Prop. 1999/2000:52

Förstärkt strålskydd



5HJHULQJHQVSURSRVLWLRQ 

)|UVWlUNWVWUnOVN\GG

5HJHULQJHQ|YHUOlPQDUGHQQDSURSRVLWLRQWLOOULNVGDJHQ

6WRFNKROPGHQMDQXDUL

*|UDQ3HUVVRQ

.MHOO/DUVVRQ

0LOM|GHSDUWHPHQWHW

3URSRVLWLRQHQVKXYXGVDNOLJDLQQHKnOO

,SURSRVLWLRQHQI|UHVOnVlQGULQJDULVWUnOVN\GGVODJHQ)|UVOD JHQlUI|UDQOHGGDIUlPVWDYDWWHWWQ\WW(XUDWRPGLUHNWLYRPIDVWVWlOODQGH DY JUXQGOlJJDQGH VlNHUKHWVQRUPHU WLOO I|OMG DY MRQLVHUDQGH VWUnOQLQJ (XUDWRPWUlGHULNUDIWGHQPDM'HVVXWRPI|UHVOnVQnJUD MXVWHULQJDU L VWUnOVN\GGVODJHQ L DQOHGQLQJ DY DQGUD (XUDWRPGLUHNWLY Sn RPUnGHW

)|UVODJHWWLOOlQGULQJDULVWUnOVN\GGVODJHQLQQHElULKXYXGVDNI|OMDQGH cOGHUVJUlQVHQI|UDUEHWHPHGMRQLVHUDQGHVWUnOQLQJK|MVWLOOnU8WI|U VHO DY VnGDQW UDGLRDNWLYW lPQH VRP LQWH XWJ|U NlUQlPQH HQOLJW ODJHQ RPVWUDWHJLVNDSURGXNWHUEOLUWLOOVWnQGVSOLNWLJW'HVVXWRPI| UHVOnV DWW GHW XWWU\FNOLJHQ DQJHV L ODJHQ DWW WLOOVWnQGVSOLNW NUlYV I|U GHSRQHULQJ nWHUYLQQLQJ HOOHU nWHUDQYlQGQLQJ DY YLVVW UDGLRDNWLYW PDWHULDO 'HVVD lQGULQJDU I|UDQOHGHU HQ PRWVYDUDQGH XWYLGJQLQJ DY VWUnOVN\GGVODJHQV DQVYDUVEHVWlPPHOVHU 6OXWOLJHQ EOLU VWUnOVN\GGVODJHQV UHJOHUWLOOlPSOLJDlYHQSnH[WHUQDDUEHWVWDJDUHGYVODJHQEOLUWLOOlPSOLJ lYHQSnDUEHWVWDJDUHVRPXWI|UDUEHWHLDQVOXWQLQJWLOOHQVWUnONlOODXWDQ DWWYDUDDQVWlOOGDDYGHQVRPEHGULYHUYHUNVDPKHWHQPHGVWUnOQLQJ

/DJlQGULQJDUQDI|UHVOnVWUlGDLNUDIWGHQPDM

3URS 

3URS



,QQHKnOOVI|UWHFNQLQJ

)|UVODJWLOOULNVGDJVEHVOXW  )|UVODJWLOOODJRPlQGULQJLVWUnOVN\GGVODJHQ  bUHQGHWRFKGHVVEHUHGQLQJ   'HQ(*UlWWVOLJDUHJOHULQJHQ  

'HWJUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYHW  gYULJ(*UlWWSnVWUnOVN\GGVRPUnGHW  *HQRPI|UDQGHWLVYHQVNUlWW  

1DWXUOLJVWUnOQLQJ  *UXQGOlJJDQGHSULQFLSHUI|UVWUnOVN\GGHW  8WYLGJDGWLOOlPSQLQJDYVWUnOVN\GGVODJHQWLOOVNH[WHUQDDUEHWV

WDJDUHRFKGHUDVDUEHWVJLYDUH  

+|MQLQJDYnOGHUVJUlQVHQI|UDUEHWHPHGVWUnOQLQJ  8WYLGJQLQJDYWLOOVWnQGVNUDYI|UKDQWHULQJDYRFKXWI|UVHODYUDGLR

DNWLYDlPQHQ   7LOOVWnQGVSOLNWI|UGHSRQHULQJnWHUYLQQLQJRFKnWHUDQYlQGQLQJ

DYUDGLRDNWLYWPDWHULDO  

8W|NDGWLOOVWnQGVSOLNWI|UXWI|UVHODYUDGLRDNWLYDlPQHQ  8WYLGJDGHDQVYDUVEHVWlPPHOVHU  

.RQVHNYHQVEHG|PQLQJ   ,NUDIWWUlGDQGH   )|UIDWWQLQJVNRPPHQWDU   %LODJD3URPHPRULDQVODJI|UVODJ   %LODJD)|UWHFNQLQJ|YHUUHPLVVLQVWDQVHUQD  %LODJD5HPLVVDPPDQVWlOOQLQJ   %LODJD/DJUnGVUHPLVVHQVODJI|UVODJ  %LODJD/DJUnGHWV\WWUDQGH  8WGUDJXUSURWRNROOYLGUHJHULQJVVDPPDQWUlGHGHQMDQXDUL  5lWWVGDWDEODG

3URS



 )|UVODJWLOOULNVGDJVEHVOXW

5HJHULQJHQI|UHVOnUDWWULNVGDJHQ

DQWDU UHJHULQJHQV I|UVODJ WLOO ODJ RP lQGULQJ L VWUnOVN\GGVODJHQ 

3URS



 )|UVODJWLOOODJRPlQGULQJLVWUnOVN\GGVODJHQ 

5HJHULQJHQKDUI|OMDQGHI|UVODJWLOOODJWH[W

+lULJHQRPI|UHVNULYV



LIUnJDRPVWUnOVN\GGVODJHQ

GHOVDWWRFKVNDOOKDI|OMDQGHO\GHOVH GHOVDWW GHW L ODJHQ VNDOO LQI|UDV HQ Q\ SDUDJUDI D DY I|OMDQGH

O\GHOVH

1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH

D 6N\OGLJKHWHUQD HQOLJW  RFK  RPIDWWDU lYHQ GHQ VRP XWDQ DWW EHGULYD YHUNVDPKHW PHG VWUnOQLQJ V\VVHOVlWWHU QnJRQ I|U DWW XWI|UD DUEHWH GlU VnGDQ YHUNVDPKHW EHGULYV 6N\OGLJKHWHUQD JlOOHU L GHQ XWVWUlFNQLQJ VRP GHW EHK|YV I|U DWW VN\GGD GHQ VRP XWI|U DUEHWHW PRW VNDGOLJ YHUNDQ DY VWUnOQLQJ



'HQVRPlUV\VVHOVDWWLYHUNVDPKHW PHG VWUnOQLQJ VNDOO DQYlQGD GH VN\GGVDQRUGQLQJDU RFK YLGWD GH nWJlUGHUL|YULJWVRPEHK|YVI|UDWW VWUnOVN\GGHWVNDOOIXQJHUDWLOOIUHGV VWlOODQGH

'HQVRPlUV\VVHOVDWWLYHUNVDPKHW PHG VWUnOQLQJ HOOHU XWI|U DUEHWH

GlU VnGDQ YHUNVDPKHW EHGULYV

VNDOO DQYlQGD GH VN\GGVDQRUG QLQJDU RFK YLGWD GH nWJlUGHU L |Y ULJWVRPEHK|YVI|UDWWVWUnOVN\GGHW VNDOOIXQJHUDWLOOIUHGVVWlOODQGH



'HQ VRP lU XQGHU  nU InU LQWH V\VVHOVlWWDVLDUEHWHVRPlUI|UHQDW PHGMRQLVHUDQGHVWUnOQLQJ

'HQ VRP lU XQGHU  nU InU LQWH V\VVHOVlWWDV L YHUNVDPKHW VRP lU

I|UHQDGPHGMRQLVHUDQGHVWUnOQLQJ 8QGDQWDJInUHQGDVWJ|UDVI|UGHQ



-IUUnGHWVGLUHNWLY(85$720DYGHQGHFHPEHURPSUDNWLVNWVWUnOVN\GG

I|UH[WHUQDDUEHWVWDJDUHVRPO|SHUULVNDWWXWVlWWDVI|UMRQLVHUDQGHVWUnOQLQJLVLQYHUNVDPKHW LQRPNRQWUROOHUDGHRPUnGHQ(*7/V&HOH[/UnGHWV GLUHNWLY(85$720DYGHQPDMRPIDVWVWlOODQGHDYJUXQGOlJJDQGH VlNHUKHWVQRUPHUI|UVN\GGDYDUEHWVWDJDUQDVRFKDOOPlQKHWHQVKlOVDPRWGHIDURUVRP XSSVWnUWLOOI|OMGDYMRQLVHUDQGHVWUnOQLQJ(*7/V&HOH[/RFK UnGHWVI|URUGQLQJ(85$720QUDYGHQMXQLRPWUDQVSRUWDYUDGLRDNWLYD lPQHQPHOODQPHGOHPVVWDWHU(*7/V&HOH[5

3URS



1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH

VRP I|U VLQ XWELOGQLQJ PnVWH EH IDWWD VLJ PHG UDGLRDNWLYD lPQHQ HOOHUPHGHQWHNQLVNDQRUGQLQJVRP NDQDOVWUDMRQLVHUDQGHVWUnOQLQJ

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU PHGGHODVlUVNLOGDI|UHVNULIWHUL IUnJD RP DUEHWVWDJDUH XQGHU  nU

VRPXWI|UVnGDQWDUEHWH

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU PHGGHODVlUVNLOGDI|UHVNULIWHUL

IUnJD RP GHP VRP lU XQGHU  nU

RFK VRP V\VVHOVlWWV L YHUNVDPKHW PHGVWUnOQLQJ



7LOOVWnQGNUlYVI|UDWW

WLOOYHUND WLOO ODQGHW LQI|UD WUDQVSRUWHUD VDOXI|UD |YHUOnWD XSSOnWD I|UYlUYD LQQHKD HOOHU DQ YlQGDHWWUDGLRDNWLYWlPQH

7LOOVWnQGNUlYVI|UDWW

WLOOYHUND WLOO ODQGHW LQI|UD WUDQVSRUWHUD VDOXI|UD |YHUOnWD XSSOnWDI|UYlUYDLQQHKDDQYlQGD

GHSRQHUD nWHUYLQQD HOOHU nWHUDQ YlQGDHWWUDGLRDNWLYWlPQHHOOHUHWW PDWHULDOVRPLQQHKnOOHUUDGLRDNWLYD lPQHQ

WLOOYHUNDWLOOODQGHWLQI|UDVDOXI|UD|YHUOnWDXSSOnWDI|UYlUYDLQ QHKDDQYlQGDLQVWDOOHUDHOOHUXQGHUKnOODHQWHNQLVNDQRUGQLQJVRPNDQ RFKlUDYVHGGDWWVlQGDXWMRQLVHUDQGHVWUnOQLQJHOOHUVnGDQGHODYDQRUG QLQJHQVRPlUDYYlVHQWOLJEHW\GHOVHIUnQVWUnOQLQJVV\QSXQNW

WLOOYHUNDWLOOODQGHWLQI|UDVDOXI|UD|YHUOnWDXSSOnWDI|UYlUYDLQ QHKDDQYlQGDLQVWDOOHUDHOOHUXQGHUKnOODDQGUDWHNQLVNDDQRUGQLQJDUlQ VnGDQD VRP DYVHV L  RFK VRP NDQ DOVWUD MRQLVHUDQGH VWUnOQLQJ RFK I|U YLOND UHJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU I|UH VNULYLWNUDYSnWLOOVWnQG

IUnQ ODQGHW XWI|UD UDGLRDNWLYW DYIDOO

IUnQ ODQGHW XWI|UD UDGLRDNWLYW

lPQHRPLQWHWLOOVWnQGILQQVHQOLJW ODJHQ  RP VWUDWHJLVND SURGXNWHU



7LOOE|WHUHOOHUIlQJHOVHLK|JVWWYnnUG|PVGHQVRPPHGXSSVnWHOOHUDY RDNWVDPKHW

EU\WHU PRW  I|UVWD VW\FNHW HOOHUHOOHU

EU\WHU PRW  I|UVWD VW\FNHW HOOHUHOOHU

EU\WHUPRWI|UHVNULIWVRPPHGGHODWVPHGVW|GDYI|UVWDVW\FNHW  DQGUD VW\FNHW    DQGUD VW\FNHW   I|UVWD VW\FNHWHOOHU

EU\WHUPRWYLOONRUVRPPHGGHODWVPHGVW|GDYHOOHU EU\WHU PRW I|UHOlJJDQGH HOOHU I|UEXG VRP PHGGHODWV PHG VW|G DY I|UVWDVW\FNHW

BBBBBBBBB

'HQQDODJWUlGHULNUDIWGHQPDM

3URS



 bUHQGHWRFKGHVVEHUHGQLQJ

6WDWHQVVWUnOVN\GGVLQVWLWXWKDUWLOO0LOM|GHSDUWHPHQWHWNRPPLWLQPHGHQ VNULYHOVHPHGI|UVODJWLOOYLVVDlQGULQJDULVWUnOVN\GGVODJVWLIWQLQJHQPHG DQOHGQLQJ DY EOD HWW Q\WW JUXQGOlJJDQGH (*GLUHNWLY RP VWUnOVlNHUKHW 'LUHNWLYHWVRPHUVlWWHUHWWlOGUHGLUHNWLYLQRPVDPPDRPUnGHLQQHKnOOHU JUXQGNUDY I|U DQYlQGQLQJHQ DY MRQLVHUDQGH VWUnOQLQJ L V\IWH DWW VN\GGD DUEHWVWDJDUHRFKEHIRONQLQJHQIUnQVNDGHYHUNQLQJDUDYVnGDQVWUnOQLQJ

,QRP0LOM|GHSDUWHPHQWHWKDUPHG6WUnOVN\GGVLQVWLWXWHWVVNULYHOVHVRP JUXQG XWDUEHWDWV HQ GHSDUWHPHQWVSURPHPRULD )|UVWlUNW VWUnOVN\GG 'V  3URPHPRULDQ KDU UHPLVVEHKDQGODWV 3URPHPRULDQV ODJI|UVODJ ILQQVLELODJD(QI|UWHFNQLQJ|YHUUHPLVVLQVWDQVHUQDILQQVLELODJD RFKHQVDPPDQVWlOOQLQJDYUHPLVVYDUHQILQQVLELODJD

5HJHULQJHQ EHVOXWDGH GHQ  GHFHPEHU  DWW LQKlPWD /DJUnGHWV \WWUDQGH |YHU GHW ODJI|UVODJ VRP ILQQV L ELODJD  /DJUnGHWV \WWUDQGH ELIRJDV VRP ELODJD  5HJHULQJHQ KDU I|OMW /DJUnGHWV V\QSXQNWHU EHWUlIIDQGHXWIRUPQLQJHQDYGHQI|UHVODJQDD,|YULJWNRPPHQWHUDV /DJUnGHWVV\QSXQNWHUXQGHUDYVQLWW

 'HQ(*UlWWVOLJDUHJOHULQJHQ

$WW 6YHULJH EOHY PHGOHP L (XURSHLVND XQLRQHQ LQQHEDU VDPWLGLJW DWW 6YHULJH DQVO|W VLJ WLOO (XURSHLVND DWRPHQHUJLJHPHQVNDSHQ (XUDWRP %HVWlPPHOVHUQDLNDSLWOHWRPKlOVRVN\GGL(XUDWRPI|UGUDJHWDUWLNODUQD  WDU VLNWH Sn VWUnOVN\GGHW (XURSHLVND XQLRQHQV PLQLVWHUUnG IDVWVWlOOHU JUXQGOlJJDQGH QRUPHU I|U K|JVWD WLOOnWQD GRVHU H[SRQHULQJ RFKNRQWDPLQDWLRQRFKGHJUXQGOlJJDQGHSULQFLSHUQDI|UKlOVRNRQWUROODY DUEHWVWDJDUQD9DUMHPHGOHPVVWDWlUVN\OGLJDWWXWIlUGDEHVWlPPHOVHUVRP VlNHUVWlOOHUHIWHUOHYQDGHQDYGHJUXQGOlJJDQGHQRUPHUQD.RPPLVVLRQHQ VNDOO XQGHUUlWWDV RP GH QDWLRQHOOD EHVWlPPHOVHUQD RFK DOOD I|UVODJ WLOO lQGULQJDUVRPJ|UVLGHP

 'HWJUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYHW

0HGVW|GDYEHVWlPPHOVHUQDLNDSLWOHWRPKlOVRVN\GGL(XUDWRPI|UGUDJHW KDU Sn VWUnOVN\GGVRPUnGHW XWDUEHWDWV HQ RPIDWWDQGH VHNXQGlUUlWW 'HQ YLNWLJDVWH VHNXQGlUUlWWHQ XWJ|UV DY UnGHWV GLUHNWLY (XUDWRP DY GHQMXOLRPIDVWVWlOODQGHDYJUXQGOlJJDQGHVlNHUKHWVQRUPHUI|U VN\GGDYDUEHWVWDJDUQDVRFKDOOPlQKHWHQVKlOVDPRWGHIDURUVRPXSSVWnU WLOO I|OMG DY MRQLVHUDQGH VWUnOQLQJ (*7 /   V  &HOH[ / PHG WLOOlJJ (XUDWRP (*7 /   V  &HOH[/'HWWDGLUHNWLYNRPPHUIUnQRFKPHGGHQPDM DWWHUVlWWDVDYHWWQ\WWJUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYUnGHWVGLUHNWLY (XUDWRP DY GHQ  PDM  RP IDVWVWlOODQGH DY JUXQGOlJJDQGH

3URS



VlNHUKHWVQRUPHUI|UVN\GGDYDUEHWVWDJDUQDVRFKDOOPlQKHWHQVKlOVDPRW GH IDURU VRP XSSVWnU WLOO I|OMG DY MRQLVHUDQGH VWUnOQLQJ (*7 /  V&HOH[/'HWE\JJHULDOOWYlVHQWOLJWSnWLGLJDUH JLYQD VWUnOVN\GGVUHNRPPHQGDWLRQHU IUnQ ,QWHUQDWLRQDO &RPPLVVLRQ RQ 5DGLRORJLFDO 3URWHFWLRQ ,&53 RFK LQQHElU GlUI|U LQJD UDGLNDOD RPYlUGHULQJDU DY ULVNHUQD PHG VWUnOQLQJ 'LUHNWLYHW JUXQGDU VLJ Sn DUWLNODUQD  RFK  L (XUDWRPI|UGUDJHW (Q YLVV GLVNXVVLRQ KDU I|UHNRPPLW PHOODQ 6YHULJH RFK (*NRPPLVVLRQHQ DQJnHQGH YLOND DQSDVVQLQJDUVRPEHK|YHUJ|UDVPHGKlQV\QWLOOGHWQ\DGLUHNWLYHW'HW Q\D GLUHNWLYHW I|UDQOHGHU YLVVD |YHUYlJDQGHQ RP lQGULQJDU L VWUnOVN\GGVODJHQ

 gYULJ(*UlWWSnVWUnOVN\GGVRPUnGHW

)|UXWRP GHW JUXQGOlJJDQGH VWUnOVN\GGVGLUHNWLYHW ILQQV HWW DQWDO DQGUD FHQWUDOD GLUHNWLY RFK I|URUGQLQJDU ([HPSHO Sn GHWWD lU GHW VN SDWLHQWGLUHNWLYHWGYVUnGHWVGLUHNWLY(XUDWRPDYGHQVHSWHPEHU RPIDVWVWlOODQGHDYJUXQGOlJJDQGHVWUnOVN\GGVnWJlUGHUI|USHUVRQHU VRP JHQRPJnU PHGLFLQVN XQGHUV|NQLQJ HOOHU EHKDQGOLQJ (*7 / V&HOH[/'HWWDGLUHNWLYNRPPHUDWWHUVlWWDVDY UnGHWVGLUHNWLY(XUDWRPRPVN\GGDYPlQQLVNRUVKlOVDPRWIDURU PHGMRQLVHUDQGHVWUnOQLQJLVDPEDQGPHGPHGLFLQVNDEHVWUnOQLQJDU(*7 /V&HOH[/VRPWUlGHULNUDIWVDPWLGLJWVRP GHWQ\DJUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYHW

9LGDUHNRPSOHWWHUDVGHWJUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYHWDYUnGHWV GLUHNWLY(XUDWRPDYGHQGHFHPEHURPSUDNWLVNWVWUnOVN\GG I|UH[WHUQDDUEHWVWDJDUHVRPO|SHUULVNDWWXWVlWWDVI|UMRQLVHUDQGHVWUnO QLQJ L VLQ YHUNVDPKHW LQRP NRQWUROOHUDGH RPUnGHQ (*7 /   V  &HOH[ / 'HW GLUHNWLYHW LQQHKnOOHU EHVWlP PHOVHURPGHWSUDNWLVNDVN\GGHWI|UGHQVRPLVLWWDUEHWHNRPPHULNRQ WDNWPHGVWUnOQLQJXWDQDWWYDUDDQVWlOOGDYGHQVRPEHGULYHUYHUNVDPKH WHQPHGVWUnOQLQJ

%HVWlPPHOVHURPHWWWLOOVWnQGVI|UIDUDQGHYLGWUDQVSRUWHUDYUDGLRDNWLYW DYIDOOVDPWEHJUlQVQLQJDULUlWWHQWLOOH[SRUWWLOOOlQGHUXWDQI|UJHPHQVND SHQILQQVLUnGHWVGLUHNWLY(XUDWRPDYGHQIHEUXDULRP|YHU YDNQLQJRFKNRQWUROODYWUDQVSRUWDYUDGLRDNWLYWDYIDOOPHOODQPHGOHPV VWDWHUVDPWWLOORFKIUnQJHPHQVNDSHQ(*7/V&HOH[ /,UnGHWVI|URUGQLQJDYGHQMXQL(*7/ V&HOH[5UHJOHUDVWUDQVSRUWDYUDGLRDNWLYDlPQHQ PHOODQPHGOHPVVWDWHU

