• No results found

Neonatale screening op het adrenogenitaal syndroom (AGS), 1998-2001 | RIVM

N/A
N/A
Protected

Academic year: 2021

Share "Neonatale screening op het adrenogenitaal syndroom (AGS), 1998-2001 | RIVM"

Copied!
103
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1)

1HRQDWDOHVFUHHQLQJ

RSKHW

DGUHQRJHQLWDDOV\QGURRP

3LORWRQGHU]RHNHQODQGHOLMNHLQYRHULQJ



3URMHFWJURHS$*6VFUHHQLQJ

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

(2)

3DJYDQ5,905DSSRUW 9RRUZRRUG

'H]H UDSSRUWDJH EHYDW GH UHVXOWDWHQ YDQ GH QHRQDWDOH VFUHHQLQJ RS KHW DGUHQRJHQLWDDO V\QGURRP $*6 LQWRWHQPHW

+HW SLORWRQGHU]RHN QDDU GH QHRQDWDOH $*6VFUHHQLQJ OLHS YDQ WRWHQ PHW  7RHQ QDDU DDQOHLGLQJ YDQ GH UHVXOWDWHQ YDQ KHW SLORWRQGHU]RHN EHVORWHQ ZHUG WRW ODQGHOLMNH LQYRHULQJRSMXOLZHUGGHSLORWIDVHYHUOHQJGWRWMXOL

'HHO$YDQGLWUDSSRUWLVGDQRRNGHUDSSRUWDJHYDQMDQXDULWRWHQPHWMXQLGHHO% EHWUHIWGHUDSSRUWDJHRYHUKHWJHKHOHMDDUHQGHHO&GHUDSSRUWDJHRYHU

$OOH DI]RQGHUOLMNH UDSSRUWDJHV ]LMQ YDVWJHVWHOG GRRU GH 3URMHFWJURHS $*6VFUHHQLQJ YHUDQWZRRUGHOLMNYRRUKHWSLORWRQGHU]RHNHQGHEHJHOHLGLQJYDQGHODQGHOLMNHLQYRHULQJYDQ GH$*6VFUHHQLQJ

'U%-2WWHQNLQGHUDUWVHQGRFULQRORRJ

(3)

5,905DSSRUW3DJYDQ $%675$&7

1HZERUQVFUHHQLQJIRUFRQJHQLWDODGUHQDOK\SHUSODVLDLQWKH1HWKHUODQGV 3LORWVFUHHQLQJSURJUDPPH

2EMHFWLYHV 7R HYDOXDWH WKH IHDVLELOLW\ RI QHZERUQ VFUHHQLQJ RQ FRQJHQLWDO DGUHQDO K\SHUSODVLD &$+  LQ WKH 1HWKHUODQGV DQG SRVVLELOLWLHV IRU LQFRUSRUDWLRQ LQWR WKH H[LVWLQJ VFUHHQLQJ SURJUDPPH RQ FRQJHQLWDO K\SHUSODVLD &+  DQG SKHQ\ONHWRQXULD 3.8  7R GHWHUPLQH WKH VHQVLWLYLW\ VSHFLILFLW\ DQG SUHYDOHQFH RI &$+  0HWKRGV $ ò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

5HVXOWV,QWUDDQGLQWHUDVVD\YDULDQFHZLWKWKH$XWR'HOILDPHWKRGZDVa3UHYDOHQFHLQ WKH UHJLRQ ZLWK VFUHHQLQJ  QHZERUQV  SDWLHQWV )0  DQG ZLWKRXW VFUHHQLQJ  QHZERUQV  SDWLHQWV)0  ZDV  DQG  UHVSHFWLYHO\ 6HQVLWLYLW\ZDVVSHFLILFLW\DQGSRVLWLYHSUHGLFWLYHYDOXH7KUHHRXWRIWKH IHPDOHVDQGDOOPDOHVZLWK&$+LQWKHVFUHHQLQJUHJLRQZHUHFOLQLFDOO\QRWVXVSHFWHG$OO &$+ SDWLHQWV LQ WKH UHJLRQ ZLWK VFUHHQLQJ ZHUH WUHDWHG EHIRUH VHYHUH VDOW ZDVWLQJ ZDV DSSDUHQW VRGLXP “  PPROO VHUXP PHDQ“6'  ZKLOH LQ WKH UHJLRQ ZLWKRXW VFUHHQLQJPRVWSDWLHQWVKDGVHYHUHK\SRQDWUDHPLD VRGLXP“PPROOVHUXPPHDQ “6' 7KHPHDQSHULRGRIKRVSLWDOL]DWLRQIRUPDOHSDWLHQWVGHWHFWHGWKURXJKVFUHHQLQJZDV GD\VOHVVWKDQIRUPDOHSDWLHQWVLQWKHUHJLRQZLWKRXWVFUHHQLQJ

&RQFOXVLRQ6FUHHQLQJRQ&$+LQWKH1HWKHUODQGVLVHIIHFWLYHDQGFDQEHLQFRUSRUDWHGLQWR WKHH[LVWLQJVFUHHQLQJSURJUDPPHIRU&+3.8

(4)

3DJYDQ5,905DSSRUW ,1+28' /LMVWYDQJHEUXLNWHDINRUWLQJHQ««««««««««««««««««««««« $%675$&7««««««««««««««««««««««««««««««« 6$0(19$77,1*««««««««««««««««««««««««««««« 'HHO$3LORWRQGHU]RHNMDQXDULWRWHQPHWMXQL«««««««««««« 'HHO%1HRQDWDOHVFUHHQLQJLQ««««««««««««««««««««« 'HHO&1HRQDWDOHVFUHHQLQJLQ«««««««««««««««««««««

(5)

5,905DSSRUW3DJYDQ /LMVWYDQJHEUXLNWHDINRUWLQJHQ $*6 $GUHQRJHQLWDDOV\QGURRP $./ $OJHPHHQ.OLQLVFK/DERUDWRULXP&DSHOOHDG,-VVHO &'& &HQWHURI'LVHDVH&RQWUROH$WODQWD &+7 &RQJHQLWDOHK\SRWK\UHRwGLH '*.& 'HXWVFKH*HVHOOVFKDIWIU.OLQLVFKH&KHPLH 16&. 1HGHUODQGV6LJQDOHULQJV&HQWUXP.LQGHUJHQHHVNXQGH 2+3 K\GUR[\SURJHVWHURQ 3.8 3KHQ\ONHWRQXULH 39:3RVLWLHIYRRUVSHOOHQGHZDDUGH 5,90 5LMNVLQVWLWXXWYRRU9RONVJH]RQGKHLGHQ0LOLHX%LOWKRYHQ 6 6 6FKOHLFKHU 6FKOO

(6)

3DJYDQ5,905DSSRUW 6$0(19$77,1*

+HW GRHO YDQ GH]H VWXGLH ZDV WH RQGHU]RHNHQ RI QHRQDWDOH VFUHHQLQJ RS DGUHQRJHQLWDDO V\QGURRP $*6 LQ1HGHUODQGKDDOEDDUZDVHQRIGLWNRQZRUGHQLQJHSDVWLQGHEHVWDDQGH VFUHHQLQJVSURJUDPPD¶V YRRU FRQJHQLWDOH K\SRWK\UHRLGLH &+7  HQ SKHQ\ONHWRQXULH 3.8  HQ YHUGHU RP GH SUHYDOHQWLH YDQ $*6 HQ GH VHQVLWLYLWHLW HQ VSHFLILFLWHLW YDQ GH JHEUXLNWH PHWKRGHYDVWWHVWHOOHQ

2S  MDQXDUL  ZHUG PHW ILQDQFLsOH RQGHUVWHXQLQJ YDQ =RQ0Z HHQ WZHHMDULJ SLORWRQGHU]RHNJHVWDUWLQWZHHYDQGHYLMIVFUHHQLQJVUHJLR¶VZDDUELMLHWVPLQGHUGDQGHKHOIW YDQ DOOH SDVJHERUHQHQ JHVFUHHQG ZHUGHQ 'H FRQFHQWUDWLH YDQ KHW VWHURLG a K\GUR[\SURJHVWHURQ ZHUG JHPHWHQ LQ GH PRQVWHUV KLHOSULNEORHG DIJHQRPHQ YRRU GH &+73.8VFUHHQLQJ'HDINDSJUHQ]HQZDUHQLQJHEDVHHUGRSKHWJHERRUWHJHZLFKWHQ YDQDIRSGH]ZDQJHUVFKDSVGXXU2PIRXWQHJDWLHYHUHVXOWDWHQRSWHVSRUHQ HQRPGH SUHYDOHQWLHYDQ $*6YDVWWHVWHOOHQ LQGH VFUHHQLQJVUHJLR HQ GH FRQWUROH UHJLR ZHUGHQ DOOH NLQGHUDUWVHQYHU]RFKWRP]LHNWHJHYDOOHQWHPHOGHQDDQKHW1HGHUODQGV6LJQDOHULQJVFHQWUXP .LQGHUJHQHHVNXQGH 16&. 

'HJHEUXLNWHPHHWPHWKRGHNHQGHHHQELQQHQHQWXVVHQPHHWVHVVLHVSUHLGLQJYDQFD'H SUHYDOHQWLHLQGHVFUHHQLQJVUHJLR SDVJHERUHQHQSDWLsQWHQ)0 ZDV HQ LQ GH FRQWUROH UHJLR  SDVJHERUHQHQ  SDWLsQWHQ)0   'H VHQVLWLYLWHLWZDVVSHFLILFLWHLWHQSRVLWLHIYRRUVSHOOHQGHZDDUGH

'ULHYDQGHPHLVMHVHQDOOHMRQJHQVZDUHQNOLQLVFKQLHWYHUGDFKW$OOH$*6SDWLsQWHQLQGH VFUHHQLQJVUHJLRNRQGHQZRUGHQEHKDQGHOGYRRUGDWGH]RXWFULVLVLQWUDG QDWULXP“ PPROO VHUXP  WHUZLMO LQ GH FRQWUROH UHJLR GH PHHVWH SDWLsQWHQ HUQVWLJH K\SRQDWULHQHPLH YHUWRRQGHQ QDWULXP“PPROOVHUXP 2RNGHRSQDPHGXXULQKHW]LHNHQKXLVZDV YRRUMRQJHQVLQGHVFUHHQLQJVUHJLRJHPLGGHOGGDJHQNRUWHU

2SEDVLVYDQGH]HJXQVWLJHUHVXOWDWHQYDQKHWSLORWRQGHU]RHNZHUGGRRUKHW0LQLVWHULHYDQ 9:6EHVORWHQRPGHSURHIVFUHHQLQJXLWWHEUHLGHQWRWKHWJHKHOHODQGJHGXUHQGHMDDUGZ]  HQ  'RRU DDQORRSSUREOHPHQ PHW GH ILQDQFLHULQJ YLD KHW &ROOHJH YDQ =RUJYHU]HNHULQJHQ NRQ GH]H XLWEUHLGLQJ HFKWHU SDV SHU  MXOL  ZRUGHQ JHsIIHFWXHHUG 1DGDWRRNGH]HSHULRGHVXFFHVYROZDVDIJHVORWHQKHHIWGH0LQLVWHUYDQ9:6EHVORWHQRPGH VFUHHQLQJRS$*6SHUMDQXDULLQ KHWUHJXOLHUHQHRQDWDOH VFUHHQLQJSURJUDPPDRSWH QHPHQ

(7)

5,905DSSRUW3DJYDQ

'HHO$

3LORWRQGHU]RHN

(8)

3DJYDQ5,905DSSRUW ,1+28'623*$9('((/$ , 3,/2721'(5=2(.   ,1/(,',1*   0(7+2'2/2*,6&+($63(&7(1  .(8=(9$1'(0(7+2'(  35,1&,3(9$1'($872'(/),$0(7+2'(92251(21$7$$/2+3  (9$/8$7,($872'(/),$92252+3  5(68/7$7(10(7'($872'(/),$0(7+2'(   $ ).$ 3*5(1=(1   5(68/7$7(1  $$17$//(1  $*63$7,É17(1  )287326,7,(9(8,76/$*(1  2+3%(3$/,1*,1+,(/35,.%/2('9$1%(.(1'($*63$7,É17(1   $1$/<6(.267(1(1%$7(1  .267(1  %$7(1  9(5*(/,-.,1*1(21$7$/(6&5((1,1*23$*6&+7(13.8   ',6&866,(  &21&/86,((1$$1%(9(/,1*  6$0(19$77,1*3,/2721'(5=2(.  /,7(5$7885 

(9)

5,905DSSRUW3DJYDQ ,, $''(1'809(5/(1*'3,/2721'(5=2(.-$18$5,-81,   ,1/(,',1*   0(7+2'2/2*,6&+($63(&7(1   $ ).$ 3*5(1=(1   5(68/7$7(1  $$17$//(1  $*63$7,É17(1  )287326,7,(9(8,76/$*(1   &21&/86,(  ,,, 727$$/29(5=,&+73,/2721'(5=2(.-$18$5,-81,   5(68/7$7(1   &21&/86,(  $33(1',;$.:$/,7(,76&21752/(  $33(1',;%)5(48(17,(9(5'(/,1*2+35(68/7$7(1,1  $33(1',;&16&.95$*(1/,-67 

(10)

3DJYDQ5,905DSSRUW

, 3,/2721'(5=2(.

