Gepgenc festival 2008 sonuc kitabi

*H3*H1o )H67L9D/· *HQoOLN dDO×ċPDODU× %LULPL ĈVWDQEXO %LOJL hQLYHUVLWHVL VDQWUDOLVWDQEXO ( .D]×P .DUDEHNLU &DG 1R 6LODKWDUDĊD (\ S ĈVWDQEXO

KWWS JHQFOLN ELOJL HGX WU JHQFOLN#ELOJL HGX WU

,6%1 ZZZ ELOJL\D\ FRP

*HQoOLN dDO×ċPDODU× %LULPL ĈVWDQEXO %LOJL hQLYHUVLWHVL YH 7RSOXP *|Q OO OHUL 9DNI× RUWDNO×Ċ×QGD oDO×ċPDODU×Q× \ U WPHNWHGLU

www.gepgencfestival.net www.gepgenc.blogspot.com

*H3*H1o )H67L9D/ %LU ĈVWDQEXO 3URMHVLGLU

*H3*H1o )H67L9D/ ĈVWDQEXO %LOJL hQLYHUVLWHVL <D\×QODU×

*HQoOLN dDO×ċPDODU×

,6%1 %DVN× ĈVWDQEXO $UDO×N c %LOJL ĈOHWLċLP *UXEX <D\×QF×O×N 0 ]LN <DS×P YH +DEHU $MDQV× /WG ĉWL <D]×ċPD $GUHVL ĈQ|Q &DG 1R .XċWHSH ĉLċOL ĈVWDQEXO 7HO )DNV ZZZ ELOJL\D\ FRP H SRVWD \D\LQ#ELOJL\D\ FRP 'DĊ×W×P GDJLWLP#ELOJL\D\ FRP 'HUOH\HQ 0XUDW $OHPGDU (GLW|U 1HVOLKDQ g]W UN <D\×QD +D]×UOD\DQODU 0XUDW $OHPGDU 1HVOLKDQ g]W UN <|U N .XUWDUDQ .DSDN YH .LWDS 7DVDU×P % 3ODQ× ĈOHWLċLP +L]PHWOHUL www.bplani.net %DVN× YH &LOW 2KDQ 0DWEDDF×O×N (WLNHW $PEDODM 6DQD\L

ĈVWDQEXO %LOJL 8QLYHUVLW\ /LEUDU\ &DWDORJLQJ LQ 3XEOLFDWLRQ 'DWD $ FDWDORJ UHFRUG IRU WKLV ERRN LV DYDLODEOH IURP WKH ĈVWDQEXO %LOJL 8QLYHUVLW\ /LEUDU\ )HVWLYDO (GLW|U 1HVOLKDQ g]W UN S FP ,6%1 1RQ *RYHUQPHQWDO 2UJDQL]DWLRQV 7XUNH\ &LYLO VRFLHW\ 7XUNH\ <RXWK 7XUNH\ 3ROLWLFDO DFWLYLW\ 6RFLDO ZRUN ZLWK \RXWK 7XUNH\ (GXFDWLRQDO WHFKQRORJ\ 7XUNH\ , g]W UN 1HVOLKDQ ,, $OHPGDU 0XUDW ,,, .XUWDUDQ <|U N

.$95$06$/ *(3*(1d 7 UNL\H·GH \×O× +DELWDW ,, ĈVWDQEXO ]LUYHVL\OH \×O× GD GHSUHP YH VRQUDV× JLULċLPOHUOH VL YLO WRSOXP |UJ WOHULQLQ YDU ROGXNODU×Q× J|VWHUHQ V UHoOHU RODUDN \D\J×Q ELoLPGH NDEXO J|U \RU *HQo OLN DODQ×QGD oDO×ċDQ VLYLO WRSOXP |UJ WOHUL GH EX V UHoWHQ HWNLOHQGLOHU YH EX V UHFL HWNLOHGLOHU 2FDN ·GH NXUXODQ JHQFOLN VWN#\DKRRJURXSV FRP H SRVWD OLVWHVL KHU JHoHQ J Q JHQLċOH\HQ ´JHQoOLNµ DODQ×Q×Q LON LOHWLċLP SODWIRUPXQX ROXċWXUGX .DV×P ·GH ´*HQoOLN .DW×O×P YH 6LYLO 7RSOXPµ EDċO×Ċ× LOH JHUoHNOHċHQ 6LYLO 7RSOXP .XUXOXċODU× 67.

6HPSR]\XPX DODQGDNL NXUXPODU×Q \DQ\DQD JHOPHOHULQH YH ELUELUOHULQGHQ |ĊUHQPHOHULQH RUWDP VDĊODG× \×O×QGD EDċOD\DQ $YUXSD $NGHQL] *HQoOLN (\OHP 3URJUDP× \×O×QGD 8OXVDO $MDQV·×Q NXUXOPDV× YH $YUXSD %LUOLĊL (ĊLWLP YH *HQoOLN 3URJUDPODU×·Q×Q 7 UNL\H·QLQ NDW×O×P×QD Do×OPDV×\OD ´JHQoOLNµ DODQ×QGDNL JHQLċOHPH K×] ND]DQG× g]HOOLNOH VRQ LNL \×OG×U VLYLO WRSOXP DODQ×QGD JHQoOLNOH LOJLOL JHQoOHU LoLQ YH YH\D JHQoOHU WDUDI×QGDQ \DS×ODQ HWNLQOLNOHULQ VD\×V× DUWW× %LU oRN VLYLO WRSOXP NXUXOXċX |]QHVL JHQoOLN RODQ oDO×ċPDODU \DS×\RU NHQGLVLQL JHQoOLN 67.·V× RODUDN WDQ×PO×\RU *H3*H1o·LQ WHPHO GHUGL \DQ\DQD JHOPHN d QN ELUELULPL]LQ VHVLQL GX\PDQ×Q EHUDEHU VHV ROPDQ×Q ´7 UNL\H·GH JHQoOHU YDU µ GHPHQLQ YH JHQoOLĊLQ LVWDWLVWLNVHO YHUL ROPDNWDQ o×N×S \DSW×NODU×P×]× \DSD ELOHFHNOHULPL]L YDU ROGXĊXPX]X JHSJHQo ELU ELoLPGH JHSJHQo J|VWHUPHQLQ YDNWLQLQ JHOGLĊLQH LQDQ×\RUX] ĈONLQL $UDO×N WDULKOHUL DUDV×QGD JHQoOLN NXUXOXċXQXQ NRRUGLQDV\RQXQGD G ]HQOHGLĊLPL] *H3*H1o·H EX VHQH · DċN×Q NXUXOXċ SURMHOHUL\OH oDO×ċPDODU×\OD IDUNO× ÀNLU YH GHQH\LPOHUL\OH NDW×OG× \×O×QGDNL IHVWLYDOLQ G ]HQOHQPHVL LoLQ LVH NXUXOXċ ELUDUD\D JHOGL g]HWOH *H3*H1o *HQoOHULQ WRSOXPVDO KD\DWWDNL URO Q Q J|U Q U N×O×QPDV× *HQoOHUH VDĊODQDQ KL]PHWOHULQ LoHULĊLQLQ JHOLċWLULOPHVL YH \D\J×QO×Ċ×Q×Q DUWPDV× *HQoOHULQ WRSOXPD VDĊODG×Ċ× NDWN×ODU×Q GHVWHNOHQPHVL 6LYLO JHQoOLN JLULċLPOHULQLQ RUWDN oDO×ċPDODU \DSDQ YH |QHULOHU JHOLċWLUHQ VLYLO JHQoOLN DĊODU×QD G|Q ċPHVL *HQoOLN NRQXVXQGD NDPX YH VLYLO DODQ DUDV×QGDNL GL\DORĊXQ JHOLċPHVL

DPDoODU×\OD JHUoHNOHċL\RU

7(0$7Ĉ. *(3*(1d gWHNL 'HĊLO .RPċX ´«%DQD ´LoLPLQ GHULQOLĊLQGHµ QH ROGXĊXP VRUXOGXĊXQGD EXQGD KHUNHVLQ ´LoLQLQ GHULQOLĊLQGHµ DĊ×U EDVDQ WHN ELU DLGL\HWLQ ELU EDN×PD ´NLċLQLQ GHULQ JHUoHĊLQLQµ GRĊDUNHQ HEHGL\HQ EHOLUOHQHQ YH DUW×N GHĊLċPH\HFHN RODQ ´|]µ Q Q YDU ROGXĊX LQDQ×ċ× \DW×\RU 6DQNL JHUL NDODQ×Q E W Q JHUL NDODQ×Q |]J U LQVDQ RODUDN NDWHWWLĊL \ROXQ EHQLPVHGLĊL LQDQ×ċODU×Q WHUFLKOHULQ NHQGLQH |]HO GX\JXVDOO×Ċ×Q×Q \DN×QO×NODU×Q×Q VRQXoWD \DċDP×Q×Q KLo ELU |QHPL \RNPXċ JLEL µ $PLQ 0DDORXI 2\VD NL JHUL NDODQ×Q HQ N o N N×U×QW×V×QD NDGDU |QHPL YDU o QN NLċL\L |WHNL GHĊLO GH NHQGL \DSDQ EDċND KLoNLPVH\H EHQ]HPH] N×ODQ ELU GHĊLO SHN oRN IDUNO× DLGL\HWOHULQ EHONL EDċWD GLQ GLO ×UN FLQVL\HW YH GLĊHUOHUL ELUOHċLPLQGHQ ROXċDQ NLPOLĊLGLU %X DLGL\HWOHU VRQVX] RODV×O×NODUOD VRQVX] NLPOLNOHUH YH GROD\×V×\OD VRQVX] |WHNLOHUH JHEH $QFDN ċDċ×UW×F× RODQ ċX NL LQVDQODU EX ]HQJLQOLN LoLQGH GDLPD NHQGLOHULQLQ YH |WHNLOHULQLQ DLGL\HWOHULQLQ ELU WDQHVLQL GLĊHUOHULQGHQ VW Q N×OPD E|\OHFH NHQGLQL YH |WHNLQL EX WHPHOGH WDQ×PODPD HĊLOLPLQGH .LPOLĊL WHN ELU DLGL\HWH G|Q ċW UPH LKWL\DF× |WHNLQL GH D\Q× ċHNLOGH WHN ER\XWOX J|UPH LQVDQODU× WHN WDUDÁ× DQOD\×ċV×] YH DF×PDV×] \DSPD J F QH VDKLS 6L\DK EH\D] NDG×Q HUNHN P VO PDQ PXVHYL VDĊF× VROFX JHQo \DċO׫ ' Q\DGDNL ]XO POHUH NDWOLDPODUD VDYDċODUD EDNW×Ċ×P×]GD KHS EX DLGL \HWOHULQ L]OHULQL J|U \RUX] (ĊHU |WHNLQH \DNODċPDQ×Q WHN \ROX EX ROVD\G× G Q\D ELUELULQH YH KDWWD NHQGLQH \DEDQF× \DSD\DOQ×] ELU \HU ROXUGX $QFDN G Q\D DNVLQH RUWDN ELU ċH\OHU SD\ODċDQ YH KLoELUL |WHNLQLQ D\Q× ROPD\DQ LQVDQ ODUOD GROX ED]HQ D\Q× \HPHĊL ED]HQ D\Q× FRĊUDI\D\× ED]HQ D\Q× LQDQF× SD\ODċDQ ED]HQ WHN SD\ODċW×Ċ× D\Q× J|N\ ] Q Q DOW×QGD \DċDG×NODU× JHUoHNOLN RODQ g\OH\VH EX VRQVX] RODV×O×NODU DUDV×QGD ELU RODV×O×N GD IDUNO× RODQ× |WHNLQLQ EDċNDO×Ċ× \DOQ×]O×Ċ× VRĊXNOXĊX \HULQH NRPċXQXQ V×FDNO×Ċ× UDKDWO×Ċ× \DN×QO×Ċ× ×ċ×Ċ×QGD J|UPHN

*HQo 2OPDQ×Q 'D\DQ×OPD] +DÀÁLĊL *HQoOLN GLQ GLO ×UN NDGDU NHVLQ WDQ×PODU× ROPD\DQ DQFDN YDUO×Ċ× GD \DGV×QDPD\DFDN ELU DLGL\HW *HQo ROPDN EHONL EHONL GH \Dċ DUDV×QGD ROPDN EHONL ELU KD\DW HQHUMLVLQH VDKLS ROPDN EHONL JL]OLGHQ JL]OL\H |O PH PH\GDQ RNXPDN %D]HQ ×VODK HGLOPHVL JHUHNHQ VRUXQOX ELU JUXS %D]HQ IDEULNDGD oDUNODU× G|QG UHFHN VDĊO×NO× EHGHQOHU %D]HQ WRSOXPVDO GHĊLċLPL WHWLNOH\HELOHFHN ELUH\OHU 7 UNL\H·GH JHQo ROPDN gWHNL ROPD\× oRN L\L ELOPHN $YUXSD ONHOHUL DUDV×QGD Q IXV RODUDN HQ \ NVHN RUDQGD ROXS ELU J QH\ ONHVLQGH D]×QO×N ROPDQ×Q W P LPNDQV×]O×NODU×Q× \DċDPDN ĈċVL]OLĊH YH \RNVXOOXĊD NDUċ× WRSOXPXQ JHUL NDODQ×QD J|UH GDKD VDYXQPDV×] ROPDN (ĊLWLPH HULċLPGH JHULGH NDOPDN .HQGLQL LOJLOHQGLUHQ NRQXODUGD V|] VDKLEL RODPDPDN «

*H3*H1o 3HNL E W Q EXQODU× DQODWDUDN EX IHVWLYDOL ´NRPċXOXNµ WHPDV× DOW×QGD G ]HQOH\HUHN QH GHPH\H oDO×ċ×\R UX]" *HQoOHUH NHQGLQL]GHQ IDUNO× RODQ NLċLOHUL KRċJ|U Q P GHPH\H oDO×ċ×\RUX]" +D\×U WDP WHUVLQH KRċJ|UPH\LQ GHPHN LVWL\RUX] +RċJ|UPHN NHQGLQL GLĊHULQGHQ VW Q J|UHQLQ \DSW×Ċ× ELU H\OHPGLU g\ OH\VH \DS×OPDV× JHUHNHQ NLPVH\L NLPVHGHQ VW Q J|UPHPHN KHUNHVH KHUKDQJL ELU D\U×P J|]HWPHGHQ HċLW KDNODU YHUPHNWLU d QN JHoHQ *H3*H1o·WH GH GHGLĊLPL] JLEL J Q Q VRQXQGD KHUNHV IDUNO× KHU NHV HċLWWLU

ĈdĈ1'(.Ĉ/(5 )HVWLYDOH (Y 6DKLSOLĊL <DSDQ .XUXOXċODU

*LULċ <D]×ODU×

' ]HQOHPH .RPLWHVL

'HVWHNoLOHU

VDQWUDOLVWDQEXO

)HVWLYDO *|Q OO OHUL

*HSJHQo )RUXP

Ĉ\L gUQHNOHU .RQIHUDQV×

$W|O\HOHU

6HUJLOHU

)LOPOHU

.RQVHUOHU

6RV\DO +DNODU .×UDDWKDQHVL

<DċD\DQ . W SKDQH

*|VWHULOHU

+D\DW 9HUHQ .XUXOXċODU

%DV×QGD *HSJHQo

% WoH

*HQoOLN dDO×ċPDODU× %LULPL dDO×ċDQODU×

*HSJHQo =DPDQ dL]HOJHVL

ĈOHWLċLP 0DO]HPHOHUL

ĈVWDQEXO %LOJL hQLYHUVLWHVL \×O×QGD 7 UNL\H·GH QLYHUVLWH \DċDP×QD \HQL ELU VROXN JHWLUPHN DPDF×\OD NXUXOGX ´2NXO LoLQ GHĊLO \DċDP LoLQ |ĊUHQPHOL\L]µ LONHVL\OH \ROD o×NDQ ĈVWDQEXO %LOJL hQLYHUVLWHVL IDN OWH 0HVOHN < NVHN 2NXOX YH 6RV\DO %LOLPOHU (QVWLW V ·QH EDĊO× OLVDQV VW SURJUDPODU×\OD · DċN×Q |ĊUHQFL\H HĊLWLP YHUL\RU gĊUHQFL YH DNDGHPLV\HQOHULQ ´ELUOLNWH |ĊUHQPH YH UHWPHµ V UHFLQLQ XOXVODUDUDV× NDOLWH YH VWDQGDUWODUGD HQ VW QRNWD\D XODċPDV×Q× DPDoOD\DQ %Ĉ/*Ĉ W P G Q\DGD JHoHUOL ELU HĊLWLP VXQPD\× KHGHÁL\RU YH G Q\DQ×Q |QGH JHOHQ QLYHUVLWHOHUL LOH GH LċELUOLĊL \DS×\RU %LU ´NHQW QLYHUVLWHVLµ RODQ %Ĉ/*Ĉ \×O ER\XQFD G ]HQOHGLĊL XOXVDO XOXVODUDUDV× N OW UHO YH DNDGHPLN HWNLQOLNOHUOH |ĊUHQFLOHULQLQ \DQ× V×UD W P NHQWOLOHUH GH VRV\DO YH N OW UHO Do×GDQ GR\XUXFX ELU RUWDP VXQX\RU $\U×FD %Ĉ/*Ĉ HĊLWLPGH I×UVDW HċLWOLĊL \DUDWPDN YH EXOXQGXĊX oHYUH\H WRSOXPVDO NDWN×GD EXOXQPDN DPDF×\OD SHN oRN VRV\DO VRUXPOXOXN SURMHVL \ U W \RU ĈVWDQEXO %LOJL hQLYHUVLWHVL N OW U PLUDV×P×]×Q NRUXQPDV× YH ONH N OW U KD\DW×Q×Q JHOLċWLULOPHVLQH \|QHOLN IDDOL\HWOHU GH G ]HQOL\RU ZZZ ELOJL HGX WU

7RSOXP *|Q OO OHUL 9DNI× $UDO×N WDULKLQGH NXUXOPXċ JHQoOHULQ |QF O Ċ QGH \HWLċNLQOHULQ GHVWHĊL\OH JHUoHNOHċWLULOHQ VRV\DO VRUXPOXOXN SURMHOHUL DUDF×O×Ċ×\OD WRSOXPVDO JHOLċLP YH GHĊLċLP VDĊODPD\× KHGHÁH\HQ ELU VLYLO WRSOXP NXUXOXċXGXU hQLYHUVLWHOHUGH |ĊUHQFL WRSOXOXNODU× NXO SOHUL JUXSODU× ċHNOLQGH |UJ WOHQHQ 7RSOXP *|Q OO OHUL JHQoOHULQ EXOXQGXNODU× \HUHOGH LKWL\DoODU× GRĊUXOWXVXQGD HĊLWLPGHQ VDĊO×ĊD JLULċLPFLOLNWHQ PLNUR NUHGL X\JXODPDODU×QD LQVDQ KDNODU× HĊLWLPOHULQGHQ oHYUH\H NDGDU oRN JHQLċ ELU DODQGD VRV\DO VRUXPOXOXN SURMHOHUL KD\DWD JHoLUPHNWHGLU 7RSOXP *|Q OO OHUL JHUoHNOHċWLUGLĊL SURMHOHUOH JHQoOHULQ KDUHNHWOLOLĊLQL VDĊOD\DUDN WRSOXPVDO EDU×ċ GD\DQ×ċPDQ×Q ROXċPDV×QD GD NDWN×GD EXOXQPDNWDG×U ZZZ WRJ RUJ WU

.DV×P \×O×QGD ĈVWDQEXO %LOJL hQLYHUVLWHVL YH 7RSOXP *|Q OO OHUL 9DNI× DUDV×QGD LP]DODQDQ ELU SUR WRNROOH UHVPHQ NXUXODQ YH $ĊXVWRV WDULKLQGHQ LWLEDUHQ GH ÀLOHQ oDO×ċPDODU×QD EDċOD\DQ *HQoOLN dDO×ċPDODU× %LULPL *d% 7 UNL\H·GH GHPRNUDWLN JHQoOLN SROLWLNDODU×Q×Q NDW×O×PF×O×N WHPHOLQGH JHOLċPHVLQH \|QHOLN oDO×ċPDODU \DSPDNWDG×U %LULP G|UW DQD SURJUDP× E Q\HVLQGH EDU×QG×UPDNWDG×U $ć .850$ 352*5$0, 3URJUDP×Q DPDF× JHQoOLN DODQ×QGDNL VLYLO WRSOXP YH NDPX NXUXOXċODU×\OD EX NXUXPODUGD oDO×ċDQODU×Q ELUELUOHULQGHQ |ĊUHQPH V UHoOHULQL JHOLċWLUPHNWLU %|\OHFH KHP JHQoOLN DODQ×QGDNL SD\GDċODU×Q NDSDVLWH JHOLċLPL GHVWHNOHQPHNWH KHP GH SD\GDċODU×Q EHUDEHU KDUHNHW HGHELOPHOHULQH \|QHOLN oHċLWOL LPNDQODU VDĊODQPDNWDG×U %X oHUoHYHGH JHQoOLN NXUXOXċODU×\OD EHUDEHU YH \×OODU×QGD ċLPGL HOLQL]GH VRQXo NLWDE×Q× WXWWXĊXQX] *H3*H1o )HVWLYDO KD\DWD JHoLULOGL ² \×OODU×QGD LQVDQ KDNODU× NDW×O×P YH oHċLWOLOLN LONHOHUL WHPHOLQGH $YUXSD·Q×Q ONHVLQGH DNWLI RODQ +HUNHV )DUNO× +HUNHV (ċLW .DPSDQ\DV×·Q×Q VHNUHWHU\DV× *HQoOLN YH 6SRU *HQHO 0 G UO Ċ ·\OH EHUDEHU \ U W OG \×O×QGD GHID JHQoOLN NXUXOXċODU×Q×Q VLYLO DODQGDNL GLĊHU SD\GDċODUOD ÀNLU YH ELOJL DO×ċYHULċLQL JHOLċWLUPH\H \|QHOLN RODUDN SODQ ODQDQ dDO×ċPD =L\DUHWOHUL G ]HQOHQGL $5$ĉ7,50$ 352*5$0, 3URJUDP E Q\HVLQGH X\JXODQDQ ELOLPVHO DUDċW×UPDODUOD JHQoOLN DODQ×\OD LOJLOL YHULOHU VDĊODQPDNWD E|\ OHFH ELOJL WHPHOOL JHQoOLN SROLWLNDODU× ROXċWXUPD V UHoOHUL GHVWHNOHQPHNWHGLU %X NDSVDPGD 7 UNL\H·GH *HQoOLN dDO×ċPDV× YH 3ROLWLNDODU× DUDċW×UPD NLWDE× ĈVWDQEXO %LOJL hQLYHUVLWHVL \D\×QODU×·QGDQ EDV×OG× +DOHQ JHQoOHU YH EDU×QPD KDNN× J|Q OO O N YH JHQoOHU JHQoOHU YH KDUHNHWOLOLN JHQoOLN SROLWLNDODU×Q×Q J|VWHUJHOHUL NDUċ×ODċW×UPDO× JHQoOLN SROLWLNDODU× YH JHQoOLN DODQ UDSRUX EDċO×NO× DUDċW×UPD SURMHOHUL GHYDP HWPHNWHGLU 6$9818&8/8. 352*5$0, 3URJUDP E Q\HVLQGH LKWL\Do WHPHOOL ELU JHQoOLN SROLWLNDV× \DNODċ×P×Q×Q NDUDU DO×F×ODU QH]GLQGH \D\J×QODċW×U×OPDV×QD \|QHOLN IDDOL\HWOHU G ]HQOHQPHNWH E|\OHFH KDN WHPHOOL SROLWLND \DNODċ×P×Q×Q EH QLPVHQPHVLQH \|QHOLN IDDOL\HWOHU GHVWHNOHQQPHNWHGLU $GUHVH % \ WHo SURMHVL NDSVDP×QGD SLORW LOGH JHQoOHUH VDĊODQDQ KL]PHWOHULQ EL]]DW JHQoOLN JUXSODU× WDUDI×QGDQ L]OHQPHVLQH NDWN×GD EXOXQXOPXċ VRQEDKDU×QGDQ LWLEDUHQ GH 72*·OD LċELUOLĊLQGH LO VD\×V× ·D o×NP×ċW×U 2UWD 9DGHOL 3ODQ·×Q 67.·ODU WDUDI×QGDQ L]OHQPHVLQH \|QHOLN ROXċWXUXODQ 6RV\DO % W oH\L Ĉ]OL\RUX] 3ODWIRUPX·QD JHQoOLNOH LOJLOL GHVWHNOHQPHNWHGLU 02'(//(0( 352*5$0, 3URJUDP 7 UNL\H JHQoOLN DODQ×QGDNL \HQLOLNoL \DNODċ×PODU×Q W P V UHoOHUL\OH EHUDEHU ELUHU PRGHO KDOLQH JHWLULOPHVLQL DPDoODPDNWDG×U %|\OHFH VLYLO YH NDPX SD\GDċODU×Q×Q EX ROXċWXUXOPXċ ELULNLPOHUL NHQGL X\JXODPDODU× oHUoHYHVLQGH VDKLSOHQPHVLQH \|QHOLN oDO×ċPDODU LoLQ ELOJL UHWLU *d%·QLQ NHQGL E Q\HVLQGH NXUXODQ .×VD 'DOJD *HQoOLN 0HUNH]L PHUNH] YH PDKDOOH WHPHOOL JHQoOLN oDO×ċPDV×Q× \×O×Q×Q EDċ×QGDQ LWLEDUHQ KD\DWD JHoLUPHNWHGLU .×VD 'DOJD·Q×Q GD GDKLO ROGXĊX YH JHQoOLN PHUNH]OHULQLQ NHQGL DUDODU×QGDNL SD\ODċ×P×Q× DUWW×UPD\D \|QHOLN *HQoOLN 0HUNH]OHUL $Ċ× SURMHVLQLQ KD]×UO×N DċDPDODU× GHYDP HWPHNWHGLU *HQoOLN NXUXOXċODU×Q×Q NDSDVLWHOHULQL \HQLOLNoL HĊLWLP PHWRGODU×\OD JHOLċWLUPH\H \|QHOLN WDVDUODQDQ %D\NXċ (ĊLWLPOHUL IDUNO× PRG O oHUoHYHVLQGH X\JXODQP×ċ YH HĊLWLP NLWDSODU× EDV×OP×ċW×U %X HĊLWPOHU GDKD VRQUD NHUH GDKD 8OXVDO $MDQV·OD RUWDNODċD KD\DWD JHoPLċWLU ĈQVDQ KDNODU× DODQ×QGDNL \HQLOLNoL \DNODċ×PODUGDQ ELUL RODQ <DċD\DQ . W SKDQH 72*·OD RUWDNODċD \ U W OPHNWHGLU $\U×FD .LWDE× .DSDĊ×QD *|UH <DUJ×ODPD <DċD\DQ . W SKDQH ' ]HQOH\LFL 5HKEHUL ĈVWDQEXO GHQH\LPL GH HNOHQHUHN 7 UNoH\H ND]DQG×U×OP×ċW×U KWWS JHQFOLN ELOJL HGX WU

%X \×O *H3*H1o )H67L9D/·L VDQWUDOLVWDQEXO·GD JHUoHNOHċWLUGLN VDQWUDOLVWDQEXO ELU \DQGDQ VDQDW N O W U YH HĊLWLPLQ \DUDW×F× YH \HQLOLNoL GLQDPLNOHULQGHQ \DUDUODQDUDN NDW×O×PF× YH GLVLSOLQOHUDUDV× QLWHOLNWH XOXVODUDUDV× ELU SODWIRUP ROPD\× DPDoODPDNWD GLĊHU \DQGDQ dDĊGDċ 6DQDWODU 0 ]HVL YH 6LODKWDUDĊD (OHN WULN 6DQWUDO×·Q×Q NRUXQPXċ HQHUML UHWLP WHVLVOHUL YH NXPDQGD RGDV×Q×Q EXOXQGXĊX ELU (QHUML 0 ]HVL·QL EDU×QG×UPDNWD 0 ]H YH )HVWLYDO ELUDUDGD %X ELUD] \DEDQF× JLEL JHOHELOLU LQVDQD $PD VDQWUDOLVWDQEXO YH RUDGDNL P ]HOHU LoLQGH LQVDQODU×Q SHUJHO JLEL JH]GLNOHUL DO×ċ×N ROPDG×NODU× GDYUDQ×ċ NRGODU×QD WkEL ROGXNODU× \HUOHU GHĊLO VDQWUDOLVWDQEXO·XQ GHUVOLNOHULQL oLP DODQODU×Q× GRQDQ×P×Q× SD\ODċDQ JHQoOHULQ G ]HQOH\HFHNOHUL DW|O \HOHUL LoLQ WDQH OLWUHOLN SHW ċLċH WHQFHUH YH RFDN WDOHSOHULQL ELOH ċDċ×UPDGDQ N×]PDGDQ NDUċ×OD\DQ LQVDQODU×Q oDO×ċW×Ċ× YH \|QHWWLĊL ELU \HU ROGXĊXQX J|UG N VDQWUDOLVWDQEXO LOH ELUOLNWH VDQDW HVHUOHULQLQ VDGHFH VHUJLOHQPHGLĊL JHQLċ NLWOHOHUOH SD\ODċ×ODELOGLĊL YH WDUW×ċ×ODELOGLĊL GLQDPLN YH Do×N ELU RUWDP \DUDW×ODELOHFHĊLQL *H3*H1o )H67L9D/·GH \DN×QGDQ GHQH\LPOHGLN )HVWLYDOH ·H \DN×Q JHQo NDW×OG× dRN UHQNOL YH JHQLċ ELU \HOSD]H YDUG× %LU NDS×GDQ %DURVVR JL UHUNHQ IHVWLYDO LoLQ JHOPHPLċWL DPD ROVXQ GLĊHU NDS×V×QGDQ \ ]OHUFH JHQFLQ D\Q× DQGD JLUGLĊL ELU IHVWLYDO \DċDG×N IDUNO× JHQoOLN |UJ W J|Q OO V YH DNWLYLVWL LOH oRN FDQO× ELU Do×N KDYD IXDU× JHUoHNOHċWLULOGL (\ S·O JHQoOHU EX VHQH RODQ ELWHQL VDGHFH NXUFDODG×ODU VHQH\H DNWLI NDW×O×PF× RODFDNODU×QGDQ HPLQLP g]HOOLNOH (\ S *HQoOLN 0HFOLVL YH *HQoOLN 0HUNH]L\OH \DSW×Ċ×P×] LċELUOLĊL \×O×QGD (\ S·O JHQoOHULQ *H3*H1o )H67L9D/·LQ RUJDQL]DV\RQXQGD DNWLI RODUDN \HU DOPDODU×Q× NDWN×GD EXOXQDFDN <DċD\DQ . W SKDQH YH 6RV\DO +DNODU .×UDDWKDQHVL KHSLPL]L KHP G ċ QG UG KHP WDQ×ċW×UG× KHP HĊOHQGLUGL $W|O\HOHU HQ J ]HO UHWLP YH SD\ODċ×P DODQODU×\G× )HVWLYDOL EDċ×QGDQ VRQXQD G ]HQOH\HQ ·H \DN×Q JHQo J|Q OO Q Q IHVWLYDO VRQXQGD \ UHNOHUL ELUD] GDKD E \ P ċW *HFHOHUL NRQVHUOHULQ LVH EL]LP LoLQ |QHPL oRN ID]OD\G× g]HOOLNOH (\ S·O JHQoOHULQ YH (\ SO DLOHOHULQ NHQGLOHULQH GH Do×N RODQ EX IHVWLYDOLQ NDW×O×PF×ODU× LOH NHQGLOHULQL \DN×Q KLVVHWPHOHUL RQODU JLEL HĊOHQLS P ]LN GLQOHPHOHUL LoLQ oRN V×FDN ELU RUWDP ROXċWXUGX +HOH oRFXNODU× GDQV HGHUNHQ oLPOHULQ ]HULQGH \D\J×ODU× YH VHPDYHUOHUL\OH oD\ LoHQ (\ S·O WH\]HOHUL YH DPFDODU× NLP XQXWDELOLU ·GD \LQH VDQWUDOLVWDQEXO·GD *H3*H1o )H67L9D/·H DNWLI NDW×O×P×Q×]× EHNOHUL] $PD R ]DPDQD NDGDU EXUDV× JHQoOHULQ 1LFH QLFH SURMHOHULQL]L JHUoHNOHċWLUHELOPHQL] LoLQ EHNOHUL] ´W NNDQ VL]LQµ 6HYJLOHU 185+$1 <(17h5.

