Issuu on Google+

 

$9583$(.2120ø.9(3$5$6$/%ø5/øöød(5d(9(6ø1'(

3$5$32/ø7ø.$/$5,1,1(7.ø1/øöø$d,6,1'$17h5.ø<(¶'(.ø 7$.$69(087$%$.$76ø67(0ø1ø1'(ö(5/(1'ø5ø/0(6ø      &DQDQ*|UNHP$56/$1     8]PDQOÕN<HWHUOLOLN7H]L    

7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕ 3L\DVDODU*HQHO0GUO÷ $QNDUD(\OO


               

          

       






  ødø1'(.ø/(5

ødø1'(.ø/(56$<)$6,L

7$%/2ù(.ø/9((./(5/ø67(6øLY

.,6$/70$/$5/ø67(6øY

g=(7YL

$%675$&7YLL %ø5ø1&ø%g/h0

*ø5øù ø.ø1&ø%g/h0

237ø0803$5$$/$1/$5,7(25ø6ø

*HOHQHNVHO<DNODúÕP  

















)L\DWYHhFUHW(VQHNOL÷L«

hUHWLP)DNW|UOHULQLQ0RELOLWHVL

)LQDQV3L\DVDODUÕQÕQ%WQOHúPHVL

(NRQRPLQLQ$oÕNOÕ÷Õ«

hUHWLPYH7NHWLPdHúLWOLOL÷L

(QIODV\RQ+Õ]ODUÕ$UDVÕQGD%HQ]HUOLN

0DOL%WQOHúPH«

6L\DVL%WQOHúPH

)D\GD0DOL\HW<DNODúÕPÕ  

<HQL7HRULOHU<DNODúÕPÕ  









3DUD3ROLWLNDVÕQÕQ8]XQ'|QHPGH(WNLQVL]OL÷L

.UHGLELOLWH2OJXVX

(VQHN.XU5HMLPLQLQ(WNLQOL÷L

7HN3DUDYHøúJF3L\DVDODUÕ

8\JXODPD\D<|QHOLNdDOÕúPDODU6DIKDVÕ VRQUDVÕ 

8]PDQODúPDYHøoVHOOLN3DUDGLJPDODUÕ 'LQDPLN(WNLOHU 

 



L


hdh1&h%g/h0

$9583$3$5$6รธ67(0รธ1รธ1*(/รธรนรธ0รธ

$YUXSD3DUDVDOรธรบELUOLรทL3ODQODUร•







6FKLOOHU3ODQร•  

%DUUH5DSRUODUร•  

:HUQHU5DSRUODUร• YH 



$YUXSD3DUD6LVWHPL



$YUXSD3DUD6LVWHPLQLQ.XUXOXรบX

$YUXSD3DUD6LVWHPL





$YUXSD3DUD6LVWHPLQLQ<DSร•Vร•

8\JXODPDGD$YUXSD3DUD6LVWHPLYH'|YL].XUX 0HNDQL]PDVร•

(NRQRPLNYH3DUDVDO%LUOLN





'HORUV5DSRUX

(NRQRPLNYH3DUDVDO%LUOLรทLQ0DDVWULFKW$QWODรบPDVร•ยถQGDNL <HUL

$YUXSD3DUD%LUOLรทLยถQLQ.XUXPODUร•







$YUXSD0HUNH]%DQNDODUร•6LVWHPL

$YUXSD3DUD(QVWLWยVย

$YUXSD0HUNH]%DQNDVร•

$YUXSD%LUOLรทLYH7ยUNL\HรธOLรบNLVL 'g5'h1&h%g/h0

g'(0(6รธ67(0/(5รธ9(7$.$69(087$%$.$7

gGHPH6LVWHPOHULQLQ7DQร•Pร•

gGHPH6LVWHPOHULYH0HUNH]%DQNDFร•Oร•รทร•

gGHPH6LVWHPOHULQGH7DNDVYH0XWDEDNDW 7DNDVYH0XWDEDNDWร•Q7DQร•Pร•

7DNDVYH0XWDEDNDW6ยUHFL

7DNDVYH0XWDEDNDW6ยUHFLQGH5LVNOHU

5LVNOHUH.DUรบร•*HWLULOHQgQOHPOHU

7DNDVYH0XWDEDNDW6LVWHPOHULQLQ3DUD3ROLWLNDVร•(WNLQOLรทLQGH5ROย

7DNDVYH0XWDEDNDW6LVWHPOHULQLQ(NRQRPLNYH3DUDVDO%LUOLN $oร•Vร•QGDQgQHPL

 



LL


*LRYDQQLQL5DSRUX

$YUXSD%LUOL÷LQGH7DNDVYH0XWDEDNDW%DúOÕNOÕ%LOGLULP %(ùø1&ø%g/h0

(.2120ø.9(3$5$6$/%ø5/ø.ø/(7h5.ø<(¶'(3$5$32/ø7ø.$/$5, 9(g'(0(/(56ø67(0ø8<*8/$0$/$5,

(NRQRPLNYH3DUDVDO%LUOLNøoHULVLQGH3DUD3ROLWLNDVÕ8\JXODPDODUÕ

(NRQRPLNYH3DUDVDO%LUOLNøoHULVLQGH7DNDVYH0XWDEDNDW6LVWHPL 8\JXODPDODUÕ 7UNL\H¶GH3DUD3ROLWLNDVÕ8\JXODPDVÕ

7UNL\H¶GHNL7DNDVYH0XWDEDNDW6LVWHPL

$YUXSD(NRQRPLNYH3DUDVDO%LUOL÷L.DUúÕVÕQGD7UNL\H¶QLQ3DUD 3ROLWLNDVÕLOH7DNDVYH0XWDEDNDW6LVWHPLQLQ'H÷HUOHQGLULOPHVL

$YUXSD%LUOL÷L¶QH7DPh\HOLN$oÕVÕQGDQ7UNL\H¶QLQ3DUD 3ROLWLNDVÕQÕQ'H÷HUOHQGLULOPHVL

(NRQRPLNYH3DUDVDO%LUOLN$oÕVÕQGDQ7UNL\H¶QLQ7DNDVYH 0XWDEDNDW6LVWHPLQLQ'H÷HUOHQGLULOPHVL $/7,1&,%g/h0

6218d

.$<1$.d$

           



LLL


7$%/2/ø67(6ø 7DEOR 7DEOR 7DEOR 7DEOR 7DEOR

6D\ID1R

(NRQRPLNYH3DUDVDO%LUOLNWH3DUD3ROLWLNDVÕ 2SHUDV\RQODUÕYHøúOH\Lú7UOHUL

(NRQRPLNYH3DUDVDO%LUOLNWH8\JXODQDQ3DUD 3ROLWLNDVÕ2SHUDV\RQODUÕQÕQ9DGH6ÕNOÕNYH <|QWHPLQHøOLúNLQ'HWD\ODU

7UNL\H¶GH3DUD3ROLWLNDVÕ2SHUDV\RQODUÕYHøúOH\Lú 7UOHUL

7UNL\H¶GH8\JXODQDQ3DUD3ROLWLNDVÕ2SHUDV\RQODUÕQÕQ 9DGH6ÕNOÕNYH<|QWHPLQHøOLúNLQ'HWD\ODU

gGHPH6LVWHPOHULQGH7HPHOg]HOOLNOHU

ù(.ø//(5/ø67(6ø ùHNLO

7$5*(76LVWHPLQLQ*HQHO<DSÕVÕ

ùHNLO

7UNL\H¶GHNL3267HUPLQDO6D\ÕODUÕ

ùHNLO

7UNL\H¶GH%DQNDODU$UDVÕgGHPHOHULQ 2UJDQL]DV\RQX

ùHNLO

ùHNLO ùHNLO

ùHNLO

ùHNLO

7UNL\H¶GHNL$706D\ÕODUÕ

7,&57*66LVWHPLQGHQ*HoHQ<ÕOOÕN0HVDM $GHGL

7,&(6766LVWHPLQLQøúOH\LúùHPDVÕ

'ø%6¶OHUOHøOJLOL6LVWHPOHUYH0XWDEDNDWODUÕ

7&0%¶QLQ8OXVODUDUDVÕ6LVWHPOHUOHøOLúNLVL

(./(5/ø67(6ø

(N $YUXSD%LUOL÷L$QWODúPDVÕQGD(NRQRPLNYH3DUDVDO%LUOL÷HøOLúNLQ .XUDOODU (N (NRQRPLNYH3DUDVDO%LUOLNøoHULVLQGHNL6LVWHPOHUYH<|QHWLFLOHUL

(N $GD\hONHOHULQ<ÕOÕQD$LW%D]Õ*|VWHUJHOHUL   

 



LY


.,6$/70$/$5 $70$XWRPDWHG7HOOHU0DFKLQH

%,6%DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV

&366&RPPLWWHHRQ3D\PHQWDQG6HWWOHPHQW6\VWHPV 7DNDVYH 0XWDEDNDW6LVWHPOHUL.RPLWHVL  '93'HOLYHU\9HUVXV3D\PHQW 7HVOLPDW.DUúÕOÕ÷ÕgGHPH  (&%(XURSHDQ&HQWUDO%DQN $YUXSD0HUNH]%DQNDVÕ  (3%(NRQRPLNYH3DUDVDO%LUOLN

(30(XURSHDQ3D\PHQW0HFKDQLVP $YUXSD0HUNH]%DQNDVÕgGHPH 0HNDQL]PDVÕ 

(8$(XURSHDQ8QLWRI$FFRXQW $YUXSD3DUD%LULPL 

'.0'|YL].XUX0HNDQL]PDVÕ

(6&%(XURSHDQ6\VWHPRI&HQWUDO%DQNV $YUXSD0HUNH]%DQNDODUÕ 6LVWHPL  +,&3+DUPRQLVHG,QGH[RI&RQVXPHU3ULFHV ø0.%øVWDQEXO0HQNXO.Õ\PHWOHU3L\DVDVÕ 1ø91HWøo9DUOÕNODU

1851HW8OXVODUDUDVÕ5H]HUYOHU

3263RLQWRI6DOH

3933D\PHQW9HUVXV3D\PHQW gGHPH.DUúÕOÕ÷ÕgGHPH 

57*65HDO7LPH*URVV6HWWOHPHQW6\VWHPV *HUoHN=DPDQOÕ%LUH%LU 0XWDEDNDW 

6:,)76RFLHW\IRU:RUOG:LGH,QWHUEDQN)LQDQFLDO7HOHFRPPXQLFDWLRQ 'Q\D%DQNDODUDUDVÕ)LQDQVDOøOHWLúLP2UWDNOÕ÷Õ 

7$5*(77UDQV(XURSHDQ$XWRPDWHG5HDO7LPH*URVV6HWWOHPHQW6\VWHP

7,&57*67XUNLVK,QWHUEDQN&OHDULQJ5HDO7LPH*URVV6HWWOHPHQW6\VWHP  7UNøQWHUEDQN7DNDV6LVWHPL  ()76LVWHPL 

7,&(676 7XUNLVK ,QWHUEDQN &OHDULQJ(OHFWURQLF 6HFXULW\ 7UDQVIHU DQG 6HWWOHPHQW6\VWHP (OHNWURQLN0HQNXO.Õ\PHW7UDQVIHULYH0XWDEDNDW 6LVWHPL  (0.76LVWHPL  

 



Y


  g=(7 %XoDOร•รบPD7ยUNL\HยถQLQPHYFXWWDNDVYHPXWDEDNDWVLVWHPLQL$YUXSD

%LUOLรทLยถQH WDP ย\HOLรทLQLQ JHUoHNOHรบPHVL GXUXPXQGD (NRQRPLN YH 3DUDVDO

%LUOLรทH NDWร•Oร•P 3DUDVDO %LUOLNWH X\JXODQPDNWD RODQ SDUD SROLWLNDVร•QD X\XP

VDรทODPDYH3DUDVDO%LUOLNWHYDUOร•รทร•Qร•VยUGยUHELOPHDoร•Vร•QGDQGHรทHUOHQGLUPH\L

DPDoODPDNWDGร•U 2UWD\D NRQXODQ EX DPDo GRรทUXOWXVXQGD RSWLPXP SDUD DODQODUร• WHRULVL oHUoHYHVLQGH $YUXSD %LUOLรทL LOH $YUXSD (NRQRPLN YH 3DUDVDO

%LUOLรทLยถQLQ ย\H ยONHOHU ย]HULQGHNL HWNLOHULQLQ WHRULN GD\DQDNODUร•  $YUXSD %LUOLรทL

LOH $YUXSD (NRQRPLN YH 3DUDVDO %LUOLรทLยถQLQ WDULKVHO YH NXUXPVDO JHOLรบLPL

7ยUNL\H  $YUXSD %LUOLรทL LOLรบNLVL |GHPH VLVWHPOHUL LOH WDNDV YH PXWDEDNDW

VLVWHPOHULQLQ|QHPLYHEXVLVWHPOHULQJHQHORODUDNSDUDSROLWLNDVร•HWNLQOLรทLQGH

YH $YUXSD (NRQRPLN YH 3DUDVDO %LUOLรทLยถQLQ KD\DWD JHoLULOLS EDรบDUร• LOH

VยUGยUยOHELOPHVLQGHR\QDGร•NODUร•UROYH$YUXSD(NRQRPLNYH3DUDVDO%LUOLรทLLOH

7ยUNL\HยถGHNL PHYFXW SDUD SROLWLNDODUร• YH WDNDV YH PXWDEDNDW VLVWHPOHUL

X\JXODPDODUร•LQFHOHQPHNWHGLU

2SWLPXP SDUD DODQODUร• WHRULVL LOH $YUXSD (NRQRPLN YH 3DUDVDO

%LUOLรทLยถQLQ WDULKVHO JHOLรบLPOHUL SDUDOHOOLN J|VWHUPHNWHGLU 7ยUNL\H $YUXSD

%LUOLรทLยถQH DGD\Oร•N VWDWยVย ND]DQPDGDQ |QFH GDKL PHYFXW SDUD SROLWLNDVร• LOH

WDNDV YH PXWDEDNDW VLVWHPL X\JXODPDODUร•Qร• $YUXSD (NRQRPLN YH 3DUDVDO

%LUOLรทL X\JXODPDODUร•QD X\XPOX KDOH JHWLUPLรบWLU $YUXSD (NRQRPLN YH 3DUDVDO

%LUOLรทLยถQLQ EDรบDUร•Vร• ย]HULQGHQ RUWDN SDUD SROLWLNDVร•Qร•Q \ยUยWยOGยรทย |GHPH

VLVWHPOHUL LOH WDNDV YH PXWDEDNDW VLVWHPOHULQLQ HWNLQOLรทLQH Eย\ยN |OoยGH

EDรทร•POร•Gร•U 7ยUNL\HยถQLQ VDKLS ROGXรทX GยQ\D JHQHOLQGH oRN JHOLรบPLรบ RODUDN

NDEXOHGLOHQWDNDVYHPXWDEDNDWVLVWHPL$YUXSD(NRQRPLNYH3DUDVDO%LUOLรทL

LoHULVLQGHX\JXODQPDNWDRODQWHNSDUDYHRUWDNSDUDSROLWLNDVร•X\JXODPDVร•QD X\XPVDรทODPDNRQXVXQGDELUDYDQWDMRODUDNEHOLUPHNWHGLU 

 



 YL


  $%675$&7 7KLVVWXG\DLPVWRHYDOXDWH7XUNH\¶VH[LVWLQJFOHDULQJDQGVHWWOHPHQW

V\VWHPZLWKDYLHZWRDVVHVVLWVFRPSDWLELOLW\ZLWKWKDWRIWKH(FRQRPLFDQG

0RQHWDU\ 8QLRQ RI WKH (XURSHDQ 8QLRQ )LUVW WKH WKHRU\ RI WKH RSWLPXP

FXUUHQF\ DUHDV ZKLFK VKHGV OLJKW RQ WKH FRVWV DQG EHQHILWV RI IRUPLQJ RU

MRLQLQJWR DFXUUHQF\DUHDLVVXUYH\HG7KHQWKHKLVWRULFDODQGLQVWLWXWLRQDO

GHYHORSPHQW RI WKH (XURSHDQ 8QLRQ DQG WKH (XURSHDQ (FRQRPLF DQG 0RQHWDU\8QLRQDQGWKHUHODWLRQVEHWZHHQ7XUNH\DQGWKH(XURSHDQ8QLRQ

DUH VXPPDULVHG 7KH LPSRUWDQFH RI WKH SD\PHQW V\VWHPV DQG WKH FOHDULQJ

DQG VHWWOHPHQW V\VWHPV DQG WKH UROH SOD\HG E\ WKHVH V\VWHPV IRU WKH

HIILFLHQW FRQGXFW RI PRQHWDU\ SROLF\ LQ JHQHUDO DQG IRU WKH VXFFHVVIXO LPSOHPHQWDWLRQRIWKH(XURSHDQ(FRQRPLFDQG0RQHWDU\8QLRQLQSDUWLFXODU

DUH H[DPLQHG 7KH H[LVWLQJ PRQHWDU\ SROLF\ DQG FOHDULQJ DQG VHWWOHPHQW

V\VWHPVRIERWK7XUNH\DQGWKH(XURSHDQ(FRQRPLFDQG0RQHWDU\8QLRQDUH

H[DPLQHGDQGFRPSDUHG

7KHUH LV D SDUDOOHO EHWZHHQ WKH SURJUHVV WRZDUG WKH (XURSHDQ

(FRQRPLF DQG 0RQHWDU\ 8QLRQ DQG WKH GHYHORSPHQW RI WKH WKHRU\ RI WKH

RSWLPXP FXUUHQF\ DUHDV ,W LV ZLGHO\ DFFHSWHG WKDW WKH VXFFHVV RI WKH

(XURSHDQ(FRQRPLFDQG0RQHWDU\8QLRQ RURIDQ\PRQHWDU\SROLF\IRUWKDW

PDWWHU  ODUJHO\ GHSHQGV RQ WKH HIILFLHQF\ RI FOHDULQJ VHWWOHPHQW V\VWHPV E\ ZKLFK WKH FRPPRQ PRQHWDU\ SROLF\ LV FRQGXFWHG 7XUNH\ RQ KHU SDUW KDV

DGRSWHGDPRQHWDU\SROLF\DQGFOHDULQJDQGVHWWOHPHQWV\VWHPZKLFKDUHLQ

OLQHZLWKWKRVHRIWKH(XURSHDQ(FRQRPLFDQG0RQHWDU\8QLRQORQJEHIRUH

KHUVWDWXVDVDFDQGLGDWHPHPEHUZDVUHFRJQLVHGE\WKH(XURSHDQ&RXQFLO

7XUNH\¶V FOHDULQJ DQG VHWWOHPHQW V\VWHP ZKLFK LV ZLGHO\ UHJDUGHG DV D

KLJKO\ GHYHORSHG RQH FUHDWHV DQ DGYDQWDJH IRU 7XUNH\ LQ DGDSWLQJ WKH

FRPPRQPRQHWDU\SROLF\ZKHQVKHMRLQVWKH8QLRQ

 



YLL


  %รธ5รธ1&รธ%g/h0 *รธ5รธรน

*HQHO RODUDN |GHPHOHU VLVWHPL YH |]HOOLNOH Eย\ยN PRQWDQOร• YH

XOXVODUDUDVร• LรบOHPOHU LoLQ WDNDV YH PXWDEDNDW VLVWHPL SDUD SROLWLNDVร•Qร•Q

HWNLQOLรทLQGH R\QDGร•NODUร• URO Doร•Vร•QGDQ oRN |QHPOLGLU %X VLVWHPOHU HN RODUDN

ED]ร• $YUXSD ยONHOHUL DUDVร•QGDNL (NRQRPLN YH 3DUDVDO %LUOLรทLQ (3%  JHUHN

ROXรบWXUXODELOPHVLYHJHUHNVHGHYDUOร•รทร•Qร•VยUGยUHELOPHVLDoร•Vร•QGDQoRNEย\ยN

|QHPH VDKLSWLUOHU $YUXSD (3%ยถVL oHUoHYHVLQGH X\JXODQPDNWD RODQ SDUD

SROLWLNDODUร•Qร•Q HWNLQOLรทL (3%ยถ\H NDWร•Oร•P YH (3% LoHULVLQGH YDUOร•รทร•Qร•

VยUGยUHELOPHVL Doร•Vร•QGDQ 7ยUNL\HยถQLQ WDNDV YH PXWDEDNDW VLVWHPLQLQ

LQFHOHQPHVL |QHP DU] HWPHNWHGLU %X EDรทODPGD oDOร•รบPDQร•Q DPDFร•

7ยUNL\HยถQLQ VDKLS ROGXรทX WDNDV YH PXWDEDNDW VLVWHPLQL VL\DVL YH PDNUR HNRQRPLN Nร•VWDVODU ELU \DQD Eร•UDNร•ODUDN 7ยUNL\HยถQLQ $YUXSD %LUOLรทLยถQH WDP

ย\HOLรทLQLQ JHUoHNOHรบPHVL GXUXPXQGD(3%ยถ\HNDWร•Oร•P(3%ยถGHX\JXODQPDNWD

RODQ SDUD SROLWLNDVร•QD X\XP VDรทODPD YH (3%ยถGH YDUOร•รทร•Qร• VยUGยUHELOPH

Doร•Vร•QGDQGHรทHUOHQGLUPHNWLU

dDOร•รบPDQร•QEXรบHNLOGHRUWD\DNRQXODQDPDFร•Qร•QJHUoHNOHรบWLULOHELOPHVL

LoLQ |QFHOLNOH LQFHOHQPHVL JHUHNHQ NRQXODU PHYFXWWXU $YUXSD (3%ยถVLQLQ

WHRULNGD\DQDรทร•WDULKVHOYHNXUXPVDOJHOLรบLPL$YUXSD%LUOLรทLLOH7ยUNL\HLOLรบNLVL

QLQ JHOLรบLPL |GHPH LOH WDNDV YH PXWDEDNDW VLVWHPOHULQLQ SDUD SROLWLNDVร•

HWNLQOLรทLQGH UROย YH EX VLVWHPOHULQ $YUXSD (3%ยถVL Doร•Vร•QGDQ |QHPL JLEL NRQXODUร•Q LUGHOHQHUHN $YUXSD (3%ยถVL LOH 7ยUNL\HยถGHNL PHYFXW SDUD SROLWLNDVร•

YHWDNDVYHPXWDEDNDWVLVWHPOHULX\JXODPDODUร•Qร•QLQFHOHQPHVLYHoDOร•รบPDQร•Q DPDFร•GRรทUXOWXVXQGDGHรทHUOHQGLULOPHVLJHUHรทLNDoร•Qร•OPD]Gร•U dDOร•รบPDQร•Q

LNLQFL

E|OยPย

RSWLPXP

SDUD

DODQODUร•

WHRULVLQL

LQFHOHPHNWHGLU2SWLPXPSDUDDODQODUร•WHRULVLLONRODUDNLoHULVLQGHRUWDNSDUD

YH RUWDN SDUD SROLWLNDVร•Qร•Q X\JXODQDFDรทร• %LUOLรทLQ |]HOOLNOHULQLQ WHN WHN LQFHOHQGLรทLJHOHQHNVHO\DNODรบร•PODJยQGHPHJHOPLรบWLU7HNWHNRUWD\DNRQXODQ

 






|]HOOLNOHULQELUDUDGDHOHDOร•Qร•Soร•NDUร•PODUร•Qร•QGHรทHUOHQGLULOGLรทLID\GDPDOL\HW \DNODรบร•Pร•Qร• PDNUR HNRQRPLN WHRULOHUGHNL JHOLรบPHOHUOH EHUDEHU ROXรบDQ \HQL

WHRULOHU \DNODรบร•Pร• L]OHPLรบWLU  $YUXSD (3%ยถVLQLQ Kร•] ND]DQPDVร• PHYFXW YHUL

WDEDQร•Qร•JHOLรบWLUHUHNX\JXODPD\D\|QHOLNoDOร•รบPDODUVDIKDVร•Qร•QEDรบODPDVร•QD LPNDQ YHUPLรบWLU 6RQ RODUDN VWDWLN QLWHOLN J|VWHUHQ EX \DNODรบร•PODUGDQ IDUNOร•

RODUDN GLQDPLN LQFHOHPH RODQDรทร• VDรทOD\DQ X]PDQODรบPD YH LoVHOOLN SDUDGLJPDODUร• JยQGHPH JHOPLรบWLU $YUXSD (3%ยถVL LOH RSWLPXP SDUD DODQODUร•

WHRULVLQLQWDULKVHOJHOLรบLPLSDUDOHOOLNJ|VWHUPHNWHGLU

dDOร•รบPDQร•Q ยoยQFย E|OยPยQGH $YUXSD (36ยถVLQLQ WDULKVHO JHOLรบLPL

L]OHQPHNWHGLU $YUXSD (3%ยถVL GยรบยQFHVLQLQ N|NOHUL  \ร•Oร•QGD $YUXSD

(NRQRPLN 7RSOXOXรทX ย\HVL DOWร• ยONH DUDVร•QGD \ยUยUOยรทH JLUHQ 5RPD

$QWODรบPDVร• LOH EDรบOD\DQ $YUXSD SDUDVDO LรบELUOLรทL SODQODUร•QD NDGDU X]DQPDNWDGร•U %UHWWRQ :RRGV VLVWHPLQLQ o|Nยรบย LOH XOXVODUDUDVร• Gย]H\GH

ยถOHUER\XQFDVยUHQSDUDVDOLVWLNUDUVร•]Oร•NVยUHFL\ร•Oร•QGD$YUXSD3DUD

6LVWHPLยถQLQ NXUXOPDVร•QD QHGHQ ROXUNHQ \DรบDQDQ HNRQRPLN LVWLNUDUVร•]Oร•N

QHGHQL LOH 6LVWHP EDรบDUร•Vร•]Oร•รทD XรทUDPร•รบWร•U $YUXSD (3%ยถVL DQFDN 

WDULKLQGHNDEXOHGLOHQ'HORUV5DSRUXLOHWDQร•PODQPร•รบDรบDPDODUร•WHVSLWHGLOPLรบ

YH X\JXODQPD\D EDรบODQPร•รบWร•U  WDULKLQGH 0DDVWULFKW $QWODรบPDVร•ยถQร•Q

\ยUยUOยรทH JLUPHVL LOH ยo D\Uร• WRSOXOXNWDQ ROXรบDQ $YUXSD 7RSOXOXNODUร• $YUXSD

%LUOLรทLยถQH G|QยรบWยUยOPยรบ (3% NRQXVXQGD 'HOORUV 5DSRUX LOH EHOLUOHQHQ

KHGHIOHU WH\LW HGLOPLรบ YH RUWDN SDUD ELULPL RODUDN ยณ(XURยด WHVFLO HGLOPLรบWLU

$YUXSD (3%ยถVLQLQ NXUXPVDO \DSร•Vร• $YUXSD 0HUNH] %DQNDODUร• 6LVWHPL LOH

WDQร•PODQPร•รบWร•U 7ยUNL\HยถQLQ $YUXSD %LUOLรทL LOH LOLรบNLVL  \ร•Oร•QGD \ยUยUOยรทH

JLUHQ $QNDUD $QODรบPDVร•Qร•Q WHPHO ROXรบWXUGXรทX 2UWDNOร•N 5HMLPL LOH EDรบODPร•รบ

 WDULKLQGH X\JXODQPD\D EDรบOD\DQ *ยPUยN %LUOLรทL LOH JHOLรบPLรบWLU 

\ร•Oร•QGD7ยUNL\H$YUXSD%LUOLรทLยถQHDGD\ยONHRODUDNNDEXOHGLOPLรบWLU

dDOร•รบPDQร•Q G|UGยQFย E|OยPยQGH LON RODUDN |GHPH VLVWHPOHULQLQ

WDQร•Pร•|GHPHVLVWHPOHULLoHULVLQGHWDNDVYHPXDWDEDNDWVLVWHPOHULQLQ\HULYH

VLVWHPOHULQ LรบOH\LรบL Doร•Vร•QGDQ PHUNH] EDQNDFร•Oร•รทร•Qร•Q |QHPL LQFHOHQPHNWHGLU 'DKDVRQUDWDNDVYHPXWDEDNDWVLVWHPOHULQLQSDUDSROLWLNDVร•Qร•QHWNLQRODUDN

X\JXODQPDVร•QGD R\QDGร•รทร• URO YH |QHPLQH GHรทLQLOPHNWHGLU (Q VRQ RODUDN

WDNDV YH PXWDEDNDW VLVWHPOHULQLQ $YUXSD (3%ยถVL Doร•Vร•QGDQ \HUL

 






LQFHOHQPHNWHGLU $YUXSD (3%ยถVLQLQ EDรบDUร•Vร•QGD ย]HULQGHQ NXOODQร•PGD RODQ

RUWDN SDUD SROLWLNDVร•Qร•Q \ยUยWยOHFHรทL WDNDV YH PXWDEDNDW VLVWHPLQLQ HWNLVL

YXUJXODQPDNWDGร•U 2Q EHรบ ยONHQLQ XOXVDO JHUoHN ]DPDQOร• ELUH ELU PXWDEDNDW

VLVWHPOHUL 57*6  YH $YUXSD 0HUNH] %DQNDVร•Qร•Q |GHPH PHNDQL]PDVร•QGDQ ROXรบDQ 7UDQV (XURSHDQ$XWRPDWHG5HDO7LPH*URVV6HWWOHPHQW 7$5*(7 

VLVWHPL |QFHOLNOH ย\H ยONHOHULQ XOXVDO |GHPH VLVWHPOHULQL ELUOHรบWLUPHNWH

$YUXSD 0HUNH] %DQNDVร•ยถQร•Q X\JXODGร•รทร• SDUDSROLWLNDVร•Qร•GHVWHNOHPHNWHD\Qร•

]DPDQGD ILQDQVDO SL\DVDODUร• YH NXUXPODUร• VLVWHPLN ULVNOHUGHQ NRUXPD\ร•

DPDoODPDNWDGร•U

dDOร•รบPDQร•Q EHรบLQFL E|OยPยQGH $YUXSD (3%ยถVL LOH 7ยUNL\HยถGH

X\JXODQPDNWD RODQ SDUD SROLWLNDODUร• YH |GHPHOHU VLVWHPL X\JXODPDODUร• LQFHOHQPHNWHGLU %X LQFHOHPH $YUXSD (3%ยถVL NDUรบร•Vร•QGD 7ยUNL\HยถQLQ SDUD

SROLWLNDVร• LOH WDNDV YH PXWDEDNDW VLVWHPLQLQ GHรทHUOHQGLULOPHVL LOH WDPDPODQPDNWDGร•U%XUDGDRUWD\DNRQXODQ|]HOGHรทHUOHQGLUPHOHULLoHULVLQGH

JHQHOELUGHรทHUOHQGLUPHQLQ\HUDOGร•รทร•VRQE|OยPL]OHPHNWHGLU

รธOJLOLE|OยPOHUGHX\JXODPDODUYHV|]NRQXVXX\JXODPDODUDEDรทOร•RODUDN

ED]ร• LVWDWLVWLNVHO YHULOHU LQFHOHQPLรบWLU 0HYFXW WHRULN oDOร•รบPDODU SDUD SROLWLNDVร•Qร•Q HWNLQOLรทLQGH |GHPH YH PXWDEDNDW VLVWHPLQLQ |QHPL EX WยU ELU

|GHPH YH PXWDEDNDW VLVWHPLQLQ WHPHO |]HOOLNOHUL LOH $YUXSD %LUOLรทLQH WDP

ย\HOLรทL JยQGHPH JHOHQ ELU ยONHQLQ NDUรบร•ODรบDFDรทร• DYDQWDMODU YH GH]DYDQWDMODU

NRQXODUร•Qร•Q Doร•NODQPDVร•QGD \HWHUVL] NDOPDNWDGร•U %X QHGHQOH EX DOW

NRQXODUร•Q DUDรบWร•Uร•OPDVร•QGD JHUHNOL RODQ ELOJLOHU %DQN IRU ,QWHUQDWLRQDO

6HWWOHPHQWV รธQJLOWHUH 0HUNH] %DQNDVร• $YUXSD 0HUNH] %DQNDVร• $YUXSD

.RPLV\RQX$YUXSD3DUODPHQWRVX)HGHUDO5HVHUYH%DQN8OXVODUDUDVร•3DUD

)RQXYH7ยUNL\H&XPKXUL\HW0HUNH]%DQNDVร•JLELED]ร•NXUXPODUFDKD]ร•UODQDQ

oDOร•รบPDODUGDQWHPLQHGLOPLรบWLU    

 






  รธ.รธ1&รธ%g/h0 237รธ0803$5$$/$1/$5,7(25รธ6รธ

3DUDVDO ELUOLN JHQHO RODUDN  ED]ร• ยONHOHULQ XOXVDO SDUDODUร•Qร•Q GHรทHULQL

VDELW NXU VLVWHPL LOH ELUELUOHULQH EDรทODGร•NODUร• YH ELUOLN Gร•รบร•QGDNL ยONHOHUH NDUรบร•

SDUDODUร•Qร• VHUEHVWoH GDOJDODQGร•UGร•NODUร• ELU VLVWHPGLU 3DUDVDO ELUOLN VยUHFL G|YL] NXUX ELUOLรทLQGHQ EDรบOD\ร•S WHN SDUD\D NDGDU X]DQDQ EHรบ DรบDPDOร• ELU

VยUHoWLU%XQDJ|UH|QFHOLNOHG|YL]NXUODUร•QGDELUOLNVDรทODQPDVร•RUWDNELUIRQ

PHNDQL]PDVร•Qร•Q

LรบOHWLOPHVL

HNRQRPL

SROLWLNDODUร•Qร•Q

HรบJยGยPยQยQ

VDรทODQPDVร• YH RUWDN UH]HUY \|QHWLPLQL JHUoHNOHรบWLULS RUWDN SDUD SROLWLNDVร•Qร•

\ยUยWHFHN WHN ELU PHUNH] EDQNDVร•Qร•Q IDDOL\HWH JHoPHVL JHUHNPHNWHGLU 6RQ

DรบDPDGDLVHELUOLรทHย\HยONHOHULQXOXVDOSDUDODUร•Qร•Q\HULQHWHNELURUWDNSDUD ELULPLQLQGRODรบร•PDoร•NDUร•OPDVร•JHUoHNOHรบLU 7RQXV 

%|\OHELUROXรบXPXQXOXVODUDUDVร•SDUDVLVWHPLDoร•Vร•QGDQRODVร•VRQXoODUร•

VDELW NXU  HVQHN NXU VLVWHPOHULQLQ DYDQWDMODUร•  PDOL\HWOHUL WDUWร•รบPDVร•QD \RO

DoPร•รบWร•U 6DELW NXU VLVWHPL OHKLQGHNL J|UยรบOHU EX VLVWHPLQ XOXVODUDUDVร•

WLFDUHWLQ JHOLรบPHVL YH XOXVODUDUDVร•QGDNL EยWยQOHรบPHQLQ NROD\ODรบWร•Uร•OPDVร•QGD

VDรทOD\DFDรทร•DYDQWDMODUODLOJLOLGLU(VQHNNXUVLVWHPLOHKLQGHNLJ|UยรบOHULVHEX VLVWHPLQ ย\H ยONHOHUH HNRQRPL SROLWLNDODUร•Qร• ROXรบWXUPD NRQXVXQGD HN ELU

VHUEHVWL JHWLUPHVLQLQ VDรทOD\DFDรทร• DYDQWDMODUOD LOJLOLGLU $QFDN VDELW NXU 

HVQHN NXU WDUWร•รบPDODUร•QGD ย\H ยONHOHU DUDVร•QGDNL HNRQRPLN \DSร• ยUHWLP

IDNW|UOHUL

PRELOLWHVL

YH

SROLWLN

WHUFLK

ND\QDNOร•

IDUNOร•Oร•NODU

GLNNDWH

DOร•QPDPDNWDGร•U 2SWLPXP SDUD DODQODUร• WHRULVL VDELW NXU  HVQHN NXU

WDUWร•รบPDODUร•QGDQ ND\QDNODQPDNWD YH VDELW NXU  HVQHN NXU WDUWร•รบPDODUร•QGD

GLNNDWH DOร•QPD\DQ NRQXODUD Doร•NOร•N JHWLUPH\H oDOร•รบPDNWDGร•U $NWDQ 

V 

2SWLPXP SDUD DODQODUร• WHRULVLQLQ JHOLรบLPLQL G|UW VDIKDGD LQFHOHPHN

PยPNยQGยU 7HPHOGH RUWDN SDUD ELULPLQLQ X\JXODQDFDรทร• E|OJHQLQ

|]HOOLNOHULQLQ QH ROPDVร• JHUHNWLรทL ย]HULQGH GXUDQ YH EX NRQXGDNL LON NDWNร•ODUร•

 






ROXรบWXUDQJHOHQHNVHO\DNODรบร•PoHรบLWOLoร•NDUร•PODUร•ELUOHรบWLUHQยณX]ODรบPDVDIKDVร•ยด

ID\GD  PDOL\HW \DNODรบร•Pร•  PDNUR HNRQRPL WHRULOHULQGHNL JHOLรบPHOHUOH

EHUDEHU ROXรบDQ ยณ\HQLGHQ GHรทHUOHQGLUPH VDIKDVร•ยด \HQL WHRULOHU \DNODรบร•Pร•  YH (NRQRPLN YH 3DUDVDO %LUOLรทLQ (3%  Kร•] ND]DQPDVร• LOH EHUDEHU JยQGHPH

JHOHQ ยณX\JXODPD\D \|QHOLN oDOร•รบPDODU VDIKDVร•ยด %X VDIKDODUGD ELU JUXS

ยONHQLQ SDUDVDO ELUOLN JHUoHNOHรบWLUPHN \ROX LOH \DSร•VDO ELU GHรทLรบLPH XรทUDPDVร•

YH EX \DSร•VDO GHรทLรบLP VยUHFL VRQXQGD QH JLEL LWLFL JยoOHULQ RUWD\D oร•NDFDรทร•

VRUXVX LVH DUDรบWร•Uร•OPDPร•รบWร•U 2\VD SDUDVDO ELUOLรทH NDWร•ODQ ELU ยONH Doร•Vร•QGDQ EXLWLFLJยoOHUHNRQRPL\L RSWLPDOOLNNRรบXOODUร•QGDQX]DNODรบPDDQODPร•QDJHOHQ 

JLGHUHN X]PDQODรบPD\D J|WยUHELOHFHรทL JLEL SDUDVDO ELUOLรทLQ LoVHO JHOLรบPHOHUL

EDรบWD RSWLPDOOLN NRรบXOODUร•Qร• \HULQH JHWLUPH\HQ ELU HNRQRPL\L  EX NRรบXOODUร•

VDรทODPD\D J|WยUHELOLU ยณ8]PDQODรบPDยด YH ยณLoVHOOLNยด SDUDGLJPDODUร• RODUDN

DGODQGร•Uร•ODQ EX IDUNOร• J|UยรบOHU GDKD |QFHNL \DNODรบร•PODUGDQ IDUNOร• RODUDN

NRQX\XGLQDPLNRODUDNHOHDOPDNWDGร•U 0RQJHOOL  *HOHQHNVHO<DNODรบร•P  

*HOHQHNVHO \DNODรบร•P ยถOร• \ร•OODUGD 0XQGHOO   0F .LQQRQ

  YH .HQHQ   WDUDIร•QGDQ \DSร•ODQ oDOร•รบPDODUOD JHOLรบWLULOPHNOH

EHUDEHU  |QFHVL )ULHGPDQ   YH 0HDGH  ยถLQ GH NDWNร•ODUร•

EXOXQPDNWDGร•U%X\DNODรบร•PHNRQRPLSROLWLNDVร•Qร•QWDPLVWLKGDPIL\DWLVWLNUDUร• YH Gร•รบ |GHPHOHU GHQJHVL RODUDN WDQร•PODQDQ WHPHO KHGHIOHULQLQ

EDรบDUร•OPDVร•QGD VDELW NXU  WHN SDUDQร•Q X\JXODQDELOHFHรทL DODQร•Q RSWLPDO

Vร•Qร•UODUร• QHGLU VRUXVXQD FHYDS DUDPDNWDGร•U ,VKL\DPD  V  2SWLPDOOLรทL EHOLUOH\HQ NRรบXOODU IL\DW YH ยFUHW HVQHNOLรทL ยUHWLP IDNW|UOHULQLQ

PRELOLWHVL ILQDQV SL\DVDODUร•Qร•Q EยWยQOHรบPHVL HNRQRPLQLQ Doร•NOร•รทร• ยUHWLP YH

WยNHWLP oHรบLWOLOLรทL HQIODV\RQ Kร•]ODUร• DUDVร•QGDNL EHQ]HUOLN PDOL EยWยQOHรบPH YH

VL\DVL EยWยQOHรบPH รบHNOLQGH WDQร•PODQPDNWDGร•U (OH DOร•QDQ RSWLPDOOLN |OoยWOHUL YH RSWLPDOOLรทL VDรทOD\DFDN NRรบXOODUร•Q IDUNOร•Oร•N J|VWHUPHVLQH EDรทOร• RODUDN

LNWLVDWoร•ODUร•Q SDUDVDO ELUOLรทLQ EDรบDUร•Vร• NRQXVXQGD ELUELULQGHQ IDUNOร• VRQXoODUD

XODรบWร•รทร•YHIDUNOร•|QHULOHUJHWLUGLรทLJ|UยOPHNWHGLU  

 






)L\DWYHhFUHW(VQHNOLรทL

)ULHGPDQ   SDUDVDO ELUOLN LoHULVLQGH EXOXQDQ ยONHOHUGH QRPLQDO

IL\DW YH ยFUHW HVQHNOLรทLQLQ \ยNVHN ROPDVร• GXUXPXQGD KHUKDQJL ELU รบRNXQ ROXPVX] HWNLOHULQLQ EHUWDUDI HGLOHELOPHVL LoLQ ย\H ยONHOHULQ LรบVL]OLN YH\D

HQIODV\RQLOHNDUรบร•NDUรบร•\DNDOPDN]RUXQGDROPDGร•NODUร•Qร•YHGROD\ร•Vร•LOHHVQHN

NXU UHMLPLQH \|QHOLN LKWL\DFร•Q D]DOGร•รทร•Qร• EHOLUWPHNWHGLU )L\DW  YH ยFUHW

HVQHNOLรทL HNRQRPLGH \DรบDQDQ ROXPVX]OXNODUร•Q JLGHULOPHVLQGH |]HOOLNOH Nร•VD

G|QHPGH |QHP ND]DQPDNWDGร•U 2OXPVX]OXNODUร•Q VยUHNOLOLN DU] HWPHVL

GXUXPXQGDLVHUHHOIL\DWYHยFUHWOHUGHNLGHรทLรบLNOLNOHUNDoร•Qร•OPD]Gร•U 0RQJHOOL

 

hUHWLP)DNW|UOHULQLQ0RELOLWHVL

0XQGHOO    SDUDVDO ELUOLรทLQ EDรบDUร•Vร• LoLQ SDUDVDO ELUOLNWH \HU DODQ

ยUHWLP IDNW|UOHULQLQ \ยNVHN ELU PRELOLWH\H VDKLS ROPDVร•Qร• JHUHNOL ELU NRรบXO

RODUDN J|UPHNWHGLU 2SWLPDOOLN |OoยWย RODUDN |GHPHOHU GHQJHVL KHGHILQLQ

VDรทODQPDVร•QD Dรทร•UOร•N YHUPHNWHGLU <ยNVHN ยUHWLP IDNW|UOHUL PRELOLWHVL

GXUXPXQGD UHNDEHW JยFย YH Gร•รบ GHQJHVL]OLNOHULQ JLGHULOPHVL LoLQ HVQHN NXU

VLVWHPL X\JXODPDVร• JHUHรทL RUWDGDQ NDONPDNWDGร•U 6DELW NXU VLVWHPL X\JXODPDVร• DOWร•QGD LรบVL]OLรทLQ \ยNVHN ROGXรทX E|OJHOHUGHQ GยรบยN ROGXรทX

E|OJHOHUH UDKDWoD KDUHNHW HGHELOHQ LรบJยFย VD\HVLQGH LรบVL]OLN RUWDGDQ

NDONDFDN ยONHOHU DUDVร•QGDNL ยFUHW IDUNOร•Oร•NODUร• RUWDGDQ NDONDFDN YH Gร•รบ

GHQJHVL]OLNOHUJLGHULOHELOHFHNWLU0XQGHOOยถLQSDUDVDOELUOLรทLQEDรบDUร•Vร•LoLQRUWD\D

NR\GXรทX NRรบXO oHรบLWOL \|QOHUGHQ HOHรบWLULOHELOLU 0XQGHOO IDNW|U PRELOLWHVLQLQ Lo

YH Gร•รบ GHQJH\L VDรทODUNHQ VDKLS ROPDVร• JHUHNHQ รบDUWODUร• GLNNDWH DOPDPร•รบWร•U 0XQGHOO IDNW|U PRELOLWHVLQL LรบJยFย LOH Vร•Qร•UODPร•รบ YH VHUPD\H KDUHNHWOHULQH

GHรทLQPHPLรบWLU(NRODUDNLรบJยFยPRELOLWHVLQLQLoYHGร•รบGHQJH\LVDรทOD\DFDN

ER\XWODUDXODรบPDVร•RODQDNGDKLOLQGHGHรทLOGLU $NWDQV  )LQDQV3L\DVDODUร•Qร•Q%ยWยQOHรบPHVL

,QJUDP  SDUDVDOELUOLรทLQRSWLPXPEย\ยNOยรทยQยQEHOLUOHQPHVLQGH

HNRQRPLOHULQ UHHO GHรทLO ILQDQVDO |]HOOLNOHULQLQ GLNNDWH DOร•QPDVร• JHUHNWLรทLQL

EHOLUWPHNWHGLU,QJUDP DEYH YH6FLWRYVN\ YH 

\ยNVHN GHUHFHGH ELU ILQDQVDO EยWยQOHรบPH NRรบXOXQX SDUDVDO ELUOLNOHULQ  






EDรบDUร•Vร•LoLQJHUHNOLJ|UPHNWHGLUOHU ,VKL\DPDV <ยNVHNGHUHFHGH

ELU ILQDQVDO EยWยQOHรบPH NRรบXOX ยONHOHU DUDVร•QGDNL J|UHFHOL PDOL\HWOHU YH

IL\DWODU ย]HULQGHNL GHรทLรบPH EDVNร•Vร•Qร• D]DOWDFDNWร•U 6DELW NXU VLVWHPLQLQ

X\JXODQGร•รทร• E|OJHGHNL Gร•รบVDO GHQJHVL]OLNOHU VHUPD\H KDUHNHWOHUL VD\HVLQGH

GHQJHOHQHFHNWLU %X รบHNLOGHNL ELU |GHPHOHU GHQJHVL ILQDQVPDQร• SDUD ELUOLรทL

LoHULVLQGHNL X\XP VยUHFLQL GHVWHNOH\HFHN YH GDKD X]XQ ELU ]DPDQD

\D\ร•OPDVร•QDLPNDQYHUHFHNWLU 7DYODVV  ,QJUDPยถร•Q

ILQDQVDO

EยWยQOHรบPH

NRรบXOX

oHรบLWOL

Doร•ODUGDQ

HOHรบWLULOPHNWHGLU )LQDQVDO EยWยQOHรบPH GHUHFHVL SDUDVDO ELUOLNOHU Doร•Vร•QGDQ \HWHUOL ELU |OoยW GHรทLOGLU 'HQJH\L ER]DELOHFHN VHUPD\H KDUHNHWOHUL YH Doร•N

YHUHQ ยONHOHUH \HWHUOL |OoยGH ERUo YHUPH\H LVWHNOL ROPD\DQ ID]OD YHUHQ

ยONHOHULQ YDUOร•รทร• LOH Gร•รบ GHQJHVL]OLรทLQ JLGHULOPHVL YH Doร•N ILQDQVPDQร•Qร•Q D\Uร•

รบH\OHU ROGXรทX J|] DUGร• HGLOPHPHOLGLU ,VKL\DPD   (N RODUDN Doร•N

ILQDQVPDQร•QD LPNDQ YHUHQ \ยNVHN PDOL EยWยQOHรบPH  GHUHFHVL Gร•รบ

GHQJHVL]OLรทL Gย]HOWLFL GHรทLO VDGHFH ILQDQVH HGLFL ELU PHNDQL]PDGร•U :LOOHWW 

7RZHU 

(NRQRPLQLQ$oร•NOร•รทร•

0F .LQQRQ   ELU ยONHQLQ WRSODP ยUHWLPL LoLQGH Gร•รบ WLFDUHWH NRQX

RODQPDOODUร•QRUDQร•RODUDNWDQร•PODGร•รทร•Doร•NOร•NGHUHFHVLQLQRSWLPXPSDUDDODQร•

LoLQ ELU NRรบXO RODFDรทร•Qร• |QH VยUPHNWHGLU %LU HNRQRPL QH NDGDU Doร•NVD Gร•รบ IL\DWODUร•QHNRQRPL\HGRรทUXGDQYHGROD\Oร•RODUDN\DQVร•PDVร•GDRGHUHFHEย\ยN

ROXU %X GXUXP ยFUHWOLOHULQ SRWDQVL\HO SDUD YH G|YL] NXUX DOGDQPDVร• PRQH\ LOOXVLRQ  Qร• RUWDGDQ NDOGร•Uร•U 0F .LQQRQ   %|\OH ELU HNRQRPLGH

