ—Ȧ˜›ȱŘŗȱŠ–ŠŽȱȱ
ȱ ˜›ȱ—˜ȱ™›˜™Ž›•¢ȱ›˜ž—Žǯ
ȱ ȱ Œǯȱ ˜˜›ȱ˜›ȱ’–™›˜™Ž›ȱ›˜ž—œȱ’—ȱœ¢œŽ–ȱǻ‹ŠĴŽ›¢ǰȱȱ
ȱ ǰȱ˜¡¢Ž—ȱœŽ—œ˜›ǰȱœ‘’Ž•’—ǰȱžŽ•ȱ™ž–™ǰȱȱ
ȱ ’—’’˜—ȱ˜ž™žǼǯ
ȱ ȱ ǯȱ ’—ȱŒ’›Œž’œȱřȱŠ—Ȧ˜›ȱŘŗȱ›˜žŽȱ—ŽŠ›ȱ—˜’œ¢ȱȱ
ȱ Ž•ŽŒ›’ŒŠ•ȱœ’—Š•œȱǻŒ˜’•œǰȱœ™Š›”ȱ™•žȱ•ŽŠǰȱ™•žȱȱ
ȱ Œ˜——ŽŒ˜›Ǽǯ
ȱ Śǯȱ Ȧ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ Ȭ˜Ȭ‘Š›—ŽœœȱŒ˜——ŽŒ’˜—ȱ™›˜‹•Ž–ǯ
ȱ śǯȱ —’’˜—ȱ¢œŽ–ȱŽ•ŠŽ
ȱ ȱȱ Šǯȱ ˜—Ȭ›Žœ’œ˜›ȱœ™Š›”ȱ™•žǻœǼȱžœŽǯ
˜ŽDZȱ ȱ
ȱ
ŘŘ
˜ž›ŒŽDZȱȱ
ȱ
‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱǻǼ
¡™•Š—Š’˜—DZȱ —›ŽŒ˜—’£Š‹•Žȱœ’—Š•ȱ’œȱ‹Ž’—ȱœŽ—ȱȱ
ȱ ȱ
ȱ
›˜–ȱœŽ—œ˜›ȱǻ˜˜ȱ‘’‘ǰȱ˜˜ȱ•˜ ǰȱȱ ȱ
ȱ ȱ
ȱ
’—Œ˜—œ’œŽ—Ǽǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
ȱȃ•’–™Ȭ‘˜–ŽȄȱ˜™Ž›Š’—ȱ–˜Žȱȱ
ȱ ȱ
ȱ
˜ŒŒž›œǰȱ ’‘ȱŠ—ȱ˜ŸŽ›Š••ȱŽŒ›ŽŠœŽȱȱȱ
ȱ ȱ
ȱ
’—ȱ˜™Ž›Š’—ȱ™Ž›˜›–Š—ŒŽȱŠ—ȱȱ ȱ
ȱ ȱ
ȱ
ŽĜŒ’Ž—Œ¢ǯȱžŽ•ȱŽ•’ŸŽ›¢ȱ’œȱ‹ŠœŽȱž™˜—ȱȱ
ȱ ȱ
ȱ
‘Žȱ˜¡¢Ž—ȱœŽ—œ˜›ȱŠ—ȱ꟎ȱ–Š™™Žȱȱ
ȱ ȱ
ȱ
ŸŠ•žŽœȱ˜—•¢ǯȱ’Œ‘ȱ›ž——’—ȱǻ‹•ŠŒ”ȱȱ
ȱ ȱ
ȱ
œ–˜”ŽǼȱȱ ’••ȱ˜ŒŒž›ȱž—’•ȱȃŒ•˜œŽȱȱȱ
ȱ ȱ
ȱ
•˜˜™Ȅ˜™Ž›Š’˜—ȱ’œȱ’—’’ŠŽǯȱȱœž–‹•Žȱȱ
ȱ ȱ
ȱ
˜›ȱ–’œę›Žȱ˜—ȱ‘Š›ȱŠŒŒŽ•Ž›Š’˜—ȱŠ—Ȧ˜›ȱȱ
ȱ ȱ
ȱ
Ž››Š’Œȱ˜™Ž›Š’˜—ȱ–Š¢ȱ‹ŽȱŽ¡‘’‹’Žǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ ȱŽ—œ˜›ȱŽ•ŠŽ
ȱ ȱ Šǯȱ Ž—œ˜›ȱŒ˜——ŽŒ˜›ȱ˜›ȱ ’›’—ǯȱ
ȱ ȱ ‹ǯȱ Ž—œ˜›ȱ˜ž™žȱŠěŽŒŽȱ˜›ȱ’œ›ž™Žȱ‹¢ȱ’›ǰȱȱ
ȱ ›ŽŠœŽǰȱ˜’•ǰȱ ŽŠ›ǰȱ˜›ȱ‹›ŽŠ‘Ž›ȱž‹Žȱ™˜œ’’˜—ȱȱ
ȱ ǻ–žœȱ‹Žȱ˜ȱœ’Žȱ˜™™˜œ’Žȱ‘ŽȱǼǯ
ȱ ȱ Œǯȱ Ž—œ˜›ȱ•˜˜œŽȱ˜—ȱ‘›˜Ĵ•Žȱ‹˜¢ȱ–Š—’˜•ǯ
ȱ řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’œȱşȱŠ—Ȧ˜›ȱŗŖȱ ’›’—ȱ˜›ȱŒ˜——ŽŒ˜›œǯ
ȱ ȱ ‹ǯȱ ‘’Ž•’—ȱ˜›ȱ™’—ȱŒ’›Œž’œȱşȱŠ—Ȧ˜›ȱŗŖȱŠ–ŠŽȱȱ
ȱ ˜›ȱ—˜ȱ™›˜™Ž›•¢ȱ›˜ž—Žǯ
ȱ ȱ Œǯȱ ˜˜›ȱ˜›ȱ’–™›˜™Ž›ȱ›˜ž—œȱ’—ȱœ¢œŽ–ȱǻ‹ŠĴŽ›¢ǰȱȱ
ȱ ȱ˜¡¢Ž—ȱœŽ—œ˜›ǰȱœ‘’Ž•’—ǰȱžŽ•ȱ™ž–™ǰȱȱ
ȱ ’—’’˜—ȱ˜ž™žǼǯ
ȱ ȱ ǯȱ ’—ȱŒ’›Œž’œȱşȱŠ—Ȧ˜›ȱŗŖȱ›˜žŽȱ—ŽŠ›ȱ—˜’œ¢ȱȱ
ȱ Ž•ŽŒ›’ŒŠ•ȱœ’—Š•œȱǻŒ˜’•œǰȱœ™Š›”ȱ™•žȱ•ŽŠǰȱ™•žȱȱ
ȱ Œ˜——ŽŒ˜›Ǽǯ
ȱ Řǯȱ ‘›˜Ĵ•Žȱ˜¢ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ‘›˜Ĵ•Žȱœ‘ŠĞȱ˜›ȱ‹ŽŠ›’—œȱ ˜›—ȦŠ–ŠŽǯ
ȱȱřǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽȱ
ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZ
ȱȱ ȱ Šǯȱ ’—ȱŒ’›Œž’œȱşȱŠ—Ȧ˜›ȱŗŖȱ ’›’—ȱ˜›ȱŒ˜——ŽŒ˜›œǯ
ȱȱ ȱ ‹ǯȱ ‘’Ž•’—ȱ˜›ȱ™’—ȱŒ’›Œž’œȱşȱŠ—Ȧ˜›ȱŗŖȱŠ–ŠŽȱȱ
ȱ ˜›ȱ—˜ȱ™›˜™Ž›•¢ȱ›˜ž—Žǯ
ȱ ȱ Œǯȱ ˜˜›ȱ˜›ȱ’–™›˜™Ž›ȱ›˜ž—œȱ’—ȱœ¢œŽ–ȱǻ‹ŠĴŽ›¢ǰȱȱ
ȱ ǰȱ˜¡¢Ž—ȱœŽ—œ˜›ǰȱœ‘’Ž•’—ǰȱžŽ•ȱ™ž–™ǰȱȱ
ȱ ’—’’˜—ȱ˜ž™žǼǯ
ȱ ȱ ǯȱ ’—ȱŒ’›Œž’œȱşȱŠ—Ȧ˜›ȱŗŖȱ›˜žŽȱ—ŽŠ›ȱ—˜’œ¢ȱȱ
ȱ Ž•ŽŒ›’ŒŠ•ȱœ’—Š•œȱǻŒ˜’•œǰȱœ™Š›”ȱ™•žȱ•ŽŠǰȱ™•žȱȱ
ȱ Œ˜——ŽŒ˜›Ǽǯ
ȱ řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’œȱŚǰȱŞǰȱŠ—Ȧ˜›ȱŗŚȱŠ–ŠŽȱǻ ’›’—ǰȱȱ
ȱ Œ˜——ŽŒ˜›œǼǯ
ȱ ȱ ‹ǯȱ ’—ȱŒ’›Œž’œȱŚǰȱŞǰȱŠ—Ȧ˜›ȱŗŚȱ›˜žŽȱ—ŽŠ›ȱ—˜’œ¢ȱȱ
ȱ Ž•ŽŒ›’ŒŠ•ȱœ’—Š•ȱǻŒ˜’•œǰȱŠ•Ž›—Š˜›Ǽǯ
ȱ ȱ Œǯȱ —Ž›–’ĴŽ—ȱśȱŸ˜•ȱœ˜ž›ŒŽȱ›˜–ȱȱǻ™’—ȱȱ
ȱ Œ’›Œž’ȱŗŚǼǯ
%
ȱ řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’œȱŗŘǰȱŘśȱŠ—Ȧ˜›ȱŘŝȱŠ–ŠŽȱǻ ’›’—ȱȱ
ȱ ˜›ȱŒ˜——ŽŒ˜›œǼǯ
ȱ ȱ ‹ǯȱ ’—ȱŒ’›Œž’œȱŗŘǰȱŘśȱŠ—Ȧ˜›ȱŘŝȱ›˜žŽȱ—ŽŠ›ȱ—˜’œ¢ȱȱ
ȱ Ž•ŽŒ›’ŒŠ•ȱœ’—Š•ȱǻŒ˜’•œǰȱŠ•Ž›—Š˜›Ǽǯ
ȱ ȱ Œǯȱ —Ž›–’ĴŽ—ȱśȱŸ˜•ȱœ˜ž›ŒŽȱ›˜–ȱȱǻ™’—ȱȱ
ȱ Œ’›Œž’ȱŘśǼǯ
6HFWLRQ%
(),)XHO6\VWHP
ȱ řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽȱ
ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’œȱŚǰȱŞǰȱŠ—Ȧ˜›ȱŗŞȱŠ–ŠŽȱǻ ’›’—ǰȱȱ
ȱ Œ˜——ŽŒ˜›œǼǯ
ȱ ȱ ‹ǯȱ ’—ȱŒ’›Œž’œȱŚǰȱŞǰȱŠ—Ȧ˜›ȱŗŞȱ›˜žŽȱ—ŽŠ›ȱ—˜’œ¢ȱȱ
ȱ Ž•ŽŒ›’ŒŠ•ȱœ’—Š•ȱǻŒ˜’•œǰȱŠ•Ž›—Š˜›Ǽǯ
ȱ ȱ Œǯȱ —Ž›–’ĴŽ—ȱśȱŸ˜•ȱœ˜ž›ŒŽȱ›˜–ȱȱǻ™’—ȱȱ
ȱ Œ’›Œž’ȱŗŞǼǯ
ȱ Śǯȱ Ȧ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ Ȭ˜Ȭ‘Š›—ŽœœȱŒ˜——ŽŒ’˜—ȱ™›˜‹•Ž–ǯ
˜ŽDZȱ ȱ
Řř
˜ž›ŒŽDZȱȱ
¡™•Š—Š’˜—DZȱ ȱ’œȱž—Š‹•Žȱ˜ȱ›ŽŒ˜—’£Žȱ˜›ȱ™›˜ŒŽœœȱȱ
ȱ
ȱ
œ’—Š•œȱ›˜–ȱ’œȱ–Ž–˜›¢ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ
—’—Žȱ ’••ȱ—˜ȱ›ž—ǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱȱ ȱǻ’—Ž›—Š•ȱ–Ž–˜›¢ȱ™›˜‹•Ž–Ǽǯȱ
ȱ ȱ Šǯȱ ’А—˜œŠ‹•Žȱ˜—•¢ȱ‘›˜ž‘ȱ‘ŽȱŽ•’–’—Š’˜—ȱ˜ȱȱ
ȱ Š••ȱ˜‘Ž›ȱœ¢œŽ–ȦŒ˜–™˜—Ž—ȱŠž•œǯ
˜ŽDZȱ ȱ
ŘŚȱǻ’••ȱ—˜ȱ‹•’—”ȱ˜žǼ
˜ž›ŒŽDZȱȱ
—’—Žȱ™ŽŽȱŽ—œ˜›
¡™•Š—Š’˜—DZȱ ˜ȱ˜˜‘ȱœ’—Š•ȱ›˜–ȱœ™ŽŽȱœŽ—œ˜›ǯȱȱ
ȱ
ȱ
ȱ•’‘ȱ ’••ȱ—˜ȱ˜ȱ˜žȱ ‘Ž—ȱȱ ȱ
ȱ
ȱ
Œ›Š—”’—ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ
˜—ŽȬŽ—’—Žȱ ’••ȱ—˜ȱœŠ›ȱ˜›ȱ›ž—ȱŠœȱȱ
ȱ
ȱ
ȱ’œȱž—Š‹•Žȱ˜ȱŽœ’–ŠŽȱœ™ŽŽǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ —’—Žȱ™ŽŽȱŽ—œ˜›ȱŽ•ŠŽ
ȱ ȱ Šǯȱ Ž—œ˜›ȱŒ˜——ŽŒ˜›ȱ˜›ȱ ’›’—ǯ
ȱ ȱ ‹ǯȱ Ž—œ˜›ȱ•˜˜œŽȱ˜›ȱŠ’›ȱŠ™ȱ’—Œ˜››ŽŒǯ
ȱ Řǯȱ ™ŽŽȱŽ—œ˜›ȱ‘ŽŽ•ȱŽ•ŠŽ
ȱ ȱ Šǯȱ Š–ŠŽȱŽŽ‘ǯ
ȱ ȱ ‹ǯȱ Š™ȱœŽŒ’˜—ȱ—˜ȱ›Ž’œŽ›’—ǯ
ȱ řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’ȱ ’›’—ȱ˜›ȱŒ˜——ŽŒ˜›œǯ
ȱ ȱ ȱ ’—ǻœǼȱřȱŠ—Ȧ˜›ȱŘŗȱ˜›ȱȃřśȱ’—ȄȱǻȱŗǯŝǼȱ
ȱ ŽŠ•ȬŠœŽȱǯ
ȱ ȱ ȱ ’—ǻœǼȱşȱŠ—Ȧ˜›ȱŗŖȱ˜›ȱȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱȱ
ȱ •Šœ’ŒȬŠœŽȱǯ
ȱ ȱ ȱ ’—ǻœǼȱşȱŠ—Ȧ˜›ȱŗŖȱ˜›ȱȃřŘȱ’—ȄȱǻȱŗǯŗǼȱȱ
ȱ •Šœ’ŒȬŠœŽȱǯ
˜ŽDZȱ ȱ
řŗ
˜ž›ŒŽDZȱȱ
žŽ•ȱ’¡ž›Žȱ˜›ȱ¡¢Ž—ȱŽ—œ˜›
¡™•Š—Š’˜—DZȱ ȃ¢œŽ–ȱ˜˜ȱ•ŽŠ—ǯȄȱ¡¢Ž—ȱœŽ—œ˜›ȱ—˜ȱȱ
ȱ
ȱ
œŽ—’—ȱŽ¡™ŽŒŽȱŸ˜•ŠŽȱ˜ȱǯȱ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ
¢œŽ–ȱ˜™Ž›ŠŽœȱž—Ž›ȱȃ˜™Ž—ȱ•˜˜™Ȅȱȱ
ȱ
ȱ
Œ˜—›˜•ȱ˜—•¢ǯȱ—’•ȱŠž•ȱ’œȱŽŽŒŽȱȱ
ȱ
ȱ
Š—ȱ›Ž’œŽ›Žȱ‹¢ȱǰȱŽ—’—Žȱ ’••ȱȱ
ȱ
ȱ
›ž—ȱ›’Œ‘ȱ’ȱ˜¡¢Ž—ȱœŽ—œ˜›ȱ’œȱœ‘˜›Žȱ˜ȱȱ
ȱ
ȱ
›˜ž—ȱ˜›ȱ•ŽŠ—ȱ’ȱ’ȱ’œȱœ‘˜›Žȱ˜ȱȱȱ
ȱ
ȱ
‹ŠĴŽ›¢ȱŸ˜•ŠŽǯȱЎ›ȱŠž•ȱ’œȱŽŽŒŽǰȱȱ
ȱ
ȱ
™Ž›˜›–Š—ŒŽȱŒŠ—ȱŸŠ›¢ǰȱŽ™Ž—’—ȱ˜—ȱȱ
ȱ
ȱ
ŒŠžœŽǯȱȱ™Ž›˜›–Š—ŒŽȱ’œȱ™›ŽĴ¢ȱ˜˜ǰȱȱ
ȱ
ȱ
‘Žȱ™›˜‹•Ž–ȱ’œȱ™›˜‹Š‹•¢ȱ ’‘ȱ‘Žȱȱ
ȱ
ȱ
˜¡¢Ž—ȱœŽ—œ˜›ǰȱ ’›’—ǰȱ˜›ȱŒ˜——ŽŒ˜›œǯȱȱ
ȱ
ȱ
ȱ‘ŽȱŽ—’—Žȱ’œȱœ’••ȱ›ž——’—ȱ›’Œ‘ȱȱ
ȱ
ȱ
ǻ•Š‹˜›’—ǰȱœ‘˜›ȱ˜—ȱ™˜ Ž›Ǽȱ˜›ȱ•ŽŠ—ȱȱ
ȱ
ȱ
ǻ™˜™™’—ȱ˜›ȱ–’œę›’—Ǽǰȱ‘ŽȱžŽ•ȱȱ ȱ
ȱ
ȱ
–’¡ž›Žȱ’œȱœžœ™ŽŒǰȱ™›˜‹Š‹•¢ȱ’—Œ˜››ŽŒȱȱ
ȱ
ȱ
ȱ’—’’Š•’£Š’˜—ȱ˜›ȱ•˜ ȱžŽ•ȱȱ ȱ
ȱ
ȱ
™›Žœœž›Žǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ ȱ—’’Š•’£Š’˜—ȱ—Œ˜››ŽŒ
ȱ ȱ Šǯȱ ŽŠ—ȱŒ˜—’’˜—ȱǻŒ‘ŽŒ”ȱ˜¡¢Ž—ȱœŽ—œ˜›ȱœ’—Š•ȱȱ
ȱ ’‘ȱȱŠ—ȱœŽŽȱ¡¢Ž—ȱŽ—œ˜›ȱœŽŒ’˜—Ǽǯ
ȱ Řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’ȱ ’›’—ȱ˜›ȱŒ˜——ŽŒ˜›œǯ
ȱ ȱ ȱ ’—ȱŗŖȱ˜›ȱȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱȱ
ȱȱ ǯ
ȱ ȱ ȱ ’—ȱŗŗȱ˜›ȱȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱȱ
ȱ ǯ
ȱ ȱ ȱ ’—ȱŘŖȱ˜›ȱȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱȱ
ȱ ǯ
ȱ řǯȱ ˜ ȱžŽ•ȱ›Žœœž›Ž
ȱ
ȱ
ȱ
ȱ
Śǯȱ
ȱ
ȱ
ȱ
¡¢Ž—ȱŽ—œ˜›ȱŽ•ŠŽ
Šǯȱ Ž—œ˜›ȱŒ˜——ŽŒ˜›ȱ˜›ȱ ’›’—ȱ™›˜‹•Ž–ǯ
‹ǯȱ ¡‘Šžœȱ•ŽŠ”ǯ
Œǯȱ ˜˜›ȱ›˜ž—ȱ™Š‘ȱ˜ȱŽ—’—ŽȱǻœŽ—œ˜›ȱ’œȱŒŠœŽȱȱ
ȱ ›˜ž—ŽǼǯ
ȱȱśǯȱ ˜˜›ȱœ¢œŽ–ȱ›˜ž—ȱ›˜–ȱȱ˜ȱŽ—’—ŽǰȱŒŠžœ’—ȱȱ
›’Œ‘ȱ›ž——’—ȱ ‘’•Žȱ’—’ŒŠ’—ȱ•ŽŠ—ǯ
ȱ Śǯȱ Ȧ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ Ȭ˜Ȭ‘Š›—ŽœœȱŒ˜——ŽŒ’˜—ȱ™›˜‹•Ž–ǯ
%
%
6HFWLRQ%
(),)XHO6\VWHP
˜ŽDZȱ ȱ
ȱ
řŘ
˜ž›ŒŽDZȱȱ
ȱ
¡¢Ž—ȱŽ—œ˜›
¡™•Š—Š’˜—DZȱ ˜ȱŒ‘Š—Žȱ’—ȱ‘ŽȱœŽ—œ˜›ȱ˜ž™žȱȱȱ
ȱ ȱ
ȱ
œ’—Š•ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
ȃ™Ž—ȱ•˜˜™Ȅȱ˜™Ž›Š’˜—ȱ˜—•¢ǰȱ–Š¢ȱȱ
ȱ ȱ
ȱ
ŒŠžœŽȱŠȱ›˜™ȱ’—ȱœ¢œŽ–ȱ™Ž›˜›–Š—ŒŽȱȱ
ȱ ȱ
ȱ
Š—ȱžŽ•ȱŽĜŒ’Ž—Œ¢ǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’ȱ ’›’—ȱ˜›ȱŒ˜——ŽŒ˜›œǯ
ȱ ȱ ȱ ’—ȱŗŖȱ˜›ȱȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱȱ
ȱ ǯ
ȱ ȱ ȱ ’—ȱŗŗȱ˜›ȱȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱȱ
ȱ ǯ
ȱ ȱ ȱ ’—ȱŘŖȱ˜›ȱȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱȱ
ȱ ǯ
ȱ
ȱ
ȱ
ȱ
Řǯȱ
ȱ
ȱ
ȱ
¡¢Ž—ȱŽ—œ˜›ȱŽ•ŠŽ
Šǯȱ Ž—œ˜›ȱŒ˜——ŽŒ˜›ȱ˜›ȱ ’›’—ȱ™›˜‹•Ž–ǯ
‹ǯȱ Ž—œ˜›ȱŒ˜—Š–’—ŠŽȱ˜›ȱŠ–ŠŽǯ
Œǯȱ Ž—œ˜›ȱ‹Ž•˜ ȱ‘Žȱ–’—’–ž–ȱ˜™Ž›Š’—ȱȱ ȱ
ȱ Ž–™Ž›Šž›ŽȱǻřŝśǚǰȱŝŖşǚǼǯ
ȱ ȱ ǯȱ ˜˜›ȱ›˜ž—ȱ™Š‘ȱ›˜–ȱœŽ—œ˜›ȱ˜ȱŽ—’—Žȱȱȱ
ȱ ǻœŽ—œ˜›ȱ›˜ž—œȱ‘›˜ž‘ȱœ‘Ž••ǰȱœŽŽȱ¡¢Ž—ȱȱ
ȱ Ž—œ˜›ȱœŽŒ’˜—Ǽǯ
˜ŽDZȱ ȱ
ȱ
řř
˜ž›ŒŽDZȱȱ
ȱ
¡¢Ž—ȱŽ—œ˜›ȦžŽ•ȱ¢œŽ–
¡™•Š—Š’˜—DZȱ ȃ¢œŽ–ȱ˜˜ȱ›’Œ‘ǯȄȱŽ–™˜›Š›¢ȱžŽ•ȱȱ
ȱ ȱ
ȱ
ŠŠ™Š’˜—ȱŒ˜—›˜•ȱ’œȱŠȱ‘Žȱž™™Ž›ȱȱ
ȱ ȱ
ȱ
•’–’ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
››Š’Œȱ™Ž›˜›–Š—ŒŽǯȱ’••ȱ›ž—ȱ›’Œ‘ȱȱ
ȱ ȱ
ȱ
ǻœ–˜”ŽǼǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ žŽ•ȱž™™•¢ȱŽ•ŠŽȱǻ—˜‘’—ȱ•ŽŠ—ȱȮȱ˜—•¢ȱ›’Œ‘Ǽ
ȱ ȱ Šǯȱ Žœ›’ŒŽȱ›Žž›—ȱ•’—ŽȱŒŠžœ’—ȱŽ¡ŒŽœœ’ŸŽȱžŽ•ȱȱ
ȱ ™›Žœœž›Žǯ
ȱ ȱ ‹ǯȱ žŽ•ȱ’—•ŽȱœŒ›ŽŽ—ȱ™•žŽȱǻ’—ȬŠ—”ȱžŽ•ȱ™ž–™ȱȱ
ȱ ˜—•¢Ǽǯ
ȱ ȱ Œǯȱ —Œ˜››ŽŒȱžŽ•ȱ™›Žœœž›ŽȱŠȱžŽ•ȱ›Š’•ǯ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
Řǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
¡¢Ž—ȱŽ—œ˜›ȱŽ•ŠŽ
Šǯȱ Ž—œ˜›ȱŒ˜——ŽŒ˜›ȱ˜›ȱ ’›’—ȱ™›˜‹•Ž–ǯ
‹ǯȱ Ž—œ˜›ȱŒ˜—Š–’—ŠŽȱ˜›ȱŠ–ŠŽǯ
Œǯȱ ¡‘Šžœȱ•ŽŠ”ǯ
ǯȱ ˜˜›ȱ›˜ž—ȱ™Š‘ǯ
Žǯȱ ’—ȱŒ’›Œž’ȱ ’›’—ȱ˜›ȱŒ˜——ŽŒ˜›œǯ
ȱ ’—ȱŗŖȱ˜›ȱȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱȱ
ȱ ǯ
ȱ ȱ ȱ ’—ȱŗŗȱ˜›ȱȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱȱ
ȱ ǯ
%
ȱ ȱ ȱ
ȱ
’—ȱŘŖȱ˜›ȱȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱȱ
ǯ
ȱ řǯȱ ȱŽ—œ˜›ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ‘›˜Ĵ•Žȱ™•ŠŽȱ™˜œ’’˜—ȱ’—Œ˜››ŽŒ•¢ȱœŽȱ˜›ȱȱȱ
ȱ ›Ž’œŽ›Žȱž›’—ȱȃ—’’Š•’£Š’˜—ǯȂȂ
ȱ ȱ ‹ǯȱ ȱ™›˜‹•Ž–ȱ˜›ȱ–Š•ž—Œ’˜—ǯ
ȱ Śǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’ěŽ›Ž—ŒŽȱ’—ȱŸ˜•ŠŽȱ‹Ž ŽŽ—ȱœŽ—œŽȱŸ˜•ŠŽȱȱ
ȱ ǻ™’—ȱŒ’›Œž’ȱŗŝȱ˜›ȱ–ŽŠ•ȬŒŠœŽȱǰȱ™’—ȱȱȱ
ȱ Œ’›Œž’ȱŘȱ˜›ȱ™•Šœ’ŒȬŒŠœŽȱǼȱŠ—ȱŠŒžŠ•ȱȱ
ȱ ’—“ŽŒ˜›ȱŸ˜•ŠŽȱǻŒ’›Œž’ȱŚśȦŚśǼǯȱ
ȱ śǯȱ ¢œŽ–œȱŽ•ŠŽ
ȱ ȱ Šǯȱ —’’˜—ȱǻœ™Š›”ȱ™•žǰȱ™•žȱ ’›Žǰȱ’—’’˜—ȱŒ˜’•ǯ
ȱ ȱ ‹ǯȱ žŽ•ȱǻžŽ•ȱ¢™ŽȦšžŠ•’¢ǰȱ’—“ŽŒ˜›ǰȱžŽ•ȱ™ž–™ǰȱȱ
ȱ žŽ•ȱȱ ™›Žœœž›Žǯ
ȱ ȱ Œǯȱ ˜–‹žœ’˜—ȱŠ’›ȱǻŠ’›ȱŒ•ŽŠ—Ž›ȱ’›¢Ȧ›Žœ›’ŒŽǰȱȱ
ȱ ’—Š”Žȱ•ŽŠ”ǰȱ‘›˜Ĵ•Žȱ‹˜›ŽœǼǯ
ȱ ȱ ǯȱ ŠœŽȱŽ—’—Žȱ™›˜‹•Ž–ȱǻ›’—œǰȱŸŠ•ŸŽœǼǯ
ȱ ȱ Žǯȱ ¡‘Šžœȱœ¢œŽ–ȱ•ŽŠ”ǯ
ȱ ȱ ǯȱ žŽ•ȱ’—ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ˜’•ǯ
ȱ ȱ ǯȱ •˜Œ”Žȱ˜›ȱ›Žœ›’ŒŽȱžŽ•ȱ›Žž›—ȱŒ’›Œž’ȱ˜ȱȱ
ȱ Š—”ǯ
ȱ Ŝǯȱ Ȧ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ Ȭ˜Ȭ‘Š›—ŽœœȱŒ˜——ŽŒ’˜—ȱ™›˜‹•Ž–ǯ
˜ŽDZȱ ȱ
ȱ
řŚ
˜ž›ŒŽDZȱȱ
ȱ
¡¢Ž—ȱŽ—œ˜›ȦžŽ•ȱ¢œŽ–ȱȱ
ȱ
ȱ ȱ
ȱ
˜–™˜—Ž—œ
¡™•Š—Š’˜—DZȱ ˜—ȱŽ›–ȱžŽ•ȱŠŠ™Š’˜—ȱŒ˜—›˜•ȱ’œȱȱ
ȱ ȱ
ȱ
Šȱ‘Žȱž™™Ž›ȱ˜›ȱ•˜ Ž›ȱ•’–’ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
¢œŽ–ȱ˜™Ž›ŠŽœȱȃŒ•˜œŽȱ•˜˜™ǯȄȱ˜ȱȱ
ȱ ȱ
ȱ
Š™™›ŽŒ’Š‹•Žȱ™Ž›˜›–Š—ŒŽȱ•˜œœȱŠœȱȱȱ
ȱ ȱ
ȱ
•˜—ȱŠœȱ‘ŽȱŽ–™˜›Š›¢ȱŠŠ™Š’˜—ȱŒŠ—ȱȱ
ȱ ȱ
ȱ
™›˜Ÿ’ŽȱœžĜŒ’Ž—ȱŒ˜–™Ž—œŠ’˜—ǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ ¡¢Ž—ȱŽ—œ˜›ȱŽ•ŠŽ
ȱ ȱ Šǯȱ Ž—œ˜›ȱŒ˜——ŽŒ˜›ȱ˜›ȱ ’›’—ȱ™›˜‹•Ž–ǯ
ȱ ȱ ‹ǯȱ Ž—œ˜›ȱŒ˜—Š–’—ŠŽȱ˜›ȱŠ–ŠŽǯ
ȱ ȱ Œǯȱ ¡‘Šžœȱ•ŽŠ”ǯ
ȱ ȱ ǯȱ ˜˜›ȱ›˜ž—ȱ™Š‘ǯ
ȱ ȱ Žǯȱ ’—ȱŒ’›Œž’ȱ ’›’—ȱ˜›ȱŒ˜——ŽŒ˜›œǯ
ȱ ȱ ȱ ’—ȱŗŖȱ˜›ȱȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱȱ
ȱ ǯ
ȱ ȱ ȱ ’—ȱŗŗȱ˜›ȱȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱȱ
ȱ ǯ
ȱ ȱ ȱ ’—ȱŘŖȱ˜›ȱȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱȱ
ȱ ǯ
6HFWLRQ%
(),)XHO6\VWHP
ȱ Řǯȱ ȱŽ—œ˜›ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ‘›˜Ĵ•Žȱ™•ŠŽȱ™˜œ’’˜—ȱ’—Œ˜››ŽŒȱž›’—ȱȱ ȱ
ȱ ȃ—’’Š•’£Š’˜—Ȅȱ™›˜ŒŽž›Žǯ
ȱ ȱ ‹ǯȱ ȱ™›˜‹•Ž–ȱ˜›ȱ–Š•ž—Œ’˜—ǯ
ȱ řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’ěŽ›Ž—ŒŽȱ’—ȱŸ˜•ŠŽȱ‹Ž ŽŽ—ȱœŽ—œŽȱŸ˜•ŠŽȱȱ
ȱ ǻ™’—ȱŒ’›Œž’ȱŗŝȱ˜›ȱ–ŽŠ•ȬŒŠœŽȱǰȱ™’—ȱȱȱ
ȱ Œ’›Œž’ȱŘȱ˜›ȱ™•Šœ’ŒȬŒŠœŽȱǼȱŠ—ȱŠŒžŠ•ȱȱ
ȱ ’—“ŽŒ˜›ȱŸ˜•ŠŽȱǻŒ’›Œž’ȱŚśȦŚśǼǯȱ
ȱ ȱ ‹ǯȱ ›˜‹•Ž–ȱ’—ȱ ’›’—ȱ‘Š›—Žœœǯ
ȱ ȱ Œǯȱ Ȭ˜Ȭ‘Š›—ŽœœȱŒ˜——ŽŒ’˜—ȱ™›˜‹•Ž–ǯ
ȱ Śǯȱ ¢œŽ–œȱŽ•ŠŽ
ȱ ȱ Šǯȱ —’’˜—ȱǻœ™Š›”ȱ™•žǰȱ™•žȱ ’›Žǰȱ’—’’˜—ȱŒ˜’•ǯ
ȱ ȱ ‹ǯȱ žŽ•ȱǻžŽ•ȱ¢™ŽȦšžŠ•’¢ǰȱ’—“ŽŒ˜›ǰȱžŽ•ȱ™›Žœœž›Žǰȱȱ
ȱ žŽ•ȱ™ž–™Ǽǯ
ȱ ȱ Œǯȱ ˜–‹žœ’˜—ȱŠ’›ȱǻŠ’›ȱŒ•ŽŠ—Ž›ȱ’›¢Ȧ›Žœ›’ŒŽǰȱȱ
ȱ ’—Š”Žȱ•ŽŠ”ǰȱ‘›˜Ĵ•Žȱ‹˜›ŽœǼǯ
ȱ ȱ ǯȱ ŠœŽȱŽ—’—Žȱ™›˜‹•Ž–ȱǻ›’—œǰȱŸŠ•ŸŽœǼǯ
ȱ ȱ Žǯȱ ¡‘Šžœȱœ¢œŽ–ȱ•ŽŠ”ȱǻ–žĝŽ›ǰȱ̊—Žǰȱ˜¡¢Ž—ȱȱ
ȱ œŽ—œ˜›ȱ–˜ž—’—ȱ‹˜œœǰȱŽŒǯǼǯ
ȱ ȱ ǯȱ žŽ•ȱ’—ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ˜’•ǯ
ȱ ȱ ǯȱ •’žŽǯ
ȱ ȱ ‘ǯȱ •˜Œ”Žȱ˜›ȱ›Žœ›’ŒŽȱžŽ•ȱ›Žž›—ȱŒ’›Œž’ȱ˜ȱȱ
ȱ Š—”ǯ
ȱ Řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽȱ
ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’œȱŚǰȱŜȱŠ—Ȧ˜›ȱǻŚǼȱŠ–ŠŽȱǻ ’›Žœǰȱȱ
ȱ Œ˜——ŽŒ˜›œǼȱ˜›ȱ›˜žŽȱ—ŽŠ›ȱ—˜’œ¢ȱœ’—Š•ȱǻŒ˜’•œǰȱȱ
ȱ Š•Ž›—Š˜›ǰȱŽŒǯǼǯ
ȱ ȱ ‹ǯȱ Ȭ˜Ȭ‘Š›—ŽœœȱŒ˜——ŽŒ’˜—ȱ™›˜‹•Ž–ǯ
ȱ řǯȱ ¢œŽ–ȱŽ•ŠŽ
ȱ ȱ Šǯȱ —’—Žȱ’œȱ˜™Ž›Š’—ȱŠ‹˜ŸŽȱ‘ŽȱŗŝŜǚȱǻřśŖǚǼȱȱ
ȱ Ž–™Ž›Šž›ŽȱœŽ—œ˜›ȱ•’–’ǯ
˜ŽDZȱ ȱ
ȱ
ŚřȱŠ—ȱŚŚȱ
ȈřŘȱ’—ȈȱǻȱŗǯŗǼȱȱ
ȱ ȱ
ȱ
ȱ
ȱ
•Šœ’ŒȬȱŠœŽȱȱȱ
ȱ ȱ
ȱ
ȱ
ȱ
˜—•¢ǯ
˜ž›ŒŽDZȱȱ
ȱ
ȱȃž˜ȬŽŠ›—Ȅȱ’—’’Š•’£Š’˜—ȱȱȱ
ȱ ȱ
ȱ
ž—Œ’˜—ȱŠ’•Žǰȱ‘›˜Ĵ•ŽȱŠ—•Žȱ˜žȱ˜ȱȱ
ȱ ȱ
ȱ
•ŽŠ›—’—ȱ›Š—Žǯ
¡™•Š—Š’˜—DZȱ ‘’•Žȱ™Ž›˜›–’—ȱ‘Žȱȱȃž˜Ȭȱ
ȱ ȱ
ȱ
ŽŠ›—Ȅȱž—Œ’˜—ǰȱ‘Žȱ–ŽŠœž›Žȱȱ ȱ
ȱ ȱ
ȱ
‘›˜Ĵ•ŽȱŠ—•Žȱ Šœȱ—˜ȱ ’‘’—ȱȱ ȱ
ȱ ȱ
ȱ
ŠŒŒŽ™Š‹•Žȱ•’–’œǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
ȱ’••ž–’—ŠŽǯȱ—’—Žȱ ’••ȱŒ˜—’—žŽȱȱ
ȱ ȱ
ȱ
˜ȱ›ž—ȱ‹žȱ—˜ȱ™›˜™Ž›•¢ǯȱ™˜—ȱ›ŽœŠ›ȱȱ
ȱ ȱ
ȱ
ȱž˜ȬŽŠ›—ȱž—Œ’˜—ȱ ’••ȱ›ž—ȱȱ
ȱ ȱ
ȱ
АВ—ȱž—•ŽœœȱŸ˜•ŠŽȱ˜ȱȱȱ ȱ
ȱ ȱ
ȱ
’œŒ˜——ŽŒŽȱ˜ȱŒ•ŽŠ›ȱ–Ž–˜›¢ǯ
˜ŽDZȱ ȱ
ȱ
ŚŘ
˜ž›ŒŽDZȱȱ
ȱ
—’—Žȱǻ’•ǼȱŽ–™Ž›Šž›ŽȱŽ—œ˜›
¡™•Š—Š’˜—DZȱ ˜ȱœŽ—’—ȱ™›˜™Ž›ȱœ’—Š•ȱ˜ȱǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
—’—Žȱ–Š¢ȱ‹Žȱ‘Š›ȱ˜ȱœŠ›ȱ‹ŽŒŠžœŽȱȱ
ȱ ȱ
ȱ
ȱŒŠ—ȂȱŽŽ›–’—ŽȱŒ˜››ŽŒȱžŽ•ȱȱ
ȱ ȱ
ȱ
–’¡ž›Žǯ
˜œœ’‹•ŽȱŠžœŽœDZȱ
ȱ ŗǯȱ ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ȱ›˜ŠŽȱ˜—ȱ‘›˜Ĵ•Žȱœ‘ŠĞȱŠœœŽ–‹•¢ȱ‹Ž¢˜—ȱȱ
ȱ Š••˜ Š‹•Žȱ›Š—Žǯ
ȱ ȱ ‹ǯȱ ȱ‹Šǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ Ž–™Ž›Šž›ŽȱŽ—œ˜›ȱŽ•ŠŽǯ
ȱ ȱ Šǯȱ Ž—œ˜›ȱ ’›’—ȱ˜›ȱŒ˜——ŽŒ’˜—ǯ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ Řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’œȱŗŚȱŠ—Ȧ˜›ȱŘŝȱŠ–ŠŽȱǻ ’›Žœǰȱȱ
ȱ Œ˜——ŽŒ˜›œǼȱ˜›ȱ›˜žŽȱ—ŽŠ›ȱ—˜’œ¢ȱœ’—Š•ȱǻŒ˜’•œǰȱȱ
ȱ Š•Ž›—Š˜›ǰȱŽŒǯǼǯ
ȱ ȱ ‹ǯȱ Ȭ˜Ȭ‘Š›—ŽœœȱŒ˜——ŽŒ’˜—ȱ™›˜‹•Ž–ǯ
ȱ Řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZ
ȱ ȱ Šǯȱ ’—ȱŒ’›Œž’œȱŚǰȱŜȱŠ—Ȧ˜›ȱŚȱŠ–ŠŽȱǻ ’›Žœǰȱȱ
ȱ Œ˜——ŽŒ˜›œǼȱ˜›ȱ›˜žŽȱ—ŽŠ›ȱ—˜’œ¢ȱœ’—Š•ȱǻŒ˜’•œǰȱȱ
ȱ Š•Ž›—Š˜›ǰȱŽŒǯǼǯ
ȱ ȱ ‹ǯȱ Ȭ˜Ȭ‘Š›—ŽœœȱŒ˜——ŽŒ’˜—ȱ™›˜‹•Ž–ǯ
Řǯȱ
ȱ
ȱ
ȱ
ȱ
—’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
Šǯȱ ›˜”Ž—ȱ˜›ȱœ‘˜›Žȱ ’›Žȱ’—ȱ‘Š›—Žœœǯ
ȱ ȱ™’—ȱŗŞȱ˜ȱȱ™’—ȱŗǯ
ȱ ȱ™’—ȱŚȱ˜ȱȱ™’—ȱŘǯ
ȱ ȱ™’—ȱŞȱ˜ȱȱ™’—ȱřǯ
ȱ řǯȱ ‘›˜Ĵ•Žȱ˜¢ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ‘›˜Ĵ•Žȱœ‘ŠĞȱ’—œ’Žȱȱ ˜›—ǰȱ‹›˜”Ž—ǰȱ˜›ȱȱ
ȱ Š–ŠŽǯ
ȱ ȱ ‹ǯȱ ‘›˜Ĵ•Žȱ™•ŠŽȱ•˜˜œŽȱ˜›ȱ–’œŠ•’—Žǯ
ȱ ȱ Œǯȱ ‘›˜Ĵ•Žȱ™•ŠŽȱ‹Ž—ȱ˜›ȱŠ–ŠŽȱŠ••˜ ’—ȱŽ¡›Šȱȱ
ȱ Š’›Ě˜ ȱ™Šœǰȱ˜›ȱ›Žœ›’Œ’—ȱ–˜ŸŽ–Ž—ǯ
ȱ Śǯȱ ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’›Œž’ȱ™›˜Ÿ’’—ȱŸ˜•ŠŽȱ˜›ȱ›˜ž—ȱ˜ȱȱȱ
ȱ Š–ŠŽǯ
ȱ ȱ ‹ǯȱ ȱœ’—Š•ȱ’—™žȱŒ’›Œž’ȱŠ–ŠŽǯ
%
%
6HFWLRQ%
(),)XHO6\VWHP
ȱ śǯȱ
ȱȱ ȱ
ȱȱ ȱ
ȱȱ ȱ
¡¢Ž—ȱŽ—œ˜›Ȧ
Š›—ŽœœȱŽ•ŠŽ
Šǯȱ ¡¢Ž—ȱœŽ—œ˜›ȱ‹Šǯ
‹ǯȱ ’›’—ȱ™›˜‹•Ž–ȱ˜ȱ˜¡¢Ž—ȱœŽ—œ˜›ǯ
Œǯȱ žĝŽ›ȱ•ŽŠ”ȱǻŒŠžœ’—ȱŘȱœŽ—œ˜›ȱ˜ȱŠ•œŽ•¢ȱȱ
ȱ ’—’ŒŠŽȱŠȱ•ŽŠ—ȱŒ˜—’’˜—Ǽǯ
ȱȱ ȱ ǯȱ Šȱ›˜ž—ȱ‹Ž ŽŽ—ȱȱŠ—ȱŽ—’—Žǯ
˜ŽDZȱ ȱ
ȱ
śŗȱ
ȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ•Šœ’ŒȬ
ȱ ȱ ȱȱ ȱ
ȱ
ȱ
ŠœŽȱȱ˜—•¢ǯ
˜ž›ŒŽDZȱȱ
ȱ
—“ŽŒ˜›ȱǛŗȱŒ’›Œž’ȱ˜™Ž—ǰȱœ‘˜›Žȱ˜ȱȱ
ȱ ȱ
ȱ
›˜ž—ǰȱ˜›ȱœ‘˜›Žȱ˜ȱ‹ŠĴŽ›¢ǯ
¡™•Š—Š’˜—DZȱ —“ŽŒ˜›ȱǛŗȱ’œȱ—˜ȱž—Œ’˜—’—ȱ‹ŽŒŠžœŽȱȱ
ȱ ȱ
ȱ
‘ŽȱŒ’›Œž’ȱ’œȱ˜™Ž—ǰȱœ‘˜›Žȱ˜ȱ›˜ž—ǰȱȱ
ȱ ȱ
ȱ
˜›ȱœ‘˜›Žȱ˜ȱ‹ŠĴŽ›¢ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
—’—Žȱ ’••ȱ›ž—ȱŸŽ›¢ȱ™˜˜›•¢ȱ ’‘ȱ˜—•¢ȱȱ
ȱ ȱ
ȱ
˜—ŽȱŒ¢•’—Ž›ȱž—Œ’˜—’—ǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ —“ŽŒ˜›ȱŽ•ŠŽ
ȱ ȱ Šǯȱ —“ŽŒ˜›ȱŒ˜’•ȱœ‘˜›Žȱ˜›ȱ˜™Ž—Žǯ
ȱ Řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ ›˜”Ž—ȱ˜›ȱœ‘˜›Žȱ ’›Žȱ’—ȱ‘Š›—Žœœǯ
ȱ ȱ ȱ ȱ™’—ȱŗŚȱ˜ȱ’—“ŽŒ˜›ȱ™’—ȱŘǯȱȱ™’—ȱŘŞȱ˜ȱȱ
ȱ žŽ•ȱ™ž–™ȱ›Ž•Š¢ȱ™’—ȱŞŜǯȱ˜ŽDZȱŠĞŽ›ȱ”Ž¢Ȭ˜ěȱȱ
ȱ ‘Ž—ȱ”Ž¢Ȭ˜—ȱŒ˜ŽȱśŜȱ ˜ž•ȱ‹ŽȱœŽȱŠ•œ˜ǯȱžŽ•ȱȱ
ȱ ™ž–™ȱ›Ž•Š¢ȱ™’—ȱŞŝȱ˜ȱ’—“ŽŒ˜›ȱ™’—ȱŗǯ
ȱ ȱ ‹ǯȱ ™Ž—ȱ–Š’—ȱžœŽȱŗǯ
ȱ řǯȱ žŽ•ȱž–™ȱޕТȱŽ•ŠŽ
ȱ ȱ Šǯȱ ŠȱžŽ•ȱ™ž–™ȱ›Ž•Š¢ǯȱ
ȱ ȱ ȱ ›’–Š›¢ȱœ’Žȱž—Œ’˜—Š•ȱ‹žȱ™’—ȱřŖȱ˜ȱ™’—ȱŞŝȱȱ
ȱ ›Ž–Š’—œȱ˜™Ž—ǯȱ›’–Š›¢ȱœ’Žȱ™’—ȱŞśȱ˜ȱ™’—ȱŞŜȱ’œȱȱ
ȱ Ž’‘Ž›ȱ˜™Ž—ǰȱ˜›ȱœ‘˜›Žȱž›’—ȱŽ—’—Žȱȱ ȱ
ȱ ˜™Ž›Š’˜—ǯȱ˜ŽDZȱŠĞŽ›ȱ”Ž¢Ȭ˜ěȱ‘Ž—ȱ”Ž¢Ȭ˜—ȱȱ
ȱ Œ˜ŽȱśŜȱ ˜ž•ȱ‹ŽȱœŽȱŠ•œ˜ǯ
ȱ Śǯȱ ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’›Œž’ȱŒ˜—›˜••’—ȱ’—“ŽŒ˜›ȱǛŗȱŠ–ŠŽǯ
ȱ ȱ ‹ǯȱ ’›Œž’ȱŒ˜—›˜••’—ȱžŽ•ȱ™ž–™ȱ›Ž•Š¢ȱŠ–ŠŽǯ
˜ŽDZȱȱ ȱ
ȱ
śŘȱ
ȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ•Šœ’ŒȬȱ
ȱ ȱ
ȱ
ȱ
ŠœŽȱȱ˜—•¢ǯ
˜ž›ŒŽDZȱȱ
ȱ
—“ŽŒ˜›ȱǛŘȱŒ’›Œž’ȱ˜™Ž—ǰȱœ‘˜›Žȱ˜ȱȱ
ȱ ȱ
ȱ
›˜ž—ǰȱ˜›ȱœ‘˜›Žȱ˜ȱ‹ŠĴŽ›¢ǯ
¡™•Š—Š’˜—DZȱ —“ŽŒ˜›ȱǛŘȱ’œȱ—˜ȱž—Œ’˜—’—ȱ‹ŽŒŠžœŽȱȱ
ȱ ȱ
ȱ
‘ŽȱŒ’›Œž’ȱ’œȱ˜™Ž—ǰȱœ‘˜›Žȱ˜ȱ›˜ž—ǰȱȱ
ȱ ȱ
ȱ
˜›ȱœ‘˜›Žȱ˜ȱ‹ŠĴŽ›¢ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
—’—Žȱ ’••ȱ›ž—ȱŸŽ›¢ȱ™˜˜›•¢ȱ ’‘ȱ˜—•¢ȱȱ
ȱ ȱ
ȱ
˜—ŽȱŒ¢•’—Ž›ȱž—Œ’˜—’—ǯ
%
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ —“ŽŒ˜›ȱŽ•ŠŽ
ȱ ȱ Šǯȱ —“ŽŒ˜›ȱŒ˜’•ȱœ‘˜›Žȱ˜›ȱ˜™Ž—Žǯ
ȱ Řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ ›˜”Ž—ȱ˜›ȱœ‘˜›Žȱ ’›Žȱ’—ȱ‘Š›—Žœœǯȱȱ™’—ȱȱ
ȱ ŗśȱ˜ȱ’—“ŽŒ˜›ȱ™’—ȱŘǯȱȱ™’—ȱŘŞȱ˜ȱžŽ•ȱ™ž–™ȱȱ
ȱ ›Ž•Š¢ȱ™’—ȱŞŜǯȱ˜ŽDZȱŠĞŽ›ȱ”Ž¢Ȭ˜ěȱ‘Ž—ȱ”Ž¢Ȭ˜—ȱȱ
ȱ Œ˜ŽȱśŜȱ ˜ž•ȱ‹ŽȱœŽȱŠ•œ˜ǯȱžŽ•ȱ™ž–™ȱ›Ž•Š¢ȱȱ
ȱ ™’—ȱŞŝȱ˜ȱ’—“ŽŒ˜›ȱ™’—ȱŗǯ
ȱ ȱ ‹ǯȱ ™Ž—Žȱ–Š’—ȱžœŽȱŗǯ
ȱ řǯȱ žŽ•ȱž–™ȱޕТȱŽ•ŠŽ
ȱ ȱ Šǯȱ ŠȱžŽ•ȱ™ž–™ȱ›Ž•Š¢ǯ
ȱ ȱ ȱ ›’–Š›¢ȱœ’Žȱž—Œ’˜—Š•ǰȱ‹žȱ™’—ȱřŖȱ˜ȱ™’—ȱŞŝȱȱ
ȱ ›Ž–Š’—œȱ˜™Ž—ǯ
ȱ ȱ ȱ ›’–Š›¢ȱœ’Žȱ™’—ȱŞśȱ˜ȱ™’—ȱŞŜȱ’œȱ˜™Ž—ȱ˜›ȱȱ ȱ
ȱ œ‘˜›Žȱž›’—ȱŽ—’—Žȱ˜™Ž›Š’˜—ǯȱ˜ŽDZȱŠĞŽ›ȱȱ
ȱ ”Ž¢Ȭ˜ěȱ‘Ž—ȱ”Ž¢Ȭ˜—ȱŒ˜ŽȱśŜȱ ˜ž•ȱ‹ŽȱœŽȱŠ•œ˜ǯ
ȱ Śǯȱ ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’›Œž’ȱŒ˜—›˜••’—ȱ’—“ŽŒ˜›ȱǛŘȱŠ–ŠŽǯ
ȱ ȱ ‹ǯȱ ’›Œž’ȱŒ˜—›˜••’—ȱžŽ•ȱ™ž–™ȱ›Ž•Š¢ȱŠ–ŠŽǯ
˜ŽDZȱ ȱ
ȱ
śśȱ
ȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ•Šœ’ŒȬȱ
ȱ ȱ
ȱ
ȱ
ŠœŽȱȱ˜—•¢ǯȱ
˜ž›ŒŽDZȱȱ
ȱ
ȱǻ’А—˜œ’Œȱ•Š–™ǼȱŒ’›Œž’ȱ˜™Ž—ǰȱȱ
ȱ ȱ
ȱ
œ‘˜›Žȱ˜ȱ›˜ž—ǰȱ˜›ȱœ‘˜›Žȱ˜ȱȱ
ȱ ȱ
ȱ
‹ŠĴŽ›¢ǯ
¡™•Š—Š’˜—DZȱ ȱ’œȱ—˜ȱž—Œ’˜—’—ȱ‹ŽŒŠžœŽȱ‘Žȱȱ
ȱ ȱ
ȱ
Œ’›Œž’ȱ’œȱ˜™Ž—ǰȱœ‘˜›Žȱ˜ȱ›˜ž—ǰȱ˜›ȱȱ
ȱ ȱ
ȱ
œ‘˜›Žȱ˜ȱ‹ŠĴŽ›¢ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
—’—Žȱ ’••ȱ›ž—ȱ—˜›–Š••¢ȱ’ȱ—˜ȱ˜‘Ž›ȱȱ
ȱ ȱ
ȱ
Ž››˜›œȱŠ›Žȱ™›ŽœŽ—ǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ ȱǻ’А—˜œ’Œȱ•Š–™ǼȱŽ•ŠŽ
ȱ ȱ Šǯȱ ȱޕޖޗȱ˜™Ž—Žȱ˜›ȱޕޖޗȱœ‘˜›Žȱ˜ȱȱ
ȱ ›˜ž—ǯ
ȱ ȱ ‹ǯȱ Š–™ȱ–’œœ’—ǯ
ȱ Řǯȱ —’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ ›˜”Ž—ȱ˜›ȱœ‘˜›Žȱ ’›Žȱ’—ȱ‘Š›—Žœœǯ
ȱ ȱ ȱ ȱ™’—ȱŘşȱ˜ȱ•Š–™ȱ˜™Ž—ȱ˜›ȱœ‘˜›Žǯ
ȱ řǯȱ Ž‘’Œ•Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
ȱ ȱ Šǯȱ ›˜”Ž—ȱ˜›ȱœ‘˜›Žȱ ’›Žȱ’—ȱ‘Š›—Žœœǯ
ȱ ȱ ȱ ˜ Ž›ȱ•ŽŠȱ˜ȱȱ˜™Ž—ȱ˜›ȱœ‘˜›Žǯȱ
ȱ Śǯȱ ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’›Œž’ȱŒ˜—›˜••’—ȱ•Š–™ȱŠ–ŠŽǯ
6HFWLRQ%
(),)XHO6\VWHP
˜ŽDZȱ ȱ
ȱ
śŜȱ
ȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ•Šœ’ŒȬȱ
ȱ ȱ
ȱ
ȱ
ŠœŽȱȱ˜—•¢ǯ
˜ž›ŒŽDZȱȱ
ȱ
žŽ•ȱ™ž–™ȱ›Ž•Š¢ȱŒ’›Œž’ȱ˜™Ž—ǰȱœ‘˜›Žȱȱ
ȱ ȱ
ȱ
˜ȱ›˜ž—ǰȱ˜›ȱœ‘˜›Žȱ˜ȱ‹ŠĴŽ›¢ǯ
¡™•Š—Š’˜—DZȱ žŽ•ȱ™ž–™ǰȱ’—’’˜—ȱŒ˜’•œǰȱŠ—ȱžŽ•ȱȱ
ȱ ȱ
ȱ
’—“ŽŒ˜›œȱ ’••ȱ—˜ȱž—Œ’˜—ȱ‹ŽŒŠžœŽȱ‘Žȱȱ
ȱ ȱ
ȱ
žŽ•ȱ™ž–™ȱ›Ž•Š¢ȱŒ’›Œž’ȱ’œȱŽ’‘Ž›ȱ˜™Ž—ǰȱȱ
ȱ ȱ
ȱ
œ‘˜›Žȱ˜ȱ›˜ž—ǰȱ˜›ȱ–Š¢ȱ‹Žȱȃ˜—Ȅȱȱ
ȱ ȱ
ȱ
Œ˜—’—ž˜žœ•¢ȱ’ȱœ‘˜›Žȱ˜ȱ‹ŠĴŽ›¢ǯ
¡™ŽŒŽȱ—’—Ž
Žœ™˜—œŽDZȱ ȱ
—’—Žȱ ’••ȱ—˜ȱ›ž—ǰȱ˜›ȱžŽ•ȱ™ž–™ȱ ’••ȱȱ
ȱ ȱ
ȱ
Œ˜—’—žŽȱ˜ȱ›ž—ȱ ‘Ž—ȱœ ’Œ‘ȱ’œȱ˜ěǯ
7URXEOHVKRRWLQJ)ORZ&KDUW
‘Žȱ˜••˜ ’—ȱ̘ ȱŒ‘Š›ȱǻ˜—ȱ™ŠŽȱśǯŚŚǼȱ™›˜Ÿ’Žœȱ
Š—ȱŠ•Ž›—Š’ŸŽȱ–Ž‘˜ȱ˜ȱ›˜ž‹•Žœ‘˜˜’—ȱ‘Žȱȱ
œ¢œŽ–ǯȱ‘ŽȱŒ‘Š›ȱ ’••ȱŽ—Š‹•Žȱ¢˜žȱ˜ȱ›ŽŸ’Ž ȱ‘ŽȱŽ—’›Žȱ
œ¢œŽ–ȱ’—ȱŠ‹˜žȱŗŖȬŗśȱ–’—žŽœǯȱœ’—ȱ‘ŽȱŒ‘Š›ǰȱ‘Žȱ
ŠŒŒ˜–™Š—¢’—ȱ’А—˜œ’ŒȱŠ’œȱǻ•’œŽȱŠĞŽ›ȱ‘ŽȱŒ‘Š›Ǽǰȱ
Š—ȱŠ—¢ȱœ’—Š•ŽȱŠž•ȱŒ˜Žœǰȱ¢˜žȱœ‘˜ž•ȱ‹ŽȱŠ‹•Žȱ˜ȱ
šž’Œ”•¢ȱ•˜ŒŠŽȱŠ—¢ȱ™›˜‹•Ž–œȱ ’‘’—ȱ‘Žȱœ¢œŽ–ǯ
˜œœ’‹•ŽȱŠžœŽœDZ
ȱ ŗǯȱ žŽ•ȱž–™ȱޕТȱŽ•ŠŽ
ȱ ȱ Šǯȱ ŠȱžŽ•ȱ™ž–™ȱ›Ž•Š¢ǯ
ȱ ȱ ȱ ›’–Š›¢ȱœ’Žȱ˜™Ž—ȱ˜›ȱœ‘˜›Žǯ
%
ȱ Řǯȱ žŽ•ȱž–™ȱŽ•ŠŽ
ȱ ȱ Šǯȱ žŽ•ȱ™ž–™ȱ˜™Ž—ȱ˜›ȱœ‘˜›Žȱ’—Ž›—Š••¢ǯ
ȱ
ȱ
ȱ
ȱ
ȱ
řǯȱ
ȱ
ȱ
ȱ
ȱ
—’—Žȱ’›’—ȱ
Š›—ŽœœȱŽ•ŠŽ
Šǯȱ žŽ•ȱ™ž–™ȱžœŽȱŗȱ˜™Ž—ǯ
‹ǯȱ ›˜”Ž—ȱ˜›ȱœ‘˜›Žȱ ’›Žȱ’—ȱ‘Š›—Žœœǯ
ȱ ȱ™’—ȱŘŞȱ˜ȱžŽ•ȱ™ž–™ȱ›Ž•Š¢ȱ™’—ȱŞŜǯ
ȱ —’’˜—ȱœ ’Œ‘ȱ˜ȱžŽ•ȱ™ž–™ȱ›Ž•Š¢ȱ™’—ȱŞśǯ
ȱ Śǯȱ ȱŽ•ŠŽ
ȱ ȱ Šǯȱ ’›Œž’ȱŒ˜—›˜••’—ȱžŽ•ȱ™ž–™ȱ›Ž•Š¢ȱŠ–ŠŽǯ
˜ŽDZȱ ȱ
ȱ
˜ž›ŒŽDZ
¡™•Š—Š’˜—DZȱ
ȱ ȱ
ȱ
ȱ ȱ
ȱ
Ŝŗ
Ž—˜Žœȱ‘ŽȱŽ—ȱ˜ȱŠž•ȱŒ˜Žœǯȱȱȱ
œ’—Š•Žȱꛜǰȱ—˜ȱ˜‘Ž›ȱŠž•ȱŒ˜ŽœȱŠ›Žȱȱ
™›ŽœŽ—ǯ
%
6HFWLRQ%
(),)XHO6\VWHP
2SHUDWHIRUDQDSSURSULDWHSHULRGRIWLPHEDVHGXSRQRULJLQDOIDXOWFRGHV
)LJXUH%
%
6HFWLRQ%
(),)XHO6\VWHP
)ORZ&KDUW'LDJQRVWLF$LGV
’А—˜œ’Œȱ’ȱǛŗȱȈȱȈȱǻȱ˜Žœȱ—˜ȱ
’••ž–’—ŠŽȱ ‘Ž—ȱ”Ž¢ȱ’œȱž›—Žȱȃ˜—ȄǼ
˜œœ’‹•ŽȱŒŠžœŽœDZ
ȱ ŗǯȱ ŠĴŽ›¢
ȱ Řǯȱ Š’—ȱœ¢œŽ–ȱžœŽ
ȱ řǯȱ ȱ•’‘ȱ‹ž•‹ȱ‹ž›—Žȱ˜ž
ȱ Śǯȱ ȱŽ•ŽŒ›’ŒŠ•ȱŒ’›Œž’ȱ™›˜‹•Ž–ȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’—ȱŒ’›Œž’œȱ
řŗȱŠ—ȱřŗǯȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’œȱŗşȱŠ—ȱŞŚǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’œȱŘşȱŠ—ȱŞŚǯ
ȱ śǯȱ —’’˜—ȱœ ’Œ‘
ȱ Ŝǯȱ Ž›–Š—Ž—ȱȱ™˜ Ž›ȱŒ’›Œž’ȱ™›˜‹•Ž–ȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’—ȱŒ’›Œž’ȱ
ŗŜǯȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’ȱŗǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’ȱŗǯ
ȱ ŝǯȱ ’Œ‘Žȱȱ™˜ Ž›ȱŒ’›Œž’ȱ™›˜‹•Ž–ȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’—ȱŒ’›Œž’ȱ
ŗŝǯȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’ȱŘǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’ȱŘǯ
ȱ Şȱ ȱ›˜ž—œ
ȱ şǯȱ ’А—˜œ’Œȱ’ȱǛŘȱȃȱȄȱǻŽŽ›ȱ˜ȱŽŠ’•Žȱ
Šž•ȱŒ˜Žȱ•’œ’—ȱ‹Ž˜›Žȱ̘ ȱŒ‘Š›ȱŠ—ȱȃœŽ›Ÿ’Œ’—Ȅȱ
’—˜›–Š’˜—ȱ˜›ȱ‘Žȱ›Žœ™ŽŒ’ŸŽȱŒ˜–™˜—Ž—œǼ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ŗǯȱ
Řǯȱ
řǯȱ
Śǯȱ
śǯȱ
Ŝǯȱ
ȱ ŝǯȱ
ȱ Şǯȱ
ȱ şǯȱ
ŗŖǯȱ
˜ŽȱŘŗȱȬȱ—’—Žȱ™ŽŽȱ¢—Œ‘›˜—’£Š’˜—
˜ŽȱŘŘȱȬȱ‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱǻǼ
˜ŽȱŘřȱȬȱ—’—Žȱ˜—›˜•ȱ—’ȱǻǼ
˜ŽȱřŗȱȬȱ¡¢Ž—ȱŽ—œ˜›
˜ŽȱřŘȱȬȱ¡¢Ž—ȱŽ—œ˜›
˜ŽȱřřȱȬȱžŽ•ȱ¢œŽ–ȱǻŽ–™˜›Š›¢ȱŠŠ™Š’˜—ȱ
ŠŒ˜›Ǽ
˜ŽȱřŚȱȬȱžŽ•ȱ¢œŽ–ȱǻ™Ž›–Š—Ž—ȱŠŠ™Š’˜—ȱ
ŠŒ˜›Ǽ
˜ŽȱŚŘȱȬȱ—’—Žȱǻ’•ǼȱŽ–™Ž›Šž›ŽȱŽ—œ˜›
˜ŽȱŚřȱȬȱȱȃž˜ȬŽŠ›—Ȅȱ—’’Š•’£Š’˜—ȱ
ž—Œ’˜—ȱǻŽ•˜ ȱ’—ǯȱ’–’ǼǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ
•Šœ’ŒȬŠœŽȱȱ˜—•¢ǯ
˜ŽȱŚŚȱȬȱȱȃž˜ȬŽŠ›—Ȅȱ—’’Š•’£Š’˜—ȱ
ž—Œ’˜—ȱǻ‹˜ŸŽȱŠ¡ǯȱ’–’ǼǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ
•Šœ’ŒȬŠœŽȱȱ˜—•¢ǯ
ȱŗŗǯȱ ˜ŽȱśŗȱȬȱ—“ŽŒ˜›ȱŗǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ•Šœ’ŒȬ
ŠœŽȱȱ˜—•¢ǯ
ŗŘǯȱ ˜ŽȱśŘȱȬȱ—“ŽŒ˜›ȱŘǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ•Šœ’ŒȬ
ŠœŽȱȱ˜—•¢ǯ
ŗřǯȱ ˜ŽȱśśȱȬȱȱ’‘ǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ•Šœ’ŒȬ
ŠœŽȱȱ˜—•¢ǯ
ŗŚǯȱ ˜ŽȱśŜȱȬȱž–™ȱޕТǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱ•Šœ’ŒȬ
ŠœŽȱȱ˜—•¢ǯ
ŗśǯȱ ˜ŽȱŜŗȱȬȱ—ȱ˜ȱŠž•Ȧ•’—”ȱ˜Žȱ›Š—œ–’œœ’˜—ǯ
’А—˜œ’Œȱ’ȱǛřȱȃȦȄȱǻȱ›Ž–Š’—œȱȃ˜—Ȅȱ
‘’•ŽȱŽ—’—Žȱ’œȱ›ž——’—ǼȘ
˜œœ’‹•ŽȱŒŠžœŽœDZ
ȱ ŗǯȱ Šž•ȱŒ˜Žœȱ ‘’Œ‘ȱž›—ȱ˜—ȱȱ ‘Ž—ȱŽ—’—Žȱ’œȱ
›ž——’—ǯ
ȱ ȱ Šǯȱ ˜ŽȱŘŗȱȬȱ—’—Žȱ™ŽŽȱ¢—Œ‘›˜—’£Š’˜—
ȱ ȱ ‹ǯȱ ˜ŽȱŘŘȱȬȱ‘›˜Ĵ•Žȱ˜œ’’˜—ȱŽ—œ˜›ȱǻǼ
ȱ ȱ Œǯȱ ˜ŽȱŘřȱȬȱ—’—Žȱ˜—›˜•ȱ—’ȱǻǼ
ȱ ȱ ǯȱ ˜ŽȱřŗȱȬȱ¡¢Ž—ȱŽ—œ˜›ȱǻœ‘˜›ŽǼ
ȱ ȱ Žǯȱ ˜ŽȱřŚȱȬȱžŽ•ȱ¢œŽ–ȱǻ™Ž›–Š—Ž—ȱŠŠ™Š’˜—ȱȱ
ȱ Šȱ•’–’Ǽ
ȱ ȱ ǯȱ ˜ŽȱŚŘȱȬȱ—’—Žȱǻ’•ǼȱŽ–™Ž›Šž›ŽȱŽ—œ˜›
ȱ ȱ ǯȱ ˜ŽȱŚřȱȬȱȱȃž˜ȬŽŠ›—Ȅȱ—’’Š•’£Š’˜—ȱȱ
ȱ ž—Œ’˜—ȱǻŽ•˜ ȱ’—ǯȱ’–’ǼǰȱȈřŘȱ’—Ȉȱȱ ȱ
ȱ ǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱȱ˜—•¢ǯ
ȱ ȱ ‘ǯȱ ˜ŽȱŚŚȱȬȱȱȃž˜ȬŽŠ›—Ȅȱ—’’Š•’£Š’˜—ȱ
ȱ ȱ ȱ ž—Œ’˜—ȱǻ‹˜ŸŽȱŠ¡ǯȱ’–’ǼȱȈřŘȱ’—Ȉȱȱ ȱ
ȱ ǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱȱ˜—•¢ǯ
ȱ ȱ ’ǯȱ ˜ŽȱśŗȱȬȱ—“ŽŒ˜›ȱŗǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱȱ ȱ
ȱ •Šœ’ŒȬŠœŽȱȱ˜—•¢ǯ
ȱ ȱ “ǯȱ ˜ŽȱśŘȱȬȱ—“ŽŒ˜›ȱŘǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱȱ ȱ
ȱ •Šœ’ŒȬŠœŽȱȱ˜—•¢ǯ
ȱ ȱ ”ǯȱ ˜ŽȱśśȱȬȱȱ’‘ǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱȱȱ
ȱ •Šœ’ŒȬŠœŽȱȱ˜—•¢ǯ
ȱ ȱ •ǯȱ ˜ŽȱśŜȱȬȱž–™ȱޕТǰȱȈřŘȱ’—ȈȱǻȱŗǯŗǼȱȱ
ȱ •Šœ’ŒȬŠœŽȱȱ˜—•¢ǯ
ȱ Řǯȱ ȱŒ’›Œž’ȱ›˜ž—Žȱ‹Ž ŽŽ—ȱ•’‘ȱŠ—ȱǯȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’—ȱŒ’›Œž’ȱ
řŗǯȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’ȱŗşǯȱȱȱ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’ȱŘşǯ
ȱ řǯȱ ȘDZȱ ȱ’—ȱŽŠ•ȬŠœŽȱȱœ¢œŽ–œȱ’œȱŠ—ȱǯȱ
‘Žȱȱ’—ȱ•Šœ’ŒȬŠœŽȱȱœ¢œŽ–œȱ–žœȱ
‹ŽȱŠȱŗȦŚȱ ŠĴȱ’—ŒŠ—ŽœŒŽ—ȱ•Š–™ǯ
%
%
6HFWLRQ%
(),)XHO6\VWHP
’А—˜œ’Œȱ’ȱǛŚȱȃȱȄȱǻȱ˜Žœȱ—˜ȱ
ž›—ȱ˜ěȱž›’—ȱŒ›Š—”’—Ǽǯȱ—’ŒŠŽœȱ‘Žȱȱ’œȱ—˜ȱ
›ŽŒŽ’Ÿ’—ȱŠȱœ’—Š•ȱ›˜–ȱ‘Žȱœ™ŽŽȱœŽ—œ˜›ǯ
˜œœ’‹•ŽȱŒŠžœŽœDZ
ȱ ŗǯȱ ™ŽŽȱœŽ—œ˜›
ȱ Řǯȱ ™ŽŽȱœŽ—œ˜›ȱŒ’›Œž’ȱ™›˜‹•Ž–ȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’—ȱŒ’›Œž’œȱ
řȱŠ—ȱŘŗǯȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’œȱşȱŠ—ȱŗŖǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’—ȱ
Œ’›Œž’œȱşȱŠ—ȱŗŖǯ
ȱ řǯȱ ™ŽŽȱœŽ—œ˜›Ȧ˜˜‘Žȱ ‘ŽŽ•ȱŠ’›ȱŠ™
ȱ Śǯȱ ˜˜‘Žȱ ‘ŽŽ•
ȱ śǯȱ •¢ ‘ŽŽ•ȱ”Ž¢ȱœ‘ŽŠ›Ž
ȱ Ŝǯȱ ’А—˜œ’Œȱ’ȱǛśȱȃȱȄȱǻžŽ•ȱ™ž–™ȱ—˜ȱ
ž›—’—ȱ˜—Ǽ
˜œœ’‹•ŽȱŒŠžœŽœDZ
ȱ ŗǯȱ žŽ•ȱ™ž–™ȱžœŽ
ȱ Řǯȱ žŽ•ȱ™ž–™ȱŒ’›Œž’ȱ™›˜‹•Ž–ȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’›Œž’œȱŚřǰȱ
ŚŚǰȱŠ—ȱ›Ž•Š¢ǯȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’œȱ
řŖǰȱŞŝǰȱŠ—ȱ›Ž•Š¢ǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’œȱ
řŖǰȱŞŝǰȱŠ—ȱ›Ž•Š¢ǯ
ȱ řǯȱ žŽ•ȱ™ž–™
’А—˜œ’Œȱ’ȱǛŜȱȃȄȱǻ›Ž•Š¢ȱ—˜ȱ˜™Ž›Š’—Ǽ
˜œœ’‹•ŽȱŒŠžœŽœDZ
ȱ ŗǯȱ ŠŽ¢ȱœ ’Œ‘ŽœȦŒ’›Œž’ǻœǼȱ™›˜‹•Ž–ȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’›Œž’œȱŚŗȱ
Š—ȱŚŗǯȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’ȱřǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’ȱ
Řśǯ
ȱ Řǯȱ ޕТȱŒ’›Œž’ǻœǼȱ™›˜‹•Ž–ȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’›Œž’œȱŘŞǰȱ
ŚŗǰȱŠ—ȱŚŗǯȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’œȱ
ŗŞǰȱŞśǰȱřŖǰȱŠ—ȱŞŝǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’œȱ
ŘŞǰŞśǰȱřŖǰȱŠ—ȱŞŝǯ
ȱ řǯȱ ޕТ
ȱ Śǯȱ ȱ›˜ž—œ
ȱ śǯȱ ’А—˜œ’Œȱ’ȱǛŝȱȃȱȄȱǻ—˜ȱœ™Š›”Ǽ
˜œœ’‹•ŽȱŒŠžœŽœDZȱ
ȱ ŗǯȱ ™Š›”ȱ™•ž
ȱ Řǯȱ •žȱ ’›Ž
ȱ řǯȱ ˜’•
ȱ Śǯȱ ˜’•ȱŒ’›Œž’ǻœǼ
ȱ ȱ ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’›Œž’œȱŗǰȱ
ŗşǰȱŚŖǰȱŚŖǰȱŚřǰȱŠ—ȱ›Ž•Š¢ǯ
ȱ ȱ ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’œȱ
ŘŘǰȱŘřǰȱŜśǰȱŜŜǰȱřŖǰȱŠ—ȱ›Ž•Š¢ǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’œȱ
řŖǰȱřŗǰȱŜśǰȱŜŜǰȱ›Ž•Š¢ȱŠ—ȱ›Ž•Š¢ȱŒ’›Œž’ȱřŖǯ
ȱ śǯȱ ȱ›˜ž—œ
ȱ Ŝǯȱ ’А—˜œ’Œȱ’ȱǛŞȱȃȱȬȄȱ
ǻ—˜ȱžŽ•ȱŽ•’ŸŽ›¢Ǽ
˜œœ’‹•ŽȱŒŠžœŽœDZ
ȱ ŗǯȱ ˜ȱžŽ•
ȱ Řǯȱ ’›ȱ’—ȱžŽ•ȱ›Š’•
ȱ řǯȱ žŽ•ȱŸŠ•ŸŽȱœ‘žȱ˜ě
ȱ Śǯȱ žŽ•ȱꕝŽ›Ȧ•’—Žȱ™•žŽ
ȱ śǯȱ —“ŽŒ˜›ȱŒ’›Œž’ǻœǼȱ
ȃřśȱ’—ȄȱǻȱŗǯŝǼȱŽŠ•ȬŠœŽȱDZȱ’›Œž’œȱřśǰȱ
řśǰȱŚśǰȱŠ—ȱŚśǯȱ
ȃŘŚȱ’—ȄȱǻȱŗǯŖǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’œȱ
ŗŜǰȱŗŝǰȱŚśǰȱŠ—ȱŚśǯ
ȱ ȱ ȃřŘȱ’—ȄȱǻȱŗǯŗǼȱ•Šœ’ŒȬŠœŽȱDZȱ’›Œž’œȱ
ŗŚǰŗśǰȱŠ—ȱŚśǯ
ȱ Ŝǯȱ —“ŽŒ˜›
ȱ ŝǯȱ ȱ›˜ž—œ
ȱ Şǯȱ ’А—˜œ’Œȱ’ȱǛşȱȃȱȄȱǻžŽ•ȱ™›Žœœž›ŽǼ
˜œœ’‹•ŽȱŒŠžœŽœȱ˜›ȱ•˜ ȱžŽ•ȱœ¢œŽ–ȱ™›Žœœž›ŽDZ
ȱ ŗǯȱ ˜ ȱžŽ•
ȱ Řǯȱ žŽ•ȱꕝŽ›ȱ™•žŽ
ȱ řǯȱ žŽ•ȱœž™™•¢ȱ•’—Žȱ™•žŽ
ȱ Śǯȱ ›Žœœž›Žȱ›Žž•Š˜›
ȱ śǯȱ žŽ•ȱ™ž–™
˜œœ’‹•ŽȱŒŠžœŽœȱ˜›ȱ‘’‘ȱžŽ•ȱœ¢œŽ–ȱ™›Žœœž›ŽDZ
ȱ ŗǯȱ ›Žœœž›Žȱ›Žž•Š˜›
ȱ Řǯȱ žŽ•ȱ›Žž›—ȱ•’—Žȱ™•žŽȱ˜›ȱ›Žœ›’ŒŽǯ
’А—˜œ’Œȱ’ȱǛŗŖȱȃȱȄȱǻŒ›Š—”œȱ‹žȱ
’••ȱ—˜ȱ›ž—Ǽ
˜œœ’‹•ŽȱŒŠžœŽœDZ
ȱ ŗǯȱ ŽŽ›ȱ˜ȱ‹Šœ’ŒȱŽ—’—Žȱ›˜ž‹•Žœ‘˜˜’—ȱŒ‘Š›œȱ
’‘’—ȱœŽ›Ÿ’ŒŽȱ–Š—žŠ•ȱœŽŒ’˜—œȱřǰȱśǰȱŠ—ȱŞǯ
%
6HFWLRQ
/XEULFDWLRQ6\VWHP
6HFWLRQ
/XEULFDWLRQ6\VWHP
*HQHUDO
‘’œȱŽ—’—ŽȱžœŽœȱŠȱž••ȱ™›Žœœž›Žȱ•ž‹›’ŒŠ’˜—ȱœ¢œŽ–ǯȱ
‘’œȱœ¢œŽ–ȱŽ•’ŸŽ›œȱ˜’•ȱž—Ž›ȱ™›Žœœž›Žȱ˜ȱ‘Žȱ
Œ›Š—”œ‘ŠĞǰȱŒŠ–œ‘ŠĞǰȱŠ—ȱŒ˜——ŽŒ’—ȱ›˜ȱ‹ŽŠ›’—ȱ
œž›ŠŒŽœǯȱ—ȱŠ’’˜—ȱ˜ȱ•ž‹›’ŒŠ’—ȱ‘Žȱ‹ŽŠ›’—ȱœž›ŠŒŽœǰȱ
‘Žȱ•ž‹›’ŒŠ’˜—ȱœ¢œŽ–ȱœž™™•’Žœȱ˜’•ȱ˜ȱ‘Žȱ‘¢›Šž•’Œȱ
ŸŠ•ŸŽȱ•’ĞŽ›œǯ
ȱ‘’‘ȬŽĜŒ’Ž—Œ¢ȱŽ›˜˜›ȱ™ž–™ȱ’œȱ•˜ŒŠŽȱ’—ȱ‘ŽȱŒ•˜œž›Žȱ
™•ŠŽǯȱ‘Žȱ˜’•ȱ™ž–™ȱ–Š’—Š’—œȱ‘’‘ȱ˜’•ȱ̘ ȱŠ—ȱ˜’•ȱ
™›Žœœž›ŽǰȱŽŸŽ—ȱŠȱ•˜ ȱœ™ŽŽœȱŠ—ȱ‘’‘ȱ˜™Ž›Š’—ȱ
Ž–™Ž›Šž›Žœǯȱȱ™›Žœœž›Žȱ›Ž•’ŽȱŸŠ•ŸŽȱ•’–’œȱ‘Žȱ
–Š¡’–ž–ȱ™›Žœœž›Žȱ˜ȱ‘Žȱœ¢œŽ–ǯ
6HUYLFH
‘ŽȱŒ•˜œž›Žȱ™•ŠŽȱ–žœȱ‹Žȱ›Ž–˜ŸŽȱ˜ȱœŽ›Ÿ’ŒŽȱ‘Žȱ˜’•ȱ
™’Œ”ž™ǰȱ‘Žȱ™›Žœœž›Žȱ›Ž•’ŽȱŸŠ•ŸŽȱŠ—ȱ‘Žȱ˜’•ȱ™ž–™ǯȱ
ŽŽ›ȱ˜ȱ‘ŽȱŠ™™›˜™›’ŠŽȱ™›˜ŒŽž›Žœȱ’—ȱŽŒ’˜—œȱşȱŠ—ȱ
ŗŖǯ
DZȱ œ’—ȱ˜‘Ž›ȱ‘Š—ȱœŽ›Ÿ’ŒŽȱŒ•Šœœȱǰȱ
ǰȱȱ˜›ȱ
‘’‘Ž›ȱ˜’•ǰȱ˜›ȱŽ¡Ž—’—ȱ˜’•ȱŒ‘Š—Žȱ’—Ž›ŸŠ•œȱ
•˜—Ž›ȱ‘Š—ȱ›ŽŒ˜––Ž—ŽȱŒŠ—ȱŒŠžœŽȱŽ—’—Žȱ
Š–АŽǯ
DZȱ ¢—‘Ž’Œȱ˜’•œȱ–ŽŽ’—ȱ‘Žȱ•’œŽȱ
Œ•Šœœ’ęŒŠ’˜—œȱ–Š¢ȱ‹ŽȱžœŽȱ ’‘ȱ˜’•ȱŒ‘Š—Žœȱ
™Ž›˜›–ŽȱŠȱ‘Žȱ›ŽŒ˜––Ž—Žȱ’—Ž›ŸŠ•œǯȱ
˜ ŽŸŽ›ǰȱ˜ȱŠ••˜ ȱ™’œ˜—ȱ›’—œȱ˜ȱ™›˜™Ž›•¢ȱ
œŽŠǰȱŠȱ—Ž ȱ˜›ȱ›Ž‹ž’•ȱŽ—’—Žȱœ‘˜ž•ȱ‹Žȱ
˜™Ž›ŠŽȱ˜›ȱŠȱ•ŽŠœȱśŖȱ‘˜ž›œȱžœ’—ȱœŠ—Š›ȱ
™Ž›˜•Žž–ȱ‹ŠœŽȱ˜’•ȱ‹Ž˜›Žȱœ ’Œ‘’—ȱ˜ȱ
œ¢—‘Ž’Œȱ˜’•ǯ
ȱ•˜˜ȱ˜›ȱœ¢–‹˜•ȱ˜—ȱ˜’•ȱŒ˜—Š’—Ž›œȱ’Ž—’ęŽœȱ‘Žȱȱ
œŽ›Ÿ’ŒŽȱŒ•ŠœœȱŠ—ȱȱŸ’œŒ˜œ’¢ȱ›ŠŽǯȱŽŽȱ’ž›ŽȱŜȬŗǯ
2LO5HFRPPHQGDWLRQV
œ’—ȱ‘Žȱ™›˜™Ž›ȱ¢™ŽȱŠ—ȱ Ž’‘ȱ˜ȱ˜’•ȱ’—ȱ‘Žȱ
Œ›Š—”ŒŠœŽȱ’œȱŽ¡›Ž–Ž•¢ȱ’–™˜›Š—Dzȱœ˜ȱ’œȱŒ‘ŽŒ”’—ȱ˜’•ȱ
Š’•¢ȱŠ—ȱŒ‘Š—’—ȱ‘Žȱ˜’•ȱŠ—ȱꕝŽ›ȱ›Žž•Š›•¢ǯ
œŽȱ‘’‘ȬšžŠ•’¢ȱŽŽ›Ž—ȱ˜’•ȱ˜ȱȱǻ–Ž›’ŒŠ—ȱ
Ž›˜•Žž–ȱ—œ’žŽǼȱœŽ›Ÿ’ŒŽȱŒ•Šœœȱǰȱ
ǰȱȱ
˜›ȱ‘’‘Ž›ǯȱŽ•ŽŒȱ‘ŽȱŸ’œŒ˜œ’¢ȱ‹ŠœŽȱ˜—ȱ‘ŽȱŠ’›ȱ
Ž–™Ž›Šž›ŽȱŠȱ‘Žȱ’–Žȱ˜ȱ˜™Ž›Š’˜—ȱŠœȱœ‘˜ —ȱ’—ȱ‘Žȱ
˜••˜ ’—ȱŠ‹•Žǯ
)LJXUH2LO&RQWDLQHU/RJR
‘Žȱ˜™ȱ™˜œ’’˜—ȱ˜ȱ‘Žȱœ¢–‹˜•ȱœ‘˜ œȱœŽ›Ÿ’ŒŽȱŒ•Šœœȱ
œžŒ‘ȱŠœȱȱȱȱǯȱ‘Žȱœ¢–‹˜•ȱ–Š¢ȱ
œ‘˜ ȱŠ’’˜—Š•ȱŒŠŽ˜›’ŽœȱœžŒ‘ȱŠœȱ
ǰȱȦǰȱ˜›ȱ
ǯȱ‘ŽȱŒŽ—Ž›ȱ™˜›’˜—ȱœ‘˜ œȱ‘ŽȱŸ’œŒ˜œ’¢ȱ›ŠŽȱœžŒ‘ȱ
ŠœȱȱŗŖȬřŖǯȱȱ‘Žȱ‹˜Ĵ˜–ȱ™˜›’˜—ȱœ‘˜ œȱȃ—Ž›¢ȱ
˜—œŽ›Ÿ’—ǰȄȱ’ȱ–ŽŠ—œȱ‘Šȱ˜’•ȱ’œȱ’—Ž—Žȱ˜ȱ’–™›˜ŸŽȱ
žŽ•ȱŽŒ˜—˜–¢ȱ’—ȱ™ŠœœŽ—Ž›ȱŒŠ›ȱŽ—’—Žœǯ
ȘœŽȱ˜ȱœ¢—‘Ž’Œȱ˜’•ȱ‘ŠŸ’—ȱśȬŘŖȱ˜›ȱśȬřŖȱ›Š’—ȱ’œȱ
ŠŒŒŽ™Š‹•Žǰȱž™ȱ˜ȱŚǚȱǻŚŖǚǼǯ
ȘȘ¢—‘Ž’Œȱ˜’•œȱ ’••ȱ™›˜Ÿ’Žȱ‹ŽĴŽ›ȱœŠ›’—ȱ’—ȱŽ¡›Ž–ŽȱŒ˜•ȱ
‹Ž•˜ ȱȬŘřǚȱǻȬŗŖǚǼǯ
6HFWLRQ
/XEULFDWLRQ6\VWHP
&KHFNLQJ2LO/HYHO
‘Žȱ’–™˜›Š—ŒŽȱ˜ȱŒ‘ŽŒ”’—ȱŠ—ȱ–Š’—Š’—’—ȱ
‘Žȱ™›˜™Ž›ȱ˜’•ȱ•ŽŸŽ•ȱ’—ȱ‘ŽȱŒ›Š—”ŒŠœŽȱŒŠ——˜ȱ‹Žȱ
˜ŸŽ›Ž–™‘Šœ’£Žǯȱ‘ŽŒ”ȱ˜’•ȱȱ
ȱȱŠœȱ
˜••˜ œDZ
ȱ ŗǯȱ Š”Žȱœž›Žȱ‘ŽȱŽ—’—Žȱ’œȱœ˜™™Žǰȱ•ŽŸŽ•ȱŠ—ȱ’œȱŒ˜˜•ȱ
œ˜ȱ‘Žȱ˜’•ȱ‘Šœȱ‘Šȱ’–Žȱ˜ȱ›Š’—ȱ’—˜ȱ‘Žȱœž–™ǯ
ȱ Řǯȱ •ŽŠ—ȱ‘ŽȱŠ›ŽŠȱŠ›˜ž—ȱ‘Žȱ’™œ’Œ”ȱ‹Ž˜›Žȱ
›Ž–˜Ÿ’—ȱ’ǯȱ‘’œȱ ’••ȱ‘Ž•™ȱ˜ȱ”ŽŽ™ȱ’›ǰȱ›Šœœȱ
Œ•’™™’—œǰȱŽŒǯǰȱ˜žȱ˜ȱ‘ŽȱŽ—’—Žǯ
ȱ řǯȱ Ž–˜ŸŽȱ‘Žȱ’™œ’Œ”Dzȱ ’™Žȱ˜’•ȱ˜ěǯȱŽ’—œŽ›ȱ‘Žȱ
’™œ’Œ”ȱ’—˜ȱ‘Žȱž‹Žȱž—’•ȱž••¢ȱœŽŠŽǯȱŽŽȱ
’ž›ŽȱŜȬŘǯ
2LO)LOO&DS9DOYH
&RYHU/RFDWLRQ
'LSVWLFN
DZȱ ˜ȱ™›ŽŸŽ—ȱŽ¡Ž—œ’ŸŽȱŽ—’—Žȱ ŽŠ›ȱ˜›ȱŠ–АŽǰȱ
Š• Š¢œȱ–Š’—Š’—ȱ‘Žȱ™›˜™Ž›ȱ˜’•ȱ•ŽŸŽ•ȱ’—ȱ‘Žȱ
Œ›Š—”ŒŠœŽǯȱŽŸŽ›ȱ˜™Ž›ŠŽȱ‘ŽȱŽ—’—Žȱ ’‘ȱ‘Žȱ
˜’•ȱ•ŽŸŽ•ȱ‹Ž•˜ ȱ‘ŽȱȁȁȄȱ–Š›”ȱ˜›ȱŠ‹˜ŸŽȱ‘ŽȱȁȁȄȱ
–Š›”ȱ˜—ȱ‘Žȱ’™œ’Œ”ǯ
&KDQJLQJ2LODQG2LO)LOWHU
&KDQJLQJ2LO
‘Š—Žȱ‘Žȱ˜’•ȱŠĞŽ›ȱŽŸŽ›¢ȱŗŖŖȱ‘˜ž›œȱ˜ȱ˜™Ž›Š’˜—ȱ
ǻ–˜›Žȱ›ŽšžŽ—•¢ȱž—Ž›ȱœŽŸŽ›ŽȱŒ˜—’’˜—œǼǯȱŽę••ȱ ’‘ȱ
œŽ›Ÿ’ŒŽȱŒ•Šœœȱǰȱ
ǰȱȱ˜›ȱ‘’‘Ž›ȱ˜’•ȱŠœȱœ™ŽŒ’ꮍȱ’—ȱ‘Žȱ
ȃ’œŒ˜œ’¢ȱ›ŠŽœȄȱŠ‹•Žȱ˜—ȱ™ŠŽȱŜǯŗǯ
‘Š—Žȱ‘Žȱ˜’•ȱ ‘’•Žȱ‘ŽȱŽ—’—Žȱ’œȱœ’••ȱ Š›–ǯȱ‘Žȱ˜’•ȱ
’••ȱ̘ ȱ–˜›Žȱ›ŽŽ•¢ȱŠ—ȱŒŠ››¢ȱРТȱ–˜›Žȱ’–™ž›’’Žœǯȱ
Š”Žȱœž›Žȱ‘ŽȱŽ—’—Žȱ’œȱ•ŽŸŽ•ȱ ‘Ž—ȱꕕ’—ȱ˜›ȱŒ‘ŽŒ”’—ȱ
˜’•ǯ
