Palfinger Geschäftsbericht 2009

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520.048

585.205

695.623

794.839

65.142 77.026 99.638 69.105 -5.020

505.365

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42.711,00 59.479,00 53.025,00 32.575,00 50.044,00

6LR@SY HM 5&63

3.135

2005

2006

2007

2008

2009

3.496 3.925 4.664 4.517

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1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ $03103"5& (07&3/"/$& #&3*$)5

$NQONQ@SD (NUDQM@MBD #DQHBGS

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&QRSADRSDKKTMF

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1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ $03103"5& (07&3/"/$& #&3*$)5

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Siehe Bericht des Aufsichtsrats Seite 135

%DQ "TERHBGSRQ@S CDQ 1"-'*/(&3 "( ADRSDGS ODQ #HK@MYRSHBGS@F @TR E{ME UNM CDQ )@TOSUDQR@LLKTMF FDVfGKSDM TMC CQDH UNL #DSQHDARQ@S DMSR@MCSDM .HSFKHDCDQM "KDW@MCDQ &WMDQ TMC )TADQS 1@KEHMFDQ CDQDM 'TMJSHNMRODQHNCD DMCDSD VTQCDM HM CDQ NQCDMSKHBGDM )@TOSUDQR@LLKTMF MDTDQKHBG HM CDM "TERHBGSRQ@S FDVfGKS ,TQS 4SH@RRMX G@S ODQ /NUDLADQ @TR ADQTEKHBGDM TMC OQHU@SDM (Q{MCDM RDHMDM 3{BJSQHSS @TR CDL "TERHBGSRQ@S DQJKfQS /@LD

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<< ;63b$, 703 >> 46$)&/ %36$,&/ $03103"5& (07&3/"/$& #&3*$)5

%* "KDW@MCDQ &WMDQ "TERHBGSRQ@SRUNQRHSYDMCDQ >>>>>>>>>>>>>>>>>>>>>>>>> &WMDQ HRS 6MSDQMDGLDMRADQ@SDQ TMC .HSADFQ{MCDQ CDQ #DQ@SDQFQTOOD /DTV@KCDFF 4DHS LDGQ @KR +@GQDM HRS DQ CDL 6MSDQMDGLDM UDQATMCDM *M CDM DQ +@GQDM V@Q &WMDQ 7NQRS@MC CDQ 1@KEHMFDQ )NKCHMF "( 4DHS (Q{MCTMF CDQ 1"-'*/(&3 "( V@Q DQ RSDKKUDQSQDSDMCDQ "TERHBGSRQ@SRUNQRHSYDMCDQ RDHS &MCD HRS DQ 7NQRHSYDMCDQ *MF )TADQS 1@KEHMFDQ ITM 4SDKKUDQSQDSDQ CDR 7NQRHSYDMCDM >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> )TADQS 1@KEHMFDQ ITM V@Q +@GQD K@MF HM UDQRBGHDCDMDM (DRDKKRBG@ESDM CDQ 1"-'*/(&3 (QTOOD SfSHF {ADQM@GL DQ CHD (DRBGfESRE{GQTMF CDQ *MCTRSQHDGNKCHMF (LA) 4DHS HRS DQ .HSFKHDC CDR "TERHBGSRQ@SR CDQ 1"-'*/(&3 "( RDHS 4DOSDLADQ HRS DQ RSDKKUDQSQDSDMCDQ 7NQRHSYDMCDQ CDR "TERHBGSRQ@SR ,3 *MF )TADQS 1@KEHMFDQ .HSFKHDC CDR "TERHBGSRQ@SR >>>>>>>>>>>>>>>>>>>>>>>>>> /@BGCDL CDQ C@L@KR +fGQHFD CDM UfSDQKHBGDM #DSQHDA {ADQMNLLDM G@SSD ADF@MM 1@KEHMFDQ LHS CDQ HMCTRSQHDKKDM 1QNCTJSHNM UNM -JV -@CDJQ@MDM %DQ .DGQGDHSRDHFDMS{LDQ KDHSDSD C@R 6MSDQMDGLDM +@GQD 7NM AHR V@Q DQ "TERHBGSRQ@SRUNQRHSYDMCDQ "AFDRDGDM UNM )TADQS 1@KEHMFDQ TMC )TADQS 1@KEHMFDQ ITM HRS JDHM "TERHBGSRQ@SRLHSFKHDC "MSDHKRDHFMDQ NCDQ *MSDQDRRDMUDQSQDSDQ DHMDQ #DSDHKHFTMF UNM LDGQ @KR 1QNYDMS ,TQS 4SH@RRMX V@Q MDADM RDHMDQ 'TMJSHNM ADH 1"-'*/(&3 AHR @TBG 7NQRHSYDMCDQ CDR "TERHBGSRQ@SR CDQ "MCQHSY "( "644$)b44& %&4 "6'4*$)543"54 1Q{ETMFR@TRRBGTRR %HD &MSRBGDHCTMFRADETFMHRRD CDR 1Q{ETMFR@TRRBGTRRDR DMSROQDBGDM CDM #DRSHLLTMFDM CDR "JSHDMFDRDSYDR *L +@GQ VTQCDM YVDH "TRRBGTRRRHSYTMFDM @AFDG@KSDM HM CDMDM HL 8DRDMSKHBGDM CDQ +@GQDR@ARBGKTRR RNVHD CHD 5GDLDM *MSDQMDR ,NMSQNKKRXRSDL 3HRJ .@M@FDLDMS TMC *MSDQMD 3DUHRHNM ADG@MCDKS VTQCDM .HSFKHDCDQ "KDW@MCDQ &WMDQ 7NQRHSYDMCDQ ,TQS 4SH@RRMX

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1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ $03103"5& (07&3/"/$& #&3*$)5

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$03103"5& (07&3/"/$& ,0%&9 1"-'*/(&3 DQE{KKS CHD UDQAHMCKHBGDM - 3DFDKM -DF@K 3DPTHQDLDMS TMC GfKS RHBG @M M@GDYT @KKD $ 3DFDKM $NLOKX NQ &WOK@HM CDR aRSDQQDHBGHRBGDM $NQONQ@SD (NUDQM@MBD ,NCDW HM CDQ '@RRTMF +fMMDQ 'NKFDMCD $ 3DFDKM VDQCDM MHBGS DQE{KKS 3DFDK /Q 6M@AGfMFHFD "TERHBGSRQ@SRLHSFKHDCDQ %HD 3DFDK /Q VHQC UNM CDQ 1"-'*/(&3 "( MHBGS HM UNKKDL 6LE@MF DQE{KKS ,QHSDQHDM E{Q CHD 6M@AGfMFHFJDHS VTQCDM MHBGS EDRSFDKDFS 7HDKLDGQ VDQCDM RDHSDMR CDQ 1"-'*/(&3 "( 1DQRvMKHBGJDHSR TMC 2T@KHEHJ@SHNMROQNEHK CDQ "TERHBGSRQ@SRLHSFKHDCDQ RNVHD @KKDME@KKR CDQDM 6M@AGfMFHFJDHS DHMRBGQfMJDMCD 6LRSfMCD @TE CDQ 1"-'*/(&3 )NLDO@FD NEEDMFDKDFS "MG@MC CHDRDQ *MENQL@SHNMDM J@MM RHBG IDCDQ "JSHNMfQ TMC @TBG CHD AQDHSD aEEDMSKHBGJDHS RDKARS DHM #HKC UNM CDQ 2T@KHEHJ@SHNM CDQ "TERHBGSRQ@SRLHSFKHDCDQ L@BGDM TMC CDQDM &HFMTMF ADTQSDHKDM %HD AHRGDQHFDM -DHRSTMFDM CDQ .HSFKHDCDQ CDR "TERHBGSRQ@SR G@ADM YT CDM &QENKFDM CDQ 1"-'*/(&3 "( HM CDM KDSYSDM +@GQDM CDTSKHBG ADHFDSQ@FDM %@ADH V@QDM CHD @TRFDVNFDMD ;TR@LLDMRDSYTMF CDR "TERHBGSRQ@SR CHD TLRHBGSHFD "TRV@GK CDQ DHMYDKMDM .HSFKHDCDQ M@BG E@BGKHBGDM TMC ODQRvMKHBGDM .DQJL@KDM RNVHD CDQDM ,DMMSMHR CDR 6MSDQMDGLDMR TMC CDQ FDR@LSDM #Q@MBGD UNM FQv SDQ #DCDTSTMF "TR @KK CHDRDM (Q{MCDM VHQC DR MHBGS @KR MNSVDMCHF DQ@BGSDS ,QHSDQHDM E{Q CHD 6M@AGfMFHFJDHS UNM "TERHBGSRQ@SRLHSFKHDCDQM EDRSYTKDFDM "MF@ADM {ADQ YTRSHLLTMFROEKHBGSHFD 7DQSQfFD RHMC HM CDM &QKfTSDQTMFDM YTL ,NMYDQM@ARBGKTRR TMC @TE CDQ )NLDO@FD VVV O@KEHMFDQ BNL UDQvEEDMSKHBGS

Siehe Konzernabschluss, Gesc nahe stehenden Untern häftsfälle mit ehmen und Personen Seite 128 1"-'*/(&3 (DRBGfESRADQHBGS

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Lieferanten als Partner

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Umsatz- und EBIT-Entwicklung Seite 30 vom Ausdruck

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Siehe schöpfung Wert 49 Seite

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Siehe Wertschรถpfung Seite 49

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Wachstum und Strukturvereinfachung

;TQ 7DQDHME@BGTMF CDQ HMSDQMDM 4SQTJSTQDM VTQCDM HL 2T@QS@K {ADQ LDGQDQD 6LFQ{MCTMFRRSTEDM CHD &-&7"/5 4DQUHBD (LA) $N ,( CHD &-&7"/5 'HM@MBD (LA) CHD 86."( ."(&#" (LA) CHD 86."( &-&7"/5 (LA) TMC CHD &-&7"/5 1QNCTJSHNM (LA) Q{BJVHQJDMC ODQ %DYDLADQ @TE CHD 1@KEHMFDQ 1K@SENQLR (LA) YTR@LLDMFDE{GQS *M VDHSDQDQ 'NKFD DQENKFSD CHD "ARO@KSTMF CDR #DQDHBGR 4DQUHBD /@SHNM@K UNM CDQ 1@KEHMFDQ 1K@SENQLR (LA) @TE CHD 1@KEHMFDQ (LA) HM "HMQHMF %DTSRBGK@MC 3{BJVHQJDMC ODQ %DYDLADQ VTQCD CHD 7DQRBGLDKYTMF CDQ 86."( &-&7"/5 7DQV@KSTMFR (LA) @TE CHD 1@KEHMFDQ 1K@SENQLR (LA) UDQDHMA@QS "L "OQHK DQENKFSD CHD bADQM@GLD UNM 1QNYDMS @M CDQ /HLDS 4QK 3TLfMHDM LHSSDKR DHMRDHSHFDQ ,@OHS@KDQGvGTMF HM )vGD UNM 5&63 CTQBG CHD 1@KEHMFDQ 1QNCTJSHNMRSDBGMHJ #TKF@QH@ &00% 8DHSDQR VTQCD HL 2T@QS@K CHD 1@KEHMFDQ $Q@MDR *MCH@ 1US -SC HM *MCHDM FDFQ{MCDS CDQDM "MSDHKD YT 1QNYDMS UNM CDQ 1"-'*/(&3 (QTOOD FDG@KSDM VDQCDM .HS "ASQDSTMFRUDQSQ@F UNL "OQHK VTQCDM CHD "MSDHKD CDQ 1@KEHMFDQ &TQNOD (LA) @M CDQ 1@KEHMFDQ "QFDMSHM@ 4 " "QFDMSHMHDM @TE CHD .@C@K 1@KEHMFDQ 4 " #Q@RHKHDM {ADQSQ@FDM "L +TKH DQENKFSD CHD bADQM@GLD CDR #DSQHDAR CDQ "TSNL@SDC 8@RSD &PTHOLDMS $N HM /DV +DQRDX HM 'NQL DHMDR "RRDS %D@K CTQBG 0L@G@ 4S@MC@QC *MB "L "TFTRS DQENKFSD CHD (Q{MCTMF CDQ (DRDKKRBG@ES ,Q@ESHMUDRS 1@KEHMFDQ #DSDHKHFTMFR (LA) HM aRSDQQDHBG CTQBG CHD 1@KEHMFDQ 4DQUHBD TMC #DSDHKHFTMFR (LA) 1QNYDMS TMC CHD ,Q@ESHMUDRS #DSDHKHFTMF (LA)

1QNYDMS *M VDHSDQDQ 'NKFD VTQCD UNM CHDRDQ (DRDKKRBG@ES CHD OQNYDMSHFD 5NBGSDQFDRDKKRBG@ES 1@KEHMFDQ $Q@MD 3TR --$ LHS 4HSY HM 4S 1DSDQRATQF 3TRRK@MC FDFQ{MCDS "L 4DOSDLADQ VTQCDM CHD "MSDHKD @M CDQ 'HM@MBHkQD 1@KEHMFDQ 4 " 4 'Q@MJQDHBG UNM CDQ 1@KEHMFDQ &TQNOD (LA) @TE CHD (THL@ 1@KEHMFDQ 4 " 4 'Q@MJQDHBG {ADQSQ@FDM *M VDHSDQDQ 'NKFD VTQCD CHD 'HM@MBHkQD 1@KEHMFDQ 4 " 4 HM CHD (THL@ 1@KEHMFDQ 4 " 4 UDQRBGLNKYDM *L 2T@QS@K DQV@QA CHD 1@KEHMFDQ 4DQUHBD TMC #DSDHKHFTMFR (LA) UNM CDQ 1@KEHMFDQ $NMRTKS "( CDM .HMCDQGDHSDM@MSDHK @M CDQ 1@KEHMFDQ &TQNOD (LA) %HD 1@KEHMFDQ 4DQUHBD TMC #DSDHKHFTMFR (LA) GfKS C@GDQ MTMLDGQ 1QNYDMS @M CDQ 1@KEHMFDQ &TQNOD (LA) .HS ,@TEUDQSQ@F UNL 4DOSDLADQ UDQJ@TESD CHD 1@KEHMFDQ &TQNOD (LA) HGQD "MSDHKD @M 1@KEHMFDQ 4NTSGDQM "EQHB@ 1SX -SC HM YVDH 5Q@MBGDM @M 3NTSD .@M@FDLDMS 1SX -SC 1QNYDMS TMC )DQQM .NS@ 1QNYDMS %HD DQRSD 5Q@MBGD VTQCD HL 2T@QS@K @M 3NTSD .@M@FDLDMS 1SX -SC

1QNYDMS TMC )DQQM .NS@ 1QNYDMS {ADQSQ@FDM CHD YVDHSD 5Q@MBGD VHQC HL +@GQ @AFDVHBJDKS

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"/("#&/ (&.\44 } " 6(# %@R (QTMCJ@OHS@K CDQ 1"-'*/(&3 "( ADKfTES RHBG YTL %DYDLADQ @TE .HN &63 TMC YDQKDFS RHBG HM @TE CDM *MG@ADQ K@TSDMCD MDMMVDQSKNRD 4S{BJ@JSHDM +DCD 1"-'*/(&3 "JSHD ADQDBGSHFS YT DHMDQ 4SHLLD ;TL %DYDLADQ GHDKS CHD 1"-'*/(&3 "( DHFDMD "JSHDM HL "TRL@ UNM 4S{BJ #DRBGQfMJTMFDM GHMRHBGSKHBG CDQ 4SHLLQDBGSD CDQ 1"-'*/(&3 "JSHDM TMC CDQDM bADQSQ@FTMF @TBG @TR 7DQDHMA@QTMFDM YVHRBGDM "JSHNMfQDM RHMC CDQ 1"-'*/(&3 "( MHBGS ADJ@MMS &R DWHRSHDQDM JDHMD 1"-'*/(&3 "JSHDM LHS ADRNMCDQDM ,NMSQNKKQDBGSDM ;TL %DYDLADQ V@Q CHD '@LHKHD 1@KEHMFDQ CHQDJS AYV HMCHQDJS LHS QTMC 1QNYDMS @M CDQ 1"-'*/(&3 "( ADSDHKHFS %DQ RHBG HL 4SQDTADRHSY ADEHMCKHBGD 5DHK CDQ 1"-'*/(&3 "JSHDM ADKfTES RHBG @TE 1QNYDMS *M CDQ 1"-'*/(&3 (QTOOD ADRSDGDM JDHMD .HS@QADHSDQADSDHKHFTMFROQNFQ@LLD ADH CDMDM CHD "MSDHKD @M CDQ 1"-'*/(&3 "( MHBGS TMLHSSDKA@Q UNM CDM @L .HS@QADHSDQADSDHKHFTMFROQNFQ@LL 5DHKMDGLDMCDM FDG@KSDM VDQCDM &R ADRSDGDM JDHMD 4@SYTMFRADRSHLLTMFDM CHD {ADQ CHD FDRDSYKHBGDM #DRSHLLTMFDM YTQ &QMDMMTMF UNM 7NQRS@MC TMC "TERHBGSRQ@S RNVHD YTQ \MCDQTMF CDQ 4@SYTMF GHM@TRFDGDMCD 3DFDKTMFDM DMSG@KSDM %DQ 7NQRS@MC CDQ 1"-'*/(&3 "( UDQE{FSD YTL %DYDLADQ {ADQ JDHMD {ADQ C@R FDRDSYKHBGD "TRL@ GHM@TRFDGDMCDM #DETFMHRRD YTQ "TRF@AD TMC YTL 3{BJJ@TE UNM "JSHDM CDQ 1"-'*/(&3 "( &R FHAS JDHMD 7DQDHMA@QTMFDM CHD HL '@KKD DHMDR ,NMSQNKKVDBGRDKR 8HQJR@LJDHS DQK@MFDM RHBG fMCDQM NCDQ DMCDM &R ADRSDGDM JDHMD &MSRBGfCHFTMFRUDQDHMA@QTMFDM YVHRBGDM CDQ 1"-'*/(&3 "( TMC HGQDM 7NQRS@MCR TMC "TERHBGSRQ@SRLHSFKHDCDQM E{Q CDM '@KK DHMDR vEEDMSKHBGDM bADQM@GLD@MFDANSR

7&3.a(&/4 '*/"/; 6/% &353"(4-"(& 7&3.a(&/4-"(& %HD #HK@MYRTLLD UDQQHMFDQSD RHBG FDFDM{ADQ CDL 7NQI@GQ TL 1QNYDMS TMC ADSQTF YTL %DYDLADQ .HN &63 7NQI@GQ .HN &63 %HDRD 3DCTJSHNM HRS @TE CDM UDQRSfQJSDM 'NJTR @TE C@R 7NQQfSDL@M@FDLDMS TMC CDM Â&#x2018; TMSDQ @MCDQDL CTQBG CDM 6LR@SYQ{BJF@MF ADCHMFSDM Â&#x2018; "AA@T CDQ 'NQCDQTMFDM YTQ{BJYTE{GQDM ;T CDL KDHBGSDM "MRSHDF CDR K@MFEQHRSHFDM 7DQLvFDMR TL 1QNYDMS @TE .HN &63 7NQI@GQ .HN &63 E{GQSDM 4@BG@MK@FDMHMUDRSHSHNMDM HM )vGD UNM 1QNYDMS CDQ +@GQDR@ARBGQDHATMFDM CHD "JSHUHDQTMF UNM &MSVHBJKTMFRJNRSDM ;TE{GQTMFDM ADH #DSDHKHFTMFDM @M @RRNYHHDQSDM 6MSDQMDGLDM DADMRN VHD CHD &QGvGTMF CDQ @JSHUDM K@SDMSDM 4SDTDQM

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%HD K@MFEQHRSHFDQD "TRQHBGSTMF CDQ 'HM@MYHDQTMF SQTF L@ FDAKHBG YTQ 3DCTYHDQTMF CDQ JTQYEQHRSHFDM 4BGTKCDM @TE .HN &63 7NQI@GQ .HN &63 ADH %@R &HFDMJ@OHS@K QDCTYHDQSD RHBG CTQBG CHD %HUHCDMCDM@TRRBG{SSTMF HL +@GQ RNVHD C@R MDF@SHUD &QFDAMHR CDR ,NMYDQMR %HD 3DCTJSHNM CDQ JTQYEQHRSHFDM 7DQLvFDMRVDQSD DQLvFKHBGSD CDMMNBG HMRFDR@LS DHMD 4DMJTMF CDQ /DSSNEHM@MYUDQRBGTKCTMF %HDR YDHFS RHBG HM CDQ (D@QHMF 3@SHN CHD UNM 1QNYDMS HL 7NQI@GQ @TE 1QNYDMS FDRDMJS VDQCDM JNMMSD ,TQYJNMYDQMAHK@MY HM .HN &63

