Sie sind auf Seite 1von 253

7& 6h/(<0$1 '(05(/ h19(567(6 626<$/ %/0/(5 (1677h6h /(70( $1$%/0 '$/,

16$1 .$<1$./$5, 7(011'( .8//$1,/$1 .2%/(5'( %5 $5$7,50$ 9( 02'(/ g1(56 '2.725$ 7(=
%(/0$ .(./. 7(= '$1,0$1, 352) '5 +$6$1 %&2/8

7(.1./(51 (7.1/./(51( /.1

,63$57$ 

QVDQ .D\QDNODU 7HPLQLQGH .XOODQODQ 7HNQLNOHULQ (WNLQOLNOHULQH OLNLQ .RELOHUGH %LU $UDWUPD 9H 0RGHO gQHULVL %HOPD .(./. $UDON 

g=(7

6OH\PDQ 'HPLUHO hQLYHUVLWHVL OHWPH %|OP 'RNWRUD 7H]L  6D\ID *QP]GH LQVDQ IDNW|U LOHWPHOHULQ HQ GHHUOL YDUO NRQXPXQGDGU

*HOLHQ WHNQRORML LOHUOH\HQ ELOJL oD LQVDQQ |QHPLQL D]DOWPDN \HULQH ELODNLV LQVDQD YHULOHQ |QHPL YH GHHUL DUWUPWU OHWPHOHU DoVQGDQ LQVDQ ROPDGDQ KLoELU YH \HWHU DUW GRUX LQVDQODUQ LOHWPHGH LVWLKGDP HGLOPL ROPDVGU WHNQRORMLQLQ KLoELU PDWHU\DOLQ NXOODQP DODQ \RNWXU 'ROD\V\OD LOHWPHOHU LoLQ LON QVDQD YHULOHQ |QHPLQ DUWPDV LOH ELUOLNWH LQVDQ ND\QDNODU \|QHWLPLQLQ |QHPL

GH DQODOPD\D EDODPWU QVDQ ND\QDNODU \|QHWLPL LOHWPHOHUGH LQVDQ IDNW|UQQ NDWNODUQ DUWUPD\ YH JHOLWLUPH\L DPDoOD\DQ IDDOL\HWOHU EWQGU gQFHOLNOH LOHWPHQLQ LKWL\DoODUQ NDUOD\DELOHFHN |]HOOLNOHUGH SHUVRQHOLQ LVWLKGDP HGLOPHVL VRQUDVQGD EX SHUVRQHOGHQ HQ YHULPOL HNLOGH \DUDUODQPD SHUVRQHOLQ LKWL\DoODUQ JLGHUPH GHYDPOOQ VDODPD WHPHO KHGHIWLU

ELU \HUH VDKLSWLU hONHPL]GH .RELOHU WRSODP LOHWPHOHULQ LVH

.RELOHU ONH HNRQRPLOHULQGH PLOOL JHOLUH RODQ NDWNODU QHGHQL\OH oRN |QHPOL

ROXWXUPD JLULLPFLOLL JHOLWLUPH E|OJHVHO NDONQPD\D NDWN VDODPD JLEL HNRQRPLN YH VRV\DO ID\GDODU .RELOHUH YHULOHQ |QHPL GH JLWWLNoH DUWUPDNWDGU %X LNL |QHPOL EDON .< YH .RELOHU oDOPDQQ DQD NRQXVXQX

Q ROXWXUPDNWDGU .RELOHULQ |]HOOLNOH LVWLKGDP VDODPD L LPNDQODU

LQL WRSODP LVWLKGDPQ

ROXWXUPDNWDGU $UWDQ |QHPLQH LVWLQDGHQ LQVDQ ND\QDNODU \|QHWLPLQLQ .RELOHUGH

QH GHUHFH X\JXODPD DODQ EXOGXXQX WHVSLW HWPHN |]HOOLNOH LQVDQ ND\QDNODU WHPLQLQGH NXOODQGNODU WHNQLNOHULQ NXOODQP |QFHOLN YH HWNLQOLN G]H\OHULQL EHOLUOHPHN oDOPDQQ WHPHO DPDFGU 'RUX LH GRUX HOHPDQ DOPDQQ .RELOHUH YH GROD\V\OD HNRQRPL\H VDOD\DFD NDWNODU DoNWU .RELOHULQ LQVDQ ND\QDNODU \|QHWLPL \|QWHPOHULQLQ HWNLQOLNOHULQLQ .RELOHUFH DQODOPDV JHUHNPHNWHGLU $QDKWDU .HOLPHOHU .< .2% $GD\ %XOPD <|QWHPOHUL NRQXVXQGD ELOLQoOHQGLULOPHVL |]HOOLNOH NXOODQODQ DGD\ EXOPD

LL

(IIHFWLYHQHVV RI 7HFKQLTXHV 8VHG WR (PSOR\ +XPDQ 5HVRXUFHV $ 5HVHDUFK LQ 60(V DQG 0RGHO 3URSRVDO %HOPD .(./.

$%675$&7

6XOH\PDQ 'HPLUHO 8QLYHUVLW\ 'HSDUWPHQW 2I %XVLQHVV $GPLQLVWUDWLRQ 3K'  3DJHV 'HFHPEHU 

GHFUHDVLQJ WKH LPSRUWDQFH RI KXPDQ EHLQJ GHYHORSPHQW RI WHFKQRORJ\ DQG

7RGD\ WKH PRVW YDOXDEOH DVVHW RI WKH FRPSDQLHV LV KXPDQ EHLQJ ,QVWHDG RI

LQIRUPDWLRQ FHQWXU\ LQFUHDVHG WKH LPSRUWDQFH DQG YDOXH RI KXPDQ EHLQJ )RU WKH FRPSDQLHV ILUVW DQG QHHGHG IDFWRU LV WR HPSOR\ WKH ULJKW SHUVRQQHO

FRPSDQLHV ZLWKRXW LWV SHUVRQQHO DQ\ WHFKQRORJ\ DQ\ PDWHULDO LV XVHOHVV 6R IRU WKH %\ WKH LQFUHDVLQJ YDOXH RI KXPDQ EHLQJ WKH LPSRUWDQFH RI KXPDQ UHVRXUFH

PDQDJHPHQW LV XQGHUVWRRG +XPDQ UHVRXUFH PDQDJHPHQW LV FRPSRVHG RI DFWLYLWLHV HPSOR\LQJ WKH QHHGHG TXDOLW\ SHUVRQQHO DQG WKHQ VDWLVI\LQJ WKH QHHGV RI WKH DLPV RI WKH KXPDQ UHVRXUFH PDQDJHPHQW

WR LQFUHDVH DQG GHYHORS WKH EHQHILWV RI KXPDQ EHLQJ IRU WKH FRPSDQ\ )LUVW RI DOO SHUVRQQHO EHQHILWLQJ IURP WKHP HIIHFWLYHO\ VXSSO\LQJ WKHLU FRXQWLQXLW\ LV WKH PDLQ 6PDOO DQG PHGLXP VL]HG HQWHUSULVHV KDYH YHU\ LPSRUWDQW UROH LQ WKH HFRQRP\

EHFDXVH RI WKHLU FRQWULEXWLRQ WR QDWLRQDO LQFRPH ,Q RXU FRXQWU\ 60(V FRQVWLWXWH  DGYDQWDJHV RI 60(V VXFK DV HPSOR\PHQW MRE RSSRUWXQLWLHV LQFUHDVLQJ HQWHUSUHQHXUVKLS DQG UHJLRQDO GHYHORSPHQW PDNH LPSRUWDQW 60(V IRU WKH FRXQWULHV 7KHVH WZR LPSRUWDQW VXEMHFWV +50 DQG 60(V DUH WKH PDLQ WKHPH RI WKLV RI WRWDO FRPSDQLHV DQG  RI WRWDO HPSOR\PHQW (FRQRPLF DQG VRFLDO

VWXG\ 'HWHUPLQLQJ WKH VL]H RI DSSOLFDWLRQ RI KXPDQ UHVRXUFH PDQDJHPHQW VL]HG HQWHUSULVHV DUH WKH EDVLF REMHFWLYHV RI WKLV VWXG\ ,WV FOHDU WKDW ULJKW SHUVRQQHO

UHFUXLWPHQW PHWKRGV DQG WKHLU HIIHFWLYHQHV DQG SULRULW\ OHYHO LQ VPDOO DQG PHGLXP WR WKH ULJKW MRE LV EHQHILFLDO IRU ERWK 60(V DQG WKH QDWLRQDO HFRQRP\ 60(V VKRXOG EH FRQVFLRXV DERXW KXPDQ UHVRXUFH PDQDJHPHQW UHFUXLWPHQW PHWKRGV DQG WKHLU HIIHFWLYHQHVV .H\ZRUGV +XPDQ 5HVRXUFH 0DQDJHPHQW 60(V 5HFUXLWPHQW

LLL d1'(./(5 g=(7L $%675$&7 LL d1'(./(5LLL .,6$/70$/$5L[ (.//(5 '=1  [ 7$%/2/$5 '=1 [L *5  %51& %g/h0

 QVDQ .D\QDNODU <|QHWLPL .DYUDP   QVDQ .D\QDNODU <|QHWLPLQLQ $PDoODU   QVDQ .D\QDNODU <|QHWLPLQLQ gQHPL    QVDQ .D\QDNODU <|QHWLPLQLQ OHYOHUL  .1& %g/h0

16$1 .$<1$./$5, <g1(70

 QVDQ .D\QDNODU <|QHWLPLQLQ *HOLLPL  

 QVDQ .D\QDNODU 3ODQODPDV 7DQP 9H *HOLLPL   QVDQ .D\QDNODU 3ODQODPDVQQ *HUHNOLOLLgQHPL    QVDQ .D\QDNODU 3ODQODPDV $PDoODU    QVDQ .D\QDNODU 3ODQODPDV 0RGHOOHUL    QVDQ .D\QDNODU 3ODQODPDV 6UHFL    $QDOL]L  hdh1&h %g/h0

16$1 .$<1$./$5,1,1 3/$1/$10$6,

 $GD\ %XOPDQQ 7DQP    $GD\ %XOPD 6UHFL 

/(70(/(5'( 16$1 .$<1$./$5,1,1 7(01

LY  $GD\ %XOPDQQ gQHPL    J|UHQ KWL\DFQQ %HOLUOHQPHVL     J|UHQ 7HPLQLQGH o .D\QDNODUGDQ <DUDUODQPD   J|UHQ 7HPLQLQGH .XOODQODQ .D\QDNODU   J|UHQ 7HPLQLQGH .XOODQODQ o .D\QDN <|QWHPOHUL 

 <NVHOPH 7HUIL 

 o 7UDQVIHUOHU   5RWDV\RQ *HoLFL *|UHYOHQGLUPH 

 =HQJLQOHWLUPH YH *HQLOHWPH

 o .D\QDNODUGDQ J|UHQ %XOPDQQ 6DODG $YDQWDMODU  o .D\QDNODUGDQ J|UHQ %XOPDQQ 'H]DYDQWDMODU  J|UHQ 7HPLQLQGH ' .D\QDNODUGDQ <DUDUODQPD   J|UHQ 7HPLQLQGH .XOODQODQ ' .D\QDN <|QWHPOHUL 

 'X\XUXODU ODQ   'X\XUX $UDoODU   *|UQWO 9H 6HVOL 0HG\D  (O %URUOHUL   'XYDU $ILOHUL   <D]O 0HG\D 

 'X\XUXQXQ +D]UODQPDVQGDQ gQFH 'LNNDW (GLOPHVL *HUHNHQ 1RNWDODU   'X\XUXQXQ +D]UODQPDV 6UDVQGD 'LNNDW (GLOPHVL *HUHNHQ 1RNWDODU  'RUXGDQ %DYXUX 9H\D &Y *|QGHUPH 

 7HOHWH[W 

 3HUVRQHO 9H\D 7DQGNODU $UDFO OH %DYXUX   g]HO VWLKGDP %URODU 9H QVDQ .D\QDNODU )LUPDODU  QWHUQHW  (LWLP .XUXOXODU

 9H oL %XOPD .XUXOXODU

 GDUHFL $UDWUPDV 9H\D .HOOH $YFO +HDG +XQWLQJ   6HQGLNDODU 9H 0HVOHNL .XUXOXODU  .DGQODUGDQ dDOPD 1L\HWLQGH 2OPD\DQODUGDQ 9H (N *|UHYOLOHUGHQ <DUDUODQPD  J|UHQ .LUDODPD

Y  6DNDW 9H (VNL +NPOOHU

 =RUXQOX +L]PHW 8\JXODPDODU   6WDM 8\JXODPDODU   ' .D\QDNODUGDQ J|UHQ %XOPDQQ 6DODG $YDQWDMODU   ' .D\QDNODUGDQ J|UHQ %XOPDQQ 'H]DYDQWDMODU  'g5'h1&h %g/h0  'LHU <|QWHPOHU 

 .RELOHULQ 7DQPODQPDV  

.2%/(5'( 16$1 .$<1$./$5, <g1(70

 .RELOHULQ (NRQRPLGHNL <HUL YH gQHPL    7UNL\HGH .RELOHU   .RELOHULQ $YDQWDMODU YH 'H]DYDQWDMODU    .RELOHUGH QVDQ .D\QDNODU 'HSDUWPDQODU  .RELOHUGH QVDQ .D\QDNODU <|QHWLFLOHUL   .RELOHUGH 6RUXQODU   .RELOHUGH QVDQ .D\QDNODU 6RUXQODU   .2%OHUGH 6RUXQODUQ d|]P  %(1& %g/h0  'Q\DGD .RELOHU    .RELOHUGH QVDQ .D\QDNODU <|QHWLPL 

.2%/(5'( $'$< %8/0$ <g17(0/(511 .8//$1,/0$6,1$  $UDWUPDQQ $PDF   (YUHQ YH gUQHNOHP    $UDWUPDQQ 6QUOONODU   VWDWLVWLNVHO $QDOL]OHU   +LSRWH] 7HVWOHUL  .L.DUH $QDOL]L  *YHQLOLUOLN $QDOL]L  $UDWUPDQQ <|QWHPL   <g1(/. %5 $5$7,50$

YL  77HVW

 $UDWUPD %XOJXODU YH <RUXPODU    'HPRJUDILN g]HOOLNOHULQ $QDOL]L   $UDWUPD\D .DWODQODUQ <D $UDONODUQD *|UH 'DOP   $UDWUPD\D .DWODQODUQ &LQVL\HWH *|UH 'DOP   $UDWUPD\D .DWODQODUQ (LWLP 'XUXPODUQD *|UH 'DOP  $UDWUPD\D .DWODQODUQ 0H]XQ 2OGXNODU %|OPOHUH *|UH 'DOP   $UDWUPD\D .DWODQODUQ 0HGHQL 'XUXPODUQD *|UH 'DOP   $UDWUPD\D .DWODQODUQ hQYDQODUQD *|UH 'DOP   $UDWUPD\D .DWODQODUQ 0HYFXW \HULQGHNL dDOPD 6UHOHULQH *|UH 'DOP  )LUPD %LOJLOHUL $QDOL]L   $UDWUPD\D .DWODQ )LUPDODUQ )DDOL\HW *|VWHUGLNOHUL 6HNW|UH *|UH 'DOP   $UDWUPD\D .DWODQ )LUPDODUQ )DDOL\HW $ODQODUQD *|UH 'DOP   $UDWUPD\D .DWODQ )LUPDODUQ 3HUVRQHO 6D\ODUQD *|UH 'DOP   $UDWUPD\D .DWODQ )LUPDODUGD J|UHQOHULQ 2UWDODPD dDOPD 6UHOHUL   $UDWUPD\D .DWODQ )LUPDODUQ .HQGLOHULQH $LW QWHUQHW 6LWHOHULQLQ 9DUO   QVDQ .D\QDNODU <|QHWLP <DSVQQ $QDOL]L  QVDQ .D\QDNODU )DDOL\HWOHULQGHQ 6RUXPOX %|OP  QVDQ .D\QDNODUQGDQ 6RUXPOX 3HUVRQHO 6D\V  QVDQ .D\QDNODU <|QHWLPLQH 'DLU (LWLP $OQPDV   J|UHQ $GD\ODUQD $LW g]JHoPL &9 +DYX]X 9DUO   QVDQ .D\QDNODU 7HPLQLQGH .26*(%GHQ 'HVWHN $OQPDV   $UDWUPD\D .DWODQ )LUPDODUQ .HQGLOHULQH $LW %DYXUX )RUPODUQQ 9DUO  $UDWUPD\D .DWODQODUQ 0HYFXW \HULQGHNL *|UHY 6UHOHULQH *|UH 'DOP 

 9DU\DQV $QDOL]L 

 $UDWUPD\D .DWODQ )LUPDODUQ OOHUH *|UH 'DOP 

 QVDQ .D\QDNODU <|QHWLPL 6RUXPOXODUQQ %DO 2OGXX %LULP 

YLL  QVDQ .D\QDNODU 7HPLQLQGHQ 6RUXPOX %LULP   QVDQ .D\QDNODU 6HoLPLQGHQ 6RUXPOX %LULP   QVDQ .D\QDNODU 3ODQODPDV '|QHPOHUL   QVDQ .D\QDNODU 3ODQODPDVQ <DSDQ %LULP   $GD\ %XOPDGD .XOODQODQ .D\QDNODU  o .D\QDNODUGDQ (Q dRN .XOODQODQ <|QWHPOHU   o .D\QDNODUQ (Q dRN .XOODQOG .DGHPH   ' .D\QDNODUQ (Q dRN .XOODQOG .DGHPH   ' .D\QDNODUGDQ (Q dRN .XOODQODQ <|QWHPOHU   'X\XUXGD (Q dRN .XOODQODQ <|QWHPOHU  QWHUQHWWH (Q dRN .XOODQODQ <|QWHPOHU   OJLOL .XUXOXODUGDQ (Q dRN .XOODQODQODU   0HYFXW dDODQODUQ H $OQPD <|QWHPOHUL   1LWHOLNOHUL $] (OHPDQ KWL\DFQGD .XOODQODQ <|QWHP  $GD\ %XOPDGD <DUDUODQODQ dHYUH 

 .XOODQODQ $GD\ %XOPD <|QWHPLQL 7HUFLK 6HEHEL  1LWHOLNOHUL )D]OD (OHPDQ KWL\DFQGD .XOODQODQ <|QWHP

 +LSRWH] $QDOL]OHUL 

 7XWXP 6RUXODUQQ $QDOL]L 

 .RQX LOH OJLOL /LWHUDWUGHNL 'LHU dDOPDODU YH 'HHUOHQGLUPH   $/7,1&, %g/h0

 6RQXo   .RELOHU oLQ $GD\ %XOPD )DDOL\HWOHULQGH .XOODQODELOHFHN 0RGHO gQHULVL   0RGHO KWL\DFQQ *HUHNoHOHUL1HGHQOHUL

6218d 9( g1(5/(5

 gQHULOHU    0RGHO .DYUDP  0RGHO gQHULVLQLQ $PDoODU   0RGHO   J|UHQ $GD\ODU   6HNW|UHO $GD\ +DYX]ODU 2UJDQL]DV\RQX 6$+2 

YLLL  1LWHOLNOL +D]U (OHPDQODU 

 0RGHOLQ .DWNODU 

.$<1$.d$   (./(5   (.  $1.(7 )2508  (.  *h9(1/5/. $1$/= 6218d/$5,  

 0RGHOLQ .VWODU

g=*(d0  

L[

.,6$/70$/$5
$% $YUXSD %LUOLL

&9 &XUULFXOXP 9LWDHg]JHoPL '( 'HYOHW VWDWLVWLN (QVWLWV '70 ' 7LFDUHW 0VWHDUO '37 'HYOHW 3ODQODPD 7HNLODW (. (OHNWURQLN QVDQ .D\QDNODU

+50 +XPDQ 5HVRXUFH 0DQDJHPHQW ,/2  8OXVODU DUDV dDOPD gUJW %.  YH oL %XOPD .XUXPX . QVDQ .D\QDNODU

%%6 VWDWLVWLNL %|OJH %LULPOHUL 6QIODQGUPDV .< QVDQ .D\QDNODU <|QHWLPL .85 7UNL\H .XUXPX .2% .oN YH 2UWD %R\ OHWPHOHU %DNDQO

.26*(% .oN YH 2UWD gOoHNOL 6DQD\L *HOLWLUPH YH 'HVWHNOHPH GDUHVL g% g]HO VWLKGDP %URODU

6$+2 6HNW|UHO $GD\ +DYX]ODU 2UJDQL]DV\RQX 60( 6PDOO DQG 0HGLXP 6L]HG (QWHUSULVHV 7. 7UNL\H .XUXPX <|QHWLFLOHUL 9DNI

726<g9 7UNL\H 2UWD YH .oN gOoHNOL OHWPHOHU 6HUEHVW 0HVOHN 0HQVXSODU YH

(.//(5 '=1
HNLO  QVDQ .D\QDNODU <|QHWLPLQLQ $PDoODU  HNLO  <|QHWLFLOHULQ .< \H $\UGNODU =DPDQ HNLO  QVDQ .D\QDNODU <|QHWLPL 0RGHOL 9H $OW 6LVWHPOHUL HNLO  ']HQOHPH 0RGHOL QVDQ .D\QDNODU 6WUDWHMLVL YH 6WUDWHMLN SODQODPD OLNLVL  HNLO  6WUDWHMLN QVDQ .D\QDNODU 3ODQODPD 6UHFL HNLO   3HUVRQHO 3ODQODPDV $DPDODU  HNLO   .< GH $QDOL]L .XOODQP $ODQODU HNLO   QWHUQHWWHNL H $OP 6LWHOHUL OH .XUXPVDO :HE 6LWHOHULQLQ $GD\ODU .HQGLQH dHNPH 2UDQODU HNLO  0RGHOLQ 7HPHOL HNLO  J|UHQ $GD\ODU +DYX]X HNLO  6$+2
QXQ .REL
OHU YH J|UHQOHUOH OLNLVL HNLO  6$+2
QXQ +L]PHWOHUL HNLO  6$+2
GDNL (LWLP 6QIODPDV HNLO  .REL
OHU oLQ $GD\ %XOPD 0RGHOL

[L

7$%/2/$5 '=1
7DEOR   OHWPHOHULQ 6UHoOHULQL $ 2UWDPQD $NWDUPD 2UDQODU

7DEOR  .2% 7DQPODU  7DEOR  .2%OHULQ hONHOHU %D]QGD (NRQRPLGHNL 3D\  7DEOR  $% YH 7UNL\H .RELOHULQLQ .DUODWUOPDV  7DEOR  hONHOHUGHNL .2% 6D\V VWLKGDP 2UDQ YH *60+\H .DWNV  7DEOR  <D 'DOP  7DEOR  (LWLP 'DOP 7DEOR  %|OP 'DOP 7DEOR  hQYDQ 'DOP 7DEOR  dDOPD 6UHOHUL 7DEOR  *|UHY 6UHOHUL  7DEOR  6HNW|U 'DOP  7DEOR  O 'DOP  7DEOR  3HUVRQHO 6D\V  7DEOR  J|UHQOHULQ 2UWDODPD dDOPD 6UHOHUL 7DEOR  %DYXUX )RUPX 7DEOR  QVDQ .D\QDNODU )DDOL\HWOHULQLQ <UWOPHVL 7DEOR  3HUVRQHO 6D\V YH QVDQ .D\QDNODU %LULPL dDSUD] $QDOL]L  7DEOR  )DDOL\HW $ODQODU 7DEOR  VWDWLVWLNL %|OJH %LULPOHUL 6QIODQGUPDV %%6  7DEOR  &LQVL\HW 'DOP 

7DEOR  0HGHQL 'XUXP 'DOP

7DEOR  QWHUQHW 6LWHOHUL

[LL 7DEOR  . 3HUVRQHOL 7DEOR  . 3HUVRQHO 6D\V YH . %LULPL dDSUD] $QDOL]L  7DEOR  g]JHoPL &9 +DYX]X  7DEOR  .GD .26*(% 'HVWHL  7DEOR  %DO 2OXQDQ %LULP 7DEOR  . 7HPLQL 6RUXPOXVX 7DEOR  . 6HoLPL 6RUXPOXVX  7DEOR  . 3ODQODPDV 6RUXPOXVX 7DEOR  . 3ODQODPDV '|QHPOHUL 7DEOR  $GD\ %XOPD .D\QDNODU 7DEOR  .XOODQODQ o .D\QDNODU  7DEOR  o .D\QDNODUQ .XOODQOG .DGHPHOHU  7DEOR  ' .D\QDNODUQ .XOODQOG .DGHPHOHU 7DEOR  ' .D\QDN <|QWHPOHUL 7DEOR  'X\XUX <|QWHPOHUL  7DEOR  QWHUQHW .XOODQP  7DEOR  OJLOL .XUXOXODU 7DEOR  $GD\ %XOPD dHYUHVL  7DEOR  7HUFLK 6HEHEL  7DEOR  'N 1LWHOLNOL (OHPDQ KWL\DF 7DEOR  H $OP <ROODU 7DEOR  QVDQ .D\QDNODU (LWLPL 

7DEOR  <NVHN 1LWHOLNOL (OHPDQ KWL\DF 7DEOR  QVDQ .D\QDNODU %|OP YH 3HUVRQHO 6D\V OLNLVL  7DEOR  gOoHN YH .XOODQODQ $GD\ %XOPD <|QWHPL OLNLVL  7DEOR  6HNW|U YH .XOODQODQ $GD\ %XOPD <|QWHPL OLNLVL 

[LLL 7DEOR  )DDOL\HW $ODQ YH .XOODQODQ $GD\ %XOPD <|QWHPL OLNLVL  7DEOR  O YH .XOODQODQ $GD\ %XOPD <|QWHPL OLNLVL  7DEOR  <|QHWLFLQLQ (LWLP ']H\L YH .XOODQODQ $GD\ %XOPD <|QWHPL OLNLVL  7DEOR  'X\XUX <|QWHPL LOH $OQDQODUQ 3HUIRUPDQVODU  7DEOR  YH oL %XOPD .XUXOXODU LOH $OQDQODUQ 3HUIRUPDQVODU  7DEOR  QWHUQHW \ROX LOH $OQDQODUQ 3HUIRUPDQVODU  7DEOR  QIRUPDO <|QWHPOHUOH $OQDQODUQ 3HUIRUPDQVODU 7DEOR  )RUPDO <|QWHPOHUOH $OQDQODUQ WHQ $\UOPD 6UHOHUL  7DEOR  QIRUPDO <|QWHPOHUOH $OQDQODUQ WHQ $\UOPD 6UHOHUL 7DEOR  (LWLP ']H\L YH )RUPDO <|QWHPOHUOH %XOXQDQ $GD\ODUQ 3HUIRUPDQV  7DEOR  $GD\ %XOPD <|QWHPL YH $UDQDQ (OHPDQ OLNLVL 7DEOR  $GD\ %XOPD <|QWHPL YH $ONDQONODUQ (WNLVL  7DEOR  1LWHOLNOL (OHPDQ YH ' .D\QDNODU OLNLVL  7DEOR  1LWHOLNVL] (OHPDQ YH ' .D\QDNODU OLNLVL  7DEOR  1LWHOLNOL (OHPDQ YH o .D\QDNODU OLNLVL 7DEOR  1LWHOLNVL] (OHPDQ YH o .D\QDNODU OLNLVL

 *5

NDWNODUQQ \HQL \HQL IDUNQD YDUOG JHOLPHNWH RODQ ELU X]PDQON NRQXVX KDOLQH

QVDQ ND\QDNODU \|QHWLPL LOHWPHOHU LoLQ JLWWLNoH |QHPL DUWDQ LOHWPH\H RODQ

JHOPLWLU QVDQ LOHWPHOHULQ HQ |QHPOL YDUONODU DUDVQGDGU QVDQ ELOJL VDKLEL RODQ NHQGLQL JHOLWLUHQ \DUDWF WHNQRORML\L LOHUOHWHQ YH NXOODQDQ IDNW|UGU OHWPHOHU LoLQ LQVDQ ND\QD UDNLSOHUFH WDNOLGL LPNDQV] |]JQ \HULQH LNDPHVL PPNQ ROPD\DQ HQ GHHUOL ND\QDNWU OHWPHOHU LQVDQQ |QHPLQLQ IDUNQD YDUGNoD LQVDQD YHULOHQ

GHHU DUWP oDODQODUQ KDN YH |]JUONOHUL |QHP ND]DQPWU dQN LQVDQ LOHWPHOHU LoLQ ELU PDOL\HW XQVXUX ROPDNWDQ oNP LOHWPH\H NDWPD GHHU \DUDWDQ ELU YDUON ROPXWXU

LVWLKGDP HWPHN HLWLP VDON VRV\DO JYHQFH JLEL LKWL\DoODUQ NDUOD\DUDN

QVDQ ND\QDNODUQQ DPDF GD LOHWPH LoLQ JHUHNHQ QLWHOLNWHNL GRUX SHUVRQHOL

SHUVRQHOGHQ HQ HWNLQ HNLOGH ID\GDODQPDNWU +HGHI HWNLQ LJFQ ROXWXUDUDN LOHWPHQLQ ILQDQVDO SHUIRUPDQV DUDVQGD SR]LWLI ELU LOLNL YDUGU g]HOOLNOH GRUX LH

LOHWPH\H NDWNVQ DUWUPDNWU dDOPDODU J|VWHUPHNWHGLU NL LJFQQ NDOLWHVL LOH GRUX HOHPDQQ DOQPDV LOH \DQL LOHWPHQLQ GRUX ELU LVWLKGDP SROLWLNDV \UWPHVL

LOH VDODQDFDN SHUVRQHO \DSV LOHWPHQLQ GHYDPOO YH JHOLLPL DoVQGDQ oRN ROPDNWDQ |WH ELU H\ GHLOGLU

|QHPOLGLU <DQO LVWLKGDP LOHWPH LoLQ KHP ]DPDQ ND\E KHP GH PDGGL NOIHW 'RUX LH GRUX HOHPDQQ DOQPDV EX NDGDU |QHPOL ROGXXQD J|UH GRUX

HOHPDQODUQ GRUX \|QWHPOHUOH EXOXQPDV JHUHNPHNWHGLU <DQO \|QWHPOHU \DQO

DUD\ODU EDO GHQL]GH GHLO GH NDUDGD DUDPDN JLEL ELU H\GLU QVDQ ND\QDNODU

WHPLQLQGH oRN oHLWOL DGD\ EXOPD \|QWHPOHUL YDUGU OHWPH |QFHOLNOH HOLQGHNL PHYFXW LQVDQ ND\QDNODU SRWDQVL\HOLQLQ IDUNQGD ROPDO LJF LKWL\DFQGD EXQX LOHWPH LoLQGHQ PL \RNVD LOHWPH GQGDQ P NDUOD\DFDQD NDUDU YHUPHOLGLU dDOPDQQ NRQXVX EX LJF LKWL\DFQQ NDUODQPDVQGD LOHWPHOHULQ

VSHVLILN RODUDN GD .RELOHULQ QDVO ELU \RO L]OHGLLQLQ RUWD\D NRQPDVGU QVDQ ND\QDNODU \|QHWLPLQLQ |QHPL DoNWU QVDQ ND\QDNODU IDDOL\HWOHUL LoHULVLQGH LVH DGD\ EXOPD YH VHoPH KHP GLHU LQVDQ ND\QDNODU IDDOL\HWOHULQL KHP GH LOHWPHQLQ JHQHOLQL

HWNLOH\HFHN NLOLW QRNWDODUGDQGU .RELOHUGH LQVDQ ND\QDNODU IDDOL\HWOHULQLQ QDVO \UWOG LQVDQ ND\QDNODU \|QHWLPLQH EDN DoODU KDQJL DGD\ EXOPD

 \|QWHPOHULQL NXOODQGNODU EX \|QWHPOHULQ .RELOHU LoLQ |QFHOLN YH HWNLQOLLQLQ EHOLUOHQPHVL oDOPDQQ NDSVDPQGD HOH DOQPWU dDOPDGD |]HOOLNOH .RELOHULQ VHoLOPHVLQLQ QHGHQL LON RODUDN .RELOHULQ ONH

HNRQRPLVLQGHNL \HULQLQ oRN E\N ROPDV WRSODP LOHWPHOHULQ

GD LQVDQ ND\QDNODU \|QHWLPLQH LOLNLQ .RELOHU ]HULQH ID]OD oDOPD \DSOPDP \DSW LQFHOHPH\H J|UH  PDNDOHGHQ VDGHFH  WDQHVL NoN LOHWPHOHUGH LVWLKGDP NRQXVXQD GHLQPL YH\D DPSLULN oDOPDODUQGD NoN LOHWPHOHUH \HU YHUPLWLU %\N LOHWPHOHU LQVDQ ND\QDNODUQQ |QHPLQL oRN |QFHGHQ DQODP LQVDQ ND\QDNODU GROGXUPX ELOLPVHO LQVDQ ND\QDNODU SROLWLNDODUQ X\JXODPD\D EDODPWU %XQGD ROPDV LQNDU HGLOHPH] XQVXUODUGU $QFDN .RELOHULQ GH HQ D]QGDQ LQVDQ ND\QDNODU \|QHWLPLQLQ ELOLQFLQGH ROPDV DWODFDN DGPODUGDQ LONLGLU

L  LNLQFL RODUDN

ROPDVGU 7DQRYD YH 1DGLULQLQ  o DNDGHPLN LQVDQ ND\QDNODU GHUJLVLQGH

GHSDUWPDQODUQ ROXWXUPX EX GHSDUWPDQODU LQVDQ ND\QDNODU X]PDQODU LOH E\N ROPDQQ JHWLUGLL DYDQWDMODU YH JHUHNOLOLNOHU PDGGL LPNDQODUQ GDKD JHQL

RODQ GDKD oRN \HUHO IDDOL\HWOHU J|VWHUHQ ILQDQVPDQ ND\QDNODU NVWO D] VHUPD\H YH

.RELOHU JHQHOOLNOH LOHWPH VDKLSOHUL WDUDIQGDQ \|QHWLOHQ YH DLOH LOHWPHVL

D] SHUVRQHO LOH oDODQ LNWLVDGL WHHEEVOHUGLU hONHPL]GHNL .RELOHULQ \DUV GDQ LVWLKGDP VDODPD ONHPL]GH WRSODP LVWLKGDPQ ND]DQGUPD DoVQGDQ oRN E\NWU

D] oDODQ RODQ PLNUR |OoHNOL LOHPHOHUGLU $QFDN .RELOHULQ HNRQRPLGHNL UROOHUL JLULLPFLOLL WHYLN HWPH E|OJHVHO NDONQPD\ K]ODQGUPD HNRQRPL\H GLQDPL]P .RELOHUGH HPHN \RXQ WHNQRORMLOHULQ GDKD DUONO ROPDVQQ GRDO ELU   L LPNDQ ROXWXUPD

VRQXFX RODUDN LQVDQ IDNW|U E\N LOHWPHOHUH J|UH GDKD ID]OD |QHP WDPDNWDGU

$QFDN QH \D]N NL LQVDQ ND\QDNODU \|QHWLPL D\Q |QHPH VDKLS GHLOGLU %LoLPVHO ELU ]DPDQ DoVQGDQ ELU PDOL\HW XQVXUX ROPDNWDGU 'DKD GD |QHPOLVL .< LOHWPH ND\QDNODU LoLQGH oRN JHUHNOL ELU \DWUP DODQ JLEL GQOPHPHNWHGLU 6DKLS NRQXVXQGD SDUD\ YHUHUHN DGDP oDOWUPDQQ \HWHUOL ROGXXQX GQPHNWHGLUOHU ]HULQGHNL HQJHOOHUGHQ ELUL ROGXXQX J|VWHUPLWLU .RELOHUGH

LQVDQ ND\QDNODU SROLWLNDV ROXWXUPDN .RELOHU LoLQ LoLQ KHP SDUDVDO DoGDQ KHP GH

\|QHWLFLOHULQ oRX OLGHUOLN YH \|QHWLFLOLN YDVIODUQGDQ X]DNWU g]HOOLNOH LVWLKGDP 2\VD NL ED] DUDWUPDODU NDOLIL\H LJF HNVLNOLLQLQ .RELOHULQ JHOLPHVL JHQHOOLNOH

 X]PDQODPDP \D GD D] X]PDQODP LJ|UHQOHU LVWLKGDP HGLOPHNWHGLU .RELOHULQ

LQVDQ ND\QDNODU WHPLQLQGHNL VNQWODU ND\QDN \HWHUVL]OLLQGHQ YH |UJWQ UHVPL ELU \DSV ROPDPDVQGDQGU 3L\DVD NRXOODU GD VHoLP \DSODFDN DGD\ SRWDQVL\HOLQL HWNLOHPHNWHGLU g]HOOLNOH WDUDGD YH NoN E|OJHOHUGH WHFUEHOL YH \HWHQHNOL HOHPDQ EXOPDN SUREOHP ROPDNWDGU $\UFD .RELOHU DGD\ EXOXUNHQ LH X\JXQOXNWDQ ]L\DGH LOHWPH\H X\JXQOXX |Q SODQGD WXWPDNWDGU LQ JHUHNOHULQH J|UH DGD\ DUDPDN \HULQH YHULPOLOLL GUPHNWHGLU

NoN LOHWPH NRXOODUQD D\DN X\GXUDELOHFHN NLLOHUL WHUFLK HWPHNWHGLUOHU %X GD g]HOOLNOH NoN |OoHNOL .RELOHUGH D\U ELU LQVDQ ND\QDNODU ELULPL GDKL

\RNWXU QVDQ ND\QDNODU IDDOL\HWOHULQLQ WDPDPQGDQ DGD\ EXOPDNWDQ YH VHoPHNWHQ ROPDPDODU KHP GH L \NOHULQLQ oRN ID]OD ROPDV QHGHQL\OH LQVDQ ND\QDNODU IDDOL\HWOHULQLQ GRUX ELU HNLOGH X\JXODQGQGDQ V|] HWPHN oRN ]RUGXU

VDKLS \|QHWLFLOHU VRUXPOXGXU VDKLEL \|QHWLFLOHULQ KHP EX NRQXGD X]PDQ

YH HPHL YHUHPHPHNWHGLUOHU %XQXQ EDWD PDGGL \HWHUVL]OLNOHU JLEL oHLWOL QHGHQOHUL

*|UOG JLEL .RELOHU LQVDQ ND\QDNODU \|QHWLPL NRQXVXQD JHUHNHQ |QHPL

HOEHWWHNL YDUGU $QFDN HQ |QHPOLVL HLWLP YH ELOLQoOHQGLUPH \ROX\OD .RELOHUH LQVDQ

ND\QDNODU \|QHWLPLQLQ JHUHNOLOLLQLQ L]DK HGLOPHVLGLU dDOPDP]Q |QHPL GH LQVDQ ND\QDNODU GD .RELOHU LoLQ YD]JHoLOPH] XQVXUODUGU *HUHNHQ KDVVDVL\HWLQ J|VWHULOPHVL JHUHNPHNWHGLU ND\QDNODU \|QHWLPLQLQ

EXUD\D NDGDU NVDFD DQODWODQODUGDQ RUWD\D oNPDNWDGU .RELOHU ONH HNRQRPLVL LoLQ

dDOPDQQ LoHULLQGH EX NRQXODUD GHWD\O HNLOGH GHLQLOPL LQVDQ |QHPL LOHYOHUL YXUJXODQP .RELOHULQ \DSODU

VWQONOHUL YH ]D\IONODU GHHUOHQGLULOPLWLU %X EDODPGD WH]LQ DPDF LQVDQ

ND\QDNODU WHPLQLQGH YH VHoLPLQGH NXOODQODQ WHNQLNOHUL WDQWPDN LQFHOHPHN KHU ELU \|QWHPLQ DYDQWDM YH GH]DYDQWDMODUQ RUWD\D NR\DUDN .RELOHUGH EX WHNQLNOHULQ X\JXODQDELOLUOLN G]H\OHULQL EHOLUOHPHNWLU $\UFD .RELOHULQ LQVDQ ND\QDNODU \DSODUQ LQFHOHPHN LQVDQ ND\QDNODU SROLWLNDODU YH \|QHWLP \DSODUQ RUWD\D NR\PDN GD oDOPDQQ DPDoODU DUDVQGDGU

 dDOPD EH E|OPGHQ ROXPDNWDGU %LULQFL E|OP LQVDQ ND\QDNODU

\|QHWLPL NDYUDPQ DoNODPDNWDGU %X E|OPGH LQVDQ ND\QDNODU \|QHWLPLQLQ |QHPL DPDoODU WDULKVHO JHOLLPL LOHYOHUL HOH DOQPDNWDGU 7H]LQ LNLQFL E|OPQ LQVDQ ND\QDNODU SODQODPDV ROXWXUPDNWDGU QVDQ

ND\QDNODU WHPLQLQGHQ ELU |QFHNL DDPD RODQ LQVDQ ND\QDNODU SODQODPDV LOHWPHOHU SODQODPD PRGHOOHUL YH L DQDOL]L EX E|OPGH HOH DOQPWU

LoLQ oRN E\N |QHP WDPDNWDGU QVDQ ND\QDNODU SODQODPDVQQ DPDF VUHFL hoQF E|OPGH LVH LOHWPHOHULQ LQVDQ ND\QDNODU WHPLQLQGH NXOODQGNODU

\|QWHPOHUGHQ EDKVHGLOPHNWHGLU $GD\ EXOPD NDYUDP VUHFL |QHPL DQODWOPDNWDGU J|UHQ LKWL\DFQQ RUWD\D oN HOH DOQPDNWDGU J|UHQ WHPLQLQGH NXOODQODQ Lo ND\QDNODU YH G ND\QDNODU GHWD\O HNLOGH L]DK HGLOPHNWHGLU %X ND\QDNODU NXOODQPDQQ DYDQWDM YH GH]DYDQWDMODUQD GHLQLOPHNWHGLU

GQ\DGDNL GXUXPX VRUXQODU DYDQWDM YH GH]DYDQWDMODU YHULOPLWLU g]HOOLNOH |QHULOHULQH \HU YHULOPLWLU

'|UGQF E|OP .RELOHUH D\UOPWU .RELOHULQ WDQP ONHPL]GH YH

.RELOHUGH LQVDQ ND\QDNODU \|QHWLPL ]HULQGH GXUXOPX VRUXQODU YH o|]P %HLQFL E|OPGH WHRULN E|OPGH HOH DOQDQ NRQXODUQ QGD X\JXODPD

NVP \HU DOPDNWDGU ,VSDUWD %XUGXU YH $QWDO\D LOOHULQGH IDDOL\HW J|VWHUHQ NoN YH RUWD |OoHNOL .RELOHUH DQNHW X\JXODPDV \DSOPWU 0LNUR |OoHNOL LOHWPHOHU LQVDQ DOQPDPWU $QNHW oDOPDVQD YDUVD LOHWPHGHNL LQVDQ ND\QDNODU \|QHWLFLVL \RNVD ND\QDNODU IDDOL\HWOHULQGH oRN ID]OD EXOXQPDGNODU LoLQ DUDWUPD NDSVDPQD VW G]H\ \|QHWLFLOHU NDWOPWU 7RSODQDQ DQNHWOHUGHQ HOGH HGLOHQ YHULOHU 6366  IRU :LQGRZV SDNHW SURJUDPQD JLULOPL YH oHLWOL LVWDWLVWLNVHO DQDOL] WHNQLNOHUL\OH VRQXoODU \RUXPODQPWU

YHULOHUOH X\JXODPDGDQ HOGH HGLOHQ YHULOHULQ GRUXOWXVXQGD DUDWUPD NDSVDPQGD \HU DODQ .RELOHU LoLQ GXUXP WHVSLWL \DSOP VRUXQODU LoLQ PPNQ RODELOHFHN o|]P \ROODU J|VWHULOPH\H oDOOPWU d|]P |QHULOHUL NDSVDPQGD .RELOHU LoLQ DGD\ EXOPD \|QWHPL RODUDN X\JXOD\DELOHFHNOHUL ELU PRGHO |QHULVL JHOLWLULOPLWLU 0RGHOGH .RELOHU LoLQ LVWLKGDP YH HLWLP IDDOL\HWOHULQL \UWPHN ]HUH VHNW|UHO DGD\ KDYX]ODU RUJDQL]DV\RQX WDVDUODQPWU

6RQ E|OPGH VRQXo YH |QHULOHUH \HU YHULOPL WH] NDSVDPQGDNL WHRULN

 QVDQ .D\QDNODU <|QHWLPL .DYUDP

16$1 .$<1$./$5, <g1(70

%51& %g/h0

SHUVRQHOL JHOLWLUPH SHUVRQHOGHQ HQ YHULPOL ELoLPGH \DUDUODQPD YH GHHUOHQGLUPH

OHWPHQLQ LKWL\DoODUQD X\JXQ |]HOOLNWH YH VD\GD SHUVRQHOL VDODPD oDODQ

SHUVRQHOLQ JHoLPLQL LKWL\DoODUQ GHYDPOOQ VDODPD LOHPOHULQLQ WPQH LQVDQ ND\QDNODU \|QHWLPL GHQLU QVDQ .D\QDNODU \|QHWLPL HWNLQ L JFQQ ROXWXUXOPDVQGD |QHPOL URO R\QDU 6WHYHQV   QVDQ ND\QDNODU \|QHWLPL RUJDQL]DV\RQODUGDNL LQVDQ XQVXUXQXQ NDWNODUQ

JHOLWLUPH\L DPDoOD\DQ IDDOL\HWOHU EWQGU QVDQ XQVXUXQXQ HQ YHULPOL HNLOGH oDOWUOPDV WHPHO DPDoWU J|UHQOHU PDOL\HW XQVXUX RODUDN J|UOPHGHQ \DWUP \DSOPDV HLWLPOH JHOLWLULOHUHN HQ ID]OD \DUDUQ VDODQPDV JHUHNHQ ELUHU ND\QDN RODUDN HOH DOQU gUF YH .DUDEXOXW  

DPDoODUQD XODPDNWD SODQO ELU HNLOGH X\JXODQPDVGU gUJWQ SHUIRUPDQVQD YH UHNDEHW DYDQWDMQD LQVDQ ND\QDQQ QDVO NDWNV RODELOLU ILNUL\OH LOJLOLGLU QVDQ ND\QDNODU |UJWOHQPHOHUL LUNHW SHUIRUPDQVQD YH YDUOQD NDWN VDODU QVDQ ND\QDNODU LOHWPHOHUH VUGUOHELOLU UHNDEHW DYDQWDM VDOD\DQ ND\QDNWU dQN LQVDQ JFQQ LOHWPH\H JHWLUGLL GHHU GLHU LOHWPHOHU WDUDIQGDQ WDNOLW HGLOHPH] YH \HULQH LOHWPHQLQ DPDoODUQD XODPDNWD ELUHU DUDoWU 0D\VRQ YH %DUUHWW   \|QHWLPLQH J|UH oDODQODU VWUDWHMLN GHHUGLU YH JHOLPHOHUL

QVDQ ND\QDNODU \|QHWLPL LQVDQ ND\QDNODU IDDOL\HWOHULQLQ ELU |UJWQ

NRQXODPD] ELU \DSGDGU .LLOHULQ WLSLN |]HOOLNOHUL \HWHQHNOHUL ELOJLOHUL EHFHULOHUL gUJWOHUGH LQVDQ ND\QDNODUQ \|QHWPHN LOHWPHQLQ KHP Lo KHP GH G

oHYUHVLQL oRN L\L DQODPD\ JHUHNWLULU o oHYUH LOHWPHQLQ Lo oDOPD RUWDPQ WHPVLO HGHUNHQ G oHYUH SL\DVD NRXOODU VHNW|UQ \DSV ND\QDN HOYHULOLOLL JLEL HWPHQOHUGHQ \DVDO VRV\DO SROLWLN WDULKVHO HWNLOHQLU $\FDQ = YG   IDNW|UOHUGHQ ROXPDNWDGU +HU LNL oHYUH NRXOX GD VRQXoWD IL]LNVHO YH VRV\RSROLWLN OHWPHOHUGH |]HOOLNOH UHWLP VHNW|UQGH UHWLP NDSDVLWHOHULQLQ DUWPDV YH

YHULPOLOLLQ DUWPDV \LQH \HWHQHNOL LJFQQ YDUOQD EDOGU +DVVOHU  

 *QP]GH LQVDQ ND\QD NXUXPODUQ HQ |QHPOL YDUONODU DUDVQGDGU QVDQ ELOJL

VDKLEL RODQ \DUDWF WHNQRORML\L JHOLWLUHQ YH NXOODQDQ WHN XQVXUGXU <LQH LQVDQ ND\QDNODU SD]DUODPD UHWLP JLEL IRQNVL\RQODU NDGDU |QHPOL YH EHOLUOH\LFL ROPD\D |QHPOL ELU X]PDQON NRQXVX KDOLQH JHOPLWLU gUF  

WHNQRORMLQLQ |QQGHGLU 'ROD\V\OD L JF LKWL\DFQQ WHPLQL WHNQRORML PDGGL EDODPWU %|\OHVLQH GLNNDW JHUHNWLUHQ ELU ND\QDD RODQ LKWL\DFQ JLGHULOPHVL QVDQ ND\QDNODU \|QHWLPL LON RODUDN SHUVRQHO \|QHWLPL RODUDN RUWD\D oNP

]DPDQOD LQVDQ ND\QDNODU \|QHWLPL NDYUDP KDOLQH JHOPLWLU NL NDYUDP DUDVQGD DUDVQGDNL LOLNL\L NDUODWUPDO RODUDN DDGD J|UPHNWH\L] gUF YH .DUDEXOXW   x x 3HUVRQHO <|QHWLPL QVDQ .D\QDNODU <|QHWLPL x x

ED] IDUNOONODU ROXPXWXU 3HUVRQHO \|QHWLPL LOH LQVDQ ND\QDNODU \|QHWLPL

3UDWLNWLU \DUDUOGU SROLWLNDODUOD LOJLOHQLU 7HSNLVHOGLU SUREOHPL WHKLV HGLFL QLWHOLH VDKLSWLU NXUDOODUQGDNL GHLLNOLNOHUH SD]DU NRXOODUQD VHQGLND IDDOL\HWOHULQH GHYOHWLQ X\JXODPDODUQD YH GLHU oHYUH IDNW|UOHULQH \DQW YHULU LUNHW EDOOQ VDODPDN \HULQH LUNHW NXUDO YH SURVHGUOHULQL ]RUOD NDEXO HWWLUPH LOH LOJLOHQLU .VD G|QHPOL VDKLSWLU 2OD\ODU EDN DoVQD EWQON LoHULVLQGH

6WUDWHMLN ER\XWODUD VDKLSWLU YH LQVDQ LOH LOJLOHQLU

x x

'HLLP \|QHWLPLQLQ GDKD NDSVDPO X\JXODQPDV LOH LOJLOLGLU <HQL \|QWHPOHULQ NDEXO YH GHLHELOLU GDYUDQODU |]HQGLUPHN LoLQ DUDWUPD \DSDU gUJWVHO JHOLPH LoLQ WHHEEVOHUGH EXOXQXU oHLWOL gUJW LoLQGH L LOLNLOHUL LOH LOJLOL JHQHO SROLWLNDODU EHOLUOHU NDWOP YH LELUOLL VDOD\DQ ELU NOWU ROXWXUPD\D oDOU 8]XQ VDKLSWLU G|QHPOL EDN DoVQD

x x

x x

GHHUOHQGLUPH]

2OD\ODU ELU EWQ LoHULVLQGH GHHUOHQGLULU

 QVDQ .D\QDNODU <|QHWLPLQLQ $PDoODU

SRWDQVL\HOOHUL |OoVQGH RQODU JHOLWLUPHN YH RQODU X]XQ G|QHPOL RODUDN HOGH

QVDQ ND\QDNODUQQ o WHPHO DPDF HWNLQ LJFQ |UJWH oHNPHN

WXWPDNWU %X DPDoODU JHUoHNOHWLUPHN SODQODPDGD WDKPLQ HWPHGH HLWLPGH

 SHUIRUPDQV GHHUOHPHGH FUHW \|QHWLPLQGH YH VRV\DO KDNODU G]HQOHPHGH \HWNLQOLN JHUHNWLULU gUJWOHU EX IDDOL\HWOHUL JHUoHNOHWLUPHN ]HUH LQVDQ ND\QDNODU WHPHO DPDF YH EX DPDoODU JHUoHNOHWLUPHN ]HUH X\JXODQPDV JHUHNHQ LQVDQ ND\QDNODU IDDOL\HWOHUL \HU DOPDNWDGU 'DIW   (WNLQ LJFQ oHNPHN .< SODQODPDV 3HUVRQHO OLNLOHUL YH *|UPH X]PDQODUQ J|UHYOHQGLULUOHU $DGDNL HNLOGH LQVDQ ND\QDNODU \|QHWLPLQLQ o

(WNLQ LJFQ NRUXPDN hFUHWOHQGLUPH (N ID\GDODU J|UHQ LOLNLOHUL WHQ D\UOPD

(WNLQ LJFQ JHOLWLUPHN (LWLP *HOLWLUPH 'HHUOHQGLUPH

.D\QDN 'DIW 5 /  0DQDJHPHQW 7KLUG (GLWLRQ 7KH 'U\GHQ 3UHV V  DUWUPDN YH oDODQODUQ PHPQXQL\HWLQL VDODPDNWU 6WRQH   %LU ELOLP RODUDN LQVDQ ND\QDNODU \|QHWLPLQLQ DPDF |UJW HWNLQOLLQL %LQJ|O  QVDQ ND\QDNODU \|QHWLPLQLQ DQD KHGHILQLQ DKODNL YH

HNLO  QVDQ .D\QDNODU <|QHWLPLQLQ $PDoODU

VRV\DO VRUXPOXOXN DQOD\\OD oDODQODUQ |UJWH RODQ \DUDWF NDWNODUQ DUWUPDN DPDoWDQ V|] HGLOHELOLU %X DPDoODU XQODUGU %LQJ|O   

ROGXXQX EHOLUWPLWLU QVDQ ND\QDNODU \|QHWLPL LoLQ HYUHQVHO RODQ WHPHO G|UW  7RSOXPVDO $PDo 7RSOXPGDQ JHOHQ LVWHN YH EDVNODUQ |UJW ]HULQGHNL

ROXPVX] HWNLOHULQL HQ D]D LQGLUHUHN WRSOXPXQ LKWL\DoODUQD NDU DKODNL YH VRV\DO

VRUXPOXOXN ELOLQFLQH VDKLS ROPDN (HU |UJW ND\QDNODU NXOODQPDGD WRSOXPVDO \DUDU DoVQGDQ EDDUV] ROXUVD EDND ELU GH\LOH ND\QDNODU LVUDI HGHUVH \DVDO G]HQOHPHOHUOH ED] VQUODPDODU JHWLULOHELOLU

  gUJWVHO $PDo QVDQ ND\QDNODU \|QHWLPLQLQ |UJWVHO HWNLQOLH NDWNGD

EXOXQPDN LoLQ YDU ROGXXQX NDEXO HWPHN QVDQ ND\QDNODU \|QHWLPL NHQGLVL DoVQGDQ ELU VRQXo GHLOGLU |UJWH \DUGP HGHFHN ELU DUDoWU R VDGHFH DQD DPDoODUQ JHUoHNOHWLUPHN VXUHWL\OH

VUGUPHNWLU QVDQ ND\QDNODU \|QHWLPL |UJWQ LKWL\DoODUQGDQ GDKD ID]OD YH\D KL]PHW HWWLL |UJWH X\GXUXOPDOGU

 OHYVHO $PDo gUJWQ LKWL\DoODUQD X\JXQ ELU G]H\GH ELULPLQ NDWNVQ

GDKD D] NDUPDN ROGXXQGD ND\QDNODU LVUDI HGLOPL ROXU %LULPLQ KL]PHW G]H\L  .LLVHO $PDo .LLVHO DPDoODUQ JHUoHNOHWLUPHGH LJ|UHQOHUH \DUGP

HWPHN(HU oDODQODUQ LVWLKGDPODU VUGUOPHN YH PRWLYH HGLOPHN LVWHQL\RUVD RQODUQ NLLVHO DPDoODU NDUODQPDOGU QVDQ ND\QDNODUQD LOLNLQ KHU ELU NDUDU KHU ]DPDQ EX G|UW DPDFQ WPQ

JHUoHNOHWLUPH \|QQGH ROPD\DELOLU )DNDW EX DPDoODU NDUDUODU NRQWURO HWPH\H YH

GHQJHOHPH\H KL]PHW HGHU %X JHQHO DPDoODU LQVDQ ND\QDNODU ELULPLQLQ IDDOL\HWOHUL LOH QH NDGDU PNHPPHO ELU HNLOGH JHUoHNOHWLULOHELOLUVH RQXQ |UJWQ DOW NDGHPHOHULQH NDWNV LOH LJ|UHQOHULQLQ LKWL\DoODUQ NDUODPD GXUXPX R GHUHFH LVWHQHQ G]H\GH RODFDNWU 'DKDV LQVDQ ND\QDNODU GHSDUWPDQ \HWNLOLOHUL EX DPDoODUGDQ \ROD oNDUDN ELUoRN IDDOL\HWLQ DUNDVQGDNL QHGHQOHUL GH NROD\ONOD IDUN HGHELOLUOHU %X HYUHQVHO DPDoODU oHUoHYHVLQGH LQVDQ ND\QDNODU \|QHWLPLQLQ HLWPHN RQODU PRWLYH HWPHNWLU JHOHQHNVHO VSHVLILN DPDoODU LJ|UHQ DGD\ODUQ |UJWH oHNPHN LJ|UHQOHUL \HQLGHQ  QVDQ .D\QDNODU <|QHWLPLQLQ gQHPL

IDDOL\HW DODQ LQVDQ RODQ LQVDQ ND\QDNODU \|QHWLPLQLQ |QHPL GH JLGHUHN DUWPDNWDGU *QP]GH ELUH\OHU oDOWNODU LOHULQH GDLU GDKD IDUNO EHNOHQWLOHU LoLQGHGLUOHU gUJWOHU GQ\D WDULKLQGHQ EX \DQD HQ HLWLOPL LJFQ LVWLKGDP HWPHNWHGLU QVDQODU NDWODELOHFHNOHUL HLW YH DGLO GDYUDQODFDNODU VD\J J|UHELOHFHNOHUL ELU LWH oDOPDN LVWHPHNWHGLU $\UFD DLOHOHULQH YH |]HO KD\DWODUQD D\UDFDNODU YDNLWOHUL GH oDOPDNWDGUODU %XUNH YH &RRSHU   DQODP EXODELOHFHNOHUL WDWPLQ GX\DELOHFHNOHUL |UJW NDUDUODUQD

7P |UJWOHU LoLQ LQVDQ IDNW|U JLWJLGH |QHP ND]DQPDNWDGU 'ROD\V\OD

|QHPVHPHNWH L VDDWOHULQL YH oDOPD NRXOODUQ GD HQ X\JXQ HNLOGH D\DUODPD\D


gUJWOHULQ HQ |QHPOL VHUPD\HOHULQGHQ ELUL LQVDQGU QVDQ VHUPD\HVL

ELUH\OHULQ EHOOL ELU oNW\ HOGH HWPHN VRQXFD XODPDN LoLQ NXOODQDELOHFHL ELOJL \HWHQHN YH NDELOL\HWOHULQ WDPDPQ LIDGH HWPHNWHGLU gUJWOHUGH LQVDQ VHUPD\HVL LOHWPHQLQ Lo YH G oHYUHVLQL J|]OHPOHPHN ELOJL UHWPHN YH LOHPHN SUREOHP o|]PHN IUVDWODU \DNDODPDN YH GHHUOHQGLUPHN ]HUH NRQXPODQGUOU OHWPHOHULQ UHNDEHW DYDQWDM VDOD\DELOHFHL HQ |QHPOL ND\QDNODUGDQ ELUL VDKLS ROGXX LJFQQ QLWHOLLGLU 2IIVWHLQ YG  

LQVDQ ND\QDNODU \|QHWLPLQLQ |QHPLQL DUWUDQ HWPHQOHUGHQ ROPXWXU +VX <X5X YH /HDW 0   .UHVHOOHPH GROD\V\OD L GQ\DVQGDNL UHNDEHW HVNLGHQ VWQONOHUL ]HULQGH RGDNODQPDO X]XQ G|QHPOL VWUDWHMLOHULQL EXQD J|UH ROGXXQGDQ GDKD ID]ODGU %X oDGD D\DNWD NDODELOPHN LoLQ LOHWPHOHU UHNDEHW JHOLWLUPHOLGLU QVDQ ND\QDNODU UHNDEHW HGLOHELOLU DYDQWDM VDODPDN LoLQ JHUHNHQ G|UW \RNWXU 5DNLSOHU \HQL WHNQRORMLOHUOH UQOHUOH UHNDEHW HGHELOLUOHU DQFDN VDKLS ROXQDQ NDOLIL\H LJFQ NRS\DOD\DPD]ODU .KDWUL   %DDUO ELU \|QHWLFLQLQ LQVDQ ND\QDNODU \|QHWLPLQH WRSODP ]DPDQQQ QH

3L\DVDODUQ NUHVHOOHPHVL |UJWOHULQ XOXVODU DUDV ER\XWODUGD LOHU \DSPDODU

NULWHUH VDKLSWLU LQVDQ ND\QD GHHUOLGLU QDGLUGLU WDNOLW HGLOHPH] YH DOWHUQDWLIL

NDGDUQ D\UPDV JHUHNWLLQL HNLO GH J|UHELOLUL] 5REELQV 6 3 


9DVD W <|QH WLFL

%D D UO <|QH WLFL

(WNLQ <|QH WLFL

 



 



 


 



*HOHQ HN VHO <| Q HW LP

.<

OHW LLP

1HW ZR UN

.D\QDN52%%16 6WHSKDQ 3  2UJDQL]DWLRQDO %HKDYLRU &RQFHSWV &RQWURYHUVLHV $SSOLFDWLRQV 3UHQWLFH+DOO ,QW  (GLWLRQ 1HZ -HUVH\  V

HNLO  <|QHWLFLOHULQ .< \H $\UGNODU =DPDQ

 QVDQ ND\QDNODU \|QHWLPLQLQ |UJWVHO SHUIRUPDQV YH EXQXQ GRUXOWXVXQGD

ILQDQVDO VRQXoODU ROXPOX \|QGH HWNLOHGLLQH GDLU oRN ID]OD YHUL ND\QDN YH NDQW

PHYFXWWXU %HFNHU YH +XVHOLG  :ULJKW 6PDUW YH 0FPDKDQ  <RXQGW %R[DO   'RUX LQVDQ ND\QDNODU X\JXODPDODU YH SROLWLNDODU LJ|UHQOHULQ

6QHOO 'HDQ YH /HSDN  DOQWOD\DQ .ODDV YG   .KDWUL   GDKD L\L oDOPDVQD EX GD |UJW SHUIRUPDQVQQ DUWPDVQD HWNHQ ROXU 3DWH - 0 %HDXPRQW 3 %    $UDWUPDODU J|VWHUPHNWHGLU NL |UJWQ DPDo YH KHGHIOHUL\OH X\XPOX LQVDQ ND\QDNODU X\JXODPDODU |]HOOLNOH DGD\ EXOPD YH VHoPH IDDOL\HWOHUL YH EX DPDoODU JHUoHNOHWLUHELOHFHN NDOLWHGH LJ|UHQ LVWLKGDP |UJWQ

ILQDQVDO SHUIRUPDQVQ ROXPOX \|QGH HWNLOHPHNWHGLU +XVHOLG   6RQ ]DPDQODUGD \DSODQ DPSLULN oDOPDODUD J|UH -RQHV   |]HOOLNOH WHNQRORML SHUIRUPDQV VDWODU QHW NDU KLVVH EDQD NDU DUDVQGD SR]LWLI ELU LOLNL EXOXQGXX WHVSLW HGLOPLWLU %XFNOH\ YG   RGDNO ZHE WDEDQO DGD\ VHoPH \|QWHPOHULQLQ NXOODQOPDV LOH LOHWPHQLQ ILQDQVDO

J|UP ELU NDYUDPGU J|UHQ EDOO \HWNLQOLL YH HVQHNOLL JLEL DODQODUGD VDODQDQ JHOLPH LJ|UHQ SHUIRUPDQVQ DUWUF HWNL VDODPDNWDGU .RFK YH SHUIRUPDQV DUDVQGDNL LOLNL\L DUDWUPDN ]HUH \DSODQ ED] DPSLULN oDOPDODU 0F*UDWK  DOQWOD\DQ =KHQJ YG   QVDQ ND\QDNODU \|QHWLPL YH $UWKXU  %DUWHO  +XVHOLG  +XVHOLG YG  .DPDQ YG  <RXQGW YG  LQVDQ ND\QDNODU IDDOL\HWOHULQL X\JXODPDQQ LUNHW SHUIRUPDQV

QVDQ ND\QDNODU \|QHWLPLQLQ |UJWVHO GDYUDQODU JHOLWLUGLL JHQHO NDEXO

0DF'XIILH  1JR YG  6WDYURX YH %UHZVWHU  :ULJKW YG  ]HULQGH ROXPOX HWNLVL ROGXXQX J|VWHUPLWLU /LWHUDWUGH LQVDQ ND\QDNODU \|QHWLPL

LOH LOJLOL oHLWOL PRGHOOHU JHOLWLULOPLWLU g]HOOLNOH LQVDQ ND\QDNODU YH |UJWVHO YH +XEHU   *XHVW   PRGHO JHOLWLUPLWLU %X PRGHOOHU LQVDQ ND\QDNODU X\JXODPDODUQ YH VRQXoODUQ VQIODQGUU YH X\JXODPDODU VRQXoODU YH SHUIRUPDQV DUDVQGDNL LOLNL\L RUWD\D NR\DU =KHQJ YG  

SHUIRUPDQV ]HULQH %HHU YG   'HYDQQH YG   *XHVW YG   6FKXOHU

PRGHO |UJW DPDo YH KHGHIOHULQH XODPDN LoLQ LQVDQ ND\QDNODU SROLWLND YH X\JXODPDODUQQ VWUDWHMLN VHoLP oDWV RODUDN NDEXO HGLOGLL ELU PRGHOGLU %X PRGHO D\Q ]DPDQGD \|QHWLFLOHULQ DQOD\ YH DNWLI GHVWHL ROPDGDQ VWUDWHMLN LQVDQ

QVDQ ND\QDNODU DODQQGD +DUYDUG 0RGHOL %HHU YG  RODUDN ELOLQHQ

 ND\QDNODU \|QHWLPLQLQ JHUoHNOHWLULOHPH\HFHL JHUoHLQL YXUJXODU 1DQNHUYLV $ YG   $UDWUPDODUGD |QHPOL QRNWDODUGDQ ELUL GH ILUPD SHUIRUPDQVQQ QDVO

|OoOHFHLGLU dRX DUDWUPD $UWKXU  +XVHOLG  YHULPOLOLN \DGD ILQDQVDO

SHUIRUPDQV ]HULQGH RGDNODQPWU %X WDU] oDOPDODU LQVDQ ND\QDNODU \|QHWLPLQLQ LJ|UHQOHU VHQGLNDODU YH WRSOXP ]HULQGHNL HWNLOHULQL GQPH] %DODQFHG PWHUL LJ|UHQ  ELU DUD\D DODQ ELU \DNODPGU %HFNHU YG  DOQWOD\DQ +DLOH\ YG   6DGHFH ILQDQVDO |OoWOHUL EDDU NULWHUL RODUDN DOPDN VQUO RODFDQGDQ EDODQFH VFRUHFDUG \DNODP GDKD HWNLQ YH NXOODQOGU 7UXVV  +DLOH\ YG   QVDQ ND\QDNODU GHSDUWPDQ YH RSHUDV\RQHO \|QHWLP LJ|UHQ GDYUDQODUQQ 6FRUHFDUG \DNODP ILUPD SHUIRUPDQVQ HWNLOH\HQ WP IDNW|UOHUL ILQDQVDO

LOHWPHQLQ PHQIDDWL \|QQGH ROXPDVQGD oRN |QHPOL ELU UROH VDKLSWLU 3XUFHOO YG NRQXODPD] QDGLU GHHUOL Lo ND\QDNODUOD VDODQDELOHFHL EXQXQ HQ J]HO |UQHLQLQ

 .D\QDN WDEDQO \DNODPODUGD LOHWPH SHUIRUPDQVQQ WDNOLW HGLOHPH] \HULQH GH LQVDQ VHUPD\HVL ROGXX EHOLUWLOPHNWHGLU %DUQH\  3IHIIHU  3DDXZH VDOD\DQ \HWHQHNOHUL ELOJL YH EHFHULOHULGLU 6QHOO YH 'HDQ 

 QVDQ VHUPD\HVLQGHQ NDVWHGLOHQ LVH LJ|UHQOHULQ LOHWPH\H HNRQRPLN NDWN OHWPHOHU LJ|UHQOHUGHQ EHNOHGLNOHUL \HWHQHN YH ELOJLOHUL HOGH HWPHN LoLQ DGD\

EXOPDVHoPH YH JHOLWLUPH\H \DWUP \DSDUODU %|\OHFH LOHWPHQLQ DPDoODUQD X\JXQ GDYUDQODU HOGH HGLOHFHN YH YHULPOLOLN VDODQDFDNWU :ULJKW YH 6QHOO  VHoPH IDDOL\HWL SHUVRQHO JLGHUOHULQL D]DOWDFDNWU /LX YG   DOQWOD\DQ +DLOH\ YG   3ODQO YH LKWL\DFD J|UH X\JXODQDQ ELU DGD\ EXOPD YH OHWPHOHUGH LQVDQ ND\QDNODU IDDOL\HWOHULQL X\JXODPDN GD WSN GLHU

\DWUPODU JLEL SDUD |UJWVHO ND\QDNODU YH ]DPDQ RODUDN PDOL\HWOL ROPDNWDGU %DND VWUDWHMLN NRQXODUD D\UODELOHFHN ]DPDQ LQVDQ ND\QDNODU IDDOL\HWOHULQH D\UODFD LoLQ |UJW LoLQ GRUX ROGXXQX L\L WHVSLW HGLS \DSODQ PDOL\HWOHUH NDUON HOGH HGLOHFHN ID\GDODU EHOLUOHPHOLGLU (WNLQ LQVDQ ND\QDNODU IDDOL\HWOHULQL X\JXODPDN LOHWPH\H

]DPDQ RODUDN GD ELU PDOL\HW V|] NRQXVXGXU 'ROD\V\OD \|QHWLFLOHU KDQJL IDDOL\HWLQ

NDWPD GHHU VDOD\DQ ELU XQVXUGXU 6XEUDPRQ\ 0   $\Q ]DPDQGD LQVDQ ND\QDNODU \|QHWLPL JLULLPFLOLH GH NDWN VDOD\DQ ELU XQVXUGXU %LU LOHWPH

 LON NXUXOGXX DQGDQ LWLEDUHQ DUWN ELU |UJWWU YH LON LJ|UHQL LH DOG DQGD LQVDQ ND\QDNODU IDDOL\HWOHULQLQ |QHPLQL NDYUDG VUHFH NXUGXNODU LOHWPHOHU EDDUO RODFDNWU %DURQ    QVDQ .D\QDNODU <|QHWLPLQLQ *HOLLPL IDDOL\HWOHUL EDODP GHPHNWLU *LULLPFLOHU LQVDQ

ND\QDNODU

\HWNLOHULQLQ J|UHY VDKLSOHULQH GDWPQGDQ LEDUHWWL 3HUVRQHO SROLWLNDV DUDoODU \D

%LUoRN LOHWPHQLQ \|QHWLP NRQVHSWL O \OODUD NDGDU HPLU YH LP]D

KHQ] \RNWX \D GD JHOLWLULOPH DDPDVQGD\G J|UHQOHU SHUIRUPDQVODU GRUX GHHUOHQGLULOHUHN DGLO ELU HNLOGH FUHWOHQGLULOPHVL JHUHNHQ ELUHU UHWLP IDNW|U RODUDN J|UO\RUGX 'HPRNUDVLQLQ SROLWLN DODQGD \HUOHLS JHOLPHVL\OH ELUOLNWH VWLOL ELoLPLQGH J|VWHUPH\H EDODG %X JHOLPHGH $PHULND %LUOHLN 'HYOHWOHULQGH RUWD\D oNP RODQ LQVDQ LOLNLOHUL +XPDQ 5HODWLRQV DNPQQ GD E\N HWNLVL SHUIRUPDQVQ HQ |QHPOL NRXOX RODUDN J|U\RUODUG OHWPHGH ELoLPVHO IRUPDO oDOPD YH \|QHWLP LOLNLOHUL \DQQGD LJ|UHQOHU DUDVQGDNL ELoLPVHO ROPD\DQ ROPXWXU %X DNPQ |QFOHUL L J|UHQOHULQ LWHQ KRQXWOXXQX \NVHN ELU

LOHWPHOHUGH GH GHPRNUDWLN \|QHWLP GQFHVL NHQGLQL LELUOLLQH GD\DO \|QHWLP

LQIRUPDO LOLNLOHULQ GH SHUIRUPDQV LoLQ |QHPOL ROGXX NHIHGLOPLWL J|UHQOHU GH VDGHFH ELU UHWLP IDNW|U RODUDN J|UOPHNWHQ PHPQXQ GHLOOHUGL *|VWHUGLNOHUL oDEDQQ YH SHUIRUPDQVODUQ WDNGLU HGLOPHVLQL LQVDQ RODUDN JHUHNHQ VD\JQO J|UPH\L YH NDUDUODUD NDWOPD\ LVWL\RUODUG =DQGHU ( oHY 7QDU 0 <   *RHWVFKLQ  LQVDQ ND\QDNODU \|QHWLPLQLQ OHUGHQ EX \DQD LOHWPH

VWUDWHMLVLQLQ NLOLW QRNWDODUQGDQ ELUL ROGXXQX YXUJXODPWU %X G|QHPOHUGH

LQVDQODUQ \|QHWLPL WHPHO NRQX KDOLQH JHOPLWLU *RHWVFKLQ   EX G|QHPGHNL JLULLPFLOLN NDYUDPODUQQ |QHPLQL DUWUPWU $UWDQ HLWLP VHYL\HVL ELUH\OHULQ NHQGL

HLOLPOHUL |\OH LIDGH HWPHNWHGLU $UWDQ UHNDEHW ]HND \HWHQHN \DUDWFON YH GHHUOHULQLQ IDUNQD YDUPDVQD GDKD ID]OD RWRQRPL YH EDPV]ON WDOHS HWPHVLQH \RO DoPWU *LGHUHN \DYDOD\DQ |UJW \DSODU QHGHQL\OH VRUXPOXOXN YH \HWNL GHYUL DUWPWU OHUOH\HQ WHNQRORML \DSODQ LOHULQ VH\ULQL GHLWLUPLWLU <HQL |GO VLVWHPOHUL JHOLWLULOPLWLU 'HHUOHU NOWUOHU SROLWLNDODUQ ELUHU SDUoDV KDOLQH \|QHWLPLQLQ |QHPL GH DUWPWU 'HVDWQLFN 5 /  

JHOPLWLU %|\OHFH LQVDQD YHULOHQ GHHULQ DUWPDV\OD ELUOLNWH LQVDQ ND\QDNODU

 7UNL\HGH SHUVRQHO \|QHWLPL NDYUDP OHUGHQ LWLEDUHQ EDPV] ELU

NLPOLN ND]DQPD\D EDODPWU oHULVLQGH SHUVRQHO V|]F JHoHQ LON NLWDS LVH  \OQGD 0KoROX WDUDIQGDQ \D\QODQPWU $VOQGD EX NLWDSWDQ |QFH OHUGH UDSRUODU PHYFXWWXU $ONDQQ  NLWDEQQ (OHPDQODUQQ GDUHVL (WHQLQ   NLWDEQQ hFUHW 9HUPH 6LVWHPOHUL ,VDDFQ  NLWDEQQ OHWPH \D]QQGD \HU DODQ |UQHNOHUGHQGLU hVGLNHQ YH :DVWL   SHUVRQHO \|QHWLPLQLQ DOW NRQXODU RODELOHFHN VRUXQODU ]HULQH \D]OP PDNDOHOHU YH

)DDOL\HWOHULQGH %HHUL $PLO E|OPOHUL OHUGHQ |QFH LOHWPH LNWLVDG 3HUVRQHO \|QHWLPLQLQ DNDGHPLN DQODPGD \HU EXOPDV LVH ODUQ VRQODU LOH

OHULQ EDODUQGD ROPXWXU <HWPLOL \OODUGD QLYHUVLWH YH DNDGHPLOHULQ KHPHQ

KHPHQ WP OLVDQV SURJUDPODUQGD SHUVRQHO \|QHWLPL YH\D NDPX SHUVRQHO \|QHWLPL GHUVL \HU DOPDNWDGU  \OQGD NXUXODQ VWDQEXO hQLYHUVLWHVL OHWPH WDULKOHUGH ELU GLVLSOLQ RODUDN NXUXPVDOODPD\D EDODPDVQQ ELU J|VWHUJHVLGLU hVGLNHQ YH :DVWL   )DNOWHVLQGH LVH SHUVRQHO \|QHWLPLQLQ D\U ELU NUV ROPDV SHUVRQHO \|QHWLPLQLQ R

GDO RODUDN \DVDO SURVHGUOHUL \HULQH JHWLUHQ ELU ELULP GXUXPXQGD\G $UWKXU $QGHUVHQ GHSDUWPDQODU |UJWVHO ELU NLPOLN ND]DQPD\D EDODP DQFDN \LQH SHUVRQHOLQ VRV\DO JYHQOLN YHUJL SULPOHU JLEL \DVDO LOHPOHULQL \UWPHNOH VQUO NDOPWU 'HUHOL   OHUGH LVH |UJWOHU NHQGLOHULQL NUHVHO UHNDEHWLQ RUWDVQGD EXOPX LQVDQ ND\QDNODUQQ ELU UHNDEHW DYDQWDM RODUDN |QHPLQL NDYUDPD\D EDODPWU QVDQ  OHUGH |UJWOHULQ K]O JHOLLPL\OH ELUOLNWH SHUVRQHO

OHWPHOHUGH LVH ODUGD SHUVRQHO GHSDUWPDQ ILQDQV GHSDUWPDQQQ ELU DOW

ND\QDNODU \|QHWLPL WHULPL LVH ODUQ EDQGD EHQLPVHQPH\H EDODQPWU  \OQGD LQVDQ ND\QDNODU GHSDUWPDQ RODQ |UJWOHULQ JHQHOOLNOH E\N LOHWPHOHU RUDQ 7UNL\HGH SHUVRQHO \|QHWLPLQLQ ODUGDQ VRQUDNL KDOL LoLQ UHIHUDQV YH H \NVHOPLWLU $UWKXU $QGHUVHQ  DOQWOD\DQ $\FDQ =  

|UHQPH ND\QD $PHULND %LUOHLN 'HYOHWOHUL ROPXWXU GHQLOHELOLU $%' HVDV DOQQFD , 'Q\D 6DYD VUDODUQGD 7D\ORUL]P YH LoL UHIDK DNPODUQQ HQGVWUL SVLNRORMLVLQL GH LoHUHUHN SHUVRQHO \|QHWLPL DODQQ GRXUGXX NDEXO HGLOLU 'XOHERKQ YG   %X QRNWDGD SHUVRQHO \|QHWLPLQLQ HQGVWUL LOLNLOHUL DODQQQ ELU

SDUoDV ROGXX GD LOHUL VUOPWU $QFDN LNL DODQ ELUELULQGHQ OL \OODUQ

 VRQODUQGD D\UOPD\D EDODPWU .DXIPDQ  

EDODPWU dDODQODU ELU PDOL\HW XQVXUX RODUDN J|UOPH\LS \DWUP YH UHNDEHW DYDQWDM ND\QD RODUDN J|UOHPH\H EDODQP LLQ DUWN LQVDQ ND\QDNODU \|QHWLPL KDOLQL DOG . \|QHWLPLQLQ VW NDYUDP KDOLQH JHOGLL LOHUL VUOPWU 0DKRQH\

OL \OODUGDQ LWLEDUHQ $PHULNDGDNL EX JHOLPHOHU GHLLNOLN J|VWHUPH\H

YH 'HFNRS   'XOHERKQ   3HUVRQHOFLOLN DUWN ELU GHVWHN KL]PHWL QLWHOLLQGHQ X]DNODS VWUDWHMLN ELU DQODP ND]DQPWU 'XOHERKQ YG   )HUULV YG   DOQWOD\DQ hVGLNHQ YH :DVWL   OHUGHQ EX \DQD LQVDQ ND\QDNODU \|QHWLPL \|QHWLP OLWHUDWUQGH HQ oRN \HU DODQ NRQXODU KDOLQH 6SDUURZ  

JHOPLWLU %R[DOO  /HJJH  6FKXOHU -DFNVRQ  DOQWOD\DQ %XGKZDU YH 6DQD\L YH L NXUXOXODUQGD HQ D] VD\J GX\XODQ YH GHHUL HQ D] WDNGLU HGLOHQ

E|OPOHUGHQ ELUL SHUVRQHO E|OP RODJHOPLWLU 1H \D]N NL ELUoRN GXUXPGD EX KkOk E|\OHGLU 3HUVRQHO \|QHWLPLQLQ JHQHO \|QOHUL GH EHOOL NRQXODUGDNL \DVDODUGDQ \DUDU J|UPWU 'RUX LH GRUX HOHPDQ \HUOHWLUPH\H EDO KXVXVODUQ DQFDN LUNHWLQ JHOLPH YH NkUOOQD NDWNGD EXOXQXUODUVD |QHP YH VD\J ND]DQGNODU V|\OHQHELOLU )LQQLJDQ   7UNL\HGH LQVDQ ND\QDNODU \|QHWLPL JHOLPHNWH RODQ ONHGH JHOLPHNWH

RODQ ELU DODQGU %X KHP ELU DYDQWDM KHP GH ELU GH]DYDQWDM RODUDN GQOHELOLU ND\QDNODU VLVWHPOHUL DU]XODQPDNWDGU $QFDN EXQXQ LoLQ KDOD \HWHUOL ELU ELOJL ELULNLPL YH X]PDQON ROXPDP GXUXPGDGU $\FDQ   gQFHOLNOH LQVDQ ND\QDNODU \|QHWLPLQLQ |QHPLQLQ \|QHWLFLOHU ER\XWXQGD L\L

g]HOOLNOH $% HQWHJUDV\RQ VUHFLQGH YH \HQL L NDQXQODU\OD ELUOLNWH GDKD HWNLQ LQVDQ

HOH DOQPDV JHUHNPHNWHGLU QVDQ ND\QDNODU GHSDUWPDQODUQQ LOHWPH\H VDODG NDWPD GHHULQ J|] |QQH DOQPDV JHUHNPHNWHGLU %X GHSDUWPDQODUGD LQVDQ ND\QDNODU NRQXVXQGD \HWHUOL HLWLP DOP X]PDQODU LVWLKGDP HGLOPHOLGLU 0HYFXW JHOLLP LoLQ DUDWUPD\D GD\DO LQVDQ ND\QDNODU SURJUDPODU X\JXODQPDOGU $QFDN

LQVDQ ND\QDNODU oDODQODU LVH \HWHQHN YH ELOJL NRQXVXQGD JHOLWLULOPHOLGLU gUJWVHO QH \D]N NL ]DPDQ NVG PDGGL RODQDNV]ONODU YH LOHWPH E\NO JLEL NRXOODU QHGHQL\OH DQON o|]POHU YH DOWHUQDWLIOHU UHWLOPHNWH X]XQ YDGHOL GQOPHPHNWH YH |UJWH X\XP VDOD\S VDODPD\DFD KHVDSODQPDGDQ $PHULND PHQHLOL

 X\JXODPDODU DGDSWH HGLOPH\H oDOOPDNWDGU 2\VD NL JHOLPLOLN G]H\L EDW ONHOHULQGH |]HOOLNOH $PHULNDGD ONHPL]GHQ IDUNOGU $\FDQ   EWQOHWLULOPHOLGLU .< IRQNVL\RQXQXQ VWUDWHMLN ELU ER\XW .< IRQNVL\RQX LUNHWOHULQ VWUDWHML YH SROLWLND ROXWXUPD VUHoOHUL\OH

RUJDQL]DV\RQ LoLQGH \HQLGHQ \DSODQPDV LOH VDODQDELOHFHNWLU <HQLGHQ \DSODQPD VUHFL VDGHFH J|UHY YH L VUHoOHULQLQ WDQPODQPDV LOH VQUO ROPD\DFDN .