‘Š—Žȱ‘Žȱ˜’•ȱŠœȱ˜••˜ œDZ
ȱ ŗǯȱ •ŽŠ—ȱ‘ŽȱŠ›ŽŠœȱŠ›˜ž—ȱ˜—Žȱ˜ȱ‘Žȱ˜’•ȱ›Š’—ȱ™•žœǰȱ
˜’•ȱꕕȱŒŠ™ǰȱŠ—ȱ’™œ’Œ”ǯ
ȱ Řǯȱ Ž–˜ŸŽȱ˜—Žȱ˜ȱ‘Žȱ˜’•ȱ›Š’—ȱ™•žœǯȱȱ›Š’—ȱ™•žȱ
’œȱ•˜ŒŠŽȱ˜—ȱŽ’‘Ž›ȱœ’Žȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽDzȱ˜—Žȱ’œȱ
Š“ŠŒŽ—ȱ˜ȱŠ—ȱ‹Ž•˜ ȱ‘Žȱ˜’•ȱꕝŽ›ǰȱ‘Žȱ˜‘Ž›ȱ’œȱ
‹Ž•˜ ȱ‘ŽȱœŠ›Ž›ǯȱŽŽȱ’ž›ŽȱŜȬŚǯ
)LJXUH/RFDWLRQRI2LO)LOO&DSDQG'LSVWLFN
ȱ Śǯȱ Ž–˜ŸŽȱ’™œ’Œ”ȱŠ—ȱŒ‘ŽŒ”ȱ˜’•ȱ•ŽŸŽ•ǯȱ‘Žȱ•ŽŸŽ•ȱ
œ‘˜ž•ȱ‹Žȱ‹Ž ŽŽ—ȱ‘ŽȱȁȁȂȂȱŠ—ȱȁȁȂȂȱ–Š›”œǯȱȱ•˜ ǰȱ
Šȱ˜’•ȱ˜ȱ‘Žȱ™›˜™Ž›ȱ¢™Žȱž™ȱ˜ȱ‘ŽȱȈȈȱ–Š›”ǯȱ
Ž’—œŠ••ȱ˜’•ȱꕕȱŒŠ™ȱŠ—ȱ’™œ’Œ”ǯ
2LO'UDLQ3OXJ6WDUWHU6LGH
2SHUDWLQJ
5DQJH
)LJXUH2LO/HYHO0DUNVRQ'LSVWLFN
2LO'UDLQ3OXJ2LO)LOWHU6LGH
)LJXUH/RFDWLRQRI2LO'UDLQV
6HFWLRQ
/XEULFDWLRQ6\VWHP
ȱ řǯȱ ••˜ ȱŠ••ȱ‘Žȱ˜’•ȱ˜ȱ›Š’—ȱŠ—ȱ‘Ž—ȱ›Ž’—œŠ••ȱ‘Žȱ
›Š’—ȱ™•žǯȱ˜›šžŽȱ˜ȱŗřǯŜȱȉ–ȱǻŗŖȱĞǯȱ•‹ǯǼǯ
ȱ ŗǯȱ •ŽŠ—ȱ‘ŽȱŠ›ŽŠœȱŠ›˜ž—ȱ‘Žȱ›Š’—ȱ™•žǰȱ˜’•ȱꕝŽ›ǰȱ
˜’•ȱꕕȱŒŠ™ȱŠ—ȱ’™œ’Œ”ǯ
ȱ Śǯȱ Ž–˜ŸŽȱ‘Žȱ˜’•ȱꕕȱŒŠ™ȱŠ—ȱꕕȱ‘ŽȱŽ—’—Žȱ ’‘ȱ
‘Žȱ™›˜™Ž›ȱ˜’•ȱ˜ȱ‘ŽȱȁȁȂȂȱ–Š›”ȱ˜—ȱ‘Žȱ’™œ’Œ”ǯȱ
• Š¢œȱŒ‘ŽŒ”ȱ‘Žȱ˜’•ȱ•ŽŸŽ•ȱ ’‘ȱ‘Žȱ’™œ’Œ”ȱ
‹Ž˜›ŽȱŠ’—ȱ–˜›Žȱ˜’•ǯ
ȱ Řǯȱ Ž–˜ŸŽȱ˜—Žȱ˜ȱ‘Žȱ˜’•ȱ›Š’—ȱ™•žœǯȱȱ›Š’—ȱ™•žȱ
’œȱ•˜ŒŠŽȱ˜—ȱŽ’‘Ž›ȱœ’Žȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽDzȱ˜—Žȱ’œȱ
Š“ŠŒŽ—ȱ˜ȱŠ—ȱ‹Ž•˜ ȱ‘Žȱ˜’•ȱꕝŽ›ǰȱ‘Žȱ˜‘Ž›ȱ’œȱ
‹Ž•˜ ȱ‘ŽȱœŠ›Ž›ǯ
ȱ řǯȱ ••˜ ȱŠ••ȱ˜’•ȱ˜ȱ›Š’—ȱŠ—ȱ‘Ž—ȱ›Ž’—œŠ••ȱ‘Žȱ›Š’—ȱ
™•žǯȱ˜›šžŽȱ˜ȱŗřǯŜȱȉ–ȱǻŗŖȱĞǯȱ•‹ǯǼǯ
ȱ Śǯȱ Ž–˜ŸŽȱ‘Žȱ˜•ȱꕝŽ›ȱŠ—ȱ ’™Žȱ˜ěȱ‘ŽȱꕝŽ›ȱ
ŠŠ™Ž›ȱ ’‘ȱŠȱŒ•ŽŠ—ȱŒ•˜‘ǯ
ȱ śǯȱ •ŠŒŽȱŠȱ—Ž ȱ›Ž™•ŠŒŽ–Ž—ȱꕝŽ›ȱ’—ȱŠȱœ‘Š••˜ ȱ™Š—ȱ
’‘ȱ‘Žȱ˜™Ž—ȱŽ—ȱž™ǯȱ˜ž›ȱ—Ž ȱ˜’•ǰȱ˜ȱ‘Žȱ™›˜™Ž›ȱ
¢™Žǰȱ’—ȱ‘›˜ž‘ȱ‘Žȱ‘›ŽŠŽȱŒŽ—Ž›ȱ‘˜•Žǯȱ˜™ȱ
™˜ž›’—ȱ ‘Ž—ȱ‘Žȱ˜’•ȱ›ŽŠŒ‘Žœȱ‘Žȱ‹˜Ĵ˜–ȱ˜ȱ‘Žȱ
‘›ŽŠœǯȱ••˜ ȱŠȱ–’—žŽȱ˜›ȱ ˜ȱ˜›ȱ‘Žȱ˜’•ȱ˜ȱ‹Žȱ
Š‹œ˜›‹Žȱ‹¢ȱ‘ŽȱꕝŽ›ȱ–ŠŽ›’Š•ǯ
ȱ Ŝǯȱ ™™•¢ȱŠȱ‘’—ȱꕖȱ˜ȱŒ•ŽŠ—ȱ˜’•ȱ˜ȱ‘Žȱ›ž‹‹Ž›ȱŠœ”Žȱ
˜—ȱ‘Žȱ—Ž ȱꕝŽ›ǯ
)LJXUH5HPRYLQJ2LO)LOO&DS
ȱ śǯȱ Ž’—œŠ••ȱ‘Žȱ˜’•ȱꕕȱŒŠ™ǯ
&KDQJLQJ2LO)LOWHU
Ž™•ŠŒŽȱ‘Žȱ˜’•ȱꕝŽ›ȱŠȱ•ŽŠœȱŽŸŽ›¢ȱ˜‘Ž›ȱ˜’•ȱŒ‘Š—Žȱ
ǻŽŸŽ›¢ȱŘŖŖȱ‘˜ž›œȱ˜ȱ˜™Ž›Š’˜—Ǽǯȱ• Š¢œȱžœŽȱŠȱŽ—ž’—Žȱ
˜‘•Ž›ȱ˜’•ȱꕝŽ›ǯȱ‘Š—Žȱ‘ŽȱꕝŽ›ȱŠœȱ˜••˜ œǯȱŽŽȱ
’ž›ŽȱŜȬŜǯ
ȱ ŝǯȱ —œŠ••ȱ‘Žȱ—Ž ȱ˜’•ȱꕝŽ›ȱ˜ȱ‘ŽȱꕝŽ›ȱŠŠ™Ž›ȱ˜›ȱ˜’•ȱ
Œ˜˜•Ž›ǯȱŽŽ›ȱ˜ȱ’—œ›žŒ’˜—œȱ˜—ȱ‘Žȱ˜’•ȱꕝŽ›ȱ˜›ȱ
™›˜™Ž›ȱ’—œŠ••Š’˜—ǯ
ȱ Şǯȱ Ž–˜ŸŽȱ‘Žȱ˜’•ȱꕕȱŒŠ™ȱŠ—ȱꕕȱ‘ŽȱŽ—’—Žȱ ’‘ȱ
‘Žȱ™›˜™Ž›ȱ˜’•ȱ˜ȱ‘ŽȱȁȁȂȂȱ–Š›”ȱ˜—ȱ‘Žȱ’™œ’Œ”ǯȱ
• Š¢œȱŒ‘ŽŒ”ȱ‘Žȱ˜’•ȱ•ŽŸŽ•ȱ ’‘ȱ‘Žȱ’™œ’Œ”ȱ
‹Ž˜›ŽȱŠ’—ȱ–˜›Žȱ˜’•ǯ
ȱ şǯȱ Ž’—œŠ••ȱ‘Žȱ˜’•ȱꕕȱŒŠ™ȱŠ—ȱ’™œ’Œ”ǯ
2LO)LOWHU
ŗŖǯȱ Š›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱŒ‘ŽŒ”ȱ˜›ȱ˜’•ȱ•ŽŠ”œǯȱ˜™ȱ‘Žȱ
Ž—’—ŽǰȱŒ˜››ŽŒȱŠ—¢ȱ•ŽŠ”œǰȱŠ—ȱŠ••˜ ȱŠȱ–’—žŽȱ˜›ȱ
‘Žȱ˜’•ȱ˜ȱ›Š’—ȱ˜ —ǰȱ‘Ž—ȱ›ŽŒ‘ŽŒ”ȱ‘Žȱ•ŽŸŽ•ȱ˜—ȱ
‘Žȱ’™œ’Œ”ǯ
2LO&RROHU
2LO'UDLQ3OXJ
)LJXUH2LO'UDLQ3OXJDQG2LO)LOWHU(QJLQH
:LWK2LO&RROHU
6HFWLRQ
/XEULFDWLRQ6\VWHP
6HUYLFH2LO&RROHU
˜–ŽȱŽ—’—ŽœȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱŠ—ȱ˜’•ȱŒ˜˜•Ž›ǯȱ—Žȱ
œ¢•Žȱ˜ȱ˜’•ȱŒ˜˜•Ž›ȱ–˜ž—œȱ˜—ȱ‘ŽȱŽ—’—ŽȱŒ›Š—”ŒŠœŽȱŠ—ȱ
‘Šœȱ‘Žȱ˜’•ȱꕝŽ›ȱ˜—ȱ’ǯȱ‘Žȱ˜‘Ž›ȱœ¢•Žȱ˜ȱ˜’•ȱŒ˜˜•Ž›ȱ’œȱ
–˜ž—Žȱ˜—ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ǰȱœŽ™Š›ŠŽȱ›˜–ȱ‘Žȱ˜’•ȱ
ꕝŽ›ǯȱŽŽȱ’ž›ŽȱŜȬŝǯ
&UDQNFDVH0RXQWHG
2LO&RROHU
2LO6HQWU\
Œ
*HQHUDO
˜–ŽȱŽ—’—ŽœȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱŠ—ȱ˜™’˜—Š•ȱ’•ȱ
Ž—›¢Ȝȱœ ’Œ‘ǯȱ‘’œȱœ ’Œ‘ȱ’œȱŽœ’—Žȱ˜ȱ™›ŽŸŽ—ȱ
‘ŽȱŽ—’—Žȱ›˜–ȱœŠ›’—ȱ’—ȱŠȱ•˜ ȱ˜’•ȱ˜›ȱ—˜ȱ˜’•ȱ
Œ˜—’’˜—ǯȱ‘Žȱ’•ȱŽ—›¢Ȝȱ–Š¢ȱ—˜ȱœ‘žȱ˜ —ȱ
Šȱ›ž——’—ȱŽ—’—Žȱ‹Ž˜›ŽȱŠ–АŽȱ˜ŒŒž›œǯȱ—ȱœ˜–Žȱ
Š™™•’ŒŠ’˜—œȱ‘’œȱœ ’Œ‘ȱ–Š¢ȱŠŒ’ŸŠŽȱŠȱ Š›—’—ȱœ’—Š•ǯȱ
ŽŠȱ¢˜ž›ȱŽšž’™–Ž—ȱ–Š—žŠ•œȱ˜›ȱ–˜›Žȱ’—˜›–Š’˜—ǯ
‘Žȱ™›Žœœž›Žȱœ ’Œ‘ȱ’œȱŽœ’—Žȱ˜ȱ‹›ŽŠ”ȱŒ˜—ŠŒȱŠœȱ
‘Žȱ˜’•ȱ™›Žœœž›Žȱ’—Œ›ŽŠœŽœȱŠ‹˜ŸŽȱřȬśȱ™œ’ǰȱŠ—ȱ–Š”Žȱ
Œ˜—ŠŒȱŠœȱ‘Žȱ˜’•ȱ™›Žœœž›ŽȱŽŒ›ŽŠœŽœȱ‹Ž•˜ ȱřȬśȱ™œ’ǯ
%ORZHU+RXVLQJ
0RXQWHG2LO&RROHU
—ȱœŠ’˜—Š›¢ȱ˜›ȱž—ŠĴŽ—ŽȱŠ™™•’ŒŠ’˜—œȱǻ™ž–™œǰȱ
Ž—Ž›Š˜›œǰȱŽŒǯǼǰȱ‘Žȱ™›Žœœž›Žȱœ ’Œ‘ȱŒŠ—ȱ‹ŽȱžœŽȱ˜ȱ
›˜ž—ȱ‘Žȱ’—’’˜—ȱ–˜ž•Žȱ˜ȱœ˜™ȱ‘ŽȱŽ—’—Žǯȱ—ȱ
ŸŽ‘’Œž•Š›ȱŠ™™•’ŒŠ’˜—œȱǻ•Š —ȱ›ŠŒ˜›œǰȱ–˜ Ž›œǰȱŽŒǯǼȱ
‘Žȱ™›Žœœž›Žȱœ ’Œ‘ȱŒŠ—ȱ˜—•¢ȱ‹ŽȱžœŽȱ˜ȱŠŒ’ŸŠŽȱŠȱ
ȃ•˜ ȱ˜’•Ȅȱ Š›—’—ȱ•’‘ȱ˜›ȱœ’—Š•ǯ
DZȱ Š”Žȱœž›Žȱ‘Žȱ˜’•ȱ•ŽŸŽ•ȱ’œȱŒ‘ŽŒ”Žȱ‹Ž˜›Žȱ
ŽŠŒ‘ȱžœŽȱŠ—ȱ’œȱ–Š’—Š’—Žȱž™ȱ˜ȱ‘ŽȱȃȄȱ
–Š›”ȱ˜—ȱ‘Žȱ’™œ’Œ”ǯȱ‘’œȱ’—Œ•žŽœȱŽ—’—Žœȱ
Žšž’™™Žȱ ’‘ȱ’•ȱŽ—›¢Ȝǯ
,QVWDOODWLRQ
‘Žȱ’•ȱŽ—›¢Ȝȱ™›Žœœž›Žȱœ ’Œ‘ȱ’œȱ’—œŠ••Žȱ’—ȱ‘Žȱ
‹›ŽŠ‘Ž›ȱŒ˜ŸŽ›ǯȱŽŽȱ’ž›ŽȱŜȬŞǯ
)LJXUH2LO&RROHUV
—œ™ŽŒȱŠ—ȱŒ•ŽŠ—ȱ‘Žȱ˜’•ȱŒ˜˜•Ž›ȱŽŸŽ›¢ȱŗŖŖȱ‘˜ž›œȱ˜ȱ
˜™Ž›Š’˜—ȱǻ–˜›Žȱ›ŽšžŽ—•¢ȱž—Ž›ȱœŽŸŽ›ŽȱŒ˜—’’˜—œǼǯȱ
—ȱ˜›Ž›ȱ˜ȱ‹ŽȱŽěŽŒ’ŸŽǰȱ‘Žȱ˜’•ȱŒ˜˜•Ž›ȱ–žœȱ‹Žȱ”Ž™ȱ›ŽŽȱ
˜ȱŽ‹›’œǯ
˜ȱœŽ›Ÿ’ŒŽȱ‘ŽȱŒ›Š—”ŒŠœŽȱ–˜ž—Žȱ˜’•ȱŒ˜˜•Ž›ǰȱŒ•ŽŠ—ȱ˜ěȱ
‘Žȱ˜žœ’Žȱꗜȱ ’‘ȱŠȱ‹›žœ‘ȱ˜›ȱ ’‘ȱŒ˜–™›ŽœœŽȱŠ’›ǯ
˜ȱœŽ›Ÿ’ŒŽȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ–˜ž—Žȱ˜’•ȱŒ˜˜•Ž›ǰȱ
Œ•ŽŠ—ȱ‘Žȱ˜žœ’Žȱ˜ȱꗜȱ ’‘ȱŠȱ‹›žœ‘ǯȱŽ–˜ŸŽȱ‘Žȱ ˜ȱ
œŒ›Ž œȱ‘˜•’—ȱ‘ŽȱŒ˜˜•Ž›ȱž—’ȱ˜ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ǯȱ
’•ȱ‘ŽȱŒ˜˜•Ž›ȱ˜ — Š›ǯȱ•ŽŠ—ȱ‘Žȱ’—œ’Žȱ˜ȱ‘Žȱ
Œ˜˜•Ž›ȱ ’‘ȱŠȱ‹›žœ‘ȱ˜›ȱ ’‘ȱŒ˜–™›ŽœœŽȱŠ’›ǯȱЎ›ȱ
Œ•ŽŠ—’—ǰȱ›Ž’—œŠ••ȱ‘Žȱ˜’•ȱŒ˜˜•Ž›ȱ˜ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ
’‘ȱ‘Žȱ ˜ȱ–˜ž—’—ȱœŒ›Ž œǯ
2LO6HQWU\Œ
6ZLWFK
%UHDWKHU&RYHU
)LJXUH/RFDWLRQRI2LO6HQWU\ 6ZLWFKRUSLSH
SOXJ
Œ
—ȱŽ—’—Žœȱ—˜ȱŽšž’™™Žȱ ’‘ȱ’•ȱŽ—›¢Ȝȱ‘Žȱ
’—œŠ••Š’˜—ȱ‘˜•Žȱ’œȱœŽŠ•Žȱ ’‘ȱŠȱŗȦŞȬŘŝȱǯǯǯǯȱ™’™Žȱ
™•žǯ
6HFWLRQ
/XEULFDWLRQ6\VWHP
˜ȱ’—œŠ••ȱ‘Žȱœ ’Œ‘ǰȱ˜••˜ ȱ‘ŽœŽȱœŽ™œDZ
ȱ ŗǯȱ ™™•¢ȱ™’™ŽȱœŽŠ•Š—ȱ ’‘ȱŽĚ˜—țȱǻ˜Œ’Žțȱ˜ǯȱ
śşŘŚŗȱ˜›ȱŽšž’ŸŠ•Ž—Ǽȱ˜ȱ‘Žȱ‘›ŽŠœȱ˜ȱ‘Žȱœ ’Œ‘ǯ
ȱ Řǯȱ —œŠ••ȱ‘Žȱœ ’Œ‘ȱ’—˜ȱ‘ŽȱŠ™™Žȱ‘˜•Žȱ’—ȱ‘Žȱ
‹›ŽŠ‘Ž›ȱŒ˜ŸŽ›ǯȱŽŽȱ’ž›ŽȱŜȬŞǯ
ȱ řǯȱ ˜›šžŽȱ‘Žȱœ ’Œ‘ȱ˜ȱŚǯśȱȉ–ȱǻŚŖȱ’—ǯȱ•‹ǯǼǯ
7HVWLQJ
˜–™›ŽœœŽȱŠ’›ǰȱŠȱ™›Žœœž›Žȱ›Žž•Š˜›ǰȱ™›Žœœž›ŽȱŠžŽǰȱ
Š—ȱŠȱŒ˜—’—ž’¢ȱŽœŽ›ȱŠ›Žȱ›Žšž’›Žȱ˜ȱŽœȱ‘Žȱœ ’Œ‘ǯ
ȱ ŗǯȱ ˜——ŽŒȱ‘ŽȱŒ˜—’—ž’¢ȱŽœŽ›ȱŠŒ›˜œœȱ‘Žȱ‹•ŠŽȱ
Ž›–’—Š•ȱŠ—ȱ‘Žȱ–ŽŠ•ȱŒŠœŽȱ˜ȱ‘Žȱœ ’Œ‘ǯȱ’‘ȱ
Ŗȱ™œ’ȱ™›Žœœž›ŽȱŠ™™•’Žȱ˜ȱ‘Žȱœ ’Œ‘ǰȱ‘ŽȱŽœŽ›ȱ
œ‘˜ž•ȱ’—’ŒŠŽȱŒ˜—’—ž’¢ȱǻœ ’Œ‘ȱŒ•˜œŽǼǯ
ȱ Řǯȱ ›ŠžŠ••¢ȱ’—Œ›ŽŠœŽȱ‘Žȱ™›Žœœž›Žȱ˜ȱ‘Žȱœ ’Œ‘ǯȱœȱ
‘Žȱ™›Žœœž›Žȱ’—Œ›ŽŠœŽœȱ‘›˜ž‘ȱ‘Žȱ›Š—Žȱ˜ȱ
řǯŖȦśǯŖȱ™œ’ȱ‘ŽȱŽœŽ›ȱœ‘˜ž•ȱ’—’ŒŠŽȱŠȱŒ‘Š—Žȱ˜ȱ
—˜ȱŒ˜—’—ž’¢ȱǻœ ’Œ‘ȱ˜™Ž—Ǽǯȱ‘Žȱœ ’Œ‘ȱœ‘˜ž•ȱ
›Ž–Š’—ȱ˜™Ž—ȱŠœȱ‘Žȱ™›Žœœž›Žȱ’œȱ’—Œ›ŽŠœŽȱ˜ȱşŖȱ™œ’ȱ
–Š¡’–ž–ǯ
ȱ řǯȱ ›ŠžŠ••¢ȱŽŒ›ŽŠœŽȱ‘Žȱ™›Žœœž›Žȱ‘›˜ž‘ȱ‘Žȱ
›Š—Žȱ˜ȱřǯŖȦśǯŖȱ™œ’ȱ‘ŽȱŽœŽ›ȱœ‘˜ž•ȱ’—’ŒŠŽȱŠȱ
Œ‘Š—Žȱ˜ȱŒ˜—’—ž’¢ȱǻœ ’Œ‘ȱŒ•˜œŽǼȱ˜ —ȱ˜
Ŗȱ™œ’ǯ
ȱ Śǯȱ Ž™•ŠŒŽȱ‘Žȱœ ’Œ‘ȱ’ȱ’ȱ˜Žœȱ—˜ȱ˜™Ž›ŠŽȱŠœȱ
œ™ŽŒ’ꮍǯ
6HFWLRQ
/XEULFDWLRQ6\VWHP
Section 7
Retractable Starter
WARNING: Spring Under Tension!
Retractable starters contain a powerful, recoil spring that is under tension. Always wear safety goggles when servicing
retractable starters and carefully follow instructions in this section for relieving spring tension.
To Remove Starter
1. Remove the five hex flange screws securing the
starter to the blower housing.
Hex
Flange
Screws
2. Remove the starter.
Starter Housing
Handle with
Rope Retainer
To Install Starter
1. Install the retractable starter onto the blower
housing, leaving the five hex flange screws
slightly loose.
2. Pull the starter handle out until the pawls
engage in the drive cup. Hold the handle in this
position and tighten the screws securely.
Rope Replacement
The rope can be replaced without complete starter
disassembly.
Spring and
Keeper
7
Pulley
Pawl Springs
Brake Washer
Brake Spring
1. Remove the starter from the blower housing.
2. Pull the rope out approximately 12 in. and tie a
temporary (slip) knot in it to keep it from
retracting into the starter. See Figure 7-2.
Rope
Pawls
Pawl Retainer
Plain Washer
Center Screw
Drive Cup
Figure 7-1. Retractable Starter - Exploded View.
7.1
Section 7
Retractable Starter
Slipknot
Handle
Keep Pulley
from Rotating
Rope
Guide
Bushing
Rope Hole
in Pulley
Knot
Rope Retainer
Figure 7-2. Removing Starter Handle.
3. Remove the rope retainer from inside the starter
handle. Untie the single knot and remove the
rope retainer and handle.
4. Hold the pulley firmly and untie the slipknot.
Allow the pulley to rotate slowly as the spring
tension is released.
5. When all spring tension on the starter pulley is
released, remove the rope from the pulley.
6. Tie a single knot in one end of the new rope.
7. Rotate the pulley counterclockwise (when
viewed from pawl side of pulley) until the spring
is tight (approximately 6 full turns of pulley).
8. Rotate the pulley clockwise until the rope hole in
the pulley is aligned with the rope guide bushing
of the starter housing.
NOTE: Do not allow the pulley/spring to
unwind. Enlist the aid of a helper if
necessary, or use a C-clamp to hold the
pulley in position.
9. Insert the new rope through the rope hole in the
starter pulley and the rope guide bushing of the
housing. See Figure 7-3.
7.2
Figure 7-3. Installing Rope.
10. Tie a slipknot approximately 12 in. from the free
end of rope. Hold the pulley firmly and allow it
to rotate slowly until the slipknot reaches the
guide bushing of the housing.
11. Slip the handle and rope retainer onto the rope.
Tie a single knot at the end of the rope. Install the
rope retainer into the starter handle.
12. Untie the slipknot and pull on the handle until
the rope is fully extended. Slowly retract the rope
into the starter. When the spring is properly
tensioned, the rope will retract fully and the
handle will stop against the starter housing.
Pawls (Dogs) Replacement
To replace the pawls, follow disassembly steps 1-4
and reassembly steps 3-8 on the following pages. A
pawl repair kit is available which includes the
following components:
Qty.
1
1
2
1
2
1
1
Description
Pawl Retainer
Center Screw
Pawl (Dog) Spring
Brake Spring
Starter Pawl (Dog)
Brake Washer
Washer
Section 7
Retractable Starter
Disassembly
WARNING: Spring Under Tension!
Do not remove the center screw from the starter until the spring
tension is released. Removing the center screw before releasing
spring tension, or improper starter disassembly, can cause the
sudden and potentially dangerous release of the spring. Follow
these instructions carefully to ensure personal safety and
proper starter disassembly. Make sure adequate face protection
is worn by all persons in the area.
1. Release the spring tension and remove the
handle and the starter rope. (Refer to “Rope
Replacement,” steps 2 through 5 on pages 7.1 and
7.2.)
2. Remove the center screw, washer, and pawl
retainer. See Figure 7-4.
3. Remove the brake spring and the brake washer.
See Figure 7-5.
4. Carefully note the positions of the pawls and
pawl springs before removing them.
Remove the pawls and pawl springs from the
starter pulley.
Center Screw
and Washer
Pawl Retainer
Brake Spring and
Brake Washer
Pawl Spring
Pawls
Figure 7-5. Brake Spring and Washer, Pawls, and
Pawl Springs.
5. Rotate the pulley clockwise 2 full turns. This will
ensure the spring is disengaged from the starter
housing.
6. Hold the pulley in the starter housing. Invert the
pulley/housing so the pulley is away from your
face, and away from others in the area.
7. Rotate the pulley slightly from side to side and
carefully separate the pulley from the housing.
See Figure 7-6.
If the pulley and the housing do not separate
easily, the spring could be engaged in the starter
housing, or there is still tension on the spring.
Return the pulley to the housing and repeat step
5 before separating the pulley and housing.
Housing
Pulley
Figure 7-4. Center Screw, Washer and Pawl
Retainer.
Figure 7-6. Removing Pulley from Housing.
7.3
7
Section 7
Retractable Starter
8. Note the position of the spring and keeper
assembly in the pulley. See Figure 7-7.
Remove the spring and keeper assembly from the
pulley as a package.
WARNING: Spring Under Tension!
Do not remove the spring from the keeper. Severe personal
injury could result from the sudden uncoiling of the spring.
Outer Spring Hook
Reassembly
1. Make sure the spring is well lubricated with
grease. Place the spring and keeper assembly
inside the pulley (with spring towards pulley).
See Figure 7-7.
2. Install the pulley assembly into the starter
housing. See Figure 7-8. Make sure the pulley is
fully seated against the starter housing. Do not
wind the pulley and recoil spring at this time.
Rope Hole
in Pulley
Pulley & Spring
Housing
Spring &
Keeper
Figure 7-7. Position of Spring and Keeper in Pulley.
Inspection and Service
1. Carefully inspect the rope, pawls, housing, center
screw, and other components for wear or
damage.
2. Replace all worn or damaged components. Use
only genuine Kohler replacement parts as
specified in the Parts Manual. All components
shown in Figure 7-1 are available as service
parts. Do not use nonstandard parts.
Figure 7-8. Installing Pulley and Spring into
Housing.
3. Install the pawl springs and pawls into the
starter pulley. See Figure 7-9.
Pawl
3. Do not attempt to rewind a spring that has come
out of the keeper. Order and install a new spring
and keeper assembly.
4. Clean all old grease and dirt from the starter
components. Generously lubricate the spring and
center shaft with any commercially available
bearing grease.
7.4
Pawl Spring
Figure 7-9. Installing Pawls and Pawl Springs.
Section 7
Retractable Starter
4. Place the brake washer in the recess in starter
pulley; over the center shaft.
5. Lubricate the brake spring sparingly with
grease. Place the spring on the plain washer.
Make sure the threads in the center shaft remain
clean, dry, and free of grease and oil.
7. Tension the spring and install the rope and
handle as instructed in steps 6 through 12 under
“Rope Replacement” on page 7.2.
8. Install the starter to the engine blower housing
as instructed in “To Install Starter” on page 7.1.
6. Apply a small amount of Loctite® No. 271 to the
threads of the center screw. Install the center
screw with the washer and retainer to the
center shaft. Torque the screw to 7.4-8.5 N·m
(65-75 in. lb.).
7
7.5
Section 7
Retractable Starter
7.6
Section 8
Electrical System and Components
Section 8
Electrical System and Components
This section covers the operation, service, and repair
of the electrical system components. Systems and
components covered in this section are:
• Spark Plugs
• Battery and Charging System
• Electronic Ignition Systems (CD and DSAI)
• Electric Starter
Spark Plugs
Engine misfire or starting problems are often caused
by a spark plug that has improper gap or is in poor
condition.
The engine is equipped with the following spark
plugs:
Type: The standard spark plug is a Champion® RC12YC (Kohler Part No. 12 132 02-S).
Natural gas (NG) or RFI compliant engines
use Champion® XC12YC (Kohler 25 132 14-S)
spark plug. A high-performance spark plug,
Champion® Platinum 3071 (used on Pro Series
engines, Kohler Part No. 25 132 12-S) is also available. Equivalent alternate brand plugs can also be used.
Gap: 0.76 mm (0.030 in.) all except NG CD Fixed
0.51 mm (0.020 in.) NG CD Fixed
Thread Size: 14 mm
Reach: 19.1 mm (3/4 in.)
Hex Size:
15.9 mm (5/8 in.)
Spark Plug Service
Every 200 hours of operation, remove each spark
plug. Check its condition and either reset the gap or
replace with a new plug as necessary. To service the
plugs, perform the following steps:
1. Before removing each spark plug, clean the area
around the base of the plug to keep dirt and
debris out of the engine.
2. Remove the plug and check its condition. See
“Inspection” following this procedure. Replace
the plug if necessary.
NOTE: Do not clean spark plug in a machine
using abrasive grit. Some grit could
remain in the spark plug and enter the
engine causing extensive wear and
damage.
3. Check the gap using a wire feeler gauge. Adjust
the gap to 0.76 mm (0.030 in.) for all except NG
CD Fixed or 0.51 mm (0.020 in.) for NG CD Fixed,
by carefully bending the ground electrode. See
Figure 8-1.
Wire Gauge
Spark Plug
8
Ground
Electrode
Gap
Figure 8-1. Servicing Spark Plug.
4. Reinstall the spark plug into the cylinder head
and torque to 24.4-29.8 N·m (18-22 ft. lb.).
Inspection
Inspect each spark plug as it is removed from
the cylinder head. The deposits on the tip are an
indication of the general condition of the piston rings,
valves, and carburetor.
Normal and fouled plugs are shown in the following
photos:
8.1
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
˜›–Š•DZȱȱ™•žȱŠ”Ž—ȱ›˜–ȱŠ—ȱŽ—’—Žȱ˜™Ž›Š’—ȱž—Ž›ȱ
—˜›–Š•ȱŒ˜—’’˜—œȱ ’••ȱ‘ŠŸŽȱ•’‘ȱŠ—ȱ˜›ȱ›Š¢ȱŒ˜•˜›Žȱ
Ž™˜œ’œǯȱȱ‘ŽȱŒŽ—Ž›ȱŽ•ŽŒ›˜Žȱ’œȱ—˜ȱ ˜›—ǰȱŠȱ™•žȱ
’—ȱ‘’œȱŒ˜—’’˜—ȱŒ˜ž•ȱ‹ŽȱœŽȱ˜ȱ‘Žȱ™›˜™Ž›ȱŠ™ȱŠ—ȱ
›ŽžœŽǯ
Š›‹˜—ȱ˜ž•ŽDZȱ˜Ğǰȱœ˜˜¢ǰȱ‹•ŠŒ”ȱŽ™˜œ’œȱ’—’ŒŠŽȱ
’—Œ˜–™•ŽŽȱŒ˜–‹žœ’˜—ȱŒŠžœŽȱ‹¢ȱŠȱ›Žœ›’ŒŽȱŠ’›ȱ
Œ•ŽŠ—Ž›ǰȱ˜ŸŽ›ȱ›’Œ‘ȱŒŠ›‹ž›Ž’˜—ǰȱ ŽŠ”ȱ’—’’˜—ǰȱ˜›ȱ™˜˜›ȱ
Œ˜–™›Žœœ’˜—ǯ
˜›—DZȱ—ȱŠȱ ˜›—ȱ™•žǰȱ‘ŽȱŒŽ—Ž›ȱŽ•ŽŒ›˜Žȱ ’••ȱ‹Žȱ
›˜ž—ŽȱŠ—ȱ‘ŽȱŠ™ȱ ’••ȱ‹Žȱ›ŽŠŽ›ȱ‘Š—ȱ‘Žȱœ™ŽŒ’ꮍȱ
Š™ǯȱŽ™•ŠŒŽȱŠȱ ˜›—ȱœ™Š›”ȱ™•žȱ’––Ž’ŠŽ•¢ǯ
Žȱ˜ž•ŽDZȱȱ Žȱ™•žȱ’œȱŒŠžœŽȱ‹¢ȱŽ¡ŒŽœœȱžŽ•ȱ˜›ȱ
˜’•ȱ’—ȱ‘ŽȱŒ˜–‹žœ’˜—ȱŒ‘Š–‹Ž›ǯȱ¡ŒŽœœȱžŽ•ȱŒ˜ž•ȱ
‹ŽȱŒŠžœŽȱ‹¢ȱŠȱ›Žœ›’ŒŽȱŠ’›ȱŒ•ŽŠ—Ž›ǰȱŠȱŒŠ›‹ž›Ž˜›ȱ
™›˜‹•Ž–ǰȱ˜›ȱ˜™Ž›Š’—ȱ‘ŽȱŽ—’—Žȱ ’‘ȱ˜˜ȱ–žŒ‘ȱ
Œ‘˜”Žǯȱ’•ȱ’—ȱ‘ŽȱŒ˜–‹žœ’˜—ȱŒ‘Š–‹Ž›ȱ’œȱžœžŠ••¢ȱ
ŒŠžœŽȱ‹¢ȱŠȱ›Žœ›’ŒŽȱŠ’›ȱŒ•ŽŠ—Ž›ǰȱŠȱ‹›ŽŠ‘Ž›ȱ™›˜‹•Ž–ǰȱ
˜›—ȱ™’œ˜—ȱ›’—œȱ˜›ȱŸŠ•ŸŽȱž’Žœǯ
ŸŽ›‘ŽŠŽDZȱ‘Š•”¢ǰȱ ‘’ŽȱŽ™˜œ’œȱ’—’ŒŠŽȱŸŽ›¢ȱ
‘’‘ȱŒ˜–‹žœ’˜—ȱŽ–™Ž›Šž›Žœǯȱ‘’œȱŒ˜—’’˜—ȱ’œȱ
žœžŠ••¢ȱŠŒŒ˜–™Š—’Žȱ‹¢ȱŽ¡ŒŽœœ’ŸŽȱŠ™ȱŽ›˜œ’˜—ǯȱŽŠ—ȱ
ŒŠ›‹ž›Ž˜›ȱœŽĴ’—œǰȱŠ—ȱ’—Š”ŽȱŠ’›ȱ•ŽŠ”ǰȱ˜›ȱ’—Œ˜››ŽŒȱ
œ™Š›”ȱ’–’—ȱŠ›Žȱ—˜›–Š•ȱŒŠžœŽœȱ˜›ȱ‘’‘ȱŒ˜–‹žœ’˜—ȱ
Ž–™Ž›Šž›Žœǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
%DWWHU\
*HQHUDO
ȱŗŘȬŸ˜•ȱ‹ŠĴŽ›¢ȱ ’‘ȱŚŖŖȱŒ˜•ȱŒ›Š—”’—ȱŠ–™œȱ’œȱ
Ž—ޛЕ•¢ȱ›ŽŒ˜––Ž—Žȱ˜›ȱœŠ›’—ȱ’—ȱŠ••ȱŒ˜—’’˜—œǯȱ
ȱœ–Š••Ž›ȱŒŠ™ŠŒ’¢ȱ‹ŠĴŽ›¢ȱ’œȱ˜ĞŽ—ȱœžĜŒ’Ž—ȱ’ȱŠ—ȱ
Š™™•’ŒŠ’˜—ȱ’œȱœŠ›Žȱ˜—•¢ȱ’—ȱ Š›–Ž›ȱŽ–™Ž›Šž›Žœǯȱ
ŽŽ›ȱ˜ȱ‘Žȱ˜••˜ ’—ȱŠ‹•Žȱ˜›ȱ–’—’–ž–ȱŒŠ™ŠŒ’’Žœȱ
ǻŒŒŠǼȱ‹ŠœŽȱ˜—ȱŠ—’Œ’™ŠŽȱŠ–‹’Ž—ȱŽ–™Ž›Šž›Žœǯȱ
‘ŽȱŠŒžŠ•ȱŒ˜•ȱŒ›Š—”’—ȱ›Žšž’›Ž–Ž—ȱŽ™Ž—œȱ˜—ȱ
Ž—’—Žȱœ’£ŽǰȱŠ™™•’ŒŠ’˜—ǰȱŠ—ȱœŠ›’—ȱŽ–™Ž›Šž›Žœǯȱ
‘ŽȱŒ›Š—”’—ȱ›Žšž’›Ž–Ž—œȱ’—Œ›ŽŠœŽȱŠœȱŽ–™Ž›Šž›Žœȱ
ŽŒ›ŽŠœŽȱŠ—ȱ‹ŠĴŽ›¢ȱŒŠ™ŠŒ’¢ȱœ‘›’—”œǯȱŽŽ›ȱŠ•œ˜ȱ˜ȱ
‘Žȱ˜™Ž›Š’—ȱ’—œ›žŒ’˜—œȱ˜ȱ‘ŽȱŽšž’™–Ž—ȱ‹Ž’—ȱ‘’œȱ
Ž—’—Žȱ™˜ Ž›œȱ˜›ȱœ™ŽŒ’ęŒȱ‹ŠĴŽ›¢ȱ›Žšž’›Ž–Ž—œǯ
%DWWHU\6L]H5HFRPPHQGDWLRQV
7HPSHUDWXUH
%DWWHU\5HTXLUHG
$ERYHƒ)ƒ&
FFDPLQLPXP
ƒ)WRƒ)ƒ&WRƒ&
FFDPLQLPXP
ƒ)WRƒ)ƒ&WRƒ&
FFDPLQLPXP
ƒ)ƒ&RUEHORZ
FFDPLQLPXP
ȱ Řǯȱ ŽŽ™ȱ‘ŽȱŒŠ‹•ŽœǰȱŽ›–’—Š•œǰȱŠ—ȱŽ¡Ž›—Š•ȱœž›ŠŒŽœȱ
˜ȱ‘Žȱ‹ŠĴŽ›¢ȱŒ•ŽŠ—ǯȱȱ‹ž’•Ȭž™ȱ˜ȱŒ˜››˜œ’ŸŽȱŠŒ’ȱ
˜›ȱ›’–Žȱ˜—ȱ‘ŽȱŽ¡Ž›—Š•ȱœž›ŠŒŽœȱŒŠ—ȱŒŠžœŽȱ‘Žȱ
‹ŠĴŽ›¢ȱ˜ȱœŽ•Ȭ’œŒ‘Š›ŽǯȱŽ•Ȭ’œŒ‘Š›Žȱ˜ŒŒž›œȱ
›Š™’•¢ȱ ‘Ž—ȱ–˜’œž›Žȱ’œȱ™›ŽœŽ—ǯ
ȱ řǯȱ Šœ‘ȱ‘ŽȱŒŠ‹•ŽœǰȱŽ›–’—Š•œǰȱŠ—ȱŽ¡Ž›—Š•ȱœž›ŠŒŽœȱ
’‘ȱŠȱ–’•ȱ‹Š”’—ȱœ˜ŠȱŠ—ȱ ŠŽ›ȱœ˜•ž’˜—ǯȱ
’—œŽȱ‘˜›˜ž‘•¢ȱ ’‘ȱŒ•ŽŠ›ȱ ŠŽ›ǯ
DZȱ ˜ȱ—˜ȱŠ••˜ ȱ‘Žȱ‹Š”’—ȱœ˜Šȱœ˜•ž’˜—ȱ
˜ȱŽ—Ž›ȱ‘ŽȱŒŽ••œȱŠœȱ‘’œȱ ’••ȱŽœ›˜¢ȱ‘Žȱ
Ž•ŽŒ›˜•¢Žǯ
%DWWHU\7HVW
˜ȱŽœȱ‘Žȱ‹ŠĴŽ›¢ǰȱ¢˜žȱ ’••ȱ—ŽŽȱŠȱȱŸ˜•–ŽŽ›ǯȱ
Ž›˜›–ȱ‘Žȱ˜••˜ ’—ȱœŽ™œȱǻŽŽȱ’ž›ŽȱŞȬŘǼDZ
ȱ ŗǯȱ ˜——ŽŒȱ‘ŽȱŸ˜•–ŽŽ›ȱŠŒ›˜œœȱ‘Žȱ‹ŠĴŽ›¢ȱ
Ž›–’—Š•œǯ
ȱ Řǯȱ ›Š—”ȱ‘ŽȱŽ—’—Žǯȱȱ‘Žȱ‹ŠĴŽ›¢ȱ›˜™œȱ‹Ž•˜ ȱşȱ
Ÿ˜•œȱ ‘’•ŽȱŒ›Š—”’—ǰȱ‘Žȱ‹ŠĴŽ›¢ȱ’œȱ˜˜ȱœ–Š••ǰȱ
’œŒ‘Š›Žǰȱ˜›ȱŠž•¢ǯ
ȱ‘Žȱ‹ŠĴŽ›¢ȱŒ‘Š›Žȱ’œȱ’—œžĜŒ’Ž—ȱ˜ȱž›—ȱ˜ŸŽ›ȱ‘Žȱ
Ž—’—Žǰȱ›ŽŒ‘Š›Žȱ‘Žȱ‹ŠĴŽ›¢ǯ
'&9ROWPHWHU
%DWWHU\0DLQWHQDQFH
ސž•Š›ȱ–Š’—Ž—Š—ŒŽȱ’œȱ—ŽŒŽœœŠ›¢ȱ˜ȱ™›˜•˜—ȱ‹ŠĴŽ›¢ȱ
•’Žǯ
:$51,1*([SORVLYH*DV
ŠĴŽ›’Žœȱ™›˜žŒŽȱŽ¡™•˜œ’ŸŽȱ‘¢›˜Ž—ȱŠœȱ ‘’•Žȱ‹Ž’—ȱ
Œ‘Š›Žǯȱ˜ȱ™›ŽŸŽ—ȱŠȱꛎȱ˜›ȱŽ¡™•˜œ’˜—ǰȱŒ‘Š›Žȱ‹ŠĴŽ›’Žœȱ˜—•¢ȱ
’—ȱ Ž••ȱŸŽ—’•ŠŽȱŠ›ŽŠœǯȱŽŽ™ȱœ˜ž›ŒŽœȱ˜ȱ’—’’˜—ȱРТȱ›˜–ȱ
‘Žȱ‹ŠĴŽ›¢ȱŠȱŠ••ȱ’–ŽœǯȱŽŽ™ȱ‹ŠĴŽ›’Žœȱ˜žȱ˜ȱ‘Žȱ›ŽŠŒ‘ȱ˜ȱ
Œ‘’•›Ž—ǯȱŽ–˜ŸŽȱŠ••ȱ“Ž Ž•›¢ȱ ‘Ž—ȱœŽ›Ÿ’Œ’—ȱ‹ŠĴŽ›’Žœǯ
Ž˜›Žȱ’œŒ˜——ŽŒ’—ȱ‘Žȱ—ŽŠ’ŸŽȱǻȬǼȱ›˜ž—ȱŒŠ‹•Žǰȱ–Š”Žȱ
œž›ŽȱŠ••ȱœ ’Œ‘ŽœȱŠ›ŽȱǯȱȱǰȱŠȱœ™Š›”ȱ ’••ȱ˜ŒŒž›ȱŠȱ‘Žȱ
›˜ž—ȱŒŠ‹•ŽȱŽ›–’—Š•ȱ ‘’Œ‘ȱŒ˜ž•ȱŒŠžœŽȱŠ—ȱŽ¡™•˜œ’˜—ȱ’ȱ
‘¢›˜Ž—ȱŠœȱ˜›ȱŠœ˜•’—ŽȱŸŠ™˜›œȱŠ›Žȱ™›ŽœŽ—ǯ
ȱ ŗǯȱ ސž•Š›•¢ȱŒ‘ŽŒ”ȱ‘Žȱ•ŽŸŽ•ȱ˜ȱŽ•ŽŒ›˜•¢Žǯȱȱ
’œ’••Žȱ ŠŽ›ȱŠœȱ—ŽŒŽœœŠ›¢ȱ˜ȱ–Š’—Š’—ȱ‘Žȱ
›ŽŒ˜––Ž—Žȱ•ŽŸŽ•ǯ
%DWWHU\
)LJXUH%DWWHU\9ROWDJH7HVW
DZȱ ˜ȱ—˜ȱ˜ŸŽ›ę••ȱ‘Žȱ‹ŠĴŽ›¢ǯȱ˜˜›ȱ
™Ž›˜›–Š—ŒŽȱ˜›ȱŽŠ›•¢ȱŠ’•ž›ŽȱžŽȱ˜ȱ•˜œœȱ
˜ȱŽ•ŽŒ›˜•¢Žȱ ’••ȱ›Žœž•ǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
(OHFWURQLF,JQLWLRQ6\VWHPV
‘Ž›ŽȱŠ›Žȱ‘›ŽŽȱ’ěŽ›Ž—ȱ¢™Žœȱ˜ȱ’—’’˜—ȱœ¢œŽ–œȱžœŽȱ˜—ȱ‘ŽœŽȱŽ—’—Žœǯȱ••ȱœ¢œŽ–œȱžœŽȱŠ—ȱ’—’’˜—ȱ–˜ž•Žȱ
‘’Œ‘ȱŽ—Ž›’£Žœȱ‘Žȱœ™Š›”ȱ™•žǯȱ‘Žȱ’ěŽ›Ž—ŒŽȱ’—ȱ‘Žȱœ¢œŽ–ȱ’œȱ’—ȱ‘Žȱ Š¢ȱ‘Žȱ’—’’˜—ȱ’–’—ȱ’œȱ›’Ž›Žǯ
‘Žȱ’¡Žȱ—’’˜—ȱ¢œŽ–ȱž’•’£ŽœȱŠȱŠ™ŠŒ’’ŸŽȱ’œŒ‘Š›ŽȱǻǼȱŒ˜’•ȱǻ’ž›ŽȱŞȬřǼǯȱ‘’œȱ’œȱŠȱ‹Šœ’Œȱ’—’’˜—ȱœ¢œŽ–ȱ
‘ŠȱžœŽœȱŠȱę¡Žȱ’—’’˜—ȱ–˜ž•Žȱ ‘Ž›Žȱ‘Žȱ’—’’˜—ȱ’–’—ȱŠ—ȱœ™Š›”ȱ›Ž–Š’—œȱŒ˜—œŠ—ȱ›ŽŠ›•Žœœȱ˜ȱ‘ŽȱŽ—’—Žȱ
œ™ŽŽǯ
‘Žȱ•ŽŒ›˜—’Œȱ™Š›”ȱŸŠ—ŒŽȱǻ–Š›Ȭ™Š›”ȜǼȱ¢œŽ–ȱž’•’£ŽœȱŠȱŠ™ŠŒ’’ŸŽȱ’œŒ‘Š›ŽȱǻǼȱŒ˜’•ȱǻ’ž›ŽȱŞȬŜǼǯȱ
‘’œȱœ¢œŽ–ȱžœŽœȱŠ—ȱŠ—Š•˜ȱǻǼȱ˜›ȱŠȱ’’Š•ȱǻǼȱœ™Š›”ȱŠŸŠ—ŒŽȱ–˜ž•Žȱ‘Šȱ›’Ž›œȱ‘Žȱ’—’’˜—ȱ
–˜ž•ŽœȱŠ—ȱœ™Š›”ǯȱ‘Žȱ’—’’˜—ȱ’–’—ȱŸŠ›’ŽœȱŽ™Ž—’—ȱž™˜—ȱ‘ŽȱŽ—’—Žȱœ™ŽŽȱ ’‘ȱ‘’œȱœ¢œŽ–ǯ
‘Žȱ’’Š•ȱ™Š›”ȱŸŠ—ŒŽȱ—’’˜—ȱǻǼȱ¢œŽ–ȱǻ’ž›ŽȱŞȬŗŝǼǯȱ‘’œȱœ¢œŽ–ȱžœŽœȱŠȱ’’Š•ȱ–’Œ›˜™›˜ŒŽœœ˜›ȱ
‘’Œ‘ȱ’œȱ•˜ŒŠŽȱ’—ȱ‘Žȱ’—’’˜—ȱ–˜ž•Žœǯȱ‘Žȱ’—’’˜—ȱ’–’—ȱŸŠ›’ŽœȱŽ™Ž—’—ȱž™˜—ȱ‘ŽȱŽ—’—Žȱœ™ŽŽȱ ’‘ȱ‘’œȱ
œ¢œŽ–ǯ
$ &DSDFLWLYH'LVFKDUJHZLWK)L[HG7LPLQJ
‘’œȱœ¢œŽ–ȱǻ’ž›ŽȱŞȬřǼȱŒ˜—œ’œœȱ˜ȱ‘Žȱ˜••˜ ’—ȱŒ˜–™˜—Ž—œDZ
ȱ Ȋȱ ȱ–А—ŽȱŠœœŽ–‹•¢ȱ ‘’Œ‘ȱ’œȱ™Ž›–Š—Ž—•¢ȱŠĜ¡Žȱ˜ȱ‘ŽȱĚ¢ ‘ŽŽ•ǯ
ȱ Ȋȱ ˜ȱŽ•ŽŒ›˜—’ŒȱŒŠ™ŠŒ’’ŸŽȬ’œŒ‘Š›Žȱ’—’’˜—ȱ–˜ž•Žœȱ ‘’Œ‘ȱ–˜ž—ȱ˜—ȱ‘ŽȱŽ—’—ŽȱŒ›Š—”ŒŠœŽȱǻ’ž›ŽȱŞȬŚǼǯ
ȱ Ȋȱ ȱ”’••ȱœ ’Œ‘ȱǻ˜›ȱ”Ž¢ȱœ ’Œ‘Ǽȱ ‘’Œ‘ȱ›˜ž—œȱ‘Žȱ–˜ž•Žœȱ˜ȱœ˜™ȱ‘ŽȱŽ—’—Žǯ
ȱ Ȋȱ ˜ȱœ™Š›”ȱ™•žœǯ
5HG
,JQLWLRQ
0RGXOH
,QSXW
5HG
6WDUWHUDQG
&DUEXUHWRU
6ROHQRLG
,QSXW
5HG
*UHHQ
&DUEXUHWRU
6ROHQRLG
2LO
3UHVVXUH
6DIHW\
6SDUN
$GYDQFH
0RGXOH
2SWLRQDO
:KLWH
5HG
2LO3UHVVXUH
%DQG
6SDUN
6DIHW\,QSXW
&DUEXUHWRU
3OXJV
6ROHQRLG
,QSXW
%
9LROHW
5HFWL¿HU
5HJXODWRU
,JQLWLRQ
0RGXOHV
:KLWH
)LJXUH(OHFWURQLF&',JQLWLRQ6\VWHP)RU&XVWRPHU&RQQHFWHG7UDFWRU$SSOLFDWLRQV
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
.LOO6ZLWFKRU
µµ2II¶¶3RVLWLRQRI
.H\6ZLWFK
,JQLWLRQ
0RGXOHV
6SDUN3OXJ
0DJQHW
PP
LQ$LU*DS
)O\ZKHHO
)LJXUH&DSDFLWLYH'LVFKDUJH)L[HG7LPLQJ,JQLWLRQ6\VWHP
‘Žȱ’–’—ȱ˜ȱ‘Žȱœ™Š›”ȱ’œȱŒ˜—›˜••Žȱ‹¢ȱ‘Žȱ•˜ŒŠ’˜—ȱ˜ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ–А—Žȱ›˜ž™ȱŠœȱ›ŽŽ›Ž—ŒŽȱ˜ȱŽ—’—Žȱ˜™ȱ
ŽŠȱŒŽ—Ž›ǯ
'
&
7
6&6
/
6SDUN3OXJ
/
3
6
)LJXUH&DSDFLWLYH'LVFKDUJH,JQLWLRQ0RGXOH6FKHPDWLF
™Ž›Š’˜—DZȱœȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ›˜ŠŽœǰȱ‘Žȱ–А—Žȱ
›˜ž™’—ȱ™ŠœœŽœȱ‘Žȱ’—™žȱŒ˜’•ȱǻŗǼǯȱ‘Žȱ
Œ˜››Žœ™˜—’—ȱ–А—Ž’Œȱꎕȱ’—žŒŽœȱŽ—Ž›¢ȱ’—˜ȱ‘Žȱ
’—™žȱŒ˜’•ȱǻŗǼǯȱ‘Žȱ›Žœž•Š—ȱ™ž•œŽȱ’œȱ›ŽŒ’ꮍȱ‹¢ȱŗȱ
Š—ȱŒ‘Š›ŽœȱŒŠ™ŠŒ’˜›ȱŗǯȱœȱ‘Žȱ–А—ŽȱŠœœŽ–‹•¢ȱ
Œ˜–™•ŽŽœȱ’œȱ™Šœœǰȱ’ȱŠŒ’ŸŠŽœȱ‘Žȱ›’Ž›’—ȱŽŸ’ŒŽȱ
ǻŘǼǰȱ ‘’Œ‘ȱŒŠžœŽœȱ‘ŽȱœŽ–’Œ˜—žŒ˜›ȱœ ’Œ‘ȱǻǼȱ˜ȱ
ž›—ȱ˜—ǯȱ’‘ȱ‘ŽȱŽŸ’ŒŽȱœ ’Œ‘ȱȃǰȄȱ‘ŽȱŒ‘Š›’—ȱ
ŒŠ™ŠŒ’˜›ȱǻŗǼȱ’œȱ’›ŽŒ•¢ȱŒ˜——ŽŒŽȱŠŒ›˜œœȱ‘Žȱ™›’–Š›¢ȱ
ǻǼȱ˜ȱ‘Žȱ˜ž™žȱ›Š—œ˜›–Ž›ȱǻŗǼǯȱœȱ‘ŽȱŒŠ™ŠŒ’˜›ȱ
’œŒ‘Š›Žœǰȱ‘ŽȱŒž››Ž—ȱ’—’’ŠŽœȱŠȱŠœȱ›’œ’—ȱ̞¡ȱ
ꎕȱ’—ȱ‘Žȱ›Š—œ˜›–Ž›ȱŒ˜›Žǯȱȱ‘’‘ȱŸ˜•ŠŽȱ™ž•œŽȱ’œȱ
Ž—Ž›ŠŽȱ›˜–ȱ‘’œȱŠŒ’˜—ȱ’—˜ȱ‘ŽȱœŽŒ˜—Š›¢ȱ ’—’—ȱ
˜ȱ‘Žȱ›Š—œ˜›–Ž›ǯȱ‘’œȱ™ž•œŽȱ’œȱŽ•’ŸŽ›Žȱ˜ȱ‘Žȱœ™Š›”ȱ
™•žȱŠ™ǯȱ˜—’£Š’˜—ȱ˜ȱ‘ŽȱŠ™ȱ˜ŒŒž›œǰȱ›Žœž•’—ȱ’—ȱŠ—ȱ
Š›ŒȱŠȱ‘Žȱ™•žȱŽ•ŽŒ›˜Žœǯȱ‘’œȱœ™Š›”ȱ’—’Žœȱ‘ŽȱžŽ•Ȭ
Š’›ȱ–’¡ž›Žȱ’—ȱ‘ŽȱŒ˜–‹žœ’˜—ȱŒ‘Š–‹Ž›ǯ
7URXEOHVKRRWLQJ&',JQLWLRQ6\VWHPV
‘Žȱȱ’—’’˜—ȱœ¢œŽ–œȱŠ›ŽȱŽœ’—Žȱ˜ȱ‹Žȱ›˜ž‹•Žȱ
›ŽŽȱ˜›ȱ‘Žȱ•’Žȱ˜ȱ‘ŽȱŽ—’—Žǯȱ‘Ž›ȱ‘Š—ȱ™Ž›’˜’ŒŠ••¢ȱ
Œ‘ŽŒ”’—Ȧ›Ž™•ŠŒ’—ȱ‘Žȱœ™Š›”ȱ™•žœǰȱ—˜ȱ–Š’—Ž—Š—ŒŽȱ
˜›ȱ’–’—ȱŠ“žœ–Ž—œȱŠ›Žȱ—ŽŒŽœœŠ›¢ȱ˜›ȱ™˜œœ’‹•Žǯȱ
ŽŒ‘Š—’ŒŠ•ȱœ¢œŽ–œȱ˜ȱ˜ŒŒŠœ’˜—Š••¢ȱŠ’•ȱ˜›ȱ‹›ŽŠ”ȱ
˜ —ȱ‘˜ ŽŸŽ›ǰȱœ˜ȱ‘Žȱ˜••˜ ’—ȱ›˜ž‹•Žœ‘˜˜’—ȱ
’—˜›–Š’˜—ȱ’œȱ™›˜Ÿ’Žȱ˜ȱ‘Ž•™ȱ¢˜žȱŽȱ˜ȱ‘Žȱ›˜˜ȱ˜ȱ
Šȱ›Ž™˜›Žȱ™›˜‹•Ž–ǯ
&$87,21+LJK(QHUJ\(OHFWULF6SDUN
‘Žȱȱ’—’’˜—ȱœ¢œŽ–œȱ™›˜žŒŽȱŠȱ‘’‘ȬŽ—Ž›¢ȱŽ•ŽŒ›’Œȱ
œ™Š›”ǰȱ‹žȱ‘Žȱœ™Š›”ȱ–žœȱ‹Žȱ’œŒ‘Š›Žǰȱ˜›ȱŠ–АŽȱ˜ȱ‘Žȱ
œ¢œŽ–ȱŒŠ—ȱ›Žœž•ǯȱ˜ȱ—˜ȱŒ›Š—”ȱ˜›ȱ›ž—ȱŠ—ȱŽ—’—Žȱ ’‘ȱŠȱ
œ™Š›”ȱ™•žȱ•ŽŠȱ’œŒ˜——ŽŒŽǯȱ• Š¢œȱ™›˜Ÿ’ŽȱŠȱ™Š‘ȱ˜›ȱ‘Žȱ
œ™Š›”ȱ˜ȱ’œŒ‘Š›Žȱ˜ȱ›˜ž—ǯ
Ž™˜›Žȱ’—’’˜—ȱ™›˜‹•Ž–œȱŠ›Žȱ–˜œȱ˜ĞŽ—ȱžŽȱ˜ȱ
™˜˜›ȱŒ˜——ŽŒ’˜—œǯȱŽ˜›Žȱ‹Ž’——’—ȱ‘ŽȱŽœȱ™›˜ŒŽž›Žǰȱ
Œ‘ŽŒ”ȱŠ••ȱŽ¡Ž›—Š•ȱ ’›’—ǯȱŽȱŒŽ›Š’—ȱŠ••ȱ’—’’˜—Ȭ›Ž•ŠŽȱ
’›ŽœȱŠ›ŽȱŒ˜——ŽŒŽǰȱ’—Œ•ž’—ȱ‘Žȱœ™Š›”ȱ™•žȱ•ŽŠœǯȱ
ŽȱŒŽ›Š’—ȱŠ••ȱŽ›–’—Š•ȱŒ˜——ŽŒ’˜—œȱęȱœ—ž•¢ǯȱŠ”Žȱ
œž›Žȱ‘Žȱ’—’’˜—ȱœ ’Œ‘ȱ’œȱ’—ȱ‘Žȱ›ž—ȱ™˜œ’’˜—ǯ
DZȱ ‘Žȱȱ’—’’˜—ȱœ¢œŽ–œȱŠ›ŽȱœŽ—œ’’ŸŽȱ˜ȱ
Ž¡ŒŽœœ’ŸŽȱ•˜Šȱ˜—ȱ‘Žȱ”’••ȱ•ŽŠǯȱȱŠȱŒžœ˜–Ž›ȱ
Œ˜–™•Š’—œȱ˜ȱ‘Š›ȱœŠ›’—ǰȱ•˜ ȱ™˜ Ž›ǰȱ
˜›ȱ–’œę›Žȱž—Ž›ȱ•˜Šǰȱ’ȱ–Š¢ȱ‹ŽȱžŽȱ˜ȱ
Ž¡ŒŽœœ’ŸŽȱ›Š ȱ˜—ȱ‘Žȱ”’••ȱŒ’›Œž’ǯȱŽ›˜›–ȱ‘Žȱ
Š™™›˜™›’ŠŽȱŽœȱ™›˜ŒŽž›Žǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
7HVW3URFHGXUHIRU6WDQGDUG)L[HG7LPLQJ&'
,JQLWLRQ6\VWHP
œ˜•ŠŽȱŠ—ȱŸŽ›’¢ȱ‘Žȱ›˜ž‹•Žȱ’œȱ ’‘’—ȱ‘ŽȱŽ—’—Žȱ
’—’’˜—ȱœ¢œŽ–ǯ
ȱ ŗǯȱ ˜ŒŠŽȱ‘Žȱ™•žȱŒ˜——ŽŒ˜›œȱ ‘Ž›Žȱ‘Žȱ ’›’—ȱ
‘Š›—ŽœœŽœȱ›˜–ȱ‘ŽȱŽ—’—ŽȱŠ—ȱŽšž’™–Ž—ȱŠ›Žȱ
“˜’—ŽǯȱŽ™Š›ŠŽȱ‘ŽȱŒ˜——ŽŒ˜›œȱŠ—ȱ›Ž–˜ŸŽȱ‘Žȱ
‘’Žȱȃ”’••Ȅȱ•ŽŠȱ›˜–ȱ‘ŽȱŽ—’—ŽȱŒ˜——ŽŒ˜›ǯȱ
Ž“˜’—ȱ‘ŽȱŒ˜——ŽŒ˜›œȱŠ—ȱ™˜œ’’˜—ȱ˜›ȱ’—œž•ŠŽȱ
‘Žȱ”’••ȱ•ŽŠȱŽ›–’—Š•ȱœ˜ȱ’ȱŒŠ——˜ȱ˜žŒ‘ȱ›˜ž—ǯȱ
›¢ȱ˜ȱœŠ›ȘȘȱ‘ŽȱŽ—’—Žȱ˜ȱŸŽ›’¢ȱ ‘Ž‘Ž›ȱ‘Žȱ
›Ž™˜›Žȱ™›˜‹•Ž–ȱ’œȱœ’••ȱ™›ŽœŽ—ǯ
ȱ ȱ Šǯȱ ȱ‘Žȱ™›˜‹•Ž–ȱ’œȱ˜—Žǰȱ‘ŽȱŽ•ŽŒ›’ŒŠ•ȱœ¢œŽ–ȱ˜—ȱȱ
ȱ ‘Žȱž—’ȱ’œȱœžœ™ŽŒǯȱ‘ŽŒ”ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ǰȱȱ
ȱ ’›ŽœǰȱŒ˜——ŽŒ’˜—œǰȱœŠŽ¢ȱ’—Ž›•˜Œ”œǰȱŽŒǯ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ‘Žȱ™›˜‹•Ž–ȱ™Ž›œ’œœȱ‘ŽȱŒ˜—’’˜—ȱ’œȱȱ ȱ
Šœœ˜Œ’ŠŽȱ ’‘ȱ‘Žȱ’—’’˜—ȱ˜›ȱŽ•ŽŒ›’ŒŠ•ȱȱȱ
œ¢œŽ–ȱ˜ȱ‘ŽȱŽ—’—ŽǯȱŽŠŸŽȱ‘Žȱ”’••ȱ•ŽŠȱȱȱ
’œ˜•ŠŽȱž—’•ȱŠ••ȱŽœ’—ȱ’œȱŒ˜–™•ŽŽǯ
ȘȘDZȱȱ‘ŽȱŽ—’—ŽȱœŠ›œȱ˜›ȱ›ž—œȱž›’—ȱŠ—¢ȱ˜ȱ
‘ŽȱŽœ’—ǰȱ¢˜žȱ–Š¢ȱ—ŽŽȱ˜ȱ›˜ž—ȱ‘Žȱ
”’••ȱ•ŽŠȱ˜ȱœ‘žȱ’ȱ˜ —ǯȱŽŒŠžœŽȱ¢˜žȱ‘ŠŸŽȱ
’—Ž››ž™Žȱ‘Žȱ”’••ȱŒ’›Œž’ǰȱ’ȱ–Š¢ȱ—˜ȱœ˜™ȱ
žœ’—ȱ‘Žȱœ ’Œ‘ǯ
ȱ Řǯȱ Žœȱ˜›ȱœ™Š›”ȱ˜—ȱ‹˜‘ȱŒ¢•’—Ž›œȱ ’‘ȱ˜‘•Ž›ȱ
’—’’˜—ȱŽœŽ›ȱǻœŽŽȱŽŒ’˜—ȱŘǼǯȱ’œŒ˜——ŽŒȱ˜—Žȱ
œ™Š›”ȱ™•žȱ•ŽŠȱŠ—ȱŒ˜——ŽŒȱ’ȱ˜ȱ‘Žȱ™˜œȱ
Ž›–’—Š•ȱ˜ȱ‘ŽȱŽœŽ›ǯȱ˜——ŽŒȱ‘ŽȱŒ•’™ȱ˜ȱŠȱ˜˜ȱ
›˜ž—ǰȱ—˜ȱ˜ȱ‘Žȱœ™Š›”ȱ™•žǯȱ›Š—”ȱ‘ŽȱŽ—’—Žȱ
Š—ȱ˜‹œŽ›ŸŽȱ‘ŽȱŽœŽ›ȱœ™Š›”ȱŠ™ǯȱŽ™ŽŠȱ‘Žȱ
™›˜ŒŽž›Žȱ˜—ȱ‘Žȱ˜‘Ž›ȱŒ¢•’—Ž›ǯȱŽ–Ž–‹Ž›ȱ˜ȱ
›ŽŒ˜——ŽŒȱ‘Žȱꛜȱœ™Š›”ȱ™•žȱ•ŽŠǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ˜—Žȱœ’Žȱ’œȱ—˜ȱꛒ—ǰȱŒ‘ŽŒ”ȱŠ••ȱ ’›’—ǰȱȱȱ
Œ˜——ŽŒ’˜—œǰȱŠ—ȱŽ›–’—Š’˜—œȱ˜—ȱ‘Šȱœ’Žǯȱȱȱ
’›’—ȱ’œȱ˜”Š¢ǰȱ›Ž™•ŠŒŽȱ’—’’˜—ȱ–˜ž•ŽȱŠ—ȱȱ
›ŽŽœȱ˜›ȱœ™Š›”ǯ
ȱ ȱ ‹ǯȱ ȱ‘ŽȱŽœŽ›ȱœ‘˜ œȱœ™Š›”ǰȱ‹žȱ‘ŽȱŽ—’—Žȱȱȱ
ȱ –’œœŽœȱ˜›ȱ ˜—Ȃȱ›ž—ȱ˜—ȱ‘ŠȱŒ¢•’—Ž›ǰȱ›¢ȱŠȱȱ
ȱ —Ž ȱœ™Š›”ȱ™•žǯ
ȱ ȱ Œǯȱ ȱ—Ž’‘Ž›ȱœ’Žȱ’œȱꛒ—ǰȱ›ŽŒ‘ŽŒ”ȱ™˜œ’’˜—ȱ˜ȱȱ
ȱ ’—’’˜—ȱœ ’Œ‘ȱŠ—ȱŒ‘ŽŒ”ȱ˜›ȱœ‘˜›Žȱ”’••ȱ•ŽŠǯ
%&DSDFLWLYH'LVFKDUJHZLWK(OHFWURQLF6SDUN
$GYDQFH60$5763$5.Œ
ȬȜȱŽšž’™™ŽȱŽ—’—Žœȱž’•’£ŽȱŠ—ȱ
Ž•ŽŒ›˜—’ŒȱŒŠ™ŠŒ’’ŸŽȱ’œŒ‘Š›Žȱ’—’’˜—ȱœ¢œŽ–ȱ ’‘ȱ
Ž•ŽŒ›˜—’Œȱœ™Š›”ȱŠŸŠ—ŒŽǯȱȱ¢™’ŒŠ•ȱŠ™™•’ŒŠ’˜—ȱǻ’ž›Žȱ
ŞȬŜǼȱŒ˜—œ’œœȱ˜ȱ‘Žȱ˜••˜ ’—ȱŒ˜–™˜—Ž—œDZ
ȱ Ȋȱ ȱ–А—ŽȱŠœœŽ–‹•¢ȱ ‘’Œ‘ȱ’œȱ™Ž›–Š—Ž—•¢ȱŠĜ¡Žȱ
˜ȱ‘ŽȱĚ¢ ‘ŽŽ•ǯ
ȱ Ȋȱ ˜ȱŽ•ŽŒ›˜—’ŒȱŒŠ™ŠŒ’’ŸŽȱ’œŒ‘Š›Žȱ’—’’˜—ȱ
–˜ž•Žœȱ ‘’Œ‘ȱ–˜ž—ȱ˜—ȱ‘ŽȱŽ—’—ŽȱŒ›Š—”ŒŠœŽȱ
ǻ’ž›ŽȱŞȬŜǼǯ
ȱ Ȋȱ ȱœ™Š›”ȱŠŸŠ—ŒŽȱ–˜ž•Žȱ ‘’Œ‘ȱ–˜ž—œȱ˜ȱ‘Žȱ
Ž—’—Žȱœ‘›˜ž’—ȱǻ’ž›ŽȱŞȬŝǼǯ
ȱ Ȋȱ ȱŗŘȱŸ˜•ȱ‹ŠĴŽ›¢ȱ ‘’Œ‘ȱœž™™•’ŽœȱŒž››Ž—ȱ˜ȱ‘Žȱ
œ™Š›”ȱŠŸŠ—ŒŽȱ–˜ž•Žǯ
ȱ Ȋȱ ȱ”’••ȱœ ’Œ‘ȱǻ˜›ȱ”Ž¢ȱœ ’Œ‘Ǽȱ ‘’Œ‘ȱ›˜ž—œȱ‘Žȱ
œ™Š›”ȱŠŸŠ—ŒŽȱ–˜ž•Žȱ˜ȱœ˜™ȱ‘ŽȱŽ—’—Žǯ
ȱ Ȋȱ ˜ȱœ™Š›”ȱ™•žœǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
5HG
.H\6ZLWFKRUµµ2II¶¶
3RVLWLRQRI.H\6ZLWFK
9ROW%DWWHU\
*UHHQ
6SDUN
$GYDQFH
0RGXOH
:KLWH
6SDUN
3OXJ
6SDUN
3OXJ
PP
LQ
$LU*DS
)O\ZKHHO
,JQLWLRQ
0RGXOH
0DJQHW
)LJXUH&DSDFLWLYH'LVFKDUJH,JQLWLRQ6\VWHPZLWK6SDUN$GYDQFH
*UHHQ
RU%ODFN
‘Žȱ’–’—ȱ˜ȱ‘Žȱœ™Š›”ȱ’œȱŒ˜—›˜••Žȱ‹¢ȱ‘Žȱ•˜ŒŠ’˜—ȱ˜ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ–А—Žȱ›˜ž™ȱŠœȱ›ŽŽ›Ž—ŒŽȱ˜ȱ‘ŽȱŽ—’—Žȱ˜™ȱ
ŽŠȱŒŽ—Ž›ȱŠ—ȱ‘ŽȱŽ•Š¢ȱŒ›ŽŠŽȱ‹¢ȱ‘Žȱœ™Š›”ȱŠŸŠ—ŒŽȱ–˜ž•Žǯ
99
)URP
,QSXW
&RLO
'HOD\
&LUFXLW
%URZQ &RQGLWLRQLQJ
&LUFXLW
&RPSDUDWRU
&KDUJH
3XPS
3RZHU
6RXUFH
3XOVH
*HQHUDWRU
%9'&
5HG
<HOORZ 7R
6HPL&RQGXFWRU
6ZLWFK
5HVHW
&LUFXLW
)LJXUH%ORFN'LDJUDP6SDUN$GYDQFH0RGXOH
™Ž›Š’˜—DZȱ‘Žȱ’—’’˜—ȱ–˜ž•Žȱ˜›ȱ‘’œȱœ¢œŽ–ȱ˜™Ž›ŠŽœȱ’—ȱ‘ŽȱœŠ–ŽȱŠœ‘’˜—ȱŠœȱ‘Žȱę¡Žȱ’–’—ȱ–˜ž•ŽǰȱŽ¡ŒŽ™ȱ
‘Žȱ›’Ž›ȱŒ’›Œž’ȱ˜›ȱ‘ŽȱœŽ–’Œ˜—žŒ˜›ȱǻŘǰȱ’ž›ŽȱŞȬśǼȱ’œȱ›Ž™•ŠŒŽȱ‹¢ȱ‘Žȱœ™Š›”ȱŠŸŠ—ŒŽȱ–˜ž•Žȱǻ’ž›ŽȱŞȬŝǼǯȱ
Section 8
Electrical System and Components
The pulse generated by the input coil of the ignition
module (L1, Figure 8-5) is fed to the input of the
conditioning circuit. The conditioning circuit shapes
this pulse, putting it in a useable form for the
additional circuits. This pulse starts the charge pump,
which charges a capacitor in a linear fashion that can
be directly related to the engine speed. At the same
time the pulse resets the delay circuit for length of the
pulse width. The comparator is off during this period
and no output is generated. As soon as the original
pulse drops back to zero, the capacitor in the delay
circuit begins to charge.
