Ekonomik sistemler ve ahlak

6OH\PDQ'HPLUHOhQLYHUVLWHVL øNWLVDGLYHøGDUL%LOLPOHU)DNOWHVL <&6V 

(.2120ø.6ø67(0/(59($+/Æ.

'UùHYNLg=*(1(5

*OREDOOHúHQ GQ\DGD ONHOHU DUDVÕQGDNL HNRQRPLN LOLúNLOHU |QHPOL |OoGHDUWWPÕúWÕU%XH÷LOLPLQGHYDPHWPHVLJYHQRUWDPÕQÕQ\DUDWÕOPDVÕQD ED÷OÕGÕU <LQH ELU ONHQLQ WP YDWDQGDúODUÕQÕQ UHIDKÕQD NDWNÕGD EXOXQDELOPHVL YH GROD\ÕVÕ\OD HNRQRPLN VLVWHPLQ VD÷OÕNOÕ ELU úHNLOGH LúOH\HELOPHVL LoLQ HNRQRPL DKOkNÕ JHoHUVL] NÕOPDPDOÕGÕU %X PDNDOH HNRQRPLN VLVWHPOHUH DKOkNL DoÕGDQ \|QHOWLOHQ HOHúWLULOHUL RUWD\D NR\PD\Õ DPDoODPDNWDGÕU %X oDOÕúPDGD HNRQRPLGH DKOkNÕQ |QHPL HNRQRPLN VLVWHPOHULQ LúOH\LúL HNRQRPLN VLVWHPOHULQ DYDQWDMODUÕ YH GH]DYDQWDMODUÕ YH HNRQRPLN VLVWHPOHUH DKOkNL DoÕGDQ \|QHOWLOHQ HOHúWLULOHU ]HULQGH GXUXOPXúWXU

$KOkN(NRQRPL.DSLWDOL]P6RV\DOL]P

*ø5øù

(NRQRPLNKD\DWLNL\]\ÕOGDQEHULJ|UOPHGLNELUJHOLúPH\HVDKQH ROPXúWXU (NRQRPLN KD\DWWDNL JHOLúPHOHULQ DKOkN GÕúÕ ROPDVÕ YH\D DKOkNL \|QOHULLKPDOHWPHVLWRSOXPVDO\DúDPLoLQFLGGLELUWHKOLNHROXúWXUPDNWDGÕU $KOkNLYHVRV\DODoÕGDQRUWD\DoÕNDELOHFHNPXKWHPHOVRUXQODUÕo|]PHNLoLQ VRQ\ÕOODUGDEDúDUÕOÕVDQD\LOHúPLúONHOHULQ³LúDKOkNÕYHVRV\DOVRUXPOXOXN´ NDYUDPODUÕQÕNDONÕQPDGDELUDUDoRODUDNEHQLPVHGLNOHULJ|UOPHNWHGLU%WQ HNRQRPLN IDDOL\HWOHUGH GUVWON JYHQ VD\JÕ YH KDNoD GDYUDQPD\Õ LONH HGLQPHN YH oHYUH\OH WHPDV KDOLQGH EXOXQXUNHQ D\QÕ oHYUH\L SD\ODúDQ WRSOXPD GHVWHN ROPDN KHP HNRQRPLN DoÕGDQ GHPRNUDVLQLQ JHUoHNOHúPHVL KHP GH HNRQRPLN VLVWHPOHULQ VD÷OÕNOÕ ELU ELoLPGH LúOH\LúL DoÕVÕQGDQ KD\DWL |QHPDU]HWPHNWHGLU

%X oDOÕúPD HVDV RODUDN HNRQRPL LOH DKOkN DUDVÕQGDNL LOLúNL\L LQFHOH\HUHN HNRQRPLN VLVWHPOHUOH LOJLOL DKOkNL VRUXQODUÕ HOHúWLULVHO ELU EDNÕú DoÕVÕ\ODHOHDOÕSGH÷HUOHQGLUPH\LDPDoODPDNWDGÕU





(.2120ø'($+/Æ.,1g1(0ø

.UHVHOOHúPH YH HNRQRPLN NDONÕQPD\OD ELUOLNWH DKOkNÕQ GDKD GD |QHP ND]DQGÕ÷Õ WDUWÕúÕOPD] ELU JHUoHNWLU 6D÷OÕNOÕ YH GHQJHOL ELU WRSOXP YH VUGUOHELOLUELUNDONÕQPDLoLQDKOkNLYHVRV\DOGH÷HUOHULQKDNLPROGX÷XELU RUWDP\DUDWPDNROPD]VDROPD]ELUNRúXOGXU

³$KOkNJHQHOGHGR÷UXYHL\LúH\LQQHROGX÷XQXYH\D\DQOÕúYHN|W úH\LQQHROGX÷XQXDoÕNOD\DQELUGDYUDQÕúNRGXQXROXúWXUDQNXUDONR\XFXELU LONHOHU VHWL´ RODUDN WDQÕPODQPDNWDGÕU %X JHOHQHNVHO WDQÕP NXOODQÕúOÕ ROPD DoÕVÕQGDQ VRQ GHUHFH VWDWLNWLU _{&KDUOHV 3RZHUV YH 'DYLG 9RJHO LVH EDVLW}

IDNDW GLQDPLN LúOH\HQ WDQÕP \DSPÕúODUGÕU %X GúQUOHUH J|UH ³HVDV LWLEDUÕ\ODDKOkNLQVDQUHIDKÕQÕROXúWXUDQúH\OHULQQHROGX÷XQXLQFHOH\HQYH EXQODUÕ WHúYLN HWPHN LoLQ JHUHNOL GDYUDQÕú YH NDUDU WUOHULQL DoÕNOD\DQ ELU VUHoWLU´

$KOkN WRSOXPODUGD DGDOHWLQ JHUoHNOHúPHVLQH NDWNÕGD EXOXQDQ IDDOL\HWOHULQ \DQÕ VÕUD HNRQRPLN X\JXODPDODUÕ LQFHOH\HQ ELU GLVLSOLQGLU

³$KOkN HNRQRPLGHQ EDVNÕQ ROPDPDOÕGÕU (NRQRPL GH DKOkNÕ JHoHUVL] NÕOPDPDOÕGÕU´+HULNLGLVLSOLQELUELULQGHQWDPDPÕ\ODD\UÕWXWXODPD]%LUoRN DKOkNL VRUXQXQ E\N |OoGH HNRQRPLN ROGX÷XQD LQDQÕOPDNWDGÕU (NRQRPL LOHDKOkNLGH÷HUOHUDUDVÕQGDNLWHPHOVRUXQNDUPDúÕNOÕNWÕU%XVRUXQ\DOQÕ]FD NXUDPVDO GH÷LO SUDWLNWH GH PHYFXWWXU ³øú DKOkNÕ HNRQRPL LOH DKOkN DUDVÕQGDNLELUHYOLOLNJLELGLU´ øúDKOkNÕHNRQRPLYHLúGQ\DVÕQÕQVD÷ODGÕ÷Õ RODQDNODUGR÷UXOWXVXQGDVD÷GX\XOX VHoLPOHU \DSPDPÕ]GD EL]H \RO J|VWHUHQ LONH YH GH÷HUOHUL LQFHOH\HQ ELU GLVLSOLQGLU 'ROD\ÕVÕ\OD DKOkN HNRQRPLN KHGHIOHUL EDúDUPD\D \|QHOLN |QHPVL] ELU DUDo RODUDN VXLLVWLPDO HGLOPHPHOLGLU +XNXN DKOkN YH YLFGDQ NXUDOODUÕ LoHULVLQGH LúOHPH\HQ ELU HNRQRPLN VLVWHP WRSOXPXQ WP\OH ELUOLNWH o|NPH YH GD÷ÕOPD\D PDKNXPGXU (NRQRPLN LOLúNLOHUGH DKOkNL LONHOHU HWNLVLQL ND\EHGHFHN NDGDU DúÕQÕUVD RUPDQ \DVDODUÕQD JHUL G|QOPHVLQL KLoELU úH\ |QOH\HPH] (NRQRPLQLQ URO DKOkNL DPDoODUÕQ JHUoHNOHúPHVLQH NDWNÕGD EXOXQPDN ROPDOÕGÕU _{dQN HWNLQ HúLWOLN LoLQ KHU ELUL GL÷HULQLQ YDUOÕ÷ÕQD JHUHNVLQLP}

GX\PDNWDGÕU $KOkNL GH÷HUOHU HNRQRPLN JHUHNVLQLPOHU GDKLO GL÷HU JHUHNVLQLPOHUOHLOLúNLOLROPDNWDGÕUøOJLOLDKOkNLGH÷HUOHULQGHVWH÷LROPDNVÕ]ÕQ HNRQRPLNGH÷HUOHUD\DNWDNDODPD]+HPDKOkNLGH÷HUOHUKHPGHHNRQRPLN GH÷HUOHU X\XP LoLQ LQVDQ JHUHNVLQLPOHULQL WHPHO DOÕU +HU LNL GH÷HU GH ELUELUL\OHLúELUOL÷L LoLQGH ROXS ELUELULQHWHPHO WHúNLO HWPHNWHGLU _<LQHKHP

HNRQRPLKHPGHDKOkNGH÷HUVRUXQX\ODLOJLOHQPHNWHGLU7HRULLOHX\JXODPD _{ : 0LFKHDO +2))0$1 DQG -HQQLIHU 0,//6 0225( %XVLQHVV (WKLFV 5HDGLQJV DQG}

&DVHVLQ&RUSRUDWH0RUDOLW\6HFRQG(GLWLRQ1HZ<RUN0F*UDZ+LOO3XEOLFDWLRQ&R VV

_{ 'RQ +(//5,*(/ DQG -RKQ : 6/2&80 -U 0DQDJHPHQW )RXUWK (GLWLRQ 5HDGLQJ}

0DVVDFKXVHWWV$GGLVRQ:HVOH\3XEOLVKLQJ&RPSDQ\V _{ ,ZDR7$.$³%XVLQHVV(WKLFVLQ-DSDQ´-RXUQDORI%XVLQHVV(WKLFVVV} _{ /X;,$28(³2Q(FRQRPLFDQG(WKLFDO9DOXH´6KDQJKDL$FDGHP\RI6RFLDO6FLHQFLHV} KWWSZZZGHSDXOHGXHWKLFVHYDOXHKWPOVV _{ 7KRPDV,:+,7(%XVLQHVV(WKLFV1HZ<RUN0DFPLOODQ3XEOLFDWLRQV0D[ZHOO0DFPLOO} V



