5,90UDSSRUW 1DWXXURQWZLNNHOLQJLQ1HGHUODQGLQNDDUW JHEUDFKW .DDUWYDQGH+RRS /3GH9ULHV 'LWRQGHU]RHNZHUGYHUULFKWRQGHUEHJHOHLGLQJYDQ 'UV*HUW(JJLQN5,900LOLHXHQ1DWXXUSODQEXUHDX 'U3LWD9HUZHLM6HFWLH1DWXXUZHWHQVFKDSHQ6DPHQOHYLQJ&RSHUQLFXV,QVWLWXXWYRRUGXXU ]DPHRQWZLNNHOLQJHQLQQRYDWLH8QLYHUVLWHLW8WUHFKW 7HYHQVYHUVFKHQHQDOVLQWHUQUDSSRUWYDQGHVHFWLH1: 6&RSHUQLFXV,QVWLWXXW8QLYHUVLWHLW 8WUHFKWUDSSRUWQU1:6, 5,903RVWEXV%$%LOWKRYHQWHOHIRRQID[
5,90UDSSRUW SDJYDQ
$EVWUDFW
7KH1DWLRQDO(FRORJLFDO1HWZRUN(+6DQHWZRUNRIFRQQHFWHGQDWXUHUHVHUYHVZLWKDWRWDO DUHD RI KDLV DQLPSRUWDQWSDUWRI PRGHUQ 'XWFKHQYLURQPHQWDO SROLFLHV 7KURXJK QDWXUHGHYHORSPHQWHQFODYHVRIDJULFXOWXUDODFWLYLW\FDQEHWUDQVIRUPHGLQWRQDWXUHUHVHUYHV 7KHDLPRIWKLVVWXG\ZDVWRILQGRXW
:KHUHDUHQDWXUHGHYHORSPHQWSURMHFWVORFDWHGLQ7KH1HWKHUODQGV QRZ DQG LQ WKH IXWXUH DQGZKDWLVWKHLUSRWHQWLDOFRQVLGHULQJWKHLUFXUUHQWVWDWH"
'XULQJ WKLV VWXG\ QDWXUH GHYHORSPHQW LQ WKH 1HWKHUODQGV KDV EHHQ PDSSHG FUHDWLQJ D VR FDOOHGµ0DSRI+RSH¶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¶VWKHUHDUH VWLOO PDQ\ SUREOHPV WR EH VROYHG *URXQGZDWHU GHSOHWLRQ LV D VHULRXV LVVXH DOO RYHU WKH 1HWKHUODQGV $FLGLILFDWLRQ DQG HXWURILFDWLRQ OHYHOV DUH VWLOO WRR KLJK LQ DUHDV RI LQWHQVLYH FDWWOHEUHHGLQJ1DWXUHGHYHORSPHQWDOSURMHFWVLQWKHVHDUHDVZLOOQRWUHDFKWKHLUIXOOSRWHQWL DOGXHWRWKHVHOLPLWLQJIDFWRUV7KHEHVWHQYLURQPHQWDOFLUFXPVWDQFHVDUHIRXQGLQWKHQRUWK RIWKHFRXQWU\
5,90UDSSRUW SDJYDQ
9RRUZRRUG
$OVYHUSOLFKWRQGHUGHHOYDQGHVWXGLHELRORJLHYDQGHXQLYHUVLWHLW8WUHFKWKHELNKHW1DWXXU ZHWHQVFKDSSHQ %HOHLG HQ 0DQDJHPHQWWUDFp 1%0 YDQ GH VHFWLH 1DWXXUZHWHQVFKDS HQ 6DPHQOHYLQJ1: 6JHYROJG
'LWWUDFp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µ.DDUWYDQGH+RRS¶'DDUQDDVWKHELNGHYHUVFKLOOHQ GHQDWXXURQWZLNNHOLQJVSURMHFWHQGLHRSJHQRPHQ]LMQLQGH.DDUWYDQ GH +RRS JHUHODWHHUG DDQYHUVFKLOOHQGHLQGLFDWRUHQYRRUPLOLHXNZDOLWHLW :DQQHHUKHWUHVXOWDDWEHYUHGLJHQG]RX]LMQ]RXKHWZRUGHQRSJHQRPHQLQGH1DWLRQDOH1D WXXUYHUNHQQLQJGLHLQKHWYRRUMDDUYDQXLWNRPW 2QGHUEHJHOHLGLQJYDQ*HUW(JJLQN13%HQ3LWD9HUZHLM1: 6KHELNJHGXUHQGHHHQ SHULRGHYDQDFKWPDDQGHQDDQGLWSURMHFWJHZHUNW ,NZLOXLWHUDDUGPLMQEHJHOHLGHUVYRRUKXQLGHHsQELMVWXULQJHQVWHXQDOVKHWZHHUHHQVWHJHQ ]DWEHGDQNHQ9HUGHUZLOLN5D\PRQGGH1LHWHQ&DURO%DUWHOVEHGDQNHQYRRUKXQDDQZH]LJ KHLGDOVYUDDJEDDNYRRUDOOHPRJHOLMN*,6SUREOHPHQ+LQNR7DOVPD'/*YRRUKHWEHDQW ZRRUGHQYDQDOOHULVYUDJHQHQYHUGHUDOOHFROOHJD¶VELM019ZDDULN]R¶QDFKWPDDQGHQPHW SOH]LHUKHEURQGJHORSHQ
7HQVORWWH QDWXXUOLMN DOOH YULHQGHQ HQ NHQQLVVHQ GLH PLM GRRU HHQ DDQWDO GRRLH SXQWHQ KHHQ KLHOSHQGRRUPLGGHOYDQYLGHRDYRQGMHVSRWMHV.RORQLVWHQHQDOOHDQGHUHOHXNHEH]LJKHGHQ
5,90UDSSRUW SDJYDQ
,QKRXG
6DPHQYDWWLQJ ,QOHLGLQJ (HQQLHXZJHOXLG 'RHOYDQKHWRQGHU]RHN $DQSDNYDQKHWRQGHU]RHN 'LWUDSSRUW 1DWXXURQWZLNNHOLQJVEHOHLGLQ1HGHUODQG ,QWURGXFWLH 1DWXXUHQQDWXXUZDDUGH 9RRU1DWXXUEHKRXG 2QWZLNNHOLQJYDQGHQDWXXUEHVFKHUPLQJLQ1HGHUODQG 1D1DWXXURQWZLNNHOLQJHQ1DWXXUEHOHLGVSODQ 1DWXXURQWZLNNHOLQJ +HW1DWXXUEHOHLGVSODQ 'HDFWRUHQ 'HRYHUKHGHQ 'LHQVW/DQGHOLMN*HELHG 7HUUHLQEHKHUHQGHRUJDQLVDWLHV 9RRUWJDQJYDQGH(+6 $QGHUHSURJUDPPD¶V .QHOSXQWHQ .DDUWYDQGH+RRS ,QWURGXFWLH 0HWKRGH .DDUWYDQGH+RRS 6WDWXV $IEDNHQLQJ .DDUWYDQGH+RRS ,QGLFDWRUHQ ,QWURGXFWLH 0HWKRGH 9HUGURJLQJ 9HU]XULQJ 9HUPHVWLQJ 9HUVSUHLGLQJ 9HUVQLSSHULQJ 0LOLHXNZDOLWHLWHQQDWXXURQWZLNNHOLQJSDJYDQ 5,90UDSSRUW 'LVFXVVLHHQFRQFOXVLHV :DDUOLJJHQKXLGLJHHQWRHNRPVWLJHQDWXXURQWZLNNHOLQJVSURMHFWHQLQ1HGHUODQG" 9RRUWJDQJYDQQDWXXURQWZLNNHOLQJ :HONHSURMHFWHQ]LMQNDQVULMNYDQXLWKHWRRJSXQWYDQPLOLHXNZDOLWHLW" $DQEHYHOLQJHQ /LWHUDWXXU
5,90UDSSRUW SDJYDQ
6DPHQYDWWLQJ
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µ.DDUWYDQGH+RRS¶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
SDJYDQ 5,90UDSSRUW ,QHHQJURRWDDQWDOJHYDOOHQLVRRN]LFKWEDDUGDWQRJHELHGHQHHQDDQWDONOHLQHUHEHVWDDQGH QDWXXUJHELHGHQYHUELQGHQRIGDW]LMMXLVWJHSODQG]LMQLQHHQJHELHG]RQGHUYHHORRUVSURQNH OLMNHQDWXXUHQGDDUGRRUGHIXQFWLHYDQµVWHSSLQJVWRQHµ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sYDOXHHUGZHONHQRJHELHGHQGHPHHVWHNDQVYDQVODJHQKHE EHQ RQGHU GH KXLGLJH PLOLHXRPVWDQGLJKHGHQ +LHUWRH LV PHW QDPH JHNHNHQ QDDU GH ]RJH QDDPGHYHUWKHPD¶VYHUGURJLQJYHU]XULQJYHUPHVWLQJYHUVSUHLGLQJHQYHUVQLSSHULQJ +RHZHOKHWPHWGHQDWXXUNZDOLWHLWDOEHWHUJDDWGDQLQGHMDUHQ¶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sOHNZDQWLWHLW PHW DQGHUH ZRRUGHQ GH JURRWWH YDQ HHQ JHELHG GH SURMHFWHQ PHW GH PHHVWH SRWHQWLH OLJJHQ LQ
5,90UDSSRUW SDJYDQ
