7U\FNWDNlOORU

%HFN 8OULFK 9DG LQQHElU JOREDOLVHULQJHQ" 0LVVXSSIDWWQLQJDU RFK

P|MOLJDSROLWLVNDVYDU8GGHYDOOD



%HUJHU 3HWHU /  /XFNPDQQ 7KRPDV .XQVNDSVVRFLRORJL +XU

LQGLYLGHQXSSIDWWDURFKIRUPDUVLQVRFLDODYHUNOLJKHW)DOXQ



%lFN 0DWV  0|OOHU 7RPP\ 3DUWLHU RFK RUJDQLVDWLRQHU *|WHERUJ



&XII(& 3D\QH*&)UHG6DPKlOOVYHWHQVNDSOLJDSHUVSHNWLY *|WHERUJ



(ULNVVRQ &DWKDULQD (ULNVVRQ %DD] 0DULD  7K|UQ +nNDQ µ'HQSRVWNRORQLDODSDUDGR[HQUDVLVPHQRFK·GHWPnQJNXOWXUHOOD VDPKlOOHW·µ L *OREDOLVHULQJHQV NXOWXUHU 'HQ SRVWNRORQLDOD SDUDGR[HQ

UDVLVPHQRFKGHWPnQJNXOWXUHOODVDPKlOOHW(ULNVVRQ(ULNVVRQ%DD]  7K|UQUHG)DOXQ  )DLUFORXJK1RUPDQ&ULWLFDO'LVFRXUVH$QDO\VLVWKH&ULWLFDO6WXG\RI /DQJXDJH(VVH[  )DLUFORXJK1RUPDQ'LVFRXUVHDQG6RFLDO&KDQJH&RUQZDOO 

)DKLPL %LMDQ 6YHQVNW 1lULQJVOLYV LGpVHULH *OREDOLVHULQJ RFK

DUEHWVPDUNQDG gSSQD GHQ VYHQVND DUEHWVPDUNQDGHQ 6DQGYLNHQ

 