'HQ VLVWQlPQGD I|URUGQLQJHQ RFK GLUHNWLYHW RP SUDNWLVNW VWUnOVN\GG I|U H[WHUQD DUEHWVWDJDUH I|UDQOHGHU RFNVn |YHUYlJDQGHQ RP lQGULQJDU L VWUnOVN\GGVODJHQ

 *HQRPI|UDQGHWLVYHQVNUlWW

'LUHNWLYHQRPVWUnOVN\GGNDQWLOOVWRUDGHODUJHQRPI|UDVJHQRPI|URUG QLQJVlQGULQJDUHOOHUI|UHVNULIWHUIUnQ6WDWHQVVWUnOVN\GGVLQVWLWXWPHGVW|G

3URS



DYEHILQWOLJDEHP\QGLJDQGHQLVWUnOVN\GGVODJVWLIWQLQJHQ,GHSDUWHPHQWV SURPHPRULDQGLVNXWHUDVYLVVDnWJlUGHUVRPEHG|PVNXQQDJHQRPI|UDVL I|URUGQLQJVIRUP 6WUnOVN\GGVLQVWLWXWHW KDU HIWHU EHDNWDQGH DY (*NRP PLVVLRQHQV V\QSXQNWHU KLWWLOOV XWIlUGDW I|UHVNULIWHU RP EHUlWWLJDQGH RS WLPHULQJ RFK GRVJUlQVHU 66,)6  RP GRVPlWQLQJ 66,)6 RPNDWHJRULLQGHOQLQJ 66,)6  VDPW RP OlNDUXQGHUV|N QLQJ 66,)6  )|UHVNULIWHUQD LQQHElU HQ (*DQSDVVQLQJ DY GH I|UHVNULIWHU RFK YLOONRU VRP JlOOGH WLGLJDUH (QOLJW DQVOXWQLQJVI|UGUDJHW I|U 6YHULJH JlOOGH HQ WYnnULJ |YHUJnQJVSHULRG EHWUlIIDQGH (*V JUXQG OlJJDQGH VWUnOVN\GGVEHVWlPPHOVHU L KlQGHOVH DY DWW 6YHULJH LQWH VNXOOH KLQQDVOXWI|UDVLWWDQSDVVQLQJVDUEHWHLQQDQWLGSXQNWHQI|UDQVOXWQLQJWLOO XQLRQHQ$YVDPPD VNlO JlOOGH HQ WYnnULJ |YHUJnQJVSHULRG EHWUlIIDQGH GLUHNWLYHWRPVN\GGI|UH[WHUQDDUEHWVWDJDUHVRPO|SHUULVNDWWXWVlWWDVI|U MRQLVHUDQGH VWUnOQLQJ L VLQ YHUNVDPKHW LQRP NRQWUROOHUDGH RPUnGHQ (XUDWRP

,VDPEDQGPHG6YHULJHVLQWUlGHL(8JMRUGHVYLVVDlQGULQJDULVWUnO VN\GGVODJHQODJHQRPNlUQWHNQLVNYHUNVDPKHWRFK GHQ Gn JlOODQGH ODJHQ  RP VWUDWHJLVND SURGXNWHU VH SURS  EHW 18 UVNU 6WUnOVN\GGVODJHQV WLOOlPSQLQJVRPUnGHXWYLGJDGHVWLOODWWRPIDWWDWLOOVWnQGVSU|YQLQJYLGH[ SRUWDYUDGLRDNWLYWDYIDOO9LVVDJUXQGOlJJDQGHEHJUlQVQLQJDULUlWWHQWLOO H[SRUWWRJVRFNVnLQLODJHQ

'H QX DNWXHOOD GLUHNWLYHQ I|UDQOHGHU YLVVD \WWHUOLJDUH |YHUYlJDQGHQ DQJnHQGHNRPSOHWWHULQJDUDYEHILQWOLJODJVWLIWQLQJ 'HVVD |YHUYlJDQGHQ UHGRYLVDVXQGHUDYVQLWWHQ±

 1DWXUOLJVWUnOQLQJ

5HJHULQJHQV EHG|PQLQJ 'HW EHK|YV LQJHQ \WWHUOLJDUH ODJVWLIWQLQJ RPVN\GGHWPRWQDWXUOLJVWUnOQLQJ

3URPHPRULDQVEHG|PQLQJ|YHUHQVVWlPPHUPHGUHJHULQJHQV 5HPLVVLQVWDQVHUQD 'H IOHVWD UHPLVVLQVWDQVHUQD KDU LQWH LQYlQW PRW EHG|PQLQJHQ L SURPHPRULDQ 8SSVDOD XQLYHUVLWHW DQVHU GRFN DWW DUJX PHQWHULQJHQ L SURPHPRULDQ LQWH lU KHOW |YHUW\JDQGH RFK KDU DQI|UW DWW VlUVNLOGDODJVWLIWQLQJVnWJlUGHUPnVWHYLGWDVI|UDWWIXOOWXWnWHUVSHJODYDG GLUHNWLYHWNUlYHU'HWNDQHQOLJWXQLYHUVLWHWHWLQWHXWHVOXWDVDWWGHWXSS NRPPHUJUlQVIDOOGlUEHJUHSSHWPLOM|IDUOLJYHUNVDPKHWLPLOM|EDONHQLQWH KHOWNDQDQVHVWlFNDHQVnGDQH[SRQHULQJI|UQDWXUOLJVWUnOQLQJVRPDYVHV L GLUHNWLYHW YDUI|U XQLYHUVLWHWHW DQVHU DWW VlUVNLOGD ODJVWLIWQLQJVnWJlUGHU PnVWHYLGWDVI|UDWWODJVWLIWQLQJHQIXOOWXWVNDOOnWHUVSHJODYDGGLUHNWLYHW NUlYHU6WDWHQVVWUnOVN\GGVLQVWLWXWKDUDQI|UWDWWGHWlUYLNWLJWDWWVNDSDHQ P|MOLJKHW DWW UHJOHUD DOO \UNHVH[SRQHULQJ QlU Vn lU SnNDOODW IUnQ VWUnO VN\GGVV\QSXQNW RFK DWW P\QGLJKHWHQ PnVWH NXQQD PHGGHOD I|UHVNULIWHU I|U DOO YHUNVDPKHW GlU DUEHWVWDJDUH XWVlWWV I|U QDWXUOLJ VWUnOQLQJ VnVRP YLGIO\JSODQVGULIWDUEHWHPHGPLQHUDOHURFKELREUlQVOHQHOOHUYLGLQWHU YHQWLRQHU

3URS



6NlOHQI|UUHJHULQJHQVI|UVODJ'HWQ\DJUXQGOlJJDQGHVWUnOVN\GGVGL UHNWLYHWlUWLOOlPSOLJWlYHQSnYHUNVDPKHWHUGlUI|UHNRPVWHQDYQDWXUOLJD VWUnONlOORUDYYLVVW\SPHGI|UDWWDUEHWVWDJDUQDHOOHUDOOPlQKHWHQXWVlWWV I|U EHVWUnOQLQJ L VnGDQ RPIDWWQLQJ DWW GHWWD LQWH NDQ I|UELVHV IUnQ VWUnO VN\GGVV\QSXQNW 'HWWD LQQHElU HQ XWYLGJQLQJ DY WLOOlPSQLQJVRPUnGHW MlPI|UW PHG GHW lOGUH VWUnOVN\GGVGLUHNWLYHW 'lUI|U DNWXDOLVHUDV IUnJDQ RPGHQVYHQVNDODJVWLIWQLQJHQlUWLOOUlFNOLJLIUnJDRPVN\GGHWPRWQD WXUOLJVWUnOQLQJ

$UWLNHOLGLUHNWLYHWKlQYLVDUQlUPDUHWLOOGHVVVMXQGHDYGHOQLQJDU WLNODUQD    'HVVD DUWLNODU LQQHKnOOHU EHVWlPPHOVHU RP VN\GG PRW EHW\GDQGH |NQLQJDU DY EHVWUnOQLQJHQ Sn JUXQG DY QDWXUOLJD VWUnONlOORU (QOLJWDUWLNHOlUPHGOHPVVWDWHUQDVN\OGLJDDWWVlNHUVWlOODDWWGHYHUN VDPKHWHULYLONDQDWXUOLJWI|UHNRPPDQGHUDGLRDNWLYDlPQHQI|UHNRPPHU LGHQWLILHUDV PHG KMlOS DY XQGHUV|NQLQJDU HOOHU DQGUD OlPSOLJD PHWRGHU 'LUHNWLYHW DQJHU DWW L V\QQHUKHW VnGDQD YHUNVDPKHWHU RPIDWWDV GlU DU EHWVWDJDUHRFKHQVNLOGDXWVlWWVI|UWRURQHOOHUUDGRQG|WWUDUJDPPDVWUnO QLQJHOOHUQnJRQDQQDQEHVWUnOQLQJSnDUEHWVSODWVHUWH[NXURUWHUJURWWRU JUXYRU XQGHUMRUGLVND DUEHWVSODWVHU RFK YLVVD DUEHWVSODWVHU RYDQ MRUG L EHVWlPGD RPUnGHQ 9LGDUH RPIDWWDV YHUNVDPKHWHU VRP LQQHElU DUEHWH PHGRFKODJULQJDYPDWHULDOYLONDYDQOLJHQ LQWH EHWUDNWDV VRP UDGLRDN WLYD PHQ VRP LQQHKnOOHU QDWXUOLJW I|UHNRPPDQGH UDGLRQXNOLGHU VRP PHGI|U DWW DUEHWVWDJDUH HOOHU HQVNLOGD XWVlWWV I|U VWUnOQLQJ L EHW\GOLJW VW|UUH RPIDWWQLQJ lQ QRUPDOW OLNDVn YHUNVDPKHWHU VRP OHGHU WLOO XSS NRPVW DY UHVWSURGXNWHU PHG VDPPD HJHQVNDSHU 6OXWOLJHQ DQJHV IO\J SODQVGULIW GlUPHG DYVHV GHQ NRVPLVND EHVWUnOQLQJ VRP VlUVNLOW IO\J SODQVEHVlWWQLQJDUXWVlWWVI|ULDUEHWHW8W|YHUNUDYHWSnDWWYHUNVDPKHWHU QDLGHQWLILHUDVPHGKMlOSDYXQGHUV|NQLQJDURFKDQGUDOlPSOLJDPHWRGHU I|UHOLJJHUGRFNLQJHQDEVROXWVN\OGLJKHWI|UPHGOHPVVWDWHUQDDWWYLGWDJD nWJlUGHUHQOLJWGLUHNWLYHWJHQWHPRWYHUNVDPKHWHUDYQ\VVQlPQWVODJ$Y DUWLNHOI|OMHUQlPOLJHQDWWVN\OGLJKHWI|UPHGOHPVVWDWHUQDDWWYLGWD GHROLNDVN\GGVnWJlUGHUVRPI|UHVNULYVLDUWLNODUQDRFKHQGDVWI| UHOLJJHULGHQXWVWUlFNQLQJPHGOHPVVWDWHUQDI|UNODUDWDWWH[SRQHULQJHQI|U GHQQDWXUOLJDVWUnONlOODQEHK|YHUXSSPlUNVDPPDVRFKPnVWHEOLI|UHPnO I|UNRQWUROO,GHQPnQHQPHGOHPVVWDWDYJHWWHQVnGDQI|UNODULQJOlPQDU DUWLNHOYLGDUHHWWYLVVWVN|QI|UPHGOHPVVWDWHUQDEHWUlIIDQGHJHQRP I|UDQGHWDYUlWWHOVHnWJlUGHURFKWLOOlPSQLQJDYVWUnOVN\GGVnWJlUGHU

,VDPEDQGPHGGHQQXYDUDQGHVWUnOVN\GGVODJHQVWLOONRPVWXWYLGJDGHV ODJHQVWLOOlPSQLQJVRPUnGHMlPI|UWPHGGnYDUDQGHODJVWLIWQLQJSnVnVlWW DWW ODJHQ VNXOOH RPIDWWD VnYlO DY PlQQLVNDQ IUDPVWlOOG HOOHU I|URUVDNDG VWUnOQLQJVRPQDWXUOLJVWUnOQLQJVHSURSVIIRFKV I 'lULJHQRP JMRUGHV ODJHQ WLOOlPSOLJ Sn QDWXUOLJ VWUnOQLQJ L VnGDQ RPIDWWQLQJ VRP LQWH NDQ I|UELVHV XU VWUnOVN\GGVV\QSXQNW 'HQ QHGUH JUlQVHQI|UODJHQVWLOOlPSOLJKHWEHVWlPVJHQRPDWWUHJHULQJHQHOOHUGHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU NDQ I|UHVNULYD XQGDQWDJ IUnQ ODJHQVWLOOlPSOLJKHWKHOWHOOHULYLVVDGHODU,VWUnOVN\GGVODJHQDQJHVL±   JUXQGOlJJDQGH DOOPlQQD VN\OGLJKHWHU RP EOD NRQWUROOnWJlUGHU XWELOGQLQJVSOLNW RFK XSSO\VQLQJVSOLNW I|U GHQ VRP EHGULYHU YHUNVDPKHW PHG VWUnOQLQJ YDQOLJHQ HQ DUEHWVJLYDUH %HJUHSSHW YHUNVDPKHW PHG VWUnOQLQJGHILQLHUDVLLWHUPHUVRPLQQHElUGLUHNWLQQHKDYDQYlQGQLQJ HOOHUDQQDQKDQWHULQJDYVWUnONlOORU'HWIDOOHUVLJLQWHDOOWLGQDWXUOLJWDWW

3URS



YHUNVDPKHWHUGlUQDWXUOLJVWUnOQLQJI|UHNRPPHUNDQLQRUGQDVXQGHUGHWWD EHJUHSS +lUWLOO NRPPHU DWW GH DOOPlQQD VN\OGLJKHWHUQD HQOLJW VWUnOVN\GGVODJHQ lU VWUDIIVDQNWLRQHUDGH RFK DWW GHW RFNVn lU P|MOLJW I|U WLOOV\QVP\QGLJKHWHQDWWPHGVW|GDYGHVVDUHJOHUPHGGHODI|UHOlJJDQGHQ HOOHUI|UEXG$YGHVVDVNlOEHG|PGHVGHWYLGVWUnOVN\GGVODJHQVWLOONRPVW DWW GHW YDU YLNWLJW DWW WLOOlPSQLQJVRPUnGHW I|U EHVWlPPHOVHUQD YDU NODUW DYJUlQVDW 'H YHUNVDPKHWHU PDQ IUlPVW DYVnJ DWW Qn YDU VnGDQD VRP RPIDWWDUGLUHNWDQYlQGQLQJDYHQVWUnONlOODVDPWlYHQYLVVDYHUNVDPKHWHU GlU VWUnONlOORU I|UHNRPPHU WH[ WUDQVSRUW RFK I|UYDULQJ DY UDGLRDNWLYD lPQHQ 0DQ YDOGH GlUI|U DWW DQNQ\WD VN\OGLJKHWHUQD HQOLJW VWUnOVN\GGVODJHQWLOOGHWW\GOLJDUHEHJUHSSHW´YHUNVDPKHWPHGVWUnOQLQJ´L VWlOOHWI|UWLOOGHWI|UHVODJQD´YHUNVDPKHWLYLONHQVWUnOQLQJI|UHNRPPHU´ SURSV

'HWIUDPVWnUPHGKlQV\QWLOOGHWDQI|UGDVRPRPVWUnOVN\GGVODJHQLQWH DOOWLGNDQDQYlQGDVI|UDWWNRPPDWLOOUlWWDPHGSUREOHPRUVDNDGHDYQD WXUOLJVWUnOQLQJ%HJUHSSHWPLOM|IDUOLJYHUNVDPKHWLPLOM|EDONHQLQQHIDWWDU GRFNDOOVODJVVWUnOQLQJYDUI|UGHWlUP|MOLJWDWWPHGVW|GDYNDS± PLOM|EDONHQI|UHVNULYDNUDYSnWLOOVWnQGHOOHUVN\GGVnWJlUGHUEHWUlIIDQGH YHUNVDPKHWHUGlUI|UHNRPVWHQDYQDWXUOLJDVWUnONlOORUPHGI|UROlJHQKHW I|URPJLYQLQJHQ,DUEHWVPLOM|ODJHQILQQVYLGDUHEHVWlPPHOVHURPVN\GG PRWRKlOVDRFKRO\FNVIDOOLDUEHWHWYLONDlUWLOOlPSOLJDlYHQSnVWUnOQLQJ *HQRP EHP\QGLJDQGHQ L GHQ ODJHQ lU GHW P|MOLJW I|U UHJHULQJHQ HOOHU $UEHWDUVN\GGVVW\UHOVHQDWWPHGGHODI|UHVNULIWHUI|UDWWI|UHE\JJDRKlOVD HOOHU RO\FNVIDOO L DUEHWHW (WW H[HPSHO lU $UEHWDUVN\GGVVW\UHOVHQV I|UH VNULIWHU$)6RPEHUJDUEHWHVRPEODLQQHKnOOHUEHVWlPPHOVHU RPVWUnOQLQJIUnQUDGRQHOOHUUDGRQG|WWUDULJUXYRU

/DJUnGHW KDU I|URUGDW DWW SUREOHP U|UDQGH QDWXUOLJ VWUnOQLQJ O|VHV L

VWUnOVN\GGVODJHQ RFK LQWH L ODJVWLIWQLQJ DY PHU JHQHUHOO NDUDNWlU (Q VnGDQ RUGQLQJ lU GRFN HQOLJW UHJHULQJHQV PHQLQJ LQWH OlPSOLJ HIWHUVRP VWUnOVN\GGVODJHQlUXWIRUPDGI|UDWWUHJOHUDYHUNVDPKHWHUPHGVWUnOQLQJ 9LG PLOM|EDONHQV WLOONRPVW XWYLGJDGHV EHVWlPPHOVHUQD RP PLOM|IDUOLJ YHUNVDPKHWLI|UKnOODQGHWLOOlOGUHUlWWVnDWWRFNVnMRQLVHUDQGHVWUnOQLQJL YLVV XWVWUlFNQLQJ RPIDWWDV DY PLOM|EDONHQV EHVWlPPHOVHU (QOLJW UHJHULQJHQVPHQLQJE|UGHKlOVRSUREOHPVRPNDQXSSNRPPDSnJUXQG DY QDWXUOLJ VWUnOQLQJ RFK VRP RPIDWWDV DY GLUHNWLYHW I|U QlUYDUDQGH DQJULSDV PHG VW|G DY PLOM|EDONHQ RFK DUEHWVPLOM|ODJHQ , GHQ XWVWUlFNQLQJGHWEHK|YVI|UDWWJHQRPI|UDGLUHNWLYHWKDUUHJHULQJHQHQOLJW GHVVD ODJDU WLOOUlFNOLJD P|MOLJKHWHU DWW EHP\QGLJD HQ P\QGLJKHW DWW PHGGHOD I|UHVNULIWHU WLOO VN\GG PRW QDWXUOLJ VWUnOQLQJ 1nJRW EHKRY DY \WWHUOLJDUH ODJUHJOHU U|UDQGH \UNHVH[SRQHULQJ XW|YHU YDG VRP I|UHVOnV L DYVQLWWQHGDQEHG|PVDOOWVnLQWHI|UHOLJJDI|UQlUYDUDQGH)|UGHWIDOO \WWHUOLJDUH I|UIDWWQLQJVUHJOHULQJ lQGn VNXOOH YLVD VLJ HUIRUGHUOLJ lU UHJHULQJHQGRFNEHUHGGDWW|YHUYlJDGHQQDIUnJDSnQ\WW

 *UXQGOlJJDQGHSULQFLSHUI|UVWUnOVN\GGHW

5HJHULQJHQV EHG|PQLQJ 'HW EHK|YV LQJHQ \WWHUOLJDUH ODJVWLIWQLQJ RPGHJUXQGOlJJDQGHSULQFLSHUQDI|UVWUnOVN\GGHW

3URS



3URPHPRULDQVI|UVODJ6WUnOVN\GGVODJHQlQGUDVJHQRPDWWHQQ\EH VWlPPHOVHLQI|UVGlUGHWXWWU\FNOLJHQI|UHVNULYVDWWWLOOVWnQGI|UHQYHUN VDPKHW PHG MRQLVHUDQGH VWUnOQLQJ HQGDVW InU OlPQDV RP YHUNVDPKHWHQ PHGI|UHQQ\WWDVRPlUVW|UUHlQGHQVNDGDVRPVWUnOQLQJHQNDQI|URUVDND VDPWRPEHVWUnOQLQJHQDYPlQQLVNRUEHJUlQVDVVnOnQJWVRPGHWlUULP OLJWP|MOLJWPHGKlQV\QWLOOHNRQRPLVNDRFKVDPKlOOHOLJDIDNWRUHU,SUR PHPRULDQ I|UHVOnV RFNVn PHG KlQYLVQLQJ WLOO GLUHNWLYHW (XUDWRP RP VN\GG DY PlQQLVNRUV KlOVD PRW IDURU PHG MRQLVHUDQGH VWUnOQLQJ L VDPEDQGPHGPHGLFLQVNDEHVWUnOQLQJDUDWWGHWLVDPPDSDUDJUDILQI|UV HQ EHVWlPPHOVH RP DWW GHW YLG WLOOVWnQGVSU|YQLQJHQ HQOLJW ODJHQ VNDOO EHDNWDVDWWUDGLRORJLVNXWUXVWQLQJLQWHVSULGVLRQ|GDQ

5HPLVVLQVWDQVHUQD)OHUWDOHWUHPLVVLQVWDQVHUKDULQWHKDIWQnJRQHULQ UDQPRWSURPHPRULDQVI|UVODJ8SSVDODXQLYHUVLWHWKDUGRFNLVLWWUHPLVV \WWUDQGHKlQYLVDWWLOODUWLNODUQDRFKLGHWQ\DJUXQGOlJJDQGHVWUnO VN\GGVGLUHNWLYHWRFKI|URUGDWDWWEHVWlPPHOVHQRPYDQGODVWLOOHQPDWHUL HOOUHJHOLQQHKnOODQGHGHJUXQGOlJJDQGHEHVWlPPHOVHUQDI|UVWUnOVN\GGHW RFKSODFHUDVLDQVOXWQLQJWLOOGHDOOPlQQDVN\OGLJKHWHUQDL±6WD

