%58.6$19,61,1* 6 .b<77g -$ $6(11862+-( ),1 526(1/(: 1RU Nl\WW| 0LQXXWWL PDDOL KlO\WLQ R& 3DLVWRDLND 9DOPLVWXPLV DLND $XWR R& 5. .: ,QE\JJQDGVXJQ .DDSLVWRRQ DVHQQHWWDYD XXQL 5. .: 5. .
,QQHKnOOVI|UWHFNQLQJ 6lNHUKHWVLQIRUPDWLRQ )g5 $19b1'$5(1 %HVNULYQLQJ DY )|UH I|UVWD DQYlQGQLQJ DY XJQHQ 8JQHQ 3DQHOHQ /XFNVSlUU 8JQHQV YHQWLODWLRQ 6WlOO LQ NORFNDQ 5HQJ|U XJQ RFK WLOOEHK|U 9lUP XSS XJQHQ
6lNHUKHWVLQIRUPDWLRQ 8JQHQ InU HQGDVW DQYlQGDV L HQVNLOW KXVKnOO RFK I|U QRUPDO KXVKnOOVDQYlQGQLQJ 'HQ XSSI\OOHU LQWHUQDWLRQHOOD Vl NHUKHWVI|UHVNULIWHU RFK NYDOLWHWVQRUPHU 6DPWOLJD VlNHUKHWVnWJlUGHU NDQ GRFN LQWH WLOO IXOOR HOLPLQHUD DOOD RO\FNVULV NHU /lV GlUI|U QRJD LJHQRP DQYLVQLQJDU UnG RFK YDUQLQJVWH[WHU LQQDQ GX LQVWDOOHUDU RFK E|UMDU DQYlQGD XJQHQ *H VSHFL HOOW DNW Sn WH[WHU PHG HQ YDUQLQJVWULDQJHO I|U DWW XQGYLND VNDGRU Sn SHUVRQ HOOHU HJHQGRP ,QVWDOODWLRQ 8U VlNHUKHWVV\QSXQNW E|U XJQHQ
%HVNULYQLQJ DY 8JQHQ 3DQHO R& 1RUPDDOL Nl\WW| 0LQXXWWL KlO\WLQ 3DLVWRDLND 9DOPLVWXPLV DLND $XWR R& 5. .: .\OIOlNWHQV YHQWLODWLRQV|SSQLQJ /XFNVSlUU +DQGWDJ 8JQVOXFND PHG YlUPHUHIOHNWHUDQGH JODV 3DQHOHQ 526(1/(: & 1RUPDDOL Nl\WW| 0LQXXWWL KlO\WLQ 3DLVWRDLND 9DOPLVWXPLV DLND $XWR & %HO\VW I|QVWHU )XQNWLRQVYUHG .RQWUROODPSD 7HUPRVWDWODPSD 7HPSHUDWXUYUHG ,QIRUPDWLRQVI|QVWHU GLVSOD\HU .
/XFNVSlUU %DUQ lU Q\ILNQD DY QDWXUHQ RFK LQWUHVVHUDGH DY GHW PHVWD lYHQ XJQHQ 6H WLOO DWW OXFNVSlUUHQ lU L IXQNWLRQ Vn DWW LQ]WH VPn EDUQ NDQ |SSQD XJQVOXFNDQ 1lU VSlUUHQ NRSSODV LQ PnVWH XJQHQ YDUD VYDO DQQDUV ULVN I|U EUlQQVNDGRU .RSSOD LQ OXFNVSlUUHQ JHQRP DWW O\IWD VSlUUHQ RFK GUD IUDP VSlUUHQ VH ILJ 2%6 gSSQD I|UVW OXFNDQ gSSQD OXFNDQ RP VSlUUHQ lU LQNRSSODG JHQRP DWW WU\FND VSlUUHQ XSSnW VH ILJ .