1RRUG'UHQWKH'UHQWVH$DHQ3HL]HUGLHSHQLQGH*HOGHUVH3RRUW:DQQHHUHUHFKWHUJHNH NHQZRUGWQDDUSRWHQWLs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
9RRUGHWRHNRPVWEOLMIWKHWEHODQJULMNWHZHUNHQDDQKHWYHUVQHOOHQYDQGHEHJUHQ]LQJYHU ZHUYLQJLQULFKWLQJHQRYHUGUDFKWYDQJHELHG'DDUQDDVWPRHWHQGHPLOLHXFRQGLWLHVRSSHLO ZRUGHQJHEUDFKWHQPRHWGHYHUVQLSSHULQJYDQQDWXXUZRUGHQWHJHQJHJDDQ2PJHHQLQIRU PDWLHHQHUYDULQJYHUORUHQWHODWHQJDDQLVKHWRRNHVVHQWLHHORPHHQGDWDEDVHDDQWHOHJJHQ ZDDULQ JHJHYHQV YDQ DOOH QRSURMHFWHQ RSJHVODJHQ ZRUGHQ ]RGDW QLHW VWHHGV ZHHU KHW ZLHO XLWJHYRQGHQKRHIWWHZRUGHQ9LDGH]HGDWDEDVH]RXGHQLQULFKWHUVHONDDUVNHQQLVEHWHUNXQ QHQEHQXWWHQ'DDUQDDVWLV]R¶QGDWDEDVHRRNSUDNWLVFKYRRURQGHU]RHNHUVHQJHwQWHUHVVHHU GHQGLHLQIRUPDWLH]RHNHQRYHUQDWXXURQWZLNNHOLQJLQKHWDOJHPHHQRIMXLVWRYHUHHQVSHFL ILHNSURMHFW
5,90UDSSRUW SDJYDQ
,QOHLGLQJ
(HQQLHXZJHOXLG
,QZHUGLQGH'XXUVFKH:DDUGHQHHQJHELHGDDQGHRHYHUYDQGH,-VVHOWXVVHQ2OVWHQ :LMKHHHQDDQWDOODQGERXZJUDVODQGHQVDPHQJHYRHJGPHWHHQWHUUHLQGDWZHUGEHKHHUGGRRU 6WDDWERVEHKHHU 6%%WRWHHQ JHELHGYDQKD2SGLWWHUUHLQ ]RX HHQ QLHXZH YRUP YDQ QDWXXUEHKHHU PRHWHQ SODDWVYLQGHQ $OV H[SHULPHQW ZHUG EHQHGHQVWURRPV HHQ RSHQ YHUELQ GLQJPHWGH,-VVHOJHJUDYHQHQWHYHQVZHUGHUHHQJHXODDQJHOHJGGLHDOOHHQELMKRRJZDWHULQ YHUELQGLQJ PHW GH ULYLHU VWDDW +HW WHUUHLQ ]RX ZRUGHQ EHJUDDVG GRRU ,-VODQGVH SRQ\¶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±EHKRXG ,Q GH MDUHQµNZDPGH1HGHUODQGVHUHJHULQJWRWGH FRQFOXVLHGDWKHWWRWGDQWRHJHYRHUGHQDWXXUHQ ODQGVFKDSVEHOHLG QLHW YROGRHQGH ZDV RP GH ZDDUGHYROOH QDWXXU YDQ 1HGHUODQG RS HHQ GXXU]DPH PDQLHU WH EHKRXGHQ 1DDVW DOOHUOHL PLOLHXIDFWRUHQ ]RDOV YHUGURJLQJ HQ YHU]XULQJ ZDV YRRUDO GH YHUVQLSSHULQJ HQ DUHDDO YHUNOHLQLQJ HHQ JURRW JHYDDU YRRU GH 1HGHUODQGVHQDWXXU'RRUKHWYHUNOHLQHQYDQKHW DUHDDO ZHUGHQ GH EHVWDDQGH QDWXXUJHELHGHQ NOHLQHU HQ NZDPHQ ERYHQGLHQ GRRU GH YHUVQLSSHULQJYHUGHUYDQHONDDUDIWHOLJJHQ7H YHQVZHUGHQ GH EDUULqUHV ]RDOV VSRRU HQ DXWR ZHJHQ HQ ZRRQZLMNHQ WXVVHQ GH YHUVFKLOOHQGH )LJ'HIUDJPHQWDWLHYDQQDWXXU
JHELHGHQKLHUGHKRJHUH]DQGJURQGHQ 9DQ%DDOHQ
SDJYDQ 5,90UDSSRUW
JHELHGHQRRNVWHHGVJURWHU]RGDWGHPLJUDWLHQRJYHUGHUEHPRHLOLMNWZHUG]LHILJ'H WRWGDQWRHJHKDQWHHUGHGHIHQVLHYHVWUDWHJLHYDQEHKRXGYDQEHVWDDQGHJHELHGHQZHUGDDQJH YXOGPHWHHQPHHURIIHQVLHYHVWUDWHJLH8LWJDDQGHYDQGH]HRIIHQVLHYHVWUDWHJLH]RXGRRUGH RYHUKHLG DFWLHI QDWXXUJHELHGHQ DDQJHNRFKW PRHWHQ ZRUGHQ 'H]H JHELHGHQ ]RXGHQ YHUYRO JHQVLQJHULFKWPRHWHQZRUGHQRPGHMXLVWHRPVWDQGLJKHGHQWHFUHsUHQGLHZDDUGHYROOHQDWXXU ]RXNXQQHQRSOHYHUHQ
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¶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
5,90UDSSRUW SDJYDQ
'RHOYDQKHWRQGHU]RHN
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
$DQSDNYDQKHWRQGHU]RHN
9LDYHUVFKLOOHQGHFRQWDFWHQHQDDQGHKDQGYDQOLWHUDWXXUVWXGLHLVJHSRRJGDOOHQRSURMHFWHQ YDQ1HGHUODQGWHYHU]DPHOHQ'RRUPLGGHOYDQKHW*,6SURJUDPPD$UFLQIRLVGHNDDUWYHU YROJHQVJHGLJLWDOLVHHUGRPWHNRPHQWRWGHJHYUDDJGHµ.DDUWYDQGH+RRS¶'HVWDWXVYDQGH YHUVFKLOOHQGHSURMHFWHQZHUGRSJHKHOGHUGGRRUOLWHUDWXXUVWXGLHHQFRQWDFWPHWYHUVFKLOOHQGH VOHXWHOILJXUHQ2PRRNLHWVWHNXQQHQ]HJJHQRYHUKHWVXFFHVYDQGHYHUVFKLOOHQGHSURMHFWHQ LVHURRNJHNHNHQQDDUHHQDDQWDOLQGLFDWRUHQGLHGHNZDOLWHLWYDQHHQJHELHGEHSDOHQ $DQJH]LHQYHOHIDFWRUHQLQYORHGKHEEHQRSKHWVXFFHVYDQHHQQRSURMHFWLVGLWGHHOYDQKHW RQGHU]RHN EHSHUNWWRW HHQ DDQWDOEDVDOH PLOLHXSUREOHPHQ QDPHOLMN GH YHUWKHPD¶V YHUGUR JLQJYHU]XULQJYHUPHVWLQJHQYHUVQLSSHULQJ:DQQHHUHUELMGHEHVWULMGLQJYDQGH]HPLOLHX SUREOHPHQYHHOYRRUXLWJDQJZRUGWJHERHNWLVGDWHHQGXLGHOLMNHLQGLFDWLHGDWKHWKLHUJDDWRP HHQVXFFHVYROQRSURMHFW'LWUDSSRUW
%LQQHQGLWRQGHU]RHNLVJHSUREHHUGPHWEHKXOSYDQNDDUWPDWHULDDOHQLQIRUPDWLHDDQJHOHYHUG GRRUYHUVFKLOOHQGHLQVWDQWLHVGHQRJHELHGHQWHORFDOLVHUHQRPYHUYROJHQVGRRUYHUJHOLMNLQJSDJYDQ 5,90UDSSRUW PHWNDDUWEHHOGHQYDQGHYHUWKHPD¶VDDQWHJHYHQZDDUHUNDQVHQHQEHGUHLJLQJHQ]LMQYRRU HHQYHUEHWHULQJYDQGHKXLGLJHVLWXDWLHRPWUHQWQRSURMHFWHQ 1DGHLQOHLGLQJLQKRRIGVWXNNRPWLQKRRIGVWXNDDQERGKRHPHQLQ1HGHUODQGGDFKWRYHU QDWXXURQWZLNNHOLQJLQGHYRULJHHHXZHQKRHPHQWRWGHDPELWLHX]HGRHOVWHOOLQJHQLVJHNR PHQGLHPHQRSGLWPRPHQWKDQWHHUW,QKRRIGVWXNZRUGWGHPHWKRGHEHKDQGHOGGLH JH EUXLNWLVRPWRWGHµ.DDUWYDQGH+RRS¶WHNRPHQHQDDQJHJHYHQZDDUQDWXXURQWZLNNHOLQJLQ 1HGHUODQG LV DDQJHWURIIHQ 9HUYROJHQV SDVVHUHQ LQ KRRIGVWXN GH KLHUERYHQ DO JHQRHPGH YHUWKHPD¶VGHUHYXHHQZRUGWDDQJHJHYHQRSZHONHPDQLHU]HLQYORHGKHEEHQRSGH1HGHU ODQGVHQDWXXU7HQVORWWHZRUGWKHWODDWVWHKRRIGVWXNWUDGLWLRQHHOJHEUXLNWYRRUGHGLVFXVVLHHQ FRQFOXVLHVHQZRUGWHHQSRJLQJJHGDDQRPDDQWHJHYHQKRHKHWVWDDWPHWGH1HGHUODQGVH QDWXXU