ND]DQDELOPHVL

ELULPLQLQ GLHU ELULPOHULQ \NOHQGLL NDUOON YH YHULPOLOLN \NPOOQ VWOHQPHVL JLEL \HQL ELU NDYUDP JQGHPH JHWLUHFHNWLU . \|QHWLFLOHUL EXJQH NDGDU   JHOLU HOGH HWPH VRUXPOXOXXQGDQ X]DN ROPDODU LOH HOHWLULOPLOHUGLU <NVHO %XQODU DDELOPHN LoLQ . \|QHWLPLQLQ oDODQODUQ L EHFHULOHULQL

JHOLWLUPHOHUL oDOPD \DDPQQ NDOLWHVLQL L\LOHWLUHUHN PRWLYDV\RQX YH L\HULQGH NDOFO DUWUPDODU SURIHV\RQHO \|QHWLFLOLN EHFHULOHULQL JHOLWLUPHOHUL YH NXUXP

NOWUQQ GHLLPLQGH GDQPDQON \DSPDODU JHUHNPHNWHGLU *QP]GH LQVDQ EXOXQPDNWDGU %X NDSVDPGD JHOHFHNWH |QHP ND]DQDFDN \HQL RGDN DODQODU LVH HVQHN   RUWDPGD

ND\QDQQ YHULPOLOLLQLQ DUWUOPDVQD \|QHOLN ELU oDOPD DODQ WDQPODQP RUJDQL]DV\RQ \DSODU \HWNLQOLN YH NDUL\HU \|QHWLPL LOHWLLP ROPXWXU <NVHO 0 *QP]GH LQVDQ ND\QDNODU \|QHWLPLQLQ ELUoRN IDDOL\HWL GDKD oRN HOHNWURQLN JHUoHNOHWLULOPHNWHGLU (OHNWURQLN LQVDQ ND\QDNODU (. RODUDN

QLWHOHQGLULOHQ EX \DNODP LOHWPHOHUH SHN oRN NROD\ON VDODPWU 0DOL\HWOHUGH VDODG GQ \DQ VUD LQVDQ ND\QDNODU IDDOL\HWOHULQLQ HWNLQOLLQL GH DUWUPWU $PHULNDGD <|QHWLP (QVWLWV ,20$ WDUDIQGDQ \DSODQ oDOPD\D J|UH LOHWPHOHULQ JHOLWLUGLLQL YH L WHNQRORMLQLQ LQVDQ ND\QDNODU IDDOL\HWOHULQGHNL NDOLWH\L

%HOO YG  

VL H.QQ |UJWQ JHQHO HWNLQOLLQL DUWUGQ EHOLUWPLOHUGLU

 QVDQ .D\QDNODU <|QHWLPLQLQ OHYOHUL

VUHoWH NDU NDU\D NDOG LQVDQ ND\QDNODU X\JXODPDODUQD LQVDQ ND\QDNODU

%LU oDODQQ LOHWPH\H NDWOPDVQGDQ LWHQ D\UOPDVQD NDGDU JHoLUGLL

LOHYOHUL GHQLU %D\UDNWDUROX   %LU |UJWQ LJFQ ROXWXUPDV LoLQ LJ|UHQ EXOPDV RQODU DUDVQGDQ VHoLP \DSPDV VHoLOHQOHUL |UJWQ \DSV YH |UJW

 NOWUQH DOWUPDODU EHOLUOHQHQ J|UHYOHUL \HULQH JHWLUHELOPHOHUL YH |UJWH NDWN

VDOD\DELOPHOHUL LoLQ \|QOHQGLULOPHOHUL PRWLYH HGLOPHOHUL EXQODU LoLQ DGLO YH VDONO ELU FUHW SROLWLNDV ROXWXUPDV YDU RODQ LJFQQ JHOHFHN LoLQ SRWDQVL\HOLQL JHUoHNOHWLUPH\L DPDoOD\DQ ELU VUHoWLU hQVDQODQ YH LPHNHU   EHOLUOH\HUHN HLWLP JHOLWLUPH YH NDUL\HU SURJUDPODUQ YH G]HQOL ELOJL DNQ QVDQ ND\QDNODU \|QHWLPL LOHYOHUL WHPHOGH \|QHWLPLQ LJ|UHQ YHULPOLOLL YH QVDQ ND\QDNODU \|QHWLPLQLQ EDOFD LOHYOHUL DDGDNL

HWNLQOLLQL VDODPDN DPDF\OD G]HQOHGLL SROLWLNDODU SODQODU YH SURJUDPODU LoHULU 6DEXQFXROX   $OGHPLU         QVDQ .D\QDNODU 3ODQODPDV J|UHQ %XOPD YH 6HoLP

HNLOGHGLU

QVDQ .D\QDNODUQ *HOLWLUPH YH (LWLP 6DON YH *YHQOLN <|QHWLPL hFUHW <|QHWLPL J|UHQ 3HUIRUPDQVQ 'HHUOHQGLUPH dDOPD OLNLOHULQLQ ']HQOHQPHVL YH (QGVWUL\HO OLNLOHU

oNDUODUDN JHOHFHNWH ILUPDQQ JHUHNVLQPH GX\DFD LQVDQ ND\QDNODUQQ QLFHOLL YH QLWHOLL EHOLUOHQLU %X NVP LOHULNL E|OPOHUGH GDKD GHWD\O ELU HNLOGH LQFHOHQHFHNWLU J|UHQ EXOPD YH 6HoPH

QVDQ ND\QDNODU SODQODPDV

PHYFXW LJFQQ EXJQN HQYDQWHUL

\|QHWLFLOHULQLQ WDNLS HWWLL SROLWLND\D EDO RODUDN LOHWPH LoLQGHQ \D GD LOHWPH GQGDQ VDODQDELOLU gQFHOLNOH LOHULQ QLWHOLL EHOLUOHQLU GDKD VRQUD LJ|UHQ JHUHNVLQPHVL QLWHOLL YH XQYDQODU VDSWDQU J|UPH WHNQLN GHQHPH YH SVLNRWHNQLN X\JXODPD VDON GHQHWLPL \DSOU DGD\Q JLUHFHL LH LOJLVL |OoV LH \HQL DOQDQ LJ|UHQLQ LH DOPDV YH LOHWPH\OH EWQOHPHVL VDODQU %X NRQX\D oDOPDQQ LOHUOH\HQ E|OPOHULQGH GDKD JHQL ELU \HU YHULOHFHNWLU

JHUHNVLQLP GX\XODQ LQVDQ ND\QD LOHWPH

|QFHOLNOL URO R\QDU <HQL LH DOQDQ LJ|UHQLQ HOGH WXWXOPDVQGD |QFHOLNOL URO R\QDU

%LU LOHWPHGH HLWLP IDDOL\HWL FUHW \|QHWLPL JLEL LJ|UHQLQ HOGH WXWXOPDVQGD

<HQL LH DOQDQ LJ|UHQLQ RU\DQWDV\RQX EHFHUL JHOLWLUPH LL WDQPD YH LH DOPD

 oDOPDODU X]XQ G|QHPOL NDUL\HU JHOLWLUPH SODQODUQ NDSVDPDNWDGU %LOJL WRSOXPXQXQ \NVHOHQ GHHUOHUL DUDVQGD VUHNOL HLWLP YH NHQGLQL JHUoHNOHWLUPH JHUHNVLQLPL |QGH JHOPHNWHGLU (LWLP ELUH\OHUL |UJWH EDOD\DQ YH NHQGL DUDODUQGD VN ELU LELUOLLQH VUNOH\HQ |QHPOL ELU GL]L J|UHYL JHUoHNOHWLUPHNWLU

VDODPDN LoLQ PHYFXW NRXOODUQ JHOLWLULOPHVL V|] NRQXVXGXU %X DODQGD SHUVRQHOLQ

6DON YH JYHQOLN \|QHWLPL oDODQ LOHWPHGH WXWPDN YH VUHNOLOLLQL

IL]LNVHO NRRUGLQDV\RQXQXQ NRUXQPDV LoLQ VDODQDFDN VDON YH NRUXPD |QOHPOHUL\OH JHUHNLU

LOHWPH\H NDU ROXPOX GDYUDQ YH EDOONODUQ DUWUDFDN |QOHPOHULQ DOQPDV J|UHQ GHHUOHPHVL LJ|UHQLQ LLQGH VDODG EDDU YH JHOLPH \HWHQHLQLQ

VLVWHPDWLN GHHUOHPHVLGLU +HU LOHWPH LJ|UHQOHUH LOLNLQ HWNLOL YH REMHNWLI NDUDUODU

DODELOPHN oDODQODUQ EDDU \DGD EDDUV]ONODUQ \DNQGDQ L]OHPHN \HWHQHNOHULQL HOGH HGLOPHVLQL VDODPDN DPDF\OD LJ|UHQ GHHUOHPHVLQH JLWPHN ]RUXQGDGU

JHOLWLULFL YH G]HOWLFL |QOHPOHUL ]DPDQQGD DODELOPHN YH E|\OHFH HQ \NVHN YHULPLQ hFUHWOHPH LOHWPHOHUGH GRUXGDQ YH GROD\O |GOOHULQ HLW YH KDNoD

GDWPQ VDOD\DFDN HNLOGH LJ|UHQOHULQ NDWNODUQ GHHUOHQGLUPH\H \|QHOLN ELU

LOHYGLU \L ELU FUHW oDOODQ LWH \DOQ] EDQD GR\XP VDOD\DQ oDODQ LH EDOD\DQ LL VHYGLUHQ XQVXU GHLOGLU $QFDN ELU EDNPD LJ|UHQLQ LOHWPH\H JLUL QHGHQL RODQ FUHW D\Q ]DPDQGD RQXQ LOHWPHGH VUHNOL oDOPD QHGHQLQL GH ROXWXUXU <DSODQ DUDWUPDODUQ oRXQGD FUHW ROJXVXQD LJ|UHQOHU WDUDIQGDQ ELULQFL HGLOPHGLL J|UOPWU

GHUHFHGH |QHP YHULOGLL ED]HQ |QFHOLLQL ND\EHWVH GH KLoELU ]DPDQ J|] DUG dDOPD LOLNLOHULQLQ G]HQOHQPHVL YH HQGVWUL\HO LOLNLOHU LOHWPHGH

oDODQODUQ VHQGLNDODUOD \DGD LYHUHQOHUOH DUDODUQGDNL LOLNLOHUL LQFHOH\HQ ELU IDDOL\HWWLU J|UHQLQ oDOPD VDDWOHULQLQ EHOLUOHQPHVL ELUWDNP VRV\DO KDNODUQ HOGH HGLOPHVL JLEL NRQXODU NDSVDU

\DNODP LOH \HULQH JHWLULU LPHN    x x DQDOL]L \DSDU

QVDQ ND\QDNODU \|QHWLPL DDGDNL J|UHYOHUL ELU EWQ DOWQGD YH VLVWHP

QVDQ JF LKWL\DFQ VDSWDU LH DOPD SODQ YH SROLWLNDODUQ EHOLUOHU YH

 VRQXQGD NDGURODPD \DSDU

x x x

*HUHN LOHWPH LoL YH JHUHNVH LOHWPH G LQVDQ JF ND\QDNODUQ LQFHOH\HUHN LH JLUHELOHFHNOHUL EXOXU VHoHU YH LH DOU H DOQDQ SHUVRQHOLQ LH DOWUOPDVQ VDODU

OHWPH LoL YH LOHWPH G NXUVODU YH KL]PHW LoL HLWLP VHPLQHUOHUL G]HQOHPHN YH JHUHNWLLQGH oHLWOL RNXOODU HQVWLWOHU YH\D DUDWUPD NXUXPODUQGDQ \DUGP J|UPHN \ROX\OD SHUVRQHO HLWLPLQL JHUoHNOHWLULU 3HUVRQHO |UJW YH \|QHWLPLQLQ JHOLWLULOPHVLQL VDODU \DSDU

x x x x x x

0DD YH FUHWOHULQ \|QHWLPLQH LOLNLQ LOHUL \UWU YH L GHHUOHPHVL %DDU GHHUOHPHVL LOHPLQL \HULQH JHWLULU \|QHWLFLOHULQ |GOOHQGLULOPHVLQL VDODU

3HUVRQHOL |]HQGLUPH oDOPDODUQGD EXOXQDUDN EDDUO LJ|UHQ YH J|UHQOHULQ LWHQ D\UOPDV HPHNOLOLN L]LQ YE LOHPOHULQL \UWU

J|UHQ |UJWOHUL\OH LoL VHQGLNDODU\OD 66. dDOPD %DNDQO |UJW VRV\DO IDDOL\HW |UJWOHUL YE NXUXP YH NXUXOXODUOD LOLNL LoLQGH EXOXQXU

 HNLO GH QVDQ .D\QDNODU <|QHWLPL 0RGHOL 9H $OW 6LVWHPOHUL

J|UOPHNWHGLU :HUWKHU YH 'DYLV  

gUJWVHO

, .XUXOX YH 3HUVRQHO KWL\DFQ %HOLUOHPH ,, +D]UON YH 6HoLP

9 3HUVRQHO OLNLOHUL YH *|UPH

x .LLVHO
,9 hFUHWOHQGLUPH YH *YHQOLN

$0$d/$5 x 7RSOXPVDO x gUJWVHO x )RQNVL\RQHO

,,, *HOLWLUPH YH 'HHUOHQGLUPH

3URIHV\RQHO

7RSOXPVDO

)DDOL\HW YH DPDoODU DUDVQGDNL JHUL EHVOHPH

dHYUHGHQ JHOHQ YH oHYUH\H JLGHQ QVDQ .D\QDNODU IDDOL\HWOHUL

.D\QDN :(57+(5 : % YH - . '$9,6   +XPDQ 5HVRXUFHV DQG 3HUVRQQHO 0DQDJHPHQW 0F*UDZ +LOO ,QW (GLWLRQV 0DQDJHPHQW DQG 2UJDQL]DWLRQ 6HULHV   (G 86$ V

HNLO  QVDQ .D\QDNODU <|QHWLPL 0RGHOL 9H $OW 6LVWHPOHUL



.1& %g/h0
16$1 .$<1$./$5,1,1 3/$1/$10$6,  QVDQ .D\QDNODU 3ODQODPDV 7DQP 9H *HOLLPL

JHUHNOL RODQ GRUX LQVDQODU VDODPD\ NHVLQOHWLUPH LOHPLGLU (VDVQGD LQVDQ ND\QDNODU SODQODPDV LOH PHYFXW LJF VHYL\HVLQLQ EHOLUOHQPHVL LOH ELUOLNWH SHUVRQHOGHQ ID\GDODQPD YH JHOLWLUPH LOHPOHUL GH \DSOU OHWPHOHULQ JHOHFHNWH LKWL\Do GX\DFD LQVDQ ND\QDNODUQD NDU DOWHUQDWLIOHU JHOLWLULOLU QVDQ ND\QDNODU SODQODPDV GLQDPLN ELU LOHPGLU YH LOHWPHQLQ GHYDPQ YH GHQJH\L VDOD\DELOPHN LoLQ LOHWPH\H \HQL SHUVRQHO JLULOHULQL LWHQ D\UOPDODU LOHWPH LoL SHUVRQHO DPDoODU YH SL\DVD NRXOODU LVWLKGDP GXUXPX J|] |QQGH EXOXQGXUXOPDOGU GHLLNOLNOHULQL GHQHWOHPHN YH \|QHWPHN LoLQ \DSOU %X LOHP \DSOUNHQ |UJW QVDQ ND\QDNODU SODQODPDVQ HWNLOH\HQ LNL WHPHO IDNW|UGHQ V|] HGLOHELOLUG

7HPHO RODUDN LQVDQ ND\QDNODU SODQODPDV GRUX \HUGH YH GRUX ]DPDQGD

JoOHU YH Lo JoOHU 3D]DU EDVNV WHNQRORMLN GHLLNOLNOHU LJF \DSVQQ YH D\DUODPDODUQQ GHLLPL JLEL G HWNHQOHU LOH LJFQQ \D YHULPOLOLN YH LJF ND\QDNODU SODQODPDVQ HWNLOHU =HIIDQH 5 0D\R *   KDUHNHWOLOLL LH JLULOHULWHQ D\UOPDODU YE JLEL LOHWPH LoL HWNHQOHU LQVDQ ( 9HWWHU  \OQGD SHUVRQHO SODQODPDVQ %LU LOHWPHQLQ LVWHQLOHQ

]DPDQGD JHUHN GX\XODQ \HUGH JHUHNVLQLOHQ WU YH VD\GD SHUVRQHOLQ KD]U EXOXQGXUXOPDV YH EX SHUVRQHOLQ oDOPDODU\OD V|] NRQXVX LL HQ LNWLVDGL DQODPGD .D\QDN 7   X\XPOX RSWLPDO ELU HNLOGH JHUoHNOHWLUPH VUHFLGLU HNOLQGH WDQPODPWU 3HUVRQHO JHUHNVLQLPLQLQ SODQODQPDV NXUXPVDO RODUDN JHOHFHNWHNL ELU ]DPDQ

VUHFLQGH \DSOPDV JHUHNHQ LL QLWHOLN YH QLFHOLN RODUDN |QFHGHQ EHOLUOHPHN YH VRQUD VD\VDO RODUDN VDSWDPDNWU .D\QDN 7 YG  

EX EHOLUOHQHQ GHHUOHUGHQ JLGHUHN V|] NRQXVX LL \DSDFDN EHOLUOL |]HOOLNWHNL LJFQ QVDQ ND\QDNODU SODQODPDV oDOPDODUQQ oHUoHYHVLQGH ELU WDUDIWDQ NVD

VUHGH PHYFXW SHUVRQHO YH EX SHUVRQHOLQ \HWHQHNOHUL NRQXVXQGD ELOJLOHU WHPLQ

 HGLOPH\H oDOUNHQ GLHU WDUDIWDQ GD X]XQ YDGHGH LOHWPHQLQ IDDOL\HWOHULQL

HWNLOH\HFHN GHLLNOLNOHU GH GLNNDWH DOQDUDN LOHWPHQLQ SHUVRQHO LKWL\DoODUQQ NDUODQPDVQQ oDUHOHUL DUDQU OHWPHOHULQ JHOLPHVL VRQXFXQGD RUWD\D oNDQ SHUVRQHO LKWL\DoODU |QFHOLNOH LOHWPH LoLQGHQ WHPLQ HGLOPHGLL GXUXPODUGD LOHWPH GQGDNL ND\QDNODUD PUDFDDW HGLOLU )DNDW EX NRQXGD LOHWPHGH WXWDUO ELU X\JXODPD X\JXODPD\D NDYXPX ROPDVQD EDOGU 'HLNHQOLN YH EHOLUVL]OLLQ GDKD D] ROGXX \DSODELOPHVL LQVDQ ND\QDNODU SODQODPDV IDDOL\HWOHULQLQ D\UQWO YH HWNLQ ELU LOHWPHOHUGH JHOHFHN \OODUD LOLNLQ X]XQ VUHOL SHUVRQHO SODQODPDV \DSPDN QLVSHWHQ VHEHEL\OH LWHQ D\UOPDODU ELU J|UHYGHQ GLHULQH JHoLOHU YE GXUXPODU NROD\FD GLNNDWH DOQDELOLU (UWUN 0  

NROD\GU %X GXUXPGDNL LOHWPHOHUGH J|UHYOHUGH LOHUOHPHOHU HPHNOLOLN YH\D |OP

\DNODPODU NXOODQODUDN %DUWKRORPHZ .HQW hQLYHUVLWHVL   0RUJDQ &DPEULGJH   YH 6PLWK  WDUDIQGDQ \DSOPWU  \OQGD /HVWHU

QVDQ ND\QDNODU SODQODPDV LOH LOJLOL VLVWHPOL LON oDOPDODU LVWDWLVWLNVHO

0DQSRZHU 3ODQQLQJ LQ D )UHH 6RFLHW\ LVLPOL ELU NLWDS \D\QODPWU %LOJLVD\DUQ LQVDQ KD\DWQD JLUPHVL YH \D\JQODPDV LOH |]HOOLNOH OL \OODUQ VRQODUQGD 3HUFRP 6\PSKRQ\ JLEL \D]OP SURJUDPODUQQ JHOLWLULOPHVL LOH =HIIDQH 5 0D\R

*   SHUVRQHO LOH VRV\RORML YH HQGVWUL LOLNLVL ]HULQH (GZDUGV   NVD G|QHPOL SHUVRQHO SODQODPD SUREOHPOHULQLQ RUJDQL]DV\RQ G]H\LQGH

UHWLPGHQ D\U RODUDN SODQODPD LOHPLQLQ |QHPL ]HULQH %HQQLVRQ YH &DVVRQ   PDWHPDWLNVHO ROPD\DQ PRGHOOHU NXOODQDUDN SUDWLN o|]P ]HULQH %UDKPDQ   +HQQR  oDOPDODU \DSPODUGU 3HDUVRQ 5  

HPHNOLOLN YH HPHNOL RODQODUQ \HULQH \HQL SHUVRQHO DOQPDV ]HULQH 3HDUVRQ YH QVDQ ND\QDNODU SODQODPDVQQ VUHVL X]XQ \DGD NVD G|QHPOL ROPDV GD

ONHGHNL YH NXUXPGDNL HNRQRPLN VRV\DO YH SROLWLN LVWLNUDUD EDO ROPDNWDGU 'HYDPO VRV\DO HNRQRPLN YH SROLWLN GDOJDODQPDODUQ \DDQG ONHOHUGH X]XQ DOQWOD\DQ $\FDQ =   G|QHPOL ELU SODQODPD \DSPDN oRN ]RU RODFDNWU .DQXQJR YH -DHJHU 

  QVDQ .D\QDNODU 3ODQODPDVQQ *HUHNOLOLLgQHPL

VWUDWHMLN LQVDQ ND\QDNODU SODQODPDV |UJWOHUGH GDKD |QHPOL ELU \HU WXWPD\D HGLOPHVL NULWLN ELU KDO DOPWU OHWPHOHULQ UHNDEHW RUWDP LoHULVLQGH DYDQWDMO GXUXPD JHoPHVL LoLQ ELOJL \HWHQHN XVWDON JLEL LGHDO ELU SHUVRQHOGH ROPDV JHUHNHQ

QVDQROXQGDNL VUHNOL GHLLP YH JHOLPHOHULQ IDUN HGLOPHVL LOH ELUOLNWH

EDODPWU gUJWOHULQ JHOHFHNWH GH EDDUO RODELOPHVL LoLQ \HQL \HWHQHNOHULQ LQD

XQVXUODU DQOD\DELOPHVL YH NHIHWPHVL JHUHNPHNWHGLU QVDQ ND\QDNODU GD ELU LOHWPH ND\QDNODU SODQ LOH LOHWPH LoHULVLQGH LKWL\Do GX\XODQ QRNWD\D JHUHNWLL ]DPDQGD HQ X\JXQ DGD\ODU HQ X\JXQ VHoLP VWUDWHMLOHUL EHOLUOHQHUHN VDODQDELOLU %XKOHU 3 0   QVDQ JF SODQODPDVQ GDKD oRN NULVWDO NUH\H EDNPDN JLEL J|UHQOHU EX

\|QHWLFLVLQH EX NRQXGD |QGHUOLN HWPHNWHGLU \L JHOLWLULOPL YH G]HQOHQPL ELU LQVDQ

JHOHFHN WDNQWVQQ YDU RODQD GLNNDW HGLOPHVLQL HQJHOOHGLLQL V|\OHUOHU QVDQ DU]Q oRN YH IL\DWQ GN ROGXX ]DPDQODUGD L\L RODELOLU IDNDW GXUXP KHU ]DPDQ

ND\QDNODU LOH LOJLOL RODUDN JHUHNVLQLPLPL] ROGXXQGD DOU] \DNODP SD]DUGD E|\OH ROPD\DELOLU 2ODFDQ GQHQ \|QHWLFLOHU LVH EDN DoV VRUXQX\OD NDU DQODOPDV OD]PGU )LQQLJDQ - dHY .Oo 0  

NDU\DGUODU gQFHOLNOH EX EDN DoVQQ GHLWLULOHUHN SODQODPDQQ JHUHNOLOLLQLQ QVDQ ND\QDNODU SODQODPDV VLVWHPDWLN RODUDN RUJDQL]DV\RQXQ JHOHFHNWHNL

SHUVRQHO WDOHSOHULQL NDUODPDN LoLQ SHUVRQHO ND\QD ROXWXUXU KWL\Do GX\XODQ SHUVRQHO VD\ YH |]HOOLNOHULQLQ WDKPLQL LOH LQVDQ ND\QDNODU E|OP SHUVRQHO VHoLPL HLWLPL NDUL\HU SODQODPDV YH GLHU DNWLYLWHOHUL GDKD L\L \DSDU QVDQ ND\QDNODU SODQODPDV LOH GRUX ]DPDQGD GRUX NLLOHULQ VHoLPL \DSOU GHDOL KHU |UJWQ NVD YH X]XQ G|QHPOL LQVDQ ND\QDNODU SODQODPDV \DSPDVGU .VD G|QHPOL SODQODU ELU VRQUDNL \O GROGXUXOPDV JHUHNHQ EROXNODU NDSVDU 8]XQ G|QHPOL SODQODU LVH LQVDQ )DNDW WHN YH GRUX ELU LQVDQ ND\QDNODU SODQODPDV \DNODP \RNWXU +HU |UJW 'DYLV .  

ND\QDNODU YD]L\HWLQLQ LNL \DGD EH QDGLUHQ GH RQ \O VRQUDNL GXUXPXQX WDKPLQ HGHU NHQGLVL LoLQ HQ X\JXQ \|QWHPL LKWL\DoODU GRUXOWXVXQGD EHOLUOHU :HUWKHU : % H DOPDQQ LON DGP LQVDQ ND\QDNODU WDKPLQLGLU gUJW JHOHFHN DOWRQLNL D\

LoLQGH IDDOL\HWOHULQL NDo NLL\OH \UWHELOHFHLQH X DQGD NDo NLL\OH \UWWQH YH

 DUDGDNL Do QDVO NDSDWPDV JHUHNWLLQH NDUDU YHUPHOLGLU (HU GDKD oRN NLL LH DOQDFDNVD LOHWPH L EDYXUXVX YH VHoPH IRQNVL\RQODUQ JHUoHNOHWLUPHOLGLU 9DUVD LWHQ D\UOPDODU YH LWHQ DWOPDODU J|] |QQGH EXOXQGXUXOPDOGU gUJWQ GRUXGDQ VWUDWHMLN SODQQD EDO RODUDN ELU LQVDQ ND\QDNODU SODQQD VDKLS ROPDV KHU JHoHQ JQ

GDKD RODDQ NDEXO HGLOPHNWHGLU -XOLD *DORV\


QLQ EHOLUWWLL JLEL QVDQ ND\QDNODU SODQ LOH VWUDWHMLN L SODQODPDVQ ELUELULQH X\GXUPD\D GX\XODQ LOJL oRN \D\JQGU %|\OH \DSPDN ROGXNoD ROXPOX ELU GX\JX \DUDWPDNWDGU dQN HQ L\L ELU VWUDWHMLN SODQODPD ELOH HHU GRUX LQVDQ GRUX ]DPDQGD GRUX \HUGH oDOP\RUVD   X\JXODQP\RUVD SHN EDDU DQV \RNWXU +RGJHWWV 5 dHY dHWLQ & 0XWOX & ( gUJW DPDoODUQ GHVWHNOH\HQ ELU LQVDQ ND\QDNODU VWUDWHMLVL ROXWXUPDN LQVDQ

ND\QDNODU SODQODPDVQ LOHWPH SODQODPDVQQ D\UOPD] ELU SDUoDV RODUDN J|UPHNOH LOHWPH DPDoODUQD XODPDN LoLQ JHUHNOLGLU QVDQ ND\QDNODU YH VWUDWHMLN SODQODPD  

PPNQ ROXU 6WUDWHMLN SODQODPD LOH LQVDQ ND\QDNODU VWUDWHMLOHULQL EWQOHWLUPHN DUDVQGDNL VN LOLNL DDGDNL HNLO \DUGP\OD J|VWHULOPLWLU %ULJJV 6 .HRJK :



9=<21  06<21

 +('()/(5

 675$7(-/(5

<$7$< YH '.(< 7$.,0/$5

.D\QDN 6HQJD %5,**6:LOOLDP .(2*+   ,QWHJUDWLQJ +XPDQ 5HVRXUFH 6WUDWHJ\ DQG 6WUDWHJLF 3ODQQLQJ WR $FKLHYH %XVLQHVV ([FHOOHQFH 7RWDO 4XDOLW\ 0DQDJHPHQW 9RO  V  QVDQ .D\QDNODU 3ODQODPDV $PDoODU

HNLO  ']HQOHPH 0RGHOL QVDQ .D\QDNODU 6WUDWHMLVL YH 6WUDWHMLN SODQODPD OLNLVL

\DSOPDV JHUHNHQOHUL EHOLUOHPHN YH RUWD\D oNPDV PXKWHPHO GHLLPOHUH NDU ELU SROLWLND WHVSLW HWPHN DPDF\OD \DSOU OHWPHGH RUWD\D oNDQ SHUVRQHO WDOHEL\OH Lo YH LOHYOHULQGHQGLU ELFLROX 

gUJWOHUGH LQVDQ ND\QDNODU SODQODPDV LQVDQ ND\QDNODU LOH LOJLOL JHOHFHNWH

G SHUVRQHO DU]QQ X\XPODWUOPDV LQVDQ ND\QDNODU SODQODPDVQQ WHPHO VWHU ELoLPVHO LVWHU ELoLPVHO ROPD\DQ WUGH ROVXQ EWQ LOHWPHOHU LQVDQ

ND\QDNODU SODQODPDV \DSDU QVDQ ND\QDNODU SODQODPDV \DSPDQQ |UJWVHO

 DPDoODUQGDQ LONL SHUVRQHOLQ HWNLQ YH YHULPOL NXOODQPQ VDODPDNWU 3HUVRQHOLQ LOHYOHULQGHQ |QFH HOH DOQPDV JHUHNLU 'LHU SHUVRQHO LOHYOHULQLQ HWNLQ YH YHULPOL HWNLQ YH YHULPOL NXOODQPQ VDODPDN LoLQ SHUVRQHO SODQODPDVQQ GLHU SHUVRQHO

RODELOPHVL LoLQ NHVLQOLNOH SODQODPD \DSPDN JHUHNLU $QFDN EX \ROOD HWNLQ YH YHULPOL SHUVRQHO VDODQDELOLU 'LHU ELU |UJWVHO DPDo LVH LOHWPHGH GDKD GR\XPOX YH NHQGLVLQGHQ QHOHU EHNOHQGLLQL KDQJL GDYUDQODUQQ QH WU VRQXoODUD \RO JHOLLPLQH YH GR\XPXQD NDWNGD EXOXQXU $OGHPLU & YG   \HWLPL SHUVRQHOH VDKLS ROPDNWU 3ODQODPD \DSODQ ELU LOHWPHGHNL SHUVRQHO DoDELOHFHLQL ELOLU <DQL LOHWPHGHNL JHOHFHLQL NHQGL oL]HELOLU %X GD SHUVRQHOLQ .VD YDGHGH LOHWPHQLQ IDDOL\HWOHULQL DNVDWPDGDQ VUGUHELOPHVL LoLQ JHUHNOL

SHUVRQHOLQ WHPLQ HGLOPHVL LQVDQ ND\QDNODU SODQODPDVQQ |QFHOLNOL KHGHIOHULQGHQGLU

*HOHFHN G|QHPOHUGH LOHWPHQLQ \DWUP YH\D EHQ]HUL GHLLNOLNOHU VRQXFXQGD JHOHFHL VHYL\HGHNL SHUVRQHO LKWL\DoODUQQ WHPLQ HGLOPHVL GH LQVDQ ND\QDNODU SODQODPDVQQ KHGHIOHUL LoHULVLQGH \HU DOU 8]XQ YDGHOL SHUVRQHO oDOPDODUQGD VDGHFH LOHWPHQLQ \DWUP YH EHQ]HUL oDOPDODU GHLO ONH YH GQ\DGDNL |QHPOL DOQPDOGU (UWUN 0   HNRQRPLN VRV\DO YH WHNQRORMLN JHOLPHOHU GH WLWL]OLNOH WDNLS HGLOHUHN GLNNDWH %LU UQ \D GD KL]PHWLQ PH\GDQD JHWLULOPHVL YH GDWP LOHWPH VDKLSOHUL

LoLQ NkU \|QHWLFL YH PGUOHU LoLQ PDD YH GLHU PDGGL \DUDUODU SHUVRQHO LoLQ FUHWOHU JLEL NLLVHO KHGHIOHULQ VDODQPDV VRV\DO \NPOONOHULQ \HULQH JHWLULOPHVL WRSOXPGDNL NDGQ YH oRFXNODUQ NRUXQPDV \DODQDQ SHUVRQHOH \DUGP JLEL VRV\DO DPDoODUQGDQGU <DOoQ 6   NRUXQPD YH \DUGP |QOHPOHULQLQ DOQPDV GD LQVDQ ND\QDNODU SODQODPDVQQ QVDQ ND\QDNODU SODQODPDVQQ DPDoODUQ DQOD\DELOPHN LoLQ LOHWPHOHU

NHQGLOHULQH DDGDNL VRUXODU \|QHOWHUHN FHYDSODUQ DUD\DELOLUOHU %|\OHFH EX J|UHFHNOHUGLU &DVFLR : )   x x

VRUXODUQ FHYDSODUQQ LQVDQ ND\QDNODU SODQODPDV \DSODUDN HOGH HGLOHELOHFHLQL .Do NLL LH DOQDFDNWU"

%LU L LoLQ |GHQHFHN FUHW QH NDGDUGU"

 x x 'DKD ID]OD SHUVRQHOLQ ILUPD\D oHNLOPHVL LoLQ QH NDGDU

|GHQPHOLGLU"

3HUVRQHOH |GHQHQ FUHWLQ ID]OD ROGXX GQO\RU LVH SHUVRQHOH GHLLNOLN ROXU"

|GHQHQ FUHW GUOG ]DPDQ oDODQ LoL VD\VQGD QDVO ELU

%DUXWoXJLO    x x x x x x

QVDQ ND\QDNODU SODQODPDVQQ DPDoODUQ NVDFD |\OH |]HWOH\HELOLUL] QVDQ ND\QDNODUQQ JHQHO YH |]HO LKWL\DoODU LOH LOJLOL X]XQ YH NVD G|QHPOL WDKPLQOHU \DSPDN NDUODPDN J|UHQOHUL |UJWH EDODPDN YH YHULPOHULQL DUWUPDN LoLQ LKWL\DoODUQ QVDQ ND\QDNODUQD \DSODQ \DWUPODUQ \HWHUOL GHUHFHGH JHUL G|QPQ VDODPDN QVDQ ND\QDNODUQD LOLNLQ LKWL\DoODUOD |UJWQ EWQ RODUDN

IDDOL\HWOHUL DUDVQGD EDODQW NXUPDN NROD\ODWUPDN

gUJWQ LVWLKGDP IUVDWODU\OD LOJLOL \DVDODUD X\XP VDODPDODUQ gUJWWH ]DPDQ LoLQGH PH\GDQD JHOHQ WHNQRORMLN GHLPH G]H\LQH J|UH ROXDQ LJ|UHQ ID]ODOQQ |UJWH YHUHFHL ]DUDU |QJ|UHUHN |QFHGHQ JHUHNOL |QOHPOHUL DOPDN \NQ D]DOWPDN

(WNLQ ELU LQVDQ ND\QDNODU SODQODPDV LOH |UJW \|QHWLPLQLQ GHQHWLP

$PHULNDGD VWUDWHMLN LQVDQ ND\QDNODU SODQODPDV L LoLQ JHUHNHQ QLWHOLNWH YH VD\GD

hONHOHUH J|UH GH SODQODPDQQ DPDoODU GHLHELOPHNWHGLU gUQHLQ .X]H\

LJ|UHQL EXOPDN LoLQ \DSOU +LQGLVWDQ YH 'RX $YUXSD ONHOHULQGH LVH LVL]OLN YH \RNVXOOXNOD PFDGHOH HWPHN LoLQ JHUHNHQGHQ GDKD oRN LJ|UHQ LVWLKGDP HGLOLU +HUULRW YH $QGHUVRQ  6LQKD  DOQWOD\DQ $\FDQ =   *QFHO RGDNO WRSOXPODUGD GDKD NVD VUHOL SODQODPD \DSOUNHQ JHOHFHN RGDNO WRSOXPODUGD

 LVH |UJWQ VWUDWHMLOHUL LOH EDODQWO X]XQ VUHOL SODQODPD \DSOU /DQH YG  DOQWOD\DQ $\FDQ =    QVDQ .D\QDNODU 3ODQODPDV 6UHFL

EHNOHQHQ SR]LV\RQODUOD X\JXQ RODFDN DGD\ODUQ HOHWLULOPHVL VUHFLGLU QVDQ ND\QDNODU EX GXUXP LOHWPH\L YH LOHUL QDVO HWNLOH\HFHNWLU" OHWPHQLQ YH LLQ E\NO JHOHFHN

QVDQ ND\QDNODU SODQODPDV LQVDQ ND\QD LKWL\DFQQ WDKPLQ HGLOPHVL ERDOPDV

SODQODPDV X WDU] VRUXODUQ VRUXOPDV LOH EDODU +DQJL \HQL WHNQRORMLOHU JHOLPHNWHGLU YH EH RQ \O LoLQGH QH NDGDU RODFDNWU" JF GHYLU K] QH NDGDUGU PPNQVH QH NDGDU

NDoQODELOLUGLU" %X VRUXODUD YHULOHFHN FHYDSODU DNDELQGH 1H NDGDU \|QHWLFL\H PKHQGLVH JHUHNWLULU %X FHYDSODU LOHWPHQLQ LQVDQ ND\QDNODU VWUDWHMLOHULQL EHOLUOHPHNWH \RO J|VWHULFLGLU 'DIW   QVDQ LKWL\DoODUQ NDUODPDN DPDF LOH PDO YH KL]PHW UHWLPLQL JHUoHNOHWLUHQ

WHNQLN HOHPDQD YE LKWL\DFP] RODFDNWU JLEL GDKD VSHVLILN VRUXODUQ FHYDSODQGUOPDVQ

LOHWPHOHULQ HQ |QHPOL UHWLP JLUGLOHULQGHQ ELULQL LJF ROXWXUPDNWDGU %X QHGHQOH UHWLP VUHFLQLQ SODQODQPDVQGD LJFQQ \D GD JHUHNVLQPH GX\XODFDN SHUVRQHO VD\VQQ SODQODQDFDN RODQ H\LQ LQVDQOD LOJLOL ROPDVQGD \DWDU JF IL]\RORMLN YH SVLNRVRV\DO QLWHOLNOHUL\OH |Oo\H YXUXOPDV oRN Jo RODQ YH KRPRMHQ |]HOOLNOHU J|VWHUPH\HQ ELU UHWLP JLUGLVLGLU 3ODQODPD EX QHGHQOH JoON J|VWHUHFHNWLU QVDQ ND\QDNODU SODQODPDVQGD LNL DQD \|Q \DQL VD\VDO \D GD PDWHPDWLN ER\XW VRQUD GD GDYUDQVDO \|Q \DQL SVLNRORMLN YH LOHWPHOHU DoVQGDQ YHULPOLOLL GROD\V\OD NkUOO HWNLOH\HQ YH EHOLUOH\HQ WHPHO SODQODQPDV GD NDoQOPD] RODFDNWU QVDQ ND\QDNODU SODQODPDV VUHFLQGH WHPHO JoON

ER\XWXQ EWQOHWLULOHUHN SODQODPD VUHFLQH VRNXOPDV JHUHNPHNWHGLU gQFH NRQXQXQ WHNQLN VRV\DO ER\XW EWQOHWLULOHUHN SODQODPD VUHFLQH VRNXOPDOGU QVDQ ND\QDNODU SODQODPDV |HOHUGHQ VD\OU %X SODQODPD VUHFL \DOQ]FD SHUVRQHO VD\VQGDQ WDVDUUXIX

JHUoHNOHWLUHUHN JLGHU GUF ELU URO R\QDPD] D\Q ]DPDQGD LLQ QLWHOLLQH X\JXQ LJ|UHQ VHoLPLQL YH LVWLKGDPQ VDOD\DUDN UHWLP VUHFLQLQ HWNLQOHWLULOPHVLQL GH JHUoHNOHWLULU .D\QDN 7 YG   OHWPHOHUGH VWUDWHMLN SODQODPD YH VWUDWHMLN LQVDQ ND\QDNODU \|QHWLPL

ELUELULQH EDO LNL VUHoWLU YH ELUL ROPDGDQ GLHUL YDU RODPD] +HU LNLVLQL ELU DUDGD \UWPHN ED] DNWLYLWHOHULQ X\JXODQPDVQ JHUHNWLULU %X VUHo DDGDNL HNLOGH J|VWHULOPLWLU &HQ]R ' $ 5REELQV 6  



JF 7DOHEL 0HYFXW LQVDQ ND\QDNODUQ GHHUOHQGLU

2UJDQL]DV\RQ 0LV\RQXQXQ WDQPODQPDV

$PDo YH KHGHIOHULQ 6DSWDQPDV

.< VWUDWHMLVL $QDOL]L

3HUVRQHO $U] YH 7DOHELQLQ NDUODWUOPDV

3HUVRQHO $U] 6RQXoODU

JF DOP

7DOHELQ DU] JHoPHVL $U]Q WDOHEL JHoPHVL

JF DOPDPD

.D\QDN &(1=2 '$' YH 6 3 52%%,16   0DQDJHPHQW -RKQ :LOH\ 6RQV 86$V 

HNLO  6WUDWHMLN QVDQ .D\QDNODU 3ODQODPD 6UHFL

+XPDQ 5HVRXUFH

HNLOGHNL JLEL ELU JHOLLP J|VWHUGLNOHUL VDSWDQPWU HNLO GH J|UOHFHL JLEL SHUVRQHO SODQODPDVQQ |QJ|UPOHPH SURJUDPODPD GHHUOHPH YH NRQWURO RODUDN o DQD DDPDV YDUGU

%LoLPVHO RODUDN \DSODQ WP SHUVRQHO SODQODUQQ JHQHOOLNOH DDGDNL



3HUVRQHO 7DOHEL

g1*g5h0/(0(

3HUVRQHO $U]

352*5$0/$0$ $OWHUQDWLI (Q L\L DOWHUQDWLI (\OHP 3ODQODU $PDoODU

'((5/(0( 9( .21752/ *HULELOGLULP

.D\QDN +HQHPDQ 6FKZDE )RVVXP '\HU  3HUVRQQHO+XPDQ 5HVRXUFH 0DQDJHPHQW ,UZLQ ,OOLRQV  VWHQ HVLQOHQHUHN G]HQOHQHQ HNLO $/'(05 & $7$2/ $ %8'$. * QVDQ .D\QDNODU <|QHWLPL %DU <D\QODU ]PLU V 3HUVRQHO SODQODPDVQGDNL EX DDPDODU NVDFD L]DK HGHELOLUL]

HNLO   3HUVRQHO 3ODQODPDV $DPDODU

D gQJ|UPOHPH

WDOHEL  EX G|QHPGH LOHWPHQLQ QH NDGDU SHUVRQHOL RODFD LJF DU] YH SHUVRQHO WDOHEL LOH DU] DUDVQGDNL IDUN WDKPLQ HWPH\H \DUDU $OGHPLU YG 3HUVRQHO DOUNHQ DQON JHUHNVLQLPOHUOH ELUOLNWH JHOHFHNWHNL JHUHNVLQLPOHU GH

*HOHFHN G|QHPGH LOHWPHQLQ QH NDGDU SHUVRQHOH LKWL\DF RODFDQ LJF

J|] |QQGH EXOXQGXUXOPDOGU gUQHLQ LNL \O LoLQGH LOHWPH \|QHWLFLVLQLQ HPHNOL RODFD YH \HULQL GROGXUDELOHFHN \HWLPL HOHPDQ ROPDG J|] |QQGH WXWXODUDN KHP L\L ELU \|QHWLFL DVLVWDQ KHP GH LOHWPH \|QHWLFLVL HPHNOL ROGXXQGD RQXQ \HULQL

DODELOHFHN ELULVL LH DOQPDOGU H SHUVRQHO DOUNHQ X]XQ YDGHOL GQOPHOLGLU H

 DOQDFDN SHUVRQHO ]HULQH SODQODPD \DSOUNHQ X |]HOOLNOHUH GLNNDW HGLOPHOLGLU 0DLWODQG      0HYFXW LJF \D \HWHQHN QLWHOLN YH GHQH\LP

3HUVRQHO GHYLU K] (PHNOL RODFDNODU LVWLIDODU WUDQVIHU YH WHUILOHU JLEL

*HOHFHN LoLQ \DSODQ L SODQODU L JFQQ JHQLOHWLOPHVL GDUDOWOPDV GRXUGXNWDQ VRQUD L \DDPQD G|QPHOHUL HUNHQ HPHNOLOLN JLEL

$U] WDOHS ]HULQGH HWNLOL RODFDN G IDNW|UOHU NDGQODUQ oRFXN

PRGHOOHUH NDGDU oHLWOL WHNQLNOHU NXOODQODELOLU %XQODU 1RPLQDO 7HNQLN 'HOSKL 7HNQLL 6WDQGDUWODU <|QWHPL %LOJLVD\DU 'HVWHNOL %LOJL 6LVWHPL 5DV\R $QDOL]OHUL 'DOP $ODQODU $QDOL]L 7UHQG ([WUDSRODV\RQX <|QWHPL

3HUVRQHO SODQODPDVQQ |QJ|UPOHQPHVLQGH EDVLW SURMHNVL\RQODUGDQ NDUPDN

6LPXODV\RQ <|QWHPL RODUDN VD\ODELOLU %D\UDNWDUROX   dRNOX 5HJUHV\RQ $QDOL]OHUL YH %DVLW'RUXVDO 5HJUHV\RQ $QDOL]OHUL LVH VD\VDO LVWDWLVWLNVHO WHNQLNOHUGHQGLU <DUDOROX 7 <DUDOROX .   %XUDGD EX \|QWHPOHULQ GHWD\ODUQD LQLOPH\HFHNWLU *HUHNWLLQGH LOJLOL ND\QDNODUD EDYXUXODELOLU E 3URJUDPODPD

EX DPDoODU HOGH HGHELOPHN LoLQ ELU GL]L DOWHUQDWLI SURJUDPODU KD]UODU %XQODU IDDOL\HWOHUL DG YHULOLU 3URJUDPODPD VUHFL DDPDODU |\OH VUDODQDELOLU 3HUVRQHO SODQODPDV DPDoODUQQ VDSWDQPDV DOWHUQDWLIOHULQ RUWD\D oNDUOPDV HQ L\L  

gQJ|UPOHPHQLQ VRQXFXQD EDO RODUDN LOHWPH SODQ DPDoODUQ JHOLWLULU YH

DUDVQGDQ HQ X\JXQXQX VHoHUHN X\JXODPD\D NR\DU 7P EX IDDOL\HWOHUH SURJUDPODPD

DOWHUQDWLILQ VHoLOPHVL YH VRQXQGD H\OHP SODQODUQQ G]HQOHQPHVLGLU $OGHPLU YG F 'HHUOHPH YH .RQWURO

GHHUOHQGLUPH\H WDEL WXWXODUDN JHUHNHQ GHLLNOLNOHU \DSOU YH NRQWURO VDODQPD\D oDOOU 'HHUOHPH SODQ YH SURJUDPODUQ QDVO \UWOGQH LOLNLQ ELOJLOHULQ HOGH HGLOPHVL LOH \DSOU 3ODQ G|QHPL VRQXQGD SODQ G|QHPL EDQGD VDSWDQDQ DPDoODUD QH GHUHFH\H NDGDU XODOG DUDWUOU %X DPDoOD \O VRQODUQGD \DGD LOHWPH\H X\JXQ

*HUHN |QJ|UPOHPHQLQ JHUHNVH VHoLOLS X\JXODQDQ SURJUDPODUQ HWNLQOLL

EHOLUOL ]DPDQODUGD  D\ YH\D  D\ JLEL ELOJL WRSODQPDOGU 'HHUOHPH ELOJLOHULQ

 WRSODQG DQGD \DSOPDOGU 3HUVRQHO SODQODPDVQQ HWNLQOLLQL GHHUOHQGLUHELOPHN LoLQ EHOLUOL |OoWOHULQ VDSWDQP ROPDV JHUHNLU %X |OoWOHU YHULPOLOLN |OoWOHUL SHUVRQHO PDOL\HWOHUL KHU L JUXEXQGDNL SHUVRQHO VD\ODU SHUVRQHO KDUHNHWOHUL DGD\ WUDQVIHU RUDQODU WXWXP DUDWUPDODU VRQXoODU RODELOLU $OGHPLU YG    QVDQ .D\QDNODU 3ODQODPDV 0RGHOOHUL EXOPD YH VHoPH RUDQODU ER SR]LV\RQODU GROGXUPDNWD KDUFDQDQ ]DPDQ WHUIL YH

LOLNLQ oHLWOL PRGHOOHU NXUXODELOLU %X PRGHOOHU V|] NRQXVX SODQODPDGDQ QHOHU NDUDU RUJDQODUQQ EHNOH\LOHULQH J|UH D\UQWO \D GD JOREDO RODUDN NXUXODELOHFHL JLEL VRUXQD VDGHFH NDYUDPVDO \DNODPODU JHWLUHFHN ELoLPGH GH LQFHOHQHELOLU .D\QDN 7   QVDQ .D\QDNODU *HUHNVLQLPLQ 3ODQODQPDVQGD .DYUDPVDO 0RGHOOHU

%LU LOHWPHQLQ ]DPDQ VUHFL LoHULVLQGH JHUHN GX\DFD SHUVRQHO SODQODPDVQD

EHNOHQGLLQH LOHWPHQLQ UHWLP IDDOL\HWOHULQH ]DPDQVDO YH \HUHO YHULOHUH oHLWOL

QDVO ELU EDN DoV JHWLULOHELOHFHL ]HULQGH GXUXU %XQODU 0LQQHVRWD 0RGHOL YH HPDWLN .DYUDPVDO 0RGHO <DNODPGU QVDQ .D\QDNODU *HUHNVLQLPLQ 3ODQODQPDVQGD *OREDO 0RGHOOHU

6|] HGLOHQ PRGHOOHU NDYUDPVDO DoGDQ LQVDQ ND\QDNODU SODQODPDV ROJXVXQD

OLWHUDWUGH JOREDO PRGHOOHU RODUDN DQOUODU <D GD X\JXOD\FQQ GLOLQGH JHQHO N|NHQOL YH JHoPLH GD\DQGUODQ YH JHoPLWHQ ND\QDNODQDQ KHVDSODPDODUD GD\DQDQ

QVDQ ND\QDNODU JHUHNVLQLPLQH LOLNLQ X]XQ G|QHPOL SODQODPD PRGHOOHUL

JHoHUOLOLL RODQ PRGHOOHU RODUDN EHQLPVHQLUOHU %X PRGHOOHU PDWHPDWLNVHOLVWDWLVWLNVHO PRGHOOHUGLU %XQODU 7UHQG ([WUDSRODV\RQX <|QWHPL 'RUXVDO )RQNVL\RQ LOH ([WUDSRODV\RQ NLQFL 'HUHFHGHQ 3DUDERO 'HQNOHPL LOH ([WUDSRODV\RQ%DNDFD 7UHQG <|QWHPL  5HJUHV\RQ.RUHODV\RQ $QDOL] <|QWHPOHUL 'RUXVDO 5HJUHV\RQ

YH .RUHODV\RQ <|QWHPL (ULVHO 5HJUHV\RQ YH .RUHODV\RQ <|QWHPL dRNOX 5HJUHV\RQ YH .RUHODV\RQ <|QWHPL .VPL .RUHODV\RQ <|QWHPL  (DQO 3ODQODPD <|QWHPL QVDQ .D\QDNODU 3ODQODPDVQQ .HQGL oHULVLQGH %WQOHWLULOPHVL QVDQ $OW 6UHoOHUL\OH QVDQ .D\QDNODU 3ODQODPDVQQ 0RGHOOHU .D\QDNODU 3ODQODPDVQQ OHWPH 3ODQODPDV LOH %WQOHWLULOPHVL dHLWOL OHWPH UGHOHQPHVL  *HoPLWHQ .D\QDNODQDQ *OREDO 0RGHO <|QWHPOHULGLU

dHUoHYHVLQGH

 QVDQ .D\QDNODU *HUHNVLQLPLQ 3ODQODQPDVQGD $\UQWO 0RGHOOHU 

GH HWNLOL YH RSHUDV\RQHO QLWHOLNWHGLU %X PRGHOOHU GLHUOHULQGHQ GDKD NHVLQ GDKD D] QLWHOLNOL YH GDKD EDVLW YHULOHUOH oDOPDNWD ROPDODU EDNPQGDQ D\UW HGLOLUOHU %X |]HOOLNOHU LOJLOL LQVDQ ND\QDNODU JHUHNVLQPHVL SODQODU \DSOUNHQ NRQXQXQ NROD\ $QDOL]L <|QWHPL JF $QDOL]L <|QWHPL <HU 3ODQODPDV <|QWHPLGLU |]QGHQ X]DNODPDPDN LoLQ PRGHOOHULQ GHWD\ODUQD LQLOPH\HFHNWLU  $QDOL]L

*OREDO PRGHOOHUGHQ IDUNO RODUDN EX PRGHOOHU NVD YH RUWD VUHOL G|QHPOHUGH

DQODOU YH VRQXFD NROD\ XODOU ELU QLWHOLN ND]DQPDVQ VDODUODU %XQODU \N %XUDGD PRGHOOHULQ VDGHFH LVLPOHUL YHULOHUHN \HWLQLOHFHN WH] NRQXVXQXQ

H\ DOQDFDN HOHPDQODUGDQ QH EHNOHQGLLQLQ EHOLUOHQPHVLGLU %XQXQ \ROX GD \DSOPDVQD L DQDOL]L DG YHULOLU /LQ YH .OHL  

\HULQH LJ|UHQ WHPLQ HWPHGHQ |QFH LON \DSOPDV YH GQOPHVL JHUHNHQ

\DSODFDN LLQ GRUX WHVSLW HGLOPHVLGLU LQ GHWD\O ELU HNLOGH WDQPODPDVQQ DQDOL]L ELU RUJDQL]DV\RQGD LLQ IRQNVL\RQODUQQ DPDoODUQQ \DSOPD

RUWDPQQ LL \DSDQ NLLOHULQ VDKLS ROPDV JHUHNHQ |]HOOLNOHULQ LLQ \DSOG IL]LNVHO RUWDPOD LOJLOL ELOJLOHULQ VLVWHPDWLN ELoLPGH WRSODQPDV GHHUOHQGLULOPHVL YH RUJDQL]H HGLOPHVL VUHFLGLU ELFLROX  OHWPHOHUGH |QFHGHQ EHOLUOHQHQ DPDoODUQ JHUoHNOHHELOPHVL LoLQ oDODQODU

YH \DSWNODU LOHU E|OP ELULP GHSDUWPDQ YE LVLPOHU DOWQGD oHLWOL JUXSODUD EHOLUOHQPHVL |]HOOLNOHULQLQ ELOLQPHVL YH J|UHYOHULQ WDQPODQPDV JHUHNPHNWHGLU

D\UOPODUGU OHWPH IDDOL\HWOHULQLQ HWNLQOLL DoVQGDQ EX JUXSODUQ VQUODUQQ DQDOL]L IDDOL\HWOHUL LOHWPHOHUGHNL LOHULQ LoHUGLL J|UHY VRUXPOXOXN YH oDOPD \DSDFDN RODQ NLLOHUGH EXOXQPDV JHUHNHQ ELOJL EHFHUL YH \HWHQHNOHU EHOLUOHQPH\H oDOOU .D\QDN 7  

NRXOODUQ EHOLUOHPH\H \|QHOLN oDEDODUGDQ ROXXU %X oDOPDODU LOH D\UFD LOHUL

YHULOHU JHQHO RODUDN LOHULQ LoHUGLL J|UHYOHULQ QDVO \DSOGQ NXOODQODQ DUDo JHUHo PDO]HPH YH WHoKL]DW oDOPD NRXOODUQQ |]HOOLNOHULQL YH LOHULQ GLHU LOHUOH RODQ

DQDOL]L VUHFLQGH LOHUH LOLNLQ YHULOHU oHLWOL \|QWHPOHUOH VDODQU %X

 LOLNLOHULQL NDSVDU 7RSODQDQ YHULOHU GDKD VRQUD EHOLUOL IRUPDWODU oHUoHYHVLQGH G]HQOHQHUHN oHLWOL IDDOL\HWOHUGH NXOODQOUODU .D\QDN 7   DQDOL]LQL \DSDELOPHN LoLQ oHLWOL \|QWHPOHU NXOODQODELOLU %X \|QWHPOHUGHQ

ELUL J|]OHPGLU %LU YH\D ELUNDo oDODQ EL]]DW LL \DSDUNHQ J|]OHPOHQHELOLU <DGD LJ|UHQOHUOH J|UPH \DSODUDN \DSWNODU LL NHQGL NHOLPHOHUL\OH WDQPODPDODU LVWHQHELOLU %X \|QWHP J|UPH PODNDW \|QWHPLGLU $\UFD oHLWOL UDSRUODU NXOODQODELOLU /LQ YH .OHL  

HYUDNODU HLWLP QRWODU YE \D]O ND\WODU L KDNNQGD ELOJL HGLQPHN LoLQ gQFHGHQ KD]UODQP VRUX IRUPODUQQ LJ|UHQOHUFH GROGXUXOPDV GD ELU EDND

\ROGXU 'DKD |QFH KD]UODQP L WDQPODUQQ LQFHOHQPHVL GH ED] oDOPDODUQ WHNUDUQ |QOHPHVL YH VRQ oDOPD LoLQ WHPHO ROXWXUPDV DoVQGDQ NXOODQODELOLU LQ LIDV VUDVQGD NXOODQODQ DUDoJHUHo PDO]HPHOHULQ LQFHOHQPHVL GH PPNQGU \ROODUQGDQ ELULGLU %D\UDNWDUROX   DQDOL]FLVL WDUIQGDQ LLQ EL]]DW LID HGLOPHVL GH L KDNNQGD ELOJL HOGH HWPHQLQ HQ L\L DQDOL]L LOH HOGH HGLOHQ ELOJLOHU QGD L WDQPODU YH L JHUHNOHUL HOGH

HGLOHUHN . YH GLHU WHPHO LOHWPH IRQNVL\RQDOU\OD LOJLOL NDUDUODUGD NXOODQOPDNWDGU WDQP L DQDOL]OHUL\OH WRSODQDQ YHULOHUGHQ \DUDUODQODUDN KHU ELU LLQ NDSVDPQD \D]O RODUDN DoNODQPDVGU <DQL LLQ NLPOLLQLQ RUWD\D oNDUOPDVGU JLUHQ H\OHPOHULQ LOHPOHULQ VRUXPOXOXNODUQ J|UHYOHULQ YH oDOPD NRXOODUQQ JHUHNOHUL VSHVLILNDV\RQX  EHOLUOL ELU LL \DSDFDN NLLGH EXOXQPDV JHUHNHQ

EHFHUL |UHQLP L GHQH\LPL JLEL QLWHOLNOHUL EHOLUWHQ YH L DQDOL]L VRQXFX HOGH HGLOHQ

YHULOHU GRUXOWXVXQGD KD]UODQDQ EHOJHGLU JHUHNOHULQGH NLLQLQ L DoVQGDQ WDQPODQPDV LoLQ IL]LNVHO ]LKLQVHO GX\JXVDO VRV\DO YH GDYUDQVDO JHUHNOHULQLQ QH LVWHGLLQL EHOLUOHU %D\UDNWDUROX   hQVDODQ YH LPHNHU    x x x EHOLUWLOPHVL JHUHNLU WDQP ELU LLQ QH LVWHGLLQL L JHUHNOHUL LVH LLQ LJ|UHQGHQ DQDOL]OHULQGHQ LQVDQ ND\QDNODU \|QHWLPLQLQ SHN oRN GDOQGD \DUDUODQOU WDQP YH JHUHNOHULQLQ EHOLUOHQPHVL JF SODQODPDV

J|UHQ EXOPD VHoPH \HUOHWLUPH YH WHUILOHU

 x x x x x x J|UHQ HLWLPL YH JHOLWLUPHVL GHHUOHPH YH FUHWOHPH gUJW \DSVQ LQFHOHPH YH JHOLWLUPH VWDQGDUWODUQ JHOLWLUPH

NRXOODUQ L\LOHWLUPH YH L JYHQOLL VDODPD dDOPD LOLNLOHULQL G]HQOHPH

dQN KHPHQ KHPHQ EWQ LQVDQ ND\QDNODU IRQNVL\RQODUQ \HULQH JHWLUHELOPHN LoLQ L DQDOL]OHULQLQ \DSOPDV JHUHNPHNWHGLU DQDOL]OHULQLQ LQVDQ ND\QDNODU \|QHWLPL LoLQ YD]JHoLOPH] ROGXXQX DDGDNL HNLO \DUGP\OD J|UHELOLUL] &HQ]R YH 5REELQV  
3HUVRQHO OLNLOHUL 7D]PLQDW $GD\ %XOPD 6HoPH

DQDOL]OHUL LQVDQ ND\QDNODU \|QHWLPLQLQ EDODQJo QRNWDV RODUDN J|UOHELOLU

6DON YH JYHQOLN

$QDOL]L
.DUL\HU <|QHWLPL

(LWLP YH *HOLWLUPH 3HUVRQHO *HOLWLUPH

6WUDWHMLN . 3ODQODPDV

3HUIRUPDQV 'HHUOHPH

.D\QDN &(1=2 ' $ ' YH 6 3 52%%,16   +XPDQ 5HVRXUFH 0DQDJHPHQW -RKQ :LOH\ 6RQV 86$ V  QVDQ ND\QDNODU IDDOL\HWOHULQLQ HWNLQ ELU HNLOGH \UWOHELOPHVL LoLQ L

HNLO   .< GH $QDOL]L .XOODQP $ODQODU

DQDOL]OHULQGHQ ID\GDODQPDQQ JHUHNOLOLL DoNWU g]HOOLNOH LQVDQ ND\QDNODU

SODQODPDVQGD GD QH NDGDU LJFQH LKWL\Do ROGXXQXQ EHOLUOHQPHVLQGH L DQDOL]OHULQLQ HWNLVL E\NWU JF PLNWDU EHOLUOHQGLNWHQ VRQUD EXOXQDFDN DGD\ODUQ QLWHOLNOHULQLQ EHOLUOHQPHVLQGH GH \LQH L DQDOL]OHULQGHQ \DUDUODQOU x DQDOL]LQLQ DPDoODU |\OH |]HWOHQHELOLU %D\UDNWDUROX  

*HOHFHNWH GX\XODELOHFHN SHUVRQHO LKWL\DFQ YH EX oDODQODUQ JHUHNVLQLPOHULQL VDSWD\DUDN LQVDQ ND\QDNODU SODQODPDVQD \DUGPF ROPDN

 x x x x x x x H DOP VUHFLQGH ROPDV JHUHNHQ NULWHUOHUL DoN YH NHVLQ HNLOGH ROXWXUPDN HWPHN 0HYFXW YH\D JHOHFHNWH RUWD\D oNDELOHFHN HLWLP LKWL\DoODUQ WHVSLW 3HUIRUPDQV VWDQGDUWODUQ EHOLUOHPHN

.DUL\HU SODQODPDVQQ VDONO ELU HNLOGH \DSOPDVQ VDODPDN 9DUVD ROXPVX] oDOPD NRXOODUQ RUWDGDQ NDOGUPDN VDOD\DFDN WHPHO ELOJLOHUH XODPDN YHULOHUL VDODPDN GHHUOHPHVL LoLQ KHU LLQ J|UHFHOL |QHPLQL RUWD\D NR\PD\ YH LoLOHU LOH LOJLOL \DVDO G]HQOHPHOHULQ \DSOPDVQGD JHUHNOL

$DGD ELU L DQDOL]L IRUPX |UQHL EXOXQPDNWDGU %D\UDNWDUROX   $1$/= )2508  OHWPH %LOJLOHUL x x x x x x x x hQYDQ 6LFLO 1R 7DULK

$G 6R\DG %|OP ON hVWQQ hQYDQ ON hVWQQ VPL %X WHNL dDOPD 6UHFL $\<O 

 7HPHO *|UHY YH 6RUXPOXOXNODU x 6UDODPD

 x x gQHP 'HUHFHVL 6NO

 OLNLOHU x x

LUNHW oL

LUNHW '

 <HWNLOHU x x x

0DOL GDUL .DUDU 9HUPH

 $UDo*HUHo  dDOPD DUWODU *(5(./(5  (LWLP  7HFUEH

 0HVOHNL %LOJL  <HWNLQOLNOHU  'LHU



hdh1&h %g/h0
/(70(/(5'( 16$1 .$<1$./$5,1,1 7(01  $GD\ %XOPDQQ 7DQP

GHLLNOLNOHU YH\D JHQLOHWPHOHU QHGHQL\OH \HQL DoODQ J|UHYOHUH KHUKDQJL ELU GHLLNOLN YH\D JHQLOHWPH ROPDG KDOGH oHLWOL QHGHQOHUOH PHYFXW LJFQGHQ D\UOPDODU QHGHQL\OH ERDODQ J|UHYOHUH LJ|UHQ DGD\ODUQ EXOPDN LoLQ \DSODQ IDDOL\HWOHU WRSODPQD DGD\ YH\D LJ|UHQ EXOPD GHQLOPHNWHGLU %X DoGDQ LJ|UHQ EXOPD DWDPD \DSODFDN J|UHYOHULQ JHUHNWLUGLL PHVOHNL \HWLNLQOLN YH L GHQHWLPOHULQH X\JXQ LJ|UHQ DGD\ODUQQ DUDQS GRUXOWXVXQGDNL JLULLPOHUL LoHULU %LQJ|O 

<HQL NXUXODQ ELU LOHWPHGH KHU J|UHYH IDDOL\HWWH EXOXQDQ ELU LOHWPHGH oHLWOL

EXOXQPDV YH E|\OH NLLOHULQ V|] NRQXVX LOHWPHGH oDOPD\D WHYLN HGLOPHOHUL $GD\ EXOPD YH VHoLP VUHFL JHQHOOLNOH NDUWUODQ ELU ELUL \HULQH

NXOODQODELOHQ NDYUDPODUGU $QFDN LQVDQ ND\QDNODU \|QHWLPL DoVQGDQ DGD\ EXOPD LJ|UHQ DU]Q VDOD\DELOPHN L IUVDWODUQ YH ELOJLOHULQL oHLWOL PHG\D DUDoODU

YH DGD\ VHoPH IDUNO NDYUDPODUGU /LY\H J|UH DGD\ EXOPD VUHFLQLQ DPDF JHUHNOL DUDFO\OD LOHWPHN YH ER SR]LV\RQODU LoLQ LOJL WRSODPDNWU 'RZOLQJ YH 6FKXOHUH J|UH DGD\ EXOPD \HWHUOL VD\ YH NDOLWHGH SRWDQVL\HO LJ|UHQ DGD\Q DUDWUPDN YH EXOPDN E|\OHFH |UJWQ EX DGD\ODU LoLQGHQ LKWL\Do GX\GXX SR]LV\RQ LoLQ HQ X\JXQ DGD\ VHoPHVLQL VDODPDNWU $OQWOD\DQ %ROWRQ   $GD\ EXOPD DGD\ VHoPH DDPDVQGDQ ELU |QFHNL DGPGU <HUHO ELU JD]HWH\H L LODQ YHUPHN DGD\ EXOPD DNWLYLWHVL \HWHQHN WHVWL DUDFO\OD EX DGD\ODUGDQ ELULQL X\JXQ LH NDEXO HWPH LVH VHoLP DNWLYLWHVLGLU %DURXNK YH .OHLQHU   $GD\ EXOPD YH VHoPH NDYUDPODUQ D\UW HWPHQLQ JHQHO ELU \ROX GD DGD\

EXOPD\ DUW DGD\ VHoPH\L HNVL ELU NDYUDP RODUDN GQPHNWLU $GD\ EXOPD ELU SR]LV\RQ LoLQ X\JXQ DGD\ODU ELU KDYX]GD WRSODPD\ ELULNWLUPH\L DUWUPD\ LOHPLQLQ \DSOPDVGU %X \]GHQ EX LNL D\U IDDOL\HW IDUNO NLLOHU WDUDIQGDQ LoHULUNHQ DGD\ VHoPH EX KDYX]GDQ X\JXQ DGD\Q VHoLOPHVL LoLQ HNVLOWPH D]DOWPD \DSOPDNWDGU *HQHOOLNOH DGD\ EXOPD LLQL L EXOPD |UJWOHUL \DSDUNHQ VHoPH YH

 \HUOHWLUPH LLQL DGD\Q ELUHELU oDODFD NXUXP YH \|QHWLFL \DSPDNWDGU %ROWRQ   $GD\ EXOPD SRWDQVL\HO LJ|UHQOHU LoLQGHQ |UJWH HQ X\JXQ HOHPDQ VHoPH

QL\HWLGLU $KPDG YH 6FKURHGHU   (HU \HQL LQVDQODUD L YHUPHN LoLQ ELU GHYUHVLGLU %X DDPD LJ|UHQ VHoPH VDIKDV WDUDIQGDQ WDNLS HGLOLU J|UHQ EXOPD VUHFLQGH PPNQ ROGXXQFD ID]OD DGD\ EXOPDNWDQVD DPDFD XODPD\ VDOD\DFDN

NDUDU YHULOPLVH VRQUDNL VDIKD X\JXQ DGD\ODU oHNPHNWLU %X LJ|UHQ EXOPD

PDNXO VD\GD NDOLWHOL EDYXUX\X VDODPDN GDKD |QHPOL ELU NRQXGXU (HU LJ|UHQ 

EXOPD DDPDV HWNLQ HNLOGH \|QHWLOLUVH VHoPH VUHFL GDKD NROD\ ROXU 3ULFH  QVDQ ND\QDNODU \|QHWLPLQLQ LON DPDF GHHUOL UHWNHQ YH WDWPLQ RODFDN

oDODQODU LOHWPH\H oHNPH\L EDDUDELOPHNWLU (WNLQ LJFQ LOHWPH\H oHNHELOPHN LoLQ DWOPDV JHUHNHQ LON DGP LQVDQ ND\QDNODU SODQODPDVQ \DSPDN LKWL\Do GX\XODFDN HOHPDQ VD\ YH QLWHOLLQL LOHUH J|UH EHOLUOHPHNWLU NLQFL DGP SRWDQVL\HO LOHWPH\H HQ ID]OD NDWN VDOD\DFD GQOHQ DGD\ SRWDQVL\HO DGD\ODU DUDVQGDQ VHoPHNWLU 6RQXoWD \HQL LJ|UHQ LOHWPH\H GDKLO HGLOLU 'DIW  

DGD\ODUOD LJ|UHQ EXOPD \|QWHPOHUL DUDFO\OD LOHWLLPH JHoPHNWLU hoQF DGP LVH

%XQODUGDQ LONL JHOHQHNVHO \DNODPGU %X \DNODPGD QLKDL KHGHI |UJWH

QVDQ ND\QDNODU OLWHUDWUQGH LNL IDUNO DGD\ EXOPD \DNODPQGDQ V|] HGLOLU

RODELOGLLQFH ID]OD VD\GD HOHPDQ oHNHELOPHNWLU %X DPDFD XODDELOPHN LoLQ L YH |UJW KDNNQGD HNVLN \DQO ELOJL VXQXOPDV ELOH NDEXO HGLOHELOLU ELU GDYUDQ RODUDN \DNODP HOHWLUPH\H EDODP YH VHoLP VUHFLQGH YH VHoLOHQ DGD\ODUQ |UJWWH WXWXOPDV DDPDVQGD EX \DNODPQ SUREOHPOHU \DUDWDFDQ EHOLUWPLOHUGLU $GD\ EXOPD DDPDVQGD L YH |UJWOH LOJLOL EDKVHGLOHQ YDDGOHUL J|UHPH\HQ DGD\ODUQ   J|UOU $QFDN OHULQ RUWDODUQGD |UQ :DQRXV   DUDWUPDFODU EX

KVUDQD XUD\DFDQ YH K]OD LOHULQL EUDNDFDQ V|\OHPLOHUGLU 5DXE YH 6WUHLW *HOHQHNVHO \DNODPD DOWHUQDWLI RODUDN :DQRXV   JHUoHNoL

\DNODP RUWD\D NR\PXWXU %X \DNODPGD DGD\ODUD L YH |UJW KDNNQGD GUVW YH JHUoHN ELOJL YHULOLU 2OXPOX \DQODUQ \DQQGD ROXPVX] \DQODUGDQ GD V|] HGLOLU %X GXUXP EDYXUDQ DGD\ VD\VQGD ELU GH \RO DoVD ELOH VRQUDV GDKD YHULPOL

 RODFDNWU OH FLGGL DQODPGD LOJLOHQPH\HQ YH \HWHUOL ROPD\DQ DGD\ODU EDYXUXGD

EXOXQPD\DFDNWU 'DKDV DGD\ODU HQ EDQGD |UJWQ HNVL \DQODUQ GD ELOGLL LoLQ ID]OD ELU EHNOHQWL LoLQH JLUPH\HFHN GROD\V\OD KD\DO NUNOQD XUDPD\DFDNWU $\UFD LLQ YH |UJWQ HNVL \DQODU\OD ED HGHELOPH VWUDWHMLOHUL JHOLWLUHFHNOHUGLU %|\OHFH DGD\ODU LOHULQGH GDKD ID]OD WDWPLQ RODFDN LWHQ D\UOPD RUDQ GHFHNWLU =DWHQ EX NRQXGD \DSOP SHN oRN oDOPD |UQ 'HDQ YH :DQRXV  0HJOLQR YG    3KLOOLSV  LWHQ D\UOPD RUDQQQ GWQ WHVSLW HWPLWLU 5DXE YH 6WUHLW  $GD\ %XOPD 6UHFL

YH ER SR]LV\RQXQ \HQL ELU LJ|UHQ WDUDIQGDQ GROGXUXOPDV LOH VRQD HUHU %X DoGDQ JLEL JHQL ELU IDDOL\HW DODQQ NDSVDU $GD\ EXOPD WHRULN RODUDN EHOLUOHQHQ DGD\

J|UHQ EXOPD VUHFL ER NDGURODUQ GRUX ELU HNLOGH WDQPODQPDV LOH EDODU

PODNDW VHoLP NDUDU L WHNOLIL LH EDODPD WDULKLQGH DQODOPDV J|UHYH JHWLUPH OLVWHVLQLQ VHoLFLOHUH YHULOPHVL LOH VRQD HUHU $QFDN X\JXODPDGD EX IDDOL\HWOHU DUND DUND\D \DSOU YH WP VUHo GHYDPOGU %D] |UJWOHUGH DGD\ EXOPD DDPDV LOH |UJWOHUGH KHU DDPD\ IDUNO NLLOHU \UWU &XUULH   $QFDN KHU QH ROXUVD ROVXQ L\L ELU DGD\ EXOPD SURJUDP \DUDU YH PDOL\HWL L\L DQDOL] HGLOPL X\JXQ DGD\ODU FH]EHGLFL X\JXQ ROPD\DQODU LVH EDYXUXGDQ FD\GUF ELU ELoLPGH WDVDUODQPDO YH X\JXODQPDOGU $OGHPLU YG   +HQHPDQ DQG +HQHPDQQ EHOLUWWLLQH J|UH LJ|UHQ EXOPD VUHFL WLSLN RODUDN LOJLOHQHQ X]PDQODU D\Q ]DPDQGD PODNDW YH VHoLP DDPDV\OD GD LOJLOHQLUNHQ ED]

G|UW DGP LoHULU 3ODQODPD VWUDWHML JHOLWLUPH DUDWUPD YH GHHUOHQGLUPH $OQWOD\DQ .RVVHN   J|UHQ EXOPD VUHFL SODQODPD LOH EDODU J|UHQOHULQ NLUDODQPDV YH LH

DOQPDV LoLQ ELU ]DPDQ oL]HOJHVL KD]UODQPDO YH ELU \D GD LNL VHQHOLN SHUVRQHO \]QGHQ \DSODQ SODQ LNL VHQH LoLQGH GDKD D] GHHUOL KDOH JHOHFHNWLU +D]UODQDFDN  

SODQODPDV \DSOPDOGU <HQL NXUXODQ ELU NXUXPGD SD]DUGDNL K]O GHLLNOLNOHU SODQ ROGXNoD HVQHN ROPDO YH LKWL\DoODUD J|UH GHLWLULOLS D\DUODQDELOPHOLGLU %DQNV J|UHQ EXOPD VUHFLQGH VRQUDNL DGP LH DOPD VWUDWHMLOHULQLQ JHOLWLULOPHVLGLU

JF SL\DVDVQQ NDOLIL\H HOHPDQ WDOHEL \NVHN ROPDNWDGU %|\OH JHUHNOL ELU

 LQFHOHPH QH ]DPDQ QHUHGH YH QDVO \DSODFDNWU .DOLIL\H HOHPDQODU UDNLSOHUGHQ

|QFH ILUPD\D oHNHELOPHN LoLQ VWUDWHMLOHU JHOLWLULOPHOLGLU gUQHLQ EX WLS SRWDQVL\HO DGD\ODU LH DOPGDQ |QFH VWDM\HUOLN SDUWWLPH oDOPD JLEL \ROODUOD ILUPD\OD WDQWUOPDOGU

oHNPHN PXKWHPHO EWQ DGD\ODUD XODDELOPHN LoLQ oHLWOL WDQWP YH LODQ \ROODU NXOODQOU $GD\ EXOPDN LoLQ |]HOOLNOH UHNODPODUQ |QHPL YXUJXODQPDNWDGU %D] J|VWHUPHNWHGLU 6FKZDE HW HO  %RVWQLFN DQG 3RUWV  %X \]GHQ ILUPD DLOH YH DUNDGDODUOD LOHWLLP NXUDELOPHN LoLQ SL\DVDGD L\L WDQQPDO UHNODPODUD YH WRSOXPVDO NDWNODUD |QHP YHUPHOLGLU

%LU VWUDWHML JHOLWLUGLNWHQ VRQUDNL DGP LVH DUDWUPD \DSPDNWU )DUNO DGD\ODU

DUDWUPDODU L EXODQ DGD\ODUQ DLOH YH DUNDGDODU DUDFO\OD ELU L EXOGXNODUQ

QRNWD VDGHFH LH DOQDQ DGD\ VD\V GHLO D\Q ]DPDQGD EDDUO LH \HUOHWLUPH

J|UHQ EXOPD VUHFLQGH VRQ DDPD GHHUOHQGLUPH VDIKDVGU %XUDGD |QHPOL

\DSOPD oDEDV LoLQGH ROXQPDVGU H DOQDQ DGD\ODU L]OHQHUHN \HWHQHNOHUL LOH LLQ WDNLS HGLOPHOLGLU .RVVHN DQG /REHO  

JHUHNWLUGLL QLWHOLNOHULQ X\JXQ ROXS ROPDG |UJWH X\XP VDOD\S VDODPDGNODU $GD\ EXOPD \|QWHPL YH NULWHUOHUL LOHWPH E\NOQH YH VHNW|UH J|UH

GHLWLL JLEL ONHOHU DUDV NOWUOHUH J|UH GH GHLPHNWHGLU gUQHLQ $PHULNDGD

DGD\ EXOPD YH VHoPH LOHYL LLQ NHQGLVL\OH YH JHOHFHNWHNL SHUIRUPDQVOD LOLNLOLGLU .X]H\ $PHULNDGD LVH HLWLP WHFUEH NLLOLN YH \HWHQHN |Q SODQGD WXWXOXU -DSRQ\DGD WDNP \HOHULQLQ ILNUL VHoLP NULWHUOHULQGH HWNLOLGLU $UDS ONHOHULQGH X\XPOX YH JYHQLOLU ROPDN L\L LOHWLLP NXUDELOPHN |QHPOLGLU +LQGLVWDQGD D\Q

JUXS \HVL ROPDN |UQHLQ D\Q DLOH PHQVXEX \DGD KHPHKUL ROPDN WHUFLK VHEHELGLU VD\J YH RWRULWH DoVQGDQ SUREOHP RODUDN QLWHOHQHELOLU $\FDQ =  

.RUHGH LVH LH DOPODUGD \D |QHPOL ELU NULWHUGLU $VWQ VWWHQ GDKD \DO ROPDV $\UFD DGD\ EXOPDGD KDQJL ND\QDNODUQ WHUFLK HGLOHFHL Lo ND\QDNODUQ P

\RNVD G ND\QDNODUQ P NXOODQODFD GD NOWUH J|UH GHLHELOPHNWHGLU o ND\QDNODU NXOODQPDN YH WHUIL LOHWPH\H RODQ EDOO DUWUF ELU IDNW|U RODUDN J|UOU %LDQ YH $QJ  %XGKZDU YH .KDWUL  DOQWOD\DQ $\FDQ = 

  g]HOOLNOH NROOHNWLYLVWWRSOXPFX NOWUOHUGH G ND\QDNODUGDQ HGLQLOHQ

DGD\ODUQ LOHWPH LoLQGHNL VRV\DO QHWZRUNH X\XP VDODPDVQQ ]RU RODFD |QFHNL

 oDODQODU DUDVQGD PHPQXQL\HWVL]OLN \DUDWDFD GQOU %X WU WRSOXPODUGD YH EHOLUVL]OLNWHQ KRODQPD\DQ NOWUOHUGH DGD\ EXOPD \|QWHPL GH D]GDQ D]D LUNHW DOQWOD\DQ $\FDQ    \HOHUL DLOH \HOHUL YE DUDVQGD NXODNWDQ NXODD GX\XPODU HNOLQGHGLU /HH  J|UHQ EXOPD VUHFL EDDU LOH \UWOPHOLGLU OHWPH\H JHOLL J]HO

X\JXODPDODUOD GD HOHPDQ EXOPDN PPNQGU =RU RODQ LOHWPH\H HOHPDQ DOPDN

GHLO LOHWPHGHQ YHULPVL] HOHPDQ X]DNODWUPDNWU %X QHGHQOH HQ EDQGD HWNLQ \|QWHPOHU NXOODQPDN GRUX VHoLP \DSPDN GDKD VRQUD EX WU ]RUOXNODUOD NDUODPD\ HQJHOOH\HFHNWLU gUF   

HGLOPHVL \ROX\OD DoN LOHULQ JHUHNOHULQH X\JXQ DGD\ NLWOHVLQLQ ROXWXUXOPDVGU J|UHQ EXOPD VUHFLQLQ DPDoODU |\OH |]HWOHQHELOLU &RZOLQJ  DOQWOD\DQ gUF    x

J|UHQ EXOPD VUHFLQLQ KHGHIL LQVDQ ND\QDNODUQQ EHOLUOHQPHVL YH DQDOL]

QVDQJF SODQODPDV YH L DQDOL]L IDDOL\HWOHUL LOH LOHPHQLQ PHYFXW YH JHOHFHNWHNL LJ|UHQ JHUHNVLQLPLQH X\JXQ DGD\ KDYX]XQX HQ D] PDOL\HWOH ROXWXUPDN

x x x x
x

gUJWQ LKWL\DoODUQD J|UH QLWHOLNVL] YH\D DU QLWHOLNOL DGD\ VD\VQ D]DOWDUDN VHoLP VUHFLQLQ HWNLQOLLQL DUWUPDN D]DOWPDN 6HoLOHQ LJ|UHQLQ NVD ELU VUH VRQUD |UJWWHQ D\UOPD LKWLPDOLQL <DVDO YH |UJWVHO \NPOONOHUL \HULQH JHWLUPHN

.VD YH X]XQ G|QHPGH ELUH\VHO YH |UJWVHO HWNLQOLL DUWUPDN GHHUOHQGLUPHN

QVDQ ND\QDNODUQ YH LJ|UHQ VDODPD HWNLQOLLQL WDNLS HWPHN YH

NXOODQODQ ELU X\JXODPDGU g]HOOLNOH L GX\XUXODUQQ \DSOPDVQGD |]JHoPL WRSODPDGD H.< JQP]GH ELU oRN LOHWPH WDUDIQGDQ NXOODQOPDNWDGU %HOO YG  

(OHNWURQLN LQVDQ ND\QDNODU \|QHWLPL H.< DGD\ EXOPD VUHFLQGH GH

 (.< LQVDQ ND\QDNODU IDDOL\HWOHULQL LQWHUQHW GHVWHNOL X\JXODPDNWU (.<

HQIRUPDV\RQ WHNQRORMLOHULQLQ LQVDQ ND\QDNODU IDDOL\HWOHULQLQ NDWOPF \UWOG YH QHWZRUN RUWDPQQ ROGXX NRXOODUGD X\JXODQPDVGU 6WURKPHLHU    $GD\ %XOPDQQ gQHPL

NRQXODUGDQ ELULGLU $SSHOEDXP YH )HZVWHU   J|UHQ EXOPD YH VHoPH WHNQLNOHUL ELU LOHWPHQLQ LQVDQ ND\QDNODU \|QHWLPLQGH HQ |QHPOL YH HQ ]RU NRQX\X ROXWXUXU %LU LOHWPH\H \|Q YHUHQ YH RQX EDDU\D \D GD EDDUV]OD J|WUHQ HQ

$GD\ EXOPD LQVDQ ND\QDNODU \|QHWLPL OLWHUDWUQGH WHN EDQD HQ |QHPOL

|QHPOL |H LQVDQ JFGU 6|] NRQXVX |HQLQ LOHWPHQLQ JHUoHN JHUHNVLQPHVLQL NDUOD\DFDN G]H\GH YH \HWHQHNWH EXOXQPDV YH EXQODU DUDVQGD HQ \DUDUO RODQODUQ VHoLOPHVL LQVDQ ND\QDNODU \|QHWLPLQGH EDO EDQD |QHPOL ELU NRQX RODUDN GHHUOHQGLULOLU 6DEXQFXROX   QVDQ ND\QDNODU IDDOL\HWOHUL

LoHULVLQGH DGD\ EXOPD VUHFL HQ |QHPOL IDDOL\HWOHUGHQ ELULGLU (WNLQ ELU HNLOGH \UWOGQGH ROXPOX |UJWVHO VRQXoODUD J|WUHFHN ELU VUHoWLU %XFNOH\ YG   %LU HOHPDQ LKWL\DF LOH NDU NDU\D JHOHQ ELU LOHWPH LoLQ LON SUREOHP

EX L LoLQ JHUHNHQ QLWHOLNWH GRUX HOHPDQ PPNQ RODQ HQ NVD VUHGH YH HQ GN PDOL\HWWH QDVO EXODFDP" VRUXVXGXU %X DoNoD GRUX DGD\ EXOPD YG   \|QWHPLQLQ VHoLOPHVL YH X\JXQ SURVHGUOHULQ X\JXODQPDV PHVHOHVLGLU 5XVVR gQHPOL RODQ ERDODQ SR]LV\RQODUD HOHPDQ DOPDN GHLO GRUX LH GRUX

DGDP EXOPDNWU hVWHOLN EX VUHFLQ K]O LOHPHVL JHUHNLU (OHPDQ EXOPD YH

VHoPHGHNL JHFLNPHOHU \D GD LH X\JXQ HOHPDQ VHoPHPH LOHULQ DNVDPDVQD GROD\V\OD PDOL\HWOHULQ \NVHOPHVLQH QHGHQ RODELOLU 2 QHGHQOH NDOLWHOL YH 6DEXQFXROX   NDSDVLWHOL HOHPDQ EXOPD YH VHoPH ELU LOHWPH LoLQ KD\DWL |QHP WDU J|UHQ EXOPD YH VHoPH NRQXVXQGD WLWL] GDYUDQOPDG WDNGLUGH KHP LYHUHQ

KHP GH LJ|UHQ LoLQ SHN oRN VRUXQ RUWD\D oNDELOPHNWHGLU OHWPH DoVQGDQ EDNOGQGD GRUX LH GRUX DGDP DOQPDG WDNGLUGH LOHWPH LoLQGH LNLL YH\D NLLOHU DUDV X\XPVX]OXN QHGHQL\OH YHULPOLOLN G oDWPD LJQ ND\E YH\D

L ND]DODUQGD DUW YH VRQXoWD LWHQ oNPD YH\D oNDUOPD V|] NRQXVX ROXU %|\OH

 GXUXPODUGD ERDODQ LH \HQLGHQ L J|UHQ DOQPDV V|] NRQXVX RODFDN YH JLGHUOHU JLGHUHN DUWDFDNWU OHWPH\H KHU \HQL JLUHQ HOHPDQQ LH YH oHYUHVLQH X\XP VRUXQODU ED J|VWHUHFHN HQ D]QGDQ EDODQJoWD YHULPVL] oDOPD ]DPDQ ND\E YH DUDoODUQ N|W NXOODQP NDoQOPD] RODFDNWU 6DEXQFXROX  

J|UHQ VHoLPLQH JHUHNHQ |QHPL YHUPH\HQ LOHWPHOHU ELU \DQGDQ NHQGL

2OD\D LJ|UHQ DoVQGDQ EDNOG ]DPDQ GD ELUoRN SUREOHP J|UOPHNWHGLU

\NPODUQ KD]UODUNHQ D\Q ]DPDQGD LH \DQO DOQPDODU \D GD DOQPDPDODU QHGHQL\OH LJ|UHQOHUL HNRQRPLN YH SVLNRORMLN \NPD VUNOHU <HWHQHNOHULQLQ oRN VWQGH \D GD oRN DOWQGD ELU LH DOQPDODU QHGHQL\OH GDKD VRQUD LWHQ X]DNODWUODQ \D GD X]DNODDQ LJ|UHQ LVL]OLN PRUDO GNO YH DDON GX\JXVX LoLQH JLUHU %X GD NLL\L JHOHFHN G|QHPOHUGHNL L KD\DWQGD ROXPVX] HWNLOHU 6DEXQFXROX  dREDQ  6RQXo RODUDN LJ|UHQ EXOPD YH VHoPHQLQ |QHPL |\OH |]HWOHQHELOLU

H X\JXQ ROPD\DQ ELU HOHPDQQ VHoLOPHVL |QFHOLNOH ELU PDOL\HW XQVXUXGXU gUQHLQ HLWLPH LKWL\DF ID]OD RODELOLU EX GD ELU JLGHU ROXWXUDFDNWU %XQXQ GQGD X\JXQ ROPD\DQ LJ|UHQ LOHWPHGH YHULPOLOLN G oDWPD LJF H \HQL DOQDQ HOHPDQQ LOHWPH RUWDPQD X\XP VDODPDV ]DPDQ DODFDNWU J|UHQ LH QH NDGDU X\JXQVD YH QH NDGDU L\L QLWHOLNOHUH VDKLSVH JHUoHN YHULPOLOLLQL DUWUDFDNWU SHUIRUPDQV VHYL\HVLQH XODPDV GD R NDGDU D] ]DPDQ DODFDNWU %X GD LLQ EDDUV\OD VWOHULQL WDWPLQ HGHQ ELU HOHPDQD LOHWPH WDUDIQGDQ VDODQDFDN SDUDVDO YH SDUDVDO ROPD\DQ GHVWHNOHUOH LJ|UHQLQ ILUPD\D NDU RODQ EDOO GD DUWDFDNWU ND\E YH L ND]DODUQGD DUWD QHGHQ ROXU

.HQGLOHULQH EDO LJ|UHQOHULQ LOHULQL \HWHULQFH L\L \DSWQD LQDQDQ ]DPDQ YH oDED KDUFD\DFDNWU

\|QHWLFLOHU NHQGLOHULQL JHOLWLUPHN YH \HQL ILNLUOHU UHWPHN LoLQ GDKD ID]OD

\|QHWLFLOHU LoLQ HQ GRUX DGD\Q LH DOQPDVQ HQ |QHPOL NRQXODUGDQ ELUL KDOLQH

OHWPHOHU LoLQ LQVDQ ND\QDNODUQQ SRWDQVL\HO ELU UHNDEHW DYDQWDM ROPDV

 JHWLUPLWLU %RVZHOO YG   $GD\ EXOPD YH VHoPH VUHFLQH JHUHNHQ |]HQLQ J|VWHULOPHVL LOHWPHOHUH UHNDEHW DYDQWDM VDOD\DQ YH EX DYDQWDM VUGUHQ ELU HWPHQGLU $KPDG YH 6FKURHGHU   7LSSHU -   $GD\ EXOPD DPDoODUQD NDWN VDOD\DQ |UJW LKWL\Do YH NOWUQH X\JXQ X]XQ YDGHOL LJF SURILOLQL ROXWXUDQ IDDOL\HWOHU EWQGU +VX <X5X YH /HDW 0  

VDGHFH JHUHNOL LQVDQ JFQ oHNPH HOGH HWPH YH WXWPD LL GHLO LOHWPHQLQ VWUDWHMLN

SKHVL] LOHWPH SHUVRQHOLGLU <DSODFDN LOHUL OD\N\OD \HULQH JHWLUHELOHFHN QLWHOLN YH \HWHQHNWH HOHPDQODUQ LH DOQPDV D\U ELU |QHP WDPDNWDGU %R ELU SR]LV\RQX

%LU LOHWPHQLQ EDDUO ROXS ROPDPDVQGD HQ |QHPOL HWPHQOHUGHQ ELUL KLo

GROGXUPDN LoLQ LH \HQL DOQDQ HOHPDQODU |UJW SHUIRUPDQVQ ROXPOX \DGD ROXPVX] LQVDQ ND\QDNODU ELULPL WDUDIQGDQ \UWOHQ LH DOPD VUHFLQLQ HWNLQOLLQH GH X\JXODPDOGU 7WQF YG  

HWNLOH\HELOPHNWHGLU <HQL DOQDQ HOHPDQODUQ |UJWH NDWNVQQ ROXPOX RODELOPHVL EDOGU %XQXQ LoLQ LQVDQ ND\QDNODU HWNLOL YH SODQO ELU LH DOP VUHFL QVDQ ND\QDNODU X\JXODPDODUQQ HWNLQOLL YH NDEXO ELUH\OHULQ GHHUOHULQH

J|UH GHLLU 'ROD\V\OD GHHUOHU DGD\ EXOPD \|QWHPOHULQL GH HWNLOHU LQ

|]HOOLNOHULQLQ oHNLFLOLLQL NXOODQODFDN DGD\ EXOPD ND\QDNODUQ DGD\ EXOPDGD YG  

J|UHYOL RODQODUQ HWNLQOLLQL YH |UJWH oHNLOHFHN DGD\ODUQ |]HOOLNOHULQL HWNLOHU 6WRQH  J|UHQ KWL\DFQQ %HOLUOHQPHVL

RODUDN EHOLUOHQHELOPHVLGLU OHWPHQLQ IDDOL\HWOHULQL YHULPOL ELU HNLOGH \UWHELOPHVL LoLQ QH JHUHNHQGHQ ID]OD QH GH JHUHNHQGHQ D] LJ|UHQ LVWLKGDP HWPHPHVL JHUHNLU KHGHIOHULQ JHUoHNoL RODUDN EHOLUOHQHUHN JHOHFHNWHNL LJF LKWL\DFQQ GRUX WHVSLW HGLOPHVL JHUHNLU  3LUDPLW 'DQPDQON  ZZZDYUXSDGDWDFRP $\Q ]DPDQGD JHOHFHNWH LOHWPHQLQ LoLQGH EXOXQDFD GXUXPXQ XODOPDN LVWHQHQ

$GD\ EXOPD VUHFLQLQ HQ |QHPOL VDIKDODUQGDQ ELUL LJ|UHQ JHUHNVLQLPLQLQ QHW

QHGHQOHUOH RUWD\D oNDFDN NDoQOPD] GHYDPV]ON GXUXPODU NDUVQGD LLQ DNVDWOPDGDQ \UWOPHVL LoLQ GDKD ID]OD SHUVRQHOH LKWL\Do GX\DU NL EXQD \HGHN SHUVRQHO JHUHNVLQLPL GHQLU 'HYDPV]ON GXUXPODUQGDNL EHOLUVL]OLN DUWWNoD

JHUoHN SHUVRQHO JHUHNVLQLPL GLU $QFDN ILUPD KDVWDON ND]D L]LQ YE NLLVHO

)LUPDQQ KDOLKD]UGDNL L \NQH J|UH LKWL\Do GX\GXX SHUVRQHO VD\V

 ILUPDQQ \HGHN SHUVRQHO JHUHNVLQLPL GH DUWDU )LUPDQQ KDOLKD]UGDNL SHUVRQHO JHUHNVLQLPL JHUoHN YH \HGHN SHUVRQHO JHUHNVLQLPOHULQLQ WRSODPGU 3HUVRQHO NDGURVX LOH PHYFXW SHUVRQHO VD\V DUDVQGDNL IDUN ILUPDQQ R DQGDNL HNVLN SHUVRQHO JHUHNVLQLPL QL GH RUWD\D NR\DU %X JHUHNVLQLP SR]LV\RQ ED]QGD LIDGH HGLOLU NROD\GU $QFDN JHOHFHNWHNL SHUVRQHO JHUHNVLQLPLQLQ EHOLUOHQPHVL ELU SODQODPD VUHFLQL JHUHNWLULU %X VUHoWH ILUPD ELU \DQGDQ JHOHFHNWHNL L \NQ GLHU \DQGDQ ILUPDGDQ oHLWOL QHGHQOHUOH D\UODFDN SHUVRQHO VD\VQ WDKPLQ HWPHN GXUXPXQGDGU )LUPDODU LoLQ KDOLKD]UGDNL HNVLN SHUVRQHO JHUHNVLQLPLQLQ EHOLUOHQPHVL

VWLID LWHQ oNDUPD HPHNOLOLN |OP YH PDOXOL\HW YE QHGHQOHUOH oDODQODUQ SR]LV\RQODUQ ERDOPDV DQODPQD JHOPHNWHGLU 'LHU \DQGDQ ILUPDQQ HN \DGD \HQL VRQXFX \HQL SR]LV\RQODU RUWD\D oNDU %X GXUXPGD GD \HQL SHUVRQHO

ILUPDGDQ D\UOPDV VRQXFX HN SHUVRQHO JHUHNVLQLPL RUWD\D oNDU %X PHYFXW \DWUP \DSPDV WDPDPQGD YH\D ELU E|OPQGH \HQLGHQ \DSODQPD\D JLWPHVL JHUHNVLQLPL QGHQ V|] HGLOLU 7HUVL GXUXPGD \DQL ILUPDQQ WDPDPQQELU E|OPQQ NDSDWOPDV NoOWOPHVL \D GD \HQLGHQ \DSODQPDV VRQXFXQGD ED] SR]LV\RQODUD LKWL\Do NDOPDPDV GXUXPXQGD LVH SHUVRQHO oNDUPD JHUHNVLQLPL RUWD\D oNDU )LUPDQQ JHOHFHNWHNL L \NQH J|UH KHVDSODQDQ JHUoHN SHUVRQHO

JHUHNVLQLPL LOH WDKPLQL GHYDPV]ON GXUXPXQD J|UH KHVDSODQDQ \HGHN SHUVRQHO

JHUHNVLQLPL  ILUPDQQ JHOHFHNWHNL WRSODP SHUVRQHO JHUHNVLQLPLQL ROXWXUXU +DOLKD]UGDNL SHUVRQHO PHYFXGXQD SODQODPD G|QHPL LoLQGHNL WDKPLQL SHUVRQHO JLULOHUL HNOHQHUHN WDKPLQL SHUVRQHO oNODU GD GOHUHN JHOHFHNWHNL SHUVRQHO

PHYFXGX KHVDSODQPD\D oDOOU *HOHFHNWHNL WDKPLQ HGLOHQ SHUVRQHO PHYFXGX NRQXVXGXU 7HUVL GXUXPGD LWHQ oNDUPD JHUHNVLQLPL RUWD\D oNDU 3LUDPLW

JHOHFHNWHNL WRSODP SHUVRQHO JHUHNVLQLPLQGHQ D] LVH HNVLN SHUVRQHO JHUHNVLQLPL V|] 'DQPDQON  ZZZDYUXSDGDWDFRP

LoHULVLQGH oHLWOL GHLLPOHUH XUDUODU dDODQODUQ VD\V YH QLWHOLNOHUL LOHWPHGH VUGUOHQ IDDOL\HWOHULQ |]HOOLNOHULQH YH LOHWPHQLQ KDFPLQH J|UH GHLLNOLN J|VWHULU %LU LOHWPH KDOLKD]UGD LJ|UHQOHUL LOH IDDOL\HWOHULQL DNVDNV] \UWHELOLU $QFDN JHOHFHNWH |UJWQ oDOPD NDSDVLWHVLQGH JHQLOHPH YH GHLPHOHU EHNOHQL\RUVD YH JHoPLH LOLNLQ GHQH\LPOHUGHQ PHYFXW LJFQGHQ oHLWOL QHGHQOHUOH D\UOPDODU RODFD WDKPLQ HGLOL\RUVD LOHWPH JHOHFHNWH PXKDNNDN LQVDQ JF LKWL\DoODU LOH NDU

OHWPHOHU FDQO YDUONODU JLELGLU GRDU E\U YH JHOLLUOHU %X VUHo

 NDU\D NDODFDNWU %X QHGHQOH NXUXOXXQ LOHULGH GH IDDOL\HWOHULQL VDONO ELU ELoLPGH \UWHELOPHVL LoLQ JHOHFHNWHNL LQVDQ JF LKWL\DF \HU ]DPDQ VD\ YH QLWHOLN DoVQGDQ WDKPLQ HGLOPHOL YH EX NRQXGD SODQODPD\D JLGLOPHOLGLU %LQJ|O 

LJ|UHQ LVWLKGDP HGHELOLUOHU +HU LNL GXUXP GD LOHWPHGH oHLWOL SUREOHPOHUH \RO DoDU 0DLWODQG  (NVLN LVWLKGDP GXUXPXQGD LJ|UHQOHU

OHWPHOHU LQVDQJF SODQODPDV \DSDUNHQ KDWD\D GS HNVLN \D GD ID]OD

$U oDOPD .VNQON

6WUHV DOWQGD ROPD LQ JHUHNOHULQL \HULQH JHWLUHPHPH J|UHQ ID]ODO GXUXPXQGD LVH \LQH SUREOHPOHU J|UOHELOLU

JLEL SUREOHPOHUOH NDU NDU\D NDOUODU

$U FUHW |GHPHOHUL LOHWPH\L YDUOQ NRUX\DPD] GXUXPD ELOH JHWLUHELOLU  .oN LOHU NRYDOD\DQ oRN VD\GD LJ|UHQ 0HVOHNL JHOLPH LoLQ IUVDW \HWHUVL]OLL

X\JXQ ROPD\DQ LJ|UHQOHUL LH DOPDODU DDGDNL SUREOHPOHUH QHGHQ RODELOLU <HWHUVL] SHUIRUPDQV

J|UHQ JHUHNVLQLPLQL \DQO WHVSLW HGHUHN LOHWPHOHULQ JHUHNVLQLPOHULQH

.DEXO HGLOHPH] GDYUDQODU LH JHo NDOPDODU YH GHYDPV]ONODU JLEL  3HUVRQHO DUDVQGDNL DQODPD]ON 0DQHYL WDWPLQVL]OLN

*HUHNVL] LJF GHYUL LWHQ oNDUPDODUQ YH LVWLIDODUQ DUWPDV  VUDODQDELOLU )QGNo  

J|UHQ JHUHNVLQLPLQLQ EHOLUOHQPHVLQL HWNLOH\HQ IDNW|UOHU X HNLOGH



 (OHPDQODUQ ELUH\VHO LKWL\Do YH EHNOHQWLOHUL x x x x x x x x x x x x x x x x x x WHQ D\UOPD LVWHL 7HUIL LVWHL YE

LQGHQ PHPQXQ ROPDPD

 dHYUHVHO JHOLPHOHU

.LLVHO JHOLPH YH |UHQPH LKWL\DF 6HNW|UGHNL JHOLPHOHU <HQL WHNQRORMLOHU 5HNDEHW (NRQRPLN YH SROLWLN JHOLPHOHU

 <|QHWLFLOHULQ LVWHNOHUL

(OHPDQ LVWLKGDPQQ D]DOWOPDV <HQL HOHPDQ DOP (OHPDQ GHLWLULOPHVL

 %LULPOHULQ LKWL\DoODU

$PDoODUQ JHUoHNOHWLULOPHVL <HQL HOHPDQ LKWL\DoODU <HQL ELULPOHU

.XUXPGD JHQLOHPH E\PH WHQ D\UOPDODU

 QVDQ ND\QDNODU E|OPQQ VDSWDG LKWL\DoODU  6HQGLNDQQ LVWHNOHUL

QVDQ ND\QDNODU E|OPQQ oHLWOL DUDWUPDODU VRQXFX EHOLUOHGLL LKWL\DoODU hFUHW YH GLHU PDGGL ND]DQoODUQ \NVHOWLOPHVL

 x dDOPD DUWODUQQ L\LOHWLULOPHVL WHPLQ ND\QDNODU

 J|UHQ 7HPLQLQGH .XOODQODQ .D\QDNODU J|UHQ

EXOXQDELOHFHLQL YH NLPOHU ROGXXQX LIDGH HGHU $GD\ EXOPD \|QWHPOHUL LVH V|] NRQXVX ND\QDNODUGDQ PXKWHPHO LJ|UHQ DGD\ODUQQ LOHWPH\H EDYXUXODUQQ QDVO VDODQDFD LOH LOJLOL \ROODU YH DUDoODU LIDGH HGHU %X ND\QDNODU JHQHO RODUDN Lo ND\QDNODU YH G ND\QDNODU RODUDN LNL\H D\UOU $OGHPLU YG  

DUDQODQ

QLWHOLNOHUGH

NLLOHULQ

QHUHGH

JHUHNHQ |]HOOLNOHU EHOLUOHQGLNWHQ VRQUD VUD EX NLLOHUH XODPD\D JHOPHNWHGLU %XUDGDNL DQDKWDU NDUDU EX LKWL\DFQ Lo ND\QDNODUGDQ P \RNVD G ND\QDNODUGDQ P VDODQDFDGU %DFK DQG 6LVVRQ  *HUHNVLQPH GX\XODQ SHUVRQHOLQ SROLWLNDVQFD EHOLUOHQLU 6DEXQFXROX  

OHWPH\H LJ|UHQ LKWL\DF WHVSLW HGLOGLNWHQ YH DOQDFDN NLLOHUGH EXOXQPDV

EXOXQPDVQGD KDQJL ND\QDNODUQ NXOODQODFD DVOQGD L]OHQHQ LQVDQ ND\QDNODU YHUHQOHU LoLQ ED] DGD\ EXOPD \|QWHPOHUL GLHUOHULQH J|UH GDKD PDOL\HWOLGLU

$QFDN GDKD ID]OD DGD\D XODPDN YH DUDQDQ NDOLIL\H |]HOOLNOHUH VDKLS NLLOHUL WHVSLW HWPHN DoVQGDQ EX \|QWHPOHU GDKD HWNLQ RODELOLU 5XVVR YG   'Q\D ]HULQGHNL NDSVQ oDOS L LVWHPH\H JHOHQ LQVDQODUQ GRUX LQVDQODU ROGXNODUQ EHOLUOH\HFHN VLKLUOL ELU IRUPO EXOXQPDPDNWDGU 6DXWKHU  $QFDN HOEHWWHNL VHoLOHQ DGD\ EXOPD \|QWHPL DUDQDQ DGD\Q |]HOOLNOHULQH J|UH GHLPHNWHGLU 5XVVR YG   $WNLQVRQ YH 0HDJHU  GH DGD\ EXOPD \|QWHPLQLQ GROGXUXODFDN SR]LV\RQD J|UH GHLWLLQL EHOLUWPLWLU DOQWOD\DQ 7DQRYD    <|QWHPLQ NXOODQP NROD\O PDOL\HWL GH NXOODQODFDN DGD\ EXOPD \|QHWLPLQL HWNLOHPHNWHGLU /LQ YH .OHLQHU   WP HQGVWULOHUGH NDOLIL\H LJ|UHQ EXOPD VNQWV \DDQPDNWDGU 0DDOHVHI LOHWPHQLQ

ND\QDN EXOXQPDNWDGU *QP]GH LOHWPHOHULQ JHUHNVLQPH GX\GXX SHUVRQHOL LOHWPH

OHWPHOHULQ \HQL LJ|UHQ DUDWUPDODUQD \DUGPF ROPD\D LVWHNOL VD\V]

GQGDQ VDODPD HLOLPLQLQ JLGHUHN |QHP ND]DQPD\D EDODG V|\OHQHELOLU %D] ND\QDNODU EX KL]PHWOHUL LoLQ FUHW WDOHS HWPH]NHQ ED]ODU LVH \HUOHWLULOHQ LLQ PDDQQ EHOOL ELU \]GHVLQL YH oHLWOL JLGHUOHUL WDOHS HGHELOLU 2UJDQL]DV\RQODUQ LH DOPD SURJUDPODU JLGHUHN DUWDQ HNLOGH SHUVRQHO LH

