Gebruiksaanwijzing PHILIPS 227E3LHSU

[. . . ] (/ ZZZSKLOLSVFRPZHOFRPH 1/ *HEUXLNHUVKDQGOHLGLQJ . ODQWHQ]RUJ HQ JDUDQWLH 3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ , QKRXGVRSJDYH %HODQJULMN 9RRU]RUJVPDDWUHJHOHQ HQ RQGHUKRXG %HVFKULMYLQJ YDQ QRWDWLHV 9HUZLMGHUHQ YDQ SURGXFW HQ YHUSDNNLQJVPDWHULDDO 'H PRQLWRU LQVWHOOHQ , QVWDOODWLH 'H PRQLWRU EHGLHQHQ +HW YRHWVWXN HQ GH YRHW YHUZLMGHUHQ %HHOGRSWLPDOLVDWLH 6PDUW, PDJH /LWH 6PDUW&RQWUDVW 3KLOLSV 6PDUW&RQWURO /LWH 3RZHU6HQVRU¬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 9*$ DQDORRJ +'0, EHVFKLNEDDU YRRU PRGHO (/+ (/3+ $SDUWH V\QF 6\QF RS JURHQ (/ (/+ (/3+ (QJHOV )UDQV 'XLWV , WDOLDDQV 5XVVLVFK 6SDDQV 9HUHHQYRXGLJG &KLQHHV 3RUWXJHHV 7XUNV . HQVLQJWRQVORW ''&&, V5*% :LQGRZV 9LVWD;3 0DF 26; /LQX[ , QJDQJVVSDQQLQJ ZLVVHOVWURRP ELM 9$& 9$& +] +] : : : 7HFKQLVFKH VSHFLÀFDWLHV :DUPWHGLVVLSDWLH 1RUPDDO EHGULMI 6ODDSVWDQG 8LW /('LQGLFDWRU YRHGLQJ 9RHGLQJ $IPHWLQJHQ 3URGXFW PHW YRHW %[+[' 3URGXFW ]RQGHU YRHW %[+[' *HZLFKW 3URGXFW PHW YRHW 3URGXFW ]RQGHU YRHW 3URGXFW PHW YHUSDNNLQJ %HGULMIVFRQGLWLH 7HPSHUDWXXUEHUHLN LQ ZHUNLQJ 7HPSHUDWXXUEHUHLN 1LHW LQ EHGULMI 5HODWLHYH YRFKWLJKHLG +RRJWH 07%) 0LOLHX 52+6 (3($7 9HUSDNNLQJ &RPSOLDQWLH HQ VWDQGDDUGHQ 5HJHOJHYHQGH JRHGNHXULQJHQ %HKXL]LQJ . OHXU 'HNODDJ 2SPHUNLQJ , QJDQJVVSDQQLQJ , QJDQJVVSDQQLQJ , QJDQJVVSDQQLQJ ZLVVHOVWURRP ELM ZLVVHOVWURRP ELM ZLVVHOVWURRP ELM 9$& 9$& 9$& 9$& 9$& 9$& +] +] +] +] +] +] %78X %78X %78X %78X %78X %78X %78X %78X %78X , QJHVFKDNHOG :LW 6WDQGE\6ODDSVWDQG :LW NQLSSHUHQG , QJHERXZG 9 ZLVVHOVSDQQLQJ +] [ [ PP [ [ PP NJ NJ NJ & WRW & & WRW & WRW *HEUXLN FP P 1LHW LQ EHGULMI FP P XXU -$ 6LOYHU ZZZHSHDWQHW UHF\FOHEDDU &( 0DUN )&& &ODVV % *267 6(0. 2 7&2 &HUWLILHG 8/F8/ %60, , 62 =ZDUW DFKWHUNDQW %ODXZ YRRUNDQW *ODQ]HQG (3($7 *ROG RI 6LOYHU LV DOOHHQ JHOGLJ ZDDU 3KLOLSV KHW SURGXFW UHJLVWUHHUW %H]RHN ZZZHSHDWQHW YRRU GH UHJLVWUDWLHVWDWXV LQ XZ ODQG 'H]H JHJHYHQV NXQQHQ ZRUGHQ JHZLM]LJG ]RQGHU NHQQLVJHYLQJ *D QDDU ZZZSKLOLSVFRPVXSSRUW RP GH ODDWVWH YHUVLH YDQ GH IROGHU WH GRZQORDGHQ 7HFKQLVFKH VSHFLÀFDWLHV 5HVROXWLH VWDQGHQ YRRULQJHVWHOGH 0D[LPDOH UHVROXWLH [ ELM +] DQDORJH LQJDQJ [ ELM +] DQDORJH LQJDQJ $DQEHYROHQ UHVROXWLH [ ELM +] DQDORJH LQJDQJ , QGHOLQJ L S L S S L S 5HVROXWLH [ [ [ [ [ [ [ 7\SH 9 IUHT +]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 : VWDQGDDUG : VWDQGDDUG /HGNOHXU :LW :LW NQLSSHUW 8, 7 'H YROJHQGH LQVWHOOLQJ ZRUGW JHEUXLNW RP KHW VWURRPYHUEUXLN RS GH]H PRQLWRU WH PHWHQ v v v v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v 