GHYDOยDV\RQXQ GD HWNLVL GROD\ร•Vร•\OD WLFDUHWH NRQX RODQ PDOODUร•Q IL\DW

HQGHNVOHULQH \DQVร•PDVร• GDKD Kร•]Oร• RODFDรทร•QGDQ G|YL] NXUX GHรทLรบPHOHUL

EHNOHQHQHWNL\LGRรทXUPD]'HPHNNLDoร•NHNRQRPLOHULoLQVDELWNXULoYHGร•รบ

GHQJH\L VDรทODPDGD GDKD X\JXQ ELU DUDo ROPDNWD EX HNRQRPLOHU SDUDVDO

ELUOLNLoLQX\JXQELUDGD\ROPDNWDGร•U

0F .LQQRQ   HN RODUDN Lo รบRNODU QHGHQL LOH IL\DW LVWLNUDUVร•]Oร•รทร•QD

PDUX] NDODQ ELU ยONHQLQ GยรบยN HQIODV\RQD VDKLS ELU ยONH\OH SDUDVDO ELUOLรทH

 






JLWPHVLQLQ DYDQWDMODUร•QD GHรทLQHUHN ยณQRPLQDO oร•SDยด NRQXVXQXQ |QHPLQL GDKD

ยถODUGDRUWD\DDWPร•รบROPDNWDGร•U

hUHWLPYH7ยNHWLPdHรบLWOLOLรทL

.HQHQ  SDUDVDOELUOLNROXรบWXUDFDNยONHOHULQ\ยNVHNELUยUHWLPYH

WยNHWLP oHรบLWOLOLรทLQH VDKLS ROPDODUร• GXUXPXQGD SDUDVDO ELUOLรทLQ EDรบDUร•\D XODรบPDVร•Qร•Q PยPNยQ ROGXรทXQX EHOLUWPHNWHGLU *|UยรบH HVDV WHรบNLO HGHQ

YDUVD\ร•P |GHPHOHU GHQJHVL]OLรทLQLQ Gร•รบ WDOHSWHNL PLNUR HNRQRPLN

GHรทLรบPHOHUGHQ ND\QDNODQGร•รทร•Gร•U hUHWLP YH WยNHWLP oHรบLWOLOLรทLQLQ \ยNVHN

ROGXรทX ยONHOHUGH Gร•รบ รบRNODUร•Q HNRQRPL ย]HULQGHNL HWNLOHUL NยoยN YH EX

รบRNODUร•Q\DUDWDFDรทร•HWNLOHUKHUยONHGHIDUNOร•RODFDรทร• VLPHWULNROPD\DFDรทร• LoLQ

GHQJHVL]OLNOHUL JLGHUPHN GDKD NROD\ RODFDNWร•U .HQHQ D] JHOLรบPLรบ ยONHOHULQ

GยรบยN ยUHWLP YH WยNHWLP oHรบLWOLOLรทL J|VWHUHQ ELU \DSร•\D VDKLS ROPDODUร• YH

JHOLรบPLรบSROLWLNDDUDoODUร•QDVDKLSROPDPDODUร•QHGHQLLOHVDELWNXUSROLWLNDVร•Qร•Q

X\JXODQGร•รทร•SDUDVDOELUOLNOHUGH\HUDOPDPDODUร•JHUHNWLรทLVRQXFXQDYDUPร•รบWร•U (QIODV\RQ+ร•]ODUร•$UDVร•QGDNL%HQ]HUOLN

+DEHUOHU   YH )OHPLQJ   HQIODV\RQ Kร•]ODUร• DUDVร•QGDNL

EHQ]HUOLรทL ELU NRรบXO RODUDN |QH VยUPHNWHGLUOHU gGHPHOHU GHQJHVLQGHNL Doร•NODUร•Q XOXVDO HQIODV\RQ Kร•]ODUร•QGDNL IDUNOร•Oร•NODUGDQ ND\QDNODQGร•รทร•Qร•

EHOLUWHUHN DU] YH WDOHS GHQJHVL]OLNOHULQLQ PDNUR HNRQRPLN QHGHQOHUH EDรทOร•

RODUDN ROXรบWXรทXQX YXUJXODPDNWDGร•UODU (QIODV\RQ Kร•]ODUร•Qร•Q IDUNOร•Oร•รทร•

NRรบXOXQXQ |QHPL ยถODUGD LรบVL]OLN LOH HQIODV\RQ DUDVร•QGDNL  |GยQOHรบPH\L

WDUWร•รบPD\D DoDQ 3KLOOLSV (รทULVL LOH RUWD\D oร•NPDNWDGร•U 3KLOOLSV HรทULVLQH EDรทOร•

RODUDN oร•NDQ WDUWร•รบPDODU VRQXFXQGD SDUDVDO ELUOLN ROXรบWXUDFDN ยONHOHULQ HQIODV\RQ YH LรบVL]OLN NDUรบร•Vร•QGDNL WXWXPODUร•Qร•Q ELUELUOHUL LOH X\XPOX ROPDVร•

SDUDVDOELUOLรทLQEDรบDUร•รบDQVร•Qร•DUWร•Uร•U $NWDQ  0DOL%ยWยQOHรบPH

.HQHQ   ELUOLN LoHULVLQGH\HUDODQยONHOHULQRUWDNELUXOXVODUยVWย

PDOL WUDQVIHU VLVWHPLQL ROXรบWXUPDODUร• JHUHNOLOLรทLQL EHOLUWPHNWHGLU %XQD EDรทOร•

RODUDN KHUKDQJL ELU DVLPHWULN รบRNOD NDUรบร•ODรบร•OPDVร• GXUXPXQGD |GHPH

JยoOยรทยQHGยรบHQย\HยONHOHULQIRQODUGDQ\DUDUODQPDLPNDQร•YHUHQEXVLVWHP

 






VD\HVLQGH

GDKD

NROD\

ELU

รบHNLOGH

LVWLNUDUD

NDYXรบDELOHFHNOHULQL

YXUJXODPDNWDGร•U (N RODUDN E|\OH ELU VLVWHPGH QRPLQDO G|YL] NXUX D\DUODPDODUร•QD GDKD D] LKWL\DoGX\XODFDรทร•Qร•EHOLUWPHNWHGLU$QFDNE|\OHELU

VLVWHPLQ YDUOร•รทร• LOHUL Gย]H\GH ELU HNRQRPLN EยWยQOHรบPH YH ULVN SD\ODรบร•Pร•

NRQXVXQGDLVWHNOLOLNNRรบXOODUร•Qร•GDEHUDEHULQGHJHWLUPHNWHGLU 0RQJHOOL  6L\DVL%ยWยQOHรบPH

0LQW]   ELU SDUD ELUOLรทLQLQ EDรบDUร•Vร•Qร•Q HQ |QHPOL EHONL GH WHN

NRรบXOXQXQVL\DVLLVWHNOLOLNROGXรทXQXEHOLUWPHNWHGLU6L\DVLLVWHNOLOLNVD\HVLQGH

HNRQRPL SROLWLNDODUร•Qร•Q HรบJยGยPยQย VDรทODPDN YH NXUXPVDO Gย]H\GH

EยWยQOHรบPH\L WHVLV HWPHN PยPNยQ RODELOPHNWHGLU +DEHUOHU   ,QJUDP

  YH 7RZHU:LOOHW   ELU SDUDVDO ELUOLรทLQ EDรบDUร•Vร•Qร•Q ELUOLNWHNL ย\H

ยONHOHULQ VL\DVL GDYUDQร•รบ NDOร•SODUร• DUDVร•QGDNL EHQ]HUOLN VD\HVLQGH VDรทODQDELOHFHรทLQL EHOLUWPHNWHGLU 6L\DVL GDYUDQร•รบ NDOร•SODUร•Qร•Q Eย\ยPH

HQIODV\RQYHLรบVL]OLNDUDVร•QGDNL|GยQOHรบPHOHUHEDรทOร•RODUDNROXรบWXUXODQVL\DVL

WHUFLKOHUROPDVร•EXVRQXFXJHWLUPHNWHGLU

)D\GD0DOL\HW<DNODรบร•Pร•  

%X\DNODรบร•PRSWLPXPSDUDDODQODUร•|OoยWOHULQLWHNWHNHOHDOPDN\HULQH

ELU ยONHQLQ VDKLS ROGXรทX ELUGHQ ID]OD ED]HQ oHOLรบNLOL  NULWHUOHU Doร•Vร•QGDQ ELU

SDUDVDO ELUOLรทH NDWร•OPDQร•Q \RO DoDFDรทร• ID\GD YH PDOL\HWOHUL ELU EยWยQ RODUDN

HOH DOร•S GHรทHUOHQGLUPHNWHGLU %X JHUoHNOHUH EDรทOร• RODUDN ID\GDPDOL\HW

\DNODรบร•Pร•QGD ID\GD YH PDOL\HWOHULQ NXOODQร•OPDVร•QGD EHOLUOHQHQ |OoยWOHU ND\QDN NXOODQร•P PDOL\HWL YH ND\QDN GDรทร•Oร•Pร• HWNLQOLรทLQLQ ND\EROPDVร•Qร•Q

PDOL\HWLรบHNOLQGHLNLDOWEDรบOร•NODWDQร•PODQPDNWDGร•U

.D\QDN NXOODQร•P PDOL\HWOHUL SDUDVDO ELUOLNWH EDรทร•PVร•] SDUD SROLWLNDVร•

X\JXODPDLPNDQร•Qร•Q\LWLULOPHVLLOHEHUDEHUX\JXODQDQRUWDNSDUDDUWร•รบKร•]ร•Qร•Q

ยONHOHULQ oRรทXQOXรทX YH\D WDPDPร• LoLQ RSWLPDO VHYL\HQLQ DOWร•QGD ROPDVร•QD EDรทOร• RODUDN RUWD\D oร•NDQ ND\QDNODUร•Q WDP RODUDN NXOODQร•ODPDPDVร• LOH LOJLOL

PDOL\HWOHUGLU.D\QDNGDรทร•Oร•Pร•QGDHWNLQOLรทLQND\EROPDVร•LOHLOJLOLPDOL\HWOHULVH

G|YL] SL\DVDODUร•Qร•Q YDUOร•รทร• VRQXFX G|YL] NXUODUร•\OD LOJLOL EHOLUVL]OLรทLQ \DUDWWร•รทร•

PDOL\HWOHUGLU $NWDQ 

 






%X DODQGDNL WHRULN \D]ร•Q ยถOL \ร•OODUOD EHUDEHU JHOLรบPH\H EDรบODPร•รบWร•U

&RUGHQ   0XQGHOO   ,VKL\DPD   7RZHU:LOOHW   V|]

NRQXVXDODQGDNDWNร•GDEXOXQDQLNWLVDWoร•ODUGDQED]ร•ODUร•Gร•U

&RUGHQ   SDUDVDO ELUOLNWH EDรทร•PVร•] SDUD SROLWLNDVร• X\JXODPD

LPNDQร•Qร•Q \LWLULOPHVL LOH RUWD\D oร•NDQ ND\QDN NXOODQร•P PDOL\HWLQLQ |QHPLQH

GLNNDW oHNPHNWHGLU 2UWDN SDUD ELULPL RUWDN ELU SDUD SROLWLNDVร•Qร•Q NXOODQร•Pร•Qร•

EHUDEHULQGH JHWLULU %X QHGHQOH GH EDรทร•PVร•] ELU SDUDSROLWLNDVร•NLEXยONH\H

NHQGL HQIODV\RQ Kร•]ร•Qร• VHoPH VHUEHVWLVL YHULU L]OHPH LPNDQร• RUWDGDQ NDONDU .DWร•Oร•PFร• ยONH Gร•รบ GHQJH\L VDรทODPDGD NXOODQGร•รทร• DUDoODUGDQ ELULVL RODQ

NDPEL\R SROLWLNDVร• ย]HULQGHNL VHUEHVWLVLQL YH SDUD DU]ร• ย]HULQGHNL GHQHWLPLQL

GH \LWLULU %LUOLN LoHULVLQGH X\JXODQPDNWD RODQ SDUD DU]ร• DUWร•รบ Kร•]ร• NDWร•Oร•PFร•

ยONHOHULQKHSVLLoLQRSWLPDOOLรทLVDรทOD\DFDNGย]H\GHROPD\DELOLU%XGXUXPEX

ยONHOHU LoLQ LVWHQHQ Gย]H\LQ ย]HULQGH ELU HQIODV\RQ Kร•]ร•YHLรบVL]OLNRUDQร•Qร•GD

EHUDEHULQGHJHWLUHELOLU

,VKL\DPD   SDUDVDO ELUOLรทH NDWร•OPDQร•Q NDWร•Oร•PFร• ยONH Doร•Vร•QGDQ

PDOL\HWLQL JHQHO RODUDN VDELW NXU VLVWHPLQL NDEXO HWPHQLQ JHWLUGLรทL PDOL\HWOHU

RODUDN WDQร•PODPDNWDGร•U %X PDOL\HWOHU รบX EDรบOร•NODU DOWร•QGD WRSODQDELOLU RUWDN

ELUSDUDELULPLQLQNDEXOHGLOPHVLLOHSDUDSROLWLNDVร•Qร•EDรทร•PVร•]RODUDNEHOLUOHPH

\HWLVLQLQ ND\EHGLOPHVL XOXVDO PDOL\H SROLWLNDODUร•Qร•Q EHOLUOHQPHVL ย]HULQGH

ROXรบDFDN EHOLUVL]OLNOHU KHU ยONHQLQ NHQGLQH |]Jย ELU 3KLOOLSV HรทULVLQH VDKLS

ROGXรทX YDUVD\ร•Pร• DOWร•QGD HQIDV\RQ  LรบVL]OLN GHQJHVLQGH ROXรบDFDN ROXPVX]

HWNLOHU YH RUWDN SDUD ELULPLQLQ X\JXODQPDVร• VRQXFX E|OJHVHO HNRQRPLOHUGH ROXรบPDVร• PXKWHPHO GHQJHVL]OLNOHU 3DUDVDO ELUOLNWH RUWDN SDUD SROLWLNDVร•

NXOODQร•OPDVร• EHUDEHULQGH XOXVDO PDOL\H SROLWLNDODUร•Qร•Q GD X\XPODรบWร•Uร•OPDVร•Qร• EHUDEHULQGHJHWLULUhONHLoLQGHNLJHOLUVHYL\HVLYHLVWLKGDPร•EHOLUOHPHNย]HUH

LVWLKGDP NDPX KDUFDPDODUร• YH JHOLU SROLWLNDODUร• JLEL PDNUR HNRQRPL

SROLWLNDODUร•Qร•QROXรบWXUXOPDVร•NRQXVXQGDNDWร•Oร•PFร•ยONHQLQVHUEHVWLVLQL\LWLUPHVL

NDoร•Qร•OPD]Gร•U %X GXUXPGD NDWร•Oร•PFร• ยONHOHU UHNDEHWoL ELU RUWDPGD

XOXVODUDUDVร• VHUPD\H SL\DVDODUร•QGDQ ERUoODQPDN VXUHWL LOH RUWDN ELU PDOL\H SROLWLNDVร• X\JXODPDN GXUXPXQGD NDODFDN YH UHIDK ND\Eร•QD NDWODQPDN

GXUXPXQGDNDODFDNODUGร•U

 






7RZHU:LOOHW   RSWLPXP SDUD DODQODUร•Qร•Q NRรบXOODUร•Qร• ELU JUDILN

DUDFร•Oร•รทร• LOH D\Uร•รบWร•UPร•รบ YH IDUNOร• NXU UHMLPOHUL DOWร•QGD HWNLOHULQL LQFHOHPLรบWLU%LU

SDUDELUOLรทLQHNDWร•ODQยONHQLQGร•รบDDoร•NOร•NGHUHFHVLQHNDGDU\ยNVHNVHWHNYH

RUWDN SDUDGDQ HOGH HGLOHQ ID\GDQร•Q R NDGDU \ยNVHN RODFDรทร• VRQXFXQD

YDUPร•รบWร•U gWH \DQGDQ Gร•รบVDO รบRNODU NDUรบร•Vร•QGD Lo GHQJHQLQ WHNUDU WHVLV

HGLOPHVLLoLQJHUHNOLRODQPDNURHNRQRPLNSROLWLNDODUร•QNXOODQร•Pร•QGDNLNร•Vร•WODU SDUDVDOELUOLรทHNDWร•OPDQร•QPDOL\HWLQLROXรบWXUPDNWDGร•U'ร•รบVDOรบRNODUร•QND\QDรทร•

YH Eย\ยNOยรทย GHQJHQLQ WHNUDU VDรทODQPDVร• LoLQ NDWODQร•OPDVร• JHUHNHQ

PDOL\HWOHUL HWNLOHPHNWHGLU %X WยU PDOL\HWOHU Gร•รบD Doร•NOร•N GHUHFHVLQLQ D]DODQ

ELU IRQNVL\RQXGXU g]HWOH 7RZHU:LOOHWยถLQ oDOร•รบPDVร•QGD RSWLPXP SDUD

DODQODUร• NRรบXOODUร•Qร•Q VD\ร•VDO RODUDN QH ROPDVร• JHUHNWLรทL NRQXVXQGD NHVLQ ELU \DUJร•\D YDUร•ODPDPDNWD YH X\JXODPD\D \|QHOLN DUDรบWร•UPDQร•Q JHUHNOLOLรทLQH

GLNNDWoHNLOPHNWHGLU

0F.LQQRQ  0XQGHOO  ยถLQRSWLPXPSDUDDODQODUร•QDLOLรบNLQELU

J|UยรบยQH \HQL WDUWร•รบPDODUร•Q ร•รบร•รทร•QGD WHNUDU GLNNDWOHUL oHNPLรบWLU 7HN SDUD\ร•

SD\ODรบDQ SDUDVDO ELUOLNWHNL  ยONHOHU VHUYHW SRUWI|\OHULQL ยONHOHU DUDVร•QGD

oHรบLWOHQGLUHUHN YH G|YL] UH]HUYOHULQL ELUOHรบWLUHUHN XOXVODUDUDVร• ULVNOHULQ HWNLVLQL

D]DOWDELOLU %X รบHNLOGH DVLPHWULN รบRNODUร•Q HWNLOHUL HQ D]D LQGLULOHELOLU %X

DUJยPDQร•Q GLรทHU ELU \|Qย HรทHU SDUDVDO ELUOLรทL ROXรบWXUDFDN ยONHOHU DUDVร•QGD

LOHULELUILQDQVDOEยWยQOHรบPHYDUVDELUยONHYDWDQGDรบODUร•GLรทHUยONHOHULQยUHWLPL

ย]HULQGHDODFDNOร•Oร•NKDNNร•GRรทXUDQSRUWI|\HVDKLSVHSDUDVDOELUOLNROXรบWXUPDN

Doร•Vร•QGDQ ยONHOHULQ PDUX] NDODFDNODUร• รบRNODUร•Q VLPHWULNOLรทL ELU |Q NRรบXO

ROPDNWDQoร•NPDNWDGร•U

)D\GD  PDOL\HW \DNODรบร•Pร•QGD \DรบDQDQ รบRNODUร•Q EHQ]HUOLรทL รบHNOLQGHNL

\HQL ELU NRรบXOXQ ROXรบWXรทX J|UยOPHNWHGLU %X \DNODรบร•P SDUDVDO ELUOLรทH

NDWร•OPDQร•QID\GDODUร•YHPDOL\HWOHULNRQXVXQGDIDUNOร•VRQXoODUร•GDEHUDEHULQGH

JHWLUPHNWHGLU3DUDVDOELUOLรทHNDWร•OPDQร•QID\GDYHPDOL\HWOHULPLNURHNRQRPLN

Gย]H\GHHWNLQOLรทLQPDNURHNRQRPLNGย]H\GHLVWLNUDUYHEย\ยPHQLQYHROXPOX

Gร•รบVDO HWNLOHULQ DUWร•รบ YH D]DOร•รบร•QD EDรทOร• RODUDN RUWD\D oร•NPDNWDGร•U %XQXQOD

EHUDEHUID\GDYHPDOL\HWDQDOL]OHULQLQSUDWLNVRQXoODUร•Doร•Vร•QGDQX\JXODPD\D

\|QHOLNoDOร•รบPDODUร•Q|QHPLGHJยQGHPHJHOPLรบWLU 0RQJHOOL    






 <HQLGHQ 'HรทHUOHQGLUPH 6DIKDVร• <HQL 7HRULOHU <DNODรบร•Pร•  

 

6RQ\ร•OODUGDPDNURHNRQRPLWHRULVLQGH\DรบDQDQJHOLรบPHOHUYHยถOL

\ร•OODUGD ]D\ร•IODPD\D EDรบOD\DQ (3% ROJXVXQXQ ยถOHULQ RUWDVร•QGDQ LWLEDUHQ

\HQLGHQ JยoOHQPH\H EDรบODPDVร• RSWLPXP SDUD DODQODUร• WHRULVLQLQ DQDOLWLN

oHUoHYHVLQLQ \HQL WHRULN \DNODรบร•PODU oHUoHYHVLQGH \HQLGHQ HOH DOร•QPDVร•QD QHGHQ ROPXรบWXU 0DNUR HNRQRPL WHRULVLQGHNL JHOLรบPHOHU HQIODV\RQLVW

EHNOH\LรบOHULQ YH ]DPDQWXWDUVร•]Oร•N NRQXVXQXQ WDUWร•รบPD\D Doร•OPDVร• LOH EDรบODPร•รบWร•U (QIODV\RQLVW EHNOH\LรบOHU X]XQ G|QHPGH HQIODV\RQ LOH LรบVL]OLN

DUDVร•QGD ELU |GยQOHรบPH ROXS ROPDGร•รทร•Qร• VRUJXODPDNWDGร•U =DPDQWXWDUVร•]Oร•N

NRQXVX LVH SDUD RWRULWHOHULQLQ IL\DW LVWLNUDUร•Qร•Q VDรทODQPDVร• DPDFร•QGD

NUHGLELOLWHOHULQL QDVร•O DUWร•UDELOHFHNOHUL NRQXVXQGD \RO J|VWHULFL ROPDNWDGร•U

7DYODV   0DNUR HNRQRPL WHRULVLQGH SDUD SROLWLNDVร•Qร•Q X]XQ G|QHPGH

HWNLQVL]OLรทL NUHGLELOLWH ROJXVX HVQHN NXU UHMLPLQLQ HWNLQOLรทL YH WHN SDUD LOH

LรบJยFย SL\DVDODUร• JLEL NRQXODUD EDรทOร• RODUDN  J|UยOHQ JHOLรบPHOHU SDUDVDO

ELUOLรทH NDWร•OPDQร•Q JHWLUHFHรทL ID\GD YH PDOL\HWOHU NRQXVXQGD \HQL oร•NDUร•PODU

\DSPD\DRODQDNVDรทODPDNWDGร•U 0RQJHOOL 

3DUD3ROLWLNDVร•Qร•Q8]XQ'|QHPGH(WNLQVL]OLรทL

%LU SDUDVDO ELUOLรทLQ WHPHO PDOL\HWOHULQGHQ ELULVL ย\H ยONHOHULQ SDUD

SROLWLNDVร•Qร• EDรทร•PVร•] RODUDN NXOODQPD \HWLVLQL \LWLUPHVLGLU 2SWLPXP SDUD DODQODUร• WHRULVLQGH |UWยN RODUDN YDUVD\ร•ODQ Nร•VD G|QHPOL HQIODV\RQLรบVL]OLN

|GยQOHรบPHVL EX VRQXFD \RO DoPDNWDGร•U $QFDN GDKD |QFHNL RSWLPXP SDUD DODQODUร• OLWHUDWยUยQGH \HU DODQ HQIODV\RQ ยฑ LรบVL]OLN |GยQOHรบPHVLQH JHWLULOHQ

SDUDVDOFร• HOHรบWLUL\H J|UH LรบJยFย ยFUHW EHOLUOHPHVLQGH QRPLQDO GHรทLO UHHO

ยFUHWOHUL J|] |QยQH DOร•U %X GXUXPGD VWDWLN 3KLOLSV HรทULVL HQIODV\RQLVW EHNOH\LรบOHUL J|] |QยQH DODFDN รบHNLOGH GHรทLรบPHOLGLU 7DP RODUDN DOJร•ODQDQ

WDKPLQHGLOHQ SROLWLNDGHรทLรบPHOHULQLQUHHOGHรทLรบNHQOHUย]HULQGHKLoELUHWNLVL

\RNWXU UDV\RQHOEHNOH\LรบOHUKLSRWH]L  0F&DOOXP  .UHGLELOLWH2OJXVX

%LU KยNยPHW HQIODV\RQ NRQXVXQGDNL Doร•NODGร•รทร• NDUDUODUร•QGDQ Vร•N Vร•N

JHUL\H G|Qยรบ \DSPร•รบVD EX NRQXGDNL LQDQGร•Uร•Fร•Oร•รทร•Qร• ND\EHGHU YH WRSOXPGD  






HQIODV\RQLVWEHNOH\LรบOHUJLGHUHN\ยNVHOLU%|\OHELUHNRQRPL\ยNVHNHQIODV\RQ

YH LรบVL]OLN WX]Dรทร•QD GยรบPยรบWยU %X GXUXPGDQ oร•Nร•รบ \ROX SDUDVDO GLVLSOLQH VDKLS ELU ยONH\OH ROXรบWXUDFDรทร• SDUDVDO ELUOLNWLU 3DUDVDO ELUOLNWH EX ยONH SDUD

SROLWLNDVร•DUDFร•Qร•NXOODQDPD\DFDรทร•LoLQSDUDVDOELUOLNWHKHGHIOHQHQHQIODV\RQ

Kร•]ร•EXยONHLoLQGHJHoHUOLRODFDNWร•U 7DYODV  (VQHN.XU5HMLPLQLQ(WNLQOLรทL

(VQHN NXU UHMLPLQLQ \DรบDQDQ รบRNODUร•Q ROXPVX] HWNLOHULQL JLGHUPHGH

HWNLQOLรทL NRQXVXQGD LNL IDUNOร• J|UยรบWHQ V|] HGLOHELOLU 7DYODV   'H

*UDXZH   YH .UXJPDQ   HVQHN NXU UHMLPLQLQ Gร•รบVDO รบRNODU QHGHQLLOHHNRQRPLGHROXรบDQROXPVX]OXNODUร•QJLGHULOPHVLQGHJHFLNPHOLHWNLVL

ROGXรทXQX EHOLUWPHNWHGLUOHU %X GXUXP QRPLQDO NXU GHรทLรบPHOHULQLQ HWNLQOLรทLQL

D]DOWPDNWD YH SDUD SROLWLNDVร• LOH NXU SROLWLNDVร• ย]HULQGH EDรทร•PVร•]FD KDUHNHW

HGHELOPH\HWLVLQLND\EHGHQยONHOHULQNDUรบร•ODรบWร•NODUร•PDOL\HWOHULD]DOWPDNWDGร•U

'LรทHU \DQGDQ 'H *UDXZH   ยถOL \ร•OODUGD oHรบLWOL ยONHOHUGH

J|UยOHQ GHYDOยDV\RQODUร• YH LVWLNUDU ND]DQGร•Uร•Fร• HWNLOHULQL LQFHOHGLNWHQ VRQUD QRPLQDO NXU D\DUODPDODUร•Qร•Q ED]ร• |]HO NRรบXOODUGD HNRQRPLGH LVWLNUDUร•Q

\HQLGHQWHVLVHGLOHELOPHVLQGHHWNLOLROGXรทXQXEHOLUWPHNWHGLU%XGXUXPGDLVH

SDUDVDO ELUOLN ย\HVL ELU ยONHQLQ NXU DUDFร• ย]HULQGH NRQWUROยQย \LWLUPHVLQGHQ ND\QDNODQDQED]ร•PDOL\HWOHUHNDWODQPDVร•V|]NRQXVXRODFDNWร•U 7HN3DUDYHรธรบJยFย3L\DVDODUร•

0RQJHOOL   HNRQRPLGH EHQ]HU รบRNODU \DรบDQPDVร•QD UDรทPHQ

SDUDVDO ELUOLรทH ย\H ยONHOHUGHNL LรบJยFย SL\DVDODUร•QGD \HU DODQ NXUXPODUร•Q \DSร•VDO IDUNOร•Oร•NODU J|VWHUPHVLQH EDรทOร• RODUDN ย\H ยONHOHU DUDVร•QGD IL\DW YH

ยFUHWIDUNOร•Oร•NODUร•Qร•QROXรบDFDรทร•Qร•EHOLUWPHNWHGLU3HWUROรบRNXJLELELUDU]รบRNXLOH

NDUรบร•ODรบร•OPDVร• GXUXPXQGD VHQGLNDODUร•Q JยoOยOยN GHUHFHVLQH EDรทOร• RODUDN

HNRQRPLGH

IDUNOร•

PDNUR

HNRQRPLN

HWNLOHUOH

NDUรบร•ODรบร•ODELOPHNWHGLU

6HQGLNDODUร•Q JยoOยOยN GHUHFHVL DUWร•NoD QHJDWLI ELU DU] รบRNXQXQ \ร•Nร•Fร• HWNLOHUL

GDKD D] YH GDKD Nร•VD VยUHOL RODFDNWร•U %UXQR YH 6DFKV   %XQXQOD

EHUDEHU VHQGLNDODUร•Q JยFย LOH LรบJยFย SL\DVDVร•Qร•Q HOGH HWWLรทL ID\GDODU GRรทUX

RUDQWร•Oร•ROPD\DELOLU &DOPIRUVYH'ULIILO 

 






g]HWOH \HQL WHRULOHU \DNODรบร•Pร•QD J|UH EHOLUOL ELU E|OJHGH \HU DODQ

ยONHOHUยUHWLPIDNW|UOHULPRELOLWHVLILQDQVDOLรบOHPOHUYHPDOWLFDUHWLQGH\ยNVHN

ELU X\XP J|VWHUL\RUODUVD HN RODUDN ยONHOHULQ Gร•รบD Doร•NOร•N VHYL\HOHUL YH ยUยQ

oHรบLWOLOLรทL ID]OD\VD VDELW NXU UHMLPL DOWร•QGD Lo YH Gร•รบ GHQJHVL]OLNOHUOH

PยFDGHOHQLQPDOL\HWLGยรบยNROXU

8\JXODPD\D<|QHOLNdDOร•รบPDODU6DIKDVร• VRQUDVร• 

ยถOHUGH EDรบOD\ร•S JยQยPย]H NDGDU GHYDP HGHQ EX VDIKDGD ELU

\DQGDQ HNRQRPHWUL DODQร•QGD ND\GHGLOHQ JHOLรบPHOHU ELU \DQGDQ GD Kร•]ODQDQ

(3% VยUHFLQLQ LQFHOHQPHVLQH LPNDQWDQร•Gร•รทร•YHULOHUGDKD|QFHNLVDIKDODUGD

RUWD\D NRQXODQ WHRULOHULQ X\JXODPD\D \|QHOLN ED]GD LQFHOHQPHVLQH LPNDQ

YHUPLรบWLU2SWLPXPSDUDDODQODUร•Qร•QEDรบDUร•Vร•Qร•EHOLUOH\HQYH]DPDQLoHULVLQGH

GHรทLรบLNLNWLVDWoร•ODUWDUDIร•QGDQRUWD\DNRQXODQNRรบXOODUEXX\JXODPD\D\|QHOLN

oDOร•รบPDODU VDIKDVร•QGD LQFHOHQPLรบWLU 6|] NRQXVX NRรบXOODU IL\DW YH ยFUHW

HVQHNOLรทLLรบJยFยSL\DVDVร•Qร•QEยWยQOHรบPHVLIDNW|USL\DVDVร•Qร•QEยWยQOHรบPHVL ILQDQV SL\DVDODUร•Qร•Q EยWยQOHรบPHVL HNRQRPLQLQ Doร•NOร•N GHUHFHVL ยUHWLP YH

WยNHWLPLQ oHรบLWOLOLรทL HQIODV\RQ RUDQODUร•Qร•Q EHQ]HUOLรทL PDOL EยWยQOHรบPH VL\DVL

EยWยQOHรบPHYHรบRNODUร•QEHQ]HUOLรทLรบHNOLQGH|]HWOHQHELOLU 0RQJHOOL %X

oDOร•รบPDODUGDQED]ร•ODUร•QDDรบDรทร•GD\HUYHULOPLรบWLU

3DWWHUVRQ   SDUDVDO ELUOLรทLQ IDL] RUDQODUร• YH G|YL] NXUODUร• JLEL LNL

WHPHO HNRQRPL SROLWLNDVร• DUDFร•Qร•Q EHOLUOHQPHVL \HWNLVLQL XOXVDO RWRULWHOHUGHQ

DOPร•รบ ROPDVร•QGDQ KDUHNHWOH KHUKDQJL ELU DVLPHWUL YH\D ยONH\H |]Jย รบRN

GXUXPXQGD WHNUDU LVWLNUDUร•Q VDรทODQDELOPHVL LoLQ JHUL\H NDODQ WHN DQODPOร•

VHoHQHรทLQ PDOL\H SROLWLNDVร• ROGXรทXQX YXUJXODPDNWDGร•U %X NRQX\D LOLรบNLQ

RODUDN$YUXSD.RPLV\RQXQXQ KD]ร•UODGร•รทร•ELUoDOร•รบPDGDROXรบDQDVLPHWULOHULQ D]DOWร•ODELOPHVL LoLQ Nร•VD G|QHPOL LVWLNUDU WHGELUOHULQH LKWL\Do GX\XOPDGร•รทร•

VRQXFXQD XODรบร•OPร•รบWร•U %X VRQXFXQ DUNDVร•QGD ยณHNRQRPLN EยWยQOHรบPH

JHUoHNOHรบWLรทLQGH ROXรบDFDN RODQ ยFUHWIL\DW HODVWLNL\HWL PHYFXW DVLPHWULOHULQ

D]DOPDVร•QDQHGHQRODFDNWร•UยดJ|UยรบยYDUGร•U 

   ! "  "#   $ %'&$" $   (' &  & %                )) *,+ -.) !  -,& )/01 2)234& # "5)5)67

 






3DUDVDOELUOLรทLQHQ|QHPOLDPDFร•PDOLEยWยQOHรบPHLOHGHVWHNOHQPLรบELU

IL\DW LVWLNUDUร•Gร•U 7HRULGH ยณGยรบยN HQIODV\RQXQ YH D]DOWร•OPร•รบ EยWoH Doร•NODUร•Qร•Q

EHGHOL LรบVL]OLN YH Vร•Qร•UOร• Eย\ยPHGLUยด รบHNOLQGH RUWD\D NRQXODQ HQIODV\RQ YH

LรบVL]OLNDUDVร•QGDNLLNLOHPHEDรทOร•RODUDNEDรบNDELUX\XรบPD]Oร•NKDVร•OROPDNWDGร•U 3DUDVDO ELUOLN LoHULVLQGH X\JXODQDFDN RODQ SDUD SROLWLNDVร•Qร• GHVWHNOH\HFHN

RODQ PDOL\H SROLWLNDVร• PDOLDoร•NODUร•QYHNDPXERUoODUร•Qร•QD]DOWร•OPDVร•Qร•GLรทHU

ELU GH\LรบOH PDOL GLVLSOLQL JHUHNWLUPHNWHGLU .ODVLNOHU YH .H\QHV\HQ

HNRQRPLVWOHU DUDVร•QGD EX NRQX\D LOLรบNLQ RODUDN WHRULN Gย]H\GH VยUHJHOHQELU

WDUWร•รบPD PHYFXWWXU .ODVLNOHU EX J|Uยรบย EHUDEHULQGH GDKD \ยNVHN \DWร•Uร•P

RUDQODUร•Qร• JHWLUHQ GHQJHOL ELU EยWoH YH GยรบยN NDPX ERUoODQPDVร• VD\HVLQGH

HOGH HGLOHQ GยรบยN IDL] RUDQODUร• YDUVD\ร•Pร•QD GD\DQDUDN GHVWHNOHPHNWHGLUOHU

'LรทHU \DQGDQ .H\QHV\HQ HNRQRPLVWOHUH J|UH EX GXUXP ยณRWRPDWLN LVWLNUDU VDรทOD\ร•Fร•ODUร•QยดHWNLVLQLWHUVLQHoHYLUHFHNYHUHHOHNRQRPL\H]DUDUYHUHFHNWLU

3DWWHUVRQ  X\JXQSDUDVDOJHQLรบOHPHQLQVDรทODQPDVร•GXUXPXQGD

HQIODV\RQ YH LรบVL]OLN DUDVร•QGDNL |GยQOHรบPHQLQ RUWDGDQ NDONDFDรทร•Qร• |QH

VยUPHNWHGLU %X GXUXP HNRQRPLQLQ Eย\ยPH RUDQร•Qร• PDNVLPL]H YH LรบVL]OLN

RUDQร•Qร• PLQLPL]H HWPH\L DPDoOD\DQ NDUDUOร• YH GยรบยN ELU HQIODV\RQ RUDQร•Qร•Q

KHGHIOHQPHVL LOH ROXรบDQ GLNH\ ELU X]XQ G|QHPOL 3KLOOLSV (รทULVLยถQLQ GRรทDO

VRQXFXGXU %X GXUXPD EDรทOร• RODUDN SDUD YH PDOL\H SROLWLNDODUร• DUDVร•QGD YDU

RODQ EX oHOLรบNLOHULQ D]DOWร•ODELOPHVL LoLQ ELULQFLO DPDFร• ยณIL\DW LVWLNUDUร•ยด RODQ

SDUDVDOELUOLNLoHULVLQGHX\JXODQDQSDUDSROLWLNDVร•Qร•QGDKDDoร•NRODUDNRUWD\D

NRQXOPDVร•JHUHNPHNWHGLU

%X J|Uยรบย GHVWHNOH\HQ ELU WDUWร•รบPD /OR\G YH GLรทHUOHUL  

WDUDIร•QGDQ RUWD\D NRQXOPXรบWXU 3DUDVDO ELUOLN LoHULVLQGH KDNLP RODQ \DWร•Uร•P

GDYUDQร•รบร• \DWร•Uร•PODUร•Q VยUHNOL RODUDN HNRQRPLQLQ X]XQ G|QHPOL Eย\ยPH

RUDQร•Qร• DUWร•UGร•รทร•Qร• YDUVD\DQ oHรบLWOL LoVHO Eย\ยPH PRGHOOHULQH GD\DQDUDN

LQFHOHQPLรบWLU 3DUDVDO ELUOLรทLQ X]XQ G|QHPOL Eย\ยPH RUDQร•Qร• DUWร•UPDN

HNRQRPLN YH LรบJยFย Eย\ยPHVLQL EDรบDUร•S VยUGยUยOHELOLU Nร•OPDN \DOQร•]FD

X\JXQHVQHNYHDoร•NoDWDQร•PODQPร•รบELUSROLWLNDNDUPDVร•LOHPยPNยQGยU

%D\RXPL YH (LFKHQJUHHQ   (LFKHQJUHHQ YH :\SORV]  

$VGUXEDOL YH GLรทHUOHUL   )DWDV   YH 2EVWIHOG YH 3HUL  ยถQLQ

oDOร•รบPDODUร•QGD (3% LoHULVLQGH \HU DODQ YH EDรทร•PVร•]FD NHQGL SDUD  






SROLWLNDODUร•Qร•NHQGLOHULQLQROXรบWXUPDรบDQVODUร•ROPD\DQย\HยONHOHULQDVLPHWULN

รบRNODUOD EDรบ HGHELOPH \HWHQHNOHUL VRUJXODQPDNWDGร•U )DYHUR YH GLรทHUOHUL

 

0LQVN\   LVWLNUDUOร• ELU HNRQRPL RODELOPH DQODPร•QGD SDUDVDO

ELUOLรทLQJHOHFHNWHNLRODVร•EDรบDUร•YH\DEDรบDUร•Vร•]Oร•รทร•QDLOLรบNLQoHรบLWOLJ|UยรบOHULOHUL

VยUPHNWHGLU 6DZ\HU   0LQVN\ WDUDIร•QGDQ JยQGHPH JHWLULOHQ

J|UยรบOHUGHQ ED]ร•ODUร• Nร•VDFD EยWoH Doร•NODUร•QD EDรทOร• RODUDN SDUD WDEDQร•Qร•Q

JHQLรบOHWLOPHVL PHUNH] EDQNDVร•Qร•Q VRQ ERUo YHUHQ PHUFL UROย YH KยNยPHWLQ

Eย\ยNOยรทย JLEL NRQXODUD LOLรบNLQGLU รธON LNL J|Uยรบ GHSUHV\RQ YH GHIODV\RQ JLEL

NRQXODUร• VRUJXODUNHQ ยoยQFย J|Uยรบ NDPX EยWoHVLQLQ RWRPDWLN LVWLNUDU VDรทOD\ร•Fร• ROPD IRQNVL\RQXQX HOH DOPDNWDGร•U %X J|UยรบOHUH EDรทOร• RODUDN

6DZ\HU   RUWDN SDUD ELULPL X\JXODPDVร• LoLQ WHVLV HGLOPLรบ RODQ PHYFXW

NXUXPVDO YH SROLWLN DOW \DSร•Qร•Q GHIODV\RQLVW ROGXรทX YH EX \DSร•Qร•Q LVWLNUDU VDรทODQPDVร•QD|QHPYHUPHGLรทLVRQXFXQDXODรบPDNWDGร•U

%D]ร• oDOร•รบPDODU SDUD SROLWLNDVร•Qร•Q HNRQRPLN KD\DWร• HWNLOHPHVLQGH

R\QDGร•NODUร•|QHPOLUROOHUHEDรทOร•RODUDN3DUDVDO%LUOLNLoHULVLQGHX\JXODQPDNWD

RODQ IDL] RUDQODUร• NUHGLOHU YH YDUOร•NODUร•Q IL\DWODQPDVร• JLEL ED]ร• WHPHO SDUDVDO

DNWDUร•P DUDoODUร•QD RGDNODQPร•รบWร•U 3DUD SROLWLNDVร• X\JXODPDVร• HWNLVLQL IDL]

RUDQODUร• NUHGLOHULQ GDรทร•Oร•Pร• YH YDUOร•N IL\DWODUร• JLEL DUDoODUร•Q NXOODQร•OPDVร• LOH

J|VWHULU )DYHUR YH GLรทHUOHUL   EX ยo SDUD DNWDUร•P PHNDQL]PDVร•

NDQDOร•QD Dรทร•UOร•N YHUHUHN HNRQRPLGHNL DVLPHWULOHULQ |QHPLQL LQFHOHPLรบ YH 3DUDVDO%LUOLNLoHULVLQGHNLSDUDDNWDUร•PPHNDQL]PDVร•QGDILQDQVDOEยWยQOHรบPH

YH VLPHWULQLQ VDรทODQDELOPHVL LoLQ \DVDO X\XPXQ ELU |Q NRรบXO ROGXรทXQX

VDYXQPXรบODUGร•U

)DL] RUDQODUร• ELU SDUD SROLWLNDVร• DUDFร• RODUDN SHN oRN oDOร•รบPDGD

LQFHOHQPLรบWLU%XoDOร•รบPDODUIDL]RUDQODUร•Qร•QEHOLUOH\LFLOHULQLYHIDL]RUDQODUร•Qร•Q

HWNLOHULQL DUDรบWร•UDQ oDOร•รบPDODU RODUDN D\Uร•OPDNWDGร•U 3DWWHUVRQ YH GLรทHUOHUL

  IDL] RUDQODUร•Qร•Q EHOLUOH\LFLOHULQL DUDรบWร•UPร•รบWร•U (QIODV\RQLVW EHNOH\LรบOHU

YH GHUHFHVL GHรทLรบPHNWH RODQ ULVN IDNW|Uย IDL] RUDQODUร•Qร•Q EHOLUOHQPHVLQGH

|QHPOL URO R\QDPDNWDGร•U 3DUDVDO ELUOLNWH IL\DW LVWLNUDUร•Qร•Q VDรทODQPDVร• YH

ILQDQVDO SL\DVDODUร•Q LVWLNUDUร• NRQXODUร•QGD NHVLQ ELU J|Uยรบ ELUOLรทL YDUGร•U %X

J|Uยรบ LVH PHUNH] EDQNDVร•QFD EHOLUOHQHQ Nร•VD G|QHPOL IDL] RUDQODUร•Qร•Q ELUELUL  






LOH X\XPOX ROPDVร•QD \RO DoPDNWDGร•U 3DUD SROLWLNDVร• YH UHHO IDNW|UOHULQ

NDUPDรบร•N HWNLOHรบLPL VRQXFX EHOLUOHQHQ X]XQ G|QHPOL IDL]RUDQODUร•GDEHQ]HU

รบHNLOGHXOXVODUDUDVร•Gย]H\GHX\XPOXKDOHJHOPHNWHGLU

)DYHUR YH GLรทHUOHUL   IDL] RUDQODUร•Qร•Q HNRQRPL\H HWNLOHULQL

DUDรบWร•UPร•รบWร•U 3DUDVDO DNWDUร•P PHNDQL]PDVร•Qร•Q VRQXFX RODUDN IDL]

RUDQODUร•QGDNL GHรทLรบPHOHULQ HQ EHOLUJLQ RODUDN GD\DQร•NOร• WยNHWLP PDOODUร•QGD

ROPDNย]HUHWยNHWLPYH\DWร•Uร•PGDYUDQร•รบร•Qร•GRรทUXGDQHWNLOHGLรทLQL|QHVยUHUOHU

%X HWNL JHOLU YH LNDPH HWNLOHULQLQ ELU VRQXFX RODUDN JHUoHNOHรบPHNWHGLU (N

RODUDN JHOHFHNWHNL JHOLULQ EHOLUVL]OLรทLQH \|QHOLN DOJร•ODPD GD HWNLOL ROPDNWDGร•U 3DUDVDOELUOLNWHNLPHYFXWDVLPHWULOHULVHIDL]RUDQร•QGDNLGHรทLรบPHOHULQ\DUDWWร•รทร•

HWNLOHULQIDUNOร•ODรบPDJ|VWHUPHVLQHQHGHQROPDNWDGร•U

%HUQDQNH YH *HUWOHU   IDL] RUDQร• GHรทLรบPHOHULQLQ ยณNUHGL YH JHQLรบ

NUHGLยดNDQDOODUร•DUDFร•Oร•รทร•LOHHWNLOHULQLJ|VWHUGLรทLQLYXUJXODPDNWDGร•U%DQNDODUร•Q YH ILUPDODUร•Q ELODQoRODUร•QGD YHUGLNOHUL ERUoODU YH LKUDo HWWLNOHUL ERQRODU

DUDVร•QGD WDP LNDPH ROPDPDVร• GXUXPXQGD NUHGL NDQDOร• oDOร•รบPDNWD WDP

LNDPH ROPDPDVร• GXUXPXQGDQ ]L\DGH NUHGL Nร•Vร•WODPDVร• ROPDVร• GXUXPXQD

EDรทOร• RODUDN LVH JHQLรบ NUHGL NDQDOร• HWNLVLQL J|VWHUPHNWHGLU )DYHUR YH

GLรทHUOHUL 

)DYHUR YH GLรทHUOHUL   .L\RWDNL YH 0RRUH  ยถXQ WHPLQDWODUD

EDรทOร• RODUDN RUWD\D oร•NDQ NUHGL Nร•Vร•WODPDVร• GXUXPXQGD IDL] RUDQODUร•QGDNL

KHUKDQJL ELU \ยNVHOPHQLQ WHPLQDWร•Q SL\DVD GHรทHULQL GยรบยUHFHรทLQL YH EXQD

EDรทOร• RODUDN EDQNDODUD RODQ ERUoODUร•Q JHUL G|QGยUยOPHVLQGH ROXPVX]

VRQXoODUOD NDUรบร•ODรบร•ODFDรทร•Qร• YXUJXODGร•NODUร• oDOร•รบPD\D GD\DQDUDN 3DUDVDO

ELUOLN LoHULVLQGH NUHGL NDQDOร•Qร•Q |QHPOL ROGXรทXQX ]LUD ILUPDODUร•Q ILQDQVPDQ

LKWL\DoODUร•Qร•QEDQNDODUFDNDUรบร•ODQPDNWDROGXรทXQXEHOLUWPHNWHGLU

(LFKHQJUHHQ  (3%ยถ\HNDWร•ODQยONHOHULยFUHWHVQHNOLรทLYHยUHWLP

IDNW|UOHUL PRELOLWHVL Doร•Vร•QGDQ $%' LOH Nร•\DVODPร•รบ DQFDN NHVLQ ELU \DUJร•\D

YDUDPDPร•รบWร•U 5HKPDQ   (3% LoHULVLQGHNL ยFUHW HVQHNOLรทLQLQ |]HOOLNOH

DVVLPHWULNรบRNODUGXUXPXQGD|QHPND]DQDFDรทร•Qร•YXUJXODPDNWDGร•U(PHUVRQ YH GLรทHUOHUL   (3% LoHULVLQGH LรบJยFย PRELOLWHVLQLQ VDGHFH ยONHOHU

DUDVร•QGD GHรทLO ยONHOHU LoHULVLQGH GH GยรบยN ROGXรทXQX EHOLUWPHNWHGLUOHU %LUOLN

 






LoHULVLQGH DVLPHWULN รบRNODU GXUXPXQGD HWNLOL RODELOHFHN ELU LรบJยFย PRELOLWHVLQGHQV|]HWPHQLQPยPNยQROPDGร•รทร•Qร•GDYXUJXODPDNWDGร•UODU

(3% LoHULVLQGH VHUPD\H KDUHNHWOLOLรทLQLQ YH Gร•รบD Doร•NOร•N GHUHFHVLQLQ

DUWDFDรทร•V|\OHQHELOLU$QFDNGร•รบDDoร•NOร•NGHUHFHOHUL%LUOLNLoHULVLQGHNLยONHOHUGH

IDUNOร•Oร•N J|VWHUPHNWHGLU (3%ยถQLQ EDรบDUร•Vร• %LUOLN LoHULVLQGH \HU DODQ ยONHOHULQ

RSWLPXP SDUD DODQODUร• WHRULVLQLQ JHWLUGLรทL NULWHUOHUH X\XP VDรทODPDVร•QD EDรทOร•Gร•U $VLPHWULN รบRNODUOD NDUรบร•ODรบร•OPDVร• GXUXPXQGD IDL] RUDQร• YH G|YL]

