Otoimmun Keratokonjonktivitler

øhøVWDQEXO7ÕS)DNOWHVL
*|]+DVWDOÕNODUÕ$QDELOLP'DOÕ
2WRLPPQ
.HUDWRNRQMRQNWLYLWOHU
'56$085$<781&(5
352)'50(5ø85*$1&,2ö/8
$VLVWDQ6HPLQHUOHUL
0DUW
2WRLPPQLWHQHGLU"
øPPQ VLVWHPLQ EDúOÕFD J|UHYL NHQGLQH \DEDQFÕ DQWLMHQOHUL WDQÕPD YH RQODUD NDUúÕ
LPPQFHYDSROXúWXUPDNWÕU%YH7WLSLOHQIRVLWOHULOHPDNURIDMODULPPQFHYDSROXúXPXQGDQ
YHGHQHWLPLQGHQVRUXPOXGXUODU&DQOÕODUQRUPDOGHNHQGLGRNXDQWLMHQOHULQHNDUúÕLPPQFHYDS
oÕNDUPDPDNWDGÕU $QFDN ED]Õ SDWRORMLN GXUXPODUD ED÷OÕ RODUDN KFUH UHVHSW|UOHULQLQ
ER]XOPDVÕ\OD YH\D LPPQ FHYDS UQOHULQGHQ ED]ÕODUÕQÕQ GH÷LúLN DNWLYLWH J|VWHUPHVL\OH
RUJDQL]PDGDGH÷LúHQGRNXDQWLMHQOHULQHNDUúÕLPPQFHYDSROXúPDNWDGÕU2UJDQL]PDQÕQNHQGL
GRNX DQWLMHQOHULQH NDUúÕ LPPQ FHYDS ROXúWXUPDVÕQD RWRLPPQLWH RWRLPPQL]DV\RQXQ URO
R\QDGÕ÷ÕKDVWDOÕNODUDGDRWRLPPQKDVWDOÕNODUGHQLOPHNWHGLU2OXúPHNDQL]PDVÕNHVLQRODUDN
ELOLQPH\HQEXWUKDVWDOÕNODUÕQWDQÕVÕQGDRUJDQL]PDQÕQNHQGLGRNXODUÕQDNDUúÕROXúDQKFUHVHO
WLS LPPQ FHYDS YH RWRDQWLNRUODUÕQ EHOLUOHQPHVLQGHQ \DUDUODQÕOPDNWDGÕU )ORUHVDQ DQWLNRU
\|QWHPLQLQX\JXODPD\DJLUPHVLLOHELUoRNRWRPPQKDVWDOÕ÷ÕQWDQÕPÕPPNQROPXúWXU
2WRLPPQ+DVWDOÕNODUÕQ2OXúPDVÕQGD(WNLOL2ODQ)DNW|UOHU
x
x
x
*LULú
*HQHWLNIDNW|U+/$JHQIRNXVODUÕ
øPPQRORMLNIDNW|UOHU+PRUDOLPPQFHYDS7LS5HDNVL\RQ
øPPQ.RPSOHNVOHU7LS5HDNVL\RQ
+FUHVHOLPPQFHYDS7LS5HDNVL\RQ
9LUDOIDNW|U
%OO|] GHUL KDVWDOÕNODUÕ +LSRNUDW¶ WDQ EX \DQD ELOLQPHNWHGLU +LSRNUDW GH÷LúLN DWHú
WLSOHULQL WDQÕPODPDN LoLQ SHPILJRLG WHULPLQL NXOODQDQ LON NLúLGLU ³3HPSKLJRLGHV S\UHWRL´
PXKWHPHOHQIHEULOEOO|]GXUXPXRUWD\DNR\DQELUNDYUDPGÕU
3HPILJRLGLQNRQMRQNWLYLWLOHLOLúNLVLQLJ|VWHUHQ\ÕOÕQDDLWLON\D\ÕQODU:LFKPDQQ¶D
DLWWLU &RRSHU GDKD VRQUDODUÕ VHQGURPD ³NRQMRQNWLYD SHPILJXVX´ DGÕQÕ YHUPLúWLU \ÕOÕQGDNLVLNDWULV\HOSHPILJRLGLOHLOJLOLOLWHUDWUOHU LQFHOHQGL÷LQGH)UDQNH¶QLQJ|UPH\LWHKGLW
HGHQILEUR]DQNRQMRQNWLYLWLQEXWLSLQLQSURJQR]XQXQN|WROGX÷XQXQDOWÕQÕoL]GL÷LJ|UOU
2WRLPPQ ILEUR]DQ NRQMRQNWLYLWL WDQÕPODPDN LoLQ ELU oRN IDUNOÕ WHULP NXOODQÕOPÕúWÕU
%XQODUDUDVÕQGDRNOHUSHPILJXVHVDQVL\HONRQMRQNWLYDE]úPHVLL\LKX\OXPN|]PHPEUDQ
SHPILJRLGL VD\ÕODELOLU *QP]GH HQ VÕN NXOODQÕODQ WHULP LVH RNOHU VLNDWULV\HO SHPILJRLG
263¶GLU
2WRLPPQ EOO|] GHUL KDVWDOÕNODUÕQÕQ D\ÕUÕP YH VÕQÕIODQGÕUÕOPDVÕ ¶ OL \ÕOODUGD
EDúODPÕúWÕU'HUPDWRORJRODQ/HYHUYHDUNDGDúODUÕSHPILJXVYHSHPILJRLGLQNOLQLNYHKLVWRORMLN
RODUDN IDUNOÕ LNL KDVWDOÕN JUXEX ROGX÷XQX LON RODUDN J|VWHUPLúOHUGLU \ÕOÕQGD &DUUROO YH
.XZDEDUD EX IDUNOÕOÕ÷Õ PROHNOHU G]H\GH RUWD\D NR\PXúODUGÕU 3HPILJXV DNDQWROL]H ROPXú
LQWUDHSLGHUPDO EOOHU LOH NDUDNWHUL]HGLU 3HPILJRLGGH LVH EOOHU ED]DO PHPEUDQ E|OJHVLQGH
GHUPDOHSLGHUPDOELOHúNHQLQD\UÕúPDVÕLOHVXEHSLGHUPDO\HUOHúLPOLGLU
¶ OL \ÕOODUÕQ EDúODUÕQGD RIWDOPRORJODU ILEUR]DQ NRQMRQNWLYLWLQ oHúLWOL RWRLPPQ
PXNRNWDQ|]KDVWDOÕNODULOHLOLúNLOLRODELOHFH÷LQLWHVSLWHWPLúOHUGLU2WRLPPQNRQMRQNWLYLWOHULQ
VÕQÕIODQGÕUÕOPDVÕ NRQXVXQGD RUWDN ELU ILNLU \RNWXU %X QHGHQOH JQP]GH RIWDOPRORJODU
GHUPDWRORJODU LOH D\QÕ LPPQRSDWRORMLN \DNODúÕPÕ VHUJLOHPHNWHGLUOHU 2WRLPPQ ILEUR]DQ
NRQMRQNWLYLW L]ROH \D GD GHUL YHYH\D PXNR]D\Õ HWNLOH\HQ RWRLPPQ KDVWDOÕNODU LOH ELUOLNWH
RODELOLU
(SLGHPL\RORML
2WRLPPQ NRQMRQNWLYLWLQ LQVLGDQVÕ WDP RODUDN ELOLQPHPHNWHGLU 2WRLPPQ ILEUR]DQ
NRQMRQNWLYLWLQ HVDV QHGHQLQLQ VLNDWULV\HO SHPILJRLG ROGX÷X GúQOG÷QGH LQVLGDQVÕQ
\DNODúÕNRODUDNLOHDUDVÕQGDRODELOHFH÷LWDKPLQHGLOPHNWHGLU
2WRLPPQ NRQMRQNWLYLWLQ EDúODQJÕo \DúÕ QHGHQH J|UH GH÷LúLU %OO|] SHPILJRLGH ED÷OÕ
NRQMRQNWLYLW NODVLN RODUDN \DúOÕODUÕ HWNLOHU *HQú QIXVXQ HWNLOHQGL÷L ROJXODU GD ELOGLULOPLúWLU
6NDWULV\HO SHPILJRLG WDQÕVÕ NRQXOGX÷XQGD KDVWDODUÕQ RUWDODPD \DúÕ DUDVÕQGD
GH÷LúPHNWHGLU)DNDWoRFXNOXNoD÷ÕWXWXOXPXJ|VWHUHQROJXODUGDEXOXQPDNWDGÕU(SLGHUPROL]LV
EXOORVD DFTXLVLWD YH GHUPDWLWLV KHUSHWLIRUPLV JLEL ILEUR]DQ NRQMRQNWLYLWH QHGHQ RODQ GL÷HU
RWRLPPQ EOO|] GHUL KDVWDOÕNODUÕ GDKD oRN JHQo QIXVX HWNLOHU ø]ROH YH\D VDI RWRLPPQ
ILEUR]DQ NRQMRQNWLYLW GH WDQÕPODQPÕúWÕU %X NRQXGD VRQ ]DPDQODUGD DQODPOÕ |OoGH
HSLGHPL\RORMLNYHULHOGHHGLOPLúWLU
3DWRJHQH]
%D]Õ NRQMRQNWLYLWOHULQ WHPHOLQGH \DWDQ PHNDQL]PDQÕQ RWRLPPQLWH ROGX÷X ILNUL
]HULQGH\R÷XQWDUWÕúPDODUPHYFXWWXU7DUWÕúPDODU|]HOOLNOHGL÷HURWRLPPQKDVWDOÕNODULOHRODQ
\DNÕQ LOLúNL NRQMRQNWLYD ]HULQGH LPPQ GHSR]LWOHULQ ROPDVÕ ED]DO PHPEUDQ E|OJHVL YH\D
NRQMRQNWLYD HSLWHOLQLQ KFUHOHU DUDVÕ PDGGHVLQH NDUúÕ GRODúDQ RWRDQWLNRUODUÕQ VDSWDQPDVÕ YH
ED÷ÕúÕNOÕN VLVWHPLQL G]HQOH\LFL LPPQRPRGODW|U YHYH\D ED÷ÕúÕNOÕN VLVWHPLQL EDVNÕOD\ÕFÕ
LPPQRVXSUHVLI WHGDYLOHULQLQ HWNLQOL÷L NRQXODUÕ ]HULQGH \R÷XQODúPÕúWÕU 2WRLPPQ
NRQMRQNWLYLWLQ JHULVLQGHNL LPPQRORMLN PHNDQL]PDQÕQ WLS DQWLNRUD ED÷OÕ VLWRWRNVLVLWH
UHDNVL\RQX ROGX÷X GúQOPHNWHGLU )ORUHVDQV YH HQ]LPDWLN LPPQ LúDUHWOHPH WHNQLNOHUL LOH
NRPELQH HGLOPLú VWDQGDUW KLVWRORMLN LQFHOHPHOHU oR÷XQOXNOD PRQRQNOHHU YH QRQVSHVLILN RODQ
NRQMRQNWLYDGDNL LOWLKDEL HQILOWUDV\RQXQ WLSLQL EHOLUOHPHN LoLQ NXOODQÕODELOLU 6NDWULV\HO
SHPILJRLGOL KDVWDODUÕQ NRQMRQNWLYD HSLWHOLYH NRU\RQXQGD ED÷ GRNXVXQGDKHPHQKHPHQWP
LOWLKDELPHGL\DW|UOHULQG]H\LQLQDQODPOÕ|OoGHDUWPÕúROGX÷XVDSWDQPÕúWÕU'XUXPXQQHGHQL
úLGGHWL YH LOHUOHPH KÕ]ÕQD J|UH HQILOWUDV\RQXQ KFUHVHO ELOHúLPL GH÷LúLNOLN J|VWHULU *|]
GÕúÕQGDNL GRNXODUGD GD WXWXOXP WHVSLW HGLOHQ KDVWDODUGD EX DUDúWÕUPD WHNQLNOHUL GHUL YH
PXNR]D\D GD X\JXODQDELOLU 7UDYPDWLN NLP\DVDO LOWLKDEL YH HQIHNVL\|] N|NHQOL oHúLWOL
NRQMRQNWLYD KDVDUÕ ILEUR]LVL DUWWÕUÕU g]HOOLNOH VLNDWULV\HO SHPILJRLGH ED÷OÕ RWRLPPQ
NRQMRQNWLYLWWH WHGDYL X\JXODQPDGÕ÷Õ WDNGLUGH ILEUR]LV NDoÕQÕOPD] RODUDN LOHUOHU $OWWD \DWDQ
VHEHS QH ROXUVD ROVXQ ILEUR]LVWHQ VRUXPOX PHNDQL]PDODU WDP RODUDN D\GÕQODWÕODPDPÕúWÕU YH
JHQHOOLNOH PXOWLIDNW|UL\HOGLU )DNDW VHEHS VDGHFH LOWLKDEL UHDNVL\RQ GH÷LOGLU %X GXUXP ED]Õ
ROJXODUGD RNOHU HQIODPDV\RQXQ NRQWURO DOWÕQD DOÕQPDVÕQD UD÷PHQ ILEUR]LVLQ LOHUOH\LúLQL
DoÕNOD\DELOLU
*QP]GH RWRLPPQ NRQMRQNWLYLWWHNL ED]Õ KHGHI DQWLMHQOHU WDQÕPODQPÕúWÕU
6XEHSLWHOL\DO RWRLPPQ KDVWDOÕNODUGD HSLWHO LOH NRU\RQ DUDVÕQGDNL ELOHúNH\L ROXúWXUDQ oHúLWOL
PROHNOOHULQ HSLWRSODUÕ YH LQWUDHSLWHOL\DO RWRLPPQ KDVWDOÕNODUGDQ LVH GHVPR]RP HSLWRSODUÕ
WDUDIÕQGDQ J|VWHULOPHNWHGLU 6NDWULV\HO SHPILJRLG YH HSLGHUPROL]LV EXOORVD DFTXLVLWDGD
