6WDUW
)LOOLQJWKHVDOWGLVSHQVHU
$GGLQJULQVHDLG
$GGLQJGHWHUJHQW
6HOHFWSURJUDPPH
%ULHIDQGKDQG\
HYHU\WKLQJ\RXUGLVKZDVKHU
QHHGV«
%HIRUHXVLQJIRUWKHILUVWWLPH
UHDGWKH,QVWDOODWLRQLQVWUXFWLRQV
DQG2SHUDWLQJLQVWUXFWLRQV
6XPPDU
\RILQVWUXFWLRQV
'LVKZDVKHU
HQ
6ZLWFKRQWKHGHYLFH
6ZLWFKRIIWKHDSSOLDQFH
(YHU\WKLQJRNâ
6WDUWSURJUDPPHâ
+HUHZHJRâ
90
00 56
5
10
8
(90
06) 640
MV
$VN\RXUZDWHU
VXSSO\FRPSDQ\
ZKDWWKHZDWHU
KDUGQHVV
LVDQGHQWHUâ
$GMXVWLQJWKHZDWHUVRIWHQLQJV\VWHPâ
4XLFNO\VRUWHG
RQO\EHIRUHWKHILUVW
ZDVKRULIWKHZDWHU
KDUGQHVVKDVEHHQ
FKDQJHG
+RZWRDGMXVW
%
$
&
²6ZLWFKRQ212))VZLWFK
²+ROGGRZQSURJUDPPHEXWWRQ
$
DQGSUHVV67$57EXWWRQXQWLO
+â
LVLQGLFDWHGRQWKHGLJLWDOGLVSOD\
²5HOHDVHERWKEXWWRQV
7KH/('IRUEXWWRQ
$
IODVKHVDQGWKHIDFWRU\VHWYDOXHRI
+
LVLQGLFDWHGRQWKHGLJLWDOGLVSOD\
²3UHVVSURJUDPPHEXWWRQ
&
(DFKWLPHWKHEXWWRQLVSUHVVHGWKHVHWYDOXHLQFUHDVHVE\RQHVHWWLQJ
ZKHQWKHYDOXHUHDFKHV
+
WKHGLVSOD\MXPSVEDFNWR
+
RII
²3UHVV67$57EXWWRQ7KHFKRVHQVHWWLQJKDVQRZEHHQVWRUHG
¯¯
¯³
¯
¯´
¯
¯
¯±
¯Å
:DWHU
KDUGQHVV
YDOXH
&ODUNH
+DUGQHVV
UDQJH
PPROO
)DFWRU\
VHWWLQJ
VRIW
VRIW
PHGLXP
PHGLXP
PHGLXP
KDUG
KDUG
KDUG
'LVVROYHVOLPHVFDOHQRWQHFHVVDU\IRUVHWYDOXH
8QVFUHZ
FRYHU
)LOOWKHVDOW
GLVSHQVHUZLWK
ZDWHUEHIRUH
WKHILUVWZDVKRQO\
$GG
VSHFLDO
VDOW
QHYHUDGG
GHWHUJHQW
6FUHZRQ
WKHFRYHU
:DVK
LPPHGLDWHO\
6SLFNDQGVSDQ
3UHVV
PDUN
OLIWXS
FRYHU
)LOOLQ
ULQVHDLG
6FUHZRQ
WKHFRYHU
&/,&.
$ORWRIGLUWDORWRIGHWHUJHQW
,IUHTXLUHG
RSHQWKHFRYHU
SUHVVEXWWRQ
$WWHQWLRQ
&RPELQDWLRQ
SURGXFWV
DUHQRWVXLWDEOH
IRUDOOSURJUDPPHV
IROORZ
PDQXIDFWXUHU·V
LQVWUXFWLRQV
3RXUGHWHUJHQW
LQWRWKHGU\
GHWHUJHQW
GLVSHQVHURQO\
6OLGHFRYHU
VKXWSUHVV
3/23
PO
PO
PO
2YHUYLHZRISURJUDPPHV
7KHPD[SRVVLEOHQXPEHURISURJUDPPHV
LVLOOXVWUDWHGLQWKLVRYHUYLHZ
7KHFRUUHVSRQGLQJSURJUDPPHVIRU\RXUDSSOLDQFH
FDQEHIRXQGRQWKHIDVFLD
7KHSURJUDPPHGDWDKDVEHHQPHDVXUHG
LQWKHODERUDWRU\DFFRUGLQJWR(XURSHDQ
VWDQGDUG(1
'HYLDWLRQVDUHSRVVLEOHLQSUDFWLFH
KDOIQRUPDOORDG
4XLFNHFRQRPLFDORULQWHQVLYH
3UHULQVH
4XLFN
*HQWOH
(FR
$XWR
²
,QWHQVLYH
¸
i
p
x
j
Í
Õ
r
(QHUJ\FRQVXPSWLRQLQN:K
:DWHUFRQVXPSWLRQLQOLWUHV
'XUDWLRQKVPLQV
2:55 - 1:10
0:29 *
0:15
1,60 - 0,80
0,80
0,05
19 - 8
10
4
$GGLWLRQDORSWLRQVâ
)OH[LELOLW\â«
([SUHVV:DVK
LVREWDLQHGE\LQFUHDVHG
HQHUJ\FRQVXPSWLRQ
DWDFRQVWDQWFOHDQLQJ
SHUIRUPDQFH
+DOIORDG
IRUDIHZLWHPV
VDYHVZDWHUHQHUJ\
DQGWLPH
([WUDGU\LQJ
LPSURYHVWKHGU\LQJ
UHVXOWE\LQFUHDVHG
WHPSHUDWXUH
LQWKHILQDOULQVH
3OHDVHWDNHFDUH
ZLWKGHOLFDWHGLVKHV
+\JLHQH
WKHWHPSHUDWXUH
LVLQFUHDVHGGXULQJ
WKHILQDOULQVHSURFHVV
7KLVLQFUHDVHV
WKHK\JLHQHVWDWXV
,QWHQVLYH]RQH
SHUIHFWIRU
DPL[HGORDG
:DVKLQJSUHVVXUH
DQGZDVKLQJWHPSHUDWXUH
DUHLQFUHDVHGVOLJKWO\
GHSHQGLQJRQPRGHO
½
²
