/ ) 21

. 35 . 35 . 35
. 35 . 35
. 35
7 SH RI 7RRO )HDWXUHV

6&5(: &/ 03 a 7KH PL LPXP FXWWL J GLDPHWHU

LV L FK
,03/( 5 a
a
SRVLWLYH L VHUW
( FHOOH W YLEUDWLR UHVLVWD FH
GXH WR OLJKW GLPSOH KHDG
a &KLS GLVSRVDO LV LPSURYHG E KDYL J
W R FKD HOV IRU FKLS HYDFXDWLR 0 )6783 6 )6783 0 )6 8& 0 )698 & 0 )6:8 3
a O G LV WR WLPHV WKH GLDPHWHU ( ( ( (
6 7 SH RULQJ DUV a
a
7 R DOO SRFNHW
SRVLWLYH L VHUW OR FXWWL J
IRUFH
a 6FUH R W SH

6 66.& 6 6 8& 6 678& & 678& 6 698& 6 6:8&

( ( ( ( ( (
28 /( &/ 03 a 1HJDWLYH UDNH
1H GRXEOH FODPS W SH
,03/( 5
a
a +ROGV L VHUWV VHFXUHO
a ( FHOOH W FXWWL J HGJH
UHSHDWDELOLW
6 6.1 6 7)1 6 81 6 981
( ( ( (
0 7 SH RULQJ DUV a
a
1HJDWLYH UDNH
7 R DOO SRFNHW
a3L ORFN D G WRS FODPS
UHWH WLR
a 2SW 6L JOH FODPS DYDLODEOH
DV FODPS R RU SL ORFN KROGHU 6 06.1 6 07)1 6 0 81 6 0981
( ( ( (
/ 7 SH RULQJ DUV a 6KD N VL HV
L FK
L FK WKUX

a 6FUH R W SH
a 5HFRPPH GHG IRU DOXPL XP
R IHUURXV PHWDOV D G SODVWLFV
6 67)(
(
0,&52 ( a 7KH PL LPXP FXWWL J GLDPHWHU
LV PP L FK
RULQJ DUV a SRVLWLYH L VHUW
&DUELGH 6KDQN a &DUELGH VKD N W SH
a (DV WR XVH WRRO JHRPHWULHV
a 6XLWDEOH IRU VPDOO RUNSLHFH 6:8 678&
a O G LV WLPHV WKH GLDPHWHU ( (
0,&52 0,1, 7:,1 a 7KH PL LPXP FXWWL J GLDPHWHU
LV PP L FK
RULQJ DUV a 6ROLG FDUELGH W SH LWK W R
FXWWL J HGJHV
a &R WL XRXV FXWWL J IURP
ERUL J WR IDFL J
a :LWK RU LWKRXW D FKLS EUHDNHU

0,&52 0,1, a 7KH PL LPXP FXWWL J GLDPHWHU LV

PP L FK
RULQJ DUV a
a
6ROLG FDUELGH W SH 6L JOH FXWWL J HGJHV
O G LV WLPHV WKH GLDPHWHU
a &XWWL J HGJH FD EH VKDSHG
DFFRUGL J WR WKH DSSOLFDWLR 7KXV
LW FRYHUV D LGH FXWWL J UD JH &oo) 5 /6
WKUHDGL J JURRYL J FRS L J HWF (
&RRODQW 7KURXJK &DUELGH a 7 R DOO SRFNHW
D G SRVLWLYH L VHUW OR
RULQJ DUV
a
FXWWL J IRUFH
a 6FUH R W SH
a &DUELGH VKD NV DUH VWRFNHG L
YDULRXV GLDPHWHUV ( 6 8& ( 678& ( 6783 ( 698&
( ( ( (
5 7 SH a +ROGHU IRU 0,&52 0,1, 7:,1
D G 0,&52 0,1,
ROGHU a 5RX G VKD NV VXLWDEOH IRU XVH
LWK IUR WDO JD J W SH WRRO
SRVWV LWK VOHHYH
5
,QFK ( 0HWULF (
6 7 SH a +ROGHU IRU 0,&52 0,1, 7:,1
D G 0,&52 0,1,
ROGHU a 6TXDUH VKD NV VXLWDEOH IRU XVH
LWK IUR WDO JD J W SH WRRO
SRVWV
6
(

