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1\N\LQHQ ODLQVllGlQW| MlWWll ODLQVXRMDWWRPLNVL KHLNRLPPDVVD DVHPDVVD ROHYDW W\|QWHNL MlW MD VLLWl V\\VWl W\|VRSLPXVODNLD RQ PXXWHWWDYD (QVLQQlNLQ RQ YDDGLWWDYD HWWl W\|Q DQWDMDOOD RQ SHUXVWHHW RVD DLNDLVWHQ W\|VRSLPXVWHQ WHNHPLVHOOH 1lLQ UDMRLWHWWDLVLLQ RVD DLNDLVWHQ W\|VXKWHLGHQ Nl\WWlPLQHQ WLODQWHLVLLQ MRLVVD NRNRDLNDW\|Wl HL WRVLDVLDVVD ROH PDKGROOLVWD MlUMHVWll WDL MRLVVD RVD DLNDW\|Q WHNHPLQHQ ROLVL DLGRVWL W\|QWHNLMlQ RPD WDKWR 7RLVHNVHHQ \NVLWWlLVWHQ W\|QWHNLM|LGHQ MllPLQHQ RVD DLNDW\|Q MD RVD DLNDW\|WW|P\\GHQ ORXNNXXQ WXOLVL HVWll OLVlW\|Q WDUMRDPLVYHOYROOLVXXGHQ MD W\|DMDQ YD NLLQWXPLVHQ NlVLWWHLGHQ WlVPHQWlPLVHOOl /LVlW\|K|Q WXOLVL ROOD HWXVLMD QLLOOl RVD DLNDW\|QWHNLM|LOOl MRWND RYDW ROOHHW SLVLPSllQ RVD DLNDLVLQD /DLQVllGlQQ|VVl WXOLVL PllULWHOOl PLOORLQ WRVLDVLDVVD WHKG\W W\|WXQQLW YDNLLQWXYDW W\|VXKWHHQ HKGRNVL MD W\| VRSLPXNVHW WXOLVL SlLYLWWll YDVWDDPDDQ WRGHOOLVWD WLODQQHWWD 1lLQ RVD DLNDLVHVVD W\|VXK WHHVVD W\|QVl DORLWWDQXW W\|QWHNLMl YRL VDDGD DMDQ P\|Wl NRNRDLNDW\|Q

7|O| 8QJD 6RFLDOLVWHU U\ HVLWWll HWWl

6'3 DMDD DNWLLYLVHVWL W\|ODLQVllGlQQ|Q XXGLVWDPLVWD YDVWHQWDKWRLVHQ RVD DLNDW\|Q VXLWVLPLVHNVL RVD DLNDW\|QWHNLM|LGHQ DVHPDQ SDUDQWDPLVHNVL MD W\|Q WHNLM|LGHQ WRLPHHQWXORQ WXUYDDPLVHNVL 3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD HVLWHWllQ HWWl RVD DLNDW\|Q WHHWWlPLVHOOH RQ W\|QDQWDMDQ HVLWHWWlYl YDV WDDYDQODLVHW SHUXVWHHW NXLQ PllUlDLNDLVHQ W\|Q RVDOWD MR ODNL HGHOO\WWll /LVlNVL HVLWH WllQ W\|ODLQVllGlQQ|Q XXGLVWDPLVWD VLWHQ HWWl OLVlW\|QWDUMRDPLVYHOYRLWH MD W\|DMDQ YDNLLQWXPLVHQ WXONLQWD VHONH\W\LVLYlW

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7\|WDNXX Nl\WW||Q

*OREDDOLVRVLDOLGHPRNUDDWLW *6' U\ Q DORLWH

7\|WW|P\\V RQ NDVYDQXW WDDV YRLPDNNDDVWL 3ROLLWWLQHQ NHVNXVWHOX W\|OOLV\\GHQ NDVYDW WDPLVHVWD RQ NHVNLWW\Q\W VLLWl KXROLPDWWD YDKYDVWL W\|YRLPDQ WDUMRQQDQ NDVYDWWDPLVHHQ 7lPl RQ SDUDGRNVDDOLVWD WLODQWHHVVD MRVVD RQJHOPDQD RQ W\|SDLNNRMHQ OLLDQ YlKlLQHQ PllUl HLNl VH HWWl W\|QWHNLM|LWl HL ROH ULLWWlYlVWL WDUMROOD (ULW\LVHVWL KHLNRVVD VXKGDQ QHWLODQWHHVVD WXOLVL NHVNLWW\l VLLKHQ PLWHQ W\|KDOXLVHW LKPLVHW SllVLVLYlW W|LKLQ

7\|KDOXLVWHQ LKPLVWHQ SLWlPLQHQ W|LVVl RQ P\|V WHKRNNDLQWD SLWNlQ DLNDYlOLQ W\|Q WDU MRQWDSROLWLLNNDD NRVND VH RQ SDUDV WDSD KXROHKWLD LKPLVWHQ W\|N\Y\VWl MD W\|KDOXLVWD WXOHYDLVXXGHVVD -RV W\|WW|PlNVL MRXWXYDQ \KWH\V W\|PDUNNLQRLKLQ NDWNHDD SLWNlNVL DL NDD VLWl RQ K\YLQ YDLNHD SDODXWWDD PLOOllQ SROLWLLNNDWRLPHQSLWHHOOl 3LWNLWW\Yl W\|WW| P\\V WXOHH \KWHLVNXQQDOOH NDOOLLNVL 1lLQ ROOHQ WDYRLWWHHQD RQ ROWDYD Wl\VW\|OOLV\\V NDL NLVVD WLODQWHLVVD

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PDNVHWWDLVLLQ NXQQROOLQHQ W\|HKWRVRSLPXVWHQ PXNDLQHQ SDONND 7DUNRLWXNVHQD HL ROLVL NRUYDWD MR ROHPDVVD ROHYLD MXONLVHQ VHNWRULQ W|LWl

7\|WDNXX WRLPLVL P\|V DXWRPDDWWLVHQD YDNDXWWDMDQD NXQ VH SLWlLVL \OOl NRNRQDLVN\V\Q Wll PDWDODVXKGDQWHLVVD 0LNl WlUNHLQWl VH SLWlLVL WHKRNNDDVWL LKPLVHW PXNDQD \KWHLV NXQQDVVD MD HKNlLVLVL V\UMl\W\PLVWl MD LQKLPLOOLVWl NlUVLP\VWl

*OREDDOLVRVLDOLGHPRNUDDWLW *6' U\ HVLWWll HWWl

6'3 RWWDD WDYRLWWHHNVHHQ W\|WDNXXQ 7\|WDNXXRKMHOPDVVD MXONLQHQ YDOWD WDNDD NDLNLOOH W\|KDOXLVLOOH W\|SDLNDQ 3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD HVLWHWllQ W\|WDNXXWD MRND WXUYDD NDLNLOOH W\|KDOXLVLOOH W\|SDLNDQ MD W\|HKWR VRSLPXNVHQ PXNDLVHQ SDONDQ

3XROXHKDOOLWXV SLWll Wl\VW\|OOLV\\WWl NDQQDWHWWDYDQD WDYRLWWHHQD PXWWD HL SLGl UHDOLVWL VHQD VLWl HWWl MXONLQHQ VHNWRUL YRL WXUYDWD W\|SDLNDQ NDLNLOOH KDOXNNDLOOH 7\|WW|P\\V MDNVRMD DONDD YXRVLWWDLQ OlKHV PLOMRRQD <KWHLVNXQQDQ RQ PDKGRWRQWD WDDWD NDLNLOOH SDONNDW\|Wl PXWWD \KWHLVNXQQDQ SLWll WDDWD SDOYHOXW MRWND PDKGROOLVWDYDW W\|WW|PlQ RVDDPLVHQ MD W\|PDUNNLQDYDOPLXNVLHQ SDUDQHPLVHQ VLWHQ HWWl W\|W|Q YRL KDNHXWXD DYRLPHQ VHNWRULQ W\|K|Q

$ORLWWHHVVD HVLWHWW\\Q VXXQWDDQ MD W\|YRLPDVWD KXROHKWLPLVHHQ S\ULWllQ DNWLLYLVHQ W\| YRLPDSROLWLLNDQ MD DNWLLYLVHQ VRVLDDOLSROLWLLNDQ NHLQRLQ $NWLYRLQWLDVWHWWD SLWll S\UNLl QRVWDPDDQ NRVND NRXOXWWDXWXPLQHQ SDONNDWXHWWX W\| MD PXXW WRLPHW RYDW SDUHPSLD NXLQ DYRLQ W\|WW|P\\V 9DUVLQNLQ SLWNLWW\HVVllQ DYRLQ W\|WW|P\\V XKNDD W\|QWHNLMlQ W\|N\N\l RVDDPLVWD MD WXOHYDD W\|OOLVW\PLVWl 7\|PDUNNLQRLOOD V\QW\\ MD NXROHH NHVNL PllULQ W\|SDLNNDD MRND SlLYl 7lPl NHUWRR W\|PDUNNLQRLGHQ QRSHDVWD PXXWRNVHV WD 0XXWRNVHVVD SlUMllPLVHHQ S\ULWllQ PP 1XRUWHQ \KWHLVNXQWDWDNXXQ MD PXXWRVWXU YDQ DYXOOD 0\|V XXVLWWX W\|WW|P\\VWXUYDODLQVllGlQW| RKMDD DNWLYRLQWLLQ 3llW|VHVLW\V 3XROXHNRNRXV \KW\\ DORLWWHHVVD HVLWHWW\\Q DMDWXNVHHQ Wl\VW\|OOLV\\GHVWl PXWWD HVLWHW\Q W\|WDNXXQ VLMDDQ KDOXDD HGLVWll ODDMHPSDD PP NRXOXWXVWD MD NXQWRXWXVWD WDUMRDYDD DNWLYRLQWLSROLWLLNNDD

6XRPHHQ RQ OXRWDYD NDQVDOOLQHQ W\|VXKGHUHNLVWHUL

6RVLDOLGHPRNUDDWWLVHW RSLVNHOLMDW 621. U\ Q DORLWH

6XRPDODLQHQ K\YLQYRLQWL\KWHLVNXQWD SHUXVWXX W\|OOH W\|HKWRMHQ \KGHVVl VRSLPLVHOOH VHNl VLOOH HWWl VRYLWXVWD SLGHWllQ NLLQQL 1lLWl K\YLQYRLQWL\KWHLVNXQQDQ SHUXVSLODUHLWD NRLWHWDDQ MDWNXYDVWL KHLNHQWll HUL VXXQQLOWD 6DPDDQ DLNDDQ W\|WW|P\\GHQ YDUDOOH UD NHQQHWWX WXUYDYHUNRVWR Ql\WWll DMRLWWDLQ KLWDDOOH MD E\URNUDDWWLVHOOH W\|WW|PlQ VLOPLV Vl <KWHLVLVWl SHOLVllQQ|LVWl RQ SLGHWWlYl NLLQQL MD W\|WW|P\\VWXUYDQ RQ ROWDYD NDQQXV WDYD 0ROHPSLLQ HSlNRKWLLQ DXWWDD W\|VXKGHWLHWRMHQ SDUHPSL OLLNNXYXXV

7\|QDQWDMDQ WDL WlPlQ HGXVWDMDQ WXOLVL NLUMDWD W\|VXKGHUHNLVWHULLQ NDLNNLHQ W\|QWHNL M|LGHQ W\|VXKWHLGHQ WLHGRW NXWHQ W\|VXKWHHQ DONDPLVDLND W\|VXKWHHQ W\\SSL W\|DLND SDONND W\|VXKWHHQ SllWW\PLVSlLYl VHNl V\\ MD PXXW WDUSHHOOLVHW WLHGRW 5HNLVWHULLQ ROLVL SllV\ HULNVHHQ PllUlW\LOOl YLUDQRPDLVLOOD

5HNLVWHULQ WLHWRMD YRLVL Nl\WWll PP VHXUDDYLVVD WLODQWHLVVD

+DUPDDQ WDORXGHQ WRUMXQWD .XQ W\|QDQWDMDQ NDLNNLHQ W\|QWHNLM|LGHQ WLHGRW WXOLVL ROOD UHNLVWHULVVl ROLVL SLPHlQ W\|YRLPDQ Nl\WW| KHOSRVWL KXRPDWWDYLVVD NXQ YHUUDWDDQ UHNLVWHULQ WLHWRMD WRGHOOL VHHQ W\|QWHNLMlPllUllQ W\|SDLNRLOOD

7\|HKWRMHQ QRXGDWWDPLQHQ 5HNLVWHULVWl VHOYLlLVL VXRUDDQ RQNR W\|QWHNLMlOOH PDNVHWWDYD SDONND W\|HKWRVRSL PXNVHQ PXNDLQHQ MD RYDWNR PXXW YHOYRLWWHHW VHNl LUWLVDQRPLVDMDW W\|ODLQVllGlQ Q|Q PXNDLVLD 0DKGROOLVLVVD ULLWDWLODQWHLVVD UHNLVWHULQ WLHGRW WRLPLVLYDW Ql\WW|Ql

7\|WW|P\\VWXUYDQ KDNHPLQHQ .XQ WLHGRW W\|WXQQHLVWD VHNl SDONDVWD RYDW YLUDQRPDLVHQ NXWHQ .(/$Q WDL W\|WW| P\\VNDVVDQ VDDWDYLOOD VXRUDDQ UHNLVWHULVWl QRSHXWXX W\|WW|P\\VWXUYDKDNHPXVWHQ NlVLWWHO\ KXRPDWWDYDVWL NXQ VRYLWHOWXD SlLYlUDKDD PDNVHWWDHVVD HL WDUYLWVH HQll RGRWWDD SDONNDODVNHOPDD WDL SDONNDWRGLVWXVWD W\|QDQWDMDOWD 6RYLWHOOXQ SlLYlUDKDQ PDNVDPLQHQ QRSHXWXLVL MD NDQQXVWDLVL HGHOOHHQ RWWDPDDQ YDVWDDQ P\|V O\K\LWl W\|SlWNLl 7lKlQ HL WXOHYD HXURQ VXRMDRVXXVNDDQ S\VW\ VLOOl W\|VVlRORD RQ VHXUDWWDYD MRND WDSDXNVHVVD

7\|VXKGHUHNLVWHULQ YDVWXVWXV NHVNLWW\LVL WRGHQQlN|LVHVWL W\|QDQWDMLOOH NRLWXYDDQ OLVlW\| K|Q .XLWHQNLQ UHNLVWHULQ YRLVL OXRGD VHOODLVHNVL MRKRQ W\|VXKWHHQ WLHGRW V\|WHWW\llQ W\|QDQWDMD VDLVL WXORVWHWWXD HVLPHUNLNVL W\|VRSLPXNVHQ WDL 7\|VRSLPXVODLQ Â&#x2020; Q PX NDLVHQ RWWHHQ W\|VXKWHHQ NHVNHLVLVWl HKGRLVWD <KWl ODLOOD MlUMHVWHOPllQ YRLVL LQWHJURLGD SDONDQODVNHQQDQ MROORLQ WLHGRW WXOLVL V\|WHWW\l SDONDQODVNHQQDQ \KWH\GHVVl MROORLQ W\|PllUl HL OLVllQW\LVL