-@MFEQHRSHFD 7DQLvFDMRVDQSD

,TQYEQHRSHFD 7DQLvFDMRVDQSD

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Eigenkapital und Verschuldung

&HFDMJ@OHS@K

-@MFEQHRSHFD 4BGTKCDM

,TQYEQHRSHFD 4BGTKCDM 31.12.2007 295,1 87,7 26,7%

Eigenkapital Nettofinanz-verschuldung Gearing (in Prozent)

31.12.2008 309,9 166,8 53,8%

4TLLD &HFDMJ@OHS@K TMC 4BGTKCDM

31.12.2009 292,3 151,9 52,0%

350 300

53,8 %

292,3

295,1

309,9

Eigenkapital und Verschuldung (in Mio EUR) 60 % 52,0 %

26,7 %

30 %

78,7

150 100

20 % 10 %

Investitionen 50 in Sachanlagen

02008

2007

61.444 46.515

2009

20077.992

50 % 40 %

151,9

200

166,8

250

0 % 2008

Eigenkapital Nettofinanzverschuldung Gearing (in Prozent)

2009

*MUDRSHSHNMDM HM 4@BG@MK@FDM HM 5&63

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'*/"/;-"(& %DQ HL $@RGEKNV 4S@SDLDMS ADSQ@BGSDSD 'HM@MYLHSSDKENMCR DMSROQHBGS CDQ #HK@MYONRHSHNM ,@RRDMADRS@MC TMC JTQYEQHRSHFD 'HM@MYLHSSDK %DQ $@RGEKNV @TR CDL NODQ@SHUDM #DQDHBG ADKHDE RHBG HL (DRBGfESRI@GQ @TE .HN &63 M@BG .HN &63 HL 7NQI@GQ %DQ "MRSHDF HRS HL 8DRDMSKHBGDM @TE CDM UDQRSfQJSDM "AA@T CDR @JSHUDM 8NQJHMF $@OHS@K YTQ{BJYTE{GQDM %DQ $@RGNTSEKNV @TR CDL *MUDRSHSHNMRADQDHBG KHDFS LHS .HN &63 TL 1QNYDMS TMSDQ CDL 7NQI@GQDRVDQS HM )vGD UNM .HN &63 /DADM CDTSKHBG FDQHMFDQDM *MUDRSHSHNMDM HM 'HQLDMYTJfTED UDQSDHKDM RHBG CHD *MUDRSHSHNMDM DQRSL@KHF M@GDYT LHS FKDHBGDM 5DHKDM @TE CDM HLL@SDQHDKKDM TMC L@SDQHDKKDM #DQDHBG CDR K@MFEQHRSHFDM 7DQLvFDMR %DQ FDRSHDFDMD NODQ@SHUD $@RGEKNV TMC CHD FDQHMFDQDM *MUDRSHSHNMR@TRY@GKTMFDM E{GQSDM YT DHMDL $@RGNTSEKNV @TR CDL 'HM@MYHDQTMFRADQDHBG HM )vGD UNM .HN &63 M@BG DHMDL $@RGHMEKNV HL +@GQ UNM .HN &63 %DQ 'QDD $@RGEKNV ADSQTF HL +@GQ .HN &63 M@BG Â&#x2018; .HN &63 HL (DRBGfESRI@GQ 'QDD $@RGEKNV HM .HN &63 $@RGEKNV @TR CDL NODQ@SHUDM #DQDHBG $@RGEKNV @TR CDL *MUDRSHSHNMRADQDHBG #DQDHMHFSD 'QDLCJ@OHS@KYHMRDM M@BG 4SDTDQM 'QDD $@RGEKNV

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%DQ .@SDQH@K@TEV@MC TMC CDQ "TEV@MC E{Q ADYNFDMD -DHRSTMFDM HRS @TEFQTMC CDR UDQfMCDQSDM 1QNCTJSLHWDR @TE .HN &63 FDRTMJDM %HD 4DMJTMF CDR 1DQRNM@K@TEV@MCR TL 1QNYDMS @TE .HN &63 ROHDFDKS CHD 8HQJTMF CDQ FDSQNEEDMDM .@ M@GLDM {ADQ @KKD ,NMYDQMADQDHBGD GHMVDF VHCDQ %@R NODQ@SHUD &QFDAMHR &#*5 CDR (DRBGfESRI@GQDR HM )vGD UNM Â&#x2018; .HN &63 7NQI@GQ .HN &63 YDHFS CHD 5Q@FVDHSD CDQ VHQSRBG@ESKHBGDM 3@GLDMADCHMFTMFDM HL #DQHBGSRI@GQ bADQ CHD 2T@QS@KD JNMMSD C@R &#*5 IDCNBG JNMSHMTHDQKHBG UDQADRRDQS VDQCDM HL 2T@QS@K VTQCD M@BG UHDQ @TEDHM@MCDQENKFDMCDM 7DQKTRSPT@QS@KDM VHDCDQ ONRHSHU AHK@MYHDQS %HD "TEVDMCTMFDM E{Q &QSQ@FRSDTDQM UDQfMCDQSDM RHBG MHBGS DMSROQDBGDMC CDL (DRBGfESRUDQK@TE (Q{MCD C@E{Q RHMC CHD "TRVHQJTMF UNM #DSDHKHFTMFRADVDQSTMFDM TMC #DSDHKHFTMFRUDQfT DQTMFDM HM aRSDQQDHBG RNVHD CHD #DVDQSTMF UNQG@MCDMDQ 7DQKTRSUNQSQfFD ADH @TRKfMCHRBGDM 5NBGSDQFDRDKKRBG@ESDM %DQ &EEDJSHURSDTDQR@SY RSHDF UNM 1QNYDMS @TE 1QNYDMS (DLf CDQ %HUHCDMCDMONKHSHJ UNM 1"-'*/(&3 VHQC CDQ 7NQRS@MC @TE #@RHR CDQ &QFDAMHRRHST@SHNM CDQ )@TOSUDQR@LLKTMF UNQRBGK@FDM JDHMD %HUHCDMCD

7NQI@GQ &63 ID "JSHD @TRYTRBG{SSDM ,TQY ,NMYDQM (DVHMM TMC 7DQKTRS 3DBGMTMF HM .HN &63

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%DQ 3DSTQM NM $@OHS@K &LOKNXDC 30$& UDQQHMFDQSD RHBG UNM 1QNYDMS HL 7NQI@GQ @TEFQTMC CDQ &QFDAMHRRHST@SHNM @TE 1QNYDMS %@LHS VTQCD @TBG JDHM &BNMNLHB 7@KTD "CCDC &7" FDRBG@EEDM

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#DQDBGMTMF 30$& HM .HN &63

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-@MFEQHRSHFD 7DQLvFDMRVDQSD -@MFEQHRSHFD EHM@MYHDKKD 7DQLvFDMRVDQSD -@MFEQHRSHFD NODQ@SHUD 7DQLvFDMRVDQSD

7NQQfSD ,TQYEQHRSHFD 'NQCDQTMFDM TMC RNMRSHFD JTQYEQHRSHFD 7DQLvFDMRVDQSD NGMD 8DQSO@OHDQD 4SDTDQENQCDQTMFDM -@MF TMC JTQYEQHRSHFD 3{BJRSDKKTMFDM 1@RRHUD K@SDMSD 4SDTDQM 4SDTDQUDQAHMCKHBGJDHSDM 4NMRSHFD K@MF TMC JTQYEQHRSHFD 7DQAHMCKHBGJDHSDM /DS 8NQJHMF $@OHS@K

$@OHS@K &LOKNXDC

30$&

%TQBGRBGMHSS

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53&"463: %HD YDMSQ@KDM "TEF@ADM CDR $NQONQ@SD 5QD@RTQX RHMC CHD 4SDTDQTMF CDR #@MJFDRBGfESR C@R $@RG TMC -HPTHCHSfSR .@M@FDLDMS CHD 'HM@MYHDQTMF AYV 7DQ@MK@FTMF TMC C@R 'HM@MYQHRHJN .@M@FDLDMS VDKSVDHS 99999999 E{Q CDM FDR@LSDM 1"-'*/(&3 ,NMYDQM 4fLSKHBGD "TEF@ADM VDQCDM JNMYDQM{ADQFQDHEDMC V@GQFDMNLLDM VNCTQBG DR YTQ &QRBGKHD TMF YDMSQ@KDQ 4XMDQFHDDEEDJSD JNLLS %@ADH RNKK CHD -HPTHCHSfSRUDQRNQFTMF CDR ,NMYDQMR FDRHBGDQS TMC C@R EHM@MYHDKKD 3HRHJN ADFQDMYS VDQCDM %HD "AKfTED HL 5QD@RTQX VDQCDM SQ@MRO@QDMS TMC M@BGUNKKYHDGA@Q FDRS@KSDS RfLSKHBGD )@MCKTMFDM VDQCDM CNJTLDMSHDQS ;T CHDRDL ;VDBJ VHQC @TE DMSROQDBGDMCD *5 4XRSDLTMSDQRS{SYTMF YTQ{BJFDFQHEEDM $"4) 6/% -*26*%*5\54 ."/"(&.&/5 %TQBG CHD TMRHBGDQD -@FD @M CDM 'HM@MYLfQJSDM Q{BJSD HL +@GQ C@R 5GDL@ -HPTHCHSfS UDQRSfQJS HM CDM #KHBJOTMJS %@R NADQRSD ;HDK V@Q DR CHD UNQG@MCDMD -HPTHCHSfS YT RHBGDQM TMC MDTD 'HM@MYHDQTMFRPTDKKDM YT DQRBGKHD DM ;TQ &QQDHBGTMF CHDRDR ;HDKR RDSYSD 1"-'*/(&3 HM CDQ 'HM@MYHDQTMF CQDH 4BGVDQOTMJSD

.HS DHMDL 4BGTKCRBGDHMC@QKDGDM VTQCD CHQDJS CDQ ,@OHS@KL@QJS

@MFDROQNBGDM

YTQ 3DEHM@MYHDQTMF FDSfSHFSDQ "JPTHRHSHNMDM VTQCDM K@MFEQHRSHFD Finanzie rung ,QDCHSD @TEFDMNLLDM TMC

CHD 7DQDHMA@QTMF K@MFEQHRSHFDQ ,QDCHSQ@GLDM DQLvFKHBGS steht auf breiter Ba sis 'KDWHAHKHSfS ADH DSV@HFDL J{MESHFDL -HPTHCHSfSRADC@QE %@R @TEFDKDFSD 4BGTKCRBGDHMC@QKDGDM HRS HM RDHMDQ 'TMJSHNMRVDHRD DHMDQ "MKDHGD fGMKHBG %DQ &LHSSDMS Y@GKS VfGQDMC CDQ -@TEYDHS ;HMRDM TMC @L &MCD C@R /NLHM@KD YTQ{BJ %DQ FQv SD 6MSDQRBGHDC YTQ "MKDHGD ADRSDGS C@QHM C@RR DHM 4BGTKCRBGDHMC@QKDGDM MTQ DHMDL ADRBGQfMJSDM *MUDRSNQDMJQDHR YTFfMFKHBG LDHRS #@MJDM TMC 7DQRHBGDQTMFDM YTFfMFKHBG 9999999999 HRS %@R 4BGTKCRBGDHMC@QKDGDM VTQCD DLHSSHDQS TL CHD *MUDRSHSHNMDM CDQ UDQF@MFDMDM +@GQD EQHRSDMJNMENQL YT QDEHM@MYHDQDM TMC TL CHD 'HM@MYHDQTMFRA@RHR {ADQ CHD "MROQ@BGD UNM MHBGS vRSDQQDHBGHRBGDM 'QDLCJ@OHS@KFDADQM YT HMSDQM@SHNM@KHRHDQDM %@R UNM 1"-'*/(&3 @TRFDFDADMD 4BGTKCRBGDHMC@QKDGDM DQQDHBGSD DHM 7NKTLDM UNM .HN &63 TMC HRS HM DHMD CQDH TMC DHMD E{MEIfGQHFD 5Q@MBGD LHS DHMDL CTQBGRBGMHSSKHBGDM ;HMRR@SY UNM QTMC 1QNYDMS TMSDQSDHKS ;TQ 7DQKfMFDQTMF CDQ 'QHRSHFJDHS CDQ 'HM@MYUDQAHMCKHBGJDHSDM VTQCDM MDADM CDL 4BGTKCRBGDHMC@QKDGDM K@MFEQHRSHFD ,QDCHSD YTQ 3DEHM@MYHDQTMF CDQ YTKDSYS FDSfSHFSDM "JPTHRHSHNMDM @TEFDMNLLDM %HD 'HM@MYHDQTMFDM VTQCDM LHS DHMDQ -@TEYDHS UNM E{ME +@GQDM @TRFDRS@SSDS %DQ CQHSSD #@TRSDHM HM CDQ -HPTHCHSfSRRHBGDQTMF V@Q CDQ "TEA@T UNM K@MFEQHRSHFDM ,QDCHSQ@GLDM LHS ADRSDGDMCDM TMC MDTDM #@MJO@QSMDQM %HD -HMHDM VTQCDM K@MFEQHRSHF @TE CQDH AHR RDBGR +@GQD YTFDR@FS %HD "TRM{SYTMF CDQ -HMHDM DQENKFS ID M@BG #DC@QE VNADH CHD -@TEYDHS YVHRBGDM DHMDL TMC YVvKE .NM@SDM ADSQ@FDM J@MM /@BG 3{BJY@GKTMF RSDGS CHD -HMHD IDVDHKR VHDCDQ HM UNKKDL 6LE@MF YTQ 7DQE{FTMF %HD "TRM{SYTMF DHMDQ ,QDCHSKHMHD VHQC NAVNGK JTQY K@MFEQHRSHF YTFDR@FS 99999 @TEFQTMC CDQ ,TQYEQHRSHFJDHS CDQ "TRM{SYTMF HM CDM JTQYEQHRSHFDM 'HM@MYUDQAHMCKHBGJDHSDM @TRFDVHDRDM

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/-"(&#&3*$)5 &/58*$,-6/( 70/ 1"-'*/(&3

-HPTHCHSfS CHD YVHRBGDMYDHSKHBG MHBGS UDQVDMCDS VHQC VHQC HM 'NQL DHMDQ $@RG 3DRDQUD FDG@KSDM %HD .HSSDK RHMC @KR 'DRSFDKCDQ JTQYEQHRSHF UDQ@MK@FS &R VHQC @TE ADRSD #NMHSfS CDQ 7DQ@MK@FTMFRA@MJDM FD@BGSDS YTRfSYKHBG VHQC CHD -HPTHCHSfS YTQ 3HRHJNRSQDTTMF @TE UDQRBGHDCDMD #@MJDM UDQSDHKS

3*4*,0#&3*$)5 1"-'*/(&3 HRS RHBG ADVTRRS C@RR DHM ETMJSHNMHDQDMCDR $G@MBDM TMC 3HRHJNL@M@FDLDMSRXRSDL DHMDM VDRDMSKHBGDM #DHSQ@F YTL &QG@KS TMC "TRA@T UNM 8DSSADVDQARUNQSDHKDM KHDEDQS ;HDK HRS DR CTQBG DHMDM RXRSDL@SHRBGDM "MR@SY DHM EQ{GYDHSHFDR &QJDMMDM UNM $G@MBDM TMC 3HRHJDM YT DQLvFKHBGDM TL RN OQN@JSHU @TE RHBG UDQfMCDQMCD 3@GLDMADCHMFTMFDM QD@FHDQDM YT JvMMDM %HD #@RHRJNLONMDMSDM CDR 3HRHJNL@M@FDLDMSRXRSDLR CDQ 1"-'*/(&3 (QTOOD RHMC RS@MC@QCHRHDQSD JNMYDQMVDHSD 1K@MTMFR TMC ,NMSQNKKOQNYDRRD RNVHD TMSDQMDGLDMR{ADQFQDHEDMCD 3HBGSKHMHDM TMC #DQHBGSRRXRSDLD %@Q{ADQ GHM@TR VHQC CDQ 'NJTR @TE DHM FQTOODMVDHS DHMGDHSKHBGDR 4XRSDL YTQ 3HRHJNRSDTDQTMF FDKDFS %HDR VHQC C@CTQBG TMSDQRS{SYS C@RR C@R JNMYDQMVDHSD $NQONQ@SD 3HRJ .@M@FDLDMS CHQDJS @M CDM 7NQRS@MC ADQHBGSDS 3*4*,0."/"(&.&/5

Chancen und Risiken werden aktiv gemanagt

%@R .@M@FDLDMS CDQ 6MSDQMDGLDMRADQDHBGD TMC (DRBGfESRDHMGDHSDM HCDMSHEHYHDQS TMC ADVDQSDS ODQHNCHRBG CHD VDRDMSKHBGDM $G@MBDM TMC 3HRHJDM DMSK@MF CDQ 1QNYDRRJDSSD %@ADH VDQCDM @TBG DWSDQMD '@JSNQDM ADQ{BJRHBGSHFS %HD #DVDQSTMF CHDRDQ &QDHFMHRRD GHMRHBGSKHBG HGQDQ LvFKHBGDM "TRVHQJTMFDM @TE C@R &QFDAMHR TMC CDQ &HMSQHSSRV@GQRBGDHMKHBGJDHS DQENKFS LHS DHMDQ JK@Q RSQTJSTQHDQSDM TMC FQTOODMVDHS DHMGDHSKHBGDM .DSGNCD "TE #@RHR CHDRDQ "M@KXRD VDQCDM ADRSDGDMCD .@ M@GLDM CNJTLDMSHDQS RNVHD VDHSDQD .@ M@GLDM YTQ @JSHUDM 4SDTDQTMF DQ@QADHSDS TMC TLFDRDSYS 6L RHBGDQYTRSDKKDM C@RR CHDR HMMDQG@KA CDQ FDRDSYSDM ;DHSOTMJSD DQENKFS G@S C@R $NQONQ@SD 3HRJ .@M@FDLDMS CHD "TEF@AD DHM ODQHNCHRBGDR .@ M@GLDMBNMSQNKKHMF CTQBGYTE{GQDM

%HD *MSDQMD 3DUHRHNM {ADQV@BGS CHD &HMG@KSTMF CDQ FDENQCDQSDM FDRDSYKHBGDM 3@GLDMADCHMFTMFDM TMC CDQ HMSDQMDM (QTOODMQHBGSKHMHDM ;TRfSYKHBG OQ{ES RHD CHD FQTMCRfSYKHBGD 'TMJSHNM@KHSfS CDR 3HRHJNL@M@FDLDMSRXRSDLR YTQ EQ{GYDHSHFDM &QJDMMTMF UNM 3HRHJDM CHD DHMD 8DHSDQE{GQTMF CDR 6MSDQMDGLDMR ADDHMSQfBGSHFDM JvMMDM ,TQYEQHRSHFD 3HRHJNSGDLDM VDQCDM {ADQ C@R LNM@SKHBGD #DQHBGSRVDRDM HL $NMSQNKKHMF RNVHD CTQBG ODQHNCHRBG RS@SSEHMCDMCD 4SDDQHMF $NLLHSSDDR CDQ (DRBGfESRADQDHBGD @AFDCDBJS 3*4*,&/ %HD @JSTDKKD 3HRHJNRHST@SHNM CDR 1"-'*/(&3 ,NMYDQMR HRS RS@QJ UNM CDM L@QJSRDHSHFDM &MSVHBJKTMFDM FDOQfFS #HR VTQCDM @TE #@RHR CDQ &QV@QSTMF RS@QJ RSDHFDMCDQ /@BGEQ@FD CHD ,@O@YHSfSDM DMSROQDBGDMC CHDRDQ 1K@MTMF @TRFDVDHSDS %HD CQ@L@SHRBGD 3DCTJSHNM CDR "TESQ@FRDHMF@MFR G@SSD YTQ 'NKFD C@RR RNVNGK "AM@GLDLDMFDM ADH -HDEDQ@MSDM @KR @TBG 1DQRNM@KQDRRNTQBDM @MFDO@RRS VDQCDM LTRRSDM 5QNSY CHDRDQ DHMRBGMDHCDMCDM .@ M@GLDM ADGHDKS 1"-'*/(&3 HL 7DQGfKSMHR YTQ CDQYDHSHFDM "TESQ@FRK@FD bADQJ@O@YHSfSDM TL HL '@KK CDQ &QGNKTMF CDR .@QJSTLEDKCR RBGMDKK TMC DEEHYHDMS QD@FHDQDM YT JvMMDM 4NKKSD DR @TBG YT JDHMDQ &QGNKTMF CDQ .fQJSD JNLLDM VHQC DR MvSHF RDHM CHD 'HWJNRSDM VDHSDQ YT RDMJDM

