Miljöbalksutbildningen - dokumentation, utvärdering och förslag (Statens offentliga utredningar 2000:142)

628

0LOM|EDONVXWELOGQLQJHQ

GRNXPHQWDWLRQ XWYlUGHULQJ RFK I|UVODJ

%HWlQNDQGH DY .RPPLWWpQ RP XWELOGQLQJ LQI|U LNUDIWWUlGDQGHW DY PLOM|EDONHQ

628

,QQHKnOO

6DPPDQIDWWQLQJ

0LOM|EDONVXWELOGQLQJHQ

)|UXWVlWWQLQJDUQD

.RPPLWWpQV RUJDQLVDWLRQ

.RPPLWWpQV GLUHNWLY RFK DQVODJ

8WELOGQLQJVSODQHQ

.RPPLWWpQV PnO I|U VLQ YHUNVDPKHW

8SSGUDJHW

œNDUWOlJJD YLOND VRP EHU|UV DY PLOM|EDONHQ RFK JUXSSHUD GHVVD HIWHU EHKRYHW DY NXQVNDS RP PLOM|EDONHQ

œDQDO\VHUD EHKRYHW DY XWELOGQLQJ KRV ROLND PnOJUXSSHU

œNDUWOlJJD RFK XWYlUGHUD ROLND XWELOGQLQJVYlJDU RFK XWELOG QLQJVPHWRGHU

œLQLWLHUD UHNU\WHULQJ RFK XWELOGQLQJ DY LQIRUPDW|UHU I|U ROLND PnOJUXSSHU

œXWDUEHWD HQ |YHUJULSDQGH SODQ I|U JHQRPI|UDQGHW DY XWELOG QLQJHQ I|U ROLND PnOJUXSSHU

œXWDUEHWDHQVWUDWHJLI|UKXU PLOM|EDONHQ VND WLOOlPSDV I|U DWW Qn GH IDVWODJGD PLOM|PnOHQ

œDQVYDUD I|U DWW XWELOGQLQJVPDWHULDO WDV IUDP I|U ROLND XWELOG QLQJVPHWRGHU RFK I|U ROLND PnOJUXSSHU

œLQIRUPDWLRQVLQVDWVHU ULNWDGH WLOO ROLND PnOJUXSSHU

œNXUVGLPHQVLRQHULQJHQ RFK DQWDOHW IDNWLVND GHOWDJDUH

œYHUND I|U DWW NXQVNDSVEDVHU E\JJV XSS

œYHUND I|U DWW QlWYHUN I|U LQIRUPDWLRQ VNDSDV

œVNDSD I|UXWVlWWQLQJDU I|U VDPUnG RFK HUIDUHQKHWVXWE\WH PHOODQ GHP VRP JHQRPI|U XWELOGQLQJHQ

œXWYlUGHUD XWELOGQLQJHQ

,QQHKnOO	628

7LGSODQHQ

0LOM|EDONVXWELOGQLQJHQV ILQDQVLHULQJ

([WHUQ XWYlUGHULQJ

.XUVXWEXGHW

.XUVYHUNVDPKHWHQV RPIDWWQLQJ

8SSOlJJQLQJHQ

.XUVPDWHULDO

5HJLRQDOD NXUVDQRUGQDUH

/lUDUH

gYULJ LQIRUPDWLRQ

6OXWVDWVHU RFK I|UVODJ

6OXWVDWVHU RP GHQ JHQRPI|UGD XWELOGQLQJHQ

)|UVODJ WLOO IRUWVDWW LQIRUPDWLRQ RFK XWELOGQLQJ

%LODJRU

%LODJD 5HJHULQJHQV GLUHNWLY WLOO 0LOM|EDONVXWELOGQLQJHQ %LODJD 8WELOGQLQJVSODQ I|U 0LOM|EDONVXWELOGQLQJHQ

%LODJD 7DEHOOHU

%LODJD 6\QSXQNWHU Sn PLOM|EDONHQ PHG I|OMGEHVWlPPHOVHU

%LODJD 1lWYHUNHW

)ULVWnHQGH ELODJRU

%LODJD .RQVXOWUDSSRUW /DJWRONHQ 3/$% 6WUDWHJL I|U DWW IUlPMD HQ WLOOlPSQLQJ DY PLOM|EDONHQ Vn PLOM|PnO XSSQnV

%LODJD .RQVXOWUDSSRUW ,QUHJLD$% 8WYlUGHULQJ RFK I|UVODJ WLOO IUDPWLGD LQIRUPDWLRQ RFK XWELOGQLQJ

628

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

.RPPLWWpQ KDU KDIW UHJHULQJHQV XSSGUDJ DWW DQVYDUD I|U DWW GHQ XWELOG QLQJ VRP I|UDQOHGV DY DWW PLOM|EDONHQ WUlGHU L NUDIW JHQRPI|UV L VnGDQ WLG RFK Sn VnGDQW VlWW DWW I|UXWVlWWQLQJDU VNDSDV I|U DWW PLOM|EDONHQV PnO VND NXQQD XSSQnV .RPPLWWpQ VND HWW nU HIWHU PLOM|EDONHQV LNUDIW WUlGDQGH UHGRYLVD VLWW DUEHWH RFK HQ XWYlUGHULQJ DY JHQRPI|UGD XWELOG QLQJVLQVDWVHU , VDPEDQG PHG GHQ VOXWOLJD XWYlUGHULQJHQ VND NRPPLWWpQ RFNVn |YHUYlJD EHKRYHQ DY \WWHUOLJDUH LQIRUPDWLRQV RFK XWELOGQLQJV LQVDWVHU WLOO NRQVXPHQWHU DOOPlQKHWHQ P IO VDPW OlPQD I|UVODJ WLOO VnGDQD LQVDWVHU 0LOM|EDONVXWELOGQLQJHQ |YHUOlPQDU KlUPHG HQ VnGDQ UHGRYLVQLQJ

8WYlUGHULQJHQ YLVDU DWW XWELOGQLQJHQ L VWRUW QnWW VLWW PnO 'HW KDU O\FNDWV WDFN YDUH HQ VWRU RFK HIIHNWLY RUJDQLVDWLRQ .RPPLWWpQ YLOO WDFND DOOD VRP PHGYHUNDW L XWELOGQLQJHQ H[SHUWHU UHJLRQDOD PHGDUUDQJ|UHU RFK LQWH PLQVW DOOD HQWXVLDVWLVND OlUDUH VRP I|UW XW EDONHQV EXGVNDS Sn GHW ORNDO SODQHW

6WRFNKROP L GHFHPEHU

*|VWD %O•FKHU

*|UDQ (NEODG

	628

628

6DPPDQIDWWQLQJ

0LOM|EDONVXWELOGQLQJHQ lU HQ VWDWOLJD NRPPLWWp VRP KDIW L XSSGUDJ DWW XWELOGD EHU|UGD L GHQ Q\D PLOM|ODJVWLIWQLQJHQ PLOM|EDONHQ .RPPLWWpQ VWDUWDGH L GHFHPEHU RFK SODQHUDV DWW DYVOXWDV L RFK PHG XWJnQJHQ DY ,QRP UDPHQ I|U 0LOM|EDONVXWELOGQLQJHQV NXUVYHUNVDPKHW KDU FD HOHYHU KLWWLOOV JHQRPJnWW XQGHUYLVQLQJ XQGHU VDPPDQODJW

NXUVGDJDU

8W|YHU 0LOM|EDONVXWELOGQLQJHQV YHUNVDPKHW KDU P\QGLJKHWHU NRPPXQHU RFK I|UHWDJ EHGULYLW LQWHUQ XWELOGQLQJ PHG HJQD OlUDUH HOOHU LQK\UGD NRQVXOWHU 'HQQD XWELOGQLQJHQ VRP RFNVn DQYlQW NRPPLWWpQV NXUVPDWHULDO NDQ XWLIUnQ VnOGD NRPSHQGLHU EHUlNQDV RPIDWWD \WWHUOLJDUH FD GHOWDJDUH

.RPPLWWpQ KDU DQOLWDW ,QUHJLD $% VRP NRQVXOW I|U XWYlUGHULQJ DY 0LOM|EDONVXWELOGQLQJHQV XSSGUDJ ,QUHJLD J|U I|OMDQGH VDPPDQIDWWQLQJ DY VLQ XWYlUGHULQJ

8WYlUGHULQJHQ GUDU VOXWVDWVHQ DWW 0LOM|EDONVXWELOGQLQJHQ KDU JHQRPI|UW VLWW DUEHWH Sn HWW P\FNHW I|UWMlQVWIXOOW VlWW JLYHW VLQD I|UXWVlWWQLQJDU 0DQ KDU KDIW NRUW WLG WLOO VLWW I|UIRJDQGH YLONHW KDU SnYHUNDW NYDOLWHWHQ L QnJUD DY VHHQGHQ 'H HNRQRPLVND UHVXUVHUQD KDU YDULW SnWDJOLJW PLQGUH MlPI|UW PHG HQ OLNQDQGH XWELOGQLQJVVDWVQLQJ RP 3ODQ RFK E\JJODJHQ Sn WDOHW YLONHW KDU OHWW WLOO DWW 0LOM|EDONVXWELOGQLQJHQ DYVWnWW DWW LQIRUPHUD DOOPlQ KHWHQ

1nJUD DY GH YLNWLJDVWH IUDPJnQJVIDNWRUHUQD KDU YDULW

œ)|UXWVlWWQLQJDUQD PHG NRUW RP WLG RFK OnJ EXGJHW KDU KDQWHUDWV JHQRP DWW Vn OnQJW VRP P|MOLJW DUEHWD PHG NlQGD PHWRGHU

œ.DQVOLHWV RUJDQLVDWLRQ RFK VWUlYDQ DWW KnOOD EXGJHW KDU YDULW P\FNHW JRG

œ8WELOGQLQJHQV XSSOlJJQLQJ RFK NXUVPDWHULDO KDU L KXYXGVDN YDULW P\FNHW EUD

œ(Q IUDPJnQJVULN VDPYHUNDQ PHG PnQJD DNW|UHU

œ3UREOHP KDU KDQWHUDWV VQDEEW QlU GH EOLYLW NlQGD

œ(QJDJHPDQJHW KDU YDULW VWDUNW

œ%HW\GDQGH LQVDWVHU DY HQVNLOGD SHUVRQHU

6DPPDQIDWWQLQJ	628

.RPPLWWpQ GUDU VOXWVDWVHQ DWW GHW XSSOlJJ VRP UHGRYLVDGHV L XWELOG QLQJVSODQHQ RFK VRP NRPPLWWpQ VHGDQ RFNVn JHQRPI|UGH L KXYXGVDN KDU YDULW P\FNHW O\FNRVDP 8WLIUnQ GH HUIDUHQKHWHU VRP NRPPLWWpQ JMRUW XQGHU JHQRPI|UDQGHW RFK VRP RFNVn L VWRU XWVWUlFNQLQJ EHNUlIWDWV DY XWYlUGHULQJHQ OlPQDU NRPPLWWpQ HWW DQWDO I|UVODJ WLOO I|UElWWULQJDU I|U IUDPWLGD XWELOGQLQJVVDWVQLQJDU DY OLNQDQGH VODJ 'HQ YLNWLJDVWH HUIDUHQKHWHQ lU DWW HWW DUEHWH PHG XWELOGQLQJ DY HWW UHJHOYHUN PRW VYDUDQGH PLOM|EDONHQ E|U LQOHGDV VHQDVW nU I|UH ODJHQV LNUDIW WUlGDQGH RFK DWW HQ JHQRPWlQNW SHGDJRJLVN XSSOlJJQLQJ I|U KHOKHWHQ E|U EHVOXWDV WLGLJW RFK JHQRPGULYDV PHG XWWDODG XSSI|OMQLQJ RFK VW\U QLQJ

8WYlUGHULQJHQ SHNDU Sn EHKRY DY

œIRUWVDWW LQIRUPDWLRQ RFK GLVNXVVLRQ RP KXU PLOM|EDONHQ EHU|U ROLND NRPPXQDOD YHUNVDPKHWVRPUnGHQ RFK KXU GHQ NRPPXQDOD PLOM| SROLWLNHQ NDQ VDPYHUND PHG PLOM|EDONHQV UHJHOYHUN

œHQ VDPPDQKnOOHQ I|UIDWWQLQJVLQIRUPDWLRQ Sn ,QWHUQHW YLD PLOM| SRUWDO 'lU YLOO PDQ KD ODJ I|URUGQLQJDU I|UHVNULIWHU DOOPlQQD UnG lQGULQJDU RFK UlWWVIDOO

œHQ IUnJHOnGD Sn ,QWHUQHW GlU EHV|NDUHQ NDQ VWlOOD IUnJRU RFK VQDEEW In VYDU

œHQ EUDQVFKDQSDVVDG LQIRUPDWLRQ WLOO QlULQJVOLYHW

œLQIRUPDWLRQ WLOO DOOPlQKHWHQ L IUnJRU VRP KDU VWRU DOOPlQJLOWLJKHW I|U DWW |ND PHGYHWDQGHW RP GHQ Q\D PLOM|ODJVWLIWQLQJHQ

0LOM|EDONHQ RFK PLOM|NYDOLWHWVPnOHQ

0LOM|PnOHQ NDQ WURWV DWW GH LQWH lU LQI|UGD L ODJVWLIWQLQJHQ NRPPD LQ L WLOOlPSQLQJHQ DY PLOM|EDONHQ L IOHUD VDPPDQKDQJ PHG YDULHUDQGH VW\UND RFK IXQNWLRQ

628	6DPPDQIDWWQLQJ

œ0LOM|NYDOLWHWVPnOHQ NDQ XQGHUOlWWD WLOOlPSQLQJHQ DY GH JHQHUHOOD KlQV\QVUHJOHUQD 'HW JlOOHU H[HPSHOYLV DWW VNDIID NXQVNDS RP PnOHQ EHG|PD ORNDOLVHULQJ XWLIUnQ KXU PnOHQ IUlPMDV RFK EHJUlQVD VnGDQ LQ YHUNDQ VRP PRWYHUNDU PnOHQ +lQV\QVUHJOHUQD lU GlUPHG YLNWLJD UHG VNDS I|U PnOHQ YLG SU|YQLQJHQ ± RFK RPSU|YQLQJHQ DY YLOONRU I|U YHUNVDPKHWHU

œ'HQ NRQWLQXHUOLJD RFK EUHGD NRQWDNW\WDQ PHOODQ P\QGLJKHWHUQD RFK YHUNVDPKHWVXW|YDUQD VNHU L GHQ RSHUDWLYD WLOOV\QVYHUNVDPKHWHQ 7LOO V\QVP\QGLJKHWHQ VND nUOLJHQ XSSUlWWD HQ WLOOV\QVSODQ 'n WLOOV\QVP\Q GLJKHWHQ J|U VLQD SULRULWHULQJDU XWLIUnQ P\FNHW NQDSSD UHVXUVHU E|U GHWWD VNH PHG PnOHQ VRP EHG|PQLQJVJUXQG

œ6DPKlOOVSODQHULQJHQ ± VRP RIWD LQQHElU WLOOlPSQLQJ DY IOHUD GHODU DY EDONHQ lU EHW\GHOVHIXOO I|U DWW XQGYLND YLVVD PLOM|SUREOHP VnYlO VRP DWW PLQLPHUD VW|UQLQJDU 0nOHQ NDQ lYHQ KlU IXQJHUD VRP VW\UPHGHO RFK EHG|PQLQJVJUXQG GYV SHND Sn DQJHOlJQD IUnJRU RFK JH VW|G YLG DYYlJQLQJDUQD PHOODQ NRQNXUUHUDQGH LQWUHVVHQ

.RPPXQHUQD EHU|UV DY PLOM|EDONHQ Sn IOHUD ROLND VlWW YLONHW NRPPLWWpQ KDU XWYHFNODW L EURVFK\UHQ WLOO NRPPXQHQV SROLWLVND OHGQLQJ , GHQQD J|U NRPPLWWpQ I|OMDQGH XSSGHOQLQJ DY DQVYDUVRPUnGHQ

œ.RPPXQHQV VRP SU|YQLQJV RFK WLOOV\QVP\QGLJKHW

œ.RPPXQHQ VRP YHUNVDPKHWVXW|YDUH

œ.RPPXQHQV VRP IDVWLJKHWVlJDUH

œ'HQ NRPPXQDOD UHQKnOOQLQJVVN\OGLJKHWHQ

œ.RPPXQHQ RFK GHQ I\VLVND SODQHULQJHQ

œ.RPPXQHQV UlWWLJKHWHU VRP VDNlJDUH RFK I|UHWUlGDUH DY DOOPlQ LQWUHVVHW

6DPPDQIDWWQLQJ	628

'HVVXWRP ERUGH PDQ |YHUYlJD RP LQWH YLVVD ORNDOD IUnJRU L K|JUH XW VWUlFNQLQJ VNXOOH NXQQD DYJ|UDV DY GHQ NRPPXQDOD P\QGLJKHWHQ

0LOM|EDONHQV UHJHOYHUN

8QGHU KDQG KDU NRPPLWWpQ L XWELOGQLQJHQ RFK JHQRP VLQ IUnJHOnGD

EOLYLW XSSPlUNVDP EnGH Sn VYnULJKHWHU RFK LQNRQVHNYHQVHU L P\QGLJ

KHWHUQDV KDQGOlJJQLQJ HQOLJW PLOM|EDONHQ RFK Sn UHJOHU VRP NDQ WH VLJ

RQ|GLJW E\UnNUDWLVND HOOHU VOn RPRWLYHUDW KnUW .RPPLWWpQ KDU VWlOOW

VDPPDQ GHVVD HUIDUHQKHWHU L HQ VlUVNLOG ELODJD

628

0LOM|EDONVXWELOGQLQJHQ

)|UXWVlWWQLQJDUQD

1lU Q\ ODJVWLIWQLQJ LQI|UV EHK|YHU PnQJD SDUWHU OlUD VLJ GH Q\D EH VWlPPHOVHUQD 0\QGLJKHWHU VRP VND WLOOlPSD ODJ I|URUGQLQJDU RFK I|UHVNULIWHU PnVWH VMlOYIDOOHW NlQQD WLOO GHVVD 'HWVDPPD JlOOHU SROLV nNODJDUH RFK GRPVWRODU I|U DWW NXQQD KDQWHUD VDQNWLRQHU $OOPlQKHW I|UHWDJ SROLWLNHU RFK RUJDQLVDWLRQHU VRP EHU|UV DY ODJHQ PnVWH NlQQD WLOO EHVWlPPHOVHUQD I|U DWW YHWD YDG GH KDU DWW UlWWD VLJ HIWHU

9LG ULNWLJW VWRUD I|UlQGULQJDU L ODJVWLIWQLQJHQ EOLU EHKRYHW DY XWELOG QLQJ RFK LQIRUPDWLRQ LQI|U ODJHQV LNUDIWWUlGDQGH H[WUD W\GOLJW 0LOM| EDONHQ LQQHElU HQ VnGDQ VWRU I|UlQGULQJ HIWHUVRP GHQ HUVlWWHU ODJDU LQRP PLOM|RPUnGHW 0LOM|EDONHQ LQQHElU GHVVXWRP DWW PLOM|ODJVWLIW QLQJHQ VNlUSV RFK EUHGGDV VDPW DWW ROLND P\QGLJKHWHU InU Q\D DUEHWV XSSJLIWHU

8QGHU DUEHWHW PHG DWW WD IUDP PLOM|EDONHQ SHNDGH EO D ROLND VWDWOLJD P\QGLJKHWHU RFK 6YHQVND .RPPXQI|UEXQGHW Sn GHW VWRUD EHKRYHW DY XWELOGQLQJ 0DQ MlPI|UGH W H[ PHG GHQ XWELOGQLQJ VRP VWDWHQ RUJDQL VHUDGH L VDPEDQG PHG LQI|UDQGHW DY 3ODQ RFK %\JJODJHQ 3%/ Sn

WDOHW 5HJHULQJHQ EHVOXWDGH L VHSWHPEHU DWW WLOOVlWWD HQ NRPPLWWp PHG

XSSJLIWHQ DWW LQLWLHUD RFK VDPRUGQD XWELOGQLQJVLQVDWVHU RP PLOM|EDONHQ

.RPPLWWpQ NRP DWW WD QDPQHW 0LOM|EDONVXWELOGQLQJHQ 8WELOG QLQJVLQVDWVHUQD VNXOOH VNH L VDPEDQG PHG LNUDIWWUlGDQGHW DY PLOM| EDONHQ 'HQ O|SDQGH IRUWELOGQLQJHQ VRP NUlYV GlUHIWHU InU UHVSHNWLYH P\QGLJKHW RUJDQLVDWLRQ RFK I|UHWDJ KDQWHUD Sn HJHQ KDQG .RPPLWWpQ SODQHUDV GlUI|U DWW DYVOXWD VLWW DUEHWH YLG XWJnQJHQ DY

0LOM\|EDONVXWELOGQLQJHQ	628

7DEHOO 7LGVVFKHPD |YHU I|UIDWWQLQJVDUEHWHW RFK 0LOM|EDONVXWELOG QLQJHQV DUEHWH

				/DJHQ WUlGGH L NUDIW
	9nUHQ	+\|VWHQ	9nUHQ	+\|VWHQ	9nUHQ	+\|VWHQ

)\|UIDWW	)\|UVODJ WLOO	%HKDQGOLQJ L	/DJHQ	+XYXGGHOHQ	0\QGLJKHWHU	0\QGLJKHWHU
QLQJV	ODJ	ODJUnGHW	EHVOXWDV DY	DY I\|URUG	JHU XW I\|UH	JHU XW DOO
DUEHWH			ULNVGDJHQ L	QLQJDUQD	VNULIWHU	PlQQD UnG
			MXQL	VNULYV
8WELOGQLQJ		0LOM\|EDONV	$UEHWHW PHG	.XUVHU I\|U	5HJLRQDOD	5HJLRQDOD
RFK LQIRU		XWELOGQLQJHQ	NXUVNRP	OlUDUH RNW QRY	NXUVHU I\|U	NXUVHU I\|U
PDWLRQ		LQOHGHU DU	SHQGLHU LQ	5HJLRQDOD NXU	HOHYHU	HOHYHU
		EHWHW L	OHGV	VHU I\|U HOHYHU	6LVWD NRP	/lUDUNXUV I\|U
		GHFHPEHU	5HJLRQDO RU	LQOHGV L QRY	SHQLHW NODUW	VLVWD NXUVHQ
			JDQLVDWLRQ	GHF	,QIRUPDWLRQV	,QIRUPDWLRQV
			DY NXUVDU	+HPVLGD	PDWHULDO	PDWHULDO
			UDQJ\|UHU	\|SSQDV
			VNDSDV

$Y WDEHOOHQ IUDPJnU EO D DWW NXUVNRPSHQGLHUQD GHOYLV VNUHYV LQQDQ ODJHQ YDU WDJHQ DY ULNVGDJHQ )OHUD DY I|URUGQLQJDUQD IDQQV WLOOJlQJOLJD I|UVW L VDPEDQG PHG DWW DUEHWHW PHG NXUVPDWHULDOHW DYVOXWDGHV WURWV DWW WLOOlPSQLQJHQ DY PLOM|EDONHQ lU VWDUNW DYKlQJLJ GH I|URUGQLQJDU VRP UHJHULQJHQ XWIlUGDU (QGDVW HQ EHJUlQVDG GHO DY P\QGLJKHWHUQDV I|UH VNULIWHU RFK DOOPlQQD UnG KDU lQQX JLYLWV XW L GHFHPEHU QlU 0LOM| EDONVXWELOGQLQJHQV YHUNVDPKHW L GHW QlUPDVWH lU DYVOXWDG

(Q DPELWLRQ IUnQ EnGH UHJHULQJHQ RFK 0LOM|EDONVXWELOGQLQJHQ YDU DWW NXUVHUQD nWPLQVWRQH VNXOOH LQOHGDV I|UH ODJHQV LNUDIWWUlGDQGH 'HWWD XSSQnGGH PDQ JHQRP DWW YLVVD NXUVHU NXQGH NRPPD LJnQJ UHGDQ L QRYHPEHU RFK GHFHPEHU +XYXGGHOHQ DY NXUVHUQD KDU GRFN KnOOLWV HIWHU ODJHQV LNUDIWWUlGDQGH

)OHUD SHUVRQHU EnGH L NRPPLWWpQ RFK Sn NDQVOLHW I|U 0LOM|EDONV XWELOGQLQJHQ PHGYHUNDGH L GHQ 3%/ XWELOGQLQJ VRP JHQRPI|UGHV Sn

9LG JHQRPI|UDQGH DY 3%/ XWELOGQLQJHQ IDQQV ODJHQ DWW WLOOJn WLGLJW YLONHW JDY JRGD P|MOLJKHWHU DWW WD IUDP XWELOGQLQJVPDWHULDO 7LOOlPS QLQJHQ DY 3%/ lU LQWH OLND EHURHQGH DY UHJHULQJHQV I|URUGQLQJDU YLONHW JMRUGH DUEHWHW PHG NXUVNRPSHQGLHUQD PLQGUH WLGVNULWLVNW lYHQ DY GHWWD VNlO 0DQ LQOHGGH DUEHWHW PHG XWELOGQLQJHQ L JRG WLG Vn DWW WYn WUHGMH GHODU DY JUXQGNXUVHUQD NXQGH JHQRPI|UDV I|UH LNUDIWWUlGDQGHW )|U GMXSQLQJVNXUVHUQD K|OOV GRFN HIWHU LNUDIWWUlGDQGHW

628	0LOM\|EDONVXWELOGQLQJHQ

(Q DQQDQ EHW\GDQGH VNLOOQDG PHOODQ GH WYn XWELOGQLQJVVDWVQLQJDUQD lU RPIDWWQLQJHQ RFK EXGJHWHQ , 3%/ XWELOGQLQJHQ NRP PDQ DWW KnOOD NXUVHU I|U FD HOHYHU L JUXQGXWELOGQLQJHQ RFK I|U FD L I|U GMXSQLQJVXWELOGQLQJHQ $QWDOHW HOHYHU L 0LOM|EDONVXWELOGQLQJHQV JUXQG XWELOGQLQJ KDU YDULW FD RFK NRPPHU DWW EOL FD L I|UGMXS QLQJV IRUWVlWWQLQJVNXUVHUQD

%XGJHWHQ I|U GHQ QDWLRQHOOD GHOHQ DY 3%/ XWELOGQLQJHQ YDU XQJHIlU

0NU L GDJHQV SHQQLQJYlUGH 'HWWD NDQ MlPI|UDV PHG 0LOM|EDONVXW ELOGQLQJHQV 0.U .RVWQDGHUQD lU GRFN LQWH GLUHNW SURSRUWLRQHOOD PRW DQWDOHW NXUVGHOWDJDUH 2P 0LOM|EDONVXWELOGQLQJHQ KDGH KDIW OLND PnQJD HOHYHU VRP 3%/ XWELOGQLQJHQ KDGH NRVWQDGHQ LVWlOOHW EOLYLW FD 0.U 'HQ UHODWLYD NQDSSKHWHQ Sn WLG RFK SHQJDU KDU XWJMRUW SnWDJOLJD UHVWULNWLRQHU L DUEHWHW PHG 0LOM|EDONVXWELOGQLQJHQ , XWYlUGHULQJHQ KDU GlUI|U YlUGHULQJ DY DUEHWVVlWW RFK UHVXOWDW KRV 0LOM|EDONVXWELOGQLQJHQ

VWlOOWV L UHODWLRQ WLOO GHVVD I|UXWVlWWQLQJDU

.RPPLWWpQV RUJDQLVDWLRQ

.RPPLWWpQV RUGI|UDQGH KDU YDULW *|VWD %O•FKHU RFK WLOO NRPPLWWpQ KDU VRP OHGDP|WHU I|URUGQDWV

5LFKDUG $OPJUHQ 6YHULJHV ,QGXVWULI\|UEXQG
/DUV )ODGYDG 6YHQVND .RPPXQI\|UEXQGHW
/LVEHWK )DOO %RYHUNHW
6WLJ cNH 6YHQVVRQ OlQVVW\UHOVHQ L 'DODUQDV OlQ
.LWW\ 9LFWRU 1DWXUYnUGVYHUNHW
%LUJLWWD cJUHQ PLOM\|GHSDUWHPHQWHW	GHF DSU
*XQ 7RPEURFN PLOM\|GHSDUWHPHQWHW	DSU
7LOO NRPPLWWpQ VRP H[SHUWHU KDU I\|URUGQDWV
.HUVWLQ &HGHUO\|I PLOM\|GHSDUWHPHQWHW	GHF PDM
$QQ 6RILH (ULNVVRQ 6YHQVND .RPPXQI\|UEXQGHW	IHE
3lU $QGHUVVRQ 6YHULJHV ,QGXVWULI\|UEXQG	PDU
/DUV +ROPJnUG PLOM\|GHSDUWHPHQWHW	MXQ DXJ
, NRPPLWWpQV NDQVOL KDU I\|OMDQGH SHUVRQHU YDULW DQVWlOOGD
*\|UDQ (NEODG KXYXGVHNUHWHUDUH	MDQ
0LD -DPHVRQ VHNUHWHUDUH	PDU VHS
$QQ &KULVWLQ 6XQGEHUJ KDOYWLG	PDU MXQ

.RPPLWWpQ KDU KDIW SURWRNROOI|UGD P|WHQ .DQVOLHW KDU DQVYDUDW I|U IUDPWDJQLQJ DY NXUVPDWHULDO RFK |YULJ LQIRUPDWLRQ VDPW DGPLQLVWUHUDW

0LOM\|EDONVXWELOGQLQJHQ	628

OlUDUXWELOGQLQJHQ L VWHJ .DQVOLHW KDU WLOOVDPPDQV PHG I\UD H[SHUW JUXSSHU EHVWnHQGH DY UHSUHVHQWDQWHU IUnQ EHU|UGD P\QGLJKHWHU NRP PXQHU RFK QlULQJVOLYHW VYDUDW I|U GHQ GLUHNWD SURGXNWLRQHQ DY NXUV PDWHULDOHW .DQVOLHWV SHUVRQDO RFK GHOWDJDUH L H[SHUWJUXSSHUQD KDU VHGDQ YDULW OlUDUH Sn OlUDUXWELOGQLQJ L VWHJ $QVYDUHW I|U JHQRP I|UDQGHW DY GH UHJLRQDOD NXUVHUQD L VWHJ KDU OHJDW Sn OlQVVW\UHOVHUQD RFK GH UHJLRQDOD NRPPXQI|UEXQGHQ LQRP UHVSHNWLYH OlQ PHG KMlOS DY GH OlUDUH VRP JHQRPJnWW XWELOGQLQJ L VWHJ

.RPPLWWpQ KDU DQOLWDW NRQVXOW I|U

PHGYHUNDQ YLG GHQ SHGDJRJLVND GDJHQ

IUDPWDJQLQJ DY KHPVLGDQ Sn LQWHUQHW

IUDPWDJQLQJ DY 2+ ELOGHU RFK SODQVFKHU

GLVWULEXWLRQ DY NRPPLWWpQV XWELOGQLQJVPDWHULDO

XWYHFNOLQJ DY HQ VWUDWHJL L WLOOlPSQLQJHQ DY PLOM|EDONHQ I|U DWW IUlPMD PLOM|PnOHQ

XWYlUGHULQJ DY 0LOM|EDONVXWELOGQLQJHQV YHUNVDPKHW

.RPPLWWpQ KDU XQGHU KDQG UHGRYLVDW VLWW DUEHWH WLOO UHJHULQJHQ RFK PLOM|GHSDUWHPHQWHW

	/lJHVUDSSRUW
	8WELOGQLQJVSODQ	UHY
	/lJHVUDSSRUW	GHF
	/lJHVUDSSRUW	MXQL
	'HQQD VOXWUDSSRUW	GHF

.RPPLWWpQV GLUHNWLY RFK DQVODJ

)|U JHQRPI|UDQGHW DY NRPPLWWpQV XSSGUDJ KDU UHJHULQJHQ DQVODJLWPLOMRQHU NURQRU 0LOM|GHSDUWHPHQWHW KDU GlUHIWHU PHGJLYLW DWW NRPPLWWpQ InU GLVSRQHUD \WWHUOLJDUH NU I|U WU\FNQLQJ RFK GLVWULEXWLRQ DY HQ EURVFK\U VSHFLHOOW ULNWDG WLOO GH PLQGUH I|UHWDJDUQD

628	0LOM\|EDONVXWELOGQLQJHQ

8WELOGQLQJVSODQHQ

.RPPLWWpQ |YHUOlPQDGH HQ XWELOGQLQJVSODQ WLOO UHJHULQJHQ I|U JRG NlQQDQGH GHQ IHEUXDUL UHYLGHUDG 3ODQHQ UHGR YLVDV L VLQ KHOKHW L ELODJD

.RPPLWWpQV PnO I|U VLQ YHUNVDPKHW

.RPPLWWpQ KDU L XWELOGQLQJVSODQHQ ODJW IDVW I|OMDQGH KXYXGPnO I|U VLQ XWELOGQLQJVYHUNVDPKHW

*HQRP HQ VDPPDQKnOOHQ XWELOGQLQJ VND DOOD PLOM|EDONHQV DNW|UHU JHV HQ JHPHQVDP UDP I|U WLOOlPSQLQJHQ DY PLOM|EDONHQ

.RPPLWWpQ KDU XWLIUnQ GHWWD PnO VWUlYDW HIWHU HWW NXUVPDWHULDO VRP lU W\GOLJW NRQVLVWHQW RFK VW\UDQGH *UXQGNXUVHQ RPIDWWDU KHOD EDONHQ RFK EHKDQGODU YDUMH DYVQLWW PHG XQJHIlU VDPPD GMXS 8SSOlJJQLQJHQ I|UXW VlWWHU LQWH QnJUD I|UNXQVNDSHU gYHUVLNWVNXUVHQ lU HQ I|UNRUWDG YHUVLRQ DY JUXQGNXUVHQ PHG ELEHKnOOHQ XSSOlJJQLQJ .RPPLWWpQV XSSIDWWQLQJ lU DWW GHW GlULJHQRP JLYLWV JRGD JDUDQWLHU I|U HWW OLNDUWDW JHQRPI|UDQGH DY XWELOGQLQJVYHUNVDPKHWHQ |YHU KHOD ODQGHW L VNHGH

