Volwassenheid ppm in rijksoverheid conquaestor

Page 1

Volwassenheid van projectportfolio management binnen de Rijksoverheid ConQuaestor B.V. Den Haag, september 2010


,QKRXG 9ROZDVVHQKHLG YDQ SURMHFWSRUWIR IROLR PDQDJHPHQW ELQQHQ GH 5LMNVRYHUKHLG ,QOHLGLQJ 0HWKRGRORJLH 5HVXOWDWHQ &RQFOXVLHV HQ DPELWLHV« « %LMODJH 'H YLMI FRPSRQHQWHQ Y YDQ KHW YROZDVVHQKHLGVPRGHO %LMODJH 9UDJHQOLMVW %LMODJH 2QGHU]RHNVWHDP &RQ4 4XDHVWRU


,QOHLGLQJ

³0HJDORPDQH ,7 SURMHFWHQ´ /LHY HYHU GXXU GDQ ODDW ³,&7 SURMHFWHQ RYHUKHLG EOLMYHQ Q ]RUJHQNLQG´ GH PHGLD ]LW HU ERYHQRS DOV HU ]DNHQ HQ PLVJDDQ PHW SURMHFWHQ ELM GH RYHUKHLG 'H VXFFH FHVYHUKDOHQ NRPHQ GDDUHQWHJHQ QLHW EUHHGXLW LQ GH SX SXEOLFLWHLW 'H GUXN HQ GH QRRG]DDN RP VWHHGV HIIH IIHFWLHYHU HQ WUDQVSDUDQWHU WH ZHUNHQ YUDDJW RP RP HHQ VFKHUSH YROZDVVHQ DDQVWXULQJ HQ EHKHHUV HUVLQJ YDQ SURMHFWHQ (HQ YDQ GH LQVWUXPHQWHQ RP SURMH RMHFWHQ LQ µFRQWURO¶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


0HWKRGRORJLH

,Q GLW KRRIGVWXN ZRUGHQ GH RQGHU] U]RHNVRS]HW HQ KHW JHKDQWHHUGH RQGHU]RHNVPRGH GHO QDGHU WRHJHOLFKW 2QGHU]RHNVRS]HW &HQWUDOH GRHOVWHOOLQJ +HW RQGHU]RHN QDDU SURMHFWSRUWIRO IROLR PDQDJHPHQW ELQQHQ GH 5LMNVRYHUKHLG KHHIW DOV DOV GRHO DQWZRRUG WH JHYHQ RS GH YROJHQGH YUDDJVWHOOLQ OOLQJ ³+RH YROZDVVHQ LV SURMHFWSRUWIR WIROLR PDQDJHPHQW ELQQHQ GH 5LMNVRYHUKHLG"´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wQWHUYLHZ ZGH SHUVRRQ ,Q GH VFDQ ]LMQ VWHOOLQJHQ RSJHQ HQRPHQ 9RRU LHGHUH VWHOOLQJ ]LMQ YLHU DQWZRRUGFDW DWHJRULHsQ PRJHOLMN ZDDU HHQ VFRUH DDQ LV WRHJHNHQG G 3HU YUDDJ ZRUGW GLW LQ]LFKWHOLMN JHPDDNW GRRU HHQ HQ YDQ GH YROJHQGH VFRUHV PHW ELMEHKRUHQGH ZHJLQJV JVIDFWRUHQ 2QHHQV 0HHU 2QHHQV GDQ (HQV 0HHU (HQV GDQ 2QHHQV (HQV 2S EDVLV YDQ GH]H UHVXOWDWHQ LV S SHU FRPSRQHQW DDQJHJHYHQ LQ ZHONH YDQ GH YLHU YROZDVVHQKHLGVQLYHDXV GH RUJDQL QLVDWLH YDQ GH EHWUHIIHQGH FRPSRQHQW ]LW 'H]H QLY QLYHDXV NHQQHQ GH YROJHQGH RSERXZ

ZZZ VFDQPLMQRUJDQLVDWLH QO


1LYHDX VFRUH YDQ RI KRJHU 1LYHDX VFRUH WXVVHQ HQ 1LYHDX VFRUH WXVVHQ HQ 1LYHDX VFRUH WXVVHQ HQ

2Q]H YLVLH« +HW YROZDV DVVHQKHLGVPRGHO YDQ SURMHFWSRUWIROLR PDQDJHP HPHQW 9RRU KHW PHWHQ YDQ GH PDWH YDQ Q YROZDVVHQKHLG YDQ SURMHFWSRUWIROLR PDQDJHPHQW QW LQ RUJDQLVDWLHV LV JHEUXLN JHPDDNW YDQ KHW YROZDVVH VVHQKHLGVPRGHO YDQ &RQ4XDHVWRU HQ GH KLHUYRRU R U RQWZLNNHOGH VFDQ 'LW PRGHO EHVFKULMIW GH YROZDVVHQKHLG HLG DDQ GH KDQG YDQ GH YLMI HVVHQWLs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µRUJDQLVDWLH DDQVWXULQJ¶ RSWLPDDO LV O LV LQJHULFKW WHUZLMO HU JHHQ µSURFHVVHQ WRROV¶ ]LMQ RP G GH RUJDQLVDWLH WH RQGHUVWHXQHQ GHU NRUW WRHJHOLFKW 'H YLMI FRPSRQHQWHQ ]LMQ KLHURQGH &RPSRQHQW %HVFKULMYLQJ 2UJDQLVDWLH $DQVWXULQJ

'H YROZDVVHQKHLG YDQ SURMHFWSRUWIROLR PDQDJHPHQW ZR RUGW PHGH EHSDDOG GRRU GH ZLM]H ZDDURS GH RUJDQLVDWLH HQ DDQVWXULQJ YDQ GH SU SURMHFWSRUWIROLR LV JHwQVWLWXWLRQDOLVHHUG

$DQVOXLWLQJ RS GH VWUDWHJLH YDQ GH RUJDQLVDWLH

'H PDWH ZDDULQ GH SURMHFWHQ LQ GH SURMHFWSRUWIROLR DDQV QVOXLWHQ RS GH VWUDWHJLH YDQ GH RUJDQLVDWLH HQ ELMGUDJHQ DDQ KHW YHUZH]HQOLMNHQ YDQ DQ GH]H VWUDWHJLH

3URFHVVHQ 7RROV

2P GH SURMHFWSRUWIROLR JRHG WH EHKHHUVHQ GLHQHQ GH SUR SURFHVVHQ URQGRP GH]H EHKHHUVLQJ LQJHULFKW HQ JHwPSOHPHQWHHUG WH ]LMQ 2RN K KHW JHEUXLN YDQ VSHFLILHNH SURMHFWSRUWIROLR PDQDJHPHQW WRROV EHSDDOW PHGH GH PD DWH YDQ YROZDVVHQKHLG

%HRRUGHOLQJVFULWHULD 3ULRULWHUHQ

'H PDQLHU ZDDURS ZRUGW EHSDDOG ZHONH SURMHFWHQ GRRU RUJDQJ YLQGHQ YDDN WHQ NRVWH YDQ DQGHUH RS EDVLV YDQ PHHWEDUH FULWHULD HQ SU SULRULWHLWHQ LV HHQ NHQPHUN YDQ YROZDVVHQ SURMHFWSRUWIROLR PDQDJHPHQW

3ODQQHQ YDQ 5HVRXUFHV

2PGDW SURMHFWHQ YDDN DDQVSUDDN PDNHQ RS VFKDDUVH U UHVRXUFHV HQ VNLOOV HQ GH]H RQGHUOLQJ HQ PHW GH OLMQRUJDQLVDWLH PRHWHQ µGHOHQ¶ Q¶ EHSDDOW GH PDWH ZDDULQ KLHURS YRRUDI ZRUGW JHDQWLFLSHHUG GRRU HHQ JRHGH SODQQ QQLQJ PHGH GH YROZDVVHQKHLG YDQ SURMHFWSRUWIROLR PDQDJHPHQW


EŝǀĞĂƵ ϰ͗ sŽůǁĂƐƐĞŶ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ĚĞ ŽƌŐĂŶŝƐĂƚŝĞ

,Ğƚ ŝƐ ĞĞŶ ǀŽŽƌǁĂĂƌĚĞ Žŵ WƌŝŽƌŝƚĞƌŝŶŐ ǀĂŶ ƌ ŝƐ ĠĠŶ ĐĞŶƚƌĂĂů ďĞƐůŝƐŽƌŐĂĂŶ WƌŽĐĞƐƐĞŶ ĞŶ ƚŽŽůƐ ǀŽŽƌ ŚĞƚ ƉƌŽũĞĐƚĞŶ ƚĞ ƐƚĂƌƚĞŶ ĚĂƚ ĚĞnjĞ ĞĞŶ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ŝŶŐĞƌŝĐŚƚ ;ĚĞ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŽĂƌĚͿ ŽƉƐƚĞůůĞŶ͕ ƉůĂŶŶĞŶ ĞŶ ďŝũƐƚƵƌĞŶ ďŝũĚƌĂŐĞ ůĞǀĞƌĞŶ ĂĂŶ ĚĞ ŵŝƐƐŝĞ͕ ǀŝŶĚƚ ƉůĂĂƚƐ ŽƉ ďĂƐŝƐ ǀĂŶ ǀŽŽƌ ĚĞ ďĞƐůƵŝƚǀŽƌŵŝŶŐ ŽǀĞƌ ĂůůĞ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ njŝũŶ ǀŝƐŝĞ ĞŶ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ďĞŽŽƌĚĞůŝŶŐƐĐƌŝƚĞƌŝĂ ĚŝĞ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ;ĚĞ ŽĨĨŝĐŝĞĞů ŝŶŐĞǀŽĞƌĚ ĞŶ ǁŽƌĚĞŶ ŽƉ ŽƌŐĂŶŝƐĂƚŝĞ ĞŶ ĚĂƚ ĚĞnjĞ ďŝũ ǀŽŽƌĂĨŐĂĂŶĚ ĂĂŶ ŚĞƚ ŽƉƐƚĞůůĞŶ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽͿ ĞŶ ŚĞƚ ďĞŚĞĞƌ ǁŽƌĚƚ ƐƚƌƵĐƚƵƌĞůĞ ĞŶ ƵŶŝĨŽƌŵĞ ǁŝũnjĞ ǁŝũnjŝŐŝŶŐĞŶ ƐƚƌƵĐƚƵƌĞĞů ŽƉ ĚĞnjĞ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŽĨĨŝĐŝĞĞů ĐĞŶƚƌĂĂů ŐĞĐŽƂƌĚŝŶĞĞƌĚ ;ĚĞ ŐĞďƌƵŝŬƚ ďŝŶŶĞŶ ĚĞ ŐĞŚĞůĞ ǀŽŽƌǁĂĂƌĚĞ ǁŽƌĚƚ ĞŶ ŐĞģǀĂůƵĞĞƌĚ njŝũŶ ǀĂƐƚŐĞƐƚĞůĚ ĞŶ ƉŽƌƚĨŽůŝŽŵĂŶĂŐĞƌͿ͘ ŽƌŐĂŶŝƐĂƚŝĞ͘ ĞŶ ďĞŽŽƌĚĞĞůĚ͘ ŐĞĐŽŵŵƵŶŝĐĞĞƌĚ͘

Ğ ƉůĂŶŶŝŶŐ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƌĞƐŽƵƌĐĞƐ ǁŽƌĚƚ ĐĞŶƚƌĂĂů ŐĞŵĂĂŬƚ ǀŽŽƌ ĚĞ ŚĞůĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ĞŶ ǀŽƌŵƚ ŝŶƉƵƚ ǀŽŽƌ ŚĞƚ ǀĂƐƚƐƚĞůůĞŶ ĞŶ ĂĂŶƉĂƐƐĞŶ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ͕ njŽĚĂƚ ĐŽŶĨůŝĐƚĞŶ ŝŶ ĐĂƉĂĐŝƚĞŝƚ ƉƌŽͲĂĐƚŝĞĨ ǀŽŽƌŬŽŵĞŶ ŬƵŶŶĞŶ ǁŽƌĚĞŶ͘