5,90UDSSRUW SDJYDQ
1DWXXURQWZLNNHOLQJVEHOHLGLQ1HGHUODQG
,QWURGXFWLH
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
0HWQDPHGHYHUVQLSSHULQJNRPWVWHUNWRWXLWLQJLQGHERYHQVWDDQGHVWURIHPDDURRNGHLQ YORHGYDQYHUPHVWLQJYHUGURJLQJYHU]XULQJHQDQGHUHSURFHVVHQZHUGVWHHGVVWHUNHUZDDU GRRU YHHO IORUD IDXQD HQ HFRV\VWHPHQ GH DIJHORSHQ HHXZ VWHUN DFKWHUXLW ]LMQ JHJDDQ 9DQZHJHGLHYRRUWGXUHQGHDDQVODJHQRSKHW1HGHUODQGVHPLOLHXZRUGW1HGHUODQGGRRUVRP PLJHDXWHXUVQXDOVHFRORJLVFKUDPSJHELHGDDQJHPHUNW9DQ%DDOHQ
1DWXXUHQQDWXXUZDDUGH
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
9RRU1DWXXUEHKRXG
1DWXXUEHVFKHUPLQJLQ1HGHUODQGLVRQWVWDDQLQKHWEHJLQYDQGHYRULJHHHXZPHWGHRSULFK WLQJYDQRDGH9HUHQLJLQJWRWEHKRXGYDQ1DWXXUPRQXPHQWHQLQ1HGHUODQG1DWXXUPRQX PHQWHQLQ'HEHODQJULMNVWHVWUDWHJLHGLHLQGLHWLMGJHKDQWHHUGZHUGZDVKHWDDQNRSHQ YDQJURQGHQPHWKHWRRJRSQDWXXUEHVFKHUPLQJ+HWJLQJGDDUELMRPEHVWDDQGHQDWXXUJHELH GHQGLHEHVFKHUPGPRHVWHQZRUGHQWHJHQDQGHUHEHVWHPPLQJHQ]RDOVODQGERXZHQDIYDORS VODJ1DDUGHUPHHU'DDUQDDVWZHUGHQHUGRRUODQGJRHGHLJHQDUHQ JHELHGHQDDQJHERGHQWHU EHVFKHUPLQJ+HWEHKHHUEHVWRQGLQGLHWLMGXLWMDFKWERVERXZULHWWHHOWHQGHUJHOLMNHNRUWRP KHWEHKHHUGDWGHYURHJHUHHLJHQDUHQ]HOIRRNXLWJHYRHUG]RXGHQKHEEHQRSKXQODQGJRHGH UHQ7RFKYLQGHQZHELMGLHHHUVWHJHRUJDQLVHHUGHQDWXXUEHVFKHUPLQJVRUJDQLVDWLHVDORSYDW WLQJHQGLHYHUZDQW]LMQPHWGHKHGHQGDDJVHQDWXXURQWZLNNHOLQJ(pQYDQGHRSULFKWHUVYDQ 1DWXXUPRQXPHQWHQ-DF37KLMVVHVSUDNLQGLHWLMGDORYHURQDDQWDVWEDDUKHLGYDQQDWXXUWHU UHLQHQ HQKHWEHODQJYDQHHQRQJHVWRRUGHRQWZLNNHOLQJYDQGHQDWXXU9DQGHU:LQGWHWDO5,90UDSSRUW SDJYDQ
2QWZLNNHOLQJYDQGHQDWXXUEHVFKHUPLQJLQ1HGHUODQG
,QGHMDUHQWZLQWLJHQGHUWLJYHUDQGHUGHKHWJH]LFKWYDQGH QDWXXUEHVFKHUPLQJ HQ ZHUGGH SODDWVYDQGHDGHOHQODQGHLJHQDUHQLQJHQRPHQGRRUUHFUHDQWHQRUJDQLVDWLHVHQGHRYHUKHLG 1LHWDOOHHQVSHFLILHNHQDWXXUPRQXPHQWHQZDUHQKHWUHGGHQZDDUGRRNJURWHGHOHQYDQKHW ODQGHOLMNJHELHG]RX EHVFKHUPGPRHWHQ ZRUGHQ DOV QDWXXUUXLPWH +HW ZDVGHLGHDOH SODDWV YRRUVWHGHOLQJHQRPWHNXQQHQUHFUHsUHQ%HODQJULMNZDVKRHKHWJHELHGHUXLW]DJRIKHWHU RUGHOLMNZDVHQQHWMHVRQGHUKRXGHQ9DQGDDUGDWKLHUGHWHUPQDWXXUVFKRRQYDQWRHSDVVLQJ ZDV'HQDWXXUEHVFKHUPLQJFRQFHQWUHHUGH]LFKGDDUGRRURSPRRLHODQGVFKDSSHQHQQLHW]R ]HHURSQDWXXUZDDUGHRIQDWXXUNZDOLWHLW$OOHUOHLJHELHGHQYDQRQJHUHSWHQDWXXUJHELHGHQWRW PRRLHFXOWXXUODQGVFKDSSHQGLHVWHUNGRRUGHPHQVEHw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sUHQ9DQGHU:LQGWHWDO9DQ %DDOHQ 'HGLVFXVVLHZHUGLQKHWJHZHOGYDQGHZHGHURSERXZJHVPRRUGPDDUWRFKZHUGHQHUQLHX ZH LGHHsQ XLW JHGHVWLOOHHUG =R NZDP GH HFRORRJ :HVWKRII RS EDVLV YDQ SODQWHQJHPHHQ VFKDSSHQPHWHHQYHUGHOLQJYDQGH1HGHUODQGVHQDWXXUJHELHGHQLQRQJHVWRRUGHQDWXXUELMQD RQJHVWRRUGHQDWXXUHQKDOIQDWXXU'HRQJHVWRRUGHHQELMQDRQJHVWRRUGHQDWXXUZDVRRNWRHQ DO]HHUIUDJPHQWDULVFKHQWHUXJJHGURQJHQ9ULMZHODOOHWHUUHVWULVFKHQDWXXUZDVDOVWHUNEHw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
SDJYDQ 5,90UDSSRUW
%R[5HODWLHQRWDJHELHG
1DY 1RWD EHWUHIIHQGH GH UHODWLH ODQGERXZ HQQDWXXU HQODQGVFKDSVEHKRXG ,QGH]H 5H ODWLHQRWD ]LMQ WZHH VRRUWHQ LQVWUXPHQWHQ RQW ZLNNHOG
D 5HVHUYDDWVJHELHGHQ ZDDU KHW EHKHHU YDQ QDWXXUHQODQGVFKDSRSGHHHUVWHSODDWVNRPW +LHU ZRUGW GH JURQG DDQ GH ODQGERXZ RQW WURNNHQ5HVHUYDDWVJHELHGHQZRUGHQRSYULM ZLOOLJHEDVLVGRRUGHRYHUKHLGDDQJHNRFKWHQ LQEHKHHUYDQ HHQ QDWXXURUJDQLVDWLH JHJHYHQ E %HKHHUVJHELHGHQ ZDDU QDWXXU HQ ODQG VFKDSVEHKHHULQGHDJUDULVFKHEHGULMIVYRHULQJ ZRUGW LQJHSDVW 'H]H JURQGHQ EHKRXGHQ GXV KXQODQGERXZIXQFWLH9RRUGHEHKHHUVLQVSDQ QLQJHQRQWYDQJHQGHERHUHQHHQYHUJRHGLQJ
KDQGKDDIGGLHQWWHEOLMYHQRPGHDDQZH]LJQDWXXUZDDUGHWHEHKRXGHQ+HLGHWHUUHLQHQH[WHQ VLHI EHKHHUGH JUDVODQGHQ HQ HHQ GHHO YDQ GH 1HGHUODQGVH ERVVHQ YLHOHQ KLHUGRRU RQGHU GH QRHPHUYDQGH]H]RJHQRHPGHKDOIQDWXXU9DQGHU:LQGWHWDO
*HGXUHQGH GH GHFHQQLD GDDUQD EOHHI GHQDWXXUEHZHJLQJ JURHLHQHQYRRUDO LQ GH MDUHQ µ QDP KHW DDQWDO OHGHQ YDQ QDWXXUEHVFKHUPLQJVRUJDQLVDWLHV VWHUNWRH'HPDDWVFKDSSHOLMNHSRVLWLH YDQ GH]H RUJDQLVDWLHV YHUEHWHUGH RRN HQ GDDUGRRU GH PDDWVFKDSSHOLMNH SR VLWLH YDQ GH QDWXXU (U ZDV HHQ WRH QHPHQGH EHKRHIWH DDQ UHFUHDWLH HQ QDWXXUHQGDDUGRRU ZDVGH ODQGERXZ QLHWODQJHUPHHUGHPRQRSROLVWRSKHW JHELHG YDQ KHW SODWWHODQG 'RRU WRH QHPHQGHGUXNYDQGHQDWXXURUJDQLVD
WLHVEHVORRWGHUHJHULQJYLDKDDU UXLPWHOLMNH RUGHQLQJVEHOHLG KDODQGERXZJURQG WH EHVWHPPHQ DOV UHODWLHQRWDJHELHG ER[ %LQQHQ GH]H JHELHGHQ PRHVWHQ ODQGERXZ HQ QD WXXUEHKHHUJHwQWHJUHHUGZRUGHQ'LWKHHIWHFKWHUQLHWNXQQHQYHUKHOSHQGDWYRRUDOGHNZDOL WHLWYDQGHQDWXXULQ1HGHUODQGDFKWHUXLWLVJHJDDQ 2YHUKHWDOJHPHHQLVHUELQQHQGHQDWXXUEHVFKHUPLQJVEHZHJLQJYRRUWGXUHQGVSUDNHJHZHHVW YDQHHQYHUEUHGLQJYDQGHEHWURNNHQJURHSHQGHGRHOHQHQYDQGHPLGGHOHQ9DQGHU:LQGW HWDO
