5,905DSSRUW
'HJH]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQOHYHQELMDVWPDHQ
&23'YHUJHOHNHQPHWDQGHUHJURHSHQLQ1HGHUODQG'HHO
:HUNGRFXPHQWWHURQGHUVWHXQLQJYDQKHWEHOHLGYDQKHW1HGHUODQGV$VWPD)RQGV
&7DEDNHQ0$57LMKXLV
'LWRQGHU]RHNZHUGYHUULFKWLQRSGUDFKWHQWHQODVWHYDQKHW1HGHUODQGV$VWPD)RQGVLQKHW NDGHUYDQSURMHFW9)XQFWLRQHUHQHQFKURQLVFKH]LHNWHQ1$)SURMHFWQXPPHU PLMOSDDOµ.ZDOLWHLWYDQOHYHQELMDVWPDHQ&23'¶ 5,903RVWEXV%$%LOWKRYHQWHOHIRRQ±ID[±5,90UDSSRUW SDJYDQ
5,90UDSSRUW SDJYDQ
$EVWUDFW
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
5,90UDSSRUW SDJYDQ
9RRUZRRUG
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|JHOVHQ$JQHVGH%UXLMQ 9HUGHUKHEEHQ6XVDQ3LFDYHWHQ$QQHPLHQ+DYHPDQGHODDWVWHYHUVLHYDQKHWUDSSRUW EHFRPPHQWDULHHUG:LMGDQNHQKHQDOOHQYRRUKXQQXWWLJHWLSVHQFRPPHQWDUHQ5,90UDSSRUW SDJYDQ
5,90UDSSRUW SDJYDQ
,QKRXG
6$0(19$77,1*«««««««««««««««««««««««««««««««« ,1/(,',1*««««««««««««««««««««««««««««««« '2(/(1$&+7(5*521'9$1+(721'(5=2(.««««««««««««« +(7&21&(379$1*(=21'+(,'6*(5(/$7((5'(.:$/,7(,7 9$1/(9(1««««««««««««««««««««««««««««««« /,7(5$7885678',(%(6&+5,-9,1*9$1%(6&+,.%$5(%5211(1 5(68/7$7(102*(/,-.+('(1(1%(3(5.,1*(1««««««««««« %(6&+5,-9,1*9$1%(6&+,.%$5(%5211(1«««««««««««««« 6WXGLHVRQGHUNLQGHUHQ««««««««««««««««««««««««««« 6WXGLHVRQGHUYROZDVVHQHQZDDULQDVWPDRI&23'GRRUHHQDUWVLVYDVWJHVWHOG««««« 6WXGLHVRQGHUYROZDVVHQHQJHZRUYHQYLDKXLVDUWVHQ««««««««««««««« 6WXGLHVRQGHUYROZDVVHQHQXLWGHDOJHPHQHEHYRONLQJ«««««««««««««« 5(68/7$7(1«««««««««««««««««««««««««««««« 02*(/,-.+('(1(1%(3(5.,1*(1««««««««««««««««««« 9ROOHGLJKHLGHQUHSUHVHQWDWLYLWHLWYDQGHVWXGLHV««««««««««««««««« 'HPHWLQJYDQJH]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQOHYHQ«««««««««««« 2QGHUVFKHLGWXVVHQDVWPDHQ&23'HQWXVVHQHUQVWJUDGHQ««««««««««««« 2QGHUVFKHLGELQQHQSHUVRQHQPHWDVWPDRI&23'QDDUVSHFLILHNHNHQPHUNHQ««««« 6$0(19$77,1*(1&21&/86,(««««««««««««««««««««« 6(&81'$,5($1$/<6(6+2:$5(<28+$<"«««««««««««« 0(7+2'(1«««««««««««««««««««««««««««««« $OJHPHQHEHVFKULMYLQJRQGHU]RHN««««««««««««««««««««««« *H]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQOHYHQ«««««««««««««««««« 'LDJQRVHDVWPD«««««««««««««««««««««««««««««« 2YHULJHNHQPHUNHQ«««««««««««««««««««««««««««« $QDO\VHV««««««««««««««««««««««««««««««««« 5(68/7$7(1«««««««««««««««««««««««««««««« %HVFKULMYLQJYDQGHSRSXODWLH«««««««««««««««««««««««« 5HVXOWDWHQSHUGLPHQVLH««««««««««««««««««««««««««« 3UHYDOHQWLHYDQI\VLHNHDFWLYLWHLWHQ««««««««««««««««««««««««« 3UHYDOHQWLHYDQFRJQLWLHYHWDNHQ«««««««««««««««««««««««««« 3UHYDOHQWLHYDQVRFLDOHDFWLYLWHLWHQ««««««««««««««««««««««««« 3UHYDOHQWLHYDQI\VLHNHNODFKWHQ««««««««««««««««««««««««««« 3UHYDOHQWLHYDQSRVLWLHYHJHYRHOHQV««««««««««««««««««««««««« .ZDOLWHLWYDQXLWYRHULQJYDQI\VLHNHDFWLYLWHLWHQ««««««««««««««««««« .ZDOLWHLWYDQXLWYRHULQJYDQFRJQLWLHYHWDNHQ«««««««««««««««««««« .ZDOLWHLWYDQXLWYRHULQJYDQVRFLDOHDFWLYLWHLWHQ««««««««««««««««««« *HYRHOHQVPHWEHWUHNNLQJWRWI\VLHNHDFWLYLWHLWHQ««««««««««««««««««« *HYRHOHQVPHWEHWUHNNLQJWRWFRJQLWLHYHWDNHQ«««««««««««««««««««« *HYRHOHQVPHWEHWUHNNLQJWRWVRFLDOHDFWLYLWHLWHQ««««««««««««««««««« *HYRHOHQVPHWEHWUHNNLQJWRWI\VLHNHNODFKWHQ«««««««««««««««««««« 5HVXOWDWHQSHULWHP««««««««««««««««««««««««««««« ,WHPVYRRUSUHYDOHQWLHYDQI\VLHNHNODFKWHQ««««««««««««««««««««« ,WHPVYRRUNZDOLWHLWYDQXLWYRHULQJYDQI\VLHNHDFWLYLWHLWHQ«««««««««««««««5,90UDSSRUW SDJYDQ ,WHPVYRRUNZDOLWHLWYDQXLWYRHULQJYDQVRFLDOHDFWLYLWHLWHQ«««««««««««««« ,WHPVYRRUJHYRHOHQVPHWEHWUHNNLQJWRWI\VLHNHDFWLYLWHLWHQ«««««««««««««« ,WHPVYRRUJHYRHOHQVPHWEHWUHNNLQJWRWVRFLDOHDFWLYLWHLWHQ«««««««««««««« ,WHPVYRRURYHULJHGLPHQVLHV«««««««««««««««««««««««««««« (IIHFWYDQKXLGLJHNODFKWHQ««««««««««««««««««««««««« 7RWDOHSRSXODWLH««««««««««««««««««««««««««««««««« *HVWUDWLILFHHUGQDDUJHVODFKWOHHIWLMGRIRSOHLGLQJYDQGHRXGHU«««««««««««« 