*H3*H1o )HVWLYDO·LQ LNLQFLVL JHUoHNOHċWLULOGL )HVWLYDOH HY VDKLSOLĊL \DSDQ *HQoOLN dDO×ċPDODU× %LULPL·QLQ *d% NXUXOXċ DPDoODU×QGDQ ELU WDQHVL GH 7 UNL\H·GH IDDOL\HW J|VWHUHQ JHQoOLN NXUXOXċODU×Q×Q ELUDUD\D JHOPHOHULQL VDĊODPDN )HVWLYDO *d%·QLQ EX DPDF×QD XODċDELOPHVL LoLQ NXOODQG×Ċ× HQ |QHPOL DUDoODU×QGDQ ELU WDQHVL VHQHVL VRQXQGD JHUoHNOHċWLULOHQ LONLQH RUDQOD EX \×O oRN GDKD ID]OD NXUXP YH JHQo IHVWLYDOH LOJL J|VWHUGLOHU )HVWLYDO V×UDV×QGD GDKD ID]OD NRQXGD oDO×ċPD RODQDNODU× HOGH HWWLOHU <DQL IHVWLYDO VD\×VDO RODUDN E \ G YH JHOLċWL 5DNDPODUOD E \ PHQLQ |QHPLQL J|] DUG× HWPHPHNOH ELUOLNWH EX VHQH LoHULN RODUDNWD IHVWLYDOLQ oRN JHOLċWLĊLQL V|\OHPHN P PN Q %X W U IHVWLYDOOHUGH oRN V×N UDVWODQPD\DQ ELU LON \LQH EX IHVWLYDOGH \DS×OG× .DW×O×PF×ODU×Q W P Q Q NDWN×ODU×\OD KD]×UODQDQ ELU VRQXo EHOJHVL ROXċWXUXOGX *HQoOLN DODQ×QGD IDDOL\HW J|VWHUHQ 6LYLO 7RSOXP .XUXOXċODU×Q×Q WHPVLOFLOHUL \HUHO \|QHWLPOHUGHQ GHYOHWWHQ GLĊHU 67.·ODUGDQ YH |]HO VHNW|U·GHQ EHNOHQWLOHULQL YH GLOHNOHULQL EX ELOGLULGH WDQ×PODG×ODU %LOGLULGH VD\×ODQ EHNOHQWLOHULQ PXKDWWDSODU× WDUDI×QGDQ FLGGL\H DO×QDUDN X\JXODQPDV×QGD EL] *d% RODUDN |Q P ]GHNL G|QHPGH WDNLSoL RODFDĊ×] $QFDN *d% YH NXUXFXODU× RODQ ĈVWDQEXO %LOJL hQLYHUVLWHVL LOH 7RSOXP *|Q OO OHUL 9DNI×·Q×Q EX NRQXGD WHN EDċODU×QD EDċDU×O× ROPDODU×Q× EHNOHPHN E \ N KDNV×]O×N RODFDNW×U %X QRNWDGD EX ELOGLUL\H NDWN× VDĊOD\DQ W P NDW×O×PF×ODUGDQ NRQXQXQ PXKDWDSODU× QH]GLQGH JLULċLPOHU \DSPDODU×Q× DU]X HGL\RU KDWWD WDOHS HGL\RUX] hONHPL]GH VLYLO DODQ×Q ELUoRN JHOLċPLċ ONH\OH N×\DVODQG×Ċ×QGD oRN JHQLċ ROPDG×Ċ×Q× V|\OHPHN \DQO×ċ ROPD\DFDNW×U 0DDOHVHI 67. GHQLQFH ELUoRN NLċLQLQ ]LKQLQGH FDQODQDQ NXUXPODU \D ELU PHVOHN YH\D KHPċHKUL |UJ W \DGD ELU \DUG×P NXUXPX ROPDNWD %X W U NXUXPODU WRSOXP YH NHQGL o×NDU JUXSODU× LoLQ oRN |QHPOL J|UHYOHU VWOHQPHNWH %LUoRĊX KDON WDUDI×QGDQ EHĊHQLOHQ LFUDDWODUD LP]D DWPDNWDODU $QFDN ONHPL]GH IDDOL\HW J|VWHUHQ 67.·ODU×Q VDYX QXFXOXN NRQXVXQGD D\Q× EDċDU×\D XODċW×Ċ×Q× V|\OHPHN PDDOHVHI SHN P PN Q GHĊLO %D]× LVWLVQDODU× KDULo ELUoRN 67.·Q×Q NDUDU DO×F×ODU ]HULQGH ELU HWNLVL ROPDG×Ċ× DċLNDU %X HWNLQLQ DQD RODUDN LNL \ROX ROGXĊX NDQDDWLQGH\LP %XQODUGDQ ELU WDQHVL KDQJL NRQXGD IDDOL\HW J|VWHULOL\RUVD \HWHULQFH WHPVLO HGHELOPH \HWLVLQH VDKLS ROPDN %X \HWL P PN Q ROGXĊXQFD oRN ID]OD NLċLQLQ WHPVLO HGLOPHVLQLQ \DQ× V×UD WHPVLO HGLOPH\H oDO×ċ×ODQ JUXS KDNN×QGD GHWD\O× ELOJL VDKLEL ROPD\× GD JHUHNWLUL\RU 'LĊHUL\VH NDUDU YHULFLOHUOH GL\DORJ NXUDELOHFHN RUWDPODU×Q ROXċPDV×Q× VDĊODPDNWDQ JHoL\RU %LUELULQL WDPDPOD\×F× RODQ EX LNLVLQL EL] *d% RODUDN KD\DWD JHoLUPHN LoLQ HOLPL]GHQ JHOHQL \DSDFDĊ×] $QFDN *d% WDQ×P× JHUHĊL VDKDGD oRN IDDOL\HW J|VWHUHQ ELU \DS× GHĊLO 'DKD oRN VDKDGD IDDOL\HW J|VWHUHQ NXUXOXċODU× oHċLWOL ċHNLOOHUGH RQODU× GHVWHNOH\HQ YH ELUELUOHULQLQ \DSW×NODU×QGDQ KDEHU GDU ROPDODU×Q× VDĊODPD\D oDO×ċDQ ELU \DS× %X VHEHSOH WHPVLO NDELOL\HWOHULQL V UHNOL JHOLċWLUHQ *H3*H1o NDW×O×PF×ODU×P×]×Q DOW×QGD LP]DODU× EXOX QDQ EX ELOGLULQLQ KD\DWD JHoLULOPHVL LoLQ oDO×ċDFDNODU×Q× XPX\RUX] %X V UHoWH GLĊHU ELUoRN NRQXGD ROGXĊX JLEL |Q P ]GHNL G|QHPGH *d% RODUDN KHU NXUXPD GHVWHN ROPD\D oDO×ċDFDĊ×] 'DKD GHULQ LoHULNOL GDKD ID]OD NDW×O×PO× YH EHONL GH HQ |QHPOLVL GDKD HĊOHQFHOL o QF *H3*H1o·WH EXOXċPDN GLOHĊL LOH .(5Ĉ0 3$.(5

*HSJHQo EX \×O LNLQFL GHID JHUoHNOHċWL ĈON IHVWLYDOGHQ VRQUD RUWD\D o×NDQ VRQXoODUD J|UH \HQLGHQ WDVDUODG×Ċ×P×] IHVWLYDOGH EX \×O SHN oRN \HQLOLN YDUG× %X \HQLOLNOHU KHP IDUNO× HWNLQOLNOHU RODUDN KHP GH KD]×UO×N V UHoOHULQGHNL GHĊLċLNOLNOHU RODUDN NDUċ×P×]D o×NW× %XQODUGDQ LONL IHVWLYDOLQ G ]HQOHPH NRPLWHVLQLQ ROXċPDV× YH oDO×ċPD ċHNOL\GL )HVWLYDOGHQ D\ |QFH G ]HQOHPH NRPLWHVLQLQ ROXċXPX LoLQ ELU oDĊU× Do×OG× ĈQWHUQHW ]HULQGHQ JHQoOLN NXUXOXċODU×QD XODċDELOHFHĊLPL] H SRVWD JUXSODU×QD LQWHUQHW VLWHOHULQH GX\XUXODU× J|QGHUGLN $UG×QGDQ JHOHQ EDċYXUXODU× GHUOHGLNWHQ VRQUD G|UW WDQH E|OJHVHO WRSODQW× \DSW×N 6×UDV×\OD $QNDUD Ĉ]PLU 'L\DUEDN×U YH ĈVWDQEXOGD LON WRSODQW×ODU× \DSDUDN KHP G ]HQOHPH NRPLWHVL\OH WDQ×ċP×ċ ROGXN KHP GH NDUċ×O×NO× EHNOHQWLOHULPL]L SD\ODċPD LPNDQ× EXOGXN $\Q× ]DPDQGD EX LON WRSODQW×ODU×Q HQ |QHPOL |]HOOLNOHULQGHQ ELUL GH ·GH G ]HQOHQHFHN IHVWLYDOLQ JHQHO oHUoHYHVLQL WDULK WHPD HWNLQOLNOHU KHGHI NLWOH YE EHOLUOHPH\H \|QH OLN ÀNLUOHUL JHOLċWLUPH I×UVDW×P×]×Q ROPDV×\G× %X LON WRSODQW×ODU×Q DUG×QGDQ G ]HQOHPH NRPLWHVLQGHNL NXUXOXċODU×Q ÀNLUOHULQLQ WDPDP×Q× GLNNDWH DODUDN RUWDN YH WHN ELU WDVODN RUWD\D o×NDUPDN KHUNHVLQ EX RUWDN WDVODĊ× VDKLSOHQPHVLQL VDĊODPDNVD IHVWLYDOOH LOJLOL HQ ]RU LċOHUGHQ ELUL\GL %X \×O *HSJHQo·WHNL |QHPOL \HQLOLNOHUGHQ ELU GLĊHUL GH IHVWLYDOLQ VRQXQGD JHUoHNOHċHQ *HSJHQo )RUXP·GX )RUXPGD JHQoOHU EHOLUOHGLNOHUL J QGHPOHUH NHQGL ÀNLUOHUL\OH JHQo ELU \DNODċ×P JHWLUPH\H oDO×ċW×ODU )RUXPXQ KHP JHQoOHULQ WRSOXPVDO KD\DWD NDW×O×PODU×Q×Q ELU DUDF× KHP GH *HSJHQo·LQ V UG U OHELOLU ROPDV×QD NDWN× \DSW×Ċ×Q× G ċ Q \RUX] %XQXQ \DQ×QGD IHVWLYDOLQ LON o DNċDP×QGD JHUoHNOHċHQ NRQVHU OHU VLYLO JHQoOLN oDO×ċPDODU×QGDQ KDEHUGDU ROPD\DQ JHQoOHULQ GH IHVWLYDOH JHOPHVLQLQ EDKDQHVL ROGX )HVWLYDOL (\ S \HUHOLQLQ VDKLSOHQPHVL YH oHYUH PDKDOOHOHUGHQ oRN VD\×GD JHQFLQ IHVWLYDOL WDNLS HWPHVL GH IHVWLYDOLQ EDċDU×ODU× DUDV×QGD VD\×ODELOLU g]HOOLNOH (\ S %HOHGL\HVL *HQoOLN 0HFOLVL *HQoOLN 0HUNH]L YH .×VD 'DOJD *HQoOLN 0HUNH]L EX EDċDU×Q×Q |QHPOL VDKLSOHULQGHQ *HSJHQo·LQ ELU |QFHNLQGH ROGXĊX JLEL EX VHIHUGH GH NDODEDO×N ELU HNLEL YDUG× %X \|Q \OH *HSJHQo KD]×UO×N G|QHPL ER\XQFD YH IHVWLYDO HVQDV×QGD ·QLQ VW QGH NXUXOXċWDQ ·H \DN×Q J|Q OO Q Q \HU DOG×Ċ× ELU HWNLQOLN RODUDN JHQoOLN oDO×ċPDV× WDULKLQGH \HU DOG× %X NDODEDO×N HNLEH HN RODUDN RUJDQL ]DV\RQD KL]PHW YHUHQ ċLUNHWOHU GH IHVWLYDOLQ E \ N VRUXQODU \DċDPDGDQ JHULGH NDOPDV×QD |QHPOL NDWN×ODU \DSW×ODU %LU VRQUDNL IHVWLYDO VDQ×\RUXP \×O×QGD ĈVWDQEXO·XQ $YUXSD . OW U %DċNHQW·L ROGXĊX G|QHPGH JHUoHNOHċHFHN 2 G|QHPH NDGDU EX IHVWLYDO V UHFLQGH \DUDWW×Ċ×P×] LOLċNLOHUL YH LċELUOLNOHULQL LOHUOHWPHN YH *HSJHQo DQ×ODU×\OD LGDUH HWPHNWHQ EDċND \DSDFDN ELUċH\ \RNPXċ JLEL J|U Q \RU +HS ROGXĊX JLEL EXQ GDQ VRQUDNL IHVWLYDOOHULQ EHONL WHPDV× HNLEL GHĊLċHFHN DPD J|Q OO OHULQLQ KH\HFDQ× KHS \ NVHN RODFDN 085$7 $/(0'$5

*H3*H1o )H67L9D/ 'h=(1/(0( .20Ĉ7(6Ĉ $GDQD * oELUOLĊL 9DNI× *HQoOLN .RPLWHVL $NGHQL] hQLYHUVLWHVL 8OXVODUDUDV× ĈOLċNLOHU ĉXEH 0 G UO Ċ $QNDUD $YUXSD gĊUHQFL 7RSOXOXĊX $QNDUD hQLYHUVLWHVL 7RSOXP *|Q OO OHUL 7RSOXOXĊX $WDW UN hQLYHUVLWHVL 7RSOXP *|Q OO OHUL .XO E $YUDV\D &RPPXQLW\ %DWPDQ *HQoOLN YH . OW U (YL %LONHQW hQLYHUVLWHVL 7RSOXPVDO 'X\DUO×O×N 3URMHOHUL %LUOHċPLċ 0LOOHWOHU 1 IXV )RQX %RĊD]LoL hQLYHUVLWHVL 6RV\DO +L]PHW .XO E %ROX $YUXSD gĊUHQFL 7RSOXOXĊX dDQND\D hQLYHUVLWHVL 7RSOXPVDO 'D\DQ×ċPD 7RSOXOXĊX dDQND\D hQLYHUVLWHVL *HQoOLN 7RSOXOXĊX dHOLN <DS×ODU gĊUHQFL .XO E 'RNX] (\O O hQLYHUVLWHVL 7RSOXP *|Q OO OHUL (JH *LULċLP YH 6RV\DO $W×O×P 'HUQHĊL (JH hQLYHUVLWHVL 6RV\RORML .XO E (UFL\HV hQLYHUVLWHVL 8OXVODUDUDV× 2ÀVL *HQo $o×O×P 'HUQHĊL *HQo %LULNLP 'HUQHĊL *HQo 3ODWIRUP *HQoOLN dDO×ċPDODU× %LULPL *HQoOLN 7L\DWURODU× 2OXċXPX *HQoWXU *UXS 0LWRORML +DQJDU 6DQDW 'HUQHĊL +DWD\ $YUXSD gĊUHQFL 7RSOXOXĊX ĈVWDQEXO $YUXSD *HQoOLN )RUXPX 'HUQHĊL Ĉ]PLU $YUXSD gĊUHQFLOHUL *HQHO )RUXPX .DG×Q *LULċLPFLOHU 'HUQHĊL .×UċHKLU /LVHVL (UJLQ Ĉ]FL hQLWHVL .RFDHOL . OW U 6DQDW YH (ĊLWLP 'HUQHĊL .RFDHOL 7RSOXP *|Q OO OHUL .RFDHOL < NVHN gĊUHQLP 'HUQHĊL gĊUHQFL 7RSOXOXĊX .XOS *HQoOLN *LULċLPL /HW V *URXS 0&' *HQoOLN .XO E 0Xċ 6LYLO *HQoOLN 0HFOLVL 6DPVXQ *HQoOLN 0HUNH]L 6LYLO 7RSOXP 'HVWHNOHPH 'HUQHĊL 6RV\DO 'HPRNUDVL 9DNI× *HQoOLN 3ODWIRUPX 6RV\DO .DON×QPD YH &LQVL\HW (ċLWOLĊL 3ROLWDNDODU× 0HUNH]L 6RV\DO 6RUXPOXOXN 'HUQHĊL 7L\DWUR .DUċ× .×\× 7RSOXP *|Q OO OHUL 9DNI× 6DPVXQ *HQoOLN +L]PHW 0HUNH]L 7 P 5HQNOHU (VNL $YUXSD *|Q OO +L]PHWL *|Q OO OHULQLQ *HQoOLN 'HUQHĊL 7 UN 7×S gĊUHQFLOHUL 8OXVODUDUDV× .RPLWHVL 7 UNL\H dHYUH .RUXPD YH <HċLOOHQGLUPH .XUXPX *HQoOLN .RPLWHVL 7 UNL\H 6DNDWODU 'HUQHĊL *HQo (QJHOOLOHU .XUXOX 7 UNL\H ho QF 6HNW|U 9DNI× <×OG×] 7HNQLN hQLYHUVLWHVL 6RV\DO 6RUXPOXOXN .XO E

'(67(.dĈ/(5 .XUXPVDO 'HVWHNoL

'HVWHNoLOHU

%DV×P

5HNODP

%DV×Q

6DQDWo× $Ċ×UODPD

&XUFXQD

7DQ×W×P

3DUWL

8ODċ×P

VDQWUDOLVWDQEXO

)(67Ĉ9$/ *g1h//h/(5Ĉ $EGXOODK 6D\×Q $GQDQ dHOLN $KPHW (UHQ g]W UN $KPHW * UFDQ $OL &DQHU .×FDO× $OL (UD\ dDN×U $OL .DUDNDċ $OL .HPDO $NWRSUDN $OLVRQ -RQN $OSD\ %XUDN 6HYHQ $Q×O gNWHP $QQHJUHW :DUWK $UGD dHWLQND\D $UPDĊDQ 3RUWDNDOGDO× $VO× %DċDU×U $VO× (JHOL $VO× .×O×oDOS $VO× .×UEDċ $VO× g]EHN $VO× (NHU $WDFDQ 'HYUDQ $\KDQ 1HKLUOL $\ċHJ O dHWLQHU $\VXQ 6D\×Q $\ċH %H\D]RYD $\ċH dHOLNELOHN $\ċH dRODN $\ċHQXU $I\RQ $\WHN 8ĊXU &DQ $\WHNLQ .D\DO× $\WHQ 'HPLUHO $]L]H $WDU %DKDU .DUWDOF×NODU %DNL %HUN .D\DODU %DQX 7XQFDĊ %DU×ċ 6HYHU %DUW×Q %DWXU %DċDN $\WDo %DċDN 7 ] Q %DċDU %H\NR] %D\UDP %HURMH %HIUX 6DU×RĊOX %HJ P <×OPD] %HUDW 7XQD %HULO 0DUDORĊOX %XUDN $OD\ODU %XUDN 3HNVH]HU %XUDN 7HPHOOL %XUDN <XUGDWDSDQ %XUFX dXEXN %XUFX .DUDEXOXW %XUFX +D\OD] %XUoLQ .DUDNXUXP % OHQW &HSGLEL &DQ * OGHQ

&DQEHUN <XNDU× &DQVHYLO 7XPDQED\ &HP (NLFL &HP 0LU]DQO× &HPLOH %XUFX .DOHQGHU &HPUH <HPLċ &HPUH <HċLO &HUHQ %XODQ×N &HUHQ 'RĊDQ &HUHQ .DO× &HUHQ ĉDKLQ &HYDKLU 'HPLU\RODQ &H\ODQ 7RNJ|] dHWLQ $N×Q dLĊGHP .DUDPDQ dLVLO .HEDEo× 'DPOD 'XPDQ 'HPHW .RFDRĊOX 'HQL] g]W UN 'HQL] ĉHQ 'HU\D .D\D 'HU\D .×O×oDOS 'HYLQ %DKoHFL 'LGHP hQV U 'LOD $VIXURĊOX 'LODUD dDO×ċNDQ 'LOHN $\G×Q 'RĊXNDQ 8OXS×QDU 'RUXN (QJLQ 'X\JX .D\D 'X\JX ĉHQHU ( <DĊPXU *H]HU (FH $NVDNRĊOX (FH ,VSDUWD (FH ĉDKLQRĊOX (FH ĉDUDNPDQ (FHP 7XQo (GD $WDOD\ (OD 6R\OX (OLI &HPDO (OLI ĈNLFDQ (OLI 0HW (OLI 6×OD g]\LĊLW (PLOLH 9DQ /DHU (PLQ gNVX] (PLQ g]PHQ (PLQH *HQo (PUH %XGDN (PUH 'HPLUHO (PUH g]W UN (UD\ (NLQ (UGDO .DQWDUF× (UGHP ĈUWHP (UGHP <DOo×Q .×UNDQ (UGL %XĊUD ĉHQ

)(67Ĉ9$/ *g1h//h/(5Ĉ (UHQ .HoHFLRĊOX (UKDQ $\DU (UKDQ 2NċDN (UNDQ . W N (UNLQ hQDODQ (UVLQ <×OPD] (UW UN &DQ (UWHQ (VLQ 'HPLUFLRĊOX (VPD $OW×QRUGX (VUD $NDU (VUD 'RĊDQ (YUHQ 6HQHU hQDO (YULP .LWDSo×RĊOX (YULP 6DU× (]JL $NGHQL] (]JL g]N|N (]JL g]\DYDċ ) * QHċ (UWDċ )DKUHWWLQ g]GHċ )DLN (PUH .RċDQ )DWLK 0HKPHW 2FDN )DWPD .DUDNXċ )DWPD .D\D )HUKDW 7 ] Q )HUKDW <XUGDP )HY]L\H +D]DO <D]DQ )XO\D 0HULo )XQGD $NNR\XQ )XQGD * QG U )XUNDQ (UEHN *DP]H +×]O× *DP]H <DPDQ *L]HP %D\PXċ *L]HP * QJ|U *L]HP 6|QPH]OHU *L]HP <DOYDo *L]HP < FHOHQ *RQFD 5DVOD\DQ *|NoH ĉDKLQ *|NKDQ %XNDQ *|NKDQ <×OG×U×PND\D *|UNHP $\G×Q *|]GH 'XUPXċ *|]GH g]W UN * OFH 2UDO * OoLQ dHOLN * OIHP ĉDQWR * OL]DU $WDOD\ * OQXU ĉHQ * O PVHU 3RODW * O PVHU 8\DURĊOX * Q * QH\ * YHQ 'HQL] * ]LQ $UWDU + (UJ Q ĈċHUL

+DÀ]H ĉHQ +DNDQ 'LNPHQ +DNDQ .DKUDPDQ +DNDQ .DUDNRo +DOLO g] +DOLV +DN\HPH]RĊOX +DOLW $\WDU +DPGL\H $OS +DQGDQ %HQJL $N\RO +DQGDQ (FH .DUD\HO +DQGH %R]NXUW +DQLIH *HQo +DUXQ 6HUW +DUXQ 7XIDQ +DVDQ ( ĉDKLQ +DVDQ .HPDO .XċoX +DVOHW *HPLFL +DWHP $\G×Q +D\DO <×OG×] +HOLQ 2ND\ +H\VHP 6 KDQ %H\D]WDċ +LODO $\YD]ODU +LODO .DKUDPDQ + VH\LQ (UNDQ + VH\LQ * UċDK 3HNWDċ + VH\LQ 0HUWRO + VH\LQ <×OG×] ,OJ×W 8oXP ,ċ×N d×NU×No× ĈONQXU 'XUPD] ĈUHP (VNLFL ĈVNHQGHU <DUED\NRo ĈVPDLO %D\UDNWDU ĈVPDLO 0XDOODRĊOX ĈVPDLO 3RODW &DQERODW -R\FH 7KRPVRQ .DGLU (UJ Q .D\KDQ 7 ] Q .D]×P dHOLN .HQDQ $VODQ .HQDQ 'XUVXQ .HUHP $WHċ .HUHP <×OG×U×P .HYVHU <DYX] .H]EDQ $OWXQWDċ .×VD 'DOJD *HQoOLN 0HUNH]L *|Q OO OHUL .XELOD\ 7XWDU / WÀ\H gUJH 0 (UHQ <×OPD] 0 0XUDW dDNDU 0 0HUW ĈOKDQ 0 1H]LK %LOJL 0DċDOODK <DYX] 0HKPHW $OSERĊD 0HKPHW $OSHU ĉHQW UN

)(67Ĉ9$/ *g1h//h/(5Ĉ 0HKPHW %D\WDU 0HKPHW &DQ 2NXGXFX 0HKPHW &HP '|QPH] 0HKPHW .|NHQ 0HKPHW 1HFDWL (UNHP 0HKPHW gQGHU ĉXPQX 0HOGD $NEDċ 0HOLKD 6XQD\ 0HOLNH dHWLQ 0HOLNH 6DU×RĊOX 0HOWHP 7DċN×Q 0HPLċ (IH 0HUL Ĉ]UDLO 0HULo $UDO 0HUW ĉHQ 0HUYH * YHQ 0HUYH .×O×oHU 0HUYH 6HGD dHYLN 0HVXW %R]\HO 0HYO W 'HPLU 0XKDPPHG * QD\G×Q 0XKDPPHG 1DFL $VODQ 0XUDW 'DGD\O× 0XUDW 2ĊX] 0XUDW g]NDQ 0XVD 'HQL] 3HUoLQND\D 0XVWDID $YF× 0XVWDID 'LQo 0XVWDID (JH 0XVWDID 7 W QF 0XWOX ĉHQ 1D]O× 0RUDO 1D]O× $ND\ 1D]O× $No×Ċ 1HFLEH $KPHG 1LKDO < No 1LKDQ dHOLN 1LO %XGXU 1LOD\ * YHQW UN 1LOD\ <DWN×Q 1LPHWXOODK .D\D 1XUGDQ .DUDGDċ 1XUKD\DW $WDU 2ĊXOFDQ * QHO 2ĊX]KDQ $OW×SDUPDN 2NDQ $UVODQ 2NDQ (UGLN 2QXU $UWDU 2QXU &DQ×WH] 2QXU &HQJL] 2QXU (WoL 2QXU (]JLQ 2QXU * YHQo 2QXU .HVLFL 2UoXQ (MGHU

2UKDQ $UD] 2UKDQ 6DOLK dXEXNoX 2UNXQ 7R\ 2VPDQ %D\UDP 2VPDQ dLoHN 2VPDQ ĉLELN 2\D 'HQL] 2]DQ dHWLQ 2]DQ .×UDWO× 2]DQ 1DGLU $ODNDYXNODU g]JH dDĊODU g]JXU 1XUL 'HPLU gPHU .D\D gPHU . UNo gPHU 2QXU ĈON×ċ×N gPHU g]EH\ g]FDQ 'HPLU g]HU . o NELQJ|O g]HU 8ċDN g]JH %DEDFDQ g]JH .D\D g]JH 6|QPH] g]JH 7XQD\ g]JH <LĊLWEDċ× g]J U dD\O× g]J U .×V×U g]J U 8]GHQ g]OHP $OLRĊOX g]OHP (]JLQ g]OHP 6 HU g]QXU ĈQDQO× g]QXU ĈQFH 3HOLQ $WHċND\D 3×QDU $NEDED 3×QDU $UXWDQ 3×QDU 7DċGHPLU 5DGR -DXVRYHF 5DJ×S =×N 5HKD 3DPXN 5LLQD .HWR 7RNRL 5 PH\VD +D\WD 6DOLK .HNHo 6DOLK < FH 6DQHP *|UJ O 6DQHP ĈOoH 6HoNLQ <DQ×N 6HGD * YHQ 6HGD < FHVR\ 6HOFDQ &HVXU 6HOoXN .×O×Qo 6HOHQ ĈċoL 6HPD 7DċWDQ 6HPLKD 0HOLV 0DQL 6HQD dLOOL 6HQFDQ 2\WXQ 7RNXo

)(67Ĉ9$/ *g1h//h/(5Ĉ 6HQHP * QJ|U 6HQHP 7HQJL] 6HUDS 'HULQRĊOX 6HUoLQ ĉHQHO 6HUGDU 'DQ×ċ 6HUGDU +D]QHGDU 6HUKDQ 9DUGDUO× 6HUKDW .RUNPD] 6HUKDW g]GHPLU 6HUWDo $ON×O×Qo 6HYGD .×O×oDOS 6HYGH *|ĊHEDNDQ 6H]HUFDQ ĉXPQX 6H]JL g]GHPLU 6LQHP dHOLN 6LQHP .RVWLN ĉLULQ g]GLOHN 6RQQXU $OGHPLU 6XOWDQ g]HU 6 GDU 'XGX 6 KH\OD 'RĊDQFD 6 PH\UD g]W UN ĉHUPLQ (IH ĉH\GD %D\×QG×U ĉH\GD * QJ|U ĉH\PD * QJ|O ĉ NUL\H 7 PD\ (UGLO 7DQHU / OHFL 7D\ODQ ĉLPċHN 7HYKLGH g]J Q 7ROJD 'L]PHQ 7ROJD .DUDND\DO× 7XĊED .HVNLQ 7XĊED <HNWDċ 7XĊoH dRWXN 7XĊoH .RFDRĊOX 7XĊoH 1RPDQRĊOX 7XĊoH ĉDKLQ 7XĊoH 8] 7XQFD\ .×O×o 8IXN $WDN 8ĊXU (OKDQ 8ĊXU *|oHQ 8ĊXU 8]VDQ 8PXW .DUDSHoH 8PXW .D\D 8PXW 9DUL hQDO .DUDND\D 9H\VHO $\G×Q 9LNWRU 0DWLV 9LOGDQ %XGDNRĊOX 9RONDQ $WHċ 9RONDQ (UD\ <DVHPLQ 2UKDQ <HOL] $\GRĊDQ