1D1DWXXURQWZLNNHOLQJHQ1DWXXUEHOHLGVSODQ
1DWXXUHQPLOLHXVWRQGHQLQQDMDUHQYDQQDWXXUEHKRXGHQQDWXXUEHVFKHUPLQJVEHOHLG QRJ VWHHGV VWHUNRQGHUGUXN +HW UHJHULQJVEHOHLG OHJGH LQ GH]H SHULRGH VWHUNGH QDGUXN RS YHUEHWHULQJYDQGHNZDOLWHLWYDQKHWPLOLHXRPGHDFKWHUXLWJDQJYDQGHOHHIRPJHYLQJWHVWRS SHQ0DDUDOOHHQHHQYHUEHWHULQJYDQGHZDWHUOXFKWHQJURQGNZDOLWHLWLVQLHWYROGRHQGH2RN KHW GXXU]DPH EHKRXG YDQ SODQWHQ HQ GLHUVRRUWHQ HQ QDWXXU HQ ODQGVFKDSVZDDUGHQ LV YDQ HVVHQWLHHOEHODQJYRRUGHPHQVHOLMNHOHHIRPJHYLQJ/195,90UDSSRUW SDJYDQ
1DWXXURQWZLNNHOLQJ
9DQDIRQWVWDDWHUHFKWHUHHQKHUQLHXZGGHQNHQRYHUQDWXXUEHVFKHUPLQJ+HWEHJULS QDWXXURQWZLNNHOLQJZRUGWJHw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±EHVFKHUPLQJVEHOHLG'RRUGHWRHJHQRPHQLQ]LFKWHQLQGHZHU NLQJ YDQ HFRV\VWHPHQ ]RX GH QDWXXU JHULFKWHU JHVWXXUG NXQQHQ ZRUGHQ QDDU HHQ EHSDDOG HLQGGRHO0HWGH]HLGHHsQODDLGHELQQHQKHWQDWXXUEHOHLGGHGLVFXVVLHWXVVHQGHSUHFLH]HQHQGHUHNNH OLMNHQZHHURS9DQGHU:LQGWHWDO'HSXEOLFDWLHYDQGHYHUNHQQHQGHVWXGLH1DWXXU RQWZLNNHOLQJ/19HLQGMDUHQµPDDNWHGXLGHOLMN QDDU ZHONH NDQW GH ZHHJVFKDDO ZDVGRRUJHVODJHQ1DWXXURQWZLNNHOLQJZHUGHHQYROZDDUGLJRQGHUGHHOYDQKHWEHOHLG 9HUNHQQHQGHVWXGLH1DWXXURQWZLNNHOLQJ ,QGHORRSYDQGHMDUHQZHUGQDWXXURQWZLNNHOLQJPHHUHQPHHUJH]LHQDOVHHQZDDUGHYROLQ VWUXPHQWRPGHZHLQLJHQDWXXULQ1HGHUODQGGXXU]DDPWHEHKRXGHQ'H9HUNHQQHQGHVWXGLH 1DWXXURQWZLNNHOLQJZHUGJHEUXLNWDOVHHQSUDNWLMNJHULFKWHYHUWDOLQJYDQLGHHsQGLHJHGHSR QHHUGZDUHQLQKHW61/HQGHMDUHQGDDUQD'LWKHHIWJHUHVXOWHHUGLQHHQDDQWDOFRQFHSWHQGLH GHQDWXXUEHVFKHUPLQJLQ1HGHUODQGGHMDUHQGDDUQD]RXGHQEHKHHUVHQ $OVppQYDQGHEHODQJULMNVWHSXQWHQXLWGHYHUNHQQHQGHVWXGLHZRUGWJH]LHQGDWKHWQDWXXUEH KHHUHQGHODQGERXZYRRUHHQGHHOORVJHNRSSHOGPRHVWHQZRUGHQ(UZDVJHSUREHHUGRDYLD
SDJYDQ 5,90UDSSRUW
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sOH SURFHVVHQ HQ RQGHUOLQJH UHODWLHV RSJHVSRRUG ZRUGHQ HQ ZRUGHQYHUJHOHNHQPHWGHKXLGLJHVLWXDWLH1DDUDDQOHLGLQJYDQGH]HYHUJHOLMNLQJNDQZRU GHQEHNHNHQZHONHSURFHVVHQHQFRPSRQHQWHQPLVVHQLQHHQEHSDDOGHFRV\VWHHPRILQHHQ YHUNHHUGHPDWHDDQZH]LJ]LMQ'LWDOOHVRPWRWHHQFRPSOHWHUHQYRRUDODXWRQRPHUV\VWHHPWH NRPHQXLWHUDDUGELQQHQGRRUGHPHQVJH]HWWHJUHQ]HQ/19
2PWRWFRQFUHWHQDWXXUGRHOVWHOOLQJHQWHNRPHQLVQDKHW1DWXXUEHOHLGVSODQ1%3KHWFRQ FHSW QDWXXUGRHOW\SHQ XLWJHGDFKW +LHUPHH ]RX GH HIIHFWLYLWHLW YDQ KHW QDWXXUEHOHLG HQ GH GRRUZHUNLQJYDQKHWPLOLHXEHOHLGEHWHUJHWRHWVWPRHWHQNXQQHQZRUGHQ
5,90UDSSRUW SDJYDQ
%R[(FRV\VWHHPRSJHERXZGXLWHFR WRSHQ
(HQHFRWRRSZRUGWDOJHPHHQEHVFKRXZG DOV KHW NOHLQVWH ODQGVFKDSVHOHPHQW +HW ZRUGWJH]LHQDOVHHQUXLPWHOLMNEHJUHQVGH HFRORJLVFKH HHQKHLG PHW HHQ NDUDNWHULV WLHNH KRPRJHQLWHLW 9RRUEHHOGHQ ]LMQ HHQ DNNHU JUDVODQG RHYHU ERVUDQG /RQGR
(HQQDWXXUGRHOW\SHZRUGWJHGHILQLHHUGDOVHHQQDJHVWUHHIGHFRPELQDWLHYDQDELRWLVFKHHQEL RWLVFKHNHQPHUNHQRSHHQEHSDDOGHUXLPWHOLMNHVFKDDO%DOHWDOPHWDQGHUHZRRUGHQ HHQQDWXXUGRHOW\SHLVHHQEHVFKULMYLQJYDQHHQHFRV\VWHHPLQWHUPHQYDQVRRUWHQQDWXXUOLMNH SURFHVVHQ PLQLPXP DUHDDO HQ EHKHHU /HQGHUV 'RRU GH]H RPVFKULMYLQJ ZRUGW KHW QDWXXUGRHOW\SHWRHWVEDDU,QWRWDDOLVGH1HGHUODQGVHQDWXXUYHUGHHOGLQQDWXXUGRHOW\SHQ 'LWZRUGWVRPVWHUXJJHEUDFKWWRWGHEHODQJULMNVWH
*URWHRSSHUYODNWHQ
+HW GHUGH EHODQJULMNH SXQW LV KHW EHVHI GDW JURWH RSSHUYODNWHV YRRU KHW GXXU]DDP EHKRXGHQ YDQ GH 1HGHUODQGVH QDWXXU HVVHQWLHHO ]LMQ 9RRUWERUGXUHQG RS GH HFRORJLVFKH UHIHUHQWLH HQ QDWXXUGRHOW\SHQ LV KHW YDQ EHODQJ GDW SODQWHQ HQ GLHUVRRUWHQ ]RYHHO PRJHOLMN NXQQHQ YRRUWEHVWDDQ LQ GH
FRQWH[WYDQHHQFRPSOHHWV\VWHHP]RDOVGDWGRRUGHQDWXXUGRHOW\SHQJHVFKHWVWLV
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sQXLWGH9HUNHQQHQGHVWXGLH1DWXXURQWZLNNHOLQJNRPHQWHUXJLQKHW 1DWXXUEHOHLGVSODQ
+HW1DWXXUEHOHLGVSODQ
,QZHUGKHW1DWXXUEHOHLGVSODQ1%3JHODQFHHUGPHWDOVKRRIGGRHOVWHOOLQJ 'HGXXU]DPHLQVWDQGKRXGLQJKHUVWHOHQRQWZLNNHOLQJYDQQDWXXUOLMNHHQODQGVFKDSSHOLMNH ZDDUGHQSDJYDQ 5,90UDSSRUW
%R[ %LM]RQGHUH ZDDUGHQ LQ KHW 1HGHUODQGVH QDWXXUHQODQGVFKDSVEHOHLG
3ULRULWHLWHQYDVWJHVWHOGRSEDVLVYDQGHFULWHULDYHU VFKHLGHQKHLGQDWXXUOLMNKHLGHQNHQPHUNHQGKHLG %HNHQ VFKUDOH JUDVODQGHQ VWUXZHOHQ KHOOLQJ
ERVVHQ HQ EURQERVVHQ LQ KHW =XLGOLPEXUJVH KHXYHOODQG
6WXLI]DQGHQKHLGHYHQQHQKRRJYHHQJHELHGHQ VFKUDDOJUDVODQGHQEHNHQPRHUDVVHQHQRXGHUH ERVVHQRSGHKRJHUH]DQGJURQGHQ
$IJHVQHGHQ PHDQGHUV ZLHOHQ PRHUDVVHQ VFKUDDOJUDVODQGHQ HQ ERVVHQ LQ KHW ULYLHUHQ JHELHG