6$0(19$77,1*«««««««««««««««««««««««««««« (IIHFWYDQDVWPD«««««««««««««««««««««««««««««« (IIHFWYDQKXLGLJHDVWPDNODFKWHQ««««««««««««««««««««««« &21&/86,(6«««««««««««««««««««««««««««««« 6(&81'$,5($1$/<6(6025*(1678',(«««««««««««««« 0(7+2'(1«««««««««««««««««««««««««««««« $OJHPHQHEHVFKULMYLQJ025*(1VWXGLH««««««««««««««««««« *H]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQOHYHQ«««««««««««««««««« .HQPHUNHQYDQDVWPDHQ&23'««««««««««««««««««««««« 2YHULJHNHQPHUNHQ«««««««««««««««««««««««««««« $QDO\VHV«««««««««««««««««««««««««««««««« 5(68/7$7(1««««««««««««««««««««««««««««« 6WXGLHSRSXODWLH««««««««««««««««««««««««««««« $OJHPHHQ««««««««««««««««««««««««««««««« 9HUVFKLOOHQGHGHILQLWLHVYRRUNHQPHUNHQYDQDVWPDHQ&23'««««««««««««« (IIHFWYDQFRPRUELGLWHLW««««««««««««««««««««««««««««« *HSUHVHQWHHUGHUHVXOWDWHQ«««««««««««««««««««««««««««« 5HVXOWDWHQSHUGLPHQVLH«««««««««««««««««««««««««« )\VLHNIXQFWLRQHUHQ««««««««««««««««««««««««««««««« 5ROEHSHUNLQJHQGRRUI\VLHNHJH]RQGKHLGVSUREOHPHQ«««««««««««««««« 3LMQ«««««««««««««««««««««««««««««««««««««« $OJHPHQHJH]RQGKHLGVEHOHYLQJ««««««««««««««««««««««««« 9LWDOLWHLW«««««««««««««««««««««««««««««««««««« 6RFLDDOIXQFWLRQHUHQ««««««««««««««««««««««««««««««« 5ROEHSHUNLQJHQGRRUHPRWLRQHOHSUREOHPHQ«««««««««««««««««««« 0HQWDOHJH]RQGKHLG««««««««««««««««««««««««««««««« 9HUJHOLMNLQJYDQKHWHIIHFWYDQDVWPDHQ&23'NHQPHUNHQRSGHDFKW GLPHQVLHVYDQJH]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQOHYHQ«««««««««««« 7RWDOHSRSXODWLH««««««««««««««««««««««««««««««««« 1DDUJHVODFKW«««««««««««««««««««««««««««««««««« 1DDUOHHIWLMG««««««««««««««««««««««««««««««««««« 1DDURSOHLGLQJVQLYHDX«««««««««««««««««««««««««««««« 1DDUZRRQSODDWV«««««««««««««««««««««««««««««««« 5HVXOWDWHQSHULWHP«««««««««««««««««««««««««««« ,WHPVYRRUI\VLHNIXQFWLRQHUHQ««««««««««««««««««««««««««« ,WHPVYRRUUROEHSHUNLQJHQGRRUI\VLHNHJH]RQGKHLGVSUREOHPHQ«««««««««««« ,WHPVYRRUDOJHPHQHJH]RQGKHLGVEHOHYLQJ««««««««««««««««««««« ,WHPVYRRUUROEHSHUNLQJHQGRRUHPRWLRQHOHSUREOHPHQ«««««««««««««««« ,WHPVYRRURYHULJHGLPHQVLHV««««««««««««««««««««««««««« 6$0(19$77,1*«««««««««««««««««««««««««««« &21&/86,(««««««««««««««««««««««««««««««
5,90UDSSRUW SDJYDQ 6(&81'$,5($1$/<6(63$7,É17(13$1(/&+521,6&+=,(.(1««« 0(7+2'(1«««««««««««««««««««««««««««««« $OJHPHQHEHVFKULMYLQJ3DWLsQWHQSDQHO&KURQLVFKH=LHNWHQ«««««««««««« *H]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQOHYHQ«««««««««««««««««« .HQPHUNHQYDQDVWPDHQ&23'««««««««««««««««««««««« 2YHULJHNHQPHUNHQ«««««««««««««««««««««««««««« $QDO\VHV«««««««««««««««««««««««««««««««« 5(68/7$7(1««««««««««««««««««««««««««««« 5HVXOWDWHQSHUGLPHQVLH«««««««««««««««««««««««««« )\VLHNIXQFWLRQHUHQ««««««««««««««««««««««««««««««« 5ROEHSHUNLQJHQGRRUI\VLHNHJH]RQGKHLGVSUREOHPHQ««««««««««««««««« 3LMQ«««««««««««««««««««««««««««««««««««««« $OJHPHQHJH]RQGKHLGVEHOHYLQJ«««««««««««««««««««««««««« 9LWDOLWHLW«««««««««««««««««««««««««««««««««««« 6RFLDDOIXQFWLRQHUHQ««««««««««««««««««««««««««««««« 5ROEHSHUNLQJHQGRRUHPRWLRQHOHSUREOHPHQ«««««««««««««««««««« 0HQWDOHJH]RQGKHLG««««««««««««««««««««««««««««««« 5HVXOWDWHQSHULWHP«««««««««««««««««««««««««««« ,WHPVYRRUI\VLHNIXQFWLRQHUHQ««««««««««««««««««««««««««« ,WHPVYRRUUROEHSHUNLQJHQGRRUI\VLHNHJH]RQGKHLGVSUREOHPHQ«««««««««««« ,WHPVYRRUJH]RQGKHLGVEHOHYLQJ«««««««««««««««««««««««««« ,WHPVYRRUUROEHSHUNLQJHQGRRUHPRWLRQHOHSUREOHPHQ««««««««««««««« ,WHPVYRRURYHULJHGLPHQVLHV««««««««««««««««««««««««««« 6$0(19$77,1*«««««««««««««««««««««««««««« &21&/86,(«««««««««««««««««««««««««««««« &21&/86,(«««««««««««««««««««««««««««««« /,7(5$7885«««««««««««««««««««««««««««««««««
5,90UDSSRUW SDJYDQ
5,90UDSSRUW SDJYDQ
6DPHQYDWWLQJ
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s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
5,90UDSSRUW SDJYDQ
,QOHLGLQJ
'RHOHQDFKWHUJURQGYDQKHWRQGHU]RHN