VDQDWLOHELOLPDUDVÕQGDQDVÕOELULOLúNLYDULVHHNRQRPLLOHDKOkNDUDVÕQGDGD |\OHELULOLúNLYDUGÕU

$KOkNYHLú\DúDPÕNRQXVXQGDNLWDUWÕúPDODUÕQELUWHKGLWYH\D]D\ÕIOÕN RODUDN GH÷LO JQP] HQGVWULOHULQLQ PNHPPHOOLN YH NDOLWH\H XODúPD oDEDODUÕQÕQGR÷DOELUX]DQWÕVÕúHNOLQGHDOJÕODQPDVÕL\LDKOkNÕQL\LLúOH|]GHú ROGX÷XQXQ IDUN HGLOPHVL YH EX NRQXGDNL WRSOXPVDO EDVNÕODUÕQ DUWPDVÕ ONHOHULQYHLúOHWPHOHULQDKODNLGH÷HUOHUHGDKDID]OD|QHPYHUPHVLQL]RUXQOX NÕOPÕúWÕU _{%XQD LOkYHWHQ oHúLWOL oÕNDU JUXSODUÕQÕQ PHQIDDWOHULQL GHQJHOHPH}

JHUHNVLQLPL GH DKOkNÕQ HNRQRPLGHNL |QHPLQL DUWWÕUPDNWDGÕU _(NRQRPLGH

DKOkNNLúLVHO|]JUONSD]DU|]JUO÷YHoÕNDUJUXSODUÕQDNDUúÕVRUXPOXOXN JLEL GH÷HUOHU ]HULQH LQúD HGLOPHNWHGLU $KOkN QLKD\HWLQGH ELU JYHQ PHVHOHVLGLU 6LVWHPLQ KHP ELUH\OHU KHP GH RUJDQL]DV\RQODU DUDVÕQGD NDUúÕOÕNOÕ JYHQH YH ELUELUOHULQLQ oÕNDUODUÕQD VD\JÕ J|VWHUPHVL JHUoH÷LQH GD\DQPDVÕJHUHNLU

$+/Æ.9((.2120ø.6ø67(0/(5

$KOkNÕLoLQGH\DúDQÕODQHNRQRPLNVLVWHPGHQVR\XWODPDN PPNQ GH÷LOGLU$KOkNLOHHNRQRPL DUDVÕQGDNLLOLúNL\LDQOD\DELOPHNLoLQHNRQRPLN VLVWHPOHULQWLSL\OHEDúODPDNJHUHNLU$KODNLDoÕGDQ\|QHOWLOHFHNHOHúWLULOHULQ VD÷ODPJHUHNoHOHUH GD\DQPDVÕ LoLQKHU LNL VLVWHPLQ LúOH\LúL ]HULQGHNÕVDFD GXUPDNWDID\GDYDUGÕU

$KOkNYH.DSLWDOLVW(NRQRPLN6LVWHP .DSLWDOLVW(NRQRPLN6LVWHPLQøúOH\LúL

(VDV RODUDN ELU NDSLWDOLVW VLVWHP UHWLP DUDoODUÕQÕQ |]HO RODUDN VDKLSOHQGL÷L YH SD]DUÕQ UHWLPH \RO J|VWHUGL÷L YH JHOLULQ GD÷ÕWÕOPDVÕQÕQ LúOHWWL÷L ELU VLVWHPGLU %X VLVWHPLQ GR÷DVÕ NROD\ WDQÕPODQDPD] .DSLWDOL]P JHUHN GR÷XúX LWLEDUÕ\OD JHUHNVH GH LúOH\Lú RODUDN DPDoODQPD\DQ VRQXoODU VLVWHPLGLU_{.ODVLNNDSLWDOL]PWHRULVLLNLYDUVD\ÕPDGD\DQÕUøQVDQR÷OXQXQ}

HYUHQLQ GR÷DO G]HQLQL DQODPD EHFHULVLQH VDKLS ELU YDUOÕN ROGX÷X YH HNRQRPLGHGHYOHWLQUROQQVÕQÕUOÕROPDVÕJHUHNWL÷LGLU

_{ 3HWHU-'($1³([DPLQLQJWKH3URIHVVLRQDQGWKH3UDFWLFHRI%XVLQHVV(WKLFV´-RXUQDORI}

%XVLQHVV (WKLFV   VV (OL]DEHWK 3 7,(51(< øú $KOkNÕ %DVÕP øVWDQEXO5RWD<D\ÕQODUÕ7HPPX]VYH-RKQ0,/72160,7+³%XVLQHVV(WKLFVLQ $XVWUDOLDDQG1HZ=HDODQG´-RXUQDORI%XVLQHVV(WKLFVVV

_{ $UWKXU $ 7+203621 :LOOLDP ( )8/0(5 DQG $ - 675,&./$1' 6WUDWHJLF}

0DQDJHPHQW)RXUWK(GLWLRQ%RVWRQ,UZLQ+RPHZRRGV

_{ *HUDOG)&$9$1$*+$PHULFDQ%XVLQHVV9DOXHV7KLUG(GLWLRQ1HZ-HUVH\3UHQWLFH}

+DOO ,QF (QJOHZRRG &OLIIV  V YH &DUWHU 0F1$0$5$ ³&RPSOHWH *XLGH WR (WKLFV 0DQDJHPHQW $Q (WKLFV 7RRONLW RI 0DQDJHUV´ DW KWWSZZZPDSQSRUJOLEUDU\HWKLFVHWK[JGHKWP$SULO

_{ (QJLQ <,/',5,0 YH 0HKPHW '80$1 ³.DSLWDOL]P 3L\DVD YH $KOkN´ 6L\DVHWWH YH}

<|QHWLPGH (WLN 6HPSR]\XPX  $UDOÕN  6DNDU\D hQLYHUVLWHVL øNW YH øGU %LO )DNOWHVL$GDSD]DUÕVV



.DSLWDOL]PLQ WHPHO |÷HOHUL ùHNLO¶GH J|UOPHNWHGLU %X |÷HOHU DúD÷ÕGDNLJLELDoÕNODQDELOLU_

g]HO0ONL\HW.DSLWDOL]PLQWHPHO|÷HOHULDUDVÕQGDKLoELUL PONL\HWNDYUDPÕQGDQGDKD|QHPOLRODPD]0ONL\HWoRNVÕNVDGHFHWRSUDN RODUDN GúQOPHNWHGLU *HUoHNWH PONL\HW WHULPL ELU YDUOÕ÷ÕQ NXOODQÕPÕQÕ HOLQGH EXOXQGXUPD YH LúOHPH KDNNÕQÕ LIDGH HGHU %LULVL PONL\HWH VDKLS ROGX÷XQGD HNRQRPLN JFH VDKLSWLU .DSLWDOL]PLQ WHPHO GúQFHVLQH J|UH ELUH\ |]HO PONL\HW KDNNÕQD VDKLSWLU +NPHW |]HO PONL\HW KDNODUÕQÕ NRUXGX÷XVUHFHNkUPDNVLPL]DV\RQXDUD\ÕúÕHQ\NVHNG]H\GHUHIDKÕWHPLQ HGHFHNWLU_

ùHNLO.DSLWDOL]PLQ7HPHO8QVXUODUÕ .D\QDN)UHGHULFN'6WXUGLYDQWDQG+HLGL9HUQRQ:RUWHODJHV

 (NRQRPLN 7HúYLNOHU .kU JGV NDSLWDOLVW PDNLQHQLQ \DNÕWÕQÕ LIDGH HGHU 0D[ /HUQHU¶LQ LOHUL VUG÷ JLEL ³LQVDQÕQ EH\QL YH HQHUMLVLKLoELUHQJHOOH\LFLNÕVÕWODPDROPDGÕ÷ÕQGDYHoDEDLOH|GODUDVÕQGDELU \DNÕQOÕN J|UOG÷QGH HQ L\L úHNLOGH oDOÕúÕU´ .DSLWDOL]P ND]DQo X÷UDúÕ LOH |]GHúWLU_{ dQN VUHNOL XVVDO NDSLWDOLVW LúOHWPHQLQ SHúLQGHGLU KHS}

_{ )UHGHULFN ' 6785',9$17 DQG +HLGL 9(5121:257(/ %XVLQHVV 6RFLHW\ $}

0DQDJHULDO $SSURDFK )RXUWK (GLWLRQ %RVWRQ 5LFKDUG ' ,UZÕQ ,QF+RPHZRRG  VV

_{ 0LWVXKLUR80(=8³(WKLFVDQG7KH-DSDQHVH0LUDFOH&KDUDFWHULVWLFVDQG(WKLFV-DSDQHVH}

%XVLQHVV 3UDFWLFH´ ,QWHUQDWLRQDO 6RFLHW\ RI %XVLQHVV (FRQRPLFV DQG (WKLFV 7RN\R KWWSZZZQGHGXaLVEHHSXPH]XKWPVV _{ %N]6785',9$179(5121:257(/VV} 6HUEHVW 3D]DU 6LVWHPL .DSLWDOL]P g]HO 0ONL\HW 3ROLWLNYH (NRQRPLN g]JUON (NRQRPLN 7HúYLNOHU *GOHU



\HQLOHQHQ ND]DQFÕQ SHúLQGHGLU ³YHULPOLOLN´ SHúLQGHGLU %|\OH ROPDN ]RUXQGDGÕU .DSLWDOLVW G]HQ LoLQGH YHULPOLOL÷H XODúPD DPDFÕ JWPH\HQ ELU LúOHWPHEDWPD\DPDKNXPGXU

