DOKTORSAVHANDLING
Institutionen för Samhällsbyggnad Avdelningen för Arkitektur och infrastruktur
Rumslig legitimitet
När hållbar utveckling medvetandegörs
Björn Ekelund
ISSN: 1402-1544 ISBN 978-91-7439-075-9 Luleå tekniska universitet 2010
Björn Ekelund Rumslig legitimitet När hållbar utveckling medvetandegörs
ISSN: 1402-1544 ISBN 978-91-7439-XXX-X Se i listan och fyll i siffror där kryssen är
5XPVOLJOHJLWLPLWHW
QlUKnOOEDUXWYHFNOLQJ
PHGYHWDQGHJ|UV
%M|UQ(NHOXQG ,QVWI|U6DPKlOOVE\JJQDG
$YGI|U$UNLWHNWXURFKLQIUDVWUXNWXU
Tryck: Universitetstryckeriet, Luleå ISSN: 1402-1544
ISBN 978-91-7439-075-9 Luleå
www.ltu.se
)RUOHDUQLQJHYROYHVHQWLUHO\LQWKHFRPSUHKHQVLRQRISUREOHPVDVVXFKLQ
WKHDSSUHKHQVLRQDQGFRQGHQVDWLRQRIVLQJXODULWLHVDQGLQWKHFRPSRVLWLRQ RILGHDOHYHQWVDQGERGLHV/HDUQLQJWRVZLPRUOHDUQLQJDIRUHLJQODQJXDJH
PHDQVFRPSRVLQJWKHVLQJXODUSRLQWVRIRQH·VRZQERG\RURQH·VRZQ ODQJXDJHZLWKWKRVHRIDQRWKHUVKDSHRUHOHPHQWZKLFKWHDUVXVDSDUWEXW
DOVRSURSHOVXVLQWRDKLWKHUWRXQNQRZQDQGXQKHDUGRIZRUOGRISUREOHPV
'HOHX]HVLG
7LWHO 5XPVOLJOHJLWLPLWHW QlUKnOOEDUXWYHFNOLQJPHGYHWDQGHJ|UV )|UIDWWDUH %M|UQ(NHOXQG
3XEOLNDWLRQ 'RNWRUVDYKDQGOLQJ 'LVSXWDWLRQVGDWXP
/XOHnWHNQLVNDXQLYHUVLWHW
,QVWLWXWLRQHQI|UVDPKlOOVE\JJQDG
$YGHOQLQJHQI|UDUNLWHNWXURFKLQIUDVUWXNWXU ,OOXVWUDWLRQSnRPVODJ 6WLQD:LUVpQ
gYULJDLOOXVWUDWLRQHUVDPWIRWR %M|UQ(NHOXQGRPLQJHWDQQDWDQJHV
$EVWUDFW
7KHSROLWLFDODPELWLRQIRUVXVWDLQDEOHGHYHORSPHQWLVGHSHQGHQW RQQHZDWWLWXGHVDQGEHKDYLRUVDVZHOODVQHZSK\VLFDOHQYLURQPHQWV
6XVWDLQDEOHGHYHORSPHQWKDVWKHUHIRUHEHFRPHLQFUHDVLQJO\LPSRUWDQW WRDQDO\]HDQGGHVFULEHZLWKLQWKHILHOGVRISODQQLQJXUEDQGHVLJQDQG
DUFKLWHFWXUHWRFRQWULEXWHWRDSRVLWLYHDWWLWXGHDQGWRJDLQGHPRFUDWLF DSSURYDOWKURXJKRXWVRFLHW\6XVWDLQDEOHGHYHORSPHQWZDVH[SORUHG
WKURXJKWKUHHVWXGLHVRIVXVWDLQDEOHHQHUJ\IDFLOLWLHV ORRNLQJDWVSDFHSODFH
DQGDUFKLWHFWXUDOGHVLJQ
,QWKHILUVWVWXG\SODQQLQJDQGHQHUJ\V\VWHPV SURGXFWLRQDQG GLVWULEXWLRQIDFLOLWLHV ZDVLQIRFXV7KLVVWXG\GHDOWZLWKWKHFXUUHQW
SUDFWLFHRIHQHUJ\GHFLVLRQVEDVHGSXUHO\RQSROLWLFDOZLOOLQFRPSDULVRQ
WRWKHHIIHFWVRQSK\VLFDOHQYLURQPHQW7KHVWXG\DWWHPSWVWRLOOXVWUDWH KRZWUXO\VXVWDLQDEOHHQHUJ\V\VWHPVDUHGHSHQGHQWXSRQWLHVWRVSDFH DQGSODFHZLWKLQWKHSODQQLQJSURFHVV7KLVZDVVWXGLHGHPSLULFDOO\RQ
VL[FRPSUHKHQVLYHPXQLFLSDOSODQV,QWKHVHH[DPSOHVODUJHLQIUDVWUXFWXUH
SROLFLHVDUHHPSKDVL]HGRYHUSODFHEDVHGHQHUJ\SODQQLQJOHDGLQJ
WRQRQVXVWDLQDEOHJURZWK$FRQQHFWLRQEHWZHHQSODQQLQJDQGWKH VSDWLDOSODFHPHQWRIIXWXUHIDFLOLWLHVVHHPVWREHFHQWUDOWRVXVWDLQDEOH
GHYHORSPHQW7KHVHFRQGVWXG\GHDOWZLWKXUEDQGHVLJQDQGWKHVSHFLILF SODFHPHQWRIHQHUJ\IDFLOLWLHVLQORFDOFRPPXQLWLHV7KLVVWXG\LQGLFDWHG WKDWIDFLOLW\SODFHPHQWLQWKHSXEOLFUHDOPDIIHFWVSXEOLFDWWLWXGHV6SDWLDO DQDO\VLVZDVHPSLULFDOO\XVHGWRVWXG\WKHORFDWLRQSRVLWLRQDQGYLVXDO
SUHVHQFHRIGLVWULEXWLRQDQGSURGXFWLRQIDFLOLWLHVLQWKUHH6ZHGLVK FRPPXQLWLHVDQGDOOWKUHHFRPPXQLWLHVKDGZHOOLQWHJUDWHGDQGYLVLEOH
HQHUJ\IDFLOLWLHV$FFRUGLQJWRWKHVSDFHV\QWD[DQDO\VLVFHUWDLQIDFLOLWLHV KDGPRUHSRWHQWLDOWKDQRWKHUVWRGHYHORSLQWRSRVLWLYHVXVWDLQDEOH
GHYHORSPHQWLFRQV7KLVILQGLQJIXUWKHUHPSKDVL]HVWKDWWKHSRWHQWLDOWR FUHDWHDZDUHQHVVIRUVXVWDLQDEOHGHYHORSPHQWLVSODFHVSHFLILF7KHWKLUG
VWXG\GHDOWZLWKWKHDUFKLWHFWXUDOGHVLJQRIVSHFLILFHQHUJ\IDFLOLWLHV$
WKHRUHWLFDOUHYLHZRISUHYLRXVUHVHDUFKVKRZHGWKDWWKHSHUFHSWLRQRI
VXVWDLQDEOHGHYHORSPHQWGRHVQRWFRLQFLGHZLWKWKHLQGLYLGXDOH[SHULHQFH RIDVSHFLILFUHSUHVHQWDWLRQRIVXVWDLQDEOHHQHUJ\7KHSHUFHSWLRQRI
VXVWDLQDEOHHQHUJ\V\VWHPVZDVPRUHSRVLWLYHWKDQWKHUHDOLW\H[SHULHQFHG
LQWKHSK\VLFDOHQYLURQPHQW7KLVGLVVRQDQFHVXJJHVWVWKDWDUFKLWHFWXUDO GHVLJQPXVWSOD\DQLQWHJUDOUROHLQWKHGHYHORSPHQWRIHQHUJ\V\VWHPVLQ
RUGHUIRUWKHPWREHWUXO\VXVWDLQDEOH,QDQHPSLULFDOVWXG\LQGLYLGXDOV
H[SHULHQFHVRIDQDUFKLWHFWXUDOO\GHVLJQHGSRZHUOLQHFRPSDUHGWR
WKHLUSUHYLRXVDWWLWXGHWRZDUGVSRZHUOLQHV7KHUHVXOWVKLJKOLJKWHGWKH SRWHQWLDOWRUHYHUVHQHJDWLYHDVVRFLDWLRQVRIHQHUJ\IDFLOLWLHVE\DHVWKHWLF DQGSODFHVSHFLILFDUFKLWHFWXUDOGHVLJQ$SRVLWLYHSHUFHSWLRQRIVXVWDLQDEOH
GHYHORSPHQWPLJKWWKHUHIRUHFRUUHVSRQGZLWKDFRPSHOOLQJH[SHULHQFH DQGQRWQHFHVVDULO\ZLWKORQJKHOGDWWLWXGHV
7KHWKHRUHWLFDODQGHPSLULFDOUHVXOWVSUHVHQWHGFDQEHGHVFULEHGE\
WKHWHUP VSDWLDOOHJLWLPDF\7KLVWHUPH[SODLQVWKHDELOLW\RIWKHSODQQLQJ
XUEDQGHVLJQDQGDUFKLWHFWXUHILHOGVWRUHDUWLFXODWHSK\VLFDOIRUPDQG
IXQFWLRQZLWKLQDVSHFLILFFXOWXUDOFRQWH[WWKXVDOORZLQJDFWXDOH[SHULHQFH WRFRUUHVSRQGZLWKKHOGSUHFRQFHSWLRQV+RZFRPPXQLWLHVGHVLJQDIIHFWV KRZFRPPXQLWLHVSODQDQGYLFHYHUVD6SDWLDOOHJLWLPDF\XQGHUVFRUHVWKH FHQWUDOFRQQHFWLRQEHWZHHQSODFHPHQWDQGDUFKLWHFWXUDOGHVLJQLQSHUVRQDO H[SHULHQFH7KHILHOGVRISODQQLQJXUEDQGHVLJQDQGDUFKLWHFWXUHKDYHWKH SRWHQWLDODQGUHVSRQVLELOLW\WRIXUWKHUWKHILHOGRIVXVWDLQDEOHGHYHORSPHQW
E\KHOSLQJXVXQGHUVWDQGWKDWGHVLJQLVDVLPSRUWDQWWRLQGLYLGXDOUHVSRQVH DQGFROOHFWLYHSHUFHSWLRQDVLVWHFKQRORJ\
.H\ZRUG 3ODQQLQJXUEDQGHVLJQDUFKLWHFWXUHVXVWDLQDEOHGHYHORSPHQWUHQHZDEOHHQHUJ\VSDWLDO
OHJLWLPDF\
6DPPDQIDWWQLQJ
(QSROLWLVNVWUlYDQHIWHUKnOOEDUXWYHFNOLQJlULQWHEDUDEHURHQGH
DYQ\DDWWLW\GHURFKEHWHHQGHQLVDPKlOOHWXWDQRFNVnDYQ\DI\VLVND
PLOM|HU,GHSUDNWLVNDYHUNVDPKHWHUQDI\VLVNSODQHULQJVWDGVE\JJQDGRFK DUNLWHNWXUKDUNRSSOLQJDUQDWLOOEHJUHSSHWKnOOEDUXWYHFNOLQJGlUPHGEOLYLW
DOOWYLNWLJDUHDWWEHVNULYDRFKDQDO\VHUDI|UDWWELGUDWLOOHQIRUWVDWWSRVLWLY
DWWLW\GWLOORFKGHPRNUDWLVNI|UDQNULQJDYGHWWDVDPKlOOVIHQRPHQ*HQRP WLOOlPSQLQJVH[HPSHOLIRUPDYE\JJDQGHWDYKnOOEDUDHQHUJLDQOlJJQLQJDU
KDUGHQKnOOEDUDXWYHFNOLQJHQVXWU\PPHSODFHULQJRFKJHVWDOWQLQJ
VWXGHUDWVQlUPDUHLWUHWHRUHWLVNDRFKHPSLULVNDVWXGLHU
,GHQI|UVWDVWXGLHQRPI\VLVNSODQHULQJRFKHQHUJLV\VWHPSnYLVDVGH LGHRORJLVNDRFKSODWVVSHFLINDNRSSOLQJDUQDPHOODQHQHUJLDQOlJJQLQJDU
RFKKnOOEDUXWYHFNOLQJVDPWKXUHWWKnOOEDUWHQHUJLV\VWHPlUEHURHQGHDY
HQSODQHULQJVSURFHVVVRPWDUVLQXWJnQJVSXQNWLGHWJHRJUDILVND'HWWD
VWXGHUDVHPSLULVNWJHQRPHQGHVNULSWLYVWXGLHDYVH[|YHUVLNWVSODQHU
GlUGHQJHRJUDILVNDEHVNULYQLQJHQDYHQHUJLDQOlJJQLQJDUDQDO\VHUDV
'HQQDVWXGLHYLVDUDWWGHWIUDPI|UDOOWlUVWRUVNDOLJDLQIUDVWUXNWXUV\VWHP
VRPI|URUGDVLSODQHULQJHQRFKDWWGHQJHRJUDILVNDNRSSOLQJHQ
PHOODQSODQHULQJRFKIUDPWLGHQVHQHUJLV\VWHPlUVYDJ,GHQDQGUD VWXGLHQRPVWDGVE\JJQDGRFKSODFHULQJDYHQHUJLDQOlJJQLQJDUYLVDV DWWDQOlJJQLQJDUQDVVRFLRVSDWLDODHJHQVNDSHULRIIHQWOLJDUXPSnYHUNDU
GHQNROOHNWLYDDWWLW\GHQWLOOGHVVD+lUXWNULVWDOOLVHUDVGlUPHGGHQUROO
DQOlJJQLQJDUQDVSODFHULQJVSHODUI|UDWWKnOOEDUXWYHFNOLQJVNDNXQQD PHGYHWDQGHJ|UDVI|UDOOPlQKHWHQ6RPHWWVlWWDWWDQDO\VHUDGHQKnOOEDUD XWYHFNOLQJHQVVRFLRVSDWLDODSRWHQWLDOLRIIHQWOLJDUXPVWXGHUDVHPSLULVNW LYLONHQXWVWUlFNQLQJHQHUJLDQOlJJQLQJDUlULQWHJUHUDGHRFKV\QOLJDLWUH
VYHQVNDRUWHU5HVXOWDWHQYLVDUDWWIOHUDEHILQWOLJDDQOlJJQLQJDUVV\QOLJKHW RFKSODFHULQJQlUDYlOLQWHJUHUDGHVWUnNlUSnIDOODQGHVWDUNXWDQDWW
GHWWDYDULWHQPHGYHWHQDYVLNWLSODQHULQJHQ6DPWLGLJWYLVDUGHWWDDWW SRWHQWLDOHQI|UDWWPHGYHWDQGHJ|UDKnOOEDUXWYHFNOLQJlUSODWVVSHFLILN
,GHQWUHGMHVWXGLHQRPJHVWDOWQLQJRFKHQHUJLDQOlJJQLQJDUVWXGHUDVSn YLONHWVlWWLQGLYLGHUVPHGYHWDQGHVDPPDQIDOOHUPHGXSSOHYHOVHQDYROLND
SODWVVSHFLILNDUHSUHVHQWDWLRQHUDYKnOOEDUHQHUJL'HQQDVWXGLHI|UW\GOLJDU
VDPEDQGHWPHOODQLGpQRPKnOOEDUDHQHUJLV\VWHPRFKXSSOHYHOVHQDY
KnOOEDUDHQHUJLV\VWHPRFKKXUGHWWDVDPVSHONDQKDQWHUDVXWLIUnQHWW
JHVWDOWQLQJVSHUVSHNWLY(PSLULVNWVWXGHUDVGHWWDJHQRPDWWXQGHUV|NDYLONHW
JHQRPVODJHWWJHVWDOWQLQJVI|UVODJNDQInI|UPlQQLVNRUVXSSOHYHOVHDYHQ
NUDIWOHGQLQJLMlPI|UHOVHPHGGHUDVJHQHUHOODDWWLW\GHUWLOONUDIWOHGQLQJDU
