7UDN\D8QLY7LS)DN'HUJ  

2OJX6XQXPX&DVH5HSRUW

3DUDQHRSODVWLN/LPELN(QVHIDOLW2OJX6XQXPX
3DUDQHRSODVWLF/LPELF(QFHSKDOLWLV &DVH5HSRUW

3HOLQ'2ø$1$\VXû(10XVWDIDh/.(56D\J×Q6$5,'LOHN$7$./,%DNL$53$&,

hPUDQL\H(ùLWLPYH$UDüW×UPD+DVWDQHVL1|URORML.OLQLùLúVWDQEXO
%DN×UN|\5XKYH6LQLU+DVWDO×NODU×+DVWDQHVL1|URORML.OLQLùLúVWDQEXO
%DüYXUXWDULKL6XEPLWWHG.DEXOWDULKL$FFHSWHG

3DUDQHRSODVWLN OLPELN HQVHIDOLW 3/(  ELOLQHQ \D 3DUDQHRSODVWLFOLPELFHQFHSKDOLWLV 3/( LVDUHVXOW

GD JL]OL PDOLJQLWHVL EXOXQDQ KDVWDODUGD RWRLPPQ RIDQDXWRLPPXQHUHDFWLRQLQSDWLHQWVZKRKDYHDQ
UHDNVL\RQVRQXFXRUWD\Do×NDQL\LWDQ×PODQP×üELU DSSDUHQW RU DQ RFFXOW PDOLJQDQF\ 3DWLHQWV RIWHQ
VHQGURPGXU+DVWDODUV×NO×NODJQOHU\DGDKDIWDODU SUHVHQWWRKRVSLWDOVZLWKVXEDFXWHSV\FKLDWULFV\PS
LoLQGHJHOLüHQSVLNL\DWULNVHPSWRPODUEHOOHNER]XN WRPVPHPRU\GLVWXUEDQFHVDQGHSLOHSWLFVHL]XUHV
OXùXWHNUDUOD\DQHSLOHSWLNQ|EHWOHUOHEDüYXUXU7DQ× 'LDJQRVLVZDVPDGHE\WKHHOLPLQDWLRQRIRWKHUSRV
EX WDEOR\D \RO DoDELOHQ GLùHU RODV× KDVWDO×NODU×Q VLELOLWLHV SUHVHQWLQJ VLPLODU V\PSWRPDWRORJ\ FHUH
HNDUWH HGLOPHVL EH\LQ J|UQWOHPH LQFHOHPHOHUL EUDOUDGLRORJLFILQGLQJV((*DQG&6)H[DPLQDWLRQ
((* %26 LQFHOHPHVL YH SULPHU WP|UQ WHVSLW DQG PRVW LPSRUWDQWO\ GHWHFWLQJ WKH SULPDU\ WXPRU
HGLOPHVL LOH NRQXOXU .OLQLùLPL]H WHNUDUOD\DQ MHQH 2XUFDVHSUHVHQWHGWRKRVSLWDOZLWKPXOWLSOHHSLOHS
UDOL]H WRQLNNORQLN Q|EHW YH VRQUDV×QGD X]DP×ü WLFVHL]XUHVFRQIXVLRQDQGZDVGLDJQRVHGDV3/(
NRQI]\RQ WDEORVX LOH EDüYXUDQ \DS×ODQ WHWNLNOHU DIWHU UDGLRORJLF HOHFWURSK\VLRORJLF DQG ODERUDWRU\
VRQXFX 3/( WDQ×V× NRQDQ ELU ROJX\X OLWHUDWU HüOL H[DPLQDWLRQ:HWKRXJWWKDWLWLVZRUWKWRUHSRUWWKLV
ùLQGHVXQPD\×X\JXQEXOGXN UDUHFDVHDQGGLVFXVVLWXQGHUWKHOLJKWRIOLWHUDWXUH
$QDKWDU V|]FNOHU 3/( HSLOHSWLN Q|EHWOHU DQWLQ|URQDO .H\ ZRUGV 3/( HSLOHSWLF VHL]XUHV DQWLQHXURQDO DQWL
DQWLNRU FRUHV