GRODúÕPGDNL RWRDQWLNRUODU SDWRMHQLN UROOHUL WDP RODUDN ELOLQPHPHNWHGLU QDGLU RODUDN
EXOXQXUNHQEOO|]SHPILJRLGGHEXRWRDQWLNRUODUDGDKDVÕNUDVWODQÕU
2WRLPPQ NRQMRQNWLYLWOHULQ ED]Õ WLSOHULQGH JHQHWLN \DWNÕQOÕN V|] NRQXVXGXUgUQH÷LQ
VLNDWULV\HOSHPILJRLGGH'4ZJHQL'4ELOH\NVHNGHUHFHGHDQODPOÕELULVWDWLVWLNVHO
ED÷ODQWÕ EXOXQPXúWXU %LUoRN ROJXGD +/$'5 DQWLMHQL LOH ED÷ODQWÕ GD EXOXQPXúWXU +/$
'5 LOH HSLGHUPROL]LV EXOORVD DFTXLVLWD DUDVÕQGDNL LOLúNL WHVSLW HGLOPLúWLU %X GXUXPD NR\X
UHQNOLÕUNWDGDKDVÕNUDVWODQPDNWDGÕU
.RQMRQNWLYDO)LEUR]LVLQ.OLQLN%XOJXODUÕ
.RQMRQNWLYDO ILEUR]LV ELUoRN KDVWDOÕNWD NDUúÕPÕ]D oÕNWÕ÷ÕQGDQ RWRLPPQ NRQMRQNWLYLWH
|]JELUGXUXPGH÷LOGLU
2WRLPPQ NRQMRQNWLYLW JHQHOOLNOH KHU LNL J|] GH HWNLOHU *|]GH \DEDQFÕ FLVLP KLVVL
\DQPD KLVVL IRWRIREL J|]OHUGH VXODQPD NDúÕQWÕ D÷UÕ PXNXV VDOJÕVÕ YH KLSHUHPL JLEL oHúLWOL
J|]GH UDKDWVÕ]OÕN KLVVL VHPSWRPODUÕ LOH NHQGLQL J|VWHULU )DNDW EX VHPSWRPODUÕQ úLGGHWL LOH
KDVWDOÕ÷ÕQ úLGGHWL KHU ]DPDQ GR÷UX RUDQWÕOÕ GH÷LOGLU %D]Õ KDVWDODUGD SURJUHVLI ILEUR]DQ
NRQMRQNWLYLWWDPDPHQDVHPSWRPDWLNRODELOLU
6XEHSLWHOL\DO ILEUR]LV LON RODUDN DOW YH VW WDUVDO NRQMRQNWLYD\Õ HWNLOHU %DúODQJÕo
G|QHPLQGH oR÷XQOXNOD SHULYDVNOHU RODQ EH\D] oL]JLOHU (YUH úHNOLQGHGLU )LEUR]LVLQ
LOHUOHPHVL IRUQLNVOHULQ GDUDOPDVÕQD (YUH YH VHPEOHIDURQ (YUH ROXúPDVÕQD QHGHQ ROXU
7HUPLQDOG|QHPGHDQNLOREOHIDURQ(YUHPH\GDQDJHOLU.RQMRQNWLYDOILEUR]LVJ|]\DúÕILOP
WDEDNDVÕQÕQWPNRPSRQHQWOHULQLHWNLOH\HELOLU(VDVYHDNVHVXDUJ|]\DúÕEH]LNDQDOYHNDQDOFÕN
D÷Õ]ODUÕQÕQ ILEURWLN ROD\OD WÕNDQPDVÕ\OD DN|] NRPSRQHQW HWNLOHQLU <LQH J|] \DúÕQÕ ILOP
WDEDNDVÕQÕQ HQ GHULQ NDWÕQÕ ROXúWXUDQ PVLQL VHQWH] HGHQ JREOHW KFUHOHULQLQ ILEUR]LV VRQXFX
KDVDUÕ QHGHQL\OH PVLQ NRPSRQHQW GH ]DUDU J|UU $\UÕFD EX KDVWDODUGD VHNRQGHU PHLERPLWLV
VÕNOÕNOD PHYFXWWXU %X GXUXP J|] \DúÕ ILOP WDEDNDVÕQÕQ VWDELOLWHVLQLQ ER]XOPDVÕQD YH J|]
\DúÕQÕQ GDKD KÕ]OÕ EXKDUODúPDVÕQD QHGHQ ROXU 6RQXo RODUDN úLGGHWOL ELU NXUX J|] VHQGURPX
WDEORVX RUWD\D oÕNDU .RQMRQNWLYDO ILEUR]LV J|] NDSDNODUÕ YH DGQHNVDQÕQ DQDWRPLVLQL ER]DUDN
NLUSLNOHULQWHUV\|QGHE\PHVLQHYHHQWURSL\XP± WULNL\D]LVHQHGHQROXU
*|]GH NXUXOXN WULNL\D]LV HQWURSL\XP YH NRUQHDQÕQ GÕú RUWDPOD GLUHNW WHPDVÕ NRUQHD
NRPSOLNDV\RQODUÕ JHOLúLPLQL NROD\ODúWÕUÕU (SLWHOL\DO QRNWDVDO NHUDWLW YH HSLWHO GHIHNWOHUL
ROXúDELOLU %XQXQ \DQÕVÕUD VWURPD OVHUDV\RQODUÕ QHRYDVNODUL]H VNDU GRNXVX ROXúXPODUÕ
EDNWHUL\HOYH\DIXQJDOVSHUHQIHNVL\RQODUSHUIRUDV\RQYHKDWWDN|UO÷HJLGHFHNNDGDUúLGGHWOL
RODELOLU
2NOHU \]H\LQ EX WLS HQIODPDWXDU KDVWDOÕNODUÕQGD NURQLN JORNRP VÕNOÕNOD J|UOU
.URQLN JORNRP SULPHU YH\D KDVWDOÕ÷D VHNRQGHU RODELOLU .RUQHD \]H\LQLQ G]HQVL] ROPDVÕ
QHGHQL\OH RIWDOPRORJODUÕQ J|] LoL EDVÕQFÕ |OoPQ LKPDO HWPHOHUL QHWLFHVLQGH ROJXODUÕQ ELU
NÕVPÕQGD JORNRP WDQÕVÕ DWODQDELOLU .URQLN JORNRPXQ SDWRJHQH]L WDP RODUDN D\GÕQOÕ÷D
NDYXúPDPÕúWÕUh]HULQGH GXUXODQ KLSRWH]OHUDUDVÕQGD JHQHWLN H÷LOLP WUDEHNOLW NRUWLNRVWHURLG
WHGDYLVLQLQ\DQHWNLOHULYHILEUR]LVHVHNRQGHUHSLVNOHUDOYHQ|]EDVÕQFÕQGDNLDUWÕúWÕU
2WRLPPQ ILEUR]DQ NRQMRQNWLYLWWH NRMRQNWLYDO KLSHUHPL GH÷HUOHQGLULOPHVL JHUHNHQ
|QHPOL ELU EXOJXGXU .RQMRQNWLYDGDNL KLSHUHPL VLWRNLQOHU WP|U QHNUR]LV IDNW|U >71)@ YH
LQWHUO|NLQOHUYHKLVWDPLQJLELLOWLKDELDMDQODUÕQVDOÕQÕPÕLOHDUWÕúJ|VWHULU(NWRSLNNLUSLNOHUJLEL
PHNDQLNLULWDV\RQXQROPDGÕ÷ÕGXUXPODUGDLOWLKDELROD\ÕQDNWLYLWHVLKDNNÕQGDoRN|QHPOLLSXFX
YHULU.RQMRQNWLYDYHNRUQHD\]H\LVUHNOL\HQLOHQGL÷LQGHQEOOHULQ³EOLVWHUV´J|UOPHVLoRN
QDGLUHQ PPNQ ROPDNWDGÕU 2OJXODUÕQ oR÷XQGD RIWDOPRORMLN PXD\HQHGH VDGHFH EOOHULQ
SDWODPDVÕJHOLúHQSRVW± EOO|]NRUQHDHUR]\RQODUÕJ|UOU
)LEURWLNROD\ÕQLOHUOHPHVLQLQYHWHGDYLHWNLQOL÷LQLQGH÷HUOHQGLULOHELOPHVLLoLQILEUR]LVYH
NRQMRQNWLYDO HQIODPDV\RQXQ NRQMRQNWLYD KLSHUHPLVL úLGGHWLQLQ WHNUDUODQDELOLU úHNLOGH
EHOLUOHQHELOPHVL |QHP WDúÕPDNWDGÕU 7DXEHU YH DUNDGDúODUÕ 0RQGLQR YH )RVWHU WDUDIÕQGDQ
|QHULOHQ VLVWHPOHU DUDVÕQGD LVH ELU X]ODúPD\ÕVD÷OD\DFDN ELU ILEUR]LV VÕQÕIODPDVÕ |QHUPLúOHUGLU
7DEOR
7DEOR.RQMRQNWLYDOILEUR]LVHYUHOHQGLUPHVL7DXEHUYHDUNDGDúODUÕQDJ|UH
(YUH, 6XENRQMRQNWLYDOILEUR]LV
(YUH,, $OWIRUQLNVWHGDUDOPD
,,$± ,,%± ,,&± ,,'± (YUH,,, 6HPEOHIDURQ$OWNDSD÷ÕQHWNLOHQHQX]XQOX÷XQXQ\]GHVL
,,,$± ,,,%± ,,,&± ,,,'± $OWIRUQLNVWHJ|]OHQHQVHPEOHIDURQODUÕQVD\ÕVÕKDVWD\XNDUÕGR÷UXEDNDUNHQDOWNDSD÷ÕDúD÷Õ
GR÷UXoHNHUHN$UDSNDUDNWHUOHUL\OH\DQÕQDHNOHQLU
(YUH,9 $QNLOREOHIDURQ
0RQGLQR¶ QXQ VLVWHPL DOW IRUQLNVWH GDUDOPD GHUHFHVLQL HQGHNV RODUDN NXOODQÕUNHQ
)RVWHU¶ ÕQ VLVWHPL DOW IRUQLNVWH GDUDOPD YH VHPEOHIDURQ YDUOÕ÷ÕQÕ úLGGHWLQL GH÷LO J|] |QQGH
EXOXQGXUX\RUGX7DXEHUYHDUNDGDúODUÕQÕQ\DSWÕ÷ÕVÕQÕIODPDEXOEDUNRQMRQNWLYDOKLSHUHPLQLQ
NDGUDQGD ± DUDVÕ GHUHFHOHQGLULOPHVL LOH WDPDPODQPÕúWÕU :ULJKW YH DUNDGDúODUÕ
HQIODPDV\RQXQ GHUHFHOHQGLULOGL÷L EDúND ELU VÕQÕIODQGÕUPD JHOLúWLUPLúOHUGLU %X VÕQÕIODPDGD
VLNDWULV\HONRQMRQNWLYLW± DNXWVXEDNXWYHNURQLNROPDN]HUHWLSHD\UÕOPÕúWÕU$NXWVDIKDGD
NRQMRQNWLYD HUR]\RQODUÕ LOH ELUOLNWH NRQMRQNWLYDQÕQ \R÷XQ HQIODPDV\RQX J|UOU 6XEDNXW
VDIKDGD J|]GHNL VHPSWRPODUÕQ YDUOÕ÷Õ LOH ELUOLNWH NRQMRQNWLYDGD EHOLUJLQ KLSHUHPL VDSWDQÕU
.URQLN VDIKD VDGHFH VXENRQMRQNWLYDO ILEUR]LV EH\D] NRQMRQNWLYD LOH NDUDNWHUL]HGLU +LoELU
VÕQÕIODPDGDSDOSHEUDOYHNRUQHDOEHOLUWLOHUJ|]|QQHDOÕQPDPÕúWÕU
/DERUDWXDUøQFHOHPHOHUL
.RQMRQNWLYDO EL\RSVL VXENRQMRQNWLYDO OLGRFDLQH LOH ORNDO DQHVWH]L DOWÕQGD NROD\OÕNOD
\DSÕOÕU gUQHN RUWDODPD [ PP OLPEXVD NRPúX EXOEDU NRQMRQNWLYDGDQ ± H÷HU PPNQVH
HQIODPDV\RQ JHOLúPLú E|OJHGHQ ± KD]ÕUODQÕU )LEUR]LVL DUWWÕUDFD÷Õ YH VHPEOHIDURQ JHOLúLPLQL
X\DUDFD÷ÕQGDQ GROD\Õ IRUQLNVWHQ EL\RSVL DOÕQPDVÕ NRQWUDHQGLNHGLU %LUNDo JQ ER\XQFD
NXOODQÕOPDVÕLoLQDQWLEL\RWLNYHDQWLHQIODPDWXDUSRPDG UHoHWHHGLOLU$OÕQDQNRQMRQNWLYD|UQH÷L
JHUHNWL÷L |OoGH ELUNDo SDUoD\D E|OQU *HQHOOLNOH ELULQFL SDUoD KLVWRORMLN LQFHOHPH LoLQ
IRUPRO JLEL ELU ILNVDV\RQ VROV\RQXQD SDUDIILQ NHVLWOHULQGH LPPQRHQ]LPDWLN oDOÕúPDODUÕQD
RODQDN VD÷ODU NRQXOXU %LU GL÷HU SDUoD QRUPDO VROV\RQD NRQXU YH LPPQRIORUHVDQV YH
LPPQRHQ]LPDWLN oDOÕúPDODU LoLQ KHPHQ GRQGXUXOXU 6RQ SDUoD LOHUL PHWRGODU NXOODQÕODUDN
LPPQRHOHNWURQPLNURVNRSLVLLoLQLúOHQLU
3DWRORML
g]JQONOHULQLQ GúN ROPDVÕ QHGHQL\OH KLVWRORMLN oDOÕúPDODU RWRLPPQ ILEUR]DQ
NRQMRQNWLYLW WDQÕVÕQGD D] ID\GD VD÷ODU &LOW YH J|] GÕúÕ PXNR]D OH]\RQODUÕQÕQ KLVWRORMLN