 ,QOHLGLQJ

+HWDGUHQRJHQLWDDOV\QGURRP $*6 LVHHQHUIHOLMNHDDQGRHQLQJGLHZRUGWYHURRU]DDNWGRRU HHQ VWRRUQLV LQ GH SURGXFWLH YDQ VWHURwGKRUPRQHQ LQ GH ELMQLHU LQ  YDQ GH JHYDOOHQ YHURRU]DDNWGRRUHHQGHILFLsQWLHYDQKHWHQ]\PK\GUR[\ODVH%LRFKHPLVFKXLWGLWGHIHFW ]LFK LQ HHQ WHNRUW DDQ FRUWLVRO HQ DOGRVWHURQ HQ HHQ RSKRSLQJ YDQ  K\GUR[\SURJHVWHURQ 2+3 HQPDQQHOLMNHKRUPRQHQ.OLQLVFKZRUGW$*6JHNHQPHUNWGRRU]RXWYHUOLHV LQ YDQGHSDWLsQWHQ XLWGURJLQJODJHEORHGGUXNHQODJHEORHGVXLNHUV,QGHHWRWHOHYHQVZHHN NXQQHQ GH]H SDWLsQWHQ GDQ RRN LQ HHQ OHYHQVEHGUHLJHQGH WRHVWDQG UDNHQ 3DWLsQWHQ GLH HHQ GHUJHOLMNH ELMQLHUFULVLV KHEEHQ GRRUJHPDDNW EOLMNHQ PHHU OHHUVWRRUQLVVHQ   HQ HHQ ODJHUH LQWHOOLJHQWLH WH KHEEHQ %HKDOYH GDW HU VSUDNH LV YDQ HHQ WHNRUW DDQ FRUWLVRO HQ DOGRVWHURQ LV HU RRN VSUDNH YDQ HHQ RYHUSURGXFWLH YDQ PDQQHOLMNH KRUPRQHQ +LHUGRRU NXQQHQPHLVMHVYRRUGHJHERRUWHHHQYHUPDQQHOLMNLQJYDQKXQXLWZHQGLJHJHQLWDOLsQNULMJHQ HQ ZRUGHQ ]LM VRPV WHQ RQUHFKWH YRRU HHQ MRQJHWMH DDQJH]LHQ ,QGLHQ $*6  WLMGLJ ZRUGW RQGHUNHQG LV GH ]LHNWH JRHG EHKDQGHOEDDU HQ NDQ KHUVHQVFKDGH RI RYHUOLMGHQ ZRUGHQ YRRUNRPHQ

'H SUHYDOHQWLH YDULHHUW YDQ  LQ $ODVND WRW  LQ GH PHHVWH NDXNDVLVFKH SRSXODWLHV ,Q 1HGHUODQG ZDV GH SUHYDOHQWLH YDQ GLW ]LHNWHEHHOG RQEHNHQG 2S EDVLV YDQ JHJHYHQV LQ DQGHUH (XURSHVH ODQGHQ ZDV GH YHUZDFKWLQJ GDW GH SUHYDOHQWLH   ]RX ]LMQ

9DQDI  LV LQ 1HGHUODQG JHGXUHQGH  MDDU VFUHHQLQJ RS $*6 WRHJHYRHJG DDQ GH EHVWDDQGH VFUHHQLQJ RS &+7 HQ 3.8 8LW KHW KLHOSULNEORHG GDW ELM SDVJHERUHQHQ ZRUGW DIJHQRPHQ ZHUG WHYHQV KHW 2+3 JHKDOWH EHSDDOG LQ GH SURYLQFLHV *HOGHUODQG 8WUHFKW =HHODQG HQ =XLG +ROODQG ,Q GH]H UHJLR¶V IXQJHUHQ KHW 5,90 WH %LOWKRYHQ HQ KHW ,-VVHOODQG]LHNHQKXLVWH&DSHOOHDG,-VVHO $./ DOVVFUHHQLQJVODERUDWRULD,QGLHQGH2+3 FRQFHQWUDWLHWHKRRJZDVOLFKWWHKHWODERUDWRULXPGHFR|UGLQDWRULQGLHYHUYROJHQVGHKXLVDUWV GH HQWDGPLQLVWUDWLH HQ GH RXGHUV LQIRUPHHUGH 2S EDVLV YDQ GH KRRJWH YDQ GH 2+3 FRQFHQWUDWLHHQGHFRQGLWLHYDQKHWNLQGYRQGHUHHQULVLFRLQVFKDWWLQJSODDWV(HQNLQGPHW HHQ KRRJ ULVLFR YRRU KHW KHEEHQ YDQ $*6 ZHUG LQ HHQ ]LHNHQKXLV ELM YRRUNHXU HHQ DFDGHPLVFKH NLQGHUNOLQLHN  RSJHQRPHQ ELM HHQ QLHWYHUGDFKW NLQG ZHUG DOOHHQ GH KLHOSULN KHUKDDOG

2PGHHIIHFWLYLWHLWYDQKHWVFUHHQLQJVSURJUDPPDWHEHSDOHQYRQGLQJHKHHO1HGHUODQGWHYHQV HHQ UHJLVWUDWLH YDQ $*6 SDWLsQWHQ SODDWV YLD KHW 1HGHUODQGV 6LJQDOHULQJV &HQWUXP .LQGHUJHQHHVNXQGH 16&. $OOHNLQGHUDUWVHQZHUGJHYUDDJGRP$*6SDWLsQWHQWHPHOGHQ JHGXUHQGH GH SHULRGH  WRW  'H QHRQDWDOH VFUHHQLQJ HQ GH ODQGHOLMNH UHJLVWUDWLHKHEEHQPHHUGXLGHOLMNKHLGJHJHYHQRYHUGHSUHYDOHQWLHYDQ$*6LQ1HGHUODQG

(11)

5,905DSSRUW3DJYDQ  0HWKRGRORJLVFKHDVSHFWHQ

.HX]HYDQGHPHWKRGH

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

3ULQFLSHYDQGH$XWR'(/),$PHWKRGHYRRUQHRQDWDDO2+3

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µHQKDQFHPHQW VROXWLRQ¶ YULMJHPDDNW GH IOXRUHVFHQWLH JHPHWHQ HQ WHQVORWWH GH FRQFHQWUDWLH 2+3 EHUHNHQG PHW EHKXOS YDQ HHQ VWDQGDDUGFXUYH

(YDOXDWLH$XWR'(/),$YRRU2+3

'H$XWR'(/),$2+3PHWKRGHZHUGLQPHLJHsYDOXHHUG'H UHVXOWDWHQ]LMQLQGHWDLO EHVFKUHYHQLQ(OYHUVHWDO+LHUQDYROJHQGHEHODQJULMNVWHFRQFOXVLHV

 'H SURFHQWXHOH YDULDWLHFRsIILFLsQW DOV PDDW YRRU GH VSUHLGLQJ ELQQHQ PHHWVHVVLHV YDULHHUGH YRRU FDOLEUDWRUHQ HQ KLHOSULNPRQVWHUV PHW HHQ FRQFHQWUDWLH    QPRO/ VHUXPYDQWRW

 'H SURFHQWXHOH YDULDWLHFRsIILFLsQW DOV PDDW YRRU GH VSUHLGLQJ WXVVHQ PHHWVHVVLHV YRRU WZHHFRQWUROHPRQVWHUVPHWHQQPRO/VHUXPEHGURHJ

 'HJHPLGGHOGHGXSORIRXWYRRUKLHOSULNPRQVWHUVEHGURHJ  'HPLQLPDDOGHWHFWHHUEDUHGRVLVEOHHNQPRO/VHUXP

(12)

3DJYDQ5,905DSSRUW  'H WHUXJZLQQLQJ YRRU WRHJHYRHJG 2+3 LQ  NZDOLWHLWVFRQWUROHPRQVWHUV YDQ KHW &HQWHURI'LVHDVH&RQWUROH &'&$WODQWD ZDVJRHG$XWR'(/),$  &'&± U 

 ,QSDWLsQWHQPHWGHNODVVLHNHYRUPYDQ$*6HQµODWHRQVHW¶SDWLsQWHQZHUGHYHQHHQV GH2+3FRQFHQWUDWLHEHSDDOGGHUHVXOWDWHQYDQGH]HSDWLsQWHQVWDDQLQSDUDJUDDI  ,Q  KLHOSULNPRQVWHUV YDQ SDVJHERUHQHQ ]RQGHU $*6 ZHUG GH 2+3 FRQFHQWUDWLH

EHSDDOG YRRU KHW YDVWVWHOOHQ YDQ GH DINDSJUHQ]HQ YRRU GH UHVXOWDWHQ KLHUYDQ ZRUGW YHUZH]HQQDDUKRRIGVWXN

'HJHYRQGHQSURFHQWXHOHYDULDWLHFRsIILFLsQWHQYRRUELQQHQHQWXVVHQPHHWVHVVLHVSUHLGLQJHQ GHJHPLGGHOGHGXSORIRXW]LMQ]HHUDFFHSWDEHOHQYHUJHOLMNEDDUPHWZDWGRRUJDDQVYRRUGLW VRRUW WHFKQLHNHQ ZDDUELM GH DQDO\VH ZRUGW XLWJHYRHUG LQ SRQVMHV YDQ JHGURRJGH EORHGYOHNNHQZRUGWJHYRQGHQ

2S JURQG YDQ GH SRVLWLHYH UHVXOWDWHQ YDQ GH]H HYDOXDWLH ZHUG EHVORWHQ GH $XWR'(/),$ PHWKRGHWHJHEUXLNHQYRRUGHSLORWVFUHHQLQJ

5HVXOWDWHQPHWGH$XWR'(/),$PHWKRGH

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¶V YDQ KHW &'& ILJXXU   HQ KHW 'HXWVFKH *HVHOOVFKDIW IU .OLQLVFKH &KHPLH '*.&  ILJXXU   2S GH ;DV VWDDW KHW JHPLGGHOG JHYRQGHQ UHVXOWDDW YDQ DOOH GHHOQHPHQGH ODERUDWRULD $/70  RQGHU ZHJODWLQJ YDQ XLWELMWHUV 'H UHVXOWDWHQ YDQ EHLGH ODERUDWRULD YDOOHQ YRRU GH &'&PRQVWHUV QDJHQRHJ VDPHQ'HUHODWLHIODJHKHOOLQJYDQGHUHJUHVVLHOLMQYRRUEHLGHODERUDWRULD HQ ZRUGW PRJHOLMN YHURRU]DDNW GRRU YHUVFKLOOHQ LQ KHWILOWUHHUSDSLHU ,QGH96 JHEUXLNW PHQ YRRU GH VFUHHQLQJ KHW ILOWUHHUSDSLHU 6FKOHLFKHU  6FKOO 6 6  GH NZDOLWHLWVFRQWUROHPRQVWHUV YDQKHW&'&]LMQGDQRRNRSGLWILOWUHHUSDSLHUJHPDDNW,Q(XURSDZRUGWYRRUGHVFUHHQLQJ 6 6JHEUXLNW9RRUGHPRQVWHUVYDQGH'*.&LVGHVSUHLGLQJWXVVHQEHLGHODERUDWRULD LHWV JURWHU PDDU ]HNHU ELQQHQ GH JUHQ]HQ YDQ ZDW YRRU GLW VRRUW PHWKRGHQ NDQ ZRUGHQ YHUZDFKW