DOPD DUDoODUQQ |QHPLQLQ IDUNQD YDUGODU %X IDUNQD YDUWD SHUIRUPDQV VHYL\HVL YH

 LJF GHYLU RUDQ JLEL HWNHQOHU HWNLOL ROPXWXU H DOPDGD |]HOOLNOH |QHPOL ROGXXQD LQDQODQ ELU NRQXGD \HWHQHNOL \HQL SHUVRQHOLQ KDQJL ND\QDNWDQ EXOXQDFDGU 7D\ORU YH 6FKPLGW   .XNXVX] \HQL NXUXODQ KHU LOHWPHGH EWQ J|UHYOHU LoLQ G ND\QDNODUGDQ LJ|UHQ WHGDULNL \ROXQD JLGLOLU )DNDW KDOLKD]UGD IDDOL\HWWH EXOXQDQ ELU LOHWPHGH ERDODFDN SR]LV\RQODU \D GD \HQL DoODQ J|UHYOHU LoLQ LJ|UHQ WHGDULNLQGH LNL VHoHQHN RUWD\D oNPDNWDGU %X VHoHQHNOHUGHQ ELULVL ELU WHUIL SROLWLNDVQ L]OHPHN VXUHWL\OH LOHWPHQLQ PHYFXW LJ|UHQLQGHQ ELU EDND GH\LOH Lo ND\QDNODUGDQ \DUDUODQPD GLHUL LVH LOHWPH G ND\QDNODUGDQ \DUDUODQPDGU %ROWRQ   %LQJ|O  OHWPHQLQ IDDOL\HW J|VWHUGLL VHNW|U YH LLQ QLWHOLL DGD\ EXOPD YH VHoPH

NULWHUOHULQL EHOLUOH\HQ HWNHQOHUGLU gUQHLQ WHNQRORML \RXQ VHNW|UOHUGH ELOJLVD\DU YH

RWRPDV\RQ GHVWHNOL LOHUGH LQRYDV\RQ YH UQ RGDNO DODQODUGD GDKD |]HOOLNOL NULWHUOHU EHOLUOHQLU %DUEHU YH :HVVRQ  %HVVDQW  +LMOWMHV  6SHOO  :LOOLDPV  DOQWOD\DQ $\FDQ =   $\Q ]DPDQGD X]PDQODPD LOHWPH E\NO LOH SDUDOHO DUW J|VWHUGLL LoLQ E\N LOHWPHOHU DGD\ EXOPD NULWHUOHULQL GDKD VN WXWPDNWDGUODU +L]PHW VHNW|UQGH YH\D VDGHFH

NRRUGLQDV\RQ \DSPD\ JHUHNWLUHQ LOHUGH LVH GDKD oRN VRV\DO ROPD LOLNL NXUDELOPH JLEL GDKD JHQHO YH \XPXDN NULWHUOHU WHUFLK HGLOLU 5HP\ YH .RSHO  6SHOO  DOQWOD\DQ $\FDQ =  

E\N LOHWPHOHUH RUDQOD GDKD \XPXDN GDKD NROD\ NULWHUOHU EHOLUOHUOHU $GD\ EXOPD HOHPDQODU GLHUOHULQH X\XP VDOD\DELOVLQ %DUEHU YH :HVVRQ  DOQWOD\DQ

.RELOHU LVH NLLOHU DUDV LOLNLOHUH YH SD\ODPD GDKD oRN |QHP YHUGLNOHUL LoLQ

PHWRGX RODUDN GD UHVPL ROPD\DQ NDQDOODU YH DODU NXOODQUODU NL LH DOQDQ \HQL $\FDQ =   %\N LOHWPHOHU LVH GDKD oRN KDONQ J|] |QQGH ROGXX YH NXOODQPD\ WHUFLK HGHUOHU %DUEHU YH :HVVRQ  -DNVRQ YH 6FKXOHU  DOQWOD\DQ $\FDQ =     J|UHQ 7HPLQLQGH o .D\QDNODUGDQ <DUDUODQPD

VRV\DO VRUXPOXOXN KLVVHWWLL LoLQ GDKD VWDQGDUW YH UHVPL DGD\ EXOPD \|QWHPOHUL

LKWL\DFQ NDUOD\DFDN Lo ND\QDNODU ROXWXUXU *LUL G]H\L GQGDNL LOHUGH SHUVRQHO

OHWPHQLQ PHYFXW oDODQODU ER SR]LV\RQODU GROGXUPDN LoLQ DUDQODQ SHUVRQHO

LKWL\DF JQGHPH JHOGLLQGH JHQHOOLNOH LOHWPHOHU |QFHOLNOH Lo ND\QDNODUD EDYXUXUODU

 J|UHQ LKWL\DFQQ D] YH NVD VUHOL ROGXX GXUXPODUGD GD \LQH PHYFXW LJ|UHQOHUOH LKWL\DFQ JLGHULOPHVL \ROXQD JLGLOLU $OGHPLU YG   o ND\QDNODU |UJWWH PHYFXW oDODQ LJ|UHQOHUL LIDGH HWPHNWHGLU %X

NDSVDPGD LQVDQ JF JHUHNVLQPHVLQLQ oHLWOL \|QWHPOHU YH DUDoODU NXOODQODUDN \|QHWLFL NRQXVXQGDNL LQVDQ ND\QD LKWL\DF oRX ]DPDQ PHYFXW HODPDQODUGDQ

PHYFXW LJ|UHQOHU LOH JLGHULOPH\H oDOOPDVGU g]HOOLNOH LoL PHPXU YH DOW NDGHPH ED]ODUQQ J|UHY WDQPODUQGD GHLLNOLN \DSODUDN KDOOHGLOHELOLU gUQHLQ ELU DOW NDGHPH \|QHWLFLVLQLQ LLQL ]HQJLQOHWLUPH YH\D LLQLQ JHQLOHWLOPHVL \ROX\OD \HQL HOHPDQ LKWL\DF JLGHULOHELOLU gUF   OHWPHOHU ERUGURODUQD \HQL ELU HOHPDQ HNOHPHGHQ |QFH LUNHW LoLQGHNL

\HWHQHN DU]QQ WDPDPHQ NXOODQOGQGDQ HPLQ ROPDOGUODU VWLID WHUIL YH\D

WUDQVIHU VRQXFXQGD ER ELU NDGUR RUWD\D oNWQGD \HQL ELU HOHPDQOD DQODPDGDQ \|QHWLFLOHUL PHYFXW ND\QDNODUQ DUDWUPDO YH EX EROXX LUNHW LoLQGHQ GROGXUPD\D ND\QDNODUQ NXOODQP \ROXQD JLGLOHELOLU )LQQLJDQ 

|QFH LUNHW LoLQGHNL EWQ RODQDNODU DUDWUOPDOGU %R NDGURODU RODQ E|OP oDOPDOGU 7P Lo RODQDNODU WNHWLOLS KLoELU X\JXQ DGD\ EXOXQPDG WDNGLUGH G oHULGHQ LJ|UHQ WHPLQL GLNNDWOL \DSOPDOGU o ND\QDNODUGDQ EDYXUDQ

DGD\ODUQ YDU RODQ SR]LV\RQODU YH EDDUODU L\L DQDOL] HGLOLS NLLQLQ \HQL SR]LV\RQ LoLQ SRWDQVL\HO JHOLLPL J|] |QQH DOQDUDN DWDPDV \DSOPDOGU $NVL WDNGLUGH \HQL 

ELU SR]LV\RQ ROXWXUPDN LoLQ YDU RODQ EDDUO ELU SR]LV\RQ ULVNH DWOP ROXU &XUULH %D] LOHWPHOHU G ND\QDNODUGDQ LJ|UHQ EXOPD \HULQH NHQGL Lo

KDYX]ODUQGDQ LJ|UHQ VDODPD\ NOWU YH HVQHNOLN DoVQGDQ X\XP VDOD\DFDN LQVDQODU LH DOPD\ WHUFLK HGHUOHU 3ULFH 

 J|UHQ 7HPLQLQGH .XOODQODQ o .D\QDN <|QWHPOHUL

EDOFD \|QWHPOHU \NVHOPH WHUIL  Lo WUDQVIHUOHU L ]HQJLQOHWLUPH YH L JHQLOHWPH URWDV\RQ RODUDN VD\ODELOLU

(OHPDQ LKWL\DFQQ Lo ND\QDNODUGDQ NDUODQPDV NRQXVXQGD NXOODQODELOHFHN

  <NVHOPH 7HUIL

WD\DQ VW G]H\GH EDND ELU J|UHYH JHoPHVLGLU %X GXUXPGD NXNXVX] FUHW YH VRV\DO HPHNOLOLN LVWLID \D GD VDON QHGHQL\OH LLQGHQ D\UOPDV KDOLQGH ERDODQ EX J|UHYH

<NVHOPH ELU LJ|UHQLQ EXOXQGXX J|UHYGHQ GDKD oRN \HWNL YH VRUXPOXOXN

VD\JQON DUWDFDNWU OHWPHGH ELU J|UHY ERDOGQGD V|]JHOLL ELU XVWDEDQQ |OP SHUVRQHO SROLWLNDV QHGHQL\OH Lo ND\QDNODUGDQ HOHPDQ DWDQDFDNVD R ]DPDQ LoLOHUGHQ ELUL XVWDEDON J|UHYLQH JHoLULOLU %X \ROD EDYXUPDN LOHWPHGH oDODQODU LVWHNOHQGLULU PRUDO YH JYHQ GX\JXVX ND]DQGUU <NVHOPHQLQ Lo ND\QDNODUGDQ JHUoHNOHWLULOPHVL ELU WDNP VWQONOHU WDUNHQ

ED] VDNQFDODU GD EQ\HVLQGH WDU +HU H\GHQ |QFH DOW EDVDPDNWD \HU DODQ ELU HOHPDQQ VW EDVDPDD JHoHELOPHVL LoLQ EHOLUOL \|QHWLFLOLN QLWHOLL YH \HWHQHL WDPDV JHUHNLU .DOG NL KHU GHIDVQGD DOW EDVDPDNWD LJ|UHQ EROXX \DUDWOU YH GDUGDQ VDNQFDV GD \NVHOPH NDUDUQ YHUHQ NLLOHULQ GX\JXVDO GDYUDQPDV YH DGDPD J|UH L JLEL \DQO ELU X\JXODPD\D JLWPH RODVOQQ EXOXQPDVGU OHWPHOHU JHQHO RODUDN LNL WU \NVHOPH SROLWLNDV X\JXOD\DELOLUOHU D (VNLOLN .GHP 'XUXPXQD *UH <NVHOPH 0HVOHN \DDPQGD X]XQ \OODU oDOPDQQ ND]DQGUG GHQH\LP LH

GROGXUXOPD ]RUXQOXOXX LVWHU LVWHPH] GRDU o ND\QDNODUD EDYXUPDQQ ELU |QHPOL

X\XPX NROD\ODWUU LLQ JHUHNWLUGLL NXUDO YH LONHOHUL \DNQGDQ WDQPD\D RODQDN HVNLOLN GHUHFHVL \NVHOPHQLQ HQ JHoHUOL NULWHUL RODJHOPLWLU

VDODU %X QHGHQOH HOGH HGLOHQ GHQH\LPH GD\DQDUDN X]XQ \OODUGDQ EX \DQD (VNLOLN GXUXPXQD J|UH \NVHOPH DQODOPDV YH X\JXODQPDV ROGXNoD

EDVLW ROXS LJ|UHQOHUH JYHQFH YHUPHVL DoVQGDQ GD VWQON WDU %XQD

NDUON HVNLOLN LOH \HWHQHNOL ROPDN DUDVQGD KHU ]DPDQ GROD\V] LOLNL NXUPDN ]RUGXU $\UFD JHQo YH GLQDPLN HOHPDQODUD \NVHOPH \ROXQX NDSDWPDN YH WHPEHOOLH \RO DoPDN JLEL VDNQFDODU YDUGU E %DDU 'XUXPXQD 3HUIRUPDQVD *|UH <NVHOPH

J|UHQLQ LLQGH J|VWHUGLL EDDU YH GLVLSOLQ \D GD LOHWPH\H RODQ EDOO

<NVHOPHGH \HUOHPL ELU \|QWHP GH SHUIRUPDQVD EDO \NVHOPHGLU

\NVHOPH LOH |GOOHQGLULOHELOLU $QFDN EX \DNODPQ HQ |QHPOL VDNQFDV ED]

 GXUXPODUGD NLLOHULQ PHYFXW LWHNL EDDUODUQQ VWOHQHFHNOHUL GDKD VW G]H\GHNL \HQL LWHNL EDDUODUQQ KHU ]DPDQ VDONO ELU J|VWHUJHVL ROPDPDVGU       o 7U D QVIH U OH U 7UDQVIHU QDNLOND\GUPD  NXUDO RODUDN LJ|UHQOHULQ

VRUXPOXOXN YE EDNPGDQ D\Q G]H\GHNL LOHU DUDVQGD \DWD\ RODUDN \HU

FUHW

\HWNL

GHLWLUPHVLGLU $OGHPLU YG   OHWPHGH ELU J|UHY ERDOG ]DPDQ EX \HUH D\Q G]H\GH ELU EDND HOHPDQQ DWDQPDV KDOLQGH Lo WUDQVIHUOHUGHQ V|] HGLOLU %LU EDND DQODWPOD Lo ND\QDNODUGDQ \DWD\ G]H\GH \DUDUODQPD V|] NRQXVXGXU gUQHLQ ELU XVWDED LLQGHQ D\UOG ]DPDQ RQXQ \HULQH \LQH LOHWPH LoLQGHQ R J|UHYL \DSDELOHFHN GHQH\LP YH \HWHQHH VDKLS RODQ ELU EDND XVWDED DWDQDELOLU o WUDQVIHU \ROX\OD LJ|UHQ VDODPD LOHWPH DoVQGDQ HQ XFX] YH NROD\

\ROGDQ HOHPDQ EXOPD RODQD VDODU $\UFD D\Q LOHWPH LoLQGH ELU L GHLLNOLL V|] NRQXVX ROGXX LoLQ LOHWPH\H X\XP VRUXQX ROPD] %XQD NDUON ELU HOHPDQQ HVNL LLQL EUDNPDV RUDGD \HQL HOHPDQ EXOPD VRUXQX GRXUDFDNWU gWH \DQGDQ HOHPDQQ \HQL DWDQG LWH WSN GDUGDQ JHOHQ ELUL JLEL \HQL LLQ JHUHNOHUL YH 6DEXQFXROX 

NRXOODUQD X\XP VUHFL LOHWPH LoLQ ELU ]DPDQ YH HNRQRPLN ND\S \DUDWDELOLU       =HQJLQOHWLUPH YH *HQLOHWPH

ND\QD LKWL\DF oRX ]DPDQ PHYFXW HOHPDQODUGDQ ED]ODUQQ J|UHY WDQPODUQGDNL NLPL GHLLNOLNOHUOH KDOOHGLOHELOLU gUQHLQ ELU DOW NDGHPH \|QHWLFLVLQLQ LLQLQ ]HQJLQOHWLULOPHVL \D GD LLQLQ JHQLOHWLOPHVL \ROX\OD \HQL HOHPDQ LKWL\DF RUWDGDQ NLLOHULQ PHYFXW LOHULQLQ oHLWOHQGLULOPHVL VXUHWL\OH \DQL L JHQLOHWPH \ROX\OD

%LULPOHULQ |]HOOLNOH LoL PHPXU YH DOW NDGHPH \|QHWLFL NRQXVXQGDNL LQVDQ

NDONDELOLU *HUoHNWHQ GH ED] ELULPOHUGHNL LJF LKWL\DF R ELULPGHNL X\JXQ NLL \D GD JLGHULOHELOLU 6|] HGLOHQ LKWL\DF \LQH R ELULPGHNL X\JXQ NLL \D GD NLLOHULQ

VRUXPOXOXNODUQQ DUWUOPDV YH LOHULQH ELU EWQON ND]DQGUOPDV \DQL L ]HQJLQOHWLULOPHVL \ROX\OD GD JLGHULOHELOLU JHQLOHWPH YH L ]HQJLQOHWLUPHQLQ ED]HQ \HQL LJF LKWL\DFQ RUWDGDQ NDOGUPDV NDGDU oDODQODUQ PRWLYH ROPDVQD GD \RO DoW ELOLQPHNWHGLU

       5RWDV\RQ *HoLFL *|UHYOHQGLUPH

\|QWHPOHUGHQ ELULVL GH JHoLFL J|UHYOHQGLUPHGLU %XUDGD DPDo NLOLW QRNWDGDNL ELU $GQGDQ GD DQODODFD ]HUH EX GXUXP JHoLFLGLU dDODQODUQ EHOLUOL VUHOHUOH EDND ELULP \D GD NXUXPODUGD NHQGL LOHULQL \DSPDODU ELoLPLQGH JHUoHNOHHQ URWDV\RQ

(OHPDQ LKWL\DFQQ Lo ND\QDNODUGDQ NDUODQPDV VUDVQGD EDYXUXODQ

HOHPDQ LKWL\DFQQ D\Q ELULP \D GD EDND ELU ELULPGHQ JHoLFL RODUDN VDODQPDVGU

X\JXODPDV GD GDKD oRN NDPX VHNW|UQGH J|UOPHNWHGLU %LU RNXOGDNL PDWHPDWLN \ROX\OD JLGHULOPHVL EX GXUXPD |UQHNWLU 5RWDV\RQ X\JXODPDV |]HO VHNW|UGH \DQ NXUXOXX RODQ KROGLQJOHUGH J|UOPHNWHGLU )QGNo    o .D\QDNODUGDQ J|UHQ %XOPDQQ 6DODG $YDQWDMODU

|UHWPHQL DoQQ GLHU ELU RNXOGDNL PDWHPDWLN |UHWPHQLQLQ EX RNXOD URWDV\RQX JHQHOOLNOH X]PDQODP J|UHYOHUGH YH |]HOOLNOH XOXVODUDUDV LUNHWOHUGH \D GD ELU oRN

NXUXP DoVQGDQ |QHPOLGLU JF LKWL\DFQ Lo ND\QDNODUGDQ NDUODPDQQ EDOFD )QGNo   &DQ   gUF  

JF LKWL\DFQQ Lo ND\QDNODUGDQ NDUODQPDV JHUHN oDODQODU JHUHNVH

\DUDUODU X HNLOGH VUDODQDELOLU 6DEXQFXROX   $OGHPLU YG   %RDODQ J|UHYH LOHWPH LoLQGHQ ELULQLQ DWDQPDV NLLQLQ \HQL LLQGH +HUKDQJL ELU G |GHPH \DSOPDG LoLQ XFX] ELU \|QWHPGLU LOHU \HWHQHNOHULQLQ GDKD NROD\ONOD |OoP YH JHOLWLULOPHVLQL NROD\ODWUU

(OHPDQQ L GHLLP NDUDU LOHWPH LoLQGH DOQGQGDQ EX \|QWHP oRN K]O dDODQODU DoVQGDQ LOHWPH LoLQGH NHQGLOHULQH JHOLPH RODQD YHUPHVL J|UHQOHULQ IDUNO SR]LV\RQODUGD oDOPDVQD IUVDW YHUPHNOH LOHWPH LoLQGH o ND\QDNODUGDQ VHoLOHQ DGD\ODUQ LL LOHWPH\L L DUNDGDODUQ ELOL\RU ROPDV 8]XQ VUHOL LVWLKGDP GQHQ GDUGDNL DGD\ODU DoVQGDQ GD LOHWPH\L oHNLFL NODU LOHWPHQLQ LPDMQD ROXPOX NDWN VDODU LOHWPHGH \HQL ROPDNWDQ ND\QDNODQDELOHFHN ELUoRN VRUXQX D]DOWF HWNL VDODU JHOHFHLQ \|QHWLFLOHULQLQ KD]UODQPDVQ VDODP ROXU QHGHQL\OH PRWLYDV\RQ VDODU

 \L ELU SODQODPD \DSOGQGD RUWD YH VW G]H\ \|QHWLFLOHUL LoLQ ELU HLWLP .XUXPGDQ GDU\D JLGHFHN EH\LQ J|oQQ |QOHQPHVLQL VDODU .XUXP LoLQGH ELU KDUHNHWOLOLN VDODU VDODU 7HUIL YH \NVHOPH EHNOHQWLVL RODQ oDODQODUQ EHNOHQWLOHULQLQ NDUODQPDVQ <|QHWLP YH oDODQ LELUOLLQL JHOLWLULU \ROX RODUDN GD NXOODQODELOLU

NHQGL |] ND\QDNODUQGDQ \DUDUODQOPDV \HQL \HWHQHNOHULQ NHIHGLOPHVL YH DOW NDGURODUD IUVDW YHULOPHVL NXUXPGDQ GDU\D JLGHFHN EH\LQ J|oQQ |QOHQPHVL DoVQGDQ GD \DUDU VDODPDNWDGU )QGNo  $\UFD DGD\ODU RUJDQL]DV\RQXQ QDVO LOHGLL KDNNQGD ELOJL VDKLEL ROGXNODU LoLQ EX VD\HGH LOHWPHQLQ RUJDQL]DV\RQXQ NXUDOODU

o ND\QDNODUGDQ LJ|UHQ EXOXQPDV NXUXP LoLQGH ELU KDUHNHW VDODPDV NXUXPXQ

YH LOH\LL KDNNQGD DGD\ODUQ HLWLPLQH D\UDFDNODU ]DPDQ |QHPOL |OoGH D]DODELOLU o ND\QDNWDQ LJ|UHQ WHPLQL LOH oRN VD\GD LoLQLQ |UJWVHO SUREOHPOHUL JLGHULOHELOLU 9DU RODQ oDODQODUD GD JHOHFHNWH ILUPDGD ROXDFDN IUVDWODU J|VWHUPHVL DoVQGDQ Lo YHUHQOHU DoVQGDQ GD LVWLKGDP VUHFL ER\XQFD LJ|UHQOHULQ \HWHQHN YH EHFHULOHULQL

ND\QDNODU NXOODQPDN PRWLYDV\RQ VDOD\DELOLU %DFK DQG 6LVVRQ   J|]OHPOHPHN YH GROD\V\OD RQODU GRUX SR]LV\RQODUGD GHHUOHQGLUPHN DoVQGDQ  

\DUDUOGU 6SDUURZ DQG +LOWURS  DOQWOD\DQ +VX <X5X YH /HDW 0  0DOL\HW DoVQGDQ GD Lo ND\QDNODU NXOODQPDQQ \DUDUODU YDUGU ODQ UHNODP

YH\D GDQPDQON ILUPDODUQD YHULOHFHN FUHWOHU JLEL JLGHUOHUGHQ GH NDoQOP ROXU %DFK DQG 6LVVRQ 'DUGD LJ|UHQ DUDPDNWDQ GDKD XFX] RODQ EX \|QWHP LJ|UHQOHULQ NDUL\HU IUVDWODUQ DUWUDUDN GDKD ID]OD NDWNVQD JHOLLPLQH YH L WDWPLQLQH QHGHQ ROXU 'DIW    o .D\QDNODUGDQ J|UHQ %XOPDQQ 'H]DYDQWDMODU

SROLWLNDVQ L]OHPHQLQ \DUDUODUQD NDUQ E|\OH ELU SROLWLNDQQ \DSVQGDQ

0PNQ ROGXX NDGDU Lo ND\QDNODUGDQ ER NDGURODU GROGXUPD

GRDQ ED] VRUXQODU YH VQUODPDODU V|] NRQXVXGXU %LQJ|O  %LU

LOHWPH ER SR]LV\RQODU GROGXUPDN YH DOW NDGHPH LOHUGH oDODQODUQ GDKD VW

 NDGHPHOHUH LOHUOHPHOHULQL VDODPDN LoLQ HLWLP SURJUDPODU LOH JHOLPH SRWDQVL\HOLQH VDKLS NLLOHUL VHoPHOLGLU %|\OHFH EX LJ|UHQOHU GDKD VW J|UHYOHU LoLQ \HWLWLULOHUHN HKOL\HW

ND]DQGUODELOLUOHU %WQ EXQODUD NDUON HHU E|\OH QLWHOLNOL YH JHOLPH

SRWDQVL\HOLQH VDKLS LJ|UHQOHU WHUIL HWWLULOPH]OHUVH KD\DO NUNOQD XUDUODU %XQXQOD ELUOLNWH WHUILOHULQ NGHP HVDVQGDQ oRN EDDU\HWHQHN OL\DNDW HVDVQD NULWHUL GLNNDWH DOQUVD ]DPDQ LoLQGH |UJWQ WP NDGHPHOHUL \HWHQHNVL] NLLOHUFH GROGXUXOPX RODFDNWU %XQODU GQGD DU HNLOGH Lo ND\QDNWDQ \DUDUODQPD SROLWLNDV VW |UJWVHO WXWXFXOXN RODUDN QLWHOHQGLULOPHNWHGLU 6DGHFH DPLUOHUL J|UH \DSOPDV JHUHNLU o ND\QDNODUGDQ \DUDUODQPD SDKDVQD VDGHFH NGHP

NDGHPHOHUH \HQL GQFHOHULQ YH ELOJLOHULQ DNPDVQ |QOHU %X GXUXP X\JXODPDGD

WDUDIQGDQ ELoLPOHQGLULOPL DVWODU ELU LL \DSPDQQ EDND ELU \ROXQX ELOPH]OHU LOHWPH\H WD]H NDQQ JLUPHVL GDUGDQ GD HOHPDQ WHGDULN HGHUHN ELU GLQDPL]P FDQOON ND]DQGUOPDV JHUHNLU %LQJ|O  <XNDUGD VD\ODQODUD LODYHWHQ DDGDNL VDNQFDODU GD J|] DUG HWPHPHN

PRGDV JHoPL X\JXODPDODU YH \|QWHPOHUL WHNUDU HGLS GXUXUODU +DOEXNL

JHUHNLU %DFK YH 6LVVRQ  gUF   ROXU

'LHU RUJDQL]DV\RQODUGDQ WHFUEH\H VDKLS WD]H NDQ JHWLULOPH IUVDW NDoUOP OHWPH LoLQGH EDND ELU E|OPH JHoHQ LJ|UHQLQ EROXXQXQ GROGXUXOPDV

OHWPH\H \HQL ILNLUOHULQ JLUPHVLQL HQJHOOHU

LKWL\DF GRDU

o ND\QDNODUGDQ LJ|UHQ VDODPD \ROX EHQLPVHQPL ROVD GD DUDQDQ QLWHOLNOHUH o ND\QDNWDQ LH DOPD SRWDQVL\HO RODUDN DGDOHWVL]OLH YH D\UPFOD VHEHS RUJDQL]DV\RQGD YDURODQ HLWVL]OLL JoOHQGLUHELOLU VDKLS DGD\ EXOPDN KHU ]DPDQ PPNQ ROPD\DELOLU

RODELOLU dQN YDURODQ EHQ]HU ND\QDNODUGDQ ELU LJFQ VUGUPH HLOLPL

  J|UHQ 7HPLQLQGH ' .D\QDNODUGDQ <DUDUODQPD

oDOPD LVWHN YH JFQGH RODQ KHUNHV YH EXQODUQ EXOXQDELOHFHL \HUOHUGLU )LUPD G ND\QDNODUGDQ |]HOOLNOH JLUL G]H\LQGHNL \HGHL ROPD\DQ GDKD VW G]H\OHUGHNL YH GROGXUXOPDVQGD \DUDUODQU 3LUDPLW 'DQPDQON  \HQL DoODQ GROD\V LOH ILUPD LoLQGH \HWLWLULOPH RODQD EXOXQPD\DQ SR]LV\RQODUQ dRX LOHWPH Lo ND\QDNODUGDQ LJ|UHQ WHGDULNL PHWRGXQXQ HWNLVL] ROPDV YH

%LU ILUPD LoLQ G ND\QDNODU KDOHQ ILUPDGD oDODQ SHUVRQHO GQGD NDODQ YH

X\JXQ EDYXUX KDYX]X VDOD\DPDPDV QHGHQL\OH SRWDQVL\HOL RODQ HWNLOH\LFL DGD\ODU

G ND\QDNODU NXOODQDUDN VDODPDNWDGU oL UHIHUDQVODU L EXOPD DMDQVODU NHQGLOLLQGHQ EDYXUDQODU ZDONLQV YH HLWLP NXUXPODU JLEL oRN VD\GD G ND\QDN EXOXQPDNWDGU %DFK YH 6LVVRQ  %WQ ERDODQ YH\D ERDODFDN J|UHYOHU LoLQ SHUVRQHO LKWL\DFQ Lo

ND\QDNODUGDQ NDUODPDN KHU ]DPDQ RODQDNV]GU %HOLUOL LOHU LoLQ X\JXQ QLWHOLNOHUH VDKLS HOHPDQ LOHWPH LoHULVLQGH EXOXQPD\DELOLU \D GD |]HO HLWLP J|UP LJ|UHQOHUH LKWL\Do RODELOLU $\UFD WHUIL VLVWHPL LOHWLOHUHN VW NDGHPHOHUGH ERDODQ SR]LV\RQODUD Lo ND\QDNODUGDQ LJ|UHQ WHGDULN HGLOPHVL %WQ EX QHGHQOHUOH LOHWPHOHU G ND\QDNODUD EDYXUPDN GXUXPXQGDGU

QHGHQL\OH DOW NDGHPHOHUH \HQL LJ|UHQ WHGDULN HGLOPHVL JHUHL RUWD\D oNDELOLU dHLWOL LJ|UHQ WHGDULN ND\QDNODU EXOXQPDVQD NDUQ LOHWPHOHU JHQHOOLNOH

NHQGLOHUL LoLQ HQ X\JXQ ND\QDNWDQ \DUDUODQU gQHPOL RODQ KXVXV LJ|UHQ LKWL\DFQ QLWHOLN YH QLFHOLN DoVQGDQ WDP RODUDN YH HQ D] PDVUDIOD NDUOD\DQ ND\QDNWDQ \DUDUODQPDNWU %DDUO ELU LJ|UHQ WHGDULNL SURJUDPQQ

X\JXODQDELOPHVL LoLQ |QFH EWQ WHGDULN ND\QDNODU LQFHOHQLS EXQODUGDQ LOHWPH DoVQGDQ HQ \DUDUO RODQ VHoLOPHOLGLU %LQJ|O  ' ND\QDNODUGDQ HOHPDQ LKWL\DF VDODQUNHQ |QHPOL RODQ KDQJL HNLOGH VDODQPDVGU $U]XODQPD\DQ \|QWHPOHUOH HOHPDQ LKWL\DFQ

ROXUVD ROVXQ HOHPDQQ EXOXQPDV GHLO X\JXQ HOHPDQODUQ NDEXO HGLOHELOLU \|QWHPOHUOH

JLGHUPHQLQ NXUXPXQ ELU HOHPDQ ND]DQPDVQ VDODPDNOD ELUOLNWH NXUXP LPDMQ NRQXVXQGDNL oDOPDODUQ GD NXUXPODU DUDVQGDNL UHNDEHW DKODNQD X\JXQ ROPDV

]HGHOH\HELOHFHL XQXWXOPDPDOGU $\UFD LQVDQ ND\QD LKWL\DFQQ JLGHULOPHVL JHUHNOLGLU 'ROD\V\OD LQVDQ ND\QDNODU NRQXVXQGDNL NXUXP LoL PGDKDOHOHU NDGDU

 NXUXPODU DUDV LOLNLOHUGH GH HWLN NXUDOODUQ LONH RODUDN EHQLPVHQPHVL VRQ GHUHFH

|QHPOLGLU JF LKWL\DFQQ G ND\QDNODUGDQ NDUODQPDV NRQXVXQGD SURIHV\RQHO ELU LUNHWWHQ \DUGP DOQDELOHFHL JLEL NXUXPXQ LQVDQ ND\QDNODU E|OP GH EX oDOPDODU \UWHELOLU )QGNo  

LVWHPHVHOHU GH ]RUXQOX RODUDN EDYXUDFDNODU ELU ND\QDNWU *HQHO RODUDN LOHWPHOHULQ G ND\QDNODUD EDYXUPD QHGHQOHUL X HNLOGH |]HWOHQHELOLU 6DEXQFXROX  D OHWPH \HQL NXUXOX\RUVD \D GD \DSODQ \DWUPODU QHGHQL\OH E\PH V|] E <HQL GHLPH YH JHOLPHOHU VRQXFX WHNQLN YH X]PDQ HOHPDQODUD F ' ND\QDNODUD EDYXUPDQQ ELU EDND QHGHQL WDPDPHQ SVLNRORMLN

' ND\QDNODU oHLWOL QHGHQOHUOH LOHWPHOHULQ SHUVRQHO EXOPDGD LVWHVHOHU GH

NRQXVX LVH GDUGDQ \HQL HOHPDQ EXOPD ]RUXQOXOXX GRDU JHUHNVLQPH GX\XOX\RUVD G ND\QDNODUD EDYXUXOXU

RODELOLU OHWPH\H \HQL JLUHQ LJ|UHQOHU NHQGLOHULQL NDEXO HWWLUPHN LoLQ RODDQVW oDOPD J|VWHUHUHN YHULPOLOLL YH UHWLPL NLLVHO RODUDN DUWUG JLEL GLHU LJ|UHQOHUL GH D\Q G]H\GH oDOPD\D \D GD \DUPD\D |]HQGLUHUHN JUXS DPDF\OD \HQL LJ|UHQ DOPQD \|QHOHELOPHNWHGLU

YHULPOLOLLQL NDPoODUODU OHWPHOHU oDOPD WHPSRVXQX E|\OHOLNOH DUWWUPDN G gWH \DQGDQ G ND\QDNODUD LJF DU]QQ ERO YH XFX] ROGXX

G|QHPOHUGH HNRQRPLN QHGHQOHUOH EDYXUXODELOLU %D] LOHWPHOHU SDKDO HOHPDQ LWHQ oNDUDUDN YH XFX] LJF VDOD\DUDN LoLOLN PDOL\HWLQL GUPH \ROXQX VHoHELOLU YH EX DPDoOD G ND\QDNODUD VN VN EDYXUDELOLU $VJDUL FUHWOH oDODQODUQ oRXQOXNWD ROGXX ELU LOHWPH EX \|QWHPH EDYXUDELOLU IDNDW G] GHLLP K]Q \NVHN WXWPDN LOHWPH\H SHN ID]OD ELU H\ ND]DQGUPD] LoLOLLQ GQGD GLHU HOHPDQODU VN VN GHLWLUPHN ELU EDND GH\LOH LJ|UHQ H o ND\QDNODUGD VUDU HGLOPHVL KDOLQGH WDEDQGDQ JHOHQ ELU LoLQLQ \NVHN

G]H\GH ELU HLWLP YH ELOJL\L JHUHNWLUHQ VW EDVDPDN \|QHWLFLOLLQH NDGDU \NVHOPHVL JHUHNLU 6DGHFH X]XQ \OODU L J|UJVQH GD\DQDUDN ND]DQODQ |]HOOLNOH \|QHWLFLOLN NDGURODU LoLQ JHUHNWLLQGH GD DoOPDN NDoQOPD]GU

GHQH\LP YH ELOJLQLQ \NVHOPHN LoLQ \HWHUOL RODPD\DFD DoNWU %X GXUXPGD

 I %LU EDND QHGHQ RODUDN GD Lo ND\QDNODUGDQ LJ|UHQ EXOPD YH

VHoPHQLQ oDWPD\D \RO DoPDV J|VWHULOHELOLU g]HOOLNOH VW SR]LV\RQODUD

HOHPDQ \NVHOWLOLUNHQ EHQ]HU SR]LV\RQGD ELUGHQ oRN DGD\ YDUVD YH EXQODU HWNL\HFHNVH EX GXUXPGD HQ JHoHUOL YH JHUoHNoL \RO RODUDN G ND\QDNODUGDQ QHGHQL\OH GX\JXVDO NDUDUODU YH ND\UFON JLEL HWNHQOHUGH |QOHQPL ROXU

DUDVQGD ELULQLQ WHUFLK HGLOPHVL GLHUOHULQL PRUDO DoVQGDQ ROXPVX] \|QGH HOHPDQ EXOPDN GQOHELOLU %X \ROD EDYXUPDNOD VWHOLN \DNQ LOLNLOHU J ' ND\QDNODUGDQ HOHPDQ VDODQPDV Lo ND\QDNODUD J|UH LOHWPH\H

GDKD JHQL ELU HOHPDQ VHoPH RODQD WDQU LQ JHUHNOHULQH HQ X\JXQ NLL\L DUDVQGDQ HQ L\LVLQL VHoPHNOH PPNQGU

EXOPDN YH RQGDQ HQ YHULPOL ELoLPGH \DUDUODQPDN DQFDN JHQL ELU DGD\ NLWOHVL  J|UHQ 7HPLQLQGH .XOODQODQ ' .D\QDN <|QWHPOHUL

&9 J|QGHUPH SHUVRQHO YH\D WDQGNODU DUDFO LOH EDYXUX L YH LoL EXOPD NXUXOXODU LGDUHFL DUDWUPDV YH\D NHOOH DYFO VHQGLNDODU YH PHVOHNL NXUXOXODU LJ|UHQ NLUDODPD NDGQODUGDQoDOPD QL\HWL ROPD\DQODUGDQ YH HN J|UHYOLOHUGHQ X\JXODPDODU GLHU \|QWHPOHUGLU

dDOPDGD \HU YHULOHQ EDOFD \|QWHPOHU GX\XUXODU GRUXGDQ EDYXUX YH\D

NXUXOXODU |]HO LVWLKGDP EURODU YH LQVDQ ND\QDNODU ILUPDODU LQWHUQHW HLWLP

\DUDUODQPD VDNDW YH HVNL KNPOOHU ]RUXQOX KL]PHW X\JXODPDODU VWDM  'X\XUXODU ODQ

VRQUD JHUHNOL ELOJL ELU DUD\D JHWLULOLU YH EX GXUXPGD LOHWPH LH DOPD VUHFLQLQ ELU VRQUDNL DGPQD KD]UGU NL EX DDPDGD ER SR]LV\RQODUQ LODQ HGLOPHVLGLU 7HPHOGH o WU LODQ YDUGU LUNHW LODQODU UQ LODQODU YH LH DOPD LODQODU LUNHW LODQODU YH UQ LODQODU LUNHWOHULQ SD]DUODPD E|OPOHULQGH \D GD LUNHWLQ UHNODP DFHQWHOHULQGH \DSOU H DOPD LODQODU LoLQ KHU WUO JD]HWH YH\D GHUJL NXOODQODELOLU 'DKD D] VNONOD WHOHYL]\RQ UDG\R YH\D VLQHPDGDQ \DUDUODQODELOLU LODQODUQD JHOHFHN YH L LODQQQ LoHULL YH WDU]GU &XUULH   HWNLOHU LUNHW UHNODPODU D\UFD L \DQWODUQ PLNWDUQ YH NDOLWHVLQL HWNLOH\HQ DQD IDNW|UOHU LVWLKGDP SL\DVDVQQ GXUXPX LUNHW LODQODUQGD ILUPDQQ Q EDYXUX KDYX]XQXQ NDOLWHVLQL YH PLNWDUQ DUD\DQODUQ RUJDQL]DV\RQ

VWLKGDP HGLOHFHN SHUVRQHOLQ X]PDQON DODQODU J|]GHQ JHoLULOLS GHUOHQGLNWHQ

KDNNQGD

 ELOLQoOHQPHVLQH YH ILUPDQQ LPDMQD SR]LWLI NDWN \DSPDVQD \DUGPF ROXU LUNHWLQ Q LH \HUOHWLUPH VRQXoODUQGD GLUHN HWNLOLGLU IDNDW UHNODP DFHQWHOHULQLQ GLUHN HWNLVL GDKD ID]OD ROPDNWDGU :LPEXVK  ODQODU VDGHFH ER NDGURODU YH NDGUR QLWHOLNOHULQL GX\XUPDNOD NDOPD] D\Q ]DPDQGD LOHWPHQLQ |UJWVHO PHVDMODUQ LOHWPHVLQGH ELU DUDo ROXU 0DWKHZV YH 5HGPDQ  

GX\XUXGXU %X EDNPGDQ GX\XUX DDPDV ]HULQGH WLWL]OLNOH GXUXOPDOGU dQN LJ|UHQ LKWL\DFQQ NDUODQPDVQD \|QHOLN oDOPDODUQ DDPDODU LJF ND\QDQQ SODQODQPDV LQVDQ ND\QDNODUQQ GHHUOHQGLULOPHVL LQVDQ ND\QD LKWL\DFQQ EHOLUOHQPHVL L DQDOL]L J|UHY WDQP RUJDQL]DV\RQ HO NLWDEQQ KD]UODQPDV ND\QDNODUGDQ LQVDQ NDUODQPDVQQ ND\QD H\OHP WDVDUODQPDV SODQQQ LKWL\DFQ KD]UODQPDV G ND\QDNODUGDQ LKWL\DFQ Lo

J|UHQ LKWL\DFQQ NDUODQPDV VUHFLQGHNL |QHPOL DGPODUGDQ ELULVL

NDUODQPDV SURIHV\RQHO LUNHWWHQ \DUGP DOPD DDPDODUQQ WDPDP DUONO RODUDN NDW ]HULQGH \DSODQ oDOPDODUGU <LQH EX oDOPDODUQ oRX NXUXP EQ\HVL LoLQGH JHUoHNOHWLLQGHQ JHUL\H G|QPH V|] NRQXVX RODELOPHNWHGLU %X

DDPDODUGDQ KHPHQ VRQUD JHOHQ LKWL\DFQ GX\XUXOPDV LOH ROD\ LON NH] NXUXPXQ GQD WDQPDNWDGU %X DoGDQ LKWL\DFQ GX\XUXOPDV DDPDVQGD DFHOH   HGLOPHPHOL YH LKWL\DFQ X\JXQ DUDoODUOD GX\XUXOPDV VDODQPDOGU )QGNo J|UHQ WHPLQLQGH LODQODUQ |QHPOL DYDQWDMODU YDUGU &XUULH 

0WHUL UHNDEHWL EDODPQGD LODQ KD]UOD\DQ UHNODP DFHQWHOHUL oRN ELUL\OH UHNDEHW HGHELOLUOHU

JoOGUOHU 6XQGXNODU KL]PHW NDOLWHVL DoVQGDQ GLHU ND\QDNODUQ KHU

%LU GLHU |QHPOL DYDQWDM LVH LODQ YHUHFHN LUNHWH LVPLQL VDNODPD LPNDQ VDODPDVGU 5HNODP DFHQWHOHULQLQ DG DOWQGD ILUPDODU UHNODPODUQ YHUHELOPHNWHGLU

DFHQWHOHUL EX DODQGD X]PDQODPODUGU 0HG\D VHoLPLQH LLQ GRDVQD YH LH DOPD

ODQODUGD |QHPOL RODQ KXVXV \D\QODQDFDN PHG\DQQ VHoLPLGLU 5HNODP

LoLQ GQOHQ WDULKH J|UH NDUDU YHULOLU OHWPHOHULQ WDQWP IDDOL\HWOHULQL HWNLQ ELU HNLOGH \|QHWHELOPHOHUL GRUX UHNODP DFHQWHOHULQL VHoPHOHUL LOH PPNQ ROXU %XQXQ LoLQ LOHWPHOHULQ X NRQXODUD GLNNDW HWPHOHUL JHUHNLU :LONLQVRQ 

 $FHQWHGHQ QH LVWHQGLLQH NDUDU YHULOPHOLGLU H DOPD UHNODP DFHQWHOHUL

JHQL ELU VHUYLV oHLWOLOLL VDODUODU 2QODU LODQODUQ PHWQLQL \D]DUODU GL]D\Q HGHUOHU YH \HUOHWLULUOHU UHNODP PDWHU\DOOHUL UHWLUOHU ZHE ]HULQGH UHNODP \D\QODUODU NDUL\HU DGD\ODU EXODUDN LOHWPH\H \DUGPF ROXUODU ZHE VLWHOHUL ROXWXUXUODU YH JHOHQ \DQWODU \|QHWLUOHU $\UFD KHGHIOHUH \|QHOLN |]HO 'LNNDWOL VHoLP OHWPH ELU DFHQWH\L VHoHUNHQ JHUoHNWHQ R DODQGD HQ L\L

UHNODP LUNHWLQLQ NLP ROGXXQX DUDWUPDOGU 'RUX DFHQWH VHoLPL WHFUEHOL YH

\HWHQHNOL SHUVRQHOOHULQ LOHWPH\H XFX] YH K]O ELU HNLOGH ND]DQGUOPDVQ VDOD\DFDNWU $FHQWHQLQ WHFUEHVL GH LOHWPH EWoHVLQLQ HQ PDNXO HNLOGH NXOODQPQ PDNVLPL]H HGHU YH NDPSDQ\DQQ GHHULQL DUWUU .HQGL LOHWPHVL\OH

EHQ]HU JHUHNVLQPHOHUL ROPX YH WHUFLK HGLOHQ DFHQWH\OH JHoPLWH oDOP RODQ LoLQ LDUHWWLU

LUNHWOHULQ J|UOHULQH EDYXUXOPDOGU 0WHUL KDI]DVQGD \HU HWPHNWH L\L ELU VHoLP *HUHNOL HIIDION $FHQWHOHU LOHWPHOHULQ DNWLYLWHOHULQL SODQOD\DQ WHFUEHOL

VWUDWHMLVWOHU EDUQGUU %X NLLOHU UHNODPODU KD]UODQPDGDQ |QFH \|QHWLFLOHUOH LOHWLLP NXUDUODU YH UHNODP NRQVHSWLQLQ GL]D\QQ KD]UODPD\D \DUGP HGHUOHU %X LVH HWNLOL ELU UHNODP NDPSDQ\DV \UWPH\L YH \HQLOLNoL X\JXODPDODU KDNNQGD HQ L\L WDYVL\HOHUL DOPD\ LOHWPH\H JDUDQWL HGHU

PHVDM VWUDWHMLOHUL HNOLQGH ROPDOGU 'LQOH\LFLOHU YH\D L]OH\LFLOHU LUNHWLQ NRQXPDODUQ PHG\DGDQ GDKD |QFH IDUN HGLS KDWUODUODU ']HQOL ELOJL DNQ VDODPDN $FHQWHOHU V|]OHPH\OH EHOLUOHQHQ

1HW PHVDMODU YHUPHN LUNHWOHULQ WP LVWLKGDP VWUDWHMLOHUL ELUOHWLULOPL

YHUHFHNOHUL VHUYLVLQ G]H\LQH J|UH G]HQOL RODUDN LOHWPHQLQ SHUIRUPDQVQ J|]GHQ JHoLUPHOL YH JHOHFHNWHNL LKWL\DoODUQ SODQODPDVQ \DSPDOGU $FHQWH ELOJL JLULLPLQ VRQXoODUQ GHHUOHQGLUPHGH LOHWPH\H \DUGPF ROXU SD\ODDUDN YH DPDoODUD XODPD |OoPOHUL \DSDUDN LOHWPH\L FHVDUHWOHQGLULU YH $FHQWHQLQ EDDUVQQ |OoP H DOPD EDDUVQQ |OoPQGH DFHQWHQLQ

NRQX LOH LOJLOL VWUDWHML YH \DNODPODU KDNNQGD YHUHFHL ELOJLOHU J|] |QQGH SHUIRUPDQVQQ NDOLWH WHVWL PHWULN RODUDN KHVDSODQU

EXOXQGXUXOXU gUQHLQ RUWDODPD NLUDODPD PDOL\HWLQH EDNOU YH\D LH DOPD

 2GDNODQPD\ ND\EHWPHPHN OHWPHQLQ DQD RGDN NRQXVX LH DOPD LODQODU

RODUDN J|UOPHPHOLGLU OHWPH GDUGDQ RUJDQL]DV\RQXQD NDU RODQ DOJODU PDNXO EHOLUOH\HELOLU

ELU HNLOGH DUDWUPDOGU %X DUDWUPDQQ VRQXFXQGD LH DOPD VWUDWHMLVLQL  'X\XUX $UDoODU J|VWHUPHNWHGLU OHWPH PHYFXW LKWL\DF LoLQ HQ X\JXQ DUDF EXOGXXQGD EDDU\D  GX\XUXVXQXQ KDQJL ELOJLOHUL LoHUHFHL YH KDQJL DUDoODUOD \DSODFD J|UHQ GX\XUXODU LoLQ NXOODQODELOHFHN DUDoODU ROGXNoD IDUNOON

XODDELOHFHNWLU dQN HOHPDQ LODQ NXUXP LoLQ EHOLUOL ELU JLGHU GHPHNWLU )QGNo SR]LV\RQXQ G]H\LQH YH \DUDUODQODFDN ND\QDNODUD J|UH GHLHELOLU gQHPOL RODQ DGD\ KDYX]XQD SHUVRQHO VHoLPLQH HOYHULOL |OoGH DGD\ EDYXUXVXQX oHNHELOPHNWLU JHOLLPH SDUDOHO RODUDN GHLPHNWHGLU *QP]GH LQWHUQHW RUWDPQGD \DSODQ DUDoODUQ FLQVLQL YH |QHPOHULQL GH GHLWLUHFHNWLU 3LUDPLW 'DQPDQON  GX\XUXVXQXQ \DSOPDVQGD NXOODQODQ DUDoODUQ oHLWOHUL YH |QHPOHUL WHNQRORMLN GX\XUXODU JLGHUHN DUWPDNWDGU .XNXVX] WHNQRORMLGHNL \HQL JHOLPHOHU NXOODQODQ $GD\ EXOPDGD NXOODQODQ EHOOL EDO GX\XUX DUDoODU J|UQWO YH VHVOL

PHG\D \D]O PHG\D HO EURUOHUL GXYDU DILOHUL YH WHOHWH[WLU +HU ELU \|QWHPH DDGD D\U D\U GHLQLOPLWLU  *|UQWO 9H 6HVOL 0HG\D

)DNDW EX ND\QDNODU GDKD GHQL ELU L]OH\LFLGLQOH\LFL NLWOHVLQH XODU %DFK DQG

5DG\R YH WHOHYL]\RQ SDKDO YH GLHUOHULQH J|UH GDKD D] NXOODQODQ PHWRWODUGU

6LVVLRQ  QVDQ ND\QD LKWL\DFQQ 79 YH UDG\R \ROX\OD GX\XUXOPDV VN NXOODQODQ ELU \|QWHP ROPDPDNOD ELUOLNWH VRQ ]DPDQODUGD |]HOOLNOH ED] 79 oHNPHNWHGLU $QFDN EX GX\XUXODUGD GHWD\O ELOJLOHUH \HU YHULOHPHPHVL GH ELU NDQDOODUQGD HOHPDQ LKWL\DFQD \|QHOLN GX\XUXODUQ \HU DOPD\D EDODG GLNNDWL JHUoHNWLU g]HOOLNOH \HUHO 79 YH UDG\RODUQ EX oDOPDODUQQ EDDUO VRQXoODU YHUGLL

ELOLQPHNWHGLU $UDQDQ LJF LKWL\DF EHOLUOL ELU L NROXQGD YH \NVHN G]H\GH X]PDQON 

JHUHNWLUPL\RUVD LoL PHPXU JLEL EX \|QWHPLQ NXOODQOPDV GQOHELOLU )QGNo

 hONH JHQHOLQGH P]LN KDEHU YH ELOJL \D\Q \DSDQ SHN oRN UDG\R LVWDV\RQXQX

NXOODQPDN VXUHWL\OH LJ|UHQ GX\XUXODU \DSODELOLU ODQODU UDG\R\D YHUPHQLQ DYDQWDMODU XQODUGU 0DLWODQG   *HQL ELU NLWOH\H XODPDV JHQoOHULQ GLQOH\HELOPHVL

*QQ GHLLN VDDWOHULQGH |]HO JUXSODUQ VDEDKODU HY NDGQODUQQ JHFHOHUL dDEXN XODPD ELU UDG\R UHNODP ELUNDo VDDW LoLQGH KD]UODQS \D\QD JLUHELOLU HOHPDQODU KHP GH PWHULOHUL FH]EHGHFHNWLU

3URIHV\RQHO KL]PHW E|\OHFH ILUPDQQ LPDM WP GLQOH\HQOHUL KHP RODV 5DG\R LODQODUQQ J|] DUG HGLOPHPHVL JHUHNHQ ED] VDNQFDODU GD YDUGU

0DOL\HW GLHU HOHPDQ DUDPD ND\QDNODU\OD N\DVODQGQGD PDOL\HWL \NVHNWLU GLQOHPL\RU RODELOLUOHU

OJLVL]OLN GLQOH\LFLOHU \DOQ]FD P]LN YH KDEHUOHU LoLQ UDG\R\X Do\RU LODQODU 8ODPD LODQODU oRN NVD VUGQGHQ D\UQWODUD GLNNDW HWPH \D GD DQPVDPD %LU LOHWPH UDG\R\D LODQ YHUPH\L SODQO\RUVD \DUDP P" 6RUDUDN |UHQPHOLGLU LVWDV\RQXQX NRQXVXQGD GLQOH\LFLOHU ]RUODQDELOLU

(OHPDQ LoLQ GDKD |QFH LODQ YHUPL |WHNL LDGDPODU\OD J|UPHOLGLU ODQODU LH 5DG\R GLQOHPHOLGLU <D\PODGNODU LODQODU LoLQ QH

GQ\RUVXQX]" ODQODU L\L PL" 6L]LQ GLNNDWLQL]L oHNHELOL\RU PX" EX JLEL VRUXODUQ FHYDSODUQ YHUHELOPHOLGLU

 <D]O 0HG\D

EXUDGD VD\ODELOLU g]HOOLNOH JQON JD]HWHOHUGH \HU DODQ HOHPDQ LODQODUQQ VRQ

PHG\DGU *QON JD]HWHOHU GHUJLOHU EOWHQOHU VHNW|UHO \D\QODU YH EHQ]HUOHUL

QVDQ ND\QD LKWL\DFQQ GX\XUXOPDV LoLQ HQ oRN NXOODQODQ DUDo \D]O

]DPDQODUGD \XUW GQGDNL EHQ]HUOHUL JLEL KDIWDGD ELU JQ LQVDQ ND\QDNODU HNOHUL V|\OHQHELOLU dQN L DUD\DQ ELUH\OHULQ \D\JQ RODUDN JD]HWHOHUL L]OHGLNOHUL ELOLQPHNWHGLU .DOLIL\H ROPD\DQ HOHPDQ LKWL\DFQGDQ NDOLIL\H NRQXVXQGD X]PDQ

ELoLPLQGH \D\PODQG J|UOPHNWHGLU *D]HWH LODQODUQQ ROGXNoD HWNLOL ROGXX

 HOHPDQ YH \|QHWLFLOHUH NDGDU ELUoRN DODQGDNL HOHPDQ LKWL\DF JD]HWH LODQ \ROX\OD )QGNo  

EXOXQDELOLU (OHPDQ LKWL\DF GDKD X]XQ VUHOL LVH D\ON GHUJLOHUGHQ GH \DUDUODQODELOLU 'Q\D JHQHOLQGH KHU \O WDPDP ELUELULQGHQ IDUNO ELQOHUFH JD]HWH YH GHUJL

\D\QODQPDNWDGU 8OXVDO YH E|OJHVHO JQON JD]HWHOHU YH SD]DU EDVNODU oHLWOL KDIWDON JD]HWH YH GHUJLOHUL EXOXQPDNWDGU 'HUJLOHULQ WNHWLP HQGVWUL WLFDUHW YH

RNX\XFX NLWOHOHULQH XODPDNWDGU %\N LOoHOHULQ YH HKLUOHULQ NHQGLOHULQH |]J SURIHV\RQHOOHU LoLQ \D\QODQDQ WUOHUL YDUGU 7NHWLFL GHUJLOHULQL L LODQODU oRN ID]OD HWNLOHPH] IDNDW HQGVWUL WLFDUHW YH SURIHV\RQHOOHUH KLWDS HGHQ GHUJLOHU L LODQ oHNHFHN |]HO ELU H\OHU NXOODQPDV JHUHNPHNWHGLU dQN WP L LODQODU JD]HWH YH ELU LoHULN LOHWPH\L GLHUOHULQGHQ ELU DGP |QH oNDUU &XUULH  DOPDGDQ KD\DWODUQ VUGUHPH]OHU OHWPHQLQ L LODQODUQGD DGD\ODUQ GLNNDWLQL GHUJLOHULQ D\Q VD\IDODUQGD ELUOLNWH \HU DOPDNWDGU $GD\ODUQ J|]QH oDUSDFDN HWNLOL 'X\XUXODU \D]O EDVQ \ROX\OD \DSODFDNVD GX\XUXQXQ \DSODFD VD\ID YH

\HU VHoLPL GH |QHPOLGLU (Q oRN LOJL oHNHQ \HU GX\XUX VD\IDVQQ HQ VWGU $OW NVPODU LOJLQLQ HQ D] ROGXX \HUGLU 6D\IDQQ VRO DOW N|HVL LVH GX\XUX EDNPQGDQ HQ N|W \HUGLU 'X\XUXODUD \DSODQ WP EDYXUXODU ROXPOX \D GD ROXPVX] NDUODQVQ PXWODND \DQWODQPDO YH ND\WODUD JHoLULOPHOLGLU 6DEXQFXROX  2UJDQL]DV\RQGDNL ER NDGURODUQ VHYL\HVL PHG\D VHoLPLQGH |QHPOLGLU

<D]PD PHPXUX PDNLQH RSHUDW|U JLEL LJFQQ LVNHOHW NDGURVX LoLQ \D\QODQDFDN LODQODU LUNHWLQ VW G]H\ \|QHWLFL LODQODUQQ \D\QODQG JD]HWH YH KDIWDON JD]HWHOHUGH RNXQDELOLU &XUULH  GHUJLOHUGH \D\QODQDPD] 'LHU \DQGDQ KHUKDQJL ELU VHYL\HGHNL LJF LODQODU \HUHO g]HOOLNOH ELOJLVD\DU YH HLWLP JLEL PHVOHNOHUH |]J GHUJLOHU UHNODP DOPD

DoVQGDQ IDYRUL GHUJLOHUGLU 8OXVDO JD]HWHOHU G]HQOL RODUDN EHOLUOL HQGVWUL\HO

VHNW|UOHU YH SURIHV\RQHOOHU LoLQ JQON HNOHU KD]UODPDNWDGU gUQHLQ oRX KDIWDON

RODUDN HLWLP YH ELOJL WHNQRORMLVL E|OPOHUL HNL YHUPHNWHGLU <HUHO EDVQ SURIHV\RQHOOHU YH GLHU VUD G EHFHUL JHUHNWLUHQ LOHU LoLQ X\JXQ GHLOGLU IDNDW DGD\ODU oHNPHN LoLQ XFX] ELU PHWRWWXU 3ULFH  (HU DOW NDGHPHGH oDOWUODFDN LJ|UHQ WHGDULN HGLOHFHNVH EXQODUQ HQ

oRN RNX\DELOHFHNOHUL JD]HWH YH GHUJLOHUH GX\XUX YHULOLU g]HOOLNOH PKHQGLV

 PLPDU HNRQRPLVW PXKDVHEHFLOLN JLEL PHVOHNOHUGH LJ|UHQ DUD\DQODU PHVOHNL X\JXQ LJ|UHQOHULQ oDOPDN DPDF\OD LOHWPH\H EDYXUPDODUQ

\D\QODUD KDQJL QLWHOLNOHUH VDKLS LJ|UHQ DUDQGQ EHOLUWHQ GX\XUXODU YHUHUHN VDODPDOGU %LQJ|O 

GRUXFD GDU\D oNS LH EDYXUPD HWNLVL \DUDWPDOGU $NVL WDNWLUGH LYHUHQL SURIHV\RQHO LOHU YH\D \|QHWLFLOHU LoLQ UHNODP KD]UODPDN X]PDQON LVWH\HQ EHFHULOHU JHUHNWLULU %X VHEHSOH oRX LOHWPH LODQODU NHQGL KD]UODPDNWDQVD UHNODP ILUPDODU YH\D L EXOPD DMDQVODUQD KD]UODWPD\ WHUFLK HGHU %DFK YH 6LVVRQ  )D]OD VD\GD RNX\XFX\D XODODELOLU (OHPDQ DUDUNHQ JD]HWH\H LODQ YHUPHQLQ ELUoRN \DUDU YDUGU 0DLWODQG  =DPDQQGD \D\QODQU JD]HWHOHULQ oRX  VDDW |QFHVLQGHQ LODQ DODELOPHNWHGLU 3URIHV\RQHO oL]LP YH VDQDWVDO |HOHU LODQ HWNLOL NODU <HUHO JD]HWHOHULQ oHLWOL VDNQFDODU GD EXOXQPDNWDGU \|QWHP YDUGU

%LU LYHUHQ L LODQQ KD]UODGNWDQ VRQUD LODQ RNXPDO YH LODQ NHQGLVLQGH

HWNLOHPH\HQ ELU LODQ EDND KLo NLPVH\L HWNLOHPH] 6DXWKHU  g]HOOLNOH

0DOL\HW NoN LOHWPHOHULQ HOHPDQ DUDUNHQ NXOODQDELOHFHL PDVUDIV] ELUoRN =DUDU RNX\XFXODUQ SHN oRX L DUDP\RU RODELOLU J|UHPH\HELOLU

*|UQPH\HQ LODQODU EHQ]HU LODQODU DUDVQGD ND\EROPXVD L DUD\DQODU LODQ .VD |PUOON JD]HWH oRX ]DPDQ KHPHQ RNXQXU YH LODQOD ELUOLNWH o|SH DWOU

 (O %URUOHUL

NXOODQG ELU \|QWHPGLU \HUL oHYUHVLQH HOGHQ GDWODQ YH\D L \HUOHULQLQ ROPDODU DoVQGDQ |QHPOLGLU )QGNo 

(OHPDQ LKWL\DF NRQXVXQGD HO EURUOHUL NoN LOHWPHOHULQ GDKD oRN

GNNDQODUQ NDSVQD FDPODUQD \DSWUODQ EX LODQODUQ L\L KD]UODQP ROPDV HWNLOL

  'XYDU $ILOHUL

EDNPQGDQ \DUDUO ROPDNWDGU 'LHU \DQGDQ HOHPDQ LKWL\DFQQ EHOLUOL ELU VUHNOLOLN J|VWHUPHVL GH EH] DILLQ WHUFLK HGLOPHVLQLQ |QHPOL ELU QHGHQLGLU gUQHLQ WHNVWLO DW|O\HOHUL YH IDEULNDODUQQ EX EH] DILOHUL VUHNOL RODUDN \D GD EHOLUOL G|QHPOHUGH DVWNODU GLNNDWL oHNPHNWHGLU )QGNo   7HOHWH[W

'XYDU DILOHUL |]HOOLNOH EH] DILOHU NXUXPXQ oHYUHVLQH \DSDFD GX\XUX

7HOHWH[W LODQODUQQ DYDQWDMODU

%D] NDQDOODUQ WHOHWH[W \D\Q LODQ YHUPH RODQD VDODPDNWDGU

ODQODU WP \D\Q DODQQGDQ L]OHQHELOLU

gQHPOL VDNQFDODU GD PHYFXWWXU

+]O \D\Q RODQD YDUGU ED] GXUXPODUGD GDNLNDODU ELOH \HWHUOLGLU  'LHU HOHPDQ DUDPD ND\QDNODUQGDQ GDKD SDKDOGU

7HOHWH[W \D\QQGDQ \DUDUODQDQ HYOHULQ \]GHVL VQUOGU 0DLWODQG   'X\XUXQXQ +D]UODQPDVQGDQ gQFH 'LNNDW (GLOPHVL *HUHNHQ 1RNWDODU HGLOHFHN QRNWDODU YH FHYDS EXOXQPDV JHUHNHQ VRUXODU X

J|UHQ LKWL\DFQQ GX\XUXOPDV NRQXVXQGD GX\XUXGDQ |QFH GLNNDW

|]HWOHQHELOLU )QGNo 

HNLOGH

.XUXPXQ HOHPDQ LKWL\DF WDP RODUDN EHOLUJLQ PLGLU" %X EHOLUJLQOLL VDOD\DFDN QVDQ ND\QD LKWL\DFQQ ROGXX DODQODUGDNL L DQDOL]OHUL YH J|UHY WDQPODU %HOLUOHQHQ LKWL\DoODU NRQXVXQGD ELU ILNLU ELUOLL YDU PGU" gUQHLQ KHUKDQJL LOJLOL ELULP YH VW G]H\ \|QHWLFLVL PPNQ ROGXXQFD D\Q ILNLUGH ROPDOGUODU JHUHNWLL JLEL \DSOP ROPDOGU NXUXP LoL DUDWUPD \DSOP PGU"

ELU ELULPGHNL HI LKWL\DF NRQXVXQGD LQVDQ ND\QDNODU PHUNH]L \|QHWLFLVL

.XUXPGDNL HOHPDQ LKWL\DoODU PPNQ ROGXXQFD ELU GX\XUX KDOLQGH ELU DUD\D JHWLULOPHOLGLU

 'X\XUXGD \HU DODQ HOHPDQ LKWL\DoODUQQ NDUODQDFD KHGHI NLWOH (Q X\JXQ GX\XUX DUDF EHOLUOHQPHOLGLU +HGHI NLWOH GX\XUX\D NROD\FD $\UFD X NRQXODUD GD |]HQ J|VWHULOPHOLGLU %ROWRQ  XODDELOPHOLGLU EHOLUOHQPHOLGLU

LH DOP ND\QD \HUHO LJF KDYX]X LNHQ WHFUEHOL \|QHWLFLOHULQ LH DOQPDVQGD XOXVDO YH\D XOXVODU DUDV LJF KDYX]X NXOODQOU

3RWDQVL\HO FHYDS YHULFLOHULQ VD\V YH \HUL gUQHLQ YDVIV] LoLOHULQ EDOFD

ROPD] LODQODU LoLQ GDKD ID]OD KDUFDPD \DSPDN LODQD oRN PLNWDUGD \DQW YHULOPHVLQL VHYL\HGHNL LJFQQ LODQD JHUL G|QPQ VDODPDNWU

LODQODUQQ PDOL\HWL 0XKWHPHOHQ IDNDW KHU ]DPDQ EX GXUXP JHoHUOL

VDODU (WNLOL LH DOP LODQODUQQ KHGHIL PLQLPXP PDOL\HWOH oHNLFL YH WDWPLQ HGLFL 2UJDQL]DV\RQ LoLQ LODQODUQ \D\QODQPD VNO (HU JQON YH\D KDIWDON

JD]HWH YH GHUJLOHU LODQ NDQDO RODUDN NXOODQOUVD ELU SR]LV\RQ LoLQ oHLWOL NHUHOHU LODQ VDGHFH ELU NH] \D\QODQDELOHFHNWLU

YHUPHN PPNQGU (HU D\ON ELU GHUJL VHoLOPLVH R ]DPDQ PXKWHPHOHQ EX LODQ 'HUJLOHULQ JD]HWHOHULQ RNXU VD\V YH WLUDMODUQQ DUDWUOPDV 8]PDQON

GHUJLOHUL PXKWHPHOHQ VDGHFH R VHNW|UGH oDODQ NLLOHU YH\D R VHNW|UGH L DUD\DQ DNWLI LJF WDUDIQGDQ RNXQXU  'X\XUXQXQ +D]UODQPDV 6UDVQGD 'LNNDW (GLOPHVL *HUHNHQ 1RNWDODU YHUHFHLQL GLNNDWOLFH GQPHOL YH DDGDNL VRUXODU \DQWODPDOGU ODQGD QH JLEL ELOJLOHU \HU DOPDO" %X ELOJLOHUL QDVO LIDGH HWPHOL" ODQ QDVO G]HQOHQPHOL"

OHWPH KDQJL ND\QD NXOODQDFDQD NDUDU YHUGLNWHQ VRQUD EX LODQ QDVO

D\UQWODU LoHUGLNOHULQL \D GD LoHUPHGLNOHULQL YH EXQODU QDVO RUWD\D NR\GXNODUQ L\LFH J|]OHPHOLGLU 2NXUODU KDQJL LODQODUD QHGHQ LOJL J|VWHUHELOLU" VRUXVXQD FHYDS

OHWPH LODQ WDVDUODPDGDQ |QFH GLHU LODQODUD EDNPDO \D GD GLQOHPHOLGLU 1H JLEL

 DUDPDOGU $\UFD SURIHV\RQHOOHUOH J|UPHOL QDVO ELU \DUGP YH |QHUL DODELOHFHLQL

|UHQPHOLGLU $\Q ]DPDQGD L WDQPQ YH NLL |]HOOLNOHULQL ELU NH] GDKD J|]GHQ

JHoLUPHVL GH JHUHNLU %X EHOJHOHU LODQQ WHPHOLQL ROXWXUXU DUD\DQ NLLQLQ EX LLQ DQOD\DELOPHVL JHUHNLU

NHQGLVL LoLQ HQ GRUX VHoLP NHQGLVLQLQ GH LUNHW LoLQ HQ GRUX NLL ROGXXQX H DOPD LODQODU G|UW WHPHO NRQX\X LoHUPHOLGLU &XUULH 

LQ DQDKWDU |]HOOLNOHUL LLQ NRQXVX YH PDD GXUXPX LQ NRQXVX YH PDD G]H\L VRUXPOXOXNODU YH DQD J|UHYOHULQ D\UQWODU\OD ELUOLNWH LLQ VHYL\HVL YH oHLGL KDNNQGD RNX\XFX\D L\L ELU LSXFX YHULU

LQ FRUDIL NRQXPX %LU LQVDQQ LLQL GHLWLUPHVL NLLQLQ \DDPQGD |QHPOL ELU ROD\GU 'ROD\V\OD LLQ FRUDIL NRQXPX GD LQVDQODUQ EDYXUX VUDVQGD NDUDU YHUPHOHUL ]HULQGH oRN |QHPOL HWNL \DSDU

(QGVWULQLQ WU YH WHUFLKHQ RUJDQL]DV\RQXQ DG QVDQODU EDYXUDFDNODU RUJDQL]DV\RQXQ DGQ ELOPHNWHQ KRODQUODU %X RQODUGD SVLNRORMLN ELU UDKDWODPD VDODU LH EDYXUPD oHNLQFHOHUL D]DOU

1HUH\H YH QDVO EDYXUXODFD 2NX\XFXODU QH WU ELU EDYXUXQXQ WHUFLK \D]\OD EDYXUDUDN P \D GD WHOHIRQOD P EDYXUX IRUPX GROGXUXODFD D\UFD EHOLUWLOPHOLGLU

HGLOHFHLQL ELOPHN LVWHUOHU $GD\ODU ELU EDYXUX PHNWXEX J|QGHUPHOL PL EDYXUX HVQDVQGD &9 JHUHNOL PL JLEL WP D\UQWODU LODQGD DoNoD

\HWHQHN QLWHOLN YH GHQH\LPGH ELU NLL\H JHUHNVLQLP ROGXXQD GDLU ELOJLOHU EXOXQPDOGU 0DLWODQG  %LU LODQQ WDU] YH IRUPDW GD KHU ]DPDQ GHLLU $PD X\JXODQDELOHFHN ED]

ODQGD D\UFD LQVDQODU LH EDYXUPD\D WHYLN HGHFHN KHUKDQJL ELU \DUDU YH KDQJL

HYUHQVHO NXUDOODU YDUGU %LU LODQ GLNNDW oHNLFL LOJLQo NVD NHVLQ GLOL L\L GRUX \DVDO YH H\OHPH JHoLULFL ROPDOGU 'LNNDW oHNLFLOLN

LOHWPHQLQ DG E\N KDUIOH \D]OPDOGU 5DG\RGD FDQO ELU MLQJOH \D GD DoO

+HU LODQ GLNNDW oHNPHOLGLU %LU EDON \D GD L\L ELU LPDM YDUVD

FPOHVL EDON J|UHYL \DSDELOLU .R\X ELU oHUoHYH GHLLN WDU] YH WRQODUGD

 EDVN LUNHW ORJRVX \D GD ELU UHVLP GLNNDW oHNLFL |HOHU RODUDN NXOODQODELOLU JHQLOHWHELOLU

)D]ODGDQ PDVUDI J|]H DOPDN NRXOX\OD UHQNOL \D GD E\N ELU LODQ HWNL DODQQ OJLQoOLN

LVWHQHQ LQVDQODUQ \HULQH LOHWPH NHQGLVLQL NR\PDO YH EX LQVDQODUQ LOJLVLQL QH WDQPDN LOHWPHQLQ SL\DVD GXUXPXQX ELOPHN LVWHUNHQ ELU \|QHWLFL DVLVWDQ FUHWL VRV\DO \DUGPODU YH NHQGLOHULQGHQ QH EHNOHQGLLQL PHUDN HGHUOHU .VDON

2NX\XFX LODQ J|UG DQGD RNXPD DU]XVX GX\PDOGU 8ODOPDN

oHNHELOLU GL\H GQPHOLGLU %LU VDW WHPVLOFLVL LOHWPHQLQ VDWW UQOHUL oDODFD RILVL NXOODQDFD DUDo JHUHFL ELOPHN LVWH\HFHNWLU 7P EDYXUDQODU

2QXQ \HULQH E\N ELU RODVONOD \DQQGDNL LODQD EDNDFDNODUGU ODQGD JHUHNVL] WP ELOJLOHU oNDUOPDO EDVLW FPOH YH V|]FNOHU NXOODQOPDOGU 7HNQLN V|]FNOHU YH DUJR NDYUDPODU DVOD NXOODQPDPDOGU LQVDQODUD LWLFL JHOHELOLU .HVLQOLN

8]XQ YH JHUHNVL] D\UQWODUOD GROX ELU LODQ L DUD\DQODUQ SHN D] RNXU

%XQX NHVLQ ELU HNLOGH \DSDELOPHN LoLQ LLQ JHUHNOHULQL YH LOHWPHQLQ JHUHNVLQPHOHULQL RODUDN DU NDOGUPD\ JHUHNWLUL\RUVD EXQX \DSPDN LVWHPH\HQ \D GD \DSDPD\DQ DGD\ODU EDYXUPD\DFDN E|\OHFH LOHWPH\L ]DPDQ YH SDUD KDUFDPDNWDQ NXUWDUDFDNODUGU 7DP

OHWPH LH X\JXQ ROPD\DQ NLLOHULQ LODQD EDYXUPDODUQ HQJHOOH\HELOPHOLGLU

EHOLUOHPHVL JHUHNLU gUQHLQ ELU VDW \DUGPFVQQ J|UHYL D\Q ]DPDQGD G]HQOL

FUHWL \D GD WDYDQ YH WDEDQ EHOLUWPHN GH PDQWNO ELU GDYUDQWU %D] LOHWPHOHU \DOQ]FD GROJXQ \D GD SULP HVDVO JLEL LIDGHOHU NXOODQUODU <D]N NL EX V|]FNOHUL KHUNHV GHLLN HNLOOHUGH \RUXPODU 6RQXoWD LH ELUoRN NLL EDYXUDELOLU DPD LODQ VDKLELQLQ GROJXQ GL\H QLWHOHGLL FUHWL ED]ODU oRN GN EXODELOLU %X

ROXPVX]OXNODUQ |QQH JHoHELOPHN LoLQ LOHWPH QH FUHW YHUHFHLQL LODQGD NHVLQ ELU HNLOGH EHOLUWPHOLGLU %X GXUXPGD EDYXUX VD\V D]DODELOLU DPD EDYXUDQODUQ EX FUHWWHQ PHPQXQ NDODFD JDUDQWLGLU

 'LOLQ L\L NXOODQOPDV

]DPDQ HWNLOHU ODQQ PDQWNO ELU G]HQ LoLQGH YH EHOLUOL EDONODU DOWQGD KD]UODQP ROPDVQD GLNNDW HGLOPHOLGLU 'RUXOXN

POD YH QRNWDODPDQQ NRQWURO HGLOPHVL JHUHNLU %X LOHWPHQLQ LPDMQ KHU

*HUoHNOHUL \DQO \RUXPODPDN oRX NH] DGD\ODUQ EDYXUXODUQ JHUL oHNPHOHULQH QHGHQ RODELOLU %X GD UDKDWV] HGLFL YH PDOL\HW DUWUF ELU GXUXPGXU <DVDOON

H RODQ LOJL\L DUWUPDN JHUHNVH ELOH DEDUWO YH \DQOWF ROPDNWDQ NDoQPDOGU

ROXQPDOGU %LUoRN HOHPDQ DUDPD ND\QD LOHWPH\L EX NRQXGD X\DUDFDNWU DPD LODQQ KLoELU D\UP \DSPDPDVQ LOHWPH VDODPDOGU 0DLWODQG  (\OHPH JHoPH\H WDKULN HGLFLOLN

ODQGD FLQVL\HW UN YH PHGHQL GXUXPOD LOJLOL ELU D\UP \DSOPDGQGDQ HPLQ

WHYLN HGHFHN PWHYD] ELU LODQVD KLoELU WHSNL GRXUPD\DFDNWU ODQD oRN ID]OD \DQW JHOPHVL oRN D] \DQW JHOPHVL NDGDU UDKDWV] HGLFL RODELOLU YH EHWLPOHPHQLQ oRN ID]OD X\JXQVX] NLLQLQ EDYXUDFD NDGDU PXODN YH\D JHQHO ROGXXQXQ ELU LIDGHVLGLU NL

%LoLP YH \D] VOXEX |]HO ELU WU KQHU LVWHU J|VWHULOL ELU LODQ LQVDQODU

ELULQFL VQI EDYXUXQXQ \]OHUFH LNLQFL VQI EDYXUXGDQ GDKD L\L ROGXX V|\OHQHELOLU %D] GXUXPODUGD DU]X HGLOGLL NDGDU NHVLQ ROPDN RODQDNV]GU PH]XQX JHOHFHNWHNL \HWHQHNOL \|QHWLFLOHU RODUDN NHQGL E|OPQH DOPDN LVWH\HQ ELU \|QHWLFL QH WU LQVDQODU EXODELOHFHLQL J|UPHN LoLQ oRN VD\GD EDYXUX\X gUQHLQ QLYHUVLWHGHQ D\UOGNWDQ VRQUD LNL \O GHQH\LP ND]DQP ELU \D GD LNL

N]WUPD\ JHUHNOL EXODFDNWU %X GXUXPGD oRN VD\GD DGD\Q NDW ]HULQGH YH )LQQLJDQ 

J|UPHGH FLGGL ELU HNLOGH o|]POHQPHVL LoLQ \HWHUOL ]DPDQQ D\UOPDV JHUHNLU  'RUXGDQ %DYXUX 9H\D &Y *|QGHUPH

WDOHSWH EXOXQDQODU ZULWHLQV YH\D DKVHQ ILUPD\D JHOHUHN L EDYXUXVXQGD EXOXQDQODU ZDONLQV  DGD\ VDODPDGD |QHPOL ELU ND\QDNWU QVDQ ND\QDNODUQD |QHP YHUHQ ILUPDODUGD oHLWOL \ROODUOD ILUPD\D NHQGLOLLQGHQ EDYXUDQODUQ

)LUPDQQ WDOHS YH GX\XUXVX ROPDGDQ PHNWXS IDNV HPDLO LOH \D]O RODUDN

 |]JHoPLEDYXUX IRUPODU ELU |Q LQFHOHPHGHQ JHoLULOLU %X LQFHOHPH VRQXFX ER ELU SR]LV\RQ ROPDVD ELOH HHU R NLLQLQ JHOHFHNWH ILUPDGD GHHUOHQGLULOPH RODQD YDUVD DGD\ SHUVRQHO YHUL WDEDQQD DOQU )LUPDODUQ ROXWXUGXNODU DGD\ YHUL WDEDQODU

JHQHOOLNOH GX\XUX \ROXQD JLWPHGHQ |QFH EDYXUGXNODU |QHPOL ELU ND\QDNWU %X \]GHQ ELUH\OHULQ L EDYXUXODUQD ROXPOX FHYDS DODPDPDODU JHOHFHNWHNL SR]LV\RQODU LoLQ GH DQVODUQ 'DQPDQON  \LWLUGLL DQODPQD JHOPHPHNWHGLU 3LUDPLW

GRUXGDQ GRUX\D LOHWPH\H EDYXUXS L LVWH\HELOLU %X \ROGDQ \DSODQ

OHWPHQLQ \HUOHLP \HUL WDQQPO YH GLHU QHGHQOHUOH ELUoRN NLL

EDYXUXODUQ VDNQFDO \|Q EDYXUX HVQDVQGD LVWHQHQ QLWHOLNWH ELU LLQ KHU ]DPDQ ER ROPDPDVGU %XQXQOD ELUOLNWH VN VN HOHPDQ DODQ LOHWPHOHUGH EX WU EDYXUXODUQ LH JLUPH\OH VRQXoODQG J|UOU g]HOOLNOH HNRQRPLN EXQDOP YH LVL]OLLQ HJHPHQ ROGXX G|QHPOHUGH ELUoRN NLLQLQ GRUXGDQ EDYXUXGD

EXOXQDUDN L DUDG J|UOU (Q NROD\ YH HQ XFX] ELU \|QWHP ROXX QHGHQL\OH EX

\RO DoN WXWXODELOLU 'RUXGDQ EDYXUXGD LOHWPHQLQ G NDSVQD |]HOOLNOH YDVIV] LoL EXOPDN DPDF\OD ELU GX\XUX \D]V \DSWUOG GD J|UOU %X WU EDYXUXODU IRUPX GROGXUXOXU JHQHOOLNOH ILUPD NDSVQGD JYHQOLN J|UHYOLOHULQH \DSOU YH NDSGD ELU L LVWHN g]HOOLNOH HNRQRPLN GXUJXQOXN G|QHPOHULQGH YH EXQD EDO RODUDN LVL]OLN

RUDQQQ \NVHN ROGXX GXUXPODUGD EX WU EDYXUXODU \RXQODU DNVLQH ELU

RUWDP GD LVH EXQODU D]DOPD J|VWHULU dHYUHGH Q VDOP LOHWPHOHU EX ND\QDNWDQ ROGXNoD ID]OD \DUDUODQPDNWDGU .oN oDSO YH oHYUHGH WDQQPDP LOHWPHOHUH EX WU EDYXUXODU ID]ODFD \DSOPD] %LQJ|O   g]HOOLNOH YH HWNLQ ELU \|QWHPGLU %DFK DQG 6LVVRQ 

IDVW IRRG \L\HFHN ]LQFLUOHUL EX \ROOD HOHPDQ DOUODU oL UHIHUDQVODU JLEL K]O XFX] 'RUXGDQ EDYXUXGD J|UOHQ \D\JQ ELU \|QWHP GH &9 &XUULFXOXP

9LWDH RODUDN ELOLQHQ |]JHoPL ELOJLOHULQL LoHUHQ \D]ODUQ DGD\ODU WDUDIQGDQ ILUPDODUD SRVWD\OD IDNVOD YH\D HPDLO LOH J|QGHULOPHVLGLU %X &9 OHU GH LOHWPH LoLQ 6DEXQFXROX   HOHPDQ EXOPD YH DGD\ KDYX]X ROXWXUPDGD |QHPOL DUDoODUGU

  3HUVRQHO 9H\D 7DQGNODU $UDFO OH %DYXUX

URO R\QD\DELOLUOHU %X EDNPGDQ ]DPDQ ]DPDQ GLHU \|QWHPOHUOH ELUOLNWH \D GD WHN

%LU NXUXPXQ oDODQODU R NXUXPD VDODQDFDN HOHPDQODU NRQXVXQGD HWNLQ ELU

EDQD EX \RO GD WHUFLK HGLOHELOLU hUHWLP EDQGQGDNL NDOLIL\H HOHPDQ LKWL\DF EX DoQ oHYUHOHULQH YH DUNDGDODUQD GX\XUPDODU EX LKWL\DF NVD VUHGH JLGHUHELOLU )QGNo  %X \|QWHPGH LoLOHUGHQ DNUDEDODUQ DUNDGDODUQ

EDQWWD oDODQ GLHU LJ|UHQOHU \ROX\OD JLGHULOHELOLU dDODQODUQ NXUXPODUQGDNL LJF

YH\D WDQGNODUQ KDEHUGDU HWPHOHUL LVWHQLU +DWWD HHU PHYFXW LoL \HQL ELU LoL\L |GO ELOH YHULOHELOLU %DFK DQG 6LVVRQ 

EDYXUX NRQXVXQGD FHVDUHWOHQGLULU YH VRQXQGD LoL LH NDEXO HGLOLUVH EHONL ILQDQVDO ELU (HU LOHWPHGH ROXPOX ELU |UJWVHO LNOLP YDUVD YH oDODQODU \|QHWLPGHQ YH

\|QHWLP oDODQODUGDQ PHPQXQVD R ]DPDQ LOHWPH \|QHWLPL ER NDGURODU GROGXUPDN %XQXQOD ELUOLNWH oDODQODU JHUoHNWHQ LOHULQGHQ WDWPLQ GX\PDNWDODUVD EX GXUXPX VUHNOL RODUDN \DNQODUQD DQODWDFDNODU YH NRQXWXNODU NLLOHU E|\OH ELU LOHWPHGH oDOPD\D GDKD ID]OD LVWHNOL RODFDNODUGU gWH \DQGDQ oDODQODU WDYVL\H HWWLNOHUL NLLOHULQ LH DOQPDODUQGDQ |WU EXQGDQ JXUXU GX\DFDNODUGU %LQJ|O 

LoLQ LJ|UHQOHULQGHQ \DNQ DUNDGD YH DNUDEDODUQ WDYVL\H HWPHOHULQL LVWH\HELOLU

JHOLWLUPHN DPDF\OD UHVPL \D GD JD\UL UHVPL NRQWDNODU NXUDUODU 3URIHV\RQHO

g]HOOLNOH SURIHV\RQHO YH X]PDQ oRX LoL GLHU LJ|UHQOHUOH EHFHULOHULQL

WRSODQWODU YH NRQIHUDQVODU \DUGP\OD YH\D GDKD D] UHVPL RODQ WHPDVODUOD EX NRQWDN HGLOPHOLGLU %ROWRQ  gQFHOLNOH HHU SHUVRQHO UHIHUDQVODU JLEL XFX] ND\QDNODU VUHNOL RODUDN GDKD HWNLQ oDODQODU JHWLULUVH |UJWOHU EXQGDQ QLVSHWHQ GDKD PDOL\HWOL RODUDN ID\GD VDODUODU =DWWROL DQG :DQRXV  $GD\ VDODPDGD EX WU WDYVL\HOHULQ ELUoRN \DUDU YDUGU g]HOOLNOH SHUVRQHO

NXUXOXU %X ND\QDN J|] DUG HGLOHPH] IDNDW IUVDW HLWOLLQH |QHPOL |OoGH GLNNDW

EXOPDQQ Jo ROGXX LOHUGH SHUVRQHOLQ EHQ]HU LOHUGH oDODQODU WDQPD YH |QHUPH

RODVO \NVHNWLU %X HNLOGH VDODQDQ DGD\ODU L YH ILUPD KDNNQGD oRN GDKD JHUoHNoL ELOJL\H VDKLS ROGXXQGDQ VHoLOHQ DGD\Q LWH NDOPD VUHVLQL DUWUF ELU HWNL \DUDWPDNWDGU 7DYVL\H HGHQ NLL KHP LL ELOGLL KHP GH |QHUGLL DGD\ WDQG LoLQ

LH X\JXQ DGD\ODUQ EXOXQPD RODVO DUWPDNWDGU $\UFD |QHULOHQ DGD\Q NHQGLVLQL

 WDYVL\H HGHQLQ \]Q NDUD oNDUPDPDN LVWHPHVL GH GDKD L\L SHUIRUPDQV

J|VWHUPHVLQH QHGHQ ROPDNWDGU %D\UDNWDUROX  

LL YH JHUHNOL QLWHOLNOHUL \HWHULQFH ELOPL\RUVD X\JXQ ROPD\DQ DGD\ODU |QHUHELOLU $\UFD NLLOHULQ WDQGNODU KDNNQGD REMHNWLI GHHUOHQGLUPH \DSPDODU ]RUGXU %D]HQ NLLOHU \DNQON YH DUNDGDON LOH LL ELUELULQH NDUWUDELOLU VHYGLNOHULQL YH \DNQODUQ QLWHOLNOHULQH EDNPDNV]Q R SR]LV\RQ LoLQ |QHUHELOLUOHU $\UFD SHUVRQHOLQ \HWHUVL] ROGXXQX ELOGLL DGD\ODU NHQGL NRQXPXQX JoOHQGLUPHN DPDF\OD |QHUPHVL

'LHU \DQGDQ EX \|QWHPLQ ED] VDNQFDODU GD PHYFXWWXU (HU WDYVL\H HGHQ

ELoLPLQGH |QHUL VLVWHPLQL N|W\H NXOODQPDV V|] NRQXVX RODELOLU 3LUDPLW JUXS GDKD D] DQVD VDKLSVH IUVDW HLWOLLQH NDU SUREOHP \DUDWDELOLU )DNDW EX GH]DYDQWDMQD UDPHQ LoL ND\QDQQ XFX] ROPDV \]QGHQ LOHWPHOHU WDUDIQGDQ WHUFLK HGLOLU %DFK DQG 6LVVLRQ  $UDFODUOD EDYXUX \|QHWLPLQLQ GDKD N|W X\JXODPDVQ GDUGDQ LOHWPH NDUWYL]LWOH L EXOPD \|QWHPL GHQHELOLU

'DQPDQON  oL WDYVL\HOHULQH LWLPDW HHU ER NDGURODU GX\DQ EHOLUOL ELU

\|QHWLFLOHULQH \DSODQ |W YH EDVNODU ROXWXUXU hONHPL]GH VN VN |UQHNOHULQH UDVWODGP] EX WU X\JXODPD\D .XNXVX] oRN \DQO YH WHKOLNHOL ELU \ROGXU dRX NH] LH J|UH DGDP \HULQH  9H oL %XOPD .XUXOXODU DGDPD J|UH L EXOPD LOH VRQXoODQU 6DEXQFXROX 

KL]PHWL N|W\H NXOODQPDODUQGDQ VRQUD JQGHPH JHOPLWLU ON NDPX L EXOPD NXUXPX  \OQGD QJLOWHUHGH NXUXOPXWXU 'DKD VRQUD $OPDQ\D %HOoLND YH )UDQVD EXQX WDNLS HWPLWLU 76. <D\QODU  

'Q\DGD NDPXQXQ L EXOPD IDDOL\HWOHULQH JLUPHVL LoL VLPVDUODUQQ EX

.XUXOX YH *|UHYOHUL +DNNQGDNL <DVD LOH L YH LoL EXOPD KL]PHWOHULQL NDPX KL]PHWL RODUDN YH oL %XOPD .XUXPX %. EQ\HVLQGH ONH oDSQGD WHNLODWODQDUDN VUGUPH\H EDODPWU .XUXP  \OQGDQ EX \DQD |]HOOLNOH 
O \OODUGDQ 
OL \OODUQ VRQXQD NDGDU $YUXSD YH GLHU JHOLPL ONHOHUH LJF J|QGHUPHGH |QHPOL J|UHYOHU VWOHQPL NDPX NHVLPLQGH LH \HUOHWLUPH KL]PHWOHULQL \UWP

7UNL\HGH  WDULK YH  VD\O YH oL %XOPD .XUXPXQXQ

|]HOOLNOH GH]DYDQWDMO JUXSODUQ NDGQODU |]UOOHU YH J|oPHQOHU JLEL ELU PHVOHN

 HGLQPHOHUL YH LH \HUOHWLULOPHOHULQGH ND\QDNODUQQ HOYHUGLL |OoGH oDOPDODU \UWPWU =DPDQ LoLQGH %. \DDQDQ K]O JHOLPHOHUH JHUHN WHNLODW \DSV JHUHN

VXQGXX KL]PHWOHU JHUHNVH NDSVDP DoVQGDQ FHYDS YHUHPHPH\H EDODP LVWLKGDP JHOLWLUHFHN LVL]OLNOH PFDGHOHGH HWNLQ KL]PHW YHUHELOHFHN HNLOGH \HQLGHQ \DSODQGUOPDV JHUHNOL ROPXWXU %X QHGHQOH %.
QQ DGQ .XUXPX .85 RODUDN GHLWLUHQ NXUXPX LJF SL\DVDVQGD HWNLQ YH 7UNL\H

G]HQOH\LFL UROOHUOH GRQDWPD\ KHGHIOH\HQ DNWLI LJF SL\DVDV SURJUDPODUQ

X\JXOD\DELOHQ ELU \DS ND]DQGUPD\ DPDoOD\DQ \DVD WHNOLIL  WDULKLQGH

7%00 *HQHO .XUXOX


QGD NDEXO HGLOPLWLU  VD\O \DVD\D J|UH LVWLKGDPQ NRUXQPDV JHOLWLULOPHVL \D\JQODWUOPDV LVL]OLLQ |QOHQPHVL IDDOL\HWOHULQH \DUGPF ROPDN YH LVL]OLN VLJRUWDV KL]PHWOHULQL \UWPHN ]HUH 7UNL\H .XUXPX NXUXOPXWXU )UDW  

EHOLUWHUHN WDOHS HGHELOLU $QFDN 7. DUDFO LOH JHOHQ DGD\ODUQ PXWODND LH DOQPDV

)LUPDODU JHUHNVLQLP GX\GXX SHUVRQHOL 7.


GDQ DUDG QLWHOLNOHUL GH

]RUXQOXOXX \RNWXU g]HO NXUXOXODUQ 7.