+DOO 6WXDUW µ7KH :HVW DQG WKH 5HVW 'LVFRXUVH DQG3RZHUµ L

)RUPDWLRQV RI 0RGHUQLW\ 8QGHUVWDQGLQJ 0RGHUQ 6RFLHWLHV $Q ,QWURGXFWLRQ%RRN+DOO *LHEHQUHG:LOWVKLUH



+RIIPDQQ -UJHQ  +RIIPDQQ 5HLQHU /2 LGpGHEDWW

*OREDOLVHULQJHQ²ULVNHURFKP|MOLJKHWHUI|UGHQIDFNOLJDSROLWLNHQL(XURSD

6WRFNKROP 

-RKDQVVRQ -RQDV 6YHQVNW 1lULQJVOLYV LGpVHULH *OREDOLVHULQJ RFK

GHPRNUDWL)LQQVGHWHWWVDPEDQG"6DQGYLNHQ



/2VGHPRNUDWLUDSSRUW)ULKHW WLOOVDPPDQV ² /2 V GHPRNUDWLUDSSRUW

RPPDNWPHGOHPPDURFKP|MOLJKHWHU0DOP|



/27&2ELVWnQGVQlPQG(QUlWWYLVDUHYlUOG6WRFNKROP 

/27&2 ELVWnQGVQlPQG )DFNHW I|UlQGUDU YlUOGHQ ² RP IDFNOLJW

ELVWnQGLHQJOREDOLVHUDGYlUOG6WRFNKROP



3HUMXV %URU &DVLQR -RUGHQ HOOHU YHP SOXQGUDGH IRONKHPPHW" 6WRFNKROP



5REHUWVRQ5RODQG*OREDOL]DWLRQ6RFLDO7KHRU\DQG*OREDO&XOWXUH :LOWVKLUH

5RVH $QGUHZ . (08 RFK VYHQVN XWULNHVKDQGHO 6WRFNKROP 



6WHLQ 3HWHU 6YHQVNW 1lULQJVOLYV LGpVHULH

*OREDOLVHULQJ RFK

NDSLWDOPDUNQDG)ULDJOREDODNDSLWDOPDUNQDGHUEUDI|U6YHULJHRFK

YlUOGHQ6DQGYLNHQ



6YHQVNW 1lULQJVOLYV VHULH *$76 RFK (8V LQUH PDUNQDG 1R

*$76²1R*/25<6WRFNKROP  6YHQVNW1lULQJVOLYVVHULH*$76RFK(8VLQUHPDUNQDG6YHQVNW 1lULQJVOLYVSROLF\I|UWMlQVWHKDQGHO6WRFNKROP



:LQWKHU -|UJHQVHQ 0DULDQQH  3KLOOLSV /RXLVH 'LVNXUVDQDO\V

VRPWHRULRFKPHWRG/XQG  cEHUJ$OODQ6YHQVNDIRONHWRFKJOREDOLVHULQJHQ6WRFNKROP

2WU\FNWDNlOORU

Internet

3URWRNROOIUnQ/DQGVRUJDQLVDWLRQHQVGHPRNUDWLNRQJUHVVnU

DYVQLWWVRPEHKDQGODULQWHUQDWLRQHOODIUnJRUnWHUILQQV

Sn,QWHUQHW

KWWSZZZORVHGHPRNUDWLNRQJUHVVHQSURWRNROOLQWHUQDW

LRLQGH[KWP



1DWLRQDOHQF\NORSHGLQ

nWHUILQQV

Sn

,QWHUQHW

KWWSZZZQHVH





/27&2 ELVWnQ GVQ lPQ G nWHUILQ Q V Sn ,Q WHUQ HW

6DPPDQIDWWQLQJ

, GHQ  KlU XSSVDWVHQ  IRNXVHUDV Sn KXU I|UHVWlOOQ LQ JDU RP JOREDOLVHULQJ VNDSDV L DUEHWVPDUNQDGVRUJDQLVDWLRQHUQD /2 RFK VYHQVNW 1lULQJVOLY ² WYn DNW|UHU VRP UHSUHVHQWHUDU µGHW RIIHQWOLJD6YHULJHµPHQlQGnLQWHµVWDWHQ6YHULJHµ



8SSVDWVHQVKXYXGV\IWHlUDWWIn|NDGLQVLNWLYDGEHJUHSSVRP JOREDOLVHULQJ JOREDOLWHW RFK LQWHUQDWLRQDOLVHULQJ NDQ KD I|U LQQHE|UGHUI|UGHVVDWYnRUJDQLVDWLRQHU,XSSVDWVHQXQGHUV|NV KXUIHQRPHQHQGHILQLHUDVDQYlQGVRFKKDQWHUDVLWH[WHUIUnQGH EnGD DNW|UHUQD 8SSVDWVHQ KDU HWW NULWLVNGLVNXUVDQDO\WLVNW DQJUHSSVVlWWVRPKlPWDWVIUnQ1RUPDQ)DLUFORXJK*HQRPDWW XQGHUV|ND KXU GLVNXUVHU NULQJ JOREDOLVHULQJ VNDSDV L RUJDQLVDWLRQHUQDVWH[WHUNDQPDQI|UVWnKXUNXQVNDSRFKVRFLDOD SUDNWLNHU NULQJ JOREDOLVHULQJ lU VWUXNWXUHUDGH KRV RUJDQLVDWLRQHUQD



0DWHULDOHW EHVWnU DY HWW PLQGUH DQWDO WH[WHU IUnQ GH ElJJH RUJDQLVDWLRQHUQD 8UYDOHW KDU JMRUWV XWLIUnQ Q\FNHOEHJUHSS VRP LQWHUQDWLRQDOLVHULQJ JOREDOLVHULQJ RFK JOREDOLWHW 'H WH[WHU VRP KDUDQDO\VHUDWVKDULDOODIDOOXWRPHWWIRUPHQDYUDSSRUWHUIUnQ GHElJJHRUJDQLVDWLRQHUQD



'HW lU P|MOLJW DWW XUVNLOMD WYn DUJXPHQ W I|U JOREDOLVHULQ J L RUJDQLVDWLRQHUQDVWH[WHU$UJXPHQWHQHOOHUORJLNHUQDEHQlPQVL VWXGLHQVRPHNRQRPLUHVSHNWLYHGHPRNUDWLRFKGHWlUNULQJGHVVD ORJLNHUVRPJOREDOLVHULQJVGLVNXUVHUQDNRQVWUXHUDV(NRQRPLEOLU

NULQJ JOREDOLVHULQJ 8U WDOHW NULQJ HNRQRPL RFK JOREDOLVHULQJ Yl[HU GHW IUDP HQ V\Q Sn HNRQRPLVN XWYHFNOLQJ VRP GHW VRP GULYHU JOREDOLVHULQ JHQ  IUDPnW +XU PDQ  VHU Sn HNRQ RPLQ V UROO VRP SRVLWLY HOOHU QHJDWLY VDPW YLOND HIIHNWHU GH HNRQRPLVND JOREDOLVHULQJVSURFHVVHUQD PHGI|U GHW lU HQ DQQDQ VDN Gn RUJDQLVDWLRQHUQDV EHUlWWHOVHU VNDSDU ROLNDUWDGH ELOGHU NULQJ GHQ HNRQRPLVNDJOREDOLVHULQJHQbYHQRPLQQHKnOOHWVNLIWDUVnUnGHU GHW NRQVHQVXV RP HNRQRPLQV LQIO\WDQGH 'HQ SnJnHQGH PDNWI|UVNMXWQLQJHQ IUnQ VWDW WLOO PDUNQDG EHVNULYV VRP HQ EHW\GHOVHIXOONRQVHNYHQVDYJOREDOLVHULQJHQ0DUNQDGHQV|NDQGH PDNWlUQnJRW/2YLOOEHJUlQVDVDPWLGLJWVRPVYHQVNW1lULQJVOLY VQDUDUHWDUVWlOOQLQJI|UPDUNQDGHQRFKPHQDUDWWQDWLRQDOVWDWHQ lU RWLGVHQOLJ RFK EHJUlQVDQGH 0HG KMlOS DY 8OULFK %HFNV WDQNHJnQJDU NULQJ JOREDOLVP SODFHUDV VHGDQ GH ElJJH RUJDQLVDWLRQHUQDV GLVNXUVHU NULQJ HNRQRPLVN JOREDOLVHULQJ L HQ |YHUJULSDQGHJOREDOLVWLVNGLVNXUVRUGQLQJ



