7LOO VWDWVUnGHW RFK FKHIHQ I|U 0LOM|GHSDUWHPHQWHW

5HJHULQJHQ EHVOXWDGH GHQ MXQL DWW WLOONDOOD HQ VlUVNLOG XWUHGDUH PHG XSSGUDJ DWW DOOVLGLJW EHO\VD YLVVD IUnJRU RP E\JJQDGV GHNODUDWLRQHU RFK E\JJQDGVUHJLVWHU VDPW E\JJIHOVI|UVlNULQJDU HQOLJW ODJHQ RP E\JJIHOVI|UVlNULQJ 'HQ IHEUXDUL

EHVOXWDGH UHJHULQJHQ RP WLOOlJJVGLUHNWLY I|U XWUHGQLQJHQ (QOLJW GLUHNWLYHQ VNDOO IUnJRU RP E\JJQDGVGHNODUDWLRQHU RFK E\JJQDGVUHJLVWHU UHGRYLVDV L HWW GHOEHWlQNDQGH VHQDVW GHQ MXOL

RFK IUnJRU RP E\JJIHOVI|UVlNULQJDU VHQDVW GHQ MDQXDUL

7LOO VlUVNLOG XWUHGDUH I|URUGQDGHV GHQ MDQXDUL FKHIHQ I|U K\UHVQlPQGHQ L 6WRFNKROP K\UHVUnGHW +nNDQ -XOLXV

, DUEHWHW PHG GHWWD GHOEHWlQNDQGH KDU VRP H[SHUWHU GHOWDJLW PLOM|DQVYDULJD 'DQLHOOH )UHLOLFK SURMHNWOHGDUHQ $PSR +RII DUNLWHNWHQ 6RILD /LQGpQ IXQNWLRQVFKHIHQ .QXW 0DWWVVRQ GLUHNW|UHQ %HQJW 1\PDQ JHQHUDOGLUHNW|UHQ %HUWLO 3HWWHUVVRQ PLOM|DQVYDULJD *XQ %ULWW 6ROEHUJ GHSDUWHPHQWVVHNUHWHUDUHQ (ULN 7KRUQVWU|P RFK XWYHFNOLQJVFKHIHQ %HQJW :nQJJUHQ

7LOO VHNUHWHUDUH I|URUGQDGHV IUnQ RFK PHG GHQ MXQL

KRYUlWWVDVVHVVRUQ 0DXG 2ODQGHU %ORP

8WUHGQLQJHQ KDU DQWDJLW QDPQHW %\JJQDGVGHNODUDWLRQVXWUHG QLQJHQ

+lUPHG |YHUOlPQDV GHOEHWlQNDQGHW %\JJQDGVGHNODUDWLRQHU ² ,QRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

8WUHGQLQJHQ IRUWVlWWHU PHG nWHUVWnHQGH IUnJRU 6WRFNKROP MXQL

+nNDQ -XOLXV

       
       
      0DXG 2ODQGHU %ORP

,QQHKnOO

)|UNRUWQLQJDU

6DPPDQIDWWQLQJ

)|UIDWWQLQJVI|UVODJ

)|UVODJ WLOO ODJ RP lQGULQJ L VHNUHWHVVODJHQ

)|UVODJ WLOO ODJ RP lQGULQJ L IDVWLJKHWVPlNODUODJHQ

)|UVODJ WLOO ODJ RP lQGULQJ L ODJHQ RP IDVWLJKHWVUHJLVWHU

)|UVODJ WLOO ODJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

)|UVODJ WLOO I|URUGQLQJ RP lQGULQJ L I|URUGQLQJHQ

RP IXQNWLRQVNRQWUROO DY

YHQWLODWLRQVV\VWHP

)|UVODJ WLOO I|URUGQLQJ RP lQGULQJ L I|URUGQLQJHQ

RP IDVWLJKHWVUHJLVWHU

)|UVODJ WLOO I|URUGQLQJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

$ 875('1,1*(16 833'5$* 2&+ $5%(7(

8WUHGQLQJHQV XSSGUDJ RFK DUEHWH

8WUHGQLQJVXSSGUDJHW

   
   
  8SSGUDJHWV JHQRPI|UDQGH
  'LVSRVLWLRQ DY EHWlQNDQGHW
% %<**1$'6'(./$5$7,21(5
  ,QRPKXVPLOM|Q ± UHJHOYHUN RFK XWUHGQLQJDU P P
  ,QOHGQLQJ
3ODQ RFK E\JJODJHQ 3%/ VDPW ODJHQ RP WHNQLVND
  HJHQVNDSVNUDY Sn E\JJQDGVYHUN P P %9/
  %\JJQDGVQlPQGHQ RFK E\JJKHUUHQ
  7HNQLVND HJHQVNDSVNUDY Sn E\JJQDGHU
  .YDOLWHWVVlNULQJ ± NRQWUROOV\VWHPHW HQOLJW SODQ
  RFK E\JJODJHQ
  0LOM|ODJVWLIWQLQJHQ
  +lOVRVN\GGHW
  7LOOV\QHQ
  $UEHWVPLOM|ODJHQ
)|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY
  YHQWLODWLRQVV\VWHP 29.
  $OOPlQW
  $QVYDUHW I|U DWW YHQWLODWLRQHQ NRQWUROOHUDV
  2OLND YHQWLODWLRQVV\VWHP
  %\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND
  YHQWLODWLRQVNRQWUROOHQ
  1lU RFK KXU RIWD VNDOO NRQWUROOHQ VNH"
  9HP XWI|U NRQWUROOHQ RFK YDG RPIDWWDU GHQ"
  3URWRNROO LQW\J DQPlUNQLQJ RFK NRQWUROO
  )|UV|NVYHUNVDPKHW PHG XQGDQWDJ IUnQ
  REOLJDWRULVN YHQWLODWLRQVNRQWUROO
%RYHUNHWV UDSSRUW 'HNODUDWLRQ DY ERVWlGHU VNRORU
  I|UVNRORU
  5DGRQ
5DGRQXWUHGQLQJHQV EHWlQNDQGH
  %\JJNYDOLWHWVXWUHGQLQJHQ
   
   

'LDORJSURMHNWHW %\JJD ER RFK I|UYDOWD I|U IUDPWLGHQ

0LOM|NYDOLWHWVPnO RFK GHOPnO

$OOPlQW

0LOM|NYDOLWHWVPnOHW JRG EHE\JJG PLOM|

'HOPnO I|U HQ JRG LQRPKXVPLOM|

cWJlUGHU I|U DWW Qn PnOHQ ± GHNODUDWLRQHU

%\JJQDGVPLOM|XWUHGQLQJHQ

%\JJQDGHUV HQHUJLSUHVWDQGD

(XURSDSDUODPHQWHW RFK UnGHWV GLUHNWLY (* RP E\JJQDGHUV HQHUJLSUHVWDQGD

5DSSRUW IUnQ (QHUJLP\QGLJKHWHQ RFK %RYHUNHW

8WUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD

'HNODUDWLRQHU P P

1nJUD EHILQWOLJD V\VWHP I|U IULYLOOLJD GHNODUDWLRQHU HOOHU PRWVYDUDQGH

([HPSHO Sn XWOlQGVND E\JJQDGVGHNODUDWLRQHU HOOHU PRWVYDUDQGH

gYHUYlJDQGHQ RFK I|UVODJ

$OOPlQQD XWJnQJVSXQNWHU

9LOND XSSJLIWHU E|U GHNODUHUDV"

$OOPlQW

%HILQWOLJD IULYLOOLJD GHNODUDWLRQHU HOOHU

PRWVYDUDQGH

(QNlWHU

9HQWLODWLRQ UDGRQ RFK HQHUJL

9LOND E\JJQDGHU E|U GHNODUHUDV"

+XU NDQ HQ GHNODUDWLRQ XWIRUPDV"

   
   
  %|U GHNODUDWLRQHQ YDUD REOLJDWRULVN HOOHU IULYLOOLJ"
  1lU VNDOO E\JJQDGHU GHNODUHUDV"
  $QVODJ RFK WLOOKDQGDKnOODQGH DY GHNODUDWLRQHQ
  .RPPXQHUQD E|U KD HWW WLOOV\QVDQVYDU

+XU E|U GHNODUDWLRQHUQD NXQQD OlPQDV WLOO HQ

NRPPXQ"

)HOUHJOHUQD RFK GHUDV EHW\GHOVH P P

)DVWLJKHW ± 9DG NDQ E\JJQDGVGHNODUDWLRQHUQD LQQHElUD YLG I|UVlOMQLQJ DY HQ IDVWLJKHW"

+\UHVOlJHQKHW ± 9DG NDQ E\JJQDGVGHNODUDWLRQHUQD LQQHElUD YLG

XWK\UQLQJ"

%RVWDGVUlWW ± 9DG NDQ HQ E\JJQDGVGHNODUDWLRQ LQQHElUD YLG XSSOnWHOVH HOOHU |YHUOnWHOVH DY HQ ERVWDGVUlWW"

)DVWLJKHWVPlNODUHQV UROO

3nI|OMG I|U RULNWLJD XSSJLIWHU P P

& 5(*,67(5

1DWLRQHOOD UHJLVWHU ± %HILQWOLJD RFK I|UHVODJQD VnGDQD UHJLVWHU

)DVWLJKHWVUHJLVWUHW

$OOPlQW

%HK|ULJKHW DWW I|UD LQ XSSJLIWHU L GH ROLND GHODUQD DY IDVWLJKHWVUHJLVWUHW

1lUPDUH RP E\JJQDGVUHJLVWUHW

1nJUD DQGUD UHJLVWHU lQ IDVWLJKHWVUHJLVWUHW

/lJHQKHWVUHJLVWUHW

3DQWEUHYVUHJLVWUHW

1nJUD I|UHVODJQD UHJLVWHU

5DGRQXWUHGQLQJHQV I|UVODJ RP UDGRQUHJLVWHU

0LOM|LQIRUPDWLRQ L IDVWLJKHWVUHJLVWUHW

   
   

.RPPXQHUQD RFK IDVWLJKHWVUHJLVWUHW

)DNWD RP NRPPXQHUQD RFK GHUDV VWRUOHN

.RPPXQHUQDV NRSSOLQJ WLOO IDVWLJKHWVUHJLVWUHW

5DPDYWDO PHOODQ /DQWPlWHULYHUNHW RFK 6YHQVND NRPPXQI|UEXQGHW

.RPPXQHUQDV KDQWHULQJ DY XSSJLIWHU RP UDGRQ YHQWLODWLRQ RFK HQHUJLDQYlQGQLQJ L EHE\JJHOVHQ

$OOPlQKHWHQV WLOOJnQJ WLOO LQIRUPDWLRQ

2IIHQWOLJKHWVSULQFLSHQ

(* GLUHNWLYHW RP UlWW DWW WD GHO DY PLOM|LQIRUPDWLRQ

6HNUHWHVVODJHQ

$OOPlQW

6HNUHWHVV L EO D NRPPXQDO WLOOV\Q |YHU

QlULQJVOLYHW

6HNUHWHVV L VWDWOLJ WLOOV\Q |YHU QlULQJVOLYHW

6HNUHWHVV L XSSGUDJVYHUNVDPKHW

gYHUYlJDQGHQ RFK I|UVODJ

$OOPlQQD XWJnQJVSXQNWHU

)DVWLJKHWVUHJLVWUHWV E\JJQDGVGHO HOOHU QnJRW DQQDW QDWLRQHOOW UHJLVWHU"

1DWLRQHOOW HOOHU ORNDOD UHJLVWHU"

0|MOLJKHWHUQD WLOO XSSI|OMQLQJ

1\D RFK DQGUD XSSJLIWHU NRPPHU DWW UHGRYLVDV

(OHNWURQLVN KDQWHULQJ

,QIRUPDWLRQVVSULGQLQJ

7LOOV\QVYHUNVDPKHWHQ

%|U GHW JlOOD VHNUHWHVV I|U XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ"

,QWHJULWHW

,QWHJULWHWVIUnJRU

bQGDPnOHQ

   
   
%HJUlQVQLQJDU L nWNRPVWHQ WLOO XSSJLIWHU
3HUVRQXSSJLIWVDQVYDUHW
  ,QWHUQHW

' g95,*$ )5c*25

,NUDIWWUlGDQGH RFK |YHUJnQJVEHVWlPPHOVHU

,NUDIWWUlGDQGH

gYHUJnQJVEHVWlPPHOVHU

.RQVHNYHQVHU

(NRQRPLVND NRQVHNYHQVHU

$OOPlQW

.RVWQDG I|U lJDUH WLOO HQ E\JJQDG

(NRQRPLVND NRQVHNYHQVHU I|U NRPPXQHUQD

(NRQRPLVND NRQVHNYHQVHU I|U

/DQWPlWHULYHUNHW

8WDUEHWDQGH RFK VSULGDQGH DY EODQNHWWHU

,QIRUPDWLRQ

.RPPXQHUQDV NRVWQDG I|U XWELOGQLQJ

6DPPDQIDWWQLQJ DY NRVWQDGHUQD

9DG KlQGHU RP QnJRQ UHJOHULQJ LQWH VNHU"

)LQDQVLHULQJ

.RQVHNYHQVHU I|U VPn I|UHWDJ

gYULJD NRQVHNYHQVHU

)|UIDWWQLQJVNRPPHQWDU

)|UVODJHW WLOO ODJ RP lQGULQJ L VHNUHWHVVODJHQ

)|UVODJHW WLOO ODJ RP lQGULQJ L IDVWLJKHWVPlNODUODJHQ

)|UVODJHW WLOO ODJ RP lQGULQJ L ODJHQ RP IDVWLJKHWVUHJLVWHU

   
   

)|UVODJHW WLOO ODJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

)|UVODJHW WLOO I|URUGQLQJ RP lQGULQJ L I|URUGQLQJHQ

RP IXQNWLRQVNRQWUROO DY

YHQWLODWLRQVV\VWHP

)|UVODJHW WLOO I|URUGQLQJ RP lQGULQJ L I|URUGQLQJHQ

RP IDVWLJKHWVUHJLVWHU

)|UVODJHW WLOO I|URUGQLQJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

%LODJRU

%LODJD

%LODJD

%LODJD

%LODJD

%LODJD

%LODJD

)|UNRUWQLQJDU

$)6 $UEHWVPLOM|YHUNHWV I|UIDWWQLQJVVDPOLQJ
%)6 %RYHUNHWV I|UIDWWQLQJVVDPOLQJ
%9) I|URUGQLQJHQ RP WHNQLVND HJHQ
  VNDSVNUDY Sn E\JJQDGVYHUN P P
%9/ ODJHQ RP WHNQLVND HJHQVNDSVNUDY
  Sn E\JJQDGVYHUN P P
GLU XWUHGQLQJVGLUHNWLY
'V GHSDUWHPHQWVVHULHQ
(* GLUHNWLYHW RP (XURSDSDUODPHQWHWV RFK UnGHWV GLUHNWLY
E\JJQDGHUV (* DY GHQ GHFHPEHU RP
HQHUJLSUHVWDQGD E\JJQDGHUV HQHUJLSUHVWDQGD
(* GLUHNWLYHW RP (XURSDSDUODPHQWHWV RFK UnGHWV GLUHNWLY
PLOM|LQIRUPDWLRQ (* DY GHQ MDQXDUL RP
  DOOPlQKHWHQV WLOOJnQJ WLOO PLOM|LQIRUPDWLRQ
  RFK RP XSSKlYDQGH DY UnGHWV GLUHNWLY
  ((*
(* GLUHNWLYHW RP (XURSDSDUODPHQWHWV RFK UnGHWV GLUHNWLY
SHUVRQXSSJLIWHU (* DY GHQ RNWREHU RP VN\GG
  I|U HQVNLOGD SHUVRQHU PHG DYVHHQGH Sn
  EHKDQGOLQJ DY SHUVRQXSSJLIWHU RFK RP GHW
  IULD IO|GHW DY VnGDQD XSSJLIWHU
1-$ 1\WW -XULGLVNW $UNLY DYG
29. 2EOLJDWRULVN YHQWLODWLRQVNRQWUROO

29. I|URUGQLQJHQ I|URUGQLQJHQ RP IXQNWLRQV NRQWUROO DY YHQWLODWLRQVV\VWHP

   
   
   
3%/ SODQ RFK E\JJODJHQ
SURS SURSRVLWLRQ
UVNU ULNVGDJVVNULYHOVH
626)6 6RFLDOVW\UHOVHQV I|UIDWWQLQJVVDPOLQJ
628 6WDWHQV RIIHQWOLJD XWUHGQLQJDU
7) WU\FNIULKHWVI|URUGQLQJHQ

6DPPDQIDWWQLQJ

,QOHGQLQJ

%\JJQDGVGHNODUDWLRQVXWUHGQLQJHQ KDU InWW L XSSGUDJ DWW DQDO\VHUD lQGDPnO RFK XWIRUPQLQJ DY HQ REOLJDWRULVN HOOHU IULYLOOLJ E\JJQDGV GHNODUDWLRQ VRP LQQHKnOOHU XSSJLIWHU RP UDGRQ YHQWLODWLRQ RFK HQHUJLDQYlQGQLQJ , XWUHGQLQJHQV XSSGUDJ LQJnU RFNVn DWW EHO\VD XWIRUPQLQJ RFK XSSE\JJQDG DY HWW QDWLRQHOOW UHJLVWHU PHG E\JJQDGVDQNQXWQD XSSJLIWHU VRP JHU XQGHUODJ I|U XSSI|OMQLQJ DY UHOHYDQWD GHOPnO WLOO GH QDWLRQHOOD PLOM|NYDOLWHWVPnOHQ VDPW XWUHGD DOWHUQDWLY WLOO QDWLRQHOOW UHJLVWHU

'lUXW|YHU KDU XWUHGQLQJHQ RFNVn InWW L XSSGUDJ DWW XWYlUGHUD ODJHQ RP E\JJIHOVI|UVlNULQJ RFK I|UHVOn PRWLYHUDGH ODJlQGULQJDU VDPW |YHUYlJD RP NUDYHW Sn E\JJIHOVI|UVlNULQJ E|U XWYLGJDV

, GHWWD GHOEHWlQNDQGH UHGRYLVDU YL YnUD |YHUYlJDQGHQ RFK VOXW VDWVHU L IUnJD RP E\JJQDGVGHNODUDWLRQHU RFK E\JJQDGVUHJLVWHU 9L I|UHVOnU HQ VlUVNLOG ODJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ 9L SUHVHQWHUDU RFNVn HWW I|UVODJ WLOO KXU HWW QDWLRQHOOW UHJLVWHU PHG E\JJQDGVDQNQXWQD XSSJLIWHU NDQ E\JJDV XSS

%\JJQDGVGHNODUDWLRQHU

9nU XSSJLIW lU DWW DQDO\VHUD lQGDPnOHQ PHG RFK OlPQD I|UVODJ Sn HWW OlPSOLJW XWIRUPDW V\VWHP PHG E\JJQDGVGHNODUDWLRQHU 9L KDU GlUHPRW LQWH VHWW VRP YnU XSSJLIW DWW I|UHVOn I|UlQGULQJDU EHWUlIIDQGH GH QlUPDUH NUDY VRP VDPKlOOHW VWlOOHU XSS L ROLND UHJHO YHUN W H[ V\VWHPHW PHG YHQWLODWLRQVNRQWUROO HOOHU JUlQVYlUGHQ I|U UDGRQ (M KHOOHU KDU YL VHWW VRP YnU XSSJLIW DWW I|UHVOn QnJUD Q\D NUDY YDG JlOOHU EHVLNWQLQJ HOOHU XQGHUV|NQLQJDU DY E\JJQDGHU L DQVOXWQLQJ WLOO XSSUlWWDQGHW DY HQ E\JJQDGVGHNODUDWLRQ (Q YLNWLJ

   
   
   

XWJnQJVSXQNW VRP YL KDU L YnUW DUEHWH lU GlUI|U DWW XSSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ LQWH JnU XW|YHU GH NUDY VRP JlOODQGH ODJVWLIW QLQJ VWlOOHU XSS 6RP YL nWHUNRPPHU WLOO nWHUYHUNDU GHWWD Sn IUnJDQ RP L YLONHQ XWVWUlFNQLQJ XSSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ VNDOO YDUD REOLJDWRULVND 9L lU |YHUW\JDGH RP DWW I|UlQGULQJDU L UHJHOYHUNHW DYVHHQGH LQRPKXVPLOM|Q HQHUJLDQYlQGQLQJHQ P P VXFFHVVLYW NRPPHU DWW DNWXDOLVHUDV RFK YLOO Gn SHND Sn GHW XWUHGQLQJVDUEHWH VRP MXVW QX SnJnU YDG JlOOHU VnGDQD IUnJRU EO D IUnJDQ RP LPSOHPHQWHULQJHQ L 6YHULJH DY (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD 2P HWW NUDY LQI|UV Sn DWW DYJH E\JJQDGVGHNODUDWLRQHU NRPPHU GHWWD VDQQROLNW DOOWVn DWW LQQHElUD DWW LQQHKnOOHW L GHNODUDWLRQHUQD NDQ NRPPD DWW EHK|YD RPSU|YDV RFK I|UlQGUDV (WW G\QDPLVNW SHUVSHNWLY E|U GlUI|U YDUD HQ DOOPlQ XWJnQJVSXQNW QlU VWlOOQLQJ WDV WLOO XWIRUPQLQJHQ DY HWW V\VWHP PHG E\JJQDGVGHNODUDWLRQHU , HWW LQOHGDQGH VNHGH ILQQV GHW PHG HWW RSU|YDW V\VWHP GHVVXWRP VNlO DWW EHJUlQVD RPIDWWQLQJHQ DY GH XSSJLIWHU VRP VNDOO OlPQDV L HQ GHNODUDWLRQ , VDPPDQKDQJHW YLOO YL SHND Sn DWW HQ PlQJG XSSJLIWHU KDU EHW\GHOVH I|U LQRPKXVPLOM|Q

(Q E\JJQDGVGHNODUDWLRQ E|U NXQQD GHILQLHUDV VRP HQ VDPODG UHGRYLVQLQJ DY XSSJLIWHU VRP VNDOO J|UDV RP HQ E\JJQDGV HJHQVNDSHU L YLVVD QlUPDUH EHVWlPGD DYVHHQGHQ 'HW lU E\JJQDGHQV lJDUH VRP KDU DQVYDUHW I|U UHGRYLVQLQJHQ

%\JJQDGVGHNODUDWLRQHUQD KDU IOHUD V\IWHQ 'H NDQ ELGUD WLOO DWW |ND NXQVNDSHUQD RP LQRPKXVPLOM|Q RFK EHW\GHOVHQ DY DWW DNWLYW DUEHWD PHG NYDOLWHWVIUnJRU (Q E\JJQDGVGHNODUDWLRQ lU HWW VlWW DWW In E\JJQDGVlJDUH DWW XSSPlUNVDPPD NRQWUROOHUD RFK nWJlUGD VLQD E\JJQDGHU L YLVVD DYVHHQGHQ 'HNODUDWLRQHUQD lU lYHQ HWW VlWW DWW In lJDUHQ DWW VDPODW UHGRYLVD YLVVD I|UKnOODQGHQ VRP U|U LQRPKXV PLOM|Q RFK HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ ,QIRUPDWLRQHQ L HQ E\JJQDGVGHNODUDWLRQ lU WLOO VnYlO I|U ERHQGH VRP I|U DQGUD EUXNDUH WLOOWlQNWD K\UHVJlVWHU RFK WLOOWlQNWD N|SDUH RFK GHQ VNDSDU P|MOLJKHW I|U GHVVD DWW Sn HWW HQNHOW RFK OlWWLOOJlQJOLJW VlWW In XSSJLIWHU RP ROLND NRQWUROOHU P P VRP VNHWW L E\JJQDGHQ 'HQ JHU RFNVn EUXNDUHQ HWW LQFLWDPHQW WLOO DWW I|UV|ND SnYHUND RFK SnWDOD HYHQWXHOOD EULVWHU L E\JJQDGHQ (Q E\JJQDGVGHNODUDWLRQ NDQ RFNVn WMlQD VRP XQGHUODJ YLG K\UHVI|UKDQGOLQJDU

(WW YLNWLJW lQGDPnO lU DOOWVn DWW JH lJDUH RFK EUXNDUH XSSPlUNVDPKHW Sn IUnJRU RP LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ (WW DQQDW YLNWLJW lQGDPnO I|U HWW V\VWHP PHG E\JJQDGVGHN ODUDWLRQHU E|U HQOLJW YnU PHQLQJ YDUD DWW JH NRPPXQHUQD XQGHUODJ L GHUDV WLOOV\QVYHUNVDPKHW QlU GHW JlOOHU LQRPKXVPLOM|Q 2P HQ

   
   
   

VN\OGLJKHW LQI|UV DWW OlPQD E\JJQDGVGHNODUDWLRQHQ WLOO NRPPXQHQ EHG|PHU YL DWW GHWWD YlVHQWOLJW NRPPHU DWW |ND NRPPXQHQV P|MOLJKHW DWW XW|YD VLQ WLOOV\Q

'HQ PnOJUXSS VRP GHNODUDWLRQHUQD YlQGHU VLJ WLOO lU ² I|UXWRP NRPPXQHU RFK P\QGLJKHWHU ² VDPWOLJD EUXNDUH RFK WLOOWlQNWD EUXNDUH VDPW lJDUH HOOHU WLOOWlQNWD lJDUH DY E\JJQDGHU *HQRP DWW JH GHQQD PnOJUXSS WLOOJnQJ WLOO GHNODUDWLRQHU PnVWH GHQ LQIRUPDWLRQ VRP JHV YDUD VnGDQ DWW NXQVNDSHQ RFK NUDYHQ Sn E\JJQDGHUV IXQNWLRQHU NRPPHU DWW |ND RFK DWW Sn Vn VlWW NRPPHU DWW I|UElWWUD E\JJQDGVEHVWnQGHW Sn VLNW ,QIRUPDWLRQHQ PnVWH RFNVn YDUD OlWWnWNRPOLJ Vn DWW GHQ NDQ EHDNWDV L ROLND VLWXDWLRQHU 'HW ILQQV GlUI|U YLVVD NUDY VRP PnVWH VWlOODV Sn LQIRUPDWLRQHQV XWIRUPQLQJ RFK WLOOJlQJOLJKHW %HUlWWLJDGH |QVNHPnO RP HQ NRQVXPHQWLQULNWDG LQIRUPDWLRQ PnVWH GRFN YlJDV VDPPDQ PHG HWW NUDY Sn PHU VSHFLILND RFK IDNWDEHWRQDGH XSSJLIWHU VRP XQGHUODJ I|U NRPPXQHU RFK P\QGLJKHWHU 6lUVNLOW VnGDQD JUXQGOlJJDQGH XSSJLIWHU RP YHQWLODWLRQ UDGRQ RFK HQHUJLDQYlQGQLQJ VRP EHWRQDWV L YnUD GLUHNWLY PnVWH OlPQDV L VnGDQ IRUP DWW GH NDQ WLOOJRGRVH VnYlO EUXNDUQDV VRP NRPPXQHUQDV RFK P\QGLJKHWHUQDV EHKRY DY LQIRUPDWLRQ

'HW VNXOOH HQOLJW YnU PHQLQJ I|UD I|U OnQJW PHG HWW NUDY Sn DWW VDPWOLJD E\JJQDGVlJDUH VNDOO DQYlQGD HWW L DOOD DYVHHQGHQ HQKHWOLJW NYDOLWHWVV\VWHP HOOHU PRWVYDUDQGH 6NlOHQ WLOO GHWWD lU GHOV DWW VNLIWDQGH V\VWHP UHGDQ KDU XWYHFNODWV RFK DQYlQGV GHOV DWW EHKRYHQ DY NYDOLWHWVV\VWHP HOOHU PRWVYDUDQGH VNLOMHU VLJ nW EHURHQGH DY YLONHQ W\S DY E\JJQDG GHW JlOOHU RFK YLONHQ W\S DY IDVWLJKHWVI|UYDOWQLQJ VRP ILQQV L GHW HQVNLOGD IDOOHW 9L KDU HPHOOHUWLG L YnUW DUEHWH EOLYLW |YHUW\JDGH RP DWW GHW IULYLOOLJD DUEHWH VRP HQ GHO DNW|UHU EHGULYHU L IUnJD RP LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ RFK VRP L GDJ ILQQV Sn PDUNQDGHQ PnVWH YlUQDV 2P HWW NUDY LQI|UV Sn E\JJQDGVGHNODUDWLRQHU E|U HQ YLNWLJ XWJnQJVSXQNW GlUI|U YDUD DWW lJDUHQ I|UVW UHGRYLVDU VLWW HJHW PLOM|DUEHWH EHWUlIIDQGH E\JJQDGHQ 9L I|UHVOnU GlUI|U DWW lJDUHQ L HQ GHNODUDWLRQ VNDOO KD P|MOLJKHW DWW UHGRYLVD VLWW HJHW PLOM|DUEHWH EHWUlIIDQGH E\JJQDGHQ 0HG GHQQD LQULNWQLQJ DY GHNODUDWLRQV VN\OGLJKHWHQ E|U GH V\VWHP VRP ILQQV Sn PDUNQDGHQ I|U IULYLOOLJW DUEHWH PHG IUnJRU RP LQRPKXVPLOM| NXQQD In HWW DYVHYlUW VW|UUH JHQRPVODJ lQ I|U QlUYDUDQGH 'lUXW|YHU I|UHVOnU YL DWW E\JJQDGHQV

   
   
   

lJDUH L HQ GHNODUDWLRQ VNDOO UHGRYLVD YLVVD XSSJLIWHU RP IXQNWLRQV NRQWUROO DY E\JJQDGHQV YHQWLODWLRQVV\VWHP RP UDGRQKDOWHQ L E\JJQDGHQ lU XSSPlWW HOOHU LQWH RFK ² RP PlWQLQJ VNHWW ² XSSJLIW RP UDGRQKDOWHQ 'lUXW|YHU E|U RFNVn YLVVD XSSJLIWHU RP HQHUJL UHGRYLVDV 1lU (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD JHQRPI|UV L 6YHULJH DQVHU YL DWW XSSJLIW RP GHW ILQQV HWW HQHUJL FHUWLILNDW HOOHU LQWH VDPW XSSJLIWHU RP E\JJQDGHQV HQHUJLSUHVWDQGD RFK UHIHUHQVYlUGHQ VNDOO IUDPJn DY HQ E\JJQDGVGHNODUDWLRQ )UnJDQ KXU GHVVD XSSJLIWHU VNDOO UHGRYLVDV DQVHU YL GRFN PnVWH EHKDQGODV HIWHU GH I|UVODJ VRP XWUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD OlJJHU 5HGDQ QX ILQQV GHW GRFN VNlO DWW lJDUHQ L HQ E\JJQDGVGHNODUDWLRQ VNDOO UHGRYLVD RP KDQ HOOHU KRQ KDU XSSUlWWDW HQ HQHUJLVSDUSODQ HOOHU LQWH RFK RP GHW ILQQV HQ VlUVNLOG UHGRYLVQLQJ RP HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ 9L DQVHU GRFN DWW UHGRYLVQLQJHQ RP HQHUJL ² L DYYDNWDQ Sn DWW (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD NDQ JHQRPI|UDV ² I|U QlUYDUDQGH E|U EHJUlQVDV WLOO GHVVD WYn IUnJRU

%\JJQDGVGHNODUDWLRQHUQD NDQ VRP YL VHU GHW YDUD IULYLOOLJD REOLJDWRULVND HOOHU REOLJDWRULVND PHG IULYLOOLJD LQVODJ

2P VDPWOLJD EHU|UGD E\JJQDGVlJDUH DQYlQGHU RFK GHNODUHUD XSSJLIWHU L HQOLJKHW PHG HWW IULYLOOLJW V\VWHP lU HWW VnGDQW V\VWHP DWW I|UHGUD IUDPI|U HWW REOLJDWRULVNW 0HG HWW IULYLOOLJW V\VWHP VNDSDV GHW W H[ LQWH EHKRY DY QnJRW NRQWUROOV\VWHP c DQGUD VLGDQ lU ULVNHQ PHG HWW IULYLOOLJW V\VWHP DWW PnQJD E\JJQDGVlJDUH LQWH WDU WLOO VLJ LQIRUPDWLRQHQ RFK OnWHU EOL DWW NRQWUROOHUD RFK GHNODUHUD VLQD E\JJQDGHU 'HW VDJGD NDQ VlUVNLOW JlOOD GH E\JJQDGHU VRP KDU VlPVW LQRPKXVPLOM| 'HW lU RFNVn VYnUW DWW XSSQn HQ HQKHWOLJ UHGRYLVQLQJ PHG IULYLOOLJD GHNODUDWLRQHU 'HW NDQ YDUD HQNODUH I|U EUXNDUH DY E\JJQDGHU DWW WLOOJRGRJ|UD VLJ LQQHKnOOHW L GHNODUDWLRQHUQD RP GH XSSJLIWHU VRP UHGRYLVDV KDU HWW HQKHWOLJW XWVHHQGH RFK UHGRYLVDV Sn HWW HQKHWOLJW VlWW 0|MOLJKHWHUQD DWW In HQ lJDUH WLOO HQ E\JJQDG DWW UHGRYLVD NRQWUROOHUD RFK YLG EHKRY nWJlUGD VLQD E\JJQDGHU lU VW|UUH YLG REOLJDWRULVND lQ IULYLOOLJD GHNODUDWLRQHU 0|MOLJKHWHUQD DWW JH lJDUQD RFK EUXNDUQD XSSPlUNVDPKHW Sn IUnJRU RP LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ |NDU PHG REOLJDWRULVND GHNODUDWLRQHU bYHQ P|MOLJKHWHUQD DWW In WLOO VWnQG HQ lQGDPnOVHQOLJ WLOOV\Q RFK JH EHU|UGD P\QGLJKHWHU XQGHUODJ I|U XSSI|OMQLQJ DY PLOM|PnOHQ |NDU RP GHNODUDWLRQHUQD lU REOLJDWRULVND , VDPPDQKDQJHW PnVWH RFNVn EHDNWDV DWW (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD VNDOO JHQRPI|UDV L 6YHULJH (WW REOLJDWRULXP NRPPHU HQOLJW YnU PHQLQJ LQWH DWW PHGI|UD QDFNGHODU

   
   
   

I|U GH IDVWLJKHWVlJDUH VRP UHGDQ L GDJ LQYHQWHUDU NRQWUROOHUDU RFK YLG EHKRY I|UElWWUDU LQRPKXVPLOM|Q L VLQD E\JJQDGHU 7YlUWRP LQQHElU REOLJDWRULVND GHNODUDWLRQHU DWW GHW DUEHWH VRP GHVVD DNW|UHU EHGULYHU L lQ K|JUH XWVWUlFNQLQJ NRPPHU DWW XSSPlUNVDPPDV

6DPPDQIDWWQLQJVYLV DQVHU YL VnOHGHV DWW |YHUYlJDQGH VNlO WDODU I|U DWW GHW VNDOO YDUD REOLJDWRULVNW I|U HQ lJDUH WLOO HQ E\JJQDG DWW YLG YLVVD WLOOIlOOHQ XSSUlWWD HQ E\JJQDGVGHNODUDWLRQ

, E\JJQDGVGHNODUDWLRQHQ VNDOO E\JJQDGHQV lJDUH EHURHQGH Sn YLONHQ W\S DY E\JJQDG GHW lU IUnJD RP UHGRYLVD GHOV XSSJLIWHU RP GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ GHOV XSSJLIW RP UDGRQ KDOWHQ lU XSSPlWW HOOHU LQWH RFK L I|UHNRPPDQGH IDOO GHW XSSPlWWD nUVPHGHOYlUGH GHOV RFNVn XSSJLIWHU RP SODQHU I|U HIIHNWLYLVHUDG HQHUJLDQYlQGQLQJ ILQQV RFK XSSJLIW RP VlUVNLOG UHGRYLVQLQJ RP HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ ILQQV 'HVVD XSSJLIWHU VNDOO YDUD REOLJDWRULVND L GHQ PHQLQJ DWW XSSJLIWHQ PnVWH OlPQDV 'lUHPRW VNDOO XSSJLIWVVN\GOLJKHWHQ LQWH NUlYD QnJRQ PlWQLQJ HOOHU EHVLNW QLQJ 8W|YHU QlPQGD XSSJLIWHU E|U YDUMH E\JJQDGVlJDUH KD P|MOLJ KHW DWW UHGRYLVD XSSJLIW RP HQNlWHU I|U DWW InQJD XSS GH ERHQGHV V\QSXQNWHU Sn LQQHPLOM|Q I|UHNRPPHU RFK DQQDW DUEHWH VRP EHGULYV I|U DWW LQYHQWHUD RFK I|UElWWUD LQRPKXVPLOM|Q

'H E\JJQDGHU GlU LQRPKXVPLOM|Q lU VlUVNLOW YLNWLJ lU E\JJQDGHU GlU EDUQ RFK XQJGRPDU YLVWDV RFK GHW lU GlUI|U VlUVNLOW YLNWLJW DWW ERVWlGHU I|UVNRORU IULWLGVKHP RFK VNRORU GHNODUHUDV 6DPWLGLJW PnVWH lYHQ KlU JlOODGH ODJVWLIWQLQJ RFK GH PLOM|NYDOLWHWVPnO VRP UHJHULQJ RFK ULNVGDJ KDU VWlOOW XSS JHV EHW\GHOVH I|U GHNODUDWLRQV VN\OGLJKHWHQV RPIDWWQLQJ 9L NDQ Gn W H[ SHND Sn DWW GH IOHVWD VPnKXV LQWH RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ PHQ GlUHPRW Sn PnOVlWWQLQJHQ EHWUlIIDQGH UDGRQ 9L NDQ RFNVn SHND Sn DWW NRQWRUVKXV RFK YLVVD DQGUD E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ LQWH RPIDWWDV DY QnJRW PLOM|NYDOLWHWVPnO QlU GHW JlOOHU UDGRQ 1lU YL WDJLW VWlOOQLQJ WLOO YLOND E\JJQDGHU VRP VNDOO RPIDWWDV DY GHNODUDWLRQVVN\OGLJKHWHQ KDU YnU XWJnQJVSXQNW DOOWVn YDULW LQQHKnOOHW L JlOODQGH EHVWlPPHOVHU RFK GH PnOVlWWQLQJDU RP YHQWLODWLRQ UDGRQ RFK HQHUJL VRP UHJHULQJ RFK ULNVGDJ KDU VWlOOW XSS , IUnJD RP HQHUJL KDU YL RFNVn WDJLW KlQV\Q WLOO (* GLUHNWLYHW RP HQHUJLSUHVWDQGD 9nUD VOXWVDWVHU lU DWW VDPWOLJD E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ VDPW HQ RFK WYnERVWDGVKXV DYVHGGD I|U SHUPDQHQW ERHQGH HQOLJW YnU XSSIDWWQLQJ VNDOO GHNODUHUDV 'H XSSJLIWHU VRP VNDOO GHNODUHUDV I|U GH ROLND W\SHUQD DY E\JJQDGHU VNLOMHU VLJ GRFN nW

   
   
   

(Q XSSJLIW RP UDGRQKDOWHQ lU XSSPlWW HOOHU LQWH RFK ² RP PlWQLQJ VNHWW ² HWW nUVPHGHOYlUGH I|U E\JJQDGHQV UDGRQKDOW VNDOO UHGRYLVDV I|U SHUPDQHQWERVWlGHU L VPnKXV IOHUERVWDGVKXV VDPW L ORNDOHU I|U I|UVNRORU VNRORU RFK IULWLGVKHP 'H E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ VNDOO UHGRYLVD XSSJLIWHU RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP RFK XSS JLIWHU RP HQHUJL (Q RFK WYnERVWDGVKXV RPIDWWDV DY (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD bYHQ I|U HQ VnGDQ E\JJQDG E|U HQ UHGRYLVQLQJ VNH DY XSSJLIWHU RP E\JJQDGHQV HQHUJLI|UKnOODQGHQ (WW NUDY Sn HQ E\JJQDGVGHNODUDWLRQ I|U HQ RFK WYnERVWDGVKXV E|U GRFN LQI|UDV I|UVW QlU XSSJLIW RP HQHUJLSUHVWDQGD P P NDQ WDV PHG L HQ E\JJQDGVGHNODUDWLRQ

)|U E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ VNDOO HQ E\JJQDGVGHNODUDWLRQ HQOLJW YnUW I|UVODJ XSSUlWWDV RFK XSSGDWHUDV HQOLJW GH LQWHUYDOOHU VRP JlOOHU I|U GHQ NRQWUROOHQ (Q E\JJQDGVGHNODUDWLRQ VNDOO DOOWLG ILQQDV LQQDQ HQ E\JJQDG WDV L EUXN VlOMV HOOHU K\UV XW 9LG HQ I|UVlOMQLQJ HOOHU XWK\UQLQJ InU GHNODUDWLRQHQ LQWH YDUD lOGUH lQ WLR nU )|U DWW VSULGD LQIRUPDWLRQ WLOO ERHQGH RFK DQGUD EUXNDUH VNDOO lJDUHQ WLOO HQ DQQDQ E\JJQDG lQ HWW HQ RFK WYnERVWDGVKXV YDUD VN\OGLJ DWW DQVOn E\JJQDGVGHNODUDWLRQHQ Sn HQ SODWV VRP lU IUDPWUlGDQGH RFK NODUW V\QOLJ 9LG I|UVlOMQLQJ HOOHU XWK\UQLQJ DY HQ E\JJQDG VNDOO VlOMDUHQ WLOOKDQGDKnOOD N|SDUHQ HQ E\JJQDGVGHNODUDWLRQ 0RWVYDUDQGH VNDOO JlOOD QlU QnJRQ YLOO K\UD XW VLQ E\JJQDG

%\JJQDGVQlPQGHQ HOOHU PRWVYDUDQGH QlPQG E|U KD DQVYDUHW I|U DWW |YHUYDND DWW GHNODUDWLRQVVN\OGLJKHWHQ IXOOJ|UV bJDUHQ WLOO HQ E\JJQDG VNDOO GlUI|U YDUD VN\OGLJ DWW VlQGD HWW H[HPSODU DY E\JJQDGVGHNODUDWLRQHQ WLOO NRPPXQHQ 'HW E|U lYHQ VNDSDV P|MOLJKHW I|U HQ lJDUH WLOO HQ E\JJQDG DWW OlPQD GHNODUDWLRQHQ HOHNWURQLVNW 'HW E|U RFNVn VNDSDV P|MOLJKHW I|U lJDUHQ WLOO HQ E\JJQDG DWW OlPQD XSSGUDJ WLOO GHQ VRP \UNHVPlVVLJW XWI|U NRQWUROOHU DWW I|U lJDUHQV UlNQLQJ OlPQD HQ GHNODUDWLRQ HOHNWURQLVNW 0HG HQ P|MOLJKHW DWW OlPQD GHNODUDWLRQHUQD HOHNWURQLVNW NDQ KDQWHULQJHQ XQGHUOlWWDV I|U VnYlO E\JJQDGVlJDUH VRP NRPPXQHUQD

(Q E\JJQDGVGHNODUDWLRQ VNDOO EO D LQQHKnOOD XSSJLIWHU RP YHQWLODWLRQVV\VWHPHQ L HQ E\JJQDG lU NRQWUROOHUDGH .UDYHW L I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQV V\VWHP Sn DWW HWW SURWRNROO IUnQ HQ YHQWLODWLRQVNRQWUROO VNDOO VNLFNDV WLOO HQ NRPPXQ NDQ GlUI|U WDV ERUW RFK HUVlWWDV DY XSSJLIWHUQD L GHNODUDWLRQHUQD .RPPXQHQ NDQ YLG EHKRY NUlYD LQ HWW VnGDQW

   
   
   

SURWRNROO bJDUHQ VNDOO DQVOn HQ E\JJQDGVGHNODUDWLRQ Sn HQ YlO V\QOLJ SODWV L E\JJQDGHQ .UDYHW HQOLJW GHQ Q\VV QlPQGD I|URUG QLQJHQ Sn DWW HWW LQW\J RP JHQRPI|UG EHVLNWQLQJ DY YHQWLODWLRQV V\VWHP VNDOO DQVOnV NDQ GlUI|U RFNVn WDV ERUW

'HW lU DQJHOlJHW DWW V\VWHPHW XWIRUPDV Vn DWW GHW VWLPXOHUDU HQ lJDUH DWW DUEHWD I|U HQ JRG LQRPKXVPLOM| RFK HQ HIIHNWLY HQHUJL DQYlQGQLQJ )|U HQ E\JJQDGVlJDUH VRP KDU HJQD UXWLQHU I|U DWW VlNUD NYDOLWpQ L VLQD E\JJQDGHU RFK I|U DWW UHGRYLVD XSSJLIWHU RP LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ E|U GHW GlUI|U ILQQDV P|MOLJ KHW DWW XQGDQWDV IUnQ NUDYHW Sn W H[ KXU LQIRUPDWLRQHQ VNDOO OlPQDV RFK DWW HQ YLVV EODQNHWW VNDOO DQYlQGDV 5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU E|U GlUI|U L HQVNLOGD IDOO In PHGJH XQGDQWDJ IUnQ EHVWlPPHOVHUQD L ODJHQ RP E\JJQDGV GHNODUDWLRQHU

0nQJD I|UVlOMQLQJDU VNHU JHQRP PlNODUH (Q PlNODUH VRP DQOLWDV I|U HQ I|UVlOMQLQJ VNDOO HQOLJW I|UVODJHW YDUD VN\OGLJ DWW YHUND I|U DWW VlOMDUHQ WLOOKDQGDKnOOHU N|SDUHQ HQ E\JJQDGVGHNODUDWLRQ , REMHNW EHVNULYQLQJHQ VNDOO IDVWLJKHWVPlNODUHQ OlPQD HQ KlQYLVQLQJ WLOO HQ XSSUlWWDG E\JJQDGVGHNODUDWLRQ

0HG HWW LQI|UDQGH DY GHNODUDWLRQHUQD E|U UHJHOQ RP VHNUHWHVV L

NDS † VHNUHWHVVODJHQ lQGUDV Vn DWW GHW W\GOLJW IUDPJnU DWW GHW L WLOOV\QVYHUNVDPKHW LQWH VNDOO JlOOD VHNUHWHVV I|U XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ

5HJLVWHU

(WW QDWLRQHOOW UHJLVWHU PHG VnGDQD E\JJQDGVDQNQXWQD XSSJLIWHU VRP HQOLJW YnUW I|UVODJ VNDOO WDV LQ L HQ E\JJQDGVGHNODUDWLRQ E|U NXQQD I|UHQNOD RFK HIIHNWLYLVHUD NRPPXQHUQDV DUEHWH PHG WLOOV\Q NRQWUROO RFK SODQHULQJ L IUnJD RP LQRPKXVPLOM| RFK HQHUJL (WW VnGDQW UHJLVWHU E|U RFNVn NXQQD JHV EHW\GHOVH I|U HQ XSSI|OMQLQJ DY GH QDWLRQHOOD PLOM|PnOHQ EHWUlIIDQGH GHVVD IUnJRU 'HW NDQ GHVVXWRP XQGHUOlWWD I|U DOOPlQKHWHQ W H[ HQ N|SDUH DY HWW VPnKXV DWW In LQIRUPDWLRQ RP HQ E\JJQDGV VWDWXV EHWUlIIDQGH YHQWLODWLRQ UDGRQ HQHUJL RFK DQGUD IUnJRU VRP JlOOHU LQRPKXVPLOM|Q (WW UHJLVWHU E|U VOXWOLJHQ NXQQD DQYlQGDV I|U GH V\IWHQ VRP (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD VWlOOHU XSS

1\WWDQ DY HWW QDWLRQHOOW UHJLVWHU PnVWH GRFN YlJDV PRW GHQ DGPLQLVWUDWLRQ RFK GH NRVWQDGHU RFK ILQDQVLHULQJHQ DY GHWWD VRP HWW VnGDQW UHJLVWHU I|U PHG VLJ 'HQQD DYYlJQLQJ lU \WWHUVW HQ

   
   
   

SROLWLVN IUnJD 9L VHU VRP YnU XSSJLIW DWW SUHVHQWHUD HWW I|UVODJ WLOO KXU HWW UHJLVWHU NDQ E\JJDV XSS RFK J|UD HQ EHG|PQLQJ DY NRVWQDGHUQD RFK ILQDQVLHULQJHQ I|U GHWWD

)|U DWW EO D VNDSD XQGHUODJ I|U XSSI|OMQLQJ RFK VNDSD P|MOLJKHW WLOO HQ HOHNWURQLVN KDQWHULQJ VDPW |ND P|MOLJKHWHUQD DWW VSULGD LQIRUPDWLRQ RP GHNODUDWLRQHUQD E|U XSSJLIWHU XU GHNODUDWLRQHUQD UHJLVWUHUDV L HWW QDWLRQHOOW UHJLVWHU *UXQGOlJJDQGH XSSJLIWHU RP E\JJQDGHU ILQQV UHGDQ L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO RFK XSSJLIWHUQD XSSGDWHUDV IRUWO|SDQGH HQOLJW XWDUEHWDGH UXWLQHU 'HW ILQQV VnGDQD I|UGHODU PHG DWW NQ\WD XSSJLIWHU L E\JJQDGVGHNODUD WLRQHU WLOO E\JJQDGHU L IDVWLJKHWVUHJLVWUHW DWW GHW lU IDVWLJKHWV UHJLVWUHWV E\JJQDGVGHO VRP E|U DQYlQGDV 'HW E|U GlUI|U LQI|UDV HQ EHVWlPPHOVH RP DWW NRPPXQHUQD InU UHJLVWUHUD XSSJLIWHU RP RFK XU GHNODUDWLRQHUQD L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO 'DJHQV UHJLVWUHULQJ L E\JJQDGVGHOHQ E\JJHU Sn WUlIIDGH |YHUHQVNRPPHOVHU PHOODQ /DQWPlWHULYHUNHW RFK NRPPXQHUQD bYHQ GHQ I|UHVODJQD UHJHOQ E|U GlUI|U OLNVRP GDJHQV UHJLVWUHULQJ L E\JJQDGVGHOHQ E\JJD Sn IULYLOOLJKHW

'HW ILQQV HQOLJW YnU PHQLQJ LQWH QnJUD LQWHJULWHWVDVSHNWHU VRP KLQGUDU DWW XSSJLIWHU RP RFK XU GHNODUDWLRQHUQD I|UV L IDVWLJKHWV UHJLVWUHWV E\JJQDGVGHO 8SSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ EHK|YHU EHKDQGODV I|U L VWRUW VHWW PRWVYDUDQGH lQGDPnO VRP JlOOHU I|U IDVWLJKHWVUHJLVWUHW 5HJOHULQJHQ DY lQGDPnOHQ L IDVWLJKHWV UHJLVWUHW LQQHElU L VLJ GlUI|U LQWH KHOOHU QnJRW KLQGHU DWW I|UD XSSJLIWHUQD L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO 'H EHVWlPPHOVHU L IDVWLJKHWVUHJLVWHUODJHQ VRP EHJUlQVDU GLUHNWnWNRPVW VDPW V|N QLQJDU RFK VDPPDQVWlOOQLQJDU XSSI\OOHU GH NUDY VRP PHG KlQV\Q WLOO GHQ SHUVRQOLJD LQWHJULWHWHQ NDQ VWlOODV EHWUlIIDQGH XSSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ , HWW DYVHHQGH EHK|YHU GRFN EHVWlPPHOVHQ L IDVWLJKHWVUHJLVWHUODJHQ NRPSOHWWHUDV 8SSJLIWHU RP UDGRQ YHQWLODWLRQ HQHUJL RFK PLOM|DUEHWH VNDOO HQOLJW YnU PHQLQJ LQWH In EHKDQGODV L XUYDO RFK EHDUEHWQLQJDU VRP /DQWPlWHULYHUNHW J|U I|U DQQDQV UlNQLQJ I|U GLUHNW PDUNQDGVI|ULQJ 9L DQVHU DWW IUnJDQ RP DOOPlQKHWHQV WLOOJnQJ WLOO XSSJLIWHU XU E\JJQDGVGHNODUDWLRQHUQD L IDVWLJKHWVUHJLVWUHW InU O|VDV Sn VDPPD VlWW VRP |YULJD XSSJLIWHU XU IDVWLJKHWVUHJLVWUHW

   
   
   
.RQVHNYHQVHU  

5HGDQ L GDJ KDU NRPPXQHUQD RFK E\JJQDGVlJDUQD NRVWQDGHU I|U DWW KDQWHUD EO D GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ 9nUD EHUlNQLQJDU DYVHU LQWH GHQ KDQWHULQJHQ XWDQ HQGDVW GH WLOONRP PDQGH NRVWQDGHUQD I|U E\JJQDGVGHNODUDWLRQHUQD RFK UHJLVWUHULQJ L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO 9L KDU EHG|PW GH HNRQRPLVND NRQVHNYHQVHUQD I|U E\JJQDGVlJDUQD NRPPXQHUQD RFK /DQWPlWHUL YHUNHW 9L KDU lYHQ EHG|PW NRQVHNYHQVHUQD I|U %RYHUNHW

(WW NUDY Sn lJDUHQ WLOO HQ E\JJQDG DWW XSSUlWWD HQ E\JJQDGV GHNODUDWLRQ LQQHElU HQ NRVWQDG I|U lJDUHQ %HURHQGH Sn EO D YLONHQ W\S DY E\JJQDG GHW lU IUnJD RP VDPW YLONHQ I|UYDOWQLQJ RFK RUJDQLVDWLRQ VRP ILQQV L GHW HQVNLOGD IDOOHW NDQ GHW HQOLJW YnU EHG|PQLQJ WD XSS WLOO WUH WLPPDU DWW KDQWHUD HQ GHNODUDWLRQ I|U lJDUHQ 6MlOYD LI\OODQGHW DY GHNODUDWLRQHQ E|U L GH IOHVWD IDOO NXQQD VNH Sn WLR PLQXWHU

(WW LQI|UDQGH DY HQ GHNODUDWLRQVVN\OGLJKHW RFK HQ UHJHO RP DWW GHNODUDWLRQHUQD L VWlOOHW I|U SURWRNROOHQ IUnQ GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ VNDOO OlPQDV WLOO NRPPXQHUQD NRPPHU HQOLJW YnU EHG|PQLQJ LQWH DWW LQQHElUD QnJRW PHUDUEHWH I|U NRPPXQHUQD SHU E\JJQDG 'lUHPRW NRPPHU NRPPXQHUQD DWW EHK|YD KDQWHUD IOHU E\JJQDGHU lQ GH VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ 'HQ nUOLJD NRVWQDGHQ I|U DWW KDQWHUD VnGDQD WLOONRPPDQGH E\JJQDGHU EHUlNQDU YL WLOO PLOMRQHU NU

)|UVODJHW LQQHElU DWW NRPPXQHUQD HIWHU |YHUHQVNRPPHOVH PHG /DQWPlWHULYHUNHW VNDOO XWI|UD HWW Q\WW DUEHWVPRPHQW QlPOLJHQ DWW UHJLVWUHUD XSSJLIWHU L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO 9L EHG|PHU NRVWQDGHQ I|U HQ VnGDQ UHJLVWUHULQJ WLOO GU\JW PLOMRQHU NU 'lUWLOO NRPPHU HQ NRVWQDG I|U DWW |YHUJnQJVYLV I|UD LQ XSSJLIWHU L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO 'HQ |YHUJnQJVNRVWQDGHQ KDU YL EHUlNQDW WLOO PHOODQ RFK PLOMRQHU NU

/DQWPlWHULYHUNHW KDU EHUlNQDW VLQ XWYHFNOLQJVNRVWQDG WLOO

PLOMRQHU NU RFK GHQ nUOLJD GULIWVNRVWQDGHQ WLOO NU nU , GHQ VLVWQlPQGD NRVWQDGHQ LQJnU GRFN LQWH NRVWQDG I|U KDQWHULQJ DY EHK|ULJKHWHU DQYlQGDUVXSSRUW HOOHU KDQWHULQJ DY XWGUDJ XU UHJLVWUHW

.RVWQDGHQ I|U DWW VSULGD LQIRUPDWLRQ KDU YL EHUlNQDW WLOO

PLOMRQHU NU

, EHUlNQLQJDUQD KDU YL LQWH WDJLW KlQV\Q WLOO DWW HQ HOHNWURQLVN KDQWHULQJ NDQ PLQVND GH DQJLYQD NRVWQDGHUQD HOOHU WLOO GHQ

   
   
   

HIIHNWLYLVHULQJ VRP NDQ QnV I|U GH NRPPXQHU VRP SUHQXPHUHUDU Sn XSSJLIWHU XU IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO

, IUnJD RP ILQDQVLHULQJ J|U YL I|OMDQGH EHG|PQLQJ 1nJUD DYJLIWHU L DQOHGQLQJ DY GHNODUDWLRQVVN\OGLJKHWHQ InU LQWH WDV XW DY NRPPXQHUQD (Q IDVWLJKHWVlJDUH VNDOO DOOWVn LQWH EHK|YD YLGNlQQDV QnJUD VnGDQD DYJLIWHU PHQ InU JLYHWYLV VYDUD I|U VLQD HJQD NRVWQDGHU

.RPPXQHUQDV NRVWQDGHU PnVWH WlFNDV 6n OnQJW VRP P|MOLJW DQVHU YL DWW NRVWQDGHQ E|U WlFNDV JHQRP LQWlNWHU IUnQ GHQ I|UVlOMQLQJ VRP NDQ VNH DY XSSJLIWHUQD XU IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO 'HW NDQ HPHOOHUWLG I|UYlQWDV DWW NRVWQDGHUQD I|U DWW KnOOD UHJLVWUHW RFK DMRXUI|UD GHW EOLU YlVHQWOLJW VW|UUH lQ GH LQWlNWHU VRP UHJLVWUHW JHU 'H |NDGH NRVWQDGHU VRP UHJLVWUHW RFK KDQWHULQJHQ DY GHNODUDWLRQHUQD PHGI|U I|U NRPPXQHUQD ² L GHQ GHO WlFNQLQJ LQWH NDQ InV JHQRP I|UVlOMQLQJ ² E|U ILQDQVLHUDV YLD VWDWV EXGJHWHQ , GHQQD EHG|PQLQJ KDU YL EHDNWDW DWW NRPPXQHUQD UHGDQ KDU HQ NRVWQDG I|U KDQWHULQJHQ DY GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ 'HW lU GlUI|U ULPOLJW DWW GHQ WLOONRPPDQGH NRVWQDGHQ HUVlWWV YLD VWDWVEXGJHWHQ

gYULJD NRVWQDGHU I|U /DQWPlWHULYHUNHW RFK NRVWQDGHU I|U LQIRUPDWLRQ RFK XWELOGQLQJ DQVHU YL VNDOO ILQDQVLHUDV YLD VWDWVEXGJHWHQ

)|UIDWWQLQJVI|UVODJ

)|UVODJ WLOO ODJ RP lQGULQJ L VHNUHWHVVODJHQ

+lULJHQRP I|UHVNULYV DWW NDS † VHNUHWHVVODJHQ

VNDOO KD I|OMDQGH O\GHOVH

1XYDUDQGH O\GHOVH )|UHVODJHQ O\GHOVH

NDS

6HNUHWHVV JlOOHU L YHUNVDPKHW VRP EHGULYV DY DQQDQ lQ VWDWOLJ P\QGLJKHW RFK VRP EHVWnU L WLOOV\Q HOOHU VW|GYHUNVDPKHW PHG DYVHHQGH Sn QlULQJVOLYHW I|U XSSJLIW RP

HQVNLOGV DIIlUV HOOHU GULIWI|UKnOODQGHQ XSSILQQLQJDU HOOHU IRUVNQLQJVUHVXOWDW RP GHW NDQ DQWDV DWW GHQ HQVNLOGH OLGHU VNDGD RP XSSJLIWHQ U|MV

DQGUD HNRQRPLVND HOOHU SHUVRQOLJD I|UKnOODQGHQ I|U GHQ VRP KDU WUlWW L DIIlUVI|UELQGHOVH HOOHU OLNQDQGH I|UELQGHOVH PHG GHQ VRP lU I|UHPnO I|U WLOOV\QV HOOHU VW|GYHUNVDPKHW VRP DYVHV L GHQQD SDUDJUDI

0RWVYDUDQGH VHNUHWHVV JlOOHU KRV NRPPXQDO P\QGLJKHW L lUHQGH RP WLOOVWnQG WLOO KDQWHULQJ DY EUDQGIDUOLJD YDURU 6HNUHWHVVHQ JlOOHU

GRFN LQWH EHVOXW L VnGDQW lUHQGH      
6HNUHWHVV HQOLJW I|UVWD VW\FNHW 6HNUHWHVV HQOLJW I|UVWD VW\FNHW
JlOOHU GRFN LQWH I|U XSSJLIW L JlOOHU GRFN LQWH I|U XSSJLIW
WLOOV\QVYHUNVDPKHW VRP EHGULYV DY L HQ E\JJQDGVGHNODUDWLRQ
GHQ HOOHU GH NRPPXQDOD QlPQGHU HQOLJW ODJHQ [[[[ [[ RP
VRP IXOOJ|U XSSJLIWHU LQRP PLOM| E\JJQDGVGHNODUWLRQHU
RFK KlOVRVN\GGVRPUnGHW RP L WLOOV\QVYHUNVDPKHW VRP
LQWUHVVHW DY DOOPlQ NlQQHGRP RP EHGULYV DY GHQ HOOHU GH
I|UKnOODQGH VRP U|U PlQQLVNRUV NRPPXQDOD QlPQGHU VRP IXOOJ|U
KlOVD PLOM|Q HOOHU UHGOLJKHWHQ L XSSJLIWHU LQRP PLOM| RFK
KDQGHOQ HOOHU HWW OLNQDQGH KlOVRVN\GGVRPUnGHW RP LQWUHVVHW
   
   
   
DOOPlQLQWUHVVH KDU VnGDQ YLNW DWW DY DOOPlQ NlQQHGRP RP
XSSJLIWHQ E|U OlPQDV XW I|UKnOODQGH VRP U|U PlQQLVNRUV
5HJHULQJHQ NDQ I|U VlUVNLOW IDOO KlOVD PLOM|Q HOOHU UHGOLJKHWHQ L
I|URUGQD RP XQGDQWDJ IUnQ KDQGHOQ HOOHU HWW OLNQDQGH
QlPQGD VHNUHWHVV RP GHQ ILQQHU DOOPlQLQWUHVVH KDU VnGDQ YLNW DWW
GHW YDUD DY YLNW DWW XSSJLIWHQ XSSJLIWHQ E|U OlPQDV XW
OlPQDV 5HJHULQJHQ NDQ I|U VlUVNLOW IDOO
  I|URUGQD RP XQGDQWDJ IUnQ
  QlPQGD VHNUHWHVV RP GHQ ILQQHU
  GHW YDUD DY YLNW DWW XSSJLIWHQ
  OlPQDV

, IUnJD RP XSSJLIW L DOOPlQ KDQGOLQJ JlOOHU VHNUHWHVVHQ L K|JVW WMXJR nU

BBBBBBBBBBBBB

'HQQD ODJ WUlGHU L NUDIW GHQ MXOL

   
   
   
)|UVODJ WLOO ODJ RP lQGULQJ L IDVWLJKHWVPlNODUODJHQ  
   

+lULJHQRP I|UHVNULYV DWW RFK †† IDVWLJKHWVPlNODUODJHQ

VNDOO KD I|OMDQGH O\GHOVH

1XYDUDQGH O\GHOVH )|UHVODJHQ O\GHOVH

           
)DVWLJKHWVPlNODUHQ VNDOO L )DVWLJKHWVPlNODUHQ VNDOO L
GHQ   PnQ JRG GHQ PnQ JRG
IDVWLJKHWVPlNODUVHG NUlYHU GHW IDVWLJKHWVPlNODUVHG NUlYHU GHW
JH N|SDUH RFK VlOMDUH GH UnG RFK JH N|SDUH RFK VlOMDUH GH UnG RFK
XSSO\VQLQJDU VRP GHVVD NDQ XSSO\VQLQJDU VRP GHVVD NDQ
EHK|YD RP IDVWLJKHWHQ RFK EHK|YD RP IDVWLJKHWHQ RFK
DQGUD I|UKnOODQGHQ VRP KDU DQGUD I|UKnOODQGHQ VRP KDU
VDPEDQG PHG |YHUOnWHOVHQ VDPEDQG PHG |YHUOnWHOVHQ
0lNODUHQ VNDOO YHUND I|U DWW 0lNODUHQ VNDOO YHUND I|U DWW
VlOMDUHQ I|UH |YHUOnWHOVHQ OlPQDU VlOMDUHQ I|UH |YHUOnWHOVHQ
GH XSSJLIWHU RP IDVWLJKHWHQ VRP WLOOKDQGDKnOOHU   HQ
NDQ DQWDV YDUD DY EHW\GHOVH I|U E\JJQDGVGHNODUDWLRQ RFK OlPQDU
N|SDUHQ OLNVRP DWW N|SDUHQ GH XSSJLIWHU RP IDVWLJKHWHQ VRP
I|UH I|UYlUYHW XQGHUV|NHU HOOHU NDQ DQWDV YDUD DY EHW\GHOVH I|U
OnWHU XQGHUV|ND IDVWLJKHWHQ   N|SDUHQ OLNVRP DWW N|SDUHQ
        I|UH I|UYlUYHW XQGHUV|NHU HOOHU
        OnWHU XQGHUV|ND IDVWLJKHWHQ  
         
           
1lU I|UPHGOLQJHQ DYVHU HQ 1lU I|UPHGOLQJHQ DYVHU HQ
IDVWLJKHW VRP HQ NRQVXPHQW IDVWLJKHW VRP HQ NRQVXPHQW
N|SHU KXYXGVDNOLJHQ I|U HQVNLOW N|SHU KXYXGVDNOLJHQ I|U HQVNLOW
EUXN VNDOO IDVWLJKHWVPlNODUHQ EUXN VNDOO IDVWLJKHWVPlNODUHQ
WLOOKDQGDKnOOD N|SDUHQ HQ WLOOKDQGDKnOOD N|SDUHQ HQ
VNULIWOLJ EHVNULYQLQJ DY VNULIWOLJ EHVNULYQLQJ DY
IDVWLJKHWHQ %HVNULYQLQJHQ VNDOO IDVWLJKHWHQ %HVNULYQLQJHQ VNDOO
LQQHKnOOD XSSJLIWHU L GH LQQHKnOOD XSSJLIWHU L GH
DYVHHQGHQ VRP KDU DQJHWWV L † DYVHHQGHQ VRP KDU DQJHWWV L †
VDPW XSSJLIW RP IDVWLJKHWHQV VDPW XSSJLIW RP IDVWLJKHWHQV
EHQlPQLQJ WD[HULQJVYlUGH RFK EHQlPQLQJ WD[HULQJVYlUGH RFK
DUHDO %HVNULYQLQJHQ VNDOO RFNVn DUHDO %HVNULYQLQJHQ VNDOO RFNVn
LQQHKnOOD   XSSJLIW RP LQQHKnOOD XSSJLIW RP
   
   
   

E\JJQDGHQV nOGHU VWRUOHN RFK E\JJQDGHQV nOGHU VWRUOHN RFK E\JJQDGVVlWW E\JJQDGVVlWW VDPW I|U HQ VnGDQ E\JJQDG I|U YLONHQ GHW VNDOO ILQQDV HQ E\JJQDGVGHNODUDWLRQ HQ KlQYLVQLQJ WLOO XSSUlWWDG

E\JJQDGVGHNODUDWLRQ

9LG I|UPHGOLQJ VRP DYVHV L I|UVWD VW\FNHW VNDOO PlNODUHQ LQQDQ IDVWLJKHWHQ |YHUOnWV WLOOKDQGDKnOOD N|SDUHQ HQ VNULIWOLJ EHUlNQLQJ DY GHQQHV ERHQGHNRVWQDGHU

BBBBBBBBBBBBB

'HQQD ODJ WUlGHU L NUDIW GHQ MXOL

           
             
             
)|UVODJ WLOO ODJ RP lQGULQJ L ODJHQ RP  
IDVWLJKHWVUHJLVWHU          
+lULJHQRP I|UHVNULYV DWW † ODJHQ RP
IDVWLJKHWVUHJLVWHU VNDOO KD I|OMDQGH O\GHOVH    
             
1XYDUDQGH O\GHOVH   )|UHVODJHQ O\GHOVH    
           
           
9LG XUYDO HOOHU EHDUEHWQLQJDU 9LG XUYDO HOOHU EHDUEHWQLQJDU
DY SHUVRQXSSJLIWHU VRP DY SHUVRQXSSJLIWHU VRP
/DQWPlWHULYHUNHW J|U I|U QnJRQ /DQWPlWHULYHUNHW J|U I|U QnJRQ
DQQDQV UlNQLQJ I|U GLUHNW DQQDQV UlNQLQJ I|U GLUHNW
PDUNQDGVI|ULQJ InU XSSJLIWHU PDUNQDGVI|ULQJ InU XSSJLIWHU
RP SHUVRQQXPPHU I|GHOVHWLG RP SHUVRQQXPPHU I|GHOVHWLG
FLYLOVWnQG XWPlWQLQJ NRQNXUV FLYLOVWnQG XWPlWQLQJ NRQNXUV
HOOHU VWDQGDUGSRlQJ LQWH VWDQGDUGSRlQJ YHQWLODWLRQ
EHKDQGODV   UDGRQ HQHUJL HOOHU PLOM|DUEHWH

LQWH EHKDQGODV cWJlUGHU VRP HQOLJW I|UVWD VW\FNHW LQWH lU WLOOnWQD InU lQGn YLGWDV

RP /DQWPlWHULYHUNHW L HQVNLOGD IDOO ILQQHU DWW GHW ILQQV VlUVNLOGD VNlO I|U GHW

BBBBBBBBBBBBB

'HQQD ODJ WUlGHU L NUDIW GHQ MXOL

   
   
   
)|UVODJ WLOO ODJ RP E\JJQDGVGHNODUDWLRQHU I|U  
LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ  

+lULJHQRP I|UHVNULYV I|OMDQGH

6N\OGLJKHW DWW XSSUlWWD HQ E\JJQDGVGHNODUDWLRQ

)|U LQIRUPDWLRQ RFK UHGRYLVQLQJ DY HQ E\JJQDGV LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ VNDOO E\JJQDGHQV lJDUH XSSUlWWD RFK DYJH HQ E\JJQDGVGHNODUDWLRQ HQOLJW EHVWlPPHOVHUQD L GHQQD ODJ

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU PHGGHOD QlUPDUH I|UHVNULIWHU RP YLOND E\JJQDGHU VRP RPIDWWDV DY GHNODUDWLRQVVN\OGLJKHWHQ

,QQHKnOOHW L HQ E\JJQDGVGHNODUDWLRQ

(Q E\JJQDGVGHNODUDWLRQ VNDOO LQQHKnOOD DY UHJHULQJHQ HOOHU P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU I|UHVNULYQD XSSJLIWHU VRP KDU EHW\GHOVH I|U E\JJQDGHQV LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ %\JJQDGVGHNODUDWLRQHQ VNDOO RFNVn JH E\JJQDGHQV lJDUH XWU\PPH DWW UHGRYLVD XQGHUV|NQLQJDU PlWQLQJDU HOOHU DQQDW DUEHWH VRP KDU EHW\GHOVH I|U GHWWD

, GHNODUDWLRQHQ VNDOO DQJHV GHW XQGHUODJ VRP ILQQV I|U OlPQDGH XSSJLIWHU RFK YDU XQGHUODJHW ILQQV DWW WLOOJn

1lU VNDOO HQ E\JJQDGVGHNODUDWLRQ XSSUlWWDV

(Q E\JJQDGVGHNODUDWLRQ VNDOO KD XSSUlWWDWV

LQQDQ E\JJQDGHQ WDV L EUXN

LQQDQ lJDUHQ VlOMHU E\JJQDGHQ

LQQDQ lJDUHQ K\U XW E\JJQDGHQ (Q E\JJQDGVGHNODUDWLRQ InU LQWH YDUD lOGUH lQ WLR nU

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU PHGGHOD I|UHVNULIWHU RP DWW HQ E\JJQDGVGHNODUDWLRQ VNDOO XSSUlWWDV HOOHU XSSGDWHUDV PHG WlWDUH LQWHUYDOOHU lQ YDG VRP I|OMHU DY I|UVWD RFK DQGUD VW\FNHW VDPW PHGGHOD GH \WWHUOLJDUH I|UHVNULIWHU VRP EHK|YV L IUnJD RP QlU HQ E\JJQDGVGHNODUDWLRQ VNDOO XSSUlWWDV

   
   
   

gYHUOnWHOVH RFK XWK\UQLQJ

'HQ VRP VlOMHU HOOHU K\U XW HQ E\JJQDG VNDOO I|UH HQ I|UVlOMQLQJ HOOHU HQ XWK\UQLQJ WLOOKDQGDKnOOD N|SDUHQ HOOHU GHQ VRP K\U HQ E\JJQDGVGHNODUDWLRQ

$QVODJ

(Q lJDUH WLOO HQ DQQDQ E\JJQDG lQ HWW HQ RFK WYnERVWDGVKXV VNDOO J|UD E\JJQDGVGHNODUDWLRQHQ WLOOJlQJOLJ I|U ERHQGH RFK EUXNDUH DY E\JJQDGHQ JHQRP DWW DQVOn GHNODUDWLRQHQ Sn HQ SODWV VRP lU IUDPWUlGDQGH RFK NODUW V\QOLJ

$YOlPQDQGH DY GHNODUDWLRQHQ

1lU HQ GHNODUDWLRQ KDU XSSUlWWDWV VNDOO HWW H[HPSODU DY GHQ RPHGHOEDUW VlQGDV WLOO GHQ QlPQG VRP DYVHV L †

5HJHULQJHQ HOOHU GHQ P\QGLJKHW UHJHULQJHQ EHVWlPPHU InU I|UHVNULYD HOOHU L HQVNLOGD IDOO PHGJH DWW HQ E\JJQDGVGHNODUDWLRQ InU OlPQDV L IRUP DY HWW HOHNWURQLVNW GRNXPHQW 0HG HWW HOHNWURQLVNW GRNXPHQW DYVHV HQ XSSWDJQLQJ VRP KDU JMRUWV PHG KMlOS DY DXWRPDWLVHUDG GDWDEHKDQGOLQJ RFK YDUV LQQHKnOO RFK XWVWlOODUH NDQ YHULILHUDV JHQRP HWW YLVVW WHNQLVNW I|UIDUDQGH

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU I|UHVNULYD HOOHU L HQVNLOGD IDOO PHGJH DWW GHQ VRP I|U DQQDQV UlNQLQJ \UNHVPlVVLJW XWI|U VnGDQD NRQWUROOHU VRP VNDOO UHGRYLVDV L HQ E\JJQDGVGHNODUDWLRQ Sn XSSGUDJ DY E\JJQDGHQV lJDUH InU OlPQD XSSJLIWHU WLOO HQ VnGDQ QlPQG VRP DYVHV L † Sn VlWW VRP DQJHV L DQGUD VW\FNHW

, I|URUGQLQJHQ RP IDVWLJKHWVUHJLVWHU ILQQV EHVWlPPHOVHU RP DWW XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ NDQ WDV LQ L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO

8QGDQWDJ IUnQ NUDYHW

2P GHW ILQQV VNlO InU UHJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU L HQVNLOGD IDOO PHGJH XQGDQWDJ IUnQ EHVWlPPHOVHUQD L GHQQD ODJ

   
   
   

7LOOV\Q

'HQ HOOHU GH NRPPXQDOD QlPQGHU VRP IXOOJ|U NRPPXQHQV XSSJLIWHU LQRP SODQ RFK E\JJYlVHQGHW VNDOO L HQOLJKHW PHG YDG VRP I|UHVNULYV L SODQ RFK E\JJODJHQ |YHUYDND DWW HQ lJDUH WLOO HQ E\JJQDG IXOOJ|U VLQD VN\OGLJKHWHU HQOLJW GHQQD ODJ RFK HQOLJW GH I|UHVNULIWHU VRP KDU PHGGHODWV PHG VW|G DY ODJHQ

3nI|OMG I|U RULNWLJD XSSJLIWHU P P

'HQ VRP XSSVnWOLJHQ HOOHU DY JURY RDNWVDPKHW OlPQDU RULNWLJ HOOHU YLOVHOHGDQGH XSSJLIW L HQ E\JJQDGVGHNODUDWLRQ G|PV WLOO E|WHU

, ULQJD IDOO VNDOO LQWH G|PDV WLOO DQVYDU

BBBBBBBBBBBBB

'HQQD ODJ WUlGHU L NUDIW GHQ MXOL /DJHQ WLOOlPSDV LQWH Sn HQ VnGDQ I|UVlOMQLQJ GlU DYWDO RP N|S WUlIIDWV I|UH GHQ MXOL PHQ I|UYlUYHWV IXOOERUGDQ HOOHU EHVWnQG JMRUWV EHURHQGH DY YLOONRU VRP LQWUlIIDU I|UVW HIWHU ODJHQV LNUDIWWUlGDQGH

   
   
   

)|UVODJ WLOO I|URUGQLQJ RP lQGULQJ L I|URUGQLQJHQ

RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP

+lULJHQRP I|UHVNULYV DWW † I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP VNDOO KD I|OMDQGH O\GHOVH

1XYDUDQGH O\GHOVH )|UHVODJHQ O\GHOVH

9LG YDUMH EHVLNWQLQJ VNDOO SURWRNROO I|UDV , SURWRNROOHW VNDOO

DQWHFNQDV UHVXOWDWHW DY NRQWUROOHQ HQOLJW †    
(WW H[HPSODU DY SURWRNROOHW (WW H[HPSODU DY SURWRNROOHW
VNDOO OlPQDV WLOO E\JJQDGHQV VNDOO OlPQDV WLOO E\JJQDGHQV
lJDUH RFK HWW H[HPSODU VlQGDV WLOO lJDUH    
VnGDQ QlPQG VRP DYVHV L †      
I|UVWD VW\FNHW      
,QW\J VNDOO XWIlUGDV RP ,QW\J VNDOO XWIlUGDV RP
JHQRPI|UG EHVLNWQLQJ PHG JHQRPI|UG EHVLNWQLQJ PHG
DQJLYDQGH DY GDWXP I|U DQJLYDQGH DY GDWXP I|U
EHVLNWQLQJHQ %\JJQDGHQV lJDUH EHVLNWQLQJHQ  
VNDOO DQVOn LQW\JHW Sn YlO V\QOLJ      
SODWV L E\JJQDGHQ      
  )XQNWLRQVNRQWUROODQWHQ VNDOO
  LQIRUPHUD E\JJQDGHQV lJDUH RP
  VN\OGLJKHWHQ DWW XSSUlWWD HQ
  E\JJQDGVGHNODUDWLRQ RFK RP
  lJDUHQV VN\OGLJKHWHU HQOLJW
  RFK †† ODJHQ [[[[ [[[[ RP
  E\JJQDGVGHNODUDWLRQHU  
  )XQNWLRQVNRQWUROODQWHQ VNDOO
  WLOOKDQGDKnOOD E\JJQDGHQV lJDUH
  HQ EODQNHWW I|U
  E\JJQDGVGHNODUDWLRQ  
  2P /DQWPlWHULYHUNHW
  PHGGHODW I|UHVNULIWHU HQOLJW †
  I|URUGQLQJHQ [[[[ [[[[ RP
  E\JJQDGVGHNODUDWLRQHU VNDOO
  IXQNWLRQVNRQWUROODQWHQ XSSO\VD
  E\JJQDGHQV lJDUH RP P|MOLJKHWHQ
   
   
   
  DWW XSSI\OOD VN\OGLJKHWHQ HQOLJW
  † ODJHQ [[[[ [[[[ RP
  E\JJQDGVGHNODUDWLRQHU PHG HWW
  HOHNWURQLVNW GRNXPHQW

BBBBBBBBBBBBB

'HQQD I|URUGQLQJ WUlGHU L NUDIW GHQ MXOL

   
   
   
)|UVODJ WLOO I|URUGQLQJ RP lQGULQJ L I|URUGQLQJHQ  
RP IDVWLJKHWVUHJLVWHU  

+lULJHQRP I|UHVNULYV DWW RFK †† I|URUGQLQJHQ

RP IDVWLJKHWVUHJLVWHU VNDOO KD I|OMDQGH O\GHOVH

1XYDUDQGH O\GHOVH )|UHVODJHQ O\GHOVH

/DQWPlWHULYHUNHW InU EHVWlPPD DWW XSSJLIWHU RP E\JJQDGHU L HQ NRPPXQ VNDOO I|UDV L E\JJQDGVGHOHQ (WW VnGDQW EHVOXW InU PHGGHODV HQGDVW RP NRPPXQHQ KDU EHJlUW GHW RFK nWDJLW VLJ DWW L E\JJQDGVGHOHQ UHGRYLVD GH XSSJLIWHU VRP DQJHV L † I|UVWD

VW\FNHW /DQWPlWHULYHUNHW InU
 
  EHVWlPPD DWW HQ NRPPXQ L
  E\JJQDGVGHOHQ lYHQ VNDOO I|UD
  VnGDQD XSSJLIWHU VRP DYVHV L †
  DQGUD VW\FNHW (WW VnGDQW EHVOXW
  InU PHGGHODV HQGDVW RP
  NRPPXQHQ KDU EHJlUW GHW RFK
  nWDJLW VLJ DWW L E\JJQDGVGHOHQ
  UHGRYLVD GH XSSJLIWHU VRP DQJHV L
  † DQGUD VW\FNHW VW\FNHW  
       
     
)|U YDUMH HQKHW VNDOO UHGRYLVDV    
UHGRYLVQLQJVHQKHWHQV EHWHFNQLQJ    
DGUHVV RP VnGDQ ILQQV UHGRYLVDG L DGUHVVGHOHQ RFK  
XSSJLIW RP EHOlJHQKHW )|U YDUMH HQKHW VNDOO RFNVn
 
  UHGRYLVDV XSSJLIWHU VRP UHGRYLVDV
  L HQ E\JJQDGVGHNODUDWLRQ HQOLJW
  ODJHQ [[[[ [[[[ RP

E\JJQDGVGHNODUDWLRQHU

'HVVXWRP InU UHGRYLVDV XSSJLIWHU VRP KDU IDVWVWlOOWV YLG IDVWLJKHWVWD[HULQJ

BBBBBBBBBBBBB

'HQQD I|URUGQLQJ WUlGHU L NUDIW GHQ MXOL

   
   

)|UVODJ WLOO I|URUGQLQJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

+lULJHQRP I|UHVNULYV I|OMDQGH

,QOHGQLQJ

'HQQD I|URUGQLQJ JlOOHU YLG WLOOlPSQLQJ DY ODJHQ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

'HNODUDWLRQVVN\OGLJKHWHQV RPIDWWQLQJ

)|OMDQGH E\JJQDGHU RPIDWWDV DY NUDYHW Sn DWW lJDUHQ VNDOO XSSUlWWD RFK DYJH HQ E\JJQDGVGHNODUDWLRQ

VnGDQD E\JJQDGHU VRP RPIDWWDV DY EHVWlPPHOVHUQD L I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP RFK VRP %RYHUNHW LQWH PHG VW|G DY † I|UVWD VW\FNHW L I|URUGQLQJHQ XQGDQWDJLW IUnQ NUDYHW

HQ RFK WYnERVWDGVKXV VRP LQWH DQYlQGV VRP IULWLGVERVWDG

8SSUlWWDQGH RFK XSSGDWHULQJ

(Q E\JJQDGVGHNODUDWLRQ I|U VnGDQD E\JJQDGHU VRP RPIDWWDV DY NUDYHW Sn nWHUNRPPDQGH EHVLNWQLQJ HQOLJW I|URUGQLQJHQ

RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP RFK VRP %RYHUNHW LQWH PHG VW|G DY † I|UVWD VW\FNHW L GHQ DQJLYQD I|URUGQLQJHQ XQGDQWDJLW IUnQ NUDYHW VNDOO XSSUlWWDV VHQDVW L VDPEDQG PHG DWW HQ VnGDQ EHVLNWQLQJ VNDOO VNH

(Q E\JJQDGVGHNODUDWLRQ I|U VnGDQD E\JJQDGHU VRP DYVHV L I|UVWD VW\FNHW VNDOO XSSGDWHUDV HQOLJW GH LQWHUYDOOHU I|U nWHUNRPPDQGH EHVLNWQLQJ VRP %RYHUNHW PHGGHODU PHG VW|G DY † DQGUD VW\FNHW I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP

,QQHKnOO

(Q E\JJQDGVGHNODUDWLRQ VNDOO LQQHKnOOD I|OMDQGH LGHQWLILNDWLRQVXSSJLIWHU

)DVWLJKHWVEHWHFNQLQJ RFK HYHQWXHOOW KXVQXPPHU %\JJQDGHQV DGUHVV RFK RUW

   
   
   

%\JJQDGVlJDUHQV IDVWLJKHWVlJDUHQV QDPQ

2P VnGDQW QXPPHU ILQQV SHUVRQQXPPHU RUJDQLVDWLRQVQXPPHU HOOHU PRWVYDUDQGH UHJLVWUHULQJVQXPPHU

(Q E\JJQDGVGHNODUDWLRQ InU lYHQ LQQHKnOOD HWW E\JJQDGVQDPQ RFK HWW QXPPHU VRP E\JJQDGHQV lJDUH DQYlQGHU VLJ DY LQWHUQW E\JJQDGVQDPQ RFK LQWHUQW E\JJQDGVQXPPHU

(Q lJDUH WLOO HQ E\JJQDG VNDOO DOOWLG KD P|MOLJKHW DWW L HQ E\JJQDGVGHNODUDWLRQ NRUW UHGRYLVD HOOHU KlQYLVD WLOO HQ UHGRYLVQLQJ DY IDNWRUHU HOOHU DUEHWH VRP EHGULYV RFK VRP lU HOOHU NRPPHU DWW EOL DY EHW\GHOVH I|U LQRPKXVPLOM|Q HOOHU HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ

(Q E\JJQDGVGHNODUDWLRQ I|U VnGDQD E\JJQDGHU VRP RPIDWWDV DY I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP RFK VRP LQWH %RYHUNHW PHG VW|G DY † I|UVWD VW\FNHW L GHQ DQJLYQD I|URUGQLQJHQ XQGDQWDJLW IUnQ NUDYHW VNDOO LQQHKnOOD XSSJLIWHU RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP RFK XSSJLIWHU RP HQHUJLDQYlQGQLQJ

(Q E\JJQDGVGHNODUDWLRQ I|U SHUPDQHQWERVWlGHU L HQ RFK WYnERVWDGVKXV IOHUERVWDGVKXV VDPW L E\JJQDGHU I|U VNRORU I|UVNRORU RFK IULWLGVKHP VNDOO DOOWLG LQQHKnOOD XSSJLIW RP UDGRQKDOWHQ L E\JJQDGHQ lU XSSPlWW HOOHU LQWH RFK RP VnGDQ PlWQLQJ VNHWW XSSJLIW RP UDGRQKDOWHQ

(Q E\JJQDGVGHNODUDWLRQ I|U SHUPDQHQWERVWlGHU L HQ RFK WYnERVWDGVKXV VNDOO LQQHKnOOD XSSJLIWHU RP HQHUJLDQYlQGQLQJ

%RYHUNHW VNDOO IDVWVWlOOD IRUPXOlU I|U E\JJQDGVGHNODUDWLRQHU VRP LQQHKnOOHU XSSJLIWHU HQOLJW †† %ODQNHWWHU I|U E\JJQDGVGHNODUDWLRQHU VNDOO WLOOKDQGDKnOODV NRVWQDGVIULWW KRV %RYHUNHW

%RYHUNHW InU VH WLOO DWW EODQNHWWHU RFNVn WLOOKDQGDKnOOV KRV DQGUD VWDWOLJD HOOHU NRPPXQDOD RUJDQ HOOHU Sn DQQDW OlPSOLJW VlWW

   
   
   

(OHNWURQLVND GRNXPHQW

/DQWPlWHULYHUNHW InU L VDPUnG PHG %RYHUNHW I|UHVNULYD HOOHU L HQVNLOGD IDOO PHGJH DWW E\JJQDGVGHNODUDWLRQHQ InU OlPQDV L IRUP DY HWW HOHNWURQLVNW GRNXPHQW

/DQWPlWHULYHUNHW InU L VDPUnG PHG %RYHUNHW I|UHVNULYD HOOHU L HQVNLOGD IDOO PHGJH DWW GHQ VRP \UNHVPlVVLJW I|U DQQDQV UlNQLQJ XWI|U VnGDQD NRQWUROOHU VRP VNDOO UHGRYLVDV L HQ E\JJQDGVGHNODUDWLRQ Sn XSSGUDJ DY E\JJQDGHQV lJDUH RFK I|U lJDUHQV UlNQLQJ InU OlPQD XSSJLIWHU L IRUP DY HWW HOHNWURQLVNW GRNXPHQW

/DQWPlWHULYHUNHW RFK %RYHUNHW VNDOO VDPUnGD PHG 6YHQVND NRPPXQI|UEXQGHW

8QGDQWDJ IUnQ NUDYHW

%RYHUNHW InU PHGGHOD I|UHVNULIWHU DWW YLVVD VODJ DY E\JJQDGHU VNDOO YDUD KHOW HOOHU GHOYLV XQGDQWDJQD IUnQ EHVWlPPHOVHUQD L GHQQD I|URUGQLQJ 2P GHW ILQQV VNlO InU %RYHUNHW L HQVNLOGD IDOO PHGJH XQGDQWDJ IUnQ EHVWlPPHOVHUQD L GHQQD I|URUGQLQJ

BBBBBBBBBBBBB

'HQQD I|URUGQLQJ WUlGHU L NUDIW GHQ MXOL

† WUlGHU L NUDIW GHQ GDJ VRP UHJHULQJHQ EHVWlPPHU

$ 875('1,1*(16 833'5$* 2&+ $5%(7(

8WUHGQLQJHQV XSSGUDJ RFK

DUEHWH

8WUHGQLQJVXSSGUDJHW

(QOLJW GLUHNWLYHQ GLU lU XWUHGQLQJHQV XSSGUDJ VDPPDQIDWWQLQJVYLV DWW

UHGRYLVD RFK J|UD HQ DQDO\V DY lQGDPnO RFK XWIRUPQLQJ DY HQ REOLJDWRULVN HOOHU IULYLOOLJ E\JJQDGVGHNODUDWLRQ VRP LQQHKnOOHU XSSJLIWHU RP UDGRQ YHQWLODWLRQ RFK HQHUJLDQYlQGQLQJ RFK