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/-"(&#&3*$)5 &/58*$,-6/( 70/ 1"-'*/(&3

%@R FQTOODMVDHSD 3HRHJNL@M@FDLDMSRXRSDL CDQ 1"-'*/(&3 "( RSQTJSTQHDQS CHD 3HRHJNADQDHBGD HM UHDQ )@TOSJ@SDFNQHDM

&WSDQMD 3HRHJDM

RSQ@SDFHRBGD 3HRHJDM

HMSDQMD 3HRHJDM CDQ 8DQSRBGvOETMF TMC

HMSDQMD 3HRHJDM CDQ TMSDQRS{SYDMCDM 1QNYDRRD

Einteilung in 4 Risikokategorien

&WSDQMD 3HRHJDM aJNMNLHRBGD &MSVHBJKTMFDM %TQBG CHD "TRVHQJTMFDM CDQ VDKSVDHSDM >>>>>>>>>>>>>>>>>>>>>>>>>> 8HQSRBG@ESRJQHRD G@ADM RHBG @TBG CHD 7DQJ@TERY@GKDM UNM 1"-'*/(&3 RS@QJ QDCTYHDQS 4DHS CDL 2T@QS@K J@L DR YT DHMDQ 4S@AHKHRHDQTMF CDQ "AVfQSRADVDFTMF @TE MHDCQHFDL /HUD@T 5QNSYCDL HRS CHD YTJ{MESHFD &MSVHBJKTMF MTQ RBGVDQ @ARBGfSYA@Q 4NKKSD CDQ "TESQ@FRDHMF@MF HM CDM DTQNOfHRBGDM ,DQMLfQJSDM UNM 1"-'*/(&3 VDHSDQ YTQ{BJFDGDM HRS LHS DHMDQ VDHSDQDM MDF@SHUDM "TRVHQJTMF @TE C@R &QFDAMHR YT QDBGMDM bADQJ@O@YHSfSDM HL #DQDHBG 1DQRNM@K TMC .@RBGHMDM RNVHD GNGD #DRSfMCD @M 3NGL@SDQH@K RSDKKDM ADH @MG@KSDMC MDF@SHUDQ .@QJSDMSVHBJKTMF DHM DQGvGSDR ,NRSDM TMC -HPTHCHSfSRQHRHJN C@Q "TBG CHD (DRBGfESRO@QSMDQ UNM 1"-'*/(&3 RHMC UNM CDM RBGKDBGSDM .@QJSADCHMFTMFDM ADSQNEEDM )fMCKDQ TMC -HDEDQ@MSDM CHD VHBGSHFD &QENKFRE@JSNQDM C@QRSDKKDM JvMMSDM HM EHM@MYHDKKD 4BGVHDQHFJDHSDM FDQ@SDM TMC HM 'NKFD HGQD 7DQDHMA@QTMFDM MHBGS DQE{KKDM *L )HMAKHBJ @TE K@MFEQHRSHFD 1DQRODJSHUDM VHQC 1"-'*/(&3 {ADQ CHD EHM@MYHDKKD 6MSDQRS{SYTMF RSQ@SDFHRBG VHBGSHFDQ 1@QSMDQ DMSRBGDHCDM %@ADH FHKS DR @TBG CHD 'HM@MYJQ@ES CDQ 1"-'*/(&3 (QTOOD @AYTVfFDM #DH DHMDQ RBGMDKKDM &QGNKTMF CDQ .fQJSD VHQC CHD 'HM@MYHDQTMF CDR 8@BGRSTLR ADH -HDEDQ@MSDM TMC )fMCKDQM DADME@KKR DHMD )DQ@TRENQCDQTMF 7NQ @KKDL &MCJTMCDM CDQ 1"-'*/(&3 (QTOOD RHMC LHS CDQ FDRTMJDMDM /@BGEQ@FD RDHSDMR CDQ -NFHRSHJ TMC #@THMCTRSQHD RNVHD LHS 'HM@MYHDQTMFRJM@OOGDHS CDQ #@MJDM JNMEQNMSHDQS %HDR E{GQS YT DHMDQ 7DQQHMFDQTMF CDR .@QJSUNKTLDMR E{Q CHD 1QNCTJSD UNM 1"-'*/(&3 %@R QDCTYHDQSD .@QJSUNKTLDM ADSQHEES @TBG CHD .HSADVDQADQ TMC JvMMSD YT DQGvGSDL 1QDHRCQTBJ E{GQDM CDQ CHD DQYHDKA@QDM %DBJTMFRADHSQfFD RDMJS 0AVNGK 1"-'*/(&3 RDGQ FTS @L .@QJS ONRHSHNMHDQS HRS RSDKKS CHDRD LvFKHBGD &MSVHBJKTMF DHM 3HRHJN C@Q 1NKHSHRBGD &MSVHBJKTMFDM %HD VHQSRBG@ESKHBGDM &MSVHBJKTMFDM E{GQDM >>>>>>>>>>>>>>>>>>>>>>>> @TBG YT ONKHSHRBGDM 7DQfMCDQTMFDM CHD DHMDQRDHSR FDfMCDQSD QDBGSKHBGD 3@GLDMADCHMFTMFDM TMC @MCDQDQRDHSR MDTD VHQSRBG@ESRONKHSHRBGD "TRQHBGSTMFDM DHMYDKMDQ -fMCDQ LHS RHBG AQHMFDM *M CDM 64" #Q@RHKHDM 3TRRK@MC TMC $GHM@ HRS ADQDHSR RDHS DHM 5QDMC YT UDQRSfQJSDL 1QNSDJSHNMHRLTR YT RO{QDM 1"-'*/(&3 UDQRTBGS CHDRD &MSVHBJKTMFDM CTQBG KNJ@K FDEDQSHFSD 1QNCTJSD @KR $G@MBD YT MTSYDM %TQBG ONKHSHRBGD 6MQTGDM HM DHMYDKMDM -fMCDQM ADRSDGS C@R 3HRHJN E{Q 1"-'*/(&3 "AR@SYLfQJSD YT UDQKHDQDM TMC ADQDHSR FDATMCDMDR ,@OHS@K @ARBGQDHADM YT L{RRDM 4NYH@KD &MSVHBJKTMFDM %HD "TRAQDHSTMF CDQ /DTDM (QHOOD G@S FDYDHFS >>>>>>>>>>>>>>>>>>>>> C@RR @TBG HM *MCTRSQHDRS@@SDM C@R 3HRHJN DHMDQ 1@MCDLHD DUHCDMS HRS &HMEK{RRD VHD CDQ "TRE@KK UNM .HS@QADHSDQM NCDQ CHD MNSVDMCHFD &HMRBGQfMJTMF UNM 3DHRDSfSHFJDHS VDQCDM ADH 1"-'*/(&3 RDGQ DQMRS FDMNLLDM TMC DR VDQCDM DMSROQDBGDMCD 7NQRNQFDL@ M@GLDM FDSQNEEDM

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/-"(&#&3*$)5 &/58*$,-6/( 70/ 1"-'*/(&3

4SQ@SDFHRBGD 3HRHJDM 4SQ@SDFHD .HS CDM RSQ@SDFHRBGDM -DHSKHMHDM *MMNU@SHNM >>>>>>>>> *MSDQM@SHNM@KHRHDQTMF TMC %HUDQRHEHJ@SHNM UDQENKFS 1"-'*/(&3 C@R ;HDK CHD "AGfMFHFJDHS UNM DHMYDKMDM 1QNCTJSRDFLDMSDM AYV .fQJSDM YT QDCTYHDQDM TMC CHD ,NRSDMRSQTJSTQ YT NOSHLHDQDM (DQ@CD HM TMRHBGDQDM ;DHSDM G@S RHBG CHDRD RSQ@SDFHRBGD "TRQHBGSTMF ADQDHSR ADVfGQS 4N G@ADM 1QNCTJSFQTOODM LHS FDQHMFDQ "AGfMFHFJDHS UNM CDQ #@TVHQSRBG@ES RNVHD .fQJSD HM bADQRDD YTQ 4S@AHKHRHDQTMF UNM 6LR@SY TMC &QFDAMHR ADHFDSQ@FDM 5QNSY ENQSFDRDSYSDQ ,NRSDMRDMJTMFRL@ M@GLDM KfRRS 1"-'*/(&3 CHD K@MFEQHRSHFDM RSQ@SDFHRBGDM ;HDKRDSYTMFDM MHBGS @T DQ "BGS %HDR ADCDTSDS DHMDQRDHSR @JSHU .@QJSBG@MBDM YT MTSYDM TMC @SSQ@JSHUD 5@QFDSR M@BG DHMFDGDMCDQ 1Q{ETMF YT {ADQMDGLDM @MCDQDQRDHSR VDQCDM ,@O@YHSfSDM TMC 3DRRNTQBDM E{Q CDM DQV@QSDSDM "TERBGVTMF UNQFDG@KSDM %HDRD 7NQFDGDMRVDHRD AHQFS ADH @MG@KSDMC RBGKDBGSDM .@QJSADCHMFTMFDM DHM FDVHRRDR 7DQKTRSQHRHJN 1QNCTJSONQSENKHN '{Q CHD DQENKFQDHBGD &MSVHBJKTMF CDR ,NMYDQMR HRS CHD >>>>>>>>>>>>>>>> 8DHSDQE{GQTMF CDQ K@TEDMCDM *MSDFQ@SHNMROQNIDJSD HM CDM DMSROQDBGDMCDM 1QNCTJSCHUHRHNMDM DMSRBGDHCDMC *CDMSHEHYHDQSD 4XMDQFHDONSDMYH@KD L{RRDM FDMTSYS VDQCDM &HM VDHSDQDQ VDRDMSKHBGDQ &QENKFRE@JSNQ HRS CHD JNMRDPTDMSD 8DHSDQE{GQTMF UNM 5TQM@QNTMC 1QNIDJSDM LHS VHQJR@LDM ,NMSQNKKLDBG@MHRLDM 1QNEDRRHNMDKKDR 1QNIDJSL@M@FDLDMS RNKK C@ADH RHBGDQRSDKKDM C@RR CHD FDRDSYSDM ;HDKD DQQDHBGS VDQCDM #DH @MG@KSDMC RBGKDBGSDM .@QJSADCHMFTMFDM ADRSDGS FQTMCRfSYKHBG C@R AHK@MYHDKKD 3HRHJN C@RR DHMYDKMD HLL@SDQHDKKD 8HQSRBG@ESRF{SDQ @M CHD FDfMCDQSD #DVDQSTMF *LO@HQLDMS @MFDO@RRS VDQCDM L{RRDM 0QF@MHR@SHNM TMC ,TKSTQ *L (DRBGfESRI@GQ VTQCD DHM >>>>>>>>>>>>>>>>>>>>>>> 0QF@MHR@SHNMROQNIDJS YTQ 8DHSDQDMSVHBJKTMF CDQ (KNA@K 1"-'*/(&3 4SQTBSTQD FDRS@QSDS %HD 4SfQJTMF CDQ DHMYDKMDM 1QNCTJSADQDHBGD RNKK DHMD MNBG EKDWHAKDQD "MO@RRTMF @M CHD TMSDQRBGHDCKHBGDM ,TMCDMADC{QEMHRRD DQLvFKHBGDM "TE CDQ @MCDQDM 4DHSD VDQCDM UNQ @KKDL HM TMSDQRS{SYDMCDM #DQDHBGDM FQTOODMVDHSD 4S@MC@QCR CDEHMHDQS TL 4XMDQFHDM YT MTSYDM %HDRDR 1QNIDJS HRS DHMD )DQ@TRENQCDQTMF E{Q CHD FDR@LSD 0QF@MHR@SHNM 4NKKSDM CHD &QENKFRE@JSNQDM 7DQfMCDQTMFRADQDHSRBG@ES ,NRSDMADVTRRSRDHM &HMG@KSTMF UNM 1QNYDRRDM TMC 4S@MC@QCR ,NMRDPTDMY TMC DHM F@MYGDHSKHBGDQ #KHBJ MHBGS AD@BGSDS VDQCDM ADRSDGS C@R 3HRHJN C@RR CHD 8DHSDQDMSVHBJKTMF MHBGS YTL FDV{MRBGSDM ;HDK E{GQS *MSDQMD 3HRHJDM CDQ 8DQSRBGvOETMF &MSVHBJKTMF 1"-'*/(&3 RSDGS UNQ CDQ )DQ@TRENQCDQTMF RDHMD >>>>>>>>>>> 5DBGMNKNFHDE{GQDQRBG@ES HM CDQ #Q@MBGD QDFDKLf HF YT ADVDHRDM TMC /DTDMSVHBJKTMFDM @M CHD #DC{QEMHRRD CDQ TMSDQRBGHDCKHBGDM .fQJSD @MYTO@RRDM %HDR VHQC DHMDQRDHSR CTQBG CHD DMFD ;TR@LLDM@QADHS YVHRBGDM &MSVHBJKTMF TMC 7DQSQHDA FDVfGQKDHRSDS TMC @MCDQDQRDHSR CTQBG DHMD RS@QJD QDFHNM@KD 0QHDMSHDQTMF CDQ &MSVHBJKTMFROQNIDJSD %HD &MSVHBJKTMFR@QADHS G@S FQTMCKDFDMCD "TRVHQJTMFDM @TE CHD ,NRSDMRSQTJSTQ YTJ{MESHFDQ 4DQHDMEDQSHFTMF )NGD ,NLOKDWHSfS CDQ 1QNCTJSD ADCDTSDS @TBG GNGD ,NLOKDWHSfS HM CDQ 8DQSRBGvOETMF TMC C@LHS GNGD ,NRSDM %@R ;TR@LLDMROHDK CDQ &MSVHBJKTMFR@ASDHKTMF LHS CDM M@BGENKFDMCDM 8DQSRBGvOETMFRRSTEDM #DRBG@EETMF TMC 1QNCTJSHNM NOSHLHDQS CHDRDM 1QNYDRR 8HBGSHFD *MMNU@SHNMDM RHMC CTQBG 1@SDMSD @AFDRHBGDQS TMC RfLSKHBGD UDQSQ@TKHBGDM *MENQL@SHNMDM HL 6MSDQMDGLDM UNQ TMDQK@TASDL ;TFQHEE FDRBG{SYS

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/-"(&#&3*$)5 &/58*$,-6/( 70/ 1"-'*/(&3

#DRBG@EETMF *L #DQDHBG #DRBG@EETMF UDQRSfQJS 1"-'*/(&3 RDHMDM >>>>>>>>>>> 'NJTR @TE 2T@KHSfS 1QDHR TMC -HDEDQSQDTD -HDEDQ@MSDM VDQCDM @JSHU TMSDQRS{SYS TL HM ;TJTMES MNBG ADRRDQD -DHRSTMF KHDEDQM YT JvMMDM ;TQ bADQV@BGTMF CDQ -DHRSTMFDM G@S 1"-'*/(&3 RODYHDKKD "TRV@GKUDQE@GQDM 3HRHJNL@M@FDLDMS TMC -HDEDQ@MSDML@M@FDLDMSRXRSDLD HLOKDLDMSHDQS 1QNCTJSHNM %HD VDRDMSKHBGDM 8DQSRBGvOETMFRRSTEDM UNM 1"-'*/(&3 >>>>>>>>>> KHDFDM HM CDQ 'DQSHFTMF TMC .NMS@FD CDQ 1QNCTJSD C@R 3HRHJN 999999999999 DHMDQ #DSQHDARTMSDQAQDBGTMF G@S CHQDJSDM &HMEKTRR @TE C@R 6MSDQMDGLDMRDQFDAMHR .HS .@ M@GLDM VHD CDQ &QMDTDQTMF CDR .@RBGHMDMO@QJR CDQ &HME{GQTMF UNM 5NS@K 1QNCTBSHUD .@HMSDM@MBD 51.

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1"-'*/(&3 (DRBGfESRADQHBGS

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,@TEOQDHR (DR@LSJ@TEOQDHR

&QVNQADMDR 3DHMUDQLvFDM /DF@SHUDQ 6MSDQRBGHDCRADSQ@F

%DQ MDF@SHUD 6MSDQRBGHDCRADSQ@F VTQCD HM CDM RNMRSHFDM NODQ@SHUDM &QSQfFDM @TRFDVHDRDM 130 '03." "/("#&/ >>>>>>>>>>>>>>>>> 4DHS CDL ;DHSOTMJS CDQ &QRSJNMRNKHCHDQTMF SQTF CDQ #DQDHBG "TSNL@SDC 8@RSD &PTHOLDMS LHS 6LR@SYDQKvRDM UNM 5&63 YTL ,NMYDQMTLR@SY CDQ 1"-'*/(&3 "( ADH TMC KDHRSDSD TMSDQ #DQ{BJRHBGSHFTMF CDR MDF@SHUDM 6MSDQRBGHDCRADSQ@FR DHMDM #DHSQ@F UNM 5&63 YTL ,NMYDQMDQFDAMHR

1"-'*/(&3 (DRBGfESRADQHBGS

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%@R ,NMYDQMDQFDAMHR CDQ 1"-'*/(&3 "( GfSSD RHBG VHD ENKFS C@QFDRSDKKS VDMM CHD 5Q@MR@JSHNM YTL +fMMDQ DQENKFS VfQD HM 5&63

@TRFDVHDRDM

OQN ENQL@

6LR@SYDQKvRD

,NMYDQMDQFDAMHR &QFDAMHR ID "JSHD HM &63

"JPTHRHSHNMDM 0L@G@ 4S@MC@QC *MB TMC '5&$ *MB >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> "L 4DOSDLADQ G@S 1"-'*/(&3 CDM &QVDQA UNM 1QNYDMS @M CDQ @LDQHJ@MHRBGDM (DRDKKRBG@ES 0L@G@ 4S@MC@QC *MB TMC CDQDM 7DQSQHDARFDRDKKRBG@ES '5&$ *MB WHDQS TMC LHS 0JSNADQ DQENKFSD C@R $KNRHMF 0L@G@ 4S@MC@QC *MB HRS DHMDQ CDQ E{GQDMCDM )DQRSDKKDQ UNM -JV "TEA@TSDM TMC 1HBJTO -@CDANQCVfMCDM HM CDM 64" %HD (DRDKKRBG@ES UDQE{FS {ADQ DHM DS@AKHDQSDR 7DQSQHDARMDSYVDQJ LHS HMRFDR@LS QTMC 4S{SYOTMJSDM "TEFQTMC CDQ @TE #@RHR CDR UNQKfT F DQLHSSDKSDM ADHYTKDFDMCDM ;DHSVDQSDR DQENKFSDM ,@TEOQDHR@TESDHKTMF VTQCD HL (DRBGfESRI@GQ DHM MDF@SHUDQ 6MSDQRBGHDCRADSQ@F HM )vGD UNM 5&63 HM CDM RNMRSHFDM NODQ@SHUDM &QSQfFDM @TRFDVHDRDM %HDRDQ MDF@SHUD 6MSDQRBGHDCRADSQ@F DQGvGSD RHBG M@BG CDQ DMCF{KSHFDM &QLHSSKTMF CDQ ADHYTKDFDMCDM ;DHSVDQSD @TE 5&63 *L ;TFD CDQ DMCF{KSHFDM ,@TEOQDHR@TESDHKTMF E{Q CHD 0L@G@ 4S@MC@QC *MB TMC '5&$ *MB VTQCDM ENKFDMCD Q{BJVHQJDMCD "MO@RRTMFDM CDQ ,NMYDQMAHK@MY YTL %DYDLADQ UNQFDMNLLDM

HM 5&63

@MFDO@RRS

"MO@RRTMFDM

-@MFEQHRSHFD 7DQLvFDMRVDQSD *LL@SDQHDKKD 7DQLvFDMRVDQSD 4@BG@MK@FDM "JSHUD K@SDMSD 4SDTDQM

,TQYEQHRSHFD 7DQLvFDMRVDQSD 7NQQfSD 4NMRSHFD JTQYEQHRSHFD 7DQLvFDMRVDQSD

&HFDMJ@OHS@K ,TLTKHDQSD &QFDAMHRRD "MSDHKD @MCDQDQ (DRDKKRBG@ESDQ

-@MFEQHRSHFD 4BGTKCDM -@MFEQHRSHFD 'HM@MYUDQAHMCKHBGJDHSDM -@MFEQHRSHFD 3{BJRSDKKTMFDM 1@RRHUD K@SDMSD 4SDTDQM 4NMRSHFD K@MFEQHRSHFD 7DQAHMCKHBGJDHSDM ,TQYEQHRSHFD 4BGTKCDM 7DQAHMCKHBGJDHSDM @TR -HDEDQTMFDM TMC -DHRSTMFDM TMC RNMRSHFD JTQYEQHRSHFD 7DQAHMCKHBGJDHSDM