9LVXDO HUJRQRPLFV IRU JRRG LPDJH TXDOLW\ LV WHVWHG WR HQVXUH WRS SHUIRUPDQFH DQG UHGXFH VLJKW DQG VWUDLQ SUREOHPV , PSRUWDQW SDUDPHWHUV DUH OXPLQDQFH FRQWUDVW UHVROXWLRQ EODFN OHYHO JDPPD FXUYH FRORXU DQG OXPLQDQFH XQLIRUPLW\ DQG FRORXU UHQGHULQJ 3URGXFWV DUH WHVWHG DFFRUGLQJ WR ULJRURXV VDIHW\ VWDQGDUGV DW LPSDUWLDO ODERUDWRULHV v (OHFWULF DQG PDJQHWLF ILHOGV HPLVVLRQV DV ORZ DV QRUPDO KRXVHKROG EDFNJURXQG OHYHOV /RZ DFRXVWLF QRLVH HPLVVLRQV ZKHQ DSSOLFDEOH v 6RPH RI WKH (QYLURQPHQWDO IHDWXUHV RI WKH 7&2 &HUWLILHG IRU GLVSOD\V v 7KH EUDQG RZQHU GHPRQVWUDWHV FRUSRUDWH VRFLDO UHVSRQVLELOLW\ DQG KDV D FHUWLILHG HQYLURQPHQWDO PDQDJHPHQW V\VWHP (0$6 RU , 62  9HU\ ORZ HQHUJ\ FRQVXPSWLRQ ERWK LQ RQ DQG VWDQGE\ PRGH PLQLPL]H FOLPDWH LPSDFW 5HVWULFWLRQV RQ FKORULQDWHG DQG EURPLQDWHG IODPH UHWDUGDQWV SODVWLFL]HUV SODVWLFV DQG KHDY\ PHWDOV VXFK DV FDGPLXP PHUFXU\ DQG OHDG 5R+6 FRPSOLDQFH %RWK SURGXFW DQG SURGXFW SDFNDJLQJ LV SUHSDUHG IRU UHF\FOLQJ v v v v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v , QIRUPDWLH RYHU YRRUVFKULIWHQ (3($7 ZZZHSHDWQHW 7KH (3($7 (OHFWURQLF 3URGXFW (QYLURQPHQWDO $VVHVVPHQW 7RRO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v v (1 6DIHW\ UHTXLUHPHQW RI , QIRUPDWLRQ 7HFKQRORJ\ (TXLSPHQW (1 5DGLR 'LVWXUEDQFH UHTXLUHPHQW RI , QIRUPDWLRQ 7HFKQRORJ\ (TXLSPHQW (1$$ , PPXQLW\ UHTXLUHPHQW RI , QIRUPDWLRQ 7HFKQRORJ\ (TXLSPHQW (1 /LPLWV IRU +DUPRQLF &XUUHQW (PLVVLRQ (1$$ /LPLWDWLRQ RI 9ROWDJH )OXFWXDWLRQ DQG )OLFNHU IROORZLQJ SURYLVLRQV RI GLUHFWLYHV DSSOLFDEOH (& /RZ 9ROWDJH 'LUHFWLYH (& (0& 'LUHFWLYH v v v v v v (& (X3 'LUHFWLYH (& 1R PSOHPHQWLQJ 'LUHFWLYH IRU 6WDQGE\ DQG 2II PRGH SRZHU FRQVXPSWLRQ DQG LV SURGXFHG E\ D PDQXIDFWXULQJ RUJDQL]DWLRQ RQ , 62 OHYHO 7KH SURGXFW DOVR FRPSO\ ZLWK WKH IROORZLQJ VWDQGDUGV v , 62 (UJRQRPLF UHTXLUHPHQW $QDO\VLV DQG FRPSOLDQFH WHVW PHWKRGV IRU HOHFWURQLF YLVXDO GLVSOD\V *6 (. *6 PDUN UHTXLUHPHQW SU(1 /RZ )UHTXHQF\ (OHFWULF DQG 0DJQHWLF ILHOGV IRU 9LVXDO 'LVSOD\ 035, , 035 /RZ )UHTXHQF\ (OHFWULF DQG 0DJQHWLF ILHOGV 7&2 &(57, ), (' 5HTXLUHPHQW IRU (QYLURQPHQW /DEHOLQJ RI (UJRQRPLFV (QHUJ\ (FRORJ\ DQG (PLVVLRQ 7&2 6ZHGLVK &RQIHGHUDWLRQ RI 3URIHVVLRQDO (PSOR\HHV IRU 7&2 YHUVLRQV v v v v , QIRUPDWLH RYHU YRRUVFKULIWHQ (QHUJ\ 6WDU 'HFODUDWLRQ ZZZHQHUJ\VWDUJRY $V DQ (1(5*< 67$5 3DUWQHU ZH KDYH GHWHUPLQHG WKDW WKLV SURGXFW PHHWV WKH (1(5*< 67$5 JXLGHOLQHV IRU HQHUJ\ HIILFLHQF\ 1RWH :H UHFRPPHQG \RX VZLWFK RII WKH PRQLWRU ZKHQ LW LV QRW LQ XVH IRU D ORQJ WLPH )HGHUDO &RPPXQLFDWLRQV &RPPLVVLRQ )&& 1RWLFH 86 