WHQV VWUnOVN\GGVLQVWLWXW KDU I|URUGDW DWW HQ EHVWlPPHOVH RP GH

JUXQGOlJJDQGH SULQFLSHUQD I|U VWUnOVN\GGHW VNDOO I|UDV LQ L ODJHQV LQOH GDQGHSDUDJUDIHUHOOHULNDSLWOHWRPDOOPlQQDVN\OGLJKHWHUPHGPRWLYH ULQJHQDWWDQVYDUHWI|UGHJUXQGOlJJDQGHVWUnOVN\GGVSULQFLSHUQDRPDWWHQ YHUNVDPKHWLYDUMHPRPHQWRFKYLGYDUMHWLGSXQNWVNDOOYDUDEHUlWWLJDG RFKRSWLPHUDGPnVWHOLJJDSnGHQVRPKDUDQVYDUHWI|UYHUNVDPKHWHQRFK DWW6WUnOVN\GGVLQVWLWXWHWV XSSJLIW lU DWW WLOOVH DWW GHQ VRP EHGULYHU YHUN VDPKHWPHGVWUnOQLQJWDUGHWWDDQVYDUPHGWLOOUlFNOLJDPELWLRQYLGYDUMH WLGSXQNW 6WUnOVN\GGVLQVWLWXWHW KDU YLGDUH I|UHVODJLW DWW GHQ I|UHVODJQD EHVWlPPHOVHQRPVSULGQLQJDYUDGLRORJLVNXWUXVWQLQJLVWlOOHWNDQLQWDVL VWUnOVN\GGVI|URUGQLQJHQ 6WDWHQV NlUQNUDIWLQVSHNWLRQ KDU DQI|UW DWW ODJ I|UVODJHW LQWH E|U LQVNUlQNDV HQGDVW WLOO WLOOVWnQG YLG YHUNVDPKHW PHG VWUnOQLQJXWDQDWWSDUDJUDIHQE|UJ|UDVWLOOlPSOLJLVDPEDQGPHGDOOWLOO VWnQGVSU|YQLQJHQOLJWODJHQ

6NlOHQ I|U UHJHULQJHQV EHG|PQLQJ , DUWLNODUQD  RFK  L GHW JUXQGOlJJDQGH VWUnOVN\GGVGLUHNWLYHW DQJHV GH JUXQGOlJJDQGH DOOPlQQD SULQFLSHUQDI|UVWUnOVN\GGHW'HPRWVYDUDUGHDY,&53VHGDQOlQJHIRU PXOHUDGHJUXQGVDWVHUQDI|UDOOWVWUnOVN\GGQlPOLJHQDWWGHOVDOOYHUNVDP KHWPHGMRQLVHUDQGHVWUnOQLQJVNDOOYDUDEHUlWWLJDGYDUPHGDYVHVDWWGHQ VNDOOPHGI|UDHQQ\WWDI|UPlQQLVNRUHOOHUVDPKlOOHWVRPlUVW|UUHlQGH ULVNHUVRPVWUnOQLQJHQNDQWlQNDVPHGI|UDGHOVDWWVWUnOVN\GGHWVNDOOYDUD RSWLPHUDWYDUPHGDYVHVDWWGHVWUnOGRVHUPlQQLVNRUXWVlWWVI|UVNDOOKnO ODVVnOnJDVRPULPOLJHQlUP|MOLJWPHGKlQV\QWLOOHNRQRPLVNDRFKVDP KlOOHOLJDIDNWRUHUVDPWGHOVDWWIDVWVWlOOGDGRVJUlQVHULQWHInU|YHUVNULGDV 'HWVNlOVRPLSURPHPRULDQDQI|UVI|UDWWGHVVDSULQFLSHUVNDOOLQI|UDVL VWUnOVN\GGVODJHQlUDWWGHE|UInHQPHUFHQWUDOSODFHULQJLODJVWLIWQLQJHQ MlPI|UW PHG LGDJ 'H DNWXHOOD SULQFLSHUQD EHDNWDV GRFN UHGDQ L VWUnOVN\GGVDUEHWHW RFK I|U GHW IDOO GHW VNXOOH DQVHV HUIRUGHUOLJW DWW GH IUDPJnU DY I|UIDWWQLQJVWH[W lU GHW HQ DFFHSWHUDG SULQFLS DWW GLUHNWLY JHQRPI|UV L P\QGLJKHWHUV I|UHVNULIWHU YLONHW VNHWW L IOHUD DQGUD VDPPDQKDQJ 0HG KlQV\Q KlUWLOO VDNQDV GHW VNlO DWW VlUVNLOW LQI|UD HQ EHVWlPPHOVHLQQHKnOODQGHGHVVDSULQFLSHULVWUnOVN\GGVODJHQ'HWEHG|PV

3URS



LQWHKHOOHUQ|GYlQGLJWLQI|UDGHQI|UHVODJQDEHVWlPPHOVHQRPVSULGQLQJ DY UDGLRORJLVN XWUXVWQLQJ L VWUnOVN\GGVODJHQ XWDQ LPSOHPHQWHULQJHQ DY GLUHNWLYHW(XUDWRPEHG|PVNXQQDVNHJHQRPI|UHVNULIWHUSnOlJUH QLYn

 8WYLGJDGWLOOlPSQLQJDYVWUnOVN\GGVODJHQ WLOOVNH[WHUQDDUEHWVWDJDUHRFKGHUDV DUEHWVJLYDUH

5HJHULQJHQV I|UVODJ 7LOOlPSQLQJVRPUnGHW I|U VWUnOVN\GGVODJHQ XW YLGJDVWLOOVNH[WHUQDDUEHWVWDJDUHGYVHJHQI|UHWDJDUHRFKDUEHWVWD JDUHVRPLVLWWDUEHWHNRPPHULNRQWDNWPHGVWUnOQLQJPHQLQWHlUDQ VWlOOGDDYGHQVRPEHGULYHUYHUNVDPKHWPHGVWUnOQLQJ'HUDVDUEHWVJL YDUHVNDOORFNVnRPIDWWDVDYVWUnOVN\GGVODJHQ

3URPHPRULDQVI|UVODJgYHUHQVVWlPPHULKXYXGVDNPHGUHJHULQJHQV 5HPLVVLQVWDQVHUQD'HIOHVWDUHPLVVLQVWDQVHUKDULQWHKDIWQnJRQHULQ UDQ PRW I|UVODJHW /DQGVRUJDQLVDWLRQHQ RFK 6WDWHQV VWUnOVN\GGVLQVWLWXW KDUWLOOVW\UNWI|UVODJHW2.*$%RFK%DUVHElFNNUDIW$%KDUSnSHNDWDWW GHQI|UHVODJQDI|UlQGULQJDUQDLQQHElUHWWVWRUWLQIRUPDWLRQVEHKRYWLOOGH I|UHWDJ VRP KDU SHUVRQDO V\VVHOVDWW L DUEHWH GlU VWUnOQLQJHQ LQWH lU DY I|UVXPEDUEHW\GHOVH

6NlOHQI|UUHJHULQJHQVI|UVODJ'LUHNWLY(XUDWRPNRPSOHWWH UDUGHWQXJlOODQGHVWUnOVN\GGVGLUHNWLYHWRFKNRPPHUlYHQIRUWVlWWQLQJV YLVDWWJlOODYLGVLGDQDYGHWWD'LUHNWLYHWVV\IWHlUDWWVN\GGDVNH[WHUQD DUEHWVWDJDUHGYVSHUVRQHUVRPXWDQDWWYDUDDQVWlOOGDDYGHQVRPEHGUL YHU YHUNVDPKHWHQ WLOOIlOOLJW DUEHWDU LQRP HWW NRQWUROOHUDW RPUnGH Sn HQ DUEHWVSODWV GlU VWUnOQLQJ I|UHNRPPHU 'HW NDQ U|UD VLJ RP ROLND VODJV HQWUHSUHQ|UHU KDQWYHUNDUH HOOHU JlVWIRUVNDUH lYHQ HJQD I|UHWDJDUH RP IDWWDVDYGLUHNWLYHWVGHILQLWLRQ+XYXGUHJHOQlUDWWVnGDQDSHUVRQHUVNDOO nWQMXWD HQ OLNYlUGLJ VN\GGVQLYn VRP GHQ RUGLQDULH SHUVRQDOHQ (WW RIWD DQI|UW H[HPSHO lU GHW IDOO GlU HQ PnODUH XWI|U HWW DUEHWH L HQ PLOM| GlU VWUnOQLQJI|UHNRPPHUPHQKDQLQWHLQJnULGHQRUGLQDULHSHUVRQDOHQ

'LUHNWLYHWOlJJHUHWWDQVYDUVnYlOSnGHQVRPEHGULYHUYHUNVDPKHWPHG VWUnOQLQJ VRP Sn GHQ H[WHUQD DUEHWVWDJDUHQV RUGLQDULH DUEHWVJLYDUH $QVYDUHW I|U GHQ VLVWQlPQGD NDWHJRULQ DYVHU VlUVNLOW EOD NRQWUROO DY GRVEHJUlQVQLQJDULQIRUPDWLRQRFKWUlQLQJVDPWUHJLVWUHULQJDYVWUnOGRVHU VRPDUEHWVWDJDUHQXWVDWWVI|UPHGDQDQVYDUHWI|UGHQGULIWVDQVYDULJHI|U YHUNVDPKHWHQlULQULNWDWSnGHSUDNWLVNDDVSHNWHUQDYDGDYVHUGHWVWUnO VN\GGVRPGLUHNWlUDYKlQJLJWDYYHUNVDPKHWHQ'LUHNWLYHWI|UHVNULYHUL DUWLNHO  DWW PHGOHPVOlQGHUQD VNDOO KnOOD UHJLVWHU |YHU DOOD LQGLYLGXHOOD VWUnOGRVHUVRPSHUVRQHUHUKnOOLWLVLWWDUEHWH'HWWDVNDOOEODXWQ\WWMDVI|U DWWXWIlUGDGRVSDVVHWWRIILFLHOOWGRNXPHQWVRPHQH[WHUQSHUVRQHOOHUHQ VRPE\WHUDUEHWVSODWVVNDOONXQQDYLVDXSSI|UDUEHWVJLYDUHQ6\IWHWlUDWW NXQQD |YHUEOLFND WLGLJDUH GRVHU Vn DWW LQWH JLYQD nUVGRVJUlQVHU |YHU VNULGV

3URS



$YGHILQLWLRQHQDYEHJUHSSHW´DUEHWVWDJDUHVRPXWVlWWVI|UVWUnOQLQJ´L DUWLNHOLGHWQ\DJUXQGOlJDQGHVWUnOVN\GGVGLUHNWLYHWI|OMHUDWWlYHQGHWWD GLUHNWLYlUWLOOlPSOLJWSnDOOYHUNVDPKHWGlUDUEHWVWDJDUHHOOHUHJHQI|UHWD JDUHO|SHUULVNDWWH[SRQHUDVI|UMRQLVHUDQGHVWUnOQLQJ|YHUVWLJDQGHQnJRQ JlOODQGHGRVJUlQVRDYVHWWYLONHWVODJVDUEHWHVRPXWI|UV

6WUnOVN\GGVODJHQGHILQLHUDUYLONHWlYHQEHU|UWVLDQVOXWQLQJWLOODYVQLWW LYHUNVDPKHWPHGVWUnOQLQJLWHUPHUVRPLQQHElUGLUHNWLQQHKDY DQYlQGQLQJHOOHUDQQDQKDQWHULQJDYVWUnONlOORU/DJHQXSSVWlOOHULRFK   DOOPlQQD VN\OGLJKHWHU RP EOD I|UVLNWLJKHWV RFK NRQWUROOnWJlUGHU VDPWXWELOGQLQJVRFKXSSO\VQLQJVSOLNWI|UGHQVRPEHGULYHUYHUNVDPKHW PHGVWUnOQLQJGYVDUEHWVJLYDUHQYLONHQ L GH IOHVWD IDOO lU LGHQWLVN PHG WLOOVWnQGVKDYDUHQ9LVVDEHVWlPPHOVHURPIDWWDUlYHQVN\OGLJKHWHUI|UDU EHWVWDJDUH VRP DUEHWDU PHG VWUnOQLQJ +lU PlUNV IUlPVW   YDUL I|UH VNULYVDWWGHQVRPlUV\VVHOVDWWLYHUNVDPKHWPHGVWUnOQLQJVNDOODQYlQGD GHVN\GGVDQRUGQLQJDURFKYLGWDGHnWJlUGHUL|YULJWEHK|YVI|UDWWVWUnO VN\GGHW VNDOO IXQJHUD WLOOIUHGVVWlOODQGH 'HW VHQDUH InU XSSIDWWDV VRP KDQGJULSOLJWDUEHWHPHGVMlOYDVWUnONlOODQ0HGKlQV\QWLOOGHQEHILQWOLJD VWUnOVN\GGVODJHQV XSSE\JJQDG NDQ GH IOHVWD VN\OGLJKHWHU HQOLJW ODJHQ HQGDVW nOlJJDV GHQ VRP EHGULYHU YHUNVDPKHW PHG VWUnOQLQJ (Q H[WHUQ DUEHWVWDJDUHVRUGLQDULHDUEHWVJLYDUH NDQ LQWH nOlJJDV VN\OGLJKHWHU HQOLJW ODJHQ'LUHNWLYHW(XUDWRPKDUL|YULJWJHQRPI|UWVJHQRP6WDWHQV VUnOVN\GGVLQVWLWXWVI|UHVNULIWHU66,)6

0HGKlQV\QWLOOGHWDQI|UGDE|UWLOOlPSQLQJVRPUnGHWI|UVWUnOVN\GGVOD JHQXWYLGJDVSnPRWVYDUDQGHVlWWVRPGLUHNWLYHWV'HWI|UHVOnVGlUI|UDWW VWUnOVN\GGVODJHQlQGUDVSnVnVlWWDWWGHWEOLUP|MOLJWDWWnOlJJDlYHQH[ WHUQD DUEHWVJLYDUH VDPW GHUDV DUEHWVWDJDUH VN\OGLJKHWHU HQOLJW ODJHQ Sn VDPPD VlWW VRP I|U GHQ VRP EHGULYHU YHUNVDPKHWHQ PHG VWUnOQLQJ RFK GHQQHVDUEHWVWDJDUH%HWUlIIDQGHHJHQI|UHWDJDUHXWDQDQVWlOOGDWRUGHGHW YDUDWLOOUlFNOLJWDWWEHVWlPPHOVHQLVWUnOVN\GGVODJHQRPVN\OGLJKHWDWW DQYlQGDGHVN\GGVDQRUGQLQJDURFKYLGWDGHnWJlUGHUL|YULJWVRPEHK|YV I|UDWWVWUnOVN\GGHWVNDOOIXQJHUDWLOOIUHGVVWlOODQGHJ|UVWLOOlPSOLJlYHQSn GHP6WDWHQVVWUnOVN\GGVLQVWLWXWKDULVLWWUHPLVVYDUSnSHNDWDWWSURPHPR ULDQVI|UVODJWLOOIRUPXOHULQJDYODJWH[WHQPHGI|UDWW±VWUnOVN\GGV ODJHQ L Vn IDOO RPIDWWDU DOO YHUNVDPKHW GlU DUEHWVWDJDUH NDQ XWVlWWDV I|U VWUnOQLQJ VRP LQWH lU DY I|UVXPEDU EHW\GHOVH L GHW HQVNLOGD IDOOHW RFK IUDPI|UWDWWP\QGLJKHWHQPnVWHNXQQDPHGGHODI|UHVNULIWHUI|UDOOYHUN VDPKHWGlUDUEHWDUHNDQXWVlWWDVI|UVWUnOQLQJ0HGKlQV\QWLOOYDGVRP DQI|UWVLDQVOXWQLQJWLOODYVQLWWlUGHWHPHOOHUWLGLQWHUHJHULQJHQVDYVLNW DWWLGHWWDVDPPDQKDQJXWYLGJDWLOOlPSQLQJVRPUnGHWI|UGHVVDSDUDJUDIHU XW|YHU YHUNVDPKHWHU VRP RPIDWWDV DY EHJUHSSHW YHUNVDPKHW PHG VWUnO QLQJ5HJHULQJHQVI|UVODJWLOOODJWH[WKDUGlUI|UMXVWHUDWVMlPI|UWPHGI|U VODJHWLSURPHPRULDQ

3URS



 +|MQLQJDYnOGHUVJUlQVHQI|UDUEHWHPHG VWUnOQLQJ

5HJHULQJHQVI|UVODJcOGHUVJUlQVHQI|UDUEHWHPHGMRQLVHUDQGHVWUnO QLQJK|MVIUnQWLOOnU8QGDQWDJJ|UVHQGDVWI|UGHWIDOOHQSHUVRQ XQGHUnULXWELOGQLQJVV\IWHPnVWHDQYlQGDVWUnONlOORU

3URPHPRULDQVI|UVODJ|YHUHQVVWlPPHUPHGUHJHULQJHQV 5HPLVVLQVWDQVHUQD,QJHQUHPLVVLQVWDQVKDUPRWVDWWVLJI|UVODJHWRP HQK|MQLQJDYnOGHUVJUlQVHQI|UDUEHWHPHGVWUnOQLQJWLOOnU%DUVHElFN

NUDIW$%2.*$%RFK6WXGVYLNKROGLQJ$%KDUGRFNIUDPKnOOLWDWWEH

VWlPPHOVHQ E|U XWIRUPDV Sn HWW VnGDQW VlWW DWW GHW IUDPJnU DWW I|UEXGHW HQGDVW RPIDWWDU SHUVRQDO VRP DUEHWDU LQRP VnGDQD RPUnGHQ GlU GH NDQ XWVlWWDV I|U VWUnOQLQJ RFK LQWH DOOD I|UHWDJHWV DQVWlOOGD 6WDWHQV VWUnO

VN\GGVLQVWLWXWKDUWLOOVW\UNWlQGULQJHQPHQI|UHVODJLWHQDQQDQO\GHOVHDY

SDUDJUDIHQVDQGUDVW\FNH

6NlOHQI|UUHJHULQJHQVI|UVODJ'HWJUXQGOlJJDQGHVWUnOVN\GGVGLUHN WLYHW I|UHVNULYHU L DUWLNODUQD ± GRVJUlQVHU I|U GHQ WLOOnWQD EHVWUnO QLQJHQSHUnUDYROLNDNDWHJRULHUPlQQLVNRU'HWJlOOHUROLNDJUlQVHUI|U DUEHWVWDJDUH RFK DOOPlQKHWHQ VDPW OlUOLQJDU RFK VWXGHUDQGH VRP L VLQ XWELOGQLQJPnVWHDQYlQGDVWUnONlOORU9LGDUHJlOOHUVlUVNLOGDJUlQVHUI|U NYLQQRUVHGDQJUDYLGLWHWNRQVWDWHUDWV

(QOLJWDUWLNHOInUSHUVRQHUXQGHUnULQWHWLOOGHODVDUEHWHVRPPHG I|UDWWGHXWVlWWVI|UVWUnOQLQJ8QGDQWDJJ|UVHQGDVWI|UOlUOLQJDURFKVWX GHUDQGHVRPXQGHUVLQDVWXGLHUPnVWHDQYlQGDVWUnONlOORU)|UGHVVDJlO OHU HQOLJW DUWLNHO  VlUVNLOGD GRVJUlQVHU VRP ILQQV DQJLYQD L 6WUnO VN\GGVLQVWLWXWHWVI|UHVNULIWHU66,)6

(QOLJWVWUnOVN\GGVODJHQInUGHQVRPlUXQGHUnULQWHV\VVHOVlW WDVLDUEHWHVRPlUI|UHQDWPHGMRQLVHUDQGHVWUnOQLQJ9LGDUHInUVlUVNLOGD I|UHVNULIWHUPHGGHODVLIUnJDRPDUEHWVWDJDUHXQGHUnUVRPXWI|UVn GDQWDUEHWH

'HWI|UHVOnVGlUI|UDWWSDUDJUDIHQlQGUDVSnVnVlWWDWWGHQVRPlUXQGHU  nU LQWH InU V\VVHOVlWWDV L YHUNVDPKHW PHG MRQLVHUDQGH VWUnOQLQJ PHG XQGDQWDJI|UGHQVRPI|UVLQXWELOGQLQJPnVWHEHIDWWDVLJPHGVWUnONlOORU %HVWlPPHOVHQE|ULOLNKHWPHGWLGLJDUHNRPSOHWWHUDVPHGHQP|MOLJKHW I|U UHJHULQJHQ HOOHU GHQ P\QGLJKHW UHJHULQJHQ EHVWlPPHU DWW PHGGHOD VlUVNLOGDI|UHVNULIWHULIUnJDRPVnGDQDXQGHUnULJDSHUVRQHU0HGKlQV\Q WLOO YDG VRP L GHWWD VDPPDQKDQJ DQI|UWV IUnQ %DUVHElFN NUDIW $% PIO E|UI|UW\GOLJKHWVVNXOOQlPQDVDWWQnJRQ\WWHUOLJDUHlQGULQJEHWUlIIDQGH EHVWlPPHOVHQV WLOOlPSQLQJVRPUnGH LQWH lU DYVHGG 'HW VNDOO VnOHGHV L IRUWVlWWQLQJHQ VWn HQ DUEHWVJLYDUH IULWW DWW DQYlQGD DUEHWVNUDIW VRP LQWH I\OOWnUI|UDUEHWVXSSJLIWHUGlUGHVVDLQWHNRPPHULNRQWDNWPHGVWUnO QLQJ