'H FXPXODWLHYH IUHTXHQWLHYHUGHOLQJ YDQ GH 2+3UHVXOWDWHQ YDQ GH KLHOSULNPRQVWHUV XLW  VWDDQ SHU NZDUWDDO HQ SHU ODERUDWRULXP LQ DSSHQGL[ % +HW PHHWQLYHDX OLJW YRRU KHW 5,90LHWVKRJHUWHQRS]LFKWHYDQKHW$./]LHRRNILJXXU+HW5,90YLQGWLQYHUJHOLMNLQJ PHWKHW $./ RRN HHQ LHWV KRJHU SHUFHQWDJH PRQVWHUV PHW DOV XLWVODJ !  QPRO/  YHUVXV   $QDO\WLVFK JH]LHQ ]LMQ GDDU JHHQ RRU]DNHQ YRRU JHYRQGHQ UHVXOWDWHQ YDQ LQWHUQH HQ H[WHUQH NZDOLWLWHLWVEHZDNLQJVSURJUDPPD¶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

(13)

5,905DSSRUW3DJYDQ 7HQDDQ]LHQYDQGHJHEUXLNWHDSSDUDWXXUSURJUDPPDWXXUZDVHUYRRUQDPHOLMNLQKHWHHUVWH NZDUWDDOYDQHHQDDQWDOSUREOHPHQYDQWHFKQLVFKHDDUG'LWKDGHFKWHUJHHQHIIHFWRS GH EHWURXZEDDUKHLG YDQ GH DIJHJHYHQ UHVXOWDWHQ 'RRU GH OHYHUDQFLHU YDQ GH UHDJHQWLDDSSDUDWXXUZHUGRYHULJHQVWHONHQV]HHUDGHTXDDWJHUHDJHHUG,QKHEEHQ]LFK JHHQQRHPHQVZDDUGLJHSUREOHPHQYRRUJHGDDQ

(14)

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

(15)

5,905DSSRUW3DJYDQ )LJXXU&XPXODWLHYHIUHTXHQWLHYHUGHOLQJ2+3UHVXOWDWHQSHUODERUDWRULXPLQ &XPXODWLHYHIUHTXHQWLHYHUGHOLQJ2+3UHVXOWDWHQ SHUODERUDWRULXPLQ                    2+3QPROO FXP 5,90 &DSHOOH

(16)

3DJYDQ5,905DSSRUW  $INDSJUHQ]HQ

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

7DEHO$INDSJUHQ]HQLQHQ -DDU *HERRUWHJHZLFKW

JUDP =ZDQJHUVFKDSVGXXU ZHNHQ $INDSJUHQV QPRO/VHUXP  ”pQ««««« !RIRQEHNHQG ” !WP !RIRQEHNHQG • • • •  ”  ! ” WP • • • •

$INDSJUHQ]HQ ZDUHQ LQ  SULPDLU JHEDVHHUG RS JHERRUWHJHZLFKW LQ  SULPDLU RS ]ZDQJHUVFKDSVGXXU YHWJHGUXNW  ,Q  ZHUG ELM KHW RQWEUHNHQ YDQ LQIRUPDWLH RYHU GH ]ZDQJHUVFKDSVGXXU HHQ EHRRUGHOLQJ JHPDDNWRSEDVLVYDQKHWJHERRUWHJHZLFKW'H]HVLWXDWLHGHHG]LFKPDDOYRRU

(17)

5,905DSSRUW3DJYDQ  5HVXOWDWHQ

'LW KRRIGVWXN EHYDW HHQ RYHU]LFKW YDQ GH VFUHHQLQJVUHVXOWDWHQ HQ GH UHVXOWDWHQ YDQ GH UHJLVWUDWLH YDQ $*6SDWLsQWHQ LQ 1HGHUODQG RSJHVSRRUG YLD KHW 16&.  LQ  HQ  =RZHO GH NLQGHUHQPHW HHQGHILQLWLHYH GLDJQRVH $*6 WJY HHQ K\GUR[\ODVH GHILFLsQWLH SDUDJUDDI DOVGHIRXWSRVLWLHYHXLWVODJHQ SDUDJUDDI ZRUGHQEHVSURNHQ'HUHVXOWDWHQ ]LMQRRNEHVFKUHYHQLQ9DQGHU.DPSHWDO $DQWDOOHQ 7DEHO5HVXOWDWHQYDQGHVFUHHQLQJ    $DQWDOJHVFUHHQGHQ    $DQWDO•QPRO/       $DQWDO•QPRO/       2QWHUHFKWHPHOGLQJHQD       $DQWDOSDWLsQWHQ    3DWLsQWHQPHWEDDWE    3UHYDOHQWLH    )RXWSRVLWLHYHXLWVODJHQ     )RXWQHJDWLHYHXLWVODJHQ    3RVLWLHIYRRUVSHOOHQGHZDDUGH   D2QWHUHFKWHPHOGLQJQDEHNHQGZRUGHQYDQGH]ZDQJHUVFKDSVGXXUEOHHNGHXLWVODJQLHWDIZLMNHQGWH]LMQ E3DWLsQWPHWEDDWSDWLsQWZDVRSPRPHQWYDQGHXLWVODJQRJQLHWNOLQLVFKYHUGDFKW $*6SDWLsQWHQ

,Q GH]H SDUDJUDDI ZRUGW HHQ RYHU]LFKW JHJHYHQ YDQ GH $*6SDWLsQWHQ LQ GH UHJLR YDQ GH VFUHHQLQJ HQ LQ GH UHVW YDQ 1HGHUODQG 'H JHJHYHQV XLW GH UHJLR EXLWHQ GH VFUHHQLQJ ]LMQ YHUNUHJHQ YLD KHW 1HGHUODQGV 6LJQDOHULQJV &HQWUXP .LQGHUJHQHHVNXQGH 16&.  %LM GH]H UHJLVWUDWLHZRUGHQNLQGHUDUWVHQYHU]RFKWRPDOOHQLHXZJHGLDJQRVWLFHHUGHNLQGHUHQPHW$*6 DDQ WH PHOGHQ 9HUYROJHQV ZHUG HU HHQ YUDJHQOLMVW RSJHVWXXUG GRRU GH FR|UGLQDWRU 7DEHO EHYDWGHJHJHYHQVYDQGHRSJHVSRRUGH$*6SDWLsQWHQELMGHVFUHHQLQJ,QWDEHO ]LMQ GH JHJHYHQV YHUPHOG YDQ GH SDWLsQWHQ RSJHVSRRUG PEY GH 16&. UHJLVWUDWLH ,Q GH VFUHHQLQJVUHJLRZHUGHQJHHQDGGLWLRQHOHSDWLsQWHQYLDGH16&.UHJLVWUDWLHRSJHVSRRUG

(18)

3DJYDQ5,905DSSRUW 7DEHO$*6SDWLsQWHQJHYRQGHQELMQHRQDWDOHVFUHHQLQJ

3 JHE

MDDU JHEJHZ ]ZGU JVO OQGKUN GDJKSU GDJWKHU NOQYHUG 2+3 KSUD

 2+3 VUP

1D

VUP .VUP 1DXUQ

    9 1/   QHH    +      0 1/   QHH          9 1/   MD  !        9 $QW   MD !   +      9 1/   MD          9 7XQ   MD          0 1/   QHH          0 1/   QHH          0 0RO   QHH !         0 (J\   QHH  E        9 1/   QHH          0 1/   QHH          9 1/   QHH          0 1/   SUH          9 1/   MD      9HUNODULQJLQGH[YDQOLQNVQDDUUHFKWV3DWLsQWJHERRUWHMDDUJHERRUWHJHZLFKWLQ JUDP]ZDQJHUVFKDSVGXXULQ ZHNHQGDJHQ DPHQRUURHGXXU  JHVODFKW P PDQY YURXZ ODQG KHUNRPVW RXGHUV YROJHQV RSJDYH NLQGHUDUWV HQGRFULQRORRJ  1HGHUODQG $QWLOOHQ 7XQHVLs 0ROXNNHQ (J\SWH GDJ KLHOSULN GDJ VWDUW WKHUDSLH NOLQLVFKH YHUGHQNLQJRSEDVLVYDQDIZLMNHQGJHQLWDDOK\GUR[\SURJHVWHURQJHKDOWHLQKLHOSULNEORHGLQVHUXP QRUPDDO   j  QPRO/  QDWULXP LQ PPROO VHUXP QRUPDDO    NDOLXP LQ PPROO VHUXP  QRUPDDO  + PRQVWHUKHPRO\WLVFKXULQHQDWULXPPPROSRUWLH QRUPDDO 

D&XUVLHIJHGUXNWXLWVODJRSEDVLVYDQH[WUDSRODWLHIRUPHHODIJHJHYHQDOV!QPRO/

E%LMGH]HSDWLsQWZHUGLQHHUVWHLQVWDQWLHJHHQ2+3EHSDDOGDQGURVWHHQGLRQZDVHFKWHU!QPRO/,QHHQ

ODWHUHIDVHEOHHNKHW2+3QPRO/

'H PHHVWH SDWLsQWHQ LQ ]RZHO GH VFUHHQLQJVUHJLR DOV GH QLHWVFUHHQLQJVUHJLR KHEEHQ GH ]RXWYHUOLH]HQGH YRUP YDQ $*6 ,Q GH VFUHHQLQJVUHJLR KHEEHQ SDWLsQW  HQ   GH QLHW ]RXWYHUOLH]HQGH NODVVLHNH YRUP YDQ $*6 '1$ SDWLsQW  SXQWPXWDWLH ,96$&!* HQ IUDPHVKLIW PXWDWLH **!& '1$ SDWLsQW  KRPR]\JRRW YRRU ,OH$VQ  ,Q GH QLHWVFUHHQLQJVUHJLR KHHIW SDWLsQW  '1$ ,OH$61 HQ JURWH GHOHWLH  ZDDUVFKLMQOLMN GH QLHW]RXWYHUOLH]HQGH NODVVLHNH YRUP YDQ $*6 3DWLsQW  KHHIW RS NOLQLVFKH JURQGHQ ZDDUVFKLMQOLMN GH QLHW]RXWYHUOLH]HQGH NODVVLHNH YRUP YDQ $*6 %LM GH PHHVWH 16&. SDWLsQWHQLVHUVSUDNHYDQHUQVWLJ]RXWYHUOLHV

+HWJHERRUWHJHZLFKWYDQGH$*6SDWLsQWHQZDVQLHWVLJQLILFDQWDIZLMNHQGYDQQRUPDDO'H PDQQHOLMNH $*6 SDWLsQWHQ VFUHHQLQJ HQ 16&. Q   KDGGHQ HHQ PHGLDDQ UDQJH JHERRUWHJHZLFKWYDQ    JUDP ELM HHQ ]ZDQJHUVFKDSVWHUPLMQ YDQ   ±  ZHNHQ'HYURXZHOLMNH$*6SDWLsQWHQ VFUHHQLQJHQ16&.Q  KDGGHQHHQPHGLDDQ UDQJH JHERRUWHJHZLFKWYDQ  JUDPELMHHQ]ZDQJHUVFKDSVWHUPLMQYDQ  ±   ZHNHQ ,Q GH 1HGHUODQGVH SRSXODWLH LV KHW JHPLGGHOGH JHERRUWHJHZLFKW YRRU MRQJHQVHQYRRUPHLVMHVJUDP9DQYDQGHNLQGHUHQEOHNHQHHQRIEHLGH RXGHUVHHQQLHW1HGHUODQGVHDFKWHUJURQGWHKHEEHQ

(19)