, 0LOM|EDONVXWELOGQLQJHQV XSSOlJJQLQJ DY NXUVYHUNVDPKHWHQ KDU NRPPLWWpQ L I|UVWD KDQG DQSDVVDW GHQQD WLOO KDQGOlJJDQGH SHUVRQDO L NRPPXQHU RFK OlQVVW\UHOVHU $OOW NXUVPDWHULDO KDU GRFN YDULW WLOOJlQJ OLJW XWDQ FRS\ULJKW YLONHW JMRUW GHW P|MOLJW I|U YHP VRP KHOVW DWW ´VNUlGGDUV\´ Q\D NXUVHU PHG HJHW PDWHULDO I|U ROLND VlULQWUHVVHQ *UXQGXWELOGQLQJHQV PDWHULDO KDU RFNVn IUnQ E|UMDQ ODJWV XW Sn KHPVLGDQ VRP KHOD WLGHQ VWnWW |SSHQ I|U DOOD LQWUHVVHUDGH

.RPPLWWpQ KDU lYHQ JMRUW HQ SULRULWHULQJ VRP LQWH IUDPJnU DY XW ELOGQLQJVSODQHQ .RPPLWWpQ KDU KDIW PnOHW DWW I|UPHGOD KHOKHWHQ L PLOM|EDONHQ 2UVDNHQ WLOO GHWWD lU DWW PLOM|EDONHQ EO D KDU VNDSDWV JHQRP VDPPDQOlJJQLQJ DY ROLND ODJDU 'HW KDU GlUI|U YDULW YLNWLJW I|U NRPPLWWpQ DWW I|UPHGOD GH JHPHQVDPPD QlPQDUQD VRP NQ\WHU VDPPDQ GH ROLND GHODUQD WLOO HQ KHOKHW 9LOMDQ DWW I|UPHGOD KHOKHWHQ L NRPELQDWLRQ PHG GH EHJUlQVDGH HNRQRPLVND UDPDUQD KDU JMRUW DWW QnJRW PHU VSHFLDOLVHUDW PDWHULDO LQWH KDU WDJLWV IUDP

	628

628

8SSGUDJHW

5HJHULQJHQ KDU VDPPDQIDWWDW XSSGUDJHW L I|OMDQGH SXQNWHU

´.RPPLWWpQ VND L VDPDUEHWH PHG GH EHU|UGD P\QGLJKHWHUQD RFK RUJDQLVD WLRQHUQD

œNDUWOlJJD YLOND VRP EHU|UV DY PLOM|EDONHQ RFK JUXSSHUD GHVVD HIWHU EHKRYHW DY NXQVNDS RP PLOM|EDONHQ

œDQDO\VHUD EHKRYHW DY XWELOGQLQJ KRV ROLND PnOJUXSSHU

œNDUWOlJJD RFK XWYlUGHUD ROLND XWELOGQLQJVYlJDU RFK XWELOGQLQJVPHWRGHU

œLQLWLHUD UHNU\WHULQJ RFK XWELOGQLQJ DY LQIRUPDW|UHU I|U ROLND PnOJUXSSHU

œXWDUEHWD HQ |YHUJULSDQGH SODQ I|U JHQRPI|UDQGHW DY XWELOGQLQJHQ I|U ROLND PnOJUXSSHU

œXWDUEHWD HQ VWUDWHJL I|U KXU PLOM|EDONHQ VND WLOOlPSDV I|U DWW Qn GH IDVWODJGD PLOM|PnOHQ

œDQVYDUD I|U DWW XWELOGQLQJVPDWHULDO WDV IUDP I|U ROLND XWELOGQLQJV PHWRGHU RFK I|U ROLND PnOJUXSSHU

œLQLWLHUD UHNU\WHULQJ RFK XWELOGQLQJ DY LQIRUPDW|UHU I|U ROLND PnO JUXSSHU

œYHUND I|U DWW NXQVNDSVEDVHU E\JJV XSS

œYHUND I|U DWW QlWYHUN I|U LQIRUPDWLRQ VNDSDV

œVNDSD I|UXWVlWWQLQJDU I|U VDPUnG RFK HUIDUHQKHWVXWE\WH PHOODQ GHP VRP JHQRPI|U XWELOGQLQJHQ

œXWYlUGHUD XWELOGQLQJHQ RFK

œOlPQD I|UVODJ WLOO I|UElWWULQJDU DY XWELOGQLQJVLQVDWVHUQD HIWHU YDG VRP IUDPNRPPHU YLG XWYlUGHULQJ ´

5HGRYLVQLQJHQ DY KXU NRPPLWWpQ JHQRPI|UW VLWW XSSGUDJ I|OMHU

UHJHULQJHQV XSSVWlOOQLQJ

8SSGUDJHW	628

œ.DUWOlJJD YLOND VRP EHU|UV DY PLOM|EDONHQ RFK JUXSSHUD GHVVD HIWHU EHKRYHW DY NXQVNDS RP PLOM|EDONHQ

œ$QDO\VHUD EHKRYHW DY XWELOGQLQJ KRV ROLND PnOJUXSSHU

.RPPLWWpQV VOXWVDWVHU L GHVVD DYVHHQGHQ UHGRYLVDGHV L XWELOGQLQJV

SODQHQ ELODJD +lU OlPQDV HQ NRUW VDPPDQIDWWQLQJ

.RPPLWWpQ KDU JMRUW I|OMDQGH LQGHOQLQJ DY PnOJUXSSHU

+DQGOlJJDUH L P\QGLJKHWVXW|YDQGH VWlOOQLQJ

'HQQD JUXSS E|U KD JRG LQVLNW L EDONHQV XSSE\JJQDG RFK GHWDOMHUDG NXQVNDS DY UHJHOYHUNHW

0nOJUXSSHQ KDU HUEMXGLWV HQ WUHGDJDUV JUXQGNXUV PHG SnE\JJQDG DY I\UD ROLND I|UGMXSQLQJVNXUVHU

&KHIHU L GHQ RIIHQWOLJD I|UYDOWQLQJHQ RFK EHU|UGD SROLWLNHU VDPW IOHUWDOHW EHU|UGD LQRP QlULQJVOLYHW

'HQQD JUXSS E|U KD LQVLNW L EDONHQV XSSE\JJQDG RFK NlQQHGRP DY I|U GHP DNWXHOOD UHJOHU

0nOJUXSSHQ KDU HUEMXGLWV HQ HQGDJV |YHUVLNWVNXUV

3ROLWLNHU RFK I|UHWDJDUH VRP LQWH QnV YLD NXUVYHUNVDPKHW

'HQQD JUXSS E|U KD NlQQHGRP RP PLOM|EDONHQ RFK GHVV KXYXGVDNOLJD VWUXNWXU

,QIRUPDWLRQ KDU ULNWDWV WLOO GHVVD JUXSSHU JHQRP XWVlQGQLQJ DY EURVFK\UHU

$OOPlQKHWHQ

$OOPlQKHWHQ E|U NlQQD WLOO PLOM|EDONHQ VRP UHJHOYHUN RFK DWW GHQ WUlWW L NUDIW (IWHUVRP EDONHQV UHJOHU JlOOHU DOOD RFK HQYDU ERUGH RFNVn GH DOOPlQQD KlQV\QVUHJOHUQD YDUD DOOPlQW NlQGD $OOPlQKHWHQ E|U RFNVn NlQQD WLOO YLOND NUDY PDQ NDQ VWlOOD Sn ROLND I|UHWDJDUH RFK YHUNVDP KHWHU 'HW JlOOHU W H[ KDQWHULQJHQ DY NHPLVND SURGXNWHU RFK KlOVR VN\GGVIUnJRU L IUnJD RP ERVWlGHU

.RPPLWWpQ WYLQJDGHV DY HNRQRPLVND VNlO DWW UHGDQ L XWELOGQLQJ SODQHQ YlOMD ERUW LQIRUPDWLRQ WLOO DOOPlQKHWHQ

628	8SSGUDJHW

œ.DUWOlJJD RFK XWYlUGHUD ROLND XWELOGQLQJVYlJDU RFK XWELOGQLQJVPHWRGHU

œ,QLWLHUD UHNU\WHULQJ RFK XWELOGQLQJ DY LQIRUPD W|UHU I|U ROLND PnOJUXSSHU

.RPPLWWpQ GLVNXWHUDGH L SODQHULQJVVWDGLHW P|MOLJKHWHQ DY LQWHUDNWLY XWELOGQLQJ Sn LQWHUQHW HOOHU FG URP 8WELOGQLQJ L GHQQD IRUP lU XQGHU XWYHFNOLQJ RFK KDU KLWWLOOV YLVDW VLJ OlPSOLJ YLG LQOlUQLQJ DY W H[ YlO XWYHFNODGH DUEHWVUXWLQHU 8WELOGQLQJ KDU lYHQ SU|YDWV I|U LQOlUQLQJ DY I|UHVNULIWHU RFK UHJHOYHUN 8WELOGQLQJVSURJUDPPHQ lU GRFN G\UD RFK NUlYHU UHODWLYW OnQJ WLG I|U IUDPWDJQLQJ RFK LQN|UQLQJ RFK PHWRGHQ E|U IRUWIDUDQGH EHWUDNWDV VRP H[SHULPHQWHOO (Q QDFNGHO PHG LQWHUDNWLY XWELOGQLQJ lU DWW GHOWDJDUHQ LQWH InU P|MOLJKHW DWW GLVNXWHUD IUnJRUQD PHG YDUDQGUD RFK DWW QlWYHUN PHOODQ GHOWDJDUQD LQWH KHOOHU ELOGDV Sn HWW QDWXUOLJW VlWW $Y GHVVD VNlO EHVO|W NRPPLWWpQ DWW XW|YHU HQ HJHQ KHP VLGD LQWH XWQ\WWMD GHQ LQWHUDNWLYD XWELOGQLQJVIRUPHQ

.RPPLWWpQ YDOGH DWW I|OMD VDPPD XSSOlJJQLQJ DY XWELOGQLQJHQ L WYn VWHJ VRP DQYlQGHV YLG 3%/ XWELOGQLQJHQ YLONHQ RFNVn L VWRUW EH VNULYV XQGHU UXEULNHQ XSSGUDJHW L UHJHULQJHQV GLUHNWLY WLOO NRPPLWWpQ (UIDUHQKHWHUQD IUnQ 3%/ XWELOGQLQJHQ YDU QlPOLJHQ P\FNHW JRGD lYHQ RP QnJRQ IRUPHOO XWYlUGHULQJ LQWH Gn JMRUGHV

.RPPLWWpQ WRJ I|UVW IUDP NRPSHQGLHU WLOO GH SODQHUDGH NXUVHUQD )|U YDUMH NRPSHQGLXP NQ|W NRPPLWWpQ HQ VNULYDUH HQ RUGI|UDQGH RFK HQ JUXSS H[SHUWHU IUnQ EHU|UGD YHUN OlQVVW\UHOVHU NRPPXQHU RFK LQ GXVWULQ ([SHUWJUXSSHUQDV VDPPDQVlWWQLQJ IUDPJnU DY ELODJD L XW ELOGQLQJVSODQHQ ELODJD

8WELOGQLQJHQ DY YDUMH NXUV JHQRPI|UGHV L WYn VWHJ

, VWHJ XWELOGDGHV |YHU EOLYDQGH OlUDUH WLOO VWHJ /lUDUQD WLOO NXUVHUQD L VWHJ UHNU\WHUDGHV IUnQ GH H[SHUWJUXSSHU VRP PHGYHUNDW YLG IUDPWDJQLQJHQ DY NRPSHQGLHUQD ,QDOOHV GHOWRJ H[SHUWHU

)|UH JUXQGNXUVHQ Sn WUH GDJDU DQRUGQDGH NRPPLWWpQ HQ LQWURGXNWLRQV GDJ 6\IWHW PHG GDJHQ YDU

œDWW UHGRYLVD PLOM|EDONHQV VWUXNWXU RFK LQWURGXFHUD PLOM|EDONVWUlGHW VRP VDPPDQKnOODQGH ELOG I|U UHJHOYHUNHW

œDWW In HQ JHQRPJnQJ DY KXU PDQ E|U XSSWUlGD VRP I|UHOlVDUH I|U DWW EXGVNDSHW RFK NXQVNDSVLQQHKnOOHW VND Qn IUDP RFK

8SSGUDJHW	628

œDWW WLOO DOOD OlUDUH GHOD XW SURS GHO PLOM|EDONHQ RFK SURS 6YHQVND PLOM|PnO VDPW SODQVFKHQ |YHU PLOM| EDONVWUlGHW

, PLOM|EDONVXWELOGQLQJHQV VWHJ PHGYHUNDGH OlUDUH IUnQ NRPPXQHU RFK OlQVVW\UHOVHU VRP JnWW JUXQGXWELOGQLQJHQ L VWHJ .XUVYHUNVDP KHWHQ VNHGGH OlQVYLV RFK RUJDQLVHUDGHV JHPHQVDPW DY GH UHJLRQDOD NRPPXQI|UEXQGHQ RFK OlQVVW\UHOVHUQD .XUVXWEXGHW L VWHJ YDU VDPPD VRP L VWHJ 8WDQI|U 0LOM|EDONVXWELOGQLQJHQV DGPLQLVWUDWLRQ KDU PRW VYDUDQGH VWHJ NXUVHU DUUDQJHUDWV DY NRQVXOWEUDQVFKHQ RFK LQWHUQW DY FHQWUDOD P\QGLJKHWHU RFK VW|UUH I|UHWDJ

œ8WDUEHWD HQ |YHUJULSDQGH SODQ I|U JHQRP I|UDQGHW DY XWELOGQLQJHQ I|U ROLND PnOJUXSSHU

.RPPLWWpQ |YHUOlPQDGH HQ XWELOGQLQJVSODQ WLOO UHJHULQJHQ I|U JRGNlQ QDQGH GHQ IHEUXDUL UHYLGHUDG 3ODQHQ UHGRYLVDV L VLQ KHOKHW L ELODJD

*HQRPI|UDQGHW KDU KHOW VNHWW HQOLJW XWELOGQLQJVSODQHQV XSSOlJJ QLQJ 7LGSODQHQ RFK GH JLYQD NRVWQDGVUDPDUQD KDU KnOOLWV *HQRP NRPSHQGLHI|UVlOMQLQJHQ KDU NRPPLWWpQ HUKnOOLW QHWWRLQWlNWHU Sn GU\JW PLOMRQHU NURQRU YLONHW LQWH YDU NDON\OHUDW PHG L EXGJHWHQ .RPPLWWpQ KDU DY GHQ DQOHGQLQJHQ EO D NXQQDW WD IUDP RFK GLVWULEXHUD HQ EURVFK\U WLOO NRPPXQOHGQLQJHQ RP NRPPXQHUQDV DQVYDU HQOLJW PLOM|EDONHQ RFK HQ EURVFK\U VRP UHGRYLVDU ULNVGDJHQV EHVOXW RP GH VYHQVND PLOM| PnOHQ PHG LOOXVWUDWLRQ L IRUP DY HQ SODQVFK WLOO ODQGHWV VNRORU RFK EDUQVWXJRU 8WYlUGHULQJHQ VRP XWI|UWV DY XWRPVWnHQGH NRQVXOW KDU RFNVn EOLYLW JUXQGOLJDUH

œ8WDUEHWD HQ VWUDWHJL I|U KXU PLOM|EDONHQ VND WLOOlPSDV I|U DWW Qn GH IDVWODJGD PLOM|PnOHQ

5HGDQ Sn NRPPLWWpQV I|UVWD P|WH EHKDQGODGHV IUnJDQ RP HQ VWUDWHJL I|U DWW Qn PLOM|PnOHQ .RPPLWWpQ JMRUGH MlPI|UHOVHU PHG NRPPXQHU QDV KDQGOlJJQLQJ DY lUHQGHQ HQOLJW SODQ RFK E\JJODJHQ (QOLJW NRPPLWWpQ JlOOHU IUnJDQ KXU PDQ NDQ In HWW PnOVHHQGH L EDONHQ 0LOM|

628	8SSGUDJHW

EDONHQ VDNQDU GH GHWDOMHUDGH SURFHVVXHOOD UHJOHUQD VRP ILQQV L 3%/ 7LOOYlJDJnQJVVlWWHW I|U WLOOV\QVDUEHWHW RFK KDQGOlJJQLQJHQ DY HWW PLOM| EDONVlUHQGH lU LQWH SUHFLVHUDW RFK NDQ GlUI|U I|OMD IOHUD YlJDU YLONHW NDQ NRPPD DWW XSSOHYDV VRP GLIIXVW RFK RNODUW RP LQWH HQ KDQGIDVW VWUDWHJL XWYHFNODV .RPPLWWpQ KDU XSSGUDJ DWW XWYHFNOD HQ VnGDQ VWUDWHJL

.RPPLWWpQ GLVNXWHUDGH IUnJDQ RFK YDU |YHUHQV RP DWW HQ VWUDWHJL HQGDVW NDQ NRQNUHWLVHUDV JHQRP DWW PDQ WDU IUDP RFK EHVNULYHU H[HPSHO I|U WLOOV\Q RFK KDQGOlJJQLQJ DY ROLND lUHQGHQ HQOLJW PLOM|EDONHQ

.RPPLWWpQ OlW HQ NRQVXOW 3HJJ\ /HUPDQ WD IUDP HWW I|UVWD XWNDVW WLOO HQ VWUDWHJL 5DSSRUWHQ UHGRYLVDV L HQ VlUVNLOG ELODJD

0LOM|EDONVWUlGHW

.RPPLWWpQ HQDGHV RP DWW HQ XWJnQJVSXQNW PnVWH YDUD DWW PLOM|EDONHQ VRP KHOKHW lU ElWWUH lQ VXPPDQ DY GH ODJDU VRP GHQ XWJnWW IUnQ

.RPPLWWpQV XSSJLIW VNXOOH Gn YDUD DWW I|UPHGOD HWW Q\WlQNDQGH WLOO DOOD GH KDQGOlJJDUH VRP DUEHWDW HQOLJW GH lOGUH ODJDUQD

%LOGHQ KDU XWI|UWV DY *XQQHO *LQVEXUJ RFK WU\FNWV VRP HQ SODQVFK L

H[HPSODU +HOD XSSODJDQ lU VOXW 3ODQVFKHQ KDU L PnQJD IDOO GHODWV XW WLOO GHOWDJDUQD HIWHU JHQRPJnQJHQ NXUV

0LOM|PnOHQ L JUXQGXWELOGQLQJHQ

0LOM|NYDOLWHWVPnOHQ KDU LQJnWW VRP HQ GHO DY JUXQGXWELOGQLQJHQ WURWV DWW ULNVGDJHQ DQWRJ PnOHQ I|UVW L MXQL Gn KXYXGSDUWHQ DY XWELOG QLQJHQ UHGDQ JHQRPI|UWV 0LOM|PnOHQ EHKDQGODV L JUXQGNRPSHQGLHW Sn

VLGRU RFK ILQQV RFNVn PHG L |YHUVLNWVNRPSHQGLHW

%URVFK\U RFK SODQVFK |YHU GH VYHQVND PLOM|PnOHQ

.RPPLWWpQ KDU OnWLW *XQQHO *LQVEXUJ LOOXVWUHUD GH VYHQVND PLOM|PnOHQ 7LOO ELOGHQ KDU NRPPLWWpQ WU\FNW HQ EURVFK\U VRP NRUW EHVNULYHU GH

VYHQVND PLOM|PnOHQ 3ODQVFKHQ RFK EURVFK\UHQ KDU HUEMXGLWV ODQGHW VNRORU RFK EDUQVWXJRU 3ODQVFKHQ lU XWVlQG L H[ RFK EURVFK\UHQ L

H[HPSODU

8SSGUDJHW	628

6WUDWHJL I|U DWW Qn GH IDVWODJGD PnOHQ

.RPPLWWpQ KDU JLYLW %RYHUNHWV I|UUH FKHIVMXULVW 3HJJ\ /HUPDQ L XSS GUDJ DWW DQDO\VHUD IUnJDQ RP KXU PDQ NDQ XWDUEHWD HQ VWUDWHJL I|U DWW Qn GHW IDVWODJGD PLOM|PnOHQ 3HJJ\ /HUPDQ KDU WLGLJDUH DQOLWDWV DY NRPPLWWpQ VRP NXUVOHGDUH Sn NXUVHQ ´0LOM|EDONHQ RFK GHQ I\VLVND SODQHULQJHQ´

.RPPLWWpQ KDU GLVNXWHUDW IUnJDQ XWLIUnQ GHQ OlPQDGH NRQVXOW UDSSRUWHQ RFK IXQQLW DWW I|OMDQGH XWJnQJVSXQNWHU E|U LQJn L HQ VWUDWHJL

6DPVSHOHW PHOODQ PLOM|EDONHQ RFK PLOM|PnOHQ

.RPPLWWpQ DYIlUGDU LQWH IUnJDQ PHQ lU I|U QlUYDUDQGH LQWH EHUHGG DWW VWlOOD VLJ EDNRP HWW I|UVODJ RP HQ VnGDQ ELQGDQGH NRSSOLQJ

.RPPLWWpQ DQVHU DWW IUnJDQ E|U XWUHGDV YLGDUH 0LOM|PnOHQ NDQ WURWV DWW GH LQWH lU LQI|UGD L ODJVWLIWQLQJHQ NRPPD LQ

œ'HQ NRQWLQXHUOLJD RFK EUHGD NRQWDNW\WDQ PHOODQ P\QGLJKHWHUQD RFK YHUNVDPKHWVXW|YDUQD VNHU L GHQ RSHUDWLYD WLOOV\QVYHUNVDPKHWHQ 7LOO V\QVP\QGLJKHWHQ VND nUOLJHQ XSSUlWWD HQ WLOOV\QVSODQ 'n WLOOV\QV P\QGLJKHWHQ J|U VLQD SULRULWHULQJDU XWLIUnQ P\FNHW NQDSSD UHVXUVHU E|U GHWWD VNH PHG PnOHQ VRP EHG|PQLQJVJUXQG

628	8SSGUDJHW

.XQVNDSVIO|GHW lU VWRUW ± VnOOD XW GHW DQYlQGEDUD

)|U DWW PLOM|EDONHQ VND NXQQD EOL HWW YHUNVDPW PHGHO I|U DWW Qn PLOM|NYDOLWHWVPnOHQ PnVWH GHW ILQQDV NXQVNDS 8WYHFNOLQJVDUEHWHQ I|U PnOHQ SnJnU L HWW RWDO VDPPDQKDQJ $OOPlQ LQIRUPDWLRQ RP PnOHQ KDU RFNVn VSULWWV EUHWW 0HQ GHW EHK|YV I|UPRGOLJHQ HQ YHWHQVNDSOLJ JHRJUDILVN RFK ORNDO DQSDVVQLQJ I|U DWW In LQ PnOHQ L VDPEDQG PHG GHQ SURFHVVXHOOD KDQWHULQJHQ DY ROLND lUHQGHQ HQOLJW EDONHQ 'HW lU HPHO OHUWLG LQWH VMlOYNODUW YDG I|U VODJV NXQVNDS VRP EHK|YV L W H[ DUEHWHW PHG 0.% HOOHU YLG SU|YQLQJHQ DY YHUNVDPKHWHU

6lUVNLOG NXQVNDS RFK LQIRUPDWLRQ RP KXU PnOHQ NDQ IUlPMDV JHQRP WLOOlPSQLQJHQ DY EDONHQV UHJOHU E|U NRQWLQXHUOLJW WDV IUDP Sn FHQWUDO QLYn VRP XQGHUODJ I|U SULRULWHULQJ DY GHQ NRPPXQDOD WLOOV\QVYHUN VDPKHWHQ

6SULG GDJHQV PHWRGHU ± YlQWD LQWH Sn GHQ HQGD UlWWD

0HWRGHU EHK|YHU VWlQGLJW XWYHFNODV I|U EHVOXWVIDWWDQGHW 'HW ILQQV HPHOOHUWLG UHGDQ Vn P\FNHW DWW WD VW|G L Vn GHW LQWH ILQQV DQOHGQLQJ DWW YlQWD Sn GHQ ´SHUIHNWD´ PHWRGHQ (Q VDPPDQVWlOOQLQJ RFK EHVNULYQLQJ DY HUIDUHQKHWHUQD DY DUEHWHW PHG PLOM|IUnJRU L GHQ I\VLVND SODQHULQJHQ L PLOM|NRQVHNYHQVEHVNULYQLQJDU PLOM|OHGQLQJVV\VWHP RFK IOHUD DQGUD VDPPDQKDQJ VNXOOH JH YLNWLJW VW|G I|U DWW YlJOHGD EHVOXWVIDWWDUH UHGDQ LGDJ

8SSGUDJHW	628

/RNDO I|UDQNULQJ NUlYHU ORNDO DQSDVVQLQJ

.RPPXQHUQD EHU|UV DY PLOM|EDONHQ Sn IOHUD ROLND VlWW YLONHW NRPPLWWpQ KDU XWYHFNODW L EURVFK\UHQ WLOO NRPPXQHQV SROLWLVND OHGQLQJ , GHQQD J|U NRPPLWWpQ I|OMDQGH XSSGHOQLQJ DY DQVYDUVRPUnGHQ

œ.RPPXQHQ VRP SU|YQLQJV RFK WLOOV\QVP\QGLJKHW

œ.RPPXQHQ VRP YHUNVDPKHWVXW|YDUH

œ.RPPXQHQ VRP IDVWLJKHWVlJDUH

œ'HQ NRPPXQDOD UHQKnOOQLQJVVN\OGLJKHWHQ

œ.RPPXQHQ RFK GHQ I\VLVND SODQHULQJHQ

œ.RPPXQHQV UlWWLJKHWHU VRP VDNlJDUH RFK I|UHWUlGDUH DY DOOPlQ LQWUHVVHW

628	8SSGUDJHW

œ$QVYDUD I|U DWW XWELOGQLQJVPDWHULDO WDV IUDP I|U ROLND XWELOGQLQJVPHWRGHU RFK I|U ROLND PnOJUXSSHU

7DEHOO 8WELOGQLQJV RFK LQIRUPDWLRQVPDWHULDO XWJLYQD DY 0LOM|EDONV

NRPPLWWpQ

8WJnYD		2PIDWWQLQJ	7U\FNW L	3ULV NU H[	2PIDWWQLQJ
		HOOHU VWRUOHN	DQWDO	IUDNWPRPV
			H[HPSODU	WLOONRPPHU
0LOM\|EDONVWUlGHW SODQVFK		[ FP
	*UXQGNRPSHQGLHW	VLG			+HOD UHJHOYHUNHW RFK GH
					VYHQVND PLOM\|PnOHQ
	gYHUVLNWVNRPSHQGLHW	VLG			+HOD UHJHOYHUNHW
.RPSHQGLXP I\|U NXUV		VLG			0LOM\|IDUOLJ YHUNVDPKHW RFK
	0LOM\|				KlOVRVN\GG
	+lOVD PHG				)\|URUHQDGH RPUnGHQ
	OlUDUKDQGOHGQLQJ				.HPLVND SURGXNWHU
					$YIDOO RFK SURGXFHQWDQVYDU
.RPSHQGLXP I\|U NXUV		VLG			2PUnGHVVN\GG
	1DWXU .XOWXU PHG				9DWWHQYHUNVDPKHW
	OlUDUKDQGOHGQLQJ				7lNWHU MRUGEUXN VDPUnG
					*HQWHNQLN
					(UVlWWQLQJ
.RPSHQGLXP I\|U NXUV		VLG			6DPEDQGHW PHOODQ GHQ
	0LOM\|EDONHQ RFK GHQ				I\VLVND SODQHULQJHQ PHG
	I\VLVND SODQHULQJHQ				GHVV lUHQGHKDQWHULQJ RFK
	PHG OlUDUKDQGOHGQLQJ				PLOM\|EDONHQV UHJHOYHUN
.RPSHQGLXP I\|U NXUV		VLG			3U\|YQLQJ WLOOV\Q RFK
	$WW DQYlQGD PLOM\|EDONHQ				VDQNWLRQHU
	PHG OlUDUKDQGOHGQLQJ
0LOM\|EDONHQ ODJWH[WHQ		VLG			%LODJD WLOO DOOD NXUVHU
0LOM\|EDONHQ I\|URUGQLQJDUQD		VLG			%LODJD WLOO DOOD NXUVHU
0\QGLJKHWHUQDV XSSJLIWHU		VLG			8WGHODG Sn JUXQGNXUVHQ
RFK DQVYDU
+DQGOlJJQLQJ DY lUHQGHQ		VLG			8WGHODG WLOO JUXQGNXUVHQ
)\|UHWDJVEURVFK\UHQ		VLG $		JUDWLV	8WGHODG WLOO VPnI\|UHWDJDUH
.RPPXQEURVFK\UHQ		VLG $		JUDWLV	8WGHODG WLOO NRPPXQ
					OHGQLQJHQ
6YHQVND PLOM\|PnO SODQVFK		[		JUDWLV DOW	8WGHODG WLOO VNRORU RFK
				NU	EDUQVWXJRU
6YHQVND PLOM\|PnO EURVFK\U		VLG		JUDWLV DOW	8WGHODG WLOO VNRORU RFK
				NU	EDUQVWXJRU
6DPPDQVWlOOQLQJ		VLGRU		JUDWLV	8WGHODG WLOO EHV\|NDUH Sn
)UnJRU RFK 6YDU , RFK ,,					KHPVLGDQ

.XUV OlQJG

GDJDU

GDJ

GDJDU

8SSGUDJHW	628

$OOW NXUV RFK LQIRUPDWLRQVPDWHULDO KDU NXQQDW N|SDV DY DOOD LQWUHVVH UDGH WLOO VDPPD SULV ,QJHW DY NRPPLWWpQV PDWHULDO KDU EHODJWV PHG FRS\ULJKW XWRP SODQVFKHU VRP LQWH lU KHOW IULN|SWD +XU VWRU I|UVlOM QLQJHQ YDULW WLOO ROLND PnOJUXSSHU IUDPJnU DY WDEHOO L ELODJD $OO GLVWULEXWLRQ DY NRPSHQGLHU EURVFK\UHU RFK SODQVFKHU KDU VNHWW JHQRP %\JJXWELOGDUQD $%

œ,QIRUPDWLRQVLQVDWVHU ULNWDGH WLOO ROLND PnO JUXSSHU

+HPVLGDQ Sn LQWHUQHW |SSHQ I|U DOOD

.RPPLWWpQV KHPVLGD PHG IUnJHOnGDQ lU |SSHQ I|U DOOD LQWUHVVHUDGH 6H YLGDUH XQGHU UXEULNHQ ´9HUND I|U DWW NXQVNDSVEDVHU E\JJV XSS´

'H FHQWUDOD P\QGLJKHWHUQD

(WW IOHUWDO P\QGLJKHWHU KDU GHOWDJLW L NRPPLWWpQV H[SHUWJUXSSHU VH EL ODJD L NRPPLWWpQV XWELOGQLQJVSODQ

.RPPLWWpQ WRJ NRQWDNW PHG EHU|UGD P\QGLJKHWHU JHQRP DWW L HQ VNULYHOVH WLOO YHUNVFKHIHUQD LQIRUPHUD RP PLOM|EDONVXWELOGQLQJHQ

.RPPLWWpQ DQK|OO VDPWLGLJW RP QDPQ Sn HQ NRQWDNWSHUVRQ LQRP P\Q GLJKHWHQ 0\QGLJKHWHUQD KDU GlUHIWHU HUEMXGLWV DWW GHOWDJD L PLOM|EDONV XWELOGQLQJHQV OlUDUNXUVHU $YVLNWHQ KDU YDULW DWW GH VRP JnWW Sn OlUDUNXUVHUQD VMlOYD RUGQDU NXUVHU LQWHUQW LQRP P\QGLJKHWHQ RP EHKRY ILQQV 1lU PDQ RUGQDW NXUVHU lU GHW VDQQROLNW DWW PDQ RFNVn DQYlQW PLOM|EDONVXWELOGQLQJHQV NXUVPDWHULDO , WDEHOOHQ UHGRYLVDV DQWDO VnOGD JUXQG RFK |YHUVLNWVNRPSHQGLHU WLOO ROLND P\QGLJKHWHU 'HW VnOGD NXUVPDWHULDOHW ERUGH GlUI|U WLOO YLVV GHO VSHJOD P\QGLJKHWHQV LQWHUQD XWELOGQLQJ 9lJYHUNHW KDU DQYlQW H[WHUQ XWELOGQLQJVNRQVXOW

3ROLVK|JVNRODQ RFK nNODJDUP\QGLJKHWHQ KDU VlUVNLOW HUEMXGLWV OlUDU SODWVHU Sn PLOM|EDONVXWELOGQLQJHQV NXUVHU

'RPVWROYHUNHW KDU DQRUGQDW HJHQ XWELOGQLQJ DY VLQ SHUVRQDO L PLOM| GRPVWRODUQD , VDPEDQG PHG GHQQD XWELOGQLQJ RUJDQLVHUDGH NRPPLWWpQ WYn HQGDJVNRQIHUHQVHU L DOOPlQ PLOM|NXQVNDS Sn 1DWXUYnUGVYHUNHW

.RPPLWWpQ PHGYHUNDGH YLG WYn XWELOGQLQJVGDJDU I|U UHJHULQJV NDQVOLHWV SHUVRQDO

.RPPXQHU RFK OlQVVW\UHOVHU

'H UHJLRQDOD NRPPXQI|UEXQGHQ RFK OlQVVW\UHOVHUQD KDU L VDPYHUNDQ XWVHWW OlUDUODJ I|U GHQ UHJLRQDOD XWELOGQLQJHQ 'HVVD OlUDUODJ KDU XWJMRUW VWRPPHQ DY GHOWDJDUH Sn PLOM|EDONVXWELOGQLQJHQV OlUDUNXUVHU L VWHJ

/lUDUODJHQ KDU VHGDQ EHGULYLW HJHQ XWELOGQLQJ LQRP VLQD UHVSHNWLYH OlQ

628	8SSGUDJHW

0nOJUXSSHU KDU Gn IUlPVW YDULW NRPPXQDOD RFK OlQVVW\UHOVHKDQG OlJJDUH PHQ lYHQ NRPPXQDOSROLWLNHU RFK I|UHWDJDUH $OOD OlQHQ KDU DQRUGQDW PLOM|EDONVXWELOGQLQJHQV KHOD NXUVXWEXG