3DUDQHRSODVWLN Q|URORMLN KDVWDO×NODU V×NO×ND LPPQ 3DUDQHRSDVWLN OLPELN HQVHIDOLW V×NO×ND JQOHU \D
DUDF×O× PHNDQL]PDODUOD VLQLU VLVWHPLQLQ KHUKDQJL ELU GD KDIWDODU LoLQGH JHOLüHQ EHOOHN ER]XNOXùX LOH ELUOLNWH
N×VP×Q× HWNLOH\HELOHQ JHQLü ELU VHQGURPODU JUXEXGXU oHüLWOLWLSWHDIIHNWLIER]XNOXNODUYHGDYUDQ×üER]XNOXN
%X VHQGURPOD HQ V×N LOLüNLOL RODUDN ELOLQHQ QHRSODVWLN ODU× GLUHQoOL MHQHUDOL]H YH\D NRPSOHNV SDUVL\HO WLSWH
KDVWDO×NODU NoN KFUHOL DNFLùHU NDQVHUL WLPRPD YH HSLOHSWLN Q|EHWOHUOH SUH]HQWH ROXU %HOOHN ER]XNOXùX
SOD]PDKFUHGLVNUD]LOHULRODUDNELOGLULOPHNWHGLU.OLQLN \DN×Q G|QHP DQWHURJUDG YH UHWURJUDG DPQH]L DIIHNWLI
VHQGURP RODUDN VDQWUDO VLQLU VLVWHPL WXWXOXPXQD EDùO× ER]XNOXNODU V×NO×NOD GHSUHV\RQ DQNVL\HWH HPRV\RQHO
HQVHIDORPL\HOLWOLPELNHQVHIDOLWVHUHEHOODUGHMHQHUDV\RQ ODELOLWHYHNLüLOLNGHùLüLNOLNOHULQLLoHULU+DOVLQDV\RQODU
JLEL WDEORODU J|UOHELOHFHùL JLEL SHULIHULN VLQLU GRUVDO YH SDUDQRLG KH]H\DQODU GLùHU V×N HüOLN HGHQ SVLNL\DW
N|N NDVVLQLU NDYüDù× J|] YH UHWLQD WXWXOXPXQD EDùO× ULN VHPSWRPODUG×U $QRUPDO X\NXX\DQ×NO×N VLNOXVX
NOLQLNWDEORODUODGDRUWD\Do×NDELOPHNWHGLU ER]XOPXü NDQ EDV×QF× YH ×V× UHJODV\RQX X\JXQVX]

7UDN\D8QLY7LS)DN'HUJ  

úOHWLüLPDGUHVL &RUUHVSRQGHQFH 'U0XVWDIDhONHUhPUDQL\H(ùLWLPYH$UDüW×UPD+DVWDQHVL1|URORML.OLQLùLúVWDQEXO

7HO)DNV )D[ HSRVWD HPDLO PXONHU#\DKRRFRP
‹7UDN\DhQLYHUVLWHVL7×S)DNOWHVL'HUJLVL(NLQ7×EEL<D\×QF×O×NWDUDI×QGDQEDV×OP×üW×U+HUKDNN×VDNO×G×U
‹0HGLFDO-RXUQDORI7UDN\D8QLYHUVLW\3XEOLVKHGE\(NLQ0HGLFDO3XEOLVKLQJ$OOULJKWVUHVHUYHG


