62ø'
6(<$+$7 9( 27(/ øù/(70(&ø/øöø '(5*ø6ø <,/ ± 6$<,
ϭϵ
DUDFÕOÕ÷Õ\OD ùLOL¶GHNL GXUXP JQ ER\XQFD
WDNLS HGLOPLúWLU PHG\D 0DGHQFLOHULQ \HULQ
PHWUH DOWÕQGD JQ KD\DWWD NDOPDODUÕ
\DUDWÕFÕ
WDUDIÕQGDQ
NRUXQGXNODUÕ
LQDQFÕ\OD
|OPH
NDUúÕ
GLUHQGLNOHUL
úHNOLQGH
\RUXPODQPÕúWÕU |OP LQDQFÕQGD PH\GDQD
JHOHQ
GH÷LúPHOHU
'HVWHNOHQHQ
EX
o
IDNW|UQ \DQÕQGD K]Q WXUL]PL NDYUDPÕ |OP
ROD\ODUÕQÕQ
JHUoHNOHúWL÷L
DODQODUD
\DSÕODQ
VH\DKDWOHU LOH EHUDEHU |OPOHULQ ROPDGÕ÷Õ
DQFDN LQVDQD ]QW YHUHQ \HUOHULQ GH WXUL]P
DPDFÕ\OD WNHWLOGL÷LQL J|VWHUPHNWHGLU .ÕOÕo YH
$N\XUW %X GR÷UXOWXGD 6DQ -RVH
0DGHQL¶QLQ
K]Q
WXUL]PL
PRWLYDV\RQX\OD
]L\DUHW HGLOHELOHFH÷L DQODúÕOPDNWDGÕU
+]Q WXUL]PLQGH QO LONoD÷ ILOR]RIX
$ULVWR¶QXQ NDWDUVLV NDYUDPÕQD NDUúÕOÕN JHOHQ
ELU VRQXo YDUGÕU .HQGLVLQL NDKUDPDQÕQ \HULQH
NR\PD R DQOÕN GD ROVD NDKUDPDQOD EHUDEHU R
DFÕ\Õ \DúDPD YH NDKUDPDQÕQ \DSWÕ÷Õ KDWD\Õ
\DSPDPD LVWH÷L JLEL GX\JXODU YDVÕWDVÕ\OD
UXKVDO DoÕGDQ ELU DUÕQPD\D XODúPD NDWDUVLV
NDYUDPÕQÕ
DoÕNODPDNWDGÕU
WUZLNLSHGLDRUJ
%X
DoÕGDQ
GQ\D
JHQHOLQGHQ
VH\DKDWoLOHUH HY VDKLSOL÷L \DSDQ +LURúLPD YH
1DJD]DNL dHUQRELO %HUOLQ 'XYDUÕ *URXQG
=HUR
$OWKRS
(YL
3RPSHLL
0DOH]\D
(QGRQH]\D *QH\ $PHULND *HOLEROX 7DULKL
0LOOL 3DUNÕ .DPERo\D $OFDWUD] +DSLVKDQHVL
YH 6LQRS &H]DHYL GHVWLDQV\RQODUÕQD \DSÕODQ
K]Q WXUL]PL VH\DKDWOHULQGH GH NDWDUVLV
VRQXFXQD
XODúÕOGÕ÷Õ
DQODúÕOPDNWDGÕU
6RQXFXQGD NDWDUVLVH XODúÕODQ K]Q WXUL]PL
VH\DKDWOHULQGHQ DQODúÕODFD÷Õ ]HUH K]Q
WXUL]PL NDSVDPÕQGDNL GHVWLQDV\RQODUÕ ELUHU
NDWDUVLVWLN GHVWLQDV\RQ RODUDN LIDGH HWPHN
PPNQGU
$UDúWÕUPDGD DOWHUQDWLI NDWDUVLVWLN ELU
GHVWLQDV\RQ RODUDN HOH DOÕQDQ 6DQ -RVH
0DGHQL |QFHGHQ JHUoHNOHúPLú RODQ J|oN
ROD\ÕQÕ KLVVHGHUHN NHQGLOHULQL R PDGHQFLOHULQ