LQFHOHPHVLQLQDNVLQHNRQMRQNWLYDGDED]DOPHPEUDQE|OJHVLQGHNLD\UÕúPDQÕQWHVSLWLRWRLPPQ
NRQMRQNWLYLW WDQÕVÕQÕQ NRQXOPDVÕQGD ELU GH÷HUL \RNWXU dQN NRQMRQNWLYD NROD\OÕNOD ]DUDU
J|UHELOHQ ELU GRNXGXU 'ROD\ÕVÕ\OD KHUKDQJL ELU KLVWRORMLN HSLWHO GHNROPDQÕ oRN E\N ELU
RODVÕOÕNOD ILNVDV\RQ DUWHIDNWÕ ND\QDNOÕGÕU 2NOHU VLNDWULV\HO SHPILJRLGLQ KLVWRORMLN EXOJXODUÕ
JREOHW VD\ÕVÕQGD D]DOPD YH NRQMRNWLYD HSLWHOLQGH VNXDP|] PHWDSOD]LGLU .RU\RQ
NRQMRQNWLYDQÕQ ED÷ GRNXVX OHQIRSOD]PRVLWLN PRQRQNOHHU KFUHOHUGHQ ROXúDQ QRQVSHVLILN
NURQLN HQIODPDV\RQ J|VWHULU %D]Õ ROJXODUGD SHULYDVNOLW J|UOU 0DVW KFUH VD\ÕVÕ VÕNOÕNOD
DUWÕú J|VWHULU %D]Õ GXUXPODUGD HR]LQRILO YH Q|WURILO KFUHOHUH GH UDVWODQÕU 1|WURILOOHU DNXW
VDIKDGD |]HOOLNOH \]H\HO NRU\RQGD ERO PLNWDUGD EXOXQDELOLU )LEUREODVWODU WDUDIÕQGDQ \HQL
NROODMHQVHQWH]LQHVHNRQGHUILEUR]LVGHJ|]OHQHELOLU
7UDQVPLV\RQ HOHNWURQ PLNURVNRSL oDOÕúPDODUÕ RNOHU VLNDWULV\HO SHPILJRLGGHNL
NRQMRQNWLYD OH]\RQODUÕQÕ DoÕNoD RUWD\D NR\PXúWXU (SLWHO GHVPR]RP VD\ÕVÕQGD YH
LQWUDVLWRSOD]PLNWRQRILODPHQWYHWRQRILEULOOHULQ\R÷XQOX÷XQGDEHOLUJLQDUWÕúLoHULU%XQDJREOHW
VD\ÕVÕQGDD]DOPDHúOLNHGHU%D]DOPHPEUDQE|OJHVLQLQVUHNOLOL÷LND\EROPXúLNL\HNDWODQPÕú
GXSOLNDV\RQ YH EHOLUOL QRNWDODUGD NDOÕQODúPÕúWÕU .RU\RQ ILEULQ NROODMHQ YH KFUHOHUGHQ
ROXúDQG]HQVL]LOWLKDELHQILOWUDV\RQLoHUPHNWHGLU
7DUD\ÕFÕVFDQQLQJHOHNWURQPLNURVNRSLVLNRQMRQNWLYD\]H\LQGHNDOÕQPXNXVXDQGÕUDQ
JHQLúKRPRMHQDPRUIPDGGHELULNLPOHULJ|VWHULU
'LUHNWøPPQøúDUHWOHPH
'LUHNWøPPQIORUHVDQV
.RQMRQNWLYDGDNLNRU\RHSLWHOL\DOELOHúNHQLQX]XQ]DPDQGÕUSHUL\RGLNDVLW 6FKLII3$6
JLEL |]HO ER\DPDODU VRQUDVÕ VDGHFH ÕúÕN PLNURVNRSLVL LOH J|]OHQHELOHQ YH ED]DO PHPEUDQ
E|OJHVL EDVHPHQW PHPEUDQH ]RQH %0= GHQLOHQ EDVLW OLQHHU DPRUI ELU \DSÕ ROGX÷X NDEXO
HGLOPLúWLU(VDVHQRWRLPPQVXEHSLWHOL\DONRQMRQNWLYLWGHGDKLOROPDN]HUHoHúLWOLEL\RORMLNYH
SDWRORMLNROD\ODUDPDUX]NDODQPRUIRORMLNYHEL\RNLP\DVDORODUDNNDUPDúÕNELU\DSÕGÕU'LUHNW
LPPQIORUHVDQVED]DOPHPEUDQE|OJHVLG]H\LQGHNLKHGHIDQWLMHQOHUHED÷ODQDQRWRDQWLNRUODUÕQ
ROXúWXUGX÷XLPPQ GHSR]LWOHULRUWD\DNR\DQ HQ HVNL YH HQ EDVLW LPPQLúDUHWOHPH WHNQL÷LGLU
&LOW YH \DQDN EXNNDO PXNR]DVÕ OH]\RQODUÕQÕQ ELRSVL |UQHNOHULQH X\JXODQGÕ÷ÕQGD GDKD GD
NROD\GÕU%XGHSR]LWOHULWHVSLWHWPHNLoLQNXOODQÕODQDQWLNRUODUIORUHVFHLQYHED]HQGHURGDPLQ
ED÷ODQPÕúSROLNORQDODQWLNRUODUGÕU%XDQWLNRUODULQVDQLPPXQRJOREXOLQ|]HOOLNOH,J*,J$YH
,J0 YH\DRQD NDUúÕOÕN JHOHQ )F SDUoDVÕQD YH ED]Õ NRPSOHPDQ IDNW|UOHULQH & YH & NDUúÕ
\|QOHQGLULOPLúWLU(SLWHOL\DOED]DOPHPEUDQE|OJHVLER\XQFD\HUOHúPLúWLSLNVUHNOLOLNJ|VWHUHQ
oL]JLúHNOLQGHNL IORUHVDQ ELULNLPOHURWRLPPQ VLNDWULV\HO KDVWDOÕNODUÕQ YDUOÕ÷ÕQÕ J|VWHULU %XQD
UD÷PHQ GLUHNW LPPQIORUHVDQV oHúLWOL RWRLPPQ VXEHSLWHOL\DO KDVWDOÕNODUÕQ D\ÕUÕPÕQGD
NXOODQÕODPD]
2WRLPPQ LQWUDHSLWHOL\DO NRQMRQNWLYLWWH SHPILJXV LPPQ GHSR]LWOHU KFUHOHU DUDVÕ
ELOHúNHOHUGHJ|UOUYHEDOÕND÷ÕúHNOLQGHLPPQIORUHVDQJ|UQWYHULU
øPPQRHQ]LPDWLN7HNQLNOHU
%X PHWRGODUÕQ SUHQVLEL GLUHNW LPPQIORUHVDQV WHNQL÷LQH EHQ]HUGLU %XUDGD DQWLNRUODU
IORUHVFHLQ\HULQHSHURNVLGD]DED÷ODQPDNWDGÕU3HURNVLGD]ÕQDYLGLQELRWLQLOHUHDNVL\RQDJLUPHVL
VRQXFX LPPQ GHSR]LWOHU NDKYHUHQJL ER\DQÕU øPPQRHQ]LPDWLN LúDUHWOHPH GLUHNW
LPPQIORUHVDQVD J|UH GDKD NDUPDúÕN YH SDKDOÕ ROPDVÕQD NDUúÕQ RWRLPPQ NRQMRQNWLYLWLQ
WDQÕVÕQGDoRNGDKDKDVVDVWÕU
øPPQRSHURNVLGD] NXOODQÕPÕ KFUH \]H\ DQWLMHQOHULQH &' DQWLMHQOHULQH NDUúÕ
\|QOHQGLULOPLú PRQRNORQDO DQWLNRUODU YH VLWRNLQOHU LOH LOJLOL GDKD GHWD\OÕ LPPQRSDWRORMLN
oDOÕúPDODU \DSÕOPDVÕQD GD RODQDN VD÷ODU %XQXQ VRQXFX RODUDN RNOHU VLNDWULV\HO SHPILJRLGOL
KDVWDODU ]HULQGH JHUoHNOHúWLULOHQ oDOÕúPDODU NRQMRQNWLYD HSLWHOLQL WXWDQ LOWLKDEL KFUHOHULQ
\DUGÕPFÕ7KFUHOHUL&'GHQGULWLNKFUHOHU&'YHPDNURIDMODU&'ROGX÷XQXYH
\DUGÕPFÕ7EDVNÕOD\ÕFÕ7RUDQÕQÕQQRUPDONRQMRQNWLYD\DJ|UHEHOLUJLQRODUDN\NVHNROGX÷XQX
J|VWHUPLúWLU$\QÕKDVWDODUGDNRQMRQNWLYDNRU\RQXQXWXWDQ\R÷XQLOWLKDELKFUHSRSODV\RQXQX
\DUGÕPFÕ7KFUHYHEDVNÕOD\ÕFÕ7&'KFUHOHULGHGDKLOROPDN]HUH7OHQIRVLWOHUL&'
YH &' PDNURIDMODU &' 0$& YH GHQGULWLN KFUHOHU &' YH +/$ '5
ROXúWXUPDNWDGÕU%XKFUHOHULQ¶X\]H\OHULQGHDNWLYDV\RQODUÕQÕJ|VWHUHQ,/UHVHSW|UOHUL
&'EXOXQGXUXU+DVWDOÕ÷ÕQDNWLYLWHVLQHJ|UHVXEHSLWHOL\DOLOWLKDELKFUHELULNLPLQLQ\DSÕVÕ
GH÷LúNHQOLNJ|VWHULU$NXWVDIKDGDPDNURIDMYHSROLPRUIRQNOHHUO|NRVLWOHU\R÷XQGXU6XEDNXW
G|QHPGH 7 OHQIRVLWOHULEDVNÕQGÕU&'KFUHOHUL &'KFUHOHUH J|UH GDKD \R÷XQGXU$NXW
G|QHPGH&'YH&'KFUHVD\ÕODUÕHúLWWLU7KFUHDNWLYDV\RQXQXQGHYDPOÕOÕ÷ÕLoLQDQWLMHQ
VXQXFX KFUHOHUGHQ VUHNOL X\DUÕFÕVLQ\DO JHUHNOLGLU2NOHUVLNDWULV\HO SHPILJRLGKDVWDODUÕQÕQ
NRQMRQNWLYDNRU\RQXQGDHNX\DUDQ%ED÷OD\ÕFÕODUÕQOLJDQGODUÕQ&'DúÕUÕVXQXOPDVÕGD
J|VWHULOPLúWLU
'LUHNWøPPQRHOHNWURQ0LNURVNRSLVL
'LUHNW LPPQRHOHNWURQ PLNURVNRSLVL KHGHI RWRDQWLMHQOHUH ED÷ODQDQ RWRDQWLNRUODUÕQ
YDUOÕ÷ÕQÕ J|VWHUPHGHNXOODQÕODQHQ JHOLúPLúWHNQLNWLU'LUHNWLPPQIORUHVDQVLOHDUDVÕQGDNL HQ
|QHPOL IDUN LúDUHWOH\LFLOHULQ VHoLPLGLU 7UDQVPLV\RQ HOHNWURQ PLNURVNRSLVLQGH LúDUHWOH\LFLOHU
HOHNURQRSDN ROPDOÕGÕU %X LúDUHWOH\LFLOHU SHURNVLGD] YH NROORLGDO DOWÕQ LPPQRDOWÕQ GÕU
øPPQ GHSR]LWOHU RWRLPPQ LQWUDHSLWHOL\DO NRQMRQNWLYLWWH HSLWHO LoLQGH RWRLPPQ
VXEHSLWHOL\DO NRQMRQNWLYLWWH LVH HSLWHOL\DO ED]DOPHPEUDQ E|OJHVLQLQ oHúLWOL QRNWDODUÕQGD WHVSLW
HGLOLU.R\XHOHNWURQ\R÷XQROXúXPODUúHNOLQGHJ|UOUOHU
(SLWHO LOH NRU\RQ DUDVÕQGDNL ED÷ODQWÕ NRPSOHNVL RODQ ED]DO PHPEUDQ E|OJHVLQLQ
PROHNOHU \DSÕVÕ VWWHQ DúD÷Õ\D GR÷UX KHPLGHVPR]RPODU ED]DO PHPEUDQ E|OJHVLQLQ NHQGLVL
ODPLQD OXVLGD YH ODPLQD GHQVD¶ GDQ ROXúPXú ED÷ODQWÕ ILODPDQWOHUL LOH oDSUD]ODQPÕú YH
ED÷ODQWÕILEULOOHULE|OJHVL\HUDOÕU
%D]DO PHPEUDQ E|OJHVLQLQ WXWXODQ E|OPQQ LPPQ LúDUHWOHQPLú KHGHI DQWLMHQOHU LOH
ORNDOL]DV\RQX RWRLPPQ KDVWDOÕ÷ÕQ SDWRJHQH]LQL RUWD\D NR\PDGD E\N \DUGÕPFÕGÕU +DOHQ
GHUPDWRORMLGH NXOODQÕODQ LPPQRHOHNWURQ PLNURVNRSL RIWDOPRORMLGH GH WDP GX\DUOÕOÕ÷Õ
\|QQGHQGH÷HUOHQGLULOPHNWHGLU
'RODúÕPGDNL$QWLNRUODU
%D]DO PHPEUDQ E|OJHVL YH HSLWHOL\DO KFUHOHU DUDVÕ PDGGH\H NDUúÕ \|QOHQPLú
GRODúÕPGDNL RWRDQWLNRUODUÕQ WHVSLWL YH WLWUDV\RQX JQP]GH KDOHQ ELUoRN LPPQRORML
ODERUDWXYDUÕQGD NXOODQÕODELOHQ WHNQLNOHUH GD\DQPDNWDGÕU %X PHWRGODU KDVWD VHUXPXQXQ FLOW
YH\DPXNR]DVXEVWUDWÕNRQMRQNWLYDGDNLKHGHIDQWLMHQOHULQoR÷XFLOWYHPXNR]DGDNLDQWLMHQOHUOH