 3DUDQHRSODVWLN/LPELN(QVHIDOLW2OJX6XQXPX

DQWLGLUHWLN KRUPRQ VDO×Q×P× .OXYHU%XF\ VHQGURPX HGLOGL +DVWD\D VDGHFH NHPRWHUDSL WHGDYLVLQLQ X\JX
GDKD QDGLU J|UOHQ OLPELNGLHQVHIDOLN GLVIRQNVL\RQ ODQPDV×Q×Q\HWHUOLRODFDù×HNRODUDNLPPQPRGODWX
EHOLUWLOHULGLU DUWHGDYLYHULOPHVLQHROXüDELOHFHN\DQHWNLULVNOHULGH
J|]|QQHDO×QDUDNJHUHNROPDG×ù×EHOLUWLOGL+DVWDQ×Q
%X\D]×GDGDKD|QFHQ|EHWJHoLUPH|\NVROPD\DQ
WDNLSHGLOHELOGLùLG|QHPLoLQGHQ|EHWOHULNRQWURODOW×Q
YH DFLO SROLNOLQLùLPL]H WHNUDUOD\DQ MHQHUDOL]H WRQLN
GD WXWXOGX DMLWDV\RQ YH KDOVLQDV\RQODU×QGD D]DOPD
NORQLN Q|EHW YH VRQUDV×QGD X]DP×ü NRQI]\RQ WDEORVX
ROGXIDNDWRU\DQWDV\RQNXVXUXYHüDüN×QO×NODNDUDNWH
LOHEDüYXUDQVHUYLVH\DW×U×OG×NWDQVRQUDNLNOLQLNVH\ULYH
UL]HNRQI]\RQWDEORVXQGDELUGHùLüLNOLNROPDG×
\DS×ODQWHWNLNOHUVRQXFXSDUDQHRSODVWLNOLPELNHQVHIDOLW
WDQ×V×NRQDQELUROJX\XVXQGXN 7$57,û0$
2/*8681808 3DUDQHRSODVWLN VHQGURPODU 316  NDQVHU KFUHOHUL
WDUDI×QGDQ WHWLNOHQHQ LPPQ UHDNVL\RQ VRQXFX RUWD\D
.×UN ELU \Dü×QGD HUNHN KDVWD SROLNOLQLùLPL]H VRQ o×NDQYHDQWLQ|UDODQWLNRURODUDNDGODQG×U×ODQPROHNOOH
ELU KDIWD LoLQGH EHü NH] WHNUDUOD\DQ MHQHUDOL]H WRQLN ULQDQWLMHQRODUDNWDQ×QDQVLQLUVLVWHPL\DS×ODU×LOHNURVV
NORQLN WLSWH Q|EHW JHoLUPH üLND\HWL LOH EDüYXUGX UHDNVL\RQX VRQXFX ROXüXU .URVV UHDNVL\RQD JLUHQ DQWL
g]JHoPLüLQGH |]HOOLN ROPD\DQ VLJDUD NXOODQ×P× MHQOHULNLDQDJUXEDD\U×O×UL LQWUDVHOOOHUSDUDQHRSODV
G×ü×QGD ELU DO×üNDQO×ù× EXOXQPD\DQ KDVWDQ×Q Q|UR WLNDQWLMHQOHU +X0D&9&503 LL KFUH]DU×DQWL
ORMLN PXD\HQHVLQGH ELOLQo GXUXPX NRQI]H \HU YH MHQOHUL YROWDMJDWHGSRWDV\XPNDQDOODU×10'$UHVHSW|
]DPDQ RU\DQWDV\RQX ER]XN EXOXQGX .RQXüPD YH UKLSRNDPSXVYHVHUHEHOOXPGDNLQ|URILO\DS×ODU >@(Q
DQODPDV× QRUPDO GLùHU VLVWHP PXD\HQHOHULQGH SDWR V×N J|UOHQ 316 OHU /DPEHUW(DWRQ 0\DVWHQLN VHQGUR
ORMLNELUEXOJXVX\RNWX6LVWHPLNPXD\HQHVLQRUPDOGL PX /LPELN HQVHIDOLW VXEDNXW VHUHEHOODU GHMHQHUDV\RQ