1XVWHHGVPHHUPHQVHQHHQODQJHUHOHYHQVGXXUPRJHQYHUZDFKWHQZRUGWYDNHUGHYUDDJJHVWHOG QDDUGHJH]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQOHYHQ9RRUDOPHQVHQGLHPHWHHQFKURQLVFKH DDQGRHQLQJOHYHQZHWHQXLWHUYDULQJKRH]HHURQJH]RQGKHLGQLHWDOOHHQGHOHYHQVYHUZDFKWLQJ PDDURRNKXQGDJHOLMNVIXQFWLRQHUHQHQZHOEHYLQGHQEHwQYORHGW0HQVHQPHWFKURQLVFKH EURQFKLWLVHQPHQVHQPHWHPI\VHHPOHYHQPHHVWDOMDUHQODQJPHWKXQDDQGRHQLQJHQZRUGHQ GDJHOLMNVJHFRQIURQWHHUGPHWGHEHSHUNLQJHQGLHGDDUPHHJHSDDUGJDDQ%LMPHQVHQPHWDVWPD EHJLQQHQGHNODFKWHQYDDNDORSMHXJGLJHOHHIWLMGHQGH]HNODFKWHQNXQQHQYHUYROJHQVJHGXUHQGH KHWYHUGHUHOHYHQVWHUNYDULs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sQWHQPHWDVWPDHQ&23'PDDURRNYRRU SDWLs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sQWHQSDQHO&KURQLVFK=LHNHQ5LMNHQHWDOLVLQ KRRIGVWXNJHEUXLNWRPGHVLWXDWLHWHVFKHWVHQYDQYROZDVVHQSDWLsQWHQPHWDVWPDHQRI&23' %LMGH]HVHFXQGDLUHDQDO\VHVJDDWKHWRPYHUVFKLOOHQWXVVHQJURHSHQLQGHEHYRONLQJHQRP JHJHYHQVRSVSHFLILHNHGLPHQVLHVHQLWHPVYDQNZDOLWHLWYDQOHYHQ*HNHNHQZRUGWQDDU YHUVFKLOOHQLQGHJH]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQOHYHQWXVVHQPDQQHQHQYURXZHQ YHUVFKLOOHQWXVVHQOHHIWLMGVJURHSHQPHQVHQPHWHHQYHUVFKLOOHQGHVRFLDDOHFRQRPLVFKH DFKWHUJURQGRIXLWYHUVFKLOOHQGHUHJLR¶VELQQHQGHJURHSSHUVRQHQPHWDVWPDHQ&23'+HW RQGHUVFKHLGQDDUGLPHQVLHVHQVSHFLILHNHLWHPVLVUHOHYDQWYRRUGHYUDDJPHWZHONHRQGHUGHOHQ YDQKHWI\VLHNHIXQFWLRQHUHQPHQVHQPHWDVWPDRI&23'PHHUPRHLWHKHEEHQGDQPHQVHQPHW DQGHUHDDQGRHQLQJHQRIGHJH]RQGHEHYRONLQJ%LMYRRUEHHOGOLJJHQYHUVFKLOOHQYRRUDOLQKHW KDUGORSHQRIWUDSORSHQVWRI]XLJHQRIVSRUWHQ"
+HWFRQFHSWYDQJH]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQ
OHYHQ
(HQVWHHGVEHODQJULMNHUGRHOYDQEHKDQGHOLQJYDQSDWLsQWHQPHWDVWPDHQ&23'LVGH YHUEHWHULQJYDQKHWGDJHOLMNVIXQFWLRQHUHQHQZHO]LMQ6WHZDUWHWDOQLHWDOOHHQRPGDW KLHUGRRUGHNRVWHQYDQ]RUJ]RXGHQDIQHPHQPDDURRNRPGDWSDWLsQWHQYHHOZDDUGHKHFKWHQDDQ IXQFWLRQHUHQHQZHO]LMQ'RHOYDQKHWYRONVJH]RQGKHLGVEHOHLGLVQLHWDOOHHQKHWPRQLWRUHQYDQ SUHYDOHQWLHHQLQFLGHQWLHYDQDVWPDHQ&23'PDDURRNKHWPRQLWRUHQYDQIXQFWLRQHUHQHQ ZHO]LMQGXXUHQEHORRSYDQGH]LHNWHVHQHUQVW979 'DJHOLMNVIXQFWLRQHUHQHQZHO]LMQPDNHQGHHOXLWYDQKHWFRQFHSWYDQGH JH]RQGKHLGVJHUHODWHHUGHNZDOLWHLWYDQOHYHQ2QGDQNVGHYHUVFKLOOHQGHGHILQLWLHVYDQGLWFRQFHSW LVHUGHODDWVWHMDUHQHQLJHFRQVHQVXVRQWVWDDQRQGHURQGHU]RHNHUVRSGLWWHUUHLQ0DLOOp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wQYORHGGRRU5,90UDSSRUW SDJYDQ DGHPKDOLQJVSUREOHPHQDOOHUJLVFKHUHDFWLHVHQSUREOHPHQPHWVODSHQ*X\DWWHWDO .LQVPDQHWDO(PRWLRQHHOIXQFWLRQHUHQEHWUHIWYHUDQGHULQJHQLQVWHPPLQJRIDQJVWHQ HQHUJLHNYRHOHQGRRUGHJH]RQGKHLGVWRHVWDQG6RFLDDOIXQFWLRQHUHQEHWUHIW]RZHOKHWNXQQHQ XLWYRHUHQYDQGHQRUPDOHUROOHQGLHLHPDQGKHHIWRSKHWYULMZLOOLJHUVZHUNLQKHWKXLVKRXGHQ DOVKHWNXQQHQRQGHUKRXGHQYDQVRFLDOHFRQWDFWHQ+HWHPRWLRQHHOHQVRFLDDOIXQFWLRQHUHQNDQ ZRUGHQEHw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s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
5,90UDSSRUW SDJYDQ
5,90UDSSRUW SDJYDQ
/LWHUDWXXUVWXGLHEHVFKULMYLQJYDQEHVFKLNEDUH
EURQQHQUHVXOWDWHQPRJHOLMNKHGHQHQEHSHUNLQJHQ
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pHWDO9DQGHU0ROHQHWDO5LMNHQHW DO9DQ6FKD\FNHWDO6FKULHUHWDOHQ6PHHOHHWDO (UGPDQHWDO-DQVHWDO9DQ0DQHQ6FKDUORRHWDO :LMQKRYHQHWDO 6WXGLHVZDDUELMGHUHVSRQGHQWHQYLDKXLVDUWVSUDNWLMNHQZHUGHQJHZRUYHQ ]RQGHUGLDJQRVHYDQGHDUWV.HPSHQHWDOHQ1XVVHOGHUHWDO 6WXGLHVXLWGHDOJHPHQHEHYRONLQJ9DQGHQ%RV.ULHJVPDQHWDO HQ3LFDYHWHWDO $OVHHUVWHXLWJDQJVSXQWYRRUGHYHU]DPHOLQJYDQSXEOLFDWLHVLVKHWRYHU]LFKWVDUWLNHOYDQ0DLOOp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pHWDO 9DQGHU0ROHQHWDO5LMNHQHWDO6PHHOHHWDO%UXLOEHQ/H&RT DEJHYRQGHQ9HUGHULVYLDWZHHELEOLRJUDILVFKHV\VWHPHQ0HGOLQHHQ3V\F/LWGH ]RHNRSGUDFKWYDQ0DLOOpHWDOKHUKDDOGYRRUGHSHULRGHYDQDIMDQXDULWRWHQPHWMXQL +LHUXLW]LMQJHHQQLHXZH1HGHUODQGVHVWXGLHVJHNRPHQ5,90UDSSRUW SDJYDQ %RYHQVWDDQGHVWXGLHV]LMQEHVFKUHYHQLQRQVHHUVWHUDSSRUW9RRUKHWKXLGLJHUDSSRUWLVGH ]RHNRSGUDFKWYDQ0DLOOpHWDOQRJPDDOVKHUKDDOGQXYDQDIWRWHQPHWDSULO+LHUYRRU ]LMQPHHUGHUHELEOLRJUDILVFKHV\VWHPHQJHEUXLNWQDDVW0HGOLQHHQ3V\F/LWRRN+HDOWKVWDU (PEDVH%LRVLV3UHY$%3V\FLQIR3V\QGH[6FLVHDUFK6RFLDO6FLVHDUFK6RFLRORJLFDODEVWUDFWV HQ*/,1+LHUGRRU]LMQGHVWXGLHVYDQ(UGPDQHWDO9DQ*RROHWDO-DQVHWDO 9DQ0DQHQ3RVWHWDODHQE5LHWYHOGHWDO6FKDUORRHWDO 6SHH9DQGHU:HNNHHWDO9HUKHLMHWDOHQ:LMQKRYHQHWDO JHYRQGHQ2PHHQYROOHGLJRYHU]LFKWWHNXQQHQJHYHQZRUGHQDOOHVWXGLHVRRNGLHXLWKHWYRULJH UDSSRUWKLHURQGHUEHVFKUHYHQ
