Page 1

,1)2586 258 $35,/  

,17(51%/$')250('$5%(,'(5(9(',.($)2586     

(UGXYnUQHVWH" ( UGXYnUQHVWH"

VRJ V RJ


9$5(+866-()(1 9 $5(+866-()(1

9nUWUDODODYnU 9nUWUDODODYnU WWUDODODYnU,nU UDODODYnU,nU 5('$.7ย‘5(16+-ย‘51( 5 ('$.7ย‘5(16+-ย‘51( 0\HVNDOIXQJHUHLQWHUQWKRVRVVIRU 0\HVNDOIXQJHUHLQWHUQWKRVRVVIRU D W,.($PDVNLQHULHWVNDOJnUXQGW DW,.($PDVNLQHULHWVNDOJnUXQGW 0 HQYLHULNNHEDUHDYKHQJLJHDY 0HQYLHULNNHEDUHDYKHQJLJHDY D WKMXOHQHLQWHUQWKRVRVVIXQJHUHU DWKMXOHQHLQWHUQWKRVRVVIXQJHUHU PDQJHHNVWHUQHOHYHUDQGยกUHURJ P DQJHHNVWHUQHOHYHUDQGยกUHURJ VDPDUEHLGVSDUWQHUHELGUDURJVnLGHQ V DPDUEHLGVSDUWQHUHELGUDURJVnLGHQ G DJOLJHGULIWHQ GDJOLJHGULIWHQ 1 2.$6VHFXULW\ VRPEHWMHQHU 12.$6VHFXULW\ VRPEHWMHQHU YDNWHQ 3URFOHDQ UHQJMยกULQJ 2 Y DNWHQ 3URFOHDQ UHQJMยกULQJ 2 7RUMXVVHQ EODPRQWHULQJ RJ%ULQJ 7RUMXVVHQ EODPRQWHULQJ RJ%ULQJ WUDQVSRUW HUQRHQHNVHPSOHUSn WUDQVSRUW HUQRHQHNVHPSOHUSn VDPDUEHLGVSDUWQHUHVRPELGUDUWLO VDPDUEHLGVSDUWQHUHVRPELGUDUWLO WMHQHVWHWLOEXGHWYnUW WMHQHVWHWLOEXGHWYnUW (WDQQHWHNVHPSHOHU6DQGQHV (WDQQHWHNVHPSHOHU6DQGQHV 3URVHUYLFHVRPPRQWHUHUPยกEOHUWLO 3URVHUYLFHVRPPRQWHUHUPยกEOHUWLO %LOOLJNURNHQIRURVV%HGULIWHQVRP %LOOLJNURNHQIRURVV%HGULIWHQVRP WLOUHWWHOHJJHUDUEHLGIRU WLOUHWWHOHJJHUDUEHLGIRU \UNHVKHPPHGHKDU VKHPPHGHKDU QWHUWPยกEOHUIRURVV PRQWHUWPยกEOHUIRURVV HQ2JHWWHUHW VLGHQ2JHWWHUHW VยกNSn3URVHUYLFHHU EHVยกNSn3URVHUYLFHHU WNODUWDWGHWLNNH GHWNODUWDWGHWLNNH EDUHHUYLVRPVHWWHU DUHHUYLVRPVHWWHU SULVSnVDPDUEHLGHW SULVSnVDPDUEHLGHW /HVPHURJVH /HVPHURJVH ELOGHUOHQJHUEDN ELOGHUOHQJHUEDN LEODGHW LEODGHW

9,/'89,7(0(5" 9,/'89,7(0(5" NRQWDNW+HLGLSn N RQWDNW+HLGLSn



9HUVHOLQMHQHNMHQQHUYHOGHร€HVWHLIUD 9HUVHOLQMHQHNMHQQHUYHOGHร€HVWHLIUD 'H/LOORVRJVWRUWHQNOHUHHUGHWYHO ' H/LOORVRJVWRUWHQNOHUHHUGHWYHO QHSSHPXOLJnVLGHW0HQDOOLNHYHO Q HSSHPXOLJnVLGHW0HQDOOLNHYHO VnJHQLDOW'HWIDNWXPDWGHWEOLUYnU V nJHQLDOW'HWIDNWXPDWGHWEOLUYnU nURJVnHUMRLRJIRUVHJLNNHHQ LLnURJVnHUMRLRJIRUVHJLNNHHQ UUHYROXVMRQHUHQGHQ\KHWLVHJVHOY HYROXVMRQHUHQGHQ\KHWLVHJVHOY 0HQGHWHUQRNWLOnJMยกUHRVVJODGH 0 HQGHWHUQRNWLOnJMยกUHRVVJODGH )XJOHQHNRPPHUWLOEDNHRJGXQMDNNHQ ) XJOHQHNRPPHUWLOEDNHRJGXQMDNNHQ NDQHQGHOLJSDUNHUHVLYLQWHUGYDOH2J N DQHQGHOLJSDUNHUHVLYLQWHUGYDOH2J <YRQQHRUJDQLVHUHUVRPPHUWRUJHWยซ < YRQQHRUJDQLVHUHUVRPPHUWRUJHWยซ 9nUWHJQHQHHUPDQJH 9 nUWHJQHQHHUPDQJH (WVLNNHUWYnUWHJQHUDWGHร€HVWHDY ( WVLNNHUWYnUWHJQHUDWGHร€HVWHDY RVVU\GGHURSSLERGHUNMHOOHUHRJ R VVU\GGHURSSLERGHUNMHOOHUHRJ KDJHU)XOOHDYDUEHLGVO\VWRJHQHUJL K DJHU)XOOHDYDUEHLGVO\VWRJHQHUJL --HJYLODSSHOOHUHWLORVVDOOHRPYLWDU HJYLODSSHOOHUHWLORVVDOOHRPYLWDU SnยดYnUUHQJMยกULQJVEULOOHQHยดRJVnL S nยดYnUUHQJMยกULQJVEULOOHQHยดRJVnL DUEHLGVWLGHQ(UGHWWLGIRUnU\GGH D UEHLGVWLGHQ(UGHWWLGIRUnU\GGH SXOWHQHJDUGHUREHVNDSHQHRJUXQGW S XOWHQHJDUGHUREHVNDSHQHRJUXQGW DUEHLGVVWDVMRQHQH" D UEHLGVVWDVMRQHQH" 0HGยกNWEUXNDYNDIIHEUXVEHJHUL 0 HGยกNWEUXNDYNDIIHEUXVEHJHUL IIRUELQGHOVHPHGDWUยก\NHURPPHWHU RUELQGHOVHPHGDWUยก\NHURPPHWHU ร€\WWHWXWยกNHUGHVVYHUUHRJVnVยกSSHOHW ร€ \WWHWXWยกNHUGHVVYHUUHRJVnVยกSSHOHW UUXQGWLQQJDQJVSDUWLHW'HWHULNNH XQGWLQQJDQJVSDUWLHW'HWHULNNH WWULYHOLJIRUQRHQDYRVVRJHULWLOOHJJ ULYHOLJIRUQRHQDYRVVRJHULWLOOHJJ HWGnUOLJVLJQDOWLOYnUHEHVยกNHQGH+HU H WGnUOLJVLJQDOWLOYnUHEHVยกNHQGH+HU PnDOOHKMHOSHWLOPHGยดnVWUDPPHRSSยด P nDOOHKMHOSHWLOPHGยดnVWUDPPHRSSยด GHInVRPยกGHOHJJHUIRUGHPDQJH G HInVRPยกGHOHJJHUIRUGHPDQJH 0HGO\VHUHRJYDUPHUHGDJHU 0HGO\VHUHRJYDUPHUHGDJHU IIRUVYLQQHUXQQVN\OGQLQJHQIRURVVVRP RUVYLQQHUXQQVN\OGQLQJHQIRURVVVRP HQGDLNNHKDUEHJ\QWnV\NOHWLOMREEยซ H QGDLNNHKDUEHJ\QWnV\NOHWLOMREEยซ 2JIRUQRHQVWnURJVn1RUGVMยกULWWHW 2 JIRUQRHQVWnURJVn1RUGVMยกULWWHW R J6LGGLVOยกSHWIRUGยกUHQ8DQVHWWRP RJ6LGGLVOยกSHWIRUGยกUHQ8DQVHWWRP G XVNDONRQNXUUHUHHOOHUHLNRPGHJ GXVNDONRQNXUUHUHHOOHUHLNRPGHJ X WLIULVNOXIWRJEUXNNURSSHQ'HW XWLIULVNOXIWRJEUXNNURSSHQ'HW ยก NHUWULYVHOHQJLUEHGUHKHOVHRJยกNHU ยกNHUWULYVHOHQJLUEHGUHKHOVHRJยกNHU OOLYVNYDOLWHWHQ LYVNYDOLWHWHQ

,1)2586HUHWLQWHUQEODGLUHJLDY,.($)RUXV ,1)2586HUHWLQWHUQEODGLUHJLDY,.($)RUXV % ODGHWKDUHWRSSODJSnHNVHPSODUHURJNRPPHUXWPnQHGOLJ %ODGHWKDUHWRSSODJSnHNVHPSODUHURJNRPPHUXWPnQHGOLJ 6SยกUVPnOOHVHULQQOHJJRJWLSVUHWWHVWLOUHGDNWยกU 6 SยกUVPnOOHVHULQQOHJJRJWLSVUHWWHVWLOUHGDNWยกU

' HWHUKHOWVLNNHUWPDQJHDYGHUH 'HWHUKHOWVLNNHUWPDQJHDYGHUH VRPOXUHUSnKYDVWDWXVHQHUIRUGHQ V RPOXUHUSnKYDVWDWXVHQHUIRUGHQ VWRUHRPE\JJLQJHQVRPHUSODQODJW V WRUHRPE\JJLQJHQVRPHUSODQODJW KHUSn)RUXV2JGHQHUVRPIยกOJHU K HUSn)RUXV2JGHQHUVRPIยกOJHU 9 LYHQWHUHQGDSnnInGHHQGHOLJH 9LYHQWHUHQGDSnnInGHHQGHOLJH J RGNMHQQLQJHURJWHJQLQJHURJGH JRGNMHQQLQJHURJWHJQLQJHURJGH VNDOIRUHOLJJHIยกUVRPPHUHQ0HQ V NDOIRUHOLJJHIยกUVRPPHUHQ0HQ GHWMREEHVDOOHUHGHPHGRPIDWWHQGH G HWMREEHVDOOHUHGHPHGRPIDWWHQGH SODQHURPKYDVRPVNDOJMยกUHVDY S ODQHURPKYDVRPVNDOJMยกUHVDY K YHPRJWLOKYLONHWLGVSXQNW6OLNGHW KYHPRJWLOKYLONHWLGVSXQNW6OLNGHW Q nVHUXWVnVNDOYLIHLUHQHVWHSnVNH QnVHUXWVnVNDOYLIHLUHQHVWHSnVNH ยดQ\WWYDUHKXVยด0HULQIRUPDVMRQKDU LLยดQ\WWYDUHKXVยด0HULQIRUPDVMRQKDU MMHJLNNHDNNXUDWQnPHQMHJORYHUDW HJLNNHDNNXUDWQnPHQMHJORYHUDW GHUHVNDOInPHULQIRUPDVMRQVnIRUW G HUHVNDOInPHULQIRUPDVMRQVnIRUW G HQIRUHOLJJHU GHQIRUHOLJJHU 6RPIยกUVDJWVnHUMHJP\HSn 6 RPIยกUVDJWVnHUMHJP\HSn UUHLVHIUHPWLORYHUVRPPHUHQ-HJ HLVHIUHPWLORYHUVRPPHUHQ-HJ KDUODJWPHGQRHQVPDNHELWHUSn K DUODJWPHGQRHQVPDNHELWHUSn K KYRUGDQYDUHKXVHWL/LVERDIUHPVWRG YRUGDQYDUHKXVHWL/LVERDIUHPVWRG ) )RUKnSHQWOLJYLVVRPHQLQVSLUDVMRQ RUKnSHQWOLJYLVVRPHQLQVSLUDVMRQ 9HOGLJKยก\%$6RJYDUHSUHVHQWDVMRQ 9 HOGLJKยก\%$6RJYDUHSUHVHQWDVMRQ ) )RUGHVRPYLOVHPHUVnOLJJHUGHW RUGHVRPYLOVHPHUVnOLJJHUGHW ร€ HUHELOGHUSn%LOGHEDQNHQKDQVLQJH ร€HUHELOGHUSn%LOGHEDQNHQKDQVLQJH S RUWXJDO SRUWXJDO

+DHQ + DHQ IIDQWDVWLVN DQWDVWLVN YnU Y nU

9,/'89,7(0(5" 9,/'89,7(0(5" NRQWDNW+DQV,QJHSn N RQWDNW+DQV,QJHSn

$QVYDUOLJUHGDNWยกU+HLGL:XOOXP KHLGLZXOOXP#LNHDFRP

$QVYDUOLJUHGDNWยกU+HLGL:XOOXP KHLGLZXOOXP#LNHDFRP

5 HGDNWยกU+DQQH.ULVWLQ6WUDQG KDQQHNULVWLQVWUDQG#LNHDFRP

5HGDNWยกU+DQQH.ULVWLQ6WUDQG KDQQHNULVWLQVWUDQG#LNHDFRP

$ $UW'LUHFWRU&KULVWLQHย‘YUXP+DOYRUVHQ FKULVWLQHKDOYRUVHQ#LNHDFRP

UUWW'LUHFWRU&KULVWLQHย‘YUXP+DOYRUVHQ FKULVWLQHKDOYRUVHQ#LNHDFRP


($ . ,  U R I  U H U WH Q R L P URVVL  IRU H UIR WHU F L Y URGXNWH UR S U  S   H   V   Q H R 3U UVDPP UXU VNUX LFHV UYLF URNHQ URVHUY 3UR OLJNUR LOOL %LO GQHV3 L% L OJHV W6DQ DW OVHOJ GXD WHG VNDO LVVWH RPV 9LV V  U U H O OH E ¡ P  U U UH WHUH PRQWH 'HP W"' UHW" nUH

+RV3 3UUR RVHUUY YLF LFHP PRQWH VRPV WHUH VNDOOVH UHV,,.( OOJ JHVL $P P¡EOOH L% %LO LOOL OLJNUR HUU URNHQ

U IIHU WRIIH ULVWR .ULV QH. DJQH  0DJ IY  U IY LVHU YLVH Y  H F LFH L Y UY U H VH V R UR U 3 V3 RV OKR ULOOK RULO 7R LW7 %UULW % HW HGHW VWHG UNVW YHUN nYH Sn GWS XQGW UUXQ MXUU 6MX RJ RJ6

9LKDULNNHNDSDVLWHWWLOnPRQWHUH 9LKDULNNHNDSDVLWHWWLOnPRQWHUH D OOHP¡EOHQHWLO%LOOLJNURNHQVHOY DOOHP¡EOHQHWLO%LOOLJNURNHQVHOY 'HUIRUHUYLYHOGLJIRUQ¡\GPHG ' HUIRUHUYLYHOGLJIRUQ¡\GPHG G HWJRGHVDPDUEHLGHWYLKDUPHG GHWJRGHVDPDUEHLGHWYLKDUPHG 3URVHUYLFHVLHU5HFRYHU\OHGHU6MXU 3 URVHUYLFHVLHU5HFRYHU\OHGHU6MXU 1\JnUG 1 \JnUG <UNHVKHPPHGHLDUEHLG < UNHVKHPPHGHLDUEHLG 6 DQGQHV3URVHUYLFHKDUNRQWRU 6DQGQHV3URVHUYLFHKDUNRQWRU R JYHUNVWHGSn$XVWUnWWRJHLHV RJYHUNVWHGSn$XVWUnWWRJHLHV DYNRPPXQHQH6DQGQHVRJ D YNRPPXQHQH6DQGQHVRJ * MHVGDO5XQGW\UNHVKHPPHGH *MHVGDO5XQGW\UNHVKHPPHGH PHQQHVNHUHUWLONQ\WWHWEHGULIWHQ P HQQHVNHUHUWLONQ\WWHWEHGULIWHQ 1 RHQKDUVnNDOWDUEHLGVSODVVL 1RHQKDUVnNDOWDUEHLGVSODVVL V NMHUPHWYLUNVRPKHWDQGUHJnUXWL VNMHUPHWYLUNVRPKHWDQGUHJnUXWL RUGLQ UWDUEHLGVOLYHWWHUHQSHULRGH R UGLQ UWDUEHLGVOLYHWWHUHQSHULRGH P HGWLOUHWWHODJWDUEHLG PHGWLOUHWWHODJWDUEHLG 3URVHUYLFHKDUPRQWHUWP¡EOHUIRU 3 URVHUYLFHKDUPRQWHUWP¡EOHUIRU ,,.($VLGHQ'HKHQWHURJ .($VLGHQ'HKHQWHURJ OOHYHUHUKRVRVVFLUNDHQJDQJLXND HYHUHUKRVRVVFLUNDHQJDQJLXND 3 RSXO UHP¡EOHU 3RSXO UHP¡EOHU 9LVHWWHUVWRUSULVSnVDPDUEHLGHW 9LVHWWHUVWRUSULVSnVDPDUEHLGHW P HGGHUHVLHU%ULW7RULOOVRP PHGGHUHVLHU%ULW7RULOOVRP