5HVXOWDWHQYLVDUDWWDWWLW\GI|UlQGULQJDUlUP|MOLJDJHQRPHQSODWVDQSDVVDG RFKPHGYHWHQJHVWDOWQLQJYLONHWLQQHElUDWWXSSOHYHOVHQLVW|UUH
XWVWUlFNQLQJlQDWWLW\GHQWLOODQOlJJQLQJHQPRWVYDUDUGHQGHPRNUDWLVND XSSIDWWQLQJHQRPIHQRPHQHWKnOOEDUXWYHFNOLQJ
.RQNOXVLRQHQDYRYDQVWnHQGHWHRUHWLVNDRFKHPSLULVNDUHVXOWDW
EHVNULYVPHGEHJUHSSHW UXPVOLJOHJLWLPLWHW0HGUXPVOLJOHJLWLPLWHWDYVHV
KlUGHQI\VLVNDSODQHULQJHQVVWDGVE\JJDQGHWVRFKDUNLWHNWXUHQVI|UPnJD
DWWLHWWVSHFLILNWNXOWXUHOOWVDPPDQKDQJRPIRUPXOHUDGHQI\VLVNDIRUPHQ
RFKIXQNWLRQHQVnDWWXSSOHYHOVHQPRWVYDUDUDWWLW\GHQWLOOHWWVSHFLILNW VDPKlOOVIHQRPHQ'HJHQRPI|UGDVWXGLHUQDYLVDUDWWGHWI|UHOLJJHUEnGH GLUHNWDRFKLQGLUHNWDVDPEDQGPHOODQnHQDVLGDQHQHUJLDQOlJJQLQJDUV
XWU\PPHORNDOLVHULQJRFKJHVWDOWQLQJRFKnDQGUDVLGDQLQGLYLGHQV XSSOHYHOVHRFKSHUFHSWLRQDYGHVVD6nOHGHVILQQVGHWlYHQHWWYlUGHIXOOW
VDPEDQGPHOODQGHQI\VLVNDSODQHULQJHQVWDGVE\JJDQGHWRFKJHVWDOWQLQJHQ
DYHQVNLOGDREMHNWI|UDWWIUlPMDKnOOEDUXWYHFNOLQJ
1\FNHORUG )\VLVNSODQHULQJVWDGVE\JJQDGDUNLWHNWXUKnOOEDUXWYHFNOLQJI|UQ\EDUHQHUJLUXPVOLJ
OHJLWLPLWHW
)|URUG
-DJYLOOWDFNDPLQIDPLOMI|UDWWMDJXQGHUPLQXSSYl[WILFNOlUDPLJDWW LQWHGXVFKDI|UOlQJHLQWHVSRODYDWWHQLNUDQQlUMDJERUVWDGHWlQGHUQDRFK
DWWnNDNROOHNWLYWF\NODQlUMDJVNXOOHWLOOVNRODQRFKLVKRFNH\WUlQLQJHQ
'HWVNDSDGHVQ|GYlQGLJDRFKULNWDGHEHWHHQGHQLHQWLGDYVXUWUHJQ
|YHUJ|GGDVM|DURFKVNRJVG|G,WURQDWWYnUIDPLOMYDUUHVWULNWLYDDY
PLOM|LGHRORJLVNDVNlOEOHYMDJI|UYnQDGQlUMDJVHQDUHLQVnJDWWGHWLVMlOYD
YHUNHWYDUEDVDODWHNQLVNDHNRQRPLVNDRFKVRFLDODDUJXPHQWVRPWLOOVWRU
GHOOnJEDNRPYnUWEHWHHQGH9DUGDJHQVSUDJPDWLVNDO|VQLQJDUYDULQWHEDUD
YnUWELGUDJWLOOHQKnOOEDUXWYHFNOLQJGHWOlUGHPLJRFNVnDWWHWWWLOOVWnQG DYKnOOEDUXWYHFNOLQJLQWHEDUDNDQJHQRPV\UDVDYVWlQGLJDLGHRORJLVND
VWlOOQLQJVWDJDQGHQI|UDWWEOLIUDPJnQJVULNWHQVDPKlOOVI|UlQGULQJPnVWH
YDUDHQVMlOYNODUKHWLPlQQLVNRUVOLYVYlUOG
'HQKlUDYKDQGOLQJHQlUUHVXOWDWHWDYHWWV|NDQGHHIWHUNXQVNDS RPVWDGHQRFKGHVVLQQHKnOOGHI\VLVNDVWUXNWXUHUQDVRFKIRUPHUQDV LQQHE|UGPlQQLVNRUVXSSIDWWQLQJRFKXSSOHYHOVHDYGHVVDIRUPHURFK KXUVWDGHQVIRUPSnOnQJVLNWSnYHUNDUPlQQLVNRUVEHWHHQGH'HWlUHWW V|NDQGHVRPVNHUPHGYHWVNDSRPDWWDOOWVRPVWDGHQKDUDWWYLVDDOGULJ
NRPPHUDWWNXQQDEHVNULYDVI|UVWnVHOOHUHQVEHWUDNWDVLVLQKHOKHW'HQQD PnQJIDFHWWHUDGHELOGRFKIXQNWLRQVRPVWDGHQXWJ|UVNDSDUGlUPHGHWW
VWlQGLJWEHKRYDYWHRUHWLVNDRFKSUDNWLVNDI|UW\GOLJDQGHQGlUQnJUDDYGHP
VRPKDQGODURPNXQVNDSRPKnOOEDUXWYHFNOLQJSODQHULQJVWDGVE\JJQDG
RFKDUNLWHNWXUKRSSDVNXQQDXWYHFNODVKlU
$YKDQGOLQJHQEHVWnUDYWUHGHODUVRPLQWHEDUDVNDSDWVJHQRPPLQD IRUVNQLQJVIUnJRUXWDQRFNVnWLOONRPPLWWDFNYDUHROLNDILQDQVLlUHUVRPVDWW IRNXVSnYLNWLJDIUnJHVWlOOQLQJDULYHUNOLJKHWHQ'HWKDUELGUDJLWSRVLWLYW WLOODYKDQGOLQJHQRFKI|UKRSSQLQJVYLVRFNVnWLOOGHVVDRUJDQLVDWLRQHU7DFN I|UDWWQLKDUJMRUWPLWWDUEHWHP|MOLJW,UpQH:UDQGH7RUH&DUOVVRQRFK 7RELDV0DOPJUHQSn(QHUJLP\QGLJKHWHQ5RJHU/LQGPDUNSn9DWWHQIDOO
(OGLVWULEXWLRQ$%VDPW-DQ0DWWVRQSn6:(&2$UFKLWHFWV$NWXHOOD )R8SURMHNWKDUYDULW%LREUlQVOH+lOVD0LOM|RFK8WKnOOLJNRPPXQ KRV(QHUJLP\QGLJKHWHQVDPW)RUPHQVNUDIWNUDIWHQVIRUPKRV9DWWHQIDOO
(OGLVWULEXWLRQ$%RFK6:(&2$UFKLWHFWV(WWVlUVNLOWWDFNRFNVnWLOO NRPPXQHUQD%RUnV*|WHQH/\FNVHOH6NHOOHIWHn6WRUXPDQ7UROOKlWWDQ
8OULFHKDPQRFKgUQVN|OGVYLNVRPELVWnWWPHGYlUGHIXOOLQIRUPDWLRQWLOO
DYKDQGOLQJHQVHPSLUL
$YKDQGOLQJHQVWUHHPSLULVNDVWXGLHULNDSLWHOKDULVLQDKHOKHWHU
HOOHUGHODUlYHQSXEOLFHUDWVLDQQDQIRUP (PSLULSUHVHQWHUDGSn
NRQIHUHQVHQ6FLHQFHIRU6XVWDLQDEOHGHYHORSPHQW (NHOXQG (PSLUL
SUHVHQWHUDGSnNRQIHUHQVHQ%ULGJLQJWKHGLYLGH (NHOXQG RFK
(PSLULSUHVHQWHUDGLERNHQ)RUPHQVNUDIWNUDIWHQVIRUP (NHOXQG
0HOLQ0DQGUH cNHUEHUJ
$YKDQGOLQJVDUEHWHWKDUI|UIO\WWDWPLJIUnQGHQI\VLVNDSODQHULQJHQV KHOKHWVV\QWLOODUNLWHNWXUHQVGHWDOMHURFKYLVDWDWWGHWILQQVHQQ|GYlQGLJ NRSSOLQJPHOODQGHW|YHUJULSDQGHRFKGHWGHWDOMHUDGH'HQQDDNDGHPLVND UHVDKDUDFNRPSDQMHUDWVDYPLQDKDQGOHGDUH8OI5DQKDJHQI|UWMlQDUGHW YDUPDVWHDYWDFNI|URI|UWUXWHW HQJDJHPDQJXQGHUDOODGHVVDnU8OIlU
IUnQKHOKHWWLOOGHWDOMSHUVRQLILHUDG7LOO$QLWD*lUOLQJYLOOMDJULNWDHWWVWRUW
WDFNI|UGHQSRVLWLYDLQVWlOOQLQJVRPKRQKDUI|UPHGODWHQLQVWlOOQLQJ
LQVYHSWLHQDOOWLGOLNDNRQNUHWRFKUlWWIUDPNULWLNRFKWDFN/DUV0DUFXV
I|ULQWURGXNWLRQHQWLOOWHRULHURP6SDFH6\QWD[RFKI|UGHWI|UO|VDQGH I|UW\GOLJDQGHWDYDYKDQGOLQJHQVSRWHQWLDO-DJYLOORFNVnWDFNDDOODL 6WXGLR3ODQRFKQLDQGUDNDPUDWHUSn6:(&2$UFKLWHFWVL6WRFNKROP VRPJMRUWPLWWDUEHWHJLYDQGHRFKUHOHYDQW(WWVlUVNLOWWDFNWLOO$QQD
cNHUEHUJ 6:(&2$UFKLWHFWV RFK%HQMDPLQ0HOLQ0DQGUH 5RVHQEHUJV DUNLWHNWHU VRPKDUYDULWVWDUNWELGUDJDQGHWLOODYKDQGOLQJHQVLQQHKnOO2FK WDFNWLOO$OH[DQGHU6WnKOHSn.7+6SDFHVFDSHRFK.DWDULQD6FK\OEHUJSn 5HJHULQJVNDQVOLHWI|UDWWQLDOOWLGKDUVWlOOWXSSVRPWHRUHWLVNDWHUDSHXWHU
*LYHWYLVYLOOMDJRFNVnWDFNDDOODGHYlQQHUVRPGHODWDQGUDUHVRUPHGPLJ
lQMXVWGHQDNDGHPLVNDGHWKDUJMRUWPLJJRWW)|UDWWVOXWDLGHQIDPLOMlUD
WRQMDJE|UMDGHYLOOMDJVlUVNLOWWDFNDPLQIUX/HQDRFKPLQDEDUQ/RYD
.ODUDRFK9LGHI|UDWWGHKDUOnWLWPLQDIRUVNDUVWXGLHUEOLHQGHODYYnU
JHPHQVDPPDOLYVYlUOGGlUI|UYLOOMDJWLOOlJQDHUGHWKlUDUEHWHW
%M|UQ(NHOXQG
6WRFNKROP /XOHn
,QQHKnOO
,1752'8.7,21
%DNJUXQG
7LOOlPSQLQJ
6\IWHRFKIRUVNQLQJVIUnJRU
9HWHQVNDSVV\QRFK|YHUJULSDQGHPHWRG
'LVSRVLWLRQ
7(25(7,6.87*c1*6381.7
+c//%$5879(&./,1*2&+%<**$1'(
([LVWHUDUJHQRPGHWI|UHVWlOOGD
7LOOJlQJOLJJ|UVJHQRPGHWYDUGDJOLJD
%HNUlIWDVJHQRPGHWXSSOHYGD
7,//b031,1*
%<**$1'($9+c//%$5$(1(5*,$1/b**1,1*$5
3ROLWLNXWU\PPHRFKI\VLVNSODQHULQJ
3ROLWLVNDRFKLGHRORJLVNDI|UXWVlWWQLQJDU
*HRJUDILVNDHIIHNWHUDYSROLWLVNDDPELWLRQHUU
)|UXWVlWWQLQJDUI|UDWWLQWHJUHUDHQHUJLRFKSODQHULQJ
(PSLUL gYHUVLNWOLJSODQHULQJI|UIUDPWLGHQVHQHUJLV\VWHP
6DPKlOOHLGHQWLWHWRFKSODFHULQJ
(QKLVWRULVNQlUYDUR
'HQWYHW\GLJDSODWVHQ
'HWRIIHQWOLJDUXPPHWVSRWHQWLDO
(PSLUL 3ODFHULQJDYHQHUJLDQOlJJQLQJDULRIIHQWOLJDUXP
,QGLYLGXSSOHYHOVHRFKJHVWDOWQLQJ
3nGHQKlUVLGDQRPV\PEROHQ
(WWnWHUWDJDQGHDYSODWVHQ
(QQ\IRUPDYNRQIURQWDWLRQ
(PSLUL *HVWDOWQLQJDYHQNUDIWOHGQLQJ
.21./86,21
5806/,*/(*,7,0,7(7
8WJnQJVSXQNWI|UHWWQ\WWEHJUHSS
%HJUHSSHWIRUPXOHUDWJHQRPI|UHOLJJDQGHIRUVNQLQJVIUnJRU
5XPVOLJOHJLWLPLWHWVRPHWWDQDO\VYHUNW\J
5()(5(16(55
%LODJRU
,1752'8.7,21
%$.*581'
6DPKlOOHWVVWUlYDQHIWHUKnOOEDUXWYHFNOLQJKDULQQHEXULWDWW
KnOOEDUKHWHQVHNRQRPLVNDHNRORJLVNDRFKVRFLDODDVSHNWHULGDJLDOOWVW|UUH
XWVWUlFNQLQJJHQRPV\UDUGHQSROLWLVNDYDUGDJHQSnLQWHUQDWLRQHOOQDWLRQHOO RFKORNDOQLYn*HQRPSROLWLNHQVLQIO\WDQGH|YHUSODQHULQJVWDGVE\JJQDG RFKDUNLWHNWXUlUGHWLGHRORJLVNDVWlOOQLQJVWDJDQGHWEHURHQGHDYGHWI\VLVNW UXPVOLJDJHQRPI|UDQGHWI|UEnGDVIUDPJnQJ)|UIRUVNQLQJRPRFK
SUDNWLNHQDYKnOOEDUXWYHFNOLQJLSODQHULQJVWDGVE\JJQDGRFKDUNLWHNWXU
KDUGHWWDLQQHEXULWDWWNRSSOLQJDUPHOODQSROLWLNHQVPRWLYnWJlUGHURFK
YHUNQLQJDULGHQI\VLVNDPLOM|QEOLYLWDOOWPHUJHQRPO\VWD
1nJUDYDQOLJWI|UHNRPPDQGHULNWOLQMHUI|UGHVVDQ\DSROLWLVND VWlOOQLQJVWDJDQGHQlULDUNLWHNWXUHQRFKSODQHULQJHQXWWU\FNWDJHQRP
I|UHVSUnNDQGHWDYHQ|NDGDQYlQGQLQJDYI|UQ\EDUHQHUJLLQWHQVLILHUDW E\JJDQGHDYHQHUJLHIIHNWLYDUHKXVRFKHWWJ\QQDQGHDYGHWNROOHNWLYD
UHVDQGHW 1lULQJVGHSDUWHPHQWHW 'HWYLOOVlJDnWJlUGHUVRPL VWRUXWVWUlFNQLQJlUGLUHNWNRSSODGHWLOOJOREDODHIIHNWHUI|UHQKnOOEDU
XWYHFNOLQJ
'HWlUIXOOWI|UVWnHOLJWDWWGHQKlUIRUPHQDYnWJlUGHUI|UHVOnVIUnQ SROLWLVNWKnOOHIWHUVRPGHQlUDVDPEDQGHQPHOODQnWJlUGRFKHIIHNWJHU
VQDEEDRFKSnWDJOLJDUHVXOWDWI|UGHQSURFHVVVRPKnOOEDUXWYHFNOLQJ
LQQHElU*HQRPDWW|NDDQGHOHQI|UQ\EDUHQHUJLPLQVNDUPlQJGHQ
IRVVLOEUlQVOHEDVHUDGHQHUJLSURGXNWLRQJHQRPDWWE\JJDIOHUHQHUJLHIIHNWLYD
E\JJQDGHUPLQVNDUGHWWRWDODHQHUJLEHKRYHWI|UXSSYlUPQLQJRFK