5,905DSSRUW3DJYDQ 7DEHO$*6SDWLsQWHQJHYRQGHQLQGHUHJLR]RQGHUVFUHHQLQJPEY16&.LQ

3 JHE

MDDU JHEJHZ ]ZGU JVO OQGKUN GDJRSQ GDJWKHU NOQYHUG 2+3 KSUD

 2+3 VUPE

1D

VUP .VUP 1DXUQ

    0 0UN             0 1/     !        0 $IJ             0 7XU             0 $UP             0 0UN     6WSU        0 1/             0 1/             9 3DN   -D          9 1/   -D      F    9 1/   3UH  '1$        0 1/             9 1/             0 1/             9G 7XU             9 1/   -D          9 1/   -D          9 1/   -D          9 $QW   -D      9HUNODULQJLQGH[YDQOLQNVQDDUUHFKWV3DWLsQWJHERRUWHMDDUJHERRUWHJHZLFKWLQJUDP]ZDQJHUVFKDSVGXXULQ ZHNHQGDJHQ DPHQRUURHGXXU  JHVODFKW P PDQY YURXZ ODQG KHUNRPVW RXGHUV YROJHQV RSJDYH NLQGHUDUWV HQGRFULQRORRJ  1HGHUODQG 7XUNLMH 3DNLVWDQ $IJKDQLVWDQ $UPHQLs HQ 0DURNNR GDJ RSQDPH GDJ VWDUW WKHUDSLHNOLQLVFKHYHUGHQNLQJRSEDVLVYDQDIZLMNHQGJHQLWDDOELMJHERRUWHRISUHQDWDDODOEHNHQG µ3UH¶  K\GUR[\SURJHVWHURQJHKDOWH LQ KLHOSULNEORHG LQ VHUXP QRUPDDO   j  QPRO/  QDWULXP LQ PPROO VHUXP QRUPDDO NDOLXPLQPPROOVHUXP QRUPDDO 8ULQHQDWULXPPPROSRUWLH QRUPDDO 

D%LMGH]HSDWLsQWHQZHUGKHWKLHOSULNEORHGDFKWHUDIRQGHU]RFKW&XUVLHIJHGUXNWXLWVODJRSEDVLVYDQH[WUDSRODWLH

IRUPHHODIJHJHYHQDOV!QPRO/

E,QGLHQ 2+3 LQ VHUXP QLHW EHNHQG GLDJQRVH RS EDVLV YDQ VWHURwGSURILHO 6WSU  '1$ '1$  GDQ ZHO

RQEHNHQG  

F'H]HSDWLsQWZHUGYDQZHJHKHWRQWEUHNHQYDQJHJHYHQVQLHWRSJHQRPHQLQWDEHO G2XGHUVKHEEHQHUYRRUJHNR]HQRPGLWNLQGDOVMRQJHQRSWHYRHGHQJH]LHQHUQVWLJHYLULOLVDWLH

(20)

3DJYDQ5,905DSSRUW 7DEHO5HVXOWDWHQHQVFUHHQLQJVUHJLRYHUVXVUHJLR]RQGHUVFUHHQLQJ 6FUHHQLQJ *HHQVFUHHQLQJ 3UHYDOHQWLH   /IWGRSQDPH GJQ     /IWGWKHUDSLH GJQ     6HUXPQDWULXP PPROO D     6HUXPNDOLXP PPROO     2+3VHUXP QPRO/    

0HGLDDQHQVSUHLGLQJ /IWG OHHIWLMGQRUPDDOZDDUGHQVHUXP QDWULXP  PPROO NDOLXP  PPROO QRUPDDOZDDUGHK\GUR[\SURJHVWHURQQPRO/D,QUHJLRYDQGHVFUHHQLQJZDVGHODDJVWHVHUXPQDWULXP

FRQFHQWUDWLHPPRO/LQYDQGHSDWLsQWHQ,QGHUHJLR]RQGHUVFUHHQLQJKDGGHQYDQGHSDWLsQWHQHHQ VHUXPQDWULXPFRQFHQWUDWLHYDQ”PPRO/

=RDOVXLWGHWDEHOEOLMNWZHUGHUJHHQYHUVFKLOLQSUHYDOHQWLHJHYRQGHQ'DDUELMGLHQWPHQ]LFK WHUHDOLVHUHQGDWGHSUHYDOHQWLHSHUMDDUVWHUNNDQZLVVHOHQ]RDOV RRN ELMGH3.8 VFUHHQLQJ ZRUGWJH]LHQ3DWLsQWHQPHW$*6LQGHUHJLRYDQVFUHHQLQJNRQGHQLQYHHOEHWHUHNOLQLVFKH FRQGLWLHZRUGHQRSJHQRPHQHQGHEHKDQGHOLQJNRQJHPLGGHOGGDJHQHHUGHUVWDUWHQ2QGHU QRUPDOH RPVWDQGLJKHGHQ ]RXGHQ SDWLsQWHQ PHW HHQ ODDJ QDWULXPJHKDOWH LQ KHW EORHG JHHQ QDWULXPLQGHXULQHYHUOLH]HQ =RDOVWHYHUZDFKWHQ KDGGHQ SDWLsQWHQ GLH HHUGHURSJHVSRRUG ZDUHQHHQODJHU2+3JHKDOWHLQKHWVHUXP

7DEHO$*6SDWLsQWHQNOLQLVFKYHUGDFKWYHUJHOHNHQPHWNOLQLVFKQLHWYHUGDFKW .OLQLVFKYHUGDFKWD .OLQLVFKQLHWYHUGDFKW

6FUHHQLQJ *HHQVFUHHQLQJ 6FUHHQLQJ *HHQVFUHHQLQJ

$DQWDOPY     /IWGRSQDPH GJQ       /IWGWKHUDSLH GJQ         E 6HUXPQDWULXP PPROO         F 6HUXPNDOLXP PPROO         2+3VHUXP QPRO/         'XXURSQDPH    

$DQWDOP PDQY YURXZ2+3 K\GUR[\SURJHVWHURQLQQPRO/VHUXPLQKLHOSULNEORHG

D.OLQLVFKHYHUGHQNLQJRSEDVLVYDQDPELJXHJHQLWDOLDELMPHLVMHVSUHQDWDDOJHGLDJQRVWLFHHUGHMRQJHQ E6WDUWWKHUDSLHRSGDJELMHHQPHLVMHPHWNODVVLHNH$*6]RQGHU]RXWYHUOLHV

F&RQFHQWUDWLHVHUXPQDWULXPMRQJHQV Q  PHGLDDQPPRO/PHLVMHV Q  HQPPRO/

8LWWDEHOEOLMNWGDWHUELMUXLPYDQGHSDWLsQWHQ  JHHQNOLQLVFKHYHUGHQNLQJ RS$*6EHVWRQG,QGHNOLQLVFKQLHWYHUGDFKWHJURHSNRQGHQSDWLsQWHQGRRUYURHJHGHWHFWLH GDJHQHHUGHUZRUGHQEHKDQGHOG,QGHNOLQLVFKYHUGDFKWHJURHSNRQGHEHKDQGHOLQJRRN HHUGHUVWDUWHQELMGHSDWLsQWHQLQGHVFUHHQLQJVUHJLR

)RXWSRVLWLHYHXLWVODJHQ

,QGLHQ HHQ XLWVODJ ERYHQ GH DINDSJUHQV OLJW LV HU VSUDNH YDQ HHQ DIZLMNHQGH XLWVODJ 'H SURFHGXUHELMDIZLMNHQGHXLWVODJLVGDQYDQWRHSDVVLQJ'DDUXLW]DOEOLMNHQRIHUVSUDNHLVYDQ

(21)

5,905DSSRUW3DJYDQ HHQ IRXWSRVLWLHYH XLWVODJ RI YDQ HHQ $*6 SDWLsQW 'H DINDSJUHQ]HQ VWDDQ EHVFKUHYHQ LQ KRRIGVWXN'HSURFHGXUHELMDIZLMNHQGHXLWVODJLVDOVYROJW

.LQGHUHQPHWHHQ]ZDQJHUVFKDSVGXXU”ZHNHQHQXLWVODJ•QPRO/

,QGLHQHHQXLWVODJERYHQGHDINDSJUHQVOLJWZRUGWQDZHNHQGHKLHOSULNKHUKDDOG,QGLHQGH XLWVODJ KLHUYDQ EHQHGHQ GH DINDSJUHQV JHGDDOG LV JHFRUULJHHUG YRRU SRVWFRQFHSWLRQHOH OHHIWLMG GDQ YDOW KHW NLQG LQ GH FDWHJRULH IRXWSRVLWLHI %LM HHQ HHUVWH XLWVODJ !  QPRO/ ZRUGWHUYDQXLWJHJDDQGDWHUVSUDNHLVYDQ$*6WRWGDWKHWWHJHQGHHOEHZH]HQLV .LQGHUHQPHWHHQ]ZDQJHUVFKDSVGXXUWPZHNHQHQXLWVODJ•QPRO/  QPRO/KLHOSULNQDZHHNKHUKDOHQ  QPRO/EHVFKRXZHQDOVKLJKULVNSDWLsQWNOLQLVFKHREVHUYDWLHHQKLHOSULNQD ZHHNKHUKDOHQ  !QPRO/EHVFKRXZHQDOV$*6SDWLsQWSURWRFROGLDJQRVWLHN EHKDQGHOLQJ

,QGLHQ GH XLWVODJ YDQ GH GLDJQRVWLVFKH KLHOSULN EHQHGHQ GH DINDSJUHQV JHGDDOG LV JHFRUULJHHUGYRRUSRVWFRQFHSWLRQHOHOHHIWLMG GDQYDOWKHWNLQGLQGHFDWHJRULHIRXWSRVLWLHI .LQGHUHQPHWHHQ]ZDQJHUVFKDSVGXXUYDQDIZHNHQHQXLWVODJ•QPRO/

 QPRO/KHUKDOHQKLHOSULNQDZHHN

  QPRO/ EHVFKRXZHQ DOV KLJKULVN SDWLsQW LQGLHQ RSJHQRPHQ NOLQLVFKH REVHUYDWLH HQ KLHOSULN QD  ZHHN KHUKDOHQ LQGLHQ WKXLV GDQ SROLEH]RHN LQ :.= 6.= $=/RI$=1FRQWUROHJHZLFKWDIQDPH2+31D.HQKHUKDOHQKLHOSULN

 !QPRO/EHVFKRXZHQDOV$*6SDWLsQWSURWRFROGLDJQRVWLHN EHKDQGHOLQJ

,QGLHQ GH XLWVODJ YDQ GH GLDJQRVWLVFKH KLHOSULN EHQHGHQ GH DINDSJUHQV JHGDDOG LV JHFRUULJHHUGYRRUSRVWFRQFHSWLRQHOHOHHIWLMG GDQYDOWKHWNLQGLQGHFDWHJRULHIRXWSRVLWLHI

7DEHO)RXWSRVLWLHYHXLWVODJHQLQYHUGHOLQJJHERRUWHJHZLFKWHQ]ZDQJHUVFKDSVGXXU JUD JU •JU 7RWDDO

ZHNHQ     

WPZHNHQ     

•ZHNHQ     

7RWDDO       E 

D$INDSJUHQ]HQZDUHQLQRSEDVLVYDQJHERRUWHJHZLFKW YHWJHGUXNW 

E+HW WRWDDO DDQWDO IRXWSRVLWLHYH XLWVODJHQ LQ  LV  WDEHO   2PGDW YDQ  NLQG GH

]ZDQJHUVFKDSVWHUPLMQQLHWEHNHQGZDV]LMQHUPDDULQGH]HWDEHORSJHQRPHQ

8LWWDEHOYDOWRSWHPDNHQGDWLQGHFDWHJRULH JUDP  YDQ GH NLQGHUHQ   SUHPDWXXU  ZHNHQ  LV ,Q  ZHUGHQ GDQ RRN DINDSJUHQ]HQ RS EDVLV YDQ ]ZDQJHUVFKDSVGXXULQJHYRHUG



:.= :LOKHOPLQD.LQGHU]LHNHQKXLV8WUHFKW6.= 6RSKLD.LQGHU]LHNHQKXLV5RWWHUGDP$=/

$FDGHPLVFK=LHNHQKXLV/HLGHQ QX/HLGV8QLYHUVLWDLU0HGLVFK&HQWUXP $=1 $FDGHPLVFK=LHNHQKXLV 1LMPHJHQ QX8QLYHUVLWDLU0HGLVFK&HQWUXP6W5DGERXG1LMPHJHQ 

(22)