<HQHU g]DPDo <HċLP <DOPDQ <HWNLQ < NVHO <×OPD] &DQ <XVXI &DQEXODW <XVXI .DUDHU <XVXI .XUW < FHO (IH < NVHO .HNLORĊOX =HNL g]KDQ =H\QHS $\WHNLQ =H\QHS %DċDUDQ =H\QHS (UFDQ =H\QHS * OċHQ =H\QHS 0H\GDQRĊOX =L\D dHOLN

)HVWLYDOH J|Q OO NDWN× \DSDQ YH \XNDU×GD LVPL ROPD\DQ KHUNHVH WHċHNN UOHU

)2580 *H3*H1o )RUXP JHQoOLN NXUXOXċODU×QGDQ JHOHQOHULQ VHVOHULQL o×NDUWW×NODU× Do×N ELU SODWIRUP RODUDN WDVDUODQG× ĈNLQFL *H3*H1o·WHNL EX LON IRUXPGD JHQoOLN DODQ×QGDNL SD\GDċODUGDQ QH WDOHS HGL\RUX] VRUX VXQD FHYDS DUDG×N $ODQGDNL SD\GDċODU× GD ´\HUHO \|QHWLPOHUµ ´GHYOHWµ ´JHQoOHU JHQoOLN NXUXOXċODU×µ YH ´|]HO VHNW|Uµ RODUDN D\×UG×N KHU SD\GDċOD LOJLOL KD\DOOHULPL]L GH NDĊ×GD JHoLUGLN )RUXPGD N o N JUXSODU NHQGL DUDODU×QGD KHU DOW EDċO×NOD LOJLOL |QHULOHU JHOLċWLUGL 'DKD VRQUD GD W P NDW×O×PF×ODU×Q ROXċWXUGXĊX E \ N JUXSWD |QHULOHU VRQ KDOLQH JHWLULOGL $ċDĊ×GDNL PDGGHOHU EX V UHo oHU oHYHVLQGH ċHNLOOHQGL %X QRNWDODU *HQoOLN dDO×ċPDODU× %LULPL·QLQ GH SROLWLND ROXċWXUPD V UHoOHULQGH VDYXQGXNODU×\OD SDUDOHOOLN J|VWHUL\RU %X WDOHSOHUL EHUDEHU oDO×ċPD N OW U Q Q JHOLċWLULOPHVLQGH DW×OP×ċ ELU DG×P RODUDN GD J|UPHN *H3*H1o·L DQOD\×S DQODWPDNWD EL]OHUH \RO J|VWHUHFHNWLU 1LVDQ 6DO× J Q JHUoHNOHċHQ )RUXP·D NDW×ODQ NLċL DċDĊ×GDNL RUWDN PHWQL KD]×UODG×ODU

*H3*H1o )H67L9D/ )RUXP 6RQXo 0HWQL <HUHO <|QHWLPOHU YH *HQoOLN $ODQ× <HUHO \|QHWLPOHU E Q\HVLQGH \HUHOGHNL VLYLO WRSOXP NXUXOXċODU×\OD V UHNOL LOHWLċLP KDOLQGH RODELOHFHN WRSODQW×ODU G ]HQOH\HFHN NRQIHUDQVODU SDQHOOHU G ]HQOHQPHVLQH \DUG×PF× RODFDN KHU W UO VDQDWVDO YH JHQoOLN HWNLQOLNOHULQH SURMHOHULQH IRQ VDĊOD\DFDN ELULPOHU JHQoOLN PHUNH]OHUL LoLQGH GH RODELOLU NXUXOPDO×G×U %X ELULPOHU VLYLO WRSOXP NXUXOXċODU×QD KL]PHW YHUPHOL RQODU× ELUHU UDNLS RODUDN J|UPHPHOLGLU %X ELULPOHULQ KL]PHWOHULQLQ V UHoOHUL EHOLUOHQPLċ VWDQGDUW YH ċHIIDI ROPDO×G×U %X ELULPGH J|UHY DODQODU JHQoOHULQ VRUXQODU×QGDQ KDEHUGDU JHQoOHULQ LKWL\DoODU×QD NXODN YHUHELOHFHN YH JHQoOHULQ EX ELULPOH LOJLOL KHU W UO ELOJL\H HULċLPOHULQL NROD\ODċW×UDFDN ELULNLP \HWHQHN YH \DNODċ×PGD ROPDO×G×U .HQW NRQVH\OHULQLQ JHQoOLN PHFOLVL WRSODQW×ODU×QD G×ċDU×GDQ JHQoOHULQ GH NDW×O×P×QD RODQDN VDĊODQDUDN JHQoOLN PHFOLVOHULQLQ LċOHYVHOOLĊL DUWW×U×OPDO×G×U %HOHGL\HOHULQ JHQoOHUH \|QHOLN KL]PHWOHUL\OH LOJLOL KHU W UO ELOJL\H HULċLOHELOLUOLN NROD\ ROPDO×G×U %HOHGL\HOHU E Q\HVLQGH JHQoOHUL LOJLOHQGLUHQ JHQoOHUL HWNLOH\HFHN NDUDUODU DO×Q×UNHQ V UHFH JHQoOHU GH GDKLO HGLOPHOLGLU

'HYOHW YH *HQoOLN $ODQ× <DVD \DSPD \DVD GHĊLċWLUPH JLEL NRQXODUGD JHQoOHU YH JHQoOLN oDO×ċDQODU× ELOJLOHQGLULOPHOLGLU %X ELO JLOHU YH ELOJLOHQGLUPH V UHFL Do×N QHW YH DQODċ×O×U ELU G ]H\GH ROPDO×G×U 'HYOHWLQ JHQoOHUH VDĊODG×Ċ× KL]PHWOHUOH LOJLOL JHQoOHU ELOJLOHQGLULOPHOL \D GD JHQoOHULQ EX ELOJLOHUH NROD\ HULċHELOPHOHUL LoLQ W P V UHFLQ ċHIIDI YH J YHQLOLU ROPDV×QD GLNNDW HGLOPHOLGLU

)2580 <HQL \DS×ODQG×U×ODQ DQD\DVDGD JHQoOHUOH LOJLOL *HQoOHULQ QHVQH GHĊLO |]QH RODUDN J|U OPHVLQL *HQoOLN VRUXQODU×Q×Q DQD DN×PD DO×QPDV×Q× *HQoOHULQ VRV\DO KDNODUD NROD\ HULċLPLQL *HQoOHULQ VRV\DO \DċDP VWDQGDUWODU×Q× DUWW×UDFDN HWNLQOLNOHULQ \D\J×QODċW×U×OPDV×Q× 9H W P EX NDUDUODU×Q DO×QPDV× V UHFLQH JHQoOHULQ GH GDKLO HGLOPHVLQL VDĊOD\DFDN G ]HQOHPHOHU ROPDO×G×U

*HQoOLN YH 6LYLO $ODQ 67.¶ODU×Q YH VLYLO LQLVL\DWLÁHULQ RUJDQL]H KDUHNHW HGHELOPHOHUL YH NRRUGLQDV\RQODU×\OD LOJLOL RUWDN ELU DĊ ROXċWXUXOPDO×G×U *HQoOLN VLYLO WRSOXP NXUXOXċODU×Q×Q SD\ODċ×P RUWDPODU×Q× NRQIHUDQVODU SDQHOOHU IHVWLYDOOHU YV DUWW×UDUDN ELUELUOHULQGHQ KDEHUGDU ROPDODU× YH HQ |QHPOLVL WDQ×ċPDODU× VDĊODQPDO×G×U *HQoOLN VRUXQODU×\OD LOJLOL RUWDN ELU GLOLQ RUWDN ELU VORJDQ×Q ROXċWXUXOPDV× YH EXQXQOD ELUOLNWH NDPSDQ\DF×O×N KDUHNHWOHULQLQ LYPH ND]DQPDV× VDĊODQPDO×G×U *HQoOLN VLYLO WRSOXP NXUXOXċODU× 7%00 E Q\HVLQGHNL JHQoOHUOH LOJLOL DOW NRPLV\RQODU×Q oDO×ċPDODU×Q× WDNLS HWPHOL YH \DVD ROXċWXUPD V UHFLQH GDKLO ROPDO×G×U *HQoOLN VLYLO WRSOXP NXUXOXċODU×Q×Q LoLQGH 7%00¶GHNL \DVDO G ]HQOHPH V UHoOHULQLQ NRPLV\RQODUGDNL LċOH\LċOHUL\OH LOJLOL L]OHPH YH WDNLELQL \DSDFDN ELULPOHU ROPDO×G×U

*HQoOLN $ODQ× YH g]HO 6HNW|U ĈOLċNLVL g]HO VHNW|U JHQoOLĊH YH JHQoOHULQ \DSW×Ċ× VLYLO WRSOXP IDDOL\HWOHULQH GDKD ID]OD ND\QDN D\×UPDO×G×U

Ĉ<Ĉ g51(./(5 .21)(5$16, +HGHÀ VLYLO WRSOXP DODQ×QGD PRGHO ROXċWXUDELOHFHN \HQLOLNoL SURMHOHULQ |UQHN DO×Q×S oRĊDOW×ODELOPHVL LoLQ RUWDN DODQ \DUDWPDN RODQ Ĉ\L gUQHNOHU .RQIHUDQV× JHQoOLN DODQ×QGD VRQ ELU \×O LoLQGH X\JXODQP×ċ YH L\L VRQXoODU UHWPLċ oDO×ċPDODU×Q VXQXOGXĊX ELU SODWIRUPGX .RQIHUDQVWD VXQXODQ oDO×ċPD JH OHQ EDċYXUXODU ]HULQGHQ ' ]HQOHPH .RPLWHVL·QLQ ROXċWXUGXĊX ELU NXUXO WDUDI×QGDQ VHoLOPLċWLU 3URMH |UQHNOHULQLQ VHoLOHELOPHVL LoLQ SURMHOHULQ ELWPLċ ROPDV× VLYLO DODQD YH VLYLO DODQGD X\JXODQDQ SURMH |UQHNOHULQH \HQLOLNoL \DNODċ×PODU JHWLUHELOL\RU ROPDV× NULWHUOHUL J|] |Q QGH EXOXQGXUXOPXċWXU .RQIH UDQVWD VXQXODQ SURMHOHUOH LOJLOL |]HW ELOJLOHU DċDĊ×GD EXOXQPDNWDG×U

$EOD $ĊDEH\ .DUGHċ 3URMHVL / WÀ $.<h= Ĉ]PLU % \ NċHKLU %HOHGL\HVL Ĉ]PLU

+,9 $,'6·H <|QHOLN )DUN×QGDO×N <DUDWPD 3URMHVL 3R]LWLI <DċDP 'HUQHĊL ĈVWDQEXO

$\Q× *|N\ ] QH %DN×\RUX] 3URMHVL (VUD $/.$1 <×OG×] 7HNQLN hQLYHUVLWHVL 7RSOXP *|Q OO OHUL ĈVWDQEXO

$NDV\D 8OXVDO *HQoOLN dHYUH =LUYHOHUL .HUHP $7(ĉ 7 UNL\H dHYUH .RUXPD YH <HċLOOHQGLUPH .XUXPX ĈVWDQEXO

'RĊD 2NXOX 3URMHVL (VUD .DUWDO 'RĊD 'HUQHĊL ĈVWDQEXO

<DċD\DQ . W SKDQH 3URMHVL g]OHP (=*Ĉ1 *HQoOLN dDO×ċPDODU× %LULPL YH 7RSOXP *|Q OO OHUL 9DNI× ĈVWDQEXO

/H\OHNWHQ * Q P ]H hUHPH 6DĊO×Ċ× 3URMHVL g]JH g=(/ 'RNX] (\O O hQLYHUVLWHVL *HQoOLN YH 6SRU .XO E 'HUQHĊL Ĉ]PLU $YUXSD·\× $QOD W PDN * OHFH ĉ(1(/ $(*(( $QNDUD $QNDUD *HQoOLN LoLQ 6RV\DO *HOLċLP 3URJUDP× *HQoOLĊH 'HĊHU 3URMHVL ĉH\KPXV <,/0$= *$3 ĈGDUHVL %DċNDQO×Ċ× $QNDUD

%DU×ċD5RFN )HVWLYDOL )XQGD $7$ %DU×ċD5RFN ĈQLVL\DWLÀ ĈVWDQEXO 6RNDN /DPEDV× 3URMHVL 'HPHW .$5$ %LONHQW hQLYHUVLWHVL 7RSOXPVDO 'X\DUO×O×N 3URMHOHUL $QNDUD

$EOD $ĊDEH\ .DUGHċ 3URMHVL Ĉ]PLU % \ NċHKLU %HOHGL\HVL Ĉ]PLU % \ NċHKLU %HOHGL\HVL WDUDI×QGDQ EX VHQH EHċLQFLVL JHUoHNOHċWLULOHQ SURMHQLQ DPDF× PDGGL Do×GDQ GH]DYDQWDMO× YH V×Q×I |ĊUHQFLOHULQLQ VRV\DO YH DNDGHPLN JHOLċLPLQH GHVWHN ROPDNW×U 3URMHQLQ KHGHI NLWOHVL oRFXNODUOD J|Q OO DĊDEH\ DEOD RODUDN HċOHċHQ QLYHUVLWH |ĊUHQFLOHUL KHU KDIWDVRQX oRFXNODU×Q GHUVOHULQH \DUG×PF× ROPDN YH NLċLVHO JHOLċLPOHULQH NDWN×GD EXOXQPDN LoLQ HĊLWVHO N OW UHO YH VRV\DO DNWLYLWHOHU JHUoHNOHċWLUPLċOHUGLU *|Q OO OHU LoLQ KD]×UODQDQ *|Q OO (O .LWDE×·QGDNL IDDOL\HWOHULQ UHKEHUOLĊLQGH X\JXODQDQ SURMHGH D\U×FD oRFXNODUOD YDSXU JH]LOHUL NRQVHUOHU DĊDo GLNL PL VLQHPD J|VWHULPOHUL JLEL WRSOX DNWLYLWHOHU GH \DS×OP×ċW×U 3URMH E \ N ċHKLUOHULQ J|o DODQ E|OJHOH ULQGH NHQWVHO G|Q ċ P oDO×ċPDODU× NDSVDP×QGD GHĊHUOHQGLULOGLĊLQGH JHOHFHN G|QHPOHUGH \DċDQPDV× PXKWHPHO VRUXQODUD o|] P JHWLUHELOPHVL Do×V×QGDQ L\L ELU |UQHNWLU

$\Q× *|N\ ] QH %DN×\RUX] 3URMHVL <×OG×] 7HNQLN hQLYHUVLWHVL 7RSOXP *|Q OO OHUL 3URMHQLQ DPDF× $GDOHW %DNDQO×Ċ×·Q×Q J|]HWLPL DOW×QGD EXOXQDQ oRFXNODU×Q WXWXNOXOXN YH K N PO O N V UHOHULQLQ EX oRFXNODU×Q JHOLċLPOHULQL ROXPVX] ELoLPGH HWNLOHPHVLQL |QOHPHN YH RQODUGD ROXPOX GDYUDQ×ċ YH GHĊLċLNOLĊL JHUoHNOHċWLUPHNWLU %X VHQH LNLQFL NHUH KD\DWD JHoHQ SURMH NDSVDP×QGD P ]LN VHUDPLN HGHEL\DW UHVLP KDON R\XQODU× GRĊDoODPD WL\DWUR DW|O\HOHUL\OH ÀOP YH VSRU HWNLQ OLNOHUL JLEL oHċLWOL DNWLYLWHOHU X\JXODQP×ċW×U 3URMH DPDoODU× YH LoHULĊL EDN×P×QGDQ WXWXNOX YH K N PO oRFXNODU×Q VRV\OD \DċDPOD EDĊODU×Q× NRSDUPDPDODU× Do×V×QGDQ YH X\JXODPD ELoLPL RODUDN GD PRGHO DO×Q×S X\JXODQDELOHFHN ELU SURMH ROPDV× EDN×P×QGDQ V UG U OHELOLU HWNLOHU WDċ×\RU 8\JXODPD V UHFLQGH J|Q OO OHU LoLQ NDSDO× NXUXPODUGD J|Q OO oDO×ċPD DG× DOW×QGD ELU HĊLWLP SDNHWL ROXċWXUXOPXċ ROPDV× EDN×P×QGDQ SURMH NXUXPXQ LKWL\DoODU×Q×Q WHPLQL NRQXVXQGD NDPXR\XQX ELOLQoOHQGLUPH YH GX\DUO×O×N JHOLċWLUPH oDO×ċPDODU×Q×Q \DS×OPDV× Do×V×QGDQ GHĊHUOHQGLULOGLĊLQGH L\L ELU |UQHNWLU

'RĊD 2NXOX 3URMHVL 'RĊD 'HUQHĊL %X \×O G|UG QF V JHUoHNOHċWLULOHQ SURMHQLQ DPDF× 7 UNL\H·GH YH * UFLVWDQ·GD GRĊD NRUXPD oDO×ċPDODU×QGD DNWLI RODUDN J|UHY DOPD\× G ċ QHQ JHQoOHULQ GRĊD NRUXPD WHNQLNOHUL NRQXVXQGD WHFU EH ND]DQ×S DODQGD oDO×ċPDODU×Q× VDĊOD\DUDN 7 UNL\H·QLQ |QHPOL GRĊD DODQ×Q× HWNLQ ELU ċHNLOGH NRUXPDNW×U 'RĊD 2NXOX LoHULĊL GRĊD\× NRUXPDQ×Q HNRQRPLN VRV\DO YH oHYUHVHO ER\XWODU×Q× LoHUHQ IDUNO× NRQX EDċO×NODU×Q× NDSVD\DQ o DċDPDGDQ ROXċPDNWDG×U $ċDPD 'RĊD .RUXPD\D *LULċ $ċDPD 6RUXQ $QDOL]L YH d|] P <|QWHPOHUL $ċDPD 'RĊD .RUXPDGD 6 UG U OHELOLU 8\JXODPDODU 'RĊD RNXOX SURMHVL GRĊD NRUXPD DODQ×QGD oDO×ċPDN LVWH\HQOHUH HĊLWLP YH GHQH\LP RODQDNODU× VXQPDV×Q×Q \DQ× V×UD XOXVODUDUDV× ROPDV× |]HOOLĊL\OH GH L\L ELU |UQHNWLU

/H\OHNWHQ * Q P ]H hUHPH 6DĊO×Ċ× 'RNX] (\O O hQLYHUVLWHVL *HQoOLN YH 6SRU .XO E 'HUQHĊL 3URMHQLQ KHGHÀ Ĉ]PLU·LQ %XFD E|OJHVLQGH \DċDPDNWD RODQ \Dċ DUDV×QGDNL JHQoOH ULQ FLQVHO VDĊO×N YH UHPH VDĊO×Ċ× &6h6 NRQXODU×QGDNL ELOJL WXWXP YH GDYUDQ×ċODU×Q×Q JHOLċWLULOPHVLQL VDĊOD\DUDN ELOLQoOL ELU WRSOXP YH VDĊO×NO× ELU QHVLO \DUDWPD\D NDWN×GD EXOXQPDNW×U 3URMH GDQ×ċPD ELULPOHUL DNUDQ HĊLWLPOHUL ÀOP J|VWHULPOHUL SDQHO YH V|\OHċLOHU oHYULPLoL GDQ×ċPDQO×N IDDOL \HWOHULQL LoHUPHNWHGLU 3URMH VRQXQGD %XFD E|OJHVLQGH SURMH\H NDW×ODQ JHQoOHUOH \DS×ODQ DQNHWH J|UH JHQoOHULQ &6h6 ELOJLOHULQGH L\LOHċPH J|U OP ċW U 3URMHGHNL W P IDDOL\HWOHULQ JHQoOHUGHQ JHQoOHUH \DS×OP×ċ ROPDV× DNUDQ HĊLWLPL PRGHOLQL \D\J×QODċW×U×OPDV×QD L\L ELU |UQHNWLU

$YUXSD·\× $QOD W PDN $(*(( $QNDUD 3URMHQLQ KHGHÀ JHQoOHUGH VLYLO WRSOXP ELOLQFLQLQ ROXċPDV×QD NDWN×GD EXOXQ PDN YH ONH JHOHFHĊLQGH V|] VDKLEL RODFDN OLVH |ĊUHQFLOHULQLQ NHQGLOHULQL YH \DċDG×NODU× WRSOXPX LOJLOHQGLUHQ NRQXODUD GX\DUO×O×NODU×Q× DUWW×UPDNW×U ĈNL DċDPDGD JHUoHNOHċHQ SUR MHQLQ $YUXSD·\× $QODPDN LVLPOL LON DċDPDV×QGD VHPLQHUOHU YH HĊLWLFL HĊLWLPOHUL JHUoHNOHċWLULOLPLċWLU $YUXSD·\× $QODWPDN LVLPOL LNLQFL DċDPDGD GD HĊLWLFL HĊLWLPL DODQ J|Q OO OHU WDUDI×QGDQ \DS×ODQ OREL oDO×ċPDODU× YH NDSDQ×ċ NRQIHUDQV× EXOXQPDNWDG×U 3URMH X\JXODQG×Ċ× OLVHOHUGH JHQoOHULQ NHQGL SURMH OHULQL JHUoHNOHċWLUHELOHFHNOHUL $YUXSD .XO SOHUL·QLQ NXUXOPDV×QD GHVWHN ROPXċWXU <HUHOGHQ XOXVODUDUDV× \DS×\D X]DQDQ ELU |UJ WOHQPH PRGHOL ROPDV× EDN×P×QGDQ SURMH JHQoOLN DODQ×QGD JHUoHNOHċHQ |UJ W OHQPH PRGHOOHULQH L\L ELU |UQHNWLU

*HQoOLN LoLQ 6RV\DO *HOLċLP 3URJUDP× *HQoOLĊH 'HĊHU 3URMHVL *$3 ĈGDUHVL %DċNDQO×Ċ× 3URMHQLQ DPDF× *$3 %|OJHVL·QGH \DċD\DQ \Dċ DUDV× JHQoOHUH IDUNO× DODQODUGD oHċLWOL LPNDQODU VXQDUDN JHQoOHULQ DUDODU×QGD LOHWLċLP DĊODU× NXUPDN WRSOXPGDNL VRUXQODUD NDUċ× JHQoOHULQ LQLVL\DWLI DOPDODU×Q× VDĊODPDN YH JHQoOHUL PHVOHNL Do×GDQ JHOLċWLUPHNWLU \×O×QGDQ EX \DQD E|OJHGHNL ELUoRN VLYLO WRSOXP NXUXOXċX YH NDPX NXUXPX WDUDI×QGDQ RUWDNODċD \ U W OHQ SURMHGH NDSDVLWH JHOLċWLUPH HĊLWLPOHUL LVWLKGDP RGDNO× oDO×ċPDODU VRV\DO YH N OW UHO DNWLYLWHOHU JHUoHNOHċWLULOPLċWLU 3URMH V UHNOL ROPDV× |]HOOLĊL\OH NDPX VLYLO DODQ LċELUOLĊLQH YH \HQL NDON×QPD \DNODċ×PODU×QD oRĊDOW×ODELOLU ELU |UQHN WHċNLO HWPHVL Do×V×QGDQ L\L |UQHNWLU

+,9 $,'6·H <|QHOLN )DUN×QGDO×N <DUDWPD 3URMHVL 3R]LWLI <DċDP 'HUQHĊL 3URMHQLQ DPDF× JHQoOHU EDċWD ROPDN ]HUH WRSOXPXQ JHQHOLQGH +,9 $,'6 KDNN×QGDNL PHYFXW |Q\DUJ×ODU×Q HQ D]D LQGLULOPHVL YH +,9 LOH \DċD\DQODUD X\JXODQDQ D\U×PF×O×Ċ×Q RUWDGDQ NDOG×U×OPDV×G×U 3URMH NDSVDP×QGD ELOJLOHQGLUPH DPDoO× VHPLQHUOHU IDUN×QGDO×N RGDNO× HĊLWLPOHU YH DQ NHWOHU G ]HQOHQPLċWLU ĈVWDQEXO hQLYHUVLWHVL 'Lċ +HNLPOLĊL )DN OWHVL·QGH X\JXODQDQ DNWLYLWHOHU VRQXQ GD \DS×ODQ DQNHW oDO×ċPDODU×\OD SURMHQLQ HWNLOHUL |Oo OHUHN IDN OWHGH WHGDYL DOPD DċDPDV×QGD VRUXQ ODU \DċD\DQ +,9 NLċLOHULQ W×EEL EDN×P KL]PHWOHULQGH L\LOHċPHOHU KHNLPOHUGH ROXPOX \|QGH GDYUDQ×ċ GHĊLċLNOLNOHUL J|]OHPOHQPLċWLU $\Q× IDN OWHGH |ĊUHQFLOHUH \DS×ODQ DQNHWOHU VRQXFXQGD |ĊUHQFLOHULQ +,9 $,'6 KDNN×QGD \HWHUOL YH GRĊUX ELOJLOHUH VDKLS ROPDG×NODU× EHOLUOHQHUHN +,9 $,'6 GHUV P IUHGDW×QD HNOHQPLċWLU 3URMH DNWLYLWH DODQODU×Q×Q YH X\JXODPDODU×Q×Q VRPXW YHULOHUOH EHOLUOHQPLċ ROPDV× |]HOOLĊL\OH L\L |UQHNWLU

$NDV\D 8OXVDO *HQoOLN dHYUH =LUYHOHUL 7 UNL\H dHYUH .RUXPD YH <HċLOOHQGLUPH .XUXPX 3URMHQLQ DPDF× 7 UNL\H JHQHOLQGH GRĊD NRQXVXQGD oDO×ċPD \DSDQ VLYLO WRSOXP NXUXOXċODU×Q×Q QLYHUVLWH NXO SOHULQLQ YH ELUH\VHO LQLVL\DWLI DODQ JHQoOHULQ GHPRNUDWLN ELU SODWIRUPGD ELUDUD\D JHOPHOHULQL VDĊODPDNW×U +HU \×O JHUoHNOHċHQ ]LUYH GRĊD NRUX PD DODQ×QGD oDO×ċDQ JHQoOHULQ \HQL RUWDNO×NODU YH SURMHOHU JHUoHNOHċWLULOPHVLQH RODQDN WDQ×PDNWDG×U 3URMHQLQ ELU GLĊHU |]HOOLĊL 7 UNL\H·GH \DS×ODQ LON YH WHN JHQoOLN oHYUH ]LUYHVL ROPDV×G×U $NDV\D 8OXVDO *HQoOLN dHYUH =LUYHOHUL |]HOOLNOH \HUHOGH oHYUH NRQXVXQGD oDO×ċPDODU \DSDQ oHYUHFL JHQoOHUH WHNQLN DQODPGD GHVWHNOHU GH VXQPDV× Do×V×QGDQ VLYLO WRSOXP DODQ×QGD L\L ELU |UQHNWLU

<DċD\DQ . W SKDQH *HQoOLN dDO×ċDPDODU× %LULPL ² 7RSOXP *|Q OO OHUL 9DNI× 3URMHQLQ DPDF× JHQoOHULQ WRSOXPGD IDUNO× NLPOLNOHU YH N OW UOHUH X\JXODQDQ D\U×PF×O×N NRQXVXQGD IDUN×QGDO×N ND]DQPDODU×Q× VDĊODPDNW×U ĈONL %DU×ċD 5RFN·GD LNLQFL *H3*H1o·WH LNLQFL NHUH NXUXODQ N W SKDQH W×SN× JHUoHN ELU N W SKDQH JLEL LċOL\RU RNX\XFXODU N W SKDQH\H JHOL\RU NDWDORJGDQ |G Qo DOPDN LVWHGLNOHUL NLWDE× VHoL\RUODU N W SKDQHFLQLQ \DUG×P×\OD NLWDE× DO×\RUODU YH EHOOL ELU V UH RNXGXNWDQ VRQUD ]DUDU YHUPHGHQ NLWDE× JHUL LDGH HGL\RUODU <DċD\DQ . W SKDQH·QLQ GLĊHU N W SKDQHOHUGHQ WHN IDUN× LVH NLWDSODU×Q×Q LQVDQ ROPDV× <DċD\DQ . W SDKH JHQoOHU DUDV×QGD GD \D\J×Q RODQ D\U×PF×O×N NRQXVXQGD IDUN×QGDO×N \DUDWPDN DPDF×\OD JHUHNOHċHQ \HQLOLNoL ELU SURMH ROPDV× |]HOOLĊL\OH L\L ELU |UQHNWLU

² %DU×ċD5RFN )HVWLYDOL %DU×ċD5RFN ĈQLVL\DWLÀ $PDF× P ]LĊLQ YH WRSOXPVDOO×Ċ×Q VDW×OPDG×Ċ× DODQODU×Q YDURODELOHFHĊLQL NDQ×WODPDN oHċLWOL VRV\DO KDUHNHW YH VLYLO WRSOXP |UJ WOHULQLQ NHQGLOHULQL YH H\OHPOHULQL J|VWHUHELOPHOHUL LoLQ ELU SODWIRP \DUDWPDN LoLQ EDċND ELU IHVWLYDOLQ P PN Q ROGXĊXQX J|VWHUPHNWLU $OW× \×OG×U KD\DWD JHoHQ %DU×ċD5RFN NDW×O×PF× YH Do×N ELUH\OHULQ \HWLċPHVLQH ELUH\OHULQ |UJ WOHQPH KDNODU×Q× NXOODQDUDN LOJLOL SROLWLND NDW×O×P DOJ×ODU×Q×Q ROXPOX \|QGH JHOLċLPLQL GHVWHNOHPHVL |]HOOLĊL\OH L\L ELU |UQHNWLU

² 6RNDN /DPEDV× 3URMHVL %LONHQW hQLYHUVLWHVL 7RSOXPVDO 'X\DUO×O×N 3URMHOHUL 3URMHQLQ DPDF× VRNDNWD oDO×ċDQ oDO×ċPD SRWDQVL\HOL RODQ oRFXNODU×Q PDĊGXUL\HWL YH GH]DYDQWDMODU× KDNN×QGD NDPXGD ELOLQo X\DQG×UDUDN EX NR QXGD VRPXW DG×PODU DW×OPDV×QD |QD\DN ROPDNW×U 3URMH DNDGHPLN G|QHPOHUL DUDV×QGD %LONHQW hQLYHUVLWHVL |ĊUHQFLOHU WDUDI×QGDQ oRFXNODUD \|QHOLN VRV\DO N OW UHO HĊLWVHO DNWLYLWHOHU \HWLċNLQOHUH \|QHOLN ELOJLOHQGLUPH YH VDYXQXFXOXN IDDOL\HWOHULQL NDSVD\DQ X\JXODPDODUOD KD\DWD JHoLULOPLċWLU 3URMH oRFXNODUD \|QHOLN |Q\DUJ×ODU×Q D]DOW×OPDV× oRFXN LċoLOLĊL VRUXQX KDNN×QGD IDUN×QGDO×N \DUDWPDN YH ELOLQo ROXċWXUPD EDċDU×V× EDN×P×QGDQ V UG U OHELOLU HWNLOHUH VDKLS ELU SURMHGLU ´6RNDN /DPEDV×µ oRFXN LċoLOLĊLQH NDUċ× VDYXQXFXOXN |]HOOLĊL WDċ×PDV× EDN×P×QGDQ VLYLO DODQGD EDċDU×O× YH L\L ELU |UQHNWLU