2QO\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v v v 5HRULHQW RU UHORFDWH WKH UHFHLYLQJ DQWHQQD , QFUHDVH WKH VHSDUDWLRQ EHWZHHQ WKH HTXLSPHQW DQG UHFHLYHU &RQQHFW WKH HTXLSPHQW LQWR DQ RXWOHW RQ D FLUFXLW GLIIHUHQW IURP WKDW WR ZKLFK WKH UHFHLYHU LV FRQQHFWHG &RQVXOW WKH GHDOHU RU DQ H[SHULHQFHG UDGLR79 WHFKQLFLDQ IRU KHOS &KDQJHV RU PRGLILFDWLRQV QRW H[SUHVVO\ DSSURYHG E\ WKH SDUW\ UHVSRQVLEOH IRU FRPSOLDQFH FRXOG YRLG WKH XVHUj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 WKLV GHYLFH PD\ QRW FDXVH KDUPIXO LQWHUIHUHQFH DQG  WKLV GHYLFH PXVW DFFHSW DQ\ LQWHUIHUHQFH UHFHLYHG LQFOXGLQJ LQWHUIHUHQFH WKDW PD\ FDXVH XQGHVLUHG RSHUDWLRQ &RPPLVVLRQ )HGHUDOH GH OD &RPPXQLFDWLRQ )&& 'HFODUDWLRQ &HW ÑTXLSHPHQW D ÑWÑ WHVWÑ HW GÑFODUÑ FRQIRUPH DX[OLPLWHV GHV DSSDUHLOV QXPÑULTXHV GH FODVV %DX[ WHUPHV GH OjDUWLFOH 'HV UÔJOHV GH OD )&& &HV OLPLWHV VRQW FRQ£XHV GH ID£RQ Î IRXULU XQH SURWHFWLRQ UDLVRQQDEOH FRQWUH OHV LQWHUIÑUHQFHV QXLVLEOHV GDQV OH FDGUH GjXQH LQVWDOODWLRQ UÑVLGHQWLHOOH &(7 DSSDUHLO SURGXLW XWLOLVH HW SHXW ÑPHWWUH GHV K\SHUIUÑTXHQFHV TXL VL OjDSSDUHLO QjHVW SDV LQVWDOOÑ HW XWLOLVÑ VHORQ OHV FRQVLJQHV GRQQÑHV SHXYHQW FDXVHU GHV LQWHUIÑUHQFHV QXLVLEOHV DX[ FRPPXQLFDWLRQV UDGLR v , QIRUPDWLH RYHU YRRUVFKULIWHQ &HSHQGDQW ULHQ QH SHXW JDUDQWLU OjDEVHQFH GjLQWHUIÑUHQFHV GDQV OH FDGUH GjXQH LQVWDOODWLRQ SDUWLFXOLÔUH 6L FHW DSSDUHLO HVW OD FDXVH GjLQWHUIÑUHQFHV QXLVLEOHV SRXU OD UÑFHSWLRQ GHV VLJQDX[ GH UDGLR RX GH WÑOÑYLVLRQ FH TXL SHXW ÒWUH GÑFHOÑ HQ IHUPDQW OjÑTXLSHPHQW SXLV HQ OH UHPHWWDQW HQ IRQFWLRQ OjXWLOLVDWHXU SRXUUDLW HVVD\HU GH FRUULJHU OD VLWXDWLRQ HQ SUHQDQW OHV PHVXUHV VXLYDQWHV v v v v 5ÑRULHQWHU RX GÑSODFHU O DQWHQQH GH UÑFHSWLRQ $XJPHQWHU OD GLVWDQFH HQWUH O ÑTXLSHPHQW HW OH UÑFHSWHXU %UDQFKHU O ÑTXLSHPHQW VXU XQ DXWUH FLUFXLW TXH FHOXL XWLOLVÑ SDU OH UÑFHSWHXU 'HPDQGHU O DLGH GX PDUFKDQG RX G XQ WHFKQLFLHQ FKHYURQQÑ HQ UDGLRWÑOÑYLVLRQ 7RXWHV PRGLILFDWLRQV QjD\DQW SDV UH£X OjDSSUREDWLRQ GHV VHUYLFHV FRPSÑWHQWV HQ PDWLÔUH GH FRQIRUPLWÑ HVW VXVFHSWLEOH GjLQWHUGLUH Î OjXWLOLVDWHXU OjXVDJH GX SUÑVHQW ÑTXLSHPHQW 1jXWLOLVHU TXH GHV FÌEOHV 5) DUPÑV SRXU OHV FRQQHFWLRQV DYHF GHV RUGLQDWHXUV RX SÑULSKÑULTXHV &(7 $33$5(, / 180(5, 48( '( /$ &/$66( % 5(63(&7( 7287(6 /(6 (;, *(1&(6 '8 5(*/(0(17 685 /( 0$7(5, (/ %528, //(85 '8 &$1$'$ (1 &RPSOLDQFH &]HFK 5HSXEOLF 2QO\ 3ROLVK &HQWHU IRU 7HVWLQJ DQG &HUWLILFDWLRQ 1RWLFH 7KH HTXLSPHQW VKRXOG GUDZ SRZHU IURP D VRFNHW ZLWK DQ DWWDFKHG SURWHFWLRQ FLUFXLW D WKUHHSURQJ VRFNHW $OO HTXLSPHQW WKDW ZRUNV WRJHWKHU FRPSXWHU PRQLWRU SULQWHU DQG