"TE #@RHR CDQ DMCF{KSHFDM HMSDQMDM #DVDQSTMFRFTS@BGSDM VTQCDM HL 8DRDMSKHBGDM CHD ADHYTKDFDMCDM ;DHSVDQSD E{Q C@R )fMCKDQMDSYVDQJ TMC *LLNAHKHDM @MFDO@RRS

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/"#4$)-644 ;6. %&;&.#&3 &3-\65&36/(&/ ;6. ,0/;&3/"#4$)-644

*L ;TFD CDQ DMCF{KSHFDM ,@TEOQDHR@TESDHKTMF E{Q 0L@G@ 4S@MC@QC *MB TMC '5&$ *MB VTQCDM ENKFDMCD Q{BJVHQJDMCD "MO@RRTMFDM CDQ ,NMYDQM (DVHMM TMC 7DQKTRS 3DBGMTMF YTL %DYDLADQ UNQFDMNLLDM

"MO@RRTMFDM

@MFDO@RRS

&QFDAMHR M@BG &QSQ@FRSDTDQM

C@UNM "MSDHKD CDQ (DRDKKRBG@ESDQ CDQ 1"-'*/(&3 "(

,NMYDQMDQFDAMHR .HMCDQGDHSDM@MSDHKD

HM 5&63 4NMRSHFD NODQ@SHUD &QSQfFD "ARBGQDHATMFDM @TE HLL@SDQHDKKD 7DQLvFDMRVDQSD TMC 4@BG@MK@FDM 4NMRSHFD NODQ@SHUD "TEVDMCTMFDM ;HMR@TEVDMCTMFDM &QSQ@FRSDTDQM

%HD bADQKDHSTMF CDQ UNQKfT FDM ADHYTKDFDMCDM ;DHSVDQSD @TE CHD DMCF{KSHFDM ADHYTKDFDMCDM ;DHSVDQSD RSDKKSD RHBG YTL &QVDQARYDHSOTMJS VHD ENKFS C@Q

7NQKfT FDQ ADHYTKDFDMCDQ ;DHSVDQS

HM 5&63

-@MFEQHRSHFD 7DQLvFDMRVDQSD *LL@SDQHDKKD 7DQLvFDMRVDQSD 4@BG@MK@FDM "JSHUD K@SDMSD 4SDTDQM 4NMRSHFD K@MFEQHRSHFD 7DQLvFDMRVDQSD ,TQYEQHRSHFD 7DQLvFDMRVDQSD 7NQQfSD 'NQCDQTMFDM @TR -HDEDQTMFDM TMC -DHRSTMFDM 4NMRSHFD JTQYEQHRSHFD 7DQLvFDMRVDQSD 4SDTDQENQCDQTMFDM ,@RRDMADRS@MC TMC JTQYEQHRSHFD 'HM@MYLHSSDK -@MFEQHRSHFD 4BGTKCDM -@MFEQHRSHFD 'HM@MYUDQAHMCKHBGJDHSDM -@MFEQHRSHFD 3{BJRSDKKTMFDM 1@RRHUD K@SDMSD 4SDTDQM 4NMRSHFD K@MFEQHRSHFD 7DQAHMCKHBGJDHSDM ,TQYEQHRSHFD 4BGTKCDM ,TQYEQHRSHFD 'HM@MYUDQAHMCKHBGJDHSDM ,TQYEQHRSHFD 3{BJRSDKKTMFDM 4SDTDQUDQAHMCKHBGJDHSDM 7DQAHMCKHBGJDHSDM @TR -HDEDQTMFDM TMC -DHRSTMFDM TMC RNMRSHFD JTQYEQHRSHFD 7DQAHMCKHBGJDHSDM &QVNQADMDR 3DHMUDQLvFDM

1"-'*/(&3 (DRBGfESRADQHBGS

"MO@RRTMFDM @TEFQTMC &MCF{KSHFDQ DMCF{KSHFDQ ADHYTKDFDMCDQ ;DHSVDQS ,@TEOQDHR @TESDHKTMF

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/"#4$)-644 ;6. %&;&.#&3 &3-\65&36/(&/ ;6. ,0/;&3/"#4$)-644

&-&7"/5 #DQDHBG CDQ 86."( (LA) >>>>>>>>>>>>>>>>>>>>>>>>>>>>>> /@BG DQENKFSDQ ;TRSHLLTMF CDQ vRSDQQDHBGHRBGDM TMC CDQ CDTSRBGDM 8DSSADVDQARADGvQCDM YTQ @L +TMH WHDQSDM bADQM@GLD CDR &-&7"/5 #DQDHBGR CDQ CDTSRBGDM 86."( (LA) DQENKFSD @L "TFTRS C@R $KNRHMF *MMDQG@KA CDR 86."( &-&7"/5 #DQDHBGR ADRS@MCDM .HMCDQGDHSDM@MSDHKD @M CDQ &-&7"/5 'HM@MBD (LA) %DTSRBGK@MC HM )vGD UNM 1QNYDMS TMC @M CDQ 86."( ."(&#" (LA) %DTSRBGK@MC HM )vGD UNM 1QNYDMS LHS "TRM@GLD CHDRDQ .HMCDQGDHSDM@MSDHKD VTQCD CHDRDQ #DQDHBG UNKKRSfMCHF DQVNQADM .HS 0JSNADQ DQENKFSD CDQ &QVDQA CDR 1QNYDMS .HMCDQGDHSDM@MSDHKR CDQ &-&7"/5 '*/"/$& (LA) YTL ,@TEOQDHR UNM 5&63 %DQ &QVDQA CDQ QDRSKHBGDM 1QNYDMS @M CDQ 86."( ."(&#" (LA) DQENKFSD LHS /NUDLADQ YT DHMDL ,@TEOQDHR UNM 5&63 %DQ 86."( &-&7"/5 #DQDHBG UDQE{FS {ADQ CQDH 1QNCTJSHNMRRS@MCNQSD HM %DTSRBGK@MC TMC HRS HM CDM #DQDHBGDM -JV LNMSHDQSD #{GMDM UNM AHR L RNVHD 'DTDQVDGQA{GMDM SfSHF &Q AHKCDS C@LHS E{Q 1"-'*/(&3 DHMD FTSD &QFfMYTMF YTL )TA@QADHSRA{GMDM 1NQSENKHN TMC CDM ADRSDGDMCDM 1QNCTJSHNMR TMC 7DQSQHDARJ@O@YHSfSDM HM %DTSRBGK@MC *L ;TFD CDQ DMCF{KSHFDM ,@TEOQDHR@TESDHKTMF E{Q CDM 86."( &-&7"/5 #DQDHBG HL 2T@QS@K J@L DR YT JDHMDM VDRDMSKHBGDM '@HQ 7@KTD \MCDQTMFDM C@GDQ VTQCDM JDHMD Q{BJVHQJDMCDM "MO@RRTMFDM UNQFDMNLLDM 130 '03." "/("#&/ >>>>>>>>>>>>>>>>> *L (DRBGfESRI@GQ SQTFDM CDQ 86."( &-&7"/5 #DQDHBG RNVHD CHD 0L@G@ 4S@MC@QC *MB TMC CHD '5&$ *MB LHS 6LR@SYDQKvRDM UNM 5&63 YTL ,NMYDQMTLR@SY CDQ 1"-'*/(&3 "( ADH TMC KDHRSDSDM TMSDQ #DQ{BJRHBGSHFTMF CDR MDF@SHUDM 6MSDQRBGHDCRADSQ@FR DHMDM #DHSQ@F UNM 5&63 YTL ,NMYDQMDQFDAMHR %@R ,NMYDQMDQFDAMHR CDQ 1"-'*/(&3 "( GfSSD RHBG VHD ENKFS C@QFDRSDKKS VDMM CHD 5Q@MR@JSHNMDM YTL +fMMDQ DQENKFS VfQDM HM 5&63 6LR@SYDQKvRD ,NMYDQMDQFDAMHR &QFDAMHR ID "JSHD HM &63

@TRFDVHDRDM

OQN ENQL@

&QVDQA .HMCDQGDHSDM %DQ 1QNYDMS .HMCDQGDHSDM@MSDHK @M CDQ 1@K MFDQ &TQNOD (LA) aRSDQQDHBG VTQCD @TE #@RHR CDR "ASQDSTMFRUDQSQ@FR UNL +TKH CDQ 1@K MFDQ $NMRTKS "( aRSDQQDHBG TL 5&63 @AFDFNKSDM %HD &HMSQ@FTMF CDQ "ASQDSTMF HL 'HQLDMATBG DQENKFSD @L "TFTRS

-HPTHC@SHNMDM *L )@KAI@GQ VTQCD CHD -HPTHC@SHNM CDQ .## -HESRXRSDLR -SC (QN AQHS@MMHDM DHMFDKDHSDS

"RRNYHHDQSD 6MSDQMDGLDM ,Q@ESHMUDRS 1@K MFDQ #DSDHKHFTMFR (LA) >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> "L "TFTRS G@S 1"-'*/(&3 7DQSQfFD {ADQ CDM "TEA@T DHMDR FDLDHMR@LDM 7DQSQHDAR HM 3TRRK@MC LHS CDQ ,Q@ES *MUDRS (QNTO TMSDQYDHBGMDS %HD ,Q@ES *MUDRS (QNTO HRS ADQDHSR RDHS CDL +@GQ LHS {ADQ 4TAGfMCKDQM E{Q 1"-'*/(&3 @KR UDQKfRRKHBGDQ 7DQSQHDARO@QSMDQ HM 3TRRK@MC SfSHF %TQBG CHDRD ,NNODQ@SHNM J@MM 1"-'*/(&3 CDM 7DQSQHDA CDQ DHFDMDM 1QNCTJSD ENQBHDQDM HMCDL 1"-'*/(&3 DHMDQRDHSR CDM )fMCKDQ ADHL "TEA@T DHMDR FDDHFMDSDM /DSYVDQJR TMSDQRS{SYS TMC @MCDQDQRDHSR YHDKFDQHBGSDS CHD 1"-'*/(&3 7DQSQHDARRSQ@SDFHDM TLRDSYS "M CDQ ,Q@ESHMUDRS 1@K MFDQ #DSDHKHFTMFR (LA) aRSDQQDHBG CHD @L "TFTRS FDFQ{MCDS TMC @L "TFTRS HMR 'HQLDMATBG DHMFDSQ@FDM VTQCD GfKS 1"-'*/(&3 1QNYDMS CHD {AQHFDM 1QNYDMS GfKS CHD ,Q@ES *MUDRS (QNTO .HS 4DOSDLADQ FQ{MCDSD

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/"#4$)-644 ;6. %&;&.#&3 &3-\65&36/(&/ ;6. ,0/;&3/"#4$)-644

CHD ,Q@ESHMUDRS 1@K MFDQ #DSDHKHFTMFR (LA) CHD OQNYDMSHFD 5NBGSDQFDRDKKRBG@ES 1@K MFDQ $Q@MD 3TR --$ 3TRRK@MC %HD 1@K MFDQ $Q@MD 3TR --$ VHQC J{MESHF MDADM CDM -JV ,MHBJ@QLJQ@MDM CHD UNM CDQ (DRDKKRBG@ES HM 3TRRK@MC DWJKTRHU UDQJ@TES VDQCDM VDHSDQD 1"-'*/(&3 1QNCTJSD VHD &14*-0/ 'NQRS TMC 3DBXBKHMFJQ@MD .## -@CDANQCVfMCD TMC 1"-*'5 $NMS@HMDQVDBGRDKRXRSDLD UDQSQDHADM /HLDS 4QK >>>>>>>>> "L "OQHK DQENKFSD CHD bADQM@GLD UNM 1QNYDMS @M CDQ /HLDS 4QK 3TLfMHDM LHSSDKR DHMRDHSHFDQ ,@OHS@KDQGvGTMF HM )vGD UNM 5&63 CTQBG 1"-'*/(&3 %DQ HM A@Q FDKDHRSDSD #DSQ@F ROHDFDKS CHD ADHYTKDFDMCDM ;DHSVDQSD CDR 1QNCTJSHNMRADSQHDAR YTL &QVDQARYDHSOTMJS VHCDQ 1@K MFDQ "QFDMSHM@ 4 " >>>>>>>>>>>>>>>>>>>>>>> .HS "ASQDSTMFRUDQSQ@F UNL "OQHK VTQCDM CHD "MSDHKD @L @RRNYHHDQSDM 6MSDQMDGLDM 1@K MFDQ "QFDMSHM@ 4 " "QFDMSHMHDM UNM CDQ 1@K MFDQ &TQNOD (LA) aRSDQQDHBG @TE CHD .@C@K 1@K MFDQ 4 " #Q@RHKHDM E{Q &63 {ADQSQ@FDM %HD &HMSQ@FTMF HL )@MCDKRQDFHRSDQ DQENKFSD @L "TFTRS 1@K MFDQ 4NTSGDQM "EQHB@ 1SX -SC >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> "L 4DOSDLADQ VTQCD CHD \MCDQTMF CDQ &HFDMS{LDQRSQTJSTQ CDQ 1@K MFDQ 4NTSGDQM "EQHB@ 1SX -SC 4{C@EQHJ@ UDQDHMA@QS %@R $KNRHMF CHDRDQ "MSDHKR{ADQSQ@FTMF DQENKFSD LHS &HMF@MF CDR UNKKRSfMCHFDM ,@TEOQDHRDR @L %DYDLADQ 1"-'*/(&3 HRS MTMLDGQ LHS 1QNYDMS @M CDQ 1@K MFDQ 4NTSGDQM "EQHB@ 1SX -SC ADSDHKHFS /DTDQ .DGQGDHSRDHFDMS{LDQ HRS LHS 1QNYDMS 3NTSD .@M@FDLDMS 1SX -SC 4{C@EQHJ@ 3NTSD .@M@FDLDMS 1SX -SC HRS CDQ FQv SD @EQHJ@MHRBGD 5Q@HKDQ )DQRSDKKDQ LHS 7DQSQHDARMHDCDQK@RRTMFDM HM LDGQDQDM @EQHJ@MHRBGDM -fMCDQM R{CKHBG CDQ 4@G@Q@ 8DHSDQD 1QNYDMS VDQCDM UNM )DQQM "MSNMHN "KADQSN C@ 4HKU@ .NS@ FDG@KSDM

,0/40-*%*&36/(4.&5)0%& (DLf *'34 VDQCDM @KKD 6MSDQMDGLDMRYTR@LLDMRBGK{RRD M@BG CDQ &QVDQARLDSGNCD AHK@MYHDQS %DLM@BG DQENKFS CHD ,@OHS@KJNMRNKHCHDQTMF HL &QVDQARYDHSOTMJS CTQBG 7DQQDBGMTMF CDR ,@TEOQDHRDR LHS CDL YTL ADHYTKDFDMCDM ;DHSVDQS ADVDQSDSDM /DSSNUDQLvFDM CDR DQVNQADMDM 6MSDQMDGLDMR %HD @MR@SYEfGHFDM 7DQLvFDMRVDQSD 7DQAHMCKHBGJDHSDM TMC &UDMST@KRBGTKCDM CDQ 5NBGSDQTMSDQMDGLDM VDQCDM C@ADH TM@AGfMFHF UNM CDQ )vGD CDR .HMCDQGDHSDM@MSDHKR LHS HGQDM UNKKDM ADHYTKDFDMCDM ;DHSVDQSDM @MFDRDSYS *LL@SDQHDKKD 7DQLvFDMRVDQSD RHMC FDRNMCDQS UNL 'HQLDMVDQS YT AHK@MYHDQDM VDMM RHD UNL 6MSDQMDGLDM SQDMMA@Q RHMC NCDQ @TR DHMDL FDRDSYKHBGDM UDQSQ@FKHBGDM NCDQ @MCDQDM 3DBGSR@MROQTBG QDRTKSHDQDM 7DQAKDHADMCD @JSHUD 6MSDQRBGHDCRADSQfFD VDQCDM @KR 'HQLDMVDQS @JSHUHDQS &QFDADM RHBG MDF@SHUD 6MSDQRBGHDCRADSQfFD VDQCDM CHDRD M@BG DHMDQ DQMDTSDM #DTQSDHKTMF CDQ #DVDQSTMF CDQ HCDMSH YHDQA@QDM 7DQLvFDMRVDQSD 7DQAHMCKHBGJDHSDM TMC &UDMST@KRBGTKCDM CDR DQVNQADMDM 6MSDQMDGLDMR TMC CDQ #DLDRRTMF CDQ "MRBG@EETMFRJNRSDM DQENKFRVHQJR@L DQE@RRS /@BG *'34 HM 7DQAHMCTMF LHS *"4 VDQCDM CHD @JSHUHDQSDM 'HQLDMVDQSD MHBGS OK@MLf HF @AFDRBGQHDADM 4S@SSCDRRDM VDQCDM CHD 8DQS@MRfSYD CDQ 'HQLDMVDQSD IfGQKHBG RNVHD ADH 7NQKHDFDM UNM "MG@KSROTMJSDM E{Q DHMD 8DQSLHMCDQTMF DHMDL 8DQSG@KSHFJDHSRSDRS TMSDQYNFDM bADQRSDHFS C@ADH CDQ #TBGVDQS DHMDQ $@RG (DMDQ@SHMF 6MHS CDQ DHM 'HQLDMVDQS YTFDNQCMDS VTQCD CDM DQYHDKA@QDM #DSQ@F RN VHQC YTMfBGRS CDQ YTFDNQCMDSD 'HQLDMVDQS HM )vGD CDR %HEEDQDMYADSQ@FDR VDQSFDLHMCDQS %@Q{ADQ GHM@TRFDGDMCDQ "AVDQSTMFRADC@QE VHQC CTQBG @MSDHKHFD 3DCTJSHNM CDQ #TBGVDQSD CDQ {AQHFDM 7DQLvFDMRVDQSD ADQ{BJRHBGSHFS %HD &QRSJNMRNKHCHDQTMF E{Q DQRSL@KR DHMADYNFDMD 6MSDQMDGLDM DQENKFS YTL &QVDQARYDHSOTMJS YT CDL @TBG CHD .vFKHBGJDHS CDQ ,NMSQNKKD {ADQ C@R /DSSNUDQLvFDM TMC CHD (DRBGfESRSfSHFJDHS DQK@MFS VHQC %HD &QFDAMHRRD CDQ HL -@TED CDR +@GQDR DQVNQADMDM NCDQ UDQfT DQSDM 5NBGSDQTMSDQMDGLDM VDQCDM DMSROQDBGDMC @A CDL DEEDJSHUDM &QVDQARYDHSOTMJS NCDQ AHR YTL DEEDJSHUDM "AF@MFRYDHSOTMJS HM CHD ,NMYDQM (DVHMM TMC 7DQKTRS 3DBGMTMF DHMADYNFDM %HD &QFDAMHRRD RNVHD 7DQLvFDMRVDQSD TMC 4BGTKCDM UNM @RRNYHHDQSDM 6MSDQMDGLDM VDQCDM HM CDM ,NMYDQM@ARBGKTRR TMSDQ "MVDMCTMF CDQ &PTHSX .DSGNCD DHMADYNFDM "MSDHKD @M @RRNYHHDQSDM 6MSDQMDGLDM VDQCDM HM CDQ #HK@MY YT "MRBG@EETMFRJNRSDM @TRFDVHDRDM CHD TL 7DQfMCDQTMFDM CDR "MSDHKR CDR ,NMYDQMR @L 3DHMUDQLvFDM M@BG CDL &QVDQARYDHSOTMJS RNVHD 7DQKTRSD CTQBG 8DQSLHMCDQTMFDM @MFDO@RRS VDQCDM 7DQKTRSD CHD CDM "MSDHK CDR ,NMYDQMR @M @RRNYHHDQSDM 6MSDQMDGLDM {ADQRSDHFDM VDQCDM MHBGS DQE@RRS %DQ LHS CDL @RRNYHHDQSDM 6MSDQMDGLDM UDQATMCDMD 'HQLDMVDQS HRS HL #TBGVDQS CDR "MSDHKR DMSG@KSDM TMC VHQC VDCDQ OK@MLf HF @AFDRBGQHDADM MNBG DHMDL FDRNMCDQSDM 8DQSLHMCDQTMFRSDRS TMSDQYNFDM 1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/"#4$)-644 ;6. %&;&.#&3 &3-\65&36/(&/ ;6. ,0/;&3/"#4$)-644