 6HUEHVW 3D]DU 6LVWHPL 6HUEHVW SD]DUODU GÕú G]HQOHPH ROPDNVÕ]ÕQ LQVDQODUÕQ SDUD\OD NDUúÕOÕNOÕ RODUDN PDOODUÕ PEDGHOH HWWL÷L SD]DUODUGÕU )L\DW DU] YH WDOHS YDVÕWDVÕ\OD EHOLUOHQLU $OÕFÕODU YH VDWÕFÕODU L]OH\HUHNYHKDWDODUGDQGHUVoÕNDUDUDNGHQH\LPHOGHHGHUOHU%HOLUOLELUPDOD RODQWDOHSDU]ÕDúDUVDR]DPDQIL\DWODUHQ\NVHNG]H\L]RUODU%XQDNDUúÕQ PDODUWÕúÕNkUÕD]DOWÕUSD]DUGDUHNDEHWLDUWÕUÕUYHIL\DWODUÕGúUU*HoLFLELU GHQJHVL]OLN ROGX÷XQGD SL\DVDQÕQ VHUEHVW DNÕú GR÷DVÕ KLoELU KNPHW G]HQOHPHVL YH PRQRSRO ROPDNVÕ]ÕQ WHGDULNoLOHUH VHUEHVWoH UHNDEHW HGHELOPHOHULLoLQELUIÕUVDWVXQDUYH\HWHUOLWDOHSYDUROGX÷XQGDoHúLWOLPDOYH KL]PHWND\QDNODUÕQÕVDWÕQDOÕFÕODUDVD÷ODU³.DSLWDOLVWVLVWHPUHWLFLOHULQQH\L QDVÕOQH]DPDQYHKDQJLIL\DWWDQUHWPHVLNRQXVXQGDNLNDUDUODUÕQDGD\DQÕU 7NHWLFL VHoLPL UHWLPL GD÷ÕWÕPÕ YH PEkGHOH\L \|QOHQGLULU %X VLVWHPGH VHoLPVHUEHVWLVLROGX÷XQGDQKDONSDUDVÕQÕLVWHGL÷LJLELKDUFD\DELOLU%|\OHFH PDOÕ WHGDULN HGHFHN RODQODUD WDOHSOHULQLQ QH ROGX÷XQX ELOGLULU .HQGL ILUPDODUÕQÕ NXUDU YH Lú DODQODUÕQÕ VHoHU´_{ 6HUEHVW SL\DVD KDONÕQ LVWHNOHULQH}

oDEXNWHSNLJ|VWHULU.DPXND\QDNODUÕNkUOÕDODQODUDND\GÕUÕOÕU%XVLVWHPPDO YH KL]PHW UHWLPLQGH \HQL YH GDKD LOHUL ELU WHNQRORMLQLQ JHOLúLPLQL WHúYLN HGHU 5HNDEHW WNHWLFLOHULQ WDOHSOHULQL NDUúÕODPDN LoLQ PDO YH KL]PHW oHúLWOHULQGH ]HQJLQOLN VD÷ODU %X VLVWHPGH PDO YH KL]PHW VDKLEL ROPD RODQDNODUÕNDUúÕVÕQGDKDONÕQIÕUVDWODUGDQ\DUDUODQPDVÕWHúYLNHGLOLU

3ROLWLNYH(NRQRPLNg]JUON6HUEHVWSL\DVDVLVWHPLQLQ PHYFXGL\HWLQH LOLúNLQ DQDKWDU |÷HOHUGHQ ELUL KNPHW G]HQOHPHOHULQLQ \RNOX÷XGXU $QFDN $%'¶GH oR÷X WHNHOOHU KNPHW G]HQOHPHOHUL\OH NDOGÕUÕOPÕúWÕU +NPHWLQ URO |]JUO÷ NRUXPDNWÕU .DSLWDOL]PH J|UH HQ |QHPOL GH÷HU ELUH\VHO |]JUONWU g]JUON LQVDQÕQ EDúNDODUÕQÕQ GR÷UXODUÕQD HQJHO ROPDGDQ NHQGL GR÷UXODUÕQD LVWHGL÷L úHNLOGH XODúPDVÕ GHPHNWLU_{ %XQX VD÷OD\DQ HNRQRPLN VLVWHP GH VHUEHVW SL\DVDGÕU 3L\DVD\Õ}

PHúUXODúWÕUDQoWHPHOQHGHQYDUGÕU%XQODU|]JUON]RUODPDGDQNDoÕQPD YH ELUH\LQ JHOLúWLUPH DU]XVX ROPDNWDGÕU 3L\DVD ELUH\VHO |]JUO÷Q X\JXODQDELOHFH÷L ELU RUWDP KD]ÕUODU dQN SL\DVDGDNL EWQ PEDGHOHOHU J|QOOONHVDVÕQDGD\DQÕU_

.DSLWDOLVW(NRQRPLN6LVWHPLQ'H]DYDQWDMODUÕ

.DSLWDOLVW HNRQRPLN VLVWHPLQ GH]DYDQWDMODUÕ DúD÷ÕGDNL JLEL LIDGH HGLOHELOLU_

_{ )UDQFLV30F+8*+øú$KOkNÕdHYLUHQ 7h6ø$' øVWDQEXO7h6ø$'<D\ÕQODUÕ<D\ÕQ}

1R7h6ø$'7'HWD\%DVÕP/WGV

_{ &HQJL] &(</$1 ³øNWLVDGL /LEHUDOL]P¶GH $KOkN´ 6L\DVHWWH YH <|QHWLPGH (WLN}

6HPSR]\XPX  $UDOÕN  6DNDU\D hQLYHUVLWHVL øNWLVDGL YH LGDUL %LOLPOHU )DNOWHVL$GDSD]DUÕVV

_{ <,/',5,0'80$1V} _{ %N]0F+8*+VV}



 .kU *GV hUHWLFLOHU PDO VDKLSOHUL KLVVHGDUODU YH \|QHWLPLoLQNkUJGV|QHPOLROGX÷XQGDQVRV\DOPDOL\HWOHULKDYDNLUOLOL÷L JLEL J|] DUGÕ HWPH H÷LOLPL J|UOU ³.DSLWDOL]PLQ HQ E\N ]DDIÕ PL\RS ROXúXGXU7HPHOGHNÕVDELU]DPDQXINXQDVDKLSWLU.DSLWDOL]PLQX]XQYDGHGH LúOH\HELOPHVL LoLQELUH\LQNHQGL |]oÕNDUÕQD GH÷LOLQVDQWRSOXOX÷XQXQX]XQ YDGHOLoÕNDUODUÕQD\DWÕUÕP\DSPDVÕJHUHNLUdQNLQVDQOÕ÷ÕQVRV\DO\|QOHULQL J|UPH]GHQ JHOPHN YDU ROPD\DQ ELU LQVDQ WU LoLQ ELU GQ\D WDVDUODPDNWÕU´_

 6HUYHWLQ (úLW 2OPD\DQ ùHNLOGH 'D÷ÕOÕPÕ *o VHUYHWOH DUWPD H÷LOLPL J|VWHUGL÷LQGHQ NDSLWDOLVW HNRQRPLGH E\N D\UÕOÕNODU RUWD\D oÕNDU*HUoHNOHUXPXWODUÕQJHULVLQGHNDOGÕ÷ÕQGDUHHOFUHWOHULQ\NVHOPHVLQL EHNOH\HQELUONHGHGúPHVL EDúDUÕQÕQ NXUDOODUÕ ELOLQPL\RU YH GH÷LúL\RUVD LQVDQODUPXWVX]ROPD\DEDúODUODU1H\D]ÕNNLGQ\DPÕ]E|\OHEHOLUVL]OLNOHU YHEHNOHQWLVHODoÕNODUODGROXGXU

 øúVL]OLN YH 'úN hFUHWOHU 6HUEHVW ELU LúJF SL\DVDVÕ VD÷ODPDNJoWU<NVHNLúVL]OL÷LQYHEROQLWHOLNVL]LúJFQQEXOXQGX÷XELU RUWDPGD LúYHUHQ DYDQWDMOÕ GXUXPGDGÕU 1LWHOLNOL LúJF NÕW ROGX÷XQGD LVH WDOHS FUHWOHULQ \NVHOPHVLQH QHGHQ ROXU 6HUPD\H HPHNWHQ GDKD NÕW ROGX÷XQGDQLúoLOHUDQODúPD\D\DQDúPD]ODUVD\DWÕUÕPSODQODUÕEDúND \HUOHUH ND\GÕUÕODELOLU

.ÕVDFDVÕ .DSLWDOL]PLQ GH]DYDQWDMODUÕ HNRQRPLN HúLWVL]OLN YH JYHQVL]OLN PDGGL GH÷HUOHUL |Q SODQD oÕNDUDUDN LQVDQR÷OXQX UDV\RQHO HNRQRPLN YDUOÕN RODUDN J|UPHVL ROLJRSROOHU GR÷XUPDVÕ KDN HGLOPHPLú JHOLUOHUHVHEHEL\HWYHUPHVLDU]ÕNÕVPDJGVQWHúYLNHWPHVLLVUDIV|PU LVWLVPDUYH\DEDQFÕODúPD\D\RODoPDVÕúHNOLQGHLIDGHHGLOHELOLU

 .DSLWDOLVW (NRQRPLN 6LVWHPH $KOkNL $oÕGDQ <|QHOWLOHQ

 (OHúWLULOHU

'Q\D\D KDNLP RODQ HNRQRPLN DQOD\Õú NDSLWDOL]PGLU_{ $GDP}

6PLWK LON HVHUL RODQ ³8OXVODUÕQ =HQJLQOL÷L h]HULQGH %LU $UDúWÕUPD´DGOÕLQFHOHPHVLQGHOLEHUDOGúQFHYHSL\DVDHNRQRPLVLQHGD\DOÕ NDSLWDOLVWPRGHOLQDQDLONHOHULQLYH³$KOkNL'X\JXODUÕQ7HRULVL´DGOÕHVHULQGH LVH DKOkN ELOLPLQLQHWLND LONHOHULQL RUWD\D NR\PXúWXU $GDP 6PLWK EX LNL HVHUL\OHLNWLVDW YH DKOkNÕELUVHQWH] KDOLQH JHWLUPLúWLU_{ ³.DSLWDOL]PLDKOkNL}