OOHGHUYHUNVWHGHWVRPPRQWHUHU HGHUYHUNVWHGHWVRPPRQWHUHU ,,.($P¡EOHU+XQIRUWHOOHUDW .($P¡EOHU+XQIRUWHOOHUDW ,,.($HUYHOGLJSRSXO UEODQW .($HUYHOGLJSRSXO UEODQW D UEHLGVWDNHUQHGHU DUEHLGVWDNHUQHGHU 'HWHUULIWRPnInORYWLOn 'HWHUULIWRPnInORYWLOn VHWWHVDPPHQP¡EOHQHIUDGHUH V HWWHVDPPHQP¡EOHQHIUDGHUH ' HWHUHQXWIRUGULQJnVNXOOH 'HWHUHQXWIRUGULQJnVNXOOH IIRUKROGHVHJWLOIRUVNMHOOLJH RUKROGHVHJWLOIRUVNMHOOLJH P RQWHULQJVDQYLVQLQJHU'HÀHVWH PRQWHULQJVDQYLVQLQJHU'HÀHVWH V \QHVGHWHUYHOGLJNMHNWDUEHLG V\QHVGHWHUYHOGLJNMHNWDUEHLG IIRUWHOOHUKXQ RUWHOOHUKXQ 3 URVHUYLFHKDUPDQJH 3URVHUYLFHKDUPDQJH SURGXNVMRQVRJWMHQHVWHRPUnGHU S URGXNVMRQVRJWMHQHVWHRPUnGHU ) RUGHÀHVWHHUGHNDQVNMHPHVW )RUGHÀHVWHHUGHNDQVNMHPHVW N MHQWIRUnOHYHUHMREEIUXNWWLO NMHQWIRUnOHYHUHMREEIUXNWWLO EHGULIWHULGLVWULNWHW9LOGXOHVH E HGULIWHULGLVWULNWHW9LOGXOHVH P HURP6DQGQHV3URVHUYLFH" PHURP6DQGQHV3URVHUYLFH" 6MHNNZZZVDQSURQR 6 MHNNZZZVDQSURQR

DJHUH DWWOOD HUHUD DWWH VWWD Q R N  N  U Q RIIIIH RUGH LVWWR .ULV HULLR HUH HGHOOH UHVHUY

3RVLLWWLLY YLLWWHWWR Sn3 DUEHLLG 3URVHU JD G HG YLLF FH3ULLP VJOOH HV VWWn V\QOOLLJ nULLV PDOOR VHQWWUUX S SnY RYHQK YHJJH P K QLLY YHUNVWWH HQJHUJ JRGWW HGHWW

 WWPHG




 9LVOXNNHW O\VHWIRU   NOLPDHW   





/¡UGDJ  PDUV VOXNNHW YHUGHQ O\VHW IRUHVWnHQGH+HUYDUGHWNDPSDQMHSnGHQ 2JVLVWPHQLNNHPLQVWPHOORPRJ IRUNOLPDHW3n,.($)RUXVEOH(DUK+RXU HQHUJLHIIHNWLYH/('$5(VSRWS UHRJGHW EOHYDUHKXVHWP¡UNHODJW PDUNHUWSnÀHUHPnWHU YDU RJVn VWRUW IRNXV Sn UHWXURUGQLQJHQ IRU O\VS UHU PHG NRPPXQLNDVMRQ Sn GH 7R PLOOLRQHU QRUGPHQQ VOXNNHW O\VHW , IRUNDQW DY (DUWK +RXU EOH GHW VHUYHUW Q\HSUDNWLVNHUHWXUERNVHQH IRU NOLPDHW XQGHU nUHWV (DUWK +RXU ¡NRORJLVN OXQVM L 7DOO IUD 6WDWQHWW YLVHU NDQWLQD 'D YDU DW VWU¡PIRUEUXNHW L VHOYVDJWDOOHO\VVOnWW ODQGHW JLNN QHG GHQQH DY )OHUH ¿NN WHVWHW WLPHQ PHG OLWW RYHU (PLO+DPOLQ 0DUJUHWH0XQWKH 0HGDUEHLGHUVWXHQ PLOM¡NXQQVNDSHQH  PLOOLRQHU ZDWW 0HGDUEHLGHUNM¡NNHQXWVW\UNDVVH -HJVnIRWEDOONDPSHQPHOORP1RUJHRJ PHGHQHUJLTXL] WLOVYDUHQGH RYHU  -HJJLNNWLOEXVVHQRJGDMHJNRPIUDPGLW 'DQPDUN'HWYDUYDQVNHOLJnJOHPPH PLOOLRQHUO\VS UHU MHJVNXOOHYDU(DUWK+RXURYHU+XQMHJYDU DWGHWYDU(DUWK+RXUIRUGHWKDGGH , ODPSHDYGHOLQJHQ SnEHV¡NKRVKDGGHLNNHVOnWWDYO\VHQHVn Y UWYHOGLJP\HIRNXVSnGHWLIRUNDQW 7(.67RJ)272 NXQQH KHOOHU LQJHQ MHJVOXNNHWGH6nGDKDGGHYL(DUWK+RXU $OWO\VYDUDYVOnWW0HQ79YDUVHOYVDJW +DQQH.ULVWLQ6WUDQG XQQJn n OHJJH SnHWWHUVNXGG Sn)RWEDOONDPSHQKDGGHLNNHY UWGHQ PHUNH WLO DW (DUWK VDPPHSnUDGLR +RXU YDU Q UW

)LQWDQ:DOVK /RJLVWLFVPDQDJHU -HJYDUKMHPPHPHGIDPLOLHQ9LVORDYDOW DYO\VWUDNNXWNRQWDNWHQHWLODOWXWHQRP NM¡OHVNDSHWIU\VHUHQRJEDE\PRQLWRUHQ 6OLNYDUGHWKHOHQDWWHQIRUYLJLNNRJOD RVVWLGOLJ



7RUH5LQJVE\

($57++28548,= 'HKHOGLJHRJG\NWLJHYLQQHUQH DYTXL]HQEOH%DUEUR*U\RJ-RDQ Sn&RP ,QRJ0DULDSnVWXHQ'H NXQQHDOOHLQQNDVVHUHGHQW¡IIH (DUWKKRXU7VNMRUWHQ*UDWXOHUHU

0HGDUEHLGHUVWXHQ 9LKDGGHJMHVWHURJYLVnSnIRWEDONDPSHQ 9LVORDYDOOHO\VRJWHQWHPDQJH VWHDULQO\V6WHPQLQJHQEOHYHOGLJ URPDQWLVN*MHVWHQHYDUJODGHRJIRUQ¡\GH VHOYRPUHVXOWDWHWDYIRWEDOONDPSHQNXQQH Y UWDQQHUOHGHV0HQMHJHUOLWWVNXIIHW RYHUQDERHQHPLQH-HJNLNNHWXWRJVnDW LQJHQDYGHPKDGGHVOnWWDYO\VHQH


WW HQ W IRUHWD H G  OH E QW GH , PDUV OVH EOD H N DU ¡ V U H G UPnOHWY H G V VS¡UUHXQ X U R WLO HYDQHU n,.($) ($ DQVDWWHS GH DQVDWWHV UHLV H VRP PXOLJ H YHG ,. WW J  D Q H V D J Q J D P  H  H WO n QGUH W V DY G n NDU ¡QVNHU D VHJ DY D HQ OH  L O H 9 H + G   E MH E G WH H n MR WU RJ IUD NWLODWELO YHQQOLJ P EHQ\WWHW FD HQ RYHGnUVD HQWLGOLJHUH HQ PLOM¡   K H n Q V S LV  ( G E   E Q Y H G $ H WLO MR PHGELO D MREE JUXSSD HU VNDO UHLV ELQDVMRQ UHNUDIW  WLO RJ IU P LO % R  UHLVH P E  n N  N U L O R H

WL N D  Q X H LQ U U OH H E H LE E  V LG V  N H X V U H E V U )R HOEX HVVRPÀ n In ,.($PHGD YHU V\NN YHQQOLJ LNNHDQV U H IR Q  H DOWHUQDWL H Y U WL M¡ D J Q  U Q H D OW N D L W Y UD  Sn KYD YHOJHVH D  YLO VH S S X U J  M¡ PLO P L O M ¡

E E R M  O L W  O L E  U H N X U E  H J Q 0D 9DU GX HQ DY GH VRP EOH P¡WW PHG GHWWH GD GX JLNN UHWW Sn nUHWV PLOM¡VS¡N  DSULO" $SULOVS¡NHQ KDQGOHW RP DW GHW VNXOOH LQQI¡UHV SDUNHULQJVDYJLIW IRU DQVDWWH IRU n VWLPXOHUH WLO EUXN DY PHUPLOM¡YHQQOLJWUDQVSRUW 6S¡NHQYDUPRUVRP V\QHVYLLDOOHIDOO PHQWHPDHWLVHJVHOY HULQJHQVS¡NRJYLKnSHUGHQVDWWHLJDQJQRHQWDQNHUKRVGHQ HQNHOWH 9LWURULNNHGHWQ¡GYHQGLJPHGSDUNHULQJVDYJLIWIRUnInÀHUHWLOn VHWWHLJMHQELOHQKMHPPH1nYLOYLJMHUQHK¡UHIUDGHJ +YD Pn WLO IRU DW '8 VNDO YHOJH EXVVHQ EHLQD HOOHU V\NNHOHQ IUDPIRU ELOHQ" .RP PHG WLSV WLO KYD YL NDQ JM¡UH L ³IXJOHNDVVD´SnPLOM¡YHJJHQ

,IRUELQGHOVHPHG .DPSDQMH³.M¡NNHQ IRUDOOH´EHVWHPWH,.($ VHJIRUDWYLVNXOOHKROGH NM¡NNHQVHPLQDUIRUYnUH )DPLO\PHGOHPPHU'HWWH HUHWVHPLQDUVRPWLGOLJHUH HUEOLWWKROGWL6YHULJHPHG VWRUWKHOO 7(.676LOMH5RVODQG

3n VHPLQDUHW InU NXQGHQH HQNOH RJ SUDNWLVNH UnG RP KYRUGDQ GH HQNHOW NDQ IRUQ\H VLWW NM¡NNHQ 9L Sn ,.($ HU HNVSHUWHU Sn KYRUGDQ PDQ NDQ PHG PLQLPDO LQQVDWV RJ RYHUUDVNHQGH ODYW EXGVMHWW JL KMHPPHW HW KHOW Q\WW XWVHHQGH 'HQQH NXQQVNDSHQ ¡QVNHW YL nGHOHPHGYnUH)DPLO\PHGOHPPHUVOLN DW GH HWWHUSn NXQQH GHVLJQH VLWW HJHW GU¡PPHNM¡NNHQ .XQGHQH PHOGWH VHJ Sn VHPLQDUHW Sn QHWWVLGHQ WLO )DPLO\ 'HWWH YDU YHOGLJ SRSXO UWRJDYVHPLQDUEOHI\OWRSS PHGHQJDQJ 9nULQWHUL¡UGHVLJQHU6LULRJXQGHUWHJQHGH KROGW VHPLQDUHW L HW DY LQWHUL¡UHQH L NM¡NNHQDYGHOLQJHQ

$SULOVQDUU

%OHGXOXUW"

.XQGHQHEOHVHUYHUWNDQHOEROOHURJNDIIH , WLOOHJJ ¿NN DOOH GH SnPHOGWH HQ JDYH VRPGHQQHJDQJYDUERNHQ´.M UHKMHP´ %RNHQVHOJHVL)DPLO\EXWLNNHQ '(77(9$5(79(//<..(76(0,1$5 .XQGHQHQRWHUWHÀLWWLJRJIXOJWHQ¡\HPHG QnUMHJIRUNODUWHKYRUGDQPDQSODQOHJJHU HWNM¡NNHQ 9L KDU QRN InWW PDQJH JRGH ,.($ RJ NM¡NNHQNXQGHUKHU




JH L Q H  U H  $ ( . 8QLFHIRJ,

 Q H P P D V  ³9LHU ´  Q U D RPE 6RP´Q\H´8 ,DPEDVVDG¡UHU¿NN 6RP´Q\H´8 ,DPEDVVDG¡UHU¿NN YLUHLVHWLO2VORSnVDPOLQJRJ Y LUHLVHWLO2VORSnVDPOLQJRJ PDUV'HWYDUWRLQWHQVHRJ  PDUV'HWYDUWRLQWHQVHRJ LLQWHUHVVDQWHGDJHU9LYDUHQJRGJMHQJ QWHUHVVDQWHGDJHU9LYDUHQJRGJMHQJ DPEDVVDG¡UHUIUDDOOHYDUHKXVHQHL D PEDVVDG¡UHUIUDDOOHYDUHKXVHQHL 1RUJHRJUHSUHVHQWDQWHUIUDEnGH,.12 1 RUJHRJUHSUHVHQWDQWHUIUDEnGH,.12 RJ62)¡UVWHGDJHQYDUYLDOOHVSHQWH R J62)¡UVWHGDJHQYDUYLDOOHVSHQWH RJQ\VJMHUULJHSnKYHUDQGUH$OOH R JQ\VJMHUULJHSnKYHUDQGUH$OOH GHOWDNHUQHYDUQ\HXWHQRPWRSHUVRQHU G HOWDNHUQHYDUQ\HXWHQRPWRSHUVRQHU VRPKDGGHGHOWDWWSnGHQQHVDPOLQJHQ V RPKDGGHGHOWDWWSnGHQQHVDPOLQJHQ WWLGOLJHUH'DJHQJLNNYLEOHEHGUHNMHQW LGOLJHUH'DJHQJLNNYLEOHEHGUHNMHQW RJYLIDQWXWYLLKYHUWIDOOKDGGHHQWLQJ R JYLIDQWXWYLLKYHUWIDOOKDGGHHQWLQJ WWLOIHOOHVHWHQRUPWHQJDVMHPHQWRJ LOIHOOHVHWHQRUPWHQJDVMHPHQWRJ OOLGHQVNDSIRUVDPOLQJHQWHPD9LYHW LGHQVNDSIRUVDPOLQJHQWHPD9LYHW DWYLVDPPHQNDQJM¡UHHQIRUVNMHOOIRU D WYLVDPPHQNDQJM¡UHHQIRUVNMHOOIRU GHPDQJHEDUQLYHUGHQVRPLNNHHU G HPDQJHEDUQLYHUGHQVRPLNNHHU OOLNHKHOGLJHVRPPDQJHDYRVVDQGUH LNHKHOGLJHVRPPDQJHDYRVVDQGUH 9LVnDOOHSnYnUWYHUYVRPHQVWRU 9 LVnDOOHSnYnUWYHUYVRPHQVWRU WWLOOLWVHUNO ULQJIUDYnUHYDUHKXV LOOLWVHUNO ULQJIUDYnUHYDUHKXV 6DPOLQJHQEOHJMHQQRPI¡UWPHGP\H 6 DPOLQJHQEOHJMHQQRPI¡UWPHGP\H NUHDWLYLWHWRJODWWHU N UHDWLYLWHWRJODWWHU 6$0/,1*(16'$* 6 $0/,1*(16'$* 'HQI¡UVWHGDJHQYDUYLVDPOHWL ' HQI¡UVWHGDJHQYDUYLVDPOHWL OORNDOHQHWLO81,&() RNDOHQHWLO81,&() +HU¿NNYLQ\WWLJLQIRUPDVMRQRP + HU¿NNYLQ\WWLJLQIRUPDVMRQRP 81,&()JMHQQRPHQSUHVHQWDVMRQ 8 1,&()JMHQQRPHQSUHVHQWDVMRQ DY.MHUVWL)O¡JVWDGRJHUIDULQJHUIUD D Y.MHUVWL)O¡JVWDGRJHUIDULQJHUIUD IIHOWUHLVHUYHG(OLVDEHWK5\WWHUDJHU'HWR HOWUHLVHUYHG(OLVDEHWK5\WWHUDJHU'HWR YDUPHGRVVJMHQQRPKHOHVDPOLQJHQ Y DUPHGRVVJMHQQRPKHOHVDPOLQJHQ 9L¿NNRJVnLQIRUPDVMRQRP 9 L¿NNRJVnLQIRUPDVMRQRP VDPDUEHLGHWPHOORP,.($RJ81,&() V DPDUEHLGHWPHOORP,.($RJ81,&() HWVDPDUEHLGVRPVWDUWHWL,.($ H WVDPDUEHLGVRPVWDUWHWL,.($ 1RUJHEOHVLJQDWXUSDUWQHULQRH 1 RUJHEOHVLJQDWXUSDUWQHULQRH VRPLQQHE UHUGHQJMHYHVWHIRUP V RPLQQHE UHUGHQJMHYHVWHIRUP IIRUSDUWQHUVNDS81,&()1RUJHLQQJnU RUSDUWQHUVNDS81,&()1RUJHLQQJnU PHGDNW¡UHULGHW1RUVNHQ ULQJVOLY P HGDNW¡UHULGHW1RUVNHQ ULQJVOLY 'HWWHVWLOOHUHQGHONUDYWLOEHGULIWHQ ' HWWHVWLOOHUHQGHONUDYWLOEHGULIWHQ KYRUHWWDYNUDYHQHHUnVW¡WWH8QLFHIV K YRUHWWDYNUDYHQHHUnVW¡WWH8QLFHIV DUEHLG¡NRQRPLVNRJLWLOOHJJVWLOOHEnGH D UEHLG¡NRQRPLVNRJLWLOOHJJVWLOOHEnGH PHQQHVNHOLJHRJDQGUHUHVVXUVHUWLO P HQQHVNHOLJHRJDQGUHUHVVXUVHUWLO UUnGLJKHWWLOGHWEHVWHIRUYHUGHQVEDUQ nGLJKHWWLOGHWEHVWHIRUYHUGHQVEDUQ GHUIRUDPEDVVDG¡UHU G HUIRUDPEDVVDG¡UHU 81,&()JLUVWHPPHWLOGHVRPLNNH 8 1,&()JLUVWHPPHWLOGHVRPLNNH NDQHOOHUYHWDWGHKDUHQVWHPPH N DQHOOHUYHWDWGHKDUHQVWHPPH 'HHUPHGnSnYLUNHP\QGLJKHWHU ' HHUPHGnSnYLUNHP\QGLJKHWHU UUXQGWRPNULQJLYHUGHQIRUnIRUEHGUH XQGWRPNULQJLYHUGHQIRUnIRUEHGUH OOHYHYLONnUHQHWLOPDQJHEDUQ HYHYLONnUHQHWLOPDQJHEDUQ 81,&()MREEHUXWLIUDDWDOOHEDUQKDU 8 1,&()MREEHUXWLIUDDWDOOHEDUQKDU NUDYSnRYHUOHYHOVHXWGDQQLQJWLOJDQJ N UDYSnRYHUOHYHOVHXWGDQQLQJWLOJDQJ WWLOOHJHKMHOSEHVN\WWHOVHUHWWWLOnGHOWD LOOHJHKMHOSEHVN\WWHOVHUHWWWLOnGHOWD