VR RQ VKRXOG KDYH WKH VDPH SRZHU VXSSO\ VRXUFH 7KH SKDVLQJ FRQGXFWRU RI WKH URRPjV HOHFWULFDO LQVWDOODWLRQ VKRXOG KDYH D UHVHUYH VKRUWFLUFXLW SURWHFWLRQ GHYLFH LQ WKH IRUP RI D IXVH ZLWK D QRPLQDO YDOXH QR ODUJHU WKDQ DPSHUHV $ 7R FRPSOHWHO\ VZLWFK RII WKH HTXLSPHQW WKH SRZHU VXSSO\ FDEOH PXVW EH UHPRYHG IURP WKH SRZHU VXSSO\ VRFNHW ZKLFK VKRXOG EH ORFDWHG QHDU WKH HTXLSPHQW DQG HDVLO\ DFFHVVLEOH $ SURWHFWLRQ PDUN % FRQILUPV WKDW WKH HTXLSPHQW LV LQ FRPSOLDQFH ZLWK WKH SURWHFWLRQ XVDJH UHTXLUHPHQWV RI VWDQGDUGV 317 DQG 31( , QIRUPDWLH RYHU YRRUVFKULIWHQ 1RUWK (XURSH 1RUGLF &RXQWULHV , QIRUPDWLRQ 3ODFHULQJ9HQWLODWLRQ 9$51, 1* )À56±. 5$ ', * 20 $77 +898'%5<7$5( 2&+ 877$* ±5 /±7³7. 20/, *$ 1±5 '8 67±//(5 ', 1 8758671, 1* 3³3/$76 3ODFHULQJ9HQWLODWLRQ $'9$56(/ 65* 9(' 3/$&(5, 1*(1 )25 $7 1(7/('1, 1*(16 67, . 2* 67, . . 217$. 7 (5 1(07 7, /*1*(/, *( 3DLNND, OPDQNLHUWR 9$52, 786 6, -2, 7$ /$, 7( 6, 7(1 (77± 9(5. . 2-2+72 92, '$$1 7$59, 77$(66$ +(/3267, , 55277$$ 3, 6725$6, $67$ 3ODVVHULQJ9HQWLODVMRQ $'9$56(/ 1³5 '(77( 8767<5(7 3/$66(5(6 0³ '8 3$66( 3³ $7 . 217$. 7(1( )25 6707, /)56(/ (5 /(77( ³ 1³ %60, 1RWLFH 7DLZDQ 2QO\ (UJRQRPLH +LQZHLV QXU 'HXWVFKODQG 'HU YRQ XQV JHOLHIHUWH )DUEPRQLWRU HQWVSULFKW GHQ LQ GHU 9HURUGQXQJ âEHU GHQ 6FKXW] YRU 6FKÍGHQ GXUFK 5ÜQWJHQVWUDKOHQ IHVWJHOHJWHQ 9RUVFKULIWHQ $XI GHU 5âFNZDQG GHV *HUÍWHV EHILQGHW VLFK HLQ $XINOHEHU GHU DXI GLH 8QEHGHQNOLFKNHLW GHU , QEHWULHEQDKPH KLQZHLVW GD GLH 9RUVFKULIWHQ âEHU GLH %DXDUW YRQ 6WÜUVWUDKOHUQ QDFK $QODJH , , , i $EV GHU 5ÜQWJHQYHURUGQXQJ HUIâOOW VLQG 'DPLW , KU 0RQLWRU LPPHU GHQ LQ GHU =XODVVXQJ JHIRUGHUWHQ :HUWHQ HQWVSULFKW LVW GDUDXI ]X DFKWHQ GD 5HSDUDWXUHQ QXU GXUFK )DFKSHUVRQDO GXUFKJHIâKUW ZHUGHQ QXU RULJLQDO(UVDW]WHLOH YHUZHQGHW ZHUGHQ EHL (UVDW] GHU %LOGUÜKUH QXU HLQH EDXDUWJOHLFKH HLQJHEDXW ZLUG $XV HUJRQRPLVFKHQ *UâQGHQ ZLUG HPSIRKOHQ GLH *UXQGIDUEHQ %ODX XQG 5RW QLFKW DXI GXQNOHP 8QWHUJUXQG ]X YHUZHQGHQ VFKOHFKWH /HVEDUNHLW XQG HUKÜKWH $XJHQEHODVWXQJ EHL ]X JHULQJHP =HLFKHQNRQWUDVW ZÍUHQ GLH )ROJH 'HU DUEHLWVSODW]EH]RJHQH 6FKDOOGUXFNSHJHO QDFK ', 1 EHWUÍJW G% $ RGHU ZHQLJHU $&+781* %(, 0 $8)67(//(1 ', (6(6 *(5±7(6 '$5$8) $&+7(1 '$ 1(7=67(&. (5 81' 1(7=. $%(/$16&+/8 /(, &+7 =8*±1*/, &+ 6, 1' , QIRUPDWLH RYHU YRRUVFKULIWHQ &KLQD 5R+6 7KH 3HRSOHj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ÑÑQ ]ZDUWH SL[HO $QGHUH FRPELQDWLHV YDQ YHUOLFKWH HQ GRQNHUH VXESL[HOV YHUVFKLMQHQ DOV HQNHOH SL[HOV YDQ DQGHUH NOHXUHQ 6RRUWHQ SL[HOGHIHFWHQ 3L[HO HQ VXESL[HOGHIHFWHQ YHUVFKLMQHQ RS YHUVFKLOOHQGH PDQLHUHQ RS KHW