3URS



 8WYLGJQLQJDYWLOOVWnQGVNUDYI|UKDQWHULQJDY RFKXWI|UVHODYUDGLRDNWLYDlPQHQ

$UWLNHODLGHWJUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYHWDQJHUDWWGLUHNWL YHWlUWLOOlPSOLJWEODSnSURGXNWLRQEHDUEHWQLQJKDQWHULQJDQYlQGQLQJ LQQHKDY I|UYDULQJ WUDQVSRUW LPSRUW WLOO RFK H[SRUW IUnQ JHPHQVNDSHQ VDPW GHSRQHULQJ DY UDGLRDNWLYD lPQHQ $Y DUWLNHO  I|OMHU DWW WLOOVWnQG VNDOONUlYDVI|UGHSRQHULQJnWHUYLQQLQJRFKnWHUDQYlQGQLQJDYUDGLRDN WLYDlPQHQHOOHUPDWHULDOVRPLQQHKnOOHUUDGLRDNWLYDlPQHQYLONDKlUU|U IUnQ QnJRQ WLOOVWnQGVSOLNWLJ YHUNVDPKHW 'LUHNWLYHW JHU XWU\PPH I|U PHGOHPVOlQGHUQD DWW I|UHVNULYD RP XQGDQWDJ IUnQ VnGDQ WLOOVWnQGVSOLNW 6WDWHQV VWUnOVN\GGVLQVWLWXW KDU PHG VW|G DY HWW EHP\QGLJDQGH L VWUnO VN\GGVODJHQPHGJHWWIOHUDVnGDQDXQGDQWDJLLQVWLWXWHWVI|UHVNULIWHU

6WUnOVN\GGVODJHQLQQHKnOOHUEHVWlPPHOVHURPNUDYSnWLOOVWnQGDWWIUnQ ODQGHW XWI|UD UDGLRDNWLYW DYIDOO .UDYHW LQI|UGHV VRP HQ GHO DY JHQRPI|UDQGHWDYUnGHWVGLUHNWLY(XUDWRPRP|YHUYDNQLQJRFKNRQ WUROODYWUDQVSRUWDYUDGLRDNWLYWDYIDOOPHOODQPHGOHPVVWDWHUVDPWWLOORFK IUnQ JHPHQVNDSHQ 'HW GLUHNWLYHW NRPSOHWWHUDV DY UnGHWV I|URUGQLQJ (XUDWRPRPJUlQV|YHUVNULGDQGHWUDQVSRUWHUDYUDGLRDNWLYDlP QHQ VRP LQQHKnOOHU EHVWlPPHOVHU RP UDSSRUWI|UIDUDQGHQ )|URUGLQJHQ |YHUOnWHU WLOO PHGOHPVOlQGHUQD DWW XSSUlWWD DQVYDUVEHVWlPPHOVHU HQOLJW VLQQDWLRQHOODODJVWLIWQLQJ

([SRUW RFK XWI|UVHO DY VnGDQW UDGLRDNWLYW lPQH VRP XWJ|U NlUQlPQH HQOLJWODJHQRPVWUDWHJLVNDSURGXNWHUGYVEODXUDQSOXWR QLXPRFKDQYlQWNlUQEUlQVOHVRPLQWHKDUSODFHUDWVLVOXWI|UYDURPIDWWDV DY WLOOVWnQGVSOLNW HQOLJW GHQ ODJHQ /DJHQ RPIDWWDU lYHQ DQVYDUVEHVWlP PHOVHUI|UGHWIDOOGHQLQWHHIWHUOHYV(QOLJWODJHQRPNlUQWHN QLVNYHUNVDPKHWUnGHUI|UEXGPRWDWWKlULODQGHWXWDQWLOOVWnQGVOXWI|U YDUDDQYlQWNlUQEUlQVOHHOOHUNlUQDYIDOOIUnQHQNlUQWHNQLVNDQOlJJQLQJ HOOHUHQDQQDQNlUQWHNQLVNDQOlJJQLQJLHWWDQQDWODQG'HWVDPPDJlOOHU PHOODQODJULQJGYVVnGDQODJULQJVRPVNHULDYYDNWDQSnVOXWI|UYDULQJ

 7LOOVWnQGVSOLNWI|UGHSRQHULQJnWHUYLQQLQJRFK nWHUDQYlQGQLQJDYUDGLRDNWLYWPDWHULDO

5HJHULQJHQVI|UVODJ,VWUnOVN\GGVODJHQE|UGHWXWWU\FNOLJHQDQJHVDWW GHSRVLWLRQnWHUYLQQLQJRFKnWHUDQYlQGQLQJDYUDGLRDNWLYDlPQHQRFK PDWHULDOVRPLQQHKnOOHUUDGLRDNWLYDlPQHQVNDOORPIDWWDVDYWLOOVWnQGV SOLNW

3URPHPRULDQVI|UVODJ|YHUHQVVWlPPHUPHGUHJHULQJHQV 5HPLVVLQVWDQVHUQD)OHUWDOHWUHPLVVLQVWDQVHUKDULQWHKDIWQnJUDV\Q SXQNWHU Sn I|UVODJHW 6WDWHQV NlUQNUDIWQVSHNWLRQ KDU IUDPI|UW DWW GHW L VDPEDQGPHGODJlQGULQJHQE|ULQI|UDVGHILQLWLRQHUDYEHJUHSSHQUDGLR DNWLYWlPQHRFKUDGLRDNWLYWDYIDOORFKDWWHQVnGDQGHILQLWLRQE|UXWIRU PDVVDPUnGPHG6WDWHQVVWUnOVN\GGVLQVWLWXWRFK.lUQNUDIWLQVSHNWLRQHQL V\IWHDWWXQGYLNDRNODUKHWHUU|UDQGHGHVVDEHJUHSS6WUnOVN\GGVLQVWLWXWHW KDUWLOOVW\UNWDWWWLOOVWnQGVSOLNWI|UGHSRQHULQJnWHUYLQQLJRFKnWHUDQYlQG

3URS



QLQJLQI|UVLODJHQ6WUnOVN\GGVLQVWLWXWHWKDUGRFNI|UHVODJLWDWWIRUPXOH ULQJHQ ´PDWHULDO VRP LQQHKnOOHU UDGLRDNWLYD lPQHQ´ VNDOO XWJn XU GHQ I|UHVODJQDODJWH[WHQPHGPRWLYHULQJHQDWWEHJUHSSHW´UDGLRDNWLYWlPQH´ LQNOXGHUDUlYHQPDWHULDOVRPLQQHKnOOHUUDGLRDNWLYDlPQHQ6WUnOVN\GGV LQVWLWXWHWKDUYLGDUHDQI|UWDWWHQ|YHUV\QDYVWUnOVN\GGVODJHQEHK|YVI|U DWWUHGDXWGHIUnJRUVRPU|UUDGLRDNWLYWDYIDOORFKNlUQDYIDOOOlPSOLJHQL VDPEDQGPHGHQ|YHUV\QDYODJHQRPNlUQWHNQLVNYHUNVDPKHW

6NlOHQI|UUHJHULQJHQVI|UVODJ0HGKlQV\QWLOOXWIRUPQLQJHQIUlPVW DYDUWLNHOLGHWJUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYHWDNWXDOLVHUDVIUnJDQ RPHQXWYLGJQLQJDYWLOOVWnQGVSOLNWHQI|UKDQWHULQJDYUDGLRDNWLYDlPQHQ ,VWUnOVN\GGVODJHQI|UHVNULYVDWWWLOOVWnQGNUlYVI|UDWWWLOOYHUNDWLOOODQGHW LQI|UDVDOXI|UD|YHUOnWDXSSOnWDI|UYlUYDLQQHKDHOOHUDQYlQGDHWWUD GLRDNWLYWlPQH'HWNDQLIUnJDVlWWDVRPLQWHGLUHNWLYHWVEHJUHSSGHSRQH ULQJnWHUYLQQLQJRFKnWHUDQYlQGQLQJUHGDQRPIDWWDVDYODJHQLGHVVQX YDUDQGHO\GHOVHRFKRPLQWHlYHQHWWPDWHULDOVRPLQQHKnOOHUUDGLRDNWLYD lPQHQ VRP KlUU|U IUnQ WLOOVWnQGVSOLNWLJ YHUNVDPKHW WlFNV DY EHJUHSSHW ´UDGLRDNWLYDlPQHQ´(QKXYXGSULQFLSHQOLJWVWUnOVN\GGVODJHQlUDWWWLOO VWnQGDOOWLGNUlYVI|UEHIDWWQLQJPHGNlOORUWLOOMRQLVHUDQGHVWUnOQLQJVH SURSV,QWUHVVHWDYDWWRNODUKHWHUXQGYLNVWDODUGRFNI|U HQODJlQGULQJ'HWI|UHVOnVGlUI|UDWWVWUnOVN\GGVODJHQlQGUDV Vn DWW GHW XWWU\FNOLJHQDQJHVDWWGHSRVLWLRQnWHUYLQQLQJRFKnWHUDQYlQGQLQJDYUD GLRDNWLYDlPQHQRPIDWWDVDYWLOOVWnQGVSOLNW'HWILQQVLRFKI|UVLJIRJI|U GHQXSSIDWWQLQJVRPIUDPI|UWVDY66,DWWEHJUHSSHW´UDGLRDNWLYDlPQHQ´ LQNOXGHUDU´PDWHULDOVRPLQQHKnOOHUUDGLRDNWLYDlPQHQ´'HQYDOGDIRU PXOHULQJHQ KDU HPHOOHUWLG XWIRUPDWV L |YHUHQVVWlPPHOVH PHG IRUPXOH ULQJHQLGHWJUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYHWVDUWLNHOLV\IWHDWWXQG YLNDWRONQLQJVSUREOHP5HJHULQJHQNRPPHUDWW|YHUYlJDLYDGPnQlQG ULQJDULVWUnOVN\GGVI|URUGQLQJHQEOLUHUIRUGHUOLJDWLOOI|OMGDYGHQXW|NDGH WLOOVWnQGVSOLNWHQ,DQVOXWQLQJKlUWLOOE|UQlPQDVDWWI|UVODJHWLYLVVPnQ NRPSOHWWHUDUI|UEXGHWLDNlUQWHNQLNODJHQPRWVOXWI|UYDULQJ RFK ODJULQJ DY DQYlQW NlUQEUlQVOH HOOHU NlUQDYIDOO IUnQ HQ NlUQWHNQLVN DQOlJJQLQJHOOHUHQDQQDQNlUQWHNQLVNYHUNVDPKHWLHWWDQQDWODQGHIWHU VRPEHJUHSSHWUDGLRDNWLYDlPQHQlUHWWYLGDUHEHJUHSSlQDQYlQWNlUQ EUlQVOHHOOHUNlUQDYIDOO

,DQOHGQLQJDYYDGVRPDQI|UWVIUnQ.lUQNUDIWLQVSHNWLRQHQRFK6WUnO

VN\GGVLQVWLWXWHWRPDWWGHLODJHQDQYlQGDEHJUHSSHQE|UGHILQLHUDVHOOHU

VHV|YHUlUGHWUHJHULQJHQVXSSIDWWQLQJDWWVnGDQDnWJlUGHULQWHHUIRUGUDVL GHWWDVDPPDQKDQJ'HWWDXWHVOXWHUGRFNLQWHDWWIUnJDQNDQDNWXDOLVHUDVL IUDPWLGHQVlUVNLOWRPGHWVNXOOHYLVDVLJLGHQSUDNWLVNDWLOOlPSQLQJHQDY ODJVWLIWQLQJHQSnRPUnGHWDWWHQQlUPDUHGHILQLHULQJHOOHUVDPRUGQLQJDY EHJUHSSHQVNXOOHEHK|YDV,VnGDQDIDOODYVHUUHJHULQJHQDWWSnQ\WW|YHU YlJDGHQQDIUnJD

 8W|NDGWLOOVWnQGVSOLNWI|UXWI|UVHODYUDGLRDNWLYD lPQHQ

5HJHULQJHQV I|UVODJ 6WUnOVN\GGVODJHQ lQGUDV Sn Vn VlWW DWW WLOOVWnQG VNDOONUlYDVlYHQI|UXWI|UVHODYDOODVODJVUDGLRDNWLYDlPQHQI|UYLOND

3URS



WLOOVWnQGLQWHUHGDQNUlYVHQOLJWODJHQRPVWUDWHJLVNDSUR GXNWHU

3URPHPRULDQV I|UVODJ gYHUHQVVWlPPHU L DOOW YlVHQWOLJW PHG UHJHU LQJHQV

5HPLVVLQVWDQVHUQD%DUVHElFNNUDIW$%KDULVLWWUHPLVVYDULIUnJDVDWW RP GHQ XW|NDGH WLOOVWnQGVSOLNWHQ NRPPHU DWW PHGI|UD H[WUD NRVWQDGHU RPQ\WWWLOOVWnQGNRPPHUDWWNUlYDVYLGlQGUDWDQYlQGQLQJVRPUnGHDYHWW lPQH RFK RP WLOOVWnQG NRPPHU DWW NUlYDV I|U WHPSRUlU XWI|UVHO DY HWW lPQHI|UYLONHWnWHUWUDQVSRUWWLOO6YHULJHlUSODQHUDG6WDWHQVNlUQNUDIWLQ

VSHNWLRQ KDU DY VDPPD VNlO VRP DQJHWWV L I|UHJnHQGH DYVQLWW DQI|UW DWW

EHJUHSSHQUDGLRDNWLYWPDWHULDORFKUDGLRDNWLYWDYIDOOE|UGHILQLHUDVLOD JHQ 6WDWHQV VWUnOVN\GGVLQVWLWXW KDU I|UHVODJLW DWW    L I|UVODJHW WLOO ODJWH[WVNDOOXWJnRFKDWWGHWLVWlOOHWVNDOOLQI|UDVLDWWlYHQXWI|U VHO DY UDGLRDNWLYD lPQHQ VNDOO YDUD WLOOVWnQGVSOLNWLJD 6RP HQ I|OMG DY GHWWDI|UHVOnU6WUnOVN\GGVLQVWLWXWHWDWWGHWL   VWUnOVN\GGVODJHQ LQI|UV HQNRPSOHWWHULQJDYLQQHE|UGDWWWLOOVWnQGI|UXWI|UVHOHQOLJWVWUnOVN\GGV ODJHQ LQWH EHK|YV I|U VnGDQW PDWHULDO VRP XWJ|U NlUQlPQH HQOLJW ODJHQ RP VWUDWHJLVND SURGXNWHU VRP HUVlWWQLQJ I|U QXYDUDQGH    6WUnO VN\GGVLQVWLWXWHWKDUYLGDUHI|UHVODJLWI|OMGlQGULQJDULGnP|MOLJ KHWHQI|UUHJHULQJHQHOOHUGHQP\QGLJKHWUHJHULQJHQEHVWlPPHUDWWI|UH VNULYDI|UEXGlYHQE|UJlOODYLGXWI|UVHODYUDGLRDNWLYWlPQH/LNDVnI| UHVOnULQVWLWXWHWDWWVWUnOVN\GGVODJHQNRPSOHWWHUDVSnVnVlWWDWWVN\O GLJKHWHQDWWVWlOODNUDYSnPlUNQLQJPPE|UJlOODlYHQYLGXWI|UVHODY UDGLRDNWLYDlPQHQ

6NlOHQ I|U UHJHULQJHQV I|UVODJ (QOLJW QXYDUDQGH ODJVWLIWQLQJ NUlYV LQWHWLOOVWnQGI|UXWI|UVHODYUDGLRDNWLYDlPQHQQlUGHWLQWHlUIUnJDRP UDGLRDNWLYWDYIDOOHOOHUVnGDQWNlUQlPQHVRPUHGDQUHJOHUDVJHQRPODJHQ RPVWUDWHJLVNDSURGXNWHU'HWNDQLRFKI|UVLJLIUnJDVlWWDVRPGHWWDI|U KnOODQGHlUDYQnJRQSUDNWLVNEHW\GHOVHPHGKlQV\QWLOODWWHQXWI|UVHOXU ODQGHW I|UXWVlWWHU nWPLQVWRQH LQQHKDY RFK WUDQVSRUW DY GHW UDGLRDNWLYD lPQHW YLOND I|UKnOODQGHQ RPIDWWDV DY WLOOVWnQGVSOLNWHQ $WW XWWU\FNOLJHQ I|UHVNULYDDWWWLOOVWnQGVNDOONUlYDVI|UDWWIUnQODQGHWXWI|UDUDGLRDNWLYD lPQHQPHGI|UGRFNGHQI|UGHOHQ DWW GHW GlULJHQRP WLOOVNDSDV HQ I|UXW VlWWQLQJ DWW LQI|UD GH DQVYDUVEHVWlPPHOVHU VRP UnGHW I|UYlQWDU VLJ DY PHGOHPVVWDWHUQDHQOLJWUnGHWVI|URUGQLQJ(XUDWRPRPWUDQVSRUW DYUDGLRDNWLYDlPQHQPHOODQPHGOHPVVWDWHU(QXWWU\FNOLJI|UHVNULIWRP WLOOVWnQG DYVHHQGH XWI|UVHO DY UDGLRDNWLYD lPQHQ VRP LQWH RPIDWWDV DY ODJHQ RP VWUDWHJLVND SURGXNWHU PHGI|U RFNVn GHQ I|UGHOHQ DWW GHW LQWH J|UVQnJRQnWVNLOOQDGPHOODQUDGLRDNWLYDlPQHQRFKUDGLRDNWLYWDYIDOOL IUnJD RP WLOOVWnQGVSOLNWHQ YLONHW I|UHQNODU WLOOlPSOLJKHWHQ 'HW I|UHVOnV GlUI|UDWWVWUnOVN\GGVODJHQlQGUDVSnVnVlWWDWWWLOOVWnQGVNDOONUlYDVlYHQ I|UXWI|UVHODYDOODVODJVUDGLRDNWLYDlPQHQI|UYLONDLQWHWLOOVWnQGUHGDQ NUlYVHQOLJWODJHQRPVWUDWHJLVNDSURGXNWHU0HGEHDNWDQGHDY GH V\Q SXQNWHUVRPIUDPI|UWVIUnQ6WUnOVN\GGVLQVWLWXWHWRFK.lUQNUDIWLQVSHNWLRQ KDUI|UVODJHWWLOOODJWH[WWLOOVNLOOQDGPRWI|UVODJHWLSURPHPRULDQXWIRU PDWVSnVnVlWWDWWGHWLHQGDVWI|UHVNULYVDWWXWI|UVHOI|UEXGHWJlOOHU VnGDQWUDGLRDNWLYWlPQHVRPLQWHXWJ|UNlUQlPQHHQOLJWODJHQRPVWUDWH JLVNDSURGXNWHU+lULJHQRPXQGYLNVWRONQLQJVSUREOHPHIWHUVRPEHJUHS SHWUDGLRDNWLYWDYIDOOLQQHIDWWDVLEHJUHSSHWUDGLRDNWLYWlPQH%HWUlIIDQGH

3URS



GH|YULJDODJlQGULQJDUVRPI|UHVODJLWVDY6WUnOVN\GGVLQVWLWXWHWVDNQDVGHW WLOOUlFNOLJDVNlOI|UDWW\WWHUOLJDUHlQGUDODJHQ'HQQXI|UHVODJQDXWYLG JQLQJHQDYWLOOVWnQGVSOLNWHQWRUGHLQWHYDUDlJQDGDWWRUVDNDQlPQYlUGD NRVWQDGV|NQLQJDUPHGKlQV\QWLOOGHQUHGDQQXRPIDWWDQGHWLOOVWnQGVSOLNW VRPJlOOHUI|UKDQWHULQJDYUDGLRDNWLYDlPQHQ

 8WYLGJDGHDQVYDUVEHVWlPPHOVHU

)|UVODJ 6WUnOVN\GGVODJHQ  lQGUDV Vn DWW lYHQ RORYOLJ XWI|UVHODYUDGLRDNWLYDlPQHQVRPLQWHXWJ|UNlUQlPQHQHQOLJWODJHQ RPVWUDWHJLVNDSURGXNWHUVWUDIIEHOlJJV

3URPHPRULDQVI|UVODJ|YHUHQVVWlPPHUPHGUHJHULQJHQV 5HPLVVLQVWDQVHUQDKDULQWHKDIWQnJRQHULQUDQPRWI|UVODJHW 5HJHULQJHQV I|UVODJ , VDPEDQG PHG DWW NUDYHW Sn WLOOVWnQG HQOLJW VWUnOVN\GGVODJHQXWYLGJDVlYHQWLOOXWI|UVHODYVnGDQDUDGLRDNWLYDlPQHQ VRPLQWHXWJ|UNlUQlPQHQHQOLJWODJHQRPVWUDWHJLVNDSURGXNWHUI|UHVOnV DWW RORYOLJ XWI|UVHO DY VnGDQD lPQHQ VWUDIIEHOlJJV L PRWVYDUDQGH PnQ +lULJHQRP VlNHUVWlOOV DWW DOO XWI|UVHO DY UDGLRDNWLYD lPQHQ VRP VWnU L VWULG PHG I|URUGQLQJHQ  (XUDWRP EOLU VWUDIIVDQNWLRQHUDG (QOLJW JlOODQGHODJlUWLOOYHUNQLQJLQI|UDQGHWLOOODQGHWWUDQVSRUWVDOXI|UDQGH |YHUOnWHOVHXSSOnWHOVHI|UYlUYLQQHKDYHOOHUDQYlQGQLQJDYHWWUDGLRDN WLYWlPQHVWUDIIEHODJWHQOLJWVWUnOVN\GGVODJHQRPLQWHWLOOVWnQGHUKnOOLWVWLOO YHUNVDPKHWHQ'HWIUDPVWnUGlUI|UYLGDUHVRPQDWXUOLJWDWWlYHQRORYOLJ XWI|UVHODYUDGLRDNWLYDlPQHQVWUDIIEHOlJJVSnPRWVYDUDQGHVlWW

 .RQVHNYHQVEHG|PQLQJ

)|UVODJHQ LQQHElU HQ I|UVWlUNQLQJ DY VWUnOVN\GGHW MlPI|UW PHG VLWXDWLR QHQLGDJ)UnQPLOM|V\QSXQNWPHGI|UI|UVODJHQGlUI|USRVLWLYDNRQVHN YHQVHU