EHO\VD XWIRUPQLQJ RFK XSSE\JJQDG DY HWW QDWLRQHOOW UHJLVWHU PHG E\JJQDGVDQNQXWQD XSSJLIWHU VRP JHU XQGHUODJ I|U XSSI|OM

QLQJ DY UHOHYDQWD GHOPnO WLOO GH QDWLRQHOOD PLOM|NYDOLWHWVPnOHQ VDPW XWUHGD DOWHUQDWLY WLOO QDWLRQHOOW UHJLVWHU

8SSGUDJHW EHWUlIIDQGH QX QlPQGD IUnJRU RP E\JJQDGVGHNODUD WLRQHU RFK E\JJQDGVUHJLVWHU UHGRYLVDU YL L GHWWD GHOEHWlQNDQGH

(QOLJW GLUHNWLYHQ RPIDWWDU XWUHGQLQJHQV XSSGUDJ RFNVn DWW XWYlUGHUD RP ODJHQ RP E\JJIHOVI|UVlNULQJ IXQJHUDU Sn GHW VlWW VRP KDU YDULW DYVHWW RFK I|UHVOn GH ODJlQGULQJDU VRP NDQ YDUD PRWLYHUDGH VDPW |YHUYlJD RP NUDYHW Sn HQ E\JJIHOVI|UVlNULQJ E|U XWYLGJDV WLOO DWW DYVH lYHQ DQGUD E\JJQDGHU lQ ERVWDGVKXV

)UnJRUQD VRP U|U E\JJIHOVI|UVlNULQJHQ nWHUNRPPHU YL WLOO L YnUW VOXWEHWlQNDQGH

8WUHGQLQJHQV GLUHNWLY GLU RFK WLOOlJJVGLUHNWLY GLU

L VLQ KHOKHW nWHUJHV L ELODJD RFK

8SSGUDJHWV JHQRPI|UDQGH

8WUHGQLQJHQ KDU JHQRPI|UWV DY HQ VlUVNLOG XWUHGDUH VRP KDU ELWUlWWV DY QLR H[SHUWHU PHG UHSUHVHQWDQWHU IUnQ %RYHUNHW )DVWLJKHWVlJDUQD 6YHULJH +\UHVJlVWI|UHQLQJHQ /DQWPlWHULYHUNHW 0LOM|GHSDUWHPHQWHW 1lULQJVGHSDUWHPHQWHW 6$%2 6YHULJHV %\JJLQGXVWULHU RFK 8WUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD 8WUHGQLQJHQ KDU XQGHU DUEHWHW PHG GHWWD GHOEHWlQNDQGH

   
   
   

VDPPDQWUlWW XQGHU HOYD WLOOIlOOHQ 6DPWOLJD H[SHUWHU KDU DNWLYW GHOWDJLW L DUEHWHW RFK VWnU EDNRP LQQHKnOOHW L GHWWD GHOEHWlQNDQGH %HWlQNDQGHW lU GlUI|U VNULYHW L YL IRUP

8WUHGQLQJHQ KDU XQGHU VLWW DUEHWH KnOOLW HQ KHDULQJ I|U DWW In GHO DY GH V\QSXQNWHU VRP ILQQV EHWUlIIDQGH E\JJQDGVGHNODUDWLRQHU 7LOO KHDULQJHQ YDU FLUND I|UHWDJ RUJDQLVDWLRQHU RFK P\QGLJKHWHU LQEMXGQD ,QWUHVVHW I|U KHDULQJHQ YDU VWRUW PHG PnQJD GHOWDJDUH RFK YLVDW HQJDJHPDQJ I|U IUnJRUQD ,QI|U KHDULQJHQ ILFN GH LQEMXGQD GHO DY HQ SURPHPRULD VRP VNXOOH WMlQD VRP GLVNXVVLRQV XQGHUODJ 9LG KHDULQJHQ EHKDQGODGHV lQGDPnOHQ PHG HQ E\JJQDGV GHNODUDWLRQ YLOND XSSJLIWHU RFK YLOND E\JJQDGHU VRP E|U GHNODUHUDV LQQHKnOO RFK XWIRUPQLQJ DY HQ E\JJQDGVGHNODUDWLRQ RP GHNODUDWLRQHUQD E|U YDUD REOLJDWRULVND HOOHU IULYLOOLJD VDPW IUnJDQ QlU HQ GHNODUDWLRQ E|U XSSUlWWDV 9LG KHDULQJHQ EHKDQGODGHV RFNVn IUnJRU RP YLOND lQGDPnO HWW UHJLVWHU E|U NXQQD WLOOJRGRVH RFK YLOND LQWHJULWHWVSUREOHP VRP NDQ ILQQDV )|UXWRP DWW GH LQEMXGQD ILFN WLOOIlOOH DWW OlPQD V\QSXQNWHU YLG KHDULQJHQ HUEM|GV GH RFNVn DWW OlPQD VNULIWOLJD V\QSXQNWHU bYHQ GH VNULIWOLJD V\QSXQNWHUQD YLVDU DWW GHW ILQQV LQWUHVVH I|U IUnJRU RP E\JJQDGVGHNODUDWLRQHU

8WUHGDUHQ RFK VHNUHWHUDUHQ KDU GHVVXWRP VDPPDQWUlIIDW HQVNLOW PHG /DQWPlWHULYHUNHW %RYHUNHW 6RFLDOVW\UHOVHQ 6WDWHQV 6WUnO VN\GGVLQVWLWXW (QHUJLP\QGLJKHWHQ 6YHQVND NRPPXQI|UEXQGHW 6WDWLVWLVND FHQWUDOE\UnQ RFK 8WUHGQLQJHQ RP E\JJQDGHUV HQHUJL SUHVWDQGD 'lUXW|YHU KDU VHNUHWDULDWHW KDIW NRQWDNWHU PHG 1lULQJV OLYHWV UHJHOQlPQG RFK .RPPLWWpQ I|U SODQ RFK E\JJODJVWLIWQLQJHQ 8WUHGQLQJHQ KDU lYHQ WDJLW GHO DY %\JJD ER GLDORJHQV I|UVODJ WLOO (JHQGRPVVNDWWHNRPPLWWpQ RP NODVVLILFHULQJ DY E\JJQDGHUV LQRP KXVPLOM| HQHUJL RFK UHVXUVDQYlQGQLQJ

)|U DWW InQJD XSS NRPPXQHUQDV KDQWHULQJ DY XSSJLIWHU RP YHQWLODWLRQ UDGRQ RFK HQHUJL L EHE\JJHOVHQ KDU XWUHGQLQJHQ HIWHU VDPUnG PHG 6YHQVND NRPPXQI|UEXQGHW VNLFNDW HQ HQNlW WLOO HOYD NRPPXQHU VDPW VWlOOW YLVVD I|OMGIUnJRU WLOO QnJUD DY NRPPXQHUQD

'LVSRVLWLRQ DY EHWlQNDQGHW

%HWlQNDQGHW lU XSSGHODW L I\UD GHODU , GHO $ UHGRJ|U YL NRUW I|U XWUHGQLQJVXSSGUDJHW RFK YnUW DUEHWH 'HO % EHKDQGODU E\JJQDGV GHNODUDWLRQHU GHO & UHJLVWHUIUnJRU RFK GHO ' |YULJD IUnJRU

% %<**1$'6'(./$5$7,21(5

,QRPKXVPLOM|Q ¤ UHJHOYHUN RFK

XWUHGQLQJDU P P

,QOHGQLQJ

, GHWWD NDSLWHO JHU YL I|UVW HQ UHGRJ|UHOVH I|U UHJOHU VRP KDU EHW\GHOVH I|U LQRPKXVPLOM|Q 'lUHIWHU OlPQDU YL HQ VDPPDQ IDWWQLQJ DY 5DGRQXWUHGQLQJHQV EHWlQNDQGH RFK %RYHUNHWV UDSSRUW 'HNODUDWLRQ DY ERVWlGHU VNRORU RFK I|UVNRORU 6OXWOLJHQ EHU|U YL RFNVn %\JJNYDOLWHWVXWUHGQLQJHQ

5HOHYDQWD GHODU DY PLOM|PnOHQ EHKDQGODU YL L NDSLWHO , NDSLWHO

UHGRJ|U YL I|U (* GLUHNWLYHW (* RP E\JJQDGHUV HQHUJL SUHVWDQGD RFK XWUHGQLQJDU L DQOHGQLQJ DY GHW GLUHNWLYHW , NDSLWHO

UHGRJ|U YL NRUW I|U EHILQWOLJD GHNODUDWLRQHU HOOHU PRWVYDUDQGH

3ODQ RFK E\JJODJHQ 3%/ VDPW ODJHQ RP WHNQLVND HJHQVNDSVNUDY Sn E\JJQDGVYHUN P P %9/

%\JJQDGVQlPQGHQ RFK E\JJKHUUHQ

5HJOHU RP WLOOV\Q RFK NRQWUROO DY E\JJQDGVDUEHWHQ ILQQV L SODQ RFK E\JJODJHQ 3%/ 'H JHQHUHOOD NUDY VRP VDPKlOOHW VWlOOHU Sn E\JJQDGHUV RFK DQOlJJQLQJDUV HJHQVNDSHU ILQQV WLOOVDPPDQV PHG GH NUDY VRP JlOOHU I|U E\JJSURGXNWHU L ODJHQ RP WHNQLVND HJHQVNDSVNUDY Sn E\JJQDGVYHUN P P %9/ (QOLJW SODQ RFK E\JJODJHQ VYDUDU E\JJKHUUHQ I|U DWW E\JJQDGHU XSSI\OOHU GH WHNQLVND HJHQVNDSVNUDYHQ PHGDQ E\JJQDGVQlPQGHQ HOOHU PRW VYDUDQGH QlPQG HOOHU QlPQGHU KDU HWW WLOOV\QVDQVYDU

7HNQLVND HJHQVNDSVNUDY Sn E\JJQDGHU

, NDS † SODQ RFK E\JJODJHQ ILQQV HQ EHVWlPPHOVH RP DWW E\JJQDGHU VNDOO XSSI\OOD NUDYHQ L %9/ , † %9/ DQJHV DWW E\JJQDGHU RFK DQGUD DQOlJJQLQJDU VNDOO XSSI\OOD YlVHQWOLJD

! " #$ $  
   
   

HJHQVNDSVNUDY EO D L IUnJD RP VN\GG PHG KlQV\Q WLOO K\JLHQ KlOVD RFK PLOM| VDPW HQHUJLKXVKnOOQLQJ RFK YlUPHLVROHULQJ 5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU XWIlUGD GH I|UHVNULIWHU VRP EHK|YV I|U WLOOlPSQLQJ DY EHVWlPPHOVHQ , † I|URUGQLQJHQ RP WHNQLVND HJHQVNDSVNUDY Sn E\JJQDGVYHUN %9) DQJHV DWW E\JJQDGHU VNDOO YDUD SURMHNWHUDGH RFK XWI|UGD Sn HWW VnGDQW VlWW DWW GHW LQWH PHGI|U ULVN I|U K\JLHQ HOOHU KlOVD VlUVNLOW LQWH VRP I|OMG DY EO D SDUWLNODU HOOHU JDVHU L OXIWHQ IDUOLJ VWUnOQLQJ HOOHU I|UHNRPVW DY IXNW 0HG DQNQ\WQLQJ WLOO GHVVD EHVWlPPHOVHU ILQQV L %RYHUNHWV E\JJUHJOHU I|UHVNULIWHU RFK DOOPlQQD UnG RP OXIWNYDOLWHW RFK YHQWLODWLRQ %)6 PHG lQGULQJDU , UHJOHUQD DQJHV DWW UDGRQKDOWHQ L HQ Q\ E\JJQDG LQWH InU |YHUVNULGD %T P

%\JJQDGHU RFK GHUDV LQVWDOODWLRQHU I|U XSSYlUPQLQJ N\OQLQJ RFK YHQWLODWLRQ VNDOO HQOLJW † %9/ YDUD SURMHNWHUDGH RFK XWI|UGD VnGDQW VlWW DWW HQHUJLnWJnQJHQ PHG KlQV\Q WLOO NOLPDWI|UKnOODQGHQD lU Vn OLWHQ VRP P|MOLJW RFK YlUPHNRPIRUWHQ I|U EUXNDUHQ WLOOIUHGVVWlOODQGH

, † WUHGMH VW\FNHW %9/ ILQQV HQ EHVWlPPHOVH RP DWW E\JJQDGHU VNDOO XQGHUKnOODV Vn DWW GHVV HJHQVNDSHU L KXYXGVDN EHYDUDV $YVLNWHQ PHG EHVWlPPHOVHQ lU DWW HQ E\JJQDGV IXQNWLRQHU LQWH SnWDJOLJW VNDOO I|UVlPUDV L I|UKnOODQGH WLOO YDG VRP XUVSUXQJOLJHQ NUlYGHV

.YDOLWHWVVlNULQJ ¤ NRQWUROOV\VWHPHW HQOLJW SODQ RFK E\JJODJHQ

.RQWUROOV\VWHPHW VRP ILQQV HQOLJW SODQ RFK E\JJODJHQ NDQ EHVNULYDV HQOLJW I|OMDQGH 1lU HQ E\JJDQPlODQ NRPPLW LQ VNDOO E\JJQDGVQlPQGHQ NDOOD EO D E\JJKHUUHQ RFK GHQ NYDOLWHWVDQVYDULJH WLOO HWW E\JJVDPUnG 9LG E\JJVDPUnGHW VNDOO E\JJSURMHNWHW JnV LJHQRP GlULEODQG IUnJRU RP YLOND nWJlUGHU I|U EHVLNWQLQJ WLOOV\Q RFK NRQWUROO VRP EHK|YV I|U DWW E\JJQDGHQ VNDOO XSSI\OOD NUDYHQ L SODQ RFK E\JJODJHQ L IUnJD RP HJHQVNDSHU RFK IXQNWLRQHU %HVWlPPHOVHQ RP E\JJVDPUnG WLOONRP L V\IWH DWW GH L E\JJSURFHVVHQ LQEODQGDGH VNXOOH Jn LJHQRP E\JJSURMHNWHW RFK Gn XSSPlUNVDPPD HQ E\JJQDGV HJHQVNDSHU RFK IXQNWLRQHU PHG LQULNWQLQJ EODQG DQQDW Sn YHQWLODWLRQVV\VWHP E\JJPDWHULDO RFK IXNWVN\GG 9LG E\JJVDPUnGHW VNDOO E\JJQDGVQlPQGHQ YLG EHKRY XSSPlUNVDPPD E\JJKHUUHQ EnGH Sn I|UHNRPVWHQ DY PDUNUDGRQ

  ! " #$ $
   
   

RFK LQQHE|UGHQ DY KlOVRNUDYHW L † %9/ (Q JHQRPJnQJ VNDOO RFNVn J|UDV DY DUEHWHQDV SODQHULQJ RFK GHQ VDPRUGQLQJ VRP EHK|YV

9LG E\JJVDPUnGHW HOOHU Vn VQDUW VRP P|MOLJW VNDOO GHW EHVOXWDV RP HQ NRQWUROOSODQ I|U DUEHWHQD , NRQWUROOSODQHQ VNDOO GHW DQJHV YLONHQ NRQWUROO VRP VNDOO XWI|UDV RFK YLOND KDQGOLQJDU VRP VNDOO YLVDV UHVSHNWLYH YLOND DQPlOQLQJDU VRP VNDOO J|UDV WLOO E\JJQDGV QlPQGHQ , NRQWUROOSODQHQ NDQ E\JJQDGVQlPQGHQ EHJlUD DWW E\JJKHUUHQ YHULILHUDU DWW KlOVRNUDYHW L † %9/ lU XSSI\OOW , SURS

PHG I|UVODJ WLOO lQGULQJ L SODQ RFK E\JJODJHQ XQGHU VWU|NV GHW GRFN VlUVNLOW DWW GHW lU E\JJKHUUHQ VRP KDU DQVYDUHW I|U E\JJQDGHUV HJHQVNDSHU 'HW XWWDODGHV RFNVn DWW E\JJQDGV QlPQGHUQD LQWH E|U EHJlUD YHULILNDW RP GH LQWH KDU DQOHGQLQJ DQWD DWW YHULILNDWHW I\OOHU HQ YLNWLJ IXQNWLRQ L GHW HQVNLOGD IDOOHW

9LG YLVVD E\JJQDGVnWJlUGHU NUlYV GHW DWW E\JJKHUUHQ XWVHU HQ HOOHU IOHUD NYDOLWHWVDQVYDULJD (Q NYDOLWHWVDQVYDULJ VNDOO EO D VH WLOO DWW NRQWUROOSODQHQ I|OMV RFK DWW NRQWUROOHU XWI|UV

1lU E\JJKHUUHQ KDU XSSI\OOW VLQD nWDJDQGHQ HQOLJW NRQWUROO SODQHQ GYV EHVW\UNW E\JJQDGHQV HJHQVNDSHU Sn I|UHVNULYHW VlWW RFK GHW LQWH ILQQV VNlO I|U E\JJQDGVQlPQGHQ DWW LQJULSD HQOLJW

NDS SODQ RFK E\JJODJHQ VNDOO E\JJQDGVQlPQGHQ XWIlUGD HWW VOXWEHYLV

0LOM|ODJVWLIWQLQJHQ

+lOVRVN\GGHW

bYHQ L PLOM|EDONHQ ILQQV EHVWlPPHOVHU RP KlOVRVN\GG , NDS † PLOM|EDONHQ DQJHV DWW ERVWlGHU RFK ORNDOHU I|U DOOPlQQD lQGDPnO VNDOO EUXNDV Sn VnGDQW VlWW DWW ROlJHQKHWHU I|U PlQQLVNRUV KlOVD LQWH XSSNRPPHU 9LGDUH DQJHV L EHVWlPPHOVHQ DWW lJDUH HOOHU Q\WWMDQGHUlWWVKDYDUH WLOO EHU|UG HJHQGRP VNDOO YLGWD GH nWJlUGHU VRP VNlOLJHQ NDQ NUlYDV I|U DWW KLQGUD XSSNRPVWHQ DY HOOHU XQGDQ U|MD ROlJHQKHWHU I|U PlQQLVNRUV KlOVD (Q ERVWDG VNDOO HQOLJW † I|URUGQLQJHQ RP PLOM|IDUOLJ YHUNVDPKHW EO D JH EHWU\JJDQGH VN\GG PRW YlUPH N\OD GUDJ IXNW EXOOHU UDGRQ OXIWI|URUHQLQJDU RFK DQGUD OLNQDQGH VW|UQLQJDU VDPW KD WLOOIUHGV VWlOODQGH OXIWYl[OLQJ JHQRP DQRUGQLQJ I|U YHQWLODWLRQ HOOHU Sn DQQDW VlWW

! " #$ $  
   
   

, VDPPDQKDQJHW VNDOO GHW QlPQDV DWW GHW LQWH ILQQV QnJRQ JHQHUHOO VN\OGLJKHW DWW PlWD UDGRQKDOWHQ L EHILQWOLJD KXV

.RPPXQHQ NDQ NUlYD DWW GHQ VRP EHGULYHU YHUNVDPKHW VRP NDQ EHIDUDV PHGI|UD ROlJHQKHWHU I|U PlQQLVNRUV KlOVD J|U GH XQGHU V|NQLQJDU VRP EHK|YV I|U WLOOV\QHQ .RPPXQHQ NDQ lYHQ NUlYD DWW GHQ VRP XSSOnWHU HQ E\JJQDG I|U ERVWlGHU HOOHU I|U DOOPlQQD lQGDPnO XWI|U PlWQLQJDU QlU GHW NDQ DQWDV DWW GHW ILQQV HQ I|UK|MG UDGRQKDOW NDS † PLOM|EDONHQ

7LOOV\QHQ

9DUMH NRPPXQ XW|YDU JHQRP GHQ HOOHU GH QlPQGHU VRP IXOOPlNWLJH EHVWlPPHU RIWDVW PLOM| RFK KlOVRVN\GGVQlPQGHQ WLOOV\QHQ |YHU KlOVRVN\GGHW NDS † PLOM|EDONHQ 'HQ QlPQG VRP XW|YDU WLOOV\Q |YHU PLOM|VN\GGHW L ERVWlGHU InU PHGGHOD GH I|UHOlJJDQGHQ RFK I|UEXG VRP EHK|YV L HWW HQVNLOW IDOO 6RFLDO VW\UHOVHQ KDU GHW FHQWUDOD DQVYDUHW I|U DWW YlJOHGD NRPPXQHUQD L GHUDV WLOOV\Q DY KlOVRVN\GGHW L ERVWlGHU RFK ORNDOHU P P 6RFLDOVW\UHOVHQ KDU XWIlUGDW DOOPlQQD UnG I|U NRPPXQHUQD VRP YlJOHGQLQJ YLG WLOOV\QHQ DY YHQWLODWLRQ UHVSHNWLYH UDGRQ

, 6RFLDOVW\UHOVHQV DOOPlQQD UnG 626)6 RP WLOOV\Q HQOLJW PLOM|EDONHQ ² YHQWLODWLRQ DQJHV ULNWYlUGHQ I|U YLOND OXIW IO|GHQ VRP E|U I|UHNRPPD L ERVWlGHU RFK ORNDOHU PHQ GHW IUDP KnOOV RFNVn DWW HQ KHOKHWVEHG|PQLQJ E|U J|UDV PHG KlQV\Q WLOO E\JJQDGHQV I|UXWVlWWQLQJDU I|U GHQ DNWXHOOD YHUNVDPKHWHQ 2P GHW I|UHOLJJHU ROlJHQKHWHU I|U PlQQLVNRUV KlOVD S J D GnOLJ OXIWNYDOLWHW NDQ GHW HQOLJW UnGHQ NUlYDV nWJlUGHU HOOHU \WWHUOLJDUH XQGHUV|N QLQJDU lYHQ RP YHQWLODWLRQVV\VWHPHW lU JRGNlQW HQOLJW I|URUG QLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP , UnGHQ VlJV RFNVn DWW YHQWLODWLRQHQ E|U XQGHUV|NDV RP K|JD UDGRQJDVKDOWHU NRQVWDWHUDWV HOOHU NDQ DQWDV I|UHNRPPD

6RFLDOVW\UHOVHQ KDU lYHQ PHGGHODW DOOPlQQD UnG 626)6

RP WLOOV\Q HQOLJW PLOM|EDONHQ ² UDGRQ L LQRPKXVOXIW , GH DOOPlQQD UnGHQ XWWDODU 6RFLDOVW\UHOVHQ DWW RP UDGRQKDOWHQ L HQ ERVWDG HOOHU HQ ORNDO |YHUVWLJHU %T P E|U UDGRQKDOWHQ DQVHV XWJ|UD ROlJHQKHW I|U PlQQLVNRUV KlOVD $QJnHQGH UDGRQKDOW L Q\SURGXFHUDGH KXV VH RYDQ XQGHU UXEULNHQ SODQ RFK E\JJODJHQ

(QOLJW I|URUGQLQJHQ RP WLOOV\Q HQOLJW PLOM|EDONHQ VNDOO HQ WLOOV\QVP\QGLJKHW nUOLJHQ XWUHGD EHKRYHW DY WLOOV\Q LQRP VLWW DQVYDUVRPUnGH

  ! " #$ $
   
   

6RFLDOVW\UHOVHQ DQJHU L VLQD UnG DWW GHW L HQ VnGDQ XWUHGQLQJ E|U LQJn HQ XSSVNDWWQLQJ DY I|UHNRPVWHQ DY E\JJQDGHU PHG EULVWIlOOLJ YHQWLODWLRQ , UnGHQ DQJHV RFNVn DWW HQ VnGDQ XSSVNDWWQLQJ E|U NXQQD J|UDV L VDPYHUNDQ PHG GHQ QlPQG VRP DQVYDUDU I|U UHJLVWHU RFK WLOOV\Q HQOLJW I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP

, GHQ nUOLJD XWUHGQLQJ RP EHKRYHW DY WLOOV\Q VRP VNDOO J|UDV DY NRPPXQHQ E|U GHW RFNVn HQOLJW 6RFLDOVW\UHOVHQ LQJn HQ NDUWOlJJ QLQJ DY GH E\JJQDGHU LQRP NRPPXQHQ VRP KDU I|UK|MGD UDGRQ YlUGHQ 'HVVXWRP E|U NRPPXQHQ L GHQ nUOLJD SODQHQ VSHFLILFHUD KXU WLOOV\QHQ Sn UDGRQRPUnGHW VNDOO EHGULYDV

$UEHWVPLOM|ODJHQ

$UEHWVPLOM|ODJHQ KDU WLOO lQGDPnO DWW I|UHE\JJD RKlOVD RFK RO\FNVIDOO L DUEHWHW VDPW DWW lYHQ L |YULJW XSSQn HQ JRG DUEHWVPLOM|

$UEHWVPLOM|ODJVWLIWQLQJHQ RPIDWWDU lYHQ PLOM|Q L VNROORNDOHU , HQ UDSSRUW IUnQ $UEHWVPLOM|YHUNHW 6NRODQV DUEHWVPLOM| ² UHVXOWDW DY HQNlWXQGHUV|NQLQJ YnUHQ IUDPJnU DWW GHQ YDQOLJDVW I|UH NRPPDQGH DQPlUNQLQJHQ VnYLWW DYVHU VNRODQV I\VLVND DUEHWVPLOM| JlOOHU YHQWLODWLRQHQ

, DUEHWVPLOM|ODJHQ DQJHV DWW HQ DUEHWVORNDO VNDOO YDUD Vn XWIRUPDG DWW GHQ lU OlPSOLJ IUnQ DUEHWVPLOM|V\QSXQNW NDS † 'H DUEHWVK\JLHQLVND I|UKnOODQGHQD QlU GHW JlOOHU OXIW OMXG OMXV YLEUDWLRQHU RFK OLNQDQGH VNDOO YDUD WLOOIUHGVVWlOODQGH NDS †

$UEHWVPLOM|YHUNHW KDU XWIlUGDW I|UHVNULIWHU RP DUEHWVSODWVHUQDV XWIRUPQLQJ $)6 lQGUDG JHQRP $)6 'lU JHV EHVWlPPHOVHU RP OXIWNYDOLWHWHQ VDPW RP XQGHUKnOO RFK IXQNWLRQV NRQWUROO DY YHQWLODWLRQVV\VWHP , I|UHVNULIWHUQD DQJHV DWW YHQWLOD WLRQVV\VWHP VNDOO NRQWUROOHUDV RFK XQGHUKnOODV RFK DWW GRNXPHQWD WLRQ VNDOO VNH , $UEHWDUVN\GGVVW\UHOVHQV I|UHVNULIWHU RP K\JLH QLVND JUlQVYlUGHQ RFK nWJlUGHU PRW OXIWI|URUHQLQJDU $)6

DQJHV JUlQVYlUGHW I|U UDGRQ Sn DUEHWVSODWVHU WLOO %T P

, NDS † DUEHWVPLOM|ODJHQ ILQQV RFNVn HQ EHVWlPPHOVH RP VN\OGLJKHWHU I|U GHQ VRP XWI|U E\JJQDGV HOOHU DQOlJJQLQJVDUEHWH 'HQ VRP OnWHU XWI|UD VnGDQW DUEHWH VNDOO YLG SURMHNWHULQJHQ VH WLOO DWW DUEHWVPLOM|V\QSXQNWHU DYVHHQGH VnYlO E\JJVNHGHW VRP GHW IUDPWLGD EUXNDQGHW EHDNWDV RFK DWW ROLND GHODU DY SURMHNWHULQJHQ VDPRUGQDV

! " #$ $  
   
   

$UEHWVPLOM|YHUNHW KDU PHGGHODW I|UHVNULIWHU RP E\JJQDGV RFK DQOlJJQLQJVDUEHWH $)6 , I|UHVNULIWHUQD ILQQV GHW NUDY Sn DWW E\JJKHUUHQ XSSUlWWDU HQ GRNXPHQWDWLRQ VRP VNDOO YDUD IlUGLJ VWlOOG Gn DUEHWHQD DYVOXWDV 'RNXPHQWDWLRQHQ VNDOO EHVNULYD REMHNWHWV NRQVWUXNWLRQ RFK XWIRUPQLQJ VDPW GH E\JJSURGXNWHU VRP DQYlQWV DOOW L GHQ RPIDWWQLQJ VRP lU DY EHW\GHOVH I|U VlNHUKHW RFK KlOVD YLG DUEHWHW PHG GULIW XQGHUKnOO UHSDUDWLRQ lQGULQJ RFK ULYQLQJ DY REMHNWHW 'HWWD I|U DWW NRPPDQGH I|UlQGULQJVDUEHWHQ VNDOO NXQQD VNH Sn HWW EHWU\JJDQGH VlWW 'RNXPHQWDWLRQHQ VNDOO I|UYDUDV Vn OlQJH VRP REMHNWHW EHVWnU 2P REMHNWHW |YHUOnWV VNDOO GRNXPHQWDWLRQHQ |YHUOlPQDV WLOO GHQ Q\D LQQHKDYDUHQ $UEHWV PLOM|YHUNHWV I|UHVNULIWHU RP E\JJQDGV RFK DQOlJJQLQJVDUEHWH LQQHElU DWW HQ IRUP DY GHNODUDWLRQ VNDOO XSSUlWWDV

)|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP 29.

$OOPlQW

(Q YlO IXQJHUDQGH YHQWLODWLRQ lU YLNWLJW I|U DWW In HQ LQRPKXVOXIW DY JRG NYDOLWp bQGDPnOVHQOLJ YHQWLODWLRQ KDU HQ SRVLWLY HIIHNW Sn DOOD GH IDNWRUHU VRP EHYLVDV HOOHU PLVVWlQNV KD HIIHNWHU Sn KlOVDQ 9HQWLODWLRQ EHK|YV lYHQ I|U DWW E\JJQDGHQ VNDOO Pn EUD RFK LQWH I|UVW|UDV DY IXNW RFK P|JHO 'HW lU GlUI|U YLNWLJW DWW YHQWLODWLRQHQ IXQJHUDU RFK DWW GHQ VHV |YHU RFK XQGHUKnOOV IRUWO|SDQGH

)|U DWW NRPPD WLOO UlWWD PHG SUREOHPHQ L GH V N VMXND KXVHQ WLOOVDWWHV L VOXWHW DY WDOHW HQ DUEHWVJUXSS $UEHWVJUXSSHQV XSSJLIW YDU EO D DWW I|UHVOn nWJlUGHU VRP V\IWDGH WLOO DWW I|UHE\JJD RFK XQGDQU|MD VnGDQD I|UKnOODQGHQ L E\JJQDGHU VRP NDQ YnOOD RKlOVD , V\IWH DWW VNDSD HQ ElWWUH LQRPKXVPLOM| RFK VXQGDUH KXV I|UHVORJ DUEHWVJUXSSHQ 'V %\JJQDGHUV LQRPKXVPLOM| P P DWW HQ RUGQLQJ PHG IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP VNXOOH LQI|UDV , SURSRVLWLRQ RP E\JJQDGHUV LQRPKXV PLOM| P P I|UHVORJ UHJHULQJHQ EO D DWW ULNVGDJHQ VNXOOH VNDSD P|MOLJKHWHU I|U UHJHULQJHQ DWW PHGGHOD EHVWlPPHOVHU RP IXQNWLRQVNRQWUROO , NDS † S 3%/ LQI|UGHV HQ EHVWlPPHOVH VRP JDY UHJHULQJHQ HOOHU P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU P|MOLJKHW DWW PHGGHOD I|UHVNULIWHU RP IXQNWLRQVNRQWUROO 'HQMDQXDUL WUlGGH I|URUGQLQJHQ RP IXQNWLRQV NRQWUROO DY YHQWLODWLRQVV\VWHP 29. L NUDIW %RYHUNHW KDU

  ! " #$ $
   
   

PHGGHODW I|UHVNULIWHU RFK DOOPlQQD UnG RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP %)6 lQGUDG JHQRP %)6 , GHVVD I|UHVNULIWHU ILQQV EHVWlPPHOVHU RP XQGDQWDJ IUnQ IXQNWLRQV NRQWUROOHQ LQWHUYDOOHU I|U nWHUNRPPDQGH EHVLNWQLQJ P P RFK NUDY I|U ULNVEHK|ULJKHW VRP IXQNWLRQVNRQWUROODQW

$QVYDUHW I|U DWW YHQWLODWLRQHQ NRQWUROOHUDV

6RP QlPQWV RYDQ ILQQV GHW L NDS † 3%/ RFK L † %9/ EHVWlPPHOVHU RP DWW E\JJQDGHU VNDOO YDUD XWI|UGD Sn VnGDQW VlWW DWW GHW LQWH PHGI|U ULVN I|U K\JLHQ RFK KlOVD VDPW DWW HQ E\JJQDG VNDOO XQGHUKnOODV Vn DWW GHVV HJHQVNDSHU L KXYXGVDN EHYDUDV 0RW EDNJUXQG DY GHVVD EHVWlPPHOVHU RFK I|U DWW VlNHUVWlOOD HWW WLOOIUHGV VWlOODQGH LQRPKXVNOLPDW I|UHVNULYV L † L I|URUGQLQJHQ RP 29. DWW HQ E\JJQDGV lJDUH VNDOO VH WLOO DWW IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP VNHU 'HW lU DOOWVn E\JJQDGHQV lJDUH VRP KDU DQVYDUHW I|U DWW NRQWUROOHQ XWI|UV RFK GHW lU E\JJQDGHQV lJDUH VRP InU VYDUD I|U NRVWQDGHQ I|U GHWWD

2OLND YHQWLODWLRQVV\VWHP

'HW ILQQV L SULQFLS I\UD ROLND V\VWHP I|U YHQWLODWLRQ , GH IDOO YHQWLODWLRQHQ VNHU XWDQ IOlNWDU JHQRP VMlOYGUDJ EUXNDU PDQ WDOD RP 6 YHQWLODWLRQ 1lU E\JJQDGHQ KDU IOlNWDU I|U DWW VXJD XW OXIW V N IUnQOXIWVV\VWHP WDODU PDQ RP ) YHQWLODWLRQ 2P E\JJQDGHQ KDU IOlNWDU I|U DWW EnGH I|UD ERUW RFK WLOO OXIW V N IUnQ RFK WLOOXIWVV\VWHP WDODU PDQ RP )7 YHQWLODWLRQ RFK L GH IDOO E\JJQDGHQ KDU HWW PHNDQLVNW IUnQ RFK WLOOXIWVV\VWHP PHG YlUPHnWHUYLQQLQJ WDODU PDQ RP )7; V\VWHP

%\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ

)XQNWLRQVNRQWUROOHQ VNDOO VNH LQQDQ HWW YHQWLODWLRQVV\VWHP I|UVWD JnQJHQ WDV L EUXN I|UVWD EHVLNWQLQJ RFK GlUHIWHU UHJHOEXQGHW YLG nWHUNRPPDQGH WLOOIlOOHQ nWHUNRPPDQGH EHVLNWQLQJ , I|UDUEHWHQD GLVNXWHUDGHV IUnJDQ YLOND E\JJQDGHU VRP ERUGH RPIDWWDV DY NUDYHW Sn YHQWLODWLRQVNRQWUROO 'HW IUDPK|OOV L SURS DWW ERVWlGHU YDU VlUVNLOW YLNWLJD L VDPPDQKDQJHW OLNVRP E\JJQDGHU GlU

! " #$ $  
   
   

EDUQ YLVWDV W H[ GDJKHP RFK VNRORU bYHQ DUEHWVPLOM|V\QSXQNWHU IUDPK|OOV VRP YLNWLJD HIWHUVRP VlUVNLOGD NUDY S J D DUEHWVPLOM| ODJVWLIWQLQJHQ NDQ EOL DNWXHOOD

, SULQFLS RPIDWWDV DOOD W\SHU DY E\JJQDGHU DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ (Q RFK WYnERVWDGVKXV XQGDQWRJV GRFN nU

IUnQ NUDYHW Sn nWHUNRPPDQGH EHVLNWQLQJ (QOLJW %RYHUNHWV I|UHVNULIWHU JlOOHU LQWH NUDYHW Sn EHVLNWQLQJ YDUH VLJ YLG Q\LQVWDOODWLRQ HOOHU nWHUNRPPDQGH HQ RFK WYnERVWDGVKXV PHG VMlOYGUDJVYHQWLODWLRQ HOOHU HQEDUW PHNDQLVN IUnQOXIWVYHQWLODWLRQ ,QWH KHOOHU JlOOHU NUDYHW Sn IXQNWLRQVNRQWUROO HNRQRPLE\JJQDGHU I|U MRUGEUXN VNRJVEUXN HOOHU GlUPHG MlPI|UOLJ QlULQJ LQGXVWUL E\JJQDGHU VDPW E\JJQDGHU VRP lU DYVHGGD I|U WRWDOI|UVYDUHW RFK VRP lU DY KHPOLJ QDWXU

1lU RFK KXU RIWD VNDOO NRQWUROOHQ VNH"

1lU HQ E\JJDQPlODQ NRPPLW LQ WLOO NRPPXQHQ VNDOO GHW KnOODV HWW E\JJVDPUnG RP GHW LQWH lU XSSHQEDUW REHK|YOLJW %HVWlPPHOVHQ RP E\JJVDPUnG NRP WLOO L V\IWH DWW GH L E\JJSURFHVVHQ LQEODQGDGH VNXOOH Jn LJHQRP E\JJSURMHNWHW RFK Gn XSSPlUNVDPPD HQ E\JJQDGV HJHQVNDSHU RFK IXQNWLRQHU PHG LQULNWQLQJ EODQG DQQDW Sn YHQWLODWLRQ E\JJPDWHULDO RFK IXNWVN\GG ,QQDQ YHQWLODWLRQV V\VWHPHW WDV L EUXN VNDOO GHW VNH HQ IXQNWLRQVNRQWUROO DY V\VWHPHW 'lUHIWHU VNDOO YHQWLODWLRQVV\VWHPHW EHVLNWDV UHJHOEXQGHW

  cWHUNRPPDQGH EHVLNWQLQJ VNDOO HQOLJW %RYHUNHWV I|UHVNULIWHU
XWI|UDV PHG I|OMDQGH LQWHUYDOO  
     
%\JJQDGHU %HVLNWQLQJVLQWHUYDOO
'DJKHP VNRORU YnUGORNDOHU R G nU
  )OHUERVWDGVKXV NRQWRUVE\JJQDGHU R G  
  )7 YHQW nU
  )OHUERVWDGVKXV NRQWRUVE\JJQDGHU R G  
  ) YHQW nU
  )OHUERVWDGVKXV NRQWRUVE\JJQDGHU R G  
  6 YHQW nU
   

, VLQD UnG DQJHU %RYHUNHW VRP H[HPSHO Sn E\JJQDGHU VRP E|U LQJn L NDWHJRUL lYHQ I|UVNRORU J\PQDVLHU IULWLGVKHP RFK VHUYLFH KXV I|U lOGUH 6RP H[HPSHO Sn E\JJQDGHU VRP E|U LQJn L NDWHJRUL

HOOHU EHURHQGH Sn YHQWLODWLRQVV\VWHP QlPQV K|JVNRORU

  ! " #$ $
   
   

XQLYHUVLWHW VDPOLQJVORNDOHU EXWLNVORNDOHU WHDWUDU ELRJUDIHU LGURWWVKDOODU WHUPLQDOHU PXVHHU XWVWlOOQLQJVKDOODU KRWHOO RFK JDUDJH

9HP XWI|U NRQWUROOHQ RFK YDG RPIDWWDU GHQ"

, † %9/ DQJHV DWW NRQWUROO DY IXQNWLRQHQ KRV YHQWLODWLRQVV\VWHP VNDOO XWI|UDV DY VDNNXQQLJ IXQNWLRQVNRQWUROODQW 'HW lU E\JJQDGHQV lJDUH VRP VNDOO XWVH IXQNWLRQVNRQWUROODQWHQ 'HQ VDNNXQQLJD IXQNWLRQVNRQWUROODQWHQ NDQ DQWLQJHQ KD ULNVEHK|ULJKHW HOOHU ORNDO EHK|ULJKHW IUnQ NRPPXQHQ

9LG Q\LQVWDOODWLRQ I|UVWD EHVLNWQLQJ VNDOO GHW NRQWUROOHUDV DWW IXQNWLRQHUQD RFK HJHQVNDSHUQD KRV V\VWHPHW |YHUHQVVWlPPHU PHG JlOODQGH I|UHVNULIWHU 9LG nWHUNRPPDQGH EHVLNWQLQJ VNDOO GHW NRQWUROOHUDV DWW IXQNWLRQHQ RFK HJHQVNDSHUQD KRV YHQWLODWLRQV V\VWHPHW L KXYXGVDN |YHUHQVVWlPPHU PHG GH I|UHVNULIWHU VRP JlOOGH QlU V\VWHPHW WRJV L EUXN 9LG VDPWOLJD EHVLNWQLQJDU VNDOO GHW NRQWUROOHUDV DWW V\VWHPHW LQWH LQQHKnOOHU I|URUHQLQJDU VRP NDQ VSULGDV L E\JJQDGHQ DWW LQVWUXNWLRQHU RFK VN|WVHODQYLVQLQJDU ILQQV OlWW WLOOJlQJOLJD VDPW DWW V\VWHPHW L |YULJW IXQJHUDU Sn VlWW VRP lU DYVHWW

3URWRNROO LQW\J DQPlUNQLQJ RFK NRQWUROO

9LG YDUMH EHVLNWQLQJ VNDOO GHW I|UDV SURWRNROO RFK L SURWRNROOHW VNDOO UHVXOWDWHW DY EHVLNWQLQJHQ DQWHFNQDV (WW H[HPSODU DY SURWRNROOHW VNDOO OlPQDV WLOO E\JJQDGHQV lJDUH RFK HWW H[HPSODU WLOO E\JJQDGV QlPQGHQ 'HVVXWRP VNDOO GHW XWIlUGDV HWW LQW\J RP EHVLNWQLQJHQ PHG DQJLYDQGH DY GDWXP I|U EHVLNWQLQJHQ ,QW\JHW VNDOO DQVOnV DY lJDUHQ Sn YlO V\QOLJ SODWV L E\JJQDGHQ

2P EHVLNWQLQJHQ I|UDQOHGHU DQPlUNQLQJDU VNDOO E\JJQDGHQV lJDUH VQDUDVW P|MOLJW nWJlUGD EULVWHUQD

(QOLJW 29. I|URUGQLQJHQ VNDOO GHQ HOOHU GH NRPPXQDOD QlPQGHU VRP IXOOJ|U NRPPXQHQV XSSJLIWHU LQRP SODQ RFK E\JJYlVHQGHW RIWDVW E\JJQDGVQlPQGHQ |YHUYDND DWW lJDUH WLOO E\JJQDGHU IXOOJ|U VLQD VN\OGLJKHWHU 'HSDUWHPHQWVFKHIHQ XWWDODGHSURS DWW NRPPXQHQV WLOOV\Q E|U XQGHUOlWWDV DY DWW NRPPXQHQ InU HWW H[HPSODU DY SURWRNROOHW IUnQ IXQNWLRQV NRQWUROODQWHQ

! " #$ $  
   
   

)|UV|NVYHUNVDPKHW PHG XQGDQWDJ IUnQ REOLJDWRULVN YHQWLODWLRQVNRQWUROO

%RYHUNHW InU L HQVNLOGD IDOO PHGJH DWW HQ E\JJQDGVlJDUH XQGHU YLVV WLG K|JVW IHP nU KHOW HOOHU GHOYLV XQGDQWDV IUnQ EHVWlPPHOVHUQD RP REOLJDWRULVN YHQWLODWLRQVNRQWUROO † DQGUD VW\FNHW I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP ([HPSHO Sn IDOO Gn XQGDQWDJ NDQ PHGJHV lU VLWXDWLRQHU Gn DUEHWVUXWLQHU LQJnU L HWW XWDUEHWDW NYDOLWHWVV\VWHP RFK VRP LQQHElU DWW YHQWLODWLRQHQ NRQWLQXHUOLJW NRQWUROOHUDV RFK KnOOV L IXQNWLRQVGXJOLJW VNLFN %RYHUNHW KDU PHG VW|G DY Q\VV DQJLYHQ EHVWlPPHOVH PHGJHWW YLVVD XQGDQWDJ IUnQ NUDYHQ Sn REOLJDWRULVN NRQWUROO 5HJHULQJHQ KDU XSSGUDJLW nW %RYHUNHW DWW I|OMD RFK VHQDVW GHQ VHSWHPEHU

VOXWOLJW UHGRYLVD HUIDUHQKHWHUQD DY XQGDQWDJHQ EO D GH PHWRGHU VRP DQYlQWV I|U DWW VlNUD IXQNWLRQHUQD KRV YHQWLODWLRQVV\VWHPHQ 9LGDUH VNDOO %RYHUNHW UHGRYLVD NRVWQDGHU RFK EHVSDULQJDU KRV E\JJQDGVlJDUH OLNVRP Q\WWDQ PHG YHUNVDPKHWHQ I|U GHP VRP YLVWDV L E\JJQDGHUQD

%RYHUNHWV UDSSRUW 'HNODUDWLRQ DY ERVWlGHU VNRORU I|UVNRORU

+|VWHQ JMRUGH ULNVGDJHQ HWW WLOONlQQDJLYDQGH VRP LQQHEDU DWW HWW V\VWHP I|U NYDOLWHWVGHNODUDWLRQHU DY ERVWlGHU ERUGH XWYHFNODVEHW %R8 UVNU 5HJHULQJHQ JDY GlUHIWHU %RYHUNHW L XSSGUDJ DWW XWYHFNOD HWW VnGDQW V\VWHP %RYHUNHW UHGRYLVDGH VLQ XWUHGQLQJ 'lUHIWHU JDY UHJHULQJHQ %RYHUNHW L XSSGUDJ DWW JHQRPI|UD HQ I|UV|NVYHUNVDPKHW PHG XWJnQJVSXQNW L GHW I|UVODJ VRP %RYHUNHW OlPQDGH

%RYHUNHW UHGRYLVDGH UHVXOWDWHW DY I|UV|NVYHUNVDPKHWHQ VDPW VLQD I|UVODJ L HQ UDSSRUW nU 'HNODUDWLRQ DY ERVWlGHU VNRORU RFK I|UVNRORU , UDSSRUWHQ I|UHVORJ %RYHUNHW DWW HQ GHNODUDWLRQ I|U IOHUERVWDGVKXV VDPW HQ GHNODUDWLRQ I|U VNRORU RFK I|UVNRORU VNXOOH LQWURGXFHUDV Sn IULYLOOLJ YlJ PHG VW|G DY HQ RPIDWWDQGH LQIRUPDWLRQVLQVDWV 'HVVXWRP I|UHVORJ %RYHUNHW DWW HWW I|UVODJ WLOO VPnKXVGHNODUDWLRQ VNXOOH YLGDUHXWYHFNODV

5HJHULQJHQ VNLFNDGH XW %RYHUNHWV I|UVODJ Sn UHPLVV 'H IOHVWD UHPLVVLQVWDQVHUQD VWlOOGH VLJ SRVLWLYD WLOO GHNODUDWLRQ DY E\JJQDGHU 0nQJD DQVnJ GRFN DWW GH DY %RYHUNHW I|UHVODJQD GHNODUDWLRQHUQD YDU I|U RPIDWWDQGH

  ! " #$ $
   
   

5HJHULQJHQ EHKDQGODGH %RYHUNHWV UDSSRUW L VLQ SURSRVLWLRQ RP YLVVD LQRPKXVPLOM|IUnJRU SURS

(Q Vn RPIDWWDQGH GHNODUDWLRQ VRP %RYHUNHW I|UHVODJLW LQQHEDU HQOLJW UHJHULQJHQ DWW VWDWHQ VNXOOH nWD VLJ XSSJLIWHU I|U LQIRUPDWLRQVI|UV|UMQLQJHQ Sn PDUNQDGHQ OnQJW XW|YHU YDG VRP lU ULPOLJW PHG KlQV\Q WLOO GHQ Q\WWD VRP NDQ YLQQDV 5HJHULQJHQ IUDPI|UGH RFNVn DWW HQ VWRU PlQJG DY GH I|UKnOODQGHQ VRP LQJLFN L %RYHUNHWV I|UVODJ WLOO GHNODUDWLRQHU lU VnGDQD DWW GH OlWW NDQ REVHUYHUDV lYHQ XWDQ IDFNNXQVNDSHU 5HJHULQJHQ KlQYLVDGH WLOO VLWW I|UVODJ RP GHOPnO I|U LQRPKXVPLOM|Q RFK IUDPK|OO DWW I|UKnOODQGHQ RP UDGRQ RFK YHQWLODWLRQ E|U LQJn L HQ E\JJQDGVGHNODUDWLRQ 5HJHULQJHQ IUDPK|OO RFNVn DWW RP (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLDQYlQGQLQJ XWP\QQDU L NUDY Sn E\JJQDGVlJDUH DWW UHGRYLVD HQHUJLDQYlQGQLQJ E|U RFNVn VnGDQD XSSJLIWHU NXQQD LQJn )RUPHUQD I|U KXU VnGDQD PHU EHJUlQVDGH E\JJQDGVGHNODUDWLRQHU VNDOO XWIRUPDV RFK In EUHWW JHQRPVODJ ERUGH HQOLJW UHJHULQJHQ XWUHGDV YLGDUH

5DGRQ

%RYHUNHW 6WDWHQV 6WUnOVN\GGVLQVWLWXW 6RFLDOVW\UHOVHQ /LYVPHGHOV YHUNHW RFK $UEHWVPLOM|YHUNHW KDU KXYXGDQVYDUHW I|U DUEHWHW PHG UDGRQ

'HW lU YLNWLJW DWW GHW VWlOOV NUDY Sn DWW GH XSSJLIWHU VRP OlPQDV L HQ GHNODUDWLRQ lU MlPI|UEDUD RFK DWW GH KnOOHU HQ YLVV NYDOLWp 'HW lU GlUI|U DQJHOlJHW DWW GHW ILQQV HQKHWOLJD PlWPHWRGHU RFK HQKHWOLJD VlWW DWW UHGRYLVD UHVXOWDW IUnQ HQ XWI|UG PlWQLQJ

6WDWHQV VWUnOVN\GGVLQVWLWXW KDU WDJLW IUDP HQ PHWRGEHVNULYQLQJ I|U PlWQLQJ DY UDGRQ L ERVWlGHU 66 L 6WUnOQLQJ L ERVWlGHU 'HQ PHWRGEHVNULYQLQJHQ lU I|U QlUYDUDQGH I|UHPnO I|U RPDUEHW QLQJ 6WDWHQV VWUnOVN\GGVLQVWLWXW KDU RFNVn WDJLW IUDP HQ PHWRG EHVNULYQLQJ I|U PlWQLQJ DY UDGRQ Sn DUEHWVSODWVHU 66 L

0HWRGEHVNULYQLQJ I|U PlWQLQJ DY UDGRQ Sn DUEHWVSODWVHU 'LUHNWD DQYLVQLQJDU I|U KXU PlWQLQJ DY UDGRQ L IOHUERVWDGVKXV E|U XWI|UDV VDNQDV L QX JlOODQGH PHWRGEHVNULYQLQJDU

'HQ VRP WURU VLJ KD I|UK|MG UDGRQKDOW LQRPKXV L HQ EHILQWOLJ E\JJQDG NDQ NRQWDNWD NRPPXQHQ L I|UVWD KDQG PLOM| RFK KlOVRVN\GGVQlPQGHQ I|U DWW In UnG RFK HYHQWXHOOW lYHQ PlWQLQJ DY UDGRQKDOWHQ (Q RFK WYnIDPLOMVKXV HJQDKHP PHG UDGRQKDOWHU |YHU %T P L LQRPKXVOXIWHQ NDQ In UDGRQELGUDJ PHG HWW EHORSS

! " #$ $  
   
   

VRP PRWVYDUDU KDOYD NRVWQDGHQ I|U nWJlUGHUQD GRFN K|JVW PHG

NU $QV|NDQ RP ELGUDJ VNDOO J|UDV KRV /lQVVW\UHOVHQ 1lUPDUH EHVWlPPHOVHU RP UDGRQELGUDJ ILQQV L I|URUGQLQJHQ

RP ELGUDJ WLOO nWJlUGHU PRW UDGRQ L HJQD KHP RFK %RYHUNHWV I|UHVNULIWHU RP ELGUDJ WLOO nWJlUGHU PRW UDGRQ L HJQD KHP

5DGRQXWUHGQLQJHQV EHWlQNDQGH

5DGRQXWUHGQLQJHQ I|UHVORJ L VLWW EHWlQNDQGH 5DGRQ )|UVODJ WLOO VWDWOLJD LQVDWVHU PRW UDGRQ 628 DWW GHW VNXOOH LQI|UDV HQ PLOM|NYDOLWHWVQRUP I|U UDGRQ L ERVWlGHU L VPnKXV IOHUERVWDGVKXV VDPW L ORNDOHU I|U I|UVNROH RFK VNROYHUNVDPKHW 'HQ I|UHVODJQD QRUPHQ LQQHEDU DWW %T P LQWH VNXOOH In |YHUVNULGDV HIWHU HQ YLVV DQJLYHQ WLG )DVWLJKHWVlJDUHQ VNXOOH HQOLJW I|UVODJHW YDUD VN\OGLJ DWW PlWD UDGRQKDOWHQ L LQRPKXVOXIWHQ 8WUHGQLQJHQ I|UHVORJ RFNVn DWW GHW VNDOO LQI|UDV HQ VN\OGLJKHW I|U IDVWLJKHWV PlNODUH DWW VNULIWOLJHQ XSSO\VD N|SDUH RP UDGRQKDOWHQ L HWW KXV VRP lU WLOO I|UVlOMQLQJ 'HVVXWRP I|UHVORJ XWUHGQLQJHQ DWW HWW QDWLRQHOOW UHJLVWHU PHG XSSJLIW RP UDGRQ L E\JJQDGHU VNXOOH LQUlWWDV KRV /DQWPlWHULYHUNHW PHG IDVWLJKHWVGDWDV\VWHPHW VRP JUXQG 7LOO GHWWD UHJLVWHU VNXOOH DQDO\VI|UHWDJHW VNULIWOLJHQ UDSSRUWHUD UHVXOWDWHW DY UDGRQPlWQLQJHQ 0LOM| RFK KlOVRVN\GGV QlPQGHQ HOOHU PRWVYDUDQGH QlPQG VNXOOH In DQVYDU I|U DWW NRQWUROOHUD DWW QRUPHQ LQWH |YHUVNUHGV (QOLJW I|UVODJHW VNXOOH NRPPXQHQ L VLQ WLOOV\QVYHUNVDPKHW KD WLOOJnQJ WLOO XSSJLIWHUQD L UDGRQUHJLVWUHW

%\JJNYDOLWHWVXWUHGQLQJHQ

, EHWlQNDQGHW E\JJNYDOLWHW I|U IUDPWLGHQ 628 KDU GHW EO D JMRUWV HQ |YHUV\Q DY GHQ REOLJDWRULVND IXQNWLRQVNRQWUROOHQ DY YHQWLODWLRQVV\VWHP %\JJNYDOLWHWVXWUHGQLQJHQ GURJ GHQ VOXWVDWVHQ DWW REOLJDWRULHW EHK|YV

8WUHGQLQJHQ NRP IUDP WLOO DWW EHVWlPPHOVHUQD RP NRQWUROO DY YHQWLODWLRQVV\VWHP XWRP EHWUlIIDQGH E\JJQDGHU VRP LQQHKnOOHU NRPPHUVLHOOD ORNDOHU HIWHUOHYV GnOLJW RFK DWW HQ P\FNHW VWRU GHO DY GH NRQWUROOHUDGH V\VWHPHQ KDU SnWDJOLJD EULVWHU 'HW VW|UVWD SUREOHPHW PHG YHQWLODWLRQVNRQWUROOHQ lU DWW In JHQRPVODJ L

  ! " #$ $
   
   

NRQWUROOV\VWHPHW 8WUHGQLQJHQ IUDPK|OO DWW LQVLNWHQ RP DWW KD HQ IXQJHUDQGH YHQWLODWLRQ L VLQ ERVWDG Sn VLQ DUEHWVSODWV HOOHU DQGUD E\JJQDGHU GlU PDQ XSSHKnOOHU VLJ RIWD RFK XQGHU OnQJ WLG PnVWH ILQQDV KRV GHP VRP EHU|UV RFK GlUPHG KDU LQWUHVVH DWW EHYDND DWW YHQWLODWLRQHQ IXQJHUDU

8WUHGQLQJHQ IUDPK|OO DWW IDVWLJKHWVlJDUH L DOOPlQKHW WRUGH I|OMD NRQWUROOEHVWlPPHOVHUQD RFK I|UHVORJ GlUI|U DWW EHVWlPPHOVHQ RP DWW VDPWOLJD SURWRNROO VNDOO VlQGDV WLOO NRPPXQHQ VNXOOH lQGUDV 'HW VNXOOH HQOLJW XWUHGQLQJHQ YDUD WLOOUlFNOLJW DWW HWW VnGDQW SURWRNROO VNLFNDGHV WLOO NRPPXQHQ QlU GHW IDQQV DQPlUNQLQJ YLG EHVLNWQLQJHQ 'HVVXWRP I|UHVORJ XWUHGQLQJHQ DWW HQ RFK WYnIDPLOMVIDVWLJKHWHU PHG PHNDQLVN IUnQ RFK WLOOXIWVYHQWLODWLRQ VNXOOH XQGDQWDV IUnQ GHQ nWHUNRPPDQGH IXQNWLRQVNRQWUROOHQ

%RYHUNHW KDU QXPHUD WDJLW ERUW NUDYHW Sn GHQ nWHUNRPPDQGH IXQNWLRQVNRQWUROOHQ DY HQ RFK WYnIDPLOMVIDVWLJKHWHU PHG PHNDQLVN IUnQ RFK WLOOXIWVYHQWLODWLRQ VH %RYHUNHWV I|UHVNULIWHU RP lQGULQJ DY I|UHVNULIWHUQD RFK DOOPlQQD UnGHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP %)6

'LDORJSURMHNWHW %\JJD ER RFK I|UYDOWD I|U IUDPWLGHQ

%\JJD ER RFK I|UYDOWD I|U IUDPWLGHQ %\JJD ER GLDORJHQ lU HWW VDPDUEHWH HQ GLDORJ PHOODQ I|UHWUlGDUH I|U UHJHULQJHQ NRPPXQHU RFK QlULQJVOLYHW

%\JJD ER GLDORJHQ KDU GHILQLHUDW PnO I|U HQ KnOOEDU E\JJ RFK IDVWLJKHWVVHNWRU RFK HQ VWUDWHJL I|U DWW Qn GLW 'LDORJHQ KDU UHVXOWHUDW L HQ |YHUHQVNRPPHOVH RFK nWDJDQGHQ I|U HQ KnOOEDU XWYHFNOLQJ I|U E\JJ RFK IDVWLJKHWVVHNWRUQ , |YHUHQVNRPPHOVHQ I|UELQGHU VLJ DNW|UHUQD DWW DNWLYW YHUND I|U HQ KnOOEDU XWYHFNOLQJ LQRP E\JJ RFK IDVWLJKHWVVHNWRUQ RFK DWW DUEHWD I|U DWW XSSQn GH PnO VRP KDU IRUPXOHUDWV LQRP GLDORJHQ

%\JJD ER GLDORJHQ KDU IRUPXOHUDW VMX PnO 7Yn DY PnOHQ U|U HQHUJLDQYlQGQLQJHQ 'H |YULJD IHP PnOHQ U|U LQIRUPDWLRQ RP E\JJYDURU E\JJNRQVWUXNWLRQHU GHNODUDWLRQ RFK NODVVLILFHULQJ DY E\JJQDGHU YDG JlOOHU E\JJQDGVUHODWHUDG KlOVD RFK PLOM|SnYHUNDQ

! " #$ $  
   
   

NHPLNDOLHDQYlQGQLQJ GHSRQHUDW DYIDOO RFK XWWDJ DY QDWXUJUXV 'LDORJSURMHNWHW KDU RFNVn IRUPXOHUDW I|UVODJ WLOO VMX NRQNUHWD nWDJDQGHQ VRP GHOWDJDQGH DNW|UHU VNDOO JHQRPI|UD LQRP ROLND RPUnGHQ (WW DY GHVVD RPUnGHQ nWDJDQGH U|U NODVVQLQJ DY ERVWlGHU RFK ORNDOHU QlU GHW JlOOHU HQHUJL PLOM| RFK KlOVD

,QRP RPUnGHW µ.ODVVQLQJ DY ERVWlGHU RFK ORNDOHU DYVHHQGH HQHUJL PLOM| RFK KlOVDµ nWDU VLJ I|UHWDJ RFK NRPPXQHU DWW L VDPYHUNDQ PHG GHQ RIIHQWOLJD VHNWRUQ XWYHFNOD NULWHULHU I|U PLOM|NODVVLILFHULQJ DY E\JJQDGHU VDPW DWW VnGDQD V\VWHP NRPPHU WLOO SUDNWLVN DQYlQGQLQJ )|U DWW NODVVQLQJHQ VNDOO NXQQD JHQRPI|UDV Sn IULYLOOLJ YlJ E|U HQOLJW GLDORJJUXSSHQ GH VRP OnWHU NODVVD VLQD IDVWLJKHWHU NXQQD WLOOJRGRUlNQD VLJ LQFLWDPHQW LQRP RPUnGHQD VNDWWHU DYJLIWHU I|UVlNULQJDU RFK NUHGLWHU (Q SXQNW DY nWDJDQGHW KDU IRUPXOHUDWV HQOLJW I|OMDQGH 5HJHULQJHQ nWDU VLJ DWW L VDPYHUNDQ PHG VHNWRUQ PHGYHUND WLOO XWIRUPQLQJ DY E\JJQDGV GHNODUDWLRQHU VDPW WLOO DWW XWYHFNOD RFK IDVWVWlOOD NULWHULHU I|U PLOM|NODVVLILFHULQJ RFK YHUND I|U DWW GHVVD NRPPHU WLOO DQYlQGQLQJ 5HJHULQJHQ nWDU VLJ YLGDUH DWW VH |YHU P|MOLJKHWHUQD DWW JH VW|G WLOO XWELOGQLQJ RFK LQIRUPDWLRQVVSULGQLQJ RP GHNODUDWLRQHU RFK PLOM| NODVVLILFHULQJ WLOO I|UHWDJ NRPPXQHU P\QGLJKHWHU RFK YHUN L V\IWH DWW In IOHU DWW JHQRPI|UD NODVVLILFHULQJ DY E\JJQDGHU

$NW|UHUQD L GLDORJSURMHNWHW KDU nWDJLW VLJ DWW L VDPYHUNDQ XWYHFNOD NULWHULHU I|U PLOM|NODVVLILFHULQJ DY E\JJQDGHU RFK DWW DQYlQGD VnGDQD V\VWHP L VLQ HJHQ YHUNVDPKHW .ODVVLILFHULQJHQ E\JJHU Sn GHNODUDWLRQ RFK XWYHFNODGH Q\FNHOWDO VRP RPIDWWDU HQHUJLDQYlQGQLQJ UHVXUVDQYlQGQLQJ RFK LQQHPLOM| RFK VRP XWJ|U HQ JUXQG I|U JUXSSHULQJ DY E\JJQDGHQ L ROLND NODVVHU H[HPSHOYLV $ % & RFK '

, IUnJD RP GHW IRUWVDWWD DUEHWHW I|U %\JJD ER GLDORJHQ OLJJHU GHQ VWRUD XWPDQLQJHQ L DWW I|UlQGUD GHQ EHILQWOLJD EHE\JJHOVHQ Vn DWW GHQ PRWVYDUDU Q\D NYDOLWHWVNUDY QlU GHW JlOOHU KlOVRVDP LQRPKXV PLOM| HIIHNWLY HQHUJLDQYlQGQLQJ RFK HQ HIIHNWLY UHVXUVDQYlQGQLQJ

0LOM|NYDOLWHWVPnO RFK GHOPnO

$OOPlQW

'HW |YHUJULSDQGH PnOHW I|U PLOM|SROLWLNHQ lU DWW WLOO QlVWD JHQHUDWLRQ NXQQD OlPQD |YHU HWW VDPKlOOH GlU GH VWRUD PLOM| SUREOHPHQ L 6YHULJH lU O|VWD

3n I|UVODJ IUnQ UHJHULQJHQ KDU ULNVGDJHQ IDVWVWlOOW QDWLRQHOOD PLOM|NYDOLWHWVPnO SURS EHW 0-8 UVNU

(WW DY GHVVD PnO DYVHU HQ JRG EHE\JJG PLOM| 8QGHU VHQDUH GHOHQ DY nU EHVOXWDGH ULNVGDJHQ RP HWW DQWDO GHOPnO nWJlUGHU RFK VWUDWHJLHU I|U DWW Qn PLOM|NYDOLWHWVPnOHQ SURS

EHW 0-8 UVNU , GHQ VHQDVW QlPQGD SURSRVLWLRQHQ UHGRYLVDGH UHJHULQJHQ VLQ DYVLNW DWW nWHU NRPPD WLOO ULNVGDJHQ PHG |YHUYlJDQGHQ RP GHOPnO I|U LQRPKXV PLOM|Q RFK SUREOHPHQ PHG UDGRQ LQRPKXV 9nUHQ EHVOXWDGH ULNVGDJHQ RP \WWHUOLJDUH GHOPnO I|U LQRPKXVPLOM|Q SURS

EHW %R8 UVNU

0LOM|NYDOLWHWVPnOHW JRG EHE\JJG PLOM|

0LOM|PnOHW JRG EHE\JJG PLOM| LQQHIDWWDU EnGH LQRPKXV RFK XWRPKXVPLOM|Q 0nOHW LQQHElU DWW VWlGHU WlWRUWHU RFK DQQDQ EHE\JJG PLOM| VNDOO XWJ|UD HQ JRG RFK KlOVRVDP OLYVPLOM| VDPW PHGYHUND WLOO HQ JRG UHJLRQDO RFK JOREDO PLOM| 1DWXU RFK NXOWXUYlUGHQ VNDOO WDV WLOOYDUD RFK XWYHFNODV %\JJQDGHU RFK DQOlJJQLQJDU VNDOO ORNDOLVHUDV RFK XWIRUPDV Sn HWW PLOM|DQSDVVDW VlWW Vn DWW HQ OnQJVLNWLJ JRG KXVKnOOQLQJ PHG PDUN YDWWHQ RFK DQGUD UHVXUVHU IUlPMDV

% ! #  
     
  'HOPnO I|U HQ JRG LQRPKXVPLOM|  
   

(WW GHOPnO I|U LQRPKXVPLOM|Q lU DWW nU VNDOO E\JJQDGHU RFK GHVV HJHQVNDSHU LQWH SnYHUND KlOVDQ QHJDWLYW )|U DWW XSSQn GHWWD GHOPnO KDU ULNVGDJHQ EHVOXWDW DWW GHW VNDOO VlNHUVWlOODV DWW VDPWOLJD E\JJQDGHU GlU PlQQLVNRU YLVWDV RIWD HOOHU OlQJUH WLG VHQDVW nU

KDU HQ GRNXPHQWHUDW IXQJHUDQGH YHQWLODWLRQ DWW UDGRQKDOWHQ L DOOD VNRORU RFK I|UVNRORU nU lU OlJUH lQ %T P OXIW RFK DWW UDGRQKDOWHQ L DOOD ERVWlGHU nU lU OlJUH lQ %T P OXIW

5DGRQ IXNW RFK P|JHO lU H[HPSHO Sn IDNWRUHU VRP YL H[SRQHUDV I|U LQRPKXV RFK VRP SnYLVDWV KD EHW\GHOVH I|U PlQQLVNRUV KlOVD 'HW lU GlUI|U HQOLJW UHJHULQJHQ DQJHOlJHW DWW GHVVD SUREOHP DYKMlOSV RFK DWW Q\D SUREOHP I|UHE\JJV 5HJHULQJHQ SHNDGH Sn DWW HQ lQGDPnOVHQOLJ YHQWLODWLRQ KDU HQ SRVLWLY HIIHNW Sn DOOD GH IDNWRUHU VRP EHYLVDWV HOOHU PLVVWlQNV KD HIIHNWHU Sn KlOVDQ LQNOXVLYH UDGRQKDOWHQ (Q JRG YHQWLODWLRQ PLQVNDU NRQFHQWUDWLRQHUQD DY SDUWLNODU RFK HPLVVLRQHU L LQRPKXVOXIWHQ OLNVRP IXNWKDOWHU RFK L YLVVD IDOO KDOWHUQD DY UDGRQ RFK XWJ|U GlUI|U HWW YLNWLJW OHG L VWUlYDQ DWW XSSQn HQ LQRPKXVOXIW DY IXOOJRG NYDOLWHW 5HJHULQJHQ XWWDODGH DWW VDPEDQGHQ PHOODQ UDGRQ RFK RKlOVD lU YlO GRNXPHQWHUDGH RFK DWW GHW GlUI|U lU PRWLYHUDW DWW WD VWlOOQLQJ I|U HQ DOOPlQ VlQNQLQJ DY UDGRQKDOWHUQD L LQRPKXVOXIW WLOO %T P OXIW

+lOVRHIIHNWHUQD WLOO I|OMG DY SUREOHP L LQRPKXVPLOM|Q XSSVWnU L DOOPlQKHW YLG OnQJYDULJ H[SRQHULQJ 'HW lU GlUI|U HQOLJW UHJHULQJHQ YLNWLJW DWW L I|UVWD KDQG O|VD SUREOHPHQ GlU PlQQLVNRU RFK VlUVNLOW EDUQ RFK XQJGRPDU YLVWDV RIWD HOOHU XQGHU OlQJUH WLG

*HQRP DWW VlWWD XSS GHOPnO I|U UDGRQ L LQRPKXVOXIWHQ VRP VNDOO YDUD XSSQnGGD YLG HQ YLVV WLGSXQNW VNDSDV HQOLJW UHJHULQJHQ HQ W\GOLJ JUXQG I|U NRPPXQHQV WLOOV\QVDUEHWH Sn UDGRQRPUnGHW

5LNVGDJHQ KDU RFNVn EHVOXWDW RP HWW GHOPnO VRP U|U HQHUJLDQYlQGQLQJHQ P P L E\JJQDGHU 0nOHW lU DWW PLOM|EHODVW QLQJHQ IUnQ HQHUJLDQYlQGQLQJHQ L ERVWlGHU RFK ORNDOHU VNDOO PLQVND RFK YDUD OlJUH nU lQ nU 'HWWD VNDOO EO D VNH JHQRP DWW GHQ WRWDOD HQHUJLDQYlQGQLQJHQ L EnGH Q\D RFK EHILQWOLJD E\JJQDGHU HIIHNWLYLVHUDV I|U DWW Sn VLNW PLQVND

cWJlUGHU I|U DWW Qn PnOHQ ¤ GHNODUDWLRQHU

, DUEHWHW PHG DWW YLGPDNWKnOOD HQ JRG LQRPKXVPLOM| VWnU VDPKlOOHW LQI|U WYn XWPDQLQJDU 'HQ I|UVWD XWPDQLQJHQ lU DWW Q\D E\JJQDGHU

  % ! #
   
   

VNDOO SODQHUDV RFK XSSI|UDV PHG VnGDQ RPVRUJ DWW LQRPKXVPLOM| SUREOHP XQGYLNV 'HQ DQGUD XWPDQLQJHQ lU DWW I|UPn E\JJQDGV lJDUH DWW |YHU WLGHQ PLQVW ELEHKnOOD HJHQVNDSHUQD KRV GH E\JJQDGHU GH I|UYDOWDU I|UXWVDWW RI|UlQGUDG DQYlQGQLQJ

)|U DWW Qn HIWHUVWUlYDGH I|UElWWULQJDU L LQRPKXVPLOM|Q DYVHHQGH YHQWLODWLRQ RFK UDGRQ KDU UHJHULQJHQ XWWDODW DWW QXYDUDQGH UHJHOYHUN E|U NRPSOHWWHUDV PHG HWW V\VWHP DY VWDQGDUGLVHUDGH E\JJQDGV GHNODUDWLRQHU 'HW IUDPKnOOV DWW VnGDQD GHNODUDWLRQHU lU HWW YLNWLJW YHUNW\J I|U DWW J|UD DOOD EHU|UGD SDUWHU XSSPlUNVDPPD Sn EHW\GHO VHQ DY HQ JRG LQRPKXVPLOM| 'HVVXWRP lU E\JJQDGVGHNODUDWLRQHU HWW PHGHO DWW JH W H[ K\UHVJlVWHU RFK DQVWlOOGD HQ P|MOLJKHW DWW IRUPXOHUD NUDY Sn VLQ LQRPKXVPLOM| XWLIUnQ HWW REMHNWLYW XQGHUODJ %\JJQDGVGHNODUDWLRQHU ELGUDU RFNVn WLOO DWW Sn HWW W\GOLJDUH VlWW J|UD nWJlUGHU Sn LQRPKXVPLOM|RPUnGHW HNRQRPLVNW PRWLYHUDGH I|U E\JJKHUUDU RFK E\JJQDGVlJDUH 5HJHULQJHQ XWWDODGH RFNVn DWW GHNODUDWLRQHUQD E|U NXQQD DQYlQGDV VRP HQ GHO DY GHQ LQIRUPDWLRQ VRP QRUPDOW OlPQDV YLG lJDUE\WHQ RFK I|UK\UQLQJ DY ERVWlGHU RFK ORNDOHU 'HVVXWRP EHK|YHU NRPPXQHUQD HQ VWDELODUH JUXQG I|U WLOOV\Q PHG VW|G DY PLOM|EDONHQV KlOVRVN\GGVEHVWlPPHOVHU 'lU XW|YHU NDQ GHNODUDWLRQHUQD DQYlQGDV I|U XSSI|OMQLQJ DY PLOM|PnOHQ

(QHUJL RFK PLOM|GHNODUDWLRQHU DY E\JJQDGHU lU nWJlUGHU VRP V\IWDU WLOO DWW EO D HIIHNWLYLVHUD HQHUJLDQYlQGQLQJHQ 6HNWRUQ ERVWlGHU VHUYLFH P P VYDUDU I|U FLUND SURFHQW DY GHQ WRWDOD VOXWOLJD HQHUJLDQYlQGQLQJHQ (QOLJW UHJHULQJHQ VNDSDU GHNODUDWLRQHU DY ROLND W\SHU DY E\JJQDGHU XQGHUODJ lYHQ I|U DWW |ND PHGYHWDQGHW RFK I|UVWnHOVHQ KRV ROLND SDUWHU RP VDPEDQGHQ PHOODQ EUXNDU YDQRU NRVWQDGHU WHNQLVN XWIRUPQLQJ GULIW RFK XQGHUKnOO

%\JJQDGVPLOM|XWUHGQLQJHQ

5HJHULQJHQ KDU WLOONDOODW HQ VlUVNLOG XWUHGDUH I|U DWW I|UHVOn Q\D GHOPnO WLOO GHW QDWLRQHOOD PLOM|NYDOLWHWVPnOHW *RG EHE\JJG PLOM| YDG JlOOHU IXNW P|JHO RFK EXOOHU LQRPKXV XWYlUGHUD GHQ REOLJD WRULVND YHQWLODWLRQVNRQWUROOHQ VDPW I|UHVOn HQ RUJDQLVDWLRQ I|U DQDO\V DY E\JJIHO RFK VNDGRU GLU )UnJRU RP IXNW P|JHO RFK EXOOHU L E\JJQDGHU P P , DUEHWHW PHG DWW I|UHVOn GHOPnO I|U IXNW P|JHO RFK EXOOHU L LQRPKXVPLOM|Q VNDOO XWUHGDUHQ RFNVn OlPQD I|UVODJ WLOO OlPSOLJD NRVWQDGVHIIHNWLYD nWJlUGHU I|U DWW XSSQn GHOPnOHQ , DUEHWHW PHG DWW I|UHVOn HQ RUJDQLVDWLRQ I|U DQDO\V DY

! "

% ! #  
   
   

E\JJIHO RFK VNDGRU LQJnU RFNVn DWW I|UHVOn IRUPHU I|U XSSE\JJQDG DY HQ GDWDEDV I|U IHO RFK VNDGRU L E\JJQDGHU RFK DQOlJJQLQJDU (Q VOXWOLJ UHGRYLVQLQJ DY XWUHGQLQJVDUEHWHW VNDOO VNH VHQDVW GHQ MXQL

%\JJQDGHUV HQHUJLSUHVWDQGD

(XURSDSDUODPHQWHW RFK UnGHWV GLUHNWLY

(* RP E\JJQDGHUV HQHUJLSUHVWDQGD

6\IWH P P

6\IWHW PHG (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD lU DWW IUlPMD HQ I|UElWWUDG HQHUJLSUHVWDQGD L E\JJQDGHU I|U DWW GlULJHQRP ELGUD WLOO PLQVNDGH XWVOlSS DY NOLPDWSnYHUNDQGH JDVHU RFK I|UElWWUD I|UV|UMQLQJVWU\JJKHWHQ DYVHHQGH HQHUJL LQRP (8

, GLUHNWLYHW ILQQV EO D NUDY Sn HQ PHWRGLN I|U EHUlNQLQJ DY HQHUJLSUHVWDQGD PLQLPLNUDY Sn HQHUJLSUHVWDQGD I|U Q\D UHVSHNWLYH EHILQWOLJD VWRUD E\JJQDGHU VRP JHQRPJnU HQ VW|UUH UHQRYHULQJ NUDY Sn HQHUJLFHUWLILHULQJ DY E\JJQDGHU RFK NUDY Sn UHJHOEXQGQD NRQWUROOHU DOWHUQDWLYW UnGJLYQLQJVLQVDWVHU DYVHHQGH YlUPHSDQQRU VDPW UHJHOEXQGQD NRQWUROOHU DY OXIWNRQGLWLRQHULQJVV\VWHP

(Q E\JJQDGV HQHUJLSUHVWDQGD GHILQLHUDV L GLUHNWLYHW VRP HQ E\JJQDGV HQHUJLPlQJG EHUlNQDG VRP IDNWLVN HOOHU EHUlNQDG I|UEUXNQLQJ YLG QRUPDOW EUXNDQGH DY E\JJQDGHQ (QHUJLPlQJGHQ VNDOO DQJHV Sn YLVVW VlWW RFK EHUlNQDV PHG EHDNWDQGH DY YLVVD IDNWRUHU

(Q E\JJQDGV HQHUJLFHUWLILNDW lU HWW FHUWLILNDW VRP LQQHKnOOHU XSSJLIW RP HQ E\JJQDGV HQHUJLSUHVWDQGD EHUlNQDG HQOLJW YLVV PHWRGLN

(QHUJLSUHVWDQGD

9DUMH ODQG VNDOO IDVWVWlOOD HQ PHWRGLN I|U EHUlNQLQJ DY E\JJQDGHUV HQHUJLSUHVWDQGD 'HVVXWRP VNDOO YDUMH ODQG IDVWVWlOOD YLOND PLQLPL NUDY Sn HQHUJLSUHVWDQGD VRP VNDOO JlOOD

1\D E\JJQDGHU VNDOO HQOLJW GLUHNWLYHW XSSI\OOD GH IDVWVWlOOGD PLQLPLNUDYHQ Sn HQHUJLSUHVWDQGD 'HWVDPPD JlOOHU EHILQWOLJD

&'  
   
   

E\JJQDGHU PHG HQ JROY\WD Sn |YHU NYP VRP JHQRPJnU HQ VW|UUH UHQRYHULQJ

1lU SUHVWDQGDQ IDVWVWlOOV InU VNLOOQDG J|UDV PHOODQ Q\D RFK EHILQWOLJD E\JJQDGHU RFK PHOODQ ROLND NDWHJRULHU DY E\JJQDGHU +lQV\Q VNDOO lYHQ WDV WLOO LQRPKXVNOLPDW I|U DWW XQGYLND W H[ RWLOOIUHGVVWlOODQGH YHQWLODWLRQ 'HVVXWRP VNDOO KlQV\Q WDV WLOO E\JJ QDGHQV nOGHU RFK DYVHGGD DQYlQGQLQJ

9LVVD E\JJQDGHU InU XQGDQWDV IUnQ PLQLPLNUDYHW Sn HQHUJL SUHVWDQGD OLNVRP IUnQ NUDYHW Sn HQHUJLFHUWLILNDW 'H E\JJQDGHU VRP InU XQGDQWDV lU EODQG DQQDW LQGXVWULDQOlJJQLQJDU YHUNVWlGHU RFK YLVVD MRUGEUXNVE\JJQDGHU PHG OnJW HQHUJLEHKRY NXOWXUKLVWRULVNW YlUGHIXOO EHE\JJHOVH E\JJQDGHU I|U UHOLJL|VD lQGDPnO IULWLGVKXV VRP DQYlQGV XQGHU HQ PLQGUH GHO DY nUHW RFK E\JJQDGHU PHG HQ JROY\WD XQGHU NYP

(QHUJLFHUWLILNDW

1lU HQ E\JJQDG E\JJV VlOMV HOOHU K\UV XW VNDOO GHW ILQQDV HWW FHUWLILNDW WLOOJlQJOLJW I|U lJDUH EOLYDQGH lJDUH HOOHU K\UHVJlVW &HUWLILNDWHW InU LQWH YDUD lOGUH lQ WLR nU , IUnJD RP E\JJQDGV NRPSOH[ PHG HQKHWHU I|U LQGLYLGXHOOW EUXN W H[ K\UHVOlJHQKHWHU InU FHUWLILNDWHW JUXQGD VLJ Sn HWW JHPHQVDPW FHUWLILNDW I|U KHOD E\JJQDGHQ HOOHU Sn HQ UHSUHVHQWDWLY OlJHQKHW L VDPPD E\JJQDGV NRPSOH[

)|UXWRP XSSJLIWHU RP HQHUJLSUHVWDQGD VNDOO HQHUJLFHUWLILNDWHW LQQHKnOOD UHIHUHQVYlUGHQ VRP J|U DWW NRQVXPHQWHU NDQ MlPI|UD RFK J|UD HQ EHG|PQLQJ DY HQHUJLHJHQVNDSHUQD KRV ROLND E\JJQDGHU 'HVVXWRP VNDOO FHUWLILNDWHW nWI|OMDV DY UHNRPPHQGDWLRQHU I|U YLOND NRVWQDGVHIIHNWLYD nWJlUGHU VRP NDQ YLGWDV I|U DWW PLQVND HQHUJL nWJnQJHQ

, RIIHQWOLJD E\JJQDGHU VNDOO HQHUJLFHUWLILNDWHW DQVOnV Sn YlO V\QOLJ SODWV RFK GHW InU LQWH YDUD lOGUH lQ WLR nU

9LVVD E\JJQDGHU InU VRP QlPQWV RYDQ XQGDQWDV IUnQ NUDYHW Sn HQHUJLFHUWLILNDW

'HW lU NYDOLILFHUDGH RFK HOOHU DXNWRULVHUDGH H[SHUWHU VRP VNDOO XWI|UD FHUWLILHULQJ DY E\JJQDGHU RFK XWDUEHWD UHNRPPHQGDWLRQHU

  &'
   
   

gYULJW

, GLUHNWLYHW ILQQV lYHQ EHVWlPPHOVHU RP LQVSHNWLRQ DOWHUQDWLYW UnGJLYQLQJ RP YlUPHSDQQRU RFK RP UHJHOEXQGHQ LQVSHNWLRQ DY OXIWNRQGLWLRQHULQJVV\VWHP

'LUHNWLYHW VNDOO YDUD LQI|UOLYDW L VYHQVN ODJ VHQDVW GHQ MDQXDUL

2P GHW VDNQDV WLOOJnQJ Sn NYDOLILFHUDGH RFK HOOHU DXNWRUL VHUDGH H[SHUWHU JHU GLUHNWLYHW HQ IULVW Sn \WWHUOLJDUH WUH nU LQQDQ EO D EHVWlPPHOVHUQD RP HQHUJLFHUWLILHULQJ PnVWH WLOOlPSDV IXOOW XW

5DSSRUW IUnQ (QHUJLP\QGLJKHWHQ RFK %RYHUNHW

8SSGUDJHW

(QHUJLP\QGLJKHWHQ KDU EO D DQDO\VHUDW OlPSOLJD VlWW DWW L 6YHULJH JHQRPI|UD (XURSDSDUODPHQWHW RFK UnGHWV GLUHNWLY (* RP E\JJQDGHUV HQHUJLSUHVWDQGD 5DSSRUW IUnQ (QHUJL P\QGLJKHWHQ RFK %RYHUNHW RP KXU (XURSDSDUODPHQWHW RFK UnGHWV GLUHNWLY (* RP E\JJQDGHUV HQHUJLSUHVWDQGD VNDOO JHQRP I|UDV L 6YHULJH (QHUJLP\QGLJKHWHQ KDU L UDSSRUWHQ EHU|UW IUnJDQ YLOND ODJlQGULQJDU VRP NDQ EHK|YD J|UDV RFK lYHQ GLVNXWHUDW IUnJDQ RP NUDYHW Sn HQHUJLFHUWLILNDW NDQ VDPRUGQDV PHG DQGUD GHNODUD WLRQVV\VWHP

(QHUJLFHUWLILNDW

(Q DY VOXWVDWVHUQD L UDSSRUWHQ lU DWW GHW PnVWH LQI|UDV HWW REOLJDWRULVNW NUDY Sn HQHUJLFHUWLILHULQJ

(QOLJW (QHUJLP\QGLJKHWHQ ILQQV GHW ROLND DOWHUQDWLY RFK NRPELQDWLRQVP|MOLJKHWHU I|U KXU HQHUJLFHUWLILNDW NDQ XWIRUPDV

1lU HWW FHUWLILNDW XWIlUGDV I|U HQ Q\ E\JJQDG E|U GHW HQOLJW UDSSRUWHQ YDUD WLOOUlFNOLJW DWW GHW IUDPJnU DWW E\JJQDGHQ NODUDW JlOODQGH E\JJUHJOHU GHW nU Gn E\JJQDGHQ XSSI|UGHV &HUWLILNDWHW I|U HQ Q\ E\JJQDG VNXOOH LQWH EHK|YD LQQHKnOOD YDUH VLJ UHIHUHQVYlUGH HOOHU VSDUI|UVODJ 1DFNGHOHQ PHG HWW VnGDQW I|UIDUDQGH lU HQOLJW (QHUJLP\QGLJKHWHQ DWW GHW LQWH ILQQV LQFLWDPHQW DWW E\JJD ElWWUH lQ E\JJUHJOHUQD 'HW IUDPKnOOV DWW HWW VnGDQW FHUWLILNDW HQGDVW E|U JlOOD HWW SDU nU HIWHUVRP GHW lU DY LQWUHVVH DWW In HQ MlPI|UHOVH PHG EHILQWOLJD E\JJQDGHU

&'  
   
   

'H PLQLPLNUDY VRP WRUGH JlOOD I|U HWW FHUWLILNDW YLG I|UVlOMQLQJ RFK XWK\UQLQJ lU HQOLJW UDSSRUWHQ GHOV XSSPlWW HQHUJLDQYlQGQLQJW H[ HQOLJW UlNQLQJ GHOV HWW UHIHUHQVYlUGH I|U MlPI|UEDUD E\JJ QDGHU RFK GHOV HQ UHNRPPHQGDWLRQ RP HQHUJLVSDUnWJlUGHU VRP E\JJHU Sn VWDQGDUGLVHUDGH VSDUI|UVODJ RFK NRVWQDGVEHUlNQLQJDU (QOLJW UDSSRUWHQ ILQQV GHW GRFN PHU VRILVWLNHUDGH VlWW DWW DQJH HQHUJLSUHVWDQGD UHIHUHQVYlUGH RFK HQHUJLVSDUI|UVODJ

, UDSSRUWHQ GLVNXWHUDV KXU UHIHUHQVYlUGHQ NDQ EHUlNQDV RFK KXU HQ UHNRPPHQGDWLRQ RP O|QVDPPD HQHUJLVSDUnWJlUGHU NDQ XWIRUPDV

(QHUJLP\QGLJKHWHQ I|UHVOnU DWW I|OMDQGH I|UIDUDQGH WLOOlPSDV QlU HQHUJLFHUWLILNDW XWIlUGDV , VDPEDQG PHG Q\ WLOO HOOHU RPE\JJQDG NDQ FHUWLILNDWHW NRSSODV WLOO GH UHJOHU VRP JlOOHU I|U Q\ HOOHU RPE\JJQDG RFK YHULILNDWLRQ NDQ VNH L VDPEDQG PHG E\JJ DQPlOQLQJVSURFHVVHQ 9LG I|UVlOMQLQJ HOOHU XWK\UQLQJ E|U FHUWLILNDW XWIlUGDV DY DFNUHGLWHUDGH EHVLNWQLQJVRUJDQ PHG VlUVNLOW XWELOGDGH HQHUJLNRQVXOWHU /lJHQKHWHU RFK ORNDOHU NDQ FHUWLILHUDV YDU I|U VLJ HOOHU RFNVn NDQ HWW OlJHQKHWVFHUWLILNDW EDVHUDV Sn HQ EHVLNWQLQJ DY KHOD E\JJQDGHQ (QHUJLP\QGLJKHWHQ XWWDODU DWW GHW WRUGH YDUD PHVW UHOHYDQW PHG E\JJQDGVEDVHUDGH FHUWLILNDW

/DJVWLIWQLQJ

(QHUJLP\QGLJKHWHQ XWWDODU DWW GLUHNWLYHW NDQ LQDUEHWDV L GHQ

ODJVWLIWQLQJ VRP SDVVDU ElVW I|U lQGDPnOHW 'HW DQJHV W H[ DWW GHW L

MRUGDEDONHQ NDQ ODJVWLIWDV RP DWW FHUWLILNDWHW VNDOO XSSYLVDV YLG

I|UVlOMQLQJ RFK XWK\UQLQJ 'HVVXWRP E|U GHW HQOLJW UDSSRUWHQ

ILQQDV HQ VlUVNLOG I|URUGQLQJ PHG EHP\QGLJDQGH RFK |YHUJULSDQGH

UHJOHU (QHUJLP\QGLJKHWHQ IUDPKnOOHU DWW GHW lU OlPSOLJW DWW

%RYHUNHW DQVYDUDU I|U NUDYHQ RFK PHWRGHQ I|U FHUWLILHULQJ PHGDQ

UHJHULQJHQ HOOHU DQQDQ P\QGLJKHW I|UHVNULYHU QlU FHUWLILHULQJ VNDOO

VNH VDPW KXU RFK YHP VRP VNDOO XWI|UD WLOOV\QHQ

%\JJQDGVGHNODUDWLRQHU RFK VDPRUGQLQJ

, UDSSRUWHQ XWWDODV DWW GHW lU Q|GYlQGLJW DWW HQHUJLFHUWLILNDWHW VDPRUGQDV PHG RFK LQJnU L HQ DOOPlQ GHNODUDWLRQ DY E\JJQDGHU 'HW DQJHV DWW PDQ PnVWH YHUND I|U HQ VDPRUGQLQJ W H[ PHG GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ 29. 'HW IUDPKnOOV RFNVn