NXUX JLEL SDUD SROLWLNDVร• DUDoODUร•Qร•Q %LUOLN LoHULVLQGH \HU DODQ ยONHOHUFH

\LWLULOPHVLQLQHWNLVLKHUยONHLoLQIDUNOร•Oร•NJ|VWHUHFHNWLU 7RQXV  8]PDQODรบPDYHรธoVHOOLN3DUDGLJPDODUร• 'LQDPLN(WNLOHU 

)UDQNHO   RSWLPXP SDUD DODQODUร• WHRULVLQLQ LNL NRรบXOXQX

HNRQRPLQLQDoร•NOร•NGHUHFHVLYHย\HยONHOHULQJHOLUGHรทLรบPHOHULQLQELUELUOHULLOH

NRUHODV\RQXQX SDUDVDO ELUOLรทLQ JHWLUHFHรทL ID\GDODUร• LQFHOHPHN Doร•Vร•QGDQ HOH

DOPDNWDGร•U <ยNVHN ELU Doร•NOร•N GHUHFHVL YH JHOLU NRUHODV\RQX |]HOOLNOHULQL

ELUOLNWH YH\D D\Uร• D\Uร• SD\ODรบDQ ย\H ยONHOHULQ SDUDVDO ELUOLNWHQ GDKD ID]OD

\DUDUVDรทOD\DFDรทร•VRQXFXQDYDUPDNWDGร•U(NRODUDNEXLNLJ|VWHUJHQLQRUWDN

ELU SDUD SROLWLNDVร• X\JXODPD VRQXFXQGD D]DODQ LรบOHP PDOL\HWOHUL YH

VDELWOHQPLรบ NXU VD\HVLQGH ROGXรทXQX EHOLUWPHNWHGLU $QFDN RUWDN SDUD

SROLWLNDVร• X\JXODQPDVร• VRQXFXQGD JHOLU NRUHODV\RQXQXQ DUWDFDรทร• \D GD

D]DODFDรทร•\|QยQGHELUWDUWร•รบPDPHYFXWWXU 0RQJHOOL 

.UXJPDQ X]PDQODรบPD KLSRWH]L RODUDN DGODQGร•Uร•ODQ LON J|UยรบH J|UH

RUWDN SDUD NXOODQร•Pร• |OoHN HNRQRPLOHULQL DUWร•Uร•U YH WLFDUHW |QยQGHNL HQJHOOHUL

D]DOWร•U%XQDEDรทOร•RODUDNSDUDELUOLรทLLoHULVLQGHยONHOHUEยWยQOHรบWLNoHYHGร•รบD

Doร•NOร•NVHYL\HOHUL\ยNVHOGLNoHNDUรบร•ODรบWร•UPDOร•ยVWยQOยรทHVDKLSROGXNODUร•PDOYH KL]PHWOHUGH X]PDQODรบPD\D JLGHUOHU %D\RXPL YH (LFKHQJUHHQ   %X

GXUXP ย\H ยONHOHULQ DU] รบRNODUร•QD GDKD Doร•N ROPDVร• VRQXFXQX JHWLUHFHN YH GROD\ร•Vร•LOHJHOLUNRUHODV\RQODUร•D]DODFDNWร•U

2SWLPXP SDUD DODQODUร•Qร•Q LoVHOOLรทL RODUDN DGODQGร•Uร•ODQ LNLQFL J|UยรบH

J|UH SDUDVDO ELUOLรทH ย\H ยONHOHULQ JHOLUOHUL DUDVร•QGDNL NRUHODV\RQ YH WLFDUHWLQ EยWยQOHรบPHVL DUDVร•QGD ELU EDรทODQWร• YDUGร•U 2UWDN SDUD NXOODQร•Pร• UHNDEHWoL

GHYDOยDV\RQODUร• HQJHOOHU GRรทUXGDQ Gร•รบ \DWร•Uร•PODUร• DUWร•Uร•U X]XQ G|QHPOL  






LOLรบNLOHULNXYYHWOHQGLULUYHVL\DVLEยWยQOHรบPH\LFHVDUHWOHQGLULU 0RQJHOOL 

%X J|Uยรบ SDUDVDO ELUOLรทH NDWร•OPD NRรบXOODUร•Qร•Q WHNUDU J|]GHQ JHoLULOPHVLQH QHGHQ ROPDNWDGร•U =LUD SDUDVDO ELUOLรทH NDWร•OPDGDQ |QFH NRรบXOODUร•

VDรทOD\DPD\DQ ยONHOHU ELUOLรทH NDWร•Oร•UODUVD NRรบXOODUร• VDรทOD\DELOHFHNOHUGLU )UDQNHOYH5RVH 

(LFKHQJUHHQ   X]PDQODรบPD KLSRWH]LQL LQFHOH\HQ X\JXODPD\D

\|QHOLN oDOร•รบPDVร•QGD $YUXSDยถGD X]PDQODรบPDQร•Q DUWWร•รทร• DQFDN ยUHWLP

\DSร•Vร•Qร•QยONHOHUH\D\ร•ODUDNJHQLรบOHGLรทLVRQXFXQDXODรบPร•รบWร•U5RVH  LVH

 DUDVร•QGD  ยONH\L LQFHOHGLรทL GHQH\VHO oDOร•รบPDVร•QGD SDUDVDO

EยWยQOHรบPHQLQWLFDUHWND]DQoODUร•ย]HULQGHROXPOXVRQXoODU\DUDWWร•รทร•VRQXFXQD

XODรบPร•รบWร•U 6RQXo RODUDN X]PDQODรบPD YH LoVHOOLN KLSRWH]OHULQGHQ KDQJLVL

JHoHUOL ROXUVD ROVXQ (3%ยถQLQ ย\H ยONHOHU LoLQ ROXPOX VRQXoODU GRรทXUDFDรทร•

\DSร•ODQ X\JXODPD\D \|QHOLN oDOร•รบPDODUOD RUWD\D NRQXOPDNWDGร•U 0RQJHOOL

 

%X E|OยPGH Nร•VDFD DNWDUร•OPD\D oDOร•รบร•ODQ RSWLPXP SDUD DODQODUร•

WHRULVLQLQ \ร•OODU LoHULVLQGHNL JHOLรบLPL $YUXSD %LUOLรทLยถQLQ |]HOOLNOH (3%ยถQLQ

JHOLรบLPL LOH SDUDOHOOLN J|VWHUPHNWHGLU 6RQUDNL E|OยPGH $YUXSD %LUOLรทL YH

(3%ยถQLQ JยQยPย]H NDGDU WDULKVHO RODUDN QDVร•O JHOLรบWLรทL YH 7ยUNL\HยถQLQ EX

ROXรบXPODLOLรบNLVLLQFHOHQHFHNWLU        

 






  hdh1&h%g/h0 $9583$3$5$6ø67(0ø1ø1*(/øùø0ø

$YUXSD3DUDVDOøúELUOL÷L3ODQODUÕ

5RPD $QWODúPDVÕQÕQ  2FDN  WDULKLQGH \UUO÷H JLUPHVL LOH

$YUXSD(NRQRPLN7RSOXOX÷X\HVLDOWՁONH %HOoLND)UDQVD$OPDQ\DøWDO\D

/NVHPEXUJ YH +ROODQGD  SDUDODUÕQÕQ GÕú NRQYHUWLELOLWHOHULQL VD÷ODPÕúODU YH 3DUD .RPLWHVLQL IDDOL\HWH JHoLUPLúOHUGLU $YUXSD (NRQRPLN 7RSOXOX÷X

.RPLV\RQX  \ÕOÕ (NLP D\ÕQGD $YUXSD .RQVH\L¶QH 7RSOXOXN \HVL

ONHOHULQ SDUDODUÕQÕQ ELUELUOHULQH NDUúÕ GDU ELU EDQW LoLQGH GDOJDODQPDVÕQÕQ

SDUD SROLWLNDODUÕ DUDVÕQGD HúJGP VD÷OD\DFD÷Õ \ROXQGD J|Uú ELOGLUPLúWLU

0HUNH] %DQNDODUÕ *XYHUQ|UOHU .RPLWHVL %WoH 3ROLWLNDVÕ LOH 2UWD 9DGHOL

(NRQRPL 3ROLWLNDVÕ .RPLWHVL  YH  \ÕOODUÕQGD NXUXOPXúWXU $\QÕ

G|QHPGH \H ONHOHULQ G|YL] NXUODUÕQÕ GH÷LúWLUPHGHQ |QFH ELUELUOHULQH

GDQÕúPDODUÕ 3DUD .RPLWHVL¶QLQ \HWNLOHULQLQ JHQLúOHWLOPHVL YH HQIODV\RQOD PFDGHOHGH\HOHULQX\XPOXKDUHNHWHWPHVLNRQXVXQGDNDUDUODUDOÕQPÕúWÕU

$YUXSD (NRQRPLN 7RSOXOX÷X .RPLV\RQX  \ÕOÕQGD $YUXSD

.RQVH\¶LQH HNRQRPLN YH SDUDVDO VRUXQODUD o|]P EXOXQPDVÕ LoLQ L]OHQPHVL

JHUHNHQ SROLWLNDODUD LOLúNLQ J|Uú ELOGLUPLúWLU $\QÕ \ÕO LoLQGH DOWÕ \H ONH

*PUN %LUOL÷LQL JHUoHNOHúWLUPLúWLU 7LFDUHW KDFLPOHULQLQ \DNODúÕN \DUÕVÕQÕQ

ELUELUOHUL

LOH

ROPDVÕ

\H

ONHOHU

DUDVÕQGD

HNRQRPLN

LúELUOL÷LQL

NXYYHWOHQGLUPLúWLU 2UWDN 7DUÕP 3ROLWLNDVÕ¶QÕQ X\JXODQPD\D EDúODPDVÕ LOH

EHUDEHU $YUXSD 7RSOXOX÷X LoHULVLQGH VDELW G|YL] NXUX UHMLPLQLQ YH SDUDVDO

ELUOHúPH ROJXVXQXQ |QHPL DUWPÕúWÕU )UDQVD¶QÕQ |QGHUOL÷LQGH (3% NDYUDPÕ

WDUWÕúPD\D DoÕOPÕúWÕU  \ÕOÕQGD DOWÕ \H ONH HNRQRPLN YH SDUDVDO

ELUOHúPH KD]ÕUOÕNODUÕQD UHVPHQ EDúODQPDVÕQÕ RQD\ODPÕúWÕU %X NDSVDPGD

 \ÕOÕQGD |QHULOHQ 6FKLOOHU 3ODQÕ LOH %LULQFL YH øNLQFL %DUUH 5DSRUODUÕQÕ

YH\ÕOODUÕQGD|QHULOHQ:HUQHU5DSRUODUÕWDNLSHWPLúWLU   






6FKLOOHU3ODQร•  

(3%ยถ\H HNRQRPLVW \DNODรบร•P RODUDN WDQร•PODQDQ  YH $OPDQ\D LOH

+ROODQGDยถQร•QEDรบร•Qร•oHNWLรทL6FKLOOHU3ODQร•XOXVDOSDUDYHPDOL\HSROLWLNDODUร•Qร•Q

HรบJยGยPยQย DPDoODPร•รบWร•U 3ODQ SDUDVDO ELUOLรทH JHoLOPHGHQ |QFH ย\H

ยONHOHULQ HNRQRPL SROLWLNDODUร• DUDVร•QGD X\XP VDรทODQPDVร• JHUHNWLรทLQL

VDYXQPDNWDGร•U (N RODUDN ย\H ยONHOHULQ |GHPHOHU GHQJHVL Doร•NODUร•QD GLNNDW

HWPHOHULXOXVDOEยWoHOHUย]HULQGHXOXVODUยVWยNRQWUROWHVLVHGLOPHVLYHXOXVDO

SDUDODU DUDVร•QGD GDOJDODQPD PDUMร•Qร•Q GDUDOWร•OPDVร• |QHULOHULQL JHWLUPHNWHGLU

$\Uร•FD SODQ EยWยQ HNRQRPL YH SDUD SROLWLNDODUร•Qร• EHOLUOHPH \HWNLVLQLQ GHYUHGLOGLรทL XOXVODUยVWย ELU NXUXP QLWHOLรทLQGH RODQ $YUXSD 0HUNH] %DQNDODUร•

.RQVH\LยถQLQ NXUXOPDVร•Qร• KHGHIOHPHNWHGLU 3ODQ SROLWLN QHGHQOHUOH KD\DWD

JHoLULOHPHPLรบWLU

%DUUH5DSRUODUร•  

(3%ยถ\H SDUDFร• \DNODรบร•P RODUDN WDQร•PODQDQ  YH )UDQVDยถQร•Q EDรบร•Qร•

oHNWLรทL %LULQFL %DUUH 5DSRUX 6FKLOOHU 3ODQร• JLEL HNRQRPL YH SDUDVDO

SROLWLNDODUร•Q HรบJยGยPย KHGHIOHQPLรบWLU %LULQFL %DUUH 5DSRUX $YUXSD

7RSOXOXรทX ย\HVL ยONHOHUH Nร•VD YDGHOL ILQDQVDO \DUGร•P PHNDQL]PDVร•Qร•Q

NXUXOPDVร•Qร•YHRUWDYDGHOLSROLWLNDODUGDX\XPX|QSODQDoร•NDUPร•รบWร•U%XUDSRU

LOHGร•รบ|GHPH]RUOXNODUร•LOHNDUรบร•ODรบDQยONHOHUHNRรบXOVX]NUHGLYHULOPHVLย\H ยONHOHULQ Eย\ยPH Kร•]ODUร• DUDVร•QGD X\XP VDรทODQPDVร• YH GRODUD NDUรบร• XOXVDO

SDUDODUร•Q GDOJDODQPD PDUMร•Qร•Q GDUDOWร•OPDVร• |QJ|UยOPยรบWยU รธNLQFL %DUUH

5DSRUX (3%ยถQLQ DรบDPDOร• RODUDN NXUXOPDVร•Qร• |QHUPLรบWLU %X UDSRUD J|UH

(3%ยถQLQ KD\DWD JHoLULOPHVLQGH HQ |QHPOL IDNW|U SDUDVDO DUDoODUGร•U gQFH

G|YL]NXUXELUOLรทLNXUXOPDOร•YHG|YL]UH]HUYOHULRUWDNELUIRQGDWRSODQPDOร•GDKD

VRQUDHNRQRPLYHPDOL\HSROLWLNDODUร•QGDELUOLNVDรทODQPDOร•Gร•U6FKLOOHU3ODQร•QGD

|QHULOGLรทL JLEL HNRQRPL YH SDUD SROLWLNDODUร•Qร• EHOLUOHPH \HWNLVLQLQ ELU

XOXVODUยVWยNXUXPQLWHOLรทLQGHRODQ0HUNH]%DQNDODUร•*XYHUQ|UOHU.RQVH\LยถQH GHYUHGLOPHVLQL |QHUPHNWHGLU %X UDSRU GD SROLWLN QHGHQOHUOH KD\DWD

JHoLULOHPHPLรบWLU    






:HUQHU5DSRUODUร• YH 

/ยNVHPEXUJยถXQEDรบร•Qร•oHNWLรทL%LULQFL:HUQHU5DSRUX|QFHNLUDSRUODUD

Nร•\DVOD GHVWHN J|UPยรบ YH XOXVDO SDUDODU DUDVร•QGDNL GDOJDODQPD PDUMร•Qร•Q

GDUDOWร•OPDVร• |QHULVL NDEXO HGLOPLรบWLU รธNLQFL :HUQHU 5DSRUX (3%ยถQLQ

$รบDPDODUร•Qร•Q*HUoHNOHรบWLULOPHVLLVLPOLUDSRUODEHUDEHUVXQXOPXรบWXU(3%LoLQ

ยo DรบDPD |QJ|UHQ UDSRUD J|UH DPDo PDO KL]PHW HPHN YH VHUPD\HQLQ

VHUEHVWoHGRODรบDELOHFHรทLE|OJHVHOYH\DSร•VDOIDUNOร•Oร•NODUร•QROPDGร•รทร•ELUE|OJH

ROXรบWXUPDNWร•U %|OJHOHU DUDVร•QGD GHQJH IDNW|U PRELOLWHVL YH PDOL WUDQVIHUOHU DUDFร•Oร•รทร•LOHVDรทODQDFDNWร•U3DUDVDOELUOLNLVHSDUDODUร•QNRQYHUWLELOLWHVLQGHQJHUL

G|QยOPHPHVL

SDULWHOHULQ

VDELWOHQPHVL

YH

VHUPD\H

KDUHNHWOHULQGH

OLEHUDOL]DV\RQVDรทODQPDVร•NRรบXOODUร•LOHELUOLNWHWDQร•PODQPร•รบWร•U$\Uร•FDHNRQRPL

YHSDUDVDOSROLWLNDODUร•QEHOLUOHQPHVLQGHXOXVDO\HWNLOHULQGHYULQLQ(3%ยถQLQVRQ

DรบDPDVร•QD NDGDU JHUHNPHGLรทL EHOLUWLOPHNWHGLU 6RQ DรบDPD\D JHOLQPHVL LOH

ELUOLNWH HNRQRPL YH SDUD SROLWLNDODUร•Qร• EHOLUOHPH \HWNLVLQLQ ELU XOXVODUยVWย

NXUXPRODUDN0HUNH]%DQNDODUร•2UWDN6LVWHPLยถQFH\ยUยWยOPHVL|QHULOPLรบWLU $YUXSD3DUD6LVWHPL

:HUQHU 5DSRUX (NRQRPL YH 0DOL\H %DNDQODUร• .RQVH\LQFH  0DUW

 WDULKLQGH NDEXO HGLOPLรบWLU 5DSRUXQ HQ |QHPOL NDWNร•ODUร• $YUXSD

7RSOXOXรทXLoLQG|YL]NXUXPHNDQL]PDVร•YH$YUXSD3DUDVDOรธรบELUOLรทL)RQXยถQXQ

NXUXOPDVร•Gร•U

6PLWKVRQLDQ

$QWODรบPDVร•Qร•Q

$UDOร•N



WDULKLQGH

LP]DODQPDVร•\ODEHUDEHU$YUXSD7RSOXOXรทXLoHULVLQGH\HUDODQDOWร•ยONHQLQYH

7RSOXOXรทD NDWร•OPDVร• EHNOHQHQ G|UW ยONHQLQ รธQJLOWHUH รธUODQGD 'DQLPDUND YH

1RUYHo SDUDODUร•NHQGLLoLQGHยถOLNELUEDQWLoHULVLQGHGDOJDODQPD\D

Eร•UDNร•OPร•รบWร•U ยณ\ร•ODQยดX\JXODPDVร• %XSDUDODULOHGRODUDUDVร•QGDNLGDOJDODQPD

PDUMร• LVH  ยถOXN ELU EDQW LOH GDKD JHQLรบ WXWXOPXรบWXU ยณWยQHOยด X\JXODPDVร•  (N RODUDN ย\H ยONHOHU XOXVDO SDUD ELULPOHULQLQ GRODU HWUDIร•QGDNL GDOJDODQPD

Vร•Qร•UODUร•Qร• NRUXPDN LoLQ G|YL] SL\DVDODUร•QD NHQGL XOXVDO SDUD ELULPOHUL LOH

PยGDKDOHNDUDUร•DOPร•รบODUGร•U

7ยQHOGHNL <ร•ODQ DGร•\OD ELOLQHQ %DVOH $QODรบPDVร•  1LVDQ 

WDULKLQGH \ยUยUOยรทH JLUPLรบWLU 0D\ร•V ยถGH รธQJLOWHUH รธUODQGD YH 'DQLPDUND

X\JXODPD\DNDWร•OPร•รบWร•U1RUYHoLVHRUWDNย\HRODUDNX\JXODPDGD\HUDOPร•รบWร•U $QFDNSHWURONUL]OHULยONHOHUDUDVร•QGDNLSROLWLNDIDUNOร•Oร•NODUร•YHGRODUร•Q]D\ร•IOร•รทร•  






NDUúÕVÕQGD  \ÕOÕ VRQD HUGL÷LQGH UDSRUXQ JHWLUGL÷L VLVWHP \H ONHOHULQ ELUHU LNLúHU WQHOGHNL \ÕODQ X\JXODPDVÕQÕ WHUN HWPHVL LOH \ÕNÕOPÕúWÕU $YUXSD

3DUD<ÕODQÕ(3%LoLQVRPXWELUDGÕPROPXúDQFDN$YUXSD3DUD6LVWHPL¶QLQ

NXUXOPDVÕQDNDGDUJHoHQG|QHPGH\HONHOHUFH\DúDQDQ|GHPHOHUGHQJHVL

VRUXQXQDNDOÕFÕELUo|]PJHWLUHPHPLúWLU $YUXSD3DUD6LVWHPL

øQJLOWHUH øUODQGD YH 'DQLPDUND¶QÕQ NDWÕOÕPÕ LOH JHQLúOH\HQ $YUXSD

7RSOXOX÷X LoLQ HNRQRPLN LOLúNLOHULQ DUWÕUÕODELOPHVLQLQ |Q NRúXOX SDUDVDO

LVWLNUDUÕQ VD÷ODQPDVÕ ROPXúWXU ¶OHU ER\XQFD \DúDQDQ SDUDVDO

LVWLNUDUVÕ]OÕN VUHFL $YUXSD 3DUD 6LVWHPL¶QLQ NXUXOPDVÕ LoLQ JHUHNOL RUWDPÕ

KD]ÕUODPÕúWÕU

$YUXSD3DUD6LVWHPL¶QLQ.XUXOXúX

(\OO  WDULKLQGH ³)RXUFDGH 3ODQÕ´ 7HPPX]  WDULKLQGH

³'XLVHQEHUJ 3ODQÕ´  YH ¶GH ´ $YUXSD 7RSOXOX÷X .RPLV\RQX *LULúLPL´

$%' 'RODUÕQD NDUúÕ XOXVDO SDUDODUÕQ LVWLNUDUÕQÕ VD÷ODPD\D \|QHOLN SDUD

SROLWLNDODUÕQÕQ HúJGPQ DPDoODPÕúWÕU 1LVDQ  WDULKLQGH J|UúOHQ

³6FKPLGW  *LVFDUG 3ODQÕ´ LVH IDUNOÕ HNRQRPLN \DSÕ YH G|YL] NXUX VLVWHPLQH

VDKLS \H ONHOHU DUDVÕQGD RUWDN SDUD SROLWLNDVÕ X\JXODQDELOPHVL LoLQ GDKD

VD÷ODP ELU \DSÕ ROXúWXUXOPDVÕ YH 3DUD <ÕODQÕ X\JXODPDVÕQÕQ |WHVLQGH ELU

SDUDVDOELUOHúPHJHUHNWL÷LJ|UúQ|QSODQDoÕNDUPÕúWÕU%XSODQODUDUDFÕOÕ÷Õ

LOH \UWOHQ WDUWÕúPDODU VRQXFXQGD 7HPPX]  WDULKLQGH %UHPHQ¶GH WRSODQDQ $YUXSD =LUYHVL¶QGH HNRQRPLN E\PHQLQ DUWÕUÕOPDVÕ YH LúVL]OL÷LQ D]DOWÕOPDVÕ DPDFÕ LOH RUWDN ELU VWUDWHML NDEXO HGLOPLúWLU YH $YUXSD 3DUD

6LVWHPL¶QLQROXúWXUXOPDVÕ|QJ|UOPúWU

0DUWWDULKLQGH\UUO÷HJLUHQ$YUXSD3DUD6LVWHPLLNLDúDPDGDQ

ROXúPXúWXU øON DúDPDGD '|YL] .XUX 0HNDQL]PDVÕ NXUXOPXúWXU 6LVWHP

LoHULVLQGHNLSDUDODUÕQEHOLUOHQHQVÕQÕUODULoHULVLQGHNDOPDVÕQÕVD÷ODPDN]HUH

oHúLWOL PGDKDOH PHNDQL]PDODUÕ JHOLúWLULOPLú YH |GHPHOHU GHQJHVL VRUXQODUÕ

\DúD\DQONHOHUHILQDQVDO\DUGÕPGDEXOXQPDN]HUH$YUXSD3DUDVDOøúELUOL÷L )RQX¶QXQ NXUXOPDVÕ NDUDUODúWÕUÕOPÕúWÕU øNLQFL DúDPDGD LVH SDUDVDO

EWQOHúPHQLQ  



DUWÕUÕOPDVÕ

YH

$YUXSD 

3DUD

)RQX¶QXQ

NXUXOPDVÕ


NDUDUODúWÕUÕOPÕúWÕU $QFDN  \ÕOÕQGD <XQDQLVWDQ¶ÕQ  \ÕOÕQGD LVH

øVSDQ\D YH 3RUWHNL]¶LQ NDWÕOPDVÕ LOH JHQLúOH\HQ YH HNRQRPLN LVWLNUDUVÕ]OÕN

LoHULVLQGH EXOXQDQ $YUXSD 7RSOXOX÷X $YUXSD 3DUD 6LVWHPL LOH |QJ|UOHQOHUL

JHUoHNOHúWLUHPHPLú YH $YUXSD 3DUD 6LVWHPL WHNQLN ELU G]HQOHPH RODUDN

NDOPÕúWÕU

$YUXSD3DUD6LVWHPLQLQ<DSÕVÕ

$YUXSD3DUD6LVWHPL¶QLQ\DSÕVÕ³$YUXSD3DUD%LULPL´RODQ(FX³'|YL]

.XUX 0HNDQL]PDVÕ´  YH ³.UHGL 0HNDQL]PDVÕ´ ROPDN ]HUH o ELOHúHQGHQ

ROXúPDNWDGÕU.D\QD÷Õ\ÕOÕQGD\DUDWÕODQ(XD (XURSHDQ8QLWRI$FFRXQW  RODQ (FX  \ÕOÕQGD $YUXSD 7RSOXOX÷X¶QD \H RODQ GRNX] ONHQLQ XOXVDO

SDUDODUÕQGDQ ROXúDQ VHSHWH ED÷ODQPÕúWÕU '|YL] .XUX 0HNDQL]PDVÕ

LoHULVLQGH KHU XOXVDO SDUDQÕQ (FX LOH DoÕNODQDQ ELU PHUNH]L NXUX YDUGÕU %X

PHUNH]L NXUODU VDELWWLU YHGH÷LúWLULOPHVLLoLQUHVPLG]HQOHPHJHUHNPHNWHGLU %X PHUNH]L NXUODUD GD\DQDUDN KHU ELU \H ONHQLQ SDUDVÕ LOH GL÷HU \H ONH

SDUDODUÕDUDVÕQGDLNLOLPHUNH]LNXUODUEHOLUOHQLU

'|YL] .XUX 0HNDQL]PDVÕ¶QGD \HU DODQ ONHOHULQ G|YL] NXUODUÕQGDNL

GDOJDODQPDODULoLQ]RUXQOXPGDKDOHVÕQÕUODUÕYHVDSPDHúL÷LROPDN]HUHLNL

WU PDUM YDUGÕU øNLOL PHUNH]L NXUODUGDQ VDSPD DOW YH VW VÕQÕUODUÕ   

WRSODPRODUDN¶WLU0HUNH]LNXUODUÕQDOWYHVWVÕQÕUODUÕLVH¶WLU

%DúODQJÕoWD 3RUWHNL] øVSDQ\D YH øQJLOWHUH LoLQ GDOJDODQPD PDUMÕ   

RODUDN NDEXO HGLOPLúWLU 2UWD\D oÕNDQ EX VLVWHP ³VSHU \ÕODQ´ RODUDN

DGODQGÕUÕOPÕúWÕU 3L\DVDGDNL FDUL NXUODUÕQ LNLOL PHUNH]L NXUODUÕQ DOW YH VW

VÕQÕUODUÕQÕ DúPDVÕ GXUXPXQGD ]RUXQOX PGDKDOH \DSÕODFDNWÕU .DUOXN 

V 

6LVWHPH GDKLO RODQ KHU SDUD LoLQ (FX LOH LIDGH HGLOHQ SL\DVD GH÷HUL

(FX¶QQ PHUNH]L NXUXQGDQ DQFDN EHOLUOHQHQ GDOJDODQPD VÕQÕUÕQÕQ  ¶L RUDQÕQGD VDSDELOLU %LU ONHQLQ SDUDVÕ VDSPD HúL÷LQH JHOGL÷L ]DPDQ 0HUNH]

%DQNDODUÕ *XYHUQ|UOHU .RPLWHVL3DUD.RPLWHVL(NRQRPL3ROLWLNDVÕ.RPLWHVL

LOH %DNDQODU .RQVH\L JHUHNOL |QOHPOHUL DOÕU 8\JXODPDGD LVH EX VÕQÕUODUD

YDUPDGDQ GDKL LOHULGHNL GDOJDODQPDODUÕ |QOHPHN LoLQ PGDKDOHOHUGH

EXOXQXOPXúWXU$YUXSD3DUD6LVWHPL¶QH$YUXSD%LUOL÷L¶QH\HROPD\DQ$YUXSD

 






ONHOHUL GH NDWÕOPÕúWÕU (NLP ¶GD 1RUYHo YH 0D\ÕV ¶GH øVYHo  

¶OLN GDOJDODQPD PDUMÕ LOH ¶GD øVSDQ\D ¶GD øQJLOWHUH ¶GH

3RUWHNL]   ¶OÕN GDOJDODQPD PDUMÕ LOH '|YL] .XUX 0HNDQL]PDVÕQD NDWÕOPÕúODUGÕU .DUOXNV 

$YUXSD 3DUD 6LVWHPL LoLQGHNL NUHGL PHNDQL]PDVÕQGD oRN NÕVDYDGHOL

NÕVDYDGHOLYHRUWDYDGHOLROPDN]HUHoWUILQDQVPDQDUDFÕYDUGÕUdRNNÕVD

YDGHOL ILQDQVPDQ DUDFÕ $YUXSD 3DUD <ÕODQÕQD NDWÕODQ \H ONHOHULQ PHUNH] EDQNDODUÕQÕQELUELUOHULQHELUIRQDUDFÕOÕ÷ÕLOHVD÷ODGÕNODUÕNUHGLOHUGLU.ÕVDYDGHOL

ILQDQVPDQ DUDFÕ VLVWHPH GDKLO RODQ \H ONHOHULQ |GHPHOHU GHQJHVLQGH

oÕNDELOHFHN JHoLFL DoÕNODUÕQ ILQDQVPDQÕ LoLQ ROXúWXUXOPXúWXU 6LVWHPH GDKLO

PHUNH] EDQNDODUÕQÕQ EHOLUOHQHQ NRWDODU LoLQGH VD÷OD\DFDNODUÕ NUHGLOHUGHQ

ROXúPDNWDGÕU 2UWD YDGHOL ILQDQVPDQ DUDFÕ LVH VLVWHPH GDKLO \H ONHOHU

DUDVÕQGDNDUúÕOÕNOÕ\DUGÕPODúPDPHNDQL]PDVÕROPDJ|UHYLQLVWOHQPLúWLUh\H

ONHOHUGHQ ELULVL GÕú GHQJH VRUXQX \DúDGÕ÷Õ ]DPDQ EX \H RUWD YDGHOL

ILQDQVPDQIRQXQGDQ\DUDUODQÕU%X\DUGÕP\HONHOHULQEHOLUOLWDYDQOLPLWOHUL

LoLQGHYHUGLNOHULNUHGLOHUGHQROXúXU

 8\JXODPDGD $YUXSD 3DUD 6LVWHPL YH '|YL] .XUX

0HNDQL]PDVÕ

$YUXSD 3DUD 6LVWHPL¶QLQ LON G|QHPL 0DUW 0DUW  WDULKOHUL

DUDVÕQGD X\JXODQPÕúWÕU 2UWDN HNRQRPL SROLWLNDVÕ LúOHUOLN ND]DQDPDGÕ÷Õ LoLQ

ONHOHU ELUH\VHO RODUDN GÕú IDNW|UOHUOH PFDGHOH HWPHN ]RUXQGD NDOPÕúWÕU <DúDQDQ SHWURO NUL]L ONHOHULQ EWoH DoÕNODUÕQÕQ DUWPDVÕQD WRSODP UHWLP

KDFPLQGH D]DOPD\D YH LúVL]OL÷LQ DUWPDVÕQD QHGHQ ROPXúWXU $%' 'RODUÕQÕQ

]D\ÕIODPDVÕ LVH '|YL] .XUX 0HNDQL]PDVÕQGD \HQLGHQ G]HQOHPH \DSÕOPDVÕ

VRQXFXQXJHWLUPLúWLU 5HKPDQ 

øNLQFLG|QHPRODQ0DUW2FDNWDULKOHULDUDVÕQGD'|YL].XUX

0HNDQL]PDVÕQGD \HQLGHQ G]HQOHPH \DSÕOPÕúWÕU $%' 'RODUÕQÕQ \HQLGHQ

JoOHQPHVL \H ONHOHULQ HQIODV\RQ RUDQODUÕQGD \DúDQDQ \DNÕQODúPDODU YH

$OPDQ 0DUNÕQÕQ QRPLQDO oDSD NRQXPXQD JHOPHVL LVWLNUDUOÕ ELU G|QHPLQ

\DúDQPDVÕQD QHGHQ ROPXúWXU $QFDN JLGHUHN JoOHQHQ $OPDQ\D LOH GL÷HU

ONHOHUDUDVÕQDDQODúPD]OÕNODUDUWPÕúWÕU $WDYH6LODKú|U 

 






hoQF YH VRQ G|QHP 2FDN $÷XVWRV  WDULKOHUL DUDVÕQGD

\DúDQPÕúWÕU%XG|QHPGHSHNoRNHNRQRPLNYHSROLWLNGDOJDODQPDODUROPXú

YHVLVWHPHRODQJYHQND\EHGLOPLúWLU<DúDQDQNUL]OHUHED÷OÕRODUDNLNLWDUDIOÕ

GDOJDODQPD PDUMODUÕ JHQLúOHWLOPHN ]RUXQGD NDOÕQPÕúWÕU ¶GH øQJLOWHUH

øWDO\D YH )LQODQGL\D XOXVDO SDUDODUÕQÕ GDOJDODQPD\D EÕUDNPÕúODUGÕU .UL]

$÷XVWRV  WDULKLQGH VRQD HUPLú YH EDQW VLVWHPLQ GDOJDOÕ NXU VLVWHPLQH

EHQ]HPHVLQHQHGHQRODFDNúHNLOGH¶WHQ¶HJHQLúOHWLOPLúWLU

5HKPDQ 

(NRQRPLNYH3DUDVDO%LUOLN

3DUDVDO ELUOLN NXUPD GúQFHVL  \ÕOÕQGD LP]DODQDQ 5RPD

$QWODúPDVÕ¶QÕQ WHPHO DPDFÕ RODQ GDKD VÕNÕ LúELUOL÷L LONHVLQLQ JHOLúWLULOPLú ELU

DGÕPÕGÕU &KDERW   %LUOLN \HVL ONHOHU SDUDVDO ELUOL÷LQ QDVÕO ROPDVÕ

JHUHNWL÷LQH\|QHOLNRODUDNSHNoRN|QHULOHUJHWLUPLúOHUGLU(3%DQFDN+D]LUDQ

 WDULKLQGH NDEXO HGLOHQ 'HORUV 5DSRUX LOH WDQÕPODQPÕú YH DúDPDODUÕ

WHVSLW HGLOPLúWLU  ùXEDW ¶GH 0DDVWULFKW¶WH $YUXSD %LUOL÷L $QWODúPDVÕ LP]DODQPÕúWÕU  .DVÕP  WDULKLQGH LVH $YUXSD %LUOL÷L $QWODúPDVÕ¶QÕQ

RQD\ODQPD XVXOOHUL WDPDPODQPÕú YH \UUO÷H JLUPLúWLU 0DDVWULFKW $QWODúPDVÕRODUDNELOLQHQ$YUXSD%LUOL÷L$QWODúPDVÕLOH(3%¶QLQJHUoHNOHúPH

DúDPDVÕEDúODPÕúWÕU

'HORUV5DSRUX

+D]LUDQ  WDULKLQGH NDEXO HGLOHQ 'HORUV 5DSRUX :HUQHU

5DSRUX¶QGDQVRQUD$YUXSD¶GD(3%¶QLQJHUoHNOHúWLULOPHVLQH\|QHOLNRODQLNLQFL

E\NDGÕPGÕU5DSRUDJ|UHWHNYHRUWDNELUSDUDDUDFÕOÕ÷ÕLOHLVWLNUDUOÕELUSDUD

DODQÕQÕQ \DUDWÕODELOPHVLQLQ o WHPHO NRúXOX YDUGÕU %X NRúXOODU XOXVDO

SDUDODUÕQ JHUL G|QGUOHPH] ELU úHNLOGH NRQYHUWLELOLWHVLQLQ VD÷ODQPDVÕ

VHUPD\H

KDUHNHWOHULQGH

WDP

OLEHUDOL]DV\RQ

LOH

ILQDQV VHNW|UQQ

EWQOHúWLULOPHVLQH \|QHOLN G]HQOHPHOHULQ VD÷ODQPDVÕ YH XOXVDO SDUDODU

DUDVÕQGDNLNXUODUÕQVDELWOHQPHVLGLU $YUXSD.RPLV\RQXV 

'HORUV5DSRUX(3%¶QLQoDúDPDGDJHUoHNOHúWLULOPHVLQL|QJ|UPúWU

 2FDN  WDULKLQGH EDúOD\DFDN RODQ ELULQFL DúDPDGD SDUD YH EWoH

NRQXODUÕQGD G]HQOHPHOHU \DSÕODUDN VHUPD\H KDUHNHWOHULQLQ OLEHUDOL]DV\RQX  






JHUoHNOHรบWLULOHFHN YH %LUOLN LoHULVLQGHX\XPXQVDรทODQPDVร•QD\DUGร•PFร•RODFDN

\DVDOYHNXUXPVDOGย]HQOHPHOHU\DSร•ODFDNWร•UรธNLQFLDรบDPDGDKHUย\HยONHQLQ

WHPVLO HGLOGLรทLYHEDรทร•PVร•]ELUNXUXPQLWHOLรทLQGHRODQ$YUXSD3DUD(QVWLWยVย NXUXODFDNWร•U$YUXSD3DUD(QVWLWยVยSDUDSROLWLNDVร•Qร•NRRUGLQHHWPHNYHRUWDN

SDUDSROLWLNDVร•ROXรบWXUXOPDVร•QDKD]ร•UOร•N\DSPDNODJ|UHYOLRODFDNWร•U(NRODUDN

'|YL] .XUX 0HNDQL]PDVร•ยถQร•Q VRUXQVX] ELU รบHNLOGH LรบOHPHVLQH \DUGร•PFร•

RODFDNWร•U =DPDQ LoHULVLQGH XOXVDO SDUD SROLWLNDODUร•Qร•Q Dรทร•UOร•รทร• JLGHUHN

D]DOWร•ODFDNWร•U hoยQFย DรบDPDGD LVH %LUOLN LoHULVLQGH WHN YH RUWDN SDUD ELULPL

IDDOL\HWH JHoHFHN YH XOXVDO SDUDVDO \HWNLOHU $YUXSD %LUOLรทL NXUXPODUร•QD GHYUHGLOHFHNWLU

'HORUV 5DSRUX $YUXSD 0HUNH] %DQNDODUร• 6LVWHPLยถQLQ \DSร•Vร•Qร• YH

IRQNVL\RQODUร•Qร• WDQร•PODPร•รบWร•U $YUXSD 0HUNH] %DQNDODUร• 6LVWHPLยถQLQ WHPHO

KHGHIL ยณIL\DW LVWLNUDUร•ยด RODUDN EHOLUOHQPLรบWLU %XQD EDรทOร• RODUDN $YUXSD 0HUNH]

%DQNDODUร• 6LVWHPL RUWDN HNRQRPL SROLWLNDODUร•Qร• GHVWHNOHPHNWH YH WHN SDUD SROLWLNDVร•Qร•Q EHOLUOHQPHVL YH X\JXODQPDVร•QGDQ VRUXPOX ROPDNWDGร•U $QFDN

UDSRU LoHULVLQGH $YUXSD 0HUNH] %DQNDODUร• 6LVWHPLยถQLQ VDKLS ROGXรทX SDUD

SROLWLNDVร•DUDoODUร•QGDQQHWELUรบHNLOGHEDKVHGLOPHPLรบWLU 7RQXV 

<HUL

 (NRQRPLN YH 3DUDVDO %LUOLรทLQ 0DDVWULFKW $QWODรบPDVร•ยถQGDNL (3% 0DDVWULFKW $QWODรบPDVร•ยถQร•Q EยWยQOHรบPH VยUHFLQL HWNLOH\HQ HQ

|QHPOL XQVXUXQX WHรบNLO HWPHNWHGLU $QWODรบPDQร•Q ยถGDQ ยถD NDGDU RODQ

PDGGHOHULยณVHUPD\HQLQVHUEHVWGRODรบร•Pร•ยดยถGHQยถHNDGDURODQPDGGHOHUL

LVH ยณHNRQRPL SROLWLNDVร•ยด ยณSDUD SROLWLNDVร•ยด ยณNXUXPVDO Gย]HQOHPHOHUยด YH ยณJHoLรบ

G|QHPL Gย]HQOHPHOHULยด NRQXODUร•QD LOLรบNLQGLU (N RODUDN KXNXNVDO \DSร•\ร•

WDPDPOD\DQ RQ ELU WDQH SURWRNROGHQ DOWร• WDQHVL oHรบLWOL NRQXODUGD (3%ยถ\H

JLGHQ VยUHFH Doร•NOร•N JHWLUPHNWHGLU $\Uร•FD ย\H GHYOHWOHULQ NHQGLOHULQH KDV

ED]ร•GXUXPODUร•EHรบD\Uร•SURWRNROFHHOHDOร•QPDNWDGร•U .DOHDรทDVร•V

 %XUDGDEHOLUWLOHQPDGGHOHULQNร•VDFDKDQJLKยNยPOHULLoHUGLรทLYH(3%ยถQLQ

KDQJLDรบDPDVร•QGDJHoHUOLRODFDรทร•(NยถGHYHULOPLรบWLU

%LUOLรทLQHNRQRPLSROLWLNDVร•Qร•QDQDKHGHIOHULHVDVRODUDN$YUXSD%LUOLรทL

$QWODรบPDVร• YH 0DDVWULFKW $QWODรบPDVร•Qร•Q  PDGGHOHULQGH \HU DOPร•รบWร•U

 






'HQJHOL YH VUGUOHELOLU HNRQRPLN YH VRV\DO JHOLúPH YH EWQOHúPH RODUDN

|]HWOHQHELOHQ EX KHGHIOHUH XODúÕODELOPHVL DQFDN (3%¶QLQ ROXúWXUXOPDVÕ YH

RUWDN SDUD ELULPLQLQ X\JXODPD\D EDúODQPDVÕ LOH PPNQ RODFDNWÕU $QWODúPDQÕQ  PDGGHVL EX KHGHIOHUH XODúÕOPDVÕ LoLQ %LUOL÷LQ GHQJHOL ELU

HNRQRPLN NDONÕQPD\Õ VUGUOHELOLU YH HQIODV\RQLVW ROPD\DQ ELU E\PH\L

\H GHYOHWOHULQ HNRQRPLN \DSÕODUÕQGD \DNÕQODúPD\Õ \NVHN ELU \DúDP

VWDQGDUGÕQÕ YH HNRQRPLN YH VRV\DO EWQOHúPHQLQ WHúYLN HGLOPHVLQL |QJ|UPHNWHGLU%XQODUÕQJHUoHNOHúWLULOPHVLLoLQX\XOPDVÕJHUHNHQLONHOHULVH

YHPDGGHOHULQGHEHOLUWLOPLúWLU6|]NRQXVXLONHOHULVWLNUDUOÕIL\DWODUVD÷ODP

ELU NDPX PDOL\HVL YH SDUDVDO NRúXOODU VUGUOHELOLU ELU |GHPHOHU GHQJHVL

ND\QDNODUÕQHWNLQGD÷ÕOÕPÕYHGÕúDDoÕNELUVHUEHVWSL\DVDHNRQRPLVLúHNOLQGH

|]HWOHQHELOLU øNWLVDGL.DONÕQPD9DNIÕV 

(3%¶QLQ LON DúDPDVÕ 0DDVWULFKW $QWODúPDVÕ LP]DODQPDGDQ |QFH 

7HPPX]  WDULKLQGH +D]LUDQ ¶GD NDEXO HGLOHQ 'HORUV 5DSRUXQD

GD\DQDUDN EDúODPÕúWÕU 0DDVWULFKW $QWODúPDVÕ LOH ELULQFL DúDPD\D LOLúNLQ

RODUDN JHWLULOHQ KNPOHU (3% LoLQ JHUHNOL ED]Õ |QNRúXOODUÕQ VD÷ODQPDVÕQD \|QHOLNWLU $YUXSD %LUOL÷L LoHULVLQGH YH $YUXSD %LUOL÷L LOH oQF ONHOHU

DUDVÕQGD VHUPD\HQLQ VHUEHVWoH GRODúÕPÕQÕ HQJHOOH\HQ WP X\JXODPDODU

NDOGÕUÕOPÕúWÕU(NRODUDN\HONHOHUFHHNRQRPLN\DNÕQODúPDNULWHUOHULQHX\XP

LoLQJHUHNHQoDEDJ|VWHULOPLúEWoHDoÕNODUÕYHHQIODV\RQ]HULQHKD]ÕUODQDQ

\ÕOOÕNSURJUDPODULOHVUGUOHELOLUGúNHQIODV\RQYHGHYOHWERUoODUÕLOHG|YL]

NXUXLVWLNUDUÕKHGHIOHQPLúWLU%LULQFLDúDPD$UDOÕN¶WHVRQEXOPXúWXU 7RQXV 

øNLQFL DúDPD  2FDN  WDULKLQGH EDúODPÕú YH  $UDOÕN 

WDULKLQGHVRQDHUPLúWLU%XDúDPDGDHNRQRPLNELUOLNKHGHIOHULQHXODúÕOÕUNHQ

D\QÕ]DPDQGD$YUXSD3DUD(QVWLWV¶QQNXUXOPDVÕ$YUXSD3DUD6LVWHPL¶QLQ

\HQLGHQ G]HQOHQPHVL $YUXSD 0HUNH] %DQNDODUÕ 6LVWHPL¶QH JHoLú KD]ÕUOÕNODUÕQÕQ WDPDPODQPDVÕ VHUPD\HQLQ VHUEHVW GRODúÕPÕQÕQ \UUO÷H

JLUPHVL YH PHUNH] EDQNDODUÕQÕQ ED÷ÕPVÕ]OÕNODUÕQÕQ KD]ÕUODQPDVÕ LOH SDUDVDO

ELUOL÷H ]HPLQ KD]ÕUODQPÕúWÕU .DOHD÷DVÕ   2FDN  WDULKLQGH NXUXODQ

$YUXSD3DUD(QVWLWV\HULQL+D]LUDQWDULKLQGHNXUXODQ$YUXSD0HUNH]

%DQNDVÕ¶QDGHYUHWPLúWLU0D\ÕVWDULKLQGHKDQJL\HONHOHULQoQF

 






DúDPDGD EDúOD\DFDN RODQ (XUR X\JXODPDVÕQD KD]ÕU ROGXNODUÕ EHOLUOHQPLúWLU

hoQFDúDPDLoLQEHOLUOHQHQNULWHUOHUHX\XPJ|VWHUHPH\HQ\HONHOHU(XUR

DODQÕQÕQ GÕúÕQGD NDOPÕúWÕU øQJLOWHUH YH 'DQLPDUND LVH NHQGL LVWHNOHUL LOH

oQFDúDPD\DJHoPH\HFHNOHULQLEHOLUWPLúOHUGLU 7RQXV 

hoQF DúDPD  2FDN  WDULKLQGH EDúODPÕúWÕU %X DúDPDGD

SDUDVDO ELUOL÷LQ WP NXUXPVDO \DSÕVÕ IDDOL\HWOHULQH EDúODUNHQ HNRQRPLN ELUOLN VUHFLQLQ WDPDPODQPDVÕ |QJ|UOPúWU (XUR (FX¶QQ \HULQL DOPÕú $YUXSD

0HUNH] %DQNDVÕ WHN SDUD SROLWLNDVÕQÕ \UWPH\H EDúODPÕú YH '|YL] .XUX

0HNDQL]PDVÕ  LOH (XUR X\JXODPDVÕQD NDWÕOPD\DQ \H ONHOHULQ (XUR LOH

XOXVDOSDUDODUÕELUELULQHED÷ODQPÕúWÕU'|YL].XUX0HNDQL]PDVÕLVWH÷HED÷OÕ

ELU X\JXODPDGÕU %X oHUoHYHGH 'DQLPDUNDYH<XQDQLVWDQLVH

  GDOJDODQPD PDUMÕ LOH EX PHNDQL]PD\D NDWÕOPÕúWÕU 2FDN ¶GH

<XQDQLVWDQ(XURDODQÕQÕQ\HVLROXUNHQ'DQLPDUND(\OOWDULKLQGH

\DSÕODQKDONR\ODPDVÕVRQXFXQGD(XURDODQÕGÕúÕQGDNDOPÕúWÕU

'DQLPDUND YH øQJLOWHUH (XUR X\JXODPDVÕQD NDWÕOPDPDNOD EHUDEHU

$YUXSD0HUNH]%DQNDODUÕ6LVWHPL¶QLQLoLQGH\HUDOPÕúWÕU(XURX\JXODPDVÕQD NDWÕODQ XOXVDO SDUDODU (XUR NDUúÕVÕQGD VDELW LNLOL RUDQODU ]HULQGHQ

