RIVM rapport xxxxxx xxx
RIVM rapport xxxxxx xxx
RIVM rapport xxxxxx xxx
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
5,90 UDSSRUW<br />
0RQLWRULQJ 9RHGLQJ<br />
(HQ YRRUVWHO YRRU HHQ PHHUMDUHQSURJUDPPD XLW WH<br />
YRHUHQ GRRU KHW 5,90<br />
0& 2FNp $.' /LHP 01 3LHWHUV<br />
0HW PHGHZHUNLQJ YDQ<br />
$- %DDUV +% %XHQR GH 0HVTXLWD &(- &XLMSHUV '&0 )LROHW -, )UHLMHU<br />
(+-0 -DQVHQ ' .URPKRXW +0-$ YDQ /HHQW<br />
'LW RQGHU]RHN ZHUG YHUULFKW LQ RSGUDFKW HQ WHQ ODVWH YDQ KHW 0LQLVWHULH YDQ 9RONVJH]RQGKHLG<br />
:HO]LMQ HQ 6SRUW LQ KHW NDGHU YDQ SURMHFW 0RQLWRULQJ 9RHGLQJ<br />
5,90 3RVWEXV %$ %LOWKRYHQ WHOHIRRQ ID[
Rapport 515004012/2001<br />
Monitoring Voeding 2001-2004.<br />
Een voorstel voor een meerjarenprogramma<br />
uit te voeren door het <strong>RIVM</strong><br />
(UUDWXP : in "Samenvatting", pag. 6 regel 15 :<br />
"veel voorkomende ziekten" te vervangen door "de volksgezondheid"
5,90 UDSSRUW SDJ YDQ<br />
$EVWUDFW<br />
7KH 1DWLRQDO ,QVWLWXWH IRU 3XEOLF +HDOWK DQG WKH (QYLURQPHQW 5,90 FROOHFWV LQIRUPDWLRQ<br />
ZLWKLQ LWV UHVHDUFK SURJUDPPH µ)RRG 0RQLWRULQJ RQ H[SRVXUH RI WKH 'XWFK SRSXODWLRQ WR<br />
IRRG FRPSRQHQWV 7KLV LQIRUPDWLRQ LV RI XVH WR 'XWFK IRRG SROLF\ PDNLQJ DQG GLHWDU\<br />
SURPRWLRQ DFWLYLWLHV 7KH FXUUHQW UHSRUW SURSRVHV SULRULWLHV LQ IRRG PRQLWRULQJ IRU WKH<br />
SHULRG $ EDODQFHG FKRLFH EHWZHHQ IRRG VDIHW\ DQG JRRG QXWULWLRQ FRPSRQHQWV IRRGV LV<br />
UHFRPPHQGHG<br />
*RRG QXWULWLRQ 7KH 'XWFK 1DWLRQDO )RRG &RQVXPSWLRQ 6XUYH\V JLYH LQVLJKW LQWR WKH LQWDNH<br />
RI QXWULHQWV DQG IRRG JURXSV LPSRUWDQW IRU JRRG QXWULWLRQ ,I WKHVH VXUYH\V DUH FRQWLQXHG<br />
5,90 QHHG QRW FROOHFW WKLV W\SH RI LQIRUPDWLRQ 7KH RQO\ H[FHSWLRQ WR WKLV LV VRGLXP IRU<br />
ZKLFK WKH GLHWDU\ DVVHVVPHQW PHWKRG RI WKH 'XWFK 1DWLRQDO )RRG &RQVXPSWLRQ 6XUYH\ LV QRW<br />
VXLWDEOH )RU QRQ QXWULWLYH FRPSRQHQWV DV ZHOO DV IXQFWLRQDO IRRGV HQULFKHG IRRGV DQG IRRG<br />
VXSSOHPHQW PRQLWRULQJ GR QRW \HW VHHP QHFHVVDU\<br />
)RRG VDIHW\ 0RQLWRULQJ RI YDULRXV QDWXUDO WR[LQV OLNH P\FR DQG SK\WRWR[LQV EXW QRW<br />
DIODWR[LQ '21 DQG RFKUDWR[LQ $ LV UHFRPPHQGHG :KHUHDV FRQWLQXDWLRQ RI FXUUHQW<br />
PRQLWRULQJ DFWLYLWLHV LV VXIILFLHQW IRU GLR[LQV GLEHQ]RIXUDQHV 3&%V 3$+V DQG KHDY\ PHWDOV<br />
PRQLWRULQJ FDQ EH UHGXFHG WR D PLQLPXP IRU DIODWR[LQ DQG LOOHJDO SHVWLFLGHV<br />
7KH 'XWFK 1DWLRQDO )RRG &RQVXPSWLRQ 6XUYH\V LQ ZKLFK IRRG FRQVXPSWLRQ GDWD DUH<br />
FROOHFWHG RQ PDQ\ LQGLYLGXDOV FRQWULEXWH LPSRUWDQW D SULRUL NQRZOHGJH IRU 5,90<br />
PRQLWRULQJ DFWLYLWLHV EDVHG RQ GLUHFW DQDO\WLFDO PHWKRGV
5,90 UDSSRUW SDJ YDQ<br />
9RRUZRRUG<br />
'H]H QRWLWLH LV RSJHVWHOG GRRU GH :HUNJURHS 0RQLWRULQJ 9RHGLQJ EHVWDDQGH XLW %HUW -DQ<br />
%DDUV %DV %XHQR GH 0HVTXLWD &DULQ &XLMSHUV -DQ )UHLMHU 'DQLsOOH )LROHW (XJqQH -DQVHQ<br />
'MLHQ /LHP 0DUJD 2FNp HQ 0RQLHN 3LHWHUV 'H QRWLWLH LV EHVSURNHQ LQ HHQ EUHHG IRUXP YDQ<br />
YHUWHJHQZRRUGLJHUV XLW GH 6HFWRU 9RONVJH]RQGKHLGVRQGHU]RHN HQ GH 6HFWRU 5LVLFRV 0LOLHX<br />
HQ *H]RQGKHLG GH :HUNJURHS 9RHGLQJ 2S EDVLV KLHUYDQ ]LMQ QRJ HQNHOH DDQYXOOLQJHQ HQ<br />
ZLM]LJLQJHQ LQ GH QRWLWLH JHPDDNW
5,90 UDSSRUW SDJ YDQ<br />
,QKRXG<br />
6DPHQYDWWLQJ<br />
,QOHLGLQJ<br />
0RQLWRULQJ 9RHGLQJ HHQ WHUXJEOLN<br />
9RHGVHOFRQVXPSWLHSHLOLQJHQ<br />
*H]RQGKHLGVEHGUHLJHQGH FRPSRQHQWHQ<br />
9RHGLQJ HQ *H]RQGKHLG 2QWZLNNHOLQJHQ<br />
'H JH]RQGKHLGVWRHVWDQG<br />
9RHGLQJVWRHVWDQG<br />
*H]RQGKHLGVEHVFKHUPLQJ<br />
+HW YRHGLQJVEHOHLG<br />
(YDOXDWLH YDQ &RPSRQHQWHQ LQ GH 9RHGLQJ<br />
9RHGLQJVPLGGHOHQJURHSHQ<br />
9RHGLQJVVXSSOHPHQWHQ YHUULMNWH YRHGLQJVPLGGHOHQ HQ IXQFWLRQDO IRRGV<br />
(QHUJLHEDODQV<br />
9RHGLQJVVWRIIHQ<br />
0DFURYRHGLQJVVWRIIHQ<br />
9HW]XXUSDWURRQ<br />
9RHGLQJVYH]HO<br />
9LWDPLQHQ<br />
0LQHUDOHQ<br />
1LHW QXWULWLHYH IDFWRUHQ LQ GH YRHGLQJ<br />
1DWXXUOLMNH WR[LQHQ<br />
0\FRWR[LQHQ I\WRWR[LQHQ HQ PDULHQH ELRWR[LQHQ<br />
1LWUDDW<br />
6WRIIHQ JHEUXLNW ELM WHHOW RI EHZHUNLQJ<br />
$GGLWLHYHQ<br />
9HUSDNNLQJVPDWHULDOHQ<br />
'LHUEHKDQGHOLQJVPLGGHOHQ HQ JURHLEHYRUGHUDDUV<br />
%HVWULMGLQJVPLGGHOHQ<br />
&RQWDPLQDQWHQ<br />
5HVLGXHQ YDQ YHUERGHQ EHVWULMGLQJVPLGGHOHQ<br />
3&%V<br />
'LR[LQHQ HQ IXUDQHQ<br />
3$.V<br />
1LWURVDPLQHQ<br />
2UJDQRPHWDOHQ<br />
=ZDUH PHWDOHQ<br />
+RUPRRQYHUVWRUHQGH VWRIIHQ<br />
&RQFOXVLHV HQ $DQEHYHOLQJHQ<br />
&RQFOXVLHV<br />
$DQEHYHOLQJHQ
5,90 UDSSRUW SDJ YDQ<br />
/LWHUDWXXU<br />
%LMODJH 0HWKRGRORJLVFKH DVSHFWHQ EHSDOLQJ LQQDPH VWRIIHQ YLD YRHGLQJ<br />
%LMODJH 9HU]HQGOLMVW
5,90 UDSSRUW SDJ YDQ<br />
6DPHQYDWWLQJ<br />
,Q KHW NDGHU YDQ KHW RQGHU]RHNVSURJUDPPD 0RQLWRULQJ 9RHGLQJ YDQ KHW 5,90 ZRUGW<br />
LQIRUPDWLH YHU]DPHOG RYHU GH EORRWVWHOOLQJ YDQ GH EHYRONLQJ DDQ YRHGVHOFRPSRQHQWHQ GLH GH<br />
JH]RQGKHLG YDQ GH PHQV LQ JXQVWLJH RI LQ RQJXQVWLJH ]LQ NXQQHQ EHwQYORHGHQ 'H]H<br />
LQIRUPDWLH NDQ JHEUXLNW ZRUGHQ YRRU KHW YHUGHU RQWZLNNHOHQ YDQ YRHGLQJVEHOHLG HQ<br />
YRHGLQJVYRRUOLFKWLQJVSURJUDPPDV DOV DFKWHUJURQGJHJHYHQV YRRU KHW EHRRUGHOHQ YDQ<br />
LQFLGHQWHQ RS KHW JHELHG YDQ YRHGVHOYHLOLJKHLG HQ DOV DDQOHLGLQJ YRRU QDGHU RQGHU]RHN<br />
'RHO ,Q GH]H QRWLWLH ZRUGW YRRUJHVWHOG ZHONH FKHPLVFKH FRPSRQHQWHQ LQ GH YRHGLQJ GH<br />
NRPHQGH MDUHQ SULRULWHLW YHUGLHQHQ LQ KHW PRQLWRULQJVSURJUDPPD 'H H[SHUWLVH YDQ KHW<br />
5,90 ]RDOV GLH WRW XLWLQJ NRPW LQ GH PRQLWRULQJVLQVSDQQLQJHQ YDQ KHW LQVWLWXXW LV GH<br />
DIJHORSHQ MDUHQ YRRUDO JHULFKW JHZHHVW RS GH JH]RQGKHLGVEHGUHLJHQGH DVSHFWHQ YDQ GH<br />
YRHGLQJ 'H]H H[SHUWLVH RS KHW JHELHG YDQ PRQLWRULQJ HQ ULVLFREHRRUGHOLQJ YDQ VWRIIHQ GLHQW<br />
LQ VWDQG WH ZRUGHQ JHKRXGHQ PDDU LQ WRHNRPVWLJH PRQLWRULQJVSURJUDPPDV PRHW HHQ EHWHUH<br />
EDODQV ZRUGHQ DDQJHEUDFKW LQ GH DDQGDFKW JHULFKW RS SRVLWLHYH HQ QHJDWLHYH DVSHFWHQ YDQ GH<br />
YRHGLQJ ZDDUELM SULRULWHLW PRHW ZRUGHQ JHJHYHQ DDQ VWRIIHQ HQ SURGXFWJURHSHQ LQ GH<br />
YRHGLQJ GLH SRVLWLHI HQ QHJDWLHI JHDVVRFLHHUG ]LMQ PHW YHHO YRRUNRPHQGH ]LHNWHQ 6SHFLDOH<br />
DDQGDFKW GLHQW GDDUELM XLW WH JDDQ QDDU GH HUQVW YDQ GH HIIHFWHQ GH RPYDQJ YDQ UHHGV<br />
EHVWDDQGH JHJHYHQV WHU]DNH GH PRJHOLMNKHLG WRW LQJULMSHQ HQ GH ULVLFRSHUFHSWLH<br />
*H]RQGH YRHGLQJ 'H JHJHYHQV YDQ GH YRHGVHOFRQVXPSWLHSHLOLQJHQ JHYHQ HHQ JRHG EHHOG<br />
YDQ GH LQQHPLQJ YDQ YRHGLQJVVWRIIHQ HQ YRHGLQJVPLGGHOHQJURHSHQ YDQ GH 1HGHUODQGVH<br />
EHYRONLQJ 0LWV GH YRHGVHOFRQVXPSWLHSHLOLQJHQ RRN LQ GH WRHNRPVW YRRUWJH]HW ZRUGHQ KRHIW<br />
KHW 5,90 QLHW ]HOI JHJHYHQV WH YHU]DPHOHQ LQ KHW NDGHU YDQ PRQLWRULQJ *H]RQGH 9RHGLQJ<br />
(HQ XLW]RQGHULQJ KLHURS EHWUHIW GH QDWULXPLQQHPLQJ +HW ZRUGW DDQEHYROHQ GDW KHW 5,90 GH<br />
LQQHPLQJ YDQ QDWULXP EOLMIW PRQLWRUHQ DDQJH]LHQ GH YRHGVHOFRQVXPSWLHSHLOLQJHQ KLHUYRRU<br />
QLHW JHVFKLNW ]LMQ 9RRU QRQ QXWULWLHYH IDFWRUHQ LV PRQLWRULQJ YRRUDOVQRJ QLHW QRGLJ RPGDW<br />
KXQ URO ELM JH]RQGKHLG HQ ]LHNWH QRJ QDGHU RQGHU]RFKW PRHW ZRUGHQ 'LW]HOIGH JHOGW YRRU<br />
YRHGLQJVVXSSOHPHQWHQ YHUULMNWH YRHGLQJVPLGGHOHQ HQ µIXQFWLRQDO IRRGV<br />
9HLOLJH YRHGLQJ 9RRU VRPPLJH QDWXXUOLMNH WR[LQHQ PHW QDPH GH P\FR HQ I\WRWR[LQHQ<br />
P X Y DIODWR[LQH '21 HQ RFKUDWR[LQH $ ]LMQ QDXZHOLMNV EORRWVWHOOLQJVJHJHYHQV<br />
YRRUKDQGHQ ]RGDW PRQLWRULQJ RS GLW JHELHG JHZHQVW LV 9RRU HHQ DDQWDO DQGHUH JURHSHQ<br />
JH]RQGKHLGVEHGUHLJHQGH EHVWDQGGHOHQ ]RDOV GLR[LQHQ GLEHQ]RIXUDQHQ HQ 3&%V 3$.V HQ<br />
]ZDUH PHWDOHQ LV KDQGKDYLQJ YDQ GH EHVWDDQGH PRQLWRULQJVDFWLYLWHLWHQ YROGRHQGH YRRU KHW<br />
YHUGHUH WHUXJGULQJLQJVEHOHLG 9RRU DIODWR[LQH HQ GH LOOHJDOH EHVWULMGLQJVPLGGHOHQ NXQQHQ<br />
PRQLWRULQJVLQVSDQQLQJHQ ZRUGHQ WHUXJJHEUDFKW WRW KHW YRRU LQVWDQGKRXGLQJ YDQ GH H[SHUWLVH<br />
QRRG]DNHOLMNH PLQLPXP 1DDVW DDQEHYHOLQJHQ YRRU KHW RQGHU]RHNVSURJUDPPD 0RQLWRULQJ<br />
9RHGLQJ ZRUGHQ YRRU HHQ DDQWDO FRPSRQHQWHQ LQ GH YRHGLQJ LQ KHW UDSSRUW RRN<br />
DDQEHYHOLQJHQ JHGDDQ YRRU DQGHUH RQGHU]RHNVDFWLYLWHLWHQ<br />
9RRU WRHNRPVWLJH PRQLWRULQJVDFWLYLWHLWHQ YDQ KHW 5,90 GLH JHEDVHHUG ]LMQ RS GLUHFWH<br />
PHWKRGHV GXSOLFDDW YRHGLQJVRQGHU]RHN HQ PDUNHW EDVNHW VWXGLHV NDQ D SULRUL NHQQLV<br />
RQWOHHQG ZRUGHQ DDQ GH YRHGVHOFRQVXPSWLHSHLOLQJHQ +HW LV GDQ RRN EHODQJULMN GDW GH<br />
YRHGVHOFRQVXPSWLHSHLOLQJHQ LQ GH WRHNRPVW JHFRQWLQXHHUG ZRUGHQ PHW KHW IUHTXHQW
5,90 UDSSRUW SDJ YDQ<br />
YHU]DPHOHQ YDQ YRHGVHOFRQVXPSWLHJHJHYHQV RS LQGLYLGXHHO QLYHDX LQ JURWH UHSUHVHQWDWLHYH<br />
VWHHNSURHYHQ YDQ GH 1HGHUODQGVH EHYRONLQJ
5,90 UDSSRUW SDJ YDQ<br />
,QOHLGLQJ<br />
,Q KHW NDGHU YDQ KHW RQGHU]RHNVSURJUDPPD 0RQLWRULQJ 9RHGLQJ YDQ KHW 5,90 ZRUGW<br />
LQIRUPDWLH YHU]DPHOG RYHU GH EORRWVWHOOLQJ YDQ GH EHYRONLQJ DDQ YRHGVHOFRPSRQHQWHQ GLH GH<br />
JH]RQGKHLG YDQ GH PHQV LQ JXQVWLJH RI LQ RQJXQVWLJH ]LQ NXQQHQ EHwQYORHGHQ +HW GRHO YDQ<br />
GLW SURJUDPPD LV LQIRUPDWLH WH YHUVFKDIIHQ LQ GH PDWH ZDDULQ GH SRSXODWLH YROGRHW DDQ<br />
ULFKWOLMQHQ YRRU GH EORRWVWHOOLQJ DDQ YRHGVHOFRPSRQHQWHQ WLMGWUHQGV LQ GH EORRWVWHOOLQJ HQ<br />
YHUVFKLOOHQ WXVVHQ VXEJURHSHQ LQ EORRWVWHOOLQJ 'H]H LQIRUPDWLH NDQ JHEUXLNW ZRUGHQ YRRU KHW<br />
YHUGHU RQWZLNNHOHQ YDQ YRHGLQJVEHOHLG HQ YRHGLQJVYRRUOLFKWLQJVSURJUDPPDV DOV<br />
DFKWHUJURQGJHJHYHQV YRRU KHW EHRRUGHOHQ YDQ LQFLGHQWHQ RS KHW JHELHG YDQ YRHGVHOYHLOLJKHLG<br />
HQ DOV DDQOHLGLQJ YRRU QDGHU RQGHU]RHN QDDU ELMYRRUEHHOG HIIHFWHQ YDQ YRHGVHOFRPSRQHQWHQ<br />
,Q GH]H QRWLWLH ZRUGW JHVFKHWVW ZHONH IDFWRUHQ GHWHUPLQDQWHQ LQ GH YRHGLQJ GH NRPHQGH<br />
MDUHQ SULRULWHLW GLHQHQ WH NULMJHQ LQ KHW KLHUERYHQ EHVSURNHQ PRQLWRULQJVSURJUDPPD<br />
7HQHLQGH HHQ XLWJHEDODQFHHUG RQGHU]RHNVSURJUDPPD WH PDNHQ RS GLW WHUUHLQ LV H[SHUWLVH<br />
YDQXLW YRHGLQJVNXQGLJH HSLGHPLRORJLVFKH WR[LFRORJLVFKH PLFURELRORJLVFKH HQ DQDO\WLVFK<br />
FKHPLVFKH LQYDOVKRHN VDPHQJHEUDFKW LQ GH :HUNJURHS 0RQLWRULQJ 9RHGLQJ +HW<br />
RQGHUOLJJHQGH YRRUVWHO LV JHEDVHHUG RS HHQ HYDOXDWLH YDQ GH RQWZLNNHOLQJHQ RS KHW WHUUHLQ<br />
YDQ PLOLHX YRHGLQJ HQ JH]RQGKHLG GLH YDQXLW GH YHUVFKLOOHQGH GLVFLSOLQHV ZRUGHQ<br />
JHVLJQDOHHUG $DQJH]LHQ KHW QLHW UHDOLVWLVFK LV DDQ DOOH RQGHUZHUSHQ DDQGDFKW WH JHYHQ ]LMQ<br />
NHX]HV JHPDDNW 'DDUELM LV UHNHQLQJ JHKRXGHQ PHW GH OHHPWHQ LQ GH NHQQLV RS KHW JHELHG YDQ<br />
EORRWVWHOOLQJ ZHQVHQ YDQ SRWHQWLsOH RSGUDFKWJHYHUV GH NHUQWDNHQ YDQ KHW 5,90 GH<br />
EHVFKLNEDUH H[SHUWLVH ELM DQGHUH LQVWHOOLQJHQ HQ XQLYHUVLWHLWHQ HQ PHW QDWLRQDOH HQ<br />
LQWHUQDWLRQDOH RQWZLNNHOLQJHQ RS KHW JHELHG YDQ GH YRHGVHOYHLOLJKHLG &(& 2PGDW<br />
KHW PRQLWRUHQ YDQ GH PLFURELRORJLVFKH EORRWVWHOOLQJ HHQ JHKHHO HLJHQ DDQSDN YHUJW ZRUGW LQ<br />
