Vous êtes sur la page 1sur 49

%DVLF 6WUXFWXUDO '\QDPLFV DQG 6HLVPLF $QDO\VLV

6KDKUDP 3H]HVKN 3K' 3(

$VVRFLDWH 3URIHVVRU
7KH 8QLYHUVLW\ RI 0HPSKLV 'HSDUWPHQW RI &LYLO (QJLQHHULQJ
&DPSXV %R[ 
0HPSKLV 71 
3KRQH  
(PDLO VSH]HVKN#PHPSKLVHGX

5HIHUHQFHV
0RVW RI WKLV SUHVHQWDWLRQ KDV EHHQ DGRSWHG IURP WKH IROORZLQJ UHIHUHQFHV

,PEVHQ 5$   ´6HLVPLF 'HVLJQ RI +LJKZD\ %ULGJHVµ )+:$,3 )HG


HUDO +LJKZD\ $GPLQLVWUDWLRQ -DQXDU\

,PEVHQ 5$   ´6HLVPLF 'HVLJQ RI +LJKZD\ %ULGJHVµ $6&( 7UDLQLQJ


&RXUVH 1HZ <RUN

&KRSUD $.   '\QDPLFV RI 6WUXFWXUHV $ 3ULPHU (DUWKTXDNH (QJLQHHULQJ


5HVHDUFK LQVWLWXWH

&KRSUD $N   '\QDPLFV RI 6WUXFWXUHV 7KHRU\ DQG $SSOLFDWLRQV WR (DUWK


TXDNH (QJLQHHULQJ 3UHQWLFH +DOO

&KRSUD $. ´6RLO DQG 6WUXFWXUH 5HVSRQVH WR (DUWKTXDNHV  ,QWURGXFWLRQ WR 6WUXF


WXUDO '\QDPLFVµ ((5, 9LGHR 3DUW , 

3D] 0   6WUXFWXUDO '\QDPLFV 7KHRU\ DQG &RPSXWDWLRQ 9DQ 1RVWUDQG


5HLQKROG 1HZ <RUN

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


&KDUDFWHULVWLFV RI
'\QDPLF 3UREOHPV

F &KDUDFWHULVWLFV RI D '\QDPLF 3UREOHP


- 6XFFHVVLRQ RI VROXWLRQ LV UHTXLUHG 
GLVSODFHPHQW DQG VWUHVVHV DUH WLPH GHSHQGHQW
- ,QHUWLD IRUFHV DUH SDUW RI WKH ORDGLQJ V\VWHP

- 'DPSLQJ IRUFHV DUH SUHVHQW  GDPSLQJ UHVXOWV


LQ GLVVLSDWLRQ RI PRWLRQ

F &KDUDFWHULVWLFV RI D 6WDWLF 3UREOHP


- /RDGV DUH WLPH LQGHSHQGHQW
- 0DJQLWXGH RI ORDG LV LQGHSHQGHQW RI WKH
UHVSRQVH PHFKDQLVP

5HIHUHQFH ,PEVHQ 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'\QDPLF YV 6WDWLF

P
PDVVXQLW
3 3 W OHQJWK
[ [

F '\QDPLF
- 5HVXOWLQJ GLVSODFHPHQWV DUH DVVRFLDWHG ZLWK
DFFHOHUDWLRQV ZKLFK SURGXFH LQHUWLD IRUFHV
UHVLVWLQJ WKH DFFHOHUDWLRQ

F 6WDWLF
- 6WUXFWXUDO UHVSRQVHV DUH IXQFWLRQ RI WKH DS
SOLHG ORDGLQJ DQG DUH WLPH LQGHSHQGHQW

5HIHUHQFH ,PEVHQ 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'·$ODPEHUW·V
3ULQFLSOH

Y
)
0

PY

$ V\VWHP PD\ EH VHW LQ D VWDWH RI G\QDPLF


HTXLOLEULXP E\ DGGLQJ WR WKH H[WHUQDO
IRUFHV D ILFWLWLRXV IRUFH ZKLFK LV FRPPRQ
O\ NQRZQ DV WKH LQHUWLD IRUFH

5HIHUHQFH ,PEVHQ 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


6LQJOH'HJUHHRI)UHHGRP
6\VWHP
:

&
N

&
:
N

P PDVV
N VWLIIQHVV RI PDVVOHVV FROXPQV
F FRHIILFLHQW RI YLVFRXV GDPSLQJ

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


,GHDOL]HG 6WRU\
%XLOGLQJ
: PJ
Y 3 W I, 3 W

&
N IV I'