G|QúWUOPúWU 7HN SDUD SROLWLNDVÕ X\JXODPDVÕQÕ GHVWHNOHPHN LoLQ VD÷ODQPDVÕ JHUHNHQ ILQDQVDO GLVLSOLQ LOH ELUOLNWH %\PH YH øVWLNUDU 3DNWÕ

X\JXODPD\D NRQXOPXúWXU  2FDN  WDULKLQGH EDQNDODU WP EDQNDFÕOÕN LúOHPOHULQGH (XUR NXOODQÕPÕQD JHoPLúWLU  2FDN  WDULKLQGHLVHELUH\VHO

EDQNDFÕOÕN LúOHPOHULQGH (XUR NXOODQÕOPD\D EDúODQPÕúWÕU  +D]LUDQ 

WDULKLQGH(XUREWQ\HONHOHUGH\DVDORODUDNWHN|GHPHDUDFÕROPXúWXU $YUXSD3DUD%LUOL÷L¶QLQ.XUXPODUÕ

$YUXSD 3DUD %LUOL÷L¶QLQ LúOH\LúLQGH NXUXPVDO \DSÕ $YUXSD 0HUNH]

%DQNDODUÕ  6LVWHPL DUDFÕOÕ÷Õ LOH WDQÕPODQPÕúWÕU $YUXSD 0HUNH] %DQNDODUÕ

6LVWHPL ED÷ÕPVÕ] ELU $YUXSD 0HUNH] %DQNDVÕ (XUR 6LVWHPH \H XOXVDO

PHUNH] EDQNDODUÕ YH WHN SDUD\D NDWÕOPD\DQ ONHOHULQ PHUNH] EDQNDODUÕQGDQ

ROXúPDNWDGÕU %X VLVWHP oQF DúDPDGDIL\DWLVWLNUDUÕQÕNRUXPD\DoDOÕúDQ

WHNELUSDUDSROLWLNDVÕX\JXODPD\DEDúODPÕúYHEXVD\HGH(XURDODQÕGÕúÕQGD

NDODQONHOHULQSDUDVÕGD(XUR¶\DED÷ODQPÕúWÕU 7RQXV 

 






$YUXSD0HUNH]%DQNDODUÕ6LVWHPL

0DDVWULFKW $QWODúPDVÕQÕQ    0DGGHVLQH J|UH $YUXSD 0HUNH] 8

%DQNDODUÕ 6LVWHPLQLQ ELULQFLO DPDFÕ ³IL\DW LVWLNUDUÕQÕ´ VD÷ODPDNWÕU $YUXSD

0HUNH]%DQNDODUÕ6LVWHPL(XURDODQÕQGDWHNSDUDSROLWLNDVÕQGDQVRUXPOXGXU 0DDVWULFKW$QWODúPDVÕQÕQ  0DGGHVLQHJ|UH$YUXSD0HUNH]%DQNDODUÕ

6LVWHPLQLQWHPHOJ|UHYOHUL •

7HNSDUDSROLWLNDVÕQÕWDQÕPODPDNYHX\JXODPDN

0DDVWULFKW $QWODúPDVÕ¶QÕQ  0DGGHVL LOH WXWDUOÕ ELU ELoLPGH

G|YL]LúOHPOHULQL\UWPHN

(3%¶\H NDWÕODQ \HOHULQ UHVPL G|YL] UH]HUYOHULQL WXWPDN YH

\|QHWPHN

gGHPHVLVWHPOHULQLQHWNLQLúOHPHVLQLVD÷ODPDN

$YUXSD 0HUNH] %DQNDODUÕ 6LVWHPL ED÷ÕPVÕ]GÕU YH $YUXSD %LUOL÷L YH\D

RQXQ KLoELU \HVL $YUXSD 0HUNH] %DQNDVÕ NDUDU RUJDQODUÕQD KLoELU úHNLOGH

PGDKDOHGH EXOXQDPD] 0DDVWULFKW $QWODúPDVÕQÕQ  0DGGHVLQH J|UH

$YUXSD0HUNH]%DQNDVÕXOXVDOPHUNH]EDQNDODUÕYHEXQODUÕQNDUDURUJDQODUÕ

J|UHY YH \NPOONOHULQL \HULQH JHWLULUNHQ KLoELU úHNLOGH 7RSOXOX÷XQ YH

XOXVDOKNPHWOHULQNXUXPYHRUJDQODUÕQGDQWDOLPDWDODPD\DFDNODUGÕU $YUXSD3DUD(QVWLWV

(3%¶QLQ LNLQFL DúDPDVÕ WHPHO RODUDN VRQ DúDPD\D JHoPHGHQ |QFH

JHUHNOL WP NRúXOODUÕ KD]ÕUODPD\Õ DPDoODPÕúWÕU %X DPDFÕ \HULQH JHWLUPHN

]HUH $YUXSD 3DUD (QVWLWV NXUXOPXúWXU $YUXSD 3DUD (QVWLWV  2FDN

¶WH 0HUNH] %DQNDODUÕ *XYHUQ|UOHU .RPLWHVL¶QLQ J|UHYOHULQL GHYUDOPÕúWÕU 0DDVWULFKW $QWODúPDVÕQÕQ  0DGGHVLQH J|UH $YUXSD 3DUD (QVWLWV¶QQ

LúOHYOHUL 

 9":;) < ' %)%)    =.   3/> &"?:@ A % (A A=.    -.) !  B>) " A=.    )$ -3$" #  $)) (A  -.) ! C> ' ))   )$ %'CD    E.  )%:>& $,"  F &  !F  4) %)%G"H)   <<   A    <"  1

 






โ€ข

h\H ยONHOHU DUDVร•QGD SDUD SROLWLNDVร• HรบJยGยPยQย XOXVDO

PHUNH] EDQNDODUร•Qร•Q LรบELUOLรทLQL JยoOHQGLUPHN YH IL\DW LVWLNUDUร•Qร• VDรทODPDN

โ€ข

$YUXSD 0HUNH] %DQNDVร•ยถQร•Q GD NXUXODFDรทร• ยoยQFย DรบDPD\D

JHoLรบ LoLQ JHUHNOL KD]ร•UOร•NODUร• \DSPDN RUWDN SDUD SROLWLNDVร•Qร•

\ยUยWPHNYHWHNSDUDQร•QยoยQFยDรบDPDQร•QVRQXQGDGRODรบร•PD

JLUPHVLQLVDรทODPDN โ€ข

โ€ข

.XOODQร•PGDRODQ(FXVHSHWLQLGย]HQOHPHNYHWHNSDUD\DJHoLรบ

VยUHFLQL\|QHWPHN

h\H ยONHOHULQ 0DDVWULFKW $QWODรบPDVร• LOH EHOLUOHQHQ NULWHUOHUH

X\XPXQX J|]HWPHN YH Gย]HQOL UDSRUODU KD]ร•UODPDN ยONHOHULQ |]HOOLNOH PHUNH] EDQNDODUร•QGDQ YH ILQDQVDO NXUXPODUGDQ

D\Uร•FDOร•NOร•

\DSPDNWร•U

$YUXSD

3DUD

LPNDQODU

VDรทODPDPDODUร•

(QVWLWยVยยถQยQ

LรบOH\LรบLQGH

NRQXVXQXQ

ED]ร•

WDNLELQL

ROXPVX]OXNODUOD

NDUรบร•ODรบร•OPร•รบWร•U $YUXSD 3DUD (QVWLWยVย .RQVH\LQGH EXOXQDQ  ยONHQLQ

WHPVLOFLVL SDUDVDO ELUOLN YH X\JXODQPDVร• JHUHNHQ SROLWLNDODU ย]HULQH IDUNOร•

J|UยรบOHUH VDKLSWLU )UDQVD รธWDO\D YH รธVSDQ\D PHUNH] EDQNDODUร•

EDรทร•PVร•]Oร•NODUร•Qร•  \ร•OODUร•QGD ND]DQDELOPLรบNHQ รธQJLOWHUHยถGH PHUNH] EDQNDVร• IDDOL\HWOHULQL KยNยPHW LOH ELUOLNWH \ยUยWPHNWHGLU (N RODUDN SDUD DU]ร•

KHGHIOHUL LOH HQIODV\RQ KHGHIOHUL DUDVร•QGD VHoLP \DSร•OPDVร• VRUXQ ROPXรบWXU 7RQXV V   $YUXSD 3DUD (QVWLWยVย  +D]LUDQ  WDULKLQGH

\HULQL$YUXSD0HUNH]%DQNDVร•ยถQDEร•UDNPร•รบWร•U $YUXSD0HUNH]%DQNDVร•

(3%ยถGH $YUXSD %LUOLรทLQLQ SDUD SROLWLNDVร•Qร• \ยUยWHQ RUWDN ELU PHUNH]

EDQNDVร•JLELKDUHNHWHGHQYHEDรทร•PVร•]ELUVWDWย\HVDKLSRODQ$YUXSD0HUNH]

%DQNDVร•ยถQDย\HGHYOHWOHULQXOXVDOPHUNH]EDQNDODUร•Qร•QJXYHUQ|UOHULQGHQYH

NHQGL \|QHWLP NXUXOX ย\HOHULQGHQ ROXรบDQ ELU ยVW NXUXO EDรบNDQOร•N HWPHNWHGLU 8OXVDO PHUNH] EDQNDODUร• EDรทร•PVร•]Oร•NODUร•Qร• \LWLUHUHN $YUXSD 0HUNH]

%DQNDVร•ยถQร•Q ELUHU รบXEHVL JLEL KDUHNHW HWPHNWHGLUOHU $YUXSD 0HUNH]

 






%DQNDVÕQÕQ NDUDU RUJDQODUÕ RODUDN <|QHWLP .RQVH\L YH <UWPH .XUXOX

D\UÕFD*HQHO.RQVH\ROPDN]HUHoWDQHRUJDQÕEXOXQPDNWDGÕU

<|QHWLP .RQVH\L (3%¶\H \H ONHOHULQ XOXVDO PHUNH] EDQNDODUÕ

EDúNDQODUÕQGDQ YH $YUXSD 0HUNH] %DQNDVÕ <UWPH .XUXOX \HOHULQGHQ

ROXúPDNWDGÕU (XURVLVWHP¶LQ HQ VW NDUD RUJDQÕ RODUDN SDUD SROLWLNDVÕQÕ

EHOLUOHPHNOH J|UHYOLGLU <UWPH .XUXOX (3%¶\H NDWÕODQ ONH +NPHW YH\D

'HYOHW %DúNDQODUÕ WDUDIÕQGDQ VHoLOHQ ELU %DúNDQ %DúNDQ <DUGÕPFÕVÕ YH G|UW

\HGHQ ROXúPDNWDGÕU <|QHWLP .RQVH\LQFH EHOLUOHQPLú RODQ SDUD SROLWLNDVÕQÕ

\UWPHNOH J|UHYOLGLU *HQHO .RQVH\ $YUXSD 0HUNH] %DQNDVÕ %DúNDQÕ %DúNDQ<DUGÕPFÕVÕYH$YUXSD%LUOL÷LQH\HONHOHULQXOXVDOPHUNH]EDQNDODUÕ

%DúNDQODUÕQGDQ ROXúPDNWDGÕU (3%¶\H NDWÕODQ YH NDWÕOPD\DQ $YUXSD %LUOL÷L ONHOHULDUDVÕQGDNLSDUDSROLWLNDVÕQÕQHúJGPQVD÷ODPDNODJ|UHYOLRODQELU

LGDULRUJDQGÕU

(XURVLVWHP$YUXSD0HUNH]%DQNDVÕLOH(3%¶QLQoQFDúDPDVÕQGDQ

LWLEDUHQ RUWDN SDUD ELULPL RODQ (XUR¶\X EHQLPVH\HQ  ONH YH 2FDN 

WDULKLQGH (XUR DODQÕQD GDKLO RODQ <XQDQLVWDQ LOH ELUOLNWH WRSODP  ONHQLQ

XOXVDOPHUNH]EDQNDODUÕQGDQROXúPDNWDGÕU 

$YUXSD%LUOL÷LYH7UNL\HøOLúNLVL

7UNL\H YH $YUXSD %LUOL÷L LOLúNLOHUL $YUXSD (NRQRPLN 7RSOXOX÷X LOH 

(\OO  WDULKLQGH LP]DODQDQ YH  $UDOÕN  WDULKLQGH \UUO÷H JLUHQ

$QNDUD $QODúPDVÕQÕQ WHPHO ROXúWXUGX÷X 2UWDNOÕN 5HMLPL oHUoHYHVLQGH

EDúODPÕúWÕU $QNDUD $QODúPDVÕ LOH QLKDL RODUDN 7UNL\H¶QLQ ³7DP h\HOL÷L´

KHGHIOHQPLúWLU %X \DSÕ\D ED÷OÕ RODUDN 7UNL\H LOH $YUXSD %LUOL÷L LOLúNLOHUL ELU

EWQOHúPH KDUHNHWL RODUDN oRN |QHPOLGLU 7UNL\H $QNDUD $QODúPDVÕQGDQ

D\UÕ RODUDN  1LVDQ  WDULKLQGH WP $YUXSD ONHOHULQH WDQÕQPÕú RODQ

KDNWDQ \DUDUODQDUDN $YUXSD 7RSOXOXNODUÕQD WDP \HOLN EDúYXUXVXQGD EXOXQPXúDQFDNWDP\HOLNEDúYXUXVXQDROXPOXFHYDSYHULOPHPLúWLU

+D]LUDQ  WDULKLQGH .RSHQKDJ =LUYHVL¶QGH EX WDULKWHQ VRQUD

$YUXSD %LUOL÷L¶QH WDP \H ROPDN LVWH\HQ DGD\ODU LoLQ VL\DVL HNRQRPLN YH GL÷HU \HOLN \NPOONOHUL ROPDN ]HUH \HQL NULWHUOHU EHOLUOHQPLúWLU %X

JHOLúPHOHUROXUNHQ2UWDNOÕN$QODúPDVÕQDED÷OÕRODUDNLOLúNLOHUGHYDPHWPLúYH  






 2FDN  WDULKLQGH 7ยUNL\H YH $YUXSD %LUOLรทL DUDVร•QGD *ยPUยN %LUOLรทL

X\JXODQPD\DEDรบODQPร•รบWร•U

+ROODQGDยถGDQร•Q $SHOGRRUQ NHQWLQGH 0DUW  WDULKLQGH \DSร•ODQ

WRSODQWร•GD7ยUNL\HยถQLQWDPย\HOLรทHHKLOEXOXQGXรทXELUNH]GDKDWH\LGHGLOPLรบ

YH DGD\Oร•N NRQXVXQGD GLรทHU DGD\ ยONHOHUOH D\Qร• |OoยWOHULQ X\JXODQDFDรทร•

EHOLUWLOPLรบWLU +ROODQGDยถGD $PVWHUGDP NHQWLQGH +D]LUDQ  WDULKLQGH

JHUoHNOHรบWLULOHQ

$YUXSD

%LUOLรทL

=LUYHVLQGH

7ยUNL\H

LOH

LOLรบNLOHULQ

JยoOHQGLULOPHVLQL KHGHI DODQ ยณ%LOGLULPยด EDรบOร•NOร• UDSRU oHUoHYHVLQGH VDGHFH

LOLรบNLOHULQ JยPUยN ELUOLรทL |WHVLQH JHoHFHN รบHNLOGH JHOLรบWLULOPHVL |QHULOPLรบWLU

$YUXSD%LUOLรทL.RPLV\RQX0DUWWDULKLQGHยณ7ยUNL\HรธoLQ$YUXSD6WUDWHMLVLยด

EDรบOร•NOร• ELU EHOJH \D\ร•QODQPร•รบWร•U %X EHOJH GH |] RODUDN ELU |QFHNL EHOJHQLQ

|WHVLQH JHoPHPLรบWLU 6|] NRQXVX EHOJH 7ยUNL\H WDUDIร•QGDQ \HWHUVL]

EXOXQDUDN 7ยUNL\H WDUDIร•QGDQ LOLรบNLOHULQ JHOLรบWLULOPHVLQH GDLU J|Uยรบ WDOHS YH

|QHULOHULQLoHULOGLรทLยณ6WUDWHML%HOJHVLยด$YUXSD%LUOLรทLยถQHLOHWLOPLรบWLU

$UDOร•N  WDULKLQGH JHUoHNOHรบWLULOHQ 9L\DQD =LUYHVLยถQGH 7ยUNL\HยถQLQ

$YUXSD %LUOLรทL ย\HOLรทL LoLQ KHUKDQJL ELU \HQLOLN JHWLULOPHPLรบWLU $YUXSD

.RPLV\RQX 7ยUNL\HยถQLQ .RSHQKDJ NULWHUOHUL EDNร•Pร•QGDQ SHUIRUPDQVร•Qร•

LQFHOH\HQ LNLQFL UDSRUX (NLP  WDULKLQGH \D\ร•QODPร•รบ YH JยPUยN ELUOLรทLQL

JHUoHNOHรบWLUPHGH J|VWHUGLรทL FLGGL SHUIRUPDQVD GLNNDW oHNLOHUHN DGD\ ยONHOHU

DUDVร•QD7ยUNL\HยถQLQGHGDKLOHGLOPHVL\|QยQGHJ|UยรบELOGLUPLรบWLU$UDOร•N WDULKLQGH +HOVLQNLยถGH JHUoHNOHรบWLULOHQ =LUYHยถGH 7ยUNL\H GLรทHU ยONHOHUOH HรบLW

รบDUWODUGD $YUXSD %LUOLรทLยถQH DGD\ ยONH RODUDN NDEXO HGLOPLรบWLU +HOVLQNL

=LUYHVLยถQLQ DUGร•QGDQ 0DUW  WDULKLQGH $YUXSD %LUOLรทL .RPLV\RQX 7ยUNL\H

LoLQNร•VDYHRUWDYDGHGH\HULQHJHWLUPHVLJHUHNHQKHGHIOHULNDSVD\DQ.DWร•Oร•P

2UWDNOร•รทร•%HOJHVLQL\D\ร•QODPร•รบWร•U

+HOVLQNL =LUYHVL VRQXo EHOJHVL NDSVDPร•QGD 7ยUNL\HยถQLQ L]OHPHVL

JHUHNHQSROLWLNDODUDQDEDรบOร•NODUร•LOHรบ|\OH|]HWOHQHELOLU โ€ข

โ€ข

 



6L\DVL YH HNRQRPLN DODQGD .RSHQKDJ NULWHUOHULQH X\XP

VDรทODQPDVร•

7RSOXOXN PยNWHVHEDWร•Qร•Q EHQLPVHQPHVL YH PยNWHVHEDWร•Q

X\JXODQDELOPHVLQLVDรทOD\DFDNLGDULNDSDVLWHQLQJHOLรบWLULOPHVL 


โ€ข

$YUXSD %LUOLรทLยถQLQ .DWร•Oร•P 2UWDNOร•รทร•Qร• KD]ร•UODPDVร•QD SDUDOHO

RODUDN 7RSOXOXN LOH LรบELUOLรทL KDOLQGH .DWร•Oร•P gQFHVL 6WUDWHML YH

8OXVDO

3URJUDPร•Q

Kร•]ODQGร•Uร•OPDVร•

โ€ข

KD]ร•UODQPDVร•

\|QยQGH

oDOร•รบPDODUร•Q

$YUXSD %LUOLรทL LOH LOLรบNLOHUGH VDรทOร•NOร• ELU WHรบNLODWODQGร•UPDQร•Q

JHUoHNOHรบWLULOPHVL

7ยUNL\HยถQLQ NDUรบร•ODPDVร• JHUHNHQ HNRQRPLN NULWHUOHU LVH LรบOH\HQ ELU

SD]DU HNRQRPLVLQH $YUXSD %LUOLรทL LoLQGHNL UHNDEHW EDVNร•Vร• LOH SL\DVD JยoOHUL

NDUรบร•Vร•QGD GXUDELOPHN \HWHQHรทLQH VDKLS ROPDN รบHNOLQGH |]HWOHQHELOLU '37

  %X NULWHUOHU oHUoHYHVLQGH YH .DWร•Oร•P 2UWDNOร•รทร• %HOJHVL HVDV DOร•QDUDN

8OXVDO3URJUDPKD]ร•UODQPร•รบYH0DUWWDULKLQGH\ยUยUOยรทHJLUPLรบWLU

8OXVDO 3URJUDP oHUoHYHVLQGH HNRQRPLN NULWHUOHULQ NDUรบร•ODQDELOPHVL

Doร•Vร•QGDQ SHN oRN IDDOL\HWWH EXOXQXOPXรบWXU 'HYOHWLQ HNRQRPLGHNL UROย \HQLGHQ EHOLUOHQPH\H oDOร•รบร•ODUDN ILQDQVDO YH PDNURHNRQRPLNGHQJHVL]OLNOHU

|QOHQPH\H oDOร•รบร•OPร•รบWร•U (N RODUDN \DSร•ODQ HNRQRPLN UHIRUPODU Doร•Vร•QGDQ

PHY]XDWร•Q $YUXSD %LUOLรทLQH X\XPOX KDOH JHWLULOPHVLQH \|QHOLN oDOร•รบPDODU \DSร•OPร•รบWร•U %DQNDODU 0HUNH] %DQNDVร• YH .DPXODรบWร•UPD .DQXQODUร•QGD

GHรทLรบLNOLNOHU \DSร•OPร•รบWร•U $\Uร•FD 7ยUN 7HOHNRPยถXQ g]HOOHรบWLULOPHVL (NRQRPLN

YH 6RV\DO .RQVH\ยถLQ .XUXOXรบX LOH dDOร•รบPD (VDV YH <|QWHPOHUL %LUH\VHO

(PHNOLOLN YH 7DVDUUXI YH <DWร•Uร•P 6LVWHPL .DQXQODUร• \ยUยUOยรทH JLUPLรบWLU (NLP

 WDULKLQGH EX NRQXGDNL WยP JHOLรบPHOHU (NRQRPLN 3URJUDP DGร• DOWร•QGD

$YUXSD %LUOLรทL .RPLV\RQXยถQD VXQXOPXรบWXU 6RQ RODUDN  $รทXVWRV 

WDULKLQGH $YUXSD %LUOLรทLยถQH X\XP \DVDODUร• 7ยUNL\H %ย\ยN 0LOOHW 0HFOLVLยถQGH

NDEXOHGLOPLรบYHE|\OHFHPHY]XDWร•Q$YUXSD%LUOLรทLยถQHX\XPXVDรทODQPร•รบWร•U     

 






  'g5'h1&h%g/h0 g'(0(6รธ67(0/(5รธ9(7$.$69(087$%$.$7

3DUDVDO %LUOLN RUWDN ELU ยณ|GHPHOHU VLVWHPLQLQยด YH |]HOOLNOH Eย\ยN

PRQWDQOร• YH XOXVODUDUDVร• LรบOHPOHU LoLQ RUWDN ELU  ยณWDNDV YH PXWDEDNDW

VLVWHPLQLQยดWHVLVLQLJHUHNWLULUh]HULQGHQ%LUOLNLoHULVLQGHNXOODQร•PGDRODQRUWDN

SDUD\DEDรทOร•LรบOHPOHULQJHUoHNOHรบHFHรทLYHGROD\ร•Vร•LOHRUWDNSDUDSROLWLNDVร•Qร•Q

\ยUยWยOHFHรทL EX VLVWHPLQ HWNLQOLรทL 3DUDVDO %LUOLรทLQ EDรบDUร•Vร•QGD |QHPOL URO R\QDU %LUOLรทLQ RUWDN 0HUNH] %DQNDVร• SDUD SROLWLNDVร• \DQร•QGD |GHPHOHU

VLVWHPLQLQ WHVLVLQGH YH J|]HWLPLQGH |QHPOL J|UHYOHU ยVWOHQLU (N RODUDN

VDGHFH3DUDVDO%LUOLNDoร•Vร•QGDQGHรทLOD\Qร•]DPDQGDSDUDVDOELUOLNLoHULVLQGH

\HU DOPD\DQ ยONHOHU LoLQ GH WDNDV YH PXWDEDNDW VLVWHPOHULQLQ WHVLVL YH HWNLQ

oDOร•รบPDVร•Qร•Q VDรทODQPDVร• GยQ\D JHQHOLQGH ILQDQVDO LVWLNUDUร•Q VDรทODQPDVร•

Doร•Vร•QGDQ|QHPDU]HWPHNWHGLU

%X E|OยPGH LON RODUDN |GHPH VLVWHPOHUL Nร•VDFD WDQร•PODQPร•รบWร•U

$UGร•QGDQ|GHPHVLVWHPOHULYHPHUNH]EDQNDODUร•LOLรบNLVLQHGH\LQLOHUHN|GHPH

VLVWHPOHULQGH WDNDV YH PXWDEDNDW VLVWHPOHULQLQ \HUL YH WDNDV YH PXWDEDNDW

VLVWHPOHULQLQ SDUD SROLWLNDVร• HWNLQOLรทLQGH UROย LQFHOHQPLรบWLU 6RQ RODUDN (3%

Doร•Vร•QGDQWDNDVYHPXWDEDNDWVLVWHPOHULQLQ|QHPLLQFHOHQPLรบWLU gGHPH6LVWHPOHULQLQ7DQร•Pร•

gGHPH VLVWHPL SDUDQร•Q HPQL\HWOL ELU รบHNLOGH GRODรบร•Pร•Qร• VDรทODPDN

ย]HUHJHOLรบWLULOPLรบSHNoRNDUDoWDQEDQNDFร•Oร•NLรบOHPOHULQGHQYHEDQNDODUDUDVร•

IRQ WUDQVIHU VLVWHPOHULQGHQ ROXรบDQ ELU VLVWHPGLU -RKQVRQ YHGLรทHUOHUL 

%D]ร• EHOOL EDรบOร• |GHPH VLVWHPOHUL NL VLVWHPLN RODUDN |QHPOL RODQ VLVWHPOHU

RODUDN GD DGODQGร•Uร•Oร•UODU \XUW LoL YH XOXVODODUDUDVร• ILQDQVDO VLVWHPOHU YH

SL\DVDODU DUDVร•QGD ELU DNWDUร•P NDQDOร• J|UHYLQL \HULQH JHWLULUOHU %X DNWDUร•P NDQDOร•\DรบDQDQHNRQRPLNoDONDQWร•ODUร•QDNWDUร•Pร•QGDGDURODOร•U %,6  

 






gGHPH6LVWHPOHULYH0HUNH]%DQNDFร•Oร•รทร•

0HUNH]EDQNDODUร•|GHPHVLVWHPOHULQLQLรบOH\LรบLQGH|QHPOLUROR\QDUODU

0HUNH] EDQNDODUร• JHQHOOLNOH HQIODV\RQXQ NRQWURO HGLOPHVL LVWLNUDUร•Q WHVLV

HGLOPHVL YH ILQDQVDO VLVWHPLQ VDรทODP ELU \DSร•\D NDYXรบWXUXOPDVร• JLEL oHรบLWOL

\ยNยPOยOยNOHULNDQXQHQ\HULQHJHWLUPHNOHJ|UHYOLGLUOHUg]HOOLNOHHQIODV\RQXQ

NRQWURO HGLOPHVL NRQXVXQGD NHQGLOHULQH YHULOHQ VRUXPOXOXN oHUoHYHVLQGH

PHUNH] EDQNDODUร• GRรทUXGDQ SDUD SROLWLNDVร• DUDoODUร• \HULQH JLGHUHN DUWDQ ELU

|OoยGH GROD\Oร• SDUD SROLWLNDVร• DUDoODUร•Qร•Q NXOODQร•Pร•QD Dรทร•UOร•N YHUPHNWHGLUOHU

-RKQVRQYHGLรทHUOHULV 

'RรทUXGDQ NHOLPHVL X\JXODQDQ SDUD SROLWLNDVร• LOH DUDo DUDVร•QGDNL ELUH

ELULOLรบNL\LLIDGHHWPHNDPDFร•LOHNXOODQร•OPDNWDGร•U 3DUDSROLWLNDVร•JHUHรทLEHOLUOL

ELUWXWDUGDPHYFXWNUHGLKDFPLKHGHIOHQPHVLGXUXPXQGDSDUDSROLWLNDVร•DUDFร•

RODUDN NUHGL WDYDQ���• X\JXODQPDVร• |UQHรทLQGH ROGXรทX JLEL  'RรทUXGDQ DUDoODU

IL\DWODU \D GD PLNWDUODU ย]HULQH JHWLULOHQ oHรบLWOL Gย]HQOHPHOHU DUDFร•Oร•รทร• LOH

OLPLWOHU NRQXOPDVร• รบHNOLQGH X\JXODQPDNWDGร•U 'RรทUXGDQ SDUD SROLWLNDVร•

DUDoODUร•IDL]RUDQร•NRQWUROOHULNUHGLWDYDQร•X\JXODPDODUร•YHEDQNDNUHGLOHULQLQ

RWRULWHOHULQ WDOLPDWODUร•QD J|UH NXOODQGร•Uร•OPDVร• รบHNOLQGH WDQร•PODQPDNWDGร•U 'ROD\Oร•SDUDSROLWLNDVร•DUDoODUร•LVHEDQNDODUร•QUH]HUYOHULQH\|QHOLNWDOHS\DGD

DU]ร• D\DUODPDN ย]HUH SL\DVD ย]HULQGHQ NXOODQร•ODQ DUDoODUGร•U %XQD J|UH

GROD\Oร• SDUD SROLWLNDVร• DUDoODUร• Doร•N SL\DVD LรบOHPOHUL /RPEDUG LPNDQร• JHo

OLNLGLWH SHQFHUHVL YH ]RUXQOX NDUรบร•Oร•NODU RODUDN WDQร•PODQPDNWDGร•U $OH[DQGHU

YHGLรทHUOHULV 

%XรบHNLOGHWDQร•PODQDQGROD\Oร•SDUDSROLWLNDVร•DUDoODUร•HWNLOHULQLILQDQVDO

SL\DVDODU

DUDFร•Oร•รทร•

LOH

DNWDUGร•NODUร•

SDUD

SROLWLNDVร•

VLQ\DOOHUL

LOH

J|VWHUPHNWHGLUOHU %XQD EDรทOร• RODUDN GROD\Oร• SDUD SROLWLNDVร• DUDoODUร•Qร•Q

HWNLQOLรทLILQDQVDOSL\DVDODUร•QHWNLQOLรทLLOHGRรทUXRUDQWร•Oร•Gร•U)LQDQVDOSL\DVDODUร•Q HWNLQOLรทL LVH NDoร•Qร•OPD] RODUDN |GHPH VLVWHPOHULQLQ |]HOOLNOH GH WDNDV YH

PXWDEDNDW VLVWHPOHULQLQ HWNLQOLรทLQH EDรทOร•Gร•U %,6   >gGHPH

VLVWHPOHULQGHNL GHรทLรบLNOLรทLQ \|QHWLPL NRQXOX NRQIHUDQVWD %DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWVยถร•Q *HQHO 0ยGยUย $QGUHZ &URFNHWW WDNDV YH

PXWDEDNDW VLVWHPOHULQLQ SDUD SROLWLNDVร•Qร•Q HWNLQ RODUDN X\JXODQPDVร•QGDQ

 






VRUXPOX RODQ PHUNH] EDQNDODUÕ DoÕVÕQGDQ |QHPLQL YXUJXODPÕúWÕU@  0HUNH] I

EDQNDODUÕ GúN HQIODV\RQXQ JHUoHNOHúWLULOHELOPHVL LoLQ JHUHNOL RODQ PDNUR HNRQRPLN LVWLNUDU RUWDPÕQÕ GD J|] |QQGH WXWDFDN úHNLOGH SDUD SROLWLNDVÕQÕ

WHVLV HWPHN JLEL WHPHO ELU IRQNVL\RQD VDKLSWLU %XQXQ \DQÕ VÕUD VRQ |GQo

YHUPH PHUFLL RODUDN PHUNH] EDQNDODUÕ ILQDQVDO YH VLVWHPLN LVWLNUDUÕQ

VD÷ODQPDVÕKHGHILQLGH\HULQHJHWLUPHNOH\NPOGU

%X LNLQFL UROH ED÷OÕ RODUDN >D\QÕ NRQIHUDQVWD %DQN IRU ,QWHUQDWLRQDO

6HWWOHPHQWV¶ÕQ3DUDYH(NRQRPL%|OP%DúNDQ¶Õ:LOOLDP:KLWHWDUDIÕQGDQ@

|GHPHVLVWHPOHULQLQILQDQVDOSL\DVDODUÕQLúOH\LúLQGHR\QDGÕ÷ÕNULWLNUROQD\QÕ

]DPDQGD EX SL\DVDODUÕQ LVWLNUDUÕQÕQ VD÷ODQPDVÕQGD GR÷UXGDQ HWNLOL ROGX÷X

YXUJXODQPDNWDGÕU %,6 %XUROOHUHED÷OÕRODUDNPHUNH]EDQNDODUÕDoÕN

YH\D|UWORODUDNG]HQOH\LFLYHJ|]HWLFLROPDVRUXPOXOX÷XQDGDVDKLSWLUOHU

%X VRUXPOXOXNODU ³SDUDQÕQ DNÕúNDQOÕ÷ÕQÕQ´ GL÷HU ELU LIDGH LOH ³WDNDV YH

PXWDEDNDW VLVWHPOHULQLQ HWNLQOL÷LQLQ´ VD÷ODQPDVÕQGDQ |]HOOLNOH GHYOHW

ERUoODQPD VHQHWOHULQGH PHUNH]L ERUoODQPD VHQHGL VDNOD\ÕFÕVÕ ROPD JLEL

LúOHYVHOELUIRQNVL\RQXQ\HULQHJHWLULOPHVLQHNDGDUX]DQPDNWDGÕU gGHPH6LVWHPOHULQGH7DNDVYH0XWDEDNDW 7DNDVYH0XWDEDNDWÕQ7DQÕPÕ

³7DNDV´ WDPDPODQPÕú LúOHPOHULQ HúOHúWLULOPHVLQGHQ VRQUD YH

PXWDEDNDWWDQ |QFH JHOHQ DúDPD RODUDN WDQÕPODQPÕúWÕU gWH \DQGDQ

³PXWDEDNDW´ LoLQ LúOHP J|UHQ DUDFD J|UH GH÷LúNHQOLN J|VWHUHQ o D\UÕ WDQÕPODPD JHWLULOPLúWLU +LVVH VHQHWOHUL YH ERQRODUÕQ LúOHP J|UPHVL

GXUXPXQGD ³PXWDEDNDW´ LúOHPOHULQ HúOHúWLULOPHVLQLQ \DSÕOPDVÕQGDQ VRQUD

WDUDIODUÕQ NDUúÕOÕNOÕ RODUDN NÕ\PHWL WHVOLP HWPH \D GD SDUD\Õ |GHPH úHNOLQGH

\NPOONOHULQL\HULQHJHWLUPHVLVUHFLGLUøúOHPJ|UHQDUDoH÷HUELUIXWXUHV

NRQWUDWÕ LVH ³PXWDEDNDW´ JQ VRQXQGD NRQWUDW IL\DWÕQGDNL GH÷LúPHQLQ

EDúODQJÕo PDUMÕQD HNOHQPHVL YH\D RQGDQ GúOPHVL LOH JHUoHNOHúLU 6RQ

RODUDN RSVL\RQODUÕQ LúOHP J|UPHVL GXUXPXQGD QDNLW \D GD GL÷HU DUDFÕQ

|GHQLSDOÕQPDVÕúHNOLQGHNL\NPOONOHULQ\HULQHJHWLULOPHVLVUHFLGLU

%XQXQOD EHUDEHU JHQHO RODUDN ³WDNDV YH PXDWDEDNDW´ WHN ELU NDYUDP

RODUDN HOH DOÕQÕU YH ³LúOHP JHUoHNOHúWLNWHQ KHU úH\ HQ D] LNL NHUH NRQWURO    S,  A"O,$"  A$ 1 *L)M, $) ?1  JLK, ) )M0N O>+ "5)5)P7  Q  ( ('C; ()R

 






HGLOGLNWHQ YH LรบOHP VRQXFXQGD |GHQPHVL YH WHVOLP DOร•QPDVร• JHUHNHQOHU RQD\ODQGร•NWDQ VRQUD  EDรบOD\DQ VยUHoWLUยด %DQNHUV 7UXVW &RPSDQ\  V

 

7DNDVYH0XWDEDNDW6ยUHFL

7DNDV YH PXWDEDNDW VยUHFL WDNDV HYOHULQL WDNDVร• LรบOHP \DSDQODUร•

\DWร•Uร•PFร•ODUร• NUHGL YHUHQ YH WDNDVร• JHoHNOHรบWLUHQ \DEDQFร• YH \HUOL EDQNDODUร•

PยรบWHULOHU DGร•QD Nร•\PHWOHUL WXWDQ VDNOD\ร•Fร•ODUร• oHรบLWOL KL]PHWOHU YHUHQ EDQNDODUร• WUDQVIHUL \DSDQ DUDFร• NXUXPODUร•Q LรบOHPOHULQL NDSVD\DQ ELU VยUHoWLU

6KHSSDUG  ยถร•QoDOร•รบPDVร•QGDยณWDNDVYHPXWDEDNDWยดLรบOHPOHULQLQLNLOLYH\D

oRNOX ELoLPGH JHUoHNOHรบWLรทL EHOLUWLOPHNWHGLU รธNLOL DQODรบPDODU DGร•QGDQ GD

DQODรบร•ODFDรทร• JLEL JHQHOOLNOH EDQNDODUGDQ ROXรบPDN ย]HUH LNL WDUDIร•Q ROGXรทX

GXUXPX LIDGH HWPHNWHGLU gWH \DQGDQ oRNOX DQODรบPDODUGD LNLGHQ GDKD ID]OD

WDUDIร•Q YDUOร•รทร• V|] NRQXVXGXU 7DUDIODU JHQHOOLNOH ยoยQFย ELU WDUDI \DQL ELU

WDNDV

DMDQร•QGD

WXWPDNWD

ROGXNODUร•

KHVDSODUร•

ย]HULQGHQ

WDNDVร•Q

JHUoHNOHรบPHVLQL WHUFLK HWPHNWHGLUOHU %X WDNDV DMDQร• \D EDรบND ELU WLFDUL

LรบOHWPHGLU\DGDGDKDVร•NUDVWODQPDNWDROGXรทXJLELPHUNH]EDQNDVร•Gร•U

7DNDVร•Q Vร•NOร•N GHUHFHVL ELUH ELU YH QHW WDNDV D\DUODPDODUร•QD J|UH

GHรทLรบLNOLN J|VWHUPHNWHGLU %LUH ELU WDNDV V|] NRQXVX ROGXรทXQGD KHU ELU

|GHPH HPUL LoLQ ELU ERUo YH DODFDN JLULรบL \DSร•ODUDN WDNDV JHoHNOHรบLU gWH

\DQGDQ QHW WDNDV ROPDVร• GXUXPXQGD WDNDV JHUoHNOHรบPHGHQ |QFH KHU ELU

WDUDIร•QGร•รบDUร•\D\DSWร•รทร•YHNHQGLVLQH\DSร•ODQ|GHPHOHUQHWOHรบWLULOPHNVXUHWLLOH

WDNDV KHVDS VD\ร•Vร• D]DOWร•OPDNWDGร•U dRNOX QHW WDNDVD GD\DQDQ |GHPH

VLVWHPOHULJHQHOOLNOHELUVDNODPDHYLDUDFร•Oร•รทร•LOHLรบOHPHNWHGLU

%X VDNODPD HYOHUL \D PHUNH] EDQNDVร• EยQ\HVLQGH ROXรบWXUXOPXรบWXU\D

GD PHUNH] EDQNDVร• WDUDIร•QGDQ \|QHWLOPHNWH RODQ NXUXOXรบODUGร•U 6DNODPD HYOHULPHUNH]EDQNDVร•Qร•Q\HULQHWLFDULEDQNDODUDGDJHoHELOPHNWHGLU$\Uร•FD

PHUNH] EDQNDVร• YH WLFDUL EDQNDODUร•Q RUWDNODรบD GDYUDQGร•รทร• ELU \DSร• GD

J|UยOHELOPHNWHGLU 7DNDVร•Q ]DPDQODPDVร•Qร•Q |QHPL NRQXVX Eย\ยN |OoHNOL

EDQNDODU DUDVร• IRQ WUDQVIHUOHUL LoLQ JHUoHN ]DPDQOร• ELUH ELU WDNDV 57*6 

VLVWHPLQLQGRรทPDVร•QD\RODoPร•รบWร•U    






7DNDVYH0XWDEDNDW6ยUHFLQGH5LVNOHU

.DWร•Oร•PFร•VD\ร•Vร•Qร•QYHDUDooHรบLGLQLQoRNROPDVร•QDEDรทOร•RODUDNยณWDNDV

YH PXWDEDNDWยด VยUHFLQGH ELU WDNร•P ULVNOHULQ YDUOร•รทร• NDoร•Qร•OPD]Gร•U %X ULVNOHU

ยณWDNDV YH PXWDEDNDWยด VยUHFLQLQ NHQGLVLQH YH \D EX VยUHoWH \HU DODQ oHรบLWOL

Nร•\PHWOHU YH G|YL]OHU JLEL DUDoODUD HรบOLN HWPH GXUXPODUร•QD J|UH GHรทLรบLN

Vร•Qร•IODQGร•UPDODUD VDKLSWLUOHU .ร•\PHWOHULQ WDNDVร•QGD JยQGHPH JHOHQ ULVNOHU

ยณNUHGL ULVNLยด YH ยณOLNLGLWH ULVNLยด RODUDN WDQร•PODQPDNWDGร•U .ร•\PHW WDNDVร•QGD

ROXรบDELOHFHN

ยณNUHGL

ULVNLยด

WDUDIODUGDQ

ELULVLQLQ

YDGHVL

JHOGLรทLQGH

\ยNยPOยOยรทยQย JHUoHNOHรบWLUPHGH EDรบDUร•Vร•] ROPDVร• ULVNLGLU ยณ.UHGL ULVNLยด

ยณ\HULQH NR\PD PDOL\HWL ULVNLยด YH ยณ DQDSDUD ULVNLยดQGHQ ROXรบPDNWDGร•U 'LรทHU

WDUDIWDQ ยณOLNLGLWH ULVNLยด LVH NDUรบร• WDUDIร•Q \ยNยPOยOยรทยQย YDGHVLQGH GHรทLO IDNDW

GDKD LOHUL ELU WDULKWH JHUoHNOHรบWLUPHVL VRQXFXQGD ROXรบPDNWDGร•U <DEDQFร•

SDUDODUร•QWDNDVร•QGDPH\GDQDJHOHQHQ|QHPOLULVNLVHยณ+HUVWDWWULVNLยดGLU%X

ULVN WDUDIODUGDQ ELULQLQ YDGHVLQGH NHQGL |GHPH \ยNยPOยOยรทย oHUoHYHVLQGH

|GHPHVL JHUHNHQ G|YL]L NDUรบร• WDUDID |GHPHVL DQFDN NDUรบร• WDUDIร•Q

\ยNยPOยOยรทยQย YDGHVLQGH \HULQH JHWLUHPHPHVL VRQXFXQGD DOPDVร• JHUHNHQ

G|YL]LDODPDPDVร•GXUXPXQGDROXรบPDNWDGร•U

ยณ7DNDV YH PXWDEDNDWยด VยUHFLQH HรบOLN HGHQ YH VLVWHPLN oDONDQWร•ODUร•Q

ND\QDรทร•RODELOHFHNSRWDQVL\HOHVDKLSULVNOHULVHJHQHORODUDNLNLWHPHOJUXED

D\Uร•OPDNWDGร•U ยณ)LQDQVDO ULVNOHUยด YH ยณRSHUDV\RQHO ULVNOHUยด ยณ)LQDQVDO ULVNOHUยด ยณPยรบWHUL NUHGLVL ULVNLยด YH ยณWDNDV DMDQร• ULVNLยด RODUDN D\Uร•รบWร•Uร•OPDNWDGร•U ยณ0ยรบWHUL

NUHGL ULVNLยด LNL รบHNLOGH FHUH\DQ HGHELOLU 7DUDIODUGDQ ELUL PยรบWHULVLQH

PยรบWHULQLQ KHVDEร•QGD \HWHULQFH IRQ ROPDGร•รทร• KDOGH QDNLWGร•รบร• |GHPH \DSPD

L]QL YHUGLรทL WDNGLUGH JHUoHNOHรบHELOLU $\Qร• ]DPDQGD WDUDIODUGDQ ELUL NDUรบร•

WDUDIร•Q\ยNยPOยOยรทยQย\HULQHJHWLUHPHPHVLULVNLQLJ|]HDODUDNNDUรบร•WDUDIWDQ

NHQGLVLQL ERUoODQGร•Uร•Fร• QLWHOLNWH RODQ ELU DUDFร• NDEXO HWWLรทLQGH ROXรบDELOLU gWH

\DQGDQ ยณWDNDV DMDQร• ULVNLยด |GHPH VLVWHPL LoHULVLQGH KL]PHW YHUHQ ELU WDNDV

DMDQร•Qร•Q\ยNยPOยOยNOHULQL\HULQHJHWLUHPHPHVLULVNLQLLIDGHHWPHNWHGLU%XULVN

GHNHQGLQLLNLรบHNLOGHJ|VWHUPHNWHGLUยณ/LNLGLWHULVNLยดYHยณNUHGLULVNLยด

ยณ/LNLGLWH ULVNLยด WDUDIODUGDQ ELULQLQ WDNDV \ยNยPOยOยNOHULQL \HULQH

JHWLUHPHPHVLGXUXPXQDEDรทOร•RODUDNGLรทHUWDUDIร•QoRNNร•VDELUVยUHGHLรบOHPLQ WยP WDNDV \ยNยPOยOยรทยQย \HULQH JHWLUPHN ย]HUH HN IRQODU \DUDWPDN

GXUXPXQGD NDOPDVร• ULVNLQL LIDGH HWPHNWHGLU gWH \DQGDQ LรบOHPGH DOร•Fร• RODQ  






WDUDIร•Q ERUoOX RODQ WDUDIร•Q JยQ VRQXQGD QHW WDNDV \ยNยPOยOยรทยQย \HULQH

JHWLUHFHรทLQH LQDQDUDNSRWDQVL\HODODFDรทร•ย]HULQGHNLKDNODUร•Qร•ELUPยรบWHULVLQH

GHYLU HWPHVL GXUXPXQGD ยณNUHGL ULVNLยด PH\GDQD JHOPHNWHGLU )UHL[DV YH

GLรทHUOHUL   NHQGLVLQL VยUย HWNLVL LOH J|VWHUHQ HN ELU ULVN RODUDN

WDQร•PODQDELOHFHN ยณVLVWHPLN ULVNยดH LรบDUHW HWPHNWHGLU 'RPLQR HWNLVL RODUDN GD

ELOLQHQ EX VยUย HWNLVL Eย\ยN ELU ILQDQVDO NXUXOXรบXQ \ยNยPOยOยNOHULQL \HULQH

JHWLUHPHPHVLQH EDรทOร• RODUDN EDรบOD\DQ YH ELU ]LQFLUOHPH UHDNVL\RQD QHGHQ

RODUDNILQDQVDOVLVWHPLQLVWLNUDUร•Qร•WHKGLWHGHQLVWHQPH\HQELUGXUXPGXU 5LVNOHUH.DUรบร•*HWLULOHQgQOHPOHU

%X NRQX\D EDรทOร• RODUDN %DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV %,6 ยถร•Q

 WDULKOL oDOร•รบPDVร•QGD ULVN \|QHWLPLQGH HPQL\HW JHUHNVLQLPLQLQ JLGHUHN

DUWPDVร•VRQXFXQGD57*6VLVWHPOHULQLQJHOLรบWLULOGLรทLYXUJXODQPDNWDGร•U57*6

VLVWHPOHUL VLVWHPLN ULVNOHULQ Vร•Qร•UODQGร•Uร•ODELOPHVL LoLQ ELU PHNDQL]PD

JHWLUPHNWHGLU=LUD57*6VLVWHPOHULQGHELUH\VHOIRQWUDQVIHUVLVWHPOHULLรบOHP

JยQยQGH GHYDPOร• RODUDN HWNLOHQPHNWHGLU 'DKD GD ID]ODVร• 57*6 VLVWHPOHUL

WHVOLPNDUรบร•Oร•รทร•|GHPH

'93 

YH\D

|GHPHNDUรบร•Oร•รทร•|GHPH

393 

PHNDQL]PDODUร• LoLQ  ELU WHPHO ROXรบWXUDUDN Nร•\PHWOHUH YH G|YL]H EDรทOร•

LรบOHPOHUGHWDNDVULVNLQLQD]DOWร•OPDVร•QDNDWNร•GDEXOXQPDNWDGร•U

%XQXQODEHUDEHU57*6VLVWHPOHULOLNLGLWHQLQ\DGDEDรบNDELULIDGHLOH

]RUXQOX NDUรบร•Oร•NODUร•Q WHPLQLQH \|QHOLN HQGLรบHOHUL DUWร•UPDNWDGร•U 6KHSSDUG

 57*6VLVWHPLQGHWLFDULEDQNDODUร•QNHQGLDUDODUร•QGDX\JXODGร•NODUร•JยQ

LoL NUHGLOHU NL EXQODU |GHPHOHULQ SยUย]Vย] ROPDVร•Qร• VDรทODPDNWDGร•U RUWDGDQ

NDONPDNWDGร•U%XVRUXQXRUWDGDQNDOGร•UDELOPHNLoLQ57*6VLVWHPLHNOLNLGLWH

VDรทODPDOร•WDNDVKHVDSODUร•QGDDoร•รทDGยรบPHOHUHL]LQYHUPHOLYHD\Qร•JยQVDWร•รบ

YH UHSR LPNDQร• JLEL OLNLGLWH \|QHWLP DUDoODUร•QD RODQDN VDรทODPDOร•Gร•U )RONHUWV

YH GLรทHUOHUL   VLVWHPLN ULVNLQ D]DOWร•ODELOPHVLQLQ ELU EHGHOL ROGXรทXQX YH

ILQDQVDO SL\DVDODUร•Q OLNLGLWHVL ย]HULQGHNL ROXPVX] HWNL QHGHQL LOH ยณNLOLWOHQPHยด

WHKOLNHVLQLQ DUWWร•รทร•Qร• LIDGH HWPHNWHGLU 57*6 VLVWHPOHULQH \|QHOLN ELU EDรบND

HOHรบWLUL GH .DKQ YH GLรทHUOHUL   WDUDIร•QGDQ JHWLULOPHNWHGLU 6|] NRQXVX

oDOร•รบPDGDEDQNDQร•QDNWLI\DSร•Vร•Qร•QGDKDoRNGXUDQYDUOร•NODUDEDรทOร•ROGXรทXYH

EDQNDQร•Q YDUOร•NODUร•Qร•Q KHU ]DPDQ PXKDVHEHOHรบWLULOPH GHรทHUL ย]HULQGHQ OLNLW

 