GDQ \DUDUODQPDODU LVWHH EDO ROPDNOD KNPO JD]L YH\D HKLW \DNQ JLEL SHUVRQHOLQ 7. DUDFO LOH \D GD RQD\ LOH WHPLQ HGLOPHVL ]RUXQOXGXU 7. DOW G]H\ SR]LV\RQODU LoLQ EDYXUXODELOHFHN ELU VW G]H\ SR]LV\RQODU LoLQ ELU ND\QDN RODPDPDNWDGU ZZZDYUXSDGDWDFRP ND\QDN LVH GH JQP]GH QLWHOLNOL SHUVRQHOLQ 7.
QD EDYXUPDPDV VRQXFX GDKD 'HYOHWH DLW L EXOPD NXUXPODU JHoPLWH LH DOPD SD]DUQQ &LQGUHOODV

ELUOLNWH L NDQXQX JHUHLQFH EHOLUOL RUDQODUGD LVWLKGDP ]RUXQOX RODQ |]UO HVNL

ROPDVQD UDPHQ EX ND\QDN JQP]GH LYHUHQOHU YH LoLOHU LoLQ \DUDUV] ELU ND\QDN

GXUXPXQGDGU VL] DGD\ODUD YH GN X]PDQON VHYL\HVL JHUHNWLUHQ LOHUH LJ|UHQ

VDODPD\D oDODQ ELU ND\QDN GXUXPXQGDGU 3ULFH   %DYXUDQODU LoLQ |W YHUPH VHUYLVL VXQDUODU YH LOHWPHOHUH LJ|UHQ WDYVL\H HWPHGHQ |QFH VQUO VD\GD EDYXUDQ DUDVQGD |Q VHoLP \DSDUODU %ROWRQ   .DPX L YH LoL EXOPD NXUXPXQD KHP LLQGHQ PHPQXQ ROPD\S L DUD\DQODU KHP GH LVL] LJ|UHQ JLEL LOHU DUDGNODUQ YH KDQJL QLWHOLNOHUH VDKLS EXOXQGXNODUQ ND\GHGHU YH

DGD\ODU EDYXUXUODU %X NXUXP L EXOPDN LoLQ NHQGLVLQH EDYXUDQ DGD\ODUQ QH LJ|UHQ DUD\DQ ILUPDODUQ GD KDQJL LOHUH KDQJL QLWHOLNWH HOHPDQ DUDGNODUQ |UHQLU

 %|\OHFH EXQODU DUDVQGD DUDFON \DSP ROXU 'HYOHWH DLW L YH LoL EXOPD ONH oDSQGD |QHPOL ELU J|UHY LID HWPHNWHGLU %LQJ|O  

NXUXPODU |]HOOLNOH LVL]OLN VLJRUWDV X\JXODPDVQQ V|] NRQXVX ROGXX ONHOHUGH *HQHOOLNOH LVL] LQVDQODU EX NXUXPODUD ND\W ROXUODU YH ED] RUJDQL]DV\RQODU

EXQX ELU GH]DYDQWDM RODUDN J|UUOHU H DOPDGD ELU LQVDQQ QLoLQ LVL] ROGXX |QHPOL ELU VRUXGXU VL] ELU LQVDQQ GDLPD L EXOPDV GDKD ]RUGXU %X NXUXOXODU JLGHUHN VDODPDNWDGU 'LHU L EXOPD ND\QDNODUQD J|UH ELU EDND DYDQWDM LVH FUHW DUWDQ VD\GD LJ|UHQH oRN K]O ELU HNLOGH L EXODUDN VRV\DO VRUXPOXOXN YH JYHQOLL DOPDPDODUGU &XUULH 

 g]HO VWLKGDP %URODU 9H QVDQ .D\QDNODU )LUPDODU

WDULKOL UHVPL JD]HWHGH \D\QODQDQ  1ROX %XOPD .XUXPX .DQXQX LOH E|OPQGH  PDGGH LOH EDODPDNWDGU DUD\DQODUQ HOYHULOL ROGXNODU LOHUH

g]HO LVWLKGDP EURODU LOH LOJLOL \DVDO KNPOHU  1ROX YH 

\UUOH JLUPLWLU g%OHU LOH LOJLOL KXVXVODU NDQXQXQ LNLQFL NVPQQ ELULQFL \HUOHWLULOPHOHUL YH oHLWOL LOHU LoLQ X\JXQ LoLOHU EXOXQPDVQD DUDFON HWPH J|UHYL

.XUXP YH EX DPDoOD JHUoHN YH\D W]HO NLLOHU WDUDIQGDQ NXUXODQ |]HO LVWLKGDP EURODUQFD \DSOU g]HO LVWLKGDP EURODU .XUXPFD L SL\DVDVQQ LKWL\DoODU YHULOPHN ND\G\OD NDPX NXUXP YH NXUXOXODU GQGD L YH LoL EXOPD YHULOPHNWHGLU GLNNDWH DOQDUDN EHOLUOHQHFHN VD\GD YH DUDQDQ NRXOODU oHUoHYHVLQGH VHoLOPHN YH L]LQ IDDOL\HWOHULQGH EXOXQDELOLUOHU LIDGHVL LOH |]HO LVWLKGDP EURODUQQ IDDOL\HWOHULQH L]LQ %X NDQXQD J|UH |]HO LVWLKGDP EURODUQ DoDELOPHN LoLQ EHOLUOL DUWODU \HULQH

JHWLUPHN JHUHNPHNWHGLU gQFHOLNOH 7UN YDWDQGD ROPDN YH HQ D] OLVDQV G]H\LQGH

|UHQLP J|UP ROPDN JHUHNPHNWHGLU %HOLUOL VXoODUGDQ KNP JL\PL ROPDPD NRXOX DUDQPDNWDGU .XUXODQ EURODU \HWHUOL \|QHWLP QLWHOLNOL X]PDQ HOHPDQ YH GHID YHULOPHVL \HQLOHQPHVL YH\D LSWDOL .85 WDUDIQGDQ EHOLUOHQHQ NXUDOODU <XUW G KL]PHW DNLWOHULQLQ GH .85D RQD\ODWOPDV ]RUXQOXGXU WHNQLN GRQDQPD VDKLS ROPDOGU %URODUD YHULOHQ IDDOL\HW L]QL o \OGU %X L]QLQ LON GDKLOLQGH \DSOU DUWODU \HULQH JHWLULOLUVH KHU o \OGD ELU IDDOL\HW VUHVL X]DWODELOLU

 .DQXQGD EHOLUWLOGLL ]HUH g]HO LVWLKGDP EURODU L DUD\DQODUGDQ KHU QH DG

DOWQGD ROXUVD ROVXQ PHQIDDW WHPLQ HGHPH] YH FUHW DODPD]ODU H \HUOHWLUPH IDDOL\HWL NDUO FUHW VDGHFH LYHUHQGHQ DOQU $QFDN \|QHWPHOLNOH EHOLUOHQHFHN YHULOHELOLU

PHVOHNOHU YH VW G]H\ \|QHWLFLOHU LoLQ LH \HUOHWLULOHQOHUGHQ FUHW DOQPDVQD L]LQ g% KL]PHW LOHWPHVL RODUDN L SL\DVDODUQGD ER LOHUOH L DUD\DQODU NDU

NDU\D JHWLUHQ YH EXQX NDU DPDoO RODUDN JHoHNOHWLUHQ |]HO KXNXN KNPOHULQH WDEL NXUXOXODUGU HNOLQGH WDQPODQPDNWDGU g]HO LVWLKGDP %URODUg% NDYUDP 8OXVODU DUDV dDOPD gUJWQQ EX NXUXPODUD LDUHW HWPHN LoLQ 3ULYDWH (PSOR\PHQW NDYUDP ROPDV DoVQGDQ NXOODQOPDV X\JXQ J|UOP ELU NDYUDPGU 6D\Q  $JHQFLHV3($ NDYUDPQ NXOODQPDV YH XOXVODU DUDV OLWHUDWUH X\XPOX RUWDN ELU

EHOLUOL ELU V|]OHPH oHUoHYHVLQGH ELU FUHW \D GD NRPLV\RQ NDUOQGD LJF SL\DVDVQGD L DUD\DQODUOD LJF DUD\DQODU DUDVQGD DUDFON KL]PHWL VDOD\DQ DUONO RODUDN NDU DPDF\OD oDODQ NXUXOXODUGU g]HO LVWLKGDP EURODUQQ IDDOL\HWOHUL DUDVQGD LVL]OHULQ L EXOPDODUQD \DUGPF ROPDN YH oDOPDNWD RODQODU 8OXVODU DUDV dDOPD gUJW ,/2 WDUDIQGDQ \DSODQ VQIODPD\D J|UH  NDWHJRULGH YH WDOHEL DUDVQGD DUDFON \DQQGD JHoLFL LoL VDODPDNWDQ \|QHWLFL DUDWUDQODUD \D X]PDQODPDNWDGU JHOHFHLQ L NRXOODUQD KD]UODPD\D \|QHOLN HLWLP SURJUDPODU GD \HU DOPDNWDGU  IDUNO WLS |]HO LVWLKGDP EURVX EXOXQPDNWDGU g]HO LVWLKGDP EURODU LJF DU] GD LKWL\Do ID]ODV SHUVRQHOH \HQL L DUDWUDQODUD NDGDU IDUNO DODQODUGD <XUW GQGD YH JLGHUHNWH ONHPL]GH UHVPL YH oL %XOPD .XUXPX
QXQ

g]HO LVWLKGDP EURODU )UDW   |]HO KXNXNXQ NRUXPDV DOWQGD YH

GQGD |]HO LVWLKGDP EURODUQQ GD ROXWXX YH |]HOOLNOH EH\D] \DNDO RODUDN WHNQLN HOHPDQODUQ EXOXQPDVQGD YH VHoLPLQGH LOHWPHOHUH EHOLUOL ELU GDQPDQON

WDQPODQDQ RUWD YH VW G]H\ \|QHWLFLOHU EUR HOHPDQODU YH PKHQGLVOHU JLEL KL]PHWL YHUGLNOHUL L]OHQPHNWHGLU 6DEXQFXROX  dRX |]HO LVWLKGDP EURVX \NVHN NDOLWHGHNL L PHUNH]OHULQGH KL]PHW YHUPHNWHGLU YH FUHW WDEDQO 3ULFH   VHUYLVOHUL LoHUPHNWHGLU g]HO LVWLKGDP EURODU J|UHFHOL RODUDN SDKDO ELU ND\QDNWU

 g]HO LVWLKGDP EURODU NoN \HUHO JLULLPOHUGHQ oHLWOHQPL EUR HOHPDQ

YH\D ELOJLVD\DU X]PDQ JLEL LJ|UHQOHU ]HULQH X]PDQODPWU XOXVODU DUDV NDID \HWHQHNOHUL GH YDUGU *HoLFL oDODQ ED] X]PDQODU LoLQ GDKD NDOF \HUOHWLUPH DUDWUPDV GD \DSDUODU %DFK6LVVRQ 

DYFODUQ NXOODQDUDN oRNXOXVOX LUNHWOHU LoLQ NGHPOL \|QHWLFLOHU EXOPDN JLEL

NXUDOQ WHNLO HWPHNWHGLU 6|] NRQXVX EURODU PWHUL NRQXPXQGD EXOXQDQ LYHUHQGHQ DODFDNODU FUHW \D GD NRPLV\RQ NDUOQGD IDDOL\HWOHULQL VUGUPHNWHGLU %X EURODU JHQHOOLNOH E\N HKLUOHUGH VDQD\LQLQ \RXQ ROGXX E|OJHOHUGH E\N J|VWHUPHNWHGLUOHU LOHWPHOHUOH QLWHOLNOL YH EH\D] \DNDO LJF DUDVQGD \RXQ RODUDN IDDOL\HW

%X EURODUQ L DUD\DQODUGDQ KHUKDQJL ELU FUHW DOPDPDV VLVWHPLQ WHPHO

DYDQWDMODUD VDKLS ROGXNODU LoLQ WHUFLK HGLOLU NRQXPGDGU g]HO LVWLKGDP EURODUQQ DYDQWDMODU )UDW   $oN LOHULQ GROGXUXOPDV LoLQ JHUHNHQ ]DPDQ NVDOWPDNWD JF SL\DVDVQGDNL YHUHELOPHNWH

*QP]GH |]HO LVWLKGDP EURODU \DS YH LOH\LOHUL EDNPQGDQ oHLWOL

JF SL\DVDVQGDNL L RODQDNODUQQ \D\JQ NLWOHOHUH XODPDVQ VDODPDNWD

GHLPHOHUH GX\DUO ROPDNWD YH oDEXN WHSNL

$PDFD X\JXQ VHoPH YH \HUOHWLUPH PHWRWODU VD\HVLQGH X\JXQ DU] YH WDOHEL ELU DUD\D JHWLUPHNWH EX VD\HGH JHUHNVL] LJF GHYULQL D]DOWDUDN LVUDI |QOHPHNWH

.DPX LVWLKGDP NXUXPODU WDUDIQGDQ JHUHNWLLQFH NDSVDPD DOQDPD\DQ LJFQH HWNLQ GDQPDQON KL]PHWL YHUHELOPHNWH

QLWHOLNOL LJF WHPLQLQGH NROD\ON VDODUNHQ X]PDQODPD VD\HVLQGH QLWHOLNOL

OHWPHOHUH HOHPDQ WHPLQL \ROX\OD LJF SL\DVDVQGD JHoLFL LOHUL RUJDQL]H RODQDNODUQD DLW ELOJL ND\QDNODUQQ DUWPDVQ VDOD\DUDN LOJLOLOHULQ NROD\ONOD ROXWXUPDNWD \DUDUODQDFDNODU JHQL ELU LJF SL\DVDV ELOJL HGHUHN LVL]OLN LOH VUHNOL LVWLKGDP DUDVQGD N|SU J|UHYL VWOHQPHNWH

KDYX]X

 JFQQ VHoLPL YH LVWLKGDP NRQXVXQGD X]PDQODWNODUQGDQ LH \HUOHWLUPH (LWLP SURJUDPODU G]HQOH\HUHN YDVIO LJF WDOHELQH X\JXQ DU]Q 0DOL\HWOHUL GUPHN DPDF\OD EHOLUOL IDDOL\HWOHULQL GVDOODWUDQ LOHWPHOHUH g]HO LVWLKGDP EURODUQQ DYDQWDMODU ROGXX NDGDU VDNQFDODU GD EXOXQPDNWDGU )UDW   0DOL\HWL \NVHNWLU G]HQOL KL]PHW YHUHQ ELULPOHU ROXWXUDUDN VUHNOL LVWLKGDP \DUDWPDNWDGU \DUDWOPDVQD \DUGPF ROPDNWD PDOL\HWOHULQL D]DOWPDNWD

$FHQWHOHU NDOLWH YH YHULOHQ KL]PHW DoVQGDQ GHLLNOLN J|VWHULUOHU

g]HO LVWLKGDP EURODU\OD oDOPDGD EHOOL ELU \|QWHP L]OHPHOLGLU 0DLWODQG    'LHU \DUDUODQPDGNODU DUDWUOPDOGU |UHQLOPHOLGLU LOHWPHOHULQ E|OJHVHO |]HO LVWLKGDP EURODUQGDQ

(OHPH ED]HQ \HWHUVL] RODELOLU YH X\JXQ ROPD\DQ ELUL J|QGHULOHELOLU

\DUDUODQS

%URODUQ EHOOL NRQXODUOD P \RNVD WP L NROODU\OD P LOJLOHQGLNOHUL *HUHNVLQLPOHU DQODWOPDO LLQ JHUHNOHULQLQ QH WU ELU HOHPDQ LVWHQGLLQLQ gGHPH NRQXVXQGD L\L DQODOPDOGU 3HUVRQHO LOHWPH\H X\JXQ GHLOVH LL )LUPDODUQ DGD\ DUDWUPD LOHPOHULQL EX NRQXGD X]PDQODP LQVDQ EUDNU YH\D LWHQ DWOUVD EURGDQ WD]PLQDW WDOHS HGLOPHOLGLU RQODUGDQ QH EHNOHQGLLQLQ L\LFH DQODOGQGDQ HPLQ ROXQPDOGU

ND\QDNODU ILUPDODU LOH RXWVRXUFH HWPHOHUL JLGHUHN \D\JQODDQ ELU X\JXODPDGU

QVDQ ND\QDNODU ILUPDODU JHUHN NHQGL EQ\HOHULQGH ROXWXUGXNODU DGD\ YHUL WDEDQODUQGDQ JHUHNVH R SR]LV\RQD |]J RODUDN \DSWNODU L GX\XUXODUQD JHOHQ DGD\ KDYX]XQX HOHPDQ LKWL\DF RODQ ILUPDQQ ELOGLUGLL L SURILOLQL YH SR]LV\RQXQ |]JHoPLOHUGHQ \DUDUODQDUDN ELU DGD\ KDYX]X ROXWXUXUODU QVDQ ND\QDNODU ILUPDODU JHUHNWLUGLL QLWHOLNOHUL J|]|QQGH EXOXQGXUDUDN |]JHoPLOHU ]HULQGH \DSWNODU |Q LQFHOHPH LOH ROXWXUXUODU g]JHoPLOHULQ LVWHQLOHQ SR]LV\RQD X\JXQOXN GHUHFHVLQH J|UH JHQHOOLNOH DGD\ODU LOH |Q J|UPH \DSDUODU YH EX J|UPHGH GH X\JXQ EXOXQDQ

 DGD\ODU NVD OLVWH VKRUW OLVW LOH HOHPDQ DUD\DQ ILUPDODUD ELOGLULUOHU 6RQUDNL

DDPDODU HOHPDQ DUD\DQ ILUPD WDUDIQGDQ \UWOU ZZZDYUXSDGDWDFRP

NDoQPDODUQ VDOD\DFDNWU 7HFUEHOL WDQQP ELU ILUPD EDDU\ JDUDQWL HWPH] IDNDW ULVNL PLQLPL]H HWPH\L YH EDDUO ELU L DUDWUPDV \DSOPDVQ VDODU OHWPH ILUPD VHoPHGHQ |QFH QH NDGDU VUHGLU EX LL \DSW DUDWUOPDO ZHE VLWHOHUL ]L\DUHW HGLOPHOL LUNHW WHOHIRQOD DUDQDUDN ELOJL DOQPDOGU 0DOLVDQL    QWHUQHW ELU LQVDQ ND\QDNODU ILUPDV EXOPDGDQ |QFH VHoLP LoLQ |Q KD]UON \DSPDOGU %LU

OHWPHOHULQ QO ELU LQVDQ ND\QDNODU ILUPDVQ VHoPHVL SUREOHPOHUGHQ

ELOJLVD\DUODUQ YH LQWHUQHWLQ WRSOXP DUDVQGD \RXQ NXOODQP\OD VRQXoODQPWU ROXWXUPDNWDNL \HQLOLNOHULQ DYDQWDMODUQ NXOODQPWU $UDWUPDODU J|VWHUPHNWHGLU NL $PHULNDQ ILUPDODUQQ QGDQ ID]ODV L DUD\DQODUD LVWLKGDP ELOJLOHULQL

7HNQRORMLN JHOLPHOHU RUJDQL]DV\RQODU WDUDIQGDQ GD IDUN HGLOLU ELU HNLOGH

VWLKGDP KHGHIOHULQL WXWWXUDELOPHN DPDF\OD ELUoRN RUJDQL]DV\RQ ZHE VLWHVL

YHUPHN WHPHO DPDF\OD ZHE VLWHOHUL NXUPXODUGU 'DKD GD |WHVLQGH \DSODQ ELU LQFHOHPHGH ILUPDODU DQD VD\IDODUQGDQ VRQUD HQ ID]OD NDUL\HU VD\IDVQQ ]L\DUHW oQN |]JHoPLOHULQ HGLOGLLQL EHOLUWPLOHUGLU $UDWUPDODU J|VWHUPHNWHGLU NL ZHE VLWHOHUL oRN |QHPOLGLU ZHE VLWHOHUL WP L DUD\DQODUD JHQHO ELU ND\QDN ROPXWXU &REHU YG   LQGHQ ID]ODV ZHE VLWHOHUL WDUDIQGDQ VDODQPDNWDGU <DQL

HWNLOHPLWLU gUJWOHULQ \|QHWLP WDU]ODUQ LOH\LOHULQL GHLWLUPLWLU gUQHLQ

6RQ \OODUGD LQWHUQHW KHP VRV\DO KD\DW KHP GH HNRQRPLN KD\DW oRN ID]OD

LOHWPHOHULQ LQVDQ ND\QDNODU IDDOL\HWOHUL IDUNOODP LJ|UHQ EXOPD YH HOGH WXWPD LOHWPHOHU JQP]Q UHNDEHW RUWDPQGD YDU RODELOPHN LoLQ LJ|UHQOHULQ ELOJL EHFHUL YH \HWHQHNOHULQH GDKD EDPO KDOH JHOPLWLU (OHNWURQLN LQVDQ ND\QDNODU VLVWHPOHUL

VWUDWHMLOHUL GHLPLWLU %X VWUDWHMLOHU LVH JLWWLNoH |QHP ND]DQPD\D EDODPWU dQN

LJ|UHQOHULQ L EDYXUXODUQ NROD\ODWUP ZHE WDEDQO HLWLP \|QWHPOHUL\OH ELOJL YH RILV EDPOOQ RUWDQ NDOGUP HYGHQ YH\D EDND RUWDPODUGDQ LJ|UPH IUVDW ROXWXUPXWXU 6WRQH YG   QWHUQHW DUDFO\OD DGD\ EXOPD LYHUHQOHU LoLQ PDOL\HWOHUL D]DOWUNHQ DGD\

\HWHQHNOHULQL DUWUPD LPNDQ VDODPWU $\Q ]DPDQGD L RUWDPODUQ IDUNOODWUP

ND\QDQ GD JHQLOHWPHNWHGLU $GD\ EXOPD ELU QHYL SD]DUODPDGU L SD]DUODPDVGU

 'ROD\V\OD PWHUL\L L\L WDQPDN JHUHNPHNWHGLU DUD\DQODU ELU NDUDU

DDPDVQGDGU YH ZHE VD\IDV KD]UODQUNHQ LJ|UHQLQ LKWL\DoODU GQOPHOLGLU :HE VD\IDV NDUONO HWNLOHLPH DoN oHNLFL YH ELOJL DoVQGDQ ]HQJLQ ROPDOGU 0DXUHU YH /LX   &HGDUQ  EHOLUWWLLQH J|UH E\N ILUPDODUQ  ER L VL |UJW LoL

SR]LV\RQODUQ GX\XUPDN LoLQ LQWHUQHWL \LQH E\N ILUPDODUQ

NDOLIL\H HOHPDQODU EHOLUOHPHN LoLQ LQWUDQHWL NXOODQPDNWDGU $\Q ]DPDQGD ERDOPDV EHNOHQHQ NDGURODU GROGXUPD DPDF\OD GD WDNLS HGLOPHNWHGLU gUJWOHU L NDSVDPO ZHEWDEDQO DGD\ EXOPD VLVWHPOHUL ROXWXUPXODUGU 6WRQH YG   $UDWUPDODUD J|UH L DUD\DQ DGD\ODUQ

LQWUDQHWWH oDODQODUQ |]HOOLNOHUL\OH LOJLOL ELOJLOHU ERDODQ YH\D \DNQ ]DPDQGD IUVDWODU KDNNQGD ELOJL YHUPHN L EDYXUXVX \DSDQODUD RQOLQH IRUP GROGXUWPDN LoLQ VL EDVLW KD]UODQP ZHE VLWHOHUL

\]QGHQ L IUVDWODUQ ND\EHWPHNWHGLUOHU dRN NDUPDN KD]UODQP VLWHOHU VHEHEL\OH GH DGD\ODUQ oWH ELUL EX VLWHOHUL GRUX NXOODQDPDPDNWDGU 0DXUHU YH /LX oHNHFHN HNLOGH SODQODPD \DSPDODU JHUHNLU $GD\ ILUPDQQ ZHE VLWHVLQGHQ ILUPD KDNNQGD ELU L]OHQLP HGLQHFHNWLU %X L]OHQLPLQ ROXPOX ROPDV KHP EDYXUDQ DGD\ ROXWXUXUNHQ DDGDNL NVWDVODUD |QHP YHUPHOLGLU &REHU YG      )LUPDODUQ ZHE VLWHOHULQL KD]UODUNHQ |]HOOLNOH L DUD\DQODUQ LOJLOHULQL

VD\VQ KHP GH DGD\ NDOLWHVLQL DUWUDFDNWU )LUPDODU NXUXPVDO ZHE VLWHOHULQL (VWHWLN  2UJDQL]DV\RQODUQ L DUD\DQODUQ GQFHOHULQL HWNLOH\HELOHFHNOHUL LON

\|QWHP ZHE VLWHVLQLQ HVWHWLN |]HOOLLGLU :HE VLWHVL |]HOOLNOHUL UHQN \D] NDUDNWHUL UHVLPOHU YE IRQNVL\RQODUQ NXOODQOPDVQ LoHULU 6WLO GHHUOHQGLUPHOHUL JHOHQHNVHO

LVWLKGDP ND\QDNODU\OD JHQHOGH LoHULN GHHUOHQGLUPHOHULQLQ J|OJHVLQGH NDOVD GD WNHWLFL YH LQVDQELOJLVD\DU HWNLOHLPL DUDWUPDFODUQQ oDOPDODU UHNODPODU YH ZHE VLWHVLQLQ HVWHWLN |]HOOLNOHULQLQ WNHWLFLQLQ GLNNDWLQL oHNPHVL YH GX\JXVDO WHSNLOHUL L DUD\DQODUD FDQO GHQH\LPOHU VDODPDNWDGU DUD\DQODUQ JHQL ELU RUDQQQ ELU J|UOPHNWHGLU

X\DUPDV VHEHEL\OH NULWLN |QHP WDGNODUQ J|VWHUPLWLU :HE VLWH HVWHWLL |]HOOLNOH ZHE VLWHVL DUDFO\OD LON ILNLUOHULQLQ ROXWXX YH |UHQFLOHULQ L VHoLPOHULQL HWNLOHGLL (OHQGLULFLOLN  %LU ZHE VLWHVLQLQ JHQHO oHKUHVLQL ROXWXUDQ ELU IDNW|U GH

HVWHWLLQ \DQQGD NXOODQFODU HOHQGLUHELOHFHN |]HOOLNOHUGLU (OHQGLULFL |]HOOLNOHU

 SOD\IXO IHDWXUHV GHUNHQ NXOODQFODUD FDQO ELU GHQH\LP VDOD\DQ UHVLPVHVYLGHR YH

DQLPDV\RQ HOHPHQWOHUL NDVWHGLOPHNWHGLU :HE VLWHOHUL KDNNQGDNL ILNLUOHUL LQFHOH\HQ ELU IDNW|U GH HOHQFH KH\HFDQ YH J|VWHULOLOLNWLU 'DKD GD GHULQ LQFHOHPHOHU EX |]HOOLNOHULQ NXOODQFODUQ SR]LWLI HWNLOHQPHVLQH \RO DoWQ J|VWHUPLWLU

ELU DUDWUPDGD IDNW|U DQDOL]OHUL J|VWHUPLWLU NL NDWOPFODUQ GHHUOHQGLUPHOHULQGHNL

X\JXQ KHP GH DQODOU ELU HNLOGH YHULOPHVL JHUHL L DUD\DQODUQ LQWHUQHWWH |QHP

:HE 6LWHVLQLQ .XOODQODELOLUOLL  VWLKGDP PHVDMODUQQ L DUD\DQODUD KHP

YHUGLNOHUL YH NRQWURO HWWLNOHUL ELU NRQXGXU QVDQELOJLVD\DU HWNLOHLPL DUDWUFODUQQ ELU NXNXVX GD J|VWHULOL ZHE VLWHVL WDVDUODPD \HWHQHLQLQ NXOODQFODUQ LVWHGLNOHUL ELU ZHE VLWHVLQLQ LVWHQLOHQ DPDoODU LoLQ NXOODQOPDVQGD NDYUDQDELOLU ELU NROD\ON NXOODQO ELOJLOHUH XODODELOLUOLL JHUL SODQD LWPHVLGLU .XOODQOON ELOJL DOQPDV YH RODUDN WDQPODQPDNWDGU 6RQ DUDWUPDODU J|VWHUPLWLU NL NXOODQOON KHP REMHNWLI |]HOOLNOHUL YH ELU ZHE VLWHVLQL NXOODQPDNWDQ DOQDQ KRQXWOXN JLEL LON WHSNLOHU ]HULQH WHPHOOHQPLWLU <HWHQHNOL \HQL HOHPDQODU LOHWPH\H oHNPHQLQ ELU GLHU HWNLOL \ROX LQWHUQHW

KHP GH VXEMHNWLI |QFHOLNOHUH GD\DQPDNWDGU <DQL NXOODQOON REMHNWLI VLVWHP

]HULQGHQ \DSODQ LUNHW WDQWPODU YH VXQXPODUGU (OHQFHOL IDNDW SURIHV\RQHO ZHE YH EL\RJUDILOHU \DUGP\OD HQ VW G]H\GHNL \HWHQHNOHU ILUPD\D oHNLOHELOLU YH\D HQ RUWDPQGD NXOODQODQ DUD \]OHU oHLWOLGLU IDNDW oRXQXQ NXOODQP NROD\GU YH 'R\OH YG  

VLWHOHUL LOH ILUPDQQ DPDoODUQQ D\UQWODU DQODWOU PWHUL VHUYLVOHULQGHNL PHYNLOHU D]QGDQ ILUPDQQ DGQ KDWUODPDODU VDODQDELOLU 6SLQHOOL   QWHUQHW EDYXUDQ DGD\ODU WDUDIQGDQ WHNQLN LOHU SR]LV\RQ OLVWHVLQLQ oHLWOLOLL WDNGLU HGLOLU QWHUQHW JQP]Q LJF SL\DVDVQGD \HQL HNRQRPLN G]HQLQ oDODQODUQQ

EXOXQPDVQGD oRN |QHPOL ELU ND\QDNWU )LQDQVDO NXUXPODU NDOLIL\H HOHPDQODUQ L VHoLP NDUDUQ HWNLOHPHN LoLQ HOHNWURQLN PHG\D\ LH DOPD SUDWLLQH NDWPD\D oDOPDNWDGU LUNHWOHU LQWHUQHW WDEDQO LH DOPD PHWRWODUQQ |QFHOLLQL J|] DUG HWPHPHNWHGLU gUQHLQ SRWDQVL\HO DGD\ODUQ EDYXUPDODUQ YH EDYXUX\D HPDLO \ROX LOH \DQW YHUPH\L PPNQ NOPDN JLEL  dQN LOHWPHOHU DUDVQGDNL NDOLIL\H HOHPDQ EXOPD UHNDEHWL \HQL PLOHQ\XPGD GD DUWDUDN GHYDP HWPHNWHGLU 0DWWLVRQ   RQOLQH RODUDN ELU SR]LV\RQD

 7HNQRORMLN JHOLPHOHUH SDUDOHO RODUDN DGD\ VDODPD \ROODUQGD GD E\N

GHLLPOHU ROXPDNWDGU %XQXQ HQ VRPXW |UQHL EX DPDoOD IDDOL\HW J|VWHUHQ LQVDQ

ND\QDNODU ZHE VLWHOHULGLU $GD\ VDODPDGD JHOLPL ONHOHUGH ROGXNoD \D\JQ RODQ

LQWHUQHW NXOODQP YH LQVDQ ND\QDNODU VLWHOHUL JQP]GH ROGXNoD \D\JQ NXOODQP DODQ EXOPDNWDGU )LUPDODU EX VLWHOHUGHQ LVWHGLNOHUL QLWHOLNWHNL SHUVRQHOL ROGXNoD GN ELU PDOL\HWOH EXODELOPHNWHGLU %X VLWHOHU EQ\HOHULQGH EXOXQGXUGXNODU ELUoRN |]HOOLNOHUH VDKLSWLU ZZZDYUXSDGDWDFRP QVDQ ND\QDNODU ZHE VLWHOHUL RNXOODU GD |UHQFLOHULQH DLW YHULOHUL YHULWDEDQODUQGD EXOXQGXUXUODU QWHUQHW JHQo LGHDO ELU DUDoWU -DNVRQ   |]JHoPLOHU LOH ILUPDODUQ LVWHGLNOHUL QLWHOLNWH DGD\ EXOPDODUQD RODQDN VDOD\DQ |UHQFLOHULQ L DUD\DQODUQ YH ER LOHULQ ELOJLOHULQL YHULWDEDQODUQGD VDNODUODU %D] LQVDQODUQ JHUHNVLQLP GX\GXNODU ]DPDQ LVWHGLNOHUL ELOJL\H XODPD IUVDW VDOD\DQ QWHUQHW
LQ JHOLLPL\OH ELUOLNWH L YH WHNQRORML GQ\DV WDULKLQGHNL HQ E\N

GHLLPL \DDUNHQ LH DOP GD EX GHLLPH X\XP VDODPWU  \OQGDQ EX \DQD JD]HWHOHUGHNL L LODQODU LQWHUQHWH WDQPD\D YH LH DOPODU MRE ERDUG GHQLOHQ ZHE DUDWUPD\D J|UH  \O LWLEDUL\OH LUNHWOHULQ QWHUQHW
WHQ LH DOPD D\UG ND\QDN PLNWDU  PLO\DU GRODUD \DNODUNHQ  ZHE VLWHVL EX SD]DUGDQ ELU SD\ VLWHOHUL ]HULQGHQ \UWOPH\H EDODQPWU )RUWXQH 0DJD]LQH
GH \D\QODQDQ ELU

NDSDELOPHN LoLQ UHNDEHW HWPHNWHGLU 7UNL\H


QLQ GH EX WUHQGL L]OHGLL YH 
O \OODUQ VRQXQGDQ EX \DQD DoODQ VLWH VD\VQQ DUWW J|UOPHNWHGLU $QGHUVHQ WDUDIQGDQ LUNHWOHULQLQ LH DOPGD LQWHUQHWL NXOODQPD RUDQ  \OQGD ELU |QFHNL \OD J|UH 
ON ELU DUW J|VWHUPLWLU  YH  \OODUQGD \DSODQ QVDQ .D\QDNODU $UDWUPDV
QD J|UH 7UN

NXUXPVDO ZHE VLWHOHULQGHNL LQVDQ ND\QDNODU VD\IDODU DUDFO\OD NXOODQPDNWDGUODU $QFDN LH DOP VLWHOHUL DGD\ODUQ LOJLVLQL GDKD oRN oHNPHNWHGLU %X \]GHQ oRX LUNHW EX VLWHOHULQ DGD\ KDYX]XQGDQ \DUDUODQPD\ WHUFLK HWPHNWHGLU $DGDNL JUDILNWH EX GXUXP DoNoD J|UOPHNWHGLU *|oJQ  

LUNHWOHULQ oRX LQWHUQHW ED]O LH DOP WHNQRORMLOHULQL LH DOP VLWHOHUL YHYH\D



HNLO   QWHUQHWWHNL H $OP 6LWHOHUL OH .XUXPVDO :HE 6LWHOHULQLQ $GD\ODU .HQGLQH dHNPH 2UDQODU .D\QDN *gd*h1 3 H $OPGD +]OD <D\JQODDQ %LU <|QWHP (LH $OPKWWSZZZLQVDQND\QDNODULFRPFQ&RQWHQW3ULQWDVS"%RG\,'  (ULLP 7DULKL  

HOHNWURQLN LH DOPQ LH DOP PDOL\HWOHULQL |QHPOL PLNWDUGD D]DOWPD LPNDQ VDODPDVGU OHWPHOHU IDNV PHNWXS HPDLO LOH JHOHQ EDYXUXODUQ GRV\DODQPDV EDYXUXODUGDNL ELOJLOHULQ VQIODQGUOPDV JLEL ]DPDQ DODQ LOHPOHUL RUWDGDQ

OHWPHOHULQ HLH DOP \|QWHPLQL WHUFLK HWPHOHULQLQ GLHU QHGHQOHUL LVH

NDOGUDUDN |QHPOL ELU ]DPDQ YH LJF WDVDUUXIX VDODPDNWDGU QWHUQHW LH DOP NDYUDPQ GHLWLUHUHN LOHWPHOHUH JHQL ELU DGD\ KDYX]X VDOD\DUDN HQ L\LQLQ GH L\LVLQL VHoPH IUVDW YHUPHNWHGLU *|oJQ 

DUDWUPDGD LOHWPHOHULQ LQVDQ ND\QDNODU IDDOL\HWOHULQL D RUWDPQD DNWDUPD |QFHOLNOHUL WHVSLW HGLOPLWLU (UGHP YH .DEDNo  6h5(d LUNHW 3ROLWLNDV YH 3URVHGUOHULQLQ <D\QODQPDV $ODQODU 7DEOR   OHWPHOHULQ 6UHoOHULQL $ 2UWDPQD $NWDUPD 2UDQODU $ 257$0,1$ $.7$50$ 25$1,  

'LHU WDUDIWDQ +D\ *URXSXQ GQ\D oDSQGD  LUNHW ]HULQGH \DSW ELU

 H $OPD dDODQODUQ (LWLPL <HWHQHN%HFHUL 'HHUOHQGLUPH 2QOLQH (LWLP 3URJUDPODUQQ <D\P hFUHW <|QHWLPL     

.D\QDN  (5'(0 %DU (GD .$%$.d, 2WHO OHWPHOHULQGH QWHUQHW h]HULQGHQ H $OP h]HULQH $PSLULN %LU $UDWUPD 2VPDQJD]L hQLYHUVLWHVL NWLVDGL YH GDUL %LOLPOHU )DNOWHVL  8OXVDO %LOJL (NRQRPL YH <|QHWLP .RQJUHVL .DVP  KWWSLLEIRJXHGXWUNRQJUHELOGLULOHUSGI  (ULLP 7DULKL   <XNDUGDNL WDEORGDQ GD J|UOG JLEL LOHWPHOHULQ .< LOHYOHULQH LOLNLQ ON RUDQ\OD VW VUDODUGD \HU DOPDNWDGU

|QFHOLNOHULQGH HLH DOP X\JXODPDODU

QVDQ ND\QDNODU DODQQGD LQWHUQHW VLWHOHULQLQ WHUFLK HGLOPHVLQLQ QHGHQOHULQL LUNHWOHU YH ELUH\OHU DoVQGDQ D\U D\U GHHUOHQGLUPHN PPNQGU LUNHWOHU DoVQGDQ

EDNOGQGD LQWHUQHW VD\HVLQGH LH DOP VUHFLQLQ K] ND]DQG J|UOPHNWHGLU ROPDNWD YH LODQODUQD JHOHQ \DQWODU EHOOL NULWHUOHUH J|UH NVD VUHGH HOH\LS GHHUOHQGLUHELOPHNWHGLUOHU

LUNHWOHU \H ROGXNODU VLWHOHUGH LVWHGLNOHUL ]DPDQ LODQ \D\QOD\DELOPH DQVQD VDKLS

GQGD LH DOPOD XUDDQ NLLOHU \HUHO YH XOXVODU DUDV HQ JHQL KDYX]GD DGD\ DUDWUPDV \DSPDN LVWHPHNWHGLU QWHUQHW XODP YH K] DGQD RODDQVW DYDQWDMODU

%LUoRN DODQGD J|UOHQ \HWHQHNOL LQVDQ HNVLNOLL LOH ELUOLNWH ILUPD LoLQGH YH

VXQDUDN LUNHWOHUH \DUGP HGHELOPHNWHGLU LUNHWOHU KHUKDQJL ELU DGD\Q |]JHoPLLQLQ HOHNWURQLN NRS\DVQD ELUNDo GDNLND LoLQGH XODDELOPHNWHGLU $\Q GXUXP L WDQPODU SURILOOHU JHoPL YHULOHU YH DUDWUPD ND\QDNODU LoLQ GH JHoHUOLGLU %X VD\HGH SRVWD EHNOHPH\H YH X]XQ ]DPDQ DODQ \] \]H J|UPHOHU D\DUODPD\D JHUHN

NDOPDPDNWDGU +HP LUNHW LoLQGH KHP GH LUNHW GQGD LH DOPOD XUDDQ NLLOHU RODUDN DGD\ODU WDUDPDN ]DPDQ ND]DQGUG JLEL GDKD ID]OD ELOJL GH VXQPDNWDGU gQHPOL RODQ EX \HQL PHNDQL]PDQQ JHoHUOLOLL X\JXQOXX YH X\DUODQDELOLUOLLQL VDODPDNWU (UGHP YH .DEDNo   

 hVW G]H\ \|QHWLFLOHU L EXOPDGD LQWHUQHWL NXOODQPDNWDQ JHQHOOLNOH

NDoQPDNWDGUODU 2QODUQ \HQL ELU L DUDPD\ KHUNHVH DoN LQWHUQHW ]HULQGHQ \DSPDV PHYFXW LYHUHQOHUL DoVQGDQ WHSNLOHUH \RO DoDELOLU 3UREOHP EX LQVDQODUQ ELUoRXQXQ NHOOH DYFO HNOLQGH \NVHOPHOHULQGHQ YH NHOOH DYODPD VUHFLQLQ JDUDQWL HWWLL HQWHJUDV\RQ YH JL]OLOLL WDNGLU HWPHOHULQGHQ ND\QDNODQPDNWDGU %D] LUNHWOHU NRQXODU G]HOWLOHPHGLNoH EX PPNQ ROPD\DFDNWU %U\DQ   \NVHNWHQ XoDQODU VLWHOHULQH oHNPH\H oDOPDNWDGUODU DPD JYHQOLN

XODPDN DoVQGDQ JHOHQHNVHO PHWRWODUD J|UH GDKD ID]OD LPNDQ VDODPDVQGDQ GROD\ UHNDEHWLQGH VWQO HOGH HGHFHNOHUGLU %DFK YH 6LVVRQ    (LWLP .XUXOXODU

6RQXo RODUDN LQWHUQHW EDYXUXODU VUDODPDN YH GDKD JHQL ELU DGD\ NLWOHVLQH

LQWHUQHWL LH DOP VLVWHPOHULQH HWNLQ ELU HNLOGH NDWDQ LUNHWOHU NDOLWHOL LQVDQ JF

DUDVQGD \HU DOPWU ']HQOHQHQ NDUL\HU JQOHUL |UHQFLOHUH PHVOHNOHUL YH DODUDN EQ\HOHULQH NDWPD\D oDOUODU dREDQ  

6RQ \OODUGD QLYHUVLWHOHU GH SHUVRQHO DOP DoVQGDQ |QHPOL ND\QDNODU

ILUPDODU WDQWPDN DoVQGDQ ELU IUVDW \DUDWU OHWPHOHU GH EDDUO |UHQFLOHUL WDNLEH *LGHUHN DUWDQ HNLOGH RUJDQL]DV\RQODUQ LH DOPD KHGHIOHUL |]HOOLNOH HLWLP

NXUXPODUQD GRUX ND\PDNWDGU %X \|QWHP GLHU PHWRWODUQ WDPDPOD\FV RODELOLU LUNHWOHU VHoLOPL QLYHUVLWHOHULQ ED] E|OPOHUL\OH L\L LOLNLOHU NXUDUODU YH QLYHUVLWH PH]XQODUQ LH DOUODU g]HOOLNOH LJ|UHQ SD]DUQGD LGGHWOL UHNDEHWLQ ROGXX GXUXPODUGD HOHPDQ VDODPDQQ ]RU ROGXX \D]OP PKHQGLVL \DGD PXKDVHEHFLOLN JLEL DODQODUGD LOHWPHOHU QLYHUVLWHOHUL ND\QDN RODUDN NXOODQUODU (N RODUDN \HWHQHNOL VN VN NXOODQODQ \|QWHPOHUGLU %DFK YH 6LVVRQ 

JHQoOHUOH ELUHELU J|UPH PLON URXQG L\L ELOLQHQ YH PH]XQODUQ LH DOP VUDVQGD gUHQFLOHU WDUDIQGDQ PLON URXQG RODUDN ELOLQHQ VLVWHPGH LYHUHQOHU HKLUGHQ

HKLUH VH\DKDW HGHUHN LOHUL X\JXQ RODQ |UHQFLOHUH GDWUODU 6ZDQ   YHUHQOHULQ oRX HKLUOHULQGHNL QLYHUVLWHOHULQ oHYUHVLQGHNL LH DOPD IXDUODUQD X\JXODPDGU %ROWRQ   NDWOUODU $QFDN EX X\JXODPD KHP LYHUHQLQ ]DPDQQ DODQ KHP GH SDKDO ELU g]HOOLNOH EDW ONHOHULQGH EX ND\QDQ LOHWPHOHU WDUDIQGDQ oRN L\L GHHUOHQGLULOGLL

ELOLQPHNWHGLU 2NXOODUQ ELUoRX RNXO \|QHWLPL WDUDIQGDQ |UJWOHQHQ LH \HUOHWLUPH

 PHUNH]OHULQH \D GD |UHQFL EURODUQD VDKLSWLU %XQODU |UHQFLOHUH LH J|UH \HWLPH LPDM DODU YH LH \HUOHPH NROD\ONODU VDODU 6DEXQFXROX  )LUPDODUQ |]HOOLNOH EDODQJo G]H\L SR]LV\RQODU LoLQ |QHPOL ELU EDYXUX

ND\QD RNXOODUGU %X DPDoOD ILUPDODUQ NXOODQG \|QWHPOHUGHQ ELUL L GX\XUXODUQ RNXO YH QLYHUVLWHOHUH J|QGHUHUHN |UHQFLOHULQ ELOJLOHQGLULOPHOHULQL VDODPDNWU %X WU GX\XUXODU JHQHOOLNOH |UHQFL GX\XUX SDQRODUQD DVOU %LU GLHU \|QWHP RNXO ]L\DUHWOHULGLU *HQHOOLNOH |UHQLP G|QHPLQLQ VRQODUQD

UDVW JHOHQ D\ODUGD NDUL\HU JQOHUL DG DOWQGD HWNLQOLNOHU G]HQOHQLU %X HWNLQOLNOHULQ DPDF ILUPDODUQ LOJLOL RNXOODUGD NHQGLOHULQL WDQWDUDN LNDUL\HU RODQDNODU KDNNQGD ELOJL YHUHUHN SRWDQVL\HO ELU DGD\ NLWOHVL \DUDWPDNWU %X WU HWNLQOLNOHUGH ILUPDODU LOJLOHQHQ |UHQFLOHUH L EDYXUX IRUPX GROGXUWDUDN DGD\ KDYX]ODUQ JHQLOHWPH\H oDOUODU

G]HQOHQHQ NDUL\HU JQOHUL  NDUL\HU IXDU JLEL HWNLQOLNOHU GH QLYHUVLWHGHQ \HQL PH]XQ RODQODURODFDNODU LOH ILUPDODU ELU DUD\D JHWLUHQ RUJDQL]DV\RQODUGU

hQLYHUVLWHOHU GQGD oHLWOL PHNDQODUGD RWHO NRQJUH PHUNH]OHUL YE

EXOPDN DPDF\OD ROXWXUGXNODU NDUL\HU PHUNH]OHUL GLU %X PHUNH]OHUGHQ DGD\ODUQ

$GD\ VDODPDGD GLHU ELU \|QWHP RNXOQLYHUVLWHOHULQ NHQGL PH]XQODUQD L

|]JHoPLOHULQH XODPDN PPNQGU $\UFD RNXOODUGDNL LOHWPH NXOSOHUL GH EXQD EHQ]HU IDDOL\HWOHU J|VWHUPHNWHGLU OJLOL E|OP EDNDQODUQGDQ YH\D |UHWLP \HOHULQGHQ GH |UHQFLOHUH LOLNLQ ELOJL HGLQLOHELOLU %D\UDNWDUROX   YDUGU ZZZDYUXSDGDWDFRP  2NXOODUD YH QLYHUVLWHOHUH \|QHOPHQLQ LOHWPHOHUH VDOD\DFD oHLWOL \DUDUODU

dRN D] ELU PDVUDI JHUHNWLULU \D GD KLo JHUHNWLUPH]

DUD\DQ JHQo LQVDQODU KHU ]DPDQ EXOPDN PPNQGU $QFDN VDNQFDODUQ GD J|] DUG HWPHPHN JHUHNLU

g]HOOLNOH JHoLFL YH \D] LoLQ HOHPDQ VDODPD\D X\JXQGXU *HQoOHULQ JHQHOOLNOH L GHQH\LPOHUL \RNWXU 6WDM X]XQ VUHELOLU

\DDPQD X\XP VDODPDNWD ]RUODQDELOLUOHU

 (HU LOHWPH E|OJHVLQGHNL RNXO YH QLYHUVLWHOHULQ NHQGLVL LoLQ L\L ELU HOHPDQ

EXOPD ND\QD ROGXXQX GQ\RUVD 0DLWODQG  

OHWPH VDKLEL L DUNDGDODU\OD JHQo LQVDQODU LH DOPD NRQXVXQX 2NXOXQ PGU\OH VRUXPOXVX\OD \D GD LOJLOL E|OP EDNDQODU\OD 2NXO G|QHPL ER\XQFD RNXOOD LOHWLLP NRUXQPDOGU %URU DIL EDVQ NXSUOHUL NDWDORJ YH YLGHR NDVHWOHUL J|QGHULOPHOLGLU gUHQFLOHU ]L\DUHW HGLOLS VHNW|U YH L ]HULQH NRQXPDN GD LKPDO HGLOPHPHOLGLU gUHQFLOHUH WDWLOOHUGH L GHQH\LPL VXQPD\ |QHUPHN GH PPNQGU J|UOPHOLGLU J|UPHOLGLU %XQXQ DYDQWDM YH GH]DYDQWDMODUQ |UHQPHOLGLU

OHWPH HOHPDQ DUDG ]DPDQ LLQ D\UQWODUQ WDP RODUDN DQODWPDOGU gUHQFL LODQ SDQRODUQD GHUJLOHULQH LODQ J|QGHULOPHOL VQI |UHWPHQOHULQH LODQ GDWOPDOGU

OHWPH JHQo LQVDQODU NHQGLVLQH oHNPHN LVWL\RUVD JHQoOHUH PHVOHNL NRQXODUGD hONHPL]GH ELU NVP NXUXOXODU EDDUO |UHQFLOHUH |UHQLP EXUVX GDQPDQON \DSDQ HLWLP VRUXPOXVXQD GD EDYXUDELOLU

YHUHUHN RQODUQ PH]XQL\HWOHULQGHQ VRQUD NHQGL NXUXOXODUQD NDWOPDODUQ VDODP ROXUODU gWH \DQGDQ QLYHUVLWHOHUGH PDVWHU YH\D GRNWRUD \DSDQODU GD EX

NRQXGD ELU ND\QDN RODUDN NDEXO HGLOLUOHU .VDFD ELUoRN ILUPD oHLWOL RNXO YH %LQJ|O 

\|QHWLPOHUL\OH \DSF LOLNLOHU NXUXS VUGUPHN LoLQ |]HO oDEDGD EXOXQXUODU  GDUHFL $UDWUPDV 9H\D .HOOH $YFO +HDG +XQWLQJ

ELU DUDWUPDGU 3ULFH   6XQGXNODU VHUYLVLQ NDOLWHVL YH IL\DWQD J|UH oHLWOL X]PDQODP YH ED]ODU EDQNDFON YH VLJRUWD JLEL HQGVWULOHUH \|QHOPLWLU 'LHUOHUL LVH WHFUEHOL VW G]H\ \|QHWLFLOHUL LH DOPD GD X]PDQODPWU hFUHWOHUL |GHQHFHN PDDQ X LOH VL DUDVQGD GHLPHNWHGLU %XQD LODYH RODUDN oHLWOL PDVUDIODU

.DID DYFO \NVHN G]H\GHNL \|QHWLFLOHU KDNNQGD \DSODQ \DU UHVPL WLSLN

VQIODUD D\UOPDNWDGUODU dRX EUR PHPXUOXX YH VHNUHWHUOLN JLEL LOHUGH

GD ILUPD WDUDIQGDQ |GHQLU %X KL]PHWLQ FUHWL E\N |OoGH KL]PHWLQ |]HOOLLQLQ

DOJODQPD GHUHFHVLQH EDOGU +DOD QDGLU EXOXQDQ VWQ QLWHOLNOL SHUVRQHOL YH ELU

 X]PDQ LH DOPD KL]PHWLQL FUHWL JHQHO L EXOPD DFHQWHOHULQLQ FUHWOHULQH J|UH GDKD \NVHNWLU %ROWRQ    .LLVHO VRUXWXUPD YH DUDWUPD WHNQLNOHULQL NXOODQDQ EX \|QWHP JLWWLNoH

SRSOHUOLN ND]DQGQGDQ E|OP \|QHWLFLOHULQLQ EXQGDQ KDEHUOL ROPDODU JHUHNLU <DQO DQODOG LoLQ ELU G|QHP DKOkNV]ON JLEL J|UOHQ DPD DUWN VD\JQON YH ELU \|QWHPL KDOLQH JHOPLWLU LoLQ X\JXQ HOHPDQQ ELU LODQ J|UPHVLQLQ YH\D EX FD]LEH ND]DQDQ LGDUHFL DUDWUPDV GRUX VW G]H\ LQVDQODU EXOPDQQ L\L ELOLQHQ LODQD \DQW YHUPHVLQLQ RODVON G ROGXX LONHVLQH GD\DQU (Q X\JXQ DGD\ODU SL\DVDGD ROPD\DELOLU EHONL GH PHYFXW LOHULQGH \HWHULQFH WDWPLQ EXOX\RUODUGU ODQ YHUPHQLQ DVOD EDDUO RODPD\DFD EX NRXOODUGD SL\DVD GQGDNL X\JXQ VD\GD RODFD YH LODQ \ROX\OD GRUX DGD\ODU EXOPDQQ QHUHGH\VH LPNDQV] ROGXX NWON YH HOHPDQ VNQWV GXUXPODUQGD GD HWNLOLGLU

DGD\ODU DUDWUODFDN \DQL NHOOH DY \DSODFDNWU %X EDYXUDFDN DGD\ODUQ NVWO

LGDUHFL DUDWUPDV ELU HQIRUPDV\RQ KL]PHWLQH LOJLOL \HUOHUOH LOLNLOHU JHOLWLUPH\H YH GRUX LQVDQODUQ QHUHGH ROGXX YH\D QHUHGH EXOXQDELOHFHL ELOJLVLQL YHUHELOHFHN JHUHNWLULU 'DQPDQ JHQHOOLNOH RODV DGD\ODU |QFH WHOHIRQOD DUD\DFDN DUDPD NXUDFDNWU *|UOHQ NLL NHQGLQL KLoELU ]DPDQ EDVN DOWQGD KLVVHWPH\HFHL ELU \HUOHUOH LOHWLLP KDWODUQQ QDVO JHOLWLULOLS L]OHQHELOHFHLQLQ ELOJLVLQH VDKLS ROPD\ DPDFQ ELOGLUHFHN YH NRQX\X J|UPHN ]HUH EXOXPD\ |QHUHUHN LON LOLNL\L UHGGHWPH |]JUOQH VDKLSWLU $PD LQVDQODU VHoLOPL ROPDNWDQ KRODQGNODU YH GRDO ELU PHUDNODU ROGXX LoLQ WHNOLIL \DSDQ NLL\OH EXOXPDODU JoO ELU RODVONWU 2OD\ EXQGDQ VRQUD LODQ \|QWHPLQH EHQ]H\HQ DPD NLLVHO ELU ]HPLQGH LOHUOH\HQ DDPDODUOD JHOLHFHNWLU %DDU ELOJL ND\QDNODUQD EDOGU GDUHFL DUDWUPDV\OD XUDDQODUQ

1HUH\H EDNDFDQ ELOPH YH GRUX \DNODPODU NXOODQDELOPH\H EDO RODQ

GRV\DODU LQVDQODU YH LOHUOH LOJLOL ELUoRN NLLQLQ KDEHUGDU ROPDG oRN ID]OD ELOJL LoHULU %X ELOJLOHULQ oRX ELOJLVD\DUGD GHSRODQU gUQHLQ HHU L HQ L\L SD]DUODPD PGUQ EXOPDNVD GQ\DQQ HQ EDDUO LUNHWOHULQH SD]DUODPD \HWHQHNOHUL\OH oRN

H\ NDWP LQVDQODUOD LOJLOL ELOJLOHU ELOJLVD\DU GLVNOHULQGH KHU ]DPDQ HO DOWQGDGU %X ELOJLOHU JL]OL \|QWHPOHUOH GHLO LUNHW VRQXoODU EDVQ KDEHU DOQDQ VRV\HWH YH

 PHVOHNL ELUOLN HWNLQOLNOHUL VHPLQHUOHUH YH VW G]H\ NXUVODUD NDWOP GHUV YHUPH YH NLWDS \D GD PDNDOH \D]PD JLEL ND\QDNODUQ DQDOL]L\OH HGLQLOLU %X \|QWHPLQ VW G]H\ \|QHWLFLOHUL EXOPDQQ QRUPDO NDEXO HGLOHQ \|QWHPL

RODFD YH LODQ \|QWHPOHULQLQ \HULQL DODFD LGDUHFL DUDWUPDVQ VDYXQDQODUFD

E\N ELU RODVON RODUDN J|UOPHNWHGLU <|QWHPL HOHWLUHQOHU LVH HQ L\L DGD\ Q KLoELU ]DPDQ EXOXQDPD\DFDQ VDGHFH EDYXUDQODU DUDVQGDQ HQ L\L DGD\Q VHoLOHELOHFHLQL VDYXQPDNWDGU 7P LH DOPD \|QWHPOHUL JLEL EX GD DQFDN

LQVDQODU DUDWUDQ \|QHWLFLOHU YH PGUOHU QH\H JHUHNVLQLPOHUL ROGXXQX NHVLQ WDULI HGLS EXOPD DQVODU GD R GHQOL \NVHN ROXU )LQQLJDQ    6HQGLNDODU 9H 0HVOHNL .XUXOXODU

RODUDN ELOGLNOHUL WDNGLUGH EDDU\D J|WUU %X ELOJL QH NDGDU NHVLQVH GRUX LQVDQ

oNDUODUQ JHOLWLUPH\H oDOUNHQ GLHU \DQGDQ LOHWPH\OH LJF SD]DU DUDVQGD ELU

oL VHQGLNDODU ELU \DQGDQ PHYFXW oDODQ \HOHULQ VRV\RHNRQRPLN

N|SU J|UHYL J|UPHNWHGLU 0HVOHN NXUXOXODUQQ G]HQOHGLNOHUL PHVOHNL HLWLP VHPLQHUOHUL YH NXUVODU GD LJFQQ GDKD YDVIO ROPDVQ VDOD\DUDN NROD\ L EXOPDODUQD NDWN VDODPDNWDGU dREDQ   <HQL SHUVRQHOH LKWL\Do GX\DQ LOHWPHOHU VHQGLNDODU DUDFO\OD EX

LKWL\DoODUQ NDUOD\DELOLU (HU LOHWPHGH oDODQODU ELU VHQGLND\D \H LVHOHU LOHWPH GX\XUXGD EXOXQPDGDQ YH\D ELU LoL EXOPD NXUXOXXQD JLWPHGHQ |QFH oDODQODUQ \HVL ROGXNODU VHQGLNDQQ \DUGPQ LVWH\HELOPHNWHGLU J|UHQ WHGDULNLQGH LoL VHQGLNDODUQGDQ \DUDUODQPD JHQHOOLNOH HO LOHUL\OH VQUO ROXS HQGVWULGHQ HQGVWUL\H |QHPOL GHLLNOLN J|VWHULU

KDQJL QLWHOLN YH QLFHOLNWH LJ|UHQ DUDGQ LOJLOL VHQGLND\D ELOGLUHUHN LVWHQHQ SHUVRQHOL VDODPDV |QHULVLQGH EXOXQXU .XNXVX] EX \|QHWLPVHQGLND ROXPVX] LVH \|QHWLPLQ EX ND\QDNWDQ \DUDUODQPDV GQOHPH] %D] OHWPH &ORVHGVKRS VLVWHPL \DVDO RODUDN \DVDNODQP EXOXQPDVQD NDUQ X\JXODPDGD LJ|UHQ WHGDULNL LOHPLQLQ KHPHQ KHPHQ WDPDPHQ VHQGLND\OD VQUO ROGXX oRN VD\GD |UQHN YDUGU %LQJ|O  LOLNLOHULQLQ L\L ROGXX RUWDPODUGD EDYXUXODELOHFHN ELU \ROGXU $QFDN LOLNLOHU ONHOHUGH LYHUHQOHULQ VDGHFH VHQGLND \HOHULQL VHoPHOHULQL JHUHNWLUHQ .DSDO

%X \|QWHPH J|UH ER NDGURODU GROGXUPDN GXUXPXQGD RODQ LOHWPH

  J|UHQ .LUDODPD

%XUDGD LH DOQDQ LJ|UHQOHU DVOQGD NLUDOD\DQ

J|UHQ NLUDODPD GDKD X]XQ VUHOHU LoLQ JHoLFL VWDW GH LJ|UHQ LVWLKGDPGU OHDVLQJ ILUPDVQQ NDGUROX

HOHPDQODUGU 3HUVRQHO LKWL\DF RODQ LOHWPH LOH OHDVLQJ ILUPDV DUDVQGD \DSODQ ELU \|QWHP LOH LOHWPH LWH \HWHUOL SHUIRUPDQV J|VWHUHPH\HQ LJ|UHQOHU \HULQH \HQL SHUVRQHO GH WDOHS HGHELOPHNWHGLU

NLUDODPD V|]OHPHVL LOH LKWL\Do GX\XODQ VD\ YH QLWHOLNWH SHUVRQHO LH DOQU %X

HLWPHNWH YH SHUVRQHO LKWL\DF RODQ LOHWPHOHUH EX SHUVRQHOLQL NLUDODPDNWDGU %X

%X X\JXODPDGD NLUD\D YHUHQ OHDVLQJ ILUPDV LJ|UHQOHUL VHoPHNWH

HNLOGH SHUVRQHO WHPLQL |]HOOLNOH LJF PDOL\HWOHUL YH GHYDPO VWDWGH SHUVRQHO oDOWUPDQQ ED] VDNQFDODUQ WDPDPDV EDNPQGDQ WHUFLK HGLOHELOPHNWHGLU VLJRUWD YHUJL YE LOH LWHQ oNDUPD GXUXPXQGD WD]PLQDW |GHPHPHNWH LJ|UHQOHU LoLQ NROD\FD LWHQ oNDUOPDV PPNQ ROPDNWDGU J|UHQ WDHURQOXX DG GD YHULOHQ EX \|QWHPGH LOHWPH VRV\DO \DUGPODU WHN ELU FUHW |GHPHNWHGLU $\UFD LJF WDOHEL GDUDOGQGD EX NLLOHULQ

SHUVRQHO VHoLPLQH GDKD D] ]DPDQ YH SDUD D\UPDVQ VDODU %XQXQ \DQQGD NVD

7DHURQ ILUPDODU DUDFO\OD SHUVRQHO WHGDULNL LOHWPHQLQ DGD\ DUDWUPD YH

YH\D X]XQ VUHOL DPD JHoLFL QLWHOLNWH LJF LKWL\DFQ NDUODPD\D X\JXQ YH GDKD XFX] ELU LVWLKGDP ELoLPL ROPDV QHGHQL\OH LOHWPHOHU WDUDIQGDQ WHUFLK HGLOPHNWHGLU dRN VW G]H\ LOHU KDULFLQGH JHQHOOLNOH KHU G]H\ L LoLQ EX \ROD NDSVQGD J|UHY \DSDQ JYHQOLN J|UHYOLOHULQLQ LVWLKGDPQGD J|UOPHNWHGLU 6DEXQFXROX  

EDYXUPDN PPNQGU J|UHQ NLUDODPDVQGD HQ \D\JQ X\JXODPD JLUL

 .DGQODUGDQ dDOPD 1L\HWLQGH 2OPD\DQODUGDQ 9H (N *|UHYOLOHUGHQ <DUDUODQPD SL\DVDVQD oHNPH\H oDOUODU .DGQODUQ ELU NVP JHOHQHNVHO RODUDN oDOPD HLOLPL J|VWHUPH]OHU %LU NVP LVH EHNDUNHQ oDOP ROVDODU ELOH HYOHQGLNWHQ (PHN DU]QQ NW ROGXX GXUXPODUGD L |UJWOHUL HY NDGQODUQ L

VRQUD LOHULQL EUDNUODU %X EDNPGDQ ILUPDODU NDGQODU LH oHNPHN YH\D LWH NDOPDODUQ VDODPDN LoLQ oHLWOL |QOHPOHU DOUODU gUQHLQ LOHUGH oHLWOHQPH\H

 JLGLOHUHN DU ROPD\DQ LOHUH NDGQODUQ DOQPDV oRFXNOX NDGQODU LoLQ NUHOHULQ NXUXOPDV JLEL \ROODU X\JXODQDELOLU %LQJ|O   .DGQODUQ LJF SL\DVDV ]HULQGHNL HWNLOHUL JHoPL \OODUGD RODDQVW ELU

K]OD \NVHOPLWLU (LWLPGH HLWOLN EXQXQ LoLQ ELU WHPHO ROPXWXU .DGQODU LoLQ EX \|QGHNL IUVDWODU HLWLPGHQ HGLQGLNOHULQH GD\DQPDOGU GQ\DVQGD NDGQODUD NDU ELU D\UPFON YDUVD GD HLWLP |UQHLQGH EX DUWN E|\OH GHLOGLU .DGQODU GD ]LUYHGHNL LOHU LoLQ \DUPD\D KD]U RODELOLUOHU .DGQ EDEDNDQODUQ EDNDQODUQ YH WSWD NDGQ DYXNDWODUQ ROGXX KXNXNWD YH EDND ELUoRN DODQGD EXQXQ |UQHNOHULQH UDVWODQDELOLU )LQQLJDQ  

EHOHGL\H EDNDQODUQQ EXOXQGXX SROLWLNDGD NDGQ GRNWRU YH X]PDQODUQ ROGXX

NVD VUH VRQUD HYOHQLS LWHQ D\UODFDN ROPDODU DUWN JHoHUOL GHLOGLU .DGQODU D\Q

*HQo NDGQODU LOHUOH\HELOHFHNOHUL LOHUGH LVWLKGDP HWPHPHQLQ HVNL QHGHQL 

]DPDQGD KHP DLOH NXUXS KHP GH NDUL\HU VDKLEL RODELOHFHNOHULQL J|VWHUPLOHUGLU (UNHQGHQ ELU DLOH\H VDKLS ROXS VRQUD L \DDPQD JHUL G|QPHN NDEXO J|UP YH VD\ODQ LOHUH GDKD L\L NDGQ DGD\ODUQ EDYXUXODUQQ JLGHUHN DUWPDV\OD EX GXUXP GDKD GD \D\JQODDQ ELU HLOLPGLU (UNHN E|OP \|QHWLFLOHUL QRUPDO RODUDN HUNHN LL ]HULQGH GQPH\H EDODPWU (UNHN \|QHWLFL HHU GRUX LH GRUX DGDP \HUOHWLUPHN LVWL\RUVD EX GRUX DGDPQ ELU NDGQ RODELOHFHL JHUoHLQL J|] DUG HGHPH] (LW L J|UHQ NDGQD HLW FUHWL JDUDQWL DOWQD DODQ \DVD NDGQODUQ GHHULQLQ DOWQ oL]HQ EDND ELU IDNW|UGU .DGQODU HUNHNOHUOH HLW FUHW WHPHOLQGH ELU UHNDEHWH HGLQHUHN KD]UOD\DFDNODUGU )LQQLJDQ 

JLUPHN LVWL\RUODUVD NHQGLOHULQL KQHU ELOJL GHQH\LP QLWHOLN YH L\L ELU J|UQW $\UFD ED] LQVDQODU oDOPD JFQH VDKLS ROVDODU ELOH PDGGL LPNDQODU

\HULQGH ROGXX LoLQ oDOPD DU]XVX GX\PD]ODU (PHN DU]QQ GN G]H\GH

EXOXQGXX G|QHPOHUGH ILUPDODU EX LQVDQODUD ELU SHUVRQHO WHGDULN ND\QD RODUDN EDYXUDELOLU 'DKD D] JQON oDOPD VUHVL LL LOJLQo J|VWHUPHN LoLQ WDQWPODU YE \ROODUOD EX LQVDQODU LVWLKGDP HGLOHELOLU

ONHOHUGHQ LJ|UHQ JHWLUPH \ROXQD JLWPHNWHGLU g]HOOLNOH JHOLPL ONHOHU EDVLW LOHUL $OPDQ\D )UDQVD +ROODQGD VYLoUH JLEL $YUXSD ONHOHUL 7UN LJ|UHQOHULQL \DSWUPDN DPDF\OD \DEDQF LoLOHUGHQ \DUDUODQPDNWDGU gUQHLQ

%D] ONHOHU LJF DoNODUQ NDSDWPDN ]HUH |]HOOLNOH JHOLPHPL

 LVWLKGDP HWPHNWHGLU 6RQ \OODUGD LVH QLWHOLNOL 7UN LoLOHUL /LE\D 6XXGL $UDELVWDQ JLEL $UDS ONHOHULQH JLWPHNWHGLUOHU %XQODU GQGD EDND L\HUOHULQGH YH\D LOHUGH oDODQODU QRUPDO L VDDWOHUL

GQGD ED] LOHWPHOHU WDUDIQGDQ HN J|UHYOL RODUDN LVWLKGDP HGLOPH \ROXQD  6DNDW 9H (VNL +NPOOHU \DVDO \NPOONOHU JHWLUPHNWHGLU JLGLOPHNWHGLUOHU %LQJ|O 

 NDQXQX VDNDW YH HVNL KNPOOHUL WRSOXPD ND]DQGUPDN DPDF\OD LYHUHQOHUH  QROX YH  WDULKOL .DQXQX  VD\O UHVPL JD]DWHGH

 WDULKLQGH \D\PODQDUDN \UUOH JLUPLWLU .DQXQXQ LNLQFL E|OPQQ  PDGGHVLQGH g]UO HVNL KNPO YH WHU|U PDGXUX oDOWUPD ]RUXQOXOXX LOH LOJLOL KNPOHU \HU DOPDNWDGU %XQD J|UH YHUHQOHU  YH\D GDKD ID]OD LoL oDOWUGNODU L\HUOHULQGH KHU \OQ 2FDN

D\ EDQGDQ LWLEDUHQ \UUOH JLUHFHN HNLOGH %DNDQODU .XUXOXQFD EHOLUOHQHFHN RUDQODUGD |]UO YH HVNL KNPO LOH  VD\O 7HU|UOH 0FDGHOH .DQXQXQXQ HN  PHVOHN EHGHQ YH UXKL GXUXPODUQD X\JXQ LOHUGH oDOWUPDNOD \NPOGUOHU LQFL PDGGHVLQLQ % INUDV X\DUQFD LVWLKGDP ]RUXQOX RODQ WHU|U PDGXUX LoL\L %X NDSVDPGD oDOWUODFDN LoLOHULQ WRSODP RUDQ \]GH DOWGU $QFDN

|]UOOHU LoLQ EHOLUOHQHFHN RUDQ WRSODP RUDQQ \DUVQGDQ D] RODPD] $\Q LO VQUODU LoLQGH ELUGHQ ID]OD L\HUL EXOXQDQ LYHUHQLQ EX NDSVDPGD oDOWUPDNOD \NPO ROGXX LoL VD\V WRSODP LoL VD\VQD J|UH KHVDSODQU |QFHOLN WDQQU \HULQLQ LoLVL LNHQ VDNDWODQDQ HVNL KNPO \D GD WHU|U PDGXUX RODQODUD YHUHQOHU oDOWUPDNOD \NPO ROGXNODU LoLOHUL 7UNL\H .XUXPX %LU L\HULQGHQ PDOXOHQ D\UOPDN ]RUXQGD NDOS GD VRQUDGDQ PDOXOL\HWL

DUDFO LOH VDODUODU

RUWDGDQ NDONDQ LoLOHU HVNL L\HUOHULQGH WHNUDU LH DOQPDODUQ LVWHGLNOHUL WDNGLUGH LYHUHQ EXQODU HVNL LOHUL YH\D EHQ]HUL LOHUGH ER \HU YDUVD GHUKDO \RNVD ERDODFDN LON LH EDND LVWHNOLOHUH WHUFLK HGHUHN R DQGDNL DUWODUOD LH DOPDN ]RUXQGDGU $UDQDQ

DUWODU EXOXQGXX KDOGH LYHUHQ L V|]OHPHVL \DSPD \NPOOQ \HULQH

 JHWLUPH]VH LH DOQPD LVWHLQGH EXOXQDQ HVNL LoL\H DOW D\ON FUHW WXWDUQGD WD]PLQDW |GHU  =RUXQOX +L]PHW 8\JXODPDODU

WDPDPOD\DQ |UHQFLOHU ELU SHUVRQHO ND\QDGU %X X\JXODPD JHQHOOLNOH oRN EDDUO |UHQFLOHUH ]RUXQOX KL]PHW NDUO EXUV YHUPH HNOLQGH JHUoHNOHWLULOLU %|\OHFH  

=RUXQOX KL]PHW NDUO HLWLP LPNDQ YHUHQ ILUPDODU LoLQ HLWLPLQL

ILUPDODU ROGXNoD \HWHQHNOL JHQoOHUL EQ\HVLQH oHNHELOPHNWHGLU %D\UDNWDUROX  6WDM 8\JXODPDODU

KD\DWQGDNL X\JXODPDODUQ J|UPHN YH GHQH\LP ND]DQPDODUQ VDODPDN DPDF\OD GHQH\LP ND]DQUNHQ ILUPDODU GD ELU DQODPGD JHoLFL SHUVRQHO LKWL\DoODUQ NDUODUODU VUHNOL RODUDN LH DOQDELOHFHN X\JXQ QLWHOLNWH SRWDQVL\HO DGD\ODUQ EHOLUOHQPHVLQH RODQDN VDODPDVGU %D\UDNWDUROX   OHWPHOHU NHQGLOHUL KDNNQGD \HUHO QLYHUVLWHOHUGH VXQXPODU YH NRQXPDODU

6WDM X\JXODPDV |UHQFLOHULQ WHRULN RODUDN |UHQGLNOHUL NRQXODUQ L

EHOLUOL ELU VUH LOH ILUPDODUGD oDOPDODUQ LoHULU 6WDM \DSDQ |UHQFLOHU L LOH LOJLOL $QFDN ILUPDODU DoVQGDQ VWDM X\JXODPDVQGD DVO |QHPOL RODQ VWDM\HUOHU DUDVQGDQ

\DSDUDN |UHWLP \HOHUL LOH LOHWLLP NXUDUDN |UHQFLOHUL LOHWPHOHULQGH VWDM \DSPDN ]HUH EQ\HOHULQH NDWPD\D oDOUODU 2UWD E\NONWHNL \D GD GDKD E\N ILUPDODU |UHQFLOHUH HLWLP|UHWLP \O ER\XQFD VWDM\HUOLN WHNOLIL \DSDUODU %D] LOHWPHOHU LVH YHUPHNVL]LQ ELU KDIWD LoLQ LOHWPHOHULQH JHWLULU EX NVD VUH LoLQGH |UHQFLOHUL GHQHUOHU %X VD\HGH LOHWPHOHU E\N PLNWDUODUGD SDUD WDVDUUXIXQGD EXOXQXUODU 6SLQHOOL   'LHU <|QWHPOHU

EXQGDQ ELOH ID]ODVQ WHNOLI HGHELOLUOHU %D] ILUPDODU LVH |UHQFLOHUL X]XQ G|QHP V|]

RODQODU DFLO RODUDN SURMHOHU YH J|UHYOHU LoLQ X]PDQ ELOJLVLQLQ JHUHNWLL GXUXPODUGD YH\D SHUVRQHO D]OQGDQ GROD\ DU L \NOHPHVL ROGXX ]DPDQODUGD NROD\FD

(VNL LJ|UHQOHU HWNLOL LH DOPD ND\QD RODUDN NXOODQODELOLUOHU (UNHQ HPHNOL

NXOODQODELOLUOHU H JHUL G|QHQ NDGQODU GD ELU LJF ND\QDGU NL EXQODU RUJDQL]DV\RQ LKWL\Do GX\GXXQGD NDWNGD EXOXQXUODU %X LNL JUXS RUJDQL]DV\RQGDQ

 D\UOGNODUQGD DOWHUQDWLI L IUVDWODUQ J|] DUG HWPH]OHU YH EX VD\HGH \HQL EHFHULOHU EXOXQDELOLUOHU %ROWRQ  

WHFUEHOHU YH \HWHQHNOHU ND]DQDUDN LOHWPH\H JHUL G|QGNOHULQGH GDKD oRN NDWNGD IXDUODU GD LJ|UHQ EXOPDGD \DUDUODQODQ ND\QDNODUGDQGU IXDUODU

KDNNQGD JHQHOOLNOH JD]HWHOHULQ SD]DU VD\ODUQGD ELOJL YHULOLU <HUHO L VDKLSOHUL YH WLFDUHW RGDODU EX IXDUODUD VSRQVRU ROXUODU J|UHQ DUD\DQ ELU ILUPD L IXDUQD NDWOPDGDQ |QFH L IXDUQQ KHGHIOHGLL NHVLPL DUDWUPDN ]RUXQGDGU gUQHLQ DOPD\ KHGHIOH\HELOLU 'RUX KHGHI JUXEXQX EHOLUOH\HUHN IXDUD LWLUDN HGHQ ILUPDODU IXDUODU EH\D] \DNDO SURIHV\RQHOOHU PDYL \DNDO LoLOHU YH\D \HQL PH]XQODU LH XPGXNODUQGDQ GDKD ID]OD ELU JHUL G|QOH NDUODUODU )XDUD LWLUDN HGHQ ELU ILUPD LGDUH HGHU YH RODV J|UPH ]DPDQODUQ UHVPL\HWH G|NHU

|QFHOLNOH VWDQWQ NXUDU EURUOHU YH EDYXUX IRUPODU GDWU ED] |Q J|UPHOHUL 7LFDUHW RGDODU LJ|UHQ EXOPD ND\QDNODU LoLQGH |QHPOL ELU \HU WXWDU 7LFDUHW

RGDODU JHQHOOLNOH D\ON RODUDN L DUD\DQODU UDSRUODU YH LUNHWOHULQ GLHU LUNHWOHUOH ELU D NXUPDVQD L]LQ YHULU %X D VD\HVLQGH ELU LOHWPH EDND ELU LOHWPHQLQ EUDNW L\L ELU LJ|UHQL EQ\HVLQH NDWDELOLU 'LHU LOHWPHQLQ ND\E LJ|UHQL EQ\HVLQH NDWDQ UHNODPQ \DSPDN DoVQGDQ L\L ELU ND\QDNWU 6DXWKHU  

LOHWPHQLQ ND]DQF RODFDNWU %X D ROD\ \HQL ELU LJ|UHQ EXOPDN YH LOHWPHQLQ $GD\ EXOPD NRQXVXQGD GLHU \|QWHPOHUGHQ ELUL ONHPL]GH D] NXOODQOPDNOD

ELUOLNWH WHOHIRQOD DGD\ EXOPDGU %X \|QWHPGH RODV DGD\ODUOD WHOHIRQOD EDYXUX \DSPDPWU DQFDN NLL\H WHOHIRQ HGLOHUHN DoN SR]LV\RQ KDNNQGD ELOJL

J|UOHUHN L LoLQ EDYXUPDODU LVWHQPHNWHGLU $VOQGD NLL ILUPD\D KHUKDQJL ELU YHULOLS R NLLQLQ SR]LV\RQD EDYXUPDV VDODQPDNWDGU g]HOOLNOH QLWHOLNOL LOHUGH DGD\ VD\VQQ D] ROPDV GXUXPXQGD L DUDPD\DQ DGD\ODU GD FH]EHWPHN DPDF LOH NXOODQODQ ELU \|QWHPGLU %D\UDNWDUROX $PHULNDGD NXOODQODQ JHOHQHNVHO ROPD\DQ DOWHUQDWLI LH DOPD ND\QDNODU

|\OHGLU .HQWVHO ELUOLNOHU SURIHV\RQHO GHUQHNOHU H\DOHW LVWLKGDP DFHQWHOHUL NLOLVHOHU RILVOHUL H\DOHW UHKDELOLWDV\RQ E|OPOHUL |]HO HQGVWUL NRPLV\RQODU JHoLFL DFHQWHOHU HYLQGHQ NRYXOPX HY NDGQ DODU NDGQODU LoLQ XOXVDO RUJDQL]DV\RQ XOXVDO VL\DKL L

WRSOXOXN DFHQWHOHUL DVNHUL\H H\DOHW LVWLKGDP IXDUODU E|OJHVHO HLW LVWLKGDP IUVDWODU

YH NDGQ NXOSOHU ELUOLL XOXVDO L YH SURIHV\RQHO NDGQODU NXOE IHGHUDV\RQX

 ELUOHLN /DWLQ $PHULNDQ \XUWWDODU ELUOLL XOXVDO VL\DK 0%$ ELUOLL $PHULNDQ L NDGQODU ELUOLL XOXVDO N]OGHULOL HLWLP ELUOLL $PHULNDQ NDGQ NDUL\HU NRQVH\L HPHNOL YDWDQGDODU ELUOLL JLEL ND\QDNODUGU .RVVHN YH /REHO    ' .D\QDNODUGDQ J|UHQ %XOPDQQ 6DODG $YDQWDMODU

RODPDPDNWDGU %XQXQ oHLWOL QHGHQOHUL RODELOLU JF DoQD X\JXQ HOHPDQQ NXUXP LoLQGH EXOXQPDPDV R J|UHYH WHUIL HWWLULOHFHN ELU NLLQLQ ROPD\ LJF DoQQ NXUXP GQGDNL ND\QDNODUGDQ NDUODQPDVQ JHUHNWLULU HNLOGH VUDODQDELOLU )QGNo  .XUXPGD YLWULQ GHLLNOLL NXUXP LoLQ \HQL ELU IDDOL\HW DODQ ROPDV JLEL QHGHQOHU oRXQOXNOD LJF DoQQ JF LKWL\DFQQ G ND\QDNODUGDQ NDUODQPDVQQ EDOFD \DUDUODU X

JF DoQQ Lo ND\QDNODUGDQ NDUODQPDV oRX ]DPDQ PPNQ

2UJDQL]DV\RQD \HQL NDQ NDWOPDV 0HYFXW DONDQONODU YH \HWHQHNOHULQ GQGD IDUNO EDN DoODU YH .XUXP LoLQGH ELU KDUHNHWOLOLN VDODQPDV \DNODPODUQ NXUXPD ND]DQGUOPDV

 ' .D\QDNODUGDQ J|UHQ %XOPDQQ 'H]DYDQWDMODU %XQXQ oHLWOL VHEHSOHUL YDUGU 0DLWODQG 

J|UHQ WHPLQ HGHUNHQ G ND\QDNODU NXOODQPDQQ ED] VDNQFDODU RODELOLU

%LUoRN EDYXUX\OD XUDPDN ]RUXQGD NDOQDFD YH ED]ODUQQ UHGGHGLOLS 'DUGDQ \HQL ELULQL DOPD PDOL\HWL ROGXNoD \NVHNWLU ]RUODU ED]ODUQQ J|UPH\H oDUODFD LoLQ LOHWPH\H ]DPDQ ND\EHWWLULU

'RUX NLL\L VHoPHN Lo ND\QDNWDQ LJ|UHQ EXOPD\D J|UH LOHWPH\L GDKD oRN +HU H\GHQ |QFH LJ|UHQ LoLQ QHUH\H LODQ YHULOHFHL GQOHFHNWLU *D]HWH UDG\RGDQ GDKD P L\L" EXOPD NXUXPODU P WHUFLK HGLOPHOL" 1DVO ELU LODQ LOHWPH NHQGL NHQGLQH EXOPDN ]RUXQGDGU KD]UODQPDO" ODQQ QHOHUL LoHUPHVL JHUHNLU" %X YH EHQ]HUL VRUXODUQ FHYDSODUQ

 ' ND\QDNWDQ WHPLQ HGLOHQ LJ|UHQLQ LH DOQGNWDQ VRQUD VWDM \DSPDV JHUHNLU

0HYFXW SHUVRQHOLQ JoO YH ]D\I \DQODU LOHWPH WDUDIQGDQ ELOLQLU DPD GDUGDQ EDYXUDQ ELULQL LOHWPH QDVO GHHUOHQGLUHFHNWLU" %WQ LH DOPD oDEDODU ROXPVX]OXNOD VRQXoODQDELOLU \DQO VHoLP \DSODELOLU

ELUL ROGXXQX GQP\RU ROVD ELOH RQODUD J|UHY EROXXQX ELOGLUPHOLGLU 2QODU \D GD WDQGNODU EDYXUPDN LVWH\HELOLUOHU 7HVDGIHQ LOHWPHQLQ YHUGLL LODQ J|UGNOHULQGH UDKDWV] RODELOLUOHU %X \]GHQ |QFHOLNOH PHYFXW SHUVRQHOLQ ELOJLOHQGLULOPHVL JHUHNLU

OHWPH GDUGDQ ELULQL DOPD\D NDUDU YHUGL\VH SHUVRQHOL DUDVQGD X\JXQ



'g5'h1&h %g/h0 .2%/(5'( 16$1 .$<1$./$5, <g1(70


 .RELOHULQ 7DQPODQPDV .oN LOHWPHOHU

NLLVHOOHWLULOPL GDKD oRN \HUHO IDDOL\HWOHUGH EXOXQDQ YH E\PHVLQL JHQHOGH Lo ND\QDNODUOD ILQDQVH HGHELOHQ LOHWPHOHU HNOLQGH WDQPODQDELOPHNWHGLU 7h*$'  DOQWOD\DQ g]JHQHU    .RELOHU E\N LVOHWPHOHULQ NoN |OoHNOL ELU YHUVL\RQX RODUDN HOH

VDKLSOHUL

WDUDIQGDQ

\|QHWLOHQ

\NVHN

G]H\GH

DOQPDPDOGU .RELOHUL VDKLS ROGXNODU NVWODU EHOLUVL]OLNOHU YH JGOHU DoVQGDQ 1RWHERRP   NoN LVOHWPHOHULQ WHPHO |]HOOLNOHULQL NoN |OoHNOH oDOPD ELUH\VHOOLN YH EDPV]ON RODUDN WDQPODPWU .D\D YH $\WHNLQ 

HOH DOPDN JHUHNLU +LOO YH 6WHZDUW DOQWOD\DQ .D\D YH $\WHNLQ  

J|VWHUPHNWHGLU .RELOHUL WDQPODUNHQ ED] QLWHO NDOLWDWLI YH QLFHO NDQWLWDWLI $NJHPLFL YH dHOLN   'HPLU YG   1LFHO |OoWOHU oDODQ NLL VD\V

.RELOHULQ WDQP HNRQRPLQLQ E\NOQH J|UH ONHGHQ ONH\H IDUNOON

NULWHUOHU HVDV DOQPDNWDGU 8OXGD YH 6HULQ   .RoHO YG |]VHUPD\H oDOPD VHUPD\HVL VDELW VHUPD\H DNWLIOHU WRSODP HQHUML NXOODQP PLNWDU PDNLQH SDUN GHHUL EHOLUOL VUHGH |GHQHQ FUHWOHU VHUPD\H \DSV NDSDVLWH LKUDFDWQ VDWODU LoLQGHNL SD\ SD]DU SD\ NDU VDW KDFPL ELODQoR E\NO   'HPLU YG   g]JHQHU    '|P 6   NXOODQODQ DODQ NDSDVLWH NXOODQP RUDQ YDUGL\D VD\V |GHQHQ YHUJL PLNWDU EHOLUOL ELU VUHGH \DUDWODQ NDWPD GHHU HNOLQGH VD\ODELOLU $NJHPLFL YH dHOLN 1LWHO |OoWOHU LOHWPHQLQ IDDOL\HW J|VWHUGLL L NROX LoHULVLQGH QLVSHWHQ NoN

ELU SD\D VDKLS ROPDV JLULLPFLQLQ LOHWPHGH ILLOHQ oDO\RU ROPDV ULVNL VWOHQPHVL VDKLSOLN KLVVHGDU VD\V \|QHWLFLOLN YH JLULLPFLOLLQ WHN HOGH WRSODQPDV X]PDQODPD YH LE|OP GHUHFHVL \|QHWLPLQ YH PONL\HWLQ EDPOON GHUHFHVL VHUPD\H SL\DVDODUQGD EXOXQDELOLUOLN DLOH ELUH\OHULQLQ LOHWPHGH oDOPDV HNOLQGH

 |]HWOHQHELOLU $ONLED\ YH *QJ|U   g]JHQHU    '|P 6   *HQHO RODUDN .RELOHU D] VHUPD\H LOH oDODQ \RXQ HO HPHL NXOODQDQ oDEXN

NDUDU YHUHELOPH \HWLVLQH VDKLS GN G]H\GH \|QHWLP JLGHUOHUL RODQ YH XFX] UHWLP JHUoHNOHWLUHQ LNWLVDGL WHHEEVOHUGLU .REL WDQPODU KXNXNL ROPDNWDQ ]L\DGH VD\VGU dDODU YG   HNRQRPLN DQODPGDGU (Q oRN NXOODQODQ |OoW LOHWPHGH LVWLKGDP HGLOHQ NLL *HQHO RODUDN EDNOGQGD .RELOHU LoLQ JHOLWLULOPL WHN YH QHW ELU WDQP

\RNWXU 'Q\D ONHOHULQGH GH GXUXP EXQD EHQ]HPHNWHGLU %D] ONHOHULQ $UQDYXWOXN $YXVWUDO\D $YXVWXU\D $OPDQ\D $PHULND %UH]LO\D 'DQLPDUND )LOLSLQOHU +UYDWLVWDQ +ROODQGD WDO\D UODQGD VSDQ\D VYHo ]ODQGD -DSRQ\D .RORPEL\D 5RPDQ\D 6LQJDSXU <XQDQLVWDQ JLEL UHVPL RODUDN GHNODUH HWWLL .REL WDQP PHYFXWWXU $QFDN ED] ONHOHULQ GH $UMDQWLQ $]HUED\FDQ %HOoLND dHN &XPKXUL\HWL )LQODQGL\D *UFLVWDQ QJLOWHUH .DQDGD /NVHPEXUJ 5XV\D 6ORYHQ\D 7UNL\H 8NUD\QD JLEL UHVPL ELU .REL WDQP PHYFXW GHLOGLU 7UNL\HGHNL IDUNO NXUXOXODUQ .2% WDQPODU YHULOPLWLU

hONHPL]GH ED] NXUXOXODU NHQGL .2% WDQPODUQ \DSPODUGU $DGD

%DNDQO .26*(% 7DQP  6D\O .DQXQ  .REL  NLLGHQ D] \OON \LUPLEHPLO\RQ <7/
\L DPD\DQ YH \|QHWPHOLNWH PLNUR LOHWPH NoN LOHWPH YH RUWD KWWSZZZLNLWHOOLNRVJHEJRYWUSULQWDVS"FDLG  FLG  E\NONWHNL LOHWPH RODUDN VQIODQGUODQ HNRQRPLN .26*(%

.oN YH 2UWD gOoHNOL 6DQD\L *HOLWLUPH YH 'HVWHNOHPH GDUHVL

oDODQ LVWLKGDP HGHQ YH \OON QHW VDW KDVODW \D GD PDOL ELODQoRVX  ELULPGLU 

LJ|UHQ oDOWUDQ LPDODW VDQD\L LOHWPHOHULQL NoN LOHWPH  LJ|UHQ oDOWUDQ LPDODW VDQD\L LOHWPHOHULQL LVH RUWD ER\ VDQD\L LOHWPHOHUL RODUDN WDQPODPDNWDGU dRODNROX  DOQWOD\DQ g]JHQHU   +DON %DQNDV 7DQP  NLLGHQ D] oDODQ LVWLKGDP HGHQ \OON QHW VDW L .REL QLWHOLL WDPD\DQ ILUPD\D DLW RODQ UHWLP \D EXOXQDQ LOHWPHOHU .REL

KDVODW \D GD PDOL ELODQoRVX  <7/\L DPD\DQ YH EDPV] QLWHOLNWHNL YH\D VHUPD\HVLQLQ HQ ID]OD GD EDNP RQDUP IDDOL\HWLQGH WDQPQD

JLUPHNWHGLU KWWSZZZKDONEDQNFRPWUFKDQQHOVDVS"LG 

 7UNL\H KUDFDW .UHGL %DQNDV ([LPEDQN 7DQP %LU YH\D ELUGHQ oRN

JHUoHN YH\D W]HO NLL\H DLW ROXS  NLLGHQ D] oDODQ LVWLKGDP HGHQ \OON QHW VDW KDVODW YHYH\D PDOL ELODQoRVX \LUPLEH PLO\RQ <HQL 7UN /LUDVQ DPD\DQ EDPV] LOHWPH WDQPQD JLUHQ LPDODWo YH LPDODWoLKUDFDWo |]HOOLLQH VDKLS PLNUR NoN YH RUWD E\NONWHNL LOHWPHOHU .REL RODUDN EHOLUOHQHUHN DDGDNL HNLOGH VQIODQGUOPDNWDGU KWWSZZZH[LPEDQNJRYWUGX\XUXODUNRELGX\XUXGRF

D 0LNUR OHWPH 2Q NLLGHQ D] \OON oDODQ LVWLKGDP HGHQ YH \OON QHW VDW KDVODW \D GD PDOL ELODQoRVX ELU PLO\RQ <HQL 7UN /LUDVQ DPD\DQ oRN NoN |OoHNOL LOHWPHOHUGLU

E .oN OHWPH (OOL NLLGHQ D] \OON oDODQ LVWLKGDP HGHQ YH \OON QHW VDW KDVODW \D GD PDOL ELODQoRVX EH PLO\RQ \HQL 7UN OLUDVQ DPD\DQ LOHWPHOHUGLU

F 2UWD %\NONWHNL OHWPH NL\]HOOL NLLGHQ D] \OON oDODQ LVWLKGDP HGHQ YH \OON QHW VDW KDVODW \DGD PDOL ELODQoRVX \LUPLEH PLO\RQ <HQL 7UN /LUDVQ DPD\DQ LOHWPHOHUGLU

ID]OD

+D]LQH 0VWHDUO 7DQP %DPV] QLWHOLNWHNL YH\D VHUPD\HVLQLQ HQ L E\N LOHWPHOHUH DLW RODQ PLNUR NoN YH RUWD |OoHNOL LOHWPHOHU .REL

RODUDN WDQPODQPWU KWWSZZZKD]LQHJRYWUPHY]XDW.RELB'HVWHNB6LVWHPLSGI  PDODW VDQD\LQGH IDDOL\HWWH EXOXQDQ YH \DVDO GHIWHU ND\WODUQGD DUVD YH ELQD KDULo QHW VDELW \DWUP WXWDU  ELQ <7/ DPD\DQ  LoL oDOWUDQ LOHWPHOHU oRN NoN |OoHNOL  LoL oDOWUDQ LOHWPHOHU NoN |OoHNOL  LoL oDOWUDQ LOHWPHOHU RUWD |OoHNOL LOHWPHOHUGLU <OPD]   ' 7LFDUHW 0VWHDUO '70 7DQP PDODW VDQD\LQGH IDDOL\HWWH  PLO\RQ NDUO <7/\L DPD\DQ

EXOXQDQ YH  LoL oDOWUDQ JHUoHN XVXOGH GHIWHU WXWDQ DUVD YH ELQD KDULo VDELW VHUPD\H WXWDU ELODQoR QHW GHHUL LWLEDUL\OH LOHWPHOHUGLU <OPD]  

7DQP  LoL oDOWUDQ LOHWPHOHU oRN NoN |OoHNOL  LoL oDOWUDQ

'HYOHW VWDWLVWLN (QVWLWV '( YH 'HYOHW 3ODQODPD 7HNLODW '37

 LOHWPHOHU NoN |OoHNOL  LoL oDOWUDQ LOHWPHOHU RUWD |OoHNOL LOHWPHOHU RODUDN WDQPODQPWU <OPD]   7UNL\H .oN YH 2UWD gOoHNOL OHWPHOHU 6HUEHVW 0HVOHN 0HQVXSODU YH

<|QHWLFLOHUL 9DNI 726<g9 7DQP  LoL oDOWUDQ LOHWPHOHU oRN NoN LOHWPHOHU RUWD |OoHNOL LOHWPHOHUGLU <OPD]   7DEOR  .2% 7DQPODU .XUXOX .26*(% '('37 '70 726<g9

|OoHNOL  LoL oDOWUDQ LOHWPHOHU NoN |OoHNOL  LoL oDOWUDQ $DGD NXUXOXODUD DLW WDQPODU WDEOR KDOLQGH |]HWOHQPLWLU 7DQP oHULL .oN 0LNUR gOoHNOL OHWPH     .oN gOoHNOL OHWPH     PLO\RQ    ELQ <7/ 2UWD gOoHNOL OHWPH 

+D]LQH 0VWHDUO +DON %DQNDV ([LPEDQN

.D\QDN  .RELOHU YH 9HULPOLOLN .RQJUHVL %LOGLUL .LWDE  <OGUP 0   DOQWOD\DQ dDODU YG   '|P 6    .RELOHU YH 9HULPOLOLN .RQJUHVL $% .RELOHUL LOH ELUOLL  $UDON  6DQD\L YH 7LFDUHW %DNDQO WDUDIQGDQ $% PHY]XDWQD X\XPOX .REL WDQPQD

oL VD\V PDODW VDQD\L LOHWPHOHUL oL VD\V oL VD\V PDODW VDQD\L LOHWPHOHULQLQ ELODQoR QHW GHHUL LWLEDUL\OH VDELW VHUPD\H WXWDU oL 6D\V oL VD\V PDODW VDQD\L LOHWPHOHULQLQ QHW VDELW \DWUP WXWDU oL VD\V 6DELW \DWUP WXWDU oL 6D\V 6DELW 6HUPD\H <DWUP 7XWDU

   PLO\RQ    ELQ <7/

   ELQ <7/

  (  

  (  

  (   PLO\RQ

LOLNLQ NDQXQ WDVDUV KD]UODQP EX NRQXGD \|QHWPHOLN WDVODQQ  PDGGHVLQGH .REL WDQPODPDV YH VQIODQGUPDV |\OH \HU DOPWU

 0LNUR OHWPH  NLLGHQ D] oDODQ RODQ YH \OON QHW VDW KDVODW YHYH\D .oN OHWPH  NLLGHQ D] oDODQ RODQ YH \OON QHW VDW KDVODW YHYH\D 2UWD %\NONWHNL OHWPH  NLLGHQ D] oDODQ RODQ YH \OON QHW VDW $YUXSD %LUOLL JHUHN XOXVDO JHUHNVH %LUOLN ED]QGD NDUNOD QHGHQ

PDOL ELODQoRVX ELU PLO\RQ <7/\L DPD\DQ LOHWPHOHUGLU

\OON PDOL ELODQoRVX EH PLO\RQ <7/\L DPD\DQ LOHWPHOHUGLU

KDVODW YHYH\D \OON ELODQoRVX  PLO\RQ <7/\L DPD\DQ LOHWPHOHUGLU

ROPDPDN LoLQ .REL NRQXVXQGD  WDULKOL .RQVH\ .DUDU (&2IILFLDO -RXUQDO /   3  1DULQ YH $NGHPLU   oHUoHYHVLQGH RUWDN ELU WDQP JHOLWLUPLWLU %X WDQP LoL VD\V ELODQoR E\NO YH EDPV]ON GHUHFHVLQGHQ ROXDQ |OoWOHUL NDSVDPDNWDGU %X NULWHUOHUH J|UH RUWD |OoHNOL .RELOHU LoLQ HOHPDQ VD\V GHQ D] \OON FLURVX  PLO\RQ (XURGDQ D] YH\D ELODQoR GHHUL  PLO\RQ (XURGDQ D] ROPDOGU .oN |OoHNOL .RELOHU LoLQ HOHPDQ VD\V