3DJYDQ5,905DSSRUW 7DEHO)RXWSRVLWLHYHXLWVODJHQLQYHUGHOLQJJHERRUWHJHZLFKWHQ]ZDQJHUVFKDSVGXXU

JU JU •JU 7RWDDO

ZHNHQD     

WPZHNHQ     

•ZHNHQ     

7RWDDO        

D$INDSJUHQ]HQZDUHQLQRSEDVLVYDQ]ZDQJHUVFKDSVGXXU YHWJHGUXNW 

8LWWDEHO  YDOW RS WH PDNHQ GDW KHW DDQWDO IRXWSRVLWLHYH XLWVODJHQ RQGHU SUHPDWXUHQ LQ  VWHUN LV DIJHQRPHQ WHQ RS]LFKWH YDQ  HQ GDW KHW PHUHQGHHO YDQ GH IRXWSRVLWLHYH XLWVODJHQ QX YRRUNRPW ELM j WHUPH QHRQDWHQ    ,Q GH YROJHQGH WDEHO ZRUGW HHQ YHUJHOLMNLQJJHWRRQGYDQHQ 7DEHO)RXWSRVLWLHYHXLWVODJHQLQHQYHUGHOLQJ]ZDQJHUVFKDSVGXXU   ZHNHQ   WPZHNHQ   •ZHNHQ   7RWDDO   7DEHO)RXWSRVLWLHYHXLWVODJHQLQHQGDJYDQHHUVWHHQGLDJQRVWLVFKHKLHOSULN 'DJ (HUVWHKLHOSULN 'LDJQRVWLVFKHKLHOSULN *HPLGGHOGH   0HGLDDQ   6'   6SUHLGLQJ  

'H HHUVWH KLHOSULN YRQG SODDWV RS GDJ  PHGLDDQ  HQ GH GLDJQRVWLVFKH KLHOSULN RS GDJ  PHGLDDQ FRQIRUPGHULFKWOLMQHQ ]LHERYHQ 'HUXLPHVSUHLGLQJJHHIWDDQGDWHUQRJUXLPWH LVYRRUYHUEHWHULQJ

(23)

5,905DSSRUW3DJYDQ 7DEHO)RXWSRVLWLHYHXLWVODJHQLQHQ2+3FRQFHQWUDWLHV

2+3 QPRO/ (HUVWHKLHOSULN 'LDJQRVWLVFKHKLHOSULN

*HPLGGHOGH   0HGLDDQ   6'   6SUHLGLQJ   'HJURWHVSUHLGLQJLQXLWVODJHQ]RDOVWH]LHQLQWDEHOZRUGWYHURRU]DDNWGRRUHHQDDQWDO SUHPDWXUHQELMZLHKRJHUHXLWVODJHQZHUGHQJHPHWHQ

(24)

3DJYDQ5,905DSSRUW 2+3EHSDOLQJLQKLHOSULNEORHGYDQEHNHQGH$*6SDWLsQWHQ

,QWDEHOVWDDQGHUHVXOWDWHQYDQGH2+3EHSDOLQJYDQSDWLsQWHQPHWGHNODVVLHNH YRUPYDQ$*6HQSDWLsQWHQPHWGHµODWHRQVHW¶YRUPYDQ$*6'HKLHOSULNVHWMHVYDQGH 3.8&+7 VFUHHQLQJ ZHUGHQ ELM KHW 5,90 YRRU ODQJHUH WLMG EHZDDUG $FKWHUDI LV LQ KHW UHVWHUHQGHKLHOSULNEORHGYDQGH]HEHNHQGHSDWLsQWHQGHFRQFHQWUDWLHYDQKHW2+3EHSDDOG %LM ]HYHQ $*6SDWLsQWHQ       HQ   ZDV GH EHKDQGHOLQJ DO JHVWDUW YyyU GH DIQDPHYDQGHKLHOSULNYRRU3.8&+7GHFRQFHQWUDWLHYDQKHW2+3YDULHHUGHYDQ QPRO/9RRUGH RSGHGDWXPYDQGHKLHOSULN QLHWEHKDQGHOGH$*6SDWLsQWHQYDULHHUGH GH FRQFHQWUDWLH YDQ  ! QPRO/ %LM GH µODWH RQVHW¶ SDWLsQWHQ ODJ GH 2+3 FRQFHQWUDWLHGXLGHOLMNRSHHQODJHUQLYHDXQPRO/VHUXP

7DEHO5HVXOWDWHQ2+3EHSDOLQJLQKLHOSULNEORHGYDQ$*6SDWLsQWHQJHERUHQLQGHSHULRGHWP 

3DWLsQW *HVODFKW *HERRUWHMDDU *HEJHZLFKW =ZDQJHUVFKDS

WHUPLMQ 2+3 D 6RRUW$*6  Y   .ODVVLHNE  P   .ODVVLHN  Y     .ODVVLHNE  Y     /DWHRQVHW  Y     .ODVVLHNE  Y     .ODVVLHN  P     .ODVVLHN  P     /DWHRQVHW  Y     .ODVVLHNE  P     .ODVVLHN  P     .ODVVLHN  P   .ODVVLHN  P   .ODVVLHN  P   .ODVVLHN  P     .ODVVLHN  Y     /DWHRQVHW  Y   .ODVVLHN  Y   .ODVVLHNF  P     /DWHRQVHW  Y     /DWHRQVHW 9HUYROJWDEHORSYROJHQGHSDJLQD  .ODVVLHNHYRUPYDQ$*6HUQVWLJHYRUPYDQ$*6GLHPHHVWDOJHSDDUGJDDWPHW]RXWYHUOLHVHQ$GGLVRQVH FULVLVDONRUWQDGHJHERRUWH /DWHRQVHWYRUPYDQ$*6PLOGHYRUPYDQ$*6PHHVWDO]RQGHU]RXWYHUOLHV3DWLsQWHQSUHVHQWHUHQ]LFKYDQDI GHOHHIWLMGYDQRQJHYHHUMDDUPHWJURHLYHUVQHOOLQJHQSXELVEHKDULQJ

(25)

5,905DSSRUW3DJYDQ 7DEHO5HVXOWDWHQ2+3EHSDOLQJLQKLHOSULNEORHGYDQ$*6SDWLsQWHQJHERUHQLQGHSHULRGHWP  YHUYROJ

3DWLsQW *HVODFKW *HERRUWHMDDU *HEJHZLFKW =ZDQJHUVFKDS

WHUPLMQ 2+3KSU D 6RRUW$*6 6 Y     .ODVVLHN  P     .ODVVLHN  P     .ODVVLHN  P     .ODVVLHN 1 P     .ODVVLHN  P     .ODVVLHN 1 Y     .ODVVLHNE 1 Y     .ODVVLHN 6 P     .ODVVLHN 6 P     .ODVVLHN 6 P     .ODVVLHN 6 Y     .ODVVLHNE 6 Y     .ODVVLHN 6 P     .ODVVLHN 1 P     .ODVVLHN 1 P     .ODVVLHN 1 P     .ODVVLHN 1 P     .ODVVLHN 1 P     .ODVVLHN 6 P     .ODVVLHN 1 P     .ODVVLHN 6 Y     .ODVVLHN 1 P     .ODVVLHN 6 Y     .ODVVLHN 6 P     .ODVVLHNE 6 Y     .ODVVLHN 6 Y     .ODVVLHN 1 P     .ODVVLHN 1 Y     .ODVVLHN 6 P     .ODVVLHN 1 Y     .ODVVLHN 1 Y     .ODVVLHN 1 P     .ODVVLHN 1 Y     .ODVVLHN 1 Y     .ODVVLHN 6 Y     .ODVVLHN 1 Y     .ODVVLHN

9HUNODULQJDINRUWLQJHQYDQOLQNVQDDUUHFKWV3DWLsQW6 VFUHHQLQJ SDWLsQWHQ 1 16&. SDWLsQWHQYDQ GH LQ WRWDDO  16&.SDWLsQWHQ LV QLHW RSJHQRPHQ LQ GH]H WDEHO YDQZHJH RQWEUHNHQ YDQ KLHOSULNJHJHYHQV  JHVODFKW PDQ P   YURXZ Y  JHERRUWHMDDU JHERRUWHJHZLFKW ]ZDQJHUVFKDSVWHUPLMQ LQ ZHNHQGDJHQ DPHQRUURHGXXU K\GUR[\SURJHVWHURQLQKLHOSULNEORHGVRRUW$*6 NODVVLHNODWHRQVHW

D&XUVLHIJHGUXNWXLWVODJRSEDVLVYDQH[WUDSRODWLHIRUPHHODIJHJHYHQDOV!QPRO/ E6WDUWEHKDQGHOLQJDOYyyUGHGDWXPYDQGHKLHOSULN

(26)

3DJYDQ5,905DSSRUW  $QDO\VHNRVWHQHQEDWHQ .RVWHQ 7DEHO.RVWHQQHRQDWDOHVFUHHQLQJRS$*6SHUMDDU /DERUDWRULXP 3HUVRQHOHNRVWHQ 0DWHULHOHNRVWHQ KLHOSULNNHQjIO UHDJHQWLD DSSDUDWXXU IO IO  9HUZH]HQNLQGHUHQELMDIZLMNHQGHGLDJQRVWLVFKHKLHOSULN JHHQ$*6 .LQGHUDUWV YHUZLM]LQJHQMDDU SDUWLFXOLHU IO ]LHNHQIRQGV MDDUNDDUWIO 6HUXPPRQVWHUV ODERUDWRULXP IO IO   (QWDGPLQLVWUDWLH 0HGLVFKDGYLVHXU IWH WRWDDOLQ1HGHUODQG

$GPLQLVWUDWLH IWH WRWDDOLQ1HGHUODQG IOIO  (YDOXDWLHODQGHOLMNVFUHHQLQJVSURJUDPPDFRQIRUP3.8&+7

6HFUHWDUHVVH

(SLGHPLRORRJ IOIO 

7RWDDOD IO  .RVWHQSHU]XLJHOLQJE IO  D'H]HEHJURWLQJLVH[FOXVLHIHYHQWXHOHNRVWHQJHPDDNWYRRUKHUKDDOGHKLHOSULNNHQ E%HUHNHQLQJRSEDVLVYDQDDQQDPHYDQSDVJHERUHQHQSHUMDDU 'HVFUHHQLQJRS$*6YHUOLHSLQGHSLORWIDVHYLDHHQFHQWUDOHFR|UGLQDWRU+LHULVPHGHYRRU JHNR]HQRPGHWLMGVGXXUWXVVHQKHWPRPHQWYDQKHWEHNHQGZRUGHQYDQGHDIZLMNHQGHXLWVODJ YDQGHKLHOSULN HQ KHW PRPHQWYDQVWDUWYDQGH EHKDQGHOLQJ ]RNRUWPRJHOLMN WH KRXGHQ ,QGLHQEOLMNWGDWPHWKHWEHVWDDQGHPHOGLQJVV\VWHHPYRRUQHRQDWDOHVFUHHQLQJ 3.8&+7 SDWLsQWHQPHW$*6 WH ODDWZRUGHQYHUZH]HQGLHQWDDQVWHOOLQJYDQHHQFHQWUDOHFR|UGLQDWRU LQGHWRHNRPVWWHZRUGHQRYHUZRJHQ

%DWHQ

'HYRRUGHOHQYDQGHVFUHHQLQJRS$*6]LMQ

 +HW YRRUNRPHQ YDQ GH JHYROJHQ YDQ HHQ WHNRUW DDQ FRUWLVRO HQ DOGRVWHURQ ]RXWYHUOLHV ODJHEORHGGUXNPHWVOHFKWHGRRUEORHGLQJYDQGHKHUVHQHQHQRYHUOLMGHQ

 9HUYURHJGH LGHQWLILFDWLH YDQ RQMXLVWH JHVODFKWVWRHNHQQLQJ ELM HUQVWLJ YHUPDQQHOLMNWH PHLVMHV

(27)

5,905DSSRUW3DJYDQ  2QGHUNHQQHQ YDQ GUDJHUVFKDS ELQQHQ HHQ IDPLOLH PHW PRJHOLMNKHLG YDQ SUHQDWDOH GLDJQRVWLHNELMHHQYROJHQGH]ZDQJHUVFKDSWHUYRRUNRPLQJYDQHUQVWLJHYHUPDQQHOLMNLQJ ELMPHLVMHV