RJEOLK¡UWRJUHWWWLOnY UHEDUQ R JEOLK¡UWRJUHWWWLOnY UHEDUQ 81,&()VHWWHULJDQJIRUVNMHOOLJH 8 1,&()VHWWHULJDQJIRUVNMHOOLJH SURVMHNWHUUXQGWRPNULQJLYHUGHQVRP S URVMHNWHUUXQGWRPNULQJLYHUGHQVRP RPKDQGOHUGLVVHWHPDHQH R PKDQGOHUGLVVHWHPDHQH 8 ,EOH´I¡GW´LPHGI¡UVWH 8 ,EOH´I¡GW´LPHGI¡UVWH VDPOLQJDYDPEDVVDG¡UHURJIHOOHV V DPOLQJDYDPEDVVDG¡UHURJIHOOHV OORJR'HWKDUVLGHQGHQJDQJY UW RJR'HWKDUVLGHQGHQJDQJY UW nUOLJHDUUDQJHPHQWHUVRPVDOJDY n UOLJHDUUDQJHPHQWHUVRPVDOJDY MMXOHNRUWNRVHG\UNDPSDQMHQMXOHJDYHU XOHNRUWNRVHG\UNDPSDQMHQMXOHJDYHU IIUDPHGDUEHLGHUH8 ,VDPOLQJHURJ UDPHGDUEHLGHUH8 ,VDPOLQJHURJ 81,&()PDJDVLQHW 8 1,&()PDJDVLQHW 9LKDURJVnXOLNHVDPDUEHLGDNWLYLWHWHU 9 LKDURJVnXOLNHVDPDUEHLGDNWLYLWHWHU VRPHUSHUPDQHQWH V RPHUSHUPDQHQWH ´´5HQWYDQQ´KHUJLU,.($ 5HQWYDQQ´KHUJLU,.($ NUSUVROJWHEODQGHEDWWHUL5HQW N USUVROJWHEODQGHEDWWHUL5HQW YDQQUHGXVHUHUV\NGRPRJVNDSHU Y DQQUHGXVHUHUV\NGRPRJVNDSHU PXOLJKHWHQIRUHWWU\JJHUHRJEHGUHOLY P XOLJKHWHQIRUHWWU\JJHUHRJEHGUHOLY IIRUEDUQRJGHUHVIDPLOLHU RUEDUQRJGHUHVIDPLOLHU ´´6XQQDQODPSHQ´KHUJLVODPSHUWLO 6XQQDQODPSHQ´KHUJLVODPSHUWLO VNROHEDUQVnGHNDQJM¡UHOHNVHUHWWHU V NROHEDUQVnGHNDQJM¡UHOHNVHUHWWHU P¡UNHWVIUHPEUXGG P ¡UNHWVIUHPEUXGG ´´.RVHG\UNDPSDQMH´¼SUVROJWH .RVHG\UNDPSDQMH´¼SUVROJWH VRIWWR\±EOLUHQIRUPXH V RIWWR\±EOLUHQIRUPXH 6$0/,1*(16'$* 6 $0/,1*(16'$* 'HQQHGDJHQYDUYLSn62RJKDGGH ' HQQHGDJHQYDUYLSn62RJKDGGH SURVMHNWDUEHLGOHGHWDY0RUWHQ8VWHUXG S URVMHNWDUEHLGOHGHWDY0RUWHQ8VWHUXG IIUD6¡OYSLOHQ UD6¡OYSLOHQ 'DMREEHWYLLFDIHVHPLQDUPHGGH ' DMREEHWYLLFDIHVHPLQDUPHGGH NDPSDQMHQHIRU)< N DPSDQMHQHIRU)< 'HWEOLUNDPSDQMHUL)<GHUWRDY ' HWEOLUNDPSDQMHUL)<GHUWRDY GHHUKHOWQ\H G HHUKHOWQ\H ,,.($)DPLO\+YHUJDQJIDPLO\ .($)DPLO\+YHUJDQJIDPLO\ PHGOHPPHUWUHNNHUNRUWHWYLO,.($ P HGOHPPHUWUHNNHUNRUWHWYLO,.($ GRQHUH[¡UHWLO81,&(),.($YLOIn G RQHUH[¡UHWLO81,&(),.($YLOIn LLQIRUPDVMRQRPNXQGHQKYRUPDQJH QIRUPDVMRQRPNXQGHQKYRUPDQJH JDQJHUNXQGHQEHV¡NHUYDUHKXVHW J DQJHUNXQGHQEHV¡NHUYDUHKXVHW O¡SHWDYHWWnUHWFRJ81,&()InU LLO¡SHWDYHWWnUHWFRJ81,&()InU EHO¡SHW E HO¡SHW .RVHG\UNDPSDQMHQ*RGJDPPHO . RVHG\UNDPSDQMHQ*RGJDPPHO WWUDYHUPHQHNVWUHPWYLNWLJ±¿QQHSn UDYHUPHQHNVWUHPWYLNWLJ±¿QQHSn Q\HWLQJVRP¡NHUVDOJHWLSHULRGHQ Q \HWLQJVRP¡NHUVDOJHWLSHULRGHQ  %LOO\'HWWHHUHQQ\NDPSDQMHVRPYL % LOO\'HWWHHUHQQ\NDPSDQMHVRPYL IIDQWXWDWYLKDUVWRUWURSn)RUKYHUW DQWXWDWYLKDUVWRUWURSn)RUKYHUW %,//<SURGXNWVRPEOLUVROJWGRQHUHU % ,//<SURGXNWVRPEOLUVROJWGRQHUHU ,,.($HWWYLVVWEHO¡SWLO81,&() .($HWWYLVVWEHO¡SWLO81,&()

+XPRUNYHOGHQ'HWWHDUUDQJHPHQWHW +XPRUNYHOGHQ'HWWHDUUDQJHPHQWHW K DUEOLWWJMHQQRPI¡UWLWRnUKHUHU KDUEOLWWJMHQQRPI¡UWLWRnUKHUHU G HWPDQJHQRUVNH´NMHQGLVHU´VRPHU GHWPDQJHQRUVNH´NMHQGLVHU´VRPHU HQJDVMHUWHRJYLNWLJHWDOVSHUVRQHUIRU H QJDVMHUWHRJYLNWLJHWDOVSHUVRQHUIRU 81,&()RJGHUHVDUEHLG+XPRUNYHOGHQ 8 1,&()RJGHUHVDUEHLG+XPRUNYHOGHQ JnUXWSnnYHUYHIDGGHUHRJVDPOHLQQ J nUXWSnnYHUYHIDGGHUHRJVDPOHLQQ S HQJHU SHQJHU 9LNXQQHKDEUXNWPDQJHVLGHULGHWWH 9LNXQQHKDEUXNWPDQJHVLGHULGHWWH EODGHWSnnIRUWHOOHRPKYD81,&()JM¡U E ODGHWSnnIRUWHOOHRPKYD81,&()JM¡U IIRUEDUQVRPWUHQJHUKMHOSIRUnRYHUOHYH RUEDUQVRPWUHQJHUKMHOSIRUnRYHUOHYH LLHQKDUGYHUGHQ7HQNSnGHQQHQHVWH HQKDUGYHUGHQ7HQNSnGHQQHQHVWH J DQJGXODUYDQQHWUHQQHDWGHW¿QQHV JDQJGXODUYDQQHWUHQQHDWGHW¿QQHV PHQQHVNHUGHUXWLYHUGHQVRPPnJn[ P HQQHVNHUGHUXWLYHUGHQVRPPnJn[ ±DQWDOONLORPHWHUIRUnInWLOJDQJWLOUHQW DQWDOONLORPHWHUIRUnInWLOJDQJWLOUHQW ± Y DQQ1HVWHJDQJGXODUO\VHWVWnSnL YDQQ1HVWHJDQJGXODUO\VHWVWnSnL H WWURPGXLNNHRSSKROGHUGHJLDWGHW HWWURPGXLNNHRSSKROGHUGHJLDWGHW ¿ QQHVEDUQLYHUGHQVRPLNNHInUJMRUW ¿QQHVEDUQLYHUGHQVRPLNNHInUJMRUW OOHNVHUIRUGLGHKDULNNHO\V'HKDULNNH HNVHUIRUGLGHKDULNNHO\V'HKDULNNH WWLGWLOnJM¡UHOHNVHQHHWWHUVNROHQIRUGL LGWLOnJM¡UHOHNVHQHHWWHUVNROHQIRUGL G HHUXWHRJKHQWHUYDQQHOOHUIRUV¡UJHU GHHUXWHRJKHQWHUYDQQHOOHUIRUV¡UJHU IIDPLOLHQVLQ DPLOLHQVLQ ' HUIRUUHJQHUYLPHGGHJRJGLWW 'HUIRUUHJQHUYLPHGGHJRJGLWW HQJDVMHPHQWLJMHQQRPI¡ULQJHQDYGLVVH H QJDVMHPHQWLJMHQQRPI¡ULQJHQDYGLVVH NDPSDQMHQHIRUGLGHInNURQHQHVRPHU N DPSDQMHQHIRUGLGHInNURQHQHVRPHU OOLWHIRURVVKDUVWRUEHW\GQLQJIRUDQGUH LWHIRURVVKDUVWRUEHW\GQLQJIRUDQGUH 9 LOGXYLWHPHU"7DNRQWDNWPHGRVV 9LOGXYLWHPHU"7DNRQWDNWPHGRVV

H K W H U *   D Q R E O 9D


+

(,

H HUUH Ã&#x20AC;H HÃ&#x20AC; HUUWWH VH VV DV ND QQN JLLQQ RJ VR DWWV VD QV LQQ LGLQ VROOLG HQVR HHQ GH RUG Q JMMRU LQQ RPJ OHWLQ OHW V VR  P D DP P V H HP  G WV W  H WG W V VH Q X D O ODQ K KX E H U YDUUH YDUE QYD OHYD HOH JHQ KH LQJH PK RP GHOOLQ VR YGH HV DY QH HD HQ JH SH QJ SS HQ ODS VH nV Sn DYOD ODY QS HO XQ GH LGX HLG HQG 5H PHQ LY5 /LY / DP IUD QIU XQ KX VHUUK YLLVH HUUY +H +   U U H S SH S D DS O  L LO H + +H

+(, + (,

+(, + (,

+(,

, ( +

´+(,´  ´+(,´ OODSSHUWLO)RUXV DSSHUWLO)RUXV +(, )LNN GX HQ ´+HL´ODSS DY HQ DY YnUH )LNNGXHQ´+HL´ODSSDYHQDYYnUH E HV¡NHQGH XQGHU XQGHU ´+HL´NDPSDQMHQ ´+HL´NDPSDQMHQ L L EHV¡NHQGH P DUV" , Vn IDOO HU GX L JRGW VHOVNDS PDUV",VnIDOOHUGXLJRGWVHOVNDS ,, O¡SHW O¡SHW DY DY GHQ GHQ WUH WUH XNHU XNHU ODQJH ODQJH +HL +HL NDPSDQMHQ N DPSDQMHQ EOH EOH GHW GHW GHOW GHOW XW XW KHOH KHOH   ´´+HL´ODSSHU +HL´ODSSHU ) )RU RU n n In In HQ HQ VOLN VOLN ODSS ODSS P nWWH GX GX VL VL ´+HL´ ´+HL´ WLO WLO HQ HQ NXQGH NXQGH VRP VRP PnWWH D OWVnYDUHQP\VWHU\VKRSSHULVLYLOW  DOWVnYDUHQP\VWHU\VKRSSHULVLYLOW  +HU Sn +HU Sn )RUXV )RUXV ¿NN ¿NN YL YL WUH WUH DYGHOLQJHU DYGHOLQJHU VRP V RP EOH EOH XNHVYLQQHUH XNHVYLQQHUH RJ RJ YDQW YDQW   N URQHUKYHU YLQQHUQHEOHDOWVnNnUHW NURQHUKYHU YLQQHUQHEOHDOWVnNnUHW Y HGnGHOHDQWDOO+HLODSSHUSnDQWDOO YHGnGHOHDQWDOO+HLODSSHUSnDQWDOO D UEHLGHWHWLPHULKYHUDYGHOLQJ  DUEHLGHWHWLPHULKYHUDYGHOLQJ   8NH/DPSH 8 NH/DPSH 8 NH6RYHURP 8NH6RYHURP 8 NH%DUQDV 8NH%DUQDV  * 5$78/(5(5WLOGHUH

*5$78/(5(5WLOGHUH

 7(.67RJ)272 (.67RJ)272 7

(WWHU XNH (WWHU XNH   On On V RYHURP KRV KRV RVV RVV DQ DQ VRYHURP WWLO LO n YLQQH NRQNXUUDQVHQ NRQNXUUDQVHQ RP RP n YLQQH n EOL EHVWH EHVWH +HL +HL DYGHOLQJ DYGHOLQJ L L ODQGHW ODQGHW 0HQ 0HQ n EOL GHWYDUWHWWLWHWHQRJGHKDYQHWWLOVOXWW G HWYDUWHWWLWHWHQRJGHKDYQHWWLOVOXWW SnHQSODVVVRPRJVnHUYHOGLJEUD  S nHQSODVVVRPRJVnHUYHOGLJEUD  6 RYHURP Sn Sn ,.($ ,.($ 6¡UODQGHW 6¡UODQGHW EOH EOH ODQGHWV ODQGHWV 6RYHURP EHVWHDYGHOLQJ EHVWHDYGHOLQJ  7RWDOWKDYQHWYLSnSODVVVRPYDUHKXV 7RWDOWKDYQHWYLSnSODVVVRPYDUHKXV PHQ PHQ KHU KHU YDU YDU GHW GHW LNNH LNNH VWRU VWRU PDUJLQ PDUJLQ WLO WLO YHUNHQ   HOOHU HOOHU   SODVV SODVV ,.($ ,.($ 6¡UODQGHW 6¡UODQGHW YHUNHQ VNLOWH VHJ NODUW XW RJ EOH VXYHUHQW EHVWH VNLOWHVHJNODUWXWRJEOHVXYHUHQWEHVWH YDUHKXV YDUHKXV  +HLNDPSDQMHQ +HLNDPSDQMHQ HU HU Qn Qn IHUGLJ IHUGLJ IRU IRU GHQQH GHQQH JDQJ PHQ PHQ ³+HL´ ³+HL´ KDU KDU NRPPHW NRPPHW IRU IRU n n EOL EOL JDQJ ,NNH JOHP JOHP n n P¡WH P¡WH NXQGHQH NXQGHQH PHG PHG HW HW EOLGW EOLGW ,NNH ´+HL´ ´+HL´

+HLGL:XOOXP + HLGL:XOOXP




SnNROOHJDHUUXQGWGHJ SnNROOHJDHUUXQGWGHJ VRPJMยกUHQHNVWUDLQQVDWV V RPJMยกUHQHNVWUDLQQVDWV IIRUnOHYHRSSWLO+(/7 RUnOHYHRSSWLO+(/7 1 20,1รŠ57,/+(/7 120,1รŠ57,/+(/7 + YHUGDJHUGHWPDQJHSn +YHUGDJHUGHWPDQJHSn ,,.($VRPJMยกUHQNMHPSH .($VRPJMยกUHQNMHPSH MMREEIRUDWNXQGHQHVNDO REEIRUDWNXQGHQHVNDO EOLIRUQยก\GH'LVVHPHGDU E OLIRUQยก\GH'LVVHPHGDU E HLGHUQH HOOHUOHGHUQH  EHLGHUQH HOOHUOHGHUQH  K DUYLO\VWWLOnYLVHIUDP KDUYLO\VWWLOnYLVHIUDP VRPJRGHHNVHPSOHUIRU V RPJRGHHNVHPSOHUIRU R VVDQGUH0HQIRUnInWLO RVVDQGUH0HQIRUnInWLO GHWPnYLDOOHKROGHยก\QH G HWPnYLDOOHKROGHยก\QH

WWLOJMHQJHOLJHYDUHU LOJMHQJHOLJHYDUHU

.XQGHQVยกQVNHยฑYnUMREE .XQGHQVยกQVNHยฑYnUMREE . XQGHOยกIWHQHYnUHHULNNH .XQGHOยกIWHQHYnUHHULNNH WWLOIHOGLJYDOJW'HWWHHUKYD LOIHOGLJYDOJW'HWWHHUKYD

NXQGHQHJMHQQRPPDQJH NXQGHQHJMHQQRPPDQJH XQGHUVยกNHOVHUKDUIRU X QGHUVยกNHOVHUKDUIRU WWDOWRVVDWGHยกQVNHURJ DOWRVVDWGHยกQVNHURJ IIRUYHQWHUQnUGHNRPPHU RUYHQWHUQnUGHNRPPHU WWLO,.($'HWHUYnUMREEn LO,.($'HWHUYnUMREEn V ยกUJHIRUDWNXQGHQHInU VยกUJHIRUDWNXQGHQHInU GHWGHยกQVNHU G HWGHยกQVNHU 6 nKYDNDQKYHURJHQNHOW 6nKYDNDQKYHURJHQNHOW DYRVVJMยกUHIRUnRSSI\OOH D YRVVJMยกUHIRUnRSSI\OOH N XQGHOยกIWHQH"'HUVRPGX NXQGHOยกIWHQH"'HUVRPGX K DUJnWWSn+(/7NXUV KDUJnWWSn+(/7NXUV KDUGXInWWDQOHGQLQJWLOn K DUGXInWWDQOHGQLQJWLOn WWHQNHJMHQQRPGHWWH2J HQNHJMHQQRPGHWWH2J NDQVNMHEOLWWRSSPHUNVRP N DQVNMHEOLWWRSSPHUNVRP