EDNÕPGDQ KDNOÕ NÕODQ RQXQ LQVDQÕQ UDV\RQHO \DSÕVÕ\OD DKHQNOL WHN VLVWHP ROPDVÕGÕU%XGúQFHOHULQND\QD÷ÕQÕ$GDP6PLWK¶GHEXOPDNPPNQGU 6PLWK¶HJ|UH LQVDQNDUDNWHULQH HQ X\JXQ RODQ YHRQXQ \DUDWÕFÕOÕ÷ÕQÕRUWD\D oÕNDUPDGDHQ EDúDUÕOÕ RODQ VLVWHPSL\DVD VLVWHPLGLU_{$GDP 6PLWK¶HJ|UH}

_{ /HVWHU&7+852:.DSLWDOL]PLQ*HOHFH÷L%DVNÕdHYLUHQOHU6HUSLO'HPLUWDúYH1HELO} øOVHYHQøVWDQEXOdD÷GDú%DNÕúODU'L]LVL6DEDK<D\ÕQODUÕ(\OOVV _{ 1XU6(57(5'LQGH6L\DVDOøVODP7HNHOLøVWDQEXO6DUPDO<D\ÕQHYL+D]LUDQV} _{ $\GÕQ<$/d,1øNWLVDGL'RNWULQOHUYH6LVWHPOHU7DULKL$QNDUD$\GR÷GX2IVHW} VV _{ <,/',5,0'80$1V}



NDSLWDOL]PGHELUH\OHULQNDUúÕOÕNOÕUÕ]DVÕWHPHOLQGHPDOYHKL]PHWPEDGHOHVL \DSÕOPDNWDGÕU 0úWHULQLQ VHUEHVWoH NDUDU YHUPHVL YH VHoLP \DSPDVÕ PEDGHOH HGLOHQ LúLQ GH÷HULQL EHOLUOH\HQ WHN NULWHUGLU 6HUEHVW SD]DU VLVWHPLQGH]RUODPDYHKLOH\DVDNODQPÕúWÕU%XVLVWHPGHLQVDQODUÕQWRSOXPGD \NVHOPH YH GúPH ND]DQPD YH ND\EHWPH GHUHFHVL NHQGL DNÕOODUÕQÕ NXOODQPDGHUHFHVL\OHEHOLUOHQLU%XQHGHQOH NDSLWDOL]PKHPDKODNLKHPGH DGLO ELU VLVWHPGLU $\UÕFD 7KRPSVRQ¶D J|UH NDSLWDOL]PGH ND]DQDQODU YH ND\EHGHQOHU YDUGÕU .D]DQDQODU GUVW oDOÕúNDQ GúQFHOL WXWXPOX VRUXPOX GLVLSOLQOL DNÕOOÕ YH HWNLOL RODQODUGÕU .D\EHGHQOHU LVH PLVNLQ WHPEHODNÕOOÕROPD\DQ WXWXPVX] LKPDONkU X\JXQVX] YHHWNLVL] RODQODUGÕU .DSLWDOL]P HUGHPL |GOOHQGLUHQ YH NXVXUODUÕ YH N|W DOÕúNDQOÕNODUÕ FH]DODQGÕUDQELUVRV\DOVLVWHPGLU_

$GDP6PLWK¶HJ|UHNDSLWDOL]PGHWHúYLNKHUELUUHWLFLUHWWL÷LQLQ WRSODP GH÷HUOHULQL DODFD÷Õ LoLQ VÕNÕ oDOÕúPDNWÕU <DQL |GOOHU SD\ODúÕOPDPÕúWÕU .DSLWDOL]P VÕNÕ oDOÕúPD\Õ |GOOHQGLULS WHPEHOOL÷L FH]DODQGÕUÕU .DSLWDOL]PH J|UH UHIDK VÕQÕUOÕ JHOLúPH SRWDQVL\HOLQH VDKLSWLU 6RV\DOL]PLQDNVLQHNDSLWDOL]PGHELUNLúLQLQND]DQFÕKHUNHVLQND]DQFÕGÕU_

.DSLWDOL]P EDWÕ WRSOXP WDULKLQLQ NOWU YH LQDQo VLVWHPOHULQLQ \R÷XUGX÷XELUHNRQRPLNVLVWHPGLU0D[:HEHUEXJHUoH÷LD\QHQú|\OHLIDGH HWPHNWHGLU ³.DSLWDOL]P GHPRNUDVL ELOLP YH KXNXN GQ\DQÕQ PDOÕ GH÷LO 3URWHVWDQ DKOkNÕQÕQ ELU UQGU´ 1LWHNLP RQXQ  \ÕOÕQGD \D\ÕQODQDQ QO HVHULQLQ DGÕ GD ³3URWHVWDQ $KOkNÕ YH .DSLWDOL]PLQ 5XKX´GXU <DQL .DSLWDOL]PLQ PDQHYL \DSÕVÕQÕQ 3URWHVWDQ DKOkNÕQD GD\DQGÕ÷ÕQÕ EHOLUWL\RUGX dQNLONNDSLWDOLVWJHOLúPHYHVDQD\LOHúPHKDUHNHWOHULøQJLOWHUH¶GHGR÷PXú VRQUD RQX $OPDQ\D +ROODQGD GDKD VRQUDGD .DWROLN ONHOHU L]OHPLúWLU_

:HEHU%DWÕ$YUXSD¶GDNDSLWDOL]PLRUWD\DoÕNDUDQHQ|QHPOLQHGHQOHUGHQELUL RODUDN 3URWHVWDQ LQDQFÕQÕQ ]HQJLQOL÷L oDOÕúPD\Õ WDVDUUXIX WHúYLN HGHQ GH÷HUOHULQL J|UPHNWHGLU_{ .DSLWDOL]PGH DKOkNL RODUDN JHUoHNWHQ LWLUD]}

HGLOHFHN úH\ PONL\HWLQ VD÷ODGÕ÷Õ UDKDWOÕN ]HQJLQOL÷LQ WHPEHOOL÷H YH EHGHQVHO]HYNOHUH\RODoPDVÕKHSVLQGHQ|QHPOLVL³NXWVDO´\DúDPÕHOGHHWPH X÷UDúÕVÕQGDQ D\UÕOPDVÕGÕU_{ %XJQ %DWÕ WRSOXPX $GDP 6PLWK}

YH 0D[ :HEHU¶GHQ oRN X]DNODUGDGÕU +Õ]OÕ WHNQRORMLN LOHUOHPH NDSLWDOLVW VLVWHPLQ DOW \DSÕVÕQÕ R\PXú PDQHYL GH÷HU ELoLPOHULQGH E\N |OoGH WDKULEDW \DSPÕúWÕU 3DUD LoLQ SDUD ND]DQPD EHQFLOOLN KÕUVÕ ]HQJLQ ROPD WXWNXVX VRV\DO GD\DQÕúPD \DSÕVÕQÕ RUWDGDQ NDOGÕUPÕúWÕU %X GD EHUDEHULQGH ³DKOkNL o|NQW´\ JHWLUPLúWLU %X GXUXP %DWÕ WRSOXPX LoLQ GUDPDWLNVRQXoODUD\RODoPÕúWÕU_{.DSLWDOL]PGHKHPVHUPD\HLOHHPHNKHP}

_{ &%UDGOH\7+203621³6RFLDOLVPYV&DSLWDOLVP:KLFKLVWKH0RUDO6\VWHP"´-RKQ0}

$VKEURRN &HQWHU IRU 3XEOLF $IIDLUV $VKODQG 8QLYHUVLW\ 2Q 3ULQFLSOH 9ROXPH  1XPEHU$XWXPQV

_{ %N]&%7+203621VV}

_{ %U\DQ 6 7851(5 2U\DQWDOL]P .DSLWDOL]P YH øVODP dHYLUHQ $KPHW 'HPLUKDQ}

øVWDQEXOøQVDQ<D\ÕQODUÕVV

_{ <,/',5,0'80$1V}

_{ 0D[ :(%(5 3URWHVWDQ $KOkNÕ YH .DSLWDOL]PLQ 5XKX dHYLUHQ =H\QHS *UDWD}

$QNDUD$\UDo<D\ÕQHYLVV



GH E\N HPSHU\DOLVW JoOHU DUDVÕQGD E\N oHOLúNLOHU V|] NRQXVXGXU_

$\UÕFD .DSLWDOL]PLQ VHUEHVW UHNDEHW G]HQL oR÷X ]DPDQ V|PU\OH VRQXoODQPÕúWÕU.DSLWDOL]PLoLQ|QHPOLRODQKHUúH\GHQ|QFHHQKÕ]OÕELoLPGH VHUPD\HVLQL DUWWÕUPDNWÕU %X GDEHUDEHULQGH WHNHOOHúPH\L JHWLUPLúWLU 6|]Q NÕVDVÕNDSLWDOL]P\]\ÕOGD VHUPD\H ELULNLPL X÷UXQDEHúHUL\ÕNÕPODUD \RO DoPÕúWÕU %DúND ELU LIDGH\OH ³.DSLWDOL]P 3URWHVWDQ DKOkNÕQÕQ G]HQOH\LFL NLPOL÷LQGHQX]DNODúWÕNoDPDWHU\DOLVWELUGQ\DJ|UúQHG|QúPúWU7P PDQHYLGH÷HUOHUYH\NVHNDKOkNLGX\JXODUDGHWDER÷XOPXúWXU.DSLWDOL]PLQ E\N |OoGH NLúLVHO oÕNDUD GD\DQÕU J|UQPHVL PEkGHOH VLVWHPLQLQ o|NPHVLQH \RO DoDQ ELUH\VHO JGOHU UHWPHVL YH HúLWVL]OLNOHU \DUDWPD\D H÷LOLPOL ROPDVÕQÕQ ³VRV\DO VHUPD\H´QLQ o|NPHVLQH \RO DoDFD÷Õ LOHUL VUOPHNWHGLU´_{ 'DKD GD |QHPOLVL .DSLWDOL]P QLKDL GH÷HUOHULQ}