7\|VXKGHUHNLVWHULl ODDGLWWDHVVD WXOHH SLWll KXROL HWWl WLHWRVXRMDN\V\P\NVHW WXOHYDW ULLWWlYlVVl ODDMXXGHVVD RWHWXLNVL KXRPLRRQ

6RVLDOLGHPRNUDDWWLVHW 2SLVNHOLMDW 621. U\ HVLWWll HWWl

6'3 U\KW\\ DMDPDDQ 6XRPHHQ NDQVDOOLVWD W\|VXKGHUHNLVWHULl 3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD HVLWHWllQ W\|VXKGHWLHWRMHQ WDOOHQWDPLVHHQ WDUNRLWHWXQ YLUDQRPDLVYRLPLQ OXRWDYDQ MD \OOlSLGHWWlYlQ UHNLVWHULQ OXRPLVWD

$ORLWWHHVVD QRVWHWDDQ HVLLQ OXRWDYDQ UHNLVWHULQ HWXMD KDUPDDQ WDORXGHQ WRUMXQQDVVD W\|WW|P\\VWXUYD DVLRLVVD MD W\|VXKWHHQ HKWRMHQ YDOYRQQDVVD SDONDQ RVDOWD (VLWHWW\ UH NLVWHUL WRLPLVL NHVNLVWHWW\Ql W\|VXKGH² MD SDONNDWLHWRMHQ WDOOHQQXVSDLNNDQD MRKRQ ROLVL SllV\ YLUDQRPDLVLOOD

3XROXHKDOOLWXV WRWHDD HWWl 6'3 Q SHULDDWWHLVLLQ NXXOXX KDOOLQQRQ DYRLPXXV OlSLQlN\Y\\V MD MXONLVWHQ SDOYHOXLGHQ KHOSSR VDDWDYXXV 2VDQD KDOOLQQRQ NHKLWWlPLVWl RQ SHUXVWHOWXD SRKWLD WLHWRMlUMHVWHOPll MRVWD WXORWLHWRMD WDUYLWVHYDW YLUDQRPDLVHW VDLVLYDW WLHGRW UHDD OLDLNDLVHVWL \KGHVWl SDLNDVWD 7lPl PDKGROOLVWDLVL YHURYDOYRQQDQ UHDDOLDLNDLVWDPLVHQ MD DQWDLVL SDONDQVDDMDOOH LWVHOOHHQ PDKGROOLVXXGHW YDOYRD RPLHQ WLHWRMHQVD RLNHHOOLVXXWWD MD DMDQWDVDLVXXWWD

+DQNNHHQ ODDMXXGHQ MD PRQLXORWWHLVXXGHQ YXRNVL VH SLWlLVL YDOPLVWHOOD HULWWlLQ KXROHOOL VHVWL MD WRWHXWWDD YDLKHLWWDLQ HVLPHUNLNVL SLORWRLQQLQ NDXWWD 9DOWLRYDUDLQPLQLVWHUL| RQ Nl\QQLVWlQ\W VHOYLW\NVHW DVLDVVD MD S\UNLL HGLVWlPllQ KDQNNHHQ SLNDLVWD HWHQHPLVWl 3llW|VHVLW\V 3XROXHNRNRXV HGHOO\WWll HWWl VHOYLWHWllQ HGHOO\W\NVHW OXRGD SDONND MD W\| VXKGHWLHGRW NDWWDYD UHNLVWHUL QlLWl WLHWRMD WDUYLWVHYLHQ YLUDQRPDLVWHQ Nl\W W||Q

7\|OOLVWlPLVHKGRQ OLVllPLQHQ MXONLVLLQ KDQNLQWRLKLQ

+HOVLQJLQ 6RVLDOLGHPRNUDDWWLQHQ .LOWD U\ Q DORLWH

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GHQ RVDW\|N\N\LVWHQ MD VXRMDW\|VVl ROHYLHQ W\|OOLVWlPLVHHQ 7XORNVHW RYDW ROOHHW P\|Q WHLVLl HLNl W\|OOLVWlPLVHKWR ROH MRKWDQXW KDQNLQWRMHQ NDOOLVWXPLVHHQ /lKGH (HYD 0LHOR QHQ 7+/ ZZZ HVSLQQR IL HVSLQQR KDQNH KDDJ MD XWUHFKW RSLQWRPDWND

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6XRPHVVD DOXVWDYLD NRNHPXNVLD RQ HVLPHUNLNVL (VSRRQ NDXSXQJLVVD MD 2XOXQ NDXSXQJLQ UDNHQQXVWHQ SXUNXW|LVVl Nl\WHWWlYLVVl VRSLPXVHKGRLVVD 0DUUDVNXXVVD +HOVLQJLQ NDXSXQJLQYDOWXXVWROOH MlWHWWLLQ YDOWXXVWRDORLWH W\|OOLVWlPLVS\NlOlQ Nl\WW||QRWRVWD +HO VLQJLVVl (8 Q XXVL KDQNLQWDGLUHNWLLYLSDNHWWL YDOPLVWXQHH MRQND MlONHHQ VHXUDD NDQVDOOLQHQ KDQNLQWDODNLXXGLVWXV /LVlNVL VRVLDDOLVWHQ \ULW\VWHQ ODLQVllGlQW|l XXGLVWH WDDQ SDUKDLOODDQ

+HOVLQJLQ 6RVLDOLGHPRNUDDWWLQHQ .LOWD U\ HVLWWll HWWl

6'3 DVHWWDD YDDOL MD KDOOLWXVRKMHOPDWDYRLWWHHNVHHQ KDQNLQWDODLQ PXXWWDPLVHQ VLWHQ HWWl NXQQDW YHOYRLWHWDDQ RWWDPDDQ Nl\WW||Q W\|OOLVWlPLVHKWR NDLNLVVD VRYHOWXYLVVD NXQWLHQ KDQNLQQRLVVD MD HWWl 6'3 ODDWLL RKMHHQ NXQQDQYDOWXXVWRMHQ VRV GHP MlVHQLOOH MRWWD YDOWXXWHWXW YRLYDW HVLWWll W\|OOLV\\VS\NlOlQ Nl\WW||Q RWWDPLVWD RPLVVD NXQQLVVDDQ 3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD HVLWHWllQ KDQNLQWDODLQ PXXWWDPLVHQ VLVlOO\WWlPLVWl KDOOLWXVRKMHOPDWDYRLWWHL VLLQ MD HWWl 6'3 ODDWLL RKMHLVWRQ NXQQDQYDOWXXVWRMHQ MlVHQLOOH Q\N\LVHQ KDQNLQWDODLQ W\|O OLV\\VHKGRQ VRYHOWDPLVHVWD

3XROXHKDOOLWXV WRWHDD HWWl YDVWXXOOLVHW KDQNLQQDW RYDW RVD \ULW\V MD \KWHLVNXQWDYDVWXX WD 6RVLDDOLVHVWL YDVWXXOOLVLVVD KDQNLQQRLVVD YRLGDDQ DVHWWDD KDQNLQQDQ \KWH\GHVVl YDD WLPXNVLD MRLOOD YDUPLVWHWDDQ HWWl WDYDURLGHQ MD SDOYHOXLGHQ WXRWWDPLVHVVD NXQQLRLWH WDDQ LKPLVRLNHXNVLD MD W\|HOlPlQ SHUXVRLNHXNVLD NXWHQ \PSlULVW| MD VRVLDDOLVLD QlN| NRKWLD DPPDWLOOLVWD NRXOXWXVWD W\|SDLNDOOD W\|RORMD W\|HKWRMD WDL YDPPDLVWHQ SDOYH OXNVHHQ RWWDPLVWD (KWRMHQ RQ ROWDYD V\UMLPlWW|PLl MD QLLVWl RQ HWXNlWHHQ LOPRLWHWWDYD KDQNLQWDLOPRLWXNVHVVD WDL WDUMRXVS\\QQ|VVl

6RSLPXVHKGRLVVD YRLGDDQ YHOYRLWWDD VRSLPXVNXPSSDQL P\|V W\|OOLVWlPllQ HVLPHUNLNVL QXRULD PDDKDQPXXWWDMLD RVDW\|N\N\LVLl WDL SLWNlDLNDLVW\|WW|PLl NXQKDQ KDQNLQQDQ NRKGH RQ VHOODLQHQ HWWl W\|OOLV\\VHKWR VLLKHQ VRSLL NXWHQ HVLPHUNLNVL SDOYHOXVRSLPXV 7lOODLVLD NULWHHUHMl MR RQ Nl\WHWW\ KDQNLQWDPHQHWWHO\LVVl XVHLVVD NDXSXQJHLVVD 3llW|VHVLW\V 3XROXHNRNRXV \KW\\ DORLWWHHVHHQ KDQNLQWDODLQ PXXWWDPLVHQ VLVlOO\WWlPLVHVWl KDOOLWXVRKMHOPDWDYRLWWHLVLLQ QLLQ HWWl KDQNLQWDODLQ W\|OOLVWlPLVHKGRVWD WXOLVL YHOYRLWWDYD

3XROXHNRNRXV NDWVRR WDUSHHOOLVHNVL HWWl NXQWDSllWWlMLOOH ODDGLWDDQ RKMH 7(0 Q YXRQQD MXONDLVHPDQ 6RVLDDOLVHVWL YDVWXXOOLVHW KDQNLQQDW RSSDDQ OLVlNVL Q\N\LVHQ KDQNLQWDODLQ VRVLDDOLVWHQ QlN|NRKWLHQ KXRPLRLPLVHVWD KDQNLQ WDPHQHWWHO\VVl

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7|O| 8QJD 6RFLDOLVWHU U\ HVLWWll HWWl

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1XRUVRVLDOLGHPRNUDDWLW 186 U\ Q DORLWH

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1XRUVRVLDOLGHPRNUDDWLW 186 U\ HVLWWll HWWl

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6'3 WRLPLL DNWLLYLVHVWL VHQ SXROHVWD HWWl 6XRPHVVD VLLUU\WllQ \KWHQlLVHHQ WRL VHQ DVWHHQ NRXOXWXNVHHQ MRVVD RSLVNHOLMRLOOD RQ Q\N\LVWl MRXVWDYDPPDW PDK GROOLVXXGHW \KGLVWll \OHLVVLYLVWlYLl MD DPPDWLOOLVLD RSLQWRMD 3XROXHKDOOLWXNVHQ ODXVXQWR 7\|HOlPlQ MD DPPDWWLNXYLHQ MDWNXYDDQ PXXWRNVHHQ YRLGDDQ YDVWDWD YDLQ ODDMD DODLVHOOD NRXOXWXNVHOOD MRND DQWDD RSLVNHOLMDOOH ULLWWlYlW HGHOO\W\NVHW RPDQ RVDDPLVHQVD MD DP PDWWLWDLWRQVD MDWNXYDDQ SlLYLWWlPLVHHQ MD NHKLWWlPLVHHQ 2SLVNHOLMDQ YDSDXWWD VXRULW WDD RPLHQ WDYRLWWHLGHQVD PXNDLQHQ WRLVHQ DVWHHQ NRXOXWXV SLWll OLVlWl MD PDKGROOLVWDD DPPDWLOOLVWHQ MD \OHLVVLYLVWlYLHQ DLQHLGHQ \KGLVWlPLQHQ

1\N\LQHQ \OLRSSLODVWXWNLQWR DPPDWLOOLVHW WXWNLQQRW MD XVHDPPDQ WXWNLQQRQ VXRULWWDPL QHQ QLLQ VDQRWWXQD \KGLVWHOPlWXWNLQWRQD VlLO\YlW <OLRSSLODVWXWNLQQRQ WXRWWDPDQ ODDMDQ \OHLVVLYLVW\NVHQ MD DPPDWLOOLVWHQ WXWNLQWRMHQ WXRWWDPDQ V\YlOOLVHQ MDWNXYDQ DPPDWLOOL VHQ NHKLWW\PLVHQ PDKGROOLVWDYDQ DPPDWWLWDLGRQ YDUPLVWDPLVHNVL \OLRSSLODVWXWNLQQRQ WDL DPPDWLOOLVWHQ WXWNLQWRMHQ VXRULWWDPLVHQ HGHOO\WWlPLHQ RSLQWRMHQ ODDMXXWWD HL ROH V\\Wl VXSLVWDD WDL NDYHQWDD 0DKGROOLVXXV Wl\GHQWll RPDD RVDDPLVWD WXWNLQWRUDMRMHQ \OL HL WlOO|LQ YDDUDQQD WXWNLQQRQ WXRWWDPDQ \OHLVVLYLVW\NVHQ WDL DPPDWLOOLVHQ RVDDPLVHQ WDVRD 2SLVNHOLMDQ RQ PDKGROOLVWD VXRULWWDD RVLD WXWNLQQRVWD LOPDQ NRNR WXWNLQQRQ VXRULWWDPLV WD 3DNROOLVHW RSLQQRW ULLSSXYDW QXRUHQ VXRULWWDPDVWD WXWNLQQRVWD 7XWNLQWRNRKWDLVHW RSLQWRYDDWLPXNVHW VlLO\YlW Q\N\LVHVVl PXRGRVVDDQ <NVLO|OOLVHQ WXWNLQQRQ UDNHQWDPLVWD WXHWDDQ RSLQWRMHQ RKMDXNVHOOD

1XRULVRLNlOXRNNLHQ SLHQHQW\HVVl RSSLODLWRVWHQ YlOLVWHQ HWlLV\\NVLHQ SLWlPLQHQ NRKWXXOOL VLQD RQ PDKGROOLVWD YDLQ \KWHQlLVLVWl WRLVHQ DVWHHQ RSSLODLWRNVLVWD NRRVWXYDVVD MlUMHV WHOPlVVl 5LQQDNNDLVWHQ RSSLODLWRVWHQ MlUMHVWHOPl MRKWDD PRQLQNHUWDLVHHQ NRXOXWXNVHHQ MD W\|PDUNNLQRLOOH VLLUW\PLVHQ KLGDVWXPLVHHQ <KWHQlLVHVVl MlUMHVWHOPlVVl RSLVNHOLMDQ VXXQQLWHOPLHQ MD RSLVNHOXRULHQWDDWLRQ WDUNHQWXPLQHQ WDL PXXWRV HLYlW MRKGD PRQLQNHU WDLVHHQ NRXOXWXNVHHQ