\HULQH NR\DFDN YH EX \ROOD UXKVDO DoÕGDQ
DUÕQPD GX\JXVXQX \DúD\DUDN K]Q WXUL]PL
IDDOL\HWLQLQ
ELU
VRQXFX
RODQ
NDWDUVLVL
JHUoHNOHúWLUHFHN
RODQ
WXULVWOHU
WDUDIÕQGDQ
]L\DUHW HGLOHFHNWLU PDGHQFL\L DQODWDQ ILOP
YH NLWDSODUÕQ SL\DVD VUOPHVL\OH úHNLOOHQHQ
|QJ|U GH WXULVWOHULQ VH\DKDW PRWLYDV\RQXQXQ
EX \|QGH ROXúDFD÷Õ úHNOLQGHGLU
<ÕOODU VRQUD K]Q WXUL]PL NDSVDPÕQGD
GH÷HUOHQGLULOPLú NDWDUVLVWLN ELU GHVWLQDV\RQ
|UQH÷L RODQ dDWDOFD 0EDGHOH 0]HVL
2FDN WDULKLQGH 7UNL\H YH
DUDVÕQGD
\DSÕODQ
PEDGHOH
DQODúPDVÕ
VRQUDVÕQGD
NHQGL
LVWHNOHUL
GÕúÕQGD
J|oH
]RUODQDQ
PEDGLOOHULQ
DFÕODUÕ
DQÕVÕQD
ZZZFDWDOFDEHOWU /R]DQ 0EDGLOOHUL
9DNIÕ dDWDOFD %HOHGL\HVL YH øVWDQEXO
$YUXSD .OWU %DúNHQWL $MDQVÕ GHVWH÷L\OH
$UDOÕN WDULKLQGH øVWDQEXO dDWDOFD GD
]L\DUHWH DoÕODQ P]HGLU ZZZVDEDKFRPWU
dDWDOFD 0EDGHOH 0]HVL¶QLQ HWNLQ ELU
SROLWLND YH GHUQHNOHULQ GHVWH÷L\OH WXUL]PH
ND]DQGÕUÕOGÕ÷ÕQGDQ
DQODúÕODFD÷Õ
]HUH
DOWHUQDWLI NDWDUVLVWLN ELU GHVWLQDV\RQ RODQ 6DQ
-RVH 0DGHQL¶QLQ GH ùLOL \|QHWLPL YH GHUQHNOHUL
WDUDIÕQGDQ
GHVWHNOHQPHVL
JHUHNPHNWHGLU
.D]D VRQUDVÕ NDSDWÕODQ PDGHQLQ RQDUÕODUDN
WXUL]P IDDOL\HWLQGH NXOODQÕOPDN ]HUH WHNUDU
DoÕOPDVÕ \ROX\OD LOJLOL GHVWLQDV\RQGD K]Q
WXUL]PLQH NDWÕODQ ]L\DUHWoLOHULQ VD\ÕVÕQGD DUWÕú
J|]OHQHFH÷L
JLEL
PDFHUD
WXUL]PL
PRWLYDV\RQX\OD WXUL]PH NDWÕODQ WXULVWOHULQ GH
E|OJH\H
VH\DKDW
HGHFHNOHUL
WDKPLQ
HGLOPHNWHGLU 'ROD\ÕVÕ\OD K]Q LQDQo ILOP YH
PDFHUD
WXUL]PL
úHNOLQGHNL
IDUNOÕ
WXUL]P
WUOHULQLQ
JHUoHNOHúWLULOPHVL
VD÷ODQDFDN
GHVWLQDV\RQD VH\DKDW HGHFHN RODQ WXULVW SURILOL
GH oHúLWOHQGLULOPLú RODFDNWÕU
.D\QDNoD
$OLD÷DR÷OX
$
µ6RV\R.OWUHO
0LUDV
7XUL]PL
YH
7UNL\H¶GHQ
gUQHNOHU¶
&R÷UDIL %LOLPOHU 'HUJLVL VV
$\WHSH 2 µdDQDNNDOH 6DYDúÕ
%LEOL\RJUDI\DVÕ¶
$QNDUD
hQLYHUVLWHVL
7UN