  &'
   
   

DWW NRQWUROOHQ DY OXIWNRQGLWLRQHULQJVDQOlJJQLQJDU E|U VDPRUGQDV PHG GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ (QHUJLP\QGLJKHWHQ SHNDU Sn DWW GHW lU DQJHOlJHW DWW NUDYHQ Sn FHUWLILHULQJ DQSDVVDV Vn DWW IULYLOOLJ HOOHU REOLJDWRULVN NRQWUROO DY SDQQRU RFK OXIW NRQGLWLRQHULQJVV\VWHP NDQ J|UDV LQRP UDPHQ I|U FHUWLILHULQJHQ (QHUJLP\QGLJKHWHQ I|UHVOnU DWW DOWHUQDWLYHW UnGJLYQLQJ VNDOO YlOMDV L VWlOOHW I|U REOLJDWRULVN SDQQNRQWUROO

5HJLVWHU

)UnJDQ RP GHW VNDOO LQI|UDV HWW FHQWUDOW UHJLVWHU I|U E\JJQDGHU RFK GHVV GHNODUDWLRQHU EHKDQGODV LQWH L UDSSRUWHQ (QHUJLP\QGLJKHWHQ XWWDODU GRFN DWW PDQ Vn OnQJW VRP P|MOLJW E|U LQWHJUHUD GHNODUDWLRQV RFK |YULJD YHULILHULQJVV\VWHP Vn DWW GHVVD EOLU |YHUVNnGOLJD I|U lJDUH RFK P|MOLJD DWW I|OMD XSS I|U VDPKlOOHW , UDSSRUWHQ QlPQV DWW GHW ILQQV E\JJQDGVUHJLVWHU PHG ROLND LQQHKnOO GHOV KRV IDVWLJKHWVELOGQLQJVP\QGLJKHWHQ RFK GHOV KRV VNDWWH P\QGLJKHWHQ (QOLJW UDSSRUWHQ E|U HWW E\JJQDGVUHJLVWHU LQQHKnOOD lJDUHQV GHNODUDWLRQ VRP HQNHOW VNXOOH NXQQD XSSGDWHUDV L VDPEDQG PHG lQGULQJDU RPWD[HULQJ 5HJLVWUHW VNXOOH lYHQ NXQQD DQYlQGDV I|U DWW XSSPlUNVDPPD lJDUHQ Sn QlU NRQWUROOHU VNDOO XWI|UDV 'H XWELOGDGH NRQWUROODQWHUQD VNXOOH HQNHOW NXQQD XSSGDWHUD UHJLVWUHW (QHUJLP\QGLJKHWHQ IUDPKnOOHU DWW EHU|UGD lJDUH RFK EHU|UGD P\QGLJKHWHU E|U KD WLOOJnQJ WLOO UHJLVWUHW

8WUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD

5HJHULQJHQ JDY HQ XWUHGDUH L XSSGUDJ DWW OlPQD I|UVODJ WLOO KXU (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD VNDOO JHQRPI|UDV L 6YHULJH VH GLU *HQRPI|UDQGH DY (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD 8SSGUDJHW VNDOO UHGRYLVDV VHQDVW GHQQRYHPEHU , XSSGUDJHW LQJnU RFNVn DWW XWDUEHWD I|UVODJ WLOO OlPSOLJ RUJDQLVDWLRQ RFK GH I|UIDWWQLQJVlQGULQJDU VRP EHK|YV I|U DWW JHQRPI|UD GLUHNWLYHW 8WUHGDUHQ VNDOO lYHQ OlPQD I|UVODJ WLOO OlPSOLJ XSSI|OMQLQJ DY GLUHNWLYHWV JHQRPI|UDQGH RFK HYHQWXHOOW NRPSOHWWHUDQGH nWJlUGHU I|U DWW XQGHUOlWWD JHQRPI|UDQGHW

'HNODUDWLRQHU P P

(WW DQWDO DNW|UHU Sn PDUNQDGHQ EHGULYHU HWW DQJHOlJHW DUEHWH I|U DWW LQYHQWHUD NRQWUROOHUD HOOHU I|UElWWUD VLQD E\JJQDGHU )|U GHVVD lQGDPnO ILQQV HWW IOHUWDO V\VWHP PHWRGHU DY ROLND RPIDWWQLQJ RFK L ROLND XWYHFNOLQJVVWDGLHU 9L VNDOO L GHWWD NDSLWHO UHGRJ|UD I|U HQ GHO VnGDQD V\VWHP 'H V\VWHP VRP UHGRJ|UHOVHQ RPIDWWDU lU (FR(IIHFW 0,%% 0LOM|EHG|PQLQJ DY IDVWLJKHWHU 0LOM|VWDWXV I|U E\JJQDGHU 3 PlUNQLQJ 6XQG ,QQHPLOM| 6YHQVN 0LOM|EHVLNWQLQJ RFK )ULVN %RVWDG , DYVQLWW OlPQDU YL H[HPSHO Sn XWOlQGVND E\JJQDGV GHNODUDWLRQHU HOOHU PRWVYDUDQGH 5HGRJ|UHOVHQ J|U LQWH DQVSUnN Sn DWW YDUD XWW|PPDQGH

1nJUD EHILQWOLJD V\VWHP I|U IULYLOOLJD GHNODUDWLRQHU HOOHU PRWVYDUDQGH

,QQDQ YL QlUPDUH UHGRJ|U I|U GH ROLND V\VWHPHQ PHWRGHUQD nVNnGOLJJ|U YL L WDEHOOIRUP YLOND W\SHU DY E\JJQDGHU RFK RP XSSJLIWHU RP LQRPKXVPLOM| HQHUJLDQYlQGQLQJ UDGRQ HOOHU HQNlWHU LQJnU L UHVSHNWLYH V\VWHP

6\VWHP

(FR(IIHFW

7\SDYE\JJQDG 1\DKXV %HILQWOLJDKXV ,QRPKXVPLOM| (QHUJLDQYlQGQLQJ 5DGRQ (QNlW 'HNODUDWLRQ GRNXPHQWDWLRQ HOOHUPlUNQLQJ
               
%RVWlGHU [ [ [ [ [ [ [
DUEHWVSODWVHU              
VNRORU              
($ $                
                   
                   
  6\VWHP 7\SDYE\JJQDG 1\DKXV %HILQWOLJDKXV ,QRPKXVPLOM| (QHUJLDQYlQGQLQJ 5DGRQ (QNlW 'HNODUDWLRQ GRNXPHQWDWLRQ HOOHUPlUNQLQJ
                 
  0,%% )OHUERVWDGVKXV   [ [ [ [ [ [
    PHG K\UHVUlWW              
    HOOHU ERVWDGVUlWW              
  0LOM| )DVWLJKHWHU [ [ [ [ [ [ [
  EHG|PQLQJ ERVWlGHU              
  DY IDVWLJKHWHU NRQWRU VNRORU              
    ORNDOHU              
  0LOM|VWDWXV )UlPVW   [ [ [ [ [ [
  I|U IOHUERVWDGVKXV              
  E\JJQDGHU RFK NRQWRUV              
    E\JJQDGHU              
  3 PlUNQLQJ 6PnKXV [ [ [   [ [ [
    IOHUERVWDGVKXV              
    VNRORU GDJKHP              
    NRQWRU              
  6XQG )UlPVW [ [ [   [ [ [
  ,QQHPLOM| IOHUERVWDGVKXV              
    RFK NRQWRUV              
    E\JJQDGHU              
  6YHQVN 0LOM| /lJHQKHWHU [ [ [ [ [ [ [
  EHVLNWQLQJ ORNDOHU NRQWRU              
    VNRORU RFK              
    GDJKHP              
  )ULVN ERVWDG 1\ RFK [ [ [ [ [   [
    RPE\JJQDG              

1lUPDUH UHGRJ|UHOVH I|U GH ROLND V\VWHPHQ PHWRGHUQD

(FR(IIHFW

0HWRGHQ KDU VRP XWJnQJVSXQNW WUH VN\GGVREMHNW QlPOLJHQ PlQQLVNRUV KlOVD ELRORJLVNW PnQJIDOG RFK WLOOJnQJ WLOO QDWXU UHVXUVHU 'HQ JHU PLOM|EHG|PQLQJDU LQRP RPUnGHQD HQHUJL DQYlQGQLQJ PDWHULDODQYlQGQLQJ LQQHPLOM| XWHPLOM| RFK OLYVF\NHO

  ($ $
   
   

NRVWQDGHU 6WUlYDQ lU DWW Vn OnQJW VRP P|MOLJW EHVWlPPD VnYlO ULVNHQ I|U DWW PlQQLVNRU VRP DQYlQGHU HQ E\JJQDG VNDOO SnYHUNDV QHJDWLYW DY GHVV PDWHULDO RFK XWIRUPQLQJ VRP ULVNHQ I|U DWW GHVV DQYlQGQLQJ VNDOO ELGUD WLOO VDPKlOOHWV ROLND PLOM|SUREOHP 0LOM| SnYHUNDQ UHGRYLVDV L IRUP DY PLOM|SURILOHU PHG VWDSODU VRP YLVDU IDVWLJKHWHQV ELGUDJ WLOO ROLND YlONlQGD PLOM|HIIHNWHU Yl[WKXVHIIHNW I|UVXUQLQJ HWF HOOHU VRP YLNWDGH LQGH[ I|U LQQHPLOM| UHVSHNWLYH SnYHUNDQ Sn GHQ \WWUH PLOM|Q 9DUMH RPUnGH NDQ YlUGHUDV VHSDUDW 'DWRUSURJUDPPHW NDQ HIWHU EHKRY OHYHUHUD HQ PlQJG ROLND Q\FNHOWDO 0HWRGHQ NDQ DQYlQGDV Sn VnYlO EHILQWOLJ VRP SODQHUDG EHE\JJHOVH 0HG PHWRGHQ NDQ HQ E\JJQDG MlPI|UDV PHG DQGUD E\JJQDGHU HOOHU IDVWLJKHWHU VDPW UHIHUHQVIDVWLJKHWHU

%HWUlIIDQGH LQRPKXVPLOM|Q L EHILQWOLJD IDVWLJKHWHU LQYHQWHUDV I|UKnOODQGHQ DY EHW\GHOVH I|U PlQQLVNRUV KlOVD WLOO |YHUYlJDQGH GHO PHG HQ HQNlW PHQ lYHQ PHG KMlOS DY HQNOD LQQHPLOM|PlWQLQJDU (FR(IIHFW KDU ROLND YDULDQWHU DY LQQHPLOM|HQNlWHU I|U ERVWDGVKXV NRQWRU RFK VNRORU , ERVWDGVHQNlWHQ WDV IUnJRU RP WULYVHO YlUPH RFK WHPSHUDWXU OXIWNYDOLWp OMXG EXOOHU GDJVOMXV RFK EHO\VQLQJ VDPW YLVVD KlOVRIUnJRU XSS )|U HQ IXOOVWlQGLJ PLOM|YlUGHULQJ NUlYV RFNVn EO D XSSJLIW RP LQE\JJGD PLOM| RFK KlOVRIDUOLJD lPQHQ VDPW XSSPlWWD YlUGHQ I|U UDGRQ L OXIW

9DG JlOOHU HQHUJLDQYlQGQLQJ L EHILQWOLJD E\JJQDGHU NUlYV XSSJLIWHU RP JHQRPVQLWWOLJ nUOLJ I|UEUXNQLQJ VDPW RP DQYlQGD HQHUJLVODJ

)|U QlUYDUDQGH DYVOXWDV HWW SURMHNWDUEHWH VRP V\IWDW WLOO DWW XWYHFNOD PHWRGHQ RFK J|UD GHQ SUDNWLVNW DQYlQGEDU I|U SODQHUDUH I|UYDOWDUH RFK DQYlQGDUH DY GHQ E\JJGD PLOM|Q 6\VWHPHW lU L KXYXGVDN NODUW 'DWDEDVHQ YLNWQLQJVV\VWHP RP PMXNYDUDQ PnVWH WHVWDV QRJJUDQW LQI|U HQ PHU DOOPlQ WLOOlPSQLQJ

(WW DQWDO EHILQWOLJD IDVWLJKHWHU KDU YlUGHUDWV PHG (FR(IIHFW PHWRGHQ

0,%%

0,%% lU HQ PHWRG I|U LQYHQWHULQJ DY LQRPKXVPLOM|Q L EHILQWOLJD ERVWDGVKXV VRP LQQHKDV PHG K\UHVUlWW HOOHU ERVWDGVUlWW 8WHPLOM|Q LQJnU LQWH L 0,%% 0LOM|LQYHQWHULQJHQ I|UXWVlWWHU DWW HQ JRGNlQG YHQWLODWLRQVNRQWUROO lU JHQRPI|UG L IDVWLJKHWHQ 0,%% I|UXWVlWWHU RFNVn DWW HQ PLOM|LQYHQWHUDUH DQOLWDV

($ $  
   
   

0,%% XWJnU IUnQ GH ERHQGHV HUIDUHQKHWHU RFK XSSOHYHOVHU 0,%% EHVWnU DY HQ HQNlW WLOO GH ERHQGH RFK HQ EHVLNWQLQJ PHG HQNODUH PlWQLQJDU LQGLNDWLRQVPlWQLQJDU (QNlWHQ JHU VYDU Sn IUnJRU RP KXU OlJHQKHWHQ XSSOHYV YDG JlOOHU YlUPHNRPIRUW OXIWNYDOLWp OMXV RFK OMXGI|UKnOODQGHQ VDPW IXNW RFK P|JHO 0HG GHWWD VRP JUXQG J|U PLOM|LQYHQWHUDUHQ HQ EHG|PQLQJ DY LQQHPLOM|Q 9LG EHKRY VNHU I|UGMXSDGH XQGHUV|NQLQJDU RFK EULVWHU DYKMlOSV (Q nWHUNRSSOLQJ DY UHVXOWDWHQ VNHU WLOO GH ERHQGH ORNDOXWQ\WWMDUH RFK IDVWLJKHWV SHUVRQDO

%HVLNWQLQJ RFK HQNODUH PlWQLQJDU VNHU L HWW XUYDO DY OlJHQ KHWHUQD 5LNWPlUNHW lU DWW EHVLNWD SURFHQW DY OlJHQKHWHUQD YDU WUHGMH nU

'HW ILQQV ROLND HQNlWHU VRP NDQ DQYlQGDV YLG 0,%% 'HVVD lU PHU HOOHU PLQGUH RPIDWWDQGH 2IWD lU HQ PLQGUH XWI|UOLJ HQNlW WLOOUlFNOLJ 2P GHW ILQQV EHKRY DY HQ EUHGDUH EHO\VQLQJ DY I|UKnOODQGHQD L IDVWLJKHWHQ HOOHU DWW WUlQJD GMXSDUH LQ L QnJRQ IUnJD NDQ HQ PHU RPIDWWDQGH HQNlW YlOMDV 'HW NDQ H[HPSHOYLV VNH RP GHW ILQQV PLVVWDQNDU HOOHU YHWVNDS RP SUREOHP PHG LQQHPLOM|Q , EURVFK\UHQ 0,%% DQJHV I|OMDQGH H[HPSHO Sn YLOND HQNlWHU VRP NDQ DQYlQGDV YLG 0,%% 6YHQVN PLOM|EHVLNWQLQJV HQNlW /XQGV

.RPPXQDOD )DVWLJKHWV $% V HQNlW 1RUGLVN HQNlW 0LOM|VWDWXV HQNlW I|U LQQHPLOM| gUHEURHQNlWHQ 6WRFNKROPV 6$%2 HQNlWHQ (FR(IIHFW HQNlWHQ RFK (QNlW I|U 3 PlUNQLQJ

(Q HQHUJLGHNODUDWLRQ LQJnU L 0,%% )DVWLJKHWVlJDUHQ I|UYDOWDUHQ WDU IUDP XSSJLIWHU RP DQYlQGQLQJ DY YlUPH YDWWHQ RFK HO 8SSJLIWHUQD QRUPDOnUVNRUULJHUDV RFK UHGRYLVDV L HQHUJLGHNODUD WLRQHQ %HUlNQDGH Q\FNHOWDO NDQ DQYlQGDV I|U MlPI|UHOVHU PRW OLNYlUGLJD IDVWLJKHWHU RFK VRP XQGHUODJ I|U XSSUlWWDQGH RFK XSSI|OMQLQJ DY HQHUJLVSDUPnO , HQHUJLGHNODUDWLRQHQ DQJHV RFNVn RP GHW ILQQV HQHUJLVSDUSODQ YLOND HQHUJLVODJ VRP DQYlQGV RFK RP HQHUJL IUnQ I|UQ\EDUD HQHUJLNlOORU DQYlQGV

'H HIIHNWHU VRP PHWRGHQ JHU I|U GH ERHQGH lU I|UXWRP HQ I|UElWWUDG LQQHPLOM| DWW GHQ NDQ VNDSD GHODNWLJKHW |NDGH NXQVNDSHU |NDW PHGYHWDQGH VDPW VW|UUH HQJDJHPDQJ RFK |NDW DQVYDU )|U IDVWLJKHWVlJDUHQ ERVWDGVUlWWVI|UHQLQJHQ LQQHElU GHQ |NDGH NXQVNDSHU RP KXVHW RFK GHVV VWDWXV DWW HJHQNRQWUROOHQ |NDU RFK DWW GHW VNDSDV P|MOLJKHW DWW DUEHWD I|UHE\JJDQGH DWW GULIWV NRVWQDGHUQD EOLU OlJUH VDPW DWW GH ERHQGH EOLU PHU Q|MGD 1\VV QlPQGD XSSJLIWHU IUDPJnU DY EURVFK\UHQ 0,%% 0LOM|LQYHQWHULQJ DY ,QQHPLOM|Q L %HILQWOLJ %HE\JJHOVH

  ($ $
   
   

0HWRGHQ lU IUDPWDJHQ DY +\UHVJlVWI|UHQLQJHQ )DVWLJKHWVlJDUQD 6YHULJH 6$%2 +6% RFK 5LNVE\JJHQ 0,%% PHWRGHQ RPIDWWDU EHW\GOLJW IOHU OlJHQKHWHU lQ |YULJD PHWRGHU

0LOM|EHG|PQLQJ DY IDVWLJKHWHU

0LOM|EHG|PQLQJ DY IDVWLJKHWHU lU HWW V\VWHP I|U DWW PLOM|LQYHQWHUD RFK NODVVLILFHUD IDVWLJKHWHU 6\VWHPHW LQQHKnOOHU lYHQ Q\FNHOWDO nWJlUGVI|UVODJ RFK PLOM|VW\UQLQJ L SURMHNW 'HW GULYV DY 7K\UpQV %\JJHNRORJL

,QYHQWHULQJHQ VNHU JHQRP IDNWDLQVDPOLQJ LQYHQWHULQJ SURY WDJQLQJDU PlWQLQJDU RFK JHQRP HQ LQRPKXVHQNlW 'HW LQYHQWHUDGH PDWHULDOHW EHG|PV L HQ GDWDEDV RFK GHW VNDSDV ROLND UDSSRUWHU 5DSSRUWHUQD LQQHKnOOHU EO D HQ VDPPDQVWlOOQLQJ DY LQYHQWHULQJHQ RFK HWW nWJlUGVI|UVODJ cWJlUGVI|UVODJHW ELOGDU XQGHUODJ I|U IDVWLJ KHWHQV XQGHUKnOOVSODQHULQJ HOOHU LQI|U RPE\JJQDGHU )UnQ GDWD EDVHQ NDQ EHVWnQGHWV ROLND PLOM|Q\FNHOWDO XWOlVDV , GDWDEDVHQ ILQQV GHVVXWRP VDPPDQVWlOOGD Q\FNHOWDO I|U DOOD IDVWLJKHWHU VRP lU LQODJGD L EDVHQ YLONHW LQQHElU DWW MlPI|UHOVHU lYHQ NDQ J|UDV PRW DQGUD IDVWLJKHWHU

(Q FHUWLILHUDG PLOM|LQYHQWHUDUH XWI|U LQYHQWHULQJHQ

0LOM|VWDWXV I|U E\JJQDGHU

0LOM|VWDWXV I|U E\JJQDGHU lU HQ PHWRG I|U PLOM|LQYHQWHULQJ RFK EHG|PQLQJ DY EHILQWOLJD E\JJQDGHU *HQRP PLOM|LQYHQWHULQJHQ NDQ HQ IDVWLJKHWV PLOM|EULVWHU RFK PLOM|I|UGHODU LGHQWLILHUDV $UEHWVVlWW RFK SURJUDPYDUD P|MOLJJ|U YDOP|MOLJKHWHU Vn DWW ROLND PRGXOHU NDQ OlJJDV WLOO (Q VnGDQ PRGXO JHU HQ µPLOM|GHNODUDWLRQµ I|U GHQ VRP Vn |QVNDU 3URJUDPYDUDQ JHU RFNVn P|MOLJKHW DWW XSSUlWWD HQ µ0,%%µ I|U ERVWlGHU I|UXWVDWW DWW HQNlW RFK GLDORJ L GHW HQVNLOGD IDOOHW VNHU L VDPUnG PHG ORNDO K\UHVJlVWI|UHQLQJ (Q QnJRW I|UHQNODG PLOM|VWDWXVEHG|PQLQJ SODQHUDV DWW ODQVHUDV XQGHU

GlU DQWDOHW SDUDPHWUDU EHJUlQVDWV I|U DWW KnOOD QHG NRVWQDGHQ 0HWRGHQ KDU P|WW LQWUHVVH L EO D 6WRUEULWDQQLHQ RFK &DQDGD $UEHWH PHG HQ HQJHOVN YHUVLRQ DY PHWRGHQ SnJnU

(Q IDVWLJKHWV PLOM|VWDWXV IDVWVWlOOV L WUH VWHJ PLOM|LQYHQWHULQJ GDWDEHDUEHWQLQJ VDPW XWYlUGHULQJ RFK nWJlUGVI|UVODJ ,QYHQWHULQJ RFK YlUGHULQJ JUXQGDV Sn 0LOM|PDQXDOHQ 6MlOYD LQYHQWHULQJHQ

($ $  
   
   

I|UHJnV RIWDVW DY HQ HQNlW WLOO K\UHVJlVWHUQD 0LOM|LQYHQWHULQJHQ VNHU PHG DYVHHQGH Sn LQRPKXV RFK XWHPLOM| HQHUJL RFK QDWXU UHVXUVHU 'H IDNWRUHU VRP XQGHUV|NV EHWUlIIDQGH LQRPKXVPLOM|Q lU YDWWHQNYDOLWp HOHNWULVND RFK PDJQHWLVND IlOW IRUPDOGHK\G IXNW OHJLRQHOOD OMXG OMXV OXIW UDGRQ VWlGEDUKHW RFK WHUPLVNW NOLPDW 9LG PLOM|LQYHQWHULQJHQ NODVVDV YDUMH PLOM|DVSHNW HQOLJW HQ IHP JUDGLJ VNDOD 5HVXOWDWHW DY LQYHQWHULQJHQ EHDUEHWDV L HWW GDWD SURJUDP 5HVXOWDWHQ SUHVHQWHUDV GlUHIWHU L HQ PLOM|UDSSRUW PHG HQ VHULH GLDJUDP V N PLOM|URVRU VRP EHVNULYHU E\JJQDGHQV PLOM| VWDWXV 'HW JnU DWW VDPPDQVWlOOD GDWD IUnQ IOHUD IDVWLJKHWHU L SURJUDPPHW 5HVXOWDWHW DY LQYHQWHULQJHQ RFK GDWDEHDUEHWQLQJHQ VDPPDQVWlOOV L HQ UDSSRUW , UDSSRUWHQ UHGRYLVDV EO D SRVLWLYD RFK QHJDWLYD REVHUYDWLRQHU I|UVODJ WLOO nWJlUGHU PLOM|URVRU VRP EHVNULYHU E\JJQDGHQV VWDWXV RFK HQ VDPPDQVWlOOQLQJ DY LQYHQWHULQJVREVHUYDWLRQHU 5HVXOWDWHQ NDQ GlUHIWHU VDPPDQVWlOODV L HQ nWJlUGVOLVWD VRP JHU HWW XQGHUODJ I|U SODQHULQJ I|U GULIW XQGHUKnOO RFK LQYHVWHULQJDU EXGJHWHULQJ RFK XSSI|OMQLQJ

0HWRGHQ lJV I|UYDOWDV RFK XWYHFNODV DY 0LOM|VWDWXV 0)% HNRQRPLVN I|UHQLQJ )DVWLJKHWVlJDUH RFK NRQVXOWHU DY ROLND VWRUOHN OLNVRP K\UHVJlVWHU lU LGDJ PHGOHPPDU %ODQG IDVWLJKHWV lJDUQD ILQQV SULYDWD VWDWOLJD RFK NRPPXQDOD I|UHWDJ UHSUHVHQWHUDGH PHG VnYlO IDVWLJKHWHU PHG ERVWlGHU VRP PHG NRPPHUVLHOOD ORNDOHU $UEHWVVlWWHW L I|UHQLQJHQ lU NYDOLWHWVVlNUDW RFK I|U DWW In DQYlQGD PHWRGHQ NUlYV OLFHQV RFK HQ VnGDQ NDQ PDQ HUKnOOD JHQRP DWW Jn PHG L I|UHQLQJHQ (QGDVW SHUVRQHU VRP KDU VSHFLDOXWELOGQLQJ RFK KDU DYODJW JRGNlQW SURY InU XWI|UD LQYHQWHULQJ RFK EHG|PQLQJ HQOLJW PHWRGHQ (Q EHW\GDQGH GHO DY I|UHQLQJHQV EXGJHW DQYlQGV IRUWO|SDQGH I|U XWYlUGHULQJ RFK XWYHFNOLQJ DY PHWRGHQ PHG KlQV\Q WLOO PHGOHPPDUQDV EHKRY RFK VDPKlOOVXWYHFNOLQJHQ

6RP VNlO I|U DWW JHQRPI|UD HQ LQYHQWHULQJ QlPQV Sn 0LOM|VWDWXV KHPVLGD DWW LQYHQWHULQJHQ JHU HQ |YHUVLNW |YHU PLOM|VWDWXVHQ L GHW HJQD IDVWLJKHWVEHVWnQGHW I|U GULIWV RFK XQGHUKnOOVSODQHULQJ I|UH VWnHQGH RPE\JJQDG HOOHU UHQRYHULQJ GLVNXVVLRQ PHG K\UHVJlVWHU EDQNHU RFK I|UVlNULQJVERODJ I|UHVWnHQGH IDVWLJKHWVN|S NRQWUROO DY DNWXHOOW nWJlUGVSURJUDP PDUNQDGVI|ULQJVDUJXPHQW OnQJVLNWLJW ElWWUH HNRQRPL EHG|PQLQJ DY PLOM|EHODVWQLQJ RFK PLOM|VW\UQLQJ

  ($ $
   
   

3 PlUNQLQJ

63 6YHULJHV 3URYQLQJV RFK )RUVNQLQJVLQVWLWXW DUEHWDU PHG 3 PlUNQLQJ L VnYlO EHILQWOLJD E\JJQDGHU VRP L VDPEDQG PHG Q\SURGXNWLRQ 3 PlUNQLQJ NDQ DYVH ERVWlGHU VNRORU RFK GDJKHP NRQWRU P P (JHQVNDSHU RFK NUDY DYVHU WHUPLVN NRPIRUW OXIW NYDOLWHW IXNWVlNHUKHW EXOOHU OMXV UDGRQ HOHNWULVND RFK PDJQHWLVND IlOW VDPW WDSSYDWWHQWHPSHUDWXU 5HJOHUQD KnOOHU Sn DWW XWYLGJDV Vn DWW HQHUJLDQYlQGQLQJ L E\JJQDGHU NDQ YlOMDV WLOO VRP \WWHUOLJDUH HQ SDUDPHWHU 5HJOHUQD LQQHKnOOHU WYn VWHJ 'HW I|UVWD DYVHU 63V NRQWUROO DY DWW E\JJQDGHQ RFK GHVV V\VWHP NDQ XSSI\OOD GH NUDY VRP VWlOOV 'HW DQGUD VWHJHW DYVHU GHQ IRUWO|SDQGH I|UYDOWQLQJHQ 3 PlUNQLQJHQ E\JJHU Sn HWW HJHQNRQWUROOV\VWHP VRP 63 NRQWUROOHUDU VRP WUHGMH SDUW

0HG KMlOS DY 3 PlUNQLQJVV\VWHPHW VNDOO LQQHKDYDUHQ DY FHUWLILNDWHW NXQQD YLVD DWW KDQ I|UYDOWDU KXV HQOLJW HWW GRNXPHQWHUDW LQQHPLOM|V\VWHP DWW IHO I|UHE\JJV JHQRP DWW HJHQNRQWUROOHQ IXQJHUDU HIIHNWLYW RFK DWW KXVHQ PRWVYDUDU GH NUDY VRP VWlOOV L I|UHOLJJDQGH UHJOHU *HQRP HQ HIIHNWLY NYDOLWHWVNRQWUROO VlNHU VWlOOG JHQRP 3 PlUNQLQJHQ NDQ ULVNHQ I|U NRVWVDPPD VNDGRU RFK IHO PLQLPHUDV

, EHILQWOLJ EHE\JJHOVH VNHU HQ JUXQGOLJ I|UVWD XQGHUV|NQLQJ *)8 GlU E\JJQDGHQ XSSYlUPQLQJVV\VWHPHW RFK YHQWLODWLRQV V\VWHPHW EHVLNWLJDV RFK GlU LQQHPLOM|Q NDUWOlJJV JHQRP HQNlW RFK PlWQLQJ 'HW ILQQV HQ SODQ I|U KXU VWRU DQGHO DY OlJHQKHWHUQD HOOHU KXU VWRU GHO DY ORNDOHUQD VRP VNDOO XQGHUV|NDV YLG *)8 %\JJQDGHQV NRQVWUXNWLRQHU YlJJDU JROY RFK WDN EHVLNWLJDV PHG DYVHHQGH Sn HYHQWXHOOD IXNWVNDGRU HOOHU PDWHULDOHPLVVLRQHU VRP NDQ LQYHUND PHQOLJW Sn LQQHPLOM|Q 9HQWLODWLRQVV\VWHPHW NRQWUROOHUDV L VDPPD RPIDWWQLQJ VRP YLG HQ 29. EHVLNWQLQJ 5HVXOWDWHW IUnQ *)8 OLJJHU WLOO JUXQG I|U GLUHNWD nWJlUGHU RFK XQGHUKnOOVSODQ %ULVWHU RFK IHO VNDOO nWJlUGDV PHQ VnGDQW VRP lU DY OnQJVLNWLJ NDUDNWlU OlJJV L nWJlUGVSODQ (IWHU JUDQVNQLQJ DY LQQHPLOM|V\VWHPHW JRGNlQGD NRQWUROOHU DY *)8 RFK NRQWUROO DY V\VWHP I|U GULIW RFK XQGHUKnOO XWIlUGDV 3 PlUNQLQJ ,QQHPLOM|Q NRQWUROOHUDV IRUW O|SDQGH Vn DWW DOOD OlJHQKHWHU KDU XQGHUV|NWV XQGHU HQ nUVSHULRG 9LG JRGNlQGD NRQWUROOHU DY 63 VNHU IRUWVDWW 3 PlUNQLQJ

&HUWLILHULQJHQ DYVHU E\JJQDGHU RFK LQWH I|UHWDJ HOOHU RUJDQLVD WLRQHU 7LOOlJJVFHUWLILNDW OlPQDV I|U YDUMH \WWHUOLJDUH E\JJQDG VRP RPIDWWDV DY VDPPD LQQHPLOM|V\VWHP )|UXWVlWWQLQJHQ I|U

($ $  
   
   

FHUWLILNDWHWV JLOWLJKHW lU DWW LQQHPLOM|V\VWHPHW IRUWO|SDQGH IXQJHUDU YLONHW nUOLJHQ NRQWUROOHUDV DY 63

, IUnJD RP Q\D E\JJQDGHU VNDOO XQGHUODJ RFK NULWHULHU I|U SODQHULQJ RFK SURMHNWHULQJ ILQQDV 3URMHNW|UHQ VNDOO XSSI\OOD HWW DQWDO XSSVWlOOGD NUDY VnVRP DWW XSSUlWWD DQYLVQLQJDU I|U JUXQG VWRPPH YlUPHLVROHULQJ IXNWVlNHUKHW YlUPH YHQWLODWLRQ HO YDWWHQ RFK DYORSS 3URMHNW|UHQ VNDOO lYHQ XSSUlWWD DQYLVQLQJDU RFK UXWLQHU I|U KDQWHULQJ DY PDWHULDO RFK SURGXNWHU Sn DUEHWVSODWVHQ I|U DWW XQGYLND QHGVPXWVQLQJ HOOHU VNDGRU DY IXNW 8QGHU E\JJVNHGHW VNDOO GHW XSSUlWWDV FKHFNOLVWRU I|U NRQWUROOHU Vn DWW DOOD NUDY VlNHUVWlOOV $Y FKHFNOLVWRUQD VNDOO GHW W\GOLJW IUDPJn YDG VRP VNDOO NRQWUROOHUDV RFK YDG VRP lU JRGNlQW YlUGH

3 PlUNHW lU 63V HJHW FHUWLILHULQJVPlUNH ²

Q\SURGXFHUDGH VPnKXV KDU 3 PlUNWV .UDYHQ Sn 3 PlUNW LQQHPLOM| E\JJHU Sn VDPPD SULQFLSHU VRP ILQQV L ,62 RFK ,62

&D OlJHQKHWHU L *|WHERUJ RFK 6WRFNKROP NRPPHU DWW KD 3 PlUNWV XQGHU VNRORU RFK FD P NRQWRUV\WD lU 3 PlUNW

6XQG LQQHPLOM|

6XQG LQQHPLOM| lU HWW OHGQLQJVV\VWHP I|U DWW NYDOLWHWVVlNUD LQQH PLOM|Q L E\JJQDGHU 0HWRGHQ DQJHU NUDYQLYnHU I|U ROLND LQQHPLOM| IDNWRUHU RFK GHQ OHGHU WLOO FHUWLILHULQJ DY WUHGMH SDUW QlPOLJHQ 6YHULJHV 3URYQLQJV RFK IRUVNQLQJVLQVWLWXW 63 6\VWHPHW RPIDWWDU lYHQ IDVWLJKHWVGULIW WLOOV\Q RFK VN|WVHO RFK XQGHUKnOO

6XQG LQQHPLOM| PHG 3 PlUNQLQJ lU HQ NRPELQDWLRQ DY SURGXNWFHUWLILHULQJ VDPW NYDOLWHWV RFK PLOM|OHGQLQJVV\VWHP 6XQG LQQHPLOM| VWlOOHU NUDY VnYlO Sn HQVNLOGD E\JJQDGHU VRP Sn I|UHWDJHWV I|UYDOWQLQJVRUJDQLVDWLRQ 7UHGMHSDUWVNRQWUROO JHQRPI|UV PHG JUDQVNQLQJ DY E\JJQDG HU RFK I|UYDOWQLQJVRUJDQLVDWLRQHQ 2P DOOD NUDY lU XSSI\OOGD FHUWLILHUDV I|UYDOWQLQJVRUJDQLVDWLRQHQ RFK E\JJQDGHQ NYDOLWHWVPlUNV 9LNWLJD SULQFLSHU I|U 6XQG ,QQHPLOM| lU EO D DWW I|UHWDJHW DQWDU HQ PLOM|SROLF\ DWW LQQHPLOM|PnOHQ IDVWVWlOOV DWW E\JJQDGHUQDV VWDWXV NRQWUROOHUDV JHQRP HQ JUXQGOLJ I|UVWD XQGHUV|NQLQJ *)8 DWW UXWLQHU RFK SODQHU ILQQV I|U WLOOV\Q VN|WVHO RFK XQGHUKnOO DWW nWHUNRPPDQGH HJHQNRQWUROOHU DY LQQHPLOM|Q RFK OHGQLQJVV\VWHP JHQRPI|UV LQQHPLOM| RFK V\VWHPUHYLVLRQ VDPW DWW FHUWLILHULQJ RFK nWHUNRPPDQGH UHYLVLRQ VNHU JHQRP HQ WUHGMH SDUW (Q YLNWLJ GHO DY GH O|SDQGH UXWLQHUQD lU DWW WD KDQG RP RFK

  ($ $
   
   

nWJlUGD DOOD DYYLNHOVHU VRP LGHQWLILHUDV W H[ JHQRP WLOOV\Q HOOHU YLD IHODQPlODQ IUnQ EUXNDUQD

*)8 JHQRPI|UV Sn WUH QLYnHU %\JJQDGHQ WDN IDVDG I|QVWHU HWF E\JJQDGHQV WHNQLVND V\VWHP YlUPH YHQWLODWLRQ P P VDPW LQQHPLOM|Q L OlJHQKHWHU ORNDOHU NRQWUROOHUDV 9LG GHQ JUXQGOLJD I|UVWD XQGHUV|NQLQJHQ JHQRPI|UV lYHQ HQ EUXNDUHQNlW , VDPEDQG GlUPHG InU GH ERHQGH EUXNDUHQ LQIRUPDWLRQ RP KXU LQQHPLOM|Q NDQ SnYHUNDV DY VlWWHW DWW DQYlQGD OlJHQKHWHQ 'H InU RFNVn HQ EHVNULYQLQJ DY GH WHNQLVND V\VWHPHQ I|U W H[ YlUPH RFK YHQWLODWLRQ RFK LQIRUPDWLRQ RP KXU GHVVD VNDOO DQYlQGDV I|U ElVW UHVXOWDW L GHQ HJQD OlJHQKHWHQ 'lUHIWHU VNHU HQ VDPPDQVWlOOQLQJ RFK XWYlUGHULQJ I|U DWW LGHQWLILHUD HYHQWXHOOW EHKRY DY WHNQLVND nWJlUGHU

1lU GH XWYDOGD IDVWLJKHWHUQD JnWWV LJHQRP RFK UXWLQHU I|U GHQ O|SDQGH I|UYDOWQLQJHQ XSSUlWWDWV VNHU JUDQVNQLQJ RFK 3 PlUNQLQJ %\JJQDGHU RFK I|UYDOWQLQJVRUJDQLVDWLRQ JUDQVNDV DY FHUWLILHULQJV RUJDQHW PRW GH XSSVWlOOGD FHUWLILHULQJVUHJOHUQD RFK I|UHWDJHWVIDVWLJKHWVlJDUHQV nWDJDQGHQ HQOLJW GHQ HJQD ,QQHPLOM|KDQGERNHQFHUWLILHULQJVXQGHUODJ

)|U DWW HQ E\JJQDG VNDOO NXQQD NYDOLWHWVPlUNDV PHG DYVHHQGH Sn LQQHPLOM|Q VNDOO E\JJQDGHQ DOOWVn KD JHQRPJnWW HQ *)8 RFK I|UYDOWDUHQ VNDOO KD XSSUlWWDW HQ LQQHPLOM|KDQGERN VDPW LQI|UW OHGQLQJVV\VWHP 6XQG ,QQHPLOM| LQRP I|UYDOWQLQJHQ .RQWUROO VNHU JHQRP DWW FHUWLILHULQJVRUJDQHW JUDQVNDU GRNXPHQWDWLRQHQ DY HJHW DUEHWH RFK J|U VWLFNSURYVNRQWUROO DY E\JJQDGHUQD )|UHWDJHW PnVWH NXQQD J|UD WUROLJW DWW PDQ NDQ XSSUlWWKnOOD LQQHPLOM|NUDYHQ XQGHU GH IHP nU VRP FHUWLILNDWHW QRUPDOW JlOOHU 9DUMH nU NRQWUROOHUDU GHVVXWRP FHUWLILHUDQGH RUJDQ 63 DWW UXWLQHU RFK SODQHUQD I|OMV RFK DWW LQWHUQUHYLVLRQHU JHQRPI|UV )|UYDOWQLQJV RUJDQLVDWLRQHQ PnVWH KlU YLVD DWW GULIW RFK XQGHUKnOOVDNWLYLWHWHU JHQRPI|UWV

6YHQVN 0LOM|EHVLNWQLQJ

6YHQVN 0LOM|EHVLNWQLQJV SURJUDP RPIDWWDU PLOM|EHVLNWQLQJ DY

E\JJQDG ORNDOHU PDUN RFK PLOM|IDUOLJD PDWHULDO NRQWUROOPlWQLQJ

DY LQRPKXVPLOM|Q VDPW EHG|PQLQJ DY XWRPKXVPLOM|Q 6\IWHW PHG

EHVLNWQLQJHQ lU DWW XSSWlFND PLOM| RFK XQGHUKnOOVEULVWHU VDPW

XSSWlFND IHO L IDVWLJKHWHQ

($ $  
   
   

, 6YHQVN PLOM|EHVLNWQLQJV SURJUDP LQJnU EHVLNWQLQJ RFK NRQWUROOPlWQLQJ XWUHGQLQJ RFK DQDO\V PLOM|UDSSRUW VDPW PLOM|PlUNHW

, EHVLNWQLQJVSURJUDPPHW LQJnU HWW IUnJHIRUPXOlU WLOO IDVWLJKHWV lJDUH VN|WDUH RP E\JJQDGHQV XWI|UDQGH PDWHULDO ULVNHU HWF

HQNlWHU WLOO K\UHVJlVWHU EHVLNWQLQJ DY E\JJQDGHQ NRQWUROOPlWQLQJ DY LQRPKXVPLOM|Q L HQOLJKHW PHG 0,%% VDPW HQ EHG|PQLQJ DY IDUOLJD NHPLVND lPQHQ L E\JJQDGVPDWHULDO RFK I|URUHQLQJDU IUnQ E\JJQDGHQ (IWHU EHVLNWQLQJHQ OlPQDV HQ UDSSRUW VRP LQQHKnOOHU UHVXOWDWHW IUnQ EHVLNWQLQJHQ RFK NRQWUROOPlWQLQJHQ VDPW HQ XWYlUGHULQJ DY PLOM|ULVNHU RFK VNDGRU

0LOM|EHVLNWQLQJHQ XWI|UV DY VSHFLDOLVWXWELOGDGH JRGNlQGD RFK FHUWLILHUDGH EHVLNWQLQJVPlQ HQOLJW 6YHQVN 0LOM|EHVLNWQLQJV FKHFN OLVWRU RFK SURWRNROO

9LG PLVVWDQNH RP IDUOLJD lPQHQ L E\JJQDGVPDWHULDO VRP LQWH NDQ XSSWlFNDV YLG EHVLNWQLQJHQ JHQRPI|UV \WWHUOLJDUH XWUHGQLQJ RFK DQDO\V VRP NDQ OHGD IUDP WLOO HWW nWJlUGVSURJUDP

0LOM|EHVLNWQLQJHQV UHVXOWDW DQDO\VHUDV RFK VDPPDQIDWWDV L HQ PLOM|UDSSRUW VRP EHVWnU DY GLDJUDP EHVNULYQLQJ PLOM|DQDO\V RFK ELOGHU 1lU HQ PLOM|EHVLNWQLQJ JHQRPI|UWV L IDVWLJKHWHQ I|UHVOnV PLOM|I|UElWWUDQGH nWJlUGHU VRP WLOOVDPPDQV PHG IDVWLJKHWVlJDUHQV HUIDUHQKHWHU DQVOnV WLOOVDPPDQV PHG 6YHQVN 0LOM|EHVLNWQLQJV PLOM|PlUNH L IDVWLJKHWHQ

0LOM|EHVLNWQLQJ XWI|UV RIWD WLOOVDPPDQV PHG 29. RFK HQHUJLEHVLNWQLQJ I|U DWW In HWW KHOKHWVLQWU\FN DY E\JJQDGHQV WRWDOD PLOM|VLWXDWLRQ GYV DWW VlNUD VnYlO LQRPKXVPLOM|Q VRP E\JJQDGHQV HQHUJLVWDWXV

6RP XQGHUODJ I|U PLOM|EHVLNWQLQJ XWI|UV Sn EHVWlOODUHQV |QVNHPnO HQ NRPSOHWWHUDG PLOM|GHNODUDWLRQ

)ULVN %RVWDG

)ULVN %RVWDG lU HWW VDPDUEHWVSURMHNW PHOODQ +\UHVJlVWI|UHQLQJHQ +6% RFK 9LOODlJDUQDV 5LNVI|UEXQG 6\IWHW PHG )ULVN ERVWDG lU DWW XSSPXQWUD VnYlO WHNQLVN XWYHFNOLQJ VRP NXQVNDSVLQVDPOLQJ RP KXU YL VNDOO NXQQD E\JJD EUD ERVWlGHU , VLQ SURJUDPI|UNODULQJ DQJHU )ULVN ERVWDG DWW GHW YLOO IRUPXOHUD UnG RFK JH YlJOHGQLQJ YLG YDO DY PDWHULDO RFK E\JJQDGVWHNQLN I|U DWW YL VNDOO NXQQD E\JJD YDFNUD WULYVDPPD RFK IULVND KXV 0nOVlWWQLQJHQ lU DWW XQGYLND GH EDNRPOLJJDQGH RUVDNHUQD WLOO HQ GnOLJ LQRPKXVPLOM| )ULVN ERVWDG

  ($ $
   
   

KDU E\JJW HWW DQWDO H[HPSHOERVWlGHU VRP JUDQVNDWV RFK XWYlUGHUDWV )|U H[HPSHOERVWlGHUQD ILQQV GHW HWW PLOM|SURJUDP GlU PLOM|PnOHQ RFK PLOM|IDNWRUHU EHVNULYV )|U LQQHPLOM|Q XSSVWlOOV HWW DQWDO PnO VRP VNDOO XSSQnV 'H RPUnGHQ VRP EHKDQGODV lU EO D WHPSHUDWXU OXIWIXNWLJKHW NROGLR[LGKDOW HOHNWULVND RFK PDJQHWLVND IlOW UDGRQ RFK HPLVVLRQHU 9LVLRQHQ lU DWW VNDSD HQ )ULVN PlUNQLQJµ (Q )ULVNPlUNQLQJ LQQHElU NRQVXPHQWPlUNQLQJ DY PDWHULDO SURGXNWHU NRQVWUXNWLRQHU E\JJPHWRGHU RFK ERVWlGHU

([HPSHO Sn XWOlQGVND E\JJQDGVGHNODUDWLRQHU HOOHU PRWVYDUDQGH

9L KDU WURWV RPIDWWDQGH V|NQLQJ LQWH NXQQDW ILQQD H[HPSHO L DQGUD OlQGHUV ODJVWLIWQLQJ Sn NUDY RP E\JJQDGVGHNODUDWLRQHU VRP GLUHNW PRWVYDUDU YDG VRP WDV XSS L XWUHGQLQJHQV GLUHNWLY RFK VRP I|UHVOnV L GHWWD EHWlQNDQGH GHW YLOO VlJD HQ JUXQGOlJJDQGH GHNODUDWLRQ VRP VDPPDQIDWWDU HWW DQWDO WHNQLVND HJHQVNDSHU L HQ E\JJQDG RFK VRP VNXOOH NXQQD XWJ|UD HQ GHO DY LQIRUPDWLRQHQ VnYlO L VDPEDQG PHG lJDUE\WHQ VRP YLG I|UK\UQLQJ DY ERVWlGHU RFK ORNDOHU 'HW ILQQV GRFN QnJUD H[HPSHO Sn ODJVWDGJDGH GHNODUDWLRQHU L DQGUD OlQGHU GlU DQWLQJHQ lQGDPnOHW lU EHJUlQVDW W H[ NUDY Sn RPIDWWDQGH LQIRUPDWLRQ GRNXPHQWDWLRQ DY ROLND HJHQVNDSHU L VDPEDQG PHG I|UVlOMQLQJ DY VPnKXV L 'DQPDUN RFK PRWVYDUDQGH I|UVODJ lYHQ L 6WRUEULWDQQLHQ HOOHU DWW NUDYHW HQEDUW DYVHU HQ YLVV HJHQVNDS W H[ GHQ GDQVND ODJVWLIWQLQJHQ RP HQHUJLPlUNQLQJ VRP LQI|UGHV

RFK VRP XWJ|U HQ I|UHELOG I|U (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD , GHQ VWRUD ERVWDGVSROLWLVND SURSRVLWLRQ VRP XQGHU EHKDQGODV L GHW EULWWLVND SDUODPHQWHW LQJnU I|UXWRP QlPQGD I|UVODJ +RPH ,QIRUPDWLRQ 3DFN ² +,3 lYHQ HWW I|UVODJ RP DWW HUVlWWD QXYDUDQGH ODJVWLIWQLQJ RP OlJVWD JRGWDJEDUD VWDQGDUG I|U ERVWlGHU +RXVLQJ $FW )LWQHVV 5HJLPH PHG HWW V\VWHP I|U LQIRUPDWLRQ RP RFK YlUGHULQJ DY HWW DQWDO ROLND ULVNIDNWRUHU L ERVWDGVIDVWLJKHWHU +RXVLQJ +HDOWK DQG 6DIHW\ 5DWLQJ 6\VWHP ² ++656

.UDY Sn LQIRUPDWLRQ LQI|U I|UVlOMQLQJ DY HJHQGRP

+LVWRULVNW KDU VlOMDUH DY VPnKXV L 'DQPDUN YDULW DQVYDULJD L nU HIWHU I|UVlOMQLQJHQ I|U IHO RFK EULVWHU VRP LQWH XSSGDJDWV L VDPEDQG

($ $  
   
   

PHG I|UVlOMQLQJHQ RFK SUHFLVHUDWV L I|UVlOMQLQJVNRQWUDNWHW

LQI|UGHV HWW V\VWHP VRP LQQHElU DWW VlOMDUHQ EHIULDV IUnQ GHWWD DQVYDU RP KDQ LQQDQ I|UVlOMQLQJHQ OnWHU JHQRPI|UD HQ EHVLNWQLQJ DY HJHQGRPHQ RFK WHFNQDU HQ I|UVlNULQJ VRP WlFNHU GH GROGD IHO VRP LQWH XSSWlFNV YLG EHVLNWQLQJVWLOOIlOOHW %HVLNWQLQJHQ VRP VND XWI|UDV DY HQ NYDOLILFHUDG RFK DY VWDWHQ JRGNlQG EHVLNWQLQJVPDQ UHVXOWHUDU L HQ UDSSRUW VRP IRNXVHUDU Sn REVHUYHUEDUD SUREOHP VQDUDUH lQ DWW YDUD HQ JHQHUHOO EHVNULYQLQJ 5DSSRUWHQ VRP I|OMHU HWW VWDQGDUGIRUPXOlU VRP WDJLWV IUDP DY P\QGLJKHWHU LQQHElU HQ NRVWQDG I|U VlOMDUHQ PRWVYDUDQGH 6(. NU

EHURHQGH Sn KXVHWV VWRUOHN RFK nOGHU 'HQ VWRUD I|UGHOHQ PHG GHW GDQVND V\VWHPHW lU DWW GHW UHGXFHUDU LQVODJHW DY RVlNHUKHW PHOODQ GHW DWW HWW KXV EMXGV XW WLOO I|UVlOMQLQJ RFK DWW HWW NRQWUDNWVI|UVODJ NDQ XWYl[ODV PHOODQ N|SDUH RFK VlOMDUH 7UDQVDNWLRQVWLGHQ RFK GlUPHG WUDQVDNWLRQVNRVWQDGHQ NDQ DYVHYlUW UHGXFHUDV

, 6WRUEULWDQQLHQ KDU VPnKXVPDUNQDGHQ OlQJH NlQQHWHFNQDWV DY GHQ OnQJD RFK NRPSOLFHUDGH SURFHVV VRP HQ I|UVlOMQLQJ LQQHElU 0RW GHQ KlU EDNJUXQGHQ SUHVHQWHUDGH GHQ EULWWLVND UHJHULQJHQ L GHFHPEHU HIWHU IOHUD nUV XWUHGQLQJVDUEHWH RFK PHG KlQYLVQLQJ WLOO HUIDUHQKHWHUQD IUnQ ODJVWLIWQLQJHQ L EODQG DQQDW 'DQPDUN HWW I|UVODJ VRP VWlOOHU NUDY Sn DWW VlOMDUHQ I|U SUHVXPWLYD N|SDUH VND SUHVHQWHUD HWW RPIDWWDQGH LQIRUPDWLRQVPDWHULDO +,3 0DWHULDOHW VND EODQG DQQDW LQQHKnOOD HQ UDSSRUW EDVHUDG Sn HQ SURIHVVLRQHOO XQGHUV|NQLQJ DY KXVHWV VNLFN +RPH &RQGLWLRQ 5HSRUW +&5

(Q +&5 DYVHV YDUD HQ REMHNWLY UDSSRUW VRP N|SDUH VlOMDUH RFK OnQJLYDUH VND NXQQD I|UOLWD VLJ Sn 5DSSRUWHQ VND SUHVHQWHUDV L HWW VWDQGDUGIRUPDW RFK EHVNULYD HJHQGRPHQV VNLFN PHG KlQV\Q WDJHQ WLOO nOGHU NDUDNWlU RFK ORNDOLVHULQJ %HVNULYQLQJHQ VND RFNVn RPIDWWD XSSJLIWHU RP HQHUJLHIIHNWLYLWHW RFK DQGUD I|UKnOODQGHQ VRP NDQ NUlYD VlUVNLOG XSSPlUNVDPKHW

/DJVWLIWQLQJ RP HQHUJLGHNODUDWLRQHU

6RP IUDPJnU L DQQDW VDPPDQKDQJ NDS KDU (XURSDSDUODPHQWHW RFK UnGHW L QRYHPEHU WDJLW EHVOXW RP HWW GLUHNWLY RP E\JJQDGHUV HQHUJLSUHVWDQGD (* (* GLUHNWLYHW VRP VND YDUD JHQRPI|UW L PHGOHPVVWDWHUQD VHQDVW L MDQXDUL VWlOOHU EODQG DQQDW NUDY Sn DWW E\JJQDGHU VND HQHUJLGHNODUHUDV L VDPEDQG PHG Q\SURGXNWLRQ I|UVlOMQLQJ RFK XWK\UQLQJ (QOLJW GLUHNWLYHW VND GHNODUDWLRQHQ DQJH XSSJLIWHU RP GHQ DNWXHOOD E\JJQDGHQV HQHUJL

  ($ $
   
   

SUHVWDQGD IUDPWDJQD PHG KMlOS DY HQ VlUVNLOG EHUlNQLQJVPHWRGLN 'HNODUDWLRQHQ VRP InU KD HQ JLOWLJKHWVWLG Sn K|JVW WLR nU VND YLGDUH LQQHKnOOD UHIHUHQVYlUGHQ VRP J|U GHW P|MOLJW I|U HQ NRQVXPHQW DWW MlPI|UD RFK EHG|PD HQHUJLSUHVWDQGD 'HNODUDWLRQHQ VND RFNVn OlPQD UHNRPPHQGDWLRQHU RP nWJlUGHU I|U DWW NRVWQDGVHIIHNWLYW I|UElWWUD GHVVD SUHVWDQGD , VW|UUH E\JJQDGHU VRP LQK\VHU RIIHQWOLJ YHUNVDPKHW VND GHNODUDWLRQHQ DQVOnV YlO V\QOLJ I|U DOOPlQKHWHQ 'HNODUDWLRQHQ VND XWI|UDV Sn HWW REHURHQGH VlWW DY HQ NYDOLILFHUDG RFK HOOHU DXNWRULVHUDG H[SHUW 9LVVD VSHFLHOOD W\SHU DY E\JJQDGHU InU XQGDQWDV IUnQ NUDYHW Sn HQHUJLGHNODUDWLRQ

'DQVN ODJVWLIWQLQJ RP HQHUJLPlUNQLQJ VRP L YLVV XWVWUlFNQLQJ XWJMRUW HQ I|UHELOG YLG IUDPWDJDQGHW DY (* GLUHNWLYHW WRJV L EUXN

/DJVWLIWQLQJHQ J|U nWVNLOOQDG PHOODQ VW|UUH UHVSHNWLYH PLQGUH E\JJQDGHU PHG PHU UHVSHNWLYH PLQGUH lQ NYP JROY\WD QlU GHW JlOOHU I|UIDULQJVVlWW RFK JLOWLJKHWVWLG I|U GHNODUDWLRQHQ )|U VW|UUH E\JJQDGHU VND W H[ HQ HQHUJLNRQVXOHQW nUOLJHQ JHQRPI|UD HQ HQHUJLPlUNQLQJ RFK OlPQD UHNRPPHQGDWLRQHU RP nWJlUGHU PHGDQ HQ HQHUJLPlUNQLQJ DY PLQGUH E\JJQDGHU VND VNH VHQDVW L VDPEDQG PHG I|UVlOMQLQJ Gn HWW HQHUJLPlUNH LQWH InU YDUD lOGUH lQ WUH nU +LWWLOOV YXQQD HUIDUHQKHWHU WLOOVDPPDQV PHG GH NUDY VRP VWlOOV L (* GLUHNWLYHW KDU PHGI|UW DWW GHQ GDQVND UHJHULQJHQ KDU DYLVHUDW DWW GHQ KDU I|U DYVLNW DWW XQGHU SUHVHQWHUD HWW I|UODJ WLOO I|UlQGULQJDU L ODJVWLIWQLQJHQ

)|UVODJ RP KlOVR RFK VlNHUKHWVYlUGHULQJ DY ERVWlGHU L 6WRUEULWDQQLHQ

'HQ EULWWLVND UHJHULQJHQV I|UVODJ RP HWW V\VWHP I|U KlOVR RFK VlNHUKHWVYlUGHULQJ DY ERVWlGHU ++656 lU DYVHWW DWW HUVlWWD HQ ODJVWLIWQLQJ RP OlJVWD JRGWDJEDUD VWDQGDUG I|U ERVWlGHU IUnQ PLWWHQ DY WDOHW 6nYlO GHQ EHILQWOLJD VRP GHQ I|UHVODJQD ODJVWLIWQLQJHQ VND XWJ|UD LQVWUXPHQW I|U ORNDOD P\QGLJKHWHU QlU GHW JlOOHU DWW I|UHE\JJD RKlOVD RFK VNDGRU EODQG GH ERHQGH VRP NDQ XSSNRPPD Sn JUXQG DY EULVWHU L ERVWDGHQ 0HG HQ KlOVR RFK VlNHUKHWV YlUGHULQJ VRP XQGHUODJ VND P\QGLJKHWHQ NXQQD LQJULSD PRW lJDUH DY ERVWDGVIDVWLJKHWHU L V\IWH DWW XQGYLND ULVNHU I|U IUDPWLGD PHQ KRV GH ERHQGH 5LVNEHG|PQLQJHQ VND XWJn IUnQ XWVDWWD JUXSSHUV VlUVNLOGD EHKRY VnVRP EDUQ lOGUH KDQGLNDSSDGH DOOHUJLNHU HWF

6\VWHPHW lU WlQNW DWW E\JJD Sn REMHNWLY LQIRUPDWLRQ RP ROLND ULVNIDNWRUHU L HQ ERVWDGVIDVWLJKHW %ODQG GHVVD ULVNIDNWRUHU nWHU

($ $  
   
   

ILQQV EODQG DQQDW I|UHNRPVWHQ DY IXNW EXOOHU RWLOOUlFNOLJ EHO\VQLQJ I|URUHQDW YDWWHQ EO\ L OHGQLQJDU DVEHVW VWUnOQLQJ EUDQG RFK H[SORVLRQVULVNHU HWF

)UDQVN ODJVWLIWQLQJ RP E\JJQDGVGHNODUDWLRQ DYVHHQGH I|UHNRPVWHQ DY DVEHVW EO\ P P

9LG YDUMH I|UVlOMQLQJ DY SULYDW HJHQGRP VnVRP VPnKXV IOHUERVWDGV KXV RFK OlJHQKHWHU VNDOO VlOMDUHQ OlPQD LQW\J RP

I|UHNRPVW DY DVEHVW RP E\JJORY I|U VPnKXV HOOHU IOHUERVWDGVKXV lU GDWHUDW I|UH MXOL DUWLFOH / GX &RGH GH OD VDQWp SXEOLTXH GpFUHW GX IpYULHU

I|UHNRPVW DY EO\ L IlUJHU RP E\JJQDGHQ lU E\JJG I|UH

RFK ILQQV L HWW V N ULVNRPUnGH DUWLFOH / GX &RGH GH OD VDQWp SXEOLTXH

I|UHNRPVW DY WHUPLWHU RP E\JJQDGHQ EHILQQHU VLJ L HWW V N NRQWDPLQHUDW RPUnGH ORL GX MXLQ GpFUHW GX MXLOOHW

LQW\J RP LQVWDOODWLRQHU DY JDV DUWLFOH GH OD ORL Qƒ GXMDQYLHU

6NLOGD YLOONRU JlOOHU I|U GH ROLND ODJDUQD 'HVVD ODJDU KDU UHVXOWHUDW L HWW Q\WW \UNH NRQVXOWHU VRP XWIlUGDU GH EHK|YOLJD LQW\JHQ V N GLDJQRVWLTXHXUV

, )UDQNULNH KDU %\JJPLQLVWHULHW DXJXVWL SUHVHQWHUDW HWW I|UVODJ WLOO HWW VDPODW GRNXPHQW I|U YDUMH E\JJQDG HQ VRUWV KlOVRWLOOVWnQG DY E\JJQDGHQ VRP VNDOO |YHUOlPQDV WLOO N|SDUHQ YLG I|UVlOMQLQJ DY SULYDW E\JJQDG RFK VNDOO RPIDWWD DOOD WHNQLVND LQW\J RP GHQ WHNQLVND GLDJQRVWLN VRP JHQRPI|UWV

8WYHFNOLQJVDUEHWHQ

8W|YHU GH WLGLJDUH QlPQGD GHNODUDWLRQHUQD SnJnU XWYHFNOLQJV DUEHWHQ (WW H[HPSHO Sn VnGDQD SURMHNW lU XWYHFNOLQJ DY HQ µJHERXZGRVVLHUµ L 1HGHUOlQGHUQD 'lU KDU PDQ WDJLW IUDP HQ YLVLRQ RP KXU E\JJUHJOHUQD VNXOOH NXQQD VH XW L IUDPWLGHQ 6RP HQ GHO DY YLVLRQHQ I|UHVOnU PDQ DWW GHW VNDOO LQUlWWDV HQ µJHERXZGRVVLHUµ VRP NDQ VlJDV YDUD HQ GHNODUDWLRQ DY E\JJQDGHQ +XYXGV\IWHW PHG HQ JHERXZGRVVLHU lU EO D DWW I|UElWWUD NXQVNDSHUQD KRV NRQVXPHQWHU RFK P\QGLJKHWHU RP E\JJQDGHUV NYDOLWpHU (Q

  ($ $
   
   

JHERXZGRVVLHU lU LQULNWDG Sn ERVWlGHU RFK DYVLNWHQ lU DWW GHQ VNDOO ILQQDV WLOOJlQJOLJ YLG I|UVlOMQLQJDU 'HQ LQQHKnOOHU I\UD GHODU PHG GDWD 'HQ I|UVWD GHOHQ LQQHKnOOHU JHQHUHOO LQIRUPDWLRQ RP E\JJQDGHQ RFK GHVV lJDUH 'HQ DQGUD EHVNULYHU GHQ WHNQLVND VWDWXVHQ KRV E\JJQDGHQ VnVRP DWW YLVVD XSSVWlOOGD NUDY lU XSSI\OOGD 'HQ WUHGMH EHU|U E\JJQDGHQV DQYlQGEDUKHW RFK GHQ IMlUGH LQQHKnOOHU HQ XQGHUKnOOVJXLGH 'HQ WUHGMH RFK GHQ IMlUGH GHOHQ lU IULYLOOLJD )|U QlUYDUDQGH SnJnU HWW XWYHFNOLQJVDUEHWH RFK WHVW DY HQ PRGHOO

gYHUYlJDQGHQ RFK I|UVODJ

$OOPlQQD XWJnQJVSXQNWHU

(Q E\JJQDGVGHNODUDWLRQ NDQ GHILQLHUDV VRP HQ VDPODG UHGR YLVQLQJ DY XSSJLIWHU RP HQ E\JJQDGV HJHQVNDSHU L YLVVD QlUPDUH EHVWlPGD DYVHHQGHQ

'H lQGDPnO VRP HQ E\JJQDGVGHNODUDWLRQ VNDOO I\OOD lU DWW JH lJDUQD RFK EUXNDUQD XSSPlUNVDPKHW Sn IUnJRU RP LQRPKXV PLOM| RFK HQHUJLDQYlQGQLQJ NRPPXQHUQD HWW XQGHUODJ L GHUDV WLOOV\QVYHUNVDPKHW RFK EHU|UGD P\QGLJKHWHU HWW XQGHUODJ I|U WLOOV\Q RFK XSSI|OMQLQJ DY PLOM|PnOHQ

2P HWW NUDY VNDOO LQI|UDV Sn GHP VRP LQQHKDU HQ E\JJQDG DWW XSSUlWWD HQ E\JJQDGVGHNODUDWLRQ E|U XWJnQJVSXQNWHQ YDUD DWW lJDUHQ UHGRYLVDU VLWW HJHW PLOM|DUEHWH EHWUlIIDQGH E\JJQDGHQ 'HW E|U Gn RFNVn HIWHUVWUlYDV DWW GH lJDUH RFK I|UYDOWDUH VRP KDU V\VWHP I|U UHGRYLVQLQJ DY LQRPKXVPLOM|IUnJRU P P VNDOO NXQQD DQYlQGD VLJ DY GHVVD 0HG GHQQD LQULNWQLQJ DY GHNODUDWLRQV VN\OGLJKHWHQ E|U GH V\VWHP VRP ILQQV Sn PDUNQDGHQ I|U IULYLOOLJW DUEHWH PHG IUnJRU RP LQRPKXVPLOM| NXQQD In HWW DYVHYlUW VW|UUH JHQRPVODJ lQ I|U QlUYDUDQGH

, HQ E\JJQDGVGHNODUDWLRQ E|U K\UHVJlVWHU RFK DQGUD EHILQWOLJD RFK WLOOWlQNWD EUXNDUH W H[ N|SDUH DY VPnKXV DOOWLG JHV LQIRUPDWLRQ L YLVVD IUnJRU DY JUXQGOlJJDQGH EHW\GHOVH I|U LQRPKXVPLOM|Q RFK HQHUJLDQYlQGQLQJHQ 8SSJLIWHU RP YHQWLOD WLRQ UDGRQ RFK HQHUJL PnVWH XSSPlUNVDPPDV VlUVNLOW ,QIRUPD WLRQHQ L GHVVD GHODU E|U YDUD Vn VSHFLILN DWW GHQ NDQ DQYlQGDV L NRPPXQHUQDV WLOOV\QVYHUNVDPKHW RFK XWJ|UD XQGHUODJ I|U XSSI|OMQLQJ DY PLOM|PnOHQ

, WLGLJDUH DYVQLWW KDU YL JnWW LJHQRP ODJVWLIWQLQJ RFK (* GLUHNWLY VRP KDU EHW\GHOVH I|U YnUW XSSGUDJ 9L KDU Gn RFNVn UHGRYLVDW GH XWWDODQGHQ VRP UHJHULQJ RFK ULNVGDJ JLYLW WLOONlQQD L ROLND VDPPDQ

)# #*  
   
   

KDQJ EHWUlIIDQGH IUnJRU RP E\JJQDGHUV LQRPKXVPLOM| RFK HQ JRG HQHUJLDQYlQGQLQJ

9L VDNQDU DQOHGQLQJ DWW J|UD QnJUD DQGUD |YHUYlJDQGHQ L IUnJD RP PnOHQ I|U HQ JRG LQRPKXVPLOM| lQ GH VRP JMRUWV DY UHJHULQJ RFK ULNVGDJ 9nU XSSJLIW lU DWW DQDO\VHUD lQGDPnOHQ PHG RFK OlPQD I|UVODJ Sn HWW OlPSOLJW XWIRUPDW V\VWHP PHG E\JJQDGV GHNODUDWLRQHU 9L KDU GlUHPRW LQWH VHWW VRP YnU XSSJLIW DWW I|UHVOn I|UlQGULQJDU EHWUlIIDQGH GH QlUPDUH NUDY VRP VDPKlOOHW VWlOOHU XSS L ROLND UHJHOYHUN W H[ V\VWHPHW PHG YHQWLODWLRQVNRQWUROO HOOHU JUlQVYlUGHQ I|U UDGRQ (M KHOOHU KDU YL VHWW VRP YnU XSSJLIW DWW I|UHVOn QnJUD Q\D NUDY YDG JlOOHU EHVLNWQLQJ HOOHU XQGHUV|NQLQJDU DY E\JJQDGHU L DQVOXWQLQJ WLOO XSSUlWWDQGHW DY HQ E\JJQDGVGHNODUDWLRQ (Q YLNWLJ XWJnQJVSXQNW VRP YL KDU L YnUW DUEHWH lU GlUI|U DWW XSSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ LQWH JnU XW|YHU GH NUDY VRP JlOODQGH ODJVWLIWQLQJ VWlOOHU XSS 6RP YL VNDOO nWHUNRPPD WLOO nWHUYHUNDU GHWWD Sn IUnJDQ L YLONHQ XWVWUlFNQLQJ XSSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ VNDOO YDUD REOLJDWRULVND

9L lU GRFN |YHUW\JDGH RP DWW I|UlQGULQJDU L UHJHOYHUNHW DYVHHQGH LQRPKXVPLOM|Q HQHUJLDQYlQGQLQJHQ P P VXFFHVVLYW NRPPHU DWW DNWXDOLVHUDV RFK YLOO Gn SHND Sn GHW XWUHGQLQJVDUEHWH VRP MXVW QX SnJnU YDG JlOOHU VnGDQD IUnJRU EO D IUnJDQ RP LPSOHPHQWHULQJHQ L 6YHULJH DY (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD 2P HWW NUDY LQI|UV Sn DWW DYJH E\JJQDGVGHNODUDWLRQHU NRPPHU GHWWD VDQQROLNW DOOWVn DWW LQQHElUD DWW LQQHKnOOHW L GHNODUDWLRQHUQD NDQ NRPPD DWW EHK|YD RPSU|YDV RFK I|UlQGUDV (WW G\QDPLVNW SHUVSHNWLY E|U GlUI|U YDUD HQ DOOPlQ XWJnQJVSXQNW QlU VWlOOQLQJ WDV WLOO XWIRUPQLQJHQ DY HWW V\VWHP PHG E\JJQDGVGHNODUDWLRQHU , HWW LQOHGDQGH VNHGH ILQQV GHW PHG HWW RSU|YDW V\VWHP GHVVXWRP VNlO DWW EHJUlQVD RPIDWWQLQJHQ DY GH XSSJLIWHU VRP VNDOO OlPQDV L HQ GHNODUDWLRQ

9L KDU L YnUW DUEHWH EOLYLW |YHUW\JDGH RP DWW GHW IULYLOOLJD DUEHWH L IUnJD RP LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ VRP L GDJ ILQQV Sn PDUNQDGHQ RFK VRP YL UHGRYLVDW L DYVQLWW PnVWH YlUQDV 2P HWW NUDY LQI|UV Sn E\JJQDGVGHNODUDWLRQHU E|U HQ YLNWLJ XWJnQJVSXQNW GlUI|U YDUD DWW lJDUHQ I|UVW UHGRYLVDU VLWW HJHW PLOM|DUEHWH EHWUlIIDQGH E\JJQDGHQ 'HW E|U Gn RFNVn HIWHUVWUlYDV DWW GH lJDUH VRP KDU V\VWHP I|U UHGRYLVQLQJ DY LQRPKXVPLOM|IUnJRU P P VNDOO NXQQD DQYlQGD VLJ DY GHVVD 0HG GHQQD LQULNWQLQJ DY GHNODUDWLRQVVN\OGLJKHWHQ E|U GH V\VWHP VRP ILQQV Sn PDUNQDGHQ I|U IULYLOOLJW DUEHWH PHG IUnJRU RP LQRPKXVPLOM| NXQQD In HWW DYVHYlUW VW|UUH JHQRPVODJ lQ I|U QlUYDUDQGH

  )# #*
   
   

,QQDQ YL JnU LQ Sn GHQ QlUPDUH XWIRUPQLQJHQ DY HWW V\VWHP PHG E\JJQDGVGHNODUDWLRQHU YLOO YL UHGRYLVD QnJUD JUXQGOlJJDQGH XWJnQJVSXQNWHU VRP YL DQWDJLW QlU GHW JlOOHU DWW GHILQLHUD YDG HQ E\JJQDGVGHNODUDWLRQ lU YLOND lQGDPnO GHQ VNDOO I\OOD WLOO YHP GHQ VNDOO ULNWD VLJ RFK YLOND XSSJLIWHU VRP E|U OlPQDV

(Q E\JJQDGVGHNODUDWLRQ E|U NXQQD GHILQLHUDV VRP HQ VDPODG UHGRYLVQLQJ DY XSSJLIWHU VRP VNDOO J|UDV RP HQ E\JJQDGV HJHQ VNDSHU L YLVVD QlUPDUH EHVWlPGD DYVHHQGHQ 0HG GH XWJnQJVSXQNWHU YL KDU I|U YnUW XSSGUDJ E|U GH XSSJLIWHU VRP VNDOO OlPQDV L I|UVWD KDQG NRQFHQWUHUDV WLOO IUnJRU RP LQRPKXVPLOM| RFK HQHUJL DQYlQGQLQJ 6MlOYD UHGRYLVQLQJHQ E|U NXQQD J|UDV DY E\JJQDGHQV lJDUH HOOHU I|UYDOWDUH PHQ lJDUHQ VNDOO KD DQVYDUHW I|U DWW HQ GHNODUDWLRQ XSSUlWWDV 'HW QlUPDUH XQGHUODJHW I|U UHGRYLVQLQJHQ NDQ GRFN KD WDJLWV IUDP DY QnJRQ DQQDQ W H[ YDG DYVHU YHQWLODWLRQVNRQWUROO DY HQ IXQNWLRQVNRQWUROODQW

(Q E\JJQDGVGHNODUDWLRQ KDU WLOO VNLOOQDG IUnQ W H[ HQ IDVWLJKHWVGHNODUDWLRQ LQWH WLOO V\IWH DWW YDUD WLOO OHGQLQJ YLG GHQ DOOPlQQD IDVWLJKHWVWD[HULQJHQ XWDQ XWJ|U \WWHUVW HWW OHG L VWUlYDQGHQD DWW XSSQn HQ JRG LQRPKXVPLOM| L E\JJQDGVEHVWnQGHW 9L WURU VnOHGHV DWW HQ E\JJQDGVGHNODUDWLRQ NDQ XWJ|UD HWW EODQG IOHUD LQVWUXPHQW L DUEHWHW I|U DWW Qn GHWWD PnO

(Q E\JJQDGVGHNODUDWLRQ lU HWW VlWW DWW In IDVWLJKHWVlJDUH DWW NRQWUROOHUD RFK YLG EHKRY nWJlUGD VLQD IDVWLJKHWHU 'HQ lU RFNVn HWW PHGHO I|U DWW YLG Q\E\JJQDWLRQ In E\JJKHUUDU RFK DQGUD LQRP E\JJVHNWRUQ lQ PHU XSSPlUNVDPPD Sn NYDOLWHWVIUnJRUQDV EHW\GHOVH %\JJQDGVGHNODUDWLRQHU NDQ ELGUD WLOO DWW |ND NXQVNDSHUQD RP LQRPKXVPLOM|Q RFK EHW\GHOVHQ DY DWW DNWLYW DUEHWD PHG NYDOLWHWVIUnJRU

'HNODUDWLRQHUQD NDQ RFNVn VNDSD HQ P|MOLJKHW I|U WLOOWlQNWD K\UHVJlVWHU EUXNDUH N|SDUH RFK lJDUH DWW Sn HWW HQNHOW RFK OlWWLOOJlQJOLJW VlWW In XSSJLIW RP HQ E\JJQDGV VWDWXV L YLVVD DYVHHQGHQ ,QIRUPDWLRQHQ ELGUDU WLOO DWW HQ WLOOWlQNW K\UHVJlVW HOOHU HQ WLOOWlQNW N|SDUH InU XQGHUODJ RFK LQFLWDPHQW WLOO DWW VWlOOD NUDY Sn HQ E\JJQDG 'HQ JHU RFNVn EHILQWOLJD EUXNDUH HWW LQFLWDPHQW WLOO DWW I|UV|ND SnYHUND RFK SnWDOD HYHQWXHOOD EULVWHU L LQRPKXVPLOM|Q 'HNODUDWLRQHQ lU VnOHGHV LQWH EDUD HWW VlWW DWW In IDVWLJKHWVlJDUH DWW XSSPlUNVDPPD NRQWUROOHUD RFK nWJlUGD VLQD E\JJQDGHU L YLVVD DYVHHQGHQ 'HQ lU lYHQ HWW LQVWUXPHQW I|U HQ E\JJQDGVlJDUH DWW I|U ERHQGH EUXNDUH RFK N|SDUH UHGRYLVD GH NRQWUROOHU RFK DQGUD nWJlUGHU VRP YLGWDJLWV I|U DWW Qn HQ JRG LQRPKXVPLOM| RFK HQ

)# #*  
   
   

HIIHNWLY HQHUJLDQYlQGQLQJ (Q E\JJQDGVGHNODUDWLRQ NDQ RFNVn WMlQD VRP XQGHUODJ YLG K\UHVI|UKDQGOLQJDU

(Q GHNODUDWLRQ P|MOLJJ|U DNWLYD YDO I|U NRQVXPHQWHUQD (Q SHUVRQ VRP DYVHU DWW K\UD HOOHU N|SD HQ ERVWDG NRPPHU I|UPRGOLJHQ I|UXWRP OlJH RFK PDWHULHOO VWDQGDUG lYHQ DWW YlJD LQ YLOND XSSJLIWHU VRP UHGRYLVDV L HQ GHNODUDWLRQ , VDPEDQG PHG N|S DY HQ E\JJQDG NDQ GHNODUDWLRQHQ ELGUD WLOO DWW N|SDUHQ XSSPlUN VDPPDU HYHQWXHOOD EULVWHU RFK YLG HWW N|S nWJlUGDU GHVVD 'HVVXWRP NDQ GHNODUDWLRQHUQD I|UKRSSQLQJVYLV ELGUD WLOO DWW HQ EUXNDUH InU VW|UUH I|UVWnHOVH RFK NXQVNDS RP KXU KDQ HOOHU KRQ NDQ ELGUD WLOO DWW HQ JRG LQRPKXVPLOM| ELEHKnOOV

(WW YLNWLJW lQGDPnO PHG HQ E\JJQDGVGHNODUDWLRQ lU DOOWVn DWW JH lJDUH RFK EUXNDUH XSSPlUNVDPKHW Sn IUnJRU RP LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ (WW DQQDW YLNWLJW lQGDPnO I|U HWW V\VWHP PHG E\JJQDGVGHNODUDWLRQHU E|U HQOLJW YnU PHQLQJ YDUD DWW JH NRPPXQHUQD HWW XQGHUODJ L GHUDV WLOOV\QVYHUNVDPKHW QlU GHW JlOOHU LQRPKXVPLOM|Q 9L KDU EHVNULYLW GHW UHJHOYHUN VRP XWJ|U JUXQGHQ I|U GHQQD WLOOV\Q L NDS 2P HQ VN\OGLJKHW LQI|UV DWW OlPQD E\JJQDGVGHNODUDWLRQHQ WLOO NRPPXQHQ EHG|PHU YL DWW GHWWD YlVHQWOLJW NRPPHU DWW |ND NRPPXQHUQDV P|MOLJKHWHU DWW XW|YD VLQ WLOOV\Q 'HNODUDWLRQHUQD NDQ Gn JH NRPPXQHUQD XQGHUODJ I|U EHVOXW RP WLOOV\QVLQVDWVHU L GH IDOO GHVVD L VLJ LQWH lU HWW WLOOUlFNOLJW LQVWUXPHQW I|U DWW SnYHUND IDVWLJKHWVlJDUQD DWW RPEHV|UMD DWW E\JJQDGHQ KDU HQ JRG LQRPKXVPLOM|

)|U DWW Qn WLOOUlFNOLJ HIIHNWLYLWHW L WLOOV\QVYHUNVDPKHWHQ RFK KDQWHULQJHQ DY E\JJQDGVGHNODUDWLRQHUQD DQVHU YL DWW GHW RFNVn PnVWH |YHUYlJDV L YLONHQ XWVWUlFNQLQJ GHQ HQVNLOGD NRPPXQHQ E|U KD WLOOJnQJ WLOO QnJRQ IRUP DY UHJLVWHU 9L nWHUNRPPHU WLOO GHQ IUnJDQ L DYVQLWW & 'n NRPPHU YL L HQOLJKHW PHG YnUD GLUHNWLY RFNVn DWW EHO\VD XWIRUPQLQJ RFK XSSE\JJQDG DY HWW QDWLRQHOOW HOOHU DQQDW UHJLVWHU PHG E\JJQDGVDQNQXWQD XSSJLIWHU VRP NDQ JH EHU|UGD P\QGLJKHWHU XQGHUODJ I|U WLOOV\Q RFK XSSI|OMQLQJ DY UHOHYDQWD GHOPnO WLOO GH QDWLRQHOOD PLOM|NYDOLWHWVPnOHQ 2P HWW QDWLRQHOOW HOOHU DQQDW UHJLVWHU VNDOO LQUlWWDV E|U GH XSSJLIWHU VRP HIWHUIUnJDV OlPSOLJHQ KlPWDV IUnQ GH XSSJLIWHU VRP ILQQV L E\JJQDGVGHNODUD WLRQHUQD (WW lQGDPnO PHG GHNODUDWLRQHUQD EOLU Gn DWW XWJ|UD HWW XQGHUODJ I|U HWW VnGDQW UHJLVWHU

'H E\JJQDGHU GlU LQRPKXVPLOM|Q lU VlUVNLOW YLNWLJ lU E\JJQDGHU GlU PlQQLVNRU RFK Gn VlUVNLOW EDUQ RFK XQJGRPDU YLVWDV RIWD HOOHU XQGHU OlQJUH WLG 6lUVNLOW YLNWLJW lU GlUI|U DWW ERVWlGHU I|UVNRORU

  )# #*
   
   

IULWLGVKHP RFK VNRORU GHNODUHUDV 9L VNDOO QlUPDUH nWHUNRPPD WLOO IUnJDQ RP YLOND E\JJQDGHU VRP E|U GHNODUHUDV

'HQ PnOJUXSS VRP GHNODUDWLRQHUQD YlQGHU VLJ WLOO lU ² I|UXWRP NRPPXQHU RFK P\QGLJKHWHU ² VDPWOLJD EUXNDUH RFK WLOOWlQNWD EUXNDUH VDPW lJDUH HOOHU WLOOWlQNWD lJDUH DY Q\VV QlPQGD E\JJQDGHU *HQRP DWW JH GHQQD PnOJUXSS WLOOJnQJ WLOO GHNODUDWLRQHU PnVWH GHQ LQIRUPDWLRQ VRP JHV YDUD VnGDQ DWW NXQVNDSHQ RFK NUDYHQ Sn E\JJQDGHUQDV IXQNWLRQHU NRPPHU DWW |ND RFK DWW Sn Vn VlWW NRPPHU DWW I|UElWWUD E\JJQDGVEHVWnQGHW Sn VLNW ,QIRUPDWLRQHQ PnVWH RFNVn YDUD OlWWnWNRPOLJ Vn DWW GHQ NDQ EHDNWDV L ROLND VLWXDWLRQHU (Q SHUVRQ VRP DYVHU DWW K\UD HQ OlJHQKHW NRPPHU Gn I|UXWRP OlJH RFK PDWHULHOO VWDQGDUG WUROLJWYLV lYHQ DWW YlJD LQ YLOND XSSJLIWHU VRP UHGRYLVDV L HQ GHNODUDWLRQ bYHQ HQ N|SDUH DY HQ ERVWDG NRPPHU I|UPRGOLJHQ DWW L VLQD |YHUYlJDQGHQ L VDPEDQG PHG N|SHW NDON\OHUD PHG YLOND I|UElWWULQJVnWJlUGHU VRP NDQ EHK|YD YLGWDV PHG E\JJQDGHQ ² RFK YLG HWW N|S IDNWLVNW YLGWD I|UElWWULQJVnWJlUGHU +\UHVJlVWHU I|UlOGUDU RFK XQJGRPDU NRPPHU HQNHOW DWW In WLOOJnQJ WLOO XSSJLIWHUQD L GHNODUDWLRQHQ RFK NDQ GlUI|U VWlOOD NUDY Sn IDVWLJKHWVlJDUH I|UYDOWDUH

9DG VRP QX DQI|UWV RP PnOJUXSS VWlOOHU NUDY Sn LQIRUPDWLRQHQV XWIRUPQLQJ RFK WLOOJlQJOLJKHW %HUlWWLJDGH |QVNHPnO RP HQ NRQVXPHQWLQULNWDG LQIRUPDWLRQ PnVWH GRFN YlJDV VDPPDQ PHG HWW NUDY Sn PHU VSHFLILND RFK IDNWDEHWRQDGH XSSJLIWHU VRP XQGHUODJ I|U NRPPXQHU RFK P\QGLJKHWHU 6lUVNLOW VnGDQD JUXQGOlJJDQGH XSSJLIWHU RP YHQWLODWLRQ UDGRQ RFK HQHUJLDQYlQGQLQJ VRP EHWRQDV L YnUD GLUHNWLY PnVWH OlPQDV L VnGDQ IRUP DWW GH NDQ WLOOJRGRVH VnYlO EUXNDUQDV VRP NRPPXQHUQDV RFK P\QGLJKHWHUQDV EHKRY DY LQIRUPDWLRQ

$YVOXWQLQJVYLV YLOO YL SHND Sn DWW HQ PlQJG XSSJLIWHU KDU EHW\GHOVH I|U LQRPKXVPLOM|Q 9nUD GLUHNWLY EHWRQDU VRP VDJW XSSJLIWHU RP YHQWLODWLRQ UDGRQ RFK HQHUJL $QGUD XSSJLIWHU NDQ GRFN YDUD YlO Vn YLNWLJD I|U LQRPKXVPLOM|Q W H[ XSSJLIWHU RP IXNW EXOOHU OMXV VDPW HOHNWULVND RFK PDJQHWLVND IlOW 0HG YnU XWJnQJVSXQNW DWW GHNODUDWLRQHUQD LQWH E|U YDUD DOOWI|U RPIDWWDQGH DQVH YL HPHOOHUWLG DWW VnGDQD XSSJLIWHU WLOOV YLGDUH E|U UHGRYLVDV LQRP UDPHQ I|U lJDUHQV HJHW PLOM|DUEHWH

)# #*  
   
  9LOND XSSJLIWHU E|U GHNODUHUDV"
 

9nUW I|UVODJ , HQ E\JJQDGVGHNODUDWLRQ VNDOO GHW ILQQDV P|MOLJKHW I|U lJDUHQ DWW UHGRYLVD RP KDQ HOOHU KRQ DQYlQGHU HWW NYDOLWHWVV\VWHP HOOHU OLNQDQGH I|U DWW VlNHUVWlOOD HQ JRG LQRPKXVPLOM| bYHQ DQGUD IDNWRUHU DY EHW\GHOVH I|U LQQHPLOM|Q VNDOO NXQQD UHGRYLVDV )|U VNRORU RFK K\UHVKXV VNDOO GHW RFNVn ILQQDV HQ P|MOLJKHW DWW UHGRYLVD RP HQNlWHU VRP U|U LQRPKXVPLOM|Q I|UHNRPPHU HOOHU LQWH

, HQ GHNODUDWLRQ VNDOO E\JJQDGHQV lJDUH UHGRYLVD YLVVD XSSJLIWHU RP IXQNWLRQVNRQWUROO DY E\JJQDGHQV YHQWLODWLRQV V\VWHP RP UDGRQKDOWHQ L E\JJQDGHQ lU XSSPlWW HOOHU LQWH RFK ² RP PlWQLQJ VNHWW ² XSSJLIW RP UDGRQKDOWHQ 'lUXW|YHU VNDOO YLVVD XSSJLIWHU RP HQHUJL UHGRYLVDV 1lU (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD JHQRPI|UV L 6YHULJH DQVHU YL DWW XSSJLIW RP GHW ILQQV HWW HQHUJLFHUWLILNDW HOOHU LQWH VDPW XSSJLIWHU RP E\JJQDGHQV HQHUJLSUHVWDQGD RFK UHIHUHQVYlUGHQ VNDOO IUDPJn DY HQ E\JJQDGVGHNODUDWLRQ )UnJDQ KXU GHVVD XSSJLIWHU VNDOO UHGRYLVDV DQVHU YL GRFN PnVWH EHKDQGODV HIWHU GH I|UVODJ VRP XWUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD OlJJHU 5HGDQ QX ILQQV GHW GRFN VNlO DWW lJDUHQ L HQ E\JJQDGVGHNODUDWLRQ VNDOO UHGRYLVD RP KDQ HOOHU KRQ KDU XSSUlWWDW HQ HQHUJLVSDUSODQ HOOHU LQWH RFK RP GHW ILQQV HQ VlUVNLOG UHGRYLVQLQJ RP HQHUJL DQYlQGQLQJHQ L E\JJQDGHQ 9L I|UHVOnU GRFN DWW UHGRYLVQLQJHQ RP HQHUJL ² L DYYDNWDQ Sn DWW (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD NDQ JHQRPI|UDV ² I|U QlUYDUDQGH E|U EHJUlQVDV WLOO GHVVD WYn IUnJRU