'HPRNUDWLEHJUHSSHW O\IWV IUDP VRP FHQWUDOW L WDOHW RP JOREDOLVHULQJ 'HW UnGHU HQLJKHW RP DWW GHPRNUDWL lU HQ YLNWLJ ORJLNYLONHWV\QOLJJ|UVJHQRPEHJUHSSHWVIUDPWUlGDQGHSRVLWLRQ LWH[WHUQDPHQLQQHKnOOVPlVVLJWVNDSDVWYnYLWWVNLOGDELOGHUDY GHPRNUDWL RFK JOREDOLVHULQJ 'H ROLND GLVNXUVHUQD NRQVWUXHUDV NULQJ RUJDQLVDWLRQHUQDV SROLWLVND VWlOOQLQJVWDJDQGHQ GlU /2V I|UHVWlOOQLQJDURPGHPRNUDWLE\JJVXSSUXQWQ\FNHOEHJUHSSVRP VROLGDULWHWUlWWYLVDIDFNOLJDUlWWLJKHWHURFKNDPSPRWIDWWLJGRP 6YHQ VNW 1lULQ JVOLYVNDSDU n VLQ  VLGD HQ  ELOG DY GHPRNUDWL UXQW Q\OLEHUDOLVPHQRFKWDQNHQRPGHQOLEHUDODGHPRNUDWLQGlUIULKHW

JHVHWWVWRUWXWU\PPHRFKGlUHNRQRPLEHWUDNWDVVRPJURJUXQG I|UGHPRNUDWL'HWPlUNVGRFNHQOLNKHWLKXURUJDQLVDWLRQHUQDV WDO NULQJ GHPRNUDWL IRUPDV QlPOLJHQ HQ XSSGHOQLQJ RFK LVlUKnOOQLQJPHOODQYlVWRFKGHQ|YULJDYlUOGHQGlUYlVWYlUOGHQV GHPRNUDWLVND VW\UHOVHVNLFN VHV VRP GHW LGHDOD RFK QnJRW VRP lYHQLFNHYlVWOLJDVWDWHUE|UXSSQn,VlUKnOOQLQJHQNDQI|UNODUDV PHG KMlOS DY 6WXDUW +DOOV UHVRQHPDQJ NULQJ µWKH :HVW  WKH 5HVWµ RP DWW GHW H[LVWHUDU HQ GLVNXUV PHG VWHUHRW\SD RFK I|UHQNODGH ELOGHU DY GHQ YlVWHUOlQGVND UHVSHNWLYH GHQ LFNH YlVWHUOlQGVNDYlUOGHQGlUYlVWJ|UVWLOOHWWLGHDOVRPGHQ|YULJD YlUOGHQUDQJRUGQDVHIWHURFKI|UYlQWDVXSSQn



(Q VOXWVDWV lU DWW RUJDQLVDWLRQHUQDV JOREDOLVHULQJVGLVNXUVHU NDQ NQ\WDV WLOO HQ JOREDOLVWLVN GLVNXUVRUGQLQJ 0HG GHWWD DYVHV DWW GLVNXUVHUQD NRQVWUXHUDV XWLIUnQ HWW |YHUJULSDQGH V\QVlWW Sn JOREDOLVHULQJVRPKDUHQHNRQRPLVWLVNDQVDWVYLONHWLQQHElUDWW HNRQRPLQ RFK PDUNQDGHUQD DQVHV XQGDQWUlQJD HOOHU HUVlWWD SROLWLVNW KDQGODQGH RFK SROLWLVN PDNW , I|UHVWlOOQLQJDUQD RP JOREDOLVHULQJ VRP HQ HNRQRPLVN SURFHVV NDQ WYn W\SHU DY PDNWKLHUDUNLHU XUVNLOMDV GHOV YlVWYlUOGHQV GRPLQDQV JHQWHPRW |YULJD YlUOGHQ RFK GHOV GH JOREDOD PDUNQDGHUQDV RFK GH PXOWLQDWLRQHOOD I|UHWDJHQV DOOW VW|UUH PDNW YLONHW VNHU Sn EHNRVWQDGDYQDWLRQDOVWDWHUQDVPDNWXWU\PPH