)|UH I|UVWD DQYlQGQLQJ DY XJQHQ 6WlOO LQ NORFNDQ 1lU XJQHQ DQVOXWLWV HOHNWULVNW WLOO QlWHW EOLQNDU µ µ RFK µ$XWRµ L GHQ HOHNWURQLVND NORFNDQV LQIRU PDWLRQVI|QVWHU ,QQDQ GX NDQ DQYlQGD GLQ XJQ PnVWH UlWW WLG VWlOODV LQ $ 8 7 2 6WlOO NQDSS Sn V\PERO 7U\FN Sn NQDSSHQ I|U DWW DNWLYHUD IXQNWLRQHQ 1RUPDDOL Nl\WW| 9ULG LQVWlOOQLQJVNQDSS nW K|JHU HOOHU YlQVWHU WLOOV UlWW WLG YLVDV L I|QVWUHW 0LQXXWWL KlO\WLQ 3DLVWRDLND 9DOPLVWXPLV DLND $XWR VHNXQGHU HIWHU LQVWlOOG WLG E|UMDU
6n KlU DQYlQGHU GX NORFNDXWRPDWLNHQ 'HQ HOHNWURQLVND NORFNDQ JHU GLJ I|UXWRP UlWW WLG I|OMDQGH IXQNWLRQHU 6LJQDOXU $XWRPDWLVN DYVWlQJQLQJ DY YDOG XJQVIXQNWLRQ HIWHU LQVWlOOG WLOODJQLQJVWLG $XWRPDWLVN VWDUW RFK DYVWlQJQLQJ DY YDOG XJQV IXQNWLRQ RFK WLOODJQLQJVWLG 6WHNWHUPRPHWHU PHG DXWRPDWLVN XUNRSSOLQJ DY YDOG XJQVIXQNWLRQ YLG XSSQnGG LQVWlOOG N|WWHP SHUDWXU )|U VDPWOLJD IXQNWLRQHU JlOOHU I|OMDQGH 9ULG NQDSSHQ RFK YlOM IXQNWLRQ 7U\FN LQ NQDSSHQ I|U DWW DNWLYHUD IXQNWLRQHQ
$XWRPDWLVN DYVWlQJQLQJ DY XJQHQ 8JQHQ NDQ SURJUDPPHUDV Vn DWW GHQ VWlQJV DY HIWHU HQ EHVWlPG WLOODJQLQJVWLG $ 8 7 2 ,QVWlOOQLQJ 1RUPDDOL 6WlOO NQDSS Sn V\PERO RFK DNWLYHUD IXQNWLR QHQ WU\FN Sn NQDSSHQ Nl\WW| 0LQXXWWL KlO\WLQ 3DLVWRDLND 9DOPLVWXPLV 9ULG LQVWlOOQLQJVNQDSS RFK VWlOO LQ HQ WLOODJ QLQJVWLG 6\PEROHQ µ$XWRµ WlQGV L I|QVWUHW (I WHU VHNXQGHU YLVDV nWHU UlWW WLG L I|QVWUHW DLND $XWR )|U NRQWUROO DY LQVWlOOG WLG 7U\FN nWHU Sn NQDSSHQ RFK WLGHQ YLVDV
$XWRPDWLVN VWDUW RFK DYVWlQJQLQJ DY XJQHQ 8JQHQ NDQ I|USURJUDPPHUDV I|U DWW VWDUWD WLOODJ QLQJHQ YLG HQ VHQDUH WLGSXQNW 7 H[ GX PnVWH XW UlWWD HWW lUHQGH RFK YLOO KD PDWHQ NODU QlU GX NRP PHU KHP $ 8 7 2 1RUPDDOL Nl\WW| ,QVWlOOQLQJ KlO\WLQ 3DLVWRDLND 6WlOO NQDSS Sn V\PERO RFK DNWLYHUD IXQNWLR QHQ WU\FN Sn NQDSSHQ 9DOPLVWXPLV DLND $XWR 9ULG LQVWlOOQLQJVNQDSS RFK VWlOO LQ HQ WLOODJ QLQJVWLG 6\PEROHQ µ$XWRµ WlQGV L I|QVWUHW (I WHU VHNXQGHU YLVDV nWHU UlWW WLG L I|QVW