When the charge on the delay capacitor exceeds the
charge on the charge pump capacitor the comparator
changes state, activating the pulse generator.
This pulse turns “ON” the CD ignition module
semiconductor. Energy is then transferred to the
secondary of the output transformer (T1, Figure 8-5).
The high voltage pulse generated here is delivered
to the spark plug, causing arcing of the spark gap
and igniting the fuel-air mixture in the combustion
chamber. As the trigger pulse is generated, all
associated circuits are reset, their capacitors
discharged. The longer it takes the delay circuit to
surpass the charge pump capacitor voltage, the later
the trigger pulse will occur, retarding the timing
accordingly.
Troubleshooting CD Ignition Systems
The CD ignition systems are designed to be trouble
free for the life of the engine. Other than periodically
checking/replacing the spark plugs, no maintenance
or timing adjustments are necessary or possible.
Mechanical systems do occasionally fail or break
down however, so the following troubleshooting
information is provided to help you get to the root of
a reported problem.
CAUTION: High-Energy Electric Spark!
The CD ignition systems produce a high-energy electric
spark, but the spark must be discharged, or damage to the
system can result. Do not crank or run an engine with a
spark plug lead disconnected. Always provide a path for the
spark to discharge to ground.
Reported ignition problems are most often due to
poor connections. Before beginning the test procedure,
check all external wiring. Be certain all ignition-related
wires are connected, including the spark plug leads.
Be certain all terminal connections fit snugly. Make
sure the ignition switch is in the run position.
8.8
NOTE: The CD ignition systems are sensitive to
excessive load on the kill lead. If a customer
complains of hard starting, low power,
or misfire under load, it may be due to
excessive draw on the kill circuit. Perform the
appropriate test procedure.
Test Procedure for SMART-SPARKTM Ignition
Systems
The following procedures are provided for
troubleshooting ignition problems on SMARTSPARK™ equipped engines. They will allow you to
isolate and pinpoint the failed component(s).
Special Tools Required:
• Hand Tachometer
• Tester* (see Section 2)
• Automotive timing light
• Multi-meter (digital)
Specifications Required:
• Spark plug gap 0.76 mm (0.030 in.)
• Ignition module air gap 0.28/0.33 mm
(0.011-0.013 in.), 0.30 mm (0.012 in.) nominal
*NOTE: Ignition tester (see Section 2) must be used
to test ignition on these engines. Use of
any other tester can result in inaccurate
findings. Battery on unit must be fully
charged and properly connected before
making any of these tests (a battery that is
hooked up or charged backward will crank
the engine, but it won’t have spark). Be sure
drive is in neutral and all external loads
are disconnected. drive is in neutral and all
external loads are disconnected.
Test 1. Isolate and verify the trouble is within the
engine ignition system.
1. Locate the plug connectors where the wiring
harnesses from the engine and equipment are
joined. Separate the connectors and remove the
white “kill” lead from the engine connector.
Rejoin the connectors and position or insulate
the kill lead terminal so it cannot touch ground.
Try to start** the engine to verify whether the
reported problem is still present.
a. If the problem is gone, the electrical system on the unit is suspect. Check the key switch, wires, connections, safety interlocks, etc.
Section 8
Electrical System and Components
b.
If the problem persists the condition is associated with the ignition or electrical system of the engine. Leave the kill lead isolated until all testing is completed.
Test 3. Check for timing advance.
**NOTE:If the engine starts or runs during any of
the testing, you may need to ground the
kill lead to shut it down. Because you have
interrupted the kill circuit, it may not stop
using the switch.
Test 2. Test for spark.
1. With the engine stopped, disconnect one spark
plug lead. Connect the spark plug lead to post
terminal of spark tester (see Section 2), and attach
tester clip to a good engine ground.
NOTE: If two testers are available, testing can be
performed simultaneously for both cylinders.
However, if only one tester is available, two
individual tests must be performed. The side
not being tested must have the spark plug
lead connected or grounded. Do not crank
the engine or perform tests with one spark
plug lead disconnected and not grounded or
permanent system damage may occur.
Figure 8-8.
1. Make a line near the edge of the flywheel screen
with a marking pen or narrow tape.
2. Connect an automotive timing light to cylinder
that had good spark.
2. Crank the engine over, establishing a minimum
of 550-600 RPM, and observe tester(s) for spark.
8
3. On a twin cylinder engine, repeat the spark test
on the opposite cylinder if cylinders are being
tested individually.
a.
If both cylinders have good spark, but the
engine runs poorly, install new spark plugs
gapped at 0.76 mm (0.030 in.) and retest
engine performance. If problem persists, go
to Test 3.
b. If one cylinder had good spark, but the other cylinder had no spark or intermittent spark, go to Test 3.
c. If there was no spark or intermittent spark on both cylinders, go to Test 4.
Figure 8-9.
3. Run the engine at idle and use the timing light
beam to locate the line on the screen. Draw a line
on the blower housing adjacent to the line on the
screen. Accelerate to full throttle and watch for
movement of the line on the screen relative to the
line on the blower housing. If both cylinders had
good spark, repeat the test on the other cylinder.
a.
If the line on the screen moved away from the line on the blower housing during acceleration, the SAM is working properly. If it didn’t move away, go to Test 5.
8.9
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ¢˜žȱ Ž›ŽȱŠ‹•Žȱ˜ȱŒ‘ŽŒ”ȱ’–’—ȱ˜—ȱ‹˜‘ȱȱ
Œ¢•’—Ž›œǰȱ‘Žȱ•’—Žœȱ¢˜žȱ–ŠŽȱ˜—ȱ‘Žȱ‹•˜ Ž›ȱȱ
‘˜žœ’—ȱœ‘˜ž•ȱ‹ŽȱşŖǚȱЙЛǯȱȱ‘Ž¢Ȃ›Žȱ—˜ǰȱȱ
˜ȱ˜ȱŽœȱŚǯ
,JQLWLRQ0RGXOH5HVLVWDQFH7DEOH
RU
LQ+
7HVW7HVWWKHLJQLWLRQPRGXOHVDQGFRQQHFWLRQV
ȱ ŗǯȱ Ž–˜ŸŽȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ›˜–ȱ‘ŽȱŽ—’—Žǯȱ
—œ™ŽŒȱ‘Žȱ ’›’—ȱ˜›ȱŠ—¢ȱŠ–АŽǰȱŒžœǰȱ‹Šȱ
Œ›’–™œǰȱ•˜˜œŽȱŽ›–’—Š•œǰȱ˜›ȱ‹›˜”Ž—ȱ ’›Žœǯ
ȱ Řǯȱ ’œŒ˜——ŽŒȱ‘Žȱ•ŽŠœȱ›˜–ȱ‘Žȱ’—’’˜—ȱ–˜ž•ŽǻœǼȱ
Š—ȱŒ•ŽŠ—ȱŠ••ȱ˜ȱ‘ŽȱŽ›–’—Š•œȱǻ–Š•ŽȱŠ—ȱŽ–Š•ŽǼȱ
’‘ȱŠŽ›˜œ˜•ȱŽ•ŽŒ›’ŒŠ•ȱŒ˜—ŠŒȱŒ•ŽŠ—Ž›ȱ˜ȱ›Ž–˜ŸŽȱ
Š—¢ȱ˜•ȱ’Ž•ŽŒ›’ŒȱŒ˜–™˜ž—ǰȱŠ›”ȱ›Žœ’žŽǰȱ’›ǰȱ
˜›ȱŒ˜—Š–’—Š’˜—ǯȱ’œŒ˜——ŽŒȱ‘Žȱœ™Š›”ȱ™•žȱ
•ŽŠœȱ›˜–ȱ‘Žȱœ™Š›”ȱ™•žœǯ
ȱ ȱ Šǯȱ ȱŠ••ȱ˜ȱ‘Žȱ›Žœ’œŠ—ŒŽȱŸŠ•žŽœȱŠ›Žȱ ’‘’—ȱ‘Žȱȱ
ȱ ›Š—Žœȱœ™ŽŒ’ꮍȱ’—ȱ‘ŽȱŠ‹•Žǰȱ˜ȱ˜ȱœŽ™ȱśǯȱ
ȱ ȱ ‹ǯȱ ȱŠ—¢ȱ˜ȱ‘Žȱ›Žœ’œŠ—ŒŽȱŸŠ•žŽœȱŠ›Žȱ—˜ȱ ’‘’—ȱȱ
ȱ ‘Žȱ›Š—Žœȱœ™ŽŒ’ꮍȱ’—ȱ‘ŽȱŠ‹•ŽǰǛȱ‘Šȱȱ ȱ
ȱ –˜ž•Žȱ’œȱŠž•¢ȱŠ—ȱ–žœȱ‹Žȱ›Ž™•ŠŒŽǯ
Ǜ
DZȱ ‘Žȱ›Žœ’œŠ—ŒŽȱŸŠ•žŽœȱŠ™™•¢ȱ˜—•¢ȱ˜ȱ
–˜ž•Žœȱ‘Šȱ‘ŠŸŽȱ‹ŽŽ—ȱ˜—ȱŠȱ›ž——’—ȱ
Ž—’—ŽǯȱŽ ȱœŽ›Ÿ’ŒŽȱ–˜ž•Žœȱ–Š¢ȱ‘ŠŸŽȱ
‘’‘Ž›ȱ›Žœ’œŠ—ŒŽȱž—’•ȱ‘Ž¢ȱ‘ŠŸŽȱ‹ŽŽ—ȱ
›ž—ǯ
LQ+
7HVW
8VH'LJLWDO
2KPPHWHU
ȱ řǯȱ Ž–˜ŸŽȱ˜—Žȱ˜ȱ‘Žȱ–˜ž—’—ȱœŒ›Ž œȱ›˜–ȱŽŠŒ‘ȱ
˜ȱ‘Žȱ’—’’˜—ȱ–˜ž•Žœǯȱȱ‘Žȱ–˜ž—’—ȱœŒ›Ž œȱ
Š›Žȱ‹•ŠŒ”ǰȱ›Ž–˜ŸŽȱ‘Ž–ȱ‹˜‘ȱŠ—ȱ’œŒŠ›ǯȱŽ™•ŠŒŽȱ
‘Ž–ȱ ’‘ȱ™Š›ȱ—ž–‹Ž›ȱȬśŜŗŖŘśȬǯȱ˜˜”ȱ’—ȱ‘Žȱ
–˜ž—’—ȱ‘˜•Žȱ ’‘ȱŠȱ̊œ‘•’‘ȱŠ—ȱžœŽȱŠȱœ–Š••ȱ
›˜ž—ȱ ’›Žȱ‹›žœ‘ȱ˜ȱ›Ž–˜ŸŽȱŠ—¢ȱ•˜˜œŽȱ›žœȱ›˜–ȱ
‘Žȱ•Š–’—Š’˜—œȱ’—œ’Žȱ‘Žȱ–˜ž—’—ȱ‘˜•Žǯ
ȱ Śǯȱ ŽŽ›ȱ˜ȱ‘ŽȱŒ‘Š›ȱ˜—ȱ™ŠŽȱŞǯŗŖȱ˜ȱ’Ž—’¢ȱ ‘’Œ‘ȱ
’—’’˜—ȱ–˜ž•ŽǻœǼȱ¢˜žȱ‘ŠŸŽǯȱȱ‘Ž¢ȱŠ›Žȱ‘Žȱ
œ–Š••Ž›ȱœ¢•ŽǰȱŒ‘ŽŒ”ȱ‘ŽȱŸŽ—˜›ȱ™Š›ȱ—ž–‹Ž›ȱ˜—
ȱ ȱ ‘ŽȱŠŒŽǯȱ••ȱ–˜ž•Žœȱ ’‘ȱŸŽ—˜›ȱ™Š›ȱ—ž–‹Ž›œȱ
ȬŘǰȱȬŘǰȱ˜›ȱȬŘȱǻ˜‘•Ž›ȱŠ›ȱ˜ǯȱ
ŘŚȱśŞŚȱŖřǼȱœ‘˜ž•ȱ‹Žȱ›Ž™•ŠŒŽȱ ’‘ȱŘŚȱśŞŚȱŗŗȱ˜›ȱȱ
ŘŚȱśŞŚȱŗśȬǯȱ˜›ȱœ–Š••ȱ–˜ž•Žœȱ ’‘ȱŸŽ—˜›ȱ
—ž–‹Ž›œȱȬŘȱ˜›ȱȬŘȱǻ˜‘•Ž›ȱŠ›ȱ˜ǯȱȱ
ŘŚȱśŞŚȱŗŗǼǰȱ˜›ȱ‘Žȱ•Š›Ž›ȱœ¢•Žȱ–˜ž•ŽœȱǻŘŚȱśŞŚȱ
ŗśȬȱŠ—ȱŘŚȱśŞŚȱřŜȬǼǰȱžœŽȱŠȱ’’Š•ȱ˜‘––ŽŽ›ȱ˜ȱ
Œ‘ŽŒ”ȱ‘Žȱ›Žœ’œŠ—ŒŽȱŸŠ•žŽœȱŠ—ȱŒ˜–™Š›Žȱ‘Ž–ȱ˜ȱ
‘ŽȱŠ‹•Žȱ˜••˜ ’—ǯȱ‘Ž—ȱŽœ’—ȱ›Žœ’œŠ—ŒŽȱ˜ȱ‘Žȱ
•Š–’—Š’˜—œǰȱ˜žŒ‘ȱ‘Žȱ™›˜‹Žȱ˜ȱ‘Žȱ•Š–’—Š’˜—œȱ
’—œ’Žȱ‘ŽȱœŒ›Ž ȱ‘˜•ŽǰȱŠœȱœ˜–Žȱ•Š–’—Š’˜—œȱ‘ŠŸŽȱ
Šȱ›žœȱ™›ŽŸŽ—Š’ŸŽȱŒ˜Š’—ȱ˜—ȱ‘Žȱœž›ŠŒŽȱ ‘’Œ‘ȱ
Œ˜ž•ȱŠ•Ž›ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ›ŽŠ’—ǯ
6
RU
6
)URP1R
WR
)URP1R
WR
)URP1R
WR
LQ+
6
LQ+
WR
RKPV
WR
RKPV
WR
RKPV
WR
RKPV
6
LQ+
WR
RKPV
WR
RKPV
WR
RKPV
WR
RKPV
WR
RKPV
ȱ śǯȱ ‘ŽŒ”ȱŠ—Ȧ˜›ȱŠ“žœȱ‘Žȱ’—’’˜—ȱ–˜ž•ŽȱŠ’›ȱ
Š™ǻœǼǯȱ—ȱŠ’›ȱŠ™ȱ˜ȱŖǯŘŞȦŖǯřřȱ––
ǻŖǯŖŗŗȦŖǯŖŗřȱ’—ǯǼȱ–žœȱ‹Žȱ–Š’—Š’—Žȱž—Ž›ȱŠ••ȱ
‘›ŽŽȱ•ސœȱ˜ȱ‘Žȱ’—’’˜—ȱ–˜ž•ŽǻœǼǯȱ‘ŽŒ”’—Ȧ
Š“žœ’—ȱœ‘˜ž•ȱ‹Žȱ™Ž›˜›–Žȱ ’‘ȱ‘Žȱ™Š›œȱŠȱ
›˜˜–ȱŽ–™Ž›Šž›Žǯ
ȱ
Šǯȱ ȱ‘Žȱ–˜ž•Žȱ Šœȱ—˜ȱ•˜˜œŽ—Žȱ˜›ȱ›Ž™•ŠŒŽǰȱ
Œ‘ŽŒ”ȱ‘Šȱ‘Žȱœ™ŽŒ’ꮍȱŠ’›ȱŠ™ȱ’œȱ™›ŽœŽ—ȱ
ž—Ž›ȱŠ••ȱ‘›ŽŽȱ•ސœǯȱȱ‘ŽȱŠ™ȱ’œȱŒ˜››ŽŒǰȱ
›Ž’—œŠ••ȱ‘ŽȱœŽŒ˜—ȱ–˜ž—’—ȱœŒ›Ž ȱ›Ž–˜ŸŽȱ
ŽŠ›•’Ž›ȱŠ—ȱ›ŽŒ‘ŽŒ”ȱŠ™ȱŠĞŽ›ȱ’‘Ž—’—ǯ
ȱ
‹ǯȱ ȱ‘ŽȱŠ™ȱ’œȱ’—Œ˜››ŽŒǰȱ˜›ȱ‘Žȱ–˜ž•Žȱ Šœȱȱȱ
•˜˜œŽ—Žȱ˜›ȱ›Ž™•ŠŒŽǰȱŠ“žœȱ‘ŽȱŠ™ȱŠœȱȱ ȱ
˜••˜ œDZ
ȱ
ȱ
ŗǼȱ ž›—ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ–А—ŽȱРТȱ›˜–ȱ‘Žȱȱ
ȱ –˜ž•Žȱ™˜œ’’˜—ǯ
ȱ
ȱ
ŘǼȱ ĴŠŒ‘ȱ‘Žȱ–˜ž•Žȱ˜ȱ‘Žȱ–˜ž—’—ȱȱ ȱ
ȱ •ސœǰȱ™ž••ȱ’ȱРТȱ›˜–ȱ‘ŽȱĚ¢ ‘ŽŽ•ǰȱȱ ȱ
ȱ Š—ȱœ—žȱ‘ŽȱœŒ›Ž œȱ˜ȱ‘˜•ȱ’ȱȱ
ȱ
ȱ Ž–™˜›Š›’•¢ǯ
ȱ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
ȱ
ȱ
řǼȱ ˜ŠŽȱ‘ŽȱĚ¢ ‘ŽŽ•ȱœ˜ȱ‘Žȱ–А—Žȱ’œȱȱ ȱ
ȱ ŒŽ—Ž›Žȱž—Ž›ȱ‘Žȱ–˜ž•Žǯ
ȱ
ȱ
ŚǼȱ ˜œ’’˜—ȱŠȱŖǯřŖȱ––ȱǻŖǯŖŗŘȱ’—ǯǼȱŽŽ•Ž›ȱȱ ȱ
ȱ ŠžŽȱ‹Ž ŽŽ—ȱ‘Žȱ–А—ŽȱŠ—ȱŠ••ȱȱ ȱ
ȱ ‘›ŽŽȱ•ސœȱ˜ȱ‘Žȱ–˜ž•Žǯȱ‘Žȱ’—’’˜—ȱȱ
ȱ –˜ž•ŽȱŠ’›ȱŠ™ȱ’œȱŒ›’’ŒŠ•ȱ˜ȱ™›˜™Ž›ȱȱ ȱ
ȱ œ¢œŽ–ȱ™Ž›˜›–Š—ŒŽǯȱ˜ȱ—˜ȱŠĴŽ–™ȱ˜ȱȱ
ȱ œŽȱ’ȱ ’‘ȱŠȱ‹žœ’—ŽœœȱŒŠ›ȱ˜›ȱ˜•Žȱȱ ȱ
ȱ –’Œ›˜ęŒ‘ŽȱŒŠ›ǰȱžœŽȱ‘ŽȱŽŽ•Ž›ȱŠžŽȱȱȱ
ȱ œ™ŽŒ’ꮍǯȱ
ȱ
ȱ
ȱ
ȱ
śǼȱȱ˜˜œŽ—ȱ‘Žȱ–˜ž—’—ȱœŒ›Ž œǰȱŠ••˜ ȱȱ ȱ
ȱ ‘Žȱ–А—Žȱ˜ȱ™ž••ȱ‘Žȱ–˜ž•Žȱ˜ —ȱȱȱ
ȱ АВ—œȱ‘ŽȱŽŽ•Ž›ȱŠžŽǰȱŠ—ȱȱȱ
ȱ
ȱ ›Ž’‘Ž—ȱ‘Žȱ–˜ž—’—ȱœŒ›Ž œǯ
ŜǼȱ ˜ŠŽȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ˜ȱ›Ž–˜ŸŽȱ‘ŽȱŽŽ•Ž›ȱȱ
ȱ ŠžŽǰȱ™˜œ’’˜—ȱ‘Žȱ–А—Žȱ‹ŠŒ”ȱž—Ž›ȱȱ
ȱ ‘Žȱ–˜ž•ŽǰȱŠ—ȱ›ŽŒ‘ŽŒ”ȱ‘Šȱ‘Žȱȱ
ȱ
ȱ œ™ŽŒ’ꮍȱŠ™ǰȱ–’—’–ž–ȱ˜ȱŖǯŘŞȱ––ȱȱ ȱ
ȱ ǻŖǯŖŗŗȱ’—ǯǼȱŽ¡’œœȱž—Ž›ȱŽŠŒ‘ȱ•ސȱ˜ȱ‘Žȱȱ
ȱ –˜ž•Žǯȱ‘Ž—ȱ¢˜žȱŠ›ŽȱŒŽ›Š’—ȱ‘ŽȱŠ™ȱȱ
ȱ ’œȱŒ˜››ŽŒǰȱ˜›šžŽȱ‘Žȱ–˜ž•Žȱ–˜ž—’—ȱȱ
ȱ œŒ›Ž œȱ˜ȱŚǯŖȱȉ–ȱǻřśȱ’—ǯȱ•‹ǯǼǯȱ—ȱŠȱ ’—ȱȱ
ȱ Œ¢•’—Ž›ȱŽ—’—Žǰȱ›Ž™ŽŠȱ‘ŽœŽȱŜȱœŽ™œȱ˜ȱȱ
ȱ œŽȱ‘Žȱ˜™™˜œ’Žȱœ’Žȱ’—’’˜—ȱ–˜ž•Žǯ
ȱ Ŝǯȱ ŽŠĴŠŒ‘ȱ‘Žȱ•ŽŠȱ ’›Žœȱ˜ȱ‘Žȱ’—’’˜—ȱ–˜ž•ŽǻœǼǰȱ
—˜’—ȱ’ȱ›Žœ’œŠ—ŒŽȱ’œȱŽ•ǰȱ’—’ŒŠ’—ȱŠȱœ—žȱęȱ
‹Ž ŽŽ—ȱ‘Žȱ–Š•ŽȱŠ—ȱŽ–Š•ŽȱŽ›–’—Š•œǯȱȱŠ—¢ȱ
Œ˜——ŽŒ’˜—œȱ˜ȱ—˜ȱŽŽ•ȱœ—žǰȱ’œŒ˜——ŽŒȱ‘Žȱ•ŽŠǰȱ
•’‘•¢ȱ™’—Œ‘ȱ‘ŽȱŽ–Š•ŽȱŽ›–’—Š•ȱ ’‘ȱŠȱ™•’Ž›œǰȱ
Š—ȱ›ŽŒ‘ŽŒ”ȱ‘Žȱęǯ
ȱ ŝǯȱ ‘Ž—ȱ‘Žȱ’—Ž›’¢ȱ˜ȱŠ••ȱŒ˜——ŽŒ’˜—œȱ‘Šœȱ‹ŽŽ—ȱ
ŸŽ›’ꮍǰȱ›Ž™ŽŠȱ‘Žȱœ™Š›”ȱŽœȱǻŽœȱŘǼǯ
ȱ ȱ Šǯȱ ȱŠȱœ›˜—ǰȱœŽŠ¢ȱœ™Š›”ȱ’œȱ—˜ ȱ™›ŽœŽ—ȱȱ ȱ
ȱ ǻ‹˜‘ȱœ’Žœȱ˜—ȱŠȱ ’—Ǽǰȱ¢˜ž›ȱ™›˜‹•Ž–ȱȱ ȱ
ȱ œ‘˜ž•ȱ‹ŽȱŒ˜››ŽŒŽǯȱ˜ȱ˜ȱœŽ™ȱŚȱ˜ȱŽœȱśǯ
ȱ ȱ ‘ŽŒ”ȱ‘ŽȱŸ˜•ŠŽȱ ’‘ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ’—ȱ‹˜‘ȱ‘Žȱ
ȃȄȱŠ—ȱȃȄȱ™˜œ’’˜—œǯȱȱ–’—’–ž–ȱ˜ȱ
ŝǯŘśȱŸ˜•œȱ–žœȱ‹Žȱ™›ŽœŽ—ǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱŒ˜››ŽŒȱŸ˜•ŠŽȱ’œȱ—˜ȱ–ŽŠœž›ŽǰȱŒ˜——ŽŒȱȱ
‹•ŠŒ”ȱŸ˜•–ŽŽ›ȱ•ŽŠȱ’›ŽŒ•¢ȱ˜ȱ‘Žȱ—ŽŠ’ŸŽȱȱ
ǻȬǼȱ™˜œȱ˜ȱ‘Žȱ‹ŠĴŽ›¢ȱŠ—ȱŽœȱŸ˜•ŠŽȱАВ—ȱȱ
’—ȱ‹˜‘ȱ”Ž¢ȱ™˜œ’’˜—œǯȱȱŒ˜››ŽŒȱŸ˜•ŠŽȱ’œȱȱ
—˜ ȱ’—’ŒŠŽǰȱŒ‘ŽŒ”ȱ‘Žȱ›˜ž—ȱŒ’›Œž’ȱȱȱ
Œ˜——ŽŒ’˜—œǯȱȱ‘Žȱ›˜ž—ȱœŒ›Ž Ȧ‹˜•ȱ˜›ȱŠ—¢ȱȱ
˜‘Ž›ȱŠœŽ—Ž›œȱ’—ȱ‘Žȱ›˜ž—ȱŒ’›Œž’ȱŠ›Žȱ‹•ŠŒ”ȱȱ
ǻ˜¡’ŽȬŒ˜ŠŽǼǰȱ›Ž™•ŠŒŽȱ‘Ž–ȱ ’‘ȱ£’—Œȱ™•ŠŽȱȱ
ǻœ’•ŸŽ›ȱŒ˜•˜›ŽǼȱŠœŽ—Ž›œǯ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱȱ
ȱ
ȱŒ˜››ŽŒȱŸ˜•ŠŽȱ’œȱœ’••ȱ—˜ȱ’—’ŒŠŽǰȱŒ‘ŽŒ”ȱȱ
‘Žȱ‘Š›—ŽœœȱŒ˜——ŽŒ˜›ȱŽ›–’—Š•ȱ˜›ȱŠȱ˜˜ȱȱ
Œ˜——ŽŒ’˜—ȱŠ—ȱŒ›’–™ȱ˜ȱ‘Žȱ•ŽŠǯȱ‘Ž—ȱ›ŠŒŽȱȱ
‘Žȱ™˜ Ž›ȱœ˜ž›ŒŽȱŒ’›Œž’ȱ‹ŠŒ”ȱ‘›˜ž‘ȱ‘Žȱ
‘Š›—Žœœǰȱ”Ž¢ȱœ ’Œ‘ǰȱŽŒǯǰȱ•˜˜”’—ȱ˜›ȱŠ—¢ȱ™˜˜›ȱȱ
Œ˜——ŽŒ’˜—œǰȱ˜›ȱŠž•¢ȱŒ’›Œž’œǯ
ȱ Řǯȱ ’œŒ˜——ŽŒȱŠ••ȱ˜ȱ‘Žȱȱ•ŽŠœǰȱ’œ˜•Š’—ȱ’ȱ›˜–ȱ
‘ŽȱŽ—’—ŽǯȱŽœȱ‘ŽȱȱŠŒŒ˜›’—ȱ˜ȱœ¢•Žȱ ’‘ȱ
ŽœŽ›ȱŘśȱŝŜŗȱŘŗȬȱǻŽœœȱȱœ¢•Žȱ–˜ž•Žœȱ
˜—•¢Ǽǰȱ˜›ȱŽœŽ›ȱŘśȱŝŜŗȱŚŖȬȱǻŽœœȱ‹˜‘ȱȱŠ—ȱ
ȱœ¢•Žȱ–˜ž•ŽœǼǯȱœŽȱ‘ŽȱŽœȱ’—œ›žŒ’˜—œȱ
˜••˜ ’—ǰȱ˜›ȱ‘˜œŽȱ™›˜Ÿ’Žȱ ’‘ȱ‘ŽȱŽœŽ›ǯȱ
ȱ řǯȱ ŽŠĴŠŒ‘ȱ‘Žȱȱ•ŽŠœǰȱŸŽ›’¢’—ȱŠȱœ—žȱęȱŠȱ‘Žȱ
’—’’˜—ȱ–˜ž•ŽȱŽ›–’—Š•œǯȱȱŠ—¢ȱŒ˜——ŽŒ’˜—œȱ˜ȱ
—˜ȱŽŽ•ȱœ—žǰȱ’œŒ˜——ŽŒȱ‘Žȱ•ŽŠǰȱ•’‘•¢ȱ™’—Œ‘ȱ
‘ŽȱŽ–Š•ŽȱŽ›–’—Š•ȱ ’‘ȱŠȱ™•’Ž›œǰȱŠ—ȱ›ŽŒ‘ŽŒ”ȱ‘Žȱ
ęǯ
ȱ Śǯȱ ŽŠ•ȱ‘Žȱ‹ŠœŽȱ˜ȱ‘Žȱ’—’’˜—ȱ–˜ž•ŽȱŒ˜——ŽŒ’˜—œȱ
’‘ȱȦ˜ŸŠžŠ›ȱŜŜŗȱǻœŽŽȱŽŒ’˜—ȱŘǼȱŽ•Ȭ
›˜ȱž‹›’ȬŽ•ȱ’Ž•ŽŒ›’ŒȱŒ˜–™˜ž—ǯȱ‘Žȱ‹ŽŠœȱ
œ‘˜ž•ȱ˜ŸŽ›•Š™ȱ‹Ž ŽŽ—ȱ‘Žȱ ˜ȱŒ˜——ŽŒ’˜—œȕȱ˜ȱ
˜›–ȱŠȱœ˜•’ȱ‹›’Žȱ˜ȱŒ˜–™˜ž—ǯȱ˜ȱ—˜ȱ™žȱŠ—¢ȱ
Œ˜–™˜ž—ȱ’—œ’Žȱ‘ŽȱŒ˜——ŽŒ˜›œǯ
ȱ
ȱ ‹ǯȱ ȱ‘Ž›Žȱ’œȱœ’••ȱŠȱœ™Š›”ȱ™›˜‹•Ž–ǰȱ™Ž›˜›–ȱŠ••ȱȱȱ
˜ȱŽœȱśǯ
7HVW7HVWWKH6$0
ȱ ŗǯȱ ›ŠŒŽȱ‘Žȱ›Žȱ™˜ Ž›ȱœ˜ž›ŒŽȱ•ŽŠȱ›˜–ȱ‘Žȱȱ
˜ȱ‘Žȱ‘Š›—ŽœœȱŒ˜——ŽŒ’˜—ǯȱŽ™Š›ŠŽȱ‘ŽȱŒ˜——ŽŒ˜›ȱ
Š—ȱŒ˜——ŽŒȱ‘Žȱ›Žȱ•ŽŠȱ˜ȱŠȱȱŸ˜•–ŽŽ›ȱ˜ȱ
‘Žȱ‘Š›—ŽœœȱŽ›–’—Š•ǯȱ›ŠŒŽȱ‘Žȱ›˜ž—ȱ•ŽŠȱ›˜–ȱ
‘Žȱȱǻ‹•ŠŒ”ȱ˜—ȱœ’—•Žœǰȱ›ŽŽ—ȱ˜—ȱ ’—œǼȱ˜ȱ‘Žȱ
›˜ž—’—ȱœŒ›Ž ǯȱ˜——ŽŒȱ‘Žȱ‹•ŠŒ”ȱŸ˜•–ŽŽ›ȱ
•ŽŠȱ˜ȱ‘ŽȱŽ¢Ž•ŽȱŽ›–’—Š•ȱ˜ȱ‘Žȱ›˜ž—ȱ•ŽŠȱ˜›ȱ
‘Žȱ›˜ž—ȱœŒ›Ž Ȧ‹˜•ǯȱ
ȱ
ȕȱ
‘ŽȱŘŚȱśŞŚȱŗśȬȱ’—’’˜—ȱ–˜ž•Žœȱ‘ŠŸŽȱŠȱ
œŽ™Š›Š˜›Ȧ‹Š››’Ž›ȱ‹Ž ŽŽ—ȱ‘ŽȱŽ›–’—Š•œǯȱ—ȱ‘ŽœŽȱ
–˜ž•ŽœǰȱœŽŠ•ȱ‘Žȱ‹ŠœŽȱ˜ȱ‘ŽȱŽ›–’—Š•ȱ’ȱŠ—¢ȱ
™˜›’˜—ȱ˜ȱ’ȱ’œȱŽ¡™˜œŽǰȱ‹žȱ’ȱ’œȱ—˜ȱ—ŽŒŽœœŠ›¢ȱ˜ȱ
‘ŠŸŽȱ˜ŸŽ›•Š™™’—ȱ‹ŽŠœȱ˜ȱœŽŠ•Š—ȱ‹Ž ŽŽ—ȱ‘Žȱ
Œ˜——ŽŒ’˜—œǯ
ȱ śǯȱ Žœȱ˜›ȱœ™Š›”ȱǻŽœȱŘǼȱ˜ȱ‹Žȱœž›Žȱ‘Žȱœ¢œŽ–ȱ’œȱ
˜›”’—ǰȱ‹Ž˜›Žȱ¢˜žȱ›Ž’—œŠ••ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ǯȱ
ȱ‘Ž›Žȱ’œȱœ’••ȱŠȱœ™Š›”ȱ™›˜‹•Ž–ȱ˜—ȱ˜—Žȱœ’Žǰȱ
›Ž™•ŠŒŽȱ‘Šȱ’—’’˜—ȱ–˜ž•ŽȱŠ—ȱ›ŽŒ‘ŽŒ”ȱœ™Š›”ǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
7R7HVW±8VLQJ67HVWHU
$6$0RQO\7HVW3URFHGXUH
DZȱ ‘Žȱȱ–žœȱ‹ŽȱŠȱ›˜˜–ȱŽ–™Ž›Šž›Žȱ ‘Ž—ȱ
ŽœŽǯȱ’œŒ˜——ŽŒȱŠ••ȱ˜ȱ‘Žȱȱ•ŽŠœǰȱ
’œ˜•Š’—ȱ’ȱ›˜–ȱ‘Žȱ–Š’—ȱ ’›’—ȱ‘Š›—Žœœȱ
Š—ȱ‘Žȱ’—’’˜—ȱ–˜ž•ŽǻœǼǯȱŽœ’—ȱ–Š¢ȱ‹Žȱ
™Ž›˜›–Žȱ ’‘ȱ‘Žȱ–˜ž•Žȱ–˜ž—Žȱ˜›ȱ
•˜˜œŽǯȱ‘Žȱꐞ›Žœȱœ‘˜ ȱ‘Žȱ™Š›ȱ›Ž–˜ŸŽȱ
›˜–ȱ‘ŽȱŽ—’—Žȱ˜›ȱŒ•Š›’¢ǯ
)LJXUH
ȱ Řǯȱ ‘ŽŒ”ȱ‘Žȱȱ™Š›ȱ—ž–‹Ž›ȱœŠ–™Žȱ˜—ȱ‘Žȱœ’Žȱ
˜ȱ‘Žȱ‘˜žœ’—ǯȱŽ›’¢ȱ‘Šȱ¢˜žȱ‘ŠŸŽȱŠ—ȱŠ—Š•˜ȱ
ȱǻǼȱŠ›ȱ˜ǯȱŘŚȱśŞŚȱŗŖȱ˜›ȱ•˜ Ž›ǰȱ—˜ȱ
Šȱ’’Š•ȱȱǻǼȱŠ›ȱ˜ǯȱŘŚȱśŞŚȱŗŞȱŠ—ȱ
‘’‘Ž›ǯȱ˜••˜ ȱœž‹ȬœŽ™ȱŠȱ˜›ȱŽœ’—ȱŠ—ȱȱ
’‘ȱ‘’œȱŽœŽ›ǯȱ’’Š•ȱȱǻǼȱ–˜ž•Žœȱ
›Žšž’›ŽȱŽœŽ›ȱŘśȱŝŜŗȱŚŖȬȱ˜›ȱ™›˜™Ž›ȱŽœ’—ǯȱ
)LJXUH
ȱ ŗǯȱ ˜——ŽŒȱ‘ŽȱŽœŽ›ȱ˜ȱ‘ŽȱȱŠœȱ˜••˜ œDZ
ĴŠŒ‘DZ
ȱ ǯȱ
ȱ ǯȱ
ȱ ǯȱ
ȱ ǯȱ
‘Žȱ¢Ž••˜ ȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ•˜—ȱ¢Ž••˜ ȱ–˜ž•Žȱ•ŽŠǯ
‘Žȱ‹›˜ —ȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ•˜—ȱ‹›˜ —ȱ–˜ž•Žȱ•ŽŠǯ
‘Žȱ›ŽȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ›Žȱ–˜ž•Žȱ•ŽŠǯ
‘Žȱ›ŽŽ—ȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ›ŽŽ—ȱ–˜ž•Žȱ•ŽŠǯ
Šž’˜—DZȱ ˜ȱ—˜ȱŠ••˜ ȱ‘ŽȱŠ••’Š˜›ȱŒ•’™ȱ•ŽŠœȱ˜ȱ˜žŒ‘ȱȱ
ȱ ŽŠŒ‘ȱ˜‘Ž›ǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
Ž™›Žœœȱ‘ŽȱŽœŽ›ȱ‹žĴ˜—ȱŠ—ȱ‘˜•ȱ’ȱ˜ —ǯȱȱ
Ў›ȱŠ™™›˜¡’–ŠŽ•¢ȱ˜ž›ȱœŽŒ˜—œǰȱŠȱȱ
ȱ
—ž–Ž›’ŒŠ•ȱœŽšžŽ—ŒŽȱœ‘˜ž•ȱ‹Žȱ’œ™•Š¢Žǰȱȱ
‹Ž’——’—ȱ ’‘ȱŗȱ˜›ȱŘȱŠ—ȱŒ˜—’—ž’—ȱ˜ȱȱŞȱ˜›ȱȱ
şǰȱ˜••˜ Žȱ‹¢ȱŠȱ•ŽĴŽ›ȱȃȄȱǻ™ŠœœǼȱ˜›ȱȃȄȱǻŠ’•Ǽǯȱȱ
ŽŽȱ’ž›ŽœȱŞȬŗŗȱŠ—ȱŞȬŗŘǯȱȱȱ›Ž•ŽŠœŽȱȱ
‘ŽȱŽœŽ›ȱ‹žĴ˜—ȱž—’•ȱ‘ŽȱŽœȱŒ¢Œ•ŽȱŒ˜–™•ŽŽœȱȱ
Š—ȱ‘Žȱ’œ™•Š¢ȱ˜Žœȱ˜ěȘǯȱȱ¢˜žȱŽȱŠȱȃȬȄȱœ’—ȱȱ
’—œŽŠȱ˜ȱ‘Žȱ—ž–Ž›’ŒŠ•ȱœŽšžŽ—ŒŽǰȱŠ—Ȧ˜›ȱȱ
Š—ȱȱȃȄȱŠȱ‘ŽȱŽ—ȱ˜ȱ‘ŽȱŒ¢Œ•Žǰȱ‘Žȱȱ’œȱȱ
™›˜‹Š‹•¢ȱ‹ŠǯȱŽŒ‘ŽŒ”ȱŠ••ȱ˜ȱ‘ŽȱŒ˜——ŽŒ’˜—œǰȱȱ
Œ‘ŽŒ”ȱ‘ŽȱŒ˜—’’˜—ȱ˜ȱ‘ŽȱŽœŽ›ȱ‹ŠĴŽ›¢ȘȘȱŠ—ȱȱ
›Ž™ŽŠȱ‘ŽȱŽœǯȱȱ¢˜žȱŽȱ‘ŽȱȃȬȄœ’—ȱŠ—Ȧ˜›ȱȱ
ȃȄȱАВ—ȱ’—ȱ‘Žȱ›ŽŽœǰȱ›Ž™•ŠŒŽȱ‘Šȱǯ
,03257$17
••˜ ȱŗśȬŘŖȱœŽŒ˜—œȱ˜›ȱ‘ŽȱŽœŽ›ȱ˜ȱŒ•ŽŠ›ȱŠ—ȱ›ŽœŽȱ
’œŽ•ȱ‹Ž ŽŽ—ȱŽœœȱ˜›ȱ’ȱŽœȱ’œȱ’—Ž››ž™Žȱ‹Ž˜›Žȱ
Œ˜–™•Ž’˜—ȱ˜ȱŽœȱŒ¢Œ•Žǯȱ‘Ž› ’œŽǰȱŠȱŠ•œŽȱ›ŽŠ’—ȱ
–Š¢ȱ‹Žȱ’œ™•Š¢Žȱ’—ȱ‘Žȱ˜›–ȱ˜ȱŠȱȃȬȄȱ˜›ȱŠȱŠ’—ȱȃŞȄǯ
ȱ řǯȱ ’œŒ˜——ŽŒȱ‘Žȱ¢Ž••˜ ȱŠ—ȱ‹›˜ —ȱŽœŽ›ȱ•ŽŠœȱ
›˜–ȱ‘Žȱ•˜—ȱ–˜ž•Žȱ•ŽŠœǯȱ˜——ŽŒȱ‘Žȱ‹›˜ —ȱ
ŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱœ‘˜›ȱ‹›˜ —ȱ–˜ž•Žȱ•ŽŠǯȱ
˜——ŽŒȱ‘Žȱ¢Ž••˜ ȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱœ‘˜›ȱ¢Ž••˜ ȱ
ǻ˜›ȱ™’—”Ǽȱ–˜ž•Žȱ•ŽŠǯȱŽŽȱ’ž›ŽȱŞȬŗřǯȱŽŠŸŽȱ‘Žȱ
›ŽȱŠ—ȱ›ŽŽ—ȱ•ŽŠœȱŒ˜——ŽŒŽǯȱŽ™ŽŠȱœŽ™ȱŘǯ
)LJXUH
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
$6$00RGXOH
7HVW&RQQHFWLRQV
'6$00RGXOH7HVW
&RQQHFWLRQV
)LJXUH
)LJXUH&RQQHFWHG7HVWHU/HDGV
ȘȘ‘ŽȱŽœŽ›ȱ’œȱ™˜ Ž›Žȱ‹¢ȱŠȱşȬŸ˜•ȱ‹ŠĴŽ›¢ǯȱ˜œȱȱȱ
ȱȱ œȱŠ›ŽȱŽœ’—Žȱ˜ȱ˜™Ž›ŠŽȱ˜ —ȱ˜ȱŠȱ–’—’–ž–ȱȱ
ȱȱ ˜ȱŝǯŘśȱŸ˜•œǯȱȱ‘ŽȱŽœŽ›ȱ‹ŠĴŽ›¢ȱ›˜™œȱ‹Ž•˜ ȱ‘Šȱ
ȱȱ •ŽŸŽ•ǰȱ’—Œ˜››ŽŒȱŽœȱ›ŽŠ’—œȱ ’••ȱ›Žœž•ǯȱ‘ŽȱŽœŽ›ȱȱ
ȱȱ ‹ŠĴŽ›¢ȱœ‘˜ž•ȱ‹ŽȱŒ‘ŽŒ”Žȱ™Ž›’˜’ŒŠ••¢ȱ‹¢ȱȱ
ȱ
ȱȱ Œ˜——ŽŒ’—ȱŠȱȱŸ˜•–ŽŽ›ȱ‹Ž ŽŽ—ȱ‘Žȱ›ŽȱŠ—ȱȱ
ȱȱ ›ŽŽ—ȱ•ŽŠȱ ’›Žœǰȱ ’‘ȱ‘ŽȱŽœŽ›ȱŒ˜——ŽŒŽȱ˜ȱŠȱȱ
ȱȱ ǯȱ›ŽœœȱŠ—ȱ‘˜•ȱ‘ŽȱŽœȱ‹žĴ˜—ȱ˜›ȱŠȱž••ȱŽœȱȱ
ȱȱ Œ¢Œ•ŽȱǻȁȁȂȂȱ˜›ȱȃȂȂȱŠ™™ŽŠ›œȱŠ—ȱ‘Ž—ȱ’œ™•Š¢ȱœ‘žœȱȱ
ȱȱ ˜ěǼǰȱ ‘’•Žȱ–˜—’˜›’—ȱ‘ŽȱŸ˜•ŠŽȱ›ŽŠ’—ȱ˜—ȱ‘Žȱȱ
ȱȱ Ÿ˜•–ŽŽ›ǯȱȱ‘ŽȱŸ˜•ŠŽȱ›˜™œȱ‹Ž•˜ ȱŝǯśȱŠȱŠ—¢ȱ’–Žȱȱ
ȱȱ ž›’—ȱ‘ŽȱŒ¢Œ•Žǰȱ‘ŽȱşȬŸ˜•ȱŽœŽ›ȱ‹ŠĴŽ›¢ȱ–žœȱ‹Žȱȱ
ȱȱ ›Ž™•ŠŒŽǯȱœŽȱŠ—ȱŽ¡Ž—Žȱ•’ŽȱǻŠ•”Š•’—ŽǼȱ‹ŠĴŽ›¢ǯ
‘ŽȱŽœȱ™›˜ŒŽž›Žȱ˜›ȱ ’—ȱŒ¢•’—Ž›ȱœȱ ’••ȱŸŠ›¢ȱ
œ•’‘•¢ǰȱŽ™Ž—’—ȱ˜—ȱ ‘Ž‘Ž›ȱ‘Žȱ–˜ž•Žȱ’œȱŠ—Š•˜ȱȱ
ǻǼȱ˜›ȱ’’Š•ȱǻǼǯ
ȱ ŗǯȱ ‘ŽŒ”ȱ‘Žȱȱ™Š›ȱ—ž–‹Ž›ȱœŠ–™Žȱ˜—ȱ‘ŽȱŽ—ȱ
˜ȱ‘Žȱ‘˜žœ’—ǯ
ȱ ȱ
ȱ ȱ Šǯȱ ȱ’ȱ’œȱŠ—ȱȱǻŘŚȱśŞŚȱŖşȱ˜›ȱŘŚȱśŞŚȱŗŖǼǰȱȱȱ
ȱ œŽ™Š›ŠŽȱ‘Žȱœ‘˜›ȱ¢Ž••˜ ȱŠ—ȱ‹›˜ —ȱ•ŽŠœȱȱ
ȱ ›˜–ȱ‘Žȱ•˜—ȱ˜—ŽœǯȱŠŒ‘ȱœŽȱ ’••ȱ‹ŽȱŽœŽȱȱ
ȱ œŽ™Š›ŠŽ•¢ǯȱ˜——ŽŒȱ‘ŽȱŽœŽ›ȱ˜ȱ‘ŽȱȱŠœȱȱ
ȱ ˜••˜ œDZ
˜ȱ›Ž™•ŠŒŽȱ‘Žȱ‹ŠĴŽ›¢ǰȱ›Ž–˜ŸŽȱ‘Žȱ˜žŽ›ȱœŽȱ˜ȱœŒ›Ž œȱ
˜—ȱ‘ŽȱŠŒŽ™•ŠŽȱŠ—ȱŒŠ›Žž••¢ȱ•’Ğȱ‘Žȱ™Š—Ž•ȱ›˜–ȱ‘Žȱ
‹˜¢ǯȱ—™•žȱ‘ŽȱŒ˜——ŽŒ˜›ȱŠ—ȱ™ž••ȱ‹ŠĴŽ›¢ȱǻ ’‘ȱ
–˜ž—’—ȱŠ™ŽǼȱ˜ěȱ‘Žȱ‹ŠŒ”ȱ˜ȱ‘ŽȱŽœŽ›ǯȱĴŠŒ‘ȱ‘Žȱ
Œ˜——ŽŒ˜›ȱ˜ȱ‘Žȱ—Ž ȱ‹ŠĴŽ›¢ȱŠ—ȱ–˜ž—ȱ‘Žȱ‹ŠĴŽ›¢ȱ
˜ȱ‘ŽȱŒŠœŽȱ ’‘ȱ˜ž‹•ŽȬ‹ŠŒ”ŽȱŠ™ŽǯȱŽ’—œŠ••ȱ‘Žȱ
ŠŒŽ™•ŠŽȱŠ—ȱœŽŒž›Žȱ ’‘ȱ‘Žȱ˜ž›ȱœŒ›Ž œǯ
ȱ
7R7HVW±8VLQJ67HVWHU
ȱ
'6$0$6$07HVW3URFHGXUH
DZȱ ‘Žȱȱ–žœȱ‹ŽȱŠȱ›˜˜–ȱŽ–™Ž›Šž›Žȱ ‘Ž—ȱ
ŽœŽǯȱ’œŒ˜——ŽŒȱŠ••ȱ˜ȱ‘Žȱȱ•ŽŠœǰȱ
’œ˜•Š’—ȱ’ȱ›˜–ȱ‘Žȱ–Š’—ȱ ’›’—ȱ‘Š›—Žœœȱ
Š—ȱ‘Žȱ’—’’˜—ȱ–˜ž•ŽǻœǼǯȱŽœ’—ȱ–Š¢ȱ‹Žȱ
™Ž›˜›–Žȱ ’‘ȱ‘Žȱ–˜ž•Žȱ–˜ž—Žȱ˜›ȱ
•˜˜œŽǯȱ‘Žȱꐞ›Žœȱœ‘˜ ȱ‘Žȱ™Š›ȱ›Ž–˜ŸŽȱ
›˜–ȱ‘ŽȱŽ—’—Žȱ˜›ȱŒ•Š›’¢ǯȱŽŽȱ’ž›ŽȱŞȬŗŚǯ
ȱ
ȱ
ȱ
ȱ ȊȱŽ••˜ ȱŽœŽ›ȱ•ŽŠȱ˜ȱ•˜—ȱ¢Ž••˜ ȱ–˜ž•Žȱȱ
ȱ •ŽŠǯ
ȱ Ȋȱ›˜ —ȱŽœŽ›ȱ•ŽŠȱ˜ȱ•˜—ȱ‹›˜ —ȱ–˜ž•Žȱȱ
ȱ •ŽŠǯ
ȱ ȊȱŽȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ›Žȱ–˜ž•Žȱ•ŽŠǯ
ȱ Ȋȱ•ŠŒ”ȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ‹•ŠŒ”ȱ˜›ȱ›ŽŽ—ȱȱ ȱ
ȱ –˜ž•Žȱ•ŽŠǯ
ȱ
‘Žȱ›Ž–Š’—’—ȱŽœŽ›ȱ•ŽŠœȱǻ™’—”ȱŠ—ȱ‹›˜ —ȱȱ
’‘ȱ‹•ŠŒ”ȱ‹Š—ǼȱŠ›Žȱ—˜ȱžœŽȱ˜›ȱŽœ’—ȱȱ
œǯ
ȱ ȱ ‹ǯȱ ȱ’ȱ’œȱŠȱȱǻŠ••ȱŽ¡ŒŽ™ȱŘŚȱśŞŚȱŖşȱ˜›ȱȱ
ȱ ŘŚȱśŞŚȱŗŖǼǰȱŒ˜——ŽŒȱ‘ŽȱŽœŽ›ȱŠœȱ˜••˜ œDZ
ȱ
ȱ ȊȱŽ••˜ ȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ•˜—ȱ¢Ž••˜ ȱȱ ȱ
ȱ –˜ž•Žȱ•ŽŠǯ
ȱ
ȱ Ȋȱ›˜ —ȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ•˜—ȱ‹›˜ —ȱȱ ȱ
ȱ –˜ž•Žȱ•ŽŠǯ
ȱ
ȱ ȊȱŽȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ›Žȱ–˜ž•Žȱ•ŽŠǯ
ȱ
ȱ Ȋȱ•ŠŒ”ȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱ›ŽŽ—ȱ˜›ȱ‹•ŠŒ”ȱȱ
ȱ –˜ž•Žȱ›˜ž—ȱ•ŽŠȱ ’‘ȱ‘ŽȱŽ¢Ž•ŽǛȱ ȱ
ȱ Ž›–’—Š•ǯ
ȱ
ȱ Ȋȱ’—”ȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘Žȱœ‘˜›ȱ¢Ž••˜ ȱ˜›ȱ™’—”ȱȱ
ȱ –˜ž•Žȱ•ŽŠǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
ȱ
Ǜ
ȱ
Ȋȱ›˜ —ȱŽœŽ›ȱ•ŽŠȱ ’‘ȱ‹•ŠŒ”ȱ‹Š—ȱ˜›ȱȱȱ
ȱ Ž›–’—Š•ȱ˜ȱ‘Žȱœ‘˜›ȱ‹›˜ —ȱ–˜ž•Žȱ•ŽŠǯ
DZȱ ˜–Žȱ–˜ž•ŽœȱŒ˜—Š’—ȱ ˜ȱ‹•ŠŒ”ȱ›˜ž—ȱ
•ŽŠœǰȱ ’‘ȱ˜—ŽȱŒ˜—Š’—’—ȱŠȱ ‘’Žȱœ›’™Žǯȱ˜ȱ
—˜ȱŒ˜——ŽŒȱ˜ȱ‘Žȱ‹•ŠŒ”Ȧ ‘’Žȱ•ŽŠȱ ’‘ȱ‘Žȱ
‹ž••ŽȱŒ˜——ŽŒ˜›ȱ˜›ȱŠȱȃŠ’•ȄȱŽœȱ›Žœž•ȱ ’••ȱ
˜ŒŒž›ǰȱ›ŽŠ›•Žœœȱ˜ȱŠŒžŠ•ȱŒ˜—’’˜—ǯ
Šž’˜—DZȱ ˜ȱ—˜ȱŠ••˜ ȱŠ••’Š˜›ȱŒ•’™ȱ•ŽŠœȱ˜ȱ˜žŒ‘ȱȱ
ȱ ŽŠŒ‘ȱ˜‘Ž›ǯ
ȱ Řǯȱ ŽŒ‘ŽŒ”ȱ‘Žȱȱ™Š›ȱ—ž–‹Ž›ǰȱ—˜’—ȱ‘Žȱ•Šœȱ
 ˜ȱ’’œǯȱŽŽ›ȱ˜ȱ‘ŽȱŠ‹•Žȱ‹Ž•˜ ȱ˜›ȱ˜—ȱ‘Žȱ
ŽœŽ›ȱŠŒŽ™•ŠŽȱ˜ȱŽŽ›–’—Žȱ‘ŽȱŽœȱ—ž–‹Ž›ȱ˜ȱ
‹ŽȱžœŽǯȱ
6$0
3DUW1R
7HVW1R
ŗŘȱśŞŚȱŗŘ ŘŚȱśŞŚȱřŖ ŘŚȱśŞŚȱřř
ŘŚȱśŞŚȱŖş ŘŚȱśŞŚȱřŗ ŘŚȱśŞŚȱřŚ
ŘŚȱśŞŚȱŗŖ
ŗ
Ř
6$0
3DUW1R
Ȭ
7HVW1R
ś
ř
ŘŚȱśŞŚȱřŘ
Ś
ŘŚȱśŞŚȱŗŞ ŘŚȱśŞŚȱŗş
ŘŚȱśŞŚȱŘŝ
Ŝ
ŝ
ŘŚȱśŞŚȱřŞ
ŘŚȱśŞŚȱřş
Ş
ȱ řǯȱ Ž™›Žœœȱ‘ŽȱŽœŽ›ȱ‹žĴ˜—ȱ›Ž™ŽŠŽ•¢ȱž—’•ȱ‘Žȱ
Œ˜››ŽŒȱŽœȱ—ž–‹Ž›ȱŠ™™ŽŠ›œȱ˜—ȱ‘Žȱ’œ™•Š¢ǯȱЎ›ȱ
ŠȱŽ ȱœŽŒ˜—œǰȱ‘ŽȱŽœȱ—ž–‹Ž›ȱ ’••ȱ̊œ‘ȱ‘›ŽŽȱ
’–ŽœȱŠ—ȱ‘ŽȱŽœȱ ’••ȱ‹Ž’—ǯȱȱ›ŽŸŽ›œŽȱ—ž–Ž›’ŒŠ•ȱ
œŽšžŽ—ŒŽȱ ’••ȱ‹Žȱ’œ™•Š¢ŽǰȱœŠ›’—ȱ ’‘ȱŠȱŜȱŠ—ȱ
™›˜›Žœœ’—ȱ˜ —ȱ˜ȱŗǰȱ˜••˜ Žȱ‹¢ȱŠȱȃȄȱǻ™ŠœœǼȱ
˜›ȱȃȄȱǻŠ’•Ǽǰȱ’—’ŒŠ’—ȱ‘ŽȱŒ˜—’’˜—ȱ˜ȱ‘Žȱ™Š›Șǯȱ
ŽŽȱ’ž›ŽœȱŞȬŗśȱŠ—ȱŞȬŗŜǯȱȱŽœ’—ȱŠ—ȱǰȱ
›Žž›—ȱ˜ȱœŽ™ȱŗȱŠ—ȱ–˜ŸŽȱ‘Žȱ¢Ž••˜ ȱŠ—ȱ‹›˜ —ȱ
ŽœŽ›ȱ•ŽŠœȱ˜ȱ‘Žȱœ‘˜›ȱœŽȱ˜ȱ–˜ž•Žȱ•ŽŠœǰȱ‘Ž—ȱ
›Ž™ŽŠȱ‘ŽȱŽœǯȱ
ȱ Śǯȱ ȱ¢˜žȱŽȱŠȱȃȬȃȱœ’—ȱ’—œŽŠȱ˜ȱ‘Žȱ—ž–Ž›’ŒŠ•ȱ
œŽšžŽ—ŒŽǰȱŠ—Ȧ˜›ȱŠ—ȱȃȄȱŠȱ‘ŽȱŽ—ȱ˜ȱ‘ŽȱŽœȱ
Œ¢Œ•Žǰȱ›ŽŒ‘ŽŒ”ȱŠ••ȱ˜ȱ‘ŽȱŒ˜——ŽŒ’˜—œǰȱŒ‘ŽŒ”ȱ‘Žȱ
Œ˜—’’˜—ȱ˜ȱ‘ŽȱŽœŽ›ȱ‹ŠĴŽ›¢ȘȘȱŠ—ȱ›Ž™ŽŠȱ‘Žȱ
Žœǯȱȱ¢˜žȱŽȱ‘ŽȱȃȬȃ˜›ȱȃȄȱœ’—ȱАВ—ȱ’—ȱ‘Žȱ
›ŽŽœȱ›Ž™•ŠŒŽȱ‘Žȱǯ
,03257$17
••˜ ȱŗśȬŘŖȱœŽŒ˜—œȱ˜›ȱ‘ŽȱŽœŽ›ȱ˜ȱŒ•ŽŠ›ȱŠ—ȱ›ŽœŽȱ
’œŽ•ȱ‹Ž ŽŽ—ȱŽœœȱ˜›ȱ’ȱ‘ŽȱŽœȱ’œȱ’—Ž››ž™Žȱ‹Ž˜›Žȱ
Œ˜–™•Ž’˜—ȱ˜ȱ‘ŽȱŽœȱŒ¢Œ•Žǯȱ‘Ž› ’œŽǰȱŠȱŠ•œŽȱ›ŽŠ’—ȱ
–Š¢ȱ‹Žȱ’œ™•Š¢Žȱ’—ȱ‘Žȱ˜›–ȱ˜ȱŠȱȃȬȄȱ˜›ȱŠȱŠ’—ȱȃŞȄǯ
)LJXUH6HOHFW7HVW1XPEHU
)LJXUH³3DVV´,QGLFDWRU
ȘȘ‘ŽȱŽœŽ›ȱ’œȱ™˜ Ž›Žȱ‹¢ȱŠȱşȬŸ˜•ȱ‹ŠĴŽ›¢ǯȱ˜œȱȱȱ
ȱȱ œȱŠ›ŽȱŽœ’—Žȱ˜ȱ˜™Ž›ŠŽȱ˜ —ȱ˜ȱŠȱ–’—’–ž–ȱȱ
ȱȱ ˜ȱŝǯŘśȱŸ˜•œǯȱȱ‘ŽȱŽœŽ›ȱ‹ŠĴŽ›¢ȱ›˜™œȱ‹Ž•˜ ȱ‘Šȱ
ȱȱ •ŽŸŽ•ǰȱ’—Œ˜››ŽŒȱŽœȱ›ŽŠ’—œȱ ’••ȱ›Žœž•ǯȱ‘ŽȱŽœŽ›ȱȱ
ȱȱ ‹ŠĴŽ›¢ȱœ‘˜ž•ȱ‹ŽȱŒ‘ŽŒ”Žȱ™Ž›’˜’ŒŠ••¢ȱ‹¢ȱȱ
ȱ
ȱȱ Œ˜——ŽŒ’—ȱŠȱȱŸ˜•–ŽŽ›ȱ‹Ž ŽŽ—ȱ‘Žȱ›ŽȱŠ—ȱȱ
ȱȱ ›ŽŽ—ȱ•ŽŠȱ ’›Žœǰȱ ’‘ȱ‘ŽȱŽœŽ›ȱŒ˜——ŽŒŽȱ˜ȱŠȱȱ
ȱȱ ǯȱ›ŽœœȱŠ—ȱ‘˜•ȱ‘ŽȱŽœȱ‹žĴ˜—ȱ˜›ȱŠȱž••ȱŽœȱȱ
ȱȱ Œ¢Œ•ŽȱǻȁȁȂȂȱ˜›ȱȃȂȂȱŠ™™ŽŠ›œȱŠ—ȱ‘Ž—ȱ’œ™•Š¢ȱœ‘žœȱȱ
ȱȱ ˜ěǼǰȱ ‘’•Žȱ–˜—’˜›’—ȱ‘ŽȱŸ˜•ŠŽȱ›ŽŠ’—ȱ˜—ȱ‘Žȱȱ
ȱȱ Ÿ˜•–ŽŽ›ǯȱȱ‘ŽȱŸ˜•ŠŽȱ›˜™œȱ‹Ž•˜ ȱŝǯśȱŠȱŠ—¢ȱ’–Žȱȱ
ȱȱ ž›’—ȱ‘ŽȱŒ¢Œ•Žǰȱ‘ŽȱşȬŸ˜•ȱŽœŽ›ȱ‹ŠĴŽ›¢ȱ–žœȱ‹Žȱȱ
ȱȱ ›Ž™•ŠŒŽǯȱœŽȱŠ—ȱŽ¡Ž—Žȱ•’ŽȱǻŠ•”Š•’—ŽǼȱ‹ŠĴŽ›¢ǯ
˜ȱ›Ž™•ŠŒŽȱ‘Žȱ‹ŠĴŽ›¢ǰȱ›Ž–˜ŸŽȱ‘Žȱ˜žŽ›ȱœŽȱ˜ȱœŒ›Ž œȱ
˜—ȱ‘ŽȱŠŒŽ™•ŠŽȱŠ—ȱŒŠ›Žž••¢ȱ•’Ğȱ‘Žȱ™Š—Ž•ȱ›˜–ȱ‘Žȱ
‹˜¢ǯȱ—™•žȱ‘ŽȱŒ˜——ŽŒ˜›ȱŠ—ȱ™ž••ȱ‹ŠĴŽ›¢ȱǻ ’‘ȱ
–˜ž—’—ȱŠ™ŽǼȱ˜ěȱ‘Žȱ‹ŠŒ”ȱ˜ȱ‘ŽȱŽœŽ›ǯȱĴŠŒ‘ȱ‘Žȱ
Œ˜——ŽŒ˜›ȱ˜ȱ‘Žȱ—Ž ȱ‹ŠĴŽ›¢ȱŠ—ȱ–˜ž—ȱ‘Žȱ‹ŠĴŽ›¢ȱ
˜ȱ‘ŽȱŒŠœŽȱ ’‘ȱ˜ž‹•ŽȬ‹ŠŒ”ŽȱŠ™ŽǯȱŽ’—œŠ••ȱ‘Žȱ
ŠŒŽ™•ŠŽȱŠ—ȱœŽŒž›Žȱ ’‘ȱ‘Žȱ˜ž›ȱœŒ›Ž œǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
&'6$,,JQLWLRQ6\VWHP
ȱȱ’’Š•ȱœ™Š›”ȱŠŸŠ—ŒŽȱ’—’’˜—ȱœ¢œŽ–ȱǻǼȱ’œȱ
žœŽȱ˜—ȱœ˜–Žȱ–˜Ž•œǯȱ‘Žȱȱ’—’’˜—ȱœ¢œŽ–ȱ’œȱŠ—ȱ
ŠŸŠ—ŒŽǰȱŗŘȬŸ˜•ȱŸŽ›œ’˜—ȱ˜ȱ‘Žȱę¡Žȱ’–’—ȱ’—’’˜—ȱ
œ¢œŽ–ȱžœŽȱ˜—ȱ˜‘Ž›ȱ–˜Ž•œǯȱ ˜ȱ’—žŒ’ŸŽȬœ¢•Žȱ
’—’’˜—ȱ–˜ž•ŽœȱŒ˜—›˜•ȱ‘Žȱ’—’’˜—ȱ’–’—ȱ‹ŠœŽȱ˜—ȱ
Ž—’—Žȱǯȱȱ¢™’ŒŠ•ȱȱŠ™™•’ŒŠ’˜—ȱǻ’ž›ŽȱŞȬŗŝǼȱ
Œ˜—œ’œœȱ˜ȱ‘Žȱ˜••˜ ’—ȱŒ˜–™˜—Ž—œDZ
ȱ Ȋȱ ȱ–А—ŽȱŠœœŽ–‹•¢ǰȱ ‘’Œ‘ȱ’œȱ™Ž›–Š—Ž—•¢ȱŠĜ¡Žȱ
˜ȱ‘ŽȱĚ¢ ‘ŽŽ•ǯ
2SHUDWLRQ
‘Žȱœ¢œŽ–ȱ™›˜Ÿ’Žœȱ–˜›ŽȱŒ˜—œ’œŽ—ȱŽ—Ž›¢ȱ˜ȱ‘Žȱ
œ™Š›”ȱ™•žœȱŠȱŠ••ȱŽ—’—Žȱœ™ŽŽœȱ‹¢ȱžœ’—ȱ‘ŽȱŗŘȬŸ˜•ȱ
‹ŠĴŽ›¢ȱŠœȱ’œȱœ˜ž›ŒŽȱ˜ȱ™˜ Ž›ǯȱ—’—Žȱœ™ŽŽȱŠ—ȱ˜™ȱ
ŽŠȱŒŽ—Ž›ȱǻǼȱ•˜ŒŠ’˜—ȱ›ŽŽ›Ž—ŒŽȱ’—˜›–Š’˜—ȱ
’œȱ™›˜Ÿ’Žȱ‹¢ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ–А—Žȱ›˜ž™ȱŠœȱ’ȱ
™ŠœœŽœȱ‘Žȱ’—’’˜—ȱ–˜ž•Žǯȱ¢œŽ–ȱ›’Ž›’—ȱŠ—ȱ
Ž—’—Žȱ’–’—ȱ’œȱ™Ž›˜›–Žȱ‹¢ȱŠȱ’’Š••¢ȬŒ˜—›˜••Žȱ
–’Œ›˜™›˜ŒŽœœ˜›ǯȱ‘’œȱ’’Š•ȱŒ˜—›˜•ȱ™›˜Ÿ’Žœȱ
›Ž™ŽŠŠ‹•ŽȱŠ—ȱŒ˜—œ’œŽ—ȱŽ—’—ŽȱŒ¢•’—Ž›ȱœ™Š›”ȱ
’–’—ǯȱŠŒ‘ȱȱ–˜ž•Žȱ™Ž›˜›–œȱ’œȱž—Œ’˜—ȱ
’—Ž™Ž—Ž—•¢ȱ˜›ȱŽŠŒ‘ȱŽ—’—ŽȱŒ¢•’—Ž›ǯ
ȱ Ȋȱ ˜ȱ’—žŒ’ŸŽǰȱŗŘȬŸ˜•ȱ’—’’˜—ȱ–˜ž•Žœǰȱ ‘’Œ‘ȱ
–˜ž—ȱ˜—ȱ‘ŽȱŽ—’—ŽȱŒ›Š—”ŒŠœŽȱǻ’ž›ŽȱŞȬŗŝǼǯ
ȱ Ȋȱ ȱŗŘȬŸ˜•ȱ‹ŠĴŽ›¢ǰȱ ‘’Œ‘ȱœž™™•’ŽœȱŒž››Ž—ȱ˜ȱ‘Žȱ
’—’’˜—ȱ–˜ž•Žœǯ
ȱ Ȋȱ ȱ”’••ȱœ ’Œ‘ȱǻ˜›ȱ”Ž¢ȱœ ’Œ‘Ǽȱ ‘’Œ‘ȱ›˜ž—œȱ‘Žȱ
œ™Š›”ȱŠŸŠ—ŒŽȱ–˜ž•Žȱ˜ȱœ˜™ȱ‘ŽȱŽ—’—Žǯ
ȱ Ȋȱ ˜ȱœ™Š›”ȱ™•žœǯ
.H\6ZLWFK
RUµµ2II¶¶3RVLWLRQ
RI.H\6ZLWFK
&RQQHFWRU
9ROW
%DWWHU\
6SDUN
3OXJ
6SDUN
3OXJ
,JQLWLRQ
0RGXOHV
0DJQHW
)O\ZKHHO
)LJXUH'LJLWDO6SDUN$GYDQFH,JQLWLRQ'6$,6\VWHP
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
7URXEOHVKRRWLQJ'6$,,JQLWLRQ6\VWHPV
‘Žȱȱ’—’’˜—ȱœ¢œŽ–ȱ’œȱŽœ’—Žȱ˜ȱ‹Žȱ›˜ž‹•Žȱ
›ŽŽȱ˜›ȱ‘Žȱ•’Žȱ˜ȱ‘ŽȱŽ—’—Žǯȱ‘Ž›ȱ‘Š—ȱ™Ž›’˜’ŒŠ••¢ȱ
Œ‘ŽŒ”’—Ȧ›Ž™•ŠŒ’—ȱ‘Žȱœ™Š›”ȱ™•žœǰȱ—˜ȱ–Š’—Ž—Š—ŒŽǰȱ
’–’—ǰȱ˜›ȱ–˜ž•ŽȱŠ“žœ–Ž—œȱŠ›Žȱ—ŽŒŽœœŠ›¢ȱ˜›ȱ
™˜œœ’‹•ŽǯȱŽŒ‘Š—’ŒŠ•ȱœ¢œŽ–œȱ˜ȱ˜ŒŒŠœ’˜—Š••¢ȱ
Š’•ȱ˜›ȱ‹›ŽŠ”ȱ˜ —ȱ‘˜ ŽŸŽ›ǰȱœ˜ȱ‘Žȱ˜••˜ ’—ȱ
›˜ž‹•Žœ‘˜˜’—ȱ’—˜›–Š’˜—ȱ’œȱ™›˜Ÿ’Žȱ˜ȱ‘Ž•™ȱ¢˜žȱ
Žȱ˜ȱ‘Žȱ›˜˜ȱ˜ȱŠȱ™›˜‹•Ž–ǯ
Ž™˜›Žȱ’—’’˜—ȱ™›˜‹•Ž–œȱŠ›Žȱ–˜œȱ˜ĞŽ—ȱžŽȱ
˜ȱ™˜˜›ȱŒ˜——ŽŒ’˜—œǯȱŽ˜›Žȱ‹Ž’——’—ȱ‘ŽȱŽœȱ
™›˜ŒŽž›ŽǰȱŒ‘ŽŒ”ȱŠ••ȱŽ¡Ž›—Š•ȱ ’›’—ǯȱŽȱŒŽ›Š’—ȱŠ••ȱ
’—’’˜—Ȭ›Ž•ŠŽȱ ’›ŽœȱŠ›ŽȱŒ˜——ŽŒŽǰȱ’—Œ•ž’—ȱ‘Žȱ
œ™Š›”ȱ™•žȱ•ŽŠœǯȱŽȱŒŽ›Š’—ȱŠ••ȱŽ›–’—Š•ȱŒ˜——ŽŒ’˜—œȱ
ęȱœ—ž•¢ǯȱŠ”Žȱœž›Žȱ‘Žȱ’—’’˜—ȱœ ’Œ‘ȱ’œȱ’—ȱ‘Žȱȱ
™˜œ’’˜—ǯ
7HVW3URFHGXUHIRU'6$,,JQLWLRQ6\VWHPV
‘Žȱ˜••˜ ’—ȱ™›˜ŒŽž›ŽœȱŠ›Žȱ™›˜Ÿ’Žȱ˜›ȱ
›˜ž‹•Žœ‘˜˜’—ȱ’—’’˜—ȱ™›˜‹•Ž–œȱ˜—ȱȱŽšž’™™Žȱ
Ž—’—Žœǯȱ‘Ž¢ȱ ’••ȱŠ••˜ ȱ¢˜žȱ˜ȱ’œ˜•ŠŽȱŠ—ȱ™’—™˜’—ȱ
‘ŽȱŠ’•ŽȱŒ˜–™˜—Ž—ǻœǼǯ
6SHFLDO7RROV5HTXLUHG
ȱ Ȋȱ Š—ȱŠŒ‘˜–ŽŽ›
ȱ Ȋȱ —’’˜—ȱŽœŽ›Șȱǻ˜‘•Ž›ȱŠ›ȱ˜ǯȱŘśȱŚśśȱŖŗȬǼ
ȱ Ȋȱ ž˜–˜’ŸŽȱ’–’—ȱ’‘
ȱ Ȋȱ ž•’Ȭ–ŽŽ›ȱǻ’’Š•Ǽ
6SHFL¿FDWLRQV5HTXLUHG
ȱ Ȋȱ ™Š›”ȱ™•žȱŠ™ȱŖǯŝŜȱ––ȱǻŖǯŖřŖȱ’—ǯǼ
ȘDZȱ —’’˜—ȱŽœŽ›ȱǻ˜‘•Ž›ȱŠ›ȱ˜ǯȱ
ȱ
ŘśȱŚśśȱŖŗȬǼǰȱ–žœȱ‹ŽȱžœŽȱ˜ȱŽœȱ’—’’˜—ȱ
˜—ȱ‘ŽœŽȱŽ—’—ŽœǯȱœŽȱ˜ȱŠ—¢ȱ˜‘Ž›ȱŽœŽ›ȱŒŠ—ȱ
›Žœž•ȱ’—ȱ’—ŠŒŒž›ŠŽȱꗍ’—œǯȱ‘Žȱ‹ŠĴŽ›¢ȱ˜—ȱ
‘Žȱž—’ȱ–žœȱ‹Žȱž••¢ȱŒ‘Š›ŽȱŠ—ȱ™›˜™Ž›•¢ȱ