6FKUDDOJUDVODQGHQ PRHUDVVHQ SODVVHQ HQ YDDUWHQLQKHWODDJYHHQJHELHG
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
SHLO]LMQPDDULVKHW RRN YDQ EHODQJ GDWHUUXLPWHEHVWDDWYRRUQDWXXUOLMNH SURFHVVHQGLHEHODQJULMN]LMQYRRUGLH VSHFLILHNHQDWXXUZDDUGHQ
,QKHW1%3 LV HHQ DDQWDO KRRIGOLMQHQ XLWJHVWLSSHOG $OOHUHHUVW LV KHW YDQ EHODQJ GDW GH DOJHPHQH PLOLHXGUXN ZRUGWYHUPLQGHUG 0HW DQGHUH ZRRU GHQ HU PRHW JH]RUJG ZRUGHQ YRRU HHQ JRHGH NZDOLWHLW YDQ ZDWHU OXFKW HQ ERGHP 'LW ]LMQ GH UDQGYRRU ZDDUGHQ RP SODQWHQ HQ GLHUVRRUWHQ HQ QDWXXU HQ ODQGVFKDSVZDDUGHQ WH EHKRXGHQ 9HUGHU PRHW HU JHULFKW JHZHUNW ZRUGHQ DDQ GUDDJYODN YHUJURWLQJ YRRU KHW QDWXXUEHOHLG HQ
EHOHLGVRQGHUERXZHQGRQGHU]RHNHQPRHWHUDDQGDFKWZRUGHQEHVWHHGDDQVSHFLILHNHODQG VFKDSSHOLMNHZDDUGHQQDWXXUGRHOW\SHQHQVSHFLILHNHVRRUWHQ/19
2RNYRRUKHWVRRUWHQEHOHLGKHHIWGHRYHUKHLGHHQDDQWDOVSHHUSXQWHQ(HQDDQWDOVRRUWHQLV JHVHOHFWHHUGDOVGRHOVRRUW'LHGRHOVRRUWHQ]LMQJHVHOHFWHHUGRSEDVLVYDQLQWHUQDWLRQDDOEH ODQJ HHQGDOHQGHWUHQG HQ GH DOJHPHQH]HOG]DDPKHLG YDQ HHQ VRRUW :DQQHHU HHQQDWXXU GRHOW\SHZRUGWWRHJHNHQGDDQHHQJHELHGZRUGHQGDDURRNGRHOVRRUWHQDDQJHNRSSHOGZDDU YRRUHUPDDWUHJHOHQJHWURIIHQ]RXGHQNXQQHQZRUGHQ%DOHWDO
5,90UDSSRUW SDJYDQ
(FRORJLVFKH+RRIGVWUXFWXXU
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¶Q KDWHUUHVWULVFKHQDWXXUEHVODDQ 'LWLV RSJHGHHOG LQ KD EHVWDDQGH QDWXXU KDEHKHHUVJHELHGKDUHVHUYDDWVJHELHGHQQRJHELHG/DWHU]LMQGDDU QRJYRRUKDQLHXZDDQWHOHJJHQYHUELQGLQJV]RQHVHQUREXXVWHYHUELQGLQJHQDDQWRH JHYRHJG,QPLGGHOV]LMQGHFDWHJRULsQUHVHUYDDWHQQDWXXURQWZLNNHOLQJELMHHQJHYRHJGWRWGH FDWHJRULH µ1LHXZH 1DWXXU¶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
SDJYDQ 5,90UDSSRUW
%R[,QWHUQDWLRQDOHYHUGUDJHQ
5DPVDUFRQYHQWLH %HVFKHUPHQ DOVPHGH YHUVWDQGLJ JHEUXLN YDQ ZHWODQGV YDQLQWHUQDWLRQDOHEHWHNHQLV
%HUQ HQ %RQQFRQYHQWLHV %HVFKHUPLQJ YDQ UHVS (XURSHVH HQ WUHNNHQGH IORUDHQIDXQD (8YRJHOULFKWOLMQ%HVFKHUPLQJYDQLQKHWZLOGOHYHQGHYRJHOVRRUWHQ (8KDELWDWULFKWOLMQ,QVWDQGKRXGLQJYDQQDWXXUOLMNHHQKDOIQDWXXUOLMNHKDEL WDWVHQKXQZLOGHIORUDHQIDXQD %LRGLYHUVLWHLWVYHUGUDJ%HKRXGHQGXXU]DDPJHEUXLNYDQELRGLYHUVLWHLWHQGH HHUOLMNHYHUGHOLQJYDQGHYRRUHQQDGHOHQYDQJHEUXLN 5,90D/19 .HUQJHELHGHQ
*HELHGHQ GLH LQ KHW 1%3 ZRUGHQ DDQJHGXLG DOV NHUQJHELHGHQ ]LMQ RYHU KHW DOJHPHHQ EH VWDDQGHLQWHUQDWLRQDDOEHNHQGHJHELHGHQGLHYDQJURWHEHWHNHQLV]LMQYRRUGHQDWXXUZDDUGHQ LQGLHUHJLRYRRU1HGHUODQGRIYRRU(XURSDLQ]LMQJHKHHO'H]HJHELHGHQKHEEHQHHQPLQL PXPRPYDQJYDQKHFWDUH$OVEDVLVKLHUYRRU]LMQGHJHSODQGHQDWLRQDOHSDUNHQHQ ppQ JUHQVRYHUVFKULMGHQG SDUN JHQRPHQ /19 D 'DDUQDDVW ZRUGHQ ODQGJRHGHUHQ ZDDUGHYROOHDJUDULVFKHFXOWXXUODQGVFKDSSHQEHKRUHQGWRWGHUHODWLHQRWDJHELHGHQHQELRWRSHQ YDQGLHUVRRUWHQGLHYDQJURWHEHWHNHQLV]LMQYRRU1HGHUODQGHQGHUHVWYDQ(XURSDRSJHQR PHQLQGH(+6DOVNHUQJHELHG+HWEHOHLGWHQDDQ]LHQYDQGHNHUQJHELHGHQLVHURSJHULFKWGH KXLGLJHDDQZH]LJHQDWXXUZDDUGHQWHEHKRXGHQHQWHYHUVWHUNHQ 2PGHNHUQJHELHGHQQLHWDOV³JURHQH´HLODQGHQLQHHQµJULM]H¶RIµURGH¶RFHDDQYDQEHWRQHQ EDNVWHHQWHODWHQOLJJHQ]LMQHURRNYHUELQGLQJV]RQHVJHSODQG'H]HYHUELQGLQJV]RQHVGLHDOV FRUULGRUVRIVWDSVWHQHQJH]LHQNXQQHQZRUGHQGLHQHQPLJUDWLHPRJHOLMNKHGHQWXVVHQGHYHU VFKLOOHQGHNHUQJHELHGHQPRJHOLMNWHPDNHQ+HWJDDWKLHUELMRPKHWRSKHIIHQYDQEDUULqUHV WXVVHQGHHOSRSXODWLHVYDQVRRUWHQRIRPKHWYHUELQGHQYDQGHKRRIGSRSXODWLHPHWHHQJHELHG ZDDUGHVRRUWLVXLWJHVWRUYHQ+LHUELMLVYDQEHODQJGDWGHRPVWDQGLJKHGHQYRRUKHULQWUHGHQ JXQVWLJ]LMQ2RNGDDUZDDUHUELQQHQppQOHHIJHELHGEDUULqUHV]LMQRSJHZRUSHQELMYRRUEHHOG WXVVHQQHVWHQYRHGVHOORNDWLHVNXQQHQYHUELQGLQJV]RQHVJHSODQGZRUGHQ/19 1DWXXURQWZLNNHOLQJVJHELHGHQ (HQEHODQJULMNRQGHUGHHOYDQGH(+6]LMQGHQRJHELHGHQ'LW]LMQJHELHGHQGLHUHsOHSHU VSHFWLHYHQKHEEHQRPGRRUPLGGHOYDQQDWXXURQWZLNNHOLQJLQWHUQDWLRQDOHEHWHNHQLVWHNULM JHQYRRUGLHUHQRISODQWHQVRRUWHQ7HYHQV]LMQKHWJHELHGHQZDDUELMGHDDQZH]LJHQDWXXU ZDDUGHDDQ]LHQOLMNYHUKRRJGNDQZRUGHQ]RDOVLQKHWJHYDOYDQHHQXLWGHSURGXFWLHJHQRPHQ VWXNODQGERXZJURQG%LMQDWXXURQWZLNNHOLQJZRUGWXLWJHJDDQYDQKHWDFWXDOLWHLWVEHJLQVHOGDW
5,90UDSSRUW SDJYDQ
ZLO]HJJHQGDWGHQDWXXUOLMNHSURFHVVHQ]RZHOELRWLVFKDOVDELRWLVFKWLMGORRV]LMQHQGDWGH]H ZHHUNXQQHQRSWUHGHQZDQQHHUGHMXLVWHRPVWDQGLJKHGHQDDQZH]LJ]LMQ1DWXXURQWZLNNHOLQJ NDQELMXLWVWHNJHEUXLNWZRUGHQWHUYHUVWHUNLQJYDQGHNHUQJHELHGHQGRRUPLGGHOYDQKHWRS YXOOHQ YDQ HQFODYHV ODQGERXZJURQG HQ ELM KHW VFKHSSHQ YDQ YHUELQGLQJV]RQHV ZDDU ]H QX QRJQLHWEHVWDDQ/RQGR
'HDFWRUHQ
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