$DQJH]LHQ ]RXWYHUOLHV ELM $*6 RSWUHHGW LQ GH H±H OHYHQVZHHN LV KHW HVVHQWLHHO GDW GH GLDJQRVHYRRUGLHWLMGJHVWHOGNDQZRUGHQ=RDOVXLWWDEHOEOLMNWZHUGGHEHKDQGHOLQJ YDQ$*6SDWLsQWHQLQGHVFUHHQLQJVUHJLRJHVWDUWRSGDJHQZDVHURSGDWPRPHQWQRJJHHQ HUQVWLJ]RXWYHUOLHV,QYHUJHOLMNLQJPHWGHUHJLR]RQGHUVFUHHQLQJLVHUHHQZLQVWYDQGDJHQ YRRU VWDUW EHKDQGHOLQJ 'H SDWLsQWHQ LQ GH UHJLR ]RQGHU VFUHHQLQJ KDGGHQ RRN HUQVWLJHU ]RXWYHUOLHV JHPLGGHOG VHUXP QDWULXP ELM MRQJHQV  PPROO QRUPDDOZDDUGH  PPROO  8LW OLWHUDWXXU LV EHNHQG GDW  NLQGHUHQ GLH QHRQDWDDO HHQ SHULRGH YDQ HUQVWLJ ]RXWYHUOLHV HQ ODJH EORHGVXLNHUV KHEEHQ GRRUJHPDDNW HHQ ODJHU ,4 JHPLGGHOG  YHUVXV   HQ PHHU OHHUVWRRUQLVVHQ KHEEHQ GDQ GH QLHW ]RXWYHUOLH]HUV 'H]H NLQGHUHQ EHODQGHQ YDNHURSVFKROHQYRRUVSHFLDDORQGHUZLMVRIKHEEHQH[WUDEHJHOHLGLQJQRGLJ

,QGLHQ HU HHQ YHUJHOLMNLQJ ZRUGW JHPDDNW WXVVHQ GH SDWLsQWHQ LQ GH UHJLR PHW HQ ]RQGHU VFUHHQLQJEOLMNWGDWMRQJHQVLQGHUHJLRYDQVFUHHQLQJPLQGHUODQJ]LMQRSJHQRPHQ GDJHQ YHUVXVGDJHQ ZDDUPHHHHQEHVSDULQJSHUMDDUYDQIOJHPRHLGLV

9HUJHOLMNLQJQHRQDWDOHVFUHHQLQJRS$*6&+7HQ3.8

7DEHO9HUJHOLMNLQJSURJUDPPD¶VSUHHQSRVWQDWDOHVFUHHQLQJ

$*6VFUHHQLQJ &+7VFUHHQLQJ 3.8VFUHHQLQJ 6FUHHQLQJLUUHJXODLUH DQWLVWRIIHQD 6HQVLWLYLWHLW    6SHFLILFLWHLW    3UHYDOHQWLH    &DVXV     %DDWE      )RXWSRVLWLHYH XLWVODJHQ    .RVWHQ IO  IO 

SHUFDVXV IO  IO  IO  IO  SHUFDVXVPHWEDDW IO  IO  IO 

D8LWEHVOXLW=LHNHQIRQGVUDDGVXEVLGLsULQJQDWLRQDDOSURJUDPPDSUHHQSRVWQDWDOHSUHYHQWLHELM]ZDQJHUHQHQ

SDVJHERUHQHQ QU 

E&DVXV PHW EDDW $*6 3.8 LQGLHQ SDWLsQW RS PRPHQW YDQ GH XLWVODJ QRJ QLHW NOLQLVFK YHUGDFKW ZDV &+7

(28)

3DJYDQ5,905DSSRUW  'LVFXVVLH

'LWUDSSRUWJHHIWHHQRYHU]LFKWYDQGHUHVXOWDWHQYDQGHMDULJHQHRQDWDOHVFUHHQLQJRS$*6 LQGHSURYLQFLHV*HOGHUODQG8WUHFKW=XLG+ROODQGHQ=HHODQG,QZDVGHVSHFLILFLWHLW PHWHHQSRVLWLHIYRRUVSHOOHQGHZDDUGHYDQ,QZHUGHQGHDINDSJUHQ]HQ DDQJHSDVW 'H VSHFLILFLWHLW HQ SRVLWLHI YRRUVSHOOHQGH ZDDUGH YHUEHWHUGHQ WRW UHVSHFWLHYHOLMN  HQ  (U ZDUHQ JHHQ PHOGLQJHQ YDQ JHPLVWH SDWLsQWHQ 'H SUHYDOHQWLH ZDV PHWHHQEHWURXZEDDUKHLGVLQWHUYDOYDQ1LHWDOOHHQMRQJHQV PDDU RRN PHLVMHV PHW $*6 ZHUGHQ GRRU GH VFUHHQLQJ HHUGHU RSJHVSRRUG %LM  YDQ GH  PHLVMHVEHVWRQGHUELMEHNHQGZRUGHQYDQGHVFUHHQLQJVXLWVODJQRJJHHQNOLQLVFKHYHUGHQNLQJ RS $*6 RQGDQNV FOLWRURPHJDOLH 'RRU VQHOOH GHWHFWLH NRQ HUQVWLJ ]RXWYHUOLHV ZRUGHQ YRRUNRPHQ ELM SDWLsQWHQ LQ GH UHJLR YDQ VFUHHQLQJ ,Q GH UHJLR ]RQGHU VFUHHQLQJ ZHUGHQ PDQQHOLMNH QHRQDWHQ PHW HHQ JHPLGGHOG VHUXP QDWULXP YDQ  PPRO/ RSJHQRPHQ QRUPDDO  PPRO/  %HKDQGHOLQJ LQ GH UHJLR YDQ VFUHHQLQJ NRQ  GDJHQ HHUGHU VWDUWHQELMMRQJHQVHQGDJHHUGHUELMNOLQLVFKYHUGDFKWHPHLVMHV'HGXXUYDQRSQDPHNRQ PHWGDJHQZRUGHQEHNRUWELMMRQJHQV

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

$DQJH]LHQ$*6SDWLsQWHQYyyUGDJ KHWPRPHQWZDDURS]RXWYHUOLHVHUQVWLJNDQZRUGHQ PRHWHQ ZRUGHQ RSJHVSRRUG ZHUG HU YRRU GH $*6 VFUHHQLQJ HHQ DDQJHSDVWH YHUZLM]LQJVSURFHGXUH JHYROJG $IZLMNHQGH XLWVODJHQ ZHUGHQ GRRU KHW ODERUDWRULXP DDQ GH FR|UGLQDWRU JHPHOG ]RQGHU WXVVHQNRPVW YDQ GH (QWDGPLQLVWUDWLH ]RDOV GDW ELM GH 3.8 HQ &+7 VFUHHQLQJ JHEUXLNHOLMN LV 3HU  ]DO JHWUDFKW ZRUGHQ GH VFUHHQLQJ RS $*6 WH LQFRUSRUHUHQ LQ KHW EHVWDDQGH QHRQDWDOH VFUHHQLQJVV\VWHHP ]RQGHU GH KXOS YDQ HHQ FR|UGLQDWRU 

,Q  ]LMQ ELM GH VXEVLGLHDDQYUDDJ FULWHULD JHVWHOG ZDDUDDQ GH SLORW $*6VFUHHQLQJ ]RX PRHWHQYROGRHQYRRUGDWHYHQWXHHOWRWLPSOHPHQWDWLHRYHUJHJDDQ]RXNXQQHQZRUGHQ

 'HSUHYDOHQWLHPRHVWPLQLPDDO]LMQ

 'HVQHOKHLGYDQRSVSRUHQ%LMHHQVHQVLWLYLWHLWYDQHQHHQVSHFLILFLWHLWYDQ YDQGHJHEUXLNWHWHVW]RXGHQLQHHQSHULRGHYDQMDDULQKHWJHVFUHHQGHJHELHG$*6 SDWLsQWHQ RSJHVSRRUG NXQQHQ ZRUGHQ ELM HHQ YHUZDFKWH SUHYDOHQWLH YDQ   7HQPLQVWHSDWLsQWHQPRHVWHQRSGDJELMGHNLQGHUDUWV]LMQ  %LMHHQ

(29)

5,905DSSRUW3DJYDQ EHWURXZEDDUKHLGLQWHUYDOYDQOLJWGLWWXVVHQGHHQ2QGHUGH]HYRRUZDDUGHLV KHWGXVRQZDDUVFKLMQOLMNGDWGLWSHUFHQWDJHODJHU]RX]LMQGDQ

 'H VSHFLILFLWHLW PRHVW WHQPLQVWH  ]LMQ ,Q GDW JHYDO LV ELM HHQ SUHYDOHQWLH YDQ HQHHQVHQVLWLYLWHLWYDQHHQYRRUVSHOOHQGHZDDUGHYDQPRJHOLMNRIZHO YHUZH]HQNLQGHUHQKHHIW$*6 ,QGLHQGHKXLGLJHUHVXOWDWHQZRUGHQJHWRHWVWDDQGH]HFULWHULDEOLMNW  'HSUHYDOHQWLHLV  3DWLsQWHQZHUGHQYRRUGDJEHKDQGHOG  'HSRVLWLHIYRRUVSHOOHQGHZDDUGHLVPRPHQWHHO   7LMGHQVGHSLORWIDVHYDQGH&+7VFUHHQLQJZHUGHHQSRVLWLHIYRRUVSHOOHQGHZDDUGHYDQ± JHYRQGHQ,QWRHQGHODQGHOLMNHVFUHHQLQJUXLPMDDUEHVWRQGZDVGHSRVLWLHI YRRUVSHOOHQGHZDDUGHYRRUGH&+7VFUHHQLQJ &RQFOXVLHHQDDQEHYHOLQJ $*6YROGRHWDOV]LHNWHEHHOGDDQGHFULWHULDYDQ:LOVRQHQ-XQJQHU*H]LHQGHUHVXOWDWHQLV GH]HVFUHHQLQJLQGHSUDNWLMN]LQYROJHEOHNHQ 3HULVHUWRWODQGHOLMNHLPSOHPHQWDWLHYDQGH$*6VFUHHQLQJRYHUJHJDDQ 3HU]DOJHWUDFKWZRUGHQGHQHRQDWDOHVFUHHQLQJRS$*6WHLQFRUSRUHUHQLQKHW EHVWDDQGHVFUHHQLQJV\VWHHPYRRU3.8HQ&+7

(30)

3DJYDQ5,905DSSRUW 6DPHQYDWWLQJSLORWRQGHU]RHN

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sQ NULMJHQ HQ ZRUGHQ ]LM VRPV WHQ RQUHFKWH ELM JHERRUWH YRRU HHQ MRQJHWMH DDQJH]LHQ $*6 LV JRHG EHKDQGHOEDDUHQLQGLHQWLMGLJRQGHUNHQGNDQKHUVHQVFKDGHRIRYHUOLMGHQZRUGHQYRRUNRPHQ 9DQDI  LV LQ 1HGHUODQG JHGXUHQGH  MDDU VFUHHQLQJ RS $*6 WRHJHYRHJG DDQ GH EHVWDDQGHVFUHHQLQJRS&+7HQ3.8LQGHSURYLQFLHV*HOGHUODQG8WUHFKW=HHODQGHQ=XLG +ROODQG8LWKHWKLHOSULNEORHGZHUGLQGHVFUHHQLQJVUHJLRWHYHQVKHW2+3JHKDOWHEHSDDOG 'DDUQDDVWYRQGLQKHHO1HGHUODQGHHQUHJLVWUDWLHYDQ$*6SDWLsQWHQSODDWV'LWSURMHFWZHUG JHILQDQFLHUG GRRU =RUJ 2QGHU]RHN 1HGHUODQG YRRUKHHQ 3UDHYHQWLHIRQGV 'H HYDOXDWLH YDQ GH]HVFUHHQLQJZRUGWLQGLWUDSSRUWEHVFKUHYHQ

,QHQ]LMQHUELMGHVFUHHQLQJ$*6SDWLsQWHQRSJHVSRRUG1HJHQGDDUYDQZDUHQ NOLQLVFK QLHW YHUGDFKW 9LMI SDWLsQWHQ ZDUHQ PHLVMHV PHW HHQ DIZLMNHQG JHQLWDDO ZDDUGRRU YHUGHQNLQJ EHVWRQG RS $*6 %LM  SDWLsQW ZHUG GH GLDJQRVH DO YRRU JHERRUWH JHVWHOG DDQJH]LHQGH]HSDWLsQWDOHHQ]XVMHKDGPHW$*6