IV I'

N F
 


Y Y

Y GLVSODFHPHQW
 GY
Y 9HORFLW\ GW
 G Y
Y $FFHOHUDWLRQ GW 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


,GHDOL]HG 6WRU\
%XLOGLQJ
: PJ
Y 3 W I, 3 W

&
N IV I'

I ,  I '  I V
S W
 
PY  FY  NY
S W
ZKHUH
I, ,QHUWLD )RUFH RI WKH 0DVV
I' 'DPSLQJ )RUFH $FWLQJ RQ WKH 0DVV
I6 (ODVWLF )RUFH

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


8QGDPSHG )UHH
9LEUDWLRQ

F 6WUXFWXUH YLEUDWHV LI JLYHQ DQ LQLWLDO


H[FLWDWLRQ
F 'DPSLQJ F  DQG
H[WHUQDOO\ DSSOLHG ORDG 3 W 

PY  NY

RU

YPN Y


'HILQH
¼
PN

¼
P ¯
N 1DWXUDO IUHTXHQF\ RI WKH V\VWHP

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


8QGDPSHG )UHH
9LEUDWLRQ

*LYHQ WKHVH LQLWLDO FRQGLWLRQV


,QLWLDO GLVSODFHPHQW Y W

Y 
 
,QLWLDO YHORFLW\ Y W

Y 

7KH ILQDO VROXWLRQ WR WKH GLIIHUHQWLDO HTXDWLRQ



N Y

YP

Y  ¼ Y

EHFRPHV

Y W
Y¼ VLQ¼W  Y  FRV¼W

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'HILQLWLRQV

F ¼
¯ PN
1DWXUDO IUHTXHQF\ RI WKH V\VWHP UDGVHF

F 7

¼
¶ ¯ PN
1DWXUDO SHULRG RI YLEUDWLRQ VHF

F I
¼
¶ ¯ PN

1DWXUDO F\FOLF IUHTXHQF\ RI WKH V\VWHP
VHF RU +]

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


8QGDPSHG )UHH
9LEUDWLRQ

$GRSWHG IURP &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


([DPSOH
0DVV 6WLIIQHVV DQG )UH
TXHQF\ 'HWHUPLQDWLRQ RI D
6'2)

Y
:  NLSV

· :[ :[ :[

· ·

3URSHUWLHV
:[ :[
$  LQ  $  LQ 
,  LQ  ,  LQ 

([DPSOH IURP 3D] 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


([DPSOH
N Y 

:[ :[ :[

N 
(, N 
(, N 
(,
/ / /
F N 
N 
(,
/
N
N
   LQ    NLQ 

  LQ 
N 
N 
 NLQ

F N 
(,
/
N
   LQ    NLQ 

  LQ 
N 
 NLQ

F N
  N   N 
 NLQ

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


([DPSOH
N Y 

:[ :[ :[

F 0DVV
P :J   N  VHF 
LQ

F 1DWXUDO IUHTXHQF\ RI WKH V\VWHP

¼
¯ PN
¯  NLQ
 NVHFA LQ

¼
 UDGVHF

F 3HULRG RI WKH V\VWHP


7
¶ ¶
¼

 VHF

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'DPSHG )UHH
9LEUDWLRQ

$GRSWHG IURP &KRSUD 

7' 1DWXUDO SHULRG RI GDPSHG VWUXFWXUH


¼' &LUFXODU IUHTXHQF\ RI GDPSHG VWUXFWXUH
I' &\FOLF IUHTXHQF\ RI GDPSHG VWUXFWXUH

¼'
¼ ¯   °

7'
7
¯   °

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'DPSHG )UHH
'DPSLQJ 5DWLR 9LEUDWLRQ


°
 WR 

5DQJH RI GDPSLQJ
 IRU PRVW
VWUXFWXUHV



     
¼'
¼

5HIHUHQFH &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


6RXUFHV RI
'DPSLQJ

F 9LVFRXV GDPSLQJ LV SURSRUWLRQDO WR WKH


PDJQLWXGH RI WKH YHORFLW\ DQG DFWV RS
SRVLWH WR WKH GLUHFWLRQ RI PRWLRQ

- ,QWHUQDO IULFWLRQ RI PDWHULDO

- %RGLHV PRYLQJ WKURXJK IOXLGV VXFK DV DLU DW


ORZ YHORFLWLHV

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'DPSHG )UHH 9LEUDWLRQ
RI $ 6'2) 6WUXFWXUH

F 6WUXFWXUH YLEUDWHV LI JLYHQ DQ LQLWLDO


H[FLWDWLRQ
F ([WHUQDOO\ DSSOLHG ORDG 3 W 
 
PY  FY  NY


6ROXWLRQ LV RI WKH IRUP


Y W
*H SW
P*S H SW  F*SH SW  N*H SW

PS   FS  N *H SW


PS   FS  N


S
 F á
P
¯ P

F  N &KDUDFWHULVWLF
P (TXDWLRQ

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'DPSHG )UHH 9LEUDWLRQ
RI $ 6'2) 6WUXFWXUH
!