0XD\HQH V×UDV×QGD DUDO×NO× VDOG×UJDQ GDYUDQ×üODU× YH GX\VDO Q|URQRSDWL RSVRNORQXVP\RNORQXV VHQGURPX
J|UVHOKDOVLQDV\RQODU×Q×QROGXùXJ|]OHQGL+DVWDQ×Q YHGHUPDWRPL\R]LWWLU>@
D\×U×F× WDQ×V×QGD KHUSHV VLPSOHNV HQVHIDOLWL RWRLP
PQ OLPELN HQVHIDOLWOHU SDUDQHRSODVWLN \D GD GHùLO  3DUDQHRSODVWLN OLPELN HQVHIDOLW WDEORVXQGD HQ V×N
VLVWHPLN RWRLPPQ KDVWDO×NODU×Q VDQWUDO VLQLU VLVWHPL J|UOHQ NOLQLN VHPSWRPODU GDYUDQ×ü GHùLüLNOLNOHUL HSL
WXWXOXPODU× L]ROHVDQWUDOVLQLUVLWHPLYDVNOLWLQ|URS OHSWLN Q|EHWOHU GHSUHV\RQ LUULWDELOLWH YH EHOOHN ER]XN
VLNL\DWULNEXOJXODUODVH\UHGHQVLVWHPLNOXSXV6MRJUHQ OXùXGXU>@ %X VHQGURPOD HQ V×N ELUOLNWHOLN J|VWHUHQ
VHQGURPX  DQWLIRVIROLSLG DQWLNRU VHQGURPX Q|UR PDOLJQLWH NoN KFUHOL DNFLùHU NDQVHUL RODUDN ELOGLULO
VLILOL] +DVKLPRWR HQVHIDORSDWLVL VWDWXV HSLOHSWLNXV PLüWLU  >@ 'LùHU ELUOLNWHOLN J|VWHUHQ PDOLJQLWHOHU
GHùHUOHQGLUPH\H DO×QG× ((*·VL QRUPDO RODQ KDVWDQ×Q WHVWLV   YH PHPH   WP|UOHULGLU>@ /LPELN HQVH
NUDQLDO 05 J|UQWOHPHVLQGH VRO WHPSRUDO DUDNQRLG IDOLWNoNKFUHOLDNFLùHUNDQVHULQLQLONEHOLUWLVLRODUDN
NLVW G×ü×QGD |]HOOLN \RNWX /RPEHU SRQNVL\RQ LQFH RUWD\Do×NDELOLU
OHPHVLQGH EH\LQ RPXULOLN V×Y×V×QGD PP OHQIRVLW 7DQ×KDVWDQ×QWLSLNNOLQLùL\DS×ODQWHWNLNOHUGHYLUDO
J|UOG 3URWHLQ YH JOXNR] QRUPDO EXOXQGX %26 YH GLùHU \DS×VDO QHGHQOHULQ HNDUWH HGLOPHVL VRQUDV×
YLUDO SDQHOL QHJDWLI WHVSLW HGLOGL 7DEORGDQ VRUXPOX ((* 05 %26 LQFHOHPHVL YH VHUXPGD DQWLQ|URQDO
RODELOHFHNKDVWDO×NODUGDQELULRODUDNGüQOHQKHUSHV DQWLNRUODU×QDUDüW×U×OPDV×LOHNRQXU2OJXODU×QoRùXQGD
HQVHIDOLWLRODV×O×ù×QGD]DPDQND\E×Q×|QOHPHNDPDF×\ ((* GHWXWXODQWDUDIWDNLWHPSRUDOGHoHüLWOLWLSWHEL\RH
ODDPSLULNRODUDNKDVWD\DDQWLYLUDOYHQ|EHWOHULNRQWURO OHNWULNDQRUPDOOLNOHUJ|UOHELOLU2OJXPX]XQDUDO×NODU