$OOPlQW

'HW lU VlUVNLOW YLNWLJW DWW E\JJQDGVGHNODUDWLRQHUQD YLQQHU EUHG DFFHSWDQV IUDPI|U DOOW KRV IDVWLJKHWVlJDUH RFK EUXNDUH 'HWWD I|U DWW V\IWHQD PHG GHNODUDWLRQHUQD VNDOO NXQQD XSSQnV 'HNODUDWLRQHUQD E|U GlUI|U LQWH YDUD I|U RPIDWWDQGH 'H InU KHOOHU LQWH EOL I|U NRVWVDPPD HOOHU DUEHWVNUlYDQGH DWW XSSUlWWD 'HVVXWRP lU GHW YLNWLJW DWW GH lU |YHUVNnGOLJD LQIRUPDWLYD RFK OlWWD DWW I|UVWn

(Q XWJnQJVSXQNW lU DWW VnGDQW VRP EHU|U EUXNDUQDV KlOVD E|U SULRULWHUDV 'HW lU PHU PRWLYHUDW DWW GHNODUHUD VnGDQD XSSJLIWHU VRP LQWH lU IXOOW V\QEDUD I|U |JDW lQ VnGDQD VRP lU HQNOD DWW LDNWWD

  )# #*
   
   

%HILQWOLJD IULYLOOLJD GHNODUDWLRQHU HOOHU PRWVYDUDQGH

6RP YL IUDPKnOOLW L YnUD DOOPlQQD XWJnQJVSXQNWHU PnVWH GHW YLNWLJD DUEHWHW EHDNWDV VRP YLVVD DNW|UHU J|U I|U DWW LQYHQWHUD NRQWUROOHUD HOOHU I|UElWWUD VLQD E\JJQDGHU 'HW ILQQV HWW IOHUWDO VnGDQD V\VWHP VRP DQYlQGV Sn PDUNQDGHQ 'H V\VWHP VRP KlU NDQ QlPQDV lU 0,%% (FR(IIHFW 3 PlUNQLQJ 6XQG ,QQHPLOM| 0LOM|VWDWXV 6YHQVN 0LOM|EHVLNWQLQJ 0LOM|EHG|PQLQJ DY IDVWLJKHWHU RFK )ULVN ERVWDG 9L DQVHU DWW GHW DUEHWH VRP PDUNQDGHQV SDUWHU OlJJHU QHG Sn DWW In HQ JRG PLOM| L VLQD E\JJQDGHU E|U IRUWVlWWD RFK GlUI|U XSSPXQWUDV

$WW LQI|UD HWW L DOOD DYVHHQGHQ HQKHWOLJW NYDOLWHWVV\VWHP DQVHU YL VNXOOH I|UD I|U OnQJW 6NlOHQ WLOO GHWWD lU GHOV DWW VNLIWDQGH V\VWHP UHGDQ KDU XWYHFNODWV RFK DQYlQGV GHOV DWW EHKRYHQ DY NYDOLWHWV V\VWHP HOOHU PRWVYDUDQGH VNLOMHU VLJ nW EHURHQGH DY YLONHQ W\S DY E\JJQDG GHW JlOOHU RFK YLONHQ W\S DY IDVWLJKHWVI|UYDOWQLQJ VRP ILQQV L GHW DNWXHOOD IDOOHW %HKRYHW DY GRNXPHQWDWLRQ R G\O VNLOMHU VLJ nW EHURHQGH DY RP I|UYDOWQLQJHQ JlOOHU W H[ HQGDVW HQ PLQGUH K\UHVIDVWLJKHW HOOHU RP GHQ JlOOHU HWW VW|UUH IDVWLJKHWVEHVWnQG 'HW lU HPHOOHUWLG YLNWLJW DWW DUEHWHW PHG VnGDQD VlUVNLOGD V\VWHP IRUWVlWWHU RFK XSSPXQWUDV , GHNODUDWLRQHUQD E|U GHW GlUI|U VNDSDV XWU\PPH I|U DWW UHGRYLVD RP RFK L Vn IDOO YLONHQ W\S DY V\VWHP HOOHU PRWVYDUDQGH VRP DQYlQGV I|U DWW VlNHUVWlOOD HQ JRG LQRPKXVPLOM| (Q UHGRYLVQLQJ DY GH VlUVNLOGD NYDOLWHWVV\VWHP HOOHU PRWVYDUDQGH VRP UHGDQ L GDJ ILQQV Sn PDUNQDGHQ NDQ ELGUD WLOO DWW DOOW IOHU IDVWLJKHWHU NRPPHU DWW Q\WWMD GHVVD V\VWHP

(QNlWHU

, VLWW DUEHWH I|U HQ JRG LQRPKXVPLOM| DQYlQGHU VLJ YLVVD E\JJQDGVlJDUH DY HQNlWHU 'H IUnJRU VRP YDQOLJWYLV VWlOOV L HQ HQNlW U|U WULYVHO YlUPHNRPIRUW OXIWNYDOLWp OMXV RFK OMXGI|UKnOODQGHQ VDPW IXNW RFK P|JHO 8QGHU XWUHGQLQJVDUEHWHW KDU GHW IUDP NRPPLW DWW VnGDQD HQNlWHU WLOO ERHQGH RFK DQGUD EUXNDUH lU HWW EUD VlWW DWW VNDIID VLJ NXQVNDS RP LQRPKXVPLOM|Q RFK DWW GHW NDQ YDUD HWW VlWW DWW VNDSD GHODNWLJKHW RFK EUD UHODWLRQHU PHOODQ lJDUH RFK EUXNDUH 9L I|UHVOnU GlUI|U DWW HQ XSSJLIW L GHNODUDWLRQHQ I|U EHILQWOLJD IOHUERVWDGVKXV RFK VNRORU E|U YDUD RP HQNlWHU I|UHNRPPHU HOOHU LQWH

)# #*  
   
   

9HQWLODWLRQ UDGRQ RFK HQHUJL

$Y YnUD GLUHNWLY I|OMHU DWW XSSJLIWHU RP YHQWLODWLRQ UDGRQ RFK HQHUJL VNDOO LQJn L HQ E\JJQDGVGHNODUDWLRQ 8SSJLIWHU L GHVVD KlQ VHHQGHQ KDU VWRU EHW\GHOVH I|U LQRPKXVPLOM|Q I|U GHQ NRPPXQDOD WLOOV\QHQ RFK I|U GH PLOM|NYDOLWHWVPnO VRP KDU VWlOOWV XSS $WW XSSJLIWHU RP HQHUJL VNDOO GHNODUHUDV InU RFNVn VHV PRW EDNJUXQG DY (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD

)|U lJDUH RFK EUXNDUH lU GRFN RFNVn HQ PlQJG DQGUD XSSJLIWHU RP LQRPKXVPLOM|Q DY EHW\GHOVH 'HW JlOOHU W H[ IXNW EXOOHU OMXV VDPW HOHNWULVND RFK PDJQHWVLND IlOW 'HW JlOOHU RFNVn HPLVVLRQHU IUnQ E\JJPDWHULDO P P 0\FNHW WDODU GlUI|U I|U DWW lYHQ VnGDQD XSSJLIWHU E|U LQJn L HQ E\JJQDGVGHNODUDWLRQ 0HG EHDNWDQGH DY YnUW I|UVODJ DWW HQ E\JJQDGVGHNODUDWLRQ SULPlUW VNDOO LQQHKnOOD IULYLOOLJD XSSJLIWHU RP lJDUHQV HJQD V\VWHP I|U UHGRYLVQLQJ DY XSSJLIWHU VRP U|U LQRPKXVPLOM|Q RFK DWW GHNODUDWLRQVVN\OGLJKHWHQ LQWH EOLU I|U RPIDWWDQGH KDU YL HPHOOHUWLG VWDQQDW I|U DWW lJDUHQ ² XW|YHU GH HJQD V\VWHPHQ ² I|U QlUYDUDQGH HQGDVW VNDOO EHK|YD UHGRYLVD YLVVD XSSJLIWHU RP YHQWLODWLRQ UDGRQ RFK HQHUJL

9DG JlOOHU XSSJLIWHU RP YHQWLODWLRQ ILQQV GHQ REOLJDWRULVND IXQNWLRQVNRQWUROOHQ DY YHQWLODWLRQVV\VWHP 6nVRP GHQQD QX lU XWIRUPDG KDU GHQ P|WW NULWLN )|UXWRP HIWHUOHYQDGHQ DY EHVWlPPHOVHUQD RFK VYnULJKHWHUQD DWW UHVXUVPlVVLJW NODUD DY WLOOV\QHQ KRV NRPPXQHUQD JlOOHU GHW RFNVn VMlOYD LQQHKnOOHW L GHQ NRQWUROO VRP VNDOO J|UDV 9DG VRP EO D KDU IUDPI|UWV L GHQQD GHO lU DWW NRQWUROOHQ LQWH LQQHKnOOHU QnJUD PlWQLQJDU DY E\JJQDGHQV OXIWNYDOLWHW 9L NDQ PRW GHQ EDNJUXQGHQ VH DWW GHW NDQ ILQQDV HWW EHKRY WLOO I|UlQGULQJDU 6RP YL XQGHUVWUXNLW L YnUD DOOPlQQD XWJnQJVSXQNWHU lU GHW GRFN LQWH YnU XSSJLIW DWW I|UHVOn QnJUD VnGDQD 9nUW I|UVODJ NDQ GlUI|U HQGDVW JUXQGDV Sn GH JlOODQGH ² L RFK I|U VLJ YlO Vn YLNWLJD ² XSSJLIWHU RP YHQWLODWLRQ VRP WDV XSS L QXYDUDQGH EHVWlPPHOVHU 'HW lU HQOLJW YnU PHQLQJ VnOXQGD DQJHOlJHW DWW E\JJQDGHUQDV YHQWLODWLRQVV\VWHP lU YlO IXQJHUDQGH RFK DWW JlOODQGH EHVWlPPHOVHU RP YHQWLODWLRQVNRQWUROO LDNWWDV 9L I|UHVOnU GlUI|U DWW XSSJLIWHU VRP DQNQ\WHU WLOO GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ VNDOO WDV PHG L HQ E\JJQDGVGHNODUDWLRQ RFK nWHUNRPPHU L DYVQLWW RFK YDG GHWWD QlUPDUH LQQHElU

1lU GHW JlOOHU XSSJLIWHU RP UDGRQ VDNQDV L JlOODQGH ODJVWLIWQLQJ NUDY Sn PlWQLQJDU 'lUHPRW ILQQV XSSVDWWD JUlQVYlUGHQ RFK HQ YLVV WLOOV\Q |YHU DWW GHVVD XSSUlWWKnOOV 'HW ILQQV RFNVn XSSVWlOOGD PnO I|U DWW GHVVD JUlQVYlUGHQ XSSQnV , DYVQLWW RFK JHV HQ

  )# #*
   
   

EHVNULYQLQJ DY JUlQVYlUGHQ WLOOV\Q RFK VDPKlOOHOLJD PnO 'HW lU HQOLJW YnU PHQLQJ V\QQHUOLJHQ EHW\GHOVHIXOOW I|U GHQ HQVNLOGH DWW I|UHNRPVWHQ DY UDGRQ NDQ UHGRYLVDV L HQ E\JJQDGVGHNODUDWLRQ VRP VNDOO KD GH lQGDPnO VRP YL DQWDJLW 9L I|UHVOnU GlUI|U DWW XSSJLIWHU RP UDGRQPlWQLQJ VNHWW HOOHU HM RFK RP HYHQWXHOO UDGRQKDOWHQ WDV PHG L GHNODUDWLRQHQ , DYVQLWW RFK nWHUNRPPHU YL WLOO IUnJDQ

9L KDU lYHQ |YHUYlJW YLOND HQHUJLUHODWHUDGH XSSJLIWHU VRP E|U UHGRYLVDV L HQ E\JJQDGVGHNODUDWLRQ , GHVVD |YHUYlJDQGHQ KDU YL JMRUW I|OMDQGH EHG|PQLQJDU

6YHULJH VNDOO JHQRPI|UD (XURSDSDUODPHQWHW RFK UnGHWV GLUHNWLY

(* RP E\JJQDGHUV HQHUJLSUHVWDQGD 'LUHNWLYHW VNDOO LQI|UDV L 6YHULJH VHQDVW GHQ MDQXDUL HOOHU ² XQGHU YLVVD I|UXWVlWWQLQJDU RFK L YLVVD GHODU ² VHQDVW GHQ MDQXDUL (QOLJW GLUHNWLYHW VNDOO GHW ILQQDV HWW HQHUJLFHUWLILNDW VRP VNDOO LQQHKnOOD XSSJLIW RP E\JJQDGHQV HQHUJLSUHVWDQGD RFK UHIHUHQVYlUGHQ VRP J|U DWW NRQVXPHQWHQ NDQ MlPI|UD RFK J|UD HQ EHG|PQLQJ DY HQHUJLHJHQVNDSHUQD KRV ROLND E\JJQDGHU 'HVVXWRP VNDOO FHUWLILNDWHW nWI|OMDV DY UHNRPPHQGDWLRQHU I|U YLOND NRVWQDGV HIIHNWLYD nWJlUGHU VRP NDQ YLGWDV I|U DWW PLQVND HQHUJLnWJnQJHQ 5HJHULQJHQ KDU EHVOXWDW DWW WLOONDOOD HQ VlUVNLOG XWUHGDUH PHG XSSGUDJ DWW OlPQD I|UVODJ KXU GLUHNWLYHW VNDOO JHQRPI|UDV L 6YHULJH*HQRPI|UDQGH DY (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD GLU 8WUHGQLQJHQ EHQlPQV 8WUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD

(WW DY V\IWHQD PHG DWW UHGRYLVD HQHUJLUHODWHUDGH XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ lU DWW IUnJRU RP YHQWLODWLRQ UDGRQ RFK HQHUJLDQYlQGQLQJ K|U QlUD VDPPDQ RFK L PnQJD IDOO lU EHURHQGH DY YDUDQGUD *HQRP DWW lYHQ YLVVD XSSJLIWHU RP HQHUJL UHGRYLVDV L HQ GHNODUDWLRQ NDQ GHVVD VDPEDQG XSSPlUNVDPPDV RFK EHDNWDV (Q UHGRYLVQLQJ NDQ RFNVn ELGUD WLOO DWW VNDSD I|UVWnHOVH I|U HQHUJL IUnJRUQDV EHW\GHOVH I|U PLOM|Q RFK NXQVNDS RP P|MOLJKHWHQ RFK EHW\GHOVHQ DY DWW YlOMD HQHUJLHIIHNWLYD O|VQLQJDU 'H XSSJLIWHU VRP UHGRYLVDV NRPPHU L IRNXV RFK EOLU OlWW WLOOJlQJOLJD I|U EUXNDUH SRWHQWLHOOD K\UHVJlVWHU RFK N|SDUH DY HQ E\JJQDG 'HVVXWRP NRPPHU E\JJKHUUDU RFK DQGUD LQRP E\JJVHNWRUQ VDPW lJDUH DWW EOL lQ PHU XSSPlUNVDPPD Sn GHVVD IUnJRU *HQRP DWW HQ E\JJQDGV lJDUH UHGRYLVDU XSSJLIWHU RP HQHUJL VNDSDV GHVVXWRP HQ GULYNUDIW DWW L lQ K|JUH XWVWUlFNQLQJ DUEHWD PHG HQHUJLIUnJRU 6DPWLGLJW VRP HQ GHNODUDWLRQ VNDOO WLOOJRGRVH EO D GH Q\VV QlPQGD lQGDPnOHQ lU GHW VRP RYDQ QlPQWV DQJHOlJHW DWW UHGRYLVQLQJHQ lU HQNHO DWW JHQRPI|UD I|U E\JJQDGVlJDUH RFK DWW GH UHGRYLVDGH XSSJLIWHUQD lU

)# #*  
   
   

|YHUVNnGOLJD LQIRUPDWLYD RFK OlWWD DWW I|UVWn I|U K\UHVJlVWHU EUXNDUH P IO

)|U DWW WLOOJRGRVH GH RYDQ QlPQGD V\IWHQD DQVHU YL DWW E\JJQDGHQV HQHUJLSUHVWDQGD E|U IUDPJn DY HQ E\JJQDGVGHNODUDWLRQ bYHQ HQ XSSJLIW RP GHW ILQQV HWW HQHUJLFHUWLILNDW HOOHU LQWH E|U IUDPJn 'HVVXWRP DQVHU YL DWW UHIHUHQVYlUGHQ VRP J|U DWW ERHQGH EUXNDUH H G\O NDQ J|UD HQ EHG|PQLQJ DY HQHUJLHJHQVNDSHUQD KRV ROLND E\JJQDGHU E|U UHGRYLVDV L HQ E\JJQDGVGHNODUDWLRQ 'HWVDPPD JlOOHU SODQHU VRP HQ E\JJQDGVlJDUH XSSUlWWDW I|U DWW I|UElWWUD HQHUJLDQYlQGQLQJHQ VDPW HQ UHGRYLVQLQJ VRP lU VlUVNLOW IUDPWDJHQ RP HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ RFK XSSJLIWHU RP XSSYlUP QLQJVVlWW )UnJDQ lU GRFN RP HQ UHGRYLVQLQJ L GDJVOlJHW NDQ DYVH VDPWOLJD GHVVD XSSJLIWHU HOOHU RP GHQ I|U QlUYDUDQGH E|U EHJUlQVDV

8WUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD DUEHWDU PHG IUnJRU VRP KDU QlUD VDPEDQG PHG RFK EHW\GHOVH I|U E\JJQDGVGHNODUD WLRQHUQD )UnJDQ KXU HQ UHGRYLVQLQJ DY YLVVD DY GH QlPQGD XSSJLIWHUQD VNDOO VNH E|U GlUI|U HQOLJW YnU PHQLQJ DYYDNWD GHQ XWUHGQLQJHQ

, XWUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD KDQWHUDV EO D IUnJRU RP HQHUJLSUHVWDQGD RFK UHIHUHQVYlUGHQ 9L DQVHU GlUI|U LQWH DWW YL NDQ I|UHVOn KXU HQ UHGRYLVQLQJ DY GHVVD XSSJLIWHU VNDOO VNH +XU SUHVWDQGDQ RFK UHIHUHQVYlUGHQ VNDOO UHGRYLVDV W H[ L IRUP DY HQ ERNVWDY HOOHU HWW QXPHULVNW YlUGH HOOHU P|MOLJWYLV Sn DQQDW VlWW E|U GHQ XWUHGQLQJHQ KDQWHUD

9L KDU lYHQ |YHUYlJW IUnJDQ RP HQ E\JJQDGVlJDUH L HQ E\JJQDGV GHNODUDWLRQ E|U UHGRYLVD HQHUJLDQYlQGQLQJHQ L VLQ E\JJQDG (Q UHGRYLVQLQJ DY HQHUJLDQYlQGQLQJHQ L HQ E\JJQDG K|U QlUD VDPPDQ PHG IUnJDQ KXU HQ E\JJQDGV HQHUJLSUHVWDQGD VNDOO EHUlNQDV RFK UHGRYLVDV 'HW lU DY KlQV\Q WLOO EO D E\JJQDGVlJDUH YLNWLJW DWW GHW LQWH QX LQI|UV NUDY Sn HQ PHWRG I|U DWW DQJH HQ E\JJQDGV HQHUJLDQYlQGQLQJ RP GHW LQWH NDQ VlNHUVWlOODV DWW PHWRGHQ NDQ DQYlQGDV lYHQ IRUWVlWWQLQJVYLV EO D L DUEHWHW PHG E\JJQDGHUV HQHUJLSUHVWDQGD RFK UHIHUHQVYlUGHQ 6RP H[HPSHO NDQ QlPQDV IUnJDQ RP GHW lU N|SW HQHUJL HOOHU GHQ EHUlNQDGH HQHUJL DQYlQGQLQJHQ HOOHU EnGD VRP IUDP|YHU NRPPHU DWW KD EHW\GHOVH $Y Q\VV QlPQGD VNlO DQVHU YL LQWH KHOOHU DWW GHW ILQQV VNlO DWW I|UHJULSD XWUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD RFK I|UHVOn KXU HQ UHGRYLVQLQJ DY HQHUJLDQYlQGQLQJ VNDOO VNH 'lUHPRW J|U YL GHQ EHG|PQLQJHQ ² PRW EDNJUXQG DY DWW HWW DQWDO E\JJQDGVlJDUH UHGDQ L GDJ GHNODUHUDU HQHUJLDQYlQGQLQJHQ L VLQD E\JJQDGHU ² DWW GHW L HQ E\JJQDGVGHNODUDWLRQ E|U ILQQDV HQ P|MOLJKHW I|U E\JJQDGV

  )# #*
   
   

lJDUHQ DWW UHGDQ QX KlQYLVD WLOO HQ VlUVNLOG GRNXPHQWDWLRQ RP HQHUJLDQYlQGQLQJHQ L VLQ E\JJQDG

9L KDU RFNVn EHG|PW RP GHW ILQQV VNlO DWW HQ E\JJQDGVlJDUH VNDOO UHGRYLVD YLONHW HOOHU YLOND XSSYlUPQLQJVVlWW VRP DQYlQGV L E\JJQDGHQ (Q VnGDQ UHGRYLVQLQJ VNXOOH LQQHElUD DWW GHW EOLU HQNHOW I|U ERHQGH EUXNDUH RFK WLOOWlQNWD N|SDUH DWW In WLOOJnQJ WLOO VnGDQD XSSJLIWHU )|U ERHQGH RFK EUXNDUH P IO NDQ HQ XSSJLIW RP HQ E\JJQDG YlUPV PHG I|UQ\EDU HQHUJL VnVRP ELREUlQVOHQ VRO RFK YLQGNUDIW OLNVRP XSSJLIW RP GHW L HQ E\JJQDG ILQQV W H[ IMlUUYlUPH HOOHU YlUPHSXPS YDUD LQWUHVVDQWD 'HVVXWRP KDU NRPPXQHUQD L VLWW DUEHWH LQWUHVVH DY YLOND XSSYlUPQLQJVVlWW VRP DQYlQGV L ROLND E\JJQDGHU LQRP NRPPXQHQ (Q UHGRYLVQLQJ DY DQYlQGD XSSYlUPQLQJVVlWW VNXOOH L RFK I|U VLJ NXQQD VHV UHODWLYW IULVWnHQGH 9L DQVHU HPHOOHUWLG DWW XSSJLIWHQ lQGn KDU HWW VnGDQW VDPEDQG PHG HQHUJLDQYlQGQLQJ RFK HQHUJLSUHVWDQGD DWW IUnJDQ RP RFK L Vn IDOO KXU HQ VnGDQ UHGRYLVQLQJ E|U VNH E|U EHKDQGODV L XWUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD

)|U DWW L Vn K|J XWVWUlFNQLQJ RFK Vn VQDUW VRP P|MOLJW WLOOJRGRVH V\IWHQD PHG HQ E\JJQDGVGHNODUDWLRQ DQVHU YL DWW GHW E|U ILQQDV P|MOLJKHW I|U E\JJQDGHQV lJDUH DWW UHGDQ QX UHGRYLVD RP KDQ HOOHU KRQ KDU XSSUlWWDW SODQHU I|U DWW HIIHNWLYLVHUD HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ (Q UHGRYLVQLQJ DY RP E\JJQDGHQV lJDUH KDU XSSUlWWDW HQ HQHUJLVSDUSODQ HOOHU LQWH NRPPHU DWW KD EHW\GHOVH lYHQ VHGDQ (* GLUHNWLYHW LQI|UWV L 6YHULJH 8SSJLIWHQ L VLJ SnYHUNDV NQDSSDVW LQWH KHOOHU DY (* GLUHNWLYHW (QOLJW YnU PHQLQJ E|U GHW VRP RYDQ QlPQWV I|U E\JJQDGHQV lJDUH lYHQ ILQQDV P|MOLJKHW ² XWDQ DWW DYYDNWD XWUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD ² DWW L E\JJQDGVGHNODUDWLRQHQ KlQYLVD WLOO HQ VlUVNLOG GRNXPHQWDWLRQ RP E\JJQDGHQV HQHUJLDQYlQGQLQJ

, IUnJD RP UHGRYLVQLQJ DY HQHUJL L HQ E\JJQDGVGHNODUDWLRQ DQVHU YL VDPPDQIDWWQLQJVYLV I|OMDQGH 5HGDQ QX ILQQV GHW VNlO DWW E\JJQDGVlJDUHQ L HQ E\JJQDGVGHNODUDWLRQ VNDOO UHGRYLVD RP KDQ HOOHU KRQ KDU XSSUlWWDW HQ HQHUJLVSDUSODQ HOOHU LQWH RFK RP GHW ILQQV HQ VlUVNLOG UHGRYLVQLQJ RP HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ 9L DQVHU GRFN DWW UHGRYLVQLQJHQ I|U QlUYDUDQGH E|U EHJUlQVDV WLOO GHVVD WYn IUnJRU +XU |YULJD XSSJLIWHU ² QlPOLJHQ XSSJLIW RP FHUWLILNDW ILQQV HOOHU LQWH VDPW XSSJLIW RP HQHUJLSUHVWDQGD RFK UHIHUHQVYlUGHQ ² VNDOO UHGRYLVDV DQVHU YL PnVWH EHKDQGODV L GH I|UVODJ VRP XWUHG QLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD OlJJHU 'HWVDPPD JlOOHU IUnJDQ KXU HQ HQKHWOLJ UHGRYLVQLQJ DY HQHUJLDQYlQGQLQJ RFK XSSYlUPQLQJVVlWW L HQ E\JJQDG VNDOO VNH

)# #*  
   
  9LOND E\JJQDGHU E|U GHNODUHUDV"
 

9nUW I|UVODJ 6DPWOLJD E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ VDPW HQ RFK WYnERVWDGVKXV DYVHGGD I|U SHUPDQHQWERHQGH VNDOO GHNODUHUDV 'H XSSJLIWHU VRP VNDOO GHNODUHUDV I|U GH ROLND W\SHUQD DY E\JJQDGHU VNLOMHU VLJ GRFN nW

9L DQVHU DWW HQ XSSJLIW RP UDGRQKDOWHQ lU XSSPlWW HOOHU LQWH RFK ² RP PlWQLQJ VNHWW ² HWW nUVPHGHOYlUGH I|U E\JJQDGHQV UDGRQKDOW VNDOO UHGRYLVDV I|U SHUPDQHQWERVWlGHU L VPnKXV IOHUERVWDGVKXV VDPW L ORNDOHU I|U I|UVNRORU VNRORU RFK IULWLGVKHP

'H E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ VNDOO UHGRYLVD XSSJLIWHU RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP RFK XSSJLIWHU RP HQHUJL 9L YLOO SHND Sn DWW RFNVn NRQWRUVKXV RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ 9nUW I|UVODJ LQQHElU VnOHGHV DWW lYHQ VnGDQD E\JJQDGHU VNDOO GHNODUHUDV

)|U HQ RFK WYnERVWDGVKXV VRP lU DYVHGGD I|U SHUPDQHQW ERHQGH E|U HQ UHGRYLVQLQJ RFNVn VNH DY XSSJLIWHU RP E\JJ QDGHQV HQHUJLI|UKnOODQGHQ

9L KDU L YnUD DOOPlQQD XWJnQJVSXQNWHU DQI|UW DWW GHW lU VlUNLOW YLNWLJW PHG LQRPKXVPLOM|Q GlU EDUQ RFK XQJGRPDU YLVWDV RFK IUDPKnOOLW DWW GHW GlUI|U lU VlUVNLOW YLNWLJW DWW ERVWlGHU I|UVNRORU IULWLGVKHP RFK VNRORU E|U GHNODUHUDV 6DPWLGLJW PnVWH lYHQ KlU JlOODQGH ODJVWLIWQLQJ RFK GH PLOM|NYDOLWHWVPnO VRP UHJHULQJ RFK ULNVGDJ KDU VWlOOW XSS JHV EHW\GHOVH I|U GHNODUDWLRQVVN\OGLJKHWHQV RPIDWWQLQJ 9L NDQ Gn W H[ SHND Sn DWW GH IOHVWD VPnKXV LQWH RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ PHQ GlUHPRW Sn PnOVlWWQLQJHQ EHWUlIIDQGH UDGRQ 9L NDQ RFNVn SHND Sn DWW NRQWRUVKXV RFK YLVVD DQGUD E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ LQWH RPIDWWDV DY QnJRW PLOM|NYDOLWHWVPnO QlU GHW JlOOHU UDGRQ 1lU YL WDJLW VWlOOQLQJ WLOO YLOND E\JJQDGHU VRP VNDOO RPIDWWDV DY GHNODUDWLRQVVN\OGLJKHWHQ KDU YnU XWJnQJVSXQNW DOOWVn YDULW LQQHKnOOHW L JlOODQGH EHVWlPPHOVHU RFK GH PnOVlWWQLQJDU RP YHQWLODWLRQ UDGRQ RFK HQHUJL VRP UHJHULQJ RFK ULNVGDJ KDU VWlOOW XSS , IUnJD RP HQHUJL KDU YL RFNVn WDJLW KlQV\Q WLOO (* GLUHNWLYHW RP HQHUJLSUHVWDQGD 9L KDU L |YULJW JMRUW I|OMDQGH |YHUYlJDQGHQ

  )# #*
   
   

(WW VNlO VRP WDODU I|U DWW XSSJLIWHU RP UDGRQ YHQWLODWLRQ RFK HQHUJLDQYlQGQLQJ E|U UHGRYLVDV VDPWLGLJW I|U HQ RFK VDPPD E\JJQDG lU DWW XSSJLIWHUQD UHQW IDNWLVNW KlQJHU VDPPDQ RFK KDU EHW\GHOVH I|U YDUDQGUD (WW QLWLVNW NUDY Sn DWW In QHG HQHUJLDQYlQGQLQJHQ L HQ E\JJQDG NDQ PHGI|UD NRQVHNYHQVHU I|U YHQWLODWLRQHQ %ULVWIlOOLJ YHQWLODWLRQ NDQ SnYHUND UDGRQKDOWHQ QHJDWLYW 'HW lU GlUI|U YLNWLJW DWW GHVVD IUnJRU Vn OnQJW VRP P|MOLJW VHV L HWW VDPPDQKDQJ

9L DQVHU DWW HQ XSSJLIW RP UDGRQKDOWHQ lU XSSPlWW HOOHU LQWH RFK ² RP PlWQLQJ VNHWW ² HWW nUVPHGHOYlUGH I|U E\JJQDGHQV UDGRQKDOW VNDOO UHGRYLVDV I|U SHUPDQHQWERVWlGHU L VPnKXV IOHUERVWDGVKXV VDPW L ORNDOHU I|U I|UVNRORU VNRORU RFK IULWLGVKHP

bJDUH WLOO E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLOD WLRQVNRQWUROOHQ DQVHU YL VNDOO UHGRYLVD XSSJLIW RP NRQWUROOHQ lU XWI|UG HOOHU LQWH RFK GDWXP I|U NRQWUROOHQ VDPW XSSJLIW RP HYHQWXHOO DQPlUNQLQJ YLG EHVLNWQLQJ RFK W\S DY YHQWLODWLRQVV\VWHP 0HG QXYDUDQGH O\GHOVH DY 29. I|URUGQLQJHQ RFK %RYHUNHWV I|UHVNULIWHU lU HQ VWRU GHO DY HQ RFK WYnERVWDGVKXVHQ XQGDQWDJQD IUnQ GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ 'HW lU L GDJVOlJHW HQGDVW Q\E\JJGD HQ RFK WYnERVWDGVKXV PHG PHNDQLVN IUnQ RFK WLOOXIWVYHQWLODWLRQ VRP RPIDWWDV DY UHJOHUQD

, VWRUW VHWW VDPPD E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ RPIDWWDV DY (XURSDSDUODPHQWHWV RFK UnGHWV GLUHNWLY RP E\JJQDGHUV HQHUJLSUHVWDQGD .UDYHW Sn HQHUJLFHUWLILNDW JlOOHU GRFN lYHQ HQ RFK WYnERVWDGVKXV , SULQFLS E|U GlUI|U GH E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ lYHQ GHNODUHUD XSSJLIW RP HQHUJLSUHVWDQGD RFK YLVVD DQGUD XSSJLIWHU (IWHUVRP GLUHNWLYHW LQQHKnOOHU NUDY RFNVn Sn HQHUJLFHUWLILHULQJ DY HQ RFK WYnERVWDGVKXV DQVHU YL DWW YLVVD XSSJLIWHU RP HQHUJLDQYlQGQLQJ E|U GHNODUHUDV I|U VnGDQD E\JJQDGHU

6DPPDQIDWWQLQJVYLV DQVHU YL DWW HQ RFK WYnERVWDGVKXV VDPW VDPWOLJD E\JJQDGHU VRP RPIDWWDV DY 29. I|URUGQLQJHQ RFK %RYHUNHWV I|UHVNULIWHU RP YHQWLODWLRQVNRQWUROO E|U GHNODUHUDV 'H XSSJLIWHU VRP E|U GHNODUHUDV I|U GH ROLND W\SHUQD DY E\JJQDGHU VNLOMHU VLJ GRFN nW 5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU E|U In PHGGHOD QlUPDUH I|UHVNULIWHU RP YLOND E\JJQDGHU VRP RPIDWWDV DY GHNODUDWLRQVVN\OGLJKHWHQ

9nUW I|UVODJ NDQ |YHUVLNWOLJW nVNnGOLJJ|UDV PHG WDEHOOHQ Sn QlVWD VLGD

)# #*      
         
         
         
  7\S DY E\JJQDG 8SSJLIW 8SSJLIW 29. 8SSJLIWHU
    RP NYDOL RP UDGRQ XSSJLIWHU RP HQHUJL
    WHWVV\VWHP PlWQLQJ VNDOO P P VNDOO
    VlUVNLOG HOOHU LQWH GHNODUHUDV GHNODUHUDV
    NRQWUROO RFK HY    
    H G\O E|U UDGRQKDOW    
    GHNODUHUDV VNDOO    
      GHNODUHUDV    

(Q RFK

WYnERVWDGVKXV

1\E\JJW HQ RFK WYnERVWDGVKXV PHG PHNDQLVN WLOO RFK IUnQOXIWV YHQWLODWLRQ

)OHUERVWDGVKXV

/RNDOHU I|U VNRORU I|UVNRORU RFK IULWLGVKHP

%\JJQDGHU XW|YHU GH RYDQ QlPQGD VRP RPIDWWDV DY 29. I|URUG QLQJHQ

       
  [   [
       
       
       
  [ [ [
       
  [ [ [
       
       
  [ [ [
       
       
       
    [ [
       

(WW NU\VV L WDEHOOHQ RYDQ LQQHElU DWW GHW lU REOLJDWRULVNW I|U GHQ W\SHQ DY E\JJQDG DWW UHGRYLVD XSSJLIWHU VRP lU PDUNHUDGH PHG NU\VV $YVDNQDG DY NU\VV LQQHElU DWW GHW I|U HQ YLVV W\S DY E\JJQDG lU IULYLOOLJW DWW UHGRYLVD GHQ DNWXHOOD XSSJLIWHQ

+XU NDQ HQ GHNODUDWLRQ XWIRUPDV"

3n QlVWD VLGD OlPQDV HQ VNLVV Sn KXU HQ GHNODUDWLRQ I|U HWW IOHUERVWDGVKXV NDQ XWIRUPDV 8WIRUPQLQJHQ DY E\JJQDGV

  )# #*
   
   

GHNODUDWLRQHQ NDQ VNLOMD VLJ nW PHOODQ ROLND E\JJQDGVW\SHU HIWHUVRP GH XSSJLIWHU VRP VNDOO UHGRYLVDV VNLOMHU VLJ nW 'HW E|U OlPSOLJHQ DQI|UWURV nW P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU I|UVODJVYLV %RYHUNHW DWW OlPQD I|UHVNULIWHU RP XWIRUPQLQJHQ I|U GH ROLND E\JJQDGVW\SHUQD

)# #*        
           
           
  %<**1$'6'(./$5$7,21¤LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ
  %\JJQDG RFK E\JJQDGHQV IDVWLJKHWHQV lJDUH    
           
           
           
           
           
           
       
  0LOM|DUEHWH L E\JJQDGHQ ² LQRPKXVPLOM|    
         
  !
           
  " #$$ $      
           
  # %      
  %$     & '''''''''''''''

'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

( # '''''''

9HQWLODWLRQ

     
       
) ! ! *++* *,-. /0%)1    
) # 0%)    
&    
& #      
2$    
! 3 #    
3 # 3 # #  
       

$# '''

(QHUJL

4    
!    
     

4 #

! #

5DGRQ

'''''''''''''''''''''''''''''''''''''''''''''''''''''''''

5

3 ! ! #

$

5 #$''''''' 6

7 # ''''''''''''''''' 6

3$#

«««««««««««« ««««««««
   
  )# #*
     
  %|U GHNODUDWLRQHQ YDUD REOLJDWRULVN HOOHU IULYLOOLJ"
 

9nUW I|UVODJ 9L DQVHU DWW GHW VNDOO YDUD REOLJDWRULVNW I|U HQ lJDUH WLOO HQ E\JJQDG YLG YLVVD WLOOIlOOHQ DWW XSSUlWWD HQ E\JJQDGVGHNODUDWLRQ 9LVVD XSSJLIWHU VNDOO GHW YDUD REOLJDWRULVNW DWW UHGRYLVD PHGDQ DQGUD NDQ YDUD IULYLOOLJD

, E\JJQDGVGHNODUDWLRQHQ VNDOO E\JJQDGHQV lJDUH HOOHU I|UYDOWDUH ² EHURHQGH Sn YLONHQ W\S DY E\JJQDG GHW lU IUnJD RP ² UHGRYLVD GHOV XSSJLIWHU RP GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ GHOV XSSJLIW RP UDGRQKDOWHQ lU XSSPlWW HOOHU LQWH RFK L I|UHNRPPDQGH IDOO GHW XSSPlWWD nUVPHGHOYlUGH GHOV RFNVn XSSJLIWHU RP SODQHU I|U HIIHNWLYLVHUDG HQHUJLDQYlQGQLQJ ILQQV RFK XSSJLIW RP VlUVNLOG UHGRYLVQLQJ RP HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ ILQQV 'HVVD XSSJLIWHU VNDOO YDUD REOLJDWRULVND L GHQ PHQLQJHQ DWW XSSJLIWHUQD PnVWH OlPQDV 'lUHPRW VNDOO XSSJLIWV VN\OGLJKHWHQ LQWH NUlYD QnJRQ PlWQLQJ HOOHU EHVLNWQLQJ 8W|YHU QlPQGD XSSJLIWHU E|U YDUMH E\JJQDGVlJDUH KD P|MOLJKHW DWW UHGRYLVD XSSJLIW RP HQNlWHU I|U DWW InQJD XSS GH ERHQGHV V\QSXQNWHU Sn LQQHPLOM|Q I|UHNRPPHU RFK DQQDW DUEHWH VRP EHGULYV I|U DWW LQYHQWHUD RFK I|UElWWUD LQRPKXVPLOM|Q

6RP YL WLGLJDUH QlPQW DQVHU YL LQWH DWW GHNODUDWLRQHUQD L VLJ VNDOO LQQHElUD QnJRQ VN\OGLJKHW DWW XWI|UD HQ EHVLNWQLQJ HOOHU G\OLNW 6nGDQD UHJOHU E|U HQOLJW YnU XSSIDWWQLQJ IUDPJn DY DQGUD EHVWlPPHOVHU , GHW DYVHHQGHW DQVHU YL VnOHGHV LQWH DWW GHNODUD WLRQHUQD VNDOO PHGI|UD HWW REOLJDWRULXP

)UnJDQ lU KlUHIWHU RP GHW VNDOO YDUD REOLJDWRULVNW HOOHU LQWH DWW XSSUlWWD HQ E\JJQDGVGHNODUDWLRQ bYHQ RP VOXWVDWVHQ lU DWW GHW VNDOO ILQQDV HQ E\JJQDGVGHNODUDWLRQ NDQ GHQ KD IULYLOOLJD LQVODJ 6RP YL VHU GHW ILQQV GHW WUH DOWHUQDWLY L IUnJD RP VWDWXVHQ Sn HQ E\JJQDGVGHNODUDWLRQ 'HQ NDQ YDUD IULYLOOLJ REOLJDWRULVN HOOHU REOLJDWRULVN PHG IULYLOOLJD LQVODJ

'HW ILQQV YLVVD VNlO VRP WDODU I|U IULYLOOLJD GHNODUDWLRQHU RFK DQGUD VNlO VRP WDODU I|U DWW GH VNDOO YDUD REOLJDWRULVND

2P VDPWOLJD EHU|UGD E\JJQDGVlJDUH DQYlQGHU RFK GHNODUHUDU XSSJLIWHU L HQOLJKHW PHG HWW IULYLOOLJW V\VWHP lU HWW VnGDQW V\VWHP DWW I|UHGUD IUDPI|U HWW REOLJDWRULVNW 0HG HWW IULYLOOLJW V\VWHP VNDSDV GHW W H[ LQWH EHKRY DY QnJRW NRQWUROOV\VWHP 'H VRP DQYlQGHU HWW IULYLOOLJW V\VWHP DFFHSWHUDU GHW

)# #*  
   
   

c DQGUD VLGDQ lU ULVNHQ PHG HWW IULYLOOLJW V\VWHP DWW PnQJD HQVNLOGD E\JJQDGVlJDUH LQWH WDU WLOO VLJ LQIRUPDWLRQHQ RFK OnWHU EOL DWW GHNODUHUD VLQD E\JJQDGHU 'HW VDJGD NDQ VlUVNLOW JlOOD GH E\JJQDGHU VRP KDU VlPVW LQRPKXVPLOM| .RQVHNYHQVHQ DY HWW IULYLOOLJW V\VWHP NDQ GlUI|U EOL DWW HQGDVW VnGDQD E\JJQDGHU VRP UHGDQ L GDJ KDU HQ O|SDQGH XSSI|OMQLQJ RFK HQ JRG LQRPKXVPLOM| GHNODUHUDV 0|MOLJKHWHQ DWW In HQ E\JJQDGVlJDUH DWW UHGRYLVD NRQWUROOHUD RFK YLG EHKRY nWJlUGD VLQD E\JJQDGHU lU VnOHGHV VW|UUH PHG REOLJDWRULVND lQ IULYLOOLJD GHNODUDWLRQHU 0|MOLJKHWHQ DWW Qn PnOHQ RP HQ JRG LQRPKXVPLOM| I|U DOOD EUXNDUH RFK ERHQGH |NDU HQOLJW YnU XSSIDWWQLQJ PHG REOLJDWRULVND GHNODUDWLRQHU 9LNWHQ DY HQ JRG LQRPKXVPLOM| NRPPHU DWW XSSPlUNVDPPDV L lQ K|JUH JUDG PHG HWW REOLJDWRULVNW V\VWHP lQ PHG HWW IULYLOOLJW

(WW NUDY Sn REOLJDWRULVND GHNODUDWLRQHU VNDSDU RFNVn VW|UUH P|MOLJKHW I|U EUXNDUH ERHQGH RFK WLOOWlQNWD N|SDUH DWW VWlOOD NUDY Sn lJDUHQ WLOO HQ E\JJQDG )LQQV GHW LQWH QnJRQ E\JJQDGV GHNODUDWLRQ NDQ W H[ HQ K\UHVJlVW HOOHU K\UHVJlVWI|UHQLQJHQ SnSHND GHWWD I|U lJDUHQ RFK RP UlWWHOVH LQWH VNHU YlQGD VLJ WLOO NRPPXQHQ QlU GHQQD KDU HWW WLOOV\QVDQVYDU (Q REOLJDWRULVN GHNODUDWLRQ NDQ VnOHGHV EOL HWW YHUNW\J VRP NDQ In E\JJQDGVlJDUH DWW YLGWD GH NUDY Sn NRQWUROOHU H G\O VRP VDPKlOOHW VWlOOHU XSS RFK GlUHIWHU UHGRYLVD GHVVD XSSJLIWHU I|U GH ERHQGH 2EOLJDWRULVND GHNODUDWLRQHU ELGUDU RFNVn WLOO DWW lQ IOHU lJDUH WYLQJDV VNDIID VLJ NXQVNDS RP LQRPKXVPLOM|Q L VLQD E\JJQDGHU

'HW NDQ YDUD HQNODUH I|U EUXNDUH DY E\JJQDGHU DWW WLOOJRGRJ|UD VLJ LQQHKnOOHW L GHNODUDWLRQHUQD RP GH XSSJLIWHU VRP UHGRYLVDV KDU HWW HQKHWOLJW XWVHHQGH RFK UHGRYLVDV Sn OLNDUWDW VlWW 0HG HQKHWOLJD GHNODUDWLRQHU lU GHW RFNVn HQNODUH I|U EUXNDUH DWW MlPI|UD XSSJLIWHU VRP UHGRYLVDV L ROLND GHNODUDWLRQHU

bYHQ P|MOLJKHWHQ DWW In WLOO VWnQG HQ lQGDPnOVHQOLJ WLOOV\Q DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ RFK IUDP|YHU lYHQ HQHUJL FHUWLILHULQJHQ XQGHUOlWWDV DY RP GHNODUDWLRQHUQD lU REOLJDWRULVND

  )# #*
   
   

(WW DQWDO IDVWLJKHWVlJDUH KDU V\VWHP I|U DWW NRQWUROOHUD RFK I|UElWWUD LQRPKXVPLOM|Q L VLQD E\JJQDGHU 6RP YL VHU GHW NRPPHU HWW REOLJDWRULXP LQWH DWW LQQHElUD QnJUD VlUVNLOGD QDFNGHODU I|U GHWWD DUEHWH 7YlUWRP LQQHElU REOLJDWRULVND GHNODUDWLRQHU HQOLJW YnU XSSIDWWQLQJ DWW GHW DUEHWH VRP GHVVD DNW|UHU EHGULYHU L lQ K|JUH JUDG NRPPHU DWW XSSPlUNVDPPDV 'HW VDJGD I|UXWVlWWHU DWW HQ REOLJDWRULVN GHNODUDWLRQ LQWH lU DOOW I|U RPIDWWDQGH RFK DUEHWV NUlYDQGH 'H XSSJLIWHU VRP YL DQVHU E|U UHGRYLVDV L HQ E\JJQDGV GHNODUDWLRQ LQJnU ERUWVHWW IUnQ HQ HYHQWXHOO WLOONRPPDQGH XSSJLIW RP HQHUJLSUHVWDQGD UHGDQ L IOHUWDOHW DY GH GHNODUDWLRQHU HOOHU PRWVYDUDQGH VRP L GDJ DQYlQGV Sn PDUNQDGHQ

6DPPDQIDWWQLQJVYLV DQVHU YL DWW |YHUYlJDQGH VNlO WDODU I|U DWW GHW E|U YDUD REOLJDWRULVNW DWW XSSUlWWD HQ E\JJQDGVGHNODUDWLRQ 9LVVD DY XSSJLIWHUQD L GHNODUDWLRQHQ E|U GHW YDUD IULYLOOLJW I|U E\JJQDGV lJDUHQ DWW UHGRYLVD

, E\JJQDGVGHNODUDWLRQHQ VNDOO E\JJQDGHQV lJDUH HOOHU I|UYDOWDUH ² EHURHQGH Sn YLONHQ W\S DY E\JJQDG GHW lU IUnJD RP ² UHGRYLVD GHOV XSSJLIWHU RP GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ GHOV XSSJLIW RP UDGRQKDOWHQ lU XSSPlWW HOOHU LQWH RFK L I|UHNRPPDQGH IDOO GHW XSSPlWWD nUVPHGHOYlUGH GHOV RFNVn XSSJLIWHU RP SODQHU I|U HIIHNWLYLVHUDG HQHUJLDQYlQGQLQJ ILQQV RFK RP HQ VlUVNLOG UHGRYLVQLQJ RP HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ ILQQV 'HVVD XSSJLIWHU E|U YDUD REOLJDWRULVND 8W|YHU QlPQGD XSSJLIWHU E|U YDUMH E\JJQDGVlJDUH KD P|MOLJKHW DWW UHGRYLVD XSSJLIW RP HQNlWHU I|U DWW InQJD XSS GH ERHQGHV V\QSXQNWHU Sn LQQHPLOM|Q I|UHNRPPHU RFK DQQDW DUEHWH VRP EHGULYV I|U DWW LQYHQWHUD RFK I|UElWWUD LQRPKXVPLOM|Q 'HW Q\VV VDJGD LQQHElU GRFN ² VRP WLGLJDUH QlPQWV ² LQWH DWW GHNODUDWLRQHQ L VLJ LQQHElU QnJRQ VN\OGLJKHW DWW JHQRPI|UD HQ EHVLNWQLQJ H G\O 6nGDQD NUDY E|U HQOLJW YnU XSSIDWWQLQJ IUDPJn DY DQGUD EHVWlPPHOVHU

1lU VNDOO E\JJQDGHU GHNODUHUDV"

9nUW I|UVODJ )|U E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ VNDOO HQ E\JJQDGVGHNODUDWLRQ XSSUlWWDV RFK XSSGDWHUDV HQOLJW GH LQWHUYDOOHU VRP JlOOHU I|U GHQ NRQWURO OHQ (Q E\JJQDGVGHNODUDWLRQ VNDOO L |YULJW DOOWLG ILQQDV LQQDQ HQ E\JJQDG WDV L EUXN VlOMV HOOHU K\UV XW 9LG HQ I|UVlOMQLQJ HOOHU XWK\UQLQJ InU GHNODUDWLRQHQ LQWH YDUD lOGUH lQ WLR nU

)# #*  
   
   

1DWXUOLJWYLV lU GHW HQ I|UGHO DWW HQ IDVWLJKHWVlJDUH NRQWLQXHUOLJW RFK Sn HJHW LQLWLDWLY NRQWUROOHUDU VLQ E\JJQDG RFK YLGWDU GH HYHQWXHOOD nWJlUGHU VRP GHW NDQ ILQQDV EHKRY DY 0nQJD lJDUH WRUGH KD HWW HJHW LQWUHVVH DY DWW XSSUlWWD HQ E\JJQDGVGHNODUDWLRQ (Q E\JJQDGVGHNODUDWLRQ lU HWW VlWW I|U lJDUHQ DWW YLVD ERHQGH RFK EUXNDUH YLONHW DUEHWH VRP KDQ HOOHU KRQ EHGULYHU I|U HQ JRG LQRPKXVPLOM| RFK YLOND NRQWUROOHU HOOHU G\OLNW VRP I|UHWDJLWV L E\JJQDGHQ %\JJQDGHQV lJDUH WRUGH RFNVn KD HWW HJHW LQWUHVVH DY DWW XSSGDWHUD GHNODUDWLRQHQ W H[ L VDPEDQG PHG DWW HQ Q\ NRQWUROO HOOHU G\OLNW I|UHWDV L E\JJQDGHQ 6lUVNLOW L VDPEDQG PHG K\UHV I|UKDQGOLQJDU RFK L VDPEDQG PHG HQ I|UVlOMQLQJ PHQ RFNVn L |YULJW NDQ GHW ILQQDV HWW VnGDQW LQWUHVVH KRV HQ E\JJQDGVlJDUH 'HW NDQ VnOHGHV I|UYlQWDV DWW PnQJD ² PHQ LQWH DOOD ² lJDUH DY HJHW LQLWLDWLY GHNODUHUDU VLQD E\JJQDGHU 'HW PnVWH GlUI|U ILQQDV HQ EHVWlPPHOVH RP QlU HQ GHNODUDWLRQ VHQDVW VNDOO XSSUlWWDV HOOHU XSSGDWHUDV

'HW lU YLNWLJW DWW UHJOHUQD I|U XSSUlWWDQGH RFK XSSGDWHULQJ LQWH XSSOHYV VRP RQ|GLJW NRPSOLFHUDGH , IUnJD RP VnGDQD E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ DQVHU YL DWW GHW lU QDWXUOLJW DWW NQ\WD WLGSXQNWHQ QlU HQ GHNODUDWLRQ VNDOO XSSUlWWDV WLOO QlU HQ EHVLNWQLQJ DY YHQWLODWLRQVV\VWHPHQ L E\JJ QDGHQ VNDOO VNH *HQRP HQ VnGDQ NQ\WQLQJ WLOO YHQWLODWLRQV NRQWUROOHQ NDQ KDQWHULQJHQ VnYlO I|U E\JJQDGVlJDUH VRP I|U NRPPXQHUQD XQGHUOlWWDV )|U DWW GHNODUDWLRQHUQD VNDOO YDUD XSSGDWHUDGH L Vn K|J XWVWUlFNQLQJ VRP P|MOLJW DQVHU YL RFNVn DWW GHNODUDWLRQHUQD E|U XSSGDWHUDV L VDPEDQG PHG GH LQWHUYDOOHU VRP JlOOHU I|U GHQ NRQWUROOHQ 1nJRW NUDY Sn DWW XSSGDWHUD XSSJLIWHUQD L DQGUD KlQVHHQGHQ lQ EHWUlIIDQGH YHQWLODWLRQ RFK XSSJLIWHU RP HQHUJL DQVHU YL LQWH NDQ VWlOODV )UnJDQ QlU GHW L |YULJW ILQQV VNlO DWW XSSGDWHUD XSSJLIWHUQD E|U |YHUOlPQDV WLOO E\JJQDGHQV lJDUH 9LG YDUMH XSSGDWHULQJ VNDOO GHW HQOLJW YnUW I|UVODJ YDUD HQ Q\ GHNODUDWLRQ VRP XSSUlWWDV

+lUHIWHU lU IUnJDQ QlU HQ GHNODUDWLRQ I|U VnGDQD HQ RFK WYnERVWDGVKXV VRP LQWH RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ VNDOO XSSUlWWDV UHVSHNWLYH XSSGDWHUDV , GHQQD IUnJD KDU YL JMRUW I|OMDQGH |YHUYlJDQGHQ 'HW lU DY VWRU YLNW DWW lYHQ HQ RFK WYnERVWDGVKXV KDU HQ KlOVRVDP LQQHPLOM| 0HG HWW NUDY Sn DWW HQ GHNODUDWLRQ VNDOO XSSUlWWDV RFK XSSGDWHUDV L VDPEDQG PHG HQ I|UVlOMQLQJ NRPPHU GHW DWW GU|MD OnQJ WLG WLOOV GHW ILQQV GHNODUD WLRQHU I|U VDPWOLJD HQ RFK WYnERVWDGVKXV 'HW NRPPHU RFNVn DWW GU|MD OnQJ WLG PHOODQ XSSGDWHULQJDUQD 'HVVXWRP lU GHW Vn DWW

  )# #*
   
   

nWJlUGHU L HQ E\JJQDG PnQJD JnQJHU YLGWDV I|UVW HIWHU HWW I|UYlUY 0HG WDQNH Sn GHVVD I|UKnOODQGHQ KDU YL |YHUYlJW RP GHW E|U JlOOD HQ IDVW I|UVWD WLGSXQNW I|U QlU VnGDQD E\JJQDGHU VNDOO GHNODUHUDV RFK DWW HQ XSSGDWHULQJ VNDOO VNH HQOLJW YLVVD WLGVLQWHUYDOOHU DOWHUQD WLYW DWW HQ GHNODUDWLRQ VNDOO XSSGDWHUDV QlU HQ nWJlUG HOOHU NRQWUROO KDU VNHWW L E\JJQDGHQ 0nQJD E\JJQDGVlJDUH NDQ KD VYnUW DWW VH V\IWHW PHG GHNODUDWLRQHQ RP GHQ LQWH lU NQXWHQ WLOO HQ I|UVlOMQLQJ HOOHU HQ VN\OGLJKHW I|U lJDUHQ DWW YLGWD HQ nWJlUG L E\JJQDGHQ $WW NQ\WD NUDYHW Sn XSSGDWHULQJ WLOO QlU HQ nWJlUG IDNWLVNW I|UHWDJLWV L E\JJQDGHQ W H[ QlU N|SDUHQ YLGWDJLW nWJlUGHU I|U DWW In QHG UDGRQKDOWHQ DQVHU YL LQWH KHOOHU lU OlPSOLJW 'HW VNXOOH EOL VYnUW DWW I|OMD XSS HQ UHJHO VRP NQ\WHU DQ WLOO HQ IULYLOOLJ nWJlUG HOOHU HQ IULYLOOLJ NRQWUROO $Y GHVVD VNlO RFK I|U DWW In HQ UHJOHULQJ VRP NQ\WHU DQ WLOO (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD VDPW I|U DWW LQWH In HQ DOOW I|U RPIDWWDQGH KDQWHULQJ KRV NRPPXQHUQD KDU YL VWDQQDW I|U DWW NUDYHW E|U NQ\WDV WLOO UHJOHULQJHQ L (* GLUHNWLYHW (QOLJW (* GLUHNWLYHW VNDOO GHW ILQQDV HWW HQHUJLFHUWLILNDW QlU HQ E\JJQDG E\JJV VlOMV HOOHU K\UV XW (Q UHJHO VRP NQ\WHU DQ WLOO GHW NUDYHW WLOOJRGRVHU lQGDPnOHW DWW HQ GHNODUDWLRQ VNDOO WMlQD VRP LQIRUPDWLRQ RFK XWJ|UD HWW LQFLWDPHQW WLOO DWW I|UPn HQ lJDUH DWW YLG EHKRY YLGWD nWJlUGHU PHG VLQ E\JJQDG 'HVVXWRP NRPPHU UHJHO V\VWHPHW DWW EOL PHU OlWWLOOlPSDW PHG HQ UHJHO VRP KDU PRWVYDUDQGH LQQHE|UG VRP (* GLUHNWLYHW 'HW NDQ RFNVn HQOLJW YnU PHQLQJ I|UYlQWDV DWW UHJOHUQD InU K|JUH DFFHSWDQV RP GH NQ\WHU DQ WLOO (* GLUHNWLYHWV EHVWlPPHOVHU 9LOMDQ KRV HQ lJDUH DWW XSSUlWWD HOOHU XSSGDWHUD HQ GHNODUDWLRQ L VDPEDQG PHG HQ I|UVlOMQLQJ WRUGH YDUD K|JUH lQ YLG QnJRQ DQQDQ WLGSXQNW (IWHUIUnJDQ LQI|U HWW N|S NDQ ELGUD WLOO DWW GHNODUDWLRQHU L K|JUH XWVWUlFNQLQJ lQ DQQDUV XSSUlWWDV HOOHU XSSGDWHUDV 9L DQVHU GlUI|U DWW GHW VNDOO LQI|UDV HQ UHJHO RP DWW HQ E\JJQDGVGHNODUDWLRQ VNDOO KD XSSUlWWDWV LQQDQ HQ E\JJQDG WDV L EUXN VlOMV HOOHU K\UV XW

, IUnJD RP HQ RFK WYnERVWDGVKXV DQVHU YL DWW HWW NUDY Sn HQ E\JJQDGVGHNODUDWLRQ E|U LQI|UDV I|UVW QlU XSSJLIW RP HQHUJLSUH VWDQGD P P NDQ WDV PHG L HQ E\JJQDGVGHNODUDWLRQ 9L DQVHU GlUI|U DWW GHW VNDOO ILQQDV HQ |YHUJnQJVEHVWlPPHOVH HQOLJW YLONHQ GHNODUD WLRQVVN\OGLJKHW I|U HQ RFK WYnERVWDGVKXV LQWUlGHU GHQ GDJ VRP UHJHULQJHQ EHVWlPPHU

(WW HQHUJLFHUWLILNDW lU JLOWLJW XQGHU WLR nU )UnJDQ lU RP HQ E\JJQDGVGHNODUDWLRQ NDQ KD Vn OnQJ JLOWLJKHWVWLG 9DG JlOOHU HQ RFK WYnERVWDGVKXV lU VYDUHW MDNDQGH HIWHUVRP XSSJLIWHU VRP VNDOO GHNODUHUDV EHWUlIIDQGH HQ VnGDQ E\JJQDG lU XSSJLIW RP UDGRQ

)# #*  
   
   

PlWQLQJ VNHWW HOOHU LQWH RFK IUDP|YHU HYHQWXHOOW XSSJLIW RP HQHUJL

SUHVWDQGD RFK UHIHUHQVYlUGHQ

9L I|UHVOnU DWW GHW VNDOO LQI|UDV HQ UHJHO RP DWW HQ E\JJQDGV

GHNODUDWLRQ DOOWLG VNDOO ILQQDV LQQDQ HQ E\JJQDG WDV L EUXN VlOMV HOOHU

K\UV XW RFK DWW GHQ Gn LQWH InU YDUD lOGUH lQ WLR nU 'HVVD NUDY lU

HPHOOHUWLG DWW VH VRP PLQLPLNUDY

$QVODJ RFK WLOOKDQGDKnOODQGH DY GHNODUDWLRQHQ

9nUW I|UVODJ bJDUHQ WLOO HQ DQQDQ E\JJQDG lQ HWW HQ RFK WYnERVWDGVKXV VNDOO YDUD VN\OGLJ DWW DQVOn E\JJQDGVGHNODUDWLRQHQ Sn HQ SODWV VRP lU IUDPWUlGDQGH RFK NODUW V\QOLJ 9LG I|UVlOMQLQJ DY HQ E\JJQDG VNDOO VlOMDUHQ WLOOKDQGDKnOOD N|SDUHQ HQ E\JJQDGV GHNODUDWLRQ 0RWVYDUDQGH VNDOO JlOOD QlU QnJRQ YLOO K\UD XW VLQ E\JJQDG

.UDYHW L 29. I|URUGQLQJHQ Sn DWW HWW LQW\J RP JHQRPI|UG EHVLNWQLQJ VNDOO DQVOnV WDV ERUW

2P GHW ILQQV VNlO VNDOO UHJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU L HQVNLOGD IDOO In PHGJH XQGDQWDJ IUnQ EHVWlPPHOVHUQD L ODJHQ RP E\JJQDGVGHNODUDWLRQHU

)|U DWW VlNHUVWlOOD DWW ERHQGH WLOOWlQNWD K\UHVJlVWHU RFK EUXNDUH InU WLOOJnQJ WLOO XSSJLIWHU L HQ GHNODUDWLRQ E|U GHW LQI|UDV HWW NUDY Sn DWW GHNODUDWLRQHQ VNDOO DQVOnV L E\JJQDGHQ Sn HQ IUDPWUlGDQGH RFK NODUW V\QOLJ SODWV 1nJRW VnGDQW NUDY DQVHU YL LQWH NDQ VWlOODV I|U HQ RFK WYnERVWDGVKXV 'lUHPRW lU GHW DQJHOlJHW DWW HQ N|SDUH WLOO HQ VnGDQ E\JJQDG I|UH N|SHW InU GHO DY XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ 'HWVDPPD JlOOHU lYHQ |YULJD E\JJQDGHU VRP EMXGV XW WLOO I|UVlOMQLQJ 'HW E|U GlUI|U LQI|UDV HWW NUDY Sn DWW HQ VlOMDUH DY HQ E\JJQDG I|UH |YHUOnWHOVHQ VNDOO WLOOKDQGDKnOOD N|SDUHQ HQ E\JJQDGVGHNODUDWLRQ 0RWVYDUDQGH E|U JlOOD I|UH HQ XWK\UQLQJ

'HW lU DQJHOlJHW DWW V\VWHPHW XWIRUPDV Vn DWW GHW VWLPXOHUDU HQ lJDUH DWW DUEHWD I|U HQ JRG LQRPKXVPLOM| RFK HQ HIIHNWLY HQHUJL DQYlQGQLQJ )|U HQ E\JJQDGVlJDUH VRP KDU HJQD UXWLQHU I|U DWW VlNUD NYDOLWpQ L VLQD E\JJQDGHU RFK I|U DWW UHGRYLVD XSSJLIWHU RP LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ E|U GHW GlUI|U ILQQDV P|MOLJ KHW DWW XQGDQWDV IUnQ NUDYHW Sn W H[ KXU LQIRUPDWLRQHQ VNDOO OlPQDV RFK DWW HQ YLVV EODQNHWW VNDOO DQYlQGDV 5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU E|U GlUI|U L HQVNLOGD IDOO In

  )# #*
   
   

PHGJH XQGDQWDJ IUnQ EHVWlPPHOVHUQD L ODJHQ RP E\JJQDGVGHNODUD WLRQHU

'HW lU YLNWLJW DWW EODQG DQGUD ERHQGH HOOHU EUXNDUH NDQ WD GHO DY XQGHUODJHW I|U GH UHGRYLVDGH XSSJLIWHUQD 'HW E|U GlUI|U ILQQDV HQ VN\OGLJKHW I|U lJDUHQ DWW L GHNODUDWLRQHQ LQIRUPHUD RP YDU HOOHU KRV YHP XQGHUODJ I|U GH UHGRYLVDGH XSSJLIWHUQD ILQQV DWW WLOOJn +lU NDQ VRP H[HPSHO QlPQDV SURWRNROO IUnQ HQ UDGRQPlWQLQJ RFK EHVLNW QLQJVSURWRNROO IUnQ GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ , GH IDOO E\JJQDGHQV lJDUH L GHNODUDWLRQHQ UHGRYLVDU DWW HQHUJLVSDUSODQ HOOHU HQ VlUVNLOG UHGRYLVQLQJ RP HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ XSSUlWWDWV E|U LQIRUPDWLRQ OlPQDV RP YDU HOOHU KRV YHP SODQHQ HOOHU GHQ VlUVNLOGD UHGRYLVQLQJHQ ILQQV DWW WLOOJn 'HNODUDWLRQHQ L VLJ LQQHElU GlUHPRW LQWH QnJRW NUDY Sn E\JJQDGHQV lJDUH DWW KnOOD GRNXPHQWDWLRQ L IRUP DY IDNWXURU H G\O WLOOJlQJOLJD bYHQ EHWUlIIDQGH VnGDQD IULYLOOLJD XSSJLIWHU VRP E\JJQDGHQV lJDUH YlOMHU DWW UHGRYLVD VNDOO GHW ILQQDV P|MOLJKHW I|U ERHQGH HOOHU EUXNDUH DWW In GHO DY XQGHUODJHW I|U GH UHGRYLVDGH XSSJLIWHUQD

(Q E\JJQDGVGHNODUDWLRQ LQQHKnOOHU XSSJLIWHU RP YHQWLODWLRQV V\VWHPHQ L HQ E\JJQDG lU NRQWUROOHUDGH 0HG HQ UHJHO RP DWW HQ E\JJQDGVGHNODUDWLRQ VNDOO DQVOnV NDQ NUDYHW L 29. I|URUGQLQJHQ Sn DWW HWW LQW\J RP JHQRPI|UG EHVLNWQLQJ VNDOO DQVOnV Sn HQ YlO V\QOLJ SODWV L E\JJQDGHQ WDV ERUW

.RPPXQHUQD E|U KD HWW WLOOV\QVDQVYDU

9nUW I|UVODJ 9L I|UHVOnU DWW GHW lU E\JJQDGVQlPQGHQ HOOHU PRWVYDUDQGH QlPQG VRP VNDOO KD DQVYDUHW I|U DWW |YHUYDND DWW GHNODUDWLRQVVN\OGLJKHWHQ IXOOJ|UV bJDUHQ WLOO HQ E\JJQDG VNDOO GlUI|U YDUD VN\OGLJ DWW VlQGD HWW H[HPSODU DY E\JJQDGV GHNODUDWLRQHQ WLOO E\JJQDGVQlPQGHQ HOOHU PRWVYDUDQGH QlPQG

.UDYHW L 29. I|URUGQLQJHQ Sn DWW HWW SURWRNROO IUnQ HQ YHQWLODWLRQVNRQWUROO VNDOO VNLFNDV WLOO E\JJQDGVQlPQGHQ HOOHU PRWVYDUDQGH QlPQG NDQ WDV ERUW RFK HUVlWWDV DY XSSJLIWHUQD L GHNODUDWLRQHQ

.RPPXQHUQD KDU WLOOV\QHQ |YHU GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ RFK LQRPKXVPLOM|Q L ERVWlGHU RFK ORNDOHU I|U DOOPlQQD lQGDPnO .RPPXQHUQD KDU WLOOV\Q |YHU IUnJRU VRP U|U EHE\JJHOVHQ HQOLJW EO D SODQ RFK E\JJODJHQ RFK PLOM|EDONHQ

)# #*  
   
   

, VDPPDQKDQJHW VNDOO lYHQ GH NRPPXQDOD HQHUJLSODQHUQD QlPQDV (QOLJW † ODJHQ RP NRPPXQDO HQHUJLSODQHULQJ VNDOO YDUMH NRPPXQ KD HQ DNWXHOO SODQ I|U WLOOI|UVHO GLVWULEXWLRQ RFK DQYlQGQLQJ DY HQHUJL $Y EHW\GHOVH lU RFNVn GHQ NRPPXQDOD HQHUJLUnGJLYQLQJHQ VRP ILQQV L ODQGHWV NRPPXQHU 0nOHW I|U HQHUJLUnGJLYQLQJHQ lU DWW JH NXQVNDS RP HQHUJLDQYlQGQLQJ RFK HQHUJLHIIHNWLYLVHULQJ 5HJHULQJHQ KDU XWWDODW DWW GHW lU DY YLNW DWW HQHUJLUnGJLYDUQD YlJHU LQ lYHQ DQGUD DVSHNWHU YLG UnGJLYQLQJHQ lQ HQHUJLDQYlQGQLQJ 6RP H[HPSHO QlPQGH UHJHULQJHQ LQRPKXVPLOM| IUnJRU VRP lU QlUD NRSSODGH WLOO HQHUJLDQYlQGQLQJHQ RFK IUnJRU VRP KDU EHW\GHOVH I|U PLOM|NYDOLWHWVPnOHQ SURS

6DPYHUNDQ I|U HQ WU\JJ HIIHNWLY RFK PLOM|YlQOLJ HQHUJLI|UV|UMQLQJ V

5HGDQ L GDJ ILQQV EHVWlPPHOVHU RP NRPPXQHUQDV |YHUYDNQLQJ DY DWW HQ E\JJQDGV lJDUH IXOOJ|U EO D GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ %\JJQDGVGHNODUDWLRQHUQD VNDOO EO D XWJ|UD HWW YHUNW\J I|U DWW I|UPn E\JJQDGVlJDUH DWW NRQWUROOHUD VLQD E\JJQDGHU 6NlO ILQQV GlUI|U I|U DWW GHW lU WLOO UHVSHNWLYH NRPPXQ VRP GHNODUD WLRQHUQD VNDOO OlPQDV )|U DWW I|UIDUDQGHW VNDOO EOL Vn HQNHOW RFK VPLGLJW VRP P|MOLJW DQVHU YL DWW NUDYHW L 29. I|URUGQLQJHQ Sn DWW SURWRNROO IUnQ NRQWUROOHQ VNDOO VNLFNDV WLOO NRPPXQHQ VNDOO WDV ERUW bYHQ IRUWVlWWQLQJVYLV VNDOO GHW GRFN I|UDV SURWRNROO YLG YDUMH EHVLNWQLQJ , GHW VWRUD IOHUWDOHW IDOO E|U GHW HPHOOHUWLG YDUD WLOO UlFNOLJW I|U NRPPXQHQ DWW In GH XSSJLIWHU VRP IUDPJnU DY HQ GHNODUDWLRQ 9LG EHKRY NDQ NRPPXQHQ NUlYD LQ HWW SURWRNROO I|U HQ E\JJQDG 0HG HQ UHJHO RP DWW HQ E\JJQDGVGHNODUDWLRQ VNDOO DQVOnV Sn HQ YlO V\QOLJ SODWV L E\JJQDGHQ NDQ lYHQ NUDYHW L 29. I|URUGQLQJHQ Sn LQW\J WDV ERUW

+XU E|U GHNODUDWLRQHUQD NXQQD OlPQDV WLOO HQ NRPPXQ"

9nUW I|UVODJ 'HW E|U VNDSDV P|MOLJKHW I|U lJDUHQ WLOO HQ E\JJQDG DWW OlPQD E\JJQDGVGHNODUDWLRQHQ HOHNWURQLVNW 'HW E|U RFNVn VNDSDV P|MOLJKHW I|U lJDUHQ WLOO HQ E\JJQDG DWW OlPQD XSSGUDJ WLOO HQ IXQNWLRQVNRQWUROODQW HWW DQDO\VI|UHWDJ HOOHU G\OLNW DWW I|U lJDUHQV UlNQLQJ OlPQD HQ GHNODUDWLRQ HOHNWURQLVNW

  )# #*
   
   

(Q P|MOLJKHW DWW OlPQD GHNODUDWLRQHUQD HOHNWURQLVNW NDQ XQGHUOlWWD KDQWHULQJHQ VnYlO I|U NRPPXQHUQD VRP I|U E\JJQDGVlJDUQD 'HW E|U GlUI|U ILQQDV P|MOLJKHW I|U HQ lJDUH DWW ² L VWlOOHW I|U DWW VNLFND GHNODUDWLRQHQ WLOO NRPPXQHQ ² OlPQD XSSJLIWHU HOHNWURQLVNW )|U GHWWD lQGDPnO NDQ GHW XWYHFNODV HWW ZHEEIRUPXOlU 9L DQVHU DWW GH EHVWlPPHOVHU VRP ILQQV L ODJHQ RP VMlOYGHNODUDWLRQHU RFK NRQWUROOXSSJLIWHU VDPW L IDVWLJKHWVWD[HULQJVODJHQ

NDQ WMlQD VRP I|UHELOGHU I|U HQ VnGDQ EHVWlPPHOVH

)|U GHQ nUOLJD LQNRPVWWD[HULQJHQ JlOOHU HQOLJW NDS † ODJHQ

RP VMlOYGHNODUDWLRQHU RFK NRQWUROOXSSJLIWHU DWW UHJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU InU I|UHVNULYD HOOHU L HQVNLOGD IDOO PHGJH DWW GHNODUDWLRQHQ InU OlPQDV L IRUP DY HWW HOHNWURQLVNW GRNXPHQW 'HW lU 6NDWWHYHUNHW VRP EHVOXWDU L GHVVD IUnJRU HQOLJW NDS † I|URUGQLQJHQ

RP VMlOYGHNODUDWLRQHU RFK NRQWUROOXSSJLIWHU 1\OLJHQ LQI|UGHV EHVWlPPHOVHU RP DWW HQ IDVWLJKHWVGHNODUDWLRQ VNDOO NXQQD OlPQDV L IRUP DY HWW HOHNWURQLVNW GRNXPHQW 'HVVD EHVWlPPHOVHU ILQQV L

NDS D † IDVWLJKHWVWD[HULQJVODJHQ RFK NDS † IDVWLJKHWVWD[HULQJVI|URUGQLQJHQ 5HJOHULQJHQ L IDVWLJKHWVWD[HULQJVODJHQ RFK IDVWLJKHWVWD[HULQJVI|URUGQLQJHQ KDU PRWVYDUDQGH O\GHOVH VRP EHVWlPPHOVHUQD L ODJHQ RFK I|URUGQLQJHQ RP VMlOYGHNODUDWLRQHU RFK NRQWUROOXSSJLIWHU %HVWlPPHOVHUQD L IDVWLJKHWVWD[HULQJVODJHQ WLOOlPSDV GRFN I|UVWD JnQJHQ YLG nUV IDVWLJKHWVWD[HULQJ

, IUnJD RP E\JJQDGVGHNODUDWLRQHUQD E|U GHW RFNVn VNDSDV P|MOLJKHW I|U HQ lJDUH WLOO HQ E\JJQDG DWW OlPQD XSSGUDJ WLOO GHQ VRP \UNHVPlVVLJW XWI|U NRQWUROOHU L E\JJQDGHU W H[ HQ IXQNWLRQV NRQWUROODQW DWW UDSSRUWHUD XSSJLIWHU WLOO UHJLVWUHW 0HG HQ VnGDQ O|VQLQJ NDQ KDQWHULQJHQ XQGHUOlWWDV I|U E\JJQDGVlJDUH

)HOUHJOHUQD RFK GHUDV EHW\GHOVH P P

9nU EHG|PQLQJ %\JJQDGVGHNODUDWLRQHUQD L VLJ NDQ NQDSSDVW DQVHV VRP HQ XWIlVWHOVH RP HWW YLVVW I|UKnOODQGH 'HVVXWRP lU GHW WYHNVDPW RP YLVVD DY GH XSSJLIWHU VRP VNDOO UHGRYLVDV L HQ GHNODUDWLRQ NDQ DQVHV VRP HWW IHO HOOHU HQ EULVW , IUnJD RP I|UVlOMQLQJ DY HQ IDVWLJKHW NDQ UHGRYLVQLQJHQ EHURHQGH Sn XSSJLIWHUQDV NDUDNWlU RFK YDG VRP L |YULJW I|UHNRPPLW PHOODQ SDUWHUQD PHGI|UD DWW N|SDUHQV XQGHUV|NQLQJVSOLNW XW|NDV HOOHU L YLVVD IDOO DWW N|SDUHQV XQGHUV|NQLQJVSOLNW LQVNUlQNV

)# #*  
   
   

, GHQQD GHO DQVHU YL LQWH DWW GHW ILQQV VNlO DWW I|UHVOn QnJUD I|UlQGULQJDU L JlOODQGH ODJVWLIWQLQJ

)DVWLJKHW ¤ 9DG NDQ E\JJQDGVGHNODUDWLRQHUQD LQQHElUD YLG I|UVlOMQLQJ DY HQ IDVWLJKHW"

, NDS † MRUGDEDONHQ ILQQV UHJOHU RP DQVYDU I|U IHO L VnOG IDVWLJKHW %HVWlPPHOVHQ lU HQOLJW † N|SODJHQ WLOOlPSOLJ YLG N|S DY E\JJQDG Sn DQQDQV PDUN (Q |YHUVLNWOLJ UHGRJ|UHOVH I|U UHJOHUQD RP IHO L IDVWLJKHW ILQQV L ELODJD

, SURSRVLWLRQ RP NRQVXPHQWVN\GGHW YLG I|UYlUY DY VPnKXV P P V VDPPDQIDWWDV LQQHE|UGHQ DY IHOEHJUHSSHW LNDS † HQOLJW I|OMDQGH 8WJnQJVSXQNWHQ lU DWW HQ IDVWLJKHW VlOMV VnGDQ GHQ lU RFK DWW N|SDUHQ I|U DWW WU\JJD VLJ InU J|UD HQ XQGHUV|NQLQJ DY IDVWLJKHWHQ I|UH N|SHW 6lOMDUHQ VYDUDU GRFN I|U GHW VRP NDQ DQVHV YDUD XWIlVW 6lOMDUHQ lU lYHQ DQVYDULJ I|U DWW IDVWLJKHWHQ lU VnGDQ VRP N|SDUHQ lJHU UlNQD PHG Sn JUXQG DY YDG VRP DYKDQGODWV YLG N|SHW 'HVVXWRP KDU VlOMDUHQ HWW DQVYDU I|U HQ EULVWIlOOLJKHW VRP LQWH EHU|UWV YLG N|SHW RP EULVWIlOOLJKHWHQ lU VnGDQ DWW N|SDUHQ HQOLJW VDNHQV QDWXU LQWH KDIW DQOHGQLQJ DWW UlNQD PHG GHQ RFK LQWH KHOOHU ERUW XSSWlFND GHQ YLG HQ XQGHUV|NQLQJ , SUDNWLNHQ EOLU GHW KlU IUnJD RP GROGD IHO EHWUlIIDQGH QnJRW VRP UHJHOPlVVLJW K|U WLOO HQ IDVWLJKHW DY GHQ W\S VRP N|SHW JlOOHU

(Q NODUJ|UDQGH EHVNULYQLQJ DY YDG VRP NDQ YDUD HWW IHO HQOLJW EHVWlPPHOVHQ OlPQDV DY +|JVWD GRPVWROHQ L 1-$ V

+|JVWD GRPVWROHQ XWWDODU PHG KlQYLVQLQJ WLOO I|UDUEHWHQD I|OMDQGH (Q N|SDUH E|U NXQQD UlNQD PHG DWW GHW KDQ N|SHU lU IXOOW EUXNEDUW I|U GHW YLG N|SHW I|UXWVDWWD lQGDPnOHW RP HQ XQGHUV|NQLQJ LQWH ERUW XSSO\VD KRQRP RP DQQDW )HOHW HOOHU EULVWHQ VNDOO RFNVn YlVHQWOLJW LQYHUND Sn IDVWLJKHWHQV VDOXYlUGH +|JVWD GRPVWROHQ IRUWVlWWHU (Q DYYLNHOVH IUnQ YDG N|SDUHQ InU DQVHV KD KDIW DQOHGQLQJ DWW UlNQD PHG WRUGH VRP UHJHO DYVH HQ EULVW L HQ I\VLVN HJHQVNDS KRV IDVWLJKHWHQ bYHQ DQGUD EULVWHU NDQ GRFN XWJ|UD HQ VnGDQ DYYLNHOVH RP EULVWHQ lU KlQI|UOLJ WLOO VMlOYD IDVWLJKHWHQ RFK SnYHUNDU GHVV YlUGH (Q DYYLNHOVH PnVWH I|U DWW RPIDWWDV DY ODJUXPPHW KlQI|UD VLJ WLOO IDVWLJKHWHQ VRP VnGDQ RFK KlULJHQRP SnYHUND P|MOLJKHWHQ DWW IDNWLVNW HOOHU UlWWVOLJW Q\WWMD GHQQD

  )# #*
   
   

(Q E\JJQDGVGHNODUDWLRQ NDQ KD XSSUlWWDWV DY IDVWLJKHWHQV lJDUH HQ NRUWDUH HOOHU HQ OlQJUH WLG I|UH |YHUOnWHOVHQ , HQ E\JJQDGV GHNODUDWLRQ UHGRYLVDU E\JJQDGHQV lJDUH VDPODW XSSJLIWHU RP HQ E\JJQDG L YLVVD DYVHHQGHQ 'HW QlUPDUH XQGHUODJHW I|U IDVWLJKHWVlJDUHQV UHGRYLVQLQJ NDQ KD WDJLWV IUDP DY DQQDQ W H[ VnYLWW DYVHU IXQNWLRQVNRQWUROOHQ DY YHQWLODWLRQVV\VWHP DY HQ IXQNWLRQVNRQWUROODQW

, GHNODUDWLRQHQ NDQ IDVWLJKHWVlJDUHQ PHG KlQYLVQLQJ WLOO HWW PlWSURWRNROO KD DQJHWW GHQ UDGRQKDOW VRP PlWWV L IDVWLJKHWHQ , YLVVD IDOO NDQ IDVWLJKHWVlJDUHQ L GHNODUDWLRQHQ KD YDOW DWW HQGDVW OlPQD XSSJLIW RP DWW E\JJQDGHQV UDGRQKDOW LQWH lU XSSPlWW

)|UXWRP DWW GHNODUDWLRQHQ NDQ LQQHKnOOD Q\VV QlPQGD XSSJLIWHU RP UDGRQ NDQ GHQ LQQHKnOOD XSSJLIW RP W H[ JRGNlQG IXQNWLRQV NRQWUROO DY YHQWLODWLRQVV\VWHP RFK XSSJLIWHU VRP IUDPNRPPHU YLG HQ HQHUJLFHUWLILHULQJ 'lUXW|YHU NDQ IDVWLJKHWHQV lJDUH KD YDOW DWW GHNODUHUD IDVWLJKHWHQ L \WWHUOLJDUH DYVHHQGHQ

)UnJDQ lU RP HQ GHNODUDWLRQ KDU QnJRQ EHW\GHOVH YLG WLOOlPSQLQJ DY NDS † MRUGDEDONHQ

(QEDUW HQ E\JJQDGVGHNODUDWLRQ L VLJ NDQ NQDSSDVW DQVHV VRP HQ XWIlVWHOVH RP QnJRW YLVVW I|UKnOODQGH

$Y 1-$ V IUDPJnU DWW HQ UDGRQKDOW L HWW ERVWDGVKXV VRP |YHUVWHJ GHW DY 6RFLDOVW\UHOVHQ IDVWVWlOOGD JUlQVYlUGHW

%T P DQVnJV XWJ|UD HWW IHO L IDVWLJKHWHQ $Y UlWWVIDOOHW NDQ HQOLJW *UDXHUV GHQ VOXWVDWVHQ GUDV DWW HQ N|SDUH I|U DWW DQVHV KD IXOOJMRUW VLQ XQGHUV|NQLQJVSOLNW KDU DWW I|UYLVVD VLJ RP DWW HWW KXV LQWH lU E\JJW DY PDWHULDO VRP NDQ DYJH UDGRQ )UnJDQ lU RP +|JVWD GRPVWROHQ VNXOOH J|UD VDPPD EHG|PQLQJ VRP RYDQ RP GHW L SULQFLS HQGDVW lU PDUNHQ VRP DYJHU UDGRQ

2P GHW DY E\JJQDGVGHNODUDWLRQHQ HQGDVW IUDPJnU DWW UDGRQKDOWHQ LQWH lU XSSPlWW LQQHElU GHNODUDWLRQHQ L SULQFLS ² L YDUW IDOO EHWUlIIDQGH E\JJPDWHULDOHW ² LQWH QnJRQ I|UlQGULQJ PRW L GDJ 'HW lU N|SDUHQ VRP KDU DWW XQGHUV|ND I|UKnOODQGHW GYV GHW lU N|SDUHQ VRP InU VYDUD I|U HWW HYHQWXHOOW IHO )UnJDQ lU LQWH OLND HQW\GLJ EHWUlIIDQGH PDUNUDGRQ , IUnJD RP PDUNUDGRQ NDQ HQ XSSO\VQLQJ L E\JJQDGVGHNODUDWLRQHQ DY Q\VV DQJLYHW VODJ HYHQWXHOOW PHGI|UD DWW N|SDUHQV XQGHUV|NQLQJVSOLNW XW|NDV

)|U GHW IDOO DWW VlOMDUHQ OlPQDW XSSGUDJ WLOO QnJRQ DWW PlWD IDVWLJKHWHQV UDGRQKDOW RFK GlUHIWHU DQWHFNQDW GHQQD XSSJLIW L GHNODUDWLRQHQ VDPW YLG N|SHWLOOIlOOHW OlPQDW XSSJLIW RP GHWWD WLOO

!" #

)# #*  
   
   

N|SDUHQ NDQ GHW NQDSSDVW EOL WDO RP HWW IHO L MRUGDEDONHQV PHQLQJ

.|SDUHQ KDU MX JHQRP XSSJLIWHQ YLG N|SHWLOOIlOOHW InWW NXQVNDS RP UDGRQKDOWHQ L E\JJQDGHQ .|SDUHQ KDU GHVVXWRP P|MOLJKHW ² RFK HYHQWXHOOW lYHQ VN\OGLJKHW I|U DWW XQGHUV|NQLQJVSOLNWHQ VNDOO DQVHV XSSI\OOG ² DWW EH DWW In WLOOJnQJ WLOO PlWSURWRNROO 'HWWD I|U DWW I|UYLVVD VLJ RP KXU PlWQLQJHQ XWI|UWV RFK YDU L IDVWLJKHWHQ PlWQLQJHQ VNHWW

(Q XSSJLIW RP EO D HQ E\JJQDGV HQHUJLSUHVWDQGD WDV IUDP DY HQ VlUVNLOG H[SHUW I|U DWW GlUHIWHU UHGRYLVDV DY E\JJQDGHQV lJDUH L HQ GHNODUDWLRQ (QHUJLFHUWLILHULQJHQ NDQ YDUD Q\JMRUG HOOHU DY HWW lOGUH GDWXP (QOLJW YnU PHQLQJ lU GHW WYHNVDPW RP HQ UHGRYLVQLQJ L GHNODUDWLRQHQ DY VOXWVDWVHU VRP GUDJLWV YLG HQ HQHUJLFHUWLILHULQJ lU DWW EHWUDNWD VRP HWW IHO L MRUGDEDONHQV PHQLQJ )|U DWW RPIDWWDV DY ODJUXPPHW PnVWH HQ DYYLNHOVH HQOLJW +|JVWD GRPVWROHQ KlQI|UD VLJ WLOO IDVWLJKHWHQ VRP VnGDQ RFK KlULJHQRP SnYHUND P|MOLJKHWHQ DWW IDNWLVNW HOOHU UlWWVOLJW Q\WWMD GHQQD $WW HQ IDVWLJKHW WD[HUDWV IHODNWLJW NDQ HQOLJW +|JVWD GRPVWROHQ 1-$ V LQWH YDUD HQ EULVW VRP EHU|U IDVWLJKHWHQ Sn Q\VV DQJLYHW VlWW RFK NDQ GlUI|U LQWH DQVHV VRP HQ DYYLNHOVH L GHQ PHQLQJ VRP DYVHV NDS † MRUGDEDONHQ 0RWVYDUDQGH EHG|PQLQJ DQVHU YL NDQ J|UDV EHWUlIIDQGH XSSJLIWHU VRP UHGRYLVDV L GHNODUDWLRQHQ IUnQ HQHUJL FHUWLILHULQJHQ RFK EHWUlIIDQGH UHGRYLVDGH XSSJLIWHU RP DWW HQ JRGNlQG IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP VNHWW HOOHU LQWH

gYULJD XSSJLIWHU VRP HQ IDVWLJKHWVlJDUH NDQ WlQNDV YlOMD DWW UHGRYLVD L HQ E\JJQDGVGHNODUDWLRQ NDQ YDUD DY VNLIWDQGH NDUDNWlU 9LVVD XSSJLIWHU VRP IDVWLJKHWVlJDUH YlOMHU DWW GHNODUHUD NDQ KD GHQ NDUDNWlUHQ DWW GH NQDSSDVW L VLJ DQVHV VRP HWW IHO L MRUGDEDONHQV PHQLQJ , |YULJW WRUGH GHNODUDWLRQHQ YDUD HQ RPVWlQGLJKHW EODQG DOOD DQGUD DWW EHDNWD YLG EHG|PQLQJHQ DY RP IDVWLJKHWHQ DYYLNHU IUnQ µQRUPDOµ VWDQGDUG %HURHQGH Sn XSSJLIWHUQDV NDUDNWlU RFK L YLOND VDPPDQKDQJ XSSJLIWHUQD OlPQDV NDQ GH I|UPRGOLJHQ PHGI|UD DWW N|SDUHQV XQGHUV|NQLQJVSOLNW LQVNUlQNV HOOHU L YLVVD IDOO XW|NDV

+\UHVOlJHQKHW ¤ 9DG NDQ E\JJQDGVGHNODUDWLRQHUQD LQQHElUD YLG XWK\UQLQJ"

, GHWWD DYVQLWW VNDOO YL L NRUWKHW EHU|UD YDG HQ E\JJQDGVGHNODUDWLRQ NDQ LQQHElUD YLG I|UK\UQLQJ DY ERVWDGVOlJHQKHWHU

%HVWlPPHOVHU RP OlJHQKHWHQV VNLFN ILQQV L NDS MRUGDEDONHQ (Q K\UHVYlUG RFK HQ K\UHVJlVW NDQ DYWDOD RP DWW HQ OlJHQKHW VNDOO

  )# #*
   
   

KD ElWWUH VNLFN lQ YDG VRP IUDPJnU DY GHVVD EHVWlPPHOVHU 'lU HPRW lU GHW L SULQFLS LQWH P|MOLJW DWW DYWDOD RP VlPUH VNLFN EHWUlII DQGH HQ ERVWDGVOlJHQKHW VRP lU DYVHGG I|U SHUPDQHQWERHQGH

7LGLJDUH IDQQV GHW L ODJHQ HQ EHVWlPPHOVH RP DWW K\UHVJlVWHQ KDGH UlWW DWW VlJD XSS HWW DYWDO VRP DYVnJ HQ KlOVRYnGOLJ OlJHQKHW 1lU NUDYHW Sn PLQLPLVWDQGDUG JMRUGHV WYLQJDQGH I|U ERVWDGV OlJHQKHWHU DQVnJV GHW HPHOOHUWLG DWW EHVWlPPHOVHQ NXQGH WDV ERUW

, NRPPHQWDUHQ WLOO K\UHVODJHQ RFK Gn QlUPDUH EHVWlPW EHVWlPPHOVHQ L NDS † I|UVWD VW\FNHW S MRUGDEDONHQ RP K\UHVJlVWHQV UlWW WLOO QHGVlWWQLQJ DY K\UDQ XWWDODV EO D I|OMDQGH µ, GHVVD WLGHU Gn PLOM|IUnJRUQD NRPPLW DOOWPHU L EOLFNSXQNWHQ lU GHW WlQNEDUW DWW GHW EOLU NODUODJW DWW OlJHQKHWHQ XQGHU HWW DQWDO nU YDULW EHKlIWDG PHG QnJRQ ROlJHQKHW VRP L VLJ InU DQVHV XWJ|UD HQ EULVW PHQ VRP LQJHQ DY SDUWHUQD NlQW WLOO , GHQ VLWXDWLRQHQ lU GHW VYnUW DWW WlQND VLJ DWW K\UHVJlVWHQ VNXOOH KD UlWW WLOO K\UHVUHGXFHULQJ 'HW InU VnOHGHV I|UXWVlWWDV DWW K\UHVJlVWHQ SnSHNDW EULVWHQ HOOHU DWW YlUGHQ L |YULJW NlQW WLOO GHQ LQQDQ K\UHVQHGVlWWQLQJ NDQ NRPPD L IUnJD µ

(Q E\JJQDGVGHNODUDWLRQ LQQHElU DWW E\JJQDGHQV lJDUH VDPODW UHGRYLVDU YLVVD I|UKnOODQGHQ RP E\JJQDGHQ L HQ GHNODUDWLRQ 'HNODUDWLRQHQ VND YDUD WLOOJlQJOLJ VnYlO I|U EHILQWOLJD VRP WLOOWlQNWD K\UHVJlVWHU 8QGHUODJHW I|U lJDUHQV UHGRYLVQLQJ NDQ KD WDJLWV IUDP DY DQQDQ W H[ EHWUlIIDQGH IXQNWLRQVNRQWUROOHQ DY YHQWLODWLRQV V\VWHP DY HQ IXQNWLRQVNRQWUROODQW

, IUnJD RP K\UHVKXV lU GHNODUDWLRQHUQD HQ UHGRYLVQLQJ DY I|UKnOODQGHQ VRP U|U E\JJQDGHQ VRP VnGDQ YDUL QDWXUOLJWYLV HWW YLVVW DQWDO OlJHQKHWHU LQJnU 'HW lU LQWH Vn DWW GHW VNDOO ILQQDV HQ E\JJQDGVGHNODUDWLRQ I|U YDUMH HQVNLOG OlJHQKHW XWDQ GHNODUD WLRQHUQD DYVHU VRP VDJW E\JJQDGHQ VRP VnGDQ

(Q E\JJQDGVGHNODUDWLRQ NDQ YDUD XSSUlWWDG HOOHU XSSGDWHUDG HQ NRUW WLG I|UH HQ I|UK\UQLQJ 'HQ NDQ RFNVn YDUD DY lOGUH GDWXP 'HVVXWRP NDQ GHW YDUD Vn DWW GHNODUDWLRQHQ XSSUlWWDV I|UVW HIWHU GHW DWW HWW K\UHVDYWDO WUlIIDWV RFK K\UHVJlVWHQ IO\WWDW LQ L OlJHQKHWHQ

6RP WLGLJDUH QlPQWV VNDOO E\JJQDGHQV lJDUH L GHNODUDWLRQHQ UHGRYLVD XSSJLIWHU RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP XSSJLIW RP E\JJQDGHQV UDGRQKDOW lU PlWW HOOHU LQWH RFK RP Vn lU

IDOOHW GHW XSSPlWWD YlUGHW VDPW XSSJLIWHU VRP IUDPNRPPLW YLG

$% ! &! % #' &! ## %

' #" ! & ! &!