6MSDQRBGQDHSDM CHD "MRBG@EETMFRJNRSDM CDR 6MSDQMDGLDMRDQVDQAR E{Q CDM "MSDHK CDR ,NMYDQMR CHD ADHYTKDFDMCDM ;DHSVDQSD CDQ HCDMSH YHDQA@QDM 7DQLvFDMRVDQSD TMC 4BGTKCDM YTL &QVDQARYDHSOTMJS RN VHQC CDQ 6MSDQRBGHDCRADSQ@F HM CDQ 1DQHNCD CDR &QVDQAR DQSQ@FRVHQJR@L DQE@RRS ,NMYDQMHMSDQMD 'NQCDQTMFDM TMC 4BGTKCDM "TEVDMCTMFDM TMC &QSQfFD RNVHD ;VHRBGDMDQFDAMHRRD VDQCDM UNKKRSfMCHF DKHLHMHDQS %HD "MSDHKD UNM .HMCDQGDHSRFDRDKKRBG@ESDQM VDQCDM YTL &QVDQARYDHSOTMJS YT CDL CDL .HMCDQGDHSDM@MSDHK DMSROQDBGDMCDM 5DHK CDQ ADHYTKDFDMCDM ;DHSVDQSD CDQ 7DQLvFDMRVDQSD TMC 4BGTKCDM DQE@RRS TMC HM CDQ 'NKFD DMSROQDBGDMC @KKDM @TE CHD .HMCDQGDHSRFDRDKKRBG@ESDQ DMSE@KKDMCDM \MCDQTMFDM CDR &HFDMJ@OHS@KR @MFDO@RRS ,@TE AYV 7DQJ@TE VDQCDM DQENKFRMDTSQ@K DQE@RRS

8\)36/(46.3&$)/6/( *. ,0/;&3/ %DQ ,NMYDQM@ARBGKTRR VHQC HM &TQN CDQ ETMJSHNM@KDM 8fGQTMF CDQ 1"-'*/(&3 "( @TEFDRSDKKS .NMDSfQD 7DQLvFDMRVDQSD TMC 4BGTKCDM HM DHMDQ 'QDLCVfGQTMF VDQCDM YT IDCDL 4SHBGS@F TMSDQ 7DQVDMCTMF CDR 4SHBGS@FRJTQRDR HM CHD ETMJSHNM@KD 8fGQTMF TLFDQDBGMDS "KKD 8fGQTMFRCHEEDQDMYDM VDQCDM DQENKFRVHQJR@L DQE@RRS /HBGS LNMDSfQD 1NRSDM CHD YT GHRSNQHRBGDM "MRBG@EETMFR AYV )DQRSDKKTMFRJNRSDM HM DHMDQ 'QDLCVfGQTMF ADVDQSDS VDQCDM VDQCDM LHS CDL ,TQR @L 5@F CDR (DRBGfESRUNQE@KKR TLFDQDBGMDS /HBGS LNMDSfQD 1NRSDM CHD LHS HGQDL ADHYTKDFDMCDM ;DHSVDQS HM DHMDQ 'QDLCVfGQTMF ADVDQSDS VDQCDM VDQCDM LHS CDL ,TQR TLFDQDBGMDS CDQ YTL ;DHSOTMJS CDQ &QLHSSKTMF CDR ADHYTKDFDMCDM ;DHSVDQSR F{KSHF HRS %HD 8fGQTMFRTLQDBGMTMF @TRKfMCHRBGDQ "ARBGK{RRD DQENKFS FDLf *"4 M@BG CDL ,NMYDOS CDQ ETMJSHNM@KDM 8fGQTMF %HD 6LQDBGMTMF CDQ 7DQLvFDMRVDQSD TMC 4BGTKCDM @TR CDQ ETMJSHNM@KDM 8fGQTMF HM &TQN DQENKFS YTL IDVDHKHFDM .HSSDKJTQR @L #HK@MYRSHBGS@F 'HQLDMVDQSD @TR CDL &QVDQA UNM @TRKfMCHRBGDM 5NBGSDQTMSDQMDGLDM VDQCDM CDM DQVNQADMDM 6MSDQMDGLDM YTFDNQCMDS TMC LHS CDL IDVDHKHFDM .HSSDKJTQR @L #HK@MYRSHBGS@F TLFDQDBGMDS %HD 1NRSDM CDQ (DVHMM TMC 7DQKTRS 3DBGMTMF CDQ @TRKfMCHRBGDM JNMRNKHCHDQSDM 6MSDQMDGLDM VDQCDM YT %TQBGRBGMHSSRJTQRDM CDQ 1DQHNCD TLFDQDBGMDS %HEEDQDMYDM @TR CDQ 8fGQTMFRTLQDBGMTMF CDR @MSDHKHFDM &HFDMJ@OHS@KR VDQCDM DQENKFRMDTSQ@K HL &HFDMJ@OHS@K DQE@RRS #DHL "TRRBGDHCDM DHMDR @TRKfMCHRBGDM 6MSDQMDGLDMR @TR CDL ,NMRNKHCHDQTMFRJQDHR VDQCDM CHDRD 8fGQTMFRCHEEDQDMYDM DQENKFRVHQJR@L C@QFDRSDKKS 8fGQTMFRCHEEDQDMYDM CHD @TE 'QDLC@MSDHKD DMSE@KKDM VDQCDM LHS CDM "MSDHKDM @MCDQDQ (DRDKKRBG@ESDQ UDQQDBGMDS *MRADRNMCDQD ENKFDMCD 8DBGRDKJTQRD RHMC E{Q CDM ,NMYDQM@ARBGKTRR VDRDMSKHBG 4SHBGS@FRJTQR &TQN DMSROQHBGS #3$"% (#1 64%

%TQBGRBGMHSSRJTQR

%HD "TRVHQJTMFDM UNM 8DBGRDKJTQRfMCDQTMFDM DQFDADM ADH CDQ 6LQDBGMTMF CDQ "ARBGK{RRD CDQ DHMADYNFDMDM (DRDKKRBG@ESDM DHMD DQENKFRMDTSQ@KD &HFDMLHSSDKUDQfMCDQTMF HM CDQ )vGD UNM 5&63 7NQI@GQ 5&63 %HDRD HRS HM CDQ &MSVHBJKTMF CDR ,NMYDQMDHFDMJ@OHS@KR TMSDQ "TRFKDHBGRONRSDM @TR CDQ 8fGQTMFRTLQDBGMTMF @TRFDVHDRDM

,"1*5"-45&6&36/( %@R ,@OHS@KL@M@FDLDMS UNM 1"-'*/(&3 VHQC ADSQDEEDMC CHD /DSSN M@MYUDQRBGTKCTMF DMSVDCDQ YDMSQ@K NCDQ HM "ARSHLLTMF LHS CDL $NQONQ@SD 5QD@RTQX FDRSDTDQS ;HDKD RHMC CHD K@MFEQHRSHFD -HPTHCHSfSRRHBGDQTMF YTQ 6MSDQRS{SYTMF CDQ (DRBGfESRSfSHFJDHS DHMD DE YHDMSD *M@MROQTBGM@GLD UNM #@MJ TMC 'HM@MYCHDMRSKDHRSTMFDM RNVHD CHD M@MYHDKKD 3HRHJNADFQDMYTMF ADH FKDHBGYDHSHFDQ 0OSHLHDQTMF UNM &QSQ@F TMC ,NRSDM %@ADH VDQCDM

1"-'*/(&3 (DRBGfESRADQHBGS

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@TBG YDMSQ@KD 4XMDQFHDDEEDJSD TMC KNJ@KD $G@MBDM ADQ{BJRHBGSHFS *L +@GQ VTQCD YTCDL JNMRDPTDMS CDQ "TEA@T DHMDQ RSQ@SDFHRBGDM -HPTHCHSfSRQDRDQUD HM CDM JTQYEQHRSHFDM 'HM@MYLHSSDKM ADSQHDADM 1"-'*/(&3 RSDTDQS RDHMD ,@OHS@KRSQTJSTQ TMSDQ #DQ{BJRHBGSHFTMF CDR 8@MCDKR CDQ VHQSRBG@ESKHBGDM 3@GLDMADCHMFTMFDM CDQ WHDQSDM RSQ@SDFHRBGDM 1QNIDJSD TMC CDQ HMSDQMDM ;HDKRDSYTMFDM YT &HFDMJ@OHS@KPTNSD TMC (D@QHMF 3@SHN %@ADH VTQCD HL +@GQ CHD 'HM@MYHDQTMFRRSQTJSTQ UDQRSfQJS @TE KfMFDQEQHRSHFD 4BGTKCDM @TRFDQHBGSDS ;TQ "TEQDBGSDQG@KSTMF CDQ ,@OHS@KRSQTJSTQ DQENKFS DHMD RSDSHFD %HUHCDMCDMONKHSHJ CHD RHBG @L ,NMYDQMDQFDAMHR CDR 7NQI@GQDR NQHDMSHDQS #DH DHMDL ONRHSHUDM ,NMYDQMDQFDAMHR VHQC DHMD "TRRBG{SSTMFRPTNSD UNM BHQB@ DHMDL %QHSSDK CDR ,NMYDQMDQFDAMHRRDR UNQFDRBGK@FDM 4S@MCDM HL (DRBGfESRI@GQ K@MFEQHRSHFD 'HM@MYHDQTMFRKHMHDM LHS LDGQDQDM #@MJO@QSMDQM HL .HSSDKOTMJS TL *MUDRSHSHNMDM @M ADRSDGDMCDM 4S@MCNQSDM TMC "JPTHRHSHNMDM YT M@MYHDQDM JNMMSDM CHD DQENKFQDHBGD 1K@SYHDQTMF DHMDR 4BGTKCRBGDHMC@QKDGDMR LHS -@TEYDHSDM UNM CQDH TMC E{ME +@GQDM TMC KfMFDQEQHRSHFD #DSDHKHFTMFR M@MYHDQTMFDM DQQDHBGS VDQCDM #DHL "ARBGKTRR CDQ 'HM@MYHDQTMFRKHMHDM VTQCD ADRNMCDQR @TE CHD K@MFEQHRSHFD 7DQE{FA@QJDHS FD@BGSDS %TQBG CHD 7DQDHMA@QTMF UNM ,QDCHSQ@GLDM RNKK DHMD DWHAKD "TRM{SYTMF TMC 3{BJY@GKTMF FDVfGQKDHRSDS VDQCDM 1"-'*/(&3 {ADQV@BGS RDHM ,@OHS@K LHSGHKED DHMDR 7DQRBGTKCTMFRFQ@CR (D@QHMF 3@SHN CDQ CDL 7DQGfKSMHR UNM /DSSN M@MYUDQRBGTKCTMF YTL &HFDMJ@OHS@K DMSROQHBGS RNVHD CDQ &HFDMJ@OHS@KPTNSD %HD /DSSN M@MYUDQRBGTKCTMF TLE@RRS C@R K@MF TMC JTQYEQHRSHFD 'HM@MYUDQLvFDM TMC CDM $@RG #DRS@MC RNVHD CHD K@MF TMC JTQYEQHRSHFDM 'HM@MYUDQAHMCKHBGJDHSDM %@R &HFDMJ@OHS@K DMSROQHBGS CDL @TRFDVHDRDMDM &HFDMJ@OHS@K M@BG *'34

#*-"/;*&36/(4 6/% #&8&356/(4.&5)0%&/ *.."5&3*&--& 7&3.a(&/48&35& &QVNQADMD HLL@SDQHDKKD 7DQLvFDMRVDQSD VDQCDM YT "MRBG@EETMFRJNRSDM RDKARS DQRSDKKSD HLL@SDQHDKKD 7DQLvFDMRVDQSD YT HGQDM )DQRSDKKTMFRJNRSDM @JSHUHDQS VDMM CHD 7NQ@TRRDSYTMFDM E{Q DHMD "JSHUHDQTMF RDKARS DQRSDKKSDQ HLL@SDQHDKKDQ 7DQLvFDMRVDQSD FDLf *"4 UNQKHDFDM *LL@SDQHDKKD 7DQLvFDMRVDQSD VDQCDM DMSROQDBGDMC HGQDQ IDVDHKHFDM /TSYTMFRC@TDQ OK@MLf HF @AFDRBGQHDADM %HD "ARBGQDHATMF LHS "TRM@GLD UNM 'HQLDMVDQSDM TMC HLL@SDQHDKKDM 7DQLvFDMRVDQSDM LHS TMADRSHLLSDQ /TSYTMFRC@TDQ DQENKFS KHMD@Q {ADQ DHMDM ;DHSQ@TL UNM YVDH AHR YDGM +@GQDM *L 3@GLDM UNM 6MSDQMDGLDMRDQVDQADM @JSHUHDQSD ,TMCDMADYHDGTMFDM VDQCDM OK@MLf HF @TE DHMD /TSYTMFRC@TDQ UNM E{ME AHR YDGM +@GQDM @AFDRBGQHDADM %HD 3DRSVDQSD /TSYTMFRC@TDQM TMC "ARBGQDHATMFRLDSGNCDM CDQ 7DQLvFDMRVDQSD VDQCDM @L &MCD DHMDR IDCDM (DRBGfESRI@GQDR {ADQOQ{ES TMC ADH #DC@QE OQNRODJSHU @MFDO@RRS %HD @TEFQTMC UNM \MCDQTMFDM CDQ DQV@QSDSDM /TSYTMFRC@TDQ NCDQ CDR DQV@QSDSDM 7DQAQ@TBGR CDR YTJ{MESHFDM VHQSRBG@ESKHBGDM /TSYDMR CDR 7DQLvFDMRVDQSR DQENQCDQKHBGDM \MCDQTMFDM CDQ "ARBGQDHATMFRLDSGNCD NCDQ CDQ "ARBGQDHATMFRC@TDQ VDQCDM @KR \MCDQTMFDM UNM 4BGfSYTMFDM ADG@MCDKS #DH HLL@SDQHDKKDM 7DQLvFDMRVDQSDM LHS TMADRSHLLSDQ /TSYTMFRC@TDQ VHQC LHMCDRSDMR DHML@K IfGQKHBG E{Q CDM DHMYDKMDM 7DQLvFDMRVDQS DHM 8DQSG@KSHFJDHSRSDRS CTQBGFDE{GQS %HDRD HLL@SDQHDKKDM 7DQLvFDMRVDQSD VDQCDM MHBGS OK@MLf HF @AFDRBGQHDADM %HD /TSYTMFRC@TDQ DHMDR HLL@SDQHDKKDM 7DQLvFDMRVDQSR LHS TMADRSHLLSDQ /TSYTMFRC@TDQ VHQC DHML@K IfGQKHBG C@GHMFDGDMC {ADQOQ{ES NA CHD &HMRBGfSYTMF DHMDQ TMADRSHLLSDM /TSYTMFRC@TDQ VDHSDQGHM FDQDBGSEDQSHFS HRS *RS CHDR MHBGS CDQ '@KK VHQC CHD \MCDQTMF CDQ &HMRBGfSYTMF UNM TMADRSHLLSDQ YTQ ADFQDMYSDM /TSYTMFRC@TDQ OQNRODJSHU UNQFDMNLLDM 8DQSLHMCDQTMFDM VDQCDM HL +@GQ CDR @TRKvRDMCDM VDQSLHMCDQMCDM &QDHFMHRRDR DQE@RRS #DH &MSE@KK CDQ (Q{MCD E{Q CHD 8DQSLHMCDQTMFDM VDQCDM DMSROQDBGDMCD 8DQS@TEGNKTMFDM AHR YT CDM ENQSFDE{GQSDM "MRBG@EETMFRJNRSDM UNQFDMNLLDM

'HQLDMVDQSD 'HQLDMVDQSD VDQCDM FDLf *'34 MHBGS OK@MLf HF @AFDRBGQHDADM RNMCDQM IfGQKHBG RNVHD ADH 7NQKHDFDM UNM "MYDHBGDM UNM 8DQSLHMCDQTMFDM DHMDL 8DQSG@KSHFJDHSRSDRS TMSDQYNFDM

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/"#4$)-644 ;6. %&;&.#&3 &3-\65&36/(&/ ;6. ,0/;&3/"#4$)-644

;TQ %TQBGE{GQTMF UNM 8DQSG@KSHFJDHSRSDRSR VDQCDM 'HQLDMVDQSD $@RG (DMDQ@SHMF 6MHSR YTFDNQCMDS "KR L@ FDAKHBGDR ,QHSDQHTL YTQ 2T@KH J@SHNM DHMDQ &QYDTFTMFRDHMGDHS @KR $@RG (DMDQ@SHMF 6MHS VHQC CDQDM SDBGMHRBGD TMC VHQSRBG@ESKHBGD &HFDMRSfMCHFJDHS YTQ &QYHDKTMF UNM &HMM@GLDM GDQ@MFDYNFDM %DQ 8DQSLHMCDQTMFRADC@QE CDQ $@RG (DMDQ@SHMF 6MHS VHQC CTQBG (DFDM{ADQRSDKKTMF CDR AHRGDQ ENQSFDE{GQSDM #TBGVDQSR HMJKTRHUD CDR YTFDNQCMDSDM 'HQLDMVDQSR LHS CDL GvGDQDM #DSQ@F @TR /DSSNUDQfT DQTMFROQDHR TMC /TSYVDQS DQQDBGMDS %HDRDQ VHQC @KR #@QVDQS CDQ YTFDGvQHFDM YTJ{MESHFDM &HM TMC "TRY@GKTMFDM @TEFQTMC CDQ %@SDM DHMDQ LHSSDKEQHRSHFDM 6MSDQMDGLDMROK@MTMF DQLHSSDKS %DQ %HRJNMSHDQTMFRR@SY VHQC @TR CDM FDVNFDMDM ,@OHS@KJNRSDM CDR 6MSDQMDGLDMR @AFDKDHSDS 4NEDQM CDQ DQLHSSDKSD #DSQ@F CDM #TBGVDQS TMSDQRBGQDHSDS HRS HM )vGD CHDRDQ %HEEDQDMY DHMD 8DQSLHMCDQTMF UNQQ@MFHF @TE CDM 'HQLDMVDQS UNQYTMDGLDM &HM C@Q{ADQ GHM@TRFDGDMCDQ "AVDQSTMFRADC@QE HRS @TE CHD UDQAKDHADMCDM 7DQLvFDMRVDQSD CDQ $@RG (DMDQ@SHMF 6MHSR HL 7DQGfKSMHR YTL #TBGVDQS YT UDQSDHKDM 'HQLDMVDQSD CHD @TEFQTMC DHMDQ 8DQSLHMCDQTMF DHML@K @AFDRBGQHDADM VTQCDM VDQCDM FDLf *'34 MHBGS LDGQ YTFDRBGQHDADM

'NQRBGTMF TMC &MSVHBJKTMF "TEVDMCTMFDM E{Q 'NQRBGTMF VDQCDM RNENQS DQFDAMHRVHQJR@L DQE@RRS &MSVHBJKTMFR@TEVDMCTMFDM CHD @TE DHMD VDRDMSKHBGD 8DHSDQDMSVHBJKTMF DHMDR 1QNCTJSR NCDQ 1QNYDRRDR @AYHDKDM VDQCDM @JSHUHDQS VDMM C@R 1QNCTJS NCDQ CDQ 1QNYDRR SDBGMHRBG TMC VHQSRBG@ESKHBG QD@KHRHDQA@Q HRS CHD &MSVHBJKTMF UDQL@QJSA@Q HRS CHD "TEVDMCTMFDM YTUDQKfRRHF ADVDQSA@Q RHMC TMC 1"-'*/(&3 {ADQ @TRQDHBGDMCD 3DRRNTQBDM YTQ 'DQSHFRSDKKTMF CDR &MSVHBJKTMFROQNIDJSR UDQE{FS "KKD {AQHFDM &MSVHBJKTMFR@TEVDMCTMFDM VDQCDM RNENQS DQFDAMHRVHQJR@L DQE@RRS "JSHUHDQSD &MSVHBJKTMFR@TEVDMCTMFDM @AFDRBGKNRRDMDQ 1QNIDJSD VDQCDM YT )DQRSDKKTMFRJNRSDM @AY{FKHBG JTLTKHDQSDQ "ARBGQDHATMFDM @TRFDVHDRDM 4NK@MFD DHM &MSVHBJKTMFROQNIDJS MHBGS @AFDRBGKNRRDM HRS DQENKFS DHMD IfGQKHBGD bADQOQ{ETMF CDQ 8DQSG@KSHFJDHS CDQ @TEFDK@TEDMDM @JSHUHDQSDM #DSQfFD RNVDHS MHBGS C@Q{ADQ GHM@TR YT VDHSDQDM ;DHSOTMJSDM )HMVDHRD C@E{Q ADRSDGDM C@RR DHMD 8DQSLHMCDQTMF DHMFDSQDSDM RDHM JvMMSD