OODYSULV DYSULV

+ (/7HUHU,.($PHGDUEHL +(/7HUHU,.($PHGDUEHL GHUHVRPKDUXWPHUNHWVHJ G HUHVRPKDUXWPHUNHWVHJ V SHVLHOWYHGnOHYHRSSWLO VSHVLHOWYHGnOHYHRSSWLO NXQGHOยกIWHQHYnUH+XVNHU N XQGHOยกIWHQHYnUH+XVNHU G XGHP" GXGHP"

HQNHOWnKDQGOH H QNHOWnKDQGOH

KMHOSVRPPHNXQQVNDSVULNH K MHOSVRPPHNXQQVNDSVULNH RJYHQQOLJHPHGDUEHLGHUH R JYHQQOLJHPHGDUEHLGHUH 6nODQJWLYLUNVRPKHWVnUHW 6nODQJWLYLUNVRPKHWVnUHW KDUYLNnUHW+(/7HU2J K DUYLNnUHW+(/7HU2J Y LKDUSODVVWLOHQGDร€HUHSn YLKDUSODVVWLOHQGDร€HUHSn +(/7YHJJHQYnU + (/7YHJJHQYnU

R JยกUHUnSQHRJQRWHUHRVV RJยกUHUnSQHRJQRWHUHRVV KYHPVRPSnHQJRGPnWH K YHPVRPSnHQJRGPnWH OOHYHURSSWLONXQGHOยกIWHQH HYHURSSWLONXQGHOยกIWHQH YnUHRJKYRUGDQKDQKXQ Y nUHRJKYRUGDQKDQKXQ JMยกUGHW J MยกUGHW 'HWKHQJHUQRPLQDVMRQV 'HWKHQJHUQRPLQDVMRQV V NMHPDSn+(/7YHJJHQYHG VNMHPDSn+(/7YHJJHQYHG S HUVRQDOUHVWDXUDQWHQ)\OO SHUVRQDOUHVWDXUDQWHQ)\OO XWVNMHPDHWRJOHJJGHWL X WVNMHPDHWRJOHJJGHWL S RVWNDVVHQ8DYKHQJLJRP SRVWNDVVHQ8DYKHQJLJRP GLQNDQGLGDWEOLUNnUHWWLO G LQNDQGLGDWEOLUNnUHWWLO + (/7HOOHULNNHEOLUGXGD +(/7HOOHULNNHEOLUGXGD P HGLWUHNQLQJHQRPJDYH PHGLWUHNQLQJHQRPJDYH NRUWSn N RUWSn 


9nUHIHUVNH+(/7HU 9 nUHIHUVNH+(/7HU

-HQQ\6XXUNOD -HQQ\6XXUNOD ,.($)RUXV , .($)RUXV 6DOJVRYHURP 6 DOJVRYHURP

6WHSKDQ6YHQGVHQ 6WHSKDQ6YHQGVHQ ,.($)RUXV , .($)RUXV ,.($)RRG , .($)RRG

$QQHOLQ6DOWH $QQHOLQ6DOWH ,.($)RUXV , .($)RUXV 6DOJWHNVWLO 6 DOJWHNVWLO

+XQHUHWJRGWHNVHPSHOSn +XQHUHWJRGWHNVHPSHOSn K YRUGDQPDQVNDOEHKDQ KYRUGDQPDQVNDOEHKDQ G OHNXQGHQ+XQHUXWUROLJ GOHNXQGHQ+XQHUXWUROLJ V HUYLFHPLQGHGRJNXQGHQH VHUYLFHPLQGHGRJNXQGHQH H UDOOWLGYHOGLJIRUQ¡\GH HUDOOWLGYHOGLJIRUQ¡\GH P HGKMHOSHQGHInU+XQHU PHGKMHOSHQGHInU+XQHU N XQQVNDSVULNRJJLUP\H NXQQVNDSVULNRJJLUP\H D YVLQNXQQVNDSYLGHUHL DYVLQNXQQVNDSYLGHUHL D YGHOLQJHQ+XQHUHQVWRU DYGHOLQJHQ+XQHUHQVWRU P RWLYDWRUIRURVVDOOH PRWLYDWRUIRURVVDOOH

'HWPDQJOHWIRONLRS 'HWPDQJOHWIRONLRS S YDVNHQ2JVnVQLOOVRP SYDVNHQ2JVnVQLOOVRP K DQHUVWLOWH6WHSKDQRSS± KDQHUVWLOWH6WHSKDQRSS± V HOYRPKDQHJHQWOLJMREEHU VHOYRPKDQHJHQWOLJMREEHU S nNM¡NNHQHW+DQJMRUGH SnNM¡NNHQHW+DQJMRUGH N YHOGHQWLOGHWRDQGUHL NYHOGHQWLOGHWRDQGUHL R SSYDVNHQHQNOHUHRJYL RSSYDVNHQHQNOHUHRJYL N XQQHWLOE\YnUHNXQGHU NXQQHWLOE\YnUHNXQGHU UUHQHWDOOHUNHQHURJHQUHQ HQHWDOOHUNHQHURJHQUHQ UUHVWDXUDQW HVWDXUDQW

+XQJLNNHQUXQGHLVKRZ +XQJLNNHQUXQGHLVKRZ UURRPIRUnI\OOHSnWHNVWLOHU RRPIRUnI\OOHSnWHNVWLOHU G DKXQEOHVWRSSHWDYÀHUH GDKXQEOHVWRSSHWDYÀHUH N XQGHUVRPWUHQJWHKMHOSSn NXQGHUVRPWUHQJWHKMHOSSn E ODQWDQQHW3$;+XQKMDOS EODQWDQQHW3$;+XQKMDOS G DGLVVHNXQGHQHVHOYRP GDGLVVHNXQGHQHVHOYRP K XQLNNHKDUY UWERUWLGLVVH KXQLNNHKDUY UWERUWLGLVVH Y DUHQHWLGOLJHUH.XQGHQH YDUHQHWLGOLJHUH.XQGHQH R SSOHYGHKHQQHVRPVY UW RSSOHYGHKHQQHVRPVY UW K MHOSVRPRJGHJLNNGHUIUD KMHOSVRPRJGHJLNNGHUIUD IIRUQ¡\GH RUQ¡\GH

*U \0RHQ$O.DVLP *U\0RHQ$O.DVLP ,.($)RUXV , .($)RUXV &RP ,Q & RP ,Q

0DUWLQ'DQLHOVHQ 0 DU WLQ'DQLHOVHQ ,.($)RUXV , .($)RUXV /RJLVWLNN / RJLVWLNN

9HGVDOJVVWDUWKDGGH.RP 9HGVDOJVVWDUWKDGGH.RP P ,QQGHVVYHUUHV\NGRPSn P,QQGHVVYHUUHV\NGRPSn E HJJHNRPPXQLNDW¡UHQH EHJJHNRPPXQLNDW¡UHQH * U\VWLOWHRSSXWHQnQ¡OHRJ *U\VWLOWHRSSXWHQnQ¡OHRJ JLNNXUHGGLQQSn0DFHQRJ J LNNXUHGGLQQSn0DFHQRJ EHJ\QWHnSORWWH+XQGURS E HJ\QWHnSORWWH+XQGURS S HWEnGHIURNRVWRJOXQVMRJ SHWEnGHIURNRVWRJOXQVMRJ UUHGGHWGDJHQIRUDOOH HGGHWGDJHQIRUDOOH

0DUWLQHUHQVNLNNHOLJKYHUG 0DUWLQHUHQVNLNNHOLJKYHUG D JVKHOW+YHUGDJW¡PPHU DJVKHOW+YHUGDJW¡PPHU K DQELOHUKHLVHURSSYDUHU KDQELOHUKHLVHURSSYDUHU R JNM¡UHUXWV¡SSHOVOLNDW RJNM¡UHUXWV¡SSHOVOLNDW YDUHQHEOLUWLOJMHQJHOLJHIRU Y DUHQHEOLUWLOJMHQJHOLJHIRU NXQGHQ+DQHUDOOWLGLJRGW N XQGHQ+DQHUDOOWLGLJRGW K XP¡URJHQJRGUROOHPRG KXP¡URJHQJRGUROOHPRG H OO+DQIRUWMHQHUnEOLYLVW HOO+DQIRUWMHQHUnEOLYLVW K YRUVWRUSULVYLVHWWHUSn KYRUVWRUSULVYLVHWWHUSn KDP K DP




0LQH/HGH 0 LQH/HGH Astrid As trid Skjaerpe

3P[[VTTLN! 3 P[[VTTLN!

6LYLOVWDWXV 6LYLOVWDWXV *LIWJXWWHUSnRJnU *LIWJXWWHUSnRJnU DODVNDQPDODPXWHRJNDWW DODVNDQPDODPXWHRJNDWW )ULWLGVLQWHUHVVHU )ULWLGVLQWHUHVVHU )ULVNWUHQLQJVVHQWHUWXULVNRJRJ )ULVNWUHQLQJVVHQWHUWXULVNRJRJ PDUN RJ RJ LNNH LNNH PLQVW PLQVW n n KD KD EHV¡N EHV¡N PDUN HOOHUY UHSnEHV¡N HOOHUY UHSnEHV¡N <QGOLQJVUHWW <QGOLQJVUHWW 7URUNDQVNMHMHJPnVLNRPOH 7URUNDQVNMHMHJPnVLNRPOH 6W¡UVWHGU¡P 6W¡UVWHGU¡P 9LQQHP\HSHQJHULORWWR

9LQQHP\HSHQJHULORWWR

6W¡UVWHLGRO 6W¡UVWHLGRO 0nIDNWLVNVLV¡VWUHQH,KOHQ%DUH 0nIDNWLVNVLV¡VWUHQH,KOHQ%DUH GLJJHUGHGDPHQH GLJJHUGHGDPHQH )DYRULWWUHLVHPnO )DYRULWWUHLVHPnO /DV9HJDV /DV9HJDV .DQLNNHOHYHXWHQ .DQLNNHOHYHXWHQ )DPLOLHQPLQ )DPLOLHQPLQ +YD +YD HU HU GLQ GLQ GU¡PPHRYHUVNULIW GU¡PPHRYHUVNULIW SnIUHPVLGHQWLO,Q)RUXV" SnIUHPVLGHQWLO,Q)RUXV" ´,.($ ´,.($ ± ± VWRUVOnWW VWRUVOnWW Q\nSQLQJ Q\nSQLQJ DY DY IDQWDVWLVNYDUHKXV´ IDQWDVWLVNYDUHKXV´

6WLOOLQJRJDUEHLGVRSSJDYHU 6WLOOLQJRJDUEHLGVRSSJDYHU $ GPVMHIVLNNHUKHWVDQVYDUOLJ $GPVMHIVLNNHUKHWVDQVYDUOLJ 1nUEHJ\QWHGXSn,.($" 1nUEHJ\QWHGXSn,.($"     +YDOLNHUGXEHVWPHGnMREEH + YDOLNHUGXEHVWPHGnMREEH Sn,.($" S n,.($" 'HQ ' HQ IDQWDVWLVNH IDQWDVWLVNH PXOLJKHWHQ PXOLJKHWHQ GX GX K DUWLOnInXWYLNOHGHJRJnSU¡YH KDUWLOnInXWYLNOHGHJRJnSU¡YH IIRUVNMHOOLJH RUVNMHOOLJH MREEHU MREEHU -HJ -HJ KDU KDU KDWW KDWW  IRUVNMHOOLJHMREEHUSn,.($ IRUVNMHOOLJHMREEHUSn,.($ +YLONH DY YnUH + YLONH D Y YHUGLHQH YHUGLHQH Y nUH OLNHU OLNHU G XEHVWHUYLNWLJVWIRUGHJRJ GXEHVWHUYLNWLJVWIRUGHJRJ KYRUIRU" K YRUIRU" ) HOOHVVNDS RJ RJ HQWXVLDVPH HQWXVLDVPH ± ± )HOOHVVNDS VDPPHQHUYLVWHUNH V DPPHQHUYLVWHUNH + YD H U G LWW \QGOLQJVP¡EHO \QGOLQJVP¡EHO Sn Sn +YD HU GLWW (NWRUS ,.($" , .($" ( NWRUS ± ± IRU IRU GH GH PDQJH PDQJH PHQQHVNHQH PHQQHVNHQH

'IMSAM8AKRH ' IMSAM8AKRH

3P[[VTTLN! 3 P[[VTTLN! 6 LYLOVWDWXV 6LYLOVWDWXV 0 DUULHG 0DUULHG ) ULWLGVLQWHUHVVHU )ULWLGVLQWHUHVVHU & RRNLQJ F LQHPD &RRNLQJ FLQHPD F \FOLQJUXJE\ F\FOLQJUXJE\

VZLPPLQJ VZLPPLQJ

< QGOLQJVUHWW <QGOLQJVUHWW . RPOH

.RPOH

6 W¡UVWHGU¡P 6W¡UVWHGU¡P : LQWKH/RWWR :LQWKH/RWWR 6 W¡UVWHLGRO 6W¡UVWHLGRO 0 LFKDHO&ROOLQV 0LFKDHO&ROOLQV ) DYRULWWUHLVHPnO )DYRULWWUHLVHPnO % RUD%RUD %RUD%RUD . DQLNNHOHYHXWHQ .DQLNNHOHYHXWHQ 0 \IDPLO\DQGP\´/H&UXVHW´ 0\IDPLO\DQGP\´/H&UXVHW´ F DVW,URQIU\LQJSDQ FDVW,URQIU\LQJSDQ + YD H U G LQ G U¡PPHRYHUVNULIW +YD HU GLQ GU¡PPHRYHUVNULIW S nIUHPVLGHQWLO,Q)RUXV" SnIUHPVLGHQWLO,Q)RUXV" ´´)LQWDQ:LQVWKHORWWRDQGEULQJV )LQWDQ:LQVWKHORWWRDQGEULQJV H YHU\RQHRXWIRUGLQQHUDQGDORW HYHU\RQHRXWIRUGLQQHUDQGDORW R IGULQNV´ RIGULQNV´



6WLOOLQJRJDUEHLGVRSSJDYHU 6WLOOLQJRJDUEHLGVRSSJDYHU ,,Q6WRUH/RJLVWLFV0DQDJHU Q6WRUH/RJLVWLFV0DQDJHU 5HSRQVLEOH 5 HSRQVLEOH IIRU RU WKH WKH ORJLVWLFV ORJLVWLFV IIXQFWLRQLQ,.($)RUXV XQFWLRQLQ,.($)RUXV 1nUEHJ\QWHGXSn,.($" 1 nUEHJ\QWHGXSn,.($" 'HFHPEHU ' HFHPEHU +YLONH DY + YLONH D Y YHUGLHQH YHUGLHQH YnUH YnUH OLNHU OLNHU GXEHVWHUYLNWLJVWIRUGHJ" G XEHVWHUYLNWLJVWIRUGHJ" ´´'DULQJWREHGLIIHUHQW´ 'DULQJWREHGLIIHUHQW´ + YD E HW\U , .($V Y LVMRQ IIRU RU +YD EHW\U ,.($V YLVMRQ GHJ RJ KYD JM¡U n G HJ R J K YD J M¡U GX GX IIRU RU n LLYDUHWDYLVMRQHQKYHUGDJ" YDUHWDYLVMRQHQKYHUGDJ" ,,W W LLQVSLUHV QVSLUHV PH PH WR WR FRPH FRPH WR WR ZRUN ZRUN HYHU\GD\ H YHU\GD\ DQG DQG GR GR P\ P\ EHVW EHVW QRW QRW MMXVW XVW WWR R PDNH PDNH RXU RXU FXVWRPHUV FXVWRPHUV EHWWHU OOLYHV LYHV E HWWHU HYHU\GD\ HYHU\GD\ EXW EXW RXU RXU F RZRUNHUV 6WD\ 6WD\ SRVLWLYH SRVLWLYH DQG DQG FRZRUNHUV D OZD\V UHPHPEHU UHPHPEHU WKHUH WKHUH LV LV D D DOZD\V VROXWLRQWRDQ\SUREOHP V ROXWLRQWRDQ\SUREOHP + YD H U G LWW \QGOLQJVP¡EHO \QGOLQJVP¡EHO +YD HU GLWW S n , .($" $ /9526 6RID 6RID Sn ,.($" $/9526 8 QEHOLHYHDEO\FRPIRUWDEOH 8QEHOLHYHDEO\FRPIRUWDEOH


HUH

,GHQQHDUWLNNHOVHULHQSnWRGHOHU YLOGHUHEOLHQGDEHGUHNMHQWPHG YnUÀRWWHOHGHUJUXSSHSn,.($ )RUXV,WLOOHJJWLOnInHQEHGUH RYHUVLNWRYHUKYHPGHHURJKYLONH UROOHGHKDUSnKXVHWVNDOGXRJVn InYLWHOLWWPHURPSHUVRQHQHEDN XQLIRUPHQ

3P[[VTTLN!

)ULWLGVLQWHUHVVHU 6KRSSLQJ WUHQLQJ EHV¡N KRV YHQQHU RJ IDPLOLH VSLOOH NRUW V\VOHSnLKMHPPHW <QGOLQJVUHWW (Q UHWWHUV PHG Q¡\H XWYDOJW WLOEHK¡USDVVHUPHJXWPHUNHW 6W¡UVWHGU¡P %DGHPHGHQGHO¿QHOOHUnIRVWUH RSSHQ´-XOLXV´KDUDOOWLGY UWHQ EDUQHGU¡P 6W¡UVWHLGRO 0LQ PRU +XQ HU DOOWLG Vn SRVLWLY RJ KDU HQ WnOPRGLJKHW VRP L KYHUWIDOOLNNHMHJKDUDUYHW )DYRULWWUHLVHPnO &UXLFHLNDULELHQ0DXULWLXV .DQLNNHOHYHXWHQ )DPLOLHQPLQ +YD HU GLQ GU¡PPHRYHUVNULIW SnIUHPVLGHQWLO,Q)RUXV" ´,.($)RUXVInUQ\WWYDUHKXV´

3P[[VTTLN!