Œ˜——ŽŒŽȱ‹Ž˜›Žȱ–Š”’—ȱŠ—¢ȱ˜ȱ‘ŽœŽȱŽœœȱ
ǻŠȱ‹ŠĴŽ›¢ȱ‘Šȱ’œȱ‘˜˜”Žȱž™ȱ˜›ȱŒ‘Š›Žȱ
‹ŠŒ” Š›ȱ ’••ȱŒ›Š—”ȱ‘ŽȱŽ—’—Žǰȱ‹žȱ’ȱ ˜—Ȃȱ
‘ŠŸŽȱœ™Š›”ǼǯȱŽȱŒŽ›Š’—ȱ‘Žȱ›’ŸŽȱ’œȱ’—ȱ—Žž›Š•ȱ
Š—ȱŠ••ȱŽ¡Ž›—Š•ȱ•˜ŠœȱŠ›Žȱ’œŒ˜——ŽŒŽǯ
7HVW,VRODWHDQG9HULI\WKH7URXEOHLV:LWKLQWKH
(QJLQH,JQLWLRQ6\VWHP
ȱ ŗǯȱ ˜ŒŠŽȱ‘ŽȱŒ˜——ŽŒ˜›œȱ ‘Ž›Žȱ‘Žȱ ’›’—ȱ
‘Š›—ŽœœŽœȱ›˜–ȱ‘ŽȱŽ—’—ŽȱŠ—ȱŽšž’™–Ž—ȱŠ›Žȱ
“˜’—ŽǯȱŽ™Š›ŠŽȱ‘ŽȱŒ˜——ŽŒ˜›œȱŠ—ȱ›Ž–˜ŸŽȱ‘Žȱ
‘’Žȱ”’••ȱ•ŽŠȱ›˜–ȱ‘ŽȱŽ—’—ŽȱŒ˜——ŽŒ˜›ǯȱŽ“˜’—ȱ
‘ŽȱŒ˜——ŽŒ˜›œȱŠ—ȱ™˜œ’’˜—ȱ˜›ȱ’—œž•ŠŽȱ‘Žȱ”’••ȱ
•ŽŠȱŽ›–’—Š•ȱœ˜ȱ’ȱŒŠ——˜ȱ˜žŒ‘ȱ›˜ž—ǯȱ
ȱ ȱ ›¢ȱ˜ȱœŠ›ȱ‘ŽȱŽ—’—Žȱ˜ȱŸŽ›’¢ȱ ‘Ž‘Ž›ȱ‘Žȱ
›Ž™˜›Žȱ™›˜‹•Ž–ȱ’œȱœ’••ȱ™›ŽœŽ—ǯ
DZȱ ȱ‘ŽȱŽ—’—ŽȱœŠ›œȱ˜›ȱ›ž—œȱž›’—ȱŠ—¢ȱ˜ȱ
‘ŽȱŽœ’—ǰȱ¢˜žȱ–Š¢ȱ—ŽŽȱ˜ȱ›˜ž—ȱ‘Žȱ
”’••ȱ•ŽŠȱ˜ȱœ‘žȱ’ȱ˜ —ǯȱŽŒŠžœŽȱ¢˜žȱ‘ŠŸŽȱ
’—Ž››ž™Žȱ‘Žȱ”’••ȱŒ’›Œž’ǰȱ’ȱ–Š¢ȱ—˜ȱœ˜™ȱ
žœ’—ȱ‘Žȱœ ’Œ‘ǯ
ȱ Šǯȱ ȱ‘Žȱ™›˜‹•Ž–ȱ˜ŽœȱРТǰȱ‘ŽȱŽ•ŽŒ›’ŒŠ•ȱœ¢œŽ–ȱ˜—ȱ
‘ŽȱŽšž’™–Ž—ȱ’œȱœžœ™ŽŒǯȱ‘ŽŒ”ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ǰȱ
’›ŽœǰȱŒ˜——ŽŒ’˜—œǰȱœŠŽ¢ȱ’—Ž›•˜Œ”œǰȱŽŒǯ
ȱ ‹ǯȱ ȱ‘Žȱ™›˜‹•Ž–ȱ™Ž›œ’œœǰȱ‘ŽȱŒ˜—’’˜—ȱ’œȱŠœœ˜Œ’ŠŽȱ
’‘ȱ‘Žȱ’—’’˜—ȱ˜›ȱŽ•ŽŒ›’ŒŠ•ȱœ¢œŽ–ȱ˜ȱ‘Žȱ
Ž—’—ŽǯȱŽŠŸŽȱ‘Žȱ”’••ȱ•ŽŠȱ’œ˜•ŠŽȱž—’•ȱŠ••ȱ
Žœ’—ȱ’œȱŒ˜–™•ŽŽǯ
ȱ Œǯȱ Ž—’¢ȱ‘Žȱ ‘’Žȱ”’••ȱ•ŽŠȱ˜ȱ‘ŽȱŽ—’—Žȱ ’›’—ȱ
‘Š›—ŽœœȱŒ˜——ŽŒ˜›ǯȱœŠ‹•’œ‘ȱŠȱŒ˜——ŽŒ’˜—ȱ˜ȱŠȱ
”—˜ —ȱ˜˜ȱ›˜ž—ȱ•˜ŒŠ’˜—ǯȱ‘ŽȱŽ—’—Žȱœ‘˜ž•ȱ
”’••ȱŒ˜–™•ŽŽ•¢ǯȱȱ—˜ǰȱ˜›ȱ˜—•¢ȱ˜—ŽȱŒ¢•’—Ž›ȱ’œȱ
ŠěŽŒŽǰȱ˜ȱ˜ȱŽœȱŚǰȱ‹žȱŠ•œ˜ȱŒ‘ŽŒ”ȱ‘Žȱ ‘’Žȱ”’••ȱȱ
•ŽŠȱŒ˜——ŽŒ’˜—ȱ˜›ȱ‘ŽȱŠěŽŒŽȱȱ–˜ž•Žǯȱ
7HVW7HVWIRU6SDUN
ȱ ŗǯȱ ’‘ȱ‘ŽȱŽ—’—Žȱœ˜™™Žǰȱ’œŒ˜——ŽŒȱ˜—Žȱœ™Š›”ȱ
™•žȱ•ŽŠǯȱ˜——ŽŒȱ‘Žȱœ™Š›”ȱ™•žȱ•ŽŠȱ˜ȱ™˜œȱ
Ž›–’—Š•ȱ˜ȱœ™Š›”ȱŽœŽ›ȱǻ˜‘•Ž›ȱŠ›ȱ˜ǯȱȱ
ŘśȱŚśśȱŖŗȬǼǰȱŠ—ȱŠĴŠŒ‘ȱŽœŽ›ȱŒ•’™ȱ˜ȱŠȱ˜˜ȱ
Ž—’—Žȱ›˜ž—ǯ
DZȱ ȱ ˜ȱŽœŽ›œȱŠ›ŽȱŠŸŠ’•Š‹•ŽǰȱŽœ’—ȱŒŠ—ȱ‹Žȱ
™Ž›˜›–Žȱœ’–ž•Š—Ž˜žœ•¢ȱ˜›ȱ‹˜‘ȱŒ¢•’—Ž›œǯȱ
˜ ŽŸŽ›ǰȱ’ȱ˜—•¢ȱ˜—ŽȱŽœŽ›ȱ’œȱŠŸŠ’•Š‹•Žǰȱ ˜ȱ
’—’Ÿ’žŠ•ȱŽœœȱ–žœȱ‹Žȱ™Ž›˜›–Žǯȱ‘Žȱœ’Žȱ
—˜ȱ‹Ž’—ȱŽœŽȱ–žœȱ‘ŠŸŽȱ‘Žȱœ™Š›”ȱ™•žȱ
•ŽŠȱŒ˜——ŽŒŽȱ˜›ȱ›˜ž—Žǯȱ˜ȱ—˜ȱŒ›Š—”ȱ
‘ŽȱŽ—’—Žȱ˜›ȱ™Ž›˜›–ȱŽœœȱ ’‘ȱ˜—Žȱœ™Š›”ȱ
™•žȱ•ŽŠȱ’œŒ˜——ŽŒŽȱŠ—ȱ—˜ȱ›˜ž—Žǰȱ˜›ȱ
™Ž›–Š—Ž—ȱœ¢œŽ–ȱŠ–АŽȱ–Š¢ȱ˜ŒŒž›ǯ
ȱ Řǯȱ ›Š—”ȱ‘ŽȱŽ—’—Žȱ˜ŸŽ›ǰȱŽœŠ‹•’œ‘’—ȱŠȱ–’—’–ž–ȱ
˜ȱśśŖȬŜŖŖȱǰȱŠ—ȱ˜‹œŽ›ŸŽȱŽœŽ›ǻœǼȱ˜›ȱœ™Š›”ǯ
ȱ řǯȱ Ž™ŽŠȱ‘Žȱœ™Š›”ȱŽœȱ˜—ȱ‘Žȱ˜™™˜œ’ŽȱŒ¢•’—Ž›ȱ’ȱ
Œ¢•’—Ž›œȱŠ›Žȱ‹Ž’—ȱŽœŽȱ’—’Ÿ’žŠ••¢ǯ
Šǯȱ ȱ‹˜‘ȱŒ¢•’—Ž›œȱ‘ŠŸŽȱ˜˜ȱœ™Š›”ȱ‹žȱ‘Žȱ
Ž—’—Žȱ›ž—œȱ™˜˜›•¢ǰȱ˜›ȱŽ¡’œ’—ȱ™•žȱŒ˜—’’˜—ȱ
˜›ȱŠ™™ŽŠ›Š—ŒŽȱ’œȱšžŽœ’˜—Š‹•Žǰȱ’—œŠ••ȱ—Ž ȱ
œ™Š›”ȱ™•žœȱŠ™™ŽȱŠȱŖǯŝŜȱ––ȱǻŖǯŖřŖȱ’—ǯǼǰȱ
Š—ȱ›ŽŽœȱŽ—’—Žȱ™Ž›˜›–Š—ŒŽǯȱȱ™›˜‹•Ž–ȱ
™Ž›œ’œœǰȱ˜ȱ˜ȱŽœȱřǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
‹ǯȱ ȱ˜—ŽȱŒ¢•’—Ž›ȱ‘Šȱ˜˜ȱœ™Š›”ȱ‹žȱ‘Žȱ˜‘Ž›ȱ
Œ¢•’—Ž›ȱ‘Šȱ—˜ȱœ™Š›”ǰȱ˜›ȱ’—Ž›–’ĴŽ—ȱœ™Š›”ǰȱ
˜ȱ˜ȱŽœȱŚǯ
Œǯȱ ȱ‘Ž›Žȱ Šœȱœ™Š›”ȱ˜—ȱ‹˜‘ȱŒ¢•’—Ž›œȱ‹žȱ
™˜ Ž›ȱ’œȱœžœ™ŽŒǰȱ˜ȱ˜ȱŽœȱřǯ
7HVW&KHFNIRU7LPLQJ$GYDQFH
ȱ ŗǯȱ Š”ŽȱŠȱ•’—Žȱ—ŽŠ›ȱ‘ŽȱŽŽȱ˜ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱœŒ›ŽŽ—ȱ
’‘ȱŠȱ–Š›”’—ȱ™Ž—ǰȱŒ‘Š•”ǰȱ˜›ȱ—Š››˜ ȱŠ™ŽǯȱŽŽȱ
’ž›ŽȱŞȬŗŞǯ
ȱ Řǯȱ ˜——ŽŒȱŠ—ȱŠž˜–˜’ŸŽȱ’–’—ȱ•’‘ȱ˜ȱŒ¢•’—Ž›ȱ
‘Šȱ‘Šȱ˜˜ȱœ™Š›”ǯ
Šǯȱ ȱ‘Žȱ•’—Žȱ˜—ȱ‘ŽȱœŒ›ŽŽ—ȱ–˜ŸŽȱРТȱ›˜–ȱ
‘Žȱ•’—Žȱ˜—ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱž›’—ȱ
ŠŒŒŽ•Ž›Š’˜—ǰȱ‘Žȱȱ’—’’˜—ȱ–˜ž•Žȱ˜›ȱ
‘ŽȱŒ¢•’—Ž›ȱ‹Ž’—ȱŽœŽȱ’œȱ ˜›”’—ȱ™›˜™Ž›•¢ǯȱ
ȱ’ȱ’—Ȃȱ–˜ŸŽȱРТǰȱ˜ȱ˜ȱŽœȱŚǯ
‹ǯȱ ȱ¢˜žȱ Ž›ŽȱŠ‹•Žȱ˜ȱŒ‘ŽŒ”ȱ’–’—ȱ˜—ȱ‹˜‘ȱ
Œ¢•’—Ž›œǰȱ‘Žȱ•’—Žœȱ¢˜žȱ–ŠŽȱ˜—ȱ‘Žȱ‹•˜ Ž›ȱ
‘˜žœ’—ȱœ‘˜ž•ȱ‹ŽȱşŖǚȱЙЛǯȱȱ—˜ǰȱ˜ȱ˜ȱŽœȱ
Śǯ
7HVW7HVWWKH,JQLWLRQ0RGXOHVDQG&RQQHFWLRQV
ȱ ŗǯȱ Ž–˜ŸŽȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ›˜–ȱ‘ŽȱŽ—’—Žǯȱ
—œ™ŽŒȱ‘Žȱ ’›’—ȱ˜›ȱŠ—¢ȱŠ–АŽǰȱŒžœǰȱ‹Šȱ
Œ›’–™œǰȱ•˜˜œŽȱŽ›–’—Š•œǰȱ˜›ȱ‹›˜”Ž—ȱ ’›Žœǯȱ‘ŽŒ”ȱ
‘ŠȱŒ˜——ŽŒ’˜—œȱŠ›Žȱ˜›’Ž—Žȱ™›˜™Ž›•¢ȱ˜—ȱ
Ž›–’—Š•œȱ˜ȱ–˜ž•Žœǯ
ȱ Řǯȱ ’œŒ˜——ŽŒȱ‘Žȱ•ŽŠœȱ›˜–ȱ‘Žȱ’—’’˜—ȱ–˜ž•ŽǻœǼȱ
Š—ȱŒ•ŽŠ—ȱŠ••ȱ˜ȱ‘ŽȱŽ›–’—Š•œȱǻ–Š•ŽȱŠ—ȱŽ–Š•ŽǼȱ
’‘ȱŠŽ›˜œ˜•ȱŽ•ŽŒ›’ŒŠ•ȱŒ˜—ŠŒȱŒ•ŽŠ—Ž›ȱ˜ȱ›Ž–˜ŸŽȱ
Š—¢ȱ˜•ȱ’Ž•ŽŒ›’ŒȱŒ˜–™˜ž—ǰȱŠ›”ȱ›Žœ’žŽǰȱ’›ǰȱ
˜›ȱŒ˜—Š–’—Š’˜—ǯȱ’œŒ˜——ŽŒȱ‘Žȱœ™Š›”ȱ™•žȱ
•ŽŠœȱ›˜–ȱ‘Žȱœ™Š›”ȱ™•žœǯ
)LJXUH0DUNIRU7LPLQJ$GYDQFH
ȱ řǯȱ ž—ȱ‘ŽȱŽ—’—ŽȱŠȱ’•ŽȱŠ—ȱžœŽȱ‘Žȱ’–’—ȱ•’‘ȱ
‹ŽŠ–ȱ˜ȱ•˜ŒŠŽȱ‘Žȱ•’—Žȱ˜—ȱ‘ŽȱœŒ›ŽŽ—ǯȱ›Š ȱŠȱ•’—Žȱ
˜—ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ—Ž¡ȱ˜ȱ‘Žȱ•’—Žȱ˜—ȱ‘Žȱ
œŒ›ŽŽ—ǯȱŒŒŽ•Ž›ŠŽȱ˜ȱž••ȱ‘›˜Ĵ•ŽȱŠ—ȱ ŠŒ‘ȱ˜›ȱ
–˜ŸŽ–Ž—ȱ˜ȱ‘Žȱ•’—Žȱ˜—ȱ‘ŽȱœŒ›ŽŽ—ȱ›Ž•Š’ŸŽȱ˜ȱ‘Žȱ
•’—Žȱ˜—ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ǯȱȱ‹˜‘ȱŒ¢•’—Ž›œȱ‘Šȱ
˜˜ȱœ™Š›”ǰȱ›Ž™ŽŠȱ‘ŽȱŽœȱ˜—ȱ‘Žȱ˜‘Ž›ȱŒ¢•’—Ž›ǯȱ
ŽŽȱ’ž›ŽȱŞȬŗşǯ
ȱ řǯȱ œ’—ȱŠȱ–ž•’Ȭ–ŽŽ›ǰȱŒ‘ŽŒ”ȱ‘ŠȱŠȱ™›˜™Ž›ȱ›˜ž—ȱ
’œȱŽœŠ‹•’œ‘Žȱ‹Ž ŽŽ—ȱ‘Žȱ›˜ž—ȱǻ‹•ŠŒ”Ǽȱ•ŽŠȱ˜ȱ
‘Žȱȱ–˜ž•ŽȱǻŒ•˜œŽœȱ˜ȱœ™Š›”ȱ™•žȱ•ŽŠǼǰȱŠ—ȱ
Šȱ”—˜ —ȱ˜˜ȱ›˜ž—ȱ•˜ŒŠ’˜—ȱ˜—ȱ‘ŽȱŽ—’—Žǯ
ȱ Śǯȱ ž›—ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ˜ȱ‘Žȱȱ™˜œ’’˜—ȱŠ—ȱ
Œ‘ŽŒ”ȱ˜›ȱŗŘȱŸ˜•œȱŠȱ‘ŽȱŒŽ—Ž›Ȧ™˜ Ž›ȱǻ›ŽǼȱ•ŽŠȱ
Ž›–’—Š•ȱ˜ȱ‘Žȱȱ–˜ž•ŽǯȱœŽȱ‘ŽȱœŠ–Žȱ
›˜ž—ȱ•˜ŒŠ’˜—ȱ˜›ȱ‘Žȱ–ž•’Ȭ–ŽŽ›ȱŠœȱ’—ȱŽ™ȱřǯ
Šǯȱȱ ȱŠ••ȱŽœœȱŠ›ŽȱȱŠ—ȱ–˜ž•Žȱ‘Šœȱ—˜ȱœ™Š›”ȱ˜›ȱ
Š’•œȱ˜ȱŠŸŠ—ŒŽǰȱ›Ž™•ŠŒŽȱ‘ŽȱŠěŽŒŽȱ–˜ž•Žǯ
‹ǯȱ ȱŠ—¢ȱ˜ȱ‘ŽȱŽœœȱŠ›Žȱ‹ŠDzȱŽŽ›–’—ŽȱŒŠžœŽȱ
Š—ȱę¡ȱŠœȱ›Žšž’›Žǰȱ‘Ž—ȱ›ŽŽœǯ
)LJXUH&KHFNIRU7LPLQJ$GYDQFH
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
%DWWHU\&KDUJLQJ6\VWHP
*HQHUDO
˜œȱŽ—’—ŽœȱŠ›ŽȱŽšž’™™Žȱ ’‘ȱŠȱŗśȱ˜›ȱŘŖȱŠ–™ȱ›Žž•ŠŽȱŒ‘Š›’—ȱœ¢œŽ–ǯȱ˜–Žȱ‘ŠŸŽȱŠȱŘśȱŠ–™ȱ›Žž•ŠŽȱ
Œ‘Š›’—ȱœ¢œŽ–ǯȱŽŽȱ’ž›ŽœȱŞȬŘřǰȱŞȬŘŚȱŠ—ȱŞȬŘśȱ˜›ȱ‘ŽȱŗśȦŘŖȦŘśȱŠ–™ȱŒ‘Š›’—ȱœ¢œŽ–ȱ’А›Š–œǯȱ˜–ŽȱŽ—’—Žœȱ
ž’•’£ŽȱŠȱřȱŠ–™ȱž—›Žž•ŠŽȱœ¢œŽ–ȱ ’‘ȱ˜™’˜—Š•ȱŝŖȱ ŠĴȱ•’‘’—ȱŒ’›Œž’ǯȱŽŽ›ȱ˜ȱ’ž›ŽȱŞȬŘŜǯ
DZȱ ‹œŽ›ŸŽȱ‘Žȱ˜••˜ ’—ȱž’Ž•’—Žœȱ˜ȱŠŸ˜’ȱŠ–АŽȱ˜ȱ‘ŽȱŽ•ŽŒ›’ŒŠ•ȱœ¢œŽ–ȱŠ—ȱŒ˜–™˜—Ž—œDZ
Ȋȱ ȱ Š”Žȱœž›Žȱ‘Žȱ‹ŠĴŽ›¢ȱ™˜•Š›’¢ȱ’œȱŒ˜››ŽŒǯȱȱ—ŽŠ’ŸŽȱǻȬǼȱ›˜ž—ȱœ¢œŽ–ȱ’œȱžœŽǯ
ȱ Ȋȱ ’œŒ˜——ŽŒȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ™•žȱŠ—Ȧ˜›ȱ‘Žȱ ’›’—ȱ‘Š›—Žœœȱ™•žȱ‹Ž˜›Žȱ˜’—ȱŠ—¢ȱŽ•ŽŒ›’Œȱ Ž•’—ȱ˜—ȱ
‘ŽȱŽšž’™–Ž—ȱ™˜ Ž›Žȱ‹¢ȱ‘ŽȱŽ—’—Žǯȱ•œ˜ǰȱ’œŒ˜——ŽŒȱŠ••ȱ˜‘Ž›ȱŽ•ŽŒ›’ŒŠ•ȱŠŒŒŽœœ˜›’Žœȱ’—ȱŒ˜––˜—ȱ›˜ž—ȱ
’‘ȱ‘ŽȱŽ—’—Žǯ
ȱ Ȋȱ ›ŽŸŽ—ȱ‘ŽȱœŠ˜›ȱǻǼȱ•ŽŠœȱ›˜–ȱ˜žŒ‘’—ȱ˜›ȱœ‘˜›’—ȱ ‘’•Žȱ‘ŽȱŽ—’—Žȱ’œȱ›ž——’—ǯȱ‘’œȱŒ˜ž•ȱŠ–АŽȱ‘Žȱ
œŠ˜›ǯ
$PS5HJXODWHG&KDUJLQJ6\VWHP
)LJXUH$PS6WDWRUDQG5HFWL¿HU5HJXODWRU
)LJXUH$PS6WDWRUDQG5HFWL¿HU5HJXODWRU
VW6W\OH
$PS6WDWRU
QG6W\OH
)LJXUH$PS6WDWRUDQG5HFWL¿HU5HJXODWRUV
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
)LJXUH:LULQJ'LDJUDP$PS5HJXODWHG%DWWHU\&KDUJLQJ6\VWHPZLWK)L[HG7LPLQJ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
)LJXUH:LULQJ'LDJUDP$PS5HJXODWHG%DWWHU\&KDUJLQJ6\VWHPZLWK6PDUW6SDUNŒ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
)LJXUH:LULQJ'LDJUDP$PS5HJXODWHG%DWWHU\&KDUJLQJ6\VWHPZLWK'6$,,JQLWLRQDQG
.H\6ZLWFK
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
$PS8QUHJXODWHG&KDUJLQJ6\VWHP
*URXQG7R.LOO/HDG:KLWH
$
/LJKW
5
,JQLWLRQ
0RGXOHV
%OXH
6
% 5HG
*1'
.H\
6ZLWFK
2SWLRQDO
2LO6HQWU\70
6ZLWFK
6KXWGRZQ
%ODFN
2SWLRQDO
)XVH
2SWLRQDO
2LO6HQWU\70
6ZLWFK
,QGLFDWRU/LJKW
'LRGH
<HOORZ
2SWLRQDO
$PPHWHU
9%DWWHU\
6SDUN
3OXJ
6SDUN
3OXJ
$PS:DWW
)O\ZKHHO6WDWRU
/LJKWV
6ROHQRLG
6WDUWHU
)LJXUH:LULQJ'LDJUDP$PS8QUHJXODWHG%DWWHU\&KDUJLQJ6\VWHP:DWW/LJKWLQJ
$PS&KDUJLQJ6WDWRU
/LJKWLQJ/HDG
<HOORZ
&KDUJLQJ/HDG
%ODFN
'LRGH
/LJKWLQJ6WDWRU
)LJXUH$PS:DWW6WDWRU
6WDWRU
‘ŽȱœŠ˜›ȱ’œȱ–˜ž—Žȱ˜—ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ‹Ž‘’—ȱ‘ŽȱĚ¢ ‘ŽŽ•ǯȱ˜••˜ ȱ‘Žȱ™›˜ŒŽž›Žœȱ’—ȱŽŒ’˜—ȱşȱȬȱȃ’œŠœœŽ–‹•¢Ȅȱ
Š—ȱŽŒ’˜—ȱŗŗȬȃŽŠœœŽ–‹•¢Ȅȱ’ȱœŠ˜›ȱ›Ž™•ŠŒŽ–Ž—ȱ’œȱ—ŽŒŽœœŠ›¢ǯ
5HFWL¿HU5HJXODWRU
‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ’œȱ–˜ž—Žȱ˜—ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ǯȱŽŽȱ’ž›ŽȱŞȬŘŞǯȱ˜ȱ›Ž™•ŠŒŽȱ’ǰȱ’œŒ˜——ŽŒȱ‘Žȱ™•žǻœǼǰȱ
›Ž–˜ŸŽȱ‘Žȱ ˜ȱ–˜ž—’—ȱœŒ›Ž œǰȱŠ—ȱ›˜ž—ȱ ’›Žȱ˜›ȱ–ŽŠ•ȱ›˜ž—’—ȱœ›Š™ǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
DZȱ ‘Ž—ȱ’—œŠ••’—ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǰȱŠ”Žȱ
—˜Žȱ˜ȱ‘ŽȱŽ›–’—Š•ȱ–Š›”’—œȱŠ—ȱ’—œŠ••ȱ‘Žȱ
™•žǻœǼȱŠŒŒ˜›’—•¢ǯ
5HFWL¿HU
5HJXODWRU
*URXQG6WUDSRUOHDG
)LJXUH5HFWL¿HU5HJXODWRU
Žœ’—ȱ˜ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ–Š¢ȱ‹Žȱ™Ž›˜›–Žȱ
Šœȱ˜••˜ œǰȱžœ’—ȱ‘ŽȱŠ™™›˜™›’ŠŽȱŽŒ’ꎛȬސž•Š˜›ȱ
ŽœŽ›ȱǻœŽŽȱŽŒ’˜—ȱŘǼǯ
)LJXUH
ȱ řǯȱ •žȱ‘ŽȱŽœŽ›ȱ’—˜ȱ‘Žȱ™›˜™Ž›ȱȱ˜ž•ŽȦ™˜ Ž›ȱ
˜›ȱŽœŽ›ȱ‹Ž’—ȱžœŽǯȱž›—ȱ˜—ȱ‘Žȱ™˜ Ž›ȱœ ’Œ‘ǯȱ
ŽŽȱ’ž›ŽȱŞȬřŖǯȱ‘ŽȱȁȁȂȂȱ•’‘ȱœ‘˜ž•ȱ
‹Žȱ’••ž–’—ŠŽȱŠ—ȱ˜—Žȱ˜ȱ‘Žȱ˜ž›ȱœŠžœȱ•’‘œȱ
–Š¢ȱ‹Žȱ˜—ȱŠœȱ Ž••ǯȱ‘’œȱ˜Žœȱ—˜ȱ›Ž™›ŽœŽ—ȱ‘Žȱ
Œ˜—’’˜—ȱ˜ȱ‘Žȱ™Š›ǯ
7R7HVW±
DZȱ ’œŒ˜——ŽŒȱŠ••ȱŽ•ŽŒ›’ŒŠ•ȱŒ˜——ŽŒ’˜—œȱŠĴŠŒ‘Žȱ
˜ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǯȱŽœ’—ȱ–Š¢ȱ‹Žȱ
™Ž›˜›–Žȱ ’‘ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ
–˜ž—Žȱ˜›ȱ•˜˜œŽǯȱ‘Žȱꐞ›Žœȱœ‘˜ ȱ‘Žȱ™Š›ȱ
›Ž–˜ŸŽȱ›˜–ȱ‘ŽȱŽ—’—Žȱ˜›ȱŒ•Š›’¢ǯȱŽ™ŽŠȱ
‘ŽȱŠ™™•’ŒŠ‹•ŽȱŽœȱ™›˜ŒŽž›Žȱ ˜ȱ˜›ȱ‘›ŽŽȱ
’–Žœȱ˜ȱŽŽ›–’—Žȱ‘ŽȱŒ˜—’’˜—ȱ˜ȱ‘Žȱ™Š›ǯ
$PS5HFWL¿HU5HJXODWRUV
ȱ ŗǯȱ ˜——ŽŒȱ‘ŽȱŽœŽ›ȱ›˜ž—ȱ•ŽŠȱǻ ’‘ȱœ™›’—ȱ
Œ•Š–™Ǽȱ˜ȱ‘Žȱ‹˜¢ȱ˜ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ‹Ž’—ȱ
ŽœŽǯ
ȱ Řǯȱ ˜——ŽŒȱ‘ŽȱŽœŽ›ȱ›Žȱ•ŽŠȱ˜ȱ‘ŽȱƸȱŽ›–’—Š•ȱ˜ȱ
‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱŠ—ȱ‘Žȱ ˜ȱ‹•ŠŒ”ȱŽœŽ›ȱ
•ŽŠœȱ˜ȱ‘Žȱ ˜ȱȱŽ›–’—Š•œǯȱŽŽȱ’ž›ŽȱŞȬŘşǯ
)LJXUH
ȱ Śǯȱ ›Žœœȱ‘ŽȱȁȁȂȂȱ‹žĴ˜—ȱž—’•ȱŠȱȃŒ•’Œ”Ȅȱ’œȱ‘ŽŠ›ȱ
Š—ȱ‘Ž—ȱ›Ž•ŽŠœŽǯȱŽŽȱ’ž›ŽȱŞȬřŗǯȱ˜–Ž—Š›’•¢ȱ
˜—Žȱ˜ȱ‘Žȱ˜ž›ȱ•’‘œȱ ’••ȱ’••ž–’—ŠŽǰȱ’—’ŒŠ’—ȱ
‘ŽȱŒ˜—’’˜—ȱ˜ȱ‘Žȱ™Š›ǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
ȱ řǯȱ ˜——ŽŒȱ‘Žȱ›Žȱ•ŽŠȱŠ—ȱ˜—Žȱ˜ȱ‘Žȱ‹•ŠŒ”ȱ•ŽŠœȱ
˜ȱ‘Žȱ™Š’›ȱ˜ȱŽ›–’—Š•œȱ˜—ȱ‘Žȱ˜™Ž—ȱŽ—ȱ˜ȱ‘Žȱ
Š—Ž–ȱŠŠ™Ž›ȱ•ŽŠȱǻŒ˜——ŽŒ’˜—œȱŠ›Žȱ—˜ȱ•˜ŒŠ’˜—ȱ
œ™ŽŒ’ęŒǼǯ
ȱ Śǯȱ ˜——ŽŒȱ‘Žȱ›Ž–Š’—’—ȱ‹•ŠŒ”ȱ•ŽŠȱ›˜–ȱ‘ŽȱŽœŽ›ȱ
˜ȱ˜—Žȱ˜ȱ‘Žȱ˜žŽ›ȱȱŽ›–’—Š•œȱ˜—ȱ‘Žȱ›ŽŒ’ꎛȬ
›Žž•Š˜›ǯȱŽŽȱ’ž›ŽȱŞȬřřǯ
)LJXUH
ȱ ȱ Šǯȱ ȱ‘ŽȱȃȄȱǻ›ŽŽ—Ǽȱ•’‘ȱŒ˜–Žœȱ˜—ȱŠ—ȱœŠ¢œȱȱ
ȱ œŽŠ¢ǰȱ‘Žȱ™Š›ȱ’œȱ˜˜ȱŠ—ȱ–Š¢ȱ‹ŽȱžœŽǯ
ȱ ȱ ‹ǯȱ ȱŠ—¢ȱ˜‘Ž›ȱ•’‘ȱ’œȱ’œ™•Š¢ŽǰȘȱ‘Žȱ›ŽŒ’ꎛȬȱ
ȱ ›Žž•Š˜›ȱ’œȱŠž•¢ȱŠ—ȱœ‘˜ž•ȱ—˜ȱ‹ŽȱžœŽǯ
ȘDZȱ ȱ̊œ‘’—ȱȃȄȱ•’‘ȱŒŠ—ȱŠ•œ˜ȱ˜ŒŒž›ȱ
ŠœȱŠȱ›Žœž•ȱ˜ȱŠ—ȱ’—ŠŽšžŠŽȱ›˜ž—ȱ•ŽŠȱ
Œ˜——ŽŒ’˜—ǯȱŠ”ŽȱŒŽ›Š’—ȱŒ˜——ŽŒ’˜—ȱ•˜ŒŠ’˜—ȱ
’œȱŒ•ŽŠ—ȱŠ—ȱŒ•Š–™ȱ’œȱœŽŒž›Žǯ
$PS5HFWL¿HU5HJXODWRUV
ȱ ŗǯȱ ˜——ŽŒȱ‘Žȱœ’—•Žȱ•ŽŠȱŠŠ™Ž›ȱ’—ȱ‹Ž ŽŽ—ȱ‘Žȱ
ƸȱǻŒŽ—Ž›ǼȱŽ›–’—Š•ȱ˜ȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ‹Ž’—ȱ
ŽœŽȱŠ—ȱ‘ŽȱœšžŠ›Žȱœ’—•ŽȱŽ—ȱ˜ȱ‘ŽȱŠ—Ž–ȱ
ŠŠ™Ž›ȱ•ŽŠǯȱŽŽȱ’ž›ŽȱŞȬřŘǯ
)LJXUH
ȱ śǯȱ •žȱ‘ŽȱŽœŽ›ȱ’—˜ȱ‘Žȱ™›˜™Ž›ȱȱ˜ž•ŽȦ™˜ Ž›ȱ
˜›ȱŽœŽ›ȱ‹Ž’—ȱžœŽǯȱž›—ȱ˜—ȱ‘Žȱ™˜ Ž›ȱœ ’Œ‘ǯȱ
‘ŽȱȁȁȂȂȱ•’‘ȱœ‘˜ž•ȱ‹Žȱ’••ž–’—ŠŽȱŠ—ȱ
˜—Žȱ˜ȱ‘Žȱ˜ž›ȱœŠžœȱ•’‘œȱ–Š¢ȱ‹Žȱ˜—ȱŠœȱ Ž••ǯȱ
ŽŽȱ’ž›ŽȱŞȬřŖǯȱ‘’œȱ˜Žœȱ—˜ȱ›Ž™›ŽœŽ—ȱ‘Žȱ
Œ˜—’’˜—ȱ˜ȱ‘Žȱ™Š›ǯ
ȱ Ŝǯȱ ›Žœœȱ‘ŽȱȁȁȂȂȱ‹žĴ˜—ȱž—’•ȱŠȱȁȁŒ•’Œ”ȂȂȱ’œȱ‘ŽŠ›ȱ
Š—ȱ‘Ž—ȱ›Ž•ŽŠœŽǯȱŽŽȱ’ž›ŽȱŞȬřŗǯȱ˜–Ž—Š›’•¢ȱ
˜—Žȱ˜ȱ‘Žȱ˜ž›ȱ•’‘œȱ ’••ȱ’••ž–’—ŠŽȱ’—’ŒŠ’—ȱ
‘Žȱ™Š›’Š•ȱŒ˜—’’˜—ȱ˜ȱ‘Žȱ™Š›ǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ‘ŽȱȁȁȂȂȱǻ›ŽŽ—Ǽȱ•’‘ȱŒ˜–Žœȱ˜—ǰȱ’œŒ˜——ŽŒȱȱ
‘ŽȱŽœŽ›ȱ‹•ŠŒ”ȱ•ŽŠȱŠĴŠŒ‘Žȱ˜ȱ˜—Žȱȱȱȱ
Ž›–’—Š•ȱŠ—ȱ›ŽŒ˜——ŽŒȱ’ȱ˜ȱ‘Žȱ˜‘Ž›ȱȱȱ
Ž›–’—Š•ǯȱŽ™ŽŠȱ‘ŽȱŽœǯȱȱ‘ŽȱȁȁȂȂȱǻ›ŽŽ—Ǽȱȱ
•’‘ȱŒ˜–Žœȱ˜—ȱАВ—ǰȱ‘Žȱ™Š›ȱ’œȱ˜˜ȱŠ—ȱȱ
–Š¢ȱ‹ŽȱžœŽǯ
ȱ ȱ ‹ǯȱ ȱŠ—¢ȱ˜‘Ž›ȱ•’‘ȱ’œȱ’œ™•Š¢ŽȘȱ’—ȱŽ’‘Ž›ȱ˜ȱ‘Žȱȱ
ȱ Žœœǰȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ’œȱŠž•¢ȱŠ—ȱȱȱ
ȱ œ‘˜ž•ȱ—˜ȱ‹ŽȱžœŽǯ
)LJXUH
ȱ Řǯȱ ˜——ŽŒȱ‘ŽȱŽœŽ›ȱ›˜ž—ȱ•ŽŠȱǻ ’‘ȱœ™›’—ȱ
Œ•Š–™Ǽȱ˜ȱ‘Žȱ‹˜¢ȱ˜ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǯ
ȘDZȱ ȱ̊œ‘’—ȱȁȁȂȂȱ•’‘ȱŒŠ—ȱŠ•œ˜ȱ˜ŒŒž›ȱ
ŠœȱŠȱ›Žœž•ȱ˜ȱŠ—ȱ’—ŠŽšžŠŽȱ›˜ž—ȱ•ŽŠȱ
Œ˜——ŽŒ’˜—ǯȱŠ”ŽȱŒŽ›Š’—ȱ‘ŽȱŒ˜——ŽŒ’˜—ȱ
•˜ŒŠ’˜—ȱ’œȱŒ•ŽŠ—ȱŠ—ȱ‘ŽȱŒ•Š–™ȱ’œȱœŽŒž›Žǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
ȱ $PS5HFWL¿HU5HJXODWRUV2ULJLQDO6W\OH
ȱ ŗǯȱ ˜——ŽŒȱ‘ŽȱœšžŠ›Žȱœ’—•ŽȱŽ—ȱ˜ȱ‘ŽȱŠ—Ž–ȱ
•ŽŠȱŠŠ™Ž›ȱ˜ȱ‘ŽȱƸȱǻŒŽ—Ž›Ȧ›ŽǼȱ•ŽŠȱ˜ȱ
›ŽŒ’ꎛȬ›Žž•Š˜›ȱ‹Ž’—ȱŽœŽǯȱŽŽȱ’ž›ŽȱŞȬřŚǯ
ȱ Ŝǯȱ ›Žœœȱ‘ŽȱȁȁȂȂȱ‹žĴ˜—ȱž—’•ȱŠȱȃŒ•’Œ”Ȅȱ’œȱ‘ŽŠ›ȱ
Š—ȱ‘Ž—ȱ›Ž•ŽŠœŽǯȱŽŽȱ’ž›ŽȱŞȬřŗǯȱ˜–Ž—Š›’•¢ȱ
˜—Žȱ˜ȱ‘Žȱ˜ž›ȱ•’‘œȱ ’••ȱ›Ž•’‘ȱ’—’ŒŠ’—ȱ‘Žȱ
™Š›’Š•ȱŒ˜—’’˜—ȱ˜ȱ‘Žȱ™Š›ǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ‘ŽȱȃȄȱǻ›ŽŽ—Ǽȱ•’‘ȱŒ˜–Žœȱ˜—ǰȱ’œŒ˜——ŽŒȱȱ
‘ŽȱŽœŽ›ȱ‹•ŠŒ”ȱ•ŽŠȱŠĴŠŒ‘Žȱ˜ȱ‘Žȱȱ•ŽŠǰȱȱ
›ŽŒ˜——ŽŒȱ’ȱ˜ȱ‘Žȱ˜™™˜œ’Žȱœ’Žȱȱ•ŽŠǰȱŠ—ȱȱ
›Ž™ŽŠȱ‘ŽȱŽœǯȱȱ‘ŽȱȃȄȱ•’‘ȱǻ›ŽŽ—ǼȱАВ—ȱȱ
Œ˜–Žœȱ˜—ǰȱ‘Žȱ™Š›ȱ’œȱ˜˜ȱŠ—ȱ–Š¢ȱ‹ŽȱžœŽǯ
ȱ ȱ ‹ǯȱ ȱŠ—¢ȱ˜‘Ž›ȱ•’‘ȱ’œȱ’œ™•Š¢ŽȘȱ’—ȱŽ’‘Ž›ȱ˜ȱ‘Žȱȱ
ȱ Žœœǰȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ’œȱŠž•¢ȱŠ—ȱȱȱ
ȱ œ‘˜ž•ȱ—˜ȱ‹ŽȱžœŽǯ
)LJXUH
ȱ Řǯȱ ˜——ŽŒȱ‘Žȱ›˜ž—ȱ•ŽŠȱ˜ȱŽœŽ›ȱǻ ’‘ȱœ™›’—ȱ
Œ•Š–™Ǽǰȱ˜ȱ‘Žȱ‘˜žœ’—ȱ˜ȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǯ
ȱ řǯȱ ˜——ŽŒȱ‘Žȱ›Žȱ•ŽŠȱŠ—ȱ˜—Žȱ˜ȱ‘Žȱ‹•ŠŒ”ȱ
•ŽŠœȱ›˜–ȱ‘ŽȱŽœŽ›ȱ˜ȱ‘Žȱ™Š’›ȱ˜ȱŽ›–’—Š•œȱ˜—ȱ
˜™™˜œ’ŽȱŽ—ȱ˜ȱŠŠ™Ž›ȱ•ŽŠȱǻŒ˜——ŽŒ’˜—œȱŠ›Žȱ—˜ȱ
•˜ŒŠ’˜—ȱœ™ŽŒ’ęŒǼǯ
ȘDZȱ ȱ̊œ‘’—ȱȃȄȱ•’‘ȱŒŠ—ȱŠ•œ˜ȱ˜ŒŒž›ȱ
ŠœȱŠȱ›Žœž•ȱ˜ȱŠ—ȱ’—ŠŽšžŠŽȱ›˜ž—ȱ•ŽŠȱ
Œ˜——ŽŒ’˜—ǯȱŠ”ŽȱŒŽ›Š’—ȱŒ˜——ŽŒ’˜—ȱ•˜ŒŠ’˜—ȱ
’œȱŒ•ŽŠ—ȱŠ—ȱŒ•Š–™ȱ’œȱœŽŒž›Žǯ
$PS8QUHJXODWHG5HFWL¿HUV
ȱ ŗǯȱ ˜——ŽŒȱ‘ŽȱŽœŽ›ȱ›˜ž—ȱ•ŽŠȱǻ ’‘ȱœ™›’—ȱ
Œ•Š–™Ǽǰȱ˜ȱ‘Žȱ‹˜¢ȱ˜ȱ›ŽŒ’ꎛȱ‹Ž’—ȱŽœŽǯ
ȱ Řǯȱ ˜——ŽŒȱ‘Žȱ›ŽȱŽœŽ›ȱ•ŽŠȱ˜ȱ‘ŽȱƸȱǻŒŽ—Ž›Ǽȱ
Ž›–’—Š•ȱ˜ȱ‘Žȱ›ŽŒ’ꎛȱŠ—ȱ‘Žȱ ˜ȱ‹•ŠŒ”ȱŽœŽ›ȱ
•ŽŠœȱ˜ȱ‘Žȱ ˜ȱȱǻ˜žœ’ŽǼȱŽ›–’—Š•œǯȱŽŽȱ
’ž›ŽȱŞȬřŜǯ
ȱ Śǯȱ ˜——ŽŒȱ‘Žȱ›Ž–Š’—’—ȱ‹•ŠŒ”ȱ•ŽŠȱ›˜–ȱŽœŽ›ȱ˜ȱ
˜—Žȱ˜ȱ‘Žȱ‹•ŠŒ”ȱȱǻ˜žœ’ŽǼȱ•ŽŠœȱ›˜–ȱ›ŽŒ’ꎛȬ
›Žž•Š˜›ǯȱŽŽȱ’ž›ŽȱŞȬřřǯ
)LJXUH
)LJXUH
ȱ śǯȱ •žȱ‘ŽȱŽœŽ›ȱ’—˜ȱ‘Žȱ™›˜™Ž›ȱȱ˜ž•ŽȦ™˜ Ž›ȱ
˜›ȱŽœŽ›ȱ‹Ž’—ȱžœŽǯȱž›—ȱ˜—ȱ‘Žȱ™˜ Ž›ȱœ ’Œ‘ǯȱ
‘ŽȱȁȁȂȂȱ•’‘ȱœ‘˜ž•ȱ‹Žȱ’••ž–’—ŠŽȱŠ—ȱ
˜—Žȱ˜ȱ‘Žȱ˜ž›ȱœŠžœȱ•’‘œȱ–Š¢ȱ‹Žȱ˜—ȱŠœȱ Ž••ǯȱ
ŽŽȱ’ž›ŽȱŞȬřŖǯȱ‘’œȱ˜Žœȱ—˜ȱ›Ž™›ŽœŽ—ȱ‘Žȱ
Œ˜—’’˜—ȱ˜ȱ‘Žȱ™Š›ǯ
ȱ řǯȱ •žȱ‘ŽȱŽœŽ›ȱ’—˜ȱ‘Žȱ™›˜™Ž›ȱȱ˜ž•ŽȦ™˜ Ž›ȱ
˜›ȱŽœŽ›ȱ‹Ž’—ȱžœŽǯȱž›—ȱ˜—ȱ‘Žȱ™˜ Ž›ȱœ ’Œ‘ǯȱ
‘ŽȱȁȁȂȂȱ•’‘ȱœ‘˜ž•ȱ‹Žȱ’••ž–’—ŠŽȱŠ—ȱ
˜—Žȱ˜ȱ‘Žȱ˜ž›ȱœŠžœȱ•’‘œȱ–Š¢ȱ‹Žȱ˜—ȱŠœȱ Ž••ǯȱ
ŽŽȱ’ž›ŽȱŞȬřŖǯȱ‘’œȱ˜Žœȱ—˜ȱ›Ž™›ŽœŽ—ȱ‘Žȱ
Œ˜—’’˜—ȱ˜ȱ‘Žȱ™Š›ǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
ȱ Śǯȱ ›Žœœȱ‘ŽȱȁȁȂȂȱ‹žĴ˜—ȱž—’•ȱŠȱȃŒ•’Œ”Ȅȱ’œȱ‘ŽŠ›ȱŠ—ȱ‘Ž—ȱ›Ž•ŽŠœŽǯȱŽŽȱ’ž›ŽȱŞȬřŗǯȱ˜–Ž—Š›’•¢ȱŽ’‘Ž›ȱ‘Žȱ
ȁȁ
ȂȂǰȱȁȁȂȂǰȱ˜›ȱȁȁ
ȂȂȱ•’‘ȱ ’••ȱ̊œ‘ǯ
ȱ ȱ Šǯȱ ȱ‘Žȱȃ
Ȅȱ•’‘ȱ̊œ‘Žœȱ˜—Ȧ˜ěǰȱ‘Žȱ™Š›ȱ’œȱ˜˜ȱŠ—ȱ–Š¢ȱ‹ŽȱžœŽǯ
ȱ ȱ ‹ǯȱ ȱŠ—¢ȱ˜‘Ž›ȱ•’‘ȱ’œȱ’œ™•Š¢ŽȘȱ‘Žȱ›ŽŒ’ꎛȱ’œȱŠž•¢ȱŠ—ȱœ‘˜ž•ȱ—˜ȱ‹ŽȱžœŽǯ
ȘDZȱ ȱ̊œ‘’—ȱȃȄȱ•’‘ȱŒŠ—ȱŠ•œ˜ȱ˜ŒŒž›ȱŠœȱŠȱ›Žœž•ȱ˜ȱŠ—ȱ’—ŠŽšžŠŽȱ›˜ž—ȱ•ŽŠȱŒ˜——ŽŒ’˜—ǯȱŠ”Žȱ
ŒŽ›Š’—ȱŒ˜——ŽŒ’˜—ȱ•˜ŒŠ’˜—ȱ’œȱŒ•ŽŠ—ȱŠ—ȱŒ•Š–™ȱ’œȱœŽŒž›Žǯ
5HFWL¿HU5HJXODWRU
'&9ROWPHWHU
)O\ZKHHO
6WDWRU
$PPHWHU
%DWWHU\
)LJXUH&RQQHFWLRQVIRU7HVWLQJ&KDUJLQJ6\VWHP
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
7URXEOHVKRRWLQJ*XLGH
$PS%DWWHU\&KDUJLQJ6\VWHPV
‘Ž—ȱ™›˜‹•Ž–œȱ˜ŒŒž›ȱ’—ȱ”ŽŽ™’—ȱ‘Žȱ‹ŠĴŽ›¢ȱŒ‘Š›Žȱ˜›ȱ‘Žȱ‹ŠĴŽ›¢ȱŒ‘Š›ŽœȱŠȱ˜˜ȱ‘’‘ȱŠȱ›ŠŽǰȱ‘Žȱ™›˜‹•Ž–ȱŒŠ—ȱ
žœžŠ••¢ȱ‹Žȱ˜ž—ȱœ˜–Ž ‘Ž›Žȱ’—ȱ‘ŽȱŒ‘Š›’—ȱœ¢œŽ–ȱ˜›ȱ ’‘ȱ‘Žȱ‹ŠĴŽ›¢ǯ
DZȱ • Š¢œȱ£Ž›˜ȱ˜‘––ŽŽ›ȱ˜—ȱŽŠŒ‘ȱœŒŠ•Žȱ‹Ž˜›ŽȱŽœ’—ȱ˜ȱŽ—œž›ŽȱŠŒŒž›ŠŽȱ›ŽŠ’—œǯȱ˜•ŠŽȱŽœœȱœ‘˜ž•ȱ
‹Žȱ–ŠŽȱ ’‘ȱ‘ŽȱŽ—’—Žȱ›ž——’—ȱŠȱřŜŖŖȱȱȬȱ—˜ȱ•˜Šǯȱ‘Žȱ‹ŠĴŽ›¢ȱ–žœȱ‹Žȱ˜˜ȱŠ—ȱž••¢ȱŒ‘Š›Žǯ
3UREOHP
7HVW
ȱ ŗǯȱ ›ŠŒŽȱƸȱ•ŽŠȱ›˜–ȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ˜ȱ
”Ž¢ȱœ ’Œ‘ǰȱ˜›ȱ˜‘Ž›ȱŠŒŒŽœœ’‹•ŽȱŒ˜——ŽŒ’˜—ǯȱ
’œŒ˜——ŽŒȱ’ȱ›˜–ȱœ ’Œ‘ȱ˜›ȱŒ˜——ŽŒ’˜—ǯȱ
˜——ŽŒȱŠ—ȱŠ––ŽŽ›ȱ›˜–ȱ•˜˜œŽȱŽ—ȱ˜ȱƸȱ
•ŽŠȱ˜ȱ™˜œ’’ŸŽȱŽ›–’—Š•ȱ˜ȱ‹ŠĴŽ›¢ǯȱ˜——ŽŒȱ
ȱŸ˜•–ŽŽ›ȱ›˜–ȱ•˜˜œŽȱŽ—ȱ˜ȱƸȱ•ŽŠȱ˜ȱ
—ŽŠ’ŸŽȱŽ›–’—Š•ȱ˜ȱ‹ŠĴŽ›¢ǯȱ’‘ȱŽ—’—Žȱ
›ž——’—ȱŠȱřŜŖŖȱǰȱ›ŽŠȱŸ˜•ŠŽȱ˜—ȱ
Ÿ˜•–ŽŽ›ǯ
&RQFOXVLRQ
ȱ ŗǯȱ ȱŸ˜•ŠŽȱ’œȱŗřǯŞȬŗŚǯŝȱŠ—ȱŒ‘Š›Žȱ›ŠŽȱ’—Œ›ŽŠœŽœȱ
‘Ž—ȱ•˜Šȱ’œȱŠ™™•’Žǰȱ‘ŽȱŒ‘Š›’—ȱœ¢œŽ–ȱ’œȱ
ȱŠ—ȱ‹ŠĴŽ›¢ȱ Šœȱž••¢ȱŒ‘Š›Žǯ
ȱ ȱ ȱŸ˜•ŠŽȱ’œȱ•Žœœȱ‘Š—ȱŗřǯŞȱ˜›ȱŒ‘Š›Žȱ›ŠŽȱ˜Žœȱ
—˜ȱ’—Œ›ŽŠœŽȱ ‘Ž—ȱ•˜Šȱ’œȱŠ™™•’ŽǰȱŽœȱœŠ˜›ȱ
ǻŽœœȱŘȱŠ—ȱřǼǯ
ȱ ȱ ȱŸ˜•ŠŽȱ’œȱŗřǯŞȱŸ˜•œȱ˜›ȱ–˜›Žǰȱ™•ŠŒŽȱŠȱ
–’—’–ž–ȱ•˜Šȱ˜ȱśȱŠ–™œȘȱ˜—ȱ‹ŠĴŽ›¢ȱ˜ȱ
›ŽžŒŽȱŸ˜•ŠŽǯȱ‹œŽ›ŸŽȱŠ––ŽŽ›ǯ
ȘDZȱ ž›—ȱ˜—ȱ•’‘œǰȱ’ȱŜŖȱ ŠĴœȱ˜›ȱ–˜›Žǯȱ
›ȱ™•ŠŒŽȱŠȱŘǯśȱ˜‘–ǰȱŗŖŖȱ ŠĴȱ›Žœ’œ˜›ȱ
ŠŒ›˜œœȱ‹ŠĴŽ›¢ȱŽ›–’—Š•œǯ
1R&KDUJH
WR%DWWHU\
ȱ Řǯȱ Ž–˜ŸŽȱŒ˜——ŽŒ˜›ȱ›˜–ȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǯȱ
’‘ȱŽ—’—Žȱ›ž——’—ȱŠȱřŜŖŖȱǰȱ–ŽŠœž›Žȱ
ȱŸ˜•ŠŽȱŠŒ›˜œœȱœŠ˜›ȱ•ŽŠœȱžœ’—ȱŠ—ȱȱ
Ÿ˜•–ŽŽ›ǯ
ȱ Řǯȱ ȱŸ˜•ŠŽȱ’œȱŘŞȱŸ˜•œȱ˜›ȱ–˜›ŽǰȱœŠ˜›ȱ’œȱǯȱ
ŽŒ’ꎛȬ›Žž•Š˜›ȱ’œȱŠž•¢ǯȱŽ™•ŠŒŽȱ‘Žȱ
›ŽŒ’ꎛȬ›Žž•Š˜›ǯ
ȱ ȱ ȱŸ˜•ŠŽȱ’œȱ•Žœœȱ‘Š—ȱŘŞȱŸ˜•œǰȱœŠ˜›ȱ’œȱ™›˜‹Š‹•¢ȱ
Šž•¢ȱŠ—ȱœ‘˜ž•ȱ‹Žȱ›Ž™•ŠŒŽǯȱŽœȱœŠ˜›ȱ
ž›‘Ž›ȱžœ’—ȱŠ—ȱ˜‘––ŽŽ›ȱǻŽœȱřǼǯ
ȱřŠǯȱ ’‘ȱŽ—’—Žȱœ˜™™Žǰȱ–ŽŠœž›Žȱ‘Žȱ›Žœ’œŠ—ŒŽȱ
ŠŒ›˜œœȱœŠ˜›ȱ•ŽŠœȱžœ’—ȱŠ—ȱ˜‘––ŽŽ›ǯ
ȱřŠǯȱ ȱ›Žœ’œŠ—ŒŽȱ’œȱŖǯŖŜŚȦŖǯŘȱ˜‘–œǰȱ‘ŽȱœŠ˜›ȱ’œȱǯ
ȱ ȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’œȱ’—ę—’¢ȱ˜‘–œǰȱœŠ˜›ȱ’œȱ˜™Ž—ǯȱ
Ž™•ŠŒŽȱœŠ˜›ǯ
ȱř‹ǯȱ ’‘ȱ‘ŽȱŽ—’—Žȱœ˜™™Žǰȱ–ŽŠœž›Žȱ‘Žȱ
›Žœ’œŠ—ŒŽȱ›˜–ȱŽŠŒ‘ȱœŠ˜›ȱ•ŽŠȱ˜ȱ›˜ž—ȱ
žœ’—ȱŠ—ȱ˜‘––ŽŽ›ǯ
ȱř‹ǯȱ ȱ‘Žȱ›Žœ’œŠ—ŒŽȱ’œȱ’—ę—’¢ȱ˜‘–œȱǻ—˜ȱŒ˜—’—ž’¢Ǽǰȱ
‘ŽȱœŠ˜›ȱ’œȱȱǻ—˜ȱœ‘˜›Žȱ˜ȱ›˜ž—Ǽǯ
ȱ ȱ ȱ›Žœ’œŠ—ŒŽȱǻ˜›ȱŒ˜—’—ž’¢Ǽȱ’œȱ–ŽŠœž›Žǰȱ‘Žȱ
œŠ˜›ȱ•ŽŠœȱŠ›Žȱœ‘˜›Žȱ˜ȱ›˜ž—ǯȱŽ™•ŠŒŽȱ
œŠ˜›ǯ
ȱ ŗǯȱ Ž›˜›–ȱœŠ–ŽȱŽœȱŠœȱœŽ™ȱŗȱŠ‹˜ŸŽǯ
%DWWHU\
&RQWLQXRXVO\
&KDUJHVDW
+LJK5DWH
ȱ ŗǯȱ ȱ‘ŽȱŸ˜•ŠŽȱ’œȱŗŚǯŝȱŸ˜•œȱ˜›ȱ•Žœœȱ‘ŽȱŒ‘Š›’—ȱ
œ¢œŽ–ȱ’œȱǯȱ‘Žȱ‹ŠĴŽ›¢ȱ’œȱž—Š‹•Žȱ˜ȱ‘˜•ȱŠȱ
Œ‘Š›ŽǯȱŽ›Ÿ’ŒŽȱ‹ŠĴŽ›¢ȱ˜›ȱ›Ž™•ŠŒŽȱŠœȱ—ŽŒŽœœŠ›¢ǯ
ȱ ȱ ȱŸ˜•ŠŽȱ’œȱ–˜›Žȱ‘Š—ȱŗŚǯŝȱŸ˜•œǰȱ‘Žȱ›ŽŒ’ꎛȬ
›Žž•Š˜›ȱ’œȱŠž•¢ǯȱŽ™•ŠŒŽȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
7URXEOHVKRRWLQJ*XLGH
$PS%DWWHU\&KDUJLQJ6\VWHPZLWK:DWW/LJKWLQJ6WDWRU
DZȱ Ž›˜ȱ˜‘––ŽŽ›œȱ˜—ȱŽŠŒ‘ȱœŒŠ•Žȱ˜ȱŽ—œž›ŽȱŠŒŒž›ŠŽȱ›ŽŠ’—œǯȱ˜•ŠŽȱŽœœȱœ‘˜ž•ȱ‹Žȱ–ŠŽȱ ’‘ȱŽ—’—Žȱ
›ž——’—ȱŠȱřŖŖŖȱȱȬȱ—˜ȱ•˜ŠǯȱŠĴŽ›¢ȱ–žœȱ‹Žȱ˜˜ȱŠ—ȱž••¢ȱŒ‘Š›Žǯ
3UREOHP
7HVW
ȱ ŗǯȱ ’‘ȱŽ—’—Žȱ›ž——’—ȱŠȱřŖŖŖȱǰȱ–ŽŠœž›Žȱ
Ÿ˜•ŠŽȱŠŒ›˜œœȱ‹ŠĴŽ›¢ȱŽ›–’—Š•œȱžœ’—ȱŠȱȱ
Ÿ˜•–ŽŽ›ǯ
&RQFOXVLRQ
ȱ
ȱ ŗǯȱ ȱŸ˜•ŠŽȱ’œȱ–˜›Žȱ‘Š—ȱŗŘǯśȱŸ˜•œǰȱŒ‘Š›’—ȱ
œ¢œŽ–ȱ’œȱǯ
ȱ ȱ ȱŸ˜•ŠŽȱ’œȱŗŘǯśȱŸ˜•œȱ˜›ȱ•Žœœǰȱ‘ŽȱœŠ˜›ȱ˜›ȱ’˜Žȱ
Š›Žȱ™›˜‹Š‹•¢ȱŠž•¢ǯȱŽœȱ‘ŽȱœŠ˜›ȱŠ—ȱ’˜Žȱ
ǻŽœœȱŘǰȱřȱŠ—ȱŚǼǯ
ȱ Řǯȱ ’œŒ˜——ŽŒȱ‘ŽȱŒ‘Š›’—ȱ•ŽŠȱ›˜–ȱ‹ŠĴŽ›¢ǯ
1R
&KDUJH
WR
%DWWHU\
ȱ Řǯȱ ȱŸ˜•ŠŽȱ’œȱŘŞȱŸ˜•œȱ˜›ȱ–˜›ŽǰȱœŠ˜›ȱ ’—’—ȱ’œȱ
ǯ
ȱ ȱ ’‘ȱŽ—’—Žȱ›ž——’—ȱŠȱřŖŖŖȱǰȱ–ŽŠœž›Žȱ
Ÿ˜•ŠŽȱ›˜–ȱŒ‘Š›’—ȱ•ŽŠȱ˜ȱ›˜ž—ȱžœ’—ȱŠȱ ȱ ȱ ȱŸ˜•ŠŽȱ’œȱ•Žœœȱ‘Š—ȱŘŞȱŸ˜•œǰȱŽœȱœŠ˜›ȱžœ’—ȱ
ȱŸ˜•–ŽŽ›ǯ
Š—ȱ˜‘––ŽŽ›ȱǻŽœœȱřȱŠ—ȱŚǼǯ
ȱ řǯȱ ’‘ȱŒ‘Š›’—ȱ•ŽŠȱ’œŒ˜——ŽŒŽȱ›˜–ȱ‹ŠĴŽ›¢ȱ ȱ řǯȱ ȱ›Žœ’œŠ—ŒŽȱ’œȱ•˜ ȱ’—ȱ‹˜‘ȱ’›ŽŒ’˜—œǰȱ‘Žȱ’˜Žȱ
Š—ȱŽ—’—Žȱœ˜™™Žǰȱ–ŽŠœž›Žȱ›Žœ’œŠ—ŒŽȱ›˜–ȱ
’œȱœ‘˜›ŽǯȱŽ™•ŠŒŽȱ‘Žȱ’˜Žǯ
Œ‘Š›’—ȱ•ŽŠȱ˜ȱ›˜ž—ȱžœ’—ȱŠ—ȱ˜‘––ŽŽ›ǯȱ
˜Žȱ›ŽŠ’—ǯ
ȱ ȱ ȱ›Žœ’œŠ—ŒŽȱ’œȱ‘’‘ȱ’—ȱ‹˜‘ȱ’›ŽŒ’˜—œǰȱ‘Žȱ’˜Žȱ
˜›ȱœŠ˜›ȱ ’—’—ȱ’œȱ˜™Ž—ǯȱǻœŽȱŽœȱŚǯǼ
ȱ ȱ ŽŸŽ›œŽȱ‘Žȱ•ŽŠœȱŠ—ȱ–ŽŠœž›Žȱ›Žœ’œŠ—ŒŽȱ
АВ—ǯ
ȱ ȱ —ȱ˜—Žȱ’›ŽŒ’˜—ǰȱ‘Žȱ›Žœ’œŠ—ŒŽȱœ‘˜ž•ȱ‹Žȱ
’—ę—’¢ȱ˜‘–œȱǻ˜™Ž—ȱŒ’›Œž’Ǽǯȱ’‘ȱ‘Žȱ•ŽŠœȱ
›ŽŸŽ›œŽǰȱœ˜–Žȱ›Žœ’œŠ—ŒŽȱœ‘˜ž•ȱ‹Žȱ–ŽŠœž›Žȱ
ǻŠ‹˜žȱ–’œŒŠ•Žȱ˜—ȱ¡ŗȱ›Š—ŽǼǯ
ȱ Śǯȱ žȱ‘Žȱœ•ŽŽŸ’—ȱ˜—ȱ‘ŽȱŒ‘Š›’—ȱ•ŽŠȱ˜ȱŽ¡™˜œŽȱȱ Śǯȱ ȱ›Žœ’œŠ—ŒŽȱ’œȱŠ™™›˜¡’–ŠŽ•¢ȱŗǯŖŝȱ˜‘–œǰȱ
‘Žȱ’˜ŽȱŒ˜——ŽŒ’˜—œǯ
ȱ ȱ œŠ˜›ȱ ’—’—ȱ’œȱǯ
ȱ ȱ ŽŠœž›Žȱ‘Žȱ›Žœ’œŠ—ŒŽȱ›˜–ȱ‘ŽȱœŠ˜›ȱœ’Žȱ˜ȱ ȱ ȱ ȱ›Žœ’œŠ—ŒŽȱ’œȱŖȱ˜‘–œǰȱœŠ˜›ȱ ’—’—ȱ’œȱœ‘˜›Žǯȱ
’˜Žȱ˜ȱ›˜ž—ȱžœ’—ȱŠ—ȱ˜‘––ŽŽ›ǯ
Ž™•ŠŒŽȱœŠ˜›ǯ
ȱ ȱ ȱ›Žœ’œŠ—ŒŽȱ’œȱ’—ę—’¢ȱ˜‘–œǰȱœŠ˜›ȱ ’—’—ȱ˜›ȱ
•ŽŠȱ’œȱ˜™Ž—ǯȱŽ™•ŠŒŽȱœŠ˜›ǯ
1R
/LJKWV
ȱ ŗǯȱ Š”Žȱœž›Žȱ•’‘œȱŠ›Žȱ—˜ȱ‹ž›—Žȱ˜žǯ
ȱ ŗǯȱ Ž™•ŠŒŽȱ‹ž›—Žȱ˜žȱ•’‘œǯ
ȱ Řǯȱ ’œŒ˜——ŽŒȱ‘Žȱ•’‘’—ȱ•ŽŠȱ›˜–ȱ‘Žȱ ’›’—ȱ
‘Š›—Žœœǯ
ȱ Řǯȱ ȱŸ˜•ŠŽȱ’œȱŗśȱŸ˜•œȱ˜›ȱ–˜›ŽǰȱœŠ˜›ȱ’œȱǯȱ‘ŽŒ”ȱ
˜›ȱ•˜˜œŽȱŒ˜——ŽŒ’˜—œȱ˜›ȱœ‘˜›œȱ’—ȱ ’›’—ȱ‘Š›—Žœœǯ
ȱ ȱ ’‘ȱŽ—’—Žȱ›ž——’—ȱŠȱřŖŖŖȱǰȱ–ŽŠœž›Žȱ ȱ ȱ ȱŸ˜•ŠŽȱ’œȱ•Žœœȱ‘Š—ȱŗśȱŸ˜•œǰȱŽœȱœŠ˜›ȱžœ’—ȱ
Ÿ˜•ŠŽȱ›˜–ȱ•’‘’—ȱ•ŽŠȱ˜ȱ›˜ž—ȱžœ’—ȱŠ—ȱ
Š—ȱ˜‘––ŽŽ›ȱǻŽœȱřǼǯ
ȱŸ˜•–ŽŽ›ǯ
řǯȱ ȱ ’‘ȱŽ—’—Žȱœ˜™™Žǰȱ–ŽŠœž›Žȱ‘Žȱ›Žœ’œŠ—ŒŽȱ ȱ řǯȱ ȱ›Žœ’œŠ—ŒŽȱ’œȱŠ™™›˜¡’–ŠŽ•¢ȱŖǯŚȱ˜‘–œǰ
˜ȱœŠ˜›ȱ›˜–ȱ•’‘’—ȱ•ŽŠȱ˜ȱ›˜ž—ȱžœ’—ȱŠ—ȱ ȱ ȱ œŠ˜›ȱ’œȱǯ
˜‘––ŽŽ›ǯ
ȱ ȱ ȱ›Žœ’œŠ—ŒŽȱ’œȱŖȱ˜‘–œǰȱœŠ˜›ȱ’œȱœ‘˜›ŽǯȱŽ™•ŠŒŽȱ
œŠ˜›ǯ
ȱ ȱ ȱ›Žœ’œŠ—ŒŽȱ’œȱ’—ę—’¢ȱ˜‘–œǰȱœŠ˜›ȱ˜›ȱ•’‘’—ȱ
•ŽŠȱ’œȱ˜™Ž—ǯȱŽ™•ŠŒŽȱœŠ˜›ǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
(OHFWULF6WDUWLQJ0RWRUV
˜–ŽȱŽ—’—Žœȱ’—ȱ‘’œȱœŽ›’ŽœȱžœŽȱ’—Ž›’Šȱ›’ŸŽȱœŠ›’—ȱ
–˜˜›œȱ ‘’•Žȱ–˜œȱžœŽȱœ˜•Ž—˜’ȱœ‘’ĞȱœŠ›Ž›œǯȱ‘Žȱ
’—Ž›’Šȱ›’ŸŽȱ¢™ŽœȱŠ›ŽȱŒ˜ŸŽ›ŽȱꛜȱŠ—ȱ‘Žȱœ˜•Ž—˜’ȱ
œ‘’Ğȱ¢™Žœȱ˜••˜ ’—ǯ
DZȱ ȱ‘ŽȱœŠ›Ž›ȱ˜Žœȱ—˜ȱŒ›Š—”ȱ‘ŽȱŽ—’—Žǰȱœ‘žȱ
˜ěȱ‘ŽȱœŠ›Ž›ȱ’––Ž’ŠŽ•¢ǯȱ˜ȱ—˜ȱ–Š”Žȱ
ž›‘Ž›ȱŠĴŽ–™œȱ˜ȱœŠ›ȱ‘ŽȱŽ—’—Žȱž—’•ȱ‘Žȱ
Œ˜—’’˜—ȱ’œȱŒ˜››ŽŒŽǯ
DZȱ ˜ȱ—˜ȱ›˜™ȱ‘ŽȱœŠ›Ž›ȱ˜›ȱœ›’”Žȱ‘ŽȱœŠ›Ž›ȱ
›Š–Žǯȱ˜’—ȱœ˜ȱŒŠ—ȱŠ–АŽȱ‘ŽȱœŠ›Ž›ǯ
6WDUWLQJ0RWRU3UHFDXWLRQV
DZȱ ˜ȱ—˜ȱŒ›Š—”ȱ‘ŽȱŽ—’—ŽȱŒ˜—’—ž˜žœ•¢ȱ˜›ȱ
–˜›Žȱ‘Š—ȱŗŖȱœŽŒ˜—œȱŠȱŠȱ’–Žǯȱȱ‘ŽȱŽ—’—Žȱ
˜Žœȱ—˜ȱœŠ›ǰȱŠ••˜ ȱŠȱŜŖȱœŽŒ˜—ȱŒ˜˜•Ȭ˜ —ȱ
™Ž›’˜ȱ‹Ž ŽŽ—ȱœŠ›’—ȱŠĴŽ–™œǯȱŠ’•ž›Žȱ
˜ȱ˜••˜ ȱ‘ŽœŽȱž’Ž•’—ŽœȱŒŠ—ȱ‹ž›—ȱ˜žȱ‘Žȱ
œŠ›Ž›ȱ–˜˜›ǯ
DZȱ ȱ‘ŽȱŽ—’—ŽȱŽŸŽ•˜™œȱœžĜŒ’Ž—ȱœ™ŽŽȱ˜ȱ
’œŽ—ŠŽȱ‘ŽȱœŠ›Ž›ȱ‹žȱ˜Žœȱ—˜ȱ”ŽŽ™ȱ
›ž——’—ȱǻŠȱŠ•œŽȱœŠ›Ǽǰȱ‘ŽȱŽ—’—Žȱ›˜Š’˜—ȱ
–žœȱ‹ŽȱŠ••˜ Žȱ˜ȱŒ˜–Žȱ˜ȱŠȱŒ˜–™•ŽŽȱœ˜™ȱ
‹Ž˜›ŽȱŠĴŽ–™’—ȱ˜ȱ›ŽœŠ›ȱ‘ŽȱŽ—’—Žǯȱȱ
‘ŽȱœŠ›Ž›ȱ’œȱŽ—ŠŽȱ ‘’•Žȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ’œȱ
›˜Š’—ǰȱ‘ŽȱœŠ›Ž›ȱ™’—’˜—ȱŠ—ȱĚ¢ ‘ŽŽ•ȱ›’—ȱ
ŽŠ›ȱ–Š¢ȱŒ•Šœ‘ǰȱ›Žœž•’—ȱ’—ȱŠ–АŽȱ˜ȱ‘Žȱ
œŠ›Ž›ǯ
6WDUWHU5HPRYDODQG,QVWDOODWLRQ
ŽŽ›ȱ˜ȱ‘Žȱȃ’œŠœœŽ–‹•¢ȄȱŠ—ȱȃŽŠœœŽ–‹•¢Ȅȱ
ŽŒ’˜—œȱ˜›ȱœŠ›Ž›ȱ›Ž–˜ŸŠ•ȱŠ—ȱ’—œŠ••Š’˜—ȱ
™›˜ŒŽž›Žœǯ
,QHUWLD'ULYH(OHFWULF6WDUWHUV
‘’œȱœž‹œŽŒ’˜—ȱŒ˜ŸŽ›œȱ‘Žȱ˜™Ž›Š’˜—ǰȱ›˜ž‹•Žœ‘˜˜’—ǰȱ
Š—ȱ›Ž™Š’›ȱ˜ȱ‘Žȱ’—Ž›’Šȱ›’ŸŽǰȱ™Ž›–Š—Ž—ȱ–А—Žȱ
Ž•ŽŒ›’ŒȱœŠ›Ž›œǯ
7URXEOHVKRRWLQJ*XLGH±6WDUWLQJ'LI¿FXOWLHV
3UREOHP
3RVVLEOH)DXOW
%DWWHU\
6WDUWHU
'RHV1RW
(QHUJL]H
6WDUWHU
(QHUJL]HV
EXW7XUQV
6ORZO\
:LULQJ
&RUUHFWLRQ
ȱ ŗǯȱ ‘ŽŒ”ȱ‘Žȱœ™ŽŒ’ęŒȱ›ŠŸ’¢ȱ˜ȱ‹ŠĴŽ›¢ǯȱȱ•˜ ǰȱ›ŽŒ‘Š›Žȱ˜›ȱ›Ž™•ŠŒŽȱ
‹ŠĴŽ›¢ȱŠœȱ—ŽŒŽœœŠ›¢ǯ
ȱ ŗǯȱ •ŽŠ—ȱŒ˜››˜ŽȱŒ˜——ŽŒ’˜—œȱŠ—ȱ’‘Ž—ȱ•˜˜œŽȱŒ˜——ŽŒ’˜—œǯ
ȱ Řǯȱ Ž™•ŠŒŽȱ ’›Žœȱ’—ȱ™˜˜›ȱŒ˜—’’˜—ȱŠ—ȱ ’‘ȱ›Š¢Žȱ˜›ȱ‹›˜”Ž—ȱ
’—œž•Š’˜—ǯ
6WDUWHU6ZLWFK
RU6ROHQRLG
ȱ ŗǯȱ ¢Ȭ™Šœœȱ‘Žȱœ ’Œ‘ȱ˜›ȱœ˜•Ž—˜’ȱ ’‘ȱŠȱ“ž–™Ž›ȱ ’›ŽǯȱȱœŠ›Ž›ȱ
Œ›Š—”œȱ—˜›–Š••¢ǰȱ›Ž™•ŠŒŽȱ‘ŽȱŠž•¢ȱŒ˜–™˜—Ž—œǯȱ˜•Ž—˜’ȱ‘’Ğȱ
Š›Ž›œDZȱŽ›˜›–ȱ’—’Ÿ’žŠ•ȱœ˜•Ž—˜’ȱŽœȱ™›˜ŒŽž›ŽǯȱŽŽȱ™ŠŽœȱ
ŞǯŚŚȱŠ—ȱŞǯŚśǯ
%DWWHU\
ȱ ŗǯȱ ‘ŽŒ”ȱ‘Žȱœ™ŽŒ’ęŒȱ›ŠŸ’¢ȱ˜ȱ‹ŠĴŽ›¢ǯȱȱ•˜ ǰȱ›ŽŒ‘Š›Žȱ˜›ȱ›Ž™•ŠŒŽȱ
‹ŠĴŽ›¢ȱŠœȱ—ŽŒŽœœŠ›¢ǯ
%UXVKHV
ȱ ŗǯȱ ‘ŽŒ”ȱ˜›ȱŽ¡ŒŽœœ’ŸŽ•¢ȱ’›¢ȱ˜›ȱ ˜›—ȱ‹›žœ‘ŽœȱŠ—ȱŒ˜––žŠ˜›ǯȱ
•ŽŠ—ȱžœ’—ȱŠȱŒ˜Š›œŽȱŒ•˜‘ȱǻ—˜ȱŽ–Ž›¢ȱŒ•˜‘Ǽǯ
ȱ Řǯȱ Ž™•ŠŒŽȱ‹›žœ‘Žœȱ’ȱŽ¡ŒŽœœ’ŸŽ•¢ȱ˜›ȱž—ŽŸŽ—•¢ȱ ˜›—ǯ
7UDQVPLVVLRQ
RU
(QJLQH
ȱ ŗǯȱ Š”Žȱœž›Žȱ‘ŽȱŒ•žŒ‘ȱ˜›ȱ›Š—œ–’œœ’˜—ȱ’œȱ’œŽ—ŠŽȱ˜›ȱ™•ŠŒŽȱ
’—ȱ—Žž›Š•ǯȱ‘’œȱ’œȱŽœ™ŽŒ’Š••¢ȱ’–™˜›Š—ȱ˜—ȱŽšž’™–Ž—ȱ ’‘ȱ
‘¢›˜œŠ’Œȱ›’ŸŽǯȱ‘Žȱ›Š—œ–’œœ’˜—ȱ–žœȱ‹ŽȱŽ¡ŠŒ•¢ȱ’—ȱ—Žž›Š•ȱ˜ȱ
™›ŽŸŽ—ȱ›Žœ’œŠ—ŒŽȱ ‘’Œ‘ȱŒ˜ž•ȱ”ŽŽ™ȱ‘ŽȱŽ—’—Žȱ›˜–ȱœŠ›’—ǯ
ȱ Řǯȱ ‘ŽŒ”ȱ˜›ȱœŽ’£ŽȱŽ—’—ŽȱŒ˜–™˜—Ž—œȱœžŒ‘ȱŠœȱ‘Žȱ‹ŽŠ›’—œǰȱ
Œ˜——ŽŒ’—ȱ›˜ǰȱŠ—ȱ™’œ˜—ǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
2SHUDWLRQ,QHUWLD'ULYH6WDUWHUV
‘Ž—ȱ™˜ Ž›ȱ’œȱŠ™™•’Žȱ˜ȱ‘ŽȱœŠ›Ž›ǰȱ‘ŽȱŠ›–Šž›Žȱ
›˜ŠŽœǯȱœȱ‘ŽȱŠ›–Šž›Žȱ›˜ŠŽœǰȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱ
–˜ŸŽœȱ˜žȱ˜—ȱ‘Žȱœ™•’—Žȱ›’ŸŽȱœ‘ŠĞȱŠ—ȱ’—˜ȱ–Žœ‘ȱ
’‘ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ›’—ȱŽŠ›ǯȱ‘Ž—ȱ‘Žȱ™’—’˜—ȱ›ŽŠŒ‘Žœȱ
‘ŽȱŽ—ȱ˜ȱ‘Žȱ›’ŸŽȱœ‘ŠĞǰȱ’ȱ›˜ŠŽœȱ‘ŽȱĚ¢ ‘ŽŽ•ȱŠ—ȱ
ȃŒ›Š—”œȄȱ‘ŽȱŽ—’—Žǯ
ȱ ŝǯȱ —œŠ••ȱ‘Žȱ›’ŸŽȱ™’—’˜—ǰȱžœȱŒ˜ŸŽ›ȱœ™ŠŒŽ›ǰȱ
Š—’Ȭ›’Ğȱœ™›’—ǰȱœ˜™ȱŽŠ›ȱœ™ŠŒŽ›ǰȱŠ—ȱœ˜™ȱ—žǯȱ
˜›šžŽȱ‘Žȱœ˜™ȱ—žȱ˜ȱŗŝǯŖȬŗşǯŘȱȉ–ȱ
ǻŗśŖȬŗŝŖȱ’—ǯȱ•‹ǯǼǯȱŽ’—œŠ••ȱ‘ŽȱžœȱŒ˜ŸŽ›ǯ
6W\OHµµ$¶¶
'XVW&RYHU
‘Ž—ȱ‘ŽȱŽ—’—ŽȱœŠ›œǰȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ›˜ŠŽœȱŠœŽ›ȱ
‘Š—ȱ‘ŽȱœŠ›Ž›ȱŠ›–Šž›ŽȱŠ—ȱ›’ŸŽȱ™’—’˜—ǯȱ‘’œȱ
–˜ŸŽœȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱ˜žȱ˜ȱ–Žœ‘ȱ ’‘ȱ‘Žȱ›’—ȱ
ŽŠ›ȱŠ—ȱ’—˜ȱ‘Žȱ›Ž›ŠŒŽȱ™˜œ’’˜—ǯȱ‘Ž—ȱ™˜ Ž›ȱ’œȱ
›Ž–˜ŸŽȱ›˜–ȱ‘ŽȱœŠ›Ž›ǰȱ‘ŽȱŠ›–Šž›Žȱœ˜™œȱ›˜Š’—ȱ
Š—ȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱ’œȱ‘Ž•ȱ’—ȱ‘Žȱ›Ž›ŠŒŽȱ™˜œ’’˜—ȱ
‹¢ȱ‘ŽȱŠ—’Ȭ›’Ğȱœ™›’—ǯ
6WDUWHU'ULYH6HUYLFH
ŸŽ›¢ȱśŖŖȱ‘˜ž›œȱ˜ȱ˜™Ž›Š’˜—ȱǻ˜›ȱŠ——žŠ••¢ǰȱ ‘’Œ‘ŽŸŽ›ȱ
˜ŒŒž›œȱꛜǼǰȱŒ•ŽŠ—ȱŠ—ȱ•ž‹›’ŒŠŽȱ‘Žȱœ™•’—Žœȱ˜—ȱ‘Žȱ
œŠ›Ž›ȱ›’ŸŽȱœ‘ŠĞǯȱȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱ’œȱ ˜›—ǰȱ˜›ȱ‘Šœȱ
Œ‘’™™Žȱ˜›ȱ‹›˜”Ž—ȱŽŽ‘ǰȱ’ȱ–žœȱ‹Žȱ›Ž™•ŠŒŽǯȱŽŽȱ
’ž›ŽȱŞȬřŞǯ
6WRS1XW
6WRS*HDU6SDFHU
$QWL'ULIW6SULQJ
'XVW&RYHU
6SDFHU
6W\OHµµ%¶¶
'XVW&RYHU
5HWDLQLQJ5LQJ
6SULQJ5HWDLQHU
$QWL'ULIW6SULQJ
'XVW&RYHU6SDFHU
'ULYH3LQLRQ
'ULYH3LQLRQ
'ULYH1XW&ROODU
ȱ’œȱ—˜ȱ—ŽŒŽœœŠ›¢ȱ˜ȱŒ˜–™•ŽŽ•¢ȱ’œŠœœŽ–‹•Žȱ‘Žȱ
œŠ›Ž›ȱ˜ȱœŽ›Ÿ’ŒŽȱ‘Žȱ›’ŸŽȱŒ˜–™˜—Ž—œǯȱ
6W\OHµµ$¶¶'ULYH6HUYLFH
ȱ ŗǯȱ Ž–˜ŸŽȱ‘ŽȱœŠ›Ž›ȱ›˜–ȱ‘ŽȱŽ—’—ŽȱŠ—ȱ›Ž–˜ŸŽȱ
‘ŽȱžœȱŒ˜ŸŽ›ǯ
ȱ Řǯȱ ˜•ȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱ’—ȱŠȱŸ’ŒŽȱ ’‘ȱœ˜Ğȱ“Š œȱ
‘Ž—ȱ›Ž–˜Ÿ’—ȱ˜›ȱ’—œŠ••’—ȱ‘Žȱœ˜™ȱ—žǯȱ‘Žȱ
Š›–Šž›Žȱ ’••ȱ›˜ŠŽȱ ’‘ȱ‘Žȱ—žȱž—’•ȱ‘Žȱ›’ŸŽȱ
™’—’˜—ȱœ˜™œȱАВ—œȱ’—Ž›—Š•ȱœ™ŠŒŽ›œǯ
DZȱ ˜ȱ—˜ȱ˜ŸŽ›’‘Ž—ȱ‘ŽȱŸ’œŽȱŠœȱ‘’œȱŒŠ—ȱ’œ˜›ȱ
‘Žȱ›’ŸŽȱ™’—’˜—ǯ
ȱ řǯȱ Ž–˜ŸŽȱ‘Žȱœ˜™ȱ—žǰȱœ˜™ȱŽŠ›ȱœ™ŠŒŽ›ǰȱŠ—’Ȭ›’Ğȱ
œ™›’—ǰȱžœȱŒ˜ŸŽ›ȱœ™ŠŒŽ›ǰȱŠ—ȱ›’ŸŽȱ™’—’˜—ǯ
ȱ Śǯȱ •ŽŠ—ȱ‘Žȱœ™•’—Žœȱ˜—ȱ›’ŸŽȱœ‘ŠĞȱ‘˜›˜ž‘•¢ȱ ’‘ȱ
œ˜•ŸŽ—ǯȱ›¢ȱ‘Žȱœ™•’—Žœȱ‘˜›˜ž‘•¢ǯ
ȱ śǯȱ ™™•¢ȱŠȱœ–Š••ȱŠ–˜ž—ȱ˜ȱ˜‘•Ž›ȱŽ•ŽŒ›’ŒȱœŠ›Ž›ȱ
›’ŸŽȱ•ž‹›’ŒŠ—ǰȱǻœŽŽȱŽŒ’˜—ȱŘǼȱ˜ȱ‘Žȱœ™•’—Žœǯȱ
‘ŽȱžœŽȱ˜ȱ˜‘Ž›ȱ•ž‹›’ŒŠ—œȱ–Š¢ȱŒŠžœŽȱ‘Žȱ›’ŸŽȱ
™’—’˜—ȱ˜ȱœ’Œ”ȱ˜›ȱ‹’—ǯ
ȱ Ŝǯȱ ™™•¢ȱŠȱœ–Š••ȱŠ–˜ž—ȱ˜ȱ˜Œ’Ž ȱ˜ǯȱŘŝŗȱ˜ȱ‘Žȱ
œ˜™ȱ—žȱ‘›ŽŠœǯ
ț
6W\OHµµ$¶¶
6W\OHµµ%¶¶
)LJXUH,QHUWLD'ULYH(OHFWULF6WDUWHU
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
6W\OHµµ%¶¶'ULYH6HUYLFH
ȱ ŗǯȱ ‘Žȱ›ž‹‹Ž›ȱžœȱŒ˜ŸŽ›ȱ‘ŠœȱŠȱ–˜•Žȱ•’™ȱ˜—ȱ‘Žȱ
’—œ’Žȱ‘Šȱœ—Š™œȱ’—˜ȱŠȱ›˜˜ŸŽȱ’—ȱ‘ŽȱžœȱŒ˜ŸŽ›ȱ
œ™ŠŒŽ›ȱǻœŽŽȱ’ž›ŽȱŞȬřşǼǯȱž›—ȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱ
Œ•˜Œ” ’œŽȱž—’•ȱ’ȱ›ŽŠŒ‘Žœȱ‘Žȱž••¢ȱŽ¡Ž—Žȱ