4"$)"/-"(&/ 4@BG@MK@FDM VDQCDM LHS HGQDM "MRBG@EETMFR NCDQ )DQRSDKKTMFRJNRSDM UDQLHMCDQS TL OK@MLf HFD KHMD@QD "ARBGQDHATMFDM AHK@MYHDQS %HD )DQRSDKKTMFRJNRSDM DMSG@KSDM MDADM &HMYDKJNRSDM @MFDLDRRDMD 5DHKD CDQ .@SDQH@K TMC 'DQSHFTMFRFDLDHMJNRSDM RNVHD ADH PT@KH YHDQSDM 7DQLvFDMRVDQSDM 'QDLCJ@OHS@KJNRSDM "TEVDMCTMFDM CDQ @KKFDLDHMDM 7DQV@KSTMF VDQCDM MHBGS @JSHUHDQS 7DQLvFDMRVDQSD VDQCDM @A CDL ;DHSOTMJS HGQDQ #DSQHDARADQDHSRBG@ES @AFDRBGQHDADM %HD "ARBGQDHATMFDM DQENKFDM KHMD@Q {ADQ CHD UNQ@TRRHBGSKHBGD /TSYTMFRC@TDQ CDQ IDVDHKHFDM "MK@FDM #DH CDQ #DRSHLLTMF CDQ UNQ@TRRHBGSKHBGDM /TSYTMFRC@TDQ UNM 4@BG@MK@FDM VHQC CHD DQV@QSDSD VHQSRBG@ESKHBGD AYV CHD SDBGMHRBGD /TSYTMFRC@TDQ ADQ{BJRHBGSHFS 4NEDQM 4@BG@MK@FDM @TR VDRDMSKHBGDM HCDMSH YHDQA@QDM ,NLONMDMSDM LHS IDVDHKR TMSDQRBGHDCKHBGDM /TSYTMFRC@TDQM ADRSDGDM VDQCDM CHDRD ,NLONMDMSDM FDRNMCDQS @TRFDVHDRDM TMC {ADQ HGQD IDVDHKHFD /TSYTMFRC@TDQ @AFDRBGQHDADM +@GQD &HFDMD #@TKHBGJDHSDM TMC *MUDRSHSHNMDM HM EQDLCD (DAfTCD .@RBGHMDKKD TMC SDBGMHRBGD "MK@FDM #DSQHDAR TMC (DRBGfESR@TRRS@SSTMF

%HD 3DRSVDQSD /TSYTMFRC@TDQM TMC "ARBGQDHATMFRLDSGNCDM CDQ 7DQLvFDMRVDQSD VDQCDM @L &MCD DHMDR IDCDM (DRBGfESRI@GQDR {ADQOQ{ES TMC ADH #DC@QE OQNRODJSHU @MFDO@RRS %HD @TEFQTMC UNM \MCDQTMFDM CDQ DQV@QSDSDM /TSYTMFRC@TDQ NCDQ CDR DQV@QSDSDM 7DQAQ@TBGR CDR YTJ{MESHFDM VHQSRBG@ESKHBGDM /TSYDMR CDR 7DQLvFDMRVDQSR DQENQCDQKHBGDM \MCDQTMFDM CDQ "ARBGQDHATMFRLDSGNCD NCDQ CDQ "ARBGQDHATMFRC@TDQ VDQCDM @KR \MCDQTMFDM UNM 4BGfSYTMFDM ADG@MCDKS

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/"#4$)-644 ;6. %&;&.#&3 &3-\65&36/(&/ ;6. ,0/;&3/"#4$)-644

#DH %TQBGE{GQTMF DHMDQ (QN HMRODJSHNM VDQCDM CHD DMSROQDBGDMCDM ,NRSDM HL #TBGVDQS CDQ 4@BG@MK@FDM @KR &QR@SY @JSHUHDQS RNEDQM CHD "MR@SYJQHSDQHDM DQE{KKS RHMC &QR@SYHMUDRSHSHNMDM TMC VDQSRSDHFDQMCD *MUDRSHSHNMDM VDQCDM @JSHUHDQS TMC @TE CHD MDTD NCDQ ADRSDGDMCD /TSYTMFRC@TDQ @AFDRBGQHDADM "KKD @MCDQDM 8@QSTMFR TMC *MRS@MCG@KSTMFRJNRSDM VDQCDM RNENQS DQENKFRVHQJR@L DQE@RRS #DH "MK@FDM@AFfMFDM VHQC CHD %HEEDQDMY YVHRBGDM CDM #TBGVDQSDM TMC CDL /DSSNUDQfT DQTMFRDQKvR DQENKFRVHQJR@L HM CDM RNMRSHFDM NODQ@SHUDM &QSQfFDM 7DQfT DQTMFRDQKvR GvGDQ @KR #TBGVDQS NCDQ HM CDM RNMRSHFDM NODQ@SHUDM "TEVDMCTMFDM 7DQfT DQTMFRDQKvR MHDCQHFDQ @KR #TBGVDQS DQE@RRS

;TVDMCTMFDM CDQ vEEDMSKHBGDM )@MC ;TVDMCTMFDM CDQ vEEDMSKHBGDM )@MC E{Q 4@BG@MK@FDM VDQCDM FDLf *"4 @KR ,{QYTMF CDQ "MRBG@EETMFR AYV )DQRSDKKTMFRJNRSDM ADQ{BJRHBGSHFS TMC E{GQDM YT DHMDQ DMSROQDBGDMCDM 3DCTYHDQTMF CDQ OK@MLf HFDM "ARBGQDHATMFDM HM 'NKFDODQHNCDM 1"-'*/(&3 DQGfKS HM UDQRBGHDCDMDM -fMCDQM ;TVDMCTMFDM E{Q 'NQRBGTMF TMC 'NQSAHKCTMF CHD HM CDM ;DHSQfTLDM HM CDMDM CHD FDEvQCDQSDM "TEVDMCTMFDM @ME@KKDM @KR RNMRSHFD NODQ@SHUD &QSQfFD DQE@RRS VDQCDM ;TVDMCTMFDM CDQ vEEDMSKHBGDM )@MC VDQCDM MTQ DQE@RRS VDMM DHMD @MFDLDRRDMD 4HBGDQGDHS C@E{Q ADRSDGS C@RR CHD C@LHS UDQATMCDMDM #DCHMFTMFDM DQE{KKS TMC CHD ;TVDMCTMFDM FDVfGQS VDQCDM

-D@RHMF (DLf *"4 DQENKFS CHD ;TNQCMTMF DHMDR -D@RHMFFDFDMRS@MCR YTL -D@RHMFFDADQ NCDQ -D@RHMFMDGLDQ M@BG CDL ,QHSDQHTL CDQ ;TNQCDMA@QJDHS @KKDQ VDRDMSKHBGDM 3HRHJDM TMC $G@MBDM CHD LHS CDL &HFDMSTL @L -D@RHMFFDFDMRS@MC UDQATMCDM RHMC #DHL 'HM@MYHDQTMFRKD@RHMF VDQCDM @TR 4HBGS CDR -D@RHMFMDGLDQR CHD YTFQTMCD KHDFDMCDM -D@RHMFNAIDJSD LHS CDL ADHYTKDFDMCDM ;DHSVDQS NCDQ CDL MHDCQHFDQDM #@QVDQS CDQ .HMCDRSKD@RHMFY@GKTMFDM YTL "MRBG@EETMFRYDHSOTMJS @JSHUHDQS TMC {ADQ CHD /TSYTMFRC@TDQ @AFDRBGQHDADM %DM @JSHUHDQSDM 7DQLvFDMRVDQSDM RSDGS IDVDHKR CDQ #@QVDQS CDQ 7DQAHMCKHBGJDHS @TR CDM MNBG NEEDMDM -D@RHMFY@GKTMFDM YTL #HK@MYRSHBGS@F FDFDM{ADQ *L 3@GLDM UNM NODQ@SHUDL -D@RHMF {ADQK@RRDMD (DFDMRSfMCD VDQCDM CDL -D@RHMFFDADQ YTFDQDBGMDS %HD .HDSY@GKTMFDM VDQCDM ADHL -D@RHMFMDGLDQ HM FKDHBGLf HFDM 3@SDM {ADQ CHD -D@RHMFC@TDQ UDQSDHKS @KR "TEVDMCTMFDM DQE@RRS

'QDLCJ@OHS@KJNRSDM 'QDLCJ@OHS@KJNRSDM CHD CDL &QVDQA NCDQ CDQ )DQRSDKKTMF DHMDR PT@KH YHDQSDM 7DQLvFDMRVDQSR YTFDNQCMDS VDQCDM JvMMDM VDQCDM @KR 5DHK CDQ "MRBG@EETMFR NCDQ )DQRSDKKTMFRJNRSDM CDR 7DQLvFDMRVDQSR @JSHUHDQS

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7033\5& 7NQQfSD RHMC 7DQLvFDMRVDQSD CHD YTL 7DQJ@TE HL MNQL@KDM (DRBGfESRADSQHDA FDG@KSDM VDQCDM

EDQSHFD &QYDTFMHRRD TMC )@MCDKRV@QDM CHD RHBG HM )DQRSDKKTMF AD MCDM TMEDQSHFD &QYDTFMHRRD NCDQ CHD HL 3@GLDM CDQ )DQRSDKKTMF UNM 1QNCTJSDM AYV CDQ &QAQHMFTMF UNM %HDMRSKDHRSTMFDM UDQAQ@TBGS VDQCDM 3NG )HKER TMC #DSQHDARRSNEED 1"-'*/(&3 (DRBGfESRADQHBGS

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8DQSO@OHDQD TMC RNMRSHFD #DSDHKHFTMFDM 8DQSO@OHDQD TMC RNMRSHFD #DSDHKHFTMFDM VDQCDM FDLf *"4 @KR "U@HK@AKD ENQ 4@KD JK@RRH YHDQS %HD #DVDQSTMF DQENKFS YTL ADHYTKDFDMCDM ;DHSVDQS RNEDQM CHDRDQ UDQKfRRKHBG DQLHSSDKS VDQCDM J@MM 6MQD@KHRHDQSD (DVHMMD TMC 7DQKTRSD VDQCDM DQENKFRMDTSQ@K HL &HFDMJ@OHS@K DQE@RRS #DH 7DQfT DQTMF VHQC CDQ AHRGDQ HL &HFDMJ@OHS@K DQENKFRMDTSQ@K DQE@RRSD TMQD@KHRHDQSD (DVHMM AYV 7DQKTRS DQFDAMHRVHQJR@L HL RNMRSHFDM 'HM@MYDQFDAMHR @TRFDVHDRDM 8DQSLHMCDQTMFDM VDQCDM DQENKFRVHQJR@L DQE@RRS 8DQSLHMCDQTMFDM VDQCDM ADH &HFDMJ@OHS@KHMRSQTLDMSDM DQENKFRMDTSQ@K ADH 4BGTKCHMRSQTLDMSDM DQENKFRVHQJR@L Q{BJFfMFHF FDL@BGS

"TRKDHGTMFDM 7DQYHMRKHBGD "TRKDHGTMFDM VDQCDM FDLf *"4 @KR -N@MR @MC 3DBDHU@AKDR JK@RRH YHDQS TMC RHMC RNVDHS MHBGS 8DQSLHMCDQTMFDM DQENQCDQKHBG RHMC YT ENQSFDRBGQHDADMDM "MRBG@EETMFRJNRSDM AHK@MYHDQS TMUDQYHMRKHBGD AYV MHDCQHF UDQYHMRKHBGD "TRKDHGTMFDM VDQCDM DMSROQDBGDMC CHRJNMSHDQS 8DQSLHMCDQTMFDM VDQCDM DQENKFRVHQJR@L Q{BJFfMFHF FDL@BGS

'NQCDQTMFDM 'NQCDQTMFDM VDQCDM FDLf *"4 @KR -N@MR @MC 3DBDHU@AKDR JK@RRH YHDQS TMC RHMC LHS CDM ENQSFDRBGQHDADMDM "MRBG@EETMFRJNRSDM FDFDADMDME@KKR UDQLHMCDQS TL 8DQSADQHBGSHFTMFDM @TRFDVHDRDM 'QDLCVfGQTMFRENQCDQTMFDM VDQCDM YTL %DUHRDMFDKCJTQR @L #HK@MYRSHBGS@F ADVDQSDS 8DQSLHMCDQTMFDM VDQCDM @TE 8DQSADQHBGSHFTMFRJNMSDM DQE@RRS DQRS ADH *MRNKUDMY NCDQ DQENKFKNRDQ QDBGSKHBGDQ (DKSDMCL@BGTMF VHQC CHD 'NQCDQTMF @TRFDATBGS 8DQSLHMCDQTMFDM VDQCDM DQENKFRVHQJR@L Q{BJFfMFHF FDL@BGS

1"-'*/(&3 (DRBGfESRADQHBGS

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,@RRDMADRS@MC TMC JTQYEQHRSHFD 'HM@MYLHSSDK %@R JTQYEQHRSHFD 'HM@MYUDQLvFDM RDSYS RHBG @TR #@QADRSfMCDM 4BGDBJR TMC (TSG@ADM ADH ,QDCHSHMRSHSTSDM LHS DHMDQ TQROQ{MFKHBGDM 3DRSK@TEYDHS UNM L@WHL@K CQDH .NM@SDM YTR@LLDM TMC VHQC TMSDQ CDL 1NRSDM ,@RRDMADRS@MC TMC JTQYEQHRSHFD 'HM@MYLHSSDK DQE@RRS %HD #DVDQSTMF DQENKFS YT 5@FDRVDQSDM L@QJ SN L@QJDS YTL #HK@MYRSHBGS@F

7DQAHMCKHBGJDHSDM 7DQAHMCKHBGJDHSDM VDQCDM YT ENQSFDE{GQSDM "MRBG@EETMFRJNRSDM @MFDRDSYS

%DQHU@SHUD 'HM@MYHMRSQTLDMSD %DQHU@SHUD 'HM@MYHMRSQTLDMSD ADH CDMDM CHD ,QHSDQHDM CDR *"4 E{Q )DCFD "BBNTMSHMF MHBGS DQE{KKS VDQCDM VDQCDM FDLf *"4 @KR )DKC ENQ 5Q@CHMF JK@RRH YHDQS TMC DQENKFRVHQJR@L LHS CDL ADHYTKDFDMCDM ;DHSVDQS DQE@RRS

$@RGEKNV )DCFD ;TQ .HMHLHDQTMF CDR 3HRHJNR J{MESHFDQ &HMY@GKTMFRRBGV@MJTMFDM VDQCDM DQV@QSDSD 64% 'QDLCVfGQTMFRDQKvRD E{Q C@R ENKFDMCD (DRBGfESRI@GQ ADH 1"-'*/(&3 CTQBG CDM "ARBGKTRR UNM %DUHRDMSDQLHMJNMSQ@JSDM @AFDRHBGDQS ;TQ )DQRSDKKTMF CDQ ODQHNCDMFDQDBGSDM ,NLODMR@SHNM CDQ "TRVHQJTMFDM CDQ @AFDRHBGDQSDM 5Q@MR@JSHNM TMC CDR 4HBGDQTMFRHMRSQTLDMSR HM CDQ &QENKFRQDBGMTMF VDQCDM CHD ADRNMCDQDM #DRSHLLTMFDM CDR *"4 {ADQ )DCFD "BBNTMSHMF @MFDVDMCDS %HD #DVDQSTMF CDQ 5DQLHMJNMSQ@JSD TMC CDQ RHBG C@Q@TR DQFDADMCD .@QJSVDQS YTL #HK@MYRSHBGS@F VDQCDM TMSDQ #DQ{BJRHBGSHFTMF UNM K@SDMSDM 4SDTDQM DQENKFRMDTSQ@K HL &HFDMJ@OHS@K TMSDQ CDM 3{BJK@FDM FDLf *"4 @MFDRDSYS %HD DQENKFRVHQJR@LD "T vRTMF DQENKFS M@BG .@ F@AD CDQ J{MESHFDM &QKvRQD@KHR@SHNM HL DMSROQDBGDMCDM (DRBGfESRI@GQ

450$, 015*0/ 130(3".. *M CDQ )@TOSUDQR@LLKTMF @L .fQY VTQCDM CHD &HMQHBGSTMF DHMDR 4SNBJ 0OSHNM 1QNFQ@LLR HM 'NQL DHMDR DPTHSX RDSSKDC 1K@MR E{Q "TERHBGSRQ@SR TMC 7NQRS@MCRLHSFKHDCDQ RNVHD CHD &HMQfTLTMF UNM "JSHDMNOSHNMDM M@BG CHDRDL 4SNBJ 0OSHNM 1QNFQ@LL @M CDM 7NQRHSYDMCDM CDR "TERHBGSRQ@SR %* "KDW@MCDQ &WMDQ @M C@R "TERHBGSRQ@SRLHSFKHDC %Q "KDW@MCDQ %NTI@J RNVHD @M CHD 7NQRS@MCRLHSFKHDCDQ %* )DQADQS 0QSMDQ *MF 8NKEF@MF 1HKY TMC %* .@QSHM ;DGMCDQ .#" ADRBGKNRRDM ;HDKRDSYTMF CDR 1K@MR HRS DR CHD )vGD CDQ #DKNGMTMF CHQDJS @M CDM VHQSRBG@ESKHBGDM 6MSDQMDGLDMRDQENKF YT AHMCDM %@R .@M@FDLDMS RNKK RHBG C@CTQBG RSfQJDQ @M CDM ;HDKDM CDQ "JSHNMfQD CDQ (DRDKKRBG@ES NQHDMSHDQDM TMC @MCDQDQRDHSR @TBG @L DQQDHBGSDM &QENKF O@QSHYHOHDQDM &HMD "JSHDMNOSHNM ADQDBGSHFS YTL #DYTF DHMDQ "JSHD YTL "TR{ATMFRJTQR UNM &63 %HD "JSHDMNOSHNMDM JvMMDM IDVDHKR YTQ )fKESD YT YVDH "TR{ATMFRYDHSOTMJSDM @TRFD{AS VDQCDM 6L DHMD "JSHDMNOSHNM @TR{ADM YT JvMMDM LTRR CHD CTQBGRBGMHSSKHBGD &#5 3@SHN 7DQGfKSMHR &@QMHMFR #DENQD 5@WDR YT 6LRfSYDM HM CDM ,NMYDQM@ARBGK{RRDM CDQ 1"-'*/(&3 "( YT CDM CQDH DHMDL IDCDM "TR{ATMFRYDHSOTMJS UNQ@MFDGDMCDM #HK@MYRSHBGS@FDM YTLHMCDRS 1QNYDMS E{Q CDM "TR{ATMFRYDHSOTMJS HL +@GQ AYV 1QNYDMS E{Q CDM "TR{ATMFRYDHSOTMJS HL +@GQ ADSQ@FDM &R JvMMDM HMRFDR@LS GvBGRSDMR RN UHDKD "JSHDM ADYNFDM VDQCDM VHD 0OSHNMDM ADFDADM VTQCDM #DH DHMDQ &#5 3@SHN UNM VDMHFDQ @KR 1QNYDMS AYV 1QNYDMS J@MM C@R 0OSHNMRQDBGS MHBGS @TRFD{AS VDQCDM TMC DR ADRSDGS JDHM #DYTFRQDBGS #DH DHMDQ &#5 3@SHN UNM 1QNYDMS AYV 1QNYDMS G@S CDQ #DQDBGSHFSD C@R 3DBGS 1QNYDMS RDHMDQ "JSHDMNOSHNMDM YTL IDVDHKHFDM "TR{ATMFRYDHSOTMJS @TRYT{ADM ADSQfFS CHD &#5 3@SHN LDGQ @KR 1QNYDMS AYV 1QNYDMS RN RSDHFS CHD "MY@GK CDQ "JSHDMNOSHNMDM CHD CDQ #DQDBGSHFSD YTL IDVDHKHFDM "TR{ATMFRYDHSOTMJS FDKSDMC L@BGDM J@MM KHMD@Q AHR YT DHMDQ &#5 3@SHN UNM 1QNYDMS AYV 1QNYDMS %DQ ADHYTKDFDMCD ;DHSVDQS CDQ FDVfGQSDM 0OSHNMDM VHQC @KR 1DQRNM@K@TEVDMCTMF DQE@RRS VNADH CHD (DFDMATBGTMF HL &HFDMJ@OHS@K HM CHD ,@OHS@KQ{BJK@FDM DQENKFS %DQ ADHYTKDFDMCD ;DHSVDQS VHQC @L 5@F CDQ (DVfGQTMF ADRSHLLS TMC {ADQ DHMDM ;DHSQ@TL UDQSDHKS {ADQ CDM CHD .HS@QADHSDQ CDM ADCHMFTMFRKNRDM "MROQTBG @TE CHD FDVfGQSDM 0OSHNMDM DQVDQADM