6WHNWHUPRPHWHU /lJJ N|WWHW L HQ XJQVIDVW IRUP 6WLFN LQ WHUPRPHWHUQ L N|WWHW Vn DWW VSHWVHQ OLJJHU PLWW L GHQ WMRFNDVWH GH OHQ 6H WLOO DWW GHQ LQWH OLJJHU PRW EHQ HOOHU QnJRW IHWW 6lWW LQ VWHNHQ L QHGUH GHOHQ DY XJQHQ 1RUPDDOL Nl\WW| ,QVWlOOQLQJ KlO\WLQ 3DLVWRDLND 6WlOO NQDSS Sn V\PERO $QVOXW VWHNWHUPRPHWHUQ WLOO XWWDJHW L XJQHQ (Q VLJQDO K|UV RFK VWHNWHUPRPHWHUIXQNWLRQHQ DNWL YHUDV , I|QVWUHW WLOO K|JHU YLVDV HQ I|ULQVWlOOG N|WWHPSHUDWXU RFK WLOO YlQVWHU GHQ WHPSHUDWXU N|WWHW KDU
8JQHQVXWU\PPHW $ /|VWDJEDUD XJQVVWHJDU % 9DUPOXIWVIOlNW RFK ULQJHOHPHQW & *ULOOHOHPHQW ' 7DNHOHPHQW ERWWHQHOHPHQWHW HM V\QOLJW ( 8JQVEHO\VQLQJ ) 8WWDJ I|U VWHNWHUPRPHWHU * 9HQWLODWLRQV|SSQLQJ PHG VMlOYUHQJ|UDQGH ILOWHU + 6OlW HPDOM FOHDQ HPDOM , .DWDO\VHPDOM . 'DWDVN\OW ' & * ( ( $ ) % , $ , , .
)XQNWLRQVYUHGHW 'HWWD YUHG NDQ YULGDV nW YlQVWHU HOOHU K|JHU %HO\V QLQJHQ WlQGV L XJQHQ RFK L YUHGHQV I|QVWHU 0 8JQHQ DYVWlQJG 8JQVEHO\VQLQJ /DPSDQ L XJQHQ WlQGV PHQ LQJD HOHPHQW NDQ NRSSODV LQ 9DUPOXIW 5LQJHOHPHQW RFK YDUPOXIWVIOlNW 3L]]D SDM 9DUPOXIW RFK XQGHUYlUPH *UDWLQHULQJ 0LQ JULOO RFK YDUPOXIWVIOlNW 9DUPOXIWVJULOOQLQJ 0LQ JULOO 'HW LQUH HOHPHQWHW L WDNHW JULOOHOHPHQW LQNRSSODW 0D[ JULOO %nGD JULOO RFK WDNHOHOHPHQWHQ gYHUYlUPH 7DNHOHPHQW 8QGHUYlUPH %RWWHQHOHPHQW gY
6n KlU DQYlQGHU GX 8JQHQ EOLU YDUP XQGHU DQYlQGQLQJ KnOO VPn EDUQ XQGHU XSSVLNW /lJJ DOGULJ DOXPLQLXPIROLH GLUHNW Sn XJQVERW WHQ (PDOMHQ NDQ VNDGDV Sn JUXQG DY |YHUKHWW QLQJ gYHU XQGHUYlUPH 7DN RFK ERWWHQHOHPHQW lU LQNRSSODGH .