VFKHUP (U ]LMQ WZHH FDWHJRULHÓQ SL[HOGHIHFWHQ HQ HHQ DDQWDO YHUVFKLOOHQGH VRRUWHQ VXESL[HOGHIHFWHQ LQ HONH FDWHJRULH /LFKWH SXQWGHIHFWHQ /LFKWH SXQWHQ YHUVFKLMQHQ DOV SL[HOV RI VXESL[HOV GLH DOWLMG YHUOLFKW RI jDDQj VWDDQ 'LW EHWHNHQW GDW HHQ OLFKW SXQW HHQ VXESL[HO LV GLH GXLGHOLMN DIVWHHNW RS KHW VFKHUP DOV GH PRQLWRU HHQ GRQNHU SDWURRQ ZHHUJHHIW 'LW ]LMQ GH PRJHOLMNH VRRUWHQ GHIHFWHQ YDQ OLFKWH SXQWHQ (ÑQ YHUOLFKWH URGH JURHQH RI EODXZH VXESL[HO 7ZHH QDDVW HONDDU JHOHJHQ YHUOLFKWH VXESL[HOV URRG EODXZ SDDUV URRG JURHQ JHHO JURHQ EODXZ F\DDQ OLFKWEODXZ 3L[HOV HQ VXESL[HOV (HQ SL[HO RI EHHOGHOHPHQW LV VDPHQJHVWHOG XLW GULH VXESL[HOV LQ GH KRRIGNOHXUHQ URRG JURHQ HQ EODXZ (HQ JURRW DDQWDO SL[HOV VDPHQ YRUPHQ HHQ EHHOG :DQQHHU DOOH VXESL[HOV YDQ HHQ SL[HO YHUOLFKW ]LMQ YHUVFKLMQHQ GH GULH JHNOHXUGH VXESL[HOV VDPHQ DOV HHQ HQNHOH ZLWWH SL[HO :DQQHHU ]H DOOHPDDO GRQNHU ]LMQ YHUVFKLMQHQ GH 'ULH QDDVW HONDDU JHOHJHQ YHUOLFKWH VXESL[HOV ÑÑQ ZLWWH SL[HO . ODQWHQ]RUJ HQ JDUDQWLH 2SPHUNLQJ (HQ URRG RI EODXZ OLFKW SXQW PRHW PHHU GDQ SURFHQW KHOGHUGHU ]LMQ GDQ DDQJUHQ]HQGH SXQWHQ WHUZLMO HHQ JURHQ OLFKW SXQW SURFHQW KHOGHUGHU LV GDQ DDQJUHQ]HQGH SXQWHQ =ZDUWH SXQWGHIHFWHQ =ZDUWH SXQWHQ YHUVFKLMQHQ DOV SL[HOV RI VXESL[HOV GLH DOWLMG GRQNHU RI jXLWj VWDDQ 'DW ZLO ]HJJHQ GDW HHQ ]ZDUWH SL[HO HHQ VXESL[HO LV GLH RS KHW VFKHUP RSYDOW DOV GH PRQLWRU HHQ OLFKWSDWURRQ ZHHUJHHIW 'LW ]LMQ GH PRJHOLMNH VRRUWHQ ]ZDUWH SXQWGHIHFWHQ 1DELMKHLG YDQ SL[HOGHIHFWHQ 2PGDW SL[HO HQ VXESL[HOGHIHFWHQ YDQ KHW]HOIGH VRRUW GLH GLFKW ELM HONDDU LQ GH EXXUW ]LMQ HHUGHU RSJHPHUNW NXQQHQ ZRUGHQ VSHFLILFHHUW 3KLOLSV RRN GH WROHUDQWLHV YRRU GH QDELMKHLG YDQ SL[HOGHIHFWHQ 3L[HOGHIHFWWROHUDQWLHV 2P LQ DDQPHUNLQJ WH NRPHQ YRRU UHSDUDWLH RI YHUYDQJLQJ DOV JHYROJ YDQ GHIHFWH SL[HOV WLMGHQV GH JDUDQWLHSHULRGH PRHW HHQ 7)7VFKHUP LQ HHQ PRQLWRU YDQ 3KLOLSV GHIHFWH SL[HOV RI VXESL[HOV KHEEHQ GLH GH WROHUDQWLH LQ GH YROJHQGH WDEHO RYHUVFKULMGHQ +(/'(5( 3817'()(&7(1 KHOGHUH VXESL[HO KHOGHUH VXESL[HOV QDDVW HONDDU KHOGHUH VXESL[HOV QDDVW HONDDU HHQ ZLW SL[HO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¼ /RFDO FDOO WDULII /RFDO FDOO WDULII ¼ /RFDO FDOO WDULII ¼ )UHH RI FKDUJH ¼ ¼ /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII /RFDO FDOO WDULII ¼ ¼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 IRU UHSDLU  IRU VDOHV &RQWDFWJHJHYHQV YRRU GH /$7, -16$0(5, . $ /DQG 7HOHIRRQFHQWUXP %UD]LO $UJHQWLQD 9HUPRQW . ODQWQXPPHU &RQWDFWJHJHYHQV YRRU &KLQD &KLQD . ODQWQXPPHU &RQWDFWJHJHYHQV YRRU 1225'$0(5, . $ /DQG 86$ &DQDGD 