™˜œ’’˜—ǯȱ‘’•Žȱ‘˜•’—ȱ’ȱ’—ȱ‘ŽȱŽ¡Ž—Žȱ
™˜œ’’˜—ǰȱ›Šœ™ȱ‘Žȱ’™ȱ˜ȱ‘ŽȱžœȱŒ˜ŸŽ›ȱ ’‘ȱŠȱ
™•’Ž›œȱ˜›ȱŸ’œŽȱ›’™ȱŠ—ȱ™ž••ȱ’ȱ›ŽŽȱ›˜–ȱ‘Žȱœ™ŠŒŽ›ǯ
'XVW&RYHU
6SULQJ
5HWDLQHU
5HWDLQLQJ
5LQJ
$QWL'ULIW
6SULQJ
'XVW&RYHU
6SDFHU
'ULYH
3LQLRQ
)LJXUH$VVHPEOLQJ,QQHU+DOIRI7RRO$URXQG
$UPDWXUH6KDIWDQG5HWDLQLQJ5LQJ
ȱ śǯȱ ‘›ŽŠȱ‘ŽȱŒŽ—Ž›ȱœŒ›Ž ȱ’—˜ȱ‘Žȱ›Ž–˜ŸŠ•ȱ˜˜•ȱ
ž—’•ȱ¢˜žȱŽŽ•ȱ›Žœ’œŠ—ŒŽǯȱœŽȱŠȱ ›Ž—Œ‘ȱǻŗȬŗȦŞȈȱ˜›ȱ
Š“žœŠ‹•ŽǼȱ˜ȱ‘˜•ȱ‘Žȱ‹ŠœŽȱ˜ȱ‘Žȱ›Ž–˜ŸŠ•ȱ˜˜•ǯȱ
œŽȱŠ—˜‘Ž›ȱ ›Ž—Œ‘ȱ˜›ȱœ˜Œ”ŽȱǻŗȦŘȈȱ˜›ȱŗřȱ––Ǽȱ˜ȱ
ž›—ȱ‘ŽȱŒŽ—Ž›ȱœŒ›Ž ȱŒ•˜Œ” ’œŽȱǻœŽŽȱ’ž›ŽȱŞȬŚŗǼǯȱ
‘Žȱ›Žœ’œŠ—ŒŽȱАВ—œȱ‘ŽȱŒŽ—Ž›ȱœŒ›Ž ȱ ’••ȱŽ••ȱ
¢˜žȱ ‘Ž—ȱ‘Žȱ›ŽŠ’—’—ȱ›’—ȱ‘Šœȱ™˜™™Žȱ˜žȱ˜ȱ
‘Žȱ›˜˜ŸŽȱ’—ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞǯ
'ULYH1XW
&ROODU
)LJXUH'ULYH&RPSRQHQWVµµ%RQGHG¶¶,QHUWLD
'ULYH6WDUWHU
ȱ Řǯȱ ’œŠœœŽ–‹•Žȱ‘Žȱœ—Š™ȱ›’—ȱ›Ž–˜ŸŠ•ȱ˜˜•ǰȱǻœŽŽȱ
ŽŒ’˜—ȱŘǼǯ
ȱ řǯȱ Š’—ȱ›ŽŽ››’—ȱ˜ȱ’ž›ŽȱŞȬřşǰȱ›Šœ™ȱ‘Žȱ
œ™›’—ȱ›ŽŠ’—Ž›ȱŠ—ȱ™žœ‘ȱ’ȱ˜ Š›ȱ‘ŽȱœŠ›Ž›ǰȱ
Œ˜–™›Žœœ’—ȱ‘ŽȱŠ—’Ȭ›’Ğȱœ™›’—ȱŠ—ȱŽ¡™˜œ’—ȱ
‘Žȱ›ŽŠ’—’—ȱ›’—ǯ
ȱ Śǯȱ ˜•’—ȱ‘Žȱœ™›’—ȱ›ŽŠ’—Ž›ȱ’—ȱ‘Žȱ›Ž›ŠŒŽȱ
™˜œ’’˜—ǰȱŠœœŽ–‹•Žȱ‘Žȱ’——Ž›ȱ‘Š•ŸŽœȱ˜ȱ‘Žȱ›Ž–˜ŸŠ•ȱ
˜˜•ȱŠ›˜ž—ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞȱ ’‘ȱ‘Žȱ›ŽŠ’—’—ȱ
›’—ȱ’—ȱ‘Žȱ’——Ž›ȱ›˜˜ŸŽȱǻœŽŽȱ’ž›ŽȱŞȬŚŖǼǯȱ•’Žȱ
‘ŽȱŒ˜••Š›ȱ˜ŸŽ›ȱ‘Žȱ’——Ž›ȱ‘Š•ŸŽœȱ˜ȱ‘˜•ȱ‘Ž–ȱ’—ȱ
™˜œ’’˜—ǯ
)LJXUH+ROGLQJ7RRODQG7XUQLQJ&HQWHU
6FUHZ&ORFNZLVHWR5HPRYH5HWDLQLQJ5LQJ
ȱ Ŝǯȱ Ž–˜ŸŽȱ‘Žȱ›’ŸŽȱŒ˜–™˜—Ž—œȱ›˜–ȱ‘ŽȱŠ›–Šž›Žȱ
œ‘ŠĞǰȱ™Š¢’—ȱŠĴŽ—’˜—ȱ˜ȱ‘ŽȱœŽšžŽ—ŒŽǯȱȱ‘Žȱ
œ™•’—ŽœȱŠ›Žȱ’›¢ǰȱŒ•ŽŠ—ȱ‘Ž–ȱ ’‘ȱœ˜•ŸŽ—ǯ
ȱ ŝǯȱ ‘Žȱœ™•’—Žœȱœ‘˜ž•ȱ‘ŠŸŽȱŠȱ•’‘ȱꕖȱ˜ȱ•ž‹›’ŒŠ—ǯȱ
Ž•ž‹›’ŒŠŽȱŠœȱ—ŽŒŽœœŠ›¢ȱ ’‘ȱ˜‘•Ž›ȱ‹Ž—’¡ȱ
œŠ›Ž›ȱ•ž‹›’ŒŠ—ȱǻœŽŽȱŽŒ’˜—ȱŘǼǯȱŽ’—œŠ••ȱ˜›ȱ
›Ž™•ŠŒŽȱ‘Žȱ›’ŸŽȱŒ˜–™˜—Ž—œǰȱŠœœŽ–‹•’—ȱ‘Ž–ȱ
’—ȱ‘Žȱ›ŽŸŽ›œŽȱ˜›Ž›ȱ‘Ž¢ȱ Ž›Žȱ›Ž–˜ŸŽǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
5HWDLQLQJ5LQJ,QVWDOODWLRQ
ȱ ŗǯȱ ˜œ’’˜—ȱ‘Žȱ›ŽŠ’—’—ȱ›’—ȱ’—ȱ‘Žȱ›˜˜ŸŽȱ’—ȱ˜—Žȱ˜ȱ
‘Žȱ’——Ž›ȱ‘Š•ŸŽœǯȱœœŽ–‹•Žȱ‘Žȱ˜‘Ž›ȱ‘Š•ȱ˜ŸŽ›ȱ‘Žȱ
˜™ȱŠ—ȱœ•’Žȱ˜—ȱ‘Žȱ˜žŽ›ȱŒ˜••Š›ǯ
ȱ Řǯȱ ŽȱŒŽ›Š’—ȱ‘Žȱ›’ŸŽȱŒ˜–™˜—Ž—œȱŠ›Žȱ’—œŠ••Žȱ’—ȱ
Œ˜››ŽŒȱœŽšžŽ—ŒŽȱ˜—˜ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞǯ
ȱ řǯȱ •’™ȱ‘Žȱ˜˜•ȱ˜ŸŽ›ȱ‘ŽȱŽ—ȱ˜ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞǰȱœ˜ȱ
‘Žȱ›ŽŠ’—’—ȱ›’—ȱ’—œ’Žȱ’œȱ›Žœ’—ȱ˜—ȱ‘ŽȱŽ—ȱ˜ȱ
‘Žȱœ‘ŠĞǯȱ
˜•ȱ‘Žȱ˜˜•ȱ ’‘ȱ˜—Žȱ‘Š—ǰȱޡޛ’—ȱ
œ•’‘ȱ™›Žœœž›Žȱ˜ Š›ȱ‘ŽȱœŠ›Ž›ǯȱŠ™ȱ‘Žȱ˜™ȱ
˜ȱ‘Žȱ˜˜•ȱ ’‘ȱŠȱ‘Š––Ž›ȱž—’•ȱ¢˜žȱŽŽ•ȱ‘Žȱ
›ŽŠ’—’—ȱ›’—ȱœ—Š™ȱ’—˜ȱ‘Žȱ›˜˜ŸŽǯȱ’œŠœœŽ–‹•Žȱ
Š—ȱ›Ž–˜ŸŽȱ‘Žȱ˜˜•ǯ
ȱ Śǯȱ šžŽŽ£Žȱ‘Žȱ›ŽŠ’—’—ȱ›’—ȱ ’‘ȱŠȱ™•’Ž›œȱ˜ȱ
Œ˜–™›Žœœȱ’ȱ’—˜ȱ‘Žȱ›˜˜ŸŽǯ
ȱ śǯȱ œœŽ–‹•Žȱ‘Žȱ’——Ž›ȱ‘Š•ŸŽœȱ ’‘ȱ‘Žȱ•Š›Ž›ȱŒŠŸ’¢ȱ
Š›˜ž—ȱ‘Žȱœ™›’—ȱ›ŽŠ’—Ž›ǯȱŽŽȱ’ž›ŽȱŞȬŚŘǯȱ•’Žȱ
‘ŽȱŒ˜••Š›ȱ˜ŸŽ›ȱ‘Ž–ȱŠ—ȱ‘›ŽŠȱ‘ŽȱŒŽ—Ž›ȱœŒ›Ž ȱ
’—ȱž—’•ȱ›Žœ’œŠ—ŒŽȱ’œȱŽ•ǯ
ȱ Řǯȱ ˜ŒŠŽȱ‘Žȱœ–Š••ȱ›Š’œŽȱ•’—Žȱ˜—ȱ‘ŽȱŽŽȱ˜ȱ
‘Žȱ›’ŸŽȱŽ—ȱŒŠ™ǯȱ—ȱœŠ›Ž›œȱ ’‘ȱ¢•ŽȱȁȁȂȂȱ
Œ˜––žŠ˜›ȱŽ—ȱŒŠ™œǰȱ’ȱ ’••ȱ‹ŽȱŠ•’—Žȱ ’‘ȱŠȱ
™›Ž–Š›”Žȱ•’—Žȱ˜—ȱ‘ŽȱœŠ›Ž›ȱ›Š–Žǯȱ‘Žȱ›Š–Žȱ
’œȱ—˜ȱ™›Ž–Š›”Žȱ˜—ȱœŠ›Ž›œȱ ’‘ȱ¢•ŽȱȁȁȂȂȱŽ—ȱ
ŒŠ™œǯȱ•ŠŒŽȱŠȱ™’ŽŒŽȱ˜ȱ–Šœ”’—ȱŠ™Žȱ˜—ȱ‘Žȱ›Š–Žȱ
Š—ȱ–Š›”ȱŠȱ•’—Žȱ˜—ȱ‘ŽȱŠ™Žȱ’—ȱ•’—Žȱ ’‘ȱ‘Žȱ›Š’œŽȱ
•’—Žȱ˜—ȱ‘ŽȱŽ—ȱŒŠ™ǯȱŽŽȱ’ž›ŽȱŞȬŚśǯ
ȱ řǯȱ Ž–˜ŸŽȱ‘Žȱ‘›žȱ‹˜•œǯ
ȱ Śǯȱ Ž–˜ŸŽȱ‘ŽȱŒ˜––žŠ˜›ȱŽ—ȱŒŠ™ȱ ’‘ȱ‹›žœ‘Žœȱ
Š—ȱ‹›žœ‘ȱœ™›’—œȱǻ¢•ŽȱȁȁȂȂǼǯȱ¢•ŽȱȁȁȂȂȱŽ—ȱŒŠ™œȱ
›Ž–˜ŸŽȱŠœȱŠȱœŽ™Š›ŠŽȱ™’ŽŒŽȱ ’‘ȱ‘Žȱ‹›žœ‘ŽœȱŠ—ȱ
ŒŠ››’Ž›ȱ›Ž–Š’—’—ȱ’—ȱ‘Žȱ›Š–Žǯ
ȱ śǯȱ Ž–˜ŸŽȱ‘Žȱ›’ŸŽȱŽ—ȱŒŠ™ǯ
ȱ Ŝǯȱ Ž–˜ŸŽȱ‘ŽȱŠ›–Šž›ŽȱŠ—ȱ‘›žœȱ Šœ‘Ž›ȱǻ’ȱœ˜ȱ
Žšž’™™ŽǼȱ›˜–ȱ’—œ’Žȱ‘ŽȱœŠ›Ž›ȱ›Š–Žǯ
ȱ ŝǯȱ Ž–˜ŸŽȱ‘Žȱ‹›žœ‘ȦŒŠ››’Ž›ȱŠœœŽ–‹•¢ȱ›˜–ȱ‘Žȱ
›Š–Žȱǻ¢•ŽȱȁȁȂȂȱœŠ›Ž›œǼǯ
6W\OHµµ$¶¶(QG&DS%UXVK5HSODFHPHQW
ȱ ŗǯȱ Ž–˜ŸŽȱ‘Žȱ‹›žœ‘ȱœ™›’—œȱ›˜–ȱ‘Žȱ™˜Œ”Žœȱ’—ȱ‘Žȱ
‹›žœ‘ȱ‘˜•Ž›ǯȱŽŽȱ’ž›ŽȱŞȬŚřǯ
ȱ Řǯȱ Ž–˜ŸŽȱ‘ŽȱœŽ•ȬŠ™™’—ȱœŒ›Ž œǰȱ—ŽŠ’ŸŽȱǻȬǼȱ
‹›žœ‘ŽœǰȱŠ—ȱ™•Šœ’Œȱ‹›žœ‘ȱ‘˜•Ž›ǯ
ȱ řǯȱ Ž–˜ŸŽȱ‘Žȱ‘Ž¡ȱ̊—Žȱ—žȱŠ—ȱꋎ›ȱ Šœ‘Ž›ȱ›˜–ȱ
‘ŽȱœžȱŽ›–’—Š•ǯ
ȱ ȱ Ž–˜ŸŽȱ‘ŽȱœžȱŽ›–’—Š•ȱ ’‘ȱ‘Žȱ™˜œ’’ŸŽȱǻƸǼȱ
‹›žœ‘ŽœȱŠ—ȱ™•Šœ’Œȱ’—œž•Š’—ȱ‹žœ‘’—ȱ›˜–ȱ‘Žȱ
Ž—ȱŒŠ™ǯ
)LJXUH$VVHPEOLQJ/DUJHU,QQHU+DOI$URXQG
6SULQJ5HWDLQHU
ȱ Ŝǯȱ ˜•ȱ‘Žȱ‹ŠœŽȱ˜ȱ‘Žȱ˜˜•ȱ ’‘ȱŠȱŗȬŗȦŞȈȱ ›Ž—Œ‘ȱ
Š—ȱž›—ȱ‘ŽȱŒŽ—Ž›ȱœŒ›Ž ȱŒ•˜Œ” ’œŽȱ ’‘ȱŠȱŗȦŘȈȱ
˜›ȱŗřȱ––ȱ ›Ž—Œ‘ȱ˜ȱ›Š ȱ‘Žȱœ™›’—ȱ›ŽŠ’—Ž›ȱž™ȱ
Š›˜ž—ȱ‘Žȱ›ŽŠ’—’—ȱ›’—ǯȱ˜™ȱž›—’—ȱ ‘Ž—ȱ
›Žœ’œŠ—ŒŽȱ’—Œ›ŽŠœŽœǯȱ’œŠœœŽ–‹•ŽȱŠ—ȱ›Ž–˜ŸŽȱ
˜˜•ǯ
ȱ ŝǯȱ Ž’—œŠ••ȱ‘ŽȱžœȱŒ˜ŸŽ›ǯ
6WDUWHU'LVDVVHPEO\
ȱ ŗǯȱ Ž–˜ŸŽȱ‘Žȱ›’ŸŽȱŒ˜–™˜—Ž—œȱ˜••˜ ’—ȱ‘Žȱ
’—œ›žŒ’˜—œȱ˜›ȱœŽ›Ÿ’Œ’—ȱ‘Žȱ›’ŸŽǯ
ȱ Śǯȱ —œŠ••ȱ‘Žȱ’—œž•Š’—ȱ‹žœ‘’—ȱ˜—ȱ‘Žȱœžȱ
Ž›–’—Š•ǰȱ˜ȱ‘Žȱ—Ž ȱ™˜œ’’ŸŽȱǻƸǼȱ‹›žœ‘Žœǯȱ—œŠ••ȱ
‘ŽȱœžȱŽ›–’—Š•ȱ’—˜ȱ‘ŽȱŒ˜––žŠ˜›ȱŽ—ȱŒŠ™ǯȱ
ŽŒž›Žȱ‘Žȱœžȱ ’‘ȱ‘Žȱꋎ›ȱ Šœ‘Ž›ȱŠ—ȱ‘Ž¡ȱ
̊—ŽȱœŒ›Ž ǯ
ȱ śǯȱ —œŠ••ȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ǰȱ—Ž ȱ—ŽŠ’ŸŽȱǻȬǼȱ‹›žœ‘Žœǰȱ
Š—ȱœŽ•ȬŠ™™’—ȱœŒ›Ž œǯ
ȱ Ŝǯȱ —œŠ••ȱ‘Žȱ‹›žœ‘ȱœ™›’—œȱŠ—ȱ‹›žœ‘Žœȱ’—˜ȱ
‘Žȱ™˜Œ”Žœȱ’—ȱ‹›žœ‘ȱ‘˜•Ž›ǯȱŠ”Žȱœž›Žȱ‘Žȱ
Œ‘Š–Ž›Žȱœ’Žœȱ˜ȱ‘Žȱ‹›žœ‘ŽœȱŠ›ŽȱРТȱ›˜–ȱ‘Žȱ
‹›žœ‘ȱœ™›’—œǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
DZȱ œŽȱŠȱ‹›žœ‘ȱ‘˜•Ž›ȱ˜˜•ȱ˜ȱ”ŽŽ™ȱ‘Žȱ‹›žœ‘Žœȱ
’—ȱ‘Žȱ™˜Œ”Žœǯȱȱ‹›žœ‘ȱ‘˜•Ž›ȱ˜˜•ȱŒŠ—ȱŽŠœ’•¢ȱ
‹Žȱ–ŠŽȱ›˜–ȱ‘’—ȱœ‘ŽŽȱ–ŽŠ•ǯȱŽŽȱ’ž›Žȱ
ŞȬŚŚǯ
6HOI7DSSLQJ
6FUHZ
%UXVK6SULQJV
%UXVK
+ROGHU
1HJDWLYH
%UXVK
ȱ Řǯȱ —œŽ›ȱ‘ŽȱŠ›–Šž›Žȱ’—˜ȱ‘ŽȱœŠ›Ž›ȱ›Š–ŽǯȱŠ”Žȱ
œž›Žȱ‘Žȱ–А—ŽœȱŠ›ŽȱŒ•˜œŽ›ȱ˜ȱ‘Žȱ›’ŸŽȱœ‘ŠĞȱŽ—ȱ
˜ȱŠ›–Šž›Žǯȱ‘Žȱ–А—Žœȱ ’••ȱ‘˜•ȱ‘ŽȱŠ›–Šž›Žȱ
’—œ’Žȱ‘Žȱ›Š–Žǯ
ȱ řǯȱ —œŠ••ȱ‘Žȱ›’ŸŽȱŽ—ȱŒŠ™ȱ˜ŸŽ›ȱ‘Žȱ›’ŸŽȱœ‘ŠĞǯȱ
Š”Žȱœž›Žȱ‘Žȱ–ŠŒ‘ȱ–Š›”œȱ˜—ȱ‘ŽȱŽ—ȱŒŠ™ȱŠ—ȱ
œŠ›Ž›ȱ›Š–ŽȱŠ›ŽȱŠ•’—ŽǯȱŽŽȱ’ž›ŽȱŞȬŚśǯ
1HJDWLYH
%UXVK
6HOI7DSSLQJ
6FUHZ
6WXG7HUPLQDOZLWK
3RVLWLYH%UXVKHV
)LJXUH6W\OHµµ$¶¶&RPPXWDWRU(QG&DSZLWK
%UXVKHV
%UXVK+ROGHU7RRO,QVWDOOHG
2YHU%UXVKHVDQG(QG&DS
6KHHW0HWDO%UXVK
+ROGHU7RRO
)LJXUH%UXVK+ROGHU7RRO6W\OHµµ$¶¶(QG
&DS
6W\OHµµ%¶¶(QG&DS%UXVK5HSODFHPHQW
Š›Ž›œȱ ’‘ȱ¢•ŽȱȁȁȂȂȱŽ—ȱŒŠ™œȱ‘ŠŸŽȱ‘Žȱ‹›žœ‘Žœȱ
’—ȱŠȱ™•Šœ’ŒȱŒŠ››’Ž›ȱ‘˜žœ’—ǰȱœŽ™Š›ŠŽȱ›˜–ȱ‘ŽȱŽ—ȱ
ŒŠ™ǯȱŽ™•ŠŒŽ–Ž—ȱ‹›žœ‘ŽœȱŒ˜–Žȱ™›ŽŠœœŽ–‹•Žȱ’—ȱ‘Žȱ
ŒŠ››’Ž›ȱ‘˜žœ’—ǰȱ›ŽŠ’—Žȱ ’‘ȱ ˜ȱŒŠ›˜—ȱœŠ™•Žœǯ
&RPPXWDWRU6HUYLFH
•ŽŠ—ȱ‘ŽȱŒ˜––žŠ˜›ȱ ’‘ȱŠȱŒ˜Š›œŽǰȱ•’—ȱ›ŽŽȱŒ•˜‘ǯȱ˜ȱ
—˜ȱžœŽȱŽ–Ž›¢ȱŒ•˜‘ǯ
)LJXUH6WDUWHU$VVHPEO\0DWFK0DUNV
)RU6W\OHµµ$¶¶&RPPXWDWRU(QG&DSV
ȱ Śǯȱ —œŠ••ȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ȱ˜˜•ȱ˜ȱ”ŽŽ™ȱ‘Žȱ‹›žœ‘Žœȱ
’—ȱ‘Žȱ™˜Œ”Žœȱ˜ȱ‘ŽȱŒ˜––žŠ˜›ȱŽ—ȱŒŠ™ǯ
ȱ śǯȱ •’—ȱ‘Žȱ–ŠŒ‘ȱ–Š›”œȱ˜—ȱ‘ŽȱŒ˜––žŠ˜›ȱŽ—ȱ
ŒŠ™ȱŠ—ȱ‘ŽȱœŠ›Ž›ȱ›Š–Žǯȱ
˜•ȱ‘Žȱ›’ŸŽȱŽ—ȱŠ—ȱ
‘ŽȱŒ˜––žŠ˜›ȱŽ—ȱŒŠ™œȱꛖ•¢ȱ˜ȱ‘ŽȱœŠ›Ž›ȱ
›Š–ŽǯȱŽ–˜ŸŽȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ȱ˜˜•ǯ
)RU6W\OHµµ%¶¶&RPPXWDWRU(QG&DSV
ȱ Śǯȱ ȱ‘Žȱ‹›žœ‘ȱŠœœŽ–‹•¢ȱ’œȱ—˜ȱ‹Ž’—ȱ›Ž™•ŠŒŽǰȱ
™˜œ’’˜—ȱ‘Žȱ‹›žœ‘Žœȱ’—ȱ‘Ž’›ȱ™˜Œ”Žœȱ’—ȱ‘Žȱ
ŒŠ››’Ž›ǯȱ˜ŸŽȱ‘Ž–ȱ˜ȱ‘Žȱ›Ž›ŠŒŽȱ™˜œ’’˜—ǰȱŠ—ȱ
’—œŠ••ȱŒŠ›˜—ȱœŠ™•Žœȱ˜ȱ›ŽŠ’—ȱ‘Ž–ǯȱŽŽȱ’ž›Žȱȱ
ŞȬŚŜǯ
ȱ śǯȱ •’—ȱ‘ŽȱŽ›–’—Š•ȱœžȱ‹•˜Œ”ȱ ’‘ȱ‘Žȱ—˜Œ‘ȱ
’—ȱ‘ŽȱœŠ›Ž›ȱ›Š–ŽȱŠ—ȱœ•’Žȱ‘Žȱ‹›žœ‘ȦŒŠ››’Ž›ȱ
ŠœœŽ–‹•¢ȱ’—˜ȱ‘Žȱ›Š–Žǯȱ‘ŽȱŒ˜––žŠ˜›ȱ ’••ȱ
™žœ‘ȱ‘ŽȱŒŠ›˜—ȱœŠ™•Žœȱ˜žȱŠœȱ‘Žȱ‹›žœ‘ȱŠœœŽ–‹•¢ȱ
’œȱ’—œŠ••Žǯȱ˜œ’’˜—ȱ‘ŽȱŽ—ȱŒŠ™ȱ˜ŸŽ›ȱ‘Žȱ‹›žœ‘ȱ
ŠœœŽ–‹•¢ǰȱœ˜ȱ‘Žȱ‘˜•Žœȱ˜›ȱ‘Žȱ‘›žȱ‹˜•œȱŠ›Žȱ
Š•’—Žȱ ’‘ȱ‘˜œŽȱ’—ȱ‘Žȱ‹›žœ‘ȱŒŠ››’Ž›ǯ
ȱ‘ŽȱŒ˜––žŠ˜›ȱ’œȱ‹Š•¢ȱ ˜›—ȱ˜›ȱ›˜˜ŸŽǰȱž›—ȱ’ȱ
˜ —ȱ˜—ȱŠȱ•Š‘Žȱ˜›ȱ›Ž™•ŠŒŽȱ‘ŽȱŠ›–Šž›Žǯ
6WDUWHU5HDVVHPEO\
ȱ ŗǯȱ •ŠŒŽȱ‘Žȱ‘›žœȱ Šœ‘Ž›ȱǻ’ȱœ˜ȱŽšž’™™ŽǼȱ˜ŸŽ›ȱ‘Žȱ
›’ŸŽȱœ‘ŠĞȱ˜ȱ‘ŽȱŠ›–Šž›Žǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
6ROHQRLG6KLIW(OHFWULF6WDUWHUV
‘Žȱ˜••˜ ’—ȱœž‹œŽŒ’˜—ȱŒ˜ŸŽ›œȱ‘Žȱœ˜•Ž—˜’ȱœ‘’Ğȱ
Ž•ŽŒ›’ŒȱœŠ›Ž›œǯȱžŒ‘ȱ˜ȱ‘Žȱ’—˜›–Š’˜—ȱ’—ȱ‘Žȱ
™›˜ŒŽŽ’—ȱœž‹œŽŒ’˜—ȱ›Ž•ŠŽœȱ˜ȱ‘’œȱ¢™ŽȱœŠ›Ž›ȱ
Š•œ˜ǰȱœ˜ȱ’ȱ’œȱ—˜ȱ›Ž™ŽŠŽȱ‘Ž›Žǯȱȱ’™™˜—Ž—œ˜ȱ˜›ȱ
Ž•Œ˜ȬŽ–¢ȱœ˜•Ž—˜’ȱœ‘’ĞȱœŠ›Ž›ȱ–Š¢ȱ‹ŽȱžœŽǯȱ‘Žȱ
’™™˜—Ž—œ˜ȱœŠ›Ž›ȱ’œȱŒ˜ŸŽ›ŽȱꛜǰȱŠ—ȱ‘ŽȱŽ•Œ˜Ȭ
Ž–¢ȱœŠ›Ž›ȱœŽ›Ÿ’Œ’—ȱ˜••˜ œǯ
)LJXUH6W\OHµµ%¶¶&RPPXWDWRU(QG&DSZLWK
%UXVKHV
ȱ Ŝǯȱ —œŠ••ȱ‘Žȱ‘›žȱ‹˜•œȱŠ—ȱ’‘Ž—ȱœŽŒž›Ž•¢ǯ
ȱ ŝǯȱ ž‹›’ŒŠŽȱ‘Žȱ›’ŸŽȱœ‘ŠĞȱ ’‘ȱ˜‘•Ž›ȱ‹Ž—’¡ȱ
œŠ›Ž›ȱ›’ŸŽȱ•ž‹›’ŒŠ—ȱǻœŽŽȱŽŒ’˜—ȱŘǼǯȱ—œŠ••ȱ‘Žȱ
›’ŸŽȱŒ˜–™˜—Ž—œȱ˜••˜ ’—ȱ‘Žȱ’—œ›žŒ’˜—œȱ˜›ȱ
œŽ›Ÿ’Œ’—ȱ‘ŽȱœŠ›Ž›ȱ›’ŸŽǯ
1XW
2SHUDWLRQ±6ROHQRLG6KLIW6WDUWHU
‘Ž—ȱ™˜ Ž›ȱ’œȱŠ™™•’Žȱ˜ȱ‘ŽȱœŠ›Ž›ȱ‘ŽȱŽ•ŽŒ›’Œȱ
œ˜•Ž—˜’ȱ–˜ŸŽœȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱ˜žȱ˜—˜ȱ‘Žȱ›’ŸŽȱ
œ‘ŠĞȱŠ—ȱ’—˜ȱ–Žœ‘ȱ ’‘ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ›’—ȱŽŠ›ǯȱ‘Ž—ȱ
‘Žȱ™’—’˜—ȱ›ŽŠŒ‘Žœȱ‘ŽȱŽ—ȱ˜ȱ‘Žȱ›’ŸŽȱœ‘ŠĞȱ’ȱ›˜ŠŽœȱ
‘ŽȱĚ¢ ‘ŽŽ•ȱŠ—ȱŒ›Š—”œȱ‘ŽȱŽ—’—Žǯ
‘Ž—ȱ‘ŽȱŽ—’—ŽȱœŠ›œȱŠ—ȱ‘ŽȱœŠ›ȱœ ’Œ‘ȱ’œȱ›Ž•ŽŠœŽȱ
‘ŽȱœŠ›Ž›ȱœ˜•Ž—˜’ȱ’œȱŽŠŒ’ŸŠŽǰȱ‘Žȱ›’ŸŽȱ•ŽŸŽ›ȱ
–˜ŸŽœȱ‹ŠŒ”ǰȱŠ—ȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱ–˜ŸŽœȱ˜žȱ˜ȱ–Žœ‘ȱ
’‘ȱ‘Žȱ›’—ȱŽŠ›ȱ’—˜ȱ‘Žȱ›Ž›ŠŒŽȱ™˜œ’’˜—ǯ
'ULYH
(QG&DS
)UDPH
:LUH
'ULYH
/HYHU
)URQW6WRS
&ROODU
'XVW
&RYHU
6WDUWHU$VVHPEO\
5HWDLQHU
5HDU6WRS
&ROODU
6ROHQRLG
1XW
%UXVKHV
%UXVK
+ROGHU
%UXVK6SULQJ
,QVXODWRU
'ULYH
3LQLRQ
&RPPXWDWRU
(QG&DS
7KUX%ROW
$UPDWXUH
)LJXUH1LSSRQGHQVR6ROHQRLG6KLIW6WDUWHU
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
6WDUWHU'LVDVVHPEO\
ȱ ŗǯȱ ’œŒ˜——ŽŒȱ‘Žȱ•ŽŠȱ ’›Žȱ›˜–ȱ‘Žȱœ˜•Ž—˜’ǯ
ȱ Řǯȱ Ž–˜ŸŽȱ‘Žȱ‘Ž¡ȱ—žœȱœŽŒž›’—ȱ‘Žȱœ˜•Ž—˜’ǰȱŠ—ȱ
›Ž–˜ŸŽȱ‘Žȱœ˜•Ž—˜’ȱ›˜–ȱ‘ŽȱœŠ›Ž›ȱŠœœŽ–‹•¢ǯ
ȱ řǯȱ Ž–˜ŸŽȱ‘Žȱ ˜ȱ‘›žȱ‹˜•œǯ
ȱ Śǯȱ Ž–˜ŸŽȱ‘ŽȱŒ˜––žŠ˜›ȱŽ—ȱŒŠ™ǯ
ȱ śǯȱ Ž–˜ŸŽȱ‘Žȱ’—œž•Š˜›ȱŠ—ȱ‘Žȱ‹›žœ‘ȱœ™›’—œȱ›˜–ȱ
‘Žȱ‹›žœ‘ȱœ™›’—ȱ‘˜•Ž›ǯ
6WDUWHU6HUYLFH
ŸŽ›¢ȱśŖŖȱ‘˜ž›œȱ˜ȱ˜™Ž›Š’˜—ȱǻ˜›ȱŠ——žŠ••¢ǰȱ ‘’Œ‘ŽŸŽ›ȱ
Œ˜–ŽœȱꛜǼǰȱœ˜•Ž—˜’ȱœ‘’ĞȱœŠ›Ž›œȱ–žœȱ‹Žȱ
’œŠœœŽ–‹•ŽǰȱŒ•ŽŠ—ŽȱŠ—ȱ›Ž•ž‹›’ŒŠŽǯȱ™™•¢ȱœŠ›Ž›ȱ
•ž‹›’ŒŠ—ȱǻœŽŽȱŽŒ’˜—ȱŘǼȱ˜ȱ‘Žȱ•ŽŸŽ›ȱŠ—ȱœ‘ŠĞǯȱŠ’•ž›Žȱ
˜ȱ˜ȱœ˜ȱŒ˜ž•ȱ›Žœž•ȱ’—ȱŠ—ȱŠŒŒž–ž•Š’˜—ȱ˜ȱ’›ȱ˜›ȱ
Ž‹›’œȱ‘Šȱ–’‘ȱ™›ŽŸŽ—ȱ‘ŽȱŽ—’—Žȱ›˜–ȱœŠ›’—ȱ
Š—ȱŒ˜ž•ȱŒŠžœŽȱŠ–АŽȱ˜ȱ‘ŽȱœŠ›Ž›ȱ˜›ȱ‘ŽȱĚ¢ ‘ŽŽ•ǯȱ
Ž›Ÿ’ŒŽȱ–Š¢ȱ‹Žȱ—ŽŒŽœœŠ›¢ȱ–˜›Žȱ›ŽšžŽ—•¢ȱž—Ž›ȱ
žœ¢ȱ˜›ȱ’›¢ȱŒ˜—’’˜—œǯ
6WDUWHU5HDVVHPEO\
ȱ ŗǯȱ —œŽ›ȱ‘Žȱ›ŽŠ›ȱœ˜™ȱŒ˜••Š›ȱ˜—ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞǯ
ȱ Ŝǯȱ Ž–˜ŸŽȱ‘ŽȱŠ›–Šž›Žȱ›˜–ȱ‘Žȱ›Š–Žǯ
ȱ ŝǯȱ Ž–˜ŸŽȱ‘Žȱ›’ŸŽȱ•ŽŸŽ›ȱŠ—ȱ‘ŽȱŠ›–Šž›Žȱ›˜–ȱ
‘Žȱ›’ŸŽȱŽ—ȱŒŠ™ǯ
DZȱ ‘Ž—ȱ›Ž–˜Ÿ’—ȱ‘Žȱ•ŽŸŽ›ȱŠ—ȱ‘Žȱ
Š›–Šž›Žȱ‹ŽȱŒŠ›Žž•ȱ—˜ȱ˜ȱ•˜œŽȱ‘Žȱ‘›žœȱ
Šœ‘Ž›ǯ
ȱ Şǯȱ ‘Žȱœ˜™ȱŒ˜••Š›ȱŒ˜—œ’œœȱ˜ȱ ˜ȱœ’–’•Š›ȱ™’ŽŒŽœȱ
‘Ž•ȱ’—ȱ™•ŠŒŽȱ‹¢ȱ‹Ž’—ȱœ—Š™™Žȱ˜ŸŽ›ȱŠȱ›ŽŠ’—Ž›ǯȱ
‘Žȱ›ŽŠ’—Ž›ȱ’œȱ‘Ž•ȱ’—ȱ™•ŠŒŽȱ‹¢ȱŠȱ›˜˜ŸŽȱ’—ȱ‘Žȱ
Š›–Šž›Žȱœ‘ŠĞǯȱ˜ȱ›Ž–˜ŸŽȱ‘Žȱœ˜™ȱŒ˜••Š›ȱ‘Žȱ ˜ȱ
™’ŽŒŽœȱ–žœȱ‹Žȱ™›’Žȱ˜ěȱ‘Žȱ›ŽŠ’—Ž›ǯ
ȱ şǯȱ ‘Ž—ȱ‘Žȱœ˜™ȱŒ˜••Š›œȱŠ›Žȱ›Ž–˜ŸŽȱ‘Žȱ›ŽŠ’—Ž›ȱ
ŒŠ—ȱ‹Žȱ›Ž–˜ŸŽȱ›˜–ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞǯȱ˜ȱ—˜ȱ
›ŽžœŽȱ‘Žȱ›ŽŠ’—Ž›ǯ
ȱ Řǯȱ •ŠŒŽȱ‘Žȱ›ŽŠ’—Ž›ȱ’—ȱ‘Žȱ›˜˜ŸŽȱ˜—ȱ‘ŽȱŠ›–Šž›Žȱ
œ‘ŠĞǯ
DZȱ • Š¢œȱžœŽȱŠȱ—Ž ȱ›ŽŠ’—Ž›ǯȱ’‘Ž—ȱ‘Žȱ
›ŽŠ’—Ž›ȱ’—ȱ‘Žȱ›˜˜ŸŽȱ˜ȱœŽŒž›Žǯ
ȱ řǯȱ ’ȱ‘Žȱ›˜—ȱœ˜™ȱŒ˜••Š›ȱ˜ŸŽ›ȱ‘Žȱœ‘ŠĞȱŠ—ȱ‹›’—ȱ
‘Žȱ›˜—ȱŠ—ȱ‘Žȱ›ŽŠ›ȱœ˜™ȱŒ˜••Š›œȱ˜Ž‘Ž›ȱ˜ŸŽ›ȱ
‘Žȱ›ŽŠ’—Ž›ǯȱœ’—ȱ ˜ȱ™Š’›œȱ˜ȱ™•’Ž›œȱŠ™™•¢ȱŽŸŽ—ȱ
˜›ŒŽȱ˜ȱ‘Žȱ ˜ȱŒ˜••Š›œȱž—’•ȱ‘Ž¢ȱœ—Š™ȱ˜ŸŽ›ȱ‘Žȱ
›ŽŠ’—Ž›ȱŠ—ȱ—Žœȱ’—˜ȱ˜—ŽȱŠ—˜‘Ž›ǯ
ȱ Śǯȱ ŽŠœœŽ–‹•Žȱ‘Žȱ›Ž–Š’—’—ȱŒ˜–™˜—Ž—œȱ˜ȱ‘Žȱ
œŠ›Ž›ȱ’—ȱ›ŽŸŽ›œŽȱ˜›Ž›ȱ›˜–ȱ’œŠœœŽ–‹•¢ǯ
'HOFR5HP\6WDUWHUV
%UXVK5HSODFHPHQW
‘Žȱ‹›žœ‘Žœȱ’—ȱ‘ŽȱœŠ›Ž›ȱŠ›Žȱ™Š›ȱ˜ȱ‘ŽȱœŠ›Ž›ȱ›Š–Žǯȱ
›žœ‘ȱ”’ǰȱ˜‘•Ž›ȱŠ›ȱ˜ǯȱśŘȱŘŘŗȱŖŗȬǰȱŒ˜—Š’—œȱ˜ž›ȱ
›Ž™•ŠŒŽ–Ž—ȱ‹›žœ‘ŽœȱŠ—ȱœ™›’—œǯȱȱ›Ž™•ŠŒŽ–Ž—ȱ’œȱ
—ŽŒŽœœŠ›¢ǰȱŠ••ȱ˜ž›ȱ‹›žœ‘Žœȱœ‘˜ž•ȱ‹Žȱ›Ž™•ŠŒŽǯ
ȱ ŗǯȱ Ž–˜ŸŽȱ‘Žȱ‹›žœ‘Žœȱ›˜–ȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ǰȱŠ—ȱ
›Ž–˜ŸŽȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ȱ›˜–ȱ‘Žȱ›Š–Žǯ
ȱ Řǯȱ žȱ‘Žȱ‹›žœ‘ȱ•ŽŠȱ ’›ŽȱŠȱ‘ŽȱŽŽȱ˜ȱ‘Žȱ™˜œȱ
’‘ȱŠȱ™Š’›ȱ˜ȱ—’™™Ž›œǯ
ȱ řǯȱ ’•Žȱ˜ěȱŠ—¢ȱ‹ž››œȱ˜—ȱ‘Žȱ™˜œǯ
)LJXUH&RPSOHWHG'HOFR5HP\6WDUWHU
ȱ Śǯȱ ‘Žȱ›Ž™•ŠŒŽ–Ž—ȱ‹›žœ‘Žœȱ‘ŠŸŽȱŠȱœ˜•’ȱ™˜›’˜—ȱ˜—ȱ
‘Ž–ȱ ‘’Œ‘ȱœ‘˜ž•ȱ‹ŽȱŒ›’–™Žȱ˜—ȱ‘Žȱ™˜œǯ
6WDUWHU'LVDVVHPEO\
ȱ ŗǯȱ Ž–˜ŸŽȱ‘Žȱ‘Ž¡ȱ—žȱŠ—ȱ’œŒ˜——ŽŒȱ‘Žȱ™˜œ’’ŸŽȱ
ǻƸǼȱ‹›žœ‘ȱ•ŽŠȦ‹›ŠŒ”Žȱ›˜–ȱ‘Žȱœ˜•Ž—˜’ȱŽ›–’—Š•ǯ
ȱ śǯȱ ˜•Ž›ȱ‘ŽȱŒ›’–™Žȱ™˜›’˜—ȱ˜ȱ‘Žȱ™˜œǯ
ȱ Ŝǯȱ Ž™•ŠŒŽȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ȱ’—ȱ‘Žȱ›Š–ŽȱŠ—ȱ™•ŠŒŽȱ
‘Žȱ‹›žœ‘Žœȱ’—ȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ǯȱŽ’—œŠ••ȱ‘Žȱ
œ™›’—œǯ
ȱ Řǯȱ Ž–˜ŸŽȱ‘Žȱ‘›ŽŽȱœŒ›Ž œȱœŽŒž›’—ȱ‘Žȱœ˜•Ž—˜’ȱ˜ȱ
‘ŽȱœŠ›Ž›ǯȱŽŽȱ’ž›ŽȱŞȬŚşǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
3KLOOLSV+HDG
6FUHZV
7RU[+HDG6FUHZV
)LJXUH5HPRYLQJ6ROHQRLG6FUHZV
)LJXUH6ROHQRLG5HPRYHGIURP6WDUWHU
ȱ řǯȱ ȱ‘Žȱœ˜•Ž—˜’ȱ Šœȱ–˜ž—Žȱ ’‘ȱ‘’••’™œȱ‘ŽŠȱ
œŒ›Ž œǰȱœŽ™Š›ŠŽȱ‘Žȱœ˜•Ž—˜’ȱŠ—ȱ™•ž—Ž›ȱ
œ™›’—ȱ›˜–ȱ‘Žȱ›’ŸŽȱŽ—ȱŒŠ™ǯȱȱ‘Žȱœ˜•Ž—˜’ȱ
Šœȱ–˜ž—Žȱ ’‘ȱŽ¡Ž›—Š•ȱ˜›¡ȱ‘ŽŠȱœŒ›Ž œǰȱ
‘Žȱ™•ž—Ž›ȱ’œȱ™Š›ȱ˜ȱ‘Žȱœ˜•Ž—˜’ǰȱž—‘˜˜”ȱ‘Žȱ
™•ž—Ž›ȱ™’—ȱ›˜–ȱ‘Žȱ›’ŸŽȱ•ŽŸŽ›ǯȱŽ–˜ŸŽȱ‘Žȱ
Šœ”Žȱ›˜–ȱ‘Žȱ›ŽŒŽœœȱ’—ȱ‘Žȱ‘˜žœ’—ǯȱŽŽȱ’ž›Žœȱ
ŞȬśŖȱŠ—ȱŞȬśŗǯ
DZȱ Žœȱ™›˜ŒŽž›Žȱ˜›ȱŒ‘ŽŒ”’—ȱœŠ›Ž›ȱœ˜•Ž—˜’ȱ
˜—ȱ™ŠŽœȱŞǯŚŚȱŠ—ȱŞǯŚśǯ
)LJXUH5HPRYLQJ3OXQJHU
ȱ Śǯȱ Ž–˜ŸŽȱ‘Žȱ ˜ȱ‘›žȱǻ•Š›Ž›Ǽȱ‹˜•œǯȱŽŽȱ’ž›Žȱȱ
ŞȬśŘǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
ȱ ŝǯȱ Ž–˜ŸŽȱ‘Žȱ›’ŸŽȱ•ŽŸŽ›ȱ™’Ÿ˜ȱ‹žœ‘’—ȱŠ—ȱ
‹ŠŒ”’—ȱ™•ŠŽȱ›˜–ȱ‘ŽȱŽ—ȱŒŠ™ǯȱŽŽȱ’ž›ŽȱŞȬśśǯ
)LJXUH5HPRYLQJ7KUX%ROWV
ȱ śǯȱ Ž–˜ŸŽȱ‘ŽȱŒ˜––žŠ˜›ȱŽ—ȱ™•ŠŽȱŠœœŽ–‹•¢ǰȱ
Œ˜—Š’—’—ȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ǰȱ‹›žœ‘Žœǰȱœ™›’—œǰȱ
Š—ȱ•˜Œ”’—ȱŒŠ™œǯȱŽ–˜ŸŽȱ‘Žȱ‘›žœȱ Šœ‘Ž›ȱ›˜–ȱ
’—œ’Žȱ‘ŽȱŒ˜––žŠ˜›ȱŽ—ǯȱŽŽȱ’ž›ŽȱŞȬśřǯ
)LJXUH
ȱ Şǯȱ Š”Žȱ˜žȱ‘Žȱ›’ŸŽȱ•ŽŸŽ›ȱŠ—ȱ™ž••ȱ‘ŽȱŠ›–Šž›Žȱ
˜žȱ˜ȱ‘Žȱ›’ŸŽȱŽ—ȱŒŠ™ǯȱŽŽȱ’ž›ŽȱŞȬśŜǯ
ȱ şǯȱ Ž–˜ŸŽȱ‘Žȱ‘›žœȱ Šœ‘Ž›ȱ›˜–ȱ‘ŽȱŠ›–Šž›Žȱ
œ‘ŠĞǯȱŽŽȱ’ž›ŽȱŞȬśŜǯ
)LJXUH5HPRYLQJ&RPPXWDWRU(QG3ODWH
$VVHPEO\
ȱ Ŝǯȱ Ž–˜ŸŽȱ‘Žȱ›Š–Žȱ›˜–ȱ‘ŽȱŠ›–Šž›ŽȱŠ—ȱ›’ŸŽȱ
Ž—ȱŒŠ™ǯȱŽŽȱ’ž›ŽȱŞȬśŚǯ
)LJXUH$UPDWXUHDQG/HYHU5HPRYHG
)LJXUH6WDUWHU)UDPH5HPRYHG
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
ŗŖǯȱ žœ‘ȱ‘Žȱœ˜™ȱŒ˜••Š›ȱ˜ —ȱ˜ȱŽ¡™˜œŽȱ‘Žȱ›ŽŠ’—’—ȱ
›’—ǯȱŽŽȱ’ž›ŽȱŞȬśŝǯ
)LJXUH5HPRYLQJ5HWDLQLQJ5LQJ
)LJXUH5HWDLQLQJ5LQJ'HWDLO
ŗŘǯȱ Ž–˜ŸŽȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱŠœœŽ–‹•¢ȱ›˜–ȱ‘Žȱ
Š›–Šž›Žǯ
ȱŗŗǯȱ Ž–˜ŸŽȱ‘Žȱ›ŽŠ’—Ž›ȱ›˜–ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞǯȱ
ŠŸŽȱ‘Žȱœ˜™ȱŒ˜••Š›ǯ
ŗřǯȱ •ŽŠ—ȱ‘Žȱ™Š›œȱŠœȱ›Žšž’›Žǯ
DZȱ ȱ˜ȱ—˜ȱ›ŽžœŽȱ‘Žȱ˜•ȱ›ŽŠ’—Ž›ǯ
DZȱȱ ˜ȱ—˜ȱœ˜Š”ȱ‘ŽȱŠ›–Šž›Žȱ˜›ȱžœŽȱœ˜•ŸŽ—ȱ
‘Ž—ȱŒ•ŽŠ—’—ǯȱ’™ŽȱŒ•ŽŠ—ȱžœ’—ȱŠȱœ˜ĞȱŒ•˜‘ǰȱ
˜›ȱžœŽȱŒ˜–™›ŽœœŽȱŠ’›ǯ
6FUHZ
&ROODU
5LQJ
6WRS
'ULYH
3OXQJHU
6SULQJ
/HYHU
3ODWH
3OXJ
$UPDWXUH
6ROHQRLG
)UDPH)LHOG
:DVKHU
7XEH
%UXVK+ROGHU
1XW
&()UDPH
6FUHZ
%ROW
)LJXUH'HOFR5HP\6WDUWHU
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
,QVSHFWLRQ
&RPPXWDWRU2'
'ULYH3LQLRQ
‘ŽŒ”ȱŠ—ȱ’—œ™ŽŒȱ‘Žȱ˜••˜ ’—ȱŠ›ŽŠœDZ
ȱ Šǯȱ ‘Žȱ™’—’˜—ȱŽŽ‘ȱ˜›ȱŠ‹—˜›–Š•ȱ ŽŠ›ȱ˜›ȱŠ–АŽǯ
ȱ ‹ǯȱ ‘Žȱœž›ŠŒŽȱ‹Ž ŽŽ—ȱ‘Žȱ™’—’˜—ȱŠ—ȱ‘ŽȱŒ•žŒ‘ȱ
–ŽŒ‘Š—’œ–ȱ˜›ȱ—’Œ”œǰȱ˜›ȱ’››Žž•Š›’’Žœȱ ‘’Œ‘ȱ
Œ˜ž•ȱŒŠžœŽȱœŽŠ•ȱŠ–АŽǯ
ȱ Œǯȱ ‘ŽŒ”ȱ‘Žȱ›’ŸŽȱŒ•žŒ‘ȱ‹¢ȱ‘˜•’—ȱ‘ŽȱŒ•žŒ‘ȱ
‘˜žœ’—ȱŠ—ȱ›˜Š’—ȱ‘Žȱ™’—’˜—ǯȱ‘Žȱ™’—’˜—ȱ
œ‘˜ž•ȱ›˜ŠŽȱ’—ȱ˜—Žȱ’›ŽŒ’˜—ȱ˜—•¢ǯ
%UXVKHVDQG6SULQJV
—œ™ŽŒȱ‹˜‘ȱ‘Žȱœ™›’—œȱŠ—ȱ‹›žœ‘Žœȱ˜›ȱ ŽŠ›ǰȱŠ’žŽǰȱ
˜›ȱŠ–АŽǯȱŽŠœž›Žȱ‘Žȱ•Ž—‘ȱ˜ȱŽŠŒ‘ȱ‹›žœ‘ǯȱ‘Žȱ
–’—’–ž–ȱ•Ž—‘ȱ˜›ȱŽŠŒ‘ȱ‹›žœ‘ȱ’œȱŝǯŜȱ––ȱǻŖǯřŖŖȱ’—ǯǼǯȱ
ŽŽȱ’ž›ŽȱŞȬŜŖǯȱŽ™•ŠŒŽȱ‘Žȱ‹›žœ‘Žœȱ’ȱ‘Ž¢ȱŠ›Žȱ ˜›—ȱ
ž—Ž›œ’£Žǰȱ˜›ȱ‘Ž’›ȱŒ˜—’’˜—ȱ’œȱšžŽœ’˜—Š‹•Žǯ
0LFD,QVXODWLRQ
)LJXUH&RPPXWDWRU0LFD,QVSHFWLRQ
ȱ Řǯȱ œŽȱŠ—ȱ˜‘––ŽŽ›ȱœŽȱ˜ȱ‘Žȱ¡ŗȱœŒŠ•Žǯȱ˜žŒ‘ȱ‘Žȱ
™›˜‹Žœȱ‹Ž ŽŽ—ȱ ˜ȱ’ěŽ›Ž—ȱœŽ–Ž—œȱ˜ȱ‘Žȱ
Œ˜––žŠ˜›ǰȱŠ—ȱŒ‘ŽŒ”ȱ˜›ȱŒ˜—’—ž’¢ǯȱŽŽȱ’ž›Žȱ
ŞȬŜŘǯȱŽœȱŠ••ȱ‘ŽȱœŽ–Ž—œǯȱ˜—’—ž’¢ȱ–žœȱŽ¡’œȱ
‹Ž ŽŽ—ȱŠ••ȱ˜›ȱ‘ŽȱŠ›–Šž›Žȱ’œȱ‹Šǯ
,QVXODWLRQ
&KHFN
:HDUOLPLWOHQJWK
PPLQ
)LJXUH&KHFNLQJ%UXVKHV
$UPDWXUH
ȱ ŗǯȱ •ŽŠ—ȱŠ—ȱ’—œ™ŽŒȱ‘ŽȱŒ˜––žŠ˜›ȱǻ˜žŽ›ȱ
œž›ŠŒŽǼǯȱ‘Žȱ–’ŒŠȱ’—œž•Š’˜—ȱ–žœȱ‹Žȱ•˜ Ž›ȱ‘Š—ȱ
‘ŽȱŒ˜––žŠ˜›ȱ‹Š›œȱǻž—Ž›ŒžǼȱ˜ȱŽ—œž›Žȱ™›˜™Ž›ȱ
˜™Ž›Š’˜—ȱ˜ȱ‘ŽȱŒ˜––žŠ˜›ǯȱŽŽȱ’ž›ŽȱŞȬŜŗǯ
$UPDWXUH
&RLO
&RQWLQXLW\&KHFN
)LJXUH&KHFNLQJ$UPDWXUH
ȱ řǯȱ ‘ŽŒ”ȱ˜›ȱŒ˜—’—ž’¢ȱ‹Ž ŽŽ—ȱ‘ŽȱŠ›–Šž›ŽȱŒ˜’•ȱ
œŽ–Ž—œȱŠ—ȱ‘ŽȱŒ˜––žŠ˜›ȱœŽ–Ž—œǯȱŽŽȱ
’ž›ŽȱŞȬŜŘǯȱ‘Ž›Žȱœ‘˜ž•ȱ‹Žȱ—˜ȱŒ˜—’—ž’¢ǯȱȱ
Œ˜—’—ž’¢ȱŽ¡’œœȱ‹Ž ŽŽ—ȱŠ—¢ȱ ˜ǰȱ‘ŽȱŠ›–Šž›Žȱ
’œȱ‹Šǯ
ȱ Śǯȱ ‘ŽŒ”ȱ‘ŽȱŠ›–Šž›Žȱ ’—’—œȦ’—œž•Š’˜—ȱ˜›ȱ
œ‘˜›’—ǯ
6KLIW)RUN
‘ŽŒ”ȱ‘Šȱ‘Žȱœ‘’Ğȱ˜›”ȱ’œȱŒ˜–™•ŽŽǰȱŠ—ȱ‘Žȱ™’Ÿ˜ȱ
Š—ȱŒ˜—ŠŒȱŠ›ŽŠœȱŠ›Žȱ—˜ȱŽ¡ŒŽœœ’ŸŽ•¢ȱ ˜›—ǰȱŒ›ŠŒ”Žȱ˜›ȱ
‹›˜”Ž—ǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
%UXVK5HSODFHPHQW
6WDUWHU6HUYLFH
‘Žȱ‹›žœ‘ŽœȱŠ—ȱœ™›’—œȱŠ›ŽȱœŽ›Ÿ’ŒŽȱŠœȱŠȱœŽȱǻŚǼǯȱœŽȱ
›žœ‘ȱŠ—ȱ™›’—ȱ’ǰȱ˜‘•Ž›ȱŠ›ȱ˜ǯȱŘśȱŘŘŗȱŖŗȬǰȱ’ȱ
›Ž™•ŠŒŽ–Ž—ȱ’œȱ—ŽŒŽœœŠ›¢ǯ
•ŽŠ—ȱ‘Žȱ›’ŸŽȱ•ŽŸŽ›ȱŠ—ȱŠ›–Šž›Žȱœ‘ŠĞǯȱ™™•¢ȱ
˜‘•Ž›ȱŽ•ŽŒ›’ŒȱœŠ›Ž›ȱ›’ŸŽȱ•ž‹›’ŒŠ—ȱǻœŽŽȱŽŒ’˜—ȱŘǼȱ
ǻŽ›œ’•ž‹ŽȱřŘŘȱ˜›ȱ˜‹’•ȱŽ–™ȱ
ȱřŘǼȱ˜ȱ‘Žȱ•ŽŸŽ›ȱ
Š—ȱœ‘ŠĞǯȱ•ŽŠ—ȱŠ—ȱŒ‘ŽŒ”ȱ‘Žȱ˜‘Ž›ȱœŠ›Ž›ȱ™Š›œȱ˜›ȱ
ŽŠ›ȱ˜›ȱŠ–АŽȱŠœȱ›Žšž’›Žǯ
ȱ ŗǯȱ Ž›˜›–ȱœŽ™œȱŗȬśȱ’—ȱȃŠ›Ž›ȱ’œŠœœŽ–‹•¢ǯȄ
ȱ Řǯȱ Ž–˜ŸŽȱ‘Žȱ ˜ȱœŒ›Ž œȱœŽŒž›’—ȱ‘Žȱ‹›žœ‘ȱ
‘˜•Ž›ȱŠœœŽ–‹•¢ȱ˜ȱ‘ŽȱŽ—ȱŒŠ™ȱǻ™•ŠŽǼǯȱ˜Žȱ‘Žȱ
˜›’Ž—Š’˜—ȱ˜›ȱ›ŽŠœœŽ–‹•¢ȱ•ŠŽ›ǯȱŽŽȱ’ž›ŽȱŞȬŜřǯȱ
’œŒŠ›ȱ‘Žȱ˜•ȱ‹›žœ‘ȱ‘˜•Ž›ȱŠœœŽ–‹•¢ǯ
6WDUWHU5HDVVHPEO\
ȱ ŗǯȱ ™™•¢ȱ›’ŸŽȱ•ž‹›’ŒŠ—ȱǻœŽŽȱŽŒ’˜—ȱŘǼȱ˜ȱ‘Žȱ
Š›–Šž›Žȱœ‘ŠĞȱœ™•’—Žœǯȱ—œŠ••ȱ‘Žȱ›’ŸŽȱ™’—’˜—ȱ
˜—˜ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞǯ
ȱ Řǯȱ —œŠ••ȱŠ—ȱŠœœŽ–‹•Žȱ‘Žȱœ˜™ȱŒ˜••Š›Ȧ›ŽŠ’—Ž›ȱ
ŠœœŽ–‹•¢ǯ
ȱ ȱ Šǯȱ —œŠ••ȱ‘Žȱœ˜™ȱŒ˜••Š›ȱ˜ —ȱ˜—˜ȱ‘ŽȱŠ›–Šž›Žȱȱ
ȱ œ‘ŠĞȱ ’‘ȱ‘ŽȱŒ˜ž—Ž›ȱ‹˜›Žȱǻ›ŽŒŽœœǼȱž™ǯ
ȱ ȱ ‹ǯȱ —œŠ••ȱŠȱ—Ž ȱ›ŽŠ’—Ž›ȱ’—ȱ‘Žȱ•Š›Ž›ȱǻ›ŽŠ›Ǽȱȱȱ
ȱ ›˜˜ŸŽȱ˜ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞǯȱšžŽŽ£Žȱ ’‘ȱŠȱȱ
ȱ ™•’Ž›œȱ˜ȱŒ˜–™›Žœœȱ’ȱ’—ȱ‘Žȱ›˜˜ŸŽǯ
)LJXUH5HPRYLQJ%UXVK+ROGHU
ȱ řǯȱ •ŽŠ—ȱ‘ŽȱŒ˜–™˜—Ž—ȱ™Š›œȱŠœȱ›Žšž’›Žǯ
ȱ ȱ Œǯȱ
ȱ ȱ ȱ
ȱ
ȱ
ȱ
ȱ
•’Žȱ‘Žȱœ˜™ȱŒ˜••Š›ȱž™ȱŠ—ȱ•˜Œ”ȱ’ȱ’—˜ȱ™•ŠŒŽǰȱ
œ˜ȱ‘Žȱ›ŽŒŽœœȱœž››˜ž—œȱ‘Žȱ›ŽŠ’—Ž›ȱ’—ȱȱ ȱ
‘Žȱ›˜˜ŸŽǯȱȱ—ŽŒŽœœŠ›¢ǰȱ›˜ŠŽȱ‘Žȱȱ
ȱ
™’—’˜—ȱ˜ž Š›ȱȱ˜—ȱ‘ŽȱŠ›–Šž›Žȱœ™•’—Žœȱȱȱ
АВ—œȱ‘Žȱ›ŽŠ’—Ž›ȱ˜ȱ‘Ž•™ȱœŽŠȱ‘ŽȱŒ˜••Š›ȱȱ
Š›˜ž—ȱ‘Žȱ›ŽŠ’—Ž›ǯ
ȱ Śǯȱ ‘Žȱ—Ž ȱ‹›žœ‘ŽœȱŠ—ȱœ™›’—œȱŒ˜–Žȱ™›ŽŠœœŽ–‹•Žȱ
’—ȱŠȱ‹›žœ‘ȱ‘˜•Ž›ȱ ’‘ȱŠȱ™›˜ŽŒ’ŸŽȱœ•ŽŽŸŽȱ‘Šȱ
’••ȱŠ•œ˜ȱœŽ›ŸŽȱŠœȱŠ—ȱ’—œŠ••Š’˜—ȱ˜˜•ǯȱŽŽȱ’ž›Žȱ
ŞȬŜŚǯ
)LJXUH,QVWDOOLQJ6WRS&ROODUDQG5HWDLQHU
DZȱȱ • Š¢œȱžœŽȱŠȱ—Ž ȱ›ŽŠ’—Ž›ǯȱ˜ȱ—˜ȱ›ŽžœŽȱ˜•ȱ
›ŽŠ’—Ž›œȱ ‘’Œ‘ȱ‘ŠŸŽȱ‹ŽŽ—ȱ›Ž–˜ŸŽǯ
)LJXUH6HUYLFH%UXVK.LW
ȱ śǯȱ Ž›˜›–ȱŽ™œȱŗŖȬŗřȱ’—ȱ‘ŽȱȃŠ›Ž›ȱŽŠœœŽ–‹•¢Ȅȱ
œŽšžŽ—ŒŽǯȱ—œŠ••Š’˜—ȱ–žœȱ‹Žȱ˜—ŽȱŠĞŽ›ȱ‘Žȱ
Š›–Šž›Žǰȱ›’ŸŽȱ•ŽŸŽ›ǰȱŠ—ȱ›Š–ŽȱŠ›Žȱ’—œŠ••Žǰȱ’ȱ
‘ŽȱœŠ›Ž›ȱ‘Šœȱ‹ŽŽ—ȱ’œŠœœŽ–‹•Žǯ
ȱ řǯȱ —œŠ••ȱ‘Žȱ˜ěœŽȱ‘›žœȱǻœ˜™Ǽȱ Šœ‘Ž›ȱœ˜ȱ‘Žȱ
œ–Š••Ž›ȱȃ˜ěœŽȄȱ˜ȱ‘Žȱ Šœ‘Ž›ȱŠŒŽœȱ‘Žȱ›ŽŠ’—Ž›Ȧ
Œ˜••Š›ǯȱŽŽȱ’ž›ŽȱŞȬŜŜǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
ȱ ŝǯȱ —œŠ••ȱ‘Žȱ‹ŠŒ”ž™ȱ Šœ‘Ž›ǰȱ˜••˜ Žȱ‹¢ȱ‘Žȱ›ž‹‹Ž›ȱ
›˜––Žǰȱ’—˜ȱ‘Žȱ–ŠŒ‘’—ȱ›ŽŒŽœœȱ˜ȱ‘Žȱ›’ŸŽȱ
Ž—ȱŒŠ™ǯȱ‘Žȱ–˜•Žȱ›ŽŒŽœœŽœȱ’—ȱ‘Žȱ›˜––Žȱ
œ‘˜ž•ȱ‹Žȱȃ˜žȄǰȱ–ŠŒ‘’—ȱŠ—ȱŠ•’—Žȱ ’‘ȱ
‘˜œŽȱ’—ȱ‘ŽȱŽ—ȱŒŠ™ǯȱŽŽȱ’ž›ŽȱŞȬŜŞǯ
)LJXUH,QVWDOOLQJ7KUXVW:DVKHU
ȱ Śǯȱ ™™•¢ȱŠȱœ–Š••ȱŠ–˜ž—ȱ˜ȱ˜’•ȱ˜ȱ‘Žȱ‹ŽŠ›’—ȱ’—ȱ‘Žȱ
›’ŸŽȱŽ—ȱŒŠ™ǰȱŠ—ȱ’—œŠ••ȱ‘ŽȱŠ›–Šž›Žȱ ’‘ȱ‘Žȱ
›’ŸŽȱ™’—’˜—ǯ
ȱ śǯȱ ž‹›’ŒŠŽȱ‘Žȱ˜›”ȱŽ—ȱŠ—ȱŒŽ—Ž›ȱ™’Ÿ˜ȱ˜ȱ‘Žȱ
›’ŸŽȱ•ŽŸŽ›ȱ ’‘ȱ›’ŸŽȱ•ž‹›’ŒŠ—ȱǻœŽŽȱŽŒ’˜—ȱŘǼǯȱ
˜œ’’˜—ȱ‘Žȱ˜›”ȱŽ—ȱ’—˜ȱ‘Žȱœ™ŠŒŽȱ‹Ž ŽŽ—ȱ‘Žȱ
ŒŠ™ž›Žȱ Šœ‘Ž›ȱŠ—ȱ‘Žȱ›ŽŠ›ȱ˜ȱ‘Žȱ™’—’˜—ǯ
ȱ Ŝǯȱ •’Žȱ‘ŽȱŠ›–Šž›Žȱ’—˜ȱ‘Žȱ›’ŸŽȱŽ—ȱŒŠ™ǰȱŠ—ȱ
Šȱ‘ŽȱœŠ–Žȱ’–ŽȱœŽŠȱ‘Žȱ›’ŸŽȱ•ŽŸŽ›ȱ’—˜ȱ‘Žȱ
‘˜žœ’—ǯ
)LJXUH,QVWDOOLQJ%DFNXS:DVKHUDQG
*URPPHW
ȱ Şǯȱ —œŠ••ȱ‘Žȱ›Š–Žǰȱ ’‘ȱ‘Žȱœ–Š••ȱ—˜Œ‘ȱ˜› Š›ǰȱ
˜—˜ȱ‘ŽȱŠ›–Šž›ŽȱŠ—ȱ›’ŸŽȱŽ—ȱŒŠ™ǯȱ•’—ȱ‘Žȱ
—˜Œ‘ȱ ’‘ȱ‘ŽȱŒ˜››Žœ™˜—’—ȱœŽŒ’˜—ȱ’—ȱ‘Žȱ
›ž‹‹Ž›ȱ›˜––Žǯȱ—œŠ••ȱ‘Žȱ›Š’—ȱž‹Žȱ’—ȱ‘Žȱ›ŽŠ›ȱ
Œž˜žǰȱ’ȱ’ȱ Šœȱ›Ž–˜ŸŽȱ™›ŽŸ’˜žœ•¢ǯȱŽŽȱ’ž›Žȱ
ŞȬŜşǯ
DZȱ ˜››ŽŒ•¢ȱ’—œŠ••Žǰȱ‘ŽȱŒŽ—Ž›ȱ™’Ÿ˜ȱœŽŒ’˜—ȱ
˜ȱ‘Žȱ›’ŸŽȱ•ŽŸŽ›ȱ ’••ȱ‹Žȱ̞œ‘ȱ˜›ȱ‹Ž•˜ ȱ‘Žȱ
–ŠŒ‘’—Žȱœž›ŠŒŽȱ˜ȱ‘Žȱ‘˜žœ’—ȱ ‘’Œ‘ȱ
›ŽŒŽ’ŸŽœȱ‘Žȱ‹ŠŒ”ž™ȱ Šœ‘Ž›ǯȱŽŽȱ’ž›ŽȱŞȬŜŝǯ
)LJXUH,QVWDOOLQJ)UDPHDQG'UDLQ7XEH
ȱ şǯȱ —œŠ••ȱ‘Žȱ̊ȱ‘›žœȱ Šœ‘Ž›ȱ˜—˜ȱ‘ŽȱŒ˜––žŠ˜›ȱ
Ž—ȱ˜ȱ‘ŽȱŠ›–Šž›Žȱœ‘ŠĞǯȱŽŽȱ’ž›ŽȱŞȬŝŖǯ
)LJXUH,QVWDOOLQJ$UPDWXUHDQG3LYRW/HYHU
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
)LJXUH,QVWDOOLQJ7KUXVW:DVKHU
)LJXUH5HPRYLQJ5HWDLQLQJ&OLSV
ȱŗŖǯȱ Š›Ž›ȱ›ŽŠœœŽ–‹•¢ȱ ‘Ž—ȱ›Ž™•ŠŒ’—ȱ‘Žȱ›žœ‘ŽœȦ
›žœ‘ȱ
˜•Ž›ȱœœŽ–‹•¢DZ
ȱ
‹ǯȱ ˜œ’’˜—ȱŽŠŒ‘ȱ˜ȱ‘Žȱ‹›žœ‘Žœȱ‹ŠŒ”ȱ’—ȱ‘Ž’›ȱœ•˜œȱ
œ˜ȱ‘Ž¢ȱŠ›Žȱ̞œ‘ȱ ’‘ȱ‘Žȱǯǯȱ˜ȱ‘Žȱ‹›žœ‘ȱ
‘˜•Ž›ȱŠœœŽ–‹•¢ǯȱ—œŽ›ȱ‘Žȱ›žœ‘ȱ—œŠ••Š’˜—ȱ
˜˜•ȱǻ ’‘ȱŽ¡Ž—œ’˜—Ǽǰȱ˜›ȱžœŽȱ‘Žȱž‹ŽȱŽœŒ›’‹Žȱ
Š‹˜ŸŽȱ›˜–ȱŠȱ™›’˜›ȱ‹›žœ‘ȱ’—œŠ••Š’˜—ǰȱ‘›˜ž‘ȱ
‘Žȱ‹›žœ‘ȱ‘˜•Ž›ȱŠœœŽ–‹•¢ǰȱœ˜ȱ‘Žȱ‘˜•Žœȱ’—ȱ‘Žȱ
–ŽŠ•ȱ–˜ž—’—ȱŒ•’™œȱŠ›Žȱȃž™Ȧ˜žǯȄ
ȱ
Œǯȱ —œŠ••ȱ‘Žȱ‹›žœ‘ȱœ™›’—œȱŠ—ȱœ—Š™ȱ˜—ȱ‘Žȱ˜ž›ȱ
›ŽŠ’—Ž›ȱŒŠ™œǯȱŽŽȱ’ž›ŽȱŞȬŝřǯ
ȱ ȱ Šǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
˜•ȱ‘ŽȱœŠ›Ž›ȱŠœœŽ–‹•¢ȱŸŽ›’ŒŠ••¢ȱ˜—ȱ‘Žȱȱ
Ž—ȱ‘˜žœ’—ǰȱŠ—ȱŒŠ›Žž••¢ȱ™˜œ’’˜—ȱ‘Žȱȱ ȱ
ŠœœŽ–‹•Žȱ‹›žœ‘ȱ‘˜•Ž›ȱŠœœŽ–‹•¢ǰȱ ’‘ȱ‘Žȱȱ
œž™™•’Žȱ™›˜ŽŒ’ŸŽȱž‹ŽǰȱАВ—œȱ‘ŽȱŽ—ȱ˜ȱȱ
‘ŽȱŒ˜––žŠ˜›ȦŠ›–Šž›Žǯȱ‘Žȱ–˜ž—’—ȱȱ
œŒ›Ž ȱ‘˜•Žœȱ’—ȱ‘Žȱ–ŽŠ•ȱŒ•’™œȱ–žœȱ‹Žȱȃž™Ȧȱ
˜žǯȄȱ•’Žȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ȱŠœœŽ–‹•¢ȱ˜ —ȱȱ
’—˜ȱ™•ŠŒŽȱŠ›˜ž—ȱ‘ŽȱŒ˜––žŠ˜›ǰȱŠ—ȱ’—œŠ••ȱȱ
‘Žȱ™˜œ’’ŸŽȱǻƸǼȱ‹›žœ‘ȱ•ŽŠȱ›˜––Žȱ’—ȱ‘Žȱȱ
Œž˜žȱ˜ȱ‘Žȱ›Š–ŽǯȱŽŽȱ’ž›ŽȱŞȬŝŗǯȱ‘Žȱȱ
™›˜ŽŒ’ŸŽȱž‹Žȱ–Š¢ȱ‹ŽȱœŠŸŽȱŠ—ȱžœŽȱ˜›ȱȱ
žž›ŽȱœŽ›Ÿ’Œ’—ǯ
)LJXUH%UXVK,QVWDOODWLRQ7RROZLWK
([WHQVLRQ
ȱ
)LJXUH,QVWDOOLQJ%UXVK+ROGHU$VVHPEO\ZLWK
6XSSOLHG7XEH
Š›Ž›ȱ›ŽŠœœŽ–‹•¢ȱ ‘Ž—ȱ—˜ȱ›Ž™•ŠŒ’—ȱ‘Žȱ›žœ‘ŽœȦ
›žœ‘ȱ
˜•Ž›ȱœœŽ–‹•¢DZ
ȱ
Šǯȱ Š›Žž••¢ȱž—‘˜˜”ȱ‘Žȱ›ŽŠ’—’—ȱŒŠ™œȱ›˜–ȱ˜ŸŽ›ȱ
ŽŠŒ‘ȱ˜ȱ‘Žȱ‹›žœ‘ȱŠœœŽ–‹•’Žœǯȱ˜ȱ—˜ȱ•˜œŽȱ‘Žȱ
œ™›’—œǯ
ǯȱ ˜•ȱ‘ŽȱœŠ›Ž›ȱŠœœŽ–‹•¢ȱŸŽ›’ŒŠ••¢ȱ˜—ȱ‘Žȱ
Ž—ȱ‘˜žœ’—ǰȱŠ—ȱŒŠ›Žž••¢ȱ™•ŠŒŽȱ‘Žȱ˜˜•ȱ
ǻ ’‘ȱŽ¡Ž—œ’˜—ǼȱŠ—ȱŠœœŽ–‹•Žȱ˜›’’—Š•ȱ‹›žœ‘ȱ
‘˜•Ž›ȱŠœœŽ–‹•¢ȱ˜—˜ȱ‘ŽȱŽ—ȱ˜ȱ‘ŽȱŠ›–Šž›Žȱ
œ‘ŠĞǯȱ•’Žȱ‘Žȱ‹›žœ‘ȱ‘˜•Ž›ȱŠœœŽ–‹•¢ȱ˜ —ȱ
’—˜ȱ™•ŠŒŽȱŠ›˜ž—ȱ‘ŽȱŒ˜––žŠ˜›ǰȱ’—œŠ••ȱ‘Žȱ
™˜œ’’ŸŽȱǻƸǼȱ‹›žœ‘ȱ•ŽŠȱ›˜––Žȱ’—ȱ‘ŽȱŒž˜žȱ
˜ȱ‘Žȱ›Š–ŽǯȱŽŽȱ’ž›ŽȱŞȬŝŚǯ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
)LJXUH,QVWDOOLQJ%UXVK+ROGHU$VVHPEO\
XVLQJ7RROZLWK([WHQVLRQ
ŗŗǯȱ —œŠ••ȱ‘ŽȱŽ—ȱŒŠ™ȱ˜—˜ȱ‘ŽȱŠ›–Šž›ŽȱŠ—ȱ›Š–Žǰȱ
Š•’—’—ȱ‘Žȱ‘’—ȱ›Š’œŽȱ›’‹ȱ’—ȱ‘ŽȱŽ—ȱŒŠ™ȱ ’‘ȱ
‘ŽȱŒ˜››Žœ™˜—’—ȱœ•˜ȱ’—ȱ‘Žȱ›˜––Žȱ˜ȱ‘Žȱ
™˜œ’’ŸŽȱǻƸǼȱ‹›žœ‘ȱ•ŽŠǯ
ŗŘǯȱ —œŠ••ȱ‘Žȱ ˜ȱ‘›žȱ‹˜•œǰȱŠ—ȱ‘Žȱ ˜ȱ‹›žœ‘ȱ
‘˜•Ž›ȱ–˜ž—’—ȱœŒ›Ž œǯȱ˜›šžŽȱ‘Žȱ‘›žȱ‹˜•œȱ˜ȱ
śǯŜȬşǯŖȱȉ–ȱǻŚşȬŝşȱ’—ǯȱ•‹ǯǼǯȱ˜›šžŽȱ‘Žȱ‹›žœ‘ȱ
‘˜•Ž›ȱ–˜ž—’—ȱœŒ›Ž œȱ˜ȱŘǯśȬřǯřȱȉ–ȱǻŘŘȬŘşȱ’—ǯȱ
•‹ǯǼǯȱŽŽȱ’ž›ŽœȱŞȬŝśȱŠ—ȱŞȬŝŜǯ
)LJXUH7RUTXLQJ%UXVK+ROGHU6FUHZV
ŗřǯȱȱ ˜˜”ȱ‘Žȱ™•ž—Ž›ȱ‹Ž‘’—ȱ‘Žȱž™™Ž›ȱŽ—ȱ˜ȱ
‘Žȱ›’ŸŽȱ•ŽŸŽ›ǰȱŠ—ȱ’—œŠ••ȱ‘Žȱœ™›’—ȱ’—˜ȱ‘Žȱ
œ˜•Ž—˜’ǯȱ—œŽ›ȱ‘Žȱ‘›ŽŽȱ–˜ž—’—ȱœŒ›Ž œȱ
‘›˜ž‘ȱ‘Žȱ‘˜•Žœȱ’—ȱ‘Žȱ›’ŸŽȱŽ—ȱŒŠ™ǯȱœŽȱ‘ŽœŽȱ
˜ȱ‘˜•ȱ‘Žȱœ˜•Ž—˜’ȱŠœ”Žȱ’—ȱ™˜œ’’˜—ǰȱ‘Ž—ȱ
–˜ž—ȱ‘Žȱœ˜•Ž—˜’ǯȱ˜›šžŽȱ‘ŽȱœŒ›Ž œȱ˜ȱ
ŚǯŖȬŜǯŖȱȉ–ȱǻřśȬśřȱ’—ǯȱ•‹ǯǼǯ
ŗŚǯȱ ˜——ŽŒȱ‘Žȱ™˜œ’’ŸŽȱǻƸǼȱ‹›žœ‘ȱ•ŽŠȦ‹›ŠŒ”Žȱ
˜ȱ‘Žȱœ˜•Ž—˜’ȱŠ—ȱœŽŒž›Žȱ ’‘ȱ‘Žȱ‘Ž¡ȱ—žǯȱ
˜›šžŽȱ‘Žȱ—žȱ˜ȱŞȬŗŗȱȉ–ȱǻŝŗȬşŝȱ’—ǯȱ•‹ǯǼǯȱ˜ȱ—˜ȱ
˜ŸŽ›’‘Ž—ǯȱŽŽȱ’ž›ŽȱŞȬŝŝǯ
)LJXUH7RUTXLQJ7KUX%ROWV
)LJXUH3RVLWLYH%UXVK/HDG&RQQHFWLRQ
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
6ROHQRLG7HVW3URFHGXUH
6ROHQRLG6KLIW6W\OH6WDUWHUV
’œŒ˜——ŽŒȱŠ••ȱ•ŽŠœȱ›˜–ȱ‘Žȱœ˜•Ž—˜’ȱ’—Œ•ž’—ȱ
‘Žȱ™˜œ’’ŸŽȱ‹›žœ‘ȱ•ŽŠȱŠĴŠŒ‘Žȱ˜ȱ‘Žȱ•˜ Ž›ȱœžȱ
Ž›–’—Š•ǯȱŽ–˜ŸŽȱ‘Žȱ–˜ž—’—ȱ‘Š› Š›ŽȱŠ—ȱ
œŽ™Š›ŠŽȱ‘Žȱœ˜•Ž—˜’ȱ›˜–ȱ‘ŽȱœŠ›Ž›ȱ˜›ȱŽœ’—ǯȱ
7HVW6ROHQRLG3XOO,Q&RLO3OXQJHU$FWXDWLRQ
7HVW
œŽȱŠȱŗŘȱŸ˜•ȱ™˜ Ž›ȱœž™™•¢ȱŠ—ȱ ˜ȱŽœȱ•ŽŠœǯȱ
˜——ŽŒȱ˜—Žȱ•ŽŠȱ˜ȱ‘Žȱ̊ȱœ™ŠŽȱȃȦœŠ›ȄȱŽ›–’—Š•ȱ
˜—ȱ‘Žȱœ˜•Ž—˜’ǯȱ˜–Ž—Š›’•¢ȘȱŒ˜——ŽŒȱ‘Žȱ˜‘Ž›ȱ•ŽŠȱ
˜ȱ‘Žȱ•˜ Ž›ȱ•Š›Žȱ™˜œȱŽ›–’—Š•ǯȱŽŽȱ’ž›ŽȱŞȬŝŞǯ
‘Ž—ȱ‘ŽȱŒ˜——ŽŒ’˜—ȱ’œȱ–ŠŽȱ‘Žȱœ˜•Ž—˜’ȱœ‘˜ž•ȱ
Ž—Ž›’£ŽȱǻŠž’‹•ŽȱŒ•’Œ”ǼǰȱŠ—ȱ‘Žȱ™•ž—Ž›ȱ›Ž›ŠŒǯȱ
Ž™ŽŠȱ‘ŽȱŽœȱœŽŸŽ›Š•ȱ’–Žœǯȱȱ‘Žȱœ˜•Ž—˜’ȱŠ’•œȱ˜ȱ
ŠŒ’ŸŠŽǰȱ’ȱœ‘˜ž•ȱ‹Žȱ›Ž™•ŠŒŽǯȱ
ȘDZȱ ȱȱ•ŽŠŸŽȱ‘ŽȱŗŘȱŸ˜•ȱŽœȱ•ŽŠœȱ
Œ˜——ŽŒŽȱ˜ȱ‘Žȱœ˜•Ž—˜’ȱ˜›ȱŠ—¢ȱ’–Žȱ˜ŸŽ›ȱ
‘Šȱ’œȱ—ŽŒŽœœŠ›¢ȱ˜›ȱ™Ž›˜›–’—ȱŽŠŒ‘ȱ˜ȱ
‘Žȱ’—’Ÿ’žŠ•ȱŽœœǯȱ—Ž›—Š•ȱŠ–АŽȱ˜ȱ‘Žȱ
œ˜•Ž—˜’ȱ–Š¢ȱ˜‘Ž› ’œŽȱ˜ŒŒž›ǯ
YROW7HVW/HDGV
0RPHQWDU\
&RQQHFWLRQ2QO\
920/HDGV
)LJXUH7HVWLQJ3XOO,Q&RLO6ROHQRLG&RQWDFW
&RQWLQXLW\
7HVW6ROHQRLG+ROG,Q&RLO)XQFWLRQ7HVW
˜——ŽŒȱ˜—ŽȱŗŘȱŸ˜•ȱŽœȱ•ŽŠȱ˜ȱ‘Žȱ̊ȱœ™ŠŽȱȃȦ
œŠ›ȄȱŽ›–’—Š•ȱ˜—ȱ‘Žȱœ˜•Ž—˜’ǰȱŠ—ȱ‘Žȱ˜‘Ž›ȱ•ŽŠȱ˜ȱ
‘Žȱ‹˜¢ȱ˜›ȱ–˜ž—’—ȱœž›ŠŒŽȱ˜ȱ‘Žȱœ˜•Ž—˜’ǯȱ‘Ž—ǰȱ
–Š—žŠ••¢ȱ™žœ‘ȱ‘Žȱ™•ž—Ž›ȱȃ—ȄȱŠ—ȱŒ‘ŽŒ”ȱ’ȱ‘Žȱ
ȃ
˜•Ȭ—ȄȱŒ˜’•ȱ‘˜•œȱ‘Žȱ™•ž—Ž›ȱ›Ž›ŠŒŽǯȱŽŽȱ’ž›Žȱ
ŞȬŞŖǯȱ˜ȱ—˜ȱŠ••˜ ȱ‘ŽȱŽœȱ•ŽŠœȱ˜ȱ›Ž–Š’—ȱŒ˜——ŽŒŽȱ
˜ȱ‘Žȱœ˜•Ž—˜’ȱ˜›ȱŠȱ™›˜•˜—Žȱ™Ž›’˜ȱ˜ȱ’–Žǯȱȱ‘Žȱ
™•ž—Ž›ȱŠ’•œȱ˜ȱœŠ¢ȱ›Ž›ŠŒŽǰȱ‘Žȱœ˜•Ž—˜’ȱœ‘˜ž•ȱ‹Žȱ
›Ž™•ŠŒŽǯ
0DQXDOO\3XVK
3OXQJHU³,Q´
YROW7HVW/HDGV
0RPHQWDU\
&RQQHFWLRQ2QO\
)LJXUH7HVWLQJ3XOO,Q&RLO3OXQJHU$FWXDWLRQ
7HVW6ROHQRLG3XOO,Q&RLO&RQWDFW&RQWLQXLW\
7HVW
œŽȱŠ—ȱ˜‘––ŽŽ›ȱœŽȱ˜ȱ‘ŽȱŠž’‹•Žȱ˜›ȱ¡ŘȱœŒŠ•ŽǰȱŠ—ȱ
Œ˜——ŽŒȱ‘Žȱ ˜ȱ˜‘––ŽŽ›ȱ•ŽŠœȱ˜ȱ‘Žȱ ˜ȱ•Š›Žȱ™˜œȱ
Ž›–’—Š•œǯȱŽ›˜›–ȱ‘Žȱ™›ŽŒŽ’—ȱŽœȱǻŗǼȱŠ—ȱŒ‘ŽŒ”ȱ
˜›ȱŒ˜—’—ž’¢ǯȱŽŽȱ’ž›ŽȱŞȬŝşǯȱ‘Žȱ˜‘––ŽŽ›ȱœ‘˜ž•ȱ
’—’ŒŠŽȱŒ˜—’—ž’¢ǰȱ’ȱ—˜ȱŒ˜—’—ž’¢ȱ’œȱ’—’ŒŠŽȱ‘Žȱ
œ˜•Ž—˜’ȱœ‘˜ž•ȱ‹Žȱ›Ž™•ŠŒŽǯȱŽ™ŽŠȱŽœȱœŽŸŽ›Š•ȱ’–Žœȱ
˜ȱŒ˜—ę›–ȱŒ˜—’’˜—ǯȱ
YROW7HVW/HDGV
&RQQHFW2QO\/RQJ
(QRXJKWR7HVW
)LJXUH7HVWLQJ+ROG,Q&RLO)XQFWLRQ7HVW
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
7HVW6ROHQRLG+ROG,Q&RLO&RQWDFW&RQWLQXLW\
7HVW
œŽȱŠ—ȱ˜‘––ŽŽ›ȱœŽȱ˜ȱ‘ŽȱŠž’‹•Žȱ˜›ȱ¡ŘȱœŒŠ•ŽǰȱŠ—ȱ
Œ˜——ŽŒȱ‘Žȱ ˜ȱ˜‘––ŽŽ›ȱ•ŽŠœȱ˜ȱ‘Žȱ ˜ȱ•Š›Žȱ™˜œȱ
Ž›–’—Š•œǯȱŽ›˜›–ȱ‘Žȱ™›ŽŒŽ’—ȱŽœȱǻřǼȱŠ—ȱŒ‘ŽŒ”ȱ
˜›ȱŒ˜—’—ž’¢ǯȱŽŽȱ’ž›ŽȱŞȬŞŗǯȱ‘Žȱ–ŽŽ›ȱœ‘˜ž•ȱ
’—’ŒŠŽȱŒ˜—’—ž’¢ǰȱ’ȱ—˜ȱŒ˜—’—ž’¢ȱ’œȱ’—’ŒŠŽȱ‘Žȱ
œ˜•Ž—˜’ȱœ‘˜ž•ȱ‹Žȱ›Ž™•ŠŒŽǯȱŽ™ŽŠȱŽœȱœŽŸŽ›Š•ȱ’–Žœȱ
˜ȱŒ˜—ę›–ȱŒ˜—’’˜—ǯ
3OXQJHU
3XVKHG³,Q´
9200HWHU
/HDGV
YROW7HVW/HDGV
)LJXUH7HVWLQJ+ROG,Q&RLO6ROHQRLG&RQWDFW
&RQWLQXLW\
6HFWLRQ
(OHFWULFDO6\VWHPDQG&RPSRQHQWV
Section 9
Disassembly
Section 9
Disassembly
WARNING: Accidental Starts!