GH]H QRWLWLH XLWVOXLWHQG LQJHJDDQ RS GH FKHPLVFKH EHVWDQGGHOHQ LQ GH YRHGLQJ 7HYHQV ZRUGW<br />
JHHQ DDQGDFKW JHJHYHQ DDQ GH I\VLVFKH GHWHUPLQDQWHQ LQ GH YRHGLQJ JHUHODWHHUG DDQ VWUDOLQJ
5,90 UDSSRUW SDJ YDQ<br />
0RQLWRULQJ 9RHGLQJ HHQ WHUXJEOLN<br />
2S KHW JHELHG YDQ µPRQLWRULQJ YRHGLQJ NXQQHQ WZHH YHUVFKLOOHQGH SHLOLQJV\VWHPHQ ZRUGHQ<br />
RQGHUVFKHLGHQ<br />
GH YRHGVHOFRQVXPSWLHSHLOLQJHQ 9&3 RP JHUHJHOG GH YRHGVHOFRQVXPSWLH YDQ GH<br />
1HGHUODQGVH EHYRONLQJ YDVW WH VWHOOHQ HQ<br />
GH SURJUDPPDV RP GH EHODVWLQJ YDQ PHQV HQ GLHU PHW JH]RQGKHLGVEHGUHLJHQGH<br />
FRPSRQHQWHQ WH YROJHQ<br />
+LHURQGHU ZRUGHQ GH]H PRQLWRULQJVV\VWHPHQ NRUW EHVFKUHYHQ 'DDUQDDVW ZRUGW LQ ELMODJH<br />
EHNQRSW LQJHJDDQ RS PHWKRGRORJLVFKH DVSHFWHQ YDQ KHW EHSDOHQ YDQ GH LQQHPLQJ YDQ VWRIIHQ<br />
YLD GH YRHGLQJ<br />
9RHGVHOFRQVXPSWLHSHLOLQJHQ<br />
,Q EUDFKW GH WRHQPDOLJH 9RHGLQJVUDDG DGYLHV XLW RYHU GH PRJHOLMNKHGHQ YRRU KHW<br />
RS]HWWHQ YDQ HHQ YRHGLQJVSHLOLQJVV\WHHP LQ 1HGHUODQG *HDGYLVHHUG ZHUG RP V\VWHPDWLVFK<br />
HQ QDXZNHXULJ RQGHU]RHN XLW WH YRHUHQ QDDU GH YRHGVHOFRQVXPSWLH YDQ GH 1HGHUODQGVH<br />
EHYRONLQJ HQ GLW RQGHU]RHN UHJHOPDWLJ WH KHUKDOHQ 'LW RQGHU]RHN ]RX LQ]LFKW PRHWHQ JHYHQ<br />
LQ GH FRQVXPSWLH YDQ GH YHUVFKLOOHQGH VXEJURHSHQ YDQ GH EHYRONLQJ HQ GH VSUHLGLQJ LQ KHW<br />
JHEUXLN ELQQHQ GLH VXEJURHSHQ 'LW LQ]LFKW ]RX GH LPSOHPHQWDWLH HQ HYDOXDWLH YDQ KHW<br />
1HGHUODQGVH YRHGLQJEHOHLG PRHWHQ RQGHUVWHXQHQ<br />
0RPHQWHHO KHEEHQ GULH YDQ GH]H YRHGVHOFRQVXPSWLHSHLOLQJHQ SODDWVJHYRQGHQ WH ZHWHQ LQ<br />
HQ $QRQLHP<br />
%LM DOOH GULH GH YRHGVHOFRQVXPSWLHSHLOLQJHQ ]LMQ GH FLUFD GHHOQHPHUV DINRPVWLJ XLW HHQ<br />
UHSUHVHQWDWLHI SDQHO YDQ KXLVKRXGHQV 9DQ KHW SDQHO XLWJHVORWHQ ZDUHQ VWXGHQWHQ GLH LQ GH<br />
PHQVD HWHQ SHUVRQHQ GLH LQ HHQ LQVWHOOLQJ YHUEOLMYHQ SHUVRQHQ GLH HHQ PDDOWLMG YDQ HHQ<br />
FHQWUDOH NHXNHQ EHWUHNNHQ HQ SHUVRQHQ ]RQGHU YDVWH ZRRQSODDWV 3HUVRQHQ GLH GH<br />
1HGHUODQGVH WDDO RQYROGRHQGH EHKHHUVHQ HQ NLQGHUHQ MRQJHU GDQ MDDU ZHUGHQ HYHQHHQV<br />
EXLWHQ EHVFKRXZLQJ JHODWHQ 'H UHVSRQV ODJ YRRU GH HHUVWH 9&3 URQG GH HQ YRRU GH<br />
ODDWVWH WZHH 9&3V URQG GH<br />
'H YRHGLQJVJHJHYHQV ZHUGHQ YHU]DPHOG PHW GH WZHHGDDJVH RSVFKULMIPHWKRGH (U ZHUG<br />
JHVWUHHIG QDDU HHQ HYHQUHGLJH YHUGHOLQJ YDQ GH RQGHU]RHNVGDJHQ RYHU GH GDJHQ YDQ GH ZHHN<br />
HQ GH VHL]RHQHQ 0HW EHKXOS YDQ KHW 1HGHUODQGV 9RHGLQJVVWRIIHQEHVWDQG 1(92 EHVWDQG LV<br />
RS LQGLYLGXHHO QLYHDX GH LQQDPH YDQ HQHUJLH HQ YRHGLQJVVWRIIHQ EHUHNHQG 'DDUQDDVW ZRUGW<br />
YRRU GH VWDQGDDUGUDSSRUWDJH YDQ GH 9&3V GH LQQHPLQJ YDQ YRHGLQJVPLGGHOHQJURHSHQ<br />
EHUHNHQG ]RDOV GH]H JHGHILQLHHUG ]LMQ LQ GH 1(92 WDEHO ,Q WDEHO VWDDQ GH YRHGLQJVWRIIHQ<br />
HQ GH YRHGLQJVPLGGHOHQJURHSHQ XLW GH 1(92 WDEHO ZHHUJHJHYHQ 1(92<br />
'H UHJXOLHUH YRHGVHOFRQVXPSWLHSHLOLQJHQ RPYDWWHQ JHHQ UHSUHVHQWDWLHYH VXEJURHSHQ YDQ<br />
DOORFKWRQH EHYRONLQJVJURHSHQ ,Q LV GDDURP HHQ DGGLWLRQHHO RQGHU]RHN XLWJHYRHUG RQGHU<br />
GH 7XUNVH HQ 0DURNNDDQVH EHYRONLQJ %UXVVDDUG HW DO 'H VWXGLHSRSXODWLH EHWURI<br />
MDULJH 7XUNVH HQ 0DURNNDDQVH NLQGHUHQ HQ KXQ PRHGHUV HQ HHQ 1HGHUODQGVH FRQWUROHJURHS
5,90 UDSSRUW SDJ YDQ<br />
+LHUELM ZHUG JHEUXLN JHPDDNW YDQ GH XXU UHFDOO PHWKRGH +HW DDQWDO GHHOQHPHUV ZDV<br />
HFKWHU EHSHUNW 0DURNNDDQVH HQ 7XUNVH JH]LQQHQ<br />
7DEHO 9RHGLQJVVWRIIHQ HQ YRHGLQJVPLGGHOHQJURHSHQ LQ GH 1(92 WDEHO<br />
9RHGLQJVVWRIIHQ 9RHGLQJVPLGGHOHQJURHSHQ<br />
HQHUJLH DDUGDSSHOHQ<br />
WRWDDO HLZLW EURRG<br />
SODQWDDUGLJ HLZLW GLYHUVHQ<br />
WRWDDO YHW GUDQNHQ DOFRKROLVFK<br />
YHU]DGLJGH YHW]XUHQ GUDQNHQ QLHW DOFRKROLVFK<br />
HQNHOYRXGLJ RQYHU]DGLJGH YHW]XUHQ HLHUHQ<br />
PHHUYRXGLJ RQYHU]DGLJGH YHW]XUHQ IUXLW<br />
& Q FLV FLV OLQRO]XXU JHEDN HQ NRHN<br />
FKROHVWHURO JUDDQSURGXFWHQ HQ ELQGPLGGHOHQ<br />
WRWDDO NRROK\GUDWHQ JURHQWH<br />
PRQR HQ GLVDFFKDULGHQ KDUWLJ EURRGEHOHJ<br />
SRO\VDFFKDULGHQ NDDV<br />
SRO\ROHQ PHON HQ PHONSURGXFWHQ<br />
YRHGLQJVYH]HO QRWHQ ]DGHQ HQ VQDFNV<br />
ZDWHU SHXOYUXFKWHQ<br />
DOFRKRO SUHSDUDWHQ<br />
FDOFLXP VDPHQJHVWHOGH JHUHFKWHQ<br />
IRVIRU VRHSHQ<br />
LM]HU VRMDSURGXFWHQ<br />
QDWULXP VXLNHU VQRHS ]RHW EHOHJ ]RHWH VDX]HQ<br />
NDOLXP YHWWHQ ROLsQ HQ KDUWLJH VDX]HQ<br />
PDJQHVLXP YLV<br />
]LQN YOHHV YOHHVZDUHQ HQ JHYRJHOWH<br />
VHOHQLXP<br />
NRSHU<br />
UHWLQRO HTXLYDOHQWHQ<br />
YLWDPLQH %<br />
YLWDPLQH %<br />
YLWDPLQH %<br />
YLWDPLQH '<br />
YLWDPLQH (<br />
YLWDPLQH &<br />
QLDFLQH<br />
*H]RQGKHLGVEHGUHLJHQGH FRPSRQHQWHQ<br />
,Q GH MDUHQ ]HVWLJ ZHUG GXLGHOLMN GDW GH PHQV DDQ DOOHUOHL VWRIIHQ YLD GH YRHGLQJ NDQ ZRUGHQ<br />
EORRWJHVWHOG GLH HU QLHW LQ WKXLV KRUHQ 'DDUELM PRHW ZRUGHQ JHGDFKW DDQ ]ZDUH PHWDOHQ DOV<br />
ORRG FDGPLXP HQ NZLN HQ DDQ JHFKORUHHUGH RUJDQLVFKH YHUELQGLQJHQ ]RDOV 3&%V 3$.V<br />
HQ GLR[LQHQ 6LQGV GH MDUHQ ]HYHQWLJ LV YHHO LQVSDQQLQJ JHOHYHUG RP YDQ GLYHUVH VWRIIHQ GH<br />
EURQQHQ GH YHUVSUHLGLQJ KHW YRRUNRPHQ GH EORRWVWHOOLQJ HQ GH PRJHOLMNH HIIHFWHQ YDQ GH<br />
GDDUXLW YRRUWYORHLHQGH OLFKDDPVEHODVWLQJ LQ NDDUW WH EUHQJHQ 2S JURQG YDQ HHQ EHRRUGHOLQJ<br />
YDQ GH EHVFKLNEDUH HIIHFWJHJHYHQV ]LH GH EDVLV HQ VFRSLQJVGRFXPHQWHQ GH PRQRJUDILHsQ
5,90 UDSSRUW SDJ YDQ<br />
HQ DGYLH]HQ HWF ]LMQ YHUYROJHQV WR[LFRORJLVFKH HQ JH]RQGKHLGVNXQGLJH DGYLHVZDDUGHQ<br />
DIJHOHLG ZDDUERYHQ YRRU PHQV RI HFRV\VWHHP EHSDDOGH QDGHOLJH HIIHFWHQ NXQQHQ ZRUGHQ<br />
YHUZDFKW 'RRU GH DFWXHOH JHJHYHQV RYHU GH FRQFHQWUDWLHV LQ KHW PLOLHX LQ YRHGLQJ HQ YRRU<br />
]RYHU EHVFKLNEDDU LQ ZHHIVHOV YDQ PHQV HQ GLHU WH WRHWVHQ DDQ GH DIJHOHLGH ULVLFRQLYHDXV HQ<br />
DGYLHVZDDUGHQ NRQ WHQVORWWH ZRUGHQ LQJHVFKDW RI HU VSUDNH LV YDQ HHQ RQJHZHQVWH VLWXDWLH HQ<br />
RI HU PDDWUHJHOHQ JHQRPHQ PRHWHQ ZRUGHQ<br />
7HQ DDQ]LHQ YDQ GH VWRIIHQ ZDDUYRRU EOHHN GDW ELM GH YDVWJHVWHOGH FRQFHQWUDWLHV HQ<br />
EORRWVWHOOLQJQLYHDXV HIIHFWHQ RS GH JH]RQGKHLG YDQ PHQV HQ HFRV\VWHHP QLHW NXQQHQ ZRUGHQ<br />
XLWJHVORWHQ ]LMQ LQ GH ]HYHQWLJHU MDUHQ PDDWUHJHOHQ JHQRPHQ RP GH EHODVWLQJ YDQ PHQV HQ<br />
PLOLHX WHUXJ WH GULQJHQ 'DDUQDDVW ]LMQ PRQLWRULQJSURJUDPPD V RSJH]HW RP GH<br />
PLOLHXEHODVWLQJ HQ GH EHODVWLQJ YDQ PHQV HQ GLHU LQ GH WLMG WH YROJHQ 'H KLHUXLW UHVXOWHUHQGH<br />
PHHWJHJHYHQV KHEEHQ GH RYHUKHLG LQ GH JHOHJHQKHLG JHVWHOG KHW LQJH]HWWH EHOHLG WH HYDOXHUHQ<br />
HQ ZDDU QRGLJ ELM WH VWHOOHQ 9RRUEHHOGHQ YDQ GH]H PHHWSURJUDPPD V ]LMQ<br />
GH QDWLRQDOH PRQLWRULQJSURJUDPPDV XLWJHYRHUG GRRU 5,92 YLVVHULMSURGXFWHQ HQ<br />
5,.,/7 GLHUOLMNH SURGXFWHQ<br />
KHW %HZDNLQJVSURJUDPPD 0HQV 9RHGLQJ HQ 0LOLHX XLWJHYRHUG GRRU GH UHJLRQDOH<br />
,QVSHFWLHV YRRU GH *H]RQGKHLGVEHVFKHUPLQJ GH 5LMNVGLHQVW YRRU GH .HXULQJ YDQ 9HH HQ<br />
9OHHV 599 HQ KHW 5,90<br />
GH PDUNHW EDVNHW VWXGLHV YDQ 712 9RHGLQJ HQ<br />
GH GXSOLFDDW XXUV YRHGLQJ VWXGLHV XLWJHYRHUG GRRU KHW 5,90 LQ GH SHULRGH<br />
HQ<br />
'H PHHWLQVSDQQLQJ YDQ KHW 5,90 LQ GLH WLMG QRJ ]RQGHU µ0 ZDV LQ GH ]HYHQWLJHU HQ<br />
WDFKWLJHU MDUHQ UHODWLHI JURRW -DDUOLMNV ZHUGHQ ]RQ PHQVMDUHQ LQJH]HW RP LQ GH<br />
WRHQPDOLJH LQIRUPDWLHEHKRHIWH YDQ KHW 6WDDWVWRH]LFKW WH NXQQHQ YRRU]LHQ ,Q KHW EHJLQ YDQ GH<br />
MDUHQ QHJHQWLJ ZHUG GH PHHWLQVSDQQLQJ JURWHU QLHW DOOHHQ DOV JHYROJ YDQ GH /LFNHEDHUW<br />
DIIDLUH PDDU RRN YDQZHJH GH YHUEUHGLQJ YDQ GH PRJHOLMNKHGHQ RS DQDO\WLVFK FKHPLVFK<br />
JHELHG PHHU JHYRHOLJH PXOWLPHWKRGHQ LQ SODDWV YDQ VWRIVSHFLILHNH EHSDOLQJHQ 2S YHU]RHN<br />
YDQ GH EHWURNNHQ LQVSHFWLHV ZHUG GDDURP YHHO DQDO\VHFDSDFLWHLW LQJH]HW YRRU R D GLR[LQH<br />
RQGHU]RHN EHJLQ MDUHQ QHJHQWLJ FD PZ M GHHOV 0$3 0LOLHX GHHOV 0$3<br />
9RONVJH]RQGKHLG HQ KHW GXSOLFDDW YRHGLQJRQGHU]RHN LQ PZ M LQ 7HU<br />
LOOXVWUDWLH JHHIW WDEHO GH VHOHFWLH ZHHU YDQ VWRIIHQ HQ EHVWDQGGHOHQ YDQ GH YRHGLQJ GLH LQ KHW<br />
ODDWVW XLWJHYRHUGH GXSOLFDDW YRHGLQJRQGHU]RHN ]LMQ RQGHU]RFKW 9HUJHOLMNEDUH VHOHFWLHV YDQ<br />
VWRIIHQ ]LMQ RQGHU]RFKW LQ GH GXSOLFDDW YRHGLQJVWXGLHV YDQ HQ HQ LQ KHW<br />
NDGHU YDQ GH PDUNHW EDVNHW VWXGLHV YDQ 712 XLWJHYRHUG LQ HQ
5,90 UDSSRUW SDJ YDQ<br />
7DEHO 6HOHFWLH YDQ DDQGDFKWVWRIIHQ RQGHU]RFKW LQ GXSOLFDDW XXUV YRHGLQJHQ YHU]DPHOG<br />
LQ 5,90 UDSSRUW QXPPHU F T YDNWLMGVFKULIW ZDDULQ UHVXOWDWHQ ]LMQ JHSXEOLFHHUG<br />
PDFUREHVWDQGGHOHQ YHW HLZLW NRROK\GUDWHQ YRHGLQJVYH]HO DV DOFRKRO HQ YRFKW ,QVSHFWLH : 9<br />
QLWUDDW HQ QLWULHW WHYHQV JHSXEOLFHHUG LQ &DQFHU /HWWHUV LQ<br />
LM]HU<br />
VHOHHQ<br />
VWHUROHQ WHYHQV JHSXEOLFHHUG LQ )UHVHQLXV - $QDO &KHP<br />
QDWULXP HQ NDOLXP<br />
]LQN<br />
NRSHU<br />
ORRG HQ FDGPLXP<br />
FDOFLXP PDJQHVLXP EDULXP VWURQWLXP HQ PDQJDDQ<br />
YHW]XXUSDWURRQ<br />
RUJDQRFKORRU HQ RUJDQRIRVIRUEHVWULMGLQJVPLGGHOHQ<br />
SRO\FKORRUGLEHQ]R S GLR[LQHQ GLEHQ]RIXUDQHQ HQ ELIHQ\OHQ 7KHVLV /LHP HQ 7KHHOHQ<br />
P\FRWR[LQHQ 5,90 UDSSRUW LQ YRRUEHUHLGLQJ
5,90 UDSSRUW SDJ YDQ<br />
9RHGLQJ HQ *H]RQGKHLG 2QWZLNNHOLQJHQ<br />
9RHGLQJ VSHHOW HHQ EHODQJULMNH URO ELM KHW LQ VWDQG KRXGHQ YDQ HHQ JRHGH JH]RQGKHLG HQ GH<br />
SUHYHQWLH YDQ ZHOYDDUWV]LHNWHQ 2QHYHQZLFKWLJH YRHGLQJ LV HHQ EHODQJULMNH IDFWRU ELM KHW<br />
RQWVWDDQ YDQ NDQNHU HQ KDUW HQ YDDW]LHNWHQ 2RN ELM KHW YRRUNRPHQ YDQ DQGHUH<br />
DDQGRHQLQJHQ ]RDOV GLDEHWHV RVWHRSRURVH RYHUJHZLFKW &23' HQ ELM YHHO PDDJ HQ<br />
GDUPNODFKWHQ LV JRHGH YRHGLQJ YDQ EHODQJ (HQ HYHQZLFKWLJ YRHGLQJVSDWURRQ LV RRN FUXFLDDO<br />
YRRU HHQ JRHGH ZHHUVWDQG WHJHQ DQGHUH ]LHNWHQ ,Q DO GH]H JHYDOOHQ LV PHW HHQ HYHQZLFKWLJ<br />
VDPHQJHVWHOGH YRHGLQJ JH]RQGKHLGVZLQVW WH EHKDOHQ 8LWHUDDUG VSHOHQ RRN DQGHUH IDFWRUHQ<br />
]RDOV EHZHJLQJ URNHQ HQ VWUHVV HHQ URO 0DDV HW DO 9:6 /19<br />
'H JH]RQGKHLGVWRHVWDQG<br />
,Q GH SHULRGH LV GH OHYHQVYHUZDFKWLQJ YDQ 1HGHUODQGVH PDQQHQ JHVWHJHQ PHW<br />
MDDU HQ GLH YDQ YURXZHQ PHW MDDU 'H]H WRHQDPH LQ GH OHYHQVYHUZDFKWLQJ LV YRRUDO<br />
YHURRU]DDNW GRRU HHQ GDOLQJ LQ GH VWHUIWH DDQ FRURQDLUH KDUW]LHNWHQ HQ ELM PDQQHQ DDQ<br />
ORQJNDQNHU 0DDV HW DO (HQ NZDQWLWDWLHYH LQVFKDWWLQJ YDQ GH ELMGUDJH YDQ<br />
YRHGLQJVYHUDQGHULQJHQ RS GH]H YHUDQGHULQJHQ LQ GH JH]RQGKHLGVWRHVWDQG LV QDXZHOLMNV WH<br />
JHYHQ :DDUVFKLMQOLMN LV HHQ JH]RQGHUH YRHGLQJ GDOLQJ LQ GH LQQHPLQJ YDQ YHU]DGLJGH<br />
YHW]XUHQ HQ UHFHQWHOLMN WUDQV RQYHU]DGLJGH YHW]XUHQ ZHO ppQ YDQ GH UHGHQHQ YRRU GH GDOLQJ<br />
LQ FRURQDLUH KDUW]LHNWHQ HQ EHURHUWHV *XQVWLJHU EORHGFKROHVWHUROJHKDOWHQ EHYHVWLJHQ GLW 'H<br />
LQQHPLQJ YDQ YHU]DGLJGH YHW]XUHQ OLJW HFKWHU QRJ VWHHGV ERYHQ GH DDQEHYHOLQJHQ HQ LV<br />
JHGXUHQGH GH ODDWVWH MDDU RRN QLHW YHUGHU JHGDDOG 'H DIQDPH YDQ URNHQ RQGHU PDQQHQ KHHIW<br />