)UnQ ILQDQVLHOO V\QSXQNW EHUlNQDV HWW JHQRPI|UDQGH DY I|UVODJHQ WLOO lQGULQJLVWUnOVN\GGVODJHQLQWHI|UDQOHGDQnJRQ|NDGNRVWQDGVHIIHNWI|U GHWDOOPlQQD,QWHKHOOHUGHI|UHVODJQDXWYLGJQLQJDUQDDYWLOOVWnQGVSOLNWHQ EHG|PV I|UDQOHGD QnJRQ VW|UUH |NQLQJ DY NRVWQDGHUQD I|U GH VRP LGDJ \UNHVPlVVLJWKDQWHUDUUDGLRDNWLYDlPQHQPHGKlQV\QWLOODWWIUnJDHQGDVW lU RP PLQGUH NRPSOHWWHULQJDU DY GHQ UHGDQ LGDJ RPIDWWDQGH WLOOVWnQGV SOLNWHQI|UKDQWHULQJDY UDGLRDNWLYW PDWHULDO *HQRPI|UDQGHW DY GH Q\D GLUHNWLYHQPHGI|UGRFNHWWEHKRYDY|NDGHP\QGLJKHWVLQVDWVHUEHWUlIIDQ GHEOD|YHUYDNQLQJDYWUDQVSRUWHUDYUDGLRDNWLYWDYIDOOVDPW|YHUYDNQLQJ DY VWUnOGRVHU RFK I|UDQGH DY HWW QDWLRQHOOW GRVUHJLVWHU 'HVVD XSSJLIWHU E|U OlPSOLJHQ KDQGKDV DY 6WUnOVN\GGVLQVWLWXWHW )|UXWVDWW DWW P\QGLJKH WHQV YHUNVDPKHW L |YULJW VNDOO EHGULYDV Sn QXYDUDQGH QLYn NDQ GHWWD PHGI|UDHQEHJUlQVDG|NDGNRVWQDG2PGHWVNXOOHYLVDVLJQ|GYlQGLJW NDQ DYJLIWHUQD HQOLJW I|URUGQLQJHQ  RP DYJLIWHU WLOO 6WDWHQV VWUnOVN\GGVLQVWLWXWGlUI|UNRPPDDWWMXVWHUDV

3URS



 ,NUDIWWUlGDQGH

/DJVWLIWQLQJHQI|UHVOnVWUlGDLNUDIWGHQPDMVRPlUGHQGDJGHW Q\D JUXQGOlJJDQGH VWUnOVN\GGVGLUHNWLYHW WUlGHU L NUDIW 1nJRQ VlUVNLOG |YHUJnQJVUHJOHULQJEHG|PVLQWHHUIRUGHUOLJ

 )|UIDWWQLQJVNRPPHQWDU

D 3DUDJUDIHQ LQQHElU DWW GH VN\OGLJKHWHU U|UDQGH NRQWUROO RFK I|UVLNWLJ KHWVnWJlUGHU VRP HQOLJW   nYLODU GHQ VRP EHGULYHU YHUNVDPKHW PHG VWUnOQLQJ XWVWUlFNV WLOO DWW RPIDWWD lYHQ ´H[WHUQD DUEHWVJLYDUH´ GYV VnGDQDVRPXWDQDWWVMlOYDEHGULYDYHUNVDPKHWPHGVWUnOQLQJV\VVHOVlWWHU DUEHWVWDJDUH L HQ YHUNVDPKHW GlU DUEHWVWDJDUHQ XWVlWWV HOOHU NDQ XWVlWWDV I|UVWUnOQLQJ(QPRWVYDUDQGHXWYLGJQLQJJ|UVEHWUlIIDQGHLQIRUPDWLRQV RFKXWELOGQLQJVVN\OGLJKHWHQVRPL|YULJWUHJOHUDVL)|UDUEHWVJLYDUHQ JlOOHU VN\OGLJKHWHUQD L GHQ XWVWUlFNQLQJ VRP EHK|YV I|U DWW KLQGUD DWW DUEHWVWDJDUHQXWVlWWVI|UVWUnOQLQJPHGVNDGOLJYHUNDQ1nJRQVNLOOQDGL EHW\GHOVH JHQWHPRW GHQ L GLUHNWLYHW DQYlQGD IRUPXOHULQJHQ ´L VnGDQ RPIDWWQLQJ DWW GHWWD LQWH NDQ I|UELVHV IUnQ VWUnOVN\GGVV\QSXQNW´ lU LQWH DYVHGG(QQlUPDUHUHGRJ|UHOVHI|UPRWLYHQEDNRPlQGULQJHQILQQVL DYVQLWW3DUDJUDIHQKDUXWIRUPDWVLHQOLJKHWPHG/DJUnGHWVI|UVODJ

 bQGULQJHQLSDUDJUDIHQLQQHElUDWWGHVN\OGLJKHWHULVWUnOVN\GGVKlQVHHQ GH VRP HQOLJW SDUDJUDIHQ JlOOHU I|U GHQ VRP lU V\VVHOVDWW L YHUNVDPKHW PHGVWUnOQLQJJlOOHUlYHQI|UVNH[WHUQDDUEHWVWDJDUHGYVGHVRPLQWHlU DQVWlOOGDDYGHQVRPEHGULYHUYHUNVDPKHWPHGVWUnOQLQJPHQVRPLVLWW DUEHWH XWVlWWV I|U VWUnOQLQJ L VnGDQ PnQ DWW GHWWD LQWH NDQ I|UELVHV IUnQ VWUnOVN\GGVV\QSXQNW 3DUDJUDIHQ lU GlULJHQRP WLOOlPSOLJ lYHQ Sn HJHQI|UHWDJDUH*HQRPDWWEHJUlQVDWLOOlPSQLQJHQWLOOH[SRQHULQJDYGHQ VRPLVLWWDUEHWHXWVlWWVI|UVWUnOQLQJXQGDQWDVSDWLHQWHUVRPLWHUDSHXWLVNW HOOHUGLDJQRVWLVNWV\IWHXWVlWWVI|UVWUnOQLQJ(QQlUPDUHUHGRJ|UHOVHI|U PRWLYHQEDNRPlQGULQJHQILQQVLDYVQLWW

 bQGULQJDUQDLQQHElUDWWnOGHUVJUlQVHQI|UDUEHWHPHGMRQLVHUDQGHVWUnO QLQJ K|MV IUnQ  WLOO  nU PHG XQGDQWDJ I|U GHQ VRP XQGHU VLQ XWELOGQLQJPnVWHDQYlQGDVWUnONlOORU%HVWlPPHOVHQKDUI|UHQDWVPHGHQ P|MOLJKHW I|U UHJHULQJHQ HOOHU GHQ P\QGLJKHW UHJHULQJHQ EHVWlPPHU DWW PHGGHOD VlUVNLOGD I|UHVNULIWHU L IUnJD RP GHVVD XQGHUnULJD SHUVRQHU 8QGDQWDJHW PRWVYDUDU GLUHNWLYHWV XQGDQWDJ I|U OlUOLQJDU RFK VWXGHUDQGH VRP XQGHU VLQD VWXGLHU PnVWH DQYlQGD VWUnONlOORU 0HG GHQ YDOGD IRUPXOHULQJHQ ´GHQ VRP I|U VLQ XWELOGQLQJ PnVWH EHIDWWD VLJ PHG

3URS



UDGLRDNWLYD lPQHQ HOOHU PHG HQ WHNQLVN DQRUGQLQJ VRP NDQ DOVWUD MRQLVHUDQGHVWUnOQLQJ´KDUGLUHNWLYHWVEHJUHSS´VWUnONlOORU´DQSDVVDWVWLOO VWUnOVN\GGVODJHQV WHUPLQRORJL RFK XQGYLNV JUlQVGUDJQLQJVSUREOHP WLOO I|OMGDYDWWEHJUHSSHWOlUOLQJDUVDNQDVLVYHQVNDUEHWVUlWW1nJRQVNLOOQDG L VDN JHQWHPRW GLUHNWLYHW lU LQWH DYVHGG (Q QlUPDUH UHGRJ|UHOVH I|U PRWLYHQEDNRPlQGULQJHQILQQVLDYVQLWW

 bQGULQJDUQDLQQHElUVnYLWWDYVHUDWWGHWXWWU\FNOLJHQDQJHVDWWGH SRVLWLRQnWHUYLQQLQJHOOHUnWHUDQYlQGQLQJDYUDGLRDNWLYDlPQHQHOOHUHWW PDWHULDOVRPLQQHKnOOHUUDGLRDNWLYDlPQHQRPIDWWDVDYWLOOVWnQGVSOLNWHQ bQGULQJHQ KDU XWIRUPDWV L |YHUHQVVWlPPHOVH PHG WHUPLQRORJLQ L GHW JUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYHW'HQNRPSOHWWHUDULYLVVPnQI|UEX GHWLDNlUQWHNQLNODJHQPRWVOXWI|UYDULQJRFKODJULQJDYDQYlQWNlUQ EUlQVOHHOOHUNlUQDYIDOOIUnQHQNlUQWHNQLVNDQOlJJQLQJLXWODQGHWHIWHU VRP EHJUHSSHW ´UDGLRDNWLYD lPQHQ ´ lU HWW YLGDUH EHJUHSS lQ ´DQYlQW NlUQEUlQVOHHOOHUNlUQDYIDOO´

bQGULQJDUQD L    LQQHElU DWW WLOOVWnQGVSOLNWHQ XWVWUlFNV lYHQ WLOO XWI|UVHODYUDGLRDNWLYDlPQHQXW|YHU VnGDQW lPQH VRP XWJ|U NlUQlPQH HQOLJWODJHQRPVWUDWHJLVNDSURGXNWHU,EHJUHSSHWUDGLRDNWLYDlPQHQLQ QHIDWWDV lYHQ UDGLRDNWLYW DYIDOO YDUI|U WLOOVWnQGVSOLNWHQ I|U XWI|UVHO DY VnGDQWDYIDOODOOWMlPWNYDUVWnU0HGKlQV\QWLOOSULQFLSHQRPVSHFLDOODJV I|UHWUlGH IUDPI|U JHQHUHOO ODJ LQQHElU GHWWD DWW WLOOVWnQG HQOLJW VWUnO VN\GGVODJHQLQWHHUIRUGUDVI|UGHWIDOOWLOOVWnQGWLOOXWI|UVHOUHGDQHUKnOOLWV HQOLJWODJHQRPVWUDWHJLVNDSURGXNWHU(QQlUPDUHUHGRJ|UHOVHI|UPRWL YHQEDNRPlQGULQJHQILQQVLDYVQLWW

 bQGULQJHQ LQQHElU DWW lYHQ EURWW PRW    VWUnOVN\GGVODJHQ VWUDIIEH OlJJVSnVDPPDVlWWVRPLGDJlUIDOOHWEHWUlIIDQGHEURWWPRWHOOHU 'HWWDPHGI|UDWWXWI|UVHOXWDQWLOOVWnQGDYUDGLRDNWLYDlPQHQVRPLQWH XWJ|UNlUQlPQHHQOLJWODJHQ RP VWUDWHJLVND SURGXNWHU RFK VnOHGHV RP IDWWDVDYWLOOVWnQGVSOLNWHQOLJWGHQODJHQRPIDWWDVDYVWUDIIVWDGJDQGHWHQ OLJW VWUnOVN\GGVODJHQ (Q QlUPDUH UHGRJ|UHOVH I|U PRWLYHQ EDNRP lQG ULQJHQILQQVLDYVQLWW

3URS %LODJD



3URPHPRULDQVODJI|UVODJ

)|UVODJWLOOODJRPlQGULQJLVWUnOVN\GGVODJHQ

+lULJHQRPI|UHVNULYV

GHOVDWWRFKVNDOOKDI|OMDQGHO\GHOVH GHOV DWW GHW L ODJHQ VNDOO LQI|UDV HQ Q\ SDUDJUDI D  DY I|OMDQGH

O\GHOVH

1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH



'HQ VRP EHGULYHU YHUNVDPKHW PHG VWUnOQLQJ VNDOO PHG KlQV\Q WLOO YHUNVDPKHWHQVDUWRFKGHI|UKnOODQGHQXQGHUYLONDGHQEHGULYV

YLGWDGHnWJlUGHURFKLDNWWDGHI|UVLNWLJKHWVPnWWVRPEHK|YVI|UDWW KLQGUDHOOHUPRWYHUNDVNDGDSnPlQQLVNRUGMXURFKPLOM|

NRQWUROOHUDRFKXSSUlWWKnOODVWUnOVN\GGHWSnGHQSODWVRFKLGHQORNDO RFK|YULJDXWU\PPHQGlUVWUnOQLQJI|UHNRPPHU

 YlO XQGHUKnOOD WHNQLVND DQRUGQLQJDU VDPW PlW RFK VWUnOVN\GGVXWUXVWQLQJVRPDQYlQGVLYHUNVDPKHWHQ

9DG VRP VlJV L I|UVWD VW\FNHW VNDOO JlOOD lYHQ I|U GHQ VRP V\VVHOVlWWHU DUEHWVWDJDUH L HQ YHUNVDPKHW GlU DUEHWVWDJDUQD XWVlWWV HOOHU NDQ XWVlWWDV I|U VWUnOQLQJ L VnGDQ RPIDWWQLQJ DWW VWUnOQLQJHQ LQWH lU DY I|UVXPEDU EHW\GHOVHLGHWHQVNLOGDIDOOHW



'HQ VRP EHGULYHU YHUNVDPKHW PHG VWUnOQLQJ VNDOO VYDUD I|U DWW GHQ VRPlUV\VVHOVDWWLYHUNVDPKHWHQKDUJRGNlQQHGRPRPGHI|UKnOODQGHQ YLOONRU RFK I|UHVNULIWHU XQGHU YLOND YHUNVDPKHWHQ EHGULYV VDPW EOLU XSSO\VW RP GH ULVNHU VRP NDQ YDUD I|UHQDGH PHG YHUNVDPKHWHQ 'HQ VRP EHGULYHU YHUNVDPKHWHQ VNDOO I|UYLVVD VLJ RP DWW GHQ VRP lU V\VVHOVDWWLYHUNVDPKHWHQKDUGHQXWELOGQLQJVRPEHK|YVRFKYHWYDGKDQ VNDOOLDNWWDI|UDWWVWUnOVN\GGHWVNDOOIXQJHUDWLOOIUHGVVWlOODQGH

9DG VRP VlJV L I|UVWD VW\FNHW VNDOO JlOOD lYHQ I|U GHQ VRP V\VVHOVlWWHU DUEHWVWDJDUH L HQ YHUNVDPKHW GlU DUEHWVWDJDUQD XWVlWWV HOOHU NDQ XWVlWWDV I|U VWUnOQLQJ L VnGDQ RPIDWWQLQJ DWW VWUnOQLQJHQ LQWH lU DY I|UVXPEDU EHW\GHOVHLGHWHQVNLOGDIDOOHW

3URS %LODJD



1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH



'HQ VRP lU V\VVHOVDWW  L YHUNVDPKHW PHG VWUnOQLQJ VNDOO DQYlQGD GH VN\GGVDQRUGQLQJDU RFK YLGWD GH nWJlUGHU L |YULJW VRP EHK|YV I|U DWW VWUnOVN\GGHW VNDOO IXQJHUDWLOOIUHGVVWlOODQGH

'HQ VRP lU V\VVHOVDWW L YHUNVDPKHWPHGVWUnOQLQJHOOHULVLWW

DUEHWHXWVlWWVHOOHUNDQXWVlWWDVI|U VWUnOQLQJ L VnGDQ RPIDWWQLQJ DWW VWUnOQLQJHQ LQWH lU DY I|UVXPEDU EHW\GHOVH L GHW HQVNLOGD IDOOHW VNDOO

DQYlQGD GH VN\GGVDQRUGQLQJDU RFK YLGWD GH nWJlUGHU L |YULJW VRP EHK|YV I|U DWW VWUnOVN\GGHW VNDOO IXQJHUDWLOOIUHGVVWlOODQGH



'HQ VRP lU XQGHU  nU InU LQWH V\VVHOVlWWDVLDUEHWHVRPlUI|UHQDW PHGMRQLVHUDQGHVWUnOQLQJ

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU PHGGHOD VlUVNLOGD I|UHVNULIWHU L IUnJDRPDUEHWVWDJDUHXQGHUnU

VRPXWI|UVnGDQWDUEHWH

'HQ VRP lU XQGHU  nU InU LQWH V\VVHOVlWWDV L YHUNVDPKHW VRP lU

I|UHQDG PHG MRQLVHUDQGH VWUnOQLQJ 8QGDQWDJInUHQGDVWJ|UDVI|UGHQ VRPI|UVLQXWELOGQLQJPnVWHEHIDWWD VLJ PHG UDGLRDNWLYD lPQHQ HOOHU PHGHQWHNQLVNDQRUGQLQJVRP NDQ DOVWUDMRQLVHUDQGHVWUnOQLQJ

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU PHGGHOD VlUVNLOGD I|UHVNULIWHU L IUnJD RP GHP VRP lU XQGHU  nU

RFK VRP V\VVHOVlWWV L YHUNVDPKHW PHGVWUnOQLQJ



7LOOVWnQGNUlYVI|UDWW  WLOOYHUND WLOO ODQGHW LQI|UD WUDQVSRUWHUD VDOXI|UD |YHUOnWD XSSOnWD I|UYlUYD LQQHKD HOOHU

DQYlQGDHWWUDGLRDNWLYWlPQH

7LOOVWnQGNUlYVI|UDWW  WLOOYHUND WLOO ODQGHW LQI|UD WUDQVSRUWHUD VDOXI|UD |YHUOnWD XSSOnWDI|UYlUYDLQQHKDDQYlQGD

GHSRQHUD nWHUYLQQD HOOHU nWHUDQYlQGD HWW UDGLRDNWLYW lPQH HOOHU HWW PDWHULDO VRP LQQHKnOOHU UDGLRDNWLYDlPQHQ

 WLOOYHUND WLOO ODQGHW LQI|UD VDOXI|UD |YHUOnWD XSSOnWD I|UYlUYD LQQHKDDQYlQGDLQVWDOOHUDHOOHUXQGHUKnOODHQWHNQLVNDQRUGQLQJVRPNDQ RFK lU DYVHGG DWW VlQGD XW MRQLVHUDQGH VWUnOQLQJ HOOHU VnGDQ GHO DY DQRUGQLQJHQVRPlUDYYlVHQWOLJEHW\GHOVHIUnQVWUnOQLQJVV\QSXQNW

 WLOOYHUND WLOO ODQGHW LQI|UD VDOXI|UD |YHUOnWD XSSOnWD I|UYlUYD LQQHKDDQYlQGDLQVWDOOHUDHOOHUXQGHUKnOODDQGUDWHNQLVNDDQRUGQLQJDUlQ VnGDQD VRP DYVHV L  RFK VRP NDQ DOVWUD MRQLVHUDQGH VWUnOQLQJ RFK I|U YLOND UHJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU I|UHVNULYLWNUDYSnWLOOVWnQG

 IUnQ ODQGHW XWI|UD UDGLRDNWLYW DYIDOO

 IUnQ ODQGHW XWI|UD UDGLRDNWLYW DYIDOOHOOHUVnGDQWUDGLRDNWLYWlPQH

3URS %LODJD



1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH VRP LQWH XWJ|U NlUQlPQH HQOLJW ODJHQ  RP VWUDWHJLVND SURGXNWHU

D

7LOOVWnQGHQOLJWGHQQDODJ I|U HQ YHUNVDPKHW PHG MRQLVHUDQGH VWUnOQLQJ InU OlPQDV HQGDVW RP YHUNVDPKHWHQ PHGI|U HQ Q\WWD VRP lU VW|UUH lQ GHQ VNDGD VRP VWUnOQLQJHQ NDQ I|URUVDND RFK EHVWUnOQLQJHQ DY PlQQLVNRU lU EHJUlQVDG Vn OnQJW VRP GHW lU ULPOLJW

9LG SU|YQLQJ DY lUHQGHQ RP WLOOVWnQGHQOLJWGHQQDODJVNDOOlYHQ EHDNWDV DWW RQ|GLJ VSULGQLQJ DY UDGLRORJLVNXWUXVWQLQJXQGYLNV



7LOOE|WHUHOOHUIlQJHOVHLK|JVWWYnnUG|PVGHQVRPPHGXSSVnWHOOHU DYRDNWVDPKHW

EU\WHUPRW   I|UVWD VW\FNHW HOOHUHOOHU

EU\WHUPRW   I|UVWD VW\FNHW HOOHUHOOHU

EU\WHUPRWI|UHVNULIWVRPPHGGHODWVPHGVW|GDYI|UVWDVW\FNHW   DQGUD VW\FNHW       DQGUD VW\FNHW    I|UVWD VW\FNHWHOOHU

EU\WHUPRWYLOONRUVRPPHGGHODWVPHGVW|GDYHOOHU EU\WHUPRWI|UHOlJJDQGHHOOHUI|UEXGVRPPHGGHODWVPHGVW|GDY I|UVWDVW\FNHW BBBBBBBBBB

'HQQDODJWUlGHULNUDIWGHQPDM

3URS %LODJD



)|UWHFNQLQJ|YHUUHPLVVLQVWDQVHUQD

6WDWHQV UlGGQLQJVYHUN 6RFLDOVW\UHOVHQ 8SSVDOD XQLYHUVLWHW $UEHWDU VN\GGVVW\UHOVHQ 9DWWHQIDOO $% 1DWXUYnUGVYHUNHW 6WDWHQV VWUnOVN\GGV LQVWLWXW 6WDWHQV NlUQNUDIWLQVSHNWLRQ /DQGVWLQJVI|UEXQGHW   6YHULJHV LQGXVWULI|UEXQG 7MlQVWHPlQQHQV FHQWUDORUJDQLVDWLRQ 6YHULJHV DNDGH PLNHUV FHQWUDORUJDQLVDWLRQ /DQGVRUJDQLVDWLRQHQ L 6YHULJH 6YHQVND $UEHWVJLYDUHI|UHQLQJHQ $%% $WRP $% %DUVHElFN NUDIW $% )RONNDPSDQMHQPRWNlUQNUDIWRFKNlUQYDSHQ)RUVPDUNVNUDIWJUXSS$% )|UHQLQJHQI|URI|UVW|UDQGHSURYQLQJ*UHHQSHDFH2.*$%5LQJKDOV $%6WXGVYLNKROGLQJ$%6YHQVNNlUQEUlQVOHKDQWHULQJ$%