,Q KHW RYHULJH GHHO YDQ 1HGHUODQG ZDDU QLHW JHVFUHHQG ZHUG ]LMQ LQ GH]HOIGH SHULRGH  SDWLsQWHQ JHGLDJQRVWLFHHUG 'DDUPHH LV GH SUHYDOHQWLH YDQ $*6 SDWLsQWHQ LQ EHLGH UHJLR¶V JHOLMN  (ULVZHOHHQJURRWYHUVFKLOWXVVHQGHUHJLR¶VLQKHWWLMGVWLSYDQRSVSRUHQ YDQGHSDWLsQWHQGHNOLQLVFKHFRQGLWLHELMGLDJQRVH%LMSDWLsQWHQLQGHUHJLRYDQVFUHHQLQJ ZHUGGHEHKDQGHOLQJJHPLGGHOGGDJHQHHUGHUJHVWDUW GDJYHUVXVGDJ 3DWLsQWHQLQGH UHJLR KDGGHQ HHQ JHPLGGHOG QDWULXPJHKDOWH ]RXWJHKDOWH  LQ KHW EORHG YDQ  PPROO QRUPDDOZDDUGHPPROO 3DWLsQWHQEXLWHQGHUHJLRYDQGHVFUHHQLQJNZDPHQPHW HUQVWLJ]RXWYHUOLHV QDWULXPFRQFHQWUDWLHLQEORHGELMMRQJHQVZDVJHPLGGHOGPPROO LQ KHW ]LHNHQKXLV 8LW HHUGHU RQGHU]RHN LV JHEOHNHQ GDW  SDWLsQWHQ  PHW HHQ GHUJHOLMN ODDJ QDWULXPJHKDOWHHHQNDQVKHEEHQRSKHUVHQVFKDGHORVYDQGHNDQVRSRYHUOLMGHQ3URVSHFWLHI IROORZXS RQGHU]RHN YDQ GH]H SDWLsQWHQ LV QRGLJ RP KLHU HHQ GHILQLWLHYH XLWVSUDDN RYHU WH GRHQ

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

(31)

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

&RQFOXGHUHQGNDQJHVWHOGZRUGHQGDW$*6DOV]LHNWHEHHOGYROGRHWDDQGHFULWHULDYDQ:LOVRQ HQ-XQJQHU*H]LHQGHUHVXOWDWHQLVGH]HVFUHHQLQJLQGHSUDNWLMN]LQYROJHEOHNHQ

(32)

3DJYDQ5,905DSSRUW /LWHUDWXXU

 9DQ GHU .DPS +- 2WWHQ %- 1HRQDWDOH VFUHHQLQJ RS KHW DGUHQRJHQLWDDO V\QGURRP 7LMGVFKU-HXJGJH]RQGKHLGV]

 1DVV5%DNHU6/HDUQLQJGLVDELOLWLHVLQFKLOGUHQZLWKFRQJHQLWDODGUHQDOK\SHUSODVLD-&KLOG1HXURO

 'RQDOGVRQ 0' 7KRPDV 3+ /RYH -* 0XUUD\ *' 0F1LQFK $: 6DYDJH '& 3UHVHQWDWLRQ DFXWH LOOQHVV DQG OHDUQLQJ GLIILFXOWLHV LQ VDOW ZDVWLQJ K\GUR[\ODVH GHILFLHQF\$UFK'LV&KLOG

 +HOOHGD\-%DUWIDL$5LW]HQ(0)RUVPDQ0*HQHUDOLQWHOOLJHQFHDQGFRJQLWLYHSURILOH LQ ZRPHQ ZLWK FRQJHQLWDO DGUHQDO K\SHUSODVLD &$+  3V\FKRQHXURHQGRFULQRORJ\ 

 9DQ GHU .DPS +- 1RRUGDP & (OYHUV /+ 9DQ %DDUOH : 2WWHQ %- 9HUNHUN 3+ 1HZERUQ VFUHHQLQJ IRU FRQJHQLWDO DGUHQDO K\SHUSODVLD LQ WKH 1HWKHUODQGV 6XEPLWWHG 

 3DQJ 6 6KRRN 0. &XUUHQW VWDWXV RI QHRQDWDO VFUHHQLQJ IRU FRQJHQLWDO DGUHQDO K\SHUSODVLD>VHHFRPPHQWV@&XUU2SLQ3HGLDWU

 7KLOHQ $ 1RUGHQVWURP $ +DJHQIHOGW / YRQ 'REHOQ 8 *XWKHQEHUJ & /DUVVRQ $ %HQHILWV RI QHRQDWDO VFUHHQLQJ IRU FRQJHQLWDO DGUHQDO K\SHUSODVLD K\GUR[\ODVH GHILFLHQF\ LQ6ZHGHQ3HGLDWULFV(

 7RUUHVDQL7*UXWHUV$6FKHU]5%XUFNKDUGW--+DUUDV$=DFKPDQQ0,PSURYLQJWKH HIILFDF\RIQHZERUQVFUHHQLQJIRUFRQJHQLWDODGUHQDOK\SHUSODVLDE\DGMXVWLQJWKHFXWRII OHYHORIK\GUR[\SURJHVWHURQHWRJHVWDWLRQDODJH6FUHHQLQJ

 (OYHUV%9DQ'XLQ65,90 UDSSRUW  /RHEHU -* 9HUKHXO )($0(YDOXDWLH YDQ GH $XWR'(/),$ 1HRQDWDO  2+3URJHVWHURQ NLW YRRU GH SLORWVFUHHQLQJ RS KHW DGUHQRJHQLWDDOV\QGURRP $*6 %LOWKRYHQ5,90

9DQ GHU .DPS +- 2XGVKRRUQ &*0 (OYHUV /+ 9DQ %DDUOH : 2WWHQ %- :LW -0 9HUNHUN 3+6KRXOG FXWRII OHYHOV RI K\GUR[\SURJHVWHURQH LQ QHRQDWDO VFUHHQLQJ IRU FRQJHQLWDODGUHQDOK\SHUSODVLDEHEDVHGRQELUWKZHLJKWRURQJHVWDWLRQDODJH6XEPLWWHG 

9DQ GHU .DPS +- 2WWHQ %- /RHEHU -* 9HUNHUN 3+ 7LPH VFKHGXOHV RI QHRQDWDO VFUHHQLQJSURFHGXUHVLQWKH1HWKHUODQGVIHDVLELOLW\RISUHYHQWLRQRIHOHFWURO\WHGLVRUGHUV LQFRQJHQLWDODGUHQDOK\SHUSODVLD6XEPLWWHG

6ZLQNHOV+ *HERRUWHOHQJWH HQ ±JHZLFKW %LUWKOHQJWK DQG ELUWK ZHLJKW  0DDQGEHULFKW *H]RQGKHLGVVWDWLVWLHN&%6

(33)

5,905DSSRUW3DJYDQ ,, $GGHQGXPYHUOHQJGSLORWRQGHU]RHNMDQXDULMXQL 9RRU]HWWLQJSLORWSHULRGH$*6VFUHHQLQJWHURYHUEUXJJLQJQDDUODQGHOLMNHLQYRHULQJRSMXOL  ,QOHLGLQJ ,QGHHHUVWH]HVPDDQGHQYDQZHUGGHSLORWIDVHYDQGHVFUHHQLQJ LQGHSURYLQFLHV*HOGHUODQG 8WUHFKW=HHODQGHQ=XLG+ROODQG JHFRQWLQXHHUGWHURYHUEUXJJLQJQDDUGHODQGHOLMNHLQYRHULQJRS MXOL6XEVLGLsULQJYRRUGH]HSHULRGHZHUGYHUVWUHNWGRRU =RUJ 2QGHU]RHN 1HGHUODQG+HW SURMHFWEXUHDX $*6VFUHHQLQJ GH FR|UGLQDWLH YDQ GH VFUHHQLQJ  ZHUG YHUSODDWVW YDQ KHW /HLGV 8QLYHUVLWDLU 0HGLVFK &HQWUXP /HLGHQ QDDU KHW 8QLYHUVLWDLU 0HGLVFK &HQWUXP 6W 5DGERXG 1LMPHJHQ 'LWDGGHQGXPEHYDWGHUHVXOWDWHQYDQGH$*6VFUHHQLQJRYHUGHHHUVWH]HVPDDQGHQYDQ'H QXPPHULQJYDQGHSDUDJUDIHQHQWDEHOOHQNRPW]RYHHOPRJHOLMNRYHUHHQPHWGHQXPPHULQJLQGH UDSSRUWDJHRPYHUJHOLMNLQJWHYHUJHPDNNHOLMNHQ  0HWKRGRORJLVFKHDVSHFWHQ +HWJHEUXLNYDQGH$XWR'(/),$2+3PHWKRGHZHUGJHFRQWLQXHHUG  $INDSJUHQ]HQ 3HUMDQXDULZHUGGHSUHPDWXUHQJUHQVYHUDQGHUGYDQZHNHQQDDUZHNHQ]RGDWGH JUHQVJHOLMNZDVDDQGHSUHPDWXUHQJUHQVELMGH3.8HQ&+7VFUHHQLQJ 7DEHO$INDSJUHQ]HQLQ MDQXDULWPMXQL -DDU *HERRUWHJHZLFKW

JUDP =ZDQJHUVFKDSVGXXU ZHNHQGDJHQ $INDSJUHQV QPRO/VHUXP

 ”  ! ” WP • • • • $INDSJUHQ]HQZDUHQLQQHWDOVLQSULPDLURS]ZDQJHUVFKDSVGXXU YHWJHGUXNW $OVGH]ZDQJHUVFKDSVGXXU RQEHNHQG ZDV GDQ ZHUG GH XLWVODJ EHRRUGHHOG RS EDVLV YDQ JHERRUWHJHZLFKW ,QGLHQ ]RZHO ]ZDQJHUVFKDSVGXXU DOV JHERRUWHJHZLFKWRQEHNHQGZDUHQGDQZHUGGHJUHQVYDQ•QPRO/JHKDQWHHUG

(34)

3DJYDQ5,905DSSRUW  5HVXOWDWHQ 2QGHUVWDDQGHWDEHOOHQEHYDWWHQHHQRYHU]LFKWYDQGHVFUHHQLQJVUHVXOWDWHQHQGH UHVXOWDWHQYDQGH UHJLVWUDWLHYDQ$*6SDWLsQWHQLQ1HGHUODQG RSJHVSRRUGYLDKHW16&. LQGHHHUVWH]HVPDDQGHQLQ 7HUYHUJHOLMNLQJ]LMQRRNGHUHVXOWDWHQRYHUHQRSJHQRPHQ $DQWDOOHQ 7DEHO5HVXOWDWHQYDQGHVFUHHQLQJ MDQXDULWPMXQL 5HJLRVFUHHQLQJ  MDQXDULWPMXQL 5HJLRVFUHHQLQJ $DQWDOJHVFUHHQGHQ   $DQWDO•QPRO/ D   $DQWDO•QPRO/     $DQWDODIZLMNHQGHXLWVODJHQE     2QWHUHFKWHPHOGLQJHQF     $DQWDOSDWLsQWHQ   3DWLsQWHQPHWEDDWG   3UHYDOHQWLH   )RXWSRVLWLHYHXLWVODJHQ    )RXWQHJDWLHYHXLWVODJHQ   3RVLWLHIYRRUVSHOOHQGHZDDUGH    D,QZDVGHJUHQVYDQ2+3YRRUjWHUPHQHRQDWHQQPROO'DWLVGHUHGHQGDWDOOHHQKHWDDQWDOXLWVODJHQ• QPROOEHNHQGLVHQQLHWKHWDDQWDO•QPROO E+HWWRWDDODDQWDODIZLMNHQGHKLHOSULNXLWVODJHQLQHQZDV RQWHUHFKWSDWLsQWHQIRXWSRVLWLHYH XLWVODJHQ ,QGHHHUVWHKHOIWYDQZDVKHWWRWDDODDQWDO RQWHUHFKWSDWLsQWHQIRXWSRVLWLHYHXLWVODJHQ  F2QWHUHFKWHPHOGLQJQDEHNHQGZRUGHQYDQGH]ZDQJHUVFKDSVGXXUEOHHNGHXLWVODJQLHWDIZLMNHQGWH]LMQ 1%7RWHQPHWZHUGGH]ZDQJHUVFKDSVGXXUDOOHHQYHUPHOGELMHHQJHERRUWHJHZLFKWJUDPYDQDI PRHWGH]ZDQJHUVFKDSVGXXULQDOOHJHYDOOHQZRUGHQLQJHYXOGRSDOOHVHWMHV G3DWLsQWPHWEDDWSDWLsQWZDVRSPRPHQWYDQGHXLWVODJQRJQLHWNOLQLVFKYHUGDFKW 7DEHO3UHYDOHQWLH$*6 NODVVLHNHYRUP LQ1HGHUODQG MDQXDULWPMXQL 5HJLRVFUHHQLQJ