WUDQVSRUWHQHUJLQNDQPLQVNDVJHQRPDWWµVWLPXOHUDWLOOHQVDPKlOOVVWUXNWXU
VRPIUlPMDUUHVXUVVQnODWUDQVSRUWHUµ 1lULQJVGHSDUWHPHQWHW VLG
(QKnOOEDUXWYHFNOLQJXWWU\FNVLQWHEDUDSnHQGHPRNUDWLVNWSROLWLVN QLYnJHQRPVWDWOLJDLQYHVWHULQJDUVXEYHQWLRQHURFKOHJLVODWLYDI|UHVNULIWHU
EDVHUDWSnEHW\GHOVHIXOODIRUVNQLQJVUHVXOWDWXWDQKDURFNVnHIIHNWHUI|UGHQ I\VLVNDPLOM|Q9DGVRPSROLWLVNWVlJVRPKnOOEDUXWYHFNOLQJSnQDWLRQHOO
QLYnVlJHUGRFNVlOODQQnJRWRPKXUGHQQDDPELWLRQE|UJHQRPI|UDV LHWWI\VLVNWUXPVOLJWVDPPDQKDQJbYHQRPGHWXWWU\FNVVRPDWWIOHU
YLQGNUDIWYHUNVNDE\JJDVVSnUEXQGHQWUDILNVNDSULRULWHUDVRFKSDVVLYKXV
VNDWLOOlPSDVlUGHVVDVWlOOQLQJVWDJDQGHQIRUWIDUDQGHLQWHHQYlJOHGQLQJRP KXUQnJRWJHQRPI|UVLSUDNWLNHQ6DPEDQGHWPHOODQJHQRPI|UDQGHWRFK GHSROLWLVNDVWlOOQLQJVWDJDQGHQDXSSVWnULVMlOYDYHUNHWLQWHI|UUlQGHVVD SROLWLVNDLGpHURPVlWWVWLOOI\VLVNIRUP9HPVRPJHUXSSKRYWLOOGHQQD IRUPlUHQXQGHUOLJJDQGHXWJnQJVSXQNWI|UGHWWDDUEHWHOLNVRPIUnJDQRP YLONHQIRUPGHWWDJHQRPI|UDQGHLVMlOYDYHUNHWE|URFKNDQKD
cU lUPlQVNOLJKHWHQPHUXUEDQlQDJUDUGYVGHWERUIOHU
PlQQLVNRULVWlGHUlQYDGGHWJ|USnODQGVE\JGHQRFKNDQVNHlUGHWVRP 6YHULJHV$UNLWHNWHUVDPPDQIDWWDULVLQSROLWLVNDKDQGERNRPKnOOEDU
VWDGVXWYHFNOLQJDWWµ6WDGHQlUQ\FNHOQWLOOKnOOEDUKHWµ 8OOVWDGVLG
)|UDWWNXQQDXUVNLOMDYDGLVWDGVE\JJDQGHWVRPLVMlOYDYHUNHWlUI|UHPnO I|UKnOOEDUXWYHFNOLQJNUlYVGRFNHQEHW\GHOVHIXOOGLVWLQNWLRQPHOODQGHVVD WYnEHJUHSSDYVWDGUHVSHNWLYHXWYHFNOLQJ9DGlUHQKnOOEDUVWDGLMlPI|UHOVH PHGHQVWDGI|UKnOOEDUXWYHFNOLQJ"(QI|UHNRPPDQGHEHVNULYQLQJDYGHQ
KnOOEDUDVWDGHQVNXOOHNXQQDXWWU\FNDVVRPHQVWDGµGlUNUDYHQSnKnOOEDU
XWYHFNOLQJNDQWLOOJRGRVHVµ *XOOEHUJ+|MHU 3HWWHUVVRQVLG
GYVHQVWDGVRPO\FNDVPHGEHGULIWHQDWWI|UlQGUDVWDGHQRFKVWDGVOLYHWVn DWWGHVVDNUDYSnKnOOEDUKHWXSSI\OOV )LJXU
)LJXU,GDJHQVIUDPWLGVVFHQDULHUI|UXUEDQDVWUXNWXUHUI|UKnOOEDUKHWNlQQVHIIHNWLYLWHWHQRFK UDWLRQDOLWHWHQRIWDLJHQ,GHWKlUIDOOHWI|UVWDGHQ0DVGDUULWDGDYGHWHQJHOVNDNRQWRUHW)RVWHU 3DUWQHUVLHWWSURMHNWL)|UHQDGHDUDEHPLUDWHQ(QDYGHPnQJDDPELWLRQHUQDPHGVWDGHQlUDWW
GHQVNDYDUDNROGLR[LGQHXWUDOYLGIlUGLJVWlOODQGHWEODQGDQQDWJHQRPDWWYDUDKHOWELOIULRFK
VMlOYI|UV|UMDQGHSnHQHUJL ,OOXVWUDWLRQ )RVWHU 3DUWQHUV
)|OMGIUnJDQEOLUGnYLONDPHGHOVRPNUlYVRFKYLONDNUDYVRPVNDJlOOD I|UDWWWLOOJRGRVHGHWWDEHKRY")|UDWWH[HPSOLILHUDHQVWDUWSXQNWI|UKXU
PnORFKPHGHONDQEHVNULYDVLVWDGVE\JJDQGHWYLVDGHVLHQMlPI|UDQGH VWXGLHDYWUHROLNDEHE\JJHOVHNDUDNWlUHUDWWGHWHNRORJLVNDIRWDYWU\FNHW KDGHPLQGUHJHPHQVDPWPHGEHE\JJHOVHNDUDNWlUHUlQYDGGHWKDGH PHGEHWHHQGHVP|QVWUHW 0RRV:KLWILHOG-RKQVRQ $QGUH\
'HWYLOOVlJDDWWEHE\JJHOVHQVSnYHUNDQSnH[HPSHOYLVUHVHEHKRYRFK
DQGUDEHWHHQGHI|UlQGULQJDUJHUVW|UUHSRVLWLYDNRQVHNYHQVHUI|UKnOOEDU
XWYHFNOLQJlQROLNDEHE\JJHOVHNDUDNWlUHU 0RRVPIO 5HVXOWDWHQ YLVDUDWWHJHQVNDSHUVRPlUNRSSODGHWLOOVWDGHQVVWUXNWXUlUYLNWLJDI|UDWW ELGUDWLOOHWWEHWHHQGHVRPJ\QQDUHQKnOOEDUXWYHFNOLQJ$WWWLOOJRGRVH NUDYHQSnKnOOEDUXWYHFNOLQJVNDSDUVnOHGHVI|UXWVlWWQLQJDUI|UQ\D
I\VLVNDVWUXNWXUHUDWWXWYHFNODVVRPNDQSnYHUNDGHVVDEHWHHQGHP|QVWHU
,GDJVNHURPIDWWDQGHIRUVNQLQJLQRPMXVWXWYHFNOLQJHQDYQ\DI\VLVND VWUXNWXUHUVRPJ\QQDUKnOOEDUXWYHFNOLQJ<RVHI5DIHT-DEDUHHQJMRUGH nUHQMlPI|UHOVHDYKXUYlOROLNDXUEDQDVWUXNWXUHUXSSI\OOHUGH
NRQFHSWXHOODHIWHUVWUlYDQGHQVRPILQQVPHGHQKnOOEDUXWYHFNOLQJ
LVWDGVE\JJDQGHW+DQLGHQWLILHUDGHVMXVnGDQDKXYXGVDNOLJDRFK
HIWHUVWUlYDGHNRQFHSW NRPSDNWKHWRFKNRQQHNWLYLWHWKnOOEDUDWUDQVSRUWHU
WlWKHWIXQNWLRQVEODQGQLQJPnQJIDOGSDVVLYVROHQHUJLDQSDVVQLQJ
VDPWWLOOJnQJHQWLOOSDUNJU|QRPUnGHQ$QOHGQLQJHQWLOOYDUI|UGHVVD ROLNDNRQFHSWEHWUDNWDVVRPKnOOEDUDlUI|UDWWGHEODQGDQQDW|NDU
WLOOJlQJOLJKHWHQWLOONROOHNWLYDWUDQVSRUWPHGHOPLQVNDUGHQXWJOHVDGH I|URUWVEHE\JJHOVHQVQDFNGHODUJHUElWWUHWLOOJlQJOLJKHWWLOOKDQGHOLFHQWUDOD
OlJHQNRUWDUUHVOlQJGHUVDPW|NDUWU\JJKHWHQRFKWLOOJlQJOLJKHWHQI|U
IRWJlQJDUH -DEDUHHQ 'HWYLOOVlJDGHROLNDI\VLVNDVWUXNWXUHUQDJHU
I|UXWVlWWQLQJDUI|UHWWI|UlQGUDWEHWHHQGHKRVDOOPlQKHWHQSnHWWVlWWVRP J\QQDUKnOOEDUXWYHFNOLQJ
,GHNRQFHSWXHOODVWUXNWXUHUVRP-DEDUHHQ LGHQWLILHUDUYlYV IOHUDDPELWLRQHUI|UKnOOEDUXWYHFNOLQJVDPPDQPHGE\JJQDGHUQDV
RFKVWDGHQVVWUXNWXU'HWVNHUSnHWWVlWWVRPKDUJRGDP|MOLJKHWHUDWW WLOOJRGRVHNUDYHQSnKnOOEDUXWYHFNOLQJLGHQEHPlUNHOVHQVRP*XOOEHUJ
PIO LGHQWLILHUDUbUGHVVDVWUXNWXUHUYHUNOLJHQWHFNHQSnHQKnOOEDU
VWDGVXWYHFNOLQJ",HWWWHNQLVNWSHUVSHNWLYlUGHGHWGHXSSI\OOHUGHNUDY
VRPILQQVI|UDWWQnPnOHWPHQGHWlUVDPWLGLJWNDQVNHLQWHOLNDVMlOYNODUW
XWLIUnQVWDGHQVLQQHKnOODYPlQQLVNRUUXPRFKSODWVHU,HWWKLVWRULVNW SHUVSHNWLYIUDPVWnUHQRUHIOHNWHUDWWHNQLVNXWYHFNOLQJVQDUDUHVRPDWW
VDPKlOOHWVPRGHUQLVHULQJVSURFHVVnWHULJHQlUSnYlJPRWHQUDWLRQDOLWHW VRPlUNDSDEHODWWLGHQWLILHUDSDVVDQGHPHGHOI|UVSHFLILNDPnOPHQVRP lUGnOLJWDQSDVVDGI|UDWWXWYlUGHUDGHVVDPnO +HLNNHU| ,HQKnOOEDU
VWDGWHUGHWVLJDOOWYDQOLJDUHDWWPHGOHQRIWDEOLUPnOHWLVLJVMlOYWGlU
JOREDODSUREOHPI|UYlQWDVEHP|WDVPHGJOREDODO|VQLQJDU ::)
,GDJIUDPWUlGHUKnOOEDUVWDGVXWYHFNOLQJLIOHUDIDOOVRPHQNRPPHUVLHOO SURGXNWEDVHUDGSnWHNQLVNDO|VQLQJDURFKV\VWHPRDYVHWWNXOWXUHOOW
VDPPDQKDQJGlUVDPEDQGHWPHOODQGHWSROLWLVNDRFKGHWI\VLVNW
UXPVOLJDnWHUJnUWLOOHQXWWDODGHIIHNWLYLVHULQJRFKUDWLRQDOLVHULQJDY
VDPKlOOVE\JJDQGHWHQPRGHUQLVHULQJVRFKUHLQGXVWULDOLVHULQJVSURFHVV
GlUGHVWRUDSHQQGUDJHQGRPLQHUDU'HWILQQVGRFNULVNI|ULQUHVRFLDOD VSlQQLQJDULVWDGHQVRPµXSSVWnURPIUDPWLGVELOGHUQDE\JJHUSnLGpHUVRP JnUWYlUVPRWYDGGHWVWRUDIOHUWDOHWPlQQLVNRUYLOOµ *XOOEHUJPIO
VLG *HQRPDWWPHGHQWHNQLVNSUHFLVLRQVlWWDVDPPDQIXQNWLRQHU
EDVHUDGHSnJOREDODI|UHVDWVHUXWDQDWWXWJnIUnQIRUPHQVEHW\GHOVHI|U
PlQQLVNRULHWWPHUORNDOWSHUVSHNWLYILQQVGHWHQULVNDWWLQQHE|UGHQDY
EHJUHSSHWKnOOEDUVWDGEOLUPHUUDWLRQHOORFKIUlPPDQGHlQYDGLQYnQDUQD
LVMlOYDYHUNHWWLOOnWHU'HWSHNDUSnYLNWLJDVDPEDQGXW|YHUGHWWHNQLVNW YHULILHUEDUDVRPVWlOOHUGHQVRFLDODUHODWLRQHQPHOODQWHNQLVNDV\VWHP
VWDGVVWUXNWXUHURFKPlQQLVNRUVDWWLW\GWLOOKnOOEDUXWYHFNOLQJLFHQWUXP
0HOODQGHJOREDODHIIHNWHUQDDYHQKnOOEDUXWYHFNOLQJRFKGHORNDOD HIIHNWHUQDXSSVWnUQ\DRFKEHW\GHOVHIXOODVDPEDQGVRPJ|UDWWHWWDYGH
YLNWLJDVWHVDPVSHOHQI|UHQIRUWVDWWSRVLWLYXWYHFNOLQJlUDWWLQWHUDNWLRQHQ PHOODQGHWJOREDODRFKGHWORNDODEOLUEHO\VWLGHVVDVDPPDQKDQJ %DXPDQ
'HWlULORNDODPLOM|HUVRPJOREDODSURFHVVHUYHUNDU 8]]HOO
GYVDWWHQJOREDOLGHRORJLlUEHURHQGHDYHQORNDOI|UDQNULQJRFKGHWlU
I|UVWQlUVDPEDQGHWPHOODQGHWJOREDODRFKGHWORNDODLIRUPDYGHHQVNLOGD LQGLYLGHUQDIDPLOMHUQDVDPKlOOHQDEOLUNULWLVNWJUHSSEDUWVRPGHWlU
P|MOLJWDWWIRUPXOHUDSDVVDQGHSROLWLVNDnWJlUGHU 5DSDSRUW %HFN
)|UDWWSURFHVVHQKnOOEDUXWYHFNOLQJVNDEOLIUDPJnQJVULNL
VWDGVE\JJDQGHWRFKLE\JJDQGHWLVWRUWPnVWHGHQNRPPDXQGHULIUnQRFK GHQPnVWHHQJDJHUDYDURFKHQWLOOHWWI|UlQGUDWEHWHHQGHRFKYDUMHLQGLYLG
PnVWHJHVP|MOLJKHWWLOOHWWVnGDQWHQJDJHPDQJI|UDWWPLQLPHUDULVNHQI|U
GHVVDLQUHVSlQQLQJDUVRPnV\IWDVDY*XOOEHUJPIO 0HGPlQQLVNDQ LIRNXVERUGHGHQQDSURFHVVLVWlOOHWXWJ|UDHQI|UVLNWLJRFKJUXQGOlJJDQGH
EHVNULYQLQJDYKnOOEDUXWYHFNOLQJLUHODWLRQWLOOGHWI\VLVNWUXPVOLJDVRP HWWVlWWDWWQnIUDPnWRFKEHVNULYDVDPEDQGHWPHOODQGHWSROLWLVNDRFKGHW I\VLVNWUXPVOLJDLQQHKnOOHWDYKnOOEDUXWYHFNOLQJ(SLVWHPRORJLVNWEHVNULYHW VRPDWWKnOOEDUXWYHFNOLQJlULEHKRYDYDWWIRUPXOHUDKXUWHNQLNHQVNDSDU
NXQVNDSLYDUMHJLYHQXSSOHYHOVHDYYHUNOLJKHWHQ .KRQJ
7,//b031,1*
+nOOEDUXWYHFNOLQJlUPnQJIDFHWWHUDWRFKEHVWnUDYROLNDSDUDPHWUDU
YLONHWKDULQQHEXULWDWWI|UHOLJJDQGHDYKDQGOLQJDYQ|GYlQGLJDVNlO
IRNXVHUDVSnHQHQGDWLOOlPSQLQJ'HQQDXWJ|UVDYHQHUJLV\VWHPHW RFKKXUE\JJDQGHWDYKnOOEDUDHQHUJLV\VWHPSnYHUNDVDYSODQHULQJHQ