%HVFKULMYLQJYDQEHVFKLNEDUHEURQQHQ
6WXGLHVRQGHUNLQGHUHQ
%UXLO-7KHYDOLGLW\DQGUHOLDELOLW\RIWKH+$<3SXLW'HYHORSPHQWRID4XDOLW\RI/LIH LQVWUXPHQWIRUFKLOGUHQZLWKDFKURQLFLOOQHVV3URHIVFKULIW8QLYHUVLWHLW/HLGHQE 2RUVSURQJJHJHYHQV 'HJHJHYHQV]LMQDINRPVWLJXLWHHQFURVVVHFWLRQHHORQGHU]RHNQDDUGH+$<+RZ$UH<RX YUDJHQOLMVWRQGHUNLQGHUHQPHWDVWPDGLDEHWHVPHOOLWXVHSLOHSVLHRIFKURQLVFKHDUWULWLVHQ JH]RQGHNLQGHUHQ$OVRQGHUGHHOYDQGLWRQGHU]RHNZHUGKHWRQGHUVFKHLGHQGYHUPRJHQYDQGH WHVWRQGHU]RFKWZDDUELMGHVFRUHYDQNLQGHUHQPHWDVWPDZHUGYHUJHOHNHQPHWGLHYDQJH]RQGH NLQGHUHQHQPHWGLHYDQNLQGHUHQPHWHHQYDQGHDQGHUHDDQGRHQLQJHQ 3RSXODWLH 9HUVSUHLGRYHU1HGHUODQGZHUGHQPHWPHGHZHUNLQJYDQ]HVDFDGHPLVFKHHQDOJHPHQH ]LHNHQKXL]HQGULHJHVSHFLDOLVHHUGHLQVWLWXWHQ]HVSDWLsQWHQRUJDQLVDWLHVHQGLYHUVHKXLVDUWVHQGH RXGHUVJHZRUYHQYDQNLQGHUHQZDDUELMppQYDQGHERYHQYHUPHOGHGLDJQRVHVJHVWHOGZDV 'DDUQDDVWZHUGHQNLQGHUHQPHWDVWPDYLDVFKRROJHZRUYHQ*H]RQGHNLQGHUHQZHUGHQ JHZRUYHQPHWPHGHZHUNLQJYDQQHJHQRYHU1HGHUODQGYHUVSUHLGHVFKROHQHQYLDKXLVDUWVHQ 'HGHHOQHPHQGHJURHSEHVWRQGXLWNLQGHUHQHQRXGHUV'HQRQUHVSRQVZDVQLHWYRRU DOOHEURQQHQWHEHUHNHQHQPDDUEHGURHJYRRUHQNHOHFHQWUDHQVFKROHQWRW'HNLQGHUHQ ZDUHQWRWHQPHWMDDURXG=LMPRHVWHQ1HGHUODQGVNXQQHQOH]HQHQVFKULMYHQQHWDOVKXQ RXGHUVQRUPDDORQGHUZLMVYROJHQHQWHQWLMGHYDQKHWLQYXOOHQYDQGHYUDJHQOLMVWQLHWLQKHW ]LHNHQKXLVYHUEOLMYHQ'HNLQGHUHQPRFKWHQQLHWPHHUGDQppQFKURQLVFKHDDQGRHQLQJKHEEHQ HQNHOH]LHNWHQXLWJHVORWHQZDDURQGHUHF]HHPYRHGVHODOOHUJLHHQSV\FKRVRFLDOHSUREOHPHQHQ PRHVWHQPLQLPDDOppQNHHULQKHWYRRUDIJDDQGHMDDUGHVSHFLDOLVWGDQZHOGHKXLVDUWVEH]RFKW KHEEHQ1DXLWVOXLWLQJRSEDVLVYDQERYHQVWDDQGHFULWHULDEOHYHQNLQGHUHQHQKXQRXGHUV RYHUJH]RQGHNLQGHUHQHQPHWHHQFKURQLVFKHDDQGRHQLQJZDDUYDQPHWDVWPD PHWGLDEHWHVPHWHSLOHSVLHHQPHWFKURQLVFKHDUWULWLV'HJH]RQGHNLQGHUHQHQNLQGHUHQ5,90UDSSRUW SDJYDQ PHWHHQFKURQLVFKHDDQGRHQLQJYHUVFKLOGHQQLHWQDDUOHHIWLMGHQJHVODFKW2RNEHVWRQGHQHUJHHQ YHUVFKLOOHQWXVVHQEHLGHJURHSHQLQKHWDDQWDOppQRIWZHHRXGHUJH]LQQHQDDQWDONLQGHUHQLQKHW JH]LQQDWLRQDOLWHLWHQRSOHLGLQJYDQGHGHHOQHPHQGHRXGHU'HDXWHXUFRQFOXGHHUGHGDWGH SUHYDOHQWLHYDQGHFKURQLVFKHDDQGRHQLQJHQHQGHYHUGHOLQJQDDUJHVODFKWELQQHQKDDUVWXGLH RQJHYHHUJHOLMNLVDDQGLHLQGHDOJHPHQHEHYRONLQJ+HWSHUFHQWDJHMRQJHQVZDVELMGHDVWPD SDWLsQWHQKRJHUGDQELMGHGULHDQGHUHFKURQLVFKHDDQGRHQLQJHQ2RNKDGGHQDVWPDSDWLsQWHQGH ]LHNWHRSMRQJHUHOHHIWLMGJHNUHJHQHQZDUHQ]LMJHPLGGHOGDOODQJHU]LHNGDQGHDQGHUH SDWLsQWHQ 0HWLQJNZDOLWHLWYDQOHYHQ *HJHYHQVZHUGHQYHUNUHJHQPLGGHOVHHQYUDJHQOLMVWYRRUGHNLQGHUHQHQpp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µ]LHNWHDFWLYLWHLW¶DIJHOHLG9HUGHULVGRRUGH RXGHUVJHUDSSRUWHHUGKRHYDDNLQGHODDWVWH]HVPDDQGHQGHVSHFLDOLVWNLQGHUDUWVHQKXLVDUWV ZHUGHQEH]RFKWKRHYHHOGDJHQKHWNLQGLQKHW]LHNHQKXLVKDGJHOHJHQHQZHONHDQGHUHPHGLVFKH LQWHUYHQWLHVLQYHUEDQGPHWDVWPDZDUHQXLWJHYRHUG2RNPHGLFDWLHHQPHGLVFKH YRRUJHVFKLHGHQLV]LMQJHUDSSRUWHHUG 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLsQWHQ 9DQDOOHNLQGHUHQLVOHHIWLMGHQJHVODFKWEHNHQG%LMHHQGHHO1 YDQGHDVWPDSDWLsQWHQ YHUVWUHNWHQGHRXGHUVJHJHYHQVRYHUFRPRUELGLWHLW
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s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sQWHQ *HUHJLVWUHHUGZHUGHQJHVODFKWOHHIWLMGXUEDQLVDWLHJUDDGHQDDQWDOKXLVDUWVFRQVXOWHQ