KDOH JHWLULOGLรทL ELU |UQHN ROD\D EDรทOร• RODUDN 57*6 VLVWHPL \HULQH ELU WยU QHW

PXWDEDNDWVLVWHPLQLQGDKDX\JXQROGXรทXEHOLUWLOPHNWHGLU

'ยQ\D oDSร•QGDNL |GHPH VLVWHPOHULQGH J|UยOPHNWH RODQ ULVNOHULQ

D]DOWร•OPDVร•QD\|QHOLNoDEDODU\ร•Oร•QGD\D\ร•QODQDQYHยณEยWยQOHรบWLULOPLรบยดELU WDNDV YH PXWDEDNDW VLVWHPLQL |QHUHQ %UDG\ 5DSRUXยถQD NDGDU X]DQPDNWDGร•U

%DQNHUV 7UXVW &RPSDQ\   3L\DVD NDWร•Oร•PFร•ODUร•Qร•Q YDUOร•N GXUXPODUร•

KDNNร•QGD ELOJL WRSOXODรบWร•Uร•OPDVร• VDรทODQPDVร• GXUXPXQGD SL\DVD ULVNLQGH ELU

D]DOPD RODFDรทร• LIDGH HGLOPHNWHGLU %X NRQX\D LOLรบNLQ RODUDN  \ร•Oร•QGD

EDรบNDELU|QHPOLUDSRUยณ/DPIDOXVV\5HSRUWยด\D\ร•QODQPร•รบWร•U %,6E %X

UDSRU Vร•Qร•U |WHVL YH oRN VD\ร•GDNL SDUD ELULPOHULQLQ QHWOHรบWLUPH รบHPDODUร•Qร•

HWNLOH\HQNRQXODUร•QDQDOL]HGLOPHVL\ROXLOHEXรบHPDODUร•QELoLPOHQGLULOPHVLYH

RSHUDV\RQ NRรบXOODUร•Qร•Q EHOLUOHQPHVL LoLQ JHUHNOL RODQ KHGHIOHU YH SUHQVLSOHUL

WHVLVHWPLรบWLU

 \ร•Oร•QGD \D\ร•QODQDQ ยณ&RUH 3ULQFLSOHV IRU 6\VWHPLFDOO\ ,PSRUWDQW

3D\PHQW 6\VWHPV ยด LVLPOL oDOร•รบPD ยณ/DPIDOXVV\ 6WDQGDUWODUร•Qร•ยด GDKD JHQLรบ T

ELU Gย]OHPGH HOH DOPDNWD YH VLVWHPLN RODUDN |QHPOL RODQ WยP |GHPH

VLVWHPOHULLoLQX\JXODQDELOLUOLรทLRODQoRNVD\ร•GD\HQLSUHQVLELHNOHPHNWHGLU(N

RODUDN (3%ยถ\H ย\H RODQ KHU ยONHGH 57*6 VLVWHPLQLQ NXUXOPDVร• YH EX

ELUH\VHO 57*6 VLVWHPOHULQLQ (3%ยถQLQ SDUD SROLWLNDVร• X\JXODPDVร•Qร•

GHVWHNOHPHN ย]HUH NXUXODQ YH EยWยQ $YUXSD %LUOLรทL ย\HOHULQL NDSVD\DQ 7$5*(7 7UDQV(XURSHDQ$XWRPDWHG5HDO7LPH*URVV6HWWOHPHQW6\VWHP 

VLVWHPLQL ROXรบWXUPDN ย]HUH ELUELULQH EDรทODQPDVร• GD ULVNLQ D]DOWร•OPDVร•QD \|QHOLNGLรทHUoDEDODUGDQELUWDQHVLGLU

<DNร•Q ]DPDQD NDGDU |GHPHOHU DODQร•QGDNL DNDGHPLN oDOร•รบPD \D]ร•Qร•

oRN Vร•Qร•UOร• LGL  \ร•Oร•QGDQ LWLEDUHQ EX DODQGDNL DNDGHPLN YH X\JXODPD\D

\|QHOLNDUDรบWร•UPDODUร•QGHULQOHรบPH\HEDรบODGร•รทร•J|UยOPHNWHGLU%XDUDรบWร•UPDODU

Eย\ยN PLNWDUOร• DNWDUร•P VLVWHPOHUL  NยoยN PLNWDUOร• DNWDUร•P VLVWHPOHUL \HQL

|GHPH WHNQRORMLOHULQLQ DGDSWDV\RQX |GHPH VLVWHPL DUDoODUร•Qร•Q VHoLPL SRUWI|\ GDรทร•Oร•Pร• YH SDUD SROLWLNDVร• Nร•Vร•WODUร• JLEL NRQXODU ย]HULQGH

\RรทXQODรบPร•รบWร•U %HUJHU YH GLรทHUOHUL  ยถQLQ oDOร•รบPDVร•QGD LVH |GHPHOHU

VLVWHPLQLQ LรบOH\LรบLQGH ULVNOHU ROGXรทX NDGDU EX ULVNOHUH HรบOLN HGHQ PDOL\HWOHU  UVM0N OWX  (  Y) ) <)  F Z()) <[# \" F  F RF ) ] HF   ^`_%) Aa$) $"    Y")$))% ` A Hb# "   F F   G))GA#   %) ) F# c  F < %?F 1+ d\%) A'OD $"     %)A=3 AS. $) !  7

 






ROGXรทX YXUJXODQPDNWDGร•U %X PDOL\HWOHU |GHPHOHU VLVWHPLQLQ LรบOH\LรบL LoLQ JHUHNOL RODQ UHHO ND\QDN PDOL\HWOHUL |GHPHOHU VLVWHPLQGH PHYFXW RODQ

SยUย]OHUHEDรทOร•RODUDNROXรบDQYH|GHPHOHUVLVWHPLNDWร•Oร•PFร•ODUร•QD\ยNJHWLUHQ

ILQDQVDO PDOL\HWOHU LOH DNWDUร•P PHNDQL]PDVร•QGDNL JHFLNPHOHU VRQXFXQGD ROXรบDQUHHOYHILQDQVDOPDOL\HWOHUรบHNOLQGH|]HWOHQPHNWHGLU(NRODUDNEย\ยN

PHEODรทOร• DNWDUร•P VLVWHPOHUL YH NยoยN PHEODรทOร• |GHPH VLVWHPOHUL LoLQ

PDOL\HWOHUYHULVNOHUGHรทLรบLNOLNJ|VWHUPHNWHGLU

7DNDVYH0XWDEDNDW6LVWHPOHULQLQ3DUD3ROLWLNDVร•(WNLQOLรทLQGH5ROย

-RKQVRQ   SDUD SROLWLNDVร• X\JXODPDODUร•QGD WDNDV YH PXWDEDNDW

VLVWHPOHULQLQ |QHPOL ROGXรทX VRQXFXQX GRรทXUDQ VHEHSOHUL LQFHOHPLรบWLU %X

oDOร•รบPDGDHVDVRODUDNยoVHEHSWHQEDKVHGLOPHNWHGLUรธONRODUDNEยWยQILQDQV

GยQ\DVร•QGD \DรบDQPDNWD RODQ NXUXPVDO YH WHNQRORMLN GHรทLรบLNOLNOHU SDUD

SROLWLNDVร•Qร•Q \DQร• Vร•UD RSHUDV\RQODU LOH WDNDV YH PXWDEDNDW VLVWHPOHUL

ย]HULQGHDQODPOร•HWNLOHUH\RODoPDNWDGร•UรธNLQFLVHEHSNXUXPVDOYHWHNQRORMLN

GHรทLรบLNOLNOHUFHHWNLOHQHQJยQOยN\DGDVร•UDGDQSDUDVDORSHUDV\RQODUODLOJLOLGLU

6RQ RODUDN (3% JLEL SDUDVDO EยWยQOHรบPH \ROXQGDNL DNร•PODU ย\H ยONHOHULQ

PHYFXWSDUDSROLWLNDVร•X\JXODPDODUร•QGDYHEXQDEDรทOร•RODUDNPHYFXWWDNDVYH PXWDEDNDW VLVWHPOHULQLQ \DSร•ODUร•QGD NDoร•Qร•OPD] RODUDN oHรบLWOL HWNLOHU

\DUDWPDNWDGร•UODUg]HOOLNOH\HQLROXรบWXUXOPXรบRODQ7$5*(7VLVWHPLEXDODQD

\|QHOLNoDOร•รบPDODUร•QDUWPDVร•QGDHWNLOLROPXรบWXU

.DPX SROLWLNDVร•QGDNL JHUHN LoVHO YH JHUHNVH GH RWRULWHOHULQ SDUD LOH

LOJLOL ROVXQ YH\D ROPDVร•Q  JยGยPยQGH JยQGHPH JHWLULOHQ IDUNOร•Oร•NODUGDQ

HVLQOHQHQ NXUXPVDO YH WHNQRORMLN GHรทLรบLNOLNOHU SDUD SROLWLNDODUร• YH WDNDV YH

PXWDEDNDW VLVWHPOHULQGH SHN oRN HWNLOHU \DUDWPDNWDGร•UODU .XUXPVDO YH

WHNQRORMLN GHรทLรบLNOLNOHU Nร•VDFD JHOLUGH SDUDQร•Q GRODรบร•P Kร•]ร•QGD SDUD oDUSDQร•QGD DNWDUร•P PHNDQL]PDVร•Qร•Q \DSร•Vร•QGD YH |]HOOLNOH Nร•VD G|QHPOL

SDUD SROLWLNDVร• KHGHIOHULQL HWNLOHPHN ย]HUH NXOODQร•ODQ IDUNOร• DUDoODUร•Q

HWNLQOLรทLQGH J|UยOPHNWHGLU %X SDUD SROLWLNDVร•Qร•Q RSHUDV\RQHO KHGHIOHUL

ย]HULQGH

ROXรบDQ

|]HO

HWNLOHU

NHQGLOHULQL

GDOJDODQPD\ร•

D]DOWDQ

Gย]HQOHPHOHUGHULVNLD]DOWPDNย]HUHJHOLรบWLULOHQWDNDVRGDODUร•QGDHOHNWURQLN |GHPH\HJHoLรบWHWLFDULEDQNDODUร•QUH]HUYKHVDSODUร•Qร•QPHUNH]EDQNDODUร•QGD

PHUNH]LOHรบWLULOPHVLQGH JHUoHN ]DPDQOร• ELUH ELU PXWDEDNDW 57*6 

 






VLVWHPOHULQH GRรทUX ROXรบDQ HรทLOLPGH YH QDNLW YH PHYGXDW JLEL OLNLGLWHVL oRN \ยNVHNRODQDUDoODUร•QNXOODQร•Pร•Qร•QD]DOWร•OPDVร•QGDJ|VWHUPHNWHGLUOHU

'DKD |QFH GH GHรทLQLOGLรทL ย]HUH IL\DW LVWLNUDUร• SHN oRN SDUD SROLWLNDVร•

X\JXODPDVร•QGD|QFยOKHGHIRODUDNGHรทHUOHQGLULOPHNWHGLU%XKHGHILQEDรบDUร•Vร•

Eย\ยN |OoยGH HWNLQ WDNDV YH PXWDEDNDW VLVWHPLQLQ DUDFร•Oร•รทร• LOH X\JXODQDQ

Vร•UDGDQ SDUDVDO RSHUDV\RQODUD EDรทOร•Gร•U /LNLGLWH \|QHWLPL NDSVDPร•QGD SDUD

SROLWLNDVร• LoLQGH WDNDV YH PXWDEDNDW VLVWHPLQLQ oRN |QHPOL ELU URO R\QDGร•รทร•

EHOLUOL ELU NXUXPVDOYHWHNQRORMLNDOW\DSร•Qร•QYDUOร•รทร•Qร•|QJ|UPHNWHGLU%XWDNDV

YHPXWDEDNDWVLVWHPOHULX\JXODPDODUร•QGDยONHOHUH|]JยIDUNOร•Oร•NODUPHYFXWWXU

+HP ยONHOHULQ NHQGL LoLQGH KHP GH ยONHOHU DUDVร•QGD YDU RODQ EX WDNDV YH PXWDEDNDW VLVWHPL IDUNOร•Oร•NODUร•Qร•Q DQODรบร•OPDVร• JHUHN X]XQ JHUHNVH GH Nร•VD

G|QHPOL EDQNDODUร•Q UH]HUYOHULQH \|QHOLN RODUDN ROXรบDQ VLVWHPOL WDOHSOHULQ

|QFHGHQ WDKPLQ HGLOHELOPHVLQH LPNDQ YHULU %X NRQX SDUD SROLWLNDVร•Qร•Q

KHGHIOHULQGHQ ELUL RODQ ILQDQVDO YH VLVWHPDWLN LVWLNUDUร•Q WHVLV HGLOHELOPHVL

Doร•Vร•QGDQ |QHPOLGLU 3DUD SROLWLNDVร•Qร•Q ELU GLรทHU |QHPOL ELOHรบHQL GH PHUNH] EDQNDVร•Qร•Q X\JXODGร•รทร• NUHGL SROLWLNDVร•Gร•U 0HUNH] EDQNDODUร• WDNDV YH

PXWDEDNDWVยUHFLQGHROXรบDFDNEย\ยNoDSOร•Wร•NDQPDODUร•YHVLVWHPGHROXรบDFDN

RODQ KHUKDQJL ELU ยณNLOLWOHQPH\Lยด |QOHPHN LoLQ HNRQRPLN VLVWHPH JยQ LoL NUHGL

LPNDQร• VDรทODUODU 3DUD SROLWLNDVร• KHGHIOHULQLQ WXWWXUXOPDVร•QD YH |GHPHOHU

VLVWHPLQLQ LรบOHYVHO HWNLQOLรทLQLQ VDรทODQDELOPHVLQH \|QHOLN ND\Jร•ODU NDUรบร•Vร•QGD

EXNDoร•Qร•OPD]Gร•U

3DGULQL   oDOร•รบPDVร•QGD EHNOHQPH\HQ GHรทLรบLNOLNOHULQ |GHPHOHU

VLVWHPL ย]HULQGH SDUDQร•Q GRODรบร•P Kร•]ร•QGD YH ILQDQVDO SL\DVDODUGD \DUDWWร•รทร•

HWNLOHULELUJHQHOGHQJHSDUDVDOยUHWLPPRGHOLoHUoHYHVLQGHLQFHOHPLรบWLU%X

oDOร•รบPDGD HNRQRPL\H \DSร•ODQ SDUDVDO HQMHNVL\RQODUร•Q Eย\ยNOยรทยQH Nร•\DVOD |GHPH VยUHFLQGH PH\GDQD JHOHQ GHรทLรบLNOLNOHULQ Eย\ยNOยรทยQH EDรทOร• RODUDN

IDUNOร• VRQXoODUร•Q HOGH HGLOGLรทL YXUJXODQPDNWDGร•U 3DUD DU]ร•QGD YH SDUDQร•Q

GRODรบร•P Kร•]ร•QGD KHUKDQJL ELU NยoยN GHรทLรบLNOLN ILQDQVDO SL\DVDODUร•

HWNLOHPHNWHGLU$\Uร•FD|GHPHVLVWHPOHULQLQHWNLQOLNGHUHFHVLGHGร•รบVDORODUDN

SDUDQร•QGRODรบร•PKร•]ร•Qร•HWNLOHPHNWHGLU$QFDNEย\ยPHKร•]ร•QGDJ|UHFHOLRODUDN

GDKD Eย\ยN RODQ GHรทLรบLNOLNOHU ILQDQVDO SL\DVDODUร• HWNLOHPHNWHGLU (N RODUDN

KDQH KDONODUร•Qร•Q QDNLW WXWPDVร•QD ERUo YHUPH\H WยNHWLPH YH LรบJยFยQH

 






NDWร•OPDODUร•QD \|QHOLN WHUFLKOHUL GH LoVHO RODUDN SDUDQร•Q GRODรบร•P Kร•]ร•Qร•Q

EHOLUOHQPHVLQGHHWNLOLROPDNWDGร•U

gGHPH VLVWHPLQH \|QHOLN SROLWLNDQร•Q SDUD SROLWLNDVร•Qร•Q ELU GDOร• ROGXรทX

\ROXQGDNLYDUVD\ร•PDGD\DQDUDN/DFNHU  WDNDVYHPXWDEDNDWD\|QHOLN

ELU

JHQHO

GHQJH

PRGHOL

JHOLรบWLUHUHN

PHUNH]

EDQNDVร•

PHYGXDW

\ยNยPOยOยNOHULQLQ PXWDEDNDW VยUHFLQGH NXOODQร•P DODQร•Qร• LQFHOHPLรบWLU %X

oDOร•รบPDGD HVDV RODUDN JยQ LoL OLPLW Dรบร•Pร• YH NRPLV\RQ RUDQODUร• WHPLQDW

NDUรบร•Oร•NODUร• YH PHYGXDWODUD |GHQHFHN IDL]OHU JLEL oHรบLWOL |GHPH VLVWHPL SROLWLNDVร•DUDoODUร•GHรทHUOHQGLULOPLรบWLU7HPHOELUVRQXoRODUDNHQIODV\RQDHรบOLN

HGHQ ยณUDQGร•PDQ GยรบยNOยรทย Nร•VNDFร•Qร•Qยด |QHPLQH GLNNDW oHNLOPLรบWLU %X WยU

|GHPH VLVWHPL SROLWLNDVร• DUDoODUร•Qร•Q PHUNH] EDQNDODUร•QFD VHoLPL )XUILQH YH

GLรทHUOHUL  WDUDIร•QGDQLQFHOHQPLรบWLU%XoDOร•รบPD\DJ|UHPHUNH]EDQNDODUร•

JยQ LoL NUHGL DU]ร•Qร• \|QHWHELOPHN LoLQ IL\DW YH PLNWDU OLPLWOHUL LOH WHPLQDWODU

DUDVร•QGD GHรทLรบLN NRPELQDV\RQODU VHoPHNWHGLUOHU %X VHoLP HVDV RODUDN

PHUNH] EDQNDODUร•Qร•Q NUHGL ULVNL VLVWHPLN ULVN OLNLGLWH \|QHWLP WHNQLNOHUL YH

WHPLQDWODUร•QPDOL\HWOHULQHLOLรบNLQWHUFLKOHULQHEDรทOร•Gร•U

 7DNDV YH 0XWDEDNDW 6LVWHPOHULQLQ (NRQRPLN YH 3DUDVDO %LUOLN

$oร•Vร•QGDQgQHPL

7DNDV YH PXWDEDNDW SL\DVDGD JHUoHNOHรบHQ LรบOHPOHULQ QLKD\HWH

HUGLULOGLรทLYHILQDQVDOVLVWHPLQLรบOHPHVLLoLQJHUHNOLOLNDU]HGHQELUVยUHoWLU%X

EDรทODPGD (3%ยถQLQ EDรบDUร•Vร• LoLQ HWNLQ oDOร•รบDQ ELU WDNDV YH PXWDEDNDW

VLVWHPLQLQ YDUOร•รทร• oRN |QHPOLGLU )LQDQVDO VLVWHPLQ GHULQOLรทL OLNLGLWHVL

JยYHQLOLUOLรทLรบHIIDIOร•รทร•YHLรบOHPPDOL\HWOHULQLQGยรบยNOยรทยVLVWHPLQHWNLQRODUDN

WDQร•PODQPDVร•Qร•GDEHUDEHULQGHJHWLULU(WNLQLรบOH\HQELUILQDQVDOVLVWHPDQFDN

HWNLQ LรบOH\HQ ELU WDNDV YH PXWDEDNDW VLVWHPL LOH YDU RODELOLU 7DNDV YH

PXWDEDNDWVLVWHPLQLQ|QHPL$YUXSD.RPLV\RQXยถQXEXNRQX\D\|QHOLNVยUHNOL ELUDUD\ร•รบDLWPLรบWLU

%X NDSVDPGD \DSร•OPร•รบ ELU oDOร•รบPDODUGDQ ELUL *LRYDQQLQL *UXEX

WDUDIร•QGDQ KD]ร•UODQPร•รบ YH .DVร•P  WDULKLQGH \D\ร•QODQPร•รบ RODQ UDSRUGXU

6|]NRQXVXUDSRU(3%LoHULVLQGHNLPHYFXWWDNDVYHPXWDEDNDWVLVWHPOHULQL LQFHOHPHNWH YH VLVWHPH HรบOLN HGHQ VRUXQODUร• RUWD\D NR\PDNWDGร•U $\Qร•

 






*UXEXQ  \ÕOÕ RUWDODUÕQGD \D\ÕQOD\DFD÷Õ LNLQFL ELU UDSRUGD LVH ELULQFL

UDSRUODRUWD\DNRQXODQVRUXQODUD\|QHOLNo|]P|QHULOHULJHWLULOHFHNWLU$\UÕFD

¶ODU *UXEX¶QXQ YH $YUXSD 0HUNH] %DQNDODUÕ 6LVWHPL¶QLQ NRQX\D LOLúNLQ

oDOÕúPDODUÕ PHYFXWWXU 7P EX oDOÕúPDODUD ED÷OÕ RODUDN $YUXSD .RPLV\RQX 0D\ÕV  WDULKLQGH ³$YUXSD %LUOL÷LQGH 7DNDV YH 0XWDEDNDW´ EDúOÕNOÕ ELU

ELOGLULP\D\ÕQODPÕúWÕU

*LRYDQQLQL5DSRUX

(3% LoHULVLQGH \HU DODQ \H ONHOHULQ PHYFXW \XUW LoL WDNDV YH

PXWDEDNDWLúOHPOHULE\N|OoGHHWNLQELU\DSÕ\DVDKLSWLU%XQXQODEHUDEHU

VÕQÕUODU |WHVL WDNDV YH PXWDEDNDW LúOHPOHULQGH J|UOHQ HWNLQOLN \XUW LoL

X\JXODPDODUÕQGDNL HWNLQOLN NDGDU L\L GH÷LOGLU %X HWNLQOLN ND\EÕQÕQ HQ E\N

QHGHQL VÕQÕUODU |WHVL LúOHPOHULQ ONHOHU DUDVÕQGD E|OQPú \DSÕVÕQGDQ ND\QDNODQPDNWDGÕU6ÕQÕUODUDUDVÕWDNDVYHPXWDEDNDWVLVWHPLLoLQGHELU\XUW

LoL WDNDV YH PXWDEDNDW VLVWHPLQH J|UH oRN GDKD ID]OD VD\ÕGD NDWÕOÕPFÕ \HU

DOPDNWDGÕU 0HYFXW E|OQPú \DSÕ YH NDWÕOÕPFÕ VD\ÕVÕQÕQ oRNOX÷X WDNDV YH PXWDEDNDW VLVWHPLQH HúOLN HGHQ ULVNOHU YH GROD\ÕVÕ LOH PDOL\HWOHUGH DUWÕúD

QHGHQROPDNWDGÕU

(3%LoHULVLQGHNLE|OQPú\DSÕQÕQWHPHOQHGHQOHUL •

h\H ONHOHU DUDVÕQGDNL WHNQRORMLN JHUHNVLQLP YH SL\DVD

X\JXODPDVÕIDUNOÕOÕNODUÕ

h\HONHOHUDUDVÕQGDNLYHUJLOHPHIDUNOÕOÕNODUÕ

h\H ONHOHU DUDVÕQGDNL \DVDO G]HQOHPH IDUNOÕOÕNODUÕ RODUDN

|]HWOHQPHNWHGLU

h\H ONHOHU DUDVÕQGDNL WHNQRORMLN JHUHNVLQLP YH SL\DVD X\JXODPDVÕ

IDUNOÕOÕNODUÕ •

%LOJLWHNQRORMLVLYHDUD\]OHUGHNLXOXVDOIDUNOÕOÕNODU

8OXVDO WDNDV YH PXWDEDNDW VLVWHPOHULQLQ oRNOX VLVWHP \DSÕVÕQD

•  



JHoLúWH\DUDWWÕ÷ÕNÕVÕWODU

7DNDVYHPXWDEDNDWVUHFLQHLOLúNLQXOXVDONXUDOIDUNOÕOÕNODUÕ 


โ€ข

*ยQLoLWDNDVร•QQLKDLROPDVร•QGDNDUรบร•ODรบร•ODQJยoOยNOHU

โ€ข

8OXVDO WDNDV YH PXWDEDNDW VLVWHPOHULQH HULรบLPGH NDUรบร•ODรบร•ODQ

JยoOยNOHU

โ€ข

0XWDEDNDWVยUHOHULQGHXOXVDOIDUNOร•Oร•NODU

โ€ข

รธรบOHPVDDWOHULYHVLVWHPNDSDQร•รบVDDWOHULQGHXOXVDOIDUNOร•Oร•NODU

โ€ข

.ร•\PHWLKUDoX\JXODPDVร•QGDXOXVDOIDUNOร•Oร•NODU

โ€ข

.ร•\PHWLKUDooร•Vร•ยONH\HEDรทOร•XOXVDONร•Vร•WODPDODU

โ€ข

3L\DVD \DSร•Fร•ODUร•Qร•Q IDDOL\HWOHULQH \|QHOLN XOXVDO Nร•Vร•WODPDODU

รบHNOLQGH|]HWOHQPHNWHGLU

h\HยONHOHUDUDVร•QGDNLYHUJLOHPHIDUNOร•Oร•NODUร• โ€ข

h\H ยONHOHUH |]Jย VWRSDM YHUJLVL X\JXODPDODUร•Qร•Q WDNDV YH

PXWDEDNDW VLVWHPLQGH \HU DODQ \DEDQFร• DUDFร•ODU Doร•Vร•QGDQ GH]DYDQWDM\DUDWPDVร•

โ€ข

รธรบOHP YHUJLOHULQLQ ยONHOHUH |]Jย WDNDV VLVWHPLQH EDรทOร• RODUDN

WRSODQPDVร•RODUDNEHOLUWLOPHNWHGLU

h\HยONHOHUDUDVร•QGDNL\DVDOGย]HQOHPHIDUNOร•Oร•NODUร•LVH โ€ข

โ€ข

โ€ข

%ยWยQ (3% oDSร•QGD JHoHUOL RODQ ELU Nร•\PHWOHUH \|QHOLN JHWLUL

X\JXODPDVร•Qร•Q\RNOXรทX

)LQDQVDO LรบOHPOHULQ NDUรบร•Oร•NOร• QHWOHรบWLULOPHVLQH \|QHOLN \DVDO

X\JXODPDODUGDXOXVDOIDUNOร•Oร•NODU

<DVDODรบPร•รบNXUDOODUGDRUWD\Doร•NDQDQODรบPD]Oร•NODUGDX\JXODPD

YH \DSWร•Uร•P ELUOLรทLQLQ ROPDPDVร• RODUDN LIDGH HGLOPHNWHGLU 7KH

*LRYDQQLQL*URXS 

$YUXSD%LUOLรทLQGH7DNDVYH0XWDEDNDW%DรบOร•NOร•%LOGLULP

$YUXSD .RPLV\RQX (3% LoHULVLQGHNL 7DNDV YH 0XWDEDNDW 6LVWHPLQLQ

EยWยQOHรบWLULOHELOPHVLQL VDรทODPDN ย]HUH LNL WHPHO SROLWLND KHGHIL EHOLUOHPLรบWLU

รธON

 



KHGHI

ยONHOHU

ED]ร•QGD

JHUoHNOHรบHQ 

Vร•Qร•UODU

|WHVL

LรบOHPOHULQ


QLKD\HWOHúPHVLQH LOLúNLQ HQJHOOHUL NDOGÕUDUDN WDNDV YH PXWDEDNDW VUHFLQL

HWNLQOL÷H NDYXúWXUPDN úHNOLQGH WDQÕPODQPDNWDGÕU 'L÷HU KHGHI LVH (3%

LoHULVLQGH LúOHPOHU JHUoHNOHúWLNWHQ VRQUD EDúOD\DQ RUWDPD \DQL WDNDV YH

PXWDEDNDW VUHFLQH \|QHOLN UHNDEHWoL \DSÕ\Õ ER]DQ HQJHOOHUL YH NÕVÕWODUÕ

RUWDGDQNDOGÕUPDNRODUDNEHOLUOHQPHNWHGLU

øONKHGHILQEDúDUÕODELOPHVLLoLQ*LRYDQQLQL5DSRUX¶QGD|]HWOHQHQ(3%

LoHULVLQGHNL WDNDV YH PXWDEDNDW VLVWHPLQLQ E|OQPú ELU \DSÕ J|VWHUPHVLQH QHGHQ RODQ HQJHOOHULQ NDOGÕUÕOPDVÕ JHUHNPHNWHGLU %X HQJHOOHU \H ONHOHU

DUDVÕQGDNLWHNQRORMLNJHUHNVLQLPYHSL\DVDX\JXODPDVÕIDUNOÕOÕNODUÕYHUJLOHPH

IDUNOÕOÕNODUÕYH\DVDOG]HQOHPHIDUNOÕOÕNODUÕRODUDN|]HWOHQPHNWHGLU øNLQFLKHGHILQJHUoHNOHúWLULOPHVLLoLQLVH •

7DNDV

YH

PXWDEDNDW

G]HQOHQPHVL

VLVWHPLQLQ

NXUXPVDO

\DSÕVÕQÕQ

7DNDVYHPXWDEDNDWVUHFLQGHGR÷DQKDNYHWHUFLKOHULQDoÕNoD

WDQÕPODQPDVÕ

2UWDNELUG]HQOH\LFL\DSÕQÕQROXúWXUXOPDVÕ

5HNDEHWoL\DSÕQÕQVD÷ODQPDVÕJHUHNPHNWHGLU

%XUD\D NDGDU RODQ E|OPGH HWNLQ ELU |GHPH VLVWHPL WDNDV YH

PXWDEDNDW VLVWHPL QHGLU QLoLQ LKWL\Do GX\XOPDNWDGÕU PHUNH] EDQNDODUÕQÕQ

URO QHGLU EX VLVWHPOHULQ SDUD SROLWLNDVÕ DoÕVÕQGDQ YH (3% DoÕVÕQGDQ|QHPL

QHGLU NRQXODUÕQD GH÷LQLOPLúWLU 6RQUDNL E|OPGH (3%¶GHNL YH 7UNL\H¶GHNL

PHYFXW X\JXODPDODU LQFHOHQHUHN 7UNL\H¶QLQ RODVÕ \HOL÷L GXUXPXQD \|QHOLN

GH÷HUOHQGLUPHOHU\DSÕODFDNWÕU    

 






  %(ùø1&ø%g/h0 (.2120ø.9(3$5$6$/%ø5/ø.ø/(7h5.ø<(¶'(3$5$



32/ø7ø.$/$5,9(g'(0(/(56ø67(0ø8<*8/$0$/$5,

(NRQRPLN

YH

8\JXODPDODUÕ

3DUDVDO

%LUOLN

øoHULVLQGH

3DUD

3ROLWLNDVÕ

7HRULN RODUDN ELULQFLO KHGHIOHUL IL\DW LVWLNUDUÕ RODQ PHUNH]EDQNDODUÕQÕQ

SDUD SROLWLNDVÕQÕQ ROXúWXUXOPDVÕ HNRQRPLGH LVWLNUDUÕQ VD÷ODQPDVÕ YH VD÷OÕNOÕ ELU ILQDQVDO VLVWHPLQ WHVLV HGLOPHVLQGH oRN |QHPOL ELU URO YDUGÕU $YUXSD

0HUNH] %DQNDVÕ (3% LoHULVLQGH NHQGLVLQH DWIHGLOHQ EX |QHPOL UROH ED÷OÕ

RODUDN YH $YUXSD 0HUNH] %DQNDODUÕ 6LVWHPL (6&%  LOH X\XPOX oDOÕúPDN

]HUH NXUXOPXúWXU 2FDN ¶GD (3%¶QLQ oQF YH VRQ DúDPDVÕQD JHoLOPHVLLOHELUOLNWH(3%¶\H\HONHOHULQPHUNH]EDQNDODUÕSDUDSROLWLNDVÕQÕQ

EHOLUOHQPHVL

LOH

LOJLOL

WP

\HWNLOHULQL

$YUXSD

0HUNH]

%DQNDVÕ¶QD

GHYUHWPLúOHUGLU h\H ONHOHULQ PHUNH] EDQNDODUÕ ELU QHYL RSHUDV\RQHO DMDQ

UROQVWOHQPLúOHUGLU

:\QQH  ¶ÕQ GD EHOLUWWL÷L JLEL EX \HQL NXUXOPXú RODQ $YUXSD

0HUNH] %DQNDVÕ RUWDN SDUD ELULPL RODQ (XUR¶QXQ  2FDN ¶GD RQ ELU

ONHQLQXOXVDOSDUDELULPOHULQLQ\HULQLDOGÕ÷Õ(XUR%|OJHVL¶QGHWDKVLVHGLOHFHN

RODQ SDUD SROLWLNDVÕQÕQ VRUXPOXOX÷XQX DOPÕúWÕU 0DDVWULFKW $QWODúPDVÕ¶QÕQ

 PDGGHVLQGH $YUXSD 0HUNH] %DQNDVÕ¶QÕQ HVDV KHGHILQLQ IL\DW LVWLNUDUÕ

ROGX÷X EHOLUWLOPLúWLU $\UÕFD EX IL\DW LVWLNUDUÕQÕQ |OoOPú HQIODV\RQ

DQODPÕQGD WDQÕPODQPDVÕ YH ROXúWXUXOPDVÕ $YUXSD 0HUNH] %DQNDVÕ¶QD

EÕUDNÕOPÕúWÕU

$YUXSD0HUNH]%DQNDVÕ\ÕOÕQÕQ(NLPYH$UDOÕND\ODUÕQGD\DSWÕ÷Õ

WRSODQWÕODU VRQXFXQGD IL\DW LVWLNUDUÕQD \|QHOLN SDUD SROLWLNDVÕQÕQ WHPHO XQVXUODUÕQÕ NDPXR\XQD DoÕNODPÕúWÕU $YUXSD 0HUNH] %DQNDVÕ <|QHWLP

.RQVH\LIL\DWLVWLNUDUÕKHGHILQLJHUoHNOHúWLUPHNYHVUGUHELOPHNLoLQoDQD

 






XQVXUGDQROXรบDQELUSDUDSROLWLNDVร•VWUDWHMLVLEHQLPVHPLรบWLU (&%V

  %X XQVXUODU (XUR VLVWHPLQ ELULQFLO KHGHIL RODQ IL\DW LVWLNUDUร•Qร•Q NDQWLWDWLI

RODUDN WDQร•PODQPDVร• YH EX DPDFD XODรบPDN LoLQ NXOODQร•ODFDN SDUD SROLWLNDVร•

VWUDWHMLVLQLQLNLWHPHOGLUHรทLGLU WZRSLOODUV 

%X EDรทODPGD $YUXSD 0HUNH] %DQNDVร•ยถQFD (XUR %|OJHVL LoLQ ยณIL\DW

Gย]H\LQGHNL GHรทLรบPHOHUยด +DUPRQLVHG ,QGH[ RI &RQVXPHU 3ULFHV +,&3 ยถร•Q

\ร•OOร•N DUWร•รบร• LOH L]OHQHFHNWLU )L\DW DUWร•รบ VHYL\HVLQLQ EHOLUOHQPHVLQGH VWDQGDUW

PLNWDU WHRULVLQLQ NXOODQร•OPDVร• J|Uยรบย HWNLOL ROPDNWDGร•U )L\DW LVWLNUDUร• DPDFร•Qร• JHUoHNOHรบWLUHELOPHNLoLQ\XNDUร•GDGHรทLQLOHQWHPHOGLUHNOHU โ€ข

*HQLรบSDUDQร•QEย\ยPHKร•]ร•QDLOLรบNLQNDQWLWDWLIUHIHUDQVGHรทHULQLQ

ELU KHGHI RODUDN EHOLUOHQPHVL %X SDUD\D DWIHGLOHQ |QHPOL UROย J|VWHUPHNWHGLU

โ€ข

(XUR E|OJHVLQGH ELU EยWยQ RODUDN IL\DW GHรทLรบPHOHULQL YH IL\DW

LVWLNUDUร•Qร•WHKOLNH\HDWDFDNULVNOHULQ|QL]OHQPHVL

%LULQFL WHPHO GLUHN RODQ JHQLรบ SDUDQร•Q Eย\ยPH Kร•]ร• KHGHILQLQ 2

EHOLUOHQPHVLQGH0 GDKDNDSVDPOร•RODUDNHOHDOร•QPDNWDGRODรบร•PGDNLSDUD

YH JHQLรบ SDUDQร•Q JHOHQHNVHO PHYGXDW XQVXUXQD HN RODUDN SDUD SL\DVDVDVร• IRQODUร•KLVVHOHULYHSDUDVDOILQDQVNXUXPODUร•Qร•QLKUDoHWWLรทLERUoVHQHWOHULQLGH

NDSVD\DFDNรบHNLOGHWDQร•PODQPDNWDGร•U6WUDWHMLQLQLNLQFLWHPHOGLUHรทLRODQIL\DW

Gย]H\L GHรทLรบPHOHUL YH ULVNOHULQ |Q L]OHQPHVLQGH IL\DW KDUHNHWOHULQGH

JHOLรบPHOHUGH ยณ|QFยO J|VWHUJHยด QLWHOLรทLQGH RODQ ELU oRN GHรทLรบNHQ VHoLOPLรบWLU

%XQODU DUDVร•QGD ยFUHWOHU G|YL] NXUX WDKYLO IL\DWODUร• UHHO HNRQRPLN IDDOL\HW

|OoยWOHUL PDOL SROLWLND J|VWHUJHOHUL IL\DW YH PDOL\HW HQGHNVOHUL Lรบ YH WยNHWLFL

DQNHWOHULEXOXQPDNWDGร•U

%X JHQLรบ SDUD WDQร•Pร•Qร•Q ELU DUDo RODUDN VHoLOPHVLQGH 0

Eย\ยNOยรทยQยQ LVWLNUDUOร• ELU \DSร•Vร• ROGXรทX YH JHOHFHN G|QHP HQIODV\RQXQXQ

WDKPLQL LoLQ  X\JXQ ELU DUDo ROGXรทX VRQXFXQX YHUHQ DUDรบWร•UPDODU HWNLOL

ROPXรบWXU %XDUDรบWร•UPDODUDEDรทOร•RODUDN0SDUDVDOEย\ยNOยรทยQยQEย\ยPH

Kร•]ร•  LoLQ  WHVSLW    HGLOHQ   UHIHUDQV    GHรทHULQLQ   WDKPLQ  HGLOPHVLQGH  eYQ T !   HF f% <F A% "!  g A A%  I F  '" %  ) %) " A%  T  '" %  ) %) " A% ) !!  !  $ $F )  F " h?F    F   I F  '" %  ) %) "# c4$    %) < i %?F 1

 






+&,3ยถQLQ \ร•OOร•N \ย]GH ยถQLQ DOWร•QGDNL ELU DUWร•รบ Kร•]ร• (XUR %|OJHVLยถQGHNL UHHO *D\UL6DIL<XUWรธoL+DVร•ODDUWร•รบร•Qร•Q\ร•OOร•N\ย]GHDUDOร•รทร•QGDJHUoHNOHรบPHVL

|QJ|UยVย LOH 0 GRODรบร•P Kร•]ร•Qร•Q \ร•OOร•N \ย]GH  DUDOร•รทร•QD GยรบHFHรทL YDUVD\ร•Pร•QGDQKDUHNHWHGLOPLรบWLU

%X GHรทHUOHUH GD\DQDUDN WHVSLW HGLOHQ 0 SDUDVDO Eย\ยNOยรทยQยQ

Eย\ยPHRUDQร•LoLQLONUHIHUDQVGHรทHU\ร•OOร•N\ย]GHRODUDNEHOLUOHQPLรบWLU

$YUXSD0HUNH]%DQNDODUร•6LVWHPLUHIHUDQVGHรทHUL0ยถยQD\Oร•NED]GDNL\ร•OOร•N Eย\ยPH RUDQODUร•Qร•Q ยo D\Oร•N KDUHNHWOL RUWDODPDODUร•Qร• HVDV DODUDN WDNLS

HWPHNWHGLU %X VD\HGH D\Oร•N GHรทHUOHUGHNL VDSPDODUร•Q \DQร•OWร•Fร• ROPDVร•

HQJHOOHQPHNWH YH UHIHUDQV GHรทHULQ RUWD YDGHOL \|Qย GH YXUJXODQPร•รบ

ROPDNWDGร•U (&%V 

*HUoHNOHรบHQSDUDVDOEย\ยPHLOHLODQHGLOHQUHIHUDQVGHรทHUDUDVร•QGDNL

LOLรบNL $YUXSD 0HUNH] %DQNDVร• <|QHWLP .RQVH\LQGH Gย]HQOL RODUDN DQDOL]

HGLOPHNWH YH VRQXoODU NDPXR\XQD Doร•NODQPDNWDGร•U %X LNL DODQGDNL

oDOร•รบPDODU SDUDVDO KHGHIOHPH \D GD HQIODV\RQ KHGHIOHPHVL RODUDN

\ยUยWยOPHPHNWH ROXS VDGHFH IL\DW LVWLNUDUร• KHGHILQLQ JHUoHNOHรบWLULOPHVL

VยUHFLQLGHVWHNOHPHNDQODPร•QGD\ยUยWยOPHNWHGLU

-RKQVRQ   JHQHO RODUDN PHUNH] EDQNDODUร•Qร•Q HQIODV\RQX

KHGHIOHUNHQELU\DGDGDKDID]ODIDL]KDGGLQLQSDUDWDEDQร•Qร•0YH0JLEL

ED]ร•SDUDVDOEย\ยNOยNOHULยณDUDKHGHIOHUยดJLELNXOODQGร•รทร•Qร•LIDGHHWPHNWHGLU%X

GXUXP SDUDVDO RSHUDV\RQODUGD HWNLVLQL GRรทUXGDQ J|VWHUHQ DUDoODU \HULQH

GROD\Oร• RODUDN J|VWHUHQ DUDoODUร•Q NXOODQร•OPDVร• \ROXQGDNL JHQHO HรทLOLPGHQ

ND\QDNODQPDNWDGร•U %X HรทLOLPH EDรทOร• RODUDN VHOHNWLI  NUHGL NRQWUROOHUL YH

EDQNDODU DUDVร• NUHGL WDYDQODUร• X\JXODPDVร• JLEL ED]ร• DUDoODUร•Q NXOODQร•Pร•QGD D]DOPDJ|UยOPHNWHLNHQSL\DVDPHUNH]OLYHQLFHOLNVHOWDYDQODUร•QUROR\QDGร•รทร•

DUDoODUGDJ|UHFHOLRODUDNDUWร•รบJ|UยOPHNWHGLU

'LรทHU ED]ร• HQVWUยPDQODU DUDVร•QGD ]RUXQOX NDUรบร•Oร•NODU OLPLW Dรบร•PODUร• \D

GD PHUNH] EDQNDODUร•Qร•Q LQLVL\DWLIL oHUoHYHVLQGH NXOODQGร•Uร•ODQ JHo OLNLGLWH

SHQFHUHVL JLEL SHN oRN oHรบLWWH KD]ร•U LPNDQODU VD\ร•ODELOLU (N RODUDN UHSR YH

WHUVUHSR JLEL PHUNH] EDQNDODUร•Qร•Q LQLVL\DWLILQGH NXOODQGร•Uร•ODQ SDUD SL\DVDVร•

OLNLGLWH VDรทODPD DUDoODUร• YH JHQHOOLNOH PHUNH] EDQNDVร•Qร•Q NDPX ERUoODQPD

 






NDรทร•WODUร•Qร•Q SL\DVDGDQ GRรทUXGDQ DOร•Pร•Qร• \D GD VDWร•Pร•Qร• \DSPDVร• รบHNOLQGHNL

Doร•NSL\DVDLรบOHPOHULGHEXNDSVDPGDGHรทHUOHQGLULOHELOLU 

*DVSDUYHGLรทHUOHUL  ยถGHELULQFLOKHGHILIL\DWLVWLNUDUร•RODQ$YUXSD

0HUNH]%DQNDVร•ยถQร•QSDUDSROLWLNDVร•Qร•QDNWDUร•PPHNDQL]PDVร•QGDNLHQ|QHPOL

UROยQยQ Nร•VD G|QHPOL IDL] RUDQODUร•Qร•Q NRQWURO HGLOPHVL ROGXรทXQX

EHOLUWPHNWHGLUOHU%XoHUoHYHGHSDUDSROLWLNDVร•DUDoODUร•RODUDNยoWHPHODUDo

RODQ Doร•N SL\DVD LรบOHPOHUL JHo OLNLGLWH SHQFHUHVL YH ]RUXQOX NDUรบร•Oร•NODUร•Q

NXOODQร•OGร•รทร•Qร• YXUJXODPDNWDGร•UODU %X DUDoODUร• NXOODQDUDN \DSร•OPDVร• PยPNยQ

RODQ SDUD SROLWLNDVร• RSHUDV\RQODUร• YH LรบOH\Lรบ WยUOHUL 7DEOR ยถGH D\Uร•QWร•Oร•

RODUDNJ|VWHULOPHNWHGLU

7DEOR3DUD3ROLWLNDVร•2SHUDV\RQODUร•YHรธรบOH\Lรบ7ยUOHUL  3DUD3ROLWLNDVร• 2SHUDV\RQODUร•



รธรบOH\Lรบ7ยUOHUL  /LNLGLWHYHULOPHVL

/LNLGLWHoHNLOPHVL

 $oร•N3L\DVDรธรบOHPOHUL





 8]XQYDGHOLIRQODPD

.DUรบร•Oร•NOร•LรบOHPOHU

.DUรบร•Oร•NOร•LรบOHPOHU

.ร•VDYDGHOLIRQODPD รธQFHD\DUIRQODPD

   

  

<DSร•VDOIRQODPD



.DUรบร•Oร•NOร•LรบOHPOHU .DUรบร•Oร•NOร•LรบOHPOHU '|YL]6ZDSODUร• 'RรทUXGDQ$Oร•P

.DUรบร•Oร•NOร•LรบOHPOHU

.DUรบร•Oร•NOร•LรบOHPOHU '|YL]6ZDSODUร•

'RรทUXGDQ6DWร•P



6DELW 9DGHOL  0HYGXDW 7RSODQPDVร•

.DUรบร•Oร•NOร•LรบOHPOHU

%RUo6HUWLILNDVร•รธKUDFร•

 .DUรบร•Oร•NOร•LรบOHPOHU

 



'RรทUXGDQ$Oร•P

'RรทUXGDQ6DWร•P

 *Ho/LNLGLWH3HQFHUHVL 0DUMLQDONUHGLLPNDQร• 0HYGXDWLPNDQร•

0HYGXDW

K, ) j4 $!  ) % h)    + I6)6? $1 2 7 k )%  "    RF <"F 1 + 8L7 -Y"   aS,  $ 3M.   i a"()  $F3 G 'G)l R G Vm <) ) <R G)    ?3 i  D  l"() F ! "()  %?F h?F"% "  '  F  $F HF 4 # %  )   Ai )% 1

  






7DEOR  LQFHOHQGLรทLQGH SDUD SROLWLNDVร•Qร•Q WHPHO DUDoODUร•Qร•Q Doร•N

SL\DVD LรบOHPOHUL YH JHo OLNLGLWH SHQFHUHVL X\JXODPDVร• ROGXรทX J|UยOPHNWHGLU $oร•N SL\DVD LรบOHPOHUL Nร•VD YDGHOL X]XQYDGHOLLQFHD\DUYH\DSร•VDOIRQODPD

รบHNOLQGHVร•Qร•IODQGร•Uร•OPDNWDGร•U

(3% LoHULVLQGH X\JXODQDQ Doร•N SL\DVD LรบOHPOHULQLQ WHPHO Vร•Qร•Iร• RODQ

Nร•VD YDGHOL IRQODPD IDL] RUDQODUร•Qร•Q NRQWURO HGLOPHVL SL\DVDGDNL OLNLGLWHQLQ

\|QHWLOPHVL YH X\JXODQPDNWD RODQ SDUD SROLWLNDVร•QD LOLรบNLQ RODUDN SL\DVD\D

VLQ\DOJ|QGHULOPHVLDPDoODUร•LOHNXOODQร•OPDNWDGร•U8]XQYDGHOLIRQODPDGDKD

oRNEDQNDFร•Oร•NVLVWHPLQHX]XQYDGHOLOLNLGLWHVDรทODPDNDPDFร•LOHNXOODQร•Oร•UNHQ

LQFH D\DU IRQODPD SL\DVDGD ROXรบDQ EHNOHQPHGLN OLNLGLWH GDOJDODQPDODUร•Qร•Q

IDL]KDGOHULย]HULQGHNLRODVร•HWNLOHULQL\XPXรบDWPDNDPDFร•LOHNXOODQร•OPDNWDGร•U <DSร•VDO IRQODPD LVH (3% LoHULVLQGH \HU DODQ EDQNDFร•Oร•N VLVWHPLQLQ \DSร•VDO