DoÕN ELU EHQ]HUOLN J|VWHULU LOH UHDNVL\RQD VRNXOPDVÕ WHPHOLQH GD\DQÕU +HGHI DQWLMHQH ED÷OÕ
RWRDQWLNRUODU LúDUHWOHQPLú LQVDQD NDUúÕ DQWL ± KXPDQ LPPQRJOREXOLQ DQWLNRUODUÕQÕQ
NXOODQÕOGÕ÷Õ³VDQGYLo´WHNQL÷LLOHVXEVWUDW]HULQGHJ|VWHULOHELOLU
øQGLUHNWøPPQIORUHVDQV
øQGLUHNW LPPQIORUHVDQV WHNQL÷LQGH VXEVWUDWD ED÷OÕ RWRDQWLNRUODUÕ WHVSLW HWPHN LoLQ
NXOODQÕODQ LQVDQD NDUúÕ LPPQRJOREXOLQ DQWLNRUODU IORUHVFHLQH ED÷ODQPÕúWÕU (Q VÕN NXOODQÕODQ
VXEVWUDWODUWX]ODD\UÕOPÕúVDOW± VSOLWYH\DQRUPDOLQVDQGHULVLYHVÕoDQ|VRIDJXVPXNR]DVÕGÕU
7X]ODD\UÕOPÕúGHULNXOODQÕPÕ|]HOOLNOHEOO|]SHPILJRLGLOH HSLGHUPROL]LVEOOR]DDFTXLVLWD\Õ
ELUELULQGHQ D\ÕUDUDN EOO|] VXEHSLWHOL\DO RWRLPPQ KDVWDOÕNODUÕQ WDQÕVÕQÕQ NRQXOPDVÕQGD
NROD\OÕN VD÷ODU )ORUHVDQV EOO|] SHPILJRLGGH D\UÕúPD G]OHPLQLQ WDYDQÕQÕ HSLGHUPROL]LV
EOOR]D DFTXLVLWDGD LVH WDEDQÕQÕ ER\DU %XQD NDUúÕQ VLNDWULV\HO SHPILJRLGGH IORUHVDQVÕQ
ORNDOL]DV\RQXWDP RODUDN EHOLUOHQHPHPLúWLU .RQMRQNWLYD RWRLPPQ NRQMRQNWLYLW LoLQ VXEVWUDW
RODUDNGDWHVWHGLOPLúYHX\JXQROGX÷XJ|UOPúWU
:HVWHUQEORWYHLPPQo|NHUWPHLPPQSUHVLSLWDV\RQ
%X LNL WHVW GRODúÕPGDNL RWRDQWLNRUODUÕQ KHGHI DQWLMHQOHULQL PROHNOHU D÷ÕUOÕNODUÕQD J|UH
EHOLUOHU 6XEVWUDWODUÕQ oHúLWOLOL÷L PXKWHOLI oDOÕPDODUGD HOGH HGLOHQ IDUNOÕ VRQXoODUÕ
DoÕNODPDNWDGÕU%XVXEVWUDWODUHSLGHUPLVGHUPLV YH\DNRQMRQNWLYDND\QDNOÕGÕU6XEVWUDWODUWHVW
HGLOHFHN VHUXP LOH WHPDV HGHFHN úHNLOGH \HUOHúWLULOLU YH VRG\XP GRGHVLO VOIDW 6'6 LoHUHQ
SROLDNULODPLGMHOLoLQGH HOHNWURIRUHWLNPLJUDV\RQDWDELWXWXOXUODU$\UÕOGÕNWDQVRQUDSURWHLQOHU
QLWURVHOOR] ND÷ÕGD DNWDUÕOÕU YH ER\DQÕU +HGHI DQWLMHQOHULQ PROHNOHU D÷ÕUOÕ÷ÕQÕ VDSWDPDN LoLQ
DQWLMHQ ± RWRDQWLNRU NRPSOHNVOHULQH NDUúÕOÕN JHOHQ SURWHLQ EDQGODUÕ LOH UHIHUDQV EDQGODUÕ
NDUúÕODúWÕUÕOÕU %D]Õ VRQXoODU L]ROH RWRLPPQ NRQMRQNWLYLWLQ IDUNOÕ ELU NDYUDP ROGX÷XQX
GHVWHNOHUQLWHOLNWHGLU6RQ]DPDQODUGDED]ÕED]DOPHPEUDQE|OJHVLSURWHLQOHULQLWHVSLWHWPHNYH
PXNRNXWDQ|] RWRLPPQ KDVWDOÕNODUGDQ VRUXPOX KDSWHQOHUL NORQODPDN LoLQ PROHNOHU EL\RORML
WHNQLNOHULNXOODQÕOPÕúWÕU
øQGLUHNWøPPQRHOHNWURQ0LNURVNRSLVL
øQGLUHNW LPPQHOHNWURQ PLNURVNRSLVL RWRLPPQ EOO|] GHUPDWR]LVWH GRODúÕPGDNL
DQWLNRUODUÕ WHVSLW HWPHN LoLQ VDGHFH GHUPDWRORMLN oDOÕúPDODUGD JQP]H GHN NXOODQÕOPÕúWÕU
<|QWHPKHPLQGLUHNWLPPQIORUHVDQVWHNQL÷LQHKHPGHGLUHNWLPPQHOHNWURQPLNURVNRSLVLQH
GD\DQPDNWDGÕU7HVWHGLOHFHNVHUXPSODVWLNFHUUDKLHVQDVÕQGDHOGHHGLOHQQRUPDOGHULLOHLQNEH
HGLOLU.DUÕúÕPKRUVHUDGLVKSHURNVLGD]LOHLúDUHWOHQPLúLQVDQLPPQRJOREXOLQD÷ÕU]LQFLUOHULQH
NDUúÕ \|QOHQGLULOPLú DQWLNRUODU LOH VDQGYLo WHNQL÷L \DNODúÕPÕ úHNOLQGH WHPDV HGHFHN NRQXPGD
\HUOHúWLULOLU 'LDPLQREHQ]LGLQ LOH LQNEDV\RQ VRQUDVÕ HOHNWURQ PLNURVNRSLN LQFHOHPH
GRODúÕPGDNL RWRDQWLNRUODUÕQ DQWLMHQLN KHGHIOHULQL J|VWHULU %XQXQ \DQÕVÕUD VDSRQLQ JLEL
WHNQLNOHU LOH KFUH LoL DQWLMHQOHULQL RUWD\D NR\PDN GD PPNQGU %X JHOLúPL DUDúWÕUPD
WHNQLNOHULoRNXPXWYHULFLGLU
1HGHQOHU
2WRLPPQ%OO|]'HUPDWR]ODUD%D÷OÕ.RQMRQNWLYLW
%D]DO0HPEUDQ%|OJHVL2WRLPPQ+DVWDOÕNODUÕ
*HQHO'H÷HUOHQGLUPHOHU
2WRLPPQ NRQMRQNWLYLW QDGLU ELU GXUXPGXU 2WRLPPQ EOO|] GHUPDWR]LV $,%'
RODUDNELOLQHQYHGHULYHPXNR]D\ÕHWNLOH\HQKDVWDOÕ÷DoR÷XQOXNODHúOLNHGHU2WRLPPQEOO|]
GHUPDWR]LVVÕQÕIODPDVÕEOOHUYH\DGL÷HUGHULOH]\RQODUÕQÕQWRSRJUDILVLKDVWDOÕ÷ÕQLOHUOHPHúHNOL
VNDUODúPD YH PXNR]D OH]\RQODUÕQÕQ YDUOÕ÷Õ JLEL NOLQLN NULWHUOHUH GD\DQDUDN ROXúWXUXOPXúWXU
0XNR]DOH]\RQODUÕHVDV RODUDNEXNNDOPXNR]D\Õ WXWDU1D]DOIDULQJRODULQJHDO|VRIDJLDO DQDO
YHJHQLWDOPXNR]DoRNGDKDQDGLURODUDNHWNLOHQLU
2NOHU WXWXOXP NRUQHDO N|UO÷H \RO DoDELOHFHN ILEURWLN VNDUODUD QHGHQ ROGX÷XQGDQ
\NVHN PRUELGLWH\H VDKLSWLU $,%'¶ \H ED÷OÕ JHOLúHQ NRQMRQNWLYLW VSHVLILN GH÷LOGLU .OLQLN
|]HOOLNOHULDOWWD\DWDQRWRLPPQKDVWDOÕ÷ÕQÕQWDQÕVÕQÕQNRQXOPDVÕQGD\HWHUVL]GLU.RQMRQNWLYLWLQ
WHNEXOJXROGX÷XGXUXPODUGDRWRLPPQILEUR]DQNRQMRQNWLYLWWDQÕVÕQÕQNRQXOPDVÕJoWU&LOW
YH\D GL÷HU PXNR]DODUÕQ WXWXOXPXQGDQ D\ODU YH\D \ÕOODU |QFH JHOLúHELOLU 6RQXoWD QHGHQLQ
EHOLUOHQHELOPHVL LoLQ WP X\JXQ NOLQLN YH ODERUDWXYDU WHNQLNOHULQLQ \DSÕOPDVÕ JHUHNOLGLU
(WNHQLQVDSWDQPDVÕWHGDYLVWUDWHMLOHULQHGH]HPLQKD]ÕUODU
6LNDWULV\HO3HPILJRLG
6LNDWULV\HO SHPILJRLGL WDQÕPODPDN LoLQ oHúLWOL WHULPOHU NXOODQÕOPÕúWÕU %XQODU DUDVÕQGD
³EHQLJQ PXNR] PHPEUDQ SHPILJRLGL´ ³RNOHU SHPILJXVX´ GHVNXDPDWLI JLQJLYLWLV´ YH
³ORNDOL]H VLNDWULV\HO SHPILJRLG´ \HU DOPDNWDGÕU 6LNDWULV\HO SHPILJRLG HVDV RODUDN EXNNDO
PXNR]DNRQMRQNWLYDYHGDKDD]VÕNOÕNWDFLOGLHWNLOH\HQ\DúOÕODUÕQRUWDODPD
\Dú RWRLPPQ VXEHSLWHOL\DO KDVWDOÕ÷ÕGÕU 6DI RNOHU VLNDWULV\HO SHPILJRLG YH L]ROH
GHVNXDPDWLI JLQJLYLWLV JLEL ED]Õ IRUPODU WHN ELU PN|] PHPEUDQD VÕQÕUOÕ NDOÕU %OO|]
SHPILJRLGLQDNVLQHVLNDWULV\HOSHPILJRLGQDGLUHQKD\DWÕWHKGLWHGHU
&LOWWHNL EOOHU WLSLN RODUDN JHUJLQGLU YH HULWHPDW|] YH\DVD÷OÕNOÕ FLOW ]HULQGH \HUOHúLP
J|VWHULU %R\XQ \] YH NDID GHULVL JLEL YFXGXQ VW NÕVPÕQÕ WXWDU &LOW OH]\RQODUÕ VSHVLILN
GH÷LOGLU %X GXUXP WDQÕ NR\PD\Õ JoOHúWLULU /RNDOL]H VLNDWULV\HO SHPILJRLG %UXQVWLQJ3HUU\
WLSLVNDWULV\HOSHPILJRLGLQVDGHFHFLOGLWXWDQIRUPXGXU
2NOHU VLNDWULV\HO SHPILJRLG NRQMRQNWLYD WXWXOXPXQXQ HQ VÕN ROGX÷X RWRLPPQ
ILEUR]DQ KDVWDOÕNWÕU7HN WDUDIOÕ NURQLN NRQMRQNWLYLW úHNOLQGH EDúODU +DIWDODU D\ODUYH\D\ÕOODU
VRQUD oLIW WDUDIOÕ KDOH JHOLU 2NOHU VLNDWULV\HO SHPILJRLG WRSLNDO VWHURLGDO YH QRQVWHURLGDO
DQWLHQIODPDWXDU LODoODUD NDUúÕ GLUHQoOLGLU <DYDú \DYDú YH NDoÕQÕOPD] úHNLOGH NRQMRQNWLYDO
ILEUR]LV JHOLúLU 6RQXo RODUDN IRUQLNVOHUGH GDUDOPD VHPEOHIDURQ YH DQNLOREOHIDURQ ROXúXPX
SDOSHEUDO YH NRUQHDO NRPSOLNDV\RQODU J|UOU 7HGDYL HGLOPHGL÷L WDNGLUGH NRUQHDO N|UON
JHOLúLU
6LNDWULV\HOSHPILJRLGWDQÕVÕED]DOPHPEUDQE|OJHVLLQVLWX¶GDVUHNOLOLNJ|VWHUHQOLQHHU
LPPQ GHSR]LWOHUL J|VWHUHQ LPPQRSDWRORMLN EXOJXODUD GD\DQÕU øQGLUHNW LPPQIORUHVDQV YH
:HVWHUQLPPXQREORWWHNQLNOHULLOHGRODúÕPGDNLRWRDQWLNRUKHU]DPDQ WHVSLWHGLOHPH]
øPPQRHOHNWURQPLNURVNRSLVLKHGHIDQWLMHQOHULQEXOXQGX÷XE|OJHOHUGHNLGHULPXNR]D
NRQMRQNWLYDLPPQGHSR]LWOHULRUWD\DNR\DUøPPQGHSR]LWOHUKFUHGÕúÕJUDQOHU\DSÕGDGÕU
YH VUHNOLOLN J|VWHUPH] *HQHOOLNOH ODPLQD OXFLGDQÕQ DOW NÕVPÕQGD YHYH\D ODPLQD GHQVDGD
ELULNLU
6LNDWULV\HO SHPILJRLGGHNL KHGHI DQWLMHQOHU ELOLQPHPHNWHGLU%X DODQGDNL oDOÕúPDODUÕQ
VRQXoODUÕ GD oHOLúNLOLGLU %X GXUXPGDQ LPPXQREORW WHNQLNOHULQGHNL IDUNOÕOÕNODU |]HOOLNOH GH