]RZHO ELMJHGUDJHQ DDQ GH GDOLQJ YDQ FRURQDLUH KDUW]LHNWHQ DOVRRN DDQ GLH YDQ ORQJNDQNHU<br />
'DDUQDDVW LV GH FRQVXPSWLH YDQ JURHQWHQ HQ IUXLW GH ODDWVWH MDDU PHW PHHU GDQ WLHQ SURFHQW<br />
JHGDDOG WRW UXLP RQGHU GH DDQEHYHOLQJ 'H]H GDOLQJ WUDG PHW QDPH RS ELM GH MRQJHUHQ<br />
$QRQLHP 'H JHULQJH JURHQWH HQ IUXLWFRQVXPSWLH KHHIW ]HHU ZDDUVFKLMQOLMN HHQ<br />
RQJXQVWLJH LQYORHG RS GH OHYHQVYHUZDFKWLQJ YLD HHQ WRHQDPH YDQ KHW DDQWDO KLHUDDQ<br />
JHUHODWHHUGH JHYDOOHQ YDQ NDQNHU HQ KDUW HQ YDDW]LHNWHQ<br />
'H &RPPLVVLH µ'H RQWZLNNHOLQJ YDQ GH YRHGVHOFRQVXPSWLH LQ GH SHULRGH YDQ GH<br />
*H]RQGKHLGVUDDG EHUHLGW HHQ UDSSRUWDJH YRRU RYHU KHW 1HGHUODQGVH FRQVXPSWLHQLYHDX YDQ<br />
YRHGLQJVPLGGHOHQ JURHSHQ HQ QXWULsQWHQ HQ GH WUHQGV KLHULQ RS EDVLV YDQ GH 9&3V<br />
+LHUELM ZRUGW YRRUDO DDQGDFKW JHVFKRQNHQ DDQ GH WUHQGV LQ GH FRQVXPSWLH YDQ JURHQWHQ HQ<br />
IUXLW YHU]DGLJG YHW HQ WUDQVYHW]XUHQ +HW 5,90 &=( KHHIW KHW HIIHFW RS<br />
YRONVJH]RQGKHLGVSDUDPHWHUV JHVFKDW YDQ YHUVFKLOOHQGH PRJHOLMNH WUHQGV LQ GH FRQVXPSWLH<br />
YDQ YHU]DGLJG YHW JURHQWH HQ IUXLW ELM MDULJHQ PHW HHQ ODJH RSOHLGLQJ
5,90 UDSSRUW SDJ YDQ<br />
9RHGLQJVWRHVWDQG<br />
1DDVW GH KLHUERYHQ JHVFKHWVWH RQJXQVWLJH LQQHPLQJ YDQ YHU]DGLJG YHW HQ JURHQWHQ HQ IUXLW<br />
EOLMNW XLW GH GHUGH 9RHGVHOFRQVXPSWLHSHLOLQJ $QRQLHP GDW GH JHPLGGHOGH LQQHPLQJ<br />
YDQ HHQ DDQWDO EHVWDQGGHOHQ YDQ GH YRHGLQJ ODJHU LV GDQ GH 1HGHUODQGVH DDQEHYHOLQJHQ<br />
9RHGLQJVUDDG 'H]H ]LMQ<br />
NRROK\GUDWHQ<br />
YRHGLQJVYH]HO<br />
LM]HU YURXZHQ LQ GH YUXFKWEDUH OHHIWLMG MRQJH PHLVMHV HQ NLQGHUHQ LQ GH JURHLVSXUW<br />
]LQN WLMGHQV JURHLVSXUW<br />
VHOHQLXP YURXZHQ HQ RXGHUH PDQQHQ<br />
NRSHU YURXZHQ HQ RXGHUH PDQQHQ<br />
YLWDPLQH % SHU JUDP HLZLW NLQGHUHQ<br />
YLWDPLQH $ WLHQHUV HQ DGROHVFHQWHQ<br />
YLWDPLQH ' RXGHUHQ SHXWHUV NOHXWHUV<br />
8LW GH VWLMJLQJ YDQ KHW DDQWDO PHQVHQ PHW HUQVWLJ RYHUJHZLFKW EOLMNW GDW GH HQHUJLH<br />
LQQHPLQJ QLHW LQ EDODQV LV PHW KHW HQHUJLHYHUEUXLN 0DDV HW DO<br />
,Q KHW DGGLWLRQHHO RQGHU]RHN GDW LQ LV XLWJHYRHUG RQGHU MDULJH 7XUNVH HQ 0DURNNDDQVH<br />
NLQGHUHQ HQ KXQ PRHGHUV EOLMNW GDW GH LQQHPLQJ YDQ PDFURQXWULsQWHQ ELM GH DOORFKWRQH<br />
EHYRONLQJVJURHSHQ LQ KHW DOJHPHHQ JXQVWLJHU ZDV GDQ YDQ GH 1HGHUODQGVH FRQWUROHJURHS<br />
(FKWHU GH JHPLGGHOGH YRRU]LHQLQJ PHW PLFURQXWULsQWHQ ZDV ODJHU ELM 0DURNNDDQVH HQ 7XUNVH<br />
YURXZHQ HQ NLQGHUHQ GDQ ELM 1HGHUODQGVH YURXZHQ HQ NLQGHUHQ RRN NRPW HU PHHU<br />
RYHUJHZLFKW YRRU ELM GH 0DURNNDDQVH HQ 7XUNVH JURHSHQ %UXVVDDUG HW DO<br />
*H]RQGKHLGVEHVFKHUPLQJ<br />
*H]RQGKHLGVZLQVW LV RRN WH GDQNHQ DDQ GH LQLWLDWLHYHQ RS KHW WHUUHLQ YDQ GH YHLOLJKHLG YDQ<br />
HHW HQ GULQNZDUHQ 'H RQWZLNNHOLQJHQ RS GLW JHELHG ]LMQ YRRU KHW ZHUNYHOG YDQ<br />
.HXULQJVGLHQVWHQ YDQ :DUHQ VDPHQJHYDW LQ GH 6WDDW YDQ GH *H]RQGKHLGVEHVFKHUPLQJ<br />
6*% 'DDULQ ZRUGW JHFRQFOXGHHUG GDW GH JH]RQGKHLG YDQ GH FRQVXPHQW LQ KHW<br />
DOJHPHHQ JRHG ZRUGW EHVFKHUPG GRRU GH LQJH]HWWH EHOHLGVPDDWUHJHOHQ WHU ]DNH (U UHVWHUHQ<br />
HFKWHU QRJ HHQ DDQWDO EHGUHLJLQJHQ GLH PHW KHW KXLGLJH EHOHLG QRJ QLHW DIGRHQGH ZRUGHQ<br />
JHsOLPLQHHUG 9RRU KHW JURRWVWH GHHO ]LMQ GH ULVLFR V WRH WH VFKULMYHQ DDQ PLFURELRORJLVFKH<br />
YHURQWUHLQLJLQJHQ 'DDUELM OLJJHQ GH SUREOHPHQ RQGHU DQGHUH ELM GH UDXZH SURGXFWHQ HQ<br />
SURGXFWHQ ZDDULQ PHHUGHUH YHUVFKLOOHQGH ]LHNWHYHUZHNNHUV ]LMQ DDQJHWURIIHQ ELMY ELM ]DFKWH<br />
UDXZ PHONVH NDDVVRRUWHQ YOHHVZDDU EDPL JRUHQJ HQ EHUHLG YOHHV 7RW GH ULVLFRYHUKRJHQGH<br />
FRPSRQHQWHQ LQ GH YRHGLQJ GLH QRJ DDQGDFKW YUDJHQ EHKRUHQ RQGHU DQGHUH GH QDWXXUOLMNH<br />
WR[LQHQ HQ QLWUDDW 6*% 3LHWHUV HW DO<br />
9RRU GH 3&%V HQ GLR[LQHQ JHOGW GDW GH FRQFHQWUDWLHV LQ GH YRHGLQJ LQ KHW DOJHPHHQ GDOHQGH<br />
]LMQ 9RRU 3$.V LV JHEOHNHQ GDW YRRU GH JH]RQGKHLG GH LQKDODWLH HHQ EHODQJULMNHUH URXWH LV<br />
GDQ GH RUDOH URXWH YLD GH YRHGLQJ -DQVHQ HQ YDQ GH :HUNHQ +HW EURQJHULFKWH EHOHLG<br />
WHQ DDQ]LHQ YDQ FRQWDPLQDQWHQ DOVPHGH KHW WRHODWLQJVEHOHLG WHQ DDQ]LHQ YDQ<br />
EHVWULMGLQJVPLGGHOHQ HQ GLHUEHKDQGHOLQJVPLGGHOHQ YDQ GH ]HYHQWLJHU HQ WDFKWLJHU MDUHQ
5,90 UDSSRUW SDJ YDQ<br />
EHJLQQHQ GXLGHOLMNH YUXFKWHQ DI WH ZHUSHQ 2S JURQG YDQ GH]H JXQVWLJH RQWZLNNHOLQJHQ ZDV<br />
HU ELM GH RSGUDFKWJHYHUV YDQ 9:6 VSUDNH YDQ HHQ DIQHPHQGH EHKRHIWH DDQ LQIRUPDWLH RYHU<br />
JH]RQGKHLGVEHGUHLJHQGH VWRIIHQ LQ GH YRHGLQJ<br />
,Q GH DIJHORSHQ SHULRGH KHEEHQ ]LFK HFKWHU HHQ DDQWDO FDODPLWHLWHQ YRRUJHGDDQ ZDDUELM LQ<br />
JURQGVWRIIHQ YRRU GH YHHYRHGHU HQ YRHGLQJVPLGGHOHQLQGXVWULH LQFLGHQWHHO IRUVH<br />
RYHUVFKULMGLQJHQ ]LMQ JHFRQVWDWHHUG 'LW EHWURI RQGHU PHHU GH GLR[LQHYHURQWUHLQLJLQJ YDQ<br />
%UD]LOLDDQVH FLWUXVSXOS SHOOHWV GH %HOJLVFKH GLR[LQH DIIDLUH GH<br />
DDQZH]LJKHLG YDQ '21 LQ JUDDQSURGXFWHQ HQ GH YHURQWUHLQLJLQJ YDQ SDOPROLH PHW<br />
EHQ]R D S\UHHQ 1DDU KHW ]LFK QX ODDW DDQ]LHQ LV GH LPSDFW YDQ GH]H LQFLGHQWHQ RS GH<br />
EHYRONLQJ GDQN]LM VQHO LQJULMSHQ YDQ GH RYHUKHLG HQ KHW EHGULMIVOHYHQ QLKLO JHEOHYHQ 'H<br />
RQJHUXVWKHLG YDQ GH FRQVXPHQW RYHU GH YHLOLJKHLG YDQ RQV YRHGVHO LV KLHUGRRU HFKWHU ZHO<br />
WRHJHQRPHQ 'RRU GH EHWUHIIHQGH LQFLGHQWHQ LV GLVFXVVLH RQWVWDDQ RYHU GH YUDDJ LQ KRHYHUUH<br />
HHQ YHUPLQGHULQJ YDQ GH DDQGDFKW YRRU JH]RQGKHLGVEHGUHLJHQGH DVSHFWHQ JHUHFKWYDDUGLJG LV<br />
+HW YRHGLQJVEHOHLG<br />
,Q GH LQ YHUVFKHQHQ QRWD µ1HGHUODQG *RHG *HYRHG" 9:6 /19 ZRUGW HHQ<br />
RQGHUVFKHLG JHPDDNW WXVVHQ KHW OHYHQVPLGGHOHQEHOHLG KHW JH]RQGKHLGVEHVFKHUPLQJVEHOHLG<br />
HQ KHW RS GH JH]RQGKHLGVEHYRUGHULQJ HQ ]LHNWHSUHYHQWLH JHULFKWH YRHGLQJVEHOHLG 2S JURQG<br />
YDQ GH JHJHYHQV RYHU GH JH]RQGKHLGVWRHVWDQG XLW GH 9RONVJH]RQGKHLG 7RHNRPVW 9HUNHQQLQJ<br />
0DDV HW DO ZRUGW JHFRQFOXGHHUG GDW KHW YHUGHUH EHOHLG JHULFKW PRHW ]LMQ RS KHW<br />
EHKRXGHQ HQ YHUGHU XLWERXZHQ YDQ GH EHKDDOGH ZLQVW HQ KHW WHJHQJDDQ YDQ GH RQJXQVWLJH<br />
RQWZLNNHOLQJHQ 1LHXZ EHOHLG LV GDDUELM QRGLJ JHDFKW YRRU VSHFLILHNH EHYRONLQJVJURHSHQ<br />
]RDOV MRQJHUHQ RXGHUHQ SHUVRQHQ PHW HHQ ODJH 6(6 VRFLDDO HFRQRPLVFKH VWDWXV HQ<br />
DOORFKWRQHQ 9HUGHUH JH]RQGKHLGVZLQVW ZRUGW GDQ RRN JH]RFKW LQ YHUEHWHULQJ YDQ GH<br />
LQGLYLGXHOH YRHGVHONHX]H HQ YHUEHWHULQJ LQ KHW SURGXFWDDQERG ELMY GRRU KHW VWLPXOHUHQ YDQ<br />
GH RQWZLNNHOLQJ YDQ SURGXFWHQ YRRU MRQJHUHQ 9:6 /19
5,90 UDSSRUW SDJ YDQ<br />
(YDOXDWLH YDQ &RPSRQHQWHQ LQ GH 9RHGLQJ<br />
+HW PRJH GXLGHOLMN ]LMQ GDW GH LQYXOOLQJ YDQ HQ GH RPYDQJ YDQ GH PHHWLQVSDQQLQJ YDQ KHW<br />
5,90 LQ GH DIJHORSHQ GHFHQQLD YRRUDO EHUXVW RS GH PDDWVFKDSSHOLMNH HQ SROLWLHNH<br />
RQJHUXVWKHLG RYHU GH DDQZH]LJKHLG YDQ DOOHUOHL FRQWDPLQDQWHQ LQ GH YRHGLQJ HQ GH WDPHOLMN<br />
XQLHNH H[SHUWLVH YDQ KHW 5,90 RS DQDO\WLVFK FKHPLVFK JHELHG (HQ YHUJHOLMNEDUH H[SHUWLVH LV<br />
LQPLGGHOV RRN RSHUDWLRQHHO ELM DQGHUH RQGHU]RHNVLQVWHOOLQJHQ LQ 1HGHUODQG Z R 5,.,/7<br />
5,92 712 9RHGLQJ 712 0(3<br />
,Q GH DIJHORSHQ GHFHQQLD KHHIW KHW ]ZDDUWHSXQW PHW QDPH JHOHJHQ RS GH<br />
JH]RQGKHLGVEHGUHLJHQGH NDQW YDQ GH YRHGLQJ *HOHW RS GH GDOHQGH FRQFHQWUDWLHV YDQ<br />
PLOLHXFRQWDPLQDQWHQ HQ GH DOJHPHHQ SRVLWLHYH RQWZLNNHOLQJHQ LQ GH JH]RQGKHLGVWRHVWDQG<br />
YDQ GH 1HGHUODQGVH EHYRONLQJ LV LQ GH ODDWVWH MDUHQ GH GLVFXVVLH RQWVWDDQ RI GH EHVWDDQGH<br />
PRQLWRULQJSURJUDPPDV LQ GH RRUVSURQNHOLMNH YRUP GLHQHQ WH ZRUGHQ YRRUWJH]HW GDQ ZHO WHQ<br />
JXQVWH YDQ DQGHUH RQGHUZHUSHQ NXQQHQ ZRUGHQ ELMJHVWHOG %RYHQGLHQ YHUWRQHQ GH SRWHQWLsOH<br />
RSGUDFKWJHYHUV ELM 9:6 HQ /19 HHQ DIQHPHQGH EHKRHIWH DDQ LQIRUPDWLH RYHU<br />
JH]RQGKHLGVEHGUHLJHQGH PDDU HHQ WRHQHPHQGH EHKRHIWH DDQ JHJHYHQV RYHU<br />
JH]RQGKHLGVEHYRUGHUHQGH VWRIIHQ 1RJ RQYROGRHQGH XLWJHNULVWDOOLVHHUG LV QDDU ZHONH<br />
JH]RQGKHLGVEHYRUGHUHQGH VWRIIHQ GH DDQGDFKW GDQ ]RX PRHWHQ XLWJDDQ KLHU LV GXV HHQ<br />
GXLGHOLMNH URO YRRU KHW 5,90 ZHJJHOHJG HQ RS ZHONH ZLM]H GH DDQGDFKW QDDU GH SRVLWLHYH HQ<br />
QHJDWLHYH DVSHFWHQ LQ GH YRHGLQJ LQ EDODQV NDQ ZRUGHQ JHKRXGHQ 'H :HUNJURHS 0RQLWRULQJ<br />
9RHGLQJ LV YDQ PHQLQJ<br />
'DW YROGRHQGH H[SHUWLVH YDQ KHW 5,90 RS KHW JHELHG YDQ PRQLWRULQJ HQ<br />
ULVLFREHRRUGHOLQJ YDQ VWRIIHQ LQ VWDQG PRHW ZRUGHQ JHKRXGHQ<br />
'DW LQ WRHNRPVWLJH PRQLWRULQJSURJUDPPDV HHQ EHWHUH EDODQV PRHW ZRUGHQ DDQJHEUDFKW<br />
LQ GH DDQGDFKW JHULFKW RS GH SRVLWLHYH HQ QHJDWLHYH DVSHFWHQ YDQ YRHGLQJ<br />
'DW LQ WRHNRPVWLJH PRQLWRULQJSURJUDPPDV SULRULWHLW PRHW ZRUGHQ JHJHYHQ DDQ VWRIIHQ<br />
HQ SURGXFWJURHSHQ LQ GH YRHGLQJ GLH SRVLWLHI HQ QHJDWLHI JHDVVRFLHHUG ]LMQ PHW YHHO<br />
YRRUNRPHQGH ]LHNWHQ<br />
'H :HUNJURHS 0RQLWRULQJ 9RHGLQJ YLQGW GDW ELQQHQ KHW WRHNRPVWLJH PRQLWRULQJ SURJUDPPD<br />
GH WH PRQLWRUHQ YRHGVHOFRPSRQHQWHQ JHNR]HQ PRHWHQ ZRUGHQ RS EDVLV YDQ HHQ HYDOXDWLH YDQ<br />
GH YROJHQGH DDQGDFKWVSXQWHQ<br />
µ%HWURNNHQKHLG ELM ]LHNWH LV GH VWRI F T SURGXFWJURHS JHDVVRFLHHUG PHW YHHO<br />
YRRUNRPHQGH FKURQLVFKH ]LHNWHQ "<br />
µ3RSXODWLH DW ULVN LV GH FRPSRQHQW ULVLFRYHUKRJHQG RI ULVLFRYHUODJHQG ZDW LV HQ KRH<br />
JURRW LV GH SRSXODWLH DW ULVN HQ NXQQHQ HU ELM]RQGHUH ULVLFRJURHSHQ ZRUGHQ JHwGHQWLILFHHUG<br />
"<br />
µ(UQVW YDQ HIIHFWHQ KRH HUQVWLJ ]LMQ GH HIIHFWHQ YDQ WH KRJH RI WH ODJH LQQHPLQJHQ"<br />
µ0RJHOLMNKHLG WRW LQJULMSHQ LQ KRHYHUUH NDQ ZRUGHQ LQJHJUHSHQ LQ GLH EORRWVWHOOLQJ " ,V<br />
GH LQQHPLQJ PRGLILFHHUEDDU GRRU JHGUDJVYHUDQGHULQJ "
5,90 UDSSRUW SDJ YDQ<br />
µ3XEOLHNVEHHOG ZHON SROLWLHN PDDWVFKDSSHOLMN EHODQJ ZRUGW DDQ KHW JHGHILQLHHUGH<br />
SUREOHHP JHKHFKW ULVLFRSHUFHSWLH "<br />
µ2PYDQJ JHJHYHQV LQ KRHYHUUH ]LMQ HU UHHGV YROGRHQGH JHJHYHQV RYHU GH LQQHPLQJ"<br />
µ3ULRULWHLW L K N Y PRQLWRULQJ GLHQW KHW 5,90 DDQ GH EHWUHIIHQGH YRHGLQJVFRPSRQHQW<br />
DDQGDFKW WH JHYHQ LQ KHW NDGHU YDQ KHW PHHUMDUHQSURJUDPD 0RQLWRULQJ 9RHGLQJ<br />
"<br />
2QGHU JHEUXLNPDNLQJ YDQ GH ERYHQJHQRHPGH DDQGDFKWVSXQWHQ KHHIW GH $G KRF :HUNJURHS<br />
0RQLWRULQJ 9RHGLQJ YRRU HHQ XLWHHQORSHQGH VHOHFWLH YDQ FRPSRQHQWHQ LQ GH YRHGLQJ<br />
QDJHJDDQ LQ KRHYHUUH HU LQ KHW NDGHU YDQ HHQ PHHUMDUHQSURJUDPPD 0RQLWRULQJ 9RHGLQJ ZHO<br />
RI JHHQ DDQGDFKW DDQ GH EHWUHIIHQGH FRPSRQHQW GLHQW WH ZRUGHQ EHVWHHG 'H UHVXOWDWHQ YDQ<br />
GH]H H[HUFLWLH ZRUGHQ KLHURQGHU EHVSURNHQ<br />
,Q GH WDEHOOHQ HQ LV GH HYDOXDWLH RP EHSDDOGH EHVWDQGGHOHQ YDQ GH YRHGLQJ RS WH QHPHQ LQ<br />
KHW PHHUMDUHQ PRQLWRULQJVSURJUDPPD YRHGLQJ VDPHQJHYDW YRRU UHVSHFWLHYHOLMN GH<br />
JH]RQGKHLGVEHYRUGHUHQGH HQ JH]RQGKHLGVEHGUHLJHQGH VWRIIHQ 'H DDQEHYHOLQJHQ ]XOOHQ LQ GH<br />
KLHUQDYROJHQGH SDUDJUDIHQ ZRUGHQ WRHJHOLFKW (U LV ELM GH DIZHJLQJ DDQJHQRPHQ GDW GH<br />