GHQ D] \OON FLURVX  PLO\RQ (XURGDQ D] YH\D ELODQoR GHHUL  PLO\RQ (XURGDQ VHUPD\HVLQLQ

D] ROPDOGU +HU LNL |OoHN LOHWPH LoLQ JHoHUOL RODQ EDPV]ON NULWHULQH J|UH LVH ELU YH\D ELUNDo E\N LUNHWH DLW ROPDPDOGU  \OQGD EHOLUOHQHQ NULWHUOHUH J|UH ELODQoR GHHUL  PLO\RQ (XUR\X JHoPH\HQOHU VHUPD\HVLQLQ 

LQGHQ ID]ODV .REL ROPD\DQ ELU NXUXOXD DLW ROPDPDO \DQL LOHWPH

LVH oDODQODUQ VD\V GHQ D] RODQODU \OON FLURVX  PLO\RQ (XUR YH\D \OON .REL ROPD\DQ ELU NXUXOXD DLW ROPD\DQODU HNOLQGH \HQLOHQPLWLU dDODU YG   .RELOHULQ (NRQRPLGHNL <HUL YH gQHPL LQGHQ ID]ODV

LOHWPHOHU ROPXWXU hONHOHULQ EDDUV YH JHOHFHL HNRQRPLN VLVWHPGH \HU DODQ

 \]\OGD YH  \]\OD JLUHUNHQ EDDUQQ YH VD\JQOQ VHPERO E\N

E\N LOHWPHOHUH J|UH GHHUOHQGLULOPLWLU $QFDN EX EDN DoV  \]\OQ VRQODUQD GRUX GHLLP J|VWHUPH\H EDODPWU  \OQGD 6FKXPDFKHULQ \D\QODG .oN *]HOGLU 6PDOO LV %HDXWLIXO oDOPDV LOH VHV EXODQ YH VRQUDNL VUHoWH GHLHQ NRXOODUD oDEXN X\XP VDOD\DELOHFHN HVQHN \DSODU LOH NoN LOHWPHOHU GHYDVD LOHWPHOHULQ NDUVQGD \HU EXOPXWXU 'HLHQ L RUWDP YH EX D]DOWPD YH NoOHUHN GDKD HVQHN \DSODUD G|QPH WDOHELQL DUWUPWU %X G|QHPGH

GHLLNOLNOHUH D\DN X\GXUDELOPH JOREDO UHNDEHW E\N LOHWPHOHULQ NDGHPH VD\VQ

 ELUoRN RUWD G]H\ \|QHWLFL YH EH\D] \DNDO LVL] NDOPD JHUoHL LOH NDUODPWU '|P   .RELOHU JHUHN VD\ODU JHUHN VDQD\L UHWLPLQGHNL SD\ODU YH JHUHNVH PLOOL LVWLKGDP VDODPD YH L LPNDQ RUWD\D oNDUPD

JHOLUH RODQ NDWNODU DoVQGDQ ONH HNRQRPLOHULQGH |QHPOL ELU \HUH VDKLSWLUOHU .RELOHULQ HNRQRPLGHNL UROOHUL HNRQRPL\H GLQDPL]P ND]DQGUPD HVQHNOLN YH \HQLOLNOHUL WHYLN HWPH E|OJHVHO NDONQPD\ K]ODQGUPD HNOLQGH |]HWOHQHELOLU *QG]    WRSODP LVWLKGDP LoHULVLQGHNL SD\ WRSODP \DWUPODUGD SD\ LVH hONHPL]GH .RELOHU WRSODP LOHWPHOHULQ

DOQWOD\DQ +DOLV 0    \OQGD LVH WRSODP LPDODW VDQD\L VHNW|UQGHNL LOHWPHOHU WRSODP LOHWPHOHULQ VLQL YH JHUoHNOHWLULOHQ \DWUPODUQ VLQL WRSODP LVWLKGDPQ

GLU (NLQFL   DOQWOD\DQ *QG] <   6DUDVODQ  LQL NDWPD GHHULQ

 LPDODW VHNW|U LoLQGHNL SD\

 WRSODP NDWPD GHHU LoHULVLQGHNL SD\

LQL ROXWXUPDNWDGU .RELOHULQ  LKUDFDWWDNL SD\ 

 DOQWOD\DQ *QG] <   2UDQODU NDUODWUGP]GD .RELOHULQ ONH HNRQRPLVLQGHNL \HULQLQ JLWWLNoH |QHP ND]DQGQ J|UPHNWH\L] .RELOHULQ ONH HNRQRPLN SHUIRUPDQVQGDNL HWNLVL JLGHUHN DUWPDNWDGU %DFRQ YH +RTXH   .RELOHULQ KHU ONH HNRQRPLVL LoLQ E\N |QHP WDG ELU JHUoHNWLU $QFDN

VQ ROXWXUPDNWD\G <|UN 

ONHPL]GH .RELOHU JHUHNHQ GHHUL KHQ] DODPDPDNWDGU $DGDNL WDEORGD .RELOHULQ GLHU ONHOHUGH YH 7UNL\HGH HNRQRPLGH HOGH HWWLNOHUL SD\ODU \]GHOHU NUHGLOHUGHNL SD\ oRN \NVHN ROPDVQD UDPHQ EX RUDQ ONHPL]GH NDOPDNWD YH .RELOHU ILQDQVPDQ DoVQGDQ ]RUOXN \DDPDNWDGUODU KDOLQGH J|VWHULOPLWLU 7DEORGDQ GD DoNoD J|UOHELOHFHL JLEL GLHU ONHOHULQ

 LOH VQUO

 7DEOR  .2%OHULQ hONHOHU %D]QGD (NRQRPLGHNL 3D\ .RELOHULQ


VWLKGDPNL SD\ OHWPHOHU LoLQGHNL SD\ <DWUPGDNL SD\ hUHWLPGHNL SD\ KUDFDWWDNL SD\

$%'

     

$OPDQ\D      

QJLOWHUH      

)UDQVD      

WDO\D      

7UNL\H      

.UHGLOHUGHNL SD\

.D\QDN 0IWROX 7  7UNL\HGH .RELOHU 7XUKDQ .LWDEHYL   DOQWOD\DQ *QG] < $   7UNHU YG   ELU HNRQRPLQLQ E\N LOHWPHOHU NDGDU NoN LOHWPHOHUH GH LKWL\Do J|VWHUPHVL NoN LOHWPHOHULQ RSWLPXP E\NOH HULPHOHUL LoLQ UHVPL YH |]HO NXUXOXODUQ oDEDODUQQ ]RUXQOX ROPDVGU *QP]GH EWQ GQ\D ONHOHUL LoLQ .RELOHULQ HNRQRPLN VRV\DO YH VL\DVDO |QHPL JLWWLNoH DUWPDNWDGU 6DODP ELU .REL \DSV JYHQFHVLGLU g]JHQ YH 6HOHQ   DOQWOD\DQ dDODU YG   LNWLVDGL JHOLPHQLQ VL\DVL LVWLNUDUQ YH VRV\DO EDUQ NDoQOPD] ELU DUW HQ |QHPOL .RELOHULQ ONH HNRQRPLVLQGH oRN |QHPOL ELU \HUH VDKLS ROPDVQQ YH .RELOHUH WP GQ\DGD |QHP YHULOPHVLQLQ LNL WHPHO QHGHQL YDUGU NXYYHWOL

GHVWHNOHQPHVLQLQ  |QHPOL QHGHQL YDUGU VL]OLN YH UHWLPH RODQ NDWNODU ED] HQGVWULOHUGH |QHPOL ELU SD\D VDKLS ROPDV YH UHNDEHW SRWDQVL\HOL *QP]GH E\N LOHWPHOHU NoOPH \ROXQD JLWWLNoH ELU oRN IDDOL\HWLQL RXWVRXUFH \ROX\OD

JHUoHNOHWLUPH\H oDOW LoLQ NoN LOHWPHOHULQ HNRQRPLGHNL DUONODU JLWWLNoH IDDOL\HW J|VWHUHQ .RELOHU KL]PHW VHNW|UQGH GH |QHPOL ELU \HUH VDKLSWLU $\UFD .RELOHU GHVWHNOHQPHVLQH DOW \DS ROXWXUPDNWDGU '|P    7UNL\HGH .RELOHU ONHGHNL JLULLPFLOLN NOWUQQ \D\JQODPDVQD YH

DUWPDNWDGU g]HOOLNOH WHNVWLO JGD YH PRELO\D VHNW|U JLEL HPHN \RXQ HQGVWULOHUGH \DUDWFOQ

 \OQGD ]PLU NWLVDW .RQJUHVLQGH JHUoHNOHWLULOGLL J|UOPHNWHGLU  \OQD

7UNL\HGH .REL NDYUDPQQ WDULKVHO JHOLLPL LQFHOHQGLLQGH LON oDOPDODUQ

NDGDU \UUONWH NDODQ  WDULKOL 7HYLNL 6DQD\L .DQXQX LOH .REL WDQP \DSOPD\D oDOOPWU %X NDQXQD J|UH  NLLGHQ D] YH HQ oRN  EH\JLUOLN PXKDUULN

 Jo oDOWUDQ L \HUL NoN LOHWPH ]HULQGHNLOHU E\N LOHWPH RODUDN NDEXO HGLOPLWLU  \OQGD '( VD\PQD J|UH  LoLGHQ D] oDODQ RODQODU NoN   oDODQ RODQODU RUWD |OoHNOL LOHWPH RODUDN WDQPODQPWU  \OQGDQ LWLEDUHQ LVH NoN |OoHNOL LOHWPHOHU LoLQ oDODQ VD\V H \NVHOPLWLU $UFROX YH .R]DQ   \DSDUNHQ VDGHFH DQFDN '(QLQ YHULOHULQH J|UH .RELOHULQ

 oDODQ RODQ LOHWPHOHUOH \DSP ROGXX DQNHWH J|UH ONHPL]GH .RELOHULQ 7UNL\HGH  LKUDFDW \DSPDNWDGU .RELOHULQ \DWUP NRQXVXQGDNL \HWHUVL]OLNOHUL SD]DU

L KHP Lo KHP GH G SD]DUODUD VDW \DSPDNWDGU <LQH '(QLQ

L ONH LoL SD]DUODUD PDO VDW

ELOJLOHULQGHNL HNVLNOLN WHNQRORML SURMH GHHUOHQGLUPH QLWHOLNOL LJF YH HOHPDQ

GD DoOPD JoONOHUL RUWDNON ERUoODQPD ND\QDN PDOL\HWLQLQ \NVHNOLL WHNQLN \DUGP NXUXOXODUQGDQ \DUDUODQPDPD \|QHWLP oHYUH EURNUDVL WHYLNWHQ VRUXQODU D\Q ]DPDQGD .RELOHUH UHNDEHW JoONOHUL GH JHWLUPHNWHGLU g]GHU \DSW \DUDUODQPD ]RUOXNODU JLEL NRQXODUGDQ ND\QDNODQPDNWDGU g]GHU 5   %X oDOPDGD UHNDEHW JFQ ROXPVX] HWNLOH\HQ IDNW|UOHUL VUDV\OD |\OH EHOLUWPLWLU KDPPDGGH PDOL\HWL SD]DUODPD UQ VWDQGDUWODU YH XOXVODUDUDV JHoHUOLOLN HQHUML PDOL\HWL HQIODV\RQ VHNW|UGH NXOODQODQ WHNQRORML LJF PDOL\HWL ILQDQVPDQ PDOL\HWL VL\DVL LVWLNUDU $U*H YE \HU DOPDNWDGU

 NLLGHQ D] oDODQ RODQ PLNUR |OoHNOL LOHWPHOHUGLU *HQHOOLNOH DLOH LOHWPHVL RODQ EX LOHWPHOHU GHLNHQ HNRQRPLN \DS\D D\DN X\GXUDELOHQ ONH HNRQRPLVL LoLQ ELU NRUX\XFX IDNW|U GXUXPXQGDGU 7UNHU YG   $YUXSD %LUOLL LOH ONHPL]GHNL .RELOHULQ NDUODWUPDVQ DDGDNL WDEORGD

hONHPL]GH UHWLP VHNW|UQGH IDDOL\HW J|VWHUHQ .RELOHULQ \DUVQGDQ ID]ODV

J|UPHN PPNQGU .26*(% DOQWOD\DQ 7UNHU YG  

 7DEOR  $% YH 7UNL\H .RELOHULQLQ .DUODWUOPDV 2UWDODPD LVWLKGDPLOHWPH 2UWDODPD GHYOHW \DUGPLoL\O $YUXSD %LUOLL   (XUR  7UNL\H  (XUR

2UWDODPD FLURLOHWPH

 (XUR 9DU 9DU

 (XUR PD[WDKPLQ

OHWPH LoL X]PDQODPD (LWLP VHPLQHUOHUL YH \DDP ER\X |UHQPH QWHUQHWL NXOODQPD

)LQDQVDO ND\QDNODUD XODPD JoO oHNHQ JLULLPFLOHULQ RUDQ



<HWHUVL] HLWLP VHPLQHUOHUL 

6DKLS \|QHWLFL WP LOHUGHQ VRUXPOX

  <RXQ OHDVLQJ YE

  *oON \DDQ\RU dRN oRN D]

)LQDQVDO DUDoODU KDNNQGD ELOJL G]H\L 0RGHUQ ILQDQVDO DUDoODU NXOODQPD hQLYHUVLWHOHUOH LELUOLL

.D\QDN 7UNHU 0 <DUED ( 2 ( YH gUHUOHU 7KH ([SHULHQFH RI 60(V Q 7XUNH\ $ &RPSXOVLYH 3URFHVV 7KURXJK (8 0HPEHUVKLS 8OXVODU DUDV $YUXSD %LUOLLQH *LUL 6UHFLQGH .RELOHU 7UNL\H YH %HQ]HU hONH 'HQH\LPOHUL 6HPSR]\XPX  0D\V  %DQGUPD  *HUHN LVWLKGDP YH JHUHNVH VHUPD\H RUDQ DoVQGDQ .2%OHU 7UNL\H

VLQLQ DQODPDV YDU

HNRQRPLVLQLQ |QHPOL ELU NVPQ ROXWXUPDNWDGU gUHQ .   .26*(%LQ 0DUW WH \DSW DUDWUPD\D J|UH LKUDFDW \DSDQ .RELOHU WRSODP LOHWPHOHULQ Q ROXWXUPDNWDGU %X oDOPDGD D\Q ]DPDQGD .RELOHULQ HQ

|QHPOL SUREOHPLQLQ ILQDQVDO VRUXQODU ROGXX WHVSLW HGLOPLWLU %XQD J|UH LOHWPHOHULQ X oDOPD VHUPD\HVL VDODPDN LoLQ NUHGL\H EDYXUPXWXU 7UNHU YG  'HYOHW VWDWLVWLN (QVWLWVQQ  *HQHO <HUOHUL 6D\P *66 DDPD

VRQXoODUQD J|UH  \OQGD 7UNL\HGH WDUP G VHNW|UOHUGH IDDOL\HW J|VWHUHQ YH NLL LVWLKGDP HGLOPHNWHGLU  .REL YH 9HULPOLOLN .RQJUH .LWDE  

YHUJL VLFLO ND\GQD VDKLS  LOHWPH EXOXQPDNWDGU %X L\HUOHULQGH 

 7RSODP OHWPH 6D\V oLQGHNL 3D\QD *|UH ON %H oLQGHNL )DDOL\HW .ROODU 7RSWDQ YH 3HUDNHQGH 7LFDUHW .RPLV\RQFXOXN 7DPLUDW  PDODW 6DQD\LL 8ODWUPD 'HSRODPD +DEHUOHPH 2WHO YH /RNDQWDODU    

'LHU 6RV\DO 7RSOXPVDO YH .LLVHO +L]PHW )DDOL\HWOHUL  *D\ULPHQNXO .LUDODPD YH )DDOL\HWOHUL







OHWPH %\NONOHULQLQ gOoHN  7RSODP OHWPH 6D\V oLQGHNL 3D\ODU gOoHN 0LNUR 0LNUR 2UWD 2UWD 2UWD %\N .oN dDODQ 6D\V   7RSODP oLQGHNL 3D\       



  



.D\QDN '(  *66 DOQWOD\DQ  .REL YH 9HULPOLOLN .RQJUHVL  7UNL\HGHNL LOHWPHOHULQ DQRQLP LUNHW YH   %XUVD V IHUGL PONL\HW

hONHPL]GHNL .RELOHUOH LOJLOL ED] LVWDWLVWLNVHO YHULOHUH EDNWP]GD VL DGL RUWDNONWU hONHPL]GH L\HUL VD\VQD J|UH RUWDODPD $QWDO\D  YH .RQ\D  GD IDDOL\HW V OLPLWHG LUNHW VL

L\HUL |PU  \OGU OHWPHOHU GDKD oRN VWDQEXO   $QNDUD   ]PLU J|VWHUPHNWHGLUOHU %X DOW LOGHNL LVWLKGDPQ WRSODP LoLQGHNL SD\ YH 9HULPOLOLN .RQJUHVL    

GLU  .REL

UDPHQ .RELOHUH X]XQ \OODU JHUHNHQ |QHP YHULOPHPLWLU $QFDN $%QLQ 

7UNL\HQLQ WRSODP VDQD\L LOHWPHOHULQLQ E\N ELU E|OPQ ROXWXUPDVQD

 \OQ .REL \O LODQ HWPHVL ]HULQH 7UNL\H GH .RELOHUH JHUHNHQ |QHPL YHUGLLQL

J|VWHUPHN LoLQ  \OQ .REL \O LODQ HWPLWLU %X YHVLOH\OH  (NLP  WDULKLQGH .REL 7HYLN .DUDUQDPHVL oNDUOPWU gUHQ  DOQWOD\DQ gUHQ   %X WDULKWHQ LWLEDUHQ .RELOHUOH LOJLOL \HQL G]HQOHPHOHUH JLGLOPHVL .RELOHUH |QHP YHULOPH\H EDODQGQ J|VWHUPHNWHGLU dQN UHNDEHWLQ \HUOHPHVL YH VUGUOPHVL HNRQRPLQLQ GXUJXQOXNWDQ NXUWDUOPDV HNRQRPLN FDQOOQ

ORNRPRWLIL RODQ .RELOHULQ |QHPVHQHUHN GHVWHNOHQPHVLQH EDOGU .UL] G|QHPOHULQL NDU J|VWHUGLNOHUL HVQHNOLN VD\HVLQGH WHNQRORMLN JHOLPHOHULQ DQD ND\QD GXUXPXQGDGU gUHQ   .26*(% WDUDIQGDQ  \OQGD  NoN YH RUWD |OoHNOL LOHWPH\L

GH E\N LOHWPHOHUH J|UH GDKD NROD\ DWODWDELOHQ .RELOHU GHLLNOLN YH \HQLOLNOHUH

NDSVD\DQ ELU oDOPD LOH ONHPL]GHNL .2% SURILOL oNDUOPWU %XQD J|UH 1DULQ 0 YH $NGHPLU 6   EXOXQPDNWDGU .RELOHULQ X LQWHUQHW NXOODQPDNWD XQXQ ZHE VD\IDV

WHNQRORML\L WDNLS HWWLL DQFDN \HWHUOL G]H\GH ROPDG RUWD\D oNPDNWDGU .RELOHULQ

V LQWHUQHW ]HULQGHQ (WLFDUHW \DSPDNWDGU %XUDGDQ LOHWPHOHULQ V LKUDFDW \DSPDNWD YH HQ oRN LKUDFDW \DSODQ ONHOHULQ  VHYN |QFHVL LKUDFDW NUHGLOHUL

EDQGD $OPDQ\D JHOPHNWHGLU 'LHU ONHOHU 5XV\D ,UDN )UDQVD <XQDQLVWDQ YH $%' ROPDNWDGU ([LPEDQN NUHGLOHULQLQ NXOODQOPDNWDGU YH \DWUP NDSVDPQGD DUDF EDQNDODUD WDKVLV HGLOHQ OLPLWLQ HQ D] .RELOHULQ X LOHWPH L \DWUP X .RELOHUFH L LOHWPH X NUHGL V

\DWUP YH LKUDFDW NUHGLVL NXOODQPDNWDGU 7RSODPGD .RELOHULQ NXOODQPDNWDGU .UHGLOHULQ NXUXPODUQGDQ VDODPDNWDGU .RELOHULQ .RELOHULQ JHQHOOLNOH XQX EDQNDFON NHVLPLQGHQ OHDVLQJ  LQL IDNWRULQJ

L LOHWPH YH LKUDFDW

 LOHWPH \DWUP YH LKUDFDW

 LKUDFDW

VLQL |]HO ILQDQV

XQXQ WHYLN KDNNQGD ELOJLVL YDUGU

L WHYLN KDNNQGD ELOJL VDKLEL GHLOGLU 6DGHFH L PWHUL PDUNDV\OD L KHP

NXUXOXODUQGDQ

NHQGL KHP PWHUL PDUNDV\OD VDW \DSPDNWDGU

L NHQGL PDUNDV\OD

+$&&3 ,62  YH ,62  EHOJHOHULQH VDKLS ROPD RUDQ oRN GNWU

 76( EHOJHVLQH VDKLSWLU

 'DQPDQON GHVWHL DODQ .RELOHULQ RUDQ GU 2UDQQ GNOQQ QHGHQL

GDQPDQON FUHWOHULQLQ \NVHN ROPDVGU (Q oRN WRSODP NDOLWH \|QHWLPL DODQQGD GDQPDQON DOPDNWDGUODU $UDWUPD\D J|UH .RELOHULQ HQ E\N VRUXQX QLWHOLNOL LJF LVWLKGDPGU 0HVOHNL HLWLP SURJUDPODUQQ ROXWXUXOPDV YH JHOLWLULOPHVL JHUHNPHNWHGLU  'Q\DGD .RELOHU

LOHWPHOHU oDODQ QIXVXQ )UDQVDGD WDO\DGD  +ROODQGDGD

$% ONHOHULQGHNL LOHWPHOHULQ \DNODN

  2NWD\ YH *QH\   DOQWOD\DQ dDODU YG   7UNL\HGH .RELOHU WRSODP LVWLKGDPQ <XQDQLVWDQ YH 7D\ODQGGD 8NUD\QDGD .RELOHULQ WRSODP LVWLKGDPGDQ DOGNODU SD\ LQL ROXWXUPDNWDGU $]HUED\FDQ %HODUXV YH

 %HOoLNDGD

 $OPDQ\DGD

L .REL QLWHOLNOL LOHWPHOHUGLU %X  QJLOWHUHGH

LQL ROXWXUPDNWDGU 1XUNXW



EHQLPVHQPLWLU g]HOOLNOH E\PH UHNDEHW YH LVWLKGDP ]HULQGH |QHPOH GXUDQ $% \H GHYOHWOHU LOH ELUOLNWH .RELOHULQ \DUDUQD RODQ SROLWLNDODUQ JoOHQGLUPH\H YH

$% VDQD\L SROLWLNDVQGD .RELOHULQ GHVWHNOHQPHVL WHPHO SROLWLND RODUDN

QLQ ]HULQGHGLU '|P  

 YH DOWQGD LNHQ LOL

.RELOHULQ EX NRQXODUGD VDODGNODU NDWNODU HQ \NVHN G]H\H oNDUDELOPHN LoLQ NRRUGLQH HWPH\H oDOPDNWDGU %X DQODPGD %LUOLN YH \H GHYOHWOHU LOHWPHOHULQ LoLQGH EXOXQGXX LGDUL YH G]HQOH\LFL RUWDP ILQDQVDO YH PDOL RUWDP JHOLWLUPH\H UHNDEHW JFQQ DUWUOPDVQD XUDPDNWD YH JLULLPFLOLL WHYLN HWPHNWHGLU dDODU YG   hONHPL]GH .RELOHULQ HQ E\N VRUXQX ILQDQVPDQ ROPDVQD UDPHQ GQ\D  -DSRQ\DGD  QJLOWHUHGH oDOPDNWD .RELOHULQ $YUXSDOODPDVQD YH XOXVODUDUDVODPDVQD \DUGP HWPHNWH

ONHOHULQLQ EX NRQXGD ONHPL]GHQ GDKD DQVO ROGXX J|UOPHNWHGLU gUQHLQ $%'GH .RELOHULQ NUHGL SD\ .RUHGH    +LQGLVWDQGD WLU 7(6.   DOQWOD\DQ dDODU YG  *QH\

$ODQQGD YH VYLoUHGH  PLO\RQ LOHWPH EXOXQPDNWD YH EX LOHWPHOHUGH  PLO\RQ NLL LVWLKGDP HGLOPHNWHGLU %X LOHWPHOHUGHQ VL NoN    RUWD  YH

$YUXSD %LUOLL .RPLV\RQXQXQ  5DSRUXQD J|UH $YUXSD (NRQRPLN VL oRN NoN  HOHPDQ 

VL GH E\N  |OoHNOLGLU %X

 LOHWPHOHUGHNL WP LOHULQ  .RELOHU  GH E\N LOHWPHOHUGH EXOXQPDNWDGU .RELOHU LoLQGHNL LVWLKGDPQ VDODQPDNWDGU VQ oRN NoN |OoHNOL LOHWPHOHU WDUDIQGDQ

.REL RODUDN QLWHOHQGLULOPHNWHGLU $DGDNL WDEORGD ED] ONHOHULQ .REL VD\V 

2(&' ONHOHULQLQ KHPHQ KHPHQ KHSVLQGH LOHWPHOHULQ

XQGDQ ID]ODV

LVWLKGDP RUDQ YH *60+\D NDWPD GHHUL \]GH RODUDN YHULOPLWLU +DOLV  7DEOR  hONHOHUGHNL .2% 6D\V VWLKGDP 2UDQ YH *60+\H .DWNV hONHOHU $YXVWUDO\D %HOoLND .DQDGD .REL 6D\V    VWLKGDP 2UDQ *60+\H NDWNV                      

'DQLPDUND )LQODQGL\D )UDQVD $OPDQ\D UODQGD WDO\D

    



<XQDQLVWDQ

       

 

 

 

-DSRQ\D

+ROODQGD 3RUWHNL] VSDQ\D VYHo VYLoUH



     

QJLOWHUH

$PHULND

.D\QDN 2(&'  *OREDOL]DWLRQ DQG 6PDOO DQG 0HGLXP (QWHUSULVHV &LOW , 6\QWKHVLV 5HSRUW V VSDQ\D WDO\D YH QJLOWHUHGH E\N LOHWPHOHULQ LVH VNDQGLQDY ONHOHULQGH IDDOL\HW





$YUXSDGD .RELOHULQ GDOPQD EDNOGQGD PLNUR LOHWPHOHULQ GDKD oRN

 J|VWHUGLL J|UOPHNWHGLU %X LOHWPHOHU JHQHOOLNOH WXUL]P LQDDW SHUDNHQGH WLFDUHW YH \HUHO KL]PHWOHUOH XUDPDNWDGUODU QJLOWHUHGH LVH GDKD oRN VHUEHVW PHVOHN ILQDQV LOHWPH EDQD GHQ LoL VD\V *QH\ $YUXSD ONHOHULQH J|UH GDKD ID]ODGU 6DODP  DOQWOD\DQ 1DULQ YH $NGHPLU    .RELOHULQ $YDQWDMODU YH 'H]DYDQWDMODU PHG\D JLEL JHOLU VHYL\HVL \NVHN LOHUOH XUDPDNWDGU .X]H\ $YUXSD ONHOHULQGH

OHWPHOHU NHQGLOHULQGHNL VWQON YH ]D\IONODUQ ELOLQFLQGH RODUDN KDUHNHW HWPHOL EXQD \|QHOLN SROLWLNDODU UHWPHOLGLU .RELOHULQ VWQONOHULQL WHPHO RODUDN HVQHNOLN .RELOHU HVQHN ROPDODU QHGHQL\OH SL\DVD NRXOODU YE JLEL UDGLNDO GHLLNOLNOHUH QL SD]DU K]O NDUDU DOPD VUHFL WNHWLFLOHUOH GLUHNW WHPDV RODUDN VUDOD\DELOLUL] oDEXN X\XP J|VWHUPH \HWHQHLQH VDKLSWLU .RELOHU WNHWLFLOHULQ VSHVLILN WDOHSOHULQL NDUOD\DELOPH EHFHULVL ROGXX LoLQ E\N LOHWPHOHU LoLQ NDUO ROPD\DQ SD]DUODUD GD JLUHELOLUOHU .DUDU DOPD VUHFLQGH LQIRUPDO NDQDOODU NXOODQPDODU E\N LOHWPHOHUH ELULQFL HOGHQ ELOJL DOPD DQVQD VDKLSWLUOHU

.RELOHU GH EWQ LOHWPHOHU JLEL oHLWOL JoO YH ]D\I \|QOHUH VDKLSWLU

N\DVOD GDKD K]O NDUDU DOPDODUQ VDODU 7NHWLFLOHUOH \DNQ LOLNL NXUGXNODU LoLQ YH UQ GL]D\QQGD HVQHN RODELOPH NLLOHU DUDV JoO LOLNLOHU EURNUDVL

YH SURVHGU D]O GDKD JHQL LVWLKGDP RODQDNODU UHNDEHW DYDQWDM WHNQLN \HQLOLNOHUH DoN ROPDN YH GLHU ED] VRV\DO IRQNVL\RQODU .RELOHULQ DYDQWDMODU DUDVQGDGU +DOLV   .DUDU DOPDGD oRN ID]OD KL\HUDUL ROPDG LoLQ L IUVDWODUQ GDKD NROD\ YH GDKD K]O GHHUOHQGLUPH LPNDQODU YDUGU 0WHUL LKWL\Do YH WDOHSOHULQH J|UH LOHWPH SROLWLNDODUQGD oDEXN G]HOWPHOHU \DSDELOLUOHU )UH\   .RELOHU E\N LOHWPHOHUH RUDQOD GDKD GLQDPLN ELU \DS\D VDKLS ROGXNODU

LoLQ NoN WDVDUUXIODU YH ND\QDNODU NDWPD GHHUH G|QWUPHN LVWLKGDP VDODPDN

JLEL DYDQWDMODUD VDKLSWLU 'DKD HVQHN UHWLP RODQDNODUQD VDKLS ROGXNODU LoLQ VUHFLQH GDKD K]O X\DUOD\DELOGLNOHUL LoLQ \DUDWFON E\N LOHWPHOHUH RUDQOD GDKD

WDOHSWHNL GHLLNOLNOHUH GDKD NROD\ X\XP J|VWHULUOHU 7HNQRORMLN JHOLPHOHUL UHWLP ID]ODGU .RELOHU E\N LOHWPHOHULQ JLUGLOHULQLQ UHWLPLQL VDOD\DUDN EX LOHWPHOHULQ NXUXOPDVQD |QFON HWPHNWHGLU $\UFD NLLVHO JLULLPFLOLN UXKX YH VUHNOL E\PH LVWHLQH VDKLS RODQ .RELOHU HNRQRPLN NDONQPDQQ |QF NHVLPLGLU (PHN \RXQ

oDOWNODU LoLQ QLWHOLNVL] LJF LVWLKGDP HGHUHN LVL]OLLQ D]DOWOPDVQGD HWNLOL

 ROPDNWDGUODU $NJHPFL  9DUO  6DUDVODQ  <OPD]  DOQWOD\DQ 1DULQ YH $NGHPLU   NDOLWHVLQLQ GNO E\N .RELOHU JHQHOOLNOH E\N LOHWPHOHUH PDO YH KL]PHW VXQDUODU .RELOHUGH UQ LOHWPHOHULQ UHNDEHW JFQ HWNLOHPHNWHGLU

.HQGLOHULQGHQ X\JXODPDODU LVWHQHQ NDOLWH SURJUDPODUQQ HWNLVL DOWQGDGUODU %X 7.< DGDSWH HGHUOHU %|\OHFH .2%OHULQ UQ YH KL]PHW NDOLWHOHULQL

QHGHQOH E\N LOHWPHOHU WHGDULNoLOHUL RODQ .RELOHUH 7RSODP .DOLWH <|QHWLPLQL L\LOHWLUPHOHULQLQ ELU \ROX RODUDN 7.< NDUP]D oNPDNWDGU 4XD]L DQG 3DGLEMR   DOQWOD\DQ 1DNWL\RN $ .oN 2     'LOLN % YH 'XUDQ 0   x x x x x x .RELOHULQ E\N LOHWPHOHUH J|UH DYDQWDMODU XQODUGU *QG] < $  (NRQRPLN GDOJDODQPDODU GDKD NROD\ NDUOD\DELOLUOHU 'DKD D] VHUPD\H LOH NXUXODELOLUOHU

3D]DU HNRQRPLVL DUWODUQD NROD\ONOD X\XP J|VWHUHELOLUOHU <HQLOLNOHUH NROD\FD X\XP VDOD\DELOLUOHU

X\XP J|VWHULUOHU

0WHULOHUOH GDKD \DNQ LOLNL NXUGXNODU LoLQ WNHWLFL WHUFLKOHULQH %URNUDVL D] ROGXX LoLQ UHWLP YH \|QHWLP GDKD K]O LOHU

GHLLP YH GHLHQ SL\DVD NRXOODU QHGHQL\OH ELUWDNP ULVNOHU YH GH]DYDQWDMODUD YDUGU 5DNLSOHU WHGDULNoLOHU WHNQRORML LKUDFDW SD]DUODU LKUDFDWWD WNHWLFL

%X VWQONOHULQLQ \DQQGD .RELOHU JOREDO UHNDEHW WHNQRORMLGHNL K]O

VDKLSWLU %XQODUQ ELU NVP |\OH |]HWOHQHELOLU %LOJL\H XODPDGD ED] VNQWODU EHNOHQWLOHUL XOXVDO YH XOXVODU DUDV QRUPODU YE NRQXODUGD ELOJL\H XODPD JoONOHUL YDUGU dHYUH LOH LOJLOL PDOL\HWOHUH NDWODQPD ]RUOXNODU YDUGU QVDQ ND\QDNODUQQ RODQDNODU VQUO ROGXX LoLQ GN WHNQRORML LOH oDOPDNWDGUODU <HWHUVL] VHUPD\H LOH oDOPDNWDGU ODU <HWHUOL \|QHWVHO EHFHULOHUH VDKLS GHLOOHUGLU NDOLWHVL GNWU YH NDOLIL\H HOHPDQ DOPD VNQWODU YDUGU 7HNQRORMLGHQ \DUDUODQPD

.oN LOHWPHOHUOH E\N LOHWPHOHULQ VDKLSOLN DoVQGDQ \|QHWLP ELoLPL DoVQGDQ

.RELOHULQ E\N LOHWPHOHU NDUVQGD \DDGNODU GH]DYDQWDMODU GD YDUGU

 YH ILQDQVDO ND\QDNODUQ NXOODQP DoVQGDQ EHOLUJLQ IDUNOONODU YDUGU %X IDUNOONODU NoN LOHWPHOHUGH ILQDQVDO \|QHWLPLQ \HQLGHQ G]HQOHQPHVLQL JHUHNOL G]HQOHPHNWH \DUGPF ROPDO NoN LOHWPHOHUL NRUXPDOGU 7UNHU YG   NOPDNWDGU $\Q ]DPDQGD GHYOHW NoN LOHWPHOHULQ E\N LOHWPHOHUOH LOLNLVLQL .oN |OoHNOL ROPDODU .RELOHUH D\Q ]DPDQGD VNQW GD \DUDWPDNWDGU

.DSDVLWH NXOODQP RUDQODU YH YHULPOLOLNOHUL GNWU 7HNQLN ELOJL \HWHUVL]OLNOHUL WHNQRORML HNVLNOLL YE QHGHQOHUOH UHWWLNOHUL PDO YH KL]PHW NDOLWHVL LVWHQLOHQ G]H\GH GHLOGLU 3D]DUODPD NRQXVXQGD DOW \DSODU ROPDG LoLQ E\N LOHWPHOHU NDGDU PDUND YH LPDM VWQONOHUL \RNWXU 6WDQGDUWODUD X\JXQ UHWLP \DSPDGNODU LoLQ

LKUDFDW SRWDQVL\HOOHUL GNWU YH XOXVODUDUDV UHNDEHW JoOHUL QHUHGH\VH \RNWXU WHYLNOHUGHQ YH GLHU ILQDQVPDQ DUDoODUQGDQ \HWHULQFH \DUDUODQDPDPDNWDGUODU NXUDPDPDNWD GROD\V\OD UHWLPGH NDOLWH YH VWDQGDUGL]DV\RQ VDODQDPDPDNWDGU $NJHPFL  <OPD]  DOQWOD\DQ 1DULQ YH $NGHPLU    DUDVQGDNL IDUNODU EX LOHWPHOHULQ WHPHO |]HOOLNOHULQH J|UH

7HYLN PHY]XDWQQ NDUPDN ROPDVQQ GD HWNLVL\OH PHY]XDW L\L ELOPHGLNOHUL LoLQ 1LWHOLNOL LJF WHPLQLQGH VNQW \DDPDNWD LVWLKGDP YHULPOLOLN YH FUHW LOLNLOHULQL

*KREDGLDQ YH *DOOHDU   E\N RUWD YH NoN |OoHNOL LOHWPHOHU DYDQWDM YH

GH]DYDQWDMODUQ RUWD\D NR\PXODUGU $DGDNL WDEORGD GXUXP |]HWOHQPLWLU +DOLV 0   <DS dRN D] \|QHWLP NDGHPHVLQGHQ ROXDQ \DOQ RUJDQL]DV\RQ dRN D] \HWNL

GHYUL )DDOL\HWOHULQ GDWOPDV VQUO YH QHW GHLO dRN D] X]PDQODPD (VQHN \DS YH ELOJL DN 6WUDWHMLN \|QWHP VH]JL\H YH GHQHPH\H GD\DO YHUPH ]LQFLUL $YDQWDMODU +]O LOHWLLP RUWDP +]O NDUDU YHUPH YH X\JXODPD .VD NDUDU 'H]DYDQWDMODU 'N X]PDQODPD VHYL\HVL |QFHOLNOHUL EHOLUOHPHGH

GHQH\LPGHQ \RNVXQOXN \DUDWU ' GHVWHN YH |WOHUH LKWL\Do YDUGU 6DKLS \|QHWLFLQLQ KHU H\L NRQWURO HWPHVL \HWNL GHYUL ROPDPDV E\PHQLQ |QQGH HQJHO ROXWXUXU



LGDUH HGLOPH] 'N GHUHFHGH VWDQGDUWODPD YH UHVPL\HW QVDQ HJHPHQ %DVLW SODQODPD YH NRQWURO VLVWHPOHUL oLQH GRDUDN YHULOHQ NDUDUODU GDKD \D\JQ *D\UL UHVPL GHHUOHPH NRQWURO YH UDSRUODPD SURVHGUOHUL YHUPH\L VDODU

6LVWHP YH SURVHGUOHU )DDOL\HWOHU YH LOHPOHU UHVPL NXUDO YH SURVHGUOHUOH

$YDQWDMODU %DVLW VLVWHP \DSV HVQHNOLN YH PWHUL LKWL\DoODUQD K]O FHYDS 'H]DYDQWDMODU LQ HWNLQOLLQGHQ HPLQ ROPDN LoLQ JHUHNHQ VLVWHP

G]JQOQGHQ \RNVXQGXU

+LVVHGHUHN YHULOHQ NDUDUODU \DQO RODELOLU

'ROD\V\OD KHU ELU LLQ VRQXFX IDUNO RODELOLU

DoVQGDQ HWNLOHQLU *oO GHSDUWPDQODPD \HULQH RUJDQLN |UJW JHQHOL GQPH WDU] %WQOHLN NOWU 6RQXo RGDNO \DSPDGD ID\GDO RODELOLU HQJHOOH\HELOLU 'H]DYDQWDMODU $YDQWDMODU gUJW JHQHOLQL ED] DODQ \DS |QFHOLNOHUL EHOLUOHPHGH YH \HQLOLNOHU 6DKLS \|QHWLFLQLQ GLNWDW|UFH GDYUDQODU \HQLOLNOHUL

.OWU YH 'DYUDQ J|UHQOHULQ GDYUDQODU YH LOHPOHUL LYHUHQLQ EDN

gQFOHU YH JLULLPFLOHU KDNLP .LLVHO \DUDWFON WHYLN HGLOPL \HQLOLN YH EXOXODUD DoN 0WHYD]L ELU LQVDQ VHUPD\HVL ILQDQVDO ND\QDN YH ELOJL ELULNLPL 1RUPDO RODUDN NDU GN GLUHQo %D] LJ|UHQOHU ELUGHQ ID]OD GHSDUWPDQ LGDUH HGHELOLU

QVDQ .D\QDNODU .LLVHO RWRULWH ROGXNoD JoO $] VD\GD NDUDU YHULFL

oDODQODU oDEDODUQQ VRQXoODUQ J|UHELOLUOHU 'N RUDQGD VHQGLNDODPD 'HLLPH $YDQWDMODU <NVHN RWRULWH YH VRUXPOXOXN LLQ WDPDPODQPDV LoLQ ELU

JYHQFHGLU <HQLOLNOHUH DoN ELU oHYUH JHOLLPL GHVWHNOH\HFHNWLU $] VD\GD LJ|UHQ GDKD L\L LOHWLLP KHUNHVL WDQPD LPNDQ

 'H]DYDQWDMODU )LQDQVDO GHVWHNWHQ \RNVXQOXN |UQHLQ \HWHUOL HLWLP EWoHVL

ROPDPDV  .oN |OoHNOL ROPDN JHOLLP oDEDODUQ HQJHOOH\HELOLU *HOLLP LQVDQ ND\QDNODUQD \DWUP \DSPD\ JHUHNWLULU

ELU PWHUL WDEDQQD \|QHOLN 0WHUL\OH \DNQ LOLNL NLLVHO WDQPD YH NROD\ XODPD dRXQOXNOD \HUHO SD]DUD \|QHOLN oRN D] XOXVDO YH XOXVODUDUDV ROPD 0WHUL LKWL\DoODUQ GDKD L\L DQODU

3L\DVD YH PWHULOHU )DDOL\HW DODQ GDU 6QUO G LUWLEDWODU 1RUPDOGH NoN

$YDQWDMODU 0WHULOHUGHQ JHOHQ K]O JHULG|QP FHYDSODU oDEXNODWUU 'H]DYDQWDMODU 8OXVODUDUDV SD]DUODPD SDKDO 6DW VRQUDV KL]PHW E\N

LOHWPHOHU NDGDU GHLO g]HOOLNOH PWHUL NRQXPXQGD LNHQ E\N LOHWPHOHU WDUDIQGDQ EDVN DOWQGD WXWXOPD |UQHLQ ,62  YE DOPD ]RUXQOXOXX JLEL  .RELOHUGH QVDQ .D\QDNODU <|QHWLPL

ND\QDNODU \|QHWLPL NRQXVXQGD HLOLPOHULQL DUWUP |UJWVHO NOWUOHULQGH YH LVWH\HQ .RELOHULQ ELU GHLLP VUHFL RODQ HLWLP IDDOL\HWOHULQL DUWUPDODU JHUHNPHNWHGLU

.UHVHOOHPH VUHFL\OH DUWDQ LOHWLLP YH ELOJL\H NROD\ HULLP .RELOHULQ LQVDQ

SROLWLNDODUQGD GHLLPH \RO DoPWU *QP]Q K]O GHLLPLQH D\DN X\GXUPDN oDODQODUQ ELOJL EHFHUL GHHUOHU YH PRWLYDV\RQ G]H\OHULQL JoOHQGLUPHOHUL .UHVHOOHPH JQP]GH VHUEHVW UHNDEHWLQ JLGHUHN DUWPDVQD \RO DoPWU

<HQL VWUDWHML DUD\QD JLGHQ LOHWPHOHU JHoPLWH |QHPOL RODQ WHNQRORML VLVWHP YH VUHoOHU JLEL EDDU NULWHUOHULQLQ \HULQL DUWN .< \HWNLQOLNOHU RUJDQL]DV\RQ \DSODU NXUXP NOWU JLEL EHOLUJLQ ROPD\DQ NROD\ DOJODQDPD\DQ WDNOLGL Jo IDNW|UOHUH \|QHWLPL \DSDFDNWU 5HNDEHW \DUQGDNL IDUN LQVDQGDQ ND\QDNODQPDNWDGU D]QGDQ RUWD |OoHNOL LOHWPHOHULQ \HQL \|QHWLP WHNQLNOHULQL

EUDNPD\D EDODGQ J|UPOHUGLU %X DQODPGD HQ |QHPOL IDUN LQVDQ ND\QDNODU .RELOHULQ ONH HNRQRPLVLQLQ EHO NHPLLQL ROXWXUGXX GQOUVH HQ X\JXODPDODU

JHUHNPHNWHGLU $QFDN QH \D]N NL \|QHWLP DODQQGDNL EX VRQ JHOLPHOHUH NDUQ

 ONHPL]GH .RELOHULQ oRXQXQ KHQ] VWUDWHMLN LQVDQ ND\QDNODU \|QHWLPL DQOD\Q <DSODQ ED] DUDWUPDODUD J|UH \|QHWLP YH RUJDQL]DV\RQ HLWLP YH SODQODPD JLEL VRUXQODU .RELOHULQ LVWLKGDP UHWLP YH UHNDEHW JoOHUL ]HULQGH HWNLOLGLU *HQHOOLNOH ROGXX EXOXQPXWXU

EHQLPVHPHGLNOHUL YH \HQL \|QHWLP WHNQLNOHULQL X\JXODPDGNODU J|UOPHNWHGLU

.REL oDODQODUQQ HQ |QHPOL VRUXQODUQQ oRXQOXXQXQ .< HNVLNOLL LOH LOJLOL .RELOHUGH LQVDQ ND\QDNODU \DSVQ WHN NHOLPH\OH LIDGH HWPHN JHUHNLUVH

ELoLPVHO ROPD\DQ LQIRUPDO ELU \DSGDQ V|] HGLOHELOLU %X ELoLPVHO YH\D UHVPL ROPD\DQ \DS X\JXODPDODUGD NXOODQP NROD\O YH\D SUDWLNOLN VDO\RU JLEL J|]NVH

GH X]XQ YDGHGH oRN L\L VRQXoODU RUWD\D oNDUPD\DFDNWU 0D\VRQ YH %DUUHWW 

 g]HOOLNOH DGD\ EXOPD YH VHoPH NRQXVXQGD GD \DSODQGUOP ELU WXWXP ROPDPDV EX LLQ X]PDQ ROPD\DQ NLLOHUFH \DSOPDV \DQO VRQXoODU JHWLUPHNWHGLU %X QHGHQOH .RELOHULQ DGD\ EXOPD YH VHoPH IDDOL\HWOHULQL ELoLPOHQGLUPHVL YH EHOJHOHQGLUPHVL JHUHNPHNWHGLU 6WHZDUW YH .QRZOHV   \|QOHULQLQ JHOLLP LKWL\DoODUQQ SRWDQVL\HO QVDQ ND\QDNODUQQ VLVWHPDWLN \|QHWLPLQLQ VDODQPDVQGD oDODQODUQ JoO NDWNODUQQ |OoOS GRUX

GHHUOHQGLULOPHVL NULWLN |QFHOLN ND]DQPWU %X EDODPGD \HWNLQOLNOHU |QH oNP VDGHFH ELOJL YH EHFHULQLQ |OoOPHVLQLQ \HWHUOL ROPDG J|UOP YH |]HOOLNOH oDODQ VD\V  YH ]HUL .RELOHUGH NDWOPF \|QHWLP \DNODPODU VHEHEL\OH oDODQODUQ WXWXP YH GDYUDQODUQQ GD J|] |QQGH WXWXOPDV JHUHNWLL RUWD\D oNPWU <NVHO 0   .RELOHUGH LQVDQ ND\QDNODU \|QHWLPL JHoPLH RUDQOD JQP]GH GDKD |QHP

ND]DQPWU oQN .< .RELOHULQ EDDUODUQGD DQDKWDU HWPHQOHUGHQ ELULGLU 7DQRYD YH 1DGLUL   QVDQ ND\QDNODU IDDOL\HWOHUL LoHULVLQGH LVH HWNLQ DGD\ EXOPD \|QWHPOHULQLQ EDDU ]HULQGH E\N HWNLVL YDUGU $QFDN OLWHUDWUGH GDKD oRN E\N LOHWPHOHU ]HULQH oDOPDODU \DSOP NoN |OoHNOL LOHWPHOHUGH LQVDQ DNDGHPLN LQVDQ ND\QDNODU GHUJLVLQGH \DSW LQFHOHPH\H J|UH  PDNDOHGHQ VDGHFH NoN LOHWPHOHUH \HU YHUPLWLU ND\QDNODU IDDOL\HWOHUL ]HULQGH ID]OD GXUXOPDPWU 7DQRYD YH 1DGLULQLQ  o  WDQHVL NoN LOHWPHOHUGH LVWLKGDP NRQXVXQD GHLQPL YH\D DPSLULN oDOPDODUQGD

 QVDQ ND\QDNODU JHOLLPL .RELOHUGH WHPHO EDDU IDNW|U RODUDN

J|UOPHNWHGLU g]HOOLNOH SURIHV\RQHO HLWLP SURJUDPODU LOH ELOJL WHPHOOL HNRQRPL\H

JHoL GDKD NROD\ RODFDNWU $QFDN |]HOOLNOH \DWUP YH LQVDQ ND\QDNODU JHOLLPL LoLQ VHUPD\H VNQWV oHNHQ .RELOHU LoLQ HLWLP SURJUDPODU PDVUDIO JHOPHNWHGLU )LONLHZLF]    .RELOHULQ JHUHN ONH HNRQRPLVL ]HULQGHNL E\N HWNLVL JHUHNVH

LVWLKGDPGDNL |QHPL VRQ RQ \OGD .RELOHUGH LQVDQ ND\QDNODU \|QHWLPL oDOPDODUQQ DUWPDVQD EX NRQXGD |]HO \D\QODU \DSOPDVQD QHGHQ ROPXWXU %DFRQ DQG +RTXH  QVDQ ND\QDNODU \|QHWLPL YH .RELOHULQ HNRQRPLN SHUIRUPDQV DUDVQGDNL

LOLNL\H SKH\OH EDNOG DUDODUQGDNL SR]LWLI LOLNLQLQ VRUJXODQG ELU VUHoWH VRQ \OODUGD \DSODQ oDOPDODU J|VWHUPHNWHGLU NL NRPSOLNH LQVDQ ND\QDNODU \|QHWLPL %DFRQ YH +RTXH   YH GVDO IDNW|UOHU YDUGU HLWLPLGLU IDDOL\HWOHULQL X\JXOD\DQ ELUNDo .RELGH oRN \NVHN SHUIRUPDQV WHVSLW HGLOPLWLU .RELOHUGH LQVDQ ND\QDNODU \|QHWLPLQLQ X\JXODQPDVQ HWNLOH\HQ oHLWOL LoVHO oVHO IDNW|UOHU LJF NDOLWHVL YH LJ|UHQ EDPOO LOH SURIHV\RQHO \|QHWLFL JF NDOLWHVL YH LJ|UHQ EDPOO (HU LOHWPHQLQ DPDoODUQD XODPDN

LoLQ NDOLIL\H LJF JHUHNVLQLPL YDUVD DGD\ EXOPD LH DOPD JHOLWLUPH YH HOGH WXWPD \NVHN WHNQRORMLOL VHNW|UOHUGH IDDOL\HW J|VWHUHQ \HQLOLNoLLQQRYDWLYH LOHWPHOHU QDGLU EXOXQDQ YH GHHUOL RODQ \HWHQHNOHUL HOGH HWPHN LoLQ oRN FD]LS NRXOODU YH WHNOLIOHU |QH VUPHOLGLU $\UFD LJ|UHQOHULQ \HWHQHNOHULQH EDO RODUDN GD .RELOHUGH \|QHWLP WDU]

JLEL LQVDQ ND\QDNODU IDDOL\HWOHULQLQ GDKD oRN X\JXODQG GQOPHNWHGLU g]HOOLNOH

GHLHELOPHNWHGLU .DOLIL\H LJ|UHQOHUOH oDODQ .RELOHU GDKD oRN NDWOPF ELU \|QHWLP DQOD\ EHQLPVH\HUHN LJ|UHQOHUL FHVDUHWOHQGLULU YH JYHQ YHULU %X DQOD\ LJFQH GDKD oRN GHHU YHUPH\L oDODQODU SRWDQVL\HO ELU UHNDEHW VWQO RODUDN J|UPH\L VDODU %XQXQ WHUVL RODUDN NDOLIL\H LJF LOH oDOPD\DQ .RELOHU LVH oDODQODU VWUDWHMLN ELU VHUPD\H RODUDN J|UPHPHNWH EX WDU] LJ|UHQOHUH SL\DVDGD

 NROD\ XODDFDQ GQPHNWH D] SDUD YHULS oRN oDOWUPD DQOD\Q

EHQLPVHPHNWHGLU

X\JXODPDODUQQ \DSODPDPDV \HWHUOL LQVDQ ND\QDNODU X]PDQ ROPDPDV LOH EDODQWOGU (DUQVKDZ YG   L NDQXQX YE NRQXODUGD \HWHUOL ELOJL\H VDKLS ROPD\DQ L]OH\HPHGLNOHULQL EXOPXODUGU %DFRQ YH +RTXH   X]PDQ \HWHUVL]OLLQGHQ GROD\ .RELOHULQ HWNLQ SURVHGUOHUL

3URIHV\RQHO \|QHWLFL HLWLPL .RELOHUGH JHOLPL LQVDQ ND\QDNODU \|QHWLPL

IDNW|UOHU LUNHW \|QHWLPL YH YDUONODUQ NRQWURO JHQL L oHYUHVLQGHQ HWNLOHQPH .RELOHU YH E\N PWHULOHU DUDVQGDNL LOLNL VHQGLNDODU HNOLQGH VUDODQDELOLU .RELOHU E\N LOHWPHOHUOH EDODQW NXUDUDN RQODUQ LQVDQ ND\QDNODU \|QHWLPL LOH LOJLOL X\JXODPDODUQGDQ ELOJL HGLQHELOLUOHU %X GVDO HEHNHOHUOH LOLNL ROPDG NDODFDNWU VUHFH .RELOHULQ \HQLOLH DoOPDV VDKLS \|QHWLFLQLQ JHoPLL YH WHFUEHOHUL\OH VQUO LUNHW \|QHWLPL YH YDUONODUQ NRQWURO .RELOHULQ E\N oRXQOXX WHN YH

.RELOHUGH LQVDQ ND\QDNODU \|QHWLPLQLQ X\JXODQPDVQ HWNLOH\HQ GVDO

EDPV] L\HUOHUL RODUDN IDDOL\HW J|VWHUGLNOHUL LoLQ GDKD oRN RWRULWHU YH LQIRUPDO ELU \DS\D VDKLSWLU $QFDN GDKD E\N ED] .RELOHU ELUNDo L\HULQGHQ ROXXS PHUNH] RILVOHULQGH \DGD ELQDODUQGD LQVDQ ND\QDNODU X\JXODPDODUQ ROXWXUXS GLHU PHUNH]OHUH GDQPDQON \DSDUODU *HQL L oHYUHVLQGHQ HWNLOHQPH 6RV\DO DODU HEHNHOHU |UJWVHO |UHQPHGH

E\N |QHP WDU .REL \|QHWLFLOHULQLQ oHLWOL LYHUHQ ELUOLNOHULQH \H ROPDV \HUHO GDQPDQON YV DOPDV NHQGLOHULQLQ oHYUHGHQ X]DNODPDODUQD L]ROH ROPDODUQD HQJHO ROXU

WHGDULNoLOHUGHQ JHOHQ EDVNODUQ YH PWHULOHULQ WDOHSOHULQLQ .RELOHULQ \|QHWLP \DSODUQGD |UJWOHQPHOHULQGH YH LQVDQ ND\QDNODU IDDOL\HWOHULQGH YH SROLWLNDODUQGD E\N HWNLVL ROGXXQX EXOPXODUGU

.RELOHU YH E\N PWHULOHU DUDVQGDNL LOLNL .LQQLH YG 

KDNNQGD ELOJL VDKLEL ROPDODUQGD VHQGLNDODU E\N |QHP WDU g]HOOLNOH LJ|UHQOHULQ

6HQGLNDODU OHWPHOHULQ \HQL X\JXODPDODU YH SURIHV\RQHO VWDQGDUWODU

HLWLPL NRQXVXQGD VHQGLNDODUQ LWLFL Jo ROGXX NDEXO HGLOPHNWHGLU 'ROD\V\OD

 VHQGLNDODUOD LOLNLVL RODQ .RELOHULQ ROPD\DQODUD J|UH GDKD ID]OD LQVDQ ND\QDNODU X\JXODPDODU \DSPDODU EHNOHQHELOLU %DFRQ YH +RTXH   .RELOHUGH LQVDQ ND\QDNODU \|QHWLPL LPGL\H NDGDU LKPDO HGLOPL ELU DODQ

RODUDN J|UOPHNWHGLU 7DQVN\ YH +HQHPDQ   LQVDQ ND\QDNODU OLWHUDWUQGH RODQ \D]DUODUQ .RELOHUH LNLQFL VQI YDWDQGD PXDPHOHVL \DSWNODUQ LIDGH HWPHNWHGLU $QFDN VRQ \OODUGD .RELOHU ]HULQH \DSODQ oDOPDODU DUWPDNWDGU +HQHPDQ 7DQVN\ YH &DPS   &DUGRQ YH 6WHYHQV  EX LOHUOHPHQLQ \DYD ROGXXQX EHOLUWPL ROVD GD DUDWUPDFODUQ GDKD oRN LQVDQ ND\QDNODU \|QHWLPL DODQQGD ROGXX J|UOPHNWHGLU (GLWRULDO   .RELOHUGH DGD\ EXOPD \|QWHPOHUL GH E\N ILUPDODUGDQ IDUNOON

J|VWHUPHNWHGLU .RELOHU ER NDGURODUQ LODQ HWPHN LoLQ XOXVDO \D\Q NXUXOXODU \HULQH \HUHO \D\Q RUJDQODUQ GDKD oRN WHUFLK HWPHNWHGLUOHU $\UFD .RELOHU SHUVRQHO WDYVL\HOHULQL GH GDKD oRN GLNNDWH DOS EXQD J|UH KDUHNHW HWPHNWHGLUOHU

9LQWHQ   /LWHUDWUGH EX YH EHQ]HUL \|QWHPOHU ELoLPVHO ROPD\DQ LQIRUPDO

\|QWHPOHU RODUDN DGODQGUOU YH .RELOHU EX \|QWHPOHUL GDKD oRN NXOODQUODU .RELOHUGH EX \|QWHPOHUL X\JXOD\DQ NLLOHU GH JHQHOOLNOH EX NRQXGD ELOJL YH WHFUEH VDKLEL ROPD\DQ L VDKLEL \|QHWLFLOHU ROPDNWDGU -DPHVRQ   $NDGHPLV\HQOHU YH SURIHV\RQHOOHU DUDVQGDNL JHQHO J|UH J|UH .RELOHUGH

JHOHQHNVHO \|QHWLP \DNODP \HULQL PRGHUQ \DNODPODUD EUDNPDOGU YH EX JHoLWH LQVDQ ND\QDNODU \|QHWLPL NULWLN ELU UROH VDKLSWLU $\FDQ =    .RELOHUGH QVDQ .D\QDNODU 'HSDUWPDQODU

YH \DNQ LYHUHQ YH LJ|UHQ LOLNLVLQLQ NDUONO EDPOOD GD\DO ROPDV JLEL QHGHQOHUOH LQIRUPDO ROGXXQX \D]OPDP JHOHQHNVHO NXUDOODU YH |UWO ELOJL ]HULQH \UGQ EHOLUWPLOHUGLU DOQWOD\DQ %DFRQ YH +RTXH   QVDQ ND\QDNODU GHSDUWPDQODU LOHWPH E\NOQH J|UH EHOLUOHQLU .oN

5DP YG  .RELOHUGHNL LJ|UHQ LOLNLOHULQLQ oDOPD RUWDPQQ NoN

LOHWPHOHUGH LQVDQ ND\QDNODU GHSDUWPDQQQ LOHYLQL oRN D] NLL \DSPDNWDGU OHWPHQLQ E\PHVL LOH LQVDQ ND\QDNODU GHSDUWPDQQD RODQ LKWL\Do GD DUWPDNWDGU

QVDQ ND\QDNODU GHSDUWPDQQQ LOHWPHOHUGHNL URO JHQHOOLNOH LGDUL X]PDQON HNOLQGH J|UOPHNWHGLU OHWPHQLQ \|QHWVHO \DSVQD GD\DO JQON VUHoRGDNO LOHYVHO oDODQ ELU ELULPGLU +DLOH\ YG  

 QVDQ ND\QDNODU GHSDUWPDQODUQQ KL]PHW NDOLWHVLQL \DSVQ YH LOHWPHGHNL

UROQ EHOLUOH\HQ HQ |QHPOL IDNW|UOHUGHQ ELUL LOHWPH E\NOGU %\N |OoHNOL LOHWPHOHUGH LQVDQ ND\QDNODU IDDOL\HWOHUL .RELOHUGHQ GDKD JHOLPLWLU $\UFD LOHWPHQLQ IDDOL\HW J|VWHUGLL VHNW|U \DGD HQGVWUL GH LQVDQ ND\QDNODU \DSVQ HWNLOH\HQ ELU GLHU IDNW|UGU )LQDQV YH ELOLLP VHNW|UOHUL UHWLP VHNW|UQH N\DVOD 

GDKD NRPSOLNH YH JHOLPL LQVDQ ND\QDNODU VLVWHPOHULQH VDKLSWLU $\FDQ =  .oN LOHWPHOHUGH GH E\NON J|]HWLOPHNVL]LQ D\Q LOHU \DSOPDNWDGU

DQFDN WHN IDUN LOHULQ NoN |OoHNOH \UWOPHVLGLU .oN LOHWPHOHULQ LQVDQ ND\QDNODU \|QHWLFLOHUL GH LQVDQ ND\QDNODUQQ WHPHO LOHYOHULQL \HULQH JHWLUPH\H oDOU YH E\N LOHWPHOHUOH D\Q DPDFD XODPD\ KHGHIOHU 6DGHFH GDUGDQ ELU GHVWHN DOPD\S LOHUL NHQGLOHUL \UWW LoLQ IDUNOON YDUGU %LU EDND IDUN GD E\N

LOHWPHOHUGH J|UOHQ EURNUDVLQLQ NoN LOHWPHOHU GH ROPD\ YH EXQX LQVDQ  

ND\QDNODU \|QHWLFLOHULQLQ ELU DYDQWDMD G|QWUHELOPHVLGLU 'H &HQ]R YH 5REELQV .oN LOHWPHOHUGH IRUPDO ELU LQVDQ ND\QDNODU GHSDUWPDQ ROPDVD ELOH KHSVL

GH DGD\ EXOPD LH DOPD JLEL LQVDQ ND\QDNODU IDDOL\HWOHULQL \UWPHNWHGLU g]HOOLNOH L VDKLEL \|QHWLFL WDUDIQGDQ \UWOHQ EX IDDOL\HWOHU oRN GD SURIHV\RQHOFH ROPDPDNWDGU VDKLEL \|QHWLFLOHU LQVDQ ND\QDNODU \|QHWLPL KDNNQGD \HWHUOL ELOJL YH WHFUEH VDKLEL ROPDG JLEL EX IDDOL\HWOHUL GLHU \|QHWVHO IDDOL\HWOHULQGHQ ]DPDQ YH HPHN oDODQ ELUHU XQVXU RODUDN J|UPHNWHGLUOHU &DUGRQ    .RELOHUGH QVDQ .D\QDNODU <|QHWLFLOHUL

SHN KRODQPD]ODU $YUXSDGD LH DOPGD JHoHUOL RODQ \|QHWVHO NXUDOODU ELU \N JLEL J|UOPHNWH HWNLOHPHNWHGLU %X .RELOHULQ \|QHWLFLOHUL LH DOP NXUDOODUQ NDUPDN YH DQODOPDV Jo EXOPDNWDGU QJLOWHUHGH .RELOHULQ .RELOHULQ \DNODN LQGH LH DOP VUHo YH NDUDUODUQ

.REL VDKLS YH \|QHWLFLOHUL \DVDO G]HQOHPHOHUGHQ VUHoOHUGHQ NXUDOODUGDQ

G]HQOHPHOHULQ NHQGLOHULQH L \UWPHNWH ELU HQJHO WHNLO HWWLLQL \|QHWVHO \N

L LJ|UHQOHUOH LOJLOL

JHWLUGLLQL GQPHNWHGLUOHU <|QHWLFLOHULQ \DVDO G]HQOHPHOHU LoLQGH |QFHOLNOL GQGNOHUL H\ LJ|UHQOHULQ FUHW VDON YH JYHQOLN JLEL LKWL\DoODUQQ VDODQPDVGU 'DKDV VDGHFH \|QHWLFLOHU GHLO LJ|UHQOHU GH oDOPD KD\DWQ

 G]HQOH\HQ NXUDOODUD NDU GX\DUV] \DVDO KDNODUQ DUDPDNWD \HWHUVL]GLU %DFRQ YH +RTXH   *HQHOOLNOH .RELOHULQ L VDKLEL \|QHWLFLOHUL LQVDQ ND\QDNODU NRQXVXQGD UHVPL

ELU HLWLPH YH GH WHFUEH\H VDKLS ROPDGNODU LoLQ LQVDQ ND\QDNODU SURJUDPODUQQ

NDOLWHVL YH NDUDUODU EXQGDQ HWNLOHQPHNWHGLU 'DKDV LQVDQ ND\QDNODU LoLQ DOQWOD\DQ .ODDV YG   dQN \|QHWLFLOHU LQVDQ ND\QDNODU LoLQ D\UGNODU ]DPDQQ GLHU \|QHWVHO SUREOHPOHUH YH NRQXODUD D\UPDODU JHUHNHQ ]DPDQGDQ oDOGQ GQPHNWHGLUOHU $QJLRQH  DOQWOD\DQ .ODDV YG   QVDQ ND\QDNODU \|QHWLFLOHU WDUDIQGDQ JHQHO \|QHWLPLQ WHPHO IRQNVL\RQODU LOH DODNDO

\|QHWLFLOHULQ KDUFD\DFDNODU ]DPDQ oRN NVWOGU +HQHPDQ 7DQVN\ YH &DPS 

J|UOG ]DPDQ VWUDWHMLN RODUDN GQOPHNWHGLU 6DWODU DUWUPDN PWHUL WDWPLQL VDODPDN YE DPDoODU LoLQ %HFNHU YH +XVHOLG   oDODQODUQ SHUIRUPDQVQ IRQNVL\RQODUQGDQ \DUDUODQPDN GQOPHNWHGLU .ODDV YG   WDNLS HGHUHN VWUDWHMLN DPDoODUD XODPDNWD NXOODQPDN LoLQ LQVDQ ND\QDNODU .REL \|QHWLFLOHUL |]HOOLNOH NXUXOX DDPDVQGD LOHWPH\L NXUPDN YH

\UWPHN UHWLP VDW YH SD]DUODPD \ROODUQ ROXWXUPDN QDNLW DNQ VDODPDN

JLEL NRQXODUOD LOJLOHQGLNOHULQGHQ LQVDQ ND\QDNODU \|QHWLPLQL LKPDO HWPHNWHGLUOHU

OHWPH E\GNoH LQVDQ ND\QDNODU LOH LOJLOL ELoLPVHO ELU \DS ROXWXUXOPDN DU]X HGLOLUVH EX GDKD oRN L VDKLEL \|QHWLFLQLQ LQLVL\DWLILQH YH ELOLQo G]H\LQH EDO ROPDNWDGU VDKLEL \|QHWLFL EX NRQXGD FLGGL YH LVWHNOL ROXUVD HOHPDQODU J|UHYOHQGLUPHNWH X\JXODQDELOLU QVDQ \HWNLQ ND\QDNODU ROXUVD \|QHWLPLQL LQVDQ ND\QDNODU X\JXODPDN SROLWLNDODU D\Q ]DPDQGD NROD\ONOD EX

\|QHWLFLOHULQ oDODQODUQQ KXNXNL KDNODUQQ IDUNQGD ROPDV\OD GD DODNDOGU

g]HOOLNOH L JYHQOLL YH LoL VDO HLW L KDNN HLW FUHW KDNV] LWHQ oNDUPDODU LOHWPHOHULQ ELOLQoOHQGLULOPHVLQH EDOGU 0D\VRQ YH %DUUOHWW  

JLEL oDODQODUQ \DVDO KDNODUQ NRUXPD\ DPDoOD\DQ SROLWLNDODUQ ROXWXUXOPDV OHWPHOHUGH L VDKLEL \|QHWLFLQLQ LQVDQ ND\QDNODU NRQXVXQGD ELOLQoOL ROPDV

LQVDQ ND\QDNODU \|QHWLPLQLQ X\JXODQPDVQQ WHPHO DUWODUQGDQ ELULVLGLU %XQXQ E\NO VHNW|U SL\DVDQQ UHNDEHW NRXOODU UQ YH LJF SL\DVDVQQ \DSV YH

\DQQGD LQVDQ ND\QDNODU \|QHWLPLQL ROXWXUPDQQ GLHU HWNHQOHUL GH LOHWPH WHPHO GLQDPLNOHUL RODUDN VD\ODELOLU $QFDN NoN LOHWPHOHUGHNL L VDKLEL

 \|QHWLFLOHULQ WHUFLKOHUL LQIRUPDO YH GLUHN LOLNLOHUGHQ \DQDGU 'ROD\V\OD .RELOHUGH IRUPDOELoLPVHO ELU LQVDQ ND\QDNODU \|QHWLP \DSV ROPD\ GDKD oRN \|QHWLFLOHUGHQ ND\QDNODQPDNWDGU -DFN YG  

WHUFLKOHUL VHEHEL\OH GDKD oRN LOHWPHOHULQLQ YDUOQ VUGUPHVL YH GHYDP LOHWPHQLQ RSHUDV\RQHO KHGHIOHULQH XODPDV LOH LOJLOLGLUOHU %X \|Q\OH NoN GX\DUO +LOO 0F*RZDQ 0DF/DUHQ   \|QHWLP WHFUEHOHULQH GD\DO ULVNOHUH YH LOHWPH \|QHWLFLOHUL JLULLPFLOHUGHQ GDKD IDUNOGU *LULLPFLOHU IUVDWODUD NDU

.REL VDKLSOHUL NLPL ]DPDQ SL\DVD NRXOODU \]QGHQ NLPL ]DPDQ NLLVHO

GHLLNOLNOHUH ROXPOX EDNDELOHQ \DSGDGUODU $PLW *ORVWHQ 0XOOHU  +LOO YG  7LPPRQV DOQWOD\DQ 0DUORZ  'ROD\V\OD NoN LOHWPHOHU LOH GD IDUNO RODFDNWU $YUXSDGD NoN LOHWPHOHULQ oRN D] ELU E|OP EX \DSGDNL JHOLPH RGDNO JLULLPFL LOHWPHOHULQ LQVDQ ND\QDNODU \|QHWLPL NRQXVXQGDNL WDYUODU JLULLPFLOHU ROGXXQGDQ \|QHWLP DoVQGDQ NHVLQ ELU ND\QDN WHNLO HWPHPHNWHGLU $QFDN X GD ELU JHUoHNWLU NL \HQLOLN NoNON JHOLLP ULVN JLEL NDYUDPODU DOWQGD IDDOL\HW J|VWHUHQOHULQ oDODQODU \|QHWPH \DNODPODU EXQODUGDQ HWNLOHQHFHNWLU 0DUORZ   .RELOHUGH VDKLS \|QHWLFLOHULQ HLWLP YH JHOLLP LKWL\DoODU LOHWPHQLQ JHQHO

SHUIRUPDQV DQDOL] HGLOHUHN YH D\Q ]DPDQGD SD]DUODPD UHWLP ILQDQV YE JLEL LOHWPH IRQNVL\RQODUQQ HWNLQOLL YH \HWHUOLL LQFHOHQHUHN DQODODELOLU 'N JHUHNHQ HLWLPLQ QH ROGXXQX EHOLUOHPHN LoLQ ELU IUVDW ROXWXUXU +DOLV 0    .RELOHUGH 6RUXQODU SHUIRUPDQVQ QHGHQOHULQL EHOLUOHPHN LOHWPH LoLQ YH oDODQODUQ \HWHUOLOLL LoLQ

GHLPHNOH ELUOLNWH WHPHO VRUXQODU EHQ]HU ROPDNWDGU .RELOHUGH PHYFXW VRUXQODUQ ELU NVP LOHWPHQLQ NHQGLVLQGHQ ND\QDNODQPDNOD EHUDEHU G oHYUH NRXOODU HNRQRPLN YH ILQDQVDO SROLWLNDODU GD E\N |QHP WDPDNWDGU g]HOOLNOH ILQDQVDO ND\QDNODUD XODPDNWD E\N VRUXQ \DD\DQ .RELOHU EXQXQ VRQXFX RODUDN JLUGL WHPLQL UHWLP SD]DUODPD VDW VRQUDV KL]PHW $U*H IDDOL\HWOHUL YH HLWLP

hONHPL]GH .RELOHULQ VRUXQODU EXOXQGXNODU VHNW|UH E|OJH\H KDWWD LOH J|UH

DODQODUQGD GD VRUXQ \DDPDNWDGU )LQDQVDO VRUXQODUQ ND\QD GD JHQHOOLNOH LOHWPH \|QHWLFLOHULQLQ \|QHWLPVHO \HWHQHNOHULQLQ |]HOOLNOH GH ILQDQVDO \|QHWLP DODQQGD ELOJL

 YH GHQH\LPOHULQLQ \HWHUVL]OLL ROPDNWDGU %\N LOHWPHOHUGH D\U ELU ILQDQVPDQ .RELOHUGH EXQGDQ EDKVHWPHN SHN PPNQ GHLOGLU %HGN YG  

\DGD PDOL LOHU E|OP YH EX E|OPOHUGH oDODQ X]PDQ NLLOHU ROPDVQD UDPHQ )LQDQVPDQ VRUXQX JHQHOOLNOH LOHWPHQLQ NXUXOX DDPDVQGD EDODPDNWD YH

LOHULNL \OODUGD GD ILUPDQQ JHOLLPLQL ROXPVX] \|QGH HWNLOHPH\H GHYDP HWPHNWHGLU <DSODQ ELUoRN DUDWUPDGD JHOLPL YH JHOLPHNWH RODQ ONHOHUGH .RELOHULQ KD\DWWD NDOPDVQ VDOD\DQ YH E\PHVLQL HWNLOH\HQ HQ |QHPOL IDNW|UQ ILQDQVPDQ ROGXX WHVSLW HGLOPLWLU .DQGHPLU   DOQWOD\DQ dDNU 0HGHU + (UGRDQ 2 0  

LOJLOL VRUXQODUGU g]HOOLNOH UHWLP WHNQRORMLOHULQLQ \HWHUVL] ROPDV \DWUP \DSDUNHQ

.RELOHULQ ILQDQVPDQ VRUXQODU LOH ELUOLNWH \DDGNODU ELU GLHU VRUXQ UHWLPOH

DODQ YH WHNQRORML VHoLPL NRQXVXQGD ELOJL DODELOHFHNOHUL ELU NXUXPXQ ROPDPDV EX NDOLWHVL] UHWLP \NVHN PDOL\HW KDPPDGGH LJF PDNLQH WH]JDK NDSDVLWHVL LVUDIQQ GD DUWPDVQD QHGHQ ROPDNWDGU g]JHQ YH 'RDQ 

VRUXQODUQ EDOFDODUGU hUHWLP \|QHWLPL YH WHNQRORMLVLQGHNL ELOJL \HWHUVL]OLL

.RELOHUGH JLULLPFLOLN \|QHWLFLOLN YH PONL\HW WHN NLLGH \DQL LOHWPH VDKLELQGH ELUOHPHNWHGLU %X NLLOHU \|QHWLPL SURIHV\RQHO NLLOHUH GHYUHWPH NRQXVXQGD JHUHN PDOL VNQWODU QHGHQL\OH JHUHNVH NRQWURO WHN NHQGL HOOHULQGH EXOXQGXUPD DU]XVX QHGHQL\OH VRUXQ ROXWXUPDNWDGU *HQHOOLNOH .REL NXUXFXODU YH VDKLSOHUL PKHQGLV YH WHFUEHOL ROPDODUQD UDPHQ \|QHWLP NRQXVXQGD EDDUV] ROPDNWDGUODU %HGN YG  

.RELOHULQ \|QHWLP YH SHUVRQHO \DSODU LOH LOJLOL VRUXQODU GD PHYFXWWXU

WHNQLV\HQ YH\D XVWD N|NHQOL NLLOHUGLU 'ROD\V\OD LLQ UHWLPL NRQXVXQGD \HWHQHNOL

\|QHWLFLOLN NRQXVXQGD HNVLNOLNOHUL YDUGU 6DKLS \|QHWLFLQLQ NLLVHO DPDoODU YH LOHWPHQLQ KHGHIOHUL JHQHOOLNOH EHOLUVL]GLU .RELOHU HNRQRPLN ROD\ODUGDQ oDEXN

.REL VDKLEL LOHWPHQLQ \|QHWLFLVL NRQXPXQGDGU YH GROD\V\OD SURIHV\RQHO

HWNLOHQLUOHU YH \DQO NDUDUODU |QHPOL ND\SODUD KDWWD LIODVD QHGHQ RODELOLU .RELOHULQ

HQ E\N KDWDODU WHNQRORMLN YH PHVOHNL ELOJLGHQ \RNVXQOXN NDOLIL\H NLLOHUL LVWLKGDP HGHPHPH SUREOHP o|]PHGH X]PDQODUGDQ \DUDUODQPDPD \HWNL YH VRUXPOXOXN GHYUL \DSPDPDNWU +DOLV 0  

 $\Q ]DPDQGD .RELOHULQ \|QHWLP \DSODU DLOH LOHWPHVL |]HOOLL WDPDNWDGU

YH \|QHWLPGH X]PDQODPD oRN GN G]H\GH NDOPDNWDGU 6DKLS \|QHWLFLOHU DOW NDGHPHOHUH \DUGPFODUD \HWNL GHYUL NRQXVXQGD LVWHNVL] GDYUDQPDNWDGUODU $\UFD E\NONWHQ VRQUD NXUXPVDOODPD\D |QHP YHULOPHPHVL LOHWPH\L

VDKLS\|QHWLFLOHULQ E\PH DU]XVX YH KUV GD VRUXQ \DUDWDELOPHNWHGLU %HOLUOL ELU VRNDELOPHNWHGLU %XQXQ \DQQGD GLHU ELU NVP L VDKLEL \|QHWLFL GH E\PHQLQ

]RUD

JHWLUHFHL ULVNOHUL J|]H DODPDGNODU LoLQ VQUO NDSDVLWH LOH UHWLPH GHYDP HWPHNWHGLU %HGN YG   %\PH PDOL\HWOHULQ PLQLPL]H HGLOGLL UHWLP G]H\LQH NDGDU VUGUOPHOLGLU %LUoRN JLULLPFL LOHWPHVLQL NXUGXX JQGHQ NHQGLOHULQFH PDQWNO VHEHSOHUH GD\DQDUDN VUHNOL NoN NDOPDN LVWH\HQ LOHWPHOHU YH JLULLPFLOHU GH YDUGU $NQ  DOQWOD\DQ g]JHQHU    LWLEDUHQ E\PH WXWNXVX\OD \DDU YH WHPHO KHGHI E\PHNWLU %XQD NDUQ

SODQODU \DSPDPDV QLWHOLNOL HOHPDQ YH \|QHWLFL HNVLNOLL \HUHO JLULLPFLOHULQ GHQH\LPVL] YH \HQL L DODQODU NRQXVXQGD HNVLN ELOJL\H VDKLS ROPDV GN VDWODU \NVHN IDDOL\HW JLGHUOHUL VHUPD\H \HWHUVL]OLL VWRNODPD VRUXQX DODFDNODUQ WDKVLOkWQGDNL JoONOHU YHULPVL] oDOPD VWDQGDUWODPDP YH GN NDOLWHGH UHWLP NDOLWHOL KDPPDGGH WHGDULNLQGH \DDQDQ VRUXQODU JHUHNVL] VDELW YDUONODU YH KHSVLQGHQ |QHPOLVL KDWDO NXUXOX \HUL VHoLPL JLEL VRUXQODUGU

.RELOHULQ E\PHVLQGH oHLWOL HQJHOOHU YDUGU %XQODU LOHWPHOHULQ E\PH

WD\DQ GLHU VRUXQODU NVDFD |\OH |]HWOHQHELOLU \HWHUVL] IL]LELOLWH oDOPDV \DSOPDV RUWDN JLULLPOHUGH oHNLQJHQ GDYUDQOPDV LGDUL WHNQLN GDQPDQON YH UHKEHUOLN KL]PHWOHULQGHQ \RNVXQ ROXQPDV SD]DU DUDWUPDV \DSOPDPDV $U*H IDDOL\HWOHULQH JHUHNHQ |QHPLQ YHULOPHPHVL XOXVODU DUDV NDOLWH VWDQGDUWODUQD X\JXQ PDO YH KL]PHW UHWLOHPHPHVL \RXQ UHNDEHW \HWHUVL] LOHWPH VHUPD\HVL LKUDFDWWD

.RELOHUGH \DDQDQ EX WHPHO VRUXQODUQ \DQ VUD .RELOHU LoLQ KD\DWL |QHP

\HWHUVL] NDOPD EURNUDWLN HQJHOOHU SROLWLN LVWLNUDUV]ONODU WHYLN WHGELUOHULQLQ \HWHUVL]OLL .RELOHULQ RUJDQL]H RODPDPDODU YE %HGN YG   7UNHU YG  

RUJDQL]DV\RQ VRUXQODU SODQODPD VRUXQODU HLWLP VRUXQODU NDUDU YHUPH LOH LOJLOL VRUXQODU \HWNL GHYUL LOH LOJLOL VRUXQODU LQVDQ ND\QDNODU VRUXQODU NXUXPVDOODPDQQ

.RELOHULQ \|QHWLP YH RUJDQL]DV\RQOD LOJLOL VRUXQODU LVH \|QHWLP WDU]

 ROPDPDV NRRUGLQDV\RQ HNVLNOLL YH GHQHWLP \HWHUVL]OLL PHY]XDW NRQXVXQGD ELOJL HNOLQGH |]HWOHQHELOLU g]JHQHU 

HNVLNOLL YH EURNUDWLN HQJHOOHU NDOLWH JYHQFH VLVWHPOHULQL EHOJHOHQGLUPH VRUXQODU .RELOHULQ \DSVDO \|QHWLP UHWLP JLEL WHPHO VRUXQODUQD HN RODUDN \HQL

WHNQRORMLOHUH X\XP GN NDSDVLWH\OH oDOPD WHGDULN YH VWRNODPD ELOJL GHVWHL YH WHNQLN \DUGP SD]DUODPD YH UHNDEHW \HQL \DWUP \DSDPDPD EURNUDWLN HQJHOOHU JLEL SHN oRN VRUXQODU PHYFXWWXU $\UFD .RELOHULQ \DUDUODQDELOHFHNOHUL ILQDQVPDQ ND\QDNODUQQ VQUO ROPDV ]DWHQ \HWHUVL] RODQ LOHWPH VHUPD\HOHULQL JHUHL NDGDU DUWUDPDPDODUQD QHGHQ ROPDNWDGU %X GD NoN VDQD\L LOHWPHOHULQGH NDSDVLWH NXOODQP RUDQQQ GPHVLQH YH PHYFXW NDSDVLWHQLQ DWO NDOPDVQD QHGHQ ROPDNWDGU .DUDEoDN YH $OWXQWHSH   DOQWOD\DQ *QG] < $   .RELOHULQ WHPHO VRUXQODUQ WRSDUODPDN JHUHNLUVH DQD KDWODU LOH RQ ELU JUXSWD

WRSODPDN PPNQGU gUJWOHQPH YH \|QHWLP VRUXQODU WHGDULN UHWLP \|QHWLPL SD]DUODPD \|QHWLPL LKUDFDW ILQDQVDO \|QHWLP PXKDVHEH \|QHWLPL LQVDQ ND\QDNODU \|QHWLPL KDONOD LOLNLOHU $U*H NDUDU DOPD LOH LOJLOL VRUXQODU KHPHQ KHPHQ WP .RELOHULQ NDUODDELOHFHL VRUXQODUGU g]GHU $\UFD

SHUIRUPDQVODUQ |OoPHN LoLQ \HWHUOL YHUL VDOD\DPDPDNWDGU 0RGHUQ PXKDVHEH

.RELOHU

\|QWHPOHULQL NXOODQPDPDNWD JYHQLOLU ILQDQVDO WDEORODU UHWPHPHNWHGLU g]HOOLNOH PLNUR |OoHNOL LOHWPHOHUGH Lo NRQWURO VLVWHPL \HWHUOL GHLOGLU %X GD LOHWPHOHULQ IDDOL\HWOHULQLQ G]JQ \UPHVLQH HQJHO ROPDNWDGU  .RELOHUGH QVDQ .D\QDNODU 6RUXQODU

VRQXFX RODUDN LQVDQ IDNW|U E\N LOHWPHOHUH J|UH GDKD ID]OD |QHP WDPDNWDGU HGLOPHNWHGLU dQN .RELOHU ILQDQVPDQ SD]DUODPD PXKDVHEH $U*H JLEL oHLWOL \RNVXQGXUODU 0IWROX  DOQWOD\DQ g]JHQHU  

.RELOHUGH HPHN \RXQ WHNQRORMLOHULQ GDKD DUONO ROPDVQQ GRDO ELU

.RELOHUGH JHQHOOLNOH X]PDQODPDP \D GD D] X]PDQODP LJ|UHQOHU LVWLKGDP LOHWPHFLOLN DODQODUQGD X]PDQ NLLOHUL LVWLKGDP HGHELOHFHN PDGGL JoWHQ g]JHQHULQ  1HYHKLUGH XQ VDQD\LQGH IDDOL\HW J|VWHUHQ .RELOHU

]HULQH \DSW oDOPDGD QVDQ .D\QDNODU LOH OJLOL 6RUXQODU DOW EDOQGD XQ

VDQD\LL LOHWPHOHULQGH QLWHOLNOL SHUVRQHOL WHNQLN HOHPDQ JGD PKHQGLVL JLEL LOHWPHGH WXWPD VNQWV  YH \HWHUOL VD\GD QLWHOLNOL SHUVRQHOH VDKLS RODPDPD

  HQ |QHPOL VRUXQODUQGDQ ELUL RODUDN EHOLUWLOPHNWHGLU $\UFD EX LOHWPHOHULQ KLoELULQGH \|QHWLFLOHU YH LJ|UHQOHULQ SHUIRUPDQVQD \|QHOLN VLVWHPDWLN ELU GHHUOHPH \|QWHPL ROPDG YXUJXODQPDNWDGU

VDKLEL ROPDN \|QHWLFL VD\OPDN LoLQ \HWHUOL NULWHU RODPD] +DWWD .RELOHUGH LQVDQ

.REL VDKLSOHUL oRX ]DPDQ \|QHWLFLOLN YDVIQD VDKLS GHLOGLU %LU LOHWPHQLQ

ND\QDNODUQQ \|QHWLPL SDUD\ YHULU oDOWUUP GQFHVL\OH KDILIH DOQPDNWDGU \HWHQHLQH VDKLS ROPDV JHUHNPHNWHGLU g]JHQHU 

OHWPH IDDOL\HWOHULQLQ HJGP LoLQGH \UWOHELOPHVL LoLQ \|QHWLFLOHULQ OLGHUOLN .RELOHU ]HULQH \DSODQ ED] DUDWUPDODU NDOLIL\H LJF HNVLNOLLQLQ

.RELOHULQ JHOLPHVL ]HULQGHNL HQJHOOHUGHQ ELUL ROGXXQX J|VWHUPLWLU %DFRQ YH

+RTXH   /DQH  YH +HQGU\ YG  WDUDIQGDQ \DSODQ

oDOPDODUGD NoN LOHWPHOHULQ LoVHO LJF SL\DVDODUQ HOGH WXWPDNWD GDKD D] ]D\I YH PHYFXW NLOLW LJFQ PXKDID]D HWPHNWH GDKD PFDGHOHFL GXUXPGDGU

DQVODU ROGXX EHOLUWLOPLWLU ' LJF SL\DVDVQGD RODQ GHLLNOLNOHUH NDU GDKD 'ROD\V\OD 5LWFKLH  $WNLQVRQ DQG 6WRUH\  7KDWFKHU  Q ROPDNWDGU YH E\N LOHWPHOHUH N\DVOD NDOLIL\H HOHPDQ HOGH HWPH DQVODU GDKD GD EHOLUWPLOHUGLU &DUUROO YG   

EHOLUWWLNOHULQH J|UH EX GXUXPODU \]QGHQ NoN LOHWPHOHULQ DGD\ EXOPD VNQWODU GNWU .DOLIL\H HOHPDQ VNQWVQ $WNLQVRQ YH 6WRUH\  YH 6FRWW YG  .RELOHU HQ oRN ND\QDN VNQWVQGDQ YH NoN LOHWPH ROPDQQ JHWLUGLL

]RUOXNODUGDQ LNk\HW HWPHNWHGLUOHU %LoLPVHO ELU LQVDQ ND\QDNODU SROLWLNDV ROXWXUPDN LVH NoN LOHWPHOHU LoLQ KHP SDUDVDO DoGDQ KHP GH ]DPDQ DoVQGDQ ELU PDOL\HW XQVXUX ROPDNWDGU $\UFD LOHWPH ND\QDNODU LoLQGH oRN JHUHNOL ELU \DWUP DODQ JLEL GQOPHPHNWHGLU 0D\VRQ YH %DUUHWW   %\N LOHWPHOHUH N\DVOD NoN LOHWPHOHULQ LQVDQ ND\QDNODU WHPLQLQGHNL VNQWODU ND\QDN :HVVRQ 5REHUVRQ  \HWHUVL]OLLQGHQ YH |UJWQ UHVPL ELU \DSV ROPDPDV \]QGHQGLU %DUEHU 7D\ORU  :LOOLDPVRQ  DOQWOD\DQ /HXQJ 

VHoLPLQGHQ ND\QDNODQPDNWDGU 3L\DVD NRXOODU GRDO RODUDN VHoLP \DSODFDN DGD\

.RELOHUGH LQVDQ ND\QDNODU \|QHWLPL LOH LOJLOL ELU GLHU VRUXQ GD SHUVRQHO

SRWDQVL\HOLQL GH HWNLOHPHNWHGLU g]HOOLNOH WDUDGD YH NoN E|OJHOHUGH WHFUEHOL YH

 \HWHQHNOL HOHPDQ EXOPDN SUREOHP ROPDNWDGU $QFDN NoN LOHWPHOHU DGD\ EXOXUNHQ LH X\JXQOXNWDQ ]L\DGH LOHWPH\H X\JXQOXX |Q SODQGD WXWPDNWDGU LQ JHUHNOHULQH J|UH DGD\ DUDPDN \HULQH NoN LOHWPH NRXOODUQD D\DN X\GXUDELOHFHN NLLOHUL WHUFLK LOHWPHOHUGH JHQHOOLNOH L VDKLEL \|QHWLFL VWOHQPHNWHGLU YH EX NLLOHU GHWD\O YH G]HQOL ELU DGD\ EXOPD YH VHoPH SURJUDPODUQ X\JXOD\DPDPDNWDGUODU %DUEHU YG  +HQHPDQ YH %HUNOH\  /HXQJ  

HWPHNWHGLUOHU 0D\VRQ YH %DUUHWW   $\UFD DGD\ EXOPD YH VHoPH LLQL NoN

DOWQGD WRSODPODUGU oDODQODU DUDVQGD HNLS oDOPDVQQ ]D\IO LOHWLLP HNVLNOLL ELOJL \HWHUVL]OLL JYHQ RUWDPQQ ROPD\ PRWLYDV\RQXQ VDODQDPDPDV oDODQODUQ KDN HWWLL FUHWL DODPDPDODU oDODQODU LOH VW \|QHWLPLQ DPDo YH LOLNLQ VRUXQODU oDODQODUOD ELUOLNWH EHOLUOHPHN YH o|]PHN YHULPOLOLL GDKD GD DUWUDFDNWU $QFDN QH \D]N NL .RELOHUGH LVWLKGDP SROLWLNDODU KHGHIOHULQGHNL IDUNOONODU oDODQODU DUDVQGDNL DGDP ND\UPDFONWU dDODQODUD

.RELOHUGH oDODQODUQ VRUXQODUQ 8VOX YH 'HPLUHO  X DOW EDONODU

\DSODPDPDNWDGU g]HOOLNOH PDGGL VHEHSOHUGHQ GROD\ LH DOP SURVHGUOHUL DGP

SURIHV\RQHOFH

DGP \HULQH JHWLULOPHPHNWHGLU $OWHUQDWLI DGD\ EXOPD \|QWHPOHUL oRXQOXNOD X\JXODQPDPDNWDGU 'DKD oRN HGRVW WDYVL\HVL\OH YH \DNQ oHYUHGHQ ID\GDODQODUDN \DSODUDN DGD\ LH DOQPDNWDGU 0D\VRQ YH %DUUHWW   DGD\ EXOXQPD\D oDOOPDNWDGU 6HoLP VUHFLQGH LVH \DSVDO ROPD\DQ J|UPHOHU 3HN oRN .REL \|QHWLFLVLQLQ PPNQ ROGXXQFD D] NXUPD\ SHUVRQHO LVWLKGDP

HWWLL J|]OHQHQ ELU EDND ROJXGXU 8Q VDQD\LLQGHNL LOHWPHOHULQ JHQHOGH JHUHNVLQLP DNUDEDODU  YDVWDV\OD WHGDULN HWWLNOHUL DQODOPDNWDGU %X EXOJXODU GLNNDWH

GX\GXNODU LJ|UHQOHUL NLLVHO EDYXUXODU  YH L GQ\DV YH oHYUHGHNL GRVW YH DOQGQGD JHUoHNWH LOHWPHOHULQ QLWHOLNOL SHUVRQHO DUDPD NRQXVXQGD \HWHULQFH oDED g]JHQHU  RUWD |OoHNOL

J|VWHUPHGLNOHUL YH JHUHNOL \HUOHUH EDYXUPD JHUHL GX\PDGNODU DoNoD J|UOHELOLU  \OQGD $UWKXU $QGHUVHQLQ  LOHWPHGH  E\N |OoHNOL 

HGLOHQ DGD\ EXOPD \|QWHPL WDQGN YH LJ|UHQ WDYVL\HVL RODUDN WHVSLW HGLOPLWLU %X GD

 NoN |OoHNOL \DSW JHQL oDSO ELU DUDWUPDGD HQ oRN WHUFLK

ONHPL]GH NOWUHO RODUDN NROOHNWLYLVWWRSOXPFX ELU \DSQQ YDUO\OD LOLQWLOLGLU <LQH

 EX \DSQQ ELU X]DQWV RODUDN HQ oRN WHUFLK HGLOHQ VHoPH \|QWHPL LVH ELUHELU J|UPH WHNQLLGLU LOHWPHOHULQ \DNODN REMHNWLI YH VWDQGDUW WHVWOHU X\JXODPDNWDGU *|UPHOHU \DSODQGUOPDP YH J|UPHFLQLQ VXEMHNWLI GHHUOHQGLUPHVLQH J|UH \DSOPDNWDGU $GD\ODUGD DUDQDQ

 OHWPHOHULQ oRN D] ELU NVP

|]HOOLNOHU LVH LQLVL\DWLI VDKLEL VRUXPOXOXN DODELOHQ WDNP oDOPDVQD \DWNQ |]HQOL GLNNDWOL YH PWHUL RGDNO ROPDVGU 5LVN DODELOHQ WHGELU DODELOHQ |QJ|U VDKLEL JLULLPFL YH SHUIRUPDQV RGDNO ROPDV JHUL SODQGD NDOUNHQ EX |]HOOLNOHU GDKD oRN \|QHWVHO SR]LV\RQODU LoLQ DUDQDQ QLWHOLNOHU RODUDN J|UOPHNWHGLU $\FDQ  

|UJWOHULQ oRN NoN ELU E|OP   LQVDQ ND\QDNODU \|QHWLPLQL VWUDWHMLN ELU GHSDUWPDQODUQ \|QHWVHO LOHYVHO YH X\JXOD\F RODUDN NDEXO HWPHNWHGLUOHU 1DQNHUYLV $ YG   XQXQ LONRNXO