F N

P P
 2VFLOODWRU\
0RWLRQ
F &ULWLFDOO\ 'DPSHG 6\VWHPV
- 0LQLPXP DPRXQW GDPSLQJ UHTXLUHG WR SUH
YHQW VWUXFWXUH IURP RVFLOODWLQJ

F N

P P

F FU
P P N
 ¯ NP ¯
F FU
P P N
P¼ ¯
F FU
FULWLFDO GDPSLQJ FRHIILFLHQW

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'DPSLQJ 5DWLR

F FU
FULWLFDO GDPSLQJ FRHIILFLHQW

F FU
P ¯ PN
P¼

F &ULWLFDO GDPSLQJ UDWLR

°
FF
F
FU PZ
°
FULWLFDO GDPSLQJ UDWLR

- 'DPSLQJ UDWLR LV GHWHUPLQHG H[SHULPHQWDOO\

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


(YDOXDWLRQ RI 'DPSLQJ
/RJDULWKPLF 'HFUHPHQW
F &RQVLGHU WKH GDPSHG IUHH YLEUDWLRQ
WHVW
Y W
Y
Y
Y Y

ª
OQ YY 
¶° 

RU
ª
 OQ Y Y L
¶° 
N LN
F 6WHSV
 'LVWXUE WKH VWUXFWXUH ZLWK DQ LQLWLDO GLVSODFHPHQW
 5HFRUG PRWLRQ
 0HDVXUH 7
 0HDVXUH YL DQG YLN
 8VH (T  RU  WR ILQG ª DQG ° 5HIHUHQFH &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'DPSHG )UHH 9LEUDWLRQ
RI D 6'2) 6\VWHP
F LI F F FU RU

F N 
P P

7KH VROXWLRQ WR WKH GLIIHUHQWLDO HTXDWLRQ


 
PY  FY  NY


ZLOO EH

Y  °¼Y 
Y W
H °ZW Y  FRV¼ 'W   ¼ VLQ¼ 'W
'

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'LVSODFHPHQW RI WKH 6\VWHP
'XH WR *URXQG 0RWLRQ
YW
: Y

&
N

YJ

Y W
Y J Y
ZKHUH
Y W
7RWDO GLVSODFHPHQW RI WKH PDVV
Y J
*URXQG GLVSODFHPHQW
Y
5HODWLYH GLVSODFHPHQW

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


(TXDWLRQ RI 0RWLRQ
YW
: Y

&
N

YJ
  
P Y J Y  FY  NY

ZKHUH

Y J
*URXQG DFFHOHUDWLRQ
  
PY  FY  NY
PY J
3 HII W

: :
3 HII W
PY J

& &
N  N


YJ

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


5HVSRQVH WR +DUPRQLF
([FLWDWLRQ

3 HII W
PY J VLQ¼W
: 3 HII W
)  VLQ¼W

&
N

 
Y J W
Y J VLQ¼W

5HIHUHQFH ,PEVHQ 


3 W

)  PY J

W
 
PY  FY  NY
)  VLQ¼W
ZKHUH
¼
)UHTXHQF\ RI LQSXW PRWLRQ
) 
$PSOLWXGH RI LQSXW PRWLRQ

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


5HVSRQVH WR +DUPRQLF
([FLWDWLRQ

3 HII W
PY J VLQ¼W
: 3 HII W
)  VLQ¼W

&
N

 
Y J W
Y J VLQ¼W

$GRSWHG IURP &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


)RUFHG 9LEUDWLRQ 
+DUPRQLF ([FLWDWLRQ
  
PY FY NY
PY J VLQ¼W
)  VLQ¼W
F 6ROXWLRQ RI 'LIIHUHQWLDO (TXDWLRQ
Y
Y F Y S
Y F
&RPSOHPHQWDU\ VROXWLRQ
Y S
3DUWLFXODU VROXWLRQ