6'3 HVLWWll WRLVHQ DVWHHQ \KWHQlLVWl WRLVWD DVWHWWD MRVVD YRLVL VXRULWWDD MRNR Q\N\LVHQ NDOWDLVHW DPPDWLOOLVH WDL OXNLRWXWNLQQRW VHNl P\|V WXWNLQQRQ MRVVD \NVLO|OOLVHVWL YRLVL \KGLVWll HUL WXWNLQQRQ RVLD DPPDWLOOLVHVWD NRXOXWXNVHVWD MD \OHLVVLYLVWlYlVWl 3llW|VHVLW\V 3XROXHNRNRXV \KW\\ DORLWWHHVHHQ MD YLLWWDD VLYLVW\VSROLLWWLVHHQ RKMHOPDDQ

2SSLYHOYROOLVXXV RQ SLGHQQHWWlYl NDWWDPDDQ WRLVHQ DVWHHQ NRXOXWXV

7|O| 8QJD 6RFLDOLVWHU U\ Q DORLWH

3HUXVNRXOXQ SllWWlYlVWl LNlOXRNDVWD N\PPHQHVRVD Mll LOPDQ NRXOXWXVSDLNNDD WRLVHOOD DVWHHOOD .XQ WRLVHQ DVWHHQ NRXOXWXNVHVVDNLQ RQ RQJHOPLD RSLQWRMHQ NHVNH\WWlPLVHQ NDQVVD ROHPPH WLODQWHHVVD MRVVD ² YXRWLDLVWD VXRPDODLVLVWD SRMLVWD YLLGHQQHV HL ROH NRXOXWXNVHVVD HLNl W\|VVl 7LODQQH RQ Q\N\LVHOOllQ NHVWlPlW|Q

7\|PDUNNLQRLGHQ NDLYDWHVVD MDWNXYDVWL NRUNHDPSDD RVDDPLVWD LOPDQ DPPDWLOOLVHVWL HUL\W\Yll NRXOXWXVWD MllYLHQ DVHPD WXOHH ROHPDDQ HULW\LVHQ YDLNHD WXOHYLHQ YXRVLHQ W\|PDUNNLQRLOOD -RV WLODQQHWWD HL NRUMDWD RQ HGHVVlPPH K\YLQ SLWNlDLNDLQHQ UDNHQWHHO OLQHQ W\|WW|P\\V MD V\UMl\W\PLQHQ

(ULODLVLOOD YDUKDLVHQ SXXWWXPLVHQ PHNDQLVPHLOOD RQ S\ULWW\ YlKHQWlPllQ NRXOXWXNVHQ NHVNH\WWlPLVWl SHUXVNRXOXQ MlONHHQ VXKWHHOOLVHQ K\YLQ WXORNVLQ 3HONlOOl RKMDXNVHOOD YDLNND DNWLLYLVHOODNLQ HL NXLWHQNDDQ YRLGD HVWll NHVNH\WWlPLVWl NRNRQDDQ YDDQ VH YDD WLL NRNRQDLVYDOWDLVHPSLD WRLPHQSLWHLWl

.RXOXWXVMlUMHVWHOPlQ WXOHH N\HWl WDNDDPDDQ NDLNLOOH NDQVDODLVLOOH ULLWWlYl RVDDPLQHQ W\|PDUNNLQRLOOD MD ULLWWlYl VLYLVW\V PLHOHNNllQ HOlPlQ HOlPLVHNVL MD DNWLLYLVHQ NDQVDODL VXXGHQ VDDYXWWDPLVHNVL .RXOXWXVMlUMHVWHOPl RQ RVD \KWHLVNXQQDOOLVWD WRLPLQWDD MRQND WXOHH WDDWD HWWl NDLNNL NDQVDODLVHW RYDW RVDOOLVLD \KWHLVNXQQDQ WRLPLQQDVVD 2SSLYHOYRO OLVXXGHQ VXRULWWDPLVHQ SLWll DQWDD \NVLO|OOH ULLWWlYlW WLHGRW MD WDLGRW MRWWD \NVLO|OOl RQ SHUXVHGHOO\W\NVHW RVDOOLVWXD W\|PDUNNLQRLOOH MD WRLPLD DNWLLYLVHQD NDQVDODLVHQD

+DOOLWXV RQ UDNHQQHSROLLWWLVHVVD RKMHOPDVVDDQ SllWWlQ\W RSSLYHOYROOLVXXGHQ SLGHQWlPL VHVWl YXRGHOOD 8XGLVWXV SDUDQWDD WRLVHQ DVWHHQ RSLQWRMHQ DONXXQ VDDWWDPLVWD PXWWD HL YDUPLVWD WRLVHQ DVWHHQ WXWNLQQRQ VXRULWWDPLVWD .RVND WLHGlPPH HWWl NHVWlYl W\|OOLV W\PLQHQ HGHOO\WWll YlKLQWllQ WRLVHQ DVWHHQ NRXOXWXVWD WXOLVL RSSLYHOYROOLVXXGHQ DYXOOD YDUPLVWDD HWWl NRNR LNlOXRNND VHQ VDD

7|O| 8QJD 6RFLDOLVWHU U\ HVLWWll HWWl

6'3 WRLPLL VHQ SXROHVWD HWWl RSSLYHOYROOLVXXWWD SLGHQQHWllQ HQVL YDDOLNDXGHO OD VLWHQ HWWl VH SllWW\\ NXQ WRLVHQ DVWHHQ WXWNLQWR RQ VXRULWHWWX WDL SHUXVRSH WXNVHQ RSSLPllUlQ VXRULWWDPLVHVWD RQ NXOXQXW QHOMl YXRWWD 3XROXHKDOOLWXNVHQ ODXVXQWR 6RVLDOLGHPRNUDDWLW RYDW NDWVRQHHW HWWl \KWHLVNXQQDOOLQHQ NHKLW\V MD W\|HOlPlQ RVDD PLVWDUSHLGHQ NDVYX HGHOO\WWlYlW HWWl NRNR LNlOXRNND VXRULWWDD WRLVHQ DVWHHQ MlONHLVHQ NRXOXWXNVHQ 7lPlQ VDDYXWWDPLVHNVL 6'3 RQ NDQQDWWDQXW RSSLYHOYROOLVXXGHQ SLGHQWl PLVWl SllWW\PllQ VLQl YXRQQD NXQ QXRUL Wl\WWll 2SSLYHOYROOLVXXV SllWW\\ LNl YXRWHHQ XVHLVVD (XURRSDQ PDLVVD VHNl OlKHV NDKGHVVDN\PPHQHVVl <KG\VYDOWRMHQ RVDYDO WLRVVD 2SSLYHOYROOLVXXWWD RQ YLLPH YXRVLQD SLGHQQHWW\ XVHDVVD PDDVVD MRWWD MRNDLVHOOH QXRUHOOH YRLWDLVLLQ YDUPLVWDD Q\N\ \KWHLVNXQQDQ YDDWLPDW DPPDWLOOLVHW MD \OHLVVLYLVWlYlW WDLGRW MD YDOPLXGHW

,VWXYD KDOOLWXV RQ SllWWlQ\W VRVLDOLGHPRNUDDWWLHQ YDDWLPXNVHVWD HWWl RSSLYHOYROOLVXXV ODDMHQQHWDDQ NDWWDPDDQ WRLVHQ DVWHHQ RSLQWRMHQ HQVLPPlLQHQ YXRVL PLOOl YRLGDDQ YDUPLVWDD HWWl NRNR LNlOXRNND MDWNDD RSLQWRMDDQ P\|V SHUXVDVWHHQ NRXOXWXNVHQ MlO NHHQ <NVL YXRVL WRLVHQ DVWHHQ RSLQWRMD HL NXLWHQNDDQ ULLWl WXRWWDPDDQ QXRUHOOH ULLWWlYLl DPPDWLOOLVLD YDOPLXNVLD MRWND PDKGROOLVWDLVLYDW NHVWlYlQ W\|PDUNNLQRLOOH VLLUW\PLVHQ

<KWHLVNXQQDVVD MRVVD MRNDLVHQ NDQVDODLVHQ HGHOO\WHWllQ HOlWWlYlQ LWVHQVl RPDOOD W\|O OllQ SLWll YDUPLVWDD HWWl MRNDLVHOOD NDQVDODLVHOOD RQ PDKGROOLVXXV LWVHQVl HOlWWlPL VHHQ 2SSLYHOYROOLVXXV RQ VH NHLQR MROOD \KWHLVNXQWD YRL YDUPLVWDD HWWl MRNDLQHQ VDD YXWWDD ULLWWlYlW YDOPLXGHW NHVWlYlQ WRLPHHQWXORQ KDQNNLPLVHHQ MD VLWHQ LWVHQlLVHHQ LKPLVDUYRLVHHQ HOlPllQ 3llW|VHVLW\V 3XROXHNRNRXV NDQQDWWDD RSSLYHOYROOLVXXGHQ SLGHQWlPLVWl HGHOOHHQ NDWWDPDDQ WRLVHQ DVWHHQ NRXOXWXV MD YLLWWDD VLYLVW\VSROLLWWLVHHQ RKMHOPDDQ

-RNDLVHOOH RSSLODDOOH ODDGLWWDYD KHQNLO|NRKWDLQHQ RSSLPLVVXXQQLWHO PD

7|O| 8QJD 6RFLDOLVWHU U\ Q DORLWH

<Kl XVHDPSL QXRUL V\UMl\W\\ SHUXVNRXOXQ MlONHHQ NRVND KlQ HL VLLUU\ MDWNR RSLQWRLKLQ <NVL V\\ QXRUWHQ MlWWl\W\PLVHHQ NRXOXWXNVHQ XONRSXROHOOH RQ QXRUWHQ KXRQRVVD NRXOX YLLKW\Y\\GHVVl RSSLODDW HLYlW NRH RSLVNHOXD PLHOHNNllQl -DWNXYDVWL KXRQRMD DUYRVDQR MD VDDYDW MllYlW WRGHQQlN|LVHPPLQ NRXOXQ MD W\|HOlPlQ XONRSXROHOOH NXLQ K\YLQ NRXOXV VD PHQHVW\YlW

2SSLODDW RPDNVXYDW DVLRLWD HUL WDYRLOOD 7RLVHW RSSLYDW SDUHPPLQ OXNHPDOOD MD WRLVHW WHNHPlOOl 2SHWWDMDOOD RQ NXLWHQNLQ YDLQ RPD KHQNLO|NRKWDLQHQ WDSDQVD RSHWWDD PLNl HL YlOWWlPlWWl VRYL NDLNLOOH 7RLVHW RSSLODDW VDDYDW N\PSSHMl MD WRLVHW NXXWRVLD <NVL V\\ RSSLODLGHQ KXRQRRQ NRXOXPHQHVW\NVHHQ RQNLQ HWWHL RSHWWDMDOOD ROH DLNDD SHUHKW\l MRNDLVHQ RSSLODDW WDSDDQ RPDNVXD DVLRLWD

2SSLPLVWXORNVLOOD RQ P\|V WDLSXPXV SHUL\W\l $NDWHHPLVWHQ ODSVHW MDWNDYDW XVHDPPLQ OXNLRRQ MD \OLRSLVWRRQ NXLQ DOKDLVHVWL NRXOXWHWWXMHQ ODSVHW 6H HL NXLWHQNDDQ MRKGX DND WHHPLVWHQ ODSVLHQ SDUHPPLVWD JHHQHLVWl YDDQ NRGLQ LOPDSLLULVWl $NDWHHPLVWHQ ODSVLD NDQQXVWHWDDQ NRWRQD HQHPPlQ NRXOXQNl\QWLLQ NXLQ DOKDLVHVWL NRXOXWHWWXMHQ ODSVLD 6DPDOOD NRUNHDVWL NRXOXWHWWXMHQ MlONLNDVYX VDD WRGHQQlN|LVHVWL NRWRQD \NVLO|OOLVHPSll RKMDXVWD RSLVNHOXXQVD

6HQ VLMDVWD HWWl RSSLODDW MDHWDDQ DUYRVDQRLOOD MR SHUXVNRXOXVVD lO\NNlLVLLQ MD W\KPLLQ SLWlLVL S\UNLl KXRQRVWL NRXOXVVD PHQHVW\YLHQ WDVRD QRVWDPDDQ .XXWRVHQ RSSLODDVWD SLWlLVL VDDGD YlKLQWllQ NDKGHNVLNRQ RSLVNHOLMD -RV RSSLODDW NRNLVLYDW SDUDQWDYDQVD VXR ULWXVWDDQ ROLVL RSLVNHOXNLQ PLHOHNNllPSll 2SSLODLGHQ WDVRQ SDUDQWXPLQHQ HL NXLWHQ NDDQ WRWHXGX YDLQ SLHQLOOl OXRNNDNRLOOD VHNl HULW\LVOXRNLOOD MRWND DLQRDVWDDQ HULDUYRLV WDYDW RSSLODLWD

(GHOOl PDLQLWWXMHQ NHLQRMHQ VLMDVWD MRNDLVHOOH RSSLODDOOH SLWlLVL ODDWLD RPD KHQNLO|NRK WDLQHQ RSSLPLVVXXQQLWHOPD MRVVD NHVNLW\WWlLVLLQ RSLVNHOLMDQ DLQHYDOLQWRMHQ MD WXOHYDL VXXGHQ VXXQQLWHOPLHQ VLMDVWD RSSLODDOOH SDUKDDVHHQ WDSDDQ RPDNVXD XXVLD DVLRLWD +HQ NLO|NRKWDLVHQ RSSLPLVVXXQQLWHOPDQ ODDGLQWD YRLVL ROOD RVD NXUVVLD MRVVD NRNHLOWDLVLLQ HUL RSLVNHOXWHNQLLNRLWD .XUVVLQ SllWWHHNVL RSHWWDMD VHOYLWWlLVL \KGHVVl RSLVNHOLMDQ NDQVVD PLNl RSLVNHOXWHNQLLNND VRSLL RSSLODDOOH SDUKDLWHQ +HQNLO|NRKWDLVHQ RSSLPLVVXXQQLWHO PDQ ODDGLQWD HL YDDWLVL XXVLD KHQNLO|UHVXUVVHMD NRXOXLKLQ NRVND W\|Q YRL VLVlOO\WWll RSLQWR RKMDDMDQ WDL HULW\LVRSHWWDMDQ WRLPHQNXYDDQ