NXOODQÕODQVXEVWUDWODUVRUXPOXWXWXOPDNWDGÕU%HUQDUGYHDUNDGDúODUÕVLNDWULV\HOSHPILJRLGOL
KDVWDOÕNELUVHULVXQPXúODUGÕU*|]WXWXOXPXJ|UOHQKDVWDGDGRODúÕPGDNLDQWLNRUODUN'D
YHN'DPROHNOHUD÷ÕUOÕ÷ÕQGDNLHSLGHUPDODQWLMHQOHULWDQÕPÕúODUGÕU%XPROHNOD÷ÕUOÕNODUÕ
EOO|] SHPILJRLGGHNL DQWLMHQOHU %3 YH %3 LOH EHQ]HUOLN J|VWHUPHNWHGLU <D]DUODU
LPPXQREORW WHNQL÷L LOH EX LNL KDVWDOÕ÷ÕQ D\ÕUW HGLOHPH\HFH÷L VRQXFXQD YDUPÕúODUGÕU *|]
WXWXOXPXRODQVLNDWULV\HOSHPILJRLGOLKDVWDQÕQ\HU DOGÕ÷ÕELUEDúNDoDOÕúPDGD0RKLPHQYH
DUNDGDúODUÕ&2/2YH6&D%(5WP|UKFUHVLHUL\LNOHULQLNXOODQDUDNN'DN'DHVDVHQ
%3YH%3YHN'DPROHNOHUD÷ÕUOÕ÷ÕQGDNLKHGHIDQWLMHQOHULQLWDQÕPODPÕúODUGÕU
N'DKHGHIDQWLMHQLLQWHJULQDE¶QSURWHLQENRPSRQHQWLQHNDUúÕOÕNJHOPHNWHGLU'HUPDO
HSLGHUPDO YH NRU\RHSLWHOL\DO ELOHúNHQLQ ELU GL÷HU HOHPDQÕ RODQ HSLOLJULQLQ NRQMRQNWLYD
WXWXOXPX J|UOHQ ED]Õ VLNDWULV\HO SHPILJRLG ROJXODUÕQGD RWRDQWLMHQ ROPDVÕQGDQ
úSKHOHQLOPHNWHGLU %D]DO PHPEUDQ E|OJHVLQLQ oHúLWOL HOHPDQODUÕQD NDUúÕ RODQ RWRDQWLNRUODU
VLNDWULV\HOSHPILJRLGJLELD\QÕNOLQLNGXUXPDVHEHSRODELOLUOHU
2NOHU VLNDWULV\HO SHPILJRLGLQ DNXW LOWLKDEL ID]ÕQGD HR]LQRILOOHU YH RQODUÕQ JUDQO
SURWHLQOHULQLQ HR]LQRILOLN NDW\RQLN SURWHLQ YH PDM|U ED]LN SURWHLQ KFUH KDVDUÕQD QHGHQ
ROPDVÕWDUWÕúÕOPÕúWÕU&'HNX\DUDQPRODHNOLOHRQXQED÷OD\ÕFÕVÕOLJDQGÕ%¶QLQRNOHU
VLNDWULV\HO SHPILJRLGGH NRQMRQNWLYDQÕQ VUHNOL LPPQ DNWLYDV\RQXQD GHVWHN VD÷ODGÕ÷ÕQD
LQDQÕOPDNWDGÕU
%OO|]3HPILJRLG
%OO|]SHPILJRLGQDGLUELUKDVWDOÕNGH÷LOGLU<DOQÕ])UDQVD¶GD \ÕOGD \HQL YDND\D
UDVWODQGÕ÷ÕWDKPLQHGLOPHNWHGLU<DúOÕODUGDRUWDODPD\DúHULWHPDW|]]HPLQGHNHQGLOL÷LQGHQ
JHOLúHQJHQLúJHUJLQFLOWEOOHULLOHNDUDNWHUL]HGLU%OOHUX\OX÷XQLo\]QGH|QNROXQIOHNV|U
\]OHULQGH DNVLOODGD LQJXLQDO E|OJHGH YH SDOPDU YH SODQWDU \]OHUGH \R÷XQOXN ND]DQÕU
9FXGXQ EX E|OJHOHUL PXKWHPHOHQ GDKD \R÷XQ KHGHIDQWLMHQL LoHUPHNWHGLU 1LNROVN\ EHOLUWLVL
SDUPDNODEDVPDNODHSLGHUPLVLQVR\XOPDVÕQHJDWLIWLU.ODVLNRODUDNPXNR]DOH]\RQODUÕQDGLU
J|UOU 0XNR]D OH]\RQODUÕQÕQ YDUOÕ÷Õ ³DWLSLN EOO|] SHPILJRLG´ WDQÕVÕQÕ NR\GXUXU +DVWDOÕN
ED]HQLODoODUOD DUWÕúJ|VWHUHQDOHYOHQPHOHULOHNURQLNVH\LU L]OHU(Q|QHPOL|]HOOL÷LOH]\RQODU
VNDU GRNXVX EÕUDNPDGDQ L\LOHúLUOHU %OO|] SHPILJRLG ROJXODUÕQÕQ ¶ XQXQ SDUDQHRSODVWLN
ND\QDNOÕROGX÷XGúQOPHNWHGLU
%OO|] SHPILJRLGGH NRQMRQNWLYD WXWXOXPX NHQGLQL KDILI NRQMRQNWLYLW úHNOLQGH J|VWHULU
)DNDW RNOHU VLNDWULV\HO SHPILJRLGGH J|]OHQHQ ILEUR]LVH EHQ]HU ROJXODU GD ELOGLULOPLúWLU
/DERUDWXDULQFHOHPHOHULLoLQGHLPPXQREORWWHNQL÷LWHUFLKHGLOLU%3YH%3DQWLMHQOHULQLQ
YDUOÕ÷Õ RUWD\D NRQXU %X DQWLMHQOHULQ WHVSLWL |]HOOLNOH NXODNEXUXQER÷D] PXNR]DVÕ YH
NRQMRQNWLYDWXWXOXPXRODQ³DWLSLN´EOO|]SHPILJRLGWDQÕVÕQÕQNRQXOPDVÕQGDoRNID\GDOÕGÕU
'LUHNW YH LQGLUHNW LPPQRHOHNWURQ PLNURVNRSLVL VUHNOLOLN J|VWHUHQ OLQHHU GHSR]LWOHU
úHNOLQGH EOO|] SHPILJRLGGHNL DQWLMHQOHULQ \HUOHULQL EHOLUOHU %D]DO NHUDWLQRVLWOHULQ
KHPLGHVPR]RPODUÕG]H\LQGHODPLQDOXFLGDQÕQVWNÕVPÕQGD\HUDOÕUODU
(SLGHUPROL]LVEOOR]DDFTXLVLWD(%$
(SLGHUPROL]LV EOOR]D DFTXLVLWD LNL NOLQLN IRUPX RODQ RWRLPPQ VXEHSLWHOL\DO ELU
KDVWDOÕNWÕU .URQLN IRUP QDGLU J|UOU YH NOLQLN RODUDN KHUHGLWHU GLVWURILN HSLGHUPROL]LV
EOOR]D\Õ DQGÕUÕU (ULúNLQ G|QHPLQGH ± \DúODUÕ DUDVÕQGD EDúODQJÕo J|VWHULU %OOHU
QRUPDO J|]NHQ GHULGH ROXúDELOLU $\UÕFD KDILI WUDYPD EO ROXúXPXQX X\DUDELOLU /H]\RQODU
VUWQPHQLQID]ODROGX÷XE|OJHOHUGHHNOHPOHUHOOHUYHD\DNODUÕQHNVWDQV|U\]OHUL \R÷XQOXN
ND]DQÕU0XNR]D WXWXOXPX VÕNWÕU+DVWDOÕN NURQLNVH\LUOLGLU ø\LOHúPH VUHFL \DYDúWÕU|]HOOLNOH
PLOLD YH FLOWWHDWURILN VNDUODúPD J|UOU (QIODPDWXDU WLS FLOW DOWÕ EOOHULQ YDUOÕ÷Õ VNDU
JHOLúPHPHVL YH EDúODQJÕo DOHYOHQPHOHULQGH PLOLD ROXúXPX LOH EOO|] SHPILJRLGL WDNOLW HGHU
(SLGHUPROL]LV EOOR]D DFTXLVLWDQÕQ EX WLSL VÕN J|UOU YH RWRLPPQ VXEHSLGHUPDO EOO|]
KDVWDOÕNODUÕQ± ¶LQLWHúNLOHGHU
0XNR]DOH]\RQODUÕVÕNWÕUø\LOHúWLNWHQVRQUDROXúDQVNDUODUVLNDWULV\HOSHPILJRLGGHNLOHUL
DQGÕUÕU.RQMRQNWLYDOILEUR]LVVHPEOHIDURQROXúXPXQDYHJ|UPHNHVNLQOL÷LQGHD]DOPD\DQHGHQ
ROXU %D]HQ PLOLD J|] NDSDNODUÕQGD J|UOU *|] WXWXOXPX GDKD KDILI RODELOLU hOVHUDV\RQXQ
JHOLúWL÷L QRQILEUR]DQ NRQMRQNWLYLW LOH NRUQHDGDNL VXEHSLWHOL\DO EOOHULQ NRPELQV\RQX
J|UOHELOLU%XGXUXPNRUQHDGDNLPXKWHPHOELULPPQoHOLúNL\L\DQVÕWÕU
2OJXODUÕQ ± ¶ VLQGH EDúND KDVWDOÕNODU HúOLN HGHU (Q VÕN HúOLN HGHQ KDVWDOÕNODU
HQIODPDWXDU EDÕUVDN KDVWDOÕNODUÕ YH GL\DEHWWLU .U\RJOREXOLQHPL WLURLGLW URPDWRLG DUWULW YH
:DOGHQVWU|PKDVWDOÕ÷LROJXODUÕGDELOGLULOPLúWLU
(SLGHUPROL]LVEOOR]DDFTXLVLWDGDKHGHIDQWLMHQNROODMHQ9,,¶GLU&LOWWHNLKHGHIDQWLMHQ
PRQRNORQDODQWLNRU/+WDUDIÕQGDQWDQÕQDQN'DPROHNOHUD÷ÕUOÕ÷ÕQGDNLSURWHLQGLU%X
DQWLMHQLQ \HUOHúLPL LPPQRHOHNWURQ PLNURVNRSLQLQ QLoLQ VXEED]DO ODPLQD ED÷OD\ÕFÕ ILEULO
E|OJHVLQGH ,J * ,J $ YH NRPSOHPDQ GHSR]LWOHULQL J|VWHUGL÷LQL DoÕNODU %X PROHNOHU |]HOOLN
GHULGHYHVRQ]DPDQODUGDNRQMRQNWLYDGDJ|VWHULOPLúWLU
/LQHHU,J$'HUPDWR]X
/LQHHU ,J $ GHUPDWR]X VNDU EÕUDNPDGDQ ND\ERODQ FLOWWHNL EOOHU LOH NDUDNWHUL]HGLU
.RQMRQNWLYD WXWXOXPX ROJXODUÕQ ¶ VL VÕNWÕU YH NOLQLN RODUDN VLNDWULV\HO SHPILJRLGGHQ
D\UÕOPDVÕPPNQGH÷LOGLU%D]Õ\D]DUODUOLQHHU,J$GHUPDWR]XQNOLQLNWHoRNIDUNOÕúHNLOOHUGH
J|UOPHVL QHGHQL\OH NOLQLN ELU DQWLWH ROPDGÕ÷ÕQÕ GúQPHNWHGLUOHU %XQXQ WHUVLQH GLUHNW
LPPQIORUHVDQV KHU ]DPDQ GHUPDO ± HSLGHUPDO ELOHúNHGH KRPRMHQ OLQHHU ,J $ GHSR]LWOHULQL
J|VWHULU%XGHULKDVWDOÕ÷ÕQGDJHOLúHQNRQMRQNWLYLWLQ|QHPOLELU|]HOOL÷LYDUGÕUùLGGHWOLILEUR]LV
GHELOHED]ÕROJXODUDVHPSWRPDWLNVH\UHGHELOPHNWHGLU
'HUPDWLWLV+HUSHWLIRUPLV
'HUPDWLWLV KHUSHWLIRUPLV +/$ ± % ± SR]LWLI NLúLOHUGH GDKD VÕN UDVWODQDQ EOO|] GHUL
KDVWDOÕ÷ÕGÕU .OLQLNWH FLOWHNL EOOHUH NDúÕQWÕOÕ HULWHPOHU HúOLN HGHU 0XNR]D WXWXOXPX QDGLU
ROPDVÕQDNDUúÕOÕNRNOHUVLNDWULV\HOSHPILJRLGLWDNOLWHGHUHNILEUR]DQNRQMRQNWLYLWLOHVH\UHGHQ
ROJXODU ELOGLULOPLúWLU (úOLN HGHQ JOXWHQH KDVVDV HQWHURSDWL KHPHQ KHU ]DPDQ PHYFXWWXU
øPPQRSDWRORMLNoDOÕúPDODU\]H\HOGHUPLVSDSLOODODUÕQGDNL,J$ELULNLPOHULQLJ|VWHULU
%D]DO0HPEUDQ%|OJHVLQLQ'L÷HU2WRLPPQ+DVWDOÕNODUÕ
+HUSHVJHVWDWLRQLVKDPLOHNDGÕQÕQSHPILJRLGL
%OO|]VLVWHPLNOXSXVHULWHPDWR]XV
%X LNL KDVWDOÕNWD NRQMRQNWLYD OH]\RQODUÕ QDGLU ROPDVÕQD UD÷PHQ WDQÕ NRQXOPDVÕ
JHQHOOLNOH NROD\GÕU 7DQÕ NOLQLN EXOJXODUD YH ODERUDWXDU WHVWOHULQH GLUHNW LPPQIORUHVDQV
DQWL± QNOHHUYHDQWL± '1$DQWLNRUWHVWOHULGD\DQÕU
2WRLPPQøQWUDHSLWHOL\DO+DVWDOÕNODU3HPILJXV