.RPPLWWpQ KDU XWDUEHWDW HQ VlUVNLOG EURVFK\U VWlOOG WLOO NRPPXQHQV OHGQLQJ RFK |YULJD EHU|UGD NRPPXQDOD I|UWURHQGHPlQ %URVFK\UHQ KDU GLVWULEXHUDWV L QRYHPEHU WLOO ODQGHWV NRPPXQHU XWDQ NRVWQDG

'HQ UHJLRQDOD NXUVYHUNVDPKHWHQ KDU KLWWLOOV KDIW GHOWDJDUH (Q QlUPDUH UHGRYLVQLQJ J|UV OlQVYLV L WDEHOOHUQD L ELODJD

'HQ SULYDWD VHNWRUQ

6YHULJHV ,QGXVWULI|UEXQG KDU YDULW UHSUHVHQWHUDG L VDPWOLJD H[SHUW JUXSSHU PHG I|UHWUlGDUH IUnQ LQGXVWULQ VH ELODJD L XWELOGQLQJV SODQHQ

6YHULJHV ,QGXVWULI|UEXQG XWVnJ HJQD GHOWDJDUH IUnQ I|UEXQGHW RFK IUnQ LQGXVWULQ WLOO OlUDUNXUVHUQD L VWHJ

SHUVRQHU Sn OlUDUXWELOGQLQJHQ L VWHJ 1nJRQ DNWLY PDUNQDGVI|ULQJ DY XWELOGQLQJHQ KDU L GHWWD VDPPDQKDQJ LQWH EHGULYLWV

'U\JW SHUVRQHU IUnQ GHQ SULYDWD VHNWRUQ KDU VHGDQ GHOWDJLW Sn PLOM|EDONVXWELOGQLQJHQ UHJLRQDOD NXUVHU L VWHJ

.RPPLWWpQ DUUDQJHUDGH GHVVXWRP WYn |SSQD HQGDJVNRQIHUHQVHU VlU VNLOW ULNWDGH WLOO I|UHWDJDUQD HQ L 6WRFNKROP RFK HQ L *|WHERUJ PHG VDPPDQODJW GHOWDJDUH

'H PLQGUH I|UHWDJDUQD

.RPPLWWpQ KDU WDJLW IUDP EURVFK\UHQ ´0LOM|EDONHQ ± +XU EHU|U GHQ PLJ"´ %URVFK\UHQ lU Sn nWWD VLGRU RFK YlQGHU VLJ VSHFLHOOW WLOO GH PLQGUH I|UHWDJDUQD %URVFK\UHQ KDU GLVWULEXHUDWV DY NRPPLWWpQ XWDQ NRVWQDG L WRWDOW H[HPSODU .RPPLWWpQ JMRUGH HWW XWVNLFN WLOO ODQGHWV NRPPXQHU RFK OlQVVW\UHOVHU RFK FD ROLND EUDQVFKRUJDQLVD WLRQHU PHG HUEMXGDQGH RP JUDWLVEHVWlOOQLQJ DY EURVFK\UHQ 1nJRQ EH JUlQVQLQJ L DQWDOHW EHVWlOOGD H[HPSODU KDU LQWH JMRUWV

8WVNLFN KDU JnWW WLOO

.DWHJRUL	$QWDO H[
.RPPXQHU
/lQVVW\UHOVHU
%UDQVFKRUJDQLVDWLRQHU
)\|UHWDJ RFK NRQVXOWHU P P
6XPPD

8SSGUDJHW	628

.RPPXQHUQD VW KDU L JHQRPVQLWW EHVWlOOW H[HPSODU SHU NRP PXQ PHG VWRU YDULDWLRQVEUHGG *QRVM| PHG LQYnQDUH KDU W H[ EHVWlOOW H[HPSODU PHGDQ 6WRFNKROP PHG LQYnQDUH EHVWlOOW H[HPSODU

0LOM|RUJDQLVDWLRQHUQD

6NRORU RFK EDUQVWXJRU

.RPPLWWpQ KDU OnWLW WD IUDP HQ SODQVFK |YHU GH VYHQVND PLOM|PnOHQ DYVHGG I|U ODQGHWV VNRORU RFK EDUQVWXJRU 7LOO SODQVFKHQ PHGI|OMHU HQ EURVFK\U 3ODQVFKHQ GLVWULEXHUDV HIWHU EHVWlOOQLQJ XWDQ NRVWQDG 'HW KDU GLVWULEXHUDWV SODQVFKHU RFK EURVFK\UHU

œ.XUVGLPHQVLRQHULQJHQ RFK DQWDOHW IDNWLVND GHO WDJDUH

.RPPLWWpQ JMRUGH I|UVW HQ |YHUVODJVPlVVLJ EHUlNQLQJ DY GHW WRWDOD DQ WDOHW KDQGOlJJDUH RFK DQGUD EHU|UGD VRP VNXOOH NRPPD DWW GHOWDJD Sn PLOM|EDONXWELOGQLQJHQV ROLND NXUVHU L VNHGH $QWDOHW OlUDUGDJDU VRP NUlYGHV I|U GHVVD NXUVHU EHUlNQDGHV VHGDQ XWLIUnQ HQ EHG|PQLQJ DY GHW JHQRPVQLWWOLJD DQWDOHW GHOWDJDUH RFK OlUDUH SHU NXUVWLOOIlOOH %HUlN QLQJHQ JDY OlUDUGDJDU 6RP HQ I|UXWVlWWQLQJ I|U DWW In YDUD PHG Sn OlUDUXWELOGQLQJHQ L VWHJ VWlOOGH NRPPLWWpQ NUDY Sn DWW YDUMH GHO WDJDUH VNXOOH YDUD EHUHGG DWW HIWHU XWELOGQLQJHQ PHGYHUND VRP OlUDUH L PLQVW VH[ GDJDU %HKRYHW DY OlUDUH NXQGH Vn EHUlNQDV WLOO FD DNWLYD OlUDUH

(IWHU HQ HQNlW WLOO OlQHQ EHVO|W NRPPLWWpQ DWW I|U JUXQGNXUVHQ RFK I|UGMXSQLQJVNXUVHUQD DQRUGQD XWELOGQLQJVWLOOIlOOHQ Sn NXUVRUWHUQD 6WRFNKROP %nOVWD gUHEUR *lYOH 8PHn 1RUUN|SLQJ 9l[M| +||U 7UROOKlWWDQ RFK *|WHERUJ

.RPPLWWpQ I|UHVORJ DWW OlQHQ ELOGDGH OlUDUODJ RP YDUGHUD I\UD OlUDUH 9DUMH OlQ HUEM|GV HWW YLVVW DQWDO OlUDUODJ L I|UKnOODQGH WLOO OlQHQV IRONPlQJG

.RPPLWWpQV WDQNH YDU DWW GHOWDJDUH IUnQ EnGH GH FHQWUDOD P\QGLJ KHWHUQD RFK GHQ SULYDWD VHNWRUQ VNXOOH NXQQD PHGYHUND L GH UHJLRQDOD NXUVHUQD VRP OlUDUH 'HQQD WDQNH IXOOI|OMGHV DOGULJ HIWHUVRP GHW KHOW VDNQDGHV LQWUHVVH IUnQ GH UHJLRQDOD NXUVDUUDQJ|UHUQDV VLGD 'HVVD EH

628	8SSGUDJHW

JlUGH L VWlOOHW IOHU GHOWDJDUH IUnQ NRPPXQHU RFK OlQVVW\UHOVHU (IWHUVRP NXUVHUQD JHQRPI|UGHV LQQDQ PLOM|EDONHQ WUlGGH LNUDIW YDU HIWHUIUnJDQ VWRU LQWH EDUD EODQG KDQGOlJJDUQD XWDQ RFNVn EODQG GH FHQWUDOD P\QGLJ KHWHUQD RFK GHQ SULYDWD VHNWRUQ .RPPLWWpQ DFFHSWHUDGH DWW NXUVHUQD EOHY VW|UUH lQ YDG VRP YDU SHGDJRJLVNW PRWLYHUDW HIWHUVRP PDQ VnJ GHW VRP HWW HJHQYlUGH DWW Vn PnQJD KDQGOlJJDUH VRP P|MOLJW ILFN WLOOIlOOH DWW XWELOGDV YLG GHWWD WLOOIlOOH $QWDOHW GHOWDJDUH Sn JUXQGNXUVHUQD EOHY GlUI|U PnQJD IOHU lQ YDG VRP I|UVW SODQHUDGHV

7DEHOO$QWDOHW EHUlNQDGH RFK DQWDOHW IDNWLVND GHOWDJDUH Sn 0LOM|EDONV XWELOGQLQJHQV JUXQGNXUV

	$QWDO EHUlNQDGH SODWVHU	$QWDOHW GHOWDJDUH
	L XWELOGQLQJVSODQHQ	YLG JHQRPI\|UDQGHW
.RPPXQHU
/lQVVW\UHOVHU
gYULJD P\QGLJKHWHU
3ULYDWD VHNWRUQ
7RWDOW

$QWDOHW GHOWDJDQGH OlUDUH IUnQ ROLND OlQ UHGRYLVDV L WDEHOO L ELODJD

0LOM|EDONVXWELOGQLQJHQV EHUlNQDGH RPIDWWQLQJ XSSQnGGHV PHG YLVV

PDUJLQDO VRP NDQ DYOlVDV L WDEHOO

8SSGUDJHW	628

7DEHOO $QWDOHW SODQHUDGH RFK DQWDOHW IDNWLVND GHOWDJDUH Sn PLOM|EDONV XWELOGQLQJHQV VDPWOLJD NXUVHU

	*UXQGNXUV	gYHUVLNWV		)\|UGMXSQLQJVNXUVHU
		NXUV
			0LOM\|		1DWXU 0LOM\|EDONHQ $WW DQYlQGD
			0LOM\|		1DWXU 0LOM\|EDONHQ $WW DQYlQGD
			+lOVR		.XOWXU	RFK GHQ I\V	PLOM\|EDONHQ
			VN\GG			SODQHULQJHQ
(QOLJW XWELOGQLQJV	GDJDU	GDJ	GDJDU		GDJDU	GDJDU	GDJ
SODQHQ	GDJDU	GDJ	GDJDU		GDJDU	GDJDU	GDJ
SODQHQ
.RPPXQHUQD
6WDWOLJD P\QGLJKHWHU
'HQ SULYDWD VHNWRUQ		HJHQ UHJL
'HQ SULYDWD VHNWRUQ		HJHQ UHJL
6XPPD SODQHUDGH
GHOWDJDUH
*HQRPI\|UGD	GDJDU	GDJ	GDJDU		GDJDU	GDJDU	GDJDU
NXUVHU	GDJDU	GDJ	GDJDU		GDJDU	GDJDU	GDJDU
NXUVHU
.RPPXQHU
WMlQVWHPlQ
.RPPXQHU SROLWLNHU
6WDWOLJD P\QGLJKHWHU
'HQ SULYDWD VHNWRUQ
'HQ SULYDWD VHNWRUQ

.XUVYHUNVDPKHWHQ L IOHUD OlQ lU LQWH PHGUlNQDGH HIWHUVRP NXUVHUQD lQQX LQWH SnE|UMDWV YLG GHQQD UHGRYLVQLQJ

œ 9HUND I|U DWW NXQVNDSVEDVHU E\JJV XSS

8W|YHU NRPSHQGLH RFK LQIRUPDWLRQVXWJLYQLQJHQV KDU 0LOM|EDONV

XWELOGQLQJHQ VHGDQ RNWREHU HJHQ KHPVLGD Sn ,QWHUQHW PHG DGUHV

VHQ ZZZ PLOMREDONVXWELOGQLQJHQ JRY VH

+HPVLGDQ KDU YDULW |SSHQ I|U DOOD 9LD KHPVLGDQ KDU NRPPLWWpQ

NXQQDW LQIRUPHUD RP NRPPLWWpQV DUEHWH RFK NXUVXWEXGHW VDPW DNWXHOO

LQIRUPDWLRQ NULQJ IUnJRU VRP U|U PLOM|EDONHQ RFK RP lQGULQJDU L UHJHO

YHUNHW

+HPVLGDQ KDU KDIW I|OMDQGH LQQHKnOO

œ.RPPLWWpQV XSSJLIW RUJDQLVDWLRQ RFK XWELOGQLQJVSODQ

œ.RUW LQIRUPDWLRQ RP PLOM|EDONHQ VRP DOOD E|U NlQQD WLOO

œ0LOM|EDONHQV ODJWH[W RFK GHVV I|URUGQLQJDU KDU YDULW GLUHNW OlQNDGH WLOO KHPVLGDQ

œ*MRUGD lQGULQJDU L EDONHQ RFK GHVV I|URUGQLQJDU HIWHU L LNUDIWWUlGDQGHW

628	8SSGUDJHW

œ´)|UHWDJDUVSHFLDO´ VlUVNLOG LQIRUPDWLRQ VRP YlQW VLJ WLOO I|UHWDJDUHIUnQ PDUV

œ+HOD JUXQGNRPSHQGLHW RFK |YHUVLNWVNRPSHQGLHW PHG 2+ ELOGHU OLNVRP ELODJRUQD ´+DQGOlJJQLQJ DY lUHQGHQ´ RFK ´0\QGLJKHWHUQDV DQVYDU´ RFK GH ElJJH SODQVFKHUQD VRP SURGXFHUDWV DY NRPPLWWpQ .RPSHQ GLHUQD KDU NXQQDW WDV XW RFK InWW DQYlQGDV DY DOOD L XWELOGQLQJ XWDQ QnJRQ FRS\ULJKW

œ(Q IUnJHOnGD

œ(UIDUHQKHWHU IUnQ WLOOlPSQLQJHQ DY PLOM|EDONHQ (Q LQWHUDNWLY VLGD VRP |SSQDGHV L RNWREHU

%HV|NVVWDWLVWLN

8QGHU KDU ZHE VWDWLVWLN WDJLWV IUDP YDUMH PnQDG RFK EO D KDU DQ WDOHW EHV|NDUH WLOO KHPVLGDQ UlNQDWV 6WDWVWLN OlPQDV L DQWDO ´UHTXHVWV´ (Q ´UHTXHVW´ PDUNHUDV YDUMH JnQJ PDQ JnU LQ RFK XW IUnQ VLGDQ lYHQ RP PDQ lU XSSNRSSODG KHOD WLGHQ 0DUNHULQJ J|UV RFNVn Gn PDQ JnU WLOO HQ XQGHUVLGD LQRP KHPVLGDQ $QWDOHW ´UHTXHVWV´ L JHQRPVQLWW SHU EHV|NDUH YDULHUDU PHOODQ ROLND W\SHU DY KHPVLGRU )|UHWDJHW VRP OHYHUHUDU VWDWLV WLNHQ JMRUGH EHG|PQLQJHQ DWW JHQRPVQLWWHW ERUGH OLJJD PHOODQ RFK

´UHTXHVWV´ SHU EHV|NDUH , WDEHOOHQ QHGDQ KDU YL UlNQDW PHG L JHQRP VQLWW ´UHTXHVWV´ SHU EHV|NDUH

7DEHOO$QWDOHW EHV|NDUH SHU GDJ Sn 0LOM|EDONVXWELOGQLQJHQV KHPVLGD XQGHU ROLND PnQDGHU

MDQ	IHE	PDU	DSU	PDM	MXQ	MXO	DXJ	VHS	RNW	QRY

)UnJHOnGDQ

)UnJHOnGDQ KDU EHVYDUDW IUnJRU NULQJ WLOOlPSQLQJHQ DY UHJHOYHUNHW )UnJRUQD KDU EHVYDUDWV JHQRP NDQVOLHWV I|UVRUJ )UDP WLOO RNWREHU

KDU NDQVOLHW EHVYDUDW FD IUnJRU 8QJHIlU DY IUnJRUQD KDU WLOOVDPPDQV PHG VLQD VYDU ODJWV WLOOEDND XW Sn KHPVLGDQ XQGHU ROLND UXEULNHU )UnJHVWlOODUQDV KHPYLVW IUDPJnU DY WDEHOO QHGDQ RFK KDU YDULW UHODWLYW MlPQ XQGHU KHOD SHULRGHQ

.DQVOLHW KDU JMRUW WYn VDPPDQVWlOOQLQJDU PHG IUnJRU RFK VYDU VRP WU\FNWV RFK GLVWULEXHUDWV XWDQ NRVWQDG HIWHU EHVWlOOQLQJ YLD KHPVLGDQ )|UGHOQLQJHQ DY IUnJHVWlOODUQD WLOO IUnJHOnGDQ VRP IUDPJnU DY WDEHOO

KDU LQWH YDULHUDW QlPQYlUW |YHU WLGHQ $Y WDEHOOHQ IUDPJnU RFNVn I|U GHOQLQJHQ DY GHP VRP EHVWlOOW VDPPDQVWlOOQLQJHQ DY )UnJRU RFK 6YDU

8SSGUDJHW	628

7DEHOO $QWDO IUnJRU IUnQ ROLND IUnJHVWlOODUH RFK DQWDOHW EHVWlOODUH DY VDPPDQVWlOOQLQJHQ ´)UnJRU RFK 6YDU´ QRY

	$QWDO IUnJHVWlOODUH	$QWDO EHVWlOODUH
	DEV WDO	DEV WDO
	DEV WDO	DEV WDO
.RPPXQHU
6WDWOLJD P\QGLJKHWHU
)\|UHWDJ RFK RUJDQLVDWLRQHU
3LYDWSHUVRQHU
6XPPD

œ 9HUND I|U DWW QlWYHUN I|U LQIRUPDWLRQ VNDSDV

.RPPLWWpQV YDO DY XWELOGQLQJVPHWRG KDU JMRUWV PHG VWRU KlQV\Q WDJHQ WLOO P|MOLJKHWHQ I|U VNLOGD KDQGOlJJDUH IUnQ FHQWUDOD P\QGLJKHWHU OlQV VW\UHOVHU RFK NRPPXQHU DWW WUlIID YDUDQGUD YLG ROLND WLOOIlOOHQ XQGHU UHODWLYW OnQJ WLG 'HWWD KDU VNHWW JHQRP WLOOVlWWQLQJHQ DY H[SHUWJUXSSHU Sn GHW QDWLRQHOOD SODQHW RFK XSSE\JJQDGHQ DY GH UHJLRQDOD OlUDUODJHQ Sn GHQ UHJLRQDOD QLYnQ

, ELODJD ILQQV OLVWDGH DOOD GH SHUVRQHU VRP PHGYHUNDW VRP H[SHUWHU HOOHU OlUDUH Sn PLOM|EDONVXWELOGQLQJHQV NXUVHU

œ6NDSD I|UXWVlWWQLQJDU I|U VDPUnG RFK HUIDUHQ KHWVXWE\WH PHOODQ GHP VRP JHQRPI|U XWELOG QLQJHQ

œ/lUDUQD KDU WUlIIDWV L VLQD OlUDUODJ YLG YDUMH NXUVWLOOIlOOH *UXQGNXUVHQ

RFK I|UGMXSQLQJVNXUVHUQD KDU JHQRPI|UWV PHG HQ HOOHU WYn |YHUQDWW QLQJDU Sn NRQIHUHQVDQOlJJQLQJDU YLONHW JLYLW GHOWDJDUQD WLOOIlOOH DWW NYlOOVWLG XPJnV RFK OlUD NlQQD YDUDQGUD

œ3n OlUDUNXUVHQ ´$WW DQYlQGD PLOM|EDONHQ´ GLVNXWHUDGHV GHQ DNWXHOOD WLOOlPSQLQJHQ DY PLOM|EDONHQ

œ3n KHPVLGDQ KDU |SSQDWV HQ HJHQ VLGD RP HUIDUHQKHWHU IUnQ WLOOlPS QLQJHQ DY PLOM|EDONHQ

œ8WYlUGHUD XWELOGQLQJHQ

.RPPLWWpQ KDU XQGHUKDQG I|OMW XSS VLQ HJHQ YHUNVDPKHW 8WYlU

GHULQJVEODQNHWWHU KDU GHODWV XW YLG VDPWOLJD NXUVWLOOIlOOHQ L VWHJ RFK L

628	8SSGUDJHW

VWHJ 6YDUVSURFHQWHQ lU JHQRPJnHQGH P\FNHW K|J HIWHUVRP GHO WDJDUQD InWW VlUVNLOG WLG XQGHU NXUVHQ I|U DWW I\OOD L EODQNHWWHUQD .XU VHUQDV XSSOlJJQLQJ KDU RFNVn GLUHNW MXVWHUDWV PHG KlQV\Q WLOO GH V\Q SXQNWHU VRP GHOWDJDUQD OlPQDW

.RPPLWWpQ KDU RFNVn NRQWLQXHUOLJW VDPODW LQ VWDWLVWLVNW PDWHULDO I|U DWW I|OMD RPIDWWQLQJHQ DY ROLND YHUNVDPKHWHU VRP UHGRYLVDWV L GHQQD UDSSRUW

.RPPLWWpQ KDU VOXWOLJHQ OnWLW NRQVXOWI|UHWDJHW ,QUHJLD $% J|UD HQ XWYlUGHULQJ DY 0LOM|EDONVXWELOGQLQJHQV YHUNVDPKHW .RQWHQWDQ DY ,QUHJLDV UDSSRUW UHGRYLVDV XQGHU UXEULNHQ ([WHUQ XWYlUGHULQJ

	628

628

7LGSODQHQ

'HQ XUVSUXQJOLJD WLGSODQHQ UHGRYLVDV L VLQ KHOKHW L XWELOGQLQJVSODQHQ ELODJD

7LGSODQHQ KDU IXOOI|OMWV HQOLJW SODQHQ L DOOD YlVHQWOLJD GHODU .RPS OHWWHULQJDU RFK I|UlQGULQJDU IUDPJnU DY WDEHOOHQ QHGDQ

7DEHOO0LOM|EDONVXWELOGQLQJHQV WLGSODQ RFK WLGHU I|U IDNWLVNW JHQRP I|UDQGH

	(QOLJW XWELOGQLQJV	*HQRPI\|UDQGH
	SODQHQ
+HPVLGDQ
+HPVLGDQ \|SSQDV	PDM	RNW
8WVNLFN DY )UnJRU 6YDU	HM LQSODQHUDG	DSU GHF
8WVNLFN DY )UnJRU 6YDU	HM LQSODQHUDG	GHF
,QWURGXNWLRQVGDJ	DXJ VHSW	HQOLJW SODQ
*UXQGNXUVHQ
.RPSHQGLXP WU\FNW	RNW	HQOLJW SODQ
%LODJD 0\QGLJKHWHUV DQVYDU	HM LQSODQHUDG	RNW
%LODJD +DQGOlJJQLQJ DY lUHQGHQ	HM LQSODQHUDG	RNW
%LODJD /DJWH[W	HM LQSODQHUDG	RNW
.XUVHU L VWHJ	RNW QRY	HQOLJW SODQ
.XUVHU L VWHJ	GHF PDM	HQOLJW SODQ
)\|UHWDJVEURVFK\UHQ
8WVNLFN DY EURVFK\UHQ	HM LQSODQHUDG	IHE GHF
.XUVHQ 0LOM\| +lOVD
.RPSHQGLXP	MDQ	HQOLJW SODQ
%LODJD )\|URUGQLQJDUQD	HM LQSODQHUDG	MDQ
.XUVHU L VWHJ	IHE	HQOLJW SODQ
.XUVHU L VWHJ	DSU PDM	IHE PDU
.XUVHQ 1DWXU .XOWXU
.RPSHQGLXP	MDQ	IHE
.XUVHU L VWHJ	IHE	HQOLJW SODQ
.XUVHU L VWHJ	DSU PDM	HQOLJW SODQ
0LOM\|EDONHQ RFK GHQ I\VLVND SODQ
.RPSHQGLXP	MDQ	IHE
.XUVHU L VWHJ	PDUV	HQOLJW SODQ
.XUVHU L VWHJ	DSU PDM	HQOLJW SODQ
$WW DQYlQGD PLOM\|EDONHQ
.RPSHQGLXP	DXJ	HQOLJW SODQ
.XUVHU L VWHJ	VHSW	HQOLJW SODQ
.XUVHU L VWHJ	RNW QRY	HQOLJW SODQ
6YHQVND PLOM\|PnO
8WVlQGQLQJ DY SODQVFK RFK EURVFK\U	HM LQSODQHUDW	RNW QRY
.RPPXQEURVFK\UHQ
8WVNLFN DY EURVFK\UHQ	HM LQSODQHUDG	GHF

7LGSODQHQ	628

.XUVHQ $WW DQYlQGD PLOM|EDONHQ ODGHV LQWH LQ XQGHU YnUHQ

HIWHUVRP XWELOGQLQJ Gn SnJLFN DY EnGH JUXQGNXUVHQ RFK GH WUH |YULJD I|UGMXSQLQJVNXUVHUQD .RPPLWWpQ VnJ LQWH GHWWD VRP HQ QDFNGHO 7YlUWRP ELGURJ HQ nWHUVDPOLQJ DY OlUDUODJHQ HWW KDOYnU VHQDUH WLOO DWW I|UVWlUND GH QlWYHUN VRP WLGLJDUH E\JJWV XSS 8QGHU K|VWHQ KDU PDQ RFNVn InWW HQ YLVV HUIDUHQKHW DY WLOOlPSQLQJHQ YLONHW YDU YlUGHIXOOW L NRPPLWWpQV XWYlUGHULQJVXSSGUDJ

628

0LOM|EDONVXWELOGQLQJHQV ILQDQVLHULQJ

0LOM|EDONVXWELOGQLQJHQ ILFN HWW NRPPLWWpDQVODJ Sn PLOMRQHU NURQRU 'HQ EXGJHW VRP NRPPLWWpQ UHGRYLVDGH L XWELOGQLQJVSODQHQ L PDUV

U\PGHV LQRP GHW DQVODJQD EHORSSHW 'HQ UHGRYLVDGH EXGJHWHQ E\JJHU Sn HQ |YHUHQVNRPPHOVH PHOODQ VWDWHQ RFK 6YHQVND .RPPXQI|UEXQGHW RP KXU ROLND IRUPHU DY XWELOGQLQJVNRVWQDGHUQD VNXOOH I|UGHODV

gYHUHQVNRPPHOVHQ LQQHElU L VWRUW DWW VWDWHQ EO D JHQRP NRPPLWWp DQVODJHW HNRQRPLVNW KDU DQVYDUDW I|U IUDPWDJQLQJ DY OlURPHGHO RFK XWELOGQLQJ DY OlUDUH L VWHJ RFK DWW GHQ UHJLRQDOD RUJDQLVDWLRQHQ KHOW ILQDQVLHUDU XWELOGQLQJHQ L VWHJ JHQRP NXUVDYJLIWHU

6WHJ XWELOGQLQJHQ

'H DY NRPPLWWpQ WLOOVDWWD H[SHUWJUXSSHUQD VYDUDGH JHQRP VLQD VHNUHWH UDUH I|U IUDPWDJQLQJ DY YDU VLWW NRPSHQGLXP ([SHUWHUQDV XSSJLIW YDU DWW I|UVW LQJn VRP VDNNXQQLJD YLG IUDPWDJQLQJHQ DY NRPSHQGLHUQD I|U DWW VHGDQ PHGYHUND VRP OlUDUH L VWHJ XWELOGQLQJHQ $OOD GHOWDJDUH L H[SHUWJUXSSHUQD KDU PHGYHUNDW XWDQ VlUVNLOW DUYRGH IUnQ NRPPLWWpQ XWRP VHNUHWHUDUHQ L 1DWXU .XOWXU JUXSSHQ I|U YLONHQ NRVWQDGHUQD GHODGHV PHOODQ NRPPLWWpQ RFK OlQVVW\UHOVHQ L -|QN|SLQJV OlQ

.RPPLWWpQ I|UGHODGH XSSJLIWHUQD VRP RUGI|UDQGH RFK VHNUHWHUDUH Sn GH P\QGLJKHWHU VRP UHGRYLVDV L WDEHOOHQ QHGDQ

/lUDUQDV XSSJLIW YDU DWW I|UVW XWELOGD VLJ VMlOYD L PLQVW VDPPDQODJW VH[ GDJDU I|U DWW VHGDQ PHGYHUND VRP OlUDUH L PLQVW VH[ GDJDU 8QGHU XWELOGQLQJHQ L VWHJ KDU PHGYHUNDQGH H[SHUWHU HQEDUW InWW HUVlWWQLQJ I|U VLQD RPNRVWQDGHU UHVRU PDW RFK ORJL RFK XWELOGQLQJVPDWHULDO $UYRGHQ KDU LQWH EHWDODWV XW L QnJRW IDOO XQGHU VWHJ XWELOGQLQJHQ 'HOWDJDUQD L VWHJ KDU WLOO |YHUYlJDQGH GHOHQ InWW VLQD RPNRVWQDGHU EHWDOGD DY NRPPLWWpQ 'H VRP EHWDODW VLQD RPNRVWQDGHU VMlOYD IUDPJnU DY WDEHOOHQ 6MlOYD NXUVHUQD L VWHJ KDU L VDPWOLJD IDOO YDULW DYJLIWVIULD I|U DOOD

0LOM\|EDONVXWELOGQLQJHQV ILQDQVLHULQJ	628

7DEHOO )|UGHOQLQJ DY DUEHWVXSSJLIWHU YLG IUDPWDJQLQJ DY NRPSHQGLHU RFK YLG XWELOGQLQJHQ L VWHJ

	*UXQG	0LOM\|	1DWXU	0LOM\|EDONHQ	$WW DQYlQGD
	NXUVHQ	+lOVD	.XOWXU	RFK GHQ	PLOM\|EDONHQ
				I\VLVND	3U\|YQ RFK
				SODQHULQJHQ	VDQNW

2UGI\|UDQGH	.RPPLWWpQ	6RFLDOVW\UHOVHQ	/lQVVW\UHOVHQ	6YHQVND	'RPVWROVYHUNHW
			L 9lVWUD	.RPPXQ
			*\|WDODQG	I\|UEXQGHW

6HNUHWHUDUH	.RPPLWWpQ	1DWXUYnUGV	/lQVVW\UHOVHQ	%RYHUNHW	.RPPLWWpQ
		YHUNHW	L -\|QN\|SLQJV
			OlQ

.XUVDQVYDULJ	.RPPLWWpQ	1DWXUYnUGV	/lQVVW\UHOVHQ	%RYHUNHW	.RPPLWWpQ
	1DWXUYnUGV	YHUNHW
	YHUNHW	.RPPLWWpQ

'HOWDJDUH VRP EHWDODW VLQD RPNRVWQDGHU YLG XWELOGQLQJHQ L VWHJ

'HOWDJDUH L	'HOWDJDUH	'HOWDJDUH IUnQ	'HOWDJDUH	'HOWDJDUH	.RPPLWWpQ
VWHJ	IUnQ GHQ	FHQWUDOD	IUnQ FHQWUDOD	IUnQ FHQWUDOD	EHWDODU I\|U DOOD
XWELOGQLQJHQ	SULYDWD	P\QGLJKHWHU	P\QGLJKHWHU	P\QGLJKHWHU
VRP EHWDODW	VHNWRUQ	RFK GHQ SULYDWD	RFK GHQ	RFK SULYDWD
I\|U VLQD HJQD		VHNWRUQ	SULYDWD	VHNWRUQ VDPW
RPNRVWQDGHU			VHNWRUQ VDPW	\|YULJD VRP
			\|YULJD VRP	JnWW QnJRQ
			lYHQ JnWW	WLGLJDUH
			NXUVHQ L	I\|UGMXS
			0LOM\|	QLQJVNXUV
			+lOVD

6WHJ XWELOGQLQJHQ

.XUVHUQD L VWHJ DUUDQJHUDGHV DY GH UHJLRQDOD NRPPXQI|UEXQGHQ VRP lU VMlOYVWlQGLJD RUJDQLVDWLRQHU JHQWHPRW 6YHQVND .RPPXQI|UEXQGHW

.XUVHUQD ILQDQVLHUDGHV JHQRP NXUVDYJLIWHU RFK NRPPLWWpQ UHNRPPHQ GHUDGH HQ DYJLIW UXQW NU NXUVGDJ .RPPLWWpQ XWWU\FNWH VlUVNLOW |QV NHPnO RP DWW lYHQ GHOWDJDUH IUnQ GHQ SULYDWD VHNWRUQ VNXOOH EMXGDV LQ WLOO NXUVHUQD RFK SnSHNDGH VDPWLGLJW DWW NXUVDYJLIWHUQD I|U GHVVD Gn NXQGH OlJJDV Sn HQ K|JUH QLYn .RPPLWWpQ JMRUGH LQJD UHNRPPHQGD WLRQHU DYVHHQGH DUYRGHVIUnJDQ I|U OlUDUQDV XWELOGQLQJVLQVDWVHU

+XU GH UHJLRQDOD NRPPXQI|UEXQGHQ DJHUDW IUDPJnU DY WDEHOO L ELODJD *HQRPVQLWWVDYJLIWHQ KDU YDULW NU NXUVGDJ PHG HQ VSULG QLQJ IUnQ NU WLOO NU SHU GDJ 7UHWWRQ OlQ KDU KDIW VDPPD DYJLIW

628	0LOM\|EDONVXWELOGQLQJHQV ILQDQVLHULQJ

I|U I|UHWDJDUH RFK VH[ OlQ KDU KDIW GXEEHO DYJLIW +lOIWHQ DY OlQHQ KDU GHODW XW DUYRGHQ WLOO OlUDUQD RFK QnJRW IOHU KDU OlPQDW HUVlWWQLQJ WLOO OlUDUQDV DUEHWVJLYDUH %HORSSHQ KDU L VDPWOLJD IDOO YDULW UHODWLYW EO\J VDPPD