øQNLODS 7DULKL (QVWLWV $WDWUN
VV
%DVVRQ
$
µ%URFN
&DPSXV
0LQLVWULHV¶ &RQIHUHQFH RQ 3RVWPRGHUQLVP¶
$FDGHPLD 1XWV VV
(OOLV
5
([SHULHQFLQJ
'DUN
7RXULVP
7KH
5HDO
$XVFKZLW]
øQJLOWHUH
8QLYHUVLW\ RI %ULVWRO
+XGVRQ 6 YH 5LWFKLH -5%
µ3URPRWLQJ 'HVWLQDWLRQV YLD )LOP 7RXULVP $Q
(PSLULFDO
,GHQWLILFDWLRQ
RI
6XSSRUWLQJ
0DUNHWLQJ
,QLWLDWLYHV¶
-RXUQDO
RI
7UDYHO
5HVHDUFK VV
.D\D 2 gOP 7XUL]PL *HOLEROX
7XULVWOHULQ =L\DUHW 0RWLYDV\RQODUÕQÕ $QODPD\D
<|QHOLN
%LU
$UDúWÕUPD
YH
6RQXoODUÕ
dDQDNNDOH
hQLYHUVLWHVL
6RV\DO
%LOLPOHU
(QVWLWV
dDQDNNDOH
.D]DODUVND
6
'DUN
WRXULVP
5HGXFLQJ 'LVVRQDQFH LQ WKH ,QWHUSUHWDWLRQ RI
$WURFLW\ DW 6HOHFWHG 0XVHXPV LQ :DVKLQJWRQ
62ø'
6(<$+$7 9( 27(/ øù/(70(&ø/øöø '(5*ø6ø <,/ ± 6$<,
ϮϬ
'&
<NVHN
/LVDQV
7H]L
8QLYHUVLW\ RI 1DWLRQDO DQG :RUOG (FRQRPLFV
%XOJDULVWDQ
.ÕOÕo % YH $N\XUW + µ'HVWLQDV\RQ
øPDMÕ
2OXúWXUPDGD
+]Q
7XUL]PL
$I\RQNDUDKLVDU YH %DúNRPXWDQ 7DULKL 0LOOL
3DUNÕ¶ *D]LDQWHS hQLYHUVLWHVL 6RV\DO %LOLPOHU
'HUJLVL VV
.ÕVD 2YDOÕ 3 µ.LWOH 7XUL]PL YH
(NRORMLN 7XUL]PLQ .DYUDP 0LPDUL YH dHYUHVHO
(WNLOHU
%DNÕPÕQGDQ .DUúÕODúWÕUÕOPDVÕ¶
<7h
0LPDUOÕN )DNOWHVL ('HUJLVL VV
0RZDWW 5$ YH &KDQFHOORU &+
µ9LVLWLQJ 'HDWK DQG /LYH 'DUN 7RXULVP DQG
6ODYH &DVWOHV¶ $QQDOV RI 7RXULVP 5HVHDUFK
VV
0WHUFLPOHU ( .RUNDN $EGXO¶GHQ
&RQL 7UN¶H *HOLEROX %DVNÕ øVWDQEXO
$OID
2GDEDúÕ
<
3RVWPRGHUQ
3D]DUODPD 7NHWLP YH 7NHWLFL øVWDQEXO
0HGLD &DW
g]JQG] 0$ µ&DIHULOHU¶
$WODV
$\OÕN &R÷UDI\D YH .HúLI 'HUJLVL VV
g]WDED÷ / )HOVHIH 'HUVOHUL
øVWDQEXO 5HP]L .LWDEHYL
6HDWRQ
$9
µ:DU
DQG
7KDQDWRXULVP :DWHUORR ¶ $QQDOV
RI 7RXULVP 5HVHDUFK VV
6WRQH 3 5 µ$ 'DUN 7RXULVP
6SHFWUXP 7RZDUGV D 7\SRORJ\ RI 'HDWK DQG
0DFDEUH 5HODWHG 7RXULVW 6LWHV $WWUDFLWRQV
DQG ([KLELWLRQV¶ 7RXULVP VV
6WUDQJH