+HQNLO|NRKWDLVHOOD RSSLPLVVXXQQLWHOPDOOD RSSLODLGHQ WXORNVLD SDUDQQHWWDLVLLQ NXQ RSLV NHOLMD WXOLVL WLHWRLVHNVL LWVHOOHHQ SDUKDDVWD WDYDVWD RSLVNHOOD XXVLD DVLRLWD 6DPDOOD KlQ PXXWWXLVL SDVVLLYLVHVWD WLHGRQ YDVWDDQRWWDMDVWD DNWLLYLVHNVL WLHGRQ RPDNVXMDNVL .RXOX YLLKW\Y\\V P\|V SDUDQLVL RSSLODLGHQ NRNLHVVD RSLVNHOXQ PLHOHNNllQl PLNl YlKHQWlLVL QXRUWHQ V\UMl\W\PLVWl +HQNLO|NRKWDLQHQ RSSLPLVVXXQQLWHOPD WXNLVL RSSLODLGHQ WDVD DUYRD NRVND VLOORLQ P\|V YlKHPPlQ NRXOXWHWWXMHQ ODSVHW VDLVLYDW HQHPPlQ WXNHD RSLV NHOXXQVD

7|O| 8QJD 6RFLDOLVWHU U\ HVLWWll HWWl

6'3 WRLPLL VHQ SXROHVWD HWWl SHUXVRSHWXNVHQ RSHWXVVXXQQLWHOPDQ SHUXVWHLVLLQ WHKGllQ OLVl\V KHQNLO|NRKWDLVHQ RSSLPLVVXXQQLWHOPDQ ODDGLQQDVWD MRNDLVHOOH RSSLODDOOH +HQNLO|NRKWDLVHQ RSSLPLVVXXQQLWHOPDQ WHNHPLQHQ VLVlOO\WHWllQ VDPDOOD MRNR RSLQWR RKMDDMDQ WDL HULW\LVRSHWWDMDQ WRLPHQNXYDDQ 3XROXHKDOOLWXNVHQ ODXVXQWR .DLNLOOH \KWHQlLVHVVl SHUXVRSHWXNVHVVD RQ WlUNHll WXQQLVWDD HULODLVWHQ ODVWHQ RPDW RS SLPLVWDYDW MD DQWDD NDLNLOOH ODSVLOOH PDKGROOLVXXV KDKPRWWDD RPDD RSSLPLVWDDQ MD RPDD RSLQSRONXDDQ 9RLGDNVHHQ VDDGD YDKYDQ MD NHVWlYlQ VLVlV\QW\LVHQ PRWLYDDWLRQ SLWll RSSLODDQ SDLWVL VDDGD HPRWLRQDDOLVHVWL SDONLWVHYLD NRNHPXNVLD RSSLPLVHVWDDQ P\|V S\VW\l PXRGRVWDPDDQ WDYRLWWHLWD RPDOOH RSSLPLVHOOHHQ PLNl HGHOO\WWll P\|V HGHVVl ROHYDQ RSLQSROXQ KDKPRWWDPLVWD

2SSLYHOYROOLVXXGHQ DOXVWD VDDNND ODSVHOOD SLWlLVL ROOD NlVLW\V RPDVWD WXOHYDVWD RSLQSR OXVWDDQ 0LWl KlQ WXOHH NRXOXSRONXQVD SllVVl RVDDPDDQ MD PLVVl YDLKHHVVD KlQ WXOHH PLWlNLQ DVLRLWD RSSLPDDQ .XQ \NVLO|Q NRNR RSLQ NDDUWD YRLGDDQ WDUNDVWHOOD NRNRQDLVXX WHQD YDUKDLVNDVYDWXNVHVWD WRLVHQ DVWHHQ ORSSXXQ VDDNND YRLGDDQ \NVLO|lNLQ NDQQXVWDD SDUHPPLQ RSSLPLVHHQ WHNHPlOOl QlN\YlNVL SROXOOD VDDYXWHWWX HGLVW\PLQHQ 7lVVl RSSL ODDQ KHQNLO|NRKWDLVWD HGLVW\PLVWl VHXUDDYD MD HQQDNRLYD WXNHPLQHQ RQ WlUNHll

3llW|VHVLW\V 3XROXHNRNRXV SLWll WlUNHlQl MRNDLVHQ RSSLODDQ RSSLPLVHQ \NVLO|OOLVWl MD VXXQ QLWHOPDOOLVWD WXNHPLVWD MD YLLWWDD VLYLVW\VSROLLWWLVHHQ RKMHOPDDQ

6LYLVW\V 6'3 Q NDQWDYDNVL WHHPDNVL

6RVLDOLGHPRNUDDWWLVHW RSLVNHOLMDW 621. U\ Q DORLWH

.RXOXWXVSROLWLLNND RQ WlUNHLQWl YDSDXWWDYDD VROLGDDULVWD MD RLNHXGHQPXNDLVWD SROLWLLN NDD .RXOXWXVSROLWLLNND SLWll QRVWDD SROLWLLNDQ NHVNL||Q NXQQDOOLVHOOD YDOWDNXQQDOOLVHOOD HXURRSSDODLVHOOD MD PDDLOPDQODDMXLVHOOD WDVROOD

+\Yl HOlPl UDNHQWXX WDVD DUYRLVHOOH ODSVXXGHOOH MD QXRUXXGHOOH MRQND SRKMD OXRGDDQ YDUKDLVNDVYDWXNVHVVD MD SHUXVDVWHHOOD +\Yl \KWHLVNXQWD UDNHQWXX WDVD DUYRLVHOOH NRXOX WXVSROLWLLNDOOH MRND YDSDXWWDD \NVLO|W MD WDUMRDD KHLOOH Wl\VLSDLQRLVHQ PDKGROOLVXXGHQ RVDOOLVWXD \KWHLVNXQQDQ WRLPLQWDDQ

.RXOXWXVSROLWLLNDOOD RQ PDKGROOLVWD YDLNXWWDD ODVWHQ MD QXRUWHQ NHKLW\NVHHQ MD KHLGlQ PDKGROOLVXXNVLLQVD SlUMlWl \KWHLVNXQQDVVD MD HOlPlVVl .DLNLOOD ODSVLOOD SLWll ROOD PDK GROOLVXXV RVDOOLVWXD PDNVXWWRPDDQ YDUKDLV MD HVLRSHWXNVHHQ VRVLRHNRQRPLVHVWD WDL NXOW WXXULVHVWD WDXVWDVWD ULLSSXPDWWD 3lLYlNRWLHQ NRXOXMHQ MD RSHWXNVHQ HUL\W\PLQHQ DOX HHQ VRVLRHNRQRPLVHQ UDNHQWHHQ PXNDDQ RQ S\Vl\WHWWlYl

0\|V SHUXVNRXOX RQ WXOHYDLVXXGHVVD RSSLMDOOH PDNVXWRQ \KGHQYHUWDLQHQ \KWHQlLQHQ LQVSLURLYD MD PRQLDUYRLQHQ 3HUXVNRXOXVVD VLYLVW\NVHQ VLHPHQHW NDVYDYDW WDLPLNVL MRLWD SLWll YDDOLD KXROHOOD .DLNLOOD SLWll ROOD PDKGROOLVXXV RVDOOLVWXD RSHWXNVHHQ MD \KWHLVHHQ HOlPllQ NRXOXVVD 6XXUL URROL NRXOXLVVD RQ DPPDWWLWDLWRLVHOOD RSHWXV MD KRLWRKHQNLO|V W|OOl MRND WDNDD NRUNHDWDVRLVHQ RSHWXNVHQ MRVVD MRNDLVHOOD ODSVHOOD RQ PDKGROOLVXXV NHKLWWll RPLD N\N\MllQ WXUYDOOLVHVVD \PSlULVW|VVl

7RLVHOOD DVWHHOOD RSSLODLOOD SLWll ROOD PDKGROOLVXXV MRXVWDYDVWL RWWDD WXWNLQWRRQVD PX NDDQ VHNl \OHLVVLYLVWlYLl HWWl DPPDWLOOLVLD RSLQWRMD 5LLWWlYlQ ODDMDW \OHLVVLYLVWlYlW RSLQQRW WDNDDYDW NDLNLOOH UHDOLVWLVHW PDKGROOLVXXGHW MDWNDD RSLQWRMD DPPDWWLNRUNHDNRX OXVVD WDL \OLRSLVWRVVD VHNl YDOPLXGHW RVDOOLVWXD \KWHLVNXQQDOOLVHHQ HOlPllQ 7RLVHOOD DVWHHOOD HULW\LVHVWL DPPDWLOOLVHVVD NRXOXWXNVHVVD WXOHH NLLQQLWWll KXRPLRWD RSHWWDMLHQ DPPDWLOOLVLLQ MD SHGDJRJLVLLQ WDLWRLKLQ 2SSLYHOYROOLVXXVLNll RQ QRVWHWWDYD QLLQ HWWl VH NDWWDD NRNRQDDQ WRLVHHQ DVWHHQ WXWNLQQRQ VXRULWWDPLVHQ 2SSLPDWHULDDOLHQ RQ ROWDYD RSSLMRLOOH PDNVXWWRPLD NDLNLOOD NRXOXWXVDVWHLOOD /DDGXNDV MD ULLWWlYlVWL UHVXUVRLWX XUD MD RSLQWR RKMDXV SHUXV MD WRLVHOOD DVWHHOOD WXNHH QXRULD O|\WlPllQ MXXUL KHLOOH VRSLYDQ MD NLLQQRVWDYDQ DODQ

.DLNLOOD RQ ROWDYD \KGHQYHUWDLVHW PDKGROOLVXXGHW SllVWl NRUNHDNRXOXWXNVHHQ +HLNRQ OXRNNDOLLNNXYXXGHQ RQJHOPDD HL UDWNDLVWD PXXWWDPDOOD NRUNHDNRXOXWXVWD PDNVXOOLVHNVL HGHV RVLWWDLQ YDDQ PDKGROOLVWDPDOOD NDLNLOOH DLHPSDD SDUHPPLQ SllV\ NRUNHDNRXOXWXN VHHQ .RUNHDNRXOXWXNVHHQ SllV\\Q HL VDD YDLNXWWDD QXRUHQ VRVLRHNRQRPLQHQ WDL HWQLQHQ WDXVWD HLNl YDQKHPSLHQ NRXOXWXNVHQ WDVR

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-RXNNRLVWDPLQHQ MD RVDOOLVWXPLQHQ \KWHLVNXQQDOOLVHHQ SllW|NVHQWHNRRQ RYDW XVHLQ WRLV WHWWXMD LGHDDOHMD QLLQ MlUMHVW|LVVl NXLQ GHPRNUDWLDQ HUL WDVRLOOD (ULW\LVHVWL SROLLWWLVHVVD SXROXHHVVD DYRLPXXV MD MRNDLVHQ MlVHQHQ SDQRNVHQ DUYRVWDPLQHQ RYDW \GLQYDDWLPXNVLD 7||O|Q 'HPDUHLOOH NRNHPXV RQ RVRLWWDQXW HWWl NXQ WDUMRWDDQ PDKGROOLVXXNVLD NRPPHQ WRLGD RKMHOPDSDSHULD MlVHQHW RYDW LQQRVWXQHLWD MD NHVNXVWHOXW DQWRLVLD

9DLQ RVDOOLVWXPDOOD RKMHOPDQ ODDWLPLVSURVHVVLLQ MlVHQLVW| RWWDD VHQ WDYRLWWHHW RPDNVHHQ MD OlKWHH QLLWl DNWLLYLVHVWL WRWHXWWDPDDQ 8XVLOOH MlVHQLOOH WLODLVXXGHW RVDOOLVWXD SROLWLL NDQ \WLPHHQ PHQHYllQ NHVNXVWHOXXQ RYDW HULQRPDLQHQ PDKGROOLVXXV SllVWl PXNDDQ WRLPLQWDDQ .RNR SXROXHYlHOOH PXRGRVWXX VHONHl NXYD SXROXHHQ \KWHLVLVWl DUYRLVWD MD WDYRLWWHLVWD

6LNVL HVLWlPPH HWWl SXROXHHVVD Nl\QQLVWHWllQ NRNR PDDQ NDWWDYD SURVHVVL MRVVD SDL NDOOLV\KGLVW\NVHW MD SXROXHWWD OlKHOOl ROHYDW RUJDQLVDDWLRW W\|VWlYlW DQQHWXQ DLNDWDXOXQ SXLWWHLVVD SXROXHHQ XXWWD SHULDDWHRKMHOPDD .RVND NHVNXVWHOX YDDWLL DONDDNVHHQ DLQD MRQNXQ SRKMDSDSHULQ 7||O|Q 'HPDULW WDUMRDD SRKMDSDSHULNVL XVHLVVD ZRUNVKRSHLVVD Q\N\PXRWRRQVD PXRNDWWXD )RUVVD ²RKMHOPDOXRQQRVWD

7||O|Q 6RVLDOLGHPRNUDDWWLQHQ <KGLVW\V U\ HVLWWll HWWl

6'3 Nl\QQLVWll YDOWDNXQQDOOLVHQ SURVHVVLQ MRVVD SXROXHHQ HUL WRLPLMDW W\|VWl YlW DQQHWXQ DLNDWDXOXQ SXLWWHLVVD XXWWD SXROXHRKMHOPDD 7\|VVl K\|G\QQHWllQ HULODLVLD RVDOOLVWDYLD MD WLHWRWHNQLLNDQ PHQHWHOPLl QLLQ HWWl VLLKHQ RVDOOLVWXX PDKGROOLVLPPDQ ODDMD MRXNNR NDQVDODLVLD 3RKMDSDSHULQD Nl\WHWllQ HVLPHUNLN VL 7||O|Q 6RVLDOLGHPRNUDDWWLVHQ \KGLVW\NVHQ YXRGHQ DLNDQD XVHLVVD W\|SD MRLVVD NHKLWWHOHPll QLPHOOl )RUVVD RWVLNRLWXD OXRQQRVWD

3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD HVLWHWllQ HWWl 6'3 Nl\QQLVWll YDOWDNXQQDOOLVHQ SURVHVVLQ MRVVD SXROXHHQ HUL WRLPLMDW W\|VWlYlW DQQHWXQ DLNDWDXOXQ SXLWWHLVVD XXWWD SXROXHRKMHOPDD K\|G\QWlHQ HULODLVLD RVDOOLVWDYLD MD WLHWRWHNQLLNDQ PHQHWHOPLl QLLQ HWWl W\|VNHQWHO\\Q RVDOOLVWXX PDKGROOLVLPPDQ ODDMD MRXNNR NDQVDODLVLD 3RKMDSDSHULQD HVLW\NVHQ PXNDDQ YRLWDLVLLQ Nl\WWll HVLPHUNLNVL 7||O|Q 6RVLDOLGHPRNUDDWWLVHQ \KGLVW\NVHQ YXRGHQ DLNDQD XVHLV VD W\|SDMRLVVD NHKLWWHOHPll QLPHOOl )RUVVD RWVLNRLWXD OXRQQRVWD