EHOLUOHQPHVLQL ELOLQoOL RODUDN ELUH\OHUH EÕUDNÕU %X GXUXP NODVLN VRV\DO DoPD]ODUD\RODoDU_

.DSLWDOL]PoHúLWOLVRV\DOQRUPODUYHDKOkNDQOD\ÕúODUÕ\ODED÷GDúDELOLU QLWHOLNWHGLU %X DQOD\ÕúWD GHYOHW EWQ GH÷HU VLVWHPOHUL NDUúÕVÕQGD WDUDIVÕ] NDOPDOÕGÕU dQN GHYOHWLQ WDUWÕúPDOÕ DKOkNL VRUXQODUD NDUÕúPDVÕ EDVNÕFÕOÕ÷Õ EHUDEHULQGH JHWLUHFHNWLU_{ $YUXSD¶GD EHOOL úDUWODU DOWÕQGD EDúDUÕOÕ VRQXoODU}

YHUHQ .DSLWDOL]P $YUXSD GÕúÕQGD GQ\DQÕQ oHúLWOL ONHOHULQGH GH X\JXODQPD\D oDOÕúÕOPÕúWÕU 3DVLILN .XúD÷Õ GHQLOHQ ONHOHU7D\YDQ +RQJ .RQJ 6LQJDSXU *QH\ .RUH YH -DSRQ\D X\JXODGÕNODUÕ OLEHUDO PRGHOOH ELUOLNWH %XGL]P YH .RQIo\V LQDQo YH GH÷HUOHU G]HQLQL ELUOLNWH J|WUPúOHUGLU <DQL ELU -DSRQ OLEHUDO NDSLWDOLVW HNRQRPL oL]JLVLQGH LOHUOHUNHQ X\JXODGÕ÷Õ EX PRGHOLQ PDQHYL \DSÕVÕQÕ GD NHQGL QRUP YH GH÷HUOHUL\OH ROXúWXUPXú EXOXQPDNWDGÕU +DWWD -RKQ 1DLVELWW ³0HJDWUHQGV´ DGOÕ HVHULQGH 3DVLILN .XúD÷Õ ONHOHULQLQ NDONÕQPD VWUDWHMLOHULQGH %XGL]P YH .RQIo\V JLEL LQDQo VLVWHPOHULQLQ PRWRU Jo ROGX÷XQXLOHULVUPHNWHGLU_{1HYDUNLVDQÕOGÕ÷ÕQÕQDNVLQHEXJQKHP-DSRQ}

KHP GH 'L÷HU 8]DN 'R÷X ONHOHULQLQ HNRQRPLOHUL VWQ ELU ³GHRQWRORMLN´ DKOkNNLúLOHUH VRQXoODUÕQGDQ ED÷ÕPVÕ] RODUDN NDWÕ |GHY NXUDOODUÕ \NOH\HQ DKOkN WU J|VWHUHPHPLúWLU 1LWHNLP RUDGD :DOO 6WUHHW YH &LW\ RI /RQGRQ¶GDNLOHUL oRN DúDQ VNDQGDOODU \DúDQPÕúWÕU YH EXJQ ELOH \DúDQPDNWDGÕU_

6RQXo RODUDN .DSLWDOL]PLQ NHQGLVLQGHQ EHNOHQHQ ID\GDODUÕ VD÷OD\DELOPHVL ELU DKODNL GHYULPL YDUOÕ÷Õ\OD PPNQ RODELOLU 6|PU\H _{ < =8%,76., ' 075232/6., 9 .(529 YG .DSLWDOLVW 7RSOXP 6HNL]LQFL %DVNÕ}

dHYLUHQ6HYLP%HOOL$QNDUD6RO<D\ÕQODUÕV

_{ 1RUPDQ%$55<³3L\DVD$KOkN'LQYH'HYOHW´/LEHUDO'úQFH'HUJLVL6D\Õ*]}

VV

_{ 1RUPDQ %$55< .RPQL]P 6RQUDVÕ '|QHPGH .ODVLN /LEHUDOL]P dHY 0XVWDID}

(UGR÷DQ%DVNÕ$QNDUD/7'<D\ÕQODUÕ(NLPVV

_{ 0XVWDID (5'2ö$1 ³øVODP YH /LEHUDOL]P´ /LEHUDO 'úQFH 'HUJLVL 6D\Õ }

VV

_{ &HP .2=/8 7UNL\H 0XFL]HVL øoLQ 9L]\RQ $UD\ÕúODUÕ YH $V\D 0RGHOOHUL %DVNÕ}

$QNDUD7UNL\Høú%DQNDVÕ.OWU<D\ÕQÕ1RVV



JLGHQ\ROXWÕNDPDNLoLQHUGHPOLELUQHVLO\HWLúWLUPHNJHUHNOLGLU%XGDVRV\DO DGDOHWLPPNQNÕODFDNWÕU

$KOkNYH6RV\DOLVW(NRQRPLN6LVWHP 6RV\DOLVW(NRQRPLN6LVWHPLQøúOH\LúL

6RV\DOL]PLQ NODVLN PRGHOL VDI ELU HNRQRPLN VLVWHP GH÷LOGLU %LU HNRQRPLN VLVWHP RODUDN VRV\DOL]PL ELU SROLWLN VLVWHP RODUDN VRV\DOL]PGHQ D\ÕUPDN JoWU .DSLWDOLVW GúQFHGH ROGX÷X JLEL 6RV\DOL]P¶LQ GH NHQGLQH |]J WHPHO LQDQoODUÕ YDUGÕU %XQODU NHQGL NHQGLQH KDNLP ROPD LVWH÷L WRSOXPFX GúQFH YH KL]PHWUHIDK LVWH÷L ROPDNWDGÕU_{ 6RV\DOL]P}

HQGVWUL\HO |OoHNWH UHWLP UHWLP DUDoODUÕQÕQ VRV\DO PONL\HWL YH PHUNH]L SODQODPDROPDN]HUHo|÷H\OHNDUDNWHUL]HHGLOHELOLU_{%X|÷HOHUDúD÷ÕGDNL}

JLELDoÕNODQDELOLU

 (QGVWUL\HO gOoHNWH hUHWLP (Q |QHPOL UHWLP úHNOL HQGVWULGLU(QGVWUL\HO|OoHNWHUHWLP\DSDQE\NLúOHWPHOHUVÕNÕNXUDOODUOD PHUNH]LKNPHWWDUDIÕQGDQ\|QHWLOPHNWHGLU

hUHWLP$UDoODUÕQÕQ 6RV\DO0ONL\HWL.DSLWDOLVWG]HQLQ WHPHO GLUHNOHULQGHQ ELULQL WHúNLO HGHQ |]HO PONL\HW YH PLUDV KDNNÕ E\N DGDOHWVL]OLNOHUH V|PU\H \RO DoWÕ÷Õ VDYÕ\OD VRV\DOL]P WDUDIÕQGDQ UHGGHGLOPHNWH YH RQXQ \HULQH ³UHWLP DUDoODUÕQGD NDPX PONL\HWL´ LONHVL EHQLPVHQPHNWHGLU<DQLELUVRV\DOPONL\HWELoLPLV|]NRQXVXGXU

0HUNH]L3ODQODPD'HYOHWRWRULWHVLQLQVRV\DOLVWG]HQGHNL \HUL oRN |QHPOLGLU dQN NDSLWDOLVW G]HQGHNL VHUEHVW SL\DVD PHNDQL]PDVÕQÕQ \HULQL VRV\DOL]PGH PHUNH]L NDUDU RUJDQÕ DOPDNWDGÕU ³.DSLWDOL]PGH ELUH\OHULQ NHQGL NkUODUÕQÕ PDNVLPL]H HWPHN LoLQ DODFDNODUÕ oHúLWOL NDUDUODUÕQ UHWLP YH WNHWLP IDDOL\HWOHULQH \DQVÕPDVÕQÕ VD÷OD\DQ IL\DWODU VLVWHPL V|] NRQXVX LNHQ 6RV\DOL]PGH EX WDPDPHQ YH\D E\N |OoGH NDOGÕUÕOPDNWD YH \HULQH GHYOHW RWRULWHVLQH GD\DQDUDN NDUDU DODQ ³PHUNH]L SODQODPD´ PHNDQL]PDODUÕ NRQPDNWDGÕU <DQL SD]DUÕQ UHNDEHWoL \DQODUÕQD L]LQ YHULOPHPHNWHGLU øú VLVWHPOHULQGHQ GROD\Õ PHUNH]L SODQODPD oRNE\NPLNWDUGDELOJL\HJHUHNVLQLPGX\DU%XELOJL\LND\QDNODUÕQWDKVLV HGLOPHVL YH UHWLOHFHN YH GD÷ÕWÕODFDN PDOODUD LOLúNLQ NDUDU YHUPHGH NXOODQÕU´_{ %DúND ELU GH\LúOH VRV\DOLVWSODQOÕ HNRQRPL PHUNH]L\HWoL}

NROOHNWLYLVWVLVWHPGHKNPHWYH\DNDPXVHNW|UQH\LNLPLQLoLQYHKDQJL IL\DWODUHWHFH÷LNRQXVXQGDNDUDUYHULU3ODQODPDJ|UHYOLOHULNÕWND\QDNODUÕQ GD÷ÕOÕPÕQÕ \DSDUODU 'HYOHW PONL\HWL KNPHW WDUDIÕQGDQ NRQWURO

_{ %HVLPh67h1(/(NRQRPLQLQ7HPHOOHUL$OWÕQFÕ%DVÕ$QNDUD2IVHW<D\ÕQFÕOÕNV} _{ 5LFKDUG7'H*(25*(%XVLQHVV(WKLFV}WK_{(GLWLRQ1HZ<RUN0DFPLOODQ3XEOLVKLQJ&R}

V



HGLOPHNWHGLU_{ )DNDW VRV\DOL]P VDGHFH ³UHWLP DUDoODUÕQGD NROOHNWLI}

PONL\HW´G]HQLQLJHWLUPHDPDFÕQD\|QHOPLúELUGúQFHVLVWHPLGH÷LOGLU 6RV\DOLVW(NRQRPLN6LVWHPLQ$YDQWDMYH'H]DYDQWDMODUÕ D 6RV\DOLVW HNRQRPLN VLVWHPLQ DYDQWDMODUÕ DúD÷ÕGDNL JLEL LIDGH HGLOHELOLU_