5,90UDSSRUW SDJYDQ /H&RT(05HSURGXFLELOLW\FRQVWUXFWYDOLGLW\DQGUHVSRQVLYHQHVVRIDVHOIUHSRUWTXDOLW\RIOLIH TXHVWLRQQDLUHIRUFKLOGUHQZLWKDVWKPD3SLQ&KLOGUHQZLWKDVWKPD5HOHYDQFHRIHDUO\ UHFRJQLWLRQ4XDOLW\RI/LIHPHDVXUHPHQW3URHIVFKULIW9ULMH8QLYHUVLWHLW$PVWHUGDPE 2RUVSURQJJHJHYHQV 'HJHJHYHQV]LMQDINRPVWLJXLWHHQRQGHU]RHNQDDUGHSV\FKRPHWULVFKHHLJHQVFKDSSHQYDQGH +$<+RZ$UH<RXYUDJHQOLMVWELMNLQGHUHQPHWDVWPD9RRUKHWFURVVVHFWLRQHOHRQGHU]RHN QDDUGHYDOLGLWHLWZHUGHQRQGHUPHHUGHUHVXOWDWHQYDQGHDVWPDSDWLsQWHQYHUJHOHNHQPHWGLHYDQ JH]RQGHNLQGHUHQ 3RSXODWLH 'H]HEHVWRQGXLWNLQGHUHQPHWDVWPDHQJH]RQGHNLQGHUHQ9DQGHDVWPDSDWLsQWHQ ZDUHQHUJHZRUYHQYLDKXLVDUWVHQSUDNWLMNHQHQYLDSROLNOLQLHNHQNLQGHUJHQHHVNXQGH 'HJH]RQGHNLQGHUHQZDUHQGHHOV1 JHZRUYHQYLDKXLVDUWVSUDNWLMNHQHQGHHOV1 YLD VFKROHQ'HNLQGHUHQZDUHQWRWMDDURXG'HDVWPDSDWLsQWHQPRFKWHQJHHQDQGHUH FKURQLVFKHDDQGRHQLQJKHEEHQGHGLDJQRVHPRHVWPLQLPDDOGULHPDDQGHQYRRUGHHOQDPH JHVWHOG]LMQGRRUHHQKXLVDUWVRINLQGHUDUWVYROJHQVGHULFKWOLMQHQYDQGH$PHULFDQ7KRUDFLF 6RFLHW\HQ]HPRHVWHQSUHYHQWLHYHPHGLFDWLHJHEUXLNHQRILQKHWMDDUYRRUDIJDDQGDDQGHVWXGLH PLQLPDDOWZHHSHULRGHQPHWDVWPDWLVFKHV\PSWRPHQKHEEHQGRRUJHPDDNW=RZHOGH DVWPDSDWLsQWHQDOVGHJH]RQGHNLQGHUHQPRHVWHQHYHQDOVpp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sQWHQZHUGGHORQJIXQFWLHJHPHWHQ 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLsQWHQ *HUHJLVWUHHUGZHUGHQJHVODFKWHQOHHIWLMG
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sQWHQ 9DQDOOHNLQGHUHQLVOHHIWLMGHQJHVODFKWEHNHQG 3RVW0:0.X\YHQKRYHQ009HUKHLM7K-0'H0HONHU5$+RHV$:'H1HGHUODQGVH µ)XQFWLRQDOVWDWXV,,5¶HHQYUDJHQOLMVWYRRUKHWPHWHQYDQGHIXQFWLRQHOHJH]RQGKHLGVWRHVWDQG YDQNLQGHUHQ1HG7LMGVFKU*HQHHVNGD 2RUVSURQJJHJHYHQV 'HJHJHYHQV]LMQDINRPVWLJXLWRQGHU]RHNQDDUGHNOLQLPHWULVFKHHLJHQVFKDSSHQYDQGH µ)XQFWLRQDOVWDWXV,,5¶2XGHUVYDQNLQGHUHQPHWDVWPDHQNLQGHUHQXLWHHQFRQWUROHJURHS KHEEHQGH]HYUDJHQOLMVWGULHPDDOLQJHYXOG'HNLQGHUHQYDQWRWMDDUYXOGHQHHQ NLQGHUYHUVLHYDQGH]HYUDJHQOLMVWLQ 3RSXODWLH 'HGRHOJURHSEHVWRQGXLWRXGHUVYDQNLQGHUHQYDQPDDQGHQWRWHQPHWMDDURXGPHWDVWPD 'H]HJURHSZHUGEHQDGHUGYLDGULHKXLVDUWVSUDNWLMNHQLQ8WUHFKW'HFRQWUROHJURHSZHUG JHZRUYHQYLDHHQFRQVXOWDWLHEXUHDXDUWVRXGHUVYDQNLQGHUHQYDQPDDQGHQWRWHQPHWMDDU
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ppQPDDOPHH1 'HNLQGHUHQLQGH FRQWUROHJURHSZDUHQJHPLGGHOGZDWRXGHUYDNHUYDQKHWYURXZHOLMNJHVODFKWHQKDGGHQPLQGHU YDDNJH]RQGKHLGVNODFKWHQ2YHUGHUHSUHVHQWDWLYLWHLWYDQGHVWHHNSURHIZHUGHQJHHQXLWVSUDNHQ JHGDDQ 0HWLQJNZDOLWHLWYDQOHYHQ 'LWZHUGJHPHWHQYLDGHµ)XQFWLRQDOVWDWXV,,5¶'H]HYUDJHQOLMVWEHVWDDWXLWYUDJHQDDQ RXGHUVRYHUKHWJHGUDJYDQKXQNLQGLQGHDIJHORSHQGDJHQHQGHLQYORHGYDQ]LHNWHRSGLW JHGUDJ$DQGHNLQGHUHQOHHNGH]HOIGHYUDJHQOLMVWWH]LMQYRRUJHOHJG'HYUDJHQEHWURIIHQ]RZHO HHWHQVODDSJHGUDJDOVHPRWLRQHOHRQGHUDQGHUHWHYUHGHQKHLGKXPHXULJKHLGHQFRJQLWLHYH DVSHFWHQRQGHUDQGHUHUHDFWLHRSDDQGDFKWJHwQWHUHVVHHUGKHLG 0HWLQJPRUELGLWHLW 'HGLDJQRVHDVWPDZDVGRRUGHKXLVDUWVJHVWHOG*H]RQGKHLGVNODFKWHQZHUGHQJHPHWHQPHWHHQ HQNHOYRXGLJHYUDDJGLHPHWµMD¶RIµQHH¶NRQZRUGHQEHDQWZRRUG 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLsQWHQ 9DQDOOHNLQGHUHQLVOHHIWLMGHQJHVODFKWEHNHQG 3RVW0:0.X\YHQKRYHQ009HUKHLM7K-0'H0HONHU5$+RHV$:'H1HGHUODQGVH µ5$1'JHQHUDOKHDOWKUDWLQJLQGH[IRUFKLOGUHQ¶HHQPHHWLQVWUXPHQWYRRUGHDOJHPHQH JH]RQGKHLGYDQNLQGHUHQ1HG7LMGVFKU*HQHHVNGE 2RUVSURQJJHJHYHQV 'HJHJHYHQV]LMQDINRPVWLJXLWRQGHU]RHNQDDUGHNOLQLPHWULVFKHHLJHQVFKDSSHQYDQGHµ5$1' JHQHUDOKHDOWKUDWLQJLQGH[IRUFKLOGUHQ¶2XGHUVYDQNLQGHUHQPHWDVWPDHQNLQGHUHQXLWHHQ FRQWUROHJURHSKHEEHQGH]HYUDJHQOLMVWGULHPDDOLQJHYXOG 3RSXODWLH =LHEHVFKULMYLQJELM3RVWHWDOD 0HWLQJNZDOLWHLWYDQOHYHQ 'LWZHUGJHPHWHQYLDGHµ5$1'JHQHUDOKHDOWKUDWLQJLQGH[IRUFKLOGUHQ¶'H]HYUDJHQOLMVW EHVWDDWXLW]HYHQYUDJHQRYHUDOJHPHQHJH]RQGKHLGVNODFKWHQYDQKHWNLQGRQGHUDQGHUH]RUJHQ SLMQRIRQJHPDNYDWEDDUKHLGDOJHPHQHWRHVWDQG