.RPPLWWpQV EXGJHW RFK IDNWLVND NRVWQDGHU

8WELOGQLQJVSURJUDPPHW GLPHQVLRQHUDGHV XWLIUnQ GHW DQVODJ Sn nWWD PLOMRQHU NURQRU VRP WLOOGHODGHV NRPPLWWpQ , EXGJHWHQ UlNQDGH NRPPLWWpQ LQWH LQ QnJUD LQWlNWHU IUnQ NRPSHQGLHI|UVlOMQLQJHQ HIWHUVRP JUXQG RFK |YHUVLNWVNRPSHQGLHW ODJWH[W RFK I|URUGQLQJDU KHOD WLGHQ YDULW WLOO IULWW I|UIRJDQGH Sn LQWHUQHW

.RVWQDGVUDPHQ KDU KnOOLWV *HQRP GHQ RYlQWDW P\FNHW VWRUD I|U VlOMQLQJHQ DY NRPSHQGLHU KDU NRPPLWWpQ NXQQDW SURGXFHUD \WWHUOLJDUH LQIRUPDWLRQVPDWHULDO 1HWWRUHVXOWDWHW EOLU WURWV GHWWD SRVLWLYW gYHU VNRWWHW NRPPHU DWW YDUD FD PLOMRQHU NURQRU

0LOM\|EDONVXWELOGQLQJHQV ILQDQVLHULQJ	628

7DEHOO 0LOM|EDONVXWELOGQLQJHQV EXGJHW I|U RFK IDNWLVND NRVWQDGHU

	8WELOGQLQJVSODQHQ	)DNWLVND NRVWQDGHU
	7NU	7NU
3HUVRQDONRVWQDGHU
.RVWQDGHU I\|U NRPPLWWpQV OHGDP\|WHU
+HPVLGD PHG IUnJHOnGD ORJRW\SH P P
3URGXNWLRQ DY NRPSHQGLHU
8WYlUGHULQJ DY XWELOGQLQJHQ

6WHJ XWELOGQLQJHQ
,QWURGXNWLRQVNXUV
*UXQGNXUV GDJDU
'H WUH I\|UGMXSQLQJVNXUVHU
)RUWVlWWQLQJVNXUVHQ

gYULJW
([SHUWP\|WH
.XUV I\|U SHUVRQDO Sn PLOM\|GRPVWRODU
)\|UHWDJV RFK NRPPXQEURVFK\UHUQD
0LOM\|PnOVSODQVFK RFK EURVFK\U
)UnJRU RFK VYDU ,,
.RQVXOW EDONHQ PLOM\|PnOHQ
.RPSHQGLHU QHWWRUHVXOWDW

6800$
7LOOlJJVDQVODJ
gYHUVNRWW

7RWDONRVWQDGVEHUlNQLQJ

(Q |YHUVODJVPlVVLJ WRWDONRVWQDGVEHUlNQLQJ DY 0LOM|EDONVXWELOGQLQJHQV YHUNVDPKHW I|U GHQ RIIHQWOLJD VHNWRUQ UHGRYLVDV L WDEHOO ELODJD

628	0LOM\|EDONVXWELOGQLQJHQV ILQDQVLHULQJ

7DEHOO 7RWDONRVWQDGVEHUlNQLQJ

6WDWHQ

.RPPXQHUQD

6800$

)DNWLVND NRVWQDGHU	0NU	/\|QHNRVWQDGHU I\|U	0NU
		EHODVWDG DUEHWVWLG

.RPPLWWpDQVODJ		(M HUVDWW DUEHWVWLGV
2PNRVWQDGHU I\|U NXUV		NRVWQDG
GHOWDJDUH Sn UHJLRQDOD
NXUVHU

2PNRVWQDGHU I\|U NXUV		(M HUVDWW DUEHWVWLGV
GHOWDJDUH Sn UHJLRQDOD		NRVWQDG
NXUVHU

'H IDNWLVND RPNRVWQDGHUQD I|U NXUVGHOWDJDUQD VRP EHVWnU DY NXUVDYJLIW RFK UHV RFK ORJLNRVWQDGHU KDU EHUlNQDWV WLOO L JHQRPVQLWW

NU NXUVGDJ $UEHWVWLGHQ I|U NXUVGHOWDJDUQD KDU EHUlNQDWV WLOO

NU NXUVGDJ

	628

628

([WHUQ XWYlUGHULQJ

'HQ L GHWWD NDSLWHO UHGRYLVDGH XWYlUGHULQJHQ KDU XWI|UWV DY ,QUHJLD $% 5HVXOWDWHW IUnQ XWYlUGHULQJHQ KDU HUKnOOLWV JHQRP LQOlVQLQJ DY PDWHULDO LQWHUYMXHU DY FD WLR Q\FNHOSHUVRQHU IHP XWYlUGHULQJVNRQIHUHQVHU L ROLND GHODU DY ODQGHW RFK HQ HQNlW ULNWDG WLOO ROLND PnOJUXSSHU ,QUHJLD $% KDU L VlUVNLOGD UDSSRUWHU UHGRYLVDW UHVXOWDWHQ GHOV IUnQ XWYlUGHULQJVNRQ IHUHQVHUQD GHOV IUnQ HQNlWHQ .RPPLWWpQ UHGRYLVDU XWYlUGHULQJHQ L VLQ KHOKHW L HQ IULVWnHQGH ELODJD

5XEULNHUQD PHG QHGDQVWnHQGH WH[W lU GLUHNW KlPWDG IUnQ XWYlUGHULQJV UDSSRUWHQ

œ.XUVXWEXGHW

œ.XUVHUQD

œ2PIDWWQLQJHQ

œ8SSOlJJQLQJHQ

œ.XUVPDWHULDOHW

œ'H UHJLRQDOD NXUVDQRUGQDUQD

œ/lUDUQD

œgYULJ LQIRUPDWLRQ

.RPPLWWpQV VOXWVDWVHU RP GHQ JHQRPI|UGD XWELOGQLQJHQ WLOO IRUWVDWW LQIRUPDWLRQ RFK XWELOGQLQJ ILQQV nWHUJLYHW XQGHU UXEULNHQ ´6OXWVDWVHU RFK I|UVODJ´ 9lUGHULQJDU VRP UHGRYLVDV L GHWWD NDSLWHO lU ,QUHJLDV

([WHUQ XWYlUGHULQJ	628

.XUVXWEXGHW

6OXWVDWVHU

œ.RPPLWWpQ KDU XWIRUPDW NXUVHU VRP |YHUHQVVWlPW PHG HOHYHUQDV HIWHUIUnJDQ JLYHW GH |YHUJULSDQGH SULRULWHULQJDU VRP NRPPLWWpQ KDU JMRUW

œ(Q |YHUVLNWVNXUV PHU VNUlGGDUV\GG I|U NRPPXQDOD PLOM|SROLWLNHU HIWHUIUnJDV IUnQ OlUDUQD

œ.XUVHQ 1DWXU RFK NXOWXU KDGH P|MOLJHQ NXQQDW I|UOlQJDV HQ GDJ I|U DWW JH VW|UUH XWU\PPH nW WLOOV\QVIUnJRU

œ(OHYHUQD JHU L KXYXGVDN EUD HOOHU P\FNHW EUD EHW\J nW NYDOLWHWHQ KRV GH UHJLRQDOW DQRUGQDGH NXUVHUQD

.RPPLWWpQ NRP DWW LGHQWLILHUD WYn KXYXGVDNOLJD PnOJUXSSHU I|U XWELOG QLQJDUQD

œ+DQGOlJJDUH L P\QGLJKHWVXW|YDQGH VWlOOQLQJ

œ%HU|UGD FKHIHU L RIIHQWOLJ I|UYDOWQLQJ EHU|UGD SROLWLNHU RFK EHU|UGD LQRP QlULQJVOLYHW

)|U KDQGOlJJDUQD VDWWH PDQ VDPPDQ HQ JUXQGNXUV VRP RPIDWWDGH WUH NXUVGDJDU VDPW I\UD I|UGMXSQLQJVNXUVHU RP WYn WLOO WUH GDJDU )|U PnO JUXSSHQ PHG SROLWLNHU FKHIHU RFK QlULQJVOLY VDWWH PDQ VDPPDQ HQ |YHUVLNWVNXUV VRP RPIDWWDGH HQ NXUVGDJ

7UH DY I|UGMXSQLQJVNXUVHUQD GHODGHV LQ HIWHU KXU DUEHWHW PHG PLOM| IUnJRU RIWD lU RUJDQLVHUDW KRV P\QGLJKHWHUQD

œ0LOM| RFK +lOVD 7\QJGSXQNW KRV NRPPXQHUQDV PLOM| RFK KlOVR VN\GGV KDQGOlJJDUH

œ1DWXU RFK .XOWXU 7\QJGSXQNW KRV /lQVVW\UHOVHUQD

œ0LOM|EDONHQ RFK GHQ I\VLVND SODQHULQJHQ 7\QJGSXQNW KRV PHGDU EHWDUH L NRPPXQHU RFK OlQVVW\UHOVHU VRP DUEHWDU PHG I\VLVN SODQHULQJ

628	([WHUQ XWYlUGHULQJ

(OHYHUQDV RFK OlUDUQDV EHG|PQLQJ

, HQNlWXQGHUV|NQLQJ KDU EODQG DQQDW HQ IUnJD VWlOOWV RP GHW KDU IXQ QLWV NXUVHU LQRP UDPHQ I|U 0LOM|EDONVXWELOGQLQJHQ VRP PDQ KDU VDN QDW 7DQNHQ lU DWW JHQRP GHQQD IUnJD InQJD XSS KXU YlO 0LOM|EDONV XWELOGQLQJHQV NXUVXWEXG PRWVYDUDW HOHYHUQDV I|UYlQWQLQJDU 0HOODQ

SURFHQW KDU DQJLYLW QnJRW VYDU 9DQOLJDVW I|UHNRPPHU |QVNHPnO RP QnJRQ IRUP DY I|UGMXSQLQJ L HWW lPQHVRPUnGH L QnJRW DY PLOM|EDONHQV YHUNW\J W H[ 0.% HOOHU L PHU EUDQVFKVSHFLILN XWELOGQLQJ +XU PLOM| EDONHQ SnYHUNDU MRUGEUXNHW QlPQV HWW IOHUWDO JnQJHU VRP H[HPSHO GlU PDQ DQVHU DWW XWELOGQLQJHQ LQWH KDU WlFNW EHKRYHW

6RP IUDPJnWW L WLGLJDUH NDSLWHO KDU NRPPLWWpQ DY HNRQRPLVND VNlO PHGYHWHW SULRULWHUDW ERUW GHQQD W\S DY VPDODUH I|UGMXSQLQJVNXUVHU )UnJDQ RP VnGDQD NXUVHU EHKDQGODV GlUI|U L NDSLWOHW RP )RUWVDWW LQIRU PDWLRQ RFK XWELOGQLQJ 8WYlUGHULQJHQ GUDU GlUI|U VOXWVDWVHQ DWW XWEXGHW KDU PRWVYDUDW HOHYHUQD I|UYlQWQLQJ JLYHW GH DYJUlQVQLQJDU NRPPLWWpQ KDU JMRUW

8QGHU NRPPLWWpQV DUEHWH PHG NXUVPDWHULDOHW ILFN PDQ V\QSXQNWHU Sn DWW WLOOV\QVIUnJRUQD EHK|YGH In VW|UUH XWU\PPH $Y GHWWD VNlO NRP NXUVHQ 0LOM| RFK KlOVD DWW I|UOlQJDV PHG HQ GDJ WLOO VDPPDQODJW WUH GDJDU , GH XWYlUGHULQJVVHPLQDULHU VRP KDU KnOOLWV PHG OlUDUH RFK UH JLRQDOD NXUVDQRUGQDUH KDU GHW IUDPNRPPLW DWW PDQ DQVHU DWW WLOOV\QV IUnJRUQD NRP L VN\PXQGDQ lYHQ Sn NXUVHQ 1DWXU RFK NXOWXU 'HW KDGH P|MOLJHQ YDULW EHIRJDW DWW lYHQ I|UOlQJD GHQQD I|UGMXSQLQJVNXUV PHG HQ GDJ

, XWYlUGHULQJVVHPLQDULHUQD KDU GHW lYHQ IUDPNRPPLW DWW PDQ KDU KDIW VYnUW DWW J|UD |YHUVLNWVNXUVHUQD Vn DWW GH KDU IXQJHUDW EUD I|U SROL WLNHU 0DQ XSSIDWWDU DWW GHQQD PnOJUXSS LQWH L DOOD GHODU lU LQWUHVVHUDG DY GHQ KHOKHW VRP NRPPLWWpQ KDU YHODW I|UPHGOD L VLQD NXUVHU 0DQ HIWHUIUnJDU QnJRQ IRUP DY VSHFLDODQSDVVDG RULHQWHULQJVNXUV PHG HQ

(QNlWXQGHUV|NQLQJHQ KDU UHGRYLVDWV L HQ VHSDUDW XQGHUODJVUDSSRUW WLOO XWYlUGHULQJHQ

8WYlUGHULQJVVHPLQDULHUQD KDU UHGRYLVDWV L HQ VHSDUDW XQGHUODJVUDSSRUW WLOO XWYlUGHULQJHQ

([WHUQ XWYlUGHULQJ	628

LQULNWQLQJ PRW SROLWLNHUV SHUVSHNWLY DY GHQ Q\D ODJHQ 'H NXUVHU VRP WDJLWV IUDP DY NRPPLWWpQ KDU IUlPVW KDIW HWW WMlQVWHPDQQDSHUVSHNWLY

, XWYlUGHULQJHQV HQNlWXQGHUV|NQLQJ KDU HOHYHUQD InWW YlUGHUD NYDOL WHWHQ L GH NXUVHU PDQ KDU GHOWDJLW L *HQRPJnHQGH JHU PDQ P\FNHW SRVLWLYD RPG|PHQ (QGDVW L WYn IDOO JHU HOHYHUQD HWW LQWH KHOW IXOOJRWW EHW\J 'HW JlOOHU PLOM| SODQFKHIHU Sn OlQVVW\UHOVHUQD VRP LQWH YDU KHOW Q|MGD PHG |YHUVLNWVNXUVHQ 6DQQROLNKHWHQ lU EHW\GDQGH DWW GHWWD EHURU Sn DWW |YHUVLNWVNXUVHQ YDU Sn HQ I|U OnJ QLYn I|U FKHIHU Sn OlQVVW\UHOVHU

(WW LQWH RGHODW SRVLWLYW RPG|PH JHU GHVVXWRP NRPPXQHUQDV PLOM|FKHIHU RP NXUVHQ 0LOM|EDONHQ RFK GHQ I\VLVND SODQHULQJHQ

.XUVHQ I|UXWVDWWH NlQQHGRP lYHQ RP DQGUD ODJDU EO D 3%/ YDUI|U GHQ DY PnQJD XSSIDWWDGHV VRP VYnU 'HWWD IUDPJnU DY GH XWYlUGHULQJV VHPLQDULHU VRP KDU KnOOLWV PHG OlUDUH RFK UHJLRQDOD NXUVDQRUGQDUH 'lU KDU lYHQ IUDPJnWW DWW OlUDUQD LQWH lU KHOW Q|MGD PHG NXUVNRPSHQGLHW WLOO GHQQD NXUV 0DQ DQVHU GHVVXWRP DWW NXUVXSSOlJJQLQJHQ LQWH YDU WLOOUlFNOLJW JHQRPDUEHWDG QlU OlUDUNXUVHUQD K|OOV

'H UHJLRQDOD NXUVDQRUGQDUQD KDU DYVOXWDW HOHYNXUVHUQD PHG DWW JHQRPI|UD HQ VNULIWOLJ NXUVXWYlUGHULQJ (OHYHUQDV EHG|PQLQJ DY NXUVHUQD lU I|UKnOODQGHYLV MlPQ PHG HWW XQGDQWDJ .XUVHQ 0LOM|EDONHQ RFK GHQ I\VLVND SODQHULQJHQ InU SnWDJOLJ VSULGQLQJ L WYn DVSHNWHU NXUVXSSOlJJQLQJ RFK OlUDUQD bYHQ GHWWD lU VDQQROLNW HQ HIIHNW DY DWW GHQQD NXUV XSSOHYWV VRP VYnU RFK DWW OlUDUQD LQWH KDU KDIW WLOOUlFNOLJW VW|G L NXUVPDWHULDO RFK OlUDUKDQGOHGQLQJ

-lPI|UHOVH PHG DQGUD NXUVDQRUGQDUH

'HW YLVDU VLJ DWW GH PLOM|FKHIHU PLOM|VDPRUGQDUH VRP KDU JnWW Sn NXUV LQRP UDPHQ I|U 0LOM|EDONVXWELOGQLQJHQ JHU HWW QnJRW ElWWUH EHW\J lQ GH VRP JnWW Sn NXUV KRV DQGUD XWELOGQLQJVDQRUGQDUH (QGDVW QlU GHW

(QNlWHU VNLFNDGHV WLOO I|UHWDJ VRP lU PHGOHPPDU L 1lULQJVOLYHWV PLOM|FKHIHU10&

628	([WHUQ XWYlUGHULQJ

JlOOHU OlUDUQDV MXULGLVND NRPSHWHQV JHU PDQ ElWWUH EHW\J nW XWELOGQLQJV

DQRUGQDUH XWDQI|U 0LOM|EDONVXWELOGQLQJHQ

.XUVYHUNVDPKHWHQV RPIDWWQLQJ

6OXWVDWVHU

œ'H UHJLRQDOD NXUVDQRUGQDUQD KDU O\FNDWV DWW UHNU\WHUD HOHYHU L GHQ PlQJG VRP NRPPLWWpQ SODQHUDW I|U

œ'H KXYXGVDNOLJD WMlQVWHPDQQDJUXSSHUQD KDU QnWWV L VWRU XWVWUlFNQLQJ 7MlQVWHPlQ VRP DUEHWDU PHG I\VLVN SODQHULQJ NXQGH GRFN KD QnWWV L QnJRW VW|UUH XWVWUlFNQLQJ

œ.RPPXQDOD I|UYDOWQLQJVFKHIHU RFK NRPPXQDOD YHUNVDPKHWVXW|YDUH KDU LQWH QnWWV L WLOOUlFNOLJ XWVWUlFNQLQJ bYHQ EODQG GHVVD JUXSSHU NDQ GHW ILQQDV XWU\PPH I|U IRUWVDWW XWELOGQLQJ L |YHUVLNWVNXUVHU

œ1lULQJVOLYHWV PHGYHUNDQ KDU YDULHUDW VWDUNW PHOODQ UHJLRQHUQD 'HQ IUlPVWD RUVDNHQ lU DWW GH UHJLRQDOD NRPPXQI|UEXQGHQ KDU ROLND SROLF\ QlU GHW JlOOHU DWW KD I|UHWDJHQ VRP PnOJUXSS

œgYHUVLNWVNXUVHQ KDGH EHK|YW DQSDVVDV WLOO QnJUD In Q\FNHOJUXSSHU SROLWLNHU I|UHWDJDUH RFK NRPPXQDOD I|UYDOWQLQJVFKHIHU

2PIDWWQLQJHQ DY NXUVYHUNVDPKHWHQ SODQHUDGHV JHQRP HQ |YHUVODJV EHUlNQLQJ DY NRPPLWWpQ 0DQ XWJLFN IUnQ HQ JHQRPVQLWWVNRPPXQ RFK HQ XSSVNDWWQLQJ DY DQWDOHW EHU|UGD WMlQVWHPlQ RFK SROLWLNHU RFK PXOWLSOLFHUDGH VHGDQ PHG DQWDOHW NRPPXQHU 7LOO GHWWD DGGHUDGH PDQ HQ XSSVNDWWQLQJ DY DQWDOHW KDQGOlJJDUH Sn OlQVVW\UHOVHU RFK VWDWOLJD P\QGLJKHWHU VDPW DQWDOHW IUnQ QlULQJVOLYHW RFK LQWUHVVHRUJDQLVDWLRQHU

8WIDOO

8WIDOOHW KDU L P\FNHW VWRU XWVWUlFNQLQJ NRPPLW DWW VDPPDQIDOOD PHG NRPPLWWpQV XUVSUXQJOLJD XSSVNDWWQLQJ $QWDOHW HOHYHU Sn |YHUVLNW VNXUVHQ 0LOM| RFK KlOVD VDPW 1DWXU RFK NXOWXU KDU OHJDW LQRP SURFHQW IUnQ EHUlNQLQJHQ

([WHUQ XWYlUGHULQJ	628

(QGDVW Sn JUXQGNXUVHQ KDU DYYLNHOVHQ YDULW SnWDJOLJ PHG SURFHQW IOHU HOHYHU lQ SODQHUDW 'HW lU GHOWDJDUH IUnQ NRPPXQHUQD VRP KDU EOLYLW IOHU lQ YDG PDQ KDGH UlNQDW PHG 1lU GHW JlOOHU |YHUVLNWVNXUVHQ KDU GHW LVWlOOHW YDULW IlUUH GHOWDJDUH lQ EHUlNQDW IUnQ NRPPXQHUQD 'HWWD KDU NRPSHQVHUDWV DY DWW DQWDOHW GHOWDJDUH IUnQ QlULQJVOLYHW EOLYLW VW|UUH lQ YlQWDW

7lFNQLQJ

)|U DWW VWlPPD DY RP XWELOGQLQJHQV RPIDWWQLQJ PRWVYDUDW HIWHUIUnJDQ KDU IUnJRU RP GHWWD VWlOOWV L GHQ HOHYHQNlW VRP JHQRPI|UWV L XWYlUGH ULQJHQ 'HW YLVDU VLJ DWW PHOODQ RFK SURFHQW DY NRPPXQHUQDV PLOM|FKHIHU RFK FKHIHUQD Sn OlQVVW\UHOVHUQDV PLOM| RFK SODQHQKHWHU KDU JnWW PLQVW HQ NXUV LQRP UDPHQ I|U 0LOM|EDONVXWELOGQLQJHQ %ODQG FKHIHUQDV PHGDUEHWDUH KDU PDQ L JHQRPVQLWW JnWW WYn NXUVHU SHU PHG DUEHWDUH 0LOM|EDONVXWELOGQLQJHQ KDU PHG DQGUD RUG KDIW HQ P\FNHW JRG WlFNQLQJVJUDG L GH VWRUD JUXSSHUQD DY WMlQVWHPlQ

%ODQG GH NRPPXQDOD WMlQVWHPlQ VRP DUEHWDU PHG I\VLVN SODQHULQJ KDU WlFNQLQJVJUDGHQ LQWH YDULW IXOOW OLND JRG 'lU VYDUDU PDQ L KlOIWHQ DY NRPPXQHUQD DWW IOHUWDOHW KDQGOlJJDUH KDU JnWW Sn XWELOGQLQJ RP PLOM|EDONHQ PHQ L HQ IMlUGHGHO DY NRPPXQHUQD VYDUDU PDQ DWW HQGDVW HWW InWDO KDU JnWW Sn NXUV

%ODQG SROLWLNHUQD L GH NRPPXQDOD PLOM|QlPQGHUQD KDU GHOWDJDQGHW LQWH YDULW OLND VWRUW VRP EODQG |YULJD PnOJUXSSHU 8QJHIlU KlOIWHQ DY PLOM|QlPQGHUQDV OHGDP|WHU KDU GHOWDJLW L XWELOGQLQJHQ 'HWWD lU HQ DY I|UNODULQJDUQD WLOO DWW DQWDOHW GHOWDJDUH IUnQ NRPPXQHUQD Sn |YHU VLNWVNXUVHQ LQWH EOHY Vn VWRUW VRP PDQ KDGH EHUlNQDW , XWYlUGHULQJV VHPLQDULHUQD KDU OlUDUH RFK UHJLRQDOD NXUVDQRUGQDUH I|UNODUDW GHWWD PHG DWW SROLWLNHUQD LQWH KDU KDIW OLND EUnWWRP PHG DWW OlUD VLJ RP PLOM| EDONHQ VRP WMlQVWHPlQQHQ 6OXWVDWVHQ EOLU GlUI|U DWW GHW NDQ ILQQDV XW U\PPH I|U IRUWVDWW XWELOGQLQJ L |YHUVLNWVNXUVHQ ULNWDW VlUVNLOW WLOO SROL WLNHU L NRPPXQDOD PLOM|QlPQGHU

, XWYlUGHULQJVVHPLQDULHUQD NRQVWDWHUDU OlUDUQD DWW GHW ILQQV \WWHU OLJDUH QnJUD YLNWLJD PnOJUXSSHU VRP LQWH KDU QnWWV DY XWELOGQLQJ L WLOO UlFNOLJ RPIDWWQLQJ 'HW JlOOHU NRPPXQOHGQLQJDUQD RFK I|UHWUlGDUH IUnQ NRPPXQDOD YHUNVDPKHWVXW|YDUH bYHQ HIWHUIUnJDQ IUnQ GHVVD EnGD JUXSSHU NRPPHU P|MOLJHQ UHODWLYW VHQW RFK VNXOOH NXQQD PRWLYHUD DWW |YHUVLNWVNXUVHU DQRUGQDV IOHU JnQJHU

628	([WHUQ XWYlUGHULQJ

0DUNQDGVI|ULQJ

/lUDUQD KDU L XWYlUGHULQJVVHPLQDULHUQD EHUlWWDW DWW LQIRUPDWLRQHQ RP GH ROLND NXUVHUQD LQWH DOOWLG KDU YDULW WLOOUlFNOLJW YlJOHGDQGH I|U GH WLOO WlQNWD HOHYHUQD 'HW KDU I|UHNRPPLW HQ GHO HOHYHU VRP KDU KDPQDW Sn IHO NXUVHU EnGH QlU GHW JlOOHU |YHUVLNWVNXUV JUXQGNXUV RFK QlU GHW JlOOHU LQE|UGHV PHOODQ I|UGMXSQLQJVNXUVHUQD 8SSJLIWHQ DWW PDUNQDGV I|UD KDU OHJDW Sn GH UHJLRQDOD NXUVDQRUGQDUQD PHQ PDQ KDU LQWH InWW VW|G IUnQ NRPPLWWpQ PHG JHQRPDUEHWDGH XQGHUODJ I|U PDUNQDGV I|ULQJHQ 0HG WDQNH Sn GH V\QSXQNWHU VRP KDU NRPPLW IUnQ OlUDUQD VNXOOH HWW VnGDQW PDWHULDO VDQQROLNW I|UElWWUDW PDUNQDGVI|ULQJHQ

'HW KDU lYHQ I|UHNRPPLW V\QSXQNWHU Sn GH UHJLRQDOD NXUVDQ RUGQDUQDV PHWRG DWW DGUHVVHUD LQIRUPDWLRQVPDWHULDO , IOHUD IDOO KDU PDQ VNLFNDW XW LQIRUPDWLRQ RSHUVRQOLJW DGUHVVHUDG RFK KRSSDWV Sn DWW PDWHULDOHW GHODWV XW LQRP P\QGLJKHWHUQD (Q VW|UUH SUHFLVLRQ L DGUHV VHULQJ VNXOOH P|MOLJHQ KD NXQQDW |ND GHOWDJDQGHW IUnQ GH SHULIHUD PHQ lQGn YLNWLJD PnOJUXSSHUQD VRP NRPPXQOHGQLQJDU RFK NRPPXQDOD YHUNVDPKHWVXW|YDUH

1lULQJVOLYHW

8WELOGQLQJ I|U QlULQJVOLYHW YDU XUVSUXQJOLJHQ WlQNW DWW IUlPVW VNH L SULYDW UHJL +HOD 0LOM|EDONVXWELOGQLQJHQV NXUVPDWHULDO KDU IXQQLWV WLOO JlQJOLJW I|U SULYDWD NXUVDQRUGQDUH RFK I|UHWDJ VRP VMlOYD YHODW DQRUGQD NXUVHU $QWDOHW HOHYHU VRP KDU JnWW Sn SULYDW DQRUGQDGH NXUVHU EDVHUDGH Sn 0LOM|EDONVXWELOGQLQJHQV PDWHULDO lU VYnUW DWW XSSVNDWWD 8WELOG QLQJVPDWHULDOHW VWnU IULWW WLOO DOODV Q\WWMDQGH YLONHW J|U DWW NXUVDQRUGQDUH NDQ VD[D XU PDWHULDOHW HIWHU HJHW EHKRY $QWDOHW VnOGD NXUVNRPSHQGLHU WLOO SULYDWD I|UHWDJ RFK NRQVXOWI|UHWDJ ULVNHUDU GlUI|U DWW XQGHUVNDWWD GHQ YHUNOLJD RPIDWWQLQJHQ DY DQYlQGDQGHW DY 0LOM|EDONVXWELOGQLQJHQV PDWHULDO 7LOO NRQVXOWI|UHWDJ KDU GHW VnOWV FD NRPSHQGLHU WLOO JUXQGNXUVHQ RFK FD WLOO |YHUVLNWVNXUVHQ 7LOO I|UHWDJ XWRP NRQVXOW I|UHWDJ KDU GHW VnOWV FD NRPSHQGLHU WLOO JUXQGNXUVHQ RFK

WLOO |YHUVLNWVNXUVHQ 6DPPDQODJW KDU GHW DOOWVn VnOWV H[HPSODU DY NRPSHQGLHUQD L |YHUVLNWVNXUV RFK JUXQGNXUV PHGDQ NRPSHQGLHU WLOO I|UGMXSQLQJVNXUVHU KDU VnOWV L VDPPDQODJW FD H[HPSODU

'H UHJLRQDOD NXUVDQRUGQDUQD KDU YLG VLGDQ DY QlULQJVOLYHWV HJQD NXUVHU KDIW FD NXUVGHOWDJDUH IUnQ I|UHWDJ GYV FD SURFHQW DY DOOD GHOWDJDUH , XWYlUGHULQJVVHPLQDULHUQD KDU GHW IUDPJnWW DWW GH UHJLRQDOD NXUVDQRUGQDUQD KDU KDIW P\FNHW ROLND LQVWlOOQLQJ WLOO GHOWDJDQGH IUnQ QlULQJVOLYHW 9LVVD KDU YHUNOLJHQ VDWVDW Sn DWW In GHOWDJDUH IUnQ I|UH WDJHQ PHGDQ DQGUD KDU SULRULWHUDW QHG GHQQD PnOJUXSS

([WHUQ XWYlUGHULQJ	628

1HGSULRULWHULQJHQ KDU EO D EHURWW Sn DWW GH UHJLRQDOD NRPPXQI|UEXQG RIWDVW LQWH VHU I|UHWDJHQ VRP VLQ SULPlUD PnOJUXSS XWDQ DWW PDQ IUlPVW DUEHWDU PHG IRUWELOGQLQJ I|U OlQHWV NRPPXQHU

gYHUVLNWVNXUVHQ NDQ WDV VRP H[HPSHO Sn VSULGQLQJHQ PHOODQ GH UH JLRQDOD NXUVDQRUGQDUQD $QGHOHQ HOHYHU IUnQ QlULQJVOLYHW L |YHU VLNWVNXUVHUQD KDU YDULW K|J L +DOODQG SURFHQW 8SSVDOD

SURFHQW 'DODUQD SURFHQW RFK 6NnQH SURFHQW , I|OMDQGH OlQ KDU DQGHOHQ LVWlOOHW YDULW XQGHU SURFHQW 6|GHUPDQODQG *RWODQG 9lVWPDQODQG RFK 1RUUERWWHQ

bYHQ GHQ WLG OlUDUQD KDU NXQQDW DYVlWWD I|U DWW GHOWD L XWELOGQLQJHQ KDU YDULW HQ IDNWRU VRP SnYHUNDW KXU P\FNHW PDQ L UHJLRQHUQD KDU YHODW VDWVD Sn NXUVHU I|U QlULQJVOLYHW 'H IOHVWD DY OlUDUQD KDU VLWW YDQOLJ DU EHWH Sn NRPPXQ OlQVVW\UHOVH HOOHU DQQDQ P\QGLJKHW RFK KDU RIWD HQ SUHVVDG DUEHWVVLWXDWLRQ UHGDQ XWDQ OlUDUVNDSHW 0nQJD OlUDUH XSSIDWWDU GlUI|U HQ DOOWI|U RPIDWWDQGH NXUVYHUNVDPKHW VRP HWW KLQGHU I|U DWW XW I|UD VLWW RUGLQDULH DUEHWH $QGUD OlUDUH KDU LVWlOOHW UHVRQHUDW WYlUW RP )|UHWDJHQ EHK|YHU XWELOGDV RFK RP PDQ LQWH J|U GHW Sn NXUV NRPPHU PDQ VRP KDQGOlJJDUH DWW EHK|YD XWELOGD GHP HQ RFK HQ L VDPEDQG PHG WLOOV\QVDUEHWHW

$QSDVVQLQJ WLOO PnOJUXSSHU

.XUVHU VRP lU VlUVNLOW DQSDVVDGH WLOO ROLND PnOJUXSSHU KDU GLVNXWHUDWV Sn XWYlUGHULQJVVHPLQDULHUQD VRP HQ YlJ DWW Qn IOHUD GHOWDJDUH 'HWWD KDU IUDPI|U DOOW JlOOW |YHUVLNWVNXUVHUQD HIWHUVRP GHVVD ULNWDU VLJ WLOO Vn VNLOGD PnOJUXSSHU .XUVPDWHULDO VlUVNLOW DQSDVVDW I|U SROLWLNHU RFK QlULQJVOLY NRPPXQDOD YHUNVDPKHWVXW|YDUH UHVSHNWLYH NRPPXQDOD I|U YDOWQLQJVFKHIHU lU QnJRW VRP KDGH XSSVNDWWDWV RP GHW KDGH IXQQLWV

%ODQG GH VNUlGGDUV\GGD |YHUVLNWVNXUVHUQD lU GHW GH I|U QlULQJVOLYHW VRP lU PHVW NUlYDQGH HIWHUVRP GHW RIWD NUlYV HQ EUDQVFKDQSDVVQLQJ I|U DWW LQIRUPDWLRQHQ VND XSSOHYDV WLOOUlFNOLJW YlOSDNHWHUDG DY I|UH WDJDUQD

628	([WHUQ XWYlUGHULQJ

8SSOlJJQLQJHQ

6DPPDQIDWWQLQJ

œ.RPELQDWLRQHQ DY NRUYVWRSSQLQJ L JUXQGNXUVHQ RFK H[HPSHO PHG GLVNXVVLRQHU L I|UGMXSQLQJVNXUVHUQD KDU WLOOVDPPDQV ELOGDW HQ YlO IXQJHUDQGH SHGDJRJLVN XSSOlJJQLQJ I|U DWW I|UPHGOD HWW P\FNHW VWRUW PDWHULDO