1DQNHUYLV YGQLQ .RELOHUGH \DSW ELU oDOPDGD DUDWUPD\D NDWODQ

|QHPH VDKLS RODUDN J|UPHNWHGLU gUJWOHULQ E\N ELU oRXQOXX LQVDQ ND\QDNODU

7UNL\HGHNL .REL \|QHWLFLOHULQLQ HLWLP GXUXPODU LQFHOHQGLLQGH LVH VLQLQ RUWDRNXO

PH]XQX ROGXX WHVSLW HGLOPLWLU $ONLQ   DOQWOD\DQ 8VOX 6 YH 'HPLUHO <     .RELOHUGH 6RUXQODUQ d|]P

LQLQ OLVH LQLQ \NVHN |JUHQLP

ELULGLU $YUXSD %LUOLLQGH OHUGHQ VRQUD ONHPL]GH GH O \OODUQ VRQODUQD GRUX DUWDQ RUDQGD YH oHLWOLOLNWH .RELOHUH \|QHOLN GHYOHW GHVWHL VDODQPD\D  WDULK YH  VD\O 5HVPL *D]HWHGH \D\QODQDUDN \UUOH JLUHQ .oN YH EDODPWU hONHPL]GH .RELOHUH GHYOHW GHVWHLQL |QJ|UHQ LON G]HQOHPHOHU  (NLP 2UWD %R\ OHWPHOHULQ <DWUPODU +DNNQGD .DUDU LOH \DSOPWU  WDULK

.RELOHULQ VRUXQODUQQ o|]PQGH GHYOHW GHVWHL HQ |QHPOL IDNW|UOHUGHQ

YH  VD\O 5HVPL *D]HWHGH .RELOHULQ \DWUPODU LoLQ X GHVWHN XQVXUODU

|QJ|UOPWU )RQGDQ NUHGL WDKVLVL YHUJL UHVLP KDUo LVWLVQDV \DWUP LQGLULPL JPUN YHUJLVL YH WRSOX NRQXW IRQX LVWLVQDV NDWPD GHHU YHUJLVL LVWLVQDV dDNU 0HGHU + (UGRDQ 2 0   .REL WHYLN X\JXODPDVQQ DPDF .RELOHULQ NDONQPD SODQ YH \OON

SURJUDPODUD X\JXQ RODUDN NRUXQPDODU WHYLN HGLOPHOHUL UHWLP NDOLWH YH

VWDQGDUWODUQ DUWUPDODU UQ JHOLWLUPH\H \|QHOLN IDDOL\HWOHU JHUoHNOHWLUPHOHUL

 LVWLKGDP VDODPDODU YH UHNDEHW HGHELOPHOHULQL VDODPDNWU dRODNROX   DOQWOD\DQ dDNU 0HGHU + (UGRDQ 2 0   $QFDN \DSODQ oDOPDODUGD .RELOHULQ WHYLN NRQXVXQGD \HWHUVL] ELOJL\H VDKLS ROGXNODU J|UOPHNWHGLU %X

QHGHQOH .26*(% JLEL GDQPDQON J|UHYL VWOHQHQ NXUXOXODUQ .RELOHUL WHYLN NRQXVXQGD ELOLQoOHQGLUPHVL JHUHNPHNWHGLU dDNU 0HGHU + (UGRDQ 2 0   .RELOHULQ HQ |QHPOL VRUXQODUQQ EDQGD ILQDQVPDQ VRUXQX JHOPHNWHGLU

)LQDQVDO VRUXQODUQ o|]PQGH LVH J|UHY HWNLQ RODUDN GHYOHWH GPHNWHGLU 'HYOHW NUHGLOHUL DoPDO NUHGL VLVWHPLQL \HQLGHQ J|]GHQ JHoLUPHOL IDL] RUDQODUQ

.RELOHUH \|QHOLN EDQND NUHGLOHULQL WHYLN HWPHOL JHOLPHOHU LoLQ |]HO ILQDQVPDQ G]HQOHPHOL NUHGL DODU NXUPDO NUHGL JDUDQWL IRQX ROXWXUPDO YH ULVN VHUPD\HVL

VLVWHPL NXUPDOGU $JUDZDL  DOQWOD\DQ dDODU YG   )LQDQVDO VRUXQODUQ o|]PQGH HOGH HGLOHQ ND\QDNODUQ NXOODQP GD oRN |QHPOLGLU %X oUDNON HLWLP PHUNH]OHULQLQ \D\JQODWUOPDV NVD VUHOL HLWLP SURJUDPODU NRQXGD .RELOHUH JHUHNOL HLWLP GHVWHLQLQ YHULOPHVL JHUHNPHNWHGLU %X GHVWHN G]HQOHQPHVL PHVOHH \|QHOLN |]HO HLWLP PHUNH]OHULQLQ \D\JQODWUOPDV WHYLNL .RELOHULQ NHQGL DUDODUQGD YH E\N LOHWPHOHUOH LOLNLOHULQLQ QHWZRUN 

VHUWLILNDO .REL GDQPDQ PHUNH]LQLQ NXUXOPDV ND\QDN \DUDWDQ ILQDQVDO \HQLOLNOHULQ VWUDWHMLN \DNQODPD YE \ROODUOD JHOLWLULOPHVL HNOLQGH RODELOLU dDODU YG  .RELOHUH X\JXQ NRXOOX NUHGL \HULQH ILQDQVDO ND\QDNODUD XODPDGD

NDUODWNODU LSRWHN NHIDOHW YH JHUL |GHPH ULVNL JLEL LODYH \NOHU JHWLUHQ JLULLPFLOHULQ HLWLOPHVL ELOJLOHQGLULOPHVL \|QOHQGLULOPHVLQH \|QHOLN oDOPDODU DUWUOPDOGU %XQODUD HN RODUDN .RELOHU LoLQ o|]P |QHULOHUL |\OH |]HWOHQHELOLU *QG]    x x .RELOHULQ |GHPHN ]RUXQGD ROGXNODU YHUJL VD\V D]DOWOPDOGU

X\JXODPDODUQ NDOGUOPDV GDKD ID\GDO RODFDNWU g]HOOLNOH NUVDO NHVLPGH EXOXQDQ

.RELOHULQ NXUXOX DDPDVQGDNL VHUPD\H JoONOHULQH GHVWHN ROPDN VDODQPDO YH KD\DW VWDQGDUG YH JHOLU YHUJLVL RUDQODU GN WXWXOPDOGU

DPDF\OD LON EH \O LoHULVLQGH SHLQ YHUJL |GHPHNWHQ PXDI ROPDODU

 x '37 YH .26*(% WDUDIQGDQ VDKD DUDWUPDODU \DSODUDN QH WU HWNLOL RODUDN WHYLN HGLOPHOLGLU

\DWUPODUD X\JXQ DODQODU ROGXX WHVSLW HGLOPHOL E|\OHFH SURMHOHU GDKD g]HOOLNOH LKUDFDWD \|QHOLN PDO YH KL]PHW UHWHQ .REL SURMHOHULQH LOHUOLN ND]DQGUPDN LoLQ |]HO WHYLNOHU JHWLULOPHOLGLU .RELOHUL GHVWHNOHPH IRQX DG DOWQGD IRQ ROXWXUXOPDOGU

x x x

.RELOHULQ SD]DUODPD SURMHOHUL GHVWHNOHQPHOL SD]DUODPD HOHPDQODUQQ HLWLPLQH DUON YHULOPHOL EX NRQXGD QLYHUVLWHOHUGHQ GHVWHN DOQPDOGU .RELOHUOH LOLNLOL RODUDN KHU WUO GDQPDQON YH SURMH HWG oDOPDODU LoLQ QLYHUVLWHOHUGHQ \DUGP WDOHS HGLOPHOLGLU

WHNQRORML \HQLOLN YH LOHWLLP NDSDVLWHOHULQLQ JHOLWLULOPHVLGLU *HQHOOLNOH EX LOHWPHOHU JHOHQHNVHO UHWLP \|QWHPOHUL LOH $% ILUPDODU\OD UHNDEHW HWPHNWHGLUOHU .oN LOHWPHOHU VHUPD\HVL YH LJF RWXUPX JoO YH E\N LOHWPHOHUOH

hONHPL]GH .REL NDONQPD VWUDWHMLVLQLQ HQ WHPHO NRQXVX LOHWPHOHULQ

UHNDEHW HGHELOPHN LoLQ LJ|UHQOHULQ VHoLPLQGH YH oDOWUOPDVQGD RQODUQ ELOJLOHULQGHQ YH \HWHQHNOHULQGHQ ID\GDODQPDN NRQXVXQGD DNOOFD GDYUDQPDO LJFQ ELU UHNDEHW DYDQWDM KDOLQH G|QWUPHOLGLU %R[DOO   .RELOHULQ \|QHWLP RUJDQL]DV\RQ VRUXQODU ROGXX GD ELOLQHQ ELU JHUoHNWLU %X

VRUXQODUQ o|]PQH \|QHOLN |QHULOHU XQODU RODELOLU g]JHQHU   

.XUXPVDOODPDQQ VDODQPDV \|QHWLFLOHULQ HLWLP G]H\LQLQ DUWUOPDV YH SURIHV\RQHO \|QHWLFLOHULQ LVWLKGDP HGLOPHVL DLOH LoL LOLNLOHU LOH LUNHW LOHULQLQ ELUELULQGHQ D\UOPDV WP ELULPOHULQ YH \|QHWLFLOHULQ SHUIRUPDQVODUQ |OoPHGH NXOODQODFDN NULWHUOHU YH UDSRUODPD VLVWHPL JHOLWLULOPHVL \HUHO |QFHOLNOHUH J|UH ELULNLPOHULQ EDND L DODQODUQD ND\GUOPDV RUJDQL]DV\RQ

L\LOHWLULOPHVL \HWNL GHYUL PHNDQL]PDVQD LOHUOLN ND]DQGUOPDV QLWHOLNOL LJF

EHFHULOHULQLQ

LVWLKGDP HGLOPHVL LJ|UHQOHULQ HLWLOPHVL SODQODPD EHFHULOHULQLQ ND]DQGUOPDV NDOLWH\H |QHP YHULOPHVL YE .VDFD .RELOHULQ \|QHWLP YH \|QHWLFLOLN NRQXODUQGD ELOLQoOHQGLULOPHOHUL JHUHNPHNWHGLU



 $UDWUPDQQ $PDF

.8//$1,/0$6,1$ <g1(/. %5 $5$7,50$

.2%/(5'( $'$< %8/0$ <g17(0/(511

%(1& %g/h0

DQFDN KHQ] LOHWPHOHU WDUDIQGDQ OD\N\OD \HULQH JHWLUHOHPH\HQ NRQXODUGDQ \HWHUVL]OLNOHU ELOLQPHNWHGLU QVDQ ND\QDNODU IDDOL\HWOHULQL HWNLQ ELU HNLOGH \UWPHN

hONHPL]GH LQVDQ ND\QDNODU \|QHWLPL NDYUDP VRQ ]DPDQODUGD GLNNDWL oHNHQ

ELULVLGLU g]HOOLNOH .RELOHUGH LQVDQ ND\QDNODU \|QHWLPL NRQXVXQGD \DDQDQ ELU \DQD oRX .REL KHQ] EX NDYUDPQ |QHPLQGHQ ELOH KDEHUVL]GLU g]HOOLNOH NoN YH\D ELULPOHU PHYFXW GHLOGLU %L] GH oDOPDP]GD EX JHUoHL ELU NH] GDKD RUWD\D NR\PDN .RELOHULQ EX NRQXGD ELOLQoOHQGLULOPHVLQH NDWN VDODPDN DPDFQGD\]

|OoHNOL .RELOHULQ oRXQGD LQVDQ ND\QDNODU IDDOL\HWOHULQL \UWPHNWHQ VRUXPOX NLL

IDDOL\HWOHUGHQ ELULGLU 'RUX LH GRUX HOHPDQ VHoLPL DQFDN GRUX DGD\ EXOPD \|QWHPL X\JXODQDUDN JHUoHNOHHELOLU %XQD J|UH .RELOHUGH DGD\

QVDQ ND\QDNODU IDDOL\HWOHUL LoLHULVLQGH LVH DGD\ EXOPD HQ |QHPOL EXOPD

IDDOL\HWOHULQLQ QDVO \UWOG KDQJL ND\QDNODUGDQ KDQJL GXUXPODUGD YH QH VHEHSOH

ID\GDODQOG KHU ELU DGD\ EXOPD \|QWHPLQLQ HWNLQ YH \HWHUOL NXOODQOS NXOODQOPDG .RELOHUGH EX WHNQLNOHULQ X\JXODQDELOLUOLN G]H\OHULQLQ EHOLUOHQPHVL DUDWUPDQQ WHPHO DPDFQ ROXWXUPDNWDGU WHVSLW HGLOHFHNWLU \DSODU GD GHHUOHQGLULOHFHN LQVDQ ND\QDNODU SROLWLNDODU YH \|QHWLP \DSODU GD  (YUHQ YH gUQHNOHP $\UFD .RELOHULQ LQVDQ ND\QDNODU

EHOLUOHQPLWLU %X VHoLPGH $YUXSD %LUOLLQLQ E|OJHVHO G]H\GH X\JXODG PNWHVHEDWD NRRUGLQDV\RQXQGD YH 'HYOHW VWDWLVWLN (QVWLWV %DNDQO
QQ GD NDWNODU\OD X\XP oHUoHYHVLQGH 'HYOHW 3ODQODPD 7HNLODW 0VWHDUO

$UDWUPDQQ X\JXODQDFD E|OJH ,VSDUWD %XUGXU YH $QWDO\D RODUDN

VWDWLVWLNL %|OJH %LULPOHUL 6QIODQGUPDV oDOPDV ED] DOQPWU %X oDOPD VRQXFXQGD ']H\  RODUDN  ']H\  RODUDN  YH ']H\  RODUDN GD  LO VWDWLVWLNL %|OJH %LULPL WDQPODQP ROXS %DNDQODU .XUXOX
QXQ  VD\O NDUDU  (\OO  WDULKOL 5HVPL *D]HWHGH \D\PODQPWU

 %X oDOPD LOH E|OJHVHO LVWDWLVWLNOHULQ WRSODQPDV JHOLWLULOPHVL E|OJHOHULQ DQDOL]OHULQLQ \DSOPDV E|OJHVHO SROLWLNDODUQ

VRV\RHNRQRPLN

EHOLUOHQPHVL YH $YUXSD %LUOLL %|OJHVHO VWDWLVWLN 6LVWHPLQH X\JXQ NDUODWUODELOLU LVWDWLVWLNL YHUL WDEDQ ROXWXUXOPDV DPDF\OD ONH JHQHOLQGH VWDWLVWLNL %|OJH %LULPOHUL 6QIODQGUPDV WDQPODQPWU VWDWLVWLNL %|OJH %LULPOHUL 6QIODQGUPDVQGD LOOHU ']H\  RODUDN

oHUoHYHVLQLQ

WDQPODQP HNRQRPLN VRV\DO YH FRUDIL \|QGHQ EHQ]HUOLN J|VWHUHQ NRPX LOOHU LVH E|OJHVHO NDONQPD SODQODU YH QIXV E\NONOHUL LOH GLNNDWH DOQDUDN ']H\  YH 6QIODQGUPDV \DSOPWU ']H\  ']H\  RODUDN JUXSODQGUOPDN VXUHWL\OH KL\HUDULN VWDWLVWLNL %|OJH %LULPOHUL NDSVDPQGDNL VWDWLVWLNL %|OJH %LULPOHUL  DGHW ROXS LO

G]H\LQGHGLU +HU LO ELU VWDWLVWLNL %|OJH %LULPLQL WDQPODPDNWDGU JUXSODQGUOPDV VRQXFX WDQPODQP ROXS  DGHWWLU %LULPOHULQLQ ']H\  JUXSODQGUOPDV VWDWLVWLNL %|OJH %LULPOHUL LVH VRQXFX

']H\  VWDWLVWLNL %|OJH %LULPOHUL ']H\  NDSVDPQGDNL NRPX LOOHULQ ']H\  VWDWLVWLNL %|OJH 

KWWSZZZGSWJRYWUEJ\XELLGLEEVKWPO HULLP WDULKL  %XQD J|UH DODQ LOOHUGLU

WDQPODQP

ROXS

DGHWWLU

DDGDNL WDEORGD J|UOG JLEL ,VSDUWD %XUGXU YH $QWDO\D 75  NDSVDPQGD \HU

 7DEOR  VWDWLVWLNL %|OJH %LULPOHUL 6QIODQGUPDV %%6 75 75 75 75 75 75 75 75 75 75 75 75 +DWD\ +DWD\ .DKUDPDQPDUD 2VPDQL\H .D\QDN KWWSZZZGSWJRYWUEJ\XELLGLEEVKWPO HULLP WDULKL  gUQHNOHP E|OJHVL WHVSLW HGLOGLNWHQ VRQUD |UQHNOHP E\NOQ EHOLUOHPHN $GDQD $GDQD 0HUVLQ $NGHQL] $QWDO\D $QWDO\D ,VSDUWD %XUGXU

]HUH KHU ELU LOLQ 7LFDUHW YH 6DQD\L 2GDODU LOH .DVP  WDULKL LWLEDUL LOH WHPDVD JHoLOPLWLU ,VSDUWD %XUGXU YH $QWDO\D LOOHULQGHNL 7LFDUHW YH 6DQD\L 2GDODUQGDQ HOGH HGLOHQ YHULOHUH J|UH WRSODP o LOGH IDDOL\HW J|VWHUHQ ND\WO .RELOHUGHQ  WDQHVLQLQ  YH ]HULQGH oDODQ EXOXQGXX |UHQLOPLWLU dDOPDP]D  DUDV oDODQ RODQ PLNUR |OoHNOL LOHWPHOHU GDKLO HGLOPHPLWLU 0LNUR |OoHNOL LOHWPHOHUGH LQVDQ ND\QDNODU YH LVWLKGDP IDDOL\HWOHULQLQ oRN ID]OD \DSOPDG GQOHUHN DUDWUPD NDSVDPQD GDKLO HGLOPHPLWLU +HU ELU LOH DLW GHWD\O .REL VD\ODU DDGDNL WDEORGD YHULOPLWLU

 dDODQ 6D\V    7RSODP .REL 2UWD gOoHNOL .REL ,VSDUWD     %XUGXU      $QWDO\D      7RSODP     

7RSODP .oN YH 

KHVDSODQDUDN  LOHWPH\H DQNHW X\JXODQPDVQD NDUDU YHULOPLWLU *YHQ DUDO  DOQP EDVLW WHVDGIL |UQHNOHPH \|QWHPL

7RSODP  NoN YH RUWD |OoHNOL .RELGHQ |UQHNOHP E\NO NXOODQOPWU

KWWSZZZVXUYH\V\VWHPFRPVVFDOFKWP VVQHHGHG .XUWXOX   8UDO YH .Oo   7DEDND DUDO   RODUDN KHVDSODQP EXQD J|UH

,VSDUWDGD  %XUGXUGD  YH $QWDO\DGD  LOHWPH DQNHWH GDKLO HGLOPLWLU $QNHWOHU \]\]H J|UPH WHNQLL X\JXODQDUDN 0DUW  YH $XVWRV  WDULKOHUL DUDVQGD WDPDPODQPWU $QFDN JHUHN ED] DQNHWOHUGHQ JHUL G|QP DOQDPDPDV E|\OHFH WRSODP  NoN YH RUWD |OoHNOL .REL oDOPDP]GD \HU DOPWU  $UDWUPDQQ <|QWHPL

JHUHN JHOHQ ED] DQNHWOHUGH HNVLN YHUL ROPDV QHGHQL\OH  DQNHW oDOPD G NDOP

\DSOPWU ON E|OPGH DUDWUPD\D NDWODQ NLLOHULQ \D FLQVL\HWL HLWLP GXUXPX oDOPD VUHOHUL J|UHYOHUL JLEL JHQHO |]HOOLNOHULQL WDQPD\D \|QHOLN  DGHW VRUX VRUXOPXWXU

$UDWUPD NHQGL LoLQGH G|UW E|OPGHQ ROXDQ DQNHW IRUPX \DUGP\OD

WDQPD\D \|QHOLN VRUXODU \HU DOPWU %XQODU LOHWPHQLQ EXOXQGXX LO VHNW|U IDDOL\HW DODQ SHUVRQHO VD\V SHUVRQHOLQ L\HULQGH RUWDODPD oDOPD VUHVL LOHWPHQLQ L EDYXUX IRUPX YH LQWHUQHW VLWHVL ROXS ROPDPDV JLEL VRUXODUGU

NLQFL E|OPGH LVH DUDWUPD\D NDWODQ LOHWPHOHULQ JHQHO |]HOOLNOHULQL

 hoQF E|OPGH LVH DUDWUPD\D NDWODQ LOHWPHOHULQ LQVDQ ND\QDNODU

\|QHWLP \DSVQ DQODPD\D \|QHOLN VRUXODU VRUXOPXWXU %X VRUXODUQ ELU NVP oRNWDQ VHoPHOL VRUXODUGDQ ELULQL LDUHWOHPH\L JHUHNWLUHQ ELU NVP LVH YHULOHQ |]HOOLNOH DGD\ EXOPD IDDOL\HWOHULQL QDVO \UWWNOHUL ]HULQGH GXUXOPXWXU +DQJL VHoHQHNOHUL |QFHOLN VUDVQD J|UH VUDODPD\ UDQN JHUHNWLUHQ VRUXODUGU %X E|OPGH ND\QDNODU NXOODQGNODU KDQJL |QFHOLNOH EX ND\QDNODU NXOODQGNODU NXOODQGNODU VRUXPOX ROGXX DGD\ EXOPD VUHFLQLQ QDVO SODQODQG JLEL NRQXODU DUDWUOPWU $\UFD LQVDQ ND\QDNODU \|QHWLPLQLQ JHQHO \DSV LOH LOJLOL VRUXODU GD EX E|OPGH \HU DOPWU %|\OHFH NDWOOPF .RELOHULQ LQVDQ ND\QDNODU \|QHWLPL NRQXVXQGD QH GHUHFH ELOLQoOL ROGXNODU YH X\JXODPDGD QHOHU \DSWNODU RUWD\D NRQPD\D oDOOPWU

ND\QDNODU WHUFLK HWPH VHEHSOHUL DGD\ EXOPD YH VHoPH IDDOL\HWOHULQGHQ NLPOHULQ

NRQXVXQGDNL WXWXP YH GQFHOHULQL |OoPH\H \|QHOLN  DGHW OL /LNHUW |OoHL VRUXODUQGDQ ROXPDNWDGU .DWOPFODU YHULOHQ LIDGHOHUL 7DPDPHQ .DWO\RUXP

$QNHWLQ G|UGQF E|OP LVH DUDWUPD\D NDWODQ .RELOHULQ DGD\ EXOPD

 .DWO\RUXP  .VPHQ .DWO\RUXP  .DWOP\RUXP  +Lo .DWOP\RUXP HNOLQGH GHHUOHQGLUPLWLU g]HOOLNOH DGD\ EXOPD \|QWHPL LOH LJ|UHQLQ SHUIRUPDQV LJ|UHQLQ LWHQ D\UOPD VUHVLLJ|UHQ GHYLU K] NXOODQODQ WHNQLN LOH LVWLKGDP HGLOHFHN SHUVRQHOLQ QLWHOLNOHUL DUDVQGD ELU LOLNL ROXS ROPDG NRQXVXQGD NDWOPFODUQ J|UOHUL DOQPWU

\DUGP\OD DQDOL] HGLOPLWLU gQFHOLNOH DQNHWWHNL VRUXODUQ ELUELUL\OH WXWDUOOQ YH \DSOPWU %X DQDOL]H J|UH DQNHWLQ JYHQLOLU oNPDV VRQXFX GLHU DQDOL]OHUH ID\GDODQOPWU )UHNDQV DQDOL]OHUL RUWDODPD DQDOL]OHUL oDSUD] DQDOL]OHU WWHVW ) WHVWL NLNDUH DQDOL]L NXOODQODQ WHPHO \|QWHPOHUGLU  $UDWUPDQQ 6QUOONODU

9HULOHULQ WDPDP WRSODQGNWDQ VRQUD 6366  IRU :LQGRZV SDNHW SURJUDP

|OoPH DUDFQQ DQNHW JYHQLOLU ROXS ROPDGQ DQODPDN LoLQ JYHQLOLUOLN DQDOL]L JHoLOPLWLU 7DQPOD\F LVWDWLVWLNVHO DQDOL]OHUGHQ YH YDU\DQV DQDOL]OHULQGHQ

RUWD |OoHNOL LOHWPHOHUL NDSVDPDNWDGU 0LNUR |OoHNOL LOHWPHOHU DUDWUPD NDSVDPQD DOQPDPWU

$UDWUPD VDGHFH ,VSDUWD %XUGXU YH $QWDO\DGD IDDOL\HW J|VWHUHQ NoN YH

 %X NDSVDPD GDKLO HGLOHQ LOHWPHOHUGH VHNW|U D\UP \DSOPDP EDVLW WHVDGIL $UDWUPD LQVDQ ND\QDNODU \|QHWLPL DODQQGD |]HOOLNOH DGD\ EXOPD $UDWUPDGD NXOODQODQ DQNHW \|QWHPLQGHQ YH FHYDSOD\FODUGDQ

|UQHNOHPH VRQXFX HOGH HGLOHQ VHNW|UGHQ LOHWPHOHU DUDWUPD\D GDKLO HGLOPLWLU IDDOL\HWOHULQL HOH DOPDNWDGU

ND\QDNODQDELOHFHN HNVLNOHULQ ROPDV YH VRQXoODU HWNLOHPHVL LKWLPDOL KHU ]DPDQ JHoHUOLGLU

ELU JHQHOOHPH \DSPD LGGLDV \RNWXU  VWDWLVWLNVHO $QDOL]OHU

(OGH HGLOHQ VRQXoODUQ ONH oDSQGD WP .RELOHU LoLQ JHoHUOL ROPDV \|QQGH

 *YHQLOLUOLN $QDOL]L

]HULQGHQ YHUL WRSODPDN DPDF LOH JHOLWLULOHQ |OoPH DUDFQ ROXWXUDQ LIDGHOHULQ

*YHQLOLUOLN DQDOL]L KHU KDQJL ELU NRQXGD |UQHNOHPL ROXWXUDQ ELULPOHU

NHQGL DUDODUQGD WXWDUOON J|VWHULS J|VWHUPHGLLQL WHVW HWPHN DPDF LOH NXOODQOU |UQHNOHPH KDWDVQGDQ DUQGQ EHOLUWLU %XQXQ |OoV |OoHLQ IDUNO ]DPDQODUGD YH\D IDUNO JUXSODUGD D\Q VRQXoODU KDQJL |OoGH YHUGLLGLU .XUWXOX   *YHQLOLUOLN $QDOL]L \DSODELOPHVL LoLQ |QFHOLNOH ELUH\VHO |]HOOLNOHUL DUDWUDQ

8UDO YH .Oo   *YHQLOLUOLN LIDGHVL WRSODQDQ YHULOHULQ QH |OoGH

GHPRJUDILN VRV\RHNRQRPLN VRUXODU KDULo VRUX VD\V XQ ]HULQGH N! ROPDOGU %LU GLHU KXVXV LVH |OoPH DUDF DQNHW oRN VD\GD UDVJHOH VHoLOHQ

GHQHNOHUH X\JXODQPDOGU GHQHN VD\V HQ D]  Q! ROPDOGU *YHQLOLUOLN NDWVD\V  LOH  DUDVQGD GHHUOHU DOU YH EX GHHU H \DNODWNoD JYHQLOLUOLN DUWDU GXUXPX DDGDNL JLEL RODELOLU $NJO YH dHYLN   dD LVH |OoHN JYHQLOLU GHLOGLU dD LVH |OoHN GN JYHQLOLUOLNWHGLU dD LVH |OoHN ROGXNoD JYHQLOLUGLU YH dD LVH |OoHN \NVHN GHUHFHGH JYHQLOLU ELU |OoHNWLU $OID NDWVD\VQQ EXOXQDELOHFHL DUDONODU YH EXQD EDO RODUDN GD |OoHLQ JYHQLOLUOLN

 %X NRXOODUGD HOGH HGLOHQ YHULOHU GHHUOHQGLULOGLLQGH N  N! YH

Q  Q! NRXOODUQ VDODQG J|UOPHNWHGLU $QNHWLQ LON E|OPQGH \HU DODQ GHPRJUDILN |]HOOLNOHUL WHVSLW HWPH\H \|QHOLN  VRUX LNLQFL E|OPGHNL ILUPD

ELOJLOHUL\OH LOJLOL  VRUX oQF E|OPGHNL LQVDQ ND\QDNODU \|QHWLP \DSV\OD LOJLOL  VRUX DQDOL]H GDKLO HGLOPHGHQ VRQ E|OPGHNL  DGHW /LNHUW gOoHLQH GD\DO VRUX LoLQ D $OID $OID 0RGHOLQH J|UH \DSODQ *YHQLOLUOLN $QDOL]L VRQXFXQGD

DQDOL]LQH LOLNLQ JHUHNOL WDEORODU (N GH YHULOPLWLU  +LSRWH] 7HVWOHUL

  oNPWU %X GXUXPGD |OoHN ROGXNoD JYHQLOLUGLU *YHQLOLUOLN

|UQHNOHP NLWOHQLQ SDUDPHWUHVL LOH NDUODWUOS WHVW HGLOPHVLGLU gUQHNOHP LVWDWLVWLL WHVW HGLOHQ SDUDPHWULN GHHUH \DNQVD KLSRWH] GRUX RODUDN NDEXO HGLOLU )DNDW HGLOPH] KLSRWH] UHGGHGLOLU $N %   |UQHNOHP LVWDWLVWLL WHVW HGLOHQ SDUDPHWULN GHHUGHQ oRN IDUNO LVH KLSRWH] GRUX NDEXO +LSRWH] WHVWLQL X\JXOD\DELOPHN LoLQ |QFHOLNOH VIU QXOO YH DOWHUQDWLI

+LSRWH] WHVWL |QFHGHQ EHOLUOHQPL ELU DQD NLWOH SDUDPHWUHVLQLQ HOGH HGLOHQ

KLSRWH]LQ EHOLUOHQPHVL JHUHNLU 6IU QXOO KLSRWH] JHQHOOLNOH + HNOLQGH J|VWHULOLU YH WHVW HGLOHFHN SDUDPHWULN GHHUL LIDGH HGHU 6IU KLSRWH] KLSRWH]GH EHOLUWLOHQ SDUDPHWULN GHHU LOH JHUoHNOHHQ GHHU DUDVQGD IDUN \RNWXU LONHVLQH GD\DQU 6IU ROXWXUXOXUNHQ LVWDWLVWLNVHO RODUDN WDP YH QHW ROPDVQD GLNNDW HGLOPHOLGLU 'RUX RODQ HGLOPHVL LVH ,, WLS KDWD RODUDN QLWHOHQGLULOLU

KLSRWH]LQ DNVL LVSDWODQDQD NDGDU GRUX ROGXX YDUVD\OU %X \]GHQ VIU KLSRWH] ELU VIU KLSRWH]LQ UHG HGLOPHVL , WLS KDWD GRUX ROPD\DQ ELU VIU KLSRWH]LQ NDEXO $OWHUQDWLI KLSRWH] LVH JHQHOOLNOH +D HNOLQGH J|VWHULOLU YH VIU KLSRWH]LQ UHG

HGLOPHVL GXUXPXQGD NDEXO HGLOHFHN GHHUL LIDGH HGHU $OWHUQDWLI KLSRWH] VDGHFH VIU KLSRWH]LQ UHG HGLOGLL GXUXPODUGD NDEXO HGLOLU  .L.DUH $QDOL]L

EHNOHQHQ IUHNDQVODU DUDVQGDNL IDUNQ LVWDWLVWLNVHO RODUDN DQODPO ROXS ROPDGQ WHVW

.LNDUH WHVWL GHLNHQ \DGD GHLNHQOHUH LOLNLQ J|]OHQHQ IUHNDQVODU LOH

HWPHN DPDF\OD NXOODQOU %LU GHLNHQH DLW GDOPQ LQFHOHQPHVL V|] NRQXVX LVH 7HN gUQHNOHP .LNDUH 7HVWL LNL GHLNHQH DLW GDOPQ LQFHOHQPHVL GXUXPXQGD

 LVH .LNDUH %DPV]ON 7HVWL NXOODQOU .LNDUH DQDOL]L \DSDELOPHN LoLQ ED] NRXOODUQ VDODQPDV JHUHNLU 8UDO YH .Oo   3DUDPHWULN ROPD\DQ WHVW NRXOODU JHoHUOLGLU

'HLNHQOHULQ |OoP G]H\L VQIO \DGD VUDO |OoHN ROPDOGU 7RSODP NDWHJRUL \DGD KFUH VD\VQQ HQ D]

'HLNHQOHULQ KHU ELU NDWHJRULVL LoLQ EHNOHQHQ IUHNDQV HQ D]  ROPDOGU

GHHUL WHQ E\N ROPDOGU %X DUWQ VDODQPDG GXUXPODUGD ED] NDWHJRULOHUGH ELUOHWLUPH \DSODELOLU

LQGH EHNOHQHQ IUHNDQV

WHVWL LNL GHLNHQLQ D E HNOLQGHNL oDSUD] WDEOR LOH YHULOHQ NDWHJRULOHULQH LOLNLQ J|]OHQHQ IUHNDQVODU LOH EHNOHQHQ IUHNDQVODU DUDVQGDNL IDUNQ LVWDWLVWLNVHO RODUDN

$QDOL]OHULPL]GH NLNDUH EDPV]ON WHVWL NXOODQOPWU .LNDUH EDPV]ON

DQODPO ROXS ROPDGQ WHVSLW HWPHN LoLQ NXOODQOU NL GHLNHQ DUDVQGD DQODPO ELU LOLNL ROXS ROPDG GHLNHQOHULQ ELUELULQGHQ EDPV] ROXS ROPDG \DGD ELU GHLNHQH LOLNLQ YHULOHULQ GLHU GHLNHQLQ IDUNO G]H\OHULQH J|UH DQODPO ELU 

IDUNOON J|VWHULS J|VWHUPHGLL LVWDWLVWLNVHO RODUDN WHVW HGLOLU 8UDO YH .Oo   77HVW

WHVWLQGH LNL JUXEXQ RUWDODPDODU NDUODWUODUDN DUDGDNL IDUNQ WHVDGIL PL \RNVD

7 WHVWL KLSRWH] WHVWOHULQGH HQ \D\JQ NXOODQODQ \|QWHPOHUGHQ ELULGLU 7

LVWDWLVWLNVHO RODUDNP DQODPO ROGXXQD NDUDU YHULOLU %D   7 WHVWL

ELUELULQGHQ EDPV] LNL JUXEXQ EDPO ELU GHLNHQH J|UH RUWDODPDODUQQ

NDUODWUODUDN RUWODPDODU DUDVQGDNL IDUNQ  YH\D  JLEL EHOLUOL ELU DQODPOON G]H\LQGH |QHPOL ROXS ROPDGQ WHVW HWPHN LoLQ NXOODQOU %X WHVWL \DSDELOPHN LoLQ ED] NRXOODUQ VDODQPDV JHUHNLU 8UDO YH .Oo   3DUDPHWULN WHVW NRXOODU VDODQPDOGU

2UWDODPDODU NDUODWUODFDN LNL JUXS D\Q GHLNHQ LoHULVLQGH \HU DOPDOGU *UXSODU ELUELULQGHQ EDPV] ROPDOGU |OoHL ROPDOGU %DPV] GHLNHQH LOLNLQ YHULOHULQ |OoP G]H\L VQIODPD YH\D VUDODPD

 %DPO GHLNHQH LOLNLQ |OoPOHU DUDON YH\D RUDQ |OoHL ROPDOGU  9DU\DQV $QDOL]L

 \OQGD )LVFKHU WDUDIQGDQ JHOLWLULOPLWLU %DPV] |UQHNOHPOHU LoLQ WHN JUXEXQ EDPO ELU GHLNHQH J|UH RUWDODPDODUQQ NDUODWUODUDN RUWDODPDODU DUDVQGDNL IDUNQ  YH\D

$129$ $1$/,6,6 2) 9$5,$1&( YH\D ) WHVWL GH GHQLOHQ EX DQDOL]

IDNW|UO \|QO YDU\DQV DQDOL]L WHN ELU EDPV] GHLNHQH LOLNLQ LNL YH GDKD ID]OD  JLEL EHOLUOL ELU JYHQ G]H\LQGH DQODPO ROXS

ROPDGQ WHVW HWPHN LoLQ NXOODQODQ LVWDWLVWLNVHO ELU WHNQLNWLU $QFDN EX DQDOL]L \DSDELOPHN LoLQ ED] NRXOODUQ VDODQPDV JHUHNLU 8UDO YH .Oo   3DUDPHWULN WHVW NRXOODU VDODQPDOGU

2UWDODPDODU NDUODWUODFDN JUXSODU D\Q GHLNHQ LoHULVLQGH \HU DOPDOGU *UXSODU ELUELULQGHQ EDPV] ROPDOGU +HU ELU JUXS LoHULVLQGHNL J|]OHPOHU ELUELULQGHQ EDPV] ROPDOGU |OoHL ROPDOGU

%DPV] GHLNHQH LOLNLQ YHULOHULQ |OoP G]H\L VQIODPD YH\D VUDODPD %DPO GHLNHQH LOLNLQ |OoPOHU DUDON YH\D RUDQ |OoHLQGH ROPDOGU

 $UDWUPD %XOJXODU YH <RUXPODU  'HPRJUDILN g]HOOLNOHULQ $QDOL]L $UDWUPD\D NDWODQODUQ JHQHO |]HOOLNOHULQL EHOLUOHPHN DPDF\OD DQNHWLQ LON

NVPQGD NDWOPFODUD VHNL] DGHW NLLVHO VRUX VRUXOPXWXU %XQODU NDWOPFODUQ \DODUQ FLQVL\HWOHULQL PHGHQL GXUXPODUQ HLWLP GXUXPODUQ L\HULQGHNL J|UHYOHULQL YH VUH RODUDN GHQH\LPOHULQL RUWD\D NR\PDNWDGU &HYDSODU WDQPOD\F LVWDWLVWLNVHO DQDOL] \DUGP\OD GHHUOHQGLULOPL DDGD KHU ELUL WDEOR KDOLQGH |]HWOHQPLWLU

  $UDWUPD\D .DWODQODUQ <D $UDONODUQD *|UH 'DOP 7DEOR  <D 'DOP <D .PODWLI

    XVWX

)UHNDQV

    

<]GH

    

<]GH

   

7RSODP







NHVLPGHQ ROXPDNWDGU $QFDN JHUL\H NDODQ

$UDWUPD\D NDWODQODUQ HQ E\N E|OP

WHPVLO HWPHNWHGLU %X GD DUDWUPD DoVQGDQ GDKD DQODPO ELU VRQXoWXU $UDWUPD\D NDWOPF RUDQQQ GDKD \NVHN ROPDV oDOPDQQ EHNOHQWLOHUL LOH X\XPOXGXU  $UDWUPD\D .DWODQODUQ &LQVL\HWH *|UH 'DOP 7DEOR  &LQVL\HW 'DOP &LQVL\HW (UNHN %D\DQ )UHNDQV <]GH .PODWLI <]GH     

OXN NVP RUWD \D YH VWQ

 LOH  \D DUDV JHQo

NDWODQODUQ GDKD oRN \|QHWLFL SR]LV\RQXQGD ROPDV EHNOHQGLL LoLQ  \D VW

$UDWUPD\D NDWODQODUQ \DNODN ROXPDNWDGU

7RSODP



 X HUNHN YH L ED\DQODUGDQ



  $UDWUPD\D .DWODQODUQ (LWLP 'XUXPODUQD *|UH 'DOP )UHNDQV <]GH .PODWLI <]GH            

7DEOR  (LWLP 'DOP (LWLP 'XUXPX 2UWD|UHWLP /LVH gQOLVDQV /LVDQV <NVHN /LVDQV'RNWRUD 7RSODP

   



%XQX OLVDQV VW PH]XQODUOD ELUOHWLUGLLPL]GH ELWLUGLL YH KDWWD J|UOPHNWHGLU 2UWD |UHWLP PH]XQODU J|]OHQPHNWHGLU

$UDWUPD\D NDWODQODUQ |QHPOL ELU E|OP

OLN ELU NVPQ OLVDQV VW HLWLPOH EXQX SHNLWLUGLL  LOH D] ELU NHVLPL ROXWXUPDNWDGU

OLN ELU RUDQQ ELU QLYHUVLWH\L

 OLVDQV PH]XQXGXU

%|\OHFH .RELOHUGH |]HOOLNOH VW SR]LV\RQODUGD oDODQODUGD HLWLPH |QHP YHULOGLL  $UDWUPD\D .DWODQODUQ 'DOP 7DEOR  %|OP 'DOP %|OP0H]XQL\HW OHWPH NWLVDW 0DOL\H )UHNDQV

0H]XQ 2OGXNODU %|OPOHUH *|UH

      

<]GH

     

.PODWLI <]GH

    

.DPX <|QHWLPL 'LJHU

(QGVWUL 0KHQGLVOLL 7RSODP





 7DEOR WH J|UOG JLEL DUDWUPD\D NDWODQODUQ L OLVDQV YH OLVDQV

VW HLWLPH VDKLSWLU %XQODUQ LOHWPHFLOLN \|QHWLFLOLN YH |]HOOLNOH LQVDQ ND\QDNODU DODQ LOH LOJLOL ELU HLWLPL QH NDGDU DOP RODELOHFHNOHULQL |OoPHN DPDF\OD LOJLOL E|OPOHUGHQ PH]XQ ROXS ROPDGNODU DUDWUOPWU %XUDGD |QFHOLN NWLVDGL YH GDUL %LOLPOHU %|OPOHULQH YHULOPL WRSODPGD EX E|OPOHUGHQ PH]XQ RODQODUQ ROGXX J|]OHQPLWLU %XQODUQ LoLQGH GH LOHWPH E|OP PH]XQODUQQ \NVHN RUDQD VDKLS ROGXX J|UOPHNWHGLU  LOH HQ



ELWLUGLNOHULQLQ DQNHWH \D]OPDV LVWHQPLWLU %XQD JRUH

'LHU RODUDN EHOLUWLOHQ GLHU E|OPOHUGHQ PH]XQODUGDQ KDQJL E|OP

HGHQ GLHU E|OP PH]XQODUQQ E\N ELU NVP PXKDVHEH E|OPQGHQ PH]XQ ROGXNODUQ EHOLUWPLWLU %XQXQ GQGD dDOPD (NRQRPLVL YH (QGVWUL OLNLOHUL %|OP PH]XQODU QDDW 0KHQGLVOLL PH]XQODU 0LPDUON PH]XQODU .LP\D

OLN ELU RUDQ WHPVLO

0KHQGLVOLL PH]XQODU 7XUL]P2WHOFLOLN PH]XQODU 6X hUQOHUL PH]XQODU (GHEL\DW %|OP PH]XQODU =LUDDW 0KHQGLVOLL %|OP PH]XQODU 6DW 3D]DUODPD %|OP PH]XQODU 8OXVODUDUDV 7LFHUHW %|OP PH]XQODU 7HNQLN DUDVQGDGU (LWLP )DNOWHOHULQLQ oHLWOL E|OPOHULQGHQ PH]XQODU GD DUDWUPD\D NDWODQODU  $UDWUPD\D .DWODQODUQ 0HGHQL 'XUXPODUQD *|UH 'DOP 0HGHQL 'XUXP )UHNDQV <]GH .PODWLI <]GH        V HYOL L EHNDU YH 

7DEOR  0HGHQL 'XUXP 'DOP

%HNDU (YOL

 

'XO%RDQP 7RSODP



NLLOHUGHQ ROXPDNWDGU

$UDWUPD\D NDWODQODUQ

VL GXOERDQP

  $UDWUPD\D .DWODQODUQ hQYDQODUQD *|UH 'DOP )UHNDQV <]GH .PODWLI <]GH          

7DEOR  hQYDQ 'DOP *|UHY

<|QHWLFL

. <|QHWLFLVL 'LHU

  

6DKLEL <|QHWLFL 7RSODP



HGHELOPHN LoLQ |QFHOLNOH YDUVD LQVDQ ND\QDNODU \|QHWLFLOHULQH YH VRUXPOXODUQD \RNVD LOHWPHGHQ YH |]HOOLNOH LQVDQ ND\QDNODU IDDOL\HWOHULQGHQ VRUXPOX RODQ \|QHWLFL \|QHWLFL \DQL JHQHOOLNOH LOHWPH NXUXFXVX YH\D NXUXFX DLOH \HVL LOHWPHQLQ KHU WUO 'ROD\V\OD DUDWUPD\D NDWODUDN DQNHWL FHYDSOD\DQODUQ \|QHWLFLOHUGHQ \DQL SDWURQODUGDQ ROXPDNWDGU

$UDWUPDGD LOHWPHOHULQ LQVDQ ND\QDNODU \DSODUQ GRUX ELU HNLOGH WHVSLW

NRQXPXQGDNL NLLOHUH DQNHWLQ X\JXODQPDV SODQODQPWU $QFDN .RELOHUGH L VDKLEL IDDOL\HWLQGHQ VRUXPOX ROGXX JLEL LQVDQ ND\QDNODU IDDOL\HWOHULQGHQ GH VRUXPOXGXU

 L VDKLEL

PXKDVHEH E|OP RSHUDV\RQ E|OP SD]DUODPD E|OP ROXPDNWDGU 1H \D]N NL .RELOHUGH RWXUPX ELU LQVDQ ND\QDNODU GHSDUWPDQ ROPDG JLEL LQVDQ ND\QDNODU \|QHWLFLOHUL GH oRN D]GU $UDWUPD\D NDWODQODUQ VDGHFH \|QHWLFLOHULQGHQ ROXPDNWDGU $UDWUPD\D NDWODQODUQ L LQVDQ ND\QDNODU

 LVH LOHWPH LoHULVLQGH GLHU E|OP \|QHWLFLOHULQGHQ |UQHLQ

HGHQ 'LHU NLLOHU LVH E\N oRXQOXNOD PXKDVHEH E|OP VRUXPOXODUGU %LU NVP LVH ILQDQV E|OP LWKDODWLKUDFDW JLEL oHLWOL E|OP VRUXPOXODUGU $QFDN JHQHO RODUDN LOHWPHQLQ PXKDVHEHFLVL RODUDN oDODQ NLLOHULQ D\Q ]DPDQGD LQVDQ ND\QDNODUQGDQ GD VRUXPOX ROGXNODU J|UOPHNWHGLU

ON ELU NVPQ WHPVLO

  $UDWUPD\D 6UHOHULQH *|UH 'DOP 7DEOR  dDOPD 6UHOHUL .DWODQODUQ 0HYFXW \HULQGHNL dDOPD

dDOPD 6UHVL )UHNDQV <]GH .PODWLI <]GH  \LO  \LO  \LO  \LO  \O ]HUL 7RSODP          

   







VUHGLU oDOPDNWDGUODU 'ROD\V\OD NDWOPFODUQ E\N oRXQOXX LOHWPHGH X]XQ ELU GHQH\LPH VDKLSWLU *HUL\H NDODQ  LVH  YH  \O DUDV oDODQODUGDQ ROXPDNWDGU

$UDWUPD\D NDWODQODUQ

VL EXOXQGXNODU LOHWPHGH  \OGDQ ID]OD ELU

V LVH  LOH  \O DUDV D\Q LOHWPHGH oDOPDNWDGU

 $UDWUPD\D .DWODQODUQ 0HYFXW \HULQGHNL *|UHY 3R]LV\RQ 6UHOHULQH *|UH 'DOP 7DEOR  *|UHY 6UHOHUL *|UHY 6UHVL )UHNDQV <]GH .PODWLI <]GH  \O  \O  \O  \O  \O ]HUL 7RSODP          

   







 $UDWUPD\D NDWODQODUQ EXOXQGXNODU SR]LV\RQGDNL GHQH\LPOHULQL DQODPD\D

\|QHOLN EX VRUXQXQ \DQWODU GD WDEOR GHNL YHULOHUOH SDUDOHOOLN J|VWHUPHNWHGLU 'HPHN NL LOHWPHGH oDODQODU JLUGLNOHUL SR]LV\RQODUGD J|UHYOHULQL VUGUPOHUGLU $QFDN  YH  \O LOHWPHGH oDODQODU DUDVQGD LNL WDEOR DUDVQGD IDUNOON QYDQODUGD GHLLNOLN RODELOHFHLQL J|VWHUPHNWHGLU  )LUPD %LOJLOHUL $QDOL]L

J|UOPHNWHGLU %X GD |]HOOLNOH  \OGDQ VRQUD LOHWPH LoHULVLQGHNL J|UHY YH

\|QHOLN  VRUXGDQ ROXPDNWDGU OHWPHQLQ EXOXQGXX VHNW|U IDDOL\HW DODQ IDDOL\HW J|VWHUGLL LO SHUVRQHO VD\V JLEL YHULOHU DDGDNL WDEORODUGD |]HWOHQPLWLU 'DOP 6HNW|U  $UDWUPD\D .DWODQ )LUPDODUQ )DDOL\HW *|VWHUGLNOHUL 6HNW|UH *|UH 7DEOR  6HNW|U 'DOP )UHNDQV <]GH .PODWLI <]GH      

$QNHWLQ LNLQFL NVP DUDWUPD\D NDWODQ LOHWPHOHUL \DNQGDQ WDQPD\D

PDODW

+L]PHW 7LFDUHW 7RSODP

 

KL]PHW VHNW|UQGH IDDOL\HW J|VWHUPHNWHGLU 7DEOR  O 'DOP O 'DOP ,VSDUWD %XUGXU )UHNDQV

$UDWUPD\D NDWODQ .RELOHULQ





  LPDODW L WLFDUHW V

 $UDWUPD\D .DWODQ )LUPDODUQ OOHUH *|UH 'DOP <]GH .PODWLI <]GH   

  

  

$QWDO\D 7RSODP





 $UDWUPD\D NDWODQ .RELOHULQ  $QWDO\DGD VL %XUGXUGD

 $UDWUPD\D .DWODQ )LUPDODUQ )DDOL\HW $ODQODUQD *|UH 'DOP 7DEOR  )DDOL\HW $ODQODU )DDOL\HW $ODQ )UHNDQV <]GH .PODWLI <]GH 7HNVWLO *GD                 JGD   

L LVH ,VSDUWDGD IDDOL\HW J|VWHUPHNWHGLU

0RELO\D 7XUL]P QDDW 'LHU

      



2WRPRWLY .HUHVWH

7RSODP

J|VWHUPHNWHGLU 'LHU RODUDN \HU DODQ

VL PRELO\D

$UDWUPD\D NDWODQ .RELOHULQ  RWRPRWLY

 NHUHVWH

PHUPHU PDGHQFLOLN DODQQGD IDDOL\HW J|VWHUPHNWHGLU .DODQODU LVH PHWDO VDQD\L

ON NHVLPLQ E\N oRXQOXX

L WXUL]P DODQQGD IDDOL\HW

V LQDDW

X WHNVWLO

DPEDODM VDQD\L FDP VDQD\L D\DNNDE LPDODW \HGHN SDUoD LPDODW \HP LPDODW J|VWHUPHNWHGLUOHU

NLP\DVDO WDUP UQOHUL WDUPPDNLQH DUDoODU PDWEDD ELOLLP DODQODUQGD IDDOL\HW

  $UDWUPD\D .DWODQ )LUPDODUQ 3HUVRQHO 6D\ODUQD *|UH 'DOP 7DEOR  3HUVRQHO 6D\V 3HUVRQHO 6D\V )UHNDQV <]GH .PODWLI <]GH             

    

   7RSODP



 NLLGHQ D] oDODQ RODQ PLNUR |OoHNOL .RELOHU GDKLO HGLOPHPLWLU %X GXUXPGD NDWODQODUQ LVH QGH  VL NoN LQGH  L RUWD |OoHNOL .RELOHUGLU 2UWD |OoHNOL .RELOHULQ VQGD  QGH 

$UDWUPD\D \HWHUOL LQVDQ ND\QDNODU IDDOL\HWL J|VWHUPH\HFHNOHUL GQOHQ

DUDV oDODQ EXOXQPDNWDGU *|UOG JLEL NDWOPFODUQ HQ oRX  oDODQ RODQ NoN |OoHNOL .RELOHUGLU 6UHOHUL  $UDWUPD\D .DWODQ )LUPDODUGD J|UHQOHULQ 2UWDODPD dDOPD 7DEOR  J|UHQOHULQ 2UWDODPD dDOPD 6UHOHUL \O \O \O \O  \O ]HUL 7RSODP )UHNDQV <]GH .PODWLI <]GH                



 $UDWUPD\D NDWODQ LOHWPHOHUGH LJ|UHQ GHYLU K] KDNNQGD ELOJL VDKLEL

ROPDN DPDF\OD KHU ELU LJ|UHQLQ LOHWPHGH RUWDODPD NDo \O oDOW VRUXOPXWXU %XQD J|UH oDODQODUQ VDGHFH $QFDN L  \OGDQ ID]OD D\Q LOHWPHGH NDOPDNWDGU

%|\OHFH DGD\ EXOPD IDDOL\HWOHULQL QH VNONWD \DSWNODU GD DQODOPD\D oDOOPWU  JLEL E\N ELU NVP LON  \OGD LOHWPHGHQ D\UOPDNWDGU

 $UDWUPD\D .DWODQ )LUPDODUQ .HQGLOHULQH $LW QWHUQHW 6LWHOHULQLQ 9DUO 7DEOR  QWHUQHW 6LWHOHUL QWHUQHW 6LWHOHUL )UHNDQV <]GH .PODWLI <]GH (YHW +D\U     

7RSODP

ROPDG E|\OHFH ILUPDODUQ WDQWPD YH DGD\ EXOPD IDDOL\HWOHULQGH NHQGL VLWHOHULQL NXOODQPD \ROXQX WHUFLK HGLS HWPHGLNOHULQL DQODPDN LoLQ VRUXODQ EX VRUX\D YHULOHQ FHYDSODUD J|UH .RELOHULQ XQXQ NHQGLOHULQH DLW ELU ZHE VLWHVL EXOXQPDPDNWDGU LQLQ NHQGLOHULQH DLW ELU ZHE VLWHVL EXOXQXUNHQ

$UDWUPD\D NDWODQ .RELOHULQ LQWHUQHWWH NHQGLOHULQH DLW ELU ZHE VLWHVL ROXS







GX\XUXS GX\XUPDGNODU VRUXOGXXQGD NXOODQPDGNODUQ EHOLUWPLOHUGLU

.HQGLOHULQH DLW LQWHUQHW VLWHOHUL RODQ ILUPDODUD HOHPDQ LKWL\DoODUQ EXUDGDQ

L LVH DGD\ EXOPDNWD NHQGL VLWHOHULQGHQ ID\GDODQGNODUQ

L DGD\ EXOPDNWD NHQGL VLWHOHULQL

 $UDWUPD\D .DWODQ )LUPDODUQ .HQGLOHULQH $LW %DYXUX )RUPODUQQ 9DUO 7DEOR  %DYXUX )RUPX (YHW    %DYXUX )RUPX )UHNDQV <]GH .PODWLI <]GH +D\U  

7RSODP







 $UDWUPD\D NDWODQ .RELOHULQ DGD\ EXOPD IDDOL\HWOHULQGH NXOODQPDN ]HUH LQLQ EDYXUX IRUPX YDUNHQ

LOHWPHOHULQH DLW ELU EDYXUX IRUPX NXOODQS NXOODQPDGNODU EX VRUX LOH |OoOP EXQD J|UH EDYXUX IRUPX EXOXQPDPDNWDGU $UDWUPD \DSODQ LQLQ NHQGLOHULQH DLW ELU L

 QVDQ .D\QDNODU <|QHWLP <DSVQQ $QDOL]L .RELOHUGH LQVDQ

\UWOGQ DQODPDN DPDF\OD \|QHWLP \DSV YH oHLWOL LQVDQ ND\QDNODU IDDOL\HWOHULQH \|QHOLN VRUXODU VRUXOPXWXU $OQDQ FHYDSODU QGD HOGH HGLOHQ YHULOHU DDGDNL WDEORODUGD |]HWOHQHUHN \RUXPODQPWU  QVDQ .D\QDNODU )DDOL\HWOHULQGHQ 6RUXPOX %|OP 7DEOR  QVDQ .D\QDNODU )DDOL\HWOHULQLQ <UWOPHVL .GDQ 6RUXPOX %|OP )UHNDQV <]GH .PODWLI <]GH . 'HSDUWPDQ GDUL OHU 'HSDUWPDQ 3HUVRQHO 'HSDUWPDQ 'LHU <RN          

ND\QDNODU

IDDOL\HWOHULQLQ

QDVO

   

7RSODP







DG VRUXOGXXQGD NDWOPFODUQ ND\QDNODU IDDOL\HWOHULQGHQ

$UDWUPD\D .DWODQ .RELOHUH LQVDQ ND\QDNODU IDDOL\HWOHULQL \UWHQ E|OPQ VL LOHWPHOHULQGHQ LQVDQ ND\QDNODUQGDQ ELULP 3HUVRQHO 'HSDUWPDQ XQGD LVH LQVDQ RODUDN

VRUXPOX KHUKDQJL ELU E|OP ROPDGQ EHOLUWPLOHUGLU JHoPHNWHGLU VRUXPOX

ND\QDNODU IDDOL\HWOHULQGHQ GH VRUXPOX RODUDN oDOPDNWDGU $UDWUPD\D NDWODQ .RELOHULQ VDGHFH QVDQ .D\QDNODU 'HSDUWPDQ EXOXQPDNWDGU XQGD LQVDQ ND\QDNODU IDDOL\HWOHULQGHQ VRUXPOX RODQ D\U ELU  OLN 'LHU RODUDN DGODQGUODQ

VLQGH LVH GDUL OHU 'HSDUWPDQ D\Q ]DPDQGD LQVDQ

 NDSVDPGDNL .RELOHUGH LVH PXKDVHEH GHSDUWPDQ LQVDQ ND\QDNODU IDDOL\HWOHULQL GH \UWPHNWHGLU .RELOHUGH LQVDQ ND\QDNODU IDDOL\HWOHULQLQ ELU E|OP WDUDIQGDQ \UWOPHVL

LOH oDODQ VD\V DUDVQGD ELU LOLNL ROGXX GQOHUHN oDSUD] DQDOL] X\JXODQPWU 6RQXoODU DDGDNL WDEORGD |]HWOHQPLWLU 3HUVRQHO 6D\V 7DEOR  3HUVRQHO 6D\V YH QVDQ .D\QDNODU %LULPL dDSUD] $QDOL]L .GDQ 6RUXPOX 'HSDUWPDQ 'HSDUWPDQ GDUL OHU 'HSDUWPDQ 3HUVRQHO 'LHU <RN             7RSODP     



'HSDUWPDQ



     

     

     

  7RSODP 



ROPD RODVO DUWPDNWDGU <DQL oDODQ VD\V LOH LQVDQ ND\QDNODU IDDOL\HWOHULQLQ D\U ELU GHSDUWPDQ WDUDIQGDQ \UWOPHVL DUDVQGD GRUX ELU RUDQW YDUGU  oDODQ RODQ .RELOHULQ 'HSDUWPDQ LQVDQ ND\QDNODU IDDOL\HWOHULQL \UWHQ D\U ELUHU ELULP RODUDN oDOPDNWDGU  oDODQ RODQ .RELOHULQ ND\QDNODU IDDOL\HWOHULQGHQ VRUXPOXGXU VLQGH GDUL OHU 'HSDUWPDQ VLQGH QVDQ .D\QDNODU 'HSDUWPDQ  oDODQ RODQ .RELOHULQ VLQGH GDUL OHU 'HSDUWPDQ LQVDQ QGD 3HUVRQHO 'HSDUWPDQ LQGH 3HUVRQHO 'HSDUWPDQ VLQGH QVDQ .D\QDNODU

.RELOHUGH oDODQ VD\V DUWWNoD LQVDQ ND\QDNODUQGDQ VRUXPOX ELU GHSDUWPDQ

6DGHFH

EXOXQPDPDNWDGU  oDODQ RODQ .RELOHULQ LVH

XQGD LQVDQ ND\QDNODU IDDOL\HWOHULQGHQ VRUXPOX D\U ELU E|OP

XQGD 3HUVRQHO 'HSDUWPDQ EXOXQPDNWDGU

QGD QVDQ .D\QDNODU 'HSDUWPDQ

VLQGH D\U ELU LQVDQ

 ND\QDNODU ELULPL \RNWXU .D\QDNODU 'HSDUWPDQ IDDOL\HWOHULQL \UWPHNWHGLU VQGD 3HUVRQHO 'HSDUWPDQ LQGH QVDQ

LQGH GDUL OHU 'HSDUWPDQ LQVDQ ND\QDNODU VL NoN

|OoHNOL .RELOHUGLU <XNDUGDNL WDEORGD oDSUD] DQDOL]GH J|UOG ]HUH HQ E\N

7DEOR WH EHOLUWLOGLL JLEL DUDWUPD\D NDWODQ .RELOHULQ

NDWOPF SD\Q ROXWXUDQ NoN |OoHNOL .RELOHULQ LQGHQ QGD \DQL  LGDUL LOHU GHSDUWPDQ   SHUVRQHO GHSDUWPDQ VL  LQVDQ

VLQGH LQVDQ ND\QDNODUQGDQ VRUXPOX D\U ELU E|OP \RNWXU 2ODQODUQ LVH VL

ND\QDNODU GHSDUWPDQ DG DOWQGD LQVDQ ND\QDNODU IDDOL\HWOHULQL \UWPHNWHGLU ND\QDNODUQGDQ VRUXPOX ELU GHSDUWPDQ EXOXQPDPDNWDGU 7DEOR  . 3HUVRQHOL

*|UOG JLEL oDODQ VD\V D] RODQ .RELOHULQ E\N oRXQOXXQGD LQVDQ  QVDQ .D\QDNODUQGDQ 6RUXPOX 3HUVRQHO 6D\V 3HUVRQHO 6D\V )UHNDQV <]GH .PODWLI <]GH        

 



7RSODP







FHYDSODG EX VRUX\D J|UH LOHWPHGH LQVDQ ND\QDNODU IDDOL\HWOHULQL \UWHQ ELULPOHUGH oDODQ NLL VD\V LQGH GDQ ID]ODGU VQGD  DUDV

QVDQ ND\QDNODU IDDOL\HWOHULQGHQ VRUXPOX RODQ GHSDUWPDQODU RODQ .RELOHULQ

QGH  DUDV YH

\DSWP] oDSUD] DQDOL] VRQXoODU LVH DDGDGU

%X oDODQODUQ KDQJL GHSDUWPDQODUGD \RXQODWQ DQODPDN ]HUH

 7DEOR  . 3HUVRQHO 6D\V YH . %LULPL dDSUD] $QDOL]L . 3HUVRQHOL 6D\V  .GDQ 6RUXPOX 'HSDUWPDQ . GDUL OHU 3HUVRQHO 7RSODP

'HSDUWPDQ



  

'HSDUWPDQ

  

'HSDUWPDQ

  

'LHU <RN        

  

7RSODP











NLLQLQ LVH

%XQD J|UH LQVDQ ND\QDNODU IDDOL\HWOHULQLQ \UWOPHVLQGHQ VRUXPOX RODQ   3HUVRQHO 'HSDUWPDQQGD X GDUL OHU 'HSDUWPDQQGD VL L

QVDQ .D\QDNODU 'HSDUWPDQQGD oDOPDNWDGU  DUDV oDODQ RODQ .RELOHUGH GDUL OHU 'HSDUWPDQQGD oDOPDNWDGU 7DEOR  g]JHoPL &9 +DYX]X  3HUVRQHO 'HSDUWPDQQGD VL QVDQ .D\QDNODU 'HSDUWPDQQGD

 J|UHQ $GD\ODUQD $LW g]JHoPL &9 +DYX]X 9DUO &9 KDYX]X )UHNDQV <]GH .PODWLI <]GH (YHW +D\U     

7RSODP

NHQGLOHULQH EDYXUDQ DGD\ODUQ |]JHoPLOHULQL &9OHULQL LOHULGH LKWL\Do GX\XOGXX WDNGLUGH NXOODQPDN ]HUH VDNOD\S VDNODPDGNODU VRUXOGXXQGD VL VDNODPDGQ EHOLUWPLWLU  |QHPOL ELU RUDQGU 2\VD NL DGD\ EXOPD L VDNODGQ

.RELOHULQ DGD\ EXOPD\D \|QHOLN IDDOL\HWOHULQL GHHUOHQGLUPHN DPDF\OD







IDDOL\HWOHULQL HWNLQ ELU HNLOGH \UWPHN LoLQ KHU ELU LOHWPHQLQ NHQGLQH J|UH ELU DGD\

 KDYX]X ROXWXUPDV HOHPDQ LKWL\DF GRGXXQGD LOHWPH\H NROD\ON VDOD\DFDN ELU \ROGXU $QFDN PDDOHVHI .RELOHULQ EX ELOLQoWHQ X]DN ROGXNODU J|UOPHNWHGLU 7DEOR  QVDQ .D\QDNODU (LWLPL  QVDQ .D\QDNODU <|QHWLPLQH 'DLU (LWLP $OQPDV . (LWLPL )UHNDQV <]GH .PODWLI <]GH (YHW +D\U     

7RSODP

GHUHFH \HWNLQ ROGXNODUQ DQODPDN DPDF\OD LQVDQ ND\QDNODU \|QHWLPLQH GDLU |]HO ELU HLWLP DOS DOPDGNODU VRUXOPXWXU %XQD J|UH  LVH LQVDQ ND\QDNODU \|QHWLPLQH LOLNLQ KHUKDQJL ELU HLWLP DOPDGQ VL E|\OH ELU HLWLP DOGQ

.RELOHUGH LQVDQ ND\QDNODU IDDOL\HWOHUL LOH XUDDQ LQVDQODUQ EX NRQXGD QH







EHOLUWPLWLU (LWLP DODQODU LVH 7FDUHW YH 6DQD\L 2GDODU YE NXUXOXODU WDUDIQGDQ G]HQOHQHQ .< VHPLQHUOHULQH NDWOGNODUQ EHOLUWPLWLU OHWPH E|OP PH]XQODU LVH QLYHUVLWHGH LQVDQ ND\QDNODU GHUVL DOPODUGU $QFDN

NHVLP LQVDQ ND\QDNODU NRQXVXQGD HLWLPVL] GROD\V\OD \HWHUVL] NDOPDNWDGU (LWLPLQ JQP]GHNL |QHPL GQOUVH LQVDQ ND\QDNODU IDDOL\HWOHUL LOH XUDDQ DoNWU SHUVRQHOL ELOLQoOHQGLUPHN DGQD .RELOHUGH HLWLPH GDKD ID]OD \HU YHULOPHVL JHUHNWLL  QVDQ .D\QDNODU 7HPLQLQGH .26*(%GHQ 'HVWHN $OQPDV 7DEOR  .GD .26*(% 'HVWHL .26*(% 'HVWHL )UHNDQV <]GH .PODWLI <]GH (YHW +D\U     

 JLEL |QHPOL ELU

7RSODP







 .RELOHULQ DGD\ EXOPD NRQXVXQGD .26*(%GHQ KHUKDQJL ELU \DUGP YH\D

GHVWHN DOS DOPDG VRUXOPX EXQD J|UH

.26*(%GHQ YH\D HQ D]QGDQ LOOHULQGHNL 7LFDUHW YH 6DQD\L 2GDODUQGDQ GHVWHN DOPDODU \|QOHQGLULOPHOHUL ELOLQoOHQGLULOPHOHUL LOHWPHOHUH NROD\ON VDOD\DFDNWU  QVDQ .D\QDNODU <|QHWLPL 6RUXPOXODUQQ %DO 2OGXX %LULP 7DEOR  %DO 2OXQDQ %LULP %DO 2OXQDQ %LULP )UHNDQV <]GH .PODWLI <]GH %DVND %|OP %DPV] 7RSODP 7HSH <|QHWLP        

LQLQ LVH E|\OH ELU GHVWHN DOPDG J|UOPWU .RELOHULQ DGD\ EXOPDGD

LQLQ .26*(%GHQ GHVWHN DOG







\UWHQ E|OP YH NLLOHULQ RODUDN oDOPDNWDGU

.RELOHUGH LQVDQ ND\QDNODUQGDQ VRUXPOX LQVDQ ND\QDNODU IDDOL\HWOHULQL VL WHSH \|QHWLPH

JHQHOOLNOH L VDKLEL \|QHWLFLOHUGHQ ROXWXX LoLQ LQVDQ ND\QDNODU IDDOL\HWOHULQGHQ QLKDL RODUDN VRUXPOX RODQ ELULP \LQH L VDKLEL \|QHWLFLOHU RODUDN J|UOPHNWHGLU  QVDQ .D\QDNODU 7HPLQLQGHQ 6RUXPOX %LULP 7DEOR  . 7HPLQL 6RUXPOXVX . 7HPLQL

L LVH EDPV] oDOPDNWDGU .RELOHUGH WHSH \|QHWLP

VL EDND ELU E|OPH EDO

. 'HSDUWPDQ

)UHNDQV <]GH .PODWLI <]GH          

%LULP <|QHWLFLVL 'LHU

  

6DKLEL <|QHWLFL 7RSODP



 .RELOHUGH LJ|UHQ DGD\ EXOPDNOD VRUXPOX NLL YH\D ELULP XQGD L

VDKLEL \|QHWLFL

 QVDQ .D\QDNODU 6HoLPLQGHQ 6RUXPOX %LULP 7DEOR  . 6HoLPL 6RUXPOXVX . 6HoLPL )UHNDQV <]GH .PODWLI <]GH          

QGH LQVDQ ND\QDNODU GHSDUWPDQGU

VQGD LJ|UHQ DGD\QQ oDODFD ELULP \|QHWLFLVL

. 'HSDUWPDQ

%LULP <|QHWLFLVL 'LHU

  

6DKLEL <|QHWLFL 7RSODP



VDKLEL \|QHWLFL

.RELOHUGH LJ|UHQ DGD\Q VHoPHNOH VRUXPOX NLL YH\D ELULP

LQVDQ ND\QDNODU GHSDUWPDQGU

QGH LJ|UHQ DGD\QQ oDODFD ELULP \|QHWLFLVL

QGH L QGH

\UWOPHVLQGHQ VRUXPOX RODQ YH EX IDDOL\HWOHU LoHULVLQGH GH DGD\ EXOPD YH VHoPH

6RQ o WDEORGD J|UOG ]HUH .RELOHUGH LQVDQ ND\QDNODU IDDOL\HWOHULQLQ

LOHPOHULQGHQ VRUXPOX RODUDN J|UOHQ L VDKLEL \|QHWLFLGLU $VOQGD LQVDQ ND\QDNODU IDDOL\HWOHULQGHQ YH |]HOOLNOH DGD\ EXOPD YH VHoPHGHQ VRUXPOX NLLOHULQ DODQQGD EX IDDOL\HWOHULQ HWNLQ ELU HNLOGH \UWOPHVLQH HQJHO ROPDNWDGU  QVDQ .D\QDNODU 3ODQODPDVQ <DSDQ %LULP 7DEOR  . 3ODQODPDV 6RUXPOXVX X]PDQ NLLOHU ROPDV JHUHNLUNHQ L VDKLEL \|QHWLFLQLQ WP EX VRUXPOXOXNODU DOPDV

. 3ODQODPDV )UHNDQV <]GH .PODWLI <]GH hVW \|QHWLP . %LULPL    

 

 8]PDQ   

<DSOPD] 7RSODP

\DSOPDVGU %X SODQODPD LOH LOHWPH LKWL\DF RODQ YH RODFDN LJFQQ QLWHOLN YH PLNWDUQ |QFHGHQ WHVSLW HGHUHN DGD\ EXOPD VUHFLQL RQD J|UH SODQODU $QFDN DUDWUPD\D NDWODQ .RELOHULQ 6DGHFH ELU SODQODPD \DSDU LQGH E|\OH ELU SODQODPD \DSOPDPDNWDGU

$GD\ EXOPD VUHFLQGH LON DGP LOHWPHGH ELU LQVDQ ND\QDNODU SODQODPDV











VLQGH GDUGDQ ELU X]PDQOD LQVDQ ND\QDNODU ELULP \|QHWLFLVL ELUOLNWH XQGD LQVDQ ND\QDNODU ELULPL WDUDIQGDQ \DSOU

SODQODPDVQ GD \DSDUODU %X VRQXo VRQ o WDEORGD J|UOHQ YHULOHUOH WXWDUOON DU] HWPHNWH KHPHQ KHPHQ WP LQVDQ ND\QDNODU IDDOL\HWOHULQLQ .RELOHUGH L VDKLEL \|QHWLFLOHU WDUDIQGDQ \UWOGQ GRUXODPDNWDGU  QVDQ .D\QDNODU 3ODQODPDV '|QHPOHUL 7DEOR  . 3ODQODPDV '|QHPOHUL

LQGH LVH VW \|QHWLP \DQL \LQH L VDKLEL \|QHWLFLOHU LQVDQ ND\QDNODU

. 3ODQODPD '|QHPOHUL )UHNDQV <]GH .PODWLI <]GH  D\  D\ \O  \O  \O ]HUL 7RSODP          

  



LoLQ \DSWNODU VRUXOGXXQGD SODQODPD \DSPDNWDGU

$UDWUPD\D NDWODQ .RELOHUH LQVDQ ND\QDNODU SODQODPDVQ KDQJL G|QHPOHU

<DQL HQ D]QGDQ ELU \OON ELU SODQODPD \DSOPDNWDGU SODQODPDV \DSPDNWDGU VL  D\ LoLQ

QQ  D\ \O DUDV LoLQ \DSWNODU |UHQLOPLWLU X LVH  \O LoLQ LQVDQ ND\QDNODU

V LVH  \O VW LoLQ

 $UDWUPD\D NDWODQ .RELOHUH LQVDQ ND\QDNODU SODQODPDV \DSDUNHQ GLNNDWH  SODQODQDQ \DWUPODU J|] |QQGH WXWPDNWD V SHUVRQHO GHYLU K]Q YH \LQH

DOGNODU KXVXVODU VRUXOPXWXU %XQD J|UH YH\D D]DOODU GLNNDWH DOPDNWD

 V LOHWPHQLQ VDW KDFPLQGHNL DUW  SHUVRQHOLQ LH

GHYDPV]ON GXUXPXQX GLNNDWH DOPDNWD

L \DDQDQ WHNQRORMLN JHOLPHOHUL GHHUOHQGLUPHNWH

 $GD\ %XOPDGD .XOODQODQ .D\QDNODU 7DEOR  $GD\ %XOPD .D\QDNODU .D\QDNODU

V SHUVRQHOLQ \D GXUXPXQX SODQODPDGD GLNNDWH DOPDNWDGU

o .D\QDNODU

)UHNDQV <]GH .PODWLI <]GH      

' .D\QDNODU 7RSODP

 

o YH ' ND\QDNODU ELUOLNWH

 



G ND\QDNODUGDQ ELUOLNWH \DUDUODQPDNWDGU 7DEOR  .XOODQODQ o .D\QDNODU

L G ND\QDNODU NXOODQPDNWDGU

$UDWUPD\D NDWODQ .RELOHULQ

VL LVH DGD\ EXOPDN LoLQ KHP Lo KHP GH

 DGD\ EXOPDN LoLQ Lo ND\QDNODU

 o .D\QDNODUGDQ (Q dRN .XOODQODQ <|QWHPOHU

   

.GHP 3HUIRUPDQV o 7UDQVIHUOHU ]HQJLQOHWLUPH 5RWDV\RQ                         

 $UDWUPD\D NDWODQ .RELOHUH NXOODQGNODU Lo ND\QDNODU GHQ H NDGDU X LJ|UHQLQ SHUIRUPDQV EDDUV

VUDODPDODU LVWHQPLWLU (Q oRN NXOODQGNODU \|QWHPH  HQ D] NXOODQGODU \|QWHPH LVH  YHUPLOHUGLU %XQD J|UH ELULQFL VUDGD

\NVHNVH LKWL\Do RODQ ELU VW SR]LV\RQD LJ|UHQL WHUIL HWWLUPHNWHGLU NLQFL VUDGD

 LJ|UHQL oDOPD \OQD \DQL NGHPLQH J|UH WHUIL HWWLUPHNWH oQF VUDGD  Lo WUDQVIHUOHUGHQ \DUDUODQPDNWD \DQL LJ|UHQL LKWL\Do RODQ ELU GLHU E|OPH \NQ YH VRUXPOXOXXQX DUWUPDNWDGU %HLQFL VUDGD LVH   JHoLFL JLGHULOHQH NDGDU J|UHYOHQGLUPHNWH URWDV\RQD WDEL WXWPDNWDGU  o .D\QDNODUQ (Q dRN .XOODQOG .DGHPH 7DEOR  o .D\QDNODUQ .XOODQOG .DGHPHOHU o .D\QDNODU.DGHPH DOPDNWD G|UGQF VUDGD  L ]HQJLQOHWLUPH\L NXOODQPDNWD LJ|UHQLQ L J|UHYOHQGLUPHGHQ ID\GDODQPDNWD LJ|UHQL LKWL\Do GX\XODQ E|OPGH LKWL\Do

$OW .DGHPH dDODQODU

)UHNDQV <]GH .PODWLI <]GH        

2UWD .DGHPH dDODQODU hVW .DGHPH dDODQODU 7RSODP

 



LJ|UHQOHUL LVWLKGDP HWPHN LoLQ NXOODQGNODU |OoOPH\H oDOOPWU %XQD J|UH LVWLKGDPQGD VL RUWD NDGHPH oDODQODUQ LVWLKGDPQGD L VW NDGHPH oDODQODUQ LVWLKGDPQGD Lo ND\QDNODUGDQ

$UDWUPD\D NDWODQ .RELOHULQ Lo ND\QDNODU GDKD oRN KDQJL SR]LV\RQGD L DOW NDGHPH oDODQODUQ

\DUDUODQPDNWDGU

  ' .D\QDNODUQ (Q dRN .XOODQOG .DGHPH 7DEOR  ' .D\QDNODUQ .XOODQOG .DGHPHOHU ' .D\QDNODU.DGHPH $OW .DGHPH dDODQODU 2UWD .DGHPH dDODQODU hVW .DGHPH dDODQODU 7RSODP )UHNDQV <]GH .PODWLI <]GH        

 



LJ|UHQOHUL LVWLKGDP HWPHN LoLQ NXOODQGNODU |OoOPH\H oDOOPWU %XQD J|UH LVWLKGDPQGD L RUWD NDGHPH oDODQODUQ LVWLKGDPQGD  VW NDGHPH oDODQODUQ LVWLKGDPQGD G ND\QDNODUGDQ

$UDWUPD\D NDWODQ .RELOHULQ G ND\QDNODU GDKD oRN KDQJL SR]LV\RQGD

 DOW NDGHPH oDODQODUQ

\DUDUODQPDNWDGU %XUDGDQ VW NDGHPH \DQL GDKD oRN \|QHWLFL SR]LV\RQXQGDNL DoNODU NDSDWPDN LoLQ LOHWPHOHULQ Lo ND\QDNODUGDQ GDKD oRN G ND\QDNODU NXOODQGNODU DQODOPDNWDGU  ' .D\QDNODUGDQ (Q dRN .XOODQODQ <|QWHPOHU 7DEOR  ' .D\QDN <|QWHPOHUL               'X\XUX QWHUQHW 'RUXGDQ %DYXUX OJLOL .XUXOXODU dHYUH          

    

WRSODQPWU 6RQUDNL VRUXODUGD KHU ELU DQD EDON DOW VHoHQHNOHU KDOLQGH LQFHOHQPLWLU

%X VRUXGD G ND\QDNODUGDQ NXOODQODQ \|QWHPOHU DQD EDON KDOLQGH $UDWUPD\D NDWODQ .RELOHUGHQ HQ oRN NXOODQGNODU \|QWHPH  HQ D]

NXOODQGNODU \|QWHPH  YHUHUHN VUDODPD \DSPDODU LVWHQPLWLU %XQD J|UH .RELOHULQ

 G ND\QDNODUGDQ HQ oRN NXOODQG ELULQFL \|QWHP  GX\XUX LODQ \|QWHPLGLU

NLQFL RODUDN  LOHWPH\H GRUXGDQ NHQGLOLLQGHQ EDYXUDQODU |]JHoPL &9 EUDNDQODU WHUFLK HGLOPHNWHGLU hoQF RODUDN  oHYUHGHQ \DUDUODQOPDNWDGU dHYUH RODUDN HGRVW WDQGN SHUVRQHO YH GLHU ILUPDODU DOQPWU '|UGQF RODUDN  7UNL\H .XUXPX JLEL LOJLOL NXUXOXODUGDQ ID\GDODQOPDNWDGU QWHUQHW HGLOHQ \|QWHP RODUDN NDUP]D oNPDNWDGU 7DEOR  'X\XUX <|QWHPOHUL       

NXOODQP LVH EHLQFL VUDGD  \HU DOPDNWD .RELOHU WDUDIQGDQ HQ D] WHUFLK  'X\XUXGD (Q dRN .XOODQODQ <|QWHPOHU *|UQWO 0HG\D <D]O 0HG\D (O %URUOHUL 'XYDU $ILOHUL            

ELOGLUPHN LVWHGLNOHULQGH HQ oRN KDQJL \|QWHPL NXOODQGNODUQ GHQ H HQ oRNWDQ HQ

$UDWUPD\D NDWODQ .RELOHUH LJ|UHQ LKWL\DoODUQ GX\XUXLODQ \DUGP\OD

D]D GRUX VUDODPDODU LVWHQPLWLU %XQD J|UH ELULQFL VUDGD  \HUHOXOXVDO XOXVDO WHOHYL]\RQODU JLEL J|UQWO PHG\D\ oQF VUDGD  HO LODQODUHO EURUOHULQL YH G|UGQF RODUDN  GXYDU DILOHULQL NXOODQPDNWDGUODU  QWHUQHWWH (Q dRN .XOODQODQ <|QWHPOHU 7DEOR  QWHUQHW .XOODQP      . VLWHOHUL )LUPDQQ LQWHUQHW VLWHVL 

JD]HWH GHUJL JLEL \D]O PHG\D\ NXOODQPDNWDGUODU NLQFL VUDGD  \HUHO

 .RELOHU DGD\ EXOPD \|QWHPOHULQGHQ LQWHUQHWL HQ D] G]H\GH

NXOODQPDNWDGUODU QWHUQHWL NXOODQDQODU LVH ELULQFL VUDGD  LQWHUQHWWHNL

SURIHV\RQHO LQVDQ ND\QDNODU VLWHOHULQGHQ LNLQFL VUDGD  NHQGL LQWHUQHW VLWHOHULQGHQ ID\GDODQPDNWDGU (Q oRN KDQJL VLWH\L NXOODQGNODU VRUXOGXXQGD LVH .DUL\HUQHWL WHUFLK HWWLNOHULQL EHOLUWPLOHUGLU 7DEOR  OJLOL .XUXOXODU       .85 g%          OJLOL .XUXOXODUGDQ (Q dRN .XOODQODQODU 6HQGLNDODU hQLYHUVLWHOHU 0HVOHNL 2NXOODU 7DHURQODU                   

   

 

 

VRUXOPXWXU %XQD J|UH LON VUDGD  LOH 7UNL\H .XUXPX .85 .RELOHU JLEL PHVOHNL RNXOODU \HU DOPDNWDGU hoQF YH G|UGQF WHUFLK RODUDN VHQGLNDODU YH NDUL\HU JQOHULQGHQ \DUDUODQOPDNWDGU 6RQ VUDGD LVH g]HO VWLKGDP %URODU g% YH WDHURQODU LJ|UHQ NLUDODPD DGD\ EXOPDGD NXOODQODQ ND\QDNODU DUDVQGDGU  $GD\ %XOPDGD <DUDUODQODQ dHYUH 7DEOR  $GD\ %XOPD dHYUHVL          7DQGN 3HUVRQHO 'LHU )LUPDODU

.RELOHUH DGD\ EXOPD LOH LOJLOL NXUXOXODUGDQ HQ oRN KDQJLVLQL NXOODQGNODU



WDUDIQGDQ WHUFLK HGLOPHNWHGLU NLQFL VUDGD LVH  WHNQLN OLVHOHU PHVOHN OLVHOHUL PHVOHNL NXUXOXODU DGD\ EXOPDGD NXOODQOPDNWDGU %HLQFL VUDGD LVH QLYHUVLWHOHULQ





 $UDWUPD\D NDWODQ .RELOHU DGD\ EXOPDN LoLQ LON VUDGD HGRVW DNUDED JLEL

WDQGNODUQQ WDYVL\HOHULQL NXOODQPDNWDGU NLQFL VUDGD LVH LOHWPHGH PHYFXW oDODQ ILUPDODU DGD\ EXOPDN LoLQ ELUHU ND\QDN RODUDN J|UPHNWHGLUOHU  0HYFXW dDODQODUQ H $OQPD <|QWHPOHUL 7DEOR  H $OP <ROODU <|QWHP 'X\XUXLODQ EDYXUDQODU dHYUH QWHUQHW   YH DOW             

SHUVRQHOLQ WDYVL\HOHULQGHQ \DUDUODQPDNWDGUODU 6RQ RODUDN LVH VHNW|UGHNL GLHU

     

 YH ]HUL     

.HQGLOLLQGHQ

OJLOL .XUXOXODU



DOGNODU VRUXOPXWXU %XQD J|UH .RELOHULQ LODQ \ROX\OD EXOGXNODUQ EHOLUWPLWLU NHQGLOLLQGHQ EDYXUDQODUGDQ VHoWLNOHULQL D]Q LQWHUQHW \ROX\OD EXOPXWXU

$UDWUPD\D NDWODQ .RELOHUH PHYFXW oDODQODUQ KDQJL \|QWHPOHUOH LH  oDODQODUQ  L oDODQODUQ XQGDQ GDKD D]Q LQGHQ ID]ODVQ XQGDQ GDKD



JHOHQ WDYVL\HOHUOH LH DOGNODUQ EHOLUWPLWLU

NXUXOXODUGDQ \DUDUODQDUDN LVWLKGDP HWPLWLU *|UOG JLEL LQWHUQHW \LQH HQ D] NXOODQODQ \|QWHP RODUDN NDUP]D oNPDNWDGU 7DEOR  7HUFLK 6HEHEL  .XOODQODQ $GD\ %XOPD <|QWHPLQL 7HUFLK 6HEHEL 7HUFLK 6HEHEL )UHNDQV 1 

V oDODQODUQ

V LVH oDODQODUQ

 DUDV oDODQ oHYUHGHQ

XQGDQ D]Q LOJLOL

6HoLP VUHFLQGH GDKD oDEXN VRQXo DOQDELOPHVL  'DKD oRN VD\GD DGD\D XODODELOPHVL 0DOL\HWLQLQ D] ROPDV 'DKD ID]OD NDOLIL\H HOHPDQ EXOXQDELOPHVL

 

 dHYUHOHULQLQ JHQL ROPDV 

LUNHW LPDMQ JoOHQGLUPHN LoLQ

HWWLNOHUL VRUXOPXWXU .DWOPFODU ELUGHQ ID]OD VHoHQHL LDUHWOH\HELOGLNOHUL LoLQ WRSODP 1 VD\V NDWOPF VD\VQGDQ ID]OD J|]NPHNWHGLU %XQD JRUH  NLL WHUFLK HWPHNWHGLU  NLL NXOODQGNODU DGD\ EXOPD \|QWHPL LOH GDKD ID]OD DGD\D

$UDWUPD\D NDWODQ .RELOHUH HQ oRN NXOODQGNODU \|QWHPL QHGHQ WHUFLK



NXOODQGNODU DGD\ EXOPD \|QWHPLQL VHoLP VUHFLQGH GDKD oDEXN VRQXo DOGNODU LoLQ XODDELOPHNWHGLU  NLL GDKD ID]OD NDOLIL\H HOHPDQ EXODELOPHNWHGLU  NLL NXOODQGNODU \|QWHPLQ PDOL\HWL GN ROGXX LoLQ EX \|QWHPL VHoPHNWHGLU  NLL NHQGL oHYUHOHUL JHQL ROGXX LoLQ  NLL LVH LUNHW LPDMODUQ JoOHQGLUPHN LoLQ DGD\ EXOPD \|QWHPLQL WHUFLK HWPHNWHGLUOHU  1LWHOLNOHUL $] (OHPDQ KWL\DFQGD .XOODQODQ <|QWHP 7DEOR  'N 1LWHOLNOL (OHPDQ KWL\DF .XOODQODQ <|QWHP dHYUH     )UHNDQV 1

.HQGLOLLQGHQ %DYXUDQODU  'X\XUX QWHUQHW

OJLOL .XUXOXODU

DUDQPD\DQ HOHPDQODU EXOPDN LoLQ KDQJL \|QWHPL WHUFLK HWWLNOHUL VRUXOPXWXU %XQD J|UH  NLL oHYUHOHULQGHQ ID\GDODQGNODUQ EHOLUWPLWLU  NLL LOHWPH\H NHQGLOLLQGHQ EDYXUDQODU WHUFLK HWPHNWHGLU  NLL GX\XUX \|QWHPLQL  NLL LVH LQWHUQHWL NXOODQPDNWDGU <LQH  NLL LOJLOL NXUXOXODUGDQ \DUDUODQPDNWDGU

$UDWUPD\D NDWODQ .RELOHUH oD\F NDSF WHPL]OLNoL YE oRN ID]OD QLWHOLN

  1LWHOLNOHUL )D]OD (OHPDQ KWL\DFQGD .XOODQODQ <|QWHP 7DEOR  <NVHN 1LWHOLNOL (OHPDQ KWL\DF .XOODQODQ <|QWHP dHYUH 'X\XUX    )UHNDQV 1

.HQGLOLLQGHQ %DYXUDQODU  QWHUQHW OJLOL .XUXOXODU 

HOHPDQ LKWL\DoODU ROGXXQGD KDQJL \|QWHPL WHUFLK HWWLNOHUL VRUXOPXWXU %XQD J|UH

$UDWUPD\D NDWODQ .RELOHUH \|QHWLFL X]PDQ YE QLWHOLNOHUL ID]OD RODQ

 NLL oHYUHOHULQGHQ ID\GDODQGNODUQ EHOLUWPLWLU  NLL GX\XUX \|QWHPLQL NLL LVH LQWHUQHWL NXOODQPDNWDGU  NLL LOJLOL NXUXOXODUGDQ \DUDUODQPDNWDGU

NXOODQPDNWD  NLL LOHWPH\H NHQGLOLLQGHQ EDYXUDQODU LVWLKGDP HWPHNWHGLU  <XNDUGD J|UOG JLEL .RELOHU QLWHOLNOHUL D] GD ROVD ID]OD GD ROVD HOHPDQ

LKWL\DoODUQGD |QFHOLNOH oHYUHOHULQH EDYXUPDNWDGUODU $QFDN QLWHOLNOHUL ID]OD RODQ ROGXXQGDQ GDKD ID]OD NXOODQPDNWDGUODU <LQH QLWHOLNOHUL ID]OD HOHPDQ DUDGNODUQGD LOJLOL NXUXOXODUD GDKD ID]OD EDYXUPDNWDGUODU  7XWXP 6RUXODUQQ $QDOL]L

HOHPDQ DUDGNODUQGD GX\XUX \|QWHPLQL YH LQWHUQHWL QLWHOLNOHUL D] HOHPDQ LKWL\DoODU

J|UOHULQL RUWD\D NR\DELOPHN LoLQ DQNHWLQ VRQ E|OPQGH  VRUXGDQ ROXDQ OL /LNHUW gOoHLQH \HU YHULOPLWLU %X E|OPGH \HU DODQ VRUXODUQ E\N oRXQOXX KLSRWH] DQDOL]OHULQGH HOH DOQG LoLQ EXUDGD VDGHFH ED] VRUXODUQ WDQPOD\F GHVFULSWLYH DQDOL]OHULQH GHLQLOHFHNWLU $GD\ EXOPDN LoLQ NXOODQGP] WHNQLNOHU LOH HOHPDQGD DUDGP] QLWHOLNOHU

.DWOPFODUQ LQVDQ ND\QDNODU \|QHWLPL YH |]HOOLNOH DGD\ EXOPD LOH LOJLOL

DUDVQGD LOLNL YDUGU 6RUXVXQD YHULOHQ FHYDSODUQ RUWDODPDV ; WU

 %DYXUDQ DGD\ODUQ NDOLWHVL DGD\ EXOPD \|QWHPL LOH GRUXGDQ EDODQWOGU %X LNL VRUX LOH DGD\ EXOPD \|QWHPL LOH DUDQDQ HOHPDQQ QLWHOLNOHUL DUDVQGD ELU

6RUXVXQD YHULOHQ FHYDSODUQ RUWDODPDV ; WU

LOLNL ROXS ROPDG EHOLUOHQPH\H oDOOPWU +HU LNL VRUXQXQ RUWDODPDV GD NDWO\RUXP RODUDN YHULOGLL LoLQ NDWOPFODUQ DGD\ EXOPD \|QWHPL LOH DUDQDQ HOHPDQQ QLWHOLNOHUL DUDVQGD ELU LOLNL ROGXXQX GQGNOHUL V|\OHQHELOLU $GD\ EXOPDN LoLQ NXOODQGP] WHNQLNOHULQ VHoLPLQGH $GD\ EXOPDN LoLQ \HQL WHNQLNOHU NXOODQPDNWDQ oHNLQPH\L] ; 

DONDQONODUP]Q HWNLVLQGH NDOPD\] ;  \|QWHPOHUH DoN ROGXX HVNL

VUHJHOHQ

%X LNL VRUXQXQ FHYDSODUQD J|UH NDWOPFODUQ DGD\ EXOPDN LoLQ \HQL DONDQONODUQ HWNLVLQGH ID]OD NDOPDG

DQODOPDNWDGU 'ROD\V\OD .RELOHUH KDQJL \|QWHPOHULQ NHQGLOHULQH QH WU ID\GDODU RODELOHFHL DQODWOUVD EXQGDQ \DUDUODQPD\D LVWHNOL ROGXNODU GQOHELOLU \|QWHPOHULQL NXOODQDP\RUX];  WHUFLK HGL\RUX] ;  0DGGL LPNDQV]ONODU QHGHQL\OH NXOODQPDN LVWHGLLPL] ED] DGD\ EXOPD .XOODQGP] DGD\ EXOPD \|QWHPOHULQL |QFHOLNOH HNRQRPLN ROGXX LoLQ %X LNL VRUXGD LVH .RELOHULQ DGD\ EXOPD \|QWHPOHULQL NXOODQUNHQ HNRQRPLN

ND\JODU WD\S WDPDGQ NXOODQODQ WHNQLLQ PDOL\HWLQH J|UH PL VHoLOGLLQL DQODPDN DPDF JGOPWU $QFDN DOQDQ FHYDSODUQ RUWODPDODUQD EDNWP]GD VHoLPOHULQGH HNRQRPLN QHGHQOHULQ HWNLOL ROPDGQ J|UPHNWH\L] HWNLOHPHNWHGLU ;  LQDQ\RUXP ;  NDWOPFODUQ DGD\ EXOPD \|QWHPLQL VHoHUNHQ PDGGL ND\JODU WDPDGQ LUNHW LPDMP] L EXOPDN LoLQ EDYXUDQ DGD\ VD\VQ YH NDOLWHVLQL EDYXUXVX UHGGHGLOHQ DGD\ODUQ LUNHW LPDMQ N|W HWNLOHGLLQH .DWOPFODUQ LUNHW LPDM LOH DGD\ EXOPD IDDOL\HWOHUL DUDVQGDNL LOLNL\H

\|QHOLN WXWXPODUQ DQODPDN DPDF\OD VRUXODQ EX VRUXODUQ FHYDSODUQD J|UH

NDWOPFODU LUNHW LPDMODUQQ EDYXUDQ DGD\ODUQ VD\VQ YH NDOLWHVLQL HWNLOHGLLQH

 LQDQPDNWDGUODU RUW  'ROD\V\OD LUNHW LPDM SL\DVDGD QH NDGDU JoO ROXUVD LOHWPH\H L EDYXUXVX \DSDQ DGD\ODUQ VD\V YH NDOLWHVL GH ELU R NDGDU \NVHN ROPDNWDGU