6'3 RQ DORLWWDQXW SHULDDWHNHVNXVWHOXQ MRND WlKWll XXWHHQ SHULDDWHRKMHOPDDQ .HVNXV WHOXD WXOODDQ Nl\PllQ YXRGHQ DONXSXROHOWD OlKWLHQ 7DYRLWWHHQD RQ NRRWD 9DVHP PLVWRQ WXOHYDLVXXV ²DVLDNLUMD MRVVD NDUWRLWHWDDQ WLODQQHWWD KLVWRULDQ Q\N\WLODQ MD WXOH YDLVXXGHQ QlN|NXOPLVWD +LVWRULDRVXXGHVVD SRKGLWDDQ PLVWl MD PLWHQ Q\N\ \KWHLVNXQWDDQ MD VRVLDOLGHPRNUDDWWLVHHQ Q\N\NXYDDQ RQ WXOWX 3HULDDWHNHVNXVWHOXQ Q\ N\WLODDQ NDUWRLWWDYDVVD RVXXGHVVD SHLODWDDQ HQVLQ Q\N\LVHQ YRLPDVVD ROHYDQ SHULDDWHRK MHOPDQ VLVlOW|l VXKWHHVVD \KWHLVNXQQDQ WDUSHLVLLQ /LVlNVL SRKGLWDDQ 6'3 Q MD VRVLDOLGH PRNUDWLDQ DUYRMHQ NHVWlY\\WWl WlVVl DMDVVD )RUVVD ² RKMHOPD RQ ORLVWDYD SRKMDSDSH UL WlPlQ RVXXGHQ WRWHXWWDPLVHVVD 7XOHYDLVXXGHQ NHKLW\VQlN\PLl SRKWLYDVVD RVXXGHVVD NHUlWllQ DUWLNNHOLW NHVNXVWHOXQ SRKMDNVL VHXUDDYLVWD DLKHLVWD W\|HOlPlQ SRODULVDDWLR HHWWLQHQ PDUNNLQDWDORXV SHUKH MD VLYLVW\V N|\K\\V MD WXORHURW VRVLDDOLSROLWLLNDQ WXOH YDLVXXV VHNl XXGHQ NDVYXQ WLH MD OXRWWDPXNVHQ NDVYX

(GHOOl PDLQLWXLVWD DLKHLVWD Nl\GllQ NHVNXVWHOXD DORLWWHHVVD PDLQLWXLQ PHQHWHOPLQ MD PDKGROOLVLPPDQ ODDMDD MRXNNRD PXNDDQ RVDOOLVWDHQ 7DYRLWWHHQD RQ Nl\Gl SROLLWWLVWD NHVNXVWHOXD ODDMDVWL MXONLVHVWL MD DNWLLYLVHVWL NDLNLOOD SDLNNDNXQQLOOD MD QlLQ NllQWll \KWHLVNXQQDOOLVWD NHVNXVWHOXD YDKYDVWL YDVHPPLVWRODLVHHQ VXXQWDDQ 3llW|VHVLW\V 3XROXHNRNRXV WRWHDD HWWl YDOWDNXQQDOOLQHQ SURVHVVL XXGHQ SXROXHRKMHOPDQ WRWHXWWDPLVHNVL RQ Nl\QQLVWHWW\ MD VLLKHQ RVDOOLVWHWDDQ PDKGROOLVLPPDQ ODDMD MRXNNR NDQVDODLVLD

6'3 OOH N|\K\\VSROLLWWLQHQ WRLPHQSLGHRKMHOPD

+DDJDQ 7\|YlHQ\KGLVW\V U \ Q DORLWH

+\YLQYRLQWLYDOWLRVVDPPH 6XRPHVVD DVXX SDOMRQ N|\KLl 7LODVWRNHVNXNVHQ PXNDDQ YLUDOOL VHQ N|\K\\VUDMDQ DODSXROHOOD HOll 6XRPHVVD \OL YlHVW|VWl ,OPDQ WXORQVLLUWRMD N|\ K\\VULVNL NRVNLVL 6XRPHVVD SURVHQWWLD NDQVDODLVLVWD NXQ VH WXORQVLLUWRMHQ MlONHHQ RQ QRLQ

.|\KLl RQ NDLNLVVD YlHVW|U\KPLVVl 7HUYH\GHQ MD K\YLQYRLQQLQ ODLWRNVHQ 7+/ Q PXNDDQ ODSVLSHUKHLGHQ N|\K\\V RQ PRQLQNHUWDLVWXQXW YDLNND \OHLQHQ WXORWDVR RQ QRXVVXW 9XRQQD N|\KLVVl SHUKHLVVl HOL DOOH YXRWLDVWD ODVWD 9XRQQD OXNX PllUl ROL MR \OL HOL N|\KLVVl SHUKHLVVl HOlYLHQ ODVWHQ PllUl RQ NDVYDQXW OlKHV NROPLQNHUWDLVHNVL (OlNHOlLVLVWl QRLQ SXROHW HOll N|\K\\VUDMDQ DODSXROHOOD 7RLPHHQWX ORWXHQ VDDMLVWD QRLQ RQ SllRVLQ W\|LNlLVLl \NVLQlLVLl LKPLVLl MRLGHQ N|\K\\V OLLWW\\ XVHLQ W\|WW|P\\WHHQ

3LHQLWXORLVWHQ ODSVLSHUKHLGHQ DUNL RQNLQ MDWNXYDD NlGHVWl VXXKXQ HOlPLVWl MRVVD \OOlW WlYlW PHQRW MD WXORMHQ SLHQHQW\PLQHQ YRLYDW YDLNHXWWDD HOlPll KXRPDWWDYDVWL -R SH VXNRQHHQNLQ ULNNRXWXPLQHQ YRL URPXWWDD SHUKHHQ WDORXGHQ MD DORLWWDD YHONDDQWXPL VHHQ MRV \OOlWWlYLl PHQRMD HL YRLGD VLLUWll

.|\K\\V DLKHXWWDD KlSHll VHNl PRQHQODLVLD XONRSXROLVXXGHQ MD RVDWWRPXXGHQ WXQWHLWD .|\Kl ODSVXXV RQ ULVNL ODSVHQ NDVYXOOH MD K\YLQYRLQQLOOH .|\K\\V YRL YDLNXWWDD PXXQ PXDVVD WHUYH\V MD K\YLQYRLQWLNl\WWl\W\PLVHHQ MD PLHOHQWHUYH\WHHQ .DVYDYD N|\KLHQ PllUl RQ KlSHl NRNR \KWHLVNXQQDOOHPPH

+DDJDQ 7\|YlHQ\KGLVW\V U \ HVLWWll HWWl

SXROXHNRNRXV YHOYRLWWDD SXROXHHQ ODDWLPDDQ VHXUDDYDDQ SXROXHNRNRXNVHHQ N|\K\\VSROLLWWLVHQ WRLPHQSLGHRKMHOPDQ MRQND DYXOOD 6'3 DLNRR NLWNHl 6XR PHVWD N|\K\\WWl SRLV 3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD HVLWHWllQ HWWl 6'3 ODDWLL RKMHOPDQ MROOD NLWNHWllQ 6XRPHVWD N|\K\\WWl

3XROXHKDOOLWXV SLWll WlUNHlQl SRKWLD N|\K\\GHQ HUL XORWWXYXXNVLD VHNl HWVLl NHLQRMD N|\K\\GHQ YlKHQWlPLVHNVL

.|\K\\V NRHWWHOHH PRQLD VXRPDODLVLD PXWWD PDDLOPDQODDMXLVHVWL N|\K\\V NRHWWHOHH NRNR LKPLVNXQWDD 0DDLOPDQ ULNNDLQWD LKPLVWl RPLVWDD \KWl SDOMRQ NXLQ PDDLOPDQ N|\Kll

0DDVVDPPH N|\K\\VULVNL RQ NDVYDQXW YLLPH YXRVLN\PPHQLQl MD N|\K\\VMDNVRLVWD RQ WXOOXW S\V\YlPSLl $ORLWWHHVVD QRVWHWDDQ K\YLQ HVLOOH HUL YlHVW|U\KPLl MRLVVD N|\K\\V ULVNL RQ VXXUL <NVL QlLVWl RYDW ODSVLSHUKHHW /DSVLN|\K\\V RQ \OHLVLQWl SHUKHLVVl MRLVVD RQ \NVL KXROWDMD .|\K\\VUDMDQ DOLWWDYLVWD ODSVLVWD MRND NROPDV HOll \NVLQKXROWDMDlLGLQ SHUKHHVVl 6XXUL RVD SLHQLWXORLVLVWD \NVLQKXROWDMLVWD RQ QDLVLD

/DSVLSHUKHLGHQ N|\K\\WWl VHOLWWll YRLPDNNDLPPLQ W\|Q SXXWH .|\K\\VUDMDQ DOLWWDYLVWD SHUKHLVWl QRLQ SXROHVVD NXNDDQ HL Nl\ DQVLRW\|VVl

6RVLDOLGHPRNUDDWWLHQ SHUXVOlKW|NRKWD RQNLQ HWWl W\| RQ SDUDVWD N|\K\\VSROLWLLNNDD 3DUDQWDPDOOD W\|OOLV\\WWl OLVllPPH LKPLVLOOH PDKGROOLVXXNVLD SllVWl W\|K|Q MD SRLV N|\ K\\GHVWl VHNl \KWHLVNXQQDOOH YRLPDYDURMD HKNlLVWl N|\K\\WWl 0\|V SHUKHHQ MD W\|HOl PlQ \KWHHQVRYLWWDPLQHQ RQ YlOWWlPlW|QWl HWHQNLQ \NVLQKXROWDMLHQ W\|OOLV\\GHQ SDUDQ WDPLVHNVL

.|\K\\V RQ NXLWHQNLQ PRQLXORWWHLQHQ DVLD HLNl W\|Q WHNHPLQHQ DLQD WXR VXRMDD N|\K\\ GHOWl <NVL LOPL| RQ N|\KlW W\|VVlNl\YlW ² ULLWWlPlW|Q SDONND MD KHLNNR W\|VXKGH MRKWD YDW KXRQR RVDLVXXGHQ NLHUWHHVHHQ 2VDOOD N|\KLVWl SHUKHLVWl DQVLRW\|Q HSlVllQQ|OOLV\\V MD YDLQ WRLVHQ DLNXLVLVWD W\|OOLVW\PLQHQ YRL P\|V MRKWDD N|\K\\WHHQ 1RLQ QHOMlVRVD VXRPDODLVLVWD WHNHH HSlW\\SLOOLVWl W\|Wl PllUlDLNDLVLD RVD DLNDLVLD VHNl YXRNUDW|LWl 8XVLQD HSlW\\SLOOLVLQl W\|QWHRQ PXRWRLQD RYDW VRSLPXNVHW SDNNR\ULWWlM\\V MD LWVHQVl W\|OOLVWlPLQHQ /\K\HOOl DLNDYlOLOOl HSlW\\SLOOLVHW W\|VXKWHHW HLYlW YlOWWlPlWWl ULLWl VLLKHQ HWWl KHQNLO|Q WXORW \OWlLVLYlW N|\K\\VUDMDQ \OlSXROHOOH

7\|Wl WHNHYLHQ N|\K\\GHVVl YXRWLDLOOD QDLVLOOD RQ VXXULQ N|\K\\VULVNL 2VD WlVWl VHOLWW\\ VLOOl HWWl YDOWDRVD \NVLQKXROWDMLVWD RQ QDLVLD 1lLQ VLLV W\|WlWHNHYLHQ MD ODSVL SHUKHLGHQ N|\K\\V QLYRXWXYDW WRLVLLQVD /LVlNVL QDLVHW WHNHYlW PLHKLl XVHDPPLQ PDWD ODVWL SDONDWWXMD W|LWl MD W\|VNHQWHOHYlW RVD MD PllUlDLNDLVLVVD W\|VXKWHLVVD 6XXULQ RVD N|\KLVWl W\|Wl WHNHYLVWl NRWLWDORXNVLVWD RQ ODSVLSHUKHLWl

6RVLDOLGHPRNUDDWLW SLWlYlW WlUNHlQl HWWl W\|VWl VDDWDYD WRLPHHQWXOR RQ VllOOLVHOOl WD VROOD SDONNDWDVD DUYRQ SXROHVWD WHKGllQ W\|Wl W\|VXKWHHQ ODDGXVWD ULLSSXPDWWD VRYHO OHWDDQ VDPRMD HWXMD VHNl HKNlLVWllQ W\|Q VLOSSXXQWXPLVWD

9DQKHPSLHQ NRXOXWXVWDXVWD YDLNXWWDD N|\K\\VULVNLLQ .XQ SHUKHHVVl HQLWHQ WLHQDDYDOOD DLNXLVHOOD RQ YDLQ SHUXVNRXOXSRKMD ODSVHOOD RQ QHOLQNHUWDLQHQ N|\K\\VULVNL NRUNHDNRXOX WHWWXMHQ YDQKHPSLHQ ODSVLLQ YHUUDWWXQD 3HONNl W\| MD W\|VXKWHHQ ODDWXNDDQ HLYlW SH ODVWD N|\K\\GHOWl YDDQ NRXOXWXNVHOOD RQ P\|V VXXUL PHUNLW\V WRLPHHQWXORQ NDQQDOWD

3XROXHKDOOLWXV YLLWWDD VLYLVW\VSROLLWWLVHHQ RKMHOPDDQ MD SDLQRWWDD HWWl YLLPH NlGHVVl \KWHLVNXQQDQ WXOHH YDUPLVWDD HWWl MRNDLQHQ NDQVDODLQHQ KDQNNLL VHNl \OHLVVLYLVWlYlW HWWl DPPDWLOOLVHW WDLGRW MD YDOPLXGHW MRLWD Wl\VLSDLQRLQHQ RVDOOLVWXPLQHQ W\|PDUNNL QRLOOH MD NDQVDODLV\KWHLVNXQQDQ WRLPLQWDDQ HGHOO\WWll

7\|QWHRQ WXOHH DLQD ROOD HQVLVLMDLVWD PXXKXQ WRLPHHQWXORRQ QlKGHQ PXWWD LKPLVLOOl RQ K\YlNV\WWlYLl V\LWl ROOD W\|HOlPlQ XONRSXROHOOD MROORLQ SHUXVWRLPHHQWXORQ SLWll ROOD

WXUYDWWX 3XROXHHVVD RQ YLLPH YXRVLQD ROOXW DNWLLYLVWD RKMHOPDW\|Wl MRVVD RQ WHKW\ HVLW\NVLl SHUXVWRLPHHQWXORQ WXUYDDPLVHNVL 3XROXHKDOOLWXV YLLWWDD YLLPH SXROXHNRNRXN VHQ SllW|NVHOOl YDOPLVWHOWDYDDQ VRVLDDOLWXUYDQ NHKLWWlPLVOLQMDXNVHHQ MRND WXOHH SXR OXHYDOWXXVWRQ NlVLWWHO\\Q V\NV\OOl /LQMDXNVHVVD RWHWDDQ NDQWDD P\|V SHUXVWRL PHHQWXORQ NHKLWWlPLVHHQ