œgYQLQJVH[HPSOHQ L I|UGMXSQLQJVNXUVHUQD KDGH EHK|YW YDUD PHU JHQRPDUEHWDGH

œ(Q XSSGHOQLQJ DY JUXQGNXUVHQV L NXUVGDJDU Sn HOOHU

PHGI|U VW|UUH P|MOLJKHWHU I|U HOHYHUQD DWW WD WLOO VLJ PDWHULDOHW

œ.YDOLWHWHQ L NXUVPDWHULDO 2+ ELOGHU |YQLQJVH[HPSHO RFK OlUDUKDQG OHGQLQJDU KDU JMRUW DWW OlUDUQD KDU I|OMW XSSOlJJQLQJHQ L EHW\GDQGH JUDG 0nOHW RP HQKHWOLJKHW L NXQVNDSVI|UPHGOLQJHQ KDU GlUPHG XSS QnWWV L VWRU XWVWUlFNQLQJ

œ8WELOGQLQJHQ KDU SnWDJOLJW ELGUDJLW WLOO DWW PHGDUEHWDUQD Sn NRPPXQHU RFK OlQVVW\UHOVHU NXQQDW XWYHFNOD HQ JHPHQVDP V\Q Sn PLOM|EDONHQ RFK GHVV WLOOlPSQLQJ

œgYHUVLNWVNXUVHUQD KDGH NXQQDW DQSDVVDV WLOO ROLND PnOJUXSSHU JHQRP DWW NRPPLWWpQ WDJLW IUDP OlUDUKDQGOHGQLQJDU I|U ROLND PnOJUXSSHU

œ.RPPLWWpQ KDGH EHK|YW SRlQJWHUD I|U GH UHJLRQDOD NXUVDQRUGQDUQD DWW |YHUVLNWVNXUVHU RFK JUXQGNXUVHU OlPSOLJHQ YDUYDV RFK DWW PDQ LQOHGHU PHG HQ JUXQGNXUV

SDUDJUDIHU RPIDWWDU PLOM|EDONHQ HQ P\FNHW VWRU PlQJG LQIRUPDWLRQ 7LOO GHWWD ILQQV LQIRUPDWLRQ IUnQ SURSRVLWLRQHQ RFK I|URUGQLQJDU VRP XQGHUODJ I|U NXUVPDWHULDOHW

*UXQGNXUV RFK |YHUVLNWVNXUV

6RP PHWRG I|U DWW NXQQD JH HQ ELOG DY KHOKHWHQ YDOGH PDQ DWW J|UD JUXQGNXUV RFK |YHUVLNWVNXUV VRP HWW DQWDO VLGRU 9DUMH VLGD EHVNULYHU HQ DVSHNW DY ODJHQ RFK ILQQV EnGH L WU\FNW IRUP RFK VDPPDQIDWWDG VRP 2+ ELOG 9DUMH VLGD LQOHGV PHG KlQYLVQLQJDU WLOO ODJWH[W PRWLYWH[W RFK

([WHUQ XWYlUGHULQJ	628

I|URUGQLQJDU 'HQQD PHWRG DWW I|USDFND LQIRUPDWLRQHQ DQYlQGHV Sn 3%/ XWELOGQLQJHQ Sn WDOHW RFK KDGH WLGLJDUH DQYlQWV L XWELOGQLQJ DY DQQDQ ODJVWLIWQLQJ RFK L XWELOGQLQJ LQRP E\JJEUDQVFKHQ

*UXQGNXUVHQ RPIDWWDU FD VLGRU PHGDQ |YHUVLNWVNXUVHQ RPIDWWDU FD VLGRU /lUDUQDV XSSJLIW YDU DWW UHGRYLVD Vn PnQJD DY GHVVD VLGRU VRP P|MOLJW XQGHU NXUVHQV JnQJ 0HG HQ HIIHNWLY NXUVWLG RP VH[ WLP PDU SHU GDJ PRWVYDUDU DQWDOHW VLGRU HQ JHQRPJnQJ DY FD HQ VLGD YDU IHPWH PLQXW

8QGHU DUEHWHWV JnQJ PHG NRPSHQGLHUQD GURJ NRPPLWWpQ VOXWVDWVHQ DWW DOOD VLGRU LQWH VNXOOH KLQQDV PHG XQGHU NXUVHUQD , JUXQGNXUVNRP SHQGLHW lU GlUI|U YLVVD VLGRU PDUNHUDGH VRP PLQGUH YLNWLJD

1lU XQGHUYLVQLQJVPHWRGHQ UHGRYLVDGHV I|U GH EOLYDQGH UHJLRQDOD NXUVDQRUGQDUQD YDU GHW IOHUD VRP EOHY WYHNVDPPD 0DQ KDGH EODQG DQQDW LQYlQGQLQJDU PRW DWW JUXQGNXUV RFK |YHUVLNWVNXUV VNXOOH EDVHUDV Sn NRUYVWRSSQLQJ ,VWlOOHW |QVNDGH PDQ VLJ PRGHUQDUH SHGDJRJLN

, GH XWYlUGHULQJVVHPLQDULHU VRP KnOOLWV PHG OlUDUH RFK NXUVDQRUG QDUH NDQ PDQ LGDJ NRQVWDWHUD DWW IDUKnJRUQD RP XWELOGQLQJVPHWRGHQ YDU |YHUGULYQD /lUDUQD KnOOHU PHG RP DWW NRUYVWRSSQLQJ VRP PHWRG YDU Q|GYlQGLJ I|U DWW JH HQ KHOKHWVELOG DY PLOM|EDONHQ 0DQ PHQDU lYHQ DWW GHW WURWV DOOW YLVDGH VLJ ILQQDV HWW YLVVW XWU\PPH I|U GLVNXV VLRQHU lYHQ Sn JUXQGNXUVHQ RFK |YHUVLNWVNXUVHQ %XGVNDSHW IUnQ OlUDUQD NDQ VQDUDVW VDPPDQIDWWDV Vn DWW PDQ L VWRUW VHWW KDU SRVLWLYD HU IDUHQKHWHU DY XSSOlJJQLQJHQ

'HQ VWRUD PlQJGHQ LQIRUPDWLRQ VRP VNXOOH I|UPHGODV L JUXQGNXUVHQ KDU JMRUW DWW UHJLRQDOD NXUVDQRUGQDUH KDU H[SHULPHQWHUDW PHG ROLND SUDNWLVND DUUDQJHPDQJ *HQRP DWW GHOD XSS WUHGDJDUVNXUVHQ L WYn NXUV GDJDU I|OMW DY HQ NXUVGDJ YLG VHQDUH WLOOIlOOH KDU HOHYHUQD Sn JUXQGNXU VHQ KDIW GHW OlWWDUH DWW WD WLOO VLJ GHW VWRUD PDWHULDOHW 9LVVD NXUVDQRUG QDUH KDU lYHQ SU|YDW DWW GHOD XSS NXUVHQ L WUH VHSDUDWD NXUVGDJDU RFK PDQ DQVHU DWW HOHYHUQD Gn KDU KDIW \WWHUOLJDUH QnJRW ElWWUH I|UXWVlWW QLQJDU DWW WD WLOO VLJ JUXQGNXUVHQ

)|UGMXSQLQJVNXUVHU

, I|UGMXSQLQJVNXUVHUQD KDU PDQ DQYlQW HQ KHOW DQQDQ XSSOlJJQLQJ 0DQ KDU XWJnWW IUnQ DWW HOHYHUQD KDU JnWW JUXQGNXUVHQ 0HG GHQ NXQVNDSHQ VRP JUXQG KDU PDQ NXQQDW JHQRPI|UD I|UGMXSQLQJVNXUVHUQD Sn I|OMDQGH VlWW

œ.RUW I|UHOlVQLQJ I|U DWW UHSHWHUD HWW DYVQLWW DY JUXQGNXUVHQ

œ'LVNXVVLRQ L PLQGUH JUXSSHU RP SUDNWLVND H[HPSHO

œ5HGRYLVQLQJ DY GLVNXVVLRQHU

628	([WHUQ XWYlUGHULQJ

0HWRGHQ XSSUHSDV HWW DQWDO JnQJHU SHU NXUV 3n Vn VlWW DUEHWDU PDQ VLJ LJHQRP GH lPQHVRPUnGHQ VRP I|UGMXSQLQJVNXUVHQ VND EHKDQGOD

8SSOlJJQLQJHQ DY I|UGMXSQLQJVNXUVHUQD NDQ VlJDV YDUD UDND PRW VDWVHQ PRW XSSOlJJQLQJHQ DY JUXQGNXUVHQ 0DQ KDU GlUPHG NXQQDW NRPELQHUD JUXQGNXUVHQV NRUYVWRSSQLQJ L K|JW WHPSR PHG I|UGMXS QLQJVNXUVHUQDV UHSHWLWLRQ RFK GLVNXVVLRQHU PHOODQ NXUVGHOWDJDUQD EDVH UDW Sn I|UXWEHVWlPGD H[HPSHO PHQ RFNVn Sn GHOWDJDUQDV HJHQ HUIDUHQ KHW

6RP WLGLJDUH IUDPJnWW InU IOHUWDOHW I|UGMXSQLQJVNXUVHU EUD EHW\J DY HOHYHUQD L GHQ HQNlWXQGHUV|NQLQJ VRP KDU JHQRPI|UWV 'lU IUDPJnU GRFN DWW GHW IUDPI|U DOOW lU PLOM|FKHIHUQD L NRPPXQHUQD VRP VlUVNLOW KDU XSSIDWWDW |YQLQJVH[HPSOHQ VRP EUD 'HW KDGH VDQQROLNW YDULW YlUGH IXOOW RP GHW IXQQLWV |YQLQJVH[HPSHO VRP W\GOLJDUH XWJLFN IUnQ OlQV VW\UHOVHUQDV RFK FHQWUDOD VWDWOLJD P\QGLJKHWHUV SHUVSHNWLY

bYHQ OlUDUQD JHU L XWYlUGHULQJVVHPLQDULHUQD EUD EHW\J nW XSSOlJJ QLQJHQ DY I|UGMXSQLQJVNXUVHUQD 0DQ PHQDU GRFN DWW GH H[HPSHO VRP ILQQV L OlUDUKDQGOHGQLQJDUQD VNXOOH NXQQD YDULW ElWWUH JHQRPDUEHWDGH 0DQ KDU InWW OlJJD QHG HQ KHO GHO HJHW DUEHWH I|U DWW NXQQD DQYlQGD H[HPSOHQ L NXUVHUQD

(QKHWOLJKHW RFK VDPV\Q

(WW DY NRPPLWWpQV PnO I|U XWELOGQLQJHQ KDU YDULW DWW JH EHU|UGD DNW|UHU HQ JHPHQVDP UDP I|U WLOOlPSQLQJHQ DY PLOM|EDONHQ JHQRP DWW DQRUGQD HQ VDPPDQKnOOHQ XWELOGQLQJ )UnJDQ RP NXUVHUQD KDU JHQRPI|UWV OLN IRUPLJW |YHU ODQGHW KDU GLVNXWHUDWV Sn XWYlUGHULQJVVHPLQDULHUQD PHG OlUDUH RFK NXUVDQRUGQDUH 0DQ lU L K|J JUDG |YHUHQV RP DWW EXGVNDSHW L JUXQGNXUVHQ KDU I|UPHGODWV Sn HWW HQKHWOLJW VlWW 2UVDNHQ WLOO GHWWD lU IUlPVW DWW OlUDUQD KDU YDULW Vn VW\UGD DY NXUVHQV XSSOlJJQLQJ $WW NXUVNRPSHQGLHU RFK 2+ ELOGHU GHVVXWRP XSSIDWWDV VRP P\FNHW EUD KDU JMRUW DWW PDQ KDIW EHJUlQVDW EHKRY DWW NRPSOHWWHUD PHG HJHW PDWHULDO /lUDUQD KDU GlUHPRW JMRUW XUYDO DY YLOND VLGRU PDQ JnWW LJHQRP Sn JUXQGNXUVHQ I|U DWW KLQQD PHG PDWHULDOHW Sn WUH GDJDU 6OXWVDWVHQ IUnQ XWYlUGHULQJVVHPLQDULHUQD lU GRFN DWW PDQ KDU YDOW ERUW VLGRU L I|U KnOODQGHYLV EHJUlQVDG RPIDWWQLQJ

, I|UGMXSQLQJVNXUVHUQD KDU GHW IXQQLWV VW|UUH XWU\PPH I|U YDULD WLRQHU PHOODQ KXU OlUDUODJHQ EHKDQGODW PDWHULDOHW 'HW VWRUD XWU\PPHW I|U GLVNXVVLRQHU PHGI|U lYHQ DWW GHOWDJDUQDV HJQD HUIDUHQKHWHU SnYHUNDU NXUVHUQDV LQQHKnOO bYHQ RP OlUDUQD DQVHWW DWW H[HPSOHQ KDGH NXQQDW YDUD ElWWUH JHQRPDUEHWDGH DQVHU PDQ DWW GH KDU YDULW UHOHYDQWD RFK LQ WUHVVDQWD 0DQ KDU GlUI|U L VWRU XWVWUlFNQLQJ XWJnWW IUnQ GHP

([WHUQ XWYlUGHULQJ	628

(Q DQQDQ DVSHNW DY NRPPLWWpQV PnO RP HQ VDPPDQKnOOHQ XWELOG QLQJ lU RP XWELOGQLQJHQ KDU ELGUDJLW WLOO HQ JHPHQVDP V\Q Sn PLOM| EDONHQ RFK GHVV WLOOlPSQLQJ , HQNlWXQGHUV|NQLQJHQ ULNWDG WLOO HOHYHU KDU GHWWD LQJnWW VRP HQ IUnJD /lQVVW\UHOVHUQD FKHIHU lU PHVW WLOOIUHGV JHQRP DWW SURFHQW DQVHU DWW JHQRPJnQJQD NXUVHU RP PLOM|EDONHQ KDU XQGHUOlWWDW I|U GHQ HJQD HQKHW DWW XWYHFNOD HQ VDPV\Q %ODQG PLOM| FKHIHU L NRPPXQHUQD HUK|OOV GHWWD VYDU IUnQ SURFHQW %ODQG PLOM|QlPQGHUQDV RUGI|UDQGH JlOOGH IUnJDQ RP XWELOGQLQJHQ KDGH EL GUDJLW WLOO DWW VNDSD HQ VDPV\Q KRV PLOM|QlPQGHQV OHGDP|WHU +lOIWHQ DY PLOM|QlPQGHUQDV RUGI|UDQGH VYDUDGH DWW NXUVHUQD RP PLOM|EDONHQ KDGH ELGUDJLW

$QSDVVQLQJ DY RULHQWHULQJVNXUVHQ

2ULHQWHULQJVNXUVHQ lU GHQ NXUV VRP KDU XSSYLVDW VW|UVW YDULDWLRQHU L XWI|UDQGHW 'HWWD lU VDPWLGLJW GHQ NXUV VRP KDU ORFNDW IOHVW GHOWDJDUH 2UVDNHQ WLOO YDULDWLRQHQ lU DWW HOHYHUQD KDU KDIW Vn ROLND XWJnQJVSXQNWHU /lUDUQD KDU GlUI|U I|UV|NW DQSDVVD XSSOlJJQLQJHQ HIWHU YLOND HOHYHU VRP NRPPLW Sn GHQ DNWXHOOD NXUVHQ )UDPI|U DOOW KDU OlUDUQD XSSOHYW VYnULJKHWHU L DWW DQSDVVD NXUVHUQD HIWHU SROLWLNHUQDV I|UXWVlWWQLQJDU 'HW KDGH VDQQROLNW YDULW HWW VW|G I|U OlUDUQD RP GHW IXQQLWV ROLND OlUDUKDQG OHGQLQJDU I|U GH WUH VWRUD PnOJUXSSHUQD SROLWLNHU WMlQVWHPlQ RFK I|UHWDJDUH

7XURUGQLQJ

, XSSOlJJQLQJHQ DY 0LOM|EDONVXWELOGQLQJHQ KDU PDQ lYHQ WDJLW VWlOOQLQJ WLOO L YLONHQ WXURUGQLQJ GH ROLND NXUVHUQD VND JHQRPI|UDV /lUDUH RFK NXUVDQRUGQDUH KDU DQVHWW DWW WXURUGQLQJHQ L KXYXGVDN KDU YDULW GHQ UlWWD , HWW DYVHHQGH KDU PDQ GRFN KDIW SUREOHP +RV IOHUD UHJLRQDOD NXUV DQRUGQDUH KDU PDQ KnOOLW JUXQGNXUVHUQD I|UH RULHQWHULQJVNXUVHUQD 'HWWD KDU LQWH LQQHEXULW QnJRW SUREOHP I|U GHQ PDMRULWHW HOHYHU VRP KDU YDOW UlWW NXUV )|U GH HOHYHU VRP XQGHU RULHQWHULQJVNXUVHQ LQVnJ DWW GH KDGH EHK|YW Jn JUXQGNXUVHQ EOHY GHW GlUHPRW HWW SUREOHP HIWHUVRP GHW LQWH IDQQV QnJUD JUXQGNXUVHU NYDU DWW Jn , HIWHUKDQG NDQ NRQVWDWHUDV DWW OlPSOLJ WXURUGQLQJ KDGH YDULW DWW LQOHGD PHG HQ JUXQGNXUV I|U DWW OlUDUQD VND NlQQD Sn KHOD PDWHULDOHW 'lUHIWHU YRUH GHW OlPSOLJW DWW YDUYD PHG JUXQG RFK |YHUVLNWVNXUVHU

.XUVNRPSHQGLHW I|U |YHUVLNWVNXUVHQ NRP IUnQ WU\FNHW VHQDUH lQ NRPSHQGLHW I|U JUXQGNXUVHQ YLONHW NDQ KD ELGUDJLW WLOO WXURUGQLQJHQ KRV YLVVD UHJLRQDOD NXUVDQRUGQDUH .RPPLWWpQ KDGH JLYLW |YHUVLNWV

628	([WHUQ XWYlUGHULQJ

NXUVHQ OlJUH SULRULWHW lYHQ JHQRP DWW GHW LQWH IDQQV QnJRQ OlUDUNXUV VSHFLILNW I|U |YHUVLNWVNXUVHQ )UnJDQ RP WXURUGQLQJHQ PHOODQ JUXQG NXUV RFK RULHQWHULQJVNXUV KDU LQWH NRPPXQLFHUDWV PHOODQ NRPPLWWpQ RFK GH UHJLRQDOD NXUVDQRUGQDUQD 8WYlUGHULQJHQV VOXWVDWVHQ EOLU DWW |YHUVLNWVNXUVHQ NRP QnJRW Sn PHOODQKDQG KRV NRPPLWWpQ RFK DWW GHWWD NDQ KD ELGUDJLW WLOO DWW PDQ LQWH XWWU\FNOLJHQ LQIRUPHUDGH RP OlPSOLJ WXURUGQLQJ WLOO GH UHJLRQDOD NXUVDQRUGQDUQD

.XUVPDWHULDO

6DPPDQIDWWQLQJ

œ.XUVNRPSHQGLHUQD InU JHQHUHOOW P\FNHW JRWW RPG|PH DY OlUDUH RFK HOHYHU

œ0LOM|FKHIHU L I|UHWDJ JHU 0LOM|EDONVXWELOGQLQJHQV NXUVPDWHULDO EHW\G OLJW ElWWUH EHW\J lQ NXUVPDWHULDO KRV DQGUD NXUVDUUDQJ|UHU

œ)UDPJnQJHQ PHG NXUVNRPSHQGLHUQD IUDPJnU DY DWW GH KDU VnOWV L XQJHIlU GXEEHOW Vn PnQJD H[HPSODU VRP GHW KDU IXQQLWV NXUVGHOWDJDUH

œ.XUVPDWHULDOHW WLOO NXUVHQ 0LOM|EDONHQ RFK GHQ I\VLVND SODQHULQJHQ KDU LQWH InWW KHOW IXOOJRWW RPG|PH 'HW NRPSOH[D PDWHULDOHW WLGVEULVW RFK RWLOOUlFNOLJ VW\UQLQJ IUnQ NRPPLWWpQ lU KXYXGI|UNODULQJDUQD WLOO GHWWD

œgYQLQJVH[HPSOHQ KDU InWW EUD EHW\J PHQ OlUDUQD KDGH |QVNDW DWW GH YRUH PHU JHQRPDUEHWDGH 7LGVEULVW RFK RWLOOUlFNOLJ VW\UQLQJ IUnQ NRPPLWWpQ KDU YDULW KXYXGI|UNODULQJDUQD WLOO GHWWD

œ, DYVDNQDG DY VW\UQLQJ IUnQ NRPPLWWpQ WRJ LQWH GH UHSUHVHQWDWLYW VDPPDQVDWWD DUEHWVJUXSSHUQD GHW IXOOD DQVYDUHW I|U WLGKnOOQLQJ LQULNW QLQJ RFK NYDOLWHW

œ$UEHWVJUXSSHU VRP VNULYHU NXUVPDWHULDO WLOO I|UGMXSQLQJVNXUVHU E|U KHOVW KD WLG DWW I|UVW IRUWELOGD VLJ RP KHOKHWHQ L ODJHQ

œgYHUVLNWVNXUVHQ KDU LQWH lJQDWV QnJRQ VlUVNLOG XSSPlUNVDPKHW DY NRPPLWWpQ WURWV DWW GHQ VNXOOH DQYlQGDV I|U GHW VW|UVWD DQWDOHW HOHYHU

(Q DY NRPPLWWpQV KXYXGXSSJLIWHU KDU YDULW DWW VH WLOO DWW NXUVPDWHULDOHW WRJV IUDP (IWHU I|UHELOG IUnQ 3%/ XWELOGQLQJHQ VNDSDGH PDQ DUEHWV JUXSSHU I|U NXUVNRPSHQGLHUQD $UEHWVJUXSSHUQD EHVWRG DY HQ RUG I|UDQGH HQ VNULYDUH VRP XWI|UGH GHW KXYXGVDNOLJD VNULYDUEHWHW VDPW HQ

([WHUQ XWYlUGHULQJ	628

H[SHUWJUXSS .RPPLWWpQ DJHUDGH H[SHUWJUXSS I|U JUXQGNXUVHQ RFK |YHUVLNWVNXUVHQ

5HNU\WHULQJ

5HNU\WHULQJHQ WLOO DUEHWVJUXSSHUQD JMRUGHV Sn ROLND VlWW I|U DWW WLOOIUHGV VWlOOD WYn V\IWHQ 2UGI|UDQGHQD RFK VNULYDUQD KDQGSORFNDGHV DY NRPPLWWpQ 7DQNHQ YDU DWW KLWWD SHUVRQHU VRP NXQGH VNDSD HIIHNWLYLWHW L VNULYDUEHWHW ([SHUWHUQD L DUEHWVJUXSSHUQD UHNU\WHUDGHV LVWlOOHW I|U DWW JH VWDWOLJD P\QGLJKHWHU RFK LQWUHVVHRUJDQLVDWLRQHU P|MOLJKHW DWW EOL UH SUHVHQWHUDGH L DUEHWHW PHG NXUVPDWHULDOHW I|U DWW SnYHUND LQULNWQLQJ RFK IRUPXOHULQJDU .RPPLWWpQ JDY EHU|UGD P\QGLJKHWHU RFK LQWUHVVH RUJDQLVDWLRQHU IULKHW DWW VMlOYD XWVH SHUVRQHU

([SHUWHU NRP DWW GHOWD IUnQ I|OMDQGH YHUNVDPKHWHU

œ0LOM|GHSDUWHPHQWHW

œ1DWXUYnUGVYHUNHW

œ.HPLNDOLHLQVSHNWLRQHQ

œ6RFLDOVW\UHOVHQ

œ%RYHUNHW

œ5LNVDQWLNYDULHlPEHWHW

œ-RUGEUXNVYHUNHW

œ/DQWPlWHULYHUNHW

œ9lJYHUNHW

œ'RPVWROVYHUNHW

œ5LNVnNODJDUHQ

œ3ROLVK|JVNRODQ

œ/lQVVW\UHOVHUQD L +DOODQGV .URQREHUJV RFK *lYOHERUJV OlQ

œ0LOM|GRPVWRODUQD L 6WRFNKROP 9lQHUVERUJ RFK 9l[M|

œ6YHQVND .RPPXQI|UEXQGHW

œ+XGGLQJH NRPPXQ RFK *lYOH NRPPXQ

œ,QGXVWULI|UEXQGHW

0LOM|RUJDQLVDWLRQHUQD YLVDGH LQWH QnJRW LQWUHVVH DWW GHOWD L H[SHUW

JUXSSHUQD

$UEHWVJnQJ

$Y QDWXUOLJD VNlO SUlJODV DUEHWHW PHG NRPSHQGLHU RP HQ Q\ ODJ DY DWW In DY GH PHGYHUNDQGH EHKlUVNDU ODJHQ ,QJHQ DY GH SHUVRQHU VRP KDGH

628	([WHUQ XWYlUGHULQJ

GHOWDJLW L ODJVWLIWQLQJVDUEHWHW NRP DWW PHGYHUND L DUEHWHW PHG NXUV PDWHULDOHW $UEHWVJUXSSHUQD ILFN OlUD VLJ ODJHQ VDPWLGLJW VRP GH WRJ IUDP PDWHULDOHW

$UEHWHW PHG JUXQGNXUVHQ SnE|UMDGHV L PDUV RFK WH[WHQ JRG NlQGHV DY NRPPLWWpQ L PLWWHQ DY DXJXVWL 7U\FNQLQJHQ VNHGGH L VHS WHPEHU YDUYLG GHQ I|UVWD OlUDUXWELOGQLQJHQ JHQRPI|UGHV 1lU JUXQG NXUVHQ IDQQV I|U OlVQLQJ LQVnJ |YULJD DUEHWVJUXSSHU DWW I|UGMXSQLQJV NXUVHUQD L DOOW I|U VWRUD GHODU KDGH OLNQDQGH PDWHULDO VRP L JUXQGNXUVHQ )|UGMXSQLQJVNXUVHUQD ULVNHUDGH DOOWVn DWW LQWH EOL WLOOUlFNOLJW I|U GMXSDQGH 6DPWLGLJW NXQGH NRPPLWWpQ NRQVWDWHUD DWW DUEHWVJUXSSHUQD I|U I|UGMXSQLQJVNXUVHUQD KDGH WDJLW IUDP NRPSHQGLHWH[WHU VRP LQWH I|OMGH GHQ XSSOlJJQLQJ PHG VLGRU VRP YDULW DYVLNWHQ $UEHWV JUXSSHUQD KDGH LVWlOOHW WDJLW IUDP WH[WHU VRP PHU OLNQDGH HQ EODQGQLQJ DY WUDGLWLRQHOO NXUVOLWWHUDWXU RFK XSSVODJVE|FNHU

.RPPLWWpQ JDY QX DUEHWVJUXSSHUQD L XSSJLIW DWW NRPPD IUDP WLOO KXU XSSOlJJQLQJHQ Sn I|UGMXSQLQJVNXUVHUQD VNXOOH J|UDV RFK KXU NXUVNRP SHQGLHUQD VNXOOH NXQQD DQYlQGDV 0DQ EHVWlPGH VLJ VOXWOLJHQ I|U DWW J|UD I|UGMXSQLQJVNXUVHUQD XWJnHQGH IUnQ SUDNWLVND H[HPSHO 6RP JUXQG I|U GHWWD VNDSDGH PDQ HQ ILNWLY NRPPXQ PHG HWW DQWDO YDQOLJW I|UHNRPPDQGH YHUNVDPKHWVXW|YDUH VRP PDQ NXQGH XWJn IUnQ L H[ HPSOHQ )|UVW L QRYHPEHU MDQXDUL NRUW WLG LQQDQ PDWHULDOHW VNXOOH Jn L WU\FN KDGH JUXSSHUQD KXQQLW UHDOLVHUD GHQQD Q\D LQULNWQLQJ JHQRP DWW WD IUDP OlUDUKDQGOHGQLQJDU GlU EO D GH ROLND H[HPSOHQ EHVNUHYV

)|U I|UGMXSQLQJVNXUVHQ 0LOM|EDONHQ RFK GHQ I\VLVND SODQHULQJHQ EOHY DUEHWHW PHG NXUVPDWHULDOHW VlUVNLOW NUlYDQGH 1lU DYVDWWD UHVXUVHU YDU I|UEUXNDGH YDU NXUVNRPSHQGLHW LQWH IlUGLJVNULYHW 'HSDUWHPHQWHW nWRJ VLJ DWW VOXWI|UD DUEHWHW (Q VLVWD NUDIWLJ RPUHGLJHULQJ JMRUGHV VOXW OLJHQ DY GHQ EOLYDQGH NXUVOHGDUHQ Sn OlUDUNXUVHQ NRUW WLG I|UH WU\FN QLQJHQ 6OXWYHUVLRQHQ DY OlUDUKDQGOHGQLQJHQ EOHY NODU I|UVW HIWHU OlUDUNXUVHUQD GYV L VHSWHPEHU

'HQ IMlUGH I|UGMXSQLQJVNXUVHQ $WW DQYlQGD PLOM|EDONHQ WRJV IUDP EHW\GOLJW VHQDUH lQ GH |YULJD $UEHWHW JMRUGHV L KXYXGVDN XQGHU

6RP VNULYDUH KDGH PDQ VDPPD SHUVRQ VRP YDULW VNULYDUH Sn JUXQGNXUVHQ GYV NXQVNDSHQ RP PLOM|EDONHQ IDQQV UHGDQ IUnQ E|UMDQ L DUEHWHW PHG GHWWD NRPSHQGLXP 0DQ YDOGH DWW LQWH DUEHWD PHG |YQLQJV H[HPSHO VRP L |YULJD I|UGMXSQLQJVNXUVHU XWDQ LVWlOOHW DWW KD GLV

0HWRGHQ PHG VLGRU KDU EHVNULYLWV L XWYlUGHULQJHQV NDSLWHO RP 8SSOlJJQLQJ

([WHUQ XWYlUGHULQJ	628

NXVVLRQHU PHG KHOD HOHYJUXSSHQ 7DQNHQ lU DWW KLQQD PHG PHU PDWHULDO Sn NXUVHQ

(OHYHUQDV EHG|PQLQJ

, XWYlUGHULQJHQ lU GHW LQWUHVVDQW DWW MlPI|UD GHVVD GHOYLV SOnJVDPPD I|GVORYnQGRU PHG KXU HOHYHUQD RFK OlUDUQD KDU XSSIDWWDW GHW VOXWOLJD NXUVPDWHULDOHW , XWYlUGHULQJHQV HQNlW WLOO HOHYHUQD JHU PDQ JHQHUHOOW P\FNHW JRWW RPG|PH nW NRPSHQGLHUQD 6lUVNLOW LQWUHVVDQW lU GHW DWW MlPI|UD PHG VWXGLHPDWHULDO IUnQ DQGUD NXUVDQRUGQDUH NRQVXOWHU P P

$QYlQGQLQJHQ DY NRPSHQGLHUQD HIWHU NXUVHUQD VlJHU GHVVXWRP HQ GHO RP NRPSHQGLHUQDV NYDOLWHW )|U JUXQGNXUVHQ VYDUDU GU\JW KlOIWHQ DY NRPPXQHUQDV PLOM|FKHIHU RFK EHU|UGD FKHIHU Sn OlQVVW\UHOVHUQD DWW GH DQYlQGHU NRPSHQGLHW YDUMH GDJ HOOHU YDUMH YHFND L GHW O|SDQGH DUEHWHW /LND K|J lU DQYlQGQLQJHQ DY NRPSHQGLHW RP 0LOM| RFK KlOVD EODQG NRPPXQHUQDV PLOM|FKHIHU %ODQG EHU|UGD FKHIHU Sn OlQVVW\UHOVHUQD lU GHW HQ WUHGMHGHO VRP YDUMH GDJ HOOHU YDUMH YHFND DQYlQGHU NRPSHQ GLHUQD WLOO NXUVHUQD 0LOM| RFK KlOVD 1DWXU RFK NXOWXU UHVSHNWLYH 0LOM| EDONHQ RFK GHQ I\VLVND SODQHULQJHQ

)|UVlOMQLQJ

(WW DQQDW VlWW DWW LOOXVWUHUD IUDPJnQJHQ PHG NRPSHQGLHUQD lU YLD I|U VlOMQLQJVVLIIURUQD *URYW UlNQDW NDQ PDQ VlJD DWW GHW KDU VnOWV GXEEHOW Vn PnQJD NXUVNRPSHQGLHU VRP GHW KDU IXQQLWV HOHYHU Sn GH UHJLRQDOW DQRUGQDGH NXUVHUQD 1lU GHW JlOOHU NRPSHQGLHUQD I|U |YHUVLNWVNXUVHQ lU GHW EO D HIWHUIUnJDQ IUnQ I|UHWDJ RFK NRQVXOWHU VRP YDULW RPIDWWDQGH

628	([WHUQ XWYlUGHULQJ

9LG VLGDQ DY NXUVNRPSHQGLHUQD KDU NRPPLWWpQ lYHQ WDJLW IUDP EL ODJRU WLOO NXUVNRPSHQGLHUQD 'HW JlOOHU ODJWH[WHQ I|URUGQLQJDUQD KDQGOlJJQLQJVVFKHPDQ RFK P\QGLJKHWHUQDV DQVYDU /DJWH[WHQ KDU VnOWV L XQJHIlU OLND PnQJD H[HPSODU VRP GHW KDU IXQQLWV NXUVGHOWDJDUH

.RPSHQGLHUQD YDU SULVVDWWD Vn DWW I|UVlOMQLQJVLQWlNWHUQD VNXOOH PRW VYDUD NRVWQDGHUQD I|U WU\FN RFK GLVWULEXWLRQ 'HQ RYlQWDW RPIDWWDQGH I|UVlOMQLQJHQ KDU JMRUW DWW NRPPLWWpQ InWW LQWlNWHU Sn FD 0NU YLONHW JHQHUHUDW HWW QHWWR|YHUVNRWW IUnQ I|UVlOMQLQJHQ Sn FD 0NU