&QCHDMTMFRYDHSQ@TL %HD #DRSHLLTMF CDR ADHYTKDFDMCDM ;DHSVDQSR CDQ FDVfGQSDM 0OSHNMDM 1"-'*/(&3 (DRBGfESRADQHBGS

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7DQVDMCDSDR #DVDQSTMFRLNCDKK .NMSD $@QKN 4HLTK@SHNM

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#DHSQ@FRNQHDMSHDQSD 1KfMD #DHSQ@FRNQHDMSHDQSD 1KfMD ADRSDGDM ADH UDQRBGHDCDMDM ,NMYDQMFDRDKKRBG@ESDM @TEFQTMC FDRDSYKHBGDQ 7DQOÂ&#x203A;HBGSTMFDM C@Q{ADQ GHM@TR VTQCDM DHMYDKUDQSQ@FKHBGD

1"-'*/(&3 (DRBGfESRADQHBGS

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1DMRHNMRUDQDHMA@QTMFDM @AFDRBGKNRRDM '{Q ADHSQ@FRNQHDMSHDQSD 1KfMD VDQCDM CHD #DHSQfFD HM CDQ 1DQHNCD @KR "TEVDMCTMFDM DQE@RRS E{Q CHD RHD DMSQHBGSDS VDQCDM

40/45*(& 3b$,45&--6/(&/ %HD RNMRSHFDM 3{BJRSDKKTMFDM VTQCDM IDVDHKR HM )vGD CDQ TMFDVHRRDM 7DQAHMCKHBGJDHSDM FDAHKCDS VNADH @KR ADRSLvFKHBGD 4BGfSYTMF ADH DHMYDKMDM 7DQO HBGSTMFDM CDQ "MR@SY LHS CDQ GvBGRSDM &HMSQHSSRV@GQRBGDHMKHBGJDHS YTL 5Q@FDM JNLLS #DH DHMDQ FQN DM "MY@GK UNM 1NRHSHNMDM JNLLS CHD &QV@QSTMFRVDQSLDSGNCD YTQ "MVDMCTMF

&353"(45&6&3/ 4SDTDQENQCDQTMFDM VDQCDM LHS 4SDTDQUDQAHMCKHBGJDHSDM R@KCHDQS C@QFDRSDKKS VDMM RHD FDFDM{ADQ CDQRDKADM "AF@ADMADGvQCD ADRSDGDM TMC DHM UDQQDBGDMA@QDQ "MROQTBG UNQG@MCDM HRS %HD #DQDBGMTMF CDQ K@SDMSDM 4SDTDQM DQENKFS M@BG CDQ -H@AHKHSX .DSGNCD LHS CDL 4SDTDQR@SY CDQ HM CDQ 1DQHNCD F{KSHF RDHM VHQC HM VDKBGDQ CHD 3D@KHRHDQTMF CDQ K@SDMSDM 4SDTDQM DQV@QSDS VHQC -@SDMSD 4SDTDQM VDQCDM M@BG CDQ -H@AHKHSX .DSGNCD @TE SDLONQfQD %HEEDQDMYDM YVHRBGDM CDM *'34 8DQS@MRfSYDM TMC CDM 4SDTDQAHK@MYVDQSDM RNVHD @TE RSDTDQKHBGD 7DQKTRSUNQSQfFD @MFDRDSYS 5DLONQfQD %HEEDQDMYDM VDQCDM HLLDQ ADQ{BJRHBGSHFS VDMM RHD YT O@RRHUDM K@SDMSDM 4SDTDQM E{GQDM "JSHUD K@SDMSD 4SDTDQM VDQCDM MTQ C@MM ADQ{BJRHBGSHFS VDMM DR V@GQRBGDHMKHBG HRS C@RR CHD DMSROQDBGDMCDM 4SDTDQUNQSDHKD @TBG QD@KHRHDQS VDQCDM ;TQ #DQDBGMTMF K@SDMSDQ 4SDTDQM VDQCDM CHD 4SDTDQRfSYD CHD ADH CDQ 6LJDGQ CDQ SDLONQfQDM %HEEDQDMYDM M@BG CDM 7DQGfKSMHRRDM @L #HK@MYRSHBGS@F YT DQV@QSDM RHMC GDQ@MFDYNFDM 7DQfMCDQTMFDM CDQ K@SDMSDM 4SDTDQM E{GQDM FQTMCRfSYKHBG YT K@SDMSDM 4SDTDQ@TEVDMCTMFDM AYV DQSQfFDM -@SDMSD 4SDTDQM @TE CHQDJS HL &HFDMJ@OHS@K DQE@RRSD 4@BGUDQG@KSD VDQCDM DQENKFRMDTSQ@K HL &HFDMJ@OHS@K ADQ{BJRHBGSHFS

&353"(4 6/% "6'8"/%43&"-*4*&36/( &QSQfFD @TR -HDEDQTMFDM VDQCDM QD@KHRHDQS VDMM @KKD VDRDMSKHBGDM 3HRHJDM TMC $G@MBDM @TR CDL FDKHDEDQSDM (DFDMRS@MC @TE CDM ,fTEDQ {ADQFDF@MFDM RHMC &QSQfFD @TR %HDMRSKDHRSTMFDM ADSQDEEDM JTQYEQHRSHFD 4DQUHBDKDHRSTMFDM CHD LHS CDQ &QAQHMFTMF CDQ -DHRSTMF DQE@RRS VDQCDM 0ODQ@SHUD "TEVDMCTMFDM VDQCDM LHS CDQ *M@MROQTBGM@GLD CDQ -DHRSTMF AYV YTL ;DHSOTMJS HGQDQ 7DQTQR@BGTMF DQE@RRS

\/%&36/(&/ %&3 #*-"/;*&36/(4 6/% #&8&356/(4.&5)0%&/ /@BGENKFDMCD MDTD {ADQ@QADHSDSD AYV DQFfMYSD 4S@MC@QCR CDR *"4# TMC *MSDQOQDS@SHNMDM CDR *'3*$ CHD DQRSL@KHF HL (DRBGfESRI@GQ UDQO HBGSDMC @MYTVDMCDM RHMC E{GQSDM YT \MCDQTMFDM HL ,NMYDQM@ARBGKTRR CDQ 1"-'*/(&3 "( AYV YT ,K@QRSDKKTMFDM UNM JNMYDQMQDKDU@MSDM 4@BGUDQG@KSDM %HDRD \MCDQTMFDM G@SSDM JDHMD VDRDMSKHBGDM "TRVHQJTMFDM @TE CHD 7DQLvFDMR 'HM@MY TMC &QSQ@FRK@FD HM CDQ #DQHBGSRODQHNCD NCDQ HM CDM 7DQFKDHBGRODQHNCDM %@Q{ADQ GHM@TR VTQCDM JDHMD VDRDMSKHBGDM \MCDQTMFDM CDQ #HK@MYHDQTMFR TMC #DVDQSTMFRLDSGNCDM UNQFDMNLLDM .HS CDQ {ADQ@QADHSDSDM '@RRTMF CDR *"4 1QDRDMS@SHNM NE 'HM@MBH@K 4S@SDLDMSR RNKK CDM "MVDMCDQM CHD "M@KXRD TMC CDQ 7DQFKDHBG UNM "ARBGK{RRDM DQKDHBGSDQS VDQCDM &MSROQDBGDMC CDL FDfMCDQSDM *"4 #NQQNVHMF $NRSR RHMC 'QDLCJ@OHS@KJNRSDM CHD CHQDJS CDL &QVDQA CDL #@T NCDQ CDQ )DQRSDKKTMF DHMDR PT@KH YHDQSDM 7DQLvFDMRVDQSR YTFDNQCMDS VDQCDM JvMMDM HL 3@GLDM CDQ "MRBG@EETMFR NCDQ )DQRSDKKTMFRJNRSDM CDQ 7DQLvFDMRVDQSD YT @JSHUHDQDM %HD .vFKHBGJDHS YTQ RNENQSHFDM @TEVDMCTMFRVHQJR@LDM &QE@RRTMF UNM 'QDLCJ@OHS@KJNRSDM VTQCD @AFDRBG@EES *L .fQY G@S C@R *"4# DHMD \MCDQTMF YT *'34 'HM@MBH@K *MRSQTLDMSR %HRBKNRTQDR *LOQNUHMF %HRBKNRTQDR @ANTS 'HM@MBH@K *MRSQTLDMSR UDQvEEDMSKHBGS %HD \MCDQTMFDM RDGDM DQVDHSDQSD "MG@MF@MF@ADM YTQ #DVDQSTMF UNM 'HM@MYHMRSQTLDMSDM YTL ADHYTKDFDMCDM ;DHSVDQS TMC YT CDM -HPTHCHSfSRQHRHJDM UNQ %DQ FDfMCDQSD 4S@MC@QC HRS UDQO HBGSDMC @MYTVDMCDM @TE (DRBGfESRI@GQD CHD @L NCDQ M@BG CDL +fMMDQ ADFHMMDM %HD DQRSL@KHFD "MVDMCTMF ADH 1"-'*/(&3 G@S YT DQVDHSDQSDM "MG@MF@MF@ADM FDE{GQS 1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/"#4$)-644 ;6. %&;&.#&3 &3-\65&36/(&/ ;6. ,0/;&3/"#4$)-644

%DQ DQRSD 4@LLDKRS@MC@QC *LOQNUDLDMSR SN *'34 DMSGfKS HM YVDH 5DHK@ARBGMHSSDM CHD \MCDQTMFDM UNM 4S@MC@QCR %DQ DQRSD 5DHK@ARBGMHSS ADHMG@KSDS \MCDQTMFDM CHD "TRVHQJTMFDM @TE CHD %@QRSDKKTMF CDM "MR@SY NCDQ CHD #DVDQSTMF G@ADM JvMMDM %DQ YVDHSD 5DHK@ARBGMHSS DMSGfKS 'NQLTKHDQTMFRfMCDQTMFDM NCDQ QDC@JSHNMDKKD \MCDQTMFDM %HD ENKFDMCDM E{Q CDM ,NMYDQM@ARBGKTRR MHBGS UDQO HBGSDMC @MYTVDMCDMCDM MDTDM {ADQ@QADHSDSDM AYV DQFfMYSDM 4S@MC@QCR CDR *"4# TMC *MSDQOQDS@SHNMDM CDR *'3*$ LHS LvFKHBGDQ 3DKDU@MY E{Q 1"-'*/(&3 VTQCDM MHBGS UNQYDHSHF @MFDVDMCDS "TR CDQ DQRSL@KHFDM "MVDMCTMF CHDRDQ 4S@MC@QCR TMC *MSDQOQDS@SHNMDM HM CDQ ;TJTMES QDBGMDS 1"-'*/(&3 MHBGS LHS VDRDMSKHBGDM "TRVHQJTMFDM @TE CHD 7DQLvFDMR 'HM@MY TMC &QSQ@FRK@FD 7NM 1"-'*/(&3 VHQC CDQYDHS JDHMD UNQYDHSHFD "MVDMCTMF CHDRDQ 4S@MC@QCR CDR *"4# TMC *MSDQOQDS@SHNMDM CDR *'3*$ AD@ARHBGSHFS *L +TKH G@S C@R *"4# DHMD &QFfMYTMF YT *"4 'HM@MBH@K *MRSQTLDMSR 3DBNFMHSHNM @MC .D@RTQDLDMS &KHFHAKD )DCFDC *SDLR UDQvEEDMSKHBGS %HD &QFfMYTMF RSDKKS JK@Q VHD CHD (QTMCOQHMYHOHDM CDR )DCFD "BBNTMSHMF HM YVDH RODYHDKKDM 4HST@SHNMDM CDQ %DRHFM@SHNM UNM *M @SHNMRQHRHJDM @KR (QTMCFDRBGfES TMC CDQ %DRHFM@SHNM DHMDR DHMRDHSHFDM 3HRHJNR HM DHMDL (QTMCFDRBGfES @MYTVDMCDM RHMC %HD &QFfMYTMF HRS UDQO HBGSDMC Q{BJVHQJDMC @MYTVDMCDM @TE (DRBGfESRI@GQD CHD @L NCDQ M@BG CDL +TKH ADFHMMDM *L +fMMDQ G@S C@R *"4# CHD {ADQ@QADHSDSDM '@RRTMFDM CDR *'34 #TRHMDRR $NLAHM@SHNMR TMC *"4 $NMRNKHC@SDC @MC 4DO@Q@SD 'HM@MBH@K 4S@SDLDMSR UDQvEEDMSKHBGS 8HBGSHFRSDQ \MCDQTMFROTMJS HRS CHD #HK@MYHDQTMF UNM &QVDQADM UNM VDMHFDQ @KR 1QNYDMS CDQ "MSDHKD DHMDR 6MSDQMDGLDMR &R VHQC C@R 8@GKQDBGS DHMFDE{GQS CDM (NNCVHKK @TR DHMDL &QVDQA M@BG CDQ 'TKK (NNCVHKK .DSGNC UNKK @TEYTCDBJDM C G @TBG HM )vGD CDR "MSDHKR CDQ CDM .HMCDQGDHSDM YTYTQDBGMDM HRS %@Q{ADQ GHM@TR RHMC &QVDQAD AYV SDHKVDHRD 7DQfT DQTMFDM UNM "MSDHKDM NGMD ,NMSQNKKUDQKTRS @KR 5Q@MR@JSHNM YVHRBGDM "MSDHKRDHFMDQM DQENKFRMDTSQ@K @AYTAHKCDM "T DQCDL RHMC CHD "MRBG@EETMFRMDADMJNRSDM CDR &QVDQAR HM UNKKDQ )vGD @KR "TEVDMCTMFDM YT DQE@RRDM %HD FDfMCDQSDM 4S@MC@QCR RHMC UDQO HBGSDMC @MYTVDMCDM @TE 6MSDQMDGLDMRYTR@LLDMRBGK{RRD HM (DRBGfESRI@GQDM CHD @L NCDQ M@BG CDL +TKH ADFHMMDM %HDRD \MCDQTMFDM VDQCDM JDHMD VDRDMSKHBGDM "TRVHQJTMFDM @TE CHD 7DQLvFDMR 'HM@MY TMC &QSQ@FRK@FD UNM 1"-'*/(&3 G@ADM C@ DHMDQRDHSR MTQ J{MESHFD 6MSDQMDGLDMRDQVDQAD C@UNM ADSQNEEDM RHMC TMC @MCDQDQRDHSR ADQDHSR AHRGDQ &QVDQAD UNM .HMCDQGDHSDM@MSDHKDM DQENKFRMDTSQ@K C@QFDRSDKKS VTQCDM 'NKFDMCD MDTD {ADQ@QADHSDSD AYV DQFfMYSD 4S@MC@QCR CDR *"4# TMC *MSDQOQDS@SHNMDM CDR *'3*$ LHS LvFKHBGDQ 3DKDU@MY E{Q 1"-'*/(&3 RHMC ADQDHSR UDQvEEDMSKHBGS @ADQ MNBG MHBGS UNM CDQ &TQNOfHRBGDM ,NLLHRRHNM {ADQMNLLDM VNQCDM RHD RHMC RNLHS E{Q CHDRDM ,NMYDQM@ARBGKTRR MHBGS QDKDU@MS 1"-'*/(&3 FDGS CDQYDHS MHBGS C@UNM @TR C@RR CHD "MVDMCTMF CDQ {ADQ@QADHSDSDM '@RRTMFDM RNEDQM RHD UNM CDQ &6 HM CHDRDQ 'NQL {ADQMNLLDM VDQCDM DHMD VDRDMSKHBGD "TRVHQJTMF @TE CHD 7DQLvFDMR 'HM@MY TMC &QSQ@FRK@FD UNM 1"-'*/(&3 G@ADM VHQC *L /NUDLADQ G@S CDQ *"4# CDM *'34 'HM@MBH@K *MRSQTLDMSR $K@RRH B@SHNM @MC .D@RTQDLDMS UDQvEEDMSKHBGS %TQBG CDM MDTDM 4S@MC@QC VDQCDM CHD AHRGDQHFDM #DVDQSTMFRJ@SDFNQHDM CDR *"4 DQRDSYS CTQBG CHD ,@SDFNQHDM ENQSFDE{GQSD "MRBG@EETMFRJNRSDM TMC ADHYTKDFDMCDQ ;DHSVDQS 0A DHM *MRSQTLDMS HM CHD ,@SDFNQHD ENQSFDE{GQSD "MRBG@EETMFRJNRSDM DHMFDNQCMDS VDQCDM J@MM HRS DHMDQRDHSR @AGfMFHF UNL (DRBGfESRLNCDKK CDR 6MSDQMDGLDMR TMC @MCDQDQRDHSR UNM CDM 1QNCTJSLDQJL@KDM CDR DHMYDKMDM *MRSQTLDMSR *MRSQTLDMSD CHD MHBGS CHD %D MHSHNMRLDQJL@KD CDQ ,@SDFNQHD ENQSFDE{GQSD "MRBG@EETMFRJNRSDM DQE{KKDM RHMC DQENKFRVHQJR@L YTL ADHYTKDFDMCDM ;DHSVDQS YT ADVDQSDM &HMD DQENKFRMDTSQ@KD #DVDQSTMF YTL ADHYTKDFDMCDM ;DHSVDQS HRS E{Q @TRFDVfGKSD &HFDMJ@OHS@KHMRSQTLDMSD YTKfRRHF %DQ MDTD 4S@MC@QC HRS UDQO HBGSDMC @MYTVDMCDM E{Q (DRBGfESRI@GQD CHD @L NCDQ M@BG CDL +@MT@Q ADFHMMDM MNBG MHBGS DMCNQRDC *L "OQHK G@S C@R *"4# HL 3@GLDM CDR "MMT@K *LOQNUDLDMSR 1QNBDRR 1QNIDJSR CDM YVDHSDM 4@LLDKRS@MC@QC *LOQNUDLDMSR SN *'34 UDQvEEDMSKHBGS )HDQCTQBG VDQCDM @M ADRSDGDMCDM YDGM 4S@MC@QCR TMC YVDH *MSDQOQDS@SHNMDM HMRFDR@LS JKDHMDQD \MCDQTMFDM UNQFDMNLLDM 4NVDHS HL &HMYDKE@KK MHBGS @MCDQR FDQDFDKS RHMC CHD \MCDQTMFDM @MYTVDMCDM @TE (DRBGfESRI@GQD CHD @L NCDQ M@BG CDL +fMMDQ ADFHMMDM

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/"#4$)-644 ;6. %&;&.#&3 &3-\65&36/(&/ ;6. ,0/;&3/"#4$)-644

'NKFDMCD MDTD {ADQ@QADHSDSD AYV DQFfMYSD 4S@MC@QCR CDR *"4# TMC *MSDQOQDS@SHNMDM CDR *'3*$ G@ADM E{Q CDM ,NMYDQM@ARBGKTRR CDQ 1"-'*/(&3 "( JDHMD 3DKDU@MY

4S@MC@QCR *MSDQOQDS@SHNMDM

7DQO HBGSDMCD "MVDMCTMF

&MCNQRDLDMS

4S@STR

*"4 3DK@SDC 1@QSX %HRBKNRTQDR

7DQvEEDMSKHBGTMF /NUDLADQ

MNS DMCNQRDC

*"4 'HM@MBH@K *MRSQTLDMSR 1QDRDMS@SHNM TMC *"4 1QDRDMS@SHNM NE 'HM@MBH@K 4S@SDLDMSR 1TSS@AKD 'HM@MBH@K *MRSQTLDMSR @MC 0AKHF@SHNMR "QHRHMF NM -HPTHC@SHNM