3URS %LODJD



5HPLVVDPPDQVWlOOQLQJ

, DQOHGQLQJ DY GHSDUWHPHQWVSURPHPRULDQ )|UVWlUNW VWUnOVN\GG 'VKDU6WDWHQVUlGGQLQJVYHUN6RFLDOVW\UHOVHQ8SSVDODXQLYHU VLWHW $UEHWDUVN\GGVVW\UHOVHQ 9DWWHQIDOO $% 6WDWHQV VWUnOVN\GGVLQVWLWXW 66, 6WDWHQV NlUQNUDIWLQVSHNWLRQ 6., /DQGVWLQJVI|UEXQGHW 6YHULJHV ,QGXVWULI|UEXQG 7MlQVWHPlQQHQV &HQWUDORUJDQLVDWLRQ 6YHULJHV 7DQGOl NDUI|UEXQG /DQGVRUJDQLVDWLRQHQ L 6YHULJH 6YHQVND $UEHWVJLYDUHI|UH QLQJHQ%DUVHElFN.UDIW$%)RONNDPSDQMHQPRWNlUQNUDIWNlUQYDSHQ )RUVPDUNV.UDIWJUXSS$%)|UHQLQJHQI|URI|UVW|UDQGHSURYQLQJ2.* $%5LQJKDOV$%RFK6WXGVYLN+ROGLQJ$%LQNRPPLWPHG\WWUDQGHQ

6WDWHQV UlGGQLQJVYHUN 6RFLDOVW\UHOVHQ $UEHWDUVN\GGVVW\UHOVHQ 9DWWHQ IDOO$%/DQGVWLQJVI|UEXQGHW)RUVPDUNV.UDIWJUXSS$%RFK)|UHQLQJHQ I|URI|UVW|UDQGHSURYQLQJKDULQJDV\QSXQNWHUSnI|UVODJHW6YHULJHV,Q GXVWULI|UEXQG7MlQVWHPlQQHQV&HQWUDORUJDQLVDWLRQRFK6YHQVND$UEHWV JLYDUHI|UHQLQJHQKDUDYVWnWWIUnQDWW\WWUDVLJ/DQGVRUJDQLVDWLRQHQL6YH ULJHKDUI|UNODUDWDWWGHQYlONRPQDUI|UVODJHWRFK)RUVPDUNV.UDIWJUXSS $%KDUI|UNODUDWVLJSRVLWLYWLOOGHI|UHVODJQDlQGULQJDUQD

8SSVDOD XQLYHUVLWHW 66, 6., 6YHULJHV 7DQGOlNDUI|UEXQG %DUVHElFN .UDIW $% )RONNDPSDQMHQ PRW NlUQNUDIWNlUQYDSHQ 2.* $% RFK 6WXGVYLN$%KDUIUDPI|UWV\QSXQNWHUSnI|UVODJHQLSURPHPRULDQ'HVVD V\QSXQNWHUUHGRYLVDVQHGDQLDQVOXWQLQJWLOOGHLSURPHPRULDQIUDPI|UGD I|UVODJHQ

+|MQLQJDYnOGHUVJUlQVHQI|UDUEHWHPHGVWUnOQLQJ

66,66,DQVHUDWWGHQI|UHVODJQDVNULYQLQJHQLYLVVHUOLJHQXSSI\OOHU

NUDYHQLGLUHNWLY(XUDWRPJlOODQGHnOGHUVJUlQVI|USHUVRQHUVRP V\VVHOVlWWVLYHUNVDPKHWPHGVWUnOQLQJPHQDWWGHQNDQPLVVWRONDVRFK I|UHVOnULVWlOOHWI|OMDQGHVNULYQLQJ'HQVRPlUXQGHUnUInULQWHV\V

VHOVlWWDV L YHUNVDPKHW VRP lU I|UHQDG PHG MRQLVHUDQGH VWUnOQLQJ 8Q GDQWDJInUHQGDVWJ|UDVI|UGHQVRPI|UVLQXWELOGQLQJPnVWHEHIDWWDVLJ PHGUDGLRDNWLYDlPQHQHOOHUPHGWHNQLVNDQRUGQLQJVRPNDQDOVWUDMRQL VHUDQGH VWUnOQLQJ 5HJHULQJHQ HOOHU GHQ P\QGLJKHW UHJHULQJHQ EHVWlP PHUInUPHGGHODVlUVNLOGDI|UHVNULIWHULIUnJDRPGHQVRPLVLQXWELOGQLQJ WDUVnGDQEHIDWWQLQJ

6YHULJHV WDQGOlNDUI|UEXQG 'H I|UHVODJQD O\GHOVHUQD lU I|UDQOHGGD DY

Q\WW(8GLUHNWLYRPIDVWVWlOODQGHDYJUXQGOlJJDQGHVlNHUKHWVQRUPHUWLOO I|OMG DY MRQLVHUDQGH VWUnOQLQJ (XUDWRP 'H IOHVWD lQGULQJDUQD EHU|UHMGHQRGRQWRORJLVNWUDGLRORJLVNDYHUNVDPKHWHQcOGHUVJUlQVHQ nU I|U DUEHWH PHG MRQLVHUDQGH VWUnOQLQJ KDU P|MOLJKHW I|U XQGDQWDJ YLG XWELOGQLQJVRPNUlYHUNXQVNDSHURPMRQLVHUDQGHVWUnOQLQJ,P\FNHWVlOO V\QWDIDOONDQYLGRGRQWRORJLVNXWELOGQLQJHOHYHU\QJUHlQnUNRPPDL IUnJDI|UVnGDQWXQGDQWDJgYULJDI|UHVODJQDlQGULQJDUKDUUHGDQLGDJL I|UHNRPPDQGH IDOO SUDNWLVN WLOOlPSQLQJ LQRP YHUNVDPKHWHQ 'HW lU GlUI|U DY YlUGH DWW VWUnOVN\GGVODJHQV IRUPXOHULQJDU lU L |YHUHQV

3URS %LODJD



VWlPPHOVH PHG |YULJD I|URUGQLQJDU IUnQ 66, RFK PHG JUXQGWDQNHQ L VWUnOVN\GGVYHUNVDPKHWHQEnGHQDWLRQHOOWRFKLQWHUQDWLRQHOOW

%DUVHElFNNUDIW$%,QJDSULQFLSLHOODNRPPHQWDUHU'HWlUGRFNYLNWLJW

DWWXQGDQWDJHWDYVHHQGHXWELOGQLQJVYHUNVDPKHWILQQVNYDU/LNDVnE|UGHW IUDPJnDWWGHWPHGYHUNVDPKHWPHGVWUnOQLQJHMJlOOHUDOOSHUVRQDOSn HWW NlUQNUDIWYHUN XWDQ HQGDVW GHQ SHUVRQDO VRP DUEHWDU Sn NRQWUROOHUDW RPUnGH

2.*+ROGLQJ$%bQGULQJDUQDLVDNDFFHSWHUDVPHQRUGYDOHWlULQWHEUD

(QYLGWRONQLQJDYSDUDJUDIHQPHGI|UDWWDOODI|UHWDJHWVDQVWlOOGDV\VVHO VlWWVLYHUNVDPKHWPHGVWUnOQLQJYDUI|UYLLQWHNDQDQVWlOODQnJRQXQGHU nU'HWWDNDQLQWHYDUDV\IWHWPHGSDUDJUDIHQ7LGLJDUHO\GHOVHYDUPHU VWULQJHQW GlU ´VnGDQW´ V\IWDU Sn DUEHWH VRP lU I|UHQDW PHG MRQLVHUDQGH VWUnOQLQJ

5LQJKDOV$%9LI|UXWVlWWHUDWWI|UHVODJHQVNULYQLQJDYVNDOOWRONDV

VnDWWGHWVRPKLWWLOOVVNDOOYDUDWLOOnWHWI|UVWXGHUDQGHPHOODQRFK nUV nOGHU DWW VRP HWW OHG L VLQ XWELOGQLQJ SUDNWLVHUD YLG NlUQNUDIWYHUN 'HVVDVWXGHUDQGHVRPEHK|YHUSUDNWLNI|UDWWGHUDVJ\PQDVLHXWELOGQLQJ VNDOOEOLNRPSOHWWDQVHUYLVnOHGHVLQQHIDWWDGHLGHWXQGDQWDJVRPlUDQ JLYHW

6WXGVYLN+ROGLQJ$%'HILQLWLRQHQDYYHUNVDPKHWPHGVWUnOQLQJL

PnVWHNRPSOHWWHUDVPHGHQGRVJUlQVHOOHUElWWUHLQQHIDWWDVDYNRQWUROOH UDWRFKHOOHUVN\GGDWRPUnGH$OWHUQDWLYWNDQ66,PHGGHODVlUVNLOGDI|UH VNULIWHU,WH[WHQDQYlQGVXWWU\FNHWYHUNVDPKHWVRPlUI|UHQDGPHGMRQL VHUDQGHVWUnOQLQJ'HWlULQWHXSSHQEDUWRPGHWILQQVHQDQOHGQLQJWLOO VNLOOQDGHUQD

8WYLGJQLQJDYWLOOVWnQGVNUDYI|UKDQWHULQJDYRFKXWI|UVHODYUD GLRDNWLYDlPQHQ

66,'HWlUEUDDWWLI|UW\GOLJDDWWGHSRQHUDnWHUYLQQDRFKnWHUDQ

YlQGDUDGLRDNWLYWlPQHHOOHUPDWHULDOVRPLQQHKnOOHUUDGLRDNWLYWlPQHlU WLOOVWnQGVSOLNWLJW HQOLJW VWUnOVN\GGVODJHQ 'HWWD KDU GRFN lYHQ WLGLJDUH EHWUDNWDWVVRPWLOOVWnQGVSOLNWLJYHUNVDPKHW'HWlURFNVnEUDDWWXWI|UVHO DYUDGLRDNWLYWlPQHEOLUWLOOVWnQGVSOLNWLJW66,DQVHUDWWUDGLRDNWLYWDYIDOO lUHQGHOPlQJGDYUDGLRDNWLYWlPQHRFKDWWGHWWDVNDIUDPJnLPRWLYHU LQJHQ0HGGHWWDV\QVlWWI|UHQNODVVNULYQLQJHQDY RFK RQ|GLJ EH JUHSSVI|UYLUULQJXQGYLNV66,I|URUGDUGlUI|UDWWXWI|UVHOI|UVLQL RFKDWWXWJnU6NULYQLQJHQUDGLRDNWLYWPDWHULDOLlURQ| GLJRFKE|UXWJn'HQDY66,I|URUGDGHlQGULQJHQDYI|UDQOHGHUHQ NRPSOHWWHULQJDYVnDWW GHW IUDPJnU DWW WLOOVWnQG I|U XWI|UVHO HQOLJW 66/ LQWH EHK|YV I|U VnGDQW PDWHULDO VRP XWJ|U NlUQlPQH HQOLJW ODJHQ RPVWUDWHJLVNDSURGXNWHU'HWNUlYVGnRFNVnDWWGHWLPRWLYH ULQJHQ W\GOLJW DQJHV DWW UDGLRDNWLYD lPQHQ lYHQ LQQHIDWWDU UDGLRDNWLYW DYIDOOPP66,DQVHUYLGDUHDWWnWJlUGHQDWWWLOOVWnQGVEHOlJJDXWI|UVHODY UDGLRDNWLYDlPQHQE|UOHGDWLOOI|OMGlQGULQJLGlUXWI|UVHODYUD GLRDNWLYDlPQHQE|ULQJn0|MOLJKHWHQDWWI|UHVNULYDRPI|UEXGE|UJlOOD

3URS %LODJD



lYHQI|UXWI|UVHODYUDGLRDNWLYDlPQHQLQNOXVLYHUDGLRDNWLYWDYIDOO0|M OLJKHWHQDWWI|UHVNULYDRPI|UEXGRFKVWlOODNUDYSnPlUNQLQJE|UJlOOD RFNVnYLGXWI|UVHODYUDGLRDNWLYWlPQHOLNYlOVRPYLGLQI|UVHOWUDQVSRUW PP 'HWWD lU HQ YLNWLJW nWJlUG I|U DWW XQGYLND DWW RPlUNWD VWUnONlOORU NRPPHULRPORSS(QPRWVYDUDQGHI|OMGlQGULQJI|UHVOnVGlUI|UlYHQL YLONHWE|UI|UW\GOLJDVLPRWLYHULQJHQ66,I|URUGDUHQ|YHUV\QDYVWUnO VN\GGVODJHQI|UDWWVlUVNLOWVH|YHUVNULYQLQJDUQDVRPEHU|UUDGLRDNWLYW DYIDOO L V\IWH DWW XSSQn HQ IXOOJRG NRPSOHWWHULQJ WLOO |YULJ ODJVWLIWQLQJ 'HQQD|YHUV\QJ|UVOlPSOLJHQLVDPDUEHWHPHG6.,LVDPEDQGPHGHQ PRWVYDUDQGH |YHUV\Q DY ODJHQ  RP NlUQWHNQLVN YHUNVDPKHW , |YULJWDQPlUNVDWWGHWLGHSDUWHPHQWVSURPHPRULDQVPRWLYHULQJGHVLVWD IHPUDGHUQDLDYVQLWWVlJVDWW)|UVODJHWLQQHElUHQNRPSOHWWHULQJL I|UKnOODQGHWLOOI|UEXGHWLNlUQWHNQLNODJHQPRWVOXWI|UYDULQJRFKODJULQJ DY DQYlQW NlUQEUlQVOH HOOHU NlUQDYIDOO IUnQ HQ NlUQWHNQLVN DQOlJJQLQJ HIWHUVRP EHJUHSSHW UDGLRDNWLYD lPQHQ lU HWW YLGDUH EHJUHSS lQ DQYlQW NlUQEUlQVOH HOOHU NlUQDYIDOO 0HQLQJHQ V\IWDU Sn VOXWI|UYDULQJ DY XW OlQGVNWDQYlQWNlUQEUlQVOHRFKNlUQDYIDOOPHQRUGHWXWOlQGVNWKDUIDO OLWERUW66,DQVHULQWHDWWGHlQGULQJDUDYVWUnOVN\GGVODJHQVRPQXI|UH VOnVLQQHElUHQNRPSOHWWHULQJWLOODLODJHQRPNlUQWHNQLVN YHUNVDPKHW(QVnGDQNRPSOHWWHULQJPHGLQQHE|UGDWWXWOlQGVNWUDGLRDN WLYWDYIDOOSnVDPPDVlWWVRPXWOlQGVNWNlUQDYIDOORFKDQYlQWNlUQEUlQVOH LQWHInUVOXWI|UYDUDVL6YHULJHE|U|YHUYlJDV'HWVLVWQlPQGDKDUWLGLJDUH IUDPI|UWVWLOOPLOM|GHSDUWHPHQWHW

6.,bQGULQJVI|UVODJHQlUYlOPRWLYHUDGHPHQYLVVDI|UW\GOLJDQGHQE|U

J|UDVL,GHQSDUDJUDIHQOLNVRPSnDQGUDVWlOOHQLVWUnOVN\GGVODJHQ DQYlQGVEHJUHSSHQ´UDGLRDNWLYWDYIDOO´RFK´UDGLRDNWLYWlPQH´0HGGHQ I|UVODJQD O\GHOVHQ L   NRPPHU GHW DWW NUlYDV WLOOVWnQG DWW GHSRQHUD UDGLRDNWLYWlPQHHOOHUPDWHULDOVRPLQQHKnOOHUUDGLRDNWLYDlPQHQ(QOLJW 6.,V XSSIDWWQLQJ ERUGH VnGDQW lPQH HOOHU PDWHULDO EHWHFNQDV VRP ´UDGLRDNWLYWDYIDOO´6.,lUGRFNPHGYHWHWRPDWWEHJUHSSHWUDGLRDNWLYW DYIDOOLQWHDQYlQGVLDUWLNHOLGHWJUXQGOlJJDQGHVWUnOVN\GGVGLUHNWLYHW YLONHQOLJJHUWLOOJUXQGI|UGHQI|UHVODJQDlQGULQJHQ'HWWDXWJ|UGRFNHWW EUD H[HPSHO Sn RNODUKHWHQ NULQJ GH EnGD EHJUHSSHQ bYHQ RP GHW DY EDNJUXQGVWH[WHQ L GHSDUWHPHQWVSURPHPRULDQ NDQ XWOlVDV DWW UDGLRDNWLYW DYIDOOXWJ|UHQGHOPlQJGDYGHWYLGDUHEHJUHSSHWUDGLRDNWLYWlPQHIUDP JnULQWHGHWWDPHG|QVNYlUGW\GOLJKHWLVWUnOVN\GGVODJHQ(WWH[HPSHOSn GHWWDlUYLONHQDQYlQGHUGHWYnEHJUHSSHQSnHWWVlWWVRPLQGLNHUDU HQW\GOLJnWVNLOOQDGHPHOODQGHVVD2PWRONQLQJHQDYDWWUDGLRDNWLYWDYIDOO lUHQGHOPlQJGDYUDGLRDNWLYWlPQHlUULNWLJERUGHO\GHOVHQLYDUD ´IUnQ ODQGHW XWI|UD VnGDQW UDGLRDNWLYW lPQH VRP XWJ|UV DY UDGLRDNWLYW

DYIDOOHOOHUVRPLQWHXWJ|UNlUQlPQHHQOLJWODJHQRPVWUDWH JLVNDSURGXNWHU´6.,PHQDUDWWGHWlYHQILQQVVW|GLJlOODQGH(8GL

UHNWLYI|UDWWGHILQLHUDEHJUHSSHQLVWUnOVN\GGVODJHQ,GHWJUXQGOlJJDQGH VWUnOVN\GGVGLUHNWLYHWGHILQLHUDVUDGLRDNWLYWlPQHLDUWLNHORFKLGLUHNWLY (XUDWRP GHILQLHUDV UDGLRDNWLYW DYIDOO , GHSDUWHPHQWVVNULYHOVHQ DU JXPHQWHUDVDWWHWWNUDYSnWLOOVWnQGI|UGHSRQHULQJDYUDGLRDNWLYWPDWHULDO KDUPRQLVHUDU PHG  D  L ODJHQ  RP NlUQWHNQLVN YHUNVDPKHW YLONHQLQQHKnOOHUHWWSULQFLSLHOOWI|UEXGPRWVOXWI|UYDULQJRFKPHOODQODJ ULQJDYXWOlQGVNWNlUQEUlQVOHL6YHULJHVnYLGDLQWHV\QQHUOLJDVNlOI|UH

3URS %LODJD



OLJJHU6.,DQVHUGRFNDWWGHWILQQVHQYlVHQWOLJVNLOOQDGPHOODQHWWSULQ FLSLHOOW I|UEXG PRW GHSRQHULQJ RFK NUDY Sn WLOOVWnQGVSOLNW L YLVVD IDOO 6DPPDQIDWWQLQJVYLVDQVHU6.,DWWGHWE|U|YHUYlJDVDWWLVWUnOVN\GGVOD JHQ GHILQLHUD EHJUHSSHQ UDGLRDNWLYW PDWHULDO RFK UDGLRDNWLYW DYIDOO (Q VnGDQGHILQLWLRQE|UXWDUEHWDVLVDPUnGPHG66,RFK6.,HIWHUVRPNRQ VLVWHQVPHGNlUQWHNQLNODJHQVEHJUHSSNlUQDYIDOORFKNlUQlPQHE|UHIWHU VWUlYDV

%DUVHElFN NUDIW $% %HWUlIIDQGH GH SDUDJUDIHU VRP LQQHIDWWDU I|UlQG

ULQJDULWLOOVWnQGVNUDYHQE|UGHVVDWLOOVWnQGNXQQDV|NDVRFKJHVVRPJH QHUHOOD WLOOVWnQG 'HILQLWLRQHU RFK RPIDWWQLQJ L VWUnOVN\GGVODJHQ PnVWH VWlPPDV DY PRW GHILQLWLRQHU RFK RPIDWWQLQJ L NlUQWHNQLNODJHQ (Q I|U GMXSDG DQDO\V DY NRVWQDGVSnYHUNDQ lU HM JMRUG RFK E|U J|UDV *HQRP LQI|UDQGH DY EHJUHSSHW UDGLRDNWLYD lPQHQ YLGJDV RPUnGHW I|U YLONHW WLOOVWnQG NUlYV 'HWWD NDQ PHGI|UD H[WUD NRVWQDGHU 'HW E|U IUDPJn L WLOOlPSQLQJVDQYLVQLQJDUQD RP Q\WW WLOOVWnQG NUlYV YLG lQGUDW DQYlQG QLQJVRPUnGHDYHWWlPQHWH[GnGHWVNLFNDVI|UGHSRQHULQJ'HWlULQWH NODUWKXUPDWHULDOSURYHUKDQWHUDVVRPJnUXWDQI|UODQGHWRFKYLGSURYQLQJ I|UVW|UV Vn DWW GHSRQHULQJ L GHW DQGUD ODQGHW lU OlPSOLJDVW XU $/$5$ V\QSXQNW9LGDUHIUDPJnUGHWLQWHRPGHWVNDOONUlYDVWLOOVWnQGI|UWHPSR UlU XWI|UVHO DY PDWHULDOSURYHU HOOHU WHNQLVN XWUXVWQLQJ I|U YLONHQ nWHU WUDQVSRUWWLOO6YHULJHRFKlJDUHQlUSODQHUDG

6WXGVYLN KROGLQJ $% 6WXGVYLN KROGLQJ $% VHU HQ |NDG DGPLQLVWUDWLRQ

EnGH I|U HJHQ GHO RFK I|U 66, RP \WWHUOLJDUH WLOOVWnQG NUlYV I|U UHGDQ WLOOVWnQGVSOLNWLJDYHUNVDPKHWHU0|MOLJKHWDWWJHXQGDQWDJPnVWHILQQDV, 66,VI|UHVNULIWHUJHVXQGDQWDJI|UDNWLYLWHWVNRQFHQWUDWLRQHUXQGHUYLVVD JUlQVHU'HVVXWRPILQQVJUlQVHQ%TJ'HWI|UXWVlWWVDWWGHVVDJUlQVHU LQWHlQGUDV'LUHNWLYHWJHUlYHQXWU\PPHI|UXQGDQWDJ'HWWDPnVWHXW Q\WWMDVI|UGHQlPQGDYHUNVDPKHWHUQDGnNRQFHQWUDWLRQHQDYUDGLRDNWLYD lPQHQlUOnJRFKHOOHUUDPWLOOVWnQGUHGDQILQQV