F 'DPSHG V\VWHP
Y F
H °ZW Æ $FRV¼ 'W  %VLQ¼ 'W É
7UDQVLHQW UHVSRQVH  LQ D GDPSHG V\VWHP WKH
IUHH YLEUDWLRQ UHVSRQVH RI WKH FRPSOHPHQWDU\
VROXWLRQ GHFD\V EHFRPLQJ LQVLJQLILFDQW

YS
Y VW VLQ ¼W  »
¯   U    °U 
3DUWLFXODU VROXWLRQ RU WKH VWHDG\ VWDWH UH
VSRQVH

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


6WHDG\ 6WDWH
5HVSRQVH

Y W
Y VW'VLQ ¼W  »

'
Y W
Y


VW ¯   U    °U 

ZKHUH
'
'\QDPLF PDJQLILFDWLRQ IDFWRU
U
¼
¼
Y VW
(TXLYDOHQW VWDWLF GLVSODFHPHQW

»
WDQ  °U 
U

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'\QDPLF 0DJQLILFDWLRQ
)DFWRU
'

¯   U    °U 

$GRSWHG &KRSUD 


1RWH
U@ ' @  @  Y
Y VW
G\QDPLF HIIHFWV DUH QHJOLJLEOH

U@
 '
 5HVRQDQFH

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


%DQG ZLGWK +DOI3RZHU
WR (YDOXDWH 'DPSLQJ
F 3URFHGXUH
 'HWHUPLQH QDWXUDO YLEUDWLRQ IUHTXHQF\
DV WKH IRUFLQJ IUHTXHQF\ DW UHVRQDQFH
 0HDVXUH KDOISRZHU EDQG ZLGWK
 &RPSXWH ° KDOI SRZHU EDQG ZLGWK  


$GRSWHG &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'LVSODFHPHQW
5HVSRQVH 6SHFWUXP

$GRSWHG &KRSUD 

F 7KH UHVSRQVH RI D 6'2) VWUXFWXUH WR


HDUWKTXDNH JURXQG PRWLRQ FDQ EH ZULWWHQ DV
  
PY FY NY
PX J

WKH VROXWLRQ
W

Y W
 ¼ X JH °¼ Wº VLQ ¼' Wº Gº
'


7KLV LV FDOOHG 'XKDPHO·V ,QWHJUDO

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


(TXLYDOHQW /DWHUDO
)RUFHV
: I V
NY W
¼ PY W

K N

9 
%DVH 6KHDU
0

F 6WDWLF $QDO\VLV

9
IV

0 
KI V

5HIHUHQFH &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


5HVSRQVH 6SHFWUXP

U PD[
PD[_U W _
W
:KHUH U W FDQ EH GLVSODFHPHQW YHORFLW\ RU
DFFHOHUDWLRQ

F 5HVSRQVH VSHFWUXP LV D SORW RI UPD[ DV D


IXQFWLRQ RI 7 RU ¼ RU I

- 'LVSODFHPHQW 5HVSRQVH 6SHFWUXP

U Y
V G
Y PD[
- 3VXHGR9HORFLW\ 5HVSRQVH 6SHFWUXP
V Y
¼V G

- 3VXHGR$FFHOHUDWLRQ 5HVSRQVH 6SHFWUXP


V D
¼ V G
¼V Y

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'LVSODFHPHQW
5HVSRQVH 6SHFWUXP

$GRSWHG IURP &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'LVSODFHPHQW 9HORFLW\
DQG $FFHOHUDWLRQ 5HVSRQVH
6SHFWUXP

$GRSWHG IURP &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


5HVSRQVH 6SHFWUXP

6Y -

6D 6G

)LJXUH

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


0XOWLSOH 'HJUHH RI
)UHHGRP 6WUXFWXUHV
P X X
N
P X X
N
P X X
N

F (TXDWLRQ RI PRWLRQ IRU DQ XQGDPSHG DQG


OXPSHG PDVV 0'2) V\VWHP

X X  )
âN  N 
N   ä âP  ä

N  N  N N  X   P  X
)
N å ã   P å 
ã  N  X X )

>P@^X`>N@^X`
^)`

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


1DWXUDO )UHTXHQF\ DQG
0RGHV RI 9LEUDWLRQ
$VVXPH V\VWHP FDQ YLEUDWH LQ SHULRGLF PDQQHU

^\ W ` L
^¬` LÆ $VLQ¼ LW%FRV¼ LW É
ZKHUH
^¬` L
LWK PRGH VKDSHV
¼ L
LWK QDWXUDO IUHTXHQF\ RI YLEUDWLRQ

F 6XEVWLWXWH LQ WKH HTXDWLRQ RI PRWLRQ DQG VLPSOL


I\ UHVXOWV LQ (LJHQ3UREOHP

>N@^¬` L
¼ L >P@^¬` L

ZKHUH

>N@
6WLIIQHVV 0DWUL[

>P@
0DVV 0DWUL[

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


'DPSLQJ
0'2) 6\VWHPV

¼ L'
¼ L ¯   ° L

7L
7 L'