RFKDUNLWHNWXUHQ0HGGHWWDPHQDVKXUGHWKnOOEDUDHQHUJLV\VWHPHWV XWE\JJQDGlUEHURHQGHDYORNDOLVHULQJSODFHULQJRFKJHVWDOWQLQJDY HQHUJLDQOlJJQLQJDU'HQVXFFHVVLYDXWE\JJQDGHQDYHQHUJLV\VWHPHWlUHQ I|OMGDYYnUW|NDGHEHKRYDYHQHUJLLIRUPDYYlUPHN\ODRFKHOVDPWLGLJW VRPGHWILQQVHQVWUlYDQDWWUHGXFHUDYl[WKXVJDVHURFKDQGUDJOREDOD
QHJDWLYDHIIHNWHUI|UNQLSSDGHPHGIRVVLOEUlQVOHEDVHUDGHQHUJLSURGXNWLRQ RFKDQYlQGQLQJ 6WDWHQVHQHUJLP\QGLJKHW 'HWlUGRFNLQWH SURGXNWHUQDYlUPHN\ODRFKHOVRPlULIRNXVLI|UHOLJJDQGHDUEHWHXWDQ GHE\JJQDGHURFKDQOlJJQLQJDUVRPNUlYVI|UDWWSURGXFHUDRFKGLVWULEXHUD
SURGXNWHUQD-XVWGHWIDNWXPDWWGHQQDXWE\JJQDGLIOHUDIDOOUHIHUHUDVWLOO
VRPHWWVDPPDQKlQJDQGHRFKHQVNLOWV\VWHPGHWKnOOEDUDHQHUJLV\VWHPHW 6WDWHQVHQHUJLP\QGLJKHW VlJHUQnJRWRPGHVVVWRUOHNRFKJOREDOD RPIDWWQLQJPHGYLONHWGHWYDQOLJHQEHVNULYV$WWE\JJDQGHWDYQ\D
HQHUJLDQOlJJQLQJDULGHQQDNRQWH[WLI|UVWDKDQGlUDYJOREDOEHW\GHOVHKDU
YDULWHQDYJUXQGHUQDWLOOYDODYWLOOlPSQLQJPHQGHWlURFNVnLQWUHVVDQWSn JUXQGDYDWW
(QHUJLV\VWHPHWVI|UlQGULQJlUHQGHEDWWHUDGRFK
HQJDJHUDQGHGHODYKnOOEDUXWYHFNOLQJI|UVnYlODOOPlQKHWHQ
VRPI|USROLWLNHU
%\JJDQGHWDYHQHUJLDQOlJJQLQJDUlUXSSHQEDUWNQXWHW WLOOROLNDIRUPHUDYI\VLVNDNRQVHNYHQVHUPHGVlUSUlJODGH
HJHQVNDSHU
(QHUJLV\VWHPHWVI|UlQGULQJEHILQQHUVLJLHQEU\WSXQNW
LQWHEDUDWHNQLVNWXWDQRFNVnVDPKlOOHOLJWRFKNDQVHVVRP HQLQGXVWULHOOXWYHFNOLQJLHWWSRVWLQGXVWULHOOWVDPKlOOH
%\JJDQGHWDYHQHUJLDQOlJJQLQJDUlULQWHEDUDHQ
YHUNVDPKHWI|UNQLSSDGPHGLQJHQM|UVNRQVWXWDQYDULGHVV EHJ\QQHOVHQlVWDQOLNDEHW\GHOVHIXOOWI|UE\JJQDGVNRQVWHQ
'HHQHUJLDQOlJJQLQJDUVRPWLOOlPSQLQJHQRPIDWWDUlUVnGDQD VRPKDUHQNRQVWDWHUDWKnOOEDUEUlQVOHEDV6nGDQDEUlQVOHEDVHUlUVRO
ELRORJLVNWPDWHULDOLIRUPDYPDWDYIDOOYLUNHVUHVWHUHOOHUHQHUJLVNRJ
DQQDWEUlQQEDUWDYIDOOJHRWHUPLVNHQHUJLYLQGRFKYDWWHQ,HWWKnOOEDUW
HQHUJLV\VWHPNRPPHUHORFKYlUPHSURGXNWLRQHQPHUVSHFLILNWIUnQ YLQGNUDIWVDQOlJJQLQJDUYlUPHYHUNNUDIWYlUPHYHUNVROFHOOHURFKVROSDQHOHU
YDWWHQNUDIWYHUNYnJNUDIWYHUNRFKDQGUDDQOlJJQLQJDUVRPKDUHQ NRQVWDWHUDWKnOOEDUEUlQVOHEDV 6WDWHQVHQHUJLP\QGLJKHW
7LOOHQHUJLV\VWHPHWUlNQDVRFNVnDQOlJJQLQJDUVRPEHK|YVI|U
SURGXNWHUQDVGLVWULEXWLRQ'HNDQGHODVLQLOHGQLQJVEXQGQDRFKLFNH
OHGQLQJVEXQGQDQlWYHUN .DLMVHU 7LOOGHLFNHOHGQLQJVEXQGQD QlWYHUNHQUlNQDVIUlPVWIRUGRQVWUDQVSRUWHURFKWLOOGHOHGQLQJVEXQGQD
HWWVDPPDQNRSSODWRFKSODWVEXQGHWV\VWHPLQQHIDWWDQGHH[HPSHOYLV
ROLNDIRUPHUDYU|UNUDIWOHGQLQJDUWUDQVIRUPDWRUVWDWLRQHUQlWVWDWLRQHU
RFKHOVNnS,I|UHOLJJDQGHWLOOlPSQLQJVWXGHUDVHQGDVWGHOHGQLQJVEXQGQD QlWYHUNHQ(QHUJLV\VWHPHWVQlWYHUNI|UHOGLVWULEXWLRQlUGRFNHWW
LQWHUQDWLRQHOOWVDPPDQNRSSODWV\VWHPVRPLQWHJ|UQnJRQVNLOOQDGPHOODQ HQHUJLVODJ'HWJ|UDWWOHGQLQJVDQOlJJQLQJDULQWHDOOWLGJnUDWWVlUVNLOMD PHGDYVHHQGHSnKXUXYLGDGHGLVWULEXHUDUI|UQ\EDUHOOHULFNHI|UQ\EDU
HQHUJLRFKGlUI|UVWXGHUDVVDPWOLJDROLNDDQOlJJQLQJDULQRPUDPHQI|UYDOG
WLOOlPSQLQJ
6<)7(2&+)256.1,1*6)5c*25
,GDJHQVSROLWLVNDVDPWDORPKnOOEDUXWYHFNOLQJVNDSDVHQYHUNOLJKHW I|UKnOOEDUWE\JJDQGHVRPSnPnQJDVlWWlUEHILQWOLJRFKNRUUHNWPHQ µYnUYHUNOLJKHWPnVWHVWlQGLJWEHQlPQDVRFKRPWRONDVI|UDWWYLVNDI|UVWn GHQµ gGPDQ VLG )|UHOLJJDQGHDUEHWHJ|ULQWHDQVSUnNSn DWWKLWWDVYDUHWSnGHQH[DNWDLQQHE|UGHQDYKnOOEDUXWYHFNOLQJLE\JJDQGHW
XWDQVQDUDUHSnDWWVWlOODQ\DIUnJRUI|UDWW|NDI|UVWnHOVHQ'HVVDIUnJRUNDQ
W\FNDVEDQDODLGHWWDVDPPDQKDQJGlUKDQGOLQJlUYLNWLJDUHlQQnJRWDQQDW
PHQNDQVNHlUGHWMXVWGlUI|ULHQWLGDY|NDWWHPSRlURPWRONQLQJDU
RFKI|UGMXSQLQJDUPHUDQJHOlJQDlQQnJRQVLQI|UDWWI|UVWnYDGHQVnGDQ SURFHVVLVMlOYDYHUNHWLQQHElURFKNDQInI|UNRQVHNYHQVHU
)|UVWnHOVHQI|UKXUKnOOEDUXWYHFNOLQJUHODWHUDUWLOODUNLWHNWHURFK SODQHUDUHVYHUNOLJKHWlULGHWWDVSDQQPHOODQGHWSROLWLVNDRFKGHWHVWHWLVND
LPnQJDKlQVHHQGHQLEHKRYDYHWWNRPSOHWWHUDQGHXWWU\FN(WWXWWU\FN VRPWDUIDVWDSnMXVWµVSlQQLQJVIlOWHWPHOODQDUNLWHNWXURFKSROLWLN>GlU@
PDQNDQILQQDDUNLWHNWXUHQVVlUDUWµ *DEULHOVVRQVLG 1\D
DUNLWHNWRQLVNDSHUVSHNWLYSnKnOOEDUXWYHFNOLQJVRPLDOOUDK|JVWDJUDG
lUYHUNVDPLUXPVOLJDVDPPDQKDQJNDQ|SSQDXSSI|UQ\DVlWWDWWWlQND RPKXUVWDGHQVRFKREMHNWHWVIRUPNDQVHXW 6FKDLN 'HWlUGlUI|U
DYLQWUHVVHDWWNRQIURQWHUDGHQKnOOEDUDXWYHFNOLQJHQVYHUNOLJKHWRFK
VDQQLQJDUPHGNXQVNDSRPDUNLWHNWXUHQRFKGHQXUEDQDIRUPHQ
%\JJQDGHUVWUXNWXUHURFKEHWHHQGHQVRPlUJ\QQVDPPDI|UHQ KnOOEDUXWYHFNOLQJVNDSDUQ\DIRUPHUSODWVHURFKVLWXDWLRQHU *X\
)DUPHU $UNLWHNWHUQDVNXQVNDSHURPKXUGHVVDQ\DIRUPHUSODWVHU
RFKVLWXDWLRQHUWDVWLOOYDUDLQQHElUDWWDUNLWHNWXURFKVWDGVE\JJQDGXWJ|U
EHW\GDQGHYHUNVDPKHWVRPUnGHQI|UDWWELGUDWLOOGHQVDPKlOOVSURFHVV VRPKnOOEDUXWYHFNOLQJLQQHElU6\IWHWPHGI|UHOLJJDQGHDUEHWHlUDWW XWIRUVNDUHODWLRQHQPHOODQGHQKnOOEDUDXWYHFNOLQJHQRFKREMHNWHQVGYV
HQHUJLDQOlJJQLQJDUQDVDUNLWHNWRQLVNDXWWU\FNRFKLQQHKnOO0nOHWlU|NDW
PHGYHWDQGHRFKPHGOHQNDQQlUPDVWEHVNULYDVVRPLQGLYLGHUQDVI\VLVND H[LVWHQVUHVSHNWLYHKXULQGLYLGHUDQYlQGHUGHWRIIHQWOLJDUXPPHW0nOHW
lUVnOHGHVDWWXWIRUVNDUHODWLRQHQPHOODQHQLGpRPRFKHQXSSOHYHOVHDY KnOOEDUXWYHFNOLQJ
*HQRPGHVVDWYnGHODUGHWWlQNWDNRQWUDGHWV\QOLJDEHO\VHVVnYlO GHWWHRUHWLVNDVRPGHWSUDNWLVNDDYPHGYHWDQGHWRPKnOOEDUXWYHFNOLQJ
KRVVnYlODUNLWHNWHURFKSODQHUDUHVRPDOOPlQKHW1HGDQVWnHQGHWUH
IRUVNQLQJVIUnJRULNDSLWHOlUGlUPHGDYVHGGDDWWEHVNULYDLGpQRP
RFKUXPVOLJKHWHQDYKnOOEDUXWYHFNOLQJOLNYlOVRPLQWHUDJHUDQGHWPHG
RFKXSSOHYHOVHQDYKnOOEDUXWYHFNOLQJ'HWUHIRUVNQLQJVIUnJRUQDLNDSLWHO
lURFNVnDYVHGGDDWWVWXGHUDROLNDVlWWDWWDQDO\VHUDKnOOEDUKHWL SODQHULQJVWDGVE\JJQDGRFKDUNLWHNWXU6nOHGHVlUDYVLNWHQDWWLGHQWLILHUD RFKXWYlUGHUDGHWPHGYHWQDLSODQHUVWDGVUXPRFKREMHNWI|UDWW
XWNULVWDOOLVHUDKXUKnOOEDUXWYHFNOLQJKDUI\VLVNWUXPVOLJDNRQVHNYHQVHU
VDPWKXUGHWWDWLOOJlQJOLJJ|UVRFKXSSOHYV
$WWEHVNULYDKnOOEDUXWYHFNOLQJ
*HQRPGHQI\VLVNDSODQHULQJHQVVWDGVE\JJDQGHWVRFKDUNLWHNWXUHQV
RXQGYLNOLJDIRNXVSnVnYlOPlQQLVNRUVRPI\VLVNDPLOM|HUlUVDPVSHOHWGHP HPHOODQVlUVNLOWYLNWLJWDWWEHVNULYDI|UDWWVWXGHUDKXUKnOOEDUXWYHFNOLQJ
PHGYHWDQGHJ|UV,SUDNWLNHQVNHUGHWWDJHQRPHQUDGROLNDWLOOlPSQLQJDU
,I|UHOLJJDQGHDUEHWHXWJ|UVWLOOlPSQLQJHQDYXWE\JJQDGHQDYGHWKnOOEDUD HQHUJLV\VWHPHW)|USODQHULQJHQVVWDGVE\JJDQGHWVRFKDUNLWHNWXUHQV
YHUNVDPKHWVIlOWVWXGHUDVVnOHGHVHQHUJLDQOlJJQLQJDUVUHODWLRQWLOOPDUN
RFKYDWWHQDQYlQGQLQJDQOlJJQLQJDUQDVLQWHUDNWLRQLRIIHQWOLJDUXPRFK
PlQQLVNRUVXSSOHYHOVHDYDQOlJJQLQJDUQDLUHVSHNWLYHGHOLNDSLWHOPHG I|OMDQGHUHVSHNWLYHIRUVNQLQJVIUnJDVRPJUXQG
9LONHQEHW\GHOVHI|UKnOOEDUXWYHFNOLQJKDUHQHUJLDQOlJJQLQJDUV
SODWVVSHFLILNDI|UDQNULQJLI\VLVNSODQHULQJ"
)HQRPHQHWKnOOEDUXWYHFNOLQJSnYHUNDVDYGHNXQVNDSHUVRPDNW|UHU
LSODQHULQJVRFKJHVWDOWQLQJVSURFHVVHUKDURPVWDGHQVIRUPHURFK IXQNWLRQHU'HWlUJHQRPGHVVDVNXQQDQGHVRPVWDGHQVI\VLVNWUXPVOLJD RFKVRFLDODLQQHKnOOWLOOYLVVGHOWDUVLQE|UMDQ +HDOH\ )|UDWW XWYHFNODGHWWDNXQQDQGHLHQPHUKnOOEDUULNWQLQJNUlYVHQEHO\VQLQJDY
GHI\VLVNWUXPVOLJDI|UXWVlWWQLQJDUVRPOLJJHUWLOOJUXQGI|UYDGKnOOEDU
XWYHFNOLQJLQQHElULSODQHULQJHQ*HQRPHWWSUDJPDWLVNWDQJUHSSVVlWW EHVNULYVGHQQDLQQHE|UGJHQRPGHI\VLVNWUXPVOLJDI|UXWVlWWQLQJDUQD I|USODQHULQJHQDYKnOOEDUDHQHUJLDQOlJJQLQJDU'HWYLOOVlJDHQKnOOEDU
XWYHFNOLQJVSnYHUNDQSnLQWHEDUDPlQQLVNDQVP|MOLJKHWWLOOHQJOREDO
|YHUOHYQDGXWDQlYHQGHQI\VLVNDPLOM|QLHWWORNDOWSHUVSHNWLY+lUILQQV HQSRWHQWLHOOVDPYHUNDQPHOODQJOREDODDPELWLRQHURFKGHVVDDPELWLRQHUV SODWVVSHFLILNDI|UDQNULQJ
0HGYLONHQLQQHE|UGDYKnOOEDUXWYHFNOLQJLQWHUDJHUDU
HQHUJLDQOlJJQLQJDULRIIHQWOLJDUXP"
1\NXQVNDSRPKnOOEDUXWYHFNOLQJI|UGMXSDUVXFFHVVLYWSODQHUDUHVRFK DUNLWHNWHUVI|UVWnHOVHDYVDPEDQGHWPHOODQVDPKlOOHWVVWUlYDQRFKVWDGHQV XUEDQDVWUXNWXUHU1lUKHWWLOONROOHNWLYWUDILNXWYHFNODGHnWHUYLQQLQJVV\VWHP