(QKHWOLJKHW

bYHQ L XWYlUGHULQJVVHPLQDULHUQD PHG OlUDUH RFK NXUVDQRUGQDUH JHV

NXUVNRPSHQGLHUQD HWW P\FNHW EUD EHW\J 7DFN YDUH GHWWD KDU NRPPLWWpQ

O\FNDWV XSSQn VLWW PnO PHG VDPPDQKnOOHQ XWELOGQLQJ |YHU KHOD ODQGHW

HIWHUVRP OlUDUQD JlUQD DUEHWDW PHG NXUVPDWHULDOHW (QGD XQGDQWDJHW

XWJ|U NRPSHQGLHW RFK OlUDUKDQGOHGQLQJHQ L 0LOM|EDONHQ RFK GHQ

I\VLVND SODQHULQJHQ VRP HQOLJW OlUDUQD LQWH KDU JLYLW GHP WLOOUlFNOLJW

VW|G L XQGHUYLVQLQJHQ /lUDUQD lU lYHQ Q|MGD PHG XSSOlJJQLQJHQ L I|U

GMXSQLQJVNXUVHUQD GlU PDQ DUEHWDU PHG H[HPSHO 0DQ |QVNDU VLJ GRFN

PHU JHQRPDUEHWDGH H[HPSHO

7LGVEULVW RFK VW\UQLQJ

/lUDUQDV RFK HOHYHUQDV HUIDUHQKHWHU DY NXUVNRPSHQGLHUQD NDQ VDP PDQIDWWDV PHG DWW GH L KXYXGVDN lU P\FNHW SRVLWLYD 'H GHODU DY NXUVNRPSHQGLHUQD RFK OlUDUKDQGOHGQLQJDUQD VRP OlUDUQD LQWH lU KHOW Q|MGD PHG YLVDU VLJ YDUD MXVW GH GHODU GlU NRPPLWWpQV DUEHWVJUXSSHU KDU KDIW VW|UVW SUREOHP PHG DWW WD IUDP PDWHULDOHW 3UREOHPHQ KDU L EH W\GDQGH JUDG VLWW XUVSUXQJ L GHQ EHJUlQVDGH WLG NRPPLWWpQ KDU KDIW WLOO VLWW I|UIRJDQGH 7LOO H[HPSHO JlOOHU GHWWD VYnULJKHWHUQD DWW In DUEHWHW PHG GH WUH I|UVWD I|UGMXSQLQJVNXUVHUQD DWW IXQJHUD HIIHNWLYW 'HW KDGH VDQQROLNW YDULW ElWWUH RP GHW DUEHWHW SnE|UMDWV I|UVW QlU JUXQGNXUV NRPSHQGLHW YDU NODUW RFK DUEHWVJUXSSHUQD I|U I|UGMXSQLQJVNXUVHUQD VMlOYD KDGH NXQQDW GHOWD L HQ JUXQGNXUV 7LGVEULVWHQ L SURMHNWHW JDY GRFN LQWH XWU\PPH I|U HQ VnGDQ SODQHULQJ

7LGVEULVWHQ OLJJHU VDQQROLNW lYHQ EDNRP DWW |YHUVLNWVNXUVHQ KDU EH KDQGODWV QnJRW VW\YPRGHUOLJW 6RP IUDPJnWW L WLGLJDUH NDSLWHO L XWYlU GHULQJHQ KDU OlUDUH RFK NXUVDQRUGQDUH HIWHUIUnJDW |YHUVLNWVNXUVHU VRP lU VlUVNLOW LQULNWDGH Sn SROLWLNHU RFK I|UHWDJDUH 'HWWD KDGH P|MOLJHQ NXQQDW O|VDV PHG HQ OlUDUKDQGOHGQLQJ VRP EHVNUHY OlPSOLJD XUYDO DYVLGRU XU |YHUVLNWVNRPSHQGLHW HOOHU DQGUD NRPSHQGLHU 1nJRQ VlUVNLOG

([WHUQ XWYlUGHULQJ	628

OlUDUNXUV L DWW KnOOD |YHUVLNWVNXUVHU KDU KHOOHU LQWH KnOOLWV 3n VnGDQD OlUDUNXUVHU KDGH PDQ WLOOVDPPDQV PHG OlUDUQD NXQQDW DUEHWD VLJ IUDP WLOO KXU DQSDVVDGH NXUVHU I|U ROLND PnOJUXSSHU VNXOOH NXQQDW XWIRUPDV

6OXWUHVXOWDWHW DY NRPPLWWpQV DUEHWH EOHY LQWH HQEDUW NRPSHQGLHU VRP L KXYXGVDN InWW P\FNHW EUD EHW\J 8WDQ DWW GHW HJHQWOLJHQ YDU DY VLNWHQ NRP PDQ DWW XWYHFNOD HQ PHWRG I|U KXU I|UGMXSQLQJVNXUVHU NDQ OlJJDV XSS L RPIDWWDQGH XWELOGQLQJVVDWVQLQJDU .RPELQDWLRQHQ DYNRUYVWRSSQLQJ L JUXQGNXUVHQ RFK H[HPSHO PHG GLVNXVVLRQHU L I|U GMXSQLQJVNXUVHUQD JHU VDPPDQWDJHW LQWU\FNHW DY HQ EDODQVHUDG O|VQLQJ Sn GHW VYnUD SHGDJRJLVND SUREOHPHW DWW VQDEEW XWELOGD RP HWW P\FNHW RPIDWWDQGH PDWHULDO

8W|YHU WLGVEULVWHQ VRP RUVDN WLOO SUREOHPHQ NDQ PDQ NRQVWDWHUD DWW NRPPLWWpQ L HQGDVW EHJUlQVDG RPIDWWQLQJ VW\UGH HOOHU JDY VW|G WLOO I|U GMXSQLQJVNXUVHUQDV DUEHWVJUXSSHU $YVLNWHQ PHG GHWWD I|UKnOOQLQJVVlWW YDU DWW JH DUEHWVJUXSSHUQD IULKHW Vn DWW GH ROLND P\QGLJKHWHU VRP GHOWRJ PHG H[SHUWHU YHUNOLJHQ VNXOOH EOL GHODNWLJD L DUEHWHW RFK L VOXWUHVXOWDWHW

(Q SRVLWLY HIIHNW DY GHWWD I|UKnOOQLQJVVlWW EOHY DWW PDQ NRP DWW XW YHFNOD HQ Q\ PHWRG I|U XSSOlJJQLQJ DY I|UGMXSQLQJVNXUVHUQD lYHQ RP PDWHULDOHW LQWH KDQQ EOL KHOW JHQRPDUEHWDW (Q QHJDWLY HIIHNW EOHY DWW DUEHWHW PHG GHQ NXUV VRP XWJLFN IUnQ GHW PHVW NRPSOH[D PDWHULDOHW 0LOM|EDONHQ RFK GHQ I\VLVND SODQHULQJHQ LQWH ILFN WLOOUlFNOLJW PHG VW\UQLQJ L WLG 6OXWVDWVHQ EOLU DWW NRPPLWWpQ WUROLJHQ WLGLJDUH KDGH NXQ QDW OlJJD RP XSSOlJJQLQJHQ DY I|UGMXSQLQJVNXUVHUQD RFK WLGLJDUH VW\UW DUEHWHW PHG 0LOM|EDONHQ RFK GHQ I\VLVND SODQHULQJHQ RP PDQ KDGH VWlOOW W\GOLJDUH NUDY Sn DYUDSSRUWHULQJ DY DUEHWVJUXSSHUQDV LQULNWQLQJ RFK UHVXOWDW

628	([WHUQ XWYlUGHULQJ

5HJLRQDOD NXUVDQRUGQDUH

6DPPDQIDWWQLQJ

œ'H UHJLRQDOD NXUVDQRUGQDUQDV UHNU\WHULQJ DY HOHYHU KDGH VDQQROLNW XQGHUOlWWDWV DY RP NRPPLWWpQ WDJLW IUDP JHQRPDUEHWDGH H[HPSHO Sn LQIRUPDWLRQVPDWHULDO RP NXUVHUQD

œ, PnQJD OlQ KDU PDQ InWW IUDP IXQJHUDQGH OlUDUODJ HQOLJW NRPPLWWpQV LQWHQWLRQHU 'HW KDU YDULW YLVV EULVW Sn MXULVWHU SODQHUDUH RFK NXOWXU YnUGDUH

œ&KHIHU Sn OlQVVW\UHOVHU KDU HIWHUIUnJDWV VRP OlUDUH L VW|UUH XWVWUlFNQLQJ lQ YDG PDQ SODQHUDW I|U

œ'H UHJLRQDOD NXUVDQRUGQDUQD KDU L PnQJD IDOO YDULW RW\GOLJD RP KXU HUVlWWQLQJHQ WLOO OlUDUH RFK DUEHWVJLYDUH VNXOOH KDQWHUDV .RPPLWWpQ KDGH NXQQDW JH NXUVDQRUGQDUQD QnJUD H[HPSHO Sn KXU HUVlWWQLQJHQ NXQGH KDQWHUDV RFK EHJlUW DWW PDQ UHGRYLVDGH GHWWD RFK LQIRUPHUDGH OlUDUQD

)|U GHW SUDNWLVND JHQRPI|UDQGHW DY NXUVHUQD YDOGH NRPPLWWpQ VDPPD YlJ VRP WLGLJDUH DQYlQWV L 3%/ XWELOGQLQJHQ Sn WDOHW 'H VWRUD PnOJUXSSHUQD HOHYHU VNXOOH NRPPD IUnQ NRPPXQHUQD JHQRP DWW EnGH NRPPXQDOD WMlQVWHPlQ RFK SROLWLNHU VNXOOH XWELOGDV 'HW YDU GlUI|U QDWXUOLJW I|U NRPPLWWpQ DWW VDPDUEHWD PHG GH UHJLRQDOD NRPPXQI|U EXQGHQ VRP L GH IOHVWD OlQ QRUPDOW DQRUGQDU XWELOGQLQJ I|U GHVVD PnO JUXSSHU (IWHUVRP lYHQ WMlQVWHPlQ Sn OlQVVW\UHOVHUQD YDU HQ VWRU PnO JUXSS YDU GHW lYHQ YLNWLJW DWW OlQVVW\UHOVHU RFK UHJLRQDOD NRPPXQI|U EXQG VDPDUEHWDGH RP DWW DQRUGQD NXUVHUQD

6DPRUGQLQJ

5HGDQ L MDQXDUL VNLFNDGH NRPPLWWpQ EUHY WLOO VDPWOLJD UHJLRQDOD NRPPXQI|UEXQG RFK OlQVVW\UHOVHU GlU PDQ LQIRUPHUDGH RP GHQ NRP PDQGH XWELOGQLQJHQ NRPPXQI|UEXQGHQV RFK OlQVVW\UHOVHUQDV UROO VDPW EDG RP QDPQ Sn HQ NRQWDNWSHUVRQ

, PDUV K|OO PDQ HQ NRQIHUHQV I|U XWVHGGD NRQWDNWSHUVRQHU I|U DWW LQ IRUPHUD RP GH NRQNUHWD GHWDOMHUQD YLONHW EO D RPIDWWDGH

œ.XUVHU RFK EHUlNQDG RPIDWWQLQJ

œ3HGDJRJLVN XSSOlJJQLQJ

([WHUQ XWYlUGHULQJ	628

œ%HKRY DY DQWDO OlUDUODJ L YDUMH OlQ

œ/lUDUODJHQV VDPPDQVlWWQLQJ

œ2UW RFK GDWXP I|U OlUDUNXUVHU

œ5HNU\WHULQJ DY OlUDUH

œ/lUDUQDV nWDJDQGH

œ5HGRYLVQLQJ WLOOEDND WLOO NRPPLWWpQ VHQDVW L DSULO RP

-%LOGDGH OlUDUODJ

-%HUlNQDG NXUVDYJLIW

-(UVlWWQLQJ WLOO OlUDUQD

-%HUlNQDW DQWDO GHOWDJDUH

'LVNXVVLRQHUQD Sn NRQIHUHQVHQ YDU ELWYLV JDQVND OLYOLJD 'HQ SHGD JRJLVND XSSOlJJQLQJ PHG NRUYVWRSSQLQJ LIUnJDVDWWHV 'HWWD UHVXO WHUDGH EO D L DWW NRPPLWWpQ DQOLWDGH HQ DY GH VWDUNDVWH NULWLNHUQD I|U GLVNXVVLRQHU RP GHQ SHGDJRJLVND XSSOlJJQLQJHQ

'HQ UROO VRP GH UHJLRQDOD NXUVDQRUGQDUQD ILFN VLJ WLOOGHODG NDQ VDP

PDQIDWWDV Sn I|OMDQGH VlWW

œ5HNU\WHUD HOHYHU

œ5HNU\WHUD OlUDUH RFK VNDSD OlUDUODJ

œ2UGQD GH SUDNWLVND DUUDQJHPDQJHQ NULQJ NXUVHUQD

œ+DQWHUD HNRQRPLQ NULQJ GH UHJLRQDOD NXUVHUQD

5HNU\WHULQJ DY HOHYHU

7RWDOW VHWW NRP GH UHJLRQDOD NXUVDQRUGQDUQD DWW UHNU\WHUD HOHYHU L GHQ

RPIDWWQLQJ VRP NRPPLWWpQ KDGH EHUlNQDW 6RP IUDPJnWW DY WLGLJDUH

NDSLWHO NXQGH LQIRUPDWLRQHQ RP NXUVHUQD VDQQROLNW KD YDULW ElWWUH YlJ

OHGDQGH I|U HOHYHUQD QlU GHW JlOOHU YDO DY NXUV (IWHUVRP DOOD UHJLRQDOD

NXUVDQRUGQDUH KDGH OLNQDQGH EHKRY DY DWW LQIRUPHUD KDGH GHW PHVW

UDWLRQHOOD WUROLJHQ YDULW RP NRPPLWWpQ OnWLW WD IUDP XQGHUODJ I|U

NXUVDQRUGQDUQDV PDUNQDGVI|ULQJ

5HNU\WHULQJ DY OlUDUH

5HNU\WHULQJHQ DY OlUDUH VW\UGHV DY NRPPLWWpQ JHQRP DWW PDQ EHWRQDGH YLNWHQ DY OlUDUODJ 0DQ YLOOH DWW GHW Sn YDUMH NXUV VNXOOH ILQQDV OlUDUH PHG ROLND EDNJUXQG RFK NRPSHWHQV /lUDUQD VNXOOH GlUI|U UHNU\WHUDV EnGH IUnQ NRPPXQHU RFK OlQVVW\UHOVHU VDPW IUnQ DQGUD EHU|UGD UHJL RQDOD RUJDQ 'HW YDU lYHQ YLNWLJW DWW GHW IDQQV NRPSHWHQV LQRP PLOM| RFK KlOVRYnUG QDWXU RFK NXOWXUYnUG RFK I\VLVN SODQHULQJ L Vn PnQJD

628	([WHUQ XWYlUGHULQJ

OlUDUODJ VRP P|MOLJW 'HVVXWRP YDU GHW YLNWLJW PHG MXULGLVN NRPSHWHQV 7DQNHQ EDNRP OlUDUODJHQ YDU RFNVn DWW IOHUD L UHVSHNWLYH ODJ VNXOOH YDUD PHG VDPWLGLJW XQGHU NXUVHQ 3n Vn VlWW VNXOOH OlUDUH VRP I|U WLOOIlOOHW LQWH XQGHUYLVDGH NXQQD GHOWD L GLVNXVVLRQHU RFK OHWD UHGD Sn VYDU Sn IUnJRU XWDQ DWW XQGHUYLVQLQJHQ I|UGU|MGHV

, XWYlUGHULQJVVHPLQDULHUQD KDU OlUDUH RFK NXUVDQRUGQDUH YLWWQDW RP GHQ P\FNHW VWRUD YDULDWLRQHQ PHOODQ OlQHQ QlU GHW JlOOHU OlUDUODJHQ , PnQJD OlQ KDU PDQ InWW IUDP IXQJHUDQGH OlUDUODJ PHGDQ DQGUD OlQ VQDUDUH KDIW SRROHU DY OlUDUH VRP PDQ KDU XWJnWW IUnQ Gn PDQ PHU WLOO IlOOLJW YDOW OlUDUH WLOO NXUVHUQD %ODQGQLQJHQ DY NRPSHWHQVHU KDU L KXYXGVDN YDULW P|MOLJ DWW nVWDGNRPPD PHQ GHW KDU L HQ KHO GHO OlQ YDULW EULVW Sn MXULVWHU SODQHUDUH RFK NXOWXUYnUGDUH

, XWYlUGHULQJHQV HQNlW WLOO HOHYHUQD YLVDU GHW VLJ DWW EHU|UGD FKHIHU Sn OlQVVW\UHOVHUQD KDU KDPQDW L HQ VlUVNLOG VLWV 'HW KDU YDULW GXEEHOW Vn YDQOLJW DWW HQ EHU|UG FKHI Sn /lQVVW\UHOVHQ KDU GHOWDJLW VRP OlUDUH MlP I|UW PHG PLOM|FKHIHUQD L NRPPXQHUQD 6DPWLGLJW KDU HQGDVW KlOIWHQ DY EHU|UGD FKHIHU Sn OlQVVW\UHOVHUQD GHOWDJLW L QnJRQ NXUV I|U DWW EOL OlUDUH %ODQG NRPPXQHUQDV PLOM|FKHIHU KDU GH IOHVWD VRP DJHUDW VRP OlUDUH lYHQ JnWW Sn NXUV I|U DWW EOL OlUDUH (IWHUIUnJDQ Sn DWW OlQVVW\UHOVHUQDV FKHIHU VNXOOH DJHUD VRP OlUDUH YHUNDU PHG DQGUD RUG KD EOLYLW EHW\GOLJW VW|UUH lQ YDG PDQ LQOHGQLQJVYLV SODQHUDGH I|U

3UDNWLVND DUUDQJHPDQJ

'H SUDNWLVND DUUDQJHPDQJHQ GYV DWW DGPLQLVWUHUD NXUVHUQD RFK DWW

RUGQD ORNDOHU RFK PDW KDU VN|WWV KHOW XWDQ LQEODQGQLQJ DY NRPPLWWpQ ,

HOHYHQNlWHQ JHU HOHYHUQD L JHQRPVQLWW HWW I|UKnOODQGHYLV SRVLWLYW EHW\J

nU DUUDQJHPDQJHQ 'HW KDU GRFN IUDPI|UWV |QVNHPnO XQGHU XWYlU

GHULQJVVHPLQDULHUQD DWW NXUVPDWHULDOHW NXQGH KD VNLFNDWV XW WLOO HOHYHUQD

UHGDQ HQ YHFND I|UH NXUVVWDUW 'HW IDQQV PnQJD HQJDJHUDGH HOHYHU VRP

JlUQD KDGH YHODW OlVD Sn I|UH NXUVHQ

.XUVHUQDV HNRQRPL

.RPPLWWpQ JDY GH UHJLRQDOD NXUVDQRUGQDUQD I|UKnOODQGHYLV IULD W\JODU DYVHHQGH NXUVHUQDV HNRQRPL *UXQGI|UXWVlWWQLQJHQ YDU GRFN DWW NXU VHUQD VNXOOH JHV WLOO VMlOYNRVWQDGVSULV HIWHUVRP PDQ XWJLFN IUnQ DWW NRPPXQHU OlQVVW\UHOVHU RFK DQGUD UHJLRQDOD RUJDQ VNXOOH WLOOKDQGD KnOOD OlUDUH XWDQ VW|UUH NUDY Sn HUVlWWQLQJ , XWYlUGHULQJVVHPLQDULHUQD KDU GHW IUDPJnWW DWW HUVlWWQLQJHQ KDU KDQWHUDWV Sn P\FNHW ROLND VlWW PHOODQ UHJLRQHUQD 0DQ KDU EHWDODW XW HUVlWWQLQJ WLOO DUEHWVJLYDUQD I|U

([WHUQ XWYlUGHULQJ	628

GHQ O|QHNRVWQDG VRP PRWVYDUDU GHQ WLG VRP OlUDUQD XQGHUYLVDW 0DQ KDU lYHQ JLYLW HUVlWWQLQJ WLOO OlUDUH L IRUP DY DUYRGH HOOHU L IRUP DY UHVRU HOOHU DQGUD JUXSSVWlUNDQGH DNWLYLWHWHU , PnQJD UHJLRQHU KDU PDQ WLOOlPSDW HQ EODQGQLQJ DY GH ROLND HUVlWWQLQJVIRUPHUQD

.RPPLWWpQ YDOGH PHGYHWHW DWW LQWH VW\UD HOOHU JH UHNRPPHQGDWLRQHU RP KXU HUVlWWQLQJHQ NXQGH KDQWHUDV 'HW PHVW VOnHQGH L OlUDUQDV HU IDUHQKHW RP HUVlWWQLQJHQ lU DWW PnQJD UHJLRQHU KDU YDULW RW\GOLJD RP KXU HUVlWWQLQJHQ VNXOOH KDQWHUDV , QnJUD IDOO VYlYDGH OlUDUQD L RNXQQLJ KHW RP I|UXWVlWWQLQJDUQD Vn VHQW VRP YLG XWYlUGHULQJVVHPLQDULHUQD L RNWREHU 6DQQROLNW KDGH GHQQD RW\GOLJKHW NXQQDW PLQVNDV RP NRPPLWWpQ KDGH IRUPXOHUDW I|UVODJ WLOO HQ HOOHU InWDO HUVlWWQLQJV PRGHOOHU RFK DWW PDQ WLGLJW EHJlUW EHVNHG IUnQ GH UHJLRQDOD NXUV DQRUGQDUQD YLONHQ PRGHOO PDQ YDOW

gYULJW

'H UHJLRQDOD NXUVDQRUGQDUQD KDU WLOOVDPPDQV PHG NRPPLWWpQ RFK NDQVOLHW ELOGDW HQ WLOOIlOOLJ RUJDQLVDWLRQ I|U DWW VQDEEW JHQRPI|UD HQ RP IDWWDQGH XWELOGQLQJ .RPPLWWpQ KDU XWJnWW IUnQ DWW GH UHJLRQDOD NRP PXQI|UEXQGHQ KDU NDSDFLWHW DWW JHQRPI|UD XWELOGQLQJDUQD PHG I|U KnOODQGHYLV OLWH VW|G IUnQ NRPPLWWpQ 3n XWYlUGHULQJVVHPLQDULHUQD PHG OlUDUH RFK NXUVDUUDQJ|UHU KDU GHW IUDPJnWW DWW DUEHWHW LQWH DOOWLG KDU IOXWLW VPlUWIULWW Sn UHJLRQDO QLYn 6W|UVW IUDPVWnU SUREOHPHQ KD YDULW L GH WYn Q\OLJHQ VDPPDQVODJQD OlQHQ 9lVWUD *|WDODQG RFK 6NnQH 6DPPDQ VODJQLQJHQ YHUNDU KD KDIW HQ SnWDJOLJ SnYHUNDQ lYHQ Sn NRPPXQ I|UEXQGHQ 6YnULJKHWHU KDU lYHQ XSSVWnWW L W H[ 6WRFNKROP VRP NRP DWW WD JRG WLG Sn VLJ DWW NRPPD LJnQJ , 8SSVDOD OlQ NRP OlQVVW\UHOVHQ DWW DJHUD VRP NXUVDUUDQJ|U L VWlOOHW I|U GHW UHJLRQDOD NRPPXQI|UEXQGHW (UIDUHQKHWHQ YLVDU PHG DQGUD RUG DWW NRPPXQI|UEXQGHQ DY ROLND VNlO NDQ KD SnWDJOLJW ROLND I|UXWVlWWQLQJDU DWW NODUD GHQ SnIUHVWQLQJ VRP HQ VWRU XWELOGQLQJVVDWVQLQJ LQQHElU 'HW lU GlUI|U YLNWLJW DWW NRPPLWWpQ RFK NDQVOLHW VQDEEW InQJDU XSS YDU VYnULJKHWHUQD ILQQV RFK JHU VW|G GlU Vn lU P|MOLJW

628	([WHUQ XWYlUGHULQJ

/lUDUH

6OXWVDWVHU

œ/lUDUQD YDU L VWRUW Q|MGD PHG OlUDUNXUVHUQD PHQ PDQ KDGH |QVNDW VLJ HQ VW|UUH RPVRUJ YLG YDO DY H[SHUWHU VRP YDU OlUDUH Sn OlUDUNXUVHUQD

œ8SSOlJJQLQJHQ DY OlUDUNXUVHQ L 0LOM|EDONHQ RFK GHQ I\VLVND SOD QHULQJHQ XSSIDWWDGHV LQWH YDUD WLOOUlFNOLJW JHQRPDUEHWDG

œ6lUVNLOG XWELOGQLQJ L SHGDJRJLN I|U OlUDUQD YDU LQWH KHOW Q|GYlQGLJ HIWHUVRP NXUVPDWHULDOHW JDY OLWHW XWU\PPH I|U HJQD SHGDJRJLVND JUHSS IUnQ OlUDUQD

œ/lUDUQD KDGH XSSVNDWWDW DWW KD HQ XSSI|OMQLQJVGDJ HIWHU OlUDUJUXQG NXUVHQ I|U DWW NXQQD GLVNXWHUD ROLND VlWW DWW OlJJD XSS XWELOGQLQJHQ RFK ROLND VDNIUnJRU RP WLOOlPSQLQJHQ DY EDONHQ

œ.RPPLWWpQ KDGH NXQQDW VW|WWD OlUDUQD \WWHUOLJDUH W H[ JHQRP HQ MRXUKDYDQGH OlUDUH WLOOJlQJOLJ SHU WHOHIRQ RFK H SRVW RFK JHQRP HQ FKDW IXQNWLRQ WLOOJlQJOLJ HQEDUW I|U OlUDUH Sn NRPPLWWpQV KHPVLGD

œ(Q VlUVNLOG OlUDUNXUV I|U |YHUVLNWVNXUVHQ KDGH VDQQROLNW YDULW YlUGH IXOO 'HQ NXQGH KD EHKDQGODW KXU OlUDUQD NXQGH DQSDVVD VWRIIHW WLOO ROLND PnOJUXSSHU

œ/lUDUQD KDU JHQRPI|UW XWELOGQLQJHQ Sn HWW P\FNHW EUD VlWW PHG WDQNH Sn GHQ NRUWD WLG PDQ KDU KDIW WLOO VLWW I|UIRJDQGH

œ/lUDUODJHQ KDU YDULW YLNWLJD EnGH I|U DWW OlUDUQD VND NXQQD XWE\WD HUIDUHQKHWHU PHG YDUDQGUD RFK I|U DWW VNDSD NRQWDNWHU PHOODQ P\QGLJ KHWHU Sn ORNDO RFK UHJLRQDO QLYn

, VLQD WLGLJD NDON\OHU JMRUGH NRPPLWWpQ EHUlNQLQJDU |YHU KXU PnQJD OlUDUH VRP VNXOOH EHK|YDV Sn GH UHJLRQDOD NXUVHUQD 0DQ GLYLGHUDGH VLQ XSSVNDWWQLQJ |YHU WRWDOD DQWDOHW NXUVGHOWDJDUH PHG PHOODQ RFK

3n Vn VlWW ILFN PDQ IUDP DWW GHW VNXOOH EHK|YD KnOODV FD NXUVWLOO IlOOHQ 2PUlNQDW L DQWDO NXUVGDJDU EOHY GHW GU\JW NXUVGDJDU 0HG WYn OlUDUH SHU NXUVGDJ NXQGH NRPPLWWpQ NRPPD IUDP WLOO DWW GHW VNXOOH EHK|YDV FD OlUDUGDJDU

.RPPLWWpQ WlQNWH VLJ OlUDUODJ RP I\UD SHUVRQHU I|U DWW In WLOOUlFNOLJ NRPSHWHQVPlVVLJ EUHGG )|U DWW EHUlNQD EHKRYHW DY DQWDOHW OlUDUODJ XWJLFN PDQ IUnQ DWW YDUMH OlUDUH L JHQRPVQLWW VNXOOH PHGYHUND L VH[ NXUVGDJDU

([WHUQ XWYlUGHULQJ	628

/lUDUNXUVHU

.RPPLWWpQV XSSJLIW YDU DWW JH XWELOGQLQJ WLOO GH OlUDUH VRP GH UHJLRQDOD NXUVDQRUGQDUQD UHNU\WHUDGH 0DQ LQOHGGH PHG HQ LQWURGXNWLRQVGDJ L DXJXVWL VHSWHPEHU VRP EHVWRG DY I\UD GHODU

œ%DNJUXQG RP XWELOGQLQJHQ RFK RP DWW YDUD OlUDUH

œgYHUVLNW |YHU PLOM|EDONHQ

œ8QGHUYLVQLQJ L SHGDJRJLN

œ3ODQHULQJ PHG GH UHJLRQDOD NXUVDQRUGQDUQD

,QWURGXNWLRQVGDJHQ JnU SRSXOlUW XQGHU QDPQHW SHGDJRJLVND GDJHQ

EHURHQGH Sn DWW XQGHUYLVQLQJHQ L SHGDJRJLN WRJ XSS XQJHIlU KDOYD

GDJHQ , XWYlUGHULQJVVHPLQDULHUQD KDU GHQ SHGDJRJLVND GHOHQ InWW Sn

WDJOLJW QHJDWLYD RPG|PHQ ,QQHKnOOHW PRWVYDUDGH LQWH I|UYlQWQLQJDUQD

VDPWLGLJW VRP PDQ LGDJ NDQ VH DWW XWU\PPHW I|U SHGDJRJLVND XWYLN

QLQJDU YLG VLGDQ DY NXUVHUQD XSSOlJJQLQJ KDU YDULW VWDUNW EHJUlQVDW

%HKRYHW DY HQ LQWURGXNWLRQVNXUV lU PDQ GlUHPRW |YHUHQV RP (Q

VW|UUH GHO DY LQWURGXNWLRQVNXUVHQ KDGH LVWlOOHW NXQQDW lJQDV nW DWW JH HQ

GMXSDUH LQEOLFN L PLOM|EDONHQ

8WELOGQLQJHQ DY OlUDUQD IRUWVDWWH HQ RFK HQ KDOY PnQDG HIWHU LQWUR

GXNWLRQVGDJHQ PHG NXUVHU L JUXQGNXUVHQ .XUVHU K|OOV Sn VDPPD VlWW

VRP GHW YDU PHQLQJHQ DWW OlUDUQD VMlOYD VNXOOH KnOOD NXUVHUQD , XWYlUGH

ULQJVVHPLQDULHUQD KDU GHWWD GLVNXWHUDWV HQ KHO GHO 0nQJD OlUDUH DQVHU

DWW GHW LQWH lU WLOOUlFNOLJW DWW EDUD NXQQD SUHFLV GHW VRP PDQ VMlOY VND

OlUD XW 3n JUXQGNXUVHQV OlUDUNXUV IDQQV HWW NYlOOVPRPHQW GlU OlUDUQD

NXQGH WUlIIDV I|U DWW GLVNXWHUD XSSOlJJQLQJHQ DY NXUVHQ , NXUVXWYlU

GHULQJDUQD KDU PnQJD OlUDUH VNULYLW DWW GH KDU XSSVNDWWDW GHQQD P|MOLJ

KHW

œ,QOHG PHG HQ LQWURGXNWLRQVGDJ GlU W\QJGSXQNWHQ OLJJHU L HQ |YHUVLNW RP GHQ Q\D ODJVWLIWQLQJHQ

œ*HQRPI|U JUXQGNXUVHQ Vn VRP GHQ lU WlQNW DWW KnOODV I|U HOHYHUQD

œ+nOO HQ XSSI|OMQLQJVGDJ Vn DWW OlUDUQD NDQ P|WDV RFK GLVNXWHUD KXU PDQ NDQ KDQWHUD XWELOGQLQJVVLWXDWLRQHQ RFK I|U DWW GLVNXWHUD IUnJRU RP WLOOlPSQLQJHQ DY ODJHQ

0nQJD OlUDUH YLWWQDGH GHVVXWRP RP DWW GHW KDGH YDULW VYnUW DWW RPVlWWD OlUGRPDUQD Sn OlUDUNXUVHQ WLOO KXU PDQ VMlOY VNXOOH DJHUD VRP OlUDUH 8WYlUGHULQJHQV VOXWVDWV Sn GHQQD SXQNW EOLU GlUI|U DWW NRPPLWWpQ VDQQROLNW KDGH NXQQDW VW|WWD OlUDUQD PHU JHQRP DWW KnOOD HQMRXUKDYDQGH OlUDUH WLOOJlQJOLJ SHU WHOHIRQ RFK H SRVW

628	([WHUQ XWYlUGHULQJ

6RP WLGLJDUH KDU NRQVWDWHUDWV L XWYlUGHULQJHQ NRP LQWH NRPPLWWpQ DWW JHQRPI|UD QnJUD VlUVNLOGD OlUDUNXUVHU I|U |YHUVLNWVNXUVHQ 8WYlUGH ULQJHQV VOXWVDWV Sn GHQ SXQNWHQ lU DWW GHW VDQQROLNW KDGH YDULW YlUGHIXOOW DWW DQRUGQD HQGDJDUV OlUDUNXUVHU GlU W\QJGSXQNWHQ VNXOOH YDUD KXU PDQ VRP OlUDUH SDNHWHUDU VWRIIHW DWW SDVVD Vn ROLND PnOJUXSSHU VRP SROLWLNHU I|UHWDJDUH RFK FKHIHU Sn P\QGLJKHWHU

/lUDUNXUVHUQD L I|UGMXSQLQJVNXUVHUQD KDU KnOOLWV XQGHU YnUHQ RFK K|VWHQ /lUDUQD KDU KDIW IlUUH V\QSXQNWHU Sn GHVVD NXUVHU lQ Sn LQWURGXNWLRQVGDJHQ RFK JUXQGNXUVHQ 'HW NDQ YDUD Vn DWW XSSOlJJ QLQJHQ PHG H[HPSHO RFK GLVNXVVLRQHU KDU JLYLW XWU\PPH lYHQ I|U OlUDUQD DWW Sn HWW ElWWUH VlWW KDQWHUD VLQ HJQD IUnJRU LQI|U OlUDUVNDSHW 6RP WLGLJDUH IUDPJnWW XWJ|U NXUVHQ 0LOM|EDONHQ RFK GHQ I\VLVND SOD QHULQJHQ HWW XQGDQWDJ YLONHW IUlPVW KDU EHURWW Sn HWW LQWH KHOW IlUGLJ DUEHWDW NXUVNRPSHQGLXP RFK OlUDUKDQGOHGQLQJ