DOW×QD DOPDN DPDF×\OD DQWLHSLOHSWLN WHGDYL EDüODQG× ODoHNLOHQ((* OHULQRUPDOEXOXQPXüWX%H\LQ05 ×QGD
1|EHWOHUL N×VD VUHGH NRQWURO DOW×QD DO×QDQ KDVWDQ×Q HQV×NJ|UOHQEXOJXPHVLDOWHPSRUDOOREODUGDNRQWUDVW
GHOLULXP WDEORVXQGD G]HOPH ROPDG× 7HNUDUODQDQ WXWPD\DQ VLQ\DO GHùLüLNOLNOHULGLU>@ /LWHUDWUGH ROJX
%26 LQFHOHPHVL ((* YH NUDQLDO 05·×QGD |]HOOLN VDS ODU×Q \DU×\D \DN×Q×QGD 05* QLQ QRUPDO EXOXQDELOH
WDQPDG× %X V×UDGD |OoOHQ VHUXP DPRQ\DN GHùHUL FHùL ELOGLULOPLüWLU>@ 2OJXPX]XQ oHNLOHQ 05 ODU×QGD
QRUPDO EXOXQGX 3DUDQHRSODVWLN VHQGURP Do×V×QGDQ KHUKDQJL ELU SDWRORMLN J|UQP VDSWDQPDP×üW× %26
LVWHQHQ PDUNHUOHUGHQ DOIDIHWRSURWHLQ $)3  \NVHN LQFHOHPHVLQGHKDILIOHQIRVLWLNSOHRVLWR]YHSURWHLQDUW×ü×
VDSWDQG×  QJGO  *|UQWOHPH oDO×üPDODU×QGDQ J|UOHELOHFHùL ELOGLULOPLüWLU>@ KDVWDP×]×Q %26 EXOJX
WRUDNV %7·GH SDUDNDUGL\DN G]H\GH SO|URSDUHQNLPDO ODU× KDILI OHQIRVLWLN SOHRVLWR] J|UOG SURWHLQ DUW×ü×
\RùXQOXN DUW×ü× YH EXQXQ ]HULQH \DS×ODQ WP YFXW VDSWDQPDG× 2OJXPX]GDNL GLNNDW oHNLFL |]HOOLN NOLQLN
3(7 LQFHOHPHVLQGH LQIUDNODYLNOHU DRUWLNRSXOPRQHU WDEORQXQ Dù×UO×ù×QD UDùPHQ J|UQWOHPH HOHNWURIL]
KLOHUOHQIQRGODU×QGDPDOLJQNDUDNWHUGHKLSHUPHWDER \RORML YH ODERUDWXDU WHWNLNOHULQGH HüOLN HGHQ EHOLUJLQ
OLN RGDNODU VDSWDQG× *|ùV KDVWDO×NODU× LOH NRQVOWH SDWRORMLN ELU EXOJXQXQ J|UOPHPHVL\GL 6HUXP DQWL
HGLOHQ KDVWD\D NoN KFUHOL DNFLùHU NDQVHUL WDQ×V× Q|URQDO DQWLNRUODU× WDQ×\× E\N |OoGH GHVWHNOH\LFL
NRQGX *|ùV FHUUDKLVL NRQVOWDV\RQXQGD KDVWDQ×Q ELU WHWNLNWLU DQFDN *UDXV YH DUNQ×Q>@ \D\×QODG×NODU×
FHUUDKL HNVL]\RQOD o×NDU×ODELOHFHN ELU RGDù×Q×Q EXOXQ ELU PDNDOHGH OLPELN HQVIHIDOLW JLEL NODVLN ELU SDUDQH
PDPDV×YHLOHULHYUHRODUDNGHùHUOHQGLULOPHVLGROD\×V× RSODVWLN VHQGURP YH NoN KFUHOL DNFLùHU NDQVHUL
LOH FHUUDKL WHGDYL\H X\JXQ ELU KDVWD ROPDG×ù× LIDGH ELUOLNWHOLùLQLQJ|VWHULOPHVLGXUXPXQGDSDUDQHRSODVWLN