I|UElWWUDGHQHUJLDQYlQGQLQJHWFVNDSDUQ\DIRUPHUSODWVHURFKVLWXDWLRQHU
LVWlGHURFKVDPKlOOHQ
)\VLVNWUXPVOLJDXWWU\FNLRIIHQWOLJDUXPlUGRFNLQWHEDUDDWWEHWUDNWD VRPHQNRQVHNYHQVI|UPLOM|Q$QOlJJQLQJDUQDNDQJHQRPORNDOSnYHUNDQ
SnVRFLDODSURFHVVHU /DWRXU lYHQEHVNULYDVVRPHQDNW|ULRIIHQWOLJD
PLOM|HUPHGPRUDOLVNDLQQHE|UGHU /DWRXU (WWVnGDQWVDPEDQG SHNDUSnDWWNRPPXQLNDWLRQHQPHOODQREMHNWRFKVXEMHNWLRIIHQWOLJD
PLOM|HUNDQYDUDDYEHW\GHOVHI|UHQVDPKlOOHOLJI|UDQNULQJDYIHQRPHQHW KnOOEDUXWYHFNOLQJ(QI|UXWVlWWQLQJI|UDWWHQVnGDQNRPPXQLNDWLRQVND XSSVWnlUDWWIHQRPHQHWLI|UHOLJJDQGHDUEHWHWLOOlPSDWPHGSODFHULQJHQ
DYKnOOEDUDHQHUJLDQOlJJQLQJDUVWXGHUDVWLOOVDPPDQVPHGNXQVNDSRPGHW RIIHQWOLJDUXPPHW
+XUNDQXSSOHYHOVHQDYKnOOEDUXWYHFNOLQJSnYHUNDVJHQRP
JHVWDOWQLQJDYHQHUJLDQOlJJQLQJDU"
'HQNROOHNWLYDXSSVNDWWQLQJHQDYROLNDVDPKlOOVIHQRPHQEHURU
DYYDUMHHQVNLOGLQGLYLGVDWWLW\GWLOOGHWWDIHQRPHQ'HQQDDWWLW\GlU
EODQGDQQDWEHURHQGHDYGHQI\VLVNDXSSOHYHOVHQYLONHWJ|UDWWDWWLW\G RFKXSSOHYHOVHlYHQSnYHUNDVDYEHWUDNWDUHQVWLGLJDUHHUIDUHQKHWHURFK NXQVNDSRPGHWV\QOLJD $XUD 'HWNDQLVDPPDQKDQJHWDYKnOOEDU
XWYHFNOLQJEHVNULYDVVRPDWWHQDQOlJJQLQJVHVWHWLVNDXWWU\FNXWJ|U
I|UHPnOI|UNRPPXQLNDWLRQHQDYHQELOGDYKnOOEDUKHW %DXGULOODUG
YLONHWSnOnQJVLNWNDQSnYHUNDDWWLW\GHQWLOOKnOOEDUKHWKRVPRWWDJDUHQ
8]]HOO
$WWLW\GHQWLOOKnOOEDUXWYHFNOLQJlUWLOOYLVVGHOHWWUHVXOWDWDYHQ I|UVWnHOVHDYGHWJOREDODSHUVSHNWLYHW6DPWLGLJWVNHUKnOOEDUKHWHQVI\VLVND UHSUHVHQWDWLRQHULDQVOXWQLQJWLOOHWWORNDOWSHUVSHNWLYHIWHUVRPYDUMH
REMHNWDOOWLGlUJHRJUDILVNWI|UDQNUDW8SSOHYHOVHQVDUWlUVnOHGHVDYKlQJLJ
REMHNWHWVDQSDVVQLQJWLOOSODWVVSHFLILNDI|UXWVlWWQLQJDU)|UDWWSnYHUND DWWLW\GHQRFKGHQKnOOEDUDXWYHFNOLQJHQVOHJLWLPLWHWEHK|YHUJHVWDOWQLQJHQ
DYIHQRPHQHWVUHSUHVHQWDWLRQHUGlUPHGYDUDHQEDODQVDNWPHOODQHQJOREDO
DWWLW\GRFKHQORNDOXSSOHYHOVHRFKGHWJlOOHUlYHQI|UWLOOlPSQLQJHQDYGHW KnOOEDUDHQHUJLV\VWHPHWVXWE\JJQDG
$WWDQDO\VHUDKnOOEDUXWYHFNOLQJ
'HQE\JJGDPLOM|QVIXQNWLRQHURFKIRUPHUVRPRFNVnJ\QQDUKnOOEDU
XWYHFNOLQJlURXQGYLNOLJHQEnGHVRFLDODRFKUXPVOLJDWLOOVLQNDUDNWlU
'HWLQQHElUDWWI|UPnJDQDWWEHG|PDSnYLONHWVlWWKnOOEDUXWYHFNOLQJ
KDUHWWLQIO\WDQGHSnE\JJDQGHWWLOOVWRUGHOlUEHURHQGHDYSODQHULQJHQV
VWDGVE\JJDQGHWVRFKDUNLWHNWXUHQVDQDO\VYHUNW\J'HWYLOOVlJDKXUEHG|PV UXPVOLJKHWLQWHUDJHUDQGHRFKXSSOHYHOVHDYKnOOEDUXWYHFNOLQJLSODQHULQJ
VWDGVE\JJQDGRFKDUNLWHNWXU"'HWWDVWXGHUDVLGHI|UGMXSDQGHVWXGLHUQDL UHVSHNWLYHDYVQLWWLNDSLWHOPHGI|OMDQGHUHVSHNWLYHIRUVNQLQJVIUnJDVRP JUXQG
+XUNDQKnOOEDUDHQHUJLDQOlJJQLQJDUVJHRJUDILVNDHIIHNWHU
DQDO\VHUDV"
)|UQlUYDUDQGHILQQVGHWHWWIOHUWDOROLNDPHWRGHUDWWPlWDNYDOLWHWHU
RFKHJHQVNDSHUVRPDQVHVJ\QQDKnOOEDUXWYHFNOLQJ0nQJDDYGHVVDE\JJHU
SnDWWNYDQWLILHUDYlUGHUDRFKYLNWDROLNDDVSHNWHUDYKnOOEDUKHWVEHJUHSSHW VRPH[HPSHOYLVDWWPlWDXWVOlSSVPlQJGHUWUDQVSRUWEHKRYJU|Q\WRU
HQHUJLEHKRYRVY(NRQRPLVNDHNRORJLVNDRFKVRFLDODSDUDPHWUDU
EHO\VHVLQI|UYDUMHQ\VLWXDWLRQRFKI|UVODJWLOOO|VQLQJEHG|PVJHQRP OLYVF\NHODQDO\VHUHNRORJLVNDIRWDYWU\FNVWUDWHJLVNDPLOM|EHG|PQLQJDU
RFKDQGUDIRUPHUDYVDPODGHNRQVHNYHQVEHG|PQLQJDU3UREOHPHWQlUGHW JlOOHUNXQVNDSLQRPVWDGVE\JJQDGOLJJHUGRFNLQWHDOOWLGLPlWPHWRGHQV EUHGGXWDQLGHVVJUXQGOlJJDQGHXWJnQJVSXQNWHU8WJnQJVSXQNWHQI|U
PlWQLQJOLJJHURIWDLGHOnQJVLNWLJWJHQHUHUDGHHIIHNWHUQDDYGHWSODQHUDGH RFKE\JJGDUHVXOWDWHW'HWNDQYDUDSnYHUNDQSnYl[WKXVHIIHNWHQ
KlOVRHIIHNWHUQDVI|UlQGULQJELRWRSHUQDVQ|GYlQGLJKHWRVY,GHQQD SURJUHVVLYDIUDPWLGVDQGDULVNHUDUPlWPHWRGHUVRPLQWHlUI|UDQNUDGHL VWDGVE\JJDQGHWVI\VLVNWUXPVOLJDKlQV\QVWDJDQGHQDWWVNDSDVXERSWLPHUDGH UHVWULNWLRQHU %RQQHV8]]HOO&DUUXV .HOD\
)|UDWWXQGYLNDHQHQVLGLJWNYDQWLWDWLYPlWEDUKHWVRPULVNHUDU
DWWXWYHFNODVWLOOHQJOREDOUHLQGXVWULDOLVHULQJVSURFHVVE|UKnOOEDUD
HQHUJLV\VWHPlYHQEHG|PDVXWLIUnQVLQORNDODSnYHUNDQ9DGVRPE|U
VWXGHUDVPHUXWI|UOLJWLVWDGVE\JJDQGHWRFKSODQHULQJHQlUGlUI|U
PlWEDUKHWHQPHGDYVHHQGHSnHQHUJLDQOlJJQLQJDUQDVI\VLVNWUXPVOLJD
SODWVEHKRYRFKKXUGHWWDNRPPHUDWWSnYHUNDPlQQLVNRUVOLYVPLOM|HULHWW ORNDOWSHUVSHNWLY 6DVVHQ 'HWXWIRUVNDVQlUPDUHPHGHQHPSLULVN
VWXGLHDYKnOOEDUDHQHUJLDQOlJJQLQJDUL|YHUVLNWOLJSODQHULQJ
+XUNDQHQHUJLDQOlJJQLQJDUVUHSUHVHQWDWLYDSRWHQWLDODQDO\VHUDV
JHQRPVWDGHQVIRUP"
&HQWUDOWLVWDGVE\JJQDGlULQGLYLGHQVEHURHQGHDYVWDGHQVIRUPKXU
YLU|URVVRFKDQYlQGHURIIHQWOLJDUXP8WIRUPQLQJHQDYJDWXQlWRFK DQGUDVWUXNWXUHOODP|QVWHUSnYHUNDUIRWJlQJDUHVDQYlQGQLQJDYGHVVD
RIIHQWOLJDUXP +LOOLHU 'HRIIHQWOLJDUXPPHQVNRQILJXUDWLRQ lUHQGHODYVWDGHQVSHUIRUPDWLYLWHWGYVKXUROLNDRIIHQWOLJDUXP
I|UKnOOHUVLJWLOOYDUDQGUDSnYHUNDURFNVnKXUGHDQYlQGV'HWlULQWHEDUD U|UHOVHP|QVWHUVRPSnYHUNDVVWDGHQVSHUIRUPDWLYLWHWSnYHUNDURFNVnYDG
PlQQLVNRUXSSOHYHU'HRIIHQWOLJDUXPPHQVNRQILJXUDWLRQSnYHUNDUYDG VRPlUV\QOLJW'HWV\QOLJDNDQEHVNULYDVVRPGHWRIIHQWOLJDUXPPHWV
UHSUHVHQWDWLYLWHW
2PXWJnQJVSXQNWHQlUDWWVWDGHQVIRUPSnYHUNDUVnYlOPlQQLVNRUV U|UHOVHP|QVWHUVRPGHUDVPHGYHWDQGH|NDURFNVnP|MOLJKHWHUQDDWW
DQYlQGDVWDGVE\JJDQGHWVYHUNW\JI|UDWWDQDO\VHUDKnOOEDUXWYHFNOLQJXWLIUnQ
HWWUHSUHVHQWDWLYWI|UKnOOQLQJVVlWWWLOOHQHUJLDQOlJJQLQJDU1\FNHOEHJUHSS
I|UGHWWDlUGlUPHGDWWVWXGHUDHQHUJLDQOlJJQLQJDUQDVUXPVOLJD
LQWHUDJHUDQGHJHQRPDWWEHVNULYDDQOlJJQLQJDUQDVWLOOJlQJOLJKHWRFK
H[SRQHULQJLRIIHQWOLJDUXP
+XUNDQXSSOHYHOVHQDYKnOOEDUDHQHUJLDQOlJJQLQJDUDQDO\VHUDV"
,JHVWDOWQLQJHQDYHQHUJLDQOlJJQLQJDUILQQVHWWIOHUWDOROLNDDYYlJQLQJDU
DWWJ|UD(QDYGHVVDlUDWWVWXGHUDJHVWDOWQLQJHQVEHW\GHOVHI|UKnOOEDU
XWYHFNOLQJRFKKXUXSSOHYHOVHQDYHQDQOlJJQLQJ|YHUUHQVVWlPPHUPHG XSSOHYHOVHQDYIHQRPHQHWKnOOEDUXWYHFNOLQJLVWRUW
$QWDJDQGHWDWWJHVWDOWQLQJHQNDQWLOOI|UDHQSODWVVSHFLILNVRFLDOQ\WWD
I|UlQGUDUGHOYLVIXQGDPHQWHWI|UHQHUJLDQOlJJQLQJDUVSODWVEHURHQGH
RFKGlUPHGRFNVnKXUJHVWDOWQLQJHQDYHQHUJLDQOlJJQLQJDUNDQ
DQDO\VHUDVLGHVVDVELGUDJWLOOKnOOEDUXWYHFNOLQJ6WXGLHUDYKXUROLND KnOOEDUKHWVWLOOlPSQLQJDUNDQ|YHUVlWWDVWLOOI\VLVNIRUPPHGQ\D
PHQLQJVElUDQGHLQQHE|UGHUJHUGlUPHGHQJUXQGI|UDWWPlWDREMHNWHQV IRUPRFKDWWMlPI|UDGHQHQVNLOGHVXSSOHYHOVHDYHQVSHFLILNDQOlJJQLQJ
PHGGHWNROOHNWLYDVPHUJHQHUHOODDWWLW\GWLOOVDPPDW\SDYDQOlJJQLQJ
9(7(16.$366<12&+g9(5*5,3$1'(
0(72'
9DGVRPIUDPWUlGHUI|UYHPRFKKXUlUFHQWUDODIUnJHVWlOOQLQJDUL GHWWDDUEHWH9DGYHWYLRPKnOOEDUXWYHFNOLQJRFKYDGlUGHWVRPJ|UDWWYL YHWQnJRWRPGHW"
)|UDWWVYDUDSnGHVVDVYnUInQJDGHIUnJHVWlOOQLQJDUlUI|UHOLJJDQGHDUEHWH I|UDQNUDWLHWWYHWHQVNDSOLJWI|UKnOOQLQJVVlWWVRPI|OMHUKHUPHQHXWLNHQ
(WWKHUPHQHXWLVNWI|UKnOOQLQJVVlWWLIRUVNQLQJVVDPPDQKDQJEHO\VHUKXU
ROLNDV\QVlWWJHVXWU\PPHDWWXWYHFNODVSDUDOOHOOWPHGYDUDQGUDJHQRP YDULDWLRQHULWRONQLQJHQ gGPDQ 'HVVDWRONQLQJVYDULDWLRQHU
NDQGHODVLQLVH[KXYXGIDVHUGlUI|UHOLJJDQGHDUEHWHEHU|UGHWYnVLVWD
GHQH[LVWHQWLHOODRFKNXOWXUHOODDFFHQWXHULQJHQ 3DOPHU 'HQ H[LVWHQWLHOODKHUPHQHXWLNHQI|UV|NHUµWUlQJDLQLRFKI|UVWnPlQQLVNDQV YlUOGJHQRPHQGMXSJnHQGHDQDO\VDYGHQPlQVNOLJDH[LVWHQVHQV
JUXQGEHWLQJHOVHUµ gGPDQ VLG ,I|UHOLJJDQGHDUEHWHOLJJHUGHQ
H[LVWHQWLHOODDFFHQWXHULQJHQWLOOJUXQGI|UDWWEHIlVWDHWWWRONQLQJVVDPEDQG PHOODQPlQQLVNRUVPHGYHWDQGHRPKnOOEDUXWYHFNOLQJRFKGHUDVXSSOHYHOVH DYGHWI\VLVNWEHVNULYQDLSODQHULQJVWDGVE\JJQDGRFKDUNLWHNWXU'HQ DQGUDKXYXGIDVHQDYKHUPHQHXWLNHQVXWYHFNOLQJVVSLUDOVRPKDUWLOOlPSDWV LI|UHOLJJDQGHDUEHWHlUGHQNXOWXUHOODDFFHQWXHULQJHQ'HQNXOWXUHOOD DFFHQWXHULQJHQXWJ|UHWWWRONQLQJVV\VWHPI|UWHFNHQRFKV\PEROHULWH[WHU
5LFRHXU UHIHUHUDGDYgGPDQ gGPDQEHVNULYHU5LFRHXUV KHUPHQHXWLVNDUHIHUHQVUDPVRPDWWµVSnUDYPlQVNOLJDOLYV\WWULQJDURFK PlQVNOLJDKDQGOLQJDUNDQ>«@MlPI|UDVPHGWH[WHURFKWRONDVVRPVnGDQD
)|UXWVlWWQLQJHQlUHPHOOHUWLGDWWKDQGOLQJDUNDQIL[HUDVSnHWWVlWWVRP PRWVYDUDUVNULIWOLJIL[HULQJµ 5LFRHXU UHIHUHUDGDYgGPDQ