YRHGVHOFRQVXPSWLHSHLOLQJHQ RRN LQ GH WRHNRPVW JHFRQWLQXHHUG ZRUGHQ<br />
9RHGLQJVPLGGHOHQJURHSHQ<br />
'H LQQHPLQJ YDQ YRHGLQJVPLGGHOHQJURHSHQ ]RDOV JHGHILQLHHUG LQ GH 1(92 WDEHO ]LH<br />
SDUDJUDDI ZRUGHQ GRRU PLGGHO YDQ GH 9&3V DO LQ YROGRHQGH PDWH JHPRQLWRUG HQ LQ GH<br />
VWDQGDDUGUDSSRUWDJH YDQ GH 9&3V YHUPHOG (FKWHU YDQXLW GH HSLGHPLRORJLH YDQ FKURQLVFKH<br />
]LHNWHQ ]LMQ HU HQNHOH VXEJURHSHQ WH ZHWHQ YH]HOULMNH JUDDQSURGXFWHQ HQ YHWWH YLV ZDDUYDQ<br />
KHW UDSSRUWHUHQ YDQ GH WUHQGV LQ GH LQQHPLQJ JHZHQVW LV 'H LQQHPLQJ YDQ YH]HOULMNH<br />
JUDDQSURGXFWHQ LV PRJHOLMN JHUHODWHHUG DDQ VRPPLJH YRUPHQ YDQ NDQNHU GLDEHWHV HQ KDUW<br />
HQ YDDW]LHNWHQ +HW HWHQ YDQ PHHU YHWWH YLV LV ZDDUVFKLMQOLMN JXQVWLJ LV YRRU KHW YRRUNRPHQ<br />
YDQ KDUW HQ YDDW]LHNWHQ<br />
9RHGLQJVVXSSOHPHQWHQ YHUULMNWH YRHGLQJVPLGGHOHQ HQ<br />
IXQFWLRQDO IRRGV<br />
9RHGLQJVVXSSOHPHQWHQ ]LMQ SLOOHQ SRHGHUV RI GUDQNMHV GLH DOV KRRIGGRHO KHEEHQ KHW OHYHUHQ<br />
YDQ YLWDPLQHQ PLQHUDOHQ RI DQGHUH FRPSRQHQWHQ ZDDUDDQ GRRU GH IDEULNDQW DO GDQ QLHW<br />
DDQWRRQEDDU HHQ KHLO]DPH ZHUNLQJ ZRUGW WRHJHVFKUHYHQ 9HUULMNWH YRHGLQJVPLGGHOHQ ]LMQ<br />
HHW HQ GULQNZDUHQ ZDDUDDQ ppQ RI PHHUGHUH PLFURYRHGLQJVVWRIIHQ H[WUD ]LMQ WRHJHYRHJG<br />
)XQFWLRQDO IRRGV ]LMQ YRHGLQJVPLGGHOHQ ZDDULQ EHSDDOGH LQJUHGLsQWHQ RI EHVWDQGGHOHQ YDQ<br />
LQJUHGLsQWHQ LQ KRJHUH RI JHULQJHUH PDWH DDQZH]LJ ]LMQ RS JURQG ZDDUYDQ GH IDEULNDQW<br />
EHSDDOGH SRVLWLHYH HLJHQVFKDSSHQ YDQ GDW YRHGLQJVPLGGHO YRRU GH JH]RQGKHLG YDQ GH<br />
JHEUXLNHU ZLO FODLPHQ ,/6,<br />
+HW LV GH YUDDJ RI GH JH]RQGKHLGVEHYRUGHUHQGH FRPSRQHQWHQ LQJHQRPHQ YLD<br />
YRHGLQJVVXSSOHPHQWHQ YHUULMNWH YRHGLQJVPLGGHOHQ RI IXQFWLRQDO IRRGV QRJ GH]HOIGH ZHUNLQJ<br />
KHEEHQ DOV LQ GH QDWXXUOLMNH YRHGLQJ %RYHQGLHQ NDQ GH FRQVXPHQW HHQ]LMGLJ RYHUYRHUG
5,90 UDSSRUW SDJ YDQ<br />
ZRUGHQ PHW EHSDDOGH FRPSRQHQWHQ ]RGDW GH ZHUNLQJ PRJHOLMN WR[LVFK ZRUGW ELMY<br />
DQWLR[LGDQWHQ RQEDODQVHQ RQWVWDDQ PHW DDQYHUZDQWH FRPSRQHQWHQ ELMY FDOFLXP LM]HU RI<br />
GH RSQDPH YDQ DQGHUH FRPSRQHQWHQ ZRUGW YHUVWRRUG 9RRU KHW LQVFKDWWHQ RI KLHU VSUDNH LV<br />
YDQ HHQ YRONVJH]RQGKHLGVSUREOHHP LV KHW QDDVW QDGHU RQGHU]RHN RS GLW WHUUHLQ EHODQJULMN RP<br />
QD WH JDDQ RI HU JURHSHQ PHW YDVWH JHEUXLNHUV ]LMQ YDQ GLW W\SH SURGXFWHQ HQ ZHONH SURGXFWHQ<br />
KHW GDQ EHWUHIW 2S EDVLV YDQ GH]H JHJHYHQV NDQ EHVORWHQ ZRUGHQ RI KHW QRGLJ LV RP KHW<br />
JHEUXLN YDQ YRHGLQJVVXSSOHPHQWHQ YHUULMNWH YRHGLQJVPLGGHOHQ HQ IXQFWLRQDO IRRGV WH<br />
PRQLWRUHQ (HQ WZHHGDDJVH RSVFKULMIPHWKRGH ]RDOV WRHJHSDVW YRRU GH 9&3 LV KLHUWRH QLHW<br />
JHVFKLNW :HO ]LMQ PRJHOLMN EHVWDQGHQ YDQ ZLQNHONHWHQV HQ PDUNWRQGHU]RHNRUJDQLVDWLHV<br />
EUXLNEDDU 2PGDW RQDIKDQNHOLMN RQGHU]RHN QDDU HIIHFWHQ YDQ IXQFWLRQHOH YRHGLQJVPLGGHOHQ<br />
YRRU GH RYHUKHLG JHZHQVW LV OLMNW KLHU HHQ URO YRRU KHW 5,90 WH OLJJHQ<br />
(QHUJLHEDODQV<br />
(HQ LQQHPLQJ YDQ HQHUJLH GLH LQ HYHQZLFKW LV PHW KHW HQHUJLHYHUEUXLN LV LQ KHW EHODQJ YDQ GH<br />
YRRUNRPLQJ YDQ RYHUJHZLFKW KDUW HQ YDDW]LHNWHQ GLDEHWHV HQ VRPPLJH YRUPHQ YDQ NDQNHU<br />
GLH RRN LQ KHW EHHOG YDQ KHW DOJHPHQH SXEOLHN DOV JURRW SUREOHHP ZRUGHQ JH]LHQ 'H<br />
SUHYDOHQWLH YDQ RYHUJHZLFKW HQ REHVLWDV LV RPYDQJULMN HQ EOLMIW WRHQHPHQ WHUZLMO HU RRN KLHU<br />
SRWHQWLHHO JRHGH PDDWUHJHOHQ YRRUKDQGHQ ]LMQ RP KHW SUREOHHP RS WH ORVVHQ<br />
'H HQHUJLH LQQHPLQJ ZRUGW LQ KHW NDGHU YDQ GH 9&3 JHPHWHQ (U LV KLHUELM ZHO VSUDNH YDQ<br />
RQGHUUDSSRUWDJH /LFKDPHOLMNH DFWLYLWHLW ZRUGW GRRU KHW &%6 QDJHYUDDJG PDDU GH PHWKRGH LV<br />
QLHW JHULFKW RS KHW PHWHQ YDQ WRWDDO HQHUJLHYHUEUXLN (HQ QDGHHO YDQ KHW JHVFKHLGHQ PHWHQ<br />
YDQ HQHUJLHLQQHPLQJ HQ ±YHUEUXLN LV GDW GH HQHUJLHEDODQV QLHW YDVWJHVWHOG NDQ ZRUGHQ 'H<br />
UHVXOWDQWH YDQ GH HQHUJLHEDODQV LQ GH YRUP YDQ YHUDQGHULQJHQ LQ OLFKDDPVJHZLFKW HQ GH<br />
GDDUYDQ DIJHOHLGH PDDW %0, ZRUGW GRRU ]RZHO GH 9&3 KHW &%6 HQ KHW 5,90 JHPRQLWRUG<br />
(FKWHU DOOHHQ KHW 5,90 GRHW GLW LQ GH YRUP YDQ JHPHWHQ JHZLFKW HQ OHQJWH +HW LV<br />
EHODQJULMN GLW WH FRQWLQXHUHQ *H]LHQ PHHWLQVSDQQLQJHQ HOGHUV NDQ KHW 5,90 PRQLWRULQJ YDQ<br />
GH HQHUJLH LQQHPLQJ HQ YHUEUXLN VWRSSHQ :HO LV KHW YDQ JURRW EHODQJ RP QD WH JDDQ RI HU<br />
YROGRHQGH RQGHU]RHN QDDU GH QRRG]DNHOLMNH YHUEHWHULQJ YDQ GH PHHWWHFKQLHNHQ RS KHW JHELHG<br />
YDQ HQHUJLH LQQHPLQJ HQ YHUEUXLN YRRU PRQLWRULQJGRHOHLQGHQ SODDWVYLQGW<br />
9RHGLQJVVWRIIHQ<br />
0DFURYRHGLQJVVWRIIHQ<br />
'H LQQHPLQJ YDQ WRWDDO YHW WRWDDO HLZLW HQ WRWDDO NRROK\GUDWHQ ZRUGHQ GPY GH 9&3V<br />
YROGRHQGH JHPRQLWRUG<br />
9HW]XXUSDWURRQ<br />
'LW JHOGW RRN YRRU GH LQQHPLQJ YDQ GH YHU]DGLJGH YHW]XUHQ HQNHOYRXGLJ HQ PHHUYRXGLJ<br />
RQYHU]DGLJGH YHW]XUHQ (FKWHU LQIRUPDWLH RYHU GH LQQHPLQJ YDQ 1 HQ 1 RQYHU]DGLJGH<br />
YHW]XUHQ HQ KXQ YHUKRXGLQJ LV QRJ QLHW JHUDSSRUWHHUG (HQ QDGHUH DQDO\VH YDQ GH 9&3<br />
JHJHYHQV NDQ GH]H LQIRUPDWLH YHUVFKDIIHQ 'LW ]RX GRRU KHW 5,90 LQJHYXOG NXQQHQ ZRUGHQ
5,90 UDSSRUW SDJ YDQ<br />
(U ]LMQ VWHHGV GXLGHOLMNHU DDQZLM]LQJHQ YRRU HHQ URO YDQ GH]H YHW]XUHQ ELM KDUW HQ<br />
YDDW]LHNWHQ NDQNHU HQ GLYHUVH SURFHVVHQ EHWURNNHQ ELM GH DIZHHU<br />
9RHGLQJVYH]HO<br />
(HQ KRJH LQQHPLQJ YDQ YRHGLQJVYH]HO LV EHODQJULMN YRRU GH GDUPIXQFWLH P Q WHU<br />
YRRUNRPLQJ YDQ FRQVWLSDWLH 'DDUQDDVW LV KHW QRJ RQYROGRHQGH GXLGHOLMN RI YRHGLQJVYH]HO<br />
EHVFKHUPHQG ZHUNW WHJHQ GH NDQV RS KDUW HQ YDDW]LHNWHQ GLDEHWHV HQ FRORUHFWDDONDQNHU<br />
2YHU GH JH]RQGKHLGVHIIHFWHQ YDQ GH GLYHUVH W\SHQ YRHGLQJVYH]HO LV QRJ PLQGHU EHNHQG 'H<br />
YRHGVHOFRQVXPSWLHSHLOLQJHQ JHYHQ DO LQIRUPDWLH RYHU WRWDDO YRHGLQJVYH]HO 1DGHUH DQDO\VH<br />
YDQ GH]H LQIRUPDWLH NDQ QRJ EHWHU LQ]LFKW LQ GH YH]HOFRQVXPSWLH RYHU GH WLMG HQ QDDU<br />
VXEJURHS RSOHYHUHQ +HW PRQLWRUHQ YDQ DI]RQGHUOLMNH W\SHQ YH]HO LV YRRUEDULJ JH]LHQ KHW<br />
KXLGLJH JHEUHN DDQ NHQQLV RYHU KXQ JH]RQGKHLGVHIIHFWHQ<br />
9LWDPLQHQ<br />
'H LQQHPLQJ YDQ HHQ JURRW DDQWDO YLWDPLQHQ ZRUGW DIGRHQGH JHPRQLWRUG LQ GH 9&3V 9RRU<br />
YLWDPLQH $ LV HHQ RQYROGRHQGH YRRU]LHQLQJ JHFRQVWDWHHUG YRRU VXEJURHSHQ YDQ GH EHYRONLQJ<br />
(FKWHU GH YRRU GH EHUHNHQLQJ JHEUXLNWH ZDDUGHQ YRRU FDURWHQRwGHQ HQ UHWLQRO 1(92<br />
EHVWDQG ]LMQ EHSHUNW EHWURXZEDDU +HW 5,90 ]RX KHW YHULILsUHQ YDQ GH JHYRQGHQ UHVXOWDWHQ<br />
WHQ DDQ]LHQ YDQ YLWDPLQH $ RS ]LFK NXQQHQ QHPHQ PHW EHKXOS YDQ HHQ PHWKRGLHN GLH<br />
RQDIKDQNHOLMN LV YDQ GH YRHGLQJVPLGGHOHQWDEHO 2RN YRRU YLWDPLQH ' ]LMQ LQ GH 9&3<br />
LQQHPLQJHQ yQGHU GH DDQEHYHOLQJ JHVLJQDOHHUG ELM RXGHUHQ HQ NLQGHUHQ 2PGDW GH YLWDPLQH<br />
' VWDWXV RRN DIKDQJW YDQ GH EORRWVWHOOLQJ DDQ ]RQOLFKW LV PRQLWRULQJ YDQ GH YLWDPLQH ' VWDWXV<br />
PHHU JHZHQVW GDQ PRQLWRULQJ YDQ GH LQQHPLQJ DOOHHQ<br />
9LWDPLQH % HQ IROLXP]XXU ZRUGHQ WRW QX WRH QLHW VWDQGDDUG JHPRQLWRUG LQ GH 9&3V<br />
(FKWHU GRRU KHW EHVFKLNEDDU NRPHQ YDQ DQDO\VHZDDUGHQ ]DO GLW ZDDUVFKLMQOLMN LQ GH WRHNRPVW<br />
ZHO JHEHXUHQ ,Q]HW YDQ KHW 5,90 RS GLW WHUUHLQ OLMNW GDDURP QLHW ]LQYRO 'LW JHOGW RRN YRRU<br />
HHQ DDQWDO DQGHUH % YLWDPLQHQ ELRWLQH SDQWRWKHHQ]XXU GLH QLHW JHPRQLWRUG ZRUGHQ<br />
+LHUYRRU ]LMQ LQ 1HGHUODQG JHHQ GHILFLsQWLHV EHNHQG HQ ]LMQ RRN JHHQ UHODWLHV PHW FKURQLVFKH<br />
]LHNWHQ DDQJHWRRQG<br />
0LQHUDOHQ<br />
2RN GH LQQHPLQJ YDQ HHQ UHGHOLMN DDQWDO PLQHUDOHQ ZRUGW LQ GH 9&3 JHPRQLWRUG 'LW JHOGW<br />
HFKWHU QLHW YRRU GH LQQHPLQJ YDQ 1D HQ . GLH ZDDUVFKLMQOLMN ELM GH UHJXOHULQJ YDQ EORHGGUXN<br />
EHWURNNHQ ]LMQ +HW 5,90 KHHIW PLGGHOV KDDU GXSOLFDDWYRHGLQJVRQGHU]RHN UHJHOPDWLJ<br />
KLHUQDDU RQGHU]RHN XLWJHYRHUG 'H LQ]HW KLHURS ]RX JHKDQGKDDIG PRHWHQ EOLMYHQ HFKWHU PHW<br />
DDQEUHQJLQJ YDQ PHWKRGRORJLVFKH YHUEHWHULQJHQ ]LH ELMODJH $QGHUH PLQHUDOHQ ZDDUYRRU<br />
LQ GH 9&3V HHQ LQQHPLQJ EHQHGHQ GH DDQEHYHOLQJ LV JHFRQVWDWHHUG LM]HU ]LQN NRSHU<br />
VHOHQLXP NXQQHQ KLHUELM PHHJHQRPHQ ZRUGHQ WHU YHULILFDWLH YDQ WDEHOZDDUGHQ<br />
1LHW QXWULWLHYH IDFWRUHQ LQ GH YRHGLQJ<br />
+HW EHODQJ YDQ QLHW QXWULWLHYH EHVWDQGGHOHQ ]RDOV FDURWHQRwGHQ IODYRQRwGHQ FDWHFKLQHV HQ<br />
OLJQDQHQ YDQ GH YRHGLQJ YRRU GH EHVFKHUPLQJ YDQ GH JH]RQGKHLG LV JURWHQGHHOV QRJ<br />
RQGXLGHOLMN (SLGHPLRORJLVFKH JHJHYHQV ZLM]HQ LQ GH ULFKWLQJ YDQ EHVFKHUPHQGH HIIHFWHQ YDQ<br />
GH]H VWRIIHQ WHQ DDQ]LHQ YDQ KDUW HQ YDDW]LHNWHQ HQ RI VRPPLJH YRUPHQ YDQ NDQNHU 'H
5,90 UDSSRUW SDJ YDQ<br />
EHZLMVYRHULQJ LQ GH]H LV HFKWHU RQYROGRHQGH RP WRW PRQLWRULQJ YDQ QLHW QXWULWLHYH IDFWRUHQ LQ<br />
GH YRHGLQJ WH EHVOXLWHQ<br />
7DEHO (YDOXDWLH YDQ JH]RQGKHLGVEHVFKHUPHQGH EHVWDQGGHOHQ YDQ GH YRHGLQJ PHW<br />
EHWUHNNLQJ WRW KHW PHHUMDUHQ PRQLWRULQJ SURJUDPPD YRHGLQJ<br />
&RPSRQHQW LQ<br />
YRHGLQJ<br />
9RHGLQJVPLGGHOHQJURHSHQ<br />
9H]HOULMNH<br />
JUDDQSURGXFWHQ<br />
%HWURNNHQKHLG<br />
ELM ]LHNWH<br />
JH]RQGKHLG<br />
2PYDQJ JHJHYHQV<br />
P E W LQQHPLQJ<br />
3ULRULWHLW<br />
0RQLWRULQJV<br />
SURJUDPPD<br />
5,90<br />
$QGHUH DDQEHYHOLQJHQ P E W<br />
5,90 DFWLYLWHLWHQ<br />
JH]RQGKHLGVEHVFKHUPHQGH<br />
EHVWDQGGHOHQ<br />
ZDDUVFKLMQOLMN YROGRHQGH QHH $QDO\VH EHVWDDQGH JHJHYHQV<br />
9&3<br />
9HWWH YLV ZDDUVFKLMQOLMN YROGRHQGH QHH $QDO\VH EHVWDDQGH JHJHYHQV<br />
9&3<br />
VXSSOHPHQWHQ<br />
YHUULMNWH<br />
YRHGLQJVPLGGHOHQ<br />
IXQFWLRQDO IRRGV<br />
RQGXLGHOLMN JHULQJ QHH ,Q NDDUW EUHQJHQ RPYDQJ HQ<br />
NDUDNWHULVWLHNHQ YDQ YDVWH<br />
JHEUXLNHUV 2QGHU]RHN QDDU<br />
HIIHFWHQ YDQ JURRWYHUEUXLN<br />
(QHUJLH EDODQV ]HNHU HQHUJLH LQQHPLQJ<br />
DOOHHQ YROGRHQGH LQ<br />
FRPELQDWLH PHW<br />
HQHUJLHYHUEUXLN<br />
RQYROGRHQGH<br />
MD <br />
9HUEHWHUHQ PHWKRGRORJLH YRRU<br />
KHW JHFRPELQHHUG HQ YDOLGH<br />
PHWHQ YDQ HQHUJLH LQQHPLQJ<br />
HQ YHUEUXLN RS<br />
EHYRONLQJVQLYHDX<br />
9RHGLQJVVWRIIHQ<br />
9HW]XXUSDWURRQ ]HNHU YROGRHQGH QHH $QDO\VH EHVWDDQGH JHJHYHQV<br />
9&3<br />
9H]HO ]HNHU YROGRHQGH QHH $QDO\VH EHVWDDQGH JHJHYHQV<br />
9&3<br />
9LWDPLQH $ ]HNHU YROGRHQGH<br />
.ZDOLWHLW<br />
RQGXLGHOLMN<br />
QHH 9DOLGHULQJ RI EHUHNHQLQJ<br />
LQQHPLQJ PHW EHKXOS YDQ<br />
YRHGLQJVPLGGHOHQWDEHO NORSW<br />
9LWDPLQH ' ]HNHU YROGRHQGH QHH 1DJDDQ RI LQQHPLQJ ODJHU GDQ<br />
DDQEHYROHQ KRHYHHOKHLG GRRU<br />
VXEJURHSHQ RRN WHUXJ WH<br />
YLQGHQ LV LQ YLWDPLQH ' VWDWXV<br />
1DWULXP ZDDUVFKLMQOLMN RQYROGRHQGH MD<br />
,-]HU ]HNHU LQQHPLQJ<br />
YROGRHQGH 6WDWXV<br />
RQYROGRHQGH<br />
1RQ QXWULWLHYH<br />
IDFWRUHQ<br />
QHH 1DJDDQ RI LQQHPLQJ ODJHU GDQ<br />
DDQEHYROHQ KRHYHHOKHLG GRRU<br />
VXEJURHSHQ RRN WHUXJ WH<br />
YLQGHQ LV LQ LM]HUVWDWXV<br />
1DJDDQ RI HU RRN JURHSHQ ]LMQ<br />