EŝǀĞĂƵ ϯ͗ ĂƐŝƐ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ŝŶŐĞƌŝĐŚƚ

WƌŝŽƌŝƚĞƌŝŶŐ ǀĂŶ ůůĞ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ Ğ ďĞŶŽĚŝŐĚĞ ƉƌŽũĞĐƚƌĞƐŽƵƌĐĞƐ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ WƌŽĐĞƐƐĞŶ ĞŶ ƚŽŽůƐ ǀŽŽƌ ŚĞƚ ;ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽͿ ǁŽƌĚĞŶ ĐĞŶƚƌĂĂů sĂŶ ĂůůĞ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ǁŽƌĚĞŶ ǀŽŽƌ ĂůůĞ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ǀŝŶĚƚ ƉůĂĂƚƐ ŽƉ ďĂƐŝƐ ǀĂŶ ƉƌŽũĞĐƚĞŶ ŝƐ ĚĞ ďŝũĚƌĂŐĞ ĂĂŶ ĚĞ ŽƉƐƚĞůůĞŶ͕ ƉůĂŶŶĞŶ ĞŶ ďŝũƐƚƵƌĞŶ ŐĞĂĚŵŝŶŝƐƚƌĞĞƌĚ ĞŶ ŐĞĐŽƂƌĚŝŶĞĞƌĚ ĞŶ ƉƌŽũĞĐƚĞŶ ĚĞĐĞŶƚƌĂĂů ďĞŽŽƌĚĞůŝŶŐĐƌŝƚĞƌŝĂ ĚŝĞ ŶŝĞƚ ǀĂŶ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ njŝũŶ ŵŝƐƐŝĞ͕ ǀŝƐŝĞ ĞŶ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ;ƉŽƌƚĨŽůŝŽŵĂŶĂŐĞƌͿ͕ ŵĂĂƌ ƚŽĞŐĞǁĞnjĞŶ͕ ŵĂĂƌ Ğƌ ŝƐ ĞĞŶ ĐĞŶƚƌĂůĞ ĂĂŶǁĞnjŝŐ ĞŶ ǁŽƌĚĞŶ ƐƚƌƵĐƚƵƌĞĞů ƚĞǀŽƌĞŶ ďĞŬĞŶĚ njŝũŶ ĞŶ ƉĂƐ ŶĂ ŽƌŐĂŶŝƐĂƚŝĞ ďĞŬĞŶĚ͕ ŵĂĂƌ njŝũ ďĞƐůƵŝƚǀŽƌŵŝŶŐ ŽǀĞƌ ĚĞ ƉƌŽũĞĐƚĞŶ ƉůĂŶŶŝŶŐ ĞŶ ďŝũ ĂĨŚĂŶŬĞůŝũŬŚĞĚĞŶ ĞŶ ŚĞƚ ǀĂƐƚƐƚĞůůĞŶ ǀĂŶ ĚĞ ǁŽƌĚĞŶ ŚŝĞƌ ŶŝĞƚ ƐƚƌƵĐƚƵƌĞĞů ŽƉ ƚŽĞŐĞƉĂƐƚ͕ ŵĂĂƌ ĚĞ ŝŶƌŝĐŚƚŝŶŐ ŬĂŶ ǀŝŶĚƚ ĚĞĐĞŶƚƌĂĂů ƉůĂĂƚƐ ŵŝĚĚĞůƐ ĚĞ ĐŽŶĨůŝĐƚĞŶ ŝŶ ĚĞ ŝŶnjĞƚ ǀĂŶ ƌĞƐŽƵƌĐĞƐ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ǁŽƌĚĞŶ ƉĞƌ ĂĨĚĞůŝŶŐ ǀĞƌƐĐŚŝůůĞŶ͘ ŐĞģǀĂůƵĞĞĞƌĚ ĞŶ ďĞŽŽƌĚĞĞůĚ͘ ƌĞŐƵůŝĞƌĞ WůĂŶŶŝŶŐ Θ ŽŶƚƌŽůͲĐLJĐůƵƐ ǁŽƌĚƚ ĂĐƚŝĞ ŽŶĚĞƌŶŽŵĞŶ ;ƌĞĂĐƚŝĞĨͿ͘ ŐĞĐŽŵŵƵŶŝĐĞĞƌĚ͘ ;DdΖƐͿ͘

EŝǀĞĂƵ Ϯ͗ ĞƌƐƚĞ ďĞǁƵƐƚǁŽƌĚŝŶŐ ǀĂŶ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ

WƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ǁŽƌĚĞŶ ĚĞĐĞŶƚƌĂĂů ŐĞĂĚŵŝŶŝƐƚƌĞĞƌĚ ĞŶ ŐĞĐŽƂƌĚŝŶĞĞƌĚ ;ƉĞƌ ĂĨĚĞůŝŶŐͿ ĞŶ ŽŽŬ ďĞƐůƵŝƚǀŽƌŵŝŶŐ ǀŝŶĚƚ ƉĞƌŝŽĚŝĞŬ ĚĞĐĞŶƚƌĂĂů ƉůĂĂƚƐ ;ƉĞƌ ĂĨĚĞůŝŶŐƐŚŽŽĨĚͿ͘

WƌŝŽƌŝƚĞƌŝŶŐ ǀĂŶ WƌŽĐĞƐƐĞŶ ĞŶ ƚŽŽůƐ ǀŽŽƌ ŚĞƚ WƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ǁŽƌĚĞŶ ŽƉ ĞŝŐĞŶ ŝŶŝƚŝĂƚŝĞĨ ĚŽŽƌ ĚĞ ŽƉƐƚĞůůĞŶ͕ ƉůĂŶŶĞŶ ĞŶ ďŝũƐƚƵƌĞŶ Ğ ďĞŶŽĚŝŐĚĞ ƌĞƐŽƵƌĐĞƐ njŝũŶ ǀŽŽƌ ĚĞ ǀŝŶĚƚ ƉůĂĂƚƐ͕ ŵĂĂƌ ŚĞƚ ŝƐ ŶŝĞƚ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ njŝũŶ ŽƉĚƌĂĐŚƚŐĞǀĞƌ ŽĨ ƉƌŽũĞĐƚŵĂŶĂŐĞƌ ŐĞŚĞůĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŝŶnjŝĐŚƚĞůŝũŬ͕ ǀŽŽƌ ŝĞĚĞƌĞĞŶ ĚƵŝĚĞůŝũŬ ŽƉ ďĂƐŝƐ ďĞŽŽƌĚĞĞůĚ ŽƉ ĚĞ ďŝũĚƌĂŐĞ ĂĂŶ ĚĞ ďĞŬĞŶĚ ŵĂĂƌ ǁŽƌĚĞŶ ŶŝĞƚ ŵĂĂƌ ŽŶĚĞƌůŝŶŐĞ ĂĨŚĂŶŬĞůŝũŬŚĞĚĞŶ ǀĂŶ ǁĞůŬĞ ďĞŽŽƌĚĞůŝŶŐƐĐƌŝƚĞƌŝĂ ŵŝƐƐŝĞ͕ ǀŝƐŝĞ ĞŶ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ƐƚƌƵĐƚƵƌĞĞů ŐĞďƌƵŝŬƚ ĞŶ ŬƵŶŶĞŶ ƚƵƐƐĞŶ ƉƌŽũĞĐƚĞŶ njŝũŶ ŶŝĞƚ ďĞŬĞŶĚ͘ ĚĂƚ ŐĞďĞƵƌƚ ĞŶ njĞ ŬƵŶŶĞŶ ƉĞƌ ŽƌŐĂŶŝƐĂƚŝĞ͘ ƉĞƌ ĂĨĚĞůŝŶŐ ǀĞƌƐĐŚŝůůĞŶ͘ ƉƌŽũĞĐƚ ǀĞƌƐĐŚŝůůĞŶ͘

ĞƐůƵŝƚǀŽƌŵŝŶŐ ŽǀĞƌ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ǀŝŶĚƚ ĚĞĐĞŶƚƌĂĂů ƉůĂĂƚƐ ;ƉĞƌ ĂĨĚĞůŝŶŐͿ͕ ďĞƐůŝƐƐŝŶŐĞŶ ǁŽƌĚĞŶ ƉĞƌ ŝŶĚŝǀŝĚƵĞĞů ƉƌŽũĞĐƚ ĞŶ ĂĚ ŚŽĐ ŐĞŶŽŵĞŶ͘ Ğ ĂĚŵŝŶŝƐƚƌĂƚŝĞ ĞŶ ĐŽƂƌĚŝŶĂƚŝĞ ǁŽƌĚƚ ƉĞƌ ƉƌŽũĞĐƚ Ăů ĚĂŶ ŶŝĞƚ ŐĞĚĂĂŶ͘

WƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ZĞƐŽƵƌĐĞƉůĂŶŶŝŶŐĞŶ ǁŽƌĚĞŶ ƉĞƌ ƌ ǀŝŶĚƚ ŐĞĞŶ ƉƌŝŽƌŝƚĞƌŝŶŐ ǀĂŶ WƌŽĐĞƐƐĞŶ ĞŶ ƚŽŽůƐ ǀŽŽƌ ǁŽƌĚĞŶ ŶŝĞƚ ďĞŽŽƌĚĞĞůĚ ŽƉ ŚƵŶ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞĨ ĞŶ ƉƌŽũĞĐƚ ďŝũĚƌĂŐĞ ĂĂŶ ĚĞ ŵŝƐƐŝĞ͕ ǀŝƐŝĞ ĞŶ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ njŝũŶ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ŽƉŐĞƐƚĞůĚ͕ njŽŶĚĞƌ ƌĞŬĞŶŝŶŐ ƚĞ ƉůĂĂƚƐ͕ ĂůůĞ ƉƌŽũĞĐƚĞŶ ǁŽƌĚĞŶ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ŽƌŐĂŶŝƐĂƚŝĞ͖ ŚĞƚ ŝƐ ŶŝĞƚ ĂĂŶǁĞnjŝŐ ;ĨŽƌŵĞĞů ŶŽĐŚ ŚŽƵĚĞŶ ŵĞƚ ĚĞ ƉůĂŶŶŝŶŐ ǀĂŶ ĂŶĚĞƌĞ ŐĞƐƚĂƌƚ͘ ŝŶĨŽƌŵĞĞůͿ͘ ŐĞĞŶ ĨŽƌŵĞůĞ ǀŽŽƌǁĂĂƌĚĞ Žŵ ĞĞŶ ƉƌŽũĞĐƚĞŶ͘ ƉƌŽũĞĐƚ ƚĞ ŬƵŶŶĞŶ ƐƚĂƌƚĞŶ͘

EŝǀĞĂƵ ϭ͗

'ĞĞŶ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ ĂĂŶǁĞnjŝŐ ŝŶ ĚĞ ŽƌŐĂŶŝƐĂƚŝĞ

WůĂŶŶĞŶ ǀĂŶ ZĞƐŽƵƌĐĞƐ

ĞŽŽƌĚĞůŝŶŐƐĐƌŝƚĞƌŝĂ Θ WƌŝŽƌŝƚĞƌĞŶ

WƌŽĐĞƐƐĞŶ Θ dŽŽůƐ

KƌŐĂŶŝƐĂƚŝĞ Θ ĂŶƐƚƵƌŝŶŐ

)LJXXU 9ROZDVVHQKHLGVPRGHO Y O YRRU SURMHFWSRUWIROLR PDQDJHPHQW YDQ &RQ4XDH DHVWRU GUV 0 YDQ :HHJKHO :LHENH 6DQGHUV HQ $EH EHOLHQ GH :LW

sK>t ^^ E, / ^DK > Ͳ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ DĂŶĂŐĞŵĞŶƚ ;WWDͿ ĂŶƐůƵŝƚŝŶŐ ŽƉ ĚĞ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ŽƌŐĂŶŝƐĂƚŝĞ