OLNLGLWHGXUXPXQXQX]XQG|QHPGHNRQWUROHGLOPHVLLoLQNXOODQร•OPDNWDGร•U

$oร•N SL\DVD LรบOHPOHUL NDUรบร•Oร•NOร• LรบOHPOHU G|YL] VZDSODUร• GRรทUXGDQ

G|YL] DOร•PVDWร•Pร• VDELW YDGHOL PHYGXDW WRSODQPDVร• YH PHUNH] EDQNDVร•Qร•Q

ERUoODQPD VHQHGL LKUDFร• JLEL \|QWHPOHUOH \DSร•ODELOPHNWHGLU *Ho OLNLGLWH

SHQFHUHVL LVH PDUMLQDO NUHGL LPNDQร• YH PHYGXDW LPNDQร• RODUDN

Vร•Qร•IODQGร•Uร•OPDNWD YH NDUรบร•Oร•NOร• LรบOHPOHU LOH PHYGXDW WRSODQPDVร• รบHNOLQGHNL

\|QWHPOHUOH LรบOH\HELOPHNWHGLU .DUรบร•Oร•NOร• LรบOHPOHU UHSR YH WHUV UHSR LรบOHPOHUL

LOHWHPLQDWNDUรบร•Oร•รทร•QGDNUHGLDoร•OPDVร•JLELLรบOHPOHULWDQร•PODPDNWDGร•U

5HSR YH WHUV UHSR LรบOHPOHUL Nร•VD YDGHOL X]XQ YDGHOL LQFH D\DU YH

\DSร•VDO IRQODPD JLEL WยP Doร•N SL\DVDLรบOHPOHULQGHNXOODQร•ODELOPHNWHGLU5HSR

YHWHUVUHSRLรบOHPOHULQGHJยQGHPHJHOHQIDL]X\JXODPDVร•QGDQGDKDIDUNOร•ELU

IDL] X\JXODPDVร•Qร• LoHUHQ WHPLQDW NDUรบร•Oร•รทร• NUHGL Doร•OPDVร• รบHNOLQGHNL NDUรบร•Oร•NOร•

LรบOHPOHU LVH JHo OLNLGLWH SHQFHUHVL LรบOHP WยUยQGH X\JXODQDELOPHNWHGLU 'RรทUXGDQ DOร•PVDWร•P LรบOHPOHULLQFHD\DUYH\DSร•VDOIRQODPDG|YL]VZDSODUร•

YH VDELW YDGHOL PHYGXDW WRSODQPDVร• รบHNOLQGHNL LรบOHPOHU LQFH D\DU IRQODPD

รบHNOLQGHNL Doร•N SL\DVD LรบOHPOHULQGH NXOODQร•ODELOLUNHQ $YUXSD 0HUNH]

%DQNDVร•Qร•Q ERUo VHUWLILNDVร• LKUDFร• \|QWHPL LVH VDGHFH \DSร•VDO IRQODPD

รบHNOLQGHNLDoร•NSL\DVDLรบOHPOHULQGHNXOODQร•ODELOPHNWHGLU

 






7DEOR ¶GH J|VWHULOPHPHNOH ELUOLNWH $YUXSD 0HUNH] %DQNDVÕ¶QÕQ

oQFSDUDSROLWLNDVÕDUDFÕ³]RUXQOXNDUúÕOÕNODU´GÕU$YUXSD0HUNH]%DQNDVÕ

]RUXQOXNDUúÕOÕNODUÕRUDQODUÕQÕQEHOLUOHQPHVL\ROXLOH\DSÕVDOOLNLGLWHGXUXPXQX

HWNLOHPHN YH SL\DVD IDL] RUDQODUÕQD LVWLNUDU ND]DQGÕUPDN DPDFÕ LOH NXOODQPDNWDGÕU 3DUD SROLWLNDVÕ RSHUDV\RQODUÕQÕQ YDGH VÕNOÕN YH \|QWHPLQH

LOLúNLQGHWD\ODU7DEOR¶GHYHULOPHNWHGLU

7DEOR3DUD3ROLWLNDVÕ2SHUDV\RQODUÕQÕQ9DGH6ÕNOÕNYH<|QWHPL



9DGH

3DUD3ROLWLNDVÕ2SHUDV\RQODUÕ

6ÕNOÕN

<|QWHP

 $oÕN3L\DVDøúOHPOHUL







8]XQYDGHOLIRQODPD

D\

$\OÕN

6WDQGDUWLKDOH

.ÕVDYDGHOLIRQODPD  øQFHD\DUIRQODPD   



<DSÕVDOIRQODPD



 *Ho/LNLGLWH3HQFHUHVL 0DUMLQDONUHGLLPNDQÕ  0HYGXDWLPNDQÕ



KDIWD 6WDQGDUW GH÷LO   

+DIWDOÕN ']HQOL GH÷LO   

6WDQGDUWLKDOH +Õ]OÕLKDOH     

 *HFHOLN *HFHOLN

K, ) j4 $!  ) % h)    + I6)6? $1 2 7 k %) "    RF <"F 1



(NRQRPLN YH 3DUDVDO %LUOLN øoHULVLQGH 7DNDV YH 0XWDEDNDW

6LVWHPL8\JXODPDODUÕ

%,6 D ¶LQ oDOÕúPDVÕQD J|UH NUHVHOOHúPH ROJXVX ILQDQVDO

SL\DVDODUÕQ \DSÕVÕQGD JLGHUHN DGHPL PHUNH]L\HWoL ELU KDO DODQ WHN ONH YH

WHN SDUD NDYUDPODUÕQD GD\DQDQ |GHPHOHU VLVWHPLQGHQ E|OJHVHO YH

XOXVODUDUDVÕ DQODPGD oRNOX SDUD YH oRNOX ONH NDYUDPODUÕQD GD\DOÕ ELU

|GHPHOHUVLVWHPLQHGR÷UXELUG|QúPWHúYLNHGHQELU\DSÕQÕQJHOLúPHVLQH \RO DoPDNWDGÕU %X ED÷ODPGD ³(XUR´ SDUD ELULPLQLQ RUWD\D oÕNÕúÕ $YUXSD

%LUOL÷L\HVLONHOHULQSDUD]HULQGHNLELUH\VHOKDNLPL\HWOHULQLQ%LUOLNG]H\LQH

J|QOORODUDNWUDQVIHULDQODPÕQDJHOPHNWHGLU%XQXQ\DQÕVÕUDHPH÷LQWLFDUL  






PDOODUร•Q YH VHUPD\HQLQ $YUXSD %LUOLรทL LoHULVLQGH VHUEHVWoH GRODรบร•Pร•

HNRQRPLNEยWยQOHรบPHVยUHFLQLQPDQWร•NVDOELUVRQXFXGXU8]XQG|QHPGHEX VยUHFLQ VยUGยUยOHELOLUOLรทL GDKD oRN HQIODV\RQ IDUNOร•Oร•NODUร• YH G|YL] NXUODUร•QGD

ROXรบDQ EHNOHQPHGLN KDUHNHWOHUH EDรทOร• RODUDN YH GHรทLรบLN HNRQRPLN

R\XQFXODUร•Q UHNDEHWoL GXUXPODUร•QD \|QHOLN RODUDN ROXรบDQ WHKGLWOHULQ RUWDGDQ

NDOGร•Uร•OPDVร•QD EDรทOร•Gร•U %X ED���ทODPGD (3% LoHULVLQGH \HU DODQ ย\H ยONHOHULQ PHUNH] EDQNDODUร•Qร•Q X\JXODGร•รทร• 57*6 VLVWHPOHULQL ELUELULQH EDรทOD\DQ

7$5*(7|GHPHOHUVLVWHPL$YUXSD%LUOLรทLยถQLQยณ(XURยดWHNSDUDELULPLQHJHoLรบL

LOH GHVWHNOHQHFHN RODQ SDUDVDO EยWยQOHรบPHVLQLQ JHUoHNOHรบWLULOPHVLQGH VRQ

DGร•PGร•UรนHNLOยถGH7$5*(7VLVWHPLQLQJHQHO\DSร•Vร•J|VWHULOPHNWHGLU  57*6 8/86$/ g'(0( 6รธ67(0รธ

p ยƒ>p ย ยŒ . ย‚ ย„ ยˆ ย† ย ย† ยŠAย ย† ย ย„ ยƒ

 

ยƒ ย€>ย?ย‚ p ย p. ย„ ยƒ ย„0ย…>ย† ย‡ ย p3ยˆ ย‡ ย‰>ย‡ ยŠ ย„Dย‹ย†

57*6 8/86$/ g'(0( 6รธ67(0รธ

ยŒ p.ยƒ>p ย ย‚ ย„ ยˆ ย† ย ย† ยŠAย ย† ย ย„ ยƒ

ย‡ยŽ ย… p ย ยYย„Dย‹ ย ย„@ย ยŠ ย„



รนHNLO7$5*(76รธ67(0รธ1รธ1*(1(/<$3,6, 

K, ) )M0N Ob+ I6)6)67 k %)4    F    HF   RF <"F 1

7$5*(7 VLVWHPL XOXVDO PHUNH] EDQNDODUร•QFD LรบOHWLOHQ 57*6

VLVWHPOHULQGHQ ROXรบPDNWD YH Dรทร•UOร•NOร• RODUDN \ยNVHN PHEODรทOร• EDQNDODU DUDVร•

|GHPHOHU LoLQ NXOODQร•OPDNWDGร•U %X VLVWHPOHU ELU WยU ยณLoVHO EDรทODQPD VLVWHPLยด

LOH ELUELULQH EDรทODQPร•รบWร•U %X ยณLoVHO EDรทODQPD VLVWHPLยด GLรทHU DGร• LOH 6:,)7 6RFLHW\ IRU :RUOG :LGH ,QWHUEDQN )LQDQFLDO 7HOHFRPPXQLFDWLRQ 6\VWHP 

VLVWHPLRUWDN|]HOOLNOHUGHQROXรบDQELU\DSร•\DVDKLSWLUYHVร•Qร•U|WHVL|GHPHOHU

LoLQWHNELUELOJLWDรบร•PDVLVWHPLGLU7$5*(7VLVWHPL$YUXSD0HUNH]%DQNDVร•

YH(3%LoHULVLQGH\HUDODQย\HยONHOHULQXOXVDOPHUNH]EDQNDODUร•QGDQROXรบDQ

ยณ(XURVLVWHPยด WDUDIร•QGDQLรบOHWLOPHNWHGLU n

  o@p.q?rsZt?u t)v wxlu y -.)  k  l()c  <l#) )  I G) Z A Hl# " $Fa  z:0) ! ^Q H{M, " $F * % z < i %?F 1 :0) ! VK,  $")|:;) < $FlQ %)%) "6 n + I)7 V-,O.C;M}O,  G$)G~Q %)%) T 1 "k %)?l-.) ~$) $"   ) |  A (_ )   %)A#  $) ) _%) A $) $"     ) A)$) "  $) Hc  F < $F F $ h  $F *3 %h   %) )%  Ai )% 1

 






$YUXSD 0HUNH] %DQNDVร• D\Uร•FD ELU |GHPHOHU VLVWHPL RODQ ยณ$YUXSD

0HUNH]%DQNDVร•gGHPH0HNDQL]PDVร•ยดQร• (30 GRรทUXGDQ\|QHWPHNWHGLU%X

|GHPH VLVWHPL WLFDUL EDQNDODUD Doร•N ROPD\ร•S VDGHFH PHUNH] EDQNDODUร•QFD

NXOODQร•OPDNWDGร•U 6LVWHPLQ ELULQFLO IRQNVL\RQX $YUXSD %LUOLรทL LoHULVLQGH \HU

DODQ DQFDN KHQย] 3DUDVDO %LUOLNWH \HU DOPD\DQ PHUNH] EDQNDODUร•QD OLNLGLWH

\|QHWLPOHULQLQELUOHรบWLULOPHVLQGHNROD\Oร•NVDรทODPDNWร•U 7$5*(7VLVWHPL(3% ย‘

LoHULVLQGH KHQย] \HU DOPD\DQ ย\H ยONHOHULQ LOHULGH %LUOLรทH X\XPXQX

NROD\ODรบWร•UPDNDPDFร•LOHEXV|]NRQXVXยONHOHUGHNLEDQNDODUODGDEDรทODQWร•ODU

NXUPXรบWXU

$YUXSD0HUNH]%DQNDVร•  ยถQร•QoDOร•รบPDVร•QGD7$5*(7VLVWHPLQLQ

WHPHO RODUDN ยo DPDFร• KHGHIOHGLรทL EHOLUWLOPHNWHGLU %XQODU Nร•VDFD Vร•Qร•U |WHVL

|GHPHOHULQ WDNDVร• LoLQ JยYHQOL ELU PHNDQL]PDQร•Q ROXรบWXUXOPDVร• (3% ย\HOHUL

DUDVร•QGDVร•Qร•UODUDUDVร•JHUoHNOHรบHQ|GHPHOHUGHHWNLQOLรทLQDUWร•Uร•OPDVร•YH(XUR

VLVWHPWDUDIร•QGDQWDQร•PODQDQYH(3%LoHULVLQGHNLXOXVDOPHUNH]EDQNDODUร•QFD

X\JXODQDQ SDUD SROLWLNDVร•Qร•Q JHUHNVLQLPOHULQLQ NDUรบร•ODQPDVร• รบHNOLQGH

EHOLUPHNWHGLU

%X NDSVDPGD %,6 D ยถLQ oDOร•รบPDVร•QD J|UH WHN ELU SDUD SL\DVDVร•

YH HรบOLN HGHQ Nร•VD YDGHOHU LoLQ WHN ELU JHWLUL HรทULVLQLQ YDUOร•รทร•QD GX\XODQ

LKWL\DFD EDรทOร• RODUDN 7$5*(7 (3% LoHULVLQGHNL SDUD SL\DVDODUร•Qร•Q

EยWยQOHรบWLULOPHVL LoLQ |QHPOL ELU DUDo ROPXรบWXU $OWHUQDWLI ELU NRQX RODUDN

EDQNDODUร•Q 7$5*(7 KL]PHWLQL DOJร•OD\ร•รบODUร• GD $YUXSD 0HUNH] %DQNDVร•

 ยถQร•Q ELU oDOร•รบPDVร•QGD LQFHOHQPLรบWLU %X oDOร•รบPD\D J|UH EDQNDODU

7$5*(7 VLVWHPLQL PHUNH] EDQNDVร•Qร•Q \DUDWWร•รทร• ELU LPNDQร•Q ]RUXQOX RODUDN

NXOODQร•Oร•รบร•QGDQ ]L\DGH NHQGLOHULQH VXQXODQ YH LรบOHYVHO ULVNOHULQL D]DOWDQ ELU

KL]PHW RODUDN DOJร•ODPDNWDGร•UODU $QFDN EDQNDODU D\Qร• ]DPDQGD 7$5*(7

VLVWHPLQH HรบOLN HGHQ ED]ร• HNVLNOLNOHU YH Doร•NOร•NODUร• GD GLNNDWH DOPDNWDGร•UODU

%X HOHรบWLULOHU HVDV RODUDN 7$5*(7 VLVWHPLQLQ NXOODQร•ODELOLUOLรทL 7$5*(7

VLVWHPLQGHNL RSHUDV\RQODUD LOLรบNLQ ELOJL HULรบLOHELOLUOLรทL OLNLGLWH \|QHWLPL YH 7$5*(7 VLVWHPL WDUDIร•QGDQ VRQ DรบDPD RODUDN VXQXODQ KL]PHWLQ

X\XPODรบWร•Uร•OPDVร•รบHNOLQGHG|UWJUXSWDWRSODQPDNWDGร•U

 ย’-,O.C;Mย“O,  G$)G))G) I)I 1.Q %)%))$),  ?0M.    ^ c %)^Z%?F <F % 3  zZ$ h F  F, " # " 0b_%) AZ$) $"     )  ()  <"    A)$) )i$ h  G"H R-.) A$) $"  A'! $"ย”R-,C;M k R $ %G"H) ) &    )    <"  1   






2ยถ1HLOO   oDOร•รบPDVร•QGD Eย\ยN |OoHNOL (XUR |GHPHOHULQH GD\DOร•

LรบOHPOHULoLQ$YUXSD%DQNDFร•Oร•N%LUOLรทLWDUDIร•QGDQLรบOHWLOHQELU|]HOVHNW|U(XUR

|GHPHVLVWHPLQLQGHPHYFXWROGXรทXQGDQEDKVHWPHNWHGLU$YUXSD%DQNDFร•Oร•N %LUOLรทLยถQLQ (XUR VLVWHPLQLQ KXNXNL \DSร•Vร• HVDV RODUDN (&8ยถ\D GD\DQPDNWD

ROXS ED]ร• HN Gย]HQOHPHOHUOH (XURยถ\D X\DUODQPร•รบWร•U 7$5*(7 VLVWHPLQLQ

DNVLQH ยณ$YUXSD %DQNDFร•Oร•N %LUOLรทL (XUR 7DNDV 6LVWHPLยด (852  QHW WDNDV

D\DUODPDODUร•QDJ|UHoDOร•รบPDNWDGร•U.ร•VDFDEXVLVWHPGHKHUNDWร•Oร•PFร•EDQND

NDWร•Oร•PFร•ODUร•Q JยQ ER\XQFD ROXรบDQ ERUo YH DODFDNODUร•Qร•Q ELULNLPOL

NRPELQDV\RQXQD EDรทOร• RODUDN \D KHUNHVH ERUoOXGXU \D GD KHUNHVWHQ DODFDNOร•Gร•U 7HN ELU QHW\ยNยPOยOยN\DJยQVRQXQGD\DGDJยQLoHULVLQGHELU

NDWร•Oร•PFร•Qร•Q Doร•รทD GยรบPHVL GXUXPXQGD ERUFD G|QยรบPHNWH YH WDVIL\H

HGLOPHNWHGLU%XJยQVRQX7DNDV|]HOOLรทLQHGHQLLOH$YUXSD%DQNDFร•Oร•N%LUOLรทL

(XUR7DNDV6LVWHPL (852 7$5*(7VLVWHPLQHNร•\DVODULVNOHUHGDKDoRN

Doร•NWร•U

0DUOLQ  (3%LoHULVLQGHX\JXODQPDNWDRODQWDNDVYHPXWDEDNDW

VLVWHPLQLQ DVOร•QGD SHN oRN VLVWHPLQ ELU DUD\D JHOPHVL LOH ROXรบWXรทXQX

EHOLUWPHNWHGLU%XVLVWHPOHUHLOLรบNLQGHWD\Oร•ELUWDEOR(NยถGHYHULOPLรบWLU$YUXSD

0HUNH] %DQNDVร• WDUDIร•QGDQ LรบOHWLOHQ 7$5*(7 VLVWHPL LOH ELUELULQH EDรทODQDQ

XOXVDO57*6VLVWHPOHULQHYHELUWยU|]HOVร•Qร•UODUDUDVร•QHWWDNDVVLVWHPLRODQ $YUXSD %DQNDFร•Oร•N %LUOLรทL (XUR 7DNDV 6LVWHPLQH HN RODUDN oHรบLWOL EDรบND

VLVWHPOHUGHPHYFXWWXU

%XQODUNร•VDFD)UDQVD 7%)6LVWHPL YH$OPDQ\D (/66LVWHPL ยถ\DDLW

LNLXOXVDOQHWWDNDVVLVWHPLoRNVD\ร•GDEยWยQ$YUXSDยถ\ร•NDSVD\DQEDQNDFร•Oร•N

DรทODUร• YH JHOHQHNVHO DUDFร• EDQNDODU RODUDN |]HWOHQHELOLU 1HW WDNDV

|]HOOLNOHULQHEDรทOร•RODUDN)UDQVDYH$OPDQ\DยถGDLรบOHPHNWHRODQLNLXOXVDOQHW WDNDV VLVWHPL GRรทUXGDQ $YUXSD %DQNDFร•Oร•N %LUOLรทL (XUR 7DNDV VLVWHPL LOH

UHNDEHWKDOLQGHGLU%ยWยQ$YUXSDยถ\ร•NDSVD\DQEDQNDFร•Oร•NDรทODUร•$%'WDEDQOร•

Eย\ยN EDQNDODU WDUDIร•QGDQ NXUXOPXรบWXU 6|] NRQXVX EX EDQNDODU YHUL

LรบOHPH\H \|QHOLN RSHUDV\RQODUร•Qร• $YUXSD รบXEHOHULQGHQ DODUDN PHUNH] NRQXPXQGDNL ELU ยVVH WDรบร•Pร•รบODUGร•U 0XKDVHEH ND\ร•W WUDQVIHUOHULQGH EX

PHUNH]LOHรบWLULOPLรบ YHUL LรบOHPH PHUNH]OHULQLQ YDUOร•รทร• Vร•Qร•UODU DUDVร• |GHPHOHULQ HWNLQOLรทLQLDUWร•UPDNWDGร•U

 








7ยUNL\HยถGH3DUD3ROLWLNDVร•8\JXODPDVร• 7&0% .DQXQX    0DGGHยถGH PHUNH] EDQNDVร•Qร•Q WHPHO

DPDFร•Qร•Q IL\DW LVWLNUDUร•Qร•Q VDรทODQPDVร• ROGXรทX EHOLUWLOPHNWHGLU 0HUNH]

EDQNDVร•Qร•QIL\DWLVWLNUDUร•Qร•QVDรทODQPDVร•LoLQX\JXOD\DFDรทร•SDUDSROLWLNDVร•Qร•YH NXOODQDFDรทร• SDUD SROLWLNDVร• DUDoODUร•Qร• GRรทUXGDQ NHQGLVLQLQ EHOLUOH\HFHรทL

YXUJXODQPDNWDGร•U 'LรทHU ELU LIDGH LOH PHUNH] EDQNDVร• DUDo EDรทร•PVร•]Oร•รทร•QD

VDKLSWLU $QFDN D\Uร•FD PHUNH] EDQNDVร•Qร•Q IL\DW LVWLNUDUร• LOH oHOLรบPHPHN NRรบXOX LOH +ยNยPHWLQ Eย\ยPH YH LVWLKGDP SROLWLNDODUร•Qร• GHVWHNOH\HFHรทL

EHOLUWLOPHNWHGLU %XUDGD GLNNDW oHNLFL RODQ QRNWD PHUNH] EDQNDVร•Qร•Q DPDo

EDรทร•PVร•]Oร•รทร•QDVDKLSROPDPDVร•Gร•U  ย•

$\Qร• PDGGHGH PHUNH] EDQNDVร•Qร•Q WHPHO J|UHY YH \HWNLOHUL D\Uร•QWร•Oร•

RODUDN WDQร•PODQPร•รบWร•U 0HUNH] EDQNDVร•Qร•Q WHPHO J|UHYOHUL IL\DW LVWLNUDUร•

KHGHILQH XODรบDELOPHN DPDFร• LOH Doร•N SL\DVD LรบOHPOHUL ]RUXQOX NDUรบร•Oร•NODU

UHHVNRQW YH DYDQV LรบOHPOHUL JLEL NXOODQDFDรทร• SDUD SROLWLNDVร• DUDoODUร•Qร• XOXVDO

SDUDQร•Q GRODรบร•P PLNWDU YH \XUWLoL LOH \XUWGร•รบร• GHรทHULQL  PHYGXDWODUร•Q YDGH

YH WยUOHULQL YH EDQNDODUD Doร•ODQ NUHGLOHUL HWNLOH\HQ oHรบLWOL IRQNVL\RQODUร•

EHOLUOHPHN |GHPH YH PHQNXO Nร•\PHW WUDQVIHUL YH PXWDEDNDW VLVWHPOHUL

NXUPDN YH ILQDQVDO VLVWHPGH LVWLNUDUร• VDรทOD\ร•Fร• SDUD YH G|YL] SL\DVDODUร• LOH

LOJLOLGย]HQOH\LFLWHGELUOHULDOPDNรบHNOLQGH|]HWOHQPHNWHGLU0HUNH]EDQNDVร•Qร•Q

WHPHO \HWNLVL LVH GDKD |QFH GH EHOLUWLOGLรทL JLEL SDUD SROLWLNDVร•Qร•Q

X\JXODQPDVร•QGD WHN \HWNLOL YH VRUXPOX ROPDVร• LOH DUDo YH DPDo

EDรทร•PVร•]Oร•รทร•QD VDKLS ROPDVร•QD EDรทOร• RODUDN IL\DW LVWLNUDUร•Qร•Q VDรทODQPDVร•

DPDFร•LOHSDUDSROLWLNDVร•Qร•EHOLUOHPHVL\HWNLVLGLU

-RKQVRQ YH GLรทHUOHUL  ยถQLQ EHOLUWWLรทL JLEL JยQยPย]GH PHUNH]

EDQNDODUร• JLGHUHN DUWDQ ELU |OoยGH IL\DW LVWLNUDUร• KHGHILQL ELULQFLO KHGHI RODUDN

VHoPHNWHGLUOHU )L\DW LVWLNUDUร•Qร•Q JHUoHNOHรบWLULOHELOPHVLLVHDQFDNGROD\Oร•SDUD

SROLWLNDVร• DUDoODUร•Qร•Q NXOODQร•OPDVร• LOH PยPNยQ RODELOPHNWHGLU 'ROD\Oร• SDUD

SROLWLNDVร•DUDoODUร•Qร•QNXOODQร•ODELOPHVLLVHJHOLรบPLรบSDUDSL\DVDODUร•Qร•QYDUOร•รทร•LOH

PยPNยQ RODELOPHNWHGLU 7ยUNL\HยถGH GH EX VยUHFLQ ยถOL \ร•OODUOD EDรบOD\DUDN

JHOLรบWLรทLJ|UยOPHNWHGLU

 ย–AM.b )  A% DQ ) $"  &">:;"  < $F k F  "6 n 1DQ %)%))$) k %)[ F   l:0) ! aQ H[M, " $F k F Z  )c  F0   !      \(_$"  Ai )% 1

 






øON RODUDN  \ÕOÕQGD HNRQRPL\L \|QOHQGLUHELOPHN YH OLNLGLWH\L

D\DUOD\DELOPHN DPDFÕ LOH 7&0% EQ\HVLQGH ³øQWHUEDQN 3DUD 3L\DVDVÕ´

NXUXOPXúWXU +HPHQ DUGÕQGDQ \LQH D\QÕ DPDoODUOD  \ÕOÕQGDQ LWLEDUHQ

³$oÕN3L\DVDøúOHPOHUL´IDDOL\HWHEDúODPÕúWÕU\ÕOÕQGDQLWLEDUHQLVH7&0%

EQ\HVLQGH ³%DQNDODU $UDVÕ '|YL] YH (IHNWLI 3L\DVDODUÕ´ EDQNDFÕOÕN VHNW|UQGHNLG|YL]YHHIHNWLIND\QDNODUÕQÕQGDKDHWNLQNXOODQÕPÕQÕVD÷ODPDN

YH SDUD SROLWLNDVÕQD HVQHNOLN ND]DQGÕUDFDN DUDo VD\ÕVÕQÕ DUWÕUPDN LoLQ IDDOL\HWH JHoPLúWLU ¶OÕ \ÕOODUOD ELUOLNWH øVWDQEXO 0HQNXO .Õ\PHWOHU %RUVDVÕ

ø0.%  EQ\HVLQGH ³7DKYLO YH %RQR 3L\DVDVÕ´ LúOH\LúH JHoPLúWLU %X SL\DVD

EQ\HVLQGH\ÕOÕQGD³.HVLQ$OÕP6DWÕP3L\DVDVÕ´YH\ÕOÕQGD³5HSR

7HUV5HSR3L\DVDVÕ´oDOÕúPDODUDEDúODPÕúWÕU7UNL\H¶GHNLSDUDSL\DVDODUÕQÕQ

JHOLúPLúOLN VHYL\HVL 7&0%¶QD PRGHUQ PHUNH] EDQNDFÕOÕ÷ÕQÕQ LKWL\Do

GX\GX÷X GROD\OÕ SDUD SROLWLNDVÕ DUDoODUÕQÕ NXOODQPD \ROXQGD |QHPOL LPNDQODU YHUPHNWHGLU

%XoHUoHYHGH7UNL\H¶GHNLSDUDSROLWLNDVÕX\JXODPDVÕQDEDNÕOGÕ÷ÕQGD

SDUD SROLWLNDVÕ DUDoODUÕ RODUDN o WHPHO DUDo RODQ DoÕN SL\DVD LúOHPOHUL JHo

OLNLGLWH SHQFHUHVL YH ]RUXQOX NDUúÕOÕNODUÕQ NXOODQÕOGÕ÷Õ J|]OHQPHNWHGLU %X

DUDoODUÕ NXOODQDUDN \DSÕODQ SDUD SROLWLNDVÕ RSHUDV\RQODUÕ YH LúOH\Lú WUOHUL

7DEOR¶GHD\UÕQWÕOÕRODUDNJ|VWHULOPHNWHGLU

7DEOR  LQFHOHQGL÷LQGH $YUXSD 0HUNH] %DQNDVÕ LOH 7&0%¶QLQ

X\JXODPDNWDROGX÷XSDUDSURJUDPODUÕQDED÷OÕRODUDN\UWW÷SDUDSROLWLNDVÕ

RSHUDV\RQODUÕQÕQE\NEHQ]HUOLNJ|VWHUGL÷LJ|UOPHNWHGLU      

 






7DEOR3DUD3ROLWLNDVร•2SHUDV\RQODUร•YHรธรบOH\Lรบ7ยUOHUL



3DUD3ROLWLNDVร• 2SHUDV\RQODUร•



รธรบOH\Lรบ7ยUOHUL 

/LNLGLWHYHULOPHVL

/LNLGLWHoHNLOPHVL

$oร•N3L\DVDรธรบOHPOHUL 





8]XQYDGHOLIRQODPD

.DUรบร•Oร•NOร•LรบOHPOHU

.DUรบร•Oร•NOร•LรบOHPOHU

.ร•VDYDGHOLIRQODPD



รธQFHD\DUIRQODPD 







 

.DUรบร•Oร•NOร•LรบOHPOHU .DUรบร•Oร•NOร•LรบOHPOHU

'|YL]6ZDSODUร•



6DELW9DGHOL0HYGXDW 7RSODQPDVร•



.DUรบร•Oร•NOร•LรบOHPOHU 



.DUรบร•Oร•NOร•LรบOHPOHU

'|YL]6ZDSODUร• 'RรทUXGDQ$Oร•P

 <DSร•VDOIRQODPD 

.DUรบร•Oร•NOร•LรบOHPOHU

'RรทUXGDQ$Oร•P

'RรทUXGDQ6DWร•P

%RUo6HUWLILNDVร• รธKUDFร•  'RรทUXGDQ6DWร•P

 *Ho/LNLGLWH3HQFHUHVL  0DUMLQDONUHGLLPNDQร• 0HYGXDWLPNDQร•

 .DUรบร•Oร•NOร•LรบOHPOHU



 .DUรบร•Oร•NOร•LรบOHPOHU 0HYGXDW

K, ) j4 $!  ) % h)    + I6)6? $1 2 7 k %)A   4 #  =.G)  A    "    RF <"F 1 + 8L7 =.G)   k %)ย—"()  $F4 G 'G)ย“ ] G ย˜ <) ) <] G)    ?4 i  '  ย“"() F !ย™"()  %?F h?F % "  '  F  $F HF 4 # %  )   Ai )% 1

7ยUNL\HยถGH

X\JXODQPDNWD RODQ SDUD SROLWLNDVร• LรบOHPOHULQGH (3%

LoHULVLQGH X\JXODQPDNWD RODQ SDUD SROLWLNDVร• LรบOHPOHULQGH ROGXรทX JLEL Doร•N

SL\DVDLรบOHPOHUL|QSODQDoร•NPDNWDGร•U$oร•NSL\DVDLรบOHPOHULNร•VDYDGHOLX]XQ

YDGHOL LQFH D\DU YH \DSร•VDO IRQODPD RODUDN Vร•Qร•IODQGร•Uร•ODELOPHNWHGLU *Ho

OLNLGLWH SHQFHUHVL LรบOHPL LVH PDUMLQDO NUHGL LPNDQร• YH PHYGXDW LPNDQร• RODUDN

X\JXODQDELOPHNWHGLU

.DUรบร•Oร•NOร• LรบOHPOHU (3% X\JXODPD \DSร•Vร•QD  EHQ]HU รบHNLOGH UHSR YH

WHUV UHSR LรบOHPOHUL LOH WHPLQDW NDUรบร•Oร•รทร•QGD NUHGL Doร•OPDVร• JLEL LรบOHPOHUL

WDQร•PODPDNWDGร•U 'RรทUXGDQ DOร•PVDWร•P LรบOHPOHUL X]XQ YDGHOL YH LQFH D\DU

IRQODPD DPDFร• LOH NXOODQร•ODELOPHNWHGLU '|YL] VZDSODUร• EXJยQH NDGDU

NXOODQร•OPDPร•รบ ROPDNOD ELUOLNWH \LQH LQFH D\DU IRQODPD DPDFร• LOH YH IDL]  






RUDQODUÕQÕ NRQWURO HGHELOPHN DPDFÕ LOH NXOODQÕODELOPHNWHGLU 6DELW YDGHOL

PHYGXDWWRSODPDLVHLQFHD\DUIRQODPDLúOHPLoHUoHYHVLQGHKDOHQøQWHUEDQN

EQ\HVLQGHDoÕOPDNWDRODQGHSRLKDOHOHULúHNOLQGHX\JXODQPDNWDGÕU<DSÕVDO

IRQODPD oHUoHYHVLQGH 7&0%¶QLQ ERUo VHUWLILNDVÕ LKUDo HWPHVL GH PPNQGU $QFDN 7&0% KHQ] ERUo VHUWLILNDVÕ LKUDo HWPHPLúWLU 3DUD

SROLWLNDVÕRSHUDV\RQODUÕQÕQYDGHVÕNOÕNYH\|QWHPLQHLOLúNLQGHWD\ODULVH7DEOR

¶GHYHULOPHNWHGLU

7DEOR3DUD3ROLWLNDVÕ2SHUDV\RQODUÕQÕQ9DGH6ÕNOÕNYH<|QWHPL 

3DUD3ROLWLNDVÕ 2SHUDV\RQODUÕ

 $oÕN3L\DVDøúOHPOHUL  .ÕVDYDGHOLIRQODPD 8]XQYDGHOLIRQODPD

 øQFHD\DUIRQODPD  

9DGH 



KDIWD

*QON

6WDQGDUW

KDIWD

  

<DSÕVDOIRQODPD



*Ho/LNLGLWH3HQFHUHVL  0DUMLQDONUHGLLPNDQÕ

<|QWHP



6WDQGDUW GH÷LO



6ÕNOÕN

*QON 6WDQGDUW GH÷LO   

6WDQGDUW

6WDQGDUW GH÷LO   

 *HFHOLN *HFHOLN

0HYGXDWLPNDQÕ 

K, ) j4 $!  ) % h)    + I6)6? $1 2 7 k %)A   4 #  =.G)  A    "    RF <"F 1

7DEOR  YH WDEOR ¶GH \HU DOPDPDNOD ELUOLNWH GL÷HU ELU SDUD

SROLWLNDVÕ DUDFÕ RODUDN ]RUXQOX NDUúÕOÕNODU GD X\JXODQPDNWDGÕU  =RUXQOX P

NDUúÕOÕNODU (3% LoHULVLQGH ROGX÷X JLEL 7UNL\H¶GH GH EDQNDODUÕQ OLNLGLWH

\|QHWLPLQL NROD\ODúWÕUPDN YH EX VD\HGH NÕVD YDGHOL IDL] RUDQODUÕ LOH G|YL]

NXUXQXQ GDKD LVWLNUDUOÕ ELU \DSÕ\D NDYXúWXUXOPDVÕQD NDWNÕGD EXOXQPDN

DPDFÕ\ODX\JXODQPDNWDGÕU  5

 šZ=01 C\1 Q'1 M01lK, ))))))z!  › )% ") $))% ~M, " k F —(_ œ|     )%G"H) œ2 6 1R %)%))$) )  I 1 #% %)? H )) '"  <F  F   %G"H)   <"  1)O._H'")$)' %)%))%)?H )) '"  <F  F A"()  $F  A_  A  G)  G $))” )$ $)  F  M, " )& '#   &")h)G G4  %?F 1  I5 Q   I6)6I    ) ”=01 C\1 Q'1 M01# $F %")) $))% H )) A"  <F  F   ?"()  $F     <  )c)F     ) !F  RF <"F 1

 






7&0%  ยถGH 0HUNH] %DQNDVร•ยถQร•Q X\JXODGร•รทร• SDUD SROLWLNDVร•Qร•Q

JHQHO RODUDN HQIODV\RQX NRQWURO HWPHN YH ILQDQVDO SL\DVDODUร• LVWLNUDUD

NDYXรบWXUPD\D \|QHOLN ROGXรทXQD GLNNDW oHNLOPHNWHGLU (NRQRPLGHNL PHYFXW EHOLUVL]OLNOHULQ RUWDGDQ NDOGร•Uร•ODELOPHVL LoLQ HQIODV\RQXQ NRQWUROยQH |QFHOLN

YHULOPLรบWLU %X SROLWLND\ร• GHVWHNOHPHN ย]HUH KD]ร•UODQDQ ELU LVWLNUDU SURJUDPร•

7ยUN +ยNยPHWL YH ,0) DUDVร•QGD LP]DODQPร•รบWร•U %X SURJUDP  \ร•Oร•QGD

LP]DODQDQ ELU 6WDQGE\ $QODรบPDVร• LOH \HQLGHQ รบHNLOOHQGLULOPLรบ YH 

G|QHPLQGH X\JXODQDFDN RODQ PDNUR HNRQRPLN SROLWLNDODUร•Q oHUoHYHVL

EHOLUOHQPLรบWLUยณ(QIODV\RQXGยรบยUPHSURJUDPร•ยดRODUDNDQร•ODQSURJUDPPDOL\H JHOLUOHU G|YL] NXUX YH SDUD SROLWLNDVร•QD HN RODUDN \DSร•VDO UHIRUPODUร• GD

LoHUPHNWHGLU (UoHO 

7&0%  ยถGH  \ร•Oร• รนXEDW NUL]L VRQUDVร•QGD ,0) LOH GDKD |QFH

LP]DODQPร•รบ RODQ ยณVWDQGE\ยด DQODรบPDVร•Qร•Q GHรทLรบHQ NRรบXOODU DOWร•QGD \HQLGHQ

\DSร•ODQGร•Uร•ODUDNGHYDPร•QDNDUDUYHULOGLรทLYHWยPHNRQRPL\LNDSVD\DQยณ*ยoOย

(NRQRPL\H *HoLรบยด DGร• DOWร•QGD \HQL ELU SURJUDPร•Q X\JXODPD\D NRQXOGXรทX

EHOLUWLOPLรบWLU %X SURJUDP oHUoHYHVLQGH JHoLรบ G|QHPL RODUDN DGODQGร•Uร•ODQ ELU

VยUHLoHULVLQGHSDUDSROLWLNDVร•Qร•QSL\DVDODUGDLVWLNUDUร•VDรทODPD\DYH\DSร•VDO

UHIRUPODUร• GHVWHNOHPH\H \|QHOHFHรทL VRQUDVร•QGD LVH WHPHO KHGHILQ IL\DW

LVWLNUDUร•Qร• VDรทODPDN RODFDรทร• GROD\ร•Vร•\OD SDUD SROLWLNDVร•Qร•Q GD EXQXQ

JHUHNOHULQL \HULQH JHWLUPHN ย]HUH รบHNLOOHQGLULOHFHรทL LIDGH HGLOPLรบWLU 0HYFXW

SURJUDPLOHJHoPLรบSURJUDPODUGDQIDUNOร•RODUDNSDUDSROLWLNDVร•VHUEHVWGDOJDOร•

NXUUHMLPLDOWร•QGDX\JXODQPD\DEDรบODQPร•รบWร•U

6HUEHVW GDOJDOร• NXU X\JXODPDVร• LOH ELUOLNWH G|YL] NXUX QRPLQDO oDSD

LรบOHYLQLND\EHWPLรบWLU3DUDVDO7DEDQRODUDNDGODQGร•Uร•ODQEย\ยNOยNJHoLFLRODUDN

QRPLQDO oDSD LรบOHYLQL ยVWOHQPLรบWLU 3DUDVDO 7DEDQ HPLV\RQ PXQ]DP

NDUรบร•Oร•NODU YH VHUEHVW WHYGLDW KHVDSODUร•Qร•Q WRSODPร•QGDQ ROXรบPDNWDGร•U  %X

DPDoOD 3DUDVDO 7DEDQ Eย\ยNOยรทยQH JHUHNWLรทLQGH J|]GHQ JHoLULOPHN ย]HUH

G|QHPOHU LWLEDUร•\OD J|VWHUJH QLWHOLรทLQGH ยVW Vร•Qร•UODU NRQPXรบWXU 3URJUDPOD

ELUOLNWH 1HW รธo 9DUOร•NODUD 1,9  YH 1HW 8OXVODUDUDVร• 5H]HUYOHUGHNL 185 

GHรทLรบLPHSHUIRUPDQVNULWHULRODUDNNXOODQร•ODFDNDOWYHยVWVร•Qร•UODUJHWLULOPLรบWLU

%X oHUoHYHGH  SURJUDPร•QGD ROGXรทX JLEL 1HW รธo 9DUOร•NODUGD SURJUDP

G|QHPL ER\XQFD RUWD\D oร•NPDVร•QD L]LQ YHULOHQ 7/ DUWร•รบร•Qร•Q SDUDVDO

JHQLรบOHPH\H \RO DoPDPDVร• GLรทHU ELU GH\LรบOH J|VWHUJH YH oDSD QLWHOLรทLQGHNL

 






SDUDVDOWDEDQร•HWNLOHPHPHVLLoLQG|YL]VDWร•รบODUร•LOHSL\DVDGDQoHNLOPHVLQHGH

LPNDQVDรทODQPร•รบWร•U

%X\DSร•7ยUNL\HยถGHSDUDWDEDQร•Qร•QSUDJPDWLNRODUDNNXOODQร•OGร•รทร•Qร•LIDGH

HWPHNWHGLU (N RODUDN SDUD WDEDQร•Qร•Q UHHO Eย\ยPH YH HQIODV\RQ KHGHILQH

EDรทOร• RODUDN \ย]GH  RUDQร•QGD DUWDFDรทร• |QJ|UยOPHNWHGLU *HOHFHN G|QHP

HQIODV\RQXQDEDรทOร•RODUDNEHOLUOHQHQELUSDUDWDEDQร•DUWร•รบร•|UWยNELUHQIODV\RQ

KHGHIOHPHVLQLQ YDUOร•รทร•Qร• J|VWHUPHNWHGLU .XU SROLWLNDVร•QD \|QHOLN RODUDN LVH

G|YL]NXUXQXQSL\DVDNRรบXOODUร•DOWร•QGDEHOLUOHQPHVLHVDVร•NDEXOHGLOPLรบWLU%X

oHUoHYHGH NXUXQ X]XQ G|QHPOL GHQJH GHรทHULQH NDUร•รบร•OPD\DFDรทร• G|YL]

PยGDKDOHOHULQLQ LVH \D ,0) NUHGLVLQLQ +D]LQHยถ\H NXOODQGร•Uร•OPDVร• LOH RUWD\D

oร•NDQ OLNLGLWH\L oHNPHN LoLQ \D GD G|YL] NXUXQGD ]DPDQ ]DPDQ PH\GDQD

JHOHQDรบร•Uร•R\QDNOร•รทร•QJLGHULOPHVLQH\|QHOLNRODFDรทร•Doร•NODQPร•รบWร•U 

7ยUNL\HยถGH X\JXODQPDNWD RODQ SDUD SROLWLNDVร• oHUoHYHVLQGH GDKD

|QFHGHQ GH EHOLUWLOGLรทL ย]HUH GROD\Oร• SDUD SROLWLNDVร• DUDoODUร•Qร•Q NXOODQร•Pร• |Q

SODQD oร•NPDNWDGร•U gQFHOLNOL KHGHI IL\DW LVWLNUDUร•Qร•Q VDรทODQPDVร• ROJXVX Nร•VD

YDGHOL IDL]OHULQ EHOLUOHQPHVLQL |Q SODQD oร•NDUPDNWDGร•U 6KHSSDUG  ยถร•Q

oDOร•รบPDVร•QGD SDUD SROLWLNDVร•Qร•Q WHPHO HQVWUยPDQร•Qร•Q Nร•VD G|QHPOL IDL]

RUDQODUร• ROGXรทX EHOLUWLOPHNWHGLU 0HUNH] EDQNDODUร• SDUD SL\DVDODUร•QGDNL

IRQODUร•Q DU] YH WDOHEL DUDVร•QGDNL GHQJH\L NXUPDN ย]HUH HNRQRPL\H OLNLGLWH

VDรทODPD IRQNVL\RQODUร•QD EDรทOร• RODUDN EX Nร•VD G|QHPOL IDL] RUDQร•Qร• NRQWURO HWPHNWHGLUOHU 7&0%  ยถGH 7ยUNL\HยถGH X\JXODQPDNWD RODQ SURJUDP

oHUoHYHVLQGH Nร•VD G|QHPOL IDL]OHULQ JHOHFHNWHNL XQVXUODUD EDNDUDN

KHGHIOHQPHNWH ROGXรทX EHOLUWLOPHNWHGLU %X XQVXUODU ยFUHWOHU WRSODP DU] YH

WDOHS G|YL] NXUX HQIODV\RQLVW EHNOHQWLOHU NDPX IL\DWODUร• |GHPHOHU GHQJHVL

YHXOXVODUDUDVร•JHOLรบPHOHURODUDNLIDGHHGLOPHNWHGLU

6KHSSDUG  ยถร•Q oDOร•รบPDVร•QGD PHUNH] EDQNDODUร•Qร•Q Nร•VD G|QHPOL

IDL] RUDQODUร•Qร•Q JHUHNOL \|QGH KDUHNHW HWPHVLQL VDรทODPDN YH EXQD EDรทOร•

RODUDN IRQ DU] YH WDOHELQL HWNLOHPHN ย]HUH EDQNDODUร•Q PHUNH] EDQNDVร•QGD

WXWWXNODUร• ]RUXQOX NDUรบร•Oร•NODU JHo OLNLGLWH SHQFHUHVL YH Doร•N SL\DVD LรบOHPOHULQL NXOODQร•OPDNWD ROGXรทX YXUJXODQPDNWDGร•U 7&0%  ยถGH 7ยUNL\HยถGH GH

PHUNH] EDQNDVร•QFD EX DUDoODUร•Q NXOODQร•OPDNWD ROGXรทX EHOLUWLOPHNWHGLU 6KHSSDUG  ยถร•Q oDOร•รบPDVร•QGD RUWD\D NR\GXรทX EX SL\DVD JยGยPOย

\DNODรบร•P LNL NRรบXOD EDรทOร•Gร•U %LULQFL NRรบXO EDQNDODU DUDVร• SDUD SL\DVDVร•Qร•Q  






ERUoDOÕFÕODUYHYHULFLOHUWDUDIÕQGDQDNWLIELUúHNLOGHNXOODQÕOPDVÕYHHNRQRPLQLQ

EWQ DoÕVÕQGDQ SDUDVDO NRúXOODUÕQ JYHQLOLU ELU J|VWHUJHVL QLWHOL÷LQGH

ROPDVÕGÕU øNLQFL NRúXO LVH PHUNH] EDQNDVÕQÕQ SDUD SL\DVDVÕQÕQ OLNLGLWHVLQL

HWNLOH\HQEHOOLEDúOÕHWNLOHULJYHQLOLUELUúHNLOGH|QJ|UHELOPHVLGLU%XLNLNRúXOX

GDNDUúÕOD\DELOPHNLoLQE\N|OoHNOLYHD\QÕJQWDNDVÕVD÷OD\DQELUVLVWHP ]RUXQOXGXU%XED÷ODPGD7UNL\H¶QLQPHYFXWSDUDSROLWLNDVÕX\JXODPDVÕEX

SL\DVD JGPO \DNODúÕPODUOD EHQ]HUOLNOHU J|VWHUPHNWHGLU %X NRQX\D ED÷OÕ

RODUDN7UNL\H¶QLQWDNDVYHVDNODPDVLVWHPLQLQLQFHOHQPHVLJHUHNPHNWHGLU 

7UNL\H¶GHNL7DNDVYH0XWDEDNDW6LVWHPL

%,6   ¶OHULQ EDúODUÕQGDQ EHUL X\JXODQPDNWD RODQ

OLEHUDOL]DV\RQ YH \DSÕVDO LVWLNUDU SROLWLNDODUÕQÕQ ILQDQVDO VHNW|U ]HULQGH oRN

EHOLUJLQ HWNLOHU \DUDWWÕ÷ÕQÕ EHOLUWPHNWHGLU %DQNDODUD DNWLYLWHOHULQL JHQLúOHWPHN

LoLQ YHULOHQ L]LQOHU YH \DEDQFÕ EDQNDODUÕQ \XUWLoL ILQDQVDO SL\DVDODUD JLULú

NRúXOODUÕQÕQ OLEHUDOL]DV\RQX JLEL SROLWLND GH÷LúLNOLNOHUL VRQXFXQGD ROXúDQ

UHNDEHWoLRUWDPILQDQVDOKL]PHWOHULQKÕ]ODPRGHUQOHúPHVLQHQHGHQROPXúWXU %D]Õ E\N EDQNDODU EWQ \XUW oDSÕQGD NXUXOPXú RODQ 326 YH $70