HWNLOHPHGLLQH LQDQPDNWDGUODU RUW  %XUDGDQ LOHWPHOHULQ LH DOPDGNODU DGD\ODUQ EDYXUXODUQ UHGGHGHUNHQ PDNXO GDYUDQGNODU DGD\ODU NUPDGNODU YH QD]LN GDYUDQGNODU GQOHELOLU %|\OHFH EDYXUXVX UHGGHGLOHQ DGD\ODU SL\DVDGD LOHWPH KDNNQGD N|W UHNODP \DSPDP LUNHW LPDMQ ]HGHOHPHPL ROPDNWDGU  +LSRWH] $QDOL]OHUL

gWH \DQGDQ NDWOPFODU L EDYXUXVX UHGGHGLOHQ DGD\ODUQ LPDMODUQ N|W

\UWOPHVL LOH SHUVRQHO VD\V DUDVQGD ELU LOLNL \RNWXU \UWOPHVL LOH SHUVRQHO VD\V DUDVQGD ELU LOLNL YDUGU

 + .RELOHUGH LQVDQ ND\QDNODU IDDOL\HWOHULQLQ D\U ELU E|OP WDUDIQGDQ +$ .RELOHUGH LQVDQ ND\QDNODU IDDOL\HWOHULQLQ D\U ELU E|OP WDUDIQGDQ

7DEOR  QVDQ .D\QDNODU %|OP YH 3HUVRQHO 6D\V OLNLVL


&KL6TXDUH 7HVWV

9DOXH 3HDUVRQ &KL6TXDUH /LNHOLKRRG 5DWLR /LQHDUE\/LQHDU $VVRFLDWLRQ 1 RI 9DOLG &DVHV  D   

GI   

$V\PS 6LJ VLGHG   


SHUVD\L LNGHSW &URVVWDEXODWLRQ

LNGHSW YDU SHUVD\L  &RXQW ([SHFWHG &RXQW ZLWKLQ ZLWKLQ LNGHSW  &RXQW ([SHFWHG &RXQW ZLWKLQ ZLWKLQ LNGHSW  &RXQW ([SHFWHG &RXQW ZLWKLQ ZLWKLQ LNGHSW  &RXQW ([SHFWHG &RXQW ZLWKLQ ZLWKLQ LNGHSW  &RXQW ([SHFWHG &RXQW ZLWKLQ                    \RN                   

7RWDO

                  

SHUVD\L

SHUVD\L

SHUVD\L

SHUVD\L

SHUVD\L



ZLWKLQ LNGHSW 7RWDO &RXQW ([SHFWHG &RXQW ZLWKLQ SHUVD\L ZLWKLQ LNGHSW

    

    

    

E|OP EXOXQPDV DUDVQGD ELU LOLNL ROXS ROPDG DUDWUOPWU dDODQ VD\V DUWWNoD LOHWPHOHUGH LQVDQ ND\QDNODU\OD LOJLOL ELU GHSDUWPDQQ YDU RODFD GQOPWU GHHUOHQGLULOPLWLU %X DPDoOD NLNDUH EDPV]ON WHVWL X\JXODQDUDN KLSRWH]

.RELOHUGH oDODQ VD\V LOH LOHWPHGH LQVDQ ND\QDNODU\OD LOJLOL KHUKDQJL ELU

GRUXODP SHUVRQHO VD\V LOH LOHWPHGH D\U ELU LQVDQ ND\QDNODU E|OP ROPDV .RELOHULQ LQGH  DUDV RODQ LOHWPHOHULQ QGH  RODQ

%XQD J|UH NLNDUH VLJ GHHUL  LOH GHQ NoN oNDUDN KLSRWH]LPL]L

DUDVQGD LOLNL ROGXX WHVSLW HGLOPLWLU 3HUVRQHO VD\V  DUDV RODQ NoN |OoHNOL LOHWPHOHULQ QGD  YH  DUDV RODQ LOHWPHOHULQ LVH QGH

D\U ELU LQVDQ ND\QDNODU GHSDUWPDQ ROGXX J|UOPWU %XUDGDQ oDODQ VD\V \NVHOGLL J|UOPHNWHGLU ELU IDUNOON J|VWHUPH] ELU IDUNOON J|VWHULU
&KL6TXDUH 7HVWV

DUWWNoD LOHWPHGH D\U ELU LQVDQ ND\QDNODU GHSDUWPDQ RODQ LOHWPHOHULQ RUDQQQ  + .XOODQODQ DGD\ EXOPD \|QWHPL .RELQLQ E\NOQH J|UH DQODPO +$ .XOODQODQ DGD\ EXOPD \|QWHPL .RELQLQ E\NOQH J|UH DQODPO

7DEOR  gOoHN YH .XOODQODQ $GD\ %XOPD <|QWHPL OLNLVL

9DOXH 3HDUVRQ &KL6TXDUH /LNHOLKRRG 5DWLR  

GI  

$V\PS 6LJ VLGHG  



/LQHDUE\/LQHDU $VVRFLDWLRQ 1 RI 9DOLG &DVHV

 



ROFHN \RQWHP &URVVWDEXODWLRQ \RQWHP GX\XUX ROFHN NXFXN &RXQW ([SHFWHG &RXQW ZLWKLQ ROFHN ZLWKLQ \RQWHP RUWD &RXQW ([SHFWHG &RXQW ZLWKLQ ROFHN ZLWKLQ \RQWHP 7RWDO &RXQW ([SHFWHG &RXQW ZLWKLQ ROFHN ZLWKLQ \RQWHP                       LQWHUQHW   &9                             NXUXOXVODU   FHYUH                   7RWDO

SHUVRQHO VD\V  RODQ LOHWPHOHU LVH RUWD |OoHNOL .REL RODUDN VQIODQGUOPWU <LQH DQNHW YHULOHULQGHQ NDWOPFODUQ HQ oRN NXOODQG ELU QXPDUDO DGD\ EXOPD DUDODUQGD ELU LOLNL ROXS ROPDG EHOLUOHQPLWLU \|QWHPL WHVSLW HGLOPLWLU %XQD J|UH EX LNL YHUL NLNDUH DQDOL]LQH WDEL WXWXODUDN .LNDUH DQDOL]LQLQ VRQXoODUQD J|UH VLJ   .REL |OoHL LOH

$QNHW YHULOHULQGHQ SHUVRQHO VD\V  RODQ LOHWPHOHU NoN |OoHNOL .REL

NXOODQODQ DGD\ EXOPD \|QWHPL DUDVQGD DQODPO ELU LOLNL YDUGU YH DOWHUQDWLI KLSRWH] NDEXO HGLOLU .oN |OoHNOL .RELOHULQ L RUWD |OoHNOL .RELOHULQ L GX\XUX

\|QWHPLQL NoN |OoHNOL .RELOHULQ

VL RUWD |OoHNOL .RELOHULQ

L

 LQWHUQHWL NoN |OoHNOL .RELOHULQ |OoHNOL .RELOHULQ |OoHNOL .RELOHULQ L RUWD |OoHNOL .RELOHULQ L

NHQGLOLLQGHQ EDYXUDUDN &9 EUDNDQODU NoN |OoHNOL .RELOHULQ L LOJLOL NXUXOXODU NoN |OoHNOL .RELOHULQ

J|UH GDKD oRN NXOODQPDNWDGUODU %XQD NDUQ RUWD |OoHNOL .RELOHU LQWHUQHWL YH LOJLOL NXUXOXODU DGD\ EXOPDN LoLQ GDKD oRN NXOODQPDNWDGUODU <DQL .REL |OoHL RUDQODU \NVHOPHNWHGLU J|VWHUPH] J|VWHULU E\GNoH NXOODQODQ DGD\ EXOPD \|QWHPOHUL GDKD GD oHLWOHQPHNWH YH NXOODQP  + .XOODQODQ DGD\ EXOPD \|QWHPL VHNW|UH J|UH DQODPO ELU IDUNOON +$ .XOODQODQ DGD\ EXOPD \|QWHPL VHNW|UH J|UH J|UH DQODPO ELU IDUNOON

%XQD J|UH NoN |OoHNOL .RELOHU GX\XUX YH oHYUH\L RUWD |OoHNOL .RELOHUH

 oHYUH\L DGD\ EXOPD \|QWHPL RODUDN WHUFLK HWPHNWHGLU

V RUWD

 RUWD

7DEOR  6HNW|U YH .XOODQODQ $GD\ %XOPD <|QWHPL OLNLVL


&KL6TXDUH 7HVWV 9DOXH 3HDUVRQ &KL6TXDUH /LNHOLKRRG 5DWLR /LQHDUE\/LQHDU $VVRFLDWLRQ 1 RI 9DOLG &DVHV     GI    $V\PS 6LJ VLGHG   

VHNWRU \RQWHP &URVVWDEXODWLRQ \RQWHPJUXS IRUPDO VHNWRU LPDODW &RXQW ([SHFWHG &RXQW ZLWKLQ VHNWRU ZLWKLQ \RQWHPJUXS     LQIRUPDO         7RWDO



KL]PHW

&RXQW ([SHFWHG &RXQW ZLWKLQ VHNWRU ZLWKLQ \RQWHPJUXS  

           

   

 

WLFDUHW

&RXQW ([SHFWHG &RXQW ZLWKLQ VHNWRU ZLWKLQ \RQWHPJUXS

       

       

7RWDO

&RXQW ([SHFWHG &RXQW ZLWKLQ VHNWRU ZLWKLQ \RQWHPJUXS

EUDNDQODU RODUDN JUXSODQGUODQ DGD\ EXOPD \|QWHPOHUL DQDOL]GH NROD\ON ROPDV LQWHUQHW YH LOJLOL NXUXOXODU IRUPDO DGD\ EXOPD \|QWHPOHUL oHYUH YH NHQGLOLLQGHQ EDYXUDQODU LVH LQIRUPDO DGD\ EXOPD \|QWHPOHUL RODUDN VQIODQGUOPWU

'X\XUX LQWHUQHW LOJLOL NXUXOXODU oHYUH YH NHQGLOLLQGHQ EDYXUDUDN &9

DoVQGDQ LNL WHPHO JUXED D\UOPWU /LWHUDWUGHNL D\UP GRUXOWXVXQGD GX\XUX

LOLNL ROXS ROPDG NLNDUH DQDOL]L \DUGP\OD GHHUOHQGLULOPLWLU %XQD J|UH IRUPDO YH J|VWHUPHNWHGLU VLJ    LQIRUPDO \|QWHPOHULQ NXOODQOPDV VHNW|UH J|UH DQODPO ELU

.XOODQODQ DGD\ EXOPD \|QWHPOHUL LOH .RELOHULQ \HU DOG VHNW|U DUDVQGD ELU IDUNOON

7LFDUHW VHNW|UQGH LQIRUPDO \|QWHPOHULQ RUDQQGD NXOODQOG J|UOPHNWHGLU

7LFDUHW VHNW|UQGH LQIRUPDO \|QWHPOHU oRN DUONO RODUDN NXOODQOPDNWDGU  IRUPDO \|QWHPOHULQ LVH 

RUDQ QLVSHWHQ ELUELULQH \DNQGU PDODW VHNW|UQGH LQIRUPDO \|QWHPOHU

PDODW YH KL]PHW VHNW|UQGH LVH IRUPDO YH LQIRUPDO \|QWHPOHULQ NXOODQP  RUDQQGD

 IRUPDO \|QWHPOHU NXOODQOPDNWDGU +L]PHW VHNW|UQGH LVH

 LQIRUPDO \|QWHPOHU

 RUDQQGD IRUPDO \|QWHPOHU NXOODQOPDNWDGU

 %XUDGDQ IRUPDO \|QWHPOHULQ  LOH HQ oRN KL]PHW VHNW|UQGH GDKD VRQUD

NXOODQOG J|UOPHNWHGLU  RUDQQGD

 LOH LPDODW VHNW|UQGH NXOODQOG QIRUPDO \|QWHPOHU LVH LPDODW

 LOH WLFDUHW VHNW|UQGH HQ D]

NXOODQOPDNWDGU

VHNW|UQGH

 LOH HQ oRN WLFDUHW VHNW|UQGH NXOODQOPDNWDGU  RUDQQGD KL]PHW VHNW|UQGH

IDUNOON J|VWHUPH] IDUNOON J|VWHULU

 + .XOODQODQ DGD\ EXOPD \|QWHPL IDDOL\HW DODQQD J|UH DQODPO ELU +$ .XOODQODQ DGD\ EXOPD \|QWHPL IDDOL\HW DODQQD J|UH DQODPO ELU

7DEOR  )DDOL\HW $ODQ YH .XOODQODQ $GD\ %XOPD <|QWHPL OLNLVL


&KL6TXDUH 7HVWV 9DOXH 3HDUVRQ &KL6TXDUH /LNHOLKRRG 5DWLR /LQHDUE\/LQHDU $VVRFLDWLRQ 1 RI 9DOLG &DVHV     GI    $V\PS 6LJ VLGHG   

IDDODODQ \RQWHP &URVVWDEXODWLRQ \RQWHP GX\XUX IDDODODQ WHNVWLO &RXQW ([SHFWHG &RXQW IDDODODQ ZLWKLQ ZLWKLQ \RQWHP JLGD &RXQW         LQWHUQHW   &9      NXUXOXVODU      FHYUH           7RWDO



([SHFWHG &RXQW IDDODODQ ZLWKLQ ZLWKLQ \RQWHP PRELO\D &RXQW ([SHFWHG &RXQW IDDODODQ ZLWKLQ ZLWKLQ \RQWHP RWRPRWLY &RXQW ([SHFWHG &RXQW IDDODODQ ZLWKLQ ZLWKLQ \RQWHP WXUL]P &RXQW ([SHFWHG &RXQW IDDODODQ ZLWKLQ ZLWKLQ \RQWHP NHUHVWH &RXQW ([SHFWHG &RXQW IDDODODQ ZLWKLQ ZLWKLQ \RQWHP LQVDDW &RXQW ([SHFWHG &RXQW IDDODODQ ZLWKLQ ZLWKLQ \RQWHP GLJHU &RXQW ([SHFWHG &RXQW ZLWKLQ

                         

                         

                         

                         

                         

                         


IDDODODQ ZLWKLQ \RQWHP 7RWDO &RXQW ([SHFWHG &RXQW ZLWKLQ IDDODODQ ZLWKLQ \RQWHP                              

GHLHELOHFHL YDUVD\P\OD NLNDUH DQDOL]L \DSOPWU $QDOL] VRQXFXQGD VLJ    ROGXX LoLQ DOWHUQDWLI KLSRWH] NDEXO HGLOPL NXOODQODQ DGD\ EXOPD \|QWHPLQLQ IDDOL\HW DODQQD J|UH DQODPO ELU IDUNOON J|VWHUGLL DQODOPWU %XQD J|UH GX\XUX \|QWHPLQLQ RWRPRWLY VHNW|UQGH KLo NXOODQOPDG 

.RELOHULQ IDDOL\HW DODQODUQD J|UH NXOODQGNODU DGD\ EXOPD \|QWHPLQLQ

LOH HQ oRN WXUL]P VHNW|UQGH NXOODQOG J|UOPHNWHGLU 7XUL]P JGD YH NHUHVWH LL LOH XUDDQ .RELOHULQ LQWHUQHWL KLo NXOODQPDG VHNW|UQQ NXOODQG J|UOPHNWHGLU .HQGLOLLQGHQ EDYXUDUDN &9 EUDNDQODU

 LOH HQ oRN RWRPRWLY

7XUL]P YH NHUHVWH DODQQGD IDDOL\HW J|VWHUHQ .RELOHU DGD\ EXOPDN LoLQ LOJLOL NXUXOXODUGDQ ID\GDODQPDNWDGU 0RELO\D YH WXUL]P DODQQGD RODQODU LVH DGD\ EXOPDN LoLQ oHYUHOHULQGHQ KLo \DUDUODQPDPDNWD NXOODQPDNWDGU  LOH HQ oRN RWRPRWLY VHNW|U oHYUHVLQL ID\GDODQPDPDNWD  LOH RWRPRWLY VHNW|U HQ

 LOH HQ oRN JGD DODQQGD IDDOL\HW J|VWHUHQOHULQ WHUFLK HWWLL J|UOPHNWHGLU

oRN

DQODPO ELU IDUNOON J|VWHUPH] DQODPO ELU IDUNOON J|VWHULU

 + .XOODQODQ DGD\ EXOPD \|QWHPL .RELQLQ EXOXQGXX LOH HKLUH J|UH +$ .XOODQODQ DGD\ EXOPD \|QWHPL .RELQLQ EXOXQGXX LOH HKLUH J|UH

 7DEOR  O YH .XOODQODQ $GD\ %XOPD <|QWHPL OLNLVL


&KL6TXDUH 7HVWV

9DOXH 3HDUVRQ &KL6TXDUH /LNHOLKRRG 5DWLR /LQHDUE\/LQHDU $VVRFLDWLRQ 1 RI 9DOLG &DVHV LO \RQWHP &URVVWDEXODWLRQ    

GI   

$V\PS 6LJ VLGHG   

\RQWHP GX\XUX LO LVSDUWD &RXQW ([SHFWHG &RXQW ZLWKLQ LO ZLWKLQ \RQWHP EXUGXU &RXQW ([SHFWHG &RXQW ZLWKLQ LO ZLWKLQ \RQWHP DQWDO\D &RXQW ([SHFWHG &RXQW ZLWKLQ LO ZLWKLQ \RQWHP 7RWDO &RXQW ([SHFWHG &RXQW ZLWKLQ LO ZLWKLQ \RQWHP                                               LQWHUQHW   &9                         NXUXOXVODU       FHYUH  

7RWDO

               

 .DWOPF .RELQLQ EXOXQGXX LOH J|UH NXOODQGNODU DGD\ EXOPD \|QWHPL

GHLPHNWH PLGLU EXQX DQODPDN LoLQ NLNDUH DQDOL]L \DSOPWU $QDOL] VRQXFX DOWHUQDWLI KLSRWH] NDEXO HGLOPL .RELQLQ EXOXQGXX LOH J|UH NXOODQODQ DGD\ EXOPD \|QWHPLQLQ GHLWLL DQODOPWU VLJ    %XUGXUGDNLOHULQ .RELOHULQ LVH %XQD J|UH VL $QWDO\DGDNLOHULQ GX\XUX \|QWHPLQL ,VSDUWDGDNL .RELOHULQ VL

%XUGXUGDNL .RELOHU DGD\ EXOPDN LoLQ LQWHUQHWL KLo NXOODQPDPDNWD $QWDO\DGDNL  LOH HQ oRN ,VSDUWDGDNL .RELOHU WHUFLK HWPHNWH %XUGXUGDNLOHU V NXOODQPDNWDGU .HQGLOLLQGHQ EDYXUDUDN &9 EUDNDQODU  RUDQQGD WHUFLK HWPHNWHGLUOHU OJLOL NXUXOXODUGDQ \LQH  LOH HQ oRN \DUDUODQPDNWD %XUGXUGDNLOHU  

V NXOODQPDNWDGU ,VSDUWD YH

$QWDO\DGDNLOHU LVH $QWDO\DGDNLOHU LVH ,VSDUWDGDNLOHU LVH

,VSDUWDGDNL .RELOHU

LOH GLHU LOOHUH J|UH oHYUHOHULQGHQ GDKD oRN ID\GDODQPDNWD $QWDO\DGDNLOHU

 RUDQQGD \DUDUODQPDNWDGUODU %XUGXUGDNL .RELOHU

NXOODQOPDPDV GLNNDW oHNLFLGLU $QWDO\DGD LVH NXOODQP RUDQ GNWU   $GD\

%X VRQXoODUGD LQWHUQHWLQ ,VSDUWD YH %XUGXUGDNL .RELOHU WDUDIQGDQ KLo

 RUDQQGD DGD\ EXOPDN LoLQ oHYUHOHULQL NXOODQPDNWDGUODU





EXOPD \|QWHPL RODUDN LOHWPHOHUH E\N NROD\ON YH K] DYDQWDM VDOD\DQ LQWHUQHWLQ .RELOHU WDUDIQGDQ NXOODQOPDPDV E\N ND\SWU .RELOHULQ ELOJLVD\DU YH LQWHUQHW NXOODQP RUDQODUQ DUWUPDODU JHUHNWLL DoNWU J|UH DQODPO ELU IDUNOON J|VWHUPH] J|UH DQODPO ELU IDUNOON J|VWHULU OLNLVL  + .XOODQODQ DGD\ EXOPD \|QWHPL L VDKLEL \|QHWLFLQLQ HLWLP G]H\LQH +$ .XOODQODQ DGD\ EXOPD \|QWHPL L VDKLEL \|QHWLFLQLQ HLWLP G]H\LQH

7DEOR  <|QHWLFLQLQ (LWLP ']H\L YH .XOODQODQ $GD\ %XOPD <|QWHPL


&KL6TXDUH 7HVWV

9DOXH 3HDUVRQ &KL6TXDUH  D

GI 

$V\PS 6LJ VLGHG 



/LNHOLKRRG 5DWLR /LQHDUE\/LQHDU $VVRFLDWLRQ 1 RI 9DOLG &DVHV

  

 

 

HJLWLP \RQWHP &URVVWDEXODWLRQ

\RQWHP GX\XUX HJLWLP OLVDQV RQFHVL &RXQW ([SHFWHG &RXQW ZLWKLQ ZLWKLQ               LQWHUQHW           &9             NXUXOXVODU             FHYUH            

7RWDO

           

HJLWLP

\RQWHP OLVDQV YH XVWX &RXQW

([SHFWHG &RXQW ZLWKLQ ZLWKLQ

HJLWLP

\RQWHP 7RWDO &RXQW ([SHFWHG &RXQW ZLWKLQ HJLWLP ZLWKLQ \RQWHP

VDKLEL \|QHWLFLOHUGHQ ROXPDNWDGU %XQODUQ HLWLP G]H\OHULQLQ NXOODQODQ DGD\

.DWOPF .RELOHUGHQ DQNHWL FHYDSOD\DQODUQ E\N E|OP \|QHWLFL YH L

EXOPD \|QWHPL ]HULQGH HWNLOL ROXS ROPDGQ DQODPDN LoLQ NLNDUH DQDOL]L

 \DSOPWU $QDOL] \DSPDGDQ |QFH HLWLP JUXSODU OLVDQV |QFHVL YH OLVDQV YH VW ROPDN ]HUH LNL\H LQGLULOPLWLU 2UWD|UHWLP YH OLVH PH]XQODU OLVDQV |QFHVL RODUDN |QOLVDQV OLVDQV YH PDVWHUGRNWRUD PH]XQODU OLVDQV YH VW RODUDN VQIODQGUOPWU $QDOL] VRQXFX VLJ ! NXOODQODQ DGD\ EXOPD \|QWHPLQLQ HLWLP

G]H\LQH J|UH DQODPO ELU IDUNOON J|VWHUPHGLL DQODOP + NDEXO HGLOPLWLU +HU LNL HLWLP JUXEX LoLQ DGD\ EXOPD \|QWHPOHULQLQ NXOODQP RUDQODUQD EDNOGQGD ELUELULQH oRN \DNQ ROGXX J|UOPHNWHGLU 6DGHFH LOJLOL NXUXOXODUGDQ YH oHYUHGHQ \DUDUODQPDN NRQXVXQGD LNL JUXS DUDVQGD \DNODN /LVDQV YH VW HLWLP DODQODU LOJLOL NXUXOXODUGDQ /LVDQV YH VW HLWLP DODQODU oHYUHGHQ  JLEL ELU IDUN J|UOPHNWHGLU  RUDQQGD  RUDQQGD

OLVDQV YH |QFHVL HLWLP DODQODU LOJLOL NXUXOXODUGDQ OLVDQV YH |QFHVL HLWLP DODQODU oHYUHGHQ

 RUDQQGD

oHYUH\L GDKD oRN NXOODQPDNWDGU %XQD NDUQ IRUPDO \|QWHP RODQ LOJLOL NXUXOXODU OLVDQV YH VW PH]XQODU WDUDIQGDQ GDKD oRN NXOODQOPDNWDGU  + )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

%|\OHFH J|UOPHNWHGLU NL OLVDQV |QFHVL PH]XQODU LQIRUPDO \|QWHP RODQ

 RUDQQGD \DUDUODQPDNWDGU

DUDVQGD GX\XUX \|QWHPL LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXX NRQXVXQGD WXWXP IDUNOO \RNWXU

DUDVQGD GX\XUX \|QWHPL LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXX NRQXVXQGD WXWXP IDUNOO YDUGU

+$ )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

7DEOR  'X\XUX <|QWHPL LOH $OQDQODUQ 3HUIRUPDQVODU <|QWHP )RUPDO QIRUPDO 1   0HDQ2UWDODPD   W  6LJ WDLOHG 

 'DKD |QFH GH DoNODQG JLEL GX\XUX LQWHUQHW YH LOJLOL NXUXOXODU IRUPDO

DGD\ EXOPD \|QWHPOHUL GRUXGDQ EDYXUDUDN &9 EUDNDQODU YH oHYUH LQIRUPDO DGD\ EXOPD \|QWHPOHUL RODUDN VQIODQGUOPWU 9HULOHU WWHVWL DQDOL]LQH WDEL WXWXOGXXQGD GX\XUX \ROX LOH LH DOQDQ

HOHPDQODUQ SHUIRUPDQVODU KDNNQGD IRUPDO YH LQIRUPDO \|QWHPOHUL NXOODQDQODU DUDVQGD J|U IDUNOO ROGXX WHVSLW HGLOPLWLU VLJ   %XQD J|UH IRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQODU GX\XUX \ROX LOH LH

DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXXQX GQPHNWHGLU

RUW  QIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQODU LVH GX\XUX \|QWHPL LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODU KDNNQGD IRUPDO \|QWHPOHUL NXOODQDQODU NDGDU ROXPOX GQPHPHNWHGLUOHU RUW   + )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

DUDVQGD YH oL %XOPD .XUXOXODU \DUGP LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXX NRQXVXQGD WXWXP IDUNOO \RNWXU +$ )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

DUDVQGD YH oL %XOPD .XUXOXODU \DUGP LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXX NRQXVXQGD WXWXP IDUNOO YDUGU <|QWHP 1 0HDQ2UWDODPD W 6LJ WDLOHG  7DEOR  YH oL %XOPD .XUXOXODU LOH $OQDQODUQ 3HUIRUPDQVODU )RUPDO     

QIRUPDO

SHUIRUPDQVODU KDNNQGD IRUPDO YH LQIRUPDO \|QWHPOHUL NXOODQDQODU DUDVQGD J|U IDUNOO ROGXX WHVSLW HGLOPLWLU VLJ  

7WHVWL DQDOL]L VRQXFX %XOPD .XUXOXODU DUDFO\OD LH DOQDQ HOHPDQODUQ

\ROX LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXXQX GQPHNWHGLU RUW  QIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQODU LVH

%XQD J|UH IRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQODU %XOPD .XUXOXODU

 %XOPD .XUXOXODU LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODU NRQXVXQGD IRUPDO \|QWHPOHUL NXOODQDQODUD NDWOPDPDNWDGU RUW   + )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

DUDVQGD LQWHUQHW \ROX LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXX NRQXVXQGD WXWXP IDUNOO \RNWXU +$ )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

DUDVQGD LQWHUQHW \ROX LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXX NRQXVXQGD WXWXP IDUNOO YDUGU <|QWHP )RUPDO QIRUPDO 1 7DEOR  QWHUQHW \ROX LOH $OQDQODUQ 3HUIRUPDQVODU   0HDQ2UWDODPD   W  6LJ WDLOHG 

SHUIRUPDQVODU KDNNQGD IRUPDO YH LQIRUPDO \|QWHPOHUL NXOODQDQODU DUDVQGD J|U IDUNOO \RNWXU 6LJ  ! 

7WHVWL DQDOL]L VRQXFXQD J|UH LQWHUQHW DUDFO\OD LH DOQDQ HOHPDQODUQ

\ROX LOH DOQDQ HOHPDQODUQ SHUIRUPDQVQGDQ PHPQXQ ROPDGNODUQ EHOLUWPHNWHGLU +HU LNL JUXEXQ RUWDODPDV GD SHUIRUPDQVODU \NVHNWLU J|UQH NDWOP\RUXP LIDGHVLQH \DNQGU )RUPDO \|QWHPOHUL NXOODQDQODUQ RUWDODPDV   LQIRUPDO \|QWHPOHUL NXOODQDQODUQ RUWDODPDV LVH  WLU *HQHO RODUDN EDNOGQGD DUDWUPD VRQXoODUQGD ]DWHQ LQWHUQHWLQ .RELOHU

)RUPDO \|QWHPOHUL NXOODQDQODU GD LQIRUPDO \|QWHPOHUL NXOODQDQODU GD LQWHUQHW

WDUDIQGDQ ID]OD NXOODQOPD\DQ ELU \|QWHP ROGXX WHVSLW HGLOPLWLU QWHUQHWH X]DN VDKLS ROPDODU oRN GD DUWF ELU VRQXo GHLOGLU

RODQ .RELOHULQ LQWHUQHW LOH LH DOQDQODUQ SHUIRUPDQVODU KDNNQGD ROXPVX] J|UH

  + )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

DUDVQGD LQIRUPDO DGD\ EXOPD \|QWHPOHUL LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXX NRQXVXQGD WXWXP IDUNOO \RNWXU +$ )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

DUDVQGD LQIRUPDO DGD\ EXOPD \|QWHPOHUL LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODUQQ GDKD \NVHN ROGXX NRQXVXQGD WXWXP IDUNOO YDUGU <|QWHP )RUPDO QIRUPDO 1 0HDQ2UWDODPD   W 7DEOR  QIRUPDO <|QWHPOHUOH $OQDQODUQ 3HUIRUPDQVODU    6LJ WDLOHG 

GX\XUX LQWHUQHW YH LOJLOL NXUXOXODU IRUPDO DGD\ EXOPD \|QWHPOHUL GRUXGDQ EDYXUDUDN &9 EUDNDQODU YH oHYUH LQIRUPDO DGD\ EXOPD \|QWHPOHUL RODUDN VQIODQGUOPWU /LNHUW WXWXP |OoHLQGH KHU ELU \|QWHPLQ SHUIRUPDQVOD LOLNLVL \|QQGHNL VRUXODU GD \LQH D\Q HNLOGH IRUPDO YH\D LQIRUPDO ROPDVQD J|UH \DUGP LOH KHVDSODQPWU VQIODQGUODUDN RUWDODPDODU 6366 SURJUDPQGD 7UDQVIRUP&RPSXWH VHoHQHNOHUL %XQD J|UH IRUPDO YH LQIRUPDO \|QWHPOHUL NXOODQDQODU DUDVQGD LQIRUPDO DGD\

$QDOL]GH NROD\ON ROPDV YH WRSOX ELU EDN DoV HOGH HWPHN DoVQGDQ

EXOPD \|QWHPL LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODU KDNNQGD J|U IDUNOO \RNWXU 6LJ  !  +HU LNL JUXEXQ RUWDODPDV GD ELUELULQH YH NDWO\RUXP LIDGHVLQH oRN

\DNQGU )RUPDO \|QWHPOHUL NXOODQDQODU GD LQIRUPDO \|QWHPOHUL NXOODQDQODU GD NDWOPDNWDGUODU

LQIRUPDO \|QWHPOHUOH DOQDQ DGD\ODUQ SHUIRUPDQVQQ \NVHN ROGXX J|UQH

  + )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

DUDVQGD IRUPDO DGD\ EXOPD \|QWHPOHUL LOH LH DOQDQ HOHPDQODUQ LOHULQGHQ GDKD NVD VUHGH D\UOGNODU NRQXVXQGD WXWXP IDUNOO \RNWXU +$ )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

DUDVQGD IRUPDO DGD\ EXOPD \|QWHPOHUL LOH LH DOQDQ HOHPDQODUQ LOHULQGHQ GDKD NVD VUHGH D\UOGNODU NRQXVXQGD WXWXP IDUNOO YDUGU <|QWHP )RUPDO QIRUPDO 1 0HDQ2UWDODPD   W 7DEOR  )RUPDO <|QWHPOHUOH $OQDQODUQ WHQ $\UOPD 6UHOHUL    6LJ WDLOHG 

VUHOHULQLQ IDUNO ROXS ROPDG NRQXVXQGD IRUPDO YH LQIRUPDO \|QWHPOHUL NXOODQDQODUQ WXWXPODU RQELU YH RQLNLQFL KLSRWH]OHU DUDFO\OD NDUODWUOPWU <DSODQ WWHVW DQDOL]L VRQXFXQGD VLJ  !  IRUPDO YH LQIRUPDO DGD\

)DUNO DGD\ EXOPD \|QWHPOHUL LOH LH DOQDQ HOHPDQODUQ LOHULQGHQ D\UOPD

EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU DUDVQGD IRUPDO DGD\ EXOPD \|QWHPL LOH LH ROPDG J|UOPWU LQIRUPDO RUW

DOQDQ HOHPDQODUQ LOHULQGHQ GDKD NVD VUHGH D\UOGNODU NRQXVXQGD WXWXP IDUNOO 2UWDODPDODUD EDNOGQGD GD EX GXUXP DQODOPDNWDGU IRUPDO RUW 

DOQDQODUQ LOHULQGHQ GDKD NVD VUHGH D\UOGNODUQ GQPHPHNWHGLUOHU

 +HU LNL JUXS GD EX J|UH NDWOPDPDNWD IRUPDO \|QWHPOHUOH LH

DUDVQGD LQIRUPDO DGD\ EXOPD \|QWHPOHUL LOH LH DOQDQ HOHPDQODUQ LOHULQGHQ GDKD NVD VUHGH D\UOGNODU NRQXVXQGD WXWXP IDUNOO \RNWXU +$ )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

 + )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU

DUDVQGD LQIRUPDO DGD\ EXOPD \|QWHPOHUL LOH LH DOQDQ HOHPDQODUQ LOHULQGHQ GDKD NVD VUHGH D\UOGNODU NRQXVXQGD WXWXP IDUNOO YDUGU

 7DEOR  QIRUPDO <|QWHPOHUOH $OQDQODUQ WHQ $\UOPD 6UHOHUL <|QWHP )RUPDO QIRUPDO 1   0HDQ2UWDODPD   W  6LJ WDLOHG 

EXOPD \|QWHPOHULQL NXOODQDQ .RELOHU DUDVQGD LQIRUPDO DGD\ EXOPD \|QWHPL LOH LH DOQDQ HOHPDQODUQ LOHULQGHQ GDKD NVD VUHGH D\UOGNODU NRQXVXQGD WXWXP IDUNOO ROPDG J|UOPWU LQIRUPDO RUW 2UWDODPDODUD EDNOGQGD GD EX GXUXP DQODOPDNWDGU IRUPDO RUW

<DSODQ WWHVW DQDOL]L VRQXFXQGD VLJ  !  IRUPDO YH LQIRUPDO DGD\

LH DOQDQODUQ LOHULQGHQ GDKD NVD VUHGH D\UOGNODUQ GQPHPHNWHGLUOHU LOH LH DOQDQ HOHPDQODUQ SHUIRUPDQVODU KDNNQGD WXWXP IDUNOO \RNWXU LH DOQDQ HOHPDQODUQ SHUIRUPDQVODU KDNNQGD WXWXP IDUNOO YDUGU 3HUIRUPDQV
$129$ IRUPDOSHUIRUPDQV 6TXDUHV %HWZHHQ *URXSV :LWKLQ *URXSV 7RWDO    6XP RI GI    0HDQ 6TXDUH   )  6LJ 

 +HU LNL JUXS GD EX J|UH NDWOPDPDNWD LQIRUPDO \|QWHPOHUOH



 + .DWOPFODUQ HLWLP G]H\LQH J|UH IRUPDO DGD\ EXOPD \|QWHPOHUL +$ .DWOPFODUQ HLWLP G]H\LQH J|UH IRUPDO DGD\ EXOPD \|QWHPOHUL LOH

7DEOR  (LWLP ']H\L YH )RUPDO <|QWHPOHUOH %XOXQDQ $GD\ODUQ


0XOWLSOH &RPSDULVRQV 'HSHQGHQW 9DULDEOH IRUPDOSHUIRUPDQV 7XNH\ +6' 0HDQ 'LIIHUHQFH , $HJLWLP - $HJLWLP ,- 6WG (UURU 6LJ  &RQILGHQFH ,QWHUYDO

/RZHU %RXQG RUWDRJU OLVH RQOLVDQV OLVDQV GRNPDVWHU OLVH RUWDRJU RQOLVDQV OLVDQV GRNPDVWHU RQOLVDQV RUWDRJU OLVH OLVDQV GRNPDVWHU OLVDQV RUWDRJU OLVH RQOLVDQV GRNPDVWHU GRNPDVWHU RUWDRJU OLVH RQOLVDQV OLVDQV                                                                                

8SSHU %RXQG                    

7KH PHDQ GLIIHUHQFH LV VLJQLILFDQW DW WKH  OHYHO

 H DOQDQ HOHPDQODUQ SHUIRUPDQV G]H\OHUL KDNNQGD NDWOPFODUQ HLWLP

G]H\OHULQH J|UH ELU WXWXP IDUNOO ROXS ROPDGQ DQODPDN LoLQ YDU\DQV DQDOL]L NDEXO HGLOLU <DQL HLWLP G]H\OHULQH J|UH IRUPDO \|QWHPOHUOH DOQDQ HOHPDQODUQ SHUIRUPDVODU KDNNQGD J|U IDUNOO YDUGU $129$ \DSOPWU %XQD J|UH VLJ GHHUL   ROGXX LoLQ DOWHUQDWLI KLSRWH]

\HU DODQ 3RVW+RF WHVWOHULQGHQ 7XNH\ DQDOL]LQH EDNOU %XQD J|UH RUWD |UHWLP YH OLVDQV VHYL\HVLQGH ELU WXWXP IDUNOO YDUGU %X LNL JUXEXQ RUWDODPDODUQD EDNOGQGD RUWD |UHWLP PH]XQODUQQ  OLVDQV PH]XQODUQQ  RUWDODPDV ROGXX J|UOPHNWHGLU <DQL NDWOPFODUGDQ OLVDQV PH]XQX RODQODU RUWD |UHWLP PH]XQODUQD N\DVOD IRUPDO DGD\ EXOPD \|QWHPOHUL LOH LH DOQDQ HOHPDQODUQ SHUIRUPDVODUQQ GDKD \NVHN ROGXXQX GQPHNWHGLUOHU

+DQJL HLWLP JUXSODU DUDVQGD IDUN ROGXXQX DQODPDN LoLQ $129$ LoLQGH

NXOODQODQ WHNQLNOHU LOH DUDQDQ HOHPDQODUQ QLWHOLNOHUL DUDVQGD ELU LOLNL ROGXX NRQXVXQGD NDWOPFODU DUDVQGD J|U IDUNOO \RNWXU +$ .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH DGD\ EXOPDN LoLQ

 + .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH DGD\ EXOPDN LoLQ

NXOODQODQ WHNQLNOHU LOH DUDQDQ HOHPDQODUQ QLWHOLNOHUL DUDVQGD ELU LOLNL ROGXX NRQXVXQGD NDWOPFODU DUDVQGD J|U IDUNOO YDUGU <|QWHP )RUPDO QIRUPDO 1 0HDQ2UWDODPD   W 7DEOR  $GD\ %XOPD <|QWHPL YH $UDQDQ (OHPDQ OLNLVL    6LJ WDLOHG 

QLWHOLNOHU DUDVQGD LOLNL ROXS ROPDG NRQXVXQGD J|UOHUL VRUXOPXWXU <DSODQ W WHVWL VRQXoODUQD J|UH IRUPDO DGD\ EXOPD \|QWHPLQL NXOODQDQ NDWOPFODU  ID]OD EX J|UH NDWOPDNWDGU <DQL IRUPDO \|QWHPOHUL NXOODQDQODU DGD\ EXOPDN LoLQ RUWDODPD LOH LQIRUPDO DGD\ EXOPD \|QWHPLQL NXOODQDQ NDWOPFODUGDQ RUW  GDKD

.DWOPFODUD DGD\ EXOPDN LoLQ NXOODQGNODU WHNQLNOHU LOH HOHPDQGD DUDGNODU

 NXOODQODQ WHNQLNOHU LOH DUDQDQ HOHPDQQ QLWHOLNOHUL DUDVQGD ELU LOLNL ROGXXQX J|UOPHNWHGLU VLJ    $OWHUQDWLI KLSRWH] NDEXO HGLOLU

GQPHNWHGLUOHU +HU LNL JUXS DUDVQGD DQODPO ELU WXWXP IDUNOO ROGXX

EXOPDN LoLQ NXOODQODQ WHNQLNOHULQ VHoLPLQGH VUHJHOHQ DONDQONODUQ HWNLVL NRQXVXQGD J|U IDUNOO \RNWXU +$ .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ DGD\

 + .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ DGD\

EXOPDN LoLQ NXOODQODQ WHNQLNOHULQ VHoLPLQGH VUHJHOHQ DONDQONODUQ HWNLVL NRQXVXQGD J|U IDUNOO YDUGU <|QWHP )RUPDO QIRUPDO 1 7DEOR  $GD\ %XOPD <|QWHPL YH $ONDQONODUQ (WNLVL   0HDQ2UWDODPD   W  6LJ WDLOHG 

DONDQONODUQQ HWNLVLQGH NDOS NDOPDGNODU VRUXOPXWXU $QDOL] LoLQ WWHVW X\JXODQPWU )RUPDO YH LQIRUPDO DGD\ EXOPD \|QWHPOHULQL NXOODQDQ LNL JUXS DUDVQGD DQODPO ELU IDUNOON VLJ    ROGXX J|UOPWU

.DWOPFODUD DGD\ EXOPDN LoLQ NXOODQGNODU WHNQLNOHULQ VHoLPLQGH VUHJHOHQ

%XQD J|UH IRUPDO DGD\ EXOPD \|QWHPLQL NXOODQDQODU  RUWDODPD LOH VUHJHOHQ

$QNHWWH EX VRUX LoLQ HWNLVLQGH NDOPD\] RODUDN QHJDWLI LIDGH NXOODQOPWU

DONDQONODUQ HWNLVLQGH NDOPDGNODUQ EHOLUWPLOHUGLU QIRUPDO DGD\ EXOPD \|QWHPLQL NXOODQDQODU LVH RUW  IRUPDO DGD\ EXOPD \|QWHPLQL NXOODQDQODUD J|UH WDYVL\HVL NHQGLOLLQGHQ EDYXUDQODU JLEL LQIRUPDO \|QWHPOHUL NXOODQDQODUQ GDKD DONDQONODUQ HWNLVLQGH GDKD ID]OD NDOPDNWDGUODU %X GXUXPGD HGRVW WDQGN JHOHQHNVHO ROGXX \HQL \|QWHPOHUL GDKD D] WHUFLK HWWLL GX\XUX LQWHUQHW oHLWOL ROGXX V|\OHQHELOLU

NXUXOXODU JLEL IRUPDO \|QWHPOHUL NXOODQDQODUQ LVH \HQL \DNODPODUD GDKD DoN

  + .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ QLWHOLNOHUL

\NVHN HOHPDQ LKWL\DFQGD G ND\QDNODU NXOODQPD NRQXVXQGD J|U IDUNOO \RNWXU

\NVHN HOHPDQ LKWL\DFQGD G ND\QDNODU NXOODQPD NRQXVXQGD J|U IDUNOO YDUGU 7DEOR  1LWHOLNOL (OHPDQ YH ' .D\QDNODU OLNLVL )RUPDO <|QWHP   1   0HDQ2UWDODPD W  6LJ WDLOHG 

+$ .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ QLWHOLNOHUL

QIRUPDO

RODFDQGDQ \ROD oNODUDN NDWOPFODUD NDOLIL\H HOHPDQ DUDGNODUQGD G ND\QDNODU NXOODQS NXOODQPDGNODU VRUXOPXWXU %XQD J|UH IRUPDO \|QWHPOHUL NXOODQDQODU

.XOODQODQ DGD\ EXOPD \|QWHPLQLQ DUDQDQ HOHPDQQ QLWHOLNOHUL LOH EDODQWV

RUW  YH LQIRUPDO \|QWHPOHUL NXOODQDQODU GD RUW  NDOLIL\H HOHPDQ DUDGNODUQGD G ND\QDNODU NXOODQGNODUQ EHOLUWPLWLU 7WHVW VRQXFXQD J|UH VLJ HGLOLU )RUPDO YH LQIRUPDO \|QWHPOHUL NXOODQDQODU DUDVQGD NDOLIL\H HOHPDQ LKWL\DFQGD G ND\QDNODUQ NXOODQP NRQXVXQGD J|U IDUNOO \RNWXU  !  LNL JUXS DUDVQGD DQODPO ELU WXWXP IDUNOO ROPDG LoLQ + NDEXO

GN HOHPDQ LKWL\DFQGD G ND\QDNODU NXOODQPD NRQXVXQGD J|U IDUNOO \RNWXU GN HOHPDQ LKWL\DFQGD G ND\QDNODU NXOODQPD NRQXVXQGD J|U IDUNOO YDUGU <|QWHP 7DEOR  1LWHOLNVL] (OHPDQ YH ' .D\QDNODU OLNLVL   1   0HDQ2UWDODPD W   6LJ WDLOHG

 + .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ QLWHOLNOHUL +$ .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ QLWHOLNOHUL

)RUPDO

QIRUPDO

RODFDQGDQ \ROD oNODUDN NDWOPFODUD YDVIV] HOHPDQ DUDGNODUQGD G ND\QDNODU

.XOODQODQ DGD\ EXOPD \|QWHPLQLQ DUDQDQ HOHPDQQ QLWHOLNOHUL LOH EDODQWV

 NXOODQS NXOODQPDGNODU VRUXOPXWXU %XQD J|UH IRUPDO \|QWHPOHUL NXOODQDQODU

RUW  YH LQIRUPDO \|QWHPOHUL NXOODQDQODU GD RUW  YDVIV] HOHPDQ DUDGNODUQGD G ND\QDNODU NXOODQGNODUQ EHOLUWPLWLU 7WHVW VRQXFXQD J|UH VLJ HGLOLU  !  LNL JUXS DUDVQGD DQODPO ELU WXWXP IDUNOO ROPDG LoLQ + NDEXO  + .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ QLWHOLNOHUL +$ .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ QLWHOLNOHUL

\NVHN HOHPDQ LKWL\DFQGD Lo ND\QDNODU NXOODQPD NRQXVXQGD J|U IDUNOO \RNWXU \NVHN HOHPDQ LKWL\DFQGD Lo ND\QDNODU NXOODQPD NRQXVXQGD J|U IDUNOO YDUGU 7DEOR  1LWHOLNOL (OHPDQ YH o .D\QDNODU OLNLVL <|QWHP )RUPDO QIRUPDO 1   0HDQ2UWDODPD   W  6LJ WDLOHG 

RODFDQGDQ \ROD oNODUDN NDWOPFODUD NDOLIL\H HOHPDQ DUDGNODUQGD Lo ND\QDNODU

.XOODQODQ DGD\ EXOPD \|QWHPLQLQ DUDQDQ HOHPDQQ QLWHOLNOHUL LOH EDODQWV

NXOODQS NXOODQPDGNODU VRUXOPXWXU %XQD J|UH IRUPDO \|QWHPOHUL NXOODQDQODU

RUW  YH LQIRUPDO \|QWHPOHUL NXOODQDQODU GD RUW  YDVIV] HOHPDQ DUDGNODUQGD Lo ND\QDNODU NXOODQGNODUQ EHOLUWPLWLU 7WHVW VRQXFXQD J|UH VLJ  !  LNL JUXS DUDVQGD DQODPO ELU WXWXP IDUNOO ROPDG LoLQ + NDEXO HGLOLU  + .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ QLWHOLNOHUL

GN HOHPDQ LKWL\DFQGD Lo ND\QDNODU NXOODQPD NRQXVXQGD J|U IDUNOO \RNWXU

GN HOHPDQ LKWL\DFQGD Lo ND\QDNODU NXOODQPD NRQXVXQGD J|U IDUNOO YDUGU

+$ .XOODQODQ DGD\ EXOPD \|QWHPOHULQH J|UH NDWOPFODUQ QLWHOLNOHUL

 7DEOR  1LWHOLNVL] (OHPDQ YH o .D\QDNODU OLNLVL 1   0HDQ2UWDODPD   W 

<|QWHP )RUPDO

6LJ WDLOHG 

QIRUPDO

RODFDQGDQ \ROD oNODUDN NDWOPFODUD YDVIV] HOHPDQ DUDGNODUQGD Lo ND\QDNODU

.XOODQODQ DGD\ EXOPD \|QWHPLQLQ DUDQDQ HOHPDQQ QLWHOLNOHUL LOH EDODQWV

NXOODQS NXOODQPDGNODU VRUXOPXWXU %XQD J|UH IRUPDO \|QWHPOHUL NXOODQDQODU

RUW  YDVIV] HOHPDQ DUDGNODUQGD Lo ND\QDNODU ID]OD WHUFLK HWPH]NHQ

LQIRUPDO \|QWHPOHUL NXOODQDQODU RUW  YDVIV] HOHPDQ DUDGNODUQGD Lo JUXS DUDVQGD DQODPO ELU WXWXP IDUNOO ROGXX LoLQ DOWHUQDWLI KLSRWH] NDEXO HGLOLU  .RQX LOH OJLOL /LWHUDWUGHNL 'LHU dDOPDODU YH 'HHUOHQGLUPH

ND\QDNODU NXOODQGNODUQ EHOLUWPLWLU 7WHVW VRQXFXQD J|UH VLJ    LNL

ROPD\DQ LQIRUPDO \|QWHPOHUOH LH DOQDQ oDODQODU GLHU \|QWHPOHUH J|UH DOQDQ HOHPDQODUGDQ GDKD X]XQ VUH |UJWWH NDOPDNWDGUODU 7D\ORU  %UHDXJK  DOQWOD\DQ 7DQRYD   $QFDN 7DQRYDQQ \DSW oDOPD\D J|UH LQIRUPDO

%D] DPSLULN oDOPDODUD J|UH HGRVW oDODQ WDYVL\HVL JLEL ELoLPVHO

DGD\ EXOPD \|QWHPOHULQLQ NXOODQOPDV LJ|UHQ GHYLU K] ]HULQGH ELU HWNL GXUXPD J|UH DGD\ EXOPD \|QWHPLQH J|UH LJ|UHQ GHYLU K]QGD |QHPOL ELU GHLLNOLN ROPDPDNWDGU $DPRGW YH &DUU   DGD\ EXOPD \|QWHPOHUL LOH oDOODQ LWH NDOPD VUHVL

\DSPDPDNWDGU %L]LP GH oDOPDP]GD  YH  KLSRWH]OHUGH DQDOL] HWWLLPL] EX

DUDVQGDNL LOLNL\L LQFHOHPL EXQD J|UH LJ|UHQ WDYVL\HOHUL LOH DOQDQ HOHPDQODUQ HQ

X]XQ VUH LWH NDODQODU ROGXX EXQX NHQGLOLLQGHQ EDYXUDQODUQ L]OHGLLQL GDKD  

VRQUD LJ|UHQ DMDQVODUQQ YH GX\XUXODUQ JHOGLLQL WHVSLW HWPLOHUGLU =RWWROL YG 6RQ ]DPDQODUGD \DSODQ DPSLULN oDOPDODUD J|UH -RQHV   |]HOOLNOH

WHNQRORML RGDNO ZHE WDEDQO DGD\ VHoPH \|QWHPOHULQLQ NXOODQOPDV LOH LOHWPHQLQ ILQDQVDO SHUIRUPDQV VDWODU QHW NDU KLVVH EDQD NDU DUDVQGD SR]LWLI ELU LOLNL EXOXQGXX WHVSLW HGLOPLWLU %XFNOH\ YG  

 .XOODQODQ DGD\ EXOPD \|QWHPL LOH DOQDQ DGD\Q SHUIRUPDQV DUDVQGD ELU

LOLNL ROGXX |QH VUOPWU 7D\ORU YH 6FKPLGW   LQIRUPDO DGD\ EXOPD \|QWHPOHUL LOH DOQDQ HOHPDQODUQ LYHUHQOHUGHQ GDKD ROXPOX GHHUOHQGLUPH DOGNODUQ EHOLUWPLWLU LQIRUPDO \|QWHPOHUL %L]LP GH oDOPDP]GD  KLSRWH]GH WHVW HWWLLPL] GXUXPGD IRUPDO YH NXOODQDQODU DUDVQGD LQIRUPDO \|QWHPOHUOH

SHUIRUPDQVODU KDNNQGD J|U IDUNOO ROPDG J|UOPWU $QFDN KHU LNL JUXEXQ

DOQDQODUQ

RUWDODPDV GD  LQIRUPDO \|QWHPOHUOH DOQDQODU KDNNQGD ROXPOX J|U VHUJLOHPHNWHGLU +DWWD \|QWHPOHULQ RUWDODPDODUQD WHN WHN EDNOUVD GXUXP GDKD QHW RUWD\D oNPDNWDGU %XQD J|UH dDODQ WDYVL\HVL\OH DOQDQ HOHPDQODUQ SHUIRUPDQV GDKD \NVHNWLU ;  7DQGN WDYVL\HVL\OH DOQDQ HOHPDQODUQ SHUIRUPDQV GDKD \NVHNWLU;  .HQGLOLLQGHQ EDYXUDQODUQ SHUIRUPDQV GDKD \NVHNWLU ;  \NVHNWLU ;  ; 

g%OHU YH . ILUPDODU DUDFO LOH DOQDQ HOHPDQODUQ SHUIRUPDQV GDKD 'X\XUX YH LODQ \ROX LOH DOQDQ HOHPDQODUQ SHUIRUPDQV GDKD \NVHNWLU YH oL %XOPD .XUXOXODU DUDFO LOH DOQDQ HOHPDQODUQ SHUIRUPDQV *|UOG JLEL oDODQ YH WDQGN WDYVL\HVL\OH DOQDQ NHQGLOLLQGHQ EDYXUDQ

GDKD \NVHNWLU ; 

DGD\ODUQ SHUIRUPDQV LOH LOJLOL RUWDODPDODU GLHU IRUPDO \|QWHPOHUOH DOQDQODUGDQ GDKD \NVHNWLU .DWOPFODU LQIRUPDO \|QWHPOHUOH DOQDQ HOHPDQODUQ SHUIRUPDQV KDNNQGD GDKD ROXPOX ELU WXWXPD VDKLSWLU

UHWLP VHNW|UQGH HGRVW oDODQ WDYVL\HVL JLEL ELoLPVHO ROPD\DQ LQIRUPDO \|QWHPOHU WHUFLK HGLOLUNHQ LOHUL WHNQRORML JHUHNWLUHQ VHNW|UOHUGH LODQ GX\XUX LJ|UHQ DOQWOD\DQ 7DQRYD   &DUUROO YG   DMDQVODU JLEL ELoLPVHO IRUPDO \|QWHPOHU NXOODQOPDNWDGU 6FRWW YG 

$\UFD VHNW|UH J|UH GH DGD\ EXOPD \|QWHPOHUL GHLHELOPHNWHGLU +L]PHW YH

 7DQRYDQQ \DSW oDOPDGD LVH VHNW|UH J|UH DGD\ EXOPD \|QWHPOHULQGH ELU

GHLLNOLN ROPDG WHVSLW HGLOPLWLU $QFDN 7DQRYD 6FRWWWDQ IDUNO EX VRQXFX NHQGL

|UQHNOHP NWOHVLQGH LOHUL WHNQRORML VHNW|UQQ GDKLO ROPDPDVQD EDODPDNWDGU EDODQWV ROPDG WHVSLW HGLOPLWLU 'DKD JHQo ELU LUNHW GDKD ID]OD LJ|UHQ LVWLKGDP HGHELOLU GDKD ELoLPVHO LQVDQ ND\QDNODU \|QWHPOHULQL NXOODQDELOLU %L]LP GH oDOPDP]GD  KLSRWH]GH WHVSLW HWWLLPL] JLEL IRUPDO YH LQIRUPDO

7DQRYDQQ \DSW oDOPDGD |UJW \DQQ NXOODQODQ DGD\ EXOPD \|QWHPL LOH ELU

\|QWHPOHULQ NXOODQOPDV VHNW|UH J|UH DQODPO IDUNOON J|VWHUPHNWHGLU VLJ    $QDOL] VRQXoODUQD J|UH IRUPDO \|QWHPOHULQ VHNW|UQGH GDKD VRQUD  LOH LPDODW VHNW|UQGH NXOODQOG  LOH HQ D]

 LOH HQ oRN KL]PHW  LOH HQ 

WLFDUHW VHNW|UQGH NXOODQOG J|UOPHNWHGLU QIRUPDO \|QWHPOHU LVH oRN WLFDUHW VHNW|UQGH NXOODQOPDNWDGU RUDQQGD KL]PHW VHNW|UQGH NXOODQOPDNWDGU

 RUDQQGD LPDODW VHNW|UQGH

HGLOPHNWHGLU %DUEHU YG  &DUUROO YG  'HVKSDQGH YH *ROKDU  $OGULFK YH /DQJWRQ  +HQHPDQ YH %HUNOH\  3ULWFKDUG YH YH )LGOHU  5DP  DOQWOD\DQ 7DQRYD YH 1DGLUL   /HXQJ   $QFDN EX LQIRUPDO \|QWHPOHULQ NXOODQOPDV VDGHFH WDYVL\HOHUOH HOGH HGLOHQ EHOOL ELU JUXED ROPDNWDGU 7DQRYD  

.RELOHUGH E\N LOHWPHOHUH J|UH GDKD oRN EX LQIRUPDO \|QWHPOHU WHUFLK

XODPD\ VDODUNHQ EHONL GDKD X\JXQ DGD\ODUD KLo XODODPDPDVQD QHGHQ <X5X +VX YH 0 /HDW  WDUDIQGDQ 7DLZDQGD .RELOHUGH GDKLO ROPDN

]HUH  LOHWPH WDUDIQGDQ \DSODQ oDOPD\D J|UH LOHWPHOHU LON LH DOQDQ HOHPDQODU GDKD oRN RNXOODUGDQ QLYHUVLWHOHUGHQ YH\D LJ|UHQ WDYVL\HOHULQGHQ VHoPHNWHGLU <|QHWVHO YH SURIHV\RQHO SR]LV\RQODU LoLQ LVH WUDQVIHUOHUL PHG\D /HDW 0  

DUDFO\OD GX\XUXODU GLUHN EDYXUXODU GDKD oRN NXOODQPDNWDGU +VX <X5X YH =RWWROL YG  \DSW oDOPDQQ VRQXFXQGD |]HOOLNOH LON LH JLUHQ DGD\ODU

LoLQ LODQ YH GX\XUX \|QWHPLQLQ HQ X\JXQ DGD\ EXOPD \|QHWLPL ROGXXQX LGGLD HWPLOHUGLU =RWWROL YG  

 &DUUROO YG  QJLOWHUHGH  NoN LOHWPH ]HULQGH \DSW

oDOPD\D J|UH oDOPD\D NDWODQ ILUPDODUQ WDPDP LJ|UHQ WDYVL\HOHULQL DGD\ EXOPD \|QWHPL RODUDN NXOODQPDNWDGU |OoHNOL  RUWD |OoHNOL  \OQGD $UWKXU $QGHUVHQLQ ONHPL]GH  LOHWPHGH  E\N

HQ oRN WHUFLK HGLOHQ DGD\ EXOPD \|QWHPL WDQGN YH LJ|UHQ WDYVL\HVL RODUDN WHVSLW HGLOPLWLU %X GD ONHPL]GH NOWUHO RODUDN NROOHNWLYLVWWRSOXPFX ELU \DSQQ YDUO\OD LOLQWLOLGLU $\FDQ   %LU EDND oDOPDGD ONHPL]GH \D]O EDVQ \ROX LOH L DUDPDQQ GDKD \D\JQ

 NoN |OoHNOL \DSW JHQL oDSO ELU DUDWUPDGD

ROGXX EHOLUWLOPHNWHGLU  \OQGD <HQLELULFRP YH DUDWUPD LUNHWL &5& WDUDIQGDQ \DSODQ DQNHW oDOPDVQD J|UH KHP L DUD\DQODUQ KHP GH HOHPDQ D\UDQODUQ HQ oRN EDYXUGXNODU ELU QXPDUDO \|QWHP \D]O EDVQ YH LNLQFL VUDGD LQVDQ ND\QDNODU VLWHOHULGLU 7DQGN DUDFO\OD L DUDPD oDODQODU LoLQ oQF EXOGXNODUQD GDLU \|QHOWLOHQ VRUXQXQ FHYDSODUQD J|UH VUDGD VRQUDVQGD WDQGN YDVWDV\OD ND\QDNODU VLWHOHUL DUDFO\OD \D]O EDVQ

LUNHWOHU LoLQ EHLQFL VUDGD JHOPHNWHGLU 0HYFXW oDODQODUQ LOHULQL QDVO  NHQGLOLLQGHQ EDYXUX  LQVDQ 

 LOH LON

ILUPDQQ NHQGL VLWHVL DUDFO\OD EDYXUX +UUL\HW *D]HWHVL   .RELOHULQ

 LQVDQ ND\QDNODU GDQPDQON ILUPDODU LOH  RODUDN EHOLUOHQPLWLU

(NLQ %

hONHPL]GH .26*(% WDUDIQGDQ  \OQGD \DSODQ ELU oDOPD\D J|UH X LQWHUQHW NXOODQPDNWD LQLQ LQWHUQHWWH

GH oDOPDP]GD WDEOR GH DUDWUPD\D NDWODQ .RELOHULQ VLWHOHULQ NXOODQP  JLEL GN ELU RUDQGU

XQXQ ZHE VD\IDV EXOXQPDNWDGU %L]LP

NHQGLOHULQH DLW ZHE VLWHOHUL ROGXX EHOLUOHQPLWLU $QFDN DGD\ EXOPDN LoLQ EX $SSHOEDXP YG \DSW oDOPD\D J|UH  G ND\QDNODUGDQ DGD\ EXOPDGD

HQ oRN NXOODQODQ \|QWHPOHU SHUVRQHO WDYVL\HVL   LQWHUQHW   YH JD]HWH LODQODU  ROPXWXU $SSHOEDXP 6 + YH )HZVWHU %  %L]LP GH oDOPDP]GD WDEOR WH J|VWHUGLLPL] JLEL .RELOHUGH WHUFLK

HGLOHQ ELULQFL \|QWHP GX\XUX LODQ \|QWHPLGLU NLQFL RODUDN NHQGLOLLQGHQ EDYXUDUDN &9 EUDNDQODU oQF RODUDN HGRVW SHUVRQHO WDYVL\HOHULQGHQ ROXDQ oHYUH

 G|UGQF RODUDN 7UNL\H .XUXPX JLEL LOJLOL NXUXOXODU EHLQFL VUDGD LQWHUQHW NXOODQP JHOPHNWHGLU $GD\ EXOPD \|QWHPOHULQGHQ Lo ND\QDNODU E\N LOHWPHOHU WDUDIQGDQ GDKD

oRN NXOODQODQ ELU \|QWHPGLU 7DQRYD YH 1DGLULQLQ   7UNL\H ]HULQGH \DSW oDOPD\D J|UH E\N LOHWPHOHU RUWD NDGHPH  YH DOW NDGHPH  \|QHWLFLOHU LoLQ Lo ND\QDNODU VW NDGHPH  \|QHWLFLOHUH RUDQOD GDKD oRN NXOODQPDNWDGUODU %XQD NDUQ .RELOHU WP NDGHPH \|QHWLFLOHU LoLQ LJ|UHQ DMDQVODUQ GDKD oRN WHUFLK HWPHNWHGLUOHU RUWD NDGHPH oDODQODUQ LVWLKGDPQGD 7DEOR GH J|UOG JLEL %L]LP GH oDOPDP]GD WDEOR GH J|VWHUGLLPL] JLEL .RELOHULQ VL

L VW NDGHPH oDODQODUQ LVWLKGDPQGD Lo ND\QDNODUGDQ \DUDUODQPDNWDGU L RUWD NDGHPH oDODQODUQ LVWLKGDPQGD LoLQ Lo ND\QDNODUGDQ GDKD

L DOW NDGHPH oDODQODUQ LVWLKGDPQGD

 DOW NDGHPH oDODQODUQ LVWLKGDPQGD  VW NDGHPH oDODQODUQ G ND\QDNODU NXOODQGNODU

LVWLKGDPQGD G ND\QDNODUGDQ \DUDUODQPDNWDGU %XQD J|UH .RELOHULQ VW NDGHPH \|QHWLFLOHU DQODOPDNWDGU oRN

VD\ODUQQ ID]OD ROPDVQQ DYDQWDMQ NXOODQPDODUQGDQ ND\QDNODQPDNWDGU %X PHYFXW oDODQODUQ NXOODQPD\ WHUFLK HWPHNWHGLUOHU .RELOHULQ LVH E|\OH JHQL

%\N LOHWPHOHULQ Lo ND\QDNODU GDKD oRN WHUFLK HWPHOHULQLQ VHEHEL LJ|UHQ

LOHWPHOHU LOHWPH NOWUQH GDKD DLQD ROGXXQX GQGNOHUL YH GDKD JYHQGLNOHUL oDODQ NLWOHVL ROPDG JLEL G]JQ LOH\HQ ELU LQVDQ ND\QDNODU GHSDUWPDQ GD ROPDG LoLQ DGD\ EXOPD LLQL EX NRQXGD WHFUEHOL RODQ LOJLOL NXUXOXODUD EUDNPD\ \HOHPHNWHGLUOHU .RELOHUGH UHVPL ELU LQVDQ ND\QDNODU GHSDUWPDQ ROPDG LoLQ DGD\ EXOPD YH VHoLPLQGHQ L VDKLEL \|QHWLFL  VRUXPOXGXU %\N LOHWPHOHUGH 7DQRYD YH 1DGLUL   LVH LQVDQ ND\QDNODU GHSDUWPDQ YH LOJLOL \|QHWLFL ELUOLNWH VRUXPOXGXU  =RWWROL YG   oDOPDODUQGD JHoPLWH DGD\ EXOPD \|QWHPOHULQLQ

HWNLQOLLQH LOLNLQ \DSOP oDOPDODUGDQ HOGH HGLOHQ VRQXoODU |\OH |]HWOHPLWLU

 <D]DU <|QWHP GGLD (WNLQOLN |OoV

8OOPDQ  +LOO  'HFNHU YH

7DYVL\HOHU 7DYVL\HOHU

 H X\XP

 gUJWH X\XP  H X\XP  'DKD oRN ELOJL IUVDW ROPDV

WHQ DWOPD RUDQ 3HUIRUPDQV

5HLG  &RUQHOHXV  6FKZDE  6NROQLN 

7DYVL\HOHU

7DYVL\HOHU 7DYVL\HOHU

J|UHQOHULQ GDKD D]

'N LWHQ DWOPD RUDQ

'N LWHQ DWOPD RUDQ

7DYVL\HOHU

'DKD oDEXN VRV\DOOHPH 'N LWHQ D\UOPD 3HUIRUPDQV

+HU ND\QDNWDQ IDUNO EDYXUX WH NDOPD RUDQ 8]XQ LWH NDOPD VUHVL

EXOPDQQ HQ HWNLQ \|QWHP ROGXXQX YXUJXODPODUGU $QFDN =RWWROL YG  QLQ

*|UOG JLEL JHoPLWH \DSODQ oDOPDODU HGRVW YH oHYUH WDYVL\HVL\OH DGD\

GH EHOLUWWLL JLEL EX LGGLDODUQ oRN ID]OD WHPHOH GD\DQGUPD\S ED]ODUQ VW NDSDO JHoPLOHUGLU )DNDW KHPHQ KHPHQ KHSVLQGH DGD\ EXOPD \|QWHPLQLQ HWNLQOLLQLQ LJ|UHQLQ LWH NDOPD VUHVLQH SHUIRUPDQVQD YH LWHQ D\UOPD RUDQQD GD\DQGUOG J|UOPHNWHGLU %X \|QWHPOH LH DOQDQ HOHPDQODUQ LH YH |UJWH GDKD NROD\ X\XP

VDODG VRV\DO RUWDPD GDKD oDEXN DOW EHOLUWLOPLWLU )DUNO ND\QDNODUGDQ \DSODQ EDYXUXODUGDNL oHLWOLOLLQ HWNLQOLL D]DOWW GX\XUX YE \|QWHPOHUOH EDYXUDQ DGD\ODUQ SL\DVDGDNL IUVDWODU GDKD oRN ELOPHVLQGHQ GROD\ LL GDKD NROD\ EUDNW WDYVL\H HGHQ NLL DUDFO\OD EDYXUDQ DKV KDNNQGD GDKD oRN YH GDKD NHVLQ ELOJL\H XODOG EHOLUWLOPHNWHGLU



6218d 9( g1(5/(5
 6RQXo OHWPHOHULQ HQ GHHUOL ND\QDNODUQGDQ ELUL KLo SKHVL] LQVDQGU QVDQQ

$/7,1&, %g/h0

LOHWPH\H ND]DQGUG NDWPD GHHU LOHWPHQLQ YDUOQ VUGUPHVL UDNLSOHUL

DUDVQGD IDUN \DUDWPDV DoVQGDQ oRN |QHPOLGLU %LOJL WHNQRORML \|QWHP YE XQVXUODU LOHWPHOHU WDUDIQGDQ NHQGL LoOHULQGH WDNOLW HGLOHELOLU DQFDN L\L VHoLOPL ELU SHUVRQHOLQ SHUIRUPDQV EHFHULOHUL YE ELUH\VHO |]HOOLNOHULQLQ WDNOLW HGLOPHVL oRN ND]DQPDNWDGU ]RUGXU 'ROD\V\OD NDOLWHOL HOHPDQ LVWLKGDP LOHWPHOHU LoLQ KHU JHoHQ JQ |QHP .DOLWHOL HOHPDQ LVWLKGDP HGHELOPHN YH HOGH WXWDELOPHN GRUX LQVDQ

ND\QDNODU SROLWLNDODU X\JXODPDNOD PPNQGU *QP]GH LQVDQD YHULOHQ GHHULQ

DUWPDV\OD ELUOLNWH LQVDQ ND\QDNODU \|QHWLPL GH JLWWLNoH |QHP ND]DQPDNWDGU $QFDN QH \D]N NL ONHPL]GH KHQ] oRX LOHWPH EXQXQ IDUNQGD GHLOGLU %\N LOHWPHOHU QLVSHWHQ LQVDQ ND\QDNODU IDDOL\HWOHULQL GDKD oRN X\JXODVD GD NoN LOHWPHOHU YH |]HOOLNOH .RELOHU NRQXQXQ |QHPLQLQ SHN IDUNQGD GHLOGLU %LU NVP IDUNQGD ROVD ELOH QH \DSDFDQ \|QWHPOHUL YH X\JXODPDODU ID]OD ELOPHPHNWHGLU QVDQ ND\QDNODU \|QHWLPL LOHWPHQLQ LKWL\DoODUQD X\JXQ |]HOOLNWH YH VD\GD

SHUVRQHOL VDODPD oDODQ SHUVRQHOL JHOLWLUPH SHUVRQHOGHQ HQ YHULPOL ELoLPGH \DUDUODQPD YH GHHUOHQGLUPH SHUVRQHOLQ JHoLPLQL LKWL\DoODUQ GHYDPOOQ VDODPD IDDOL\HWOHULGLU QVDQ ND\QDNODU \|QHWLPL HWNLQ L JFQQ ROXWXUXOPDVQGD PDNVLPXP VHYL\H\H oNDUPD\ KHGHIOHU QVDQ ND\QDNODU LOHWPHOHUH VUGUOHELOLU \HWHQHL EHFHULOHUL YH NLLVHO |]HOOLNOHUL LNDPH HGLOHPH] \DSGDGU

|QHPOL URO R\QDU QVDQGDQ HQ YHULPOL HNLOGH \DUDUODQPD\ LOHWPH\H NDWNVQ UHNDEHW DYDQWDM VDOD\DQ GHHUGLU OHWPHGH oDODQ KHU ELU SHUVRQHOLQ ELOJLVL OHWPH LoLQ SHUVRQHOLQ NDOLWHVL E|\OHVLQH |QHPOL ROGXXQD J|UH LQVDQ

ND\QDNODUQQ WHPLQ HGLOPH \ROODU GD R GHUHFH |QHPOLGLU OHWPHOHUL \RUPD\DFDN \|QWHPOHULQL NXOODQPDN LOHWPHOHUH NROD\ON VDOD\DFDNWU dDOPDGD LQVDQ ND\QDNODUQQ |QHPLQGHQ EDODQDUDN HOHPDQ LVWLKGDPQGD NXOODQODQ \|QWHPOHUH \HU

]DPDQ YH HPHN ND\EQD \RO DoPD\DFDN PDGGL NOIHW ROXWXUPD\DFDN DGD\ EXOPD

 YHULOPLWLU +HU ELU \|QWHP D\U D\U HOH DOQDUDN DYDQWDM YH GH]DYDQWDMODU WDUWOPWU %XQD J|UH LOHWPHOHULQ LNL WHPHO DGD\ EXOPD ND\QD YDUGU %LULQFLVL

LOHWPHGH PHYFXW SHUVRQHOLQ \HQLGHQ LVWLKGDP RODQ Lo ND\QDNODU GLHUL LVH LOHWPH ND\QDNODUGU OHWPH LoLQGHNL SHUVRQHO NGHPH SHUIRUPDQVD J|UH WHUIL HWWLULOHUHN

GQGDQ oHLWOL \|QWHPOHUOH HOGH HGLOHQ \HQL HOHPDQODUQ LVWLKGDP RODQ G LKWL\Do GX\XODQ ELU VW SR]LV\RQD DOQDELOHFHL JLEL E|OP LoLE|OPOHU DUDV ND\GUODUDN YH\D PHYFXW LLQLQ \N VRUXPOXOXX DUWWUODUDN GD HOHPDQ LKWL\DF JLGHULOHELOLU KWL\Do GX\XODQ HOHPDQ G ND\QDNODUGDQ NDUODQDFDNVD \D]O YH\D

J|UVHO EDVQ \ROX\OD LODQ YH GX\XUX \DSODELOLU LQWHUQHW NXOODQODELOLU oHYUHGHQ \DUGP DOQDUDN HGRVW DNUDED WDYVL\HVL YH\D LOHWPHGH oDODQ SHUVRQHOLQ WDYVL\HVL GHHUOHQGLULOHELOLU UHVPL YH\D |]HO L EXOPD NXUXOXODUQD EDYXUXODELOLU \DGD LOHWPH\H EL]]DW EDYXUDUDN L LVWH\HQ HOHPDQODUGDQ \DUDUODQODELOLU

HVDV RODUDN EX \|QWHPOHULQ .RELOHU WDUDIQGDQ X\JXODQDELOLUOLL DUDWUOPDNWDGU hONH HNRQRPLVLQGH |QHPOL \HU WXWDQ WRSODP LOHWPHOHULQ .RELOHULQ |QHPLQH LVWLQDGHQ X\JXODPD DODQ RODUDN .RELOHU VHoLOPLWLU (OHPDQ DOQPDP ,VSDUWD %XUGXU YH $QWDO\D LOOHULQGH IDDOL\HW J|VWHUHQ .RELOHU DUDWUPD\D GDKLO HGLOPLWLU .DWOPF .RELOHULQ LOHWPHOHUGLU %X LOHWPHOHULQ VHNW|UQGH IDDOL\HW J|VWHUPHNWHGLU  LPDODW VL NoN L WLFDUHW

dDOPDQQ NRQXVX WHPHO RODUDN EX DGD\ EXOPD \|QWHPOHULQGHQ ROXPDNWD LQL ROXWXUDQ

LVWLKGDP YH VLUNODV\RQX ID]OD ROPD\DQ PLNUR |OoHNOL .RELOHU DUDWUPD NDSVDPQD L RUWD |OoHNOL

V GD KL]PHW

LQIRUPDO ELU \DSGDQ V|] HGLOHELOLU %HOOL NXUDOODUD EDO ROPDGDQ \D]O KHUKDQJL ELU ELoLPVHO ROPD\DQ ELU LQVDQ ND\QDNODU \DSV YDUGU $UDWUPD NDSVDPQGD \HU DODQ .RELOHUH DLW VRQXoODU DDGD |]HWOHQPLWLU

.RELOHUGHNL LQVDQ ND\QDNODU \DSVQ WHN NHOLPH\OH LIDGH HWPHN JHUHNLUVH

PDWHU\DOH LKWL\Do GX\XOPDGDQ JQELUOLN YH VXEMHNWLI o|]POHUOH J|WUOHQ

KHUKDQJL ELU E|OP \RNWXU KWL\Do GX\XOGXXQGD LVH LGDUL LOHUGHQ PXKDVHEH GHSDUWPDQQGDQ KHUKDQJL ELUL JHUHNOL LOHPOHUL \DSPDNWDGU QVDQ ND\QDNODU NRQXVXQGD X]PDQODP SHUVRQHO LVWLKDGDP \RN GHQHFHN NDGDU D]GU VDKLEL

$UDWUPDGD J|UOG JLEL oRX LOHWPHQLQ LQVDQ ND\QDNODUQGDQ VRUXPOX

 \|QHWLFL LOHWPH LOH LOJLOL EWQ LOHUGHQ VRUXPOX ROGXX JLEL LQVDQ ND\QDNODU

\|QHWLPLQLQ WP IDDOL\HWOHULQGHQ GH VRUXPOXGXU $GD\ EXOPDNWDQ VHoPHNWHQ LQVDQ

ND\QDNODU SODQODPDVQGDQ \LQH L VDKLEL \|QHWLFL VRUXPOXGXU $QFDN LLQ VDKLEL NLLQLQ KHU X]PDQON DODQQGDQ DQODPDV GD PPNQ GHLOGLU

ROPDN \|QHWLFLOLN YH OLGHUOLN YDVIODUQD VDKLS ROPDN GHPHN ROPDG JLEL WHN ELU dRX LOHWPHGH D\U ELU LQVDQ ND\QDNODU ELULPL ROPDVD GD LOHWPHGH

oDODQ SHUVRQHO VD\V LOH D\U ELU E|OP NXUXOPDV DUDVQGD SR]LWLI ELU LOLNL EXOXQGXX X\JXODPD NVPQGD WHVSLW HGLOPLWLU %XQD J|UH oDODQ VD\V DUWWNoD LOHWPHOHUGH D\U ELU LQVDQ ND\QDNODU E|OP ROGXX J|UOPHNWHGLU $QFDN .RELOHUGH LQVDQ ND\QDNODU ELULPLQLQ YDUOQGDQ V|] HWPHN NROD\ GHLOGLU

.RELOHULQ E\N oRXQOXXQXQ PLNUR YH NoN |OoHNOL ROGXX GQOUVH \LQH GH $UDWUPD\D NDWODQ .RELOHUGH DGD\ EXOPD \|QWHPOHUL LQFHOHQGLLQGH Lo YH

G ND\QDNODUQ ELUOLNWH NXOODQOG J|UOPHNWHGLU o ND\QDNODUGDQ HQ oRN NXOODQODQ \|QWHP LJ|UHQLQ SHUIRUPDQVQD J|UH WHUIL HWWLULOPHVLGLU (Q D] WHUFLK HGLOHQ \|QWHP LVH JHoLFL J|UHYOHQGLUPHGLU %X \|QWHPGH LJ|UHQ LKWL\Do GX\XODQ E|OPGH LKWL\Do JLGHULOHQH NDGDU J|UHYOHQGLULOPHNWHGLU

\|QWHPOHULQGHQ GH HQ oRN \HUHOXOXVDO JD]HWH GHUJL JLEL \D]O PHG\D WHUFLK HGLOPHNWHGLU ODQ \|QWHPOHULQGHQ GXYDU DILOHUL LVH HQ VRQ WHUFLK HGLOHQ \|QWHP ROPDNWDGU ' ND\QDNODUGDQ HQ D] WHUFLK HGLOHQ \|QWHP LQWHUQHW NXOODQPGU .RELOHU DGD\ EXOPDN LoLQ LOJLOL NXUXOXODUD LKWL\Do GX\GXXQGD HQ oRN

' ND\QDNODUGDQ ELULQFL VUDGD GX\XUXLODQ \|QWHPL NXOODQOPDNWD GX\XUX

%XOPD .XUXPXQX HQ D] LVH g]HO VWLKGDP %URODUQ WHUFLK HWPHNWHGLU YH oL

%XOPD .XUXPX HVNL DG\OD oRN GDKD X]XQ ELU JHoPLH VDKLS RODQ .85XQ g%OHU

NDUVQGD GDKD oRN WHUFLK HGLOPHVL EHNOHQHQ ELU VRQXoWXU <DNQ JHoPLWH IDDOL\HWH EDOD\DQ g%OHU GDKD oRN WDQQGNoD YH \D\JQODWNoD .RELOHU WDUDIQGDQ GDKD oRN WHUFLK HGLOHELOHFHNWLU WDYVL\HVLQLQ LQIRUPDO /LWHUDWUGH EXJQH NDGDU \DSODQ oDOPDODUGD HGRVW DNUDED YH\D oDODQ LOHWPHOHU WDUDIQGDQ HGRVW HQ oRN WHUFLK HGLOHQ \|QWHP ROGXX

EHOLUWLOPHNWHGLU dDOPDQQ X\JXODPD NVPQGD EHOLUWLOGLL JLEL .RELOHU LON VUDGD NXOODQPDNWDGU \|QWHPOHUGHQ DNUDED JLEL WDQGNODUQQ WDYVL\HOHULQL

 $UDWUPD\D NDWODQ .RELOHUH HQ oRN NXOODQGNODU \|QWHPL QHGHQ WHUFLK

HWWLNOHUL VRUXOPXWXU %XQD J|UH LON RODUDN NXOODQGNODU DGD\ EXOPD \|QWHPLQL VHoLP VUHFLQGH GDKD oDEXN VRQXo DOGNODU LoLQ WHUFLK HWPHNWHGLUOHU NLQFL VHEHS LVH NXOODQGNODU DGD\ EXOPD \|QWHPL LOH GDKD ID]OD DGD\D XODDELOPHOHULGLU hoQF RODUDN GDKD ID]OD NDOLIL\H HOHPDQ EXODELOPHNWHGLUOHU 6RQ VUDODPDODUGD LVH

NXOODQGNODU \|QWHPLQ PDOL\HWL GN ROGXX LoLQ NHQGL oHYUHOHUL JHQL ROGXX LoLQ D] ELU NVP GD LUNHW LPDMODUQ JoOHQGLUPHN LoLQ DGD\ EXOPD \|QWHPLQL WHUFLK PDGGL ND\JODU oRN ID]OD |Q SODQGD WXWPDPDODUGU $UDWUPD NDSVDPQGD EDND HWNLOL ROPDG J|UOPHNWHGLU HWPHNWHGLUOHU %X VRQXoWD GLNNDWL oHNHQ QRNWD .RELOHULQ DGD\ EXOPD \|QWHPLQGH VRUXODUOD GD |OoOHQ PDGGL NRQXODUQ .RELOHULQ DGD\ EXOPD \|QWHPOHULQGH oRN ID]OD .RELOHULQ NXOODQGNODU DGD\ EXOPD \|QWHPOHULQGH VUHJHOHQ DONDQONODUQ

HWNLVLQGH NDOPDGNODU \HQL \|QWHPOHUL NXOODQPDNWD oHNLQPH\HFHNOHUL RUWD\D \|QWHPOHUH DoN ROGXX HVNL DONDQONODUQ HWNLVLQGH ID]OD

oNPWU .RELOHULQ FHYDSODUQD J|UH NDWOPFODUQ DGD\ EXOPDN LoLQ \HQL DQODOPDNWDGU 'ROD\V\OD .RELOHUH KDQJL \|QWHPOHULQ NHQGLOHULQH QH WU ID\GDODU RODELOHFHL DQODWOUVD EXQGDQ *|UOG JLEL VRQXo \LQH HLWLPH YH ELOLQoOHQPH\H JHOPHNWHGLU NDOPDG

\DUDUODQPD\D LVWHNOL ROGXNODU GQOHELOLU

NXOODQODQ DGD\ EXOPD \|QWHPL DUDVQGD DQODPO ELU LOLNL YDUGU %XQD J|UH NoN |OoHNOL .RELOHU GX\XUX \|QWHPLQL YH oHYUHOHULQL DGD\ EXOPDN LoLQ RUWD |OoHNOLOHUGHQ

$UDWUPD VRQXoODUQD J|UH NDWOPF .RELOHULQ E\NOQH J|UH

GDKD oRN NXOODQPDNWDGU %XQD NDUON GD LQWHUQHW LOJLOL NXUXOXODU YH NHQGLOLLQGHQ EDYXUDQODU RUWD |OoHNOLOHU WDUDIQGDQ GDKD oRN WHUFLK HGLOPHNWHGLU %XUDGDQ NoN |OoHNOLOHULQ GDKD JHOHQHNVHO ROGXX oHYUHOHULQH GDKD oRN JYHQGLL RUWD |OoHNOLOHULQ LVH LQWHUQHW JLEL GDKD WHNQLN YH \HQL \|QWHPOHUL EHQLPVHGLNOHUL V|\OHQHELOLU J|VWHUGLL DUDWUPD VRQXoODU DUDVQGDGU QIRUPDO \|QWHPOHU WLFDUHW VHNW|UQGH NXOODQOPDNWDGU KL]PHW VHNW|UQGH GDKD VRQUD .XOODQODQ DGD\ EXOPD \|QWHPLQLQ VHNW|UH YH IDDOL\HW DODQQD J|UH IDUNOON  RUDQQGD LPDODW VHNW|UQGH 

 LOH HQ oRN  LOH HQ oRN  LOH

RUDQQGD KL]PHW VHNW|UQGH NXOODQOPDNWDGU )RUPDO \|QWHPOHULQ

WLFDUHW VHNW|UQGH HQ D] NXOODQOG J|UOPHNWHGLU g]HOOLNOH VRV\DO EHFHULOHULQ LNLOL

 LOH LPDODW VHNW|UQGH NXOODQOG

 LOLNLOHULQ VDW HOHPDQODU YE |QHPOL ROGXX WLFDUHW VHNW|UQGH LQIRUPDO \|QWHPOHULQ NXOODQP RUDQ oRN \NVHNWLU )DDOL\HW DODQODUQD J|UH GH NXOODQODQ DGD\ EXOPD \|QWHPOHUL

GHLHELOPHNWHGLU %XQD J|UH GX\XUX \|QWHPLQLQ RWRPRWLY VHNW|UQGH KLo NXOODQOPDG HQ oRN WXUL]P VHNW|UQGH NXOODQOG J|UOPHNWHGLU 7XUL]P JGD YH NHUHVWH LL LOH XUDDQ .RELOHULQ LQWHUQHWL KLo NXOODQPDG HQ oRN RWRPRWLY VHNW|UQQ NXOODQG J|UOPHNWHGLU .HQGLOLLQGHQ EDYXUDUDN &9 EUDNDQODU HQ oRN JGD DODQQGD IDDOL\HW J|VWHUHQOHULQ WHUFLK HWWLL J|UOPHNWHGLU 7XUL]P YH NHUHVWH DODQQGD IDDOL\HW J|VWHUHQ .RELOHU DGD\ EXOPDN LoLQ LOJLOL NXUXOXODUGDQ DODQQGD RODQODU LVH DGD\ EXOPDN LoLQ oHYUHOHULQGHQ KLo \DUDUODQPDPDNWD HQ oRN ID\GDODQPDPDNWD RWRPRWLY VHNW|U HQ oRN ID\GDODQPDNWDGU 0RELO\D YH WXUL]P RWRPRWLY VHNW|U oHYUHVLQL NXOODQPDNWDGU )DDOL\HW DODQODUQQ ELU JHUHL RODUDN GDKD oRN WHNQLN SHUVRQHOH LKWL\Do GX\DQ RWRPRWLY VHNW|UQQ DGD\ DUDUNHQ LQWHUQHW LOJLOL NXUXOXODU JLEL IRUPDO \|QWHPOHUL WHUFLK HWPHVL GLNNDW oHNLFLGLU %X VRQXFD J|UH GQOHELOLU GDKD QLWHOLNOL SHUVRQHO LKWL\DFQGD IRUPDO \|QWHPOHUL NXOODQP RUDQQQ DUWDFD $UDWUPD\D NDWODQ o LO DUDVQGD NXOODQODQ DGD\ EXOPD \|QWHPOHUL GH

DQODPO IDUNOON J|VWHUPHNWHGLU %XQD J|UH GX\XUX \|QWHPLQL HQ oRN $QWDO\D YH %XUGXU NXOODQPDNWD ,VSDUWD GDKD D] NXOODQPDNWDGU QWHUQHWL LVH ,VSDUWD YH %XUGXU KLo NXOODQPDPDNWD VDGHFH $QWDO\D NXOODQPDNWDGU %XQXQ VHEHEL $QWDO\DQQ GDKD E\N YH JHOLPL ELU HKLU YH .RELOHULQLQ GDKD E\N |OoHNOL ROPDV RODELOLU

HODPDQQ QLWHOLNOHUL DUDVQGD LOLNL ROGXX NDWOPFODU WDUDIQGDQ NDEXO J|UP ELU J|UWU )RUPDO DGD\ EXOPD \|QWHPLQL NXOODQDQODU EX J|UH LQIRUPDO \|QWHPOHUL .DOLIL\H HOHPDQ LKWL\DFQGD GDKD WHNQLN \|QWHPOHUH YH KDWWD ELUGHQ ID]OD \|QWHPH \HWHUOL RODELOPHNWHGLU NXOODQDQODUGDQ GDKD oRN NDWODUDN WXWXP IDUNOO ROGXXQX RUWD\D oNDUPWU LKWL\Do GX\XOXUNHQ GDKD YDVIV] HOHPDQ LKWL\DFQGD LQIRUPDO \|QWHPOHUL NXOODQPDN

$UDWUPD VRQXoODUQD J|UH NXOODQODQ DGD\ EXOPD \|QWHPL LOH DUDQDQ

  gQHULOHU

.RELOHU ]HULQH \DSODQ DUDWUPDGDQ HOGH HGLOHQ VRQXoODUD J|UH .RELOHUH DGD\ EXOPD YH LQVDQ ND\QDNODU \|QHWLPL NRQXVXQGD DDGDNL WDYVL\HOHUGH EXOXQXODELOLU dDOPDQQ X\JXODPD NVPQGD EHOLUWLOGLL JLEL NDWOPFODUQ

dDOPD ER\XQFD WHRULN NDSVDPGD HOH DOQDQ NRQXODU YH X\JXODPD NVPQGD

LQVDQ ND\QDNODU \|QHWLPLQH LOLNLQ KHUKDQJL ELU HLWLP DOPDPWU (LWLPLQ JQP]GHNL |QHPL GQOUVH LQVDQ ND\QDNODU IDDOL\HWOHUL LOH XUDDQ SHUVRQHOL ELOLQoOHQGLUPHN DGQD .RELOHUGH HLWLPH GDKD ID]OD \HU YHULOPHVL JHUHNWLL DoNWU NLLOHULQ DODQQGD X]PDQ NLLOHU ROPDV JHUHNPHNWHGLU



QVDQ ND\QDNODU IDDOL\HWOHULQGHQ YH |]HOOLNOH DGD\ EXOPD YH VHoPHGHQ VRUXPOX  VDKLEL \|QHWLFL WDUDIQGDQ \UWOHQ LQVDQ ND\QDNODU IDDOL\HWOHUL HWNLQ

ROPDPDNWD D\UFD L VDKLEL WDUDIQGDQ GD NOIHW RODUDN J|UOPHNWHGLU %X \]GHQ NRQXVXQGD LVWLKGDP HGLOPHVL VDGHFH EX LWHQ VRUXPOX ROPDV JHUHNPHNWHGLU

LOHWPHQLQ E\NOQH J|UH X]PDQ ELU YH\D ELUNDo HOHPDQQ LQVDQ ND\QDNODU  $UDWUPD EXOJXODUQD J|UH .RELOHU WDUDIQGDQ HQ D] WHUFLK HGLOHQ DGD\

EXOPD \|QWHPL LQWHUQHW NXOODQPGU 2\VD NL JQP]Q ELOJL YH WHNQRORML oD ROGXX GQOUVH .RELOHULQ EX NRQXGD oRN JHULGH NDOG J|UOPHNWHGLU QWHUQHW \ROX\OD oRN GDKD GN PDOL\HWOHUOH oRN GDKD ID]OD DGD\D XODDELOPHN PPNQ LNHQ .RELOHU EX IUVDWWDQ PDKUXP NDOPDNWDGU .RELOHULQ LQWHUQHW NRQXVXQGD JHUHNPHNWHGLU ELOJLOHQGLULOPHVL GDKD \RXQ ELOJLVD\DU YH LQWHUQHW NXOODQPQD WHYLN HGLOPHVL  $GD\ EXOPD IDDOL\HWOHULQL HWNLQ ELU HNLOGH \UWPHN LoLQ KHU ELU LOHWPHQLQ

NHQGLQH J|UH ELU DGD\ KDYX]X ROXWXUPDV HOHPDQ LKWL\DF GRGXXQGD LOHWPH\H

NROD\ON VDOD\DFDN ELU \ROGXU $QFDN PDDOHVHI .RELOHULQ EX ELOLQoWHQ X]DN ROGXNODU J|UOPHNWHGLU .HQGLOHULQH EDYXUDQ HOHPDQODUQ ELOJLOHULQL VLVWHPDWLN ELU HNLOGH ND\W DOWQGD WXWPDODU HOHPDQ VNQWV \DDGNODUQGD NXOODQDELOHFHNOHUL NROD\ ELU PHWRGGXU $\UFD .RELOHULQ DGD\ EXOPDGD .26*(%GHQ YH\D HQ D]QGDQ ELOLQoOHQGLULOPHOHUL LOHWPHOHUH NROD\ON VDOD\DFDNWU SURIHV\RQHOFH \DSODPDPDNWDGU

LOOHULQGHNL 7LFDUHW YH 6DQD\L 2GDODUQGDQ GHVWHN DOPDODU \|QOHQGLULOPHOHUL  dDOPD ER\XQFD GHLQLOGLL JLEL .RELOHUGH LVWLKGDP SROLWLNDODU H DOP SURVHGUOHUL DGP DGP \HULQH

JHWLULOPHPHNWHGLU 6HoLP VUHFLQGH LVH \DSVDO ROPD\DQ J|UPHOHU \DSODUDN DGD\

 LH DOQPDNWDGU g]HOOLNOH L VDKLEL \|QHWLFL WDUDIQGDQ NRRUGLQH HGLOHQ EX IDDOL\HWOHU HWNLQ VRQXoODQDPDPDNWDGU .REL VDKLSOHULQLQ HLWLP VHYL\HOHULQLQ \NVHOPHVL .RELOHULQ GDKD SURIHV\RQHO ELU DQOD\OD \|QHWLOPHVLQL VDOD\DFDNWU  .RELOHU ]HULQH \DSODQ ED] DUDWUPDODU NDOLIL\H LJF HNVLNOLLQLQ

.RELOHULQ JHOLPHVL ]HULQGHNL HQJHOOHUGHQ ELUL ROGXXQX J|VWHUPLWLU %DFRQ YH +RTXH   g]HOOLNOH DUD HOHPDQ LKWL\DF \NVHN RODQ .RELOHUH HOHPDQ NDOLIL\H LJF \HWLWLULOPHVL DGQD JHUHNOLGLU

\HWLWLUHFHN HLWLP NXUXPODUQQ YH oHLWOL NXUXOXODUQ NDOLWHOHULQLQ DUWUOPDV  QVDQ ND\QDNODU \|QHWLPL YH .RELOHULQ HNRQRPLN SHUIRUPDQV DUDVQGDNL

LOLNL LQFHOHQGLLQGH VRQ \OODUGD \DSODQ oDOPDODU J|VWHUPHNWHGLU NL NRPSOLNH LQVDQ ND\QDNODU \|QHWLPL IDDOL\HWOHULQL X\JXOD\DQ ELUNDo .RELGH oRN \NVHN SHUIRUPDQV WHVSLW HGLOPLWLU %DFRQ YH +RTXH   .RELOHUGH YHULPOLOLLQ DUWUOPDV LYHUHQOHULQ YH GH LJ|UHQOHULQ GDKD UDKDW ELU oDOPD KD\DW \DDPDV LoLQ LQVDQ ND\QDNODU \|QHWLPL IDDOL\HWOHULQLQ .RELOHUFH ELU DQ |QFH KD\DWD JHoLULOPHVL JHUHNPHNWHGLU

 .RELOHU oLQ $GD\ %XOPD )DDOL\HWOHULQGH .XOODQODELOHFHN 0RGHO gQHULVL

g]HOOLNOH .RELOHULQ QLWHOLNOL HOHPDQ LKWL\DF KHP OLWHUDWU WDUDPDVQGD KHP GH DUDWUPD VRQXoODUQGD J|]H oDUSPDNWDGU .DOLIL\H HOHPDQ VNQWV LOH LOJLOL oDOPDGD \HU YHULOHQ OLWHUDWUGHQ ED] DOQWODU DDGD \LQHOHQPLWLU

QVDQ ND\QDNODUQQ LOHWPHOHU LoLQ |QHPL oDOPD ER\XQFD YXUJXODQPWU

.RELOHULQ JHOLPHVL ]HULQGHNL HQJHOOHUGHQ ELUL ROGXXQX J|VWHUPLWLU %DFRQ YH

.RELOHU ]HULQH \DSODQ ED] DUDWUPDODU NDOLIL\H LJF HNVLNOLLQLQ

+RTXH   .RELOHU QLWHOLNOL LJF WHPLQLQGH VNQW \DDPDNWD LVWLKGDP YHULPOLOLN YH FUHW LOLNLOHULQL NXUDPDPDNWD GROD\V\OD UHWLPGH NDOLWH YH VWDQGDUGL]DV\RQ VDODQDPDPDNWDGU $NJHPFL  <OPD]  DOQWOD\DQ 1DULQ QVDQ ND\QDNODU IDDOL\HWOHUL LoHULVLQGH LVH HWNLQ DGD\ EXOPD \|QWHPOHULQLQ EDDU ]HULQGH E\N HWNLVL YDUGU 7DQRYD YH 1DGLUL   .DOLIL\H HOHPDQ YG   

YH $NGHPLU   .< .RELOHULQ EDDUODUQGD DQDKWDU HWPHQOHUGHQ ELULGLU

VNQWVQ $WNLQVRQ YH 6WRUH\  YH 6FRWW YG  GD EHOLUWPLOHUGLU &DUUROO

 $QFDN .RELOHULQ QLWHOLNOL HOHPDQ QHUHGHQ WHPLQ HGHFHNOHUL NRQXVXQGD DoN

ELU DGUHV EXOXQPDPDNWDGU $UDWUPD VRQXoODUQGD GD J|UOG JLEL .RELOHU DGD\

EXOPDN LoLQ HQ oRN LQIRUPDO \ROODU WHUFLK HWPHNWH GDKD oRN HGRVW DNUDED oHYUHVLQL LVWLKGDP HWPH JDUDQWLVL EXOXQPDPDNWDGU 0RGHOGHNL DPDo .RELOHUH VDGHFH HOHPDQ LJ|UHQ DGD\ODUQQ D\Q KDYX]GD WRSODQDUDN LVWLKGDP HGLOHFHNOHUL L NROODUQD J|UH JHUHNOL HLWLPL DOPDODU LOH PPNQ RODELOLU  0RGHO .DYUDP

NXOODQPDNWDGU $QFDN EX \|QWHPOHULQ NXOODQOPDV VRQXFXQGD QLWHOLNOL HOHPDQ VDODPDN GHLO QLWHOLNOL HOHPDQ\DQL HLWLPOL DGD\ODU VDODPDNWU %X GD DQFDN

DOQDUDN NDUPDN ELU VLVWHPLQ WHPVLO HGLOPHVLGLU 0RGHOOHU JHQHOOLNOH NDUPDN QLWHOLNWHNL JHUoHN ROD\ODU EDVLW \ROGDQ DQOD\DELOPHN LoLQ NXUXOXUODU 6H\LGROX 

0RGHO |UQHN NXUDP WLS DQODPQD JHOPHNWHGLU %LUNDo WHPHO GHLNHQ HOH

LOLNLQLQ ]LKLQGH ROXWXUXOPDV VRQXFX RUWD\D oNDQ NDYUDPGU 0RGHOOHULQ LoLQGHNL

0RGHO GHLNHQ ELU WDNPQ YH\D DUDODUQGDNL QLFHOLNVHO YH\D PDQWNVDO

ELQD HGLOPL GX\XPODUQ ELOLPVHO WHRULOHULQ |QHPOL SDUoDODU YH EXQODUQ VUHFL KDNNQGD LGHDOL]H HGLOPL PDQWNVDO LVNHOHWWLU %XUDGD LGHDOOHWLULOHQ ED] D\UQWODUGD \DQO ROGXX ELOGLULOHQ YH\D WDPDPODQPDP DoN YDUVD\PODU \DSDELOHQ PRGHO DQODPQD JHOLU 9DUVD\PODU PRGHOL NROD\ODWUUNHQ D\Q ]DPDQGD NDEXO HGLOHELOLU HNVLNVL] KWWSWUZLNLSHGLDRUJZLNL0RGHOB VR\XW  o|]POHULQ UHWLPLQH L]LQ YHUHQ ]HPLQLQ ROXPDVQ

VDODU

DQODPD\D \DUGPF RODQ ELU DUDoWU 0RGHOOHULQ QDVO GRGXXQX EHONL NLPVH WDP RODUDN ELOHPH] IDNDW PRGHO \DNODODELOHFHLQL KHUNHV NDEXO \DUGP LOH VRUXQODUQ o|]PQH GDKD L\L HGHFHNWLU dQN PRGHO NRQX\D LOLNLQ

0RGHO DUDWUPD NRQXVXQX \DGD ROD\ GDKD GRUX YH NROD\ ELU HNLOGH

GHLLNOLNOHUL YH LOLNLOHUL J|VWHUGLL JLEL VRQXoODU GD YHULU g]WUN 

LoLQ NXOODQOU OHWLLPGH DOFODUQ ELU NDYUDP ELU \DSODQPD\ QHW GRUX NDUPDN ROPDGDQ DQODPDODUQ VDODU 0RGHO LOH ELU NDYUDPQ DOW VLVWHPOHUL DUDVQGDNL LOLNLOHU WXWDUOONODU RUWD\D NRQXU 0RGHO NVDFD \RO J|VWHULFL EDVLW KDULWDODUGU

0RGHO GLQOH\LFLOHUH RNX\XFXODUD PHVDMODUDOJODU EDVLWOHWLUHUHN DQODWPDN

 0RGHO LOH |UWO ELOJL NRGODQDUDN DoN ELOJL\H G|QWUOU .RQXODU

NDYUDPODU EDVLWOHWLULOHUHN LIDGH HGLOLU %X DoGDQ VRV\DO ELOLPOHUGH oRN VN JHOPL ROXU %|\OHFH RUWD\D DWODQ NDYUDPQ JHOLWLULOPH LPNDQ RUWD\D oNP ROXU

NXOODQODQ ELU \|QWHPGLU 0RGHO LOH \DQO GD ROVD WDUWODFDN ELU NDYUDP JQGHPH dDOPDQQ EX E|OPQGH .RELOHU LoLQ QLWHOLNOL DGD\ EXOPDODUQGD NROD\ON

VDOD\DFDN \HQL ELU \|QWHPL PRGHO QLWHOLLQGH HPDWLN NDYUDPODU \DUGP\OD |QHUL RODUDN VXQPDN KHGHIOHQPLWLU  0RGHO KWL\DFQQ *HUHNoHOHUL1HGHQOHUL

WHPLQLQGH VWDQGDUGL]H HGLOPL YHULPOL YH HWNLQ ELU DGD\ EXOPD \|QWHPL NXOODQPDGNODUQ RUWD\D NR\PXWXU %X GXUXP |OoHLQGHQ GROD\ UHNDEHWWH ]DWHQ ]RUODQDQ .RELOHULQ \NOHULQL GDKD GD DUWWUPDNWDGU g]HOOLNOH  .RELOHULQ QLWHOLNOL LJF EXOPDNWD oHNWLNOHUL VNQWODU  $UDWUPD VRQXoODUQD J|UH IDUNO VHNW|UOHUGH

/LWHUDWU LQFHOHPHOHUL YH EX oDOPDGD RUWD\D oNDQ EXOJXODU .RELOHULQ .