QKHLG YDQ SURMHFW SRUWIROLR PDQDJHPHQW PHWHQ :DDURP ZH GH YROZDVVHQK 9ROJHQV *DUWQHU OHYHUW JRHG LQJHU HULFKW SURMHFWSRUWIROLR PDQDJHPHQW HHQ EHVSDULQJ J YDQ WRW RS KHW YHUDQGHUEXGJHW 'H]H NRVWHQ QEHVSDULQJ LV DOOHHQ UHDOLVHHUEDDU GRRU HHQ HYHQZ QZLFKWLJH LQULFKWLQJ YDQ GH YLMI YHUVFKLOOHQGH FRPSRQHQWHQ HQ 3URMHFWHQ GLH QLHW ELMGUDJHQ DDQ G GH EHGULMIVVWUDWHJLH NXQQHQ XLW GH SURMHFWSRUWIROLR J R JHZHHUG ZRUGHQ GRRU DOOH SURMHFWHQ HQ QLHXZH LQLWLDWLHYH YHQ WH WRHWVHQ DDQ KXQ ELMGUDJH 'LW ]DO GLUHFW UHVX VXOWHUHQ LQ UHGXFWLH YDQ NRVWHQ GRRUGDW RQQRGLJH SURMHFWH WHQ HHUGHU JHVWDDNW RI QRRLW JHVWDUW ZRUGHQ $OOHHQ HQ GH MXLVWH SURMHFWHQ ZRUGHQ XLWJHYRHUG +LHUGRRU NDQ G Q GH WRHJHYRHJGH ZDDUGH YDQ KHW JHKHOH YHUDQGHU HUEXGJHW JHRSWLPDOLVHHUG ZRUGHQ 'DDUQDDVW ZRUGHQ GH UHVXOWDWHQ Y YDQ GH LQGLYLGXHOH SURMHFWHQ HQ GXV YDQ GH KHOH S H SURMHFWSRUWIROLR HYHQHHQV YHUEHWHUG GRRU HHQ JRH RHGH LQWHJUDOH SODQQLQJ YDQ SURMHFWHQ HHQ HIILFLsQW QWH LQ]HW YDQ UHVRXUFHV HQ MXLVWH EDODQFHULQJ YD YDQ GH SURMHFWSRUWIROLR 'H SURMHFWHQ ZRUGHQ MXLVW X W XLWJHYRHUG 3URMHFWHQ KHEEHQ GDDUGRRU HHQ JURWHUH NDQ DQV RP ELQQHQ EXGJHW WLMG HQ SODQQLQJ WH ZRUGHQ D DIJHPDDNW +HW YROZDVVHQKHLGVPRGHO KHOSW G W GH RUJDQLVDWLH WH EHSDOHQ RS ZHON YDQ GH YLMI FRPS PSRQHQWHQ YHUEHWHULQJHQ NXQQHQ ZRUGHQ GRR RRUJHYRHUG HQ RS ZHON YODN GH YROJHQGH VWDS QDDU DU JRHG LQJHULFKW 330 JH]HW NDQ ZRUGHQ


5HVXOWDWHQ ,QOHLGLQJ 'LW KRRIGVWXN JHHIW LQ]LFKW LQ GH UH UHVXOWDWHQ YDQ DOOH LQWHUYLHZV HQ GH XLWNRPVWHQ YDQ DQ GH XLWJHYRHUGH VFDQV 2S EDVLV YDQ GH XLWNRPVWH WHQ ]LMQ LQ HHUVWH LQVWDQWLH GH UHVXOWDWHQ JHDQDO\VHH HHUG 2QGHU]RHNVSRSXODWLH DVHOHFW HQ RS EDVLV YDQ EHVWDDQGH UHODWLHV WZLQWLJ ,Q WRWDDO ]LMQ YRRU GLW RQGHU]RHN DV RYHUKHLGVRUJDQLVDWLHV EHQDGHUG 'HUWLHQ RYHUKHLGVRUJDQLVDWLHV KHEEHQ GHHOJHQRP RPHQ DDQ GLW RQGHU]RHN 'H RYHUKHLGVRUJDQLVD VDWLHV GLH QLHW PHH KHEEHQ JHGDDQ PHW GLW RQGHU]R ]RHN KHEEHQ KLHUYRRU GLYHUVH UHGHQHQ DDQJHJHYHQ ZD DDURQGHU UHRUJDQLVDWLHV HQ GUXNWH 2SYDOOHQG ZDV V GDW HHQ GULHWDO EHQDGHUGH SDUWLMHQ DDQJDI QLHW WH ZLOOHQ GHHOQHPHQ RPGDW ]LM PRPHQWHHO QRJ QLHW E W EH]LJ ZDUHQ PHW SURMHFWSRUWIROLR PDQDJHPHQW ELQQ QHQ KXQ RUJDQLVDWLH 'H EHQDGHUGH RYHUKHLGVRUJDQLVDW DWLHV GLH Zp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


EŝǀĞĂƵ ϰ͗ sŽůǁĂƐƐĞŶ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ĚĞ ŽƌŐĂŶŝƐĂƚŝĞ

,Ğƚ ŝƐ ĞĞŶ ǀŽŽƌǁĂĂƌĚĞ Žŵ WƌŝŽƌŝƚĞƌŝŶŐ ǀĂŶ ƌ ŝƐ ĠĠŶ ĐĞŶƚƌĂĂů ďĞƐůŝƐŽƌŐĂĂŶ WƌŽĐĞƐƐĞŶ ĞŶ ƚŽŽůƐ ǀŽŽƌ ŚĞƚ ƉƌŽũĞĐƚĞŶ ƚĞ ƐƚĂƌƚĞŶ ĚĂƚ ĚĞnjĞ ĞĞŶ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ŝŶŐĞƌŝĐŚƚ ;ĚĞ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŽĂƌĚͿ ŽƉƐƚĞůůĞŶ͕ ƉůĂŶŶĞŶ ĞŶ ďŝũƐƚƵƌĞŶ ďŝũĚƌĂŐĞ ůĞǀĞƌĞŶ ĂĂŶ ĚĞ ŵŝƐƐŝĞ͕ ǀŝŶĚƚ ƉůĂĂƚƐ ŽƉ ďĂƐŝƐ ǀĂŶ ǀŽŽƌ ĚĞ ďĞƐůƵŝƚǀŽƌŵŝŶŐ ŽǀĞƌ ĂůůĞ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ njŝũŶ ǀŝƐŝĞ ĞŶ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ďĞŽŽƌĚĞůŝŶŐƐĐƌŝƚĞƌŝĂ ĚŝĞ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ;ĚĞ ŽĨĨŝĐŝĞĞů ŝŶŐĞǀŽĞƌĚ ĞŶ ǁŽƌĚĞŶ ŽƉ ŽƌŐĂŶŝƐĂƚŝĞ ĞŶ ĚĂƚ ĚĞnjĞ ďŝũ ǀŽŽƌĂĨŐĂĂŶĚ ĂĂŶ ŚĞƚ ŽƉƐƚĞůůĞŶ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽͿ ĞŶ ŚĞƚ ďĞŚĞĞƌ ǁŽƌĚƚ ƐƚƌƵĐƚƵƌĞůĞ ĞŶ ƵŶŝĨŽƌŵĞ ǁŝũnjĞ ǁŝũnjŝŐŝŶŐĞŶ ƐƚƌƵĐƚƵƌĞĞů ŽƉ ĚĞnjĞ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŽĨĨŝĐŝĞĞů ĐĞŶƚƌĂĂů ŐĞĐŽƂƌĚŝŶĞĞƌĚ ;ĚĞ ŐĞďƌƵŝŬƚ ďŝŶŶĞŶ ĚĞ ŐĞŚĞůĞ ǀŽŽƌǁĂĂƌĚĞ ǁŽƌĚƚ ĞŶ ŐĞģǀĂůƵĞĞƌĚ njŝũŶ ǀĂƐƚŐĞƐƚĞůĚ ĞŶ ƉŽƌƚĨŽůŝŽŵĂŶĂŐĞƌͿ͘ ŽƌŐĂŶŝƐĂƚŝĞ͘ ĞŶ ďĞŽŽƌĚĞĞůĚ͘ ŐĞĐŽŵŵƵŶŝĐĞĞƌĚ͘

Ğ ƉůĂŶŶŝŶŐ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƌĞƐŽƵƌĐĞƐ ǁŽƌĚƚ ĐĞŶƚƌĂĂů ŐĞŵĂĂŬƚ ǀŽŽƌ ĚĞ ŚĞůĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ĞŶ ǀŽƌŵƚ ŝŶƉƵƚ ǀŽŽƌ ŚĞƚ ǀĂƐƚƐƚĞůůĞŶ ĞŶ ĂĂŶƉĂƐƐĞŶ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ͕ njŽĚĂƚ ĐŽŶĨůŝĐƚĞŶ ŝŶ ĐĂƉĂĐŝƚĞŝƚ ƉƌŽͲĂĐƚŝĞĨ ǀŽŽƌŬŽŵĞŶ ŬƵŶŶĞŶ ǁŽƌĚĞŶ͘

EŝǀĞĂƵ ϯ͗ ĂƐŝƐ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ŝŶŐĞƌŝĐŚƚ

ůůĞ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ;ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽͿ ǁŽƌĚĞŶ ĐĞŶƚƌĂĂů ŐĞĂĚŵŝŶŝƐƚƌĞĞƌĚ ĞŶ ŐĞĐŽƂƌĚŝŶĞĞƌĚ ;ƉŽƌƚĨŽůŝŽŵĂŶĂŐĞƌͿ͕ ŵĂĂƌ ďĞƐůƵŝƚǀŽƌŵŝŶŐ ŽǀĞƌ ĚĞ ƉƌŽũĞĐƚĞŶ ǀŝŶĚƚ ĚĞĐĞŶƚƌĂĂů ƉůĂĂƚƐ ŵŝĚĚĞůƐ ĚĞ ƌĞŐƵůŝĞƌĞ WůĂŶŶŝŶŐ Θ ŽŶƚƌŽůͲĐLJĐůƵƐ ;DdΖƐͿ͘

WƌŝŽƌŝƚĞƌŝŶŐ ǀĂŶ Ğ ďĞŶŽĚŝŐĚĞ ƉƌŽũĞĐƚƌĞƐŽƵƌĐĞƐ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ WƌŽĐĞƐƐĞŶ ĞŶ ƚŽŽůƐ ǀŽŽƌ ŚĞƚ sĂŶ ĂůůĞ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ǁŽƌĚĞŶ ǀŽŽƌ ĂůůĞ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ǀŝŶĚƚ ƉůĂĂƚƐ ŽƉ ďĂƐŝƐ ǀĂŶ ƉƌŽũĞĐƚĞŶ ŝƐ ĚĞ ďŝũĚƌĂŐĞ ĂĂŶ ĚĞ ŽƉƐƚĞůůĞŶ͕ ƉůĂŶŶĞŶ ĞŶ ďŝũƐƚƵƌĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ĚĞĐĞŶƚƌĂĂů ďĞŽŽƌĚĞůŝŶŐĐƌŝƚĞƌŝĂ ĚŝĞ ŶŝĞƚ ǀĂŶ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ njŝũŶ ŵŝƐƐŝĞ͕ ǀŝƐŝĞ ĞŶ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ƚŽĞŐĞǁĞnjĞŶ͕ ŵĂĂƌ Ğƌ ŝƐ ĞĞŶ ĐĞŶƚƌĂůĞ ĂĂŶǁĞnjŝŐ ĞŶ ǁŽƌĚĞŶ ƐƚƌƵĐƚƵƌĞĞů ƚĞǀŽƌĞŶ ďĞŬĞŶĚ njŝũŶ ĞŶ ƉĂƐ ŶĂ ŽƌŐĂŶŝƐĂƚŝĞ ďĞŬĞŶĚ͕ ŵĂĂƌ njŝũ ƉůĂŶŶŝŶŐ ĞŶ ďŝũ ĂĨŚĂŶŬĞůŝũŬŚĞĚĞŶ ĞŶ ŚĞƚ ǀĂƐƚƐƚĞůůĞŶ ǀĂŶ ĚĞ ǁŽƌĚĞŶ ŚŝĞƌ ŶŝĞƚ ƐƚƌƵĐƚƵƌĞĞů ŽƉ ƚŽĞŐĞƉĂƐƚ͕ ŵĂĂƌ ĚĞ ŝŶƌŝĐŚƚŝŶŐ ŬĂŶ ĐŽŶĨůŝĐƚĞŶ ŝŶ ĚĞ ŝŶnjĞƚ ǀĂŶ ƌĞƐŽƵƌĐĞƐ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ǁŽƌĚĞŶ ƉĞƌ ĂĨĚĞůŝŶŐ ǀĞƌƐĐŚŝůůĞŶ͘ ŐĞģǀĂůƵĞĞĞƌĚ ĞŶ ďĞŽŽƌĚĞĞůĚ͘ ǁŽƌĚƚ ĂĐƚŝĞ ŽŶĚĞƌŶŽŵĞŶ ;ƌĞĂĐƚŝĞĨͿ͘ ŐĞĐŽŵŵƵŶŝĐĞĞƌĚ͘

WƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ǁŽƌĚĞŶ ĚĞĐĞŶƚƌĂĂů ŐĞĂĚŵŝŶŝƐƚƌĞĞƌĚ ĞŶ ŐĞĐŽƂƌĚŝŶĞĞƌĚ ;ƉĞƌ ĂĨĚĞůŝŶŐͿ ĞŶ ŽŽŬ ďĞƐůƵŝƚǀŽƌŵŝŶŐ ǀŝŶĚƚ ƉĞƌŝŽĚŝĞŬ ĚĞĐĞŶƚƌĂĂů ƉůĂĂƚƐ ;ƉĞƌ ĂĨĚĞůŝŶŐƐŚŽŽĨĚͿ͘

WƌŝŽƌŝƚĞƌŝŶŐ ǀĂŶ WƌŽĐĞƐƐĞŶ ĞŶ ƚŽŽůƐ ǀŽŽƌ ŚĞƚ WƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ǁŽƌĚĞŶ ŽƉ ĞŝŐĞŶ ŝŶŝƚŝĂƚŝĞĨ ĚŽŽƌ ĚĞ ŽƉƐƚĞůůĞŶ͕ ƉůĂŶŶĞŶ ĞŶ ďŝũƐƚƵƌĞŶ Ğ ďĞŶŽĚŝŐĚĞ ƌĞƐŽƵƌĐĞƐ njŝũŶ ǀŽŽƌ ĚĞ ǀŝŶĚƚ ƉůĂĂƚƐ͕ ŵĂĂƌ ŚĞƚ ŝƐ ŶŝĞƚ ǀĂŶ ĚĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ njŝũŶ ŽƉĚƌĂĐŚƚŐĞǀĞƌ ŽĨ ƉƌŽũĞĐƚŵĂŶĂŐĞƌ ŐĞŚĞůĞ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŝŶnjŝĐŚƚĞůŝũŬ͕ ǀŽŽƌ ŝĞĚĞƌĞĞŶ ĚƵŝĚĞůŝũŬ ŽƉ ďĂƐŝƐ ďĞŽŽƌĚĞĞůĚ ŽƉ ĚĞ ďŝũĚƌĂŐĞ ĂĂŶ ĚĞ ďĞŬĞŶĚ ŵĂĂƌ ǁŽƌĚĞŶ ŶŝĞƚ ŵĂĂƌ ŽŶĚĞƌůŝŶŐĞ ĂĨŚĂŶŬĞůŝũŬŚĞĚĞŶ ǀĂŶ ǁĞůŬĞ ďĞŽŽƌĚĞůŝŶŐƐĐƌŝƚĞƌŝĂ ŵŝƐƐŝĞ͕ ǀŝƐŝĞ ĞŶ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ƐƚƌƵĐƚƵƌĞĞů ŐĞďƌƵŝŬƚ ĞŶ ŬƵŶŶĞŶ ƚƵƐƐĞŶ ƉƌŽũĞĐƚĞŶ njŝũŶ ŶŝĞƚ ďĞŬĞŶĚ͘ ĚĂƚ ŐĞďĞƵƌƚ ĞŶ njĞ ŬƵŶŶĞŶ ƉĞƌ ŽƌŐĂŶŝƐĂƚŝĞ͘ ƉĞƌ ĂĨĚĞůŝŶŐ ǀĞƌƐĐŚŝůůĞŶ͘ ƉƌŽũĞĐƚ ǀĞƌƐĐŚŝůůĞŶ͘

EŝǀĞĂƵ Ϯ͗ ĞƌƐƚĞ ďĞǁƵƐƚǁŽƌĚŝŶŐ ǀĂŶ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ

EŝǀĞĂƵ ϭ͗

'ĞĞŶ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ ĂĂŶǁĞnjŝŐ ŝŶ ĚĞ ŽƌŐĂŶŝƐĂƚŝĞ

ĞƐůƵŝƚǀŽƌŵŝŶŐ ŽǀĞƌ WƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ZĞƐŽƵƌĐĞƉůĂŶŶŝŶŐĞŶ ǁŽƌĚĞŶ ƉĞƌ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ǀŝŶĚƚ ƌ ǀŝŶĚƚ ŐĞĞŶ ƉƌŝŽƌŝƚĞƌŝŶŐ ǀĂŶ WƌŽĐĞƐƐĞŶ ĞŶ ƚŽŽůƐ ǀŽŽƌ ǁŽƌĚĞŶ ŶŝĞƚ ďĞŽŽƌĚĞĞůĚ ŽƉ ŚƵŶ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞĨ ĞŶ ƉƌŽũĞĐƚ ĚĞĐĞŶƚƌĂĂů ƉůĂĂƚƐ ;ƉĞƌ ĂĨĚĞůŝŶŐͿ͕ ďŝũĚƌĂŐĞ ĂĂŶ ĚĞ ŵŝƐƐŝĞ͕ ǀŝƐŝĞ ĞŶ ƉƌŽũĞĐƚƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ njŝũŶ ƉƌŽũĞĐƚŝŶŝƚŝĂƚŝĞǀĞŶ ĞŶ ƉƌŽũĞĐƚĞŶ ŽƉŐĞƐƚĞůĚ͕ njŽŶĚĞƌ ƌĞŬĞŶŝŶŐ ƚĞ ďĞƐůŝƐƐŝŶŐĞŶ ǁŽƌĚĞŶ ƉĞƌ ŝŶĚŝǀŝĚƵĞĞů ƉůĂĂƚƐ͕ ĂůůĞ ƉƌŽũĞĐƚĞŶ ǁŽƌĚĞŶ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ŽƌŐĂŶŝƐĂƚŝĞ͖ ŚĞƚ ŝƐ ŶŝĞƚ ĂĂŶǁĞnjŝŐ ;ĨŽƌŵĞĞů ŶŽĐŚ ŚŽƵĚĞŶ ŵĞƚ ĚĞ ƉůĂŶŶŝŶŐ ǀĂŶ ĂŶĚĞƌĞ ƉƌŽũĞĐƚ ĞŶ ĂĚ ŚŽĐ ŐĞŶŽŵĞŶ͘ Ğ ŐĞƐƚĂƌƚ͘ ŝŶĨŽƌŵĞĞůͿ͘ ŐĞĞŶ ĨŽƌŵĞůĞ ǀŽŽƌǁĂĂƌĚĞ Žŵ ĞĞŶ ƉƌŽũĞĐƚĞŶ͘ ĂĚŵŝŶŝƐƚƌĂƚŝĞ ĞŶ ĐŽƂƌĚŝŶĂƚŝĞ ǁŽƌĚƚ ƉƌŽũĞĐƚ ƚĞ ŬƵŶŶĞŶ ƐƚĂƌƚĞŶ͘ ƉĞƌ ƉƌŽũĞĐƚ Ăů ĚĂŶ ŶŝĞƚ ŐĞĚĂĂŶ͘

WůĂŶŶĞŶ ǀĂŶ ZĞƐŽƵƌĐĞƐ

ĞŽŽƌĚĞůŝŶŐƐĐƌŝƚĞƌŝĂ Θ WƌŝŽƌŝƚĞƌĞŶ

WƌŽĐĞƐƐĞŶ Θ dŽŽůƐ

KƌŐĂŶŝƐĂƚŝĞ Θ ĂŶƐƚƵƌŝŶŐ

)LJXXU *HPLGGHOGH YROZDVVHQK QKHLG YDQ SURMHFWSRUWIROLR PDQDJHPHQW ELQQHQ G GH 5LMNVRYHUKHLG

sK>t ^^ E, / ^DK > Ͳ WƌŽũĞĐƚƉŽƌƚĨŽůŝŽ DĂŶĂŐĞŵĞŶƚ ;WWDͿ ĂŶƐůƵŝƚŝŶŐ ŽƉ ĚĞ ƐƚƌĂƚĞŐŝĞ ǀĂŶ ĚĞ ŽƌŐĂŶŝƐĂƚŝĞ


7RFK LV HU RRN HHQ DDQWDO VLJQDOHQ OHQ GDW DDQWRRQW GDW SURMHFWSRUWIROLR PDQDJHPHQW Q W QRJ QLHW YROOHGLJ LV LQJHEHG LQ GH 5LMNVRYHUKHLG 0HQ Q PDDNW ELMQD JHHQ JHEUXLN YDQ LQWHJUDOH RQGHUVWH WHXQHQGH WRROV WHQ EHKRHYH YDQ SURMHFWSRUWIROLR PDQ QDJHPHQW 'H YHUDQWZRRUGHOLMNKHLG HQ KHW PDQGDD DDW YDQ GH SURMHFWSRUWIROLR OLJW ELQQHQ GH ULMNV NVRUJDQLVDWLHV RS YHUVFKLOOHQGH QLYHDXV YDQ GLUHFW FWLH WRW XLWYRHULQJ 'DDUELM LV H[WUD DDQGDFKW QRGLJ YR YRRU KHW RSVWHOOHQ HQ EHRRUGHOHQ YDQ FULWHULD pQ KH KHW VWHOOHQ YDQ SULRULWHLWHQ 'H JURRWVWH XLWGDJLQJ J YDQ GH RYHUKHLG OLJW LQ KHW WRHNHQQHQ YDQ UHVRXU XUFHV DDQ SURMHFWHQ (U LV HFKWHU ZHO GHJHOLMN HHQ YHUVFKLO KLO WH ]LHQ LQ GH FRPSRQHQWHQ YDQ KHW YROZDVVHQKH KHLGVPRGHO 'H HHUVWH WZHH FRPSRQHQWHQ VFRUHQ KRJHU U GDQ GH ODDWVWH GULH 'LW ZRUGW GXLGHOLMN LQ ILJXXU ZDDUELM JHNHNHQ ZRUGW QDDU GH SURFHQWXHOH VFRUHV HV 1LYHDX 1LYHDX 1LYHDX

1LYHDX

KZ '

E /^ d / Θ E^ >h E /d ^d /E hZ ' KW /E ' ^d Z d '/ s E͘ ͘​͘ WZ K ^ K ^ KZ E Θ >/ d E' KK ^ >^ Z/ d Z/ Θ WZ /K W> Z/ ͘​͘​͘ E E E s E Z ^K hZ ^

dŽƚĂĂů Ăů

)LJXXU 2YHUDOO VFRUHV SHU FRP PSRQHQW LQ

UGHHOG QDDU RPYDQJ 9ROZDVVHQKHLG RQGHUYHUG =RDOV UHHGV DDQJHJHYHQ LV HU ELQQ LQQHQ GH RQGHU]RHNVSRSXODWLH HHQ JURWH GLYHUVLWHLW HLW LQ RPYDQJ YDQ RUJDQLVDWLH ,Q GH YUDJHQ YRRUDIJD IJDDQG DDQ GH VFDQ LV DDQJHJHYHQ ZDW GH RPYDQJ J ZDV YDQ GH RUJDQLVDWLH ZDDU GH SURMHFWSRUWIROL ROLR EHWUHNNLQJ RS KHHIW 'H YROJHQGH FDWHJRULHsQ ]LMQ KLHU HUELM PRJHOLMN x x x x x *HHQ HQNHOH GHHOQHPHQGH RUJDQ QLVDWLH LV NOHLQHU GDQ IWH 6OHFKWV ppQ RUJDQLVD LVDWLH LV JURWHU GDQ IWH HQ RP GH]H UHGHQ LV LQ LQ GH JUDILHN GH]H VDPHQJHYRHJG ELM GH FDWHJRULH LH GH IDFWR