¯   °L
ZKHUH

¼ L'
LWK QDWXUDO IUHTXHQF\ RI YLEUDWLRQ

7 L'
LWK SHULRG RI YLEUDWLRQ RI D GDPSHG V\VWHP

° L
LWK PRGH GDPSLQJ UDWLR

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


0RGH 6KDSHV

$GRSWHG IURP &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


)UHH 9LEUDWLRQ 5HVSRQVH
RI D 0'2) 6\VWHP

$GRSWHG IURP &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


0RGDO 6XSHUSRVLWLRQ
0HWKRG
  
>P@^X`>F@^X` >N@^X`
>P@>@X J

ZKHUH


>@





X J
JURXQG DFFHOHUDWLRQ

- &RXSOHG QG RUGHU 2'(

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


8QFRXSOLQJ WKH
(TXDWLRQV
  
>P@^X`>F@^X` >N@^X`
>P@>@X J

^X`
>¬@^<`
1
^X`
< L^¬` L
^¬` <   ^¬` <   ööö  ^¬` 1< 1
L


 
^X`
>¬@^<`
 
^X`
>¬@^<`

ZKHUH
^<`
1RUPDOL]HG FRRUGLQDWHV

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


8QFRXSOLQJ WKH
(TXDWLRQV
  
>P@^X`>F@^X` >N@^X`
>P@>@X J
 
^¬` >P@^¬`^<`  ^¬` >F@^¬`^<`  ^¬` 7>N@^¬`^<`

7 7


^¬` 7>P@>@X J
- 0RGH 6KDSHV DUH RUWKRJRQDO

0 LI L
M
^¬` 7L>P@^¬` M

 LI L M

F 7ULSOH PDWUL[ PXOWLSOLFDWLRQV FKDQJH LQWR


GLDJRQDO PDWULFHV UHVXOWLQJ LQ WKH IROORZLQJ
XQFRXSOH GLIIHUHQWLDO HTXDWLRQ
  
0 L < L & L < L . L < L
^¬` 7L>P@>@X J
ZKHUH WKH IROORZLQJ DUH WKH JHQHUDOL]HG SURSHUWLHV
0 L
^¬` 7L>P@^¬` L
& L
^¬` 7L>F@^¬` L
. L
^¬` 7L>N@^¬` L

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


(48$7,21 )25 $ *,9(1
02'( 6+$3(
  
7
0 L < L & L < L . L < L
^¬` L >P@>@X J

'HILQH
/ L
 ^ ¬` 7L>0@>@
3DUWLFLSDWLRQ )DFWRU

'LYLGH E\ 0 L JLYHV

< L °¼ L< L ¼ L < L


 / L X J
  

0L

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


5(63216( 63(&75$

_<_ PD[
6 G 6'2) 6\VWHPV

_< L_ PD[
/ L 6 G 0'2) 6\VWHPV
0 L L

ZKHUH
6 G
6 G °7 L
L L

0RGDO FRQWULEXWLRQ WR WKH PD[LPXP UHVSRQVH DW


NWK '2) XN PD[

Q Q Q
X N PD[
8 NL
¬ NL_< L_ PD[
¬ NL / L 6 GL
L
 L
 L

0L

I NQ
/ Q ¼ Q6 YQP N¬ NQ
0Q
ºI Q½
/ Q ¼ Q6 YQÀ 0 ú¬ Q½
0Q

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


(DUWKTXDNH 5HVSRQVH
RI D 6WRU\ %XLOGLQJ

$GRSWHG IURP &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


(DUWKTXDNH 5HVSRQVH
RI D 6WRU\ %XLOGLQJ

$GRSWHG IURP &KRSUD 

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 


&RPELQDWLRQ RI 0RGDO
5HVSRQVH 0D[LPD
F &RPELQLQJ PRGDO UHVSRQVHV E\

- 6566 6TXDUH 5RRW RI WKH 6XP RI WKH


6TXDUHV

- &4& &RPSOHWH 4XDGUDWLF &RPELQDWLRQ

&,9/  'U 6KDKUDP 3H]HVKN &ODVV 1RWHV 

Vous aimerez peut-être aussi