5HVWHQDYYnUHOHGHUHEOH SUHVHQWHUWLIRUULJHXWJDYHDY ,Q)RUXV

Marianne Gjerde

6LYLOVWDWXV 6DPERHURJHLGDWWHUSnVQDUW nUVRPKHWHU+HOOH

Jm

.DQVNMHGHOHUGXVDPPH \QGOLQJVUHWWPHG+5VMHIHQHOOHU KDUGHVDPPHIULWLGVLQWHUHVVHQH VRPYnUQ\HORJLVWLNNVMHI"

6WLOOLQJ RJ DUEHLGVRSSJDYHU  ,.($ )RRG PDQDJHU -HJ VNDO OHGH RJ DGPLQLVWUHUH ,.($ )22' RJ WD L EUXN ,.($ )22'NRQVHSWHW IRU n Qn PnOVHWWLQJHQ RP n KMHOSH YDUHKXVHWn¡NHVDOJHWDY,.($VP¡EOHURJKMHPLQQUHGQLQJ RJ VW¡WWHU RSS XQGHU ,.($V SRVLVMRQ VRP OHGHQGH VHOVNDS LQQHQKMHPLQQUHGQLQJ 1nUEHJ\QWHGXSn,.($" +YDOLNHUGXEHVWPHGnMREEHSn,.($" -HJV\QHVMHJKDUHQVSHQQHQGHMREE'HWKHNWLVNHPLOM¡HW JM¡UDWGHWVMHOGHQEOLUNMHGHOLJRJGHQHQRUPHNXQGHPDVVHQ JM¡UDWHQIRUWNDQInVYDUSnRPHQMREEHUULNWLJHOOHULNNH 'HWWHRJP\HDQQHWVHWWHUMHJK¡\WPHG,NHD,NNHUDUW,NHD HUHQDWWUDNWLYDUEHLGVSODVV-HJHUVWROWRYHUnMREEHKHU +YLONH DY YHUGLHQH YnUH OLNHU GX EHVWHU YLNWLJVW IRU GHJRJKYRUIRU" ´/HDGHUKLS E\ H[DPSOH´ +YLV GX HU HQ IRUHOGHU Vn YHW GX DOOHUHGH KYD VRP PHQHV PHG GHWWH %DUQ JM¡U LNNH KYD GX IRUWHOOHUGHPDWGHVNDOJM¡UH%DUQWDUHWWHURJJM¡UGHW'8 JM¡U2JVRP.DPSUDGVHOYVnJRGWKDUXWWDOW ´1RPHWKRGLVPRUHHIIHFWLYHWKDQDJRRGH[DPSOH´ 'HWWHHUQRHMHJSU¡YHUnHWWHUOHYHKYHUGDJVDPPHQPHG NROOHJDHQHPLQH(QJDVMHPHQWHUYHOGLJYLNWLJIRUPHJ ´'DULQJ WR EH GLIIHUHQW´ -HJ V\QHV RJVn GHW HU ÀRWW DW HQ DY  JUXQQWDQNHQH WLO ,NHD HU DW HQ VNDO KD YLOMH WLO n SU¡YH DQGUHO¡VQLQJHUHQQGHNRQYHQVMRQHOOHPHQXWHQnSU¡YHn JMHQRSS¿QQHKMXOHWLJMHQRJLJMHQ +YDHUGLWW\QGOLQJVP¡EHOSn,.($"6WXYDV\VWHPHWHQ VWRUVWMHUQHVDPWGHQ´NRVHOLJH´(NWRUSVHWHUHQ

¯$%?F kM EFM E

6LYLOVWDWXV *LIWPHG-DUOHWUHEDUQ ±$OH[DQGHU3KLOLSRJ(PLOLH )ULWLGVLQWHUHVVHU $NNXUDW Qn HU GHW n WUHQH WLO 1RUGVM¡ULWWHW SXK ±KDUVRPPnOnNRPPHLPnOWLO %DUQH79LnUVnGDHUGHWEDUHnWUHQH <QGOLQJVUHWW 0DPPD¶VNM¡WWNDNHU«GHHUEHVW 6W¡UVWHGU¡P cEOLPHGL´6NDOYLGDQVH´« )DYRULWWUHLVHPnO 6\GHQODQGHW±HOVNHUVRPPHURJVRO .DQLNNHOHYHXWHQ 0LQPDQQRJPLQHEDUQ

+YD HU GLQ GU¡PPHRYHUVNULIW Sn IUHPVLGHQWLO,Q)RUXV" ´(QGHOLJ InU ,.($ )RUXV VLWW Q\H YDUHKXV L 6RODVSOLWWHQ´

6WLOOLQJRJDUEHLGVRSSJDYHU 1\DQVDWW+5VMHIMHJVDPDUEHLGHUPHGRJHUHQVW¡WWHVSLOOHUIRUDOOH GH DQGUH OHGHUQH L YDUHKXVHW -HJ MREEHU IRU DW YL IUHPVWnU VRP HQ DWWUDNWLYRJSURIHVMRQHOODUEHLGVJLYHU 1nUEHJ\QWHGXSn,.($" MDQXDU +YDOLNHUGXEHVWPHGnMREEHSn,.($" $W LQJHQ GDJHU HU OLNH $W MHJ KHOH WLGHQ InU Q\H XWIRUGULQJHU RJ Vn VHWWHUMHJYHOGLJSULVSnDOOHGHJRGHNROOHJHQHPLQH +YLONH DY YHUGLHQH YnUH OLNHU GX EHVWHU YLNWLJVW IRU GHJ RJ KYRUIRU" 9 UHHWJRGWHNVHPSHO±IRUGLMHJPHQHUDWOHGHOVHLVWRUJUDGKDQGOHU RPQHWWRSSGHWnY UHJRGHHNVHPSOHU +YD EHW\U ,.($V YLVMRQ IRU GHJ RJ KYD JM¡U GX IRU n LYDUHWD YLVMRQHQKYHUGDJ" 'HW JHQLDOH PHG ,.($¶V YLVMRQ HU DW GHQ HU Vn HQNHO 'HQ KDU HQ EHW\GQLQJIRUDOOH)RUPHJOLJJHUYLVMRQHQLEXQQHQSnGHWPHVWHMHJ JM¡UKHUSn,.($VnGHQHUPHGPHJKYHUHQHVWHGDJ +YDHUGLWW\QGOLQJVP¡EHOSn,.($" /DPSHQ 0DVNURV 'HQ HU EDUH NMHPSHOHNNHU 9L KDU GHQ ¡YHUVW L WUDSSHQORIWVWXHQKMHPPHKRVRVVRJGHQJM¡UEDUHKHOHURPPHW




7UHSDOOHV QHV

LV WH U HL V 7UHSDOOHUHUHWNMHQWRJNM UWV\QUXQGW HSDOOHUHUHWNMHQWRJNM UWV\QUXQGW RPNULQJ NULQJ Sn Sn ,.($ ,.($ 7UHSDOOHU 7UHSDOOHU HU HU VWHUNH VWHUNH ROGEDUH PHQ PHQ Sn Sn GHQ GHQ DQGUH DQGUH VLGHQ VLGHQ RJ K KROGEDUH HUGHRJVnVWRUHWXQJHSODVVNUHYHQGH  H RJVn VWRUH WXQJH SODVVNUHYHQGH RVWEDUH 3n 3n YDUHKXVHW YDUHKXVHW L L GDJ GDJ KDU KDU YL YL RJ NRVWEDUH FDSDOOHURJGLVVHHULNRQVWDQW   SDOOHU RJ GLVVH HU L NRQVWDQW RPO¡SL,.($V\VWHPHW+DUGXQRHQJDQJ L,.($V\VWHPHW+DUGXQRHQJDQJ WHQNWSnOLYVV\NOXVHQWLOHQWUHSDOO"  nOLYVV\NOXVHQWLOHQWUHSDOO" +YHUW nU VHQGHU VHQGHU ,.($ ,.($ Sn Sn YHUGHQVEDVLV YHUGHQVEDVLV PHOORP PHOORP    ODVWHELOHU ODVWHELOHU EDUH EDUH PHG PHG WRPPH WRPPH SDOOHU SDOOHU L L UHWXU UHWXU IUD IUD RJ  H YLD YLD VHQWUDOODJHU VHQWUDOODJHU WLO WLO OHYHUDQG¡UHU OHYHUDQG¡UHU RJ RJ WLOEDNH WLOEDNH WLO WLO YDUHKXVHQH Y DUHKXVHQH 'X 'X VRP VRP ,.($ ,.($ PHGDUEHLGHU PHGDUEHLGHU VNM¡QQHU VNM¡QQHU VLNNHUW VLNNHUW YDUHKXVHQH D OOHUHGHQnKYRUIRUGHWYLOY UHSRVLWLYWIRUDOOHDWYLVOXWWHUn DOOHUHGHQnKYRUIRUGHWYLOY UHSRVLWLYWIRUDOOHDWYLVOXWWHUn V HQGHDOOHGLVVHSDOOHQHUXQGWRPNULQJLYHUGHQHOOHU" VHQGHDOOHGLVVHSDOOHQHUXQGWRPNULQJLYHUGHQHOOHU" ,,I¡UVWHRPJDQJYLOLNNHDOOHWUHSDOOHQHIRUVYLQQHPHQGHWYLO I¡UVWHRPJDQJYLOLNNHDOOHWUHSDOOHQHIRUVYLQQHPHQGHWYLO G H Sn Sn VLNW VLNW +YLV +YLV YL YL LNNH LNNH VNDO VNDO À\WWH À\WWH Sn Sn YDUHQH YDUHQH YnUH YnUH YHG YHG KMHOS KMHOS GH D Y WUHSDOOHU WUHSDOOHU Pn Pn YL YL MR MR KD KD DOWHUQDWLYHU DOWHUQDWLYHU 'H 'H ÀHVWH ÀHVWH KDU KDU VLNNHUW VLNNHUW DY OODJW DJW PHUNH PHUNH WLO WLO DW DW HQ HQ VWRU VWRU DQGHO DQGHO DY DY YDUHQH YDUHQH YnUH YnUH DOOHUHGH DOOHUHGH L L G DJ NRPPHU NRPPHU Sn Sn UHVLUNXOHUEDUH UHVLUNXOHUEDUH SDSSSDOOHU SDSSSDOOHU RJ RJ ODVWHOLVWHU ODVWHOLVWHU DY DY GDJ S ODVW PHQ DW GH VWnU Sn WUHSDOOHU cUVDNHQ WLO GHW HU DW YL IRU SODVWPHQDWGHVWnUSnWUHSDOOHUcUVDNHQWLOGHWHUDWYLIRU ¡ \HEOLNNHWYHUNHQKDUXWVW\UHOOHULQIUDVWUXNWXUSnODJHUHWWLOn ¡\HEOLNNHWYHUNHQKDUXWVW\UHOOHULQIUDVWUXNWXUSnODJHUHWWLOn N XQQHKnQGWHUHGLVVHYDUHQHXWHQSDOOHU NXQQHKnQGWHUHGLVVHYDUHQHXWHQSDOOHU ,, O¡SHW O¡SHW DY DY XNH XNH   VNDO VNDO YL YL LQVWDOOHUH LQVWDOOHUH VnNDOWHSUR¿OHU VnNDOWH SUR¿OHU VRP VRP JM¡U JM¡U D W YL YL NDQ NDQ KHLVH KHLVH RSS RSS YDUHU YDUHU XWHQ XWHQ SDOO SDOO Sn Sn GHW GHW QHGHUVWH QHGHUVWH KHLVH KHLVH DW Q LYnHWRJLO¡SHWDYVRPPHUHQRJK¡VWHQYLOYLE\WWHXWXWVW\U QLYnHWRJLO¡SHWDYVRPPHUHQRJK¡VWHQYLOYLE\WWHXWXWVW\U V OLN DW DW DOOH DOOH WUXFNHU WUXFNHU RJ RJ GH GH DOOHU DOOHU ÀHVWH ÀHVWH MHNNHWUDOOHQH MHNNHWUDOOHQH InU InU ODYHUH ODYHUH VOLN J DÀHU Sn  FHQWLPHWHU 'D YLO YL NXQQH KnQGWHUH YDUHQH XWHQ JDÀHUSnFHQWLPHWHU'DYLOYLNXQQHKnQGWHUHYDUHQHXWHQ S DOOHU RJ RJ XWHQ XWHQ SDOOHQH SDOOHQH YLO YLO YL YL RJVn RJVn In In SODVV SODVV WLO WLO ÀHUH ÀHUH YDUHU YDUHU Sn Sn SDOOHU V DOJVSODVVHQH VDOJVSODVVHQH 7 HNVWLODYGHOLQJHQKDUDOOHUHGHJnWWIRUDQVRPHWJRGWHNVHPSHO 7HNVWLODYGHOLQJHQKDUDOOHUHGHJnWWIRUDQVRPHWJRGWHNVHPSHO R J K DU NXWWHW NXWWHW XW XW WUHSDOOHQH WUHSDOOHQH Sn Sn HQNHOWH HQNHOWH OHWWH OHWWH SURGXNWHU SURGXNWHU VRP VRP RJ KDU G \QHURJSXWHU7XVHQWDNNWLO(OOLQRURJGHDQGUHSnDYGHOLQJHQ G\QHURJSXWHU7XVHQWDNNWLO(OOLQRURJGHDQGUHSnDYGHOLQJHQ V RPKDUDGRSWHUWGHQ\HDUEHLGVPHWRGHQHVnUDVNW VRPKDUDGRSWHUWGHQ\HDUEHLGVPHWRGHQHVnUDVNW 9 HGnEOLNYLWWWUHSDOOHQH¡NHUYLI\OQLQJVJUDGHQLKYHUODVWHELO 9HGnEOLNYLWWWUHSDOOHQH¡NHUYLI\OQLQJVJUDGHQLKYHUODVWHELO V RP VHQGHV VHQGHV IUD IUD YnUH YnUH OHYHUDQG¡UHU OHYHUDQG¡UHU RJ RJ YL YL NDQ NDQ VHQGH VHQGH I UUH I UUH VRP OODVWHELOHULUHWXUPHGWRPPHSDOOHU7UDQVSRUWNRVWQDGHQHYLO DVWHELOHU L UHWXU PHG WRPPH SDOOHU 7UDQVSRUWNRVWQDGHQH YLO E OLODYHUHRJLJRG,.($nQGYLOGHWWLOVOXWWWUROLJNRPPHYnUH EOLODYHUHRJLJRG,.($nQGYLOGHWWLOVOXWWWUROLJNRPPHYnUH N XQGHUWLOJRGHLIRUPDYODYHUHSULVHU NXQGHUWLOJRGHLIRUPDYODYHUHSULVHU 7 UHQGHQ L L VDPIXQQHW VDPIXQQHW HU HU DW DW GHW GHW VWDGLJ VWDGLJ EOLU EOLU ÀHUH ÀHUH RJ RJ VW¡UUH VW¡UUH 7UHQGHQ OODVWHELOHUSnYHLHQH+YLV,.($VRPHQVWRUDNW¡USnPDUNHGHW DVWHELOHUSnYHLHQH+YLV,.($VRPHQVWRUDNW¡USnPDUNHGHW N DQ UHGXVHUH UHGXVHUH VLQ VLQ JRGVWUDQVSRUW JRGVWUDQVSRUW YLO YLO GHW GHW VHOYI¡OJHOLJ VHOYI¡OJHOLJ RJVn RJVn KD KD NDQ H Q YHOGLJ SRVLWLY HIIHNW L IRUKROG WLO XWVOLSS DY NOLPDJDVVHU RJ HQYHOGLJSRVLWLYHIIHNWLIRUKROGWLOXWVOLSSDYNOLPDJDVVHURJ P LOM¡JLIWHU,.($Q\WHUJRGWDYEHVSDUHOVHQHGHWWHLQQHE UHU PLOM¡JLIWHU,.($Q\WHUJRGWDYEHVSDUHOVHQHGHWWHLQQHE UHU N XQGHQH YnUH EOLU IRUQ¡\GH PHG ODYHUH SULVHU RJ KYLV YL NDQ NXQGHQHYnUHEOLUIRUQ¡\GHPHGODYHUHSULVHURJKYLVYLNDQ Y LVHUHVWHQDY1RUJHRJYHUGHQDWPDQNDQGULYHGHWDOMKDQGHO YLVHUHVWHQDY1RUJHRJYHUGHQDWPDQNDQGULYHGHWDOMKDQGHO X WHQ WUHSDOOHU YLO GHW GH¿QLWLYW KD P\H n EHW\ IRU PLOM¡HW )RU XWHQWUHSDOOHUYLOGHWGH¿QLWLYWKDP\HnEHW\IRUPLOM¡HW)RU R VVSn,.($VNDOE UHNUDIWDOOWLGOLJJHLEDNKRGHW RVVSn,.($VNDOE UHNUDIWDOOWLGOLJJHLEDNKRGHW

  