3L]]D SDM /lPSOLJ WLOO GHJDU VRP LQQHKnOOHU OLWH HOOHU P\FNHW OLWH VRFNHU UlWWHU EDNYHUN VRP LQQHKnOOHU IUXNW HOOHU IXNWLJ I\OOQLQJ VRP W H[ SL]]D 6WUnOQLQJVYlUPHQ IUnQ XQGHUHOHPHQWHW JHU HQ H[WUD VSU|G RFK IlUJVDWW ERWWHQ gQVNDV HQ PD[LPDO SnYHUNDQ DY XQGHUYlUPHQ SODFH UDV SOnWHQ JDOOUHW Sn IDOV 9lOM FD OlJUH WHPSHUDWXU YDUPOXIW (Q GMXSIU\VW IlUGLJ SL]]D NDQ PHG I|UGHO VlWWDV LQ L NDOO XJQ 8QGHU XSSYlUPQLQJHQ WLQDU SL]]DQ VNRQ VDPW 1lU GX DQYlQGHU GHQQD IXQNWLRQ NDQ WLOODJQLQJ VNH L
7LSV RFK UnG $OOPlQW RP EDNQLQJ 7lQN Sn DWW NRQWUROOHUD JUlGGQLQJVWLGHQ QlU GX E|U MDU DQYlQGD HQ Q\ XJQ , PnQJD lOGUH UHFHSW ILQQV RIWD DQJLYHW HQ QnJRW K|J XJQVWHPSHUDWXU , GDJHQV PRGHUQD XJQDU VNHU JUlGGQLQJHQ YLG OlJUH WHPSHUDWXU 6lQN GlUI|U WHPSHUDWXUHQ RP JUlGG QLQJVWLGHQ lU I|U NRUW (Q I|U K|J WHPSHUDWXU JHU EO D HWW RMlPQDUH UHVXOWDW 9DUPOXIW 8WQ\WWMD YDUPOXIWHQ WLOO DWW ODJD PDW Sn IOHUD SOnWDU JDOOHU VDPWLGLJW 'X NDQ EODQGD ROLND UlWWHU W H[ I|U UlWW KXYXGUlWW RFK GHVVHUW Vn OlQJH
7DEHOOHU %DNQLQJ gYHU XQGHU )DOV 9DUPOXIW 7HPS & 7LG FD PLQ )DOV QLYn QLYnHU QLYnHU 7HPS & 7LG FD PLQ 0DWEU|G 0|UND SRUWLRQVEU|G /MXVD SRUWLRQVEU|G )RUPEU|G /lWWD OLPSRU 7XQJD OLPSRU +nONDNRU WHNDNRU
6WHNQLQJ 7\S DY N|WW gYHU XQGHU 9DUPOXIW ,QQHUWHPS L N|WW & &D WLG PLQ I|U NJJ )DOV 7HPS & )DOV 7HPS & 5RVWELII 1|WVWHN URVD 1|WVWHN JHQRPVWHNW 6NLQNVWHN .
6N|WVHO RFK UHQJ|ULQJ 8JQHQ 6H WLOO DWW XJQHQ lU WLOOUlFNOLJW DYVYDOQDG Vn DWW LQJHQ ULVN I|U EUlQQVNDGRU ILQQV 6OlW HPDOM 8JQHQV ERWWHQ KDU HQ VSHFLHOO µ(DV\ &OHDQµ HPDOM VRP XQGHUOlWWDU UHQJ|ULQJHQ 7RUND XU XJQHQ HIWHU DQYlQGQLQJ PHGDQV GHQ IRUWID UDQGH lU YDUP PHG IXNWLJ WUDVD RFK KDQGGLVNPHGHO *|U Vn KlU RP GHQ lU P\FNHW VPXWVLJ /RVVD VSLOO HOOHU |YHUNRN VRP VLWWHU IDVW Sn XJQV ERWWHQ PHG KMlOS DY W H[ HQ VWHNVSDGH 6WU\N PHG HQ VYDPS XW VnSD JlUQD IO\WDQGH L XJQHQ 6WlQJ OXFNDQ 6lWW