5,90UDSSRUW SDJYDQ 0HWLQJPRUELGLWHLW 'HGLDJQRVHDVWPDZDVGRRUGHKXLVDUWVJHVWHOG*H]RQGKHLGVNODFKWHQZHUGHQJHPHWHQPHWHHQ HQNHOYRXGLJHYUDDJGLHPHWµMD¶RIµQHH¶NRQZRUGHQEHDQWZRRUG 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLs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wGHQQDDVW EURQFKRGLODWRUHQ(HQFRQWUROHJURHSYDQNLQGHUHQ]RQGHUFKURQLVFKH]LHNWHQZHUGJHZRUYHQYLD DGYHUWHQWLHVLQHHQORNDOHNUDQW1 'HFRQWUROHJURHSZDVJHPDWFKWPHWGHFDVHVYRRUZDW EHWUHIWOHHIWLMGJHVODFKWHQVRFLDDOHFRQRPLVFKHDFKWHUJURQG2YHUGHUHVSRQVZHUGHQJHHQ XLWVSUDNHQJHGDDQ 0HWLQJNZDOLWHLWYDQOHYHQ +HWJHKHXJHQZHUGJHWHVWYLDGHµPHPRU\RIVHPDQWLFXQLWV¶WHVW'H]HEHVWDDWXLWGULH RQGHUGHOHQKHULQQHUHQHQWHNHQHQYDQSODDWMHVZRRUGHQKHUNHQQHQHQZRRUGHQ KHULQQHUHQ'HPDWHYDQFRQFHQWUDWLHZHUGJHWHVWPHWGHµ%RXUGRQ9RV¶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
5,90UDSSRUW SDJYDQ 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLs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sQWHQ0HGLFLMQJHEUXLNKDGEHWUHNNLQJRSKHWJHEUXLNYDQYRRUJHVFKUHYHQPHGLFLMQHQ HQPHGLFLMQHQYDQZHJHUHVSLUDWRLUHNODFKWHQLQGHODDWVWHPDDQG9HUGHUZHUGYDVWJHOHJGRIKHW NLQGRSGLWPRPHQWZHUGEHKDQGHOGGRRUHHQDUWVRIUHJHOPDWLJPLQVWHQVPDDOSHUMDDUHHQ DUWVEH]RFKWYRRUJH]RQGKHLGVSUREOHPHQ 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLsQWHQ 1DDVWOHHIWLMGHQJHVODFKWZHUGHQRRNVFKRROW\SHHWQLFLWHLWRQGHUZLMVQLYHDXYDQGHRXGHUV UHJLRHQXUEDQLVDWLHJUDDGYDVWJHOHJG 9HUKHLM13)ODSSHU%&7.RRSPDQ+09DQGHU6FKDQV&3'HNZDOLWHLWYDQOHYHQ .Y/YDQNLQGHUHQPHWDVWPD7LMGVFKULIWYRRU.LQGHUJHQHHVNXQGH 2RUVSURQJJHJHYHQV 'RHOYDQGLWRQGHU]RHNZDVYDVWWHVWHOOHQZDWGHLQFLGHQWLHLVYDQHHQODJHNZDOLWHLWYDQOHYHQ ELMNLQGHUHQPHWDVWPDFURVVVHFWLRQHHO
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sQWHQ 9RRU]RYHUEHNHQG]LMQHUJHHQDQGHUHNHQPHUNHQJHUHJLVWUHHUG
6WXGLHVRQGHUYROZDVVHQHQZDDULQDVWPDRI&23'GRRUHHQDUWV]LMQ
YDVWJHVWHOG
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sQWHQZHUGHQJHVHOHFWHHUGRS EDVLVYDQHUQVWLJHOXFKWZHJREVWUXFWLHRIK\SHUUHVSRQVLYLWHLW=ZDQJHUHQEHURHSVDVWPDWLFL SDWLsQWHQPHWHUQVWLJHQHYHQDDQGRHQLQJHQZDDURQGHUWXEHUFXORVHP\RFDUGLQIDUFW PDOLJQLWHLWHQGDQZHOPHWJHEUXLNYDQEHSDDOGHPHGLFDWLHRUDOHFRUWLFRVWHURwGHQEqWDEORNNHUV QLWUDWHQDQWLFRDJXODQWLDFRQWLQXJHEUXLNYDQDQWLELRWLFDZDUHQXLWJHVORWHQYDQGHHOQDPH2YHU GHUHVSRQVZHUGHQJHHQNZDQWLWDWLHYHXLWVSUDNHQJHGDDQ5,90UDSSRUW SDJYDQ 0HWLQJNZDOLWHLWYDQOHYHQ 'HYUDJHQOLMVWPHWEHWUHNNLQJWRWGHNZDOLWHLWYDQOHYHQZHUGDDQVOXLWHQGDDQGHPHWLQJYDQGH PHGLVFKHSDUDPHWHUVLQKHW]LHNHQKXLVHQLQKHWELM]LMQYDQHHQGDDUWRHRSJHOHLGHDVVLVWHQWGRRU GHSDWLs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sQWHQLQWHYXOOHQJHVWDQGDDUGLVHHUGHYUDJHQOLMVWYHUNUHJHQ .RUWDGHPLJKHLGELMLQVSDQQLQJHQFKURQLVFKKRHVWHQZHUGHQJHUHJLVWUHHUGDOVDIZH]LJPLOG PDWLJRIHUQVWLJ'DDUQDDVWZHUGHQZHUNYHU]XLPHQ]LHNHQKXLVRSQDPHYDQZHJHDVWPDHQRI &23'LQGHYRRUJDDQGHGULHPDDQGHQUHVSHFWLHYHOLMNGULHMDUHQJHQRWHHUG9HUGHUZHUGHQ ORQJIXQFWLHHQOXFKWZHJJHYRHOLJKHLGJHPHWHQ(HQH[SOLFLHWHRQGHUYHUGHOLQJYDQGHWRHVWDQGLQ HUQVWJUDGHQZHUGQLHWJHPDDNW 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLsQWHQ 9DQDOOHSDWLsQWHQZHUGHQOHHIWLMGJHVODFKWOHQJWHHQURRNJHGUDJURNHUH[URNHUQRRLWJHURRNW DDQWDOVLJDUHWWHQJHUHJLVWUHHUG 0DLOOp$5.DSWHLQ$$9DQ6WHO+)=LQGHUPDQ$+:LOOHPV/1$(YHUDHUG:7K$07KH TXDOLW\RIOLIHIRUUHVSLUDWRU\LOOQHVVTXHVWLRQQDLUH42/5,4SV\FKRPHWULFFKDUDFWHULVWLFVDQG UHODWLRQVKLSVZLWKLOOQHVVVHYHULW\DQGSHUVRQDOLW\IDFWRUV3SLQ4XDOLW\RI/LIHLQ $VWKPDDQG&23''HYHORSPHQWRIDGLVHDVHVSHFLILFTXHVWLRQQDLUHYDQ5LDQQH0DLOOp 3URHIVFKULIW8QLYHUVLWHLWYDQ$PVWHUGDP 2RUVSURQJJHJHYHQV +HWRQGHU]RHNKDGWRWGRHOGHSV\FKRPHWULVFKHNHQPHUNHQYDQGH42/5,4HHQ ]LHNWHVSHFLILHNHYUDJHQOLMVWRYHUNZDOLWHLWYDQOHYHQYRRUDVWPDHQ&23'SDWLsQWHQWHWHVWHQ 3RSXODWLH 'HSRSXODWLHEHVWRQGXLWGULHJURHSHQSDWLsQWHQRQGHUEHKDQGHOLQJLQGHKXLVDUWVSUDNWLMN SDWLsQWHQRQGHUEHKDQGHOLQJLQHHQORQJSROLNOLQLHNSDWLsQWHQGLHGHHOQDPHQDDQHHQ LQWHUQUHKDELOLWDWLHSURJUDPPDLQHHQDVWPDFHQWUXP,QIRUPDWLHRYHUUHVSRQVHQUHSUHVHQWDWLYLWHLW ZHUGHQQLHWJHJHYHQ'HHHUVWHWZHHJURHSHQEHYDWWHQMDULJHPDQQHQHQYURXZHQ]RQGHU GLDEHWHVUHXPDWLVFKHDDQGRHQLQJHQFRURQDLUHKDUW]LHNWHQNDQNHUSV\FKLDWULVFKHDDQGRHQLQJHQ RIDQGHUHORQJDDQGRHQLQJHQGDQDVWPDHQ&23' 0HWLQJNZDOLWHLWYDQOHYHQ 1DDVWGH42/5,4ZHUGHQLQGH]HVWXGLHRRNGH6LFNQHVV,PSDFW3URILOHGH0266)HQGH 6&/DQJVWGHSUHVVLHDIJHQRPHQ'HUHVXOWDWHQYDQGHSDWLsQWHQPHWEHWUHNNLQJWRWGH]H