&RP ,QKDUKDWWWUHQLQJ & RP ,QKDUKDWWWUHQLQJ

&R RPPH HUFLDO OLJKWLQJ

9LVWLOOHUSn 9LVWLOOHUSn 6LGGLVOยกSHWRJ 6 LGGLVOยกSHWRJ 1RUGVMยกULWWHW 1 RUGVMยกULWWHW 9LVWLOOHUSn6LGGLVOยกSHWRJ 9LVWLOOHUSn6LGGLVOยกSHWRJ 1RUGVMยกULWWHW 1 RUGVMยกULWWHW /ยกUGDJDSULOVWLOOHU,.($ / ยกUGDJDSULOVWLOOHU,.($ )RUXVIRUWUHGMHJDQJSn ) RUXVIRUWUHGMHJDQJSn VWDUWVWUHNHQWLO6LGGLVOยกSHW V WDUWVWUHNHQWLO6LGGLVOยกSHW 6 LGGLVOยกSHWJnUUXQGWVWRUH 6LGGLVOยกSHWJnUUXQGWVWRUH 6 WRNNDYDQQ NLORPHWHU  6WRNNDYDQQ NLORPHWHU   MXQLHUGDWRHQIRU MXQLHUGDWRHQIRU 1 RUGVMยกULWWHWGHUYLVWLOOHUODJ 1RUGVMยกULWWHWGHUYLVWLOOHUODJ ยฑ ยฑRJVnGHWWHIRUWUHGMHJDQJ RJVnGHWWHIRUWUHGMHJDQJ ' HOWDNHOVHQSn6LGGLVOยกSHW 'HOWDNHOVHQSn6LGGLVOยกSHW R J1RUGVMยกULWWHWHUHQGHODY RJ1RUGVMยกULWWHWHUHQGHODY ) RUXVLIRUP )RUXVLIRUP

)ย‘5 ' '  JH MMX XVWHU HWJ WH HWWH QHUHOO OOHO  \V H PHQO  Y WH  UL  \VH UK  UR  NN URSS RUS YHJJ GXNWHQH H  U H HQ

HWW \H ยก\ DWWยก ยกUUD JMMยก JJ RJ HUUWWR VWWH XV MX HUUM HWW HWWH VH GH O\ V JG QJ HO\ Q QLLQ HOOOOH UH P H HU H W WH Q V H HQ  J W WV  J H W U UH H HW G ' QG  HQ nH 5' Vn HV 7(5 77( 6H (7 ( HWW6 NWWH XN GX RG SUUR nS Sn VS HV \UUH VWW\ nV Q Qn    U E EOOLLU

'<77 '<77 N RPPHU NRPPHU WWLOEDNH LOEDNH

RJ OOHU  K\OO ODVV GXNWHQH OD J  U RYH HU 3U R XNW K\OO O U O U E   "  7/ UXQGHU QGHXW ยก )ย‘5 O\ QH SHQ O\VU LNNH NHVnV LN LN LN VHU (77 ( IDOOOOH 56SRW WH U JMยกU JRGWJM URYHU J DV HQQR VXV VK HQ P/ OOD \VUยก \OOOOHQHJ UHQH M XQG ยกUDWOO\ \V HUK \OOOOHQ HW H

+,* PH +48 GJ RG $/,7< EHO \VQ (Q K LQ J KH ยก\NYD OWIU OLWHW V DE XQQ VHQJ IR  WL O  WRS UVWHUN S HV

+XVNHUGX'\WWNRQNXUUDQVHQ +XVNHUGX'\WWNRQNXUUDQVHQ IIUDLIMRU"'DGHWJMDOGWn UDLIMRU"'DGHWJMDOGWn WWULPPHWLOVYDUHQGH ULPPHWLOVYDUHQGH VNULWWHOOHUPHUWLOGDJHQยฑRJ V NULWWHOOHUPHUWLOGDJHQยฑRJ GHVVXWHQVOn6OHSHQGHQ"'HW G HVVXWHQVOn6OHSHQGHQ"'HW EOLUQ\'\WWNRQNXUUDQVHWLO E OLUQ\'\WWNRQNXUUDQVHWLO KยกVWHQ'DVNDOYLNRQNXUUHUH K ยกVWHQ'DVNDOYLNRQNXUUHUH PRW,.($6ยกUODQGHW,.12 P RW,.($6ยกUODQGHW,.12 NXQGHVHQWHUHW 6HUYLFH NXQGHVHQWHUHW 6HUYLFH RIยฟFH 62 RJ,.($)XUXVHW R IยฟFH 62 RJ,.($)XUXVHW 6nKHUHUGHWEDUHnOHJJH 6 nKHUHUGHWEDUHnOHJJH VHJLWUHQLQJ V HJLWUHQLQJ

&200(5&,$//,*+7,1*6LPRQIUD)XUXVHWRJ*U\ &200(5&,$//,*+7,1*6LPRQIUD)XUXVHWRJ*U\ RJ*XQQIUD62KROGWNXUVHWIRURVV R J*XQQIUD62KROGWNXUVHWIRURVV

  


L 6

YH

HV

 UHE O X J H

UGHWP

YHU N D

N

.DQHO

X E OOD

9LYLOODQVHUHGHQQ\HNDQHOEROOHQ GHW PHVW SRSXO UH EDNYHUN L 6YHULJH VRP YnUW QHVWH LNRQ SURGXNW'HWWHIRUnVW\UNHYnU ODYSULV SUR¿O RJ IRNXVHW Sn 6ZHGLVKQHVV 'HW YLO Y UH HQ GHO DY YnU EDVLV UDQJH EnGH L UHVWDXUDQWHQ RJ L 6ZHGLVK )RRG0DUNHW

)RUVDOJKDUYLHQSRVHPHGVHNVIURVQH´NODU WLO n EDNH´ NDQHOEROOHU NDQHOVQXUUHU  J %ROOHQHHUIHUGLJJM UHWRJEDNHVLRYQHQLFD PLQXWWHU

UL

W  S RS

.DQHOEROOHQ VNULYHU VHJ WLOEDNH WLO WDOOHW 'HQ EOHLQWURGXVHUWL6YHULJHGDLQJUHGLHQVHUVRPPHOPHON RJ VXNNHU EOH WLOJMHQJHOLJ Sn GHW nSQH PDUNHGHW 'HQ EOH HQRUPW SRSXO U Sn IHPWLWDOOHW RJ L GDJ VSLVHU VYHQVNHQH Ã&#x20AC;HUH NDQHOEROOHUHQQQRHQJDQJ ,GDJHUNDQHOEROOHEDNLQJSRSXO UWLVYHQVNHKXVKROGQLQJHU'HW¿QQHVÃ&#x20AC;HUHYDULDQWHU DYI\OOHWPHQGHWYDQOLJVWHHUNDQHOVP¡URJVXNNHU  RNWREHU  EOH NDQHOEROOHGDJHQ LQWURGXVHUW IRU n IHLUH KMHPPHEDNLQJV WUDGLVMRQHQ RJ GHW SRSXO UH EDNYHUNHW 'HQ IHLUHV Qn nUOLJ L 6YHULJH DY EDNHULHU NDIHHU UHVWDXUDQWHU RJ VNROHNDQWLQHU 3n ,.($YDUHKXV RYHU KHOH YHUGHQ EDNHU RJ VHUYHUHU YL NDQHOEROOHU WLO YnUH EHV¡NHQGH GHQ GDJHQ , 6YHULJH HU ¿ND VYHQVN IRU NDIIHSDXVH  HQ YHUGLIXOOGHODYGDJHQ'HQNODVVLVNHNDIIHSDXVHQ XWSn HWWHUPLGGDJHQ ¿ND EHVWnU WUDGLVMRQHOW DY HQNRSSNDIIHRJHQNDQHOEROOHRJHUHQYHUGVDWW GHODYGDJHQ 1\WYnUWXWUROLJHVYHQVNH¿NDWLOEXG ,UHVWDXUDQWHQ(QQ\EDNWNDQHOEROOHRJHQNRSS NDIIHWLONXQNU ,ELVWURNDQHOEROOHUWLONXQNU ,6IPVWNEDNHNODUHNDQHOEROOHUWLONXQNU ,KHOHDSULOInU)DPLO\PHGOHPPHUGHQQHSRVHQ PHGNDQHOEROOHUIRUNXQNU

Q\KHW 6RP QL NDQVNH UHGDQ YHW Vn NRPPHU DOOD SURGXNWHU VRP LQWH lU HQ ,.($ IRRG SURGXNW DWW I|UVYLQQD HQ HIWHU HQ 2FK QX E¡UMDU GH Q\D ,.($ IRRG SURGXNWHUQDNRPPDLQ &KRNODG NURNDQWHQ lU HQ DY GH SURGXNWHUQD RFK QnJUD KDU UHGDQKDIWO\FNDQDWWInYDUDGH I¡UVWDL1RUJHDWWInVPDNDGHQ



9DGW\FNWHQL"

0$5,$11(,)6 'HWWHYDUHQVPDNVRSSOHYHOVH -HJ IRUYHQWHW n VPDNH ´'DLP´ VPDNHQ ± PHQ GHQ YDUIDNWLVNHQGDEHGUH8WVHHQGHPHVVLJOLJQHUGHQOLWW Sn IHVWNDUDPHOOVMRNRODGHQ PHQ VPDNHQ YDU VRP HQ EHGUHXWJDYHDY'DLP7DHQRJGXHUKHNWD-HJJOHGHU PHJWLOGHQHULK\OOHQH

6,9,5(1 'HQVPDNWHEHGUHlQGDLPHQ 'HQ YDU PMXNDUH LQWH OLND P\FNHW NURNDQW RJ PHU VMRNRODGH -HJ WURU GHQ SDVVDU EUD DWW VHUYHUDV NDOG 'HQJ¡UVLJJRGWSnDOOHERUG(QVPDNIRUDOOH


    % %&  &      

   "  "   

   #! #! !"$  !"$  

       

  

" "

%)+(  %)+(

 

 

% % * * * + +





 

&$'*%)  &$'*%)





 

##))"'&)'"*  ##))"'&)'"*

 

 

()&%#  ()&%# %)!$%* %)!$%*





 

"*  "* + +

 





          

-'% '%









$(  $(  

 





.%%(#)  .%%(#)

 





   

   

()"'  ()"'

 

 

.#  .#

 

 

%)!$%* %)!$%*





 

/("(*  /("(*









("+(,  ("+(, % %









              

           

 

       

 

   ++ **)+( **)+( ++

5(68/7$7(7(5./$57 5 (68/7$7(7(5./$57 ,1'(.632(1* , 1'(.632(1* 5HVXOWDWHWIRUHW 5 HVXOWDWHWIRUHW VS¡UVPnOVRPUnGH VS¡UVPnOVRPUnGH VRP(QJDVMHPHQW VRP(QJDVMHPHQW 2 UJDQLVDVMRQRVY  2UJDQLVDVMRQRVY  Y LVHVVRPHQLQGHNV YLVHVVRPHQLQGHNV + YHULQGHNVYLVHU +YHULQGHNVYLVHU JMHQQRPVQLWWOLJ JMHQQRPVQLWWOLJ SURVHQWDQGHOSRVLWLYH SURVHQWDQGHOSRVLWLYH VYDUGYVKYRUVWRU VYDUGYVKYRUVWRU DQGHOVRPKDU DQGHOVRPKDU EHVYDUWHWVS¡UVPnO EHVYDUWHWVS¡UVPnO PHGDOWHUQDWLYHQH PHGDOWHUQDWLYHQH HOOHU SRVLWLY HOOHU SRVLWLY VY UWSRVLWLY  VY UWSRVLWLY 

/LNHHWWHUYLQWHUIHULHQLQYLWHUWHYLYnUHPHGDUEHLGHUHWLOGHOWDLYnUnUOLJH /LNHHWWHUYLQWHUIHULHQLQYLWHUWHYLYnUHPHGDUEHLGHUHWLOGHOWDLYnUnUOLJH PHGDUEHLGHUXQGHUV¡NHOVH P HGDUEHLGHUXQGHUV¡NHOVH 92,&( 92,&( +HU +HU Sn Sn )RUXV )RUXV GHOWRN GHOWRN     DY DY GH GH LLQYLWHUWHWLOVDPPHQPHGDUEHLGHUH7XVHQWDNNWLODOOHVRPKDUVDJW QYLWHUWHWLOVDPPHQPHGDUEHLGHUH7XVHQWDNNWLODOOHVRPKDUVDJW VLQPHQLQJ V LQPHQLQJ

1<67$57)2592,&( 1 <67$57)2592,&( 'H VRP VRP KDU KDU MREEHW MREEHW Sn Sn ,.($ ,.($ HQ HQ VWXQG VWXQG 'H KXVNHU NDQVNMH NDQVNMH DW DW 92,&(LQGH[HQ 92,&(LQGH[HQ KXVNHU IRU ,.($ ,.($ )RUXV )RUXV L L IMRU IMRU YDU YDU    6HOY 6HOY IRU R P 92,&( 92,&( IRUWVDWW IRUWVDWW KDQGOHU KDQGOHU RP RP P\H P\H RP D Y GHW GHW VDPPH VDPPH VRP VRP WLGOLJHUH WLGOLJHUH nU nU Vn Vn NDQ NDQ DY Y L LNNH LNNH VDPPHQOLJQH VDPPHQOLJQH nUHWV nUHWV UHVXOWDW UHVXOWDW YL P HG GH GH WLGOLJHUH WLGOLJHUH  92,&( 92,&( HU HU HQGUHW HQGUHW PHG 8QGHUV¡NHOVHQ HU Qn NQ\WWHW WHWWHUH RSS 8QGHUV¡NHOVHQHUQnNQ\WWHWWHWWHUHRSS PRW *URZLQJ *URZLQJ ,.($ ,.($ WRJHWKHU WRJHWKHU RJ RJ FD FD   PRW 'HQWRWDOH ' HQWRWDOH D Y VS¡UVPnOHQH VS¡UVPnOHQH HU HU HQGUHW HQGUHW HOOHU HOOHU KHOW KHOW DY 9 92,&(LQGHNVHQEHVWnU 2,&(LQGHNVHQEHVWnU Q\HGHWWHnUHW9LKDUSnHQPnWHInWW Q\HGHWWHnUHW9LKDUSnHQPnWHInWW D DYDOOHXQGHULQGHNVHQH YDOOHXQGHULQGHNVHQH HQ Q\ Q\ VWDUW VWDUW IRU IRU 92,&( 92,&( RJ RJ YL YL VWDUWHU VWDUWHU HQ 'HQWRWDOHLQGHNVHQ ' HQWRWDOHLQGHNVHQ EUD EUD XWWU\NNHVLHWWDOOIUDWLO X WWU\NNHVLHWWDOOIUDWLO   

9 2,&(LQGH[HQ IIRU RU , .($ ) RUXV 92,&(LQGH[HQ ,.($ )RUXV HU HU , WDEHOOHQ WDEHOOHQ NDQ NDQ GX GX VH VH LQGH[ LQGH[ IRU IRU GH GH , IIRUVNMHOOLJH RUVNMHOOLJH KRYHGRPUnGHQH KRYHGRPUnGHQH 'HQQH 'HQQH YLO YLO GX GX

In JUXQGLJ JUXQGLJ SUHVHQWHUW SUHVHQWHUW QnU QnU In GX RP RP NRUW NRUW WLG WLG LQYLWHUHV LQYLWHUHV WLO WLO GX JMHQQRPJDQJ DY DY GLQ GLQ DYGHOLQJ DYGHOLQJ JMHQQRPJDQJ VLQHUHVXOWDWHU VLQHUHVXOWDWHU

6S¡UVPnO 6 S¡UVPnO R P92,&(" RP92,&(" 7DNRQWDNW 7 DNRQWDNW PHGOHGHUHQ PHGOHGHUHQ GLQ G LQ

$5%(,'(79,'(5( $5%(,'(79,'(5( $OOHOHGHUHInULGLVVHGDJHUWLOJDQJ $OOHOHGHUHInULGLVVHGDJHUWLOJDQJ WLO UHVXOWDWHQH IRU HJHQ DYGHOLQJ )¡U WLOUHVXOWDWHQHIRUHJHQDYGHOLQJ)¡U GH WDU WDU UHVXOWDWHQH UHVXOWDWHQH XW XW WLO WLO GHUH GHUH VNDO VNDO GH GH O UH O UH OLWW OLWW GH PHU RP KYD YL NDQ OHVH L 92,&( RJ KYRUGDQ YL PHURPKYDYLNDQOHVHL92,&(RJKYRUGDQYL NDQ NQ\WWH 92,&( WLO GH PnOLQJHQH YL JM¡U PRW NDQNQ\WWH92,&(WLOGHPnOLQJHQHYLJM¡UPRW NXQGHQHYnUH NXQGHQHYnUH ,QQHQMXQLVNDOUHVXOWDWHQHY UHSUHVHQWHUW ,QQHQMXQLVNDOUHVXOWDWHQHY UHSUHVHQWHUW IRU GH GH HQNHOWH HQNHOWH DYGHOLQJHQH DYGHOLQJHQH RJ RJ GHUH GHUH VNDO VNDO IRU VDPPHQ ODJH ODJH KDQGOLQJVSODQHU KDQGOLQJVSODQHU IRU IRU GH GH SXQNWHU SXQNWHU VDPPHQ GHUHPHQHUVNDOIRUEHGUHVRJGHWGHUH¡QVNHUn GHUHPHQHUVNDOIRUEHGUHVRJGHWGHUH¡QVNHUn MREEHIRUnRSSUHWWKROGH MREEHIRUnRSSUHWWKROGH

Q\KHW Q \KHW

--RQYDUYLNDUIRUVDOJVVMHIKHUSn)RUXVIUDMXOL RQYDUYLNDUIRUVDOJVVMHIKHUSn)RUXVIUDMXOL WWLOMDQXDURJMREEHULGDJVRPVDOJVVMHIYHG LOMDQXDURJMREEHULGDJVRPVDOJVVMHIYHG ,,.($6OHSHQGHQ+DQVWDUWHWVLQ,.($NDUULHUHL .($6OHSHQGHQ+DQVWDUWHWVLQ,.($NDUULHUHL NM¡NNHQDYGHOLQJHQ,.($cVDQHL+HUMREEHWKDQ N M¡NNHQDYGHOLQJHQ,.($cVDQHL+HUMREEHWKDQ YLGHUHVRPDVVVDOJVOHGHURJVDOJVOHGHUIRU%$ Y LGHUHVRPDVVVDOJVOHGHURJVDOJVOHGHUIRU%$ RJ*RRGV)ORZ0DQDJHUODJHUVMHIYHGGHQHNVWHUQH R J*RRGV)ORZ0DQDJHUODJHUVMHIYHGGHQHNVWHUQH YDUHXWOHYHULQJHQRJDVVLVWHUHQGHVDOJVVMHI Y DUHXWOHYHULQJHQRJDVVLVWHUHQGHVDOJVVMHI