VLG $WWNODUJ|UDLQQHE|UGHQDYKnOOEDUXWYHFNOLQJLVWDGVE\JJQDG
NUlYHUHQEHVNULYQLQJDYHUIDUHQKHWHQGHWYLOOVlJDGHQXSSOHYGDI\VLVND PLOM|VRPLVLQEHVWlQGLJKHWNDQPRWVYDUDGHQVNULIWOLJDIL[HULQJHQ, I|UHOLJJDQGHDUEHWHPRWVYDUDVGHQNXOWXUHOODDFFHQWXHULQJHQDYKnOOEDU
XWYHFNOLQJJHQRPWLOOlPSQLQJHQGYVIL[HULQJHQDYGHHQHUJLDQOlJJQLQJDU
VRPlUUHVXOWDWHWDYHQVWUlYDQHIWHUHWWKnOOEDUWHQHUJLV\VWHP
'HQ|YHUJULSDQGHPHWRGLNHQKDUVLQXWJnQJVSXQNWL.DLQV PRGHOODYKXURFKYDUKnOOEDUXWYHFNOLQJH[LVWHUDURFKSnYLONHWVlWW.DLQ
EHVNULYHUDNURQ\PHQ0$,1JHQRPDWWEHO\VDHWWWHWUDHGULVNW I|UKnOODQGHPHOODQPHGYHWDQGHDUWHIDNWLQVWLWXWLRQRFKQDWXU )LJXU
(QJUXQGOlJJDQGHXWJnQJVSXQNWlUDWWYDGVRPXSSOHYVRFNVnSnYHUNDU
PHGYHWDQGHWPHQSnYHUNDURFKSnYHUNDVDYRFNVnLQVWLWXWLRQHU(WW PRWVYDUDQGHI|UKnOOQLQJVVlWWILQQVLQRPOLWWHUDWXUYHWHQVNDSHQVHNRNULWLN
GlU*ORWIHOW\ PHQDUDWWGHQHNRNULWLVNDIRUVNQLQJHQWDUIDVWDSn
DWWGHQPlQVNOLJDNXOWXUHQlUVDPPDQNRSSODGPHGGHQI\VLVNDYlUOGHQ
GlUGHQEnGHSnYHUNDURFKEOLUSnYHUNDGDYGHQQD(NRNULWLNHQLQQHElU
LVWRUDGUDJHWWXWIRUVNDQGHI|UKnOOQLQJVVlWWWLOOVSUnNHWVRFKOLWWHUDWXUHQV
LQYHUNDQSnGHWWDVDPEDQGPHOODQGHWPlQVNOLJDRFKLFNHPlQVNOLJDGYV
HWWVHPDQWLVNWI|UKnOODQGH
)LJXU0$,1WHWUDPRGHOOHQYLVDUNXQVNDSHQVWHRUHWLVNDVDPEDQGI|UKnOOEDUXWYHFNOLQJ
.DLQ
0HGVHPDQWLNPHQDVVWXGLHQDYHWWWHFNHQHOOHUHWWI|UHPnOVPHQLQJ
RFKLQQHE|UGYLONHWLI|UHOLJJDQGHDUEHWHKDUVNHWWSnWUHROLNDVlWWVRP W\GOLJJ|UKXUGHQI\VLVNDPLOM|QELGUDUWLOODWWI|UPHGODIHQRPHQHWKnOOEDU
XWYHFNOLQJ
,NDSLWHOEHVNULYVIHQRPHQHWKnOOEDUXWYHFNOLQJLGHVVHJHQVNDS DYHWWSROLWLVNWVWlOOQLQJVWDJDQGHHWWLQGLYLGXHOOWPHGYHWDQGHRFKHWW V\QEDUWUHVXOWDW8WJnQJVSXQNWHQI|UGHWWDKDUYDULWHJQDHUIDUHQKHWHUL VDPEDQGPHGSODQHULQJVVWDGVE\JJQDGVRFKJHVWDOWQLQJVXSSGUDJGlU
GHQVWlQGLJDIUnJDQRPKnOOEDUXWYHFNOLQJKDUNRPPLWSnWDO6OXWVDWVHQ
DYGHVVDVDPWDOKDUYDULWDWWGHWlULGHWJHRJUDILVNWUXPVOLJDWLOOVDPPDQV PHGGHWPHGYHWQDVRPDOOWLQJKDUVLQE|UMDQRFKVOXWGHWlULGHWV\QOLJD VRPSODQHUQDRFKKnOOEDUXWYHFNOLQJLKXYXGVDNE|UDQDO\VHUDVPHGGHQ NRPSHWHQVVRPlUDUNLWHNWHQVGHWYLOOVlJDHQVWXGLHDYGHWVDPVSHOVRP VNHUPHOODQGHWRQWRORJLVNDRFKGHWHSLVWHPRORJLVND cVEHUJ 0HG
RQWRORJLPHQDVHWWXQGHUV|NDQGHDYGHQXSSOHYGDYHUNOLJKHWHQXWLIUnQHWW JLYHWI|UKnOOQLQJVVlWW0HGHSLVWHPRORJLPHQDVVWXGLHQDYGHWVRFLDODVRP HQNlOODWLOONXQVNDSGlUGHWVRFLDODLVLJVMlOYWVWXGHUDV cVEHUJ
7LOOlPSQLQJVGHOHQNDSLWHOI|UGMXSDUEHVNULYQLQJHQRFKDQDO\VHQ DYKnOOEDUXWYHFNOLQJGlUGHWVWXGHUDGHlUSODQHULQJVWDGVE\JJQDGRFK
JHVWDOWQLQJDYHQHUJLDQOlJJQLQJDU6WXGLHUQDlUJHQRPI|UGDLHWWVDPVSHO PHOODQHQHSLVWHPRORJLVNUHDOLVPRFKHQRQWRORJLVNUHDOLVPVRPI|UHEnGDU
HQNULWLVNUHODWLYLVP 'DQHUPDUN 0HGGHWPHQDVHWWXWIRUVNDQGH I|UKnOOQLQJVVlWWDYVnYlOWHRUHWLVNVRPHPSLULVNNDUDNWlUWLOOJLYQD
I|UXWVlWWQLQJDULE\JJDQGHWDYKnOOEDUDHQHUJLV\VWHP'HHPSLULVNDGHODUQD
LNDSLWHOKDUXWYHFNODWVJHQRPNRQIURQWDWLRQPHGEHILQWOLJDI|UKnOODQGHQ
LSODQGRNXPHQWRIIHQWOLJDUXPRFKGHQI\VLVNDPLOM|Q7RONQLQJHQ
DYKnOOEDUXWYHFNOLQJKDULGHWUHGHODUQDVnOHGHVYX[LWIUDPJHQRP Yl[HOYHUNDQPHOODQI|UI|UVWnHOVHRFKXSSOHYHOVHQDYQ\DHUIDUHQKHWHU
'HWKDUOHWWWLOOQ\I|UVWnHOVHVRPLVLQWXUEOLUI|UI|UVWnHOVHLHIWHUI|OMDQGH HPSLUL$YVLNWHQlUDWWVWXGHUDKXUKnOOEDUXWYHFNOLQJIUDPWUlGHUL
SODQHULQJVWDGVE\JJQDGRFKJHVWDOWQLQJRFKYLONHQEHW\GHOVHGHWKDUI|U
IHQRPHQHWVJHQRPVODJLVDPKlOOHW0HGGHWPHQDVDWWGHWIRUWIDUDQGH
ILQQVHQUXPVOLJRFKVRFLDOXWJnQJVSXQNWLEHWUDNWHOVHQDYGHVWXGHUDGH HQHUJLDQOlJJQLQJDUQDPHQRFNVnDWWGHVVDVH[LVWHQVLQWHQ|GYlQGLJWYLVlU
YDGYLYDQOLJWYLVWLOOVNULYHUGHP
,NDSLWHOKDUGHQVHPDQWLVNDLQQHE|UGHQDYKnOOEDUXWYHFNOLQJL
SODQHULQJVWDGVE\JJQDGRFKDUNLWHNWXUVDPPDQIDWWDWVXWLIUnQHWWNULWLVNW UHDOLVWLVNWI|UKnOOQLQJVVlWW*HQRPWLGLJDUHQHGEU\WQLQJRFKI|UGMXSQLQJ
DYKnOOEDUXWYHFNOLQJWLOOV\QOLJDGHWDOMHULSODQHULQJVWDGVE\JJDQGHRFK
JHVWDOWQLQJKDURFNVnGHPHWRGRORJLVNDI|UXWVlWWQLQJDUQDI|UVWXGLHUQDV
JHQRPI|UDQGHI|UlQGUDWV*HQRPHWWVHPDQWLVNWI|UKnOOQLQJVVlWWlU
I|UHPnOHWI|UWRONQLQJGHKnOOEDUDHQHUJLDQOlJJQLQJDUQDRFKGHVVLQQHE|UG
LSODQHULQJVWDGVE\JJQDGRFKDUNLWHNWXUI|UKnOOEDUXWYHFNOLQJEHVNULYHW JHQRPPlQQLVNRUVSRWHQWLHOODRFKIDNWLVNDXSSOHYHOVHUDYGHVDPPDVRP HWWVlWWDWWPHGYHWDQGHJ|UDIHQRPHQHWKnOOEDUXWYHFNOLQJ
',6326,7,21
)|UHOLJJDQGHDUEHWHlULVLQXSSE\JJQDGLQGHODWLWUHKXYXGVDNOLJD NDSLWHOVRPEHKDQGODUWHRUHWLVNXWJnQJVSXQNWWLOOlPSQLQJRFKNRQNOXVLRQ
)LJXU RFKVRPUHGRYLVDVLNDSLWHORFK
)LJXU$YKDQGOLQJHQVGLVSRVLWLRQLOOXVWUHUDGJHQRPGHVVWHRUHWLVNDRFKHPSLULVNDNDSLWHO
.DSLWHOXWJ|UVDYHQWHRUHWLVNXWJnQJVSXQNWPHGDYVHHQGHSn EHJUHSSHWKnOOEDUXWYHFNOLQJRFKE\JJDQGHGlUGHQI\VLVNDPLOM|QV
VRFLDODEHW\GHOVHVWnULFHQWUXP'HWWDIRUPXOHUDVLWUHROLNDDYVQLWWGlU
GHWI|UVWDEHVNULYHUKXUKnOOEDUXWYHFNOLQJXWJ|UHWWPHGYHWDQGHVRP JHUXSSKRYWLOOGHPRNUDWLVNI|UDQNULQJRFKKXUGHWWDPHGYHWDQGHLYLVVD VDPPDQKDQJIUDPWUlGHULGHQI\VLVNDPLOM|Q'HWDQGUDDYVQLWWHWEHKDQGODU
KXUREMHNWEHVLWWHUYLNWLJDHJHQVNDSHUI|UDWWSnYHUNDPHGYHWDQGHW'HQQD SnYHUNDQEHURUEODDYREMHNWHWVV\QOLJKHWRFKVWDGHQVI\VLVNDVWUXNWXU
GYVSnYLVDUHQSRWHQWLDOI|UKnOOEDUXWYHFNOLQJDWWPHGYHWDQGHJ|UDV,GHW WUHGMHDVYQLWWHWEHO\VHVYDGKnOOEDUXWYHFNOLQJLQQHElUI|ULQWHQWLRQHUQDL JHVWDOWQLQJHQ
,NDSLWHOEHVNULYVI|UXWVlWWQLQJDUQDI|UDWWE\JJDHWWKnOOEDUW HQHUJLV\VWHPbYHQGHQQDGHOEHVWnUDYWUHDYVQLWW'HWI|UVWDEHKDQGODU
SnYLONHWVlWWKnOOEDUDHQHUJLDQOlJJQLQJDUKDUHQLGHRORJLVNRFKJHRJUDILVN NRSSOLQJWLOOYDUDQGUDVDPWKXUHWWKnOOEDUWHQHUJLV\VWHPlUEHURHQGHDY
HQSODQHULQJVSURFHVVVRPWDUVLQXWJnQJVSXQNWLGHWJHRJUDILVND'HWWD
VWXGHUDVHPSLULVNWJHQRPHQGHVNULSWLYVWXGLHDYVH[|YHUVLNWVSODQHU
RFKSnYLONHWVlWWHQHUJLDQOlJJQLQJDUlUSODWVVSHFLILNWEHVNULYHW, GHWDQGUDDYVQLWWHWSUREOHPDWLVHUDVRFKI|UGMXSDVEDNJUXQGHQRP HQHUJLDQOlJJQLQJDUVIXQNWLRQI|UKnOOEDUXWYHFNOLQJ+lUXWNULVWDOOLVHUDV GHQUROODQOlJJQLQJDUQDVSODFHULQJVSHODUI|UDWWKnOOEDUXWYHFNOLQJVND
PHGYHWDQGHJ|UDVI|UDOOPlQKHWHQRFKGlUPHGKDIRUWVDWWIUDPJnQJ0HG HQPHWRGI|UUXPVLQWHJUDWLRQVDQDO\VVWXGHUDVGHWWDHPSLULVNWJHQRP
DWWDQDO\VHUDLYLONHQXWVWUlFNQLQJHQHUJLDQOlJJQLQJDUlULQWHJUHUDGH RFKV\QOLJDLWUHVYHQVNDVDPKlOOHQ'HWJ|UVVRPHWWVlWWDWWDQDO\VHUD IHQRPHQHWVSRWHQWLHOODEHW\GHOVHLRIIHQWOLJDUXP,GHWWUHGMHRFK DYVOXWDQGHDYVQLWWHWVWXGHUDVRPLQGLYLGHUVPHGYHWDQGHKlQJHUVDPPDQ PHGXSSOHYHOVHQRFKELOGHQDYHQVSHFLILNUHSUHVHQWDWLRQ+lUI|UW\GOLJDV
GHWVDPEDQGVRPUnGHUPHOODQLGpQRPKnOOEDUDHQHUJLV\VWHPRFK XSSOHYHOVHQDYKnOOEDUDHQHUJLV\VWHPRFKKXUGHWWDVDPVSHONDQKDQWHUDV LJHVWDOWQLQJHQ(PSLULVNWVWXGHUDVGHWWDJHQRPDWWXQGHUV|NDYLONHW
JHQRPVODJHWWJHVWDOWQLQJVI|UVODJNDQInI|UPlQQLVNRUVXSSOHYHOVHDYHQ
NUDIWOHGQLQJLMlPI|UHOVHPHGGHUDVJHQHUHOODDWWLW\GHUWLOONUDIWOHGQLQJDU
,NDSLWHOVDPPDQIDWWDVDQDO\VHUDVRFKGLVNXWHUDVWLOOlPSDGWHRULRFK
HPSLULPHGKMlOSDYHWWQ\WWEHJUHSS UXPVOLJOHJLWLPLWHW'HVVDVOXWVDWVHU
lUHWWI|UV|NDWWVDPODRFKSU|YDGHWHRULHURFKUHVXOWDWVRPHUKnOOLWVI|U
DWWYLGJDEHJUHSSHWVLQQHE|UG*HQRPGHWWDEHJUHSSEHVNULYVYLNWLJD KXYXGGUDJVRPYLVDUSnNRSSOLQJHQPHOODQKnOOEDUXWYHFNOLQJSROLWLNRFK I\VLVNIRUPRFKKXUG\OLNDLGHRORJLVNDVWlOOQLQJVWDJDQGHSnYHUNDUVnYlO
SODQHULQJHQRFKVWDGVE\JJDQGHWVRPJHVWDOWQLQJHQ
7(25(7,6.87*c1*6381.7
+c//%$5879(&./,1*
2&+%<**$1'(
6HGDQ%UXQGWODQGUDSSRUWHQ :RUOG&RPLVVLRQRQ(QYLURQPHQW
DQGGHYHORSPHQW>:&('@ KDUEHJUHSSHWKnOOEDUXWYHFNOLQJEOLYLW
DOOWPHUQlUYDUDQGHLGRNXPHQWRFKSROLF\VSnLQWHUQDWLRQHOOQDWLRQHOO
RFKORNDOQLYn%HJUHSSHWLQQHKnOOHUVnYlOEHVNULYQLQJDUDYYDGGHW
KnOOEDUDVDPKlOOHWVNDEHVWnDYPHQRFNVnKXUGHWVNDXSSQnV*HQRP
GHWWD|YHUJULSDQGHRFKLQVWLWXWLRQHOODHQJDJHPDQJYl[HULGpHURFK