5,90UDSSRUW SDJYDQ ODDWVWHGULHYUDJHQOLMVWHQZHUGHQQLHWRQGHUOLQJYHUJHOHNHQRIYHUJHOHNHQPHWHHQDQGHUHJURHS 'H42/5,4ZHUGYHUJHOHNHQWXVVHQGHGULHJURHSHQUHVSRQGHQWHQHQWXVVHQDVWPDHQ&23' SDWLsQWHQELQQHQHONHJURHS'H42/5,4EHVWDDWXLWLWHPVYHUGHHOGRYHU]HYHQGLPHQVLHV DGHPKDOLQJVSUREOHPHQI\VLHNHSUREOHPHQGRRUGH]LHNWHHPRWLRQHOHSUREOHPHQGRRUGH]LHNWH SUREOHPHQPHWDOJHPHQHGDJHOLMNVHDFWLYLWHLWHQVLWXDWLHVGLHDGHPKDOLQJVSUREOHPHQRSURHSHQRI YHUJURWHQVSHFLILHNHGDJHOLMNVHDFWLYLWHLWHQHQVRFLDOHDFWLYLWHLWHQVRFLDOHUHODWLHVHQ VHNVXDOLWHLW 0HWLQJPRUELGLWHLW 'HGLDJQRVHDVWPDRI&23'ZDVGRRUHHQDUWVJHVWHOG*HJHYHQVRYHUUHVSLUDWRLUHV\PSWRPHQ ZHUGHQYLDGHSDWLsQWYHUNUHJHQPLGGHOVYUDJHQYDQGH0HGLFDO5HVHDUFK&RXQFLO05& YUDJHQOLMVW(HQGLIIHUHQWLDWLHLQHUQVWJUDGHQLVQLHWH[SOLFLHWJHPDDNW'DDUQDDVWZHUGGH ORQJIXQFWLHJHPHWHQ 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLsQWHQ 9DQDOOHSDWLs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sQWHQLQGHOHHIWLMGYDQWRWMDDU+LHUYDQZDUHQHU JHZRUYHQYLDKXLVDUWVHQHQYLDSROLNOLQLHNHQ$OOHSDWLsQWHQKDGGHQDVWPDYROJHQVGH FULWHULDYDQGH$PHULFDQ7KRUDFLF6RFLHW\HQJHEUXLNWHQUHJHOPDWLJLQKDODWLHFRUWLFRVWHURw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
5,90UDSSRUW SDJYDQ 0HWLQJPRUELGLWHLW 'HGLDJQRVH&$5$ZDVGRRUHHQDUWVJHVWHOGHQYROGHHGDDQGHFULWHULDYDQGH$PHULFDQ 7KRUDFLF6RFLHW\9HUGHUZHUGHQV\PSWRPHQLQGHWZHHZHNHQYRRUDIJDDQGDDQKHWRQGHU]RHN GHORQJIXQFWLHHQGHOXFKWZHJJHYRHOLJKHLGJHPHWHQ(HQRQGHUYHUGHOLQJLQHUQVWJUDGHQZHUG QLHWH[SOLFLHWJHPDDNW 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLsQWHQ 9DQDOOHSDWLsQWHQZHUGHQOHHIWLMGJHVODFKWHQDWRSLHJHUHJLVWUHHUG 5LMNHQ30)RHWV03HWHUV/'H%UXLQ$)'HNNHU-3DWLsQWHQSDQHO&KURQLVFK=LHNHQ .HUQJHJHYHQV8WUHFKW1,9(/ 2RUVSURQJJHJHYHQV 'HJHJHYHQVZHUGHQYHUNUHJHQXLWHHQSDQHORQGHU]RHNZDDULQGHNZDOLWHLWYDQOHYHQ]RUJHQ PDDWVFKDSSHOLMNHSRVLWLHYDQFKURQLVFK]LHNHQZRUGWJHPRQLWRUG'HUHVXOWDWHQYDQGHHHUVWH PHWLQJZHUGHQLQGLWUDSSRUWEHVFKUHYHQ 3RSXODWLH 'HSRSXODWLHEHVWRQGXLWSDWLsQWHQPHWHHQYDQGHYROJHQGHDDQGRHQLQJHQKDUWHQ YDDW]LHNWH&$5$DDQGRHQLQJHQYDQKHWEHZHJLQJVDSSDUDDWNDQNHUGLDEHWHVQHXURORJLVFKH DDQGRHQLQJHQVSLMVYHUWHULQJV]LHNWHQHQRYHULJHFKURQLVFKHDDQGRHQLQJHQ$OOHSDWLsQWHQZDUHQ MDDURIRXGHUQLHWJHwQVWLWXWLRQDOLVHHUGPHQWDDOLQVWDDWWRWGHHOQDPHGH1HGHUODQGVHWDDO PDFKWLJ]HOIVWDQGLJZRRQDFKWLJRSGHKRRJWHYDQGHGLDJQRVHHQQLHWWHUPLQDDO'HDDQGRHQLQJ PRHVWLUUHYHUVLEHO]LMQRIWHQPLQVWHppQMDDUELMGHKXLVDUWVEHNHQG'HSDWLsQWHQZHUGHQ JHZRUYHQGRRUGHKXLVDUWVHQXLWKXQUHJLVWUDWLHGRRUUDQGRPHHQVWHHNSURHIYDQGRVVLHUVWH EHRRUGHOHQRSGHLQFOXVLHFULWHULD9DQGHSDWLsQWHQGLHDDQGHFULWHULDYROGHGHQPHOGGHQ ]LFKDDQYRRUGHHOQDPHYDQGHSRWHQWLs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sQWHQ 9DQDOOHSDWLsQWHQZHUGHQOHHIWLMGJHVODFKWRSOHLGLQJLQNRPHQ]LHNWHGXXUHQDDQWDOFKURQLVFKH DDQGRHQLQJHQJHUHJLVWUHHUG
5,90UDSSRUW SDJYDQ 9DQ6FKD\FN&35XWWHQ9DQ0|ONHQ030+9DQ'RRUVODHU(.$)ROJHULQJ+9DQ:HHO& 7ZR\HDUEURQFKRGLODWRUWUHDWPHQWLQSDWLHQWVZLWKPLOGDLUIORZREVWUXFWLRQ&RQWUDGLFWRU\ HIIHFWVRQOXQJIXQFWLRQDQGTXDOLW\RIOLIH&KHVW 2RUVSURQJJHJHYHQV 'HJHJHYHQV]LMQDINRPVWLJXLWHHQSURVSHFWLHIRQGHU]RHNELMDVWPDHQ&23'SDWLsQWHQQDDUGH LQYORHGYDQHHQPHGLFDPHQWHX]HEHKDQGHOLQJRSGHNZDOLWHLWYDQOHYHQHQORQJIXQFWLH2RNKLHU ZHUGGHNZDOLWHLWYDQOHYHQDOVHHQYDQGHPRJHOLMNHHIIHFWPDWHQJH]LHQ'HEDVHOLQHPHWLQJ ZHUGLQKHWKLHUQDEHVFKUHYHQFURVVVHFWLRQHOHRQGHU]RHNJHEUXLNW 3RSXODWLH 'HSRSXODWLHEHVWRQGXLWSDWLsQWHQPHWDVWPDRI&23'JHZRUYHQYLDKXLVDUWVSUDNWLMNHQ 6HOHFWLHFULWHULDZDUHQPLOGHWRWPDWLJHUQVWLJHREVWUXFWLHJHHQDQGHUHORQJDDQGRHQLQJRI OHYHQVEHGUHLJHQGH]LHNWHQLHWFRUWLFRVWHURwGHQDIKDQNHOLMN9RRUSDWLsQWHQZHUGGHIROORZ XSYDQWZHHMDDUYROWRRLG'HSDWLs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sQWHQ 9DQDOOHSHUVRQHQZHUGHQOHHIWLMGJHVODFKWURRNJHGUDJMDQHHDDQWDOVLJDUHWWHQSHUGDJDDQWDO MDDUURNHQHQGHDDQZH]LJKHLGYDQHHQDOOHUJLHJHUHJLVWUHHUG 9DQ6FKD\FN&3'RPSHOLQJ(5XWWHQ030+)ROJHULQJ+9DQGHQ%RRP*9DQ:HHO& 7KHLQIOXHQFHRIDQLQKDOHGVWHURLGRQTXDOLW\RIOLIHLQSDWLHQWVZLWKDVWKPDRU&23'&KHVW 2RUVSURQJJHJHYHQV 'HJHJHYHQV]LMQDINRPVWLJXLWHHQSURVSHFWLHIRQGHU]RHNELMDVWPDHQ&23'SDWLsQWHQQDDUGH LQYORHGYDQHHQPHGLFDPHQWHX]HEHKDQGHOLQJRSGHNZDOLWHLWYDQOHYHQV\PSWRPHQHQ