#" "% !

() (* )

+ ,% +-! (

)# #*  
   
   

HQHUJLFHUWLILHULQJ 'lUXW|YHU NDQ E\JJQDGHQV lJDUH UHGRYLVD XSSJLIW RP HQNlWHU WLOO K\UHVJlVWHUQD I|UHNRPPHU HOOHU LQWH RFK DQQDW DUEHWH VRP KDQ HOOHU KRQ EHGULYHU I|U DWW LQYHQWHUD RFK I|UElWWUD LQRPKXVPLOM|Q

)UnJDQ lU Gn RP HQ GHNODUDWLRQ DY VnGDQD XSSJLIWHU KDU QnJRQ EHW\GHOVH YLG EHG|PQLQJ DY YLONHW VNLFN HQ OlJHQKHW VNDOO KD , VDPPDQKDQJHW E|U GHW KnOODV L PLQQHW DWW GHNODUDWLRQHUQD KlQI|U VLJ WLOO E\JJQDGHQ VRP VnGDQ RFK LQWH WLOO YDUMH OlJHQKHW

(QOLJW I|URUGQLQJHQ RP YHQWLODWLRQVNRQWUROO VNDOO E\JJQDGHQV lJDUH VH WLOO DWW IXQNWLRQVNRQWUROO DY E\JJQDGHQV YHQWLODWLRQVV\VWHP VNHU 'HQ UHGRYLVQLQJ DY XSSJLIW RP DWW YHQWLODWLRQVNRQWUROO VNHWW HOOHU LQWH lU QlUPDVW DWW VH VRP HQ LQIRUPDWLRQ IUnQ E\JJQDGHQV lJDUH *HQRP DWW UHGRYLVD HQ VnGDQ XSSJLIW OlPQDU E\JJQDGHQV lJDUH HQOLJW YnU PHQLQJ LQWH QnJRQ XWIlVWHOVH RP DWW OXIWHQ L E\JJQDGHQ KDU HQ YLVV NYDOLWp (Q XSSJLIW L GHNODUDWLRQHQ RP DWW IXQNWLRQVNRQWUROO LQWH VNHWW LQQHElU n DQGUD VLGDQ LQWH KHOOHU DWW E\JJQDGHQ LQWH VNXOOH YDUD IXOOW EUXNEDU I|U GHW DYVHGGD lQGDPnOHW 'lUHPRW YLVDU HQ VnGDQ UHGRYLVQLQJ DWW E\JJQDGHQV lJDUH VWUXQWDU L DWW I|UYLVVD VLJ RP DWW E\JJQDGHQV YHQWLODWLRQVV\VWHP IXQJHUDU 9L DQVHU VnOHGHV LQWH DWW HQ UHGRYLVQLQJ DY XSSJLIWHU RP IXQNWLRQV NRQWUROO LQQHElU HQ XWIlVWHOVH RP DWW OXIWHQ L E\JJQDGHQ KDU HQ YLVV NYDOLWp )UnJDQ RP GHW I|UHOLJJHU HQ EULVW L OlJHQKHWHQ InU ² RDYVHWW RP GHW LQI|UV HQ GHNODUDWLRQ HOOHU LQWH ² HQOLJW YnU PHQLQJ DYJ|UDV XWLIUnQ EHVWlPPHOVHQ L NDS MRUGDEDONHQ RP DWW HQ OlJHQKHW VNDOO YDUD IXOOW EUXNEDU I|U GHW DYVHGGD lQGDPnOHW

'HW lU HQOLJW YnU PHQLQJ WYHNVDPW RP HQ UHGRYLVQLQJ DY XSSJLIWHU RP E\JJQDGHQV HQHUJLSUHVWDQGD HOOHU DQGUD VnGDQD XSS JLIWHU VRP WDV IUDP DY HQ H[SHUW L VDPEDQG PHG HQHUJLFHUWL ILHULQJHQ L VLJ NDQ PHGI|UD DWW GHW VNXOOH DQVHV ILQQDV HQ EULVW L OlJHQKHWHQ L MRUGDEDONHQV PHQLQJ

9DG KlUHIWHU JlOOHU IUnJDQ RP UDGRQ DQVHU YL DWW HQ UHGRYLVQLQJ DY XSSJLIWHU RP DWW UDGRQKDOWHQ LQWH lU XSSPlWW LQWH KDU QnJRQ UlWWVOLJ EHW\GHOVH 'lUHPRW KDU XSSJLIWHQ QDWXUOLJWYLV UHQW IDNWLVNW EHW\GHOVH I|U PnQJD K\UHVJlVWHU 'HW lU lYHQ WYHNVDPW RP HQ UHGRYLVQLQJ DY XSSPlWW UDGRQKDOW L VLJ NDQ DQVHV VRP HQ XWIlVWHOVH HIWHUVRP GHQ UHGRYLVDGH XSSJLIWHQ XWJ|UV DY HWW nUVPHGHOYlUGH I|U E\JJQDGHQ

, GHNODUDWLRQHQ NDQ K\UHVYlUGHQ UHGRYLVD \WWHUOLJDUH XSSJLIWHU bYHQ RP HQ VnGDQ UHGRYLVQLQJ OlPQDWV InU IUnJDQ RP GHW ILQQV HQ EULVW L OlJHQKHWHQ DYJ|UDV XWLIUnQ EHVWlPPHOVHUQD L NDS MRUGD EDONHQ RP DWW HQ OlJHQKHW VNDOO YDUD IXOOW EUXNEDU I|U GHW DYVHGGD

  )# #*
   
   

lQGDPnOHW 'HQ NDQ RFNVn YDUD HQ RPVWlQGLJKHW EODQG DOOD DQGUD L EHG|PQLQJHQ DY YDG VRP DYWDODWV PHOODQ SDUWHUQD

%RVWDGVUlWW ¤ 9DG NDQ HQ E\JJQDGVGHNODUDWLRQ LQQHElUD YLG XSSOnWHOVH HOOHU |YHUOnWHOVH DY HQ ERVWDGVUlWW"

$OOPlQW

(Q E\JJQDGVGHNODUDWLRQ LQQHElU VRP WLGLJDUH QlPQWV DWW E\JJ QDGHQV lJDUH VDPODW UHGRYLVDU YLVVD XSSJLIWHU RP E\JJQDGHQ L HQ GHNODUDWLRQ 'HNODUDWLRQHQ DYVHU E\JJQDGHQ VRP VnGDQ (IWHUVRP ERVWDGVUlWWVI|UHQLQJHQ lJHU VMlOYD E\JJQDGHQ lU GHW ERVWDGVUlWWV I|UHQLQJHQ VRP lJDUH DY E\JJQDGHQ VRP KDU DWW XSSUlWWD GHNODUDWLRQHQ

9LG HQ XSSOnWHOVH lU GHW E\JJQDGHQV lJDUH GYV GHQ VRP XSSUlWWDW GHNODUDWLRQHQ VRP lU DYWDOVSDUW PHG ERVWDGVUlWWV KDYDUHQ 9LG HQ |YHUOnWHOVH GlUHPRW lU GHW ERVWDGVUlWWVKDYDUHQ RFK LQWH ERVWDGVUlWWVI|UHQLQJHQ VRP lU DYWDOVSDUW PHG N|SDUHQ DY ERVWDGVUlWWHQ

, ELODJD JHV HQ |YHUVLNWOLJ UHGRYLVQLQJ DY UHJOHUQD RP IHO HOOHU EULVW YLG XSSOnWHOVH UHVSHNWLYH |YHUOnWHOVH DY HQ ERVWDGVUlWW

2P HQ ERVWDGVUlWWVI|UHQLQJ N|SHU HQ IDVWLJKHW VNDOO VlOMDUHQ HQOLJW YnUW I|UVODJ WLOOKDQGDKnOOD N|SDUHQ HQ E\JJQDGVGHNODUDWLRQ 'HWVDPPD JlOOHU RP ERVWDGVUlWWVI|UHQLQJHQ VlOMHU HQ IDVWLJKHW , GHVVD IDOO lU GHW UHJOHUQD L NDS † MRUGDEDONHQ VRP VNDOO WLOOlPSDV 9nUW I|UVODJ LQQHElU GlUHPRW LQWH QnJRW NUDY Sn DWW ERVWDGVUlWWVI|UHQLQJHQ YLG HQ XSSOnWHOVH VNDOO WLOOKDQGDKnOOD I|UYlUYDUHQ HQ E\JJQDGVGHNODUDWLRQ 'HNODUDWLRQHQ VNDOO GlUHPRW J|UDV WLOOJlQJOLJ I|U I|UYlUYDUHQ YLONHW VNDOO VNH JHQRP DWW GHQ lU DQVODJHQ L SRUWHQ

%\JJQDGVGHNODUDWLRQHQ NDQ KD XSSUlWWDWV HQ NRUWDUH HOOHU OlQJUH WLG I|UH XSSOnWHOVHQ , GHNODUDWLRQHUQD VNDOO XSSJLIW RP IXQNWLRQV NRQWUROO DY YHQWLODWLRQVV\VWHP XSSJLIWHU RP E\JJQDGHQV HQHUJL SUHVWDQGD RFK XSSJLIWHU RP UDGRQ UHGRYLVDV 'HVVXWRP NDQ E\JJ QDGHQV lJDUH KD YDOW DWW UHGRYLVD YLVVD \WWHUOLJDUH XSSJLIWHU VnVRP XSSJLIW RP ERHQGHHQNlWHU RFK XSSJLIWHU RP nWJlUGHU RFK SODQHU I|U DWW LQYHQWHUD RFK I|UElWWUD LQRPKXVPLOM|Q

)UnJDQ lU YLONHQ EHW\GHOVH GHNODUDWLRQHUQD NDQ KD YLG HQ XSSOnWHOVH HOOHU HQ |YHUOnWHOVH DY HQ ERVWDGVUlWW

)# #*  
   
   

8SSOnWHOVH

9LG HQ XSSOnWHOVH EHVWlPV GHQ VWDQGDUG VRP OlJHQKHWHQ VNDOO KnOOD L I|UVWD KDQG DY DYWDOHW PHOODQ SDUWHUQD 2P LQWH QnJRW DQQDW KDU DYWDODWV JlOOHU DWW HQ ERVWDGVUlWW YLG GHW I|UVWD WLOOWUlGHW HIWHU XSSOnWHOVHQ VNDOO YDUD IXOOW EUXNEDU I|U GHW DYVHGGD lQGDPnOHW (Q XSSOnWHOVH NDQ DYVH VnYlO Q\XSSI|UGD E\JJQDGHU VRP lOGUH E\JJ QDGHU W H[ L GH IDOO RPELOGQLQJ VNHU IUnQ K\UHVUlWW WLOO ERVWDGVUlWW 'HW I|UHNRPPHU VNLOGD YHQWLODWLRQVV\VWHP L ROLND E\JJQDGHU W H[ L HQ E\JJQDG XSSI|UG Sn WDOHW RFK HQ E\JJQDG XSSI|UG Sn

WDOHW 'H NUDY VRP XSSVWlOOV L I|URUGQLQJHQ RP YHQWLODWLRQV NRQWUROO YLG nWHUNRPPDQGH NRQWUROO LQQHElU EO D DWW GHW VNDOO NRQWUROOHUDV DWW IXQNWLRQHUQD RFK HJHQVNDSHUQD KRV YHQWLODWLRQV V\VWHPHW L KXYXGVDN |YHUHQVVWlPPHU PHG GH I|UHVNULIWHU VRP JlOOGH QlU V\VWHPHW WRJV L EUXN RFK DWW V\VWHPHW LQWH LQQHKnOOHU I|URUHQLQJDU VRP NDQ VSULGDV L E\JJQDGHQ

8WJnQJVSXQNWHQ YLG EHG|PQLQJ DY YLONHW VNLFN HQ OlJHQKHW VNDOO KD lU VRP VDJW YDG SDUWHUQD DYWDODW 'HNODUDWLRQHQ lU GlUYLG HQ RPVWlQGLJKHW EODQG DOOD DQGUD DWW EHDNWD YLG EHG|PQLQJ DY YLONHW VNLFN OlJHQKHWHQ VNDOO KD

(Q UHGRYLVQLQJ L GHNODUDWLRQHQ DY XSSJLIWHU RP IXQNWLRQV NRQWUROO LQQHElU HQOLJW YnU PHQLQJ LQWH DWW DYWDO NDQ DQVHV KD WUlIIDWV PHOODQ ERVWDGVUlWWVI|UHQLQJHQ RFK ERVWDGVUlWWVKDYDUHQ RP HQ YLVV NYDOLWp Sn LQRPKXVOXIWHQ bYHQ RP GHW ILQQV HQ GHNODUDWLRQ DQVHU YL DWW IUnJDQ RP YLONHQ OXIWNYDOLWp VRP NDQ NUlYDV InU DYJ|UDV XWLIUnQ EHVWlPPHOVHQ L NDS † ERVWDGVUlWWVODJHQ RP DWW HQ OlJHQKHW VNDOO YDUD IXOOW EUXNEDU I|U GHW DYVHGGD lQGDPnOHW 9L DQVHU VnOHGHV DWW HQEDUW GHNODUDWLRQHQ L VLJ LQWH NDQ LQQHElUD DWW DYWDO WUlIIDWV RP HQ YLVV OXIWNYDOLWp

(QOLJW YnU PHQLQJ lU GHW WYHNVDPW RP HQ UHGRYLVQLQJ L HQ GHNODUDWLRQ DY VOXWVDWVHU VRP GUDJLWV YLG HQHUJLFHUWLILHULQJ lU DWW EHWUDNWD VRP HQ EULVW L GHQ PHQLQJ VRP DYVHV L NDS † ERVWDGV UlWWVODJHQ )|U DWW GHW VNDOO DQVHV I|UHOLJJD HQ EULVW NUlYV GHW 1-$

V DWW GHW lU IUnJD RP HQ RPVWlQGLJKHW VRP SnYHUNDU OlJHQ KHWHQV EUXNEDUKHW 'H VOXWVDWVHU VRP HQ FHUWLILHUDUH GUDU RFK UHGR YLVDU RP EO D HQ E\JJQDGV HQHUJLSUHVWDQGD lU HQOLJW YnU PHQLQJ LQWH DY GHQ DUW DWW GH XSSJLIWHUQD L VLJ SnYHUNDU OlJHQKHWHQV EUXNEDUKHW 'lUHPRW WRUGH GH IDNWD VRP DQYlQGV VRP XQGHUODJ I|U FHUWL ILHULQJHQ L RFK I|U VLJ NXQQD YDUD DY VnGDQW VODJ DWW GH SnYHUNDU OlJHQKHWHQV EUXNEDUKHW

  )# #*
   
   

'HW ILQQV LQWH QnJRW UlWWVIDOO VRP EHU|U IUnJDQ RP UDGRQ XWJ|U HQ EULVW L HQ ERVWDGVUlWWVOlJHQKHW 9LG HQ XSSOnWHOVH DY HQ ERVWDGVUlWW lU GHW GHVVXWRP WYHNVDPW RP RFK L Vn IDOO YLONHQ XQGHUV|NQLQJVSOLNW VRP nYLODU GHQ WLOO YLONHQ XSSOnWHOVHQ VNHU

2P E\JJQDGHQV UDGRQKDOW LQWH lU XSSPlWW RFK E\JJQDGHQV lJDUH UHGRYLVDU GHWWD L GHNODUDWLRQHQ LQQHElU GHNODUDWLRQHQ YLG WLOOlPSQLQJ DY ERVWDGVUlWWVODJHQ LQWH QnJRQ I|UlQGULQJ PRW L GDJ

'HW lU HQOLJW YnU PHQLQJ P\FNHW VRP WDODU I|U DWW HQ I|U K|J UDGRQKDOW L HQ OlJHQKHW VNXOOH DQVHV VRP HQ EULVW L ERVWDGVUlWWV ODJHQV PHQLQJ (Q ERVWDGVUlWWVI|UHQLQJV UHGRYLVQLQJ DY XSSJLIW RP HQ E\JJQDGV UDGRQKDOW lU HPHOOHUWLG LQWH HQ UHGRYLVQLQJ DY UDGRQKDOWHQ L GH HQVNLOGD OlJHQKHWHUQD 'HW lU GlUI|U LQWH WUROLJW DWW HQ E\JJQDGVGHNODUDWLRQ PHG UHGRYLVQLQJ DY E\JJQDGHQV UDGRQKDOW NDQ DQVHV VRP HWW DYWDO RP HQ YLVV UDGRQKDOW L HQ HQVNLOG OlJHQKHW

)UnJDQ RP HQ YLVV UDGRQKDOW L E\JJQDGHQ NDQ DQVHV DYWDODG HOOHU LQWH lU EHURHQGH DY I|UKnOODQGHQD L GHW HQVNLOGD IDOOHW RFK IUnJDQ YLONHQ XQGHUV|NQLQJVSOLNW VRP nYLODU GHQ WLOO YLONHQ XSSOnWHOVHQ VNHU bU GHW Vn DWW GHQQH KDU HQ XQGHUV|NQLQJVSOLNW NDQ GHW NQDSSDVW EOL WDO RP HQ EULVW HIWHUVRP KDQ HOOHU KRQ JHQRP E\JJQDGVGHNODUDWLRQHQ IDNWLVNW InU NXQVNDS RP E\JJQDGHQV UDGRQKDOW 'HW lU P|MOLJW DWW GHW NUlYV DWW GHQ WLOO YLONHQ XSSOnWHOVHQ VNHU ² I|U DWW HQ HYHQWXHOO XQGHUV|NQLQJVSOLNW VNDOO DQVHV XSSI\OOG ² PnVWH EH DWW In WLOOJnQJ WLOO PlWSURWRNROO 'HWWD I|U DWW I|UYLVVD VLJ RP KXU PlWQLQJHQ XWI|UWV RFK YDU L E\JJQDGHQ PlWQLQJ VNHWW 2P GHW LQWH DQVHV I|UHOLJJD QnJRQ XQGHUV|NQLQJVSOLNW NDQ EHURHQGH Sn RPVWlQGLJKHWHUQD L GHW HQVNLOGD IDOOHW HQ EULVW DQVHV I|UHOLJJD L E\JJQDGHQ

gYHUOnWHOVH

(Q N|SDUH DY HQ ERVWDGVUlWW LQJnU LQWH QnJRW DYWDO RP N|S PHG ERVWDGVUlWWVI|UHQLQJHQ XWDQ N|SHDYWDOHW WUlIIDU KDQ HOOHU KRQ PHG VlOMDUHQ 9LG |YHUOnWHOVH DY HQ ERVWDGVUlWW lU GHW VnOHGHV LQWH ERVWDGVUlWWVI|UHQLQJHQ VRP lU SDUW 'HW lU ERVWDGVUlWWVI|UHQLQJHQ YDUL ERVWDGVUlWWVKDYDUQD KDU DQGHODU VRP lJDUH DY E\JJQDGHQ VRP KDU DWW XSSUlWWD HQ E\JJQDGVGHNODUDWLRQ

6nGDQD XSSJLIWHU VRP ERVWDGVUlWWVI|UHQLQJHQ UHGRYLVDU L HQ GHNODUDWLRQ NDQ VlOMDUHQ DY ERVWDGVUlWWHQ NQDSSDVW J|UDV DQVYDULJ I|U , YDUW IDOO JlOOHU GHWWD RP XSSJLIWHUQD LQWH YDULW Sn WDO YLG |YHUOnWHOVHQ 'HNODUDWLRQHUQD L VLJ WRUGH VnOHGHV LQWH KD QnJRQ

)# #*  
   
   

EHW\GHOVH L I|UKnOODQGHW PHOODQ N|SDUH RFK VlOMDUH 0|MOLJWYLV NDQ I|UHNRPVWHQ DY GHNODUDWLRQHU LQQHElUD HQ XW|NQLQJ DY YDG N|SDUHQ PnVWH DQWDV KD NlQW WLOO YLG N|SHW (YHQWXHOOW NDQ GH lYHQ LQQHElUD DWW N|SDUHQV XQGHUV|NQLQJVSOLNW L GH IDOO N|SDUHQ I|UH N|SHW XQGHUV|NW YDUDQ HOOHU XWDQ JRGWDJEDU DQOHGQLQJ XQGHUOnWLW DWW I|OMD VlOMDUHQV XSSPDQLQJ DWW XQGHUV|ND ERVWDGVUlWWHQ XW|NDV

'HNODUDWLRQHUQD NRPPHU WUROLJHQ PHGI|UD DWW HQ N|SDUH L IUDPWLGHQ EOLU lQ PHU LQWUHVVHUDG DY HQ OlJHQKHWV LQQHPLOM| RFK E\JJQDGHQV HQHUJLSUHVWDQGD 'HVVD IUnJRU NRPPHU I|UPRGOLJHQ DOOW RIWDUH DWW EHU|UDV YLG N|SHW RFK GHW NDQ DQWDV DWW IUnJRUQD Gn UHODWHUDV WLOO GHQ HQVNLOGD OlJHQKHWHQ 'HVVXWRP NDQ VRP QlPQWV HWW LQI|UDQGH DY GHNODUDWLRQHUQD HYHQWXHOOW LQQHElUD DWW XQGHU V|NQLQJVSOLNWHQ DYVHHQGH UDGRQ L GHQ HQVNLOGD OlJHQKHWHQ XW|NDVMIU 1-$ V VRP GRFN DYVnJ |YHUOnWHOVH DY HQ IDVWLJKHW

)DVWLJKHWVPlNODUHQV UROO

9nUW I|UVODJ (Q PlNODUH VRP DQOLWDV I|U HQ I|UVlOMQLQJ VNDOO YHUND I|U DWW VlOMDUHQ WLOOKDQGDKnOOHU N|SDUHQ HQ E\JJQDGV GHNODUDWLRQ

1lU HQ PlNODUH I|UPHGODU HQ IDVWLJKHW VRP HQ NRQVXPHQW N|SHU KXYXGVDNOLJHQ I|U HQVNLOW EUXN VNDOO IDVWLJKHWVPlNODUHQ L GHQ VNULIWOLJD EHVNULYQLQJHQ OlPQD HQ KlQYLVQLQJ WLOO HQ XSSUlWWDG E\JJQDGVGHNODUDWLRQ

(Q IDVWLJKHWVPlNODUH VRP I|UPHGODU HQ IDVWLJKHW VRP HQ NRQVXPHQW N|SHU I|U HQVNLOW EUXN VNDOO HQOLJ ODJHQ WLOOKDQGDKnOOD N|SDUHQ HQ VNULIWOLJ EHVNULYQLQJ REMHNWEHVNULYQLQJ 'HWVDPPD JlOOHU YLG VnGDQ I|UPHGOLQJ DY EO D E\JJQDGHU Sn DQQDQV PDUN ERVWDGVUlWWHU RFK K\UHVUlWWHU 2EMHNWEHVNULYQLQJHQ VNDOO LQQHKnOOD XSSJLIW RP IDVWLJKHWHQV EHQlPQLQJ WD[HULQJVYlUGH DUHDO E\JJ QDGHQV nOGHU VWRUOHN RFK E\JJQDGVVlWW %HVNULYQLQJHQ VNDOO RFNVn LQQHKnOOD XSSJLIW RP YHP VRP lJHU IDVWLJKHWHQ RFK YLOND LQWHFNQLQJDU VHUYLWXW RFK DQGUD UlWWLJKHWHU VRP EHODVWDU GHQ 9L DQVHU DWW HQ REMHNWEHVNULYQLQJ lYHQ E|U LQQHKnOOD HQ KlQYLVQLQJ WLOO HQ XSSUlWWDG E\JJQDGVGHNODUDWLRQ 'HWWD I|U DWW HQ N|SDUH VNDOO EOL XSSPlUNVDP Sn GH XSSJLIWHU VRP UHGRYLVDV L GHNODUDWLRQHQ

(QOLJW ODJHQ VNDOO HQ IDVWLJKHWVPlNODUH L HQOLJKHW PHG JRG IDVWLJKHWVPlNODUVHG JH N|SDUH RFK VlOMDUH UnG RFK XSSO\VQLQJDU

  )# #*
   
   

VRP GH NDQ EHK|YD RP IDVWLJKHWHQ RFK DQGUD I|UKnOODQGHQ VRP KDU VDPEDQG PHG |YHUOnWHOVHQ 0lNODUHQ VNDOO YHUND I|U DWW VlOMDUHQ I|UH |YHUOnWHOVHQ OlPQDU GH XSSJLIWHU RP IDVWLJKHWHQ VRP NDQ DQWDV YDUD DY EHW\GHOVH I|U N|SDUHQ 0lNODUHQ VNDOO RFNVn YHUND I|U DWW N|SDUHQ I|UH I|UYlUYHW XQGHUV|NHU IDVWLJKHWHQ (QOLJW YnU XSSIDWW QLQJ E|U PlNODUHQ RFNVn nOlJJDV HQ VN\OGLJKHW DWW YHUND I|U DWW VlOMDUHQ I|UH |YHUOnWHOVHQ WLOOKDQGDKnOOHU N|SDUHQ HQ E\JJQDGV GHNODUDWLRQ

3nI|OMG I|U RULNWLJD XSSJLIWHU P P

9nUW I|UVODJ 'HQ VRP L HQ E\JJQDGVGHNODUDWLRQ XSSVnWOLJHQ HOOHU DY JURY RDNWVDPKHW OlPQDU RULNWLJ HOOHU YLOVHOHGDQGH XSSJLIW VNDOO G|PDV WLOO E|WHU , ULQJD IDOO VNDOO GHW LQWH G|PDV WLOO DQVYDU

%\JJQDGVQlPQGHQ HOOHU PRWVYDUDQGH QlPQG VNDOO KD DQVYDUHW I|U DWW |YHUYDND DWW GHNODUDWLRQVVN\OGLJKHWHQ IXOOJ|UV bJDUHQ WLOO HQ E\JJQDG VNDOO OlPQD GHNODUDWLRQHQ WLOO E\JJQDGVQlPQGHQ 'HQ VRP LQWH OlPQDU HQ E\JJQDGVGHNODUDWLRQ VNDOO NXQQD I|UHOlJJDV YLG YLWH DWW J|UD GHWWD 1nJRW VNlO DWW KD HQ VWUDIIEHVWlPPHOVH I|U XQGHU OnWHQKHWHQ ILQQV GlUI|U LQWH 'lUHPRW E|U GHW ILQQDV HQ VWUDII EHVWlPPHOVH I|U GHQ VRP XSSVnWOLJHQ HOOHU DY JURY RDNWVDPKHW OlPQDU HQ RULNWLJ HOOHU YLOVHOHGDQGH XSSJLIW L HQ E\JJQDGVGHNODUD WLRQ bYHQ GH IDOO QlU HQ GHNODUDWLRQ OlPQDV L IRUP DY HWW HOHNWURQLVNW GRNXPHQW VNDOO RPIDWWDV DY VWUDIIEHVWlPPHOVHQ )|U DQVYDU VNDOO GHW IRUGUDV DWW XSSJLIWHUQD DQJnU HQ YlVHQWOLJKHW , ULQJD IDOO VNDOO GHW GlUI|U LQWH G|PDV WLOO DQVYDU bYHQ RP GHQ VRP OlPQDW XSSJLIWHUQD KDU YDULW JURYW RDNWVDP NDQ DQVYDU YDUD XWHVOXWHW Sn JUXQG DY DWW GHQ IHODNWLJD XSSJLIWHQ LQWH U|U HQ YlVHQWOLJKHW

%\JJQDGHQV lJDUH KDU DQVYDUHW I|U DWW HQ E\JJQDGVGHNODUDWLRQ XSSUlWWDV bJDUHQ NDQ HPHOOHUWLG XSSGUD nW W H[ HQ I|UYDOWDUH DWW XWI|UD XSSJLIWHQ 'HW lU VnOHGHV LQWH Q|GYlQGLJW DWW GHW lU lJDUHQ VRP OlPQDU XSSJLIWHUQD lYHQ RP GHW lU lJDUHQ VRP KDU DQVYDUHW I|U DWW HQ GHNODUDWLRQ XSSUlWWDV 6WUDIIEHVWlPPHOVHQ VNDOO RPIDWWD GHQ VRP L HQ E\JJQDGVGHNODUDWLRQ XSSVnWOLJHQ HOOHU DY JURY RDNWVDPKHW OlPQDU RULNWLJ HOOHU YLOVHOHGDQGH XSSJLIW 'HW lU VnOHGHV LQWH HQGDVW lJDUHQ VRP VNDOO RPIDWWDV DY EHVWlPPHOVHQ

& 5(*,67(5

1DWLRQHOOD UHJLVWHU ¤ %HILQWOLJD

RFK I|UHVODJQD VnGDQD UHJLVWHU

6\IWHW PHG GHWWD DYVQLWW lU DWW JH HQ ELOG DY YLONHQ LQIRUPDWLRQ VRP KDQWHUDV IUDPI|U DOOW L IDVWLJKHWVUHJLVWUHW PHQ lYHQ L OlJHQKHWV UHJLVWUHW RFK SDQWEUHYVUHJLVWUHW 6\IWHW lU RFNVn DWW LQIRUPHUD RP WYn I|UVODJ VRP OlPQDWV Sn FHQWUDOD UHJLVWHU I|U XSSJLIWHU RP UDGRQ UHVSHNWLYH PLOM|LQIRUPDWLRQ

)DVWLJKHWVUHJLVWUHW

$OOPlQW

6WDW RFK NRPPXQ EHGULYHU WLOOVDPPDQV ODQWPlWHULYHUNVDPKHW )|U DWW YHUNVDPKHWHQ VNDOO NXQQD EHGULYDV HIIHNWLYW lU GHW Q|GYlQGLJW PHG HWW VDPDUEHWH RFK HWW IO|GH DY LQIRUPDWLRQ .RPPXQHUQD VSHODU HQ YLNWLJ UROO I|U QDWLRQHQV I|UV|UMQLQJ DY JHRJUDILVN LQIRUPDWLRQ 'HQ LQIRUPDWLRQ VRP VNDSDV L NRPPXQHUQD DQYlQGV lYHQ DY DQGUD DYQlPDUH L VDPKlOOHW .RPPXQHUQD VlWWHU EHOlJHQKHWVDGUHVVHU RFK IDVWVWlOOHU RUWVQDPQ VRP NUlYV I|U GHQ NRPPXQDOD YHUNVDPKHWHQ

/DQWPlWHULHW KDU GHW QDWLRQHOOD DQVYDUHW I|U IDVWLJKHWV LQIRUPDWLRQ RFK IDVWLJKHWVELOGQLQJ PHGDQ NRPPXQHUQDV ODQW PlWHULYHUNVDPKHW JHQRPJnHQGH lU IULYLOOLJ VH ODJHQ > @ RP NRPPXQDO ODQWPlWHULP\QGLJKHW

)DVWLJKHWVUHJLVWUHW lU HWW QDWLRQHOOW UHJLVWHU RFK GHW UHJOHUDV GHOV DY ODJHQ RP IDVWLJKHWVUHJLVWHU RFK GHOV I|URUGQLQJHQ

RP IDVWLJKHWVUHJLVWHU 'HW lU /DQWPlWHULYHUNHW VRP I|U UHJLVWUHW 'HQ IDVWLJKHWVDQNQXWQD LQIRUPDWLRQHQ L UHJLVWUHW lU XSSGHODG L IHP ROLND GHODU QlPOLJHQ HQ DOOPlQ GHO HQ LQVNULYQLQJV GHO HQ DGUHVVGHO HQ E\JJQDGVGHO RFK HQ WD[HULQJVXSSJLIWVGHO 5HJLVWUHW InU lYHQ LQQHKnOOD WLOOlJJVLQIRUPDWLRQ XQGHU I|UXWVlWWQLQJ DWW GHQQD LQIRUPDWLRQ KDU VDPEDQG PHG GHQ LQIRUPDWLRQ VRP LQJnU

+ " &  
   
   

L UHJLVWUHWV GHODU , I|URUGQLQJHQ ILQQV QlUPDUH I|UHVNULIWHU RP LQQHKnOOHW L GH ROLND GHODUQD DY UHJLVWUHW

)DVWLJKHWVUHJLVWUHWV JUXQGOlJJDQGH V\IWH lU DWW JH RIIHQWOLJKHW nW GHQ LQIRUPDWLRQ VRP LQJnU L UHJLVWUHW %HURHQGH Sn YLONHQ EHKDQGOLQJ VRP XWI|UV Vn NDQ GHQ IDVWLJKHWVDQNQXWQD LQIRUPD WLRQHQ YDUD DWW DQVH VRP SHUVRQXSSJLIWHU , ODJHQ DQJHV I|U YLOND lQGDPnO SHUVRQXSSJLIWHU InU EHKDQGODV 0HG SHUVRQXSSJLIWHU DYVHV GHWVDPPD VRP L SHUVRQXSSJLIWVODJHQ 'HW lU /DQWPlWHULYHUNHW VRP lU SHUVRQXSSJLIWVDQVYDULJ I|U XSSJLIWHUQD L UHJLVWUHW 'HW ILQQV EHVWlPPHOVHU RP EHK|ULJKHW DWW I|UD LQ XSSJLIWHU L UHJLVWUHW RFK I|U YLOND lQGDPnO GLUHNWnWNRPVW WLOO SHUVRQXSSJLIWHU InU PHGJHV 'HVVXWRP ILQQV GHW UHJOHU RP YLOND V|NQLQJDU VRP InU VNH YLG GLUHNWnWNRPVW EHJUlQVQLQJHQ JlOOHU LQWH I|U YHUNVDPKHW GlU GHW LQJnU DWW I|UD LQ XSSJLIWHU L UHJLVWUHW

$QYlQGQLQJHQ DY IDVWLJKHWVUHJLVWUHW InU YDUD DYJLIWVEHODJG RFK GHW lU UHJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU VRP PHGGHODU I|UHVNULIWHU RP DYJLIWHU

%HK|ULJKHW DWW I|UD LQ XSSJLIWHU L GH ROLND GHODUQD DY IDVWLJKHWVUHJLVWUHW

/DQWPlWHULHW InU EHVWlPPD DWW XSSJLIWHU RP DGUHVVHU RFK E\JJQDGHU L HQ NRPPXQ VNDOO I|UDV L DGUHVVGHOHQ UHVSHNWLYH E\JJQDGVGHOHQ 6nGDQD EHVOXW InU GRFN PHGGHODV HQGDVW XQGHU I|UXWVlWWQLQJ DWW NRPPXQHQ KDU EHJlUW GHW RFK nWDJLW VLJ DWW L DGUHVVGHOHQ UHVSHNWLYH E\JJQDGVGHOHQ UHGRYLVD YLVVD QlUPDUH EHVWlPGD XSSJLIWHU †† IDVWLJKHWVUHJLVWHU I|URUGQLQJHQ (Q NRPPXQ InU GHVVXWRP UHGRYLVD YLVV WLOOlJJV LQIRUPDWLRQ WLOO XSSJLIWHU RP SODQHU P P L GHQ DOOPlQQD GHOHQ

'HW lU /DQWPlWHULP\QGLJKHWHQ VRP KDQGOlJJHU lUHQGHQ RP DWW I|UD LQ HOOHU WD ERUW XSSJLIWHU L DOOPlQQD GHOHQ RFK GHW lU LQVNULYQLQJVP\QGLJKHWHQ RFK L YLVVD IDOO /DQWPlWHULYHUNHW VRP I|U LQ RFK WDU ERUW XSSJLIWHU L LQVNULYQLQJVGHOHQ

, WD[HULQJVXSSJLIWVGHOHQ VNDOO YLVVD XSSJLIWHU IUnQ EHVNDWWQLQJVGDWDEDVHQ HQOLJW ODJHQ RP EHKDQGOLQJ DY XSSJLIWHU L 6NDWWHYHUNHWV EHVNDWWQLQJVYHUNVDPKHW UHGRYLVDV , WD[HULQJVXSSJLIWVGHOHQ VNDOO UHGRYLVDV EO D XSSJLIW RP WD[HULQJV YlUGHQ RFK |YULJD XSSJLIWHU VRP VNDOO UHGRYLVDV L HWW EHVOXW RP IDVWLJKHWVWD[HULQJ VDPW XSSJLIW RP IDVWLJKHWVlJDUH HOOHU WRPWUlWWV

) () #

  + " &
   
   

KDYDUH RFK lJDUH WLOO KXV Sn RIUL JUXQG 8SSJLIWHUQD L WD[HULQJV XSSJLIWVGHOHQ VNDOO DYVH I|UKnOODQGHQD nUHW QlUPDVW I|UH GHW nU Gn XSSJLIWHQ KnOOV WLOOJlQJOLJ L IDVWLJKHWVUHJLVWUHW

1lUPDUH RP E\JJQDGVUHJLVWUHW

6RP QlPQWV RYDQ XWJ|U E\JJQDGVUHJLVWUHW HQ GHO DY IDVWLJKHWV UHJLVWUHW , UHJLVWUHW UHJLVWUHUDV XSSJLIWHU RP E\JJQDGHU Sn HQ IDVWLJKHW .RPPXQHUQD KDU PHGYHUNDW YLG XSSOlJJQLQJHQ DY E\JJQDGVUHJLVWUHW $MRXUI|ULQJ DY UHJLVWUHW UHJOHUDV JHQRP DYWDO PHOODQ /DQWPlWHULYHUNHW RFK UHVSHNWLYH NRPPXQ VH QHGDQ

.RPPXQHUQDV PHGYHUNDQ lU DOOWVn IULYLOOLJ

1nJUD DQGUD UHJLVWHU lQ IDVWLJKHWVUHJLVWUHW

/lJHQKHWVUHJLVWUHW

5LNVGDJHQ EHVO|W nU DWW LQI|UD HWW OlJHQKHWVUHJLVWHU $YVLNWHQ PHG UHJLVWUHW lU EO D DWW P|MOLJJ|UD UHJLVWHUEDVHUDGH IRON RFK ERVWDGVUlNQLQJDU 5HJLVWUHW UHJOHUDV DY ODJHQ RP OlJHQKHWVUHJLVWHU RFK I|URUGQLQJHQ RP OlJHQKHWV UHJLVWHU /DJHQ WUlGGH L NUDIW GHQ MDQXDUL L IUnJD RP *lYOH NRPPXQ RFK +|JDOLGV I|UVDPOLQJ L 6WRFNKROP , |YULJW WUlGHU GHQ L NUDIW GHQ GDJ VRP UHJHULQJHQ I|URUGQDU

, ODJHQ DQJHV EO D I|U YLOND lQGDPnO UHJLVWUHW InU I|UDV RFK DWW GHW lU /DQWPlWHULYHUNHW RFK NRPPXQHUQD VRP VNDOO I|UD OlJHQKHWV UHJLVWUHW /lJHQKHWVUHJLVWUHW InU DQYlQGDV I|U IUDPVWlOOQLQJ DY VWDWLVWLN RFK I|U IRONERNI|ULQJHQ 5HJLVWUHW InU RFNVn DQYlQGDV I|U UHVXUVI|UGHOQLQJ VDPW SODQHULQJ XSSI|OMQLQJ RFK XWYlUGHULQJ DY ERHQGH E\JJDQGH RFK NRPPXQLNDWLRQHU , OlJHQKHWVUHJLVWUHW JHV YDUMH OlJHQKHW L HQ E\JJQDG HQ XQLN EHWHFNQLQJ

9LG WLOONRPVWHQ DY UHJLVWUHW DQVnJ UHJHULQJHQ LQWH DWW GHW ERUGH PHGI|UD QnJUD NRPSOLNDWLRQHU DWW LQI|UOLYD EHVWlPPHOVHUQD RP OlJHQKHWVUHJLVWHU L GHW NRPPDQGH UHJHOYHUNHW NULQJ IDVWLJKHWV UHJLVWUHW , I|UDUEHWHQD WLOO IDVWLJKHWVUHJLVWUHW JMRUGHV GRFN HQ DQQDQ EHG|PQLQJ 'HW IUDPK|OOV DWW OlJHQKHWVUHJLVWUHW KDU HWW VWDUNW VDPEDQG PHG GH XSSJLIWHU VRP LQJnU L E\JJQDGVUHJLVWUHW 'HQ EHG|PQLQJHQ JMRUGHV HPHOOHUWLG DWW GHW LQWH YDU OlPSOLJW DWW L

. / .

+ " &  
   
   

IDVWLJKHWVUHJLVWUHW I|UD LQ XSSJLIWHU VRP VNXOOH DQYlQGDV I|U

EHW\GOLJW VQlYDUH lQGDPnO lQ DQGUD XSSJLIWHU L GHW Q\D IDVWLJKHWV

UHJLVWUHW 5HJHULQJHQ YDU Gn LQWH KHOOHU EHUHGG DWW WD VWlOOQLQJ I|U HQ

XW|NQLQJ DY lQGDPnOHQ PHG OlJHQKHWVUHJLVWUHW 3n JUXQG DY Q\VV

QlPQGD VNlO DQVnJ UHJHULQJHQ LQWH DWW OlJHQKHWVUHJLVWUHW VNXOOH LQJn

L IDVWLJKHWVUHJLVWUHW

3DQWEUHYVUHJLVWUHW

3DQWEUHYVUHJLVWUHW LQJnU LQWH KHOOHU L IDVWLJKHWVUHJLVWUHW 'HW lU /DQWPlWHULYHUNHW VRP I|U UHJLVWUHW 5HJLVWUHW UHJOHUDV DY ODJHQ

RP SDQWEUHYVUHJLVWHU RFK I|URUGQLQJHQ RP SDQWEUHYVUHJLVWHU , ODJHQ DQJHV lQGDPnOHQ PHG UHJLVWUHW 'HW InU DQYlQGDV I|U UHJLVWUHULQJDU HQOLJW ODJHQ VRP XQGHUODJ I|U EHVOXW VRP NDQ PHGGHODV HQOLJW ODJHQ RFK VRP XQGHUODJ I|U XQGHUUlWWHOVH WLOO SDQWEUHYVKDYDUH RP YLVVD I|UKnOODQGHQ 6HNUHWHVV JlOOHU L YHUNVDPKHW VRP DYVHU I|UDQGH DY SDQWEUHYVUHJLVWUHW I|U XSSJLIW RP SDQWEUHYVKDYDUH RP GHW LQWH VWnU NODUW DWW XSSJLIWHQ NDQ U|MDV XWDQ DWW GHQ VRP XSSJLIWHQ U|U OLGHU VNDGD NDS † VHNUHWHVVODJHQ

3n JUXQG DY GH ² L I|UKnOODQGH WLOO IDVWLJKHWVUHJLVWUHW ² UHODWLYW VSHFLHOOD lQGDPnOHQ RFK VHNUHWHVVHQ DQVnJ UHJHULQJHQ LQWH DWW SDQWEUHYVUHJLVWUHW VNXOOH LQJn L IDVWLJKHWVUHJLVWUHW

1nJUD I|UHVODJQD UHJLVWHU

5DGRQXWUHGQLQJHQV I|UVODJ RP UDGRQUHJLVWHU

5DGRQXWUHGQLQJHQ 628 I|UHVORJ DWW GHW VNXOOH LQI|UDV HQ PLOM|NYDOLWHWVQRUP I|U UDGRQ L YLVVD E\JJQDGHU RFK DWW IDVWLJKHWHQV lJDUH VNXOOH YDUD VN\OGLJD DWW PlWD UDGRQKDOWHQ L LQRPKXVOXIWHQ 8WUHGQLQJHQ I|UHVORJ RFNVn DWW HWW UDGRQUHJLVWHU VNXOOH LQUlWWDV 5HJLVWUHW VNXOOH LQUlWWDV YLG /DQWPlWHULYHUNHW PHG IDVWLJKHWVGDWD V\VWHPHW VRP JUXQG 'HW DY IDVWLJKHWVlJDUHQ DQOLWDGH DQDO\V I|UHWDJHW VNXOOH YDUD VN\OGLJ DWW WLOO /DQWPlWHULYHUNHW VNULIWOLJHQ OlPQD UHGRJ|UHOVH I|U DUEHWHW RFK GHVV UHVXOWDW 'HQ UHGRJ|UHOVHQ VNXOOH LQQHKnOOD XSSJLIW RP IDVWLJKHWHQV EHWHFNQLQJ WLGSXQNWHQ I|U PlWQLQJHQ SODWVHQ I|U PlWQLQJHQ PHWRGHQ I|U PlWQLQJHQ RFK

UHVXOWDWHW DY PlWQLQJHQ

) ((

$(

  + " &
   
   

8WUHGQLQJHQ I|UHVORJ RFNVn DWW GHW VNXOOH VNDSDV HQ UDGRQSRUWDO Sn ,QWHUQHW PHG LQIRUPDWLRQ RP UDGRQ /lQNDU VNXOOH ILQQDV WLOO GH QDWLRQHOOD UDGRQUHJLVWUHQ GlU YLVVD XSSJLIWHU VNXOOH YDUD WLOOJlQJOLJD I|U DOOPlQKHWHQ 8WUHGQLQJHQ SHNDGH Sn DWW PnQJD UlWWVOLJD IUnJRU KDU EHW\GHOVH I|U YLONHQ LQIRUPDWLRQ VRP NDQ OLJJD Sn QlWHW 8WUHG QLQJHQ IUDPK|OO DWW IOHUD DY IUnJRUQD YDU I|UHPnO I|U XWUHGQLQJ 5DGRQXWUHGQLQJHQ ODGH GlUI|U LQWH QnJRW I|UVODJ RP YLOND XSSJLIWHU VRP VNXOOH YDUD WLOOJlQJOLJD I|U DOOPlQKHWHQ Sn QlWHW

5DGRQXWUHGQLQJHQ I|UHVORJ RFNVn DWW 6WDWHQV VWUnOVN\GGVLQVWLWXW L IUnJD RP UDGRQKDOW L LQRPKXVOXIW VNXOOH In PHGGHOD QlUPDUH I|UHVNULIWHU RP PlWPHWRGHU RFK UHGRYLVQLQJ DY UHVXOWDW

0LOM|LQIRUPDWLRQ L IDVWLJKHWVUHJLVWUHW

5HJHULQJHQ JDY nU /DQWPlWHULYHUNHW L XSSGUDJ DWW UHGRYLVD KXU IDVWLJKHWVUHJLVWUHW NDQ NRPSOHWWHUDV PHG HQ PLOM|GHO PHG V\IWH EO D DWW VSULGD PLOM|LQIRUPDWLRQ /DQWPlWHULYHUNHW UHGRYLVDGH VLWW XSSGUDJ L HQ UDSSRUW 0LOM|LQIRUPDWLRQ L IDVWLJKHWV UHJLVWUHW 'QU

, UDSSRUWHQ I|UHVORJ /DQWPlWHULYHUNHW DWW IDVWLJKHWVUHJLVWUHW VNXOOH NRPSOHWWHUDV PHG HQ PLOM|GHO %HKRY DY NRPSOHWWHULQJDU DY UHJLVWUHW IDQQV HQOLJW /DQWPlWHULYHUNHW EO D I|U YLVVD WLOOVWnQGV lUHQGHQ RFK |YULJD GRPDU L PLOM|PnO VDPW UHIHUHQVHU WLOO SODQHUDGH UHJLVWHU I|U UHGRYLVQLQJ DY UDGRQ YHQWLODWLRQ RFK HQHUJLGHNODUD WLRQHU 'H VLVWQlPQGD XSSJLIWHUQD ERUGH HQOLJW /DQWPlWHULYHUNHW ILQQDV VRP WLOOlJJVLQIRUPDWLRQ RFK NQ\WDV WLOO E\JJQDG HOOHU HYHQWXHOOW YDUMH OlJHQKHW /DQWPlWHULYHUNHW XWWDODGH DWW PlWQLQJDU DY UDGRQ L ERVWlGHU RFK EHVNULYQLQJDU DY VNLOGD ERVWlGHUV NYDOLWp L ROLND DYVHHQGHQ L I|UVWD KDQG lU NQXWHQ WLOO GHQ HQVNLOGD OlJHQKHWHQ 9HUNHW DQVnJ GlUI|U DWW VnGDQD XSSJLIWHU ERUGH NQ\WDV WLOO GHW I|UHVODJQD OlJHQKHWVUHJLVWUHW /DQWPlWHULHW I|UHVORJ RFNVn DWW UHJOHUQD L IDVWLJKHWVUHJLVWUHW VNXOOH lQGUDV Vn DWW GH PHGJHU DWW IDVWLJKHWVUHJLVWUHW DQYlQGV I|U HQ PHU DOOPlQ VSULGQLQJ DY IDVWLJKHWVDQNQXWHQ PLOM|LQIRUPDWLRQ

.RPPXQHUQD RFK

IDVWLJKHWVUHJLVWUHW

6RP HQ EDNJUXQG WLOO IUnJDQ RP GHW E|U LQUlWWDV HWW QDWLRQHOOW UHJLVWHU HOOHU LQWH OlPQDU YL HQ UHGRJ|UHOVH I|U KXU NRPPXQHUQD RFK /DQWPlWHULYHUNHW KDQWHUDU E\JJQDGVDQNQXWHQ LQIRUPDWLRQ RFK RP DYWDO VRP UHJOHUDU LQIRUPDWLRQVIO|GHW 9L OlPQDU RFNVn QnJUD IDNWD RP NRPPXQHUQD

)DNWD RP NRPPXQHUQD RFK GHUDV VWRUOHN

'HW ILQQV NRPPXQHU +lOIWHQ DY NRPPXQHUQD KDU IlUUH lQ

LQYnQDUH (OYD NRPPXQHU KDU |YHU LQYnQDUH RFK GlU ERU QlVWDQ HQ WUHGMHGHO DY ODQGHWV LQYnQDUH 6W|UVWD NRPPXQHQ lU 6WRFNKROPV NRPPXQ PHG GU\JW LQYnQDUH 0HGLDQ NRPPXQHQ lU 2UXVW NRPPXQ PHG GU\JW LQYnQDUH RFK GHQ PLQVWD NRPPXQHQ lU %MXUKROP PHG LQYnQDUH

1HGDQVWnHQGH ELOG NDQ JH HQ XSSIDWWQLQJ RP DQWDO LQYnQDUH L ROLND NRPPXQHU

'HQ GHFHPEHU KDGH

$QWDO NRPPXQHU $QWDO LQYnQDUH
VW 0HU lQ
VW ²
VW ²
VW ²
VW )lUUH lQ

0 # *1 *1) ' 2% ! ! #"

333 # % !

,  
     
  .RPPXQHUQDV NRSSOLQJ WLOO IDVWLJKHWVUHJLVWUHW
 

6RP QlPQWV ILQQV GHW NRPPXQHU L 6YHULJH $Y GHVVD NRPPXQHU KDU VDPWOLJD XWRP WUH GYV NRPPXQHU WUlIIDW DYWDO PHG /DQWPlWHULYHUNHW RP DWW NRPPXQHQ VNDOO UHJLVWUHUD LQ XSSJLIWHU L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO 'H NRPPXQHU VRP KDU WUlIIDW HWW VnGDQW DYWDO UHJLVWUHUDU LQ XSSJLIWHU L E\JJQDGVGHOHQ RFK GH KDU P|MOLJKHW DWW L VLQ YHUNVDPKHW µWLWWDµ Sn XSSJLIWHUQD L E\JJQDGVGHOHQ 'H KDU RFNVn P|MOLJKHW DWW J|UD V|NQLQJDU RFK In UHVXOWDWHW SUHVHQWHUDW L IRUP DY HQ UDSSRUW 8SSJLIWHUQD L IDVWLJ KHWVUHJLVWUHWV E\JJQDGVGHO UHJLVWUHUDV PDQXHOOW DY NRPPXQHUQD

'HW ILQQV NRPPXQHU VRP L GDJ SUHQXPHUHUDU Sn IDVWLJKHWV UHJLVWUHW LQNOXVLYH GHVV E\JJQDGVGHO RFK lQGULQJDU L UHJLVWUHW

NRPPXQHU VRP SUHQXPHUHUDU Sn IDVWLJKHWVUHJLVWUHW (Q SUHQXPHUDWLRQ Sn IDVWLJKHWVUHJLVWUHW LQNOXVLYH GHVV E\JJQDGV

GHO LQQHElU DWW NRPPXQHQ I|UXWRP XSSJLIWHU RP E\JJQDGHU lYHQ InU XSSJLIWHU RP IDVWLJKHWVEHWHFNQLQJ ODJIDUHQ lJDUH P P +XU RIWD NRPPXQHUQD InU XSSJLIWHU RP XSSGDWHULQJDU RFK lQGULQJDU VNLOMHU VLJ nW EHURHQGH Sn YLONHW DYWDO VRP WUlIIDWV PHOODQ NRPPXQHQ RFK /DQWPlWHULYHUNHW .RVWQDGHQ I|U VnGDQD XSS GDWHULQJDU lU EHURHQGH DY KXU IUHNYHQWD GH lU 1\ LQIRUPDWLRQ NDQ NRPPXQHQ In Vn VQDEEW VRP NYlOOHQ HIWHU GHW DWW HQ XSSGDWHULQJ HOOHU lQGULQJ VNHWW L IDVWLJKHWVUHJLVWUHW

'HQ LQIRUPDWLRQ VRP NRPPXQHQ SUHQXPHUHUDU Sn WLOOKDQGD KnOOHU /DQWPlWHULYHUNHW HQOLJW HWW YLVVW JUlQVVQLWW VRP JlOOHU I|U VDPWOLJD µSUHQXPHUDQWHUµ ,QIRUPDWLRQHQ I|U NRPPXQHQ VHGDQ LQ L VLWW HJHW HOOHU VLQD HJQD V\VWHP ,QIRUPDWLRQHQ OlJJV VnOHGHV LQ DY NRPPXQHUQD L GHUDV HJQD V\VWHP RFK GHW EOLU HWW HOOHU IOHUD NRPPXQDOD UHJLVWHU

'HW RYDQ VDJGD NDQ LOOXVWUHUDV PHG I|OMDQGH ELOG

)DVWLJKHWVUHJLVWUHW

%\JJQDGVGHO EHWHFNQLQJ DGUHVV EHOlJHQKHW

.RPPXQDOW

UHJLVWHU

,

NRPPXQHU DYWDO RP LQUHJLVWUHULQJ L E\JJQDGVGHOHQ

.DQ V|ND RFK In UDSSRUWHU

NRPPXQHU SUHQXPHUHUDU Sn IDVWLJKHWVUHJLVWUHW LQNOXVLYH GHVV

E\JJQDGVGHO RFK lQGULQJDU L UHJLVWUHW

*UlQVVQLWW

.RPPXQDOW .RPPXQDOW UHJLVWHU UHJLVWHU

5DPDYWDO PHOODQ /DQWPlWHULYHUNHW RFK 6YHQVND NRPPXQI|UEXQGHW

0HOODQ /DQWPlWHULYHUNHW RFK 6YHQVND .RPPXQI|UEXQGHW KDU GHW WUlIIDWV UDPDYWDO RP I|UGMXSDG VDPYHUNDQ LQRP ODQWPlWHULRPUnGHW PHOODQ GHW VWDWOLJD ODQWPlWHULHW RFK NRPPXQHUQD GHW VHQDVWH UDPDYWDOHW lU GDWHUDW GHQ GHFHPEHU /09 'QU

, UDPDYWDOHW IDVWOlJJV SULQFLSHU I|U /DQWPlWHULHWV RFK NRPPXQHUQDV VDPYHUNDQ LQRP LQIRUPDWLRQVI|UV|UMQLQJHQ RFK IDVWLJKHWVELOGQLQJHQ 'HVVXWRP UHGRYLVDV JUXQGHUQD I|U KXU SDUWHUQD InU I|UIRJD |YHU LQIRUPDWLRQHQ RFK KXU GHQ InU XWQ\WWMDV L SDUWHUQDV YHUNVDPKHW *UXQGHUQD I|U EHUlNQLQJ DY HUVlWWQLQJDU I|U NRPPXQHUQDV PHGYHUNDQ L LQIRUPDWLRQVI|UV|UMQLQJHQ DQJHV

5DPDYWDOHW KDU WLOO V\IWH DWW EHVNULYD JHPHQVDPPD V\QVlWW RFK DYVLNWHU 'HVVXWRP KDU UDPDYWDOHW WLOO V\IWH DWW I|UHVOn PRGHOOHU I|U

,  
   
   

VDPYHUNDQVIRUPHU ILQDQVLHULQJV RFK HUVlWWQLQJVJUXQGHU LQRP ROLND RPUnGHQ

5DPDYWDOHW I|UXWVlWWHU DWW /DQWPlWHULYHUNHW RFK YDUMH HQVNLOG NRPPXQ WUlIIDU HWW DYWDO /DQWPlWHULYHUNHW RFK 6YHQVND NRPPXQ I|UEXQGHW KDU I|U GHW lQGDPnOHW WDJLW IUDP QRUPDODYWDO VRP NDQ DQYlQGDV VRP PDOODU , QRUPDODYWDOHW ILQQV EO D UHJOHU RP VDP YHUNDQ DYVHHQGH DMRXUI|ULQJ DY IDVWLJKHWVUHJLVWUHWV DGUHVV RFK E\JJQDGVGHODU VDPW DOOPlQQD GHOHQV SODQLQIRUPDWLRQ

$Y UDPDYWDOHW IUDPJnU DWW HWW YlO XWYHFNODW LQIRUPDWLRQVXWE\WH PHOODQ /DQWPlWHULHW RFK NRPPXQHUQD lU WLOO Q\WWD I|U EnGD SDUWHU 'HW IUDPKnOOV DWW GHW lU QDWXUOLJW DWW NRPPXQHUQD IXQJHUDU VRP XSSJLIWVOlPQDUH WLOO QDWLRQHOOD GDWDEDVHU RFK DWW /DQWPlWHULHW VYDUDU I|U DWW LQIRUPDWLRQHQ I|UPHGODV YLGDUH L HWW I|U ODQGHW JHPHQVDPW IRUPDW YDUYLG RFNVn NRPPXQHUQD lU VWRUD DQYlQGDUH DY GHQ JHPHQVDPPD LQIRUPDWLRQHQ

9LOONRUHQ I|U VDPDUEHWHW InU UHJOHUDV L DYWDO PHOODQ /DQWPlWHULHW RFK UHVSHNWLYH NRPPXQ 'HVVD DYWDO EDVHUDV Gn Sn UDPDYWDOHW RFK QRUPDODYWDOHQ

)DVWLJKHWVUHJLVWUHWV DGUHVV RFK E\JJQDGVGHODU I|UV VRP WLGLJDUH QlPQWV Sn IULYLOOLJ JUXQG DY NRPPXQHUQD , UDPDYWDOHW IUDPKnOOV DWW GHVVD GHODU lU DY JUXQGOlJJDQGH EHW\GHOVH L GHQ QDWLRQHOOD LQIRUPDWLRQVLQIUDVWUXNWXUHQ RFK DWW GHW lU DY VW|UVWD YLNW DWW DOOD NRPPXQHU PHGYHUNDU L I|UDQGHW DY GHVVD GHODU $Y UDPDYWDOHW IUDPJnU RFNVn DWW SDUWHUQD lU |YHUHQV RP DWW NRPPXQHUQDV PHGYHUNDQ PHG DMRXUKnOOQLQJ DY DGUHVV RFK E\JJQDGVGHODUQD VNDOO HUVlWWDV DY /DQWPlWHULYHUNHW HQOLJW HQ YLVV PRGHOO

.RPPXQHUQDV KDQWHULQJ DY XSSJLIWHU RP UDGRQ YHQWLODWLRQ RFK HQHUJLDQYlQGQLQJ L EHE\JJHOVHQ

8WUHGQLQJHQ KDU JHQRP HQ HQNlW RFK NRQWDNWHU PHG HQ GHO NRPPXQHU ELOGDW RVV HQ XSSIDWWQLQJ RP NRPPXQHQV KDQWHULQJ DY XSSJLIWHU RP UDGRQ YHQWLODWLRQ RFK HQHUJLDQYlQGQLQJ L EHE\JJHOVHQ (QNlWHQ KDU YL HIWHU VDPUnG PHG 6YHQVND NRPPXQ I|UEXQGHW VNLFNDW WLOO HWW XUYDO DY NRPPXQHU QlUPDUH EHVWlPW HOYD VW\FNHQ (QOLJW 6YHQVND NRPPXQI|UEXQGHWV XSSIDWWQLQJ lU VYDUHQ L HQNlWHQ UHSUHVHQWDWLYD I|U L YLONHQ RPIDWWQLQJ GHW ILQQV UHJLVWHU KRV NRPPXQHUQD I|U DWW KDQWHUD XSSJLIWHU RP UDGRQ YHQWLODWLRQ RFK HQHUJLDQYlQGQLQJ L EHE\JJHOVHQ $Y HQNlWVYDUHQ IUDPJnU DWW PnQJD ²PHQ LQWH DOOD ² NRPPXQHU KDU UHJLVWHU I|U DWW KDQWHUD XSSJLIWHU

  ,
   
   

RP UDGRQ RFK YHQWLODWLRQ , VWRUW VHWW LQWH QnJRQ NRPPXQ KDU

UHJLVWHU I|U HQHUJLDQYlQGQLQJ $Y HQNlWVYDUHQ IUDPJnU RFNVn DWW

NRPPXQHUQD LQWH I|U XSSJLIWHU RP YHQWLODWLRQ RFK UDGRQ L HWW RFK

VDPPD UHJLVWHU

$Y LQKlPWDGH XSSJLIWHU IUDPJnU DWW GHW ILQQV ROLND W\SHU DY

UHJLVWHU VRP DQYlQGV YLG NRPPXQHUQD GYV VDPWOLJD NRPPXQHU

DQYlQGHU LQWH VDPPD W\S DY V\VWHP I|U VLQ UHJLVWUHULQJ

(Q VDPPDQVWlOOQLQJ DY HQNlWVYDUHQ ILQQV L ELODJD

$OOPlQKHWHQV WLOOJnQJ WLOO LQIRUPDWLRQ

, DYVQLWW EHKDQGODU YL IUnJDQ RP GHW JlOOHU HOOHU E|U JlOOD VHNUHWHVV I|U XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ , I|UHYDUDQGH NDSLWHO OlPQDU YL HQ UHGRJ|UHOVH I|U RIIHQWOLJKHWVSULQFLSHQ (* GLUHNWLYHW RP UlWW DWW WD GHO DY PLOM|LQIRUPDWLRQ RFK QnJUD EHVWlPPHOVHU L VHNUHWHVVODJHQ

2IIHQWOLJKHWVSULQFLSHQ

2IIHQWOLJKHWVSULQFLSHQ LQQHElU EO D DWW GHQ VRP EHJlU GHW KDU UlWW DWW WD GHO DY DOOPlQQD KDQGOLQJDU KRV VWDWOLJD RFK NRPPXQDOD P\QGLJKHWHU 6\IWHW PHG RIIHQWOLJKHWVSULQFLSHQ lU DWW IUlPMD HWW IULWW PHQLQJVXWE\WH RFK HQ DOOVLGLJ XSSO\VQLQJ 'HQ I\OOHU HQ YLNWLJ NRQWUROOIXQNWLRQ JHQRP DWW GHQ JHU PHGERUJDUQD P|MOLJKHW WLOO LQV\Q L P\QGLJKHWHUQDV YHUNVDPKHW *HQRP WLOOJnQJHQ WLOO DOOPlQQD KDQGOLQJDU XQGHUOlWWDV RFK VWLPXOHUDV RFNVn GHQ IULD GHEDWWHQ L VNLOGD VDPKlOOVIUnJRU

5lWWHQ DWW WD GHO DY DOOPlQQD KDQGOLQJDU InU EHJUlQVDV HQGDVW RP GHW lU SnNDOODW DY YLVVD L WU\FNIULKHWVI|URUGQLQJHQ 7) XSSUlNQDGH LQWUHVVHQ EO D VN\GGHW I|U HQVNLOGDV SHUVRQOLJD HOOHU HNRQRPLVND I|UKnOODQGHQ 'H EHJUlQVQLQJDU VRP InU J|UDV VNDOO QRJD DQJHV L EHVWlPPHOVH L VHNUHWHVVODJHQ HOOHU L DQQDQ ODJ VRP GHQ ODJHQ KlQYLVDU WLOO

0HG KDQGOLQJ I|UVWnV IUDPVWlOOQLQJ L VNULIW HOOHU ELOG HOOHU PHG DQGUD RUG SDSSHUVKDQGOLQJDU %HJUHSSHW KDQGOLQJ L WU\FNIULKHWV I|URUGQLQJHQV PHQLQJ LQQHIDWWDU HPHOOHUWLG RFNVn XSSWDJQLQJDU VRP NDQ OlVDV DYO\VVQDV HOOHU Sn DQQDW VlWW XSSIDWWDV HQGDVW PHG HWW WHNQLVNW KMlOSPHGHO NDS † I|UVWD VW\FNHW 7) 0DQ NDQ VlJD DWW EHJUHSSHW KDQGOLQJ L IUnJD RP XSSWDJQLQJDU DYVHU XSSJLIWHUQD VRP VnGDQD HOOHU VMlOYD LQIRUPDWLRQVLQQHKnOOHW 'HW Q\VV VDJGD LQQHElU DWW VnYlO SDSSHUVKDQGOLQJDU VRP XSSJLIWHU L HQ GDWDEDV lU KDQGOLQJDU L WU\FNIULKHWVI|URUGQLQJHQV PHQLQJ

-*  
   
   

(Q KDQGOLQJ lU DOOPlQ RP GHQ I|UYDUDV KRV P\QGLJKHWHQ RFK lU LQNRPPHQ WLOO HOOHU XSSUlWWDG KRV P\QGLJKHWHQ NDS † I|UVWD VW\FNHW 7)

(Q XSSWDJQLQJ DQVHV I|UYDUDG KRV HQ P\QGLJKHW RP XSSWDJ QLQJHQ lU WLOOJlQJOLJ I|U P\QGLJKHWHQ PHG WHNQLVND KMlOSPHGHO VRP P\QGLJKHWHQ VMlOY XWQ\WWMDU L VnGDQ IRUP DWW GHQ NDQ OlVDV DYO\VVQDV HOOHU Sn DQQDW VlWW XSSIDWWDV NDS † DQGUD VW\FNHW 7)

(Q VDPPDQVWlOOQLQJ DY XSSJLIWHU XU HQ XSSWDJQLQJ VRP LQQHKnOOHU SHUVRQXSSJLIWHU DQVHV LQWH I|UYDUDG KRV P\QGLJKHWHQ RP P\QGLJKHWHQ HQOLJW ODJ HOOHU I|URUGQLQJ VDNQDU EHIRJHQKHW DWW J|UD VDPPDQVWlOOQLQJHQ WLOOJlQJOLJ 'HWWD LQQHElU DWW W H[ HQ VDPPDQVWlOOQLQJ VRP L RFK I|U VLJ lU P|MOLJ DWW J|UD PHG UXWLQEHWRQDGH nWJlUGHU LQWH lU HQ DOOPlQ KDQGOLQJ RP P\QGLJKHWHQ LQWH KDU UlWW DWW J|UD VDPPDQVWlOOQLQJHQ , VDPPDQKDQJHW VNDOO lYHQ UHJHOQ L NDS † 7) QlPQDV %HVWlPPHOVHQ LQQHElU DWW HQ KDQGOLQJ VRP I|UYDUDV KRV HQ P\QGLJKHW HQGDVW VRP HWW OHG L WHNQLVN EHDUEHWQLQJ HOOHU WHNQLVN ODJULQJ I|U DQQDQV UlNQLQJ LQWH DQVHV VRP DOOPlQ KDQGOLQJ KRV GHQ P\QGLJKHWHQ

)|U DWW HQ KDQGOLQJ VNDOO DQVHV VRP DOOPlQ NUlYV I|UXWRP DWW GHQ I|UYDUDV KRV P\QGLJKHWHQ DWW GHQ lU DQWLQJHQ LQNRPPHQ WLOO P\QGLJKHWHQ HOOHU XSSUlWWDG KRV P\QGLJKHWHQ

(Q SDSSHUVKDQGOLQJ DQVHV LQNRPPHQ WLOO HQ P\QGLJKHW QlU GHQ DQOlQW WLOO P\QGLJKHWHQ HOOHU NRPPLW EHK|ULJ EHIDWWQLQJVKDYDUH WLOO KDQGD (Q XSSWDJQLQJ lU LQNRPPHQ WLOO HQ P\QGLJKHW Vn VQDUW GHQ lU WLOOJlQJOLJ I|U P\QGLJKHWHQ Vn DWW GHQ NDQ OlVDV DYO\VVQDV HOOHU Sn DQQDW VlWW XSSIDWWDV NDS † I|UVWD VW\FNHW 7) GYV Vn VQDUW GHW lU P|MOLJW I|U P\QGLJKHWHQ DWW WD IUDP XSSJLIWHQ L VnGDQ IRUP DWW GHQ JnU DWW XSSIDWWD 5HJHOQ LQQHElU DWW RP HQ P\QGLJKHW DQVOXWHU VLJ WLOO HQ GDWDEDV VRP SURGXFHUDV DY HQ DQQDQ P\QGLJKHW lU GH GlUL LQJnHQGH XSSWDJQLQJDUQD YDQOLJWYLV DWW DQVH VRP DOOPlQQD KDQGOLQJDU RFNVn KRV GHQ VHQDUH P\QGLJKHWHQ VH lYHQ NDS † DQGUD VW\FNHW 7) 8SSWDJQLQJDUQD lU VnOHGHV DWW DQVH VRP DOOPlQQD KDQGOLQJDU KRV EnGD P\QGLJKHWHUQD 'lUHPRW EHJUlQVDV RIIHQWOLJKHWVSULQFLSHQ DY GHQ V N ELEOLRWHNVUHJHOQ QlU GHW JlOOHU HQ P\QGLJKHWV nWNRPVW WLOO H[WHUQD GDWDEDVHU VRP SURGXFHUDV DY DQGUD lQ P\QGLJKHWHU

(Q KDQGOLQJ DQVHV XSSUlWWDG KRV HQ P\QGLJKHW QlU GHQ KDU H[SHGLHUDWV HOOHU RP GHQ LQWH KDU H[SHGLHUDWV QlU lUHQGHW lU VOXWEHKDQGODW 2P KDQGOLQJHQ LQWH K|U WLOO HWW YLVVW lUHQGH DQVHV

/ ) .

  -*
   
   

GHQ XSSUlWWDW QlU GHQ MXVWHUDWV HOOHU Sn DQQDW VlWW IlUGLJVWlOOWV 'LDULXP MRXUQDO VDPW UHJLVWHU HOOHU DQQDQ I|UWHFNQLQJ VRP I|UV IRUWO|SDQGH DQVHV XSSUlWWDGH QlU KDQGOLQJHQ KDU IlUGLJVWlOOWV I|U DQWHFNQLQJ HOOHU LQI|ULQJ

(* GLUHNWLYHW RP UlWW DWW WD GHO DY PLOM|LQIRUPDWLRQ

'HW ILQQV HWW GLUHNWLY RP DOOPlQKHWHQV WLOOJnQJ WLOO PLOM|LQIRUPD WLRQ QlPOLJHQ (XURSDSDUODPHQWHWV RFK UnGHWV GLUHNWLY (* DY GHQ MDQXDUL RP DOOPlQKHWHQV WLOOJnQJ WLOO PLOM|LQIRUPD WLRQ RFK RP XSSKlYDQGH DY UnGHWV GLUHNWLY ((* , LQJUHVVHQ WLOO GLUHNWLYHW DQJHV VRP VNlO I|U GLUHNWLYHW EO D DWW |NDG WLOOJnQJ I|U DOOPlQKHWHQ WLOO PLOM|LQIRUPDWLRQ RFK VSULGQLQJ DY VnGDQ LQIRUPDWLRQ ELGUDU WLOO HQ |NDG PHGYHWHQKHW RP PLOM|IUnJRU HWW IULWW PHQLQJVXWE\WH HWW DNWLYDUH GHOWDJDQGH IUnQ DOOPlQKHWHQV VLGD L EHVOXW VRP U|U PLOM|Q RFK VOXWOLJHQ WLOO HQ ElWWUH PLOM| 'HW DQJHV YLGDUH DWW GHW lU Q|GYlQGLJW DWW VlNHUVWlOOD DWW YDUMH I\VLVN RFK MXULGLVN SHUVRQ LQRP JHPHQVNDSHQ KDU UlWW DWW In WLOOJnQJ WLOO PLOM|LQIRUPDWLRQ VRP LQQHKDV DY HOOHU I|UYDUDV I|U RIIHQWOLJD P\QGLJKHWHU XWDQ DWW EHK|YD DQJH VNlOHQ I|U VLQ EHJlUDQ , GLUHNWLYHW DQJHV DWW PHGOHPVVWDWHUQD InU I|UHVNULYD DWW HQ EHJlUDQ RP PLOM|LQIRUPDWLRQ InU DYVOnV EO D RP HWW XWOlPQDQGH DY LQIRUPD WLRQ VNXOOH KD QHJDWLYD I|OMGHU I|U VHNUHWHVV VRP RPIDWWDU SHUVRQ XSSJLIWHU HOOHU DNWHU RP HQ I\VLVN SHUVRQ 'HWWD XQGHU I|UXWVlWW QLQJ DWW HQ VnGDQ VHNUHWHVV I|UHVNULYLWV L QDWLRQHOO ODJVWLIWQLQJ , GLUHNWLYHW XWWDODV DWW (* GLUHNWLYHW RP SHUVRQXSSJLIWHU VNDOO LDNWWDV

$Y GLUHNWLYHW IUDPJnU RFNVn DWW GHW lU Q|GYlQGLJW DWW RIIHQWOLJD P\QGLJKHWHU L Vn K|J XWVWUlFNQLQJ VRP P|MOLJW J|U PLOM| LQIRUPDWLRQ WLOOJlQJOLJ RFK VSULGHU GHQ WLOO DOOPlQKHWHQ L V\QQHUKHW JHQRP LQIRUPDWLRQV RFK NRPPXQLNDWLRQVWHNQLN

, GLUHNWLYHW GHILQLHUDV EHJUHSSHW PLOM|LQIRUPDWLRQ 0LOM| LQIRUPDWLRQ RPIDWWDU LQIRUPDWLRQ RP PLOM|QV WLOOVWnQG RP IDNWRUHU nWJlUGHU HOOHU YHUNVDPKHWHU VRP SnYHUNDU HOOHU WUROLJWYLV NDQ SnYHUND PLOM|Q HOOHU VRP lU XWIRUPDGH I|U DWW VN\GGD PLOM|Q bYHQ NRVWQDGV Q\WWRDQDO\V RFK |YULJD HNRQRPLVND DQDO\VHU VRP DQYlQGV I|U Q\VV QlPQGD nWJlUGHU HOOHU YHUNVDPKHWHU 0LOM|LQIRUPDWLRQ RPIDWWDU lYHQ LQIRUPDWLRQ RP WLOOVWnQGHW I|U PlQQLVNRUV KlOVD RFK VlNHUKHW LQEHJULSHW I|URUHQLQJ DY OLYV PHGHOVNHGMDQ YLOONRU I|U PlQVNOLJW OLY NXOWXUSODWVHU RFK

-*  
   
   

E\JJQDGHU L GHQ XWVWUlFNQLQJ GH SnYHUNDV HOOHU NDQ SnYHUNDV DY QnJRW DY RYDQVWnHQGH 'HQ QlUPDUH GHILQLWLRQHQ DY PLOM| LQIRUPDWLRQ IUDPJnU DY DUWLNHO L GLUHNWLYHW

6HNUHWHVVODJHQ

$OOPlQW

6RP RYDQ QlPQWV lU RIIHQWOLJKHWVSULQFLSHQ HQ JUXQGOlJJDQGH SULQFLS L 6YHULJH $Y KlQV\Q WLOO DOOPlQQD HOOHU HQVNLOGD LQWUHVVHQ EHJUlQVDV GRFN RIIHQWOLJKHWVSULQFLSHQ DY EHVWlPPHOVHU L VHNUHWHVV ODJHQ , NDS VHNUHWHVVODJHQ ILQQV EHVWlPPHOVHU RP VHNUHWHVV PHG KlQV\Q IUlPVW WLOO VN\GGHW I|U HQVNLOGV HNRQRPLVND I|UKnOODQGHQ ,NDS † VHNUHWHVVODJHQ ILQQV HQ EHVWlPPHOVH RP VHNUHWHVV YLG VWDWOLJ WLOOV\Q |YHU QlULQJVOLYHW RFK L NDS † VHNUHWHVVODJHQ EHKDQGODV VHNUHWHVV YLG WLOOV\Q DY DQQDQ lQ VWDWOLJ P\QGLJKHW PHG DYVHHQGH Sn QlULQJVOLYHW , NDS † VHNUHWHVVODJHQ ILQQV HQ EHVWlPPHOVH RP VHNUHWHVV L XSSGUDJVYHUNVDPKHW VRP HQ P\QGLJKHW XWI|U I|U HQVNLOGV UlNQLQJ

6HNUHWHVV L EO D NRPPXQDO WLOOV\Q |YHU QlULQJVOLYHW

NDS † VHNUHWHVVODJHQ UHJOHUDU IUnJDQ RP VHNUHWHVV L EO D NRPPXQDO WLOOV\Q |YHU QlULQJVOLYHW 6HNUHWHVV JlOOHU HQOLJW EHVWlPPHOVHQ L NRPPXQDO WLOOV\QVYHUNVDPKHW |YHU QlULQJVOLYHW I|U XSSJLIW RP HQVNLOGV DIIlUV HOOHU GULIWI|UKnOODQGHQ XSSILQQLQJDU HOOHU IRUVNQLQJVUHVXOWDW RP GHW NDQ DQWDV DWW GHQ HQVNLOGH OLGHU VNDGD RP XSSJLIWHQ U|MV *HQRP HQ ODJlQGULQJ VRP WUlGGH L NUDIW GHQ MXOL NDQ VnGDQD XSSJLIWHU L WLOOV\QVYHUNVDPKHW VRP EHGULYV DY GHQ HOOHU GH NRPPXQDOD QlPQGHU VRP IXOOJ|U XSSJLIWHU LQRP PLOM| RFK KlOVRVN\GGVRPUnGHW RIIHQWOLJJ|UDV WURWV DWW GHW NDQ VNDGD I|UHWDJHW (Q I|UXWVlWWQLQJ lU GRFN DWW LQWUHVVHW DY DOOPlQ NlQQHGRP RP I|UKnOODQGH VRP U|U PlQQLVNRUV KlOVD PLOM|Q HOOHU UHGOLJKHWHQ L KDQGHOQ HOOHU OLNQDQGH DOOPlQLQWUHVVH KDU VnGDQ YLNW DWW XSSJLIWHQ E|U OlPQDV XW SURS EHW

.8 UVNU

, I|UDUEHWHQD WLOO ODJlQGULQJHQ nU IUDPK|OOV DWW GHW lU L NRQVXPHQWHUQDV LQWUHVVHQ VRP WLOOV\QHQ EHGULYV RFK DWW GH NDQ VWlOOD NUDY Sn DWW L VW|UVWD P|MOLJD XWVWUlFNQLQJ In WD GHO DY UHVXOWDWHQ , SURSRVLWLRQHQ IUDPK|OOV DWW GHW ILQQV EHUlWWLJDGH NUDY

  -*
   
   

IUnQ DOOPlQKHWHQ DWW XSSJLIWHU RP VNDGOLJD XWVOlSS RFK DQGUD VW|UQLQJDU IUnQ PLOM|IDUOLJ YHUNVDPKHW L Vn VWRU XWVWUlFNQLQJ VRP P|MOLJW VNDOO NXQQD RIIHQWOLJJ|UDV /LND YLNWLJW YDU GHW I|U NRQVXPHQWHUQD DWW In NlQQHGRP RP GH UHVXOWDW VRP W H[ OLYVPHGHOVNRQWUROOHQ OHGGH WLOO 'HW IUDPK|OOV YLGDUH DWW GHW lU HWW VWRUW YlUGH RP WLOOV\QVP\QGLJKHWHUQD |SSHW NDQ UHGRYLVD GH I|UKnOODQGHQ VRP UnGHU EHWUlIIDQGH W H[ K\JLHQ PLOM| RFK UHGOLJKHW KRV I|UHWDJHQ

5HJHOQ RP DWW XQGDQWDJ NDQ J|UDV IUnQ VHNUHWHVVHQ L NRPPXQDO WLOOV\QVYHUNVDPKHW lU EHJUlQVDG WLOO DWW JlOOD HQGDVW XSSJLIWHU VRP ILQQV KRV GH NRPPXQDOD PLOM| RFK KlOVRVN\GGVQlPQGHUQD RFK VRP LQKlPWDWV L GHUDV WLOOV\QVYHUNVDPKHW 5HJHOQ LQQHElU YLGDUH DWW GHW L YDUMH HQVNLOW IDOO VNDOO J|UDV HQ EHG|PQLQJ DY DOOPlQLQWUHVVHW RFK DWW PDQ RFNVn VNDOO EHDNWD GHW PRWVWnHQGH LQWUHVVHW DY DWW DIIlUV RFK GULIWVI|UKnOODQGHQ VNDOO NXQQD KnOODV KHPOLJD L WLOOUlFNOLJ XWVWUlFNQLQJ

6HNUHWHVV L VWDWOLJ WLOOV\Q |YHU QlULQJVOLYHW

(QOLJW NDS † VHNUHWHVVODJHQ JlOOHU VHNUHWHVV L GHQ XWVWUlFNQLQJ VRP UHJHULQJHQ I|UHVNULYHU GHW L VWDWOLJ P\QGLJKHWV YHUNVDPKHW VRP EHVWnU L EO D WLOOV\Q PHG DYVHHQGH Sn QlULQJVOLYHW 5HJHULQJHQ KDU PHG VW|G DY EHVWlPPHOVHQ PHGGHODW I|UHVNULIWHU RP VHNUHWHVV L† VHNUHWHVVI|URUGQLQJHQ RFK L ELODJDQ WLOO GHQQD

6HNUHWHVV L XSSGUDJVYHUNVDPKHW

, NDS † VHNUHWHVVODJHQ ILQQV HQ EHVWlPPHOVH RP XSSGUDJV VHNUHWHVV (QOLJW EHVWlPPHOVHQ JlOOHU VHNUHWHVV RP GHW PnVWH DQWDV DWW HWW XSSGUDJ VRP HQ P\QGLJKHW XWI|U I|U HQVNLOGV UlNQLQJ OlPQDWV WLOO P\QGLJKHWHQ XQGHU I|UXWVlWWQLQJ DWW XSSJLIWHUQD LQWH U|MV 6\IWHW PHG GHQ EHVWlPPHOVHQ lU DWW VN\GGD XSSGUDJVJLYDUHQV HNRQRPLVND I|UKnOODQGHQ (Q I|UXWVlWWQLQJ I|U DWW HQVNLOGD VNDOO DQOLWD HQ P\QGLJKHW lU RIWD DWW GH NDQ YDUD VlNUD Sn DWW In VDPPD VHNUHWHVVN\GG VRP GH VNXOOH In KRV HWW SULYDW I|UHWDJ *HQRP HQ ODJlQGULQJ nU 3URS EHW .8 UVNU

NDQ XSSJLIWHU VRP DYVHU SURYQLQJ EHVWlPQLQJ DY

(( ( )

( .