.RPPLWWpQ KDGH XUVSUXQJOLJHQ SODQHUDW I|U OlUDUNXUVHU I|U

OlUDUH ,QWUHVVHW YLVDGH VLJ YDUD EHW\GOLJW VW|UUH lQ Vn 'HQ IUlPVWD RUVDNHQ WLOO GHWWD YDU DWW OlUDUNXUVHUQD YDU GH I|UVWD PLOM|EDONVNXUVHUQD VRP DQRUGQDGHV 0nQJD VRP YDU PHVW DQJHOlJQD RP DWW IRUWELOGD VLJ L WLG I|UH ODJHQV LNUDIWWUlGDQGH DQYlQGH OlUDUNXUVHUQD I|U VLQ HJHQ IRUW ELOGQLQJ 6DPPDQODJW SHUVRQHU GHOWRJ L OlUDUNXUVHUQD 9LG XWYlUGH ULQJVVHPLQDULHUQD XSSVNDWWDGH OlUDUH RFK NXUVDQRUGQDUH DWW XQJHIlU KlOIWHQ DY GHVVD KDGH NRPPLW DWW DUEHWD VRP OlUDUH

6RP OlUDUH Sn OlUDUNXUVHUQD KDU NRPPLWWpQ DQOLWDW GH VRP LQJLFN L DUEHWVJUXSSHUQD I|U DWW WD IUDP NRPSHQGLHUQD (OHYHUQD Sn OlUDU NXUVHUQD KDU KDIW P\FNHW EODQGDG XSSIDWWQLQJ RP OlUDUNXUVHUQDV ROLND OlUDUH 2PG|PHQ VSlQQHU |YHU KHOD VNDODQ IUnQ P\FNHW EUD WLOO P\FNHW GnOLJD .RPPLWWpQ KDGH WLOOIUnJDW DUEHWVJUXSSHUQD RP YLOND VRP NXQGH WlQND VLJ DWW PHGYHUND VRP OlUDUH Sn OlUDUNXUVHUQD PHQ PDQ KDGH LQWH JMRUW QnJRW PHGYHWHW XUYDO EODQG GH VRP DQPlOW VLJ /lUDUQD KDGH |QVNDW VLJ DWW NRPPLWWpQV YDO DY OlUDUH Sn OlUDUNXUVHUQD KDGH JMRUWV PHG VW|UUH RPVRUJ

(OHYHUQDV V\Q Sn GH UHJLRQDOD OlUDUQD

0RW GHQ EDNJUXQG VRP KDU JLYLWV KlU lU GHW LQWUHVVDQW DWW VH KXU HOHYHUQD KDU XSSIDWWDW OlUDUQD , XWYlUGHULQJHQV HQNlW WLOO HOHYHUQD KDU LQJnWW HQ IUnJD RP YDG PDQ KDU XSSIDWWDW VRP VlUVNLOW EUD UHVSHNWLYH GnOLJW %lVW EHW\J JHU HOHYHUQD WLOO NRPSHQGLHUQD RFK NXUVHUQDV UHOH YDQV 'lUHIWHU NRPPHU OlUDUQDV lPQHVNRPSHWHQV RFK KXU PDQ YlUGHUDU NXUVHUQDV XSSOlJJQLQJ 0LQVW SRVLWLYW KDU HOHYHUQD XSSIDWWDW OlUDUQDV MXULGLVND NRPSHWHQV RFK GH SUDNWLVND DUUDQJHPDQJHQ UXQW NXUVHQ $QGHOHQ QHJDWLYD RPG|PHQ RP OlUDUQD lU P\FNHW OLWHQ

([WHUQ XWYlUGHULQJ	628

8WYlUGHULQJHQ GUDU VOXWVDWVHQ DWW OlUDUQD JHQRPI|UW XWELOGQLQJHQ Sn HWW P\FNHW EUD VlWW PHG WDQNH Sn GHQ NRUWD WLG PDQ KDU KDIW WLOO I|U IRJDQGH DWW VlWWD VLJ LQ L PDWHULDOHW RFK DWW RPIRUPD GHW WLOO HQ XQGHU YLVQLQJVVLWXDWLRQ 8SSIDWWQLQJHQ DWW OlUDUQDV MXULGLVND NRPSHWHQV LQWH JHV OLND K|JW EHW\J VRP lPQHVNXQQDQGHW DYVSHJODU HQ DY K|UQVWHQDUQD L 0LOM|EDONVXWELOGQLQJHQ $YVLNWHQ KDU YDULW DWW OlUDUQD IUlPVW VND KD VDNNXQVNDS LQRP PLOM|IUnJRU RFK LQWH IUlPVW YDUD MXULVWHU

(UIDUHQKHWVXWE\WH RFK QlWYHUN

, UHJHULQJHQV GLUHNWLY WLOO NRPPLWWpQ ILQQV WYn SXQNWHU VRP EHKDQGODU

GHQ DOOPlQQD LQULNWQLQJHQ KRV DUEHWHW PHG XWELOGQLQJHQ

œ6NDSD I|UXWVlWWQLQJDU I|U VDPUnG RFK HUIDUHQKHWVXWE\WH PHOODQ GH VRP JHQRPI|U XWELOGQLQJHQ

œ9HUND I|U DWW QlWYHUN I|U LQIRUPDWLRQ VNDSDV

.RPPLWWpQ KDU DUEHWDW I|U HUIDUHQKHWVXWE\WH IUDPI|U DOOW JHQRP DWW EH WRQD YLNWHQ DY DWW OlUDUQD DUEHWDU L OlUDUODJ 3n Vn VlWW KDU PDQ KRSSDWV DWW OlUDUQD VND NlQQD VLJ PLQGUH XWOlPQDGH RFK GHVVXWRP NXQQD VWLPXOHUD YDUDQGUD 6RP IUDPJnWW WLGLJDUH L XWYlUGHULQJHQ VNXOOH NRPPLWWpQ WUROLJHQ KD NXQQDW ELGUD PHU WLOO HUIDUHQKHWVXWE\WHW (WW H[HPSHO Sn GHWWD lU GHQ XSSI|OMQLQJVGDJ HIWHU JUXQGNXUVHQ I|U OlUDUQD VRP KDU I|UHVODJLWV Sn XWYlUGHULQJVVHPLQDULHUQD (Q DQQDQ P|MOLJKHW KDGH YDULW DWW KnOOD HQ MRXUKDYDQGH OlUDUH WLOOJlQJOLJ I|U OlUDUQD (Q WUHGMH P|MOLJKHW KDGH YDULW DWW LQUlWWD HQ FKDW IXQNWLRQ Sn 0LOM|EDONV XWELOGQLQJHQV KHPVLGD VRP KnOOV WLOOJlQJOLJ HQEDUW I|U OlUDUH YLD O|VHQ RUG 3n Vn VlWW KDGH OlUDUQD VMlOYD NXQQDW I|UD HQ GLDORJ PHG YDUDQGUD

'HQ DQGUD SXQNWHQ IUnQ GLUHNWLYHQ LQQHElU DWW NRPPLWWpQ VNXOOH YHUND I|U DWW GHW VNDSDV QlWYHUN bYHQ KlU lU GHW OlUDUODJHQ VRP lU NlU QDQ L NRPPLWWpQV LQVDWVHU *HQRP VDPPDQVlWWQLQJHQ DY OlUDUH IUnQ NRPPXQHU OlQVVW\UHOVHU RFK DQGUD RUJDQ XSSVWnU GHW P|MOLJKHWHU I|U OlUDUQD DWW QlUPDUH OlUD NlQQD YDUDQGUD , XWYlUGHULQJVVHPLQDULHUQD YLWWQDGH PnQJD OlUDUH RP GHQ SRVLWLYD HUIDUHQKHWHQ DY DWW In NRQWDNW PHG WMlQVWHPlQ PHG OLNDUWDGH DUEHWVXSSJLIWHU L DQGUD NRPPXQHU RFK OlQVVW\UHOVHU

628	([WHUQ XWYlUGHULQJ

gYULJ LQIRUPDWLRQ

6OXWVDWVHU

œ0LOM|EDONVXWELOGQLQJHQV KHPVLGD EHV|NV UHODWLYW RIWD DY GH SULPlUD PnOJUXSSHUQD

œ)UnJHOnGDQ Sn KHPVLGDQ KDU IUlPVW XSSVNDWWDWV DY NRPPXQHUQDV KDQGOlJJDUH

œ7DFN YDUH WLOOlJJVDQVODJ RFK RYlQWDW VWRU I|UVlOMQLQJ DY NRPSHQGLHU KDU NRPPLWWpQ NXQQDW VSULGD LQIRUPDWLRQ lYHQ WLOO DOOPlQKHW RFK I|UHWDJ L YLVV XWVWUlFNQLQJ

, GHQ XUVSUXQJOLJD XWELOGQLQJVSODQ VRP NRPPLWWpQ SUHVHQWHUDGH L PDUV

KDGH NRPPLWWpQ DYJUlQVDW VLQ XSSJLIW I|UKnOODQGHYLV W\GOLJW ,Q IRUPDWLRQ VlUVNLOW ULNWDG WLOO DOOPlQKHWHQ HOOHU I|UHWDJHQ VNXOOH LQWH LQJn L DUEHWHW 1lULQJVOLYHW VNXOOH LVWlOOHW EHUHGDV WLOOIlOOH DWW DQYlQGD NRPPLWWpQV NXUVPDWHULDO RFK DWW GHOWD Sn OlUDUNXUVHU 'HQ HQGD VW|UUH LQIRUPDWLRQVVDWVQLQJHQ YLG VLGDQ DY NXUVYHUNVDPKHWHQ VNXOOH YDUD HQ KHPVLGD Sn ,QWHUQHW

.RPPLWWpQ NRP GRFN DWW lJQD VLJ nW HWW DQWDO DNWLYLWHWHU I|U LQIRU PDWLRQ RFK XWELOGQLQJ lYHQ YLG VLGDQ RP GHQ XUVSUXQJOLJD SODQHQ 'HWWD NXQGH EO D I|UYHUNOLJDV JHQRP WLOOlJJVDQVODJ IUnQ UHJHULQJ RFK RYlQWDW VWRUD LQWlNWHU IUnQ NRPSHQGLHI|UVlOMQLQJHQ

+HPVLGDQ

3n NRPPLWWpQV KHPVLGD Sn ,QWHUQHW ILQQV VLGRU PHG KHOD XWELOGQLQJV PDWHULDOHW RFK VLGRU PHG DOOD ODJDU RFK I|URUGQLQJDU VRP EHU|U PLOM| EDONHQ 'lUWLOO ILQQV HQ IUnJHOnGD GlU EHV|NDUH NDQ VWlOOD IUnJRU RFK In VYDU I|UKnOODQGHYLV VQDEEW )UnJRU RFK VYDU SXEOLFHUDV HIWHU KDQG Sn KHPVLGDQ Vn DWW PnQJD NDQ WD GHO DY VYDUHQ Sn LQNRPQD IUnJRU +HP VLGDQ |SSQDGH L VHSWHPEHU 8QGHU KDU KHPVLGDQ L JHQRP VQLWW KDIW FD EHV|NDUH SHU GDJ UlNQDW Sn UHTXHVWV EHV|N

)|U DWW Sn ElVWD VlWW In EnGH VQDEED RFK NRUUHNWD VYDU Sn IUnJRUQD WLOO IUnJHOnGDQ KDU NRPPLWWpQ I|UV|NW PHG ROLND DUEHWVPHWRGHU ,QOHGQLQJV YLV VDPPDQVWlOOGH NRPPLWWpQV NDQVOL LQNRPQD IUnJRU RFK WRJ IUDP I|U VODJ WLOO VYDU )|UVODJHQ VNLFNDGHV WLOO 1DWXUYnUGVYHUNHW I|U JUDQVNQLQJ 2P VYDU LQWH HUK|OOV IUnQ 1DWXUYnUGVYHUNHW LQRP WUH DUEHWVGDJDU SXEOL FHUDGHV NDQVOLHW VYDUHW L IUnJHOnGDQ , PDUV NRQVWDWHUDGH NRP PLWWpQ DWW 1DWXUYnUGVYHUNHW LQWH OlQJUH JDY QnJUD XWOnWDQGHQ RP VYDUHQ

([WHUQ XWYlUGHULQJ	628

YDUI|U PDQ EHVO|W DWW NDQVOLHWV VYDU VNXOOH SXEOLFHUDV XWDQ I|UHJnHQGH JUDQVNQLQJ

, XWYlUGHULQJHQV HOHYHQNlW YLVDU GHW VLJ DWW KHPVLGDQ EHV|NV UHODWLYW RIWD 'HQ PHVW IUHNYHQWD PnOJUXSSHQ lU KDQGOlJJDUQD Sn OlQV VW\UHOVHUQD 'U\JW KlOIWHQ DY OlQVVW\UHOVHUQD EHV|NHU KHPVLGDQ PLQVW YDUMH YHFND 3RSXOlUDVW lU VLGRUQD PHG ODJWH[WHQ I|URUGQLQJDUQD RFK lQGULQJDU L ODJ RFK I|URUGQLQJDU

%ODQG PLOM|I|UYDOWQLQJDUQD L NRPPXQHUQD JnU HQ WUHGMHGHO LQ Sn KHPVLGDQ PLQVW YDUMH YHFND 3RSXOlUDVW lU IUnJHOnGDQ (WW VWDUNW LQ WUHVVH I|U IUnJHOnGDQ KDU lYHQ YLVDWV Sn XWYlUGHULQJVVHPLQDULHUQD PHG OlUDUH RFK UHJLRQDOD NXUVDQRUGQDUH 0DQ PHQDU DWW P|MOLJKHWHQ DWW VWlOOD IUnJRU RFK VQDEEW In VYDU KDU YDULW P\FNHW YlUGHIXOO

, UHJHULQJHQV GLUHNWLY IDQQV HQ SXQNW VRP LQQHEDU DWW NRPPLWWpQ VNXOOH YHUND I|U DWW NXQVNDSVEDVHU E\JJV XSS .RPPLWWpQ KDU DYJUlQVDW XSSJLIWHQ Vn DWW KHPVLGDQ RFK NXUVPDWHULDOHW KDU EOLYLW GH NXQVNDSV EDVHU VRP NRPPLWWpQ PDQ KDU HQJDJHUDW VLJ L .XQVNDSVEDVHU DY PHU EHVWnHQGH VODJ KDU PDQ |YHUOnWLW nW PDUNQDGHQ RFK nW EHU|UGD VHNWRUVP\QGLJKHWHU DWW WLOOKDQGDKnOOD

0LOM|EDONVWUlGHW

6RP VW|G I|U XQGHUYLVQLQJHQ L |YHUVLNWVNXUVHU RFK JUXQGNXUVHU KDU

NRPPLWWpQ WDJLW IUDP HQ JUDILVN IUDPVWlOOQLQJ DY PLOM|EDONHQ L IRUP DY

HWW WUlG PLOM|EDONVWUlGHW 3n HWW |YHUVNnGOLJW VlWW LOOXVWUHUDV PLOM|ODJ

VWLIWQLQJHQV VWUXNWXU DY WUlGHWV U|WWHU VWDP RFK JUHQDU Sn HQ LOOXVWUHUDG

SODQVFK 7UlGHW VWUlYDU Sn SODQVFKHQ XSS PRW VROHQ VRP PRWVYDUDU

PLOM|EDONHQV PnO

3n XWYlUGHULQJVVHPLQDULHUQD KDU OlUDUQD JLYLW P\FNHW JRGD YLWVRUG

RP EnGH WUlGHW VRP LGp RFK RP VlWWHW DWW LOOXVWUHUD GHW 7UlGHW KDU YDULW

RUGQLQJDUQD

)|UHWDJVEURVFK\UHQ

, VOXWHW DY EOHY NRPPLWWpQ NRQWDNWDW DY PLOM|GHSDUWHPHQWHW RP LQIRUPDWLRQ ULNWDG PRW I|UHWDJ 'HSDUWHPHQWHW YDU DQJHOlJHW RP DWW VPnI|UHWDJ VlUVNLOW VNXOOH QnV PHG LQIRUPDWLRQ RFK JDY GlUI|U NRPPLWWpQ L WLOOlJJVXSSGUDJ DWW WD IUDP HQ NRUWIDWWDG EURVFK\U DQSDVVDG WLOO VPnI|UHWDJDUH %URVFK\UHQ WU\FNWHV L H[HPSODU RFK GLVWUL EXHUDGHV WLOO EUDQVFKRUJDQ I|UHWDJ NRPPXQHU RFK OlQVVW\UHOVHU

628	([WHUQ XWYlUGHULQJ

0LOM|PnOHQ

1lU NRPPLWWpQ L E|UMDQ Sn VnJ DWW I|UVlOMQLQJHQ DY NRPSHQGLHU |YHUWUlIIDGH I|UYlQWQLQJDUQD YDOGH PDQ DWW DQYlQGD HQ GHO DY |YHU VNRWWHW WLOO DWW WD IUDP HQ DIILVFK RFK HQ EURVFK\U RP ULNVGDJHQV IHPWRQ PLOM|PnO .DQVOLHW KDU JMRUW HWW XWVNLFN WLOO NRPPXQHUQD RFK HUEMXGLW GHP DWW UHNYLUHUD DIILVFKHU RFK EURVFK\UHU WLOO HQ OnJ NRVWQDG

.RPPXQEURVFK\UHQ

, XWYlUGHULQJVVHPLQDULHUQD KDU GHW P\FNHW W\GOLJW IUDPJnWW DWW SROLWL NHUQD L PnQJD NRPPXQHU KDU KDIW VYnUW DWW DQSDVVD VLJ WLOO GHQ I|U VWlUNWD UROO VRP PLOM|EDONHQ JLYLW PLOM|WMlQVWHPlQQHQ L WLOOV\QVDUEHWHW , QnJUD IDOO KDU GHW EOLYLW Vn XWWDODGH NRQIOLNWHU DWW GHW KDU NRPPLW DWW UDSSRUWHUDV L PHGLD .RPPLWWpQ KDU DQYlQW HQ GHO DY VLWW |YHUVNRWW IUnQ NRPSHQGLHI|UVlOMQLQJHQ WLOO DWW IUDPVWlOOD HQ EURVFK\U I|U DWW \WWHUOLJDUH LQIRUPHUD NRPPXQSROLWLNHU RP NRQVHNYHQVHQ DY PLOM|EDONHQ

gYULJW

1nJRQ LQIRUPDWLRQ RP YDG PLOM|EDONHQ LQQHElU I|U PlQQLVNRU L DOO PlQKHW KDU NRPPLWWpQ lQQX LQWH WDJLW IUDP 2UVDNHQ lU DWW GHW lU I|U KnOODQGHYLV NRVWVDPW RFK DWW PDQ LQWH KDU KLWWDW IRUPHQ I|U GHW 3n XW YlUGHULQJVVHPLQDULHUQD PHG OlUDUH RFK NXUVDQRUGQDUH YDU PnQJD |YHUW\JDGH RP DWW VnGDQ LQIRUPDWLRQ YDU YLNWLJ DWW VSULGD

9LG VLGDQ DY GHW HJHQWOLJD NXUVXWEXGHW RFK LQIRUPDWLRQHQ KDU NRPPLWWpQ lYHQ JHQRPI|UW HOOHU PHGYHUNDW L QnJUD PLQGUH NXUVHU 'RPVWROVYHUNHW EHVOXWDGH WLGLJW XQGHU NRPPLWWpQV DUEHWH DWW PDQ VNXOOH XWELOGD VLQ SHUVRQDO Sn HJHQ KDQG , GLVNXVVLRQHU PHG I|UHWUlGDUH I|U NRPPLWWpQ NRP PDQ IUDP WLOO DWW NRPPLWWpQ LVWlOOHW VNXOOH RUGQD HQ NXUV L DOOPlQ PLOM|NXQVNDS I|U GRPVWROVYHUNHWV SHUVRQDO .XUVHQ NRP DWW XWI|UDV DY 1DWXUYnUGVYHUNHW

	628

628

6OXWVDWVHU RFK I|UVODJ

6OXWVDWVHU RP GHQ JHQRPI|UGD XWELOGQLQJHQ

(IWHU WYn nUV YHUNVDPKHW NDQ NRPPLWWpQ NRQVWDWHUD DWW GH PnO VRP NRPPLWWpQ VMlOY VDWW XSS L XWELOGQLQJVSODQHQ XWLIUnQ GH JLYQD GLUHNWLYHQ KDU XSSQnWWV ,QIRUPDWLRQ WLOO DOOPlQKHWHQ RP PLOM|EDONHQV UHJOHU NYDU VWnU 'H VOXWVDWVHU RFK I|UVODJ VRP UHGRYLVDV QHGDQ lU HQ EHDUEHWQLQJ RFK HQ NRPSOHWWHULQJ DY GHQ H[WHUQD XWYlUGHULQJHQV VOXWVDWVHU RFK I|U VODJ

8WYlUGHUDUQD GUDU VOXWVDWVHQ DWW 0LOM|EDONVXWELOGQLQJHQ KDU JHQRP I|UW VLWW DUEHWH Sn HWW P\FNHW I|UWMlQVWIXOOW VlWW JLYHW VLQD I|UXWVlWWQLQJDU

.RPPLWWpQ KDU KDIW NRUW WLG WLOO VLWW I|UIRJDQGH YLONHW KDU SnYHUNDW NYDOLWHWHQ L QnJUD DYVHHQGHQ 'H HNRQRPLVND UHVXUVHUQD KDU YDULW Sn WDJOLJW PLQGUH MlPI|UW PHG HQ OLNQDQGH XWELOGQLQJVVDWVQLQJ RP 3ODQ RFK E\JJODJHQ Sn WDOHW YLONHW EO D KDU OHWW WLOO DWW 0LOM|EDONV XWELOGQLQJHQ WYLQJDWV YlOMD ERUW DOO LQIRUPDWLRQ VSHFLHOOW ULNWDG WLOO DOO PlQKHWHQ

1nJUD DY GH YLNWLJDVWH IUDPJnQJVIDNWRUHUQD KDU HQOLJW XWYlUGHULQJHQ YDULW

œ)|UXWVlWWQLQJDUQD PHG NRUW RP WLG RFK OnJ EXGJHW KDU KDQWHUDWV JHQRP DWW Vn OnQJW VRP P|MOLJW DUEHWD PHG NlQGD PHWRGHU

œ.DQVOLHWV RUJDQLVDWLRQ RFK VWUlYDQ DWW KnOOD EXGJHW KDU YDULW P\FNHW JRG

œ8WELOGQLQJHQV XSSOlJJQLQJ RFK NXUVPDWHULDO KDU L KXYXGVDN YDULW P\FNHW EUD

œ(Q IUDPJnQJVULN VDPYHUNDQ PHG PnQJD DNW|UHU

œ3UREOHP KDU KDQWHUDWV VQDEEW QlU GH EOLYLW NlQGD

œ(QJDJHPDQJHW KDU YDULW VWDUNW

œ%HW\GDQGH LQVDWVHU DY HQVNLOGD SHUVRQHU

6OXWVDWVHU RFK I\|UVODJ	628

7LGSODQHQ

'HQ VW|UVWD XWPDQLQJHQ I|U NRPPLWWpQ YDU DWW XWELOGQLQJHQ VNXOOH JHQRPI|UDV Sn NRUW WLG ,QI|U IUDPWLGD XWELOGQLQJVVDWVQLQJDU DY OLN QDQGH VODJ YRUH GHW DQJHOlJHW VWDUWD PRWVYDUDQGH DUEHWH HWW KDOYnU WLGLJDUH lQ YDG VRP EOHY IDOOHW 'HW H[WUD KDOYnUHW VNXOOH Gn lJQDV nW UHNU\WHULQJ RFK I|UEHUHGHOVHU PHQ IUDPI|U DOOW nW DWW WD IUDP NRP SHQGLHW WLOO JUXQGNXUVHQ

)\|UH LNUDIW			(IWHU
WUlGDQGHW			LNUDIWWUlGDQGHW
(WW KDOYnU	(WW KDOYnU	(WW KDOYnU	(WW nU
.RPPLWWp RFK	*UXQGNXUVHQ KnOOV	/lUDUQD WLOO *UXQG RFK	/lUDUQD WLOO I\|UGMXSQLQJV
PHGDUEHWDUH	I\|U I\|GMXSQLQJV	gYHUVLNWVNXUVHUQD	NXUVHUQD XWELOGDV
UHNU\WHUDV	NXUVHUQDV H[SHUW	XWELOGDV
	JUXSSHU
8WELOGQLQJHQ	gYHUVLNWVNXUVHQ	*UXQG RFK gYHU	)\|UGMXSQLQJVNXUVHUQD
I\|UEHUHGV	VDPPDQVWlOOV	VLNWVNXUVHUQD JHQRP	JHQRPI\|UV
		I\|UV
.XUVPDWHULDO WLOO	/lUDUKDQGOHGQLQJ	.XUVPDWHULDOHW WLOO
JUXQGNXUVHQ	I\|U DQSDVVDGH	I\|UGMXSQLQJVNXUVHUQD
VNULYV	YDULDQWHU DY	VNULYV
	\|YHUVLNWVNXUVHQ

*UXQGNXUVNRPSHQGLHW KDGH XQGHU DQGUD KDOYnUHW NXQQDW DQYlQGDV WLOO DWW IRUWELOGD GH DUEHWVJUXSSHU VRP VNXOOH WD IUDP NRPSHQGLHUQD WLOO I|U GMXSQLQJVNXUVHUQD 3n Vn VlWW KDGH DUEHWVJUXSSHUQD InWW HQ JHPHQVDP KHOKHWVELOG DY ODJVWLIWQLQJHQ 'H KDGH Gn RFNVn InWW ElWWUH I|UXWVlWW QLQJDU DWW DYJ|UD KXU GHUDV NXUVPDWHULDO VNXOOH NXQQD I|UGMXSD JUXQG NXUVHQ

, E|UMDQ Sn KDOYnUHW LQQDQ ODJHQ WUlGGH L NUDIW VNXOOH OlUDUXW ELOGQLQJDUQD I|U JUXQGNXUV RFK |YHUVLNWVNXUV KD JHQRPI|UWV .RUW GlU HIWHU NXQGH GH UHJLRQDOD JUXQG RFK |YHUVLNWVNXUVHUQD KnOOLWV Vn DWW PHUSDUWHQ DY PnOJUXSSHUQD KDGH InWW GHQ JUXQGOlJJDQGH NXQVNDSHQ LQQDQ ODJHQ WUlGGH L NUDIW

cUHW HIWHU ODJHQV LNUDIWWUlGDQGH NXQGH KHOW KD lJQDWV nW I|UGMXS QLQJVNXUVHUQD I|U OlUDUH RFK HOHYHU

(Q JUXQGOlJJDQGH I|UXWVlWWQLQJ I|U DWW WLGSODQHQ L ILJXUHQ RYDQ VND YDUD P|MOLJ lU DWW UHJHULQJHQ IDWWDU EHVOXW RP XWELOGQLQJHQ L WLOOUlFNOLJW JRG WLG 6n EOHY LQWH IDOOHW GHQQD JnQJ (Q DQQDQ I|UXWVlWWQLQJ lU DWW ODJWH[WHQ ILQQV WLOOJlQJOLJ 5LNVGDJHQ IDWWDGH EHVOXW RP PLOM|EDONHQ HWW KDOYnU LQQDQ LNUDIWWUlGDQGHW $UEHWHW PHG JUXQGNXUVHQ L 0LOM|EDONV XWELOGQLQJHQ EDVHUDGHV GlUI|U IUlPVW Sn ODJI|UVODJHW RFK SURSRVLWLRQHQ

628	6OXWVDWVHU RFK I\|UVODJ

1\D ODJDU GlU PDQ KDU DPELWLRQHQ DWW XWELOGD WXVHQWDOV WMlQVWHPlQ RFK SROLWLNHU I|UH LNUDIWWUlGDQGHW E|U GlUI|U KHOVW KD EHVOXWDWV DY ULNVGDJHQ PLQVW HWW nU I|UH LNUDIWWUlGDQGHW

(NRQRPLQ

'HQ DQGUD VWDUND EHJUlQVQLQJHQ I|U NRPPLWWpQ KDU HNRQRPLQ YDULW

.RPPLWWpQ O|VWH GHWWD JHQRP DWW DYJUlQVD VLWW XSSGUDJ Vn DWW DOO LQIRU PDWLRQ VSHFLHOOW ULNWDG WLOO DOOPlQKHWHQ SULRULWHUDGHV ERUW , LQWHUYMXHU PHG GH VRP YDULW PHG RP EnGH 3%/ RFK 0LOM|EDONVXWELOGQLQJDUQD IUDPNRPPHU DWW RPNRVWQDGHUQD OnJ Sn HQ JHQHUHOOW K|JUH QLYn L 3%/ XWELOGQLQJHQ

.RPPLWWpQ KDU HUKnOOLW UHODWLYW VWRUD QHWWRLQWlNWHU IUnQ NRPSHQ GLHI|UVlOMQLQJHQ VRP LQWH YDULW EXGJHWHUDGH HIWHUVRP NRPPLWWpQ DQVnJ GHW DOOWI|U ULVNDEHOW DWW UHGDQ IUnQ E|UMDQ XWJn IUnQ HQ VnGDQ I|UXWVlWW QLQJ (UIDUHQKHWHUQD IUnQ 0LOM|EDONVXWELOGQLQJHQ YLVDU DWW VnGDQD EXG JHWWLOOlJJ HOOHU HNRQRPLVND UHVHUYHU lU QlVWDQ Q|GYlQGLJD I|U GH EHKRY DY VlUVNLOGD LQIRUPDWLRQVLQVDWVHU VRP XSSNRPPHU XQGHU JHQRP I|UDQGHVNHGHW

0nOJUXSSHU RFK LQIRUPDWLRQ

.RPPLWWpQV XSSGHOQLQJ DY GH WLOOWlQNWD HOHYHUQD NRP L KXYXGVDN DWW XWJ|UDV DY WYn PnOJUXSSHU (Q PnOJUXSS YDU I|UKnOODQGHYLV KRPRJHQ GYV WMlQVWHPlQ L NRPPXQHU RFK OlQVVW\UHOVHU VRP DUEHWDU PHG KDQG OlJJQLQJ DY lUHQGHQ PHG DQNQ\WQLQJ WLOO PLOM|IUnJRU 'HQ DQGUD YDU GHVWR KHWHURJHQDUH RFK EHVWRG DY SROLWLNHU I|UHWDJDUH RFK FKHIHU L RIIHQWOLJ I|UYDOWQLQJ 8WLIUnQ GHQQD XSSGHOQLQJ VNDSDGH NRPPLWWpQ WYn ROLND NXUVYlJDU

'HQ KHWHURJHQD PnOJUXSSHQ YDU WlQNW DWW Jn HQ JHPHQVDP HQGDJV NXUV /lUDUQDV HUIDUHQKHW KDU YLVDW DWW GHWWD KDU YDULW HQ VYnU NXUV DWW KnOOD HIWHUVRP HOHYHUQD KDU KDIW Vn ROLND I|UXWVlWWQLQJDU , HIWHUKDQG NDQ PDQ DOOWVn NRQVWDWHUD DWW |YHUVLNWVNXUVHQ ERUGH KD IXQQLWV L IOHUD YDULDQWHU DQSDVVDGH HIWHU EO D SROLWLNHU I|UHWDJDUH RFK NRPPXQDOD YHUNVDPKHWVXW|YDUH

6OXWVDWVHU RFK I\|UVODJ	628

, XWYlUGHULQJVUDSSRUWHQ SnVWnV EO D L VDPPDQIDWWQLQJHQ DWW NRPPLWWpQ DY HNRQRPLVND VNlO QHGSULRULWHUDW LQIRUPDWLRQHQ WLOO VPn I|UHWDJHQ 1nJRQ VnGDQ QHGSULRULWHULQJ KDU HQOLJW NRPPLWWpQV XSSIDWW QLQJ DOGULJ VNHWW 'HW ILQQV KHOOHU LQJD VnGDQD EHVOXW L NRPPLWWpQ 3UREOHP PHG DWW Qn VPnI|UHWDJ PHG JHQHUHOOD XWELOGQLQJV RFK LQIRU PDWLRQVLQVDWVHU KDU NRPPLWWpQ XSSPlUNVDPPDW RFK GlUI|U WDJLW IUDP HQ LQIRUPDWLRQVEURVFK\U VlUVNLOW ULNWDG WLOO VPnI|UHWDJDUH %URVFK\UHQ lU XWVlQG L H[HPSODU RFK KDU ILQDQVLHUDWV JHQRP WLOOlJJVDQVODJ

8SSOlJJQLQJHQ

'HQ SHGDJRJLVND XSSOlJJQLQJHQ L 0LOM|EDONVXWELOGQLQJHQ KDU VDP PDQWDJHW IXQJHUDW P\FNHW EUD .RUYVWRSSQLQJHQ L JUXQGNXUVHQ NRP ELQHUDG PHG I|UGMXSQLQJVNXUVHUQDV UHSHWLWLRQHU JUXSSDUEHWHQ RP H[ HPSHO RFK UHGRYLVDQGH GLVNXVVLRQHU KDU ELOGDW HQ EUD KHOKHW , HIWHU KDQG NDQ PDQ GRFN NRQVWDWHUD DWW NRPPLWWpQ RFK DUEHWVJUXSSHUQD NRP IUDP WLOO GHQQD XSSOlJJQLQJ QnJRW VHQW .YDOLWHWHQ L QnJUD I|UGMXS QLQJVNRPSHQGLHU RFK L |YQLQJVH[HPSOHQ NRP L YLVV XWVWUlFNQLQJ DWW EOL OLGDQGH DY WLGVEULVWHQ