3XROXHKDOOLWXV YLLWWDD SHUKHSROLLWWLVHHQ RKMHOPDDQ MRND KXRPLR ODSVLSHUKHLGHQ WRL PHHQWXORQ MD WXOHH SXROXHNRNRXNVHQ NlVLWWHO\\Q

/LVlNVL SXROXHHQ SLLULVVl RQ YDOPLVWHOWX PXXQ PXDVVD OllNHWLHWHHQ GRVHQWWL ,ONND 7DLSD OHHQ WRLPHVWD HVLW\NVLl N|\K\\VRQJHOPDQ SRLVWDPLVHNVL .XOXYDOOD YDDOLNDXGHOOD 6'3 Q WDYRLWWHHQD RQ ROOXW SHUXVWXUYDQ SDUDQWDPLQHQ MD PP W\|WW|P\\VSlLYlUDKDDQ MD W\| PDUNNLQDWXNHHQ RQ WHKW\ HXURQ NXXNDXVLNRURWXV 0\|V PXLWD PHUNLWWlYLl VRVLDDOL WXUYDQ SDUDQQXNVLD NLUMDWWLLQ KDOOLWXVRKMHOPDDQ MD RVD QLLVWl RQ MR WRWHXWHWWX

.|\K\\GHVVl YRL ROOD N\VH DEVROXXWWLVHVWD MD VXKWHHOOLVHVWD YlOLDLNDLVHVWD MD S\V\YlVWl N|\K\\GHVWl HOlNHOlLVHQ MD ODSVLSHUKHHQ N|\K\\V RQ HULODLVWD VDPRLQ RSLVNHOLMRLGHQ MD W\|VVlNl\YLHQ N|\K\\V .|\K\\V V\UMl\WWll HLNl NDLNNHD N|\K\\WWl SRLVWHWD UDKDOOD 6LNVL RQNLQ ROHQQDLVWD HWWl N|\K\\WWl YDVWDDQ WDLVWHOODDQ PRQLQ HUL NHLQRLQ 6RVLDOLGHPR NUDDWWLHQ \KWHQl WDYRLWWHHQD RQ WXORHURMHQ NDYHQWDPLQHQ P\|V YHURSROLWLLNDOOD 7DUYL WDDQ W\|Wl MD NRXOXWXVWD PXWWD WDUYLWDDQ P\|V UHLOXD YHURWXVWD RLNHXGHQPXNDLVWD VRVLDDOLSROLWLLNNDD ODDGXNNDLWD VRVLDDOL MD WHUYH\VSDOYHOXLWD WHKRNNDLWD W\|YRLPDSDOYH OXMD VHNl RVDOOLVXXGHQ YDKYLVWDPLVWD 3llW|VHVLW\V 3XROXHNRNRXV \KW\\ DORLWWHHQ WDYRLWWHHVHHQ NLWNHl PDDVWDPPH MD NRNR PDD LOPDVWD N|\K\\WWl PRQLSXROLVLQ NHLQRLQ

(ULOOLVHQ N|\K\\VSROLLWWLVHQ RKMHOPDQ ODDGLQWDD SXROXHNRNRXV HL QlH WDUSHHOOL VHQD PXWWD SLWll YlOWWlPlWW|PlQl HWWl SXROXHHQ RKMHOPDW\|VVl N|\K\\GHQ HKNlLVHPLQHQ RQ OlSlLVHYlQl WDYRLWWHHQD (ULW\LVHVWL WlPl NRVNHH WDORXVSR OLLWWLVWD VRVLDDOL MD WHUYH\VSROLLWWLVWD VLYLVW\V VHNl W\|HOlPl MD WDVD DUYRW\|U\KPLHQ W\|Wl

3XROXHNRNRXV SLWll WlUNHlQl HWWl SXROXHHQ WRLPLMDW RVDOOLVWXYDW DYRLPHVWL \KWHLVNXQQDOOLVHHQ NHVNXVWHOXXQ MD KDNHYDW DNWLLYLVHVWL NHLQRMD MRLOOD N|\ K\\WWl YlKHQQHWllQ 6XRPHVVD MD PDDLOPDVVD

6'3 Q QRVWHWWDYD SURILLOLD VXRPDODLVHQ W\|Q MD RVDDPLVHQ SXROXHHQD

0DWLQN\OlQ 6RVLDOLGHPRNUDDWLW U\ Q DORLWH

-R SHULQWHLVHVVl )RUVVDQ RKMHOPDVVDDQ 6XRPHQ VRVLDOLGHPRNUDDWWLQHQ SXROXH SXR OXVWL VXRPDODLVWD W\|Wl MD RVDDPLVWD WXRWDQWRYlOLQHLGHQ RPLVWDMLHQ YDOODQNl\WW|l YDV WDDQ 7lQllQ JOREDDOLHQ PDUNNLQDYRLPLHQ HGHVVl WlPl RQ DLYDQ \KWl DMDQNRKWDLVWD NXLQ \OL VDWD YXRWWD VLWWHQ

7\|HOlPlQ WHKWlYlW MD DPPDWWLUDNHQWHHW RYDW PXXWWXQHHW MD PRQHW NlVLWWHHW RYDW YDLKWXQHHW VLLWl PLWHQ DVLDW NLUMDWWLLQ YXRQQD 0\|V W\|HOlPll NRVNHYD ODLQVllGlQ W| MD VRSLPXVMlUMHVWHOPl RYDW NHKLWW\QHHW MD PRQHW )RUVVDQ RKMHOPDDQ NLUMDWXW DVLDW RQ MR VDDYXWHWWX <KWHLVNXQWDPPH NRXOXWXV MD VLYLVW\VMlUMHVWHOPl RQ UDNHQWXQXW )RUVVDQ RKMHOPDQ VXXQWDLVHVWL MD MR RKLWWDQXW WXROORLQ DVHWHWXW WDYRLWWHHW 6XRPDODLQHQ WHUYH\ GHQKRLWRMlUMHVWHOPl QRMDDQ QLLQ LNllQ )RUVVDQ RKMHOPDQ WDYRLWWHLVLLQ 6XRPDODLQHQ VRVLDOLGHPRNUDWLD RQ PHUNLWWlYlVWL YDLNXWWDQXW VXRPDODLVHQ K\YLQYRLQWL\KWHLVNXQQDQ UDNHQWDPLVHHQ

6XRPDODLVWD VRVLDOLGHPRNUDWLDD WDUYLWDDQ \Kl 9DLNND SHULQWHLQHQ WHROOLVXXVW\|YlHVW| RQ YDLKWXQXW NRUNHDVWL NRXOXWHWWXLKLQ DVLDQWXQWLMRLKLQ RQ W\|K|Q MD RVDDPLVHHQ SHUXVWXYD DQVDLQWD HGHOOHHQ YDVWDNNDLQDVHWWHOXVVD RPLVWDPLVHHQ SHUXVWXYDQ DUYRQ PXRGRVWXNVHQ NDQVVD 0\|V WlQl SlLYlQl SDONDQVDDMDW MD SLHQ\ULWWlMlW RYDW WXRWDQWRYlOLQHLGHQ RPLV WDMLHQ MD NDVYRWWRPLHQ PDUNNLQDYRLPLHQ YDOODQNl\W|Q DUPRLOOD 7HNLMlQRLNHXNVLVWD RQ WXOOXW PDUNNLQDYRLPLHQ RLNHXNVLD -\UNlQ LKPLVWHQ NHVNLQlLVHQ OXRNNDMDRQ VLMDDQ RQ

WXOOXW LKPLVWHQ MD NDVYRWWRPLHQ LQVWLWXXWLRLGHQ YlOLQHQ NDPSDLOX RLNHXNVLVWD W\|K|Q MD VHQ WXRWRNVLLQ

*OREDDOLQ \OHLVKXPDQLVPLQ VLMDDQ 6XRPHQ 6RVLDOLGHPRNUDDWWLVHQ SXROXHHQ WXOHH QRVWDD NHVNHLVLPPlNVL WDYRLWWHHNVHHQ VXRPDODLVHQ W\|Q MD RVDDPLVHQ SXROXVWDPLVHQ .DQVDLQ YlOLVLl WDYRLWWHLWDPPH YRLPPH DMDD \KGHVVl PXLGHQ NDQVVD PXWWD VXRPDODLVHQ \KWHLV NXQQDQ SXROXVWDPLQHQ RQ PHLGlQ LWVHPPH YDVWXXOOD

0DWLQN\OlQ 6RVLDOLGHPRNUDDWLW U\ HVLWWll HWWl

6'3 QRVWDD WXOHYDQ SXROXHNRNRXVNDXGHQ NHVNHLVLPPlNVL WDYRLWWHHNVHHQ VXR PDODLVHQ W\|Q MD RVDDPLVHQ SXROXVWDPLVHQ 3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD HVLWHWllQ HWWl 6'3 Q WXOHYDQ SXROXHNRNRXVNDXGHQ NHVNHLQHQ WDYRLWH ROLVL W\|Q MD RVDDPLVHQ SXROXVWDPLQHQ

6'3 RQ W\|Q SXROXH .HVNHLQHQ WHKWlYlPPH RQ W\|Q MD W\|QWHNLM|LGHQ VHNl RVDDPLVHQ NDVYXQ SXROXVWDPLQHQ 7\|Q W\|QWHNLM|LGHQ MD RVDDPLVHQ SXROXVWDPLQHQ HLYlW NXLWHQ NDDQ ROH DLQRLWD 6'3 Q WHHPRMD 2Q VDDWWDQXW Nl\Gl QLLQ HWWl PRQLHQ WHHPRMHQ HVLOOl SLWlPLQHQ RQ KLHPDQ KlPlUWlQ\W WlPlQ NHVNHLVHQ WHHPDQ WlUNH\WWl 6'3 Q WRLPLQQDVVD 7\|Q W\|QWHNLM|LGHQ MD RVDDPLVHQ NHVNHLVHQ PHUNLW\NVHQ NRURVWDPLQHQ OLHQHH SDLNDO ODDQ 3llW|VHVLW\V 3XROXHNRNRXV SLWll 6'3 Q NHVNHLVLPSLQl WDYRLWWHLQD HGHOOHHQ VXRPDODLVHQ W\|Q MD W\|QWHNLM|LGHQ SXROXVWDPLVWD VHNl RVDDPLVHQ YDKYLVWDPLVWD

7DVD DUYRLVHW MD \KGHQYHUWDLVHW SDOYHOXW WDDWWDYD

/DKGHQ 6RV GHP 7\|YlHQ\KGLVW\V U\ Q DORLWH

6XRPHQ K\YLQYRLQWL\KWHLVNXQQDQ NHKLW\V RQ WDDQWXPDVVD ,KPLVWHQ HULDUYRLVXXV OLVllQ W\\ \NVLW\LVWHQ YDNXXWXVWHQ \NVLW\LVWHQ OllNlULSDOYHOXLGHQ \NVLW\LVNRXOXMHQ MD SlLYlNR WLHQ VHNl PXLGHQ \NVLW\LVWHQ SDOYHOXLGHQ Nl\W|Q OLVllQW\PLVHQ P\|Wl <KWHLVNXQQDQ SHUXVSDOYHOXW KHLNNHQHYlW VDPDOOD 6XRPL RQ WXWNLPXNVHQ PXNDDQ \NVL 2(&' PDLGHQ HULDUYRLVLQ WHUYH\GHQKXROORQ SDOYHOXLVVD 7lPl KXROHVWXWWDYD NHKLW\V PP WHUYH\GHQ KXROORVVD VRVLDDOLSDOYHOXLVVD MD NRXOXWXNVHVVD RQ S\Vl\WHWWlYl <NVLW\LVWHQ NRXOXMHQ MD SlLYlNRWLHQ PllUl VDD MR ULLWWll <NVLW\LVHW NRXOXW MD SlLYlNRGLW YDOLWVHYDW µSDUKDDWµ SllOWl HLYlWNl RWD HULW\LVODSVLD KRLGHWWDYDNVHHQ /LVlNVL QlPl HLYlW ROH NDLNLOOH PDKGRO OLVLD YDLQ YDUDNNDDW YRLYDW QLLWl YDOLWD

/DKGHQ 6RV GHP 7\|YlHQ\KGLVW\V U\ HVLWWll HWWl

6'3 UDNHQWDD RKMHOPDQ MROOD YlKHQQHWllQ \KWHLVNXQQDOOLVWD HULDUYRLVWXPLVWD MD WRWHXWWDD WHKW\l RKMHOPDD DNWLLYLVHVWL VHXUDDYLHQ YXRVLHQ DLNDQD VLWHQ HWWl VHXUDDYDQ N\PPHQHQ YXRGHQ NXOXHVVD HULDUYRLVWXPLVNHKLW\V RQ S\Vl\WHWW\ MD WRLPLYD K\YLQYRLQWLYDOWLR WXUYDWWX 3XROXHKDOOLWXNVHQ ODXVXQWR 6XRPL RQ SLHQL YLHQWLYHWRLQHQ PDD MRQND PHQHVW\V RQ SHUXVWXQXW MRXVWDYXXWHHQ \K GHVVl WHNHPLVHHQ MD YDVWXXQNDQWRRQ VHNl SRKMRLVPDLVHHQ PDOOLLQ MRQND NHVNHLVHQl WHNLMlQl RQ ROOXW ULLWWlYLHQ WXORQVLLUWRMHQ MD SDOYHOXMHQ WDNDDPLQHQ NDLNNLHQ NDQVDODLVLO OH WXORWDVRVWD WDL DVXLQSDLNDVWD ULLSSXPDWWD

7DORXGHQ HQQDNRLWXD KHLNRPSL NHKLW\V MD JOREDOLVDDWLR DVHWWDYDW Q\W XXGHQODLVLD KDDV WHLWD \KWHLVNXQQDQ NHKLW\NVHOOH MD NLOSDLOXN\Y\Q \OOlSLWlPLVHOOH 7lVVl PXUURNVHVVD P\|V SHULQWHLQHQ WDVD DUYRRQ SHUXVWXYD \KWHLVNXQWDPDOOLPPH RQ NRHWXNVHOOD

.XQWDSXROXHHQD 6'3 RQ ROOXW NDQQDWWDPDVVD NXQWDXXGLVWXVWD WDYRLWWHHQD VHOODLQHQ NXQ WDUDNHQQH MRND Q\N\LVWl SDUHPPLQ YRL YDVWDWD NDVYDYLLQ SDOYHOXKDDVWHLVLLQ WLXNDVVD WDORXVWLODQWHHVVD