-*  
   
   

HJHQVNDSHU HOOHU P\FNHQKHW YlUGHULQJ YHWHQVNDSOLJ WHNQLVN HNRQRPLVN HOOHU VWDWLVWLVN XQGHUV|NQLQJ HOOHU DQQDQ VnGDQ XQGHUV|NQLQJ RIIHQWOLJJ|UDV (Q I|UXWVlWWQLQJ I|U GHWWD lU GRFN DWW LQWUHVVHW DY DOOPlQ NlQQHGRP RP I|UKnOODQGHQ VRP U|U PlQQLVNRUV KlOVD KDU VnGDQ YLNW DWW XSSJLIWHQ E|U OlPQDV XW

, SURSRVLWLRQHQ VRP I|UHJLFN ODJlQGULQJHQ XWWDODGHV DWW DOOPlQKHWHQ KDU HWW EHIRJDW NUDY Sn DWW XSSJLIWHU VRP U|U PlQQLVNRUV KlOVD L Vn VWRU XWVWUlFNQLQJ VRP P|MOLJW VNDOO NXQQD RIIHQWOLJJ|UDV , SURSRVLWLRQHQ SHNDGH PDQ Sn YLNWHQ DY DWW W H[ HQ K\UHVJlVW KDU P|MOLJKHW DWW In WD GHO DY UHVXOWDWHW DY UDGRQPlWQLQJDU DYVHHQGH KDQV HOOHU KHQQHV OlJHQKHW XWI|UGD DY HQ NRPPXQDO QlPQG HOOHU DWW HQ HQVNLOG NDQ NRQWUROOHUD UHVXOWDWHW DY VnGDQD PlWQLQJDU EHWUlIIDQGH HQ IDVWLJKHW GlU GHW EHGULYV EDUQRPVRUJV YHUNVDPKHW 8SSJLIWHU VRP U|U PlQQLVNRUV KlOVD E|U HIWHU HQ DYYlJQLQJ PHOODQ GHW DOOPlQQD LQV\QVLQWUHVVHW RFK GHQ HQVNLOGH XSSGUDJVJLYDUHQV LQWUHVVH DY VHNUHWHVV NXQQD OlPQDV XW lYHQ RP GHWWD NDQ In QHJDWLYD HNRQRPLVND NRQVHNYHQVHU I|U HQ XSSGUDJV JLYDUH HOOHU PHGI|UD DWW I|UHWDJ OnWHU EOL DWW OlPQD XSSGUDJ WLOO P\QGLJKHWHU , SURSRVLWLRQHQ IUDPK|OOV RFNVn DWW HQ P|MOLJKHW WLOO XWOlPQDQGH RFNVn OnJ L OLQMH PHG UnGHWV GLUHNWLY ((* DY GHQMXQL RP UlWW I|U YDUMH I\VLVN RFK MXULGLVN SHUVRQ DWW WD GHO DY PLOM|LQIRUPDWLRQ VRP ILQQV KRV RIIHQWOLJD P\QGLJKHWHU

gYHUYlJDQGHQ RFK I|UVODJ

$OOPlQQD XWJnQJVSXQNWHU

9nU EHG|PQLQJ (WW QDWLRQHOOW UHJLVWHU PHG VnGDQD E\JJQDGV DQNQXWQD XSSJLIWHU VRP HQOLJW YnUW I|UVODJ VNDOO WDV LQ L HQ E\JJQDGVGHNODUDWLRQ E|U NXQQD I|UHQNOD RFK HIIHNWLYLVHUD NRPPXQHUQDV DUEHWH PHG WLOOV\Q NRQWUROO RFK SODQHULQJ L IUnJD RP LQRPKXVPLOM| RFK HQHUJL (WW VnGDQW UHJLVWHU E|U RFNVn NXQQD JHV EHW\GHOVH I|U HQ XSSI|OMQLQJ DY GH QDWLRQHOOD PLOM|PnOHQ EHWUlIIDQGH GHVVD IUnJRU 'HW NDQ GHVVXWRP XQGHU OlWWD I|U DOOPlQKHWHQ DWW In LQIRUPDWLRQ RP HQ E\JJQDGV VWDWXV EHWUlIIDQGH YHQWLODWLRQ UDGRQ HQHUJL RFK DQGUD IUnJRU VRP JlOOHU LQRPKXVPLOM|Q (WW UHJLVWHU E|U VOXWOLJHQ NXQQD DQYlQGDV I|U GH V\IWHQ VRP (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD VWlOOHU XSS

1\WWDQ DY HWW QDWLRQHOOW UHJLVWHU PnVWH GRFN YlJDV PRW GHQ DGPLQLVWUDWLRQ RFK GH NRVWQDGHU RFK ILQDQVLHULQJHQ DY GHWWD VRP HWW VnGDQW UHJLVWHU I|U PHG VLJ 'HQQD DYYlJQLQJ lU \WWHUVW HQ SROLWLVN IUnJD 9L VHU VRP YnU XSSJLIW DWW SUHVHQWHUD HWW I|UVODJ WLOO KXU HWW UHJLVWHU NDQ E\JJDV XSS RFK J|UD HQ EHG|PQLQJ DY NRVWQDGHUQD RFK ILQDQVLHULQJHQ I|U GHWWD

, GHQ NRQWUROOSODQ VRP VNDOO ILQQDV EO D YLG Q\ RFK WLOOE\JJQDG NDQ E\JJQDGVQlPQGHQ EHJlUD DWW E\JJKHUUHQ YHULILHUDU DWW KlOVRNUDYHW L† %9/ lU XSSI\OOW 'HWWD LQQHElU DWW E\JJQDGVQlPQGHQ NDQ EHJlUD YHULILNDW Sn DWW E\JJQDGHQ XSSI\OOHU YlVHQWOLJD HJHQVNDSV NUDY EO D L IUnJD RP VN\GG PHG KlQV\Q WLOO K\JLHQ KlOVD RFK PLOM| VDPW HQHUJLKXVKnOOQLQJ RFK YlUPHLVROHULQJ

'HQ HOOHU GH NRPPXQDOD QlPQGHU VRP IXOOJ|U NRPPXQHQV XSSJLIWHU LQRP SODQ RFK E\JJYlVHQGHW KDU DWW |YHUYDND DWW HQ lJDUH WLOO HQ E\JJQDG IXOOJ|U GHQ REOLJDWRULVND YHQWLODWLRQV

)# #*  
   
   

NRQWUROOHQ 'HWWD JlOOHU VnYlO GHQ I|UVWD EHVLNWQLQJHQ VRP nWHU NRPPDQGH EHVLNWQLQJDU

(QOLJW PLOM|EDONHQ XW|YDU YDUMH NRPPXQ JHQRP GHQ HOOHU GH NRPPXQDOD QlPQGHU VRP IXOOPlNWLJH EHVWlPPHU RIWDVW PLOM| RFK KlOVRVN\GGVQlPQGHQ WLOOV\QHQ |YHU KlOVRVN\GGHW W H[ UDGRQ KDOWHQ L ERVWlGHU

, GDJ YHW YL LQWH YLONHQ P\QGLJKHW VRP NRPPHU DWW In DQVYDUHW I|U WLOOV\Q |YHU DWW HQ lJDUH WLOO HQ E\JJQDG FHUWLILHUDU VLQ E\JJQDG L HQOLJKHW PHG (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD

.RPPXQHUQD PnVWH NXQQD EHGULYD HQ HIIHNWLY WLOOV\QV YHUNVDPKHW QlU HQ VnGDQ KDU nODJWV NRPPXQHUQD HQOLJW ODJ ,QRP UDPHQ I|U HQ VnGDQ WLOOV\QVYHUNVDPKHW IUDPVWnU HWW UHJLVWHU RIWD VRP HWW Q|GYlQGLJW KMlOSPHGHO *LYHWYLV PnVWH NRPPXQHUQD RFNVn KD GH Q|GYlQGLJD HNRQRPLVND RFK DQGUD UHVXUVHU VRP NUlYV

%HVWlPPHOVHUQD RP GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ HIWHUOHYV LQWH L WLOOUlFNOLJW K|J XWVWUlFNQLQJ %\JJQDGVlJDUQD IXOOJ|U LQWH NRQWUROOHQ RFK UlWWDU LQWH WLOO QRWHUDGH EULVWHU L |QVNDG RPIDWWQLQJ .RPPXQHUQD KDU LQWH DOOWLG NlQQHGRP RP L YLOND E\JJQDGHU DNWXHOOD YHQWLODWLRQVV\VWHP ILQQV RFK GH VDNQDU Gn XQGHUODJ I|U VLQ WLOOV\Q %RYHUNHW KDU Sn UHJHULQJHQV XSSGUDJUHJHULQJVXSSGUDJ 0 +V RFK 0 +V XQGHU V|NW KXU NRPPXQHUQDV DUEHWH PHG WLOOV\Q DY YHQWLODWLRQVNRQWUROOHQ IXQJHUDU RFK YLOND UHVXUVHU VRP DYVlWWV I|U GHWWD $Y XQGHU V|NQLQJHQ IUDPJnU DWW SURFHQW DY NRPPXQHUQD LQWH KDU P|MOLJ KHW DWW XW|YD WLOOV\Q L |QVNYlUG RPIDWWQLQJ RFK Sn |QVNYlUW VlWW 'HQ IUlPVWD RUVDNHQ VRP DQJHV lU GHW IDNWXP DWW QXYDUDQGH ODJVWLIWQLQJ LQWH PHGJHU DWW NRVWQDGHUQD I|U UHJLVWHUKnOOQLQJ RFK XSSI|OMQLQJ ILQDQVLHUDV JHQRP DYJLIWHU %RYHUNHW KDU WLOO XWUHGQLQJHQ IUDPI|UW DWW NRPPXQHUQDV WLOOV\Q DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ LQWH DOOWLG IXQJHUDU WLOOIUHGVVWlOODQGH 0RW EDNJUXQG DY GHVVD XSSJLIWHU KDU UHJHULQJHQ EHG|PW EO D DWW P|MOLJ KHWHUQD EHK|YHU I|UElWWUDV DWW In WLOO VWnQG HQ lQGDPnOVHQOLJ WLOOV\Q RFK DWW GHQ WLOOV\QHQ NDQ XQGHUOlWWDV DY HWW QDWLRQHOOW UHJLVWHU 9L GHODU GHQ EHG|PQLQJHQ

, GHQ NRQWUROOSODQ VRP XSSUlWWDV L VDPEDQG PHG E\JJVDPUnGHW NDQ NRPPXQHQ VRP RYDQ QlPQWV NUlYD EO D DWW PlWQLQJ DY UDGRQKDOWHQ L LQRPKXVOXIWHQ VNDOO VNH .RPPXQHUQD DUEHWDU GHVVXWRP I|U DWW SnYHUND lJDUH WLOO EHILQWOLJD E\JJQDGHU DWW JHQRPI|UD PlWQLQJDU RFK UHJLVWHUKnOOHU UHVXOWDWHQ RP GHVVD NRPPHU WLOO NRPPXQHQV NlQQHGRP 'HVVXWRP NDQ NRPPXQHQ ² XQGHU YLVVD I|UXWVlWWQLQJDU ² NUlYD DWW E\JJQDGHQV lJDUH XWI|U PlW

  )# #*
   
   

QLQJDU (WW UHJLVWHU NDQ HQOLJW YnU PHQLQJ I|UHQNOD NRPPXQHUQDV DUEHWH PHG NRQWUROO DY YLOND PlWQLQJDU VRP J|UV RFK L SODQHULQJ I|U WLOOV\QHQ

9LG HWW LQI|UDQGH DY REOLJDWRULVND E\JJQDGVGHNODUDWLRQHU NRPPHU GHW YLGDUH DWW ILQQDV HWW EHKRY DY HWW UHJLVWHU I|U DWW HIIHNWLYW NXQQD KDQWHUD RFK |YHUYDND RP HQ GHNODUDWLRQ XSSUlWWDWV HOOHU LQWH RFK RP GH XSSJLIWHU VRP E\JJQDGVlJDUHQ VNDOO UHGRYLVD IDNWLVNW UHGRYLVDV VDPW DWW XSSJLIWHUQD L GHNODUDWLRQHQ XSSGDWHUDV QlU Vn VNDOO VNH

8WUHGQLQJHQ RP E\JJQDGHUV HQHUJLSUHVWDQGD KDU I|U XWUHG QLQJHQ IUDPKnOOLW DWW GHW NRPPHU DWW ILQQDV EHKRY DY DWW I|UD XSS JLIWHU RP W H[ SUHVWDQGD L HWW QDWLRQHOOW UHJLVWHU QlU (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD E|UMDU WLOOlPSDV L 6YHULJH 7DQNHQ lU DWW VnGDQD XSSJLIWHU VNDOO UHGRYLVDV L GHNODUDWLRQHQ

)|UXWRP DWW NRPPXQHUQD KDU EHKRY DY UHJLVWHU L VLQ SODQHULQJV RFK WLOOV\QVYHUNVDPKHW HOOHU OLNQDQGH ILQQV GHW lYHQ DQGUD EHKRY VRP HWW UHJLVWHU NDQ WLOOJRGRVH

5LNVGDJHQ KDU EHVOXWDW RP HWW DQWDO nWJlUGHU I|U DWW XSSQn GHOPnOHW RP DWW E\JJQDGHU RFK GHVV HJHQVNDSHU nU LQWH VNDOO SnYHUND KlOVDQ QHJDWLYW , GHW DQJHOlJQD DUEHWHW I|U DWW XSSQn GHOPnO WLOO GH QDWLRQHOOD PLOM|NYDOLWHWVPnOHQ lU GHW YLNWLJW DWW HQ XSSI|OMQLQJ NDQ VNH 6\IWHW lU Gn DWW XQGHUV|ND RP GH XSSVWlOOGD PnOHQ XSSQnV RFK RP GH VW\UPHGHO VRP DQYlQGV lU WLOOUlFNOLJD HOOHU RP GHW EHK|YV DQGUD nWJlUGHU (WW UHJLVWHU NDQ JH JUXQGHQ I|U HQ VnGDQ QDWLRQHOO XSSI|OMQLQJ $OWHUQDWLYHW WRUGH IUlPVW YDUD DWW J|UD PRWVYDUDQGH XSSI|OMQLQJDU JHQRP VWDWLVWLVND XQGHUV|NQLQJDU VRP VDQQROLNW RFNVn lU HWW ELOOLJDUH DOWHUQDWLY 9L KDU PHG EHDNWDQGH DY GHWWD VWlOOW RVV WYHNVDPPD WLOO Q\WWDQ DY HWW QDWLRQHOOW UHJLVWHU HQEDUW I|U DQJLYQD lQGDPnO )UnJDQ PnVWH HPHOOHUWLG VHV L OMXVHW DY GHW EHKRY VRP RFNVn ILQQV I|U NRPPXQHUQDV Q\VV QlPQGD WLOOV\QVYHUNVDPKHW 9LGDUH PnVWH EHDNWDV DWW HQ P|MOLJKHW DWW KlPWD XSSJLIWHU XU HWW UHJLVWHU P|MOLJJ|U HQ PHU NRQWLQXHUOLJ XSSI|OMQLQJ DY DNWXHOOD IUnJRU lQ VWDWLVWLVND XQGHUV|NQLQJDU VRP RIWD lU DY HQJnQJVNDUDNWlU 9L YLOO KlUWLOO DQI|UD I|OMDQGH

%RYHUNHW KDU WLOO XWUHGQLQJHQ IUDPI|UW DWW P\QGLJKHWHQ KDU HWW LQWUHVVH DY DWW In XQGHUODJ I|U VDPPDQVWlOOQLQJ DY XWIDOOHW DY W H[ YHQWLODWLRQVNRQWUROOHQ Sn QDWLRQHOO QLYn %RYHUNHW KDU Gn IUDPKnOOLW DWW GHW XU YHUNHWV V\QSXQNW lYHQ ILQQV EHKRY DY LQIRUPDWLRQ I|U

4 ! "% ' ! # ' !

% ! & ! ! ! ! %

&! #" ! % ! !

)# #*  
   
   

XSSI|OMQLQJ RFK XWYlUGHULQJ DY VnGDQ LQIRUPDWLRQ VRP EHU|U %RYHUNHWV UHJHOYHUN VDPW I|U XSSI|OMQLQJ DY PLOM|PnOHQ , XWUHGQLQJVDUEHWHW KDU YL GHVVXWRP NXQQDW NRQVWDWHUD DWW IOHUD DQGUD P\QGLJKHWHU V\QHV KD EHKRY DY XSSJLIWHU I|U ROLND XSSI|OMQLQJDU 9L YLOO KlU QlPQD $UEHWVPLOM|YHUNHW VRP KDU WLOOV\Q |YHU DUEHWV PLOM|Q EO D VNROORNDOHU 6RFLDOVW\UHOVHQ VRP KDU GHQ FHQWUDOD WLOOV\QHQ |YHU KlOVRVN\GGHW 6WDWHQV VWUnOVN\GGVLQVWLWXW (QHUJL P\QGLJKHWHQ RFK 6YHULJHV *HRORJLVND 8QGHUV|NQLQJ

)|UXWRP DWW HWW UHJLVWHU NDQ KD YLNWLJD IXQNWLRQHU DWW I\OOD L W H[ WLOOV\QV RFK XSSI|OMQLQJVYHUNVDPKHW NDQ GHW lYHQ DQYlQGDV I|U DWW XQGHUOlWWD I|U DOOPlQKHWHQ W H[ HQ N|SDUH DY HWW VPnKXV DWW In GHO DY LQIRUPDWLRQ RP W H[ YHQWLODWLRQVNRQWUROO UDGRQPlWQLQJ RFK XSSJLIWHU RP E\JJQDGHQV HQHUJLVWDWXV H G\O 9L VHU GHWWD VRP HWW YLNWLJW VNlO I|U HWW QDWLRQHOOW RFK RIIHQWOLJW UHJLVWHU

9LNWLJW lU RFNVn GHW VNDSDV P|MOLJKHW WLOO HQ HQNHO XSSGDWHULQJ DY GHNODUDWLRQHUQD RP XSSJLIWHU XU GHNODUDWLRQHUQD ILQQV L HQ GDWDEDV 6DPPDQWDJHW ILQQV GHW VnOHGHV HWW VDPKlOOV RFK DQYlQGDU LQWUHVVH DY DWW NXQQD KDQWHUD XSSJLIWHU RP RFK XU GHNODUDWLRQHUQD L UHJLVWHU 1\WWDQ DY HWW VnGDQW PnVWH GRFN YlJDV PRW GHQ DGPLQLVWUDWLRQ RFK GH NRVWQDGHU RFK ILQDQVLHULQJHQ DY GHVVD VRP HWW UHJLVWHU I|U PHG VLJ 9L NRPPHU L GHW I|OMDQGH DWW OlPQD HWW I|UVODJ Sn KXU HWW UHJLVWHU NDQ E\JJDV XSS RFK nWHUNRPPHU WLOO NRVWQDGVIUnJDQ L DYVQLWW ' 9L NRPPHU Gn \WWHUOLJDUH WD XSS IUnJDQ RP HWW UHJLVWHU E|U E\JJDV XSS Sn QDWLRQHOO HOOHU ORNDO QLYn VDPW DQGUD IUnJRU VRP RFNVn KDU EHW\GHOVH I|U HWW VOXWOLJW VWlOOQLQJV

WDJDQGH L GHQQD IUnJD

)DVWLJKHWVUHJLVWUHWV E\JJQDGVGHO HOOHU QnJRW DQQDW QDWLRQHOOW UHJLVWHU"

9nUW I|UVODJ 'HW ILQQV HWW DQWDO I|UGHODU PHG DWW NQ\WD XSSJLIWHU L E\JJQDGVGHNODUDWLRQHU WLOO E\JJQDGHU L IDVWLJKHWVUHJLVWUHW 9L DQVHU GlUI|U ² RP GHW VNDOO LQUlWWDV HWW QDWLRQHOOW UHJLVWHU ² DWW GHW lU IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO VRP E|U DQYlQGDV

)UnJDQ RP GHW E|U LQUlWWDV HWW FHQWUDOW UHJLVWHU HOOHU RP GHW ILQQV DOWHUQDWLY WLOO HWW VnGDQW UHJLVWHU EHKDQGODU YL L QlVWD DYVQLWW 9L VNDOO UHGDQ QX UHGRYLVD YnU EHG|PQLQJ DY IUnJDQ ² RP XSSJLIWHU XU

  )# #*
   
   

GHNODUDWLRQHUQD VNDOO I|UDV L HWW QDWLRQHOOW UHJLVWHU ² YLONHW QDWLRQHOOW UHJLVWHU VRP E|U DQYlQGDV

*UXQGOlJJDQGH XSSJLIWHU RP DOOD E\JJQDGHU PHG XQGDQWDJ I|U MRUGEUXNHWV HNRQRPLE\JJQDGHU NRPSOHPHQWE\JJQDGHU RFK E\JJ QDGHU DY PLQGUH YlUGH ILQQV UHGDQ L E\JJQDGVGHOHQ L IDVWLJKHWV UHJLVWUHW 'HVVD XSSJLIWHU XSSGDWHUDV GHVVXWRP IRUWO|SDQGH DY NRPPXQHUQD RFK DY /DQWPlWHULYHUNHW 'HQ LQIRUPDWLRQ VRP HIWHUIUnJDV EHWUlIIDQGH YHQWLODWLRQ UDGRQ RFK HQHUJL lU ² RDYVHWW RP GHW lU IUnJD RP WLOOV\Q XSSI|OMQLQJ HOOHU XSSUlWWDQGH DY HQ GHNODUDWLRQ ² NQXWHQ WLOO E\JJQDGHU YLONHQ W\S DY E\JJQDG GHW lU IUnJD RP RFK YLONHW OlJH E\JJQDGHQ KDU (WW RFK VDPPD LGHQWLWHWV EHJUHSS lU DY FHQWUDO EHW\GHOVH L PnQJD VDPPDQKDQJ , IDVWLJKHWV UHJLVWUHWV E\JJQDGVGHO lU YDUMH E\JJQDG NQXWHQ WLOO HQ IDVWLJKHW , E\JJQDGVGHOHQ KDU YDUMH E\JJQDG GHVVXWRP HQ XQLN LGHQWLWHW 'HQ XQLND LGHQWLWHWHQ ² Q\FNHOQ ² JHU RFNVn P|MOLJKHWHQ DWW NRSSOD WLOO DQGUD UHJLVWHU VRP IDVWLJKHWVWD[HULQJVUHJLVWUHW HOOHU NRPPXQDOD UHJLVWHU )|U PnQJD E\JJQDGHU ILQQV HQ W\SNRG VRP DQJHU GHQ KXYXGVDNOLJD YHUNVDPKHWHQ VRP EHGULYV L E\JJQDGHQ 9DUMH E\JJQDG KDU RFNVn NRRUGLQDWHU VRP J|U GHW P|MOLJW DWW JHRJUDILVNW ORNDOLVHUD E\JJQDGHQ RFK LOOXVWUHUD OlJHW Sn HQ NDUWD 0nQJD E\JJQDGHU KDU RFNVn HQ NRSSOLQJ WLOO HQ HOOHU IOHUD DGUHVVSODWVHU

, IDVWLJKHWVUHJLVWUHW ILQQV VnOHGHV YLVVD JUXQGOlJJDQGH XSSJLIWHU RP E\JJQDGHU VRP lU DY EHW\GHOVH I|U VnYlO VMlOYD GHNODUDWLRQHQ VRP DQQDQ WLOOV\QVYHUNVDPKHW VRP NRPPXQHUQD EHGULYHU

'HW lU lQGDPnOVHQOLJW RP UHGDQ EHILQWOLJD XSSJLIWHU RP E\JJ QDGHU NDQ DQYlQGDV lYHQ I|U EO D XSSUlWWDQGH DY GHNODUDWLRQHU WLOOV\Q RFK XSSI|OMQLQJ 0HG HQ VnGDQ RUGQLQJ NUlYV GHW LQWH XSSGDWHULQJ RFK DMRXUI|ULQJ DY \WWHUOLJDUH HWW FHQWUDOW UHJLVWHU PHG XSSJLIW RP ROLND E\JJQDGHU

'HNODUDWLRQHUQD KDU WLOO V\IWH DWW VSULGD LQIRUPDWLRQ WLOO K\UHVJlVWHU RFK DQGUD EUXNDUH VDPW WLOOWlQNWD K\UHVJlVWHU RFK N|SDUH DY E\JJQDGHU *HQRP DWW DQYlQGD IDVWLJKHWVUHJLVWUHW ILQQV GHW P|MOLJKHW DWW XWQ\WWMD GHQ LQIUDVWUXNWXU VRP E\JJWV UXQW UHJLVWUHW VRP UXWLQHU I|U VSULGQLQJ DY LQIRUPDWLRQ RFK DMRXUKnOOQLQJ

'HVVXWRP KDU /DQWPlWHULYHUNHW RFK NRPPXQHUQD HWW RPIDWW DQGH VDPDUEHWH YDG JlOOHU LQIRUPDWLRQVI|UV|UMQLQJHQ UHGDQ L GDJ

'HW ILQQV VnOHGHV HWW DQWDO I|UGHODU PHG DWW NQ\WD XSSJLIWHUQD L E\JJQDGVGHNODUDWLRQHQ WLOO E\JJQDGHU L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO $Y RYDQ DQJLYQD VNlO DQVHU YL ² RP GHW VNDOO LQUlWWDV

)# #*  
   
   

HWW QDWLRQHOOW UHJLVWHU ² DWW GHW lU IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO VRP E|U DQYlQGDV

1DWLRQHOOW HOOHU ORNDOD UHJLVWHU"

9nUW I|UVODJ )|U DWW EO D VNDSD XQGHUODJ I|U XSSI|OMQLQJ E|U XSSJLIWHU XU GHNODUDWLRQHUQD UHJLVWUHUDV L HWW QDWLRQHOOW UHJLVWHU 'HW E|U GlUI|U LQI|UDV HQ EHVWlPPHOVH RP DWW NRPPXQHUQD InU UHJLVWUHUD XSSJLIWHU RP RFK XU GHNODUDWLRQHUQD L IDVWLJKHWV UHJLVWUHWV E\JJQDGVGHO 5HJHOQ E|U LQWH YDUD REOLJDWRULVN I|U NRPPXQHUQD XWDQ E|U OLNVRP GDJHQV UHJLVWUHULQJ L E\JJQDGV GHOHQ E\JJD Sn IULYLOOLJKHW

, YnUW XSSGUDJ LQJnU DWW EHO\VD XWIRUPQLQJ RFK XSSE\JJQDG DY HWW QDWLRQHOOW UHJLVWHU VRP JHU XQGHUODJ I|U XSSI|OMQLQJ DY UHOHYDQWD GHOPnO WLOO GH QDWLRQHOOD PLOM|NYDOLWHWVPnOHQ VDPW XWUHGD DOWHUQDWLY WLOO HWW QDWLRQHOOW UHJLVWHU

, GHWWD NDSLWHO GLVNXWHUDU YL IUnJDQ RP GHW ILQQV DOWHUQDWLY WLOO HWW QDWLRQHOOW UHJLVWHU

0|MOLJKHWHUQD WLOO XSSI|OMQLQJ

)|U DWW ROLND XSSI|OMQLQJDU VNDOO NXQQD VNH E|U XSSJLIWHUQD ILQQDV L HWW QDWLRQHOOW PHQ LQWH ORNDOW UHJLVWHU %HDUEHWQLQJDU Sn ULNVQLYn NRPPHU L SUDNWLNHQ DWW YDUD RP|MOLJD PHG HWW VWRUW DQWDO UHJLVWHU (WW QDWLRQHOOW UHJLVWHU LQQHElU DWW GH VRP KDU EHKRY DY LQIRUPDWLRQ NDQ In WLOOJnQJ WLOO LQIRUPDWLRQHQ Sn HWW HQNODUH RFK PHU HQKHWOLJW VlWW

)|U GH NRPPXQHU ² RFK P\QGLJKHWHU ² VRP EHK|YHU WLOOJnQJ WLOO XSSJLIWHUQD L GLJLWDO IRUP NDQ HWW QDWLRQHOOW UHJLVWHU JH P|MOLJKHW DWW In XSSJLIWHUQD L HWW VWDQGDUGLVHUDW IRUPDW 'HW NDQ GlUYLG VNDSDV P|MOLJKHW DWW In DOOD XSSJLIWHU XU UHJLVWUHW HOOHU HQEDUW I|UlQGULQJDU XQGHU HQ YLVV WLGVSHULRG

1\D RFK DQGUD XSSJLIWHU NRPPHU DWW UHGRYLVDV

1lU GHNODUDWLRQHUQD LQI|UV ² RFK Gn VlUVNLOW QlU XSSJLIW RP HQHUJL SUHVWDQGD P IO XSSJLIWHU VNDOO UHGRYLVDV ² lU GHW HQ I|UGHO RP

  )# #*
   
   

XSSJLIWHU NDQ UHJLVWUHUDV RFK J|UDV WLOOJlQJOLJD Sn HWW RFK VDPPD VWlOOH )UnJDQ RP HQ GHNODUDWLRQ XSSUlWWDWV HOOHU LQWH VDPW YLVVD XSSJLIWHU L GHNODUDWLRQHUQD lU µQ\Dµ GYV GH KDQWHUDV LQWH L QnJUD UHJLVWHU L GDJ

(OHNWURQLVN KDQWHULQJ

2P GHW ² YLONHW YL I|UHVOnU ² VNDSDV HQ P|MOLJKHW DWW OlPQD GHNODUD WLRQHUQD HOHNWURQLVNW lU GHW P|MOLJW I|U /DQWPlWHULYHUNHW RFK DQGUD P\QGLJKHWHU DWW VNDSD HQKHWOLJD RFK NRVWQDGVHIIHNWLYD UXWLQHU I|U GHWWD PHQ NQDSSDVW I|U YDUMH HQVNLOG NRPPXQ (Q P|MOLJKHW I|U E\JJQDGVlJDUHQ DWW ² VMlOY HOOHU JHQRP XSSGUDJ WLOO HQ EHVLNWQLQJV PDQ ² OlPQD XSSJLIWHUQD HOHNWURQLVNW NDQ I|UYlQWDV PHGI|UD HQ HIIHNWLYDUH RFK GlUPHG HQ ELOOLJDUH KDQWHULQJ lQ RP GHW HQEDUW ILQQV HQ P|MOLJKHW DWW OlPQD GHNODUDWLRQHUQD PDQXHOOW

,QIRUPDWLRQVVSULGQLQJ

0|MOLJKHWHUQD DWW VSULGD LQIRUPDWLRQ RFK KnOOD XSSJLIWHUQD DOOPlQW WLOOJlQJOLJD |NDU PHG HWW QDWLRQHOOW UHJLVWHU

(WW QDWLRQHOOW UHJLVWHU NDQ XQGHUOlWWD I|U DOOPlQKHWHQ DWW In LQIRUPDWLRQ RP HQ E\JJQDGV VWDWXV EHWUlIIDQGH W H[ YHQWLODWLRQV NRQWUROO UDGRQPlWQLQJ RFK XSSJLIWHU RP HQ E\JJQDGV HQHUJLVWDWXV H G\O

7LOOV\QVYHUNVDPKHWHQ

)|U NRPPXQHUQDV WLOOV\QVYHUNVDPKHW lU GHW HQOLJW YnU XSSIDWWQLQJ LQWH Q|GYlQGLJW PHG HWW FHQWUDOW UHJLVWHU 0nQJD NRPPXQHU KDU UHGDQ L GDJ UHJLVWHU I|U DWW KDQWHUD XSSJLIWHU RP GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ RFK XSSJLIWHU RP UDGRQ L EHE\JJHOVHQ +XYXGVDNHQ I|U WLOOV\QVYHUNVDPKHWHQ lU DWW GHW KRV NRPPXQHQ ILQQV IXQJHUDQGH UXWLQHU UHVXUVHU RFK HWW EUD UHJLVWHU VRP LQQH KnOOHU YLVVD DNWXHOOD JUXQGXSSJLIWHU , VLQ WLOOV\QVYHUNVDPKHW KDU NRPPXQHUQD GHVVXWRP EHKRY DY YLVVD XSSJLIWHU XU IDVWLJKHWV UHJLVWUHW VnVRP XSSJLIW RP E\JJQDGHU DGUHVVHU RFK ODJIDUHQ lJDUH

(Q QDFNGHO PHG HWW QDWLRQHOOW UHJLVWHU lU DWW GHW NDQ YDUD VYnUW DWW LQWHJUHUD L GHQ SURFHVV GlU LQIRUPDWLRQHQ VNDSDV )UnJDQ lU GlUI|U RP HQ FHQWUDO UHJLVWUHULQJ NDQ XWIRUPDV Vn DWW GHQ LQQHElU YLVVD

)# #*  
   
   

I|UGHODU L KDQGOlJJQLQJVSURFHVVHQ I|U GH HQVNLOGD NRPPXQHUQD 6YDUHW Sn GHQ IUnJDQ EHURU L K|J XWVWUlFNQLQJ Sn KXU LQIRUPDWLRQHQ NDQ µIO|GDµ IUnQ IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO

)|U DWW E\JJQDGVUHJLVWUHW VNDOO NXQQD DQYlQGDV DY NRPPXQHUQD L GHUDV WLOOV\QVYHUNVDPKHW NDQ GHW VNDSDV P|MOLJKHW WLOO YLVVD XUYDO RFK DWW In UHVXOWDWHW SUHVHQWHUDW L HQ UDSSRUW (Q VnGDQ UDSSRUW NDQ W H[ YLVD YLOND E\JJQDGHU VRP LQWH YDULW I|UHPnO I|U YHQWLODWLRQV NRQWUROO , IDVWLJKHWVUHJLVWUHW NDQ GHW lYHQ VNDSDV VW|G I|U DWW IUDPVWlOOD VNULYHOVHU WLOO IDVWLJKHWVlJDUQD

)|U GH NRPPXQHU VRP SUHQXPHUHUDU Sn E\JJQDGVGHOHQ DQVHU YL DWW GHW lU P|MOLJW DWW VNDSD UXWLQHU VRP J|U DWW GHVVD NRPPXQHU Sn HWW EUD VlWW NDQ DQYlQGD LQUHJLVWUHUDGH XSSJLIWHU VRP XQGHUODJ I|U VLQ WLOOV\QVYHUNVDPKHW +DQWHULQJHQ NDQ Jn WLOO HQOLJW I|OMDQGH 1lU HQ GHNODUDWLRQ NRPPHU LQ UHJLVWUHUDU NRPPXQHQ LQ DNWXHOOD XSSJLIWHU L E\JJQDGVGHOHQ RFK L VLQD KDQGOlJJQLQJVV\VWHP HQGDVW GH XSSJLIWHU VRP EHK|YV I|U GLDULHI|ULQJVVN\OGLJKHWHQ )|U UHJLVWUHULQJHQ NRPSHQVHUDV NRPPXQHQ HNRQRPLVNW Sn VDPPD VlWW VRP VNHU YLG UHJLVWUHULQJ L E\JJQDGVGHOHQ RFK DGUHVVGHOHQ L GDJ 'H NRPPXQHU VRP SUHQXPHUHUDU Sn XSSJLIWHU L E\JJQDGVGHOHQ InU GlUHIWHU WLOOVDPPDQV PHG DQGUD XSSJLIWHU WLOOEDND GH LQUHJLVWUHUDGH XSSJLIWHUQD IUnQ /DQWPlWHULYHUNHW 8SSJLIWHUQD I|UV VnOHGHV PHG DXWRPDWLN WLOOEDND WLOO NRPPXQHUQD RFK XSSJLIWHUQD NDQ PHG DXWRPDWLN I|UDV LQ L GH NRPPXQDOD V\VWHPHQ (Q LQNRPPHQ GHNODUDWLRQ VRP lU NRPSOHWW EHK|YHU NRPPXQHQ VRP UHJHO LQWH KDQWHUD \WWHUOLJDUH I|UUlQ GHW lU GDJV I|U XSSGDWHULQJ DY GHNODUDWLRQHQ RFK Gn HQGDVW XQGHU I|UXWVlWWQLQJ DWW E\JJQDGV lJDUHQ LQWH VMlOYPDQW XSSGDWHUDU GHQVDPPD /DQWPlWHULYHUNHW NDQ GHVVXWRP VNDSD XSSJLIWHU VRP EHK|YV I|U NRPPXQHQV EHYDNQLQJ RFK VRP PHG DXWRPDWLN I|UV IUnQ E\JJQDGVGHOHQ WLOO NRPPXQHQ (Q UXWLQ VRP GHQ EHVNULYQD VNXOOH LQQHElUD DWW NRPPXQHQV UHJLVWUHULQJ L E\JJQDGVGHOHQ NDQ LQWHJUHUDV L KDQGOlJJQLQJV SURFHVVHQ RFK DWW GXEEHOUHJLVWUHULQJ XQGYLNV

'H InWDO NRPPXQHU VRP HQGDVW KDU HQ PDQXHOO KDQWHULQJ VNXOOH JHQRP HQ UHJLVWUHULQJ L E\JJQDGVUHJLVWUHW NXQQD In VW|G I|U VLQ KDQWHULQJ DY GHNODUDWLRQHUQD RFK XSSJLIWHUQD L GHP .RPPXQHUQD NDQ JHV P|MOLJKHW DWW J|UD YLVVD XUYDO RFK In UHVXOWDWHW SUHVHQWHUDW L IRUP DY HQ UDSSRUW (Q VnGDQ UDSSRUW VNXOOH W H[ NXQQD DYVH DOOD E\JJQDGHU HOOHU YLVVD W\SHU DY E\JJQDGHU L NRPPXQHQ 3n Vn YLV NDQ NRPPXQHQ In IUDP XSSJLIWHU RP I|U YLOND E\JJQDGHU GHW LQWH OlPQDWV QnJRQ GHNODUDWLRQ HOOHU VnGDQD E\JJQDGHU GlU GHNODUDWLRQHQ LQWH XSSGDWHUDWV

  )# #*
   
   

+lUHIWHU nWHUVWnU GH NRPPXQHU VRP KDU ORNDOD UHJLVWHU RFK VRP LQWH SUHQXPHUHUDU Sn XSSJLIWHU IUnQ IDVWLJKHWVUHJLVWUHWV E\JJQDGV GHO bYHQ GHVVD NRPPXQHU KDU UXWLQHU I|U RFK UHJLVWUHUDU L E\JJ QDGVUHJLVWUHW 'H NDQ RFNVn I|U VLQ YHUNVDPKHW V|ND RFK J|UD YLVVD XWWDJ L UHJLVWUHW (Q UHJLVWUHULQJ L E\JJQDGVUHJLVWUHW NRPPHU DWW LQQHElUD DWW XSSJLIWHUQD InU UHJLVWUHUDV Sn WYn VWlOOHQ GHOV L GH HJQD V\VWHPHQ RFK GHOV L E\JJQDGVUHJLVWUHW 'HVVXWRP NDQ GHW YDUD Vn DWW NRPPXQHQ KDU HWW UHJLVWHU I|U DWW KDQWHUD XSSJLIWHU RP UDGRQ RFK HWW DQQDW UHJLVWHU I|U DWW KDQWHUD XSSJLIWHU RP GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ )|U GHVVD NRPPXQHU lU GHW VnOHGHV VYnUW DWW KLWWD HQ QnJRUOXQGD UDWLRQHOO KDQWHULQJ (WW DOWHUQDWLY I|U DWW XQGHUOlWWD KDQWHULQJHQ YLG HQ NRPPXQ VRP LQWH SUHQXPHUHUDU Sn E\JJQDGVGHOHQ PHQ KDU HJQD UHJLVWHU VNXOOH NXQQD YDUD DWW NRPPXQHQ L VLWW V\VWHP HQGDVW UHJLVWUHUDU DWW GHNODUDWLRQHQ NRPPLW LQ RFK WLGSXQNW I|U QlVWD XSSGDWHULQJ DY GHNODUDWLRQHQ

6DPPDQIDWWQLQJVYLV DQVHU YL DWW XSSJLIWHU RP RFK XU E\JJQDGV GHNODUDWLRQHUQD PnVWH I|UDV L HWW QDWLRQHOOW UHJLVWHU I|U DWW GHW VNDOO NXQQD YDUD P|MOLJW DWW J|UD XSSI|OMQLQJDU VRP KlQI|U VLJ WLOO KHOD ODQGHW HOOHU PnQJD NRPPXQHU 'HVVXWRP ILQQV GHW P|MOLJKHWHU DWW VNDSD UXWLQHU I|U E\JJQDGVlJDUQD DWW OlPQD XSSJLIWHUQD HOHNWUR QLVNW RP XSSJLIWHUQD I|UV L HWW HQGD UHJLVWHU )|U GH NRPPXQHU VRP SUHQXPHUHUDU Sn XSSJLIWHU XU IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO LQQHElU GHW LQWH QnJRQ |NDG EHODVWQLQJ DWW UHJLVWUHUD XSSJLIWHUQD L E\JJQDGVGHOHQ HIWHUVRP XSSJLIWHUQD PHG DXWRPDWLN I|UV WLOOEDND WLOO NRPPXQHQV UHJLVWHU GHWWD QDWXUOLJWYLV XQGHU I|UXWVlWWQLQJ DWW NRPPXQHQ KDU HWW JUlQVVQLWW I|U DWW WD HPRW GHVVD XSSJLIWHU 'HVV XWRP KDU GH NRPPXQHU VRP LGDJ HQGDVW KDU HQ PDQXHOO KDQWHULQJ Q\WWD L VLQ KDQWHULQJ DY DWW I|UD XSSJLIWHUQD L E\JJQDGVGHOHQ HIWHUVRP GHW VNDSDV VW|G I|U NRQWUROOHQ L E\JJQDGVGHOHQ

'H NRPPXQHU VRP LQWH SUHQXPHUHUDU Sn XSSJLIWHU L E\JJQDGV GHOHQ RFK VRP KDU HJQD UHJLVWHU NDQ In HQ PHU RPIDWWDQGH KDQ WHULQJ HIWHUVRP GH NDQ EHK|YD UHJLVWUHUD XSSJLIWHUQD Sn WYn VWlOOHQ )|U DWW In QHG DUEHWVPRPHQWHQ NDQ GHVVD NRPPXQHU L RFK I|U VLJ YlOMD DWW L VLWW V\VWHP HQGDVW UHJLVWUHUD HWW InWDO XSSJLIWHU %HKRY DY \WWHUOLJDUH XSSJLIWHU ILQQV I|UVW QlU GHNODUDWLRQHQ LQWH XSSGDWHUDV HOOHU GHW IUDPVWlOOV NODJRPnO Sn W H[ YHQWLODWLRQ L HQ E\JJQDG

0HG KlQV\Q WLOO YDG YL UHGRJMRUW I|U RYDQ RFK DWW L VWRUW VHWW DOOD NRPPXQHU L GDJ UHJLVWUHUDU L E\JJQDGVUHJLVWUHW VDPW GHW VWRUD DQ WDOHW NRPPXQHU VRP UHGDQ QX SUHQXPHUHUDU Sn IDVWLJKHWVUHJLVWUHW

)# #*  
   

DQVHU YL DWW NRPPXQHUQD E|U UHJLVWUHUD XSSJLIWHU RP GHNODUDWLRQHUQD L E\JJQDGVGHOHQ

, GDJ lU GHQ UHJLVWUHULQJ VRP NRPPXQHUQD J|U L IDVWLJKHWV UHJLVWUHWV E\JJQDGVGHO RFK DGUHVVGHO IULYLOOLJ 'DJHQV KDQWHULQJ E\JJHU Sn |YHUHQVNRPPHOVHU PHOODQ /DQWPlWHULYHUNHW RFK NRPPXQHUQD 9L DQVHU LQWH DWW GHW ILQQV VNlO DWW LQI|UD HQ REOLJDWRULVN UHJHO RP DWW NRPPXQHUQD VNDOO UHJLVWUHUD XSSJLIWHU RP GHNODUDWLRQHUQD L E\JJQDGVGHOHQ .RPPXQHUQD KDU HWW VWRUW LQWUHVVH DY EHE\JJHOVHQ L VLQ NRPPXQ RFK GHW NDQ GlUI|U I|UYlQWDV DWW ² nWPLQVWRQH VnGDQD NRPPXQHU VRP NDQ In XSSJLIWHUQD WLOOEDND HOHNWURQLVNW ² NRPPHU DWW YlOMD DWW Sn IULYLOOLJ EDVLV UHJLVWUHUD XSSJLIWHUQD L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO 'HWWD VlUVNLOW RP NRPPXQHUQD ² Sn VDPPD VlWW VRP YLG DQQDQ UHJLVWUHULQJ L E\JJQDGVGHOHQ ² InU HNRQRPLVN NRPSHQVDWLRQ I|U VLQ UHJLVWUHULQJ

2P YLVVD NRPPXQHU YlOMHU DWW LQWH UHJLVWUHUD XSSJLIWHU L E\JJQDGVGHOHQ NDQ |YHUYlJDQGHQ EHK|YD J|UDV RP GHVVD NRPPXQHU Sn DQQDW VlWW E|U WLOOKDQGDKnOOD XQGHUODJ I|U GH XSSI|OMQLQJDU VRP VDPKlOOHW KDU EHKRY DY

9L DQVHU VDPPDQIDWWQLQJVYLV DWW GHW ² I|U DWW WLOOJRGRVH GH V\IWHQ VRP DQJHWWV RYDQ ² DWW GHW E|U LQI|UDV HQ UHJHO RP DWW NRPPXQHUQD InU UHJLVWUHUD XSSJLIWHU RP RFK XU GHNODUDWLRQHUQD L IDVWLJKHWV UHJLVWUHWV E\JJQDGVGHO .RPPXQHUQD E|U NRPSHQVHUDV HNRQR PLVNW I|U HQ VnGDQ UHJLVWUHULQJ VH DYVQLWW )LQDQVLHULQJ

%|U GHW JlOOD VHNUHWHVV I|U XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ"

9nUW I|UVODJ , WLOOV\QVYHUNVDPKHW VNDOO GHW LQWH JlOOD VHNUHWHVV I|U XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ 9L I|UHVOnU DWW GHWWD I|UW\GOLJDV JHQRP HQ lQGULQJ L NDS † VHNUHWHVVODJHQ

9L KDU L DYVQLWW RFK UHGRJMRUW I|U (* GLUHNWLYHW RP UlWW DWW WD GHO DY PLOM|LQIRUPDWLRQ RFK I|U JlOODQGH VHNUHWHVVEHVWlPPHOVHU LNDS RFK †† VHNUHWHVVODJHQ 9L NRPPHU QX DWW WD XSS IUnJDQ RP GHW ILQQV VNlO DWW I|UHVOn I|UlQGULQJDU L UHJOHUQD RP VHNUHWHVV

(WW DY V\IWHQD PHG GHNODUDWLRQHQ lU DWW ERHQGH EUXNDUH WLOOWlQNWD K\UHVJlVWHU RFK WLOOWlQNWD N|SDUH HQNHOW VNDOO In WLOOJnQJ WLOO GH XSSJLIWHU RP HQ E\JJQDG VRP VNDOO UHGRYLVDV L HQ E\JJQDGVGHNODUDWLRQ

  )# #*
   
   

(IWHUVRP GHNODUDWLRQHUQD KDU GHW DQJLYQD V\IWHW OLJJHU GHW L VDNHQV QDWXU DWW GH PnVWH ILQQDV WLOOJlQJOLJD I|U GHP VRP VNDOO KD WLOOJnQJ WLOO GHP 8SSJLIWHU VRP VNDOO UHGRYLVDV L HQ GHNODUDWLRQ NDQ GlUI|U NQDSSDVW YDUD DY GHQ DUW DWW GHW DY KlQV\Q WLOO DOOPlQQD HOOHU HQVNLOGD LQWUHVVHQ VNXOOH ILQQDV EHKRY DY VHNUHWHVV I|U XSSJLIWHUQD 2P HWW VnGDQW EHKRY VNXOOH DQVHV I|UHOLJJD I|U HQ HOOHU IOHUD XSSJLIWHU L GHNODUDWLRQHQ ILQQV GHW |YHU KXYXG WDJHW LQWH QnJRW VNlO DWW KD PHG XSSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ 9nU XSSIDWWQLQJ lU VnOHGHV DWW HQGDVW VnGDQD XSSJLIWHU VRP LQWH lU HOOHU E|U YDUD EHODJGD PHG VHNUHWHVV VNDOO WDV LQ L HQ E\JJQDGVGHNODUDWLRQ

'H XSSJLIWHU VRP UHGRYLVDV L HQ E\JJQDGVGHNODUDWLRQ RP GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ lU NQDSSDVW DY GHQ DUW DWW GHW ILQQV VNlO I|U VHNUHWHVV 'HWVDPPD JlOOHU HQ UHGRYLVQLQJ DY RP GHW ILQQV SODQHU I|U I|UElWWUDG HQHUJLDQYlQGQLQJ HOOHU HQ VlUVNLOG UHGR YLVQLQJ RP HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ ,QWH KHOOHU HQ HYHQWXHOO UHGRYLVQLQJ DY XSSJLIW RP GHW ILQQV HWW HQHUJLFHUWLILNDW HOOHU LQWH XSSJLIW RP E\JJQDGHQV HQHUJLSUHVWDQGD RFK UHIHUHQV YlUGHQ lU DY VnGDQ DUW DWW GHW ILQQV VNlO I|U VHNUHWHVV

)UnJDQ lU KlUHIWHU YLONHQ EHG|PQLQJ VRP VNDOO J|UDV L IUnJD RP XSSPlWW UDGRQKDOW L HQ E\JJQDG

'HW LQWUHVVH VRP NDQ WDOD I|U DWW XSSJLIWHQ VNXOOH YDUD VHNUHWHVV EHODJG KRV HQ NRPPXQDO P\QGLJKHW lU KlQV\QHQ WLOO GHQ HQVNLOGHV HNRQRPLVND LQWUHVVHQ W H[ HQ K\UHVYlUGV HOOHU HQ VlOMDUHV HNRQR PLVND LQWUHVVHQ

5DGRQXWUHGQLQJHQ KDU EHU|UW IUnJDQ RP HQ IDVWLJKHWV PDUNQDGV YlUGH PLQVNDU RP I|UK|MGD UDGRQYlUGHQ NRQVWDWHUDV 628

5DGRQ )DNWD RFK OlJHVUDSSRUW RP UDGRQ V II $Y GHW PDWHULDO VRP UDGRQXWUHGQLQJHQ UHGRYLVDU IUDPJnU DWW GHW lU VYnUW DWW GUD QnJRQ VlNHU VOXWVDWV DY L YLONHQ RPIDWWQLQJ PDUNQDGVYlUGHW SnYHUNDV 'HQ VOXWVDWVHQ NDQ GRFN GUDV DWW HQ I|UK|MG UDGRQKDOW L GHW VWRUD IOHUWDOHW IDOO NDQ SnYHUND PDUNQDGVYlUGHW

$OOPlQKHWHQ KDU HWW EHIRJDW NUDY Sn DWW XSSJLIWHU VRP U|U PlQQLVNRUV KlOVD L Vn VWRU XWVWUlFNQLQJ VRP P|MOLJW VNDOO NXQQD RIIHQWOLJJ|UDV 'HW lU DY YLNW DWW ERHQGH RFK EUXNDUH NDQ In XSS O\VQLQJDU RP UDGRQKDOWHQ L HQ E\JJQDG lU XSSPlWW HOOHU LQWH RFK L I|UHNRPPDQGH IDOO GHW XSSPlWWD YlUGHW (Q K\UHVJlVW KDU HWW EHUlWWLJDW NUDY Sn DWW NXQQD In XSSJLIWHU RP VnGDQD I|UKnOODQGHQ VRP U|U HQ E\JJQDG VRP KDQ HOOHU KRQ ERU L (Q HQVNLOG E|U RFNVn NXQQD NRQWUROOHUD VnGDQD XSSJLIWHU EHWUlIIDQGH W H[ HQ E\JJQDG GlU GHW EHGULYV EDUQRPVRUJVYHUNVDPKHW 'HW VDJGD JlOOHU lYHQ HQ WLOOWlQNW K\UHVJlVW HOOHU HQ WLOOWlQNW N|SDUH gNDG WLOOJnQJ I|U

)# #*  
   
   

DOOPlQKHWHQ WLOO VnGDQ LQIRUPDWLRQ ELGUDU WLOO |NDG PHGYHWHQKHW RFK Sn VLNW ElWWUH LQRPKXVPLOM| $Y Q\VV QlPQGD VNlO RFK PHG KlQV\Q WLOO GH V\IWHQ VRP GHNODUDWLRQHUQD KDU L |YULJW ILQQV GHW NQDSSDVW VNlO I|U DWW VnGDQD XSSJLIWHU ² LQWH HQV HIWHU HQ LQWUHVVHDYYlJQLQJ ² VNXOOH YDUD VHNUHWHVVEHODJGD

9L DQVHU GlUI|U DWW GHW ILQQV VNlO DWW W\GOLJJ|UD EHVWlPPHOVHQ LNDS † VHNUHWHVVODJHQ Sn Vn VlWW DWW GHW NODUW IUDPJnU DWW VHNUHWHVV LQWH JlOOHU I|U XSSJLIWHU VRP UHGRYLVDV RP HQ E\JJQDG HOOHU GHVV I|UYDOWQLQJ L HQ E\JJQDGVGHNODUDWLRQ

,QWHJULWHW

9nU EHG|PQLQJ 9L DQVHU LQWH DWW GHW DY KlQV\Q WLOO GHQ SHUVRQOLJD LQWHJULWHWHQ ILQQV QnJRW KLQGHU DWW I|UD XSSJLIWHU RP RFK XU GHNODUDWLRQHUQD L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO

8SSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ EHK|YHU EHKDQGODV I|U L VWRUW VHWW PRWVYDUDQGH lQGDPnO VRP JlOOHU I|U IDVWLJKHWV UHJLVWUHW 5HJOHULQJHQ DY lQGDPnOHQ L IDVWLJKHWVUHJLVWUHW LQQHElU L VLJ GlUI|U LQWH QnJRW KLQGHU DWW I|UD XSSJLIWHUQD L IDVWLJKHWV UHJLVWUHWV E\JJQDGVGHO

'H EHVWlPPHOVHU L IDVWLJKHWVUHJLVWHUODJHQ VRP EHJUlQVDU GLUHNWnWNRPVW VDPW V|NQLQJDU RFK VDPPDQVWlOOQLQJDU XSSI\OOHU GH NUDY VRP PHG KlQV\Q WLOO GHQ SHUVRQOLJD LQWHJULWHWHQ NDQ VWlOODV EHWUlIIDQGH XSSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ , HWW DYVHHQGH EHK|YHU GRFN EHVWlPPHOVHQ L IDVWLJKHWVUHJLVWHUODJHQ NRPSOHWWHUDV 8SSJLIWHU RP UDGRQ YHQWLODWLRQ HQHUJL RFK DQGUD IUnJRU VRP U|U LQRPKXVPLOM|Q VNDOO HQOLJW YnU PHQLQJ LQWH In EHKDQGODV L XUYDO RFK EHDUEHWQLQJDU VRP /DQWPlWHULYHUNHW J|U I|U DQQDQV UlNQLQJ I|U GLUHNW PDUNQDGVI|ULQJ

9L DQVHU DWW IUnJDQ RP DOOPlQKHWHQV WLOOJnQJ WLOO XSSJLIWHU XU E\JJQDGVGHNODUDWLRQHUQD L IDVWLJKHWVUHJLVWUHW InU O|VDV Sn VDPPD VlWW VRP |YULJD XSSJLIWHU XU IDVWLJKHWVUHJLVWUHW 'HW VDJGD LQQHElU DWW XSSJLIWHUQD LQWH E|U J|UDV WLOOJlQJOLJD Sn Vn VlWW DWW GHW LQQHElU DWW XSSJLIWHUQD I|UV WLOO WUHGMH ODQG VRP LQWH KDU HQ DGHNYDW VN\GGVQLYn

  )# #*
   
   

,QWHJULWHWVIUnJRU

$OOPlQW

(QOLJW NDS † DQGUD VW\FNHW UHJHULQJVIRUPHQ VNDOO YDUMH PHG

ERUJDUH L GHQ XWVWUlFNQLQJ VRP QlUPDUH DQJHV L ODJ VN\GGDV PRW DWW

KDQV SHUVRQOLJD LQWHJULWHW NUlQNV JHQRP DWW XSSJLIWHU RP KRQRP

UHJLVWUHUDV PHG KMlOS DY DXWRPDWLVN GDWDEHKDQGOLQJ

3HUVRQXSSJLIWVODJHQ JUXQGDU VLJ Sn HWW (* GLUHNWLY (XURSD

SDUODPHQWHWV RFK UnGHWV GLUHNWLY (* DY GHQ RNWREHU

RP VN\GG I|U HQVNLOGD SHUVRQHU PHG DYVHHQGH Sn EHKDQGOLQJ DY

SHUVRQXSSJLIWHU RFK RP GHW IULD IO|GHW DY VnGDQD XSSJLIWHU 6\IWHW

PHG SHUVRQXSSJLIWVODJHQ RFK (* GLUHNWLYHW lU DWW VN\GGD PlQQL

VNRU PRW DWW GHUDV SHUVRQOLJD LQWHJULWHW NUlQNV JHQRP EHKDQGOLQJ

DY SHUVRQXSSJLIWHU

3HUVRQXSSJLIWVODJHQ lU VXEVLGLlUW WLOOlPSOLJ GYV ILQQV GHW

EHVWlPPHOVHU L HQ DQQDQ ODJ HOOHU HQ I|URUGQLQJ VRP DYYLNHU IUnQ

SHUVRQXSSJLIWVODJHQ VNDOO GH EHVWlPPHOVHUQD JlOOD 'HWWD LQQHElU

DWW RP HQ IUnJD lU UHJOHUDG L IDVWLJKHWVUHJLVWHUODJHQ Vn JlOOHU GHQ

ODJHQ

1lUPDUH RP ,QWHJULWHWVIUnJRU

'HW ILQQV LQWH QnJRQ HJHQWOLJ GHILQLWLRQ DY LQWHJULWHWVEHJUHSSHW RFK LQVWlOOQLQJHQ WLOO LQWHJULWHW I|UlQGUDV |YHU WLGHQ 9LG EHG|PQLQJ DY LQWHJULWHWVNlQVOLJKHWHQ KRV XSSJLIWHU KDU DUWHQ DY XSSJLIWHU EHW\GHOVH 6nGDQD SHUVRQXSSJLIWHU VRP GHW ILQQV VNlO DWW KD EHODJGD PHG VHNUHWHVV InU DQVHV YDUD LQWHJULWHWVNlQVOLJD +lU KDU GHW QDWXUOLJWYLV EHW\GHOVH RP XSSJLIWHUQD KDU VWDUN DQNQ\WQLQJ WLOO HQVNLOGD SHUVRQHU 'HW KDU RFNVn EHW\GHOVH I|U YLOND lQGDPnO XSSJLIWHUQD VNDOO DQYlQGDV

, I|UDUEHWHQD WLOO IDVWLJKHWVUHJLVWHUODJHQ SHNDGH PDQ Sn DWW IDVWLJKHWVGDWDV\VWHPHW XSSYLVDGH YLVVD VlUGUDJ MlPI|UW PHG GH IOHVWD DQGUD VWDWVPDNWVUHJLVWHU , IDVWLJKHWVGDWDV\VWHPHW lU GHW IDVWLJKHWHQ VRP lU XWJnQJVSXQNWHQ PHGDQ GHW L PnQJD DQGUD UHJLVWHU lU GH UHJLVWUHUDGH SHUVRQHUQD VRP lU XWJnQJVSXQNWHQ 8SSJLIWHU RP SHUVRQHU I|UHNRPPHU KXYXGVDNOLJHQ HQGDVW LQGLUHNW JHQRP DWW HQ SHUVRQ lU NQXWHQ WLOO HQ YLVV IDVWLJKHW

)# #*  
   
   

lU DWW MXVW JH RIIHQWOLJKHW nW YLVVD UlWWVI|UKnOODQGHQ , SURSRVLWLRQHQSURS 5HJLVWUHULQJ DY IDVWLJKHWVUlWWVOLJD I|UKnOODQ GHQ P P IUDPK|OOV PnQJVLGLJKHWHQ RFK EUHGGHQ L DQYlQGQLQJHQ DY GH XSSJLIWHU VRP LQJnU L UHJLVWUHW (Q EUHG DQYlQGQLQJ DQVnJV OLJJD YlO L OLQMH PHG GH ULNWOLQMHU RP XWYHFNODQGHW DY HQ HIIHNWLY LQIRUPDWLRQVI|UV|UMQLQJ VRP UHJHULQJHQ RFK ULNVGDJ XQGHU VHQDUH nU XWWDODW VLJ I|U 'HW YDU GlUI|U YLNWLJW DWW GHW LQWH VWlOOGHV XSS RQ|GLJD EHJUlQVQLQJDU I|U V\VWHPHWV DQYlQGQLQJ 6DPWLGLJW PnVWH GRFN GDWDUlWWVOLJ UHJOHULQJ RFK LQWHJULWHWVLQWUHVVHQ EHDNWDV L HQ XWVWUlFNQLQJ VRP YDU WLOOIUHGVVWlOODQGH (Q OlPSOLJ XWJnQJVSXQNW YDU HQOLJW I|UDUEHWHQD DWW HQGDVW WLOOnWD EHUlWWLJDG DQYlQGQLQJ $QYlQGQLQJ VRP IUnQ LQWHJULWHWVV\QSXQNW YDU ROlPSOLJ HOOHU DQYlQGQLQJ GlU LQWHJULWHWVLQWUHVVHQD YlJHU |YHU DQGUD LQWUHVVHQ ERUGH Vn OnQJW VRP P|MOLJW I|UKLQGUDV (Q ULNWOLQMH ERUGH HQOLJW SURSRVLWLRQHQ YDUD DWW LQIRUPDWLRQHQ EHJUlQVDGHV WLOO VnGDQW VRP KDGH DQNQ\WQLQJ WLOO IDVWLJKHWVI|UKnOODQGHQ 'HW IUDPK|OOV RFNVn DWW GHW NXQGH YDUD DY EHW\GHOVH I|U IUnJDQ RP YLVVW VODJ DY XSSJLIWHU ERUGH LQJn L UHJLVWUHW HOOHU LQWH RP XSSJLIWHUQD YDU RIIHQWOLJD

)UnJDQ lU RP XSSJLIWHU L GHNODUDWLRQHUQD lU VnGDQD DWW GH NDQ DQVHV VRP LQWHJULWHWVNlQVOLJD L HWW UHJLVWHU 9L DQVHU LQWH DWW GH HQVNLOGD XSSJLIWHUQD L HQ E\JJQDGVGHNODUDWLRQ lU DY GHQ DUW DWW GH NDQ DQVHV VRP LQWHJULWHWVNlQVOLJD 'H UHGRYLVDGH XSSJLIWHUQD KlQI|U VLJ WLOO E\JJQDGHQ 9LG HQ HYHQWXHOO UHJLVWUHULQJ DY XSSJLIWHU XU HQ GHNODUDWLRQ lU GHW GHVVXWRP E\JJQDGHQ ² RFK LQWH VRP L PnQJD DQGUD UHJLVWHU SHUVRQHU ² VRP lU XWJnQJVSXQNWHQ

bQGDPnOHQ

*UXQGOlJJDQGH NUDY Sn lQGDPnO

'HW lU YLNWLJW DWW EHVWlPPD lQGDPnOHQ PHG HQ EHKDQGOLQJ 'HW lU lQGDPnOHQ VRP VW\U DQYlQGQLQJHQ DY XSSJLIWHU )UnQ LQWHJULWHWV V\QSXQNW lU GHW HQ DY GH YLNWLJDVWH UHJOHULQJDUQD 3HUVRQXSSJLIWHU InU VDPODV LQ HQGDVW I|U VlUVNLOGD XWWU\FNOLJW DQJLYQD RFK EHUlWWLJDGH lQGDPnO 'H InU GlUHIWHU LQWH EHKDQGODV I|U QnJRW lQGDPnO VRP lU RI|UHQOLJW PHG GHW I|U YLOND XSSJLIWHUQD VDPODGHV LQ 3HUVRQXSSJLIWHU InU LQWH KHOOHU EHYDUDV XQGHU OlQJUH WLG lQ YDG VRP lU Q|GYlQGLJW PHG KlQV\Q WLOO lQGDPnOHQ PHG EHKDQGOLQJHQ

) ) # & (/

  )# #*
   
   

bQGDPnOHQ I|U IDVWLJKHWVUHJLVWUHW

, † IDVWLJKHWVUHJLVWHUODJHQ DQJHV GHW JUXQGOlJJDQGH V\IWHW PHG IDVWLJKHWVUHJLVWUHW QlPOLJHQ DWW GHW VNDOO JH RIIHQWOLJKHW nW GHQ LQIRUPDWLRQ VRP LQJnU L UHJLVWUHW

bQGDPnOHW PHG UHJLVWUHW L IUnJD RP SHUVRQXSSJLIWHU DQJHV L † IDVWLJKHWVUHJLVWHUODJHQ %HVWlPPHOVHQ KDU I|OMDQGH O\GHOVH

, IUnJD RP SHUVRQXSSJLIWHU VNDOO UHJLVWUHW KD WLOO lQGDPnO DWW WLOOKDQGDKnOOD XSSJLIWHU I|U

YHUNVDPKHW I|U YLONHQ VWDWHQ HOOHU HQ NRPPXQ DQVYDUDU HQOLJW ODJ HOOHU DQQDQ I|UIDWWQLQJ RFK D VRP DYVHU VnGDQ HJHQGRP VRP UHJLVWUHUDV L IDVWLJKHWVUHJLVWUHW E VRP I|U DWW NXQQD XWI|UDV I|UXWVlWWHU WLOOJnQJ WLOO IDVWLJKHWV DQNQXWHQ LQIRUPDWLRQ HOOHU F VRP DYVHU IXOOJ|UDQGH DY XQGHUUlWWHOVHVN\OGLJKHW

RPVlWWQLQJ DY VnGDQ HJHQGRP VRP UHJLVWUHUDV L IDVWLJKHWV UHJLVWUHW

NUHGLWJLYQLQJ I|UVlNULQJVJLYQLQJ HOOHU DQQDQ DOOPlQ HOOHU HQVNLOG YHUNVDPKHW GlU IDVWLJKHWVDQNQXWHQ LQIRUPDWLRQ XWJ|U XQGHUODJ I|U SU|YQLQJDU HOOHU EHVOXW

IDVWLJKHWVI|UYDOWQLQJ E\JJDQGH HOOHU DQQDQ OLNQDQGH nWJlUG

DNWXDOLVHULQJ NRPSOHWWHULQJ HOOHU NRQWUROO DY IDVWLJKHWVDQNQXWHQ LQIRUPDWLRQ VRP ILQQV L NXQG HOOHU PHGOHPVUHJLVWHU HOOHU OLNQDQGH UHJLVWHU HOOHU

XWWDJ DY XUYDO DY SHUVRQXSSJLIWHU I|U GLUHNW PDUNQDGVI|ULQJ GRFN PHG GHQ EHJUlQVQLQJ VRP I|OMHU DY † SHUVRQXSSJLIWVODJHQ

%HVWlPPHOVHQ L SXQNWHQ lU DYVHGG DWW KDUPRQLVHUD PHG DUWLNHOH L (* GLUHNWLYHW RP SHUVRQXSSJLIWHU %HVWlPPHOVHQ U|U YHUNVDPKHW VRP EHGULYV PHG VW|G DY I|UIDWWQLQJ 9LGDUH VNDOO GHW YDUD IUnJD RP YHUNVDPKHW VRP VWDWHQ HOOHU HQ NRPPXQ DQVYDUDU I|U 9HUNVDPKHWHQ VNDOO GLUHNW DYVH VnGDQ HJHQGRP VRP UHJLVWUHUDV L IDVWLJKHWVUHJLVWUHW YDUD DY GHQ DUW DWW IXOOJ|UDQGHW DY YHUNVDPKHWHQ I|UXWVlWWHU WLOOJnQJ WLOO IDVWLJKHWVDQNQXWHQ LQIRUPDWLRQ W H[ I|U DWW DQYlQGDV VRP XQGHUODJ I|U SODQHULQJ SU|YQLQJDU HOOHU EHVOXW HOOHU DYVH IXOOJ|UDQGH DY XQGHUUlWWHOVHVN\OGLJKHW HQOLJW I|UIDWWQLQJ 0HG µVnGDQ HJHQGRP VRP UHJLVWUHUDV L IDVWLJKHWVUHJLVWUHWµ nV\IWDV IDVWLJKHWHU WRPWUlWWHU RFK E\JJQDGHU 'HW JlOOHU VnGDQ HJHQGRP L VWRUW DOOWVn LQWH HQEDUW YHUNVDPKHW VRP WDU VLNWH Sn UHGDQ

)# #*  
   
   

UHJLVWUHUDG HJHQGRP 9LG HQ YLVV EHKDQGOLQJ NDQ IOHU lQ HQ DY SXQNWHUQD D ²F YDUD WLOOlPSOLJD 'HW LQWUHVVDQWD lU HPHOOHUWLG RP PLQVW HQ SXQNW lU WLOOlPSOLJ , DQQDW IDOO lU EHKDQGOLQJ DY SHUVRQXSSJLIWHU I|U VWDWOLJ HOOHU NRPPXQDO YHUNVDPKHW LQWH WLOOnWHQ

(QOLJW SXQNWHQ InU IDVWLJKHWVUHJLVWUHW DQYlQGDV I|U DWW WLOOKDQGDKnOOD XSSJLIWHU I|U RPVlWWQLQJ DY VnGDQ HJHQGRP VRP UHJLVWUHUDV L IDVWLJKHWVUHJLVWUHW 'HQ W\SLVND YHUNVDPKHW VRP DYVnJV YDU GHW DQYlQGDQGH DY IDVWLJKHWVGDWDV\VWHPHW VRP I|UHNRP PHG EDQNHU DQGUD NUHGLWLQVWLWXW PlNODUH IDVWLJKHWVYlUGHUDUH P IO VRP DQYlQGDUH

3XQNWHQ lU WLOOlPSOLJ YLG W H[ NUHGLWJLYQLQJ RFK I|UVlNULQJV YHUNVDPKHW bYHQ YLVV DQQDQ OLNQDQGH YHUNVDPKHW W H[ NUHGLW XSSO\VQLQJ NDQ NRPPD L IUnJD 6OXWOLJHQ LQQHIDWWDV O|SDQGH nW JlUGHU VRP LQQHElU NRQWUROO DY YHP VRP lU lJDUH WLOO HQ YLVV IDVWLJ KHW L VnGDQD IDOO Gn GHWWD lU EHIRJDW Sn JUXQG DY DIIlUVI|UELQGHOVH HOOHU UlWWVWYLVW PHG HQ YLVV SHUVRQ

3XQNWHQ PHGJHU DWW UHJLVWUHW DQYlQGV I|U IDVWLJKHWVI|UYDOWQLQJ E\JJDQGH RFK OLNQDQGH %\JJDQGH VNDOO VHV L YLG EHPlUNHOVH 'HW WDU VLNWH Sn VDPWOLJD VWDGLHU IUnQ SURMHNWHULQJ WLOO XSSI|UDQGH DY KXV DQOlJJQLQJDU P P ,QRP SXQNWHQ IDOOHU YLGDUH IDVWLJKHWV I|UYDOWQLQJ bYHQ GHWWD EHJUHSS VNDOO VHV L YLG EHPlUNHOVH 'HW lU EO D DYVHWW DWW LQEHJULSD DGPLQLVWUDWLRQ RFK XQGHUKnOO DY ROLND VODJ DY IDVW HJHQGRP MlPWH OHGQLQJDU RFK DQGUD PDUNDQNQXWQD DQOlJJQLQJDU

+XU VNDOO lQGDPnOHQ I|U DXWRPDWLVN EHKDQGOLQJ DY E\JJQDGV

GHNODUDWLRQHUQD UHJOHUDV"

.RPPXQDOD P\QGLJKHWHU RFK HYHQWXHOOW VWDWOLJD L IUnJD RP HQHUJL EHK|YHU EHKDQGOD XSSJLIWHU XU GHNODUDWLRQHUQD I|U DWW NXQQD IXOOJ|UD GH XSSJLIWHU VRP GH lU nODJGD HQOLJW VlUVNLOGD EHVWlPPHOVHU EO D SODQ RFK E\JJODJVWLIWQLQJHQ PLOM|EDONHQ RFK I|URUGQLQJHQ RP REOLJDWRULVN YHQWLODWLRQVNRQWUROO *HQRP I|UIDWW QLQJVVW|GHW KDU HQ VnGDQ YHUNVDPKHW VRP NRPPXQHUQD EHGULYHU HWW IDVWVWlOOW DOOPlQLQWUHVVH 'HWVDPPD JlOOHU HQOLJW YnU PHQLQJ lYHQ KDQWHULQJ DY VMlOYD GHNODUDWLRQHUQD HIWHUVRP GHVVD EO D lU HWW YHUNW\J I|U DWW I|UPn E\JJQDGVlJDUH DWW I|OMD GH NUDY VRP VDPKlOOHW

$)/

$)/ #

  )# #*
   
   

VWlOOHU 9HUNVDPKHWHQ DYVHU GHVVXWRP HJHQGRP VRP UHJLVWUHUDV L IDVWLJKHWVUHJLVWUHW ² QlPOLJHQ IDVWLJKHWHU WRPWUlWWHU RFK E\JJQDGHU ² RFK GHQ I|UXWVlWWHU WLOOJnQJ WLOO IDVWLJKHWVDQNQXWHQ LQIRUPDWLRQ

8SSJLIWHU XU GHNODUDWLRQHUQD VNDOO RFNVn EO D DQYlQGDV I|U DWW VSULGD LQIRUPDWLRQ YLG I|UVlOMQLQJ 6\IWHW lU VnOHGHV DWW WLOOKDQGD KnOOD XSSJLIWHU lYHQ I|U RPVlWWQLQJHQ $WW XSSJLIWHUQD L GHNODUD WLRQHQ NDQ VSULGDV lU DY DOOPlQW LQWUHVVH

%HKDQGOLQJ I|U VnGDQD lQGDPnO VRP Q\VV QlPQWV VWlPPHU |YHUHQV PHG NUDYHW L H L (* GLUHNWLYHW RP SHUVRQXSSJLIWHU RFK

† G RFK H SHUVRQXSSJLIWVODJHQ RFK GH PRWVYDUDU GH lQGDPnO L IUnJD RP SHUVRQXSSJLIWHU VRP VWlOOV XSS L † SXQNWHUQD L IDVWLJKHWVUHJLVWHUODJHQ

)|UXWRP DWW WLOOJRGRVH GH RYDQ QlPQGD V\IWHQD VNDOO E\JJQDGV GHNODUDWLRQHUQD ELGUD WLOO DWW VSULGD LQIRUPDWLRQ WLOO K\UHVWDJDUH RFK WLOOWlQNWD K\UHVWDJDUH VDPW DQGUD EUXNDUH DY E\JJQDGHU bYHQ HQ EHKDQGOLQJ I|U VnGDQD lQGDPnO DQVHU YL XSSI\OOHU NUDYHQ L (* GLUHNWLYHW RP SHUVRQXSSJLIWHU RFK SHUVRQXSSJLIWVODJHQ )|UDQGHW DY VnGDQD XSSJLIWHU RFK VSULGDQGH DY VnGDQ LQIRUPDWLRQ DQVHU YL ² PRW EDNJUXQG DY V\IWHQD PHG GHNODUDWLRQHUQD ² lU HQ YHUNVDPKHW DY DOOPlQW LQWUHVVH (Q VnGDQ KDQWHULQJ OLJJHU RFNVn L OLQMH PHG (* GLUHNWLYHW RP PLOM|LQIRUPDWLRQ 'HW lU GlUHPRW HQOLJW YnU PHQLQJ WYHNVDPW RP GHQ VLVW QlPQGD KDQWHULQJHQ U\PV L GH lQGDPnOV EHVWlPPHOVHU VRP I|U QlUYDUDQGH ILQQV L IDVWLJKHWVUHJLVWHUODJHQ 0|MOLJHQ VNXOOH GHQ KDQWHULQJHQ NXQQD LQU\PPDV L † RFK

SXQNWHUQD IDVWLJKHWVUHJLVWHUODJHQ

%HJUlQVQLQJDU L nWNRPVWHQ WLOO XSSJLIWHU

$OOPlQW

0RW GH LQWUHVVHQ VRP ILQQDV DY DWW I|UD XSSJLIWHU L HWW UHJLVWHU PnVWH VRP RYDQ QlPQWV HQ DYYlJQLQJ VNH PRW LQWHJULWHWVLQWUHVVHQ 'HWWD JlOOHU VlUVNLOW YLG UHJLVWUHULQJ L HWW QDWLRQHOOW UHJLVWHU GlU PlQJGHU DY LQIRUPDWLRQ VDPODV 5LVNHUQD I|U GHQ SHUVRQOLJD LQWHJULWHWHQ NDQ |ND QlU PnQJD XSSJLIWHU VDPODV L HWW UHJLVWHU 'HW NDQ GlUI|U ILQQDV VNlO DWW EHJUlQVD VMlOYD DQYlQGQLQJHQ DY XSSJLIWHU

8WJnQJVSXQNW YLG EHG|PQLQJ DY YLOND V|NQLQJDU RFK VDPPDQ VWlOOQLQJDU VRP VNDOO In VNH E|U YDUD GHQ UHJOHULQJ VRP ILQQV L

)# #*  
   
   

IDVWLJKHWVUHJLVWHUODJHQ RFK GH |YHUYlJDQGHQ VRP JMRUGHV YLG GHQ

ODJHQV WLOONRPVW

5HJOHULQJHQ L IDVWLJKHWVUHJLVWUHW

'LUHNWnWNRPVW

1lU GLUHNWnWNRPVW WLOOnWV GYV nWNRPVW YLD SHUVRQGDWRU WHUPLQDO H G\O lU GHW HQOLJW IDVWLJKHWVUHJLVWHUODJHQ LQWH WLOOnWHW DWW DQYlQGD QDPQ HOOHU SHUVRQQXPPHU VRP V|NEHJUHSS 'HVVXWRP lU GHW HQGDVW WLOOnWHW DWW V|ND Sn HQ IDVWLJKHW nW JnQJHQ /DQWPlWHULYHUNHW InU GRFN L HQVNLOGD IDOO PHGJH DWW V|NQLQJDU VNHU Sn PHU lQ HQ IDVWLJKHW L WDJHW 'H QlPQGD EHJUlQVQLQJDUQD I|U GLUHNWnWNRPVW JlOOHU LQWH I|U W H[ NRPPXQDO YHUNVDPKHW GlU GHW LQJnU DWW I|UD LQ XSSJLIWHU L UHJLVWUHW

6NlOHW DWW LQWH WLOOnWD DWW QDPQ RFK SHUVRQQXPPHU DQYlQGV VRP V|NEHJUHSS YLG GLUHNWnWNRPVW PRWLYHUDGHV DY DWW HQ DQYlQGQLQJ DY GHVVD XSSJLIWHU NDQ YDUD NlQVOLJW IUnQ LQWHJULWHWVV\QSXQNW (Q V|NQLQJ Sn VnGDQD XSSJLIWHU VNXOOH JH P|MOLJKHW DWW IUnQ VNLOGD GHODU DY UHJLVWUHW VDPPDQVWlOOD RPIDWWDQGH XSSJLIWHU RP HQ SHUVRQ (Q P|MOLJKHW WLOO V|NQLQJDU Sn IOHUD IDVWLJKHWHU nW JnQJHQ EHIDUDGH PDQ NXQGH JH R|QVNDGH NRQVHNYHQVHU IUnQ LQWHJULWHWV RFK VlNHUKHWV V\QSXQNW 6RP H[HPSHO QlPQGHV DWW VnGDQD V|NQLQJDU NXQGH XWJ|UD KRW PRW YLWDOD I|UVYDUVLQWUHVVHQ

'HW DQVnJV HPHOOHUWLG LQWH DWW Q\VV QlPQGD EHJUlQVQLQJDU VNXOOH JlOOD I|U YHUNVDPKHW VRP DYVHU UHJLVWHUI|ULQJ , GHWWD IDOO DQVnJV DQYlQGDUVNlO YlJD W\QJUH lQ LQWHJULWHWV RFK VlNHUKHWVLQWUHVVHQ

$Y LQWHJULWHWVVNlO lU GLUHNWnWNRPVW LQWH WLOOnWHQ I|U VnGDQ YHUNVDPKHW VRP V\IWDU WLOO DWW DNWXDOLVHUD NRPSOHWWHUD HOOHU NRQWUROOHUD XSSJLIWHU L NXQG HOOHU PHGOHPVUHJLVWHU HOOHU VRP V\IWDU WLOO XWWDJ DY XUYDO DY SHUVRQXSSJLIWHU I|U GLUHNW PDUNQDGVI|ULQJ

8UYDO RFK EHDUEHWQLQJDU

, IDVWLJKHWVUHJLVWHUODJHQ EHKDQGODV RFNVn IUnJDQ RP XUYDO RFK EHDUEHWQLQJDU 8UYDO RFK EHDUEHWQLQJDU LQQHElU DWW /DQWPlWHUL YHUNHW XU HQ VW|UUH PlQJG LQIRUPDWLRQ V|NHU IUDP HQ YLVV EHJUlQVDG LQIRUPDWLRQ W H[ HWW XUYDO DY XSSJLIWHU RP SHUVRQHU V|NV IUDP XWLIUnQ YLVVD SDUDPHWUDU , VnGDQD XUYDO RFK EHDUEHWQLQJDU VRP /DQWPlWHULHW J|U I|U QnJRQ DQQDQV UlNQLQJ InU L SULQFLS LQWH

  )# #*
   
   

XSSJLIWHU RP LQWHFNQLQJDU EHKDQGODV , ODJVWLIWQLQJVlUHQGHW IUDP K|OOV DWW HUIDUHQKHWHQ YLVDU DWW GHW VRP XSSOHYV VRP QHJDWLYW DY GHQ HQVNLOGH lU GHQ RIWD LQJnHQGH NXQVNDS RP KRQRP HOOHU KHQQH VRP XUYDOHW HOOHU EHDUEHWQLQJHQ NDQ JH 'HW ILQQV RFNVn HQ EHJUlQVQLQJ DWW XUYDO RFK EHDUEHWQLQJDU VRP DYVHU XWOlPQDQGH DY SHUVRQ QXPPHU HQGDVW InU VNH InU YLVVD lQGDPnO

8SSJLIWHU RP SHUVRQQXPPHU I|GHOVHWLG FLYLOVWnQG XWPlWQLQJ NRQNXUV HOOHU VWDQGDUGSRlQJ InU LQWH EHKDQGODV YLG XUYDO HOOHU EHDUEHWQLQJDU DY SHUVRQXSSJLIWHU VRP /DQWPlWHULHW J|U I|U DQQDQV UlNQLQJ I|U GLUHNW PDUNQDGVI|ULQJ 'HW ILQQV GRFN P|MOLJKHW I|U /DQWPlWHULHW DWW PHGGHOD GLVSHQV IUnQ UHJHOQ 6NlOHW WLOO DWW GHVVD XSSJLIWHU LQWH InU EHKDQGODV lU DWW LQWHJULWHWVDVSHNWHUQD DQVnJV YlJD |YHU DQYlQGDULQWUHVVHQD 'HW IUDPK|OOV L I|UDUEHWHQD DWW GHW I|U GHQ HQVNLOGH NDQ XSSOHYDV VRP VW|WDQGH PHG UHNODP VRP W\GHU Sn DWW DYVlQGDUHQ KDU VlUVNLOW LQJnHQGH NXQVNDSHU RP KRQRP HOOHU KHQQH L V\QQHUKHW RP GHW JlOOHU YLVVD PHU SHUVRQOLJD I|UKnOODQGHQ VRP XSSJLIWHU RP XWPlWQLQJ RFK NRQNXUV nOGHU RFK FLYLOVWnQG VDPW XSSJLIWHU RP ERVWDGHQ

, IDVWLJKHWVUHJLVWHUODJHQ ILQQV RFNVn HQ EHVWlPPHOVH RP DWW LQWHFNQLQJDU RFK SHUVRQQXPPHU PHG YLVVW XQGDQWDJ LQWH InU OlPQDV XW Sn XSSWDJQLQJ I|U DXWRPDWLVHUDG GDWDEHKDQGOLQJ

'lUXW|YHU ILQQV GHW L IDVWLJKHWVUHJLVWHUODJHQ RFNVn HQ VlUVNLOG UHJHO RP DWW /DQWPlWHULYHUNHW VNDOO VH WLOO DWW RWLOOE|UOLJW LQWUnQJ L SHUVRQOLJ LQWHJULWHW RFK ULVNHU IUnQ VlNHUKHWVV\QSXQNW LQWH XSSNRPPHU )|U DWW WLOOJRGRVH GHVVD V\IWHQ NDQ /DQWPlWHULYHUNHW VWlOOD XSS \WWHUOLJDUH YLOONRU XW|YHU GHP VRP ILQQV L ODJHQ

%HJUlQVQLQJDU I|U XSSJLIWHU L E\JJQDGVGHNODUDWLRQHU

, VWRUW VHWW PRWVYDUDQGH |YHUYlJDQGHQ RFK PRWVYDUDQGH UHJOHULQJ VRP JMRUWV I|U IDVWLJKHWVUHJLVWUHW PnVWH J|UDV I|U XSSJLIWHU VRP UHJLVWUHUDV RP E\JJQDGHU XWLIUnQ E\JJQDGVGHNODUDWLRQHUQD , IUnJD RP P|MOLJKHWHUQD WLOO GLUHNWnWNRPVW J|U VLJ VDPPD VNlO JlOODQGH VRP I|U IDVWLJKHWVUHJLVWUHW 'HWVDPPD JlOOHU XUYDO RFK EHDUEHW QLQJDU RFK XWOlPQDQGH DY SHUVRQQXPPHU Sn XSSWDJQLQJ I|U DXWRPDWLVHUDG EHKDQGOLQJ

9DG JlOOHU XUYDO RFK EHDUEHWQLQJDU DY SHUVRQXSSJLIWHU VRP /DQWPlWHULYHUNHW J|U I|U DQQDQV UlNQLQJ I|U GLUHNW PDUNQDGVI|ULQJ DQVHU YL LQWH DWW XSSJLIWHU RP VMlOYD LQQHKnOOHW L GHNODUDWLRQHQ VNDOO In EHKDQGODV 'H XSSJLIWHU VRP LQWH E|U In EHKDQGODV YLG XUYDO RFK

)# #*  
   
   

EHDUEHWQLQJDU I|U GLUHNW PDUNQDGVI|ULQJ lU XSSJLIWHU RP VlUVNLOW

PLOM|DUEHWH VRP EHGULYV L E\JJQDGHQ XSSJLIW RP UDGRQPlWQLQJ

VNHWW HOOHU LQWH RFK XSSJLIW RP HYHQWXHOO UDGRQKDOW 'HWVDPPD

JlOOHU XSSJLIW RP YHQWLODWLRQVNRQWUROO VNHWW HOOHU LQWH RFK W\S DY

YHQWLODWLRQVV\VWHP ,QWH KHOOHU DQVHU YL DWW XSSJLIWHU RP HQHUJL VNDOO

In EHKDQGODV YLG XUYDO RFK EHDUEHWQLQJDU I|U VnGDQD lQGDPnO 6NlOHW

WLOO DWW YL LQWH DQVHU DWW VnGDQD XSSJLIWHU VNDOO In EHKDQGODV lU GHQ

SHUVRQOLJD LQWHJULWHWHQ 6RP IUDPKnOOLWV L I|UDUEHWHQD WLOO IDVWLJKHWV

UHJLVWHUODJHQ NDQ GHW I|U GHQ HQVNLOGH XSSOHYDV VRP VW|WDQGH PHG

UHNODP VRP W\GHU Sn DWW DYVlQGDUHQ KDU VlUVNLOW LQJnHQGH NXQVNDSHU

RP KRQRP HOOHU KHQQH VlUVNLOW QlU GHW JlOOHU PHU SHUVRQOLJD

I|UKnOODQGHQ VRP XSSJLIWHU RP ERVWDGHQ

$Y RYDQ QlPQGD VNlO ILQQV GHW DQOHGQLQJ DWW NRPSOHWWHUD UHJHOQ L

† ODJHQ RP IDVWLJKHWVUHJLVWHU

, |YULJW DQVHU YL DWW IDVWLJKHWVUHJLVWHUODJHQ KDU HQ VnGDQ UHJOHULQJ

DWW LQWHJULWHWVDVSHNWHUQD EOLU WLOOUlFNOLJW EHDNWDGH lYHQ I|U XSSJLIWHU

XU E\JJQDGVGHNODUDWLRQHUQD

3HUVRQXSSJLIWVDQVYDUHW

, I|UDUEHWHQD WLOO IDVWLJKHWVUHJLVWHUODJHQ I|UGHV HQ JDQVND LQJnHQGH GLVNXVVLRQ RP SHUVRQXSSJLIWVDQVYDUHW 6NlOHQ WLOO GLVNXVVLRQHQ YDU EO D DWW lYHQ DQGUD P\QGLJKHWHU lQ /DQWPlWHULYHUNHW VNXOOH I|UD LQ XSSJLIWHU L UHJLVWUHW 'HW IUDPK|OOV DWW GHW IDQQV ROLND DOWHUQDWLY QlU GHW JlOOGH IUnJDQ YLONHQ HOOHU YLOND P\QGLJKHWHU VRP VNXOOH ElUD SHUVRQXSSJLIWVDQVYDUHW (WW DOWHUQDWLY VRP GLVNXWHUDGHV YDU DWW GH ROLND UHJLVWHUI|UDQGH P\QGLJKHWHUQD VNXOOH YDUD SHUVRQXSSJLIWV DQVYDULJD I|U GH XSSJLIWHU VRP UHVSHNWLYH P\QGLJKHW I|UGH LQ PHGDQ /DQWPlWHULYHUNHW VNXOOH JHV HWW |YHUJULSDQGH PHQ EHJUlQVDW DQVYDU (WW DQQDW DOWHUQDWLY YDU DWW /DQWPlWHULYHUNHW HQVDPW VNXOOH YDUD SHUVRQXSSJLIWVDQVYDULJ 6RP VNlO I|U DWW /DQWPlWHULYHUNHW HQVDPW VNXOOH YDUD SHUVRQXSSJLIWVDQVYDULJ IUDPK|OOV DWW YHUNHWV LQWUHVVH DY DWW WLOOKDQGDKnOOD YlO IXQJHUDQGH RFK lQGDPnOVHQOLJD UXWLQHU I|U DMRXUI|ULQJ VNXOOH I|UVWlUNDV 'HW VNXOOH GHVVXWRP EOL HQNODUH I|U GHQ HQVNLOGH PHG HQGDVW HQ SHUVRQXSSJLIWVDQVYDULJ 6NlOHQ I|U DWW /DQWPlWHULYHUNHW HQVDPW VNXOOH YDUD SHUVRQXSSJLIWV DQVYDULJ DQVnJV |YHUYlJD 'HW EHVWlPGHV GlUI|U DWW /DQWPlWHUL YHUNHW VNXOOH YDUD SHUVRQXSSJLIWVDQVYDULJ I|U IDVWLJKHWVUHJLVWUHW

  )# #*
   
   

0RWVYDUDQGH EHG|PQLQJ VRP VNHGGH EHWUlIIDQGH SHUVRQ

XSSJLIWVDQVYDUHW YLG IDVWLJKHWVUHJLVWHUODJHQV WLOONRPVW DQVHU YL VNDOO

J|UDV L IUnJD RP E\JJQDGVGHNODUDWLRQHUQD RFK KDQWHULQJHQ DY GHP

,QWHUQHW

, IDVWLJKHWVUHJLVWHUODJHQ ILQQV LQWH QnJRQ EHVWlPPHOVH RP

|YHUI|ULQJ DY SHUVRQXSSJLIWHU WLOO WUHGMH ODQG 3HUVRQXSSJLIWVODJHQV

EHVWlPPHOVHU JlOOHU GlUI|U L GHWWD DYVHHQGH

1lU SHUVRQXSSJLIWHU OlJJV XW Sn HQ ZHEESODWV VRP lU DOOPlQW

WLOOJlQJOLJ Sn ,QWHUQHW Vn DWW lYHQ SHUVRQHU L OlQGHU XWDQI|U (8 RFK

((6 NDQ WD GHO DY GHP PnVWH UHJOHUQD L SHUVRQXSSJLIWVODJHQ RP

|YHUI|ULQJ WLOO WUHGMH ODQG EHDNWDV %HVWlPPHOVHUQD LQQHElU

VDPPDQIDWWQLQJVYLV DWW HQ VnGDQ SXEOLFHULQJ lU WLOOnWHQ XQGHU

I|UXWVlWWQLQJ DWW XSSJLIWHUQD lU DWW DQVH VRP KDUPO|VD

'HW VWRUD IOHUWDOHW DY XSSJLIWHU XU IDVWLJKHWVUHJLVWUHW OlJJV LQWH XW

Vn DWW GH lU DOOPlQW WLOOJlQJOLJD L WUHGMH ODQG 3UREOHPHW KDU O|VWV Sn

GHW YLVHW DWW WLOOJnQJ WLOO XSSJLIWHUQD NUlYHU HQ YLVV DY /DQWPlWHUL

YHUNHW WLOOGHODG EHK|ULJKHW 9L DQVHU DWW XSSJLIWHU XU HQ GHNODUDWLRQ

InU KDQWHUDV Sn VDPPD VlWW VRP |YULJD XSSJLIWHU L IDVWLJKHWV

UHJLVWUHW L IUnJD RP DOOPlQKHWHQV WLOOJnQJ

' g95,*$ )5c*25

,NUDIWWUlGDQGH RFK |YHUJnQJVEHVWlPPHOVHU

,NUDIWWUlGDQGH

,NUDIWWUlGDQGH DY GH Q\D UHJOHUQD E|U NXQQD VNH WLGLJDVW GHQ MXOL

'HW NUlYV WLG I|U DWW VNDSD Q\D UXWLQHU I|U E\JJQDGVlJDUQD RFK NRPPXQHUQD VDPW I|U /DQWPlWHULYHUNHW RFK NRPPXQHUQD I|U DWW DQSDVVD VLQD V\VWHP 0HG KlQV\Q WLOO YDG QX VDJWV RFK GHQ WLG VRP NDQ EHUlNQDV I|U UHPLVVEHKDQGOLQJ P P EHUlNQDU YL DWW GH KlU OlPQDGH I|UVODJHQ NDQ WUlGD L NUDIW WLGLJDVW GHQ MXOL