PHW HHQ WH KRJH LQQHPLQJ<br />
RQGXLGHOLMN ZHLQLJ QHH 0HFKDQLVWLVFK HQ<br />
HSLGHPLRORJLVFK RQGHU]RHN<br />
GLW EHWUHIW KHW PRQLWRULQJ YDQ JHPHWHQ OLFKDDPVJHZLFKW
5,90 UDSSRUW SDJ YDQ<br />
1DWXXUOLMNH WR[LQHQ<br />
0\FRWR[LQHQ I\WRWR[LQHQ HQ PDULHQH ELRWR[LQHQ<br />
'H EORRWVWHOOLQJ DDQ GH]H WR[LQHQ LV PRHLOLMN WH YHUPLMGHQ HQ NDQ HHQ GLUHFWH EHGUHLJLQJ<br />
YRUPHQ YRRU GH YRONVJH]RQGKHLG 'H JH]RQGKHLGVULVLFRV ]LMQ DIKDQNHOLMN YDQ KHW W\SH WR[LQH<br />
HQ GH EORRWVWHOOLQJQLYHDXV<br />
9DQ KHW FDUFLQRJHQH DIODWR[LQH ]LMQ YHHO JHJHYHQV EHNHQG HQ EHVWDDW DO ODQJHUH WLMG<br />
ZHWJHYLQJ *H]LHQ GH GRRUJDDQGH DFWLYLWHLWHQ YDQ GH .Y: NXQQHQ DQDO\WLVFK FKHPLVFKH<br />
DFWLYLWHLWHQ YRRU GH PRQLWRULQJ YDQ DIODWR[LQH RS KHW 5,90 ZRUGHQ WHUXJJHEUDFKW WRW KHW<br />
QLYHDX GDW YHUHLVW LV YRRU GH RQGHUVWHXQLQJ YDQ GH .Y:<br />
2RN YRRU GHR[\QLYDOHQRO '21 HQ RFKUDWR[LQH $ ZRUGW (XURSHVH ZHWJHYLQJ YHUZDFKW 'H<br />
KRJH FRQFHQWUDWLHV '21 LQ WDUZH LQ KHEEHQ HUWRH JHOHLG GDW YDQ GLW P\FRWR[LQH<br />
GH EORRWVWHOOLQJ VQHO LQ NDDUW LV JHEUDFKW 3LHWHUV HW DO 'H .Y: ]DO JHJHYHQV RYHU<br />
'21 HQ DQGHUH WULFKRWHFHQHQ GH NRPHQGH MDUHQ EOLMYHQ YHU]DPHOHQ •<br />
(FKWHU YDQ YHOH DQGHUH P\FRWR[LQHQ LV YDQ GH EORRWVWHOOLQJ YHHO PLQGHU EHNHQG HQ<br />
RQGHU]RHN RS GLW WHUUHLQ LQFOXVLHI YHUNHQQHQGH PRQLWRULQJ PRHW GHUKDOYH ZRUGHQ<br />
JHVWLPXOHHUG !<br />
9RRU I\WRWR[LQHQ JHOGW KHW]HOIGH DOV YRRU GH P\FRWR[LQHQ (HQ JURRW DDQWDO YDQ GH]H WR[LQHQ<br />
Z R VRODQLQH LV QLHW WH YHUPLMGHQ HQ GH RPYDQJ YDQ JHJHYHQV LV EHSHUNW 'H]H EHKRHIW<br />
DDQYXOOLQJ PHGH LQ YHUEDQG PHW GH ULFKWOLMQHQ PHW EHWUHNNLQJ WRW SODQWHQYHUHGHOLQJ !<br />
'H EORRWVWHOOLQJ DDQ PDULHQH WR[LQHQ LV VOHFKWV LQFLGHQWHHO (FKWHU GH JH]RQGKHLGVHIIHFWHQ GLH<br />
KLHUPHH VDPHQKDQJHQ NXQQHQ DDQ]LHQOLMN ]LMQ +HW KXLGLJH QLYHDX YDQ RQGHU]RHN GLHQW<br />
GHUKDOYH JHKDQGKDDIG WH ZRUGHQ<br />
+HW LV ZHQVHOLMN RP GH YRRU GH FDWHJRULH P\FR I\WR HQ PDULHQH ELRWR[LQHQ GH<br />
RQGHU]RHNVDFWLYLWHLWHQ YDQ KHW 5,90 JRHG DI WH VWHPPHQ PHW GH ORSHQGH DFWLYLWHLWHQ YDQ GH<br />
.Y:<br />
1LWUDDW<br />
'H MDUHQODQJH GLVFXVVLH PHW GH WHOHUV RYHU GH GRRU PRGHUQH WHHOWPHWKRGHQ YHUKRRJGH<br />
JHKDOWHQ LV QRJ VWHHGV QLHW EHVOLVW +RJH QLWUDDWJHKDOWHQ EOLMNHQ YRRU DQGHUH (8 ODQGHQ LQ<br />
VWHHGV PLQGHUH PDWH SROLWLHN DFFHSWDEHO WH ]LMQ<br />
1LWUDDW ]HOI LV UHODWLHI ZHLQLJ WR[LVFK KHW QLWULHW GDW KLHUXLW NDQ ZRUGHQ JHYRUPG LV<br />
GDDUHQWHJHQ YHHO JHYDDUOLMNHU 1LWUDDW LQJHQRPHQ PHW GH YRHGLQJ NDQ QDPHOLMN RQGHU<br />
EHSDDOGH RPVWDQGLJKHGHQ YLD QLWULHW ZRUGHQ RPJH]HW WRW 1 QLWURVRYHUELQGLQJHQ ZDDUYDQ<br />
VRPPLJH FDUFLQRJHHQ ]LMQ JHEOHNHQ ELM GLHUH[SHULPHQWHHO RQGHU]RHN 9LWDPLQH & JDDW GH]H<br />
RP]HWWLQJ WHJHQ<br />
+RJH FRQFHQWUDWLHV QLWUDDW LQ GULQNZDWHU YRUPHQ HHQ EHGUHLJLQJ YRRU ]XLJHOLQJHQ GLH<br />
IOHVYRHGLQJ NULMJHQ YRUPLQJ YDQ PHWKHPRJORELQHPLH (FKWHU KHW YyyUNRPHQ YDQ GHUJHOLMNH<br />
FRQFHQWUDWLHV LV LQ 1HGHUODQG EHSHUNW GULQNZDWHUSXWWHQ (U ZRUGW JHHQ DDQOHLGLQJ JH]LHQ KHW<br />
DQDO\WLVFK FKHPLVFK RQGHU]RHN YHUGHU WH YHUVWHUNHQ %HWUHIIHQGH QLWUDDW LQ GH YRHGLQJ<br />
YHUULFKW KHW 5,90 RYHULJHQV JHHQ PRQLWRULQJRQGHU]RHN LQ GH VWULNWH ]LQ YDQ KHW ZRRUG ZHO<br />
LQ GLYHUVH PLOLHXFRPSDUWLPHQWHQ PDDU LV ZHO QDXZ EHWURNNHQ ELM GXSOLFDDW<br />
YRHGLQJVRQGHU]RHN ZDDU QLWUDDW GHHO YDQ XLWPDDNW
5,90 UDSSRUW SDJ YDQ<br />
6WRIIHQ JHEUXLNW ELM WHHOW RI EHZHUNLQJ<br />
$GGLWLHYHQ<br />
'H DDQZH]LJKHLG YDQ GH ]JQ DGGLWLHYHQ LV VWUHQJ JHUHJOHPHQWHHUG (IIHFWHQ RS GH<br />
JH]RQGKHLG EHSHUNHQ ]LFK WRW LQFLGHQWHOH RYHUJHYRHOLJKHLG *HJHYHQV RYHU GH]H VWRIIHQ ]LMQ<br />
LQ RYHUYORHG DDQZH]LJ %LQQHQ KHW 5,90 ZRUGW RS KHW JHELHG YDQ DGGLWLHYHQ JHHQ<br />
PRQLWRULQJVLQVSDQQLQJ JHOHYHUG *H]LHQ GH DFWLYLWHLWHQ RS GLW YODN LQ (8 YHUEDQG R D GH<br />
QDWLRQDOH SODQQHQ WHU FRQWUROH RS GH ZHW HQ UHJHOJHYLQJ ZRUGW JHHQ DDQOHLGLQJ JH]LHQ GH]H<br />
VLWXDWLH WH YHUDQGHUHQ<br />
9HUSDNNLQJVPDWHULDOHQ<br />
0HW EHWUHNNLQJ WRW VWRIIHQ GLH NXQQHQ YULMNRPHQ XLW YHUSDNNLQJVPDWHULDOHQ LV KHW UDDG]DDP<br />
RP GH QLHXZH WUHQGV LQJHJHYHQ GRRU WHFKQRORJLVFKH RQWZLNNHOLQJHQ WH YROJHQ 'H WRHODWLQJ<br />
YDQ YHUSDNNLQJVPDWHULDOHQ LV LQ (8 YHUEDQG JHUHJOHPHQWHHUG %LQQHQ 1HGHUODQG ZRUGHQ GH<br />
PLJUDWLHJHJHYHQV GRRU 712 EHKDQGHOG KHW 5,90 ULFKW ]LFK RS GH EHRRUGHOLQJ YDQ GH<br />
WR[LFRORJLH ,Q GH WRHNRPVW ]XOOHQ ELQQHQ GH (8 GH PLJUDWLHJHJHYHQV ZRUGHQ JHNRSSHOG DDQ<br />
FRQVXPSWLHJHJHYHQV WHQHLQGH GH LQQDPH WH EHUHNHQHQ +HW OLMNW YRRUDOVQRJ QLHW QRRG]DNHOLMN<br />
RP YHUSDNNLQJVPDWHULDOHQ WH PRQLWRUHQ<br />
'LHUEHKDQGHOLQJVPLGGHOHQ HQ JURHLEHYRUGHUDDUV<br />
'LHUEHKDQGHOLQJVPLGGHOHQ HQ YRRUDO LOOHJDOH JURHLEHYRUGHUDDUV YRUPHQ HHQ SROLWLHN<br />
EHODGHQ RQGHUZHUS +HW WRHODWLQJVEHOHLG HQ KHW V\VWHHP YDQ 0D[LPDOH 5HVLGXH /LPLHWHQ<br />
05/V HQ ZDFKWWHUPLMQHQ YRRU GH VODFKW ]LMQ HURS JHULFKW GH JHKDOWHQ YDQ<br />
GLHUEHKDQGHOLQJVPLGGHOHQ LQ GH YRHGLQJ ]R ODDJ PRJHOLMN WH KRXGHQ +HW JH]RQGKHLGVULVLFR<br />
YDQ GH]H PLGGHOHQ ELM JRHG JHEUXLN LV GDQ RRN ODDJ (U ]LMQ GDDURP JHHQ ZHWHQVFKDSSHOLMNH<br />
RI YRONVJH]RQGKHLGVNXQGLJH PRWLHYHQ RP RS GH]H PLGGHOHQ WH PRQLWRUHQ 5HOHYDQW LV HFKWHU<br />
GH VWDWXV YDQ KHW 5,90 DOV UHIHUHQWLHODE &5/ VWDWXV 'HUKDOYH GLHQW GH FDSDFLWHLWVLQ]HW RS<br />
GLW DQDO\WLVFK FKHPLVFK RQGHU]RHNVWHUUHLQ LQ VWDQG WH ZRUGHQ JHKRXGHQ<br />
%HVWULMGLQJVPLGGHOHQ<br />
%HVWULMGLQJVPLGGHOHQ ]LMQ RQGHUKHYLJ DDQ HHQ WRHODWLQJVEHOHLG ,QGLHQ HU YROGRHQGH JHJHYHQV<br />
EHVFKLNEDDU ]LMQ ZRUGW HHQ $', HQ YDQ GDDUXLW HHQ UHVLGXWROHUDQWLH DIJHOHLG (HQ HFKW<br />
YRONVJH]RQGKHLGVPRWLHI YRRU EHZDNLQJ LV QLHW DOWLMG DDQZH]LJ PHGH RPGDW KHW EHGULMIVOHYHQ<br />
RS XLWJHEUHLGH VFKDDO PRQLWRULQJ XLWYRHUW HQ GH]H JHJHYHQV LQ GH GDWDEDQN YDQ KHW<br />
.ZDOLWHLWVSURJUDPPD $JUDULVFKH 3URGXFWHQ .$3 ZRUGHQ YHU]DPHOG GH .$3 GDWDEDQN<br />
ZRUGW EHKHHUG GRRU KHW 5,.,/7 +DQGKDYLQJ YDQ GH ZHWWHOLMNH YRRUVFKULIWHQ YHUJW HFKWHU<br />
ZHO GH LQVWDQGKRXGLQJ YDQ GH RQGHUVWHXQHQGH RQGHU]RHNVDFWLYLWHLWHQ W E Y GLH KDQGKDYLQJ<br />
&RQWDPLQDQWHQ<br />
5HVLGXHQ YDQ YHUERGHQ EHVWULMGLQJVPLGGHOHQ<br />
9DQ GH RXGH YHUERGHQ SHUVLVWHQWH EHVWULMGLQJVPLGGHOHQ ''7 GULQV +&% ]LMQ LQ GH ORRS<br />
GHU MDUHQ GH JHKDOWHQ LQ YRHGLQJ WHUXJJHORSHQ WRW QLYHDXV GLH RQEHODQJULMN ]LMQ YRRU GH
5,90 UDSSRUW SDJ YDQ<br />
YRONVJH]RQGKHLG $QDO\WLVFK FKHPLVFK RQGHU]RHN HQ PRQLWRULQJVDFWLYLWHLWHQ NXQQHQ GDDURP<br />
ZRUGHQ JHUHGXFHHUG (FKWHU GH DQDO\WLVFK FKHPLVFKH NHQQLV RS GLW JHELHG GLHQW WH ZRUGHQ<br />
EHKRXGHQ ]HNHU JH]LHQ GH KRUPRRQYHUVWRUHQGH SRWHQWLH YDQ GH]H VWRIIHQ ]LH KLHUQD ”<br />
3&%V<br />
'H GDOLQJ YDQ GH NODVVLHNH 3&%V JDDW VOHFKWV WUDDJ 'H JH]RQGKHLGVNXQGLJH EHRRUGHOLQJ YDQ<br />
GH]H JURHS LV QLHW XLW GH YHUI JHNRPHQ HQ EHKRHIW JHOHW RS GH GLR[LQHYHUZDQWVFKDS YDQ<br />
DQGHUH 3&%V PHHU DDQGDFKW HQ LQWHUQDWLRQDOH RQGHUERXZLQJ -(&)$ 6&) 'H JHKDOWHQ<br />
]LMQ YULMZHO QLHW EHwQYORHGEDDU +HW 5,90 KHHIW RS KHW JHELHG YDQ 3&%V DOWLMG HHQ VWHUNH URO<br />
YHUYXOG RS KHW JHELHG YDQ GH DQDO\WLVFKH FKHPLH HQ JH]RQGKHLGVNXQGLJH EHRRUGHOLQJ YDQ<br />
3&%V 'H RQWZLNNHOGH VSHFLDOLVWLVFKH H[SHUWLVH NDQ YDQ QXW ]LMQ ELM GH EHKDQGHOLQJ YDQ<br />
WRHNRPVWLJH YUDJHQ RS KHW JHELHG YDQ DQGHUH SHUVLVWHQWH VWRIIHQ HQ GLHQW GDQ RRN LQ VWDQG WH<br />
ZRUGHQ JHKRXGHQ<br />
'LR[LQHQ HQ IXUDQHQ<br />
9RRU ZDW EHWUHIW GH GLR[LQHQ HQ IXUDQHQ ]LMQ LQ GH DIJHORSHQ MDUHQ PHW VXFFHV LQVSDQQLQJHQ<br />
JHSOHHJG RP GH EORRWVWHOOLQJVQLYHDXV WHUXJ WH GULQJHQ 2S KHW JHELHG YDQ GH<br />
ULVLFREHRRUGHOLQJ YDQ GLR[LQH DFKWLJH YHUELQGLQJHQ ]LMQ RQODQJV UDSSRUWHQ XLWJHEUDFKW GRRU<br />
GH :+2 HQ GRRU KHW :HWHQVFKDSSHOLMNH &RPLWp YRRU GH +XPDQH 9RHGLQJ YDQ GH (8 (U<br />
]LMQ YROGRHQGH JHJHYHQV YHU]DPHOG RYHU EORRWVWHOOLQJ YLD GH YRHGLQJ HQ HHQ JURRWVFKDOLJH<br />
JHJHYHQVYHUJDULQJ LV GDDURP QLHW PHHU QRRG]DNHOLMN $IKDQNHOLMN YDQ GH QRUPHQ GLH ]RZHO<br />
QDWLRQDDO DOV RS (8 QLYHDX ]XOOHQ ZRUGHQ YDVWJHVWHOG ZRUGW KHW ZHO QRRG]DNHOLMN JHDFKW<br />
SHULRGLHN GH JHKDOWHQ YDQ GLR[LQHQ LQ JHVHOHFWHHUGH YRHGLQJVPLGGHOHQ WH PRQLWRUHQ 'LW<br />
SURJUDPPD ]DO GRRU GH .HXULQJVGLHQVWHQ YDQ :DUHQ LQ VDPHQZHUNLQJ PHW KHW 5,90 ZRUGHQ<br />
RSJH]HW !<br />
9RRU DOOH GULH ERYHQJHQRHPGH FDWHJRULHsQ YDQ VWRIIHQ JHOGW GDW GH DQDO\WLVFK FKHPLVFKH<br />
LGHQWLILFDWLH JHFRPSOLFHHUG LV HQ VOHFKWV GRRU HHQ ]HHU EHSHUNW DDQWDO ODERUDWRULD NDQ ZRUGHQ<br />
XLWJHYRHUG 'H RQGHU]RHNVLQVSDQQLQJHQ RS GLW JHELHG ]XOOHQ GHUKDOYH RS KHW KXLGLJH QLYHDX<br />
JHKDQGKDDIG PRHWHQ EOLMYHQ WHQHLQGH GH QRGLJH RQGHUVWHXQLQJ WH NXQQHQ ELHGHQ DDQ<br />
ELMYRRUEHHOG GH .Y:<br />
3$.V<br />
0HW EHWUHNNLQJ WRW GH SRO\F\FOLVFKH DURPDWLVFKH NRROZDWHUVWRIIHQ 3$. JHOGW GDW HU YRRU<br />
KHW 6WDDWVWRH]LFKW YROGRHQGH JHJHYHQV EHVFKLNEDDU ]LMQ 1HW DOV YRRU GH GLR[LQHQ JHOGW RRN<br />
YRRU 3$. GDW LQ GH DIJHORSHQ MDUHQ GH EORRWVWHOOLQJQLYHDXV YLD GH YRHGLQJ PHW VXFFHV ]LMQ<br />
WHUXJJHGURQJHQ (U ZRUGW GDDURP DOWKDQV RS YRHGLQJVJHELHG JHHQ DDQOHLGLQJ JH]LHQ GH<br />
JHULQJH LQVSDQQLQJHQ RS DQDO\WLVFK FKHPLVFK JHELHG XLW WH EUHLGHQ<br />
1LWURVDPLQHQ<br />
+HW JHYDDU YDQ QLWURVDPLQHQ LQ KHW 1HGHUODQGVH OHYHQVPLGGHOHQSDNNHW LV QLHW GXLGHOLMN<br />
JHEOHNHQ ,QFLGHQWHHO ZRUGHQ QRJ UHODWLHI KRJH JHKDOWHQ JHPHWHQ 9HURQGHUVWHOG ZRUGW GDW<br />
GH]H VWRIIHQ LQ GH YRHGLQJVVHFWRU EHKRXGHQV YRRU VSHFLILHNH ZDUHQJURHSHQ LQ KHW DOJHPHHQ<br />
JHHQ UHsHO JHYDDU PHHU YRUPHQ ,Q YHUEDQG PHW (XURSHVH ULFKWOLMQHQ ]DO WHQPLQVWH QRJ<br />
JHGXUHQGH HQNHOH MDUHQ RQGHU]RHN QDDU QLWURVDPLQHQ LQ ZDUHQ XLWJHYRHUG PRHWHQ ZRUGHQ WHU
5,90 UDSSRUW SDJ YDQ<br />
RQGHUVWHXQLQJ YDQ GH KDQGKDYLQJ 'DDUELM ZRUGW KHW WHUUHLQ YDQ GH QLHW YOXFKWLJH<br />
QLWURVDPLQHQ DOV HHQ SRWHQWLHHO SUREOHHPYHOG JH]LHQ 'DDURP GLHQW GH H[SHUWLVH YRRUDOVQRJ<br />
LQ VWDQG WH ZRUGHQ JHKRXGHQ<br />
2UJDQRPHWDOHQ<br />
2QGXLGHOLMN LV QRJ LQ ZHONH PDWH JH]RQGKHLGVULVLFRV ]LMQ WH YHUZDFKWHQ RS KHW JHELHG YDQ GH<br />
RUJDQRPHWDDO YHUELQGLQJHQ RUJDQRWLQ RUJDQRNZLNYHUELQGLQJHQ 5HFHQWH RQWZLNNHOLQJHQ<br />
RS DQDO\WLVFK FKHPLVFK JHELHG ELHGHQ GH PRJHOLMNKHLG GH WR[LVFKH<br />
RUJDQRPHWDDOYHUELQGLQJHQ VSHFLILHN WH PHWHQ 2S JURQG YDQ HHQ ULVLFRVFKDWWLQJ PRHW ZRUGHQ<br />
RYHUZRJHQ LQ KRHYHUUH HU DDQOHLGLQJ EHVWDDW GH]H VWRIIHQ RRN LQ GH YRHGLQJ WH PHWHQ =R VWDDW<br />
GH KRUPRRQYHUVWRUHQGH ZHUNLQJ YDQ VRPPLJH RUJDQRWLQYHUELQGLQJHQ QX ZHO YDVW 0HHU<br />
RQGHU]RHN LV GHUKDOYH JHZHQVW !<br />
=ZDUH PHWDOHQ<br />
2QGDQNV GH GRRU PLOLHXPDDWUHJHOHQ VWHUN WHUXJJHORSHQ JHKDOWHQ NRPW ORRG YDQ WLMG WRW WLMG<br />