 øQVDQ .D\QDNODUÕQÕQ .XOODQÕPÕ 0HUNH]L SODQODPD \NVHN LVWLKGDPYHLúJYHQOL÷LVD÷ODU

 %\N dDSWD hUHWLP gOoHN HNRQRPLOHUL VD\HVLQGH E\N oDSWD UHWLPJHUoHNOHúLU

 .DPX KL]PHWOHULHQHUML YH WHPHO KL]PHWOHUVD÷OÕN HWNLQ ELU úHNLOGHVD÷ODQÕU

 E 6RV\DOLVW HNRQRPLN VLVWHPLQ GH]DYDQWDMODUÕ DúD÷ÕGDNL JLEL LIDGH HGLOHELOLU_

 *L]OLLúVL]OLN\NVHNLúVL]OLNoR÷XQOXNODID]ODLúJFLVWLKGDPÕQD QHGHQ ROXU $\UÕFD SODQOÕ HNRQRPLOHUGHNL HPHN \R÷XQ VDQD\LOHU WHNQRORMLN LOHUOHPH\LHQJHOOHPHH÷LOLPLQGHGLU

 6HoLPúDQVÕQÕQEXOXQPDPDVÕ  7HúYLNOHULQ\HWHUVL]OL÷L

 9HULPVL]ELUEURNUDVL\HQHGHQRODQPHUNH]LOHúPLúNRQWURO 6RV\DOL]P DUWDQ HúLWVL]OLNOHU \NVHOHQ LúVL]OLN E\\HQ NXOODQÕOPD\DQ LúJF JLEL VRUXQODUD oDUH RODUDN RUWD\D oÕNPÕúWÕU 6RV\DOLVWOHULQLQDQFÕQDJ|UHEXVRUXQODUÕJLGHUPHNLoLQVRV\DOL]P\HQLELU LQVDQWLSL\DUDWDELOHFHNWLUHWLPYH]HQJLQOL÷LQWHPHOWDúÕRODFDNELU³VRV\DO ELUH\´6RV\DOL]PEDúDUÕVÕ]ROGXoQNX\JXODPDGDNLPVHR\HQLLQVDQWLSLQL \DUDWPD\ÕEDúDUDPDGÕøQVDQODUÕQE\NE|OPQWRSOXPVDOLGHDOOHUX÷UXQD oRNX]XQVUHOHUER\XQFDoDOÕúPD\DPRWLYHHWPHQLQRODQDNVÕ]ROGX÷XRUWD\D oÕNWÕ ³6RV\DOL]P HNRQRPL\L N|W LúOHWPLúWLU dQN \DQOÕú \HUOHUGH \DQOÕú úH\OHU ±LQVDQODUÕQ LVWHPHGL÷L VWHOLN NDSLWDOLVW WRSOXPGD ]DUDUÕQD PDOL\HWOHUGH VXQXOPDVÕQD NDUúÕQ LVWHPHGL÷L úH\OHU \DSDQ ELUoRN SURMH\H \DWÕUÕPGD EXOXQGX %X SURMHOHULQ ELUoR÷X úLPGL NRUNXQo PLNWDUGD SDUD ND\EHWPHNWHYHDQFDNGHYOHW\DWÕUÕPODUÕ\ODD\DNWDNDOPDNWDGÕU´_

 6RV\DOLVW (NRQRPLN 6LVWHPH $KOkNL $oÕGDQ <|QHOWLOHQ

 (OHúWLULOHU

6RV\DOL]PGHHNRQRPLNDODQGDVDILQVDQYLFGDQÕQ|]OHGL÷LELUGQ\D G]HQLQL JHUoHNOHúWLUHPHPLúWLU ³$UWÕ GH÷HU´ VRUXQXQX o|]PHN YH E|\OHFH _{ %N]0F+8*+V}

_{ %N]0F+8*+VV} _{ %N]0F+8*+V} _{ %N]7+852:VV}



NDSLWDOL]PLQHQE\NKDNVÕ]OÕ÷ÕQÕRUWDGDQNDOGÕUPDNGúQFHVLQLHVDVDODQ VRV\DOL]PKLoELU]DPDQDUWÕGH÷HULHPHNoLOHUH\DQVÕWPÕúGH÷LOGLU6RV\DOL]P ³NkU´ G]HQLQH NDUúÕ oÕNPDVÕQD UD÷PHQ \LQH GH NDSLWDOL]PGH VHUPD\H VDKLELQLQFHELQHJLUHQNkUVRV\DOL]PGH|QHPOL|OoGHVL\DVLYHLGDUL\DSÕGD L\LFH NHPLNOHúHQ YH DGHWD \HQL ELU VÕQÕI KDOLQL DODQ EURNUDWLN VW NDGHPH DUDVÕQGD SD\ODúÕOPÕúWÕU´_{ $UWÕ GH÷HULQ |QHPOL ELU NÕVPÕ LVH VLODKODQPD}

\DUÕúÕQGD YH GÕúD \|QHOLN UHMLP SURSDJDQGDVÕQGD NXOODQÕOPÕúWÕU $\UÕFD PONL\HWKDNNÕQÕQRUWDGDQNDOGÕUÕOPDVÕLOH]DWHQ|]HONDELOL\HWOHULQWHúHEEV YH UHWPH úHYNL NÕUÕOPÕú ROGX÷X LoLQ WRSLN VORJDQODUD GD\DOÕ H÷LWLP IDDOL\HWOHULQH YH VÕNÕ SROLVL\H WHGELUOHUH UD÷PHQ HNRQRPLQLQ NHQGL \DSÕVÕ JHUH÷L UHWLP GúNO÷ |QOHQHPHPLú YH VRQXoWD EX GXUXP VRV\DOL]PLQ o|NúQGHHWNLOLUROR\QDPÕúWÕU

6RV\DOLVW VLVWHPGH HQWHOOHNWHOOHU EURNUDWODU YH VRV\DO SODQODPDFÕODUGDQ ROXúDQ ELU \|QHWLFL VÕQÕIÕ LQVDQODUÕQ QH LVWHGL÷LQH YH\D WRSOXPXQ LoLQ QH\LQ L\L ROGX÷XQD NDUDU YHUPHNWHGLU 'HYOHW G]HQOHPH YHUJLOHQGLUPH YH oDOÕúDQODUÕQ \DúDPODUÕQÕ VUGUHELOPHOHUL LoLQ UHIDKÕQ \HQLGHQ GD÷ÕWÕPÕ HVQDVÕQGD ]RUOD\ÕFÕ Jo NXOODQPDNWDGÕU 6RV\DOL]P IHGDNDUOÕNYHJÕSWDHWPH\LNXUXPVDOODúWÕUDQELUVRV\DOVLVWHPGLU6RV\DOL]P UHWLFL VÕQÕIÕQGDQ UHIDKÕ DOÕS SDUD]LW VÕQÕIÕQD \HQLGHQ GD÷ÕWPDN LoLQ UHIDKÕ NDPXODúWÕUPDGDFHELU YHRUJDQL]H úLGGHWL NXOODQDQELU VRV\DO VLVWHPGLU%X VLVWHP NXYYHW YH úLGGHWH GD\DOÕ DKOkN DQOD\ÕúÕQÕ EHQLPVHPLúWLU <LQH 6RV\DOL]P VRUXPOXOXNWDQ NDoPD\D \|QHOLN WHúYLNOHU ]HULQH NXUXOXGXU gGOOHUSD\ODúÕOPÕú ROGX÷XQGDQGROD\Õ ELUH\OHULQ ELUEDúNDVÕQGDQGDKDVÕNÕ oDOÕúPDVÕLoLQKLoELUQHGHQ\RNWXU*HUoHNWHWHúYLNHGLOHQúH\RUWD\DoÕNDQ ND\ÕSODUÕQ SD\ODúÕOPDVÕ QHGHQL\OH GL÷HUOHULQGHQ GDKD D] oDOÕúPDNWÕU <DQL VRV\DOL]P WHPEHOOL÷L |GOOHQGLULS VÕNÕ oDOÕúPD\Õ FH]DODQGÕUÕU 6RV\DOLVW GRNWLQHJ|UHEWQYDWDQGDúODUDUDVÕQGDHúLWRODUDNGD÷ÕWÕOPDVÕ]RUXQOXRODQ GQ\DGDNL UHIDK VÕQÕUOÕ PLNWDUGDGÕU %X VLVWHPGH ELU NLúLQLQ ND]DQFÕ ELU EDúNDVÕQÕQND\EÕGÕU_

6RV\DOL]PLQJoO\DQODUÕRODELOLU$QFDNELUWDNÕPDKOkNLVRUXQODUD N|U VD÷ÕU YH VXVNXQ NDOPÕúWÕU6RV\DOL]PL DQODWDQoDUSÕFÕ ELU|]HOOLNEDUL] RODUDN DKOkNL HOHúWLUL YH QDVLKDWODUÕQ KHP UHGGHGLOPHVLQH KHP GH EHQLPVHQPHVLQHED÷OÕNDOPDVÕGÕU$KOkNGH÷LúHQPDGGLNRúXOODUDED÷ÕPOÕYH RQXQOD \DNÕQGDQ LOLQWLOL ROPDNOD NDOPD] D\QÕ ]DPDQGD DUNDVÕQGD VÕQÕI oÕNDUODUÕQÕQ³SXVXGDEHNOHGL÷L´ELU|Q\DUJÕODUVLOVLOHVLYHPDVNHVLLQGLULOPHVL JHUHNHQ ELU \DQÕOVDPDGÕU $KOkN \D \|QHWLFL VÕQÕIÕQ WDKDNNPQ YH oÕNDUODUÕQÕ PHúUXODúWÕUPÕú \D GD H]LOHQ VÕQÕIÕQ EHOOL ELU JFH XODúPDVÕQGDQ LWLEDUHQ RQXQ \|QHWLFL VÕQÕIÕQ WDKDNNPQH NDUúÕ |INHVLQL YH H]LOHQOHULQ JHOHFHNWHNL oÕNDUODUÕQÕ WHPVLO HWPLúWLU_{ 'DKD GD |QHPOLVL 6RV\DOL]P}