Disabling engine. Accidental starting can cause severe injury or death. Before working on the engine or equipment,
disable the engine as follows: 1) Disconnect the spark plug lead(s). 2) Disconnect negative (-) battery cable from battery.
General
Clean all parts thoroughly as the engine is
disassembled. Only clean parts can be accurately
inspected and gauged for wear or damage. There are
many commercially available cleaners that will
quickly remove grease, oil, and grime from engine
parts. When such a cleaner is used, follow the
manufacturer’s instructions and safety precautions
carefully.
Make sure all traces of the cleaner are removed before
the engine is reassembled and placed into operation.
Even small amounts of these cleaners can quickly
break down the lubricating properties of engine oil.
Typical Disassembly Sequence
20.
21.
22.
23.
24.
25.
26.
27.
28.
Remove grass screen and fan.
Remove flywheel.
Remove stator and backing plates.
Remove closure plate assembly.
Remove camshaft.
Remove connecting rods with pistons and rings.
Remove crankshaft.
Remove governor cross shaft.
Remove flywheel end oil seal.
Disconnect Spark Plug Leads
1. Disconnect the leads from the spark plugs. See
Figure 9-1.
NOTE: Pull on boot only, to prevent damage to
spark plug lead.
9
The following sequence is suggested for complete
engine disassembly. The sequence can be varied to
accommodate options or special equipment.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
Disconnect spark plug leads.
Shut off fuel supply.
Drain oil from crankcase and remove oil filter.
Remove muffler.
Remove air cleaner assembly.
Remove fuel pump.
Remove control panel (if so equipped).
Remove throttle and choke controls.
Remove external governor controls.
Remove carburetor.
Remove Oil Sentry™ (if so equipped).
Remove electric starter motor.
Remove outer baffles and blower housing.
Remove inner baffles and breather cover.
Remove valve covers.
Remove ignition modules.
Remove intake manifold.
Remove spark plugs.
Remove cylinder heads and hydraulic lifters.
Figure 9-1. Disconnect Both Spark Plug Leads.
Shut Off Fuel Supply
Drain Oil from Crankcase and Remove Oil
Filter
1. Remove the oil fill cap, dipstick, and one of the oil
drain plugs.
9.1
Section 9
Disassembly
3. Remove and discard the oil filter. See Figure 9-5.
Figure 9-2. Removing Dipstick from Tube.
Figure 9-5. Removing Oil Filter.
Figure 9-3. Removing Oil Fill Cap from Cover.
Figure 9-4. Removing Oil Drain Plug.
2. Allow ample time for the oil to drain from the
crankcase and oil filter.
9.2
Figure 9-6. Removing Oil Filter Adapter Nipple.
Section 9
Disassembly
4. Remove the hex flange screws securing the
bracket and base. See Figure 9-8. Two additional
rear screws must be removed if the engine
contains a rear air cleaner support bracket. See
Figure 9-9.
Figure 9-8. Removing Air Cleaner Base Retainer.
Figure 9-7. Removing Oil Cooler.
4. An oil cooler is standard equipment on some
models and an option on others. It may be a cast
aluminum housing, part of the oil filter adapter,
or attached to the blower housing, separated
from the oil filter adapter. If so equipped, remove
the adapter and the cooler. See Figures 9-6 and
9-7.
Remove Muffler
1. Remove the exhaust system and attaching
hardware from the engine. On engines equipped
with a port liner, remove it now.
9
Figure 9-9. Rear Air Cleaner Bracket Screws.
5. Remove the bracket then remove the base and
gasket while carefully pulling the rubber
breather tube through the base. See Figure 9-10.
Remove Air Cleaner Assembly
Standard Air Cleaner
1. Unhook the latches or loosen the knob and
remove the cover. Refer to Section 4.
2. Remove the wing nut from the element cover.
3. Remove the element cover, the air cleaner
element with precleaner and the stud seal.
Figure 9-10. Removing Breather Tube from Base.
9.3
Section 9
Disassembly
Mounting Screws
Figure 9-11. Removing Tube from Breather Cover.
6. Remove the rubber breather tube from the
breather cover. See Figure 9-11.
Figure 9-13. Air Cleaner Bracket Mounting Screws
(Two-Barrel Model Pictured).
4. Remove the heavy-duty air cleaner as an
assembly from the engine. See Figure 9-14.
Heavy Duty Air Cleaner
1. Disconnect the breather hose from the fitting in
adapter or elbow.
2. Remove the two screws (one-barrel carburetor
models), or the four hex flange nuts (two-barrel
carburetor models), securing the adapter or
elbow. See Figure 9-12.
Figure 9-14. Removing Heavy Duty Air Cleaner
Assembly (Two-Barrel Model Pictured).
Breather
Hose
Mounting
Nuts
Figure 9-12. Breather Hose, Mounting Nuts, and
Adapter Elbow (Two-Barrel Model Pictured).
3. Remove the screws securing the main support
bracket for air cleaner to the valve covers. On
two-barrel carburetor models, remove the two
mounting screws into the top of intake manifold.
Unhook the choke return spring if equipped. Do
not lose any of the hardware. See Figure 9-13.
9.4
Remove Fuel Pump
WARNING: Explosive Fuel!
Gasoline is extremely flammable and its vapors can explode if
ignited. Store gasoline only in approved containers, in well
ventilated, unoccupied buildings, away from sparks or flames.
Do not fill the fuel tank while the engine is hot or running,
since spilled fuel could ignite if it comes in contact with hot
parts or sparks from ignition. Do not start the engine near
spilled fuel. Never use gasoline as a cleaning agent.
Pulse Style Pumps
1. Disconnect the fuel lines at the carburetor and at
the in-line fuel filter. See Figure 9-15.
Section 9
Disassembly
3. Remove the two hex flange screws securing the
fuel pump to the bracket or to the blower
housing. See Figure 9-18. The fuel pump body
may be metal or plastic.
Figure 9-15. Disconnecting Fuel Inlet Line at
Carburetor.
Figure 9-18. Removing Screws Holding Fuel Pump
(Metal Bodied Pump Shown).
4. Note or mark the orientation of the fuel pump,
then remove the fuel pump with lines attached
as shown in Figure 9-19.
Figure 9-16. Disconnecting Pulse Line from
Crankcase.
9
Figure 9-19. Remove Fuel Pump and Lines.
Mechanical Fuel Pump
The mechanical style fuel pump is part of the valve
cover assembly. See Figure 9-20.
1. Disconnect the fuel lines at the pump outlet and
at the in-line fuel filter.
Figure 9-17. Disconnecting Pulse Line from Valve
Cover (Early Models).
2. Disconnect the pulse (vacuum) line from the
crankcase, or from the valve cover on earlier
models. See Figures 9-16 and 9-17.
2. The fuel pump will be removed with the valve
cover. Refer to the valve cover removal
procedure.
9.5
Section 9
Disassembly
Figure 9-20. Mechanical Fuel Pump.
Figure 9-22. Rear Air Cleaner Bracket (Some
Models).
Remove Control Panel (If So Equipped)
1. Disconnect the Oil Sentry™ Indicator Light
wires.
2. Mark the spring hole locations and disconnect
the spring from the governor lever. See Figure
9-23.
2. Disconnect the choke control cable from the
control bracket.
3. Disconnect the throttle control cable or shaft.
4. Remove the panel from the blower housing.
Remove Throttle & Choke Controls
1. Remove the four hex flange screws securing the
control bracket and rear air cleaner bracket
(some models) to the cylinder heads. See Figures
9-21 and 9-22.
Figure 9-23. Disconnecting Spring from Bracket.
3. Remove the choke linkage from the choke
actuator lever and carburetor. See Figure 9-24.
Figure 9-21. Removing Control Bracket.
Figure 9-24. Disconnecting Choke Linkage from
Actuator Lever.
9.6
Section 9
Disassembly
Remove External Governor Controls
1. Loosen the hex flange nut and remove the
governor lever from the cross shaft. See Figure
9-25. Leave lever attached to the throttle linkage
and lay assembly on the top of the crankcase.
2. One-Barrel Carburetor Models Only: Remove
the two carburetor mounting screws. See Figure
9-27.
Two-Barrel Carburetor Models Only: If required
use two hex flange nuts locked together and
remove the two carburetor mounting studs on
the starter side of the intake manifold and one of
the studs on the oil filter side.
Pivot the carburetor to clear the breather cover
fitting and pressure switch (if equipped). Remove
the carburetor, throttle linkage, choke linkage,
and the governor lever as an assembly.
Figure 9-25. Removing Governor Lever.
Remove Carburetor
WARNING: Explosive Fuel!
Gasoline is extremely flammable and its vapors can explode if
ignited. Store gasoline only in approved containers, in well
ventilated, unoccupied buildings, away from sparks or flames.
Do not fill the fuel tank while the engine is hot or running,
since spilled fuel could ignite if it comes in contact with hot
parts or sparks from ignition. Do not start the engine near
spilled fuel. Never use gasoline as a cleaning agent.
1. Disconnect the fuel shut-off solenoid lead and
ground lead, if equipped. See Figure 9-26.
Figure 9-27. Removing Carburetor Mounting
Screws.
3. Remove the carburetor, throttle linkage and
governor lever as an assembly. See Figure 9-28.
Ground
Lead
Figure 9-26. Remove Ground Lead (Two-Barrel
Model Pictured).
Figure 9-28. Removing Carburetor Assembly with
Governor Lever Attached.
4. Remove the carburetor gasket.
9.7
9
Section 9
Disassembly
5. If necessary, the carburetor, throttle linkage and
governor lever can be separated. Reattach the
bushings to the linkage following separation to
avoid losing them.
Remove Outer Baffles and Blower
Housing
1. Disconnect the plug from the rectifier-regulator
on the blower housing. See Figure 9-31.
Remove Oil Sentry™ (If So Equipped)
1. Disconnect the lead from the Oil Sentry™ switch.
2. Remove the Oil Sentry™ switch from the
breather cover. See Figure 9-29.
Figure 9-31. Disconnecting Plug from RectifierRegulator.
Figure 9-29. Removing Oil Sentry™ Switch from
Breather Cover.
Remove Electric Starter Motor
2. Use the tip of the dipstick or a similar small flat
tool to bend the locking tang, then remove the B+
(center lead) from the terminal plug as shown in
Figure 9-32. This will allow the blower housing to
be removed without disturbing the wiring
harness.
1. Disconnect the leads from the starter.
2. Remove the two hex flange screws. See Figure
9-30.
Figure 9-32. Remove B+ Lead from Terminal Plug.
Figure 9-30. Removing Electric Starter Motor.
3. Remove the starter assembly and any spacers (if
used).
9.8
3. The rectifier-regulator does not have to be
detached from the blower housing. If the engine
is equipped with SMART-SPARK™ the SAM
module should be removed from the cylinder
baffle or blower housing. See Figure 9-33. The
module willing hang loose as part of the wiring
harness.
Section 9
Disassembly
Figure 9-35. Removing Outer Baffles.
5. Remove the outer baffles on both sides. See
Figure 9-35.
6. On engines equipped with a metal grass screen,
remove the screen before removing the blower
housing. See Figure 9-36. Plastic grass screens
can be removed after the blower housing is
removed.
Figure 9-33. Removing the Spark Advance Module
(Applicable Models).
4. Remove the three (each side) hex flange screws
securing the outer baffles. Note the location of
any lifting strap and position of the two short
screws (one each side on bottom) for reassembly.
See Figure 9-34.
9
Figure 9-36. Removing Metal Grass Screen.
7. Remove the lower blower housing screw and
washer securing the rectifier-regulator ground
lead or grounding strap.
8. Two-Barrel Carburetor Models Only: Remove
the two screws securing the debris shield to the
blower housing. The wiring harness is attached
to the underside of shield. See Figure 9-37.
Figure 9-34. Note Location of Two Short Screws.
9.9
Section 9
Disassembly
Debris
Shield
Mounting
Screws
Figure 9-37. Debris Shield Details (Two-Barrel
Carburetor Model Shown).
9. Remove the remaining hex flange screws and
detach the blower housing. See Figure 9-38.
Figure 9-39. Removing Fasteners Holding Baffle
and Breather Cover.
2. Remove both inner baffles. See Figure 9-40.
10. Disconnect the plug from the key switch in the
blower housing if engine is so equipped.
Figure 9-40. Removing Inner Baffles.
3. Remove the two remaining screws holding the
breather cover to the crankcase. See Figure 9-40.
Figure 9-38. Removing Blower Housing.
Remove Inner Baffles and Breather Cover
The inner (valley) baffles are attached at one corner
using the same fasteners as the breather cover. See
Figure 9-39.
1. Remove the two hex flange screws securing the
inner baffles.
9.10
4. Pry under the protruding edge of the breather
cover with a screwdriver to break the RTV or
gasket seal. See Figure 9-41. Do not pry on the
sealing surfaces as it could cause damage
resulting in leaks. Most engines use a formed
gasket rather than RTV sealant.
Section 9
Disassembly
7. Remove the hex flange screw, breather reed
retainer and breather reed. See Figure 9-44.
Figure 9-41. Breaking Breather Cover Seal.
5. Remove the breather cover and gasket (if used).
See Figure 9-42.
Figure 9-44. Removing Breather Reed.
Remove Valve Covers
Three valve cover designs have been used. The
earliest type used a gasket and RTV sealant between
the cover and sealing surface of the cylinder head. The
second type had a black O-Ring installed in a groove
on the underside of the cover and may have metal
spacers in the bolt holes. The latest design uses a
brown O-Ring, and the bolt holes spacers are molded
in place.
1. Remove the four hex flange screws securing each
valve cover. Note the position of any attached
brackets or lifting straps.
Figure 9-42. Removing Breather Cover.
6. Remove the breather filter from chamber. See
Figure 9-43.
Figure 9-43. Removing Breather Filter.
2. Remove the valve covers, valve cover gaskets or
O-Rings and any brackets or lifting straps. Note
which side of the engine has the oil fill and or fuel
pump valve cover. See Figure 9-45.
Figure 9-45. Removing Valve Covers.
9.11
9
Section 9
Disassembly
Remove Ignition Modules
1. Disconnect the lead(s)* from each ignition
module. See Figure 9-46. *Modules for nonSMART-SPARK™ ignition systems have only one
kill lead.
3. Leave the wiring harness attached to the
manifold.
Aluminum
Intake
Manifold
Plastic Intake
Manifold
Figure 9-46. Disconnecting Leads from Ignition
Modules.
2. Rotate the flywheel so the magnet is away from
the modules.
3. Remove the mounting screws and ignition
modules. Note the position of ignition modules.
Two-Barrel
Intake Manifold
Figure 9-47. Position of SMART-SPARK™ Ignition
Module.
Remove Intake Manifold
1. Remove the four hex flange screws securing the
intake manifold to the cylinder heads. Note
which screws hold the wiring clamps.
2. Remove the intake manifold and the intake
manifold gaskets (aluminum intake manifolds) or
O-Rings (plastic intake manifolds). See Figure
9-48.
9.12
Figure 9-48. Removing Intake Manifold.
Section 9
Disassembly
Hex Flange Screw
Figure 9-49. Bolt Wiring Harness Detail.
Remove Spark Plugs
Hex Flange Nut
and Washer
1. Remove the spark plug from each cylinder head.
Figure 9-51. Removing Cylinder Head Fasteners.
Figure 9-50. Removing Spark Plugs.
2. Mark the position of the push rods as either
intake or exhaust and cylinder 1 or 2. Push rods
should always be reinstalled in the same
positions.
Remove Cylinder Heads and Hydraulic
Lifters
3. Carefully remove the push rods, cylinder heads
and head gaskets. See Figure 9-52.
NOTE: Cylinder heads are retained using either hex
flange screws or hex flange nuts and washers
on studs. Do not interchange or mix
components, as the cylinder heads may have
different machining, unique to each fastening
method.
1. Remove the four hex flange screws or hex nuts
and washers securing each cylinder head. See
Figure 9-51. Discard the screws or nuts and
washers once removed. Do not reuse. Studs (if
present) should only be removed if damaged or if
cylinder reconditioning is necessary. Once
removed, they must be replaced.
9.13
9
Section 9
Disassembly
Hex Flange Screw Style Mounting
Figure 9-53. Removing Hydraulic Lifter.
Stud and Hex Flange Nut Style Mounting
Figure 9-52. Removing Cylinder Head Assembly.
4. Remove the lifters from the lifter bores. Use a
Hydraulic Lifter Tool. Do not use a magnet to
remove lifters. Mark the lifters by location, as
either intake or exhaust and cylinder 1 or 2.
Hydraulic lifters should always be reinstalled in
the same position. See Figures 9-53 and 9-54.
Figure 9-54. Mark Position of Hydraulic Lifters.
NOTE: The exhaust lifters are located on the output
shaft side of the engine while the intake
lifters are located on the fan side of the
engine. The cylinder head number is
embossed on the outside of each cylinder
head. See Figure 9-55.
Figure 9-55. Match Marks on Cylinder Barrel and
Heads.
9.14
Section 9
Disassembly
Disassemble Cylinder Heads
1. Remove the two hex flange screws, rocker arm
pivots and rocker arms from the cylinder head.
See Figure 9-56.
3. Once the valve spring is compressed, remove the
following items. See Figures 9-58 and 9-59.
•
•
•
•
•
•
Valve spring keepers
Valve spring retainers
Valve springs
Valve spring caps
Intake and exhaust valves (mark position)
Valve stem seals (intake valve only)
Valve Seal
Figure 9-56. Removing Rocker Arms.
2. Compress the valve springs using a valve spring
compressor. See Figure 9-57.
Figure 9-59. Intake Valve Seal Location.
NOTE: These engines use valve stem seals on the
intake valves. Use a new seal whenever
valve is removed or if the seal is deteriorated
in any way. Never reuse an old seal.
4. Repeat the above procedure for the other
cylinder head. Do not interchange parts from one
cylinder head to the other.
Remove Grass Screen and Fan
Figure 9-57. Removing Valves with Valve Spring
Compressor.
Valve
1. Small metal retainers are typically attached on
three of the seven mounting posts for positive
retention of the plastic grass screen. Use a hookend tool next to the post and pull outward to
separate each of the small metal retainers. Then
unsnap the fan from the remaining mounting
posts. See Figure 9-60.
Keepers
Retainer
Cap
Spring
Figure 9-58. Valve Train Components.
9.15
9
Section 9
Disassembly
Figure 9-60. Removing Plastic Type Grass Screen.
2. Remove the four hex flange screws and fan. See
Figure 9-61.
Figure 9-62. Removing Flywheel Fastener Using
Strap Wrench.
2. Remove the hex flange screw and washer.
3. Use a puller to remove the flywheel from the
crankshaft. See Figure 9-63.
NOTE: Always use a flywheel puller to remove
the flywheel from the crankshaft. Do
not strike the crankshaft or flywheel, as
these parts could become cracked or
damaged. Striking the puller or
crankshaft can cause the crank gear to
move, affecting the crankshaft end play.
Figure 9-61. Removing Fan.
Remove Flywheel
1. Use a flywheel strap wrench or holding tool (see
Section 2) to hold the flywheel and loosen the hex
flange screw securing the flywheel to the
crankshaft. See Figure 9-62.
NOTE: Always use a flywheel strap wrench or
holding tool to hold the flywheel when
loosening or tightening the flywheel
screw. Do not use any type of bar or
wedge to hold the flywheel. Use of such
tools could cause the flywheel to become
cracked or damaged.
Figure 9-63. Removing Flywheel with a Puller.
4. Remove the woodruff key from the crankshaft.
Remove Stator and Backing Plates
1. Remove the four hex flange screws securing the
backing plates and stator wire bracket (if
equipped). See Figure 9-64. Remove the backing
plates and stator wire bracket.
9.16
Section 9
Disassembly
2. Locate the three splitting tabs that are cast into
the perimeter of the closure plate. Insert the drive
end of a 1/2" breaker bar between the top
splitting tab and the crankcase. Hold the handle
horizontal and pull toward you to break the RTV
seal. If necessary, pry at the bottom tabs also. See
Figures 9-67 and 9-68. Do not pry on the sealing
surfaces as this could cause leaks. Carefully pull
closure plate from crankcase.
Figure 9-64. Removing Backing Plates and Stator
Wire Bracket.
2. Remove the two hex head screws and stator. See
Figure 9-65. Note the routing of the stator lead in
the channel.
Figure 9-67. Location of Three Splitting Tabs.
9
Figure 9-65. Removing Stator.
Remove Closure Plate Assembly
1. Remove the ten hex flange screws securing the
closure plate to the crankcase. See Figure 9-66.
Figure 9-68. Breaking Seal on Top Splitting Tab.
Governor Gear Assembly
The governor gear assembly is located inside the
closure plate. If service is required, refer to the service
procedures under ‘‘Governor Gear Assembly’’ in
Section 10.
Oil Pump Assembly
The oil pump is mounted to the inside of the closure
plate. If service is required, refer to the service
procedures under ‘‘Oil Pump Assembly’’ in Section 10.
Figure 9-66. Removing the Ten Closure Plate
Fasteners.
9.17
Section 9
Disassembly
Remove Camshaft
1. Remove the camshaft and shim. See Figure 9-69.
Camshaft
Shim
Figure 9-71. Mark End Cap with Cylinder Number
Before Removal.
Figure 9-69. Removing Camshaft (Note Shim).
Remove Connecting Rods with Pistons
and Rings
1. Remove the two hex flange screws securing the
closest connecting rod end cap. Remove the end
cap. See Figure 9-70.
NOTE: The cylinders are numbered on the
crankcase. Use the numbers to mark each
end cap, connecting rod and piston for
reassembly. Do not mix end caps and
connecting rods.
Figure 9-72. Removing Piston/Connecting Rod
Assemblies.
Figure 9-70. Removing Connecting Rod Bolts.
NOTE: If a carbon ridge is present at the top of
either cylinder bore, use a ridge reamer
tool to remove the ridge before
attempting to remove the piston.
9.18
2. Carefully remove the connecting rod and piston
assembly from the cylinder bore. See Figure 9-72.
3. Repeat the above procedures for the other
connecting rod and piston assembly.
Section 9
Disassembly
Remove Crankshaft
1. Carefully pull the crankshaft from the crankcase.
See Figure 9-73. Note thrust washers and shims
if used.
Figure 9-75. Removing Governor Cross Shaft
Retainer (8 mm Shaft Design).
Figure 9-73. Removing Crankshaft.
2. Pull the cross shaft with small washer out
through the inside of the crankcase. See Figure
9-76.
Remove Governor Cross Shaft
1. Remove the hitch pin and plain washer, or the
retainer and nylon washer from the governor
cross shaft. See Figures 9-74 and 9-75.
9
Figure 9-76. Pulling Governor Cross Shaft.
Remove Flywheel End Oil Seal
1. Remove oil seal from crankcase. See Figure 9-77.
Figure 9-74. Removing Governor Cross Shaft Hitch
Pin (6 mm Shaft Design).
Figure 9-77. Removing Oil Seal.
9.19
Section 9
Disassembly
9.20
Section 10
Inspection and Reconditioning
Section 10
Inspection and Reconditioning
This section covers the operation, inspection, and
repair/reconditioning of major internal engine
components. The following components are not
covered in this section. They are covered in sections of
their own:
Air Cleaner, Section 4
Carburetor & External Governor, Section 5
Ignition, Charging & Electric Starter, Section 8
Clean all parts thoroughly. Only clean parts can be
accurately inspected and gauged for wear or damage.
There are many commercially available cleaners that
will quickly remove grease, oil, and grime from
engine parts. When such a cleaner is used, follow the
manufacturer’s instructions and safety precautions
carefully. Make sure all traces of the cleaner are
removed before the engine is reassembled and placed
into operation. Even small amounts of these cleaners
can quickly break down the lubricating properties of
engine oil.
Use an aerosol gasket remover, paint stripper, or
lacquer thinner to remove any old sealant. Apply the
solvent, allow time for it to work, and then brush the
surface with a brass wire brush. After the old sealant
is removed, clean the surface with isopropyl alcohol,
lacquer thinner, or aerosol electrical contact cleaner.
Do not scrape the surfaces, as any scratches, nicks, or
burrs can result in leaks. See Service Bulletin 252 for
further information.
Refer to A Guide to Engine Rebuilding (TP-2150-A)
for additional information. Measurement Guide
(TP-2159-B) and Engine Inspection Data Record
(TP-2435) are also available; use these to record
inspection results.
Automatic Compression Release (ACR)
Some engines are equipped with the optional
Automatic Compression Release (ACR) mechanism.
The ACR lowers compression at cranking speeds to
make starting easier.
Operation
The ACR mechanism consists of a flyweight, spring
and pivoting control pin assembly attached to the gear
on the camshaft. At cranking speeds (700 RPM or
lower), the control pin protrudes above the exhaust
cam lobe. This pushes the exhaust valve off its seat
during the first part of the compression stroke. The
reduced compression results in an effective
compression ratio of about 2:1 during cranking.
After starting, engine speed increases to over 700
RPM, and centrifugal force overcomes the force of the
flyweight spring. The flyweight moves outward,
pulling the arm of the control pin, so it pivots into the
‘‘run’’ position. The control pin no longer has any
effect on the exhaust valve and the engine operates at
full power.
When the engine is stopped, the spring returns the
flyweight lever and control pin assembly to the
compression release position ready for the next start.
Camshaft
Inspection and Service
Check the lobes of the camshaft for wear or damage.
See Section 1 for minimum lift specifications. Inspect
the cam gear for badly worn, chipped or missing teeth.
Replacement of the camshaft will be necessary if any
of these conditions exist.
Crankshaft
Inspection and Service
Inspect the gear teeth of the crankshaft. If the teeth are
badly worn, chipped, or some are missing,
replacement of the crankshaft will be necessary.
10.1
10
Section 10
Inspection and Reconditioning
Inspect the crankshaft bearing surfaces for scoring,
grooving, etc. Some engines have bearing inserts in
the crankshaft bore of the closure plate and/or
crankcase. Do not replace bearings unless they show
signs of damage or are out of running clearance
specifications. If the crankshaft turns easily and
noiselessly, and there is no evidence of scoring,
grooving, etc., on the races or bearing surfaces, the
bearings can be reused.
Inspect the crankshaft keyways. If they are worn or
chipped, replacement of the crankshaft will be
necessary.
Inspect the crankpin for score marks or metallic
pickup. Slight score marks can be cleaned with crocus
cloth soaked in oil. If the wear limits, as stated in
“Specifications and Tolerances” are exceeded, it will
be necessary to either replace the crankshaft or regrind
the crankpin to 0.25 mm (0.010 in.) undersize. If
reground, a 0.25 mm (0.010 in.) undersize connecting
rod (big end) must then be used to achieve proper
running clearance. Measure the crankpin for size,
taper, and out-of-round.
Procedure to Remove Crankshaft Plug:
1. Drill a 3/16" hole through the plug in the
crankshaft.
2. Thread a 3/4" or 1" long self-tapping screw with a
flat washer into the drilled hole. The flat washer
must be large enough to seat against the shoulder
of the plug bore. See Figure 10-2.
3. Tighten the self-tapping screw until it draws the
plug out of the crankshaft.
Procedure to Install New Plug:
1. Use a single cylinder camshaft pin, Kohler Part
No. 47 380 09-S as a driver and tap the plug into
the plug bore until it seats at the bottom of the
bore. Make sure the plug is tapped in evenly to
prevent leakage.
Self-Tapping Screw
Flat Washer
NOTE: If the crankpin is reground, visually check to
ensure that the fillet blends smoothly with
the crankpin surface. See Figure 10-1.
12345678
12345678
12345678
12345678
Crankshaft
High Point from
Fillet Intersections
The Fillet Must
Blend Smoothly
with the Bearing
Journal Surface
Figure 10-2. Removing Crankpin Plug.
45°
Minimum
This Fillet Area
Must Be
Completely Smooth
Figure 10-1. Crankpin Fillets.
The connecting rod journal can be ground one size
under. When grinding a crankshaft, grinding stone
deposits can get caught in the oil passages, which
could cause severe engine damage. Removing the
crankpin plug when the crankshaft is ground provides
easy access for removing any grinding deposits that
may collect in the oil passages.
Use the following procedure to remove and replace
the plug.
10.2
Plug
Crankcase
Inspection and Service
Check all gasket surfaces to make sure they are free of
gasket fragments. Gasket surfaces must also be free of
deep scratches or nicks.
Inspect the main bearing (if so equipped) for wear or
damage (refer to Section 1, “Specifications, Tolerances,
and Special Torque Values”). Replace the crankcase
using a miniblock or short block as required.
Section 10
Inspection and Reconditioning
Check the cylinder bore wall for scoring. In severe
cases, unburned fuel can cause scuffing and scoring of
the cylinder wall. It washes the necessary lubricating
oils off the piston and cylinder wall. As raw fuel seeps
down the cylinder wall, the piston rings make metal to
metal contact with the wall. Scoring of the cylinder
wall can also be caused by localized hot spots
resulting from blocked cooling fins or from
inadequate or contaminated lubrication.
If the cylinder bore is badly scored, excessively worn,
tapered, or out-of-round, resizing is necessary. Use an
inside micrometer to determine the amount of wear
(refer to the “Specifications, Tolerances, and Special
Torque Values”, in Section 1), then select the nearest
suitable oversize of either 0.25 mm (0.010 in.) or
0.50 mm (0.020 in.). Resizing to one of these oversizes
will allow usage of the available oversize piston and
ring assemblies. First, resize using a boring bar, then
use the following procedures for honing the cylinder.
NOTE: Kohler pistons are custom-machined to
exacting tolerances. When oversizing a
cylinder, it should be machined exactly
0.25 mm (0.010 in.) or 0.50 mm (0.020 in.)
over the new diameter (Section 1). The
corresponding oversize Kohler replacement
piston will then fit correctly.
3. When the bore is within 0.064 mm (0.0025 in.) of
the desired size, remove the coarse stones and
replace them with burnishing stones. Continue
with the burnishing stones until the bore is
within 0.013 mm (0.0005 in.) of the desired size
and then use finish stones (220-280 grit) and
polish the bore to its final size. A crosshatch
should be observed if honing is done correctly.
The crosshatch should intersect at approximately
23°-33° off the horizontal. Too flat an angle could
cause the rings to skip and wear excessively, and
too steep an angle will result in high oil
consumption. See Figure 10-3.
NOTE: Some CH25-26 engines feature POWERBORE™ cylinders a special patented nickelsilicone plating process for increased power,
superior oil control, reduced exhaust
emission, and virtually permanent cylinder
life. POWER-BORE™ cylinders cannot be
resized or honed as described in the
following procedure. If a plated cylinder bore
is damaged or out of specification, use a new
miniblock or short block to repair the engine.
Use the following procedure for crankcases
with a cast iron sleeve.
Honing
While most commercially available cylinder hones
can be used with either portable drills or drill
presses, the use of a low speed drill press is preferred
as it facilitates more accurate alignment of the bore in
relation to the crankshaft crossbore. Honing is best
accomplished at a drill speed of about 250 RPM and
60 strokes per minute. After installing coarse stones in
hone, proceed as follows:
1. Lower hone into bore and after centering, adjust
so the stones are in contact with the cylinder
wall. Use of a commercial cutting-cooling agent
is recommended.
2. With the lower edge of each stone positioned
even with the lowest edge of the bore, start drill
and honing process. Move the hone up and down
while resizing to prevent the formation of
cutting ridges. Check the size frequently.
10
Figure 10-3. Cylinder Bore Crosshatch after
Honing.
4. After resizing, check the bore for roundness,
taper, and size. Use an inside micrometer,
telescoping gauge, or bore gauge to take
measurements. The measurements should be
taken at three locations in the cylinder – at the
top, middle, and bottom. Two measurements
should be taken (perpendicular to each other) at
each of the three locations.
Clean Cylinder Bore After Honing
Proper cleaning of the cylinder walls following boring
and/or honing is very critical to a successful overhaul.
Machining grit left in the cylinder bore can destroy an
engine in less than one hour of operation after a
rebuild.
10.3
Section 10
Inspection and Reconditioning
The final cleaning operation should always be a
thorough scrubbing with a brush and hot, soapy
water. Use a strong detergent that is capable of
breaking down the machining oil while maintaining a
good level of suds. If the suds break down during
cleaning, discard the dirty water and start again with
more hot water and detergent. Following the
scrubbing, rinse the cylinder with very hot, clear
water, dry it completely, and apply a light coating of
engine oil to prevent rusting.
Measuring Piston-to-Bore Clearance
Before installing the piston into the cylinder bore, it is
necessary that the clearance be accurately checked.
This step is often overlooked, and if the clearances are
not within specifications, engine failure will usually
result.
NOTE: Do not use a feeler gauge to measure pistonto-bore clearance – it will yield inaccurate
measurements. Always use a micrometer.
Use the following procedure to accurately measure
the piston-to-bore clearance:
1. Use a micrometer and measure the diameter of
the piston 6 mm (0.24 in.) above the bottom of the
piston skirt and perpendicular to the piston pin.
See Figure 10-4.
3. Piston-to-bore clearance is the difference
between the bore diameter and the piston
diameter (step 2 minus step 1).
Flywheel
Inspection
Inspect the flywheel for cracks and the flywheel
keyway for damage. Replace the flywheel if it is
cracked. Replace the flywheel, the crankshaft, and the
key if flywheel key is sheared or the keyway is
damaged.
Inspect the ring gear for cracks or damage. Kohler
does not provide the ring gear as a serviceable part.
Replace the flywheel if the ring gear is damaged.
Cylinder Head and Valves
Inspection and Service
After cleaning, check the flatness of the cylinder head
and the corresponding top surface of the crankcase,
using a surface plate or piece of glass and feeler gauge
as shown in Figure 10-5. The maximum allowable out
of flatness is 0.076 mm (0.003 in.).
6 mm (0.24 in.)
Measure 6 mm above the
Bottom of Piston Skirt at
Right Angles to Piston Pin
Figure 10-4. Measuring Piston Diameter.
2. Use an inside micrometer, telescoping gauge, or
bore gauge and measure the cylinder bore. Take
the measurement approximately 63.5 mm
(2.5 in.) below the top of the bore and
perpendicular to the piston pin.
10.4
Figure 10-5. Checking Cylinder Head Flatness.
Carefully inspect the valve mechanism parts. Inspect
the valve springs and related hardware for excessive
wear or distortion. Check the valves and valve seat
area or inserts for evidence of deep pitting, cracks, or
distortion. Check clearance of the valve stems in the
guides. See Figure 10-6 for valve details and
specifications.
Section 10
Inspection and Reconditioning
EXHAUST
VALVE
F
E
G
B
C
D
A
EXHAUST
INSERT
A
H
INTAKE
INSERT
D
B
Dimension
A
B
C
D
E
F
G
H
Seat Angle
Insert O.D.
Guide Depth
Guide I.D.
Valve Head Diameter
Valve Face Angle
Valve Margin (Min.)
Valve Stem Diameter
INTAKE VALVE
F
E
Intake
G
H
A
Exhaust
89°
36.987/37.013 mm (1.4562/1.4572 in.)
4 mm (0.1575 in.)
7.038/7.058 mm (0.2771/0.2779 in.)
33.37/33.63 mm (1.3138/1.3240 in.)
45°
1.5 mm (0.0591 in.)
6.982/7.000 mm (0.2749/0.2756 in.)
89°
32.987/33.013 mm (1.2987/1.2997 in.)
6.5 mm (0.2559 in.)
7.038/7.058 mm (0.2771/0.2779 in.)
29.37/29.63 mm (1.1563/1.1665 in.)
45°
1.5 mm (0.0591 in.)
6.970/6.988 mm (0.2744/0.2751 in.)
Figure 10-6. Valve Details.
Hard starting or loss of power accompanied by high
fuel consumption may be symptoms of faulty valves.
Although these symptoms could also be attributed to
worn rings, remove and check the valves first. After
removal, clean the valve heads, faces, and stems with a
power wire brush.
Then, carefully inspect each valve for defects such as a
warped head, excessive corrosion, or a worn stem
end. Replace valves found to be in bad condition. A
normal valve and valves in bad condition are shown
in the accompanying illustrations.
10.5
10
Section 10
Inspection and Reconditioning
Normal: Even after long hours of operation a valve
can be reconditioned and reused if the face and
margin are in good shape. If a valve is worn to where
the margin is less than 1/32" do not reuse it. The valve
shown was in operation for almost 1000 hours under
controlled test conditions.
Leakage: A poor grind on face or seat of valve will
allow leakage resulting in a burned valve on one side
only.
Bad Condition: The valve depicted here should be
replaced. Note the warped head; margin damaged
and too narrow. These conditions could be attributed
to excessive hours or a combination of poor operating
conditions.
Coking: Coking is normal on intake valves and is not
harmful. If the seat is good, the valve could be reused
after cleaning.
10.6
Section 10
Inspection and Reconditioning
Excessive Combustion Temperatures: The white
deposits seen here indicate very high combustion
temperatures, usually due to a lean fuel mixture.
Stem Corrosion: Moisture in fuel or from
condensation are the most common causes of valve
stem corrosion. Condensation occurs from improper
preservation during storage and when engine is
repeatedly stopped before it has a chance to reach
normal operating temperatures. Replace corroded
valves.
10
Gum: Gum deposits usually result from using stale
gasoline. Gum is a prevalent cause of valve sticking.
The cure is to ream the valve guides and clean or
replace the valves, depending on their condition.
Overheating: An exhaust valve subject to
overheating will have a dark discoloration in the area
above the valve guide. Worn guides and faulty valve
springs may cause this condition. Also check for
clogged air intake, and blocked fins when this
condition is noted.
10.7
Section 10
Inspection and Reconditioning
Valve Guides
If a valve guide is worn beyond specifications, it will
not guide the valve in a straight line. This may result in
burnt valve faces or seats, loss of compression, and
excessive oil consumption.
To check valve guide-to-valve stem clearance,
thoroughly clean the valve guide and, using a split-ball
gauge, measure the inside diameter of the guide. Then,
using an outside micrometer, measure the diameter of
the valve stem at several points on the stem where it
moves in the valve guide. Use the largest stem diameter
to calculate the clearance by subtracting the stem
diameter from the guide diameter. If the intake
clearance exceeds 0.038/0.076 mm (0.0015/0.0030 in.)
or the exhaust clearance exceeds 0.050/0.088 mm
(0.0020/0.0035 in.), determine whether the valve stem
or guide is responsible for the excessive clearance.
The maximum (I.D.) wear on the intake valve guide is
7.134 mm (0.2809 in.) while 7.159 mm (0.2819 in.) is the
maximum allowed on the exhaust guide. The guides
are not removable but can be reamed 0.25 mm
(0.010 in.) oversize. Valves with 0.25 mm oversize
stems must then be used.
If the guides are within limits but the valve stems are
worn beyond limits, install new valves.
Valve Seat Inserts
Hardened steel alloy intake and exhaust valve seat
inserts are press fitted into the cylinder head. The
inserts are not replaceable but can be reconditioned if
not too badly pitted or distorted. If cracked or badly
warped, the cylinder head should be replaced.
Recondition the valve seat inserts following the
instructions provided with the valve seat cutter being
used. A typical cutter is shown in Figure 10-7. The final
cut should be made with an 89° cutter as specified for
the valve seat angle in Figure 10-6. Cutting the proper
45° valve face angle as specified in Figure 10-6, and the
proper valve seat angle (44.5°, half of the full 89° angle),
will achieve the desired 0.5° (1.0° full cut) interference
angle where the maximum pressure occurs on the
outside diameters of the valve face and seat.
10.8
Valve Seat Cutter
Pilot
Figure 10-7. Typical Valve Seat Cutter.
Lapping Valves
Reground or new valves must be lapped in, to provide
proper fit. Use a hand valve grinder with a suction
cup for final lapping. Lightly coat the valve face with a
“fine” grade of grinding compound, then rotate the
valve on its seat with the grinder. Continue grinding
until a smooth surface is obtained on the seat and on
the valve face. Thoroughly clean the cylinder head in
soap and hot water to remove all traces of grinding
compound. After drying the cylinder head, apply a
light coating of SAE 10 oil to prevent rusting.
Intake Valve Stem Seal
These engines use valve stem seals on the intake
valves. Always use a new seal when the valves are
removed from the cylinder head. The seals should also
be replaced if deteriorated or damaged in any way.
Never reuse an old seal.
Pistons and Rings
Inspection
Scuffing and scoring of pistons and cylinder walls
occurs when internal engine temperatures approach
the welding point of the piston. Temperatures high
enough to do this are created by friction, which is
usually attributed to improper lubrication and/or
overheating of the engine.
Normally, very little wear takes place in the piston
boss-piston pin area. If the original piston and
connecting rod can be reused after new rings are
installed, the original pin can also be reused but new
piston pin retainers are required. The piston pin is
included as part of the piston assembly – if the pin
boss in the piston or the pin are worn or damaged, a
new piston assembly is required.
Section 10
Inspection and Reconditioning
Ring failure is usually indicated by excessive oil
consumption and blue exhaust smoke. When rings
fail, oil is allowed to enter the combustion chamber
where it is burned along with the fuel. High oil
consumption can also occur when the piston ring end
gap is incorrect because the ring cannot properly
conform to the cylinder wall under this condition. Oil
control is also lost when ring gaps are not staggered
during installation.
Detonation damage occurs when a portion of the fuel
charge ignites spontaneously from heat and pressure
shortly after ignition. This creates two flame fronts
which meet and explode to create extreme hammering
pressures on a specific area of the piston. Detonation
generally occurs from using low octane fuels.
When cylinder temperatures get too high, lacquer and
varnish collect on pistons causing rings to stick, which
results in rapid wear. A worn ring usually takes on a
shiny or bright appearance.
Preignition or ignition of the fuel charge before the
timed spark can cause damage similar to detonation.
Preignition damage is often more severe than
detonation damage. Preignition is caused by a hot
spot in the combustion chamber from sources such as
glowing carbon deposits, blocked cooling fins, an
improperly seated valve, or wrong spark plug(s).
Scratches on rings and pistons are caused by abrasive
material such as carbon, dirt, or pieces of hard metal.
See Figure 10-8 for some common types of piston and
ring damage.
Stuck, Broken Rings
Abrasive Scratched Rings
Overheated or Deteriorated Oil
Scored Piston and Rings
10
Figure 10-8. Common Types of Piston Damage.
10.9
Section 10
Inspection and Reconditioning
Replacement pistons are available in STD bore size,
and in 0.25 mm (0.010 in.), and 0.50 mm (0.020 in.)
oversize. Replacement pistons include new piston ring
sets and new piston pins.
Replacement ring sets are also available separately for
STD, 0.25 mm (0.010 in.), and 0.50 mm (0.020 in.)
oversize pistons. Always use new piston rings when
installing pistons. Never use old rings.
Some important points to remember when servicing
piston rings:
1. The cylinder bore must be deglazed before
service ring sets are used.
2. If the cylinder bore does not need reboring and if
the old piston is within wear limits and free of
score or scuff marks, the old piston may be
reused.
3. Remove the old rings and clean up the grooves.
Never reuse old rings.
4. Before installing the new rings on the piston,
place the top two rings, each in turn, in its
running area in the cylinder bore and check the
end gap. (See Figure 10-9.) Compare the ring gap
to the specifications listed in Section 1.
Figure 10-10. Measuring Piston Ring Side
Clearance.
Install New Piston Rings
To install new piston rings, proceed as follows:
NOTE: Rings must be installed correctly. Ring
installation instructions are usually included
with new ring sets. Follow instructions
carefully. Use a piston ring expander to
install rings (see Figure 10-11). Install the
bottom (oil control) ring first and the top
compression ring last. Refer to Figure 10-12.
Piston Ring
Piston Ring
Expander
Figure 10-11. Installing Piston Rings.
Figure 10-9. Measuring Piston Ring End Gap.
5. After installing the new compression (top and
middle) rings on the piston, check the piston-toring side clearance. Compare the clearance to
specifications listed in Section 1. If the side
clearance is greater than specified, a new piston
must be used. Refer to Figure 10-10.
10.10
Section 10
Inspection and Reconditioning
Piston Ring
Dykem
Stripe
End Gap
Identification
Mark
Service replacement connecting rods are available in
STD crankpin size and 0.25 mm (0.010 in.) undersize.
The 0.25 mm (0.010 in.) undersized rod can be
identified by the drilled hole located in the lower end
of the rod shank. Always refer to the appropriate parts
information to ensure that correct replacements are
used.
Hydraulic Lifters
Piston
Top
Compression
Ring
Center
Compression
Ring
Rails
Oil Control Ring
(Three-piece)
Expander
Figure 10-12. Piston Ring Installation.
1. Oil Control Ring (Bottom Groove): Install the
expander and then the rails. Make sure the ends
of expander are not overlapped.
2. Middle Compression Ring (Center Groove):
Install the center ring using a piston ring
installation tool. Make sure the “identification”
mark is up or the dykem stripe (if contained) is to
the left of the end gap.
3. Top Compression Ring (Top Groove): Install the
top ring using a piston ring expender. Make sure
the “identification” mark is up or the dykem
stripe (if contained), to the left of the end gap.
Connecting Rods
Offset, stepped-cap connecting rods are used in all
these engines.
Inspection and Service
Check the bearing area (big end) for excessive wear,
score marks, running and side clearances (refer to
Section 1, “Specifications, Tolerances, and Special
Torque Values”). Replace the rod and cap if scored or
excessively worn.
Inspection
Check the base surface of the hydraulic lifters for wear
or damage. If the lifters need to be replaced, apply a
liberal coating of Kohler lubricant (see Section 2) to
the base of each new lifter before it is installed.
“Bleeding” the Lifters
To prevent a possible bent push rod or broken rocker
arm, it is important to “bleed” any excess oil out of the
lifters before they are installed.
1. Cut a 50-75 mm (2-3 in.) piece from the end of an
old push rod and chuck it in a drill press.
2. Lay a rag or shop towel on the table of the drill
press and place the lifter, open end up, on the
towel.
3. Lower the chucked push rod until it contacts the
plunger in the lifter. Slowly “pump” the plunger
two or three times to force the oil out of the feed
hole in the side of the lifter.
Closure Plate Assembly
Inspection
Inspect the oil seal in the closure plate and remove it if
it is worn or damaged. Refer to ‘‘Install Closure Plate
Oil Seal’’ in Section 11 for new oil seal installation.
Inspect the main bearing surface for wear or damage
(refer to Section 1, “Specifications, Tolerances, and
Special Torque Values”). Replace the closure plate
assembly if required.
Governor Gear Assembly
Inspection
Inspect the governor gear teeth. Replace the gear if it
is worn, chipped, or if any teeth are missing. Inspect
the governor weights. They should move freely in the
governor gear.
10.11
10
Section 10
Inspection and Reconditioning
Disassembly
The governor gear must be replaced once it is
removed from the closure plate.
NOTE: The governor gear is held onto the shaft by
small molded tabs in the gear. When the gear
is removed from the shaft, these tabs are
destroyed and the gear must be replaced.
Therefore, remove the gear only if absolutely
necessary.
1. Remove the regulating pin and governor gear
assembly. See Figure 10-13.
Reassembly
1. Install the locking tab thrust washer on the
governor gear shaft with the tab down.
2. Position the regulating pin within the governor
gear/flyweight assembly and slide both onto the
governor shaft.
Oil Pump Assembly
Disassembly
1. Remove the two hex flange screws.
2. Remove the oil pump assembly from the closure
plate.
3. Remove the oil pump rotor.
4. Remove the oil pickup by unhooking the locking
clip, and pulling it free from the oil pump body.
5. If the relief valve is like that shown in Figure
10-15, drive out the pin to remove the oil pressure
relief valve piston and spring. Refer to the
following inspection and reassembly procedures.
Figure 10-13. Removing Governor Gear.
2. Remove the locking tab thrust washer located
under the governor gear assembly.
If the relief valve is a one-piece style, staked to the
oil pump housing (See Figure 10-16) removal
should not be attempted, nor is internal servicing
possible. If a problem with the relief valve is
encountered, the oil pump should be replaced.
3. Carefully inspect the governor gear shaft and
replace it only if it is damaged. After removing
the damaged shaft, press or lightly tap the
replacement shaft into the closure plate to the
depth shown in Figure 10-14.
Gear Shaft
34.0 mm (1.3386 in.)
33.5 mm (1.3189 in.)
19.40 mm (0.7638 in.)
Relief Valve
Pickup
Figure 10-15. Oil Pump, Oil Pickup, and Relief Valve
(Original Style).
Figure 10-14. Governor Shaft Press Depth.
10.12
Section 10
Inspection and Reconditioning
3. Install the rotor.
4. Install the oil pump body to the closure plate and
secure with the two hex flange screws. Torque
the hex flange screws as follows:
a. Install fastener into location No. 1 and lightly
tighten to position pump.
b. Install fastener into location No. 2 and fully
torque to the recommended value.
Relief Valve
Pickup
Figure 10-16. Oil Pump, Oil Pickup, and One-Piece
Relief Valve (Later Style).
c. Torque fastener in location No. 1 to the
recommended value.
Inspection
Inspect the oil pump housing, gear, and rotors for
nicks, burrs, wear, or any visible damage. If any parts
are worn or damaged, replace the oil pump.
Inspect the oil pressure relief valve piston. It should be
free of nicks or burrs.
Check the spring for wear or distortion. The free
length of the spring should be approximately 47.4 mm
(1.8 in.). Replace the spring if it is distorted or worn.
See Figure 10-17.
Oil Pump Torque Sequence
First Time Installation:10.7 N·m (95 in. lb.)
All Reinstallations:
6.7 N·m (60 in. lb.)
5. After torquing, rotate the gear and check for
freedom of movement. Make sure there is no
binding. If binding occurs, loosen the screws,
reposition the pump, retorque the hex flange
screws and recheck the movement.
Piston
Spring
Roll Pin
Figure 10-17. Oil Pressure Relief Valve Piston and
Spring.
Reassembly
1. Install the pressure relief valve piston and spring.
2. Install the oil pickup to the oil pump body.
Lubricate the O-Ring with oil and make sure it
remains in the groove as the pickup is being
installed.
10.13
10
Section 10
Inspection and Reconditioning
Governor Cross Shaft Oil Seal
If the governor cross shaft seal is damaged and/or
leaks, replace it using the following procedure.
Remove the oil seal from the crankcase and replace it
with a new one. Install the new seal to the depth
shown in Figure 10-18 using a seal installer.
2.0 mm (0.0787 in.)
Governor Cross
Shaft Seal
Figure 10-18. Installing Cross Shaft Oil Seal.