$7g/<(/(5 *H3*H1o $W|O\HOHU·LQ DPDF× VLYLO DODQGD IDDOL\HW J|VWHUHQ JHQo OLN NXUXOXċODU×Q×Q ELUELUOHUL\OH GHQH\LP YH ELOJL SD\ODċDELOPHOHULQL VDĊODPDNW× +D\DWD JHoPLċ SURMH |UQHNOHULQLQ DNWDU×OG×Ċ× DODQGD \DS×ODQ oHċLWOL DUDċW×UPDODU×Q VXQXOGXĊX NXOODQ×ODQ IDUNO× \|QWHP YH PHWRGODU×Q X\JXODQG×Ċ× \HQL SURMH ÀNLUOHULQLQ ROXċWX ĊX DW|O\HOHU W P IHVWLYDO ]L\DUHWoLOHULQLQ NDW×O×P×QD Do×N RODUDN JHUoHNOHċWL ĈoHULVLQ GH GDQVWDQ UHVPH IRWRĊUDIWDQ GRĊDoODPD R\XQODUD HO EHFHULOHULQGHQ \HPHN \DS×P×QD NDGDU oRN IDUNO× X\JXODPDODU×Q ROGXĊX DW|O\H IHVWLYDO V UHVLQFH VDQWUDOLVWDQEXO·XQ IDUNO× PHNDQODU×QGD JHUoHNOHċWL

1Ĉ6$1 &80$57(6Ĉ dDĊGDċ 'UDPD 'HUQHĊL 6DQDW $W|O\HVL $KYDO 'XUPD] dDĊGDċ 'UDPD 'HUQHĊL )DUNO× VDQDW GDOODU×QD KDV GHĊLċLN |]HOOLNOHUH VDKLS PDO]HPHOHULQ NXOODQ×ODUDN X\JXODQG×Ċ× DW|O\HGH NDW×O×PF×ODU |QFH KD]×UODQDFDN VDQDW HVHULQLQ WHPDV×Q× EHOLUOHPHN LoLQ N×VD ELU EH\LQ I×UW×QDV× \DSW×ODU $UG×QGDQ NRODM \|QWHPL NXOODQ×ODUDN UHQJDUHQN ELU *H3*H1o )H67L9D/ DÀċL KD]×UODQG× 7DVDU×P×QGDQ UHWLPLQH W P DċDPDODU× DW|O\H NDW×O×PF×ODU× WDUDI×QGDQ \DS×ODQ DÀċ GDKD VRQUD *H3*H1o V UHVLQFH IHVWLYDO DODQ×Q×Q IDUNO× \HUOHULQGH VHUJLOHQHUHN W P ]L\DUHWoLOHULQ EHĊHQLVLQH VXQXOGX 5LWLP <DUDW×F× 'UDPD $W|O\HVL )HUGD .DU×NRĊOX dDĊGDċ 'UDPD 'HUQHĊL

´.RPċXOXNµ NDYUDP×\OD LOJLOL G|UW DOW WHPDQ×Q EHOLUOHQGLĊL DW|O\HGH KHU ELU WHPD IDUNO× VDQDW IRUPODU× DUDF×O×Ċ×\OD LċOHQGL 'DQV GHYLQLP UHVLP ULWLP YH WL\DWUR IRUPODU× NXOODQ×ODUDN EHOLUOHQHQ WHPDODU× LċOH\HQ DW|O\H NDW×O×PF×ODU× ELUHU SHUIRUPDQV KD]×UODG×ODU dDĊGDċ 'UDPD 'HUQHĊL·QLQ GH WDQ×W×OG×Ċ× DW|O\HGH GDKD VRQUD NDW×O×PF×ODU NHQGL KD]×UODG×NODU× SHUIRUPDQVODU× IHVWLYDOLQ oHċLWOL DODQODU×QGD GLĊHU ]L\DUHWoLOHUH VHUJLOHGLOHU 'RĊDoODPD 5RO $OL .×UNDU dDĊGDċ 'UDPD 'HUQHĊL dDĊGDċ 'UDPD 'HUQHĊL HĊWLPHQOHUL WDUDI×QGDQ GRĊDoODPD URO \DSPDN ]HULQH NXUJXODQDQ R\XQFXOXN DW|O\HVLQGH |QFH ×V×QPD YH URO X\JXODPDODU× \DS×OG× $UG×QGDQ HĊLWPHQOHU WDUDI×QGDQ NXUJXODQDQ URO OHUOH ELU SHUIRUPDQV EDċODW×OG× .XUJX\OD EDċOD\DQ SHUIRUPDQVODU DW|O\H NDW×O×PF×ODU×Q×Q NRPċXOXN WHPDV× oHUoHYHVLQGH \DSW×NODU× GRĊDoODPDODUOD GHYDP HWWL )ODPHQNR 'DQV $W|O\HVL 6HQHP %DODEDQ )ODPHQNR GDQV×Q×Q JHQHO SUHQVLSOHUL YH WDULKVHO JHOLċLPLQLQ DOQDW×P×\OD EDċDOD\DQ DW|O\HGH ×V×QPD X\JXODPDODU×Q×Q DUG×QGDQ NDW×O×PF×ODUD WHPHO ÁDPHQNR ÀJ UOHUL |ĊUHWLOGL $W|O\H HĊLWPHQL HċOLĊLQGH ÁDPHQNR H]JLOHUL\OH GDQV HGHQ NDW×O×PF×ODU GDKD VRQUD ELU J|VWHUL LoLQ KD]×UODQ×S IHVWLYDO ]L\DUHWoLOH ULQLQ GH L]OH\LFL RODUDN \HU DOG×Ċ× N×VD ELU J|VWHUL VXQGXODU

$7g/<(/(5 *UDIÀWL ² 6WHQFLO $W|O\HVL 3HUWHY (PUH 7DċWDEDQ 8ODċ dHOLN )HVWLYDO DODQ×QD NXUXODQ |]HO SODWIRUP ]HULQH LNL J Q ER\XQFD JUDIÀWL \D]×P× \DS×ODQ DW|O\HGH NDW×O×PF×ODU KHP JUDÀWL KDNN×QGD WHNQLN ELOJLOHU HGLQPH KHP GH X\JXODPD \DSPD ċDQV× EXODUDN NH\LÁL YDNLW JHoLUGLOHU 7HPHO JUDIÀWL WHNQLNOHUL YH IDUNO× PDO]HPH NXOODQ×P×\OD IHVWLYDO NDW×O×PF×ODU× WDUDI×QGDQ |]HO KD]×UODQDQ SDQR\D \D]×ODQ JUDIÀWL |UQHNOHUL IHVWLYDO V UHVLQFH YH VRQUDV×QGD VDQWUDOLVWDQEXOGD VHU JLOHQGL +DQJDU dDOJ×F×ODU× 'HU\D .×O×oDOS $VO× .×O×oDOS <DVLQ %R]NXUW +DQJDU 6DQDW 'HUQHĊL )HVWLYDO DODQ×QGD W P ]L\DUHWoLOHULQ GH VH\LUFL RODUDN \HU DOG×Ċ× DW|O\HGH NDW×O×PF×ODU IDUNO× ULWLP DOHWOHUL\OH HĊLWPHQOHU HċOLĊLQGH oHċLWOL ULWLPOHU |ĊUHQLS DW|O\H VRQXQGD GD HĊOHQFHOL ELU SHUIRUPDQV VHUJLOHGLOHU %|\OHFH IDUNO× N OW U YH oHYUHOHUGHQ JHOHQ NDW×O×PF×ODU ULWLPL DUDo RODUDN NXOODQ×S D\Q× JUXEXQ SDUoDV× ROPD\× GHQH\LPOH\HUHN RUWDN ELU ULWLP WXWWXUPDQ×Q NH\ÀQL \DċDP×ċ ROGXODU 6DOVD 'DQV $W|O\HVL .XWVDO =HUHQ &DQ dHWLQ %RUD 8VWDRĊOX &OXE /DWLQ /LIH gQFHOHUL \DOQ×]FD * QH\ 2UWD $PHULND N|NHQOL NLċLOHU DUDV×QGD \D\J×Q RODQ EX P ]LN W U KDNN×QGD ELO JLOHQGLUPHQLQ \DS×OG×Ċ× DW|O\HGH WHPHO VDOVD DG×PODU× YH G|Q ċOHUL |ĊUHWLOGL $W|O\H HĊLWPHQL HċOLĊLQGH \DS×ODQ X\JXODPDODUOD NDW×O×PF×ODU DW|O\H VRQXQGD N×VD ELU SHUIRUPDQV KD]×UOD\DUDN IHVWLYDO ]L\DUHWoLOH ULQH VXQGXODU 3HPEH )LOP +DOLO ĈEUDKLP 7HNLQ %RUD $U×FD 7RSOXP *|Q OO OHUL 3HPEH (Y *HQoOLN +L]PHW 0HUNH]L 3HPEH (Y *HQoOLN +L]PHW 0HUNH]L J|Q OO OHUL WDUDI×QGDQ oHNLOHQ YH PHUNH]LQ oDO×ċPDODU×Q× DQODWDQ N×VD ÀOPLQ J|VWHULOGLĊL DW|O\HGH D\U×FD ÀOPLQ oHNLOLċ V UHFL YH KLND\HVL GH NDW×O×PF×ODUOD SD\ODċ×OG× $W|O\H \HUHOGH \DS×ODQ J|Q OO oDO×ċPDODU KDNN×QGD ELOJL YHUPHVL YH |UQHN WHċNLO HWPHVL Do×V×QGDQ NDW×O×PF×ODU LoLQ |ĊUHWLFL YH EDċDU×O× ELU X\JXODPD ROGX

$7g/<(/(5 dRFXNODUOD dDO×ċDQODU LoLQ dRFXN +DNODU× $W|O\HVL $\ċH %H\D]RYD =H\QHS .×O×o ĈVWDQEXO %LOJL hQLYHUVLWHVL dRFXN dDO×ċPDODU× %LULPL dRFXNODUOD oDO×ċDQ VLYLO WRSOXP NXUXOXċODU×Q×Q YH J|Q OO OHULQ dRFXN +DNODU× 6|]OHċPHVL KDNN×QGD ELOJL HGLQPHOHUL YH EX V|]OHċPH oHUoHYHVLQGH HWNLOL IDDOL\HWOHU X\JXODPDODU× \|Q QGH IDUN×QGDO×N \DUDWPDN DPDF×\OD JHUoHNOHċHQ DW|O\HGH oRFXN KDNODU×Q× |ĊUHWLFL QLWHOLNWH X\JXODPDODU \DS×OG× $UG×QGDQ \ U W OHQ ´EDV×QGD oRFXN KDNODU×µ WHPDO× WDUW×ċPDGD\VD PHG\DGD oRFXN KDNODU× NRQXVXQGD \D\×PODQDQ KDEHUOHU LQFHOHQGL 'HQHOH\E V (YUHQ 6HQHU hQDO 7RSOXP *|Q OO OHUL 9DNI× *HQoOLN oDO×ċDQODU×Q×Q YH JHQoOLN DODQ×QGD IDDOL\HW J|VWHUHQ J|Q OO OHULQ \HUHO \DGD XOXVDO SURMHOHUGHNL GHQH\LPOHULQL SD\ODċDELOPHOHUL DPDF×\OD X\JXODQDQ DW|O\H IHVWLYDO DODQ×QD NXUXODQ ELU RWRE V PDNHWL LoHULVLQGH JHUoHNOHċWL .DW×O×PF×ODU×Q \DċDP×ċ ROGXNODU× GHQH \LPOHUL ELUELUOHULQH DNWDUPD I×UVDW× YH VRUXODU×QD FHYDSODU EXOGXNODU× GHQHOH\E V LNL J Q ER\XQFD IHVWLYDOLQ UHQNOL HWNLQOLNOHULQGHQ ELUL\GL .RPċX .RPċX 6DQDWD 9DU P×V×Q" * OWHQ %Dċ|] ĈOND\ (IH ĉHKQD] 6HUYHQo %DKDU * UH\ dDĊGDċ 'UDPD 'HUQHĊL 7 P X\JXODPDODU×Q NRPċXOXN WHPDV× oHUoHYHVLQGH JHUoHNOHċWLULOGLĊL DW|O\HGH |QFH NDW×O×PF×ODUOD ELUOLNWH ´NRPċXOXNµ NDYUDP× WDUW×ċ×OG× $UG×QGDQ J QO N KD\DW×P×]×Q SDUoDV× RODQ REMHOHU \DUG×P×\OD GUDPD YH GDQV \|QWHPOHUL NXOODQ×ODUDN IDUNO× JUXS oDO×ċPDODU× \DS×OG× *UXS oDO×ċPDODU× VRQXQGD DW|O\H NDW×O×PF×ODU× KD]×UODG×NODU× NRPċXOXN WHPDO× SHUIRUPDQVODU×Q× IHVWLYDOH JHOHQ ]L\DUHWoLOHUH VHUJLOHGLOHU $YUXSD·GDQ $YUXSD·\D %DN×ċ 0HKPHW .XWOXD\ .DUDEDO×N 6H]LQ /DOHFLOHU -HDQ 0RQQHW %XUVL\HUOHUL

$YUXSD $YUXSDO× NLPOLN IDUN |WHNL NDYUDPODU×Q×Q oHċLWOL NDULNDW UOHU DUDF×O×Ċ×\OD WDUW×ċ×OG×Ċ× DW|O\HGH $YUXSD %LUOLĊL YH $YUXSD WDULKL KDNN×QGD ELOJLOHU YHULOGL $YUXSD %LUOLĊL ROXċXPX\OD LOJLOL \DS×OP×ċ DUDċW×UPDODUGDQ HOGH HGLOHQ YHULOHULQ GH VXQXOGXĊX X\JXODPDGD NDW×O×PF×ODU 7 UNL\H·GHQ $YUXSD·\D YH $YUXSD·GDQ 7 UNL\H·\H EDNDQODU ROPDN ]HUH LNL JUXED D\U×ODUDN LNL WDUDI×Q ELUELULQH RODQ EDN×ċ Do×ODU×\OD LOJLOL ELUHU VXQXP KD]×UODG×ODU 6XQXPODU×Q DUG×QGDQ WRSOXOXNODU×Q EXOXQGXNODU× \HUOHUGHQ ELUELUOHULQH RODQ EDN×ċ YH DOJ×ODU×\OD LOJLOL WDUW×ċPDODUOD DW|O\H VRQ EXOGX

$7g/<(/(5 .RPċX .RPċX 6HQLQ GH &DQ×Q 6×N×O×\RU PX" .HYVHU <DYX] dDĊGDċ 'UDPD 'HUQHĊL <XUWG×ċ×QGDQ JHOHQ JHQo J|Q OO OHULQ GH NDW×OG×Ċ× DW|O\HGH KD\DOL ELU G Q\D KDULWDV× ]HULQGH GXUDQ NDW×O×PF×ODU IDUNO× ONHOHULQ VHODPODċPDODU× YH JHOHQHNVHO R\XQODU×Q× ELUELUOHULQH |ĊUHWWLOHU )DUNO× N O W UOHULQ EHQ]HU R\XQ YH JHOHQHNOHUL ROPDV×Q×Q RUWDN QHGHQOHUL ]HULQH oHċLWOL WDUW×ċPDODU×Q \ U W OG Ċ oDO×ċPD NDW×O×PF×ODU×Q KHP HĊOHQGLĊL KHP GH N OW UOHUDUDV× |ĊUHQPH NRQXVXQGD IDUN×QGDO×N HGLQHELO GLNOHUL ELU DW|O\H ROGX

8OXVODUDUDV× 'D\DQ×ċPDQ×Q *HOLċWLULOPHVLQGH *|Q OO *HQoOLN dDO×ċPDV× .HYVHU <DYX] 6HUUD $\NDQ *HQoWXU *HQoWXU WDUDI×QGDQ X]XQ V UHGLU X\JXODQDQ XOXVODUDUDV× JHQoOLN NDPSODU× KDNN×QGD ELOJLOHQGLUPH \DS×ODQ DW|O\HGH XOXVODUDUDV× JHQoOLN oDO×ċPDODU×Q×Q N OW UOHUDUDV× GD\DQ×ċPD YH |ĊUHQPH\L QDV×O HWNLOH\HELOHFHĊL\OH LOJLOL WDUW×ċPDODU \ U W OG *HQoWXU·XQ GDKD |QFH JHUoHNOHċHQ .D\VHUL YH 1HZ <RUN NDPSODU×QGDQ N×VD ÀOP YH IRWRĊUDÁDUOD |UQHNOHULQ J|VWHULOGLĊL DW|O\HGH EHQ]HU JHQoOLN DNWLYLWLOHULQGH \HUDOPDN LVWH\HQ DW|O\H NDW×O×PF×V× JHQoOHU PH UDN HWWLNOHULQL VRUPD LPNDQ×QD GD VDKLS ROGX $UDP×]GDNL 'XYDUODU 9L]H (YUHQ (UGHQHU $(*(( $QNDUD +DUHNHW |]J UO Ċ Q Q LQVDQ KDNODU× WHPHOOL ELU NDYUDP ROPDV× HVDV×QGDQ \ROD o×NDUDN YL]H X\JXODPDV×Q×Q JHQoOHULQ VH\DKDW HGHELOPH |]J UO NOHULQL N×V×WODPD GXUXPX ]HULQH WDUW×ċPDODU×Q \ U W OG Ċ DW|O\HGH SROLWLN QHGHQOHUOH X\JXODQDQ YL]HQLQ QDV×O HQJHO ROPDNWDQ o×NDELOHFHĊL\OH LOJLOL |QHULOHU JHOLċWLULOGL 8OXVODUDUDV× J|Q OO OHULQ GH NDW×OG×Ċ× DW|O\H LQJLOL]FH DUG×O oHYLUL\OH JHUoHNOHċWL 2ULJDPL $W|O\HVL )DWLK 'HVWHEDċ× 1LKDQ ĈċELOLU $\ċHQXU %D\J×Q *HOHQHNVHO -DSRQ VDQDW× RULJDPL KDNN×QGD ELOJL YHULOHUHN EDċOD\DQ DW|O\HGH NDW×O×PF×ODUD |QFH -DSRQODU LoLQ PDQHYL GHĊHUL EXOXQDQ YH GLOHNOHULQ JHUoHNOHċPHVLQGH XĊXU JHWLUGLĊLQH LQDQ×ODQ WXUQD NXċXQXQ KLND\HVL DQODW×OG× $W|O\H NDW×O×PF×ODU× ELOJLOHQGLUPHQLQ DUG×QGDQ HĊLWPHQOHULQ NROD\ODċW×U×F×O×Ċ×QGD RUL JDPL \|QWHPL\OH WXUQD NXċX \DSPD\× |ĊUHQHUHN NH\LÁL YDNLW JHoLUGLOHU

$7g/<(/(5 %LU 'LQR]RUXQ (YULPL (UJ YHQo g]FDQ (]JL 7RSoX (OLI .XQGDNo× 75(; $YUXSD J|Q OO KL]PHWL $*+ \DSP×ċ HVNL J|Q OO OHU WDUDI×QGDQ X\JXODQDQ DW|O\GH N×VD ÀOPOHU YH IRWRĊUDÁDUGDQ GHUOHQPLċ ELU VXQXPOD 75(;·LQ IDDOL\HWOHUL DQODW×OG× $W|O\H E Q\HVLQGH $*+ KDNN×QGD WHNQLN DNWDU×PGDQ oRN \DċDQP×ċ KLND\HOHU ]HULQGHQ ID\GDO× RODELOHFHN SUDWLN NRQXODUD \HU YHULOHUHN EDċND ELU ONHGH J|Q OO O N \DSDUDN \DċDPDN LVWH\HQOHUH GHQH\LP DNWDU×P× \DS×OG× 6DQDW +D\DW 'HQL] 0HKPHW gUQHN ' Q\D·GDQ IDUNO× VDQDWo×ODU WDUDI×QGDQ \DS×OP×ċ NRODM oDO×ċPDODU×\OD IDUNO× \|QHOLP YH DQODW×P ELoLPOHUL KDNN×QGD ELOJLOHQGLUPHQLQ \DS×OG×Ċ× DW|O\HGH 'HQL] 0HKPHW gUQHN NHQGL oDO×ċPDODU×Q× GD NDW×O×PF×ODUOD SD\ODċW× %X X\JXODPDODU×Q DUG×QGDQ NDW×O×PF×ODU IDUNO× W UGHQ PDO]HPHOHU NXOODQDUDN ELU NRODM oDO×ċPDV× \DSW×ODU +D]×UODQDQ NRODM IHVWLYDOH NDW×ODQ GLĊHU ]L\DUHWoLOHULQ GH L]OH\HELOPHVL LoLQ IHVWLYDO DODQ×QGD VHU JLOHQGL 5HVLP <ROX\OD . OW UOHUDUDV× 'L\DORJ 0XWOXOXĊX 3D\ODċPDN &DQHU 'HPLU $VO× 'HQL] +HOYDF×RĊOX $YUXSD %LUOLĊL %LOJL 0HUNH]L 'X\JXODU× UHVLP VDQDW×\OD LIDGH HWPHN YH NDYUDPODU× ELUELUOHUL\OH LOLċNLOHQGLUHUHN UHVPHWPHN ]HULQH N×VD ELU EH\LQ I×UW×QDV×\OD EDċOD\DQ DW|O\HGH PXWOXOXĊX SD\ODċPDN RODUDN WDQ×PODQDQ NRPċXOXN W P NDW×O×PF×ODUOD ELUOLNWH UHVPHGLOGL $VO× 'HQL] +HOYDF×RĊOX NROD\ODċW×U×F×O×Ċ×QGD V UHQ DW|O\HGH D\U×FD UHVLP VDQDW×\OD LOJLOL WHNQLN ELOJLOHQGLUPH GH \DS×OG× .DW×O×PF×ODU WDUDI×QGDQ KD]×UODQDQ NRPċXOXN WHPDO× UHVLP GDKD VRQUD IHVWLYDO DODQ×QGD VHUJLOHQGL .XNOD $W|O\HVL 0HPLċ (IH gQHU g]W UN %XUDN 8\JXQ 7RSOXP *|Q OO OHUL 9DNI× . OW UHO IDUNO×O×NODU WHPDV×Q×Q LċOHQGLĊL DW|O\HGH JUXSODUD D\U×ODQ NDW×O×PF×ODU oHċLWOL PDO]HPHOHU NXOODQDUDN IDUNO× NDUDNWHU OHUGH NXNODODU UHWWLOHU <DS×ODQ NXNODODU KD\DOL JH]HJHQOHUGH KD\DO U Q ONHOHUGH \DċD\DQ KDONODU× VLPJHOHGLOHU .HQGL \DSW×NODU× NXNODODU×QD ONH PHVOHN LVLP VHoHUHN IDUNO× NDUDNWHU OHU \DUDWDQ NDW×O×PF×ODU IHVWLYDO DODQ×QGD IHVWLYDOL ]L\DUHWH JHOHQ GLĊHU JHQoOHUOH oHċLWOL R\XQODU R\QDG×ODU

$7g/<(/(5 'LYLGHG *RG %|O QP ċ 7DQU×

=HOLPLU =LOQLX 'UDJR 3LQWDULF 7HUUD )LOP ² .8' 3R]LWLYH

+D]LUDQ ·GH EDċOD\DQ EHċ ONH WDUDI×QGDQ RUWDNODċD JHUoHNOHċWLULOHQ 'LYLGHG *RG SURMHVLQLQ DQODW×O×S o×NW×ODU×Q×Q SD\ODċ×OG×Ċ× GHĊHUOHQGLUPH WRSODQW×V× QLWHOLĊLQGHNL DW|O\HGH SURMHGH \HU DOP×ċ ONHOHUGHQ JHQoOHULQ KD]×UODG×NODG×NODU× GLQL IDUNO×O×NODU KRċJ|U ELUDUDGD \DċDP NRQXOX N×VD ÀOPOHU J|VWHULOGL . OW UHO IDUNO×O×NODU KRċJ|U NRQXOX oHċLWOL WDUW×ċPDODU×Q \ U W OG Ċ DW|O\H oLIW GLOOL YH DUG×O oHYLUL\OH JHUoHNOHċWL $W|O\HGH J|VWHULOHQ YH SURMH E Q\HVLQGH oHNLOHQ W P ÀOPOHUH ZZZ SR]LWLY VL GLYLGHGJRG DGUHVLQGHQ XODċ×ODELOLQLU

1Ĉ6$1 3$=$5 ĈQVDQ +DNODU× )DUN×QGDO×N $W|O\HVL 5DQD 0XVWDID 5DDIDW $KPHG 1DWLRQDO &RXQFLO IRU <RXWK 0×V×U ĈQVDQ KDNODU× KDNODU× N×V×WOD\DQ GXUXPODU YH KDNODU× EHOLUOH\HQ RWRULWH NDYUDPODU×Q×Q WDUW×ċ×OPDV×\OD EDċOD\DQ DW|O\HGH 9LHQQD .RQIHUDQV× YH D\U×PF×O×N NRQXODU×QGD ELOJLOHQGLUPH \DS×OG× +DN NDYUDP× SROLWLN VLYLO VRV\DO HNRQRPLN YH GLQL JUXS KDNODU× RODUDN o HNVHQGH LQFHOHQHUHN WDULK LoHULVLQGH JHOLċHQ ROD\ODU ]HULQGHQ |UQHNOHU YHULOGL $UG×O oHYLUL\OH oLIW GLOOL JHUoHNOHċHQ DW|O\HGH D\U×FD NDW×O×PF×ODU LQVDQ KDNODU× NRQXVXQGD NHQGL GHQH\LP YH ELOJLOHULQL GH ELUELUOHULQH DNWDUG×ODU .RPċXGD 3LċHU %L]H GH ' ċHU 9LFHQo 9LDSODQD 0DUWD 9HUWHFK *HQoWXU 8OXVODUDUDV× NDW×O×PF×ODU×Q GD \HUDOG×Ċ× LQJLOL]FH JHUoHNOHċHQ DW|O\HGH IDUNO× ONHOHUGHQ JHOHQ JHQoOHU NHQ GL N OW UOHULQH DLW RODQ JHOHQHNVHO \HPHNOHUL SLċLUGLOHU &RĊUDI\D P ]LN \HPHN JLEL ROJXODU×Q N OW UOHUOH RODQ LOLċNLVL N OW UOHUH HWNLVL YH EHQ]HUOLNOHUL HNVHQLQGH \DS×ODQ WDUW×ċPDODUOD NDW×O×PF×ODU KD]×UODG×NODU× OH]]HWOL \HPHNOHUL WDGDUNHQ NRPċXOXN NDYUDP×Q× GD IDUNO× ELU EDN×ċ Do×V×\OD \HQLGHQ NHċIHWPLċ ROGXODU . OW UOHUDUDV× 'L\DORJGD *HQoOHULQ 5RO )LNUHW .DVDSRĊOX $VX $NVR\ * OHU $OW×QVR\ +DELWDW LoLQ *HQoOLN 'HUQHĊL +DELWDW ĈoLQ *HQoOLN 'HUQHĊL YH 8OXVDO *HQoOLN 3DUODPHQWRVX KDNN×QGD ELOJLOHQGLUPHQLQ GH \DS×OG×Ċ× DW|O\HGH N OW UHO IDUNO×O×NODU IDUNO× LQDQo YH N OW UOHULQ ELUOLNWH \DċD\DELOPH N OW U IDUNO×O×NODU×Q WHKGLW PL \RNVD ]HQJLQOLN PL ROGXĊX NRQXODU×QGD WDUW×ċPDODU \ U W OG %LOJLOHQGLUPH YH ÀNLU DO×ċYHULċL DċDPDODU×QGDQ VRQUD N OW UHO IDUNO×O×NODU×Q ELUDUDGD \DċD\DELOPHVL LoLQ JHQoOHULQ WRSOXPGDNL URO YH EHQ]HU UROOHULQ \HU DOG×Ċ× VLVWHPOHULQ QHOHU RODELOHFHĊL\OH LOJLOL |QHULOHU JHOLċWLULOGL

$7g/<(/(5 +D\DOL *LWDU dDOPD <DU×ċPDV× (PUH 7DQU×NXOX 0HOHN 6HYFDQ 7HNċHQ <DUG×PODċD5RFN YH . OW U 7RSOXOXĊX )HVWLYDO DODQ×QGD GDĊ×W×ODQ HO LODQODU×\OD \DU×ċPDGDQ KDEHUGDU RODQ IHVWLYDO ]L\DUHWoLHUL KD\DOL JLWDU oDOPD \DU×ċPDV×QGD |QFH LNLċHUOL HOHPHOHUGHQ JHoWL OHU )HVWLYDO DODQ×QGD NXUXODQ IXDU VDKQHVLQGH JHUoHNOHċHQ \DU×ċPDGD VDKQH\H o×NDQ \DU×ċPDF×ODU IRQGD oDODQ P ]LĊH HOOHULQGH ROGXĊXQX YDUVD\G×NODU× KD\DOL JLWDUODUOD HċOLN HGHUHN J|VWHULOHULQL \DSW×ODU * QG ] JHUoHNOHċHQ LON HOHPHOHULQ DUG×QGDQ EHOLUOHQHQ ÀQDOLVW DNċDP VDDWOHULQGH %DED]XOD NRQVHUL |QFHVL VRQ NH] VDKQH\H o×NDUDN SHUIRUPDQVODU×Q× VHUJLOHGLOHU +D\DOL JLWDU oDO PD \DU×ċPDV×QGD %DED]XOD NRQVHULQL VH\UHWPH\H JHOHQ IHVWLYDO ]L\DUHWoLOH ULQLQ DON×ċODU×\OD $EGXUUDKPDQ 7HPHOL ELULQFL ROGX 6DĊ×P 6ROXP 0 ]LN 'LOHN ĈoLQVHO g]HO 6H]LQ /LVHVL

g]HO 6H]LQ /LVHVL YH V×Q×I |ĊUHQFLOHUL WDUDI×QGDQ oHNLOHQ ´6DĊ×P 6ROXQ 0 ]LNµ DGO× EHOJHVHOLQ J|VWHULOGLĊL DW|O\HGH EHOJHVHOLQ ROXċXP V UHFL\OH YH VRQUDV×QGD \DS×ODQ IDDOL\HWOHUOH LOJLOL ELOJLOHQGLUPH GH \DS×OG× $W|O\H\H OLVHOL JHQoOHUOH IDUNO× DUDoODU NXOODQDUDN J|Q OO SURMHOHUGH oDO×ċPDN LVWH\HQ NDW×O×PF×ODU LoLQ YHULPOL ELU GHQH\LP DNWDU×P× ROPDV×Q×Q \DQ× V×UD SURMH V UHFLQH GDLU WHNQLN NRQXODUGD ELOJL DNWDU×P× ROPDV× \|Q \OH GH |ĊUHWLFL ELU X\JXODPD ROGX +D]LQH $Y× 0XUDWKDQ .DUDJ|] 2QXU .XELOD\