-RQ%U\QHHUDQVDWWVRP RQ%U\QHHUDQVDWWVRP Q\VDOJVVMHIKRVRVV Q \VDOJVVMHIKRVRVV

--RQHUJLIWPHG-DQQH0DULHRJKDUWREDUQ1nJOHGHU RQHUJLIWPHG-DQQH0DULHRJKDUWREDUQ1nJOHGHU KHOHIDPLOLHQVHJWLOnNRPPHWLOEDNHWLO5RJDODQG K HOHIDPLOLHQVHJWLOnNRPPHWLOEDNHWLO5RJDODQG 9nUQ\HVDOJVVMHIWLOWUHUVWLOOLQJHQMXQLRJYL¡QVNHU 9 nUQ\HVDOJVVMHIWLOWUHUVWLOOLQJHQMXQLRJYL¡QVNHU KDPKMHUWHOLJYHONRPPHQWLOEDNHWLO,.($)RUXV K DPKMHUWHOLJYHONRPPHQWLOEDNHWLO,.($)RUXV

  


̉̉0IZL] 0IZL]

*aOOLMO OOLMO

 .RVHNURNHQ  .RVHNURNHQ WLO WLO YHQVWUH YHQVWUH KYRU KYRU (OL (OL $QQ $QQ Q\WHU Q\WHU JRGH JRGH E¡NHU E¡NHU   8QGHU 8QGHU YLQGXHW YLQGXHW KDU KDU KXQ KXQ HW HW SUDNWLVN SUDNWLVN NODIIERUG NODIIERUG IUD IUD ,.($ ,.($ VRP VRP EOLU EOLU EUXNW EUXNW WLO WLO YDIIHOVWHNLQJ6WHPLQJHQEOLUPDJLVNRPNYHOGHQPHGOHYHQGHO\VRJO\VHNURQHQIUD,.($.DIIHNDQHOEROOHRJERNQ\WHV(Q Y DIIHOVWHNLQJ  6WHPLQJHQ EOLU PDJLVN RP NYHOGHQ PHG OHYHQGH O\V RJ O\VHNURQHQ IUD ,.($  .DIIH NDQHOEROOH RJ ERN Q\WHV  (Q DYGHPDQJHYDNUHVROQHGJDQJHQHREVHUYHUWIUDXWHVWXHQ(OL$QQQ\WHUHQJRGERNLNRVHNURNHQVLQ0DWHULDOPLNVHQUHSUHVHQWHUW D YGHPDQJHYDNUHVROQHGJDQJHQHREVHUYHUWIUDXWHVWXHQ(OL$QQQ\WHUHQJRGERNLNRVHNURNHQVLQ0DWHULDOPLNVHQUHSUHVHQWHUW DYJODVVNHUDPLNNPHWDOORJWUH+MHUWHWYHGRYHUVNULIWHQHUODJHWDYEM¡UNHNYLVWHURJGHWHUHQWLGOLJHUHNROOHJDVRPKDUODJHWGHQQH D YJODVVNHUDPLNNPHWDOORJWUH+MHUWHWYHGRYHUVNULIWHQHUODJHWDYEM¡UNHNYLVWHURJGHWHUHQWLGOLJHUHNROOHJDVRPKDUODJHWGHQQH

(Q ( Q H HWWHUPLGGDJ WWHUPLGGDJ L L DSULO DSULO LQYLWHUHV LQYLWHUHV YL YL KMHP KMHP WLO WLO (OL (OL $QQ $QQ VLQ VLQ Q\GHOLJH Q\GHOLJH X WHVWXHVRPQHWWRSSKDUnSQHWIRUVHVRQJHQ XWHVWXHVRPQHWWRSSKDUnSQHWIRUVHVRQJHQ )DPLOLHQ+DQGHODQGVRPIRU¡YULJEHVWnUDYYnU )DPLOLHQ+DQGHODQGVRPIRU¡YULJEHVWnUDYYnU Q\DQVDWWH+5VMHI(OL$QQHNWHPDQQHQ-DUOHRJ Q \DQVDWWH+5VMHI(OL$QQHNWHPDQQHQ-DUOHRJ EDUQD$OH[DQGHU  3KLOLS  RJ(PLOLH   E DUQD$OH[DQGHU  3KLOLS  RJ(PLOLH   OOHLWHWLVLQWLGYHORJOHQJHHWWHUGU¡PPHKXVHWL HLWHWLVLQWLGYHORJOHQJHHWWHUGU¡PPHKXVHWL 6DQGQHVRJRPHJQ'HWUDIIWLOVOXWWEOLQNPHG 6 DQGQHV RJ RPHJQ 'H WUDII WLO VOXWW EOLQN PHG HQWRPWSHUIHNWIRUGHPL6NDUOLD-DUOHV¡QVNH H Q WRPW SHUIHNW IRU GHP L 6NDUOLD -DUOHV ¡QVNH RPQ\GHOLJXWVLNWYDURSSI\OW R PQ\GHOLJXWVLNWYDURSSI\OW  ‘QVNHW ‘QVNHW NRPPHU NRPPHU QRN QRN DY DY DW DW KDQ KDQ YRNVWH YRNVWH RSS RSS PHGIDQWDVWLVNXWVLNWRYHU+DOVQ¡\KYRUMHJHU P HGIDQWDVWLVNXWVLNWRYHU+DOVQ¡\KYRUMHJHU IIUDVPLOHU(OL$QQ UDVPLOHU(OL$QQ  8WVHQGWH 8 WVHQGWH InU InU VHUYHUW VHUYHUW KMHPPHODJHW KMHPPHODJHW MMRUGE UVPRRWKLHVRPIRUIULVNQLQJPHQVYLVHU RUGE UVPRRWKLHVRPIRUIULVNQLQJPHQVYLVHU HWÀ\OHWWHIUD6ROD H WÀ\OHWWHIUD6ROD 3n  3 n HQ HQ NODU NODU VRPPHUGDJ VRPPHUGDJ NDQ NDQ YL YL VH VH KHOW KHOW WLO WLO (QJODQG ( QJODQG IRUWHOOHU IRUWHOOHU YHUWLQQHQ YHUWLQQHQ PHQV PHQV KXQ KXQ VPLOHU VPLOHU OOXUW XUW 0HQ GHW 0HQ GHW HU HU LNNH LNNH EDUH EDUH XWVLNWHQ XWVLNWHQ VRP VRP HU HU Q\GHOLJ Q\GHOLJ GHQQH LL G HQQH OLD OLD , , WLOOHJJ WLOOHJJ WLO WLO DW DW KXVHW KXVHW KDU KDU WHUDVVH WHUDVVH

  

Sn WUH DY ¿UH VLGHU EDONRQJ RJ HQ OLWHQ KDJH L SnWUHDY¿UHVLGHUEDONRQJRJHQOLWHQKDJHL JUXQQHWDVMHQKDUGHE\JJHWWDNRYHUHQGHODY J UXQQHWDVMHQ KDU GH E\JJHW WDN RYHU HQ GHO DY WWHUUDVVHQ'HKDUODJHWVHJHQVNLNNHOLJNRVHOLJ HUUDVVHQ'HKDUODJHWVHJHQVNLNNHOLJNRVHOLJ XWHVWXH X WHVWXH

6WLOHQ 6WLOHQ L L X XWHVWXHQ WHVWXHQ KDU KDU SUHJ SUHJ DY DY UXVWLNN UXVWLNN JURYH JURYH PDWHULDOHURJHQJRGPLNV.RQWUDVWHQPRWGHQ PDWHULDOHURJHQJRGPLNV.RQWUDVWHQPRWGHQ PRGHUQHO\VHNURQHQIUD,.($VLWWMXOHVRUWLPHQW PRGHUQHO\VHNURQHQIUD,.($VLWWMXOHVRUWLPHQW JM¡UGHWHQGDPHUVSHQQHQGH JM¡UGHWHQGDPHUVSHQQHQGH

8WHVWXHQIXQJHUHUQHWWRSSVRPGHWHQVWXHGH 8WHVWXHQIXQJHUHUQHWWRSSVRPGHWHQVWXHGH EUXNHU E UXNHU KHOH KHOH VRPPHUVHVRQJHQ VRPPHUVHVRQJHQ XDQVHWW XDQVHWW Y U Y U RJ RJ YLQG Y LQG 6RPPHUVHVRQJHQEOLUIRUOHQJHWLEHJJHHQGHU 6RPPHUVHVRQJHQEOLUIRUOHQJHWLEHJJHHQGHU QnUPDQKDUHWVWHGPHGWDNnVLWWH/8''(RJ Q nUPDQKDUHWVWHGPHGWDNnVLWWH/8''(RJ SOHGGKMHOSHUSnRPGHWHUOLWWNM¡OLJ0LGGDJHU S OHGGKMHOSHUSnRPGHWHUOLWWNM¡OLJ0LGGDJHU PHG P HG RJ RJ XWHQ XWHQ JMHVWHU JMHVWHU ERNOHVLQJ ERNOHVLQJ 3&EUXN 3&EUXN YDIIHOVWHNLQJ Y DIIHOVWHNLQJ PXVLNNO\WWLQJ PXVLNNO\WWLQJ RVY RVY 'HW 'HW HU HU In In EHJUHVQLQJHUL(OL$QQVLQXWHVWXH E HJUHVQLQJHUL(OL$QQVLQXWHVWXH

(OL (OL $ $QQ QQ RJ RJ -DUOH -DUOH HU HU IRWRHQWXVLDVWHU IRWRHQWXVLDVWHU RJ RJ KDU KDU WDWW WDWW ELOGHU ELOGHU WWLO LO G GHQQH HQQH UHSRUWDVMHQ UHSRUWDVMHQ VHOY VHOY 0HQV 0HQV KDQ KDQ HU HU JODG n WD JODG L L n WD ELOGHU ELOGHU DY DY WLQJ WLQJ HU HU KXQ KXQ PHVW PHVW JODG JODG L L n n WDELOGHUDYPHQQHVNHU'HWHUVSHVLHOWEDUQD WD ELOGHU DY PHQQHVNHU  'HW HU VSHVLHOW EDUQD VRPEOLUPLQHPRWLYHUIRUNODUHUKXQ VRPEOLUPLQHPRWLYHUIRUNODUHUKXQ

1nU (OL 1nU (OL $ $QQ QQ HU HU L L (QJODQG (QJODQG KDQGOHU KDQGOHU KXQ KXQ PDQJH PDQJH LLQWHUL¡UEODGHU QWHUL¡UEODGHU 'HUHUGHVnELOOLJH+HUKMHPPHJnUGHWL%ROLJ 'HUHUGHVnELOOLJH+HUKMHPPHJnUGHWL%ROLJ KMHPRJ9DNUHKMHP LQWHUL¡U'HWHUW\GHOLJDW K MHPRJ9DNUHKMHP LQWHUL¡U'HWHUW\GHOLJDW (OL$QQEOLULQVSLUHUWDYGLVVHQnUKXQLQQUHGHU ( OL $QQ EOLU LQVSLUHUW DY GLVVH QnU KXQ LQQUHGHU

0HG HQ HQ VPRRWKLH VPRRWKLH L L V\VWHPHW V\VWHPHW RJ RJ DQHOVH DQHOVH 0HG PLVXQQHOVH IRUODWHU IRUODWHU ,Q)RUXV ,Q)RUXV XWVHQGWH XWVHQGWH GHQ GHQ PLVXQQHOVH IDQWDVWLVNH XWHVWXHQ XWHVWXHQ (OL (OL $QQ $QQ VLWW VLWW UnG UnG EULQJHV EULQJHV IDQWDVWLVNH KHUYHGWLOGHUHOHVHUH%\JJGHJHQGXRJ KHUYHGWLOGHUHOHVHUH%\JJGHJHQGXRJ


U]TQOPM\ U]TQOPM\ [[sQSSMV¦T sQSSMV¦T

MV]\M[\]M MV]\M[\]M




5(,6 6(%5 5(9 9 ,. .($L6\GHQ 6  6LVWHXNHQLRNWREHUYDUMHJ 6LVWHXNHQLRNWREHUYDUMHJ HQXNHSn/DQ]DURWH'DYLYDU H QXNHSn/DQ]DURWH'DYLYDU SnYHLIUDÃ&#x20AC;\SODVVHQWLOKRWHOOHW S nYHLIUDÃ&#x20AC;\SODVVHQWLOKRWHOOHW GXNNHWGHWSOXWVHOLJRSSHW,.($ G XNNHWGHWSOXWVHOLJRSSHW,.($ YDUHKXVODQJVYHLHQ Y DUHKXVODQJVYHLHQ (QGDJYLYDUSnWXUL (QGDJYLYDUSnWXUL OOHLHELOIDQWYLXWDWYL HLHELOIDQWYLXWDWYL VNXOOHVWLNNHLQQRPHQ V NXOOHVWLNNHLQQRPHQ WWXUIRUnVHKYRUGDQGHKDGGHGHW'HW XUIRUnVHKYRUGDQGHKDGGHGHW'HW YDUSnHQPnWHVRPnNRPPH´KMHP´ Y DUSnHQPnWHVRPnNRPPH´KMHP´ PHGXQQWDNDYDWGHWWHYDUHKXVHWYDU P HGXQQWDNDYDWGHWWHYDUHKXVHWYDU PLQGUHHQQYnUWRJDWGHWHUIUDQFKLVH P LQGUHHQQYnUWRJDWGHWHUIUDQFKLVH 'YVDWGHWHUSULYDWHLGPHQNRQVHSWHW ' YVDWGHWHUSULYDWHLGPHQNRQVHSWHW HU,.($ H U,.($ 7(.67RJ)272 7(.67RJ)272 %HQWH0DQQVnNHU % HQWH0DQQVnNHU

,.($ /D / RJG GHNR Q]DURWH 0 0¡E UDVMMR RQ OH OHU

HWW NH nN SUUn VS HV DOOH ND OR N HWWOR GH QG DQ ND HN NH LNN QLN DQ PD Q HQ GH  PP HUUG YH HY OOH 6HOYR H   KH K  L L  (1 H NH N L O // OL  $ )8 ($ ,.( V,. RV QDYQKR HUSURGXNW

7LGOLJHUHKDUMHJRJVnY UWSn,.($L 7LGOLJHUHKDUMHJRJVnY UWSn,.($L 3HUWKL$XVWUDOLDRJMHJRSSOHYHUGHWOLWW 3 HUWKL$XVWUDOLDRJMHJRSSOHYHUGHWOLWW HNVRWLVNn¿QQHGHWVDPPHVRPKMHPPH H NVRWLVNn¿QQHGHWVDPPHVRPKMHPPH 6SHVLHOW´,.($´QDYQHQH3nHQVWUHDPHU 6 SHVLHOW´,.($´QDYQHQH3nHQVWUHDPHU VHUGXHWVSUnNGXJMHUQHLNNHIRUVWnU V HUGXHWVSUnNGXJMHUQHLNNHIRUVWnU PHQPLGWLQQHGHWWHGXNNHUGHWRSSQDYQ P HQPLGWLQQHGHWWHGXNNHUGHWRSSQDYQ VRP´%(.9b0´´)8//(1´´7,'$+2/0´ V RP´%(.9b0´´)8//(1´´ 7,'$+2/0´ RVY R VY 9DUHKXVHWYDUVRPVDJWPLQGUHHQQ 9 DUHKXVHWYDUVRPVDJWPLQGUHHQQ YnUWRJGHUPHGPHUNRPSDNW6LGHQMHJ Y nUWRJGHUPHGPHUNRPSDNW6LGHQMHJ MMREEHULNM¡NNHQDYGHOLQJHQYDUGHWGHQ REEHULNM¡NNHQDYGHOLQJHQYDUGHWGHQ DYGHOLQJHQVRPYDUPHVWLQWHUHVVDQW D YGHOLQJHQVRPYDUPHVWLQWHUHVVDQW IIRUPHJ+XQVRPMREEHWGHUVQDNNHW RUPHJ+XQVRPMREEHWGHUVQDNNHW GHVVYHUUHLNNHHQJHOVNPHQYLJUHLGHRVV G HVVYHUUHLNNHHQJHOVNPHQYLJUHLGHRVV WWnOLJJUHLWOLNHYHO nOLJJUHLWOLNHYHO

L¡ HU LQW Q H NN M¡ WN H (  W 1 DUR .( Q ] Â&#x2018;. L/D . ($ ,.