JHOHQHNVHO RODUDN DKOkNÕ VÕQÕI oÕNDUODUÕQÕ \DQVÕWDQ ELU WU LGHRORML RODUDN J|UPúWU 6RV\DOL]P¶H J|UH DKOkNL SUHQVLSOHU HYUHQVHO GH÷LOGLU 7DULKL _{ 0XVWDID d$ö5,&, øVODP $KOkNÕ %DVNÕ øVWDQEXO 7HPHO .OWU 'L]LVL 1R (QVDU}

1HúUL\DWVV

_{ %N]&%7+203621VV}

_{ 6WHYHQ /8.(60DUNVL]P YH$KOkNdHYLUHQ2VPDQ$NLQKD\%LULQFL%DVNÕøVWDQEXO}



PDWHU\DOL]PH X\JXQ RODUDN DKOkNÕ PDGGL LNWLVDGL WHPHOOHUH GD\DQGÕUPDNWDGÕU $QFDN 0DUNV YH WDNLSoLOHULQLQ NDSLWDOL]PH \|QHOWWLNOHUL HOHúWLULOHUGH \DEDQFÕODúPD YH V|PU JLEL DKOkNL NDYUDPODU |QHPOL \HU WXWPXúWXU_

6RV\DOL]PNHQGLVLQLDKOkNWDQQHWDULKVHOQHPDQWÕNVDOQHWHRULNQH GHROJXVDORODUDNX]DNWXWDELOLU/HQLQ.RPVRPRO.RQJUHVL¶QGHúXQODUÕ LIDGH HGL\RU_{ ³%L] NHQGL DKOkNÕPÕ]ÕQ EWQ\OH SUROHWDU\DQÕQ VÕQÕI}

PFDGHOHVLQLQoÕNDUODUÕQDWDELROGX÷XQXV|\O\RUX]«$KOkNHVNLV|PUF WRSOXPX \RN HWPH\H YH EWQ oDOÕúDQODUÕ \HQL ELU WRSOXPX NRPQLVW ELU WRSOXPX LQúDD HWPHNWH RODQ SUROHWDU\DQÕQ HWUDIÕQGD ELUOHúWLUPH\H KL]PHW HGHQ úH\GLU« %LU NRPQLVWLQ J|]QGH KHU WUO DKOkNÕQ N|NHQL V|PUFOHUH NDUúÕ \UWOHQ ELOLQoOL NLWOHVHO PFDGHOH LOH EX ELUOHúLN GLVLSOLQGLU%L]H]HOLYHHEHGLELUDKOkNDLQDQPÕ\RUYHDKOkNLOHLOJLOLEWQ PDVDOODUÕQVDKWHROGX÷XQXJ|]OHU|QQHVHUL\RUX]´

7URoNLLVH³DKOkNÕQVÕQÕIPFDGHOHVLQLQELUIRQNVL\RQXROGX÷XQXYH D\QÕ úHNLOGH DKOkNÕQ WRSOXPVDO JHOLúPHQLQ ELU UQ ROGX÷XQX EXQXQ KHUKDQJL ELU úHNLOGH GH÷LúPH\HFH÷LQL DKOkNÕQ WRSOXPVDO oÕNDUODUD KL]PHW HWWL÷LQL V|] NRQXVX WRSOXPVDO oÕNDUODUÕQ ELUELUOHUL\OH oHOLúWL÷LQL DKOkNÕQ GD LGHRORMLQLQGL÷HUELoLPOHULQGHQGDKDID]ODVÕQÕIVDOELUNDUDNWHUWDúÕGÕ÷ÕQÕ´LOHUL VUPúWU_{$\UÕFD6RV\DOL]PNHQGL|]JQO÷YHWXKDIOÕ÷ÕLoLQGHKHPDQWL}

DKOkNoÕKHPGHDKOkNoÕNDOPÕúWÕUg]HOOLNOH0DU[YH(QJHOVGDKDoRNDKOkN WHRULOHULQH LOLúNLQ JHOHQHNVHO VRUXQODUÕ HOH DOPÕúODU DQFDN oR÷X NH] ELUoRN DKOkNL VRUXQXQ VRQUDGDQ IDUNÕQD YDUPÕúODUGÕU =RUDNL X\JXODPDODUÕQ DKOkND X\JXQGDYUDQÕúÕGHVWHNOH\HFH÷LEXQXQGDNDQXQODUÕQ\DOQÕ]FDVÕNÕELUúHNLOGH X\JXODQPDVÕ\OD PPNQ RODFD÷ÕQÕ LOHUL VUPúOHUGLU $QFDN ³GÕúVDO JHUoHNOHU HúLWOLN V|] |]JUO÷ YH JHUHNVLQLPOHULQ ELUELUOHUL\OH LOLúNLOHULQL GLNNDWH DODUDN DKOkN_{LOH NDQXQODU DUDVÕQGDNL GHQJH\L NXUDPDGÕNODUÕ LoLQ}

DPDoODUÕQDXODúDPDPÕúODUGÕU´_

6RV\DOL]P HQ EDúÕQGDQ EHUL DKOkNL VRUXQODUD NDUúÕ NHQGL DGÕQD DOÕQDQ|QOHPOHUH DKOkNLELU GLUHQLú J|VWHUPHVLQLILLOHQRODQDNVÕ]ODúWÕUDQ ELU \DNODúÕP VHUJLOHPLúWLU g]HO RODUDN GD |]JUON NRQXVXQGDNL ]HQJLQ J|UúOHULQHYHLQVDQÕQNXUWXOXúXQDLOLúNLQ]RUOD\ÕFÕEDNÕúÕQDUD÷PHQDGDOHW KDNODU YH DPDoODUDUDoODU VRUXQXQD \HWHUOL ELU DoÕNODPD JHWLUHPHPLú GROD\ÕVÕ\ODLoLQGH\DúDPDPÕ]JHUHNHQGQ\DGDDGDOHWVL]OL÷H±KDNODUÕQLKOkO HGLOPHVLQHYHKRúJ|UOPH\HFHNDUDoODUDEDúYXUXOPDVÕQD\HWHUOLELUNDUúÕOÕN EXODPDPÕúWÕU6RV\DOL]PLQNLúLVHODKOkNYHNLúLOHUDUDVÕLOLúNLOHUDODQՁ]HULQH V|\OH\HFHN oRN D] úH\L YDUGÕU_{ =DWHQ 6RV\DOL]PLQ o|NPH VHEHEL LoVHO}

oHOLúNLOHULQLo|]HPHPHVL\GL6RV\DOL]PLQN|NOHúLWOLNLGHRORMLVLYHELUH\VHO _{ <,/',5,0'80$1V} _{ %N]/8.(6VV} _{ %N]/8.(6V} _{ $EUDKDP('(/(OL]DEHWK)/2:(5DQG)LQEDUU:2¶&211250RUDOLW\3KLORVRSK\} DQG3UDFWLFH+LVWRULFDODQG&RQWHPSRUDU\5HDGLQJVDQG6WXGLHV1HZ<RUN5DQGRP +RXVHVV _{ /8.(6VV}



|]HQGLULFLOHUH JHUHN ROPDGÕ÷Õ LQDQFÕ HQGVWUL oD÷ÕQGD PRGHUQ LQVDQODUÕQ UHWNHQ JHUoHNOHUL\OH X\XPVX] NDOPÕúWÕU_{ %DVNÕ YH JYHQVL]OLN WHPHOLQH}

GD\DOÕ 6RV\DOL]P LQVDQÕQ |]JUO÷Q YH WDELL KDNODUÕQÕ KLoH VD\PDN VXUHWL\OHLQVDQÕQNLúLVHOJHOLúLPLQLHQJHOOHPLúWLU'DKDGD|QHPOLVL6RV\DOLVW VLVWHPGH NLúLVHO J|UúH JYHQLOPHPLúWLU 'ROD\ÕVÕ\OD EX JYHQVL]OLN DVÕO IHOkNHWLQYHLOHULGHGX\XODFDNVDQFÕODUÕQND\QD÷ÕROPXúWXU³*LWJLGHPDQHYL GX\JXQXQ LOKDPODUÕQD NXODN YHULOGL÷L G|QHPOHULQ JHULGH NDOGÕ÷Õ DUWÕN GL÷HUOHULQHD\DNX\GXUPDNYHKHUNHVH\DEDQFÕDPDKHUNHVHNDEXOHWWLULOPLú GúQFHOHULSD\ODúPDNJHUHNWL÷LKD\DOLQHNDSÕOÕQPÕúWÕU%XVXUHWOHEXVLVWHP WRSOXPXQ PDQHYL \DSÕVÕQÕ LKPDO HWPHNWHGLU 1HWLFHGH VÕQÕIVÕ] ELU WRSOXP GúOH\HQ 0DUNV YH \DQGDúODUÕQÕQ EX LGHRORMLVL LKPDO HWWL÷L WRSOXPODUÕQ PDQHYL\DSÕVÕYHELUH\VHOED÷ÕPVÕ]OÕ÷ÕQJHOLúPHVL\OHNHQGLVRQXQXKD]ÕUODPÕú ROGX´_