1LYHDX 1LYHDX 1LYHDX

ϮϱϬͲϭϬϬϬ 1LYHDX

^ dZ d WZ ' K ͘​͘ ^ KK ^ Z E > Θ /E dK '^ K> Z ^ /d Z/ W> E Θ E W͘ E ͘​͘ s E Z ^K hZ ^

ϱϬϬϬн dŽƚĂĂů

h/ d/ E' K W

E^ >

KZ ' E

/^ d/ Θ

E ^

dh Z/ E'

ϭϬϬϬͲϱϬϬϬ Ϭ

)LJXXU 5HVXOWDWHQ SHU FRPSRQ RQHQW RQGHUYHUGHHOG QDDU RPYDQJ

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¶V ZDUHQ YR YROOHGLJ ,&7 JHUHODWHHUG 'ULH SURMHFWSRUWIROLR¶V ULFK FKWWHQ ]LFK DOOHHQ RS EHOHLGVSURMHFWHQ HQ ]HV SURMHFWSR SRUWIROLR¶V EHKHOVGHQ ]RZHO ,&7 DOV DQGHUH SURMHFWH WHQ


1LYHDX 1LYHDX 1LYHDX

/ d 1LYHDX ^ dZ d WZ ' K ͘​͘ ^ KK ^ Z E > Θ /E dK '^ K> Z ^ /d Z/ W> E Θ E W͘ ͘​͘ E s E Z ^K hZ ^

'ĞŵĞŶŐĚ dŽƚĂĂů

h/ d/ E' K W

E^ >

KZ ' E

/^ d/ Θ

E ^

dh Z/ E'

ĞůĞŝĚ

)LJXXU 5HVXOWDWHQ SHU FRPSRQ RQHQW RQGHUYHUGHHOG QDDU W\SH SURMHFWHQ

(HQ GHUJHOLMN RQGHUVFKHLG ODDW ]LH LHQ GDW SURMHFWSRUWIROLR¶V GLH YROOHGLJ EHVWDDQ XLW ,& ,&7 SURMHFWHQ VLJQLILFDQW KRJHU VFRUHQ GDQ SURMH MHFWSRUWIROLR¶V GLH EHVWDDQ XLW ORXWHU EHOHLGVSURMHFWH WHQ :DDU GH FRPSRQHQWHQ RUJDQLVDWLH DDQVW VWXULQJ SURFHVVHQ WRROV HQ EHRRUGHOLQJVFULWHULD D SULRULWHUHQ LQ EHOHLGVPDWLJH SURMHFWSRUWIROLR¶V ]H ]HHU ODDJ VFRUHQ QLYHDX VFRUHQ GH]H ELM ,&7 SU SURMHFWSRUWIROLR¶V EHGXLGHQG KRJHU GDQ KHW WRWDDOJH JHPLGGHOGH UGHHOG QDDU GH RPYDQJ YDQ GH SURMHFWSRUWIROLR 9ROZDVVHQKHLG RQGHUYHUG 2RN GH KRHYHHOKHLG SURMHFWHQ LV E V ELQQHQ GH SURMHFWSRUWIROLR¶V YDQ GH YHUVFKLOOHQGH R H RUJDQLVDWLHV GLYHUV 'H VFRSH YDQ GH SURMHFWSRUWIROLR¶VV YDQ GH GHHOQHPHQGH RUJDQLVDWLHV YDULsUHQ YDQ Q DFKW SURMHFWHQ WRW SURMHFWHQ ,Q GH VFDQ ZRUGW HH HHQ RQGHUVFKHLG JHPDDNW WXVVHQ GH YROJHQGH FDWH DWHJRULHsQ x x x x 9DQ DOOH UHVSRQGHQWHQ ZDV HU VOHF OHFKWV ppQ SRUWIROLR PHW HHQ VFRSH YDQ PLQGHU GDQ Q SURMHFWHQ 2P GH]H UHGHQ LV GH]H FDWHJRULH VDP PHQJHYRHJG WRW 'H UHVXOWDWHQ ]LMQ DOV YROJW J W JUDILVFK ZHHUJHJHYHQ


1LYHDX 1LYHDX 1LYHDX

ϬͲϮϱ

^ dZ d WZ ͘ ͘​͘ K ^ ^ KK E Θ Z dK > K> /E ^ '^ Z /d Z W> / E Θ E ͘​͘ ͘ E s E Z ^K hZ ^

ϮϲͲϳϱ ϱ ϳϱн dŽƚĂĂů Ăů

h/ d/ E' K W

E^ >

KZ ' E

/^

d/ Θ

E ^d hZ /E '

1LYHDX

)LJXXU 5HVXOWDWHQ SHU FRPSRQ RQHQW RQGHUYHUGHHOG QDDU VFRSH YDQ GH SURMHFWSR RUWIROLR

,Q GH JUDILHN LV GXLGHOLMN WH ]LHQ GD GDW GH SURMHFWSRUWIROLR PDQDJHPHQW ELM SRUWIROLR¶V P PHW HHQ UHODWLHI JURWH VFRSH RS DOOH FRPSRQHQWHQ HQ KRJHU VFRUHQ ,Q GH RYHULJH FDWHJRULHsQ YHUVFKL KLOOHQ GH UHVXOWDWHQ ZHLQLJ YDQ HONDDU +HW JURRWVWH YH YHUVFKLO ]LW LQ GH PDWH YDQ YROZDVVHQKHLG PHW EHWUH WUHNNLQJ WRW KHW SODQQHQ YDQ UHVRXUFHV +LHULQ VFR FRUHQ SURMHFWSRUWIROLR¶V PHW PLQGHU GDQ SURMHFWH WHQ KRJHU GDQ ELM SRUWIROLR¶V PHW WRW SURMHFWHQ Q UGHHOG QDDU PDWH YDQ ]HOIVWDQGLJKHLG 9ROZDVVHQKHLG RQGHUYHUG ,Q GH PDWH YDQ ]HOIVWDQGLJKHLG ZR ZRUGW RQGHUVFKHLG JHPDDNW WXVVHQ YHUVFKLOOHQGH W\ W\SHQ SURMHFWHQ $DQ GH HQH NDQW ]LMQ EHOHLGVPDWLJH NHU HUQGHSDUWHPHQWHQ RQGHUGHHO YDQ GH RQGHU]RHNVS VSRSXODWLH GDDUQDDVW ]LMQ HU RRN RUJDQLVDWLHRQGHUGHOHQ Q YDQ HHQ PLQLVWHULH GLH XLWYRHULQJVWDNHQ KHEEHQ ]RDOV DJHQWVFKDSSHQ HQ ]HOIVWDQGLJH EHVWXXUVRUJDQHQ Q =%2¶V GLH PHW QDPH RS KHW JHELHG YDQ GH ILQDQ DQFLsOH EHGULMIVYRHULQJ HHQ EHSDDOGH ]HOIVWDQGLJKHLG KHE HEEHQ WHQ RS]LFKWH YDQ KHW PLQLVWHULH ZDDU ]LM RQGH GHU YDOOHQ GDQ ZHO ZDDUYDQ ]LM EXGJHWWDLU DIKDQNHOLMN LMN ]LMQ .LMNHQG QDDU GH VFRUHV GLH LQ KHW P W PRGHO QDDU YRUHQ NRPHQ EOLMNW GDW GH YROZDVVHQ QKHLG YDQ SURMHFWSRUWIROLR PDQDJHPHQW ELQQ QHQ NHUQGHSDUWHPHQWHQ UHODWLHI ODJHU LV $OOHHQ LQ Q GH FRPSRQHQW RUJDQLVDWLH DDQVWXULQJ LV GLW YHUV HUVFKLO QLHW GXLGHOLMN DDQZH]LJ 2SYDOOHQG LV GDW RUJDQLVDWLHV PHW HW HHQ UHODWLHI ILQDQFLsOH ]HOIVWDQGLJKHLG KRJHU VFRU RUHQ LQ GH FRPSRQHQW SODQQHQ YDQ UHVRXUFHV


1LYHDX 1LYHDX 1LYHDX

1LYHDX

<ĞƌŶĚĞƉĂƌƚĞŵĞŶƚ

dŽƚĂĂů

E^ >

KZ ' E

/^

d/ Θ

h/ E d/ ^d E' hZ K /E W ' ^ d WZ Z K d ^ KK ͘​͘​͘ ^ Z E Θ > d /E KK '^ >^ W> Z/ E d Z/ E E Θ͘ s ͘​͘ E Z ^K hZ ^

hŝƚǀŽĞƌŝŶŐ

)LJXXU 5HVXOWDWHQ SHU FRPSRQ RQHQW RQGHUYHUGHHOG QDDU ]HOIVWDQGLJKHLG

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³2UJDQLVDWLH H H HQ DDQVWXULQJ´ KRXGW GLW FRQFUHHW LQ GDW SURMHFWLQL LQLWLDWLHYHQ HQ SURMHFWHQ GHFHQWUDDO ZRUGHQ JHDGPLQLVWUHHU HUG HQ JHFR|UGLQHHUG HQ RRN GH EHVOXLWYRUPLQJ YLQ YLQGW YHHODO GHFHQWUDDO SODDWV SHU DIGHOLQJ 'H KRRJVWH VFRUH YDQ LV YDQ DQ WRHSDVVLQJ RS GH YROJHQGH YUDDJ


³ (U LV ppQ FRPSOHWH OLMVW PHW GDDUR DURS DOOH SURMHFWHQ HQ SURMHFWLQLWLDWLHYHQ GH SURMHFWSRUWIROLR ]RGDW RUJDQLV LVDWLH HQ DDQVWXULQJ SODDWV NDQ YLQGHQ´ 'H ODDJVWH VFRUH YDQ LV YDQ Q WRHSDVVLQJ RS GH YROJHQGH YUDDJ ³ 9RRU DOOH SURMHFWHQ HQ SURMHFWLQLW QLWLDWLHYHQ YLQGW GH DGPLQLVWUDWLH HQ FR|UGLQDWLH RS HHQ FHQWUDOH SOHN E ELQQHQ GH RUJDQLVDWLH SODDWV´ JLH YDQ GH RUJDQLVDWLH $DQVOXLWLQJ RS GH VWUDWHJLH *HPLGGHOGH VFRUH QLYH LYHDX +RRJVWH VFRUH QLYH LYHDX /DDJVWH VFRUH QLYH LYHDX 'H JHPLGGHOGH VFRUH YDQ KR KRXGW LQ GDW GH GHHOQHPHUV JHPLGGHOG LQ YROZDVVH HQKHLGVQLYHDX WZHH ]LWWHQ 'LW GXLGW RS GH DDQZH]LJKH KHLG YDQ HHQ HHUVWH EHZXVWZRUGLQJ YDQ SURMHFWSRUW RUWIROLR PDQDJHPHQW 9RRU GH FRPSRQHQW ³$DQVOXLWHQ R RS GH VWUDWHJLH YDQ GH RUJDQLVDWLH´ KRXGW GLW FRQFU FUHHW LQ GDW SURMHFWLQLWLDWLHYHQ HQ SURMHFW YHHOD ODO RS HLJHQ LQLWLDWLHI GRRU GH RSGUDFKWJHYHU RI SURM URMHFWPDQDJHU ZRUGHQ EHRRUGHHOG RS GH ELMGUDJH DDQ GH GH PLVVLH YLVLH HQ VWUDWHJLH YDQ GH RUJDQLVDWLH 'H KRRJVWH VFRUH YDQ LV YDQ DQ WRHSDVVLQJ RS GH YROJHQGH YUDJHQ ³ +HW EHSDOHQ YDQ GH VWUDWHJLVFKH KH GRHOVWHOOLQJHQ YDQ GH RUJDQLVDWLH LV RQGHUGHHO YDQ GH UHJXOLHUH SHULRG LRGLHNH 3ODQQLQJ &RQWURO F\FOXV´ HQ ³ (HQ ELMGUDJH DDQ GH VWUDWHJLVFKH KH GRHOVWHOOLQJHQ LV HHQ IRUPHOH YRRUZDDUGH YRRU KHW RSVWDUWHQ YD YDQ HHQ SURMHFW´ 'H RS HHQ QD ODDJVWH VFRUH YDQ LV YDQ WRHSDVVLQJ RS GH YROJHQGH YUDJHQ ³ 7LMGHQV GH XLWYRHULQJ YDQ SURMHFW HFWHQ HQ HYHQWXHOH ZLM]LJLQJHQ ZRUGW GH ELMGUDJH DDQ GH VWUDWHJLV JLVFKH GRHOVWHOOLQJHQ PHW UHJHOPDDW JHWRHWVW´ HQ ³'H VWDWXV YDQ GH ORSHQGH SURMHFW FWHQ HQ EHKDDOGH UHVXOWDWHQ ]LMQ LQSXW YRRU GH YDVWVWHOOLQJ YDQ GH VWUDWHJLVFKH FKH GRHOVWHOOLQJHQ YRRU GH QLHXZH SHULRGH EHVWHHG EXGJHW DDQWDO S O SURMHFWHQ EHVFKLNEDDUKHLG UHVRXUFHV HWF ´