WHUPLQDOOHUL VD\HVLQGH PúWHUL KL]PHWOHUL G]H\OHULQL YH WDPDPHQ

RWRPDV\RQD JHoHQ úXEHOHUL VD\HVLQGH HY EDQNDFÕOÕ÷Õ X\JXODPDVÕQÕ JHOLúWLUPLúOHUGLU +DWWD \HQL WHNQRORML\L NXOODQDQ ED]Õ EDQNDODU LQWHUQHW

]HULQGHQEDQNDFÕOÕNKL]PHWOHULYHUPH\HEDúODPÕúODUGÕU

ùHNLO ¶GH 7UNL\H¶GHNL 326 WHUPLQDOOHULQLQ \ÕOODU LWLEDUÕ LOH VD\ÕVDO

JHOLúLPL YHULOPHNWHGLU ùHNLO ¶GH LVH $70 WHUPLQDOOHULQLQ \ÕOODU LWLEDUÕ LOH

VD\ÕVDO JHOLúLPL YHULOPHNWHGLU +HU LNL úHNLO GH LQFHOHQGL÷LQGH JHUHN 326 JHUHNVH GH $70 WHUPLQDOOHULQLQ ELUELUOHULQH SDUDOHOOLN J|VWHUHFHN úHNLOGH G]HQOLELUDUWÕúLoHULVLQGHROGX÷XJ|UOPHNWHGLU

 






žž §3¨;© §3¨;©

¡  

§3¨;©

Ÿžž  ‡  ¡¢

¡£

¡¤

¡¥

¡¡

Ÿžžž

Ÿžž¦

ž

¡  

¡¢

¡£

¡¤

¡¥

¡¡

Ÿžžž

Ÿžž¦

¦)£ª ¦

Ÿ   ª¡

«¢

¢¥ª £

¦¦«ª ¥

¦¥¥ª ¡

Ÿ¡¡ª ¡

«£   ª £

ùHNLO7UNL\H¶GHNL3267HUPLQDO6D\ÕODUÕ K, ) " C\1+ I6)6I #$1 T7 k %) i  F  RF <"F 1 ± ® ¬¬)¬

²4³D´

±­)¬¬)¬ ±¬)¬¬)¬ °)¬¬)¬ ¯)¬¬)¬ ® ¬¬)¬ ­)¬¬)¬ ¬ ²4³D´

¸ ®

¸¶

¸¯

¸ ·

¸°

¸¸

­)¬¬)¬

­¬)¬±

® ¬­)µ

® ¯¶)¯

¶ ®·)·

¯ · µ)¶

°)µ¯)µ

¸¸)µ¸

±±¸¸±

±­±­ ·

ùHNLO7UNL\H¶GHNL$706D\ÕODUÕ K, ) " C\1+ I6)6I #$1 T7 k %) i  F  RF <"F 1

7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕWDNDVYHPXWDEDNDWVLVWHPLQGHNL

JYHQOLN LQDQÕOÕUOÕN YH HWNLQOL÷L DUWÕUPDN ]HUH EDúODWWÕ÷Õ E\N SURMHOHU

VD\HVLQGH \RO J|VWHULFL ELU URO R\QDPDNWDGÕU g]HOOLNOH 7UN 57*6 VLVWHPL GL÷HU ELU LIDGH LOH 7UN ,QWHUEDQN 7DNDV 6LVWHPL 7,&57*6  HWNLQ ELU IRQ

WUDQVIHUL VLVWHPLQL PPNQ NÕOPÕúWÕU 0HUNH] %DQNDVÕ¶QGD +D]LQH EDQNDODU

ILQDQVDO NXUXOXúODU ,0.% EQ\HVLQGHNL 7DNDVEDQN JLEL NDPX NXUXPODUÕ YH

XOXVODUDUDVÕ NXUXOXúODUÕQ IDL]H WDEL ROPD\DQ KHVDSODUÕ YDUGÕU %X KHVDSODU LQWHUEDQNWDNDVVLVWHPLQGHQGR÷DQIRQWUDQVIHUOHULYHWDNDV\NPOONOHULQLQ

\HULQH JHWLULOPHVL VÕUDVÕQGD NXOODQÕOÕUODU %DQNDODU FDUL KHVDSODU ]RUXQOX

NDUúÕOÕN KHVDSODUÕ YH 7,&75*6 KHVDSODUÕ ROPDN ]HUH o oHúLW KHVDS

WXWPDNWDGÕUODU  






&DULKHVDSODU57*6VLVWHPLQGHROXรบDFDNKHUKDQJLELUWHNQLNSUREOHP

GXUXPXQGD GHYUH\H JLUHUNHQ 7,&57*6 KHVDSODU EX VLVWHP ย]HULQGHQ

\DSร•ODFDN |GHPHOHUGH NXOODQร•OPDNWDGร•U gWH \DQGDQ EDQNDODUร•Q ]RUXQOX

NDUรบร•Oร•N KHVDSODUร• PXWDEDNDW KHVDSODUร•QGDQ IDUNOร•Gร•U ,0.%ยถQLQ WDNDV DMDQร•

RODQ 7DNDVEDQN 7ยUNL\HยถQLQ PHUNH]L Nร•\PHW VDNOD\ร•Fร•Vร•Gร•U 7DNDVEDQN PHUNH] EDQNDVร• QH]GLQGH FDUL YH 7,&57*6 KHVDSODUร•QD VDKLSWLU +HU QH

NDGDU Nร•\PHWOHULQ WDNDVร• 7DNDVEDQNยถWD JHUoHNOHรบWLULOL\RUVD GD GLรทHU EDQNDODU

LoLQ ROGXรทX JLEL 7DNDVEDQN LoLQ GH IRQODUร•Q WUDQVIHUL 7,&57*6 VLVWHPL ย]HULQGHQJHUoHNOHรบWLULOPHNWHGLU

.DUรบร•Oร•NOร• LรบOHPOHULQ WDNDVร•Qร• JHUoHNOHรบWLUHQ 7DNDVEDQNยถD HN RODUDN

GLรทHU EDQNDODU DUDVร• |GHPHOHU 7,&57*6 PHUNH] EDQNDVร• รบXEH VLVWHPL EDQNDODUDUDVร• WDNDV RGDODUร• YH %DQND .DUW 0HUNH]L VLVWHPOHUL DUDFร•Oร•รทร• LOH

JHUoHNOHรบWLULOPHNWHGLU รนHNLO ยถGH 7ยUNL\HยถGHNL EDQNDODU DUDVร• |GHPHOHULQ RUJDQL]DV\RQXJ|VWHULOPHNWHGLU 

ยนยบ p ยŠ p ย‰ p ย‚>ย ย‡  

 

%RUVD













.UHGL.DUWODUร•







dHNOHU





ย>ยผ)ยฝยผ?ยพ  xlu ยพ v ยฟrLร€ รร‚?รƒwx wร€ wr

 

'LรทHU



ย„ ย‚ ยˆ ย„ ยƒ ย† ยŠ

ย… ย‡ ย… ยˆ,p ยŠ'ย‡

ยŠ'ยป ยˆ ย„@ยYย„ ย‚ ย„ ยˆ

7DNDVEDQN 1HW





%DQND.DUW 0HUNH]L









ยˆ ย†ย ร„ p ย… ยˆ ย… %LUH ELU

1HW



7DNDV 1HW 2GDODUร•

7,& 

57*6

*HUoHN=DPDQOร•%LUH%LU





 7&0% รนXEH6LVWHPL 



0 ( 5 . ( =  % $ 1 . $ 6 ,



%LUHELU

รนHNLO7ยUNL\HยถGH%DQNDODU$UDVร•gGHPHOHULQ2UJDQL]DV\RQX K, ) )M0N O + 4&  I6)6)6 $1 57 k %  "     4 i  F  RF <"F 1

.XOODQร•ODQVLVWHPGHQEDรทร•PVร•]RODUDNEยWยQ|GHPHOHULQWDNDVร•HQVRQ

RODUDN 0HUNH] %DQNDVร•QGD WXWXOPDNWD RODQ KHVDSODU DUDFร•Oร•รทร• LOH  






JHUoHNOHรบWLULOPHNWHGLU 7,&57*6 KHVDEร• 7,&57*6 VLVWHPL ย]HULQGHQ

LรบOH\HQEDQNDODUDUDVร•|GHPHOHULQWDNDVร•LoLQNXOODQร•OPDNWDGร•U%DQNDODUDUDVร•

WDNDVRGDODUร•YH%DQND.DUW0HUNH]LยถQLQKHULNLVLQLQGH0HUNH]%DQNDVร•ยถQGD |]HOWDNDVKHVDSODUร•EXOXQPDNWDGร•U

%X VLVWHPOHU DUDVร•QGD VDGHFH 7,&57*6 VLVWHPL 57*6 VLVWHPLGLU

7&0% รบXEH VLVWHPL EDVLW ELU ELUH ELU WDNDV VLVWHPL LNHQ EDQNDODU DUDVร•

|GHPHOHUOH LOJLOHQHQ EDQNDODU DUDVร• WDNDV RGDODUร• LOH %DQND .DUW 0HUNH]L YH

DUDFร•Oร•รทร•LOHรธ0.%LรบOHPOHULQLQWDNDVร•Qร•QJHUoHNOHรบWLULOGLรทL7DNDVEDQNELUHUQHW

WDNDV VLVWHPLGLU (N RODUDN SDUD SL\DVDVร• YH Nร•\PHW WDNDVร• LรบOHPOHUL JLEL

EDQNDODUDUDVร•|GHPHOHUOHLOJLOLRODQEย\ยN|OoHNOL|GHPHOHUJHUoHN]DPDQOร•

YH ELUH ELU RODUDN JHUoHNOHรบPHNWHGLU %X VLVWHPOHULQ \DQร• Vร•UD XOXVODUDUDVร•

LรบOHPOHULQ

WDNDVร•

ยถGDQ

EHUL

6:,)7

VLVWHPL

DUDFร•Oร•รทร•

LOH

JHUoHNOHรบWLULOPHNWHGLU 'LรทHU WDUDIWDQ 7&0% +D]LQH DGร•QD Nร•VD G|QHPOL

+D]LQH %RQRODUร• YH X]XQ G|QHPOL .DPX 7DKYLOOHUL JLEL Nร•VD YH RUWD YDGHOL

ERUoODQPD DUDoODUร• LKUDo HWPHNWHGLU %X DUDoODUร• NXOODQDUDN \DSร•ODQ

LรบOHPOHUGH EDQNDODU 7,&57*6 VLVWHPLQL NXOODQDUDN YDGHVL JHOHQ |GHPHOHULQL\DSPDNWDGร•UODU

7,&57*6 VLVWHPL EยWยQ PHVDMODUร• DQร•QGD LรบOHPH WDEL WXWDU YH WDNDV

QLKDL ROXS JHUL G|QGยUยOHPH] 7DNDV Vร•UDVร•QGD NXOODQร•ODQ 7,&57*6

KHVDSODUร•Qร•QEDรบODQJร•oGHรทHUOHULNDWร•Oร•PFร•ODUร•Q7&0%QH]GLQGHWXWWXNODUร•FDUL

KHVDSODUร•QGDQ KHU Lรบ JยQยQยQ EDรบร•QGD DNWDUร•OPDNWD YH VยUHNOL RODUDN

JยQFHOOHรบWLULOPHNWHGLU รนXEH KHVDSODUร• D\Uร•FD JยQ LoL JHUHNVLQLPOHULQ

NDUรบร•ODQPDVร• LoLQ GH NXOODQร•OPDNWD YH KHU Lรบ JยQยQยQ VRQXQGD 7,&57*6

KHVDSODUGD NDODQ EDNL\HOHU EX KHVDSODUD GHYLU HGLOPHNWHGLU 7,&57*6

VLVWHPLQGH |GHPH WDOLPDWODUร• VDGHFH NDWร•Oร•PFร•ODUร•Q 7,&57*6 KHVDSODUร•QGD

\HWHUOL IRQ ROPDVร• GXUXPXQGD JHoHUOLOLN ND]DQPDNWDGร•U %X X\JXODPD

VRQXFXQGD VLVWHPGH NDEXO HGLOHQ KHU KDQJL ELU |GHPH LoLQ NUHGL ULVNLQLQ

Vร•Iร•UODQPDVร•QD LPNDQ YHUPHNWH YH DOร•Fร•ODU |GHPH JHUoHNOHรบWLULOGLNWHQ VRQUD

ELOJLOHQGLULOPHNWHGLU

%XQXQ \DQร• Vร•UD VLVWHPLQ OLNLGLWHVL YH SยUย]Vย] ELU รบHNLOGH LรบOHUOLรทLQLQ

VDรทODQDELOPHVL LoLQ  \ร•Oร•QGDQ EHUL 7&0% EDQNDODUร•Q JยQ VRQXQGD

NDSDWร•OPDN JยQ LoL LQWHUEDQN OLPLWOHUL LoHULVLQGH NDOPDN YH WHPLQDW NDUรบร•Oร•รทร•  






ROPDN NRúXOODUÕ LOH JQ LoLQGH IDL]VL] RODUDN DoÕ÷D GúPHOHULQH L]LQ

YHUPHNWHGLU

ùHNLO¶GH7,&57*66LVWHPLQLQNXUXOXú\ÕOÕQGDQLWLEDUHQVLVWHPGHQ

JHoHQ\ÕOOÕNPHVDMDGHWOHULJ|VWHULOPHNWHGLU 



ˆ †  Ä ƒ.ˆ?Ú …Z… ‡ … ˆ,p Š'‡  º p  Úp Ž p  Œ@† ? † ‚ Š p …Y„.Û „ º p º ‡     Š ¿r v Ô))Ð Ð)Ô u Lv u Ý¿rLÁu À wÞ  Ü

Š u À ½ s,ß „ Ãwv Þ  Ü Ö)Õ y Ð 



Ö)Ô y Ð Ô)Ò y Ð

ÍÊ"Æ É



ÊÉ"Æ Ï





ÊÊ"Æ Î



Ô Ñ yÐ ÓÕ y Ð

ÈÌÉ"Æ Ë



ÈÌÍ"Æ È



ÈÌÅ"Æ Ê



ÓÔ y Ð

Ò yÐ

y

Ñ Ð Ð y Ð



É"Æ É Ë ÆÊ

   Ó×)×)Ô

Å"Æ Ç

È”Æ É

 

Ó×)×)Ö



Ê"Æ É

 Ó×)× Ñ









áä



Ô)Ð y Ð



ì íã

 êë



è ãé æç ãä å àá â







Ó×)×)Ø



Ó×)×)Õ



Ó×)×)Ù



Ó×)×)Ò



Ó×)×)×



Ô)Ð)Ð)Ð



Ô)Ð)ÐÓ



Ô)Ð)Ð)Ô





ùHNLO7,&57*66LVWHPLQGHQ*HoHQ<ÕOOÕN0HVDM$GHGL K, ) " C\1+ I6)6I #$1 • 7 k )%  i  F  RF <"F 1



ùHNLO  LQFHOHQGL÷LQGH 7,&57*6 VLVWHPLQGHQ JHoHQ \ÕOOÕN PHVDM

DGHGLQLQ \NVHN ELU DUWÕú WUHQGL J|VWHUGL÷L J|UOPHNWHGLU %X GXUXPD LPNDQ

YHUHQHQE\NHWNHQOHURODUDNVLVWHPLQ|]HOOLNOHPúWHULEDQNDFÕOÕ÷ÕDODQÕQGD

\D\JÕQODúPDVÕYHLQWHUQHWNXOODQÕPÕQÕQDUWPDVÕROJXODUÕNDEXOHGLOPHNWHGLU

7&0%  ¶GHEHOLUWLOGL÷LJLEL7&0%WDUDIÕQGDQ\UWOHQ7,&57*6

VLVWHPL1LVDQWDULKLQGHQEHUL\UUONWHGLU7&0%¶QLQVLVWHPLLúOHWPH

WHNQLNGHVWHNVD÷ODPD\DVDOYHRSHUDV\RQHOoHUoHYH\LNXUPDGHQHWOHPHYH

NRQWURO HWPH JHUHNOL GH÷LúLNOLNOHUL JHUoHNOHúWLUPH YH \HQL DNÕPODU LOH

 






EDQNDFร•Oร•N VHNW|UยQยQ JHUHNVLQLPOHULQL GLNNDWH DOPD VRUXPOXOXรทX YDUGร•U %X

EDรทODPGD7&0%1LVDQWDULKLQGHHNOHQHQ\HQLLรบOHYOHUHEDรทOร•RODUDN

VLVWHP \D]ร•Oร•P YH GRQDQร•Pร•QGD |QHPOL GHรทLรบLNOLNOHULQ \DSร•OGร•รทร• LNLQFL NXรบDN

VLVWHPL GHYUH\H DOPร•รบWร•U 7,&57*6 VLVWHPLQLQ LNLQFL NXรบDรทร• PHYFXW X\JXODPDODUร• L\LOHรบWLUPHN YH RODVร• ELU VLVWHP o|NยQWยVย GXUXPXQGD GHVWHN

VDรทODPDNDPDoODUร•LOHJHOLรบWLULOPLรบWLU

(OHNWURQLN 0HQNXO .ร•\PHW 7UDQVIHUL YH 0XWDEDNDWร• 6LVWHPL

XOXVODUDUDVร•OLWHUDWยUGHNLNร•VDOWPDVร•LOH7,&(676VLVWHPLQLQ|QoDOร•รบPDODUร•QD

7,&57*6VLVWHPLQLQNXUXOXรบXQGDQVRQUDEDรบODQPร•รบYHVLVWHP(NLP

WDULKLQGH LรบOHWLPH DOร•QPร•รบWร•U %X 7,&(676 VLVWHPL Nร•\PHWOHULQ ND\ร•WODPDVร•Qร• 7,&57*6 VLVWHPL LOH EDรทODQWร•Oร• RODUDN YH JHUoHN ]DPDQOร• WHVOLP NDUรบร•Oร•รทร•

|GHPH\H GD\DQDUDN JHUoHNOHรบWLUPHN ย]HUH JHOLรบWLULOPLรบWLU 7,&(676

VLVWHPLQLQLรบOH\LรบรบHPDVร•รนHNLOยถGHYHULOPHNWHGLU 

7,&(676รธรน/(<รธรนรน(0$6,

 

.รผ     "!# 8



รฎ4รฏรฐรฑรฒรณรดDรต รถรทรฏรธ รบรธ รบรฐ

 %DQND$ 

%DQND% 

$

$/;'

102+ 3  "!#

รฎ4รฏรฐรฑรฒรณรดDรต รถรทรฏรธ รน@รณ รบรฐ

$&%('

รปรผ รฝDรพ

.รผ    )*  รผ +,   -! $/.' $/4' 0รผ     02+ 3 65  + $/7'

(รบOHรบPH

$ 9'

 Yรผ

 $

$

รฟ

%

$ :'

%



  3รฝDรผ



7,&(676 

7,&57*6

รนHNLO7,&(6766LVWHPLQLQรธรบOH\LรบรนHPDVร• K, ) " C\1+ I6)6I #$1 I 2 7 k %) "    RF <"F 1

 








7,&(676 VLVWHPL LOH oRN oHรบLWOL RSHUDV\RQODU \ยUยWยOHELOPHNWHGLU %X

RSHUDV\RQODUGRรทUXGDQVDWร•รบLKDOHLOHVDWร•รบKDONDDU]NDWร•Oร•PFร•ODUDUDVร•QGD

VDWร•รบUHSRYHWHUVUHSRLรบOHPOHULSDUDWUDQVIHULQLLoHUPH\HQPHQNXOWUDQVIHUL

WHN ELU NDWร•Oร•PFร•Qร•Q NHQGL GHSRODUร• DUDVร•QGD WUDQVIHUOHU ND\GL YH IL]LNVHO

G|QยรบยPOHU LOH LWID YH IDL] |GHPHVL รบHNOLQGH |]HWOHQHELOPHNWHGLU .DWร•Oร•PFร•ODUร•Q 7,&(676 VLVWHPLQGH VHUEHVW GHSRODU WHPLQDW GHSRODUร• YH

PยรบWHUL VDNODPD GHSRODUร• ROPDN ย]HUH ยo oHรบLW GHSRVX EXOXQPDNWDGร•U  %X

VLVWHP LOH |]HOOLNOH EDQNDODU DUDVร• PHQNXO Nร•\PHW DNWDUร•PODUร•QGD HWNLQOLN YH

Kร•]ร•Q VDรทODQPDVร• NUHGL ULVNLQLQ RUWDGDQ NDOGร•Uร•OPDVร• Nร•\PHW \|QHWLPLQGH

NROD\Oร•N VDรทODQPDVร• HWNLQ VRUJXODPD YH UDSRUODPD \DSร•OPDVร• YH IL]LNVHO

EDVร•PYHGHรทLรบLPLQD]DOWร•OPDVร•DPDoODQPDNWDGร•U

7,&(676 VLVWHPLQLQ 7,&57*6 VLVWHPL LOH GRรทUXGDQ EDรทODQWร•Vร•

EXOXQPDNWDGร•U %X EDรทODQWร• VD\HVLQGH Nร•\PHW YH IRQ DNWDUร•PODUร•Qร•Q

Hรบ]DPDQOร• RODUDN JHUoHNOHรบWLULOPHVL PยPNยQ ROPDNWDGร•U รธรบOHPOHU JยYHQOL ELU

RUWDPGD NUHGL ULVNL ROPDNVร•]ร•Q JHUoHNOHรบWLULOHELOPHNWHGLU 7&0% ELU NDWร•Oร•PFร•

RODUDN7,&(676VLVWHPLQGH\HUDOPDNWDGร•U'LรทHUNDWร•Oร•PFร•ODUร•Q7&0%ยถGH\HU

DODQ oHรบLWOL SL\DVDODUGD LรบOHP \DSPDN ย]HUH NXOODQGร•NODUร• WHPLQDW

GHSRODUร•QGDNL KDUHNHWOHU 7&0% VLVWHPLQH ELOJL YHULOPHVL YH RQD\ DOร•QPDVร•

NRรบXOODUร•LOHJHUoHNOHรบPHNWHGLU

%DQNDODU YH DUDFร• NXUXPODUFD รธ0.%ยถGH JHUoHNOHรบWLULOHQ LรบOHPOHULQ

PXWDEDNDWร•Qร•Q \DSร•OGร•รทร• 7DNDVEDQNGDELUEDQNDRODUDNEXVLVWHPHEDรทOร•Gร•U

7DNDVEDQN LOH EX VLVWHPH EDรทOร• GLรทHU EDQNDODU DUDVร•QGDNL PHQNXO Nร•\PHW WUDQVIHUOHUL\LQHEX7,&(676VLVWHPLLOHJHUoHNOHรบWLULOLU%HQ]HUรบHNLOGHรธ0.%

QH]GLQGH 'HYOHW รธo %RUoODQPD 6HQHWOHULQH LOLรบNLQ \DSร•ODQ LรบOHPOHULQ

PXWDEDNDWร•GD7,&(676VLVWHPLQGHJHUoHNOHรบWLULOLU

รนHNLO ยถGH 7,&57*6 VLVWHPLQLQ 'HYOHW รธo %RUoODQPD 6HQHWOHUL LOH

LOJLOL VLVWHPOHUOH RODQ LOLรบNLVL  J|VWHULOPHNWHGLU รนHNLO LQFHOHQGLรทLQGH JHUoHN

]DPDQOร• ELUH ELU PXWDEDNDW |]HOOLรทL J|VWHUHQ 7,&(676 VLVWHPL ย]HULQGHQ

DNWDUร•PPHNDQL]PDVร•Qร•QLรบOHGLรทLJ|UยOPHNWHGLU 

 






 $/,รน6$7,รน



$.7$5,06รธ67(0รธ



%รธ5รธ1&รธ/ 3รธ<$6$7&0%



7,&(676

รธ.รธ1&รธ/3รธ<$6$



087$%$.$7%รธdรธ0รธ

*(5d(. =$0$1/,%รธ5( %รธ5

  

%256$

7DNDVEDQN

1(7

รนHNLO'รธ%6ยถOHUOHรธOJLOL6LVWHPOHUYH0XWDEDNDWODUร•

<=">@?"=(A-BDC,E FGE H2E I,E J K(L@LMD=NPO(E K(Q-R S T(=6?U=(AWV =6X Y Z [ Y \DV]Y X E 

2ND\  ยถGH EHOLUWLOGLรทL JLEL 7&0% 7ยUNL\H %DQNDODU %LUOLรทL YH

EDQNDODULรบELUOLรทLLoHULVLQGH57*6\DSร•GDoDOร•รบDQELU|GHPHVLVWHPLQLยณELUoRN

*ยONHVLPHUNH]EDQNDVร•QGDQ|QFHNXUPXรบYHEDQNDFร•Oร•NVHNW|UยQยQEX

VLVWHPL EHQLPVHPHVLQL YH \D\Jร•Q RODUDN NXOODQPDVร•Qร• VDรทODPร•รบWร•Uยด 2ND\

  D\Qร• ]DPDQGD HOHNWURQLN PHQNXO Nร•\PHW WUDQVIHU YH PXWDEDNDW

VLVWHPLQLQ NXUXOPDVร•Qร•Q 57*6 VLVWHPOHULQ NXUXOPDVร•QGDQ VRQUDNL WHPHO

KHGHIOHUGHQ ELUL ROGXรทXQX YXUJXODPDNWD YH EX VLVWHPLQ 57*6 LOH HQWHJUH

HGLOPHVL NRQXVXQGD 7&0%ยถQLQ $YUXSD %LUOLรทLยถQLQ KHGHIOHGLรทL WDULKWHQ |QFHNL

ELU WDULKWH ยONHPL]GH EX VLVWHPLQ NXUXOXรบXQX WDPDPODGร•รทร•QD GLNNDW oHNPHNWHGLU $\Qร• oDOร•รบPDGD 7ยUNL\HยถQLQ 7$5*(7 VLVWHPL LOH RODQ LOLรบNLVLQH GHGHรทLQLOPHNWHYH7&0%ยถQLQ$YUXSDgGHPH0HNDQL]PDVร• (30 ย]HULQGHQ

7$5*(7VLVWHPLQHJHUoHN]DPDQOร•RODUDNEDรทODQร•S(XUR|GHPHOHULQLELUHELU

RODUDNJHUoHNOHรบWLUGLรทLEHOLUWLOPHNWHGLU 

รนHNLOยถGH7&0%ยถQLQGLรทHUPHUNH]EDQNDODUร•YH7$5*(7VLVWHPLLOH

RODQEDรทODQWร•Vร•รบHPDLOHJ|VWHULOPHNWHGLU  

 






 

'รธรถ(5h/.(0(5.(=%$1.$/$5,

7$5*(7

 

(30

6:,)7

 

7&0%



รนHNLO7&0%ยถQLQ8OXVODUDUDVร•6LVWHPOHUOHรธOLรบNLVL

<=">@?"=(A-BDC,E FGE H2E I,E J K(L@LMD=-R S T(=6?*>"=6X =6X Z =6?(Y Z =6X =(AU^"="_(Y X Z =6?-[ Y \DV]Y X E

รนHNLO  LQFHOHQGLรทLQGH 7ยUNL\H PDOL VLVWHPLQLQ GLรทHU ยONH PDOL

VLVWHPOHULQH 6:,)7 VLVWHPL DUDFร•Oร•รทร• LOH JHUoHN ]DPDQOร• YH ELUH ELU รบHNLOGH

EDรทODQGร•รทร• J|UยOPHNWHGLU $\Uร•FD 7&0%ยถQLQ 7$5*(7 VLVWHPLQH (30 ย]HULQGHQGROD\Oร•RODUDNEDรทODQGร•รทร•J|UยOPHNWHGLU 

$YUXSD (NRQRPLN YH 3DUDVDO %LUOLรทL .DUรบร•Vร•QGD 7ยUNL\HยถQLQ 3DUD 3ROLWLNDVร•LOH7DNDVYH0XWDEDNDW6LVWHPLQLQ'HรทHUOHQGLULOPHVL

$YUXSD .RPLV\RQX D  VHUPD\H KDUHNHWOHULQLQ WDP VHUEHVWOLรทL

0HUNH] %DQNDVร•ยถQร•Q WDP EDรทร•PVร•]Oร•รทร• YH LPWL\D]Oร• ILQDQVPDQD L]LQ

YHULOPHPHVL JLEL SHN oRN |QHPOL NRQXODUGD 7ยUNL\HยถQLQ oRN |QHPOL DGร•PODU

DWPร•รบ ROGXรทXQX YH EXQX NHQGL LUDGHVL LOH JHUoHNOHรบWLUGLรทLQL EHOLUWPHNWHGLU 6HUPD\H KDUHNHWOHULQH X\JXODQPDNWD RODQ NRQWURO UHMLPLQL X]XQ \ร•OODU

ER\XQFD DรบDPDOร• RODUDN GHรทLรบWLUPLรบ RODQ 7ยUNL\H VHUPD\H KDUHNHWOHULQLQ

VHUEHVWOHรบPHVLQGHROGXNoDJHOLรบPLรบRODQELUยONHRODUDNNDEXOHGLOPHNWHGLU

0HYFXW JHUoHN ]DPDQOร• ELUH ELU PXWDEDNDW VLVWHPLQH EDรทOร• RODUDN

KL]PHWOHULQ KDUHNHW VHUEHVWOLรทL 7ยUNL\HยถQLQ |GHPHOHU VLVWHPL Doร•Vร•QGDQ oRN

JHOLรบPLรบ RODUDN GHรทHUOHQGLULOPHVLQH \RO DoPDNWDGร•U 7ยUNL\HยถGH 7ยUNL\H

&XPKXUL\HW 0HUNH] %DQNDVร• WDUDIร•QGDQ LรบOHWLOPHNWH RODQ ยณ7DNDV YH

0XWDEDNDW 6LVWHPLยด HWNLQ ELU |GHPH VLVWHPLQGH EXOXQPDVร• JHUHNHQ

 






|]HOOLNOHUH VDKLSWLU (N RODUDN (3% LoHULVLQGH \HU DODQ ยONHOHUGH

X\JXODQPDNWDRODQVLVWHPOHUOHEย\ยN|OoยGHEHQ]HUOLNJ|VWHUPHNWHGLU

 $YUXSD %LUOLรทLยถQH 7DP h\HOLN $oร•Vร•QGDQ 7ยUNL\HยถQLQ 3DUD

3ROLWLNDVร•Qร•Q'HรทHUOHQGLULOPHVL

(GHQ YH GLรทHUOHUL  ยถQLQ oDOร•รบPDVร•QGD DGD\ ยONHOHULQ $YUXSD

%LUOLรทLยถQH WDP NDWร•Oร•Pร• JHUoHNOHรบWLUGLNWHQ VRQUD (3% LoHULVLQGH \HU DODQ

ยONHOHUOH D\Qร• VWDWย\H VDKLS RODFDNODUร• EHOLUWLOPHNWHGLU %X GXUXP $YUXSD

%LUOLรทLยถQGH X\JXODQPDNWD RODQ HNRQRPLN YH PDOL SROLWLNDODUร•Q HNRQRPLN

SROLWLND NXUDOODUร•Qร•Q YH X\XP SURJUDPร•Qร•Q \HQL WDP ย\H ROPXรบ ยONHOHUFH GH

X\JXODQDFDรทร• DQODPร•QD JHOPHNWHGLU '.0 WDP ย\HOLรทL \HQL JHUoHNOHรบWLUPLรบ RODQ ยONHOHULQ HNRQRPL SROLWLNDODUร•Qร•Q LVWLNUDU YH ELUOHรบPH \ROXQGD

X\DUODQPDVร•Qร• YH EX ยONHOHUH WHN SDUD ELULPL RODQ (XURยถQXQ NXOODQร•OPDVร•QGD

\DUGร•PFร•ROPD\ร•DPDoODPDNWDGร•U

'.0ยถQLQ RSHUDV\RQHO PHNDQL]PDVร•QD J|UH KHU ย\H ยONHQLQ XOXVDO

SDUD ELULPL (XURยถ\D NDUรบร• ELU RUWDODPD RUDQD VDKLS RODFDN PDUMODUGDNL

RWRPDWLN YH Vร•Qร•UVร•] PยGDKDOH LPNDQร• VD\HVLQGH EHOLUOL ELU EDQW LoHULVLQGH

GDOJDODQDFDNWร•U 'ROD\ร•Vร• LOH EX VDELWOHQPLรบ NXU X\JXODPDVร• HNRQRPLN

JHOLรบPH\LYHDGD\ยONHOHULQHNRQRPLN\DSร•ODUร•Qร•ROXPOXHWNLOH\HFHNWLU6RQXo

RODUDN (3%ยถ\H WDP ย\HOLN JHUoHNOHรบPHGHQ |QFH NXUXPVDO YH SL\DVD

Gย]H\LQGH UHHO EยWยQOHรบPHQLQ ELU GHUHFH\H NDGDU WDPDPODQPร•รบ ROPDVร• oRN |QHPOLGLU

<HWHUVL] UHHO EยWยQOHรบPH GXUXPXQGD %LUOLN LoHULVLQGH X\JXODQPDNWD

RODQ oRN Vร•Nร• SDUD YH PDOL\H SROLWLNDODUร• QHGHQL LOH \HQL NDWร•ODQ ยONHOHUGHNL

\DSร•VDO HQIODV\RQLVW EDVNร•ODU DUWDFDN YH EXQD EDรทOร• RODUDN \DWร•Uร•PODUร•Q UHIRUPD WDEL WXWXOPDVร• ]RUXQOXOXรทXQGDQ WDYL] YHULOHELOHFHNWLU %X GXUXPGD

HNRQRPLN Eย\ยPHQLQ ROXPVX] \|QGH HWNLOHQPHVL NDoร•Qร•OPD] RODFDNWร•U <HQL

ย\H RODQ ยONHOHUGHNL ยUHWLPLQ GHQJHVL] GDรทร•Oร•Pร• YH (NRQRPLN %LUOLN LOH RODQ

\HWHUVL] LKUDFDW \DSร•Vร• EX \HQL ยONHOHUL (NRQRPLN %LUOLรทLQ NDUรบร• NDUรบร•\D

ROGXรทXQGDQGDKDIDUNOร•Gร•รบVDOรบRNODUDPDUX]Eร•UDNDELOHFHNWLU%XQXQ\DQร•Vร•UD

\HQLย\HRODFDNยONHOHUGHNLยFUHWHVQHNOLรทL(NRQRPLN%LUOLNLoHULVLQGHNLED]ร• oHNLUGHNยONHOHUH\|QHOLNJ|oยQDUWPDVร•Qร•|QOHPHNLoLQ(NRQRPLN%LUOLNWHQEX  






\HQL ย\H ยONHOHUH Eย\ยN PLNWDUOร• PDOL WUDQVIHUOHULQ DUWPDVร•QD QHGHQ

RODELOHFHNWLU %X EDKVL JHoHQ ROXPVX] HWNLOHU $YUXSD 0HUNH] %DQNDVร•ยถQร•Q

X\JXODGร•รทร• SDUD SROLWLNDVร•Qร•Q NUHGLELOLWHVL YH WHN SDUD ELULPL (XURยถQXQLVWLNUDUร• Doร•Vร•QGDQGLNNDWOHGHรทHUOHQGLULOPHVLJHUHNHQKXVXVODUGร•U

%XN|WยPVHU|QJ|UยOHULQDNVLQH(XURE|OJHVLQHJHUHNOLNRรบXOODUร•WDP

RODUDN VDรทOD\DPDGDQ WDP ย\HOLN GXUXPXQGD ED]ร• \DUDUODU HOGH HGLOPHVL GH

RODVร•Gร•U $GD\ ยONHOHULQ X\XP NULWHUOHUL Doร•Vร•QGDQ ]DWHQ ELU GHUHFH\H NDGDU

(NRQRPLN %LUOLN LoLQGH \HU DODQ ยONHOHUH \DNODรบPร•รบ ROPDODUร•QD HN RODUDN EX

ยONHOHULQ SDUD SROLWLNDVร• Doร•Vร•QGDQ WHN SDUD ELULPL (XURยถQXQ \HU DOGร•รทร• (XUR

E|OJHVLQHNDWร•OPDNODยณEHGDYDNUHGLELOLWHยดยถHOGHHWPHOHULPยPNยQRODFDNWร•U%X

GXUXP ยONHOHULQ (3%ยถ\H NDWร•Oร•Pร• LOH EDรทร•PVร•] SDUD SROLWLNDVร• X\JXODPD\D

\|QHOLNHQGLรบHOHULQLRUWDGDQNDOGร•UDELOHFHNWLU

%XQRNWDGD.H\QHV\HQDUJยPDQGDQยณ2SWLPDO3DUD%|OJHVLWHRULVLQHยด

\|QHOLN HOHรบWLULOHU JHOPHNWHGLU %X DUJยPDQD J|UH EDรทร•PVร•] SDUD SROLWLNDVร•

EHOLUOHQPHVL YH X\JXODQPDVร•QGD NRQWUROยQ \LWLULOPHVL QHGHQL LOH HNRQRPLN

รบRNODUOD PยFDGHOH HWPHN LoLQ NXOODQร•ODQ oRN GHรทHUOL ELU HQVWUยPDQ \LWLULOPLรบ

ROPDNWDGร•UgWH\DQGDQJHQHORODUDNDGD\ยONHOHUGH(3%ยถ\HHUNHQJLUPHQLQ

J|UHFHOL RODUDN GDKD GRรทUX ROGXรทX LQDQFร•Qร• SD\ODรบPDNWDGร•UODU (3%ยถ\H

ย\HOLรทLQ EX ยONHOHULQ WLFDUHW KDFPLQL YH ยONHOHUH \|QHOLN \DEDQFร• \DWร•Uร•Pร•

DUWร•UDFDรทร•D\Uร•FDLVWLNUDUoDEDODUร•Qร•QEDรบDUร•Vร•Doร•Vร•QGDQ|QHPOLRODQNUHGLELOLWH

DUWร•รบร•Qร• JHWLUHFHรทL |QJ|UยOHUL EX LQDQFร•Q DUNDVร•QGD \DWDQ HQ |QHPOL

VHEHSOHUGLU 7DP ย\HOLN ROJXVXQXQ GHVWHNOHQPHVLQGH HNRQRPLN QHGHQOHU

ROGXรทX JLEL SROLWLN QHGHQOHU GH PHYFXWWXU %X EDรทODPGD 3DUDVDO %LUOLรทH

EDรบDUร•Oร• ELU JHoLรบ LoLQ JHUHNOL GHVWHNOHU GH NDoร•Qร•OPD] RODUDN VDรทODQPร•รบ

RODFDNWร•U

%XQXQOD

EHUDEHU

SDUDVDO

EยWยQOHรบPHQLQ HOGH HGLOPHVL YH

VยUGยUยOPHVLQLQ DQFDN UHHO HNRQRPLGHNL SDUDOHO ELU EยWยQOHรบPH LOH VDรทODQDELOHFHรทLEHOLUWLOPHNWHGLU%XQDHNRODUDNSDUDVDOGXUXPXQGD\DWร•Uร•P

WDEDQOร• ELU HNRQRPLN Eย\ยPH WUHQGLQL GHVWHNOHPHVL JHUHNPHNWHGLU $YUXSD

0HUNH] %DQNDVร•ยถQร•Q Vร•Iร•U HQIODV\RQX KHGHIOH\HUHN NDWร• YH Vร•Nร• ELU HQIODV\RQ

SROLWLNDVร•L]OHPHVLGXUXPXQGDEX\DWร•Uร•PWDEDQOร•HNRQRPLNEย\ยPHWUHQGLQLQ

VDรทODQPDVร• PยPNยQ ROPD\DFDNWร•U =LUD GHIODV\RQLVW ELU SDUD SROLWLNDVร•  






X\JXODQPDVร• GXUXPXQGD NDPX Doร•NODUร•Qร•Q D]DOWร•OPDVร• YH WRSODP ERUo

VWRNXQXQ NยoยOWยOPHVL \|QยQGH WHGELUOHU DOร•QPDVร• JHUHNHFHNWLU $\Qร• ]DPDQGD GHIODV\RQLVW ELU SDUD SROLWLNDVร• X\JXODPDVร• LVWLKGDP RODQDNODUร•Qร•Q

DUWร•Uร•OPDVร•Qร•Q |QยQGH ELU HQJHO RODUDN EHOLUHFHN YH EX GXUXP NDoร•Qร•OPD]

RODUDN VRV\DO JHUJLQOLNOHUL GH EHUDEHULQGH JHWLUHFHNWLU 6RQXo RODUDN %LUOLรทH

X\XPXQVDรทODQPDVร•PยPNยQROPD\DFDNWร•U/OR\G  

8\JXODPDGD (3% LoHULVLQGH  ยถOLN ELU HQIODV\RQ  ยถOLN ELU

Eย\ยPH KHGHIOHQPHNWH GROD\ร•Vร• LOH GHIODV\RQLVW ELU SDUD SROLWLNDVร•

X\JXODQPDPDNWDGร•U $QFDN (3%ยถ\H DGD\ RODQ ยONHOHULQ PDNUR HNRQRPLN

J|VWHUJHOHULEXNULWHUOHUGHQROXNoDX]DNWร•U%XQXQODEHUDEHUPDNURHNRQRPLN

NULWHUOHULQ WXWWXUXOPDVร• (3%ยถ\H WDP ย\HOLN Doร•Vร•QGDQ ]RUXQOXOXN DU] HWPHNWHGLU %X GXUXP EHUDEHULQGH DGD\ ยONHOHU LoLQ GHIODV\RQLVW SDUD

SROLWLNDODUร• X\JXODQPDVร•Qร• JยQGHPH JHWLUHELOHFHNWLU %|\OHOLNOH /OR\GยถXQ

oDOร•รบPDVร•QGDRUWD\DNRQXODQHQGLรบHOHU|QHPND]DQPDNWDGร•U(NยถWH(3%ยถ\H

DGD\RODQยONHOHULQED]ร•PDNURHNRQRPLNJ|VWHUJHOHULYHULOPLรบWLU

(3% Doร•Vร•QGDQ 7ยUNL\HยถQLQ X\JXODPDNWD ROGXรทX SDUD SROLWLNDVร•Qร•Q

\XNDUร•GD RUWD\D NRQXODQ J|UยรบOHU oHUoHYHVLQGH LQFHOHQPHVL VRQXFXQGD 7ยUNL\H Doร•Vร•QGDQ ROXPOX VRQXoODUD XODรบร•OPDNWDGร•U 7&0%ยถQLQ WDP ELU DUDo

EDรทร•PVร•]Oร•รทร•QD VDKLS ROGXรทX J|UยOPHNWHGLU %XQXQ \DQร• Vร•UD NDPX RWRULWHOHULQLQ ILQDQVDO NXUXOXรบODUD KLo ELU รบHNLOGH D\Uร•FDOร•NOร• YH\D |QFHOLNOL

RODUDN

HULรบLPLQLQ

PยPNยQ

RODPD\DFDรทร•

ELU

RUWDPร•Q

VDรทODQPDVร•

JHUoHNOHรบWLULOPLรบWLU (NRQRPLN \DSร•Vร•QD EDรทOร• RODUDN 7ยUNL\H ELU SL\DVD

HNRQRPLVLQLQSHNoRN|]HOOLNOHULQLJ|VWHUPHNWHGLU

%X GXUXP 7ยUNL\Hยถ\H (3% LoHULVLQGH \HU DODQ UHNDEHWoL EDVNร•ODU YH

SL\DVDJยoOHULJLELoHรบLWOL]RUOXNODUODEDรบHGHELOPH\HWLVLYHUPHNWHGLU$QFDN

EX \HWLQLQ \HWHUOLOLรทL D\Qร• ]DPDQGD VยUGยUยOHELOLU ELU PDNUR HNRQRPLN LVWLNUDU RUWDPร•Qร• ]RUXQOX Nร•OPDNWDGร•U %X EDรทODPGD 7ยUNL\H NDPX Doร•NODUร• YH

HQIODV\RQ JLEL HNRQRPLN GHQJHVL]OLNOHUL NRQWURO DOWร•QD DOPD\D oDOร•รบPDNWDGร•U

%XQXQ \DQร• Vร•UD HPHNOLOLN UHIRUPXQGD YHUJLOHULQ WRSODQPDVร•QGDNL HWNLQOLรทLQ DUWร•Uร•OPDVร•QGD YH |]HOOHรบWLUPH VยUHFLQGH SHN oRN ROXPOX GHรทLรบLNOLNOHU

PH\GDQDJHOPLรบWLU$\Uร•FDยณ*ยoOย(NRQRPL\H*HoLรบ3URJUDPร•ยดoHUoHYHVLQGH ILQDQVDO VLVWHPLQ LVWLNUDUD NDYXรบWXUXOPDVร• YH HQIODV\RQXQ GยรบยUยOPHVL  






KHGHIOHQPHNWHGLU 7ยUNL\HยถQLQ PHYFXW SDUD SROLWLNDVร•Qร•Q %LUOLN LoHULVLQGH

X\JXODQPDNWD RODQ SROLWLND LOH Eย\ยN ELU X\XP LoHULVLQGH ROGXรทX

J|UยOPHNWHGLU

(NRQRPLNYH3DUDVDO%LUOLN$oร•Vร•QGDQ7ยUNL\HยถQLQ7DNDVYH

0XWDEDNDW6LVWHPLQLQ'HรทHUOHQGLULOPHVL

%,6ยถLQ &366 &RPPLWWHH RQ 3D\PHQW DQG 6HWWOHPHQW 6\VWHPV 

JUXEXQXQNRRUGLQDV\RQXDOWร•QGDNยUHVHOGย]H\GHPHUNH]EDQNDODUร•$YUXSD

0HUNH] %DQNDVร• 'ยQ\D %DQNDVร• YH ,0)ยถLQ NDWร•Oร•Pร•\OD |GHPH VLVWHPOHULQGH

WHPHOSUHQVLSOHUYHPHUNH]EDQNDODUร•Qร•QUROยEHOLUOHQPLรบWLU %,6 *HUHN

(3% ย\HVL ยONHOHU YH JHUHNVH GH 7ยUNL\H JLEL WDP ย\HOLรทH DGD\ RODQยONHOHU

Doร•Vร•QGDQ%,6ยถLQEXoDOร•รบPDVร•Qร•QJHWLUGLรทLSUHQVLSOHULQX\JXODQPDVร•VLVWHPLN ULVNOHULQ D]DOWร•OPDVร• Doร•Vร•QGDQ oRN |QHPOLGLU 7DEOR ยถGH WHPHO SUHQVLSOHU

YHULOPHNWHGLU

7DEORgGHPH6LVWHPOHULQGH7HPHOg]HOOLNOHU 

 6DรทODPELUKXNXNL\DSร•   )LQDQVDOULVNOHULQDoร•NoDWDQร•PODQPDVร•  )LQDQVDOULVNOHULQ\|QHWLPL   0XWDEDNDWร•QDQร•QGDYHQLKDLROPDVร•  0XWDEDNDWร•QJHUoHNOHรบPHVLQLVDรทOD\DFDN  \DSร•\DVDKLSROPDN  0XWDEDNDWร•QJยYHQLOLUOLรทLQLQVDรทODQPDVร•  2SHUDV\RQHOHWNLQOLN   6LVWHPLQSUDWLNYHHNRQRPLNROPDVร•  $GLONDWร•Oร•Pร•QVDรทODQPDVร•  (WNLQรบHIIDIYHJยYHQLOLU\|QHWLPLQVDรทODQPDVร•

 

0HUNH]%DQNDVร•QFD|GHPHVLVWHPLKHGHIOHUL EHOLUOHQPHOLYHNDPX\DDoร•NODQPDOร•  0HUNH]%DQNDVร•QFDLรบOHWLOHQVLVWHPOHULQWHPHO SUHQVLSOHUOHX\XPXGHQHWOHQPHOL  0HUNH]EDQNDVร•QFDLรบOHWLOPH\HQVLVWHPOHULQGH WHPHOSUHQVLSOHUOHX\XPXGHQHWOHQPHOL 0HUNH]%DQNDVร•LOJLOLGLรทHUXOXVODUDUDVร•  NXUXPODUODLรบELUOLรทL\DSPDOร•   .D\QDN

 



B@I,` abJ K(L@LMcR S T@d?feD>"=6X Z =6?-[ Y \DV]Y X E 

*ยYHQOLN

(WNLQOLN

6LVWHPOHULQ *|]HWLP (VDVODUร•


7HPHOSUHQVLSOHUVLVWHPOHULQNXUXOXรบYHLรบOH\LรบHVDVODUร•Qร•EHOLUOH\HQRQ

PDGGH LOH EX VLVWHPOHULQ J|]HWLP HVDVODUร•Qร• EHOLUOH\HQ G|UW PDGGHGHQ

ROXรบPDNWDGร•U 6LVWHPOHULQ NXUXOXรบ YH LรบOH\Lรบ HVDVODUร•Qร• EHOLUOH\HQ RQ PDGGH LVHNHQGLLoLQGHJยYHQOLNYHHWNLQOLNRODUDNLNLWHPHOJUXEDD\Uร•OPDNWDGร•U

*ยYHQOLN LOH LOJLOL RODQ PDGGHOHUGHQ LONL VDรทODP ELU KXNXNL \DSร•\ร•

|QJ|UPHNWHGLU 7ยUNL\HยถGH LรบOHWLOPHNWH RODQ 7,&57*6 YH 7,&(676

VLVWHPOHULQLQVDKLELGย]HQOH\LFLVLYHGHQHWOH\LFLVL7&0%ยถGร•U7&0%.DQXQX

|GHPH

VLVWHPOHUL

MDL

NRQXVXQGD

PHUNH]

EDQNDVร•Qร•Q

VRUXPOXOXNODUร•Qร•

EHOLUWPHNWHGLU  *ยYHQOLN LOH LOJLOL LNLQFL PDGGH ILQDQVDO ULVNOHULQ Doร•NoD WDQร•PODQPDVร•QD \|QHOLNWLU 7&0% oร•NDUGร•รทร• WDOLPDWODU DUDFร•Oร•รทร• LOH VLVWHPGH