5,90UDSSRUW SDJYDQ ORQJIXQFWLH:HHUZHUGGHNZDOLWHLWYDQOHYHQDOVHHQYDQGHPRJHOLMNHHIIHFWPDWHQJH]LHQ'H EDVHOLQHPHWLQJZHUGLQKHWKLHUQDYHUGHUYHUPHOGHFURVVVHFWLRQHOHRQGHU]RHNJHEUXLNW 3RSXODWLH 'HSRSXODWLHEHVWRQGXLWSDWLs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sQWYHUNUHJHQ PLGGHOVYUDJHQYDQGH0HGLFDO5HVHDUFK&RXQFLO05&YUDJHQOLMVW(HQGLIIHUHQWLDWLHLQ HUQVWJUDGHQLVQLHWH[SOLFLHWJHPDDNW'DDUQDDVWZHUGGHORQJIXQFWLHHQOXFKWZHJJHYRHOLJKHLG JHPHWHQ 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLs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sQWHQPHWREVWUXFWLHIKDUWIDOHQDQGHUH ORQJDDQGRHQLQJHQDQGHUHDDQGRHQLQJHQEXLWHQGHERUVWNDVHQSDWLs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
5,90UDSSRUW SDJYDQ 0HWLQJNZDOLWHLWYDQOHYHQ 'HNZDOLWHLWYDQOHYHQZHUGJHPHWHQYLDYUDJHQOLMVWHQGLHDDQGHSDWLs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sQWHQZHUGLQJHYXOG 'RRUGHKXLVDUWVZDVJHUHJLVWUHHUGRIGHSDWLsQWODVWKDGYDQFKURQLVFKKRHVWHQHQRIVOLMP RSJHYHQSLHSHQHHQDVWPDDDQYDOLQKHWYHUOHGHQGHJUDDGYDQNRUWDGHPLJKHLGJHEUXLNYDQ PHGLFDWLHJHEUXLNYDQFRUWLFRVWHURwGHQHQEHKDQGHOLQJGRRUHHQORQJDUWV'DDUQDDVWZHUGGH ORQJIXQFWLHJHPHWHQ9ROJHQVGHULFKWOLMQHQYDQGH$PHULFDQ7KRUDFLF6RFLHW\$76ZHUGHQ GRRUHHQVHQLRUORQJDUWVPHWEHKXOSYDQGH]HJHJHYHQVGHSDWLsQWHQLQJHGHHOGLQDVWPDHQ &23'SDWLsQWHQ 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLsQWHQ *HUHJLVWUHHUGZHUGHQJHVODFKWOHHIWLMGURRNJHGUDJH[URNHUURNHU 6PHHOH,-0-DFREV-(9DQ6FKD\FN&3*URO53700DLOOp$5.DSWHLQ$$9DQ:HHO &4XDOLW\RIOLIHRISDWLHQWVZLWKDVWKPD&23'LQJHQHUDOSUDFWLFHLPSDLUPHQWVDQG FRUUHODWLRQVZLWKFOLQLFDOFRQGLWLRQ+RRIGVWXNLQ,-06PHHOH,PSURYLQJFDUHIRUSDWLHQWVZLWK DVWKPDDQG&23'LQJHQHUDOSUDFWLFH3URHIVFKULIW.DWKROLHNH8QLYHUVLWHLW1LMPHJHQ 2RUVSURQJJHJHYHQV 'HJHJHYHQV]LMQDINRPVWLJXLWHHQFURVVVHFWLRQHHORQGHU]RHNQDDUGHGHWHUPLQDQWHQYDQ NZDOLWHLWYDQOHYHQYDQSDWLsQWHQPHWPLOGHWRWPDWLJHUQVWLJHDVWPDRI&23'GLHRQGHU EHKDQGHOLQJ]LMQLQGHKXLVDUWVSUDNWLMN 3RSXODWLH 'HSDUWLFLSDQWHQZDUHQMDDUHQRXGHUJHPLGGHOGHQKDGGHQDVWPDRI&23'8LWJHVORWHQ ZHUGHQSDWLsQWHQGLHRQGHUEHKDQGHOLQJELMHHQORQJDUWVZDUHQHQSDWLsQWHQZDDUELMGHGLDJQRVH DVWPDRI&23'QLHWHHQGXLGLJNRQZRUGHQJHVWHOG'HSRSXODWLHEHVWRQGXLWSDWLsQWHQXLW
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pHQ.DSWHLQ'HJHJHYHQVYDQGH ODDWVWJHQRHPGHYUDJHQOLMVW]LMQQLHWYHUJHOHNHQPHWGLHYRRUGHDOJHPHQHEHYRONLQJRIDQGHUH JURHSHQSDWLsQWHQ'H&223:21&$NDDUWHQ]LMQRQWZLNNHOGRPGHIXQFWLRQHOHJH]RQGKHLGWH PHWHQ9RRUHONYDQGHYLMIJHEUXLNWHRQGHUGHOHQOLFKDPHOLMNHILWKHLGJHYRHOHQVGDJHOLMNVH DFWLYLWHLWHQVRFLDOHDFWLYLWHLWHQHQDOJHPHQHJH]RQGKHLGZHUGHHQYUDDJJHVWHOGPHWYLMI DQWZRRUGFDWHJRULHs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sQWHQZHUGLQJHYXOG 2YHULJHJHUHJLVWUHHUGHNHQPHUNHQSDWLsQWHQ *HUHJLVWUHHUGZHUGHQJHVODFKWOHHIWLMGURRNJHGUDJURNHUFRPRUELGLWHLWHQPHGLFDWLH 1,(8:LQGLWUDSSRUW (UGPDQ5$0&R[1-0'XLYHQYRRUGHQ+-'H0HGLVFKSV\FKRORJLVFKHYUDJHQOLMVWYRRU &$5$SDWLsQWHQ3V\FKRPHWULVFKHDVSHFWHQ*HGUDJHQ*H]RQGKHLG 2RUVSURQJJHJHYHQV 'HJHJHYHQV]LMQDINRPVWLJXLWHHQFURVVVHFWLRQHHORQGHU]RHNQDDUGHSV\FKRPHWULVFKH HLJHQVFKDSSHQYDQHHQ&$5$VSHFLILHNHYUDJHQOLMVWQDDUSV\FKLVFKZHOEHYLQGHQ+LHUELM ZHUGHQDVWPDHQ&23'SDWLsQWHQYHUJHOHNHQ 3RSXODWLH SHUVRQHQPHW&$5$PHWDVWPDHQPHW&23'ZHUGHQGRRUKXQORQJDUWV JHYUDDJGHHQYUDJHQOLMVWLQWHYXOOHQ2YHUGHUHVSRQVZHUGHQJHHQNZDQWLWDWLHYHXLWVSUDNHQ JHGDDQ'HJHPLGGHOGHOHHIWLMGZDVMDDU