LQQRYDWLRQHUIUDPVRPEHVNULYHUSnYLONHWVlWWVDPKlOOHWYHUNOLJHQNDQEOL
HNRQRPLVNWVRFLDOWRFKHNRORJLVNWKnOOEDUW'HWWDKDURFNVnLQIO\WDQGHSn
GHQI\VLVNDPLOM|Q,GpHUQDVSnYHUNDQSnIUDPWLGHQJHQRPGHWVlWWVRPGH
EOLUI|UYHUNOLJDGHSnVWlOOHUVnOHGHVNUDYSnHQI|UGMXSDGI|UVWnHOVHDYPnO
RFKPHGHOlYHQLQRPE\JJDQGHW$PELWLRQHQlUGlUI|UDWWO\IWDIUDPKXU
SODQHULQJVWDGVE\JJQDGRFKDUNLWHNWXUEHU|UVNLOOQDGHUQDRFKOLNKHWHUQD
PHOODQGHWWlQNWDRFKGHWXSSOHYGDDYKnOOEDUXWYHFNOLQJ
(;,67(5$5*(120'(7)g5(67b//'$
'HQLGHRORJLVNDVWUlYDQHIWHUKnOOEDUXWYHFNOLQJI|UKnOOHUVLJLQWHEDUD
WLOOLQVWLWXWLRQHURFKVW\UV\VWHPSnQDWLRQHOOQLYnI|UGHVVJHQRPI|UDQGH JHQRPE\JJDQGHWXWDQGHQQD|YHUJULSDQGHDPELWLRQKDURFNVnHQ LGHRORJLVNLQQHE|UGVRPJ|UDWWGHQNDQEHVNULYDVVRPHWWPHGYHWDQGH
HQPHWDI\VLVNPLOM|*HQRPGHWWDPHGYHWDQGHEHVNULYVRFNVnKXUKnOOEDU
XWYHFNOLQJXSSQnUGHPRNUDWLVNI|UDQNULQJLVDPKlOOHWLVWRUW
'HWWlQNWDRPGHWV\QOLJD
,79SURJUDPLWLGQLQJDUYLGQDWXUNDWDVWURIHUSnEXWLNVK\OODQYLG ILNDVQDFNHWSnDUEHWHWVHPHVWHUUHVDQELOKDQGHOQHWF|YHUDOOWILQQVKnOOEDU
XWYHFNOLQJQlUYDUDQGH,EODQGlUGHWPnOHWI|UHQO|VQLQJLEODQGIUDPVWnU
GHWVRPHQDXWRQRPRUJDQLVPVRPI|UIO\WWDUVLJ|YHUYlUOGHQXWDQRUG
PHQPHGHWWVWDUNWLGHRORJLVNWLQIO\WDQGH*HPHQVDPWI|UDOODGHVVD WLOOIlOOHQGnKnOOEDUXWYHFNOLQJXSSOHYVlUDWWGHWIUDPVWnUJHQRPQnJRWGHW VNHUHWWV\QOLJJ|UDQGHDYGHWWDIHQRPHQSnVDPPDVlWWVRPPDUNQDGHQ HOOHUGHPRNUDWLQLEODQGIUDPWUlGHULVDPPDPHGLD
,I|UHOLJJDQGHDUEHWHEHVNULYVJHQRPGHVVDOOWYDQOLJDUHIUDPWUlGDQGH LROLNDIRUPHUDYPHGLDKnOOEDUXWYHFNOLQJVRPHWWVDPKlOOVIHQRPHQ
2UGHWIHQRPHQIUnQGHWJUHNLVNDRUGHWI|UGHWXSSHQEDUDEHVNULYHU
LVWRUDGUDJHWWVDPEDQGPHOODQPlQQLVNRUVPHGYHWDQGHRPYDGVRP H[LVWHUDUYLONHWLQRPPHWDI\VLNHQEUXNDUEHWUDNWDVVRPHWWWlQNDQGHRP GHWV\QOLJD 1DHVV +HLGHJJHU EHVNULYHUIHQRPHQHW VRPµGHWVLJLVLJVMlOYYLVDQGHµ VLG YLONHWXWJ|UGHWXSSHQEDUDGH
GHWVRPOLJJHULGDJHQRFKVRPXWJ|UHWWRQWRORJLVNWYDUDQGHGYVYDG
GHWlUVRPIUDPWUlGHUH[HPSHOYLVYLGGHVVDPHGLDODXSSOHYHOVHU,QRP
IHQRPHQRORJLQILQQVHQFHQWUDOGLVWLQNWLRQDYPHGYHWDQGHWLWYnROLND GHODU)|UDWWEHVNULYDPHGYHWDQGHWSHNDU(GPXQG+XVVHUO Sn HQnWVNLOOQDGPHOODQYDGKDQNDOODUQRHPDRFKQRHVLVYLONDlUVSUXQJQDXU
GHWJUHNLVNDRUGHWQRXVVRPEHW\GHUMXVWPHGYHWDQGH1RHVLVlUPHQDQGH PHGDQQRHPDlUPHQDQGHWVLQQHKnOO +nOOEDUXWYHFNOLQJKDULGHVV
IHQRPHQRORJLVNDEHW\GHOVHHQP|MOLJKHWDWWXSSHQEDUDVLJEnGHLIRUPDY
HWWPHQDQGHPHQRFNVnVRPHWWLQQHKnOODYGHWWDPHQDQGH
cHQDVLGDQKDUYLDOOWVnGHGHODURFKPRPHQWVRPYLILQQHUJHQRP HQUHHOODQDO\VDYXSSOHYHOVHQYDUYLGYLEHKDQGODUXSSOHYHOVHQVRP HWWI|UHPnOYLONHWVRPKHOVWRFKIUnJDUHIWHUGHVVVW\FNHQHOOHUGH RVMlOYVWlQGLJDPRPHQWDYYLONDGHQUHHOOWlUXSSE\JJG0HQnDQGUD VLGDQlUGHQLQWHQWLRQDODXSSOHYHOVHQHWWPHGYHWDQGHRPQnJRWRFK GHWWDWLOOVLWWYlVHQWH[VRPHULQULQJRPG|PHYLOMDRVY RFKGlUPHG
NDQYLIUnJDYDGVRPYlVHQVPlVVLJWOnWHUVLJVlJDVPHGDYVHHQGHSnGHWWD µRPQnJRWµ +XVVHUO VLG
'HWVlWWVRPKnOOEDUXWYHFNOLQJH[HNYHUDVLQRPE\JJDQGHNDQ
GHODVLQLH[DNWDRFKGHVNULSWLYDNDWHJRULHU(QOLJW(GPXQG+XVVHUOV
V\QSnGHWH[DNWDNRQWUDGHWGHVNULSWLYDNDQKnOOEDU
XWYHFNOLQJOLNQDVYLGHWWLGHDOEHJUHSSVRPµ«XWWU\FNHUQnJRWVRPPDQ LQWHNDQVH GHUDV>LGHDOHQV@XUVSUXQJRFKGlUPHGRFNVnGHUDVLQQHKnOO lUYlVHQWOLJHQHWWDQQDWlQGHWVRPWLOONRPPHUEHVNULYQLQJVEHJUHSSHQ
EHJUHSSVRPXWWU\FNHUYlVHQRPHGHOEDUWKlPWDGHIUnQGHQGLUHNWD
nVNnGQLQJHQRFKLQWHQnJUDLGHDOµ +XVVHUO VLG
7LOOVNLOOQDGIUnQLGHDOEHJUHSSHWKnOOEDUXWYHFNOLQJWLOOK|UGHVVI\VLVNW
UXPVOLJDUHSUHVHQWDWLRQHUVQDUDUHGHVNULSWLYDLQQHE|UGHULH[SOLFLWD
YlVHQVVDPPDQKDQJ6nGDQDVRPJnUDWWXSSOHYDRFKI|UQLPPDRFK GlUPHGVNDSDUHQUHSUHVHQWDWLRQDYPHGYHWDQGHWGYVDWWGHQKnOOEDUD
XWYHFNOLQJHQVNRSSOLQJWLOOVWDGVE\JJQDGXWJ|UHQEHVNULYDQGHSURFHVV RFKLQWHHWWGHGXNWLYWUHVXOWDW'HWlULQWHHQEDUWLGHWIDNWLVNDSODQHOOHU
JHVWDOWQLQJVI|UVODJHWVHIIHNWXHUDGHSUHVWDWLRQHUVRPKnOOEDUXWYHFNOLQJ
H[LVWHUDUXWDQRFNVnLXSSOHYHOVHQRFKEHVNULYQLQJHQDYI|UVODJHWVROLND GHODUDYGHVVDNW|UHULUHODWLRQWLOOGHVVDVPHGYHWDQGH
)HQRPHQHWKnOOEDUXWYHFNOLQJXWJ|UVnOHGHVHWWPHWDI\VLVNWWLOOVWnQGHWW PHGYHWDQGHRPEHJUHSSHWLVLJVRPNDQEHVNULYDVVRPHWWLGHDOVDPWLGLJW VRPGHWWDLGHDOI|UDWWNXQQDH[LVWHUDLHWWRQWRORJLVNWSHUVSHNWLYRFNVn
KDUI\VLVNWUXPVOLJDUHSUHVHQWDWLRQHU'HVVDWYnHQWLWHWHUGHWPHWDI\VLVND RFKGHWI\VLVNDlUnWVNLOGDRFKµGHW>«@PHGYHWDQGHVRPLQWHQGHUDU
YlUOGHQNDQLQWHYDUDHQGHODYGHQSnVDPPDVlWWVRPDQGUDWLQJXWDQ EHILQQHUVLJKLWRPGHNRQVWLWXHUDQGHWLQJHQRFKH[LVWHUDUSnHWWDQQDWVlWW
QlPOLJHQVRPGHWPHGYHWDQGHI|UYLONHWYlUOGHQlUJLYHQVRPIHQRPHQµ
:DOOHQVWHLQVLG )HQRPHQHWKnOOEDUXWYHFNOLQJJnULSUDNWLNHQ
VnOHGHVDWWXSSOHYDLPnQJDROLNDVDPPDQKDQJ,QRPE\JJDQGHWNDQGHW
IUDPWUlGDVnYlOLSODQHULQJVSURFHVVHUVRPPHOODQDNW|UHULVWDGHQRFKL JHVWDOWQLQJVI|UVODJPHQPHVWFHQWUDOWLGHQQDGLVWLQNWLRQlUDWWKnOOEDU
XWYHFNOLQJLGHVVGHGXNWLYDIRUPVQDUDUHlUHWWPHGYHWDQGHVRPlUUHODWHUDW
WLOOE\JJDQGHWEHWUDNWDWLDOODGHVVVNDORURFKLQWHHWWHIIHNWXHUDWUHVXOWDW
'HWNDQGlUPHGDOGULJIUDPVWnVRPLGHDOLVLWWI\VLVNWUXPVOLJDXWWU\FN lYHQRPGHWI\VLVNWUXPVOLJWH[LVWHUDQGHNDQSnYHUNDGHWPHGYHWQDLGHDOHW DYKnOOEDUXWYHFNOLQJ'HQVWRUDVNLOOQDGHQPHOODQHQGHGXNWLYRFKHQ H[SOLFLWEHVNULYQLQJDYKnOOEDUXWYHFNOLQJDQW\GHUDWWGHWLQWHOlQJUHlU
GHWJHQRPI|UGDUHVXOWDWHWVHIIHNWHUVRPlUDYLQWUHVVHXWDQVQDUDUHKXUGHW JHQRPI|UGDEHVNULYHUHWWLQQHKnOOI|UPHGYHWDQGHWDWWI|UKnOODVLJWLOO
'HWPHGYHWQDRFKGHWQRUPDWLYD
'HQKnOOEDUDXWYHFNOLQJHQVI|UDQNULQJLPlQQLVNRUVPHGYHWDQGHlUDY
GHPRNUDWLVNEHW\GHOVH'HWlUEODQGDQQDWJHQRPPlQQLVNRUVGHODNWLJKHW
LQDWLRQHOODRFKNRPPXQDODYDORFKJHQRPDQGUDGHPRNUDWLVNDSURFHVVHU
VRPYDUMHLQGLYLGSnYHUNDUE\JJDQGHWI|URFKDYKnOOEDUXWYHFNOLQJ
,HQUHSUHVHQWDWLYGHPRNUDWLWDUVLJGHWWDXWWU\FNJHQRPSROLWLNHUV
VWlOOQLQJVWDJDQGHRFKI|UKnOOQLQJVVlWWWLOOIHQRPHQHWYLONHWlUEDVHUDW SnGHVVDDNW|UHUVPHGYHWDQGHRPIHQRPHQHW9DGYLVRPU|VWDULHQ UHSUHVHQWDWLYGHPRNUDWLYHWRPGHQYlUOGYLOHYHULWHQGHUDUDWWSnYHUND
GHWVlWWSnYLONHWYLU|VWDU'HWSROLWLVNDLHQVWUlYDQHIWHUKnOOEDUXWYHFNOLQJ
NRPPHUVnOHGHVLQWHEDUDWLOOXWWU\FNLPDNWHQVNRUULGRUHUXWDQlURFNVn
HWWXWWU\FNI|UDOOPlQKHWHQVLQGLYLGXHOODYLOMD :HEHU 'HW YLVDUDWWGHWLQWHEDUDlULGHWSROLWLVNDVRPKnOOEDUXWYHFNOLQJIRUPXOHUDV XWDQlYHQLYDUMHLQGLYLGVVLQQHELOG'HWlULGHWNROOHNWLYDPHGYHWDQGHW RPIHQRPHQHWKnOOEDUXWYHFNOLQJVRPGHVVGHPRNUDWLVNDI|UDQNULQJ
LQLWLHUDV
)|UDWWJHGHQGHPRNUDWLVNDI|UDQNULQJHQHQUXPVOLJPHQLQJLGHQ EHW\GHOVHQVRPO\IWHUIUDPWLGRFKYDUDWVRPWYnDYYDUDQGUDEHW\GDQGH
DVSHNWHULVWlQGLJUHODWLRQWLOOUXPVOLJKHW +HLGHJJHU NDQ EHJUHSSHWOHJLWLPLWHWDQYlQGDV0HGOHJLWLPLWHWPHQDVVnGDQDYlUGHULQJDU
VRPlUUlWWIlUGLJDGHWLOOnWQDHOOHUEHUlWWLJDGHLHQNXOWXUHOOHUHWW
VDPKlOOHPHGGHQRUPHUVRPILQQVGlU%HJUHSSHWOHJLWLPLWHWlULGHQ EHPlUNHOVHQVSUXQJHQXUHWWI|UKnOODQGHPHOODQSROLWLNGHPRNUDWLRFK LQYnQDUH%HVNULYQLQJHQDYVnGDQDSROLWLVNDYlUGHULQJDUVRPGHWVWRUD IOHUWDOHWPlQQLVNRUKDUHQJHPHQVDPXSSIDWWQLQJRPYLVDUDWWMXVWGHVVD YlUGHULQJDUKDUHQOHJLWLPLWHWLVDPKlOOHW 5RXVVHDX $WWGHQ HQVNLOGDLQGLYLGHQSnVDPPDVlWWVRPNROOHNWLYHWGHODUXSSIDWWQLQJHQDWW
H[HPSHOYLVGHPRNUDWLlUYLNWLJWJ|UDWWIHQRPHQHWXSSEXUHWDYLQGLYLGHU
IRUWVlWWHUDWWEHWUDNWDVVRPGHWIUlPVWDVDPKlOOVVNLFNHW 5RXVVHDX (QOLJW0D[:HEHU I|UHNRPPHUWUHIRUPHUDY
PDNWI|UKnOODQGHQVRPXQGHUE\JJHUHQUDWLRQHOOSROLWLVNOHJLWLPLWHW
QlPOLJHQWUDGLWLRQHURFKNXOWXUYLONDKDUVLWWXUVSUXQJLUREXVWD
LQVWLWXWLRQHUVRPYDUDU|YHUWLGOHJDODSURFHVVHUYLONDNRPPHUDYHQWUR RPPlQQLVNRUVUDWLRQHOODRFKODJO\GLJDEHWHHQGHRFKNDULVPDVRPKDUVLWW XUVSUXQJLLQGLYLGHUVI|UPnJDDWWIXQJHUDVRPOHGDUH:HEHU