\HU

DODQ

NDWร•Oร•PFร•ODUร•Q

VLVWHPLQ

\DSร•Vร•Qร•

LรบOH\Lรบ

NXUDOODUร•Qร•

YH

NDUรบร•ODรบDELOHFHNOHUL ULVNOHUL DQODPDODUร•QD LPNDQ VDรทODPDNWDGร•U hoยQFย PDGGHILQDQVDOULVNOHULQ\|QHWLPLQHLOLรบNLQGLU7&0%VLVWHPGHROXรบDELOHFHN

OLNLGLWH ULVNLQL JLGHUHELOPHN DPDFร• LOH VLVWHPH WHPLQDW NDUรบร•Oร•รทร•QGD JยQ LoL

M@M

YH\DJยQVRQXNUHGLLPNDQร•VDรทODPDNWDGร•U 

0XWDEDNDWร•Q DQร•QGD JยQ VRQXQX EHNOHPHGHQ YDGH JยQย LoLQGH YH

QLKDL ROPDVร• LOH PXWDEDNDWร•Q JHUoHNOHรบPHVLQL |QJ|UHQ G|UGยQFย YH EHรบLQFL

PDGGHOHU 7,&57*6 YH 7,&(676 VLVWHPOHULQLQ JHUoHN ]DPDQOร• ELUH ELU

PXWDEDNDW |]HOOLNOHUL VD\HVLQGH ]DWHQ VDรทODQPDNWDGร•U $OWร•QFร• PDGGH

PXWDEDNDWร•Q JยYHQLOLUOLรทLQLQ VDรทODQPDVร•QD \|QHOLNWLU 7&0% PXWDEDNDWODUร•Q

PHUNH] EDQNDVร•QGDNL KHVDSODU ย]HULQGHQ JHUoHNOHรบWLUPHVLQL VDรทOD\DUDN EX

PDGGH\LGHX\JXODPDNWDGร•U2SHUDV\RQHOHWNLQOLNVLVWHPLQHNRQRPLNROPDVร•

DGLO NDWร•Oร•Pร•Q VDรทODQPDVร• LOH HWNLQ รบHIIDI YH JยYHQLOLU \|QHWLPLQ VDรทODQPDVร•

\|QยQGHNL \HGL VHNL] GRNX] YH RQXQFX PDGGHOHU GH 7&0%ยถQLQ VRUXPOXOXN

DODQร•QDJLUPHNWHYHEL]]DW7&0%WDUDIร•QGDQVDรทODQPDNWDGร•U

6LVWHPOHULQ J|]HWLP HVDVODUร•QD \|QHOLN RODQ WHPHO SUHQVLSOHU LOJLOL

PHUNH] EDQNDODUร•QD VRUXPOXOXN YHUPHNWHGLU 0HUNH] EDQNDODUร•Qร•Q UROยQย

Gย]HQOH\HQ EX SUHQVLSOHU |GHPH VLVWHPL KHGHIOHULQLQ EHOLUOHQLS NDPX\D

Doร•NODQPDVร• PHUNH] EDQNDVร•QFD LรบOHWLOHQ YH LรบOHWLOPH\HQ VLVWHPOHULQ WHPHO 

g h C,E FGE H2E I,E6<=6?@e@?@e2I=6?-AD=iHjd(k-Z l O@l S ?@l ?Um(n6X d-ojoPdf>Pd-V A"l Z dX l ?@lcTpD_Pd?@Z d->Pd?UK@KE@HU=-T@T@d@O@l ?@l ?fJ d@R q"d?PTl ?PT@dN-n-T@d6[rdN@[rd?-A"e@Z -A Y >-[rd-VGV X =6?PODs dX loPdt[ieDV =(q-=(AD="VGO@l ODV d6[iZ dX l ?@l ?uA"e@X e@Z eP\(N,TpD_Pd?@Z d?@l \3oPdvT@d?Pd-V l [iZ dX l,^@ePO@ePO@Z =6X Y ?PT(=wHjdX Acd-_vI=6?-AD=-O(Y ?(Y ? >Pd-V A"l Z lcx6Z TePyefl s =-T@dfd@Tl Z [rd6AWV d@Tl X E g g C,E FGE H2E I,E <=6?@e@?@ez=6X =-{]A"X d@Tl6ADx6?@ePO@e@?PT(=3I=6?-AD=6?(Y ? m(n6X d-oioPd|>Pd-V A"l Z dX l ?@l@TpD_Pd?@Z d->Pd?i}6LEHU=-T@T@d@O@l ?@l ?3M-E~Y A"X =-O(Y ?(Y ? J =-Rq"d?PTl ?PT@dNPTpD_Pd?@Z d?-[rd6AWV d@Tl X E

 






SUHQVLSOHU LOH X\XPXQXQ GHQHWOHQPHVL YH GLรทHU LOJLOL NXUXOXรบODUOD LรบELUOLรทLQLQ

VDรทODQPDVร• รบHNOLQGH |]HWOHQPHNWHGLU 7&0% GD NHQGL .DQXQXQGDQ DOGร•รทร•

McK

\HWNLYHVRUXPOXOXNODUoHUoHYHVLQGHEXSUHQVLSOHUL\HULQHJHWLUPHNWHGLU 

$YUXSD %LUOLรทLยถQH WDP ย\HOLN VยUHFLQGH 7ยUNL\HยถQLQ ยณ7DNDV YH

0XWDEDNDW 6LVWHPLยด %LUOLรทLQ JHUHNWLUGLรทL NRรบXOODUร• VDรทODPDNWD ROXS GยQ\D

JHQHOLQGHยณJHUoHN]DPDQOร•ELUHELUPXWDEDNDWยดVLVWHPOHULQLQ|QFยOHULQGHQELUL

RODUDNNDEXOHGLOPHNWHGLU 2ND\ 7,&57*6VLVWHPLLรบOHWLPHJHoWLรทL

1LVDQWDULKLQGHQEX\DQD7&0%WDUDIร•QGDQEDรบDUร•LOHoDOร•รบWร•Uร•OPDNWDGร•U

YH GยQ\D JHQHOLQGH |UQHN J|VWHULOLU ELU Gย]H\H XODรบPร•รบ EXOXQPDNWDGร•U

7&0%D     

             



g  C,E FGE H2E I,Ew<=6?@e@?@e@?@e@?ย€Cd6[rdZm(n6X d-oย€oPdย>Pd-V A"l Z dX lTpD_Pd?@Z d->Pd?ย€}6LEvHU=-T@T@d@O@l ?@l ?ย‚M-Ebs]Y A"X =-O(Y ?(Y ?ยJ s Rยƒq"d?PTl ?PT@dN TpD_Pd?@Z d?-[rd6AWV d@Tl X E

  






  $/7,1&,%g/h0 6218d

3DUDVDOELUOLNROJXVXRSWLPXPSDUDDODQODUร•WHRULVLLOHLQFHOHQPHNWHGLU

ยถOร• \ร•OODUร•Q EDรบร•QGD LON NDWNร•ODUร•Q RUWD\D oร•NWร•รทร• JHOHQHNVHO \DNODรบร•PGD RSWLPXP SDUD DODQODUร• WHRULVL ELU SDUD DODQร•Qร•Q RSWLPXP NRรบXOODUร•Qร• RUWD\D

NR\PD YH RUWDN ELU SDUD DODQร•QD NDWร•ODFDN ยONHOHULQ VDKLS ROPDVร• JHUHNHQ

HNRQRPLN NRรบXOODUร• EHOLUOHPH \|QยQGHNL NDWNร•ODUร• LoHUPHNWHGLU %LU ยONHQLQ

RUWD\D NRQXODQ IDUNOร• NULWHUOHULQ WDPDPร•Qร• NDUรบร•ODPDVร• KHU ]DPDQ PยPNยQ

ROPD\DFDรทร• LoLQ ยถOL \ร•OODUGD NRQX ID\GDPDOL\HW DQDOL]L oHUoHYHVLQGH HOH

DOร•QPD\D EDรบODQPร•รบWร•U %X \|QGHNL NDWNร•ODU WHRULGHNL JHOLรบPHOHULQ LNLQFL

DรบDPDVร•Qร•ROXรบWXUPDNWDGร•UVRQUDVร•QGD$YUXSD(3%ยถVLQLQROXรบWXUXOPDVร•

\|QยQGHNL oDOร•รบPDODUร•Q LYPH ND]DQPDVร•\OD WHRULGHNL JHOLรบPHOHUH SDUDOHO

RODUDN X\JXODPD\D \|QHOLN NDQWLWDWLI oDOร•รบPDODUGD GD Kร•]Oร• ELU DUWร•รบ \DรบDQPร•รบWร•U7HRUL\H\DSร•ODQHQVRQNDWNร•ODUGLQDPLNHWNLOHULGHGLNNDWHDODQ

X]PDQODรบPD YH LoVHOOLN SDUDGLJPDODUร• RODUDN RUWD\D NRQXOPXรบWXU 8]PDQODรบPD YH LoVHOOLN SDUDGLJPDODUร•QD GD\DOร• \DNODรบร•P $YUXSD %LUOLรทLยถQH

WDPย\HROPDNLVWH\HQDGD\ยONHOHULoLQ|QHPOLoร•NDUร•PODU\DSร•OPDVร•QDLPNDQ

YHUPHNWHGLU %X EDรทODPGD LoVHOOLN SDUDGLJPDVร•Qร•Q EDรบODQJร•oWD WDP ย\HOLN

LoLQJHUHNOLNRรบXOODUร•VDรทOD\DPD\DQELUยONHQLQ3DUD%LUOLรทLยถQHWDPย\HRODUDN

NDWร•OPDVร• GXUXPXQGD %LUOLN GLQDPLNOHULQLQ \DUDWWร•รทร• HWNLOHUOH JHUHNOL NRรบXOODUร•

VDรทODPDGD ID]OD ]RUODQPD\DFDรทร• X\XPXQ Kร•]Oร• ELU รบHNLOGH VDรทODQDFDรทร•

|QJ|UยVย รบX DQGD WDP ย\HOLN LoLQ JHUHNOL NRรบXOODUร• VDรทOD\DPD\DQ 7ยUNL\H

Doร•Vร•QGDQ|QHPND]DQPDNWDGร•U

$YUXSD(NRQRPLNYH3DUDVDO%LUOLรทLKD\DWDJHoPLรบROXSJHQLรบYHJยoOย

ELU HNRQRPLN E|OJH \DUDWร•OPร•รบWร•U 3DUDVDO DODQGD ROGXรทX NDGDU SROLWLN

EยWยQOHรบPHGH GH |QHPOL ELU DGร•P DQODPร•QD JHOHQ $YUXSD 3DUDVDO %LUOLรทL

SDUD YH PDOL\H SROLWLNDODUร•Qร•Q JHOHQHNVHO EHOLUOHQPH รบHNLOOHULQLQ \DQร• Vร•UD

XOXVODUDUDVร• SDUD VLVWHPLQLQ LรบOH\LรบLQGH GH oRN Eย\ยN GHรทLรบLNOLNOHUH QHGHQ

ROPXรบWXU%X\HQLSDUDSROLWLNDVร•Qร•QHWNLQOLรทLKHUELUย\HยONHQLQYHELUEยWยQ  






RODUDN %LUOLรทLQ PHYFXW WDNDV YH PXWDEDNDW VLVWHPOHULQH oRN GDKD ID]OD

EDรทร•POร• KDOH JHOPLรบWLU )LQDQVDO SL\DVDODUร•Q IRQNVL\RQODUร•Qร• \HULQH

JHWLUPHOHULQGH YH D\Qร• ]DPDQGD EX ILQDQVDO SL\DVDODUร•Q LVWLNUDUร•Qร•Q

VDรทODQPDVร•QGDWDNDVYHPXWDEDNDWVLVWHPOHULKD\DWLELU|QHPHVDKLSWLU%X

EDรทODPGD 7$5*(7 VLVWHPL ย\H ยONHOHULQ XOXVDO 57*6 VLVWHPOHULQLQ

SยUย]Vย] YH HWNLQ EยWยQOHรบPHVLQLQ VDรทODQPDVร•QGD oRN Eย\ยN |QHP DU] HWPHNWHGLU 7$5*(7 VLVWHPLQLQ DNVDNVร•] LรบOH\LรบL $YUXSD 3DUD %LUOLรทL SDUD

SROLWLNDVร•Qร•QHWNLQRODUDNX\JXODQPDVร•QDLPNDQYHUPHNWHGLU

รธoLQGH EXOXQGXรทXPX] NยUHVHOOHรบPH oDรทร•QGD JยoOย ELU ELUOLรทLQ ย\HVL

RODELOPHN ยONHOHUH JHUHN HNRQRPLN JHUHN VL\DVL DQODPGD oRN Eย\ยN

DYDQWDMODU VDรทOD\DELOPHNWHGLU 7ยUNL\HยถQLQ $YUXSD %LUOLรทL LOH LOLรบNLVLQLQ QLKDL

RODUDN WDP ย\HOLรทL |QJ|UHQ WDULKL ELU LOLรบNL ROGXรทX JHUoHรทL 7ยUNL\HยถGH

HNRQRPLN SROLWLNDODUร•Q EHOLUOHQPHVLQGH HWNLOL ROPDNWDGร•U6RQ\ร•OODUGDPHUNH] EDQNDODUร•

IL\DW

LVWLNUDUร•Qร•Q

VDรทODQPDVร•Qร•

|QFHOLNOL

KHGHI

RODUDN

EHOLUOHPHNWHGLUOHU)L\DWLVWLNUDUร•KHGHILQLQEDรบDUร•Vร•GROD\Oร•YHGRรทUXGDQSDUD

SROLWLNDVร• DUDoODUร•Qร•Q HWNLQ RODUDN NXOODQร•Pร•QD EDรทOร•Gร•U 'ROD\Oร• SDUD SROLWLNDVร•

DUDoODUร•Qร•QHWNLQOLรทLLVHDQFDNJHOLรบPLรบELUILQDQVDOVLVWHPLQNXUXOPDVร•QDYHEX

VLVWHP LoHULVLQGH |GHPH VLVWHPOHULQLQ HWNLQ RODUDN LรบOHWLOPHVLQH EDรทOร•Gร•U

$YUXSD0HUNH]%DQNDVร•GDEXGRรทUXOWXGDKDUHNHWHWPHNWHGLU

7ยUNL\H &XPKXUL\HW 0HUNH] %DQNDVร•ยถQร•Q L]OHGLรทL SROLWLNDODU YH

ROXรบWXUGXรทX

SROLWLND

DUDoODUร•

$YUXSD

%LUOLรทL

SROLWLNDODUร•\OD

X\XP

J|VWHUPHNWHGLU *HOLรบPLรบ ELU |GHPH VLVWHPLQH VDKLS RODQ ELU  ยONHQLQ WDP

ย\HOLNVยUHFLQGH|QHPOLELUDYDQWDMDVDKLSROGXรทXDoร•NWร•U%XoDOร•รบPDGDWHPHO

RODUDN 7ยUNL\HยถQLQ PHYFXW WDNDV YH PXWDEDNDW VLVWHPL YH SDUD SROLWLNDVร•

X\JXODPDVร•Qร•Q (NRQRPLN YH 3DUDVDO %LUOLรทLQ JHUHNOHULQL NDUรบร•OD\DELOHFHN

Gย]H\GH ROGXรทX YH %LUOLN VWDQGDUWODUร• oHUoHYHVLQGH ELU JHOLรบLP L]OHGLรทL

VRQXFXQDYDUร•OPร•รบWร•U%LUEDรบODQJร•oQLWHOLรทLQGHRODQYHVRQUDNLoDOร•รบPDODULoLQ

ELU DOW\DSร• VDรทODPD\ร• KHGHIOH\HQ EX oDOร•รบPDQร•Q JHOHFHNWH EX NRQX\D LOLรบNLQ

RODUDN\DSร•ODFDNoDOร•รบPDODULoLQELUUHIHUDQVROPDVร•GยรบยQยOPยรบWยU  

 






  .$<1$.d$ $.7$1 2NDQ 3DUD %LUOLNOHUL .XUDPร• YH $YUXSD 3DUD 6LVWHPL $QNDUD +h รธรธ%)<D\ร•QODUร•1R

$/(;$1'(5 :( 7-7 %DOLQR YH & (QRFK ยณ$GRSWLQJ ,QGLUHFW ,QVWUXPHQWV RI 0RQHWDU\ 3ROLF\ยด )LQDQFH DQG 'HYHORSPHQW    0DUW V $6'58%$/, 3 % 6RUHQVRQ YH 2 <RVKD ยณ&KDQQHOV RI ,QWHUVWDWH 5LVNVKDULQJ 8QLWHG 6WDWHV ยด 4XDUWHUO\ -RXUQDO RI (FRQRPLFV  V

$7$'HIQHYH6HUNDQ6LODKรบ|U3DUDVDO%LUOLN$YUXSD3DUD%LUOLรทLYH7ยUNL\H $QNDUD (NRQRPLN $UDรบWร•UPDODU *HQHO 0ยGยUOยรทย +D]LQH 0ยVWHรบDUOร•รทร•0D\ร•V %DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV 5HDO 7LPH *URVV 6HWWOHPHQW 6\VWHPV %DVOH0DUW %DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV0DQDJLQJ&KDQJHLQ3D\PHQW6\VWHPV %DVOH

%DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV &XUUHQW 7RSLFV LQ 3D\PHQW DQG 6HWWOHPHQW6\VWHPV%DVOHD

%DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV&RUH3ULQFLSOHVIRU6\VWHPLFDOO\,PSRUWDQW 3D\PHQW6\VWHPV%DVOHE

%DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV3D\PHQW6\VWHPVLQ7XUNH\%DVOH2FDN 

%DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV &RUH 3ULQFLSOHV IRU 3D\PHQW 6\VWHPV %DVOH

%DQNHUV 7UXVW &RPSDQ\ 6WXG\ RI ,QWHUQDWLRQDO &OHDULQJ DQG 6HWWOHPHQW 9ROXPH  

%$<280, 7 YH % (LFKHQJUHHQ ยณ6KRFNLQJ $VSHFWV RI (XURSHDQ 0RQHWDU\ 8QLILFDWLRQยด )UDQVLVFR 7RUUHV YH )UDQFHVFR *LDYD]]L HGV  $GMXVWPHQWDQG*URZWKLQWKH(XURSHDQ0RQHWDU\8QLRQยด&DPEULGJH &DPEULGJH8QLYHUVLW\3UHVV  V

%$<280, 7 YH % (LFKHQJUHHQ ยณ2SHUDWLRQDOLVLQJ WKH 7KHRU\ RI 2SWLPXP &XUUHQF\ $UHDVยด SDSHU SUHVHQWHG DW WKH &(35ยถV FRQIHUHQFH RQ 5HJLRQDO,QWHJUDWLRQLQ/D&RUXQD6SDLQ    






%(5*(5$1'+DQFRFNYH-&0DUTXDUGW³$)UDPHZRUNIRU$QDO\VLQJ (IILFLHQF\ 5LVNV &RVWV DQG ,QQRYDWLRQV LQ WKH 3D\PHQW 6\VWHP´ -RXUQDORI0RQH\&UHGLWDQG%DQNLQJ    V

%(51$1.(%6YH0*HUWOHU³,QVLGHWKH%ODFN%R[7KH&UHGLW&KDQQHO RI 0RQHWDU\ 3ROLF\ 7UDQVPLVVLRQ LQ 6\PSRVLD 7KH 0RQHWDU\ 7UDQVPLVVLRQ 0HFKDQLVP ´ -RXUQDO RI (FRQRPLF 3HUVSHFWLYHV     V %5812 0 YH - 6DFKV (FRQRPLFV RI :RUOGZLGH 6WDJIODWLRQ %DVLO %ODFNZHOO2[IRUG8.

&$/0)256 / YH - 'ULIILO ³%DUJDLQLQJ 6WUXFWXUH &RUSRUDWLVP DQG 0DFURHFRQRPLF3HUIRUPDQFH´(FRQRPLF3ROLF\9RO  V 

&+$%27&8QGHUVWDQGLQJWKH(XUR7KH&OHDUDQG&RQFLVH*XLGHWRWKH 1HZ 7UDQV(XURSHDQ (FRQRP\ 1HZ <RUN 0DF *UDZ+LOO &RPSDQ\  &RPPLVVLRQ RI WKH (XURSHDQ &RPPXQLWLHV &OHDULQJ DQG 6HWWOHPHQW LQ WKH (XURSHDQ 8QLRQ 0DLQ 3ROLF\ ,VVXHV DQG )XWXUH &KDOOHQJHV &RPPXQLFDWLRQ IURP WKH &RPPLVVLRQ WR WKH &RXQFLO DQG WKH (XURSHDQ3DUOLDPHQW%UXVVHOV0D\ÕV

&25'(1 :0 ³0RQHWDU\ ,QWHJUDWLRQ (VVD\V LQ ,QWHUQDWLRQDO )LQDQFH´ ,QWHUQDWLRQDO )LQDQFH 6HFWLRQ 1R 3ULQFHWRQ 8QLYHUVLW\ 'HSDUWPHQWRI(FRQRPLFV

'( *5$8:( 3 ³(FRQRPLFV RI 0RQHWDU\ 8QLRQ´ 2[IRUG 8QLYHUVLW\ 3UHVV '|UGQF%DVÕP )85),1(&+YH-6WHKP³$QDO\VLQJ$OWHUQDWLYH,QWUDGD\&UHGLW3ROLFLHV LQ 5HDO 7LPH *URVV 6HWWOHPHQW 6\VWHPV´ -RXUQDO RI 0RQH\ &UHGLW DQG%DQNLQJ´&ROXPEXV .DVÕP 

'HYOHW 3ODQODPD 7HúNLODWÕ 7UNL\H$YUXSD %LUOL÷L øOLúNLOHUL g]HO øKWLVDV .RPLV\RQX5DSRUX$QNDUD7UNL\H

'HYOHW 3ODQODPD 7HúNLODWÕ $YUXSD %LUOL÷L .URQRORMLVL  $QNDUD 7UNL\H ('(1 + $ *URRW ( /HGUXW * 5RPLMQ YH / 6RX]D (08 DQG (QODUJHPHQW D 5HYLHZ RI 3ROLF\ ,VVXHV /X[HPERXUJ (XURSHDQ 3DUOLDPHQW (,&+(1*5((1%³,V(XURSHDQ2SWLPXP&XUUHQF\$UHD"´1%(5:RUNLQJ 3DSHU1R1DWLRQDO%XUHDXRI(FRQRPLF5HVHDUFK

(,&+(1*5((1 % 5HFRQVWUXFWLQJ (XURSH¶V 7UDGH DQG 3D\PHQWV 0DQFKHVWHU0DQFKHVWHU8QLYHUVLW\3UHVV

 






(,&+(1*5((1 % *OREDOL]LQJ &DSLWDO D +LVWRU\ RI WKH ,QWHUQDWLRQDO 0RQHWDU\6\VWHP3ULQFHWRQ3ULQFHWRQ8QLYHUVLW\3UHVV (,&+(1*5((1 % YH & :\SORV] ³7KH 6WDELOLW\ 3DFW 0RUH WKDQ D 0LQRU 1XLVDQFH"´(FRQRPLF3ROLF\9ROXPH  V

(0(5621 0' $ ,WDOLDQHU - 3LVDQL)HUU\ YH + 5HLFKHQEDFK 2QH 0DUNHW2QH0RQH\$Q(YDOXDWLRQRIWKH3RWHQWLDO%HQHILWVDQG&RVWV RI )RUPLQJ DQ (FRQRPLF DQG 0RQHWDU\ 8QLRQ 2[IRUG 1HZ <RUN 7RURQWRDQG0HOERXUQH2[IRUG8QLYHUVLW\3UHVV  V

(5d(/ *D]L ³ <ÕOÕ (QIODV\RQX 'úUPH 3URJUDPÕ .XU YH 3DUD 3ROLWLNDVÕ 8\JXODPDVÕ´ $QNDUD 7UNL\H &XPKXUL\HW 0HUNH] %DQNDVÕ $UDOÕN 

(XURSHDQ &HQWUDO %DQN 7KH 6WDELOLW\ 2ULHQWHG 0RQHWDU\ 3ROLF\ 6WUDWHJ\ RI WKH(XUR6\VWHP0RQWKO\%XOOHWLQ)UDQNIXUW*HUPDQ\2FDN (XURSHDQ &HQWUDO %DQN &URVVERUGHU 3D\PHQWV LQ 7$5*(7 $ 8VHUVC 6XUYH\)UDQNIXUW*HUPDQ\D (XURSHDQ&HQWUDO%DQN³7KH0RQHWDU\3ROLF\6WUDWHJ\DQGWKH2SHUDWLRQDO )UDPHZRUN RI WKH (XURV\VWHP´  .DVÕP KWWSZZZHFELQW  $÷XVWRV 

(XURSHDQ &HQWUDO %DQN 7KH 0RQHWDU\ 3ROLF\ RI WKH (&% )UDQNIXUW *HUPDQ\D

(XURSHDQ &HQWUDO %DQN 0HPRUDQGXP RI 8QGHUVWDQGLQJ RQ &RRSHUDWLRQ EHWZHHQ 3D\PHQW 6\VWHPV 2YHUVHHUV DQG %DQNLQJ 6XSHUYLVRUV LQ 6WDJH 7KUHH RI (FRQRPLF DQG 0RQHWDU\ 8QLRQ 3UHVV 5HOHDVH )UDQNIXUW*HUPDQ\ $SULOE 

(XURSHDQ &RPPLVVLRQ 5HSRUW RQ (FRQRPLF DQG 0RQHWDU\ 8QLRQ LQ WKH (XURSHDQ &RPPXQLW\ /X[HPEXUJ 2IILFLDO 3XEOLFDWLRQ RI WKH (XURSHDQ&RPPXQLW\ (XURSHDQ &RPPLVVLRQ 5HJXODU 5HSRUW IURP WKH &RPPLVVLRQ RQ 3URJUHVV 7RZDUGV$FFHVVLRQ7XUNH\D

(XURSHDQ &RPPLVVLRQ 7KH $PVWHUGDP 7UHDW\ $ &RPSUHKHQVLYH *XLGH 2IILFH IRU 2IILFLDO 3XEOLFDWLRQV RI WKH (XURSHDQ &RPPXQLWLHV /X[HPERXUJE

(XURSHDQ &RPPLVVLRQ 7UHDW\ RI 1LFH $PHQGLQJ WKH 7UHDW\ RQ (XURSHDQ 8QLRQ WKH 7UHDWLHV (VWDEOLVKLQJ WKH (XURSHDQ &RPPXQLWLHV DQG &HUWDLQ 5HODWHG $FWV 2IILFH IRU 2IILFLDO 3XEOLFDWLRQV RI WKH (XURSHDQ &RPPXQLWLHV/X[HPERXUJ

)$9(52 & $ YH ) *LDYD]]L 0RQHWDU\ 3ROLF\ 7UDQVPLVVLRQ LQ WKH (XUR $UHD /X[HPERXUJ (FRQRPLF $IIDLUV 6HULHV (XURSHDQ 3DUOLDPHQW   






)$7$6 $ ³(08 &RXQWULHV RU 5HJLRQV" /HVVRQV IRUP WKH (06 ([SHULHQFH´(XURSHDQ(FRQRPLF5HYLHZ9ROXPH  1R

)/(0,1* -0 ³2Q ([FKDQJH 5DWH 8QLILFDWLRQ´ 7KH (FRQRPLF -RXUQDO 9ROXPH  V )2/.(576/$1'$8 ' 3 *DUEHU YH ' 6FKRHQPDNHU ³7KH 5HIRUP RI :KROHVDOH 3D\PHQW 6\VWHPV´ )LQDQFH  'HYHORSPHQW +D]LUDQ  

)5$1.(/ -$ ³1R 6LQJOH &XUUHQF\ 5HJLPH LV 5LJKW IRU $OO &RXQWULHV RU DW $OO 7LPHV´ (VVD\V LQ ,QWHUQDWLRQDO )LQDQFH 3ULQFHWRQ 8QLYHUVLW\ $XJXVW

)5$1.(/ -$ YH $. 5RVH ³7KH (QGRJHQHLW\ RI WKH 2SWLPXP &XUUHQF\ $UHD &ULWHULD´ &HQWUH IRU (FRQRPLF 3ROLF\ 5HVHDUFK 'LVFXVVLRQ 3DSHU6HULHV  1R )5,('0$1 0 (VVD\V LQ 3RVLWLYH (FRQRPLFV 8QLYHUVLW\ RI &KLFDJR 3UHVV 

)5(,;$6 ; YH % 3DULJL ³&RQWDJLRQ DQG (IILFLHQF\ LQ *URVV DQG 1HW ,QWHUEDQN 3D\PHQW 6\VWHPV´ -RXUQDO RI )LQDQFLDO ,QWHUPHGLDWLRQ   V *$63$5 9 * 3HUH]4XLURV YH - 6LFLOLD ³7KH (&% 0RQHWDU\ 3ROLF\ 6WUDWHJ\DQGWKH0RQH\0DUNHW´,QWHUQDWLRQDO-RXUQDORI)LQDQFHDQG (FRQRPLFV  V

*('ø..$<$ 7UNDQ YH &LKDQJO *UOHU (NRQRPLN YH 3DUDVDO %LUOLN +D]ÕUOÕNODUÕ YH $YUXSD 0HUNH] %DQNDVÕ $QNDUD 'Õú øOLúNLOHU *HQHO 0GUO÷7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕ+D]LUDQ

*5((163$1$³5HPDUNVRQ(YROYLQJ3D\PHQW6\VWHP,VVXHV´-RXUQDORI 0RQH\&UHGLWDQG%DQNLQJ    V

+$%(5/(5 * ³7KH ,QWHUQDWLRQDO 0RQHWDU\ 6\VWHP 6RPH 5HFHQW 'HYHORSPHQWV DQG 'LVFXVVLRQV´ LQ $SSURDFKHV WR *UHDWHU )OH[LELOLW\ LQ ([FKDQJH 5DWHV HGLWHG E\ *HRUJH +DOP 3ULQFHWRQ 8QLYHUVLW\ 3UHVV  V

øNWLVDGL .DONÕQPD 9DNIÕ  6RUXGD (NRQRPLN YH 3DUDVDO %LUOLN øNWLVDGL .DONÕQPD9DNIÕ<D\ÕQODUÕ1RøVWDQEXO7UNL\H0DUW ,1*5$0 - & ³&RPPHQW 7KH &XUUHQF\ $UHD 3UREOHP´ ,Q 0RQHWDU\ 3UREOHPV RI WKH ,QWHUQDWLRQDO (FRQRP\ HGLWHG E\ 5REHUW $ 0XQGHOO DQG$OH[DQGHU.6ZRERGD8QLYHUVLW\RI&KLFDJR3UHVV  V 

,6+,<$0$ , ³7KH 7KHRU\ RI 2SWLPXP &XUUHQF\ $UHDV $ 6XUYH\´ ,QWHUQDWLRQDO0RQHWDU\)XQG1R  V

 






-2+16212(*7KH3D\PHQW6\VWHPDQG0RQHWDU\3ROLF\,QWHUQDWLRQDO 0RQHWDU\)XQG0D\ÕV

-2+16212(*5.$EUDPV-0'HVWUHVVH7/\EHN105REHUWV YH06ZLQEXUQH3D\PHQW6\VWHPV0RQHWDU\3ROLF\DQGWKH5ROHRI WKH&HQWUDO%DQN,QWHUQDWLRQDO0RQHWDU\)XQG0D\ÕV

.$+1&YH5REHUGV:³7KH'HVLJQRI:KROHVDOH3D\PHQW1HWZRUNV7KH ,PSRUWDQFH RI ,QFHQWLYHV´ (FRQRPLF 5HYLHZ )HGHUDO 5HVHUYH %DQN RI$WODQWD$WODQWD7KLUG4XDUWHU

.$/($ö$6, %DKDGÕU $YUXSD %LUOL÷L¶QLQ <HWNLOHUL YH .DUDU $OPD 0HNDQL]PDODUÕ øVWDQEXO øNWLVDGL .DONÕQPD 9DNIÕ <D\ÕQODUÕ 1R øNWLVDGL.DONÕQPD9DNIÕ$÷XVWRV

.$5/8. 6 5 $YUXSD %LUOL÷L YH 7UNL\H øVWDQEXO %HWD <D\ÕQODUÕ %HúLQFL %DVNÕ

.(1(1 3 % ³2SWLPXP &XUUHQF\ $UHD $Q (FOHFWLF 9LHZ´ ,Q 0XQGHOO YH 6RZRERGD HGV  0RQHWDU\ 3UREOHPV RI WKH ,QWHUQDWLRQDO (FRQRP\ &KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV

.,<27$., 1 YH - 0RRUH ³&UHGLW &\FOHV´ -RXUQDO RI 3ROLWLFDO (FRQRP\ 9ROXPH  V .58*0$1 3 ³,QFUHDVLQJ 5HWXUQV DQG (FRQRPLF *HRJUDSK\´ -RXUQDO RI 3ROLWLFDO(FRQRP\9ROXPH    V

.58*0$13³/HVVRQVRI0DVVDFKXVHWWVIRU(08´,Q)UDQFLVFR7RUUHVYH )UDQFHVFR *LDYD]]L HGV  $GMXVWPHQW DQG *URZWK LQ WKH (XURSHDQ 0RQHWDU\8QLRQ  V

/$&.(5-³&OHDULQJ6HWWOHPHQWDQG0RQHWDU\3ROLF\´-RXUQDORI0RQHWDU\ (FRQRPLFV  V //2<' 0 (08 5HODWLRQV EHWZHHQ ,QV DQG 2XWV /X[HPERXUJ (XURSHDQ 3DUOLDPHQW

//2<'0DQG/OR\G&RQVXOWLQJ$VVRFLDWHV3XEOLFDQG3ULYDWH,QYHVWPHQWLQ WKH(XURSHDQ8QLRQ/X[HPERXUJ(XURSHDQ3DUOLDPHQW

0$5/,16³&OHDULQJ 6HWWOHPHQW6\VWHPVLQWKH3RVW(XUR0DUNHW´%DQNV 6\VWHPV 7HFKQRORJ\1HZ<RUN

0& &$//80 - 0RQHWDU\ (FRQRPLFV 7KHRU\ DQG 3ROLF\ 0DFPLOODQ 3XEOLVKLQJ&RPSDQ\ 0& .,1121 5 ³2SWLPXP &XUUHQF\ $UHDV´ $PHULFDQ (FRQRPLF 5HYLHZ 9ROXPH 6HSWHPEHU V 0& .,1121 5 ³2SWLPXP &XUUHQF\ $UHDV 5HYLVLWHG´ 6WDQIRUG 8QLYHUVLW\ PLPHR

 






0($'(-(³7KH%DODQFHRI3D\PHQWV3UREOHPVRID(XURSHDQ)UHH7UDGH $UHD´7KH(FRQRPLF-RXUQDO9ROXPH  V

0,17=11³0RQHWDU\8QLRQDQG(FRQRPLF,QWHJUDWLRQ´7KH%XOOHWLQ1HZ <RUN8QLYHUVLW\1LVDQ

021*(//ø)31HZ9LHZVRQWKH2SWLPXP&XUUHQF\$UHD7KHRU\:KDWLV (087HOOLQJ8V")UDQNIXUW:RUNLQJ3DSHU6HULHV1R(XURSHDQ &HQWUDO%DQN 081'(//5³$7KHRU\RI2SWLPXP&XUUHQF\$UHDV´$PHULFDQ(FRQRPLF 5HYLHZ9ROXPH  V

081'(// 5 ³8QFRPPRQ $UJXPHQWV IRU &RPPRQ &XUUHQFLHV´ LQ +* -RKQVRQ YH $. 6ZRERGD 7KH (FRQRPLFV RI &RPPRQ &XUUHQFLHV $OOHQYH8QZLQ  V 2%67)(/' 0 YH * 3HUL ³5HJLRQDO 1RQ$GMXVWPHQW DQG )LVFDO 3ROLF\´ (FRQRPLF3ROLF\9ROXPH  V

2.$< &DQ 3D\PHQW 6\VWHPV LQ 7XUNH\ ,WDO\ 3D\PHQW 6\VWHPV DQG )LQDQFLDO 0DUNHWV 6HPLQDU &HQWUDO %DQN RI WKH 5HSXEOLF RI 7XUNH\ 

2.$<&DQ´gGHPH6LVWHPOHUL$YUXSD%LUOL÷L(XURgGHPH6LVWHPOHUL6UHFL YH7UNL\H¶GHNL'XUXP´%LOLúLP'HUJLVLD

2.$< &DQ 7UNL\H¶GHNL gGHPH 6LVWHPOHUL 7,&57*6 ()7  7,&(676 (0.7  $QNDUD ()7¶QLQ 2QXQFX <ÕOÕ gGHPH 6LVWHPOHUL .RQIHUDQVÕ 7&0%E

2C1(,// 1 ³(XURSHDQ 8QLRQ &URVV%RUGHU $UUDQJHPHQWV IRU WKH (XUR´ )LQDQFLDO5HJXODWLRQ5HSRUW/RQGRQ0D\ÕV

3$'5,1, ) (IILFLHQF\ RI WKH 3D\PHQW 6\VWHPV 9HORFLW\ RI &LUFXODWLRQ RI 0RQH\DQG)LQDQFLDO0DUNHWV,WDO\0LQLVWU\RIWKH7UHDVXU\

3$77(5621 % YH . /\JQHUXG 7KH 'HWHUPLQDWLRQ RI ,QWHUHVW 5DWHV /X[HPERXUJ(FRQRPLF$IIDLUV6HULHV(XURSHDQ3DUOLDPHQW 3$77(5621 * % 7KH &RRUGLQDWLRQ RI 1DWLRQDO )LVFDO 3ROLFLHV LQ WKH &RQWH[W RI 0RQHWDU\ 8QLRQ /X[HPERXUJ (FRQRPLF $IIDLUV 6HULHV (XURSHDQ3DUOLDPHQW

5(+0$1 6 6 7KH 3DWK WR (XURSHDQ (FRQRPLF DQG 0RQHWDU\ 8QLRQ 0DVVDFKXVHWWV.OXZHU$FDGHPLF3XEOLVKHUV

526($.³&XUUHQF\8QLRQV7KHLU'UDPDWLF(IIHFWRQ,QWHUQDWLRQDO7UDGH´ (FRQRPLF3ROLF\*UHDW%ULWDLQ  V

 






6$:<(5 0 ³0LQVN\CV $QDO\VLV WKH (XURSHDQ 6LQJOH &XUUHQF\ DQG WKH *OREDO)LQDQFLDO6\VWHP´3DSHUIRUWKH&RQIHUHQFHRQ³7KH/HJDF\RI +\PDQ0LQVN\´%HUJDPR

6+(33$5' ' 3D\PHQW 6\VWHPV +DQGERRNV LQ &HQWUDO %DQNLQJ QR /RQGRQ 7KH &HQWUH IRU &HQWUDO %DQNLQJ 6WXGLHV %DQN RI (QJODQG 

6800(56 % - ³&RPPHQW RQ &RQWUROOLQJ 5LVNV LQ 3D\PHQW 6\VWHPV´ -RXUQDORI0RQH\&UHGLWDQG%DQNLQJ    V

7$9/$6 * 6 ³7KH 1HZ 7KHRU\ RI 2SWLPXP &XUUHQF\ $UHDV´ 7KH :RUOG (FRQRP\  V

7KH &HQWUDO %DQN RI 5HSXEOLF RI 7XUNH\ $QQXDO 5HSRUW $QNDUD 7XUNH\ 

7KH &HQWUDO %DQN RI 5HSXEOLF RI 7XUNH\ $QQXDO 5HSRUW $QNDUD 7XUNH\  7KH &HQWUDO %DQN RI 5HSXEOLF RI 7XUNH\ $QQXDO 5HSRUW $QNDUD 7XUNH\  7KH &HQWUDO %DQN RI 5HSXEOLF RI 7XUNH\ $QQXDO 5HSRUW $QNDUD 7XUNH\  7KH*LRYDQQLQL*URXS³&URVV%RUGHU&OHDULQJDQG6HWWOHPHQW$UUDQJHPHQWV LQWKH(XURSHDQ8QLRQ´%UXVVHOV.DVÕP

72186 g]JU $YUXSD %LUOL÷L¶QGH (NRQRPLN YH 3DUDVDO %LUOLN YH 7UNL\H øVWDQEXO øNWLVDGL .DONÕQPD 9DNIÕ <D\ÕQODUÕ 1R øNWLVDGL .DONÕQPD 9DNIÕ(NLP 72:(5(YH7KRPDV:LOOHW³7KH7KHRU\RI2SWLPXP&XUUHQF\$UHDVDQG ([FKDQJH 5DWH )OH[LELOLW\´ ,QWHUQDWLRQDO )LQDQFH 6HFWLRQ 3ULQFHWRQ 8QLYHUVLW\'HSDUWPHQWRI(FRQRPLFV1R

7UNL\H &XPKXUL\HW 0HUNH] %DQNDVÕ \ÕOÕQGD3DUDYH.XU3ROLWLNDVÕYH 0XKWHPHO*HOLúPHOHU%DVÕQ'X\XUXVX$QNDUD7UNL\H2FDN

7UNL\H &XPKXUL\HW 0HUNH] %DQNDVÕ (OHNWURQLN )RQ 7UDQVIHUL 6LVWHPL YH (OHNWURQLN0HQNXO.Õ\PHW7UDQVIHU6LVWHPL$QNDUD7UNL\HD 7UNL\H &XPKXUL\HW 0HUNH] %DQNDVÕ 7UNL\H &XPKXUL\HW 0HUNH] %DQNDVÕ .DQXQX$QNDUD7UNL\HE :,//(77YH(GZDUG7RZHU³7KH&RQFHSWRI2SWLPXP&XUUHQF\$UHDVDQG WKH&KRLFH%HWZHHQ)L[HGDQG)OH[LEOH([FKDQJH5DWHV´*1+DOP (GV  V

:<11( 0 ³(08 DW ´ (FRQRPLF DQG )LQDQFLDO 5HYLHZ )HGHUDO 5HVHUYH %DQNRI'DOODV  






(N  $9583$%ø5/øöø$17/$ù0$6,1'$(.2120ø.9(3$5$6$/%ø5/øö( ø/øù.ø1.85$//$5 (3%¶QLQ+DQJL $úDPDVÕQGD*HoHUOL 0DGGH 7DQÕP 2OGX÷X   $úDPD     (NRQRPLNSROLWLNDODUÕQKHGHIYHLONHOHUL ;;;  (NRQRPLNSROLWLNDQÕQIRUPODV\RQXYHX\JXODQPDVÕQÕQ ;;; VD÷ODQPDVÕ    &LGGLDU]VÕNÕQWÕODUÕQDLOLúNLQNXUDOODU ;;;    &LGGLHNRQRPLNVÕNÕQWÕODUDLOLúNLQNXUDOODU   ;  .UHGLRODQDNODUÕQDLOLúNLQNXUDOODU  ;;    0DOLNXUXPODUGDQD\UÕFDOÕNOÕELUúHNLOGHID\GDODQPDQÕQ  ;; NXUDOODUÕ  $7¶QXQPDOLVRUXPOXOX÷X  ;;  .DPXDoÕNODUÕQDLOLúNLQNXUDOODU ;;;  $YUXSD0HUNH]%DQNDODUÕ6LVWHPLQLQJ|UHYYHKHGHIOHUL   ;  %DQNQRWYHPDGHQLSDUDEDVÕPÕ   ;  $YUXSD0HUNH]%DQNDODUÕ6LVWHPLQLQELOHúLPL  ;;  $YUXSD0HUNH]%DQNDODUÕ6LVWHPLQLQED÷ÕPVÕ]OÕ÷Õ   ;  0HUNH]EDQNDODUÕQÕQED÷ÕPVÕ]OÕ÷Õ  ;;  hoQFONHSDUDODUÕLOHLOLúNLOHU   ;  $YUXSD0HUNH]%DQNDVÕQÕQELOHúLPL   ;  $YUXSD0HUNH]%DQNDVÕQÕQGL÷HUNXUXPODUODLOLúNLVL   ;    3DUDNRPLWHVLQLQJ|UHYLYHELOHúLPL ;;;    (NRQRPLNYH0DOL.RPLWHQLQJ|UHYLYHELOHúLPL ;;;  .RPLV\RQ.RQVH\YH\HGHYOHWOHULQUROOHUL ;;;  øNLQFLDúDPD\DLOLúNLQJHQHOKXVXVODU ;;;  $YUXSD3DUD(QVWLWVQQJ|UHYOHULELOHúLPLYH  ;  G]HQOH\LFLNXUDOODUÕ  (&8¶QXQELOHúLPL ;;;  gGHPHOHU'HQJHVLVRUXQODUÕQDLOLúNLQNXUDOODU ;;   gGHPHOHU'HQJHVLNUL]OHULQHLOLúNLQNXUDOODU ;;   hoQFDúDPD\DJHoLú  ;   hoQFDúDPDGDQVDSPDODU  ;;    $YUXSD0HUNH]%DQNDVÕQÕQELOHúLPLYHJ|UHYOHULQHLOLúNLQ  ;; D\UÕQWÕODU    (&8GH÷HUL   ;  '|YL]NXUXSROLWLNDVÕ ;;; 

.D\QDN  6RUXGD (NRQRPLN YH 3DUDVDO %LUOLN 0DUW ¶GHQ Ä7UHDW\ RI 1LFH $PHQGLQJ WKH 7UHDW\ RQ (XURSHDQ 8QLRQ WKH 7UHDWLHV (VWDEOLVKLQJ WKH (XURSHDQ &RPPXQLWLHV DQG &HUWDLQ 5HODWHG $FWV³ X\DUÕQFD \DSÕODQ PDGGH QXPDUDODUÕ GH÷LúLNOLNOHUL oHUoHYHVLQGH X\DUODQPÕúWÕU

    






(N(NRQRPLNYH3DUDVDO%LUOLNøoHULVLQGHNL6LVWHPOHUYH<|QHWLFLOHUL %h<h.0ø.7$5/,g'(0( 6ø67(0/(5ø

<g1(7ø&ø/(5ø

%LUEWQRODUDN7$5*(7 7$5*(76LVWHPLQLQ8OXVDO%LOHúHQOHUL (//,36 (/6 +(50(6 6/%( 7%) ,5,6 %,5(/ /,36*URVV  723 $57,6 63*7 %2)57*6 (30 '(%(6 (XUR5,; &+$36(XUR (XUR6\VWHPRIWKH(%$&OHDULQJ &RPSDQ\ (XUR  (XUR$FFHVV)UDQNIXUW ($)  3DULV1HW6HWWOHPHQW 316  6HUYLFLRGH3DJRV,QWHUEDQFDULRV 63,  3DQNNLHQ2QOLQH3LNDVLLUURWMD6HNLW MlUMHVWHOPl 3236  &+$366WHUOLQJ 'DQPDUNV1DWLRQDOEDQN )RUHVS¡UJVHOVVHUYLFH '1,QTXLU\DQG7UDQVIHU6\VWHP'1)  5,;V\VWHPHW &RQWLQXRXV/LQNHG6HWWOHPHQW%DQN ,QWHUQDWLRQDO &/6%DQN KHQ]IDDOL\HWWH GH÷LO 

(&%YH(XUR6LVWHP  %DQTXH1DWLRQDOHGH%HOJLTXH 'HXWVFKH%XQGHVEDQN %DQNRI*UHHFH %DQFRGH(VSDxD %DQTXHGH)UDQFH &HQWUDO%DQNRI,UHODQG %DQFDG,WDOLD %DQTXHFHQWUDOHGX/X[HPERXUJ 'H1HGHUODQGVFKH%DQN 2HVWHUUHLFKLVFKH1DWLRQDOEDQN %DQFRGH3RUWXJDO 6XRPHQ3DQNNL (&% 'DQPDUNV1DWLRQDOEDQN 6YHULJHV5LNVEDQN %DQNRI(QJODQG (&% 'HXWVFKH%XQGHVEDQN %DQTXHGH)UDQFH %DQFRGH(VSDxD 6XRPHQ3DQNNL  %DQNRI(QJODQG 'DQPDUNV1DWLRQDOEDQN 6YHULJHV5LNVEDQN (&% HXURLúOHPOHULQHED÷OÕRODUDN  %DQNRI(QJODQG VWHUOLQLúOHPOHULQHED÷OÕRODUDN YH0XWDEDNDW6RQODQGÕUPD 7DOLPDWQDPHVL¶QHJ|UH G]HQOH\LFLRODUDN  86)HGHUDO5HVHUYH VLVWHPLQ EDúG]HQOH\LFLVLRODUDN 

.D\QDN(XURSHDQ&HQWUDO%DQN$SULO¶GHQoHYULOHUHNDNWDUÕOPÕúWÕU 

 






(N  

$'$<h/.(/(5ø1<,/,1$$ø7%$=,*g67(5*(/(5ø

<ÕOOÕN



%\PHRUDQÕ

(QIODV\RQRUDQÕ  



%XOJDULVWDQ









dHN&XP









.ÕEUÕV

(VWRQ\D

0DFDULVWDQ /HWRQ\D



















 

5RPDQ\D





6ORYHQ\D



/LWYDQ\D 0DOWD

3RORQ\D

6ORYDN\D 7UNL\H 











 



 

     





  

     





  

3UR[\+,&3 ÕQRUWDODPDE\PHVLRODUDN





7NHWLFLIL\DWHQGHNVL





7RSWDQHú\DIL\DWHQGHNVL



.D\QDN(XURVWDW¶WDQWHPLQHGLOHQYHULOHUOHROXúWXUXOPXúWXU  

 










Microsoft Word - tezrevizyon