LQ GH SXEOLFLWHLW 'H YHLOLJKHLGVPDUJHV YRRU GH 7',V YDQ ]ZDUH PHWDOHQ ]LMQ EHGXLGHQG<br />
NOHLQHU GDQ GLH YRRU GH $',V YRRU DGGLWLHYHQ HQ EHVWULMGLQJVPLGGHOHQ 'H EHVFKLNEDDUKHLG<br />
YDQ KXPDQH JHJHYHQV LV WRHJHQRPHQ RIVFKRRQ GH EHWURXZEDDUKHLG YDQ GH]H JHJHYHQV VWHUN<br />
YHUVFKLOW (HQ QRJ YHUGHU WHUXJGULQJHQ YDQ GH JHKDOWHQ ]DO WLMG YHUJHQ<br />
+RUPRRQYHUVWRUHQGH VWRIIHQ<br />
:HUHOGZLMG EOLMNHQ ZHLQLJ VSHFLILHNH JHJHYHQV WH EHVWDDQ RYHU KXPDQH EORRWVWHOOLQJ DDQ<br />
KRUPRRQYHUVWRRUGHUV 7LMGHQV HHQ UHFHQWH ZRUNVKRS .RSHQKDJHQ PHL ZDDULQ GH<br />
PHHVWH YRRUDDQVWDDQGH RQGHU]RHNHUV RS GLW JHELHG DDQZH]LJ ZDUHQ ZHUG GLW HHQV WH PHHU<br />
GXLGHOLMN 'H 'HHQVH FROOHJDV 9HWHULQDU\ DQG )RRG $GPLQLVWUDWLRQ ZHUNHQ DDQ HHQ<br />
YHUJHOLMNEDUH LQYHQWDULVDWLH +XQ GDWD ZRUGHQ RSJHYUDDJG RP WH EH]LHQ RI GH]H YRRU GH<br />
1HGHUODQGVH VLWXDWLH JHEUXLNW NXQQHQ ZRUGHQ !<br />
'H EHVWDDQGH HQ JHZHQVWH DFWLYLWHLWHQ ZRUGHQ LQ WDEHO VDPHQJHYDW HQ ]LMQ LQ<br />
RYHUHHQVWHPPLQJ PHW KHW PHHUMDUHQSODQ YDQ GH .HXULQJVGLHQVW YDQ :DUHQ
5,90 UDSSRUW SDJ YDQ<br />
7DEHO (YDOXDWLH YDQ JH]RQGKHLGVEHGUHLJHQGH EHVWDQGGHOHQ YDQ GH YRHGLQJ PHW EHWUHNNLQJ<br />
WRW KHW PHHUMDUHQ PRQLWRULQJ SURJUDPPD YRHGLQJ<br />
2QGHU]RHN<br />
6XUYHLOODQFH<br />
+DQGKDYLQJ 0RQLWRULQJ<br />
1DWXXUOLMNH WR[LQHQ<br />
5,90 5,90 (OGHUV 5,90 (OGHUV<br />
0\FRWR[LQHQ<br />
$IODWR[LQH<br />
'21 H G<br />
! !<br />
$QGHUHQ<br />
!<br />
)\WRWR[LQHQ<br />
0DULHQH WR[LQHQ<br />
!<br />
1LWUDDW<br />
7HHOW EHZHUNLQJ<br />
$GGLWLHYHQ<br />
9HUSDNNLQJVPDWHULDOHQ<br />
!<br />
'LHUEHKDQGHOLQJVPLGGHOHQ !<br />
%HVWULMGLQJVPLGGHOHQ<br />
&RQWDPLQDQWHQ<br />
,OOHJDOH<br />
EHVWULMGLQJVPLGGHOHQ<br />
! !<br />
3&%V GLR[LQHQ IXUDQHQ !<br />
3$.V ! !<br />
1LWURVDPLQHQ<br />
2UJDQRPHWDOHQ !<br />
=ZDUH PHWDOHQ<br />
+RUPRRQYHUVWRUHQGH<br />
VWRIIHQ<br />
! !<br />
VWDDW YRRU YHUPLQGHUGH LQVSDQQLQJ YRRU JHOLMNEOLMYHQGH LQVSDQQLQJ ! YRRU YHUJURWH LQVSDQQLQJ
5,90 UDSSRUW SDJ YDQ<br />
&RQFOXVLHV HQ $DQEHYHOLQJHQ<br />
&RQFOXVLHV<br />
'H H[SHUWLVH YDQ KHW 5,90 ]RDOV GLH WRW XLWLQJ NRPW LQ GH PRQLWRULQJVLQVSDQQLQJHQ YDQ KHW<br />
LQVWLWXXW LV GH DIJHORSHQ MDUHQ YRRUDO JHULFKW JHZHHVW RS GH JH]RQGKHLGVEHGUHLJHQGH<br />
DVSHFWHQ YDQ GH YRHGLQJ 'H]H 5,90 H[SHUWLVH RS KHW JHELHG YDQ PRQLWRULQJ HQ<br />
ULVLFREHRRUGHOLQJ YDQ VWRIIHQ GLHQW LQ VWDQG WH ZRUGHQ JHKRXGHQ PDDU LQ WRHNRPVWLJH<br />
PRQLWRULQJVSURJUDPPDV PRHW HHQ EHWHUH EDODQV ZRUGHQ DDQJHEUDFKW LQ GH DDQGDFKW JHULFKW<br />
RS SRVLWLHYH HQ QHJDWLHYH DVSHFWHQ YDQ GH YRHGLQJ ZDDUELM SULRULWHLW PRHW ZRUGHQ JHJHYHQ<br />
DDQ VWRIIHQ HQ SURGXFWJURHSHQ LQ GH YRHGLQJ GLH SRVLWLHI HQ QHJDWLHI JHDVVRFLHHUG ]LMQ PHW<br />
YHHO YRRUNRPHQGH ]LHNWHQ 6SHFLDOH DDQGDFKW GLHQW GDDUELM XLW WH JDDQ QDDU GH HUQVW YDQ GH<br />
HIIHFWHQ GH RPYDQJ YDQ UHHGV EHVWDDQGH JHJHYHQV WHU]DNH GH PRJHOLMNKHLG WRW LQJULMSHQ HQ<br />
GH ULVLFRSHUFHSWLH (HQ HQ DQGHU PRHW UHVXOWHUHQ LQ HHQ SULRULWHLWVWHOOLQJ LQ KHW NDGHU YDQ GH<br />
PRQLWRULQJVLQVSDQQLQJHQ YDQ KHW 5,90 LQ GH SHULRGH<br />
$DQEHYHOLQJHQ<br />
'H JHJHYHQV YDQ GH YRHGVHOFRQVXPSWLHSHLOLQJHQ JHYHQ HHQ JRHG EHHOG YDQ GH LQQHPLQJ<br />
YDQ YRHGLQJVVWRIIHQ HQ YRHGLQJVPLGGHOHQJURHSHQ YDQ GH 1HGHUODQGVH EHYRONLQJ (U<br />
YDQXLW JDDQGH GDW GH YRHGVHOFRQVXPSWLHSHLOLQJHQ RRN LQ GH WRHNRPVW YRRUWJH]HW ZRUGHQ<br />
KRHIW KHW 5,90 QLHW ]HOI JHJHYHQV WH YHU]DPHOHQ<br />
(pQ HOHPHQW ZDDUYRRU GH LQQHPLQJ QLHW JHPRQLWRUG ZRUGW PHW GH<br />
YRHGVHOFRQVXPSWLHSHLOLQJHQ LV QDWULXP +HW LV JHZHQVW GDW KHW 5,90 GH LQQHPLQJ YDQ<br />
QDWULXP EOLMIW PRQLWRUHQ<br />
2RN LV KHW JHZHQVW RP GRRU PLGGHO YDQ DQDO\VH YDQ GH EHVFKLNEDUH<br />
YRHGVHOFRQVXPSWLHSHLOLQJJHJHYHQV LQ]LFKW WH YHUZHUYHQ PHW EHWUHNNLQJ WRW GH WUHQG YDQ<br />
LQQDPH YDQ GH YRHGLQJVPLGGHOJURHSHQ YH]HOULMNH JUDDQSURGXFWHQ HQ YHWWH YLV LQ YHUEDQG<br />
PHW GH PRJHOLMNH UHODWLH PHW NDQNHU GLDEHWHV HQ KDUW HQ YDDW]LHNWHQ +HW]HOIGH JHOGW YRRU<br />
WUHQGV LQ GH LQQHPLQJ YDQ GH 1 HQ 1 RQYHU]DGLJGH YHW]XUHQ<br />
'H UHVXOWDWHQ YDQ GH YRHGVHOFRQVXPSWLHSHLOLQJHQ JHYHQ RRN DDQOHLGLQJ WRW QDGHU<br />
RQGHU]RHN 9RRU YLWDPLQH $ ]RX QDJHJDDQ NXQQHQ ZRUGHQ RI GH EHUHNHQGH LQQHPLQJ PHW<br />
EHKXOS YDQ GH YRHGLQJVPLGGHOHQWDEHO YDOLGH LV 9RRU YLWDPLQH ' HQ LM]HU ]RX QDJHJDDQ<br />
NXQQHQ ZRUGHQ RI GH JHREVHUYHHUGH ODJH JHPLGGHOGH LQQHPLQJ RQGHU GH DDQEHYHOLQJ<br />
YRRU VRPPLJH VXEJURHSHQ LQ GH EHYRONLQJ RRN JHUHIOHFWHHUG ZRUGW LQ HHQ RQYROGRHQGH<br />
VWDWXV YRRU GH]H YRHGLQJVVWRIIHQ<br />
9RRU QRQ QXWULWLHYH IDFWRUHQ LV PRQLWRULQJ QRJ QLHW JHZHQVW RPGDW KXQ URO ELM<br />
JH]RQGKHLG HQ ]LHNWH QRJ QDGHU RQGHU]RFKW PRHW ZRUGHQ 'LW]HOIGH JHOGW YRRU<br />
YRHGLQJVVXSSOHPHQWHQ YHUULMNWH YRHGLQJVPLGGHOHQ HQ µIXQFWLRQDO IRRGV<br />
0RQLWRULQJ YDQ GH HQHUJLH LQQHPLQJ LQ UHODWLH WRW KHW HQHUJLHYHUEUXLN LV ZHOLVZDDU<br />
JHZHQVW PDDU PRPHQWHHO QLHW RS JURWH VFKDDO QDXZNHXULJ XLWYRHUEDDU 1DJHJDDQ PRHW
5,90 UDSSRUW SDJ YDQ<br />
ZRUGHQ RI YROGRHQGH RQGHU]RHN SODDWVYLQGW QDDU YHUEHWHULQJ YDQ GH PHHWWHFKQLHNHQ<br />
WHU]DNH<br />
9RRU VRPPLJH QDWXXUOLMNH WR[LQHQ PHW QDPH GH P\FR HQ I\WRWR[LQHQ P X Y DIODWR[LQH<br />
'21 HQ RFKUDWR[LQH $ ]LMQ QDXZHOLMNV EORRWVWHOOLQJVJHJHYHQV YRRUKDQGHQ ]RGDW PHHU<br />
RQGHU]RHN RS GLW JHELHG JHZHQVW LV<br />
0HW EHWUHNNLQJ WRW FRQWDPLQDQWHQ JHOGW GDW KHW RQGHU]RHN QDDU GH KRUPRRQYHUVWRUHQGH<br />
HLJHQVFKDSSHQ YDQ VWRIIHQ HQ VWRIJURHSHQ HQ KXQ LQYORHG RS GH YRONVJH]RQGKHLG GRRU<br />
LQQHPLQJ YLD GH YRHGLQJ XLWJHEUHLG PRHW ZRUGHQ $OV YRRUEHHOGHQ NXQQHQ JHQRHPG<br />
ZRUGHQ GH RUJDQRPHWDOHQ GLH VLQGV NRUW VSHFLILHN JHPHWHQ NXQQHQ ZRUGHQ HQ VRPPLJH<br />
SHUVLVWHQWH YHUERGHQ EHVWULMGLQJVPLGGHOHQ ZDDUYDQ GH EORRWVWHOOLQJ ZHOLVZDDU JHGDDOG<br />
LV WRW QLYHDXV GLH TXD DOJHPHQH WR[LFLWHLW LUUHOHYDQW ]LMQ PDDU ZDDUYDQ GH<br />
KRUPRRQYHUVWRUHQGH HLJHQVFKDSSHQ QRJ RQYROGRHQGH ]LMQ RQGHU]RFKW<br />
9DQ GH GLR[LQHQ GLEHQ]RIXUDQHQ HQ 3&%V NDQ ZRUGHQ YDVWJHVWHOG GDW GH JHKDOWHQ LQ<br />
YRHGLQJVPLGGHOHQ VLQGV HHQ DDQWDO MDUHQ GDOHQGH ]LMQ PDDU GDW GH]H GDOLQJ WUDDJ LV HQ<br />
YULMZHO QLHW YHUGHU EHwQYORHG NDQ ZRUGHQ 0HGH JHOHW RS KHW (XURSHVH EHOHLG WHQ DDQ]LHQ<br />
YDQ GH]H VWRIIHQ ]XOOHQ GH EHVWDDQGH PRQLWRULQJVDFWLYLWHLWHQ JHKDQGKDDIG PRHWHQ ZRUGHQ<br />
'H EHVWDDQGH EORRWVWHOOLQJJHJHYHQV YDQ 3$.V HQ ]ZDUH PHWDOHQ ZRUGHQ YROGRHQGH<br />
JHDFKW ]RGDW XLWEUHLGLQJ YDQ GH PRQLWRULQJ QLHW QRRG]DNHOLMN LV KDQGKDYLQJ YDQ GH<br />
KXLGLJH PRQLWRULQJVDFWLYLWHLWHQ ELHGW YROGRHQGH EDVLV YRRU KHW YHUGHUH<br />
WHUXJGULQJLQJVEHOHLG<br />
'H RQGHU]RHNV VXUYHLOODQFH HQ PRQLWRULQJVLQVSDQQLQJHQ EHWUHIIHQGH DIODWR[LQH HQ GH<br />
LOOHJDOH EHVWULMGLQJVPLGGHOHQ NXQQHQ ZRUGHQ WHUXJJHEUDFKW WRW KHW YRRU LQVWDQGKRXGLQJ<br />
YDQ GH H[SHUWLVH QRRG]DNHOLMNH PLQLPXP<br />
9RRU WRHNRPVWLJH PRQLWRULQJVDFWLYLWHLWHQ YDQ KHW 5,90 GLH JHEDVHHUG ]LMQ RS GLUHFWH<br />
PHWKRGHV GXSOLFDDW YRHGLQJVRQGHU]RHN HQ 0DUNHW %DVNHW VWXGLHV NDQ EHODQJULMNH<br />
D SULRUL NHQQLV RQWOHHQG ZRUGHQ XLW RQGHU]RHNHQ GLH JHEUXLN PDNHQ YDQ<br />
YRHGLQJVQDYUDDJPHWKRGHQ ]RDOV GH YRHGVHOFRQVXPSWLHSHLOLQJHQ ]LH ELMODJH +HW LV<br />
GDQ RRN EHODQJULMN GDW GH YRHGVHOFRQVXPSWLHSHLOLQJHQ LQ GH WRHNRPVW JHFRQWLQXHHUG<br />
ZRUGHQ PHW KHW IUHTXHQW YHU]DPHOHQ YDQ YRHGVHOFRQVXPSWLHJHJHYHQV RS LQGLYLGXHHO<br />
QLYHDX LQ JURWH UHSUHVHQWDWLHYH VWHHNSURHYHQ YDQ GH 1HGHUODQGVH EHYRONLQJ
5,90 UDSSRUW SDJ YDQ<br />
/LWHUDWXXU<br />
$QRQLHP =R HHW 1HGHUODQG 5HVXOWDWHQ YDQ GH 9RHGVHOFRQVXPSWLHSHLOLQJ 'HQ<br />
+DDJ 9RHGLQJVFHQWUXP<br />
%UXVVDDUG -+ %UDQWV +$0 YDQ (US %DDUW $0- +XOVKRI .)$0 9RHGVHOFRQVXPSWLH HQ<br />
YRHGLQJVWRHVWDQG ELM MDULJH 0DURNNDDQVH 7XUNVH HQ 1HGHUODQGVH NLQGHUHQ HQ KXQ<br />
PRHGHUV EHNQRSW UDSSRUW 712 UDSSRUW 9 =HLVW 712 9RHGLQJ<br />
&(& &RPPLVVLRQ RI WKH (XURSHDQ &RPPXQLWLHV :KLWH 3DSHU RQ )RRG 6DIHW\<br />
&(& %UXVVHOV -DQXDU\ &20 ILQDO<br />
-DQVHQ (+-0 HQ 9DQ GH :HUNHQ * %LRFKHPLVFKH PRQLWRULQJ YDQ SRO\F\FOLVFKH<br />
DURPDWLVFKH NRROZDWHUVWRIIHQ ELM PHQVHQ 5,90 %LOWKRYHQ 5,90 UDSSRUW<br />
0DDV ,$0 *LMVHQ 5 /REEH]RR ,( 3RRV 0--& UHGDFWLH 9RONVJH]RQGKHLG 7RHNRPVW<br />
9HUNHQQLQJ , 'H JH]RQGKHLGVWRHVWDQG HHQ DFWXDOLVHULQJ 5,90 0DDUVVHQ<br />
(OVHYLHU 'H 7LMGVWURRP<br />
1(92 1(92 7DEHO 'HQ +DDJ 9RRUOLFKWLQJVEXUHDX YRRU GH 9RHGLQJ<br />
3LHWHUV 01 )LROHW '&0 %DDUV $- 'HR[\QLYDOHQRO 'HULYDWLRQ RI FRQFHQWUDWLRQ<br />
OLPLWV LQ ZKHDW DQG ZKHDW FRQWDLQLQJ IRRG SURGXFWV 5,90 5DSSRUW<br />
3LHWHUV 01 )UHLMHU - %DDUV $- 6ORE : 5LVN DVVHVVPHQW RI 'HR[\QLYDOHQRO LQ )RRG<br />
$Q DVVHVVPHQW RI H[SRVXUH DQG HIIHFWV LQ WKH 1HWKHUODQGV 5,90 %LOWKRYHQ 5,90<br />
5DSSRUW<br />
6*% 6WDDW YDQ GH *H]RQGKHLGVEHVFKHUPLQJ 6WDDWVWRH]LFKW RS GH<br />
9RONVJH]RQGKHLG 5LMVZLMN<br />
9RHGLQJVUDDG 1HGHUODQGVH 9RHGLQJVQRUPHQ 'HQ +DDJ 9RRUOLFKWLQJVEXUHDX YRRU GH<br />
YRHGLQJ<br />
9:6 /19 1HGHUODQG JRHG JHYRHG" 6GX 8LWJHYHUV V *UDYHQKDJH .67<br />
,661
5,90 UDSSRUW SDJ YDQ<br />
%LMODJH 0HWKRGRORJLVFKH DVSHFWHQ EHSDOLQJ LQQDPH<br />
VWRIIHQ YLD YRHGLQJ<br />
'H LQQDPH YDQ VWRIIHQ YLWDPLQHQ PLQHUDOHQ FRQWDPLQDQWHQ P\FRWR[LQHQ DGGLWLHYHQ HWF<br />
YLD GH YRHGLQJ NDQ LQ HVVHQWLH RS WZHH YHUVFKLOOHQGH PDQLHUHQ ZRUGHQ EHSDDOG (HQ GLUHFWH<br />
PDQLHU RP LQIRUPDWLH WH YHU]DPHOHQ RYHU LQQDPHV YDQ VWRIIHQ YLD GH YRHGLQJ LV GRRU PLGGHO<br />
YDQ GXSOLFDDW YRHGLQJVRQGHU]RHN HQ 0DUNHW %DVNHW VWXGLHV 0HW EHKXOS YDQ GLW VRRUW<br />
RQGHU]RHN ZRUGHQ WHJHOLMNHUWLMG JHJHYHQV RYHU FRQFHQWUDWLHV HQ FRQVXPSWLH YHU]DPHOG<br />
%LM GH GXSOLFDDW YRHGLQJVPHWKRGH ZRUGW DDQ GH SDUWLFLSDQW JHYUDDJG RP YDQ DOOHV ZDW<br />
LQ HHQ EHSDDOGH SHULRGH PHHVWDO XXU ZRUGW JHFRQVXPHHUG HHQ LGHQWLHNH SRUWLH WH<br />
YHU]DPHOHQ ,Q GH DOGXV YHU]DPHOGH YRHGLQJVPLGGHOHQ NXQQHQ GDQ YHUYROJHQV GH VWRIIHQ YDQ<br />
LQWHUHVVH EHSDDOG ZRUGHQ 'RRU KHW 5,90 ZRUGW PHW EHKXOS YDQ GH]H PHWKRGH LQIRUPDWLH<br />
JHOHYHUG RYHU GH LQQDPH YDQ QLWUDDW QLWULHW PLQHUDOHQ VSRUHQHOHPHQWHQ PHWDOHQ 3&%V<br />
GLR[LQHQ SHVWLFLGHQ VWHUROHQ HQ YHW]XUHQ<br />
,Q HHQ 0DUNHW %DVNHW VWXGLH ZRUGHQ JURHSHQ YDQ YRHGLQJVPLGGHOHQ YHU]DPHOG HQ<br />
JHDQDO\VHHUG 'H NHX]H YDQ GH]H JURHSHQ ZRUGW YDDN DIJHOHLG XLW<br />
YRHGVHOFRQVXPSWLHJHJHYHQV 'RRU 712 ZRUGW PHW EHKXOS YDQ GH]H PHWKRGH LQIRUPDWLH<br />
JHOHYHUG RYHU LQQDPHV YDQ PHWDOHQ SHVWLFLGHQ QXWULsQWHQ HWF<br />
'DDUQDDVW NDQ GH LQQDPH YDQ HHQ VWRI ZRUGHQ EHUHNHQG GRRU NHQQLV RYHU<br />
FRQFHQWUDWLHV LQ YRHGLQJVPLGGHOHQ WH FRPELQHUHQ PHW GH GLHHWVDPHQVWHOOLQJ<br />
FRQVXPSWLHJHJHYHQV ,Q GLW JHYDO GLHQW UHOHYDQWH LQIRUPDWLH WH ZRUGHQ YHU]DPHOG RYHU<br />
]RZHO FRQFHQWUDWLHV YDQ GH VWRI LQ YRHGLQJVPLGGHOHQ DOV RYHU GH FRQVXPSWLH YDQ GLH<br />
YRHGLQJVPLGGHOHQ =RZHO FRQFHQWUDWLHPHWLQJHQ DOV FRQVXPSWLHSHLOLQJHQ ZRUGHQ LQ GLYHUVH<br />
RQGHU]RHNVSURJUDPPDV URXWLQHPDWLJ XLWJHYRHUG<br />
&RQFHQWUDWLHV YDQ VWRIIHQ LQ YRHGLQJVPLGGHOHQ<br />
2P HHQ JRHG EHHOG WH NULMJHQ YDQ FRQFHQWUDWLHV YDQ VWRIIHQ LQ YRHGLQJVPLGGHOHQ ZRUGHQ<br />
PRQLWRULQJ SURJUDPPDV XLWJHYRHUG 'H SURJUDPPDV YHUVFKLOOHQ QRJDO LQ RS]HW DIKDQNHOLMN<br />
YDQ KHW GRHO $DQGDFKWVSXQWHQ ELM GH XLWYRHULQJ ]LMQ<br />
+RH YHUKRXGW GH UHVROXWLH YDQ GH PHHWPHWKRGH ]LFK WRW GH WH YHUZDFKWHQ FRQFHQWUDWLHV"<br />
'H GHWHFWLHOLPLHW HQ RI GH PHHWRQQDXZNHXULJKHLG YDQ GH PHHWPHWKRGH GLHQHQ LQ LHGHU JHYDO<br />
EHNHQG WH ]LMQ ,Q KHW RSWLPDOH JHYDO ]LMQ ]H RUGHV YDQ JURRWWH NOHLQHU GDQ KHW JHPLGGHOGH<br />
YDQ DOOH PHHWZDDUGHQ<br />
:LO PHQ HHQ JRHG EHHOG NULMJHQ YDQ GH JHPLGGHOGH FRQFHQWUDWLHV LQ YRHGLQJVPLGGHOHQ RI<br />
RRN YDQ GH VSUHLGLQJ LQ GH]H FRQFHQWUDWLHV" *HPLGGHOGH FRQFHQWUDWLHV ]LMQ YRRUDO LQWHUHVVDQW<br />
ELM HHQ VFKDWWLQJ YDQ FKURQLVFKH LQQDPHV YDQ VWRIIHQ GLH LQ YHHO SURGXFWHQ YRRUNRPHQ +HW LV<br />
LQ GDW JHYDO YHUVWDQGLJ WH ZHUNHQ PHW PHQJPRQVWHUV +HW YDVWVWHOOHQ YDQ HHQ EHWURXZEDUH<br />
VSUHLGLQJVPDDW LV LQ WHUPHQ YDQ PHHWFDSDFLWHLW YHHO NRVWEDDUGHU HQ LV DOOHHQ QXWWLJ DOV<br />
LQIRUPDWLH RYHU GH YDULDWLH LQ FRQFHQWUDWLHV JHZHQVW LV W E Y HHQ VFKDWWLQJ YDQ DFXWH LQQDPHV
5,90 UDSSRUW SDJ YDQ<br />
:DDUYRRU ZRUGHQ GH PHHWJHJHYHQV JHEUXLNW " $OV GH GDWD JHEUXLNW JDDQ ZRUGHQ YRRU HHQ<br />
VFKDWWLQJ YDQ WRWDDOLQQDPHV GDQ GLHQW HU HHQ JRHGH GHNNLQJ WH ]LMQ YDQ KHW WRWDOH<br />
YRHGLQJVSDNNHW ,Q DQGHUH JHYDOOHQ NDQ KHW JDDQ RP VSHFLILHNH YRHGLQJVPLGGHOHQ ]RGDW HHQ<br />
WKHPDWLVFKH DDQSDN WRHJHSDVW NDQ ZRUGHQ E Y UHVLGXHQ YDQ EHVWULMGLQJVPLGGHOHQ RS IUXLW RI<br />
WRHJHYRHJGH YLWDPLQHQ DDQ PDUJDULQH<br />
+RH JHGHWDLOOHHUG PRHW KHW YRHGLQJVPLGGHO JHVSHFLILFHHUG ]LMQ ZDDULQ JHPHWHQ JDDW<br />
ZRUGHQ" 6RPV ZRUGW GLUHFW LQ VSHFLILHNH YRHGLQJVPLGGHOHQ JHPHWHQ ,Q DQGHUH JHYDOOHQ NDQ<br />
GH DDQGDFKW ]LFK ULFKWHQ RS SURGXFWJURHSHQ HQ RI GH EHVWDQGGHOHQ GDDULQ KHW YRRUNRPHQ YDQ<br />
VRPPLJH VWRIIHQ LV VRPV GXLGHOLMN JHNRSSHOG DDQ EHSDDOGH SULPDLUH EHVWDQGGHOHQ 'RRU<br />
GH]H D SULRUL NHQQLV WH JHEUXLNHQ NDQ EHPRQVWHULQJ YDDN SODDWVYLQGHQ LQ SURGXFWJURHSHQ<br />
L S Y VSHFLILHNH SURGXFWHQ 9HUWDOLQJ YDQ GH JHYRQGHQ FRQFHQWUDWLHV LQ GH SURGXFWJURHS QDDU<br />
GH VSHFLILHNH SURGXFWHQ NDQ GDQ SODDWVYLQGHQ GRRU VFKDOLQJ QDDU KHW JHKDOWH YDQ KHW SULPDLUH<br />
EHVWDQGGHHO<br />
'H FRQFHQWUDWLHV YDQ VRPPLJH VWRIIHQ LQ YRHGLQJ YHUWRQHQ HHQ WUHQG LQ GH WLMG 'LW LV E Y<br />
KHW JHYDO ELM FRQWDPLQDQWHQ ZDDUYRRU LQ KHW QDELMH YHUOHGHQ PDDWUHJHOHQ ]LMQ JHQRPHQ RP<br />
GH YHUVSUHLGLQJ WH YRRUNRPHQ 2P HHQ JRHG EHHOG WH NULMJHQ YDQ GH]H WUHQGV GLHQHQ<br />
PHHWSURJUDPPDV KHUKDDOG WH ZRUGHQ 6RPV LV GDDUELM HHQ WKHPDWLVFKH DDQSDN YROGRHQGH<br />
E Y PRQLWRULQJ GLR[LQHV LQ PHON<br />
'H JHJHYHQV RYHU FRQFHQWUDWLHV YDQ VWRIIHQ LQ YRHGLQJVPLGGHOHQ GLH YRRUWNRPHQ XLW<br />
PRQLWRULQJ SURJUDPPDV ZRUGHQ YDDN RSJHVODJHQ LQ GDWDEDVHV 9DQ GH 9LMYHU HW DO<br />
+HLVWHUNDPS HQ 2OOLQJ 9RRUEHHOGHQ KLHUYDQ ]LMQ<br />
1HGHUODQGVH YRHGLQJVPLGGHOHQEHVWDQG<br />
+HW 1HGHUODQGVH YRHGLQJVPLGGHOHQEHVWDQG 1(92 EHYDW JHJHYHQV RYHU GH FRQFHQWUDWLHV<br />
YDQ PDFURQXWULsQWHQ YLWDPLQHQ HQ PLQHUDOHQ LQ YRHGLQJVPLGGHOHQ<br />
$/%$<br />
,Q KHW GDWDEHVWDQG $/%$ VWDDW LQIRUPDWLH RYHU VSHFLILHNH VWRIIHQ DOV DGGLWLHYHQ HQ QDWXXUOLMN<br />
YRRUNRPHQGH VWRIIHQ GLH HHQ DOOHUJLVFKH UHDFWLH NXQQHQ YHURRU]DNHQ<br />
.$3<br />
5,.,/7 '/2 KHHIW HHQ GDWDEDVH PHW UHVLGXHQ YDQ YHUVFKLOOHQGH VWRIIHQ PHW QDPH<br />
FRQWDPLQDQWHQ HQ SHVWLFLGHQ LQ SULPDLUH DJUDULVFKH SURGXFWHQ .$3 'H]H ZRUGW MDDUOLMNV<br />
DDQJHYXOG PHW JHJHYHQV XLW YHUVFKLOOHQGH PRQLWRULQJSURJUDPPDV<br />
,6,<br />
'H .HXULQJVGLHQVW YDQ :DUHQ YRHUW HHQ DDQWDO PHHWSURJUDPPDV XLW QDDU FRQWDPLQDQWHQ<br />
QDWXXUOLMNH WR[LQHQ HQ JHZDVEHVFKHUPLQJVUHVLGXHQ LQ FRQVXPHQWHQ SURGXFWHQ ,Q ]XOOHQ<br />
HU GULH SURJUDPPDV ]LMQ W E Y KDQGKDYLQJ VXUYHLOODQFH HQ PRQLWRULQJ 'H JHJHYHQV ZRUGHQ<br />
RSJHVODJHQ LQ ,6, ,QIRUPDWLH 6\VWHHP ,QVSHFWLH JH]RQGKHLGVEHVFKHUPLQJ (HQ GHHO YDQ GH
5,90 UDSSRUW SDJ YDQ<br />
PHHWZDDUGHQ ZRUGW RRN RSJHVODJHQ LQ .$3 'H ,6, JHJHYHQV ]LMQ LQ YHHO JHYDOOHQ<br />
EHVFKLNEDDU W E Y 5,90 DFWLYLWHLWHQ<br />
/LWHUDWXXU HQ KHW LQWHUQHW YRUPHQ YDDN RRN HHQ JRHGH EURQ YDQ JHJHYHQV RYHU FRQFHQWUDWLHV<br />
YDQ VWRIIHQ LQ YRHGLQJVPLGGHOHQ +HW LV HFKWHU YDDN PRHLOLMN RP GH NZDOLWHLW HQ<br />
UHSURGXFHHUEDDUKHLG YDQ GH]H JHJHYHQV WH EHRRUGHOHQ 9LD LQWHUQHW ]LMQ FRQFHQWUDWLHV YDQ<br />
VWRIIHQ RS WH ]RHNHQ LQ JHJHYHQVEHVWDQGHQ YDQ RQGHUPHHU GH (3$ )'$ HQ 0$))<br />
9RHGLQJVQDYUDDJPHWKRGHQ<br />
2P GH FRQVXPSWLH YDQ YRHGLQJVPLGGHOHQ YDVW WH VWHOOHQ LV HHQ JURRW DDQWDO PHWKRGHQ<br />
EHVFKLNEDDU 9DQ GH 9LMYHU HW DO 9DQ 6WDYHUHQ HQ 2FNp 'H]H PHWKRGHQ<br />
YHUVFKLOOHQ QRJDO LQ DDQSDN HQ LQ GH PRJHOLMNKHGHQ YRRU JHEUXLN LQ HHQ NZDQWLWDWLHYH<br />
EHQDGHULQJ YDQ GH VFKDWWLQJ YDQ GH FRQVXPSWLH YDQ YRHGLQJVPLGGHOHQ 'H NHX]H YDQ HHQ<br />
EHSDDOGH PHWKRGH LV PHW QDPH HHQ DIZHJLQJ YDQ JHZHQVWH QDXZNHXULJKHLG LQ GH VFKDWWLQJ<br />
YDQ GH LQQDPH GH URO YDQ GH SDUWLFLSDQW LQ GH XLWYRHULQJ YDQ KHW RQGHU]RHN HQ GH<br />
EHVFKLNEDUH ILQDQFLsOH PLGGHOHQ HQ WLMG WDEHO<br />
*HZRJHQ RSVFKULMIPHWKRGH ZHLJKWHG GLHWDU\ UHFRUGV<br />
%LM GH RSVFKULMIPHWKRGH ZRUGW GH SDUWLFLSDQW JHOHHUG RP GH YRHGLQJVPLGGHOHQ WH ZHJHQ YRRU<br />
]H JHFRQVXPHHUG ZRUGHQ HQ GH JHJHYHQV RYHU KHW YRHGLQJVPLGGHO HQ JHZLFKW WH QRWHUHQ<br />
(YHQWXHOH UHVWDQWHQ ZRUGHQ RRN JHZRJHQ HQ JHQRWHHUG ,QGLHQ KHW ZHJHQ LQWHUIHUHHUW PHW KHW<br />
QRUPDOH YRHGLQJVSDWURRQ ZRUGW YROVWDDQ PHW KHW RPVFKULMYHQ YDQ KHW JHZLFKW ELMYRRUEHHOG<br />
ELM EXLWHQVKXLV HWHQ 'H]H PHWKRGH LV NZDQWLWDWLHI (HQ YRRUEHHOG YDQ HHQ JURRW GDWDEHVWDQG<br />
GDW RS GH]H ZLM]H WRW VWDQG LV JHNRPHQ LV GH 9&3 9RHGVHO &RQVXPSWLH 3HLOLQJ GLH ]LFK<br />
ULFKW RS KHW HHWJHGUDJ YDQ GH 1HGHUODQGVH EHYRONLQJ $QRQLHP 'H 9&3V ZHUGHQ<br />
XLWJHYRHUG LQ HQ %LM GH]H RQGHU]RHNHQ ZDUHQ FD GHHOQHPHUV<br />
EHWURNNHQ<br />
1LHW JHZRJHQ RSVFKULMIPHWKRGH HVWLPDWHG GLHWDU\ UHFRUGV<br />
'H]H PHWKRGH LV YHUJHOLMNEDDU PHW GH JHZRJHQ RSVFKULMIPHWKRGH (FKWHU GH KRHYHHOKHGHQ<br />
YDQ GH YRHGLQJVPLGGHOHQ ZRUGHQ QX RPVFKUHYHQ LQ HHQKHGHQ KXLVKRXGHOLMNH PDWHQ HWF<br />
XXUV YRHGLQJVQDYUDDJPHWKRGH K UHFDOO<br />
%LM GH]H PHWKRGH ZRUGW GRRU PLGGHO YDQ HHQ RSHQ LQWHUYLHZ GH YRHGLQJVLQQDPH YDQ HHQ<br />
SDUWLFLSDQW QDJHYUDDJG RYHU GH ODDWVWH XXU VRPV XXU RI HHUJLVWHUHQ +RHYHHOKHGHQ<br />
ZRUGHQ JHZRRQOLMN QDJHYUDDJG LQ GH YRUP YDQ KXLVKRXGHOLMNH PDWHQ P E Y<br />
YRHGVHOPRGHOOHQ RI IRWRV<br />
'LHWDU\ KLVWRU\<br />
0HW GH GLHWDU\ KLVWRU\ ZRUGW GH JHZRRQOLMNH YRHGLQJVLQQDPH YDQ HHQ LQGLYLGX YDVWJHVWHOG<br />
RYHU HHQ EHSDDOG WLMGVEHVWHN PHHVWDO HHQ DDQWDO PDDQGHQ 2ULJLQHHO EHVWRQG KHW LQWHUYLHZ XLW<br />
GHOHQ GH FURVV FKHFN GLHWDU\ KLVWRU\ KHW EHSDOHQ YDQ KHW JHZRRQOLMNH YRHGLQJVSDWURRQ
5,90 UDSSRUW SDJ YDQ<br />
HHQ FKHFN OLVW PHW YRHGLQJVPLGGHOHQ HQ HHQ GDDJVH QLHW JHZRJHQ RSVFKULMIPHWKRGH 'H]H<br />
ODDWVWH ZRUGW WHJHQZRRUGLJ PHHVWDO ZHJJHODWHQ<br />
9RHGVHOIUHTXHQWLHPHWKRGH<br />
0HW GH]H PHWKRGH ZRUGW RYHU HHQ EHSDDOGH WLMGVSHULRGH VFKULIWHOLMN RI PRQGHOLQJ QDJHJDDQ<br />
KRH YDDN EHSDDOGH YRHGLQJVPLGGHOHQ ZRUGHQ JHFRQVXPHHUG 'H OLMVW PHW YRHGLQJVPLGGHOHQ<br />
LV DIKDQNHOLMN YDQ KHW GRHO HQ NDQ EHVWDDQ XLW SURGXFWHQ GLH ULMN ]LMQ DDQ HHQ EHSDDOGH<br />
YRHGLQJVVWRI RI HHQ OLMVW YRHGLQJVPLGGHOHQ GLH SRRJW GH WRWDOH YRHGLQJ WH RPYDWWHQ 'H HHUVWH<br />
YRHGVHOIUHTXHQWLHYUDJHQOLMVWHQ RPYDWWHQ JHHQ SRUWLHJURRWWHVFKDWWLQJHQ PDDU UHFHQWH<br />
YUDJHQOLMVWHQ ]LMQ PHHVWDO VHPL NZDQWLWDWLHI<br />
+XLVKRXGEXGJHW VXUYH\<br />
'H KLHUERYHQ EHVFKUHYHQ PHWKRGHQ YHU]DPHOHQ DOOHPDDO LQIRUPDWLH RYHU GH<br />
YRHGVHOFRQVXPSWLH YDQ LQGLYLGXHQ 'DDUQDDVW LV KHW PRJHOLMN JHJHYHQV RS KXLVKRXGQLYHDX WH<br />
YHU]DPHOHQ ,Q GH PHHVWH ODQGHQ ZRUGHQ KXLVKRXG EXGJHW VXUYH\V XLWJHYRHUG +LHULQ<br />
UHJLVWUHUHQ KXLVKRXGHQV ZDW GH DDQNRSHQ ]LMQ RYHU HHQ EHSDDOGH SHULRGH 2RN<br />
YRHGLQJVPLGGHOHQ ZRUGHQ JHUHJLVWUHHUG 2PGDW GH UHJLVWUDWLH PHHVWDO JHEHXUW GRRU PLGGHO<br />
YDQ EDUFRGHV RS GH YHUSDNNLQJ LV GH]H ]HHU VSHFLILHN WRW RS PHUNQDDPQLYHDX 1DGHHO YDQ<br />
GH]H PHWKRGH LV GDW XLWJDYHQ L S Y KRHYHHOKHGHQ ZRUGHQ JHUHJLVWUHHUG<br />
,QQDPHEHUHNHQLQJHQ RS EDVLV YDQ YRHGLQJVQDYUDDJPHWKRGHQ<br />
*HJHYHQV RYHU GH FRQVXPSWLH YDQ YRHGLQJVPLGGHOHQ YRUPHQ GH EDVLV YRRU HHQ VFKDWWLQJ YDQ<br />
GH LQQDPH YDQ VWRIIHQ LQ GH EHYRONLQJ YLD YRHGLQJ =LH ILJXXU +LHUELM ZRUGW JHEUXLN<br />
JHPDDNW YDQ GH NHQQLV RYHU FRQFHQWUDWLHV LQ GH JHFRQVXPHHUGH SURGXFWHQ 2P GH]H VFKDWWLQJ<br />
RS EDVLV YDQ GH]H JHJHYHQV XLW WH YRHUHQ ]LMQ YHUVFKLOOHQGH VWDSSHQ QRRG]DNHOLMN<br />
&RQYHUVLH<br />
2P FRQFHQWUDWLHJHJHYHQV WH NXQQHQ FRPELQHUHQ PHW FRQVXPSWLHJHYHQV LV KHW QRGLJ GDW GH<br />
JHPLGGHOGH FRQFHQWUDWLHV YDQ HHQ VWRI EHNHQG ]LMQ LQ GH]HOIGH YRHGLQJVPLGGHOHQ DOV ZDDUYDQ<br />
GH FRQVXPSWLH EHNHQG LV 'LW LV YDDN QLHW KHW JHYDO 2S GH HHQ RI DQGHUH PDQLHU ]DO GDQ HHQ<br />
FRQYHUVLH PRHWHQ SODDWVYLQGHQ +LHUYRRU ]LMQ YHUVFKLOOHQGH PHWKRGHQ RQWZLNNHOG<br />
+HW &3$3 5,.,/7 '/2 LV HHQ FRQYHUVLHPRGHO GDW FRQFHQWUDWLHV LQ SULPDLUH DJUDULVFKH<br />
SURGXFWHQ FRQYHUWHHUW QDDU FRQFHQWUDWLHV LQ SURGXFWHQ XLW KHW 1HGHUODQGVH<br />
YRHGLQJVPLGGHOHQEHVWDQG 1(92 'H FRQYHUVLH KRXGW UHNHQLQJ PHW DIYDO HQ<br />
VOLQNIDFWRUHQ ELM GH YHUZHUNLQJ YDQ SULPDLUH DJUDULVFKH SURGXFWHQ WRW YRHGLQJVPLGGHOHQ<br />
9DQ 'RRUHQ HW DO<br />
)5,'*( LV VRIWZDUH RQWZLNNHOG RS KHW 5,90 HQ VWHOW GH JHEUXLNHU LQ VWDDW RP FRQYHUVLHV<br />
WH PDNHQ YDQ FRQFHQWUDWLHV LQ SURGXFWFDWHJRULHsQ QDDU VSHFLILHNH YRHGLQJVPLGGHOHQ<br />
YROJHQV KHW 1(92 EHVWDQG +LHUELM ZRUGW JHEUXLN JHPDDNW YDQ NHQQLV RYHU GH<br />
DDQZH]LJKHLG YDQ KDOISURGXFWHQ HQ PDFURQXWULsQWHQ LQ GH 1(92 SURGXFWHQ )5,'*(<br />
EHKRHIW PLQGHU LQYRHUJHYHQV HQ LV GDDUGRRU HHQYRXGLJHU WH JHEUXLNHQ GDQ &3$3 (FKWHU<br />
)5,'*( LV QLHW LV VWDDW RP FRQYHUVLHV WH PDNHQ YDQ SULPDUH DJUDULVFKH SURGXFWHQ QDDU<br />
YRHGLQJVPLGGHOHQ
5,90 UDSSRUW SDJ YDQ<br />
,QQDPHEHUHNHQLQJHQ<br />
,QQDPHV RS LQGLYLGXHHO QLYHDX ZRUGHQ EHUHNHQG RS EDVLV YDQ LQGLYLGXHOH YRHGVHOFRQVXPSWLH<br />
HQ GH FRQFHQWUDWLHV LQ GH YRHGLQJVSURGXFWHQ<br />