&
YH
.HPSD
0
µ6KDGHV RI 'DUN 7RXULVP $OFDWUD] DQG
5REEHQ ,VODQG¶ $QQDOV RI 7RXULVP 5HVHDUFK
VV
7DQUÕVHYGL $ YH dDYXú ù µg]HO
øOJL 7XUL]PL YH g]HO øOJL WXUL]PL .DSVDPÕQGD
.XúDGDVÕ
YH
dHYUHVLQGHNL
9DU
2ODQ
3RWDQVL\HO .D\QDNODU h]HULQH .XUDPVDO %LU
øQFHOHPH¶
$QDWROLD
7XUL]P
$UDúWÕUPDODUÕ
'HUJLVL VV
7LWWD 1 0RWLYDWLRQ )DFWRUV LQ
7RXULVP &DVH +RXVH RI 7HUURU
/LVDQV
7H]L
/DWKL8QLYHUVLW\
RI
$SSOLHG
6FLHQFHV )LQODQGL\D
7XQDOÕ ø 3RHWLND dHYLUL øVWDQEXO
5HP]L .LWDEHYL
7XQEULGJH -( YH $VKZRUWK *-
'LVVRQDQW +HULWDJH 7KH 0DQDJHPHQW RI WKH
3DVW DV D 5HVRXUFH LQ &RQIOLFW 7RURQWR -RKQ
:LOH\ DQG 6RQV
$ . D µ $UDOÕN +LQW 2N\DQXVX
'HSUHúLP
'DOJDVÕ
0DOH]\D
.Õ\ÕODUÕQGDNL
(WNLOHUL¶
7UNL\H
0KHQGLVOLN
+DEHUOHUL
'HUJLVL VV
3UHVDWH\D * 6 +LGD\HW 5 YH 0FDGRR %
E µ $UDOÕN *QH\ $V\D 'HSUHPL
YH 7VXQDPLVLQLQ 6DKD *|]OHPOHUL
2FDN ¶ 7UNL\H 0KHQGLVOLN +DEHUOHUL
'HUJLVL VV
<ÕOPD] + YH
7XUL]PL 'HVWLQDV\RQODUÕQ 3D]DUODQPDVÕQGD
)LOPOHULQ 5|O¶ $QDGROX hQLYHUVLWHVL 6RV\DO
%LOLPOHU 'HUJLVL VV
'DUN 7RXULVP
8QGHUVWDQGLQJ 9LVLWRU 0RWLYDVWLRQ DW 6LWHV 2I
'HDWK DQG 'LVDVWHU
/LVDQV 7H]L 7H[DV $ 0 8QLYHUVLW\ $%'
<NVHO $ YH ) <NVHO 7XUL]PGH
%LOLPVHO
$UDúWÕUPD
<|QWHPOHUL
$QNDUD
7XUKDQ .LWDEHYL
ZZZLQVDQELOLPOHULFRP
KWWSMIDVHJHHGXWUPDNDOHKWPO
KWWSZZZGKDFRPWUJHUVH\GDKLO
VLVWHPLWDUWLVPDVL\HQLGHQDOHYOHQGL
IODVKDEHUBKWPO
KWWSDODQ\DKDEHUEORJFXFRPWXUL]PGH
\HQLWUHQGXFDULWXUL]P
KWWSHNRQRPLKDEHUWXUNFRPWXUL]PKDEHU
DUWLNKHODOWXUL]PSRSXOHU
62ø'
6(<$+$7 9( 27(/ øù/(70(&ø/øöø '(5*ø6ø <,/ ± 6$<,
Ϯϭ
KWWSZZZVRQVX]VLIDFRPEORJLOJLQFKDEH
UVLUDGLVLELUWDWLODQOD\LVLHNVWUHPWXUL]P
KWWSZZZVDEDKFRPWU1HZ
KROODQGDGDBX\XVWXUXFXBWXUL]PL
KWWSR]WXUNVXOHEORJFXFRPHWLNHWVH[
WXUL]PL
KWWSKXUDUVLYKXUUL\HWFRPWUJRVWHU6KRZ