5LNWOLQMHUI|UWLOOVWnQGVSU|YQLQJ

8SSVDOD XQLYHUVLWHW 'HQ I|UHVODJQD D  InU I|UPRGDV HJHQWOLJHQ XW

WU\FND DWW GHW LQWH lU WLOOnWOLJW DWW EHGULYD YHUNVDPKHW PHG MRQLVHUDQGH VWUnOQLQJ RP LQWH GlU DQJLYHQ Q\WWR|YHUYLNW I|UHOLJJHU RFK RP LQWH EH VWUnOQLQJHQDYPlQQLVNRUPLQLPHUDWV'HWWDlULVnIDOOHQGnOLJRFKLYDUW IDOOPLVVYLVDQGHSODFHULQJDYHQVnFHQWUDOPDWHULHOOEHVWlPPHOVH,GL UHNWLYHWlUGHWLQWHHQGDVWDUWLNHOXWDQRFNVnDUWLNHOVRPKDUEHW\ GHOVHLVDPPDQKDQJHWMIUlYHQ7LWOH9,,,LGLUHNWLYHW$UWLNHONUlYHU DWWPHGOHPVVWDWHUQDYLGWDUDOODULPOLJDnWJlUGHUI|UDWWVlNHUVWlOODDWWEL GUDJHWWLOOYDGEHIRONQLQJHQVRPKHOKHWXWVlWWVI|UIUnQYHUNVDPKHWHUKnOOV Vn OnJW DV UHDVRQDEO\ DFKLHYDEOH HFRQRPLF DQG VRFLDO IDFWRUV EHLQJ WDNHQLQWRDFFRXQW3DUDJUDIHQE|ULVWlOOHWRPIRUPXOHUDVWLOOHQPDWHULHOO UHJHORFKSODFHUDVLDQVOXWQLQJWLOOVWUnOVN\GGVODJHQYDUYLGUXEUL NHQ $OOPlQQD VN\OGLJKHWHU NDQ E\WDV XW PRW QnJRW VRP ElWWUH nWHU VSHJODUNDUDNWlUHQDYVnGDQDPDWHULHOODUHJOHUVRPPnVWHYDUDXSSI\OOGDL YDUMHHQVNLOWIDOO.DQVNHDQVHVGHWDWWUHGDQXWWU\FNHUGHWWDPHQGHQ WH[WHQlULQWHWLOOUlFNOLJWW\GOLJI|UDWWXWWU\FNDDUWLNHO9LGDUHNDQGHW

3URS %LODJD



QDWXUOLJWYLV KlYGDV DWW  NDS   PLOM|EDONHQ RFNVn XWWU\FNHU GHWWD YLONHW QRJ lU ULNWLJW 0HQ GHW I|UKnOODQGHW DWW EHWlQNDQGHW I|UHVOnU HQ EHVWlPPHOVHPHGGHWLQQHKnOOVRPVNXOOHXWJ|UDDYLVDUDWWGHWKDU DQVHWWVI|UHOLJJDEHKRYDYHQWH[WVRPXWWU\FNHUGHWVRPGlUVWnU)|UDWW GnLQWHVWUXNWXUHQLODJYHUNHWVNDI|UYLUUDlUGHWP\FNHWElWWUHDWWSODFHUD HQ UHJHO PHG PRWVYDUDQGH PDWHULHOOW LQQHKnOO VRP H[HPSHOYLV HQ D  'HW I|OMHU VHGDQ DY WLOOVWnQGVJLYQLQJHQV IXQNWLRQ RFK DOOPlQQD UlWWV JUXQGVDWVHUDWWWLOOVWnQGLQWHInUJHVLDQQDWIDOOlQQlUGHWlUXWUHWWDWWGH PDWHULHOODUHJOHUQDlUXSSI\OOGD

66,66,DYVW\UNHUEHVWlPWI|UVODJHWWLOODI|UVWDVW\FNHWRFKI|URUGDU

LVWlOOHW DWW SULQFLSHUQD RP EHUlWWLJDQGH RFK RSWLPHULQJ VNDOO I|UDV LQ L DQWLQJHQODJHQVLQOHGDQGHSDUDJUDIHUHOOHUXQGHUDOOPlQQDVN\OGLJKHWHU L VWUnOVN\GGVODJHQ HIWHUVRP GHVVD SULQFLSHU lU JUXQGOlJJDQGH VWUnO VN\GGVSULQFLSHUVRPVNDOOJHQRPV\UDODJHQLGHVVKHOKHW66,DYVW\UNHU lYHQ I|UVODJHW WLOO  D  DQGUD VW\FNHW 66, VHU LQWH DWW VNULYQLQJHQ lU UHOHYDQWI|UVYHQVNDI|UKnOODQGHQPHQHQVlUVNLOGVNULYQLQJRPREHUlWWL JDG VSULGQLQJ lU WUROLJHQ RXQGYLNOLJ PHG KlQV\Q WLOO GLUHNWLYHW (XUDWRP66,I|UHVOnUDWWGHQEHVWlPPHOVHQLVWlOOHWI|UVLQLVWUnO VN\GGVI|URUGQLQJHQPHGHWWI|UW\GOLJDQGHDWWVNULYQLQJHQDYVHUUDGLROR JLVNXWUXVWQLQJI|UPHGLFLQVNYHUNVDPKHW

6.,,I|UVODJHWWLOODDQJHVDWWWLOOVWnQGWLOOYHUNVDPKHWPHGVWUnO

QLQJ VRP GHILQLHUDV L   HQGDVW InU OlPQDV RP YHUNVDPKHWHQ PHGI|U VW|UUH Q\WWD lQ VNDGD 6., DQVHU DWW GHWWD lU EUD RFK DWW GHW nWHUVSHJODU VWUnOVN\GGHWVIXQGDPHQWDODEHUlWWLJDQGHSULQFLS6.,PHQDUGRFNDWWGHW lURQ|GLJWDWWLQVNUlQNDDWLOOWLOOVWnQGWLOOYHUNVDPKHWPHGVWUnOQLQJ XWDQSDUDJUDIHQE|UWLOOlPSDVLVDPEDQGPHGDOOWLOOVWnQGVSU|YQLQJGYV lYHQ I|U WLOOVWnQGVlUHQGHQ HQOLJW   , I|UVODJHW DQJHV YLGDUH DWW RQ|GLJ VSULGQLQJ DY UDGLRORJLVN XWUXVWQLQJ VNDOO XQGYLNDV %HJUHSSHW ´UDGLRORJLVNXWUXVWQLQJ´lULQWHGHILQLHUDWRFKI|UHNRPPHULQWHKHOOHUSn DQQDQSODWVLVWUnOVN\GGVODJHQ$YEDNJUXQGVWH[WHQL'VIUDPJnU Sn VLGDQ  DWW ´PHG UDGLRORJLVN XWUXVWQLQJ DYVHV L GHWWD VDPPDQKDQJ DSSDUDWHUI|UPHGLFLQVNEHVWUnOQLQJDYPlQQLVNRUPHGMRQLVHUDQGHVWUnO QLQJ´)|UW\GOLJKHWHQVVNXOOHE|UEHJUHSSHWGHILQLHUDVHOOHUSnDQQDWVlWW I|UNODUDVGLUHNWLVWUnOVN\GGVODJHQ

%DUVHElFN NUDIW $% ,QJD SULQFLSLHOOD NRPPHQWDUHU 9HUNVDPKHWHQ EH

GULYVVHGDQWLGLJDUHHIWHUGHI|UHVODJQDSULQFLSHUQD

2.*$%bQGULQJDUQDLLQQHElUHQGDVWHQIRUPDOLVHULQJDYGHSULQ

FLSHUVRPUHGDQEHDNWDV

6WXGVYLNKROGLQJ$%7H[WHQLDRPRQ|GLJVSULGQLQJlU|YHUIO|GLJ

RFKKDQWHULQJHQPnVWHGHVVXWRPYDUDRP|MOLJDWWNRQWUROOHUDRFKUHJOHUD 6\IWHWlUYlODWWEHJUlQVDGRVHU"$WWYHUNVDPKHWVNDPHGI|UDQ\WWDPP LQQHElUVDPPDUHVXOWDW6WU\NVW\FNHW

6N\GGPRWQDWXUOLJVWUnOQLQJ

3URS %LODJD



8SSVDODXQLYHUVLWHW%HWlQNDQGHWVDUJXPHQWI|UDWWLQWHYLGWD\WWHUOLJDUH

ODJVWLIWQLQJVnWJlUGHUlULQWH KHOW |YHUW\JDQGH )|U GHW I|UVWD PnVWH PDQ NRPPD LKnJ GH K|JD NUDY Sn |YHUI|UDQGH DY (*UHJOHU LQNOXVLYH (XU DWRP WLOO QDWLRQHOOW UlWWVOlJH )|U GHW DQGUD PnVWH PDQ EHWlQND DWW QlU VWDWHUQDJHWWVXWU\PPHI|UYLVVWVN|QVN|QHWlUKHOWRFKKnOOHWEXQGHWDY GLUHNWLYHWVV\IWHcDQGUDVLGDQlUGHWLRFKI|UVLJULNWLJWDWWPLOM|EDONHQ KlUNDQYDUDWLOOlPSOLJ(PHOOHUWLGNDQGHWLQWHXWHVOXWDVDWWGHWXSSNRP PHU JUlQVIDOO GlU EHJUHSSHW PLOM|IDUOLJ YHUNVDPKHW L EDONHQ DQVHV LQWH KHOWWlFNDHQVnGDQH[SRQHULQJI|UQDWXUOLJVWUnOQLQJVRPDYVHVLGLUHNWL YHW'HWUlFNHUPHGDWWSHNDSnGHQWLGYLVPlUNOLJDSUD[LVXWYHFNOLQJVRP KDUVNHWWQlUGHWJlOOHUPLOM|IDUOLJYHUNVDPKHWRFKWXQJPHWDOOHUHOOHUJLI WHUVRPOLJJHUVnWLOODWWGHNDQODNDVXWRFKNRPPDXWLGHWHNRORJLVND NUHWVORSSHWPHQGHWWDlUHQI|OMGDYHQYHUNVDPKHWVRPKDUXSSK|UWHWF +lU LQJnU lYHQ QDWXUOLJD lPQHQ L H[HPSHOYLV JUXYDYIDOO 'LUHNWLYHW PHGJHULQWHDWWPDQEHKDQGODUUDGLRDNWLYDlPQHQSnVDPPDVODSSDVlWW VRP KDU XWYHFNODWV L VYHQVN UlWWVSUD[LV DYVHHQGH I|URUHQDG PDUN HWF 'lUI|U PnVWH VlUVNLOGD ODJVWLIWQLQJVnWJlUGHU L PLOM|EDONHQ HOOHU L VWUnO VN\GGVODJHQ YLGWDV I|U DWW IXOOW XW nWHUVSHJOD YDG GLUHNWLYHW KlU NUlYHU 1XYDUDQGHVYHQVNDUHJOHUlULQWHIXOOWWLOOUlFNOLJD

66, , DYVQLWWHWV LQOHGQLQJ NRQVWDWHUDV DWW GHW Q\D JUXQGOlJJDQGH VWUnO

VN\GGVGLUHNWLYHWlUWLOOlPSOLJWlYHQSnYHUNVDPKHWHUGlUI|UHNRPVWHQDY QDWXUOLJD VWUnONlOORU VRP LQWH EHURU Sn DWW QDWXUOLJD UDGLRQXNOLGHU EH KDQGODV HOOHU KDU EHKDQGODWV PHG KlQV\Q WLOO VLQD UDGLRDNWLYD NO\YEDUD HOOHUIHUWLODHJHQVNDSHUPHGI|UDWWDUEHWVWDJDUQDHOOHUDOOPlQKHWHQXWVlWWV I|U EHVWUnOQLQJ L VnGDQ RPIDWWQLQJ DWW GHWWD LQWH NDQ I|UELVHV IUnQ VWUnO VN\GGVV\QSXQNW8QGHUDYVQLWWI|UVHWWUHVRQHPDQJVRPOHGHUWLOODWW VlUVNLOGDODJVWLIWQLQJVnWJlUGHUHMEHG|PVYDUDQ|GYlQGLJDRFKGHWWDI|UV RFNVnIUDPLGHQVDPPDQIDWWDQGHEHG|PQLQJHQLDYVQLWW66,DQVHUDWW GHI|UHVODJQDlQGULQJDUQDLKDUJMRUWVWUnOVN\GGVODJHQWLOOlPSOLJ lYHQ I|U VnGDQD YHUNVDPKHWHU VRP DYVHV L DYVQLWW  RFK 66, VWlOOHU VLJ GlUI|UIUnJDQGHWLOOVnYlOUHVRQHPDQJVRPEHG|PQLQJLDYVQLWW([HP SHOYLV KlQYLVDV GHW L DYVQLWW  WLOO DUEHWVPLOM|ODJHQ YDG JlOOHU I|UH VNULIWVUlWW I|U DWW I|UHE\JJD RKlOVD Gn VWUnOVN\GGVODJHQ HQOLJW WLGLJDUH UHVRQHPDQJ NRPPHU DWW LQQHIDWWD VDPPD P|MOLJKHW RP GHW lU SnNDOODW IUnQVWUnOVN\GGVV\QSXQNW$YDYVQLWWNDQOlVDUHQInLQWU\FNDYDWW66, KDUP|MOLJKHWDWWEHGULYDWLOOV\QRFKXWIlUGDI|UHVNULIWHUPHGVW|GDYPLO M|EDONHQ 'HWWD VWlPPHU LQWH 66, KDU LQJHQ P|MOLJKHW DWW DJHUD XWLIUnQ PLOM|EDONHQ'lUPHGILQQVLQJHQP|MOLJKHWDWWVN\GGDDOOPlQKHWHQIUnQL QDWXUHQI|UHNRPPDQGHVWUnONlOORURPGHVVDLQWHNDQNRSSODVWLOOHQVSH FLILNYHUNVDPKHW66,DQVHUGlUPHGDWWLQWHQWLRQHUQDLGHWJUXQGOlJJDQGH VWUnOVN\GGVGLUHNWLYHWLQWHlUXSSI\OOGD

%DUVHElFN NUDIW $% 9L GHODU LQWH XSSIDWWQLQJHQ DWW lQGULQJHQ L VWUnO

VN\GGVODJHQDYVHHQGHVN\GGVnWJlUGHUPRWVWUnOQLQJIUnQQDWXUOLJDNlOORU HQGDVW VNDOO EHU|UD YHUNVDPKHWHU 6N\GGVNUDYHW RFK VWUnOQLYnHUQD PRW QDWXUOLJVWUnOQLQJE|UlYHQLQIDWWDQDWXUOLJVWUnOQLQJLOLYVRFKERHQ GHPLOM|Q

3URS %LODJD



)|UEXGPRWWLOOVDWVDYUDGLRDNWLYDlPQHQLEODOLYVPHGHORFKOHN VDNHU

66,66,DQVHUDWWHWWXWWU\FNOLJWI|UEXGPRWDWWWLOOVlWWDUDGLRDNWLYDlPQHQ

L WH[ OHNVDNHU RFK OLYVPHGHO E|U LQI|UDV L VWUnOVN\GGVODJHQ 6RP VNlO DQI|U66,DWWI|UEXGHWLK|JJUDGNRPPHUDWWSnYHUNDWUHGMHPDQRFKJH UHODWLYWVWRUDHNRQRPLVNDNRQVHNYHQVHU)|UDWWGHWWDI|UEXGVNDInWLOO UlFNOLJW\QJGRFKW\GOLJKHWE|UGHWLQJnLVWUnOVN\GGVODJHQRFKLQWHLGHVV I|URUGQLQJ

6WXGVYLN+ROGLQJ$%(QDYVLNWOLJWLOOVDWVDYUDGLRDNWLYDlPQHQLQnJUD

HQVWDNDI|UHPnOWH[OLYVPHGHORFKOHNVDNHUI|UHVOnVI|UEMXGDV'HWLIUn JDVlWWVRPGHW|YHUKXYXGWDJHWILQQVVnGDQDWLOOlPSQLQJDURFKRPLVn IDOOLQWHRFNVnWLOOVDWVHULWH[VlQJPDGUDVVHURFKNOlGHUPnVWHI|UEMXGDV SnVDPPDVlWW

8WYLGJDGWLOOlPSQLQJDYVWUnOVN\GGVODJHQWLOOVNH[WHUQDDUEHWV WDJDUHVDPWGHVVDVDUEHWVJLYDUH

66, 66, WLOOVW\UNHU lQGULQJDUQD L   YDG DYVHU XWYLGJQLQJ DY VWUnO

VN\GGVODJHQWLOODWWRPIDWWDVNH[WHUQDDUEHWVWDJDUHRFKGHUDVDUEHWVJLYD UHVDPWDWWRPIDWWDDOOYHUNVDPKHWGlUDUEHWVWDJDUHNDQXWVlWWDVI|UVWUnO QLQJVRPLQWHKDUI|UVXPEDUEHW\GHOVHLGHWHQVNLOGDIDOOHW*HQRPVNULY QLQJHQXSSQnVHWWGHODWDQVYDUPHOODQGHQVRPEHGULYHUYHUNVDPKHWPHG VWUnOQLQJRFKGHQH[WHUQDDUEHWVWDJDUHQVRUGLQDULHDUEHWVJLYDUHYLONHWlUL HQOLJKHWPHGGLUHNWLY(XUDWRPVRPlYHQIRUWVlWWQLQJVYLVNRPPHU DWW JlOOD YLG VLGDQ DY GHW JUXQGOlJJDQGH VWUnOVN\GGVGLUHNWLYHW (XUDWRP 66, ILQQHU DWW GHW I|UHVODJQD WLOOlJJHW LQQHElU DWW lYHQ YHUNVDPKHWHUVRPLQWHlUYHUNVDPKHWPHGVWUnOQLQJHQOLJWGHILQLWLRQHQL VWUnOVN\GGVODJHQRPIDWWDVDYGHDOOPlQQDVN\OGLJKHWHUVRPDQJHVL LGHIDOODUEHWVWDJDUHNDQXWVlWWDVI|UVWUnOQLQJLVnGDQRPIDWWQLQJ DWWVWUnOQLQJHQ LQWH lU DY I|UVXPEDU EHW\GHOVH L GHW HQVNLOGD IDOOHW 'HQ I|UHVODJQD VNULYQLQJHQ J|U DWW ODJVWLIWDUQD Sn HWW P\FNHW WLOOWDODQGH VlWW KDULQDUEHWDWNUDYHQL(*GLUHNWLY(XUDWRPVnYlOYDGDYVHUH[WHUQD DUEHWVWDJDUHRFKGHUDVDUEHWVJLYDUHVRPP|MOLJKHWHQDWWUHJOHUDDOODYHUN VDPKHWHU GlU DUEHWVWDJDUH NDQ XWVlWWDV I|U VWUnOQLQJ DY LFNH I|UVXPEDU RPIDWWQLQJ'HWVHQDUHIUDPJnULQWHDYPRWLYHULQJHQLGHSDUWHPHQWVSUR PHPRULDQ RFK 66, LIUnJDVlWWHU VWDUNW GHQQD PRWLYHULQJ VH KlUYLG lYHQ YDG VRP DQI|UWV L DQVOXWQLQJ WLOO DYVQLWW  RYDQ (Q DY GH YLNWLJDVWH SXQNWHUQDlUDWWVNDSDHQP|MOLJKHWDWWUHJOHUD\UNHVH[SRQHULQJQlUVnlU SnNDOODW IUnQ VWUnOVN\GGVV\QSXQNW 'HWWD KDU VW|G L GHW JUXQGOlJJDQGH VWUnOVN\GGVGLUHNWLYHWYLONHWRFNVnNRQVWDWHUDVLSURPHPRULDQVPRWLYHULQJ VLGDQXQGHUSXQNW6RPRFNVnIUDPKnOOHVLVOXWHWDYVDPPDVLGDE|U WLOOlPSQLQJVRPUnGHWXWYLGJDVSnVDPPDVlWWVRPGLUHNWLYHW,GHQYLGDUH WH[WHQGUDVVOXWVDWVHQDWW´GHWEOLUP|MOLJWDWWnOlJJDH[WHUQDDUEHWVWDJDUH VDPW GHUDV DUEHWVWDJDUH VN\OGLJKHWHU´ $WW L VDPPDQKDQJHW LQVNUlQND UHVRQHPDQJHW WLOO H[WHUQD DUEHWVWDJDUH RFK DUEHWVJLYDUH PRWVlJHU GHQ Q\VV XWWDODGH DPELWLRQHQ DWW XWYLGJD WLOOlPSQLQJVRPUnGHW WLOO YDG VRP DYVHVLGLUHNWLYHW0\QGLJKHWHQPnVWHNXQQDPHGGHODI|UHVNULIWHUI|UDOO YHUNVDPKHW GlU DUEHWVWDJDUH NDQ XWVlWWDV I|U VWUnOQLQJ L HQ RPIDWWQLQJ

3URS %LODJD



VRPLQWHlUI|UVXPEDU'HWWDNDQWH[JlOODI|UIO\JSODQVGULIWDUEHWHPHG PLQHUDOHUHOOHUELREUlQVOHQVDPWLQWHUYHQWLRQHU66,DQVHUDWWGHWlUQ|G YlQGLJWPHGHWWI|UW\GOLJDQGHDYPRWLYHULQJHQVnDWWGHWNODUWIUDPJnUDWW lYHQYHUNVDPKHWHUVRPLQWHlUYHUNVDPKHWPHGVWUnOQLQJHQOLJW66/ RPIDWWDV66,NRQVWDWHUDUPHGWLOOIUHGVVWlOOHOVHDWWQnJRQLQVNUlQNQLQJWLOO HQEDUWH[WHUQDDUEHWHLQWHILQQVLODJI|UVODJHWPHQILQQHUDWWEDNJUXQGV WH[WHQLQWHlUI|UHQOLJPHGDPELWLRQHQLGLUHNWLYHW