, GH IDOO HQ N|SDUH RFK HQ VlOMDUH I|UH GHQ MXOL XSSUlWWDW HQ N|SHKDQGOLQJ HQOLJW NDS † MRUGDEDONHQ PHQ JMRUW I|UYlUYHWV IXOOERUGDQ HOOHU EHVWnQG EHURHQGH DY HQ \WWHUOLJDUH N|SHKDQGOLQJ NUlYV LQWH DWW VlOMDUHQ XSSUlWWDU HQ E\JJQDGVGHNODUDWLRQ +DU HQ N|SDUH RFK HQ VlOMDUH XSSUlWWDW HWW N|SHNRQWUDNW I|UH ODJHQV LNUDIWWUlGDQGH PHG YLOONRU DWW N|SHEUHY VNDOO XSSUlWWDV NUlYV GHW VnOHGHV LQWH DWW HQ E\JJQDGVGHNODUDWLRQ XSSUlWWDV lYHQ RP N|SHEUHYHW XSSUlWWDV I|UVW HIWHU GHW DWW ODJHQ WUlGHU L NUDIW

, IUnJD RP HQ RFK WYnERVWDGVKXV DQVHU YL DWW HWW NUDY Sn GHNODUDWLRQ E|U LQI|UDV I|UVW QlU XSSJLIW RP HQHUJLSUHVWDQGD P P NDQ WDV PHG L E\JJQDGVGHNODUDWLRQHUQD 'HQQD IUnJD XWUHGV I|U QlUYDUDQGH DY 8WUHGQLQJHQ RP %\JJQDGHUV HQHUJLSUHVWDQGD $Y Q\VV DQJLYHW VNlO DQVHU YL DWW HQ GHNODUDWLRQVVN\OGLJKHW I|U VnGDQD E\JJQDGHU VNDOO WUlGD L NUDIW GHQ GDJ VRP UHJHULQJHQ EHVWlPPHU

gYHUJnQJVEHVWlPPHOVHU

9L I|UHVOnU DWW GHW L † WUHGMH VW\FNHW L ODJHQ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ VDPW † I|UVWD VW\FNHW L I|URUGQLQJHQ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ VNDOO LQI|UDV HQ EHVWlPPHOVH RP QlU GHW VNDOO XSSUlWWDV HQ GHNODUDWLRQ I|U

E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND
           
* # *  
   

YHQWLODWLRQVNRQWUROOHQ 1nJRQ VlUVNLOG |YHUJnQJVEHVWlPPHOVH EHK|YV HQOLJW YnU XSSIDWWQLQJ GlUI|U LQWH

.RQVHNYHQVHU

(NRQRPLVND NRQVHNYHQVHU

9nU EHG|PQLQJ 9L KDU EHUlNQDW NRVWQDGHUQD I|U LQI|UDQGHW RFK GULIWHQ DY YnUW I|UVODJ DWW DQNQ\WD HWW QDWLRQHOOW UHJLVWHU WLOO GHW EHILQWOLJD E\JJQDGVUHJLVWUHW HQOLJW I|OMDQGH

(QJnQJVNRVWQDGHU gYHUJnQJVKDQWHULQJ PHG LQUHJLVWUHULQJ

DY XSSJLIWHU L E\JJQDGVUHJLVWUHW NRPPXQHUQD ² PLOM NU

8WYHFNOLQJVNRVWQDGHU /DQWPlWHULYHUNHW PLOM NU
.RVWQDG I|U LQIRUPDWLRQ RFK XWELOGQLQJ  
%RYHUNHW PLOM NU
cUOLJD NRVWQDGHU  
gNDGH NRVWQDGHU L I|UKnOODQGH WLOO QXYDUDQGH  
NRVWQDGHU I|U WLOOV\Q |YHU YHQWLODWLRQV  
NRQWUROOHQ NRPPXQHUQD PLOM NU
.RVWQDG I|U GHQ NRQWLQXHUOLJD UHJLVWUHULQJHQ  
L UHJLVWUHW NRPPXQHUQD PLOM NU
'ULIWVNRVWQDGHU /DQWPlWHULYHUNHW PLOM NU

)LQDQVLHULQJ

/DQWPlWHULYHUNHW InU WD XW DYJLIWHU DY GHP VRP YLOO DQYlQGD VLJ DY UHJLVWUHW GYV DY P\QGLJKHWHU NRPPXQHU IDVWLJKHWVlJDUH RFK DQGUD 1nJUD DYJLIWHU L DQOHGQLQJ DY GHNODUDWLRQVVN\OGLJ KHWHQ InU LQWH WDV XW DY NRPPXQHUQD (Q IDVWLJKHWVlJDUH VNDOO DOOWVn LQWH EHK|YD YLGNlQQDV QnJUD VnGDQD DYJLIWHU PHQ InU JLYHWYLV VYDUD I|U VLQD HJQD NRVWQDGHU 'n /DQWPlWHULYHUNHWV LQWlNWHU VDQQROLNW LQWH NRPPHU DWW WlFND YHUNHWV HJQD HOOHU NRPPXQHUQDV NRVWQDGHU I|U UHJLVWUHW E|U VWDWHQ DQVOn PHGHO WLOO YHUNHW I|U DWW WlFND GHVVD 6WDWHQ E|U RFNVn VYDUD I|U GH HQJnQJVNRVWQDGHU VRP XSSVWnU

, #  
   
   

$OOPlQW

, GHWWD DYVQLWW VNDOO IUnJRU U|UDQGH GH HNRQRPLVND NRQVHNYHQVHUQD DY LQI|UDQGHW DY E\JJQDGVGHNODUDWLRQHUQD EHKDQGODV 'H IUnJRU VRP VNDOO EHVYDUDV lU YDG GHW NRVWDU I|U HQ E\JJQDGVlJDUH DWW XSSUlWWD HQ GHNODUDWLRQ RFK YDG NRPPXQHUQDV KDQWHULQJ DY GHNODUDWLRQHUQD NRVWDU 9L VNDOO RFNVn J|UD HQ EHG|PQLQJ DY YDG GHW NDQ NRVWD DWW UHJLVWUHUD XSSJLIWHU L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO 9L J|U RFNVn HQ EHG|PQLQJ DY /DQWPlWHULYHUNHWV NRVWQDG I|U DWW XWYHFNOD IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO VDPW GH O|SDQGH NRVWQDGHUQD I|U /DQWPlWHULYHUNHW 'HVVXWRP EHKDQGODU YL NRVWQDGHQ I|U LQIRUPDWLRQ RFK XWELOGQLQJ

9nUD EHUlNQLQJDU DYVHU GH WLOONRPPDQGH NRVWQDGHUQD I|U E\JJQDGVGHNODUDWLRQHUQD RFK UHJLVWUHULQJ L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO

.RVWQDG I|U lJDUH WLOO HQ E\JJQDG

6N\OGLJKHWHQ I|U HQ E\JJQDGVlJDUH DWW XSSUlWWD HQ E\JJQDGV GHNODUDWLRQ LQQHElU L VLJ LQWH |NDGH NRVWQDGHU I|U NRQWUROOHU H G\O L E\JJQDGHQ 1nJRW VNlO DWW EHUlNQD VnGDQD NRVWQDGHU ILQQV GlUI|U LQWH

6MlOYD LI\OODQGHW DY HQ GHNODUDWLRQ E|U Jn UHODWLYW VQDEEW 9L EHG|PHU DWW GHW lU P|MOLJW DWW I\OOD L HQ GHNODUDWLRQ Sn WLR PLQXWHU 'lUXW|YHU WLOONRPPHU GHQ WLG GHW WDU DWW WD IUDP XQGHUODJ I|U GHNODUDWLRQHQ DWW DQVOn GHNODUDWLRQHQ RFK VNLFND GHQ WLOO NRPPXQHQ

9LVVD E\JJQDGVlJDUH W H[ HQ lJDUH WLOO HWW HQ RFK WYnERVWDGVKXV WRUGH UHGDQ L GDJ KD XQGHUODJHW I|U GHNODUDWLRQHUQD HQNHOW RFK OlWW WLOOJlQJOLJW Sn HWW RFK VDPPD VWlOOH )|U DQGUD E\JJQDGVlJDUH VnVRP HQ lJDUH WLOO HWW VW|UUH ERVWDGVEHVWnQG NDQ GHW ² LQQDQ UXWLQHU VNDSDWV I|U DWW KDQWHUD GHNODUDWLRQHUQD ² LQQHElUD HWW UHODWLYW RPIDWWDQGH DUEHWH DWW WD IUDP VMlOYD XQGHUODJHW RFK I\OOD L GHNODUDWLRQHQ 6NLOGD SHUVRQHU KRV HQ RFK VDPPD E\JJQDGVlJDUH NDQ KD KDQG RP KDQWHULQJ DY UDGRQ YHQWLODWLRQ HQHUJL RFK HQNlWHU )|U HQ VnGDQ lJDUH WRUGH GHW LQLWLDOW NXQQD NUlYDV XSS HPRW WUH WLPPDU DWW KDQWHUD HQ GHNODUDWLRQ 1lU Q\D UXWLQHU VNDSDWV RFK GHQ I|UVWD GHNODUDWLRQHQ YlO lU LI\OOG WRUGH WLGVnWJnQJHQ NXQQD NRUWDV

  , #
   
   

(NRQRPLVND NRQVHNYHQVHU I|U NRPPXQHUQD

+DQWHULQJ DY E\JJQDGVGHNODUDWLRQHU L VWlOOHW I|U 29. SURWRNROO

.RPPXQHUQD KDU HQ NRVWQDG I|U VLQ WLOOV\Q DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ

$Y VWDWLVWLN VRP 6WRFNKROPV VWDG WDJLW IUDP IUDPJnU DWW YDUMH 29. UHJLVWUHULQJ I|U nU L VQLWW NRVWDGH NU 'HVVXWRP KDU 6WRFNKROPV VWDG EHUlNQDW HQ NRVWQDG RP NU SHU UHJLVWUHULQJ I|U $'% V\VWHP DUNLYHULQJ DNWHU P P HOOHU WLOOVDPPDQV NU SHU UHJLVWUHULQJ

7UDQnV NRPPXQ KDU XSSVNDWWDW DWW WLGVnWJnQJHQ I|U KDQWHULQJ DY YDUMH 29. SURWRNROO lU nWWD PLQXWHU 'HQ XSSVNDWWQLQJHQ E\JJHU Sn DWW YLVVD SURWRNROO WDU QnJUD In PLQXWHU DWW KDQWHUD PHGDQ HWW RIXOOVWlQGLJW HOOHU IHODNWLJW LI\OOW SURWRNROO NDQ WD PLQXWHU HOOHU PHU DWW XWUHGD 'HVVXWRP XWIlUGDU NRPPXQHQ LQW\J VRP SODVWDV LQ RFK GHWWD WDU RFNVn QnJUD PLQXWHU

+lVVOHKROPV NRPPXQ KDU XSSJHWW DWW NRPPXQHQ KDU HQ nUOLJ NRVWQDG RP NU I|U VLWW DUEHWH PHG GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ (Q GHO lUHQGHQ NDQ KDQWHUDV VQDEEW PHGDQ DQGUD NUlYHU HWW PHU RPIDWWDQGH DUEHWH PHG W H[ SnPLQQHOVHU 7LGVnWJnQJHQ I|U DWW KDQWHUD HWW 29. lUHQGH KDU NRPPXQHQ XSSVNDWWDW WLOO L VQLWW FLUND WLR PLQXWHU +lVVOHKROPV NRPPXQ KDU EHG|PW DWW HQ KDQWHULQJ DY GHNODUDWLRQHUQD L VWlOOHW I|U SURWRNROOHQ P|MOLJWYLV VNXOOH NXQQD NUlYD QnJRW PLQGUH DUEHWH

9L J|U GHQ EHG|PQLQJHQ DWW HWW LQI|UDQGH DY HQ GHNODUDWLRQV VN\OGLJKHW RFK HQ UHJHO RP DWW GHNODUDWLRQHUQD L VWlOOHW I|U 29. SURWRNROOHQ VNDOO OlPQDV WLOO NRPPXQHUQD LQWH NRPPHU DWW LQQHElUD QnJRW PHUDUEHWH I|U NRPPXQHUQD SHU E\JJQDG 6QDUDUH lU GHW Vn DWW GHNODUDWLRQHUQD NDQ I|UHQNOD KDQWHULQJHQ QnJRW (Q DQQDQ VDN lU DWW GHW lU IOHU E\JJQDGHU VRP VNDOO GHNODUHUDV lQ GH VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ QlPOLJHQ YLG I|UVlOMQLQJ lYHQ HQ RFK WYnERVWDGVKXV DYVHGGD I|U SHUPDQHQW ERHQGH &LUND I|UVlOMQLQJDU VNHU nUOLJHQ DY VPnKXV DYVHGGD VRP KHOnUVERVWDG ,QI|U HQ GHO DY GHVVD I|UVlOMQLQJDU EHK|YHU GHW LQWH XSSUlWWDV QnJRQ E\JJQDGVGHNODUDWLRQ HIWHUVRP HQ RFK VDPPD GHNODUDWLRQ NDQ DQYlQGDV I|U IOHUD I|UVlOMQLQJDU LQRP HQ WLR nUV SHULRG 9L KDU GRFN LQWH WDJLW QnJRQ KlQV\Q WLOO GHWWD I|UKnOODQGH L

# ' % & 5641 ! 2 &! ! % &! # ' #" ! % ! % ' %

7 % % !" % ! ' 1

, #  
   
   

YnUD EHUlNQLQJDU 1HGDQVWnHQGH EHUlNQLQJ E\JJHU GlUI|U Sn

DQWDJDQGHW DWW GHNODUDWLRQHU nUOLJHQ VNDOO XSSUlWWDV I|U HQ

RFK WYnERVWDGVKXV

(WW LQI|UDQGH DY GHNODUDWLRQHUQD LQQHElU DWW HQ |NDG NRVWQDG

XSSVWnU Sn JUXQG DY DWW IOHU E\JJQDGHU VNDOO KDQWHUDV DY

NRPPXQHUQD 9L J|U GHQ EHG|PQLQJHQ DWW YDUMH VnGDQ WLOONRPPHQ

GHNODUDWLRQ L VQLWW WDU WLR PLQXWHU I|U NRPPXQHQ DWW KDQWHUD 'HQ

nUOLJD NRVWQDGHQ I|U VnGDQD WLOONRPPDQGH E\JJQDGHU EHUlNQDU YL

GlUI|U WLOO PLOMRQHU NU

5HJLVWHU

(WW DUEHWVPRPHQW WLOONRPPHU I|U NRPPXQHUQD QlPOLJHQ UHJL VWUHULQJ DY XSSJLIWHU L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO ,QPDWQLQJ DY XSSJLIWHU L IDVWLJKHWVUHJLVWUHW NRPPHU DWW NUlYD HQ DUEHWVLQVDWV YLG NRPPXQHUQD +XU VWRU GHQ EOLU EHURU EO D Sn KXU LQI|ULQJHQ VNDOO VNH (Q UHJLVWUHULQJ L E\JJQDGVUHJLVWUHW PHG YLVVD NULQJ nWJlUGHU E|U NXQQD VNH Sn FLUND IHP PLQXWHU 7LGHQ EHURU QDWXUOLJWYLV Sn RP GHW HQGDVW lU HWW lUHQGH VRP VNDOO KDQWHUDV HOOHU RP IOHUD UHJLVWUHULQJDU NDQ VNH VDPWLGLJW 2P YDUMH LQUHJLVWUHULQJ WDU IHP PLQXWHU lU NRVWQDGHQ I|U nWJlUGHQ NU bU GHW P|MOLJW DWW I|UHWD WYn UHJLVWUHULQJDU Sn IHP PLQXWHU KDOYHUDV QDWXUOLJWYLV NRVWQDGHQ 9L E\JJHU YnUD VOXWVDWVHU Sn DQWDJDQGHW DWW HQ UHJLVWUHULQJ WDU IHP PLQXWHU

'H |NDGH NRVWQDGHU VRP NDQ WlQNDV XSSNRPPD I|U NRPPXQHUQD I|U HQ WLOONRPPDQGH UHJLVWUHULQJ L E\JJQDGVUHJLVWUHW NDQ EHUlNQDV WLOO NU SHU E\JJQDG $Y XWGUDJ IUnQ IDVWLJKHWV UHJLVWUHW IUDPJnU DWW GHW GlU ILQQV E\JJQDGHU UHJLVWUHUDGH 2P GH E\JJQDGHU VRP DYVHU VPnKXV I|U SHUPDQHQWERHQGH UHVSHNWLYH IULWLGVERHQGH RFK VPnKXV Sn ODQWEUXN VDPW LQGXVWUL E\JJQDGHU LQWH PHGUlNQDV ILQQV GHW FLUND E\JJQDGHU UHJLVWUHUDGH L IDVWLJKHWVUHJLVWUHW (NRQRPLE\JJQDGHU VRP I|U |YULJW LQWH RPIDWWDV DY 29. NRQWUROOHQ UHJLVWUHUDV |YHU KXYXG WDJHW LQWH L IDVWLJKHWVUHJLVWUHW

'HW ILQQV VnOHGHV L UXQGD WDO E\JJQDGHU L 6YHULJH VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ .RQWUROOHQ DY GHVVD E\JJQDGHU VNDOO VNH YDUW DQQDW nU I|U VNROE\JJQDGHU RFK YDU

! ' ! ! #" . !

2 #" ' #

  , #
   
   

WUHGMH VMlWWH HOOHU QLRQGH nU I|U DQGUD E\JJQDGHU EHURHQGH DY GHVV YHQWLODWLRQVV\VWHP 5DGRQXWUHGQLQJHQ KDU XSSVNDWWDW DWW GHW ILQQV

E\JJQDGHU I|U VNRORU RFK I|UVNRORU L ODQGHW VRP DOOWVn VNDOO NRQWUROOHUDV YDUW DQQDW nU 8WDQ NlQQHGRP RP YDUMH HQVNLOG E\JJQDGV YHQWLODWLRQVV\VWHP lU GHW RP|MOLJW DWW OlPQD HQ NRUUHNW ELOG DY KXU PnQJD E\JJQDGHU VRP NRPPHU DWW GHNODUHUDV nUOLJHQ

0RW EDNJUXQG DY WLOOJlQJOLJ VWDWLVWLN RFK GH EHVLNWQLQJV LQWHUYDOOHU VRP JlOOHU J|U YL GHW DQWDJDQGHW DWW FLUND

E\JJQDGHU NRPPHU DWW GHNODUHUDV nUOLJHQ , GHQQD VLIIUD lU lYHQ I|UVlOMQLQJ DY HQ RFK WYnERVWDGVKXV DYVHGGD I|U SHUPDQHQWERHQGH LQUlNQDGH 'HQ VDPPDQODJGD NRVWQDGHQ I|U NRPPXQHUQDV UHJLVWUHULQJ L E\JJQDGVUHJLVWUHW EOLU Gn GU\JW PLOMRQHU NU

, IUDPWLGHQ NDQ GHW I|UYlQWDV DWW GH VW|UUH IDVWLJKHWVlJDUQD RFK IXQNWLRQVNRQWUROODQWHU P IO |YHUVlQGHU GHNODUDWLRQHUQD HOHNWUR QLVNW )|U VnGDQD E\JJQDGHU NRPPHU NRPPXQHUQD LQWH DWW EHK|YD UHJLVWUHUD XSSJLIWHU XU GHNODUDWLRQHUQD L E\JJQDGVUHJLVWUHW 'lU HPRW NRPPHU NRPPXQHUQD lYHQ YLG HQ HOHNWURQLVN KDQWHULQJ DWW KD NRVWQDGHU I|U |YHUYDNQLQJ DWW GHNODUDWLRQVVN\OGLJKHWHQ IXOOJ|UV

%HWUlIIDQGH GH NRPPXQHU VRP SUHQXPHUHUDU Sn IDVWLJKHWV UHJLVWUHWV E\JJQDGVGHO E|U GHW I|UKnOODQGHW DWW NRPPXQHUQD HOHNWURQLVNW NDQ In XSSJLIWHU L VLQD V\VWHP LQQHElUD DWW UHJLVWUHULQJ L HWW QDWLRQHOOW UHJLVWHU L SULQFLS LQWH EOLU PHU WLGVNUlYDQGH lQ GDJHQV KDQWHULQJ 'HVVXWRP NDQ E\JJQDGVUHJLVWUHW VRP WLGLJDUH QlPQWV HUEMXGD VW|G L IRUP DY P|MOLJKHW WLOO YLVVD XUYDO PHG UHVXOWDWHW SUHVHQWHUDW L IRUP DY HQ UDSSRUW

! ' ! . !

, #  
   
   

UHGDQ QlU HQ GHNODUDWLRQ NRPPHU LQ WLOO NRPPXQHQ (WW WUHGMH DOWHUQDWLY LQQHElU DWW NRPPXQHUQD EHWUlIIDQGH VnGDQD GHNODUD WLRQHU VRP VNDOO VNH LQRP GHQ QlUPDVWH WUHnUVSHULRGHQ DYYDNWDU PHG HQ UHJLVWUHULQJ L E\JJQDGVGHOHQ WLOOV GHNODUDWLRQHQ IDNWLVNW NRPPHU LQ , IUnJD RP |YULJD E\JJQDGHU VRP RPIDWWDV DY 29. I|URUGQLQJHQ GYV VnGDQD E\JJQDGHU VRP VNDOO GHNODUHUDV VHQDUH lQ RP WUH nU UHJLVWUHUDU NRPPXQHQ XQGHU HQ WUHnUV SHULRG LQ XSSJLIWHU RP W\S DY YHQWLODWLRQVV\VWHP RFK GDWXP I|U QlVWD NRQWUROO

.RPPXQHQ E|U VMlOY NXQQD YlOMD YLONHW DY RYDQ QlPQGD DOWHUQDWLY VRP GHQ DQVHU VRP PHVW lQGDPnOVHQOLJ XWLIUnQ GH UXWLQHU VRP NRPPXQHQ I|U QlUYDUDQGH WLOOlPSDU 9L EHG|PHU GRFN DWW GHW VLVWQlPQGD DOWHUQDWLYHW NDQ XWJ|UD HQ OlPSOLJ KDQWHULQJ

.RPPXQHUQD NDQ VnOHGHV ² EHURHQGH Sn YLONHW DOWHUQDWLY VRP DQYlQGV ² LQLWLDOW KD HQ NRVWQDG I|U DWW IUnQ LQJLYQD SURWRNROO I|UD LQ XSSJLIWHU L E\JJQDGVUHJLVWUHW RP W\S DY YHQWLODWLRQVV\VWHP RFK GDWXP I|U QlVWD NRQWUROO (Q VnGDQ UHJLVWUHULQJ EHG|PHU YL NDQ VNH Sn HWW SDU PLQXWHU (WW ULPOLJW DQWDJDQGH DQVHU YL lU DWW nWPLQVWRQH

E\JJQDGHU E|U NXQQD XSSGDWHUDV Sn HQ WLPPD 'HW ILQQV VRP RYDQ QlPQWV FLUND E\JJQDGHU VRP RPIDWWDV DY 29. NRQWUROOHQ .RVWQDGHQ lU EHURHQGH DY YLONHQ |YHUJnQJVKDQWHULQJ VRP UHVSHNWLYH NRPPXQ YlOMHU 9L EHG|PHU DWW NRVWQDGHQ I|U |YHUJnQJVKDQWHULQJHQ E|U EHUlNQDV WLOO PHOODQ RFK PLOMRQHU NU 'HW K|JUH EHORSSHW E\JJHU Sn DWW VDPWOLJD NRPPXQHU YlOMHU DWW IUnQ E|UMDQ VlUVNLOW UHJLVWUHUD XSSJLIWHU RP UHGDQ I|UHWDJQD 29. EHVLNWQLQJDU

(NRQRPLVND NRQVHNYHQVHU I|U /DQWPlWHULYHUNHW

%\JJQDGVGHOHQ L IDVWLJKHWVUHJLVWUHW XWYLGJDV I|U DWW NXQQD ODJUD GHQ

LQIRUPDWLRQ VRP OlPQDV L E\JJQDGVGHNODUDWLRQHQ )|UXWRP DWW

NXQQD ODJUD LQIRUPDWLRQHQ NUlYV HWW ZHEEJUlQVVQLWW VRP J|U GHW

P|MOLJW DWW UHJLVWUHUD LQ LQIRUPDWLRQHQ VDPW HWW DQWDO UDSSRUWHU VRP

SUHVHQWHUDU LQIRUPDWLRQHQ

5HJLVWUHULQJHQ DY LQIRUPDWLRQHQ E|U VNH L ZHEEIRUPXOlU 'HWWD

NDQ DQYlQGDV VnYlO DY NRPPXQHQV WMlQVWHPlQ VRP DY IDVWLJKHWV

lJDUHQ bYHQ FHUWLILHUDGH EHVLNWQLQJVPlQ E|U KD P|MOLJKHW DWW

UHJLVWUHUD LQ XSSJLIWHUQD L E\JJQDGVGHNODUDWLRQHUQD

)DVWLJKHWVlJDUHQ E|U NXQQD In HWW NYLWWR Sn YLONHQ LQIRUPDWLRQ

VRP ILQQV L UHJLVWUHW .RPPXQHQV WMlQVWHPlQ E|U RFNVn NXQQD In

  , #
   
   

WLOOJnQJ WLOO ROLND UDSSRUWHU VRP NDQ DQYlQGDV L NRPPXQHQV WLOOV\QVYHUNVDPKHW

/DQWPlWHULHW KDU EHUlNQDW NRVWQDGHQ I|U XWYHFNOLQJ HQOLJW RYDQ WLOO FD PLOMRQHU NURQRU 'HQ nUOLJD GULIWVNRVWQDGHQ KDU /DQWPlWHULYHUNHW EHUlNQDW WLOO NU nU , GHQQD NRVWQDG LQJnU LQWH KDQWHULQJ DY EHK|ULJKHWHU DQYlQGDUVXSSRUW HOOHU KDQWHULQJ DY XWGUDJ XU UHJLVWUHW

8WDUEHWDQGH RFK VSULGDQGH DY EODQNHWWHU

,QI|UDQGHW DY GHNODUDWLRQHU NRPPHU DWW PHGI|UD DWW %RYHUNHW InU OlJJD WLG Sn DWW XWDUEHWD I|UHVNULIWHU RFK EODQNHWWHU VDPW WLOOKDQGD KnOOD VnGDQW PDWHULDO 'HWWD DUEHWH DQVHU YL E|U NXQQD LQU\PPDV L P\QGLJKHWHQV RUGLQDULH DUEHWH PHG I|UHVNULIWHU , VDPPDQKDQJHW PnVWH GHW EHDNWDV DWW %RYHUNHW UHGDQ L GDJ XWDUEHWDU I|UHVNULIWHU I|U GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ RFK DWW I|UHVODJHQ UHJOHULQJ L VWRU RPIDWWQLQJ E\JJHU Sn GHQ UHJOHULQJHQ

,QIRUPDWLRQ

'H I|UHVODJQD UHJOHUQD EHU|U L VWRUW VHWW VDPWOLJD

IDVWLJKHWV E\JJQDGVlJDUH L ODQGHW 'HW lU GlUI|U YLNWLJW DWW

DOOPlQKHWHQ InU LQIRUPDWLRQ RP V\IWHW PHG GH Q\D EHVWlPPHOVHUQD

YDG UHJOHUQD LQQHElU RFK YDU EODQNHWWHU ILQQV DWW WLOOJn

9L I|UHVOnU DWW %RYHUNHW InU KXYXGDQVYDUHW I|U DWW WD IUDP RFK

VSULGD LQIRUPDWLRQ HIWHU VDPUnG PHG 6WDWHQV VWUnOVN\GGVLQVWLWXW

(QHUJLP\QGLJKHWHQ RFK 6YHQVND NRPPXQI|UEXQGHW 9L EHUlNQDU

NRVWQDGHQ I|U LQIRUPDWLRQVPDWHULDO DQQRQVHU RFK |YULJ VSULGQLQJ

DY LQIRUPDWLRQ WLOO PLOMRQHU NU

.RPPXQHUQDV NRVWQDG I|U XWELOGQLQJ

.RPPXQHUQD NRPPHU ² nWPLQVWRQH LQLWLDOW ² DWW EHK|YD WD YLVV WLG L DQVSUnN I|U XWELOGQLQJ RFK LQIRUPDWLRQ RP GH Q\D UHJOHUQD 9L EHUlNQDU DWW YDUMH NRPPXQ L DOOW IDOO EHK|YHU OlJJD WLR WLPPDU Sn VnGDQ XWELOGQLQJ HOOHU FLUND NU SHU NRPPXQ )|U GH VW|UUH NRPPXQHUQD NDQ IOHU XWELOGQLQJVWLPPDU NUlYDV

, #  
   

9L YLOO SHND Sn DWW GHW XQGHU XWUHGQLQJHQV DUEHWH IUDPI|UWV V\QSXQNWHU RP DWW KDQWHULQJHQ DY GHQ REOLJDWRULVND YHQWLODWLRQV NRQWUROOHQ NUlYHU \WWHUOLJDUH UHVXUVHU lQ VRP lU DYVDWW I|U GHWWD lQGDPnO bYHQ RP GHNODUDWLRQHUQD L VLJ LQWH LQQHElU QnJRW PHU DUEHWH I|U NRPPXQHUQD lQ KDQWHULQJHQ DY 29. SURWRNROOHQ YLOO YL lQGn SHND Sn DWW GHW I|UWV IUDP DWW GHW LQWH ILQQV WLOOUlFNOLJW PHG UHVXUVHU I|U KDQWHULQJHQ DY 29. SURWRNROOHQ

6DPPDQIDWWQLQJ DY NRVWQDGHUQD

(QJnQJVNRVWQDG  
gYHUJnQJVKDQWHULQJHQ PHG PLOMRQHU NU

LQUHJLVWUHULQJ DY XSSJLIWHU L E\JJQDGVUHJLVWUHW

8WYHFNOLQJVNRVWQDG I|U /DQWPlWHULYHUNHW PLOMRQHU NU

.RVWQDG I|U LQIRUPDWLRQ RFK XWELOGQLQJ PLOMRQHU NU
cUOLJ NRVWQDG  
gNDG NRVWQDG I|U KDQWHULQJ DY IOHU  
E\JJQDGHU PLOMRQHU NU nU
.RPPXQHUQDV NRVWQDG I|U UHJLVWUHULQJ L  
E\JJQDGVUHJLVWUHW PLOMRQHU NU nU
cUOLJ GULIWVNRVWQDG I|U /DQWPlWHULYHUNHW NU nU

, VLIIURUQD RYDQ KDU YL LQWH WDJLW QnJRQ KlQV\Q WLOO GH PLQVNDGH NRVWQDGHUQD I|U UHJLVWUHULQJ L ORNDOD NRPPXQDOD UHJLVWHU 'H NRPPXQHU VRP SUHQXPHUHUDU Sn IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO NRPPHU LQWH DWW EHK|YD I|UD LQ XSSJLIWHUQD PDQXHOOW L VLQD UHJLVWHU +lU XSSVWnU VnOHGHV HQ NRVWQDGVPLQVNQLQJ VRP NDQ VlJDV EHJUlQVD NRVWQDGHQ I|U UHJLVWUHULQJ L E\JJQDGVUHJLVWUHW ,QWH KHOOHU KDU YL L VLIIURUQD RYDQ WDJLW KlQV\Q WLOO GHQ HIIHNWLYLVHULQJ VRP NDQ XSSQnV I|U GH GHNODUDWLRQHU VRP OlPQDV HOHNWURQLVNW

7LOO GH UHGRYLVDGH NRVWQDGHUQD NRPPHU DWW GHQ VRP YLOO KD WLOOJnQJ WLOO LQIRUPDWLRQ L )DVWLJKHWVUHJLVWUHWV E\JJQDGVGHO InU

  , #
   
   

EHWDOD HQ DYJLIW I|U GHWWD (UVlWWQLQJHQ lU EODQG DQQDW EHURHQGH DY

DQWDOHW DQYlQGDUH RFK LQIRUPDWLRQHQV LQQHKnOO RFK RPIDWWQLQJ

9DG KlQGHU RP QnJRQ UHJOHULQJ LQWH VNHU"

9nU EHG|PQLQJ lU DWW HQ GHNODUDWLRQ L VLJ LQWH LQQHElU HQ PHU RPIDWWDQGH KDQWHULQJ I|U NRPPXQHUQD lQ GDJHQV KDQWHULQJ DY SURWRNROO IUnQ YHQWLODWLRQVNRQWUROOHQ (WW LQI|UDQGH DY GHNODUDWLRQHUQD L VLJ LQQHElU GlUI|U LQWH QnJRQ NRVWQDGV|NQLQJ I|U NRPPXQHUQD 'lUHPRW lU GHW IOHU E\JJQDGHU VRP VNDOO KDQWHUDV HIWHUVRP HQ GHNODUDWLRQ lYHQ VNDOO XSSUlWWDV YLG I|UVlOMQLQJ DY HQ RFK WYnERVWDGVKXV DYVHGGD I|U SHUPDQHQWERHQGH 'HVVXWRP WLOONRPPHU ² L GH IDOO XSSJLIWHUQD LQWH NDQ I|UDV WLOOEDND WLOO GH NRPPXQDOD V\VWHPHQ ² HQ NRVWQDG I|U UHJLVWUHULQJ L E\JJQDGVGHOHQ 2P E\JJQDGVGHNODUDWLRQHUQD LQWH LQI|UV lU GHW ULVN DWW XSSJLIWHU RP HQHUJL UDGRQ RFK YHQWLODWLRQ LQWH VHV L HWW VDPPDQKDQJ 'HVVXWRP lU GHW ULVN DWW GHW VNDSDV VHSDUDWD UHJLVWHU I|U DWW KDQWHUD XSSJLIWHU RP HQHUJL YHQWLODWLRQ RFK UDGRQ

.RQVHNYHQVHUQD NDQ Gn EOL DWW GHW EOLU K|JUH NRVWQDGHU I|U UHJLVWUHULQJ UHJLVWHUKnOOQLQJ RFK XSSI|OMQLQJ

, VDPPDQKDQJHW PnVWH GHW RFNVn EHDNWDV DWW HWW LQI|UDQGH DY E\JJQDGVGHNODUDWLRQHU WRUGH PHGI|UD DWW LQQHPLOM|Q RFK EHW\GHOVHQ DY HQ JRG VnGDQ PLOM| NRPPHU L IRNXV YLONHW L VLQ WXU NDQ OHGD WLOO DWW nWJlUGHU NDQ NRPPD DWW YLGWDV I|U DWW I|UElWWUD LQQHPLOM|Q bQGDPnOVHQOLJ YHQWLODWLRQ KDU HQ SRVLWLY HIIHNW Sn DOOD GH IDNWRUHU VRP EHYLVDWV HOOHU PLVVWlQNV KD HIIHNWHU Sn KlOVDQ LQNOXVLYH UDGRQKDOWHQ 9LGWDJQD nWJlUGHU I|U I|UElWWUDG YHQWLODWLRQ RFK PLQVNDG UDGRQKDOW NDQ OHGD WLOO DWW KlOVDQ I|UElWWUDV PHG PLQVNDG VMXNIUnQYDUR VRP I|OMG

)LQDQVLHULQJ

9L DQVHU LQWH DWW E\JJQDGVlJDUQD VNDOO nOlJJDV DWW VYDUD I|U GHQ NRVWQDG VRP NRPPXQHUQD NRPPHU DWW KD I|U DWW KDQWHUD GHNODUDWLRQHUQD HOOHU I|U DWW |YHUYDND DWW GHNODUDWLRQVVN\OGLJKHWHQ IXOOJ|UV 'HW lU L DOOPlQKHWHQV RFK LQWH L GHQ HQVNLOGH E\JJQDGV lJDUHQV LQWUHVVH DWW NRPPXQHUQD |YHUYDNDU DWW GHNODUDWLRQVVN\OGLJ KHWHQ IXOOJ|UV 'HWVDPPD JlOOHU I|UDQGHW DY XSSJLIWHU L HWW UHJLVWHU

( /

, #  
   
   

'HVVXWRP lU GHW Vn DWW GDJHQV KDQWHULQJ HQOLJW I|URUGQLQJHQ RP 29. HIWHU HWW DYJ|UDQGH IUnQ UHJHULQJVUlWWHQ LQWH lU DYJLIWVEHODJG5c UHI

'HW lU NRPPXQHUQD VRP VNDOO VYDUD I|U DMRXUI|ULQJHQ DY GH XSSJLIWHU VRP VNDOO LQIO\WD L UHJLVWUHW L GHQ PnQ LQWH IDVWLJKHWV lJDUQD VMlOYD I|U LQ XSSJLIWHUQD Sn HOHNWURQLVN YlJ .RVWQDGHUQD I|U GHQQD DMRXUI|ULQJ PnVWH WlFNDV 6DPWLGLJW PnVWH NRPPXQHUQD EHWDOD GH NRVWQDGHU VRP XSSVWnU I|U DWW Q\WWMD UHJLVWUHW 5HJOHULQJHQ PHOODQ /DQWPlWHULYHUNHW RFK UHVSHNWLYH NRPPXQ WRUGH OlPSOLJHQ NXQQD VNH JHQRP DYWDO Sn HWW OLNQDQGH VlWW VRP JlOOHU I|U UHJOHULQJ DY NRVWQDGHUQD I|U IDVWLJKHWVUHJLVWUHW

'HW NDQ HQOLJW YnU EHG|PQLQJ GRFN I|UYlQWDV DWW NRVWQDGHUQD I|U DWW KnOOD UHJLVWUHW EOLU YlVHQWOLJW VW|UUH lQ GH LQWlNWHU VRP V\VWHPHW JHU 6WlOOQLQJ PnVWH GlUI|U WDV WLOO KXU GHVVD NRVWQDGHU VNDOO ILQDQVLHUDV (Q P|MOLJKHW lU DWW NRVWQDGHUQD InU VWDQQD Sn NRPPXQHUQD (Q DQQDQ lU DWW VWDWHQ InU VYDUD I|U GHVVD YLD DQVODJ WLOO /DQWPlWHULYHUNHW VRP L VLQ WXU I|UGHODU NRVWQDGHUQD WLOO GH NRPPXQHU VRP DQVOXWHU VLJ WLOO V\VWHPHW )|U YnU GHO NDQ YL HQGDVW NRQVWDWHUD DWW HWW VnGDQW I|U NRPPXQHUQD IULYLOOLJW V\VWHP VRP YL I|UHVOnU WRUGH KD PLQGUH I|UXWVlWWQLQJDU DWW NXQQD HWDEOHUDV RP NRPPXQHUQD RFNVn VNDOO VYDUD I|U NRVWQDGHUQD , EHG|PQLQJHQ PnVWH GHW lYHQ EHDNWDV DWW NRPPXQHUQD UHGDQ KDU HQ NRVWQDG I|U KDQWHULQJ DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ 'HW lU GlUI|U ULPOLJW DWW GHQ WLOONRPPDQGH NRVWQDGHQ HUVlWWV YLD VWDWVEXGJHWHQ

%RYHUNHW E|U JHQRP DQVODJ WLOOI|UDV HWW HQJnQJVEHORSS I|U LQIRUPDWLRQ RP PLOMRQHU NU

.RQVHNYHQVHU I|U VPn I|UHWDJ

)|OMDQGH XSSJLIWHU IUDPJnU DY (QHUJLP\QGLJKHWHQV RFK %RYHUNHWV UDSSRUW RP KXU (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD VNDOO

  , #
   
   

LQI|UDV L 6YHULJH (WW UHODWLYW OLWHW DQWDO I|UHWDJ lJHU PnQJD IDVWLJKHWHU PHGDQ IOHUWDOHW I|UHWDJ lJHU HQ HOOHU WYn IDVWLJKHWHU , 6YHULJH ILQQV GHW FLUND SULYDWD IDVWLJKHWVI|UHWDJ FLUND

NRPPXQDOD ERODJ RFK FLUND ERVWDGVUlWWVI|UHQLQJDU gYHU KlOIWHQ DY GHVVD I|UHWDJ lJHU HQGDVW HQ IDVWLJKHW (WW GU\JW KXQGUDWDO IDVWLJKHWVERODJ lJHU PHU lQ KlOIWHQ DY GHW WRWDOD DQWDOHW IDVWLJKHWHU L 6YHULJH SURFHQW DY IDVWLJKHWVI|UHWDJHQ KDU QROO DQVWlOOGD SURFHQW KDU PLQGUH lQ IHP DQVWlOOGD

, NDSLWHO RFK Gn IUDPI|U DOOW L DYVQLWWHQ RFK KDU YL UHGRJMRUW I|U YLOND lQGDPnO E\JJQDGVGHNODUDWLRQHUQD VNDOO WLOOJRGR VH RFK |YHUYlJW IUnJDQ RP GHNODUDWLRQHUQD E|U YDUD IULYLOOLJD REOLJDWRULVND HOOHU REOLJDWRULVND PHG IULYLOOLJD LQVODJ , IUnJD RP SUREOHPHW RFK DOWHUQDWLYD O|VQLQJDU InU YL GlUI|U KlQYLVD WLOO GHVVD DYVQLWW

(WW LQI|UDQGH DY E\JJQDGVGHNODUDWLRQHU LQQHElU DWW GHW WLOONRPPHU HQ Q\ XSSJLIW I|U lJDUHQ WLOO HQ E\JJQDG QlPOLJHQ DWW XSSUlWWD VMlOYD GHNODUDWLRQHQ (WW LQI|UDQGH DY GHNODUDWLRQHUQD LQQHElU VRP WLGLJDUH QlPQWV LQWH QnJRW NUDY Sn \WWHUOLJDUH NRQWUROOHU HOOHU G\OLNW L E\JJQDGHQ 7LGVnWJnQJHQ I|U DWW WD IUDP XQGHUODJ RFK XSSUlWWD GHNODUDWLRQHQ VDPW DQVOn GHQ RFK VNLFND GHQ WLOO NRPPXQHQ E|U YDUD UHODWLYW EHJUlQVDG MlPI|U DYVQLWW 9L KDU GlU EHG|PW DWW WLGVnWJnQJHQ I|U GHVVD nWJlUGHU NDQ YDULHUD PHOODQ WLR PLQXWHU RFK WUH WLPPDU 0HG HWW DQWDJDQGH DWW GHNODUDWLRQHQ I|U HWW PLQGUH I|UHWDJ JHQRPVQLWWOLJW WRWDOW WDU HQ WLPPD SHU E\JJQDG RFK DWW NRVWQDGHQ SHU WLPPD lU NU lU NRVWQDGHQ I|U DWW XSSUlWWD GHNODUDWLRQHQ NU SHU E\JJQDG 'H I|UHVODJQD UHJOHUQD LQQHElU DWW I|UHWDJDUHQ YDU WUHGMH VMlWWH HOOHU QLRQGH nU ² EHURHQGH Sn W\S DY YHQWLODWLRQVV\VWHP L E\JJQDGHQ ² VNDOO XSSUlWWD HQ VnGDQ E\JJQDGVGHNODUDWLRQ

(Q E\JJQDGVGHNODUDWLRQ VNDOO L SULQFLS XSSUlWWDV I|U VDPWOLJD E\JJQDGHU .RVWQDGHQ SHU E\JJQDG NDQ DQWDV EOL L VWRUW VHWW GHQVDPPD RDYVHWW VWRUOHN Sn IDVWLJKHWVI|UHWDJ )|U YLVVD NDQ GRFN WLGVnWJnQJHQ VRP WLGLJDUH QlPQWV DQWDV XSSJn WLOO WUH WLPPDU )|UVODJHQ InU WURWV GHWWD DQWDV YDUD QHXWUDOD L I|UKnOODQGH WLOO VW|UUH I|UHWDJV YLOONRU , VDPPDQKDQJHW PnVWH GHW RFNVn EHDNWDV DWW LQWHUYDOOHUQD I|U GHNODUDWLRQVVN\OLJKHWHQ NQ\WHU DQ WLOO GH LQWHUYDOOHU VRP JlOOHU I|U GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ RFK DWW GHW UHGDQ L GDJ PnVWH ILQQDV UXWLQHU I|U DWW EHYDND GHQ NRQWUROOHQ 9L

0 #-& % ! )1 )1 /

1 1 ) . 8-& ' ! %-

! #" 2% ./

, #  
   
   

DQVHU GlUI|U LQWH DWW QnJUD VlUVNLOGD KlQV\Q EHK|YHU WDV WLOO VPn I|UHWDJ L GHWWD DYVHHQGH 'HW lU QDWXUOLJWYLV YLNWLJW DWW VPn I|UHWDJ OLNVRP DQGUD LQIRUPHUDV RP GH Q\D UHJOHUQD 9L KDU I|UHVODJLW UHODWLYW OnQJ WLG I|U UHJOHUQDV LNUDIWWUlGDQGH RFK QnJUD VlUVNLOGD KlQV\Q XW|YHU GHVVD WLGVUDPDU DQVHU YL LQWH EHK|YV

gYULJD NRQVHNYHQVHU

%\JJQDGVGHNODUDWLRQHUQD lU EO D HWW YHUNW\J I|U DWW J|UD DOOD EHU|UGD SDUWHU XSSPlUNVDPPD Sn YLNWHQ DY HQ JRG LQRPKXVPLOM| 'HNODUDWLRQHUQD NDQ GlUI|U ELGUD WLOO DWW XSSQn GHOPnOHQ DWW E\JJQDGHU RFK GHUDV HJHQVNDSHU LQWH VNDOO SnYHUND KlOVDQ QHJDWLYW 9L EHG|PHU DWW GHW EHWUlIIDQGH GH E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ lU P|MOLJW DWW XSSQn GHOPnOHW RP DWW GH VHQDVW nU VNDOO KD HQ GRNXPHQWHUDW IXQJHUDQGH YHQWLODWLRQ )|U HQ RFK WYnERVWDGVKXV ILQQV GHW LQWH QnJRW NUDY Sn YHQWLODWLRQVNRQWUROO HOOHU DWW E\JJQDGVGHNODUDWLRQHQ VNDOO LQQHKnOOD XSSJLIW RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP 'HW lU GlUI|U LQWH WUROLJW DWW VnGDQD E\JJQDGHU nU KDU HQ

GRNXPHQWHUDW IXQJHUDQGH YHQWLODWLRQ

%\JJQDGVGHNODUDWLRQHUQD ELGUDU WLOO DWW E\JJQDGVlJDUH RFK ERHQGH L lQ K|JUH JUDG XSSPlUNVDPPDU UDGRQIUnJDQ RFK L YLVVD IDOO YLGWDU nWJlUGHU I|U DWW PLQVND UDGRQKDOWHQ (QOLJW YnU XSSIDWWQLQJ lU GHW P|MOLJW DWW XSSQn GHOPnOHW RP DWW UDGRQKDOWHQ L DOOD VNRORU RFK I|UVNRORU nU lU OlJUH lQ %T P OXIW 'lUHPRW PHGI|U LQWH GHNODUDWLRQHUQD ² lYHQ RP GH ELGUDU WLOO DWW XSSQn GHOPnOHW ² DWW UDGRQKDOWHQ L DOOD ERVWlGHU nU NRPPHU DWW YDUD OlJUH lQ

%T P OXIW

1lU GHNODUDWLRQHUQD LQQHKnOOHU EO D XSSJLIW RP HQHUJLSUHVWDQGD NRPPHU GH WLOOVDPPDQV PHG HQHUJLFHUWLILNDWHQ HQOLJW YnU EHG|PQLQJ ELGUD WLOO DWW HQHUJLDQYlQGQLQJHQ HIIHNWLYLVHUDV I|U DWW Sn VLNW PLQVND

9L EHG|PHU DWW I|UVODJHQ lU QHXWUDOD L I|UKnOODQGH VnYlO WLOO UHJLRQDOSROLWLVND DVSHNWHU VRP WLOO DVSHNWHU Sn VPn I|UHWDJV YLOONRU L I|UKnOODQGH WLOO VW|UUH I|UHWDJV )|UVODJHQ NDQ KHOOHU LQWH I|UYlQWDV LQYHUND Sn EURWWVOLJKHWHQ MlPVWlOOGKHWHQ PHOODQ PlQ RFK NYLQQRU HOOHU P|MOLJKHWHUQD DWW Qn GH LQWHJUDWLRQVSROLWLVND PnOHQ

9L EHG|PHU DWW I|UVODJHQ LQWH KDU EHW\GHOVH I|U GHQ NRPPXQDOD VMlOYVW\UHOVHQ 'lUHPRW SnYHUNDU I|UVODJHQ NRPPXQHUQD L RFK PHG DWW GHW lU NRPPXQHUQD VRP VNDOO KDQWHUD GHNODUDWLRQHUQD

)|UIDWWQLQJVNRPPHQWDU

)|UVODJHW WLOO ODJ RP lQGULQJ L VHNUHWHVVODJHQ

NDS †

'HW E|U LQWH JlOOD VHNUHWHVV I|U XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ 'H QlUPDUH VNlOHQ I|U GHW KDU YL UHGRYLVDW L DYVQLWW

%HVWlPPHOVHQ LQQHElU DWW GHW LQWH JlOOHU VHNUHWHVV I|U XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ YDUH VLJ KRV E\JJQDGVQlPQGHQ HOOHU PLOM| RFK KlOVRVN\GGVQlPQGHQ

)|UVODJHW WLOO ODJ RP lQGULQJ L IDVWLJKHWVPlNODUODJHQ

0nQJD I|UVlOMQLQJDU VNHU YLD PlNODUH (Q PlNODUH VRP DQOLWDV I|U HQ I|UVlOMQLQJ VNDOO YHUND I|U DWW VlOMDUHQ OlPQDU GH XSSJLIWHU RP IDVWLJKHWHQ VRP NDQ DQWDV YDUD DY EHW\GHOVH I|U N|SDUHQ RFK DWW VlOMDUHQ lYHQ WLOOKDQGDKnOOHU N|SDUHQ HQ E\JJQDGVGHNODUDWLRQ

1lU HQ PlNODUH I|UPHGODU HQ IDVWLJKHW VRP HQ NRQVXPHQW N|SHU KXYXGVDNOLJHQ I|U HQVNLOW EUXN VNDOO IDVWLJKHWVPlNODUHQ L GHQ VNULIWOLJD EHVNULYQLQJHQ OlPQD HQ KlQYLVQLQJ WLOO HQ XSSUlWWDG E\JJQDGVGHNODUDWLRQ

   
   

)|UVODJHW WLOO ODJ RP lQGULQJ L ODJHQ

RP IDVWLJKHWVUHJLVWHU

9LG XUYDO RFK EHDUEHWQLQJDU VRP /DQWPlWHULYHUNHW J|U I|U QnJRQ DQQDQV UlNQLQJ I|U GLUHNW PDUNQDGVI|ULQJ InU LQWH XSSJLIWHU RP YHQWLODWLRQ UDGRQ HQHUJL HOOHU PLOM|DUEHWH EHKDQGODV 6NlOHW WLOO DWW GHVVD XSSJLIWHU LQWH InU EHKDQGODV RP GH VNDOO DQYlQGDV I|U GLUHNW PDUNQDGVI|ULQJ lU DWW HQ VnGDQ VDPPDQVWlOOQLQJ NDQ YDUD LQWHJULWHWVNlQVOLJ )|U GHQ HQVNLOGH NDQ GHW XSSOHYDV VRP VW|WDQGH PHG W H[ UHNODP VRP W\GHU Sn DWW DYVlQGDUHQ KDU LQJnHQGH NXQVNDSHU RP KRQRP HOOHU KHQQH VlUVNLOW QlU GHW JlOOHU PHU SHUVRQOLJD I|UKnOODQGHQ VRP XSSJLIWHU RP ERVWDGHQ

)|UVODJHW WLOO ODJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

(Q E\JJQDGVGHNODUDWLRQ lU HQ VDPODG UHGRYLVQLQJ DY HQ E\JJQDGV HJHQVNDSHU L YLVVD QlUPDUH EHVWlPGD DYVHHQGHQ

, SDUDJUDIHQ DQJHV V\IWHQD PHG E\JJQDGVGHNODUDWLRQHU 'H lQGDPnO VRP HQ E\JJQDGVGHNODUDWLRQ VNDOO WLOOJRGRVH lU DWW IUlPMD DWW nWJlUGHU YLGWDV I|U HWW WLOOIUHGVVWlOODQGH LQRPKXVNOLPDW RFK HQ HIIHNWLY HQHUJLDQYlQGQLQJ 'H VNDOO lYHQ XSSPlUNVDPPD lJDUQD RFK EUXNDUQD Sn IUnJRU RP LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

bJDUHQ WLOO HQ E\JJQDG KDU DQVYDUHW I|U DWW I|UYDOWD VLQ E\JJQDG RFK VH WLOO DWW ROLND NRQWUROOHU H G\O VNHU L E\JJQDGHQ 'HW lU RFNVn lJDUHQ VRP lU DQVYDULJ I|U DWW HQ GHNODUDWLRQ XSSUlWWDV bYHQ RP GHW lU E\JJQDGHQV lJDUH VRP lU DQVYDULJ I|U DWW HQ E\JJQDGVGHNODUDWLRQ J|UV NDQ VMlOYD XSSUlWWDQGHW VNH DY QnJRQ DQQDQ $Y DOOPlQQD EHVWlPPHOVHU I|OMHU YHP VRP VNDOO IXOOJ|UD VN\OGLJKHWHQ I|U RP\QGLJD I|U HQ MXULGLVN SHUVRQ HOOHU I|U HQ SHUVRQ I|U YLONHQ JRG PDQ HOOHU I|UYDOWDUH KDU I|URUGQDWV

9L KDU |YHUYlJW IUnJDQ RP GHW ILQQV EHKRY DY DWW L ODJHQ KD HQ EHVWlPPHOVH DY PRWVYDUDQGH LQQHE|UG VRP GHQ VRP ILQQV L NDS† IDVWLJKHWVWD[HULQJVODJHQ $Y DOOPlQQD UHJOHU I|OMHU YHP HOOHU YLOND VRP lU OHJDOD VWlOOI|UHWUlGDUH 9L DQVHU GlUI|U LQWH DWW GHW ILQQV EHKRY DY HQ VlUVNLOG VnGDQ EHVWlPPHOVH

   
   
   

'HW lU lJDUHQ VRP lU DQVYDULJ I|U DWW HQ E\JJQDGVGHNODUDWLRQ XSSUlWWDV 'HWWD DQVYDU KLQGUDU HPHOOHUWLG LQWH lJDUHQ IUnQ DWW DQOLWD HWW RPEXG I|U DWW IXOOJ|UD GHNODUDWLRQVVN\OGLJKHWHQ , GH IDOO lJDUHQ DQOLWDU HWW RPEXG lU GHW IRUWIDUDQGH lJDUHQ VRP lU DQVYDULJ I|U DWW HQ GHNODUDWLRQ XSSUlWWDV 'HWWD IUDPJnU DY DOOPlQQD UHJOHU RP V\VVORPlQ RFK RPEXG 9L DQVHU GlUI|U LQWH DWW GHW EHK|YV HQ VlUVNLOG EHVWlPPHOVH RP DWW GHNODUDWLRQVVN\OGLJKHWHQ InU IXOOJ|UDV JHQRP RPEXG

/DJHQ RPIDWWDU VDPWOLJD E\JJQDGHU 6RP YL WLGLJDUH DQJHWW DQVHU YL DWW GHW lU OlPSOLJW DWW W H[ XSSJLIWHU RP YHQWLODWLRQ UHGRYLVDV I|U VnGDQD E\JJQDGHU VRP RPIDWWDV DY I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP 'HW ILQQV LQWH VNlO DWW L ODJHQ DQJH YLOND E\JJQDGHU VRP VNDOO RPIDWWDV 5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU VNDOO GlUI|U In PHGGHOD QlUPDUH I|UHVNULIWHU RP YLOND E\JJQDGHU VRP RPIDWWDV DY GHNODUDWLRQVVN\OGLJKHWHQ

5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU VNDOO PHGGHOD EHVWlPPHOVHU RP GHW QlUPDUH LQQHKnOOHW L HQ E\JJQDGV GHNODUDWLRQ 3DUDJUDIHQ DQJHU UDPHQ I|U YLOND XSSJLIWHU VRP NDQ LQJn L HQ GHNODUDWLRQ

'HW lU DQJHOlJHW DWW EODQG DQGUD ERHQGH EUXNDUH RFK WLOOWlQNWD N|SDUH NDQ In GHO DY GHW XQGHUODJ VRP UHGRYLVQLQJHQ L HQ E\JJQDGVGHNODUDWLRQ JUXQGDU VLJ Sn 'HW JlOOHU VnYlO XSSJLIWHU VRP E\JJQDGHQV lJDUH IULYLOOLJW UHGRYLVDU VRP XSSJLIWHU VRP lJDUHQ lU VN\OGLJ DWW UHGRYLVD (QOLJW EHVWlPPHOVHQ lU lJDUHQ VN\OGLJ DWW L HQ E\JJQDGVGHNODUDWLRQ OlPQD LQIRUPDWLRQ RP YDU HOOHU KRV YHP XQGHUODJ I|U L GHNODUDWLRQHQ UHGRYLVDGH XSSJLIWHU ILQQV DWW WLOOJn 'HNODUDWLRQHQ L VLJ LQQHElU GRFN LQWH QnJRW NUDY Sn DWW KnOOD GRNXPHQWDWLRQ L IRUP DY IDNWXURU H G\O WLOOJlQJOLJD VH DYVQLWW

$QVODJ RFK WLOOKDQGDKnOODQGH DY GHNODUDWLRQHQ

%HVWlPPHOVHUQD L I|UVWD RFK DQGUD VW\FNHW NQ\WHU DQ WLOO UHJOHULQJHQ L (* GLUHNWLYHW (* RP E\JJQDGHUV HQHUJLSUHVWDQGD RP

   
   
   

QlU HWW HQHUJLFHUWLILNDW VNDOO ILQQDV RFK KXU JDPPDOW HWW HQHUJLFHUWLILNDW InU YDUD

, HQ E\JJQDGVGHNODUDWLRQ VNDOO EO D XSSPlWWD YlUGHQ UHGRYLVDV RFK LQWH HQGDVW EHUlNQDGH YlUGHQ 'HW NDQ GlUI|U LQWH NUlYDV DWW GHW VNDOO ILQQDV HQ IlUGLJVWlOOG E\JJQDGVGHNODUDWLRQ LQQDQ E\JJQDGHQ KDU WDJLWV L EUXN

(QOLJW SDUDJUDIHQ VNDOO GHW RFNVn ILQQDV HQ E\JJQDGVGHNODUDWLRQ LQQDQ HQ lJDUH VlOMHU HOOHU K\U XW VLQ E\JJQDG 'lUHPRW JlOOHU GHW LQWH QnJRW NUDY Sn DWW GHW VNDOO ILQQV HQ E\JJQDGVGHNODUDWLRQ YLG DUY HOOHU JnYD

(Q E\JJQDGVGHNODUDWLRQ InU LQWH YDUD lOGUH lQ WLR nU %HVWlPPHOVHQ LQQHElU LQWH QnJRW NUDY Sn DWW HQ Q\ GHNODUDWLRQ VNDOO XSSUlWWDV YLG YDUMH XWK\UQLQJ HOOHU I|UVlOMQLQJ 6DPPD E\JJQDGVGHNODUDWLRQ NDQ DQYlQGDV YLG IOHUD I|UVlOMQLQJDU HOOHU XWK\UQLQJDU XQGHU I|UXWVlWWQLQJ DWW GHVVD VNHU LQRP WLR nU IUnQ GHW DWW GHNODUDWLRQHQ XSSUlWWDGHV HOOHU XSSGDWHUDGHV

(QOLJW WUHGMH VW\FNHW InU UHJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU PHGGHOD I|UHVNULIWHU RP DWW HQ E\JJQDGVGHNODUDWLRQ VNDOO XSSUlWWDV HOOHU XSSGDWHUDV PHG WlWDUH LQWHUYDOOHU lQ YDG VRP I|OMHU DY I|UVWD RFK DQGUD VW\FNHW VDPW PHGGHOD GH \WWHUOLJDUH I|UHVNULIWHU VRP EHK|YV L IUnJD RP QlU HQ E\JJQDGVGHNODUDWLRQ VNDOO XSSUlWWDV 'HW lU I|U EHILQWOLJD E\JJQDGHU LQWH WLOOUlFNOLJW DWW NQ\WD NUDYHW WLOO QlU HQ E\JJQDG VlOMV HOOHU K\UV XW 'HW lU W H[ VlOODQ ² RP GHW HQV I|UHNRPPHU ² DWW HQ ERVWDGVUlWWVI|UHQLQJ VlOMHU VLQ E\JJQDG bYHQ L IUnJD RP DQGUD E\JJQDGHU NDQ GHW GU|MD OnQJ WLG WLOOV HQ I|UVlOMQLQJ VNHU 5HJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU E|U GlUI|U JHV P|MOLJKHW DWW PHGGHOD EHVWlPPHOVHU RP DWW GHW I|U VnGDQD E\JJQDGHU VRP RPIDWWDV DY NUDYHW Sn nWHUNRPPDQGH EHVLNWQLQJ HQOLJW I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP VNDOO XSSUlWWDV HQ E\JJQDGVGHNODUDWLRQ VHQDVW L VDPEDQG PHG DWW HQ VnGDQ EHVLNWQLQJ VNDOO VNH

9LVVD XSSJLIWHU L HQ E\JJQDGVGHNODUDWLRQ NDQ EHK|YD XSSGDWHUDV PHG WlWDUH LQWHUYDOOHU lQ YDG VRP NUlYV HQOLJW DQGUD VW\FNHW +lU NDQ QlPQDV XSSJLIWHU RP GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ VRP VNDOO VNH YDUW DQQDW YDU WUHGMH VMlWWH HOOHU QLRQGH nU EHURHQGH Sn YLONHQ W\S DY E\JJQDG GHW lU IUnJD RP RFK EHURHQGH Sn YLONHQ W\S DY YHQWLODWLRQVV\VWHP VRP ILQQV L E\JJQDGHQ 6nGDQD XSSJLIWHU E|U GlUI|U UHGRYLVDV RIWDUH lQ YDUW WLRQGH nU $Y GHQ DQOHGQLQJHQ E|U UHJHULQJHQ HOOHU GHQ P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU In

   
   
   

PHGGHOD EHVWlPPHOVHU RP DWW GHNODUDWLRQHUQD L YLVVD DYVHHQGHQ VNDOO XSSGDWHUDV RIWDUH lQ YDUW WLRQGH nU

'HQ VRP VlOMHU HOOHU K\U XW HQ E\JJQDG VNDOO I|UH HQ I|UVlOMQLQJ HOOHU HQ XWK\UQLQJ WLOOKDQGDKnOOD N|SDUHQ HOOHU GHQ VRP K\U HQ E\JJQDGVGHNODUDWLRQ

2P I|UVlOMQLQJHQ I|UPHGODV DY HQ IDVWLJKHWVPlNODUH VNDOO PlNODUHQ XSSPlUNVDPPD VlOMDUHQ Sn NUDYHW DWW GHW VNDOO ILQQDV HQ E\JJQDGVGHNODUDWLRQ VH DYVQLWW RP )DVWLJKHWVPlNODUHQV UROO *HQRP DWW NQ\WD NUDYHW Sn DWW GHW VNDOO ILQQDV HQ E\JJQDGV GHNODUDWLRQ WLOO HQ I|UVlOMQLQJ HOOHU XWK\UQLQJ NDQ GHW ELGUD WLOO DWW NRQWUROOHU RFK nWJlUGHU L lQ K|JUH JUDG YLGWDV EHWUlIIDQGH E\JJQDGHQ 'HW lU DY LQWUHVVH I|U HQ N|SDUH DWW In XSSJLIWHU XU HQ GHNODUDWLRQ YLG I|UYlUYHW *HQRP HQ VnGDQ XSSO\VQLQJ NDQ N|SDUHQ In HQ XSSIDWWQLQJ RP L YLOND DYVHHQGHQ nWJlUGHU NDQ EHK|YD YLGWDV PHG E\JJQDGHQ 'HVVXWRP NDQ HQ VlOMDUH YDUD PnQ RP DWW NRQWUROOHU H G\O YLGWDV LQI|U HQ I|UVlOMQLQJ 0RWVYDUDQGH WRUGH lYHQ JlOOD YLG XWK\UQLQJ

)|U DWW VSULGD LQIRUPDWLRQ RP LQRPKXVPLOM|Q RFK HQHUJL DQYlQGQLQJ L E\JJQDGHU VNDOO GHNODUDWLRQHQ J|UDV WLOOJlQJOLJ I|U ERHQGH RFK EUXNDUH DY E\JJQDGHU (WW EUD VlWW DWW J|UD GHNODUD WLRQHUQD WLOOJlQJOLJD lU DWW DQVOn GHP Vn DWW GH VRP YLOO NDQ WD GHO DY LQQHKnOOHW , PnQJD IDOO lU GHW OlPSOLJW DWW DQVOn E\JJQDGV GHNODUDWLRQHQ YLG HQWUpQ L WUDSSKXVHW bYHQ DQGUD SODWVHU NDQ YDUD WlQNEDUD +XYXGVDNHQ lU DWW GHQ DQVOnV Sn HQ SODWV VRP lU IUDPWUlGDQGH RFK NODUW V\QOLJ I|U K\UHVJlVWHU RFK EUXNDUH

)|U DWW E\JJQDGVQlPQGHQ HOOHU PRWVYDUDQGH QlPQG VNDOO NXQQD IXOOJ|UD VLQ WLOOV\Q VNDOO lJDUHQ WLOO E\JJQDGHQ VNLFND GHNODUDWLRQHQ WLOO HQ VnGDQ QlPQG $Y DOOPlQQD UHJOHU I|OMHU DWW HQ OHJDO VWlOOI|UHWUlGDUH VNDOO IXOOJ|UD VN\OGLJKHWHQ I|U W H[ HQ RP\QGLJ bJDUHQ NDQ RFNVn DQOLWD HWW RPEXG I|U DWW In KMlOS DWW IXOOJ|UD VLQ

   
   
   

VN\OGLJKHW $QJnHQGH VWlOOI|UHWUlGDUH RFK RPEXG VH NRPPHQWDUHQ WLOO †

0HG HWW NUDY Sn DWW E\JJQDGHQV lJDUH VNDOO VNLFND GHNODUDWLRQHQ WLOO E\JJQDGVQlPQGHQ NDQ NUDYHW Sn DWW SURWRNROO IUnQ GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ VNDOO VNLFNDV WLOO HQ VnGDQ QlPQG WDV ERUW VH DYVQLWW .RPPXQHUQD E|U KD HWW WLOOV\QVDQVYDU

'HNODUDWLRQHQ NDQ VNLFNDV SHU SRVW 'HW E|U lYHQ VNDSDV DQGUD P|MOLJKHWHU DWW OlPQD HQ GHNODUDWLRQ *HQRP DWW JH E\JJQDGHQV lJDUH P|MOLJKHW DWW OlPQD GHNODUDWLRQHQ L IRUP DY HWW HOHNWURQLVNW GRNXPHQW NDQ KDQWHULQJHQ I|U VnYlO lJDUHQ VRP I|U NRPPXQHQ XQGHUOlWWDV $QGUD VW\FNHW L SDUDJUDIHQ KDU XWIRUPDWV PHGNDS † ODJHQ RP VMlOYGHNODUDWLRQHU RFK NRQWUROO XSSJLIWHU VDPW NDS D † IDVWLJKHWVWD[HULQJVODJHQ

VRP I|UHELOGHU

)|U DWW XQGHUOlWWD I|U GH lJDUH VRP LQWH YLOO HOOHU NDQ OlPQD GHNODUDWLRQHUQD HOHNWURQLVNW E|U GHW VNDSDV P|MOLJKHW I|U lJDUHQ DWW OlPQD XSSGUDJ WLOO GHQ VRP \UNHVPlVVLJW XWI|U VnGDQD NRQWUROOHU VRP VNDOO UHGRYLVDV L HQ GHNODUDWLRQ W H[ HQ IXQNWLRQVNRQWUROODQW DWW I|U lJDUHQV UlNQLQJ OlPQD XSSJLIWHUQD

1lU GHW ILQQV VNlO VNDOO GHW ILQQDV P|MOLJKHW I|U UHJHULQJHQ HOOHU P\QGLJKHW VRP UHJHULQJHQ EHVWlPPHU DWW L HQVNLOGD IDOO PHGJH XQGDQWDJ IUnQ EHVWlPPHOVHUQD L ODJHQ 6RP H[HPSHO NDQ QlPQDV IDOO Gn HQ E\JJQDG LQRP NRUW VNDOO ULYDV HOOHU E\JJDV RP bYHQ Gn HQ lJDUH KDU HJQD UXWLQHU I|U DWW VlNUD NYDOLWpQ L VLQD E\JJQDGHU RFK UHGRYLVD XSSJLIWHUQD NDQ GHW ILQQDV VNlO DWW PHGJH XQGDQWDJ IUnQ EHVWlPPHOVHUQD W H[ NUDYHW Sn DQYlQGDQGH DY YLVV EODQNHWW RFK KXU LQIRUPDWLRQHQ VNDOO OlPQDV VH lYHQ DYVQLWW $QVODJ RFK WLOOKDQGDKnOODQGH DY GHNODUDWLRQHQ

'HQ HOOHU GH NRPPXQDOD QlPQGHU VRP IXOOJ|U NRPPXQHQV XSSJLIWHU LQRP SODQ RFK E\JJYlVHQGHW VNDOO L HQOLJKHW PHG YDG VRP I|UHVNULYV L SODQ RFK E\JJODJHQ |YHUYDND DWW HQ lJDUH WLOO HQ

   
   
   

E\JJQDG IXOOJ|U VLQD VN\OGLJKHWHU HQOLJW GHQQD ODJ RFK HQOLJW GH I|UHVNULIWHU VRP KDU PHGGHODWV PHG VW|G DY ODJHQ

2P HQ lJDUH WLOO HQ E\JJQDG LQWH IXOOJ|U VLQ VN\OGLJKHW DWW OlPQD HQ GHNODUDWLRQ NDQ E\JJQDGVQlPQGHQ HOOHU PRWVYDUDQGH QlPQG PHG VW|G DY NDS † SODQ RFK E\JJODJHQ I|UHOlJJD lJDUHQ DWW YLGWD nWJlUGHQ 9LG EHKRY NDQ I|UHOlJJDQGHW I|UHQDV PHG YLWH (QOLJW VDPPD EHVWlPPHOVHU RFK PHG VW|G DY † I|URUGQLQJHQ

RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP NDQ E\JJQDGVQlPQGHQ HOOHU PRWVYDUDQGH QlPQG I|UHOlJJD HQ E\JJQDGV lJDUH DWW EHVLNWD YHQWLODWLRQVV\VWHPHQ L E\JJQDGHQ 2P HQ ERVWDG PHGI|U ROlJHQKHW I|U PlQQLVNRUV KlOVD NDQ GHQ QlPQG LQRP NRPPXQHQ VRP XW|YDU WLOOV\Q |YHU PLOM|VN\GGHW L ERVWlGHU RFK ORNDOHU PHG VW|G DY PLOM|EDONHQ I|UHOlJJD E\JJQDGHQV lJDUH DWW YLGWD nWJlUGHU

'HQ VRP LQWH OlPQDU HQ E\JJQDGVGHNODUDWLRQ NDQ I|UHOlJJDV YLG YLWH DWW J|UD GHWWD † I|UVODJ WLOO ODJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ RFK NDS RFK † SODQ RFK E\JJODJHQ 1nJRW VNlO DWW KD HQ VWUDIIEHVWlPPHOVH I|U XQGHUOnWHQKHWHQ ILQQV GlUI|U LQWH

(QOLJW QX DNWXHOO SDUDJUDI NDQ GHQ VRP L HQ E\JJQDGVGHNODUDWLRQ XSSVnWOLJHQ HOOHU DY JURY RDNWVDPKHW OlPQDU RULNWLJ HOOHU YLOVH OHGDQGH XSSJLIW G|PDV WLOO DQVYDU bYHQ GH IDOO QlU HQ E\JJQDGV GHNODUDWLRQ OlPQDV L IRUP DY HWW HOHNWURQLVNW GRNXPHQW RPIDWWDV DY VWUDIIEHVWlPPHOVHQ )|U DQVYDU NUlYV GHW DWW GHQ OlPQDGH XSSJLIWHQ DQJnU HQ YlVHQWOLJKHW , ULQJD IDOO VNDOO GHW GlUI|U LQWH G|PDV WLOO DQVYDU

)|UVODJHW WLOO I|URUGQLQJ RP lQGULQJ L I|URUGQLQJHQ

RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP

9LG HQ EHVLNWQLQJ DY YHQWLODWLRQVV\VWHP VNDOO SURWRNROO I|UDV (WW H[HPSODU DY SURWRNROOHW VNDOO OlPQDV WLOO E\JJQDGHQV lJDUH .UDYHW Sn DWW HWW SURWRNROO VNDOO VNLFNDV WLOO E\JJQDGVQlPQGHQ HOOHU

   
   
   

PRWVYDUDQGH QlPQG KDU WDJLWV ERUW , VWlOOHW lU GHW E\JJQDGV GHNODUDWLRQ VRP VNDOO VNLFNDV WLOO HQ VnGDQ QlPQG

)XQNWLRQVNRQWUROODQWHQ lU VN\OGLJ DWW LQIRUPHUD lJDUHQ RP DWW KDQ HOOHU KRQ VNDOO VNLFND HQ E\JJQDGVGHNODUDWLRQ WLOO E\JJQDGVQlPQGHQ RFK DWW lJDUHQ VNDOO DQVOn GHNODUDWLRQHQ Sn HQ YlO V\QOLJ SODWV HOOHU YLG HQ I|UVlOMQLQJ DY E\JJQDGHQ WLOOKDQGDKnOOD N|SDUHQ GHNODUDWLRQHQ )|U GHVVD lQGDPnO VNDOO IXQNWLRQV NRQWUROODQWHQ KD PHG VLJ HQ EODQNHWW 2P /DQWPlWHULYHUNHW PHGGHODW I|UHVNULIWHU VRP J|U GHW P|MOLJW DWW OlPQD GHNODUDWLRQHQ HOHNWURQVLNW VNDOO IXQNWLRQVNRQWUROODQWHQ lYHQ XSSO\VD E\JJQDGHQV lJDUH RP GHWWD

)|UVODJHW WLOO I|URUGQLQJ RP lQGULQJ L I|URUGQLQJHQ

RP IDVWLJKHWVUHJLVWHU

NRPPXQHU KDU WUlIIDW DYWDO PHG /DQWPlWHULYHUNHW RP UHJLVWUHULQJ DY XSSJLIWHU L IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO $YWDOHW JUXQGDU VLJ Sn HWW nWDJDQGH IUnQ NRPPXQHQ .RPPXQHQ InU YLVV HUVlWWQLQJ DY /DQWPlWHULYHUNHW HQOLJW HQ YLVV PRGHOO

%HVWlPPHOVHQ LQQHElU DWW GHW lU P|MOLJW I|U /DQWPlWHULYHUNHW DWW EHVWlPPD DWW lYHQ XSSJLIWHU XU HQ E\JJQDGVGHNODUDWLRQ VNDOO I|UDV L E\JJQDGVGHOHQ (Q I|UXWVlWWQLQJ I|U DWW /DQWPlWHULYHUNHW VNDOO NXQQD PHGGHOD HWW VnGDQW EHVOXW lU DWW NRPPXQHQ nWDJLW VLJ DWW L E\JJQDGVGHOHQ UHGRYLVD VnGDQD XSSJLIWHU

%HVWlPPHOVHQ LQQHElU DWW GHW I|U YDUMH E\JJQDG VNDOO UHGRYLVDV

VnGDQD XSSJLIWHU VRP UHGRYLVDV L HQ E\JJQDGVGHNODUDWLRQ QlPOLJHQ

XSSJLIW RP YHQWLODWLRQ UDGRQ HQHUJL RFK PLOM|DUEHWH L E\JJQDGHQ

)|UVODJHW WLOO I|URUGQLQJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

3DUDJUDIHQ DQJHU I|URUGQLQJHQV WLOOlPSQLQJVRPUnGH

   
   
   

'HW VNDOO XSSUlWWDV HQ E\JJQDGVGHNODUDWLRQ I|U HQ VnGDQ E\JJQDG VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ

(Q E\JJQDGVGHNODUDWLRQ EHK|YHU LQWH XSSUlWWDV I|U VnGDQD E\JJQDGHU VRP %RYHUNHW PHG VW|G DY † I|UVWD VW\FNHW L I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP XQGDQWDJLW IUnQ NUDYHW 'lUHPRW LQQHElU SDUDJUDIHQ DWW HQ E\JJQDGVGHNODUDWLRQ VNDOO XSSUlWWDV lYHQ DY HQ VnGDQ E\JJQDGVlJDUH VRP %RYHUNHW PHG VW|G DY † DQGUD VW\FNHW L I|URUGQLQJHQ PHGJHWW VNDOO XQGDQWDV IUnQ EHVWlPPHOVHUQD 'HW LQQHElU W H[ DWW HQ lJDUH VRP XQGDQWDJLWV IUnQ NUDYHW HQOLJW DQGUD VW\FNHW Sn JUXQG DY DWW KDQ HOOHU KRQ KDU HWW VlUVNLOW NYDOLWHWVV\VWHP HOOHU OLNQDQGH lQGn VNDOO UHGRYLVD VLQ NRQWUROO L HQ GHNODUDWLRQ

(Q E\JJQDGVGHNODUDWLRQ VNDOO RFNVn XSSUlWWDV I|U HQ RFK WYnERVWDGVKXV VRP LQWH HQEDUW DQYlQGV VRP IULWLGVERVWDG

)|UVWD VW\FNHW L SDUDJUDIHQ LQQHElU DWW HQ E\JJQDGVGHNODUDWLRQ I|U VnGDQD E\JJQDGHU VRP RPIDWWDV DY NUDYHW Sn nWHUNRPPDQGH EHVLNWQLQJ VNDOO XSSUlWWDV VHQDVW L VDPEDQG PHG DWW HQ VnGDQ EHVLNWQLQJ VNDOO VNH bYHQ HQ lJDUH WLOO HQ E\JJQDG VRP PHG VW|G DY † DQGUD VW\FNHW I|URUGQLQJHQ RP IXQNWLRQV NRQWUROO DY YHQWLODWLRQVV\VWHP XQGDQWDJLWV IUnQ EHVWlPPHOVHUQD VNDOO XSSUlWWD HQ E\JJQDGVGHNODUDWLRQ

8SSGDWHULQJ DY GHNODUDWLRQHUQD lU NQXWQD WLOO GH LQWHUYDOOHU VRP JlOOHU I|U GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ (Q E\JJQDGVGHNODUDWLRQ I|U VnGDQD E\JJQDGHU VRP RPIDWWDV DY I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP RFK VRP %RYHUNHW LQWH PHG VW|G DY † I|UVWD VW\FNHW L I|URUGQLQJHQ XQGDQWDJLW IUnQ NUDYHW VNDOO XSSGDWHUDV HQOLJW GH LQWHUYDOO VRP JlOOHU I|U nWHUNRPPDQGH EHVLNWQLQJ 'H E\JJQDGHU VRP LQWH RPIDWWDV DY I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQV V\VWHP VNDOO XSSGDWHUDV L VDPEDQG PHG I|UVlOMQLQJ DY E\JJQDGHQ RP GHNODUDWLRQHQ lU WLR nU HOOHU lOGUH VH † I|UVODJ WLOO ODJ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ

   
   
   

, EHVWlPPHOVHQ DQJHV YLOND XSSJLIWHU I|U LGHQWLILNDWLRQ VRP HQ E\JJQDGVGHNODUDWLRQ VNDOO LQQHKnOOD %\JJQDGHQV lJDUH KDU lYHQ P|MOLJKHW DWW L GHNODUDWLRQHQ DQJH GHQ LGHQWLWHWVEHWHFNQLQJ Sn E\JJQDGHQ VRP KDQ HOOHU KRQ DQYlQGHU

(Q GHO lJDUH WLOO E\JJQDGHU EHGULYHU HWW DQJHOlJHW DUEHWH I|U DWW LQYHQWHUD EHVLNWD HOOHU NYDOLWHWVVlNUD VLQD E\JJQDGHU 'HW lU YLNWLJW DWW GHW L HQ E\JJQDGVGHNODUDWLRQ ILQQV P|MOLJKHW DWW UHGRYLVD RP VnGDQW NYDOLWHWVDUEHWH HOOHU PRWVYDUDQGH EHGULYV 3DUDJUDIHQ LQQHElU DWW HQ lJDUH WLOO HQ E\JJQDG L GHNODUDWLRQHQ DOOWLG VNDOO KD P|MOLJKHW DWW UHGRYLVD IDNWRUHU HOOHU DUEHWH VRP EHGULYV RFK VRP lU HOOHU NRPPHU DWW In EHW\GHOVH I|U LQRPKXVPLOM|Q HOOHU HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ

9LVVD XSSJLIWHU E|U VlUVNLOW IUDPJn DY HQ E\JJQDGVGHNODUDWLRQ 'HWWD JlOOHU lYHQ RP GH LQJnU L VnGDQW DUEHWH VRP E\JJQDGVlJDUHQ EHGULYHU RFK UHGRYLVDU HQOLJW † )|U VnGDQD E\JJQDGHU VRP RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ VNDOO GHW ILQQDV HQ UHGRYLVQLQJ DY XSSJLIWHU RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP RFK XSSJLIWHU RP HQHUJLDQYlQGQLQJ , IUnJD RP HQHUJL VNDOO XSSJLIWHU RP HQ HQHUJLVSDUSODQ ILQQV HOOHU LQWH RFK RP GHW ILQQV HQ VlUVNLOG UHGRYLVQLQJ RP HQHUJLDQYlQGQLQJHQ L E\JJQDGHQ DQJHV L GHNODUDWLRQHQ

1lU (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD LQI|UV VNDOO lYHQ XSSJLIWHU RP HQHUJLFHUWLILNDW ILQQV HOOHU LQWH VDPW XSSJLIWHU RP E\JJQDGHQV HQHUJLSUHVWDQGD RFK UHIHUHQVYlUGHQ UHGRYLVDV L HQ E\JJQDGVGHNODUDWLRQHQ VH DYVQLWW 9HQWLODWLRQ UDGRQ RFK HQHUJL

(WW DY GHOPnOHQ WLOO PLOM|PnOHW JRG EHE\JJG PLOM| lU DWW VDPWOLJD VNRORU RFK I|UVNRORU nU VNDOO KD HQ UDGRQKDOW VRP lU OlJUH lQ

   
   

%T P OXIW RFK DWW UDGRQKDOWHQ L DOOD ERVWlGHU nU lU OlJUH lQ %T P OXIW

)|U DWW XSSPlUNVDPPD VnYlO E\JJQDGVlJDUH VRP ERHQGH RFK DQGUD EUXNDUH VDPW WLOOWlQNWD N|SDUH RFK K\UHVJlVWHU Sn UDGRQIUnJDQ VNDOO GHNODUDWLRQHQ LQQHKnOOD XSSJLIWHU RP UDGRQ (Q E\JJQDGVGHNODUDWLRQ I|U ERVWlGHU L VPnKXV VRP DQYlQGV I|U SHUPDQHQWERHQGH ERVWlGHU L IOHUERVWDGVKXV VDPW L E\JJQDGHU I|U VNRORU I|UVNRORU RFK IULWLGVKHP VNDOO LQQHKnOOD HQ XSSJLIW RP UDGRQKDOWHQ L E\JJQDGHQ lU XSSPlWW HOOHU LQWH 2P HQ VnGDQ PlWQLQJ VNHWW VNDOO GHNODUDWLRQHQ LQQHKnOOD XSSJLIW RP UDGRQKDOWHQ

3DUDJUDIHQ LQQHKnOOHU LQWH QnJRW NUDY Sn DWW PlWQLQJ DY UDGRQKDOWHQ PnVWH VNH 6nGDQD UHJOHU RP NUDY Sn EHVLNWQLQJ HOOHU DQGUD NRQWUROOHU DQVHU YL VNDOO IUDPJn DY DQGUD EHVWlPPHOVHU

bYHQ HQ RFK WYnERVWDGVKXV RPIDWWDV DY (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD )|U HQ VnGDQ E\JJQDG VNDOO XSSJLIWHU RP E\JJQDGHQV HQHUJLDQYlQGQLQJ UHGRYLVDV VH NRPPHQWDUHQ WLOO† L I|UVODJHW 1lU (* GLUHNWLYHW JHQRPI|UV L 6YHULJH E|U lYHQ XSSJLIW RP GHW ILQQV HWW HQHUJLFHUWLILNDW HOOHU LQWH VDPW XSSJLIWHU RP E\JJQDGHQV HQHUJLSUHVWDQGD RFK UHIHUHQVYlUGHQ VRP J|U DWW ERHQGH EUXNDUH H G\O NDQ J|UD HQ EHG|PQLQJ DY HQHUJL HJHQVNDSHUQD KRV ROLND E\JJQDGHU UHGRYLVDV L HQ E\JJQDGV GHNODUDWLRQ VH DYVQLWW 9HQWLODWLRQ UDGRQ RFK HQHUJL

'HW lU %RYHUNHW VRP VNDOO IDVWVWlOOD IRUPXOlU I|U E\JJQDGVGHNODUD WLRQHU %ODQNHWWHUQD NRPPHU DWW KD ROLND LQQHKnOO EHURHQGH Sn YLONHQ W\S DY E\JJQDG GHW lU IUnJD RP )|U VnGDQD E\JJQDGHU VRP W H[ RPIDWWDV DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ InU GH XWIRUPDV Sn HWW YLVVW VlWW PHGDQ HQ GHNODUDWLRQ I|U HWW HQ RFK WYnERVWDGVKXV DYVHWW I|U SHUPDQHQWERHQGH InU XWIRUPDV Sn HWW DQQDW VlWW .UDYHW Sn UHGRYLVQLQJ DY UDGRQKDOW L HWW IOHUERVWDGVKXV NDQ VNLOMD VLJ nW IUnQ NUDYHW Sn UHGRYLVQLQJ DY UDGRQKDOW L E\JJQDGHU I|U VNRORU %RYHUNHW E|U L GHVVD IUnJRU VDPUnGD PHG 6WDWHQV 6WUnOVN\GGVLQVWLWXW RFK 6RFLDOVW\UHOVHQ , VDPPDQKDQJHW lU GHW YLNWLJW DWW SHND Sn DWW GHNODUDWLRQHQ DYVHU E\JJQDGHQ VRP VnGDQ 'HW VNDOO VnOHGHV LQWH XSSUlWWDV HQ GHNODUDWLRQ I|U YDUMH HQVNLOG VNROORNDO HOOHU YDUMH HQVNLOG OlJHQKHW L HWW IOHUERVWDGVKXV $QJnHQGH

   
   
   

GHILQLWLRQHQ DY HQ E\JJQDGVGHNODUDWLRQ VH DYVQLWW $OOPlQQD XWJnQJVSXQNWHU

, IUnJDQ KXU XSSJLIWHU RP HQHUJL VNDOO UHGRYLVDV E|U %RYHUNHW VDPUnGD PHG (QHUJLP\QGLJKHWHQ

'HW lU DQJHOlJHW DWW GHW lU HQNHOW I|U GHQ HQVNLOGH DWW In WLOOJnQJ WLOO EODQNHWWHU I|U GHNODUDWLRQHUQD

'HW lU YLNWLJW DWW GHW VNDSDV P|MOLJKHW DWW OlPQD GHNODUDWLRQHUQD

HOHNWURQLVNW I|U DWW GlULJHQRP P|MOLJJ|UD HQ I|UHQNOLQJ VnYlO I|U

NRPPXQHUQD VRP I|U E\JJQDGVlJDUQD %HVWlPPHOVHQ L I|UVWD

VW\FNHW KDU XWIRUPDWV PHG NDS † I|URUGQLQJHQ RP

VMlOYGHNODUDWLRQHU RFK NRQWUROOXSSJLIWHU VDPW NDS † IDVWLJKHWV

WD[HULQJVI|URUGQLQJHQ VRP I|UHELOG

'HW lU E\JJQDGHQV lJDUH VRP VNDOO OlPQD HQ GHNODUDWLRQ bYHQ

IXQNWLRQVNRQWUROODQWHU DQDO\VI|UHWDJ HOOHU G\OLNW E|U HOHNWURQLVNW

NXQQD OlPQD XSSJLIWHU XU GHNODUDWLRQHQ Sn XSSGUDJ DY E\JJQDGHQV

lJDUH 'HWWD I|U DWW \WWHUOLJDUH VNDSD P|MOLJKHW DWW XQGHUOlWWD I|U

E\JJQDGVlJDUHQ

/DJHQ RP E\JJQDGVGHNODUDWLRQHU I|U LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ RPIDWWDU VDPWOLJD E\JJQDGHU † I|URUGQLQJHQ RP E\JJQDGVGHNODUDWLRQHU XQGDQWDU YLVVD E\JJQDGHU IUnQ NUDYHW 'lUXW|YHU NDQ YLVVD \WWHUOLJDUH XQGDQWDJ YDUD SnNDOODGH 6nGDQD \WWHUOLJDUH XQGDQWDJ E|U NXQQD PHGGHODV DY %RYHUNHW 6NlO I|U DWW L HWW HQVNLOW IDOO PHGGHOD XQGDQWDJ NDQ W H[ ILQQDV QlU HQ E\JJQDG VNDOO ULYDV HOOHU LQRP NRUW JHQRPJn HQ VW|UUH RPE\JJQDG

.RPPLWWpGLUHNWLY

)UnJRU RP E\JJQDGVGHNODUDWLRQHU 'LU
E\JJQDGVUHJLVWHU RFK E\JJIHOVI|UVlNULQJDU
   
   
   
%HVOXW YLG UHJHULQJVVDPPDQWUlGH GHQ MXQL  

6DPPDQIDWWQLQJ DY XSSGUDJHW

(Q VlUVNLOG XWUHGDUH WLOONDOODV I|U DWW DOOVLGLJW EHO\VD YLVVD IUnJRU RP E\JJQDGVGHNODUDWLRQHU RFK E\JJQDGVUHJLVWHU VDPW E\JJ IHOVI|UVlNULQJDU HQOLJW ODJHQ RP E\JJIHOVI|UVlNULQJ

8WUHGDUHQ VNDOO

UHGRYLVD RFK J|UD HQ DQDO\V DY lQGDPnO RFK XWIRUPQLQJ DY HQ REOLJDWRULVN HOOHU IULYLOOLJ E\JJQDGVGHNODUDWLRQ VRP LQQHKnOOHU XSSJLIWHU RP UDGRQ YHQWLODWLRQ RFK HQHUJLDQYlQGQLQJ

EHO\VD XWIRUPQLQJ RFK XSSE\JJQDG DY HWW QDWLRQHOOW UHJLVWHU PHG E\JJQDGVDQNQXWQD XSSJLIWHU VRP JHU XQGHUODJ I|U XSSI|OMQLQJ DY UHOHYDQWD GHOPnO WLOO GH QDWLRQHOOD PLOM|NYDOLWHWVPnOHQ VDPW XWUHGD DOWHUQDWLY WLOO QDWLRQHOOW UHJLVWHU

XWYlUGHUD RP ODJHQ RP E\JJIHOVI|UVlNULQJ IXQJHUDU Sn GHW VlWW VRP KDU YDULW DYVHWW RFK I|UHVOn GH ODJlQGULQJDU VRP NDQ YDUD PRWLYHUDGH RFK

|YHUYlJD RP NUDYHW Sn HQ E\JJIHOVI|UVlNULQJ E|U XWYLGJDV WLOO DWW DYVH lYHQ DQGUD E\JJQDGHU lQ ERVWDGVKXV

%DNJUXQG RFK V\IWHQ

%\JJQDGVGHNODUDWLRQHU P P

$UEHWHW PHG DWW GHNODUHUD E\JJQDGHU KDU PHG YDULHUDQGH V\IWHQ SnJnWW XQGHU HWW DQWDO nU L 6YHULJH OLNVRP L DQGUD OlQGHU , VnGDQD GHNODUDWLRQHU NDQ UHGRYLVDV VnYlO L YLONHQ XWVWUlFNQLQJ HQ E\JJQDG PRWVYDUDU DY VDPKlOOHW XSSVWlOOGD NUDY VRP DQGUD NYDOLWHWHU KRV HQ E\JJQDG

& .  
   