3URFHVVHQ 7RROV *HPLGGHOGH VFRUH QLYH LYHDX +RRJVWH VFRUH QLYH LYHDX /DDJVWH VFRUH QLYH LYHDX 'H JHPLGGHOGH VFRUH YDQ KR KRXGW LQ GDW GH GHHOQHPHUV JHPLGGHOG LQ YROZDVVH HQKHLGVQLYHDX WZHH ]LWWHQ 'LW GXLGW RS GH DDQZH]LJKH KHLG YDQ HHQ HHUVWH EHZXVWZRUGLQJ YDQ SURMHFWSRUW RUWIROLR PDQDJHPHQW 9RRU GH FRPSRQHQW ³3URFHVVHQ 7RROV´ KRXGW GLW FRQFUHHW LQ GDW SURFHVVHQ HQ WR WRROV YRRU KHW RSVWHOOHQ SODQQHQ HQ ELMVWXUHQ YD YDQ GH SURMHFWSRUWIROLR EHNHQG ]LMQ PDDU QLHW VWUXFW FWXUHHO ZRUGHQ JHEUXLNW HQ WHYHQV SHU DIGHOLQJ NX NXQQHQ YHUVFKLOOHQ 'H KRRJVWH VFRUH YDQ LV YDQ DQ WRHSDVVLQJ RS GH YROJHQGH YUDJHQ VVHQ HQ WRROV ZRUGHQ JHIDFLOLWHHUG HQ ³ 'H WRHSDVVLQJ YDQ 330 SURFHVV DIJHGZRQJHQ GRRU HHQ FHQWUDDO FR O FR|UGLQDWLHSXQW ELQQHQ GH RUJDQLVDWLH 3RUWIROLR 0DQDJHPHQW 2IILFH ´ HQ ³ +HW SURFHV YRRU KHW LQGLHQHQ YDQ DQ SURMHFWLQLWLDWLHYHQ HQ SURMHFWHQ LV XQLIRUP YDVWJHOHJG HQ EHNHQG LQ G LQ GH JHKHOH RUJDQLVDWLH´ 'H RS HHQ QD ODDJVWH VFRUH YDQ LV YDQ WRHSDVVLQJ RS GH YROJHQGH YUDDJ ³ ,QGLHQ GH MXLVWH SURFHVVHQ QLHW Z W ZRUGHQ JHYROJG ZRUGHQ SURMHFWLQLWLDWLHYHQ QLHW RSJHQRPHQ LQ GH SURMHFWSRUWI UWIROLR´ %HRRUGHOLQJVFULWHULD 3UL ULRULWHUHQ QLYH LYHDX *HPLGGHOGH VFRUH +RRJVWH VFRUH QLYH LYHDX /DDJVWH VFRUH QLYH LYHDX 'H JHPLGGHOGH VFRUH YDQ KR KRXGW LQ GDW GH GHHOQHPHUV JHPLGGHOG LQ YROZDVVH HQKHLGVQLYHDX WZHH ]LWWHQ 'LW GXLGW RS GH DDQZH]LJKH KHLG YDQ HHQ HHUVWH EHZXVWZRUGLQJ YDQ SURMHFWSRUW RUWIROLR PDQDJHPHQW 9RRU GH FRPSRQHQW ³%HRRUGHOLQJV JVFULWHULD SULRULWHLWHQ´ KRXGW GLW FRQFUHHW LQ GDW SU SULRULWHULQJ YDQ SURMHFWLQLWLDWLHYHQ HQ SURMHFWHQ SOD SODDWV YLQGW PDDU KHW QLHW YRRU LHGHUHHQ GXLGHOLMN LV LV RS EDVLV YDQ ZHONH EHRRUGHOLQJVFULWHULD GLW JHEHXUW HQ HQ GDW ]H WHYHQV SHU SURMHFW NXQQHQ YHUVFKLOOHQ 'H KRRJVWH VFRUH YDQ LV YDQ DQ WRHSDVVLQJ RS GH YROJHQGH YUDJHQ ³ 'H EHRRUGHOLQJV HQ SULRULWHULQJV JVFULWHULD ]LMQ YRRUDI JHFRPPXQLFHHUG DDQ GH RSGUDFKWJHYHU HQ SURMHFWP WPDQDJHU´ 'H RS HHQ QD ODDJVWH VFRUH YDQ LV YDQ WRHSDVVLQJ RS GH YROJHQGH YUDJHQ ³ $OOH SURMHFWHQ LQ GH KXLGLJH SURMH RMHFWSRUWIROLR YROGRHQ DDQ GH EHRRUGHOLQJV HQ SULRULWHULQJVFULWHU LWHULD´ HQ


³,QGLHQ HU QLHXZH SURMHFWLQLWLDWLHYH YHQ ZRUGHQ WRHJHODWHQ WRW GH SURMHFWSRUWIROLR QDGDW DW GH SURMHFWSRUWIROLR LV YDVWJHVWHOG ZRUGW GH SURMHFWSRUWIR UWIROLR LQ ]LMQ JHKHHO RSQLHXZ JHSULRULWHHUG´ 3ODQQHQ YDQ UHVRXUFHV QLYH LYHDX *HPLGGHOGH VFRUH +RRJVWH VFRUH QLYH LYHDX /DDJVWH VFRUH QLYH LYHDX 'H JHPLGGHOGH VFRUH YDQ KR KRXGW LQ GDW GH GHHOQHPHUV JHPLGGHOG LQ YROZDVVH HQKHLGVQLYHDX WZHH ]LWWHQ 'LW GXLGW RS GH DDQZH]LJKH KHLG YDQ HHQ HHUVWH EHZXVWZRUGLQJ YDQ SURMHFWSRUW RUWIROLR PDQDJHPHQW 9RRU GH FRPSRQHQW ³3ODQQHQ YDQ DQ UHVRXFHV´ KRXGW GLW FRQFUHHW LQ GDW GH EHQRGLJGH GH UHVRXUFHV YRRU GH JHKHOH SURMHFWSRUWIROLR LQ]LFKWHOLMN MN ]LMQ PDDU GDW RQGHUOLQJH DIKDQNHOLMNKHGHQ WXVVH HQ SURMHFWHQ QLHW EHNHQG ]LMQ 'H KRRJVWH VFRUH YDQ LV YDQ DQ WRHSDVVLQJ RS GH YROJHQGH YUDDJ Q VWDQGDDUG SURFHV DDQJHYUDDJG HQ WRHJHZH]HQ ³ 5HVRXUFHV ZRUGHQ YROJHQV HHQ DDQ HHQ SURMHFW ZDDUELM UHNHQLQJ Z J ZRUGW JHKRXGHQ PHW SULRULWHULQJ HQ FRPSHWHQWLHV´ 'H RS HHQ QD ODDJVWH VFRUH YDQ LV YDQ WRHSDVVLQJ RS GH YROJHQGH YUDDJ DQJHVWHOG GLH YHUDQWZRRUGHOLMN LV YRRU GH ³ (U LV ppQ SHUVRRQ RI DIGHOLQJ DDQ WRHZLM]LQJ YDQ UHVRXUFHV DDQ SURMH URMHFWHQ RS EDVLV YDQ HHQ FHQWUDOH UHVRXUFHSODQQLQJ YRRU GH JHKHOH S OH SURMHFWSRUWIROLR´


&RQFOXVLHV HQ DPELWLH LWLHV«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x 3URMHFWSRUWIROLR PDQDJHP NLQGHUVFKRHQHQ VWDDW 0H HHU HQ PHHU LV KHW JHGDFKWHJRHG RPWUHQW SURMHFWS FWSRUWIROLR PDQDJHPHQW EHNHQG HQ ]LMQ HU VWHHGV P V PHHU SURMHFWSRUWIROLR PDQDJHPHQW LQLWLDWLHYHQ WH H FRQVWDWHUHQ (FKWHU ]HNHU QRJ QLHW DOOH 5LMNVRY RYHUKHLGRYHUKHLGVRUJDQLVDWLHV KHEEHQ RRN GDDGZ ZHUNHOLMN SURMHFWSRUWIROLR PDQDJHP PHQW LQ GH RUJDQLVDWLH LQJHULFKW HQ LQJHEHG ODDW VW VWDDQ JRHG IXQFWLRQHUHQG x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³2UJDQLVDWLH $DQVWXULQJ´ HQ ³$DQVOXLWL LWLQJ RS GH VWUDWHJLH´ x 2SYDOOHQG LV GDW GH FRPS UHODWLHI KHW PHHVWH ]LMQ RQ RQWZLNNHOG (U NDQ ZRUGHQ JHVWHOG GDW PHQ ELQQHQ Q GH ULMNVRYHUKHLG JRHG LV VWDDW LV RP GH UDQ DQGYRRUZDDUGHQ JRHG LQ WH YXOOHQ HQ HU JHNR]HQ LV LV YRRU HHQ WRS GRZQ EHQDGHULQJ x 'H FRPSRQHQWHQ ³3URFHV HVVHQ HQ WRROV´ ³%HRRUGHOLQJVFULWHULD SULRULWHUHQ´ Q´ HQ ³3ODQQHQ YDQ UHVRXUFHV´ ]LMQ ELQQHQ GH H 5LMNVRYHUKHLGVRUJDQLVDWLHV UHODWLHI QRJ KHW PLQVW VW RQWZLNNHOG %OLMNEDDU KHHIW PHQ PRHLWH RI LV P PHQ HU VLPSHOZHJ QRJ QLHW DDQ WRH JHNRPHQ RP S SURMHFWSRUWIROLR PDQDJHPHQW RRN GDDGZH ZHUNHOLMN WH RSHUDWLRQDOLVHUHQ HQ SURIHVVLRQHOH WRROV YRRU GH XLWYRHULQJ YDQ SURMH MHFWSRUWIROLR x (U ZRUGHQ QDJHQRHJ JHH PDQDJHPHQW JHKDQWHHUG UG 9HHODO ZRUGHQ SURMHFWHQOLMVWMHV PLGGHOV HLJHQ P PRGHOOHQ JHFXPXOHHUG HQ RPJHYRUPG WRW UDSSRU RUWDJHV +LHUPHH VWDDW GH EHWURXZEDDUKHLG HQ UREX EXXVWKHLG YDQ GH JHJHYHQV RQGHU GUXN x .OHLQH RUJDQLVDWLHV ]LMQ RY RYHU KHW DOJHPHHQ EHWHU LQ VWDDW RP SURMHFWSRUWIROL ROLR PDQDJHPHQW LQ WH YXOOHQ 0HW QDPH GH FRP PSRQHQWHQ UHVRXUFHPDQDJHPHQW HQ DDQVOXLWLQJ RS RS VWUDWHJLH ]LMQ ELM RUJDQLVDWLHV YDQ NOHLQHUH UH RPYDQJ EHWHU RQWZLNNHOG (FKWHU GH]H RUJDQLVDWL DWLHV KHEEHQ PRHLWH HHQ JRHGH VWUXFWXXU PHW E W EHWUHNNLQJ WRW RUJDQLVDWLH DDQVWXULQJ LQ WH YXOOHQ OHQ GDW NXQQHQ JURWH RUJDQLVDWLHV EHWHU DU GH DDQZH]LJKHLG YDQ ,&7 SURMHFWHQ RYHUKHHUVW W ]LMQ PHHU YROZDVVHQ x 'H SURMHFWSRUWIROLR¶V ZDDU GDQ SURMHFWSRUWIROLR¶V ZDD DDU EHOHLGVPDWLJH SURMHFWHQ RYHUKHHUVHQ 'LW NDQ WH WH YHUNODUHQ ]LMQ GRRU


x

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« RSHUDWLRQDOLVHUHQ YDQ 330 ,Q RQ]H YLVLH LV KHW YDQ EHODQJ RP P MXLVW QX HHUVW ]LFKWEDUH VXFFHVVHQ PHW SURMHFWSR SRUWIROLR PDQDJHPHQW WH EHKDOHQ DOYRUHQV HHQ KRJHU SU SURMHFWSRUWIROLR PDQDJHPHQW YROZDVVHQKHLGVQLYHD HDX WH DPELsUHQ 7HQHLQGH ]LFKWEDUH SURMHFWSRUWIROLR ROLR PDQDJHPHQW VXFFHVVHQ WH EHUHLNHQ GLHQHQ GH H FRPSRQHQWHQ ³3URFHVVHQ WRROV´ ³3ODQQHQ YDQ DQ UHVRXUFHV´ HQ ³%HRRUGHOLQJVFULWHULD SULRULWHUHQ HQ´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