1RWH 6 6WHHO VKD N 0 +HDY PHWDO VKD N & &DUELGH VKD N )RU 0LFUR GH ERUL J EDUV FDUELGH VKD N R O

(
 . 35 . 35 . 35 6HOHFWLR 6WD GDUG

&RROD W 7KUX
(FR RPLFDO

6SHFLDOL HG
/R &XWWL J 5HVLVW

6PDOO 'LDPHWHU
. 35

&ODPS 5LJLGLW
. 35

D FH 6KDUS HVV

5HVLVLD FH
. 35

E ciency
2SHUDWLR
9LEUDWLR

&XWWL J
e u e e
0 )6&/& 3 6 )6&/3 0 )6 4& 0 )693 & 0 )69- &
( ( ( (

u u
& 6:/2 0 6:/2 6 6&/& 0 6&/& & 6&/& & 6:/ )6:/ 6 6 4& & 6 4& 6 694&
( ( ( ( ( ( ( ( (

e e e
6 &/1 6 :/1
( (

e e u
6 0&/1 6 0:/1 0 0:/1
( ( (

e u e

e e
6&/&
(

e e e
& oo56 &5oo56
( (

e e

e e e e
( 6&/& ( 6&/3 ( 6:/2 ( 6 4&
( ( ( (

1RWH e VW UHFRPPH GDWLR u G UHFRPPH GDWLR

1RWH , GLFDWHV L FDVH WKDW VKD N PDWHULDO LV FDUELGH

(
 (1 ) 21
RULQJ DU 16, HVLJQDWLRQ &KDUW
6WHHO %DU &RROD W +ROH ) 4

W SH 'LPSOH %DU * 5

6ROLG 6WHHO WL YLEUDWLR %DU 6

& &DUELGH %DU 6WHHO +HDG - 7

6WHHO WL YLEUDWLR %DU &RROD W +ROH . 8

( &DUELGH %DU 6WHHO +HDG &RROD W +ROH / 9

( ( W SH 'LPSOH %DU 0 :

) &DUELGH WL YLEUDWLR %DU 6WHHO +HDG 6KDQN LDPHWHU 1 <

&DUELGH WL YLEUDWLR %DU
* 3 6SHFLDO
6WHHO +HDG &RROD W +ROH
+HDY 0HWDO %DU > /HQJWK

- +HDY 0HWDO %DU &RROD W +ROH

- - W SH 'LPSOH %DU

6 6ROLG 6WHHO %DU

RULQJ DU 7 SH

( 0 6 &

,QVHUW ROGLQJ ,QVHUW 6KDSH

7RS &ODPS & 5 6

&

'RXEOH &ODPS

5KRPELF 5KRPELF 5RX G 6TXDUH

7 9 :
&ODPS D G /RFN 3L

+ROH &ODPS
7ULD JXODU 5KRPELF 7ULJR
3

6FUH /RFN 2 O

(
 ,QVFULEHG &LUFOH
RI ,QVHUW LQFK

,QVHUW 6L H

/ & 5

RULQJ DU 6W OH ,QVHUW 5HOLHI QJOH DQG

) - . / 6 PERO 5HOLHI JOH )LJXUH +D G 6 PERO

5LJKW 5

( G &XWWL J 6LGH &XWWL J ( G &XWWL J 6LGH ( G &XWWL J & /HIW /

3 4 8

( 1HXWUDO 1

)
( G &XWWL J ( G &XWWL J ( G &XWWL J %DFN %RUL J
*

2 2WKHU