   
  5LNVGDJHQ KDU JHQRP HWW WLOONlQQDJLYDQGH RP GHNODUDWLRQ DY
  ERVWlGHU EHW %R8 PRP UVNU EHJlUW DWW
  UHJHULQJHQ NODUOlJJHU IUnJRU RP NYDOLWHWVGHNODUDWLRQ DY ERVWlGHU
  %RYHUNHW KDU HIWHU EHVOXW DY UHJHULQJHQ GHQ PDUV RFK GHQ
  PDM XWUHWW XWIRUPQLQJHQ DY GHNODUDWLRQHU DY ERVWlGHU
  UHVSHNWLYH DY ERVWlGHU RFK VNRORU (QOLJW XSSGUDJHQ VNXOOH
  XSSUlWWDQGH DY GHNODUDWLRQHU YDUD IULYLOOLJW 8SSGUDJHQ UHGRYLVDGHV L
  PDUV UHVSHNWLYH L MXQL 5HGRYLVQLQJDUQD KDU
  UHPLVVEHKDQGODWV %RVWDGVRUJDQLVDWLRQHU PlNODUH RFK P\QGLJKHWHU
  KDU DUEHWDW PHG DWW XWIRUPD DQGUD V\VWHP I|U GHNODUDWLRQ DY
  E\JJQDGHU (WW DY VNlOHQ WLOO UHJHULQJVXSSGUDJHQ YDU DWW V|ND In WLOO
  VWnQG HQ VDPV\Q YLG XWIRUPQLQJHQ DY GHNODUDWLRQHU RFK DWW
  nVWDGNRPPD HQ GHNODUDWLRQ PHG HQ JHPHQVDP EDVLQIRUPDWLRQ VRP
  NXQGH XW|NDV L GHQ PnQ SDUWHUQD DQVnJ GHW Q|GYlQGLJW RFK YDU YLOOLJD
  DWW VYDUD I|U GH NRVWQDGHU GHWWD PHGI|UGH
  , SURSRVLWLRQHQ 6YHQVND PLOM|PnO ± GHOPnO RFK nWJlUGVVWUDWHJLHU
  SURS KDU UHJHULQJHQ L VDPEDQG PHG
  PLOM|NYDOLWHWVPnOHW *RG EHE\JJG PLOM| SHNDW Sn EHW\GHOVHQ DY
  E\JJQDGVGHNODUDWLRQHU 'HVVD EHG|PV VWHJYLV |ND PHGYHWDQGHW RFK
  I|UVWnHOVHQ KRV ROLND SDUWHU RP VDPEDQGHQ PHOODQ EUXNDUYDQRU
  NRVWQDGHU WHNQLVN XWIRUPQLQJ VDPW GULIW RFK XQGHUKnOO
  , SURSRVLWLRQ 9LVVD LQRPKXVPLOM|IUnJRU SURS DQJHV
  DWW I|U DWW J|UD LQRPKXVPLOM|Q WLOO HQ DQJHOlJHQKHW I|U DOOD LQRP E\JJ
  RFK IDVWLJKHWVVHNWRUQ E|U VnYlO Q\D VRP EHILQWOLJD E\JJQDGHUV
  HJHQVNDSHU L YLVVD DYVHHQGHQ GHNODUHUDV 9LGDUH DQJHV DWW
  GHNODUDWLRQHUQD E|U NXQQD DQYlQGDV EnGH I|U XSSI|OMQLQJHQ DY
  PLOM|PnOHQ RFK VRP HQ GHO DY GHQ LQIRUPDWLRQ VRP QRUPDOW OlPQDV
  YLG lJDUE\WHQ RFK I|UK\UQLQJ DY ERVWlGHU RFK ORNDOHU 'HW ILQQV RFNVn
  NRSSOLQJDU PHOODQ GH XSSJLIWHU VRP EHK|YHU UHGRYLVDV L GH QlPQGD
  VDPPDQKDQJHQ RFK EHKRYHW DY DWW VDPOD XSSJLIWHUQD Sn QDWLRQHOO
  QLYn , SURSRVLWLRQHQ WDV GlUI|U IUnJRU XSS RP EHKRYHW DY DWW In
  LQIRUPDWLRQ I|U DWW NXQQD I|OMD XSS GHOPnOHQ WLOO PLOM|NYDOLWHWVPnOHW
  PHG KMlOS DY HWW QDWLRQHOOW UHJLVWHU (WW QDWLRQHOOW UHJLVWHU PHG XSS
  JLIWHU RP I|UKnOODQGHQ L HQVNLOGD E\JJQDGHU VNXOOH L GH IDOO GlU
  NRPPXQHU KDU HWW WLOOV\QVDQVYDU XQGHUOlWWD GHQQD WLOOV\Q
  5DGRQXWUHGQLQJHQ GLU KDU L EHWlQNDQGHW )|UVODJ WLOO
  VWDWOLJD LQVDWVHU PRW UDGRQ 628 UHGRYLVDW KXU HWW
  UDGRQUHJLVWHU VNXOOH NXQQD NRSSODV WLOO IDVWLJKHWVUHJLVWUHWV
  E\JJQDGVGHO *UXQGOlJJDQGH XSSJLIWHU RP DOOD E\JJQDGHU L ODQGHW
  PHG XQGDQWDJ I|U MRUGEUXNHWV HNRQRPLE\JJQDGHU RFK
  NRPSOHPHQWE\JJQDGHU ILQQV UHGDQ L E\JJQDGVGHOHQ L IDVWLJ
  KHWVUHJLVWUHW 5HJLVWUHW XSSGDWHUDV IRUWO|SDQGH DY NRPPXQHUQD RFK DY
   
  & .
   
   

/DQWPlWHULYHUNHW cUOLJD XSSGDWHULQJDU VNHU RFNVn IUnQ

VNDWWHI|UYDOWQLQJHQV IDVWLJKHWVWD[HULQJVUHJLVWHU

,QQHKnOOHW L E\JJQDGVGHNODUDWLRQHU

, SURSRVLWLRQHQ 9LVVD LQRPKXVPLOM|IUnJRU XWWDODU UHJHULQJHQ DWW E\JJQDGVGHNODUDWLRQHUQD E|U LQQHKnOOD XSSJLIWHU RP YHQWLODWLRQ RFK UDGRQ 8WWDODQGHW VNDOO VHV PRW EDNJUXQG DY GHW I|UHVODJQD GHOPnOHW WLOO GHW QDWLRQHOOD PLOM|NYDOLWHWVPnOHW *RG EHE\JJG PLOM| YLONHW WDU IDVWD Sn UDGRQ RFK YHQWLODWLRQVI|UKnOODQGHQD L E\JJQDGHU 5LNVGDJHQ KDU IDVWVWlOOW GHOPnOHW EHW %R8 UVNU

(Q IXQJHUDQGH YHQWLODWLRQ L E\JJQDGHU lU Q|GYlQGLJ I|U DWW YLGPDNWKnOOD DFFHSWDEOD YlUGHQ Sn IXNW UDGRQ RFK DQGUD I|URUHQLQJDU 0RW EDNJUXQG DY EO D |NDG I|UHNRPVW DY DOOHUJLHU RFK DQQDQ |YHUNlQVOLJKHW KDU ULNVGDJHQ EHVOXWDW DWW LQI|UD HQ REOLJDWRULVN IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP SURS EHW

%R8 UVNU %HVWlPPHOVHUQD ILQQV L I|URUGQLQJHQ RP IXQNWLRQVNRQWUROO DY YHQWLODWLRQVV\VWHP %RYHUNHW KDU PHG VW|G DY EHVWlPPHOVHUQD XWIlUGDW I|UHVNULIWHU RFK DOOPlQQD UnG I|U YHUNVDPKHWHQ 'HW KDU NRQVWDWHUDWV DWW VYnULJKHWHU I|UHOLJJHU PHG HIWHUOHYQDGHQ DY EHVWlPPHOVHUQD %\JJQDGVlJDUQD JHQRPI|U LQWH YHQWLODWLRQVNRQWUROOHUQD HQOLJW EHVWlPPHOVHUQD RFK UlWWDU LQWH WLOO GH EULVWHU VRP QRWHUDV L I|UXWVDWW RPIDWWQLQJ

.RPPXQHUQD VRP KDU WLOOV\QVDQVYDUHW VlJHU VLJ LQWH KHOOHU KD NlQQHGRP RP L YLOND E\JJQDGHU GH DNWXHOOD YHQWLODWLRQVV\VWHPHQ ILQQV RFK VDNQDU GlUPHG L VWRU XWVWUlFNQLQJ XQGHUODJ I|U VLQ WLOOV\Q 6YnULJKHWHU PHG DWW In XQGHUODJ I|U VDPPDQVWlOOQLQJ DY XWIDOOHW DY YHQWLODWLRQVNRQWUROOHQ Sn QDWLRQHOO QLYn QRWHUDV UHJHOEXQGHW DY %RYHUNHW 3UREOHPHQ PHG DWW VlNHUVWlOOD HWW XQGHUODJ I|U XSSI|OMQLQJ DY YHUNVDPKHWHQ QRWHUDGHV lYHQ L %\JJNYDOLWHWVXWUHGQLQJHQV GLU

EHWlQNDQGH %\JJNYDOLWHW I|U IUDPWLGHQ 628

8WUHGQLQJHQ KDGH L XSSGUDJ DWW EO D UHGRYLVD HUIDUHQKHWHUQD DY GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ (IWHUVRP HQ RUGQLQJ UHGDQ ILQQV EHWUlIIDQGH YHQWLODWLRQVNRQWUROO E|U GHQQD OlPSOLJHQ YDUD HQ XWJnQJVSXQNW YLG |YHUYlJDQGHQ EHWUlIIDQGH GHQ SUDNWLVND KDQWHULQJHQ DY DQGUD DNWXHOOD YDULDEOHU VRP E|U LQJn L HQ E\JJQDGVGHNODUDWLRQ

,QRP (8 SnJnU HWW DUEHWH PHG HWW GLUHNWLY RP E\JJQDGHUV HQHUJLSUHVWDQGD 'LUHNWLYHW EHKDQGODV I|U QlUYDUDQGH L PLQLVWHUUnGHW RFK (XURSDSDUODPHQWHW 'LUHNWLYHW I|UYlQWDV NXQQD WUlGD L NUDIW XQGHU VHQDUH GHOHQ DY nU , SURSRVLWLRQHQ EHWUlIIDQGH YLVVD LQRPKXVPLOM|IUnJRU DQJHV DWW LQRPKXVPLOM| RFK HQHUJLDQYlQGQLQJ L E\JJQDGHU K|U QlUD VDPPDQ 6WDWHQV HQHUJLP\QGLJKHW KDU UHJHULQJHQV

   
& .  
   
   
  XSSGUDJ DWW L GHFHPEHU UHGRYLVD KXU GHW I|UHVODJQD GLUHNWLYHW RP
  E\JJQDGHUV HQHUJLSUHVWDQGD YDUL LQJnU EO D HQ HQHUJLFHUWLILHULQJ DY
  YLVVD E\JJQDGHU NDQ JHQRPI|UDV L 6YHULJH 'H HQHUJLFHUWLILNDW VRP
  VNDOO XSSUlWWDV E|U NXQQD LQJn VRP HQ NRPSRQHQW L E\JJQDGV
  GHNODUDWLRQHUQD
  9LOND E\JJQDGHU E|U GHNODUHUDV"
  5LNVGDJHQV WLGLJDUH QlPQGD WLOONlQQDJLYDQGH DYVnJ ERVWlGHU
  5HJHULQJVXSSGUDJHQ WLOO %RYHUNHW KDU RPIDWWDW ERVWlGHU VNRORU RFK
  I|UVNRORU 'HQ EHILQWOLJD REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ RPIDWWDU
  SUDNWLVNW WDJHW DOOD E\JJQDGHU GRFN LQWH W H[ E\JJQDGHU I|U
  SURFHVVLQGXVWULQ PHQ YlO GHVV NRQWRUVE\JJQDGHU 9LGDUH VNDOO YLVVD
  YHQWLODWLRQVV\VWHP NRQWUROOHUDV LQQDQ GH WDV L EUXN L VPnKXV PHQ
  RPIDWWDV LQWH DY GHQ nWHUNRPPDQGH NRQWUROOHQ (IWHUVRP HQ JRG OXIW L
  YnUD E\JJQDGHU lU DY VWRU EHW\GHOVH E|U XWJnQJVSXQNWHQ YDUD DWW GH
  E\JJQDGHU VRP RPIDWWDV DY YHQWLODWLRQVNRQWUROOHQ RFNVn E|U LQJn L
  GHQ NUHWV E\JJQDGHU I|U YLOND HQ E\JJQDGVGHNODUDWLRQ E|U XSSUlWWDV
  (WW \WWHUOLJDUH XUYDOVNULWHULXP lU E\JJQDGHU GlU PlQQLVNRU RFK Gn
  VSHFLHOOW EDUQ RFK XQJGRP YLVWDV RIWD HOOHU XQGHU OlQJUH WLG
  'HNODUDWLRQ DY Q\D E\JJQDGHU
  , SURSRVLWLRQHQ 9LVVD LQRPKXVPLOM|IUnJRU DQJHV DWW L VDPEDQG PHG HQ
  |YHUV\Q DY SODQ RFK E\JJODJVWLIWQLQJHQ E|U P|MOLJKHWHQ EHO\VDV DWW In
  HWW XQGHUODJ VDPW HQ UHGRYLVQLQJ DY DWW VDPKlOOHWV NUDY Sn E\JJQDGHU
  XSSI\OOV JHQRP DWW DQYlQGD PRPHQW L WLOOV\QV RFK NRQWUROOV\VWHPHW
  W H[ GHQ V N NRQWUROOSODQHQ VDPW VOXWEHYLVHW 8WUHGDUHQ E|U L GHVVD
  IUnJRU VDPUnGD PHG GHQ NRPPLWWp VRP NRPPHU DWW In L XSSGUDJ DWW VH
  |YHU SODQ RFK E\JJODJVWLIWQLQJHQ
  'HNODUDWLRQ DY EHILQWOLJD E\JJQDGHU
  6RP QlPQWV RYDQ ILQQV I|U QlUYDUDQGH HQ UDG ROLND GHNODUDWLRQHU PHG
  VNLIWDQGH V\IWHQ 'HW E|U |YHUYlJDV YLOND P|MOLJKHWHU VRP ILQQV DWW
  E\JJD GHNODUDWLRQHQ Sn UHGDQ EHILQWOLJD V\VWHP L IUnJD RP XWIRUPQLQJ
  RFK LQQHKnOO 6DPUnG PHG EHU|UGD E|U GlUYLG VNH L V\IWH DWW ILQQD HQ Vn
  HIIHNWLY O|VQLQJ VRP P|MOLJW
  8SSE\JJQDG DY QDWLRQHOOW UHJLVWHU
  8WUHGDUHQ E|U L VDPUnG PHG /DQWPlWHULYHUNHW RFK DQGUD EHU|UGD
  P\QGLJKHWHU NODUOlJJD KXU E\JJQDGVGHOHQ L IDVWLJKHWVUHJLVWUHW NDQ
  OlJJDV WLOO JUXQG I|U HWW QDWLRQHOOW UHJLVWHU GlU YLVVD XSSJLIWHU RP
   
  & .
   
   

E\JJQDGHU VDPODV VnVRP XSSJLIWHU RP UDGRQ RFK YHQWLODWLRQ VDPW HQHUJLDQYlQGQLQJ 'lUYLG E|U IUnJRU RP XSSJLIWVOlPQDQGH VHNUHWHVVIUnJRU P P NODUOlJJDV , GHQ PnQ SHUVRQXSSJLIWHU I|UHVOnV LQJn L UHJLVWUHW VNDOO XWUHGDUHQ EHDNWD GH UHJOHU RP VN\GG I|U GHQ SHUVRQOLJD LQWHJULWHWHQ YLG EHKDQGOLQJ DY SHUVRQXSSJLIWHU VRP EO D ILQQV L SHUVRQXSSJLIWVODJHQ RFK (* GLUHNWLY RP SHUVRQXSSJLIWHU (* 'HW E|U RFNVn NODUOlJJDV KXU UHJLVWUHW VNDOO NXQQD DQYlQGDV DY NRPPXQHUQD VRP XQGHUODJ I|U VLQ WLOOV\QV YHUNVDPKHW (Q DYYlJQLQJ PnVWH KlU J|UDV PHOODQ VDPKlOOHWV EHKRY DY NXQVNDS RFK GHQ HQVNLOGHV EHKRY DY VN\GG I|U RWLOOE|UOLJD LQWUnQJ L KDQV HOOHU KHQQHV SHUVRQOLJD LQWHJULWHW $OWHUQDWLY WLOO HWW VnGDQW QDWLRQHOOW UHJLVWHU E|U |YHUYlJDV

%\JJIHOVI|UVlNULQJ

/DJHQ RP E\JJIHOVI|UVlNULQJ WUlGGH L NUDIW GHQ MXOL

SURS EHW %R8 UVNU /DJHQ DYVHU ERVWDGVKXV /DJHQV KXYXGV\IWHQ lU DWW IHO VNDOO DYKMlOSDV VQDEEW XWDQ OnQJYDULJD WYLVWHU RP YHPV DQVYDUHW lU RFK DWW IHO VNDOO NXQQD DYKMlOSDV lYHQ RP PDQ LQWH ILQQHU QnJRQ DQVYDULJ VRP NDQ WD Sn VLJ NRVWQDGHUQD /DJHQ DYVHU \WWHUVW DWW YDUD HWW VN\GG I|U GH ERHQGH PRW RKlOVD Sn JUXQG DY E\JJIHO

%\JJNYDOLWHWVXWUHGQLQJHQ KDGH L XSSGUDJ DWW XWYlUGHUD ODJHQ RP E\JJIHOVI|UVlNULQJ VDPW NRQVXPHQWVN\GGHW YLG E\JJDQGH DY VPnKXV , XSSGUDJHW LQJLFN lYHQ DWW EHG|PD EHKRYHW DY XWYLGJQLQJ DY ODJHQV WLOOlPSQLQJVRPUnGH 8WUHGQLQJHQ NRQVWDWHUDGH L EHWlQNDQGHW %\JJNYDOLWHW I|U IUDPWLGHQ 628 DWW GHW KDGH JnWW I|U NRUW WLG I|U DWW J|UD HQ IXOOVWlQGLJ XWYlUGHULQJ DY ODJHQ 9DG JlOOHU NRQVXPHQWVN\GGHW YLG VPnKXVE\JJDQGH EHUHGV I|U QlUYDUDQGH L 5HJHULQJVNDQVOLHW HWW I|UVODJ IUnQ 6PnKXVXWUHGQLQJHQ GLU

VRP KDU UHGRYLVDWV L EHWlQNDQGHW .RQVXPHQWVN\GGHW YLG VPnKXV E\JJDQGH 628 6PnKXVXWUHGQLQJHQ I|UHVOnU DWW NUDYHW Sn DWW GHW VNDOO ILQQDV HQ E\JJIHOVI|UVlNULQJ QlU HQ E\JJQDG XSSI|UV VNDOO RPIDWWD DOOD VPnKXV 5HJHULQJHQ DQVHU DWW GHW QX lU OlPSOLJW DWW XWYlUGHUD KXU ODJHQ KDU IXQJHUDW 'lUYLG E|U lYHQ |YHUYlJDV RP NUDYHW Sn HQ E\JJIHOVI|UVlNULQJ E|U XWYLGJDV WLOO DWW DYVH lYHQ DQGUD E\JJQDGHU lQ ERVWDGVKXV

   
& .  
   
   
  8SSGUDJHW
  %\JJQDGVGHNODUDWLRQHU

8WUHGDUHQ VNDOO PHG EO D EHILQWOLJD IULYLOOLJD GHNODUDWLRQHU VRP JUXQG OlPQD I|UVODJ WLOO XWIRUPQLQJ DY HQ JUXQGOlJJDQGH REOLJDWRULVN HOOHU IULYLOOLJ E\JJQDGVGHNODUDWLRQ RPIDWWDQGH VnYlO Q\D VRP EHILQWOLJD E\JJQDGHU 'HNODUDWLRQHUQD VNDOO XWIRUPDV Vn DWW GlU NDQ UHGRYLVDV L YLONHQ XWVWUlFNQLQJ HQ E\JJQDG PRWVYDUDU VDPKlOOHWV WHNQLVND HJHQVNDSVNUDY HQOLJW ODJHQ RP WHNQLVND HJHQVNDSVNUDY Sn E\JJQDGVYHUN P P )|UKnOODQGHQD EHWUlIIDQGH UDGRQ YHQWLODWLRQ RFK HQHUJLDQYlQGQLQJ VNDOO LQJn 8WUHGDUHQ E|U L DUEHWH PHG IUnJRU RP HQHUJLI|UKnOODQGHQ EHDNWD GHQ UHGRYLVQLQJ VRP OlPQDV WLOO UHJHULQJHQ L GHFHPEHU RP KXU GHW I|UHVODJQD (* GLUHNWLYHW RP E\JJQDGHUV HQHUJLSUHVWDQGD NDQ JHQRPI|UDV L 6YHULJH 8WUHGDUHQ VNDOO YLGDUH DQDO\VHUD Sn YLONHW VlWW GHNODUDWLRQHUQD VNDOO NXQQD DQYlQGDV I|U DWW I|OMD XSS UHOHYDQWD GHOPnO WLOO GH QDWLRQHOOD PLOM|NYDOLWHWVPnOHQ 8WUHGDUHQ VNDOO lYHQ DQDO\VHUD YLONHW YlUGH GHNODUDWLRQHU NDQ KD VRP GHO DY LQIRUPDWLRQHQ YLG lJDUE\WHQ RFK I|UK\UQLQJ DY ERVWlGHU RFK ORNDOHU 'lUYLG VNDOO NODUOlJJDV L YLOND VDPPDQKDQJ GHNODUDWLRQHQ XSSUlWWDV VDPW KXU RIWD HQ XSSGDWHULQJ VNDOO VNH 8WUHGDUHQ VNDOO YLGDUH DQDO\VHUD P|MOLJKHWHUQD DWW DQYlQGD I|UIDUDQGHW YLG GHQ REOLJDWRULVND IXQNWLRQVNRQWUROOHQ DY YHQWLODWLRQVV\VWHP VRP JUXQG W H[ EHWUlIIDQGH E\JJQDGVNDWHJRULHU RFK GHQ SUDNWLVND KDQWHULQJHQ DY XSSJLIWVOlPQDQGHW DY HJHQVNDSHU L E\JJQDGHU 9DG JlOOHU Q\D E\JJQDGHU VNDOO VDPUnG VNH PHG GHQ NRPPLWWp VRP VNDOO VH |YHU SODQ RFK E\JJODJVWLIWQLQJHQ 8WUHGDUHQ VNDOO VOXWOLJHQ WD VWlOOQLQJ WLOO RP HWW QDWLRQHOOW UHJLVWHU PHG XSSJLIWHU RP E\JJQDGHU E|U LQUlWWDV 2P XWUHGDUHQ NRPPHU IUDP WLOO DWW HWW VnGDQW UHJLVWHU VNDOO LQUlWWDV VNDOO GHW L VDPUnG PHG /DQWPlWHULYHUNHW RFK DQGUD EHU|UGD P\QGLJKHWHU NODUOlJJDV KXU E\JJQDGVGHOHQ L IDVWLJKHWVUHJLVWUHW VNXOOH NXQQD OlJJDV WLOO JUXQG I|U HWW VnGDQW UHJLVWHU GlU XSSJLIWHU IUnQ EO D E\JJQDGVGHNODUDWLRQHUQD VDPODV .RQVHNYHQVHUQD DY DWW E\JJD XSS HWW QDWLRQHOOW UHJLVWHU VNDOO DQDO\VHUDV VDPW DOWHUQDWLY WLOO HWW QDWLRQHOOW UHJLVWHU XWUHGDV 'lUYLG VNDOO IUnJRU RP XSSJLIWVOlPQDQGH VHNUHWHVVIUnJRU XSSNRPQD NRVWQDGHU P P NODUOlJJDV VDPW IRUPHU I|U DWW JH NRPPXQHUQD P|MOLJKHW DWW In XQGHUODJ I|U VLQ WLOOV\QVYHUNVDPKHW , GHQ PnQ SHUVRQXSSJLIWHU I|UHVOnV LQJn L UHJLVWUHW VNDOO XWUHGDUHQ EHDNWD GH UHJOHU RP VN\GG I|U GHQ SHUVRQOLJD LQWHJULWHWHQ YLG EHKDQGOLQJ DY SHUVRQXSSJLIWHU VRP EO D ILQQV L SHUVRQXSSJLIWVODJHQ RFK (* GLUHNWLYHW RP SHUVRQXSSJLIWHU (*

  & .
   
   

%\JJIHOVI|UVlNULQJHQ

8WUHGDUHQ VNDOO PHG EHDNWDQGH DY WLGLJDUH UHGRYLVDGH XWUHG QLQJVI|UVODJ L IUnJDQ XWYlUGHUD ODJHQ RP E\JJIHOVI|UVlNULQJ 'lUYLG VNDOO EHO\VDV EO D I|OMDQGH

IDNWRUHU DY EHW\GHOVH I|U I|UVlNULQJVSUHPLHQV VWRUOHN WLOO H[HPSHO L IRUP DY GRNXPHQWHUDGH VlWW DWW VlNUD NYDOLWHWHQ

SULQFLSHUQD I|U EHJUlQVQLQJ DY I|UVlNULQJVJLYDUHQV DQVYDU WLOO HWW YLVVW EHORSS SHU E\JJQDG RFK WLOO HWW YLVVW EHORSS I|U VDPWOLJD E\JJIHOVI|UVlNULQJDU VRP I|UVlNULQJVJLYDUHQ XWIlUGDW XQGHU HWW NDOHQGHUnU

XWIRUPQLQJHQ RFK QLYnQ Sn VMlOYULVNHQ

WLOOlPSQLQJ DY NUDYHW Sn E\JJIHOVI|UVlNULQJ L DQGUD IDOO lQ YLG Q\E\JJQDG

GHQ SUDNWLVND KDQWHULQJHQ DY E\JJIHOVI|UVlNULQJDU KRV ROLND DNW|UHUVDPRUGQLQJHQ PHG |YULJW I|UVlNULQJVVN\GG

8WUHGDUHQ VNDOO PRW EDNJUXQG DY EO D UHVXOWDWHW DY GHQ XWI|UGD XWYlUGHULQJHQ |YHUYlJD RP WLOOlPSQLQJVRPUnGHW I|U I|UVlNULQJHQ E|U XWYLGJDV WLOO DWW RPIDWWD E\JJQDGHU GlU PlQQLVNRU RFK Gn VSHFLHOOW EDUQ RFK XQJGRP YLVWDV RIWD HOOHU XQGHU OlQJUH WLG

0LOM|EHG|PQLQJ

8WUHGDUHQ VNDOO EHG|PD RFK UHGRYLVD YLOND HIIHNWHU I|UVODJHQ NDQ In I|U PLOM|Q 'lUYLG VNDOO VlUVNLOW DQDO\VHUDV KXU I|UVODJHQ SnYHUNDU P|MOLJKHWHUQD DWW XSSQn PLOM|NYDOLWHWVPnO VRP ULNVGDJHQ JRGNlQW RFK VRP lU UHOHYDQWD EHWUlIIDQGH LQRPKXVPLOM|IUnJRU P P MIU SURS

EHW 0-8 UVNU SURS

EHW 0-8 UVNU SURS

EHW 0-8 UVNU RFK SURS

EHW %R8 UVNU

.RQVHNYHQVHU

(QOLJW RFK † † NRPPLWWpI|URUGQLQJHQ VNDOO NRQVHNYHQVHUQD L ROLND DYVHHQGHQ DY XWUHGQLQJVI|UVODJ EHUlNQDV RFK UHGRYLVDV 8WUHGDUHQ VNDOO DQDO\VHUD NRQVHNYHQVHUQD DY VnYlO IULYLOOLJD VRP REOLJDWRULVND GHNODUDWLRQHU I|U DOOD EHU|UGD L E\JJ RFK IDVWLJKHWVVHNWRUQ GlULEODQG E\JJQDGVlJDUH RFK ERHQGH 8WUHGDUHQ VNDOO VlUVNLOW XSSPlUNVDPPD GH HNRQRPLVND NRQVHNYHQVHUQD DY I|UVODJHQ I|U VWDWHQ NRPPXQHU RFK HQVNLOGD VDPW GH

   
& .  
   
   
  VDPKlOOVHNRQRPLVND NRQVHNYHQVHUQD 9LGDUH VNDOO NRQVHNYHQVHUQD
  I|U VPn I|UHWDJ EHO\VDV 8WUHGDUHQ VNDOO L GHQQD GHO VDPUnGD PHG
  1lULQJVOLYHWV QlPQG I|U UHJHOJUDQVNQLQJ 2P I|UVODJHQ LQQHElU
  NRVWQDGVNRQVHNYHQVHU I|U VWDWHQ NRPPXQHU HOOHU ODQGVWLQJ VNDOO lYHQ
  I|UVODJ WLOO ILQDQVLHULQJ DQJHV
  8WUHGDUHQ VNDOO EHDNWD NRVWQDGVDVSHNWHUQD RFK Vn OnQJW P|MOLJW
  V|ND PLQLPHUD NRVWQDGHUQD L VDPEDQG PHG E\JJDQGHW RFK I|UYDOWQLQJ
  DY E\JJQDGHU
  8WUHGDUHQ VNDOO YLG XWIRUPQLQJHQ DY VLQD I|UVODJ EHDNWD GH
  HYHQWXHOOD NUDY Sn DQSDVVQLQJ VRP 6YHULJHV PHGOHPVNDS L (XURSHLVND
  XQLRQHQ PHGI|U 'lUYLG VNDOO VlUVNLOW XSSPlUNVDPPDV IUnJRU DY
  EHW\GHOVH I|U HQ IXQJHUDQGH LQUH PDUNQDG Sn E\JJRPUnGHW
  $UEHWHWV JHQRPI|UDQGH RFK WLGVSODQ
  8WUHGDUHQ VNDOO VDPUnGD PHG EHU|UGD P\QGLJKHWHU RFK RUJDQLVDWLRQHU
  8SSGUDJHW VNDOO UHGRYLVDV WLOO UHJHULQJHQ VHQDVW GHQ PDUV
   
  0LOM|GHSDUWHPHQWHW
   
   

.RPPLWWpGLUHNWLY

7LOOlJJVGLUHNWLY WLOO

)UnJRU RP E\JJQDGVGHNODUDWLRQHU E\JJQDGVUHJLVWHU RFK E\JJIHOVI|UVlNULQJDU0

%HVOXW YLG UHJHULQJVVDPPDQWUlGH GHQ IHEUXDUL

)|UOlQJG WLG I|U XSSGUDJHW

'LU

0HG VW|G DY UHJHULQJHQV EHP\QGLJDQGH GHQ MXQL GLU

KDU VWDWVUnGHW VRP VYDUDU I|U lUHQGHQ RP E\JJSURGXNWHU RFK E\JJQDGVYHUN WLOONDOODW HQ VlUVNLOG XWUHGDUH DWW XWUHGD YLVVD IUnJRU RP E\JJQDGVGHNODUDWLRQHU RFK E\JJQDGVUHJLVWHU VDPW E\JJIHOVI|UVlNULQJDU HQOLJW ODJHQ RP E\JJIHOVI|UVlNULQJ 8WUHGDUHQ VNDOO HQOLJW GLUHNWLYHQ UHGRYLVD UHVXOWDWHW DY VLWW DUEHWH VHQDVW GHQ PDUV

8WUHGQLQJVWLGHQ I|UOlQJV 8WUHGDUHQ VNDOO UHGRYLVD IUnJRU RP E\JJQDGVGHNODUDWLRQHU RFK E\JJQDGVUHJLVWHU VHQDVW GHQ MXOL

RFK IUnJRU RP E\JJIHOVI|UVlNULQJDU VHQDVW GHQ MDQXDUL

0LOM|GHSDUWHPHQWHW

(QNlW RP UHJLVWHU I|U DWW KDQWHUD XSSJLIWHU RP UDGRQ REOLJDWRULVN YHQWLODWLRQVNRQWUROO HOOHU HQHUJLDQYlQGQLQJ %LODJD

+DU (U NRPPXQ QnJRW DXWRPDWLVHUDW UHJLVWHU V|NEDUW I|U

UHJLVWUHULQJ DY XSSJLIWHU RP UDGRQ REOLJDWRULVN
YHQWLODWLRQVNRQWUROO HOOHU HQHUJLDQYlQGQLQJ L EHE\JJHOVHQ"
             
5HJLVWHU I|U DWW KDQWHUD XSSJLIWHU RP UDGRQG   G -D 1HMG
5HJLVWHU I|U DWW KDQWHUD YHQWLODWLRQVNRQWUROOHQGG -D 1HMG
5HJLVWHU I|U HQHUJLDQYlQGQLQJ L EHE\JJHOVHQG G -D 1HMG
             

(Y NRPPHQWDU

             
  +DQWHUDU 1L XSSJLIWHU RP UDGRQ REOLJDWRULVN
YHQWLODWLRQVNRQWUROO HOOHU HQHUJLDQYlQGQLQJ L EHE\JJHOVHQ PDQXHOOW"
             
0DQXHOO KDQWHULQJ DY XSSJLIWHU RP UDGRQ   -D 1HMG
0DQXHOO KDQWHULQJ DY YHQWLODWLRQVNRQWUROO   -D 1HMG

0DQXHOO KDQWHULQJ DY HQHUJLDQYlQGQLQJ L EHE\JJHOVHQG -D 1HMG

(Y NRPPHQWDU

+DQWHUDV XSSJLIWHU RP REOLJDWRULVN YHQWLODWLRQVNRQWUROO RFK

XSSJLIWHU RP UDGRQ L HWW RFK VDPPD UHJLVWHU" -D 1HMG
   

(Y NRPPHQWDU

& /  
   

+lPWDV XSSJLIWHU IUnQ IDVWLJKHWVUHJLVWUHWV E\JJQDGVGHO VnVRP XSSJLIW RP E\JJQDG RFK lJDUH WLOO NRPPXQHQV UHJLVWHU"G

G G G G G G G -D 1HMG
               

(Y NRPPHQWDU

+DU NRPPXQHQ EHKRY DY IOHU XSSJLIWHU RP GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ lQ XSSJLIW RP

YHQWLODWLRQVNRQWUROOHQ lU XWI|UG HOOHU LQWH

GDWXP I|U YHQWLODWLRQVNRQWUROOHQ

NRQWUROOHQ lU XWI|UG HQOLJW 6)6 29.

NRQWUROOHQ lU XWI|UG PHG VW|G DY XQGDQWDJ IUnQ 29.

W\S DY YHQWLODWLRQVV\VWHP

DQPlUNQLQJ YLG EHVLNWQLQJ

DQPlUNQLQJ nWJlUGDG RFK

GDWXP I|U EHVLNWQLQJVSURWRNROO

  -D 1HMG
   

2P VYDUHW lU-$DQJH YLOND XSSJLIWHU

+DU 1L EHKRY DY GH Q\VV DQJLYQD XSSJLIWHUQD I|U DQGUD lQGDPnO

lQ WLOOV\Q XSSI|OMQLQJ H G\O "GG G G -D 1HMG
       

(Y NRPPHQWDU

+DU NRPPXQHQ EHKRY DY XSSJLIWHU RP UDGRQ L EHE\JJHOVHQ I|U

DQGUD lQGDPnO lQ WLOOV\Q XSSI|OMQLQJ H G\O "GG -D 1HMG
   

(Y NRPPHQWDU

  & /
   
   

)|U YLOND lQGDPnO KDU NRPPXQHQ EHKRY DY XSSJLIWHU RP HQHUJLDQYlQGQLQJ L EHE\JJHOVHQ"

)|UHNRPPHU XWE\WH DY LQIRUPDWLRQ VDPDUEHWH PHG DQGUD NRPPXQHU

D L IUnJRU VRP U|U GHQ REOLJDWRULVND YHQWLODWLRQVNRQWUROOHQ G -D 1HMG

E EHWUlIIDQGH XSSJLIWHU RP UDGRQ L EHE\JJHOVHQ" -D 1HMG
F L IUnJRU VRP U|U HQHUJLDQYlQGQLQJ L EHE\JJHOVHQG -D 1HMG

(Y NRPPHQWDU

.RPPXQ

.RQWDNWSHUVRQ HU

( SVWDGUHVV

7HOHIRQQXPPHU

7DFN I|U (U PHGYHUNDQ

(QNlWVYDU %LODJD

                                     
                                       
                                       
                               
                                   
                                   
                                     
                                     
                                     
                             
                                     
                                 
                                 
                                       
                                       
                               
                                       
                                       
                           
                                       
                                       
                                   
                                     
                                     
                                       
                                       
                                       
                                   
                       
                                     
                                       
                                       

             
         
           
           
         
           
             
       
       
       
       
       
       
       
       

!

" !# !

$ % ! & %

' ! ($

" ($

' ) !

)

)

&

                         
                         
                 
                       
                       
                     
                         
                         
                       
                   
                         
                         
                       
               
                       
                         
                     
  * +              
         
                       
  $                      
  $                      
                         
  , +                  
  %          
                       
                       
  !#                      

-+

!

!

. + !

#

%

#

                             
                             
                             
                     
                             
                   
                             
                           
                       
                           
                           
                     
                     
                           
                           
                         
                         
                           
                           
                             
                             

!# !#

% %

! ) !#

& )

%

% / %

%

/ &'0 %

' !# ) ) #

0 % #

1 !$

2 ) ) ! $

$) !

' # !# 3 !# #

# !

4/"

                   
                   
             
                 
                 
               
                   
                   
                 
             
                   
                   

5 +!

! !#

%

#

&

                                 
                                 
                                 
                         
                               
                     
                               
                             
                           
                           
                           
                                 
                                     
  6 1                 ! !   ! $ $
  %                     "        
                          "    
  !              
                             
                   
                           
                          #    
  ! !#                              
                            %
                     
                             
                                   
                                 
                                   
                                "
                                 
                                 
                             
                                     
                                     
                                     
  7 1                                  
  !#                                  
                                     
                                     
  !                                  
                                     
                                     
  7 1                                  
  !#                                  
                                     
                                     
  !                                  
                                     
  ! !#                                  

' % %$

8 %$9 !

% ) !#

" !# :: # ( ! %

; %

:#

/

/

/

&

                 
               
                 
                 
               
               
                 
               
                 
                 
  7 1              
  !#              
                 
                 
  %              
                 
  ! !#              
                       
                 
                       
                       
                     
                   
               
                     
                     
                     
                   
                   
                   
                       
     
   
       
       

4 %

( !

)HOUHJOHUQD %LODJD

)HO L IDVWLJKHW

$OOPlQW

9L OlPQDU KlU HQ |YHUVLNWOLJ UHGRJ|UHOVH DY EHVWlPPHOVHQ RP IHO L IDVWLJKHW , NDS † MRUGDEDONHQ ILQQV UHJOHU RP DQVYDUHW I|U IHO L HQ VnOG IDVWLJKHW %HVWlPPHOVHQ lU HQOLJW † N|SODJHQ WLOOlPSOLJ lYHQ YLG N|S DY E\JJQDG Sn DQQDQV PDUN 5HJHOQ L MRUGDEDONHQ KDU I|OMDQGH O\GHOVH

2P IDVWLJKHWHQ LQWH VWlPPHU |YHUHQV PHG YDG VRP I|OMHU DY DYWDOHW HOOHU RP GHQ DQQDUV DYYLNHU IUnQ YDG N|SDUHQ PHG IRJ NXQQDW I|UXWVlWWD YLG N|SHW WLOOlPSDV YDG VRP VlJV L † RP N|SDUHQV UlWW DWW J|UD DYGUDJ Sn N|SHVNLOOLQJHQ HOOHU KlYD N|SHW

.|SDUHQ KDU GHVVXWRP UlWW WLOO HUVlWWQLQJ I|U VNDGD RP IHOHW HOOHU I|UOXVWHQ EHURU Sn I|UVXPPHOVH Sn VlOMDUHQV VLGD HOOHU RP IDVWLJ KHWHQ YLG N|SHW DYYHN IUnQ YDG VlOMDUHQ InU DQVHV KD XWIlVW

6RP IHO InU LQWH nEHURSDV HQ DYYLNHOVH VRP N|SDUHQ ERUGH KD XSSWlFNW YLG HQ VnGDQ XQGHUV|NQLQJ DY IDVWLJKHWHQ VRP YDULW SnNDOODG PHG KlQV\Q WLOO IDVWLJKHWHQV VNLFN GHQ QRUPDOD EHVNDIIHQ KHWHQ KRV MlPI|UOLJD IDVWLJKHWHU VDPW RPVWlQGLJKHWHUQD YLG N|SHW %HVWlPPHOVHQ UHJOHUDU YDG VRP JlOOHU RP HQ IDVWLJKHW DYYLNHU IUnQ YDG SDUWHUQD DYWDODW 'HW lU LQWH DOOWLG SDUWHUQD WUlIIDW DYWDO RP IDVWLJKHWHQV VNLFN %HVWlPPHOVHQ UHJOHUDU GlUI|U RFNVn YDG VRP JlOOHU RP HQ IDVWLJKHW DYYLNHU IUnQ YDG HQ N|SDUH L VW|UVWD DOOPlQKHW KDU UlWW DWW I|UYlQWD VLJ 'HVVXWRP LQQHKnOOHU EHVWlPPHOVHQ UHJOHU

RP YLONHQ XQGHUV|NQLQJVSOLNW VRP HQ N|SDUH DY HQ IDVWLJKHW KDU 2P HQ IDVWLJKHW DYYLNHU IUnQ YDG SDUWHUQD DYWDODW L YLG

EHPlUNHOVH EUXNDU PDQ SUDWD RP HWW NRQNUHW IHO 2P HQ IDVWLJKHW DYYLNHU IUnQ YDG N|SDUH L VW|UVWD DOOPlQKHW KDU UlWW DWW I|UYlQWD VLJ DYYLNHU GHQ IUnQ HQ DEVWUDNW VWDQGDUG RFK PDQ EUXNDU Gn SUDWD RP HWW DEVWUDNW IHO

& 0  
   

5HQW IDNWLVNW JnU GHW LQWH DWW GUD HQ NQLYVNDUS JUlQV PHOODQ NRQNUHWD RFK DEVWUDNWD IHO , JUlQV]RQHUQD PHOODQ NRQNUHW RFK DEVWUDNW VWDQGDUG U|U GHW VLJ RP HQ JOLGDQGH |YHUJnQJ PHOODQ GH EnGD IHOW\SHUQD

9DG lU HWW IHO"

, SURSRVLWLRQ VDPPDQIDWWDV LQQHE|UGHQ DY IHOEHJUHSSHW L NDS † HQOLJW I|OMDQGH 8WJnQJVSXQNWHQ lU DWW HQ IDVWLJKHW VlOMV VnGDQ GHQ lU RFK DWW N|SDUHQ I|U DWW WU\JJD VLJ InU J|UD HQ XQGHUV|NQLQJ DY IDVWLJKHWHQ I|UH N|SHW 6lOMDUHQ VYDUDU GRFN I|U GHW VRP NDQ DQVHV YDUD XWIlVW 6lOMDUHQ lU lYHQ DQVYDULJ I|U DWW IDVWLJKHWHQ lU VnGDQ VRP N|SDUHQ lJHU UlNQD PHG Sn JUXQG DY YDG VRP DYKDQGODWV YLG N|SHW 'HVVXWRP KDU VlOMDUHQ HWW DQVYDU I|U HQ EULVWIlOOLJKHW VRP LQWH EHU|UWV YLG N|SHW RP EULVWIlOOLJKHWHQ lU VnGDQ DWW N|SDUHQ HQOLJW VDNHQV QDWXU LQWH KDIW DQOHGQLQJ DWW UlNQD PHG GHQ RFK LQWH KHOOHU ERUW XSSWlFND GHQ YLG HQ XQGHUV|NQLQJ , SUDNWLNHQ EOLU GHW KlU IUnJD RP GROGD IHO EHWUlIIDQGH QnJRW VRP UHJHOPlVVLJW K|U WLOO HQ IDVWLJKHW DY GHQ W\S VRP N|SHW JlOOHU

(Q NODUJ|UDQGH EHVNULYQLQJ DY YDG VRP NDQ YDUD HWW IHO HQOLJW EHVWlPPHOVHQ OlPQDV DY +|JVWD GRPVWROHQ L 1-$ V

+|JVWD GRPVWROHQ XWWDODU PHG KlQYLVQLQJ WLOO I|UDUEHWHQD

I|OMDQGH (Q N|SDUH E|U NXQQD UlNQD PHG DWW GHW KDQ N|SHU lU IXOOW EUXNEDUW I|U GHW YLG N|SHW I|UXWVDWWD lQGDPnOHW RP HQ XQGHUV|NQLQJ LQWH ERUW XSSO\VD KRQRP RP DQQDW )HOHW HOOHU EULVWHQ VNDOO RFNVn YlVHQWOLJW LQYHUND Sn IDVWLJKHWHQV VDOXYlUGH +|JVWD GRPVWROHQ IRUWVlWWHU (Q DYYLNHOVH IUnQ YDG N|SDUHQ InU DQVHV KD KDIW DQOHGQLQJ DWW UlNQD PHG WRUGH VRP UHJHO DYVH HQ EULVW L HQ I\VLVN HJHQVNDS KRV IDVWLJKHWHQ bYHQ DQGUD EULVWHU NDQ GRFN XWJ|UD HQ VnGDQ DYYLNHOVH RP EULVWHQ lU KlQI|UOLJ WLOO VMlOYD IDVWLJKHWHQ RFK SnYHUNDU GHVV YlUGH (Q DYYLNHOVH PnVWH I|U DWW RPIDWWDV DY ODJUXPPHW KlQI|UD VLJ WLOO IDVWLJKHWHQ VRP VnGDQ RFK KlULJHQRP SnYHUND P|MOLJKHWHQ DWW IDNWLVNW HOOHU UlWWVOLJW Q\WWMD GHQQD

4 ) 1 ) << ) *<

; 75<= < :

  & 0
   
   

'HQ QlUPDUH LQQHE|UGHQ DY EHVWlPPHOVHQ RP IHO L IDVWLJKHW

3DUWHUQDV DYWDO NRQNUHW VWDQGDUG

3DUWHQD NDQ KD DYWDODW DWW IDVWLJKHWHQ VNDOO KD HQ YLVV VWDQGDUG 6WDQGDUGHQ NDQ I|OMD DY HQ XWWU\FNOLJ EHVWlPPHOVH L N|SHDYWDOHW bYHQ SUHFLVHUDGH XSSJLIWHU HQXQWLDWLRQHU VRP I|UHNRPPLW YLG I|UKDQGOLQJDUQD NDQ YDUD HQ GHO DY DYWDOHW (WW DOOPlQW ORYSULVDQGH lU LQWH DWW EHWUDNWD VRP HQ HQXQWLDWLRQ )|UXWRP DWW XSSJLIWHQ VNDOO YDUD SUHFLVHUDG I|U DWW UlNQDV VRP HQ HQXWQLDWLRQ NUlYV RFNVn DWW XSSJLIWHQ LQYHUNDW Sn N|SHW 9LG N|SHW NDQ GHW I|UHNRPPD DQGUD XSSJLIWHU HOOHU RPVWlQGLJKHWHU VRP I|UWDU HIIHNWHQ DY HQ YLVV XSSJLIW

1RUPDO VWDQGDUG DEVWUDNW VWDQGDUG

2P DYWDOHW LQWH OlPQDU QnJRQ YlJOHGQLQJ InU PDQ IDOOD WLOOEDND Sn DWW J|UD HQ DEVWUDNW EHG|PQLQJ DY YLONHQ VWDQGDUG IDVWLJKHWHQ E|U KD 9DG VRP XWJ|U HQ DEVWUDNW VWDQGDUG GYV YDG N|SDUHQ KDU UlWW DWW NUlYD XWDQ DWW XSSJLIWHUQD VlUVNLOW DYWDODWV YDULHUDU EHURHQGH Sn HQ UDG RPVWlQGLJKHWHU EO D E\JJQDGHQV nOGHU SULVHW P P 0DQ InU DOOWVn J|UD HQ EHG|PQLQJ DY YDG VRP lU HQ QRUPDO VWDQGDUG *UDXHUV XWWDODU DWW HQOLJW KDQV PHQLQJ E|U YLG WLGSXQNWHQ JlOODQGH E\JJQDGVQRUP KD GHQ EHW\GHOVH I|U IHOEHJUHSSHW DWW N|SDUHQ LQWH NDQ I|UYlQWD VLJ K|JUH VWDQGDUG lQ YDG VRP I|OMHU DY QRUPHQ YLG GHQ WLG E\JJQDGHQ XSSI|UGHV , |YULJD IDOO E|U E\JJQRUPHQ HQOLJW *UDXHUV YDUD HWW PRPHQW EODQG PnQJD DQGUD Gn GHW JlOOHU DWW IDVWVWlOOD YDG HQ N|SDUH KDU UlWW DWW I|UYlQWD VLJ

8QGHUV|NQLQJVSOLNWHQ

.|SDUHQ InU LQWH VRP IHO nEHURSD HQ DYYLNHOVH VRP KDQ ERUW PlUND YLG HQ XQGHUV|NQLQJ DY IDVWLJKHWHQ 6lOMDUHQ VYDUDU VnOHGHV HQGDVW I|U IHO VRP lU GROGD 0XQWOLJD RFK VNULIWOLJD XSSJLIWHU VRP InU DQVHV VRP XWIlVWHOVHU EHIULDU GRFN N|SDUHQ IUnQ XQGHUV|NQLQJVSOLNW

6RP IUDPJnWW lU XWJnQJVSXQNWHQ DWW HQ IDVWLJKHW VlOMV VnGDQ GHQ lU 1nJUD GHWDOMHUDGH UHJOHU RP XQGHUV|NQLQJVSOLNWHQV RPIDWWQLQJ

4 ) 1 ) << ) , ,

6.

76737<=55 ,

& 0  
   

KDU LQWH VWlOOWV XSS +XU LQJnHQGH XQGHUV|NQLQJ VRP N|SDUHQ E|U J|UD EOLU EHURHQGH DY GH LDNWWDJHOVHU VRP NDQ J|UDV Sn IDVWLJKHWHQ bYHQ XSSJLIWHU VRP VlOMDUHQ OlPQDU RP IDVWLJKHWHQ NDQ HQOLJW SURSRVLWLRQHQ YDUD DY EHW\GHOVH I|U XQGHUV|NQLQJVSOLNWHQV RPIDWWQLQJ 6nGDQD XSSJLIWHU NDQ UHGXFHUD N|SDUHQV XQGHU V|NQLQJVSOLNW 6lOMDUHQV XSSJLIWHU NDQ RFNVn YDUD DY EHW\GHOVH Sn Vn VlWW DWW GH XWJ|U YDUQLQJVVLJQDOHU VRP E|U I|UDQOHGD HQ PHU LQJnHQGH XQGHUV|NQLQJ IUnQ N|SDUHQV VLGD 8SSJLIWHU IUnQ VlOMDUHQ NDQ VnOHGHV VnYlO UHGXFHUD VRP XW|ND N|SDUHQV XQGHUV|NQLQJVSOLNW

5lWWVIDOO RP IHO L IDVWLJKHW

8WIlVWHOVH

, 1-$ V DQVnJV VlOMDUHQ KD XWIlVW DWW HQ IDVWLJKHW KDGH YLVV WRPWDUHDO 6lOMDUQD KDGH InWW XSSJLIW RP HQ YLVV WRPWDUHDO GHOV IUnQ IDVWLJKHWVPlNODUHQ GHOV JHQRP IDVWLJKHWVEHVNULYQLQJ RFK GHOV PXQWOLJHQ IUnQ HQD VlOMDUHQ Sn HQ GLUHNW IUnJD RP WRPWHQV VWRUOHN ,QJHW KDGH IUDPNRPPLW VRP W\GGH Sn DWW I|UKnOODQGHQD YDU VnGDQD DWW N|SDUQD ERUGH KD LQVHWW DWW DUHDOHQ YDU HQ DQQDQ lQ GHQ XSS JLYQD RFK GH YDU GlUI|U EHUlWWLJDGH WLOO DYGUDJ Sn N|SHVNLOOLQJHQ

,QWH XWIlVWHOVH

, 1-$ V DQVnJV GlUHPRW LQWH HQ XWIlVWHOVH I|UHOLJJD 9LG N|SHW XWJLFN VnYlO VlOMDUH VRP N|SDUH IUnQ YDG HQ HNRQRPLVN NDUWD YLVDGH DY IDVWLJKHWHQV DUHDO RFK JUlQVHU 9LG N|SHW KDGH LQWH VnGDQD XWWDODQGHQ JMRUWV DWW N|SDUHQ KDGH DQOHGQLQJ DWW UlNQD PHG DWW IDVWLJKHWHQ KDGH GHQ RPIDWWQLQJ VRP NDUWDQ YLVDGH

, 1-$ V SnVWRG N|SDUHQ DWW VlOMDUHQ JHQRP DWW |YHUOlPQD ULWQLQJDU |YHU HQ E\JJQDG XWIlVW DWW YDWWHQOHGQLQJDUQD GUDJLWV Vn VRP ULWQLQJDUQD YLVDGH +|JVWD GRPVWROHQ NRQVWDWHUDGH DWW OHGQLQJVGUDJQLQJDUQD LQWH YDULW Sn WDO PHOODQ SDUWHUQD RFK DWW N|SDUHQ LQWH YHUNDGH KD IlVW QnJRW DYVHHQGH YLG KXU OHGQLQJDUQD YDU GUDJQD 1nJRQ XWIlVWHOVH DQVnJV LQWH I|UHOLJJD

  & 0
   
   

,QWH XWIlVWHOVH RFK IUnJDQ RP YDG VRP lU IHO

, 1-$ V YDU I|UKnOODQGHW GHW DWW HQ IDVWLJKHW IHODNWLJW YDU WD[HUDG VRP K\UHVKXVHQKHW 'HWWD DQVnJV LQWH XWJ|UD HWW IHO L MRUGDEDONHQV PHQLQJ

)DVWLJKHWHQ KDGH EnGH L REMHNWEHVNULYQLQJHQ RFK L N|SH NRQWUDNWHW EHWHFNQDWV VRP K\UHVKXVHQKHW +|JVWD GRPVWROHQ XWWDODGH HIWHU DWW KD UHGRJMRUW I|U I|UDUEHWHQD VH RYDQ I|OMDQGH (Q DYYLNHOVH IUnQ YDG N|SDUHQ InU DQVHV KD DQOHGQLQJ DWW UlNQD PHG WRUGH VRP UHJHO DYVH HQ EULVW L HQ I\VLVN HJHQVNDS KRV IDVWLJKHWHQ bYHQ DQGUD EULVWHU NDQ GRFN XWJ|UD HQ VnGDQ DYYLNHOVH RP EULVWHQ lU KlQI|UOLJ WLOO VMlOYD IDVWLJKHWHQ RFK SnYHUNDU GHVV YlUGH (Q DYYLNHOVH PnVWH I|U DWW RPIDWWDV DY ODJUXPPHW KlQI|UD VLJ WLOO IDVWLJKHWHQ VRP VnGDQ RFK KlULJHQRP SnYHUND P|MOLJKHWHQ DWW IDNWLVNW HOOHU UlWWVOLJW Q\WWMD GHQQD $WW HQ IDVWLJKHW KDU WD[HUDWV IHODNWLJW NDQ HQOLJW +|JVWD GRPVWROHQ LQWH VlJDV YDUD HQ EULVW VRP EHU|U IDVWLJKHWHQ Sn DQJLYHW VlWW RFK NDQ GlUI|U LQWH DQVHV VRP HQ DYYLNHOVH L GHQ PHQLQJ VRP DYVHV L ODJUXPPHW +|JVWD GRPVWROHQ DQVnJ LQWH KHOOHU DWW VlOMDUQD YDUH VLJ L N|SHNRQWUDNWHW HOOHU Sn DQQDW VlWW OlPQDW QnJRQ XWIlVWHOVH

8QGHUV|NQLQJVSOLNW RFK IUnJDQ YDG VRP lU IHO

$Y 1-$ V IUDPJnU DWW HQ UDGRQGRWWHUKDOW VRP |YHUVWHJ GHW DY 6RFLDOVW\UHOVHQ IDVWVWlOOGD JUlQVYlUGHW %T P LQQHEDU DWW HQ IDVWLJKHW YDU EHKlIWDG PHG HQ EULVWIlOOLJKHW DY EHVNDIIHQKHW DWW SnYHUND GHVV YlUGH (IWHUVRP SUREOHPHW PHG UDGRQ YLG WLGHQ I|U I|UYlUYHW nU LQWH YDULW I|UHPnO I|U HQ Vn RPIDWWDQGH GHEDWW RFK LQIRUPDWLRQ DWW HQ QRUPDOW QRJJUDQQ RFK LQWUHVVHUDG IDVWLJ KHWVVSHNXODQW VNXOOH DQWDV KD WDJLW LQWU\FN GlUDY NXQGH LQWH N|SDUQD DQVHV KD HIWHUVDWW VLQ XQGHUV|NQLQJVSOLNW

*UDXHUV XWWDODU DWW GHW I|UPRGOLJHQ QXPHUD LQJnU L GHQ QRUPDOD XQGHUV|NQLQJVSOLNWHQ DWW I|UYLVVD VLJ RP DWW HWW KXV LQWH lU E\JJW DY PDWHULDO VRP NDQ DYJH UDGRQ )HOHW VNXOOH VnOHGHV LQWH QXPHUD KD DQVHWWV VRP HWW IHO I|U YLONHW VlOMDUHQ VNXOOH VYDUD

77

& 0  

%ULVW L +\UHVOlJHQKHW

%HVWlPPHOVHU RP OlJHQKHWHQV VNLFN ILQQV L NDS MRUGDEDONHQ (Q K\UHVYlUG RFK HQ K\UHVJlVW NDQ DYWDOD RP DWW HQ OlJHQKHW VNDOO KD ElWWUH VNLFN lQ YDG VRP IUDPJnU DY GHVVD EHVWlPPHOVHU 'lUHPRW lU GHW L SULQFLS LQWH P|MOLJW DWW DYWDOD RP VlPUH VNLFN EHWUlIIDQGH HQ ERVWDGVOlJHQKHW VRP lU DYVHGG I|U SHUPDQHQWERHQGH

, NDS † DQJHV L YLONHW VNLFN HQ OlJHQKHW VNDOO YDUD YLG WLOOWUlGHW RFK L NDS † UHJOHUDV L YLONHW VNLFN K\UHVYlUGHQ VNDOO KnOOD OlJHQKHWHQ XQGHU K\UHVWLGHQ

+\UHVYlUGHQ VNDOO WLOOKDQGDKnOOD OlJHQKHWHQ L VnGDQW VNLFN DWW GHQ lU IXOOW EUXNEDU I|U GHW DYVHGGD lQGDPnOHW RFK lYHQ XQGHU GHQ IRUWVDWWD K\UHVWLGHQ VNDOO OlJHQKHWHQ KnOODV L VnGDQW VNLFN

7LGLJDUH IDQQV GHW L ODJHQ HQ EHVWlPPHOVH RP DWW K\UHVJlVWHQ KDGH UlWW DWW VlJD XSS HWW DYWDO VRP DYVnJ HQ KlOVRYnGOLJ OlJHQKHW 1lU NUDYHW Sn PLQLPLVWDQGDUG JMRUGHV WYLQJDQGH I|U ERVWDGV OlJHQKHWHU DQVnJV GHW HPHOOHUWLG DWW EHVWlPPHOVHQ NXQGH WDV ERUW

2P ERVWDGVOlJHQKHWHQ DYYLNHU IUnQ GHQ VWDQGDUG VRP ODJHQ DQJHU HOOHU GHQ ElWWUH VWDQGDUG VRP SDUWHUQD DYWDODW ILQQV HQ VNDGD HOOHU EULVW L OlJHQKHWHQ HOOHU PHG DQGUD RUG HWW IHO 'HW ILQQV Gn ROLND SnI|OMGHU VRP K\UHVJlVWHQ NDQ J|UD JlOODQGH

(Q K\UHVJlVW KDU WLOO VNLOOQDG IUnQ YDG VRP JlOOHU YLG N|S DY HQ IDVWLJKHW LQWH QnJRQ XQGHUV|NQLQJVSOLNW 3nI|OMG NDQ VnOHGHV J|UDV JlOODQGH lYHQ RP VNDGDQ HOOHU EULVWHQ YDULW P|MOLJ DWW XSSWlFND

, NRPPHQWDUHQ WLOO K\UHVODJHQ RFK Gn QlUPDUH EHVWlPW EHVWlPPHOVHQ L NDS † VW S MRUGDEDONHQ RP K\UHVJlVWHQV UlWW WLOO QHGVlWWQLQJ DY K\UDQ XWWDODV EO D I|OMDQGH µ, GHVVD WLGHU Gn PLOM|IUnJRUQD NRPPLW DOOWPHU L EOLFNSXQNWHQ lU GHW WlQNEDUW DWW GHW EOLU NODUODJW DWW OlJHQKHWHQ XQGHU HWW DQWDO nU YDULW EHKlIWDG PHG QnJRQ ROlJHQKHW VRP L VLJ InU DQVHV XWJ|UD HQ EULVW PHQ VRP LQJHQ DY SDUWHUQD NlQW WLOO , GHQ VLWXDWLRQHQ lU GHW VYnUW DWW WlQND VLJ DWW K\UHVJlVWHQ VNXOOH KD UlWW WLOO K\UHVUHGXFHULQJ 'HW InU VnOHGHV I|UXWVlWWDV DWW K\UHVJlVWHQ SnSHNDW EULVWHQ HOOHU DWW YlUGHQ L |YULJW NlQW WLOO GHQ LQQDQ K\UHVQHGVlWWQLQJ NDQ NRPPD L IUnJD µ

>$%$#

% $ ! $

; 76*36,= *5

+ ? ) +# ( ) 5 56

  & 0
   
   

)HO HOOHU EULVW L ERVWDGVUlWW

$OOPlQW

(Q ERVWDGVUlWWVI|UHQLQJ NDQ XSSOnWD HQ OlJHQKHW PHG ERVWDGVUlWW %RVWDGVUlWW InU HQGDVW XSSOnWDV WLOO GHQ VRP lU PHGOHP L I|UHQLQJHQ (Q SHUVRQ VRP LQQHKDU HQ OlJHQKHW PHG ERVWDGVUlWW KDU GHOV HQ Q\WWMDQGHUlWW WLOO HQ YLVV OlJHQKHW RFK GHOV HQ DQGHOVUlWW L I|UH QLQJHQ %RVWDGVUlWWVI|UHQLQJHQ VRP VnGDQ lJHU E\JJQDGHQ

(Q ERVWDGVUlWW NDQ |YHUOnWDV WLOO HQ Q\ LQQHKDYDUH gYHUOnWHOVH DY HQ ERVWDGVUlWW LQQHElU DWW Q\WWMDQGHUlWWHQ WLOO OlJHQKHWHQ RFK DQGHOVUlWWHQ L I|UHQLQJHQ |YHUOnWV (Q I|UXWVlWWQLQJ I|U |YHUOnWHOVHQ lU DWW I|UYlUYDUHQ InU PHGOHPVNDS L ERVWDGVUlWWVI|UHQLQJHQ

6NLOGD UHJOHU JlOOHU RP YLONHW VNLFN HQ ERVWDGVUlWWVOlJHQKHW VNDOO KD YLG GHQ I|UVWD XSSOnWHOVHQ RFK YLG HQ VHQDUH |YHUOnWHOVH

, ERVWDGVUlWWVODJHQ ILQQV EHVWlPPHOVHU RP YLONHW DQVYDU ERVWDGV UlWWVKDYDUHQ UHVSHNWLYH ERVWDGVUlWWVI|UHQLQJHQ KDU I|U E\JJQDGHQV VNLFN XQGHU XSSOnWHOVHWLGHQ

9DG lU HWW IHO"

8SSOnWHOVH

9LG XSSOnWHOVH DY HQ OlJHQKHW EHVWlPV GHQ VWDQGDUG VRP OlJHQKHWHQ VNDOO KnOOD L I|UVWD KDQG DY DYWDOHW PHOODQ SDUWHUQD RFK L DQGUD KDQG JHQRP HQ EHG|PQLQJ DY YDG HQ ERVWDGVUlWWVKDYDUH L DOOPlQKHW KDU UlWW DWW NUlYD $YWDO NDQ WUlIIDV VnYlO RP ElWWUH VRP RP VlPUH VNLFN lQ GHQ ODJHQ DQJHU 2P LQWH SDUWHUQD DYWDODW RP QnJRW DQQDW VNDOO ERVWDGVUlWWVI|UHQLQJHQ WLOOKDQGDKnOOD OlJHQKHWHQ L VnGDQW VNLFN DWW GHQ HQOLJW GHQ DOOPlQQD XSSIDWWQLQJHQ L RUWHQ lU IXOOW EUXNEDU I|U GHW DYVHGGD lQGDPnOHW

)UnJDQ YDG SDUWHUQD NRPPLW |YHUHQV RP InU L I|UVWD KDQG XWOlVDV DY LQQHKnOOHW L GHW VNULIWOLJD XSSOnWHOVHDYWDOHW 6DNQDV HWW XWWU\FNOLJW DYWDO RP VNLFNHW NDQ OHGQLQJ HQOLJW NRPPHQWDUHQ WLOO ERVWDGV UlWWVODJHQ KlPWDV IUnQ GHQ HNRQRPLVND SODQ VRP OLJJHU WLOO JUXQG I|U XSSOnWHOVHQ bYHQ LQQHKnOOHW L V N ERIDNWD HOOHU OLNQDQGH EURVFK\UHU RFK DQQDW UHNODPPDWHULDO VRP |YHUOlPQDWV WLOO ERVWDGV V|NDQGH NDQ HQOLJW NRPPHQWDUHQ YDUD DY EHW\GHOVH QlU GHW JlOOHU DWW DYJ|UD YDG VRP VNDOO DQVHV VRP DYWDODW VNLFN 'lUXW|YHU DQJHV

) : ( ) ) .

& 0  
   
   
  DWW KlQV\Q RFNVn InU WDV WLOO EO D lQGDPnOHW PHG XSSOnWHOVHQ RFK GHQ
  DOOPlQQD XSSIDWWQLQJHQ L RUWHQ
  $YYLNHU OlJHQKHWHQV VWDQGDUG IUnQ DYWDOHW HOOHU IUnQ YDG HQ
  ERVWDGVUlWWVKDYDUH L DOOPlQKHW KDU UlWW DWW NUlYD I|UHOLJJHU HQ EULVW
  %RVWDGVUlWWVKDYDUHQ NDQ Gn J|UD YLVVD SnI|OMGHU JlOODQGH PRW
  I|UHQLQJHQ
  'HW NDQ ILQQDV HQ EULVW lYHQ RP GHQ LQWH GLUHNW KlQI|U VLJ WLOO
  VMlOYD OlJHQKHWHQ HOOHU WLOO JHPHQVDPPD XWU\PPHQ bYHQ VnGDQW
  VRP HQGDVW LQGLUHNW SnYHUNDU OlJHQKHWHQV EUXNEDUKHW NDQ XWJ|UD HQ
  EULVW
  8QGHUKnOOHW HIWHU XSSOnWHOVHQ
  (Q ERVWDGVUlWWVKDYDUH KDU VW|UUH DQVYDU I|U OlJHQKHWHQV VNLFN lQ HQ
  K\UHVJlVW (IWHU I|UVWD XSSOnWHOVHQ VYDUDU HQ ERVWDGVUlWWVKDYDUH L
  SULQFLS VMlOY I|U XQGHUKnOOHW DY OlJHQKHWHQ VRP VnGDQ
  'HW DQVYDU VRP ERVWDGVUlWWVKDYDUHQ KDU I|U OlJHQKHWHQV VNLFN
  IUDPJnU DY NDS † ERVWDGVUlWWVODJHQ 'lU DQJHV GHW DWW HQ
  ERVWDGVUlWWVKDYDUH Sn HJHQ EHNRVWQDG VNDOO KnOOD OlJHQKHWHQ L JRWW
  VNLFN RP LQWH DQQDW IUDPJnU DY VWDGJDUQD 'lUXW|YHU DQJHV L
  EHVWlPPHOVHQ DWW ERVWDGVUlWWVKDYDUHQ LQWH VYDUDU I|U UHSDUDWLRQHU
  DY OHGQLQJDU I|U DYORSS YlUPH JDV HOHNWULFLWHW RFK YDWWHQ RP
  I|UHQLQJHQ KDU I|UVHWW OlJHQKHWHQ PHG OHGQLQJDUQD RFK GHVVD WMlQDU
  IOHU lQ HQ OlJHQKHW 'HWVDPPD JlOOHU YHQWLODWLRQVNDQDOHU 'HVVXWRP
  DQJHV L EHVWlPPHOVHQ XQGHU YLOND I|UKnOODQGHQ ERVWDGVUlWWVKDYDUHQ
  VYDUDU I|U UHSDUDWLRQHU Sn JUXQG DY EUDQG HOOHU YDWWHQOHGQLQJV
  VNDGD
  %RVWDGVUlWWVI|UHQLQJHQ lU VN\OGLJ DWW KnOOD OlJHQKHWHQ KXVHW RFK
  PDUNHQ L JRWW VNLFN L GHQ PnQ DQVYDUHW LQWH YLODU Sn
  ERVWDGVUlWWVKDYDUHQ NDS † ERVWDGVUlWWVODJHQ 'HWWD LQQHElU
  DWW DQVYDUHW I|U DWW KnOOD JHPHQVDPPD XWU\PPHQ RFK JnUGV
  XWU\PPHQ L JRWW VNLFN OLJJHU Sn I|UHQLQJHQ
  gYHUOnWHOVH
  (Q ERVWDGVUlWW lU O|V HJHQGRP VRP NDQ |YHUOnWDV )UnJDQ L YLONHW
  VNLFN HQ OlJHQKHW VNDOO YDUD YLG HQ |YHUOnWHOVH UHJOHUDV LQWH DY
  ERVWDGVUlWWVODJHQ NDS † ERVWDGVUlWWVODJHQ JlOOHU MX HQGDVW GH
   
  > 775- $) : ( ) ) .
  ) : ( ) ) .5
   
  & 0
   
   

NUDY VRP ERVWDGVUlWWVKDYDUHQ NDQ VWlOOD JHQWHPRW I|UHQLQJHQ Sn OlJHQKHWHQV VWDQGDUG YLG I|UVWD WLOOWUlGHW HIWHU XSSOnWHOVHQ 9LG |YHUOnWHOVH DY HQ ERVWDGVUlWW lU GHW N|SODJHQ VRP lU WLOOlPSOLJ %HVWlPPHOVHU RP IHO YLG N|S DY O|V HJHQGRP ILQQV EO D L †† N|SODJHQ , NRPPHQWDUHQ WLOO ERVWDGVUlWWVODJHQ XWWDODV GRFN DWWNDS † ERVWDGVUlWWVODJHQ lYHQ RP GHQ LQWH lU WLOOlPSOLJ YLG |YHUOnWHOVH WRUGH NXQQD WMlQD WLOO YLVV OHGQLQJ YLG EHG|PQLQJHQ RFNVn YLG HQ |YHUOnWHOVH 'HW XWWDODV lYHQ DWW ERVWDGVUlWWHQV VSHFLHOOD NDUDNWlU WRUGH NXQQD PRWLYHUD DWW DYVWHJ J|UV IUnQ GH UHJOHU VRP JlOOHU N|S DY O|V HJHQGRP L DOOPlQKHW RFK DWW GHW lU WlQNEDUW DWW UHJOHUQD L MRUGDEDONHQ RP N|S DY IDVW HJHQGRP L YLVVD IDOO NDQ In EHW\GHOVH

'HW lU ERVWDGVUlWWVI|UHQLQJHQ VRP lJHU E\JJQDGHQ RFK LQWH ERVWDGVUlWWVKDYDUHQ (WW N|S DY HQ ERVWDGVUlWW OLNQDU lQGn HWW N|S DY HQ HQ HOOHU WYnIDPLOMVYLOOD HIWHUVRP N|SDUHQ N|SHU HQ ERVWDG %RVWDGVUlWWVN|SHW DYYLNHU GRFN VnWLOOYLGD DWW N|SDUHQ I|UXWRP HQ Q\WWMDQGHUlWW WLOO HQ YLVV OlJHQKHW lYHQ I|UYlUYDU HQ DQGHOVUlWW L I|UHQLQJHQ 'HWWD LQQHElU DWW ERVWDGVUlWWVN|SDUHQ GUDU Sn VLJ GHODQVYDU I|U I|UHQLQJHQV NRVWQDGHU I|U XQGHUKnOO DY E\JJQDGHQ RFK O|SDQGH NRVWQDGHU I|U GULIW RFK OnQ

9DG N|SDUHQ NDQ NUlYD L IUnJD RP ERVWDGVUlWWVOlJHQKHWHQV VWDQGDUG EHVWlPV L I|UVWD KDQG DY DYWDOHW PHOODQ SDUWHUQD 6WDQGDUGHQ NDQ IUDPJn DY HQ NODXVXO L DYWDOHW 'HQ NDQ lYHQ IUDPJn DY XSSJLIWHU VRP VlOMDUHQ PXQWOLJHQ HOOHU Sn DQQDW VlWW OlPQDW RP N|SHREMHNWHW RFK VRP N|SDUHQ WDJLW LQWU\FN DY

2P ERVWDGVUlWWHQ KDU HQ OlJUH VWDQGDUG lQ YDG N|SDUHQ KDU UlWW DWW NUlYD I|UHOLJJHU HWW IHO L UlWWVOLJ PHQLQJ

2P DYWDOHW LQWH OlPQDU QnJRQ YlJOHGQLQJ InU PDQ Sn VDPPD VlWW VRP YLG IDVWLJKHWVN|S IDOOD WLOOEDND Sn DWW J|UD HQ DEVWUDNW EHG|PQLQJ DY YLONHQ VWDQGDUG OlJHQKHWHQ E|U KD 0DQ InU DOOWVn J|UD HQ EHG|PQLQJ DY YDG VRP lU QRUPDO VWDQGDUG (Q N|SDUH PnVWH UlNQD PHG DWW HQ E\JJQDG XWVlWWV EnGH I|U QRUPDO I|UVOLWQLQJ RFK QRUPDOD nOGHUVI|UlQGULQJDU (QOLJW *UDXHUV I|UHOLJJHU HWW IHO L UlWWVOLJ PHQLQJ I|UVW QlU E\JJQDGHQ lU L EHW\GOLJW VlPUH VNLFN lQ YDG N|SDUHQ KDIW DQOHGQLQJ DWW UlNQD PHG

(QOLJW *UDXHUV JlOOHU L SULQFLS VDPPD XQGHUV|NQLQJVSOLNW I|U HQ

ERVWDGVUlWWVN|SDUH VRP I|U HQ IDVWLJKHWVN|SDUH 'HWWD XQGHU

) : ( ) ) .

) : ( ) ) 6

4 ) # ) )

4 ) # ) ) <

4 ) # ) )

& 0  
   
   
  I|UXWVlWWQLQJ DWW N|SDUHQ I|UH N|SHW XQGHUV|NW YDUDQ HOOHU DWW
  N|SDUHQ XWDQ JRGWDJEDU DQOHGQLQJ LQWH I|OMW VlOMDUHQV XSSPDQLQJ
  DWW XQGHUV|ND GHQ † VW N|SODJHQ *UDXHUV DQVHU DWW GHW YLG
  N|S DY HQ ERVWDGVUlWW E|U VWlOODV VDPPD NUDY Sn KXU XQGHUV|N
  QLQJHQ VNDOO XWI|UDV VRP YLG HWW IDVWLJKHWVN|S
  , NRPPHQWDUHQ WLOO ERVWDGVUlWWVODJHQ IUDPKnOOV DWW HQ IUnJD VRP
  lU VYnU DWW EHG|PD lU L YLONHQ XWVWUlFNQLQJ VlOMDUHQ KDU DQVYDU I|U
  DWW XSSJLIWHU OlPQDV WLOO N|SDUHQ RP I|UHQLQJHQV HNRQRPL RFK RP
  GH DYJLIWHU WLOO I|UHQLQJHQ VRP N|SDUHQ KDU DWW UlNQD PHG L
  IUDPWLGHQ

4 ) # ) )

) : ( ) ) 6

1nJUD EHJUHSS

$OOPlQW

'HW ILQQV HWW DQWDO ROLND EHJUHSS VRP DQYlQGV L PLOM|VDPPDQKDQJ )|U DWW OlVDUHQ VNDOO In NODUW I|U VLJ YLONHQ EHW\GHOVH XWUHGQLQJHQ ODJW LQ L ROLND EHJUHSS KDU YL GHILQLHUDW YLVVD EHJUHSS 'H EHJUHSS GHW JlOOHU lU PLOM|LQYHQWHULQJ PLOM|GHNODUDWLRQ PLOM|YlUGHULQJ PLOM|PlUNQLQJ PLOM|OHGQLQJVV\VWHP RFK FHUWLILHULQJ 1HGDQ OlPQDV HQ |YHUVLNWOLJ EHVNULYQLQJ DY GH Q\VV QlPQGD EHJUHSSHQ 'HVVXWRP EHVNULYV YLVVD NYDOLWHWVEHJUHSS XWLIUnQ GHQ LQWHUQDWLRQHOOD WHUPLQRORJLVWDQGDUGHQ L ,62

0LOM|LQYHQWHULQJ

9LG HQ LQYHQWHULQJ µJnVµ EHILQWOLJD WLOOJnQJDU LJHQRP RFK GHVV YlUGHQ HOOHU PRWVYDUDQGH QRWHUDV 9LG HQ PLOM|LQYHQWHULQJ L HQ E\JJQDG VNHU HQ NDUWOlJJQLQJ DY E\JJQDGHQ L YLVVD DYVHHQGHQ RFK GHVV YlUGHQ HOOHU PRWVYDUDQGH QRWHUDV (Q EHVLNWQLQJ LQQHElU DWW HQ JUDQVNQLQJ VNHU (Q EHVLNWQLQJ DY LQRPKXVPLOM|Q L HQ E\JJQDG LQQHElU DWW LQRPKXVPLOM|Q JUDQVNDV XQGHUV|NV RFK DWW GRNXPHQWDWLRQ VNHU

0LOM|GHNODUDWLRQ

(Q GHNODUDWLRQ NDQ I|UNODUDV VRP HQ UHGRYLVQLQJ DY YLVVD XSSJLIWHU HOOHU VRP HWW RIIHQWOLJW WLOONlQQDJLYDQGH DY HQ VWnQGSXQNW 2UGHW LQQHKnOOVGHNODUDWLRQ lU VRP EHNDQW HQ UHGRYLVQLQJ DY XSSJLIWHU RP LQQHKnOOHW L HQ YDUD (Q PLOM|GHNODUDWLRQ NDQ VlJDV YDUD EHVNULY QLQJDU HOOHU SnVWnHQGHQ RP HQ SURGXNW HOOHU HQ WMlQVWV PLOM|HJHQ VNDSHU HOOHU KXU GHVVD HJHQVNDSHU XSSOHYV

%HKRYHW DY DWW PHU IDFNPDQQDPlVVLJW EHVNULYD SURGXNWHUV RFK WMlQVWHUV PLOM|HJHQVNDSHU I|U Q\D PnOJUXSSHU KDU OHWW WLOO XWYHFNOLQJ

& 1  
   

DY ROLND IRUPHU DY V N PLOM|GHNODUDWLRQHU 0LOM|VW\UQLQJVUnGHW OlPQDU HQ GHILQLWLRQ DY PLOM|GHNODUDWLRQHU Sn VLQ KHPVLGDPLOMRVW\UQLQJ VH LVR ,62 DVS XWLIUnQ VWDQGDUGHU L ,62

VHULHQ , ,62 VHULHQ EHKDQGODV PLOM|PlUNQLQJ RFK PLOM|GHNODUDWLRQHU , SULQFLS NDQ PDQ VlJD DWW GHW GlU J|UV VNLOOQDG PHOODQ WYn W\SHU DY PLOM|GHNODUDWLRQHU GHOV VnGDQD VRP NDOODV HJQD PLOM|XWWDODQGHQ W\S ,, RFK GHOV VnGDQD VRP NDOODV PLOM|YDUX GHNODUDWLRQHU W\S ,,, 0LOM|GHNODUDWLRQHU L IRUP DY HJQD PLOM| XWWDODQGHQ KDU LQWH QnJRW NUDY Sn REHURHQGH NRQWUROO RFK FHUWLILHULQJ I|UHNRPPHU LQWH .YDQWLWLYWLY LQIRUPDWLRQ VRP OlPQDV VNDOO NXQQD YHULILHUDV DY XSSJLIWVOlPQDUHQ 0LOM|YDUXGHNODUDWLRQHU DY W\S ,,, GHILQLHUDV VRP HQ NYDQWLWDWLY PLOM|LQIRUPDWLRQ HQOLJW HQ JHPHQVDP I|UXWEHVWlPG PDOO VRP WLOOKDQGDKnOOV DY HQ WLOOYHUNDUH EDVHUDG Sn HQ OLYVF\NHODQDO\V HQOLJW ,62 YLONHQ JHQRPJnWW HQ NULWLVN JUDQVNQLQJ DY HQ REHURHQGH WUHGMH SDUW

0LOM|YlUGHULQJ

(Q PLOM|YlUGHULQJ LQQHElU DWW W H[ HQ E\JJQDGV PLOM|SnYHUNDQ NODVVDV RFK MlPI|UV PHG DQGUD E\JJQDGHU XU PLOM|V\QSXQNW (Q PLOM|YlUGHULQJ NDQ VlJDV YDUD HQ VWDWXVGHNODUDWLRQ XWWU\FNW L WHUPHU DY PLOM|HIIHNWHU

0LOM|PlUNQLQJ

(Q SURGXNW VRP XSSI\OOHU YLVVD NULWHULHU PLOM|NUDY VRP lU IDVWVWlOOGD DY HQ H[SHUWJUXSS NDQ In DQYlQGD HWW PLOM|PlUNH 6\VWHPHW DGPLQLVWUHUDV DY HWW REHURHQGH RUJDQ VRP NRQWUROOHUDU DWW NULWHULHUQD XSSI\OOV 0LOM|PlUNQLQJ L IRUP DY HQ V\PERO V\IWDU L I|UVWD KDQG WLOO DWW YlJOHGD NRQVXPHQWHU WLOO DWW NXQQD J|UD PLOM|PHGYHWQD LQN|SVYDO 0LOM|PlUNQLQJHQ lU DOOWVn HQ KMlOS I|U PlQQLVNRU DWW YlOMD GH PHVW PLOM|DQSDVVDGH SURGXNWHUQD , VDPPDQKDQJHW NDQ W H[ SURGXNWHU PHG PLOM|PlUNHW 6YDQHQ QlPQDV 'HW ILQQV HWW UHODWLYW VWRUW DQWDO PLOM|PlUNQLQJVV\VWHP UXQW RP L YlUOGHQ

@@@ # 3 ,<<<3/"& ,< <

  & 1
   
   

0LOM|OHGQLQJVV\VWHP

(WW PLOM|OHGQLQJVV\VWHP lU HWW YHUNW\J I|U DWW RUJDQLVHUD PLOM|DUEHWHW L HWW I|UHWDJ HQ P\QGLJKHW HOOHU HQ RUJDQLVDWLRQ 0LOM|OHGQLQJVV\VWHP LQQHElU V\VWHPDWLVHUDW PLOM|DUEHWH W\GOLJD ULNWOLQMHU RFK PnO L EO D FHQWUDOD VW\UGRNXPHQW NODUJMRUGD DQVYDUVI|UKnOODQGHQ UXWLQHU I|U XSSI|OMQLQJ RFK UHGRYLVQLQJ DY LQVDWVHUQD I|U HQ ElWWUH PLOM|

&HUWLILHULQJ RFK DFNUHGLWHULQJ

0LOM|YnUGVEHUHGQLQJHQ GHILQLHUDU L VLWW EHWlQNDQGH 628

,QWHJUHULQJ DY PLOM|KlQV\Q LQRP GHQ VWDWOLJD I|UYDOWQLQJHQ FHUWLILHULQJ RFK DFNUHGLWHULQJ &HUWLILHULQJ GHILQLHUDV VDPPDQ IDWWQLQJVYLV VRP DWW VNULIWOLJW LQW\JD DWW HQ SURGXNW SURFHVV HOOHU WMlQVW |YHUHQVVWlPPHU PHG VWlOOGD NUDY $FNUHGLWHUD LQQHElU DWW VNULIWOLJW VW\UND EHIRJHQKHW HOOHU NRPSHWHQV I|U DWW XWI|UD HQ YLVV XSSJLIW HOOHU WMlQVW $FNUHGLWHULQJ lU HWW VlWW DWW VWlUND FHUWLILHULQJHQV WURYlUGLJKHW HIWHUVRP GHW lU P|MOLJW I|U YHP VRP KHOVW DWW JHQRPI|UD HQ FHUWLILHULQJ 6W\UHOVHQ I|U WHNQLVN DFNUHGLWHULQJ 6:('$& lU HQ VYHQVN P\QGLJKHW VRP EO D DFNUHGLWHUDU FHUWLILHULQJVRUJDQ RFK EHGULYHU WLOOV\Q |YHU GHP

.YDOLWHW NYDOLWHWVV\VWHP RFK NYDOLWHWVVlNULQJ

.YDOLWHW NRPPHU IUnQ ODWLQHW RFK EHW\GHU EHVNDIIHQKHW HOOHU HJHQVNDS (QOLJW GHQ LQWHUQDWLRQHOOD WHUPLQRORJLVWDQGDUGHQ ,62

EHVNULYV NYDOLWHW VRP DOOD VDPPDQWDJQD HJHQVNDSHU KRV HWW REMHNW HOOHU HQ I|UHWHHOVH VRP JHU GHVV I|UPnJD DWW WLOOIUHGVVWlOOD XWWDODGH HOOHU XQGHUI|UVWnGGD EHKRY

0HG HWW NYDOLWHWVV\VWHP PHQDV RUJDQLVDWRULVN VWUXNWXU UXWLQHU SURFHVVHU RFK UHVXUVHU VRP lU Q|GYlQGLJD I|U OHGQLQJ DY YHUNVDPKHWHQ PHG DYVHHQGH Sn NYDOLWHW .YDOLWHWVV\VWHPHW E|U LQWH YDUD PHU RPIDWWDQGH lQ YDG VRP lU Q|GYlQGLJW I|U DWW XSSI\OOD NYDOLWHWVPnOHQ

.YDOLWHWVVW\UQLQJ DYVHU DOOD LQRP UDPHQ I|U HWW NYDOLWHWVV\VWHP SODQHUDGH RFK V\VWHPDWLVND DNWLYLWHWHU SUHVHQWHUDGH L Q|GYlQGLJ

) ) % )

@@@

"& << =* )

& 1  
   
   
  XWVWUlFNQLQJ VRP VNDSDU WLOOUlFNOLJ WLOOWUR WLOO DWW HWW REMHNW NRPPHU
  DWW XSSI\OOD NYDOLWHWVNUDY