3HPILJXV GHUL YH PXNR]D\Õ HWNLOH\HQ YH EHOOL KLVWRORMLN YH LPPQRSDWRORORMLN
|]HOOLNOHUL SD\ODúDQ RWRLPPQ EOO|] KDVWDOÕN JUXEXGXU 3HPILJXV KHU \DúWD J|UOHELOLU
g]HOOLNOH \DúÕQ ]HULQGHNL NLúLOHUGH GDKD VÕNWÕU /H]\RQODU WLSLN RODUDN FLOWWH J|UOPHGHQ
|QFH\DQDNPXNR]DVÕQGDRUWD\DoÕNDU&LOWWHNLEOOHUJHYúHNWLUVD÷OÕNOÕFLOWWHROXúXU|QFHVLQGH
NDúÕQWÕ J|UOPH] YH DNXW DOHYOHQPHOHUOH LOHUOHPH J|VWHULU 1LNROVN\ EHOLUWLVL JHQHOOLNOH
SR]LWLIWLU +DVWD KDOVL]OLN YH NÕUJÕQOLN JLEL VLVWHPLN VHPSWRPODUGDQ úLND\HWoLGLU +LVWRORMLN
oDOÕúPDODUVXSUDED]DOHSLWHOL\DODNDQWROL]YHPRQRQNOHHULOWLKDELHQILOWUDV\RQJ|VWHULU'LUHNW
LPPQIORUHVDQV HSLWHOH oRN NDUDNWHULVWLN ³ EDOÕN D÷Õ´ J|UQWV YHUHQ KFUHOHU DUDVÕ
LPPQRJOREXOLQ YH YH\D NRPSOHPDQ ELULNLPOHULQL J|VWHULU &LOW YH \DQDN PXNR]DVÕ
EL\RSVLVLQGHQ VRQXo DOÕQDPDGÕ÷ÕQGD NRQMRQNWLYD EL\RSVLVL ID\GDOÕGÕU %OO|] OH]\RQODU
NRQMRQNWLYDGDLQWUDHSLWHOL\DOFLOWWHLQWUDHSLGHUPDO \HUOHúLPOLGLU3HPILJXVXQWPIRUPODUÕQGD
LQGLUHNW LPPQIORUHVDQV WHNQL÷L LOH KFUHOHU DUDVÕ PDGGH\H NDUúÕ UHDNWLI GRODúÕPGDNL
RWRDQWLNRUODUD ROGXNoD VÕN UDVWODQÕU %X RWRDQWLNRUODUÕQ VHUXP G]H\L KDVWDOÕ÷ÕQ DNWLYLWHVL
KDNNÕQGD|QHPOLLSXFXYHULU2WRLPPQNRQMRQNWLYLWHQHGHQRODQWLSOHUSHPILJXVYXOJDULVYH
|]HOOLNOHSDUDQHRSODVWLNSHPILJXVWXU
3HPILJXVYXOJDULVSODNRJOREXOLQGHVPR]RPSURWHLQLYHN'DDQWLMHQLQGHQROXúDQ
N'D PROHNOHU NRPSOHNVH NDUúÕ \|QOHQHQ RWRDQWLNRUODUÕQ UHWLOPHVL LOH NDUDNWHUL]HGLU
.RQMRQNWLYLW oR÷XQOXNOD ILEUR]LVL X\DUPD] 3HPILJXV IROLDFHXVWD RWRDQWLNRUODU N'D¶ OXN
GHVPR]RPDOSURWHLQRODQGHVPRJOHLQHNDUúÕ\|QOHQPLúWLU
3DUDQHRSODVWLN SHPILJXV VRQ ]DPDQODUGD WDQÕPODQPÕúWÕU /LWHUDWUGH ELU oRN ROJX
ELOGLULOPLúWLU 2WRDQWLNRUODU GHVPRSODNLQ , YH ,, EOO|] SHPILJRLGLQ %3 DQWLMHQL YH
WDQÕPODQDPDPÕúN'DHSLWHOL\DODQWLMHQLQGHQROXúPXúDQWLMHQNRPSOHNVLQHNDUúÕROXúPXúWXU
3DUDQHRSODVWLNSHPILJXVWDQÕVÕ$QKDOWNULWHUOHULQHGD\DQÕU7DEOR
7DEOR3DUDQHRSODVWLNSHPILJXVWDQÕVÕQÕNR\PDGDNXOODQÕODQ$QKDOWNULWHUOHUL
.DQVHUHED÷OÕPXNR]DHUR]\RQODUÕYHFLOWEOOHUL
øQWUDHSLGHUPDODNDQWROL]LVYHNHUDWLQRVLWQHNUR]X
(SLGHUPLVWH KFUHOHU DUDVÕ ERúOXNWD YH ED]DO PHPEUDQ E|OJHVLQGH GHUPDO ± HSLGHUPDO
ELOHúNHGH,J*YHNRPSOHPDQELULNLPOHUL
%DVLWYHNRPSOHNVHSLWHOHNDUúÕGRODúÕPGDNLRWRDQWLNRUODU
'HVPRSODNLQ , N'D GHVPRSODNLQ ,, N'D %3 DQWLMHQL N'D YH N'DSURWHLQLWDQÕ\DQVHUXPRWRDQWLNRUODUÕLPPQo|NHUWPHWHNQL÷LLOH
3DUDQHRSODVWLN SHPILJXV LOH HQ VÕN LOLúNLOL RODQ NDQVHUOHU QRQ ± +RGJNLQ OHQIRPD YH
DNFL÷HUNDQVHULGLU0XNR]DOH]\RQODUÕKHPHQKHU]DPDQPHYFXWWXU<DQDNPXNR]DVÕQGDD÷UÕOÕ
HUR]\RQODU JHOLúLU +LSHUHPL OVHUDV\RQ YH VRQXoWD IEUR]LV LOH VH\UHGHQ SDSLOOHU NRQMRQNWLYLW
VÕNOÕNODJ|UOU3V|GRPHPEUDQ|]NRQMRQNWLYLWROJXVXGDELOGLULOPLúWLU
/LNHQ3ODQXV
/LNHQ SODQXV VÕNOÕNOD GHUL JHQLWDO RUJDQ YH D÷Õ] PXNR]DVÕQÕ VH\UHN RODUDN GD
NRQMRQNWLYD\Õ WXWDQ YH QHGHQL ELOLQPH\HQ RWRLPPQ ELU KDVWDOÕNWÕU ,UN D\UÕPÕ J|]HWPHNVL]LQ
± \Dú DUDVÕQGDNL HUNHN YH NDGÕQODUÕ HWNLOHU 'HUPDWRORJODUD EDúYXUDQ KDVWDODUÕQ
¶QVWRPDWRORJODUDEDúYXUDQKDVWDODUÕQLVHµLQLROXúWXUXU
&LOWWHPRU± PHQHNúHUHQNOLVNXDP|]SDSOHUOH]\RQODUúHNOLQGHJ|UOU7LSLNRODUDN
GÕúJHQLWDORUJDQODUGDNROYHD\DNODUGD\HUOHúLPJ|VWHULUOHU(QNDUDNWHULVWLNPXNR]DOH]\RQODUÕ
D÷UÕOÕNURQLNHUR]\RQODUGÕU(QVÕNJ|UOHQWLSLHUR]LYJLQJLYLWLVWLU/LQHHUVXEHSLWHOL\DOILEUR]LV
GHJ|]OHQHELOLU
/LNHQ SODQXVWD NRQMRQNWLYD HQIODPDV\RQX QDGLU J|UOU )DNDW VNDUODúPD LOH
VRQXoODQDFDN NDGDU úLGGHWOL VH\UHGHU 3DUDQHRSODVWLN OLNHQ SODQXV LOH ELUOLNWH VH\UHGHQ
VLNDWUL]DQNRQMRQNWLYLWROJXODUÕQDGLUROVDGDELOGLULOPLúWLU.RQMRQNWLYDOOLNHQSODQXVLOHELUOLNWH
RODELOHQ GL÷HU KDVWDOÕNODU GD VNDUODúPD\D QHGHQ RODELOLUOHU %OO|] SHPILJRLG OLNHQ SODQXV
SHPILJRLGHV YH OXSXV HULWHPDWR]XVXQ OLNHQ SODQXVD HúOLN HWWL÷L YH ILEUR]DQ NRQMRQNWLYLWLQ
JHOLúWL÷LROJXODUELOGLULOPLúWLU
øPPQRKLVWRSDWRORMLN oDOÕúPDODU NRQMRQNWLYD YH \DQDN PXNR]DVÕQGDNL OH]\RQODUÕQ
ELUELULQH EHQ]HU ROGX÷XQX RUWD\D NR\PXúWXU %D]DO PHPEUDQ E|OJHVLQGH SDUoDODQPD
IUDJPHQWDV\RQ ± LNL\H NDWODQPD GXSOLNDV\RQ YH ILEULQ ± ILEULQRMHQ ELULNLPL
LPPQRJOREXOLQYHNRPSOHPDQIDNW|UOHUL\RNWXUJ|UOU
&LOWWHNL YH \DQDN PXNR]DVÕQGDNL OLNHQ SODQXVXQ VWDQGDUG WHGDYLVL ORNDO YH YH\D
VLVWHPLNNRUWLNRVWHURLGWHGDYLVLGLU$÷Õ]GDNLOH]\RQODUÕQWHGDYL\HFHYDSYHUPHGL÷LYH\DVWHURLG
WHGDYLVLQH X\XPXQ GúN ROGX÷X ROJXODUGD VLNORVSRULQ D÷Õ] \ÕNDPD VROV\RQXQXQ HWNLOL
ROGX÷XJ|UOPúWU¶OLNVLNORVSRULQJ|]GDPODODUÕNRQMRQNWLYDGDNLOLNHQSODQXVWDHWNLOLGLU
6LNORVSRULQ \DUGÕPFÕ 7 KFUHOHULQL LQKLEH HGHU YH ø/ ± ¶\H ED÷ÕPOÕ LPPQ PHNDQL]PD\Õ
HWNLOHU
6DGHFHJ|]WXWXOXPXJ|VWHUHQRNOHUVLNDWULV\HOSHPILJRLG
7DQÕPRODUDN FLOWWHYH J|]GÕúÕPXNR]DODUGDWXWXOXPJ|VWHUPH\HQRWRLPPQILEUR]DQ
NRQMRQNWLYLWLQELUWLSLGLU.RQMRQNWLYDGDNLED]DOPHPEUDQE|OJHGHLPPQELULNLPJ|UOU
øODFDED÷OÕJHOLúHQRNOHUVLNDWULV\HOSHPILJRLG
3LORNDUSLQ HSLQHIULQ GLSLYHIULQ WLPRORO LGR[XULGLQ HFKRWKLRSKDWH YH GHPHNDU\XP
LoHUHQ J|] GDPODODUÕQÕQ NURQLN NXOODQÕPÕ V|] NRQXVXGXU 2UDO E EORNHU SUDNWRORO GH
VXoODQPÕúWÕUdHúLWOLKLSRWH]OHURUWD\DDWÕOPÕúWÕU)LEUR]LVLODFÕQNHQGLVLQHYH\DRQXQSUH]HUYDQ
PDGGHVLQLQ GLUHNW WRNVLVLWHVL VRQXFX JHOLúHELOLU øODo NHVLOGLNWHQ VRQUD KDVWDOÕ÷ÕQ LOHUOHPHVLQLQ
GXUPDVÕ EX KLSRWH]L GHVWHNOHU QLWHOLNWHGLU 'L÷HU ELU KLSRWH] LVH H÷LOLPL RODQ KDVWDODUGD LODoODUÕQRWRLPPQNRQMRQNWLYLWROXúXPXQXX\DUPDVÕYH\DKÕ]ODQGÕUPDVÕGÕU
7HGDYL
3UHQVLSOHU
2WRLPPQ NRQMRQNWLYLWH QHGHQ RODQ VLVWHPLN KDVWDOÕNODU VLVWHPLN WHGDYL JHUHNWLULU
øPPQRVXSUHVLI WHGDYL YHULOHELOPHVL LoLQ Lo KDVWDOÕNODUÕGRNWRUX YH RQNRORJ LOH \DNÕQ LúELUOL÷L
JHUHNLU $\UÕFD EX LODoODU X]XQ VUHOL NXOODQÕODFDNODUÕQGDQ \DQOÕú NXOODQÕP LVWHQLOPH\HQ \DQ
HWNLOHULQ RUWD\D oÕNPDVÕQD QHGHQ ROXU 7HGDYL YHULOPHGHQ |QFH WP VLVWHPLN WHWNLNOHULQ
\DSÕOPDVÕJHUHNOLGLU.RQMRQNWLYDOEL\RSVLQLQLPPQRSDWRORMLNLQFHOHPHVLúDUWWÕU7HGDYLúHNOL
KDVWDQÕQ JHQHO VD÷OÕ÷Õ KDVWDQÕQ \DúÕ YH KDVWDOÕ÷ÕQ SURJQR]XQD ED÷OÕGÕU +DVWDOÕ÷ÕQ D÷ÕU
IRUPODUÕQGDHQIODPDV\RQXQNRQWUROQHUD÷PHQJ|UPHND\EÕJLGHUHNDUWDELOLU
.RQMRQNWLYDGDNL YH J|] NDSDNODUÕQGDNL VNDUODUÕQ WHGDYLVLYH J|UVHO VD\GDPOÕ÷ÕQ WHNUDU
VD÷ODQDELOPHVL LoLQ FHUUDKL VÕNOÕNOD JHUHNOLGLU &HUUDKL SRVWRSHUDWLIHQIODPDWXDU DOHYOHQPH\L
|QOHPHNLoLQDOWWD\DWDQKDVWDOÕ÷ÕQPHGLNDOWHGDYLLOHNRQWURODOWÕQDDOÕQPDVÕQGDQVRQUD\DSÕOÕU
)DNDW HNWRSLN NLUSLNOHU JLEL PHNDQLN LULWDV\RQD QHGHQ RODQ HWNHQOHU RUWDGDQ NDOGÕUÕOPDOÕGÕU