1HZDVS["LG
ZZZLQVDQELOLPOHULFRP
KWWSZZZGZ
ZRUOGGHGZDUWLFOHKWPO
KWWSZZZFDQDNNDOHJRYWUWUB*<703KW
P
KWWSWUZLNLSHGLDRUJZLNL+LUR & )LP
D \DBDWRPBERPEDV & %BVDOG & %U
& %V & %
KWWSZZZPDNDOHOHUFRPND\QDN
PDNDOHOHULKLURVLPDEDULVDQLWLSDUNLKWP
KWWSZZZKXUUL\HWFRPWUGXQ\D
DVS
KWWSWDULKYHGXVXQFHHVPDUWZHEFRPERG
\BPDQKDWWDQKWPO
KWWSZZZEEFFRXNWXUNLVKQHZVVWRU\
BNKPHUBURXJHVKWPO
KWWSZZZPHWXHGXWUaXOXED\ROXPWDUODOD
ULKWP
KWWSQHZVQDWLRQDOJHRJUDSKLFFRPQHZV
BBWYFDPERGLDKWPO
KWWSWUZLNLSHGLDRUJZLNL&KHFNSRLQWB&KD
UOLH
KWWSZZZWXUL]PDNWXHOFRPKDEHU$O
PDQ\DGDQBJHOHQBWXULVWBVD\LVLBBDUWDFDNB
KWWSWUZLNLSHGLDRUJZLNL&KHFNSRLQWB&KD
UOLH
KWWSWUZLNLSHGLDRUJZLNL & HUQRELO
BUHDNW & %UBND]DV & %
KWWSZZZDQVZHUVFRPWRSLFSRPSHLL
KWWSZZZWDULKKDEHUFRPWDULK
JXQGHPLJXQGHPHIHVSRPSHLQLQ
HQVHVLQGHKWPO
KWWSWUZLNLSHGLDRUJZLNL(OBQLQR
KWWSWUZLNLSHGLDRUJZLNL'LDQDB6SHQFHU
KWWSZZZWDULKLVLQRSFH]DHYLPHUPHUFHVLWO
HULQHW
KWWSZZZWXPJD]HWHOHUFRP"D
KWWSZZZVRQGDNLNDFRPKDEHUWDULKL
VLQRSFH]DHYLJXQXELUOLNWXUODULQJR]GHVL
KWWSWUZLNLSHGLDRUJZLNL$OFDWUD]B$GDV
& %
KWWSDUVLYQWYPVQEFFRPQHZVDV
S
KWWSHQZLNLSHGLDRUJZLNL$ULVWRWOH
KWWSZZZWLPHFRPWLPHZRUOGDUWLFOH
KWPO
KWWSWUHXURQHZVQHWVLOLOL
PDGHQFLOHULQKLND\HVLROXPVX]OHVL\RU
KWWSZZZFQQWXUNFRPGXQ\D
YHVLOLOLPDGHQFLOHUDUWLNJHUFHJLELOL\RU
LQGH[KWPO
KWWSZZZDMDQVFRPGHWD\V
LOLOLPDGHQFLOHU\HU\X]XQHFLNL\RUFDQOL
L]OHKWPO
KWWSZZZQWYPVQEFFRPLG VW
RU\&RQWLQXHG
62ø'
6(<$+$7 9( 27(/ øù/(70(&ø/øöø '(5*ø6ø <,/ ± 6$<,
ϮϮ
KWWSKXUDUVLYKXUUL\HWFRPWUJRVWHU6KRZ
1HZDVS["LG
KWWSZZZKXUUL\HWFRPWUSODQHW
DVS
ZZZLONQRNWDFRPNLWDS
0DGHQFLKWPO
KWWSPDGHQFLFRP
KWWSWUZLNLSHGLDRUJZLNL.DWDUVLV
KWWSZZZFDWDOFDEHOWUKDEHUOHUKDEHUGHW
D\DVS",'
KWWSZZZVDEDKFRPWU
WXUNL\HQLQBLONBPXEDGHOHBPX]HVLBFDWDOFDGD
BDFLOGL