+lPHHQOLQQDQ SXROXHNRNRXNVHVVD K\YlNV\WWLLQ 6'3 Q NXQWDSROLWLLNDQ SHUXVOLQMDXN VHW RKMHOPDVVD µ7RLPLYD NXQWD K\YLQYRLYD NXQWDODLQHQµ 1LLQ -RHQVXXQ SXROXHNRNRXN VHVVD NXLQ +HOVLQJLVVl RQ NDQQHWWX KXROWD NXQWDSDOYHOXMHQ NDXSDOOLVWXPLVHV WD \KWHLVYDVWXXQ KHLNNHQHPLVHVWl MD \NVLW\LVHQ SDOYHOXWXRWDQQRQ NDVYXVWD 7lPlQ NH KLW\NVHQ VHXUDXNVHQD ULVNLW HULDUYRLVXXGHQ NDVYXOOH RYDW YRLPLVWXQHHW

(ULW\LVHQ RQJHOPDOOLVWD HSlWDVD DUYR RQ ROOXW MD RQ SHUXVWHUYH\GHQKXROORVVD MRVVD NXQ QDOOLQHQ WRLPLQWD RQ MllQ\W \NVLW\LVWHQ YDLKWRHKWRMHQ MDONRLKLQ NXQ NDQVDLQYlOLVHW WRL PLMDW RYDW WXOOHHW K\YLQYRLQWLSDOYHOXMHQ DUHHQDOOH WDYRLWWHHQD NDVYDWWDD YRLWWRMDDQ NXQWDODLVWHQ NXNNDURVWD <NVLW\LVWlPLQHQ RQ HGHQQ\W P\|V VRVLDDOLSDOYHOXLKLQ MD SLHQHV Vl PllULQ P\|V RSHWXVWRLPHHQ

7lKlQ NRNRQDLVXXWHHQ OLLWW\\ P\|V KDUPDDQ WDORXGHQ WRUMXQWD .XQWLHQ MD PXLGHQ MXO NLVWHQ WRLPLMRLGHQ WXOHH PDKGROOLVXXNVLHQ PXNDDQ YlOWWll ULLSSXYXXWWD VHOODLVLVWD WRLPL MRLVWD MRLOOD RQ VLGRNVLD NDQVDLQYlOLVLLQ SllRPDVLMRLWWDMLLQ

SXROXHKDOOLWXV K\YlNV\L ODDMDQ NXQWDSDOYHOXMHQ MlUMHVWlPLVWl MD WXRWWDPLVWD NRVNHYDQ DVLDNLUMDQ µ6'3 Q NXQWDSDOYHOXVWUDWHJLDµ

.XQWDSDOYHOXVWUDWHJLDVVD WRGHWDDQ HWWl NXQWDSDOYHOXMHQ WXRWDQQRVVD PDUNNLQDW RYDW K\Yl UHQNL PXWWD LVlQQlQ DVHPDDQ QLLWl HL WXOH SllVWll .XQWDODLVWHQ K\YLQYRLQQLQ WDNHHQD RYDW WRLPLYDW SDOYHOXNHWMXW MD K\YLQYRLQQLQ NRNRQDLVXXGHQ KDOOLQWD MRVWD NXQWD YDVWDD .XQQDQ RPDQ WXRWDQQRQ WXOHH ROOD QLLQ YDKYD HWWl NXQWD HL NRVNDDQ MRXGX XO NRSXROLVWHQ DUPRLOOH

6'3 NDQQDWWDD PRQLSXROLVWD SDOYHOXWXRWDQWRD MRVVD P\|V YRLWWRD WDYRLWWHOHPDWWRPLOOD NROPDQQHQ VHNWRULQ WRLPLMRLOOD RQ RPD URROLQVD 0LNlOL NXQQDVVD SllG\WllQ NLOSDLOXWWD PDDQ NXQQDQ XONRSXROLVLD WDKRMD WlUNHlWl RQ HWWl WDUMRXVNLOSDLOXXQ VDDGDDQ PXNDDQ P\|V SDLNDOOLVLD WRLPLMRLWD .LOSDLOXWXNVHVVD RQ DLQD YDUPLVWHWWDYD HWWl VHQ VHXUDXNVH QD SDOYHOXNHWMXW HLYlW KDMRD MD NXQQDQ N\N\ NRNRQDLVYDVWXXVHHQ VlLO\\ 3llW|VHVLW\V 3XROXHNRNRXV YLLWWDD PHQHLOOllQ ROHYLLQ NXQWDUDNHQWHHQ MD VRVLDDOL MD WHUYH \VSDOYHOXMHQ XXGLVWXNVLLQ MD HGHOO\WWll KDOOLWXV MD HGXVNXQWDU\KPll VHNl SXROXHMRKWRD WRLPLPDDQ XXGLVWXVWHQ ORSSXXQVDDWWDPLVHNVL 8XGLVWXVWHQ WR WHXWXPLVWD RQ DNWLLYLVHVWL VHXUDWWDYD MD WXHWWDYD QLLQ HWWl DORLWWHHQ WDYRLWH \KWHLVNXQQDOOLVHQ HULDUYRLVWXPLVHQ YlKHQWlPLVHVWl WRWHXWXX

(GHOOHHQ LUWL YDLKWRHKGRWWRPXXVUHWRULLNDVWD

*OREDDOLVRVLDOLGHPRNUDDWLW *6' U\ Q DORLWH

6RVLDOLGHPRNUDDWWLQHQ OLLNH RQ NRNR ROHPDVVDRORQVD DMDQ WXRWWDQXW MD WDUMRQQXW YDLKWR HKWRMD NXOORLVLOOHNLQ YDOWDUDNHQWHLOOH +LVWRULDQ UDGLNDDOLW VDDYXWXNVHW RYDW VHXUDXVWD SHUllQDQWDPDWWRPDVWD NDPSSDLOXVWD SDUHPSLHQ YDLKWRHKWRMHQ SXROHVWD YDLNND YDOODV VD ROHYDW RYDW GHPRNUDWLRLVVD W\\SLOOLVHVWL ROOHHW LQQRNNDLWD SHUXVWHOHPDDQ RPDD YDOWD DVHPDDQVD WXNHYLD UDNHQWHLWD VLOOl HWWHL WRGHOOLVLD YDLKWRHKWRMD ROH HL SDUHPSLD SllW WlMLl HL SDUHPSLD UDNHQWHLWD HL SDUHPSDD SROLWLLNNDD

6RVLDOLGHPRNUDDWWLVHQ OLLNNHHQ PHUNLW\V SDUHPSLHQ YDLKWRHKWRMHQ MD SDUHPPDQ SROLWLL NDQ WXRWWDMDQD RQ SRKMDXWXQXW VLLKHQ WRVLDVLDDQ HWWl VH RQ DPPHQWDQXW YRLPDQVD Yl HVW|QRVDVWD MROOD HL DONXMDDQ ROOXW HGHV DVHPDD \KWHLVNXQQDOOLVHVVD SllW|NVHQWHRVVD 6LWWHPPLQ NRNR YlHVW| WXOL HGXVWHWXNVL SROLLWWLVHVVD SllW|NVHQWHRVVD MD VRVLDOLGHPR NUDDWWLVHVWD OLLNNHHVWl WXOL VRVLRHNRQRPLVHVWL DMDWHOOHQ DONXSHUlLVWl ODDMHPPDQ U\KPlQ HGXVWDMD .DQVDLQYlOLQHQ RQ VRVLDOLGHPRNUDDWWLQHQ OLLNH ROOXW NRNR ROHPDVVDRORQVD DMDQ WlOO|LQ HLYlW PDDQWLHWHHOOLVHVWL NDXNDLVHPSLHQNDDQ YlHVW|QRVLHQ DVLDW ROH ROOHHW YLHUDLWD JOREDDOL VROLGDDULVXXV MD RLNHXGHQPXNDLVXXV RYDW ROOHHW NHVNHLVLPSLl PRWLLYHMD SXR OXHMlVHQ\\GHOOH

OXYXOOD WDVD DUYRKXLSSXQVD PRQHQ PXXQ OlQVLPDDQ WDYRLQ VDDYXWWDQHHQ \KWHLVNXQ WDPPH OlKLPHQQHLV\\GHVVl VRVLDOLGHPRNUDWLD RQ HKWLQ\W VLLUW\l \KWHLVNXQWDD PXXWWD YDVWD YRLPDVWD RPDQD DLNDQDDQ WRWHXWHWWXMHQ XXGLVWXVWHQ MD \KWHLVNXQWDMlUMHVW\NVHQ SXROXVWDMDNVL 9DLNND MXONLVHQ VHNWRULQ PDUNNLQRLVWDPLQHQ XONRLVWDPLVHW MD \NVLW\LVWl PLVHW HLYlW ROH ROOHHW VRVLDOLGHPRNUDWLDOOH YLHUDLWD RQ SDLNDOODDQ N\V\l PLVVl OLLNH PHQHH .XQ VRVLDOLGHPRNUDDWWLVHQ OLLNNHHQ MRKGRVWDNLQ O|\W\\ YDLKWRHKGRWWRPXXVUHWR ULLNDQ NDQQDWXVWD YDOWDYLUUDVVD ROHYDQ SROLWLLNDQ WXHNVL RQ WXOWX DLPR PDWND OLLNNHHQ DOXQ WLHVWl

*OREDDOLVRVLDOLGHPRNUDDWLW *6' U\ HVLWWll HWWl

6XRPHQ VRVLDOLGHPRNUDDWWLQHQ MRKWR HL SHUXVWHOH SROLLWWLVLD OLQMDXNVLD YDLKWR HKWRMHQ SXXWWHHOOD 3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD PXLVWXWHWDDQ VRVLDOLGHPRNUDDWWLHQ WXRWWDQHHQ MD WDUMRQQHHQ NRNR ROHPDV VDRORQVD DMDQ YDLKWRHKWRMD NXOORLVHOOHNLQ YDOWDUDNHQWHHOOH MD DPPHQWDQHHQ YRLPDQVD QLLVWl MRLOOD HL ROOXW DVHPDD \KWHLVNXQQDOOLVHVVD SllW|NVHQWHRVVD /LVlNVL DORLWWHHVVD ROODDQ KXROLVVDDQ YDLKWRHKGRWWRPXXVUHWRULLNDVWD MRND WXNHH YDOWDYLUUDVVD ROHYDD SROL WLLNNDD

(ULW\LVHVWL KDOOLWXVYDVWXXVVD NRURVWXX WDUYH WXNHD WHKW\Ml SllW|NVLl MRLVWD YDOWDRVD RQ NRPSURPLVVHMD PXLGHQ SXROXHLGHQ NDQVVD 3llW|NVLl HGHOWlQ\W SXROXHHQ VLVlLQHQ XVHLQ K\YLQNLQ HULODLVLD YDLKWRHKWRMD HVLLQWXRQXW NHVNXVWHOX Mll XVHLQ V\UMllQ MD YDLQ ORSSXWX ORV VDD ODDMDD QlN\Y\\WWl 9DLKWRHKWRMD SLWll NXLWHQNLQ DLQD ROOD PXXWHQKDQ HPPH WDUYLWVLVL XVHDPSLD SllWWlMLlNllQ

6LVlLVHVVl WRLPLQQDVVDPPH HVLPHUNLNVL WlKlQ NRNRXNVHHQ YDOPLVWDXGXWWDHVVD RQ MlUMHV WHWW\ SDLNDOOLVHVWL MD DOXHHOOLVHVWL OXNXLVLD WLODLVXXNVLD MRLVVD QLPHQRPDDQ RQ KDOXWWX HVLLQ HULODLVLD YDLKWRHKWRMD .RVNHYDWSD QH VLWWHQ SHUKHSROLWLLNNDD WDL RPLD SHULDDWWHL WDPPH 1lLQ KDOXDPPH MDWNRVVDNLQ WRLPLD MD WXRGD HVLLQ MlVHQ MD NDQQDWWDMDNXQWDP PH PRQLPXRWRLVXXWWD 3llW|VHVLW\V 3XROXHNRNRXV WRWHDD HWWl RQ WlUNHlWl WXRGD DLQD RPDW VRVLDOLGHPRNUDDWWLVHW YDLKWRHKWRPPH HVLLQ

3XROXHHQ SROLLWWLVWD RKMHOPDW\|Wl DYDWWDYD ODDMHPPLQ MlVHQLVW|OOH RPD OLQMD NXQQLDDQ

1XRUVRVLDOLGHPRNUDDWLW 186 U\ Q DORLWH

6'3 RQ SHULQWHLVHVWL ROOXW VXRPDODLVLVWD SXROXHLVWD MRKWDYD SROLLWWLVHQ DMDWWHOXQ MD VLVlO O|QWXRWWDMD ² HGLVW\NVHOOLQHQ \KWHLVNXQQDQ PXXWWDPLVHQ MD NHKLWWlPLVHQ DLUXW 6HQ YDK YD DVHPD NHVNXVWHOXQ MD SllW|NVHQWHRQ DJHQGDQ PXRGRVWDMDQD RQ SHUXVWXQXW N\N\\Q KRXNXWHOOD WRLPLQWDDQ DVLDQWXQWHYLD LKPLVLl VHNl K\|G\QWll KHLGlQ RVDDPLVWDDQ SXROX HHQ YDOPLVWHOXVVD MD SllW|NVHQWHRVVD

3XROXHHQ SROLLWWLVWHQ OLQMDXVWHQ SRKMDW\|Wl OLQMDXNVLD MD HULODLVLD RKMHOPLD YDOPLVWHO ODDQ VXXUHOWD RVLQ SXROXHHQ W\|U\KPLVVl 7\|U\KPLLQ YDOLWXLOOD KHQNLO|LOOl RQ VXXUL PDK GROOLVXXV YDLNXWWDD SXROXHHQ OLQMDDQ .HVNHLVWl RQQLVWXPLVLVVD YXRVLN\PPHQWHQ YDUUHOOD RQ P\|V ROOXW N\N\ RVDOOLVWDD MD LQQRVWDD QlLWl LKPLVLl 2VRLWWDD HWWl KHLGlQ SDQRNVHO ODDQ MD DMDWWHOXOODDQ ² DVLDQWXQWHPXNVHOOD ² RQ WRGHOOLVWD PHUNLW\VWl

7lOOl KHWNHOOl YDOLQQDW W\|U\KPLLQ HLYlW ROH DYRLPLD YDDQ QH WHKGllQ VXOMHWXOOD KDNX PHQHWWHO\OOl 0HQHWWHO\ UDMDD WlUNHlQ W\|Q XONRSXROHOOH PRQLD MRLOOD YRLVL ROOD VLLKHQ RVDOOLVWXPDOOD SDOMRQ DQQHWWDYDD OLLNNHHQ SXROHVWD 1\N\LVHOOl WDYDOOD SXROXH HL VDD Nl\WW||QVl DLQD ODDMLQWD MD WDUNRLWXNVHQPXNDLVLQWD DVLDQWXQWLMXXWWD HUL VHNWRUHLGHQ SROLLWWLVHHQ YDOPLVWHOXXQ