dQN PHNDQLN LULWDV\RQ KHP HQIODPDV\RQX DUWWÕUÕU KHP GH HQGRMHQ HQIODPDV\RQXQ
GH÷HUOHQGLULOPHVLQL]RUODúWÕUÕU
0HGLNDO7HGDYL
øODoODU
2WRLPPQ ILEUR]DQ NRQMRQNWLYLW WHGDYLVL \ÕOÕQD GD\DQÕU \ÕOÕQGD 'DYH YH
9LFNHUV LON NH] RNOHU VLNDWULV\HO SHPILJRLGGH¶ GH D]DWKLRSULQH LOH VLVWHPLN NRUWLNRVWHURLG
NRPELQH WHGDYLVLQLQ HWNLQOL÷LQL ELOGLUPLúOHUGLU 'DKD VRQUDODUÕ VLNORIRVIDPLG YH PLNRIHQRODW
PRIHWLO LOH EDúDUÕOÕ VRQXoODU GD ELOGLULOPLúWLU <NVHN GR] VWHURLGOHU LOH NRPELQH HGLOPHVLQH
UD÷PHQ KHU WUO LPPQRVXSUHVLI WHGDYL\H GLUHQoOL ROJXODU PHYFXWWXU 6RQ ]DPDQODUGD
WHGDYL\HGLUHQoOLRNOHUVLNDWULV\HOSHPILJRLGGHLQWUDYHQ|]LPPQRJOREXOLQWHGDYLVLQLQEDúDUÕOÕ
ROGX÷XJ|VWHULOPLúWLU
+DILI YH RUWD úLGGHWWHNL ROJXODUGD QRQVLWRWRNVLN LODoODU NXOODQÕOPDNWDGÕU \ÕOÕQGD
5RJHUV F]]DP GHUPDWLWLV KHUSHWLIRUPLV WHNUDUOD\DQ SROLNRQGULWLV YH EOO|] SHPILJRLG
WHGDYLVLQGH NXOODQÕODQ GDSVRQXQ VLNDWULV\HO SHPILJRLGGH GH NXOODQÕODELOHFH÷LQL J|VWHUPLúWLU
2UDO VXOIRQDPLG RODQ VXOIDSLULGLQ DQWLHQIODPDWXDU YH LPPQRVXSUHVLI |]HOOLNOHUL LOH RNOHU
VLNDWULV\HO SHPILJRLG KDVWDODUÕQÕQ ¶ VLQGH EDúDUÕ\OD NXOODQÕOPÕúWÕU YH GDSVRQXQ L\L ELU
DOWHQDWLILROGX÷XEHOLUWLOPLúWLU6XOIDSLULGLQLQ|QFPROHNORODQVXOIDVDOD]LQHGHNXOODQÕODELOLU
0HWRWUHNVDW LOH VLVWHPLN YH WRSLNDO VLNORVSRULQ $ GD GHQHQPLú IDNDW WDWPLQ HGLFL VRQXo HOGH
HGLOHPHPLúWLU
7RSLNDOYHVXENRQMRQNWLYDOWHGDYLOHURWRLPPQNRQMRQNWLYLWWHHWNLVL]GLUOHU
(QGLNDV\RQODU
2NOHU6LNDWULV\HO3HPILJRLG
6WDQGDUW ELU WHGDYLQLQ RUWD\D NRQXOPDVÕ JoWU +DVWDOÕ÷ÕQ úLGGHWL KDVWDQÕQ \DúÕ YH
VD÷OÕ÷ÕYHWHGDYL\HFHYDEÕWHPHODOÕQDUDNú|\OHELUWHGDYLSURWRNROL]OHQHELOLU
'DSVRQ LON RODUDN OHSUD WHGDYLVLQGH NXOODQÕOPÕúWÕU (UNHQ G|QHPGHNL ROJXODUGD \DYDú
LOHUOH\HQ WLSWH YH \DúOÕODUGD LON VHoHQHNWLU gQHULOHQ EDúODQJÕo GR]X PJ JQGU *QON
GR] PJ¶ OÕN DUWÕúODUOD PJ¶ D NDGDU oÕNDUWÕODELOLU 'DSVRQXQ HQ |QHPOL \DQ HWNLOHUL
KHPROLWLN DQHPL YH PHWKHPRJORELQHPLGLU *OXNR]IRVIDW GHKLGURJHQD] HQ]LPL HNVLNOL÷LQGH
NRQWUDHQGLNHGLU
'DSVRQ LOH EDúDUÕVÕ] ROXQGX÷XQGD YH\D GDSVRQ LQWROHUDQVÕ JHOLúWL÷LQGH VXOIDSLULGLQ
JUJQ VXOIDVDOD]LQ JUJQ D]DWKLRSULQ PJNJJQ YH\D VLNORIRVIDPLG PJNJJQ NXOODQÕODELOLU $]DWKLRSULQ YH VLNORIRVIDPLG úLGGHWOL ROJXODUGD WHUFLK HGLOLU
'DSVRQ EHUDEHU NXOODQÕOGÕ÷ÕQGD VLWRWRNVLN LPPQRVXSUHVLI LODoODUÕQ GR]XQXQ D]DOWÕODELOPHVLQL
VD÷ODU6LNORIRVIDPLGWDEOHWOHUVDEDKDOÕQÕU0HVDQHNDQVHULULVNLQLD]DOWPDNLoLQ|÷OHGHQVRQUD
EROVÕYÕDOÕQPDOÕGÕU
%DúODQJÕoWDúLGGHWOLYH\DKÕ]OÕLOHUOH\HQWLSWHVLNORIRVIDPLGLONWHGDYLVHoHQH÷LGLU2UDO
YH\DLQWUDYHQ|]SXOVHWHGDYLVLJUD\úHNOLQGHYHULOLU0LNRIHQRODWPRIHWLOGHID\GDOÕRODELOLU
dRN úLGGHWOL HQIODPDV\RQGD VLVWHPLN NRUWLNRVWHURLG WHGDYLVLSUHGQLVRQH PJNJJQ HNOHQLU
YH WHGDYLOHU D]DOWÕOÕU 7HGDYL\H GLUHQoOL RNOHU VLNDWULV\HO SHPILJRLG¶ GH KDYX]ODQPÕú LQVDQ
LPPQRJOREXOLQLQLQLQWUDYHQ|]LQI]\RQODUÕJQHE|OQPúYHKHUKDIWDGDWHNUDUODQDQ
JNJVLNOVJYHQOLYHHWNLOLELUWHGDYLRODELOLU
7HGDYL HWNLQOL÷L HNVWUDRNOHU PXNR]DO OH]\RQODUÕQ D]DOPDVÕ RNOHU VHPSWRPODUGD YH
J|UPH NHVNLQOL÷LQGH JHOLúPH VXEHSLWHOL\DO NRQMRQNWLYDO ILEUR]LV JHOLúLPLQLQ |QOHQPHVL YH
NRQMRQNWLYDO HQIODPDV\RQXQ D]DOPDVÕ JLEL NOLQLN NULWHUOHU WHPHO DOÕQDUDN GH÷HUOHQGLULOLU øODo
WROHUDQVÕYH\DQHWNLOHULQLQGH÷HUOHQGLULOPHVLQGHYHWHGDYLGR]XQXQEHOLUOHQPHVLQGHVLVWHPLNYH
EL\RORMLNSDUDPHWUHOHUNXOODQÕOÕU/|NRVLWYHSODWHOHWGH÷HUOHULVÕUDVÕ\ODPP¶WHYH¶
LQ]HULQGHROPDOÕGÕU7PLOWLKDELEHOLUWLOHURUWDGDQNDONWÕNWDQYHILEURWLNGXUXPXQLOHUOHPHVL
GXUGXNWDQD\VRQUDLPPQVXSUHVLILODoODUNHVLOHELOLU
'L÷HU2WRLPPQ.RQMRQNWLYLWOHU
(%$¶ QÕQ KDILI WLSOHULQLQ WHGDYLVL GDSVRQ YH\D FROFKLFLQH WHPHOLQH GD\DQÕU
.RUWLNRVWHURLGOHU YHYH\D LPPQRVXSUHVLI LODoODU GDKD úLGGHWOL WLSOHULQGH HQGLNHGLU 6LVWHPLN
VLNORVSRULQHWNLOLELUDOWHUQDWLIWLU
%OO|] SHPILJRLG WHGDYLVL VLVWHPLN NRUWLNRVWHURLG WHGDYLVLQH GD\DQÕU +DVWDODUÕQ ¶
QGH JQGHQ GDKD D] VUHGH PJNJJQ SUHGQLVRQH LOH \DSÕODQ EDúODQJÕo WHGDYLVL\OH
KDVWDOÕ÷ÕQ NRQWURO DOWÕQD DOÕQPDVÕ PPNQGU øVWHQVH ELOH |]HOOLNOH \DúOÕ KDVWDODUGD VLVWHPLN
NRUWLNRVWHURLGWHGDYLVLQLQNHVLOPHVLKHU]DPDQPPNQROPDPDNWDGÕU'L÷HUWHGDYLOHUGDSVRQ
FROFKLFLQH HULWURPLVLQ WHWUDVLNOLQ YH WRSLNDO VWHURLG WHGDYLVLGLU %XQODU KDVWDOÕ÷ÕQ ORNDOL]H YH
KDILIWLSOHULQGHYH\DGDKDúLGGHWOLWLSOHUGHHNWHGDYLRODUDNNXOODQÕODELOLU
'HUPDWLWLV KHUSHWLIRUPLV LoLQ GDSVRQ WHGDYLVL WHUFLK HGLOLU *OXWHQ LoHUPH\HQ ELU GLHW
HQWHURSDWL\L WHGDYL HGHU YH JHQHOOLNOH PXNRNWDQ|] OH]\RQODUGD LQDQÕOPD] ELU JHOLúPH VD÷ODU
%X X\JXODPDQÕQ G]HQOL RODUDN VUGUOHPHPHVL VÕN RODUDN RUWD\D oÕNDU YH VRQXoWD KDVWDOÕN
WHNUDUHGHU
3HPILJXVYXOJDULV¶LQVLVWHPLNWHGDYLVLQGHNRUWLNRVWHURLGOHUSUHGQLVRQHPJNJJQ
VLWRWRNVLN LPPQVXSUHVLI LODoODU YH PPNQVH SODVPDIHUH]GLU 3DUDQHRSODVWLN SHPILJXVXQ
WHGDYLVL LoLQ NDQVHU WHGDYLVLQLQ \DSÕOPDVÕ JHUHNOLGLU %X GXUXPGD NRQMRQNWLYLW WRSLNDO
NRUWLNRVWHURLGLOHWHGDYLHGLOLU
&HUUDKL7HGDYL
&HUUDKL WHGDYL VRQUDGDQ ROXúDELOHFHN HQIODPDV\RQX HQ D]D LQGLUPHN LoLQ PXWODND
HQIODPDV\RQ YH ILEURWLN GXUXP NRQWURO DOWÕQD DOÕQGÕNWDQ D\ VRQUD \DSÕOPDOÕGÕU %D]Õ
RWRULWHOHU FHUUDKL VÕUDVÕQGD GHYDP HGHQ VLWRWRNVLN LPPQRVXSUHVLI WHGDYL\H RUDO
NRUWLNRVWHURLGOHULGHHNOHUOHU
3DOSHEUDO&HUUDKL
%D]Õ ROJXODUGD HQGRMHQ HQIODPDV\RQXQ EHOLUOHQPHVLQL HQJHOOH\HQ PHNDQLN ELU LULWDQÕQ
KHPHQRUWDGDQNDOGÕUÕOPDVÕLoLQSDOSHEUDOFHUUDKLJHUHNLU
/H]\RQDJ|UHoRNVD\ÕGDWHNQLNNXOODQÕODELOLU
(NWRSLNJ|]NLUSLNOHULQLQNUL\RHSLODV\RQX
%XNNDOPXNR]DJUHIWLLOHYH\DROPDGDQPDUMLQRSODVWL
*|]NLUSL÷LWUDQVSR]LV\RQX
6NDWULV\HOHQWURSLRQXQWHGDYLVL
*HQHOOLNOH\DQDNPXNR]DVÕJUHIWLLOHELUOLNWHIRUQLNVUHNRQVWUNVL\RQX
&HUUDKLVRQUDVÕQGDLPPQRVXSUHVLIWHGDYLD\GHYDPHWPHOLGLU
2NOHU&HUUDKL
/RNDOL]H NRUQHDO SDQQXV LoLQ \]H\HO NHUDWHNWRPL HQGLNHGLU GDKD JHQLú YH GHULQ
NRUQHDOVNDUODUGD ODPHOOHUYH\DSHQHWUDQ NHUDWRSODVWL \DSÕOÕU2NOHU \]H\LQ UHVWRUDV\RQXQGD
OLPEDON|NKFUHYHDPQLRWLNPHPEUDQJUHIWL\DUDUOÕGÕU0DM|UQHRYDVNODUL]DV\RQYHNVHUR]LV
JLEL oRN úLGGHWOL NRUQHDO OH]\RQODUGD WHN FHUUDKL \DNODúÕP NHUDWRSURWH]GLU .HUDWRSURWH]
\DSÕPÕQGD NXOODQÕODQ ELRPDWHU\DOOHUGH PH\GDQD JHOHQ VRQ JHOLúPHOHU ELUJQ LQVDQ
WUDQVSODQWODUÕQD JHUHN NDOPD\DFD÷ÕQÕ J|VWHUPHNWHGLU DQFDN \HQL QHVLO NHUDWRSURWH]OHULQ
VRQXoODUÕQÕGH÷HUOHQGLUPHNLoLQ\DSÕODQWDNLSVUHOHULKHQ]oRNNÕVDGÕU