'H SURYLQFLHV PDNHQ RSKXQ EHXUWPHHUMDUHQSODQQHQLQVDPHQVSUDDN PHW GH YHUVFKLOOHQGH UHOHYDQWHRUJDQLVDWLHV]RDOVGH'/*¶VHQWHUUHLQEHKHUHQGHRUJDQLVDWLHV,QGH]HSODQQHQZRU GHQGRRUGHSURYLQFLHVGHJHELHGHQEHJUHQVGGHILQDQFLsOHPLGGHOHQYHUGHHOGHQGHXLWHLQ GHOLMNHGRHOHQYDVWJHOHJG'DDUQDDVW]DOLQXLWYRHULQJVSURJUDPPD¶VZRUGHQDDQJHJHYHQKRH YHHOSURYLQFLDOHPLGGHOHQHUQRGLJ]LMQHQZHONHELMGUDJHYDQGHUGHQYHUZDFKWZRUGW
SDJYDQ 5,90UDSSRUW +HWJHOGYRRUGHUHDOLVDWLHYDQGH(+6HQQDWXXURQWZLNNHOLQJVWURRPWYLDKHW*URHQIRQGV QDDUGHSURYLQFLDOH'/*/19
'LHQVW/DQGHOLMN*HELHG
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¶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
5,90UDSSRUW SDJYDQ
'H 61 YHUVWUHNW VXEVLGLHV DDQ ERHUHQ YRRU GH RPYRUPLQJ LQULFKWLQJ HQ RQWZLNNHOLQJ YDQ DJUDULVFKHJURQGWRWQLHXZHERVHQQDWXXUJHELHGHQ'DDUQDDVWZRUGWHURRNJHOGXLWJHJHYHQ DDQKHWWUHIIHQYDQHIIHFWJHULFKWHPDDWUHJHOHQLQERVHQQDWXXUJHELHGHQZDDUGHKHHUVHQGH PLOLHXRPVWDQGLJKHGHQ GH LQVWDQGKRXGLQJ HQ GH RQWZLNNHOLQJ YDQ DJUDULVFKH QDWXXU LQ GH ZHJVWDDQ/19G
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¶V]RDOV 1DWXXUPRQXPHQWHQHQGHSURYLQFLDOHODQGVFKDSSHQ'LW]LMQGHHLQGEHKHHUGHUVYDQHHQJH ELHG'/*F
7HUUHLQEHKHUHQGHRUJDQLVDWLHV
(ULVHHQDDQWDO]HHUJURWHWHUUHLQEHKHUHQGHRUJDQLVDWLHVLQ1HGHUODQG]RDOV6%%1DWXXUPR QXPHQWHQHQGHSURYLQFLDOHODQGVFKDSSHQ'DDUQDDVWLVHURRNHHQJURRWDDQWDONOHLQHUHRUJD QLVDWLHVGLHWHUUHLQHQEHKHUHQ]RDOVKHW*RRLV1DWXXUUHVHUYDDW9HHOYDQGHWHUUHLQHQGLHGRRU KXQZRUGHQEHKHHUGYDOOHQRQGHUGH(+6PDDUQDWXXURQWZLNNHOLQJFRQFHQWUHHUW]LFKYRRU QDPHOLMNELMGHJURWHUHVSHOHUVDDQJH]LHQGDDUGHH[SHUWLVHPDQNUDFKWHQILQDQFLs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
9HUHQLJLQJWRWEHKRXGYDQ1DWXXUPRQXPHQWHQ
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µQDJHQRHJQDWXXUOLMN¶ODQGVFKDSRIHHQµKDOIQDWXXU OLMN¶ODQGVFKDSQDJHVWUHHIG+HWGRHOLVHHQYHUVWHUNLQJYDQGHQDWXXUZDDUGHYDQDDQJUHQ]HQ GHJHELHGHQRIKHWFUHsUHQYDQQLHXZHQDWXXUODQGVFKDSSHQ*RUWHUHQ3LHN 2RNELM1DWXXUPRQXPHQWHQJHOGWGDW]LMSURMHFWHQODWHQXLWYRHUHQGRRUGH'/*RI]HOIWHU KDQGQHPHQ
5,90UDSSRUW SDJYDQ
)LJ'HEHODQJULMNVWHYHUKRXGLQJHQWXVVHQGHYHUVFKLOOHQGHDFWRUHQZHHUJHJHYHQLQUHOD WLHWRWGHYRUPJHYLQJYDQGH(+6HQGHGDDUPHHVDPHQKDQJHQGHQDWXXURQWZLNNHOLQJ
,QILJXXUVWDDQGHEHODQJULMNVWHYHUKRXGLQJHQWXVVHQGHYHUVFKLOOHQGHDFWRUHQZHHUJHJH YHQLQUHODWLHWRWGHYRUPJHYLQJYDQGH(+6HQGHGDDUPHHVDPHQKDQJHQGHQDWXXURQWZLNNH OLQJ (HQ JURRW DDQWDO LQVWDQWLHV KRXGW ]LFK EH]LJ PHW GH WRWVWDQGNRPLQJ YDQ GH (+6 'H 5LMNVRYHUKHLG VWXXUW RS KRRIGOLMQHQ ZDDUQD GH SURYLQFLHV KXQ SODQQHQ XLWZHUNHQ WRW HHQ PHHUMDUHQSODQJHDGYLVHHUGGRRUGH'/*HQGHHLQGEHKHHUGHUV'HSURYLQFLDOH'/*¶VZRU GHQGRRUGHSURYLQFLHVJHOGWRHEHGHHOGZDW]LMLQ]HWWHQRPWHUUHLQHQWHNRSHQHQLQWHULFKWHQ 9HUYROJHQVZRUGHQGH]HJHELHGHQZHHUYHUNRFKWDDQGHHLQGEHKHHUGHUVGLHYRRUKHWEHKHHU HQGHYHUGHURQWZLNNHOLQJ]RUJGUDJHQ7LMGHQVGLWSURFHVZRUGWRSDOOHUOHLODJHQEHVSURNHQ KRHHHQEHSDDOGSURMHFWKHWEHVWHDDQJHSDNWNDQZRUGHQ
9RRUWJDQJYDQGH(+6
+HWSODQYRRU HHQ(+6 ]RDOVKLHUERYHQ DO YHUPHOGLVLV JHODQFHHUGLQ 2PYDQJ HQ SODDWVYDQGH(+6LVJOREDDOZHHUJHJHYHQLQKHW6WUXFWXXUVFKHPD*URHQH5XLPWH6*5 XLWHQZRUGWMDDUOLMNVJHDFWXDOLVHHUGGRRU'/*PDDUGHSURYLQFLHVKHEEHQGHXLWHLQGH OLMNHWDDNRPGH(+6QDGHUWHEHJUHQ]HQ 5LMN 3URYLQFLHV '/* (LQGEHKHHUGHUV 6%% 1DWXXUPRQXPHQWHQ %HVWXXUVRYHUHHQNRPVW RSKRRIGOLMQHQ 7HUUHLQHQ 6WXULQJRS KRRIGOLMQHQ 0HHUMDUHQSODQQHQ %HJUHQ]LQJ )LQDQFLsQ 'RHOHQ .RRS ,QULFKWLQJ 9HUNRRS %HKHHU 9HUGHUHRQWZLNNHOLQJ *HOG $GYLHV
SDJYDQ 5,90UDSSRUW
'HKDGLHGHWHUUHVWULVFKH(+6PRHWJDDQEHVODDQLVRQGHUYHUGHHOGLQKD EHVWDDQGH QDWXXU KD EHKHHUVJHELHG KD UHVHUYDDWJHELHG KD QR JHELHGHQKDQLHXZDDQWHOHJJHQYHUELQGLQJV]RQHVHQUREXXVWHYHUELQGLQJHQ'/* G 'HEHJUHQ]LQJPRHVWRSMDQXDULYDQGLWMDDUYROOHGLJYROWRRLG]LMQ5,90E RPYHUYROJHQVXLWHUOLMNLQLQ]LMQJHKHHOYDVWJHOHJGWH]LMQRSEHVWHPPLQJVSODQQLYHDX /19
%HJUHQ]LQJ
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
9RRUWJDQJ(+6
%HKHHUVJHELHG 5HVHUYDDWJHELHG 1DWXXURQWZLNNHOLQJ 2 SS HU YO DN WH LQ K D ; 7DDNVWHOOLQJ 9HUZHUYLQJ ,QULFKWLQJ )LJ'HYRRUWJDQJYDQGH(+6JHPHWHQDDQKHWDDQWDOKDEHKHHUVJHELHGUHVHUYDDWHQQR JHELHGGDWYHUZRUYHQHQLQJHULFKWLV'HWDDNVWHOOLQJJHOGWYRRUKHWDUHDDOGDWDDQJHNRFKWHQLQJHULFKW PRHW]LMQSHU+HWDUHDDOYHUZRUYHQUHVHUYDDW±HQQRJHELHGHQLVJHPHWHQYDQDIWRWHQPHWHQ LVLQFOXVLHIUXLOJURQGHQGLHWLMGHOLMNELMGH'/*LQEHKHHU]LMQ%HKHHUVJHELHGHQKRHYHQQLHWYHUGHULQJHULFKWWH ZRUGHQ5,90D'/*G (+6LQKHWMDDU ,QKHWMDDUDOOHHQLVHUYRRUKDDDQEHKHHUVRYHUHHQNRPVWHQDIJHVORWHQ'LWLVUXLP WZHHPDDO]RYHHODOVGHMDDUWDDNVWHOOLQJ+HWDIVOXLWHQYDQEHKHHUVRYHUHHQNRPVWHQLVGDQRRN YRRUVSRHGLJ YHUORSHQ 9RRU GH JURQGYHUZHUYLQJ YDQ UHVHUYDDW ±HQ QRJHELHGHQ NXQQHQ HU NDQWWHNHQLQJHQJHSODDWVWZRUGHQ]LHWDEHO2SKHWHHUVWHJH]LFKWOLMNWGHMDDUWDDNVWHOOLQJ YRRUYHUZHUYLQJJHKDDOGPDDUKHWDUHDDOYDQGRRUGH'/*YHUZRUYHQJURQGHQLVLQFOXVLHI KDDDQ UXLOJURQGHQGLH'/*EH]LW'LW]LMQ JURQGHQ GLH EXLWHQGH (+6 ]LMQ DDQJH NRFKWRPXLWWHNXQQHQUXLOHQPHWJURQGHQGLHELQQHQGH(+6JHOHJHQ]LMQ