/DQGVRUJDQLVDWLRQHQ L 6YHULJH 6WUnOVN\GGVODJHQV UHJOHU EOLU EO D WLOO

OlPSOLJDlYHQSnH[WHUQDDUEHWVWDJDUHVRPXWI|UDUEHWHLDQVOXWQLQJWLOOHQ VWUnONlOOD XWDQ DWW YDUD DQVWlOOGD DY GHQ VRP EHGULYHU YHUNVDPKHWHQ 'HQQDlQGULQJOLJJHULOLQMHPHGYDG/2WLGLJDUHKDUIUDPKnOOLWLIUnJDRP VWUnOVN\GG /2 DQVHU DWW UXEULFHUDW I|UVODJ JHU HQ EUD I|UVWlUNQLQJ WLOO VWUnOVN\GGVODJVWLIWQLQJHQ RFK YlONRPQDU I|UVODJHW XWDQ \WWHUOLJDUH V\Q SXQNWHU

%DUVHElFN NUDIW $% (QOLJW NDS  ULNWOLQMHU I|U WLOOVWnQGVSU|YQLQJ

IUDPJnUDWWRPYHUNVDPKHWHQEHGULYVVnDWWGRVJUlQVHUHM|YHUVNULGV Vn DQVHVPlQQLVNRUGMXURFKPLOM|VN\GGDGHPRWVNDGOLJLQYHUNDQDYVWUnO QLQJ'HWInUGnDQWDVDWWGHWlUGRVJUlQVHUQDVRPJlOOHUI|UXSSI\OODQGH DY PnOHQ HQOLJW PLOM|EDONHQ RFK VnYlO $/$5$ VRP %$7SULQFLSHQ (QWUHSUHQ|UHUQD JHV HWW XW|NDW MXULGLVNW DQVYDU I|U VLQ SHUVRQDOV XWELOG QLQJRFKNRPSHWHQVLVWUnOVN\GGVIUnJRU'HWWDlUEUD'HWE|UGRFNSnSH NDVDWWI|UlQGULQJHQJHUHWWVWRUWLQIRUPDWLRQVEHKRYWLOODOODI|UHWDJVRP LGDJKDUDUEHWVNUDIWV\VVHOVDWWSnDUEHWVSODWVHUGlUVWUnOQLQJHMlUDYI|U VXPEDUEHW\GHOVH

2.*$%bQGULQJDUQDLQQHElUDWWH[WHUQDDUEHWVJLYDUHGYVHQWUHSUHQ|UV

RFKNRQVXOWI|UHWDJInUGHWMXULGLVNDDQVYDUHWDWWGHUDVSHUVRQDOKDUWLOO UlFNOLJLQIRUPDWLRQRFKXWELOGQLQJYDGJlOOHUVWUnOQLQJRFKVWUnOVN\GGRFK DWW GH YLGWDU GH nWJlUGHU RFK LDNWWDJHU GH I|UVLNWLJKHWVPnWW VRP EHK|YV I|UDWWKLQGUDHOOHUPRWYHUNDVNDGDSnPlQQLVNRUGMXURFKPLOM|)|UlQG ULQJHQLQQHElUHWWVWRUWLQIRUPDWLRQVEHKRYWLOOGHI|UHWDJVRPKDUSHUVR QDOV\VVHOVDWWLDUEHWHGlUVWUnOQLQJHQLQWHlUDYI|UVXPEDUEHW\GHOVH

5LQJKDOV$%,SXQNWI|UHVOnVDWWVNULYQLQJHQlQGUDVVnDWWGHQ|YHU

HQVVWlPPHUPHGPLOM|EDONHQVIRUPXOHULQJLNDS0lQQLVNRUGMXU RFKPLOM|lQGUDVGlUPHGWLOOPlQQLVNRUVKlOVDRFKPLOM|Q

gYULJDV\QSXQNWHUSnI|UVODJHW

66, 66, KDU JUDQVNDW I|UVODJHW RFK GHQ EDNRPOLJJDQGH PRWLYHULQJHQ

PHGXWJnQJVSXQNWDWWGHVNDXSSI\OOD(*GLUHNWLYHQRFKGnVSHFLHOOWGL UHNWLY (XUDWRP (IWHUVRP EHWlQNDQGHW HQEDUW EHKDQGODU I|UlQG ULQJDULVWUnOVN\GGVODJHQRFKLQWHWDUXSSGHI|UlQGULQJDUVRPDYVHVDWW LQI|UDVLVWUnOVN\GGVI|URUGQLQJHQKDUGHWLEODQGYDULWVYnUWDWWInHQKHO KHWVELOG 66, I|UHVOnU L |YULJW DWW VWUnOVN\GGVODJHQ NRPSOHWWHUDV PHG HQ VNULYQLQJVRPJHUHQXWWU\FNOLJP|MOLJKHWDWWI|UHVNULYDRPWLGVJUlQVI|U DYIDOOVKDQWHULQJ 'HWWD NDQ nVWDGNRPPDV JHQRP DWW   NRPSOHWWHUDV

3URS %LODJD



HQOLJW I|OMDQGH GHW L YHUNVDPKHWHQ XSSNRPQD UDGLRDNWLYD DYIDOOHW

KDQWHUDVHOOHUVOXWI|UYDUDVSnVlUVNLOWDQJLYHWVlWW5HJHULQJHQHOOHUGHQ P\QGLJKHWVRPUHJHULQJHQEHVWlPPHUInUI|UHVNULYDRPWLGVJUlQVI|UQlU DYIDOOHW VND YDUD VOXWOLJW RPKlQGHUWDJHW 66, KDU YLGDUH QRWHUDW DWW (*

GLUHNWLY(*VWlOOHUNUDYSnDWWPLOM|NRQVHNYHQVEHVNULYQLQJ0.% VNDXSSUlWWDVYLGDYYHFNOLQJDYNlUQWHNQLVNDDQOlJJQLQJDURFKDWWGHWWD GLUHNWLYVNDYDUDLQDUEHWDWLPHGOHPVOlQGHUQDVODJVWLIWQLQJVHQDVWGHQ PDUV66,DQVHUDWWEHP\QGLJDQGHWHQOLJWVWUnOVN\GGVODJHQDWW NUlYDHQ0.%lURW\GOLJWMlPI|UD66/GlU0.%lUNRSSODWWLOO WLOOVWnQGVNUDYRFKDWWGHQQDVNULYQLQJLQWHPRWVYDUDUNUDYHWLRYDQQlPQW (*GLUHNWLY (IWHUVRP HQ 0.% RPIDWWDU PnQJD DQGUD RPUnGHQ XW|YHU VWUnOVN\GGI|UXWVlWWHU66,DWWNUDYHWSnXSSUlWWDQGHDY0.%YLGDYYHFN OLQJDYNlUQWHNQLVNDDQOlJJQLQJDUKDQWHUDVLDQQDQRUGQLQJ

)RONNDPSDQMHQPRWNlUQNUDIWRFKNlUQYDSHQ.HPLVNDJUXQGlPQHQRFK

NHPLVNDI|UHQLQJDUKDUVDPWLGLJW IOHUD HJHQVNDSHU PHQ P\QGLJKHWHUQDV DQVYDU RFK ODJVWLIWQLQJHQ VHSDUHUDU 0nQJD VN UDGLRDNWLYD lPQHQ lU VDPWLGLJWP\FNHWJLIWLJDWXQJPHWDOOHURFKLYLVVDIDOONDQGHUDGLRDNWLYD lPQHQD PHGYHUND L NHPLVND UHDNWLRQHU PHG H[SORVLRQVULVN VRP I|OMG RFKGHNDQRFNVnI|UVWlUNDDQGUDlPQHQVQHJDWLYDHJHQVNDSHU$QVYDUV IUnJDQlURFNVnRW\GOLJLKDQWHULQJHQDYUDGLRDNWLYDlPQHQRFKVlUVNLOW YLGWUDQVSRUWHUWLOOVM|VV(QXWUHGQLQJPnVWHI|UVWJ|UDVRPEHKRYHWDYHQ VDPRUGQDGODJVWLIWQLQJVnDWWH[HPSHOYLVNHPLVNWYLNWLJDHJHQVNDSHUKRV HWWlPQHLQWHIDOOHUPHOODQROLNDODJVWLIWQLQJDU

2.* $% 'HW lU SRVLWLYW DWW 6YHULJH DQSDVVDU ODJVWLIWQLQJ WLOO (8VWDQ

GDUG 'HILQLWLRQHU RFK RPIDWWQLQJ L VWUnOVN\GGVODJHQ PnVWH VDPRUGQDV PHGGHILQLWLRQHURFKRPIDWWQLQJLNlUQWHNQLNODJHQ

3URS %LODJD



/DJUnGVUHPLVVHQVODJI|UVODJ

)|UVODJWLOOODJRPlQGULQJLVWUnOVN\GGVODJHQ

5HJHULQJHQKDUI|OMDQGHI|UVODJWLOOODJWH[W

+lULJHQRPI|UHVNULYVLIUnJDRPVWUnOVN\GGVODJHQ

GHOVDWWRFKVNDOOKDI|OMDQGHO\GHOVH GHOVDWW GHW L ODJHQ VNDOO LQI|UDV HQ Q\ SDUDJUDI D DY I|OMDQGH

O\GHOVH

1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH

D 6N\OGLJKHWHUQD HQOLJW  RFK  RPIDWWDU lYHQ GHQ VRP XWDQ DWW EHGULYD YHUNVDPKHW PHG VWUnOQLQJ V\VVHOVlWWHU QnJRQ I|U DWW XWI|UD DUEHWH L ORNDOHU GlU GHW EHGULYV VnGDQ YHUNVDPKHW 6N\OGLJKHWHUQD JlOOHU L GHQ XWVWUlFNQLQJ VRP GHW EHK|YV I|U DWW VN\GGD GHQ VRP XWI|UDUEHWHWPRWVNDGOLJYHUNDQDY VWUnOQLQJ



'HQVRPlUV\VVHOVDWWLYHUNVDPKHW PHG VWUnOQLQJ VNDOO DQYlQGD GH VN\GGVDQRUGQLQJDU RFK YLGWD GH nWJlUGHUL|YULJWVRPEHK|YVI|UDWW VWUnOVN\GGHWVNDOOIXQJHUDWLOOIUHGV VWlOODQGH

'HQVRPlUV\VVHOVDWWLYHUNVDPKHW PHG VWUnOQLQJ HOOHU XWI|U DUEHWH

GlU VnGDQ YHUNVDPKHW EHGULYV

VNDOO DQYlQGD GH VN\GGVDQRUG QLQJDU RFK YLGWD GH nWJlUGHU L |Y ULJWVRPEHK|YVI|UDWWVWUnOVN\GGHW VNDOOIXQJHUDWLOOIUHGVVWlOODQGH



'HQ VRP lU XQGHU  nU InU LQWH V\VVHOVlWWDVLDUEHWHVRPlUI|UHQDW PHGMRQLVHUDQGHVWUnOQLQJ

'HQ VRP lU XQGHU  nU InU LQWH V\VVHOVlWWDV L YHUNVDPKHW VRP lU

I|UHQDGPHGMRQLVHUDQGHVWUnOQLQJ 8QGDQWDJInUHQGDVWJ|UDVI|UGHQ VRP I|U VLQ XWELOGQLQJ PnVWH EH IDWWD VLJ PHG UDGLRDNWLYD lPQHQ HOOHUPHGHQWHNQLVNDQRUGQLQJVRP NDQDOVWUDMRQLVHUDQGHVWUnOQLQJ

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU

3URS %LODJD



1XYDUDQGHO\GHOVH )|UHVODJHQO\GHOVH

PHGGHOD VlUVNLOGD I|UHVNULIWHU L IUnJDRPDUEHWVWDJDUHXQGHUnU

VRPXWI|UVnGDQWDUEHWH

PHGGHOD VlUVNLOGD I|UHVNULIWHU L IUnJDRPGHPVRPlUXQGHUnU

RFK VRP V\VVHOVlWWV L YHUNVDPKHW PHGVWUnOQLQJ



7LOOVWnQGNUlYVI|UDWW

WLOOYHUND WLOO ODQGHW LQI|UD WUDQVSRUWHUD VDOXI|UD |YHUOnWD XSSOnWD I|UYlUYD LQQHKD HOOHU DQ YlQGDHWWUDGLRDNWLYWlPQH

7LOOVWnQGNUlYVI|UDWW

WLOOYHUND WLOO ODQGHW LQI|UD WUDQVSRUWHUD VDOXI|UD |YHUOnWD XSSOnWDI|UYlUYDLQQHKDDQYlQGD

GHSRQHUD nWHUYLQQD HOOHU nWHUDQ YlQGDHWWUDGLRDNWLYWlPQHHOOHUHWW PDWHULDOVRPLQQHKnOOHUUDGLRDNWLYD lPQHQ

WLOOYHUNDWLOOODQGHWLQI|UDVDOXI|UD|YHUOnWDXSSOnWDI|UYlUYDLQ QHKDDQYlQGDLQVWDOOHUDHOOHUXQGHUKnOODHQWHNQLVNDQRUGQLQJVRPNDQ RFKlUDYVHGGDWWVlQGDXWMRQLVHUDQGHVWUnOQLQJHOOHUVnGDQGHODYDQRUG QLQJHQVRPlUDYYlVHQWOLJEHW\GHOVHIUnQVWUnOQLQJVV\QSXQNW

WLOOYHUNDWLOOODQGHWLQI|UDVDOXI|UD|YHUOnWDXSSOnWDI|UYlUYDLQ QHKDDQYlQGDLQVWDOOHUDHOOHUXQGHUKnOODDQGUDWHNQLVNDDQRUGQLQJDUlQ VnGDQD VRP DYVHV L  RFK VRP NDQ DOVWUD MRQLVHUDQGH VWUnOQLQJ RFK I|U YLOND UHJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU I|UH VNULYLWNUDYSnWLOOVWnQG

IUnQ ODQGHW XWI|UD UDGLRDNWLYW DYIDOO

IUnQ ODQGHW XWI|UD UDGLRDNWLYW

lPQHRPLQWHWLOOVWnQGILQQVHQOLJW ODJHQ  RP VWUDWHJLVND SURGXNWHU



7LOOE|WHUHOOHUIlQJHOVHLK|JVWWYnnUG|PVGHQVRPPHGXSSVnWHOOHUDY RDNWVDPKHW

EU\WHU PRW  I|UVWD VW\FNHW HOOHUHOOHU

EU\WHU PRW  I|UVWD VW\FNHW HOOHUHOOHU

EU\WHUPRWI|UHVNULIWVRPPHGGHODWVPHGVW|GDYI|UVWDVW\FNHW  DQGUD VW\FNHW    DQGUD VW\FNHW   I|UVWD VW\FNHWHOOHU

EU\WHUPRWYLOONRUVRPPHGGHODWVPHGVW|GDYHOOHU EU\WHU PRW I|UHOlJJDQGH HOOHU I|UEXG VRP PHGGHODWV PHG VW|G DY I|UVWDVW\FNHW

BBBBBBBBB

'HQQDODJWUlGHULNUDIWGHQPDM

3URS %LODJD



/DJUnGHWV\WWUDQGH

8WGUDJXUSURWRNROOYLGVDPPDQWUlGH

1lUYDUDQGHIGMXVWLWLHUnGHW6WDIIDQ9lQJE\MXVWLWLHUnGHW /HLI7KRUVVRQUHJHULQJVUnGHW5XQH/DYLQ

(QOLJWHQODJUnGVUHPLVVGHQGHFHPEHU0LOM|GHSDUWHPHQWHW KDU UHJHULQJHQ EHVOXWDW LQKlPWD /DJUnGHWV \WWUDQGH |YHU I|UVODJ WLOO ODJ RP lQGULQJLVWUnOVN\GGVODJHQ

)|UVODJHWKDULQI|U/DJUnGHWI|UHGUDJLWVDYNDQVOLUnGHW (JRQ$EUHVSDUU

)|UVODJHWI|UDQOHGHUI|OMDQGH\WWUDQGHDY/DJUnGHW

(*GLUHNWLYHW EHKDQGODU L EOD DUWLNHO  RFK  QDWXUOLJD VWUnONlOORU , GHQ DOOPlQQD PRWLYHULQJHQ GLVNXWHUDV EHKRYHW DY DWW VWUnOVN\GGVODJHQ XWIRUPDVVnDWWGHQNDQDQYlQGDVI|UDWWNRPPDWLOOUlWWDPHGSUREOHP RUVDNDGH DY QDWXUOLJ VWUnOQLQJ 6WDWHQV VWUnOVN\GGVLQVWLWXW KDU L VLWW UHPLVV\WWUDQGHDQI|UWDWWLQVWLWXWHWPnVWHNXQQDPHGGHODI|UHVNULIWHUI|U DOO YHUNVDPKHW GlU DUEHWVWDJDUH XWVlWWV I|U QDWXUOLJ VWUnOQLQJ VnVRP YLG IO\JSODQVGULIW DUEHWH PHG PLQHUDOHU RFK ELREUlQVOHQ RFK YLG LQWHUYHQWLRQHU'HQDUJXPHQWHULQJVRPDQI|UVLODJUnGVUHPLVVHQWLOOVW|G I|UXSSIDWWQLQJHQDWWQ\DEHVWlPPHOVHUVRPEHKDQGODUIUnJDQRPQDWXUOLJ VWUnOQLQJLQWHEHK|YVLVWUnOVN\GGVODJHQlULQWH|YHUW\JDQGH,I|UVWDKDQG KlQYLVDV WLOO DWW I|UHVNULIWHU NDQ PHGGHODV PHG VW|G DY EHVWlPPHOVHU L PLOM|EDONHQ RFK DUEHWVPLOM|ODJHQ 1lU GHW QX ILQQV HQ VSHFLDOODJ VRP KDQGODURPVWUnOVN\GGlUGHWGRFNQDWXUOLJWDWWSUREOHPVRPU|UQDWXUOLJ VWUnOQLQJO|VHVLGHQQDRFKLQWHLPHUJHQHUHOOODJVWLIWQLQJ'HWWDJlOOHUVn P\FNHW PHU VRP PDQ PnVWH EHDNWD GHQ WRWDOD HIIHNWHQ DY QDWXUOLJ VWUnOQLQJ RFK VnGDQ VWUnOQLQJ VRP EHKDQGODV L VWUnOVN\GGVODJHQ 9LGDUH VlJV L PRWLYHULQJHQ DWW GHW WRUGH DQVHV IUlPPDQGH I|U VYHQVN ODJVWLIWQLQJVWUDGLWLRQ DWW XWYLGJD WLOOlPSQLQJVRPUnGHW I|U HQ ODJ LQQDQ QnJRW VnGDQW EHKRY KDU YLVDWV HOOHU HQV I|UXWVDWWV WLOO GHW VLVWD Pn DQ PlUNDVDWW6WUnOVN\GGVLQVWLWXWHWXSSHQEDUOLJHQI|UXWVDWWHWWVnGDQWEHKRY 'HWDQI|UGDPnKDYDULWVDQWWLGLJDUH(IWHU6YHULJHVLQWUlGHL(8JlOOHU HPHOOHUWLG DWW 6YHULJH lU VN\OGLJW DWW JHQRPI|UD (*GLUHNWLY L HQ IRUP VRPHIIHNWLYWVlNHUVWlOOHUHQIXOOVWlQGLJWLOOlPSQLQJ DY GLUHNWLYHW Sn HWW NODUWRFKSUHFLVWVlWW'HWlUIUDPI|UDOOWLVLVWQlPQGDKlQVHHQGHVRPGHW IUDPODJGDI|UVODJHWEULVWHU/DJUnGHWI|URUGDUDWWIUnJDQ|YHUYlJVSnQ\WW XQGHUGHWIRUWVDWWDEHUHGQLQJVDUEHWHWL5HJHULQJVNDQVOLHW

D

(QOLJW I|UVWD PHQLQJHQ RPIDWWDU VN\OGLJKHWHUQD HQOLJW  RFK   lYHQ GHQVRPXWDQDWWEHGULYDYHUNVDPKHWPHGVWUnOQLQJV\VVHOVlWWHUQnJRQI|U DWWXWI|UDDUEHWHLORNDOHUGlUGHWEHGULYVVnGDQYHUNVDPKHW6nYlOHQOLJW QRUPDOVDNSURVDVRPHQOLJWYDQOLJWODJVSUnNMIUNDSWUHGMHVW\FNHW

3URS %LODJD



MRUGDEDONHQ PnVWH EHVWlPPHOVHQ I|UVWnV Vn DWW GHQ lU EHJUlQVDG WLOO LQRPKXVDUEHWH (*GLUHNWLYHW LQQHKnOOHU HPHOOHUWLG LQWH QnJRQ VnGDQ EHJUlQVQLQJVHWH[DUWLNHO/DJUnGHWI|URUGDUHIWHUP|QVWHUDY DWW L VWlOOHW DQYlQGV XWWU\FNHW XWI|UD DUEHWH GlU VnGDQ YHUNVDPKHW EHGULYV

3URS



0LOM|GHSDUWHPHQWHW

8WGUDJXUSURWRNROOYLGUHJHULQJVVDPPDQWUlGHGHQMDQXDUL

1lUYDUDQGH VWDWVPLQLVWHUQ 3HUVVRQ RUGI|UDQGH RFK VWDWVUnGHQ +MHOP :DOOpQ)UHLYDOGV7KDOpQ:LQEHUJ8OYVNRJ/LQGK6DKOLQYRQ6\GRZ .OLQJZDOO 3DJURWVN\ gVWURV 0HVVLQJ (QJTYLVW 5RVHQJUHQ /DUVVRQ :lUQHUVVRQ/HMRQ/|YGpQ

)|UHGUDJDQGHVWDWVUnGHW/DUVVRQ

BBBBBBBBBBBBBBBBBBB

5HJHULQJHQEHVOXWDUSURSRVLWLRQ)|UVWlUNWVWUnOVN\GG

3URS



5lWWVGDWDEODG

)|UIDWWQLQJVUXEULN %HVWlPPHOVHUVRP LQI|UlQGUDUXSS KlYHUHOOHUXSSUHSDU HWWQRUPJLYQLQJV EHP\QGLJDQGH

&HOH[QXPPHUI|U EDNRPOLJJDQGH(* UHJOHU

/DJRPlQGULQJL VWUnOVN\GGVODJHQ

/ 5 /