/ŶƌŝĐŚƚŝŶŐ ƉƌŽũĞĐƚͲ ƉŽƌƚĨŽůŝŽŵĂŶ ĂŐĞŶƚ ƉƌŽĐĞƐ ^ƵĐĐ ĐĐĞƐƐĞŶ njŝĐŚ ŚƚďĂĂƌ ŵĂŬ ĂŬĞŶ ĞŶ ĚĞ ĚĞůĞŶ

<ŽƉƉĞůŝŶŐŐ ƌĞƐŽƵƌĐĞ Ğ ŵĂŶĂŐĞŵĞĞŶ ƚ

ĨĨĞĐƚŝĞǀĞ ŽƌŐĂŶŝƐĂƚŝĞ

KƉĞƌĂƚŝŽŶĂůŝƐ ĞƌĞŶ ƉƌŽũĞĐƚƉŽƌƚĨŽů ŝŽ ŵĂŶĂŐĞŵĞŶƚ

KƌŐĂŶŝƐĂƚŝĞ ƐƉĞĐŝĨŝĞŬĞ ďĞŽŽƌĚĞůŝŶŐƐ ͲĐƌŝƚĞƌŝĂ

<ŽƉƉĞůŝŶŐ WƌĂŬƚŝƐĐŚĞ ƚŽŽůƐ

ƉƌŽũĞĐƚͲ ŵĂŶĂŐĞŵĞŶ ƚ

)LJXXU VXFFHVIDFWRUHQ RSHUDWLRQ WLRQDOLVHUHQ SURMHFWSRUWIROLR PDQDJHPHQW

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s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¶V DDQ WH VSUHNHQ HQ PDQG QGDDW PRHW KHEEHQ RP NHX]HV WH NXQQHQ PDNHQ Q HQ RI NDQ IRUFHUHQ +LHUWRH ]LMQ HU GXLGHOLMNH WDNHQ HQ HQ YHUDQWZRRUGHOLMNKHGHQ YDQ GH GH SURMHFWSRUWIROLR PDQDJHPHQW RUJDQLVDWLH HQ IXQF QFWLHV YHUHLVW PDQGDDW 9RRU KHW GHILQLsUH UHQ YDQ GH]H WDNHQ HQ YHUDQWZRRUGHOLMNKHGHQ GLHQW QW PHQ RQGHUVFKHLG WH PDNHQ LQ GH SURMHFWSRUWIROLR P PDQDJHU HQ ]LMQ RUJDQLVDWLH ]RDOV HHQ SURMHFW PDQ DQDJHPHQW RIILFH 'H]H WDNHQ YHUDQWZRRUGHOLMNK MNKHGHQ HQ EHYRHJGKHGHQ PDQGDDW GLHQHQ GRRU U GH GLUHFWLH WH ZRUGHQ RQGHUNHQG HQ JHFRPPXQLFHH HHUG 'DDUQDDVW LV KHW YDQ EHODQJ GH SURMHFWSRUWIRO ROLR PDQDJHU RS WH QHPHQ LQ KHW PDQDJHPHQWWHD HDP RP RRN GH GLUHFWH NRSSHOLQJ PHW GH XLWYRHULQJ LQJ WH EHZHUNVWHOOLJHQ HQ SURMHFWSRUWIROLR PDQDJHPH HQW DOV VWUDWHJLVFKH PHWKRGLHN WH SRVLWLRQHUHQ


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sUDUFKLVFKH SRVLWLH YDQ GH SURMHFWSRUWIROLR OLR PDQDJHU HQ DQGHU]LMGV DDQ KHW YHUGHU RQWZ QWZLNNHOHQ YDQ GH NZDOLWHLW YDQ KHW SURMHFWPDQDJHP HPHQW YDQXLW GH YLVLH HQ ULFKWOLMQHQ YDQ SURMHFWSRUWIR WIROLR PDQDJHPHQW HQ GH SURMHFWSRUWIROLR PDQDJHU U (HQ DQGHU HOHPHQW GDW GH HIIH IIHFWLYLWHLW YDQ SURMHFWSRUWIROLR PDQDJHPHQW HQ GH S H SURMHFWSRUWIROLR PDQDJHU NDQ YHUJURWHQ LV HHQ HQ NRSSHOLQJ WXVVHQ GH SURMHFWSRUWIROLR HQ GH ELMKRU RUHQGH PLGGHOHQ ,QGLHQ GH SURMHFWSRUWIROLR PDQ DQDJHU RRN RYHU KHW EXGJHW JDDW LV HU DGHTXDWH SUR URMHFWVWXULQJ PRJHOLMN HQ NXQQHQ JHGHJHQ DIZHJLQJ QJHQ WXVVHQ SURMHFWHQ SODDWVYLQGHQ 3UDNWLVFKH WRROV +HW JHEUXLN YDQ HHQ EHWURXZE ZEDUH LQIRUPDWLH LV HHQ YHUHLVWH YRRU JRHG SURMHFWS WSRUWIROLR PDQDJHPHQW (FKWHU ZHHV HU HUYDQ EHZXVW GDW LQ GH WZHHGH YROZDVVHQKHLGVIDVH VH YDQ SURMHFWSRUWIROLR PDQDJHPHQW GH KXLGLJH IDVH VH HHQ RQGHUVWHXQHQGH WRRO YRRUDO ZHUNEDDU HQ SU SUDNWLVFK GLHQW WH ]LMQ 9HHODO ZRUGW WH YHHO HQHUJLH H HQ WLMG JHVWRNHQ RP HHQ ]R PRRL HQ FRPSOHHW PRJ JHOLMNH WRRO WH VHOHFWHUHQ HQ LPSOHPHQWHUHQ Q ]RQGHU GDDUELM WH NLMNHQ QDDU GH WRHJHYRHJGH ZD DDUGH YDQ GH WRRO 2P SURMHFWSRUWIROLR PDQDJHPHQW LQ GH WZHHGH YROZDVVHQKHLGVIDVH YHUGHU WH RSHUD UDWLRQDOLVHUHQ LV KHW MXLVW YDQ EHODQJ RP HHQ ZHUNE UNEDUH HQ SUDNWLVFKH WRRO WH KHEEHQ GLH QDDVW KHW J W JHQHUHUHQ YDQ GH JHZHQVWH LQIRUPDWLH RRN WRHJ HJDQNHOLMN YRRU LHGHUHHQ LV +HW WH RQWZLNNHOHQ RYHU]LFKW G W GDW LQ]LFKW LQ GH SURMHFWSRUWIROLR JHHIW GLHQW HHQYRX RXGLJ OHHVEDDU DDQ WH SDVVHQ HQ WRHJDQNHOLMN WH ]LMQ LMQ 'H HQHUJLH PRHW MXLVW LQ KHW PHHNULMJHQ YDQ GH R H RUJDQLVDWLH ELM GH LPSOHPHQWDWLH YDQ SURMHFWSRUW RUWIROLR PDQDJHPHQW ZRUGHQ JHwQYHVWHHUG 1DGDW K W KHW SURMHFWSRUWIROLR PDQDJHPHQW YHUGHU LV RQWZLN LNNHOG NDQ PHQ GH IXQFWLRQHOH HLVHQ RS EDVLV YDQ G Q GH RSJHGDQH HUYDULQJHQ EHWHU YDVWVWHOOHQ H HQ LV HHQ JRHGH VHOHFWLH YDQ HHQ SURIHVVLRQHOH WRR WRRO EHWHU PRJHOLMN 'DDUQDDVW ZRUGW GRRU KHW LQ H HHUVWH LQVWDQWLH RQWZLNNHOGH SUDNWLVFKH WRRO HHQ YH YHUNHHUGH DDQVFKDI HQ ELMKRUHQGH QHYHQHIIHFWHQ ]RD RDOV RQMXLVWH RYHU]LFKWHQ RSOHLGLQJHQ RQWHYUHGHQ S Q SURMHFWSRUWIROLR PDQDJHUV SURJUDPPD±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


ZRUGHQ RP ]RGRHQGH EHLGH S SURMHFWHQ WRW HHQ VXFFHV WH NXQQHQ PDNHQ =RQGH GHU HHQ GLUHFWH NRSSHOLQJ PHW UHVRXUFHPDQDJ DJHPHQW LV KHW RQPRJHOLMN RP QLHXZH SURMHFWHQ RS RS HHQ FRUUHFWH ZLM]H LQ GH SURMHFWSRUWIROLR WH SRVLWLR LWLRQHUHQ HQ UHODWLHV WXVVHQ SURMHFWHQ GRRU PLGGHO Y O YDQ UHVRXUFHPDQDJHPHQW WH ERUJ UJHQ 6XFFHVVHQ GHOHQ 3URMHFWSRUWIROLR PDQDJHPHQW W YDOW RI VWDDW PHW FRPPLWPHQW YDQ GH 5LMNVRYHUKH KHLGRUJDQLVDWLH &RPPLWPHQW RQWVWDDW RQGHU D U DQGHUH GRRU KHW FUHsUHQ YDQ HHQ JHPHHQVFKDSSH SHOLMN EHODQJ YLVLH +HW LV XLWHUDDUG YDQ EHODQJ GD GDW 5LMNVRYHUKHLGRUJDQLVDWLHV KDDU VFKDDUVH PLGGH GHOHQ JRHG EHVWHHGW HQ YHUDQWZRRUGW 'DDURP LV K KHW YDQ EHODQJ RP VXFFHVVHQ GLH GH SURMHFWSRUWIR IROLR PDQDJHPHQW RUJDQLVDWLH KDDOW WH GHOHQ /DD DDW ]LHQ GDW SURMHFWSRUWIROLR PDQDJHPHQW JHHQ µSDS DSLHUHQ WLMJHU¶ LV ODDW ]LHQ ZDW KHW GH YHUVFKLOOHQGH H HQWLWHLWHQ NDQ RSOHYHUHQ %RYHQGLHQ JHHIW KHW GH HOHQ YDQ VXFFHVVHQ GH SURMHFWSRUWIROLR OLR PDQDJHPHQW RUJDQLVDWLH RRN GH HQHUJLH RP HU P U PHH GRRU WH JDDQ


%LMODJH 'H YLMI FRPSRQ RQHQWHQ YDQ KHW YROZDVVHQKHLGVPRG RGHO 2UJDQLVDWLH DDQVWXULQJ 9RRU KHW EHKHHUVW FR|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w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¶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


