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q& WR q& ;57$&' /HDG 0,/ -('(& 62,& q& WR q& 5HY . (;$5 &RUSRUDWLRQ .DWR 5RDG )UHPRQW &$ ` `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µ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·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q& 9&& 9 p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·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·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q& WR q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´WDONµ 9 VZLWFK ,'/( ERWK DWWHQXDWRUV 7KH ;57$ LPSOHPHQWV YRLFH FRQWUROOHG DW G% VZLWFKLQJ WR DFKLHYH ´KDQGV IUHHµ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´7UDQVPLWµ 7UDQVPLW DWWHQXDWRU LV IXOO\ RQ G% OHYHO DQG UHFHLYH DWWHQXDWRU LV DW G% JDLQ LV LQGHSHQGHQW RI YROXPH FRQWURO VHWWLQJ DQG DGMXVWPHQW RI WKH YROXPH FRQWURO PHUHO\ DIIHFWV RXWSXW OHYHOV ´5HFHLYHµ &ODPSLQJ GLRGHV DW WKH DWWHQXDWRU LQSXWV OLPLW ERWK DWWHQXDWRUV DUH FRQWUROOHG E\ WKH YROXPH FRQWURO $W PD[LPXP WKH UHFHLYH DWWHQXDWRU LV DW QHJDWLYH JRLQJ VLJQDOV DQG VHW D PD[LPXP IRU WKH G% DQG WKH WUDQVPLW DWWHQXDWRU LV DW G% JDLQ QHJDWLYH RXWSXW VZLQJ 5;2 /RZ 9ROWDJH DQG 7;2 /RZ 9ROWDJH DUH VSHFLILHG DFFRUGLQJO\ 2XWSXW LPSHGDQFH LV ´,GOHµ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ïSRZHUHG QHWZRUN ZKHUH WKH DYDLODEOH SRZHU LV OLPLWHG 7KH RXWSXW FXUUHQW FDSDELOLW\ LV P$ 7KH ELDV FXUUHQW DW +7, LV W\SLFDOO\ Q$ ),/7(5 0,&523+21( $03/,),(5 7KLV DPSOLILHU KDV D W\SLFDO RSHQ ORRS JDLQ RI G% I+] DQG D JDLQ EDQGZLGWK RI 0+] 7KH RXWSXW VWDJH LV GHVLJQHG WR PD[LPL]H SKDVH PDUJLQ DQG JDLQ EDQGZLGWK ZLWK DQ DOO 131 RXWSXW FRQILJXUDWLRQ 7KH PD[LPXP SS RXWSXW VZLQJ LV W\SLFDOO\ 9OHVV WKDQ9&& ZLWK DQ RXWSXW LPSHGDQFH RI : XQWLO WKH FXUUHQW OLPLW LV UHDFKHG P$ 7KH 0&, ELDV FXUUHQW LV W\SLFDOO\ Q$ ,QWHUQDOO\ WKH QRQLQYHUWLQJ LQSXW RI WKH DPSOLILHU LV FRQQHFWHG WR 9% 7KH PXWLQJ IXQFWLRQ UHGXFHV WKH JDLQ RI WKH DPSOLILHU E\ DSSUR[LPDWHO\ G% ZLWK 50, N: 7KLV LV GRQH E\ VKRUWLQJ WKH RXWSXW WR WKH QRQLQYHUWLQJ LQSXW 7KH PXWH LQSXW WKUHVKROG LV 9 W\SLFDOO\ DQG VKRXOG EH NHSW DW JURXQG ZKHQ QRW LQ XVH 7KH ILOWHU FLUFXLW FDQ EH FRQILJXUHG DV D KLJKSDVV ORZSDVV RU EDQGSDVV ILOWHU GHSHQGLQJ RQ WKH VHOHFWLRQ RI WKH H[WHUQDO FRPSRQHQWV N : DQG ORZ RXWSXW LPSHGDQFH 5 . 9% +] 9&& . 5 . G% I1 )UHTXHQF\ ) 3) 3) & & )2 P$ +] I1 Q ¯&55 IRU & & & )LJXUH +LJK 3DVV )LOWHU 0&2 0&, *DLQ . 0XWH :KHQ ZKLFK FDQ EH SLFNHG XS E\ WHOHSKRQH OLQHV 9&& 50, )URP 0LNH : )LJXUH WKH ILOWHU ZLOO UHPRYH +] KXP FRQILJXUHG DV LQ 50) 9% 7KH FLUFXLWU\ LQWHUQDO WR WKH ;57$ LV D EXIIHU ZLWK D KLJK LQSXW LPSHGDQFH . 9% ² 50) 50, . 9,1 . 