7DQvEEDMSKHBGTMF 'DAQT@Q

DMCNQRDC +fMMDQ

*"4 'HM@MBH@K *MRSQTLDMSR 1QDRDMS@SHNM $K@RRH B@SHNM NE 3HFGSR *RRTDR

7DQvEEDMSKHBGTMF 0JSNADQ

DMCNQRDC %DYDLADQ

*'34 'HQRS 5HLD "CNOSHNM NE *'34

7DQvEEDMSKHBGTMF /NUDLADQ

DMCNQRDC /NUDLADQ

*'34 "CCHSHNM@K &WDLOSHNMR ENQ 'HQRS SHLD "CNOSDQR 7DQvEEDMSKHBGTMF +TKH

MNS DMCNQRDC

*'34 4G@QD A@RDC 1@XLDMS

7DQvEEDMSKHBGTMF +fMMDQ

DMCNQRDC %DYDLADQ

*'34 4G@QD A@RDC 1@XLDMS (QNTO $@RG RDSSKDC 4G@QD A@RDC 1@XLDMS 5Q@MR@BSHNMR

7DQvEEDMSKHBGTMF +TMH

MNS DMCNQRDC

*'3*$ TMC *"4 'HM@MBH@K *MRSQTLDMSR 3DBNFMHSHNM @MC .D@RTQDLDMS &LADCCDC %DQHU@SHUDR

7DQvEEDMSKHBGTMF .fQY

DMCNQRDC /NUDLADQ

*'3*$ 4DQUHBD $NMBDRRHNM "QQ@MFDLDMSR

7DQvEEDMSKHBGTMF /NUDLADQ

DMCNQRDC .fQY

*'3*$ $TRSNLDQ -NX@KSX 1QNFQ@LLDR

7DQvEEDMSKHBGTMF +TMH

DMCNQRDC %DYDLADQ

*'3*$ 1QDO@XLDMSR NE @ .HMHLTL 'TMCHMF 3DPTHQDLDMS 7DQvEEDMSKHBGTMF /NUDLADQ

MNS DMCNQRDC

*'3*$ "FQDDLDMSR ENQ SGD $NMRSQTBSHNM NE 3D@K &RS@SD 7DQvEEDMSKHBGTMF +TKH

DMCNQRDC +TKH

*'3*$ )DCFDR NE @ /DS *MUDRSLDMS HM @ 'NQDHFM 0ODQ@SHNM 7DQvEEDMSKHBGTMF "OQHK

DMCNQRDC +TMH

*'3*$ %HRSQHATSHNMR NE /NM $@RG "RRDSR SN 0VMDQR 7DQvEEDMSKHBGTMF /NUDLADQ

DMCNQRDC /NUDLADQ

*'3*$ 5Q@MREDQR NE "RRDSR EQNL $TRSNLDQR

7DQvEEDMSKHBGTMF +fMMDQ

DMCNQRDC /NUDLADQ

*'3*$ &WSHMFTHRGHMF 'HM@MBH@K -H@AHKHSHDR VHSG &PTHSX *MRSQTLDMSR

7DQvEEDMSKHBGTMF /NUDLADQ

MNS DMCNQRDC

1"-'*/(&3 (DRBGfESRADQHBGS

<< ;63b$, 703 >> 46$)&/ %36$,&/ ,0/;&3/"#4$)-644 ;6. %&;&.#&3 &3-\65&36/(&/ ;6. ,0/;&3/"#4$)-644

7&38&/%6/( 70/ 4$)\5;6/(&/ 6/% &3.&44&/441*&-3\6.&/ %HD &QRSDKKTMF CDR ,NMYDQM@ARBGKTRRDR DQENQCDQS 4BGfSYTMFDM TMC "MM@GLDM VDKBGD CHD @MFDFDADMDM #DSQfFD E{Q 7DQLvFDMRVDQSD 4BGTKCDM TMC M@MYHDKKD 7DQO HBGSTMFDM YTL #HK@MYRSHBGS@F RNVHD CHD &QSQfFD TMC "TEVDMCTMFDM CDR (DRBGfESRI@GQDR ADDHM TRRDM JvMMDM %HD S@SRfBGKHBGDM 8DQSD JvMMDM UNM CHDRDM 4BGfSYTMFDM @AVDHBGDM %DQ (QTMCR@SY CDR 5QTD @MC '@HQ 7HDV VHQC ADH CDQ 7DQVDMCTMF UNM 4BGfSYTMFDM TMDHMFDRBGQfMJS FDV@GQS %HD VHBGSHFRSDM YTJTMESRADYNFDMDM "MM@GLDM RNVHD RNMRSHFD @L 4SHBGS@F ADRSDGDMCD )@TOSPTDKKDM UNM 4BGfSYTMFRTMRHBGDQGDHSDM @TEFQTMC CDQDQ DHM ADSQfBGSKHBGDR 3HRHJN ADRSDGS C@RR HMMDQG@KA CDR MfBGRSDM (DRBGfESRI@GQDR DHMD VDRDMSKHBGD "MO@RRTMF CDQ #TBGVDQSD UNM 7DQLvFDMRVDQSDM TMC 4BGTKCDM DQENQCDQKHBG RDHM VHQC VDQCDM M@BGRSDGDMC DQKfTSDQS

8&35.*/%&36/( 70/ /*$)5 '*/"/;*&--&/ 7&3.a(&/48&35&/ %HD 8DQSG@KSHFJDHSRSDRSR UNM 1"-'*/(&3 HM #DYTF @TE CDM 'HQLDMVDQS CHD HLL@SDQHDKKDM 7DQLvFDMRVDQSD LHS TMADRSHLLSDQ /TSYTMFRC@TDQ RNVHD MHBGS @AFDRBGKNRRDMD @JSHUHDQSD &MSVHBJKTMFROQNIDJSD A@RHDQDM @TE #DQDBGMTMFDM CDR /TSYTMFRVDQSR HL 3@GLDM CDQDQ DHMD %HRBNTMSDC $@RG NV .DSGNCD UDQVDMCDS VHQC %DQ DQYHDKA@QD #DSQ@F HRS RS@QJ @AGfMFHF UNM CDL HL 3@GLDM CDQ %HRBNTMSDC $@RG NV .DSGNCD UDQVDMCDSDM %HRJNMSHDQTMFRR@SY RNVHD UNM CDM DQV@QSDSDM J{MESHFDM .HSSDKYT {RRDM 8DHSDQD %DS@HKR YT CDM 8DQSLHMCDQTMFDM UNM MHBGS M@MYHDKKDM 7DQLvFDMRVDQSDM RHMC HM CDQ &QKfTSDQTMF *LL@SDQHDKKD 7DQLvFDMRVDQSD DQRHBGSKHBG

",5*7& -"5&/5& 45&6&3/ "JSHUD K@SDMSD 4SDTDQM VDQCDM E{Q @KKD MHBGS FDMTSYSDM RSDTDQKHBGDM 7DQKTRSUNQSQfFD HM CDL .@ D DQE@RRS HM CDL DR V@GQRBGDHMKHBG HRS C@RR GHDQE{Q YT UDQRSDTDQMCDR &HMJNLLDM UDQE{FA@Q RDHM VHQC RNC@RR CHD 7DQKTRSUNQSQfFD S@SRfBGKHBG FDMTSYS VDQCDM JvMMDM #DH MHBGS UDQE@KKA@QDM 7DQKTRSUNQSQfFDM VHQC @TE 7DQVDQSA@QJDHS HMMDQG@KA CDQ MfBGRSDM E{ME +@GQD @AFDRSDKKS #DH CDQ &QLHSSKTMF CDQ )vGD CDQ K@SDMSDM 4SDTDQ@MROQ{BGD CHD @JSHUHDQS VDQCDM JvMMDM HRS DHMD VDRDMSKHBGD &QLDRRDMR@TR{ATMF CDR .@M@FDLDMSR ADY{FKHBG CDR DQV@QSDSDM &HMSQHSSRYDHSOTMJSR TMC CDQ )vGD CDR J{MESHF YT UDQRSDTDQMCDM &HMJNLLDMR RNVHD CDQ YTJ{MESHFDM 4SDTDQOK@MTMFRRSQ@SDFHDM DQENQCDQKHBG 1"-'*/(&3 UDQE{FS {ADQ RSDTDQKHBGD 7DQKTRSUNQSQfFD HM )vGD UNM 5&63 7NQI@GQ 5&63 VDKBGD @KR 7DQLvFDMRVDQS @TRFDVHDRDM VDQCDM "JSHUHDQSD RSDTDQKHBGD 7DQKTRSUNQSQfFD HM )vGD UNM 5&63 7NQI@GQ 5&63 UDQE@KKDM MHBGS 8DHSDQD %DS@HKR YT K@SDMSDM 4SDTDQM RHMC HM CDQ &QKfTSDQTMF "JSHUD TMC O@RRHUD K@SDMSD 4SDTDQM DQRHBGSKHBG

1&/4*0/&/ "#'&35*(6/(&/ 6/% +6#*-\6.4(&-%&3 %HD "TEVDMCTMFDM @TR KDHRSTMFRNQHDMSHDQSDM 1KfMDM RNVHD FDRDSYKHBGDM 7DQO HBGSTMFDM ADH #DDMCHFTMF CDR "QADHSRUDQGfKSMHRRDR TMC UNM +TAHKfTLRFDKC @TRKvRDMCDM 'HQLDMYTFDGvQHFJDHSDM VDQCDM @MG@MC UNM UDQRHBGDQTMFRL@SGDL@SHRBGDM #DQDBGMTMFDM DQLHSSDKS %HD UDQRHBGDQTMFRL@SGDL@SHRBGD #DVDQSTMF DQENKFS @TE CDQ (QTMCK@FD UNM "MM@GLDM YT "AYHMRTMFRRfSYDM DQV@QSDSDM &QSQfFDM @TR 1K@MUDQLvFDM J{MESHFDM -NGM TMC (DG@KSRRSDHFDQTMFDM 4SDQAKHBGJDHS TMC CDM J{MESHFDM 3DMSDMRSDHFDQTMFDM "KKD "MM@GLDM VDQCDM YT IDCDL "ARBGKTRRRSHBGS@F {ADQOQ{ES #DH CDQ &QLHSSKTMF CDR @MFDLDRRDMDM %HRJNMSHDQTMFRR@SYDR NQHDMSHDQS RHBG C@R .@M@FDLDMS @M K@MFEQHRSHFDM .@QJSYHMRRfSYDM %HD 4SDQADQ@SD A@RHDQS @TE vEEDMSKHBG YTFfMFKHBGDM 4SDQADS@EDKM E{Q C@R DMSROQDBGDMCD -@MC ,{MESHFD -NGM TMC (DG@KSR RNVHD 3DMSDMRSDHFDQTMFDM A@RHDQDM @TE DQV@QSDSDM J{MESHFDM *M @SHNMRQ@SDM E{Q C@R IDVDHKHFD -@MC 8DHSDQD %DS@HKR YT CDM UDQVDMCDSDM "MM@GLDM RHMC HM CDQ &QKfTSDQTMF -@MFEQHRSHFD 3{BJRSDKKTMFDM DQRHBGSKHBG

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7NQI@GQ 5&63 %HD ;TFfMFD QDRTKSHDQDM @TR &QG@KSTMFRHMUDRSHSHNMDM RNVHD @TR CDL "TRA@T CDQ ;XKHMCDQEDQSHFTMF @L 4S@MCNQS 5DMDUN #TKF@QHDM *M (QTMCRS{BJD TMC #@TSDM RHMC (QTMCVDQSD ADA@TSDQ -HDFDMRBG@ESDM HM CDQ )vGD UNM 5&63

7NQI@GQ 5&63 DMSG@KSDM (DKDHRSDSD "MY@GKTMFDM TMC "MK@FDM HM #@T DMSG@KSDM YTL #HK@MYRSHBGS@F HM #@T AD MCKHBGD "MK@FDM LHS "MRBG@EETMFR AYV )DQRSDKKTMFRJNRSDM UNM 5&63 7NQI@GQ 5&63 ;TL %DYDLADQ ADRSDGDM JDHMD VDRDMSKHBGDM UDQSQ@FKHBGDM 7DQO HBGSTMFDM E{Q CDM &QVDQA UNM 4@BG@MK@FDM *L (DRBGfESRI@GQ VTQCDM ;TVDMCTMFDM CDQ vEEDMSKHBGDM )@MC HM )vGD UNM 5&63

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%HD ,Q@ESHMUDRS 1@K MFDQ #DSDHKHFTMFR (LA) aRSDQQDHBG @M CDQ 1"-'*/(&3 1QNYDMS GfKS VTQCD @L "TFTRS FDFQ{MCDS %HD 1@K MFDQ $Q@MD 3TR --$ 3TRRK@MC VTQCD @L 4DOSDLADQ @KR OQNYDMSHFD 5NBGSDQFDRDKKRBG@ES CDQ ,Q@ESHMUDRS 1@K MFDQ #DSDHKHFTMFR (LA) FDFQ{MCDS *L 2T@QS@K VTQCDM UNM 1"-'*/(&3 {ADQ LDGQDQD 5Q@MBGDM CDM ADHCDM (DRDKKRBG@ESDM 5&63 @M ,@OHS@K YTFDE{GQS "L "OQHK DQENKFSD CHD bADQM@GLD UNM 1QNYDMS @M CDQ /HLDS 4QK 3TLfMHDM LHSSDKR DHMRDHSHFDQ ,@OHS@KDQGvGTMF HM )vGD UNM 5&63 CTQBG 1"-'*/(&3 #DCHMFS CTQBG CHD @L 4DOSDLADQ WHDQSD \MCDQTMF CDQ &HFDMS{LDQRSQTJSTQ CDQ 1@K MFDQ 4NTSGDQM "EQHB@ 1SX -SC 4{C@EQHJ@ GfKS 1"-'*/(&3 MTMLDGQ 1QNYDMS CDQ "MSDHKD ;TR@LLDME@RRDMCD 'HM@MYHMENQL@SHNMDM E{Q CHD M@BG CDQ &PTHSX .DSGNCD AHK@MYHDQSDM @RRNYHHDQSDM 6MSDQMDGLDM DMSG@KSDM CHD M@BGENKFDMCDM 5@ADKKDM VNADH RHBG CHD "MF@ADM IDVDHKR @TE 1QNYDMS TMC MHBGS @TE CDM "MSDHK UNM 1"-'*/(&3 @M CDM @RRNYHHDQSDM 6MSDQMDGLDM ADYHDGDM HM 5&63 -@MFEQHRSHFD 7DQLvFDMRVDQSD ,TQYEQHRSHFD 7DQLvFDMRVDQSD -@MFEQHRSHFD 4BGTKCDM ,TQYEQHRSHFD 4BGTKCDM HM 5&63 6LR@SYDQKvRD &QFDAMHR M@BG &QSQ@FRSDTDQM

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",5*7& 6/% 1"44*7& -"5&/5& 45&6&3/ %HD K@SDMSDM 4SDTDQM RDSYDM RHBG VHD ENKFS YTR@LLDM

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C@UNM DQENKFRMDTSQ@KD K@SDMSD 4SDTDQM 4NMRSHFD K@MFEQHRSHFD 7DQAHMCKHBGJDHSDM ,TQYEQHRSHFD 4BGTKCDM ,TQYEQHRSHFD 'HM@MYUDQAHMCKHBGJDHSDM

C@UNM DQENKFRMDTSQ@KD K@SDMSD 4SDTDQM ,TQYEQHRSHFD 3{BJRSDKKTMFDM 7DQAHMCKHBGJDHSDM @TR -HDEDQTMFDM TMC -DHRSTMFDM TMC RNMRSHFD JTQYEQHRSHFD 7DQAHMCKHBGJDHSDM

1@RRHUD K@SDMSD 4SDTDQM -@MFEQHRSHFD 7DQLvFDMRVDQSD *LL@SDQHDKKD 7DQLvFDMRVDQSD 4@BG@MK@FDM "KR 'HM@MYHMUDRSHSHNM FDG@KSDMD *LLNAHKHDM -@MFEQHRSHFD M@MYHDKKD 7DQLvFDMRVDQSD

C@UNM DQENKFRMDTSQ@KD K@SDMSD 4SDTDQM ,TQYEQHRSHFD 7DQLvFDMRVDQSD 7NQQfSD 'NQCDQTMFDM @TR -HDEDQTMFDM TMC -DHRSTMFDM 4NMRSHFD JTQYEQHRSHFD 7DQLvFDMRVDQSD

C@UNM DQENKFRMDTSQ@KD K@SDMSD 4SDTDQM -@MFEQHRSHFD 4BGTKCDM -@MFEQHRSHFD 'HM@MYUDQAHMCKHBGJDHSDM -@MFEQHRSHFD 3{BJRSDKKTMFDM

C@UNM DQENKFRMDTSQ@KD K@SDMSD 4SDTDQM ,TQYEQHRSHFD 4BGTKCDM ,TQYEQHRSHFD 'HM@MYUDQAHMCKHBGJDHSDM ,TQYEQHRSHFD 3{BJRSDKKTMFDM 7DQAHMCKHBGJDHSDM @TR -HDEDQTMFDM TMC -DHRSTMFDM TMC RNMRSHFD JTQYEQHRSHFD 7DQAHMCKHBGJDHSDM

"JSHUD K@SDMSD 4SDTDQM @TE 7DQKTRSUNQSQfFD -@SDMSD 4SDTDQM C@UNM @JSHUD K@SDMSD 4SDTDQM O@RRHUD K@SDMSD 4SDTDQM

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3{BJCDBJTMFRVDQSD "TEV@MCR@AFQDMYTMFDM bAQHFD RNMRSHFD K@MFEQHRSHFD 7DQLvFDMRVDQSD 4TLLD

3{BJCDBJTMFRVDQSD ADSQDEEDM 3{BJJ@TERQDBGSD E{Q -DADMRUDQRHBGDQTMFDM CHD CHD 7NQ@TRRDSYTMFDM E{Q DHMD 4@KCHDQTMF LHS CDQ 3{BJRSDKKTMF E{Q 1DMRHNMDM FDLf *"4 MHBGS DQE{KKDM

7033\5& %HD 7NQQfSD RDSYDM RHBG VHD ENKFS YTR@LLDM HM 5&63

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4S@MC@QCHRHDQSD &HMYDKVDQSADQHBGSHFTMF

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,"44&/#&45"/% 6/% ,63;'3*45*(& '*/"/;.*55&%HD ,@RRDMADRSfMCD TMC (TSG@ADM ADH ,QDCHSHMRSHSTSDM RHMC #DRS@MCSDHK CDQ 'HM@MYLHSSDK CDR ,NMYDQM $@RGÂ&#x203A;NV 4S@SDLDMSR %DQ ,@RRDMADRS@MC TMC CHD JTQYEQHRSHFDM 'HM@MYLHSSDK RDSYDM RHBG VHD ENKFS YTR@LLDM HM 5&63 ,@RRDMADRSfMCD (TSG@ADM ADH ,QDCHSHMRSHSTSDM 4TLLD

;TL %DYDLADQ ADRSDGDM JDHMD 7DQE{FTMFRADRBGQfMJTMFDM {ADQ CHD 'HM@MYLHSSDK

(36/%,"1*5"%@R (QTMCJ@OHS@K HRS YDQKDFS HM 7NQI@GQ MDMMVDQSKNRD 4S{BJ@JSHDM RfLSKHBGD @TRFDFDADMDM "JSHDM RHMC UNKK DHMFDY@GKS 1DQ .@H DQENKFSD CHD HM CDQ )@TOSUDQR@LLKTMF @L .fQY ADRBGKNRRDMD UDQDHME@BGSD )DQ@ARDSYTMF CDR (QTMCJ@OHS@KR CDQ 1"-'*/(&3 "( FDLf } "AR ; TMC } "AR "JS( CTQBG &HMYHDGTMF UNM 4S{BJ DHFDMDM "JSHDM UNM 5&63 TL 5&63 @TE 5&63 %HD UDQAKDHADMCDM DHFDMDM "JSHDM VDQCDM YTQ 7DQVDMCTMF HL 3@GLDM UNM 4SNBJ 0OSHNM 1QNFQ@LLDM ADG@KSDM

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4S{BJ 4S@MC "TR{ATMF 0OSHNMRQDBGS 7DQDHME@BGSD ,@OHS@KGDQ@ARDSYTMF 4S@MC

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3{BJK@FD FDLf *'34 %DQ ADHYTKDFDMCD ;DHSVDQS CDQ HL 3@GLDM CDR 4SNBJ 0OSHNM 1QNFQ@LLR FDVfGQSDM 0OSHNMDM VHQC {ADQ CDM &QCHDMTMFRYDHSQ@TL @KR 1DQRNM@K@TEVDMCTMF DQE@RRS %HD 3{BJK@FD FDLf *'34 QD DJSHDQS CHD JTLTKHDQSDM 1DQRNM@K@TEVDMCTMFDM AHR YTL %DYDLADQ #DH 7DQE@KK CDQ "JSHDMNOSHNMDM DQENKFS DHMD 7DQQDBGMTMF LHS CDM JTLTKHDQSDM &QFDAMHRRDM %HD &MSVHBJKTMF CDQ 3{BJK@FD FDLf *'34 RSDKKS RHBG VHD ENKFS C@Q HM 5&63

4S@MC %NSHDQTMF 7DQAQ@TBG "T vRTMF 4S@MC

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7NQI@GQ &63 ID "JSHD

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%HUHCDMCD ID "JSHD *M CDQ )@TOSUDQR@LLKTMF @L .fQY VHQC UNQFDRBGK@FDM C@RR JDHMD (DVHMM@TRRBG{SSTMF

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%HD &MSVHBJKTMF CDQ $@RG NV )DCFD 3{BJK@FD TMC CDQ 3{BJK@FD E{Q "U@HK@AKD ENQ R@KD 8DQSO@OHDQD HRS @TR CDQ ,NMYDQM@TERSDKKTMF @KKDQ DQE@RRSDM &QSQfFD TMC "TEVDMCTMFDM DQRHBGSKHBG

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