)HVWLYDO DODQ×QGD JHQLċ ELU E|OJH\H \HUOHċWLULOHQ LVWDV\RQODUGD JHUoHNOHċHQ DW|O\HGH ·HU NLċLOLN WDN×PODU LVWDV\RQODUD JL]OHQPLċ KHGHÁHUL NHQGLOHULQH YHULOHQ ELOPHFHOHUL o|]HUHN EXOPD\D oDO×ċW×ODU dRĊXQOXNOD NRPċXOXN ]HULQH KD]×UODQP×ċ ELOPHFHOHUL o|]HUHN LVWDV\RQODUGD JL]OHQHQ KHGHÁHULQH XODċPD\D oDO×ċDQ WDN×PODUGDQ LON ·H JLUHQOHUH KD]LQH DY× NRRUGLQDV\RQ HNLEL WDUDI×QGDQ N o N KHGL\HOHU YHULOGL +HP IHVWLYDO DODQ×Q×Q GDKD L\L NHċIHGLOPHVL KHP GH IDUNO× ELU HWNLQOLN \|QWHPL RODUDN IHVWLYDO DODQ×QD KDUHNHW JHWLUHQ KD]LQH DY× LOJL oHNHQ HĊOHQFHOL DW|O\HOHUGHQ ELUL ROGX -XJJOLQJ (UVLQ <×OPD] )HVWLYDO DODQ×QGD Do×N KDYDGD JHUoHNOHċHQ DW|O\HGH EDORQ SLULQo oRUDS JLEL J QO N NXOODQO×ODQ EDVLW PDO]HPHOHUOH SRL LVLPOL MXJJOLQJ R\XQFDNODU×Q× NHQGLOHUL \DSDQ NDW×O×PF×ODU |QFH WHPHO KDUHNHWOHUL YH WHNQLNOHUL |ĊUHQGLOHU %X X\JXODPDODU×Q DUG×QGDQ KD]×UODQDQ oHċLWOL NDUHRJUDÀOHUOH NDW×O×PF×ODU P ]LN HċOLĊLQGH N×VD J|VWHULOHU \DSW×ODU )HVWLYDOLQ GLĊHU J QOHULQGH DW|O\HGHQ |ĊUHQGLNOHULQL EDċNDODU×\OD SD\ODċPDN LVWH\HQ NDW×O×PF×ODU SHN oRN NHUH NRUVDQ DW|O\HOHU G ]HQOH\HUHN IHVWLYDO DODQ×Q×Q GDKD UHQNOL YH KDUHNHWOL ROPDV×QD NDWN× VDĊODG×ODU

$7g/<(/(5 $YUXSD *|Q OO +L]PHWL $\WDo 7RUXQ $YUXSD %LUOLĊL (ĊLWLP YH *HQoOLN 3URJUDPODU× 0HUNH]L %DċNDQO×Ċ× 8OXVDO $MDQV $YUXSD %LUOLĊL (ĊLWLP YH *HQoOLN 3URJUDPODU× 0HUNH]L %DċNDQO×Ċ× 8OXVDO $MDQV WDUDI×QGDQ JHUoHNOHċWLULOHQ DW|O\HGH \ U W OHQ *HQoOLN 3URJUDP× KDNN×QGD N×VD ELU WDQ×W×P \DS×OG× 7DQ×W×P×Q DUG×QGDQ SURJUDP DOW×QGD EXOXQDQ $YUXSD *|Q OO +L]PHWL·\OH $*+ LOJLOL ELU VXQXP JHUoHNOHċWL $*+ \DSPDN LVWH\HQ JHQoOHULQ WDNLS HWPHOHUL JHUHNHQ V UHoOHU EDċYXUX ]DPDQODU× YH NDW×O×P NRċXOODU× KDNN×QGD ELOJL YHULOHQ DW|O\H NDW×O×PF×ODU×Q VRUXODU×Q×Q \DQ×WODQPDV×\OD VRQD HUGL < ]\×OGD *HQo .DG×QODU×Q <DċDP %LoLPOHUL 0DULDP 7RNPR]LVKXOOL *HQGHU )RU 6RFLDO (FRQRPLF 'HYHORSPHQW * UFLVWDQ \ ]\×OGD NDG×QODU×Q \DċDP WDU]ODU× VRV\DO KD\DWWDNL UROOHUL\OH LOJLOL NRQXODU×Q J QFHO |UQHNOHU DUDF×O×Ċ×\OD WDUW×ċ×OG×Ċ× DW|O\HGH * UFLVWDQ·GD \DċD\DQ JHQo NDG×QODU×Q \DċDP WDU]ODU× YH VRQ \×OODUGD GHĊLċHQ WRSOXPVDO UROOHUL\OH LOJLOL ELOJLOHQGLUPH \DS×OG× .DW×O×PF×ODU×Q NHQGL GHQH\LPOHULQL GH DNWDUDELO GLNOHUL YH LQJLOL]FH JHUoHNOHċHQ DW|O\H NDG×Q KDNODU×\OD LOJLOL ONHOHU DUDV× NDUċ×ODċW×UPDO× ELU EDN×ċ Do×V× VDĊODQDELOPHVL EDN×P×QGD GD EDċDU×O× ROGX $\U×PF×O×N YH +RPRIREL 6HOHQ ĉLPċHN $OLFDQ <XUWVHYHU 7RSOXP *|Q OO OHUL 9DNI× $\U×PF×O×N NDYUDP×Q× WHPHO LQVDQ KDNODU× EDĊODP×QGD WDUW×ċDUDN NDW×O×PF×ODUGD IDUN×QGDO×N \DUDWPDN DPDF×\OD JHUoHNOHċHQ DW|O\HGH 7RSOXP *|Q OO OHUL 9DNI× WDUDI×QGDQ \ U W OHQ $\U×PF×O×N YH +RPRIREL SURMHVLQLQ WDQ×W×P× \DS×OG× . o N JUXS oDO×ċPDODU×\OD GHYDP HGHQ DW|O\H SURMH NDSVDP×QGDNL \D\J×QODċW×UPD HĊWLPOHULQGH GH NXOODQ×ODQ X\JXODPDODUOD VRQ EXOGX *UXS oDO×ċPDODU×QGD KHUNHVLQ DNWLI RODUDN NDW×ODELOPHVL ]HULQH NXUJXODQDQ DW|O\H FLQVL\HW WHPHOOL D\U×PF×O×N NRQXVXQGD NDW×O×PF×ODU×Q IDUN×QGDO×N HGLQPHOHUL VDĊODG× &LQVHO 6DĊO×N YH hUHPH 6DĊO×Ċ× +DNODU× YH 6DYXQXFXOXN )DWPD +DF×RĊOX 1D]O× 0RUDO %LUOHċPLċ 0LOHWOHU 1 IXV )RQX %LUOHċPLċ 0LOHWOHU 1 IXV )RQX WDUDI×QGDQ FLQVHO VDĊO×N YH UHPH VDĊO×Ċ× NRQXVXQGD \DS×ODQ DUDċW×UPD VRQXoODU×QGDQ HOGH HGLOHQ YHULOHULQ VXQXOGXĊX DW|O\HGH NDW×O×PF×ODU×Q GDKD oRN KDNODU NRQXVXQGD ELOJL HGLQPHOHUL KHGHÁHQGL &LQVHO VDĊO×N YH UHPH VDĊO×Ċ×QGD KDN WHPHOOL X\JXODPDODUOD V UHQ oDO×ċPDGD NDW×O×PF×ODU ELUELUOHULQH GHQH\LP DNWDUPD I×UVDW× GD EXOGXODU 81)3$ WDUDI×QGDQ KD]×UODQDQ EDV×O× PDO]H PHOHULQ GDĊ×W×O×Ċ× X\JODPD NDW×O×PF×ODU×Q VRUXODU×Q×Q \DQ×WODQPDV×\OD VRQD HUGL 'HQL] <×OG×]× 6DQDW $W|O\HVL (EUX * OFDQ $UGXo *RQFDJ O 'LOOLFH 6HoLO g]W UN 6RNDNWD dDO×ċDQ dRFXNODUD <DUG×P 'HUQHĊL 6RNDNWD dDO×ċDQ dRFXNODUD <DUG×P 'HUQHĊL J|Q OO OHUL WDUDI×QGDQ JHUoHNOHċWLULOHQ DW|O\HGH NDW×O×PF×ODU |QFH GHUQHN IDDOL\HWOHUL KDNN×QGD ELOJLOHQGLULOGL $UG×QGDQ GHUQHN J|Q OO OHUL HEUX \DS×P×\OD LOJLOL ELO JLOHU YHUHUHN NDW×O×PF×ODUOD ELUOLNWH oHċLWOL HEUX X\JXODPDODU× JHUoHNOHċWLUGLOHU 6RNDNWD dDO×ċDQ dRFXNODUD <DUG×P 'HUQHĊL oDO×ċPDODU× YH LċOH\LċL KDNN×QGD ELOJL VDKLEL RODQ NDW×O×PF×ODU J|Q OO O N NDYUDP×Q× GD IDUNO× ELU EDN×ċ Do×V×\OD X\JXODPD YH GHQH\LPOHPH I×UVDW× EXOPXċ ROGXODU

$7g/<(/(5 3RWODo 0XVWDID <HQLJ Q 0XVWDID 6 WODċ ĈPHFH (YL 7 UNL\H·GH HNRORMLN JLULċLPOHU YH oDO×ċPDODU \ U WHQ ĈPHFH (YL·QLQ IDDOL\HWOHULQLQ GH WDQ×W×OG×Ċ× DW|O\HGH GRĊD\D VD\J× GRĊDO ND\QDNODUOD UHWLP YH JHOHFHN QHVLOOHULQ GRĊD\OD RODQ LOLċNLVL NRQXODU×QGD WDUW×ċPDODU \ U W OG .DW×O×PF×ODU NHQGLOHULQH LNUDP HGLOHQ ĈPHFH (YL J|Q OO OHULQLQ IHVWLYDOH JHOLUNHQ \DQODU×QGD JHWLUGLNOHUL GRĊDO U QOHUGHQ \DS×ODQ \HPHNOHUL WDGDUNHQ ELU \DQGD GD RUJDQLN U QOHUOH EHVOHQPH NR QXVXQGD ELOJL HGLQPH ċDQV× EXOGXODU <HUHO <|QHWLPOHUGH *HQoOHULQ 5RO * OJ|Q O %R]RĊOX 6H]DL +D]×U 0HKPHW 6DU×FD +DELWDW LoLQ *HQoOLN 'HUQHĊL +DELWDW LoLQ *HQoOLN 'HUQHĊL·QLQ NHQGL J|Q OO OHUL\OH \DSW×Ċ× 8OXVDO *HQoOLN 3DUODPHQWRVX .RQJUHVL QLWHOLĊLQGHNL DW|O\HGH <HUHO <|QHWLPOHUGH *HQoOLN 0HFOLVOHUL·QLQ \HUL VRUXQODU× LċOH\LċL YH PHFOLVOHULQ ONH \|QHWLPLQGHNL GHĊLċWLULFL G|Q ċW U F UROOHUL ]HULQH WDUW×ċPDODU \ U W OG )HVWLYDO ]L\DUHWoLOH ULQLQ GH NDW×O×PF× RODUDN \HU DODELOGLĊL WRSODQW× JHQoOHULQ WRSOXPVDO YH SROLWLN \DċDPD NDW×O×PODU× NR QXVXQGD |QHPOL ÀNLU DO×ċYHULċOHULQLQ JHUoHNOHċWLĊL ELU DW|O\H ROGX 0DUGLQ·GH .RPċX 2OPDN +D\GDU 'HPLUWDċ <XVXI .XUW 0DUGLQ *HQoOLN YH . OW U (YL 0DUGLQ·GH \DS×ODQ U|SRUWDMODUGDQ GHUOHQHQ YH 0DUGLQ·LQ N OW UHO |]HOOLNOHULQL DQODWDQ EHOJHVHOLQ J|VWHULOGLĊL DW|O\HGH EHOJHVHOLQ NRQXVX RODQ NRPċXOXN WHPDV× ]HULQH V|\OHċLOHU JHUoHNOHċWL 0DUGLQ·GH NRPċXOXN NDYUDP×Q×Q GHĊHULQL YH JHOHQHNVHO DQODP×Q× KLo ND\EHWPHGHQ EXJ Q ELOH \Dċ×\RU ROPDV×Q×Q GRĊX N OW U \OH RODQ LOLċNLVLQH YXUJX \DSDQ X\JXOPD NDW×O×PF×ODU×Q N OW UOHUDUDV× |ĊUHQPH NRQXVXQGD IDUN×QGDO×N HGLQGLNOHUL ELU EXOXċPD ROGX ĉ×UQDN·WD %HOJHVHO 1D]LPH $OW UN (NUHP %D\×N ĉ×UQDN *HQoOLN YH . OW U (YL 0HGHQL\HWOHU EHċLĊL DQODP×QD JHOHQ YH ´ĉHKU L 1XKµ GL\H GH DQ×ODQ ĉ×UQDN·×Q WDULKL FRĊUDÀ |]HOOLNOHUL JHoLP ND\QDĊ× YH VRV\DO \DċDP×\OD LOLJLOL WDQ×W×P \DS×ODQ DW|O\HGH YDURODQ |Q\DUJ×ODU× N×UPDN DPDF×\OD ĉ×UQDN·WDNL J QO N \DċDP× DNWDUDQ ELU EHOJHVHO J|VWHULPL \DS×OG× %HOJHVHO J|VWHULPLQGHQ VRQUD \ U W OHQ WDUW×ċPDGD VRUXODU×QD \DQ×W DODQ NDW×O×PF×ODU N OW UHO IDUNO×O×NODUGDQ ND\QDNODQDQ |Q\DUJ×ODU×Q N×U×OPDV× LoLQ |]HOOLNOH JHQoOHULQ ONH LoLQGHNL KDUHNHWOLOLNOHULQLQ GHVWHNOHQPHVL NRQXVXQGD J|U ċ ELOGLUGLOHU

$7g/<(/(5 7UDQVLW $OL .DUDNDċ (GD 'HPLUEDċ 7RSOXP *|Q OO OHUL 9DNI× 079 GHVWHĊL\OH +,9 $,'6 NRQXODU×QGD IDUN×QGDO×N ROXċWXUPDN DPDF×\OD oHNLOHQ 7UDQVLW ÀOPLQLQ J|VWHUL PLQLQ JHUoHNOHċWLĊL DW|O\HGH +,9 YLU V Q Q EXODċPD EXODċPDPD \ROODU× YLU VWHQ NRUXQPD \|QWHP OHUL\OH LOJLOL NDW×O×PF×ODUD N×VD ELU ELOJLOHQGLUPH \DS×OG× )LOP J|VWHULPL YH ELOJLOHQGLUPHQLQ DUG×QGDQ +,9 YH $,'6·OH |]GHċOHċWLULOHQ WRSOXPVDO |Q\DUJ×ODU× NRQX DODQ X\JXODPDO× ELU WDUW×ċPD \ U W OG $YUXSD .RQVH\L +DUHNHWOLOLN )RQX 1DWDOMD 7XUHQQH $YUXSD .RQVH\L

$YUXSD .RQVH\L·QLQ YH oDO×ċPDODU×Q×Q WDQ×W×OG×Ċ× DUG×O oHYLUL\OH JHUoHNOHċHQ DW|O\HGH NRQVH\ WDUDI×QGDQ \ U W OHQ KDUHNHWOLOLN IRQX SURMHVL KDNN×QGD NDW×O×PF×ODUD ELOJLO YHULOGL +DUHNHWOLOLN IRQXQGDQ ID\GDODQ PDN LVWH\HQ JHQoOHULQ WDNLS HWPHOHUL JHUHNHQ V UHoOHU EDċYXUX ]DPDQODU× YH NDW×O×P NRċXOODU× DQODW×OG× 8OXVODUDUDV× YH oRN RUWDNO× SURMH \DSPDN LVWH\HQ JHQoOHULQ LOJLVLQL oHNHQ DW|O\H JHQoOLN SURMHOHULQH IRQ LPNDQODU× NRQXVXQGD \|QOHQGLULFL ELU oDO×ċPD ROGX

1Ĉ6$1 3$=$57(6Ĉ $YUXSD %LUOLĊL $W|O\H dDO×ċPDV× g]JH 2QXUVDO * OċDK dDSDQ ĈVWDQEXO %LOJL hQLYHUVLWHVL $% (QVWLW V *H3*H1o·WH LNLQFH NHUH JHUoHNOHċHQ YH $YUXSD %LUOLĊL·\OH $% LOJLOL N×VD ELU ÀOP J|VWHUL PLQLQ \DS×OG×Ċ× DW|O\HGH EX ]DPDQD NDGDU $% YH NDW×O×P V UHFL KDNN×QGD \DS×OP×ċ DUDċW×UPD VRQXoODU× ]HULQGHQ ELU WDUW×ċPD \ U W OG %LUOLĊLQ NXUXOXċ DċDPDV×QGDQ EX \DQD V UH JHOHQ WDULKVHO JHOLċLPL\OH LOJLOL YHULOHQ ELOJLOHU VD\HVLQGH DW|O\H\H NDW×ODQODU×Q KHP YHULOHUH GD\DO× ELOJL HGLQPHOHUL KHP GH $% NRQXVXQGD IDUN×QGDO×NODU×Q×Q DUWPDV× \|Q QGH ROXPOX ELU HWNL VDĊODQP×ċ ROGX 3DQWRPLP (IWDO * OEXGDN 7DQ×ċPD YH ×V×QPD DNWLYLWHOHUL\OH EDċOD\DQ DW|O\HGH NDW×O×PF×ODU |QFH WHPHO SDQWRPLP KDUHNHWOHUL KDNN×QGD ELOJLOHQGLULOGL $UG×QGDQ DW|O\H HĊLWPHQL NROD\ODċW×U×F×O×Ċ×QGD YH P ]LN HċOLĊLQGH oHċLWOL X\JX ODPDODU \DSDQ NDW×O×PF×ODU X\JXODPD VRQXQGD GDNLNDO×N ELU SDQWRPLP SHUIRUPDQV× L]OHPH ċDQV× HOGH HGHUHN NH\LÁL YDNLW JHoLUGLOHU 6DQDWOD ĈOHWLċLP 6HOPD +HNLP .DĊDQ +HNLP )DUNO× PDO]HPHOHU DUDF×O×Ċ×\OD \DS×ODQ UHVLPOHULQ LOHWLċLP DUDF× RODUDN NXOODQ×OG×Ċ× DW|O\HGH |QFH KHU NHV NHQGL VHoWLĊL NRQX\OD LOJLOL ELU UHVLP \DSPD\D EDċODG× %LU NLċL WDUDI×QGDQ EDċODQDQ UHVLPOHU GLĊHU NDW×O×PF×ODU WDUDI×QGDQ GHYDP HGLOHUHN ELWLULOGL %LUGHQ ID]OD NDW×O×PF×Q×Q \RUXPX\OD RUWD\D o×NDQ UHVLP OHU ]HULQGHQ NLċLVHO YH WRSOX LOHWLċLP NLċLOHULQ DOJ× YH JHoPLċ \DċDQW×ODU×Q×Q LOHWLċLPH HWNLOHUL NRQXODU×QGD WDUW×ċPDODU \ U W OG $W|O\H VRQXQGD IDUNO× \RUXPODU LoHUHQ UHQJDUHQN UHVLPOHU IHVWLYDO ]L\DUHWoLOHULQLQ E \ N LOJLVLQL oHNWL

$7g/<(/(5 dRFXN YH *HQoOLN 2GDNO× +DEHUFLOLN *|NoH * QG o %LDQHW 0HG\DGD oRFXN YH JHQoOLN RGDNO× \D\×QODQDQ KDEHUOHUGHQ GHUOHQHQ J|UVHO ELU VXQXPOD EDċOD\DQ DW|O\H WRSOXPVDO DOJ×ODU×Q YH JHQoOHU LOH oRFXNODU ]HULQGHQ \DUDW×ODQ \XUWWDċ NDYUDP×Q×Q PHG\DGD \HUDODQ KDEHUOHUH HWNLVLQLQ WDUW×ċ×OPDV×\OD GHYDP HWWL ,QWHU 3UHVV 6HUYLFH ,36 9DNI× YH %LDQHW·LQ IDDOL\HWOHUL\OH LOJLOL ELOJLOHQGLUPHQLQ \DS×OG×Ċ× DW|O\H NDW×O×PF×ODU×Q VRUXODU×Q×Q \DQ×WODQPDV×\OD VRQ EXOGX *HQoOLN LoLQ (ĊLWVHO 7L\DWUR 7DQMD -HUHQLN 0F $LU 6WUXPLFD )RUXP 7L\DWURVX KDNN×QGD \DS×ODQ N×VD ELOJLOHQGLUPH\OH EDċOD\DQ DW|O\HGH NDW×O×PF×ODU×Q WDQ×ċPDODU× YH IRUXP WL\DWURVXQXQ DPDF×Q×Q GDKD L\L DQODċ×ODELOHVL LoLQ oHċLWOL X\JXODPDODU \DS×OG× $W|O\H V UHFLQGH WDQ×ċDQ YH ELUELUOHUL KDNN×QGD GDKD ID]OD ELOJL HGLQHQ NDW×O×PF×ODU N o N JUXSODUGD \DSP×ċ ROGXNODU× X\JXODPDODU× JHOLċWLUHUHN ELUHU R\XQ KD]×UODG×ODU .HQGL ROXċWXUGXNODU× R\XQODUD J Q LoHULVLQGH KD]×UODQDQ NDW×O×PF×ODU DW|O\HQLQ LNLQFL J Q QGH GH SHUIRUPDQVODU×Q× VXQGXODU ĈNOLP 'HĊLċLNOLĊL YH *HQoOLN 'HYLQ %DKoHFL %LUOHċPLċ 0LOOHWOHU .DON×QPD 3URJUDP %LUELULQL L]OH\HQ J QOHUGH LNL NHUH JHUoHNOHċHQ YH LNOLP GHĊLċLNOLĊL NRQXVXQGD ELOJL DNWDU×P×\OD EDċOD\DQ DW|O\HGH 81'3 WDUDI×QGDQ KD]×UODQDQ YH JHQoOHULQ LNOLP GHĊLċLNOLĊL\OH P FDGHOH oDO×ċPDODU×Q× GHVWHNOHPHN DPDF×\OD KD]×UODQP×ċ ´ĈNOLP 'HĊLċLNOLĊL (\OHP 3ODQ×µ NDW×O×PF×ODUOD SD\ODċ×OG× $%·QLQ YH 7 UNL\H·QLQ LNOLP GHĊLċLNOLĊLQH NDUċ× SROLWLNDODU× YH oDO×ċPDODU× KDNN×QGD \DS×ODQ WDUW×ċPDODU×Q DUG×QGDQ EL\RORMLN oHċLWOLOLN NXUDNO×N VDĊO×N VX VDYDċODU× NRQXODU×QGD \DS×ODQ N o N JUXS oDO×ċPDODU× NDW×O×PF×ODU×Q LNOLP GHĊLċLNOLĊL NRQXVXQGD IDUN×QGDO×N HGLQPHOHULQL VDĊODG× *UDY U $W|O\HVL <UG 'Ro 0HOLKDW 7 ] Q gĊU *|U <DVHPLQ 6DU× .RFDHOL hQLYHUVLWHVL * ]HO 6DQDWODU )DN OWHVL .RFDHOL hQLYHUVLWHVL * ]HO 6DQDWODU )DN OWHVL |ĊUHWLP \HOHUL WDUDI×QGDQ G ]HQOHQHQ DW|O\HGH |QFH JUDY U VDQDW× KDNN×QGD ELOJLOHQGLUPH \DS×ODUDN NRPċXOXN WHPDO× ELU WDUW×ċPD JHUoHNOHċWLULOGL .DW×O×PF×ODU HĊLWPHQOHU HċOLĊLQGH HVNL YH \HQL NRPċXOXNODU WHPDO× JUDY UOHU \DSDUDN DQODWPDN LVWHGLNOHULQL ELUELUOHUL\OH J|UVHO \ROODUOD SD\ODċPD I×UVDW× EXOGXODU *UDY U DW|O\HVL KHP G ċ QG UHQ KHP GH EHFHUL JHOLċWLUHQ ELU DW|O\H ROPDV× |]HOOLĊL\OH IHVWLYDOGH HQ oRN LOJLOL oHNHQ oDO×ċPDODUGDQ ELUL ROGX

$7g/<(/(5 6DĊO×N +DNN× $OLFDQ <XUWVHYHU 0HKWDS $NJ Q 7RSOXP *|Q OO OHUL 9DNI× +DVWD +DNODU× +DVWD 6RUXPOXOXNODU× YH +HNLP +DNODU× NRQXODU×QGD JHQHO ELOJLOHQGLUPHQLQ \DS×OG×Ċ× DW|O\H oDO×ċPDV×QGD KDVWD YH KHNLP KDNODU×Q×Q WDULKVHO JHOLċLPL YH WRSOXPXQ EX KDNODU NDUċ×V×QGDNL WXWXPODU×\OD LOJLOL ELU WDUW×ċPD \ U W OG 7HRULN ELOJLOHQGLUPHQLQ \DQ× V×UD +DVWD YH +HNLP +DNODU×\OD LOJLOL \HQL o×NDQ \DVD WDVDU×V×Q×Q NDSVDP× KDNN×QGD YHULOHQ SUDWLN ELOJLOHU VD\HVLQGH NDW×O×PF×ODU NHQGLOH ULQH YHULOHQ KL]PHWOHU G×ċ×QGD VDKLS ROGXNODU× KDNODU× GD |ĊUHQPLċ ROGXODU 6LQHPD YH 6 UUHDOL]P +DNDQ * QJ|U 6 UUHDOL]P DN×P×Q×Q |QF ÀOPOHULQGHQ ELUL RODQ ´&HW 2EVFXU 2EMHFW 'X 'HVLUµ $U]XQXQ 2 %HOLUVL] 1HVQHVL DGO× ÀOPLQLQ J|VWHULOGLĊL DW|O\HGH EX DN×POD UHVLP VDQDW× DUDV×QGDNL HWNLOHċLPGHQ EDKVHGLOGL )LOPLQ oHNLOGLĊL G|QHPH DLW WRSOXPVDO KDUHNHWOHU YH X\JDUO×N NRQXOX WDUW×ċPDODU×Q GD \ U W OG Ċ X\JX ODPDGD VLQHPD YH UHVLP VDQDW×QD LOJLOL JHQoOHU \HQL ELU EDN×ċ Do×V×\OD IDUNO× ELU GHQH\LP HGLQPLċ ROGX ODU

1Ĉ6$1 6$/, 6LYLO 7RSOXP .XUXOXċODU×\OD ĈċELUOLĊL YH 'HQH\LP 3D\ODċ×P× 9DOHUL 0HOQ\N 6WXGHQWV &RXQFLO RI 1DWLRQDO 7HFKQLFDO 8QLYHUVLW\ RI 8NUDLQH 8NUD\QD 8OXVDO 7HNQLN hQLYHUVLWHVL |ĊUHQFLOHUL WDUDI×QGD NXUXOPXċ |ĊUHQFL NXO SOHULQLQ \DSP×ċ ROGXĊX oDO×ċPDODU×Q WDQ×W×OG×Ċ× DW|O\HGH NDW×O×PF×ODUD NXUXPODU×Q ND\QDN SROLWLNDODU× |UJ WOHQPH PRGHOOHUL KDNN×QGD oHċLWOL |UQHNOHU YH ELOJLOHU YHULOGL )DUNO× YLGHR YH IRWRĊUDÁDUOD KD]×UDQP×ċ VXQXPODU VD\H VLQGH QLYHUVLWHOHUGH J|Q OO IDDOL\HWOHU \DSDQ \DSPDN LVWH\HQ NDW×O×PF×ODU \HQL X\JXODPD |UQHNOHUL\H WDQ×ċP×ċ ROGX .DUJD 0HFPXD ² <DSPDN 7D\IXQ 3RODW 3HUL 'HPLUEDċ <HQDO <HUJ Q .DUJ$57 .DUJD 'HUJLVL WDUDI×QGDQ G ]HQOHQHQ DW|O\HGH |QFH NDW×O×PF×ODUD ELU GHUJL o×NDUPDN LoLQ JHUHNOL XQVXU ODU KDNN×QGD ELOJL YHULOGL %LU HNLS oDO×ċPDV× RODQ GHUJL \D\×PODPD LċLQGH |QFH NLPLQ QH \DSDELOHFHĊL KDNN×QGD NRQXċDQ DW|O\H NDW×O×PF×ODU× *H3*H1o )H67L9D/·H |]HO ELU GHUJL KD]×UODPD\D NDUDU YHU GLOHU 'HUJLQLQ LoHULĊL EHOLUOHQGLNWHQ VRQUD Lċ E|O P \DSDQ NDW×O×PF×ODU ELU \DQGDQ IHVWLYDO DODQ×QGD U|SRUWDMODU×Q× \DSDUNHQ ELU \DQGDQ GD GHUJLQLQ WDVDU×P×\OD LOJLOL oDO×ċW×ODU 0DKDOOHOHULQGH YH RNXOODU×QGD GHUJL o×NDUDQ JHQoOHULQ NDW×OG×Ċ× DW|O\H KHP |ĊUHQPH KHP GH GHQH\LP DNWDU×P× NRQXVXQGD EDċDU×O× ELU X\JXODPD ROGX $W|O\H V UHVLQFH \DS×ODQ oDO×ċPDODU IHVWLYDOGHQ VRQUD .DUJD 'HUJLVL·QLQ PD\×V VD\×V×QGD NDUGHċ HN RODUDN \D\×PODQG×