10.14
6HFWLRQ
5HDVVHPEO\
6HFWLRQ
5HDVVHPEO\
*HQHUDO
DZȱ Š”Žȱœž›Žȱ‘ŽȱŽ—’—Žȱ’œȱŠœœŽ–‹•Žȱžœ’—ȱ
Š••ȱœ™ŽŒ’ꮍȱ˜›šžŽȱŸŠ•žŽœǰȱ’‘Ž—’—ȱ
œŽšžŽ—ŒŽœȱŠ—ȱŒ•ŽŠ›Š—ŒŽœǯȱŠ’•ž›Žȱ˜ȱ˜‹œŽ›ŸŽȱ
œ™ŽŒ’ęŒŠ’˜—œȱŒ˜ž•ȱŒŠžœŽȱœŽŸŽ›ŽȱŽ—’—Žȱ ŽŠ›ȱ
˜›ȱŠ–АŽǯȱ• Š¢œȱžœŽȱ—Ž ȱŠœ”Žœǯȱ™™•¢ȱŠȱ
œ–Š••ȱŠ–˜ž—ȱ˜ȱ˜’•ȱ˜ȱ‘Žȱ‘›ŽŠœȱ˜ȱŒ›’’ŒŠ•ȱ
ŠœŽ—Ž›œȱ‹Ž˜›ŽȱŠœœŽ–‹•¢ǰȱž—•ŽœœȱŠȱŽŠ•Š—ȱ˜›ȱ
˜Œ’Žțȱ’œȱœ™ŽŒ’ꮍȱ˜›ȱ™›ŽŠ™™•’Žǯȱ
Š”Žȱœž›ŽȱŠ••ȱ›ŠŒŽœȱ˜ȱŠ—¢ȱŒ•ŽŠ—Ž›ȱŠ›Žȱ›Ž–˜ŸŽȱ‹Ž˜›Žȱ
‘ŽȱŽ—’—Žȱ’œȱŠœœŽ–‹•ŽȱŠ—ȱ™•ŠŒŽȱ’—˜ȱ˜™Ž›Š’˜—ǯȱ
ŸŽ—ȱœ–Š••ȱŠ–˜ž—œȱ˜ȱ‘ŽœŽȱŒ•ŽŠ—Ž›œȱŒŠ—ȱšž’Œ”•¢ȱ
‹›ŽŠ”ȱ˜ —ȱ‘Žȱ•ž‹›’ŒŠ’—ȱ™›˜™Ž›’Žœȱ˜ȱŽ—’—Žȱ˜’•ǯ
‘ŽŒ”ȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽǰȱŒ›Š—”ŒŠœŽǰȱŒ¢•’—Ž›ȱ‘ŽŠœǰȱ
Š—ȱŸŠ•ŸŽȱŒ˜ŸŽ›œȱ˜ȱ‹ŽȱŒŽ›Š’—ȱ‘ŠȱŠ••ȱ˜•ȱœŽŠ•’—ȱ
–ŠŽ›’Š•ȱ‘Šœȱ‹ŽŽ—ȱ›Ž–˜ŸŽǯȱœŽȱŠœ”Žȱ›Ž–˜ŸŽ›ǰȱ
•ŠŒšžŽ›ȱ‘’——Ž›ǰȱ˜›ȱ™Š’—ȱ›Ž–˜ŸŽ›ȱ˜ȱ›Ž–˜ŸŽȱŠ—¢ȱ
›Ž–Š’—’—ȱ›ŠŒŽœǯȱ•ŽŠ—ȱ‘Žȱœž›ŠŒŽœȱ ’‘ȱ’œ˜™›˜™¢•ȱ
Š•Œ˜‘˜•ǰȱŠŒŽ˜—Žǰȱ•ŠŒšžŽ›ȱ‘’——Ž›ǰȱ˜›ȱŽ•ŽŒ›’ŒŠ•ȱŒ˜—ŠŒȱ
Œ•ŽŠ—Ž›ǯ
ŗŚǯȱ
ŗśǯȱ
ȱŗŜǯȱ
ŗŝǯȱ
ȱŗŞǯȱ
ȱŗşǯȱ
ȱŘŖǯȱ
ȱŘŗǯȱ
ȱŘŘǯȱ
ȱŘřǯȱ
ȱŘŚǯȱ
ȱŘśǯȱ
ȱŘŜǯȱ
Řŝǯȱ
ŘŞǯȱ
—œŠ••ȱ’—Š”Žȱ–Š—’˜•ǯȱ
—œŠ••ȱ‹›ŽŠ‘Ž›ȱŒ˜ŸŽ›ȱŠ—ȱ’——Ž›ȱ‹ŠĝŽœǯ
—œŠ••ȱ‹•˜ Ž›ȱ‘˜žœ’—ȱŠ—ȱ˜žŽ›ȱ‹ŠĝŽœǯ
—œŠ••ȱŽ•ŽŒ›’ŒȱœŠ›Ž›ȱ–˜˜›ǯ
—œŠ••ȱžŽ•ȱ™ž–™ǯ
—œŠ••ȱŒŠ›‹ž›Ž˜›ǯ
—œŠ••ȱŽ¡Ž›—Š•ȱ˜ŸŽ›—˜›ȱŒ˜—›˜•œǯ
—œŠ••ȱ‘›˜Ĵ•ŽȱŠ—ȱŒ‘˜”ŽȱŒ˜—›˜•œǯ
—œŠ••ȱ’•ȱŽ—›¢Ȝǯ
—œŠ••ȱŒ˜—›˜•ȱ™Š—Ž•ȱǻ’ȱœ˜ȱŽšž’™™ŽǼǯ
—œŠ••ȱŸŠ•ŸŽȱŒ˜ŸŽ›œǯ
—œŠ••ȱŠ’›ȱŒ•ŽŠ—Ž›ȱŠœœŽ–‹•¢ȱǻœŽŽȱŽŒ’˜—ȱŚǼǯ
—œŠ••ȱ–žĝŽ›ǯ
—œŠ••ȱ˜’•ȱꕝŽ›ȱŠ—ȱꕕȱŒ›Š—”ŒŠœŽȱ ’‘ȱ˜’•ǯ
˜——ŽŒȱœ™Š›”ȱ™•žȱ•ŽŠœǯ
,QVWDOO)O\ZKHHO(QG2LO6HDO
ȱ ŗǯȱ Š”Žȱœž›Žȱ‘Šȱ‘ŽȱœŽŠ•ȱ‹˜›Žȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ’œȱ
Œ•ŽŠ—ȱŠ—ȱ›ŽŽȱ˜ȱŠ—¢ȱ—’Œ”œȱ˜›ȱ‹ž››œǯȱŽŽȱ’ž›Žȱ
ŗŗȬŗǯ
7\SLFDO5HDVVHPEO\6HTXHQFH
‘Žȱ˜••˜ ’—ȱœŽšžŽ—ŒŽȱ’œȱœžŽœŽȱ˜›ȱŒ˜–™•ŽŽȱ
Ž—’—Žȱ›ŽŠœœŽ–‹•¢ǯȱ‘’œȱ™›˜ŒŽž›ŽȱŠœœž–Žœȱ‘ŠȱŠ••ȱ
Œ˜–™˜—Ž—œȱŠ›Žȱ—Ž ȱ˜›ȱ‘ŠŸŽȱ‹ŽŽ—ȱ›ŽŒ˜—’’˜—ŽǰȱŠ—ȱ
Š••ȱŒ˜–™˜—Ž—ȱœž‹ŠœœŽ–‹•¢ȱ ˜›”ȱ‘Šœȱ‹ŽŽ—ȱŒ˜–™•ŽŽǯȱ
‘ŽȱœŽšžŽ—ŒŽȱ–Š¢ȱŸŠ›¢ȱ˜ȱŠŒŒ˜––˜ŠŽȱ˜™’˜—œȱ˜›ȱ
œ™ŽŒ’Š•ȱŽšž’™–Ž—ǯȱŽŠ’•Žȱ™›˜ŒŽž›Žœȱ˜••˜ DZ
ȱ ŗǯȱ
ȱ Řǯȱ
ȱ řǯȱ
ȱ Śǯȱ
ȱ śǯȱ
ȱ Ŝǯȱ
ȱ ŝǯȱ
ȱ Şǯȱ
ȱ şǯȱ
ȱŗŖǯȱ
ȱŗŗǯȱ
ȱŗŘǯȱ
ȱŗřǯȱ
—œŠ••ȱĚ¢ ‘ŽŽ•ȱŽ—ȱ˜’•ȱœŽŠ•ǯ
—œŠ••ȱ˜ŸŽ›—˜›ȱŒ›˜œœȱœ‘ŠĞǯ
—œŠ••ȱŒ›Š—”œ‘ŠĞǯ
—œŠ••ȱŒ˜——ŽŒ’—ȱ›˜œȱ ’‘ȱ™’œ˜—œȱŠ—ȱ›’—œǯ
—œŠ••ȱŒŠ–œ‘ŠĞǯ
—œŠ••ȱŒ•˜œž›Žȱ™•ŠŽȱŠœœŽ–‹•¢ǯ
—œŠ••ȱœŠ˜›ȱŠ—ȱ‹ŠŒ”’—ȱ™•ŠŽœǯ
—œŠ••ȱĚ¢ ‘ŽŽ•ǯ
—œŠ••ȱŠ—ȱŠ—ȱ›ŠœœȱœŒ›ŽŽ—ǯ
—œŠ••ȱ‘¢›Šž•’Œȱ•’ĞŽ›œǯ
—œŠ••ȱŒ¢•’—Ž›ȱ‘ŽŠœǯ
—œŠ••ȱ™žœ‘ȱ›˜œȱŠ—ȱ›˜Œ”Ž›ȱŠ›–œǯ
—œŠ••ȱ’—’’˜—ȱ–˜ž•Žœǯ
)LJXUH6HDO%RUHRI&UDQNFDVH
ȱ Řǯȱ ™™•¢ȱŠȱ•’‘ȱŒ˜Šȱ˜ȱŒ•ŽŠ—ȱŽ—’—Žȱ˜’•ȱ˜ȱ‘Žȱ
˜žœ’Žȱ’Š–ŽŽ›ȱ˜ȱ‘Žȱ˜’•ȱœŽŠ•ǯ
ȱ řǯȱ ›’ŸŽȱ‘Žȱ˜’•ȱœŽŠ•ȱ’—˜ȱ‘ŽȱŒ›Š—”ŒŠœŽȱžœ’—ȱŠȱœŽŠ•ȱ
›’ŸŽ›ǯȱŠ”Žȱœž›Žȱ‘Žȱ˜’•ȱœŽŠ•ȱ’œȱ’—œŠ••Žȱœ›Š’‘ȱ
Š—ȱ›žŽȱ’—ȱ‘Žȱ‹˜›ŽȱŠ—ȱ‘Šȱ‘Žȱ˜˜•ȱ‹˜Ĵ˜–œȱ
АВ—œȱ‘ŽȱŒ›Š—”ŒŠœŽǯȱŽŽȱ’ž›ŽȱŗŗȬŘǯ
6HFWLRQ
5HDVVHPEO\
)LJXUH,QVWDOOLQJ2LO6HDO
)LJXUH,QVWDOOLQJ*RYHUQRU&URVV6KDIW+LWFK
3LQPP6KDIW
,QVWDOO*RYHUQRU&URVV6KDIW
ȱ ŗǯȱ ž‹›’ŒŠŽȱ‘Žȱ˜ŸŽ›—˜›ȱŒ›˜œœȱœ‘ŠĞȱ‹ŽŠ›’—ȱ
œž›ŠŒŽœȱ’—ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ ’‘ȱŽ—’—Žȱ˜’•ǯ
ȱ Řǯȱ •’Žȱ‘Žȱœ–Š••ȱ•˜ Ž›ȱ Šœ‘Ž›ȱ˜—˜ȱ‘Žȱ˜ŸŽ›—˜›ȱ
Œ›˜œœȱœ‘ŠĞȱŠ—ȱ’—œŠ••ȱ‘ŽȱŒ›˜œœȱœ‘ŠĞȱ›˜–ȱ‘Žȱ
’—œ’Žȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽǯ
ȱ řǯȱ Ŝȱ––ȱ˜ŸŽ›—˜›ȱ‘ŠĞDZȱ—œŠ••ȱ‘Žȱ™•Š’—ȱ Šœ‘Ž›ȱ
Š—ȱ‘Ž—ȱ’—œŽ›ȱ‘Žȱ‘’Œ‘ȱ™’—ȱ’—˜ȱ‘Žȱœ–Š••Ž›ǰȱ
•˜ Ž›ȱ‘˜•Žȱ˜ȱ‘Žȱ˜ŸŽ›—˜›ȱŒ›˜œœȱœ‘ŠĞǯȱŽŽȱ
’ž›ŽœȱŗŗȬřȱŠ—ȱŗŗȬŚǯ
ȱ ȱ Şȱ––ȱ˜ŸŽ›—˜›ȱ‘ŠĞDZȱ—œŠ••ȱ‘Žȱ—¢•˜—ȱ Šœ‘Ž›ȱ
˜—˜ȱ‘Žȱ˜ŸŽ›—˜›ȱŒ›˜œœȱœ‘ŠĞǰȱ‘Ž—ȱœŠ›ȱ‘Žȱ
™žœ‘Ȭ˜—ȱ›ŽŠ’—’—ȱ›’—ǯȱ
˜•ȱ‘ŽȱŒ›˜œœȱœ‘ŠĞȱž™ȱ
’—ȱ™˜œ’’˜—ǰȱ™•ŠŒŽȱŠȱŖǯśŖȱ––ȱǻŖǯŖŘŖȱ’—ǯǼȱŽŽ•Ž›ȱ
ŠžŽȱ˜—ȱ˜™ȱ˜ȱ‘Žȱ—¢•˜—ȱ Šœ‘Ž›ǰȱŠ—ȱ™žœ‘ȱ‘Žȱ
›ŽŠ’—’—ȱ›’—ȱ˜ —ȱ‘Žȱœ‘ŠĞȱ˜ȱœŽŒž›ŽǯȱŽ–˜ŸŽȱ
‘ŽȱŽŽ•Ž›ȱŠžŽǰȱ ‘’Œ‘ȱ ’••ȱ‘ŠŸŽȱŽœŠ‹•’œ‘Žȱ‘Žȱ
™›˜™Ž›ȱŽ—ȱ™•Š¢ǯȱŽŽȱ’ž›ŽœȱŗŗȬśȱŠ—ȱŗŗȬŜǯ
)LJXUH,QVWDOOLQJPP*RYHUQRU&URVV6KDIW
)LJXUH6HWWLQJ*RYHUQRU&URVV6KDIW(QG
3OD\PP6KDIW
,QVWDOO&UDQNVKDIW
)LJXUH,QVWDOOLQJPP*RYHUQRU&URVV6KDIW
ȱ ŗǯȱ Š›Žž••¢ȱœ•’Žȱ‘ŽȱĚ¢ ‘ŽŽ•ȱŽ—ȱ˜ȱ‘ŽȱŒ›Š—”œ‘ŠĞȱ
‘›˜ž‘ȱ‘Žȱ–Š’—ȱ‹ŽŠ›’—ȱ’—ȱ‘ŽȱŒ›Š—”ŒŠœŽǯȱŽŽȱ
’ž›ŽȱŗŗȬŝǯ
6HFWLRQ
5HDVVHPEO\
ȱ Řǯȱ ž‹›’ŒŠŽȱ‘ŽȱŒ¢•’—Ž›ȱ‹˜›Žǰȱ™’œ˜—ǰȱŠ—ȱ™’œ˜—ȱ
›’—œȱ ’‘ȱŽ—’—Žȱ˜’•ǯȱ˜–™›Žœœȱ‘Žȱ›’—œȱ˜ȱ‘Žȱ
Ǜŗȱ™’œ˜—ȱžœ’—ȱŠȱ™’œ˜—ȱ›’—ȱŒ˜–™›Žœœ˜›ǯ
ȱ řǯȱ ž‹›’ŒŠŽȱ‘ŽȱŒ›Š—”œ‘ŠĞȱ“˜ž›—Š•œȱŠ—ȱŒ˜——ŽŒ’—ȱ
›˜ȱ‹ŽŠ›’—ȱœž›ŠŒŽœȱ ’‘ȱŽ—’—Žȱ˜’•ǯ
ȱ Śǯȱ Š”Žȱœž›Žȱ‘Žȱȃ•¢ȄȱœŠ–™’—ȱ˜—ȱ™’œ˜—ȱ’œȱŠŒ’—ȱ
˜ Š›œȱ‘ŽȱĚ¢ ‘ŽŽ•ȱœ’Žȱ˜ȱ‘ŽȱŽ—’—ŽǯȱœŽȱŠȱ
‘Š––Ž›ȱ ’‘ȱŠȱ›ž‹‹Ž›ȱ›’™ȱŠ—ȱŽ—•¢ȱŠ™ȱ‘Žȱ
™’œ˜—ȱ’—˜ȱ‘ŽȱŒ¢•’—Ž›ȱŠœȱœ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬşǯȱ
ŽȱŒŠ›Žž•ȱ‘Šȱ‘Žȱ˜’•ȱ›’—ȱ›Š’•œȱ˜ȱ—˜ȱœ™›’—ȱ›ŽŽȱ
‹Ž ŽŽ—ȱ‘Žȱ‹˜Ĵ˜–ȱ˜ȱ‘Žȱ›’—ȱŒ˜–™›Žœœ˜›ȱŠ—ȱ
˜™ȱ˜ȱ‘ŽȱŒ¢•’—Ž›ǯ
)LJXUH,QVWDOOLQJ&UDQNVKDIW
,QVWDOO&RQQHFWLQJ5RGVZLWK3LVWRQVDQG
5LQJV
DZȱ ‘ŽȱŒ¢•’—Ž›œȱŠ›Žȱ—ž–‹Ž›Žȱ˜—ȱ‘ŽȱŒ›Š—”ŒŠœŽǯȱ
Š”Žȱœž›Žȱ˜ȱ’—œŠ••ȱ‘Žȱ™’œ˜—ǰȱŒ˜——ŽŒ’—ȱ
›˜ȱŠ—ȱŽ—ȱŒŠ™ȱ’—˜ȱ’œȱŠ™™›˜™›’ŠŽȱŒ¢•’—Ž›ȱ
‹˜›ŽȱŠœȱ™›ŽŸ’˜žœ•¢ȱ–Š›”ŽȱŠȱ’œŠœœŽ–‹•¢ǯȱ
˜ȱ—˜ȱ–’¡ȱ‘ŽȱŽ—ȱŒŠ™œȱŠ—ȱŒ˜——ŽŒ’—ȱ
›˜œǯ
DZȱ ›˜™Ž›ȱ˜›’Ž—Š’˜—ȱ˜ȱ‘Žȱ™’œ˜—ȦŒ˜——ŽŒ’—ȱ
›˜ȱŠœœŽ–‹•’Žœȱ’—œ’Žȱ‘ŽȱŽ—’—Žȱ’œȱŽ¡›Ž–Ž•¢ȱ
’–™˜›Š—ǯȱ–™›˜™Ž›ȱ˜›’Ž—Š’˜—ȱŒŠ—ȱŒŠžœŽȱ
Ž¡Ž—œ’ŸŽȱ ŽŠ›ȱ˜›ȱŠ–АŽǯȱŽȱŒŽ›Š’—ȱ‘Žȱ
™’œ˜—œȱŠ—ȱŒ˜——ŽŒ’—ȱ›˜œȱŠ›ŽȱŠœœŽ–‹•Žȱ
Ž¡ŠŒ•¢ȱŠœȱœ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬŞǯ
ȱ ŗǯȱ ŠŽ›ȱ‘Žȱ™’œ˜—ȱ›’—œȱ’—ȱ‘Žȱ›˜˜ŸŽœȱž—’•ȱ‘Žȱ
Ž—ȱŠ™œȱŠ›ŽȱŗŘŖǚȱЙЛǯȱ‘Žȱ˜’•ȱ›’—ȱ›Š’•œȱœ‘˜ž•ȱ
Š•œ˜ȱ‹ŽȱœŠŽ›Žǯȱ
)LJXUH,QVWDOOLQJ3LVWRQ$VVHPEO\8VLQJ5LQJ
&RPSUHVVRU7RRO
ȱ śǯȱ —œŠ••ȱ‘Žȱ’——Ž›ȱ›˜ȱŒŠ™ȱ˜ȱ‘ŽȱŒ˜——ŽŒ’—ȱ›˜ȱ
žœ’—ȱ‘Žȱ ˜ȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œǯȱ‘›ŽŽȱ’ěŽ›Ž—ȱ
¢™Žœȱ˜ȱŒ˜——ŽŒ’—ȱ›˜ȱ‹˜•œȱ‘ŠŸŽȱ‹ŽŽ—ȱžœŽȱŠ—ȱ
ŽŠŒ‘ȱ‘ŠœȱŠȱ’ěŽ›Ž—ȱ˜›šžŽȱŸŠ•žŽǯȱȱŞȱ––ȱœ›Š’‘ȱ
œ‘Š—”ȱ¢™Žȱ‹˜•œȱŠ›ŽȱžœŽǰȱ˜›šžŽȱ’—ȱ’—Œ›Ž–Ž—œȱ
˜ȱŘŘǯŝȱȉ–ȱǻŘŖŖȱ’—ǯȱ•‹ǯǼǯȱȱŞȱ––ȱœŽ™Ȭ˜ —ȱ‹˜•œȱ
Š›ŽȱžœŽǰȱ˜›šžŽȱ’—ȱ’—Œ›Ž–Ž—œȱ˜ȱŗŚǯŝȱȉ–ȱ
ǻŗřŖȱ’—ǯȱ•‹ǯǼǯȱȱŜȱ––ȱœ›Š’‘ȱœ‘Š—”ȱ‹˜•œȱŠ›Žȱ
žœŽǰȱ˜›šžŽȱ’—ȱ’—Œ›Ž–Ž—œȱ˜ȱŗŗǯřȱȉ–ȱǻŗŖŖȱ’—ǯȱ
•‹ǯǼǯȱ••žœ›ŠŽȱ’—œ›žŒ’˜—œȱŠ›Žȱ™›˜Ÿ’Žȱ’—ȱ‘Žȱ
œŽ›Ÿ’ŒŽȱ›˜ȱ™ŠŒ”АŽǯȱŽŽȱ’ž›ŽœȱŗŗȬŗŖȱŠ—ȱŗŗȬŗŗǯ
&\OLQGHU
&\OLQGHU
)LJXUH3LVWRQ&RQQHFWLQJ5RGDQG(QG&DS
'HWDLO
DZȱ •’—ȱ‘ŽȱŒ‘Š–Ž›ȱ˜ȱ‘ŽȱŒ˜——ŽŒ’—ȱ
›˜ȱ ’‘ȱ‘ŽȱŒ‘Š–Ž›ȱ˜ȱ’œȱ–Š’—ȱŽ—ȱ
ŒŠ™ǯȱ‘Ž—ȱ’—œŠ••Žǰȱ‘Žȱ̊ȱŠŒŽœȱ˜ȱ‘Žȱ
Œ˜——ŽŒ’—ȱ›˜œȱœ‘˜ž•ȱŠŒŽȱŽŠŒ‘ȱ˜‘Ž›ǯȱ
‘ŽȱŠŒŽœȱ ’‘ȱ‘Žȱ›Š’œŽȱ›’‹ȱœ‘˜ž•ȱ‹Žȱ
˜ Š›ȱ‘Žȱ˜žœ’Žǯ
6HFWLRQ
5HDVVHPEO\
7RUTXHWKHVHWR1ÂPLQOE
PP6WUDLJKW6KDQN
7RUTXHWKHVHWR1ÂPLQOE
PP6WHS'RZQ
7RUTXHWKHVHWR1ÂPLQOE
PP6WUDLJKW6KDQN
)LJXUH$SSO\&DPVKDIW/XEULFDQWWR&DP
/REHV
ȱ Řǯȱ ˜œ’’˜—ȱ‘Žȱ’–’—ȱ–Š›”ȱ˜ȱ‘ŽȱŒ›Š—”œ‘ŠĞȱŽŠ›ȱŠȱ
‘ŽȱŗŘȱ˜ȂŒ•˜Œ”ȱ™˜œ’’˜—ǯ
)LJXUH&RQQHFWLQJ5RG%ROWV
ȱ řǯȱ ž›—ȱ‘Žȱ˜ŸŽ›—˜›ȱŒ›˜œœȱœ‘ŠĞȱŒ•˜Œ” ’œŽȱž—’•ȱ‘Žȱ
•˜ Ž›ȱŽ—ȱ˜ȱ‘Žȱœ‘ŠĞȱŒ˜—ŠŒœȱ‘ŽȱŒ¢•’—Ž›ǯȱŠ”Žȱ
œž›Žȱ‘ŽȱŒ›˜œœȱœ‘ŠĞȱ›Ž–Š’—œȱ’—ȱ‘’œȱ™˜œ’’˜—ȱ ‘’•Žȱ
’—œŠ••’—ȱ‘ŽȱŒŠ–œ‘ŠĞǯȱŽŽȱ’ž›ŽȱŗŗȬŗřǯ
ȱ Śǯȱ •’Žȱ‘ŽȱŒŠ–œ‘ŠĞȱ’—˜ȱ‘Žȱ‹ŽŠ›’—ȱœž›ŠŒŽȱ˜ȱ‘Žȱ
Œ›Š—”ŒŠœŽǰȱ™˜œ’’˜—’—ȱ‘Žȱ’–’—ȱ–Š›”ȱ˜ȱ‘Žȱ
ŒŠ–œ‘ŠĞȱŽŠ›ȱŠȱ‘ŽȱŜȱ˜ȂŒ•˜Œ”ȱ™˜œ’’˜—ǯȱŠ”Žȱœž›Žȱ
‘Šȱ‘ŽȱŒŠ–œ‘ŠĞȱŽŠ›ȱŠ—ȱŒ›Š—”œ‘ŠĞȱŽŠ›ȱ–Žœ‘ǰȱ
’‘ȱ‹˜‘ȱ’–’—ȱ–Š›”œȱŠ•’—ŽǯȱŽŽȱ’ž›ŽȱŗŗȬŗřǯ
)LJXUH7RUTXLQJ&RQQHFWLQJ5RG(QG&DS
ȱ Ŝǯȱ Ž™ŽŠȱ‘ŽȱŠ‹˜ŸŽȱ™›˜ŒŽž›Žȱ˜›ȱ‘Žȱ˜‘Ž›ȱ
Œ˜——ŽŒ’—ȱ›˜ȱŠ—ȱ™’œ˜—ȱŠœœŽ–‹•¢ǯ
*RYHUQRU
&URVV6KDIW
7LPLQJ
0DUNV
,QVWDOO&DPVKDIW
ȱ ŗǯȱ ’‹Ž›Š••¢ȱŠ™™•¢ȱŒŠ–œ‘ŠĞȱ•ž‹›’ŒŠ—ȱǻœŽŽȱŽŒ’˜—ȱŘǼȱ
˜ȱŽŠŒ‘ȱ˜ȱ‘ŽȱŒŠ–ȱ•˜‹Žœǯȱž‹›’ŒŠŽȱ‘ŽȱŒŠ–œ‘ŠĞȱ
‹ŽŠ›’—ȱœž›ŠŒŽœȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽȱŠ—ȱ‘Žȱ
ŒŠ–œ‘ŠĞȱ ’‘ȱŽ—’—Žȱ˜’•ǯȱŽŽȱ’ž›ŽȱŗŗȬŗŘǯ
)LJXUH$OLJQLQJ&UDQNVKDIWDQG&DPVKDIW
7LPLQJ0DUNV
'HWHUPLQLQJ&DPVKDIW(QG3OD\
ȱ ŗǯȱ —œŠ••ȱ‘Žȱœ‘’–ȱ›Ž–˜ŸŽȱž›’—ȱ’œŠœœŽ–‹•¢ȱ
˜—˜ȱ‘ŽȱŒŠ–œ‘ŠĞǯ
ȱ Řǯȱ ˜œ’’˜—ȱ‘ŽȱŒŠ–œ‘ŠĞȱŽ—ȱ™•Š¢ȱŒ‘ŽŒ”’—ȱ˜˜•ȱ˜—ȱ
‘ŽȱŒŠ–œ‘ŠĞǯȱŽŽȱ’ž›ŽȱŗŗȬŗŚǯ
6HFWLRQ
5HDVVHPEO\
ȱ śǯȱ Ž’—œŠ••ȱ‘ŽȱŽ—ȱ™•Š¢ȱŒ‘ŽŒ”’—ȱ˜˜•ȱŠ—ȱ›ŽŒ‘ŽŒ”ȱ
‘ŽȱŽ—ȱ™•Š¢ǯ
2LO3XPS$VVHPEO\
‘Žȱ˜’•ȱ™ž–™ȱ’œȱ–˜ž—Žȱ’—œ’Žȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽǯȱȱ
œŽ›Ÿ’ŒŽȱ Šœȱ›Žšž’›ŽǰȱŠ—ȱ‘Žȱ˜’•ȱ™ž–™ȱ Šœȱ›Ž–˜ŸŽǰȱ
›ŽŽ›ȱ˜ȱ‘ŽȱŠœœŽ–‹•¢ȱ™›˜ŒŽž›Žœȱž—Ž›ȱȃ’•ȱž–™ȱ
œœŽ–‹•¢Ȅȱ’—ȱŽŒ’˜—ȱŗŖǯ
*RYHUQRU*HDU$VVHPEO\
)LJXUH&KHFNLQJ&DPVKDIW(QG3OD\
ȱ řǯȱ ™™•¢ȱ™›Žœœž›Žȱ˜—ȱ‘ŽȱŒŠ–œ‘ŠĞȱŽ—ȱ™•Š¢ȱ
Œ‘ŽŒ”’—ȱ˜˜•ȱǻ™žœ‘’—ȱŒŠ–œ‘ŠĞȱ˜ Š›ȱ
Œ›Š—”œ‘ŠĞǼǯȱœŽȱŠȱŽŽ•Ž›ȱŠžŽȱ˜ȱ–ŽŠœž›Žȱ‘Žȱ
ŒŠ–œ‘ŠĞȱŽ—ȱ™•Š¢ȱ‹Ž ŽŽ—ȱ‘Žȱœ‘’–ȱœ™ŠŒŽ›ȱŠ—ȱ
‘ŽȱŒ‘ŽŒ”’—ȱ˜˜•ǯȱŠ–œ‘ŠĞȱŽ—ȱ™•Š¢ȱœ‘˜ž•ȱ‹Žȱ
ŖǯŖŝŜȦŖǯŗŘŝȱ––ȱǻŖǯŖŖřȦŖǯŖŖśȱ’—ǯǼǯ
ȱ Śǯȱ ȱ‘ŽȱŒŠ–œ‘ŠĞȱŽ—ȱ™•Š¢ȱ’œȱ—˜ȱ ’‘’—ȱ‘Žȱ
œ™ŽŒ’ꮍȱ›Š—Žǰȱ›Ž–˜ŸŽȱ‘ŽȱŒ‘ŽŒ”’—ȱ˜˜•ȱŠ—ȱ
›Ž™•ŠŒŽȱ‘Žȱœ‘’–ȱŠœȱ—ŽŒŽœœŠ›¢ǯȱ
‘Žȱ˜ŸŽ›—˜›ȱŽŠ›ȱŠœœŽ–‹•¢ȱ’œȱ•˜ŒŠŽȱ’—œ’Žȱ‘Žȱ
Œ•˜œž›Žȱ™•ŠŽǯȱȱœŽ›Ÿ’ŒŽȱ Šœȱ›Žšž’›ŽǰȱŠ—ȱ‘Žȱ
˜ŸŽ›—˜›ȱ Šœȱ›Ž–˜ŸŽǰȱ›ŽŽ›ȱ˜ȱ‘ŽȱŠœœŽ–‹•¢ȱ
™›˜ŒŽž›Žœȱž—Ž›ȱȃ˜ŸŽ›—˜›ȱŽŠ›ȱœœŽ–‹•¢Ȅȱ’—ȱ
ŽŒ’˜—ȱŗŖǯ
7KUXVW%HDULQJ:DVKHUDQG6KLP
˜–Žȱœ™ŽŒ’ęŒŠ’˜—œȱžœŽȱŠȱ—ŽŽ•Žȱ¢™Žȱ‘›žœȱ‹ŽŠ›’—ǰȱ
‘›žœȱ Šœ‘Ž›ȱŠ—ȱœ‘’–ȱœ™ŠŒŽ›ȱ˜ȱŒ˜—›˜•ȱ‘ŽȱŽ—ȱ
™•Š¢ȱ˜ȱ‘ŽȱŒ›Š—”œ‘ŠĞǯȱŽŽȱ’ž›ŽȱŗŗȬŗŜǯȱȱ‘ŽœŽȱ’Ž–œȱ
Š›Žȱ—˜Žȱž›’—ȱ’œŠœœŽ–‹•¢ǰȱ–Š”Žȱœž›Žȱ‘Ž¢ȱŠ›Žȱ
›Ž’—œŠ••Žȱ’—ȱ‘ŽȱœŽšžŽ—ŒŽȱœ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬŗŝǯȱȱ
’ěŽ›Ž—ȱ™›˜ŒŽž›Žȱ ’••ȱ‘ŠŸŽȱ˜ȱ‹Žȱ˜••˜ Žȱ˜ȱŒ‘ŽŒ”ȱ
Š—ȱŠ“žœȱŒ›Š—”œ‘ŠĞȱŽ—ȱ™•Š¢ȱ˜—ȱ‘ŽœŽȱ–˜Ž•œǯ
ŽŸŽ›Š•ȱŒ˜•˜›ȱŒ˜Žȱœ‘’–œȱŠ›ŽȱŠŸŠ’•Š‹•ŽDZ
‘’ŽDZȱ ŖǯŜşŘŗśȦŖǯŝřŖŘśȱ––ȱǻŖǯŖŘŝŘśȦŖǯŖŘŞŝśȱ’—ǯǼ
•žŽDZȱ ŖǯŝŚŘşśȦŖǯŝŞŗŖśȱ––ȱǻŖǯŖŘşŘśȦŖǯŖřŖŝśȱ’—ǯǼ
ŽDZȱȱ
ŖǯŝşřŝśȦŖǯŞřŗŞśȱ––ȱǻŖǯŖřŗŘśȦŖǯŖřŘŝśȱ’—ǯǼ
Ž••˜ DZȱ ŖǯŞŚŚśśȦŖǯŞŞŘŜśȱ––ȱǻŖǯŖřřŘśȦŖǯŖřŚŝśȱ’—ǯǼ
›ŽŽ—DZȱ ŖǯŞşśřśȦŖǯşşřŚśȱ––ȱǻŖǯŖřśŘśȦŖǯŖřŜŝśȱ’—ǯǼ
›Š¢DZȱ ŖǯşŚŜŗśȦŖǯşŞŚŘśȱ––ȱǻŖǯŖřŝŘśȦŖǯŖřŞŝśȱ’—ǯǼ
•ŠŒ”DZȱ ŖǯşşŜşśȦŗǯŖřśŖśȱ––ȱǻŖǯŖřşŘśȦŖǯŖŚŖŝśȱ’—ǯǼ
)LJXUH7KUXVW%HDULQJ:DVKHUDQG6KLP
8VHGRQ6RPH0RGHOV
)LJXUH&KDQJH6KLPWR2EWDLQ&RUUHFW(QG
3OD\
6HFWLRQ
5HDVVHPEO\
Ž–˜ŸŽȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽǯȱȱŽ—ȱ™•Š¢ȱ›Žšž’›Žœȱ
Š“žœ–Ž—ǰȱ›Ž–˜ŸŽȱ‘Žȱ˜›’’—Š•ȱœ™ŠŒŽ›ȱŠ—ȱ’—œŠ••ȱ‘Žȱ
Š™™›˜™›’ŠŽȱœ’£Žȱœ‘’–ȱœ™ŠŒŽ›ȱ’—ȱ’œȱ™•ŠŒŽǯȱ‘Ž—ȱ˜••˜ ȱ
‘Žȱ™›˜ŒŽž›Žȱž—Ž›ȱȃ—œŠ••ȱ•˜œž›Žȱ•ŠŽȱœœŽ–‹•¢ǯȄ
7KUXVW6KLP
7KUXVW
:DVKHU
1HHGOH7KUXVW
%HDULQJ
,QVWDOO&ORVXUH3ODWH2LO6HDO
ȱ ŗǯȱ ‘ŽŒ”ȱ˜ȱ–Š”Žȱœž›Žȱ‘Šȱ‘Ž›ŽȱŠ›Žȱ—˜ȱ—’Œ”œȱ˜›ȱ
‹ž››œȱ’—ȱ‘ŽȱŒ›Š—”œ‘ŠĞȱ‹˜›Žȱ˜ȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽǯ
ȱ Řǯȱ ™™•¢ȱŠȱ•’‘ȱŒ˜Šȱ˜ȱŽ—’—Žȱ˜’•ȱ˜ȱ‘Žȱ˜žœ’Žȱ
’Š–ŽŽ›ȱ˜ȱ‘Žȱ˜’•ȱœŽŠ•ǯ
ȱ řǯȱ ›’ŸŽȱ‘Žȱ˜’•ȱœŽŠ•ȱ’—˜ȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽȱžœ’—ȱŠȱ
œŽŠ•ȱ›’ŸŽ›ǯȱŠ”Žȱœž›Žȱ‘Žȱ˜’•ȱœŽŠ•ȱ’œȱ’—œŠ••Žȱ
œ›Š’‘ȱŠ—ȱ›žŽȱ’—ȱ‘Žȱ‹˜›Žȱ˜ȱ‘ŽȱŽ™‘ȱœ‘˜ —ȱ
’—ȱ’ž›ŽȱŗŗȬŗŞǯ
%HDULQJ
5DFH
&ORVXUH
3ODWH
2LO6HDO
)LJXUH&RUUHFW6HTXHQFHRI7KUXVW%HDULQJ
:DVKHUDQG6KLPLQ&ORVXUH3ODWH
‘Žȱ›ŠŒŽȱ˜›ȱ‘Žȱ‘›žœȱ‹ŽŠ›’—ȱ™›ŽœœŽœȱ•˜˜œŽ•¢ȱ’—˜ȱ
‘ŽȱŒ•˜œž›Žȱ™•ŠŽǯȱȱ’ȱ’œȱ—˜ȱŠ•›ŽŠ¢ȱ’—œŠ••Žǰȱ™žœ‘ȱ’ȱ
’—˜ȱ‘ŽȱŒ›Š—”œ‘ŠĞȱ‹˜›Žȱ’—œ’Žȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽǯȱŠŒ”ȱ
‘Žȱ‘›žœȱ‹ŽŠ›’—ȱ ’‘ȱ‘ŽŠŸ¢ȱ›ŽŠœŽȱŠ—ȱœ’Œ”ȱ‘Žȱ
‹ŽŠ›’—ȱ’—˜ȱ‘Žȱ›ŠŒŽǯȱ’™Žȱœ˜–Žȱ›ŽŠœŽȱ˜—ȱ‘ŽȱŠŒŽȱ˜ȱ
‘Žȱ‘›žœȱ Šœ‘Ž›ȱŠ—ȱœ’Œ”ȱ’ȱ˜—˜ȱ‘Žȱ‘›žœȱ‹ŽŠ›’—ǯȱ
’™Žȱœ˜–Žȱ›ŽŠœŽȱ˜—ȱ‘ŽȱŠŒŽȱ˜ȱ‘Žȱ˜›’’—Š•ȱœ‘’–ȱ
œ™ŠŒŽ›ȱŠ—ȱœ’Œ”ȱ’ȱ˜—˜ȱ‘Žȱ‘›žœȱ Šœ‘Ž›ǯ
—œŠ••ȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽȱ˜—˜ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ ’‘˜žȱ
Š™™•¢’—ȱȱœŽŠ•Š—ȱŠ—ȱœŽŒž›Žȱ’ȱ ’‘ȱ˜—•¢ȱ ˜ȱ˜›ȱ
‘›ŽŽȱ˜ȱ‘ŽȱŠœŽ—Ž›œȱŠȱ‘’œȱ’–ŽǯȱœŽȱŠȱ’Š•ȱ’—’ŒŠ˜›ȱ
˜ȱŒ‘ŽŒ”ȱ‘ŽȱŒ›Š—”œ‘ŠĞȱŽ—ȱ™•Š¢ǯȱ—ȱ™•Š¢ȱœ‘˜ž•ȱ
‹ŽȱŖǯŖśȦŖǯśŖȱ––ȱǻŖǯŖŖŘŖȦŖǯŖŗşŝȱ’—ǯǼǰȱŽ¡ŒŽ™ȱ˜›ȱ
Řśȱ
Ž—’—Žœȱ‹Ž•˜ ȱŽ›’Š•ȱ˜ǯȱŘŚŖřśŖŖŖŖŞȱŽ—ȱ™•Š¢ȱœ‘˜ž•ȱ
‹ŽȱŖǯŖśŖȦŖǯŝśȱ––ȱǻŖǯŖŖŘŖȦŖǯŖŘşśȱ’—ǯǼǯȱ‘’–ȱœ™ŠŒŽ›œȱŠ›Žȱ
ŠŸŠ’•Š‹•Žȱ’—ȱ‘Žȱ‘›ŽŽȱŒ˜•˜›ȱŒ˜Žȱ‘’Œ”—ŽœœŽœȱ•’œŽȱ
‹Ž•˜ ȱ’ȱŠ“žœ–Ž—ȱ’œȱ—ŽŽŽǯ
&UDQNVKDIW(QG3OD\6KLPV
ȱ
ŖǯŞřŜŜȬŖǯşŗŘŝȱ––ȱȱ
ȱ
ǻŖǯŞŝśŖȱ––ȦŖǯŖřŚȱ’—ǯȱ˜–’—Š•Ǽ
ȱ ŗǯŖŜśŘȬŗǯŗŚŗŚȱ––ȱȱ
ȱ
ǻŗǯŗŖřřȱ––ȦŖǯŖŚřȱ’—ǯȱ˜–’—Š•Ǽ
ȱ
ȱ
ŗǯŘşřŞȬŗǯřŝŖŖȱ––ȱȱ
ǻŗǯřřŗşȱ––ȦŖǯŖśŘȱ’—ǯȱ˜–’—Š•Ǽ
6HDO'HSWK
PP
LQ
)LJXUH2LO6HDO'HSWKLQ&ORVXUH3ODWH
,QVWDOO&ORVXUH3ODWH$VVHPEO\
ȱœŽŠ•Š—ȱ’œȱžœŽȱŠœȱŠȱŠœ”Žȱ‹Ž ŽŽ—ȱ‘ŽȱŒ•˜œž›Žȱ
™•ŠŽȱŠ—ȱ‘ŽȱŒ›Š—”ŒŠœŽǯȱŽŽ›ȱ˜ȱŽŒ’˜—ȱŘȱ˜›ȱŠȱ•’œ’—ȱ
˜ȱŠ™™›˜ŸŽȱœŽŠ•Š—œǯȱ• Š¢œȱžœŽȱ›Žœ‘ȱœŽŠ•Š—ǯȱœ’—ȱ
˜žŠŽȱœŽŠ•Š—ȱŒŠ—ȱ›Žœž•ȱ’—ȱ•ŽŠ”АŽǯ
ȱ ŗǯȱ Žȱœž›Žȱ‘ŽȱœŽŠ•’—ȱœž›ŠŒŽœȱ‘ŠŸŽȱ‹ŽŽ—ȱŒ•ŽŠ—Žȱ
Š—ȱ™›Ž™Š›ŽȱŠœȱŽœŒ›’‹ŽȱŠȱ‘Žȱ‹Ž’——’—ȱ˜ȱ
ŽŒ’˜—ȱŗŖȱ˜›ȱ’—ȱŽ›Ÿ’ŒŽȱž••Ž’—ȱŘśŘǯ
ȱ Řǯȱ ‘ŽŒ”ȱ˜ȱ–Š”Žȱœž›Žȱ‘Šȱ‘Ž›ŽȱŠ›Žȱ—˜ȱ—’Œ”œȱ˜›ȱ
‹ž››œȱ˜—ȱ‘ŽȱœŽŠ•’—ȱœž›ŠŒŽœȱ˜ȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽȱ
˜›ȱŒ›Š—”ŒŠœŽǯ
6HFWLRQ
5HDVVHPEO\
ȱ řǯȱ ™™•¢ȱŠȱŗǯśȱ––ȱǻŗȦŗŜȱ’—ǯǼȱ‹ŽŠȱ˜ȱœŽŠ•Š—ȱ˜ȱ‘Žȱ
œŽŠ•’—ȱœž›ŠŒŽȱ˜ȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽǯȱŽŽȱ’ž›Žȱȱ
ŗŗȬŗşȱ˜›ȱœŽŠ•Š—ȱ™ŠĴŽ›—ǯ
ȱ Ŝǯȱ —œŠ••ȱ‘ŽȱŽ—ȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œȱœŽŒž›’—ȱ‘Žȱ
Œ•˜œž›Žȱ™•ŠŽȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽǯȱ˜›šžŽȱŠœŽ—Ž›œȱ
’—ȱ‘ŽȱœŽšžŽ—ŒŽȱœ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬŘŗȱ˜ȱŘŚǯŚȱ
ȉ–ȱǻŘŗŜȱ’—ǯȱ•‹ǯǼǯȱ—ȱœ˜–ŽȱŽ—’—Žœȱ˜—Žȱ˜ȱ‘ŽȱŽ—ȱ
–˜ž—’—ȱœŒ›Ž œȱ’œȱ™•ŠŽǯȱ‘Žȱ™•ŠŽȱœŒ›Ž ȱ’œȱ
¢™’ŒŠ••¢ȱ’—œŠ••Žȱ’—ȱ‘ŽȱǛŜȱ‘˜•Žȱœ‘˜ —ȱ’—ȱ’ž›Žȱ
ŗŗȬŘŗǯ
)LJXUH&ORVXUH3ODWH)DVWHQHU7RUTXH
6HTXHQFH
)LJXUH&ORVXUH3ODWH6HDODQW3DWWHUQ
ȱ Śǯȱ Š”Žȱœž›Žȱ‘ŽȱŽ—ȱ˜ȱ‘Žȱ˜ŸŽ›—˜›ȱŒ›˜œœȱœ‘ŠĞȱ’œȱ
•¢’—ȱАВ—œȱ‘Žȱ‹˜Ĵ˜–ȱ˜ȱŒ¢•’—Ž›ȱŗȱ’—œ’Žȱ‘Žȱ
Œ›Š—”ŒŠœŽǯȱŽŽȱ’ž›ŽȱŗŗȬŗřǯ
ȱ śǯȱ —œŠ••ȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽǯȱ
Š›Žž••¢ȱœŽŠȱ‘ŽȱŒŠ–œ‘ŠĞȱŠ—ȱ‘ŽȱŒ›Š—”œ‘ŠĞȱ
’—˜ȱ‘Ž’›ȱ–Š’—ȱ‹ŽŠ›’—œǯȱ˜ŠŽȱ‘ŽȱŒ›Š—”œ‘ŠĞȱ
œ•’‘•¢ȱ˜ȱ‘Ž•™ȱŽ—ŠŽȱ‘Žȱ˜’•ȱ™ž–™ȱŠ—ȱ
˜ŸŽ›—˜›ȱŽŠ›ȱ–Žœ‘ŽœǯȱŽŽȱ’ž›ŽȱŗŗȬŘŖǯ
)LJXUH7RUTXLQJ&ORVXUH3ODWH)DVWHQHUV
,QVWDOO6WDWRUDQG%DFNLQJ3ODWHV
ȱ ŗǯȱ ™™•¢ȱ™’™ŽȱœŽŠ•Š—ȱ ’‘ȱŽĚ˜—țȱǻ˜Œ’Žțȱ˜ȱ
śşŘŚŗȱ˜›ȱŽšž’ŸŠ•Ž—Ǽȱ˜ȱ‘ŽȱœŠ˜›ȱ–˜ž—’—ȱ‘˜•Žœǯ
ȱ Řǯȱ ˜œ’’˜—ȱ‘ŽȱœŠ˜›ȱŠ•’—’—ȱ‘Žȱ–˜ž—’—ȱ‘˜•Žœȱ
œ˜ȱ‘Šȱ‘Žȱ•ŽŠœȱŠ›ŽȱŠȱ‘Žȱ‹˜Ĵ˜–ǰȱ˜ Š›œȱ‘Žȱ
Œ›Š—”ŒŠœŽǯ
)LJXUH8VLQJ6SDQQHU:UHQFKWR7XUQ
&UDQNVKDIW
ȱ řǯȱ —œŠ••ȱŠ—ȱ˜›šžŽȱ‘Žȱ ˜ȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œȱ˜ȱ
ŜǯŘȱȉ–ȱǻśśȱ’—ǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽȱŗŗȬŘřǯ
6HFWLRQ
5HDVVHPEO\
,QVWDOO)O\ZKHHO
:$51,1*'DPDJLQJ&UDQNVKDIWDQG
)O\ZKHHO&DQ&DXVH3HUVRQDO,QMXU\
œ’—ȱ’–™›˜™Ž›ȱ™›˜ŒŽž›Žœȱ˜ȱ’—œŠ••ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱŒŠ—ȱŒ›ŠŒ”ȱ
˜›ȱŠ–АŽȱ‘ŽȱŒ›Š—”œ‘ŠĞȱŠ—Ȧ˜›ȱĚ¢ ‘ŽŽ•ǯȱ‘’œȱ—˜ȱ˜—•¢ȱ
ŒŠžœŽœȱŽ¡Ž—œ’ŸŽȱŽ—’—ŽȱŠ–АŽǰȱ‹žȱŒŠ—ȱŠ•œ˜ȱŒŠžœŽȱ™Ž›œ˜—Š•ȱ
’—“ž›¢ǰȱœ’—ŒŽȱ‹›˜”Ž—ȱ›Š–Ž—œȱŒ˜ž•ȱ‹Žȱ‘›˜ —ȱ›˜–ȱ‘Žȱ
Ž—’—Žǯȱ• Š¢œȱ˜‹œŽ›ŸŽȱŠ—ȱžœŽȱ‘Žȱ˜••˜ ’—ȱ™›ŽŒŠž’˜—œȱ
Š—ȱ™›˜ŒŽž›Žœȱ ‘Ž—ȱ’—œŠ••’—ȱ‘ŽȱĚ¢ ‘ŽŽ•ǯ
)LJXUH7RUTXLQJ6WDWRU6FUHZV
ȱ Śǯȱ ˜žŽȱ‘ŽȱœŠ˜›ȱ•ŽŠœȱ’—ȱ‘ŽȱŒ›Š—”ŒŠœŽȱŒ‘Š——Ž•ǰȱ
‘Ž—ȱ’—œŠ••ȱ‘Žȱ‹ŠŒ”’—ȱ™•ŠŽœȱŠ—ȱ‘ŽȱœŠ˜›ȱ ’›Žȱ
‹›ŠŒ”Žȱǻ’ȱžœŽǼǯȱŽŒž›Žȱžœ’—ȱ‘Žȱ˜ž›ȱ‘Ž¡ȱ̊—Žȱ
œŒ›Ž œǯȱŽŽȱ’ž›ŽœȱŗŗȬŘŚȱŠ—ȱŗŗȬŘśǯȱ˜›šžŽȱ‘Žȱ
œŒ›Ž œȱ˜ȱŝǯřȱȉ–ȱǻŜśȱ’—ǯȱ•‹ǯǼǯ
DZȱ Ž˜›Žȱ’—œŠ••’—ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ–Š”Žȱœž›Žȱ
‘ŽȱŒ›Š—”œ‘ŠĞȱŠ™Ž›ȱŠ—ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ‘ž‹ȱ
Š›ŽȱŒ•ŽŠ—ǰȱ›¢ǰȱŠ—ȱŒ˜–™•ŽŽ•¢ȱ›ŽŽȱ˜ȱŠ—¢ȱ
•ž‹›’ŒŠ—œǯȱ‘Žȱ™›ŽœŽ—ŒŽȱ˜ȱ•ž‹›’ŒŠ—œȱŒŠ—ȱ
ŒŠžœŽȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ˜ȱ‹Žȱ˜ŸŽ›ȱœ›ŽœœŽȱŠ—ȱ
Š–ŠŽȱ ‘Ž—ȱ‘Žȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž ȱ’œȱ
˜›šžŽȱ˜ȱœ™ŽŒ’ęŒŠ’˜—œǯ
)LJXUH&OHDQDQG'U\7DSHURI&UDQNVKDIW
)LJXUH5RXWH6WDWRU/HDGVLQ*URRYH
)LJXUH&OHDQDQG'U\)O\ZKHHO+XE
)LJXUH,QVWDOOLQJ%DFNLQJ3ODWHVDQG6WDWRU
:LUH%UDFNHW
6HFWLRQ
5HDVVHPEO\
,QVWDOO)O\ZKHHO)DQ
ȱ ŗǯȱ —œŠ••ȱ‘ŽȱŠ—ȱ˜—˜ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱžœ’—ȱ‘Žȱ˜ž›ȱ
‘Ž¡ȱ̊—ŽȱœŒ›Ž œǯ
DZȱ ˜œ’’˜—ȱ‘ŽȱŽŠ›œȱ•˜ŒŠŽȱŠȱ›ŽŠ›ȱ
™Ž›’–ŽŽ›ȱ˜ȱ‘ŽȱŠ—ȱ’—ȱ‘Žȱ›ŽŒŽœœŽœȱ˜ȱ‘Žȱ
Ě¢ ‘ŽŽ•ǯȱŽŽȱ’ž›ŽȱŗŗȬřŖǯ
)LJXUH&DUHIXOO\$OLJQ.H\ZD\WR.H\
DZȱ Š”Žȱœž›Žȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ”Ž¢ȱ’œȱ’—œŠ••Žȱ
™›˜™Ž›•¢ȱ’—ȱ‘Žȱ”Ž¢ Š¢ǯȱ‘ŽȱĚ¢ ‘ŽŽ•ȱŒŠ—ȱ
‹ŽŒ˜–ŽȱŒ›ŠŒ”Žȱ˜›ȱŠ–ŠŽȱ’ȱ‘Žȱ”Ž¢ȱ’œȱ—˜ȱ
™›˜™Ž›•¢ȱ’—œŠ••Žǯ
ȱ ŗǯȱ —œŠ••ȱ‘Žȱ ˜˜›žěȱ”Ž¢ȱ’—˜ȱ‘Žȱ”Ž¢ Š¢ȱ˜ȱ‘Žȱ
Œ›Š—”œ‘ŠĞǯȱŠ”Žȱœž›Žȱ‘Šȱ‘Žȱ”Ž¢ȱ’œȱ™›˜™Ž›•¢ȱ
œŽŠŽȱŠ—ȱ™Š›Š••Ž•ȱ ’‘ȱ‘Žȱœ‘ŠĞȱŠ™Ž›ǯ
)LJXUH,QVWDOOLQJ)DQRQ)O\ZKHHO
ȱ Řǯȱ ˜›šžŽȱ‘ŽȱœŒ›Ž œȱ˜ȱşǯşȱȉ–ȱǻŞŞȱ’—ǯȱ•‹ǯǼǯ
ȱ Řǯȱ —œŠ••ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ˜—˜ȱ‘ŽȱŒ›Š—”œ‘ŠĞȱ‹Ž’—ȱ
ŒŠ›Žž•ȱ—˜ȱ˜ȱœ‘’Ğȱ‘Žȱ ˜˜›žěȱ”Ž¢ǯȱŽŽȱ’ž›Žȱ
ŗŗȬŘŞǯ
ȱ řǯȱ —œŠ••ȱ‘Žȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž ȱŠ—ȱ Šœ‘Ž›ǯ
ȱ Śǯȱ œŽȱŠȱĚ¢ ‘ŽŽ•ȱœ›Š™ȱ ›Ž—Œ‘ȱ˜›ȱ‘˜•’—ȱ˜˜•ȱ˜ȱ
‘˜•ȱ‘ŽȱĚ¢ ‘ŽŽ•ǯȱ˜›šžŽȱ‘Žȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž ȱ
œŽŒž›’—ȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ˜ȱ‘ŽȱŒ›Š—”œ‘ŠĞȱ˜ȱ
ŜŜǯŚȱȉ–ȱǻŚşȱĞǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽȱŗŗȬŘşǯ
,QVWDOO3ODVWLF*UDVV6FUHHQ
ȱ ŗǯȱ ȱ‘ŽȱŽ—’—Žȱ‘ŠœȱŠȱ™•Šœ’Œȱ›ŠœœȱœŒ›ŽŽ—ǰȱœ—Š™ȱ‘Žȱ
œŒ›ŽŽ—ȱ˜—˜ȱ‘ŽȱŠ—ǯȱŽŽȱ’ž›ŽȱŗŗȬřŗǯȱžŽȱ˜ȱ‘Žȱ
™˜œœ’‹’•’¢ȱ˜ȱŠ–А’—ȱ‘Žȱ™˜œœȱž›’—ȱ›Ž–˜ŸŠ•ǰȱ
’—œŠ••ȱ‘Žȱ›ŽŠ’—Ž›œȱ˜—ȱ’ěŽ›Ž—ȱ™˜œœȱ›˜–ȱ ‘’Œ‘ȱ
‘Ž¢ȱ Ž›Žȱ›Ž–˜ŸŽǯȱŠ›ȱ‘Žȱ›ŽŠ’—Ž›œȱ‹¢ȱ‘Š—ǰȱ
‘Ž—ȱ™žœ‘ȱ‘Ž–ȱ˜ —ȱ ’‘ȱŠȱŗřȱ––ȱǻŗȦŘȄǼȱœ˜Œ”Žȱ
ž—’•ȱ‘Ž¢ȱ•˜Œ”ǯȱȱ‘ŽȱŽ—’—Žȱ‘ŠœȱŠȱ–ŽŠ•ȱœŒ›ŽŽ—ǰȱ’ȱ
’••ȱ‹Žȱ’—œŠ••Žȱ•ŠŽ›ǯ
)LJXUH,QVWDOOLQJDQG7RUTXLQJ)O\ZKHHO
)DVWHQHU
)LJXUH,QVWDOOLQJ3ODVWLF*UDVV6FUHHQ
6HFWLRQ
5HDVVHPEO\
,QVWDOO6XSSRUWVIRUWKH0HWDO*UDVV
6FUHHQ
ȱ ŗǯȱ ȱŠȱ–ŽŠ•ȱ›ŠœœȱœŒ›ŽŽ—ȱ’œȱžœŽǰȱ ’‘ȱ‘›ŽŠŽȱ
’—’Ÿ’žŠ•ȱœž™™˜›œǰȱ’—œŠ••ȱŠȱœ™ŠŒŽ›ȱ Šœ‘Ž›ȱ˜—ȱ
‘ŽȱŽ¡Ž›—Š•ȱ‘›ŽŠœǯȱ™™•¢ȱ‹•žŽȱ˜Œ’Ž ȱ˜ǯȱŘŚŘȱ
ǻ›Ž–˜ŸŠ‹•ŽǼȱ˜—˜ȱ‘Žȱ‘›ŽŠœǯȱ—œŠ••ȱ‘Žȱ˜ž›ȱ
œž™™˜›œȱŠœȱœ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬřŘǯ
ț
)LJXUH$SSO\LQJ&DPVKDIW/XEULFDQWWR
%RWWRPRI/LIWHUV
)LJXUH,QVWDOOLQJ6XSSRUWVIRU0HWDO*UDVV
6FUHHQ
ȱ Řǯȱ ’‘Ž—ȱ‘Žȱœž™™˜›œȱ ’‘ȱŠȱ˜›šžŽȱ ›Ž—Œ‘ȱ˜ȱ
şǯşȱȉ–ȱǻŞŞȱ’—ǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽȱŗŗȬřřǯȱ‘Žȱ›Šœœȱ
œŒ›ŽŽ—ȱ ’••ȱ‹Žȱ’—œŠ••Žȱ˜ȱ‘Žȱœž™™˜›œȱŠĞŽ›ȱ‘Žȱ
‹•˜ Ž›ȱ‘˜žœ’—ȱ’œȱ’—ȱ™•ŠŒŽǯ
ȱ řǯȱ ˜Žȱ‘Žȱ–Š›”ȱ˜›ȱŠȱ’Ž—’¢’—ȱ‘Žȱ‘¢›Šž•’Œȱ
•’ĞŽ›œȱŠœȱŽ’‘Ž›ȱ’—Š”Žȱ˜›ȱŽ¡‘ŠžœȱŠ—ȱŒ¢•’—Ž›ȱ
ŗȱ˜›ȱŒ¢•’—Ž›ȱŘǯȱ—œŠ••ȱ‘Žȱ‘¢›Šž•’Œȱ•’ĞŽ›œȱ’—˜ȱ
‘Ž’›ȱŠ™™›˜™›’ŠŽȱ•˜ŒŠ’˜—ȱ’—ȱ‘ŽȱŒ›Š—”ŒŠœŽǯȱ˜ȱ
—˜ȱžœŽȱŠȱ–А—ŽǯȱŽŽȱ’ž›ŽȱŗŗȬřśǯ
DZȱ ¢›Šž•’Œȱ•’ĞŽ›œȱœ‘˜ž•ȱŠ• Š¢œȱ‹Žȱ
’—œŠ••Žȱ’—ȱ‘ŽȱœŠ–Žȱ™˜œ’’˜—ȱŠœȱ‹Ž˜›Žȱ
’œŠœœŽ–‹•¢ǯȱ‘ŽȱŽ¡‘Šžœȱ•’ĞŽ›œȱŠ›Žȱ
•˜ŒŠŽȱ˜—ȱ‘Žȱ˜ž™žȱœ‘ŠĞȱœ’Žȱ˜ȱ
‘ŽȱŽ—’—Žȱ ‘’•Žȱ‘Žȱ’—Š”Žȱ•’ĞŽ›œȱŠ›Žȱ
•˜ŒŠŽȱ˜—ȱ‘ŽȱŠ—ȱœ’Žȱ˜ȱ‘ŽȱŽ—’—Žǯȱ‘Žȱ
Œ¢•’—Ž›ȱ—ž–‹Ž›œȱŠ›ŽȱŽ–‹˜œœŽȱ˜—ȱ‘Žȱ
˜™ȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽȱŠ—ȱŽŠŒ‘ȱŒ¢•’—Ž›ȱ
‘ŽŠǯȱŽŽȱ’ž›ŽȱŗŗȬřŜǯ
)LJXUH7RUTXLQJ6XSSRUWVIRU0HWDO6FUHHQ
6RPH0RGHOV
,QVWDOO+\GUDXOLF/LIWHUV
ȱ ŗǯȱ ŽŽȱȁȁŽ›Ÿ’Œ’—ȱ
¢›Šž•’Œȱ’ĞŽ›œȂȂȱ’—ȱŽŒ’˜—ȱŗŖȱ
˜›ȱ•’ĞŽ›ȱ™›Ž™Š›Š’˜—ȱǻ‹•ŽŽȱ˜ —Ǽȱ™›˜ŒŽž›Žœǯ
ȱ Řǯȱ ™™•¢ȱŒŠ–œ‘ŠĞȱ•ž‹›’ŒŠ—ȱǻœŽŽȱŽŒ’˜—ȱŘǼȱ˜ȱ‘Žȱ
‹˜Ĵ˜–ȱœž›ŠŒŽȱ˜ȱŽŠŒ‘ȱ•’ĞŽ›ǯȱŽŽȱ’ž›ŽȱŗŗȬřŚǯȱ
ž‹›’ŒŠŽȱ‘Žȱ‘¢›Šž•’Œȱ•’ĞŽ›œȱŠ—ȱ‘Žȱ•’ĞŽ›ȱ‹˜›Žœȱ
’—ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ ’‘ȱŽ—’—Žȱ˜’•ǯ
)LJXUH,QVWDOOLQJ+\GUDXOLF/LIWHUV
6HFWLRQ
5HDVVHPEO\
9DOYH
.HHSHUV
5HWDLQHU
)LJXUH0DWFK1XPEHUVRQ&\OLQGHU%DUUHO
DQG+HDG
6SULQJ
&DS
)LJXUH9DOYH&RPSRQHQWV
,QWDNH
9DOYH
6HDO
)LJXUH,QWDNH9DOYH6HDO/RFDWLRQ
9DOYH6WHP6HDOV
‘ŽœŽȱŽ—’—ŽœȱžœŽȱŸŠ•ŸŽȱœŽ–ȱœŽŠ•œȱ˜—ȱ‘Žȱ’—Š”Žȱ
ŸŠ•ŸŽœȱŠ—ȱ˜ŒŒŠœ’˜—Š••¢ȱ˜—ȱ‘ŽȱŽ¡‘ŠžœȱŸŠ•ŸŽœǯȱ• Š¢œȱ
žœŽȱŠȱ—Ž ȱœŽŠ•ȱ ‘Ž—ŽŸŽ›ȱ‘ŽȱŸŠ•ŸŽȱ’œȱ›Ž–˜ŸŽȱ˜›ȱ’ȱ
‘ŽȱœŽŠ•ȱ’œȱŽŽ›’˜›ŠŽȱ˜›ȱŠ–ŠŽȱ’—ȱŠ—¢ȱ Š¢ǯȱŽŸŽ›ȱ
›ŽžœŽȱŠ—ȱ˜•ȱœŽŠ•ǯȱ’ž›ŽȱŗŗȬřŝǯ
$VVHPEOH&\OLQGHU+HDGV
›’˜›ȱ˜ȱ’—œŠ••Š’˜—ǰȱ•ž‹›’ŒŠŽȱŠ••ȱŒ˜–™˜—Ž—œȱ ’‘ȱ
Ž—’—Žȱ˜’•ǰȱ™Š¢’—ȱ™Š›’Œž•Š›ȱŠĴŽ—’˜—ȱ˜ȱ‘Žȱ•’™ȱ˜ȱ‘Žȱ
ŸŠ•ŸŽȱœŽ–ȱœŽŠ•ǰȱŸŠ•ŸŽȱœŽ–œȱŠ—ȱŸŠ•ŸŽȱž’Žœǯȱ—œŠ••ȱ
‘Žȱ˜••˜ ’—ȱ’Ž–œȱ’—ȱ‘Žȱ˜›Ž›ȱ•’œŽȱ‹Ž•˜ ȱžœ’—ȱŠȱ
ŸŠ•ŸŽȱœ™›’—ȱŒ˜–™›Žœœ˜›ǯȱŽŽȱ’ž›ŽœȱŗŗȬřŞȱŠ—ȱŗŗȬřşǯ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
ȱ Ȋȱ
—Š”ŽȱŠ—ȱŽ¡‘ŠžœȱŸŠ•ŸŽœ
Š•ŸŽȱœ™›’—ȱŒŠ™œ
Š•ŸŽȱœ™›’—œ
Š•ŸŽȱœ™›’—ȱ›ŽŠ’—Ž›œ
Š•ŸŽȱœ™›’—ȱ”ŽŽ™Ž›œ
)LJXUH,QVWDOOLQJ9DOYHVZLWK9DOYH6SULQJ
&RPSUHVVRU
,QVWDOO&\OLQGHU+HDGV
DZȱ ¢•’—Ž›ȱ‘ŽŠœȱ–žœȱ‹ŽȱŠĴŠŒ‘Žȱ ’‘ȱ‘Žȱ
˜›’’—Š•ȱ¢™Žȱ˜ȱ–˜ž—’—ȱ‘Š› Š›Žǰȱžœ’—ȱ
Ž’‘Ž›ȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œǰȱ˜›ȱ–˜ž—’—ȱ
œžœȱ ’‘ȱ—žœȱŠ—ȱ Šœ‘Ž›œǯȱ‘Žȱ‘ŽŠœȱ
Š›Žȱ–ŠŒ‘’—Žȱ’ěŽ›Ž—•¢ȱ˜›ȱœžœȱ‘Š—ȱ˜›ȱ
œŒ›Ž œǰȱœ˜ȱ‘ŽȱŠœŽ—’—ȱ–Ž‘˜ȱŒŠ——˜ȱ‹Žȱ
Š•Ž›Žȱž—•Žœœȱ‘Žȱ‘ŽŠœȱŠ›Žȱ‹Ž’—ȱ›Ž™•ŠŒŽǯȱ
˜ȱ—˜ȱ’—Ž›–’¡ȱ‘ŽȱŒ˜–™˜—Ž—œǯ
ȱ ŗǯȱ ‘ŽŒ”ȱ˜ȱ–Š”Žȱœž›Žȱ‘Ž›ŽȱŠ›Žȱ—˜ȱ—’Œ”œȱ˜›ȱ‹ž››œȱ
˜—ȱ‘ŽȱœŽŠ•’—ȱœž›ŠŒŽœȱ˜ȱ‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠȱ˜›ȱ‘Žȱ
Œ›Š—”ŒŠœŽǯ
6HFWLRQ
5HDVVHPEO\
+HDGVVHFXUHGZLWKKH[ÀDQJHVFUHZV
ȱ Řǯȱ —œŠ••ȱŠȱ—Ž ȱŒ¢•’—Ž›ȱ‘ŽŠȱŠœ”Žǰȱǻ ’‘ȱ™›’—’—ȱ
ž™Ǽǯ
)LJXUH&\OLQGHU+HDG)DVWHQHU7RUTXH
6HTXHQFH
)LJXUH$OZD\V8VH1HZ+HDG*DVNHWV
DZȱ ŠŒ‘ȱ‘Žȱ—ž–‹Ž›œȱŽ–‹˜œœŽȱ˜—ȱ‘Žȱ
Œ¢•’—Ž›ȱ‘ŽŠœȱŠ—ȱŒ›Š—”ŒŠœŽǯȱŽŽȱ’ž›Žȱ
ŗŗȬřŜǯ
ȱ řǯȱ —œŠ••ȱ‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠȱŠ—ȱœŠ›ȱ‘Žȱ˜ž›ȱ—Ž ȱ
‘Ž¡ȱ̊—ŽȱœŒ›Ž œǯ
DZȱ ‘Ž—ȱ’—œŠ••’—ȱŒ¢•’—Ž›ȱ‘ŽŠœǰȱ—Ž ȱ‘Ž¡ȱ
̊—ŽȱœŒ›Ž œȱœ‘˜ž•ȱŠ• Š¢œȱ‹ŽȱžœŽǯ
ȱ Śǯȱ ˜›šžŽȱ‘Žȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œȱ’—ȱ ˜ȱœŠŽœDzȱꛜȱ
˜ȱŘŘǯŜȱȉ–ȱǻŘŖŖȱ’—ǯȱ•‹ǯǼǰȱꗊ••¢ȱ˜ȱŚŗǯŞȱȉ–ȱ
ǻřŝŖȱ’—ǯȱ•‹ǯǼǰȱ˜••˜ ’—ȱ‘ŽȱœŽšžŽ—ŒŽȱ’—ȱ’ž›Žȱ
ŗŗȬŚŘǯ
+HDGVVHFXUHGZLWKPRXQWLQJVWXGVQXWVDQG
ZDVKHUV
ȱ ŗǯȱ ȱŠ••ȱ˜ȱ‘Žȱœžœȱ Ž›Žȱ•ŽĞȱ’—ŠŒǰȱ˜ȱ˜ȱŽ™ȱŜǯȱȱ
Š—¢ȱœžœȱ Ž›Žȱ’œž›‹Žȱ˜›ȱ›Ž–˜ŸŽǰȱ’—œŠ••ȱ—Ž ȱ
œžœȱŠœȱŽœŒ›’‹Žȱ’—ȱŽ™ȱřǯȱ˜ȱ—˜ȱžœŽȦ›Ž’—œŠ••ȱ
Š—¢ȱ•˜˜œŽ—Žȱ˜›ȱ›Ž–˜ŸŽȱœžœǯ
ȱ Řǯȱ —œŠ••ȱ—Ž ȱ–˜ž—’—ȱœžǻœǼȱ’—˜ȱ‘ŽȱŒ›Š—”ŒŠœŽǯ
ȱ ȱ Šǯȱ
ȱ
ȱ ȱ
ȱ ȱ ‹ǯȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
ȱ
‘›ŽŠȱŠ—ȱ•˜Œ”ȱ ˜ȱ˜ȱ‘Žȱ–˜ž—’—ȱ—žœȱȱ
˜Ž‘Ž›ȱ˜—ȱ‘Žȱœ–Š••Ž›ȱ’Š–ŽŽ›ȱ‘›ŽŠœǯ
‘›ŽŠȱ‘Žȱ˜™™˜œ’ŽȱŽ—ȱ˜ȱ‘Žȱœžȱ ’‘ȱ‘Žȱȱ
™›ŽŠ™™•’Žȱ•˜Œ”’—ȱŒ˜–™˜ž—ȱ’—˜ȱ‘Žȱȱ ȱ
Œ›Š—”ŒŠœŽȱž—’•ȱ‘Žȱœ™ŽŒ’ꮍȱ‘Ž’‘ȱ›˜–ȱ‘Žȱȱ
Œ›Š—”ŒŠœŽȱœž›ŠŒŽȱ’œȱŠŒ‘’ŽŸŽǯȱŽŽȱ’ž›Žȱȱ
ŗŗȬŚřǯȱ‘Ž—ȱ‘›ŽŠ’—ȱ’—ȱ‘ŽȱœžœǰȱžœŽȱȱȱ
ŠȱœŽŠ¢ȱ’‘Ž—’—ȱ–˜’˜—ȱ ’‘˜žȱȱ
ȱ
’—Ž››ž™’˜—ȱž—’•ȱ‘Žȱ™›˜™Ž›ȱ‘Ž’‘ȱȱ
ȱ
’œȱ˜‹Š’—Žǯȱ‘Ž› ’œŽǰȱ‘Žȱ›’Œ’˜—Š•ȱ‘ŽŠȱȱ
›˜–ȱ‘ŽȱŽ—Š’—ȱ‘›ŽŠœȱ–Š¢ȱŒŠžœŽȱ‘Žȱȱ
•˜Œ”’—ȱŒ˜–™˜ž—ȱ˜ȱœŽȱž™ȱ™›Ž–Šž›Ž•¢ǯ
‘ŽȱœžœȱŒ•˜œŽœȱ˜ȱ‘Žȱ•’ĞŽ›œȱ–žœȱ‘ŠŸŽȱŠ—ȱŽ¡™˜œŽȱ
‘Ž’‘ȱ˜ȱŝśȱ––ȱǻŘȱŗśȦŗŜȱ’—ǯǼǯ
‘Žȱœžœȱž›‘Žœȱ›˜–ȱ‘Žȱ•’ĞŽ›œȱ–žœȱ‘ŠŸŽȱŠ—ȱ
Ž¡™˜œŽȱ‘Ž’‘ȱ˜ȱŜşȱ––ȱǻŘȱřȦŚȱ’—ǯǼǯ
ȱ ȱ Œǯȱ Ž–˜ŸŽȱ‘Žȱ—žœȱŠ—ȱ›Ž™ŽŠȱ‘Žȱ™›˜ŒŽž›ŽȱŠœȱȱ
ȱ ›Žšž’›Žǯ
)LJXUH7RUTXLQJ&\OLQGHU+HDG)DVWHQHUV
6HFWLRQ
5HDVVHPEO\
DZȱ žœ‘ȱ›˜œȱœ‘˜ž•ȱŠ• Š¢œȱ‹Žȱ’—œŠ••Žȱ’—ȱ‘Žȱ
œŠ–Žȱ™˜œ’’˜—ȱŠœȱ‹Ž˜›Žȱ’œŠœœŽ–‹•¢ǯ
ȱ ŗǯȱ ˜Žȱ‘Žȱ–Š›”ȱ˜›ȱŠȱ’Ž—’¢’—ȱ‘Žȱ™žœ‘ȱ›˜ȱŠœȱ
Ž’‘Ž›ȱ’—Š”Žȱ˜›ȱŽ¡‘ŠžœȱŠ—ȱŒ¢•’—Ž›ȱǛŗȱ˜›ȱǛŘǯȱ’™ȱ
‘ŽȱŽ—œȱ˜ȱ‘Žȱ™žœ‘ȱ›˜œȱ’—ȱŽ—’—Žȱ˜’•ȱŠ—ȱ’—œŠ••ǰȱ
–Š”’—ȱœž›Žȱ‘ŠȱŽŠŒ‘ȱ™žœ‘ȱ›˜ȱ‹Š••ȱœŽŠœȱ’—ȱ’œȱ
‘¢›Šž•’Œȱ•’ĞŽ›ȱœ˜Œ”ŽǯȱŽŽȱ’ž›ŽȱŗŗȬŚśǯ
)LJXUH,QVWDOOLQJ1HZ0RXQWLQJ6WXGVWR
6SHFL¿HG+HLJKW
ȱ řǯȱ ‘ŽŒ”ȱ‘Šȱ‘Žȱ˜ Ž•ȱ™’—œȱŠ›Žȱ’—ȱ™•ŠŒŽȱŠ—ȱ’—œŠ••ȱ
Šȱ—Ž ȱŒ¢•’—Ž›ȱ‘ŽŠȱŠœ”Žȱǻ™›’—’—ȱž™Ǽǯ
ȱ Śǯȱ —œŠ••ȱ‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠǯȱŠŒ‘ȱ‘Žȱ—ž–‹Ž›œȱ˜—ȱ
‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠœȱŠ—ȱ‘ŽȱŒ›Š—”ŒŠœŽǯȱŽŽȱ’ž›Žȱ
ŗŗȬřŜǯȱŠ”Žȱœž›Žȱ‘Žȱ‘ŽŠȱ’œȱ̊ȱ˜—ȱ‘ŽȱŠœ”Žȱ
Š—ȱ˜ Ž•ȱ™’—œǯ
ȱ śǯȱ ’‘•¢ȱ•ž‹›’ŒŠŽȱ‘ŽȱŽ¡™˜œŽȱǻž™™Ž›Ǽȱ‘›ŽŠœȱ˜ȱ
‘Žȱœžœȱ ’‘ȱŽ—’—Žȱ˜’•ǯȱ—œŠ••ȱŠȱ̊ȱ Šœ‘Ž›ȱŠ—ȱ
‘Ž¡ȱ—žȱ˜—˜ȱŽŠŒ‘ȱ˜ȱ‘Žȱ–˜ž—’—ȱœžœǯȱ˜›šžŽȱ
‘Žȱ‘Ž¡ȱ—žœȱ’—ȱ ˜ȱœŠŽœDzȱꛜȱ˜ȱŗŜǯşȱȉ–ȱ
ǻŗśŖȱ’—ǯȱ•‹ǯǼǰȱꗊ••¢ȱ˜ȱřřǯşȱȉ–ȱǻřŖŖȱ’—ǯȱ•‹ǯǼǰȱ
˜••˜ ’—ȱ‘ŽȱœŽšžŽ—ŒŽȱ’—ȱ’ž›ŽȱŗŗȬŚŘǯ
)LJXUH,QVWDOO3XVK5RGVLQ7KHLU2ULJLQDO
3RVLWLRQ
ȱ Řǯȱ ™™•¢ȱ›ŽŠœŽȱ˜ȱ‘ŽȱŒ˜—ŠŒȱœž›ŠŒŽœȱ˜ȱ‘Žȱ›˜Œ”Ž›ȱ
Š›–œȱŠ—ȱ›˜Œ”Ž›ȱŠ›–ȱ™’Ÿ˜œǯȱ—œŠ••ȱ‘Žȱ›˜Œ”Ž›ȱ
Š›–œȱŠ—ȱ›˜Œ”Ž›ȱŠ›–ȱ™’Ÿ˜œȱ˜—ȱ˜—ŽȱŒ¢•’—Ž›ȱ‘ŽŠǰȱ
Š—ȱœŠ›ȱ‘Žȱ ˜ȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œǯȱŽŽȱ’ž›Žȱ
ŗŗȬŚŜǯ
)LJXUH7RUTXLQJWKH&\OLQGHU+HDG
0RXQWLQJ1XWV6WXG'HVLJQ
)LJXUH7RUTXLQJ5RFNHU$UP6FUHZV
,QVWDOO3XVK5RGVDQG5RFNHU$UPV
ȱ řǯȱ ˜›šžŽȱ‘Žȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œȱ˜ȱŗŗǯřȱȉ–ȱ
ǻŗŖŖȱ’—ǯȱ•‹ǯǼǯȱŽ™ŽŠȱ˜›ȱ‘Žȱ˜‘Ž›ȱ›˜Œ”Ž›ȱŠ›–ǯ
Š›•¢ȱ–˜Ž•œȱžœŽȱ‘˜••˜ ȱ™žœ‘ȱ›˜œȱ ’‘ȱœ™ŽŒ’Š•ȱ
›˜Œ”Ž›ȱŠ›–œǯȱ‘Ž¢ȱŠ›Žȱ—˜ȱ’—Ž›Œ‘Š—ŽŠ‹•Žȱ ’‘ȱ‘Žȱ
•ŠŽ›ȦŒž››Ž—ȱœ¢•Žȱȃœ˜•’Ȅȱ™žœ‘ȱ›˜œȱŠ—ȱŠœœ˜Œ’ŠŽȱ
›˜Œ”Ž›ȱŠ›–œǯȱ˜ȱ—˜ȱ–’¡ȱ‘ŽœŽǯȱȱ›Ž™•ŠŒŽ–Ž—ȱ”’ȱ’œȱ
ŠŸŠ’•Š‹•Žȱ ’‘ȱȃœ˜•’ȄȱŒ˜–™˜—Ž—œǯ
ȱ Śǯȱ œŽȱŠȱœ™Š——Ž›ȱ ›Ž—Œ‘ȱ˜›ȱ›˜Œ”Ž›ȱŠ›–ȱ•’Ğ’—ȱ˜˜•ȱ
ǻœŽŽȱŽŒ’˜—ȱŘǼȱ˜ȱ•’Ğȱ‘Žȱ›˜Œ”Ž›ȱŠ›–œȱŠ—ȱ™˜œ’’˜—ȱ
‘Žȱ™žœ‘ȱ›˜œȱž—Ž›—ŽŠ‘ǯȱŽŽȱ’ž›ŽȱŗŗȬŚŝǯ
Section 11
Reassembly
5. Repeat the above steps for the remaining
cylinder. Do not interchange parts from the
cylinder heads.
Figure 11-47. Using Spanner Wrench to Lift Rocker
Arm Over Push Rod.
6. Rotate the crankshaft to check for free operation
of the valve train. Check the clearance between
the valve spring coils at full lift. Minimum
allowable clearance is 0.25 mm (0.010 in.).
Check Assembly
Important: Rotate the crankshaft a minimum of two
revolutions to check longblock assembly and overall
proper operation.
Install Spark Plugs
1. Use new Champion® (or equivalent) spark plugs.
2. Set the gap at 0.76 mm (0.030 in.) for all except
natural gas with CD fixed ignition, or 0.51 mm
(0.020 in.) for natural gas with CD fixed ignition.
3. Install new plugs and torque to 24.4-29.8 N·m
(18-22 ft. lb.). See Figure 11-48.
Install Ignition Modules
1. Rotate the flywheel to position the magnet away
from the ignition module bosses.
Figure 11-49. Installing Ignition Module.
2. On engines equipped with SMART-SPARK™ both
modules are installed the same way - with the
two tabs out. See Figure 11-55.
On engines are not equipped with SMARTSPARK™ the modules are installed with the spark
plug lead wire from module always away from
the cylinder. On #1 cylinder, the single kill tab
should be towards you. See Figure 11-54. On #2
cylinder, the single kill tab should be away from
you (in).
3. Install each ignition module to the crankcase
bosses with the two screws (hex flange or allen
head, based on model). Slide the modules up as
far away from the flywheel as possible and snug
the screws to hold them in that position.
4. Rotate the flywheel to position the magnet
directly under one ignition module.
5. Insert a 0.30 mm (0.012 in.) flat feeler gauge
between the magnet and the ignition module. See
Figure 11-50. Loosen the screws enough to allow
the magnet to pull the module down against the
feeler gauge.
Figure 11-48. Installing Spark Plugs.
