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The modeling and control problem of networked control systems(NCSs) with bounded time-delay and data packet dropout are discussed. Using a full-order observer to compensate networked-induced delay, the system is modeled as an asynchronous dynamical system(ADS) with rate constraints on events by defining an augmented state vector. The criterion for the exponential stability of the networked control systems is presented. Finally, the simulation results are given to show the effectiveness of the presented method.