,QQDPH VWRI S FRQFHQWUDWLH LQ YRHGLQJVPLGGHO FRQVXPSWLH YDQ YRHGLQJVPLGGHO<br />
9RRU KHW PDNHQ YDQ HHQ MXLVWH VFKDWWLQJ YDQ GH LQQDPH YDQ HHQ EHSDDOGH VWRI LQ GH EHYRONLQJ<br />
LV KHW YDQ EHODQJ RP LQ]LFKW WH KHEEHQ LQ GH YDULDWLH YDQ GH SHUVRRQOLMNH GDJLQQDPHV YDQ<br />
VWRIIHQ 67(0 6WDWLVWLFDO ([SRVXUH 0RGHO LV HHQ RS KHW 5,90 RQWZLNNHOG VWDWLVWLVFK PRGHO<br />
6ORE ZDDUPHH RS EDVLV YDQ GH 9RHGVHO &RQVXPSWLH 3HLOLQJ 9&3<br />
SRSXODWLHEORRWVWHOOLQJHQ NXQQHQ ZRUGHQ EHUHNHQG 67(0 LV RRN JHVFKLNW RP WH JHEUXLNHQ<br />
YRRU DQGHUH FRPVXPSWLHJHJHYHQV ]RODQJ ]LM YHUNUHJHQ ]LMQ PHW GH µJHZRJHQ<br />
RSVFKULMIPHWKRGH 67(0 FRPELQHHUW HHQ JHQHVWH YDULDQWLHDQDO\VH PHW HHQ LQQDPH OHHIWLMG<br />
UHJUHVVLH 67(0 EHUHNHQW GH PHGLDQH LQQDPH DOV IXQFWLH YDQ GH OHHIWLMG HQ PDDNW HHQ<br />
VFKDWWLQJ YDQ GH WXVVHQ GDJ YDULDQWLH HQ GH WXVVHQ SHUVRRQ YDULDQWLH 0HW EHKXOS YDQ GH]H<br />
VWDWLVWLVFKH PDWHQ NDQ HHQ XLWVSUDDN ZRUGHQ JHGDDQ RYHU GH YHUGHOLQJ YDQ ]RZHO FKURQLVFKH<br />
OHYHQVODQJ JHPLGGHOGH DOV VXEFKURQLVFKH OHHIWLMGJHPLGGHOGHQ LQQDPHV LQ GH EHYRONLQJ<br />
ÃÃÃ<br />
ÃÃ<br />
<br />
<br />
ÃÃ<br />
ÃÃ<br />
<br />
ÃÃÃ<br />
<br />
ÃÃÃÃÃ<br />
ÃÃ<br />
ÃÃ<br />
ÃÃ<br />
<br />
<br />
ÃÃÃ<br />
<br />
ÃÃ<br />
)LJXXU 2YHU]LFKW YDQ JHEUXLNWH PHWKRGHQ ELM GH EHUHNHQLQJ YDQ LQQDPHV LQ GH SRSXODWLH
5,90 UDSSRUW SDJ YDQ<br />
7DEHO 2YHU]LFKW YDQ YRHGVHOFRQVXPSWLHPHWKRGHQ<br />
$VSHFW 9RHGLQJVQDYUDDJPHWKRGHQ 'LUHFWH PHWKRGHQ %XGJHW<br />
VWXGLHV<br />
%HLQYORHGLQJ YDQ<br />
YRHGLQJVSDWURRQ<br />
$IKDQNHOLMN YDQ<br />
JHKHXJHQ<br />
GHHOQHPHU<br />
9DWEDDU YRRU<br />
LQWHUYLHZHUHIIHFW<br />
HQ<br />
1DXZNHXULJH<br />
SRUWLHJURRWWH<br />
VFKDWWLQJ<br />
1DXZNHXULJKHLG<br />
LQIR RYHU<br />
QDJHYUDDJGH<br />
SHULRGH<br />
2QGHU RI<br />
RYHUUDSSRUWDJH<br />
WHQ RS]LFKWH YDQ<br />
JHZRRQOLMNH<br />
YRHGLQJ<br />
,QIR RYHU ELQQHQ<br />
HQ<br />
WXVVHQSHUVRRQV<br />
YDULDQWLH<br />
,QIR RYHU<br />
JHZRRQOLMNH<br />
LQQHPLQJ<br />
LQGLYLGX<br />
,QIR RYHU<br />
PLQGHU YDDN<br />
JHJHWHQ<br />
YRHGLQJVPLGGH<br />
OHQ<br />
*HZRJHQ<br />
QDYUDDJ<br />
1LHW<br />
JHZRJHQ<br />
QDYUDDJ<br />
K UHFDOO 'LHWDU\<br />
KLVWRU\<br />
9RHGVHO<br />
IUHTXHQWLH<br />
YUDJHQOLMVW<br />
'XSOLFDDW<br />
YRHGLQJV<br />
PHWKRGH<br />
0DUNHW<br />
%DVNHW<br />
$UEHLGVLQWHQVLHI -D -D -D -D 1HH MD -D 1HH<br />
'LHWLVW YRHGLQJV<br />
NXQGLJH QRGLJ<br />
-D -D -D -D 1HH 1HH -D 1HH<br />
5HVSRQV ELDV -D ZDQW -D PDDU 1HH -D $IKDQNH -D YUDDJW -D -D<br />
YUDDJW YHHO PLQGHU GDQ LQWHUYLHZ LQWHUYLHZ OLMN YDQ YHHO YDQ<br />
YDQ JHZRJHQ YDQ FD YDQ FD OHQJWH GHHOQHPHU<br />
GHHOQHPHU RSVFKULMI<br />
PHWKRGH<br />
PLQXWHQ XXU YUDJHQOLMVW<br />
-D -D 1HH 1HH 1HH -D -D 1HH<br />
1HH 1HH -D NRUWH<br />
WHUPLMQ<br />
-D ODQJH<br />
WHUPLMQ<br />
-D ODQJH<br />
WHUPLMQ<br />
1HH 1HH 1HH<br />
1HH 1HH -D -D 1HH 1HH 1HH 1HH<br />
-D 1HH 1HH 1HH 1HH -D -D 1HH<br />
+XLVKRXG<br />
EXGJHW<br />
=HHU KRRJ +RRJ +RRJ +RRJ 0DWLJ +RRJ +RRJ 1LHW RS<br />
SHUVRRQV<br />
QLYHDX<br />
2QGHU 2QGHU 2QGHU 2YHU $IKDQNH<br />
OLMN YDQ<br />
DDQWDO<br />
LWHPV<br />
$OV KHUKDDOG<br />
WRHJHSDVW<br />
$OV KHUKDDOG<br />
WRHJHSDVW<br />
$OV<br />
KHUKDDOG<br />
WRHJHSDVW<br />
$OV<br />
KHUKDDOG<br />
WRHJHSDVW<br />
$OV<br />
KHUKDDOG<br />
WRHJHSDVW<br />
$OV<br />
KHUKDDOG<br />
WRHJHSDVW<br />
-D -D -D 1HH DOOHHQ<br />
DOV LQ<br />
FKHFNOLVW<br />
1HH 1HH $OV KHUKDDOG<br />
WRHJHSDVW<br />
-D -D $OV KHUKDDOG<br />
WRHJHSDVW<br />
2QGHU 2QGHU 2QGHU<br />
$OV LQ OLMVW *HHQ LQIR RS<br />
YRHGLQJV<br />
PLGGHOHQ<br />
QLYHDX<br />
1HH 1HH<br />
1HH 1HH<br />
1HH -D
5,90 UDSSRUW SDJ YDQ<br />
%HKRHIWH DDQ QLHXZH JHJHYHQVEHVWDQGHQ HQ PRGHOOHQ<br />
'H KXLGLJH PHWKRGLHN )LJXXU VFKDW RS EDVLV YDQ YRHGVHOFRQVXPSWLH HQ<br />
FRQFHQWUDWLHJHJHYHQV GH LQQDPH YDQ VWRIIHQ YLD YRHGLQJ RS SRSXODWLHQLYHDX (U ]LMQ HHQ<br />
DDQWDO RQGHUGHOHQ GLH YHUGHU XLWJHZHUNW GLHQHQ WH ZRUGHQ<br />
(HQ RQ]HNHUH VWDS LQ GH PHWKRGLHN LV GH FRQYHUVLH YDQ FRQFHQWUDWLH HQ<br />
YRHGVHOFRQVXPSWLHJHJHYHQV QDDU HHQ LQGHOLQJ GLH JHEUXLN PDDNW YDQ VWDQGDDUG<br />
YRHGLQJVSURGXFWHQ ]RDOV E Y KHW 1(92 EHVWDQG +HW LV GXLGHOLMN GDW GH]H FRQYHUVLH<br />
QRRG]DNHOLMN LV RPGDW PHQ WH PDNHQ KHHIW PHW YHUVFKLOOHQGH EURQQHQ YDQ NHQQLV HQ<br />
LQIRUPDWLH GLH VDPHQJHEUDFKW ZRUGHQ LQ GH LQQDPHEHUHNHQLQJ 9UDJHQOLMVWHQ RYHU YRHGLQJ HQ<br />
FRQVXPSWLH PDNHQ RYHU KHW DOJHPHHQ JHEUXLN YDQ KHW 1(92 EHVWDQG $QGHUV LV GDW YRRU GH<br />
FRQFHQWUDWLHPHWLQJHQ 'H KRJH NRVWHQ YDQ GH FRQFHQWUDWLHPHWLQJHQ EHSHUNHQ GH<br />
PRJHOLMNKHGHQ ]RGDW DOOHHQ YDQ EHSDDOGH SURGXFWHQ SULPDLUH EHVWDQGGHOHQ RI JURHSHQ YDQ<br />
SURGXFWHQ FRQFHQWUDWLHJHJHYHQV EHVFKLNEDDU ]LMQ NRPHQ +HW LV GDDURP QRRG]DNHOLMN<br />
FRQFHQWUDWLHV LQ 1(92 SURGXFWHQ DI WH OHLGHQ XLW GH EHVFKLNEDUH JHJHYHQV (U LV HHQ VWHUNH<br />
EHKRHIWH RP LQ]LFKW WH NULMJHQ KRH MXLVW GH]H FRQYHUVLHVWDS PHW LQDFKWQHPLQJ YDQ<br />
SURGXFWVDPHQVWHOOLQJ HIIHFW YDQ EHUHLGLQJ KHUNRPVW HQ SURGXFWLHSURFHV YDQ LQYORHG LV RS<br />
GH XLWHLQGHOLMNH LQQDPHEHUHNHQLQJHQ %HODQJULMN LV GDDUELM GDW GH FRQYHUVLH WUDQVSDUDQW HQ<br />
UHSURGXFHHUEDDU NDQ ZRUGHQ XLWJHYRHUG (HQ YHUJHOLMNLQJ YDQ YHUVFKLOOHQGH URXWHV LV LQ GDW<br />
NDGHU ZHQVHOLMN<br />
(HQ EHODQJULMNH VWDS ELM GH VFKDWWLQJ YDQ GH SRSXODWLHLQQDPHV LV GH YDULDQWLHDQDO\VH<br />
67(0 ZDDULQ GH WXVVHQ GDJ HQ WXVVHQ SHUVRRQ YDULDQWLH EHUHNHQG ZRUGHQ 'H]H DQDO\VH LV<br />
DOOHHQ PRJHOLMN YRRU VWRIIHQ GLH YRRUNRPHQ LQ YRHGLQJVPLGGHOHQ GLH GRRU HHQ JURRW GHHO YDQ<br />
GH EHYRONLQJ UHJHOPDWLJ ZRUGHQ JHFRQVXPHHUG 'H FRQVXPSWLH YDQ GH]H YRHGLQJVPLGGHOHQ<br />
ZRUGW YROGRHQGH JHGHNW GRRU GH 9&3<br />
9RRU VWRIIHQ GLH LQ ZHLQLJ GRFK GRRU JURWH JURHSHQ PHQVHQ JHFRQVXPHHUGH<br />
SURGXFWHQ YRRUNRPHQ LV 67(0 RQJHVFKLNW ,Q HHQ GHUJHOLMN JHYDO ELHGW GH 9&3 RQYROGRHQGH<br />
LQIRUPDWLH RP HHQ VFKDWWLQJ WH PDNHQ YDQ GH WXVVHQ GDJ YDULDQWLH (HQ DDQWDO YDQ GH<br />
YRHGLQJVQDYUDDJPHWKRGHQ JHHIW DDQGDFKW DDQ YRHGLQJVPLGGHOHQ GLH ZHLQLJ IUHTXHQW<br />
JHFRQVXPHHUG ZRUGHQ E Y GLHWDU\ KLVWRU\ 9RRU VWRIIHQ GLH LQ GH]H YRHGLQJVPLGGHOHQ<br />
YRRUNRPHQ GLHQW HHQ PHWKRGH RQWZLNNHOG WH ZRUGHQ YRRU GH LQQDPHEHUHNHQLQJ<br />
9RRU GH ]JQ OLHIKHEEHUVLQQDPHV G Z ] LQQDPH YDQ VWRIIHQ LQ VSHFLILHNH SURGXFWHQ<br />
GLH YHHOYXOGLJ ZRUGHQ JHJHWHQ GRRU HHQ VSHFLILHNH ]HHU NOHLQH JURHS PHQVHQ LV RRN HHQ<br />
PHWKRGLHNRQWZLNNHOLQJ JHZHQVW +HW SUREOHHP YRUPW KLHU QLHW GH LQQDPH YDQ GH SURGXFWHQ<br />
PDDU PHHU HHQ VFKDWWLQJ YDQ GH RPYDQJ YDQ GH]H SRSXODWLH 'LW SUREOHHP NDQ RQGHUYDQJHQ<br />
ZRUGHQ GRRU QDDVW KHW YHU]DPHOHQ YDQ JHJHYHQV RYHU GH FRQVXPSWLH RS EHSDDOGH GDJHQ<br />
VSHFLILHN WH YUDJHQ QDDU GH IUHTXHQWLH YDQ JHEUXLN YDQ GH]H SURGXFWHQ 'RGG HW DO LQ SUHVV<br />
%LM GH WRHSDVVLQJ YDQ GH GLUHFWH PHWKRGHV GXSOLFDDW YRHGLQJVRQGHU]RHN HQ 0DUNHW<br />
%DVNHW VWXGLHV NDQ EHODQJULMNH D SULRUL NHQQLV RQWOHHQG ZRUGHQ XLW<br />
YRHGVHOFRQVXPSWLHJHJHYHQV RS LQLGYLGXHHO QLYHDX ELM JURWH VWHHNSURHYHQ YDQ GH 1HGHUODQGVH<br />
EHYRONLQJ ]RDOV GH 9&3 'H LQ GH]H RQGHU]RHNHQ YDVWJHVWHOGH YRHGLQJVSDWURQHQ YDQ ]RZHO<br />
VSHFLILHNH JURHSHQ PHQVHQ DOV GH JHKHOH SRSXODWLH NXQQHQ DOV EDVLV GLHQHQ RP HHQ
5,90 UDSSRUW SDJ YDQ<br />
LQGLYLGXHHO YRHGVHOSDNNHW WH YHU]DPHOHQ 'DDUQD NDQ RS GH ELM GH GLUHFWH PHWKRGH<br />
JHEUXLNHOLMNH ZLM]H YHUGHU ZRUGHQ JHZHUNW<br />
$DQGDFKW LV RRN JHZHQVW YRRU GH WRHSDVVLQJVJHELHGHQ YDQ GH EHUHNHQGH LQQDPHV LQ GH<br />
SRSXODWLH +LHUELM ZRUGW E Y JHGDFKW DDQ HHQ YHUJHOLMNLQJ YDQ EHUHNHQGH LQQDPHV PHW<br />
EHVWDDQGH QRUPHQ YRRU OHYHQVODQJH EORRWVWHOOLQJ ]RDOV E Y GH 7', 7ROHUDEOH 'DLO\ ,QWDNH<br />
%LM JHFRQVWDWHHUGH QRUPRYHUVFKULMGLQJ LV PHWKRGLHN JHZHQVW RP WH HYDOXHUHQ ZDW GH<br />
JH]RQGKHLGVNXQGLJH LPSOLFDWLHV KLHUYDQ ]LMQ HQ RI HU VSUDNH LV YDQ VSHFLILHNH ULVLFRJURHSHQ<br />
3RSXODWLHLQQDPHV ]LMQ RRN HHQ EHODQJULMN LQYRHUJHJHYHQ YRRU PRGHOOHQ YRRU GH NLQHWLHN<br />
HQ JH]RQGKHLGVHIIHFWHQ LQ GH SRSXODWLH 'H]H FRQQHFWLH GLHQW YHUGHU XLWJHZHUNW WH ZRUGHQ RP<br />
GH LQQDPHEHUHNHQLQJHQ HHQ EHWHNHQLV WH JHYHQ LQ WHUPHQ YDQ YRONVJH]RQGKHLG<br />
5HIHUHQWLHV<br />
$QRQLHP =R HHW 1HGHUODQG 5HVXOWDWHQ YDQ GH 9RHGVHOFRQVXPSWLHSHLOLQJ<br />
9RHGLQJVFHQWUXP 'HQ +DDJ<br />
'RGG .: .UHEV 6PWK 60 6XEDU $) .LSQLV 9 (VWLPDWLQJ XVXDO IRRG LQWDNH XVLQJ KRXU<br />
UHFDOOV DXJPHQWHG ZLWK D IRRG IUHTXHQF\ TXHVWLRQQDLUH $EVWUDFW 3XEOLF +HDOWK 1XWULWLRQ LQ<br />
SUHVV<br />
'RRUHQ 00+ YDQ %RHLMHQ , 9DQ .ODYHUHQ -' 9DQ 'RQNHUVJRHG * &RQYHUVLRQ RI<br />
FRQVXPHU IRRG WR SULPDLU\ DJULFXOWXUDO SURGXFWV 6WDWH ,QVWLWXWH IRU 4XDOLW\ &RQWURO RI<br />
$JULFXOWXUDO 3URGXFWV 5,.,/7 5HSRUW :DJHQLQJHQ LQ 'XWFK<br />
+HLVWHUNDPS 6+ 2OOLQJ 0 +DDOEDDUKHLGVVWXGLH +XPDQH %ORRWVWHOOLQJ 9RHGLQJ<br />
5,90 %LOWKRYHQ 5,90 UDSSRUW<br />
6ORE : 0RGHOLQJ /RQJ WHUP H[SRVXUH RI WKH ZKROH SRSXODWLRQ WR FKHPLFDOV LQ IRRG 5LVN<br />
$QDO\VLV<br />
6WDYHUHQ :$ YDQ 2FNp 0& (VWLPDWLRQ RI GLHWDU\ LQWDNH ,Q %RZPDQ %$ 5XVVHOO 5 HG<br />
3UHVHQW NQRZOHGJH LQ QXWULWLRQ ,/6, HLJKWK HGLWLRQ<br />
9LMYHU /3/ YDQ GH +XOVKRI .)$0 .DUGLQDDO $)0 0RGHOOLQJ KXPDQ H[SRVXUH WR<br />
FKHPLFDOV LQYHQWRU\ DSSOLFDELOLW\ DQG IHDVLELOLW\ =HLVW 712 UHSRUW 9
5,90 UDSSRUW SDJ YDQ<br />
%LMODJH 9HU]HQGOLMVW<br />
1-5 Keuringsdienst van Waren (Wolfs, de Sitter, Peters, Blok, Koenen)<br />
6 Directeur-Generaal van het Ministerie van VWS<br />
7-10 GZB (Top, de Stoppelaar, v Eck, Cuijpers)<br />
11-13 Keuringsdienst van Waren regio Zuid (3x)<br />
14 Voorzitter Gezondheidsraad<br />
15 LNV (Onneweer)<br />
16-18 Belanghebbenden TNO Voeding (Löwik, Brussaard, Hulshof)<br />
19-20 Belanghebbenden Voedingscentrum (Breedveld, Baan)<br />
21 Belanghebbenden Gerzondheidsraad (Bosman)<br />
22 Belanghebbenden RIKILT (van Klaveren)<br />
23 Fiolet<br />
24 Freijer<br />
25 Depot Nederlandse Publikaties en Nederlandse Bibliografie<br />
26 Directie <strong>RIVM</strong><br />
27-53 <strong>RIVM</strong> (Kromhout, de Mik, Seidell, Baumann, van Zoonen, Baars, Bueno de<br />
Mesquita, Jansen, van Leent, van Kranen, Piersma, Siemelink, van Leusden,<br />
Garssen, Knaap, Ritsema, van Egmond, de Kaste, Sips, Vos, Beltman, Lebret,<br />
Könemann, Opperhuizen, Mensinga, Henken , van Kreyl)<br />
54-56. Auteurs (Liem, Pieters, Ocké)<br />
57-61. SBD/Voorlichting & Public Relations<br />
62 Bureau Rapportenregistratie<br />
63. Bibliotheek <strong>RIVM</strong><br />
64-73. Bureau Rapportenbeheer<br />
74-75. Reserve exemplaren
Change language