+HWYHUZRUYHQDUHDDOGDWRRNGDDGZHUNHOLMNRSGHµMXLVWH¶SODDWVOLJWLVGXVHHQVWXNNOHLQHU 'DDUQDDVWLVLQGHMDDUWDDNVWHOOLQJJHHQUHNHQLQJJHKRXGHQPHWKDUHVHUYDDWJHELHGGDW JHUHDOLVHHUG ]RX PRHWHQ ZRUGHQ YLD SDUWLFXOLHU QDWXXUEHKHHU 'LW LV HFKWHU QRJ QDXZHOLMNV YDQGHJURQGJHNRPHQVOHFKWVKDLQ'LWKHHIWWRWJHYROJGDWGHJXQVWLJOLMNHQGH MDDUFLMIHUVVWHUNDIJH]ZDNWZRUGHQHQGDWYRRUHHQJURRWGHHOYDQGHEHOHLGVFDWHJRULHsQGH GRHOVWHOOLQJHQQLHWJHKDDOG]LMQ
SDJYDQ 5,90UDSSRUW
%HOHLGVFDWHJRULH 6*5WDDNVWHOOLQJKD $FWLH *HUHDOLVHHUG WPKD *HUHDOLVHHUG LQKD %HVWDDQGHQDWXXU 9HUZHUYLQJ %HKHHUVJHELHGHQ %HKHHU 9HUZHUYLQJ 5HVHUYDDWVJHELHGHQ ,QULFKWLQJ 2YHUGUDFKW 9HUZHUYLQJ 1DWXXURQWZLNNHOLQJ ,QULFKWLQJ 2YHUGUDFKW 7DEHO'HYRRUWJDQJYDQEHOHLGVFDWHJRULHsQPHWHHQ6*5WDDNVWHOOLQJLQKHWMDDU $FKWHUGHJHWDOOHQYRRUVWDDWGHYRRUWJDQJDOVSHUFHQWDJHYDQGHMDDUWDDNVWHOOLQJ%HVWDDQGHQDWXXUHQEH KHHUVJHELHGHQKHEEHQJHHQYHUGHUHLQULFKWLQJQRGLJ(HQGHHOYDQGHWDDNVWHOOLQJYRRUGHYHUZHUYLQJYDQUHVHU YDDWJHELHGHQPRHWNRPHQGRRUSULYDWHILQDQFLHULQJYDQGDDUGHODJHUHWDDNVWHOOLQJYRRUGHYHUZHUYLQJYDQUH VHUYDDWJHELHGHQ'/*G 2RNLQKHWJHYDOYDQGHJURQGYHUZHUYLQJYHUORRSWDOOHVQLHWJHOLMNPDWLJRYHUGHSURYLQFLHV ,Q2YHULMVVHO*HOGHUODQG1RRUG+ROODQG1RRUG%UDEDQWHQ/LPEXUJLVHUHHQDFKWHUVWDQG ZDWEHWUHIWGHJURQGYHUZHUYLQJ ,QGHORRSYDQGHMDUHQLVHUWHYHQVHHQYHUWUDJLQJRSJHWUHGHQELMKHWKDOHQYDQGHGRHOVWHO OLQJHQYRRUGHLQULFKWLQJHQRYHUGUDFKWYDQJHELHGHQ]LHJUDILHN2QGDQNVKHWIHLWGDWHU LQHHQYHUVQHOOLQJLVRSJHWUHGHQLQYHUJHOLMNLQJPHWYRRUJDDQGHMDUHQEOLMIWGHUHDOLVDWLH WRFKDFKWHUORSHQELMGHSODQQLQJ,QWRWDDOLVHUWRWHQPHWKDDDQQLHXZHQDWXXU LQJHULFKWZDDUYDQHULQUXLPKDLVJHUHDOLVHHUG'LWLVHFKWHUQLHWJHQRHJYRRUGH MDDUWDDNVWHOOLQJ]LHWDEHO(ULVEHUHNHQGGRRUKHW1DWXXUSODQEXUHDXGDWHUMDDUOLMNVRQ JHYHHUKDQDWXXURSJHOHYHUGPRHWZRUGHQRPGHGRHOVWHOOLQJHQWHKDOHQ'/*G 5,90D'HDFKWHUVWDQGRSKHWVFKHPDLVHHQODQGHOLMNSUREOHHP,QGHPHHVWHSURYLQ FLHV OLJW GLW RQGHUGHHO YDQ GH (+6 DFKWHU RS VFKHPD $OOHHQ LQ GH SURYLQFLHV *URQLQJHQ )ULHVODQG)OHYRODQGHQ=HHODQGJDDWKHWUHGHOLMNYROJHQVVFKHPD
5,90UDSSRUW SDJYDQ 5HDOLVDWLHUHVHUYDWHQHQQDWXXURQWZLNNHOLQJ KD FXPXODWLHI 7DDNVWHOOLQJ UHDOLVDWLHSHU
)LJ 5HDOLVDWLH UHVHUYDWHQ HQ QDWXXURQWZLNNHOLQJ DIJHPHWHQ DDQ GH RSSHUYODNWH JURQG RYHUJHGUDJHQDDQGHHLQGEHKHHUGHUVJHPHWHQYDQDIWRWHQPHWJH EDVHHUGRS5,90D
$QGHUHSURJUDPPD¶V
%HKDOYHGRRUKHWKHOHODQGEHKHHUVUHVHUYDDW±HQQRJHELHGHQDDQWHNRSHQHQLQWHULFKWHQ LVHULQKHW6*5HHQDDQWDO]HOIVWDQGLJHXLWYRHULQJVSURMHFWHQRSJH]HWDOV RQGHUGHHO YDQ GH (+6
(HQEHODQJULMNSURJUDPPD]LMQGH]RJHQDDPGH6WUDWHJLVFKH*URHQ3URMHFWHQ6*3¶V
'DW]LMQJURWH JHELHGHQZDDUWXVVHQGHHQKD ODQGERXZJHELHGYHUZRUYHQ PRHW ZRUGHQ /19 H 'H]H SURMHFWHQ GLHQHQ LQ DIJHURQG WH ]LMQ 'H 6*3¶V KHEEHQ YHUVFKLOOHQGHGRHOHQ6*3¶VGLHEXLWHQGHUDQGVWDGOLJJHQNULMJHQDOVIXQFWLHQDWXXUWHUZLMOGH 6*3¶VGLH]LFKLQRIYODNELMGHUDQGVWDGEHYLQGHQHHQUHFUHDWLHYHIXQFWLHNULMJHQ]LHWDEHO 5,90 1DDVW GH RQGHUVWHXQLQJ YDQ GH ODQGHOLMNH (+6 JHYHQ GH 6*3¶V RRN RQGHUVWHXQLQJDDQGH5DQGVWDGJURHQVWUXFWXXU
SDJYDQ 5,90UDSSRUW
'DWLVHHQSURJUDPPDGDW]LFKYROOH GLJULFKWRSGHUDQGVWDG,QKHWODQGH OLMN JHELHG URQGRP GH VWHGHQ LQ GH UDQGVWDGZRUGWJHWUDFKWERVVHQUHFUH DWLHHQQDWXXUWHUUHLQHQDDQWHOHJJHQ 'H JHELHGHQ ]LMQ YRRUDO EHGRHOG RP GH UDQGVWHGHOLQJHQ GLFKWELM KXLV WH NXQQHQ ODWHQ UHFUHsUHQ 2P GLW YRRU HONDDU WH NULMJHQ ZRUGHQ HU ERVVHQ DDQJHOHJG GLH RRN ZRUGHQ LQJHULFKW PHWKHWRRJRSUHFUHDWLHIJHEUXLNGXV LQFOXVLHIILHWVHQZDQGHOSDGHQ/19 H'/*G 7HQVORWWHLVRSKHWULYLHUHQJHELHGKHW EHOHLGYDQGH1DGHUH8LWZHUNLQJ 5L YLHUHQJHELHGYDQWRHSDVVLQJ9RRUKHWMDDULVHUDIJHVSURNHQRPKDFXOWXXUJURQG WHEHJUHQ]HQHQLQWHULFKWHQDOVQRJHELHG'LWZHUNZRUGWXLWJHYRHUGLQFRPELQDWLHPHWKHW 'HOWDSODQ*URWH5LYLHUHQYRRUHHQJURWHUHEHVFKHUPLQJYDQULYLHUEHZRQHUVWHJHQRYHUVWUR PLQJHQ,QKHWNDGHUYDQGH9LHUGH1RWD5XLPWHOLMN2UGHQLQJZRUGWRSGH]HPDQLHUJHSUR EHHUG GH VDPHQKDQJ WXVVHQ GH ULYLHUHQ HQ GH DDQ GH ULYLHUHQ JHOHJHQ VWHGHQ WH YHUVWHUNHQ '/*G
.QHOSXQWHQ