 RV UK

5(6 7 NRP $85$1 SDNW 7 UHVW (QOOLLW W DXUD QWH DQQHUOOH HG QQK YDY HVRJP LLHU YDQW HU WLLOO

'HYDUKHOWLVWDUWIDVHQPHGGHWQ\H ' HYDUKHOWLVWDUWIDVHQPHGGHWQ\H WWHJQHSURJUDPPHWRJRSSOHYGHGH HJQHSURJUDPPHWRJRSSOHYGHGH VDPPHSUREOHPHQHVRPYLKDUKDWW V DPPHSUREOHPHQHVRPYLKDUKDWW KHU'HVNXOOHRJVnLJDQJPHGnXWYLGH K HU'HVNXOOHRJVnLJDQJPHGnXWYLGH NM¡NNHQDYGHOLQJHQVnKXQV\QWHVGHWYDU N M¡NNHQDYGHOLQJHQVnKXQV\QWHVGHWYDU OOLWWGXPWDWYLLNNHNXQQHNRPPHRJVH LWWGXPWDWYLLNNHNXQQHNRPPHRJVH Q nUGHWYDUIHUGLJ QnUGHWYDUIHUGLJ 5HVWDXUDQWHQYDUOLWWDQQHUOHGHVHQQKHU 5HVWDXUDQWHQYDUOLWWDQQHUOHGHVHQQKHU KMHPPHRJYLPnWWHJnJMHQQRPGHQIRU K MHPPHRJYLPnWWHJnJMHQQRPGHQIRU nNRPPHQHGL0DUNHGVKDOOHQ'HKDGGH NRPPHQHGL0DUNHGVKDOOHQ'HKDGGH n ´´VYHQVNHEXWLNNHQ´KHURJVnLQQHLHWELWWH VYHQVNHEXWLNNHQ´KHURJVnLQQHLHWELWWH OOLWHKM¡UQH LWHKM¡UQH 9DUHXWOHYHULQJHQ VRPYDULVDPPHE\JJ  9 DUHXWOHYHULQJHQ VRPYDULVDPPHE\JJ  YDUEHWMHQWVnQQVRPYLKDGGHGHWKHU Y DUEHWMHQWVnQQVRPYLKDGGHGHWKHU IIRUPDQJHnUWLOEDNH2PUnGHWUXQGW,.($ RUPDQJHnUWLOEDNH2PUnGHWUXQGW,.($ Y DULQQJMHUGHW'HQYDULDQWHQKDUMHJLNNH YDULQQJMHUGHW'HQYDULDQWHQKDUMHJLNNH V HWWI¡U VHWWI¡U

.-Â&#x2018;. . -Â&#x2018;.. .(18 ( 1 87 767< 67<5 56D 6DUDKV UDKVHUYHU HUYHUWHEX WHEXUJHUH UJHUHLKXO LKXOD DKXOD KXOD V VWLO W LO

  

ZZZLNHDQRIRUXV Z ZZLNHDQRIRUXV

' HWHUDOOWLGNMHNWRJO UHULNWnVHDQGUH 'HWHUDOOWLGNMHNWRJO UHULNWnVHDQGUH ,,.($YDUHKXVRJRSSIRUGUHUGHUHDOOHWLOn .($YDUHKXVRJRSSIRUGUHUGHUHDOOHWLOn J M¡UHGHWVDPPH JM¡UHGHWVDPPH


1\H+(/7HU 1 \H+(/7HU

.LUVWHQ/DUVHQ .LUVWHQ/DUVHQ , .($)RUXV ,.($)RUXV 2 DVHQ 2DVHQ

2OH*U¡VIMHOO 2OH*U¡VIMHOO , .($)RUXV ,.($)RUXV / UOLQJ / UOLQJ

%RVVHWÀRPPHWRYHUSn %RVVHWÀRPPHWRYHUSn P LOM¡VWDVMRQHQGHQI¡U VWH PLOM¡VWDVMRQHQGHQI¡UVWH V¡QGDJHQLGHVHPEHU9L V ¡QGDJHQLGHVHPEHU9L KDGGHEHPDQQHWDOWIRUOLWH K DGGHEHPDQQHWDOWIRUOLWH .LUVWHQWLOE¡GVHJnWDGHW . LU VWHQWLOE¡GVHJnWDGHW + XQEUXN WHHWSDUWRPHUSn +XQEUXNWHHWSDUWRPHUSn MMREEHQRJPLOM¡VWDVMRQHQ REEHQRJPLOM¡VWDVMRQHQ YDU´VOLNW´HWWHUSn Y DU´VOLN W ´HW WHUSn

2OHKDUÀHUHJDQJHUVDW W 2OHKDUÀHUHJDQJHUVDWW V HJLNDVVHQQnUGHWHUN¡ VHJLNDVVHQQnUGHWHUN¡ GHUVHOYRPKDQQnK¡UHUWLO G HUVHOYRPKDQQnK¡UHUWLO SnMXOHWRUJHW+DQKMHOSHU S nMXOHWRUJHW+DQKMHOSHU WWLOVOLNDWGHWEOLUHQNHOW LOVOLNDWGHWEOLUHQNHOW n nKDQGOHRJDWNXQGHQH KDQGOHRJDWNXQGHQH N RPPHUVHJIRU WKMHPPHG NRPPHUVHJIRUWKMHPPHG YDUHQHRJVOLSSHUnVWnLN¡ Y DUHQHRJVOLSSHUnVWnLN¡

5XZDLGD+XVVDLQ 5XZDLGD+XVVDLQ ,.($)RUXV , .($)RUXV %LVWURHQ % LV W U RH Q

(PPD+ROH-RKQVHQ (PPD+ROH-RKQVHQ RJ6DQGHU*UDYGDO R J6DQGHU*UDYGDO ,.($)RUXV , .($)RUXV

5XZDLGDVNDGHWKnQGHQGD 5XZDLGDVNDGHWKnQGHQGD KXQVNXOOHKHQWHYDUHURJ K XQVNXOOHKHQWHYDUHURJ PnWWHV\IHPVWLQJ/HJHQ P nW WHV\IHPVWLQJ/HJHQ YLOOHKXQVNXOOHV\NPHOGHV Y LOOHKXQVNXOOHV\NPHOGHV PHQKXQVD´GHWNRPPHU P HQKXQVD´GHWNRPPHU LLNNHSnWDOH´+XQLQVLVWHUWH NNHSnWDOH´+XQLQVLVWHU WH SnIRUWVDWWnMREEHPHG S nIRU W VDW WnMREEHPHG KnQGQXPPHUWRRJJM¡UH K nQGQXPPHUWRRJJM¡UH DUEHLGWLOUHWWHODJWIRUKHQQH D UEHLGWLOUHW WHODJWIRUKHQQH 7RGDJHUHWWHUYDUKXQSn 7 RGDJHUHW WHUYDUKXQSn MMREELJMHQSn%LVWURHQ REELJMHQSn%LVWURHQ RJYLVWHVWRUKMHOSVRPKHW R JYLVWHVWRUKMHOSVRPKHW RYHUIRUNROOHJHURJNXQGHU R YHU IRUNROOHJHURJNXQGHU

(PPDRJ6DQGHU (PPDRJ6DQGHU WWURVVHWUHJQHWRJ¿NN URVVHWUHJQHWRJ¿NN UU\GGHWVNLNNHOLJRSS \GGHWVNLNNHOLJRSS SnPLOM¡VWDVMRQHQ'H S nPLOM¡VWDVMRQHQ'H VSDGGHYnUSDSSRJÀ\WWHW V SDGGHYnUSDSSRJÀ\ W WHW KYLWHYDUHUWLOGHQVWRUH K YLWHYDUHUWLOGHQVWRUH JXOOPHGDOMHQVOLNDWGHWEOH J XOOPHGDOMHQVOLNDWGHWEOH P\HK\JJHOLJHUHIRUDOOHn P \HK\JJHOLJHUHIRUDOOHn VRUWHUHV¡SSHO V RU WHUHV¡SSHO (PPD+ROH-RKQVHQRJ ( PPD+ROH-RKQVHQRJ 6DQGHU*UDYGDO 6 DQGHU*UDYGDO

6 ( )  1<(

&6 ,6 7 , /2*  + /6 66( :$ . $ 7$1 $:, 5 2 ) ,1 *+ $$/ $ /* $ /* 1$% ,  6 (6 $/7 = $9 6 $  7 ( 25 +(* 8) $ 0 19 . (1 $(/ + -‘. . 6( & , 5 0, '. ' ( 8 5 5 1( 5() $ /* 6 7 ( $ 1' (  6 )( 5 ) 2 $8* 7 6 +  , 7 ,1 & +5 5 ,6 7 ,/ ,6. (. 6 ' 2 / =7 7 +$ , ,1) % 1 6(1 $2 6 , $7 ,2 1 + $1,6 6 23 ( + $ * , 5 5 $ 0 ( 2 ( 0  + 2 ( / ,6 %‘(  8) 1 . 9 ,:$ 0$5 85 $ ' 66( 1 . $ / 8 1 1 ( $ 6 ) (5 6 7( ( 5* (1 86% , 5 678 0$ ,1 / 0 /+$ ( 0,

8NHRJJMHQQRPI¡UHV 8NHRJJMHQQRPI¡UHV PHGDUEHLGHUXQGHUV¡NHOVHQ P HGDUEHLGHUXQGHUV¡NHOVHQ 9 2,&( 92,&( 9 LRSSIRUGUHU$//(WLOnGHOWDL 9LRSSIRUGUHU$//(WLOnGHOWDL GHQQHYLNWLJHXQGHUV¡NHOVHQRJ G HQQHYLNWLJHXQGHUV¡NHOVHQRJ EUXNHGHQQHDQOHGQLQJHQWLOn E UXNHGHQQHDQOHGQLQJHQWLOn V LVLQPHQLQJRPDUEHLGVPLOM¡HW VLVLQPHQLQJRPDUEHLGVPLOM¡HW Sn,.($)RUXV92,&(HUHQ S n,.($)RUXV92,&(HUHQ WWHPSHUDWXUPnOHUSnKYDVRP HPSHUDWXUPnOHUSnKYDVRP H UEUDRJKYDVRPE¡UHQGUHVL HUEUDRJKYDVRPE¡UHQGUHVL DUEHLGVPLOM¡HWYnUWRJMRÀHUH D UEHLGVPLOM¡HWYnUWRJMRÀHUH V RPVYDUHUMRPHUNDQYLVWROHSn VRPVYDUHUMRPHUNDQYLVWROHSn UUHVXOWDWHQH HVXOWDWHQH ,,QYLWDVMRQWLO92,&(YLOGX¿QQH QYLWDVMRQWLO92,&(YLOGX¿QQH LLSRVWK\OOHQGLQFDHQXNHI¡U SRVWK\OOHQGLQFDHQXNHI¡U X QGHUV¡NHOVHQVWDUWHU0HU XQGHUV¡NHOVHQVWDUWHU0HU LLQIRUPDVMRQRPXQGHUV¡NHOVHQ QIRUPDVMRQRPXQGHUV¡NHOVHQ Y LOGX¿QQHSnRSSVODJVWDYOHQHL YLOGX¿QQHSnRSSVODJVWDYOHQHL Y DUHKXVHWRJInIUDGLQOHGHU YDUHKXVHWRJInIUDGLQOHGHU

  

ZZZLNHDQRIRUXV Z ZZLNHDQRIRUXV


)81&

7,21$ 9LLVND OSn, O /5(9 ,.($) )XQFWLR )RUXV ,( LRQDO J JMMH O5HYLH HQQRP : RJ LHZI  I¡UH I¡ IRU6 PDUV 6XVWD  )RUP LQ LQDELO GHQQH PHUL L LW\  VHD  L Q  IR I R   DUWLN UPDVMR OLW LNNHO ,QIR IRUXV ODYG QR RP GHQQH MR X XWJDY  HQD DY 9

9,76(6 7$)(77 .M¡NN

2,&(

92,&( E EOL OLUJ JMH MH S Sn3 3UHNH QQRPI¡ I¡UWL LX XNH VWROH QnUG R OHQ GXV +¡UP RJ VNDO PHGG O  JMH M H PHUL GLQ Q LQO Q R OHGHU LQIR PI¡ IRUPDV I¡UHG GHQQH MR MRQR DUWLN RPX LNNHOH  )RU X OHQR RP9 92,&( QGHUV¡NHOV ,QIR IRUXV L LG VH GHQQH OVHQ X XWJDY HQD DY )

HQ SLQQHQ VMHI2OOHVHQ GW W /LQHS LO$QQH0RQ H LF n,.($ )RRG D

52.2

670‘ 1HVWHI 7( IURNRV WP¡WHE NO O EOL OLUW WRUVGD J  PDUV 

($57+

+2 (DUWKK KRXUH 85 HULLn VDPWLG nUOO¡UG LGLJ LJV VRP1  1RUJH DJ PDUV (0N NYDOL  V   OL¿VHULQ OVSLO LQJVND VNDO LOOH IR IRWEDOO OHH HQY P OO YLN )¡OJ SP  P O LJ J R P  W P ' 'DQP LNWLJ VNMH HGS MHW SnPLO WLQ LQJSn DUNL LOM¡  L M¡WDYOD Y YDUHK P O¡ O¡UGDJ S O D  GHWY XVHWK GHQ G YLO LO HOH  OHX XNHQI PDUV K IUHPW WLO LO + (/7

.MMH HQQHUG GXQ QRHQV UHR VRPI RJ N MHQHUK NURQHU IRUWMH NROO OOHJDHU KHGHU "+ +XVNn U V  V R PJ nQ MR MREE J QRPLQ M¡ M ¡ UH 1RP H LQHUH Q H  H NVWUDLL LLQ QDVMR +(/7H MRQVVN WDYOD MH MHPD ¿ QQVDWVS Sn ODY QQHUG HOO OOHUV SHUVRQ ¿ VQDNN YHGS Sn DOU OUHVWDX GXS P PHGG GLQ UDQWHU LQO OHGHU U U

/‘5' $

*6$ +YHUOO ¡UGDJE .7,9,7( EOL 7(5 OLUG PHOO G DN OORPN WLY ORNND HWD LYLW LWHWHUI VRPII NOR   ± RUH  EDU $N LY IRUE HNVHP ± NOL OLSSLQ LWHWHQH Q LW SHO OWHNVW WLY LQJL LS   S LO L D O P S LU LUR DOL XEHWMH O RJM MXOH  MHQWHE OHS\QW LQJ EDOO O

O V  U JUDWLV V R N P MH MHUL LV LG RJE G $NWLY EDUQD PHW LYLW GHWG LWHWHQH HW I InUV GHO VHOY ODJHUK H HU O Y I¡ I ¡ OJ O KMH JHOL MHP OLJP PHGV VHJ 1HVWHX XWJDY HD DY, ,QIR IRUXV   DSULO LO 

. $6.

-(5"

(QQ\ EX NN nSQHW ¿NNLLG WLLN RJ HQ HGQLLQ WLO LOVHQGW DQOOH QJ EOR ORPV IRUHWQ LQJVIR WHUIUDHQ LQ UELQ %OR LQGHOV ORPVWH OVH Q H  D Q N PHQOD RPWLO ODIRUW LOnSQLQ LQ  IHVWOL OLJKHWH HQGHPSHUS JHQ Q n   G DHLH NRUWHW LHUHQOH  O H V W H Sn +YLO LOL LIUHG V W R G (LH G LHUHQE OH LQW H W  OH EOR RJULQ ORPVWH VLQ LQJWH UE LNN %OR HQ ORPVWH XWLN U K DQGOH OH SnDOY OYRU UPHQ UHQWRNNOD ODJH IRUV¡N PHG WHnWU Q ¡VWH 'HWHU Y 7HQNG HUUHIRUQRH QDQGU HJEHJ UDYHOV NUDQV OVHQP H GHUGH HGHQ WVWnU Q\HOR ORNDOH 7LO LOO\ O\NNH OHU U L L   $QQH0   RQLFD  /LQ VWD

HVHQG IHWWSL HU .MHWLO7 QQHQYLGHUH WLO KRUEM¡ UQVHQ ,.($) Sn RRG

9,76(6

7$)(7 7

+855$)25'(*620)<//(5',77c5 + 855 $)25'(*620) <//(5',7 7c5  )(%58$5 ) (%58$5 7KRPDV%HFKPDQQ 7KRPDV%HFKPDQQ  ,,GD2VPXQGVHQ GD2VPXQGVHQ  .ULVWLQ/LOOHQHV . ULVWLQ/LOOHQHV  (OL+ROH-RKQVHQ ( OL+ROH-RKQVHQ  --RDQQD-DEORQVND RDQQD-DEORQVND  0DXULFLR0DGV*&KULVWHQVHQ 0 DXULFLR0DGV*&KULVWHQVHQ 0DUWH*/¡ODQG 0 DUWH*/¡ODQG  (OOLQRU.ROQHV$DUÀRW ( OOLQRU.ROQHV$DUÀRW  0RQLFD/¡JHYLN3HWWHUVHQ 0 RQLFD/¡JHYLN3HWWHUVHQ 6KNHQGLMH$KPHWL 6 KNHQGLMH$KPHWL  0D\.DULQ+DQVHQ%UDXW 0 D\.DULQ+DQVHQ%UDXW 0DULW(OLDVVHQ 0 DULW(OLDVVHQ 

                              

&DWKULQ6 E¡ &DWKULQ6 E¡  /LOOLDQ6%+¡\ODQG /LOOLDQ6%+¡\ODQG  /XNDV]3DZHO.RSD /XNDV]3DZHO.RSD  $QQH%M¡UNOXQG $QQH%M¡UNOXQG  .QXW(JLO6W¡YHU .QXW(JLO6W¡YHU  +XPD.KDQ +XPD.KDQ  0DUHQ1DWDOLH%nNLQG 0DUHQ1DWDOLH%nNLQG  6WLQH-XQNHU$VEM¡UQVHQ 6WLQH-XQNHU$VEM¡UQVHQ %HULW/¡YnV+¡LODQG %HULW/¡YnV+¡LODQG  $QQH0RQLFD/LQH $QQH0RQLFD/LQH  -RQH0DQQVnNHU+RYODQG -RQH0DQQVnNHU+RYODQG $QHWWH5¡VGDO $QHWWH5¡VGDO 

                                 

=LFR6HEDVWLDQ5DIVDQMDQL =LFR6HEDVWLDQ5DIVDQMDQL $XG/DUVHQ $ XG/DUVHQ  +DQV,QJH6NDGEHUJ + DQV,QJH6NDGEHUJ  --DQQH0\KUH DQQH0\KUH  /HQH1DJHOO'DKO / HQH1DJHOO'DKO  6DKU0DTDGLV+XVVDLQ 6 DKU0DTDGLV+XVVDLQ  )LQQ(ULN%RUJHGDO ) LQQ(ULN%RUJHGDO  5XZDLGD+XVVDLQ$ONDQDQL 5 XZDLGD+XVVDLQ$ONDQDQL <QJYH'DQLHOVHQ < QJYH'DQLHOVHQ 

                       

InForus 04-2011  

InForus 04-2011

Read more
Read more
Similar to
Popular now
Just for you