 MDQXDULWPMXQL 5HJLR]RQGHUVFUHHQLQJ MDQXDULWPMXQL 16&. 7RWDDO  MDQXDULWPMXQL $DQWDOJHVFUHHQGHQSDVJHERUHQHQ    $DQWDO$*6SDWLsQWHQ    3UHYDOHQWLH$*6 

(35)

5,905DSSRUW3DJYDQ $*6SDWLsQWHQ

,QGH]HSDUDJUDDIZRUGWHHQRYHU]LFKWJHJHYHQYDQGH$*6SDWLsQWHQGLHJHGLDJQRVWLFHHUG]LMQLQ GHUHJLRYDQGHVFUHHQLQJHQLQGHUHVWYDQ1HGHUODQG 16&. LQGHSHULRGHYDQMDQXDULWRWHQPHW MXQL,QGH]HSHULRGHZHUGHQQHRQDWHQJHVFUHHQGRS$*6,QWRWDDOZHUGHQSDWLsQWHQ JHGLDJQRVWLFHHUG  LQ GH VFUHHQLQJVUHJLR  EXLWHQ GH VFUHHQLQJVUHJLR ,Q GH VFUHHQLQJVUHJLR ZHUGHQEXLWHQGHSDWLsQWHQEHNHQGXLWGHVFUHHQLQJJHHQDQGHUHSDWLsQWHQYLDGH16&.UHJLVWUDWLH RSJHVSRRUGHUZDUHQGXVJHHQIRXWQHJDWLHYHVFUHHQLQJVXLWVODJHQ

7DEHO$*6SDWLsQWHQJHYRQGHQELMQHRQDWDOHVFUHHQLQJMDQXDULWPMXQL

3 1R

PHOGLQJ JHEJHZ ]ZGU JVO OQGKUN KSUGDJ GDJYZ GDJWKHU .OQ9HUG 2+3 KSUD

 2+3 VUP

1D

VUP .VUP 1DXUQ

    9 1/    -D !    

    0 1/    1HH     

    0 1/    1HH     

9HUNODULQJ LQGH[ YDQ OLQNV QDDU UHFKWV 3DWLsQW QXPPHU PHOGLQJ DDQ SURMHFWEXUHDX JHERRUWHJHZLFKW LQ JUDP ]ZDQJHUVFKDSVGXXU LQ ZHNHQGDJHQ DPHQRUURHGXXU  JHVODFKW P PDQY YURXZ ODQG KHUNRPVW RXGHUV YROJHQV RSJDYHNLQGHUDUWVHQGRFULQRORRJ 1HGHUODQGGDJKLHOSULNGDJYHUZLM]LQJGDJVWDUWWKHUDSLHNOLQLVFKHYHUGHQNLQJRS EDVLV YDQ DIZLMNHQG JHQLWDDO K\GUR[\SURJHVWHURQJHKDOWH LQ KLHOSULNEORHG LQ VHUXP QRUPDDO   j  QPRO/  QDWULXPELMYHUZLM]LQJLQPPROOVHUXP QRUPDDO NDOLXPELMYHUZLM]LQJLQPPROOVHUXP QRUPDDO + PRQVWHUKHPRO\WLVFKXULQHQDWULXPPPROSRUWLH QRUPDDO 

D&XUVLHIJHGUXNWXLWVODJRSEDVLVYDQH[WUDSRODWLHIRUPHHODIJHJHYHQDOV!QPRO/

7DEHO$*6SDWLsQWHQJHYRQGHQLQGHUHJLR]RQGHUVFUHHQLQJPEY16&.MDQXDULWPMXQL

3 1R

16&. JHEJHZ ]ZGU JVO OQGKUN GDJRSQ GDJWKHU NOQYHUG 2+3 +SUD

 2+3 VUPE

1D

VUP .VUP 1DXUQ

    9 1/             9 1/   MD F         0 1/    ! 6WSU        0 1/             0 1/             9 1/   MD !    

9HUNODULQJ LQGH[ YDQ OLQNV QDDU UHFKWV 3DWLsQW QXPPHU 16&. JHERRUWHJHZLFKW LQ JUDP ]ZDQJHUVFKDSVGXXU LQ ZHNHQGDJHQ DPHQRUURHGXXU  JHVODFKW P PDQY YURXZ ODQG KHUNRPVW RXGHUV YROJHQV RSJDYH NLQGHUDUWV HQGRFULQRORRJ 1HGHUODQGGDJRSQDPHGDJVWDUWWKHUDSLHNOLQLVFKHYHUGHQNLQJRSEDVLVYDQDIZLMNHQGJHQLWDDOELM JHERRUWHK\GUR[\SURJHVWHURQJHKDOWHLQKLHOSULNEORHGLQVHUXP QRUPDDOjQPRO/ QDWULXPLQPPROOVHUXP QRUPDDO NDOLXPLQPPROOVHUXP QRUPDDO 8ULQHQDWULXPPPROSRUWLH QRUPDDO 

D%LM GH]H SDWLsQWHQ ZHUG KHW KLHOSULNEORHG DFKWHUDI RQGHU]RFKW &XUVLHI JHGUXNW XLWVODJ RS EDVLV YDQ H[WUDSRODWLH

IRUPHHODIJHJHYHQDOV!QPRO/

E,QGLHQ2+3LQVHUXPQLHWEHNHQGGLDJQRVHRSEDVLVYDQVWHURwGSURILHO 6WSU RIRQEHNHQG   F6WDUWEHKDQGHOLQJYRRUDIQDPHKLHOSULN

(36)

3DJYDQ5,905DSSRUW )RXWSRVLWLHYHXLWVODJHQ

,QGLHQ HHQ XLWVODJ ERYHQ GH DINDSJUHQV OLJW LV HU VSUDNH YDQ HHQ DIZLMNHQGH XLWVODJ 'H DINDSJUHQ]HQVWDDQEHVFKUHYHQLQSDUDJUDDI'HSURFHGXUHELMDIZLMNHQGHXLWVODJZDVLQGHHHUVWH KHOIWYDQDOVYROJWJOREDDOFRQIRUPGHSURFHGXUHLQHQ

%LMHHQDIZLMNHQGHXLWVODJYDQGHHHUVWHKLHOSULN FRQFHQWUDWLH2+3ERYHQGHDINDSJUHQV ZHUG HHQULVLFRLQVFKDWWLQJJHPDDNWGRRUGHPHGLVFKFR|UGLQDWRU%LMGHLQVFKDWWLQJZHUGGHFRQFHQWUDWLH YDQKHW2+3HQGHKHWHURDQDPQHVHYDQNLQGHUDUWVRIKXLVDUWVEHWURNNHQ

%LM HHQ ODDJ ULVLFR 2+3 PD[LPDDO  ERYHQ GH DINDSJUHQV HQ KHW EHVWDDQ YDQ EHNHQGH IDFWRUHQ ELM HHQ IRXWSRVLWLHYH XLWVODJ ELMY K\SHUELOLUXELQHPLH VHSVLV  ZHUG DOOHHQ HHQ GLDJQRVWLVFKH KLHOSULN DIJHVSURNHQ 0HHVWDO EHWURI GLW ]LHNH QHRQDWHQ RSJHQRPHQ LQ KHW ]LHNHQKXLV $IKDQNHOLMN YDQ GH ]ZDQJHUVFKDSVGXXU ZHUG GH GLDJQRVWLVFKH KLHOSULN ppQ RI WZHH ZHNHQ QD GH HHUVWH KLHOSULN YHUULFKW FDWHJRULH NRUWVWH ]ZDQJHUVFKDSVGXXU  ZHNHQ RYHULJH  ZHHN 

%LMHHQKRRJULVLFR 2+3PHHUGDQERYHQGHDINDSJUHQVJHZLFKWRQGHUJHERRUWHJHZLFKW YRQGGLUHFWHYHUZLM]LQJSODDWVQDDUHHQNLQGHUHQGRFULQRORJLVFKFHQWUXP

7DEHO  )RXWSRVLWLHYH XLWVODJHQ LQ  MDQXDUL WP MXQL  YHUGHOLQJ JHERRUWHJHZLFKW HQ ]ZDQJHUVFKDSVGXXU ”J  ! 7RWDDO ”ZHNHQ      WPZHNHQ      •ZHNHQ      7RWDDO         D$INDSJUHQ]HQZDUHQLQ MDQXDULWPMXQL RSEDVLVYDQ]ZDQJHUVFKDSVGXXU YHWJHGUXNW  8LWWDEHOYDOWRSWHPDNHQGDWIRXWSRVLWLHYHXLWVODJHQPHWQDPHYRRUNZDPHQELMGHFDWHJRULH µ]ZDQJHUVFKDSVGXXU”ZHNHQ¶HQµ]ZDQJHUVFKDSVGXXU•ZHNHQ¶(HQYHUJHOLMNLQJPHWGH GDWDXLWHQLVVOHFKWVYRRUGHFDWHJRULHµ]ZDQJHUVFKDSVGXXU”ZHNHQ¶PRJHOLMNKHW DDQWDOIRXWSRVLWLHYHXLWVODJHQLQGH]HFDWHJRULHEHGURHJ YDQGHIRXWSRVLWLHYHXLWVODJHQLQ  UHVSHFWLHYHOLMN  HQ MDQXDULWRWHQPHWMXQL 'HRRU]DDNYDQ GH UHODWLHYH WRHQDPH LQ  LV RQGXLGHOLMN 'H DDQWDOOHQ LQ GH DQGHUH FDWHJRULHsQ ]LMQ QLHW YHUJHOLMNEDDURPGDWGHJUHQ]HQYDQ]ZDQJHUVFKDSVGXXU]LMQYHUDQGHUG

,QGHFDWHJRULHµ]ZDQJHUVFKDSVGXXU•ZHNHQ¶ZDV  YDQGHIRXWSRVLWLHYHXLWVODJHQ YDQ QHRQDWHQ PHW HHQ ]ZDQJHUVFKDSVGXXU YDQ  WRW HQ PHW  ZHNHQ 2+3 XLWVODJHQ YDULsUHQG YDQ  QPROO GXV DOOH  QPROO  9HUDQGHULQJ YDQ GH SUHPDWXUHQJUHQV PHW LQJDQJYDQMDQXDULYDQQDDUOHYHUGHGXVH[WUDIRXWSRVLWLHYHXLWVODJHQRS

Referenties

GERELATEERDE DOCUMENTEN

Uitgeversmaatschap- pij CLASSICS NEDERLAND in samenwerking met Western Publishing Co.lnc., Racine, Wisconsin, 8 U.S.A,- Alleenverkoop voor Nederland en Belgie:

,Q VHSWHPEHU  EHJRQ ]LM QDDVW KHW YHUYROJHQ YDQ GH EDFKHORU RXGKHLGNXQGH PHW GH ERYHQERXZVWXGLH 9HUJHOLMNHQGH 7DDOZHWHQVFKDS YDQ KHW ,QGR(XURSHHV DDQ GH 8QLYHUVLWHLW /HLGHQ

Een systeem met onvoldoende waarborgen voor tijdige melding aan het algemeen bestuur van budgetoverscbrijdingen heeft het risico in zich dat inbreuk wordt gemaakt op het budgetrecht

In het begin van de jaren negentig vreesden velen dat ‘Lean Production’ tot een enorme vermindering van werkgelegenheid en een daling van de kwaliteit van de arbeid in de

8p 6 † Bereken de oppervlakte van V; geef het antwoord in twee decimalen nauwkeurig... In figuur 3 en op de

De examinator past bij zijn beoordeling de normen en de regels voor het toekennen van scorepunten toe die zijn gegeven door de CEVO.. 2 De directeur doet de van de

1D KHW GRRUORSHQ YDQ GH FRDVVLVWHQWVFKDSSHQ ZHUG LQ  KHW DUWVH[DPHQ FXP ODXGH  EHKDDOG ,Q.

7HQVORWWHJDDWKHWNDELQHWLQRSKHWYRRUVWHOYDQGH&amp;*%RPGHZHUNLQJVVIHHUYDQ GH:JEKF] VSRHGLJ XLW WH EUHLGHQ PHW KHW JRHGHUHQ HQ GLHQVWHQYHUNHHU ,Q