11.14
6HFWLRQ
5HDVVHPEO\
6HDODQW
)LJXUH6HWWLQJ,JQLWLRQ0RGXOH$LU*DS
)LJXUH6HDODQW$SSOLHGWR7HUPLQDOV
ȱ Ŝǯȱ ˜›šžŽȱ‘ŽȱœŒ›Ž œȱ˜ȱŚǯŖȬŜǯŘȱȉ–ȱǻřśȬśśȱ’—ǯȱ•‹ǯǼǯ
DZȱ ȱ‘Žȱ ’›Žœȱ Ž›Žȱ’œŒ˜——ŽŒŽȱ›˜–ȱ‘Žȱ
’—’’˜—ȱ–˜ž•Žœȱ˜—ȱŽ—’—Žœȱ ’‘ȱȬȱ
Ȝǰȱ›ŽŠĴŠŒ‘ȱ‘Žȱ•ŽŠœȱŠ—ȱœŽŠ•ȱ‘Žȱ
‹ŠœŽȱ˜ȱ‘ŽȱŽ›–’—Š•ȱŒ˜——ŽŒ˜›œȱ ’‘ȱȦ
˜ŸŠžŠ›ȱŜŜŗȱǻœŽŽȱŽŒ’˜—ȱŘǼȱ˜›ȱŽ•Ȭ›˜ȱ
ž‹›’ȬŽ•ȱ’Ž•ŽŒ›’ŒȱŒ˜–™˜ž—ǯȱ‘Žȱ‹ŽŠœȱ
œ‘˜ž•ȱ˜ŸŽ›•Š™ȱ‹Ž ŽŽ—ȱ‘ŽȱŽ›–’—Š•œȘȱ˜ȱ
˜›–ȱŠȱœ˜•’ȱ‹›’Žȱ˜ȱŒ˜–™˜ž—ǯȱŽŽȱ’ž›Žȱ
ŗŗȬśŘǯȱ˜ȱ—˜ȱ™žȱŠ—¢ȱŒ˜–™˜ž—ȱ’—œ’Žȱ‘Žȱ
Ž›–’—Š•œǯ
ȱ ŝǯȱ Ž™ŽŠȱœŽ™œȱŚȱ‘›˜ž‘ȱŜȱ˜›ȱ‘Žȱ˜‘Ž›ȱ’—’’˜—ȱ
–˜ž•Žǯ
ȱ Şǯȱ ˜ŠŽȱ‘ŽȱĚ¢ ‘ŽŽ•ȱ‹ŠŒ”ȱŠ—ȱ˜›‘ȱŒ‘ŽŒ”’—ȱ
˜›ȱŒ•ŽŠ›Š—ŒŽȱ‹Ž ŽŽ—ȱ‘Žȱ–А—ŽȱŠ—ȱ’—’’˜—ȱ
–˜ž•ŽœǯȱŠ”Žȱœž›Žȱ‘Žȱ–А—Žȱ˜Žœȱ—˜ȱœ›’”Žȱ
‘Žȱ–˜ž•Žœǯȱ‘ŽŒ”ȱ‘ŽȱŠ™ȱ ’‘ȱŠȱŽŽ•Ž›ȱŠžŽȱ
Š—ȱ›ŽŠ“žœȱ’ȱ—ŽŒŽœœŠ›¢ǯȱ’—Š•ȱŠ’›ȱŠ™DZȱ
ŖǯŘŞŖȦŖǯřřŖȱ––ȱǻŖǯŖŗŗȦŖǯŖŗřȱ’—ǯǼǯ
,QVWDOO,QWDNH0DQLIROG
ȱ ŗǯȱ —œŠ••ȱ‘Žȱ’—Š”Žȱ–Š—’˜•ȱŠ—ȱ—Ž ȱŠœ”Žœȱ˜›ȱȱ
Ȭ’—œȱǻ™•Šœ’Œȱ–Š—’˜•Ǽǰȱ ’‘ȱ ’›’—ȱ‘Š›—Žœœȱ
ŠĴŠŒ‘Žǰȱ˜ȱ‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠœǯȱ•’ŽȱŠ—¢ȱ ’›’—ȱ
‘Š›—ŽœœȱŒ•’™œȱ˜—˜ȱ‘ŽȱŠ™™›˜™›’ŠŽȱ‹˜•œȱ‹Ž˜›Žȱ
’—œŠ••’—ǯȱŠ”Žȱœž›Žȱ‘ŽȱŠœ”ŽœȱŠ›Žȱ’—ȱ‘Žȱ™›˜™Ž›ȱ
˜›’Ž—Š’˜—ǯȱ˜›šžŽȱ‘Žȱ˜ž›ȱœŒ›Ž œȱ’—ȱ ˜ȱœŠŽœǰȱ
ꛜȱ˜ȱŝǯŚȱȉ–ȱǻŜŜȱ’—ǯȱ•‹ǯǼǰȱ‘Ž—ȱ˜ȱşǯşȱȉ–ȱǻŞŞȱ’—ǯȱ
•‹ǯǼǰȱžœ’—ȱ‘ŽȱœŽšžŽ—ŒŽȱœ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬśŗǯ
ȱ
ȱ
ȱ
ȱ
ȱ
Șȱ‘ŽȱŘŚȱśŞŚȱŗśȬȱ’—’’˜—ȱ–˜ž•Žœȱ‘ŠŸŽȱŠȱȱ ȱ
ȱ œŽ™Š›Š˜›ȱ‹Š››’Ž›ȱ‹Ž ŽŽ—ȱ‘ŽȱŽ›–’—Š•œǯȱ—ȱ‘ŽœŽȱȱ
ȱ –˜ž•ŽœǰȱœŽŠ•ȱ‘Žȱ‹ŠœŽȱ˜ȱ‘ŽȱŽ›–’—Š•œǰȱ‹žȱ’ȱ’œȱȱ
ȱ —˜ȱ—ŽŒŽœœŠ›¢ȱ˜ȱ‘ŠŸŽȱ˜ŸŽ›•Š™™’—ȱ‹ŽŠœȱ˜ȱȱȱ
ȱ œŽŠ•Š—ȱ‹Ž ŽŽ—ȱ‘ŽȱŒ˜——ŽŒ’˜—œǯ
ȱ Řǯȱ 7ZR%DUUHO0DQLIROG&DUEXUHWRU0RGHOV
˜žŽȱ‘Žȱ ’›’—ȱ‘Š›—Žœœȱ‘›˜ž‘ȱ‘Žȱ–˜ž—’—ȱ
Œ•’™ȱ˜—ȱ‘Žȱž—Ž›œ’Žȱ˜ȱŽ‹›’œȱœ‘’Ž•ȱ’ȱœŽ™Š›ŠŽȱ
ŽŠ›•’Ž›ǯȱŠ›Žž••¢ȱ™˜œ’’˜—ȱ‘ŽȱŽ‹›’œȱœ‘’Ž•ȱ˜ȱ‘Žȱ
›ŽŠ›ȱŠœȱŠ›ȱŠœȱ™˜œœ’‹•ŽǯȱŽŽȱ’ž›ŽȱŗŗȬśřǯ
)LJXUH,QWDNH0DQLIROG7RUTXH6HTXHQFH
)LJXUH5RXWLQJRI:LULQJ+DUQHVV7ZR
%DUUHO0RGHOV
6HFWLRQ
5HDVVHPEO\
ȱ řǯȱ ˜——ŽŒȱ‘Žȱ”’••ȱ•ŽŠȱ˜ȱ‘ŽȱŠ‹ȱŽ›–’—Š•ȱ˜—ȱ
œŠ—Š›ȱ’—’’˜—ȱ–˜ž•ŽœǯȱŽŽȱ’ž›ŽȱŗŗȬśŚǯ
ȱ řǯȱ —œŠ••ȱ‘Žȱ‹›ŽŠ‘Ž›ȱ›ŽŽȱŠ—ȱ‹›ŽŠ‘Ž›ȱ›ŽŽȱ
›ŽŠ’—Ž›ȱ˜—˜ȱ‘ŽȱŒ›Š—”ŒŠœŽȱŠ—ȱœŽŒž›Žȱ ’‘ȱ‘Žȱ
‘Ž¡ȱ̊—ŽȱœŒ›Ž ǯȱ
˜•ȱ‘ŽȱŠœœŽ–‹•¢ȱ’—ȱ•’—Žȱ ‘Ž—ȱ
’‘Ž—’—ǯȱ˜›šžŽȱ‘ŽȱœŒ›Ž ȱ˜ȱřǯşȱȉ–ȱǻřśȱ’—ǯȱ
•‹ǯǼǯȱŽŽȱ’ž›ŽȱŗŗȬśŜǯ
)LJXUH&RQQHFWLQJ.LOO/HDGVRQ6WDQGDUG
,JQLWLRQ0RGXOHV
)LJXUH,QVWDOOLQJ%UHDWKHU5HHG$VVHPEO\
ȱ Śǯȱ —œŽ›ȱ‘Žȱ‹›ŽŠ‘Ž›ȱꕝŽ›ȱ’—˜ȱ™˜œ’’˜—ȱ’—ȱ‘Žȱ
Œ›Š—”ŒŠœŽǯȱŠ”Žȱœž›Žȱ—˜ȱꕝŽ›ȱœ›Š—œȱŠ›Žȱ˜—ȱ‘Žȱ
œŽŠ•’—ȱœž›ŠŒŽǯȱŽŽȱ’ž›ŽȱŗŗȬśŝǯ
ȱ śǯȱ —œŠ••ȱ‘Žȱ—Ž ȱ‹›ŽŠ‘Ž›ȱŠœ”Žǯ
)LJXUH&RQQHFW/HDGVRQ60$5763$5.Œ
,JQLWLRQ0RGXOHV
,QVWDOO%UHDWKHU&RYHUDQG,QQHU%DIÀHV
ȱœŽŠ•Š—ȱ ŠœȱžœŽȱ˜—ȱŽŠ›•¢ȱ–˜Ž•œȱ‹Ž ŽŽ—ȱ
‘Žȱ‹›ŽŠ‘Ž›ȱŒ˜ŸŽ›ȱŠ—ȱ‘ŽȱŒ›Š—”ŒŠœŽǯȱȱŠœ”Žȱ
’‘ȱ’–™›’—ŽȱœŽŠ•Š—ȱ‹ŽŠœȱ’œȱ—˜ ȱžœŽȱŠ—ȱ
›ŽŒ˜––Ž—Žǯȱ—œŠ••ȱŠœȱ˜••˜ œDZ
)LJXUH,QVWDOOLQJ1HZ%UHDWKHU)LOWHU
ȱ ŗǯȱ Žȱœž›Žȱ‘ŽȱœŽŠ•’—ȱœž›ŠŒŽœȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽȱŠ—ȱ
‹›ŽŠ‘Ž›ȱŒ˜ŸŽ›ȱŠ›ŽȱŒ•ŽŠ—ȱ˜ȱ˜•ȱŠœ”Žȱ–ŠŽ›’Š•ȱ˜›ȱ
ȱœŽŠ•Š—ǯȱ˜ȱ—˜ȱœŒ›Š™Žȱ‘Žȱœž›ŠŒŽœȱŠœȱ‘’œȱ
Œ˜ž•ȱ›Žœž•ȱ’—ȱ•ŽŠ”АŽǯ
ȱ Ŝǯȱ Š›Žž••¢ȱ™˜œ’’˜—ȱ‘Žȱ‹›ŽŠ‘Ž›ȱŒ˜ŸŽ›ȱ˜—ȱ‘Žȱ
Œ›Š—”ŒŠœŽǯȱ—œŠ••ȱꛜȱ ˜ȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œȱ
Šȱ™˜œ’’˜—œȱœ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬśŞȱŠ—ȱꗐŽ›ȱ
’‘Ž—ȱŠȱ‘’œȱ’–Žǯ
ȱ Řǯȱ ‘ŽŒ”ȱ˜ȱ–Š”Žȱœž›Žȱ‘Ž›ŽȱŠ›Žȱ—˜ȱ—’Œ”œȱ˜›ȱ‹ž››œȱ˜—ȱ
œŽŠ•’—ȱœž›ŠŒŽœǯ
6HFWLRQ
5HDVVHPEO\
,QVWDOO%ORZHU+RXVLQJDQG2XWHU%DIÀHV
DZȱ ˜ȱ—˜ȱŒ˜–™•ŽŽ•¢ȱ’‘Ž—ȱœŒ›Ž œȱž—’•ȱŠ••ȱ
’Ž–œȱŠ›Žȱ’—œŠ••Žȱ˜ȱŠ••˜ ȱœ‘’Ğ’—ȱ˜›ȱ‘˜•Žȱ
Š•’—–Ž—ǯ
ȱ ŗǯȱ ˜——ŽŒȱ‘Žȱ™•žȱ˜ȱ‘Žȱ”Ž¢ȱœ ’Œ‘ȱ’—ȱ‘Žȱ‹•˜ Ž›ȱ
‘˜žœ’—ȱǻ’ȱœ˜ȱŽšž’™™ŽǼǯ
)LJXUH,QVWDOOLQJ6FUHZV/RFDWLRQVDQG
ȱ ŝǯȱ —œŠ••ȱ‘Žȱ’——Ž›ȱ‹ŠĝŽœȱžœ’—ȱ‘Žȱ ˜ȱ›Ž–Š’—’—ȱ
‘Ž¡ȱ̊—ŽȱœŒ›Ž œȱǻœŽŽȱ’ž›ŽœȱŗŗȬśşȱŠ—ȱŗŗȬŜŖǼȱ
Š—ȱꗐŽ›ȱ’‘Ž—ǯȱ˜ȱ—˜ȱ˜›šžŽȱ‘ŽȱœŒ›Ž œȱŠȱ
‘’œȱ’–ŽDzȱ‘Ž¢ȱ ’••ȱ‹Žȱ’‘Ž—ŽȱŠĞŽ›ȱ‘Žȱ‹•˜ Ž›ȱ
‘˜žœ’—ȱŠ—ȱ˜žŽ›ȱ‹ŠĝŽœȱŠ›Žȱ’—œŠ••Žǯ
ȱ Řǯȱ •’Žȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ’—˜ȱ™˜œ’’˜—ȱ˜ŸŽ›ȱ
‘Žȱ›˜—ȱŽŽȱ˜ȱ‘Žȱ’——Ž›ȱ‹ŠĝŽœǯȱŽŽȱ’ž›Žȱ
ŗŗȬŜŗǯȱŠ›ȱŠȱŽ ȱ˜ȱ‘ŽȱœŒ›Ž œȱ˜ȱ‘˜•ȱ’ȱ’—ȱ
™•ŠŒŽǯȱ—ȱ ˜Ȭ‹Š››Ž•ȱŒŠ›‹ž›Ž˜›ȱ–˜Ž•œǰȱ•’Ğȱ‘Žȱ
Ž‹›’œȱœ‘’Ž•ȱž™ȱŠ‹˜ŸŽȱ‘Žȱ–˜ž—’—ȱœž›ŠŒŽǰȱ
Šœȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ’œȱ’—œŠ••ŽǯȱŠ”Žȱœž›Žȱ
‘Žȱ›˜ž—ȱ•ŽŠǰȱžŽ•ȱœ˜•Ž—˜’ȱ•ŽŠǰȱŠ—ȱ˜’•ȱ
™›Žœœž›Žȱœ ’Œ‘ȱ•ŽŠœȱŠ›ŽȱŠŒŒŽœœ’‹•ŽȱŠ—ȱ’—ȱ™›˜™Ž›ȱ
™˜œ’’˜—ǯȱŽŽȱ’ž›ŽœȱŗŗȬŜŗȱŠ—ȱŗŗȬŜŘǯ
)LJXUH,QVWDOOLQJ%ORZHU+RXVLQJ
'HEULV6KLHOG
)LJXUH,QVWDOOLQJ,QQHU%DIÀHV
)LJXUH5RXWLQJ:LULQJ+DUQHVVDQG/HDGV
7ZR%DUUHO0RGHOV
)LJXUH)LQJHU7LJKWHQ7ZR5HPDLQLQJ&RYHU
6FUHZV
6HFWLRQ
5HDVVHPEO\
ȱ řǯȱ ˜œ’’˜—ȱ‘Žȱ˜žŽ›ȱ‹ŠĝŽœȱŠ—ȱ•˜˜œŽ•¢ȱœŠ›ȱ‘Žȱ
–˜ž—’—ȱœŒ›Ž œǯȱ‘Žȱ ˜ȱŜȱœŒ›Ž œȱ˜ȱ’—˜ȱ
‘Žȱ‹ŠŒ”ȱ˜ȱ‘ŽȱŒ¢•’—Ž›œǯȱ‘Žȱœ‘˜›ȱśȱœŒ›Ž œȱ
˜ȱ’—˜ȱ‘Žȱ•˜ Ž›ȱ‘˜•ŽœȱŒ•˜œŽœȱ˜ȱ‘Žȱ‹•˜ Ž›ȱ
‘˜žœ’—ǯȱ‘Žȱœ‘˜›ȱœŒ›Ž ȱ˜—ȱ‘Žȱ˜’•ȱꕝŽ›ȱœ’Žȱ
’œȱŠ•œ˜ȱžœŽȱ˜ȱ–˜ž—ȱ‘Žȱ ’›Žȱ‘Š›—ŽœœȱŒ•’™ǯȱŽȱ
œž›ŽȱŠ—¢ȱ ’›Žȱ‘Š›—ŽœœŽœȱ˜›ȱ•ŽŠœȱŠ›Žȱ›˜žŽȱ˜žȱ
‘›˜ž‘ȱ‘Žȱ™›˜™Ž›ȱ˜ěœŽœȱ˜›ȱ—˜Œ‘Žœǰȱœ˜ȱ‘Ž¢ȱ ’••ȱ
—˜ȱ‹Žȱ™’—Œ‘Žȱ‹Ž ŽŽ—ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱŠ—ȱ
‹ŠĝŽœǯȱŽŽȱ’ž›ŽȱŗŗȬŜřǯ
)LJXUH5RXWLQJ:LULQJ+DUQHVVDQG/HDGV
ȱ Śǯȱ ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ Šœȱ—˜ȱ›Ž–˜ŸŽǰȱŠĴŠŒ‘ȱ
‘Žȱ›˜ž—ȱ ’›Žȱ˜›ȱ–ŽŠ•ȱ›˜ž—’—ȱ‹›ŠŒ”Žȱ˜›ȱ
‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǰȱžœ’—ȱ‘Žȱœ’•ŸŽ›ȱŒ˜•˜›Žȱ
œŒ›Ž ȱŠ—ȱ Šœ‘Ž›ǰȱ˜ȱ‘Žȱ•˜ Ž›ȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ
‘˜•ŽǯȱŽŽȱ’ž›ŽȱŗŗȬŜŚǯ
)LJXUH*URXQG/HDG'HWDLOV
ȱ śǯȱ ’‘Ž—ȱŠ••ȱ˜ȱ‘Žȱœ‘›˜ž’—ȱŠœŽ—Ž›œǯȱ˜›šžŽȱ‘Žȱ
‹•˜ Ž›ȱ‘˜žœ’—ȱœŒ›Ž œȱ˜ȱŜǯŘȱȉ–ȱǻśśȱ’—ǯȱ•‹ǯǼȱ’—ȱŠȱ
—Ž ȱ‘˜•Žǰȱ˜›ȱ˜ȱŚǯŖȱȉ–ȱǻřśȱ’—ǯȱ•‹ǯǼȱ’—ȱŠȱžœŽȱ‘˜•Žǯȱ
˜›šžŽȱ‘Žȱœ‘˜›Ž›ȱśȱœ’Žȱ‹ŠĝŽȱœŒ›Ž œȱ˜ȱ
ŚǯŖȱȉ–ȱǻřśȱ’—ǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽȱŗŗȬŜśǯȱ˜›šžŽȱ‘Žȱ
ž™™Ž›ȱśȱœ’Žȱ‹ŠĝŽȱœŒ›Ž œȱǻ’—˜ȱŒ¢•’—Ž›ȱ‘ŽŠǼȱ
˜ȱŜǯŘȱȉ–ȱǻśśȱ’—ǯȱ•‹ǯǼȱ’—ȱŠȱ—Ž ȱ‘˜•Žǰȱ˜›ȱ˜ȱŚǯŖȱȉ–ȱ
ǻřśȱ’—ǯȱ•‹ǯǼȱ’—ȱŠȱžœŽȱ‘˜•Žǯȱ˜›šžŽȱ‘Žȱ ˜ȱ›ŽŠ›ȱŜȱ
‹ŠĝŽȱ–˜ž—’—ȱœŒ›Ž œȱ˜ȱŗŖǯŝȱȉ–ȱǻşśȱ’—ǯȱ•‹ǯǼȱ
’—ȱŠȱ—Ž ȱ‘˜•Žǰȱ˜›ȱ˜ȱŝǯřȱȉ–ȱǻŜśȱ’—ǯȱ•‹ǯǼȱ’—ȱŠȱžœŽȱ
‘˜•ŽǯȱŽŽȱ’ž›ŽȱŗŗȬŜŜǯ
6HFWLRQ
5HDVVHPEO\
ȱ ŝǯȱ ˜›šžŽȱ‘Žȱ˜ž›ȱ‹›ŽŠ‘Ž›ȱŒ˜ŸŽ›ȱœŒ›Ž œȱ˜ȱŝǯřȱȉ–ȱ
ǻŜśȱ’—ǯȱ•‹ǯǼȱ’—ȱ‘ŽȱœŽšžŽ—ŒŽȱœ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬŜŞǯ
)LJXUH7LJKWHQ6KRUW6FUHZVWR7RUTXH
6SHFL¿HG
)LJXUH%UHDWKHU&RYHU)DVWHQHU7RUTXH
6HTXHQFH
5HFRQQHFW5HFWL¿HU5HJXODWRU
ȱ ŗǯȱ —œŠ••ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ’—ȱ‘Žȱ‹•˜ Ž›ȱ
‘˜žœ’—ǰȱ’ȱ›Ž–˜ŸŽȱ™›ŽŸ’˜žœ•¢ǰȱ‘Ž—ȱŒ˜——ŽŒȱ
‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ›˜ž—ȱ•ŽŠȱ ’‘ȱ‘Žȱ
Šœ‘Ž›ȱŠ—ȱœ’•ŸŽ›ȱœŒ›Ž ȱ‘›˜ž‘ȱ‘ŽȱŽ¢Ž•ŽȱŠœȱ
œ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬŜşǯȱȱŠȱ›˜ž—’—ȱ‹›ŠŒ”Žȱ’œȱ
žœŽǰȱœŽŒž›Žȱ ’‘ȱ‘Žȱ•˜ Ž›ȱ–˜ž—’—ȱœŒ›Ž ȱŠ—ȱ
Šœ‘Ž›ǰȱАВ—œȱ‘Žȱ˜žŽ›ȱœ’Žȱ˜ȱ‘Žȱ›ŽŒ’ꎛȬ
›Žž•Š˜›ǯȱŽŽȱ’ž›ŽȱŗŗȬŝŗǯ
)LJXUH7LJKWHQ%DIÀH0RXQWLQJ6FUHZV
ȱ Ŝǯȱ ȱŠ—ȱ˜ŸŽ›•Š™™’—ȱœ¢•ŽȱĚ¢ ‘ŽŽ•ȱœŒ›ŽŽ—ȱ’œȱžœŽǰȱ
ŠĴŠŒ‘ȱ’ȱ˜ȱ‘Žȱœž™™˜›œȱ˜›ȱĚ¢ ‘ŽŽ•ǯȱ˜›ȱŠȱ–ŽŠ•ȱ
Ě¢ ‘ŽŽ•ȱœŒ›ŽŽ—ǰȱŠ™™•¢ȱ˜Œ’Žțȱ˜ǯȱŘŚŘȱ˜ȱ‘Žȱ
œŒ›Ž ȱ‘›ŽŠœȱǻŜǼȱŠ—ȱ˜›šžŽȱ˜ȱşǯşȱȉ–ȱ
ǻŞŞȱ’—ǯȱ•‹ǯǼǯȱ˜›šžŽȱ‘Žȱ™•Šœ’ŒȱœŒ›ŽŽ—ȱ–˜ž—’—ȱ
œŒ›Ž œȱǻŚǼȱ˜ȱŘǯŘȱȉ–ȱǻŘŖȱ’—ǯȱ•‹ǯǼǯ
)LJXUH&RQQHFWLQJ*URXQG/HDG
ȱ Řǯȱ —œŠ••ȱ‘ŽȱƸȱŽ›–’—Š•Ȧ•ŽŠȱ’—˜ȱ‘ŽȱŒŽ—Ž›ȱ
™˜œ’’˜—ȱ˜ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ȱ™•žȱŠ—ȱ
Œ˜——ŽŒȱ‘Žȱ™•žȱ˜ȱ‘Žȱ›ŽŒ’ꎛȬ›Žž•Š˜›ǯȱŽŽȱ
’ž›ŽœȱŗŗȬŝŖȱŠ—ȱŗŗȬŝŗǯ
)LJXUH,QVWDOOLQJ0HWDO7\SH*UDVV6FUHHQ
6HFWLRQ
5HDVVHPEO\
&\OLQGHU%DIÀH0RXQWLQJ/RFDWLRQ
)LJXUH,QVWDOOLQJ%/HDGLQWR3OXJ
*URXQGLQJ
%UDFNHW
)LJXUH*URXQGLQJ%UDFNHWDQG$WWDFKHG
&RQQHFWRU
60$5763$5. 0RGXOH
Œ
ȱ ŗǯȱ —ȱŽ—’—Žœȱ ’‘ȱȬȜǰȱ›Ž’—œŠ••ȱ‘Žȱ
ȱ–˜ž•Žȱ˜ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ȱ˜›ȱŒ¢•’—Ž›ȱ
‹ŠĝŽǯȱ˜ȱ—˜ȱ˜ŸŽ›’‘Ž—ȱ‘Žȱ›ŽŠ’—’—ȱœŒ›Ž œǯȱ
ŽŽȱ’ž›ŽȱŗŗȬŝŘǯ
%ORZHU+RXVLQJ0RXQWLQJ/RFDWLRQ
)LJXUH5HLQVWDOOLQJ6$00RGXOH
,QVWDOO(OHFWULF6WDUWHU0RWRU
ȱ ŗǯȱ —œŠ••ȱ‘ŽȱœŠ›Ž›ȱ–˜˜›ȱžœ’—ȱ‘Žȱ ˜ȱ‘Ž¡ȱ̊—Žȱ
œŒ›Ž œǯȱŽŽȱ’ž›ŽȱŗŗȬŝřǯȱ˜–Žȱ’—Ž›’ŠȬ›’ŸŽȱ
œŠ›Ž›œȱ‘ŠŸŽȱŠȱ™’—’˜—ȱŒ˜ŸŽ›ȱŠ—ȱœ™ŠŒŽ›œȱ˜—ȱ‘Žȱ
œŠ›Ž›ȱ‹˜•œǯ
ȱ Řǯȱ ˜›šžŽȱ‘Žȱ ˜ȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œȱ˜ȱŗśǯřȱȉ–ȱ
ǻŗřśȱ’—ǯȱ•‹ǯǼǯ
)LJXUH,QVWDOOLQJ(OHFWULF6WDUWHU0RWRU
6HFWLRQ
5HDVVHPEO\
ȱ řǯȱ —ȱ–˜Ž•œȱ ’‘ȱŠȱœ˜•Ž—˜’ȱœ‘’ĞȱœŠ›Ž›ǰȱŒ˜——ŽŒȱ
‘Žȱ•ŽŠœȱ˜ȱ‘Žȱœ˜•Ž—˜’ǯȱŽŽȱ’ž›ŽȱŗŗȬŝŚǯ
0HWDO&DVHG3XOVH)XHO3XPS
)LJXUH&RQQHFWLQJ/HDGVWR6WDUWLQJ0RWRU
DZȱ ȱ‘ŽȱŽ—’—ŽȱžœŽœȱŠȱœ’Žȱ–˜ž—ȱ–žĝŽ›ȱ˜—ȱ‘Žȱ
œŠ›Ž›ȱœ’Žǰȱ‹Žȱœž›Žȱ˜ȱ’Žȱ‘Žȱ ’›ŽœȱŒ•˜œŽȱ˜ȱ
‘ŽȱœŠ›Ž›ȱ˜ȱŠŸ˜’ȱŒ˜—ŠŒȱ ’‘ȱ‘˜ȱŽ¡‘Šžœȱ
™Š›œǯ
,QVWDOO)XHO3XPS
:$51,1*([SORVLYH)XHO
Šœ˜•’—Žȱ–Š¢ȱ‹Žȱ™›ŽœŽ—ȱ’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱŠ—ȱžŽ•ȱœ¢œŽ–ǯȱ
Šœ˜•’—Žȱ’œȱŽ¡›Ž–Ž•¢ȱ̊––Š‹•ŽȱŠ—ȱ’œȱŸŠ™˜›œȱŒŠ—ȱŽ¡™•˜Žȱ
’ȱ’—’ŽǯȱŽŽ™ȱœ™Š›”œȱŠ—ȱ˜‘Ž›ȱœ˜ž›ŒŽœȱ˜ȱ’—’’˜—ȱРТȱ
›˜–ȱ‘ŽȱŽ—’—Žǯ
ȱ ŗǯȱ —œŠ••ȱ‘Žȱ™ž•œŽȱœ¢•ŽȱžŽ•ȱ™ž–™ȱŠ—ȱ•’—ŽœȱŠœȱŠ—ȱ
ŠœœŽ–‹•¢ǯȱ˜——ŽŒȱ‘Žȱ™ž•œŽȱ•’—Žȱ˜ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ
ŸŠŒžž–ȱęĴ’—ȱ˜›ȱ‘ŽȱŸŠ•ŸŽȱŒ˜ŸŽ›ǰȱ ‘’Œ‘ŽŸŽ›ȱ
œ˜ž›ŒŽȱ’œȱžœŽǯ
DZȱ ž•œŽȱœ¢•ŽȱžŽ•ȱ™ž–™œȱ–Š¢ȱ‹Žȱ–ŠŽȱ˜ȱ
–ŽŠ•ȱ˜›ȱ™•Šœ’ŒǯȱŽŽȱ’ž›ŽȱŗŗȬŝśǯȱȱŠȱ
—Ž ȱžŽ•ȱ™ž–™ȱ’œȱ‹Ž’—ȱ’—œŠ••Žǰȱ–Š”Žȱ
œž›Žȱ‘Žȱ˜›’Ž—Š’˜—ȱ˜ȱ‘Žȱ—Ž ȱ™ž–™ȱ
’œȱŒ˜—œ’œŽ—ȱ ’‘ȱ‘Žȱ›Ž–˜ŸŽȱ™ž–™ǯȱ
—Ž›—Š•ȱŠ–АŽȱ–Š¢ȱ˜ŒŒž›ȱ’ȱ’—œŠ••Žȱ
’—Œ˜››ŽŒ•¢ǯ
ȱ Řǯȱ —œŠ••ȱ‘ŽȱžŽ•ȱ™ž–™ȱžœ’—ȱ‘Žȱ ˜ȱ‘Ž¡ȱ̊—Žȱ
œŒ›Ž œǯȱ˜›šžŽȱ‘ŽȱœŒ›Ž œȱ˜ȱŘǯřȱȉ–ȱǻŘŖȱ’—ǯȱ•‹ǯǼǯ
3ODVWLF&DVHG3XOVH)XHO3XPS
)LJXUH5HLQVWDOOHG)XHO3XPS
,QVWDOO&DUEXUHWRU
:$51,1*([SORVLYH)XHO
Šœ˜•’—Žȱ–Š¢ȱ‹Žȱ™›ŽœŽ—ȱ’—ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱŠ—ȱžŽ•ȱœ¢œŽ–ǯȱ
Šœ˜•’—Žȱ’œȱŽ¡›Ž–Ž•¢ȱ̊––Š‹•ŽȱŠ—ȱ’œȱŸŠ™˜›œȱŒŠ—ȱŽ¡™•˜Žȱ
’ȱ’—’ŽǯȱŽŽ™ȱœ™Š›”œȱŠ—ȱ˜‘Ž›ȱœ˜ž›ŒŽœȱ˜ȱ’—’’˜—ȱРТȱ
›˜–ȱ‘ŽȱŽ—’—Žǯ
2QH%DUUHO&DUEXUHWRU0RGHOV
ȱ ŗǯȱ —œŠ••ȱŠȱ—Ž ȱŒŠ›‹ž›Ž˜›ȱŠœ”ŽǯȱŠ”Žȱœž›ŽȱŠ••ȱ
‘˜•ŽœȱŠ•’—ȱŠ—ȱŠ›Žȱ˜™Ž—ǯ
ȱ Řǯȱ —œŠ••ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǰȱ‘›˜Ĵ•Žȱ•’—”АŽȱŠ—ȱ
˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱŠœȱŠ—ȱŠœœŽ–‹•¢ǯȱŽŽȱ’ž›ŽȱŗŗȬ
ŝŜǯȱȱŠȱ™•Šœ’Œȱ’—Š”Žȱ–Š—’˜•ȱ’œȱžœŽȱŠ—ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ȱ’œȱŽšž’™™Žȱ ’‘ȱŠȱžŽ•ȱœ˜•Ž—˜’ǰȱ
ŠĴŠŒ‘ȱ‘Žȱ›˜ž—ȱ•ŽŠȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ
–˜ž—’—ȱœŒ›Ž ǯȱŽŽȱ’ž›ŽȱŗŗȬŝŝǯȱ
6HFWLRQ
5HDVVHPEO\
)LJXUH,QVWDOOLQJ&DUEXUHWRU$VVHPEO\
)LJXUH,QVWDOOLQJ6WXGVDQG&DUEXUHWRU
7ZR%DUUHO&DUEXUHWRU
ȱ Śǯȱ ˜——ŽŒȱ‘Žȱ›˜ž—ȱ•ŽŠȱŠ—ȱžŽ•ȱœ˜•Ž—˜’ȱ•ŽŠȱ
ŠœȱŽšž’™™ŽǯȱŽŽȱ’ž›ŽȱŗŗȬŝşǯ
)LJXUH*URXQG/HDGRQ&DUEXUHWRU
0RXQWLQJ6FUHZ2QH%DUUHO&DUEXUHWRU
ȱ řǯȱ ˜›šžŽȱ‘Žȱ ˜ȱŒŠ›‹ž›Ž˜›ȱ–˜ž—’—ȱœŒ›Ž œȱ˜ȱ
ŜǯŘȬŝǯřȱȉ–ȱǻśśȬŜśȱ’—ǯȱ•‹ǯǼǯ
7ZR%DUUHO&DUEXUHWRU0RGHOV
ȱ ŗǯȱ œŽȱŠȱ—Ž ȱŒŠ›‹ž›Ž˜›ȱŠœ”ŽǯȱŠ”Žȱœž›ŽȱŠ••ȱ‘˜•Žœȱ
Š•’—ȱŠ—ȱŠ›Žȱ˜™Ž—ǯȱ
)LJXUH&RQQHFWLQJ*URXQG/HDG7ZR%DUUHO
&DUEXUHWRU
,QVWDOO([WHUQDO*RYHUQRU&RQWUROV
ȱ ŗǯȱ —œŠ••ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱ˜—˜ȱ‘Žȱ˜ŸŽ›—˜›ȱŒ›˜œœȱ
œ‘ŠĞǯȱŽŽȱ’ž›ŽȱŗŗȬŞŖǯ
ȱ Řǯȱ ™™•¢ȱ˜Œ’ŽțȱŘŚŘȱ˜ȱ‘Žȱœ‘˜›Ž›ȱǻ’——Ž›ǼȱœŽȱ˜ȱ
‘›ŽŠœȱ˜ȱŠ—¢ȱ›Ž–˜ŸŽȱœžœǯȱ
ȱ řǯȱ œœŽ–‹•ŽȱŒŠ›‹ž›Ž˜›ȱŠœ”ŽȱŠ—ȱŒŠ›‹ž›Ž˜›ȱ˜ȱ‘Žȱ
’—Š”Žȱ–Š—’˜•ǰȱŠ—ȱœŠ›ȱŠ—¢ȱ›Ž–˜ŸŽȱœžœǯȱ
œŽȱ ˜ȱ‘Ž¡ȱ—žœȱ•˜Œ”Žȱ̊—Žȱ˜ȱ̊—ŽȱŠ—ȱ
’‘Ž—ȱŽŠŒ‘ȱ˜ȱ‘Žȱœžœȱž—’•ȱ‹˜Ĵ˜–ŽȦ’‘ǯȱ
ŽŽȱ’ž›ŽȱŗŗȬŝŞǯ
)LJXUH,QVWDOO*RYHUQRU/HYHUWR6KDIW
6HFWLRQ
5HDVVHPEO\
ȱ Řǯȱ Š”Žȱœž›Žȱ‘Žȱ‘›˜Ĵ•Žȱ•’—”АŽȱ’œȱŒ˜——ŽŒŽȱ˜ȱ
‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱŠ—ȱ‘Žȱ‘›˜Ĵ•Žȱ•ŽŸŽ›ȱ˜—ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ǯ
ȱ řǯȱ ˜ŸŽȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱ˜ Š›ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ
ŠœȱŠ›ȱŠœȱ’ȱ ’••ȱ˜ȱǻ ’ŽȬ˜™Ž—ȱ‘›˜Ĵ•ŽǼȱŠ—ȱ‘˜•ȱ
’—ȱ™˜œ’’˜—ǯȱŽŽȱ’ž›ŽȱŗŗȬŞŗǯȱ
)LJXUH&RQQHFWLQJ&KRNH/LQNDJH
)LJXUH$GMXVWLQJ*RYHUQRU/HYHU
ȱ Řǯȱ ˜ž—ȱ‘Žȱ–Š’—ȱŒ˜—›˜•ȱ‹›ŠŒ”ŽǰȱŠ—ȱŠ’›ȱŒ•ŽŠ—Ž›ȱ
œž™™˜›ȱ‹›ŠŒ”Žȱǻ’ȱžœŽǼȱ˜ȱ‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠœȱ
žœ’—ȱ‘Žȱ˜ž›ȱ‘Ž¡ȱ̊—ŽȱœŒ›Ž œǯȱ˜›šžŽȱ‘Žȱ
œŒ›Ž œȱ˜ȱŗŖǯŝȱȉ–ȱǻşśȱ’—ǯȱ•‹ǯǼȱ’—˜ȱ—Ž ȱ‘˜•Žœǰȱ˜›ȱ
ŝǯřȱȉ–ȱǻŜśȱ’—ǯȱ•‹ǯǼȱ’—˜ȱžœŽȱ‘˜•ŽœǯȱŽŽȱ’ž›Žȱ
ŗŗȬŞŚǯ
ȱ Śǯȱ —œŽ›ȱŠȱ—Š’•ȱ’—˜ȱ‘Žȱ‘˜•Žȱ˜—ȱ‘ŽȱŒ›˜œœȱœ‘ŠĞȱŠ—ȱ
›˜ŠŽȱ‘Žȱœ‘ŠĞȱŒ˜ž—Ž›Œ•˜Œ” ’œŽȱŠœȱŠ›ȱŠœȱ’ȱ ’••ȱ
ž›—ǰȱ‘Ž—ȱ˜›šžŽȱ‘Žȱ‘Ž¡ȱ—žȱ˜ȱŜǯŞȱȉ–ȱ
ǻŜŖȱ’—ǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽȱŗŗȬŞŘǯȱ
)LJXUH+ROGLQJDQG7LJKWHQLQJ*RYHUQRU
$UP
ȱ śǯȱ ŽŒ˜——ŽŒȱ‘Žȱ•ŽŠȱ ’›Žȱ˜ȱ‘ŽȱžŽ•ȱœ‘žȬ˜ěȱ
œ˜•Ž—˜’ȱ’ȱœ˜ȱŽšž’™™Žǯ
,QVWDOO7KURWWOH&KRNH&RQWUROV
ȱ ŗǯȱ ˜——ŽŒȱ‘ŽȱŒ‘˜”Žȱ•’—”АŽȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱŠ—ȱ
Œ‘˜”ŽȱŠŒžŠ˜›ȱ•ŽŸŽ›ǯȱŽŽȱ’ž›ŽȱŗŗȬŞřǯ
)LJXUH7RUTXLQJ0DLQ&RQWURO%UDFNHW
6HFWLRQ
5HDVVHPEO\
ȱ řǯȱ ˜——ŽŒȱ‘Žȱ˜ŸŽ›—˜›ȱœ™›’—ȱ›˜–ȱ‘Žȱ–Š’—ȱ
Œ˜—›˜•ȱ‹›ŠŒ”Žȱ˜ȱ‘ŽȱŠ™™›˜™›’ŠŽȱ‘˜•Žȱ’—ȱ‘Žȱ
˜ŸŽ›—˜›ȱ•ŽŸŽ›ȱŠœȱ’—’ŒŠŽȱ’—ȱ‘Žȱ˜••˜ ’—ȱ
Œ‘Š›œǯȱ˜Žȱ‘Šȱ‘˜•Žȱ™˜œ’’˜—œȱŠ›ŽȱŒ˜ž—Žȱ›˜–ȱ
‘Žȱ™’Ÿ˜ȱ™˜’—ȱ˜ȱ‘Žȱ˜ŸŽ›—˜›ȱ•ŽŸŽ›ǯȱŽŽȱ’ž›Žœȱȱ
ŗŗȬŞśȱŠ—ȱŗŗȬŞŜǰȱŠ—ȱ‘ŽȱŠ™™›˜™›’ŠŽȱŒ‘Š›ǯ
&RORUHGRQ(QG2QO\
&RORUHG&RPSOHWHO\
)LJXUH*RYHUQRU6SULQJ,'&RORU0DUNLQJV
)LJXUH&RQQHFWLQJ6SULQJWR*RYHUQRU
/HYHU
PP*RYHUQRU/HYHUDQG+ROH3RVLWLRQ
530&KDUW
*RY/HYHU
+LJK,GOH530
+ROH1R
řŞŖŗȬŚŖŖŖ
ś
řŜŖŗȬřŞŖŖ
Ś
řŚśŗȬřŜŖŖ
ř
řřŖŗȬřŚśŖ
Ř
řŗŖŗȬřřŖŖ
Ś
ŘşśŗȬřŗŖŖ
ř
ŘŞŖŖȬŘşśŖ
Ř
řŝśŖȘ
ř
řŗśŖȘ
ř
ȘśƖȱސž•Š’˜—ȱǻ˜‘Ž›œȱŗŖƖǼ
*RYHUQRU6SULQJ
&RORU&RGH
•ŽŠ›
•ŽŠ›
•ŽŠ›
•ŽŠ›
ž›™•Ž
ž›™•Ž
ž›™•Ž
•ŽŠ›
ž›™•Ž
*RYHUQRU
/HYHU
*RYHUQHG
,GOH+ROH
6HFWLRQ
5HDVVHPEO\
PP*RYHUQRU/HYHUDQG+ROH3RVLWLRQ530&KDUWV
&+(QJLQHV
*RYHUQRU/HYHU
*RYHUQRU6KDIW
&RQ¿JXUDWLRQ
1HHGOH%HDULQJ
6WDQGDUG
3DUHQW0DWHULDO
,QWHQGHG
0D[LPXP530
1RQ$FFHOHUDWRU
3XPS&DUEXUHWRU
$FFHOHUDWRU
3XPS&DUEXUHWRU
+LJK,GOH
:27
6SULQJ&RORU
+ROH1R
6SULQJ&RORU
+ROH1R
řŝŚŚ
řŗŘŖ
řŜŖŖ
řŖŖŖ
Ř
ŗ
Ȭ
Ȭ
Ȭ
Ȭ
řŞŞŞ
řŝŞŖ
řŜŝŘ
řśŜŚ
řŚśŜ
řřŚŞ
řŘŚŖ
řŗřŘ
řŖŘŚ
řŜŖŖ
řśŖŖ
řŚŖŖ
řřŖŖ
řŘŖŖ
řŗŖŖ
řŖŖŖ
ŘşŖŖ
ŘŞŖŖ
›Š—Ž
•ŽŠ›
•žŽ
›Š—Ž
•ŽŠ›
•žŽ
ž›™•Ž
•ŠŒ”
Ž
›ŽŽ—
•žŽ
Ś
ř
Ś
ř
Ř
Ř
Ř
ŗ
ŗ
ž›™•Ž
•ŠŒ”
Ž
›Š—Ž
•žŽ
›Š—Ž
•ŠŒ”
Ž
•ŽŠ›
ř
ř
ř
Ř
Ř
ŗ
ŗ
ŗ
ŗ
&+(QJLQHV
*RYHUQRU6KDIW
&RQ¿JXUDWLRQ
1HHGOH%HDULQJ
6WDQGDUG
3DUHQW0DWHULDO
,QWHQGHG
0D[LPXP530
1RQ$FFHOHUDWRU
3XPS&DUEXUHWRU
$FFHOHUDWRU
3XPS&DUEXUHWRU
+LJK,GOH
:27
6SULQJ&RORU
+ROH1R
6SULQJ&RORU
+ROH1R
řŝŚŚ
řŗŘŖ
řŞŞŞ
řŝŞŖ
řŜŝŘ
řśŜŚ
řŚśŜ
řřŚŞ
řŘŚŖ
řŗřŘ
řŖŘŚ
řŜŖŖ
řŖŖŖ
řŜŖŖ
řśŖŖ
řŚŖŖ
řřŖŖ
řŘŖŖ
řŗŖŖ
řŖŖŖ
ŘşŖŖ
ŘŞŖŖ
›Š—Ž
•ŽŠ›
Ž
ž›™•Ž
•ŠŒ”
Ž
ž›™•Ž
•žŽ
›Š—Ž
•ŽŠ›
Ž
Ř
ŗ
Ś
ř
ř
ř
Ř
Ř
ŗ
Ř
ŗ
Ȭ
Ȭ
ž›™•Ž
•ŠŒ”
Ž
›Š—Ž
•žŽ
›Š—Ž
•ŠŒ”
Ž
•ŽŠ›
Ȭ
Ȭ
ř
ř
ř
Ř
Ř
ŗ
ŗ
ŗ
ŗ
&+(QJLQHV
&+&+(),(QJLQHV
*RYHUQRU6KDIW
&RQ¿JXUDWLRQ
6WDQGDUG
3DUHQW0DWHULDO
,QWHQGHG
0D[LPXP530
ZLWK*RYHUQRU,GOH6\VWHP
+LJK,GOH
:27
6SULQJ&RORU
+ROH1R
6SULQJ&RORU
+ROH1R
řŞŞŞ
řŝŞŖ
řŜŝŘ
řśŜŚ
řŚśŜ
řřŚŞ
řŘŚŖ
řŗřŘ
řŖŘŚ
řŜŖŖ
řśŖŖ
řŚŖŖ
řřŖŖ
řŘŖŖ
řŗŖŖ
řŖŖŖ
ŘşŖŖ
ŘŞŖŖ
›Š—Ž
•ŠŒ”
Ž
›ŽŽ—
Ž
›ŽŽ—
•žŽ
•ŽŠ›
Ȭ
ř
ř
ř
Ř
Ř
ŗ
ŗ
ŗ
Ȭ
•žŽ
ž›™•Ž
›Š—Ž
›ŽŽ—
•ŠŒ”
Ž
Ȭ
Ȭ
Ȭ
ř
Ř
ŗ
ŗ
ŗ
ŗ
Ȭ
Ȭ
Ȭ
6HFWLRQ
5HDVVHPEO\
,WHP
ȱ ŗȱ
ȱ Řȱ
ȱ řȱ
ȱ Śȱ
ȱ śȱ
ȱ Ŝȱ
ȱ ŝȱ
ȱ Şȱ
ȱ şȱ
ȱ ŗŖȱ
ȱ ŗŗȱ
ȱ ŗŘȱ
'HVFULSWLRQ
›ŠŒ”Žǰȱœ™ŽŽȱŒ˜—›˜•
•Š–™ǰȱŒŠ‹•Žȱǻœ˜–ŽȱŠ™™•’ŒŠ’˜—œǼ
’••ȱ ’Œ‘ȱǻœ˜–ŽȱŠ™™•’ŒŠ’˜—œǼ
ŽŸŽ›ǰȱŒ‘˜”Žȱǻ˜™ȱ™˜œ’’˜—Ǽ
ŽŸŽ›ǰȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ȱǻ–’•ŽǼ
’—”АŽǰȱŒ‘˜”ŽȱŒ˜—›˜•
ŽŸŽ›ǰȱ‘›˜Ĵ•ŽȱŠŒžŠ˜›ȱǻ‹˜Ĵ˜–Ǽ
Œ›Ž ǰȱś¡ŖǯŞ¡ŘŖ
Šœ‘Ž›ǰȱ ŠŸŽ
Šœ‘Ž›ǰȱ̊ȱǻřǼ
™›’—ǰȱŒ‘˜”Žȱ›Žž›—
žǰȱś¡ŖǯŞȱ•˜Œ”
)LJXUH7KURWWOH&KRNH&RQWURO%UDFNHW'HWDLO
,QVWDOO2LO6HQWU\ ,I6R(TXLSSHG
Œ
ȱ ŗǯȱ ™™•¢ȱ™’™ŽȱœŽŠ•Š—ȱ ’‘ȱŽĚ˜—țȱǻ˜Œ’Žțȱ˜ǯȱ
śşŘŚŗȱ˜›ȱŽšž’ŸŠ•Ž—Ǽȱ˜ȱ‘Žȱ‘›ŽŠœȱ˜ȱ‘Žȱ’•ȱ
Ž—›¢Ȝȱœ ’Œ‘ȱŠ—ȱ’—œŠ••ȱ’ȱ’—˜ȱ‘Žȱ‹›ŽŠ‘Ž›ȱ
Œ˜ŸŽ›ǯȱŽŽȱ’ž›ŽȱŗŗȬŞŞǯȱ˜›šžŽȱ˜ȱŚǯśȱȉ–
ǻŚŖȱ’—ǯȱ•‹ǯǼǯ
ȱ Řǯȱ ˜——ŽŒȱ‘Žȱ ’›Žȱ•ŽŠȱǻ›ŽŽ—Ǽȱ˜ȱ‘Žȱ’•ȱŽ—›¢Ȝȱ
Ž›–’—Š•ǯ
,QVWDOO&RQWURO3DQHO,I6R(TXLSSHG
ȱ ŗǯȱ —œŠ••ȱ‘Žȱ™Š—Ž•ȱ˜ȱ‘Žȱ‹•˜ Ž›ȱ‘˜žœ’—ǯ
ȱ Řǯȱ ˜——ŽŒȱ‘Žȱ‘›˜Ĵ•ŽȱŒ˜—›˜•ȱŒŠ‹•Žȱ˜›ȱœ‘ŠĞǯ
ȱ řǯȱ ˜——ŽŒȱ‘ŽȱŒ‘˜”ŽȱŒ˜—›˜•ȱŒŠ‹•Žȱ˜ȱ‘ŽȱŒ˜—›˜•ȱ
‹›ŠŒ”Žǯ
ȱ Śǯȱ ˜——ŽŒȱ‘Žȱ’•ȱŽ—›¢Ȝȱ’—’ŒŠ˜›ȱ•’‘ȱ ’›Žœǯ
)LJXUH,QVWDOOLQJ2LO6HQWU\Œ6ZLWFK
6HFWLRQ
5HDVVHPEO\
,QVWDOO9DOYH&RYHUV
‘›ŽŽȱŸŠ•ŸŽȱŒ˜ŸŽ›ȱŽœ’—œȱ‘ŠŸŽȱ‹ŽŽ—ȱžœŽǯȱ‘ŽȱŽŠ›•’Žœȱ
¢™ŽȱžœŽȱŠȱŠœ”ŽȱŠ—ȱȱœŽŠ•Š—ȱ‹Ž ŽŽ—ȱ‘ŽȱŒ˜ŸŽ›ȱ
Š—ȱœŽŠ•’—ȱœž›ŠŒŽȱ˜ȱ‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠǯȱ‘ŽȱœŽŒ˜—ȱ
¢™Žȱ‘ŠȱŠȱ‹•ŠŒ”ȱȬ’—ȱ’—œŠ••Žȱ’—ȱŠȱ›˜˜ŸŽȱ˜—ȱ‘Žȱ
ž—Ž›œ’Žȱ˜ȱ‘ŽȱŒ˜ŸŽ›ȱŠ—ȱ–Š¢ȱ‘ŠŸŽȱ–ŽŠ•ȱœ™ŠŒŽ›œȱ
’—ȱ‘Žȱ‹˜•ȱ‘˜•Žœǯȱ‘Žȱ—Ž ŽœȱŽœ’—ȱžœŽœȱŠȱ¢Ž••˜ ȱ˜›ȱ
‹›˜ —ȱȬ’—ǰȱ ’‘ȱ‹˜•ȱ‘˜•Žȱœ™ŠŒŽ›œȱ–˜•Žȱ’—ȱ™•ŠŒŽǯȱ
‘Žȱ’‘Ž—’—ȱ˜›šžŽȱ’쎛œȱ‹Ž ŽŽ—ȱŠœ”ŽȱŠ—ȱ
Ȭ’—ȱœ¢•ŽȱŒ˜ŸŽ›œǯȱ’œȱŠ›ŽȱŠŸŠ’•Š‹•Žȱ˜›ȱŒ˜—ŸŽ›’—ȱ
˜ȱ‘Žȱ•ŠŽœȱȬ’—ȱ¢™ŽȱŒ˜ŸŽ›œǯȱ’ěŽ›Ž—ŒŽœȱŠ›Žȱ
™˜’—Žȱ˜žȱ’—ȱ‘Žȱ˜••˜ ’—ȱ’—œŠ••Š’˜—ȱœŽ™œǯ
Šœ”ŽȦȱœ¢•ŽȱŒ˜ŸŽ›ȱǯǯǯǯǯǯǯǯǯǯǯǯǯǯǯ řǯŚȱȉ–ȱǻřŖȱ’—ǯȱ•‹ǯǼ
•ŠŒ”ȱȬ’—ȱœ¢•ŽȱŒ˜ŸŽ›ȱ
ȱ
’‘ȱœ‘˜ž•Ž›ȱœŒ›Ž œȱǯǯǯǯǯǯǯǯǯǯǯ śǯŜȱȉ–ȱǻśŖȱ’—ǯȱ•‹ǯǼ
ȱ
’‘ȱœŒ›Ž œȱŠ—ȱœ™ŠŒŽ›œȱǯǯǯǯǯǯ şǯşȱȉ–ȱǻŞŞȱ’—ǯȱ•‹ǯǼȱ
Ž••˜ ȱ˜›ȱ›˜ —ȱȬ’—ȱœ¢•ŽȱŒ˜ŸŽ›ȱ
ȱ
’‘ȱ’—Ž›Š•ȱœ™ŠŒŽ›œȱǯǯǯǯǯǯǯǯǯǯǯǯ ŜǯŘȱȉ–ȱǻśśȱ’—ǯȱ•‹ǯǼ
DZȱ ˜ȱ—˜ȱœŒ›Š™Žȱ˜•ȱȱœŽŠ•Š—ȱǻ’ȱžœŽǼȱ˜ěȱ
‘ŽȱœŽŠ•’—ȱœž›ŠŒŽȱ˜ȱ‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠȱŠœȱ
‘’œȱŒ˜ž•ȱŒŠžœŽȱŠ–АŽȱŠ—ȱ›Žœž•ȱ’—ȱ•ŽŠ”œǯȱ
‘ŽȱžœŽȱ˜ȱŠœ”Žȱ›Ž–˜ŸŽ›ȱœ˜•ŸŽ—ȱǻ™Š’—ȱ
›Ž–˜ŸŽ›Ǽȱ’œȱ›ŽŒ˜––Ž—Žǯ
ȱ ŗǯȱ ȱžœ’—ȱ‘ŽȱŠœ”Žȱ˜›ȱœŽŠ•Š—ȱ¢™ŽȱŒ˜ŸŽ›ǰȱ™›Ž™Š›Žȱ
‘ŽȱœŽŠ•’—ȱœž›ŠŒŽœȱ˜ȱ‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠȱŠ—ȱ
Œ˜ŸŽ›ȱŠœȱ’›ŽŒŽȱ’—ȱŽ›Ÿ’ŒŽȱž••Ž’—ȱŘśŘǯȱŽŽ›ȱ˜ȱ
ŽŒ’˜—ȱŘǰȱ˜›ȱŠ™™›˜ŸŽȱœŽŠ•Š—œǯȱ• Š¢œȱžœŽȱ›Žœ‘ȱ
œŽŠ•Š—ȱȮȱžœ’—ȱ˜žŠŽȱœŽŠ•Š—ȱŒ˜ž•ȱ›Žœž•ȱ’—ȱ
•ŽŠ”АŽǯȱ’‘ȱȬ’—ȱ¢™ŽȱŒ˜ŸŽ›œǰȱ–Š”Žȱœž›Žȱ‘Žȱ
œŽŠ•’—ȱœž›ŠŒŽœȱŠ›ŽȱŒ•ŽŠ—ǯ
)LJXUH9DOYH&RYHU)DVWHQHU7RUTXH
6HTXHQFH
DZȱ ŠœŽ—Ž›ȱǛŘȱ–Š¢ȱœŽŒž›ŽȱžŽ•ȱ™ž–™ȱ‹›ŠŒ”Žȱ˜—ȱ
ŽŠ›•’Ž›ȱ–˜Ž•œǯ
ȱ Řǯȱ Š”Žȱœž›Žȱ‘Ž›ŽȱŠ›Žȱ—˜ȱ—’Œ”œȱ˜›ȱ‹ž››œȱ˜—ȱ‘Žȱ
œŽŠ•’—ȱœž›ŠŒŽœǯ
ȱ řǯȱ ˜›ȱŒ˜ŸŽ›œȱ›Žšž’›’—ȱȱœŽŠ•Š—ǰȱŠ™™•¢ȱŠȱŗǯśȱ
––ȱǻŗȦŗŜȱ’—ǯǼȱ‹ŽŠȱ˜ȱ‘ŽȱœŽŠ•’—ȱœž›ŠŒŽȱ˜ȱ‹˜‘ȱ
Œ¢•’—Ž›ȱ‘ŽŠœǰȱ’—œŠ••ȱŠȱ—Ž ȱŸŠ•ŸŽȱŒ˜ŸŽ›ȱŠœ”Žȱ
˜—ȱŽŠŒ‘ǰȱ‘Ž—ȱŠ™™•¢ȱŠȱœŽŒ˜—ȱ‹ŽŠȱ˜ȱœŽŠ•Š—ȱ˜—ȱ
‘Žȱ˜™ȱœž›ŠŒŽȱ˜ȱ‘ŽȱŠœ”Žœǯȱ˜›ȱȬ’—ȱ¢™Žȱ
Œ˜ŸŽ›œǰȱ’—œŠ••ȱŠȱ—Ž ȱȬ’—ȱ’—ȱ‘Žȱ›˜˜ŸŽȱ˜ȱ‘Žȱ
Œ˜ŸŽ›œǯȱ˜ȱ—˜ȱžœŽȱŠœ”Žœȱ˜›ȱȱœŽŠ•Š—ǯ
ȱ Śǯȱ ˜ŒŠŽȱ‘ŽȱŒ˜ŸŽ›ȱ ’‘ȱ‘Žȱ˜’•ȱꕕȱ—ŽŒ”ȱ˜—ȱ‘ŽȱœŠ–Žȱ
œ’ŽȱŠœȱ›Ž–˜ŸŽȱŠ—ȱ’—œŠ••ȱ‘Žȱ•’Ğ’—ȱœ›Š™ȱ’—ȱ
‘Žȱ˜›’’—Š•ȱ™˜œ’’˜—ǯȱ’‘ȱȬ’—ȱ¢™ŽȱŒ˜ŸŽ›œǰȱ
™˜œ’’˜—ȱ‘ŽȱŒ˜ŸŽ›ȱ˜—ȱ‘ŽȱŒ¢•’—Ž›ȱ‘ŽŠǯȱȱ•˜˜œŽȱ
œ™ŠŒŽ›œȱ Ž›ŽȱžœŽǰȱ’—œŽ›ȱŠȱœ™ŠŒŽ›ȱ’—ȱŽŠŒ‘ȱ˜ȱ‘Žȱ
œŒ›Ž ȱ‘˜•Žœǯȱ—ȱ‹˜‘ȱ¢™Žœǰȱ’—œŠ••ȱ‘Žȱ˜ž›ȱ‘Ž¡ȱ
̊—ŽȱœŒ›Ž œȱ’—ȱŽŠŒ‘ȱŒ˜ŸŽ›ȱŠ—ȱꗐŽ›ȱ’‘Ž—ǯ
ȱ śǯȱ ˜›šžŽȱ‘ŽȱŸŠ•ŸŽȱŒ˜ŸŽ›ȱŠœŽ—Ž›œȱ˜ȱ‘Žȱ™›˜™Ž›ȱ
œ™ŽŒ’ęŒŠ’˜—ȱžœ’—ȱ‘ŽȱœŽšžŽ—ŒŽȱœ‘˜ —ȱ’—ȱ’ž›Žȱ
ŗŗȬŞşǯ
)LJXUH7LJKWHQLQJ9DOYH&RYHU6FUHZV
,QVWDOO$LU&OHDQHU$VVHPEO\
ŽŽ›ȱ˜ȱŽŒ’˜—ȱŚȱ˜›ȱŠ’›ȱŒ•ŽŠ—Ž›ȱ›ŽŠœœŽ–‹•¢ȱ
™›˜ŒŽž›Žǯ
6WDQGDUG$LU&OHDQHU
ȱ ŗǯȱ ĴŠŒ‘ȱ‘Žȱ›ž‹‹Ž›ȱ‹›ŽŠ‘Ž›ȱ‘˜œŽȱ˜ȱ‘Žȱ‹›ŽŠ‘Ž›ȱ
Œ˜ŸŽ›ǯȱ˜——ŽŒȱ‘ŽȱžŽ•ȱ’—•Žȱ•’—Žȱ˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ
Š—ȱœŽŒž›Žȱ ’‘ȱŠȱŒ•Š–™ǯȱŽŽȱ’ž›ŽȱŗŗȬşŗǯ
6HFWLRQ
5HDVVHPEO\
ȱ řǯȱ ŽŒž›Žȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱ‹ŠœŽȱŠ—ȱ‹›ŠŒ”Žȱžœ’—ȱ‘Žȱ
‘Ž¡ȱ̊—ŽȱœŒ›Ž œǯȱ˜œ’’˜—ȱ‘Žȱ‹›ŠŒ”Žȱ ’‘ȱ‘Žȱ
‘˜•Žȱ˜ Š›ȱ‘Žȱ‹›ŽŠ‘Ž›ȱ‘˜œŽǯȱŽȱŒŠ›Žž•ȱ—˜ȱ
˜ȱ›˜™ȱœŒ›Ž œȱ’—˜ȱ‘ŽȱŒŠ›‹ž›Ž˜›ǯȱȱŠȱ›ŽŠ›ȱŠ’›ȱ
Œ•ŽŠ—Ž›ȱ‹›ŠŒ”Žȱ’œȱžœŽǰȱ’—œŠ••ȱ‘Žȱ ˜ȱśȱœŒ›Ž œȱ
‘›˜ž‘ȱ‘Žȱ›ŽŠ›ȱ˜ȱ‘Žȱ‹ŠœŽǯȱ˜›šžŽȱ‘Žȱ‘›ŽŽȱŜȱ
œŒ›Ž œȱ˜ȱŜǯŘȬŝǯřȱȉ–ȱǻśśȬŜśȱ’—ǯȱ•‹ǯǼȱŠ—ȱ‘Žȱ ˜ȱ
›ŽŠ›ȱśȱ–˜ž—’—ȱœŒ›Ž œȱǻ ‘Ž—ȱŠ™™•’ŒŠ‹•ŽǼȱ˜ȱ
ŚǯŖȱȉ–ȱǻřśȱ’—ǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽœȱŗŗȬşŚȱŠ—ȱŗŗȬşśǯ
)LJXUH&RQQHFWLQJ)XHO,QOHW/LQH
ȱ Řǯȱ ˜œ’’˜—ȱŠȱ—Ž ȱŠœ”ŽȱŠ—ȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱ‹ŠœŽȱ
‘’•ŽȱŒŠ›Žž••¢ȱ™ž••’—ȱ‘Žȱ•˜˜œŽȱŽ—ȱ˜ȱ‘Žȱ
›ž‹‹Ž›ȱ‹›ŽŠ‘Ž›ȱ‘˜œŽȱ‘›˜ž‘ȱ‘Žȱ‹ŠœŽȱž—’•ȱ
™›˜™Ž›•¢ȱœŽŠŽȱǻŒ˜••Š›œȱœŽŠ•ŽȱАВ—œȱŽŠŒ‘ȱœ’Žȱ
˜ȱ‹ŠœŽǼǯȱŽŽȱ’ž›ŽȱŗŗȬşŘǯ
)LJXUH7RUTXLQJ%DVH6FUHZV
)LJXUH3XOOLQJ%UHDWKHU+RVHWKURXJK%DVH
DZȱ ˜žŽȱ‘ŽȱžŽ•ȱ•’—Žȱ’—ȱ‘ŽȱŒ˜—˜ž›ǰȱ
Šœȱœ‘˜ —ȱ’—ȱ’ž›ŽȱŗŗȬşřǰȱ˜ȱŠŸ˜’ȱ
›Žœ›’Œ’˜—ǯ
)LJXUH7LJKWHQLQJ5HDU%DVH%UDFNHW
6FUHZV6RPH0RGHOV
ȱ Śǯȱ —œŠ••ȱ‘Žȱ‹›ŽŠ‘Ž›ȱ‘˜œŽȱ’—ȱ‘Žȱ‘˜•Žȱ’—ȱ‘Žȱ‹›ŠŒ”Žǯ
ȱ śǯȱ —œŠ••ȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱŒ˜–™˜—Ž—œȱŠœȱŽœŒ›’‹Žȱ’—ȱ
ŽŒ’˜—ȱŚǯ
+HDY\'XW\$LU&OHDQHU
ȱ ŗǯȱ ˜——ŽŒȱ‘Žȱ‹›ŽŠ‘Ž›ȱ‘˜œŽȱ˜ȱ‹›ŽŠ‘Ž›ȱŒ˜ŸŽ›ȱ
Š—ȱęĴ’—ȱ˜—ȱŠŠ™Ž›ȱŽ•‹˜ ǯȱ˜žŽȱ‘ŽȱžŽ•ȱ
•’—ŽȱŠ“ŠŒŽ—ȱ˜ȱžŽ•ȱœ˜•Ž—˜’ǰȱŠ—ȱœŽŒž›Žȱ˜ȱ‘Žȱ
ŒŠ›‹ž›Ž˜›ȱ’—•Žȱ ’‘ȱŠȱŒ•Š–™ǯȱŽŽȱ’ž›ŽȱŗŗȬşŜǯ
)LJXUH)XHO,QOHW/LQH'HWDLO
6HFWLRQ
5HDVVHPEO\
&DUEXUHWRU
,QOHW
)XHO/LQH
)LJXUH%UHDWKHU+RVHDQG)XHO/LQH'HWDLOV
ȱ Řǯȱ •’—ȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱ–˜ž—’—ȱ‹›ŠŒ”Žȱ ’‘ȱ‘Žȱ
ŸŠ•ŸŽȱŒ˜ŸŽ›ȱ–˜ž—’—ȱ‘˜•ŽœȱŠ—ȱœŠ›ȱ‘ŽȱœŒ›Ž œǯȱ
—ȱ ˜Ȭ‹Š››Ž•ȱŒŠ›‹ž›Ž˜›ȱ–˜Ž•œȱœŠ›ȱ‘Žȱ ˜ȱ
–˜ž—’—ȱœŒ›Ž œȱ’—˜ȱ‘Žȱ˜™ȱ˜ȱ’—Š”Žȱ–Š—’˜•ǯȱ
ŽŽȱ’ž›ŽȱŗŗȬşŝǯ
)LJXUH$VVHPEOHG+HDY\'XW\$LU&OHDQHU
7ZR%DUUHO&DUEXUHWRU
,QVWDOO0XIÀHU
ȱ ŗǯȱ —œŠ••ȱ‘Žȱ™˜›ȱ•’—Ž›œȱǻ’ȱŽšž’™™ŽǼǯȱ—œŠ••ȱ‘Žȱ
–žĝŽ›ȱŠ—ȱŠĴŠŒ‘’—ȱ‘Š› Š›Žȱ˜ȱ‘Žȱ–žĝŽ›ȱ
‹›ŠŒ”Žǯȱ˜›šžŽȱœŒ›Ž œȱ˜ȱşǯşȱȉ–ȱǻŞŞȱ’—ǯȱ•‹ǯǼǯ
ȱ Řǯȱ —œŠ••ȱ‘Žȱ‘Ž¡ȱ̊—Žȱ—žœȱ˜ȱ‘ŽȱŽ¡‘Šžœȱœžœǯȱ
˜›šžŽȱ‘Ž¡ȱ̊—Žȱ—žœȱ˜ȱŘŚǯŚȱȉ–ȱǻŘŗŜȱ’—ǯȱ•‹ǯǼǯ
,QVWDOO2LO&RROHU
ȱ ŗǯȱ Ž’—œŠ••ȱ‘Žȱ˜’•ȱŒ˜˜•Ž›ȱ˜—ȱ‘ŽȱŽ—’—Žȱǻ’ȱ
Žšž’™™ŽǼǯȱ—œŠ••ȱŠȱ—Ž ȱŠœ”Žȱ‹Ž ŽŽ—ȱ‘Žȱ
Œ˜˜•Ž›ȱŠ—ȱ‘ŽȱŒ•˜œž›Žȱ™•ŠŽǯȱ˜›šžŽȱ—’™™•Žȱ
ŠŠ™Ž›ȱ˜ȱŘŝȱȉ–ȱǻŘŖȱĞǯȱ•‹ǯǼǯȱŽŽȱ’ž›ŽœȱŗŗȬşşȱ
Š—ȱŗŗȬŗŖŖǯȱ
)LJXUH0RXQWHG$LU&OHDQHU%UDFNHW7ZR
%DUUHO&DUEXUHWRU
ȱ řǯȱ ‘ŽŒ”ȱŠ•’—–Ž—ȱ˜ȱ‹›ŠŒ”ŽȱŠ—ȱ˜›šžŽȱ‘ŽȱŸŠ•ŸŽȱ
Œ˜ŸŽ›ȱœŒ›Ž œȱŠœȱ™›ŽœŒ›’‹Žȱ’—ȱȃ—œŠ••ȱŠ•ŸŽȱ
˜ŸŽ›œȄǯȱ˜›šžŽȱ‘Žȱž™™Ž›ȱ–˜ž—’—ȱœŒ›Ž œȱ’—˜ȱ
‘Žȱ–Š—’˜•ȱǻ ˜Ȭ‹Š››Ž•ȱ–˜Ž•œȱ˜—•¢Ǽȱ˜ȱşǯşȱȉ–ȱ
ǻŞŞȱ’—ǯȱ•‹ǯǼǯ
ȱ Śǯȱ ˜——ŽŒȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱ‘˜œŽȱ˜ȱŽ•‹˜ ȱ˜›ȱŠŠ™Ž›ȱ
˜—ȱŒŠ›‹ž›Ž˜›ȱŠ—ȱœŽŒž›Žȱ ’‘ȱŠȱŒ•Š–™ǯȱ—œŠ••ȱŠ—ȱ
’‘Ž—ȱ‘˜˜ȱ˜—˜ȱ‘ŽȱŠ’›ȱŒ•ŽŠ—Ž›ȱ’—•ŽǯȱŽŽȱ’ž›Žȱ
ŗŗȬşŞǯ
)LJXUH7RUTXLQJ2LO)LOWHU1LSSOH&UDQNFDVH
0RXQWHG&RROHU
6HFWLRQ
5HDVVHPEO\
0RXQWLQJ/RFDWLRQV
)LJXUH0RXQWLQJ2LO&RROHU%ORZHU
+RXVLQJ0RXQWHG&RROHU
,QVWDOO2LO)LOWHUDQG)LOO&UDQNFDVHZLWK
2LO
ȱ ŗǯȱ ›Žę••ȱŠȱ—Ž ȱ˜’•ȱꕝŽ›ȱ˜••˜ ’—ȱ‘Žȱ’—œ›žŒ’˜—œȱ’—ȱ
ŽŒ’˜—ȱŜǯ
)LJXUH,QVWDOO2LO)LOWHU
ȱ Śǯȱ —œŠ••ȱ‘Žȱ˜’•ȱ›Š’—ȱ™•žœǯȱŽŽȱ’ž›ŽȱŗŗȬŗŖřǯȱ
˜›šžŽȱ‘Žȱ™•žœȱ˜ȱŗřǯŜȱȉ–ȱǻŗŖȱĞǯȱ•‹ǯǼǯ
DZȱ Š”Žȱœž›Žȱ‘Šȱ‹˜‘ȱ˜’•ȱ›Š’—ȱ™•žœȱ
Š›Žȱ’—œŠ••ŽȱŠ—ȱ˜›šžŽȱ˜ȱ‘ŽȱŠ‹˜ŸŽȱ
œ™ŽŒ’ęŒŠ’˜—œȱ˜ȱ™›ŽŸŽ—ȱ˜’•ȱ•ŽŠ”АŽǯ
ȱ Řǯȱ ™™•¢ȱŠȱ‘’—ȱꕖȱ˜ȱŒ•ŽŠ—ȱŽ—’—Žȱ˜’•ȱ˜ȱ‘Žȱ›ž‹‹Ž›ȱ
Šœ”Žȱ˜—ȱ‘Žȱ˜’•ȱꕝŽ›ȱŠ—ȱ‘›ŽŠȱ‘ŽȱꕝŽ›ȱ˜—˜ȱ
‘ŽȱŠŠ™Ž›ȱ—’™™•ŽǯȱŽŽȱ’ž›ŽȱŗŗȬŗŖŗǯ
)LJXUH5HLQVWDOODQG7RUTXH%RWK2LO'UDLQ
3OXJV
)LJXUH,QVWDOOLQJ1HZ2LO)LOWHU
ȱ řǯȱ —œŠ••ȱ‘Žȱ—Ž ȱ˜’•ȱꕝŽ›ȱ˜ȱ‘ŽȱꕝŽ›ȱŠŠ™Ž›ȱ˜›ȱ˜’•ȱ
Œ˜˜•Ž›ǯȱŽŽ›ȱ˜ȱ’—œ›žŒ’˜—œȱ˜—ȱ‘Žȱ˜’•ȱꕝŽ›ȱ˜›ȱ
™›˜™Ž›ȱ’—œŠ••Š’˜—ǯȱ
ȱ śǯȱ ȱ˜’•ȱ˜ȱ‹›’—ȱ‘Žȱ•ŽŸŽ•ȱž™ȱ˜ȱȃȄȱ–Š›”ȱŠ—ȱ
›Ž’—œŠ••ȱ‘Žȱ’™œ’Œ”ǯȱŽŽȱ’ž›ŽȱŗŗȬŗŖŚǯ
6HFWLRQ
5HDVVHPEO\
3UHSDUHWKH(QJLQHIRU2SHUDWLRQ
‘ŽȱŽ—’—Žȱ’œȱ—˜ ȱŒ˜–™•ŽŽ•¢ȱ›ŽŠœœŽ–‹•ŽǯȱŽ˜›Žȱ
œŠ›’—ȱ˜›ȱ˜™Ž›Š’—ȱ‘ŽȱŽ—’—Žǰȱ‹Žȱœž›Žȱ˜ȱ˜ȱ‘Žȱ
˜••˜ ’—ǯ
ȱ ŗǯȱ Š”Žȱœž›ŽȱŠ••ȱ‘Š› Š›Žȱ’œȱ’‘Ž—ŽȱœŽŒž›Ž•¢ǯ
ȱ Řǯȱ Š”Žȱœž›Žȱ‘Žȱ˜’•ȱ›Š’—ȱ™•žœǰȱ˜’•ȱœŽ—›¢ȱ™›Žœœž›Žȱ
œ ’Œ‘ǰȱŠ—ȱŠȱ—Ž ȱ˜’•ȱꕝŽ›ȱŠ›Žȱ’—œŠ••Žǯ
)LJXUH5HLQVWDOOWKH'LSVWLFNLQ7XEH
ȱ Ŝǯȱ Š”Žȱœž›Žȱ‘ŽȱȬ’—ȱ’œȱ’—ȱ™•ŠŒŽȱ‘Ž—ȱ›Ž’—œŠ••ȱ‘Žȱ
˜’•ȱꕕȱŒŠ™ȱ˜—ȱ‘ŽȱŸŠ•ŸŽȱŒ˜ŸŽ›ǯȱŽŽȱ’ž›ŽȱŗŗȬŗŖśǯȱ
ȱ řǯȱ ’••ȱ‘ŽȱŒ›Š—”ŒŠœŽȱ ’‘ȱ‘ŽȱŒ˜››ŽŒȱŠ–˜ž—ǰȱ
Ž’‘ǰȱŠ—ȱ¢™Žȱ˜ȱ˜’•ǯȱŽŽ›ȱ˜ȱ˜’•ȱ
›ŽŒ˜––Ž—Š’˜—œȱŠ—ȱ™›˜ŒŽž›Žœȱ’—ȱ‘ŽȱȁȁŠŽ¢ȱ
Š—ȱޗޛЕȱ—˜›–Š’˜—ȂȂȱŠ—ȱȁȁž‹›’ŒŠ’˜—ȱ
¢œŽ–ȂȂȱœŽŒ’˜—œǯ
ȱ Śǯȱ “žœȱ‘ŽȱŒŠ›‹ž›Ž˜›ǰȱ’•ŽȱžŽ•ȱ—ŽŽ•Žǰȱ˜›ȱ’•Žȱ
œ™ŽŽȱŠ“žœ’—ȱœŒ›Ž ȱŠœȱ—ŽŒŽœœŠ›¢ǯȱŽŽ›ȱ˜ȱ
ŽŒ’˜—ȱśǰȱ‘ŽȱȃžŽ•ȱ¢œŽ–ȱŠ—ȱ˜ŸŽ›—˜›Ȅǯ
7HVWLQJWKH(QJLQH
ȱ’œȱ›ŽŒ˜––Ž—Žȱ‘Šȱ‘ŽȱŽ—’—Žȱ‹Žȱ˜™Ž›ŠŽȱ˜—ȱŠȱ
ŽœȱœŠ—ȱ˜›ȱ‹Ž—Œ‘ȱ™›’˜›ȱ˜ȱ’—œŠ••Š’˜—ȱ’—ȱ‘Žȱ™’ŽŒŽȱ˜ȱ
Žšž’™–Ž—ǯ
ȱ ŗǯȱ Žȱ‘ŽȱŽ—’—Žȱž™ȱ˜—ȱŠȱŽœȱœŠ—ǯȱ—œŠ••ȱŠ—ȱ˜’•ȱ
™›Žœœž›ŽȱŠžŽǯȱŠ›ȱ‘ŽȱŽ—’—ŽȱŠ—ȱŒ‘ŽŒ”ȱ˜ȱ
‹ŽȱŒŽ›Š’—ȱ‘Šȱ˜’•ȱ™›Žœœž›ŽȱǻŘŖȱ™œ’ȱ˜›ȱ–˜›ŽǼȱ’œȱ
™›ŽœŽ—ǯȱž—ȱ‘ŽȱŽ—’—ŽȱŠȱ’•Žȱ˜›ȱŘȬřȱ–’—žŽœǰȱ
‘Ž—ȱśȬŜȱ–’—žŽœȱ–˜›Žȱ‹Ž ŽŽ—ȱ’•ŽȱŠ—ȱ
–’›Š—Žǯȱ“žœȱ‘ŽȱŒŠ›‹ž›Ž˜›ȱ–’¡ž›ŽȱœŽĴ’—œȱ
Šœȱ—ŽŒŽœœŠ›¢ȱǻŠœȱŠŸŠ’•Š‹•ŽǼǯ
)LJXUH5HLQVWDOOLQJ2LO)LOO&DS6RPH
0RGHOV
&RQQHFW6SDUN3OXJ/HDGV
ȱ Řǯȱ “žœȱ‘Žȱ’•Žȱœ™ŽŽȱœŒ›Ž ȱŠ—ȱ‘’‘Ȭœ™ŽŽȱœ˜™ȱ
Šœȱ—ŽŒŽœœŠ›¢ǯȱŠ”Žȱœž›Žȱ‘Žȱ–Š¡’–ž–ȱŽ—’—Žȱ
œ™ŽŽȱ˜Žœȱ—˜ȱŽ¡ŒŽŽȱřŝśŖȱȱǻ—˜ȱ•˜ŠǼǯ
ȱ ŗǯȱ ˜——ŽŒȱ‘Žȱ•ŽŠœȱ˜ȱ‘Žȱœ™Š›”ȱ™•žœǯȱŽŽȱ’ž›Žȱ
ŗŗȬŗŖŜǯ
)LJXUH&RQQHFW6SDUN3OXJ/HDGV
6HFWLRQ
5HDVVHPEO\
Section 12
Clutch
Section 12
Clutch
Clutch
General
Some engines are equipped with a “wet” disc type clutch. See Figure 12-1 for exploded view of clutch.
Shifting Lever
Nameplate
Gasket
Shaft
(Yoke)
Seal
Clutch
Housing
Yoke
Key
Roll Pin
Adjusting
Ring
Driven
Member
Oil Seal
Power
Shaft
Ball Bearing
Snap Ring
Pressure
Plate
Retaining
Rings
Pilot Bearing
Release
Sleeve
Bearing Release
Assembly
Clutch Assembly
12
Clutch
Assembly
Adjusting
Lock
Figure 12-1. Wet Type Clutch - Exploded View.
12.1
Section 12
Clutch
Service
On this type, an oil “splash” type lubrication system is
used. The proper oil level must be maintained to
provide efficient lubrication. The oil should be
changed after each 100 hours of operation. When
refilling, use 0.47 L (1 pt.) of motor oil of proper
viscosity. See chart below.
Reconditioning
Drain the oil, remove the nameplate, and use the
following procedure.
Temperature
SAE Viscosity
Above 10°C (50°F)
S A E 30
-17.8°C (0°F) to 10°C (50°F)
S A E 20
1. Remove capscrews (2) from clutch yoke and
remove spacers.
Below -17.8°C (0°F)
S A E 10
2. Remove cross shaft.
Adjustment
Slight readjustment may be needed after a few hours
on a new clutch to accommodate normal run-in wear.
Firm pressure should be required to engage clutch
(40-45 pounds pull at lever handle). Readjust if clutch
slips and overheats, or if clutch handle jumps out after
engagement. Use the following procedure:
1. Release clutch and remove nameplate. Using a
large screwdriver, turn adjusting ring clockwise,
one notch at a time, until firm pressure is
required to engage clutch. See Figure 12-2.
Adjusting ring is spring loaded and does not
have to be loosened before adjustment is made.
Do not attempt to pry or force spring lock away
from the ring.
Adjustment
Ring
Spring
Lock
Figure 12-2. Adjusting Clutch.
12.2
2. After adjustment is made, engage clutch and
check to make sure rollers go over center to lock
the unit in engaged position and prevent
releasing under load. If trouble persists after
readjustment, clutch reconditioning is indicated.
3. Remove housing bolts (4) and slide housing off.
4. Loosen bolts securing clutch assembly to
crankshaft, then remove locking screw.
5. Pull clutch assembly off.
6. To replace clutch, simply turn adjusting collar off
and remove plate.
Reverse procedure for reassembly. Adjust and
lubricate following previous instructions.
FORM NO.: 24 690 06 Rev. A
ISSUED:
9/10
REVISED: 1/11
FOR SALES AND SERVICE INFORMATION
IN U.S. AND CANADA, CALL 1-800-544-2444
KohlerEngines.com
ENGINE DIVISION, KOHLER CO., KOHLER, WISCONSIN 53044
© 2011 by Kohler Co. All rights reserved.