$7g/<(/(5 )RWRĊUDÁDUOD +DW×UODPDN 2UKDQ &HP dHWLQ ĈVWDQEXO %LOJL hQLYHUVLWHVL )RWRĊUDI YH 9LGHR %|O P /LVDQV 3URJUDP× )RWRĊUDI VDQDW×Q×Q GLĊHU VDQDW GDOODU× ]HULQH RODQ HWNLVL\OH LOJLOL \DS×ODQ ELU VXQXPOD EDċOD\DQ DW|O\HGH NDW×O×PF×ODU×Q NHQGL oHNWLNOHUL IRWRĊUDÁDU ]HULQGHQ ELU X\JXODPD \DS×OG× .DW×O×PF×ODU×Q DW|O\H\H JH OLUNHQ \DQODU×QGD JHWLUGLNOHUL IRWRĊUDÁDU \DUG×P×\OD PHNDQ ]DPDQ YH JHQHO NRċXOODU×Q IRWRĊUDI×Q DQODW PDN LVWHGLNOHULQH RODQ HWNLVL NRQXOX ELU WDUW×ċPD \ U W OG ´1H KDW×UO×\RUVDQ Rµ ÀNUL HNVHQLQGH \ U \HQ DW|O\H GHQH\LP YH ELOJL DNWDU×P× NRQXVXQGD GD NDW×O×PF×ODU×Q \HQL ELU EDN×ċ Do×V× \DNDODG×NODU× EDċDU×O× ELU oDO×ċPD ROGX 8OXVODUDUDV× *HQoOLN 6LYLO 7RSOXP .XUXOXċODU× $Ċ .XUPD 7RSODQW×V× (YUHQ (UJHo 7RSOXP *|Q OO OHUL 9DNI× 7RSOXP *|Q OO OHUL 9DNI× 72* WDUDI×QGDQ \ U W OHQ YH NRQX\OD LOJLOL JHQoOLN oDO×ċDQODU×Q×Q NDW×OG×Ċ× WRSODQW× QLWHOLĊLQGHNL DW|O\HGH 72* HWNLQOLNOHULQLQ XOXVODUDUDV× ER\XWWD \DS×ODELOPHVL\OH LOJLOL ÀNLU YH GHQH\LP DNWDU×P× JHUoHNOHċWL 72*·XQ oDO×ċPDODU×Q×Q XOXVODUDUDV× SODWIRUPD WDċ×QDELOPHVL LoLQ EX ]DPDQD NDGDU \DS×ODQODU YH EXQGDQ VRQUD \DS×OPDV× SODQODQDQODU SD\ODċ×OG× <XUW G×ċ×QGDQ JHOHQ IHVWLYDO NDW×O×PF×ODU×Q×Q GD GHQH\LP OHULQL DNWDUDUDN NDWN× VDĊODG×NODU× DW|O\H VRUXODU×Q \DQ×WODQPDV×\OD VRQ EXOGX .Do×N 6LQHPD gUQHNOHUL $\NXW $WDVD\ /DPEGD ĈVWDQEXO (ċFLQVHOOLN YH VDGRPD]RċL]P NRQXODU×QGD oHNLOPLċ DOW× N×VD ÀOPLQ J|VWHULOGLĊL DW|O\HGH VLQHPDQ×Q FLQ VHOOLN DKODN ċLGGHW YH VDQV U NDYUDPODU×QD \DNODċ×P× KDNN×QGD N×VD ELU ELOJLOHQGLUPH \DS×OG× &LQVHOOLĊH YH FLQVHO NLPOLNOHUH EDN×ċ Do×V×\OD 7 UN PHG\DV×QGD X\JXODQDQ VDQV U DQOD\×ċ× YH EX EDN×ċ Do×V×Q×Q WRSOXPVDO DOJ×ODUD HWNLVL NRQXODU×QGD WDUW×ċPDODU \ U W OG $W|O\H PHG\DQ×Q WRSOXPVDO DOJ×ODUD RODQ HWNLVL NRQXVXQGD IDUN×QGDO×N \DUDWPDV× Do×V×QGDQ GD EDċDU×O× ELU X\JXODPD\G×

6(5*Ĉ/(5 )DUNO× VDQDW GDOODU×QGD UHWLOHQ HVHUOHULQ VHUJLOHQGLĊL *H3*H1o 6HUJL·QLQ DPDF× JHQo VDQDWo×ODU×Q oDO×ċPDODU×QGD LċOHGLNOHUL oHċLWOL WRSOXPVDO LoHULNOL WHPDODU× GLĊHU JHQoOHUOH SD\ODċPDNW× IDUNO× VDQDWo× YH NXUXP WDUDI×QGDQ KD]×UODQDQ HVHUOHU IHVWLYDO V UHVLQFH W P NDW×O×PF×ODU×Q ]L\DUHWLQH Do×NW× *|NKDQ *h0h/&Ĉ1( 6RUJX .LPLP %HQ 3ODVWLN 6DQDWODU 6HUJLVL =RQJXOGDN

3ODVWLN VDQDWODUODUGDQ |UQHNOHU VXQDQ VDQDWo× *H3*H1o )H67L9D/·GH WXYDO ]HULQH \DĊO× ER\D WHNQLĊL\OH \DS×OP×ċ oDO×ċPDODU×QGDQ |UQHNOHU VXQGX * P OFLQH \×O×QGD 0DUPDUD hQYHUVLWHVL 5HVLP ² Ĉċ gĊUHWPHQOLĊL 5HVLP *UDÀN E|O P QGHQ PH]XQ ROGXNWDQ VRQUD UHVLP |ĊUHWPHQOLĊLQH EDċODG× .LċLVHO YH NDUPD VHUJLOHUL EXOXQDQ * P OFLQH KDOHQ =RQJXOGDN .DUDHOPDV hQLYHUVLWHVLQGH UHVLP GHUVOHUL YHUL \RU 5DFLD .$<$ ² %LOJH 8ć85 6HUDPLN 6HUJLVL $GDQD *H3*H1o )H67L9D/ V UHVLQFH NDW×O×PF×ODUD JHQo J|] \OH VHUDPLN VDQDW×Q× DQODWPDN LVWH\HQ .D\D YH 8ĊXU J QO N \DċDPGD NXOODQ×ODQ Hċ\DODU×Q ELoLP YH LoHULĊLQL ]HQJLQOHċWLUHUHN L]OH\LFLOHUH VHUDPLN VDQDW×Q×QGDQ \DUDW×F× |UQHNOHU VXQGXODU dXNXURYD hQLYHUVLWHVL * ]HO 6DQDWODU )DN OWHVL 6HUDPLN PH ]XQX RODQ .D\D YH 8ĊXU ELUoRN VDQDW DW|O\HVLQGH oDO×ċPDODU \DSP×ċ YH VHUJLOHUGH \HU DOP×ċW×U =H\QHS ĉ(.(5 )DUN×QGD P×V×Q" )RWRĊUDI 6HUJLVL ĈVWDQEXO 6HUJLGH ĈVWDQEXO hQLYHUVLWHVL 7RSOXP *|Q OO OHUL·QLQ G ]HQOHGLĊL YH SURMH NRRUGLQDW|UO Ċ Q =H\QHS ĉHNHU·LQ VWOHQGLĊL ´ĈQVDQ +DNODU× YH ĈKODOOHULµ WHPDO×´)DUN×QGD P×V×Q"µ DGO× IRWRĊUDI \DU×ċPDV×QGD \HU DODQ IRWRĊUDÁDU IHVWLYDO ]L\DUHWoLOHULQLQ EHĊHQLVLQH VXQXOGX 6HUJLQLQ DPDF× ´ĈQVDQ +DNODU× YH ĈKODOOHUL´ NRQXVXQGD IDUN×QGDO×N \DUDWPDN YH D\Q× ]DPDQGD IRWRĊUDI VDQDW×Q×Q GDKD JHQLċ NLWOHOHUH XODċPDV×Q× VDĊODPDNW×U

$EGXONDGLU g=1h/h(5 *UDY UOHUOH (U]XUXP *UDY U 6HUJLVL (U]XUXP ² (\O O * ]HO 6DQDWODU 'HUQHĊL

%LU EDVN× WHNQLĊL RODUDN PDWEDDF×O×NWD YH VDQDW \DUDW×P×QGD NXOODQ×ODQ JUDY U \|QWHPL\OH \DUDW×ODQ HVHU OHU (\O O * ]HO 6DQDWODU 'HUQHĊL WDUDI×QGDQ (U]XUXP·XQ WDULKL \HUOHULQLQ YH N OW U Q Q WDQ×W×P× DPDF×\OD *H3*H1o·WH VHUJLOHQGL *H3*H1o )H67L9D/·H JUDY UOHUL\OH NDW×ODQ GHUQHN KDOHQ oDO×ċPDODU×QD ELUoRN DNDGHPLV\HQ QLYHUVLWH |ĊUHQFLVL YH \HUHOGHNL JHQoOHUOH (U]XUXP·GD GHYDP HWPHNWHGLU

6(5*Ĉ/(5 'HQL] %(ĉ(5 ĈVSDQ\D ² 7 UNL\H 3ODVWLN 6DQDWODU ĈVWDQEXO

(VHUOHULQGH ĈVSDQ\RO N OW U Q PL]DKL ELU GLOOH DQODWDQ 'HQL] %HċHU·LQ ĈVSDQ\D YH 7 UNL\H·GH \DSW×Ċ× UHVLPOHUGHQ ROXċDQ VHUJL IHVWLYDO ]L\DUHWoLOHUL\OH EXOXċWX %HċHU 0LPDU 6LQDQ * ]HO 6DQDWODU hQLYHUVLWHVL 6HUDPLN HĊLWLPLQH GHYDP HWPHNWHGLU ĈVSDQ\D /D 8QLYHUVLGDG 'H 6HYLOOD·GD |ĊUHQFL GHĊLċLP SURJUDP×QD NDW×ODQ JHQo VDQDWo× D\U×FD *H3*H1o )H67L9D/·GH Do×N DODQGD \DSW×Ċ× SHUIRUPDQVOD GD IHVWLYDO ]L \DUHWoLOHUL\OH EXOXċWX ĈGLO d$/,ĉ.$1 ĈWLQD LOH 0DVDO .LWDE× +D]×UODQ×U ĈOO VWUDV\RQ $QNDUD

*H3*H1o )H67L9D/·GH LO VWUDV\RQ WHNQLĊL\OH L]OL\HFLOHULQ KD\DO G Q\DODU×Q× PDVDOV× NDUHOHUOH V VOH\HQ dDO×ċNDQ HVHUOHULQL ´*HQoOHULQ ELUELULQL DQODPDV× V|] NRQXVX ROGXĊXQGD YH J|U OHFHN Lċ \Dċ×W×Q×] WDUDI×QGDQ HĊOHQFHOL NRQXODU ]HULQH \DS×OG×Ċ×QGD LOJL oHNLFL ROX\RU PX\PXċ"µ WHPDV× oHUoHYHVLQGH \DSDUDN VHUJLVLQL GDKD GLNNDW oHNLFL YH HĊOHQFHOL KDOH JHWLUGL (FH $.$< ² 8PXW ĉ8018 6XUDW ² 6XUHW 3HUIRUPDQV $QNDUD 'XYDUD oLYLOHUOH NRRUGLQDWODU× EHOLUOHQHUHN oL]LOHQ YH KDWODU× LSOHUOH EHOLUOHQHQ SRUWUHOHUGHQ ROXċDQ oDO×ċPD VHUJL\L JH]HQ L]OH\LFLOHULQ GH LoLQGH \HU DOG×Ċ× ELU W U VDQDW HJ]HUVL]L KDOLQH JHOGL )HVWLYDO V UHVLQFH P GDKDOHOHU VRQXFX EDċNDODċDQ YH LON KDOLQGHQ X]DNODċP×ċ V UHNOL GHĊLċHQ HVHU VHUJLQLQ HQ oRN L]OHQHQ HVHUOHUL DUDV×QGD\G× 0HKPHW *h=(/ 3RUWUHOHU 3ODVWLN 6DQDWODU 6HUJLVL 'L\DUEDN×U 'HULQOLĊL JHUHĊL EDċO× EDċ×QD ELU X]PDO×N LVWH\HQ SRUWUH oDO×ċPDODU×QGDQ ROXċDQ VHUJL * ]HOL·LQ UHQNOHUL IDUNO× NXOODQ×ċ VOXEX YH ÀJ UDWLI WHNQLĊL\OH *H3*H1o )H67L9D/·GH NDW×O×PF×ODU×Q VH\ULQH VXQXOGX 'LFOH hQLYHUVLWHVL *|UVHO 6DQDWODU gĊUHWPHQOLĊLQGHQ PH]XQ RODQ * ]HO oHċLWOL VLYLO WRSOXP NXUXOXċODU×QGD JHQoOHU YH oRFXNODUOD UHVLP NRQXOX J|Q OO SURMHOHUGH \HU DOP×ċW×U +DOHQ ELU VLYLO WRSOXP NXUXOXċXQGD oDO×ċPDODU×QD SURIHV\RQHO RODUDN GHYDP HWPHNWHGLU

6(5*Ĉ/(5 * OċDK 6h7/h2ć/8 ² %HUQLV 6h7dh%$ĉ, 2UJDQ 1DNOL )RWRĊUDI 6HUJLVL Ĉ]PLU ² (JH hQLYHUVLWHVL )RWRĊUDI 7RSOXOXĊX ()27

ĈQVDQODU×Q RUJDQ EDĊ×ċ× NRQXVXQGD GDKD GX\DUO× ROPDODU× DPDF×\OD KDVWDQHOHUGH ELU \×O V UHQ ELU oDO×ċPD VRQXQGD RUWD\D o×NDQ HVHUOHU *H3*H1o )H67L9D/·GH L]OH\LFLOHUOH EXOXċWX (JH hQLYHUVLWHVL )RWRĊUDI 7RSOXOXĊX ()27 HĊLWPHQOHUL WDUDI×QGDQ KD]×UODQDQ VHUJLGH RUJDQ QDNOL NRQXOX IRWRĊUDÁDU \HU DOG× ()27 (JH hQLYHUVLWHVL 7×S )DN OWHVL E Q\HVLQGH KDOHQ VHUJLOHU VHPLQHUOHU YH NXUVODU×\OD oDO×ċPDODU×QD GHYDP HWPHNWHGLU <HWNLQ <h.6(/ ² )LOL] Ĉ1&( *HQoOHULQ 5HQJL 3ODVWLN 6DQDWODU 6HUJLVL .RFDHOL ² .RFDHOL . OW U 6DQDW YH (ĊLWLP 'HUQHĊL 7XYDO ]HULQH \DĊO× ER\D WHNQLĊL\OH \DS×OP×ċ VR\XW HVHUOHULQLQ \DQ×QGD < NVHO YH ĈQFH VL\DK EH\D] IRWRĊUDÁDU×\OD GD L]OH\HQOHUH PRGHUQ YH NODVLN oDO×ċPDODU× ELU DUDGD VXQGXODU 6HUJLGH \HU DODQ HVHU OHULQ ELU N×VP× oHċLWOL \DU×ċPDODUGD GHUHFHOHU DOP×ċ RODQ oDO×ċPDODUG× *H3*H1o )H67L9D/ G ]HQOHPH NRPLWHVLQGH GH \HU DODQ .RFDHOL . OW U 6DQDW YH (ĊLWLP 'HUQHĊL VLYLO GX\DUO×O×Ċ×\OD KDOHQ oDO×ċPDODU×QD GHYDP HWPHNWHGLU ' ]HQOHPH .RPLWHVL .RPċXQXQ %DONRQX .DUPD 6HUJL *H3*H1o )H67L9D/·LQ G ]HQOHPH NRPLWHVLQGH \HU DODQ NXUXPODU×Q KD]×UODG×NODU× HVHUOHUGHQ ROXċDQ NDUPD VHUJL L]OH\LFLOHULQ EHĊHQLVLQH VXQXOGX )HVWLYDOLQ J QGHPLQH X\JXQ RODUDN NRPċXOXN WHPDV×QGD )HVWLYDO·H |]HO KD]×UODQDQ YH VXQXODQ HVHUOHU VHUJLGH IDUNO× WHNQLNOHUOH KD]×UODQP×ċ ELU X\JXODPD ROPDV× Do×V×QGDQ GD EHĊHQL\OH L]OHQGL

)Ĉ/0/(5 *H3*H1o )H67L9D/ NDSVDP×QGDNL ÀOP J|VWHULPOHUL ĈVWDQEXO %LOJL hQLYHUVLWHVL 6LQHPD .XO E WDUDI×QGDQ G ]HQOHQGL )HVWLYDO ER\XQFD FUHWVL] RODUDN IHVWLYDO ]L\DUHWoLOHULQLQ VH\ULQH VXQXODQ ÀOPOHU ´*HQoOLNµ YH ´.RPċXOXNµ WHPDODU× HWUDI×QGD EHOLUOHQHUHN VHoNL\H DO×QP×ċ HVHUOHUGL

1Ĉ6$1 &80$ .QDOOKDUW $F×PDV×] 'HWOHY %XFN C / NV VHPWOHUGH \DċDPD\D DO×ċP×ċ RQ EHċ \Dċ×QGDNL 0LFKDHO 3ROLVFKND SDUDODU× ROPDG×Ċ× LoLQ DQQHVL\OH ELUOLNWH %HUOLQ·LQ \RNVXO PDKDOOHOHULQGHQ ELULQH WDċ×Q×S NDEDGD\× ELU JUXEXQ EDċ× RODQ (URO DGO× JHQoOH WDQ×ċ×U 8\XċWXUXFX VDW×F×ODU×QD NXU \HOLN \DSDQ 0LFKDHO YH (URO·XQ VRQ NDUċ×ODċPDODU× LNLVLQLQ GH NDGHULQL G|Q OPH] ELU ċHNLOGH GHĊLċWLUHFHNWLU <DċDP×Q .×\×V×QGD )DWLK $N×Q C (PHNOL ELU GXO RODQ $OL \DOQ×]O×Ċ×Q× SD\ODċDFDĊ× LQVDQ× DUDG×Ċ× V×UDGD IDKLċHOLN \DSDQ <HWHU·H SDUD NDUċ×O×Ċ× NHQGLVLQH KD\DW DUNDGDċO×Ċ× \DSPDV×Q× |QHULU $OL·QLQ EX WHNOLÀQL ROXPOX NDUċ×ODPD\DQ RĊOX 1HMDW <HWHU·LQ DV×O DPDF×Q×Q 7 UNL\H·GH QLYHUVLWHGH RNX \DQ N×]× $\WHQ·L UDKDW HWWLUHELOPHN ROGXĊXQX DQODU <HWHU |O NWHQ VRQUD $\WHQ·L EXOPDN LoLQ 7 UNL\H·\H JLWPH\H NDUDU YHUHQ 1HMDW·×Q KD\DW×QGD EDPEDċND ELU SHQFHUH Do×ODFDN YH NDUDNWHUOHULQ \DċDP× EHNOHQPHGLN ELU ċHNLOGH NHVLċHFHNWLU

1Ĉ6$1 &80$57(6Ĉ % \ N $GDP . o N $ċN +DQGDQ ĈSHNoL C %X ÀOP 1LVDQ dDUċDPED J Q LNLQFL NH] \D\×QODQG×

. o N ELU . UW N×] DNUDEDV× WDUDI×QGDQ JHQo ELU NDG×Q DYXNDW×Q \DQ×QD E×UDN×O×U %LU SR OLV EDVN×Q× VRQXFX DYXNDW HYLQGH |O U YH N o N N×] SROLVOHU WDUDI×QGDQ IDUN HGLOPHGHQ HYGHQ o×NDUDN NRPċX\D XODċPD\× EDċDU×U &XPKXUL\HW LONHOHULQH N|NWHQ EDĊO× HPHNOL ELU KDNLP RODQ NRPċXQXQ J|QO N×]× SROLVH WHVOLP HWPH\H HO YHUPH\LQFH ELUL 7 UNoH GLĊHUL . UWoH ELOPH\HQ DUDODU×QGD E \ N \Dċ IDUN× EXOXQDQ EX LNL LQVDQ D\Q× HYGH \DċDPD\D EDċODUODU .LNL·V 'HOLYHU\ 6HUYLFH . o N &DG× .LNL +D\DR 0L\D]DNL C .LNL HUJHQOLN oDĊ×QGD RODQ VHYLPOL ELU FDG×G×U %HOOL ELU \DċD JHOGLNWHQ VRQUD HYLQL WHUN HGLS EDċND ELU ċHKLUGH VWDM \DSPDN ]RUXQGD RODQ .LNL DLOHVLQGHQ D\U×O×U 6WDM \DSDELOHFHĊL ċHKUH JHOGLNWHQ VRQUD V×UDGD VLKULQL NXOODQDELOHFHĊL ELU \HU EXOPDN YDUG×U 1LKD\HW ELU HNPHN I×U×Q×QGD Lċ EXODQ YH NHQGL GDĊ×W×P VHUYLVLQL NXUDQ .LNL·QLQ PDFHUDV× EDċODU

)Ĉ/0/(5 1Ĉ6$1 3$=$5 'HOLFDWHVVHQ ĉDUN WHUL 0DUF &DUR -HDQ 3LHUUH -HXQHW C %HOLUVL] ELU JHOHFHNWH VDYDċ VRQUDV× NDUDQO×ĊD J|P OP ċ ELU ONHGH LQVDQODU×Q DoO×N V×Q×U×QGD \DċDG×NODU× J QOHUGH ELU NDVDS oRN NDOLWHOL HWOHU VDWPDNWDG×U $o×NJ|]O NDVDE×Q DSDUWPDQ×QGD J|UHYOL RODUDN LċH JLUHQ HVNL ELU VLUN oDO×ċDQ× OH]]HWOL HWOHULQ JHU oHN ND\QDĊ×Q× |ĊUHQLS ELU VRQUDNL DNċDP \HPHĊLQH PDO]HPH RODELOHFHĊLQL DQOD\×QFD LċOHU GHĊLċLU *HQo DGDP LoLQ HOL VDW×UO× NDVDSWDQ WHN NXUWXOXċ PLGL NDVDE×Q N×]× YH YHMHWDU\HQ |]J UO N VDYDċo×ODU×G×U $QODW ĈVWDQEXO hPLW hQDO .XGUHW 6DEDQF× 6HOLP 'HPLUGHOHQ < FHO <ROFX gP U $WD\ C +D\DW R\XQODUD G ċN QG U V×UDGDQ LQVDQODU× ELUHU PDVDO NDKUDPDQ×QD G|Q ċW UHELOLU %LU NODUQHWoL\L )DUHOL .|\ Q .DYDOF×V×·QD ELU IDKLċH\L . ONHGLVL·QH LċVL] ELU JHQFL %H\D] $WO× 3UHQV·H ERĊD]GD \DO×GD \DċD\DQ GHOLUPLċ ELU NDG×Q× 8\X\DQ * ]HO·H %H\RĊOX·QGDQ $NVDUD\·D ĈVWDQEXO SDQRUDPDV×QGD PDVDO JLEL DQODW×ODQ ÀOP IDUNO× LQVDQ KD\DWODU×Q× DQODWDQ |\N GHQ ROXċX\RU 7KH &DW 5HWXUQV .HGL *HUL '|Q \RU +LUR\XNL 0RULWD C 1H NDKYDOW×V×Q× HGHELOHFHN YDNWL QH GH KRċODQG×Ċ× oRFXNOD o×NPD LKWLPDOL RODQ ċDQV×] N×] +DUX·QXQ RNXOGDQ HYH G|QHUNHQ WXKDI ELU NHGL\H \DUG×P HWPHVL EDċ×QD EHODODU DoDU .XUWDU×ODQ NHGL .HGL .UDOO×Ċ×Q×Q SUHQVLGLU YH NUDO WDUDI×QGDQ +DUX LOH HYOHQGLULOPHN LVWHQLU <DUG×P LoLQ NDUL]PDWLN YH ]HNL EDċND ELU NHGL RODQ %DURQ·D JLGHQ +DUX %DURQ LOH ELUOLNWH .HGL 'L\DU×QD GRĊUX \RO DO×UODU YH V USUL]OHUOH NDUċ×ODċ×UODU

1Ĉ6$1 3$=$57(6Ĉ /LWWOH 0LVV 6XQVKLQH 0LQLNOHU * ]HOOLN <DU×ċPDV× -RQDWKDQ 'D\WRQ 9DOHULH )DULV C +RRYHU DLOHVL KHU ELUL ELUELULGHQ IDUNO× NDUDNWHUGHNL ELUH\OHUL YH WDN×QW×ODU× LOH V×UDGDQ ELU $PHULNDQ DLOHVLGLU +RRYHU DLOHVL ELU oRFXN J ]HOOLN \DU×ċPDV× RODQ /LWWOH 0LVV 6XQVKLQH·GD ELULQFL ROPD KD\DOL\OH \DċD\DQ N×]ODU× ċLULQ WRPEXO YH ]HNL 2OLYH·LQ E \ N KD\DOLQL JHUoHNOHċWLUPHN LoLQ HVNL 9RONVZDJHQ PLQLE VOHULQH DWOD\×S &DOLIRUQL\D·\D GRĊUX \ROD o×NDUODU %X \ROFXOXN V×UDV×QGD EDċODU×QGDQ JHoHQ ELUELULQGHQ LOJLQo YH NRPLN ROD\ODU KD\DO ELOH HGHPH\HFHNOHUL ELU VRQOD QRNWDODQDFDNW×U

)Ĉ/0/(5 0HGLWHUUDQR $NGHQL] *DEULHOH 6DOYDWRUH C ' Q\D 6DYDċ× V×UDV×QGD ELU DYXo ĈWDO\DQ DVNHUL LċJDO HWPHOHUL YH RODV× VDOG×U×ODUGDQ NRUXPDODU× LoLQ (JH 'HQL]L·QGH XIDN ELU DGD\D J|QGHULOLU $GD\D E \ N NRUNX LoLQGH LQHQ ĈWDO\DQODU GDKD VRQUD DGDQ×Q NH\ÀQL o×NDUPD\D EDċODUODU *HOHQOHULQ G ċPDQFD \DNODċ×PODU LoLQGH EXOXQPDG×Ċ×Q× DQOD\DQ YH V×Ċ×Q×NODUGD VDNODQDQ DGDO×ODUVD \DYDċ \DYDċ RUWD\D o×NDUODU YH KD\DW VDQNL ELU VDYDċ \DċDQP×\RUPXċoDV×QD GHYDP HWPH\H EDċODU )DUNO× PLOOHWOHUGHQ LQVDQODU ELUELUOHUL\OH |\OH oDEXN DQODċ×U NL ĈWDO\DQODU DVNHU ROGXNODU×Q× ELOH XQXWXUODU +D\DW× EDċND LQVDQODU×Q J|]OHULQGHQ J|UPH\H EDċOD\×QFD GD GRVWOXN DċN G ċPDQO×N VHYJL JLEL WHPHO NDYUDPODU ]HULQH \HQL WHFU EHOHU ND]DQPD\D EDċODUODU *UDYH RI WKH )LUHÁLHV $WHċE|FHNOHULQLQ 0H]DU× ,VDR 7DNDKDWD C ' Q\D 6DYDċ×·Q×Q VRQODU×QGD NDOS UDKDWV×]O×Ċ× RODQ DQQHVLQL ND\EHGHQ YH \Dċ×QGDNL NDUGHċL\OH ELUOLNWH WH\]HVL WDUDI×QGDQ HYODWO×N DO×QDQ 6HLWD GRQDQPD VXED\× RODQ EDEDV×Q× EHNOHPHNWHGLU (YODWO×N RODUDN J|UG NOHUL PXDPHOHGHQ UDKDWV×] RODQ JXUXUOX LNL NDUGHċ NHQGLOHULQH ELU V×Ċ×QDN EXOXUODU YH DQQHOHULQGHQ NDODQ D] ELU SD UD\OD KD\DWWD NDOPD\D oDO×ċ×UODU

1Ĉ6$1 6$/, 0\ 1HLJKERXU 7RWRUR .RPċXP 7RWRUR +D\DR 0L\D]DNL C 6DWVXND YH 0HL EDEDODU×\OD EHUDEHU DQQHOHULQLQ KDVWDO×Ċ×QGDQ GROD\× EDċND ELU NDVDED \D \HUOHċLUOHU 6DWVXND YH 0HL \HQL HYOHULQLQ oHYUHVLQGH ERċ ]DPDQODU×QGD R\QDUODU YH GDKD |QFH KLo NDUċ×ODċPDG×NODU× GRĊDQ×Q J ]HOOLNOHULQL LQFHOHUOHU %X V×UDGD \DUDPD] 0HL ELU J Q JL]HPOL ELU DĊDo JHoLGLQGHQ JLUHUHN RUPDQ×Q UXKX RODQ NRPċXODU× 7RWR UR\X NHċIHGHU YH PDFHUDV× EDċODU

.216(5/(5 *H3*H1o )H67L9D/ NRQVHUOHUL VDQWUDOLVWDQEXO·GD Do×N KDYD VDKQHVLQGH 1LVDQ WDULKOHULQGH KD\DW EXOGX ·GD EDċOD\×S ·D NDGDU GHYDP HGHQ NRQVHUOHU (IHV 3LOVHQ·LQ NDWN×ODU×\OD JHUoHNOHċWL

1Ĉ6$1 &80$ *D\GD ĈVWDQEXO ² *D\GD ĈVWDQEXO %DONDQODUGDQ 7UDN\D·\D YH RUDGDQ ĈVWDQEXO·D X]DQDQ N OW UHO LNOLPLQ L]OHULQL V U \RU YH EX L]OHULQ \RO J|VWHULFLOLĊLQGH J Q FHO WHPDODU YH \HQL P ]LNDO LIDGHOHU JHOLċWLUL\RU %DONDQ YH dLQJHQH P ]LNOHULQLQ JHOHQHNVHO HQVWU PDQODU×QGDQ RODQ NHPDQ NODUQHW YH GDUEXNDQ×Q HOHNWLN JLWDU EDV JLWDU YH GDYXOOD ROXċWXUGXĊX ELUOLNWHOLN SURMH\H V×FDN ELU VHQWH] KDYDV× NDW×\RU *D\GD ĈVWDQEXO *H3*H1o·WH HċVL] G Q\D P ]LNOHULQL FRċNXOX ULWLP YH H]JLOHUL\OH EXOXċWXUPD\D GHYDP HWWL .×UP×]× .DUW ² .×UP×]× .DUW DĊ×UO×NO× RODUDN ·OHULQ YH ·ODULQ HQ oRN WXWXODQ URFN¶Q UROO SDUoDODU×Q× J Q P ]H WDċ×PDNWDG×U 5HSHUWXDU×QGD URFN·Q UROO H]JLOHUL\OH X\XPOX GDKD J QFHO ċDUN×ODUD GD \HU YHUHQ JUXS KHU ELUL EDċND PHVOHNOHUH VDKLS \HOHUL\OH PX]LĊH YHUGLNOHUL X]XQ DUDGDQ VRQUD *H3*H1F )H67L9D/ LoLQ WHNUDU ELU DUD\D JHOPLċWL ĈON IHVWLYDOLQ Do×O×ċ SDUWLVLQGH \HU DODQ YH E \ N EHĊHQL ND]DQDQ .×UP×]× .DUW *H3*H1o )H67L9D/ ·LQ Do×O×ċ JHFHVLQGH GH HĊOHQFHOL P ]LĊL YH GLQDPLN VDKQH SHUIRUPDQV×\OD IHVWLYDO L]OH\LFLOHUL\OH EXOXċWX *ULSLQ ² %XJ QH NDGDU \DSW×NODU× DOE POHU NDW×OG×NODU× URFN IHVWLYDOOHUL QLYHUVLWH EDKDU ċHQOLNOHUL YHUGLNOHUL NRQ VHUOHU VD\HVLQGH NHQGLOHULQH FLGGL ELU KD\UDQ NLWOHVL HGLQHQ *ULSLQ \×O×QGD NXUXOGX * oO VRXQGX YH ċDUN× V|]OHUL\OH GLNNDW oHNHQ JUXS ¶QLQ LONEDKDU YH \D] D\ODU×QGD o×NW×NODU× $QDGROX WXUQHVLQLQ DUG×QGDQ *HS*H1o·WH ELU NHUH GDKD JHQoOHUOH EXOXċPD I×UVDW× EXOGX