8JQHQV WDN )|U DWW XQGHUOlWWD UHQJ|ULQJHQ DY XJQHQV WDN NDQ GHWWD HOHPHQWHW IlOODV QHU HQ ELW 8U VlNHUKHWVV\QSXQNW VNDOO XJQHQ I|UVW NRSSODV XU 'UD XW VWLFNNRQWDNWHQ HOOHU VNUXYD XU VlNULQJHQ 6lWW WXPPDUQD PRW XJQHQV |YHUNDQW RFK WD WDJ L HOH PHQWHW 'UD GHW XWnW WLOOV GHW VOlSSHU IUnQ IlVWHW L XJQVNDQWHUQD )|U I|UVLNWLJW QHU HOHPHQWHW RFK UHQJ|U WDNHW 7RUND WRUUW LQQDQ GX I|U HOHPHQWHW WLOO EDND RFK WU\FNHU LQ GHW RUGHQWOLJW L VLWW IlVWH 8JQVXWUXVWQLQJHQ 6WHJDUQD ORVVDV JHQRP DWW GUD GH LQQnW XJ
%\WH DY XJQVODPSD 8U VlNHUKHWVV\QSXQNW VNDOO XJQHQ I|UVW J| UDV VWU|PO|V 'UD XW VWLFNNRQWDNWHQ HOOHU VNUXYD XU VlNULQJHQ .
2P XJQHQ LQWH IXQJHUDU 3UDNWLVND SUREOHP .RQWUROOHUD L QHGDQVWnHQGH WDEHOO RUVDN RFK nWJlUG VRP GX NDQ DYKMlOSD VMlOY 3UREOHP 2UVDN 0DW YHWHEU|G PMXND NDNRU EOLU SODWWD )|U OnJ WHPSHUDWXU L XJQHQ J|U DWW .
7HNQLVND SUREOHP *|U LQJD LQJUHSS L XJQHQ VRP NDQ RUVDND VNDGD Sn SHUVRQ HOOHU SURGXNW .RQWUROOHUD L QHGDQVWnHQGH WDEHOO RUVDN RFK nWJlUG VRP GX NDQ RFK InU DYKMlOS VMlOY 3UREOHP 2UVDN cWJlUG 8JQHQ IXQJHUDU LQWH KHOW HOOHU GHOYLV bU XJQHQ VWLFNSURSSVDQVOXWHQ" .
7HNQLVND GDWD 5. .: 8JQHQV \WWHUPnWW %UHGG PP 'MXS PP +|MG PP 8JQHQV LQUH PnWW %UHGG PP 'MXS PP +|MG PP 9RO\P O 9LNW NJ ,QE\JJQDGVPnWW %UHGG PP 'MXS PLQ PP +|MG PP (IIHNW 8QGHUYlUPH : gYHUYlUPH : gYHU RFK XQGHUYlUPH : 0LQLJULOO : )XOOJULOO : 9DUPOXIW : *UDWLQHULQJ : 3L]]D SDM : 8JQVODPSD : 0RWRU .
,QVWDOODWLRQ 7UDQVSRUWVNDGRU .RQWUROOHUD DWW XJQHQ lU XWDQ VNDGRU 7UDQVSRUWVND GRU DQPlOHU GX RPHGHOEDUW WLOO 'LVWULOX[ 'LVWULEX WLRQVNRQWRU VH IUDNWVHGHOQ 9LG OHYHUDQV IUnQ EXWLN HOOHU nWHUI|UVlOMDUH NRQWDNWHQ GHP (PEDOODJH $OOW I|USDFNQLQJVPDWHULDO NDQ nWHUYLQQDV 7Ul HPEDOODJHW lU DY REHUKDQGODW YLUNH SODVWHQ RFK VW|WGlPSDQGH HPEDOODJHGHODU lU PlUNWD .
5 .RGLQNRQHHW 9llNV\QWLH ' 9llNV\YlJHQ +(/6,1., +(/6,1*)256 SXK WHO .XOXWWDMDQHXYRQWD SXK S PLQ SSP .