5 . G% & P) 5 . ) )UHTXHQF\ I1 ) & P) I1 )LJXUH 0LFURSKRQH $PSOLILHU DQG 0XWH Q ¯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q& P$ P$ 9 G% G% N: P9 P$ P9 G% : D WKUHVKROG YROWDJH 7\SLFDO &KDQJH q& WR q& q& q& q& G%q& G%q& q& P9q& q& P9q& q& 7DEOH 7HPSHUDWXUH &KDUDFWHULVWLFV , && P$ 2XWSXW &KDQJH P9 { &' 9 { { 9 &' 9&& 9 && 9 P '& ,QSXW &XUUHQW $ )LJXUH 6XSSO\ &XUUHQW YV 6XSSO\ )LJXUH /HYHO 'HWHFWRU '& 7UDQVIHU 9ROWDJH &KDUDFWHULVWLFV 5HY 2XWSXW &KDQJH IURP N+] P9 ;57$ 2XWSXW &KDQJH P9 5 . & P) 5 . & P) 9,1 P9UPV 9,1 P9UPV ,QSXW 6LJQDO P9UPV )LJXUH /HYHO 'HWHFWRU $& 7UDQVIHU . &KDUDFWHULVWLFV YV )UHTXHQF\ *DLQ &KDQJH G% &LUFXLW ,Q 5HFHLYH 0RGH 0LQLPXP 5HFRPPHQGHG /HYHO 9 &LUFXLW LQ 5HFHLYH 0RGH 9%{9/&{9% /&9% 9 && 9 )LJXUH 5HFHLYH $WWHQXDWRU YV 9ROXPH )LJXUH 5HFHLYH $WWHQXDWLRQ *DLQ &RQWURO YV 9&& 0LFURSKRQH $PS3KDVH *DLQ P$ +\EULG $PSOLWXGH 3KDVH ,QSXW &XUUHQW ([FHVV 3KDVH GHJUHHV *DLQ G% . )LJXUH /HYHO 'HWHFWRU $& 7UDQVIHU &KDUDFWHULVWLFV $92/ G% . I )UHTXHQF\ +] . . { { . 9DOLG )RU &' 087 9&& 0 9&&9 ,QSXW 9ROWDJH 9 )UHTXHQF\ +] )LJXUH 0LFURSKRQH $PSOLILHU DQG VW +\EULG )LJXUH ,QSXW &KDUDFWHULVWLFV # $PSOLILHU 2SHQ /RRS *DLQ DQG 3KDVH &' 0XW 5HY { 9 { { 9 &' && 9 9 9% 9 &' , P$ && ;57$ && 9 && 9 9 9 && , 9 )LJXUH 6XSSO\ &XUUHQW YV 6XSSO\ % /RDG &XUUHQW P$ )LJXUH 9% 2XWSXW &KDUDFWHULVWLFV 9ROWDJH 9% 3655 G% & 9% & 9% & P) 3655 G% P) 0LF $PS *DLQ G% +\EULG $PS *DLQ G% P) . . . . )UHTXHQF\ +] . )UHTXHQF\ +] )LJXUH 9% 3RZHU 6XSSO\ 5HMHFWLRQ YV )LJXUH 3RZHU 6XSSO\ 5HMHFWLRQ RI WKH )UHTXHQF\ DQG 9% &DSDFLWRU 0LFURSKRQH DQG +\EULG $PSOLILHUV 0&2 3ï3 2XWSXW 6ZLQJ 9 +72 7;25;2 )2 7;2 7\SLFDO # q& 5;2 9 && 9 )LJXUH 7\SLFDO 2XWSXW 6ZLQJ YV 9&& 5HY ;57$ /($' 3/$67,& '8$/,1/,1( 0,/ 3',3 5HY ( ( ' 6HDWLQJ 3ODQH $ $ / $ % % H ,1&+(6 6<0%2/ $ H$ H% 0,//,0(7(56 0,1 0$; $ $ % 0,1 0$; % & ' ( ( H $ H % %6& %6& %6& %6& H / q q q q D 1RWH 7KH FRQWURO GLPHQVLRQ LV WKH LQFK FROXPQ 5HY & D ;57$ /($' 60$// 287/,1( 0,/ -('(& 62,& 5HY ' ( + & 6HDWLQJ 3ODQH H % $ D $ / 6<0%2/ ,1&+(6 0,1 0$; 0,//,0(7(56 0,1 0$; $ $ % & ' ( H %6& %6& + / D q q q q 1RWH 7KH FRQWURO GLPHQVLRQ LV WKH PLOOLPHWHU FROXPQ 5HY ;57$ 127,&( (;$5 &RUSRUDWLRQ UHVHUYHV WKH ULJKW WR PDNH FKDQJHV WR WKH SURGXFWV FRQWDLQHG LQ WKLV SXEOLFDWLRQ LQ RUGHU WR LP SURYH GHVLJQ SHUIRUPDQFH RU UHOLDELOLW\ (;$5 &RUSRUDWLRQ DVVXPHV QR UHVSRQVLELOLW\ IRU WKH XVH RI DQ\ FLUFXLWV GH VFULEHG KHUHLQ FRQYH\V QR OLFHQVH XQGHU DQ\ SDWHQW RU RWKHU ULJKW DQG PDNHV QR UHSUHVHQWDWLRQ WKDW WKH FLUFXLWV DUH IUHH RI SDWHQW LQIULQJHPHQW &KDUWV DQG VFKHGXOHV FRQWDLQHG KHUH LQ DUH RQO\ IRU LOOXVWUDWLRQ SXUSRVHV DQG PD\ YDU\ GHSHQGLQJ XSRQ D XVHU·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