(QIODPDV\RQ ROPD\DQ J|]GH ILEUR]LV VWDELO KDOH JHoLQFH NDWDUDNW FHUUDKLVL GH
\DSÕOPDOÕGÕU øOWLKDEL UHDNWLYDV\RQ ULVNLQLQ HQ D]D LQGLULOPHVL LoLQ IDNRHPOVLILNDV\RQ HQ L\L
WHNQLNRODUDNJ|]NPHNWHGLU
0HGLNDOWHGDYL\H\DQÕWYHUPH\HQJORNRPKDVWDODUÕQGDPLWRPLVLQ&YH\DIOXRURXUDFLO
JLELELUDQWLPHWDEROLWLQNXOODQÕPÕILOWUDQFHUUDKLLOHNRPELQHHGLOPHOLGLU
6WHYHQV± -RKQVRQVHQGURPX
6WHYHQV ± -RKQVRQ VHQGURPX E\N RUDQGD JHQo YH VD÷OÕNOÕ ELUH\OHUGH DNXW ELoLPGH
RUWD\D oÕNDQ JHQHOOLNOH VÕQÕUOÕ NDODQ D÷ÕU PXNRNXWDQ|] YH]LNOREOO|] ELU KDVWDOÕNWÕU
(UNHNOHUEXKDVWDOÕ÷DNDGÕQODUDQD]DUDQGDKDVÕN\DNDODQPDNWDGÕUøODoODUDNDUúÕDúÕUÕGX\DUOÕOÕN
UHDNVL\RQXLOH0\FRSODVPDSQHXPRQLDYHKHUSHVVLPSOHNVYLUVQQROXúWXUGX÷XLQIHNVL\RQODU
HQ\D\JÕQ WHWLNoLIDNW|UROXúWXUVDODUGDYDNDODUÕQDQFDN¶VLQGHELUVHEHSEXOXQDELOLU%X
KDVWDOÕNWDNL WHPHO OH]\RQ KDVWDODUÕQ WPQGH FLOGL YH ¶ ÕQGD NRQMRQNWLYD\Õ HWNLOH\HQ ELU
DNXWYDVNOLWWLU
6LVWHPLN%HOLUWLOHU
+DVWDOÕNRQG|UWJQNDGDUVUHELOHQDWHúNÕUJÕQOÕNKDOLER÷D]D÷UÕVÕYHPXKWHPHOELU
|NVUNYHDUWUDOMLWDEORVX\ODNDUúÕPÕ]DoÕNDU
$÷Õ] PXNR]DVÕ EOOHU YH HUR]\RQODUÕQ JHOLúLPL\OH KHU KDVWDGD WXWXOXU %X GXUXP
GXGDNODU]HULQGHNDUDNWHULVWLNNDEXNODQPDODUDQHGHQROXU
&LOWOH]\RQODUÕLNLWLSWHEXOXQXU
D
%D]ÕODUÕ KHGHI OH]\RQODU KDOLQH G|QúHFHN RODQ VLPHWULN HULWHPDW|]
PDNORSDSOHUOH]\RQODUGÕU%XQODUHWUDIÕQGDNÕUPÕ]ÕELUKDONDEXOXQGXUDQRUWDVÕNÕUPÕ]ÕVROXN
OH]\RQODUGÕU (O YH D\DNODUÕQ VÕUW NÕVÕPODUÕ YH HNVWDQV|U \]OHU GDKD ID]OD ROPDN ]HUH
HNVWUHPLWHOHUHQVÕNWXWXODQE|OJHOHUGLU
E
+HPRUDMLNYHQHNURWLNELUKDODODELOHQYH]LNOREOO|]OH]\RQODUGDJ|UOHELOLU
ø\LOHúPH KDIWD DUDVÕQGD J|UOU %D]Õ YDNDODUGD JHULGH ELU VNDU NDOÕU +DVWDOÕN
QNVHGHELOLU
$÷ÕUYDNDODUGDVLVWHPLNVWHURLGOHUOHWHGDYLJHUHNHELOHFH÷LJLELVHEHSRODQDMDQÕQKHUSHV
VLPSOHNVYLUVROGX÷XQGDQúSKHOHQLOGL÷LWDNGLUGHVLVWHPLNDVLNORYLUYHULOLU
*|]GHNL%HOLUWLOHU
*|]NDSDNODUÕúLúYHNDEXNODQPÕúGXUXPGDGÕU
.RQMRQNWLYDWXWXOXPX QXQ úLGGHWLDúD÷ÕGDJ|UOG÷JLELGH÷LúLNOLNJ|VWHUPHNWHGLU
D
6HNHOEÕUDNPDGDQL\LOHúHQJHOLSJHoLFLKDILISDSLOOHUNRQMRQNWLYLW
E
%XOEHU YH SDOSHEUDO NRQMRQNWLYD\Õ ELUOLNWH WXWDELOHQ D÷ÕU PHPEUDQ YH\D
SV|GRPHPEUDQOÕNRQMRQNWLYLW
F
+DVWDOÕ÷ÕQDNXWHYUHVLQLWDNLEHQEDúNDVNDUROXúPD]
*|]GHNL.RPSOLNDV\RQODU
1LVEHWHQQDGLUJ|UOHQNRPSOLNDV\RQODUúXQODUGÕU
D
6HPEOHIDURQ ROXúXPX
E
0HWDSOD]LN NLUSLNOHU oRN LQFH ROXS KDVDUD X÷UDPÕú PHLERPLXV EH]OHULQLQ
D÷Õ]ODUÕQGDQoÕNDUODU
F
(SLIRUDODNULPDOGUHQDMREVWUNVL\RQX\]QGHQRUWD\DoÕNDU
G
/DNULPDONDQDOFÕNODUÕQWÕNDQPDVÕ\ODGDNXUXJ|]WDEORVXJHOLúLU
H
6LNDWULV\HO HQWURSL\XP DEHUUDQ NLUSLNOHU YH NRQMRQNWLYDGDNL NHUDWLQL]DV\RQD
ED÷OÕNHUDWRSDWLJHOLúLU
7HGDYL
+DVWDOÕ÷ÕQVH\ULHVQDVÕQGDHUNHQG|QHPGHYHULOHQWRSLNDOVWHURLGOHU YDVNOLWJHOLúLPLQL
NRQWURO DOWÕQD DODUDN NRQMRQNWLYDO HQIDUNWODUD HQJHO RODELOLU 0HUNH]L NÕVPÕ NDOGÕUÕOPÕú JHQLú
KDSWLNOL OHQVWHQ ROXúDQ VNOHUDO NRQWDNW OHQV KDVWDOÕ÷ÕQ DNXW G|QHPL HVQDVÕQGD VHPEOHIDURQ
JHOLúLPLQL|QOHPHGHEDúDUÕOÕRODELOLU
'L÷HU WHGDYL \|QWHPOHUL DUDVÕQGD NHUDWLQL]DV\RQ LoLQ WRSLNDO UHWLQRLN DVLW NXOODQÕPÕ
VXQL J|] \DúODUÕ WHUDS|WLN NRQWDNW OHQVOHU SXQNWXP RNO]\RQX YH NDOÕFÕ NDSDN
GHIRUPLWHOHULQLG]HOWPHNLoLQFHUUDKLJLULúLPOHU VD\ÕODELOLU
7RNVLNHSLGHUPDOQHNUROL]/\HOO+DVWDOÕ÷Õ
%LU oRN NOLQLV\HQ WRNVLN HSLGHUPDO QHNUROL]LQ HQ úLGGHWOL úHNOLQGH HULWHPD PXOWLIRUPH
PDM|UROGX÷XQXVDYXQXUNHQED]ÕODUÕEXQXQIDUNOÕ ELUKDVWDOÕNROGX÷XQDLQDQPDNWDGÕU7HUPDO
\DQÕ÷Õ DQGÕUDQJHQLúGHULQHNUR]XYHNDEXNODQPDDODQODUÕLOHNDUDNWHUL]HGLU&LOWWHNLOH]\RQODU
D÷UÕOÕGÕUODU$\UÕFD\]QYHJ|YGHQLQVWNÕVPÕQGD VLPHWULN\HUOHúLPJ|VWHULUOHU%XOH]\RQODU
KÕ]OÕ ELU úHNLOGH J|YGH\H YH HNVWUHPLWHOHULQ SURNVLPDO NÕVÕPODUÕQD \D\ÕOÕUODU $YXo LoOHUL YH
D\DNWDEDQODUÕQGDHSLGHUPLVND\EÕLOHELUOLNWHD÷UÕOÕYH|GHPOLHULWHPOHUROXúXU+DVWDODUÕQoWH
ELULQGH PXN|] PHPEUDQ WXWXOXPX FLOW OH]\RQODUÕQGDQ ELUNDo JQ |QFH J|UOU (Q oRN
HWNLOHQHQ PXNR]D DODQODUÕ VÕUDVÕ\OD RURIDUHQNV J|]OHU JHQLWDO RUJDQODU YH DQVWU *HOLúHQ
\D\JÕQ D÷UÕOÕ HUR]\RQODU HULWHPD PXOWLIRUPH PDM|UGH ROGX÷X JLELGLU 0RUWDOLWH RUDQÕ LOH
DUDVÕQGDGH÷LúPHNWHGLU
dRFXNODUGD WRNVLN HSLGHUPDO QHNUROL]H EHQ]HU ELU GXUXP RODQ VWDILORNRNVLN KDúODQPÕú
GHULVHQGURPXQXQ JUXS ,,IDM± WLS VWDILORNRNNXV DXUHXV WDUDIÕQGDQ UHWLOHQ ELU HN]RWRNVLQ
QHGHQL\OH ROXúWX÷XQD LQDQÕOPDNWDGÕU %X WRNVLN HSLGHUPDO QHNUROL]LQ ELU WLSL GH÷LO IDUNOÕ ELU
NOLQLN GXUXPGXU%X GúQFHKDVWDOÕ÷ÕQ NÕVDVUPHVL GúN PRUWDOLWH RUDQÕ YH NHQGLOL÷LQGHQ
L\LOHúPH LQVLGDQVÕQÕQ \NVHN ROPDVÕ LOH GH GHVWHNOHQLU (SLGHUPLV QHNUR]X ROPDGDQ
HSLGHUPLVLQ VXEJUDQOHU DODQGD D\UÕOPDVÕ LOH VRQXoODQÕU %X QHGHQOH GHVNXDPDV\RQ VDGHFH
HSLGHUPLVLQ\]H\HONDWÕQGDJ|UOU
%XQXQ WDP DNVLQH ELU oRN GXUXPGD KDVWDOÕ÷ÕQ HULúNLQ IRUPX HULWHPD PXOWLIRUPH
PDM|UGH ROGX÷X JLEL LPPQRORMLN N|NHQOLGLU *HQHOGH LODo NXOODQÕPÕ LOH LOJLOL HULWHPD
PXOWLIRUPH PDM|U EDúODWWÕ÷Õ GúQOHQ LODoODUOD D\QÕ YH\D LGL\RSDWLNWLU 7RNVLN HSLGHUPDO
QHNUROL]LQ EL\RSVL |UQHNOHUL HULWHPD PXOWLIRUPH PDM|U LOH D\QÕ GH÷LúLNOLNOHUL J|VWHULU +DILI
LOWLKDSOÕ GHUPLVWHQ D\UÕOPÕú QHNUR]H HSLWHO J|UOU <LQH GH ED]Õ \D\ÕQODUGD H÷HU E|EUHN
\HWPH]OL÷LYH\DLPPQRVXSUHV\RQV|]NRQXVXLVH\HWLúNLQOHULQGHVWDILORNRNVLNKDúODQPÕúGHUL
VHQGURPXQGDQ HWNLOHQHELOHFH÷L ELOGLULOPLúWLU %X GXUXP WRNVLQOHULQ \HWHUVL] WHPL]OL÷LQH YH\D
WRNVLQOHUH NDUúÕ ROXúDQ \HWHUVL] ED÷ÕúÕNOÕN \DQÕWÕQD ED÷OÕGÕU ùLGGHWOL VHSVLV EHQ]HU ELU HWL
ROXúWXUDELOLU
7RNVLN HSLGHUPDO QHNUROL]LQ RNOHU EXOJXODUÕ HULWHPD PXOWLIRUPH PDM|UH EHQ]HUGLU
IDNDW GDKD KDILIWLU 0XNRSUODQ NRQMRQNWLYLW VÕNWÕU )DNDW VNDU LOH ELUOLNWH PHPEUDQ|]
NRQMRQNWLYLW ROXúDELOLU .VHURVWRPL YH WNUN EH]OHULQLQ OHQIRVLWLN HQILOWUDV\RQX LOH J|UOHQ
6M|JUHQVHQGURPXWRNVLNHSLGHUPDOQHNUROL]LQELUSDUoDVÕRODELOLU
+DVWDOÕ÷ÕQ VWDILORNRNNDO IRUPXQGD HUNHQ G|QHPGH \R÷XQ DQWLEL\RWLN WHGDYLVLQH
EDúODQPDOÕGÕU 6WDILORNRNNDO IRUPX JHUoHN WRNVLN HSLGHUPDO QHNUROL]GHQ D\ÕUPDN LoLQ GHUL
EL\RSVLVL \DSÕODELOLU 6WDILORNRNNDO IRUPGD VWUDWXP JUDQXORVXPGD YH\D KHPHQ DOWÕQGD
VXENRUQHDO YH]LNO ROXúXPX LOH ELUOLNWH LQWUDHSLGHUPDO D\UÕOPD YDUGÕU 'L÷HULQGH LVH
VXEHSLGHUPDO YH]LNO ROXúXPX LOH WP HSLGHUPLVWH QHNUROL] YDUGÕU <D\JÕQ HSLGHUPDO QHNUR]
QHGHQL\OH WRNVLN HSLGHUPDO QHNUROL]L RODQ KDVWDODU JHQHOOLNOH \DQÕN QLWHVL EDNÕPÕQD LKWL\Do
GX\DUODUgWH\DQGDQWHGDYLHULWHPDPXOWLIRUPHPDM|ULOHD\QÕGÕU