KDUGRFNHWWDXNWRULWlUWI|UKnOODQGHWLOOEHJUHSSHWOHJLWLPLWHWVRPJ|UDWW GHWYLODUSnHQJUXQGDYUDWLRQHOOWI|UQXIW(QOLJW+DEHUPDV ILQQV GHWXW|YHUGHWUDWLRQHOODI|UQXIWHWVRP:HEHU EHVNULYHUlYHQ HWWNRPPXQLNDWLYWI|UQXIWVRPlUYHUNVDPWPHOODQPlQQLVNRULYDUGDJOLJD
VLWXDWLRQHURFKVRPVNLOMHUVLJIUnQGHWDXNWRULWlUD+DEHUPDV XWJnUIUnQHWWSHUVSHNWLYSnUlWWVWDWHQGlUEHJUHSSHWOHJLWLPLWHWILQQHU
VLWWXUVSUXQJLEHJUHSSHWOHJDOLWHW'HWUHQWOHJDODNDQGRFNLQWHYHUNDL HWWVDPKlOOHXWDQHWWHUNlQQDQGHIUnQVDPKlOOHW)|UYHPEOLUElUDUHDY LGpQLHWWVDPKlOOHRPI|UVODJWLOOO|VQLQJDUI|UHWUlGHVYLVXWJ|UPHGHOI|U
PnOHWHOOHUI|UHWUlGVDYUDWLRQHOODRFKDXNWRULWlUDnWJlUGHUI|UDWWXSSQn JHPHQVDPPDYlUGHULQJDU"µ5lWWHQNUlYHUQlPOLJHQLQWHEDUDDFFHSW
GHQI|UYlQWDUDYVLQDDGUHVVDWHULQWHEDUDHWWIDNWLVNWHUNlQQDQGHXWDQ
J|URFNVnDQVSUnNSnDWWI|UWMlQDHUNlQQDQGHµ +DEHUPDVVLG
*HQRPGHWWDHUNlQQDQGHDYLQGLYLGHQWLOOVDPPDQVPHGNROOHNWLYHWEOLU
KDQKRQElUDUHDYGHVVDJHPHQVDPPDYlUGHULQJDU0HGGHQQDLGpRPHQ XQLYHUVDOSUDJPDWLNPHQDU+DEHUPDV DWWLQVWLWXWLRQHURFKSROLWLN lYHQSnYHUNDUGHWNRPPXQLNDWLYDI|UQXIWHWGYVYDUMHLQGLYLGVXSSIDWWQLQJ
RPQnJRW*HQRPXSSOHYHOVHQXSSUlWWKnOOVYlUGHULQJDUQDVHUNlQQDQGHDY LQGLYLGHQVnYlOVRPDYNROOHNWLYHW +DEHUPDV
*HQRPGHILQLWLRQHQDYOHJLWLPLWHWLHWWPHUYDUGDJOLJWHUNlQQDQGH
EOLU|YHUVlWWQLQJHQDYIHQRPHQHWKnOOEDUXWYHFNOLQJQlUPDVWHQI|OMG DYYlUGHULQJDUVRPSnYHUNDUKXUGHQOnQJVLNWLJDELOGHQDYHWWKnOOEDUW
VDPKlOOHDFFHSWHUDV+nOOEDUXWYHFNOLQJlUGlUPHGOLNVRPDQGUD GHPRNUDWLVNDVDPKlOOVIHQRPHQLI|UVWDKDQGlUULNWDWWLOOVDPKlOOHWL
VWRUWPHQNRPPHUWLOOXWWU\FNYLDLQGLYLGHQVPHGYHWDQGHRFKlUGlUPHG EHURHQGHDYHQI|UDQNULQJ(QVnGDQI|UDQNULQJNDQVNHJHQRPGHW
RIIHQWOLJD:HEHUV XWJnQJVSXQNWLYDGVRPlURIIHQWOLJWOLJJHU
LGHWRIIHQWOLJDVVDPVWlPPLJKHWYLONHWEODlUXWJnQJVSXQNWHQI|UGH DOOPlQQDODJDUQD)|U:HEHU lUGHWYLNWLJDDWWGHWILQQVHQ SROLWLVNPDNWVRP|YHUWDVDYLQGLYLGHUQDLVDPKlOOHWGYVHQI|UVNMXWQLQJ
DYPDNWI|UKnOODQGHWIUnQLQVWLWXWLRQHUQDVWLOORIIHQWOLJKHWHQVPDNW :HEHU
PHGDQ+DEHUPDV LVWlOOHWEHVNULYHUGHWRIIHQWOLJD LQWHQ|GYlQGLJWYLVVRPMXULGLVNWEHURHQGHXWDQVRFLDOWµ,QRPUDPHQ
I|UHWWJHQRPJnHQGHQRUPHUDWWLOOVWnQGDYO|VHVKHUUDYlOGHWVQDWXUODJ
DYUlWWVODJDUQDVKHUUDYlOGH²RFKGnNDQSROLWLNLJUXQGHQ|YHUI|UDVWLOO
PRUDOµ VLG 'HWWDWLOOVWnQGGlUGHWRIIHQWOLJDVNDSDUHWWQRUPHUDQGH
VDPKlOOHlUEHURHQGHDYGHQNROOHNWLYD|YHUHQVNRPPHOVHQ3ROLWLNHQV
|YHUHQVVWlPPHOVHPHGPlQQLVNRUVPRUDOLVNDYlUGHULQJDUNDQEDUDGHW NROOHNWLYDVRPHQKHWSnYHUNDµDOODWLOOVDPPDQVPnVWHYLOMDGHWWDWLOOVWnQGµ
VLG (QOLJW+DEHUPDV EOLU:HEHUV PDNWI|UVNMXWQLQJSUREOHPDWLVNLVDPEDQGPHGDWWGHQSULYDWDVIlUHQ OlPQDVXWDQI|UGHWRIIHQWOLJWEHVNULYQD+DEHUPDV PHQDUDWW
HWWIHQRPHQVnVRPKnOOEDUXWYHFNOLQJJHVHQGHPRNUDWLVNPRWVYDULJKHW
JHQRPGHWVRPLROLNDNXOWXUHUEHWUDNWDVVRPQRUPJLYDQGH µ/LNVRPLGpQ JHUUHJHOQWMlQDULGHDOHWVRPXUELOGHQI|UEHVWlPQLQJHQDYHQDYELOGQLQJ
DOOWLGEORWWHWWULNWPlUNHI|UYnUWKDQGODQGHRFKKHOWROLNWGHWLGHDO3ODWRQ IHODNWLJWWLOOVNULYLWHQNRQVWLWXWLYEHW\GHOVHVRPHQLGpLGHWJXGRPOLJD I|UQXIWHWµ VLG +DQPHQDUDWWGHWLQWHILQQVHQJLYHQQRUPLHQOLJKHW PHG3ODWRQVLGpOlUDXWDQVQDUDUHDWWGHVVDQRUPHUlUNXOWXUHOOWIRUPXOHUDGH
RFKlYHQJnUDWWSnYHUNDJHQRPDYELOGQLQJ3nGHQQDDYELOGQLQJDY
EODQGDQQDWI\VLVNNDUDNWlUE\JJVEHVOXWRFKGlUPHGQRUPHUYLONHWJ|U
DWWGHQI\VLVNDPLOM|QVRPVHVXSSIDWWDVRFKNDQWRONDVWLOOHWWQRUPDWLYW
PHGYHWDQGHRPQnJRW
(QOLJW%REELR UHIHUHUDGDY/DFHUGD 4XHLUR] NDQOHJLWLPLWHWLQQHElUDEnGHHQI\VLVNWUXPVOLJVLWXDWLRQRFKHWWYlUGH
DYVRFLDOWVDPH[LVWHUDQGH,EnGDIDOOHQlUOHJLWLPLWHWHWWNRQVHQVXVVRP XWWU\FNVDYHQJUXSSPlQQLVNRU%HJUHSSHWOHJLWLPLWHWlUGlUPHGRFNVn HQRGHILQLHUDGHQKHWVRPNDQXWPDQDVRFKI|UlQGUDVLP|MOLJDIUDPWLGHU
RFKVRPPHGDQGUDI|UXWVlWWQLQJDUNDQJHVDQGUDGHILQLWLRQHU1XYDUDQGH YHUNOLJKHWlULGHWWDVDPPDQKDQJLQJHWDQQDWlQHQUHSUHVHQWDWLRQDYHQ
VnGDQIUDPWLGGlUOHJLWLPLWHWHQH[LVWHUDUVRPHQIUDPnWEOLFNDQGHSRWHQWLDO XWLIUnQQXYDUDQGHNXQVNDSHURFKVDQQLQJDU %REELR UHIHUHUDG
DY/DFHUGD 4XHLUR] (QI|UXWVlWWQLQJI|UDWWKnOOEDUXWYHFNOLQJ
VNDI|UVWlUNDVVnVRPHQJHPHQVDPXSSIDWWQLQJlUDWWGHVVOHJLWLPLWHWL VDPKlOOHWEHYDUDVRFKI|UVWlUNVLYDGPlQQLVNRUXSSOHYHU
/HJLWLPLWHWXWJ|UVnOHGHVHWWWLOOVWnQGVRPXSSVWnUPHOODQLQGLYLGXHOOD RFKLQVWLWXWLRQHOODDNW|UHUHWWVDPVSHOPHOODQPHGYHWDQGHRFKGHPRNUDWLL YLONHWEHJUHSSHWlUElUDUHDYVDPVSHOHWPHOODQGHWSROLWLVNDRFKGHWVRFLDOD LGHVVYDUGDJOLJDNRQVHNYHQVHU*HQRPHWWNRPPXQLNDWLYWKDQGODQGH PHOODQGHWPHGYHWQDRFKGHWV\QOLJDIUDPVWnUVnOHGHVGHWYDUGDJOLJD
RFKGHWXSSOHYGDVRPHQI|UXWVlWWQLQJI|UIHQRPHQHWDWWWUlQJDLQL OLYVYlUOGHQ +DEHUPDV (QHYHQWXHOORV\QOLJKHWDYGHWDQQDUV IUDPWUlGDQGHVRPVnOHGHVXWJ|UJUXQGHQI|UGHWQRUPDWLYDRFKOHJLWLPD
NDQVHVVRPHWWGHPRNUDWLVNWWLOONRUWDNRPPDQGH0HGRV\QOLJKHWElUV QRUPHUI|UHWUlGHVYLVXSSSnLQVWLWXWLRQHOORFKFHQWUDOLVHUDGQLYnYLONHW GlUPHGLQQHElUDWWPDNWI|UKnOODQGHWLVWUlYDQHIWHUKnOOEDUXWYHFNOLQJ
ULVNHUDUDWWI|UVNMXWDVPRWHWWPHUFHQWUDOLVHUDWVDPKlOOHLVWlOOHWI|UPRW HQGHOLEHUDWLRQDYPDNWHQ'lUPHGXWJ|UGHQI\VLVNDPLOM|QSnVDPPD
VlWWVRPI|UDQGUDVDPKlOOVIHQRPHQHQI|UXWVlWWQLQJI|UNROOHNWLYW
PHGYHWDQGHLQVLNWRFKDJHUDQGHJHQRPLQGLYLGHQVNXOWXUHOODNRQWH[W
0HGYHWDQGHWVIUDPWUlGDQGHLI\VLVNWUXPVOLJNRQWH[W
$WWKnOOEDUXWYHFNOLQJXWJ|UHWWVRFLDOWIHQRPHQEOLUVlUVNLOW IUDPWUlGDQGHLGHVVXUVSUXQJOLJDIRUPXOHULQJL%UXQGWODQGUDSSRUWHQ :&(' µ6XVWDLQDEOHGHYHORSPHQWLVGHYHORSPHQWWKDWPHHWV
WKHQHHGRIWKHSUHVHQWZLWKRXWFRPSURPLVLQJWKHDELOLW\RIIXWXUH
JHQHUDWLRQVWRPHHWWKHLURZQQHHGVµ :&(' VLG ,GHQ XUVSUXQJOLJDIRUPXOHULQJHQVNLOMHUVLJLQQHE|UGHQIUnQGHQKnOOEDUD VWDGHQVJHRJUDILVNDDYJUlQVQLQJRFKKDULVMlOYDYHUNHWLQJHQJHRJUDILVN
EHVNULYQLQJDOOVXWDQXWJ|UVQDUDUHHQYlUOGOlQJVHQRlQGOLJWLGVD[HO
ERUWRPGHQLFNHKnOOEDUDYlUOGHQ'HWWDXWJ|UHWWPHQWDOWWLOOVWnQGHOOHU
HWWPHGYHWDQGHGlUMRUGHQVRFKVDPKlOOHWVUHVXUVHUlUI|UGHODGHSnHWWVlWW VRPJ\QQDUDOODVnYlOPlQQLVNRUVRPQDWXU $ULDQVHQ RFKµGlUGHW PRGHUQDVDPKlOOHWLQWHOlQJUHXWJ|UHQSDUDGR[DYUDWLRQDOLVHULQJPRW YnUHJHQXQGHUJnQJµVRP+DEHUPDV YlOMHUDWWXWWU\FNDGHW%LOGHQ
DYHWWVnGDQWVDPKlOOHIUDPVWnUVRPXWRSLVNLGHQEHPlUNHOVHQDWWGHQ XWRSLVNDYlUOGHQSHUGHILQLWLRQLQWHlUQnJRWVRPNDQXSSQnVHOOHUJULSDV WDJL (QJVWU|PPIO 'HQNDQW\FNDVOLJJDERUWRPHQJHRJUDILVNW EXQGHQYlUOGRFKKDUGlUI|ULVMlOYDYHUNHWLQJHWPHGE\JJDQGHDWWJ|UD
DQQDWlQDWWHQI\VLVNWEXQGHQRFKJHRJUDILVNWEHVNULYHQYlUOGGLVWULEXHUDU
PHGHOI|UGHXWRSLVNDPnOHQ6WUlYDQHIWHUHQXWRSLYLVDUDWWEHJUHSSHW
KnOOEDUXWYHFNOLQJLVMlOYDYHUNHWLQWHlUWLOOJlQJOLJWI|UJHRJUDILVND DYYlJQLQJDUPHOODQDPELWLRQHURFKPDUNRFKYDWWHQDQYlQGQLQJSnGHW VlWWVRPYDQOLJWYLVVWlOOVXSSLQRPSODQHULQJVWDGVE\JJQDGRFKDUNLWHNWXU
'HWlUGlUPHGHQWHRUHWLVNVYnULJKHWDWWH[HPSHOYLVKlYGDDWWGHWVNXOOH NXQQDILQQDVKnOOEDUDO|VQLQJDULQRPE\JJDQGHWGnGHWVRPLVMlOYDYHUNHW
lUKnOOEDUWHQGDVWNDQH[LVWHUDVRPHWWPHGYHWDQGHRPHWWWlQNWRFKLGHDOW WLOOVWnQG'HWILQQVLGHWWDVDPVSHOHQPRWVlWWQLQJPHOODQGHWSODWVVSHFLILND RFKGHWLGHDODVRPLQWHIXOOWXWOnWHUVLJI|UNODUDVJHQRPGHQI\VLVNW
UXPVOLJDIXQNWLRQHQ
+nOOEDUXWYHFNOLQJEHWUDNWDGVRPHQH[LVWHQWLHOOLGpHWWIHQRPHQ
XWVSHODUVLJGlUPHGLQWHLGHQI\VLVNDPLOM|QXWDQI|UHWUlGHVYLVL PlQQLVNRUVVLQQHELOG6DPWLGLJWXWJ|UHQI|UXWVlWWQLQJI|UDWWNXQQD UHODWHUDWLOOKnOOEDUXWYHFNOLQJVRPHWWPHGYHWDQGHDWWGHWILQQVHQ H[LVWHQVPHQGHWKDUUHGDQNRQVWDWHUDWVDWWKnOOEDUXWYHFNOLQJlUHWW
LGHDORFKGlUPHGLQWHNDQH[LVWHUDDQQDWlQVRPUHSUHVHQWDWLRQHU(WW
FLUNHOUHVRQHPDQJELOGDVVRPGHQIHQRPHQRORJLVNDWUDGLWLRQHQPnVWH EURWWDVPHG)|UDWWP|MOLJJ|UDHQI|UNODULQJPHOODQnHQDVLGDQGHQ XWRSLVNDELOGHQDYHQKnOOEDUIUDPWLGVRPDOGULJNDQXSSQnVPHGnDQGUD
VLGDQGHI|UVODJWLOOVWlGHUVRPVWlQGLJWHIWHUVWUlYDUDWWYDUDKnOOEDUDNDQ GHUXPVOLJDUHVXOWDWHQDYHQKnOOEDUXWYHFNOLQJLVWlOOHWEHWUDNWDVVRP