7HOHIRRQFHQWUXP $6& 726 6XSHUFRP 7HOHSODQ 6XSHUFRP . ODQWQXPPHU   . ODQWHQ]RUJ HQ JDUDQWLH &RQWDFW , QIRUPDWLRQ IRU $30($ UHJLRQ &RXQWU\ &DOO FHQWHU $XVWUDOLD 1HZ =HDODQG +RQJ . RQJ 0DFDX , QGLD , QGRQHVLD 6RXWK . RUHD 0DOD\VLD 3DNLVWDQ 6LQJDSRUH 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 3&&: 7HOHVHUYLFHV 7DLZDQ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ 1$ $6& &RQVXPHU FDUH QXPEHU +RQJ . RQJ7HO 0DFDX7HO  7HO 606 3+, /, 36 WR 7HO  $*26 1(7:25. 37< /7' 9LVXDO *URXS /WG 6PDUW 3L[HOV 7HFKQRORJ\ /WG 5(', 1*721 , 1', $ /7' 37 *DGLQJVDUL HOHNWURQLND 3ULPD 3&6 2QH . RUHD /WG $IWHU 0DUNHW 6ROXWLRQV &( 6GQ %KG 3KLOLSV &RQVXPHU 6HUYLFH 3KLOLSV (OHFWURQLFV 6LQJDSRUH 3WH /WG 3KLOLSV &RQVXPHU &DUH  &HQWHU )(7(&&2 7DLZDQ 7KDLODQG 6RXWK $IULFD 8QLWHG $UDE (PLUDWHV , VUDHO 9LHWQDP 3KLOLSSLQHV 6UL /DQND %DQJODGHVK 1HSDO &DPERGLD $[LV &RPSXWHU 6\VWHP &R /WG  6\OYDUD 7HFKQRORJLHV 3W\ /WG $/ 6+$+' &20387(5 //& (DVWURQLFV /7' )37 6HUYLFH , QIRUPDWLF &RPSDQ\ /WG *OHH (OHFWURQLFV , QF QR GLVWULEXWRU DQGRU VHUYLFH SURYLGHU FXUUHQWO\ 'LVWULEXWRU &RPSXWHU 6RXUFH /WG ZDUUDQW\ EX\RXW 'LVWULEXWRU 6\DNDU &R /WG ZDUUDQW\ EX\RXW 'LVWULEXWRU 1HDW 7HFKQRORJ\ 3WH /WG 6LQJDSRUH ZDUUDQW\ EX\RXW +R &KL 0LQK &LW\ 'DQDQJ &LW\ &DQ WKR 3URYLQFH  WR  WR 3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ 3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ 3UREOHPHQ RSORVVHQ 'H]H SDJLQD EHKDQGHOW GH SUREOHPHQ GLH X DOV JHEUXLNHU ]HOI NXQW RSORVVHQ . XQW X DDQ GH KDQG KLHUYDQ XZ SUREOHHP QLHW RSORVVHQ QHHP GDQ FRQWDFW RS PHW HHQ VHUYLFHYHUWHJHQZRRUGLJHU YDQ 3KLOLSV $OJHPHQH SUREOHPHQ *HHQ EHHOG YRHGLQJV/(' QLHW RSJHOLFKW v =RUJ HUYRRU GDW KHW QHWVQRHU RS KHW VWRSFRQWDFW DDQJHVORWHQ LV HQ DFKWHURS GH PRQLWRU v =HW GH KRRIGVFKDNHODDU RS GH YRRU]LMGH YDQ GH PRQLWRU LQ GH VWDQG 2)) 8, 7 HQ GDDUQD ZHHU RS 21 $$1 'H NQRS $872 ZHUNW QLHW v 'H DXWRIXQFWLH LV DOOHHQ YDQ WRHSDVVLQJ LQ GH DQDORJH 9*$PRGXV $OV KHW UHVXOWDDW QLHW YROGRHW NXQW X KDQGPDWLJH DDQSDVVLQJHQ DDQEUHQJHQ YLD KHW 26' PHQX 2SPHUNLQJ 'H $XWRIXQFWLH LV QLHW YDQ WRHSDVVLQJ LQ GH '9, GLJLWDOH PRGXV RPGDW GH]H IXQFWLH QLHW QRGLJ LV =LFKWEDUH WHNHQV YDQ URRN RI YRQNHQ v 9RHU JHHQ VWDSSHQ XLW YDQ GH SUREOHHPRSORVVLQJ v v . RSSHO GH PRQLWRU RQPLGGHOOLMN ORV YDQ GH YRHGLQJVEURQ YRRU XZ YHLOLJKHLG 1HHP RQPLGGHOOLMN FRQWDFW RS PHW GH NODQWHQGLHQVW YDQ 3KLOLSV %HHOGSUREOHPHQ %HHOG VWDDW QLHW LQ KHW PLGGHQ v 3DV GH EHHOGSRVLWLH DDQ PHW GH IXQFWLH $XWR LQ KHW 26'KRRIGPHQX v 6WHO GH EHHOGSRVLWLH LQ PHW 3KDVH )DVH &ORFN . ORN RQGHU 6HWXS , QVWHOOLQJ LQ KHW 26'KRRIGPHQX 'LW LV DOOHHQ JHOGLJ LQ GH 9*$PRGXV *HHQ EHHOG YRHGLQJV/(' LV ZLW v =RUJ HUYRRU GDW GH FRPSXWHU LQJHVFKDNHOG LV v v &RQWUROHHU RI GH VLJQDDONDEHO LV DDQJHVORWHQ RS GH FRPSXWHU &RQWUROHHU RI HU JHHQ SLQQHQ YDQ GH PRQLWRUNDEHO YHUERJHQ ]LMQ %XLJ ]H YRRU]LFKWLJ UHFKW RI YHUYDQJ GH NDEHO 'H HQHUJLHEHVSDULQJ NDQ DFWLHI ]LMQ v %HHOG WULOW RS KHW VFKHUP v &RQWUROHHU RI GH VLJQDDONDEHO JRHG RS GH YLGHRNDDUW YDQ GH FRPSXWHU EHYHVWLJG LV (U YHUVFKLMQW YHUWLFDOH IOLNNHULQJ +HW VFKHUP YHUPHOGW KHW YROJHQGH $WWHQWLRQ &KHFN FDEOH FRQQHFWLRQ v v &RQWUROHHU RI GH PRQLWRUNDEHO LV DDQJHVORWHQ RS GH FRPSXWHU ]LH RRN GH VQHOOH LQVWDOODWLHJLGV &RQWUROHHU RI HU JHHQ SLQQHQ YDQ GH PRQLWRUNDEHO YHUERJHQ ]LMQ =RUJ HUYRRU GDW GH FRPSXWHU LQJHVFKDNHOG LV v 3DV GH EHHOGSRVLWLH DDQ PHW GH IXQFWLH $XWR LQ KHW 26'KRRIGPHQX (OLPLQHHU GH YHUWLFDOH EDONHQ PHW 3KDVH )DVH&ORFN . ORN RQGHU 6HWXS , QVWHOOLQJ LQ KHW 26'KRRIGPHQX 'LW LV DOOHHQ JHOGLJ LQ GH 9*$PRGXV v v 3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ +RUL]RQWDDO JHIOLNNHU LQ KHW EHHOG v v 3DV GH EHHOGSRVLWLH DDQ PHW GH IXQFWLH $XWR LQ KHW 26'KRRIGPHQX (OLPLQHHU GH YHUWLFDOH EDONHQ PHW 3KDVH )DVH&ORFN . ORN RQGHU 6HWXS , QVWHOOLQJ LQ KHW 26'KRRIGPHQX 'LW LV DOOHHQ JHOGLJ LQ GH 9*$PRGXV *URHQH URGH EODXZH ]ZDUWH HQ ZLWWH SXQWHQ RS KHW VFKHUP v 'H UHVWHUHQGH SXQWHQ ]LMQ HHQ QRUPDDO NHQPHUN YDQ GH /&'VFKHUPHQ GLH LQ GH PRGHUQH WHFKQRORJLH ZRUGHQ JHEUXLNW 5DDGSOHHJ KHW SL[HOEHOHLG YRRU PHHU LQIRUPDWLH +HW YRHGLQJVODPSMH LV WH VWHUN HQ VWRRUW v 8 NXQW KHW YRHGLQJVODPSMH DDQSDVVHQ PHW GH LQVWHOOLQJ YRRU GH YRHGLQJV/(' LQ KHW 26'KRRIGPHQX 5DDGSOHHJ GH OLMVW YDQ . ODQWHQLQIRUPDWLHFHQWUD HQ QHHP FRQWDFW RS PHW HHQ YHUWHJHQZRRUGLJHU YDQ 3KLOLSV NODQWHQVHUYLFH YRRU PHHU LQIRUPDWLH +HW EHHOG LV ZD]LJ RQGXLGHOLMN RI WH GRQNHU v 6WHO FRQWUDVW HQ KHOGHUKHLG ELM PHW KHW 26'PHQX (U YHUVFKLMQW HHQ QDEHHOG RI JHHVWEHHOG GRRU LQEUDQGHQ ]HOIV QD KHW XLWVFKDNHOHQ v (HQ RQRQGHUEURNHQ ZHHUJDYH YDQ VWLOVWDDQGH RI VWDWLVFKH EHHOGHQ JHGXUHQGH HHQ ODQJHUH SHULRGH NDQ HHQ LQJHEUDQG EHHOG QDEHHOG RI VFKDGXZEHHOG YHURRU]DNHQ , QEUDQGHQ QDEHHOGHQ RI VSRRNEHHOGHQ LV HHQ EHNHQG YHUVFKLMQVHO LQ GH WHFKQRORJLH YDQ /&'VFKHUPHQ , Q GH PHHVWH JHYDOOHQ YHUGZLMQW GLW LQJHEUDQG EHHOG QDEHHOG RI VFKDGXZEHHOG JHOHLGHOLMN HQLJH WLMG QDGDW GH YRHGLQJ ZHUG XLWJHVFKDNHOG v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×QVWDOOHHUG 9 'H IXQFWLHV YDQ GH 6PDUW&RQWURO /LWH ZHUNWHQ HHUGHU JRHG PDDU QX QLHW PHHU :DW NDQ LN GRHQ" $QW +HEW X GH YROJHQGH KDQGHOLQJHQ XLWJHYRHUG