 (OHPDQODUQ \HWHQHNOHULQH X\JXQ L EXOPDNWD oHNWLNOHUL VNQWODU IDUNO

\|QWHPOHULQLQ NXOODQO\RU ROPDV +HU VHNW|U LoLQ HQ X\JXQ DGD\Q GDKD NROD\ EXOXQPDVQ VDODPDN

DGD\

EXOPD

 $UDWUPD VRQXoODUQD J|UH NXOODQODQ DGD\ EXOPD \|QWHPL LOH DUDQDQ JUXEXQD DLW HOHPDQODUQ D\Q KDYX]GD WRSODQPDVQQ DPDoODQPDV

HOHPDQQ QLWHOLNOHUL DUDVQGD SR]LWLI ELU LOLNL ROPDV %|\OHFH D\Q QLWHOLN

 $UDWUPD VRQXoODUQD J|UH .REL \|QHWLFLOHULQLQ LQVDQ ND\QDNODU \|QHWLPL NRQXVXQGD HLWLP \HWHUVL]OLNOHUL ROPDV %X GXUXPX DGD\ EXOPD NRQXVXQD \DQVWPDPDN %X NRQXGD X]PDQ ELU NXUXOX 6$+2 \DUGP\OD .RELQLQ  $UDWUPD VRQXoODUQD J|UH .RELOHULQ DGD\ EXOPD NRQXVXQGD \HQL ROPDODU JYHQOH HOHPDQ LVWLKGDP \DSPDVQ VDODPDN

\|QWHPOHUH DoN ROPDV gQHULOHELOHFHN IDUNO \|QWHPOHUL NXOODQPD\D LVWHNOL

YE QHGHQOHUGHQ GROD\ .RELOHU LoLQ \HQL YH GDKD HWNLQ ELU \|QWHP |QHUPHQLQ JHUHNOLOLL RUWD\D oNPWU

  0RGHO gQHULVLQLQ $PDoODU

 .RELOHU LoLQ PDOL\HWL GN DPD JHWLULVL \NVHN ELU \|QWHP ROXWXUDELOPHN \HQL HOHPDQ EXOPDN LoLQ NDWODQODQ PDOL\HW |QOHPHN

 .RELOHUH X]XQ VUHOL HOHPDQ LVWLKGDP VDOD\DELOPHN %|\OHFH KHU GHIDVQGD HPHN YH ]DPDQ LVUDIQ

 .RELOHULQ HOHPDQ LKWL\DF GRGXXQGD HQ K]O YH HQ NHVLQ VRQXFD XODPDVQ VDODPDN .RELQLQ LON EDYXUDFD DGUHVL EHOLUOHPHN %|\OHFH .RELOHUL \RUPDPDN

 (LWLP KHP NLLVHO KHP GH |UJWVHO EDDU LoLQ |QHPOLGLU J|UHQ DGD\ODUQD  .RELOHULQ NDOLWHOL HWNLQ YH \HWHUOL HLWLP RODQDNODU VXQDELOPHN NXUXPVDOODPDODUQD \DUGPF ROPDN %HQ]HU HLWLP YH

GLVLSOLQGHQ JHoPL LJ|UHQ DGD\ODU NXUXPVDO NOWU ROXWXUPDNWD .RELOHUH NDWN VDOD\DFDNWU

 0RGHO *LUGL

0RGHOH WHPHO RODQ PDQWN DDGDNL HNLOOH L]DK HGLOHELOLU 6UHo

dNW

J|UHQ $GD\ODU HNLO  0RGHOLQ 7HPHOL

6HNW|UHO $GD\ +DYX]ODU 2UJDQL]DV\RQX 6$+2

1LWHOLNOL +D]U (OHPDQODU

HOHPDQODU VLVWHPLQ oNWVGU 6LVWHPLQ JLUGLVL LVH L DUD\DQ LJ|UHQ DGD\ODUGU J|UHQ DGD\ODU VHNW|UHO DGD\ KDYX]ODU RUJDQL]DV\RQXQGD VHNW|UH HLWLP

%X PRGHO LOH DPDo QLWHOLNOL \HWLPL HOHPDQD XODPDNWU <DQL QLWHOLNOL KD]U

GXUXPODUQD YH EHFHULOHULQH J|UH VQIODQGUOS JHUHNOL HLWLPL DODUDN VLVWHPLQ VUHFLQH GDKLO ROXUODU 6RQXoWD QLWHOLNOL YH HLWLPOL LJ|UHQ DGD\ODU HOGH HGLOLU 6LVWHPLQ KHU SDUoDVQD DDGD WHN WHN GHLQLOPLWLU

  J|UHQ $GD\ODU x x

DUD\DQ KHU HOHPDQ EX VLVWHPLQ ELU SDUoDVGU

EDYXUDELOLU 6HNW|UHO DGD\ KDYX]ODU RUJDQL]DV\RQX GX\XUX LQWHUQHW YE \ROODUOD DGD\ODUD XODU $GD\ODU VHNW|UHO DGD\ KDYX]ODU RUJDQL]DV\RQXQD EDYXUXODUQ LOHWLUOHU x 0HVOHNL HLWLP NXUXOXODUQGDQ PH]XQ RODQODU GLUHNW RODUDN EX KDYX]D

J|UHQ DGD\ oHLWOL \ROODUOD VHNW|UHO DGD\ KDYX]ODU RUJDQL]DV\RQXQD

GDKLO HGLOLUOHU 2NXOODU PH]XQODUQ VHNW|UHO DGD\ KDYX]ODU RUJDQL]DV\RQXQD ELOGLULUOHU x )DUNO PHVOHNL RNXO PH]XQODU IDUNO VHNW|UHO KDYX]ODUD GDKLO HGLOLU

gUQHLQ WXUL]P PH]XQX WXUL]P VHNW|UQH WLFDUHW YH\D HQGVWUL PHVOHN OLVHOHUL PH]XQODU PH]XQ ROGXNODU GDOODUD J|UH LOJLOL DODQODUD DOQUODU x 2UWD |UHWLP YH OLVH JLEL OLVDQV |QFHVL PH]XQODU LOH OLVDQV YH VRQUDV

PH]XQODU D\U KDYX]ODUGD WRSODQUODU %|\OHFH LOHU YH HOHPDQODU D\U KDYX]ODUGD HOHWLULOLU %DYXUXODU

hQLYHUVLWH PH]XQODU

0HVOHN /LVHVL 0H]XQODU


(QGVWUL 0HVOHN /LVHVL 0H]XQODU 7LFDUHW 0HVOHN /LVHVL 0H]XQODU 7XUL]P 0HVOHN /LVHVL 0H]XQODU $oON 0HVOHN /LVHVL 0H]XQODU YE

J|UHQ $GD\ODU +DYX]X

 6HNW|UHO $GD\ +DYX]ODU 2UJDQL]DV\RQX 6$+2

HNLO  J|UHQ $GD\ODU +DYX]X

VWUDWHMLN RUWDNON RODUDN GQOPWU 6WUDWHMLN RUWDNON LOHWPHOHU DUDVQGD oHLWOL HNLOOHUOH RUWD\D oNDQ GD\DQPD YH ND\QDN ELUOHWLUPH IDDOL\HWOHULQLQ JHQHO DGGU

6HNW|UHO $GD\ +DYX]ODU 2UJDQL]DV\RQX 6$+2  .RELOHU DUDVQGD ELU oHLW

 .RoHO  DOQWOD\DQ ELFLROX  %X RUWDNONODU \ROX\OD LOHWPHOHU GDKD K]O SD]DUD JLUPH GN PDOL\HWOHU YH ULVN SD\ODP JLEL NRQXODUGD DYDQWDM VDOD\DELOLUOHU 1RUPDQ  DOQWOD\DQ ELFLROX 

\ROX\OD 6$+2\X ROXWXUXUODU %XUDGDNL RUWDN DPDo GN PDOL\HWOH GDKD HWNLQ +HU .REL NHQGL LPNDQ YH DUWODU\OD QLWHOLNOL HOHPDQ DUDPDN \HULQH EX LL RUWDNODD JYHQOH XODDELOHFHNWLU x x x x x x

.RELOHU GH QLWHOLNOL HOHPDQ LKWL\DFQ JLGHUPH NRQXVXQGD VDWUDWHMLN RUWDNON

GDKD YHULPOL DGD\ EXOPD \|QWHPOHULQH XODPDN YH QLWHOLNOL HOHPDQ LVWLKGDP HWPHNWLU ROXWXUGXNODU 6$+2\D GHYUHGHUHN KHP GDKD K]O KHP GH GDKD QLWHOLNOL HOHPDQODUD 6$+2QXQ g]HOOLNOHUL

6$+2 J|QOO .RELOHU WDUDIQGDQ NXUXOPX ELU $QRQLP LUNHWWLU 6HUPD\HGDUODU YH \|QHWLP NXUXOX EX .RELOHUGHQ ROXXU .XUXFX .RELOHUGHQ EDPV] D\U ELU W]HO NLPOLH VDKLSWLU IDDOL\HWOHULQH YE KDUFDQU

.DU DPDF JWPH] DPD NDU HOGH HGHELOLU (OGH HGLOHQ NDU HLWLP 6HNW|UOHUH J|UH D\U DGD\ KDYX]ODU YDUGU

VWLKGDP IRQNVL\RQX

6$+2QXQ )RQNVL\RQODU

$\Q VHNW|UGH RODQ .RELOHU LoLQ VLQHUML VDODU

LJ|UHQ YH LYHUHQ HOHWLUPHVL HWNLQ ELU ELoLPGH \DSOU

6HNW|UH J|UH DGD\ODUGD JHUHNOL RODQ NDOLIL\H |]HOOLNOHU EHOLUOHQLU %|\OHFH 6$+2 oHLWOL \ROODUOD DGD\ KDYX]XQGD WRSODQP LJ|UHQOHULQ LVWLKGDPQ

VDODU 6HNW|UH YH HLWLP GXUXPXQD J|UH VQIODQGUOP LJ|UHQ DGD\ODU NHQGLOHUL YH LOHWPHOHU LoLQ HQ X\JXQ SR]LV\RQODUGD LVWLKGDP HGLOLU %|\OHFH KHP LJ|UHQ LoLQ KHP GH LOHWPH LoLQ RSWLPXP ID\GD HOGH HGLOPL ROXU

VDODU %X KL]PHWLQLQ NDUOQGD NXUXFX .RELOHUGHQ FUHW DOPD] $QFDN GLHU

6$+2 KHP NXUXFX .RELOHUH KHP GH GLHU .RELOHUH HLWLPOL HOHPDQODU

 .RELOHUGHQ KL]PHWLQ EHGHOL RODUDN LVWLKGDP FUHWL DOU J|UHQ DGD\QGDQ FUHW WDOHS HGLOPH] J|UHQ DGD\ODUQQ QLWHOLNOHULQL YH LYHUHQOHULQ |]HOOLNOHULQL oRN L\L ELOHQ (LWLP IRQNVL\RQX

6$+2 LOHWPHGH KRPRMHQ ELU SHUVRQHO \DSV ROXPDVQD NDWN VDODU

HLWLP X]PDQ SHUVRQHO WDUDIQGDQ YHULOLU

(LWLP 6$+2QXQ WHPHO LOHYOHULQGHQ ELULGLU 6HNW|UH J|UH DGD\ODUD JHUHNOL (LWLP YHUPHN ]HUH QLYHUVLWHOHUGHQ VHQGLNDODUGDQ LOOHUGHNL VDQD\L YH

WLFDUHW RGDODU JLEL PHVOHNL NXUXOXODUGDQ YH .26*(%GHQ GHVWHN DOQU PDWHU\DOODULQL VDODPDN NRQXVXQGD \LQH EX NXUXOXODUGDQ \DUDUODQOU

(LWLP PIUHGDWQ KD]UODPDN HLWLP VUHFLQL SODQODPDN HLWLP RUWDPQ YH 7HRULN ELOJLQLQ \DQQGD X\JXODPDO HLWLPH GH \HU YHULOLU %X DPDoOD EHOOL

G|QHPOHUGH LJ|UHQ DGD\ODU VWDMD J|QGHULOHUHN KHP |UHQGLNOHULQL SUDWLH G|NPHOHUL KHP GH L RUWDPQ WDQPDODU VDODQU

DOQDUDN oHLWOL LOHWPHFLOLN GHUVOHUL GH DOUODU %|\OHFH |UJW NOWUQ WDQ\DUDN LH EDODPDODU VDODQU OHWPHOHUH 'DQPDQON IRQNVL\RQX LJ|UHQOHULQ

J|UHQ DGD\ODU PHVOHNL HLWLPLQ \DQQGD LVWLKGDP HGLOHFHNOHUL LOHWPH ED]

\DUGPF ROXQXU 3HUIRUPDQV GHHUOHPHVL VRQXFXQGD \HWHUVL] J|UOHQ SHUVRQHOH HN HLWLP GHVWHL YHULOLU WDYVL\H HGLOLU

SHUIRUPDQVODUQ

GHHUOHQGLUPHN

NRQXVXQGD

(LWLP VUHFL VRQXQGD oRN EDDUO RODQ LJ|UHQ DGD\ODU X\JXQ LOHWPHOHUH (LWLPL WDPDPODQDQ YH oDODFD LOHWPH EHOOL RODQ LJ|UHQ DGD\QD

oDODFD |UJW KDNNQGD ELOJL YHULOLU gUJW \DSV \|QHWLPL oDODQODU |UJW LNOLPL YE NRQXODUGD ELOJL VDKLEL RODUDN LH EDOD\DQ LJ|UHQ DGD\QQ LOHWPH\H VQGUODUDN |UJWH oDEXN DGDSWH ROPDV VDODQU

 9HUL EDQNDV IRQNVL\RQX 6$+2 WDUDIQGDQ ELOLQLU

6HNW|UGH L LKWL\DF RODQ LJ|UHQ VD\V YH LJ|UHQ LKWL\DF RODQ LOHWPH VD\V (LWLP VUHFL VRQXQGD DGD\ODUQ SHUIRUPDQVODU KDNNQGD GHHUOHQGLUPHOHU

YHUL EDQNDVQGD VDNODQU *HUHNWLLQGH LJ|UHQLQ LVWLKGDP HGLOGLL LOHWPH\OH SD\ODOU

\LQH YHUL EDQNDVQGD VDNODQU %|\OHFH VHNW|UGH NDOLWHOL SHUVRQHO YH \HWHUVL] SHUVRQHO D\UP \|QOHQGLULOHELOLUOHU \DSOP ROXU J|UHQOHU EHFHULOHULQH J|UH GDKD X\JXQ LOHUH

GHLWLUHQ LJ|UHQOHULQ KHU ELU LOHWPHGHNL SHUIRUPDQV GHHUOHQGLUPHOHUL

6$+2QXQ \DSV DDGDNL HNLOOHUOH |]HWOHQHELOLU

VHNW|U KDYX]ODUQD DOQU J|UHQ DGD\ODU GD \LQH EX VHNW|UHO D\UPD J|UH KDQJL DODQGD GHHUOHQGLULOHFHNVH R VHNW|U KDYX]XQD \|QOHQGLULOLU ELOGLULUOHU

gQFHOLNOH 6$+2 LoLQGH VHNW|UHO D\UP YDUGU .RELOHU LYHUHQ RODUDN NHQGL

 .RELOHU LVWHGLNOHUL SHUVRQHOLQ |]HOOLNOHULQL YH VD\ODUQ 6$+2\D  6$+2 .RELOHUGHQ JHOHQ . WDOHSOHUL GRUXOWXVXQGD KDUHNHWH JHoHU QLWHOLNOHUH VDKLS HOHPDQODU EXOXU EHOLUOHQLU YH VQIODQGUOUODU

'X\XUXODU YH DGD\ WRSODPD \|QHWHPOHULQL NXOODQDUDN JHUHNOL

 %XOXQDQ DGD\ODUQ L JHUHNOHULQH X\JXQOXNODU oHLWOL WHVWOHUOH  $GD\ODUQ HLWLP LKWL\DoODU EHOLUOHQLU 0HVOHNL HLWLPH LKWL\DF ROPD\DQ DGD\ODU ROXUVD GLUHN RODUDN LVWLKGDP HGLOHFHNOHUL LOHWPH KDNNQGD HLWLPH WDEL WXWXOXUODU

 %WQ EX VUHoOHUGHQ JHoHQ YH HLWLPOHULQL EDDU\OD WDPDPOD\DQ DGD\ODU .RELOHUH J|QGHULOHUHN LVWLKGDP HGLOLUOHU

 'X\XUX 6$+2 J|UHQ $GD\ODU

PDODW 6HNW|U .RELOHUL

(OHPDQ WDOHEL +L]PHW 6HNW|U .RELOHUL

7LFDUHW 6HNW|U .RELOHUL *L\LP $PEDODM

0DGHQFLOLN 0DNLQH QDDW 2WRPRWLY 0RELO\D 7HNVWLO

8ODP 6DON OHWLLP (LWLP

*GD

7XUL]P

HNLO  6$+2QXQ .RELOHU YH J|UHQOHUOH OLNLVL 6$+2 LoLQGHNL LJ|UHQ DGD\ODU HLWLP GXUXPODUQD J|UH VQIODQGUOU 6$+2 /LVDQV YH VW PH]XQODU /LVDQV <NVHN /LVDQV 'RNWRUD /LVDQV |QFHVL PH]XQODU 2UWD gUHWLP /LVH gQ /LVDQV

HNLO  6$+2GDNL (LWLP 6QIODPDV

 6$+2QXQ +L]PHWOHUL VWLKGDP

.XUXFX .RELOHUH 'LHU .RELOHUH YHUHQOHUH J|UHQOHUH

6 $ + 2

'DQPDQON

(LWLP

J|UHQ $GD\ODUQD

hQLYHUVLWHOHU

0HVOHNL .XUXOXODU

.26*(%

HNLO  6$+2QXQ +L]PHWOHUL  1LWHOLNOL +D]U (OHPDQODU x x x X]PDQ ROXUODU \NVHN ROXU

6$+2 WDUDIQGDQ YHULOHQ |]HO HLWLPL DOGNODU LoLQ NRQXVXQGD $OGNODU HLWLPLQ NDUOQ YHUPHN DGQD oDOPD PRWLYDV\RQODU .HQGLOHULQH \HWHQHN YH EHFHULOHULQH HQ X\JXQ LWH oDOWNODU LoLQ L WDWPLQOHUL \NVHN ROXU



LPGL\H NDGDU WPHYDUP \ROX\OD L]DK HGLOHQ PRGHO DDGDNL HNLOOH |]HWOHQHELOLU
J|UHQ $GD\ODU PDODW 6HNW|U +L]PHW 6HNW|U 7LFDUHW 6HNW|U

VWLKGDP 'DQPDQON (LWLP

.2%OHU

6 $ + 2
1LWHOLNOL +D]U

(OHPDQ

hQLYHUVLWHOHU

0HVOHNL .XUXOXODU

.26*(%

HNLO  .RELOHU oLQ $GD\ %XOPD 0RGHOL  0RGHOLQ .DWNODU DUWDFDN ROPDV ROPDV

 <HQL \|QWHPOH GRUX DGD\ODU LVWLKGDP HGLOHFHL LoLQ .RELOHUGH YHULPOLOLLQ  <HQL HOHPDQD HLWLP \DWUP \DSOPD\DFD LoLQ PDOL\HWOHULQ GHFHN  +HU HOHPDQ D\Q HLWLPGHQ JHoHFHL LoLQ HOHPDQ GHLLNOLLQGH \HQL ELU  .RELOHU DUDVQGD VLQHUML ROXWXUPDV $GD\ODUQ EXOXQPDV HLWLOPHVL  +DNV] UHNDEHWLQ |QOHQPHVL +HU LJ|UHQ D\Q HLWLPGHQ JHoHFHL LoLQ  .RELOHU DUDV LOHWLLP YH LOLNLOHU JHOLHFHN L RUWDNONODU DUWDFDNWU $\Q HLWLP KDYX]XQGD ELU DUD\D JHOHQ .REL oDODQODU EX ND\QDPD\ VDOD\DFDN \HQL ROXXPODU \DUDWDFDNWU .RELOHU DUDVQGD \HWLPL HOHPDQ oDOPD JHUHNVLQLPL RUWDGDQ NDONDFDNWU LVWLKGDP HGLOPHVL NRQXVXQGD .RELOHU RUWDN DPDo JGHFHNOHUGLU HLWLP VUHFL \DDQPDPDV

  .RELOHU DUDV L RUWDNONODUQQ DUWPDV VRQXFX LOHWPH |OoHNOHUL E\\HFHN \DWUPODU DUWDFDN GQ\D SD]DUODUQD DoOPD IUVDW \DUDWS LKUDFDW \NVHOWHELOHFHNOHUGLU

 .RELOHULQ HQ E\N VNQWV RODQ QLWHOLNOL HOHPDQ LKWL\DF o|]POHQGLL LoLQ .RELOHULQ \|QHWVHO HNRQRPLN \DSVDO SUREOHPOHUL GH o|]POHQPH \ROXQD JLGHFHN .RELOHULQ ONH HNRQRPLVLQGHNL HWNLQOLNOHUL GH DUWDFDNWU  0RGHOLQ .VWODU

 %X PRGHO VDGHFH .RELOHU LoLQ JHOLWLULOPL WHRULN ELU oHUoHYHGLU  0RGHO ELU |QHUL QLWHOLLQGHGLU  8\JXODPD \ROXQD JLGLOGLLQGH GDKD GD GHWD\ODQGUOS JHOLWLULOHELOLU VRUXQODU EX PRGHO NDSVDPQGD GHLOGLU

 .RELOHULQ VDGHFH LVWLKGDP VRUXQXQD \|QHOLN RODUDN JHOLWLULOPLWLU 'LHU



.$<1$.d$
.LWDSODU $. % +LSRWH] 7HVWL .$/$<&,  (GLW|U  6366 8\JXODPDO dRN 'HLNHQOL $.*(0& 7 YH $ d(/. *LULLPFLOLN .OWU YH .2%OHU 1REHO <D\Q $.*h/ $ 9( d(9. 2 VWDWLVWLNVHO $QDOL] 7HNQLNOHUL 6366WH OHWPH $/'(05 & $ $7$2/ YH * %8'$. 3HUVRQHO <|QHWLPL %DU <D\QODU  $/'(05 & $7$2/ $ YH *%8'$. QVDQ .D\QDNODU <|QHWLPL $<&$1 = 0DQDJLQJ +XPDQ 5HVRXUFHV LQ WKH 0LGGOH (DVW +XPDQ 5HVRXUFH /RQGRQ 5RXWOHGJH 3XEOLVKHG (\OO   %DU<D\QODU ]PLU  %DVN ]PLU  <|QHWLPL 8\JXODPDODU  (PHN 2IVHW $QNDUD  'DWP $QNDUD  VWDWLVWLN 7HNQLNOHUL $VLO <D\Q $QNDUD 

0DQDJHPHQW LQ 7XUNH\ LoLQGH %XGKZDU 3 6 YH 0HOODKL . (GW 

%$&+ 6 YH . 6,6621 3HUVRQQHO 0DQDJHPHQW $ &RPSUHKHQVLYH *XLGH 7R %$587d8*/  6WDUDWHMLN QVDQ .D\QDNODU <|QHWLPL .DUL\HU <D\QFON %$ 7 $QNHW$QNHW 1DVO +D]UODQU 8\JXODQU 'HHUOHQGLULOLU" 6HoNLQ %$<5$.7$52/8 6 QVDQ .D\QDNODU <|QHWLPL  %DVN 6DNDU\D  <D\QODU  %DVN $QNDUD  VWDQEXO  7KHRU\ DQG 3UDFWLFH  %DVN %ODFNZHOO 3XEOLVKHUV 

%1*g/ ' QVDQ .D\QDNODU <|QHWLPL %HWD <D\QODU  %DVN VWDQEXO  1R  (U]XUXP  3XEOLVKHUV 

%1*g/ ' 3HUVRQHO <|QHWLPL YH %HHUL OLNLOHU $WDWUN hQLYHUVLWHVL <D\QODU %2/721 7 +XPDQ 5HVRXUFH 0DQDJHPHQW DQ ,QWURGXFWLRQ %ODFNZHOO

 &(1=2 ' $ ' YH 6 3 52%%,16 +XPDQ 5HVRXUFH 0DQDJHPHQW -RKQ &855,( ' 3HUVRQHO ,Q 3UDFWLFH %ODFNZHOO 3XEOLVKHUV  :LOH\ 6RQV 86$ 

'$)7 5 / 0DQDJHPHQW 7KLUG (GLWLRQ 7KH 'U\GHQ 3UHV  030 <D\QODU <D\Q 1R $QNDUD 

'(05 1 YG QVDQ .D\QDNODU <|QHWLPL YH .oN YH 2UWD gOoHNOL OHWPHOHU '(6$71,&. 5 / 6WUDWHJLF +XPDQ 5HVRXUFH 0DQDJHPHQW )RU 7KH V ,QWHUQDWLRQDO 5HYLHZ RI 6WUDWHJLF 0DQDJHPHQW (GLWHG E\ +XVVH\ ' ( -RKQ :LOH\ 6RQV /WG  

'g0 6 *LULLPFLOLN YH .oN OHWPH <|QHWLFLOLL 'HWD\ <D\QFON $QNDUD (57h5. 0  OHWPH %LOLPLQLQ 7HPHO ONHOHUL %HWD <D\QODU  %DVN VWDQEXO ),1',.d,  QVDQ .D\QDNODU <|QHWLPL $OID <D\QODU VWDQEXO  .,/,d  %DVN $XVWRV   

),11,*$1 - 'RUX H 'RUX (OHPDQ 5RWD <D\QFON dHYLUHQ  0HKPHW )5(< 5 6XFFHVVIXO 3URSRVDO 6WUDWHJLHV )RU 6PDOO %XVLQHVVHV 8VLQJ .QRZOHGJH 0DQDJHPHQW 7R :LQ *RYHUQPHQW 3ULYDWH6HFWRU DQG ,QWHUQDWLRQDO &RQWUDFWV )RXUWK (GLWLRQ $UWHFK +RXVH ,QF /RQGRQ  &DQDQ d(71 (VLQ &DQ  %DVNGDQ oHYLUL VWDQEXO 

+2'*(776 5 <|QHWLP 6UHo YH 8\JXODPD 087/8 'HU <D\QODU dHYLUHQ %&2/8 + QVDQ .D\QDNODU <|QHWLPL .RELOHU h]HULQH %LU $UDWUPD  .$<1$. 7 YG QVDQ .D\QDNODU <|QHWLPL h ( <$ <D 1R  VWDQEXO .$<1$. 7 QVDQ .D\QDNODU 3ODQODPDV $OID %D  %DVN VWDQEXO  )DNOWH .LWDEHYL 2FDN 

.266(. ( ( YH 6 $ /2%(/ 0DQDJLQJ 'LYHUVLW\ %ODFNZHOO 3XEOLVKHUV 

 .8578/8 . 3D]DUODPD $UDWUPDODU h OHWPH )DNOWHVL <D\Q 1R  0$,7/$1' , 3HUVRQHO <|QHWLPL (SVLORQ <D\QFON +L]PHWOHUL dHY 'X\JX 0$,7/$1' , 3HUVRQHO <|QHWLPL (SVLORQ <D\QFON dHYLUHQ 'X\JX 885 0h)7h2/8 7 YH 7'858.$1 *LULLPFLOLN YH .2%OHU *D]L .LWDEHYL g=7h5. $ <|QH\OHP $UDWUPDV (NLQ .LWDEHYL <D\QODU %XUVD  0F*UDZ+LOO ,QWHUQDWLRQDO  (G 8. $SSURDFK %ODFNZHOO 3XEOLVKHUV  $QNDUD XEDW  VWDQEXO  885  %DVN VWDQEXO  VWDQEXO  

3($56215 7KH +XPDQ 5HVRXUFH 0DQDJLQJ 3HRSOH DQG :RUN LQ WKH V 35,&( $ 3ULQFLSOHV RI +XPDQ 5HVRXUFH 0DQDJHPHQW DQ $FWLYH /HDUQLQJ 52%%,16 6 3 2UJDQL]DWLRQDO %HKDYLRU FRQFHSV FRQWURYHUVLHV DSSOLFDWLRQV 6$%81&82/8 = QVDQ .D\QDNODU <|QHWLPL (]JL .LWDEHYL %XUVD  6$%81&82/8 = QVDQ .D\QDNODU <|QHWLPL (]JL .LWDEHYL %XUVD  &DQ <D\QODU  VWDQEXO  6(<'2/8 + (NRQRPL YH OHWPHFLOLN 7HULPOHUL $oNODPDO 6|]ON *]HP 67(9(16 *( &DVHV DQG ([HUFLVHV LQ +XPDQ 5HVRXUFH 0DQDJHPHQW 5LFKDUG 0(.0 OHWPH %LOLPLQH *LUL 1REHO <D\QODU  %DVN $QNDUD  'HWD\ <D\QFON $QNDUD  $QNDUD  ' ,UZQ ,QF  (G 86$  3UHQWLFH+DOO ,QW  (GLWLRQ 1HZ -HUVH\ 

85$/ $ 9( .,/,d  %LOLPVHO $UDWUPD 6UHFL YH 6366 OH 9HUL $QDOL]L h16$/$1 ( YH % 0(.(5 QVDQ .D\QDNODU <|QHWLPL 'HWD\ <D\QFON 7$9$1&,/ ( 7XWXPODUQ gOoOPHVL YH 6366 LOH 9HUL $QDOL]L 1REHO <D\Q 'DWP (NLP 

 9(77(5 ( 7KH 1DWXUH RI /RQJH5DQJH 0DQSRZHU 3ODQQLQJ 0DQDJHPHQW RI 3HUVRQQHO 4XDUWHUO\ 6XPPHU   VGHQ DNWDUDQ 7XUD\ .$<1$.  V QVDQ .D\QDNODU 3ODQODQPDV $OID %DVP <D  %DVN VWDQEXO  :$<1( ) 0DQDJLQJ +XPDQ 5HVRXUFHV 3URGXFWLYLW\ 4XDOLW\ RI :RUN /LIH 3URILWV 0F*UDZ+LOO ,QWHUQDWLRQDO (GLWLRQV 0DQDJHPHQW 6HULHV   (GLWLRQ 1HZ <RUN

:(57+(5 : % YH -U . '$9,6 +XPDQ 5HVRXUFHV DQG 3HUVRQQHO 0DQDJHPHQW 0F*UDZ +LOO ,QW (GLWLRQV 0DQDJHPHQW DQG 2UJDQL]DWLRQ 6HULHV   (G 86$ 

<$/d,1 6 3HUVRQHO <|QHWLPL %HWD <D\QODU  %DVN VWDQEXO  0DNDOHOHU $+0$' 6 YH 5 * 6&+52('(5 7KH ,PSRUWDQFH RI 5HFUXLWPHQW DQG 6HOHFWLRQ -RXUQDO RI 4XDOLW\ DQG 5HOLDELOLW\ 0DQDJHPHQW 9ROXPH  1XPEHU  $33(/%$80 6 + YH % 0 )(:67(5 *OREDO $YLDWLRQ +XPDQ 5HVRXUFH   3URFHVV IRU 6XVWDLQDELOLW\ RI 7RWDO 4XDOLW\ 0DQDJHPHQW ,QWHUQDWLRQDO

0DQDJHPHQW &RQWHPSRUDU\ 5HFUXLWPHQW DQG 6HOHFWLRQ DQG 'LYHUVLW\ DQG  1XPEHU   

(TXDO 2SSRUWXQLW\ 3UDFWLFHV (TXDO 2SSRUWXQLWLHV ,QWHUQDWLRQDO 9ROXPH $5,&,2/8 $ 0 YH & .2=$1 .RELOHULQ $YUXSD %LUOLL 6UHFLQL $OJODPDVQD <|QHOLN <|QHWLFLOHU %DODPQGD <HUHO %LU $UDWUPD   .RELOHU YH 9HULPOLOLN .RQJUHVL .RQJUH .LWDE  $UDON  VWDQEXO $<&$1 = 7KH ,QWHUSOD\ %HWZHHQ &XOWXUDO DQG ,QVWLWXWLRQDO6WUXFWXUDO

&RQWLQJHQFLHV LQ +XPDQ 5HVRXUFH 0DQDJHPHQW 3UDFWLFHV ,QWHUQDWLRQDO -RXUQDO RI +XPDQ 5HVRXUFH 0DQDJHPHQW 9ROXPH  ,VVXH  -XO\  

$<&$1 = .$181*2 1 5 0(1'21&$ 0 <8 .$,&+(1* '(//(5 - 67$+/ *YH $ .856+,' ,PSDFW RI &XOWXUH RQ +XPDQ 5HVRXUFH

 0DQDJHPHQW 3UDFWLFHV $ &RXQWU\ &RPSDULVRQ $SSOLHG 3V\FKRORJ\ %$&21 1 YH +RTXH .,0 +50 LQ WKH 60( VHFWRU YDOXDEOH HPSOR\HHV DQG FRHUFLYH 0DQDJHPHQW  1RYHPEHU   QHWZRUNV ,QWHUQDWLRQDO -RXUQDO RI +XPDQ $Q ,QWHUQDWLRQDO 5HYLHZ     

5HVRXUFH

%$1.6 - 3 $GGUHVVLQJ +XPDQ 5HVRXUFH DQG 2UJDQL]DWLRQDO &KDOOHQJHV LQ (PHUJLQJ 0DUNHW 8WLOLW\ 5HJXODWRUV  6WHSV IRU WKH 1HZ 5HJXODWRU (OHFWULFLW\ -RXUQDO 9ROXPH ,VVXH  'HFHPEHU 

%$521 5 $ +XPDQ 5HVRXUFH 0DQDJHPHQW $QG (QWUHSUHQHXUVKLS 6RPH 5HYLHZ 9ROXPH   

5HFLSURFDO %HQHILWV 2I &ORVHU /LQNV +XPDQ 5HVRXUFH 0DQDJHPHQW

%$528.+ 1 YH + % ./(1(5 5HFUXLWPHQW DQG 7UDLQLQJ RI 3XEOLF 6HUYDQWV %('h. $ 0(7( 2 YH 6 867$  $YUXSD %LUOLL 6UHFLQGH 7UN .RELOHULQLQ 7HPHO 6RUXQODU .DUDPDQ *GD 6HNW|U gUQHL 8OXVODU DUDV $YUXSD 6HPSR]\XPX  0D\V  %DQGUPD  &RPSHWHQFH  ,Q +UP %LUOLLQH *LUL 6UHFLQGH .RELOHU 7UNL\H YH %HQ]HU hONH 'HQH\LPOHUL %(// % 6 /(( 6 : YH 6 . <(81*  7KH ,PSDFW 2I (+U 2Q 3URIHVVLRQDO 3URIHVVLRQDOV +XPDQ 5HVRXUFH 0DQDJHPHQW 9RO  1R    %26:(// : 5 0 9 52(+/,1* 0 $ /(3,1( YH / 0 02<1,+$1 ,PSOLFDWLRQV )RU 7KH 'HYHORSPHQW 2I +U 0DQDJHPHQW 5HVHDUFK 1HZV 9ROXPH  1XPEHU   

,QGLYLGXDO -RE&KRLFH 'HFLVLRQV $QG 7KH ,PSDFW 2I -RE $WWULEXWHV $QG 5HFUXLWPHQW 3UDFWLFHV $ /RQJLWXGLQDO )LHOG 6WXG\ +XPDQ 5HVRXUFH 0DQDJHPHQW 9RO  1R   6SULQJ 

%2;$// 3 $FKLYLQJ &RPSHWHWLYH $GYDQWDJH 7KRURXJK +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ  9ROXPH  1XPEHU   

6WUDWHJ\ 7RZDUGV $ 7KHRU\ RI ,QGXVWU\ '\QPLFV +XPDQ 5HVRXUFH

 %5,**6 6 YH : .(2*+ ,QWHJUDWLQJ +XPDQ 5HVRXUFH 6WUDWHJ\ DQG 6WUDWHJLF  ,VVXH V  

3ODQQLQJ WR $FKLHYH %XVLQHVV ([FHOOHQFH 7RWDO 4XDOW\ 0DQDJHPHQW 9RO

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

7KH 5HFUXLWLQJ 3URFHVV $ 3UHOLPLQDU\ ,QYHVWLJDWLRQV DQG ,GHQWLILFDWLRQ RI

8QGHUVWDQGLQJ &URVV1DWLRQDO +XPDQ 5HVRXUFH 0DQDJHPHQW 3UDFWLFHV

%8+/(5 3 0 7KH &KDQJLQJ 5ROH 2I +U 3DUWQHULQJ :LWK 0DQDJHUV

%85.( 5 - YH & / &223(5 7KH 1HZ :RUOG 2I :RUN $QG 2UJDQL]DWLRQV ,PSOLFDWLRQV )RU +XPDQ 5HVRXUFH 0DQDJHPHQW +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ 6D\    

&$5'21 0 6 YH & ( 67(9(16 0DQDJLQJ +XPDQ 5HVRXUFHV ,Q 6PDOO 5HYLHZ   

2UJDQL]DWLRQV:KDW 'R :H .QRZ" +XPDQ 5HVRXUFH 0DQDJHPHQW

&$552// 0 0$5&+,1*721 0 ($516+$: - YH 6 7$</25 5HFUXLWPHQW ,Q 6PDOO )LUPV 3URFHVVHV 0HWKRGV $QG 3UREOHPV (PSOR\HH 5HODWLRQV 9RO  1R    1HW 2UJDQL]DWLRQDO :HE 6LWH

&2%(5 5 7 %52:1 ' - .((3,1* /0 YH 3 ( /(9< 5HFUXLWPHQW RQ 7KH $WWUDFWLRQ -RXUQDO RI 0DQDJHPHQW 9ROXPH  ,VVXH   &KDUDFWHULFWLFV ,QIOXHQFH

$SSOLFDQW

 d$/$5  .(1'5/ 6 YH + d$,5$1 $%\H *LUL 6UHFLQGH .oN YH 3ROLWLNDODUD (WNLOHUL dRUXP .2%OHULQH <|QHOLN %LU

2UWD %\NONWHNL OHWPHOHUGH .2% <|QHWLP %LOLQFL YH )LQDQVDO 8OXVODUDUDV $YUXSD %LUOLLQH *LUL 6UHFLQGH .RELOHU 7UNL\H YH  $UDWUPD

%HQ]HU hONH 'HQH\LPOHUL 6HPSR]\XPX  0D\V  %DQGUPD d$.,5 0 + YH 2 0 (5'2$1 $YUXSD %LUOLL 6UHFLQGH 'HQL]OL 0HWDO (\D

6DQD\LQGHNL .2%OHULQ )LQDQVPDQQGD 'HYOHW 'HVWHLQLQ gQHPL h]HULQH %LU $UDWUPD 8OXVODUDUDV $YUXSD %LUOLLQH *LUL 6UHFLQGH .RELOHU %DQGUPD  7UNL\H YH %HQ]HU hONH 'HQH\LPOHUL 6HPSR]\XPX  0D\V 

'(05(/ < $YUXSD %LUOLLQH 8\XP 6UHFLQGH .RELOHULQ <|QHWLP 6RUXQODU YH

%LU 8\JXODPD 8OXVODU DUDV $YUXSD %LUOLLQH *LUL 6UHFLQGH .RELOHU 7UNL\H YH %HQ]HU hONH 'HQH\LPOHUL 6HPSR]\XPX  0D\V  %DQGUPD 

'/. % YH 0 '85$1 7UNL\HGH 8\JXODQDQ .REL 7HYLN 3ROLWLNDV YH 8\JXODPD 6RQXoODUQQ 'HHUOHQGLULOPHVL +D]LQH 'HUJLVL  1LVDQ 

'2</( & /8%$&+ ' YH - 0$5725$1$ 6ROYLQJ 7KH -RE 3X]]OH $ :RUNVKRS RQ 8VLQJ WKH :HE WR )LQG &DUHHU 5HVRXUFHV 5HVHDUFK 6WUDWHJLHV 9ROXPH  ,VVXH  

(',725,$/ ([SORULQJ WKH ,QWHUVHFWLRQ RI +50 DQG (QWUHSUHQHXUVKLS *XHVW (GLWRUV ,QWURGXFWLRQ WR WKH 6SHFLDO (GLWLRQ RQ +50 DQG (QWUHSUHQHXUVKLS +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ 9ROXPH  ,VVXH  'HFHPEHU  

),/.,(:,&= 6 ,PSURYHPHQW RI &RPSHWLWLYHQHVV RI 3ROLVK 60(V WKURXJK

+XPDQ 5HVRXUFHV 'HYHORSPHQW (83URJUDPPHV 8OXVODU DUDV $YUXSD %LUOLLQH *LUL 6UHFLQGH .RELOHU 7UNL\H YH %HQ]HU hONH 'HQH\LPOHUL 6HPSR]\XPX  0D\V  %DQGUPD 

 ),5$7 <g1(< = YH oL %XOPD .XUXPXQGDQ .85D H <HUOHWLUPH  6D\  .RQX  <O 

+L]PHWOHUL *o (QGVWUL OLNLOHUL YH QVDQ .D\QDNODU 'HUJLVL  &LOW

*h1'h= < $ *HoPLWHQ *QP]H (NRQRPLN <|QOHUL\OH .oN YH 2UWD

%\NONWHNL OHWPHOHU 0DODW\D gUQHL 8OXVODUDUDV $YUXSD %LUOLLQH *LUL 6UHFLQGH .RELOHU 7UNL\H YH %HQ]HU hONH 'HQH\LPOHUL 6HPSR]\XPX  0D\V  %DQGUPD 

+$/(< + 9 )$51'$/( ( YH & 75866  7KH +5 'HSDUWPHQWV 5ROH LQ 2UJDQLVDWLRQDO 3HUIRUPDQFH +XPDQ 5HVRXUFH 0DQDJHPHQW -RXUQDO 9ROXPH  1R  

+$/6 0 7UDLQLQJ DQG 'HYHORSPHQWDO 1HHGV RI 0DQDJHUV RI 60(V 0DQDV +$66/(5 0 5DZ 0DWHULDO 3URFXUHPHQW ,QGXVWULDO 8SJUDGLQJ $QG /DERU   hQLYHUVLWHVL 6RV\DO %LOLPOHU 'HUJLVL 6D\   

5HFUXLWPHQW ,QWHUPHGLDULHV ,Q ,QGRQHVLDV &ORWKLQJ ,QGXVWU\ *HRIRUXP 

+68 <5 YH 0 /($7 $ VWXG\ RI +50 DQG UHFUXLWPHQW DQG VHOHFWLRQ SROLFLHV 0DQDJHPHQW 9ROXPH  1XPEHU   $SULO 

DQG SUDFWLFHV LQ 7DLZDQ ,QWHUQDWLRQDO -RXUQDO RI +XPDQ 5HVRXUFH

%&2/8 + OHWPHOHUGH QVDQ .D\QDNODUQQ *HOLWLULOPHVLQGH 6WUDWHMLN 6HNW|UHO (LWLP 2UJDQL]DV\RQODU 0RGHOL 6OH\PDQ 'HPLUHO hQLYHUVLWHVL NWLVDGL YH GDUL %LOLPOHU )DNOWHVL 'HUJLVL & 6  

-$&. 6 +<0$1 - YH ) 26%251( 6PDOO (QWUHSUHQHXULDO 9HQWXUHV &XOWXUH &KDQJH DQG 7KH ,PSDFW RQ +50 $ &ULWLFDO 5HYLHZ +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ 9ROXPH  ,VVXH  'HFHPEHU 

-$0(621 6 0 5HFUXLWPHQW $QG 7UDLQLQJ ,Q 6PDOO )LUPV -RXUQDO RI .$<$ 1YH 0 $<7(.1 .RELOHUGH 6WUDWHMLN +HGHIOHULQ OHWPH 3HUIRUPDQVQD (WNLOHUL YH %LU 8\JXODPD 0DQDV hQLYHUVLWHVL 'HUJLVL 6RV\DO %LOLPOHU 'HUJLVL 6D\    (XURSHDQ ,QGXVWULDO 7UDLQLQJ 9ROXPH  1XPEHU   

 .+$75, 1 0DQDJLQJ +XPDQ 5HVRXUFH )RU &RPSHWLWLYH $GYDQWDJH $ 6WXG\ 2I 5HVRXUFH 0DQDJHPHQW 9ROXPH   $SULO  &RPSDQLHV ,Q 6LQJDSRUH 7KH ,QWHUQDWLRQDO -RXUQDO 2I +XPDQ

./$$6 % 6 <$1* + *$,1(< 7 - $ 0&&/(1'21 +5 LQ 7KH 6PDOO %XVLQHVV (QWHUSULVH $VVHVVLQJ 7KH ,PSDFW RI 3(2 8WLOL]DWLRQ +XPDQ 5HVRXUFH 0DQDJHPHQW  9RO  1R   :LQWHU 

/(81* $ 'LIIHUHQW 7LHV )RU 'LIIHUHQW 1HHGV 5HFUXLWPHQW 3UDFWLFHV 2I (QWUHSUHQHXULDO )LUPV $W 'LIIHUHQW 'HYHORSPHQWDO 3KDVHV +XPDQ 5HVRXUFH 0DQDJHPHQW 9RO  1R  :LQWHU  5HVHDUFK 1HZV 9ROXPH  1XPEHU   

/,1 < ) YH % + ./(, +RZ 7R +LUH (PSOR\HHV (IIHFWLYHO\ 0DQDJHPHQW /,8 ; 0$57,1($8 7 &+(1 / =+$1 6 YH 6 7$1* 'RHV 6HFWRU" $ &DVH 6WXG\ )URP &KLQD 6RFLDO 6FLHQFH   0DUFK 

'HFHQWUDOLVDWLRQ ,PSURYH +XPDQ 5HVRXUFH 0DQDJHPHQW ,Q 7KH +HDOWK

0HGLFLQH 9ROXPH 

0$/,6$1, - :RUNLQJ :LWK (PSOR\PHQW $JHQFLHV ,QWHUFRP 9RO  ,VVXH  0$5/2: 6 +XPDQ 5HVRXUFH 0DQDJHPHQW LQ 6PDOOHU )LUPV$ &RQWUDGLFWLRQ LQ 7HUPV" +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ 9ROXPH  ,VVXH    'HFHPEHU 

0$7+(:6 % 3 YH 7 5('0$1 3URIHVVLRQDOL]LQJ 0DUNHWLQJ7KH 3XEOLF )DFH 3RUWUD\HG LQ 5HFUXLWPHQW $GYHUWLVHPHQWV 0DUNHWLQJ ,QWHOOLJHQFH 3ODQQLQJ 9RO  1R   

0$77,621 7 1HW 5HFUXLWPHQW ,V .H\ 7R $WWUDFW &DQGLGDWHV 2SHUDWLRQV 0$85(5 6 ' YH < /,8 'HYHORSLQJ (IIHFWLYH (5HFUXLWLQJ :HEVLWHV ,QVLJKWV   0DQDJHPHQW 9RO  ,VVXH   2FWREHU 

)RU 0DQDJHUV )URP 0DUNHWHUV .HOOH\ 6FKRRO RI %XVLQHVV 9ROXPH 

 0$<621 6 YH 5 %$55(77 7KH 6FLHQFH DQG 3UDFWLFH RI +50 LQ 6PDOO )LUPV +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ 9ROXPH  ,VVXH     'HFHPEHU 

1$.7<2. $ .oN 2 .oN 9H 2UWD %\NONWHNL OHWPHOHUGH .REL

7RSODP .DOLWH <|QHWLPL 7N\ .ULWLN )DNW|UOHULQLQ gUJWVHO 3HUIRUPDQV 'HUJLVL 6D\   7HPPX]$UDON 

h]HULQH (WNLOHUL (UFL\HV hQLYHUVLWHVL NWLVDGL YH GDUL %LOLPOHU )DNOWHVL 1$1.(59,6 $ &203721 5 9H / 6$9(5< 6WUDWHJLF +50 LQ 6PDOO DQG +XPDQ 5HVRXUFHV      

0HGLXP (QWHUSULVHV $ &(2V 3HUVSHFWLYH" $VLD 3DFLILF -RXUQDO RI

1$51 0 YH 6 $.'(05 7UNL\HGH .RELOHUH 6DODQDQ 'HVWHNOHU 2))67(,1 ( + *1<$:$/, ' 5 YH $ 7 &2%% $ 6WUDWHJLF +XPDQ 5HVRXUFH 3HUVSHFWLYH 2I )LUP &RPSHWLWLYH %HKDYLRU +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ 6D\    (NRQRPLN <DNODP 'HUJLVL 6D\  &LOW    $QNDUD 

g5(1 . $YUXSD %LUOLL 9H 7UNL\HQLQ .oN 9H 2UWD %\NONWHNL OHWPHOHUH 1HYHKLU OLQGH %LU 8\JXODPD &XPKXUL\HW hQLYHUVLWHVL NWLVDGL YH GDUL g5h&h ( YH ( .$5$%8/87 %\N gOoHNOL (QGVWUL OHWPHOHULQGH QVDQ VD\    7HPPX]  %LOLPOHU 'HUJLVL &LOW  6D\   

.REL 6DODG 'HYOHW 7HYLNOHUL 9H .XOODQP $ODQODUQQ .DUODWUOPDV

.D\QDNODU <|QHWLPL 8\JXODPDODU NWLVDW OHWPH YH )LQDQV 'HUJLVL

g5h&h ( 7XUL]P OHWPHOHULQGH 2UWD YH hVW .DGHPH <|QHWLFLOHULQ J|UHQ 6HoPH YH 'HHUOHQGLUPH 6UHFLQGHNL (LOLPOHUL 0DUPDULV YH dHYUHVLQGHNL ho <OG]O OHWPHOHU gUQHL  'RNX] (\OO hQLYHUVLWHVL NWLVDGL YH GDUL %LOLPOHU )DNOWHVL 'HUJLVL &LOW  6D\   

g='(5 0 5 $% hONHOHUL YH 7UNL\HGHNL .2%OHULQ 6RUXQODUQQ 5HNDEHW

)DUNOODPDVQD (WNLOHUL YH 7UNL\H h]HULQH %LU $UDWUPD 8OXVODUDUDV $YUXSD %LUOLLQH *LUL 6UHFLQGH .RELOHU 7UNL\H YH %HQ]HU hONH 'HQH\LPOHUL 6HPSR]\XPX %DQGUPD    0D\V 

 g=*(1(5  %\PH 6UHFLQGHNL .RELOHULQ <|QHWLP 9H 2UJDQL]DV\RQ

6RUXQODU 1HYHKLU 8Q 6DQD\LL gUQHL (UFL\HV hQLYHUVLWHVL NWLVDGL 9H

3$7( - 0 YH 3 % %($80217 7KH (XURSHDQ /RZ &RVW $LUOLQH ,QGXVWU\7KH 0DQDJHPHQW -RXUQDO 9RO  1R   

GDUL %LOLPOHU )DNOWHVL 'HUJLVL 6D\  6V   2FDN+D]LUDQ 

,QWHUSOD\ RI %XVLQHVV 6WUDWHJ\ DQG +XPDQ 5HVRXUFHV (XURSHDQ

5$8% 6 YH ( 0 675(,7 5HDOLVWLF 5HFUXLWPHQW $Q (PSLULFDO 6WXG\ 2I 7KH &UXLVH ,QGXVWU\ ,QWHUQDWLRQDO -RXUQDO 2I &RQWHPSRUDU\ +RVSLWDOLW\ 0DQDJHPHQW 9ROXPH  1R   

58662 *  *257(5 & YH 5 6&+(77.$7 6HDUFKLQJ +LULQJ $QG /DERXU 58662 * 5,(79(/' 3 1,-.$03 3 YH & *257(5 ,VVXHV ,Q 5HFUXLWPHQW &DUHHU 0DQDJHPHQW 9ROXPH  1XPEHU    0DUNHW &RQGLWLRQV /DERXU (FRQRPLFV 9ROXPH  

6WUDWHJLHV $Q (FRQRPLF 3HUVSHFWLYH 7KH ,QWHUQDWLRQDO -RXUQDO 2I

6$<,1 . (PHN 3L\DVDVQGD $UDFON YH g]HO VWLKGDP %URODU 7UNL\H 63,1(//, / 5HFUXLWLQJ 6WUDWHJLHV :LWK 7KH 7LPHV $FFRXQWLQJ 7RGD\ 9RO  67(:$57 - YH 9 .12:/(6 *UDGXDWH 5HFUXLWPHQW $QG 6HOHFWLRQ,PSOLFDWLRQV IRU +( *UDGXDWHV $QG 6PDOO %XVLQHVV 5HFUXLWHUV &DUHHU 'HYHORSPHQW ,QWHUQDWLRQDO 9ROXPH  1XPEHU    1R  $SULO   .XUXPX <D\QODU 1R  $QNDUD 

6$87+(5 ' 5HFUXLWPHQW 6RXUFHV )ORULVW 9RO  ,VVXH  2FW 

6721( ' /  6721(520(52 ( ) YH . /8.$6=(:6., )DFWRUV $IIHFWLQJ 7KH $FFHSWDQFH $QG (IIHFWLYHQHVV 2I (OHFWURQLF +XPDQ 5HVRXUFH  6\VWHPV +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ 9ROXPH   6721( ' / 7KH 6WDWXV 2I 7KHRU\ $QG 5HVHDUFK ,Q +XPDQ 5HVRXUFH +HUH" +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ   

0DQDJHPHQW :KHUH +DYH :H %HHQ $QG :KHUH 6KRXOG :H *R )URP

 6721( ' / 6721(520(52 ( ) YH . 0 /8.$6=(:6., 7KH ,PSDFW 2I &XOWXUDO 9DOXHV 2Q 7KH $FFHSWDQFH $QG (IIHFWLYHQHVV 2I +XPDQ 5HVRXUFH 5HYLHZ 9ROXPH     0DQDJHPHQW 3ROLFLHV $QG 3UDFWLFHV +XPDQ 5HVRXUFH 0DQDJHPHQW 6752+0(,(5 6 5HVHDUFK ,Q (+50 5HYLHZ $QG ,PSOLFDWLRQV +XPDQ 68%5$021< 5HVRXUFH 0DQDJHPHQW 5HYLHZ    0 :K\ 2UJDQL]DWLRQV $GRSW 6RPH +XPDQ 5HVRXUFH

0DQDJHPHQW 3UDFWLFHV DQG 5HMHFW 2WKHUV $Q ([SORUDWLRQ RI 5DWLRQDOHV +XPDQ 5HVRXUFH 0DQDJHPHQW  9RO  1R   6XPPHU    0LVVLQJ 2XW 2Q 7KH 0LON 5RXQG %RRNVHOOHU ,VVXH 

6:$1 .DWH

7$129$ & YH + 1$',5, 5HFUXLWPHQW $QG 7UDLQLQJ 3ROLFLHV $QG 3UDFWLFHV 7KH 7UDLQLQJ 9ROXPH  1XPEHU   

&DVH 2I 7XUNH\ $V $Q (8 &DQGLGDWH -RXUQDO 2I (XURSHDQ ,QGXVWULDO

7$129$ & )LUP 6L]H DQG 5HFUXLWPHQW 6WDIILQJ 3UDFWLFHV LQ 6PDOO DQG /DUJH 9ROXPH  1XPEHU   

2UJDQLVDWLRQV LQ 1RUWK &\SUXV &DUHHU 'HYHORSPHQW ,QWHUQDWLRQDO

7$</25 6 0 9H ' : 6&+0,'7 $ 3URFHVV2ULHQWHG ,QYHVWLJDWLRQ RI 7,33(5 - +RZ 7R ,QFUHDVH 'LYHUVLW\ 7KURXJK <RXU 5HFUXLWPHQW 3UDFWLFHV ,QGXVWULDO $QG &RPPHUFLDO 7UDLQLQJ 9ROXPH  1XPEHU    5HFUXLWPHQW 6RXUFH (IIHWLYHQHVV 3HUVRQQHO 3V\FKRORJ\ 9ROXPH  

76. 7UNL\H YHUHQ 6HQGLNDODU .RQIHGHUDV\RQX QFHOHPH <D\QODU JF 7h5.(5 0 <$5%$, ( 2 ( g5(5/(5 7KH ([SHULHQFH RI 60(V Q $YUXSD %LUOLLQH *LUL 6UHFLQGH .RELOHU 7UNL\H YH %HQ]HU hONH 'HQH\LPOHUL 6HPSR]\XPX  %DQGUPD  0D\V  3L\DVDODUQGD g]HO VWLKGDPQ gQHPL <D\Q 1R  

7XUNH\ $ &RPSXOVLYH 3URFHVV 7KURXJK (8 0HPEHUVKLS 8OXVODU DUDV

 7h7h1&h g 7$5/$1 ' YH 1 0$0<5.8/29 6H\DKDW $FHQWDODUQGD

dDODQODUQ H $OPD 6UHFLQL $OJODPDODU YH ]PLU OL gUQHL 'RNX] (\OO hQLYHUVLWHVL 6RV\DO %LOLPOHU (QVWLWV 'HUJLVL &LOW  6D\    

86/8 6 YH < '(05(/ .RELOHUGH dDODQODUQ 6RUXQODU h]HULQH %LU   

$UDWUPD (JH hQLYHUVLWHVL 6RV\DO %LOLPOHU (QVWLWV 'HUJLVL 6D\ 

h6'.(1 % YH 6 $ :$67 7UNL\HGH $NDGHPLN %LU QFHOHPH $ODQ 2ODUDN 'HUJLVL &LOW  6D\    (\OO 

3HUVRQHO YH\D QVDQ .D\QDNODU <|QHWLPL  $PPH GDUHVL

9,17(1 * 6NLOOV 6KRUWDJH $QG 5HFUXLWPHQW ,Q 7KH 60( 6HFWRU &DUHHU :,/.,1621 $ 8VH 5HFUXLWPHQW $GYHUWLVLQJ $JHQFLHV 3HRSOH 0DQDJHPHQW :,0%86+ - & 9RO  ,VVXH   6SRWOLJKW RQ +XPDQ 5HVRXUFH 0DQDJHPHQW %XVLQHVV 'HYHORSPHQW ,QWHUQDWLRQDO 9ROXPH  1XPEHU   

<$5$/,2/8 7 YH . <$5$/,2/8 OHWPHOHUGH 3HUVRQHO <|QHWLPL 

+RUL]RQV 9ROXPH  ,VVXH  1RYHPEHU'HFHPEHU 

)RQNVL\RQODU 'RNX] (\OO hQY %) 'HUJLVL &LOW 6D\ V

<h.6(/ 0 .2%OHUGH QVDQ .D\QDNODU <|QHWLPL YH dDODQ 0HPQXQL\HWL  $UDON 

.RELOHU YH 9HULPOLOLN .RQJUHVL .RQJUH .LWDE  VWDQEXO  

=$1'(5 ( *HOHFHLQ OHWPH YH 3HUVRQHO 3ROLWLNDV dHY 0 < 7,1$5 'RNX] =$772/, 0$ YH -3 :$1286 5HFUXLWPHQW 6RXUFH 5HVHDUFK &XUUHQW 6WDWXV DQG 9ROXPH 1XPEHU   )XWXUH 'LUHFWLRQV +XPDQ 5HVRXUFH 0DQDJHPHQW (\OO hQLYHUVLWHVL %) 'HUJLVL &LOW  6D\   V 

5HYLHZ

 =())$1( 5 YH * 0$<2 3ODQQLQJ IRU +XPDQ 5HVRXUFHV LQ WKH V 9RO  1R   

'HYHORSPHQW RI DQ 2SHUDWLRQ 0RGHO ,QWHUQDWLRQDO -RXUQDO RI 0DQSRZHU * 21(// $Q (PSULFDO 6WXG\ RI +LJK

=+(1* & 0255,621 0 YH

3HUIRUPDQFH +50 3UDFWLFHV LQ &KLQHVH 60(V  ,QWHUQDWLRQDO -RXUQDO RI +XPDQ 5HVRXUFH 0DQDJHPHQW 9ROXPH  ,VVXH    2FWREHU

=2772/, $ 0 YH - 3 :$1286 5HFUXLWPHQW 6RXUFH 5HVHDUFK &XUUHQW 6WDWXV DQG )XWXUH 'LUHFWLRQV +XPDQ 5HVRXUFH 0DQDJHPHQW 5HYLHZ 9ROXPH  1XPEHU   



'LHU

KWWSZZZGSWJRYWUEJ\XELLGLEEVKWPO  d2%$1 * 3HUVRQHO %XOPD YH 6HoPH  $XVWRV  KWWSZZZELOJL\RQHWLPLRUJVXQXODUSHUVRQHOBVHFLPLBGRV\DODUIUDPHKWP

<,/0$= ) NWLVDGL $UDWUPDODU YH 3ODQODPD 0GUO 7UNL\HGH .oN 9H WUBNRELOHUSGI  

2UWD %R\ OHWPHOHU .RELOHU  KWWSZZZLVEDQNFRPWUGRV\DHNRQ

g=*(1 + YH 6 '2$1   .RELOHULQ 8OXVODU DUDV 3D]DUODUD $oOPDGD .DUODWNODU 7HPHO <|QHWLP 6RUXQODU KWWSZZZGWPJRYWUHDG'7'(5*QLVDQNRELKWP

35$07 '$1,0$1/,.   

KWWSZZZDYUXSDGDWDFRPPDNDOH"PLG  2NX 0DNDOH2NX %%  $XVWRV KWWSZZZVXUYH\V\VWHPFRPVVFDOFKWP VVQHHGHG 6DPSOH 6L]H &DOFXODWHU 2FDN KWWSWUZLNLSHGLDRUJZLNL0RGHOB VR\XW  .DVP 

(;,0%$1. KWWSZZZH[LPEDQNJRYWUGX\XUXODUNRELGX\XUXGRF 

 +$/.%$1. KWWSZZZKDONEDQNFRPWUFKDQQHOVDVS"LG  

+$=1( KWWSZZZKD]LQHJRYWUPHY]XDW.RELB'HVWHNB6LVWHPLSGI  .26*(% 

KWWSZZZLNLWHOOLNRVJHEJRYWUSULQWDVS"FDLG  FLG 

%$78+$1 ( +UUL\HW *D]HWHVL 5HNODP .RRUGLQDW|U +UUL\HW *D]HWHVL V  (5'(0 % YH ( .$%$.d, 2WHO OHWPHOHULQGH QWHUQHW h]HULQGHQ H $OP  

h]HULQH $PSLULN %LU $UDWUPD 2VPDQJD]L hQLYHUVLWHVL NWLVDGL YH GDUL %LOLPOHU )DNOWHVL  8OXVDO %LOJL (NRQRPL YH <|QHWLP .RQJUHVL .DVP  KWWSLLEIRJXHGXWUNRQJUHELOGLULOHUSGI   KWWSZZZLQVDQND\QDNODULFRPFQ&RQWHQW3ULQWDVS"%RG\,'  

*gd*h1 3 H $OPGD +]OD <D\JQODDQ %LU <|QWHP (LH $OP

%h<h.&$1 7 3HUVRQHO 7HGDULN YH 6HoLPL%LU 8\JXODPD <D\PODQPDP 6DNDU\D 

<NVHN /LVDQV 7H]L 6DNDU\D hQLYHUVLWHVL 6RV\DO %LOLPOHU (QVWLWV

*h5/(5 * .RELOHUGH QVDQ .D\QDNODU 6HoLP 6UHFL 6DNDU\D 8\JXODPDV  (QVWLWV 6DNDU\D 

<D\PODQPDP <NVHN /LVDQV 7H]L 6DNDU\D hQLYHUVLWHVL 6RV\DO %LOLPOHU



(./(5

(.  $1.(7 )2508

6D\Q <HWNLOL

VDGHFH DNDGHPLN oDOPD DPDoO NXOODQODFDN ROXS NHVLQOLNOH JL]OL WXWXODFDNWU DQNHW VRUXODUQ \DQWODGQ] LoLQ WHHNNU HGHUL]

QVDQ ND\QDNODU \|QHWLPLQH LOLNLQ ELU DUDWUPD \DSOPDNWDGU <DQWODU /WIHQ VL]H X\JXQ RODQ VHoHQHL ; HNOLQGH LDUHWOH\LQL] dDOPDP]D NDWOS
3URI 'U +DVDQ %&2/8  $U *|U %HOPD $.

$ '(02*5$). g=(//./(5 $ <DQ]    $ &LQVL\HWLQL]   (UNHN  'RNWRUD0DVWHU  OHWPH

6'h %) gUHWLP h\HVL   YH ]HUL

 

$ (LWLP GXUXPXQX]   2UWD |UHWLP

 %D\DQ

 

 

 /LVH

 gQOLVDQV

 /LVDQV

$ hQLYHUVLWH PH]XQX LVHQL] PH]XQ ROGXXQX] E|OP  OHWPH 0KHQGLVOLL  NWLVDW

$ 0HGHQL GXUXPXQX]   %HNDU

 (QGVWUL 0KHQGLVOLL  (YOL

 0DOL\H

 .DPX <|QHWLPL

 'LHU %HOLUWLQL]   'XO%RDQP

$ dDOWQ] \HUGHNL J|UHYLQL]  <|QHWLFL

$ +DOHQ oDOPDNWD ROGXXQX] L\HULQL]GHNL oDOPD VUHQL]    \O   \O   \O

 VDKLEL\|QHWLFL

 'LHU %HOLUWLQL]    \O   \O YH ]HUL   \O YH ]HUL

 QVDQ .D\QDNODU <|QHWLFLVL

$ %XOXQGXXQX] SR]LV\RQGDNL J|UHYLQL]GHNL oDOPD VUHQL]   \O   \O   \O

  \O


%)50$ %/*/(5

% OHWPHQL]LQ EXOXQGXX LO  ,VSDUWD % )DDOL\HW J|VWHUGLLQL] VHNW|U  7HNVWLO  QDDW  *GD  8ODP  0RELO\D

% OHWPHQL]LQ IDDOL\HW DODQ  PDODW

 +L]PHW  %XUGXU

 7LFDUHW

 $QWDO\D  7XUL]P

 'LHU  .HUHVWH

% \HULQL]GH oDODQ SHUVRQHO VD\V  \O  % OHWPHQL]GH ELU LJ|UHQ RUWDODPD NDo \O oDOPDNWDGU" % QWHUQHWWH ILUPDQ]D DLW ELU ZHE VLWHQL] YDU P" % OHWPHQL]H DLW L EDYXUX IRUPXQX] YDU P" &16$1 .$<1$./$5, <g1(70 <$3,6,  QVDQ .D\QDNODU 'HSDUWPDQ    \O    \O   \O   \O   \O YH ]HUL  (YHW  (YHW  +D\U  +D\U

 'LHU %HOLUWLQL] 

 2WRPRWLY

& OHWPHQL]GH LQVDQ ND\QDNODUQD LOLNLQ RSHUDV\RQODU \UWHQ E|OPQ]Q DG QHGLU"  3HUVRQHO 'HSDUWPDQ  GDUL OHU 'HSDUWPDQ  'LHU

& QVDQ ND\QDNODU GHSDUWPDQQGD oDODQ .<GHQ VRUXPOX SHUVRQHO VD\V VDNO\RU PXVXQX]"  (YHW  +D\U

 OHWPHPL]GH QVDQ .D\QDNODUQGDQ VRUXPOX D\U ELU GHSDUWPDQ \RNWXU

& $GD\ YH\D &9 |]JHoPLEDYXUX KDYX]XQX] YDU P " %DYXUXODU LOHUGH NXOODQPDN DPDF\OD & QVDQ .D\QDNODU <|QHWLPL LOH LOJLOL ELU HLWLP DOGQ] P

& QVDQ ND\QDNODU WHPLQLQGH .26*(%GHQ GHVWHN DO\RU PXVXQX]"  (YHW & OHWPHQL]GH LQVDQ ND\QDNODU\OD LOJLOL NLL YH\D ELULP NLPHQHUH\H EDOGU"  EDND ELU E|OPH EDOGU EHOLUWLQL]   GRUXGDQ WHSH \|QHWLFLVLQH EDOGU  EDPV]GU |]HUNWLU

 (YHW %HOLUWLQL] 

 +D\U

 +D\U

& OHWPHQL]GH LQVDQ ND\QDNODU SODQODPDVQ NLP \DSDU"  VW \|QHWLP WDUDIQGDQ \DSOU

 GDUGDQ ELU X]PDQOD LQVDQ ND\QDNODU ELULP \|QHWLFLVL ELUOLNWH \DSDU  \DSOPD]

 LQVDQ ND\QDNODU ELULPL WDUDIQGDQ \DSOU



& QVDQ ND\QDNODU SODQODPDVQGD GLNNDWH DOGQ] KXVXVODU QHOHUGLU"  SHUVRQHO GHYLU K]  WHNQRORMLN JHOLPHOHU  SHUVRQHOLQ \D GXUXPX  SODQODQDQ \DWUPODU

 SHUVRQHOLQ GHYDPV]ON GXUXPX  VDW KDFPLQGHNL DUWD]DO

 'LHU EHOLUWLQL]  & QVDQ ND\QDNODU SODQODPDVQ KDQJL G|QHPOHU LoLQ \DSDUVQ]"   D\ LoLQ   D\ \O   \O

& OHWPHQL]GH LQVDQ ND\QDNODU WHPLQLQGHQ DGD\ EXOPDNWDQ NLP VRUXPOXGXU"  QVDQ ND\QDNODU GHSDUWPDQ  *HQHO 0GU   'LHU EHOLUWLQL]  OJLOL ELULP \|QHWLFLVL  OJLOL ELULP \|QHWLFLVL

  \O YH ]HUL

&  OHWPHQL]GH LQVDQ ND\QDNODU VHoLPLQGHQ EXOXQDQ DGD\ODU LoHULVLQGHQ NLP VRUXPOXGXU"  *HQHO 0GU QVDQ ND\QDNODU GHSDUWPDQ  'LHU EHOLUWLQL]

& OHWPHQL]GH LQVDQ ND\QDNODU WHPLQLQGH KDQJL ND\QDNODUGDQ \DUDUODQOU"  Lo ND\QDNODUGDQ \DUDUODQOU WHUIL YE  Lo YH G ND\QDNODUGDQ \DUDUODQOU  G ND\QDNODUGDQ \DUDUODQOU L EXOPD NXUXPODU LODQ YE

& %X VRUX\X ILUPDVQD DLW ZHE VLWHVL RODQODU FHYDSODQGUDFDNWU (OHPDQ LKWL\DFQ] NHQGL ZHE VLWHQL]GHQ GX\XUX\RU PXVXQX]  (YHW  +D\U

NXOODQODQD  HQ D] NXOODQODQD  YHUHUHN SDUDQWH] EROXNODUQD QXPDUDODQGUQ] .GHPH J|UH WHUIL\NVHOPH NLLQLQ NGHPL \HWHUOL\VH ELU VW SR]LV\RQD DOUP o WUDQVIHUOHU NLL\L LKWL\Do RODQ ELU EDND E|OPH DOUP

& 3HUVRQHO WHPLQLQGH Lo ND\QDNODUGDQ HQ oRN NXOODQGQ] \|QWHPOHUL VUDOD\Q] (Q oRN

3HUIRUPDQVD J|UH WHUIL\NVHOPH NLLQLQ SHUIRUPDQVEDDUV \NVHNVH ELU VW SR]LV\RQD DOUP ]HQJLQOHWLUPH JHQLOHWPH NLLQLQ L \NQ YH VRUXPOXOXXQX DUWUUP J|UHYOHQGLULULP

5RWDV\RQ JHoLFL J|UHYOHQGLUPHNLL\L LKWL\Do GX\XODQ E|OPGH LKWL\Do JLGHULOHQH NDGDU

& o ND\QDNODU HQ oRN NXOODQGQ] NDGHPH KDQJLVLGLU"

 $OW NDGHPH oDODQODU  2UWD NDGHPH oDODQODU  hVW NDGHPH oDODQODU \|QHWLFLOHU


& H DOPODUGD G ND\QDNODUGDQ HQ oRN NXOODQGQ] \|QWHPOHUL VUDOD\Q] (Q oRN NXOODQODQD  HQ D] NXOODQODQD  YHUHUHN SDUDQWH] EROXNODUQD QXPDUDODQGUQ] '8<858 ODQ YE 17(51(7 '258'$1 %$9858 <$3$1/$5 9(<$ &9 |]JHoPL *g1'(5(1/(5 /*/ .858/8/$5 YH oL %XOPD .XUXPX YE d(95( HGRVW oDODQ SHUVRQHO YH oHYUHVL '(5 %HOLUWLQL] 

(Q oRN NXOODQODQD  HQ D] NXOODQODQD  YHUHUHN SDUDQWH] EROXNODUQD QXPDUDODQGUQ] *|UQWO PHG\D \HUHOXOXVDO 79 <D]O PHG\D \HUHOXOXVDO JD]HWH GHUJL (O EURUOHUL 'XYDU DILOHUL

& 'X\XUX LODQ \|QWHPLQL NXOODQ\RUVDQ] DDGDNLOHUGHQ KDQJLVLQL WHUFLK HWWLLQL]L VUDOD\Q]

WHUFLKLQL]H  LNLQFL\H  YHUHUHN QXPDUDODQGUQ]

&

$GD\ EXOPDGD LQWHUQHWL NXOODQ\RUVDQ] |QFHOLNOH KDQJLVLQL NXOODQ\RUVXQX]"

%LULQFL

.HQGL ZHE VLWHPL]L NXOODQ\RUX] QWHUQHWWHNL SURIHV\RQHO LQVDQ ND\QDNODU VLWHOHULQL NXOODQ\RUX] NDUL\HUQHW HNROD\QHW YE .XOODQGQ] VLWHQLQ LVPLQL EHOLUWLQL]  & $GD\ EXOPDGD LOJLOL NXUXOXODUGDQ \DUDUODQ\RUVDQ] DDGDNLOHUGHQ KDQJLVLQL WHUFLK HWWLLQL]L VUDOD\Q] (Q oRN NXOODQODQD  HQ D] NXOODQODQD  YHUHUHN SDUDQWH] EROXNODUQD QXPDUDODQGUQ] YH oL %XOPD .XUXPX QVDQ .D\QDNODU )LUPDODU g]HO VWLKGDP %URODU YE 6HQGLNDODU YH 0HVOHNL .XUXOXODU hQLYHUVLWHOHULQ .DUL\HU *QOHUL 2NXOODU 0HVOHN OLVHOHUL YE J|UHQ NLUDODPD 7DHURQODU

VUDOD\Q] (Q oRN NXOODQODQD  HQ D] NXOODQODQD  YHUHUHN SDUDQWH] EROXNODUQD QXPDUDODQGUQ] (GRVW WDQGN WDYVL\HVL 3HUVRQHO oDODQ WDYVL\HVL $\Q VHNW|UGHNL GLHU ILUPDODU

& $GD\ EXOPDGD oHYUHQL]GHQ \DUDUODQ\RUVDQ] DDGDNLOHUGHQ KDQJLVLQL WHUFLK HWWLLQL]L


& XDQ PHYFXW oDODQODUQ]Q QH NDGDUQ DDGD EHOLUWLOHQ \ROODUOD LH DOGQ] LDUHWOH\LQL]  YH DOW 'X\XUXODQ .HQGLOLLQGHQ EDYXUDQODU dHYUH QWHUQHW OJLOL .XUXOXODU & (Q oRN NXOODQGQ] \|QWHPL WHUFLK HWPHQL]LQ HQ |QHPOL QHGHQL QHGLU"  0DOL\HWL D]     YH ]HUL

 'DKD oRN VD\GD DGD\D XODODELOL\RU  6HoLP VUHFLQGH GDKD oDEXN VRQXo DODELOL\RUX]  dHYUHPL]LQ oRN JHQL ROPDV  LUNHW LPDMQ JoOHQGLUPHN LoLQ

 'DKD ID]OD NDOLIL\H HOHPDQ EXOXQDELOL\RU

& ' ND\QDNODU HQ oRN NXOODQGQ] NDGHPH KDQJLVLGLU"

 $OW NDGHPH oDODQODU  2UWD NDGHPH oDODQODU  hVW NDGHPH oDODQODU \|QHWLFLOHU

& LQ JHUHNOHUL QHGHQL\OH QLWHOLNOHUL D] RODQ HOHPDQ |UQHLQ NDSF oD\F YE DUDGQ]GD KDQJL \|QWHPL WHUFLK HGL\RUVXQX]  'X\XUX  OJLOL NXUXOXODU  QWHUQHW  .HQGLOLLQGHQ EDYXUDQODU YH |]JHoPL EUDNDQODU  dHYUH  'LHU %HOLUWLQL]

& LQ JHUHNOHUL QHGHQL\OH QLWHOLNOHUL ID]OD RODQ HOHPDQ DUDGQ]GD KDQJL \|QWHPL WHUFLK HGL\RUVXQX]  'X\XUX  QWHUQHW  .HQGLOLLQGHQ EDYXUDQODU YH |]JHoPL EUDNDQODU  dHYUH

 OJLOL NXUXOXODU

 'LHU %HOLUWLQL]


$DGD LQVDQ ND\QDNODU WHPLQL LOH LOJLOL WXWXP YH GQFHOHULQL]H \|QHOLN VRUXODU EXOXQPDNWDGU $DGDNL LIDGHOHUGH EHOLUWLOHQ GXUXPODUD QH GHUHFH .$7,/',,1,=, LDUHWOH\LQL]

.DWOP\RUXP



$GD\ EXOPDN LoLQ NXOODQGP] WHNQLNOHU LOH HOHPDQGD DUDGP] QLWHOLNOHU DUDVQGD LOLNL YDUGU

 $GD\ EXOPDN LoLQ \HQL WHNQLNOHU NXOODQPDNWDQ oHNLQPH\L]    $GD\ EXOPDN LoLQ NXOODQGP] WHNQLNOHU VDGHFH EL]LP VHNW|UP]H DLWWLU $GD\ EXOPDN LoLQ NXOODQGP] WHNQLNOHULQ VHoLPLQGH VUHJHOHQ DONDQONODUP]Q HWNLVLQGH NDOPD\] NDOLWHVLQL HWNLOHPHNWHGLU GDKD \NVHNWLU LUNHW LPDMP] L EXOPDN LoLQ EDYXUDQ DGD\ VD\VQ YH

 dDODQ WDYVL\HVL LOH LH DOGP] HOHPDQODUQ SHUIRUPDQV 7DQGN WDYVL\HVL LOH LH DOGP] HOHPDQODUQ SHUIRUPDQV GDKD \NVHNWLU \NVHNWLU QWHUQHW \ROX LOH LH DOGP] HOHPDQODUQ SHUIRUPDQV GDKD .HQGLOLLQGHQ EDYXUDQ YH |]JHoPL EUDNDQ HOHPDQODUQ SHUIRUPDQV GDKD \NVHNWLU g]HO LVWLKGDP EURODU YH LQVDQ ND\QDNODU ILUPDODU \NVHNWLU

  



DUDFO\OD LH DOGP] HOHPDQODUQ SHUIRUPDQV GDKD 'X\XUX YH LODQ \ROX LOH LH DOGP] HOHPDQODUQ SHUIRUPDQV GDKD \NVHNWLU



NDWOP\RUXP

.DWO\RUXP

NDWO\RUXP

NDWO\RUXP

7DPDPHQ

.VPHQ

+Lo



.VPHQ NDWO\RUXP

    

YH oL %XOPD .XUXOXODU DUDFO\OD LH DOGP] HOHPDQODUQ SHUIRUPDQV GDKD \NVHNWLU NVD VUHGH D\UOPDNWDGUODU NVD VUHGH D\UOPDNWDGUODU dDODQ WDYVL\HVL LOH LH DOGP] HOHPDQODU LOHULQGHQ GDKD 7DQGN WDYVL\HVL LOH LH DOGP] HOHPDQODU LOHULQGHQ GDKD QWHUQHW \ROX LOH LH DOGP] HOHPDQODU LOHULQGHQ GDKD NVD VUHGH D\UOPDNWDGUODU .HQGLOLLQGHQ EDYXUDQ YH &9 EUDNDQ HOHPDQODU LOHULQGHQ GDKD NVD VUHGH D\UOPDNWDGUODU g]HO LVWLKGDP EURODU YH LQVDQ ND\QDNODU ILUPDODU D\UOPDNWDGUODU

 DUDFO\OD DOGP] HOHPDQODU LOHULQGHQ GDKD NVD VUHGH 'X\XUX YH LODQ \ROX LOH LH DOGP] HOHPDQODU LOHULQGHQ GDKD NVD VUHGH D\UOPDNWDGUODU YH oL %XOPD .XUXOXODU DUDFO\OD LH DOGP]

     

HOHPDQODU LOHULQGHQ GDKD NVD VUHGH D\UOPDNWDGUODU 2ODDQVW G|QHPOHUGH NUL]DU WDOHS YE NXOODQGP] DGD\ EXOPD WHNQLNOHUL GHLPHNWHGLU VHoLP NDUDUP]GD HWNLOLGLU J|UHQ VHoLPLQGH DGD\ EXOGXXPX] ND\QDN \|QWHP  0DGGL LPNDQV]ONODU QHGHQL\OH NXOODQPDN LVWHGLLPL] ED] DGD\ EXOPD \|QWHPOHULQL NXOODQDP\RUX] HWNLOHGLLQH LQDQ\RUXP EDYXUXVX UHGGHGLOHQ DGD\ODUQ LUNHW LPDMQ N|W

+Lo NDWOP\RUXP

.DWOP\RUXP

.DWO\RUXP

NDWO\RUXP

7DPDPHQ



.VPHQ NDWO\RUXP

      

.XOODQGP] DGD\ EXOPD \|QWHPOHULQL |QFHOLNOH HNRQRPLN ROGXX LoLQ WHUFLK HGL\RUX] GRUXGDQ EDODQWOGU %DYXUDQ DGD\ODUQ NDOLWHVL DGD\ EXOPD \|QWHPL LOH hONHPL]GH LVL]OLN RUDQQQ \NVHN ROPDV oRN ID]OD DGD\ EXOPD \|QWHPL NXOODQPDP]D LKWL\Do EUDNP\RU HGL\RUXP .DOLIL\H HOHPDQ DUDGPGD Lo ND\QDNODU NXOODQPD\ WHUFLK .DOLIL\H HOHPDQ DUDGPGD G ND\QDNODU NXOODQPD\ WHUFLK HGL\RUXP HGL\RUXP 9DVIV] HOHPDQ DUDGPGD Lo ND\QDNODU NXOODQPD\ WHUFLK 9DVIV] HOHPDQ DUDGPGD G ND\QDNODU NXOODQPD\ WHUFLK HGL\RUXP

+Lo NDWOP\RUXP

.DWOP\RUXP

.DWO\RUXP

NDWO\RUXP

7DPDPHQ

 (.  *h9(1/5/. $1$/= 6218d/$5,


5HOLDELOLW\ 6WDWLVWLFV

$OSKD %DVHG &URQEDFK


V $OSKD  6WDQGDUGL]HG ,WHPV  RQ

&URQEDFK
V

1 RI ,WHPV 

,WHP7RWDO 6WDWLVWLFV

6FDOH 0HDQ LI ,WHP 'HOHWHG ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '                

,WHP 'HOHWHG                

9DULDQFH LI

6FDOH

&RUUHODWLRQ                

,WHP7RWDO

&RUUHFWHG

6TXDUHG &RUUHODWLRQ                 0XOWLSOH

$OSKD LI ,WHP 'HOHWHG                

&URQEDFK
V



' ' ' ' ' ' ' ' ' ' ' ' ' '

             

             

             

             

             

,WHP 6WDWLVWLFV

0HDQ ' ' ' ' ' ' ' ' ' ' ' ' '             

6WG 'HYLDWLRQ             

1             



' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '

                

                

                

 g=*(d0 .LLVHO %LOJLOHU

$G YH 6R\DG %HOPD .(./. 'RXP <HUL ,VSDUWD 0HGHQL +DOL (YOL (LWLP 'XUXPX 'RXP 7DULKL 

/LVH ,VSDUWD /LVHVL

/LVDQV VWDQEXO hQLYHUVLWHVL OHWPH )DNOWHVL QJLOL]FH OHWPH OHWPH $QDELOLP 'DO <DEDQF 'LOOHU YH ']H\L  QJLOL]FH dRN \L

<NVHN /LVDQV 6OH\PDQ 'HPLUHO hQLYHUVLWHVL 6RV\DO %LOLPOHU (QVWLWV

%LOLPVHO <D\QODU YH dDOPDODU

$ODQQGD \XUWLoLQGH \D\PODQDQ NLWDSWD E|OP YH QLWH \D]DUO  6366 8\JXODPDO dRN 'HLNHQOL VWDWLVWLN 7HNQLNOHUL  %|OP  6366 8\JXODPDO dRN 'HLNHQOL VWDWLVWLN 7HNQLNOHUL  %|OP YDND WDNGLPL YH |]HW WUQGHQ \D\QODU GQGDNL PDNDOH

+DNHPOL GHUJLOHUGH \D\PODQDQ WHNQLN QRW HGLW|UH PHNWXS WDUWPD  $N % o 'HQHWLPLQ <|QHWLP $UDF 2ODUDN .XOODQOPDV  6'h NWLVDGL  $N %YH %HNoL  8OXVDO YH 8OXVODUDUDV 0XKDVHEH 6WDQGDUWODUQD *|UH  6D\  V  +D]LUDQ  YH GDUL %LOLPOHU )DNOWHVL 'HUJLVL & 6 V 

.RQVROLGDV\RQ YH %LU 8\JXODPD  0XKDVHEH %LOLP 'Q\DV 'HUJLVL &LOW

  ELFLROX + YH $N % $LOH OHWPHOHULQGH $LOH 'HHUOHULQLQ g]\HWHQHN 2OXWXUPD 3RWDQVL\HOLgUWO %LOJL (NVHQOL %LU $QDOL] %LOLPOHU (QVWLWV 'HUJLVL &LOW  6D\   V

dh 6RV\DO

8OXVDO WRSODQWGD VXQXODUDN |]HW PHWLQ RODUDN \D\PODQDQ ELOGLUL  ELFLROX + dDUNo  g]GDO . $N % $QWDO\DO g

6HNW|UQGH )DDOL\HW *|VWHUHQ $LOH OHWPHOHULQLQ %LULQFL YH NLQFL .XDN <|QHWLFLOHULQLQ 6WUDWHMLN <|QHWLP 3HUVSHNWLIOHULQGHNL )DUNOONODU  ;,,, VWDQEXO 

7HNVWLO

8OXVDO <|QHWLP YH 2UJDQL]DV\RQ .RQJUHVL %LOGLUL .LWDE V  ELFLROX + dDUNo  $YDU 1 $N % 2NVD\ $ .DUL\HUOHULQLQ ON '|QHPOHULQGHNL $NDGHPLV\HQ $GD\ODUQGD *YHQVL]OLLQLQ WHQ YH 2UJDQL]DV\RQ .RQJUHVL %LOGLUL .LWDE V VWDQEXO  $OQDQ 7DWPLQ YH gUJWVHO %DOONOD (WNLOHLPL  ;,,, 8OXVDO <|QHWLP 8OXVODUDUDV WRSODQWGD VXQXODUDN WDP PHWLQ RODUDN \D\PODQDQ ELOGLUL

 ELFLROX +  dDUNo . g]GDO $N % g $QWDO\DO YH $ 2NVD\ 2WWRPDQ (PSLUH 7KH 3HULRG RI *UHDW ([SDQVLRQ V   7KH 3RWHQWLDO RI .QRZOHGJH 5HODWHG 7R 7KH (GXFDWLRQ 2I /HDGHUVKLS ,Q

 ELFLROX +  dDUNo $N % $ 3URSRVDO $ERXW &RPSHWHWLYH 6WUXFWXUH 2I (PSOR\HH $JHQFLHV :LWKLQ 7KH (8 1HJRWLDWLRQV 1HWZRUN 2UJDQL]DWLRQV ,QWHUQDWLRQDO 6\PSRVLXP 2Q 7KH &KDQJHV $QG 7UDQVIRUPDWLRQV ,Q 7KH 6RFLR(FRQRPLF $QG 3ROLWLFDO 6WUXFWXUH 2I 7XUNH\ :LWKLQ 7KH (X 1HJRWLDWLRQV 'XPOXSQDU hQLYHUVLWHVL .WDK\D  ELFLROX + (UROX + 'RDQ + $N % 2NVD\ $ g]GDO . dXKDGDU 7 )XQFWLRQDOL]DWLRQ RI 7DFLW .QRZOHGJH )RU 7KH 7XUNLVK )LUPV $ERXW %UDQG &UHDWLRQ :LWKLQ 7KH (8 1HJRWLDWLRQV ,QWHUQDWLRQDO 6\PSRVLXP  0DUW 

2Q 7KH &KDQJHV $QG 7UDQVIRUPDWLRQV ,Q 7KH 6RFLR(FRQRPLF $QG 3ROLWLFDO 6WUXFWXUH 2I 7XUNH\ :LWKLQ 7KH (X 1HJRWLDWLRQV 'XPOXSQDU hQLYHUVLWHVL .WDK\D  0DUW 

 'LHU

GDUL *|UHYOHU

6OH\PDQ 'HPLUHO hQLYHUVLWHVL 1RUP .DGUR dDOPDODU 3URMHOHU

6OH\PDQ 'HPLUHO hQLYHUVLWHVL OHWPH %|OP (UDVPXV .RRUGLQDW|UO (8 6RFUDWHV &RPHQLXV (FR/DE (FRQRP\ DQG /DERXU 

Das könnte Ihnen auch gefallen