$YRLPXXGHQ MD WRLPLYDPPDQ VLVlOO|QWXRWDQQRQ HGLVWlPLVHNVL 6'3 Q WXOHH DYDWD W\| U\KPLHQ KHQNLO|LGHQ YDOLQWDD VLWHQ HWWl W\|U\KPlW QLLGHQ WHKWlYlQDQQRW MD WDYRLWWHHW ROLVLYDW WLHGRVVD 7\|U\KPLLQ WXOLVL YRLGD KDNHD DYRLPHQ KDXQ NDXWWD HQQDNNRRQ PllUL WHOW\MHQ KDNXNULWHHUHLGHQ PXNDLVHVWL 7\|U\KPLHQ NRNRRQSDQRQ MXONLVWDPLVHQ WXOHH SHUXVWXD MlVHQWHQ YDSDDHKWRLVHHQ KDOXXQ QLLQ HWWl DQRQ\PLWHHWWL RQ P\|V QlLQ KDOXW WDHVVD PDKGROOLVWD VlLO\WWll 0\|V PXLWD WDSRMD RVDOOLVWDD MlVHQLVW|l Q\N\LVWl ODDMHP PLQ RKMHOPDW\|K|Q WXOHH NHKLWWll MD NRNHLOOD

3XROXHHQ W\|U\KPlWRLPLQQDQ WXOHH ROOD P\|V Q\N\LVWl SllPllUlWLHWRLVHPSDD 2KMHOPD W\|Q RQ ROWDYD DLGRVWL SlLYlQSROLWLLNNDD PP KDOOLWXVW\|VNHQWHO\l RKMDDYDD ² HL SlLQYDV WRLQ 3ROLLWWLQHQ NDQQDWXV NXPSXDD SHUXVWHOOXVWD MD SXQQLWXVWD VHONHlVWL YLHVWLW\VWl MD MRKGRQPXNDLVHVWL WRWHXWHWXVWD RPDVWD SROLLWWLVHVWD OLQMDVWD

1XRUVRVLDOLGHPRNUDDWLW 186 U\ HVLWWll HWWl

3XROXHNRNRXV YHOYRLWWDD 6'3 Wl DYDDPDDQ RKMHOPDW\|WllQ VHNl W\|U\KPLHQ WRLPLQWDD ODDMHPPLQ MlVHQLVW|OOHHQ 7\|U\KPLHQ MlVHQKDXNVL MlUMHVWHWWlLVLLQ RKMHOPDNDXVLWWDLQ DYRLQ KDNX MRVVD NXQNLQ KDHWWDYDQ W\|U\KPlQ MlVHQ\\GHQ NULWHHULW MD WDYRLWWHHW ROLVL VHOYlVWL NXYDWWX 2KMHOPDW\|OOH RQ DQQHWWDYD VLOOH NXXOXYD DUYR SXROXHHQ SROLLWWLVHVVD YDOPLVWHOXVVD 3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD YHOYRLWHWDDQ 6'3 Wl DYDDPDDQ RKMHOPDW\|WllQ VHNl W\|U\KPLHQ WRLPLQWDD ODDMHPPLQ MlVHQLVW|OOHHQ 7\|U\KPLHQ MlVHQKDXNVL HVLWHWllQ MlUMHVWHWWlYlNVL RKMHOPD NDXVLWWDLQ DYRLQ KDNX MRVVD NXQNLQ KDHWWDYDQ W\|U\KPlQ MlVHQ\\GHQ NULWHHULW MD WDYRLW WHHW ROLVL VHONHlVWL NXYDWWX

3XROXHHQ W\|U\KPlW\|VNHQWHO\ RQ HULWWlLQ DNWLLYLVWD 7\|U\KPLl MD MDRVWRMD RQ WlOOl KHWNHOOl MD QLLVVl WRLPLL \OL KHQNLO|l 6\NV\OOl WRWHXWHWWLLQ N\VHO\ W\|U\KPL HQ MlVHQLOOH MRVVD NDUWRLWHWWLLQ PP W\\W\YlLV\\WWl Q\N\PDOOLVHHQ W\|VNHQWHO\\Q HKGR WXNVLD W\|U\KPlW\|VNHQWHO\Q WHKRVWDPLVHHQ QlNHP\VWl WRLPHNVLDQWRMHQ WDUSHHOOLVXX WHHQ MD VHONH\WHHQ QlNHP\VWl W\|U\KPlQ MlVHQWHQ RVDDPLVHQ KXRPLRLPLVHHQ DMDQ Nl\WW||Q UHVXUVVHLKLQ VHNl QlNHP\NVLl W\|U\KPlW\|VNHQWHO\Q NHKLWWlPLVHHQ

7lUNHLPSLQl VHLNNRLQD W\|U\KPlW\|VNHQWHO\Q NHKLWWlPLVHVVl QlKWLLQ N\VHO\Q SHUXVWHHOOD VHXUDDYDW VHLNDW NRQNUHHWWLQHQ VHONHl WDYRLWH HOL WRLPHNVLDQWR MD WRLPLQWDVXXQQLWHO PD VXRUDD \KWH\WWl SllW|NVHQWHNRRQ MD SXROXHHQ RKMHOPDW\|K|Q RQ YDKYLVWHWWDYD W\|U\KPlW\|K|Q ROLVL MlUMHVWHWWlYl ULLWWlYlVWL DLNDD MD XXVLHQ DVLDQWXQWHYLHQ NLLQQRVWX QHLGHQ KHQNLO|LGHQ UHNU\WRLQWLLQ RQ SDQRVWHWWDYD

.\VHO\Q SHUXVWHHOOD VHONHlVWL VXXULPPDQ NDQQDWXNVHQ VDL HKGRWXV MRQND PXNDDQ W\| U\KPlW\|VNHQWHO\\Q WXOLVL OXRGD YHUNRVWRW\|VNHQWHO\Q PDOOL 7lVVl PDOOLVVD SXROXH QL PHll SXKHHQMRKWDMDQ MD VLKWHHULQ W\|U\KPlOOH MD WRLPHNVLDQQRVWD ULLSSXHQ DR PLQLVWH ULQ HVLNXQWD MD WDL YDOLRNXQWDU\KPl NRNRDD DOXHHOOLVHVWL NDWWDYDQ YHUNRVWRQ U\KPllQ PXNDDQ 7\|VNHQWHO\VVl K\|G\QQHWWlLVLLQ VlKN|LVWHQ PHQHWHOPLHQ DQWDPLD PDKGROOL VXXNVLD MD WDUYLWWDHVVD PXNDDQ NXWVXWWDYLD DVLDQWXQWLMRLWD 7\|VNHQWHO\\Q RVDOOLVWXLVLYDW PP ODXWDNXQWLHQ MlVHQHW MD DOXHHOOLVHW WRLPLMDW

9DKYDD NDQQDWXVWD VDL P\|V PDOOL MRVVD W\|U\KPlW RYDW YHUNRVWRMD MRWND NRNRDYDW LQQRVWXQHHW LKPLVHW VDDPDDQ WLHWRD MD NRPPHQWRLPDDQ VLWl 7lVVl PDOOLVVD NXND WDKDQ VD YRL LOPRLWWDXWXD PXNDDQ 7LLYLV DVLDQWXQWLMDVLKWHHULVW| ORLVL SRKMD DLQHLVWRW MRLWD W\|U\KPlYHUNRVWR NRPPHQWRL MD MRLWD MDORVWHWDDQ WLHW\Q DLNDUDMDQ SXLWWHLVVD 7lOO|LQ W\|U\KPlQ URROL PXXWWXX YDOPLVWHOHYDVWD WRLPLHOLPHVWl HQHPPlQ VXXUHPSDD MRXNNRD RVDOOLVWDYDDQ MD YDSDDPPLQ LQQRYDDWLRLWD NHKLWWlYllQ VXXQWDDQ 3llW|VHVLW\V 3XROXHNRNRXV \KW\\ DORLWWHHVHHQ RKMHOPDW\|Q MD W\|U\KPLHQ DYDDPLVHVWD ODD MHPPLQ MlVHQLVW|OOHHQ 3XROXHNRNRXNVHQ MlONHHQ WRWHXWHWWDYDQ W\|U\KPLHQ RUJDQLVRLQQLQ \KWH\GHVVl SLORWRLGDDQ VHNl DORLWWHHVVD PDLQLWWX DYRLQ KDNX HW Wl HGHOOl PDLQLWXW NDNVL PDOOLD MRLGHQNLQ W\|U\KPLHQ W\|VNHQWHO\VVl

6'3 WHNHH VHOYLW\NVHQ VRVLDOLGHPRNUDDWWLVHQ DPPDWWL\KGLVW\VOLLN NHHQ WLODVWD MD DPPDWWL\KGLVW\VSROLLWWLVHQ VWUDWHJLDQ

.DOOLRQ 6RVLDOLGHPRNUDDWLW U\ Q MlVHQ 7LPR .lUNNlLVHQ DORLWH

6RVLDOLGHPRNUDWLD RQ NRNR (XURRSDVVD PHQHWWlQ\W XVNRWWDYXXWWDDQ W\|HOlPlQ DVLDQWXQ WLMDQD MD XXVLHQ W\|SDLNNRMHQ OXRMDQD 6DNVDQ SDUODPHQWWLYDDOHLVVD YXRQQD HQVLP PlLVWl NHUWDD NULVWLOOLVGHPRNUDDWWLQHQ &'8 VDL DPPDWWLOLLWWRLKLQ NXXOXYLHQ llQLVWl VXX UHPPDQ RVDQ NXLQ VRVLDOLGHPRNUDDWWLHQ 63'

,WlYDOODQ YDDOHLVVD YXRQQD SDLNDOOLVHW VRVLDOLGHPRNUDDWLW VlLO\LYlW DPPDWWLOLLWWRLKLQ NXXOXYLHQ W\|QWHNLM|LGHQ NHVNXXGHVVD YDLYRLQ VXXULPSDQD SXROXHHQD RKL RLNHLVWRSRSX OLVWLVWHQ SXROXHLGHQ /LLWWRLKLQ NXXOXYLHQ WRLPLKHQNLO|LGHQ VXRVLRVVD RLNHLVWRSRSXOLVWLVHW SXROXHHW RKLWWLYDW VRVLDOLGHPRNUDDWWLHQ 63g Q

0\|V 6XRPHVVD 3HUXVVXRPDODLVHW RQ MRLVVDNLQ PLWWDXNVLVVD PLWDWWX 6XRPHQ VXXULPPDNVL W\|YlHVW|Q SXROXHHNVL RKL 6'3 Q 7RLPLKHQNLO|NHVNXVMlUMHVW| 677. Q WHHWWlPLVVl MlVH QLVW|Q SXROXHNDQWDPLWWDXNVLVVD 6'3 RQ PHQHWWlQ\W DVHPDQVD VHOYlVWL YDKYLPSDQD WRL PLKHQNLO|SXROXHHQD -RLVVDNLQ 677. Q OLLWRLVVD 3HUXVVXRPDODLVWHQ NDQQDWXV RQ DLQDNLQ YlOLOOl QRXVVXW VXXULPPDNVL RKL 6'3 Q NXQ NHVNXVMlUMHVW| RQ WHHWWlQ\W PLWWDXNVLD Ml VHQOLLWWRMHQVD MlVHQWHQ SXROXHNDQQRLVWD

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.DOOLRQ 6RVLDOLGHPRNUDDWLW U\ Q MlVHQ 7LPR .lUNNlLQHQ HWWl

6'3 WHNHH SXROXHNRNRXVNDXGHOOD ODDMDQ MD NDWWDYDQ VHOYLW\NVHQ VRVLDOLGHPRNUDDWWLVHVWD U\KPlWRLPLQQDVWD DPPDWWLOLLWRLVVD 6HOYLW\NVHQ RQ ND WHWWDYD NDLNNL DPPDWLOOLVHW NHVNXVMlUMHVW|W

2VDQD VHOYLW\VWl 6'3 WHHWWll MROODLQ JDOOXSWRLPLVWROOD PLHOLSLGHWXWNLPXNVHQ MRVVD NDUWRLWHWDDQ 6'3 Q SXROXHNDQQDWXV llQHVWlPLQHQ YDDOHLVVD PDKGROOL VLPPDQ NDWWDYDVWL NDLNNLHQ NHVNXVOLLWWRMHQ VLVlOOl MD PDKGROOLVLPPDQ PRQHVVD VHOODLVHVVD DPPDWWLOLLWRVVD MRVVD RQ WDL RQ ROOXW VRVLDOLGHPRNUDDWWLVWD U\KPl WRLPLQWDD 7lPl DQWDD DLGRQ NXYDQ VRVLDOLGHPRNUDWLDQ WLODVWD DPPDWWL\KGLV W\VOLLNNHHVVl MD RQ K\Yl SRKMD PLHWLWWlHVVl WRLPHQSLWHLWl MD QLLGHQ NRKGHQWD PLVWD

6HOYLW\NVHQ SRKMDOWD 6'3 ODDWLL SHUXVWHHOOLVHQ VRVLDOLGHPRNUDDWWLVHQ DPPDWWL \KGLVW\VSROLLWWLVHQ VWUDWHJLDQ MRND NlVLWHOOllQ MD K\YlNV\WllQ YXRGHQ SXROXHNRNRXNVHVVD WDL SXROXHYDOWXXVWRVVD 3XROXHKDOOLWXNVHQ ODXVXQWR $ORLWWHHVVD HVLWHWllQ HWWl 6'3 WHNHH NDWWDYDQ VHOYLW\NVHQ VRVLDOLGHPRNUDDWWLVHVWD U\K PlWRLPLQQDQ WLODVWD HUL DPPDWWLOLLWRLVVD WXWNLWXWWDD 6'3 Q NDQQDWXNVHQ HUL DPPDWWLOLLW WRMHQ MlVHQWHQ NHVNXXGHVVD MD ODDWLL VWUDWHJLDQ NDQQDWXNVHQ NDVYDWWDPLVHNVL

.XWHQ DORLWWHHVVDNLQ WRGHWDDQ RQ DPPDWWLOLLWWRMHQ VRV GHP U\KPlWRLPLQQDQ DNWLLYL VXXV K\YLQ HULODLVWD HUL DPPDWWLOLLWRLVVD /LVlNVL OLLWWRMHQ U\KPlWRLPLQQDQ DNWLLYLVXXV YDLKWHOHH HUL DLNRLQD

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3XROXHKDOOLWXNVHQ WHKWlYlQl RQ PLHWWLl SXROXHNRNRXVNDXGHQ SXROXHYDOWXXVWRMHQ VHNl NDXGHQ SllWWlYlQ SXROXHNRNRXNVHQ NlVLWWHO\\Q OlKHWHWWlYLVWl DVLDNLUMRLVWD RKMHOPLVWD MD VWUDWHJLRLVWD 3llW|VHVLW\V

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