1Ĉ6$1 &80$57(6Ĉ & PE ċ &HPDDW ² %RĊD]LoL hQLYHUVLWHVL·QGH NXUXOPXċ 7DVRGD NRQVHUOHUL\OH WDQ×QP×ċ \D]×QGD $UDI·WD VDKQH DODUDN SURIHV\RQHOOLĊH \HONHQ DoP×ċ ELU JUXS RODQ & PE ċ &HPDDW ĈVSDQ\D·GDQ %DONDQODUD <XQDQLVWDQ·GDQ $QDGROX·\D IDUNO× \|UHOHULQ P ]LNOHULQL \RUXPOX\RU 'RĊX YH %DW× P ]LNOHULQLQ GRĊDoODPD VHQWH]LQGHQ RUWD\D o×NDQ .DRWLN $ODWXUND %OXHV WDU]×\OD JUXS IHVWLYDOLQ HQ oRN LOJL oHNHQ NRQVHUOHULQGHQ ELUL RODUDN L]OH\HQOHUGHQ WDP QRW DOG×

.216(5/(5 *HYHQGH ² 'RĊDoODPD \DSPD\× YH IDUNO× P ]LV\HQOHUOH oDO×ċPD\× VHYHQ *HYHQGH NXUXOGXĊX (VNLċHKLU·GH VDKQH SHUIRUPDQVODU×\OD N×VD ]DPDQGD JHQLċ ELU KD\UDQ NLWOHVL ND]DQG× %X J QH NDGDU /RQGUD 2ULHQW ([SUHVV 6HVVLRQ /RQGRQ 3XOVH 0XVLF )HVWLYDO +RO ODQGD 2HURO )HVWLYDO $PVWHUGDP 5RRWV )HVWLYDO + .D\DIHVW $WLQD %H\RQG 7KH 0XVLF )HVWLYDO (VNLċHKLU &D] )HVWLYDOL 6DPVXQ &D] )HVWLYDOL %DU×ċDURFN $QNDUD 8OXVODUDUDV× &D] )HVWLYDOL YH ĈVWDQEXO &D] )HVWLYDOL JLEL SHN oRN |QHPOL P ]LN RU JDQL]DV\RQXQGD \HU DODQ JUXS *H3*H1o·WH GH HQ L\L SHUIRUPDQVODU×QGDQ ELULQL VHUJLOH\HUHN NDW×O×PF×ODU×Q ERO GDQVO× VDDWOHU JHoLUPHOHULQL VDĊODG× $\EHQ )DLUX] 'HULQEXOXW ² 1LVDQ D\×QGD ´6HQVLQ 2´ LVLPOL DOE P Q o×NDUDQ 7 UN UDS P ]LĊLQGH \HS\HQL ELU VROXN RODQ $\EHQ YH GHQH\VHO WRSOXOXN )DLUX] 'HULQ %XOXW ELUOLNWH ċDċ×UW×F× YH HQHUMLN ELU SHUIRUPDQVD LP]D DWW×ODU 7 UNL\H·QLQ LON NDG×Q UDS \×OG×]ODU×QGDQ $\EHQ 1HIUHW JUXEX LOH EDċODG×Ċ× SURIHV\RQHO P ]LN oDO×ċPDODU×Q× 6HUWDE (UHQHU &H]D %XUKDQ gFDO $\OLQ $VO×P )XDW 1LO .DUDLEUDKLPJLO YH 0HUFDQ 'HGH JLEL IDUNO× P ]LN W UOHULQGHQ VDQDWo× YH JUXS ODU LOH V UG UG )DLUX] 'HULQ %XOXW LVH URFN IXQN YH DUDEHVN JLEL W UOHUL ELUDUD\D JHWLUHUHN \HS\HQL ELU VRXQG \DUDWW× <HQL 7 UN ² \×O×QGD $QNDUD·GD NXUXODQ JUXS LON DOE P RODQ ´%XĊGD\·×Q 7 UN V µQ ·GD o×NDUG× *UXEXQ DG× ELU EDN×PD \DSW×Ċ× P ]LN W U Q GH Do×NO×\RU *HOHQHNVHO YH HWQLN |]HOOLNOHU WDċ×\DQ P ]LN D\Q× ]DPDQGD J Q P ] LQVDQ×Q×Q NXODĊ×QD KLWDS HWPHOL YH 7 UN ·OHU ´<HQLµOHQPHOL J|U ċ \OH \ROD o×NDQ JUXS \DSW×Ċ× P ]LĊH (JH YH $NGHQL] HVLQWLOHULQL NDWDUDN EXJ QH GHN DOE P o×NDUG× *UXS *H3*H1o )H67L9D/·LQ HQ J ]HO JHFHOHULQGHQ ELULQGH VDKQH DODUDN L]OH\HQOHULQL FRċWXUGX

1Ĉ6$1 3$=$5 .UHċ ² \×O×QGD 3RSFRUQ DG×\OD NXUXODQ YH 5RFN·Q &RNH 0DVVWLYDO 5DGDU /LYH 3KRQHP E\ 0LOOHU JLEL ELU oRN IHVWLYDOGH ELQOHUFH NLċL\H VHVLQL GX\XUDQ .UHċ ´=DPDQ <RNµ LVLPOL LON DOE P LOH 7 UN URFN P ]LĊLQH \HQL ELU VROXN JHWLUGL .UHċ V×Q×U WDQ×PD\DQ VDKQH SHUIRUPDQVODU× LOH GLNNDW oHNL\RU 3DWOD\DQ ELU URFN P ]LĊLQ ]HULQH VHUW JLWDU ULÁHUL YH GLVNR P ]LĊLQ HQHUMLVLQL L\L \HGLUHQ JUXS W P SHUIRUPDQVODU×QGD ROGXĊX JLEL *H3*H1o·WH GH ELU GDNLND \HULQGH GXUPDG×

.216(5/(5 .XPP 5RPDQ\D

² .XPP \×O×QGD 5RPDQ\D·GD NXUXOGXNWDQ VRQUD JHOHQL JLGHQL ]L\DUHW HGHQL oRN RODQ NDS×V× Do×N ELU JUXS ROGX ĈON UHVPL GHPRODU× /LVWHQ WR P\ 6RQJV·X \×O×QGD o×NDUDQ JUXS LON DOE POHUL RODQ 0RRQ VZHDW 0DUFK·× LVH \×O×QGD o×NDUG×ODU 0DFDULVWDQ·GD $OPDQ\D·GD YH ĈWDO\D·GD YHUGLNOHUL NRQVHUOHUOH 5RPDQ\D G×ċ×QGD GD WDQ×QDQ YH ELOLQHQ ELU JUXS KDOLQH JHOGLOHU (OHNWUR JLWDU GDYXO EDV JLWDUGDQ ROXċDQ DQD oO Q Q \DQ× V×UD JUXS VDNVRIRQ SLDQR YH NRQXN VDQDWo×ODU×Q NDWN×ODU×\OD NXODNODU× ċHQOHQGLUPH\H GHYDP HGL\RU %X EDċDU×O× JUXEX *H3*H1o WDNLSoLOHUL\OH 5RPHQ . OW U 0HUNH]L EXOXċWXUGX 6XOXNXOH 5RPDQ 2UNHVWUDV× ² ' Q\DQ×Q HQ HVNL 5RPDQ \HUOHċLPOHULQGHQ ELUL RODQ 6XOXNXOH GH\LQFH DNOD HĊOHQFH P ]LN GDQV JHOLU ·OLN ULWLPOHULQ Y FXW EXOGXĊX 6XOXNXOH 5RPDQ 2UNHVWUDV× 0DUW D\×QGD NXUXOGX *UXEXQ NXUXOPD DPDF× G Q\DGDNL W P LQVDQODU×Q YH KD\YDQODU×Q \DċDG×NODU× LoLQGH ´YDU ROGXNµODU× \HUOHUGHNL EDU×QPD KDNN×QD VDKLS o×NPDN 7HSNLOHULQL GHUWOHULQL P ]LN DUDF×O×Ċ×\OD LIDGH HGHQ JUXS NDODEDO×N HNL EL\OH *H3*H1o ]L\DUHWoLOHULQH XQXWXOPD] VDDWOHU \DċDWW× %DED =XOD ² %DED =XOD HOHNWUR VD] NDċ×N GDUEXND YH PDNLQHOHUL NXOODQDUDN o NLċLOLN NRFDPDQ HNLSOH VDKQHGH KDULNDODU \DUDW×UNHQ LOJLQo NRVW PO GDQV|]OHUL FDQO× oL]LP WHNQLĊL LOH NRQVHUOHULQGH DGHWD ELU D\LQ KDYDV× HVWLUGL +DON P ]LĊLQGHQ \ROD o×NDQ WRSOXOXN P ]LNOHULQL ĈVWDQEXO ċHKLU N OW U LOH KDUPDQ OD\DUDN NHQGLOHULQH |]J J QFHO ELU W×Q×\D XODċ×\RU ´.|NOHUµ LVLPOL VRQ DOE POHUL\OH \×O×Q× GHYLUHQ %DED =XOD·Q×Q 7 UN LċL NDUD PL]DK×Q DĊ×UO×Ċ×Q× KLVVHWWLUGLĊL SDUoDODU× LOH MDSRQ KDOD\×QD R\XQ KDYDODU×QD YH VROR ċDUN×ODU×QD WDQ×N RODQ *H3*H1o L]OH\LFLOHUL HĊOHQFHOL YDNLW JHoLUGLOHU

626<$/ +$./$5 .,5$$7+$1(6Ĉ ´1H RODFDN EX ONHQLQ KDOL"µ ´µ+D\DW ]RU PLULP µ ´' Q\D·\× EL] PL NXUWDUDFDĊ×] µ <LQH N×UDDWKDQH \LQH P ]LN \LQH oD\ \LQH VRKEHW« %X NH] NROD\ODċW×U×F×ODU YDU ELU GH R\XQ 7RSOXP *|Q OO OHUL 9DNI× YH ĈVWDQEXO %LOJL hQLYHUVLWHVL 67. (ĊLWLP YH $UDċW×UPD %LULPL·QLQ \×O×QGD JHUoHNOHċWLUGLĊL ´*HQoOLN YH 6RV\DO +DNODU 3URMHVLµQGH JHQ oOHULQ JHQoOHUOH VRV\DO KDNODU× WDUW×ċPDODU× LoLQ ELU NDUW R\XQX WDVDUODQG× ĈVPL ´+D\DW =RUµ NDUW ONH R\XQFX NROD\ODċW×U×F× (\ S *HQoOLN 0HFOLVL·QLQ HY VDKLSOLĊL \DSW×Ċ× .×UDDWKDQH·GH ´+D\DW =RUµ R\QDPDN LVWH\HQOHU 1LVDQ &XPDUWHVL YH 1LVDQ 3D]DU J QOHUL ² DUDV× 6RV\DO +DNODU .×UDDWKDQHVL·QH EXOXċWX *HQoOLN YH 6RV\DO +DNODU SURMHVL ONH Q IXVXQXQ HQ E \ N NHVLPLQL ROXċWXUPDODU×QD UDĊPHQ VRUXQODU×Q ċHNLOOHQGLĊL VRV\DO KDN DODQODU×QGD JHQoOHULQ KLo V|] VDKLEL RODPDPDODU×QGDQ \ROD o×NP×ċW× 7RSOXP *|Q OO OHUL 9DNI× E Q\HVLQGH \×O×QGDQ LWLEDUHQ X\JXODQPD\D EDċODQDQ SURMH HĊLWLP VDĊO×N LVWLKGDP EDU×QPD JLEL WHPHO VRV\DO KDN DODQODU× ]HULQH G ċ Q S SD\ODċPD\× KHGHÁHPHNWH YH EX GRĊUXOWXGD 7 UNL\H·QLQ G|UW ELU \DQ×QD IRUPHO ROPD\DQ HĊLWLP SURJUDPODU× \ U WPHNWHGLU KWWS JHQFOLNYHVRV\DOKDNODU WRJ RUJ WU

6RV\DO +DNODU .×UDDWKDQHVLQLQ o×N×ċ QRNWDV× ONHPL]GHNL N×UDDWKDQH N OW U G U .×UDDWKDQHQLQ DQODP× DVO×QGD ´RNXPD HYLµGLU $QFDN N×UDDWKDQHOHU WRSOXPVDO SUDWLĊLPL]GH GDKD oRN HUNHNOHULQ ELU DUD\D JHOLS NDĊ×W YH\D WDYOD R\QDG×NODU× J QGHOLN \DċDP YH SROLWLND NRQXċWXNODU× PHNDQODU RODUDN Y FXW EXOPXċODU×GU %X |]HOOLNOHUL\OH N×UDDWKDQHOHU VRNDĊ×Q QDE]×Q× WXWDQ \HUOHU RODUDN DOJ×ODQP×ċ YH SROLWLNDQ×Q DV×O ċHNLOOHQGLĊL \HUOHU RODUDN NDULNDW UL]H HGLOPLċOHUGLU %XQGDQ KDUHNHWOH RUWD\D o×NDQ 6RV\DO +DNODU .×UDDWKDQHVL JHQoOHULQ NLPOLN IDUN× J|]HWPHNVL]LQ ELU DUD\D JHOHUHN oD\ NDKYH YH ELU R\XQ +D\DW =RU

HċOLĊLQGH VRV\DO KDNODU ]HULQH VRKEHW HGHELOGLNOHUL ELU RUWDP \DUDWPD QL\HWL\OH GRĊGX +D\DW =RU SURMHQLQ HĊLWPHQ HNLEL WDUDI×QGDQ WDVDUODQP×ċ ELU NDUW R\XQXGXU *HQoOHULQ ¶0XWOXOXN\D· DG×QGD ELU ONHQLQ PLOOHWYHNLOOHUL RODUDN ONH\L G ]O ĊH o×NDUDFDN SROLWLN SURJUDP× ROXċWXUPDV× EHNOH QLU 9DNLW GDU E WoH N×V×WO× KD\DW ]RU +HSLQL]L G ċ QPHN WDUW×ċPDN X]ODċPDN N×VDFD SD\ODċPDN ]HUH EDċND ELU N×UDDWKDQHGH +D\DW =RU R\QDPD\D EHNOHUL]

<$ĉ$<$1 .h7h3+$1( <DċD\DQ . W SKDQH QRUPDO ELU N W SKDQH JLEL oDO×ċ×U 2NX\XFXODU JHOLUOHU YH ELU NLWDE× EHOLUOL ELU ]DPDQ V UHVL LoLQ |G Qo DO×UODU .LWDE× RNXGXNWDQ VRQUD N W SKDQH\H LDGH HGHUOHU \D GD LVWHUOHUVH NLWDE×Q V UHVLQL X]DWDELOLUOHU 'LOHUOHUVH EDċND ELU NLWDS |G Qo DODELOLUOHU ´<DċD\DQ . W SKDQHµ LOH QRUPDO ELU N W SKDQH DUDV×QGD WHN ELU IDUN YDUG×U <DċD\DQ . W SKDQH·GH NLWDSODU LQVDQODUG×U 9H NLWDSODU LOH RNX\XFXODU NLċLVHO ELU GL\DORJ LoHULVLQH JLUHUOHU 7 UNL\H·GH LON NH] \×O×QGD %DU×ċD5RFN·WD NXUXODQ ´<DċD\DQ . W SKDQHµ EX NH] NDS×ODU×Q× *H3*H1o )H67L9D/·GH RNX\XFXODU×QD DoW× *HQoOLN dDO×ċPDODU× %LULPL YH 7RSOXP *|Q OO OHUL 9DNI× WDUDI×QGDQ G ]HQOHQHQ . W SKDQH 1LVDQ &XPDUWHVL YH 1LVDQ 3D]DU DUDV× NLWDS NXUWODU×\OD EXOXċWX ĈNL J Q ER\XQFD VDDWOHUL DUDV×QGD RNX\XFXODU×Q× DĊ×UOD\DQ <DċD\DQ . W SKDQH YHULOHQ |ĊOH DUDODU× G×ċ×QGD WRSODP VDDW ER\XQFD Do×N NDOG× ´<DċD\DQ . W SKDQH *H3*H1o)H67L9D/µGH N W SKDQHQLQ WRSODP RNX\XFXVX ROGX %X RNX\XFXODU WRSODP RNXPD JHUoHNOHċWLUGL 2NX\XFXODU NLWDS RNXPD V UHFLQH GDLU JHUL ELOGLULPOHULQGH 'X\PD\D DO×ċW×Ċ×P ċH\OHUGHQ IDUNO× ċH\OHU GX\GXP YH EX KRċXPD JLWWL dRN IDUNO× EDN×ċ Do×ODU× \DNDODG×P (WNLOHċLPOL ELU |ĊUHQPH ROGXĊX LoLQ oRN HĊOHQFHOL\GL .DUċ×O×NO× ELUELULPL]L JHOLċWLUGLĊLPL]L J|UG P .LWDE× VDGHFH EHQ RNX\RUXP YH EHQ |ĊUHQL\RUXP DPD EX \DċD\DQ N W SKDQH VD\HVLQGH NDUċ×O×NO× oRN ċH\ |ĊUHQL\RUX] 2NXUNHQ HNVLN NDODQ VRUXODU× DQ×QGD \|QHOWLS FHYDS DODELOL\RUXP .LWDS RNXPDN KLo EX NDGDU HĊOHQFHOL ROPDP×ċW× 8]DNWDQ ELOPHN X]DNWDQ NDEXO HWPHN oRĊX ]DPDQ oRN NROD\ DPD EXQODU×Q JHUoHNoL ROPDV× LoLQ \DċD\DQ ELULQL GLQOHPHN RQXQOD VRKEHW HWPHN oRN J ]HO JLEL \RUXPODUGD EXOXQDUDN RNXPD V UHFLQLQ GLQDPLN NH\LÁL IDUNO× SD\ODċ×PO× ROXċXQD YXUJX \DSP×ċODUG×U 2NX\XFXODU GHQH\LPOHULQGHQ V|] HGHUNHQ \DċDG×NODU× GX\JXODU× +HU ċH\L KLo oHNLQPHGHQ VRUDELOGLP $NO×PGDNL E W Q VRUXODUD LoWHQ GX\JXODUOD FHYDS YHULOGL *HUoHNOLN VDPLPL\HW G U VWO N 3D\ODċ×P dRN GRĊDO YH oRN Do×N FHYDSODU DOG×P .LWDSODU× KHP oRN VDPLPL KHP oRN NRQXċNDQ EXOGXP .LWDE×P oRN K PDQVLW \DNODċW× <DO×Q YH VDPLPL EXOGXP %LU HQJHOOL\OH UDKDW NRQXċDELOGLP '×ċDUGDQ RNX\DUDN |ĊUHQPHNWHQVH EL]]DW NRQXċDUDN R LQVDQODU×Q QDV×O ROGXĊXQX GX\PDN oRN P NHP PHO ċHNOLQGH LIDGH HWWLOHU %X GD Do×NoD J|VWHUL\RU NL RNX\XFXODU× LON DG×PGD HQ oRN HWNLOH\HQ ċH\ VDPLPL\HW YH JHUoHNOLN

<$ĉ$<$1 .h7h3+$1( 2NX\XFXODU×Q ELUL <DċD\DQ . W SKDQH GHQH\LPLQL ċ|\OH WDQ×PO×\RU ´+LoELU ]DPDQ RWXUXS PXKDEEHW HWPH\L G ċ QPHGLĊLP ELU LQVDQOD J ]HO ELU VRKEHW µ * QO N KD\DWWD oRN GD ID]OD ELU DUD\D JHOHPHGLĊLQL] LQVDQODUOD WDQ×ċPD I×UVDW× GHPLċWLN ELU \DQGDQ <DċD\DQ . W SKDQH·\L GX\XUXUNHQ 2NX\XFXODU GD EX DPDF× GHVWHNOHUFHVLQH ĈON NH] ELU EDĊ×PO×\OD J|U ċW P ĈON GHID ELU WUDQVVHNV HOOH NRQXċWXP YH DQODG×P NL RQODU×Q GD EL]GHQ ELU IDUN× \RN ĈON NH] ELU <DKXGL YH (UPHQL·\OH WDQ×ċPD YH NRQXċPD I×UVDW× EXOGXP gQ\DUJ×ODU×P×Q GHĊLċWLĊLQL V|\OH\HPHP DPD QRUPDOGH ID]OD NRQXċDPDG×Ċ×P ELU LQVDQOD E|\OH UDKDW ELU RUWDPGD NRQXċPDN J ]HOGL GL\HUHN EXQD LPNDQ EXODELOGLNOHULQL GLOH JHWLUGLOHU .LWDS RNXUNHQ ELU \DQGDQ GD NHQGLOHULQL RNXGXNODU×Q× GDKD GRĊUX ELU LIDGH\OH NHQGLOHUL\OH \ ]OHċWLNOHULQL EHOLUWL\RU <DċD\DQ . W SKDQH RNX\XFXODU× .HQGL LoLPH G|QPHN NHQGLPL VRUJXODPDN .HQGL KD\DW×P×Q G ]HQLQL VRUJXODG×P .RQX\D RQXQ J|] QGHQ EDNW×P DVO×QGD QH NDGDU EHQFLO ROGXĊXPX DQODG×P .HQGL GXUXċXPX \HQLGHQ GHĊHUOHQGLUGLP %HOOL ċH\OHUL GX\PXċ ROPDPD UDĊPHQ EXQODU×Q VW QH KLo NDID \RUPDP×ċ ROGXĊXPX IDUN HWWLP JLEL \RUXPODUOD NHQGLOHULQL VRUJXODG×NODU×Q× EHOLUWL\RUODU . W SKDQH V UHFLQLQ RNX\XFXODU×Q |Q\DUJ×ODU×QD \DSW×Ċ× HWNL GH DVO×QGD LQVDQ LQVDQD NLċLVHO SD\ODċ×P \DċDPD\× VDĊOD\DQ RNXPD V UHFLQLQ VRQXQGD RNX\XFXODU×Q NHQGLOHULQH G|QPHOHUL NHQGLOHULQL VRUJXODPDODU×\OD SDUDOHO ELoLPGH RUWD\D o×NPDNWDG×U 2NX\XFX ND]DQG×Ċ× LoJ|U VD\HVLQGH NDUċ×V×QGDNLQL GH GDKD IDUNO× YH \HQL ELU ELoLPGH DOJ×OD\DELOPHNWHGLU $\U×FD NDUċ×V×QGDNLQLQ WDVDUODG×Ċ×QGDQ IDUNO× ROGXĊXQX J|UPHN GH RNX\XFXQXQ LoJ|U V Q YH IDUN×QGDO×Ċ×Q× DUWW×UPDNWDG×U .DV×P ·GH .LWDE× .DSDĊ×QD *|UH <DUJ×ODPD <DċD\DQ . W SKDQH ' ]HQOH\LFL 5HKEHUL \D\×QODQG× ĈVWDQEXO GHQH\LPLQLQ GH DNWDU×OG×Ċ× NLWDS <DċD\DQ . W SKDQH G ]HQOHPHN LVWH\HQ JHQoOLN NXUXOXċODU×QD GHVWHN ROPDN DPDF×\OD KD]×UODQP×ċW×U KWWS \DVD\DQNXWXSKDQH EORJVSRW FRP

*g67(5Ĉ/(5 *H3*H1o *|VWHULOHU *HQoOLN .XUXOXċODU× )XDU× DODQ×QGD EXOXQDQ )XDU 6DKQHVL·QGH 1LVDQ WDULKOH ULQGH JHUoHNOHċWLULOGL )DUNO× VDQDW DODQODU×QGD \DS×ODQ UHQNOL SHUIRUPDQVODU IXDU ]L\DUHWoLOHULQLQ HĊOHQFHOL YDNLW JHoLUPHVLQL VDĊODG×

1Ĉ6$1 &80$57(6Ĉ 3DQGRPLPRU $\VXQ 'HPLUG|ĊHQ -DURVODZ -DUXJD .XNXOVNL 6RNDN 3DQGRPLPL &DSRHLUD *|VWHULVL &DSRHLUD *HQoOLN YH 6SRU .O E 'HUQHĊL *|VWHUL 'DQVD 'DYHW 6RNDNWD dDO×ċDQ dRFXNODUD <DUG×P 9DNI× 'DQV *|VWHULVL d×OJ×Q *HQoOHU <HUHO * QGHP 0DQLVD *HQoOLN 0HUNH]L YH 6+d(. 0DQLVD (UNHN <HWLċWLUPH <XUGX 'DQV *|VWHULVL &DG×Q×Q %RKoDV× (VPHUD\ 6|\OHċL .DKYL\DWUR 0DUGLQ *HQoOLN YH . OW U (YL 7L\DWUR *|VWHULVL

1Ĉ6$1 3$=$5 5RPDQ 'DQV *|VWHULVL %DUW×Q *HQoOLN 'HĊLċLP 'HUQHĊL 'DQV *|VWHULVL $]L]QDPH 7L\DWUR $NDGHPL 7L\DWUR *|VWHULVL 'DQV 7L\DWURVX %LONHQW hQLYHUVLWHVL 'DQV 7L\DWURVX 7RSOXOXĊX 'DQV *|VWHULVL %DONDQ 'DQVODU× 5XPHOL 7 UNOHUL <DUG×PODċPD 'HUQHĊL *HQoOLN .RPLV\RQX 'DQV *|VWHULVL

+$<$7 9(5(1 .858/8ĉ/$5 $ċDĊ×GDNL OLVWHGH LVPL EXOXQDQ 67. IHVWLYDOH NDWN×ODU×\OD KD\DW YHUHQ YH YH\D JHQoOLN NXUXOXċODU× IXDU×QGD WDQ×W×P PDVDV× DoDQ NXUXPODUG×U %X NXUXPODU KDNN×QGD GDKD ID]OD ELOJL VDKLEL ROPDN LVWH\HQ OHU LOJLOL LQWHUQHW VLWHOHULQL NXOODQDELOLUOHU <DQ×QGD LċDUHWL EXOXQDQODU 1LVDQ WDULKOHULQGH VDDWOHUL DUDV×QGD W P IHVWLYDO ]L\DUHWoLOHULQH Do×N RODQ *HQoOLN .XUXOXċODU× )XDU×·QD NDW×ODQ NXUXPODUG×U

$o×N .DS× ĈVWDQEXO %LOJL hQLYHUVLWHVL ĉLGGHW YH 7UDYPD\× gQOH\LFL dDO×ċPDODU *UXEX ĈVWDQEXO

$QQD /LQGK (XUR 0HGLWHUUD QHDQ )RXQGDWLRQ 0×V×U ZZZ HXURPHGDOH[ RUJ +RPH (Q +RPH DVS[

$G× <RN 0HYVLPOLN *HQoOLN (GHEL\DW 'HUJLVL ĈVWDQEXO ZZZ DGL\RN FRP

$U× 7RSOXPVDO .DW×O×P YH *HOLċLP 9DNI× ĈVWDQEXO ZZZ DUL RUJ WU

$)6 *|Q OO OHUL 'HUQHĊL ĈVWDQEXO ZZZ DIVJG RUJ

$W|O\H ĈVWDQEXO

$I\RQ .RFDWHSH hQLYHUVLWHVL ĈċOHWPH YH (NRQRPL .XO E $I\RQ ZZZ DNX HGX WU RJUHQFLK RJUNXOXS SKS $,(6(& $QNDUD $QNDUD ZZZ DLHVHF RUJ WXUNH\ $OJHULD $VVRFLDWLRQ GH ZLOD\D GH FRPPXQLFDWLRQ HW GH O·LQIRUPDWLRQ SRXU OHV SHUVRQQHV KDQGLFDSpHV &H]D\LU ZZZ DVVR DLHGU RUJ $OWHUQDWLI (ĊLWLP 'HUQHĊL ĈVWDQEXO ZZZ DOWHUQDWLIHJLWLP GHUQHJL RUJ WU $OWHUQDWLYH 9 8NUD\QD ZZZ DOWHUQDWLYH Y FRP XD $QDGROX . OW U ĈVWDQEXO ZZZ DQDGROXNXOWXU RUJ

$YUDV\D 7RSOXOXĊX 'HUQHĊL Ĉ]PLU ZZZ DF RUJ WU $YUXSD %LUOLĊL %LOJL 0HUNH]L ĈVWDQEXO KWWS ZZZ DEP LVWDQEXO RUJ WU

$YUXSD %LUOLĊL *HQo OLN 3URJUDPODU× 0HUNH]L %DċNDQO×Ċ× 8OXVDO $MDQV $QNDUD ZZZ XD JRY WU $YUXSD gĊUHQFLOHUL )RUXPX $(*(( $QNDUD $QNDUD ZZZ DHJHH DQNDUD RUJ $YUXSD $NGHQL] *HQoOLN 'HUQHĊL ĈVWDQEXO ZZZ HXURPHGLVW RUJ $]HUEDLMDQ <RXWK 7RXULVP &OXE $]HUEH\FDQ KWWS DJWN ZHEWDON UX

+$<$7 9(5(1 .858/8ĉ/$5 %DU×ċDURFN ĈVWDQEXO ZZZ EDULVDURFN RUJ %D\UDPSDċD *HQoOLN 0HFOLVL ĈVWDQEXO ZZZ ED\UDPSDVDJHQFOLN FRP %H\RĊOX *HQoOLN 0HUNH]L ĈVWDQEXO ZZZ EH\RJOXJHQFOLNPHUNH]L FRP %LDQHW ĈVWDQEXO ZZZ ELDQHW RUJ %LOJL $,' 6RV\DO 6RUXPOXOXN *LULċLPL ĈVWDQEXO ZZZ ELOJLDLG RUJ %LONHQW hQLYHUVLWHVL 7RSOXPVDO 'X\DUO×O×N 3URMHOHUL $QNDUD ZZZ WGS ELONHQW HGX WU %LUOHċPLċ 0LOOHWOHU 1 IXV )RQX 81)3$ $QNDUD ZZZ XQISD RUJ WU %RĊD]LoL hQLYHUVLWHVL .DQ GLOOL 5DVDWKDQHVL YH 'HSUHP $UDċW×UPD (QVWLW V 'HSUHPH 'X\DUO×O×N * QOHUL 3URMHVL ĈVWDQEXO ZZZ GHSUHPHGX\DUOL\L] RUJ %RĊD]LoL hQLYHUVLWHVL 6RV\DO +L]PHW .XO E ĈVWDQEXO ZZZ EXVRV RUJ %ROX $YUXSD gĊUHQFLOHUL 7RSOXOXĊX %ROX dDĊGDċ 'UDPD 'HUQHĊL ĈVWDQEXO ĉXEHVL ĈVWDQEXO ZZZ LVWDQEXOGUDPD RUJ WU

dDĊGDċ <DċDP× 'HVWHNOHPH 'HUQHĊL .DUV ĉXEHVL .DUV ZZZ F\GG RUJ WU &OXE /DWLQ /LIH ĈVWDQEXO ZZZ FOXEODWLQOLIH FRP &RMHS ,QWHUQDWLRQDO 7 UNL\H $QNDUD ZZZ FRMHS FRP &RRUGLQDGRUD G·2UJDQLW]DGRUV 'H &7, GH &DWDOXQ\D ĈVSDQ\D ZZZ FRFDW RUJ &RXQFLO RI (XURSH 'LUHFWRU DWH RI <RXWK DQG 6SRUWV )UDQVD ZZZ FRH LQW \RXWK dDQND\D hQLYHUVLWHVL 7RSOXPVDO 'D\DQ×ċPD 7RSOXOXĊX $QNDUD KWWS WGWFDQND\D EORJVSRW FRP 'DFLD $VVRFLDWLRQ RI 6WX GHQWV LQ +LVWRU\ 8QLYHUVLW\ RI %XFKDUHVWL 5RPDQ\D ZZZ XQLEXF UR 'DODO ,QVWLWXWLRQ IRU &XOWXUH DQG $UWV )LOLVWLQ 'DOJD *HQoOHU +DUHNDW× $]HUEH\FDQ ZZZ GDOJD JK FRP 'HQL] )HQHUL <RNVXOOXN $UDċW×UPDODU× 0HUNH]L ĈVWDQEXO ZZZ GH\DP RUJ 'HQL]WHPL] 'HUQHĊL ĈVWDQEXO ZZZ WXUPHSD RUJ WU