.XUVPDWHULDOHW

.RPPLWWpQ JMRUGH GHQ KXYXGVDNOLJD HJQD LQVDWVHQ L IUDPWDJQLQJHQ DY JUXQGNRPSHQGLHW RFK |YHUVLNWVNRPSHQGLHW 0DWHULDOHW WLOO I|UGMXS QLQJVNXUVHUQD KDU VDPWLGLJW WDJLWV IUDP DY VMlOYVWlQGLJW DUEHWDQGH DUEHWVJUXSSHU .RPPLWWpQV SULRULWHULQJ YDU HQ ULNWLJ EHG|PQLQJ XWLIUnQ VSULGQLQJHQ RFK DQYlQGQLQJHQ DY NRPSHQGLHUQD Sn NXUVHUQD *UXQG NRPSHQGLHW RFK |YHUVLNWVNRPSHQGLHW KDU VnOWV L H[HPSODU PHGDQ GH I\UD I|UGMXSQLQJVNRPSHQGLHUQD WLOOVDPPDQV KDU VnOWV L

H[HPSODU

)|U DWW Qn HWW IXOOJRWW UHVXOWDW ERUGH JUXQGNRPSHQGLHW KD XWDUEHWDWV I|UVW RFK XWJMRUW JUXQG I|U I|UGMXSQLQJVNXUVHUQDV NRPSHQGLHU 'H VHQDUH ERUGH GlUHIWHU KD XWI|UWV PHU GLUHNW DQSDVVDGH WLOO GHQ NXUV XSSOlJJQLQJ VRP WLOO VLVW JHQRPI|UGHV GYV PHG KXYXGVDNOLJHQ H[HP SHO Sn ROLND WlQNEDUD lUHQGHW\SHU

/lUDUH

5HNU\WHULQJHQ DY OlUDUH KDU KDQWHUDWV DY GH UHJLRQDOD NXUVDQRUGQDUQD 'HWWD KDU L KXYXGVDN IXQJHUDW EUD )OHUD DY GHOWDJDUQD Sn GH FHQWUDOW DUUDQJHUDGH OlUDUNXUVHUQD VWlOOGH GRFN DY ROLND VNlO LQWH XSS VRP OlUDUH

628	6OXWVDWVHU RFK I\|UVODJ

L GHQ RPIDWWQLQJ VRP YDU DYVHWW $Y GHWWD VNlO WLOOVDPPDQV PHG DWW

NXUVYHUNVDPKHWHQ EOHY PHU RPIDWWDQGH lQ YDG PDQ EHUlNQDW WLOONRP

Q\D OlUDUH EnGH IUnQ NRPPXQHUQD RFK OlQVVW\UHOVHUQD VRP Gn LQWH JnWW

OlUDUXWELOGQLQJHQ bYHQ RP GHW YnOODGH PHUDUEHWH NXQGH GH UHJLRQDOD

NXUVDQRUGQDUQD EHPlVWUD SUREOHPHW

œ,QOHG PHG HQ LQWURGXNWLRQVGDJ GlU W\QJGSXQNWHQ OLJJHU L HQ |YHUVLNW RP GHQ Q\D ODJVWLIWQLQJHQ

œ*HQRPI|U JUXQGNXUVHQ Vn VRP GHQ lU WlQNW DWW KnOODV I|U HOHYHUQD

œ+nOO HQ XSSI|OMQLQJVGDJ Vn DWW OlUDUQD NDQ P|WDV RFK GLVNXWHUD KXU PDQ NDQ KDQWHUD XWELOGQLQJVVLWXDWLRQHQ RFK I|U DWW GLVNXWHUD IUnJRU RP WLOOlPSQLQJHQ DY ODJHQ

)|UVODJ WLOO IRUWVDWW LQIRUPDWLRQ RFK XWELOGQLQJ

0LOM|EDONVNRPPLWWpQ lU SODQHUDG DWW XSSK|UD YLG XWJnQJHQ DY

.RPPLWWpQ KDU KDIW WLOO XSSGUDJ DWW UHGRYLVD EHKRY DY IUDPWLGD XWELOG QLQJ RFK LQIRUPDWLRQ .RPPLWWpQ KDU GlUI|U EO D OnWLW XWYlUGHULQJHQ VWlOOD IUnJRU WLOO OlUDUH NXUVDQRUGQDUH RFK HOHYHU RP KXU PDQ VHU Sn IUDPWLGD EHKRY DY XWELOGQLQJ RFK LQIRUPDWLRQ

)RUWVDWW PLOM|EDONVXWELOGQLQJ

%HKRYHW DY IRUWVDWW XWELOGQLQJ SRlQJWHUDV DY L VWRUW VHWW VDPWOLJD WLOO

IUnJDGH 6RP WLGLJDUH NRQVWDWHUDWV ILQQV GHW QnJUD PnOJUXSSHU VRP EH

K|YHU XWELOGQLQJ UHGDQ LGDJ RFK VRP VNXOOH NXQQD In GHW LQRP UDPHQ

I|U 0LOM|EDONVXWELOGQLQJHQ

œ.RPPXQOHGQLQJDU

œ.RPPXQDOD YHUNVDPKHWVXW|YDUH

œ.RPPXQDOD PLOM|SROLWLNHU XSSVNDWWQLQJVYLV KlOIWHQ KDU XWELOGDWV

.RPPXQOHGQLQJHQ VNXOOH NXQQD EMXGDV LQ Sn HQ KDOYGDJVNRQIHUHQV GlU PDQ NXQGH LQIRUPHUD RP RFK GLVNXWHUD GH IUnJRU VRP EHKDQGODV L NRPPXQEURVFK\UHQ )|U GH NRPPXQDO YHUNVDPKHWVXW|YDUQD RFK PLOM|SROLWLNHUQD OlPSDU VLJ |YHUVLNWVNXUVHQ RP HQ NXUVGDJ ElVW 'HW lU

6OXWVDWVHU RFK I\|UVODJ	628

LQWH RVDQQROLNW DWW GH NRPPXQDOD YHUNVDPKHWVXW|YDUQD KDU |QVNHPnO

RP EUDQVFKVSHFLILND NXUVHU .XUVPDWHULDOHW E|U L Vn IDOO EHDUEHWDV L

VDPUnG PHG EnGH .RPPXQI|UEXQGHW RFK EUDQVFKRUJDQLVDWLRQHUQD I|U L

I|UVWD KDQG YD YHUN YlUPHYHUN RFK DYIDOOVKDQWHULQJHQ PHG GHSRQLHU

, XWYlUGHULQJVVHPLQDULHUQD KDU GHOWDJDUQD YDULW I|UKnOODQGHYLV |YHU

HQV RP DWW GHW WUROLJHQ LQWH NRPPHU DWW ILQQDV WLOOUlFNOLJ HIWHUIUnJDQ I|U

DWW L YDUMH OlQ XSSUHSD JUXQGNXUVHQ HOOHU I|UGMXSQLQJVNXUVHUQD 'lU

HPRW NRPPHU GHW DOOWLG DWW ILQQV HWW VDPODW EHKRY DY JUXQGXWELOGQLQJHQ

VRP PRWLYHUDU HQ NRQWLQXHUOLJ NXUVYHUNVDPKHW L QnJRQ IRUP

2UGI|UDQGHQD L NRPPXQHUQDV PLOM|QlPQGHU VHU IRUWIDUDQGH HWW VWRUW

EHKRY DY XWELOGQLQJ I|U GH NRPPXQDOD PLOM|SROLWLNHUQD 'HQ IRUWELOG

QLQJVPHWRG PDQ PHVW I|UHVSUnNDU lU UHJLRQDOD VHPLQDULHU PHOODQ

WMlQVWHPlQ RFK SROLWLNHU I|U DWW EO D GLVNXWHUD P\QGLJKHWVXW|YQLQJHQV

IRUPHU

6SHFLDOLQULNWDGH NXUVHU

.QDSSW KlOIWHQ DY 0LOM|FKHIHUQD L NRPPXQHUQD DQVHU DWW GHUDV PHG DUEHWDUH UHGDQ LGDJ VNXOOH EHK|YD IRUWELOGDV \WWHUOLJDUH RP PLOM|EDONHQ 'HW lU IUDPI|U DOOW Q\D VSHFLDOLQULNWDGH NXUVHU VHPLQDULHU PDQ HIWHU IUnJDU W H[ RP HQVWDND VDNIUnJRU HOOHU lPQHVRPUnGHQ HOOHU HQVWDND YHUNW\J L EDONHQ W H[ PLOM|NRQVHNYHQVEHVNULYQLQJDU

(Q P|MOLJKHW I|U DWW RUGQD VnGDQD VSHFLDOLQULNWDGH NXUVHU lU YLD GH UHJLRQDOD NXUVDQRUGQDUQD 'HVVD KDU GRFN L GH IOHVWD IDOO VYnUW DWW Sn HJHQ KDQG WD IUDP NXUVPDWHULDOHW 0DQ DQVHU VLJ GRFN NXQQD DQRUGQD NXUVHUQD UHJLRQDOW RP NXUVPDWHULDOHW WDV IUDP DY QnJRQ FHQWUDO P\QGLJKHW

(Q DQQDQ P|MOLJKHW YRUH DWW GH FHQWUDOD P\QGLJKHWHUQD DQRUGQDU XW ELOGQLQJHQ 0DQ EHWRQDU IUnQ NRPPXQHU RFK OlQVVW\UHOVHU DWW VnGDQD NXUVHU L Vn IDOO DY HNRQRPLVND VNlO PnVWH KnOODV UHJLRQDOW

6DPPDQKnOOHQ I|UIDWWQLQJVLQIRUPDWLRQ

0LOM|EDONVXWELOGQLQJHQV KHPVLGD KDU WLOOKDQGDKnOOLW ODJWH[W I|URUG QLQJDU lQGULQJDU L ODJ RFK I|URUGQLQJDU VDPW VWRUD GHODU DY XWELOG QLQJVPDWHULDOHW IUnQ 0LOM|EDONVXWELOGQLQJHQ $WW DOOW GHWWD KDU IXQQLWV DWW Qn Sn HWW RFK VDPPD VWlOOH Sn ,QWHUQHW KDU YDULW P\FNHW XSSVNDWWDW RFK PDQ lU IUnQ NRPPXQHU RFK OlQVVW\UHOVHU P\FNHW DQJHOlJQD RP DWW PRWVYDUDQGH LQIRUPDWLRQ lYHQ L IUDPWLGHQ NDQ QnV VDPODW Sn HWW VWlOOH

gQVNHPnOHW RP HQ KHPVLGD Sn ,QWHUQHW I|U PLOM|KDQGOlJJDUH RP IDWWDU LQWH HQEDUW GHW VRP KLWWLOOV KDU IXQQLWV Sn 0LOM|EDONVXWELOGQLQJHQV

628	6OXWVDWVHU RFK I\|UVODJ

KHPVLGD 0DQ |QVNDU VLJ lYHQ IRUWO|SDQGH LQIRUPDWLRQ RP DNWXHOOD UlWWVIDOO OLNVRP LQIRUPDWLRQ RP P\QGLJKHWHUQDV I|UHVNULIWHU RFK DOOPlQQD UnG RFK DOO GHQQD LQIRUPDWLRQ VND NXQQD KLWWDV IUnQ VDPPD KHPVLGD

8QGHU XWYlUGHULQJVVHPLQDULHUQD KDU QDWXUYnUGHYHUNHW PHGYHUNDW RFK LQIRUPHUDW RP VLQD SODQHU DWW WLOOKDQGDKnOOD PDWHULDO OLNQDQGH GHW VRP IXQQLWV Sn 0LOM|EDONVXWELOGQLQJHQV KHPVLGD 9HUNHW DYVHU DWW WD |YHU DQVYDUHW I|U GHQ GHO DY LQIRUPDWLRQ VRP EHU|U GHW HJQD YHUNVDP KHWVRPUnGHW , GHQ PnQ |YULJD FHQWUDOD P\QGLJKHWHU OlJJHU XW VLQD GHODU Sn PRWVYDUDQGH VlWW NDQ PDQ OlQND WLOO YDUDQGUD RFK XSSQn DWW EHV|NDUQD HQGDVW EHK|YHU KD HQ DY KHPVLGRUQD VRP VLQ SRUWDO

1DWXUYnUGVYHUNHW NRPPHU LQWH DWW KD VLQ KHPVLGD NODU Vn DWW GH NDQ WD YLG QlU 0LOM|EDONVXWELOGQLQJHQ DYVOXWDV 0HG WDQNH Sn KXU DQJHOlJQD PDQ KDU YDULW IUnQ NRPPXQHU RFK OlQVVW\UHOVHU RP DWW KD PLOM| EDONVLQIRUPDWLRQHQ VDPODG Sn HWW VWlOOH Sn ,QWHUQHW YRUH GHW GlUI|U |QVNYlUW RP 0LOM|EDONVXWELOGQLQJHQV KHPVLGD NXQGH IRUWVlWWD DWW GULYDV WLOOV 1DWXUYnUGVYHUNHWV KHPVLGD NDQ WD |YHU

)UnJHOnGD

3n 0LOM|EDONVXWELOGQLQJHQV KHPVLGD ILQQV GHW HQ IUnJHOnGD GlU EH V|NDUH NDQ VWlOOD IUnJRU RFK In VYDU I|UKnOODQGHYLV VQDEEW )UDP WLOO GHFHPEHU KDGH PDQ EHVYDUDW FD IUnJRU SHU H SRVW 'H IUnJRU VRP PDQ EHG|PHU KDU DOOPlQW LQWUHVVH OlJJV WLOOVDPPDQV PHG VLQD VYDU XW Sn KHPVLGDQ 0LOM|EDONVXWELOGQLQJHQ KDU lYHQ WU\FNW RFK NRVWQDGV IULWW GLVWULEXHUDW HWW XUYDO DY IUnJRU RFK VYDU 8QJHIlU H[HPSODU DY VDPPDQVWlOOQLQJHQ KDU GLVWULEXHUDWV HIWHU EHVWlOOQLQJ Sn KHPVLGDQ

)UnJHOnGDQ KDU YDULW PHVW SRSXOlU EODQG KDQGOlJJDUH L NRPPXQHUQD 'HWWD IUDPJnU EnGH DY NRPPLWWpQV EHV|NVVLIIURU IUnQ IUnJHOnGDQ PHQ lYHQ IUnQ XWYlUGHULQJHQV HOHYHQNlW 0DQ DQVHU DWW P|MOLJKHWHQ DWW VQDEEW VWlOOD IUnJRU RFK VQDEEW In VYDU KDU YDULW P\FNHW YlUGHIXOO

.RPPLWWpQ NDQ NRQVWDWHUD DWW IUnJHOnGDQ L EHW\GHOVHQ DWW EHV| NDUHQ NDQ VWlOOD IUnJRU RFK VQDEEW In VYDU KDU YDULW P\FNHW XSSVNDWWDG )UnJHOnGDQ NRPPHU GRFN DWW I|UVYLQQD L VDPEDQG PHG DWW 0LOM|EDONVXWELOGQLQJHQ XSSK|U HIWHUVRP 1DWXUYnUGVYHUNHW LQWH DQVHU VLJ NXQQD EHVYDUD IUnJRU RP PLOM|EDONHQV UHJHOYHUN RFK GHVV WLOOlPS QLQJ L GHQQD IRUP

6OXWVDWVHU RFK I|UVODJ 628

1lULQJVOLYHW

8WJnHQGH IUnQ GH VDPWDO VRP KDU I|UVW Sn XWYlUGHULQJVVHPLQDULHUQD VNXOOH QlULQJVOLYHW NXQQD GHODV LQ L WUH JUXSSHU HIWHU KXU GH QnV DY LQIRUPDWLRQ

œ	6WRUD	.ODUDU XWELOGQLQJHQ VMlOYD HOOHU DQOLWDU NRQVXOW
œ	0HGHOVWRUD	$QOLWDU NRQVXOW

œ6Pn .DQ QnV PHG NRUWIDWWDG LQIRUPDWLRQ

'H IOHVWD DY GH VWRUD RFK PHGHOVWRUD I|UHWDJHQ KDU PHG VWRU VDQQROLNKHW WLOOJRGRJMRUW VLJ LQIRUPDWLRQ RP PLOM|EDONHQ 0DQ NODUDU DY XWELOG QLQJHQ VMlOYD HOOHU DQOLWDU NRQVXOWHU *HQRP DWW EMXGD LQ VWRUD I|UHWDJ RFK NRQVXOWHU WLOO OlUDUXWELOGQLQJHQ KDU NRPPLWWpQ VDQQROLNW WlFNW LQ VWRUD RFK PHGHOVWRUD I|UHWDJ I|UKnOODQGHYLV YlO 1\ LQIRUPDWLRQ NRP PHU DWW NUlYDV I|UVW Gn YlJOHGDQGH UlWWVIDOO KDU NRPPLW IUDP

'H VPn I|UHWDJHQ KDU RIWD LQWH WLG DWW Jn Sn XWELOGQLQJ RFK NDQ GlU I|U ElVW QnV JHQRP P\FNHW NRUWIDWWDG RFK DQSDVVDG LQIRUPDWLRQ VRP GLVWULEXHUDV GLUHNW HOOHU YLD EUDQVFKRUJDQ .RPPLWWpQV I|UHWDJV EURVFK\U I\OOHU HQ GHO DY GHWWD EHKRY PHQ GHQ lU LQWH DQSDVVDG WLOO ROLND EUDQVFKHUV EHKRY DY LQIRUPDWLRQ 'HW lU GlUI|U DQJHOlJHW DWW L GHQ IRUWVDWWD XWELOGQLQJHQ WD IUDP EUDQVFKDQSDVVDG LQIRUPDWLRQ

$OOPlQKHWHQ

.RPPLWWpQ NRP LQOHGQLQJVYLV DWW SULRULWHUD ERUW DNWLYLWHWHU I|U DWW LQ IRUPHUD DOOPlQKHWHQ 7DFN YDUH |YHUVNRWWHW IUnQ NRPSHQGLHI|U VlOMQLQJHQ KDU PDQ KDIW P|MOLJKHW DWW WD IUDP LQIRUPDWLRQ RP ULNV GDJHQV PLOM|PnO YLONHQ KDU GLVWULEXHUDWV WLOO VNRORU RFK EDUQVWXJRU 'HQQD LQVDWV ERUGH NRPSOHWWHUDV PHG HQ GDJVNRQIHUHQV I|U EnGH J\P QDVLH RFK JUXQGVNROHOlUDUH GlU PDQ GLVNXWHUDGH PLOM|EDONHQ PLOM|NYDOLWHWVPnOHQ RFK GHQ DNWXHOOD NRPPXQDOD PLOM|SROLWLNHQ

'HQ YX[QD GHOHQ DY DOOPlQKHWHQ KDU lQQX Vn OlQJH LQWH WLOOVWlOOWV QnJRQ LQIRUPDWLRQ IUnQ NRPPLWWpQ ,QIRUPDWLRQHQ RP PLOM|EDONHQ WLOO DOOPlQKHWHQ E|U LQULNWDV Sn VnGDQD NRQNUHWD IUnJRU VRP EHU|U PnQJD $QVODJVWDYODQ Sn 79 lU WUROLJWYLV GHQ ElVWD LQIRUPDWLRQVNDQDOHQ

628

.RPPLWWpGLUHNWLY

0LOM|EDONHQ XWELOGQLQJ LQI|U 'LU

LNUDIWWUlGDQGHW

%HVOXW YLG UHJHULQJVVDPPDQWUlGH GHQ VHSWHPEHU

6DPPDQIDWWQLQJ DY XSSGUDJHW

.RPPLWWpQ VNDOO L VDPDUEHWH PHG GH EHU|UGD P\QGLJKHWHUQD RFK

RUJDQLVDWLRQHUQD

NDUWOlJJD YLOND VRP EHU|UV DY PLOM|EDONHQ RFK JUXSSHUD GHVVD HIWHU EHKRYHW DY NXQVNDS RP PLOM|EDONHQ

DQDO\VHUD EHKRYHW DY XWELOGQLQJ KRV ROLND PnOJUXSSHU

NDUWOlJJD RFK XWYlUGHUD ROLND XWELOGQLQJVYlJDU RFK XWELOGQLQJVPHWRGHU

XWDUEHWD HQ |YHUJULSDQGH SODQ I|U JHQRPI|UDQGHW DY XWELOGQLQJHQ I|U ROLND PnOJUXSSHU

XWDUEHWD HQ VWUDWHJL I|U KXU PLOM|EDONHQ VNDOO WLOOlPSDV I|U DWW Qn GH IDVWODJGD PLOM|PnOHQ

DQVYDUD I|U DWW XWELOGQLQJVPDWHULDO WDV IUDP I|U ROLND XWELOGQLQJV PHWRGHU RFK I|U ROLND PnOJUXSSHU

LQLWLHUD UHNU\WHULQJ RFK XWELOGQLQJ DY LQIRUPDW|UHU I|U ROLND PnO JUXSSHU

YHUND I|U DWW NXQVNDSVEDVHU E\JJV XSS

YHUND I|U DWW QlWYHUN I|U LQIRUPDWLRQ VNDSDV

VNDSD I|UXWVlWWQLQJDU I|U VDPUnG RFK HUIDUHQKHWVXWE\WH PHOODQ GHP VRP JHQRPI|U XWELOGQLQJHQ

XWYlUGHUD XWELOGQLQJHQ RFK

OlPQD I|UVODJ WLOO I|UElWWULQJDU DY XWELOGQLQJVLQVDWVHUQD HIWHU YDG VRP IUDPNRPPHU YLG XWYlUGHULQJ

%LODJD	628

$QDO\VHU SODQHULQJ XWYlUGHULQJ P P VNDOO VNH L NRPPLWWpQ )UDP WDJDQGH DY XWELOGQLQJVPDWHULDO XWELOGQLQJ DY OlUDUODJ RFK OLNQDQGH DUEHWH NDQ VNH L XQGHUJUXSSHU VRP XWVHV DY NRPPLWWpQ

%DNJUXQG

5HJHULQJHQ KDU GHQ DSULO EHVOXWDW DWW |YHUOlPQD ODJUnGVUHPLVV DY HWW I|UVODJ WLOO PLOM|EDON

, PLOM|EDONHQ VDPRUGQDV VNlUSV RFK EUHGGDV PLOM| ODJVWLIWQLQJHQ 0LOM|EDONHQ V\IWDU WLOO DWW VNDSD I|UXWVlWWQLQJDU I|U HQ HNRORJLVNW OnQJ VLNWLJW KnOOEDU XWYHFNOLQJ DY VDPKlOOHW 9LONHQ PLOM|NYDOLWHW VRP NDQ DQVHV WLOOI|UVlNUD HQ HNRORJLVNW KnOOEDU XWYHFNOLQJ RFK GHOPnO I|U DWW nVWDGNRPPD HQ VnGDQ PLOM|NYDOLWHW NRPPHU WLOO XWWU\FN L GH PLOM|PnO VRP DQWDV DY ULNVGDJ RFK UHJHULQJ RFK GH PnO VRP P\QGLJKHWHUQD IDVW VWlOOHU )|U DWW ELGUD WLOO DWW PnOHW RP HQ KnOOEDU XWYHFNOLQJ WLOOJRGRVHV LQQHKnOOHU PLOM|EDONHQ EO D DOOPlQQD KlQV\QVUHJOHU VRP ULNWDU VLJ WLOO DOOD RFK HQYDU UHJOHU RP KXVKnOOQLQJHQ PHG ODQGHWV VDPODGH PDUN RFK YDWWHQUHVXUVHU VlUVNLOGD UHJOHU I|U VnGDQ YHUNVDPKHW VRP PHGI|U VWRU SnYHUNDQ Sn PlQQLVNRUV KlOVD RFK PLOM|Q UHJOHU RP HUVlWWQLQJ RFK VNDGHVWnQG WLOOV\QVUHJOHU VWUDIIUlWWVOLJD UHJOHU RFK I|UIDUDQGHUHJOHU I|U SU|YQLQJHQ DY PnO RFK lUHQGHQ YLG P\QGLJKHWHU RFK GRPVWRODU 0LOM| EDONHQ LQQHElU VWRUD PDWHULHOOD RFK V\VWHPDWLVND lQGULQJDU L PLOM| UlWWHQ 5HJHOYHUNHW EHU|U L ROLND DYVHHQGHQ DOOPlQKHWHQ I|UHWDJ NRP PXQHU RFK VWDWOLJD P\QGLJKHWHU 0LOM|EDONHQV LNUDIWWUlGDQGH OHGHU WLOO DWW EHILQWOLJD P\QGLJKHWHU InU Q\D XSSJLIWHU .RPPXQHUQD OlQV VW\UHOVHUQD GH FHQWUDOD YHUNHQ nNODJDUP\QGLJKHWHQ RFK SROLVP\QGLJ KHWHQ P IO NRPPHU DWW EHU|UDV DY PLOM|EDONHQV UHJOHU )|U DWW PLOM|EDONHQ VNDOO In DYVHGG HIIHNW EHK|YV NXQVNDSHU LQWH EDUD RP GH PDWHULHOOD UHJOHUQD XWDQ RFNVn RP EDONHQV XSSE\JJQDG RFK RP GHW V\VWHP L YLONHW UHJOHUQD VDPYHUNDU

1DWXUYnUGVYHUNHW %RYHUNHW /DQGVWLQJVI|UEXQGHW )|UVYDUVPDNWHQ 9lJYHUNHW 5LNVUHYLVLRQVYHUNHW VDPW IOHUD OlQVVW\UHOVHU RFK NRPPXQHU KDU SHNDW Sn EHKRYHW DY LQIRUPDWLRQ RFK XWELOGQLQJ GHOV L VDPEDQG PHG LQI|UDQGHW DY EDONHQ GHOV L IRUP DY YLGDUHXWELOGQLQJ

$YVLNWHQ lU DWW GHW VDPODGH LQI|UDQGHW DY GHQ Q\D PLOM|ODJ VWLIWQLQJHQ VNDOO VNH L I\UD VWHJ 'HW I|UVWD VWHJHW LQQHIDWWDU XWDUEHWDQGHW DY HWW I|UVODJ WLOO RFK ULNVGDJVEHVOXW RP VMlOYD PLOM|EDONHQ 'HW DQGUD RPIDWWDU PRWVYDUDQGH LIUnJD RP I|OMGODJVWLIWQLQJ 'HW WUHGMH VWHJHW DY VHU I|OMGlQGULQJDU L JlOODQGH I|URUGQLQJDU RFK XWIlUGDQGH DY Q\D I|U RUGQLQJDU 'HW IMlUGH VWHJHW VOXWOLJHQ LQQHIDWWDU LQIRUPDWLRQ XWELOGQLQJ RFK \WWHUOLJDUH WLOOlPSQLQJVI|UHVNULIWHU $UEHWHW VNDOO EHGULYDV Vn DWW

628	%LODJD

KXYXGGHOHQ DY I|UIDWWQLQJDUQD VNDOO NXQQD WUlGD L NUDIW YLG VDPPD WLG SXQNW

8WELOGQLQJHQ RFK LQIRUPDWLRQHQ GHODV LQ L WYn IDVHU 'HQ I|UVWD IDVHQ DYVHU XWELOGQLQJ RFK LQIRUPDWLRQ L VDPEDQG PHG PLOM|EDONHQV LNUDIWWUlGDQGH 'HQ DQGUD IDVHQ DYVHU GHQ NRQWLQXHUOLJD XWELOGQLQJHQ RFK LQIRUPDWLRQHQ RP EHVWlPPHOVHUQD L HOOHU PHG VW|G DY PLOM|EDONHQ %HU|UGD P\QGLJKHWHU RFK RUJDQLVDWLRQHU KDU HWW DQVYDU I|U DWW GHQ SHUVRQDO VRP WLOOlPSDU ROLND UHJHOYHUN IRUWO|SDQGH InU DGHNYDW LQIRU

PDWLRQ RFK XWELOGQLQJ RP Q\D RFK I|UlQGUDGH UHJHOV\VWHP

(Q VlUVNLOG NRPPLWWp E|U WLOONDOODV I|U DWW LQLWLHUD RFK VDPRUGQD XW ELOGQLQJVLQVDWVHUQD I|U GHQ I|UVWD IDVHQ

8SSGUDJHW

.RPPLWWpQV DUEHWH VNDOO EHGULYDV L WUH VWHJ , GHW I|UVWD VWHJHW VNDOO

NRPPLWWpQ NDUWOlJJD PnOJUXSSHUQD RFK EHKRYHW DY XWELOGQLQJ I|U GHVVD

L VDPEDQG PHG PLOM|EDONHQV LQI|UDQGH GHQ I|UVWD IDVHQ $Y EHW\GHOVH

I|U EHKRYHW DY XWELOGQLQJ L ROLND PnOJUXSSHU lU EO D ROLND P\QGLJKHWHUV

DQVYDU I|U GHQ IRUWVDWWD LQIRUPDWLRQHQ RFK XWELOGQLQJHQ PHG DQOHGQLQJ

DY PLOM|EDONHQV WLOOlPSQLQJ GHQ DQGUD IDVHQ .RPPLWWpQ VNDOO XWUHGD

KXU XWELOGQLQJHQ ElVW JHQRPI|UV I|U YDUMH PnOJUXSS RFK J|UD HQ WLGSODQ

I|U KXU XWELOGQLQJHQ VNDOO JHQRPI|UDV .RPPLWWpQ VNDOO |YHUYlJD RP

XWELOGQLQJHQ E|U JHQRPI|UDV OlQVYLV HOOHU LQRP DQGUD JHRJUDILVND RP

UnGHQ , GHWWD VDPPDQKDQJ VNDOO NRPPLWWpQ lYHQ EHO\VD Sn YLONHW VlWW

GH UHJLRQDOD NRPPXQI|UEXQGHQ P\QGLJKHWHUQD RFK QlULQJVOLYHW NDQ

NRPPD DWW In EHW\GHOVH L XWELOGQLQJVSURMHNWHW 9LGDUH VNDOO EHDNWDV

YLOND VSHFLILND EHKRY KRV ROLND PnOJUXSSHU VRP PRWLYHUDU VlUVNLOG LQ

ULNWQLQJ Sn XWELOGQLQJHQ

, QlVWD VWHJ DQVYDUDU NRPPLWWpQ I|U DWW WD IUDP GHW XWELOGQLQJV

PDWHULDO VRP EHK|YV I|U DWW I|UVWn ODJVWLIWQLQJHQ RFK GHVV PLOM|SROLWLVND

DPELWLRQHU .RPPLWWpQ VYDUDU YLGDUH I|U DWW HWW DQWDO SHUVRQHU XWELOGDV L

V\IWH DWW I|UD YLGDUH NXQVNDSHQ WLOO PnOJUXSSHUQD 8WELOGQLQJHQ VNDOO

OHGD WLOO DWW NRPSHWHQV XSSE\JJQDG VNHU KRV EHU|UGD P\QGLJKHWHU VDPW

%LODJD	628

DWW I|UXWVlWWQLQJDU VNDSDV I|U XSSE\JJQDG DY NXQVNDSVEDVHU RFK QlW YHUN I|U LQIRUPDWLRQ (Q YLNWLJ GHO DY XWELOGQLQJHQ U|U IUnJDQ KXU EDO NHQ VNDOO WLOOlPSDV L I|UKnOODQGH WLOO GH IDVWODJGD PLOM|PnOHQ 9LGDUH VNDOO NRPPLWWpQ YHUND I|U DWW VDPUnG RFK HUIDUHQKHWVXWE\WH VNHU PHOODQ GHP VRP JHQRPI|U XWELOGQLQJVDUEHWHW 8WYlUGHULQJDU VNDOO VNH NRQWL QXHUOLJW RFK DUEHWHW DQSDVVDV WLOO UHVXOWDWHW DY GHVVD

, GHW WUHGMH RFK VLVWD VWHJHW VNDOO NRPPLWWpQ GRNXPHQWHUD VLWW DUEHWH Sn HWW VnGDQW VlWW DWW HUIDUHQKHWHUQD DY GHW NDQ DQYlQGDV L NRPPDQGH XWELOGQLQJVSURMHNW , VDPEDQG PHG GHQ VOXWOLJD XWYlUGHULQJHQ VNDOO NRPPLWWpQ RFNVn |YHUYlJD EHKRYHQ DY \WWHUOLJDUH LQIRUPDWLRQV RFK XWELOGQLQJVLQVDWVHU WLOO NRQVX PHQWHU DOOPlQKHW P IO VDPW OlPQD I|U VODJ WLOO VnGDQD LQVDWVHU

, NRPPLWWpQ VNDOO LQJn I|UHWUlGDUH I|U GH P\QGLJKHWHU RFK RUJDQLVD WLRQHU VRP GLUHNW EHU|UV DY DUEHWHW (WW VHNUHWDULDW VNDOO LQUlWWDV GlU GHW E|U ILQQDV MXULGLVN NRPSHWHQV RFK HUIDUHQKHW DY ,7 $QDO\VHU SOD QHULQJ XWYlUGHULQJ P P VNDOO VNH L NRPPLWWpQ .RPPLWWpQ NDQ RUJDQL VHUD VLJ L XQGHUJUXSSHU HOOHU DUEHWVJUXSSHU I|U DWW WD IUDP XWELOGQLQJV PDWHULDO XWELOGD OlUDUODJ RFK OLNQDQGH DUEHWH

.RPPLWWpQ VNDOO EHGULYD VLWW DUEHWH L QlUD VDPDUEHWH PHG EHU|UGD P\QGLJKHWHU

)|U NRPPLWWpQV DUEHWH JlOOHU UHJHULQJHQV GLUHNWLY WLOO VDPWOLJD NRPPLWWpHU RFK VlUVNLOGD XWUHGDUH DWW UHGRYLVD UHJLRQDOSROLWLVND NRQ VHNYHQVHU GLU SU|YD RIIHQWOLJD nWDJDQGHQ GLU

UHGRYLVD MlPVWlOOGKHWVSROLWLVND DVSHNWHU GLU VDPW DWW UHGR YLVD NRQVHNYHQVHUQD I|U EURWWVOLJKHWHQ RFK GHW EURWWVI|UHE\JJDQGH DU EHWHW GLU 'H HNRQRPLVND NRQVHNYHQVHUQD DY nWJlUGHU RFK I|UVODJ VNDOO UHGRYLVDV )|UVODJ WLOO ILQDQVLHULQJ VNDOO OlPQDV

0LOM|GHSDUWHPHQWHW