1HW]RDOVELMGHWRWVWDQGNRPLQJYDQGH(+6LVHUELMGHXLWYRHULQJYDQGHERYHQVWDDQGHSUR JUDPPD¶VHHQYHUWUDJLQJRQWVWDDQLQGHYHUZHUYLQJHQLQULFKWLQJYDQJHELHGHQ(U]LMQHHQ DDQWDO RRU]DNHQ DDQ WH ZLM]HQ YRRU GH (pQ YDQ GH EHODQJULMNVWH RRU]DNHQ LV GH JHULQJH JURQGPRELOLWHLW7RFKLVGLWHHQSUREOHHPZDWYRRUDOLQEHSDDOGHSURYLQFLHVVSHHOW:DQQHHU JHNHNHQZRUGWQDDUKHWODQGHOLMNEHHOGEOLMNWGDWHUJHQRHJJURQGHQYRRUKDQGHQ]LMQ1DDVW GHJURQGPRELOLWHLW ZRUGWRRNGHODQJ]DPHSODQYRUPLQJ HQ GHRQWRHUHLNHQGH ILQDQFLsQ JH QRHPG$OVSRVLWLHISXQWLVWHPHOGHQGDWGHPHHVWHSURYLQFLHVYHUZDFKWHQGDWKHW DDQERG YDQJURQGGHNRPHQGHMDUHQ]DOVWLMJHQPHGHDOVJHYROJYDQHHQRQWEUHNHQYDQRSYROJLQJLQ YHHOERHUHQEHGULMYHQ'DDUVWDDWHFKWHUWHJHQRYHUGDWELMELMQDDOOHSURYLQFLHVKHWJHOGRQW EUHHNWRPWHNXQQHQLQVSHOHQRSKHWYHUKRRJGHDDQERGYDQJURQG5,90D9DQ2RV WHUEUXJJHHWDO 7DEHO6WUDWHJLVFKH*URHQ3URMHFWHQ6*3¶V 0LGGHQ±*URQLQJHQ 1DWXXU *URWH:LHOHQ2XGH9HQHQ 1DWXXU :LHGHQ:HHULEEHQ 1DWXXU %HUJHQ6FKRRUO 1DWXXU =DDQVWUHHN 1DWXXU +DDUOHPPHUPHHU 5HFUHDWLH 19HFKWVWUHHN 5HFUHDWLH 8WUHFKWHQRPVWUHNHQ 5HFUHDWLH 9LQNHYHHQ1LHXZNRRS 1DWXXU +DDJODQGHQ 5HFUHDWLH =RHWHUPHHU=XLGSODV 5HFUHDWLH *HOGHUVHSRRUW 1DWXXU )RUW6W$QGULHV 1DWXXU (LODQGYDQ'RUGUHFKW 5HFUHDWLH 6FKRXZHQ 1DWXXU %HHU]H5HXVHO 1DWXXU 3HHOYHQHQ 1DWXXU *UHQVPDDV 1DWXXU 7DEHO'H6*3¶VHQKXQXLWHLQGHOLMNHGRHO=HVSUR MHFWHQ]LMQJHULFKWRSGHRQWZLNNHOLQJYDQJURWHUHFUHDWLH JURHQJHELHGHQLQGHUDQGVWDG'H2YHULJHSURMHFWHQ KHEEHQ]LMQJHULFKWRSGHRQWZLNNHOLQJYDQQDWXXU '/*G
5,90UDSSRUW SDJYDQ :DQQHHUHUPHHUILQDQFLsOHPLGGHOHQEHVFKLNEDDU]RXGHQZRUGHQJHVWHOGLVHHQYHUVQHOOLQJ YDQGHUHDOLVDWLHYDQGH(+6PRJHOLMN'LWNDQ]HOIVYRRUGHOLJXLWSDNNHQJH]LHQGHKXLGLJH VWLMJLQJYDQGHJURQGSULM]HQ13%%LMHHQYHUVQHOOLQJYDQKHWUHDOLVHUHQYDQGH(+6 QDDULQSODDWVYDQOHYHUWGDWELMHHQJURQGSULMVVWLMJLQJYDQVOHFKWVSHUMDDUDO HHQYHUODJLQJYDQGHWRWDOHNRVWHQRSYDQRQJHYHHUPLOMRHQJXOGHQ:RUGWGH(+6QRJ YHUGHUYHUVQHOGQDDUGDQORSHQGHEHVSDULQJHQRSQDDUPLOMRHQJXOGHQ 1DDVWGHILQDQFLsQ]LMQHURRNDQGHUHSUREOHPHQZDDUGH'/*¶VPHHNDPSHQ(HQJHEUHN DDQ FDSDFLWHLW ODQJGXULJH SURFHGXUHV PHW EHWUHNNLQJ WRW RQWJURQGLQJ HQ EH]ZDDUVFKULIWHQ KHEEHQHHQQHJDWLHIHIIHFWRSGHVQHOKHLGYDQGHYHUZHUYLQJ9RRUGHLQULFKWLQJNRPHQGDDU ERYHQGLHQGHQDLMOHIIHFWHQYDQGHDFKWHUVWDQGLQYHUZHUYLQJELM2RNGHXLWUXLOYDQJHELHGHQ EXLWHQGH(+6RPELQQHQGH(+6WRWDDQHHQJHVORWHQJHELHGHQWHNRPHQZRUGWVWHHGVODVWLJHU RQGHUDQGHUHGRRUGDWGHYHUSODDWVLQJYDQERHUHQEHGULMYHQYHUWUDJLQJRSORRSWGRRUKHWDIQH PHQYDQKHWDDQWDOJHVFKLNWHORFDWLHV +HWFUHsUHQYDQHHQDDQHHQJHVORWHQQDWXXUJHELHGYUDDJWRPSUHFLVLHZHUN HQFUHDWLHYH WRH SDVVLQJYDQLQVWUXPHQWHQJHOGHQPHQVHQ
5,90UDSSRUW SDJYDQ
.DDUWYDQGH+RRS
,QWURGXFWLH
+HWHHUVWHGHHOYDQGH]HVWXGLHZDVRPXLWWH]RHNHQZDDUQDWXXURQWZLNNHOLQJKHHIWSODDWV JHYRQGHQLQ1HGHUODQGZDDUKHW]LFKQXYRRUGRHWHQZDDUKHWLQGHWRHNRPVWJHSODQGLV'LW ]RXLQEHHOGJHEUDFKWPRHWHQZRUGHQLQHHQ]RJHQDDPGHµ.DDUWYDQGH+RRS¶+RRSYRRUGH QDWXXUHQKHWODQGVFKDSLQ1HGHUODQGKRRSYRRUGHDXWRFKWRQHIORUDHQIDXQDHQKRRSGDWGH JHQHUDWLHVQDRQVRRNQRJVWHHGVNXQQHQJHQLHWHQYDQHHQRQWVSDQQHQGHZDQGHOLQJLQKHWERV LQGHEXXUW0HWKRGH
.DDUWYDQGH+RRS
9RRUKHWORNDOLVHUHQYDQQDWXXURQWZLNNHOLQJVSURMHFWHQQRSURMHFWHQLVJHEUXLNJHPDDNWYDQ HHQDDQWDOYHUVFKLOOHQGHEURQQHQ$OOHUHHUVWLVHHQDDQWDORUJDQLVDWLHVJHYUDDJGRPLQIRUPD WLH RYHU QRSURMHFWHQ GLH RQGHU KXQ VXSHUYLVLH ZRUGHQ XLWJHYRHUG 6WDDWVERVEHKHHU 6%% 'LHQVW/DQGHOLMN*HELHG'/*HQ1DWXXUPRQXPHQWHQVWRQGHQDOOHQSRVLWLHIWHJHQRYHUKHW LGHHRPQRSURMHFWHQLQNDDUWWHEUHQJHQPDDUZDUHQQLHWLQVWDDWHHQYROOHGLJHGDWDEDVHWH OHYHUHQPHWGDDULQDOKXQORSHQGHHQJHSODQGHQRSURMHFWHQ 'H'/*KDGZHOGHEHVFKLNNLQJRYHUGHFGURPµ1DWODQGQDWXXURQWZLNNHOLQJRSYRRUPD OLJHODQGERXZJURQGHQ'DWDEDVHPHWXLWJHYRHUGHQDWXXURQWZLNNHOLQJVSURMHFWHQ¶XLWJHJHYHQ LQ'RRUPLGGHOYDQGH]HFGURPKDGGHQRRN]LMJHWUDFKWHHQJOREDDOEHHOGWHJHYHQ YDQQDWXXURQWZLNNHOLQJLQ1HGHUODQG'H]HFGURPEHVWRQGXLWHHQGDWDEDVHPHW]R¶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µ.DDUWYDQGH +RRS¶RS
6WDWXV
,QGHµ.DDUWYDQGH+RRS¶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
7LMGHQVKHWPDNHQYDQGHµ.DDUWYDQGH+RRS¶LVJHSUREHHUG]RREMHFWLHIPRJHOLMNGHQR SURMHFWHQZHHUWH JHYHQRSGHNDDUW+LHUELMLV JHHQRQGHUVFKHLG JHPDDNW WXVVHQ SURMHFWHQ YDQYHUVFKLOOHQGHEHKHHUGHUVRILQULFKWHUV7HYHQVLVHUELMKHWRSVWHOOHQYDQGHNDDUWQLHWJH NHNHQQDDUKHWVXFFHVRIGHJURRWWHYDQHHQSURMHFW*HWUDFKWLVDOOHSURMHFWHQZHHUWHJHYHQ PHWDOVHQLJHEHSHUNLQJGDWKHWPRHWJDDQRPWHUUHVWULVFKHSURMHFWHQ5,90UDSSRUW SDJYDQ
.DDUWYDQGH+RRS
)LJ'H.DDUWYDQGH+RRSQDWXXURQWZLNNHOLQJVORNDWLHVLQ1HGHUODQG 2QGHU KXLGLJH QD WXXURQWZLNNHOLQJYDOOHQSURMHFWHQZDDULQDDQJHZHUNWZRUGWHQSURMHFWHQGLHWXVVHQHQJHwQLWL HHUG HQ DIJHURQG ]LMQ 2QGHU WRHNRPVWLJH QDWXXURQWZLNNHOLQJ YDOOHQ SURMHFWHQ GLH LQ DOOHHQ LQ SODQQHQ EHVWDDQ