+$<$7 9(5(1 .858/8ĉ/$5 'L\DUEDN×U 6DQDW 0HUNH]L 'L\DUEDN×U ZZZ GL\DUEDNLUVDQDW RUJ 'RĊD 'HUQHĊL $QNDUD ZZZ GRJDGHUQHJL RUJ 'RNX] (\O O hQLYHUVLWHVL )DQ WH]L YH %LOLPNXUJX 7RSOXOXĊX Ĉ]PLU ZZZ GHXIENW FRP 'RNX] (\O O hQLYHUVLWHVL )RWRĊUDI 7RSOXOXĊX Ĉ]PLU ZZZ GHIRW RUJ 'RNX] (\O O hQLYHUVLWHVL *HQo OLN YH 6SRU .XO E 'HUQHĊL Ĉ]PLU ZZZ GHXNXOXS RUJ 'RNX] (\O O hQLYHUVLWHVL 0DWHPDWLN 7RSOXOXĊX Ĉ]PLU ZZZ GHXPDWK FRP 'RNX] (\O O hQLYHUVLWHVL 6DĊO×N . OW U YH 6SRU 'DLUHVL Ĉ]PLU ZZZ GHX HGX WU '(8:HE ,FHULN ,FHULN SKS".2' 'RNX] (\O O hQLYHUVLWHVL 6 UHNOL (ĊLWLP 0HUNH]L Ĉ]PLU ZZZ GHX HGX WU '(8:HE ,FHULN ,FHULN SKS".2' (JH *LULċLP YH 6RV\DO $W×O×P 'HUQHĊL Ĉ]PLU ZZZ HJLVDG RUJ (JH hQLYHUVLWHVL )RWRĊUDI 7RSOXOXĊX Ĉ]PLU KWWS HIRW HJH HGX WU

(JH hQLYHUVLWHVL +DYDF×O×N .ROX <DPDo 3DUDċ W 7DN×P× Ĉ]PLU KWWS HKDYN HJH HGX WU ( *HQoOLN 'HUQHĊL %XUVD ZZZ H JHQFOLN QHW (/,; &RQVHUYDWLRQ 9ROXQ WHHUV *UHHFH <XQDQLVWDQ ZZZ HOL[ RUJ JU (QG VWUL\HO 3URMH *HOLċWLUPH YH ĈċELUOLĊL .XO E ĈVWDQEXO ZZZ LWXHSJLN RUJ (UFL\HV hQLYHUVLWHVL 0 KHQGLVOLN .XO E .D\VHUL ZZZ PNHUFL\HV FRP (VNLċHKLU 2VPDQJD]L hQLYHUVLWHVL 0HGLNR 6RV\DO 0HUNH]L *HQoOLN 'DQ×ċPD %LULPL (VNLċHKLU ZZZ RJX HGX WU ELULPGHWD\ DVS[",' (UDVPXV 6WXGHQW 1HWZRUN ĈVWDQEXO ZZZ HVQELOJL FRP (\O O * ]HO 6DQDWODU 'HUQHĊL (U]XUXP (\ S %HOHGL\HVL ĈVWDQEXO ZZZ H\XS EHO WU

+$<$7 9(5(1 .858/8ĉ/$5 (\ S %HOHGL\HVL *HQoOLN 0HFOLVL ĈVWDQEXO ZZZ H\XSJHQFOLNPHFOLVL FRP

*HQo 6LYLOOHU ĈVWDQEXO ZZZ JHQFVLYLOOHU QHW

)DFHV 6×UELVWDQ

*HQoOLN 7L\DWURODU× 2OXċXPX ĈVWDQEXO ZZZ WL\DWURP FRP JHQFWL\DWUR

),/,$ &HQWHU IRU &XUULFXODU 'H YHORSPHQW DQG *HQGHU 6WXGLHV 5RPDQ\D )L]LNVHO (QJHOOLOHU )HGHUDV\RQX ĈVWDQEXO ZZZ IHI RUJ WU

*HQoOLN dDO×ċPDODU× %LULPL ĈVWDQEXO KWWS JHQFOLN ELOJL HGX WU

)RUXP GH FRPPXQLFDWLRQ HW GH FUHDWLRQ )DV

*HQoOLN 9H 6SRU ĈO 0 G UO Ċ $WDW UN *HQoOLN 0HUNH]L Ĉ]PLU ZZZ L]PLU JVLP JRY WU

JDUDMLVWDQEXO ĈVWDQEXO ZZZ JDUDMLVWDQEXO FRP

*HQoWXU ĈVWDQEXO ZZZ JHQFWXU FRP

*D]L hQLYHUVLWHVL Ĉ Ĉ % ) 7L\DWUR 7RSOXOXĊX $QNDUD ZZZ KHUNHVHWL\DWUR FRP WL\DWURDNDGHPL KWPO

*HQGHU )RU 6RFLDO (FRQRPLF 'HYHORSPHQW * UFLVWDQ

*D]LDQWHS *HQoOLN %LUOLĊL 'HUQHĊL *D]LDQWHS ZZZ JD]LDQWHSJHQFOLN RUJ *HQo $YUXSDO× )HGHUDOLVWOHU ĈVWDQEXO ZZZ MHI HX *HQo %H\LQOHU 'HUQHĊL ,VSDUWD ZZZ JHQFEH\LQOHU QHW *HQo %LULNLP 'HUQHĊL 0Xċ ZZZ JHQFELULNLP RUJ *HQo +D\DW 9DNI× ĈVWDQEXO ZZZ JHQFKD\DW RUJ

*UHHQSHDFH $NGHQL] ĈVWDQEXO ZZZ JUHHQSHDFH RUJ WXUNH\ *60 *HQoOLN 6HUYLVOHUL 0HUNH]L $QNDUD ZZZ JVP \RXWK RUJ *HQoOLN LoLQ 6RV\DO *HOLċLP 3URJUDP× *HQoOLĊH 'HĊHU 3URMHVL $QNDUD ZZZ JDS JRY WU +DELWDW LoLQ *HQoOLN 'HUQHĊL ĈVWDQEXO ZZZ \RXWKIRUKDE RUJ WU +DFHWWHSH hQLYHUVLWHVL 7RSOXP *|Q OO OHUL $QNDUD ZZZ WRJ RUJ WU

+$<$7 9(5(1 .858/8ĉ/$5 +DQJDU 6DQDW 'HUQHĊL ĈVWDQEXO ZZZ KDQJDU RUJ WU +DWD\ $YUXSD gĊUHQFLOHUL 7RSOXOXĊX +DWD\ ZZZ DHJHHKDWD\ FRP +D\DWD 'HVWHN $QNDUD ZZZ VXSSRUWWROLIH RUJ ,QWHUQDW×RQDO %HJHJQXQJ *HPH×QVDPG×HQVW $OPDQ\D ,QWHUQDW×RQDO :RUNFDPS 2UJDQ×VDW×RQ * QH\ .RUH ZZZ LGHDOLVW RUJ LI L HQ DY 2UJ ,QWHUQDWLRQDO $UEHWVODJ ĈVYHo ,UNo×O×ĊD YH 0LOOL\HWoLOLĊH 'XU 'H ĈVWDQEXO ZZZ GXUGH RUJ ,VSDUWD %HOHGL\HVL *HQoOLN 0HFOLVL ,VSDUWD ZZZ LVSDUWDJHQFOLNPHFOLVL RUJ ĈGHDO *HQoOLN 3ODWIRUPX ĈVWDQEXO ZZZ LGHDOJHQFOLN RUJ ĈPHFH (YL

ZZZ LPHFHHYL RUJ ĈVWDQEXO $YUXSD . OW U %DċNHQWL $MDQV× ĈVWDQEXO ZZZ LVWDQEXO RUJ ĈVWDQEXO $WDN|\ 5RWDUDFW .XO E ĈVWDQEXO ZZZ URWDUDFW FRP

ĈVWDQEXO $YUXSD *HQoOLN )RUXPX 'HUQHĊL ĈVWDQEXO ZZZ DHJHHLVWDQEXO RUJ

ĈVWDQEXO %LOJL hQLYHULVWHVL )RWRĊUDI YH 9LGHR %|O P ĈVWDQEXO KWWS SRY ELOJL HGX WU ĈVWDQEXO %LOJL hQLYHUVLWHVL dRFXN dDO×ċPDODU× %LULPL ĈVWDQEXO KWWS FRFXNFDOLVPDODUL ELOJL HGX WU ĈVWDQEXO %LOJL hQLYHUVLWHVL ĈċOHWPH (NRQRPL .XO E ĈVWDQEXO ZZZ LEXVX RUJ ĈVWDQEXO %LOJL hQLYHUVLWHVL 6LQHPD .XO E ĈVWDQEXO ZZZ ELOJLVLQHPD RUJ ĈVWDQEXO %LOJL hQLYHUVLWHVL 7RSOXP *|Q OO OHUL ĈVWDQEXO ZZZ WRJ RUJ WU ĈVWDQEXO *|]WHSH 5RWDUDFW .XO E 'HUQHĊL ĈVWDQEXO ZZZ URWDUDFWJR]WHSH RUJ ĈVWDQEXO Ĉċ YH 0HVOHN 6DKLEL .DG×QODU 'HUQHĊL ĈVWDQEXO ZZZ ESZ LVWDQEXOWXUNH\ RUJ ĈVWDQEXO 7HNQLN hQLYHUVLWHVL 7RSOXP *|Q OO OHUL ĈVWDQEXO ZZZ WRJ RUJ WU Ĉ]PLU $YUXSD gĊUHQFLOHUL *HQHO )RUXPX Ĉ]PLU Ĉ]PLU ZZZ DHJHHL]PLU RUJ Ĉ]PLU % \ NċHKLU %HOHGL\HVL $EOD $ĊDEH\ .DUGHċ 3URMHVL Ĉ]PLU KWWS JRQXOOX\XP L]PLU EHO WU

+$<$7 9(5(1 .858/8ĉ/$5 Ĉ]PLU *HQoOLN %LUOLĊL 'HUQHĊL Ĉ]PLU KWWS JEL] D]EX] FRP Ĉ]PLU *|Q OO 7DN×P× Ĉ]PLU KWWS JRQXOOX\XP L]PLU EHO WU -HDQ 0RQQHW %XUVL\HUOHUL 'HUQHĊL $QNDUD ZZZ MHDQPRQQHW RUJ WU .DG×Q *LULċLPFLOHU 'HUQHĊL ĈVWDQEXO ZZZ NDJLGHU RUJ .DINDV hQLYHUVLWHVL %L\RORML .XO E .DUV ZZZ NDINDV HGX WU .DINDV hQLYHUVLWHVL dHYUH .XO E .DUV ZZZ NDINDV HGX WU

.RFDHOL hQLYHUVLWHVL gĊUHQFL .XO SOHUL %LUOLĊL .RFDHOL KWWS RNE NRX HGX WU .RFDHOL hQLYHUVLWHVL 7RSOXP *|Q OO OHUL .RFDHOL ZZZ WRJ RUJ WU .RFDHOL hQLYHUVLWHVL * ]HO 6DQDWODU )DN OWHVL .RFDHOL KWWS JVI NRFDHOL HGX WU .RFDHOL < NVHN gĊUHQLP 'HUQHĊL gĊUHQFL dDO×ċPD *UXEX .RFDHOL ZZZ JHQFN\RG RUJ .RQVHQV V ĈVWDQEXO ZZZ NRQVHQVXV RUJ .XOS *HQoOLN *LULċLPL 'L\DUEDN×U

.×UDo %HOHGL\HVL *HQoOLN 0HFOLVL ĈVWDQEXO KWWS NJP NLUDF EHO WU

. OW U YH *H]L .XO E ĈVWDQEXO ZZZ NXJHN FRP

.×UċHKLU (ĊLWLP . OW U 6DĊO×N 9DNI× .×UċHKLU ZZZ NLUVHY FRP

. UHVHO %DU×ċ YH $GDOHW .RDOLV\RQX ĈVWDQEXO ZZZ NXUHVHOEDULVYHDGDOHW RUJ

.×UċHKLU /LVHVL (UJLQ Ĉ]FL hQL WHVL .×UċHKLU ZZZ NLUVHKLUOLVHVL N WU

. UHVHO (\OHP *UXEX ĈVWDQEXO ZZZ NXUHVHOH\OHP RUJ

.×VD 'DOJD *HQoOLN 0HUNH]L ĈVWDQEXO ZZZ NLVDGDOJD RUJ .RFDHOL . OW U 6DQDW YH (ĊLWLP 'HUQHĊL .RFDHOL .RFDHOL hQLYHUVLWHVL $OWHUQDWLI *HOLċLP .XO E .RFDHOL ZZZ DOWHUQDWLIJHOLVLP FRP

/DPEGDLVWDQEXO /*%77 'D\DQ×ċPD 'HUQHĊL ĈVWDQEXO ZZZ ODPEGDLVWDQEXO RUJ /(7 6 *URXS $QNDUD /LVHOLOHU ·D .DW×O×\RU ĈVWDQEXO KWWS PDS ELOJL HGX WU /|VHPLOL dRFXNODU 9DNI× ĈVWDQEXO ZZZ ORVHY RUJ WU

+$<$7 9(5(1 .858/8ĉ/$5 /XQDULD ĈWDO\D ZZZ OXQDULD RUJ 0DJLF 7DOHQW ĈVWDQEXO ZZZ PDJLFWDOHQW RUJ 0DQLVD %HOHGL\HVL <HUHO * QGHP *HQoOLN 0HFOLVL 0DQLVD ZZZ PDQLVD EHO WU \J LQGH[ KWPO 0DUPDUD (ĊLWLPFLOHU 'HUQHĊL ĈVWDQEXO ZZZ HJLWLPGHU RUJ 0DUPDUD hQLYHUVLWHVL ĈQJLOL]FH (NRQRPL .XO E ĈVWDQEXO ZZZ PDUPDUDFRPPXQLW\ RUJ 0DVODN 5RWDUDFW .XO E 'HUQHĊL ĈVWDQEXO KWWS PDVODNUWF EORJVSRW FRP 0&' *HQoOLN .XOXE $QNDUD ZZZ PFG JHQFOLN FRP 0LPDU 6LQDQ * ]HO 6DQDWODU hQLYHUVLWHVL ĈOHWLċLP .XO E ĈVWDQEXO ZZZ LOHWLVLPV FRP 0RUHO (VNLċHKLU /*%77 2OXċXPX (VNLċHKLU KWWS PRUHOHVNLVHKLU EORJVSRW FRP

0267 6ORYHQ\D 0Xċ 6LYLO *HQoOLN 0HFOLVL 0Xċ ZZZ PXVJHQFOLN RUJ

1DWLRQDO &RXQFLO )RU <RXWK 0×V×U

2NDQ hQLYHUVLWHVL 0 KHQGLVOLN 7RSOXOXĊX ĈVWDQEXO ZZZ PXKHQGLVOLN RNDQ HGX WU 2QNRORML +DVWDODU× <DUG×PODċPD YH 6HYJL 'HUQHĊL 0Xċ gĊUHQFL *HQoOLN 6HQGLNDV× *(1d6(1 ĈVWDQEXO ZZZ JHQFVHQ RUJ g]HO 6H]LQ 2NXOX ĈVWDQEXO ZZZ VH]LQ N WU g] UO OHU 9DNI× ĈVWDQEXO ZZZ R]XUOXOHUYDNÀ RUJ WU 3R]LWLI <DċDP 'HUQHĊL ĈVWDQEXO ZZZ SR]LWLI\DVDP RUJ 5DG\R %RĊD]LoL ĈVWDQEXO ZZZ UDG\R ERXQ HGX WU 5HDO 6RFLHW\ )RXQGDWLRQ %X FKDUHVW 5RPDQ\D 5RPDQ\D . OW U 0HUNH]L ĈVWDQEXO ZZZ LFU UR ÀOLDOH LVWDQEXO 5XPHOL 7 UNOHUL . OW U YH 'D\DQ×ċPD 'HUQHĊL ĈVWDQEXO ZZZ UXPHOLGHUQHJL RUJ 6DPVXQ *HQoOLN 6SRU ĈO 0 G UO Ċ 6DPVXQ *HQoOLN 0HUNH]L 6DPVXQ ZZZ VDPVXQ JP JRY WU

+$<$7 9(5(1 .858/8ĉ/$5 6HUYLFH &LYLO ,QWHUQDWLRQDO $OPDQ\D ZZZ VFL G GH 6HOoXN hQLYHUVLWHVL <DUG×PODċD 5RFN YH . OW U 7RSOXOXĊX .RQ\D ZZZ VHOFXN HGX WU 6HUYLFH &LYLO ,QWHUQDWLRQDO 6ORYHQ\D ZZZ VFLLQW RUJ 6LYLO 7RSOXP 'HVWHNOHPH 'HUQHĊL (U]XUXP ZZZ VLWRGHG RUJ

7DN×P <×OG×]× Ĉ]FLOHUL *HQoOLN YH 6SRU .XO E 'HUQHĊL ĈVWDQEXO ZZZ WDNLP\LOGL]L RUJ 7ELOLVL 6WDWH 8QLYHUVLW\ * UFLVWDQ ZZZ WVX JH 7(3$9 YH ' Q\D %DQNDV× %LOJL 0HUNH]L $QNDUD ZZZ WHSDY RUJ WU

7HUUDQHRQ <RXWK 0RELOLW\ &HQWHU <XQDQLVWDQ ZZZ WHUUDQHRQ RUJ

6LYLO 7RSOXP *HOLċWLUPH 0HUNH]L 'HUQHĊL $QNDUD ZZZ VWJP RUJ WU

7KH 3ROLWHV $VVRFLDWLRQ 3RORQ\D ZZZ SROLWHV RUJ SO

6RV\DO .DON×QPD YH &LQVL\HW (ċLWOLĊL 3ROLWLNDODU× 0HUNH]L $QNDUD ZZZ VRJHSJHQFNDGLQODU RUJ

72* 6DPVXQ *HQoOLN +L]PHW 0HUNH]L 6DPVXQ ZZZ VDPVXQJHP QHW

6RNDNWD dDO×ċDQ dRFXNODUD <DUG×P 'HUQHĊL ĈVWDQEXO KWWS VFF\GHUQHĊL VSDFHV OLYH FRP

7RSOXP *|Q OO OHUL 9DNI× ĈVWDQEXO ZZZ WRJ RUJ WU

6RV\DO 'HPRNUDVL 9DNI× ĈVWDQEXO ZZZ VRGHY RUJ WU 6WXGHQW·V &RXQFLO RI WKH 1DWLRQDO 7HFKQLFDO 8QLYHUVLW\ RI 8NUDLQH .LHY 3RO\WHFKQLF ,QVWLWXWH 8NUD\QD ZZZ VWXGUDGD QWX NSL NLHY XD 6XOXNXOH 3ODWIRUPX ĈVWDQEXO ZZZ VXOXNXOHJXQOXJX EORJVSRW FRP ĉ×UQDN *HQoOLN . OW U (YL ĉ×UQDN ZZZ VLUQDNJHQFOLNHYL RUJ

7UDN\D hQLYHUVLWHVL 7RSOXP *|Q OO OHUL (GLUQH ZZZ WRJ RUJ WU 7 P 5HQNOHU (VNL $YUXSD *|Q OO +L]PHWL *|Q O O OHULQLQ *HQoOLN 'HUQHĊL 75(; Ĉ]PLU ZZZ WUH[HYV RUJ 7 UN 7×S gĊUHQFLOHUL 8OXVODUDUDV× .RPLWHVL ĈVWDQEXO ZZZ WXUNPVLF RUJ WU 7 UNL\H dHYUH .RUXPD YH <HċLOOHQGLUPH .XUXPX ĈVWDQEXO ZZZ WXUFHN RUJ WU

+$<$7 9(5(1 .858/8ĉ/$5 7 UNL\H (UR]\RQOD 0 FDGHOH $ĊDoODQG×UPD YH 'RĊDO 9DUO×NODU× .RUXPD 9DNI× *HQo 7(0$ ĈVWDQEXO ZZZ WHPD RUJ WU 7 UNL\H 2PXULOLN )HOoOLOHUL 'HUQHĊL ĈVWDQEXO ZZZ WRIG RUJ WU 7 UNL\H 6DNDWODU 'HUQHĊL ĈVWDQEXO ZZZ WVG RUJ WU 7 UNL\H ho QF 6HNW|U 9DNI× ĈVWDQEXO ZZZ WXVHY RUJ WU 8OXVODUDUDV× $I gUJ W ĈVWDQEXO ZZZ DPQHVW\ RUJ 8OXVODUDUDV× (ĊLWLP 'DQ×ċPDQODU× 'HUQHĊL ĈVWDQEXO ZZZ XHG RUJ WU 8OXVODUDUDV× *HQoOLN 7RSOXOXĊX $QWDO\D ZZZ XJW PHWX HGX WU 8QLDNWLYLWH ĈVWDQEXO ZZZ XQLDNWLYLWH QHW 8QLWHG 1DWLRQV <RXWK $VVRFLDWLRQ RI %XOJDULD %XOJDULVWDQ ZZZ XQD EJ RUJ 9ROXQWDU\ 6HUYLFH 6HUELD 6×UELVWDQ ZZZ VHH\Q RUJ <RXQJB 5HVHDUFKHVBRIB6HUELD KWPO <HUHO * QGHP 8OXVDO *HQoOLN 3DUODPHQWRVX Türkiye ZZZ XOXVDOJHQFOLN SDUODPHQWRVX QHW

<×OG×] 7HNQLN hQLYHVLWHVL 6RV\DO 6RUXPOXOXN .XO E ĈVWDQEXO ZZZ \LOGL]WRJ RUJ <RXWK $FWLRQ IRU 3HDFH ĈWDO\D ZZZ \DS LW

<RXWK $FWLRQ )RU 3HDFH 0DFDULVWDQ ZZZ \DS RUJ <RXWK &HQWUH ´$,5µ 0DNHGRQ\D

<RXWK )RU 8QGHUVWDQGLQJ $QNDUD ZZZ \IX WXUNH\ RUJ

=|OG )LDWDORN (J\HV OHW 0DFDULVWDQ ZZZ ]RÀ KX

%$6,1'$ *(3*(1d *H3*H1o KDEHUOHUL XOXVDO \D\×Q \DSDQ EDV×Q RUJDQODU×Q×Q \DQ×V×UD oRN VD\×GD \HUHO YH E|OHVHO \D\×QODUGD VLYLO WRSOXP NXUXOXċODU×Q×Q E OWHQOHULQGH YH LQWHUQHW VLWHOHULQGH \HU DOG× *H3*H1o )H67L9D/ 1LVDQ·GD %DċO×\RU %LUJ Q %LOJL·GH *H3*H1o )H67L9D/ 'UHDP 'HUJL +DNLNL *HQoOLN )RUXPX 5DGLNDO *H3*H1o )H67L9D/·H JHQo NDW×ODFDN 9DWDQ *H3*H1o )H67L9D/·H JHQo NDW×ODFDN <HQL 1HVLO *H3*H1o )H67L9D/ VDQWUDOLVWDQEXO·GD 0LOOL\HW *HQFHFLN )HVWLYDO 5DGLNDO *HQoOHU IHVWLYDOGH EXOXċX\RU =DPDQ .RPċXOXN |WHNL\OH \ROD o×NDELOPHNWLU $NVL\RQ 7 UNL\H·QLQ HQ JHQo IHVWLYDOL EDċO×\RU %L]LP *D]HWH ĈNLQFL *H3*H1o )H67L9D/ 1LVDQ·GD &117XUN LQWHUQHW VLWHVL %X IHVWLYDO ´*H3*H1oµ +DEHU7XUN LQWHUQHW VLWHVL *H3*H1o )H67L9D/·H JHQo NDW×ODFDN 179061%& <HQL IHVWLYDO PHNDQ× VDQWUDOLVWDQEXO 6DEDK *H3*H1o )H67L9D/ VDQWUDOLVWDQEXO·GD &XPKXUL\HW *HSJHQoOHULQ IHVWLYDOL + UUL\HW *HQoOHU VDQWUDOLVWDQEXO·GD 0LOOL\HW *H3*H1o )H67L9D/·H JHO <HQLċDIDN *H3*H1o )H67L9D/ 'DNLND 7L\DWURODU SHUGHOHULQL DoDFDN ELOGLULOHU RNXQDFDN 3HNL \D VRQUD" %LUJ Q *H3*H1o )H67L9D/ ĈVWDQEXO·GD EDċO×\RU %LDQHW *H3*H1o )H67L9D/ EDċO×\RU *D]HWHSRUW *H3*H1o )H67L9D/ 1LVDQ·GD %DċO×\RU KDEHUOHU FRP *H3*H1o )H67L9D/ EDċO×\RU 6KRZ79 LQWHUQHW VLWHVL

*H3*H1o %h7d(6Ĉ $ċDĊ×GDNL UDNDPODU D\O×N *H3*H1o )HVWLYDO KD]×UO×N V UHFLQLQ D\QL YH QDNGL KDUFDPDODU×Q× NDSVDPDNWDG×U 7 P KDUFDPDODU×Q N VXUDWODU× WDP VD\×ODUD \XYDUODQP×ċW×U $\QL GHVWHNOHU \DNODċ×N SL\DVD À\DWODU×Q×Q NDUċ×O×Ċ× RODUDN DċDĊ×\D \DQV×W×OP×ċW×U

*LGHUOHU

$o×O×ċ \ U \ ċ PDVUDÁDU× HNLSPDQ NLUDVL HĊLWPHQ YE

$W|O\HOHUGH NXOODQ×ODQ PXKWHOLI PDO]HPHOHU

%DV×Q PDVUDÁDU×

)HVWLYDO HWNLQOLNOHUL PDVUDÁDU× <DċD\DQ . W SKDQH oDG×U× YE

)RUXP PDVUDÁDU×

)XDU oDG×UODU WDQ×W×P PDVDODU× VDQGDO\HOHU YE

*|UVHO LċOHU

*|VWHULOHU LoLQ SODWIRUP NLUDV× 67. )XDU× LoLQ

)HVWLYDO J YHQOLĊL

Ĉ\L |UQHNOHU NRQIHUDQV×

.D\×WODU LoLQ ELOHNOLN

.RNWH\O PDVUDÁDU× FDWHULQJ GDYHWL\H NDUJR PHNDQ YE

.RQDNODPD

.RQVHU PDOL\HWOHUL VDKQH VDQDWo×ODU ×ċ×N YE

.RRUGLQDV\RQ WRSODQW×ODU \RO FUHWOHUL YE

0HNDQ NLUDV×

6DĊO×N DPEXODQV NLUDODU× YE

6HUJL

ĉHKLULoL VHUYVLOHU

6LQHPD J|VWHULPL

7DQ×W×P EDV×O× PDO]HPH WLċ|UW EDQQHU YE

7HPL]OLN SRUWDWLI WXYDOHW NLUDV× SHUVRQHO YE

ĉHKLUG×ċ× YH \XUWG×ċ× XODċ×P

<HPHNOHU NDW×O×PF×ODU J|Q OO OHUL YE

.LWDS EDVN× PDVUDI× VRQXo NLWDE× '9' YE

)HVWLYDO DODQ× \|QOHQGLUPH EDVN× WDEHODODU DÀċOHU YE

<XUWG×ċ× NDUċ×ODPD

7RSODP

7XWDU

<7/

<7/ <7/ <7/ <7/ <7/

<7/ <7/

<7/ <7/ <7/ <7/

<7/ <7/

<7/

<7/ <7/ <7/ <7/ <7/

<7/ <7/

<7/ <7/ <7/ <7/ <7/

<7/

Ĉ/(7ĈĉĈ0 0$/=(0(/(5Ĉ ĈQWHUQHW VLWHVL ZZZ JHSJHQFIHVWLYDO QHW ĈQWHUQHW IRUXPX ZZZ JHSJHQFIHVWLYDO QHW IRUXP (OHNWURQLN J QO N KWWS JHSJHQF EORJVSRW FRP )RWRĊUDI DOE P ZZZ JHSJHQFIHVWLYDO QHW JDOOHU\ dDĊU× DÀċL 6WLFNHU 7DQ×W×P GRV\DV× 6SRQVRU GRV\DV× *HO DÀċL % OWHQOHU %URċ U *HQHO DÀċ .RQVHU DÀċL )XDU DÀċL %LOERDUG 3URJUDP JD]HWHVL 5DGLNDO JD]HWHVL LODQODU×

d$/,ĉ$1/$5

)×UDW ĉDKLQ IVDKLQ#ELOJL HGX WU

* OHVLQ 1HPXWOX JXOHVLQ#ELOJL HGX WU

0XUDW $OHPGDU PDOHPGDU#ELOJL HGX WU 1HVOLKDQ g]W UN QHVOLKDQ#ELOJL HGX WU

6HUUD &DQNXU VHUUD#ELOJL HGX WU <|U N .XUWDUDQ \RUXN#ELOJL HGX WU

*(3*(1d =$0$1 dĈ=(/*(6Ĉ

+D]LUDQ 7HPPX] 7HPPX] (NLP .DV×P $UDO×N $UDO×N $UDO×N 2FDN ĉXEDW ĉXEDW 0DUW 1LVDQ 0D\×V $UDO×N

' ]HQOHPH .RPLWHVL dDĊU×V× <DS×OG× ' ]HQOHPH .RPLWHVL 2OXċWXUXOGX ĈON ' ]HQOHPH .RPLWHVL 7RSODQW×V× <DS×OG× $QNDUD

ĈQWHUQHW )RUXPX $o×OG× ĈQWHUQHW 6LWHVL $o×OG× *H3*H1o %LULQFL <×O× .XWODQG× dDĊU× $ÀċL +D]×UODQG× YH (WNLQOLN ' ]HQOHPHN ĈVWH\HQOHU ĈoLQ dDĊU× <DS×OG× ĈQWHUQHW 6LWHVLQLQ ĈQJLOL]FHVL <D\×QD *LUGL %DċYXUXODU 6RQD (UGL ' ]HQOHPH .RPLWHVL %DċYXUXODU× 'HĊHUOHQGLUPHN LoLQ %LUDUD\D *HOGL $QNDUD

)HVWLYDOLQ 7DVODN 3URJUDP× +D]×UODQG× )HVWLYDO 3URJUDP× 6RQ +DOLQH *HOGL YH 7DQ×W×PD %DċODQG× )HVWLYDO 2OXQGX 'HĊHUOHQGLUPH 7RSODQW×V× <DS×OG× *H3*H1o VRQXo NLWDE× YH ÀOPOHUL KD]×UODQG×