GDQ NDQ KHW QRGLJ ]LMQ KHW VWXXUSURJUDPPD YDQ GH PRQLWRU RSQLHXZ WH LQVWDOOHUHQ v 9LGHRNDDUW YHUYDQJHQ GRRU HHQ DQGHUH v v v 9LGHRVWXXUSURJUDPPD ELMZHUNHQ $FWLYLWHLWHQ RS KHW EHVWXULQJVV\VWHHP ]RDOV HHQ VHUYLFHSDFN RI SDWFK :LQGRZV 8SGDWH XLWYRHUHQ HQ HHQ ELMJHZHUNWH PRQLWRU HQRI YLGHRVWXXUSURJUDPPD JHEUXLNHQ :LQGRZV ZHUG JHVWDUW WHUZLMO GH PRQLWRU ZDV XLWJHVFKDNHOG RI ORVJHNRSSHOG v v %HHOG LV YHUYRUPG7HNVW LV ZD]LJ HQ JHUDIHOG v =HW GH EHHOGUHVROXWLH YDQ GH FRPSXWHU RS GH]HOIGH ZDDUGH DOV GH DDQEHYROHQ ZDDUGH YRRU GH PRQLWRU v 3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ $WWHQWLRQ v . OLN PHW GH UHFKWHUPXLVNQRS RS 0\ &RPSXWHU 'H]H &RPSXWHU HQ NLHV 3URSHUWLHV!+DUGZDUH!$SSDUDDWEHKHHU $OV RQGHU 0RQLWRU 3OXJ DQG 3OD\PRQLWRU LV ZHHUJHJHYHQ PRHW X GH LQVWDOODWLH RSQLHXZ XLWYRHUHQ 9HUZLMGHU 6PDUW&RQWURO /LWH HQ LQVWDOOHHU KHW SURJUDPPD RSQLHXZ 9 7KHIW PRGH HQDEOHG v 1DGDW 6PDUW&RQWURO /LWH LV JH×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 NOLN ]LH LN VOHFKWV HHQ GHHO YDQ GH JHJHYHQV:DW LV HU JHEHXUG" $QW KHW NDQ ]LMQ GDW KHW VWXXUSURJUDPPD YDQ XZ YLGHRNDDUW QLHW GH ODDWVWH YHUVLH LV PHW YROOHGLJH RQGHUVWHXQLQJ YDQ ''& &, LQWHUIDFH 3UREHHU GH QLHXZVWH YHUVLH YDQ KHW VWXXUSURJUDPPD WH GRZQORDGHQ YDQ GH ZHEVLWH YDQ GH IDEULNDQW , QVWDOOHHU KHW VWXXUSURJUDPPD 9HUZLMGHU 6PDUW&RQWURO /LWH HQ LQVWDOOHHU GH WRHSDVVLQJ RSQLHXZ 9 , N EHQ GH 3, 1FRGH YRRU 7KHIW 'HWHUUHQFH 'LHIVWDOSUHYHQWLH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 WRRQW" $QW 'H DDQEHYROHQ UHVROXWLH YRRU GH]H PRQLWRU [ # +] v 0DDN DOOH NDEHOV ORV HQ VOXLW GH FRPSXWHU DDQ RS GH PRQLWRU GLH X YURHJHU JHEUXLNWH v :LQGRZV 6WDUW 0HQX VWDUWPHQX YDQ :LQGRZV 6HWWLQJV&RQWURO 3DQHO , QVWHOOLQJHQ &RQILJXUDWLHVFKHUP 6HOHFWHHU KHW SLFWRJUDP 'LVSOD\ %HHOGVFKHUP LQ KHW &RQWURO 3DQHO :LQGRZ &RQILJXUDWLHVFKHUP 6HOHFWHHU KHW WDEEODG 6HWWLQJV , QVWHOOLQJHQ LQ KHW YHQVWHU 'LVSOD\ &RQWURO 3DQHO (LJHQVFKDSSHQ YRRU %HHOGVFKHUP 9HUSODDWV GH VFKXLIUHJHODDU LQ KHW YDN GHVNWRS DUHD %HHOGVFKHUPUHVROXWLH QDDU [ SL[HOV 3UREOHPHQ RSORVVHQ YHHOJHVWHOGH YUDJHQ v . OLN RS $GYDQFHG 3URSHUWLHV *HDYDQFHHUG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¨ . RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19$OOH UHFKWHQ YRRUEHKRXGHQ 3KLOLSV HQ KHW 3KLOLSVVFKLOGHPEOHHP ]LMQ JHGHSRQHHUGH KDQGHOVPHUNHQ YDQ . RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19 HQ ZRUGHQ JHEUXLNW RQGHU GH OLFHQWLH YDQ . RQLQNOLMNH 3KLOLSV (OHFWURQLFV 19 'H VSHFLILFDWLHV ]LMQ RQGHUKHYLJ DDQ ZLM]LJLQJHQ ]RQGHU NHQQLVJHYLQJ 9HUVLH 0(7 [. . . ]