%LMODJH 9UDJHQOLMVW 2QGHUVWDDQG ]LMQ GH YUDJHQ YDQ G GH RUJDQLVDWLHVFDQ YDQ KHW YROZDVVHQKHLGVIDVH P PRGHO ZHHUJHJHYHQ 2UJDQLVDWLH $DQVWXULQJ x (U LV ppQ FRPSOHWH OLMVW PH PHW GDDURS DOOH SURMHFWHQ HQ SURMHFWLQLWLDWLHYHQ GH H SURMHFWSRUWIROLR ]RGDW RUJDQLVDWLH HQ DDQV QVWXULQJ SODDWV NDQ YLQGHQ URMHFWLQLWLDWLHYHQ YLQGW GH DGPLQLVWUDWLH HQ FR|UGLQD QDWLH RS HHQ FHQWUDOH x 9RRU DOOH SURMHFWHQ HQ SUR SOHN ELQQHQ GH RUJDQLVDWLH WLH SODDWV x (U LV ppQ SHUVRRQ YHUDQWZ WZRRUGHOLMN JHVWHOG YRRU GH RUJDQLVDWLH KHW EHZDN NHQ HQ XLWYRHUHQ YDQ GH JHKHOH SURMHFWSRUWIROLR OLR WDFWSHUVRQHQ YRRU DOOH SURMHFWHQ HQ SURMHFWLQLWLDWLHYH YHQ GLH x (U ]LMQ SHU DIGHOLQJ FRQWDF YHUDQWZRRUGHOLMN ]LMQ YRRU RU KHW DDQGUDJHQ YDQ SURMHFWHQ HQ KHW DFFRUGHUHQ KLHUYDQ x +HW DDQVWXUHQ ELMVWXUHQ H HQ HYDOXHUHQ YDQ GH SURMHFWSRUWIROLR YLQGW FRQWLQX X SODDWV HQ EHVOLVVHUV NRPHQ SHULRGLHN ELMHHQ RP RP HYHQWXHOH ZLM]LJLQJHQ WH DFFRUGHUHQ Q ELQQHQ GH RUJDQLVDWLH LQJHULFKW SURMHFWSRUWIROLR E ERDUG GDW x (U LV ppQ FHQWUDDO RUJDDQ YHUDQWZRRUGHOLMN LV YRRU K KHW FRPSOHWH SURFHV URQGRP KHW YDVWVWHOOHQ YDQ H HQ EHVOXLWYRUPLQJ RYHU GH SURMHFWSRUWIROLR ZDDULQ LQ ]RZHO GH OLMQ DOV SURMHFWRUJDQLVDWLH ]LMQ YHUWHJHQ HQZRRUGLJG $DQVOXLWLQJ RS GH VWUDWHJLH YDQ Q GH RUJDQLVDWLH x +HW EHSDOHQ YDQ GH VWUDWH WHJLVFKH GRHOVWHOOLQJHQ YDQ GH RUJDQLVDWLH LV RQGHU HUGHHO YDQ GH UHJXOLHUH SHULRGLHNH 3ODQ DQQLQJ &RQWURO F\FOXV x 'H VWUDWHJLVFKH GRHOVWHOOLQ OOLQJHQ ZRUGHQ GRRU GH OLMQRUJDQLVDWLH YHUWDDOG QDD DU SURMHFWGRHOVWHOOLQJHQ x 9DQ DOOH ORSHQGH SURMHFWH WHQ HQ SURMHFWLQLWLDWLHYHQ ELQQHQ GH RUJDQLVDWLH LV G GH ELMGUDJH DDQ GH VWUDWHJLVFKH GRHOVWHOOLQJH HQ EHNHQG DWHJLVFKH GRHOVWHOOLQJHQ LV HHQ IRUPHOH YRRUZDDUGH GH YRRU KHW RSVWDUWHQ x (HQ ELMGUDJH DDQ GH VWUDWH YDQ HHQ SURMHFW x 7LMGHQV GH XLWYRHULQJ YDQ Q SURMHFWHQ HQ HYHQWXHOH ZLM]LJLQJHQ ZRUGW GH ELMGU MGUDJH DDQ GH VWUDWHJLVFKH GRHOVWHOOLQJH HQ PHW UHJHOPDDW JHWRHWVW GH SURMHFWHQ HQ EHKDDOGH UHVXOWDWHQ ]LMQ LQSXW YRRU RU GH YDVWVWHOOLQJ YDQ x 'H VWDWXV YDQ GH ORSHQGH GH VWUDWHJLVFKH GRHOVWHOOLQ OOLQJHQ YRRU GH QLHXZH SHULRGH EHVWHHG EXGJHW DD DDQWDO SURMHFWHQ EHVFKLNEDDUKHLG UHVRXUFH FHV HWF GH SURMHFWHQ DDQ GH VWUDWHJLVFKH GRHOVWHOOLQJHQ ZR RUGW JHEUXLN JHPDDNW x 9RRU GH NRSSHOLQJ PHW GH YDQ HHQ RQGHUVWHXQHQGH H WRRO


3URFHVVHQ 7RROV x +HW SURFHV YRRU KHW LQGLHQ LHQHQ YDQ SURMHFWLQLWLDWLHYHQ HQ SURMHFWHQ LV XQLIRUP UP YDVWJHOHJG HQ EHNHQG LQ GH JHKHOH RUJD JDQLVDWLH LHQHQ YDQ ZLM]LJLQJHQ LQ SURMHFWHQ LV XQLIRUP YDVWJH WJHOHJG HQ EHNHQG LQ x +HW SURFHV YRRU KHW LQGLHQ GH JHKHOH RUJDQLVDWLH UPDW GLH VWDQGDDUG YRRU KHW LQLWLsUHQ RI ZLM]LJHQ Y YDQ SURMHFWHQ ZRUGHQ x (U ]LMQ WRROV HHQ YDVW IRUP JHEUXLNW EY LQLWLDWLHGRFXP XPHQW HQ FKDQJH UHTXHVW ZDDULQ GH EDVLVJHJHYHQ HQV YDQ KHW SURMHFW RI GH ZLM]LJLQJ ]LMQ YDVWJHOHJ OHJG x $DQ GH SURMHFWHQ OLJW HHQ Q VROLGH EXVLQHVV FDVH WHQ JURQGVODJ HQ QLHW ZRUGHQ JHYROJG ZRUGHQ SURMHFWLQLWLDWLHYHQ QLHW RSJHQRPHQ LQ GH x ,QGLHQ GH MXLVWH SURFHVVHQ SURMHFWSRUWIROLR HFWSRUWIROLR PDQDJHPHQW SURFHVVHQ HQ WRROV ZRUGH GHQ JHIDFLOLWHHUG HQ x 'H WRHSDVVLQJ YDQ SURMHF DIJHGZRQJHQ GRRU HHQ FH FHQWUDDO FR|UGLQDWLHSXQW ELQQHQ GH RUJDQLVDWLH SR RUWIROLR PDQDJHPHQW RIILFH x 9RRU GH YDVWOHJJLQJ YDQ S SURMHFWHQ ZRUGW JHEUXLN JHPDDNW YDQ HHQ RQGHUVW UVWHXQHQGH WRRO %HRRUGHOLQJVFULWHULD 3ULRULWHU HUHQ x 3URMHFWLQLWLDWLHYHQ ZRUGHQ HQ DO GDQ QLHW WRHJHODWHQ WRW GH SURMHFWSRUWIROLR DDQ Q GH KDQG YDQ YRRUDI YDVWJHVWHOGH EHRRUGHOLQJV JVFULWHULD EXVLQHVV FDVH VWUDWHJLVFKH ELMGUDJH YU YULMJDYH UHVRXUFHV x 3URMHFWLQLWLDWLHYHQ ZRUGHQ HQ DO GDQ QLHW WRHJHODWHQ WRW GH SURMHFWSRUWIROLR DDQ Q GH KDQG YDQ YRRUDI YDVWJHVWHOGH SULRULWHULQJVF VFULWHULD SODQQLQJ EHVFKLNEDDUKHLG UHVRXUFHV EHV HVFKLNEDDU EXGJHW x 'H EHRRUGHOLQJV HQ SULRU LRULWHULQJVFULWHULD ]LMQ YRRUDI JHFRPPXQLFHHUG DDQ G GH RSGUDFKWJHYHU HQ SURMHFWPDQDJHU x ,QGLHQ HU QLHXZH SURMHFWLQ WLQLWLDWLHYHQ ZRUGHQ WRHJHODWHQ WRW GH SURMHFWSRUWIROL ROLR QDGDW GH]H LV YDVWJHVWHOG ZRUGW GH SURM URMHFWSRUWIROLR LQ ]LMQ JHKHHO RSQLHXZ JHSULRULWHHUG LJH SURMHFWSRUWIROLR YROGRHQ DDQ GH EHRRUGHOLQJV H HQ x $OOH SURMHFWHQ LQ GH KXLGLJ SULRULWHULQJVFULWHULD x 9RRU GH EHSDOLQJ HQ YDVWO VWOHJJLQJ YDQ GH SULRULWHULQJ YDQ GH SURMHFWHQ HQ LQL LQLWLDWLHYHQ ZRUGW JHEUXLN JHPDDNW YDQ HHQ Q RQGHUVWHXQHQGH WRRO


3ODQQHQ YDQ 5HVRXUFHV x 9DQ DOOH SURMHFWHQ LV SHU S U SURMHFW LQ]LFKWHOLMN ZHONH UHVRXUFHV RS ZHON PRPH HQW EHQRGLJG ]LMQ FWSODQQLQJ EHVFKLNEDDU ZHONH LQ]LFKW JHHIW LQ GH E EHQRGLJGH HQ x (U LV HHQ LQWHJUDOH SURMHFW EHVFKLNEDUH UHVRXUFHV YD YDQ DOOH SURMHFWHQ LQ GH RUJDQLVDWLH x 'H RQGHUOLQJH DIKDQNHOLMN LMNKHGHQ HQ NQHOSXQWHQ WXVVHQ SURMHFWHQ ]LMQ GXLGHO HOLMN LQ NDDUW JHEUDFKW x 5HVRXUFHV ZRUGHQ YROJHQ HQV HHQ VWDQGDDUG SURFHV DDQJHYUDDJG HQ WRHJHZ HZH]HQ DDQ HHQ SURMHFW ZDDUELM UHNHQLQJ Z ZRUGW JHKRXGHQ PHW SULRULWHULQJ HQ FRPSHWHQWLHV HOLQJ DDQJHVWHOG GLH YHUDQWZRRUGHOLMN LV YRRU GH WR WRHZLM]LQJ YDQ x (U LV ppQ SHUVRRQ RI DIGHO UHVRXUFHV DDQ SURMHFWHQ Q RS EDVLV YDQ HHQ FHQWUDOH UHVRXUFHSODQQLQJ YRRU RU GH JHKHOH SURMHFWSRUWIROLR HQ HQ SODQQHQ YDQ GH UHVRXUFHV YRRU SURMHFWHQ ZRU RUGW JHEUXLN JHPDDNW x 9RRU KHW LQ NDDUW EUHQJHQ YDQ HHQ RQGHUVWHXQHQGH H WRRO


%LMODJH 2QGHU]RHNVWH WHDP &RQ4XDHVWRU x x x x x

<YRQQH YDQ +HHV 06F FFRQVXOWDQW 5LMNVRYHUKHLG 'UV 5RHO YDQ +RUQH FRQ QVXOWDQW 5LMNVRYHUKHLG 'UV 0DDUWHQ YDQ :HHJKH KHO 0DQDJHU 3URMHFW *RYHUQDQFH &RQWURO 'UV 0DDUWHQ YDQ GH :HH HHUG FRQVXOWDQW 5LMNVRYHUKHLG 'UV )UDQN :LHUVPD 0DQ DQDJHU 5LMNVRYHUKHLG

,QGLHQ X YUDJHQ RS KHW JHELHG YDQ DQ SURMHFW SRUWIROLR PDQDJHPHQW LQ GH ULMNVRYHUKHLG HLG KHHIW NXQW X FRQWDFW RSQHPHQ PHW 'UV ) ( - :LHUVPD 0DQDJHU 5LMNVRYHUKHLG 7 QO ( IUDQN ZLHUVPD#FRQTXDHVWRU Q RI 'UV 0 9DQ :HHJKHO &RQWURO 0DQDJHU 3URMHFW *RYHUQDQFH & 7 ( PDDUWHQ YDQ ZHHJKHO#FRQTXD XDHVWRU QO


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.