 3DUDQHRSODVWLN/LPELN(QVHIDOLW2OJX6XQXPX

OLPELN HQVHIDOLW WDQ×V×Q×Q NRQPDV× LoLQ HN EXOJX\D .$<1$./$5

LKWL\Do ROPDG×ù× LIDGH HGLOPLüWLU <DS×ODQ  KDVWDO×N  7]Q('DOPDX-/LPELFHQFHSKDOLWLVDQGYDULDQWVFODVVLIL
ELUoDO×üPDGDKDVWDGDVHUXPDQWLQ|URQDODQWLNRUODU× FDWLRQGLDJQRVLVDQGWUHDWPHQW1HXURORJLVW
SR]LWLI EXOXQPXüWXU  DQWL+X  DQWL0D  KHP  $QWRLQH-&&DPGHVVDQFKp-33DUDQHRSODVWLFQHXURORJLFDO
DQWL 0D KHP GH DQWL0D  <LUPL KDVWD LVH DQWLNRU V\QGURPHV3UHVVH0HG>$EVWUDFW@
QHJDWLI EXOXQPXüWXU>@ $QWLNRU QHJDWLIOLùLQLQ WDQ×\×  +RQQRUDW - $QWRLQH -& 3DUDQHRSODVWLF QHXURORJLFDO V\Q
G×üODPD\DFDù× XQXWXOPDPDO×G×U /LWHUDWUGH ROJXODU×Q GURPHV2USKDQHW-5DUH'LV
 *XOWHNLQ 6+ 5RVHQIHOG 05 9ROW] 5 (LFKHQ - 3RVQHU -%
oWH ELULQGH DQWLNRU QHJDWLIOLùL ROGXùX  OXN ELU
'DOPDX - 3DUDQHRSODVWLF OLPELF HQFHSKDOLWLV QHXURORJLFDO
KDVWD JUXEXQGD GD KHQ] WHWNLN HGLOHPH\HQ DQWLNRU V\PSWRPV LPPXQRORJLFDO ILQGLQJV DQG WXPRXU DVVRFLD
ODU EXOXQGXùX ELOGLULOPHNWHGLU>@ %L]LP ROJXPX]GD WLRQLQSDWLHQWV%UDLQ
VHUXPGD$)3\NVHNOLùLWHVSLWHGLOGLIDNDWDQWLQ|URQDO  9HUQLQR6*HVFKZLQG0%RHYH%$XWRLPPXQHHQFHSKD
DQWLNRU WHWNLNOHUL \DSW×U×ODPDG× 3DUDQHRSODVWLN OLPELN ORSDWKLHV1HXURORJLVW
HQVHIDOLWOHUGHHQL\LVRQXoSULPHUWP|UQWHGDYLVLLOH  $EHO&*.RFKHQ6&LULR--6LFD5(3DUWLDOQRQFRQYXOVLYH
VDùODQPDNWD ROXS ]DPDQ ]DPDQ LPPQ PRGODWXDU HSLOHSWLFVWDWXVDVLQLWLDOSUHVHQWDWLRQRIOLPELFHQFHSKDOLWLV
WHGDYL GH GHQHQHELOHFHN VHoHQHN RODUDN DN×OGD EXOXQ 5HY1HXURO>$EVWUDFW@
 9RXWVDV90\ORQDNL(*\PQRSRXORV..DSHWDQJLRUJLV$
GXUXOPDO×G×U>@
*ULJRULDGLV&3DSDHPDQXHOO6HWDO3DUDQHRSODVWLFOLPELF
6RQXoRODUDNSDUDQHRSODVWLNOLPELNHQVHIDOLWNoN HQFHSKDOLWLVDVDFDXVHRIQHZRQVHWRIVHL]XUHVLQDSDWLHQW
KFUHOL DNFLùHU NDQVHUL RODQ KDVWDODUGD LON NH] RUWD\D ZLWK QRQVPDOO FHOO OXQJ FDUFLQRPD D FDVH UHSRUW - 0HG
&DVH5HSRUWV
o×NDQHSLOHSWLNQ|EHWOHUEHOOHNER]XNOXùXYHSVLNL\DWULN
 $QGHUVRQ1(%DUEHU3$/LPELFHQFHSKDOLWLVDUHYLHZ-
VHPSWRPODU×Q ELU DUDGD J|UOGù GXUXPODUGD QDGLU &OLQ1HXURVFL
J|UOHQ ELU WDEOR RODUDN DN×OGD WXWXOPDO×G×U %X ROJX\X  *UDXV ) 'HODWWUH -< $QWRLQH -& 'DOPDX - *LRPHWWR %
NoNKFUHOLDNFLùHUNDQVHULQLQLONEXOJXVXRODUDNWLSLN *ULVROG:HWDO5HFRPPHQGHGGLDJQRVWLFFULWHULDIRUSDUD
ELU NOLQLN SUH]DQWDV\RQOD RUWD\D o×NDQ QDGLU ELU WDEOR QHRSODVWLF QHXURORJLFDO V\QGURPHV - 1HXURO 1HXURVXUJ
ROPDV×VHEHELLOHVXQPD\×X\JXQEXOGXN 3V\FKLDWU\