6218d

 +HP NDSLWDOL]P KHP GH VRV\DOL]P HNRQRPLN VLVWHP RODUDN EHOLUOL GH÷HUOHUL WHUFLK HWPHNWH YH KHU LNL VLVWHPGH GH ELU WDNÕP DKOkNL VRUXQODUOD NDUúÕODúÕOPDNWDGÕU 1HWLFHGH HNRQRPLN VLVWHPOHU DKOkNL GH÷HUOHUL J|] DUGÕ HWPHPHOLGLU .DOGÕ NL ³HQ JoO RODQ \DúDVÕQ´ IHOVHIHVL JHoPLúWH WLFDUL LúOHWPHOHULQLúLQH\DUDPÕúRODELOLU$QFDNHNRQRPLNVLVWHPQHROXUVDROVXQ KLoELU NLPVH EDúNDODUÕQD ]DUDU YHUHFHN RQODUÕQ KDNODUÕQÕ HOLQGHQ DODFDN PDGGLYHPDQHYLUHIDKÕLVWHPHKDNNÕQDVDKLSGH÷LOGLU<LQHKLoELUúH\GL÷HU LQVDQODU VRQXoWD DFÕ oHNL\RUVD VDGHFH NHQGL PXWOXOX÷XQX KHVDS HGHUHN \DúDPD\Õ GúQHPH] %XQD ]DPDQ LoHULVLQGH EXOXQGX÷X WRSOXPGD UÕ]D J|VWHUPH\HFHNWLU .ÕVDFDVÕ DKOkN NLúLQLQ KX]XUOX \DúDPDVÕ DoÕVÕQGDQ QH GHUHFH |QHPOL LVH HNRQRPLN YH WRSOXPVDO LOLúNLOHUGHNL JYHQ YH VDGDNDW DoÕVÕQGDQ GD R GHUHFH |QHPOLGLU +HU úH\GHQ |QHPOLVL GHQJHOL VRV\DO YH HNRQRPLN JHOLúPHQLQ EDúDUÕ\D XODúÕOPDVÕ LVWHQL\RUVD NLúLVHO oÕNDUODUÕ SRPSDODPD\Õ DOÕúNDQOÕN KDOLQH JHWLUHQ ]LKQL\HWLQ DOW HGLOPHVL JHUHNLU ³+HUNHVLoLQUHIDK´IHOVHIHVLHNRQRPLNLOLúNLOHUGHWHPHOLONHROPDOÕGÕU 

.$<1$.d$

 %$55<1RUPDQ³3L\DVD $KOkN'LQYH'HYOHW´ /LEHUDO'úQFH 'HUJLVL 6D\Õ*]

 %$55<1RUPDQ.RPQL]P6RQUDVÕ'|QHPGH.ODVLN/LEHUDOL]P dHY0XVWDID(UGR÷DQ%DVNÕ$QNDUD/7'<D\ÕQODUÕ(NLP  %(1(721 3KLOLSSH 7RSOXPVDO 6ÕQÕIODU dHY +VQ 'LOOL

øVWDQEXOøOHWLúLP<D\ÕQODUÕ _{ %N]7+852:V}

_{ 3KLOLSSH %(1(721 7RSOXPVDO 6ÕQÕIODU dHY +VQ 'LOOL øVWDQEXO øOHWLúLP}



 &$9$1$*+ *HUDOG )$PHULFDQ %XVLQHVV 9DOXHV 7KLUG(GLWLRQ 1HZ-HUVH\3UHQWLFH+DOO,QF(QJOHZRRG&OLIIV

 &(</$1 &HQJL] ³øNWLVDGL /LEHUDOL]P¶GH $KOkN´ 6L\DVHWWH YH <|QHWLPGH (WLN 6HPSR]\XPX  $UDOÕN  6DNDU\D hQLYHUVLWHVLøNWLVDGLYHLGDUL%LOLPOHU)DNOWHVL$GDSD]DUÕ  d$ö5,&, 0XVWDID øVODP $KOkNÕ %DVNÕ øVWDQEXO 7HPHO .OWU

'L]LVL1R(QVDU1HúUL\DW

 '($13HWHU-³([DPLQLQJWKH3URIHVVLRQDQGWKH3UDFWLFHRI%XVLQHVV (WKLFV´-RXUQDORI%XVLQHVV(WKLFV

 'H*(25*( 5LFKDUG 7 %XVLQHVV (WKLFV WK_{ (GLWLRQ 1HZ <RUN}

0DFPLOODQ3XEOLVKLQJ&R

 ('(/ $EUDKDP (OL]DEHWK )/2:(5 DQG )LQEDUU : 2¶&21125 0RUDOLW\ 3KLORVRSK\ DQG 3UDFWLFH +LVWRULFDO DQG &RQWHPSRUDU\ 5HDGLQJVDQG6WXGLHV1HZ<RUN5DQGRP+RXVH

 (5'2ö$1 0XVWDID³øVODP YH /LEHUDOL]P´ /LEHUDO 'úQFH 'HUJLVL6D\Õ  +(//5,*(/'RQDQG-RKQ:6/2&80-U0DQDJHPHQW)RXUWK (GLWLRQ 5HDGLQJ 0DVVDFKXVHWWV $GGLVRQ:HVOH\ 3XEOLVKLQJ &RPSDQ\  +2))0$1 : 0LFKHDO DQG -HQQLIHU 0,//6 0225( %XVLQHVV (WKLFV5HDGLQJVDQG&DVHVLQ&RUSRUDWH0RUDOLW\6HFRQG(GLWLRQ 1HZ<RUN0F*UDZ+LOO3XEOLFDWLRQ&R

 .2=/8 &HP 7UNL\H 0XFL]HVL øoLQ 9L]\RQ $UD\ÕúODUÕ YH $V\D 0RGHOOHUL %DVNÕ $QNDUD 7UNL\H øú %DQNDVÕ .OWU <D\ÕQÕ 1R

 /8.(6 6WHYHQ 0DUNVL]P YH $KOkN dHYLUHQ 2VPDQ $NLQKD\ %LULQFL%DVNÕøVWDQEXO$\UÕQWÕ<D\ÕQODUÕ

 0F+8*+ )UDQFLV 3 øú $KOkNÕ dHYLUHQ 7h6ø$' øVWDQEXO 7h6ø$'<D\ÕQODUÕ<D\ÕQ1R7h6ø$'7'HWD\%DVÕP/WG 

 0F1$0$5$&DUWHU³&RPSOHWH*XLGHWR(WKLFV0DQDJHPHQW$Q (WKLFV7RRONLWRI0DQDJHUV´DWKWWSZZZPDSQSRUJOLEUDU\HWKLFV HWK[JGHKWP $SULO

  0,/72160,7+ -RKQ ³%XVLQHVV (WKLFV LQ $XVWUDOLD DQG 1HZ =HDODQG´-RXUQDORI%XVLQHVV(WKLFV   6(57(51XU'LQGH6L\DVDOøVODP7HNHOLøVWDQEXO6DUPDO<D\ÕQHYL +D]LUDQ  6785',9$17 )UHGHULFN ' DQG +HLGL 9(5121:257(/ %XVLQHVV 6RFLHW\$0DQDJHULDO$SSURDFK)RXUWK(GLWLRQ%RVWRQ 5LFKDUG',UZÕQ,QF+RPHZRRG  7$.$,ZDR³%XVLQHVV(WKLFVLQ-DSDQ´-RXUQDORI%XVLQHVV(WKLFV   7,(51(<(OL]DEHWK3øú$KODNÕ%DVÕPøVWDQEXO5RWD<D\ÕQODUÕ 7HPPX]  7+203621 $UWKXU $ :LOOLDP ( )8/0(5 DQG $ - 675,&./$1' 6WUDWHJLF 0DQDJHPHQW )RXUWK (GLWLRQ %RVWRQ ,UZLQ+RPHZRRG

 7+203621 & %UDGOH\ ³6RFLDOLVP YV &DSLWDOLVP :KLFK LV WKH 0RUDO 6\VWHP"´ -RKQ 0 $VKEURRN  &HQWHU IRU 3XEOLF $IIDLUV $VKODQG 8QLYHUVLW\ 2Q 3ULQFLSOH 9ROXPH  1XPEHU   $XWXPQ 

 7+852: /HVWHU & .DSLWDOL]PLQ *HOHFH÷L %DVNÕ dHYLUHQOHU 6HUSLO'HPLUWDúYH1HELOøOVHYHQøVWDQEXOdD÷GDú%DNÕúODU'L]LVL 6DEDK<D\ÕQODUÕ(\OO

 7851(5 %U\DQ 6 2U\DQWDOL]P .DSLWDOL]P YH øVODP dHYLUHQ $KPHW'HPLUKDQøVWDQEXOøQVDQ<D\ÕQODUÕ  80(=8 0LWVXKLUR³(WKLFV DQG 7KH -DSDQHVH 0LUDFOH &KDUDFWHULVWLFV DQG (WKLFV -DSDQHVH %XVLQHVV 3UDFWLFH´ ,QWHUQDWLRQDO 6RFLHW\ RI %XVLQHVV (FRQRPLFV DQG (WKLFV 7RN\R KWWSZZZQGHGXaÕVEHHSXPH]XKWP  h67h1(/%HVLP(NRQRPLQLQ7HPHOOHUL$OWÕQFÕ%DVÕ$QNDUD2IVHW <D\ÕQFÕOÕN

 :(%(5 0D[ 3URWHVWDQ $KOkNÕ YH .DSLWDOL]PLQ 5XKX dHYLUHQ =H\QHS*UDWD$QNDUD$\UDo<D\ÕQHYL

 :+,7(7KRPDV,%XVLQHVV(WKLFV1HZ<RUN0DFPLOODQ 3XEOLFDWLRQV0D[ZHOO0DFPLOO



 ;,$28(/X³2Q(FRQRPLFDQG(WKLFDO9DOXH´6KDQJKDL$FDGHP\ RI6RFLDO6FLHQFLHVKWWSZZZGHSDXOHGXHWKLFVHYDOXHKWPO  <$/d,1 $\GÕQ øNWLVDGL 'RNWULQOHU YH 6LVWHPOHU 7DULKL $QNDUD

$\GR÷GX2IVHW

 <,/',5,0 (QJLQ YH 0HKPHW '80$1 ³.DSLWDOL]P 3L\DVD YH $KOkN´ 6L\DVHWWH YH <|QHWLPGH (WLN 6HPSR]\XPX  $UDOÕN  6DNDU\DhQYøNWYHøGU%LO)DNOWHVL$GDSD]DUÕ  =8%,76., < ' 075232/6., 9 .(529 YG .DSLWDOLVW

7RSOXP 6HNL]LQFL %DVNÕ dHYLUHQ 6HYLP %HOOL $QNDUD 6RO <D\ÕQODUÕ